COMMUNITY COLLEGE LEAGUE OF CALIFORNIA

2017 O Street, Sacramento, CA 95811

(916) 444-8641
(916) 444-2954 fax
www.ccleague.org

FISCAL YEAR ANNUAL REPORT FOR THE

ALLAN HANCOCK JOINT COMMUNITY COLLEGE DISTRICT

The Community College League of California (“CCLC”) has organized a Retiree Health Benefit Program
Joint Powers Agency (“JPA”) in order to assist college districts to meet retiree health care liabilities and
reporting requirements under Government Accounting Standards Board’s (GASB) Standards 74 & 75
(formerly 43 & 45).

The JPA established a section 115 Trust, the Retiree Health Benefits Funding Program Trust (“the Trust”)
for the management of investments applicable to retiree health benefit plans of the participating college
districts.

Allan Hancock Joint Community College (“the District”) is a participant in the JPA and has contributed
assets to the Trust. The District’s assets within the Trust are irrevocably designated for the funding of
employee benefit plans.

Pursuant to California Government Code Section 53216.4, the District’s most recent annual report for its
assets in the Trust is attached to this document. The annual report shows the value of assets in the Trust,
the investments held within the Trust, the performance of the assets and all contributions and
distributions (including all fees and expenses associated with the Trust). For more information regarding
the District’s assets within the Trust, please contact Eric D. Smith, Associate Superintendent/Vice
President, Finance and Administration at (805) 922-6966, ext. 3221 with the Allan Hancock Joint
Community College District.

Quality Public Community Colleges for All Californians

 Allan Hancock Community College District
June 30, 2021

Performance Update

BOSTON CHICAGO LONDON MIAMI NEW YORK PORTLAND SAN DIEGO MEKETA.COM
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Allocation vs. Targets and Policy

Current Current Within IPS
Policy Difference Policy Range
Balance Allocation Range?
_

Growth Assets $4,547,101 41.1% 42.0% -0.9% 30.0% - 50.0% Yes

Global Equity $4,547,101 41.1% 42.0% -0.9% 35.0% - 55.0% Yes
Credit $616,939 5.6% 6.0% -0.4% 0.0% - 10.0% Yes
High Yield Bonds $206,689 1.9% 2.0% -0.1% 0.0% - 10.0% Yes
Bank Loans $203,038 1.8% 2.0% -0.2% 0.0% - 10.0% Yes
Emerging Market Bonds $207,212 1.9% 2.0% -0.1% 0.0% - 10.0% Yes
Real Assets/Inflation Hedges $1,638,107 14.8% 15.0% -0.2% 10.0% - 20.0% Yes
TIPS $655,073 5.9% 6.0% -0.1% 0.0% - 10.0% Yes
Real Estate $340,017 3.1% 3.0% 0.1% 0.0% - 10.0% Yes
Natural Resources $423,112 3.8% 4.0% -0.2% 0.0% - 10.0% Yes
Infrastructure $219,905 2.0% 2.0% 0.0% 0.0% - 10.0% Yes
Risk Mitigation $4,263,286 38.5% 37.0% 1.5% 30.0% - 50.0% Yes
Cash Equivalents $71,760 0.6% 0.0% 0.6% 0.0% - 10.0% Yes
Short term Investment
$1,904,424 17.2% 17.0% 0.2% 10.0% - 25.0% Yes
Grade Bonds
Investment Grade Bonds $2,287,102 20.7% 20.0% 0.7% 10.0% - 30.0% Yes
Total $11,065,434 100.0% 100.0%
XXXXX

Page 2 of 13
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Performance Summary - By Asset Class

Market Value % of QTD 1 Yr 3 Yrs Inception Inception
($) Portfolio (%) (%) (%) Date (%)
_

Total Fund 11,065,434 100.0 4.3 19.1 9.2 Nov-16 8.4

Policy Benchmark 4.6 19.3 10.0 Nov-16 9.0
Growth 4,547,101 41.1 7.2 -- -- Apr-21 7.2
MSCI ACWI IMI Net USD 7.2 40.9 14.2 Apr-21 7.2
Global Equity 4,547,101 41.1 7.2 -- -- Apr-21 7.2
Credit 616,939 5.6 3.0 -- -- Apr-21 3.0
50% BBgBarc US High Yield TR/50% Credit Suisse Leveraged Loans 2.1 13.5 5.9 Apr-21 2.1
High Yield Bonds 206,689 1.9 2.9 -- -- Apr-21 2.9
Bank Loans 203,038 1.8 1.6 -- -- Apr-21 1.6
Emerging Markets Debt 207,212 1.9 4.4 -- -- Apr-21 4.4
Real Assets/Inflation Hedges 1,638,107 14.8 5.0 -- -- Apr-21 5.0
Real Assets/Inflation Hedges Custom Benchmark 5.2 -- -- Apr-21 5.2
TIPS 655,073 5.9 2.4 -- -- Apr-21 2.4
Real Estate 340,017 3.1 11.7 -- -- Apr-21 11.7
Natural Resources 423,112 3.8 4.9 -- -- Apr-21 4.9
Infrastructure 219,905 2.0 3.9 -- -- Apr-21 3.9
Risk Mitigation 4,263,286 38.5 1.2 -- -- Apr-21 1.2
BBgBarc US Aggregate Float Adjusted TR 2.0 -0.3 5.4 Apr-21 2.0
Short term Investment Grade Bonds 1,904,424 17.2 0.3 -- -- Apr-21 0.3
Investment Grade Bonds 2,287,102 20.7 2.0 -- -- Apr-21 2.0
Cash 71,760 0.6 0.0 -- -- Apr-21 0.0
XXXXX

Page 3 of 13
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Performance Summary - By Investment

Market Value QTD 1 Yr Inception
% of Portfolio Inception Date
($) (%) (%) (%)
_

Total Fund 11,065,434 100.0 4.3 19.1 Nov-16 8.4

Policy Benchmark 4.6 19.3 Nov-16 9.0
Growth 4,547,101 41.1 7.2 -- Apr-21 7.2
MSCI ACWI IMI Net USD 7.2 40.9 Apr-21 7.2
Global Equity 4,547,101 41.1 7.2 -- Apr-21 7.2
Vanguard US Total Stock Market Index 1,812,884 16.4 8.3 -- Apr-21 8.3
CRSP US Total Market TR USD 8.3 44.3 Apr-21 8.3
Vanguard Developed Markets Index 957,022 8.6 5.7 -- Apr-21 5.7
FTSE Developed All Cap Ex US TR USD 5.8 36.8 Apr-21 5.8
Fidelity Emerging Markets Index Fund 471,363 4.3 4.4 -- Apr-21 4.4
MSCI Emerging Markets 5.0 40.9 Apr-21 5.0
AB Global Core 437,871 4.0 8.0 -- Apr-21 8.0
MSCI ACWI 7.4 39.3 Apr-21 7.4
Artisan Global Opportunities 218,482 2.0 8.8 -- Apr-21 8.8
MSCI ACWI 7.4 39.3 Apr-21 7.4
First Eagle Global Value 427,417 3.9 6.0 -- Apr-21 6.0
MSCI World 7.7 39.0 Apr-21 7.7
MSCI World Value 4.7 37.9 Apr-21 4.7
WCM Focused Global Growth 222,062 2.0 9.8 -- Apr-21 9.8
MSCI ACWI 7.4 39.3 Apr-21 7.4
MSCI ACWI Growth NR USD 10.0 39.7 Apr-21 10.0

Page 4 of 13
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Market Value QTD 1 Yr Inception
% of Portfolio Inception Date
($) (%) (%) (%)
_

Credit 616,939 5.6 3.0 -- Apr-21 3.0

50% BBgBarc US High Yield TR/50% Credit Suisse Leveraged
2.1 13.5 Apr-21 2.1
Loans
High Yield Bonds 206,689 1.9 2.9 -- Apr-21 2.9
Nomura High Yield 206,689 1.9 2.9 -- Apr-21 2.9
BBgBarc US High Yield TR 2.7 15.4 Apr-21 2.7
Bank Loans 203,038 1.8 1.6 -- Apr-21 1.6
PAM Bank Loans 203,038 1.8 1.6 -- Apr-21 1.6
Credit Suisse Leveraged Loans 1.4 11.7 Apr-21 1.4
Emerging Markets Debt 207,212 1.9 4.4 -- Apr-21 4.4
Payden Emerging Markets Debt 207,212 1.9 4.4 -- Apr-21 4.4
JP Morgan EMBI Global Diversified 4.1 7.5 Apr-21 4.1
Real Assets/Inflation Hedges 1,638,107 14.8 5.0 -- Apr-21 5.0
Real Assets/Inflation Hedges Custom Benchmark 5.2 -- Apr-21 5.2
TIPS 655,073 5.9 2.4 -- Apr-21 2.4
Vanguard Inflation-Protected Securities Fund 329,409 3.0 3.1 -- Apr-21 3.1
BBgBarc US TIPS TR 3.2 6.5 Apr-21 3.2
Vanguard Short-Term Inflation-Protected Securities
325,664 2.9 1.7 -- Apr-21 1.7
Index Fund
BBgBarc U.S. TIPS 0-5 Years 1.7 5.9 Apr-21 1.7
Real Estate 340,017 3.1 11.7 -- Apr-21 11.7
Vanguard Real Estate Index Fund 340,017 3.1 11.7 -- Apr-21 11.7
MSCI US REIT 11.7 36.6 Apr-21 11.7

Page 5 of 13
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Market Value QTD 1 Yr Inception

% of Portfolio Inception Date
($) (%) (%) (%)
_

Natural Resources 423,112 3.8 4.9 -- Apr-21 4.9

Vanguard Energy Fund 107,381 1.0 5.7 -- Apr-21 5.7
MSCI ACWI Energy NR USD 9.3 39.1 Apr-21 9.3
Vanguard Materials Index Fund 109,374 1.0 5.0 -- Apr-21 5.0
MSCI US IMI Materials 25-50 NR USD 4.9 51.7 Apr-21 4.9
First Eagle Gold 206,357 1.9 4.4 -- Apr-21 4.4
FTSE Gold Mines PR USD 2.1 -12.9 Apr-21 2.1
Infrastructure 219,905 2.0 3.9 -- Apr-21 3.9
Vanguard Global Capital Cycles Fund 219,905 2.0 3.9 -- Apr-21 3.9
S&P Global Custom Metals and Mining Index 15.1 50.8 Apr-21 15.1
Risk Mitigation 4,263,286 38.5 1.2 -- Apr-21 1.2
BBgBarc US Aggregate Float Adjusted TR 2.0 -0.3 Apr-21 2.0
Short term Investment Grade Bonds 1,904,424 17.2 0.3 -- Apr-21 0.3
Vanguard Short-Term Bond Index Fund 1,904,424 17.2 0.3 -- Apr-21 0.3
BBgBarc US Govt/Credit 1-5 Year Float Adjusted TR USD 0.3 0.4 Apr-21 0.3
Investment Grade Bonds 2,287,102 20.7 2.0 -- Apr-21 2.0
Vanguard Total Bond Market Index Fund 2,287,102 20.7 2.0 -- Apr-21 2.0
BBgBarc US Aggregate Float Adjusted TR 2.0 -0.3 Apr-21 2.0
Cash 71,760 0.6 0.0 -- Apr-21 0.0
Cash 71,760 0.6 0.0 -- Apr-21 0.0
91 Day T-Bills 0.0 0.1 Apr-21 0.0
XXXXX

Page 6 of 13
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Cash Flow Summary - Quarter Ending June 30, 2021

Beginning Net Investment Ending Period
Contributions Withdrawals
Market Value Change Market Value Return
_

AB Global Core $405,446 $0 $0 $32,426 $437,871 8.0%

Artisan Global Opportunities $200,853 $0 $0 $17,629 $218,482 8.8%
Cash $68,345 $4,926 -$1,519 $8 $71,760 0.0%
Fidelity Emerging Markets Index Fund $451,378 $0 $0 $19,985 $471,363 4.4%
First Eagle Global Value $403,144 $0 $0 $24,273 $427,417 6.0%
First Eagle Gold $197,658 $0 $0 $8,699 $206,357 4.4%
Nomura High Yield $200,811 $0 $0 $5,878 $206,689 2.9%
PAM Bank Loans $199,928 $0 $0 $3,110 $203,038 1.6%
Payden Emerging Markets Debt $198,434 $0 $0 $8,779 $207,212 4.4%
Vanguard Developed Markets Index $905,169 $0 $0 $51,853 $957,022 5.7%
Vanguard Energy Fund $101,582 $0 $0 $5,799 $107,381 5.7%
Vanguard Global Capital Cycles Fund $211,692 $0 $0 $8,213 $219,905 3.9%
Vanguard Inflation-Protected Securities Fund $319,472 $0 $0 $9,937 $329,409 3.1%
Vanguard Materials Index Fund $104,161 $0 $0 $5,213 $109,374 5.0%
Vanguard Real Estate Index Fund $304,516 $0 $0 $35,501 $340,017 11.7%
Vanguard Short-Term Bond Index Fund $1,898,761 $0 $0 $5,663 $1,904,424 0.3%
Vanguard Short-Term Inflation-Protected Securities
$320,327 $0 $0 $5,337 $325,664 1.7%
Index Fund
Vanguard Total Bond Market Index Fund $2,240,889 $0 $0 $46,213 $2,287,102 2.0%
Vanguard US Total Stock Market Index $1,674,276 $0 $0 $138,608 $1,812,884 8.3%
WCM Focused Global Growth $202,206 $0 $0 $19,856 $222,062 9.8%
Total $10,609,048 $4,926 -$1,519 $452,978 $11,065,434 4.3%
XXXXX

Page 7 of 13
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Liquidity Schedule
Liquidity
Name Identifier Vehicle Type Market Value % of Portfolio
Schedule
Growth $4,547,101 41.1%
Global Equity $4,547,101 41.1%
Vanguard US Total Stock Market Index VTSAX Daily Mutual Fund $1,812,884 16.4%
Vanguard Developed Markets Index VTMGX Daily Mutual Fund $957,022 8.6%
Fidelity Emerging Markets Index Fund FPADX Daily Mutual Fund $471,363 4.3%
AB Global Core GCEYX Daily Mutual Fund $437,871 4.0%
Artisan Global Opportunities ARTRX Daily Mutual Fund $218,482 2.0%
First Eagle Global Value FEGRX Daily Mutual Fund $427,417 3.9%
WCM Focused Global Growth WFGGX Daily Mutual Fund $222,062 2.0%
Credit $616,939 5.6%
High Yield Bonds $206,689 1.9%
Nomura High Yield AHIDX Daily Mutual Fund $206,689 1.9%
Bank Loans $203,038 1.8%
PAM Bank Loans PLFRX Daily Mutual Fund $203,038 1.8%
Emerging Markets Debt $207,212 1.9%
Payden Emerging Markets Debt PYEMX Daily Mutual Fund $207,212 1.9%
Real Assets/Inflation Hedges $1,638,107 14.8%
TIPS $655,073 5.9%
Vanguard Inflation-Protected Securities Fund VAIPX Daily Mutual Fund $329,409 3.0%
Vanguard Short-Term Inflation-Protected
VTAPX Daily Mutual Fund $325,664 2.9%
Securities Index Fund
Real Estate $340,017 3.1%
Vanguard Real Estate Index Fund VGSLX Daily Mutual Fund $340,017 3.1%
Natural Resources $423,112 3.8%
Vanguard Energy Fund VGELX Daily Mutual Fund $107,381 1.0%
Vanguard Materials Index Fund VMIAX Daily Mutual Fund $109,374 1.0%
First Eagle Gold FEURX Daily Mutual Fund $206,357 1.9%

Page 8 of 13
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Liquidity
Name Identifier Vehicle Type Market Value % of Portfolio
Schedule
Infrastructure $219,905 2.0%
Vanguard Global Capital Cycles Fund VGPMX Daily Mutual Fund $219,905 2.0%
Risk Mitigation $4,263,286 38.5%
Short term Investment Grade Bonds $1,904,424 17.2%
Vanguard Short-Term Bond Index Fund VBIRX Daily Mutual Fund $1,904,424 17.2%
Investment Grade Bonds $2,287,102 20.7%
Vanguard Total Bond Market Index Fund VBTLX Daily Mutual Fund $2,287,102 20.7%
Cash $71,760 0.6%
Cash Daily Other $71,760 0.6%
Total $11,065,434 100.0%
XXXXX

Page 9 of 13
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Investment Expense Analysis - Estimated Expenses with Fees

Name Identifier Expense Ratio Market Value Estimated Expense
Growth $4,547,101
Global Equity $4,547,101
Vanguard US Total Stock Market Index VTSAX 0.04% $1,812,884 $725
Vanguard Developed Markets Index VTMGX 0.07% $957,022 $670
Fidelity Emerging Markets Index Fund FPADX 0.08% $471,363 $354
AB Global Core GCEYX 0.84% $437,871 $3,678
Artisan Global Opportunities ARTRX 1.14% $218,482 $2,491
First Eagle Global Value FEGRX 0.79% $427,417 $3,377
WCM Focused Global Growth WFGGX 1.28% $222,062 $2,842
Credit $616,939
High Yield Bonds $206,689
Nomura High Yield AHIDX 0.54% $206,689 $1,116
Bank Loans $203,038
PAM Bank Loans PLFRX 0.73% $203,038 $1,482
Emerging Markets Debt $207,212
Payden Emerging Markets Debt PYEMX 0.73% $207,212 $1,513
Real Assets/Inflation Hedges $1,638,107
TIPS $655,073
Vanguard Inflation-Protected Securities Fund VAIPX 0.10% $329,409 $329
Vanguard Short-Term Inflation-Protected Securities Index Fund VTAPX 0.06% $325,664 $195
Real Estate $340,017
Vanguard Real Estate Index Fund VGSLX 0.12% $340,017 $408
Natural Resources $423,112
Vanguard Energy Fund VGELX 0.25% $107,381 $268
Vanguard Materials Index Fund VMIAX 0.10% $109,374 $109
First Eagle Gold FEURX 0.85% $206,357 $1,754

Page 10 of 13
 Allan Hancock Community College District

Total Fund | As of June 30, 2021

Name Identifier Expense Ratio Market Value Estimated Expense

Infrastructure $219,905
Vanguard Global Capital Cycles Fund VGPMX 0.35% $219,905 $770
Risk Mitigation $4,263,286
Short term Investment Grade Bonds $1,904,424
Vanguard Short-Term Bond Index Fund VBIRX 0.07% $1,904,424 $1,333
Investment Grade Bonds $2,287,102
Vanguard Total Bond Market Index Fund VBTLX 0.05% $2,287,102 $1,144
Cash $71,760
Cash $71,760
Total 0.22% $11,065,434 $24,558
XXXXX

Page 11 of 13
 Allan Hancock Community College District

Benchmarks | As of June 30, 2021

Benchmark History
_

Total Fund
42% MSCI ACWI IMI Net USD / 6% 50% BBgBarc US High Yield TR/50% Credit Suisse Leveraged Loans / 15% Real Assets/Inflation Hedges Custom
11/1/2016 Present
Index / 37% BBgBarc US Aggregate Float Adjusted TR
XXXXX

Real Assets/Inflation Hedges

40% BBgBarc US TIPS TR / 20% MSCI US REIT / 6.7% MSCI ACWI Energy NR USD / 6.7% MSCI US IMI Materials 25-50 NR USD / 13.3% FTSE Gold
4/1/2021 Present
Mines PR USD / 13.3% MSCI World Infrastructure USD Net
XXXXX

Page 12 of 13
 Disclaimer

WE HAVE PREPARED THIS REPORT (THIS “REPORT”) FOR THE SOLE BENEFIT OF THE INTENDED RECIPIENT (THE “RECIPIENT”).
SIGNIFICANT EVENTS MAY OCCUR (OR HAVE OCCURRED) AFTER THE DATE OF THIS REPORT AND THAT IT IS NOT OUR FUNCTION OR
RESPONSIBILITY TO UPDATE THIS REPORT. ANY OPINIONS OR RECOMMENDATIONS PRESENTED HEREIN REPRESENT OUR GOOD FAITH VIEWS
AS OF THE DATE OF THIS REPORT AND ARE SUBJECT TO CHANGE AT ANY TIME. ALL INVESTMENTS INVOLVE RISK. THERE CAN BE NO
GUARANTEE THAT THE STRATEGIES, TACTICS, AND METHODS DISCUSSED HERE WILL BE SUCCESSFUL.
INFORMATION USED TO PREPARE THIS REPORT WAS OBTAINED FROM INVESTMENT MANAGERS, CUSTODIANS, AND OTHER EXTERNAL
SOURCES. WHILE WE HAVE EXERCISED REASONABLE CARE IN PREPARING THIS REPORT, WE CANNOT GUARANTEE THE ACCURACY OF ALL
SOURCE INFORMATION CONTAINED HEREIN.
CERTAIN INFORMATION CONTAINED IN THIS REPORT MAY CONSTITUTE “FORWARD - LOOKING STATEMENTS,” WHICH CAN BE IDENTIFIED BY THE
USE OF TERMINOLOGY SUCH AS “MAY,” “WILL,” “SHOULD,” “EXPECT,” “AIM”, “ANTICIPATE,” “TARGET,” “PROJECT,” “ESTIMATE,” “INTEND,”
“CONTINUE” OR “BELIEVE,” OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. ANY
FORWARD-LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS PRESENTATION ARE BASED UPON CURRENT
ASSUMPTIONS. CHANGES TO ANY ASSUMPTIONS MAY HAVE A MATERIAL IMPACT ON FORWARD - LOOKING STATEMENTS, FORECASTS,
PROJECTIONS, VALUATIONS, OR RESULTS. ACTUAL RESULTS MAY THEREFORE BE MATERIALLY DIFFERENT FROM ANY FORECASTS,
PROJECTIONS, VALUATIONS, OR RESULTS IN THIS PRESENTATION.
PERFORMANCE DATA CONTAINED HEREIN REPRESENT PAST PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Page 13 of 13