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to pay the annual unfunded liabilities if necessary, and the second one for $21.3 million into a long-term Capital Growth portfolio. In February 2020, City Council authorized Finance staff to deposit to and withdraw from the Conservative portfolio an additional amount up to the total annual required CalPERS payment. In March and June 2020, two additional $5.0 million contributions were deposited into the Conservative portfolio for a total of$16.7 million deposited into the Conservative portfolio. As presented in the chart below, the Conservative portfolio balance was $18.03 million at the end of March 31,2023, an increase of$0.36 million from the prior quarter. The Conservative portfolio investment return for the quarter ended March 31, 2023 was 2.1 percent, and the inception-to-date return was about 2.45 percent. Conservative PARS plan Account Balance 520 $18.17S18_32$18-57S1 55$18.66$18.14 $18 $17.gg$17.59 $17.63$17.32$17.67$18.03 $16 $14 S12 51 t.69 0 =_ Slo $7.23 $B $6.70 $6.74 $6.67 $6.94 $7105 $7.11 56 $4 $2 So 00 00 OG 0% O O O ^�N N N N N N ti N N N N r1 ry N N N N N C 6 QU, C G U C d V C d U C d U The second portfolio (Capital Growth) addresses the longer-term pension liabilities with initial investment of$21.3 million. The focus of this portfolio is to earn a higher rate of return over the next ten years or so before we need to draw upon it.