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HomeMy WebLinkAbout05-22-2019 Board Meeting Item 13 - FY2018-19 Third Quarter Financial Report.pdf w711LW "� _w; bi Alf- ORANGE COUNTY SANITATION DISTRICT Third Quarter1 Financial Report .: for the period ended March 31 , 2019 Orange County, California Table of Contents ExecutiveSummary...................................................................................................1 Budget Review Section 1 —Consolidated Financial Reports..........................................................................1 Section 2—Operating Budget Review Chart of the Cost per Million Gallons by Department—Budget and Actual..............1 Chart of the Net Expenses by Major Category— Budget and Actual........................1 Divisional Contributions to Cost Per Million Gallons ................................................2 Comparison of Expenses by Department.................................................................3 Summary of Collection, Treatment, and Disposal Expenses by Major Category.....4 Summary of District-Wide Revenues .......................................................................5 Summary of Collection, Treatment and Disposal Revenues....................................5 Summary of Collection, Treatment, and Disposal Expenses by Line Item...............6 Summary of Collection, Treatment, and Disposal Expenses by Process.................8 Chartof Staffing Trends...........................................................................................9 Section 3—Capital Improvement Program Budget Review Capital Improvement Program Graphs by Type and Funding Source......................1 Summary of Capital Improvement Construction Requirements- Current Year........2 Summary of Capital Improvement Construction Requirements - Project Life..........6 Section 4—Capital Assets Schedule & Debt Service Budget Review CapitalAssets Schedule ..........................................................................................1 Debt Service Budget Review....................................................................................1 Section 5—Self Insurance Budget Review General Liability and Property Fund Budget Review................................................1 Workers' Compensation Fund Budget Review.........................................................2 Quarterly Treasurers Repo rt........................................................................................1 QuarterlyCOP Reoort.................................................................................................1 FY 2018-19 Third Quarter Financial Report This Page Intentionally Left Blank Executive Summary Consolidated Financial Reports For the Quarter Ended March 31, 2019 Included in this consolidated report are the following quarterly financial reports for the period ended March 31, 2019: Third Quarter Budget Review: The Consolidated Financial Reports Section provides the Directors, staff, and the general public with a comprehensive overview of the financial results of the Sanitation District through the third quarter ended March 31, 2019. Contained within the Consolidated Financial Reports is the budget-to-actual status of the Collections, Treatment and Disposal Operations, the Capital Improvement Program, the Self-Insurance Program, and Debt Service Outlays. Also included is a Capital Assets Schedule as of March 31, 2019. The chart below provides for a summary of these activities. Third Quarter Results as a Percentage of Budget 100.0% W.0% 65.8M 80.0% $111.7M 70.0% $301.7M $114.0M $1.SM 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Oper. Oper. Capital Debt Self Ins Revenue Expense Outlays Service Outlays Various detail information can be found in this report. Below is a descriptive summary of these activities through March 31 st: a) Most major expense categories are anticipated to be at or below budget. b) Total revenues are at 88.6 percent of the $465.3 million budget, mainly due to the receipt of $110.3 million from the issuance of Revenue Refunding Certificate Anticipation Notes, Series 2018A, during the second quarter of the fiscal year. The 2018A Notes were used to refund the Revenue Refunding Certificate Anticipation Notes, Series 2016B. Excluding debt financing proceeds, total revenues are at 64.8 percent of the budget. Except for Permit Fees, IRWD Intra District Sewer Use, IRWD Capital Assessments, CIP Page 1 FY 2018-19 Third Quarter Financial Report Reimbursements, Grant Revenue and Other Revenues, most major revenue sources are currently tracking close to or exceeding revenue estimates. Overall, total revenues are projected to approximate budget at year-end. More detailed information on District revenues is provided within Section 1 — Pages 3 through 5. c) Collection, Treatment and Disposal Costs: As indicated within the Consolidated Financial Reports Section of this report, the net operating requirements through the third quarter of $111.7 million is currently tracking at 69.3 percent of the $161.2 million budget. In addition, net operating expenses have increased $3.7 million or 3.4 percent in comparison with the same period last year. Overall, staff expects the total operating costs to remain within budget throughout the remainder of the year. More detailed information on District operating expenses is provided within Section 1- Pages 1 through 3. The total cost per million gallons is $2,127 based on flows of 192 million gallons per day. This is $286 per million gallons, or 11.9 percent lower than the budgeted cost per million gallons per day. A further description of these costs and benchmarking with other agencies is contained within Section 1 — Pages 6 through 8. d) The total projected capital outlay cash flow of the Capital Improvement Program (CIP) for FY 2018-19 has been revised to $160.6 million, or 92.0 percent of the board approved cash outlay of $174.5 million. The actual cash outlay spending through the third quarter is $114.0 million, or 65.3 percent of the total budgeted outlay. More detailed information on the CIP budget review can be found in Section 3. • Quarterly Treasurer's Report This section reports on financial portfolio performance with respect to the Sanitation District's funds. Both Long-Term and Liquid Operating Monies Portfolios are summarized. A performance summary table can be found on page 2 of this section. The report also contains information on the national economic outlook from the Sanitation District's money manager, Chandler Asset Management (Chandler). Chandler notes the Long-Term Portfolio quarterly return of 151 basis points outperformed the ICE BAML 1-5 Year US Corp/Govt Rated AAA-A Index return of 142 basis points, while the Liquid Operating Monies Portfolio quarterly return of 63 basis points outperformed the ICE BAML 3-Month US Treasury Bill Index return of 60 basis points. Chandler further notes that the Federal Open Market Committee (FOMC) kept the target fed funds rate unchanged in March at a range of 2.25%-2.50%. However, the Fed's economic projections, along with the tone of the policy statement and the Fed Chair's press conference, were more dovish than expected. The Fed's median forecast now calls for a target fed funds rate of 2.4% at year-end, which Page 2 Executive Summary implies that there will be no further rate hikes this year. The Fed is projecting one rate hike in 2020 (to and effective rate of 2.6%) and then expects to keep policy on hold in 2021. The Fed's longer-run fed funds rate target is still 2.8%. This implies that the Fed intends to keep the target fed funds rate below the neutral rate for the foreseeable future. Furthermore, the Fed announced that they will begin slowing down the reduction of their balance sheet and conclude their balance sheet reduction program at the end of September 2019. This will leave the Fed with a larger balance sheet (slightly higher than $3.5 trillion) than they originally expected. Domestic and global economic growth has slowed, and inflation pressures remain muted. However, the labor market remains a bright spot in the US economy. We believe some of the factors hindering current economic growth (trade disputes and Brexit uncertainty) may be somewhat transitory. While economic growth is likely to remain under pressure over the near-term, we believe a strong labor market coupled with an increasingly dovish Fed may lead to better than expected economic growth later this year. Overall, the economy is expected to grow 2.0%- 2.5% this year versus 2.9% in 2018. The yield curve inverted in March with the 10-year Treasury yield temporarily falling below the 3-month T-bill yield. At month-end, the 3-month T-bill yield was down 5 basis points to 2.38%, the 2-year Treasury yield was down about 25 basis points to 2.26%, and the 10-year Treasury yield was down 31 basis points to 2.41%. The spread between 2- and 10-year Treasury yields was less than 15 basis points at March month-end. An inversion of the yield curve in which the 10- year Treasury yield is lower than the 3-month T-bill is generally viewed as a powerful predictive signal of an upcoming recession. However, our 6-month economic forecast does not call for a recession. Inflationary pressures remain muted. The Consumer Price Index (CPI) was up just 1.5% year-over-year in February, versus up 1.6% year-over-year in January. Core CPI (CPI less food and energy) was up 2.1% year-over-year in February, versus up 2.2% year-over-year in January. The Personal Consumption Expenditures (PCE) index was up just 1.4% year-over-year in January, versus up 1.8% year- over-year in December. Core PCE eased to 1.8% year-over-year in January from 2.0% in December, falling below the Fed's 2.0% inflation target. Economic Outlook Risk assets bounced back and performed well during the first quarter of 2019 after the dismal performance in Q4 2018. Investor sentiment pivoted to a more constructive outlook as investors concluded the risk of a material domestic economic slowdown on the immediate horizon was low. The underlying tenets of the US economy remain sound, despite the expectations of slower, but still above trend, GDP growth in 2019 compared to 2018. The U-3 unemployment rate remains low at 3.8% and is consistent with the historical definition of full employment. The U-6 underemployment rate, which includes part time and marginally attached workers, continues to contract with a current reading of 7.3%, Page 3 FY 2018-19 Third Quarter Financial Report indicative of only a modest amount of slack remaining for the US employment backdrop. The Chandler team continues to gravitate towards the non-traditional U- 6 measure in our evaluation of full employment, and the team is impressed with the decline from the 8.1% reading in January of this year and the subsequent increase in Average Hourly Earnings to a recent reading of 3.2% on a year-over- year basis. Job growth also remains strong, with the recent three-month moving average coming in at 180k, more than enough job creation to put continued downward pressure on the unemployment rate. After appearing overly hawkish in December 2018 and increasing the Fed Funds rate by an additional 25 basis points despite the clear stresses in the market and tightening financial conditions, the Federal Reserve turned very dovish in the first quarter of 2019. The Federal Reserve indicated via the quarterly release of the Summary of Economic Projections that monetary policy was likely to remain on hold for the balance of the year. The Federal Reserve also announced explicit plans to stop the contraction of the balance sheet in the third quarter of 2019. Although both the 'pause' in the pace of monetary policy normalization and plans to modify the pace of balance sheet reduction were viewed by market participants as a possible outcome of the March Federal Reserve meeting, the magnitude of the shift in sentiment by the Federal Reserve caught fixed income investors by surprise. The front end of the Treasury yield curve rallied materially late in the quarter and priced in the possibility of an easing of policy late in the year. One of the primary objectives of the shift in Fed Policy, in Chandler's view, is the desire to move expectations of inflation higher and to offset the undershoot of inflation over the past several years. The Federal Reserve is likely to be a source of market volatility going forward, as they will now be communicating to market participants how policy is likely to evolve conditional on the economic outlook, as opposed to monetary policy being on a preset course regardless of how the outlook progresses. The Chandler team believes pricing in an easing of policy at this point in the cycle is premature and anticipates a modest move higher in yields in the second quarter of 2019. Geopolitical events continue to keep investors on edge and are one reason Treasury yields contracted so materially during the quarter. The Brexit negotiations continue to drag on with an extension until the end of October the latest development. The US/China trade talks remain fluid, and we would expect some sort of agreement prior to the 2020 election cycle dominating the news cycle. A positive outcome for either of the two events would likely dissipate some of the flight to quality bid in the US Treasury market. Despite the challenging geopolitical backdrop, US corporate leaders remain upbeat. In a sign of confidence in the outlook for the economy at the executive level, merger and acquisition activity picked up during the quarter with Bristol Myers announcing a bid to acquire Celgene for $74 billion and BB&T announcing its plans to merge with SunTrust bank for $28 billion. Page 4 Executive Summary • Certificates of Participation (COP) Quarterly Report The report includes a summary of each outstanding debt issuance and a comparative chart illustrating the COP rate history. Page 5 FY 2018-19 Third Quarter Financial Report This Page Intentionally Left Blank Page 6 Consolidated Financial Reports Third Quarter Financial Report March 31, 2019 Financial Management is pleased to present the FY 2018-19 third quarter financial report. This report provides a comprehensive overview of the financial condition of the Sanitation District and reports on the status of all capital projects in progress. A summary of the sections contained within this report is provided below. Operating Budget Review., This section reports on collection, treatment and disposal net operating requirements. At March 31, 2019, 69.3 percent, or $111.7 million of the FY 2018-19 net operating budget of $161.2 million has been expended. Net operating expenses increased from the same period last year by $3.7 million, or 3.4 percent, mainly due to an increase of $4.3 million in Salaries and Benefits, $914,000 in Other Non- Operating Expense, $863,000 in Repairs and Maintenance, $621,000 in Utilities, and a decrease of $534,000 in indirect costs allocated out to capital projects, partially offset by a decrease of$1.9 million in Contractual Services, $588,000 in Other Operating Supplies, $525,000 in Administrative Expenses, $261,000 in Professional Services, $184,000 in Operating Materials and Supplies, $74,000 in Training and Meetings, and $70,000 in Printing and Publication. These and other variances that factor into this net increase in expenses are discussed in more detail below. Overall, staff expects the total operating costs to approximate budget throughout the remainder of the year. Significant operating results as of March 31, 2019 include the following: • Salaries. Wages and Benefits — Personnel costs of $73.0 million are on target at 76.1 percent of budget through the third quarter of FY 2018-19. The budget is based on a 5 percent vacancy factor, with current staffing 29 full-time equivalents (FTE's) or 4.6 percent below the total 636 FTE's approved in the FY 2018-19 budget. Salary and benefit costs are $4.3 million or 6.3 percent higher than the $68.7 million incurred in the same period last year, mainly due to an increase of $3.6 million in salaries and wages resulting from additional FTE's and cost of living adjustments included in the current Memorandums of Understanding for all employee bargaining units. Net operating personnel costs are expected to approximate budget throughout the remainder of the year. • Administrative Expenses — Administrative Expenses totaled $1.0 million, or 51.6 percent of the $2.0 million budget through March 31. These costs are $525,000 or 33.6 percent lower at March 31 in comparison with the prior year, mainly due to decreases of $261,000 in postage due to mailing Prop 218 notifications in the prior year, $164,000 in prior year purchases of small computer items including tablets and two-way radios, and $78,000 in minor furniture and fixtures for prior year workstation installations and ergonomic chairs. It is anticipated that administrative costs will be below budget at year-end. Section 1 - Page 1 FY 2018-19 Third Quarter Financial Report • Printing and Publication Expenses — Printing and Publication Expenses totaled $201,000, or 63.3 percent of the $317,000 budget through March 31. These costs are $70,000 or 25.9 percent lower at March 31 in comparison with the prior year mainly due to a decrease in notices and ads for job postings to advertise open positions throughout the District. Printing and publication costs are expected to be below budget at year-end. • Training and Meetings — Training and meetings of $480,000 are below target at 43.7 percent of the $1.1 million budget. This account is lower than the proportionate budget due to the timing and need for training throughout the year. These costs have decreased over the same period last year by $74,000 or 13.4 percent, primarily as a result of various training costs incurred in the prior period such as District-wide safety and infrastructure condition assessment. Total training and meeting costs are anticipated to be below budget at year-end. • Operating Materials and Supplies — Operating materials and supplies of $11.8 million is on target at 74.9 percent of the $15.8 million budget through March 31. Operating Materials and Supplies are lower than the prior year by $184,000 or 1.5 percent, primarily due to a decrease in Odor Control of $800,000 and Safety Equipment/Tools of $185,000, offset by increases in Chemical Coagulants of $560,000, Gasoline, Diesel & Oil of $129,000, and Tools of $45,000. Based on current processes, operating materials and supplies are anticipated to approximate budget at year-end. • Contractual Services — Contractual services is below target at $15.4 million or 61.3 percent of the $25.2 million budget through March 31. Contractual Services is lower by $1.9 million or 10.9 percent over the same period last year. Solids Removal costs, budgeted at $16.2 million, comprise the majority of this expense category at $11.5 million, or 71.0 percent of budget at March 31. Other Contractual Services decreased by $813,000 million, primarily due to prior year contractual service costs such as installing auto balance analyzers at each plant, condition assessment services, and the flow and loading study project. The reduction in Temporary Services of $952,000 is because of position vacancies filled in the current period that no longer require the use of temporary services. County Service Fees totaled only $47,000, or 9.4 percent of the $497,000 budget through the third quarter as the preponderance of these fees are billed by the County in the fourth quarter. Total contractual services costs are anticipated to be below budget at year-end. • Professional Services — Professional services costs totaled $2.5 million or 46.8 percent of the $5.4 million budget through March 31. Professional service costs, such as Audit & Accounting, Engineering, Environmental Scientific Consulting, Software Consulting, Industrial Hygiene, Labor Negotiation, and Other Services, are proportionately low through March 31 due to a variety of factors such as timing of services and re-evaluation of needs for services. These costs are $261,000 or 9.4 percent lower at March 31 in comparison with the prior year, mainly attributable to a decrease of$164,000 in Engineering costs due to prior year control center remodeling and other supplemental engineering services. It is anticipated that the costs for this category will be below budget at year-end. Section 1 - Page 2 Consolidated Financial Reports • Research and Monitoring - Research and monitoring costs totaled $579,000, or 54.6 percent of the $1.1 million budget through March 31. These costs are $7,000, or 1.2 percent higher at March 31 in comparison with the prior year. Total research and monitoring costs are anticipated to be below budget at year-end. • Repairs and Maintenance - Repair and maintenance costs totaled $12.9 million, or 59.4 percent of the $21.7 million budget through March 31. These costs are $863,000, or 7.2 percent higher at March 31 in comparison with the prior year, mainly due to timing of payments and an increase in service maintenance agreements such as software support and license costs. It is anticipated that the costs for this category will be below budget at year-end. • Utilities - Utilities costs totaled $6.0 million, or 80.1 percent of the $7.4 million budget through March 31. These costs are $621,000 or 11.6 percent higher at March 31 in comparison with the prior year, primarily due to an increase of $295,000 in natural gas costs because of a volatile natural gas market causing unit prices to spike in the current period and $240,000 in power charges as a result of higher electricity rates and consumption from facility-related demand. It is anticipated that the costs will exceed budget at year-end. • Other Operating Supplies - Other operating supplies costs totaled $2.0 million, or 80.4 percent of the $2.5 million budget through March 31. Property and General Liability Insurance, budgeted at $1.3 million, comprise the majority of this expense category at $974,000. These costs are $609,000 or 38.5 percent lower at March 31 in comparison with the prior year primarily due to a reduction in budgeted in-lieu premium charges to maintain recommended reserve balances. It is anticipated that other operating supplies costs will approximate or exceed budget at year-end. • Other Non-Operating Expense - Other non-operating expense totaled $1.0 million, or 63.1 percent of the $1.6 million budget through March 31. These costs are $914,000 or 950.3 percent higher at March 31 in comparison with the prior year, primarily due to obsolete inventory items disposed in the current period. It is anticipated that other non-operating expense will be below budget at year-end. • Revenues - Service Fees and Property Taxes - Through March 31, revenues from service fees are at $183.5 million, or 62.3 percent of the $294.5 million budget and property taxes are at $62.5 million, or 62.7 percent of the $99.6 million budget. These items comprise the majority of the Sanitation District's revenues and are mostly collected by the County through the property tax roll and distributed to the Sanitation District throughout the year based on a set distribution schedule that begins in November of each year. The decrease of $7.3 million or 3.8 percent in service fee revenue over the prior period is due to timing of receipts and additional user fee rebates issued in the current period, partially offset by higher sewer service rates. The property tax revenue decrease of $804,000 or 1.3 percent over the prior period is due to timing of receipts, offset by growth in assessed property values. These revenues are expected to approximate budget at year-end. • Revenues - Permittee User Fees - Perm ittee User Fees are at $5.9 million, or 32.3 percent of the $18.3 million budget. The revenues through the third quarter are Section 1 - Page 3 FY 2018-19 Third Quarter Financial Report lower than the same period last year by $7.7 million or 56.5 percent due to the actual discharge for industrial users was significantly less than the estimated billings in the prior year, with adjustments made in the current year. In addition, these revenues were further reduced by $3.2 million for supplemental capital facilities capacity charges recorded as permit user fees in previous years. The number of permittees fluctuates from year to year as businesses are established or close their operations. Permit user fees revenues are expected to be below budget at year-end. • Revenues — Inter District Sewer Use — SAWPA and SBSD — Inter District Sewer revenues - SAWPA and SBSD are at $1.9 million, or 57.7 percent of the $3.3 million budget. This revenue is derived from charges to the Santa Ana Watershed Protection Agency (SAWPA) and Sunset Beach Sanitary District (SBSD) for treatment of flows. The revenues through the third quarter are lower than the same period last year by $212,000 or 10.1 percent due to a decrease in flows received from these agencies and a resulting reduction in operation and maintenance charges. These revenues are expected to be below budget at year-end. • Revenues — Intra District Sewer Use— IRWD — Intra District Sewer revenues- IRWD are at $2.5 million, or 57.1 percent of the $4.4 million budget. This revenue is derived from charges to the Irvine Ranch Water District (IRWD) for treatment of flows. The revenues through the third quarter are higher than the same period last year by $874,000 or 53.9 percent, due to an increase of $1.4 million in operation and maintenance charges to IRWD, resulting primarily from an increase in flows received from IRWD, offset by an increase of $557,000 in interest income allocated to IRWD based on higher cash reserves. These revenues are expected to be below budget at year-end. • Revenues - Sludge Disposal — IRWD — Sludge Disposal fees - IRWD are at $7.5 million, or 76.4 percent of the $9.8 million budget. The revenue is for the handling, treatment and disposal of solids, derived from flows discharged from IRWD to the Sanitation District. The revenues through the third quarter are higher than the same period last year by $4.0 million or 117.9 percent, mainly due to increased solids received from IRWD. The current fiscal year quarterly billing to IRWD is based on prior year estimates. It is anticipated that IRWD sludge disposal revenues will approximate budget at year-end. • Revenues — Capital Assessments — IRWD— Capital Assessments-IRWD are at $2.9 million, or 47.1 percent of the $6.1 million budget. The revenues through the third quarter are higher than the same period last year by $436,000 or 17.7 percent mainly due to an increase in joint capital costs allocable to IRWD. The current fiscal year quarterly billing to IRWD is based on prior year flow estimates, with adjustment for higher current period flows to be made in the fourth quarter. It is estimated that IRWD capital assessments revenues will exceed budget at year-end. • Revenues — Capital Facilities Capacity Charges (CFCC) — CFCC are at $14.5 million, or 103.9 percent of the $14.0 million budget. The revenues through the third quarter are higher than the same period last year by $3.2 million or 27.8 percent due to an increase in connection fees collected from cities and an adjustment to Section 1 - Page 4 Consolidated Financial Reports supplemental capital facilities capacity charges assessed to industrial dischargers that were recorded as permit user fees in previous years. These revenues are expected to exceed the budget at year-end. • Revenues — Interest Earnings — Interest Earnings are at $17.8 million or 273.4 percent of the $6.5 million budget. The revenues through the third quarter are higher than the same period last year by $16.9 million or 1912.6 percent due to higher account balances and yields earned on securities held in the investment portfolios. It is anticipated that interest earnings will exceed the budget amount at year-end. • Revenues — CIP Reimbursements — CIP Reimbursements are at $86,000 or 3.6 percent of the $2.4 million budget. This revenue is $1.5 million or 94.6 percent lower than the same period last year. The decrease is primarily due to timing of reimbursements received. In the prior year, revenues consisted of reimbursements for construction projects received from the Orange County Water District for P2-122 Headworks Modifications at Plant 2 for GWRS Final Expansion and the cities of Fullerton and Anaheim for 2-72B Newhope-Placentia Trunk Replacement, Segment B. No reimbursements were received for these projects during the same period in the current year. These revenues are expected to be below budget at year-end. • Revenues — Wastehauler—Wastehauler revenues are at $552,000 or 73.6 percent of the $750,000 budget. This revenue is derived from fees charged to wastehaulers allowing them to dump waste into the Sanitation District's system. The revenues through the third quarter are higher than the same period last year by $63,000 or 12.8 percent due to a reduction in waste dumping in the prior year. These revenues are expected to approximate budget at year-end. • Revenues — CNG Sales — CNG Sales revenues are at $245,000 or 61.2 percent of the $400,000 budget. This revenue is derived from public sales at the District's Compressed Natural Gas (CNG) fueling station. The revenues through the third quarter are higher than the same period last year by $131,000 or 114.7 percent due to prior year mechanical failures of the public CNG fueling station that led to the station being of8ine for several months. These revenues are expected to be below budget at year-end. • Revenues — Rents & Leases — Rents & Leases revenues are at $1.5 million or 127.7 percent of the $1.1 million budget. The revenues through the third quarter are higher than the same period last year by $1.1 million or 361.7 percent due to rent received from tenants occupying the newly acquired properties on Pacific/Bandilier and Mt. Langley. These revenues are expected to exceed budget at year-end. • Revenues - Other — Other revenues are at $353,000 or 12.6 percent of the $2.8 million budget. These revenues consist of miscellaneous reimbursements from insurance and employees. The revenues through the third quarter are higher than the same period last year by $142,000 or 67.4 percent, mainly due to auction sales. These revenues are expected to be below budget at year-end. Section 1 - Page 5 FY 2018-19 Third Quarter Financial Report Comparison of Third Quarter Cost per Million Gallon Results with Budget Last Five Years $2,300 $2,250 I °1 $2,200 $2,150 $2,100 sswu sz io $2,050 $2,000 $1,950 $1,900 $r $1,850 $1,800 $1,750 $1,700 $1,650 $1,600 $1,550 $1,500 1415 15-16 16-17 1718 18-19 3rd Annual 3rd Annual 3rd Annual 3rd Annual 3rd Annual Qtr Budget Qtr Budget Qtr Budget Qir Budget Qtr Budget As demonstrated in the preceding graph for each of the last four fiscal years, the cost per million gallons at the end of the third quarter has been between 1.2 percent higher to 10.0 percent lower than the annual budget. The FY 2018-19 third quarter cost per million gallons of $2,127 is 11.9 percent lower when compared with this year's budget. The decrease in cost per million gallons of $3 from the previous year is primarily due to an increase in flows, which are 3.6 percent higher than the same period last year, offset by an increase in operating expenses, which are 3.4 percent higher than the same period last year. Staff believes that overall operating costs will be below budget at year-end. The total cost per million gallons at March 31 is $2,127 based on flows of 192 million gallons per day. This is $286 per million gallons, or 11.9 percent, lower than the budgeted cost per million gallons of $2,413. There is an inverse relationship between the amount of flows and the cost per unit of collection, treatment, and disposal. Consequently, the lower cost per million gallons is due to net expenses being 7.6 percent less than the proportionate budget through March 31 and flows of 192 million gallons per day being 4.7 percent higher than the budgeted flow of 183 million gallons per day. More detailed information on operating revenues, costs, and related information is provided within Section 2. Section 1 - Page 6 Consolidated Financial Reports Following are data tables showing the last five years of Single Family Residential User Fees (SFR) and the cost per MG to collect, treat, and dispose of wastewater for OCSD and for similar agencies. The agencies used in the table were determined to be those that most closely resembled OCSD in terms of services provided and treatment levels. The summaries demonstrate that OCSD's SFR and cost per million gallons are each one of the lowest in their respective group. Benchmark Study Five-Year Single Family Residential Rate Rates as of July 2014 2015 2016 2017 2018 Agency SFR SFR SFR SFR SFR Notes San Francisco $ 745 $ 784 $ 842 $ 937 $ 988 Vallejo Sanitation/Flood Control District $ 520 $ 520 $ 520 $ 520 $ 585 City of San Diego $ 573 $ 573 $ 573 $ 573 $ 573 Note 4 Central Contra Costa Sanitary District $ 439 $ 471 $ 503 $ 530 $ 567 City of Los Angeles $ 435 $ 464 $ 495 $ 527 $ 561 Note 1 Sacramento County $ 348 $ 384 $ 420 $ 432 $ 444 Dublin San Ramon SeMces District $ 373 $ 382 $ 382 $ 397 $ 423 East Bay MUD $ 358 $ 355 $ 373 $ 391 $ 410 Union Sanitary District $ 357 $ 377 $ 380 $ 393 $ 407 City of Hayward $ 337 $ 347 $ 358 $ 375 $ 394 Orange County Sanitation District $ 316 $ 322 $ 327 $ 331 $ 335 City of Fresno $ 309 $ 309 $ 309 $ 309 $ 309 Note 3 Irvine Ranch Water District $ 246 $ 289 $ 309 $ 309 $ 309 Note 2 Oro Loma Sanitary District $ 200 $ 206 $ 221 $ 238 $ 256 Los Angeles County $ 151 $ 155 $ 159 $ 163 $ 167 Notes: (1)-Data is for the typical SFR customer rate. (2)-Data represents the usage of 10 hundred cubic feet per unit. (3)-Data represents the minimum SFR rate not including flow. (4)-Data represents the base sewer fee plus the average usage of 9 hundred cubic feet per month. Section 1 - Page 7 FY 2018-19 Third Quarter Financial Report Benchmark Study Five-Year Cost per MG FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 Agency Sw.Trt. Cost/MG Cost1MG Cost/MG Cost/MG Cost/MG Notes Central Contra Costa Sanitary District B 4 $ 5,778 $ 6,281 $ 6,454 $ 6,081 $ 5,588 Vallejo Sanitation/Flood Control District B 3 $ 6,153 $ 5,590 $ 5,396 $ 4,745 $ 5,393 San Francisco B 3 $ 5.400 $ 5,358 $ 5,268 $ 4,916 $ 5,295 Union Sanitary District B 3 $ 3.832 $ 3,911 $ 3,957 $ 4,039 $ 4,767 City of San Diego B 4 $ 3,156 $ 3,592 $ 3,606 $ 3,834 $ 4,147 Dublin San Ramon SeNces District B 4 $ 2,507 $ 2,522 $ 2,896 $ 2,961 $ 3,422 East Bay MUD T 3 $ 2,559 $ 2,728 $ 2,599 $ 2,353 $ 3,137 Sacramento County T 4 $ 2,375 $ 2,494 $ 2,571 $ 2,752 $ 2,831 City of Los Angeles B 4 $ 2,163 $ 2,269 $ 2,452 $ 2,487 $ 2,329 Note 2 Orange County Sanitation District B 3 $ 1,935 $ 2,071 $ 2,110 $ 2,055 $ 2,069 City of Fresno B 4 $ 1,552 $ 1,629 $ 1,678 $ 1,796 $ 1,813 Los Angeles County B 4 $ 1,224 $ 1,239 $ 1,371 $ 1,151 $ 1,365 Note 1 Legend for SeMce Provided and Treatment Level: B-Agencyoperates both collection and treatrnentfacilites T-Agency provides treatment senates but not collection 3-Secondary treatment 4-Advanced secondaryor secondarywith some terbary treatment Notes: (1)-Does not include source control or overhead costs. (2)-2017Influent flow has not been reduced by the amount of sludge discharged to the sewers from DCTWRP and LAGWRP. Section 1 - Page 8 Consolidated Financial Reports Capital Outlay Review: $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0 3/31/19 Actual Projected 2018-19 2018-19 Capital Outlay Capital Outlay Capital Outlay Cashflow Budget $113.969,944 $160,614,200 $174.542.000 As depicted by the preceding chart, Capital Outlays totaled $114.0 million or 65.3 percent of the capital outlay cash flow budget for FY 2018-19 as of March 31, 2019. Costs are proportionately low through the third quarter as some projects are still in the design phase or have experienced various delays or deferrals. Examples as of March 31 are Bay Bridge Pump Station Replacement, which has a budget of $13.0 million but actual costs of only $93,000, and Safety Improvements Program, which has a budget of $9.4 million but actual costs of $1.9 million. Overall, the capital outlay costs of the capital improvement program are expected to approximate $160.6 million, or 92.0 percent of the capital outlay cash flow budget at year-end. More detailed information on the capital improvement program is provided within Section 3. Capital Assets Schedule and Debt Service Budget Review: Section 4 is the Capital Assets Schedule and Debt Service Section. This section shows the cost value of the Sanitation District's capital facilities at March 31, 2019, as well as the debt service costs resulting from the need to provide funding for the construction of capital facilities. The majority of principal payments on debt issues are due in February during the third quarter of each fiscal year. Excluding payments on refunding debt from the Revenue Refunding Certificate Anticipation Notes, Series 2018A, as of March 31, 2019, 100.0 percent of the principal payments have been made through the end of the third quarter. Total principal payments, excluding refundings, are expected to approximate budget at Section 1 - Page 9 FY 2018-19 Third Quarter Financial Report year-end. Interest costs are expensed ratably throughout the fiscal year. Interest expense is anticipated to approximate budget at year-end. Self-Insurance Budget Reviews: Section 5 is the Self-Insurance Section. Through March 31, the Self-Insurance Fund revenues totaled $1.5 million or 78.2 percent of the budget, while expenses were $1.5 million or 61.7 percent of the budget. Separate fund accounting is used for recording the revenue and expenses incurred in managing these liability claims. The revenues to these funds represent charges to operating divisions. Expenses to these funds include actual claims paid, claims administration, and excess loss policies. Section 1 - Page 10 Operating Budget Review Cost per Million Gallons by Department Budget and Actual March 31, 2019 $1,600 $1,500 $1,400 $1,300 $1 200 $1,100 $1 000 $900 $800 8700 $600 $500 $4 s. $200 $106 $0 uE z8 K y � �eutlget �Aclual Collection, Treatment, & Disposal Expenses by Major Category Budget and Actual (in thousands) March 31,2019 $75,000 $70,000 $65,900 $60,000 $55,900 $50,000 U5,000 U0,000 $35,000 $30.000 $25,000 $20.000 $15.000 $10,000 $5,000 $9 Eu o' 2 8 Meuaeac Nnmai Section 2-Page 1 2018-19 Third Quarter Financial Report Divisional Contributions to Cost Per Million Gallons For the Nine Months Ended March 31,2019 2018-19 3131/17 3131118 Annual 3/31/19 Actual Actual Budget Actual Flow in Million Gallons 51,544,05 50,691.86 66,795.00 52,502,90 Flow in Million Gallons per Day 188.12 185.00 183.00 191.61 Executive Management Department General Management Administration $ 33.41 $ 34.33 $ 43.99 $ 24.47 Board Services 8.08 9.30 10.35 10.57 Public Affairs 14.86 15.18 16.87 14.36 Subtotal 56.35 58.81 71.21 49.40 Human Resources Department Human Resources 50.33 56.99 62.45 58.25 Risk Management/Safety/Security 60.10 83.97 81.25 68.61 Subtotal 110.43 140.96 143.70 126.86 Administrative Services Department Administrative Services 7.36 7.27 9.39 7.01 Financial Management 42.21 53.38 57.40 35.63 Contracts,Purchasing,&Materials Mgml. 61.91 67.26 90.65 85.08 Information Technology 139.12 154.81 174.87 163.72 Subtotal 250.60 282.72 332.31 291.44 Environmental Services Department Environmental Services Administration 11.86 12.70 12.98 13.10 Resource Protection 79.23 81.92 89.24 84.95 Laboratory,Monitoring and Compliance 150.62 159.17 167.64 161.28 Subtotal 241.71 253.79 269.86 259.33 Engineering Department Engineering Administration 6.45 7.25 7.62 8.18 Planning 48.48 47.03 53.72 48.22 Project Management Office 39.58 37.12 43.25 44.37 Civil and Mechanical Engineering 123.56 124.40 132.26 124.78 Electrical&Control System Engineering 61.08 69.64 81.18 75.44 Subtotal 279.15 285.44 318.03 300.99 Operations&Maintenance Department Operations&Maintenance Administration 6.88 8.46 11.56 8.13 Collections Facilities O&M 167.47 191.85 199.21 170.80 Fleet Services 29.12 29.02 31.57 28.80 Plant No. l Operations 374.65 382.93 398.12 383.13 Plant No.2 Operations 304.97 295.68 304.77 301.27 Plant No. 1 Maintenance 228.67 227.12 276.06 202.88 Maintenance Reliability and Planning 23.11 100.99 115.71 88.42 Plant No.2 Maintenance 171.25 184.88 241.32 207.29 Subtotal 1,306.12 1,420.93 1,578.32 1,390.72 Total Operating Expenses 2,244.36 2,442.65 2,713.43 2,418.74 Cost Allocation (293.11) (313.15) (300.43) (292.18) Net Operating Requirements $ 1,951.25 $ 2,129.50 $ 2,413.00 $ 2,126.56 Section 2-Page 2 Operating Budget Review Comparison of Expenses by Department For the Nine Months Ended March 31, 2019 2018-19 3131117 3/31/18 Year to Data Budget% Department and Division Actual Actual Budget 3/31/19 Realized Executive Management Department General Management Administration $ 1,721,995 $ 1,740,416 $ 2,938,490 $ 1,284,666 43.72% Board Services 416,378 471,458 691,530 555,186 80.28% Public Affairs 766,109 769,519 1,126,500 754,073 66.94% Subtotal 2,904,482 2,981,393 4,756,520 2,593,925 54.53% Human Resources Department Human Resources 2,594,345 2,889,181 4,171,570 3,058,534 73.32% Risk Management/Safety/Security 3,097,847 4,256,740 5,427,000 3,602,291 66.38% Subtotal 5,692,192 7,145,921 9,598,570 6,660,825 69.39% Administrative Services Department Administrative Services 379,381 368,607 626,960 367,875 58.68% Financial Management 2,175,718 2,705,945 3,834,170 1,870,696 48.79% Contracts, Purchasing,&Materials Mgmt. 3,191,115 3,409,316 6.055,240 4,467.024 73.77% Information Technology 7,170,618 7,847,646 11,680,570 8,595,607 73.59% Subtotal 12,916,832 14,331,514 22,196,940 15,301,202 68.93% Environmental Services Departmenl Environmental Services Administration 611,470 643,868 866,770 687,737 79.34% Resource Protection 4,083,835 4,152,905 5,960,650 4,460,335 74.83% Laboratory, Monitoring and Compliance 7,763,786 8,068,630 11,197,210 8,467,743 75.62% Subtotal 12,459,091 12,865,403 18,024,630 13,615,815 75.54% Engineering Department Engineering Administration 332,514 367,659 509,130 429,467 84.35% Planning 2,499,012 2,383,797 3,588,370 2,531,679 70.55% Project Management Office 2,040,356 1,881,871 2,888,850 2,329,814 80.65% Civil and Mechanical Engineering 6,369,027 6,306,084 8,834,460 6,551,416 74.16% Electrical&Control System Engineering 3,148,377 3,530,274 5,422,590 3,960,672 73.04% Subtotal 14,389,286 14,469,685 21,243,400 15,803,048 74.39% Operations&Maintenance Department Operations&Maintenance Administration 354,662 428,922 772,270 426,865 55.27% Collections Facilities O&M 8,632,002 9,725,442 13,305,960 8,967,709 67.40% Fleet Services 1,501,172 1,470,972 2,108,870 1,511,908 71.69% Plant No.1 Operations 19,310,893 19,411,327 26,592,250 20,115,463 75.64% Plant No.2 Operations 15,719,496 14,988,780 20,357,180 15,817,526 77.70% Plant No.1 Maintenance 11,786,631 11,513,281 18,439,550 10,651,947 57.77% Maintenance Reliability and Planning 1,191,251 5,119,490 7,728,800 4,642,314 60.07% Plant No.2 Maintenance 8,827,127 9,371,662 16,118,650 10,883,529 67.52% Subtotal 67,323,234 72,029,876 105,423,530 73,017,261 69.26% Total Operating Expenses 115,685,117 123,823,792 181,243,590 126,992,076 70.07% Cost Allocation (15,109,885) (15,875,284) (20,070,430) (15,341,607) 76.44% Net Operating Requirements $ 100,575,232 $ 107,948,508 $ 161,173,160 $ 111,650,469 69.27% Section 2-Page 3 2018-19 Third Quarter Financial Report Summary of Collection, Treatment, &Disposal Expenses by Major Category For the Nine Months Ended March 31,2019 Expense Expense Increase Increase Percent Budget Through Through (Decrease) (Decrease) Budget Remaining Description 2018-19 3131/19 3131118 $ % Realized Budget Salary&Wages $ 72,948,400 55,271,874 51.624,181 $3,647,693 7.07% 75.77% $ 17.676,526 Employee Benefits 23,044,400 17,762,578 17,061,665 700,913 4.11% 77.08% 5,281,822 Administrative Expenses 2,007,530 1,035.678 1,560,596 (524,918) -33.64% 51.59% 971,852 Printing&Publication 316,890 200,501 270,726 (70,225) -25.94% 63.27% 116,389 Training&Meetings 1,097,080 479,772 553,735 (73.963) -13.36% 43.73% 617,308 Operating Materials&Supplies 15,762,740 11,798,048 11,981,594 (183,546) -1.53% 74.85% 3,964,692 Contractual Services 25,206,520 15,445,027 17,329,278 (1,884,251) -10.87% 61.27% 9,761,493 Professional Services 5,393,480 2,526,049 2,786,594 (260,545) -9.35% 46.84% 2,867,431 Research&Monitoring 1,061,200 579,488 572,801 6,687 1.17% 54.61% 481,712 Repairs&Maintenance 21,715,360 12,901,266 12,037,858 863,408 7.17% 59.41% 8,814,094 Utilities 7,439,800 5,961.037 5,339,810 621,227 11.63% 80.12% 1,478,763 Other Materials,Supplies, and Services 5,250,190 3,030,758 2,704,954 325,804 12.04% 57.73% 2,219,432 Net Cost Allocation (20,070,430) (15,341,607) (15,875,284) 533,677 -3.36% 76.44% (4,728,823) Net Operating Requirements 161,173,160 111,650,469 107,948,508 3,701,961 3.43% 69.27% 49,522,691 Gallonage Flow(MG) 66,79&00 52,502.90 50,691.86 1,811.04 3.57% Gallonage Flow(MGD) 183.00 191.61 185.00 6.61 3.57% Gallonage Flow($'a/MG) $2,413000 $2,126.56 $2,129.50 ($2.94) -0.14% Section 2-Page 4 Operating Budget Review Summary of Revenues For the Nine Months Ended March 31, 2019 Revenue Percent Revenue Increase Increase Budget Through Budget Remaining Through (Decrease) (Decrease) Description 2018-19 3/31/19 Realized Budget 3/31/18 $ % Service Fees $294,450,000 $183,469,083 62.31% $110,980,917 $190,727,130 $ (7,258,047) -3.81% Permit Fees 18,320,000 5,910,525 32.26% 12,409,475 13,576,234 (7,665,709) -56.46% Inter District Sewer Use-SAWPA&SBSD 3,290,000 1,897,212 57.67% 1,392,788 2,109,249 (212,037) -10.05% Intra District Sewer Use-IRWD 4,373,820 2,496,156 57.07% 1,877,664 1,622,381 873,775 53.86% Sludge Disposal-IRWD 9,775,000 7,464,317 76.36% 2,310,683 3,425,171 4,039,146 117,93% Capital Assessments-IRWD 6,144,000 2,895,663 47.13% 3,248,337 2,459,944 435,719 17.71% Capital Facilities Capacity Charges 14,000,000 14,541,626 103.87% (541,626) 11,375,481 3,166,145 27,83% Debt Proceeds - 110,302,416 N/A (110,302,416) - 110,302,416 100.00% Property Taxes 99,557,000 62,458,857 62,74% 37,098,143 63,263,299 (804,442) -1.27% Interest Earnings 6,510,000 17,799,866 273.42% (11,289,866) 894,423 16,915,443 1912.60% CIP Reimbursements 2,425,122 86,313 3.56% 2,338,809 1,583,532 (1,497,219) -94.55% Wastehauler 750,000 551,739 73.57% 198,261 488,944 62,795 12.94% Grant Revenue 1,300,000 - 0.00% 1,300,000 - - 0.00% CNG Sales 400,000 244,607 61A5% 155,393 113,952 130,655 114.66% Rents&Leases 1,147,100 1,464,659 127.68% (317,559) 351,517 1,113,142 316,67% Other Revenues 2,800,363 352,599 12.59% 2,447,764 210,660 141,939 67.38% Power Sales 25,000 22,566 90.26% 2,434 22,532 34 0,15% Other Sales 50,000 86,140 172.28% (36,140) 67,212 18,928 28.16% Total Revenues $465,317,405 $412,044,344 88,55% $ 53,273,061 $292,281,661 $ 119,762,683 40.98% Section 2-Page 5 2018-19 Third Quarter Financial Report Summary of Collection,Treatment, &Disposal Expenses by Line Item For the Nine Months Ended March 31, 2019 Expense Percent Expense Increase Increase Budget Through Budget Remaining Through (Decrease) (Decrease) Description 2018-19 Y31119 Expensed Budget 3131/18 $ % Salaries.Waoe &Benefits Salaries&Wages $ 72,948,400 $ 55,211,874 ]5.T]% $ 17,676,526 $ 51,624.181 $ 3,647,693 ].0]% Employee Benefits Retirement 10,739,100 8,545,427 ]9.5]% 2,193,673 8,415,343 130,084 1.55% Group Insurances 10,858,900 8,101,144 74.54% 2,767,756 7,601,652 499,492 6.57% Tuition&CertlAcmion Relmb 128,700 101,147 78.59% 27,553 ]],427 23,720 30.64% Ed..degrees,Cast.&Lic. 40,800 384,669 83.48% 76,131 364805 23,864 6.61% Uniform Rental 131,200 109,836 83.72% 21,364 10 ,326 9,510 9.48% Workers'Compensation 586,600 439,948 75.00% 146,652 415,749 24,199 5.82% Unemployment Insurance 3],]00 1,607 4.26% SING 22,212 (20,605) -92.]]% EMT Supplemental Benefits 91,400 78,800 86.21% 12,600 68,151 10,649 15.63% Total Benefits 23,044,400 11,162,57B ]]A8% 5,281,822 17,061,665 700,913 4.11% Salaries,Wages&Benefits 95,992,800 73,034,452 76.08% 22,958,348 68,685,846 4,348,606 6.33% Man,Supply.&Services Administrative Expenses Memberships 618,760 513,657 83.01% 105,103 528,568 (14,911) -2.82% Office Exp-Supplies 67,470 40,798 60.47% 26,672 43,393 (2,595) -5.98% Postage 43,270 28,097 64.93% 15,173 289,384 (261,287) -90.29% Books&Publications 38,070 15,212 39.96% 2$858 21,310 (6,098) -28.62% Forms No 1,245 129.69% (285) 190 1,055 555.26% Smell Computer Items 904000 358,300 39.81% 541,700 521,811 (163,511) -31.M% Minor Furniture&Fixtures 339,000 78,369 23.12% 26Q631 155,940 p],5]1) 49.74% Subtotal 2,007,00 1,035,678 51.59% 971,852 1,W,596 (524,918) -33.64% Printing&Publication Repro-In-House 196,040 159,702 80.64% 38,338 145,071 14,625 10.08% Printing-Outside 60,370 15,236 25.24% 45,134 ]5,13] (59,901) 49.72% Notices&Ads 56d30 25,552 43.73% 32,878 50,168 (24,616) 49.07% Photo Processing 50 11 22.00% 39 344 (333) Subtotal 316,890 200,501 63.27% 1161389 270,726 (70,225) Training&Meetings Meetings 167,360 83,257 49.75% 841103 ]5,64] 7,610 10.06% Training 929,720 396,515 42.65% 533,205 478,088 (81,573) -17.06% Subtotal 1,097,080 479,172 43.13% 617,W8 653.735 (73,963) -13.36% Operating Mafls&Supplies Chemical Coagulants 5,489,080 4,638,500 84.50% 8501580 4,078,872 559,628 13.72% Odor Control 7,142,120 4,856,659 61 2,285,461 5,656,943 (800,284) -14.15% Disinfection 253,000 156,151 61.72% 96,849 137,703 18,448 13.40% Chemicals-Mist&Cogan 326,860 236,857 72.46% MING 264,612 (27,755) -10.49% Gasoline,Diesel&Oil 582,640 467,132 80.18% 1151508 338,316 128,816 38.08% Tools 496,340 344,882 69.49% 151,458 299,381 45,495 15.20% Safety equlpment/w.l. 559,690 413,659 73.91% 146,031 598,523 (184,864) -30.89% Solt',Paints&Jan.Supplies 106,320 72,390 68.09% 33,930 69,803 2,587 3.71% Lab Chemicals&Supplies 624,570 439,788 70.41% 184,782 416,232 23,556 5.66% Other Operating Supplies 166,480 129,135 76.65% 39,345 10 ,196 24,939 23.93% Property Tax Fees 13,640 42,895 314.48% (29,255) 1],00] 25,888 152.22% Subtotal 15,762,740 11,798,048 74.85% 3,964,692 11,981,594 (183,546) Contractual Semicas Solids Remoyal 16,200,000 11,504,909 71.02% 4,695,091 11,789,054 (284,145) -2.41% Other Waste Disposal 811,900 601,743 74.12% 210,157 538,407 63,336 11.76% Groundskeeping 175,700 131,727 74.97% 43,973 122,429 9,298 7.59% Janitorial 435,000 333,393 76.64% 101,607 275,945 57,44B 20.82% Outside Lab Services 210,000 95,492 45.47% 114,W8 110,896 (15,404) -13.89% Oxygen 3301000 262,721 79.61% 6],2]9 229,703 33,018 14.37% County Service Fee 497,490 46,533 9.35% 450,951 43,841 2,686 6.13% Temporary Services 1,429,400 240,814 16.85% 1,188,586 1,193,211 (952,463) 49.82% Security Servics 1,608,000 1,209,735 75.23% 398,265 1,195,235 14,500 1.21% Other 315091030 1.017,960 29.01% 2,491,070 1,830,485 (812,525) 44.39% Subtotal 25,206,520 15,445,027 61.27% 9,761,493 17,329,278 (1,884,251) -10.87% (Continued) Section 2-Page 6 Operating Budget Review Summary of Expenses by Line Item For the Nine Months Ended March 31,2019 Expense Percent Expense Increase Increase Budget Through Budget Remaining Through (Decrease) (Decrease) Description 2016-19 Y31119 Expensed Budget 3131118 $ % Continued: Protessional Services Legal 1,147,030 1,028,264 89.65% 118,766 1,012,052 16,212 1.60% Audit&Accounting 231,690 76,745 33.12% 154,945 114,632 (37,887) 33.05% Engineering 1.985,460 591,551 29.79% 11393,909 756,136 (164,585) -21.77% Ervin,Scientific Consulting 280,000 37,171 13.28% 242,829 68,843 (31e72) 46.01% Software PMm Consulting 376,000 147,853 39.32% 228,147 196,024 (47,171) -24A9% Advocacy Efforts 165,000 112,502 68.18% 52,498 120,250 (7,748) -6.44% Industrial Hygiene Services 50,000 25,064 50.13% 24,9W 53,342 (28,278) 53.01% Labor Negotiation Services 40,000 - 0.00% 40,OW - - N/A Other 1,118,3W 506,899 4&33% 611,401 466,315 40,684 8.70% Subtotal 5,393,480 2,52B4O49 46.84% 2,867,431 2,786,594 (260,545) -9.35% Research&Monitoring Environmental Monitoring 511,200 227,713 44.54% 283,487 251,326 (23,613) -9A0% Air Quality Monitoring 100,000 14,275 14.28% 85,725 2,725 11,550 423.85% Research 450,000 337,500 7&00% 112,5W 318,750 18,750 5.88% Subtotal 1,061,200 579,488 54.61% 481,712 572,801 6,687 1.17% Repairs&Maintenance Materials&Services 18.445,730 10,260,008 55.62% 8,185,722 10.012,012 247,996 2.48% Svc.Mtc Agreements 3,269,630 2,641,258 80.78% 628,372 2,025,846 615,412 30.38% Subtotal 21,715,360 12,901,266 59,41% 8,814,094 12,037,858 863,408 7.17% Utilities Telephone 501,000 339,136 67.69% 161,864 341,245 (2,109) -0.62% Diesel For Generators 11,290 9,559 84.67% 1,731 7,148 2,411 3&73% Natural Gas 576,100 687,994 119.42% (111,8m) 392,705 295,289 75.19% Poseur 5732,8W 4,396,081 76.68% 1,336,779 4.156,239 239,842 5.77% Water 618,550 528,267 85.40% 90,283 442,473 85,794 19.39% Subtotal 7,439,8W 6,961,037 80.12% 1,478,763 5,339,810 621,227 11.63% Other Operating Supplies Outside Equip Rental 132,000 40,183 30.44% 91,817 93,219 (53,036) 56.89% Insurance Premiums 36,500 26,998 7&05% a6m 26,353 643 2.44% Prop&Gen Liab Insurance 1,299,3W 974,475 75.00% 324,825 1,583,154 (608,679) 38.45% Freight 87,050 66,257 76.11% 20,793 71,269 (5,012) -7.03% Misc.Operating Expense 210,250 158,735 75.50% 51,515 196,983 (38,248) -19.42% Regulatory Operating Fees 749,000 764,380 10072% (5,381)) 637,842 116.538 1&27% Subtotal 2,513,100 2,021,026 80.42% 492,074 2,608,820 (587,794) -22.53% General Mgr Contingency &Reappropria6ons 1,136,600 0.00% 1,135,600 N/A Other Non-0per Expense 1,601,490 1,009,732 63.05% 591,758 96,134 913,598 950.34% Total Materials, Supplies&Services 85,250,790 53,957,624 63.29% 31,293,166 55,137,946 (1,180,322) -2.14% Total Expenditures 181,243,590 126,992,076 70.07% 54,251,514 123,823,792 3,168,284 2.56% Cost Allocation (20,070,430) (15,341,607) 7&. % (4,728,823) (15,875,284) 633,677 -3.36% Net Operating Requirements $ 161.173,160 $ 111,650,469 69.27% $ 49,522,691 $ 107,948,508 $ 3,701.961 3.43% Section 2-Page 7 2018-19 Third Quarter Financial Report Summary of Collection, Treatment,8 Disposal Expenses by Process For the Nine Months Ended March 31,2019 Increase Increase Actual Actual (Decrease) (Decrease) 3/31/19 3/31/18 $ % Process: Preliminary Treatment $ 5,344,574 $ 4,934,969 $ 409,605 8.30% Primary Treatment 9,978,388 9,173,616 804,772 8.77% Secondary Treatment 6,735,623 5,894,986 840,637 14.26% Cryogenic Plant(Plant 2) 537,408 445,733 91,675 20.57% Ef0uent Disposal 692,166 439,667 252,499 57.43% Solids Handling 35,861,962 32,252,408 3,609,554 11.19% Cogeneration 11,943,655 13,944,722 (2,001,067) -14.35% Utilities 2,363,524 2,437,164 (73,640) -3.02% Electrical Distribution 1,373,634 1,175,555 198,079 16.85% Miscellaneous Buildings 7,220,611 8,028,368 (807,757) -10.06% External Location 189,023 54,019 135,004 249.92% Nedssa Vessel 179,032 174,594 4,438 2.54% Laboratory 12,826,540 11,915,018 911,522 7.65% Collections 16,404,329 17,077,689 (673,360) -3.94% Net Operating Requirements $ 111,650,469 $ 107,948,508 $ 3,701,961 3.43% Section 2-Page 8 Operating Budget Review Staffing Trends Full Time Equivalents March 31, 2019 700 650 624 624 627 635 636 600 4 52 550 :1 500 450 6/30/15 6130116 6/30/17 6130/18 3/31/19 8Actua1 8Va.a t At March 31, 2019, the total head count was 624 employees, or a full time equivalency of 607. Section 2-Page 9 2018-19 Third Quarter Financial Report This Page Intentionally Left Blank Section 2- Page 10 CIP Budget Review Capital Improvement Program By Type and Funding Source For the Nine Months Ended March 31,2019 Nicollectlons Faci ll 228% MHeadevelp, 58% ePdmary Treatment 3.5% oSecondary Treatment 09% MSolids Handling&Olgeston: 20 0% 00cean 0amll SysWmv 6.6% outllity systems: 10.0% MProcess Related Special Projecle: 1.7% Mlnlormatlon Management Systems: 2 8% MStrategic&Master Planning: 1.5% Ill Management Projects: 0.1% MReseamG: 02% oSuppod Fedlill 21.8% Mothers: 0.1% MPdor Year Treatment Projects: 0.0% MCaptal Equipment Purchases: 2.4% Total Capital Improvement Outlays -$113,969,944 Rehabilitation and Replacement 58% Strategic Initiatives: 22% ❑Additional Capacity: 16% Regulatory: 4% ' 10 0 Total Capital Improvement Outlays -$113,969,944 Section 3- Page 1 FY 2018-19 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements -Current Year For the Nine Months Ended March 31, 2019 2018-19 2018-19 2018-19 Cashflow Actual at Projected Budget 3/31/2019 Outlay Collection System Improvement Projects Collections Facilities Raitt and Bristol Street Sewer Extension 135,408 - - Newhope-Placentia Trunk Grade Separation Replacement 100,599 10,948 31,600 Newhope-Placentia Trunk Replacement 13,499,364 15,876,863 21,627,300 Tustin Rose OCTA Grade Separation 11,361 368 400 Westminster Blvd Force Main Replacement 3,356,135 1,187,470 1,683,400 Rehabilitation of Western Regional Sewers 6,537,370 2,414,966 4,207,900 Interstate 405 Widening Project Impacts on OCSD Sewers 39,448 11,932 40,000 Seal Beach Pump Station Replacement 485,556 78,936 165,900 Newport Force Main Rehabilitation 69,910 36,973 37,000 Bay Bridge Pump Station Replacement 13,047,597 93,493 215,300 Newport Beach Pump Station Odor Control Improvements 50,720 35,807 60,800 District 6 Trunk Sewer Relief 2,886,772 1,115,694 1,580,200 Gisler- Red Hill Trunk Improvements- Reach B 1,674,943 1,955,742 2,079,800 Sunflower and Red-Hill Interceptor Repair - - 23,200 Small Construction Projects Program-Collections 2,802,441 2,229,777 2,229,800 Planning Studies Program-Collections - 449,503 449,600 Operations 8 Maintenance Capital Program-Collections - 33,002 33,100 Research Program-Collections - 32,854 32,900 SARI Rock Stabilizers Removal 1,058,174 121,356 1,347,000 Bay Bridge Pump Station and Force Mains Rehab Study - 3,027 3,100 Additional Charges to CIP Closed at 6/30/18 21,568 21,600 Subtotal -Collections Facilities 45,755,798 25,710,279 35,869,900 Revenue Area 14 Newport Force Main Rehabilitation (2.18%) 1,558 824 900 Subtotal -Revenue Area 14 1,558 824 900 Total Collection System Improvement Projects 45,757,356 25,711,103 35,870,800 (Confined) Section 3-Page 2 CIP Budget Review Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2019 2018-19 2018-19 2018-19 Cashflow, Actual at Projected Budget 3/3112019 Outlay Treatment&Disposal Projects Headworks Headworks Rehabilitation and Expansion at Plant 1 12,397,710 4,845,720 7,517,100 Trunk Line Odor Control Improvements 48,499 291 300 Headworks Modifications at P2 for GWRS Final Expansion 2,451,764 1,748,250 2,991,100 Subtotal -Headworks 14,897,973 6,594,261 10,508,500 Primary Treatment Primary Clarifiers Replacements and Improvements at P1 - 128 200 Primary Clarifier Reliability Improvements at Plant No. 1 379,331 172,141 206,400 Primary Treatment Rehabilitation at Plant 2 4,850,687 3,780,363 5,487,000 Subtotal -Primary Treatment 5,230,018 3,952,632 5,693,600 Secondary Treatment Return Activated Sludge Piping Replacement at Plant 1 697,946 146,015 160,300 Activated Sludge Aeration Basin Deck Repair at Plant 2 1,376,540 310,912 335,900 Return Activated Sludge Piping Replacement at Plant 2 1,447,905 579,600 671,100 Subtotal -Secondary Treatment 3,522,391 1,036,527 1,167,300 Solids Handling& Digestion Digester Rehabilitation at Plant 1 136,855 65,513 65,600 Sludge Dewatering and Odor Control at Plant 1 16,681,794 12,438,635 16,292,400 Plant No.2 Digester Facilities Rehabilitation 2,507,265 583,856 1,030,800 Sludge Dewatering and Odor Control at Plant 2 13,378,013 9,555,190 11,855,100 Interim Food Waste Receiving Facility 304,086 173,723 326,700 Subtotal -Solids Handling&Digestion 33,008,013 22,816,917 29,570,600 Ocean Outfall Systems Ocean Outfall System Rehabilitation 7,417,783 7,523,788 10,684,000 Subtotal -Ocean Outfall Systems 7,417,783 7,523,788 10,684,000 Utility Systems Digester Gas Facilities Rehabilitation 4,896,117 1,249,824 3,004,200 Natural Gas Pipelines Replacement at Plants 1 and 2 65,178 24,894 46,400 Electrical Power Distribution System Improvements 285,913 87,346 230,500 Uninterruptable Power Supply Improvements at Plant 1 154,548 42,461 63,200 Consolidated Demolition and Utility Improvements at P2 11,303,152 9,941,409 12,978,400 Subtotal -Utility Systems 16,704,908 11,345,934 16,322,700 (Continued) Section 3-Page 3 FY 2018-19 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2019 2018-19 2018-19 2018-19 Cashflow Actual at Projected Budget 3/3112019 Outlay Process Related Special Projects Safety Improvements Program 9,372,763 1,920,835 3,920,300 Subtotal -Process Related Special Projects 9,372,763 1,920,835 3,920,300 Information Management Systems Project Management Information System 1,668,647 274,584 748,900 SCADA System and Network Upgrades 1,299,323 580,193 580,200 Information Technology Capital Program 515,592 1,479,058 1,595,100 Geographic Information System 867,988 244,094 314,100 EAM Software and Process Implementation 941,955 198,360 579,700 Process Control Systems Upgrades Study 1,662,962 420,366 1,053,500 Subtotal -Information Management Systems 6,956,467 3,196,655 4,871,500 Strategic& Master Planning Planning Studies Program 7,047,719 1,646,439 4,276,600 Climate Resiliency Study 188,757 125,977 606,400 Subtotal -Strategic&Master Planning 7,236,476 1,772,416 4,883,000 Water Management Projects GWRS Final Expansion Coordination 108,588 121,322 154,500 Subtotal -Water Management Projects 108,588 121,322 154,500 Research Research Program 2,166,356 221,300 965,000 Subtotal -Research 2,166,356 221,300 965,000 Support Facilities Small Construction Projects Program 4,231,590 3,128,585 6,613,900 Fleet Services UST Leak Remediation at Plant 1 2,626,773 77,214 77,300 Operations& Maintenance Capital Program 930,125 477,919 1,089,600 18350 Mt. Langley Building Purchase and Improvement 126,931 27,594 146,800 Title 24 Access Compliance and Building Rehab Project 2,554,359 990,769 1,685,600 Headquarters Complex and Site Security at Plant 1 10,536,486 20,193,885 22,648,800 Plant 2 Warehouse Relocation 497,768 Subtotal -Support Facilities 21,504,032 24,895,966 32,262,000 (Continued) Section 3-Page 4 CIP Budget Review Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2019 2018-19 2018-19 2018-19 Cashflow Actual at Projected Budget 3/31/2019 Outlay Others Perimeter Screening at Plant 2 105,711 26,865 38,200 Capital Improvement Program Management Services 46,221 75,900 Subtotal -Others 105,711 73,086 114,100 Additional Charges to CIP Completed at 6130118 43,844 43,900 Total Treatment and Disposal Projects 128,231,479 85,515,483 121,161,000 Capital Equipment Purchases 3,582,400 2,743,358 3,582,400 Total Collection,Treatment and Disposal Projects and Capital Equipment Purchases 177,571,235 113,969,944 160,614,200 Add: Future Rehab and Replacement 14,278,000 191,849,235 113,969,944 160,614,200 Less: Savings and Deferrals (17,307,124) Net Collection,Treatment and Disposal Projects and Capital Equipment Purchases $174,542,111 $113,969,944 $160,614,200 Section 3 - Page 5 FY 2018-19 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements- Project Life For the Nine Months Ended March 31,2019 Current Total Approved June 30,2018 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30,2019 Budget Collection System Improvement Projects Collections Facilities Raiff and Bristol Street Sewer Extension 7,100,000 259,O75 - 259,075 6,840,925 Taft Branch Improvements 2,130,000 12,083 - 12,083 2,117,917 Newhope-Placentia Trunk Grade Separation Replacement 4,300,000 4,177,654 31,600 4,209,254 90,746 Newhope-Placentia Trunk Replacement 112,000,000 34,442,135 21,627,300 56,069,435 55,930,565 Yoffie Linda Pump Station Abandonment 10,800,000 - - - 10,800,000 Tustin Rose OCTA Grade Separation 455,000 437,790 400 438,190 16,810 Beach TmnWKnott Interceptor Sewer Relief 136,000,000 - - - 136,000,000 Westminster Blvd Force Main Replacement 54,000,000 4,488,574 1,683,400 6,171,974 47,828,026 Rehabilitation of Western Regional Sewers 202,000,000 10,960,026 4,207,900 15,167,926 186,832,074 Interstate 405 Widening Project Impacts on OCSD Sewers 528,000 54,819 40,000 94,819 433,181 Seal Beach Pump Station Replacement 78,900,000 - 165,900 165,900 78,734,100 Los Alamitos Sub-Trunk Extension 66,000,000 - - - 66,000,000 Newport Force Main Rehabilitation 58,367,238 58,264,373 37,000 58,301,373 65,865 Crystal Cove Pumping Station Upgrade and Rehabilitation 17,900,000 - - - 17,900,000 Bay Bridge Pump Station Replacement 64,000,000 876,689 215,300 1,091,989 62,908,011 Newport Beach Pump Station Odor Control Improvements 4,066,000 - 60,800 60,800 4,005,200 District 6 Trunk Sewer Relief 7,965,000 5,644,126 1,580,200 7,224,326 740,674 Gisler-Red Hill Trunk Improvements-ReachB 25,213,000 23,057,459 2,079,800 25,137,259 75,741 MacArthur Pump Station Rehabilitation 13,100,000 - - - 13,100,000 Main Street Pump Station Rehabilitation 60,400,000 - - - 60,400,000 Gisler-Red Hill Interceptor Rehabilitation 14,800,000 - - - 14,800,000 Sunflower and Red-Hill Interceptor Repair 5,500,000 - 23,200 23,200 5,476,800 Edinger Boise Chiw Trunk Improvements 5,159,000 - - - 5,159,000 Edinger Pump Station Upgrade and Rehabilitation 14,100,000 - - - 14,100,000 Slater Avenue Pump Station Rehabilitation 25,300,000 - - - 25,300,000 Small Construction Projects;Program-Collections 10,033,000 1,906,878 2,229,800 4,136,678 5,896,322 Planning Studies Program-Collections 4,793,800 2,692,376 449,600 3,141,976 1,651,824 Operations&Maintenance Capital Program-Collections 500,000 - 33,100 33,100 466,900 Research Program-Collections 154,000 13,396 32,900 46,296 107,704 SARI Rock Stabilizers Removal 6,860,000 754,576 1,347,000 2,101,576 4,758,424 Bay Bridge Pump Station and Force Mains Rehab Study 725,000 564,695 3,100 567,795 157,205 Atlditional Charges to CIP Closed at 6130118 21,600 21,600 (21,600) Subtotal-Collections Facilities 1,013,149,038 148,606,724 35,869,900 184,476,624 828,672,414 Revenue Area 14: Newport Force Main Rehabilitation(2.18%) 1,300,762 1,298,470 900 1,299,370 1,392 Subtotal-Revenue Area 14 1,300,762 1,298,470 900 1,299,370 1,392 Total Collection System Improvement Projects 1,014,449,800 149,905,194 35,870,800 185.775,994 828,673,806 (Continued) Section 3-Page 6 CIP Budget Review Summary of Capital Improvement Construction Requirements- Project Life For the Nine Months Ended March 31,2019 Current Total Approved June 30,2018 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30,2019 Budget Treatment&Disposal Projects Headworks Headworks Rehabilitation and Expansion at Plant 1 406,000,000 12,489,150 7,517,100 20,006,250 385,993,750 Trunk Line Odor Control Improvements 9,299,000 9,091,812 300 9,092,112 206,888 Headworks Modifications at P2 for GWRS Final Expansion 54,000,000 2,443,746 2,991,100 5,434,846 48,565,154 Subtotal-Headworks 469,299,000 24,024,708 10,508,500 34,533,208 434,765,792 Primary Treatment Primary Clanfen,Replacements and Improvements at P1 106,000,000 520,752 200 520,952 105,479,048 Primary Clanfer Reliability Improvements at Plant No. 1 21,500,000 - 206,400 206,400 21,293,600 Primary Treatment Rehabilitation at Plant 245,01 10,053,689 5,487,000 15,540,689 229,459,311 BIG-Side Primary Clarifiers Rehabilitation at Plant 2 249,560.000 249,560,000 Subtotal-Primary Treatment 622,060.000 10,574,441 5,693,600 16,268,041 605,791,959 Secondary Treatment Return Activated Sludge Piping Replacement at Plant 1 9,000,000 730,862 160,300 891,162 8,108,838 Activated Sludge Aeration Basin Deck Repair at Plant 2 2,800,000 1,297,544 335,900 1,633,444 1,166,556 Return Activated Sludge Piping Replacement at Plant 2 20,000,000 179,514 671,100 850,614 19,149,386 Subtotal-Secondary Treatment 31,800,000 2,207,920 1,167,300 3,375,220 28,424,780 Solids Handling&Digestion Digester Rehabilitation at Plant 1 66,000,000 65,537,473 65,600 65,603,073 396,927 Sludge Dewatering and Odor Control at Plant 1 199,500,000 174,764,587 16,292,400 191,056,987 8,443,013 Plant No.2 Digester Facilities Rehabilitation 20,000,000 810,472 1,030,800 1,841,272 18,158728 Sludge Dewatering and Odor Control at Plant 2 90,477,000 68,807,979 11,855,100 80,663,079 9,813,921 Interim Food Waste Receiving Facility 6,300,000 68,680 326,700 395,380 5,904,620 Digester P,Q,R,and S Replacement 166,000,000 166,000,000 Subtotal-Solids Handling&Digestion 548,277,000 309,989,191 29,570,600 339,559791 208717,209 Ocean Oulfall Systems Ocean Outfall System Rehabilitafion 166,000,000 25,028,649 10,684,000 35,712,649 130,287,351 Subtotal-Ocean Outfall Systems 166,000,000 25,028,649 10,684,000 35,712,649 130,287,351 Utility Systems UPS System Upgrades 4,700,000 - - - 4,700,000 Digester Gas Facilities Rehabilitation 96,500,000 1,553,893 3,004,200 4,558,093 91,941,907 Natural Gas Pipelines Replacement at Plants 1 and 2 1,310,000 74,297 46,400 120,697 1,189,303 Electrical Power Distribution System Improvements 34,608,000 - 230,500 230,500 34,377,500 (Confined) Section 3-Page 7 FY 2018-19 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements-Project Life For the Nine Months Ended March 31,2019 Current Total Approved June 30,2018 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30,2019 Budget Utility Systems(continued) Central Generation Rehabilitation at Plant 1 87,000,000 - - - 87,000,000 Unintermptable Power Supply Improvements at Plant 1 4,800,000 18,927 63,200 82,127 4,717,873 Consolidated Demolition and Utility Improvements at P2 31,000,000 13,119,376 12,978,400 26,01 4,902,224 Central Generation Rehabilitation at Plant 2 114,000.000 114,000,000 Subtotal-Utility Systems 373,918,000 14,766,493 16,322,700 31,089,193 342,828,807 Process Related Special Projects Safety Improvements Program 19,000.000 4,606,887 3,920,300 8,527,187 10,472,813 Subtotal-Process Related Special Projects 19,000.000 4,606,887 3,920,300 8,527,187 10,472,813 Information Management Systems Process Control Systems Upgrades 46,000,000 - - - 46,000,000 Project Management Information System 4,000,000 771,962 748,900 1,520,862 2,479,138 SCADA System and Network Upgrades 5,000,000 4,376,218 580,200 4,956,418 43,582 Information Technology Capital Program 10,000,000 1,01 1,595,100 2,691,548 7,308,452 Geographic information System 4,568,000 2,762,896 314,100 3,076,996 1,491,004 EAM Software and Process Implementation 7,500,000 4,975,483 579,700 5,555,183 1,944,817 Process Control Systems Upgrades Study 3,554,000 432,168 1,053,500 1,485,668 2,068,332 Subtotal-Information Management Systems 80,622,000 14,415,175 4,871,500 19,286,675 61,335,325 Strategic S Master Planning Planning Studies Program 23,858,200 9,880'"0 4,276,600 14,157,040 9701,160 Climate Resiliency Study 878,000 14,511 606,400 620,911 257,089 Subtotal-Strategic B Master Planning 24,736,200 9,894,951 4,883,000 14,777,951 9,958,249 Water Management Projects GWRS Final Expansion Coordination 1,132,000 93,576 154,500 248,076 883,924 Subtotal-Water Management Projects 1,132,000 93,576 154,500 248,076 883,924 Research Research Program 8,346,000 315,847 965,000 1,280,847 7,065,153 Subtotal-Research 8,346,000 315,847 965,000 1,280,847 7,065,153 (Continued) Section 3-Page 8 CIP Budget Review Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2019 Current Total Approver) June 30,2018 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30,2019 Budget Support Facilities Small Construction Projects Program 30,015,000 8,663,223 6,613,900 15,277,123 14,737,877 Fleet Services UST Leak Remediation at Plant 1 14,952,000 290,896 77,300 368,196 14,583,804 Operations&Maintenance Capital Program 15,122,000 856,510 1,089,600 1,946,110 13,175,890 18350 Mt.Langley Building Purchase and Improvement 11,000,000 9,852,057 146,800 9,998,857 1,001,143 Title 24 Access Compliance and Building Rehab Project 18,400,000 15,434,337 1,685,600 17,119,937 1,280,063 Headquarters Complex and Site Security at Plant) 179,067,000 2,488,272 22,648,800 25,137,072 153,929,928 Plant Warehouse Relocation 9,800,000 - - - 9,800,000 Plant 2 Collections Yard Relocation 1,840,000 - - - 1,840,000 TPAD Digester Facility at Plant 2 405,100,000 405,100,000 Subtotal-Support Facilities 685,296,000 37,585,295 32,262,000 69,847,295 615,448,705 Others Banning Gale Relocation and Grading at Plant 2 2,931,000 - - - 2,931,000 Perimeter Screening at Plant 2 2,800,000 35,032 38,200 73,232 2,726,768 Capital Improvement Program Management Services 300,000 101,379 75,900 177,279 122,721 Subtotal-Others 6,031,000 136,411 114,100 250,511 5,780,489 Additional Charges to Cl P Completed at M0118 43,900 43,900 (43,900) Total Treatment and Disposal Projects 3,036,517,200 453,639,544 121.161,000 574,800,544 2,461,716,656 Capital Equipment Purchases 9,593,700 3,582,400 3,582,400 6,011,300 Total Collection,Treatment and Disposal Projects and Capital Equipment Purchases $4,060,560,T00 $603,544,738 $160,614,200 $764,158,938 $3,296,401,762 Section 3-Page 9 FY 2018-19 Third Quarter Financial Report This Page Intentionally Left Blank Section 3 - Page 10 Capital Assets Schedule & Debt Service Budget Review Capital Assets Schedule For the Nine Months Ended March 31, 2019 Capital Facilities Budget Review Balance Year-to-Dab Balance 07101/18 Activity 3131/19 CONSTRUCTION IN PROGRESS: Treatment Plant $ 356,575,569 $ 88,258,841 $ 444,834,410 Collection System 71,420,281 25,711,103 97,131,384 Subtotal 427,995,850 113,969,944 541,965,794 PROPERTY,PLANT&EQUIPMENT(at cost): Land and Property Rights 29,741,243 - 29,741,243 Collection Lines and Pump Stations 860,710,368 - 860,710,368 Treatment Facilities 2,477,357,509 - 2,477,357,509 Ef0uent disposal facilities 97,014,820 - 97,014,820 Solids disposal facilities 3,463,236 - 3,463,236 General and administrative facilities 253,129,772 - 253,129,772 Excess purchase price over book value on acquired assets 19,979,000 19,979,000 Subtotal 3,741,395,948 3,741,395,948 Total Property,Plant&Equipment&CIP $ 4.169,391,798 $ 113,969,944 $ 4.283,361,742 Debt Service Budget Review 2018-19 Year4o-Date Remaining Budget Payments %of Budget Budget Principal Payments by Debt Issue: 2009A COP 4,690,000 4,690,000 100.00% - 2010A BABs - - 0.00% - 2010CBABs - - 0.00% - 2011ACOP - - 0.00% - 2012ACOP - - 0.00% - 2012B COP 19,920,000 19,920,000 100.00% - 2014ACOP 7,045,000 7,045,000 100.00% - 2015ACOP - - 0.00% - 2016ACOP - - 0.00% - 2016B CANS 7,488,968 109,875,000 1467.16% (102,386,032) 2017A COP - - 0.00% - 2018A CANS 0.00% Subtotal Principal Payments 39,143,968 141,530,000 361.56% (102,386,032) Interest Expense by Debt Issue: 2009A COP 234,500 136,800 58.34% 97,700 2010A BABs 2,897,639 2,490,196 85.94% 407,443 2010C BABs 6,523,780 5,606,550 85.94% 917,230 2011ACOP 3,348,350 2,511,350 75.00% 837,000 2012A COP 3,735,900 2,802,000 75.00% 933,900 2012E COP 3,187,400 2,224,500 69.79% 962,900 2014A COP 3,918,750 2,880,350 73.50% 1,038,400 2015A COP 6,375,500 4,781,600 75.00% 1,593,900 2016A COP 6,977,300 5,233,000 75.00% 1,744,300 2016B CANS 802,410 909,483 113.34% (107,073) 2017A COP 3,318,500 2,488,900 75.00% 829,600 201 BA CANS 2,120,007 N/A (2,120,007) Subtotal Interest Expense 41,320,029 34,184,736 82.73% 5,194,573 Total Debt Service $ 80,463,997 $ 175,714,736 218.38% $ (97,191,459) Section 4- Page 1 2018-19 Third Quarter Financial Report This Page Intentionally Left Blank Section 4 - Page 2 Self Insurance Budget Review General Liability and Property Fund Budget Review For the Nine Months Ended March 31,2019 Percent Actual of Budget Remaining Actual 2018-19 Through Through 2018-19 Through Increase Budget 3131119 3131119 Budget 3/31118 (Decrease) Revenues: In-Lieu Premiums $ 1,299,300 $ 974,475 75.00% $ 324,825 $ 1,583,154 $ (608,679) Miscellaneous Other Revenue 10,000 3,794 37.94% - 3,532 262 Service Department Allocations 20,000 (2,322) -11.61% 22,322 14,022 (16,344) Total Revenues 1,329,300 975,947 73.42% 347,147 1,600,708 (624,761) Expenses: Benefits/Claims 350,000 54 0.02% 349,946 2,500 (2,446) Legal Services 40,000 - 0.00% 40,000 2,706 (2,706) Professional Services 10,000 451 4.51% 9,549 451 Subtotal 400,000 505 0.13% 399,495 5,206 (4,701) Policy Premium Expense 1,300,000 957,673 73.67% 342,327 901,583 56,090 Total Expenses 1,700,000 958,178 56.369/6 741,822 906,789 51,389 Excess Revenue(Expense) (370,700) 17,769 $ (394,675) 693,919 (676,150) Beginning Reserves 55,370,700 55,367,246 54,445,772 921,474 Ending Reserves $55A00,000 $55,385,015 $ 55,139,691 $ 445,324 Section 5-Page 1 FY 2018-19 Third Quarter Financial Report Workers' Compensation Fund Budget Review For the Nine Months Ended March 31,2019 Percent Actual of Budget Remaining Actual 2018-19 Through Through 2018-19 Through Increase Budget 3/31/19 3/31/19 Budget 3131118 (Decrease) Revenues: In-Lieu Premiums $ 586,600 $ 439,950 75.00% $ 146,650 $ 415,747 $ 24,203 Service Department Allocations - 81,522 N/A (81,522) - 81,522 Total Revenues 586,600 521,472 88.90% 65,128 415,747 105,725 Expenses: Benefits/Claims 420,000 305,381 72.71% 114,619 333,693 (28,312) Legal Services 80,000 43,081 53.85% 36,919 71,415 (28,334) Professional Services 60,000 50,101 83.50% 9,899 45,657 4,444 Subtotal 560,000 398,563 71.17% 161,437 450,765 (52,202) Policy Premium Expense 200,000 161,789 80.89% 38,211 145,184 16,605 Total Expenses 760,000 560,352 73.73% 199,648 595,949 (35,597) Excess Revenue(Expense) (173,400) (38,880) $ (134,520) (180,202) 141,322 Beginning Reserves 2,173,400 2,085,542 2,464,418 (378,876) Ending Reserves $ 2.000,000 $ 2.046,662 $ 2.284,216 $ (237,554) Section 5-Page 2 'e? Op April 30, 2019 STAFF REPORT Quarterly Treasurer's Report For the Period Ended March 31, 2019 SUMMARY Section 17.0 of the Sanitation District's Investment Policy includes quarterly reporting requirements for the Sanitation District's two investment portfolios. These two funds, the "Liquid Operating Monies," and the "Long-Term Operating Monies" are managed by Chandler Asset Management, the Sanitation District's external money manager. The ongoing monitoring of the Sanitation District's investment program by staff and Callan Associates, the Sanitation District's independent investment advisor, indicates that the Sanitation District's investments are in compliance with the Sanitation District's adopted Investment Policy and the California Government Code, and that overall performance has tracked with benchmark indices. In addition, sufficient liquidity and anticipated revenues are available for the Sanitation District to meet budgeted expenditures for the next six months. The Sanitation District's portfolios do not include any reverse repurchase agreements or derivative securities. ADDITIONAL INFORMATION Performance Reports The Quarterly Strategy Review, prepared by Chandler Asset Management, and the Investment Measurement Service Quarterly Review, prepared by Callan Associates, is attached for reference. Also attached are Long-Term and Liquid Operating Monies Summary of Performance Data and Portfolio Statistics charts that depict the performance results, estimated yield and duration, credit quality, and sector diversification of the Sanitation District's portfolios, as of March 31, 2019. The Liquid Operating Monies portfolio, with an average maturity of 99 days, consists entirely of high quality fixed income investments consistent with the Sanitation District's investment policy. Portfolio Performance Summary The following table presents a performance summary of the Sanitation District's portfolios as compared to their benchmarks as of March 31, 2019. o SD . P.o.eox8127 . Fountain Valley,CA 9272M127 . r71e)92-2411 Quarterly Treasurer's Report For the Period Ended March 31, 2019 Page 2 of 4 Portfolio Performance Summary As of March 31,2019 Liquid Opeating Monies(%) Long-Term Operating Monies(%) Total Rate of Total Rate of Retum Benchmark') Retum Benchmark") 3 Months 0.63 0.60 1.51 1.42 6 Months 1.21 1.17 2.85 3.01 9 Months 1.73 1.66 3.12 3.22 12 Months 2,18 2.12 3.39 3.39 Annualized Since inception 30 Nov 2014 0.95 0.85 1.45 1.38 Market Value $108.5 M $506.2 M Average Duality "AA+Tga1' 'AA"I-Aa1' Current Yield(%) 1.8 2.2 Estimated Yield to Maumay(%) 2.5 2.4 Quarterly Deposits(withdrawals) ( 69.0 M) 0 M Estimated Annual Income $2.7 M $12.0 M (1) Benchmarks: • Liquid Operating Portfolio: ICE BAML 3-Month Treasury Bill Index • Long Term Operating Portfolio: ICE BAML Corp/Govt. 1-5 Year Bond Index Portfolio Market Values Comparative marked-to-market quarter-end portfolio values are shown in the following table, and in the attached bar chart. Liquid Long-Term Quarter Operating Operating Ending Monies($M) Monies($M) 30 Jun.18 156.1 460.8 30 Sep.18 75.2 462.1 31 Dec.16 176.7 498.8 31 Mar.19 108.5 506.2 Quarterly Treasurer's Report For the Period Ended March 31, 2019 Page 3 of 4 The Sanitation District's Investment Account Balances as of March 31, 2019 Book Balances Estimated Investment Accounts March 31,2019 Yield(%) State of California LAIF $33,219,779 2.44 Union Bank Checking Account 50,345 0.25 Union Bank Overnight Sweep Account 413,209 2.05 Banc of California Checking Account 50,000 0.85 Banc of California Overnight Sweep Account 4,475,834 0.20 Union Bank W/C Checking 54,652 0.25 Banc of California W/C Checking 124,755 0.85 Union Bank Mount Langley Account 274,999 0.80 Union Bank Bandilier Account 458,788 0.80 Chandler—Short-term Portfolio 108,501,490 2.50 Chandler—Long-term Portfolio 506,142,014 2.41 Petty Cash 3,000 N/A BNY Mellon OCIP Reserve 3,674,150 0.86 TOTAL fi5]aa3_ni 2.40 Debt Service Reserves w/Trustees ya.50 2.31 The Sanitation District's Cost of Funds on Debt Issues as of March 31,2019 Annual Cost of Funds Outstanding Interest Issue Description COP Balance Rate(%) 2010A Fixed 80,000,000 3.68 2010C Fixed 157,000,000 4.11 2011A Fixed 75,370,000 2.61 2012A Fixed 100,645,000 3.54 2012B Fixed 46,475,000 1.50 2014A Fixed 71,330,000 2.34 2015A Fixed 127,510,000 3.30 2016A Fixed 145,880,000 3.02 2017A Fixed 66,370,000 2.55 2018A Fixed 102,200.000 2.02 TOTAL $972 780.Ono Weighted Avg.Cost of Funds 3.05 Quarterly Treasurer's Report For the Period Ended March 31, 2019 Page 4 of 4 ATTACHMENTS 1. Chandler Quarterly Report 2. Summary of Performance Data and Portfolio Statistics — Liquid Operating Monies 3. Summary of Performance Data and Portfolio Statistics — Long Term Operating Monies 4. Investment Transactions and Balances in LAIF 5. Asset Summary by Asset Type — Liquid Operating Portfolio 6. Asset Summary by Asset Type— Long Term Portfolio 7. Asset Summary by Asset Type — Owner Controlled Insurance Program Escrow Account 8. Investment Listing (Yield Analysis Report) 9. Asset Detail — Consolidated 10. Custody Transaction History—Consolidated 11. Callan Quarterly Review 12. Chandler Quarterly Review 13. Rating Agency Comparisons C/" CHANDLER ASSEr MANAGEMENT March 31,2019 Mr. Lorenzo Tyner Assistant General Manager Director of Finance and Administrative Services Orange County Sanitation District 10844 Ellis Avenue Fountain Valley CA 92708-7018 Dear Lorenzo, Bond Market Recap The Federal Open Market Committee kept the target fed funds rate unchanged in March at a range of 2.25%-2.50%. However, the Fed's economic projections, along with the tone of the policy statement and the Fed Chairs press conference,were more dovish than expected.The Fed's median forecast now calls for a target fed funds rate of 2.4%at year-end,which implies that there will be no further rate hikes this year.The Fed is projecting one rate hike in 2020 (to and effective rate of 2.6%)and then expects to keep policy on hold in 2021.The Fed's longer-run fed funds rate target is still 2.8%.This implies that the Fed intends to keep the target fed funds rate below the neutral rate for the foreseeable future. Furthermore, the Fed announced that they will begin slowing down the reduction of their balance sheet and conclude their balance sheet reduction program at the end of September 2019.This will leave the Fed with a larger balance sheet(slightly higher than$3.5 trillion)than they originally expected. Domestic and global economic growth has slowed, and inflation pressures remain muted. However, the labor market remains a bright spot in the US economy. We believe some of the factors hindering current economic growth (trade disputes and Brexit uncertainty) may be somewhat transitory.While economic growth is likely to remain under pressure over the near-term, we believe a strong labor market coupled with an increasingly dovish Fed may lead to better than expected economic growth later this year. Overall, the economy is expected to grow 2.0%-2.5%this year versus 2.9% in 2018. The yield curve inverted in March with the 30-year Treasury yield temporarily falling below the 3-month T-bill yield. At month-end,the 3-month T-bill yield was down 5 basis points to 2.38%,the 2-year Treasury yield was down about 25 basis points to 2.26%, and the 10-year Treasury yield was down 31 basis points to 2.41%.The spread between 2-and 10-year Treasury yields was less than 15 basis points at March month-end. An inversion of the yield curve in which the 10-year Treasury yield is lower than the 3-month T-bill is generally viewed as a powerful predictive signal of an upcoming recession. However,our 6-month economic forecast does not call for a recession. 1 ASSET MANAGEMENT Consumer Prices Inflationary pressures remain muted.The Consumer Price Index(CPI)was up just 1.5%year-over-year in February,versus up 1.6%year-over-year in January.Core CPI(CPI less food and energy)was up 2.1%year-over-year in February,versus up 2.2%year-over-year in January.The Personal Consumption Expenditures (PCE) index was up just 1.4%year-over-year in January, versus up 1.8% year-over-year in December. Core PCE eased to 1.8% year-over-year in January from 2.0% in December,falling below the Fed's 2.0%inflation target. Retail Sales Retail sales were disappointing in February, but the results for January were revised higher. On a year-over-year basis, retail sales were up 2.2%in February,versus up 2.8%year-over-year in January.On a month-over-month basis,retail sales fell 0.2% in February, below expectations for 0.3% growth, following an upwardly revised 0.7% increased in January. Excluding autos and gas, retail sales fell 0.6% in February, month-over-month,well below the 0.4%growth expectation. However,this decline followed upwardly revised growth of 1.7% in January. We believe the government shutdown and weather likely caused some of the month-to-month volatility in sales trends but believe the underlying trend is moderately positive. Labor Market U.S. payrolls rose by 196,000 in March, exceeding the consensus forecast of 177,000. February payrolls were revised up modestly to 33,000 from 20,000. On a trailing 3-month and 6-month basis payrolls increased an average of 180,000 and 207,000 per month, respectively. The unemployment rate was unchanged at 3.8% in March, as expected. A broader measure of unemployment called the U-6, which includes those who are marginally attached to the labor force and employed part time for economic reasons,was also unchanged at 7.3%.The labor participation rate edged down to 63.0% from 63.2%. The weakest aspect of the March employment report was wages which rose just 0.1% (slightly below expectations of 0.2%), following a 0.4% increase in February. On a year-over-year basis, wages were up 3.2% in March, versus up 3.4%in February. Housing Starts In February,total housing starts were weaker than expected,down 8.7%to a 1.162 million annualized rate. However,this follows growth of 11.7%in the prior month.Multi-family starts rose 17.8%in February to 357,000,following a 7.1%decline in January.Single-family starts fell 17.0%in February to 805,000,following a 19.2%increase in January. 2 C/" CHANDLER ASSET MANAGEMEM TREASURY YIELDS 3/31/2019 12/31/2D18 CHANGE 3 Month 2.38 2.36 0.02 2 Year 2.26 2.49 (0.23) 3 Year 2.21 2.46 (0.25) 5 Year 2.23 2.51 (0.28) 7 Year 2.31 2.59 (0.28) 30 Year 2.41 2.69 (0.28) 30 Year 2.81 3.02 (0.21) Economic Data Points to Ongoing Slow Growth ECONOMIC INDICATOR Current Release Prior Release One Year Ago Trade Balance IS1.1)$BIn JAN 19 (59.9)SBIn DEC 18 (53.1)$BIn JAN 18 GDP 2.2%DEC 18 3A%SEP 18 2.3%DEC 17 Unemployment Rate 3.8%MAR 19 3.8%FEB 19 4.0%MAR 18 Prime Rate 5.50%MAR 19 5.50%FEB 19 4.75%MAR 18 CRB Index 183.75 MAR 19 182.75 FEB 19 195.36 MAR 18 Oil(Wert Texas Int.) $60.14 MAR 19 $57.22 FEB 19 $64.94 MAR 18 Consumer Price Index(y/o/y) 1.5%FEB 19 1.6%JAN 19 2.2%FEB 18 Producer Price Index(y/o/y) 0.5%FEB 19 0.3%JAN 19 2.7%FEB 18 Dollar/Euro 1.12 MAR 19 1.14 FEB 19 1.23 MAR 18 Source.BMomba9 3 C/" CHANDLER ASSET MANAGEMEM Performance Attribution Long-Term Portfolio The portfolio outperformed the benchmark during the quarter, generating a return of 1.51% compared to the 1.42% return of the ICE Bank of America Merrill Lynch 1-5 Year US Corporate and Government AAA-A Index. From a sector allocation perspective, the overweight exposures relative to the benchmark in the Corporate and Agency sectors were both additive to the relative performance of the portfolio. Additionally, the out of benchmark exposure to the Asset Backed sector also aided in the performance differentiation during the quarter as the additional yield of the short maturity securities benefited the portfolio. From a duration distribution perspective, the underweight to the 1-3 year portion of the curve detracted from the results, however the overweight portfolio positioning in the front and back end of the maturity distribution were positive contributors. Multiple securities were purchased across the Treasury,Agency,Asset Backed, Commercial Paper and Corporate sectors of the market to keep the portfolio structure consistent with Chandler targets during the quarter. The purchased securities ranged in maturity from February 2019 to March 2024. One security was sold and many matured to facilitate the new holdings in the portfolio. The sector allocation was relatively stable during the reporting period. Two of the larger adjustments include the 1.4% increase in the Asset Backed allocation, to 9.4% of the portfolio, as well as the 2.0% contraction in the Supranational allocation, to 6.5% of the portfolio. The duration of the portfolio increased to 2.39 compared to 2.27 at the end of the prior quarter. The Chandler team will continue to focus on the term structure and duration of the portfolio,with the duration metric remaining close to the duration of the benchmark. Liquid Portfolio The Liquidity Portfolio modestly outperformed the benchmark, generating a return of 0.63% compared to the 0.60% return of the ICE Bank of America Merrill Lynch US Treasury Bill Index. Multiple securities were purchased across the Treasury, Agency, Commercial Paper and Corporate sectors of the market to keep the portfolio invested consistent with Chandler targets. The purchased securities ranged in maturity from April 2019 to January 2020. Many securities matured to facilitate the new holdings in the portfolio as well as to account for a$69 million withdrawal in January 2019. The sector allocation of the portfolio evolved due to the large withdrawal from the portfolio. Some of the notable adjustments include the 8.9% contraction in the Treasury allocation, to 69.0% of the portfolio, as well as the 4.6% increase in the Corporate allocation,to 9.8%of the portfolio. The Money Market allocation was elevated due to a Smm Treasury maturity on March 31,2019.The duration of the portfolio increased moderately,currently 0.27 compared to 0.19 at the end of the prior quarter. The next large liquidity need is at the end of July 2019,so the Chandler team anticipates the duration will contract moderately over the coming quarter. 4 C/" CHANDLER ASSET MANAGEMENT Economic Outlook Risk assets bounced back and performed well during the first quarter of 2019 after the dismal performance in Q4 2018. Investor sentiment pivoted to a more constructive outlook as investors concluded the risk of a material domestic economic slowdown on the immediate horizon was low. The underlying tenets of the US economy remain sound, despite the expectations of slower,but still above trend,GDP growth in 2019 compared to 2018. The U-3 unemployment rate remains low at 3.8% and is consistent with the historical definition of full employment. The U-6 underemployment rate, which includes part time and marginally attached workers, continues to contract with a current reading of 7.3%, indicative of only a modest amount of slack remaining for the US employment backdrop. The Chandler team continues to gravitate towards the non-traditional U-6 measure in our evaluation of full employment,and the team is impressed with the decline from the 8.1%reading in January of this year and the subsequent increase in Average Hourly Earnings to a recent reading of 3.2%on a year-over-year basis. Job growth also remains strong,with the recent three-month moving average coming in at 180k,more than enough job creation to put continued downward pressure on the unemployment rate. After appearing overly hawkish in December 2018 and increasing the Fed Funds rate by an additional 25 basis points despite the clear stresses in the market and tightening financial conditions,the Federal Reserve turned very dovish in the first quarter of 2019. The Federal Reserve indicated via the quarterly release of the Summary of Economic Projections that monetary policy was likely to remain on hold for the balance of the year. The Federal Reserve also announced explicit plans to stop the contraction of the balance sheet in the third quarter of 2019. Although both the 'pause' in the pace of monetary policy normalization and plans to modify the pace of balance sheet reduction were viewed by market participants as a possible outcome of the March Federal Reserve meeting,the magnitude of the shift in sentiment by the Federal Reserve caught fixed income investors by surprise. The front end of the Treasury yield curve rallied materially late in the quarter and priced in the possibility of an easing of policy late in the year. One of the primary objectives of the shift in Fed Policy, in Chandlers view, is the desire to move expectations of inflation higher and to offset the undershoot of inflation over the past several years. The Federal Reserve is likely to be a source of market volatility going forward, as they will now be communicating to market participants how policy is likely to evolve conditional on the economic outlook, as opposed to monetary policy being on a preset course regardless of how the outlook progresses. The Chandler team believes pricing in an easing of policy at this point in the cycle is premature and anticipates a modest move higher in yields in the second quarter of 2019. Geopolitical events continue to keep investors on edge and are one reason Treasury yields contracted so materially during the quarter. The Brexit negotiations continue to drag on with an extension until the end of October the latest development. The US/China trade talks remain fluid, and we would expect some sort of agreement prior to the 2020 election cycle dominating the news cycle. A positive outcome for either of the two events would likely dissipate some of the flight to quality bid in the US Treasury market. Despite the challenging geopolitical backdrop, US corporate leaders remain upbeat. In a sign of confidence in the outlook for the economy at the executive level, merger and acquisition activity picked up during the quarter with Bristol Myers announcing a bid to acquire Celgene for $74 billion and BB&T announcing its plans to merge with SunTrust bank for$28 billion. 5 C/" CHANDLER ASSET MANAGEMENT Strateev Strategy highlights for the Long-Term Portfolio in coming months: • Optimize the mix of securities in the Corporate sector allocation. o The Chandler team will continue to seek out stable to improving credit names to add to the portfolio, focusing on the four to five year portion of the maturity distribution. o The sector distribution is well diversified;the team will be focusing on adding names with attractive relative value compared to the peer group. • Focus on increasing the exposure to the Asset Backed sector at the expense of the Agency sector. Relative valuations in the Agency sector currently look unattractive and the team will use the sector as a source of funds. • Based on our outlook for monetary policy the team anticipates keeping the duration of the portfolio close to the benchmark in the coming quarter. Strategy highlights for the Liquidity Portfolio in coming months: • Continue to ladder the Treasury and Agency exposure to coincide with forecasted liquidity needs. • Opportunistically add Corporate, Negotiable CD,and Commercial Paper exposure to the portfolio where the additional spread compensation versus like maturity Treasury notes is attractive. • Maintain a dedicated exposure to the Treasury sectoron an ongoing basis to ensure ample liquidity in the portfolio for unexpected cash flow needs of the District. 6 C/" CHANDLER ASSET MANAGEMENT Compliance Issues Orange County Sanitation District Long Term AsaM mamoged by ChanElerAmet Management ore In full mmplbnm wIM dbtt IOw on d-tied the investmm r polity Category Standa it Comment Treasurylsmes Syears nuxn WriW,Minimum allosemomi Complies' u S.AgTtl6 20%max issuer;5spa max maturity Complies 'AAx rated orb rby aNRSRO;30%maximum;5 years max msurity; USo denominated senior unsaurN Supranatlonal nsubordinatN obligations issued or ummns ibonal ly guarstit a by le80,I FC or IADO Complies Corporate(SAMS) 'A"rated Or bidder long term debt by a NRSR0;30%man mum;5%Unix issuer:5 years max maturity;Issued by Complies mrimrations ergs nixed and Operating within the U.S.or issued by depository institutions licensetl"a U5. Municipal 5ecuriges 'A"rated or higher turn NRSR0;30%maximum;5%max issuer;S years max maturity Complies Asset Backed/CMOs/Mortgage-backetlM'rmted or better by a I'll "A"or higher Issuer mngby a NMRO;20%maximum nc;5%max Issuer lluElng Complies' VA gory/i 5 years max maturity Ne MUOLleC0e 'A'rated or brand long der,debt by a Mmen or"A-1'/highest short term ras,by a NR5RO;30%maximum;5%max Complies Issues;5 years max ma W rlty CerdOcates of Deposit 5%max issues:5 years max maturity,Severed/sillatory lined Complies 0ameYa Xrephnca Al rated Or Muivalmt short term rating by NRSRP<0%1 mum,5%max issuer,180 days max maturity Complrza A 1 rated Or ryuivdlent short trussed A,by d NRSRO;'A"or hedger longterm door issuer by a NOW; Issued by a mmN COIlal Paper do must icmrporation-rusaetla,it operatingM in the US with AO >$500million;25%maximum;Den axi.runs, Complies 220 day:max maturity Mutual Fund Money Marked Mutual midlestratingor"APA"rated bytwo MON.;SECregistured,uryerwith AUM>$SOO million and experonrer—her Fund Mdn Syears;l0% s M erlssuer permutual Fund,20%max p on Money Market Mutual Funds,20%ma>ofthe Complies Oistricfs surplus money Repurchase Agreements 302%mllmexplumm, Complies Reverse Remern,eAgreements 5%maximum,an days max maturity Complies WF NO used by nvestment adviser Complies OCIP Not used W invntmat adviser Complies Avg Duration NOWOce Wmmnths -(8MO120%OftheMnchmark) Complies Max Per Issuer 596of porHolio)acept5upranaidimis.US.Wvemmenq Anemia.Mutual Fund) Complies Maximum Maturity 5 years maximum maturity Complrza- "Theponymio go,twenty-he,(11)serunNes with mamrinesgreottr MOn 5 ysorslntludingfedug)CMOs,sixtt MBSa bms en(16) nd one ury Ali amended,were irshusbolmen Mepmiommonoger .no mmpliM of amid of phro me. C/" CHANDLER AssET MANAGEMENT Orange County Sanitation District Liquid Ioappor nopetl byCM1onJlvNsses Manopementare in full romplion¢w!in stotem—nd with thaddr ssmeatpoGry Categary Standard Comment irnsur.Beres 1"s-hoavmaturbi, Minimumall...no,of 10% Complies US.Pgmcl¢ ID%maxlzsuep lyearmaxmatunty Complies Supranational May'"box rbetterbya NR5RD; 30%m,upor;lyearmaxmaturitn U50tlMOminahtlseniorunzttural Complies zubord ina ted obligations or un izzued —Ctionelly guaramatl by IBRD,IFC,or IADR 'A"rated or better long term debt by a house;30%maximum;5%max IzsueG I year max maturity;Issued by CarporaN iMlNa) betterorporano, orgumbdd,,d operating within the lt5.o u,d by depository institutions li[en,,d by me US Complies Corp or better ya NNIR0; "A"or higher issues raid ng by a Mal 30%maximum;5%max issue n; 1 year al r155N Ba[ke1/CMOs urity Complies 'N rated or boner long term debt by a Ni or"vihighest short torch rating by ohl 30%maximum;5%max "mumble CDs Partner;l year max maturity Complies Certificates of Deposit 5%max issner;l year max maturity;Sexatl/col lateralitttl Complies Banker's Ptcepbnar A1ratetl or dlulvalnl short term rating by NR.5R0;40%maxi mum;5%max paper;IN days max maWrlN Compiles Ll rated or equivalent short term rating by a 10R510;'A"or better longterm deal issuer bya oll Issued by a Commercial Paper do mastic corporation organized and operating in the Li MM>$500million;35%maximum;5%max issuer; Complies 270 days max maturity Mutual Fund&Money MarkttMutual Nighestratingo 'raaA"ratetl by two NRSROs;SEC registered aMiser with AUM>$SOO million and aperiencegrwWr Fund 1an5y[ers;10%,prone Mutual Fund;30%max per issue on Money Market Mutual Funds;30%maxofthe Complies District's surplus money Repurchase Agrcemeots 102x[nllacralizanon Complies Reverse Repurchase AgreemenC 5%maximum,90 days max maturity Complies WF Not used by investment adviser Camakes OCIP Not used by investment adviser Complies PmM1lbl0.d Munl[I pal Sc urltic, Compiles Prohibited Mortgage Securifias Complies or,Duration N..., ISOdao; Maxduratimpir year Complies Max Per Issuer 5%af Carolio happeot5upranationals,US.f rem nt Pgennes,Mutual Fundl Complies Maximum Maturity lye a,maximum..Ilw Complies 8 C/" CHANDLER ASSET MANAGEMENT OCSD Lehman Exposure AssRsirep tlbyCM1onJlvAsses Manopementare in full romplionre wiM stotelowonJwilh thelnvestmmlpai Category Standard Comment I easury l ssu as 5rea"spoins.maturity complies Supransommal 'W or better by l of 3 aiii 30%maximorn;5%mi 5 years maturity;Inol save only:LADS,I BPO,and 6C per Cnmplles cac u.S.Pgmn¢ 20%max Issuer:5 years maxi mum rruwnty Composed uSCorporate(MlNs) Worbetter long term Tad ner by I 3 Warps:30%man mum;5%rrex issuer;5 years max maturity Complies' Municipal 5ecurod; Wor higher by lof3 Margins,Insinuations,5%max Issuer;5 years maximum—run, Caropbe, .a.Madef CMOs/Moryagmbacketl 'W or bener by l of 3 viragos, " or higher issuer rad ng by 1 a 3 1R1 20%max imum;5%max Issuer Complies lavdutli as MB5/govbgarni 5 years max maturity "co,bleCOs 'A"orbetteronipiong Rrmdebtbylof3NRSROs;"Al/Pl'brhigheslsborttermratlngsbylof3NnROs:30% Complies maxmum;5%mav Issuer;5 years on"no miry CDs/IDS Sainn issues 5yaarsmaxmalunry Complies Banker's Ptaepbn[a A�1,0r agave art highestshon farm Tad ng by l of 3 Ng5P 4Mhard mum;5%max Issuer;180 days ma maWrlry Complies Jul,oreyuivalenl by 1 off Nifori "A"or better by 1 of 3 Ni If long term debt issuer;35%maximum;5%max Commercial paper issuer;270 days max maturity Complras Money Morkttl'und highest rating by2 of 3 NFai 20%maximum;10%max issuer Complies Repurchase Agreements 302%aollateraliaation complies Reverse RepurchasePgreemants 5%maximum,90 tlays max mother Complies WF Not used by investment adviser Complies Avg Duration Notmeyce Wmonths -proad,130%ofthebenchmark) Complies Maximum Maturity S years maximum maturity Complies *Armunt holds$3 Mllimnfere volue(mLp S]56ONhei ad$600,0.ro)ore value lungs gsxf a]f of Eefaul lehmon Rms XaMings Mat were pumhosed by the previous monagec CamplkJat tlmeofpurcM1ose. 9 C/" CHANDLER ASSET MANAGEMEM Defaulted Bonds OCSD Lehman Exposure-Account#10284 mNmm sma SLHOPNTM m.oa.Re.mmLmREmo... 11611a5 unlnb.a z NR/ 1.0 o�ovsvSOLr Iszersn m 0.0 5),M1.N 1 1.30. HR 0.W ttITN Cmmmm Siak W,biLW O.W% 5),M1.N O.W% Sb O.W 133,SII.61 HR 0.W sxIoo] NIXe AW 6o0,oWm M9 P.4 1 NR/NR 000u o.ovurimo .W% mu 13113ssvi 515E5<ars zRob,mRW WuenWR 5 NaNR �hmm�� o i1,W2'renew ]dW.]W.W COAW.W I.s5 NR/NR 13.)1 .Uscapxaie 1,SOO,OW.W O.W% ]pW,]W.W qW% O.W u,3E3.750M1 Ns OAO ]A.,.JL 75121.0 11p.W% NR/NR cssi ttITFLPoRifOVO 1,bfi0,bi1,W O.W% ]A10.N1.11 O.W% O.W I1,y5yRb0) Ns0-0p tt1TN RIRRNEi VNUE NUSMGVNS )MUM 10 C/" CHANDLER AssLr MANAGEMEM Ratings Orange County Sanitation District Long Term March 31,2019 vs.December 31,2018 20 D% 60 M 50 0% m.0% 30.0% 20.0% 0. % 0.0% A4A PA P W Nfl •3/31/2019 •12/31/2018 03/31/19 11.8% 63.8% 14.7% 0.6% 9.1% 12/31/18 12.8% 62.8% 13.9% 1.6% 9.0% so��aaav Rome: Orange County Sanitation District Liquid March 31,2019 vs.December 31,2018 70 P% 610c SOoc RD.0K - 30.0% 2D.0 10.P% 00% — PAA PA A eA NR 11113131/2019 0U/31/2018 03/31/19 24.7% 65.5% 98% 0.0% 0.0% 12/3l/18 38.6% 556% 5.2% 0.0% 0.6% Swi¢:5®V Rotings li CHANDLER CA I ASSET MANAGEMENT OCSD Investment Program Quarter End Portfolio Value $600,000,000 ■ Liquid Operatng Monies ■ Lang-Term Operating Monies $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 sP,o. °�. �i^ ✓�9+ "a . �'�. ✓`9i "a °ft. �'� ✓�9i, �`Oµ �R. �'. ✓`1% �R. � ✓`1% 'r3 'r3 14 74 V7 '?v SS 75 'tS 'Zf' '76• 7a. SC 'r6 SJ 'tom SJ 7> 78 7'F SB 'rB 79 HISTORICAL YIELD CURVE 4.00% 3.00% 2.00% -- ------------------------------------------------------- ________________________________ MAR 2019 ---------- 1.00% — �FEB2019 — MAR 2018 0.00% 12 Orange County Sanitation District Liquid Portfolio Summary �,,, Account#10282 As of March 31, 2019 PORTFOLIO CHARACTERISTICS ACCOUNT SUMMARY TOP ISSUERS Average Modified Duration 0.27 I Beg.Values End Values Government of United States 69.0% as of 2/28/19 as of 3/31/19 First American Govt Obligation 8.6% Average Coupon 1.76% Market Value 108,074,924 108,249,917 Federal Home Loan Bank 4.6% Average Purchase YTM 2.63% Accrued Interest 203,415 255,032 Total Market Value 108,278,338 108,504,950 MUFG Bank Ltd/NY 2.0% Average Market YTM 2.50% Income Earned 208,440 228,329 Bank of Montreal Chicago 1.9% Average S&P/Moody Rating AA+/Aal C01I 0 Honda Motor Corporation 1.8% Par 108,414,020 108,593,023 Rabobank Nederland NV NY 1.8% Average Final Maturity 0.27 yrs Book Value 108,066,502 108,243,213 PNC Financial Services Group 1.7% Average Life 0.23 yrs Cost Value 107,840,260 108,045,320 Total 91.5% SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY(S&P) 80% usr,• 0'0% 68.6% M 165.5%1 ..E 9.8% 6a% mee•r MM 1a0 8.6% a % 30.0% N•Mr' 4.6% 20% x•rco O.z% 1.4% 3.8% 0-.i5 .]5-.5 .5-1 1-I.5 3.5-2 3-3.5 3.5-3 3� oeo..v Maturity(yrs) AAA 124]%1 PERFORMANCE REVIEW Annualized TOTAL RATE OF RETURN 1jll-. YTD 1YR 2YRS 3YRS SYRS 10YRS 11/30/2014 Orange County Sanitation District Liquid 0.21% 0.63% 0.63% 2,18% 1.64% 1.25% N/A N/A 0.95% ICEBAML3-Month USTreasury Bill Index 0.22% 0.60% 0.60% 2.12% 1.62% 1.19% N/A N/A 0.85% Chandler Asset Manaeement-CONFIDENTIAL Vaae 1 Feecudon Times 4/112019100116 PM Orange County Sanitation District Long Term Portfolio Summary �," Account#10268 As of March 31, 2019 PORTFOLIO CHARACTERISTICS ACCOUNTSUMMARY TOP ISSUERS Average Modified Duration 2.39 Beg.Values End Values Government of United States 30.9% asof2/28/19 as of 3/31/19 Federal National Mortgage Assoc 9.7% Average Coupon 2.24% Market Value 499,819,613 504,081,565 Accruedlnterest 2342020 2124557 Federal Home Loan Bank 8.0% , , , , Average Purchase VTM 2.37% Federal Home Loan Mortgage Corp 6.3% Total Market Value 502,161,633 506,206,122 Average Market TIM 2.41% Income Earned 925,174 993087 Inter-American Day Bank 3.4% Average S&P/Moody Rating AA/Aal COnVWD -19,032 Honda ABS 2.9% Par 503,319,336 504,380,737 First American Goat Obligation 2.7% Average Final Maturity 2.76 yrs Book Value 501,612,871 502,804,494 John Deere ABS 2.4% Average Life 2.51 yrs Cost Value 501,281,624 502,290,245 Total 66.5% SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY(S&P) usmMrr 30.9% 25% 4wMv- 23.5% 20.2% 22.0% 21.31 20% 19b% MI63^1 05fap- 21.6% a6s-9.4% 35% sups_6.5% m>.v Mnre■ 2.N lm6 2.0% S.7% 6.5% oeol 0.4% Bas in6%I /6% femM a.w•. ru,.Bnfwp■ 1.9% 5% 3R% Na19.1%1 M.naea.' 0.9% % 0�.36 13-.6 .5-1 1-3 3�3 3-4 4-3 5. MA133.B%1 Mesl 0.3% Natudlyf ni) A1143%I PERFORMANCE REVIEW Annualized TOTAL RATE OF RETURN 1M 3M YTD 1YR 2YRS 3YRS SYRS 10YRS 11/30/2014 Orange County Sanitation District Long Term 0.81% 1.51% 1.51% 3.39% 1.84% 1.37% N/A N/A 1.45% ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index 0.87% 1.42% 1.42% 3.39% 1.73% 1.22% N/A N/A 1.38% ICE BAML US 1-5 Yr US Corp/Govt Rated AAA-BBB Inds 0.93% 1.64% 1.64% 3.57% 1.88% 1.44% N/A N/A 1.52% Chandler Asset Management-CONFIDENTIAL Page 1 E6ecutlan True 4/1/2019 9056 54 PM Orange County Sanitation District Investment Transactions and Balances in the State of California Local Agency Investment Fund March 31, 2019 Par Value Book Value Market Value Rate Yield Balance March 1, 2019 $54,719,779 $54,719,779 $54,719,779 2.44 2.44 Deposits: 3f7/2019 17,300,000 17,300,000 17,300,000 2.44 2.44 Total Deposits 17,300,000 17,300,000 17,300,000 2.44 2.44 Quarterly Interest Distribution 2.44 2.44 Withdrawals: 3/1/2019 (21,800,000) (21,800,000) (21,800,000) 2.44 2.44 3/12/2019 (2,400,000) (2,400,000) (2,400,000) 2.44 2.44 3/20/2019 (7,400,000) (7,400,000) (7,400,000) 2.44 2.44 3/26/2019 (7,200,000) (7,200,000) (7,200,000) 2.44 2.44 Total Withdrawals (38,800,000) (38,800,000) (38,800,000) 2.44 2.44 Balance March 31,2019 $33,219,779 $33,219,779 $33,219,779 2.44 2.44 U.S. Bank Asset Summary - Liquid As of 03/31/2019 Industry Name Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss Cash Equivalents COMMERCIAL PAPER 4,160,000.0000 4,099,144.44 4,123,883.20 3.81 24,738.76 FIRST AMERICAN SHORT TERM FDS 4,321,772.63�,772.63 4,321,772.63 3.99 U. S.GOVERNMENT 10,000,000.0000 9,975,411.80 9,987,700.00 9.23 12,288.20 US AGY-SHORT TERM CASH EQUIV 5,000,000.0000 4,971,094.44 4,975,450.00 4.60 4,355.56 Cash Equivalents Total 23,481,772.6300 23,367,423.31 23,408,805.83 21.63 41,382.52 Fixed Income CONSUMER DISCRETIONARY 1,977,000.0000 1,972,709.91 1,973,975.19 1.82 1,265.28 FINANCE 6,390,000.0000 6,357,608.70 6,376,344.90 5.89 18,736.20 INDUSTRIAL 1,083,000.0000 1,069,484.16 1,077,162.63 1.00 7,678.47 SHORT TERM FUNDS 4,500,000.0000 4,500,000.00 4,504,290.00 4.16 4,290.00 TELECOMMUNICATION SERVICES 1,130,000.0000 1,114,812.80 1,124,508.20 1.04 9,695.40 U. S.GOVERNMENT 70,000,000.0000 69,597,460.96 69,760,250.00 64.46 162,789.04 Flied Income Total 85,080,000.0000 84,612,076.53 84,816,530.921 78.37 204,454.39 Grand Total 108,561,772.6300 107,979,499.84 108,225,336.75 100.00 245,836.91 1 of 1 U.S. Bank Asset Summary - Long-Term As of 03/31/2019 Industry Name Shares/Units Cost Basis Markel Value Percent of Total Unrealized Gain/Loss Cash Equivalents COMMERCIAL PAPER 10,020,000.0000 9,933,160.00 9,962,585.40 1.98 29,425.40 FIRST AMERICAN SHORT TERM FOS 8,253,715.6600 8,253,715.66 8,253,715.66 1.64 - U.S. GOVERNMENT 7,500,000.0000 7,490,553.83 7,492,575.00 1.49 2,021.17 Cash Equivalents Total 25,773,715.6600 25,677,429.48 25,708,876.06 5.10 31,446.57 Fixed Income CONSUMER DISCRETIONARY 6,845,000.0000 6,888,498.15 6,933,125.10 1.38 44,626.95 CONSUMER STAPLES 3,880,000.0000 3,878,991.40 3,994,964.40 0.79 115,973.00 ENERGY 12,350,000.0000 12,297,131.90 12,397,331.50 2.46 100,199.60 FINANCE 55,464,000.0000 54,483,235.74 53,277,946.56 10.58 (1,205,289.18) FOREIGN CORPORATE 9,500,000.0000 9,524,180.00 9,598,790.00 1.91 74,610.00 HEALTH CARE 2,000,000.0000 1,948,640.00 2,020,260.00 0.40 71,620.00 INDUSTRIAL 9,410,000.0000 9,435,259.50 9,476,634.80 1.88 41,375.30 INFORMATION TECHNOLOGY 20,715,000.0000 20,582,924.95 20,600,016.65 4.09 17,091J10 INVESTMENT GRADE-MUNI REVENUE 4,240,000.0000 4,307,633.89 4,337,763.60 0.86 30,129.71 MTG RELATED SECURITY 50,729,644.3900 50,650,247.47 50,912,793.51 10.11 262,546.04 SUPRANATIONAL 33,005,000.0000 32,742,600.25 32,637,580.25 6.48 (105,020.00) U.S. GOVERNMENT 144,307,108.2300 142,454,532.84 142,837,677.71 28.36 383,144.87 U.S.GOVERNMENT TIPS 11,024,208.0000 10,879,488.09 10,884,751.77 2.16 5,263.68 US AGY-LONG TERM ISSUES 117,365,000.0000 117,514,971.15 118,106,066.55 23.45 591,095.40 Fixed Income Total 480,834,960.6200 477,588,335.33 478,015,702.401 94.901 427,367.07 Grand Total 1 506,608,676.2800 503,265,764.82 503,724,578.461 100.001 458,813.64 1 Of OMLa�1EaID1pNaN E BNY MELLON SiMemem Period 031011MO Through 03131W9 Account300282 Base Currency=USD OCSD LIBERTY MUTUAL Statement of Assets Held by Asset Classification AcoueO EMioated Market ShmeslPar Value AsselValue Damicrl�ion Market Prim Markel Velu, COM A�COaI Income Income TI M FIXED INCOME 3,600,1)1 UNITED STATES TREASURY NOTEIROND W.94930 3,597,M.W 3,653,03125 96.69531 14,366n 3"Woon 0.66% CDSIP:912626052 MATURRYDATE:0G152o19 RATE:0.875% MOODYS Aga Total R%ED INCOME 3,597,840.0 ;553,03155 14,3MC34 31,Ma0 0.ae% CASH AND SHORT TERM CASH BALANCE 61,914.16 61,844.16 0.00000 Q0 a0 0.004 TOWCASHANDSHORTTERM 61,94A16 61 a0 a00 0l10% ACCOUNI TOTALS 3,659,764.16 3,614,915A1 14,30.30 31,S0.0 Od6% Total Market Value Plus Tons]Aeet atl Income 3,674,149.54 Statement of Transactions by Transaction Date Rea lean Transaction Date Transaction DesohitiOn Income principal cant Galns/Losses No Transactions This Period CumulaKre nual a em1ial Bain eM Ina,pose..freer 10311201e Wseariaes held ioprincipal of.rt: Slhan Tenn: 900, Lang Term: 8.0' The above Dan and lose poaton does not ioelude areapp ws whmre Me,met nbrmatim Is Moomplei or unanolase. 0 The Bank of Nww York Mellon may Nllize subsMuries and affiliates to pmNtle seMces ant certan protlucb b Ne AcoaM. SuhsitliadesarN aMllaks mey ba campensaetl for NekaeDla>s eM product ThevaueofceadtisssMbM on Nis Ammon[ amwtaredetennire byThe Bankof New Yak MNlonbr Corporate Trustmhebasisofmat prioesandiMomOonobbinedby Ttre Bankof New Yak MelWtom — unaMliatal Mid parts,lindudirp io3ependaapraing vaiorsl('Nird party prclrp services'). Th B *ofWwYq Melbnl notverlfiedwchmarkervaluesminlam na mak massura saab Nea =yor correcNess of such marke[values a iniormNbn a Oattlte market values set font on Nis Aawnt Staementretecltrevalue ofale scants,Nat can be reeHEed upon Ne sale of ant seadtes. Inadditon,the marketvaue, morbrsewdese,enteral inssin dpa Slaerrentmaydprty mNeonsHr,Mind hflosfor Nesame ucunlias usetl by oNer bVame55 uralsofTMBankof New Vwk Melon or ib arAaidiaies or aKliatesbaeM upon ueketpdceer pub units readyedrkoo ea Mid Mellon orits ssMcesuMzedbysress. erbuaineas uMta. CurPmafe T1usldaea notmmpaeib maketvelueswiN Uwse usetl by,orremnaile diteren[merketvaluas usedb be Wdnessuesor The Beek of iby Mellon artrlban,sar iossoitaeMf ere The Benkaf New Yon.nfern M1all ckaaie y othert party ar,sanr'¢nse incurr iasaraeultofwariairg lmma u related b Me madwt vauesor iMormaton providetl bytlirtl parry pndrg serviwaor the differences in makatpdces or iMmmaton provided by otllerteN party pddrq sarNres. Page 34 4 U.S. Bank Investment Listing -Yield As of 0 3/3 112 01 9 Asset Category CUSIP Asset Short Name Yield Shams/Units Moody s S&P Rating Price Cost Basis Markel Cash Equivalents 21687BWD9 COOPERATIEVE CENTRAL C P 9/13/19 0.0000% 2,000,000.0000 98.81 1,957,864.44 1,976,260.00 Cash Equivalents 313384GV5 F H L B DISC NTS 6/13/19 0.0000% 5,000,000.0000 N/A N/A 99.51 4,971,094.44 4,975,450.00 Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 2.3067% 4,321,772.6300 1.00 4,321,772.63 4,321,772.63 Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 2.3067% 8:253,715.6600 1.00 8,253,715.66 8,253,715.66 Cash Equivalents 62479MTL7 MUFG BANK LTD NY BRAN C P 6/20/19 0.0000% 2,160,000.0000 99.43 2,141:280.01 2,147,623.20 Cash Equivalents 62479M�MUFG BANK LTD NY BRAN C P 6/20/19 0.0000% 10,020,000.0000 99.43 9,9330. 9,962,585.40 Cash Equivalents 912796UV9 U S TREASURY BILL 4102/19 2.3577% 5,000,000.0000 N/A N/A 99.991 4,988,678.47 4,999,650.00 Cash Equivalents 912796UX5 U S TREASURY BILL 4116/19 2.3648% 7,500,000.0000 N/A N/A 99.90 7,490,553.83 7,492,575.00 Cash Equivalents 912796VA4 U S TREASURY BILL 5107/19 2.3819% 5,000,000.0000 N/A N/A 99.76 4,986,733.33 4,988,050.00 Fixed Income 00440EAP2 ACE INA HOLDINGS 2.700% 3/13/23 2.7077% 2,000,000.0000 A3 A 99.72 1,937,000.00 1,994,340.00 Fixed Income 00440EAUl ACEINAHOLDINGS 2.875%11/0322 2.8522% 4,169,000.0000 A3 A 100.80 4,232,453.17 4,202,310.31 Fixed Income 02587AAJ3 AMERICAN EXPRESS 1.930% 9/15/22 1.9418% 6,270,000.0000 AAA N/A 99.39 6,174,085.15 6,231,878.40 Fixed Income 02665WAH4 AMERICAN HONDA MTN 2.250% 8/15/19 2.2534% 1,977,000.0000 A2 A 99.85 1,972,709.91 1,973,975.19 Fixed Income 02665WAH4 AMERICAN HONDA MTN 2.250% 8/15/19 2.2534% 4,000,000.0000 A2 A 99.85 4,046,640.00 3,993,880.00 Fixed Income 02665W CJ8 AMERICAN HONDA MTN 3.450% 7/14/23 3.3574% 845,000.0000 A2 A 102.76 843,538.15 868,305.10 Fixed Income 02665WCO2 AMERICAN HONDA MTN 3.625%10/10/23 3.5008% 2,000,000.0000 A2 A 103.55 1,998,320.00 2,070,940.00 Fixed Income 103215PFN4 AMRESCO 3.5397% 6/25/29 3.6630% 133,743.2900 N/A A+ 96.64 100,432.85 129,242.83 Fixed Income 1037833BS8 APPLE INC 2.250% 2/23/21 2.2581% 4,000,000.0000 AA1 AA+ 99.64 4,050,840.00 3,985,600.00 Fixed Income 106370ROY8 BANK MONTREAL C D 2.860% 6/11/19 2.8577% 2,000,000.0000 100.08 2,000,000.00 2,001,640.00 Fixed Income 06406HCW7 BANK NY MELLON MTN 2.300% 9/11/19 2.3035% 2,120,000.0000 At A 99.85 2,142,175.20 2,116,820.00 Fixed Income 06051GHF9 BANK OF AMERICA 3.550% 3105124 3.4958% 3,775,000.0000 A2 A. 101.55 3,839,363.75 3,833,550.25 Fixed Income 06051GFD6 BANK OF AMERICA CORP 2.650% 4/01/19 2.6500% 1,500,000.0000 WR N/R 1.00 1,499,910.00 1,500,000.00 Fixed Income 06406RAA5 BANK OF NY MTN 2.600% 2107/22 2.6015% 2,500,000.0000 At A 99.94 2,504,475.00 2,498,575.00 Fixed Income 06406RAE7 BANK OF NY MTN 2.950% 129M 2.9345% 1,500,000.0000 At A 100.53 1,486,055.00 1,507,905.00 Fixed Income 084670BR8 BERKSHIRE HATHAWAY 2.750% 3/15/23 2.7337% 2,500,000.0000 AA2 AA 100.60 2,440,950.00 2,514,925.00 Fixed Income 084664BT7 BERKSHIRE HATHAWAY 3.000% 5/15/22 2.9511% 4,000,000.0000 AA2 AA 101.66 4,131,120.00 4,066,320.00 Fixed Income 166764BG4 CHEVRON CORP 2.100% 5/16/21 2.1152% 2,500,000.0000 AA2 AA 99.28 2,485,350.00 2,482,075.00 Fixed Income 166764AH3 CHEVRON CORP 3.191% 624/23 3.1189% 3,500,000.0000 AA2 AA 102.31 3,441,095.00 3,580,920.00 Fixed Income 30231GAV4 EXXON MOBIL 2.222% 3/01/21 2.2321% 3,000,000.0000 AAA AA+ 99.55 3,016,097.40 2,986,380.00 Fixed Income 3130A7CV5 F H L B DEB 1.375% 2/1821 1.3995% 5,365,000.0000 AAA AA+ 98.25 5,343,325.40 5,270,951.55 Fixed Income 313383111.8 F H L B DEB 1.750% 6/1220 1.7643% 5,000,000.0000 AAA AA+ 99.19 5,008,950.00 4,959,450.00 Fixed Income 313379RB7 F H L B DEB 1.875% 6/1121 1.8946% 4,000,000.0000 AAA AA+ 98.96 4,030,160.00 3,958,520.00 Fixed Income 313383OR5 F H L B DEB 3.250% 6/0923 3.1325% 5,000,000.0000 AAA AA+ 103.75 5,083,350.00 5,187,500.00 Fixed Income 313383YJ4 F H L B DEB 3.375% 9/0823 3.2264% 10,000,000.0000 AAA AA+ 104.61 10,211,831.00 10,460,500.00 Fixed Income 3130AOF70 IF H L B DEB 3.375% 12/08/23 3.2282% 10,000,000.0000 AAA AA+ 104.55 10,269,043.75 10,454,800.00 Fixed Income 3EAEN 2.750% 5/1923 2.7029% 10,000,000.0000 AAA AA+ 101.374 9956,85500.000 10,174,400.00 MMT 997,3 07E 7,454,475.00Fixed Income 313 M , ,1 of 5 U.S. Bank Investment Listing -Yield As of 03/31/2019 Asset Category CUSIP Asset Short Name Yield Shams/Units Moody s S&P Rating Price Cost Basis Markel Fixed Income 3137EAEK1 F H L M C M T N 1.875%11/17/20 1.8894% 5,000,000.0000 AAA AA, 99.24 4,986,225.00 4,961,900.00 Fixed Income 3137EAEL9 F H L M C M T N 2.375% 2/16/21 2.3727% 7,500,000.0000 AAA AA, 100.10 7,484,475.00 7,507,275.00 Fixed Income 31348SWZ3 F H L M C#786064 4.677% 1/01/28 4.5655% 1,948.3800 N/A N/A W2.44 1,900.94 1,995.98 Fixed Income 3133TCE95 F H L M C MLTCL MTG 3.587% 8/15/32 3.5499% 10,580.4500 101.04 10,591.52 10,690.93 Fixed Income 31398VJ98 F H L M C MLTCL MTG 4.251% 1/25120 4.2284% 900,000.0000 N/A N/A 100.54 951,046.88 904,815.00 Fixed Income 31394JY35 F H L M C MLTCL MTG 6.500% 9/25/43 5.6536% 737,239.0900 N/A N/A 114.97 834,923.26 847,611.15 Fixed Income 3135GOF73 FNMA 1.500% 11/30/20 1.5217% 7,500,000.0000 AAA AA, 98.58 7,370,726.00 7,393,125.00 Fixed Income 3135GOT45 FNMA 1.875% 4/05/22 1.8958% 5,000,000.0000 AAA AA, 98.90 4,972,500.00 4,945,100.00 Fixed Income 3135GOS38 FNMA 2.000% 1/05/22 2.0156% 3,000,000.0000 AAA AA, 99.22 2,994,570.00 2,976,720.00 Fixed Income 3135GOV34 FNMA 2.500% 2105/24 2.4767% 5,000,000.0000 AAA AA- 100.94 4,980,850.00 5,046,950.00 Fixed Income 313500035 FNMA 2.750% 6/22/21 2.7241% 7,500,000.0000 AAA AA+ 100.95 7,515,225.00 7,571,250.00 Fixed Income 31371NUC7 F N M A#257179 4.500% 4/0128 4.3099% 15,563.2500 N/A N/A 104.41 16,459.66 16,249.74 Fixed Income 31376KT22 F N M A#357969 5.000% 9/01/35 4.6460% 108,375.3900 N/A N/A 107.62 116,503.53 116,632.51 Fixed Income 31381PDA3 FNMA#466397 3.400% 11101/20 3.3603% 341,607.0500 N/A N/A 101.18 334,214.47 345,641.43 Fixed Income 31403DJZ3 F N M A#745580 5.000% 6/01/36 4.6467% 101,127.8900 N/A N/A 107.60 108,712.49 108,816.64 Fixed Income 31403GXF4 F N M A#748678 5.000% 10/01/33 4.7130% 1,834.1700 N/A N/A 106.09 1,971.74 1,945.87 Fixed Income 31406POY8 F N M A#815971 5.000% 3/01/35 4.6491% 176,846.8200 N/A N/A 107.55 190,110.34 190,195.22 Fixed Income 31406XWT5 F N M A#823358 4.722% 2/01/35 4.5124% 111,885.5600 N/A N/A 104.65 111,011.45 117,082.64 Fixed Income 31407BXH7 F N M A#826080 5.000% 7/01/35 4.6452% 20,077.9800 N/A N/A 107.64 21,583.82 21,611.54 Fixed Income 31410F4V4 F N M A#888336 5.000% 7/01/36 4.6464% 199,708.4900 N/A N/A 107.61 214,686.62 214,906.31 Fixed Income 3138EG6F6 F N M A#AL0869 4.500% 6/0129 4.3091% 11,213.2100 N/A N/A 104.43 11,859.08 11,709.84 Fixed Income 31417YAY3 F N M A#MA0022 4.500% 4/01/29 4.3092% 18,301.8000 N/A N/A 104.43 19,355.951 19,112.02 Fixed Income 3135GOJ20 F N M A DEB 1.375% 2/26/21 1.3997% 10,000,000.0000 AAA AA+ 98.24 10,040,950.00 9,823,500.00 Fixed Income 3135GOD75 F N M A DEB 1.500% 6/22/20 1.5163% 5,000,000.0000 AAA AA+ 98.92 4,955,650.00 4,946,200.00 Fixed Income 3135GOT94 F N M A DEB 2.375% 1/19/23 2.3686% 5,000,000.0000 AAA AA+ 100.27 4,910,990.00 5,013,450.00 Fixed Income 31397OREO F N M A GTD REMIC 1.113% 2/25/41 3.1325% 206,927.7800 N/A N/A 101.05 206,863.12 209,104.66 Fixed Income 36225CAZ9 G N M A 11#080023 4.125% 12/20/26 4.0083% 17,790.0500 N/A N/A 102.91 18,083.96 18,308.10 Fixed Income 136225CC20 I N M A I I#0800883.625% 6/2027 3.5664% 17,325.8600 N/A N/A 101.64 17,704.88 17,610.70 Fixed Income 36225CNM4 G N M A I#080395 3.625% 4/20/30 3.5073% 7,108.2300 N/A N/A 103.36 7,043.79 7,346.71 Fixed Income 36225CN28 G N M A 11#080408 3.625% 5/20/30 3.5073% 56,072.0000 N/A N/A 103.36 55,502.52 57,954.34 Fixed Income 36225DCB8 G N M A 11#080965 3.750% 720/34 3.6011% 49,812.7400 N/A N/A 104.13 49,781.61 51,872.00 Fixed Income 369550BE7 GENERAL DYNAMICS 3.000% 5/11/21 2.9732% 3,160,000.0000 A2 A+ 100.90 31138,038.00 3,188,534.80 Fixed Income 43814RACO HONDAAUTO 1.210% 12/18/20 1.2176% 1,402,847.5700 N/A AAA 99.37 1,387,449.12 1,394,037.69 Fixed Income 43814OAC2 HONDAAUTO 1.390% 4/1520 1.3925% 221,021.0500 AAA N/A 99.82 221,016.76 220,632.05 Fixed Income 43814PAB6 HONDAAUTO 1.570% 12120 1.5708% 76,602.2200 N/A AAA 5 76,595.41 76,565.45 Fixed Income 438144PAC4 HONDAAUTO 1.790% 92021 1.8017 3,090:0000000 N/A 995 3,040,994.53 3,069,853.20 435000.Fixed Income 438WAB1 HONDAAUTO 2.750% 92021 2.7474% 000, N/A IAAA 1 100.09 4,394,716.96 4,399,131.30 2of5 U.S. Bank Investment Listing -Yield As of 0 3/3 112 01 9 Asset Category CUSIP Asset Short Name Yield Shams/Units Moody s S&P Rating Price Cost Basis Mamel Fixed Income 43815HAC1 HONDA AUTO 2.950% 8/2222 2.9298% 3,970,000.0000 AAA N/A 100.69 3,969,455.32 3,997,353.30 Fixed Income 43814UAG4 HONDA AUTO 3.010% 5/1822 2.9916% 1,710,000.0000 N/A AAA 100.62 1,709,962.72 1,720,516.50 Fixed Income 404280BF5 HSBC HOLDINGS PLC 2.650% 1/05/22 2.6740 ol 4,500,000.0000 A2 A 1 99.10 4,429,980.00 4,459,590.00 Fixed Income 40428HPR7 HSBC USA INC MTN 2.350% 310520 2.3569% 2,500,000.0000 A2 A E100.75 2,472,287.50 2,492,675.00 Fixed Income 44932HAH6 IBM CREDIT CORP 3.000% 2106/23 2.9776% 5,670,000.0000 Al A 5,603,264.40 5,712,581.70 Fixed Income 4581XOCS5 INTER AMER BK M T N 1.875% 3/15/21 1.8928% 5,000,000.0000 AAA AAA 5,059,610.00 4,952,900.00 Fixed Income 4581XOCX4 INTER AMER DEV BK 1.625% 5/12/20 1.6388% 3,035,000.0000 AAA AAA 3,027,807.05 3,009,475.65 Fixed Income 4581XOCZ9 INTER AMER DEV BK 1.750% 9/14/22 1.7840% 6,500,000.0000 N/A N/A 6,249,655.00 6,376,240.00 Fixed Income 14581XOCW6 INTER AMER DEV BK 2.125% 1/18/22 2.1354% 3,000,000.0000 AAA N/A 99.51 2,996,310.00 2,985,330.00 Fixed Income 1459058FY4 INTL BK 2.000% 1/26/22 2.0163% 10,000,000.0000 AAA N/A 99.19 10,006,350.00 9,919,400.00 Fixed Income 45950KCMO INTL BK M T N 2.250% 12521 2.2552% 2,970,000.0000 AAA AAA 99.77 2,961,258.20 2,963,109.60 Fixed Income 45950KCJ7 INTL FINANCE CORP 1.125% 72021 1.1569% 2,500,000.0000 AAA AAA 97.25 2,441,600.00 2,431,125.00 Fixed Income 24422ESS9 JOHN DEERE CAP MTN 2.300% 9116119 2.3039% 5,000,000.0000 A2 A 99.83 5,046,984.00 4,991,600.00 Fixed Income 24422EUM9 JOHN DEERE MTN 3.650%10/1223 3.5191% 1,250,000.0000 A2 A 103.72 1,250,237.50 1,296,500.00 Fixed Income 47788MAC4 JOHN DEERE OWNER 1.360% 4/15/20 1.3609% 100,940.4300 AAA N/A 99.93 100,924.54 100,873.81 Fixed Income 47788NADO JOHN DEERE OWNER 1.490% 5/15/23 1.4997% 1,151,000.0000 AAA N/A 99.35 1,131,936.56 1,143,564.54 Fixed Income 47788BABO JOHN DEERE OWNER 1.590% 4/15/20 1.5908% 49,440.6300 AAA N/A 99.95 49,436.34 49,414.43 Fixed Income 47788BAD6 JOHN DEERE OWNER 1.820% 10/15/21 1.8316% 675,000.0000 AAA N/A 99.37 674,950.59 670,713.75 Fixed Income 47788CABB JOHN DEERE OWNER 2.420% 10/15/20 2.4221% 1,069,844.4800 AAA N/A 99.91 1,067,671.36 1,068,924.41 Fixed Income 47788CAC6 JOHN DEERE OWNER 2.660% 4/18/22 2.6588% 1,340,000.0000 AAA N/A 100.04 1,339,903.65 1,340,589.60 Fixed Income 47789JAB2 JOHN DEERE OWNER 2.850% 12/15/21 2.8451% 3,265,000.0000 AAA N/A 100.17 3,264,851.12 3,270,583.15 Fixed Income 47788EAC2 JOHN DEERE OWNER 3.080% 11/15/22 3.0578% 4,630,000.0000 AAA N/A 100.73 4,629,649.05 4,663,567.50 Fixed Income 46625HRL6 JP MORGAN CHASE CO 2.700% 511823 2.7266% 4,000,000.0000 A2 A. 99.02 3,832,440.00 3,960,920.00 Fixed Income 46625HKA7 JPMORGAN CHASE CO 2.250% 12320 2.2582% 1,500,000.0000 A2 A. 99.64 1,490,940.00 1,494,525.00 Fixed Income 46625HKA7 JPMORGAN CHASE CO 2.250% 12320 2.2582% 2,000,000.0000 A2 A. 99.64 1,994,880.00 1,992,700.00 Fixed Income 525ESCOY6 LEHMAN BRTH HLD ESC 0.0000% 2,000,000.0000 1,040,394.98 Fixed Income 525ESCIB7 LEHMAN BIRTH MTN ES 0.00001% 1/24/13 0.0005% 600,000.0000 N/A N/A 1.90 322,755.11 11,400.00 Fixed Income 58933YAF2 MERCK CO INC 2.800% 5/18/23 2.7719% 2,000,000.0000 Al AA 101.01 1,948,640.00 2,020,260.00 Fixed Income 594918BPB MICROSOFT CORP 1.550% 8/0821 1.5879% 3,045,000.0000 AAA AAA 97.61 3,041,385.15 2,972,254.95 Fixed Income 61747WAL3 MORGAN STANLEY 5.500% 72821 5.1979% 2,800,000.0000 A3 BBB+ 105.81 3,200,848.00 2,962,736.00 Fixed Income 64971M5E8 NEWYORKCITYNY 4.075% 11/0120 3.9773% 1,400,000.0000 AAI AAA 102.46 1,400,000.00 1,434,398.00 Fixed Income 65478VAD9 NISSAN AUTO 1.320% 1115/21 1.3265% 770,859.0200 AAA N/A 99.51 764,686.13 767,089.52 Fixed Income 65477UAD2 NISSAN AUTO 1.500% 9/15/21 1.5030% 630,999.4500 AAA N/A 99.80 627,055.70 629,737.45 Fixed Income 65478GAD2 NISSAN AUTO 1.750% 10/15/21 1.7640% 2,625,000.0000 AAA N/A 99.21 2,584,291.99 2,504,157.50 Fixed Income 65479GAD1 NISSAN AUTO 3.060% 3/15/23 3.0339% 3,560,000.0000 AAA AAA 100.86 3,559,884.66 3,590,580.40 Fixed Income 674599CK9 OCCIDENTAL PETROLEUM 2.600% 4/1522 2.6016% 3,350,000.0000 A3 A 99.94 3,354,589.50 3,347,956.50 Fixed Income 68389XBKO ORACLE CORP 1.900% 9/15/21 1.9318% 3,000,000.0000 Ai AA- 98.36 2,892,240.00 2,950,880.00 3 of U.S. Bank Investment Listing -Yield As of 0 3/3 112 01 9 Asset Category CUSIP Asset Short Name Yield Shams/Units Moody s S&P Rating Price Cost Basis Market Value Fixed Income 69371 RN36 PACCAR FINANCIAL MTN 1.200% 8/12119 1.2065% 1,083,000.0000 Al A+ 99.46 1,069,484.16 1,077,162.63 Fixed Income _ 69353REX2 PNC BANK MTN 1.450% 7/29/19 1.4560% 1,890,000.0000 A2 A 99.59 1,872,668.70 1,882,269.90 Fixed Income 69353RFL7 PNC BANK NA 3.500% 6/OB/23 3.4033% 5,000,000.0000 A2 A 102.84 4,993,318.05 5,142,050.00 Fixed Income 69353RFB9 PNC BANK NA MTN 2.625% 2/17/22 2.6285% 1,000,000.0000 A2 A 99.87 974,940.00 998,650.00 Fixed Income 73358WAG9 PORT AUTH NY NJ 5.309%12/01/19 5.2159% 2,440,000.0000 AA3 AA- 101.78 2,507,633.89 2,483,529.60 Fixed Income 747525AD5 QUALCOMM INC 2.250% 5120120 2.2595% 5,000,000.0000 A2 A. 99.58 4,995,195.40 4,978,900.00 Fixed Income 83162CLJO S B A GTD DEV PART 6.340% 3/01/21 6.2758% 14,686.0600 N/A N/A 102.00 14,686.06 14,979.49 Fixed Income 78445JAA5 S L M A 4.27063% 4/25/23 4.2220% 14,864.5000 BAA3 A 101.15 14,804.19 15,035.74 Fixed Income 89113X3W2 TORONTO DOMINION C D 2.700% 6/07/19 2.6995% 1,000,000.0000 P-1 A-1. 100.02 1,000,000.00 1,000,190.00 Fixed Income 891140C48 TORONTO MTN 3.500% 7/19/23 3.4052% 5,000,000.0000 AA1 AA- 102.78 5,094,200.00 5,139,200.00 Fixed Income 89238BAB8 TOYOTA AUTO 2.100%10/15/20 2.1039% 2,843,557.7300 AAA AAA 99.82 2,843,267.11 2,838,325.58 Fixed Income 89239AAB9 TOYOTA AUTO 2.830%10/15/21 2.8249% 3,615,000.0000 AAA AAA 100.18 3,614,671.78 3,621,579.30 Fixed Income 912828WUO U S TREASURY I P S 0.125% 7/15/24 0.1266% 11,024,208.0000 AAA N/A 98.74 10,879,488.09 10,884,751.77 Fixed Income 912828TH3 U S TREASURY NIT 0.875% 7/31/19 0.8797% 10,000,000.0000 AAA N/A 99.47 9,898,437.50 9,946,500.00 Fixed Income 912828T34 U S TREASURY NIT 1.125% 9/30/21 1.1560% 7,000,000.0000 AAA N/A 97.32 6,757,914.08 6,812,400.00 Fixed Income 912828W97 US TREASURY NIT 1.250% 3/31/19 1.2500% 5,000,000.0000 WR N/A 1.00 4,965,429.69 5,000,000.00 Fixed Income 912828T67 US TREASURY NIT 1.250%10/31/21 1.2823% 6,000,000.0000 AAA N/A 97.48 5,813,691.98 5,848,860.00 Fixed Income 912828N89 U S TREASURY NIT 1.375% 1/31/21 1.3986% 6,000,000.0000 AAA N/A 98.31 5,895,840.41 5,898,780.00 Fixed Income 9128282K5 U S TREASURY NIT 1.375% 7/31/19 1.3801% 35,000,000.0000 AAA N/A 99.63 34,810,156.26 34,871,550.00 Fixed Income 9128281-99 U S TREASURY NIT 1.375%10/31/20 1.3961% 10,000,000.0000 AAA N/A 98.49 9,850,311.40 9,848,800.00 Fixed Income 912828SN1 USTREASURY NIT 1.500% 3/31/19 1.5000T 5,000,000.0000 WR N/A 1.001 5,016,423.00 5,000,000.00 Fixed Income 912828XE5 U S TREASURY NIT 1.500% 5/31/20 1.5157% 5,000,000.0000 AAA N/A 98.96 4,966,423.00 4,948,050.00 Fixed Income 912828G61 US TREASURY NIT 1.500%11/30/19 1.5094% 7,500,000.0000 AAA N/A 99.38 7,449,634.50 7,453,125.00 Fixed Income 912828R69 U S TREASURY NIT 1.625% 5/31/23 1.6657% 5,000,000.0000 AAA N/A 97.56 4,757,226.56 4,877,750.00 Fixed Income 912828WS5 U S TREASURY NIT 1.625% 6/30/19 11.6286%1 2,000,000.0000 AAA N/A 99.78 1,996,861.44 1,995,540.00 Fixed Income 912828W W U S TREASURY NIT 1.625% 7/31/19 1.6297% 20,000,000.0000 AAA N/A 99.77 19,923,437.51 19,942,200.00 Fixed Income 912828W W U S TREASURY NIT 1.625% 7/31/19 1.6297% 5,000,000.0000 AAA N/A 99.71 5,012,388.70 4,985,550.00 Fixed Income 912828.176 U S TREASURY NIT 1.750% 3/31/22 1.7751% 5,000,000.0000 AAA N/A 98.59 4,976,383.94 4,929,300.00 Fixed Income 912828XW5 U S TREASURY NIT 1.750% 6/30/22 1.7768% 5,000,000.0000 AAA N/A 98.49 4,973,454.25 4,924,600.00 Fixed Income 912828F39 U S TREASURY NIT 1.750% 9/30/19 1.7564% 5,800,000.0000 AAA N/A 99.64 5,873,186.87 5,778,946.00 Fixed Income 9128281-57 U S TREASURY NIT 1.750% 9/30/22 1.7791% 13,000,000.0000 AAA N/A 98.37 12,763,554.69 12,787,710.00 Fixed Income 9128281.165 U S TREASURY NIT 1.750%11/30/21 1.7729% 7,000,000.0000 AAA N/A 98.71 6,900,492.20 6,909,490.00 Fixed Income 912828V72 U S TREASURY NIT 1.875% 1/31/22 1.8942% 3,000,000.0000 AAA N/A 98.99 3,004,814.74 2,969,640.00 Fixed Income 9128281-24 U S TREASURY NIT 1.875% 8/31/22 1.8975% 6,000,000.0000 AAA N/A 98.81 5,987,832.60 5,928,780.00 Fixed Income 912828M80 US TREASURY NIT 2.000%11/30/22 2.0 65 61 8,000,000.0000 AAA N/A 99.18 7,907,500.00 7,934,400.00 Fixed Income 912828U57 US TREASURY NT 2.125%11/30/23 2.1366% 15,000,000.0000 AAA N/A 99.46 14,723,632.81 14,918,550.00 Fixed Income 912828N30 US TREASURY NIT 2.125%12131/22 2.1337% 5,000,000.00OOAAA N/A 99.59 4,926,562.50 4,979,500.00 4of5 U.S. Bank Investment Listing -Yield As of 0 3/3 112 01 9 Asset Category CUSIP Asset Short Name Yield Shams/Units Moody s S&P Rating Price Cost Basis Market Value Fixed Income 91282BV80 U S TREASURY NT 2.250% 1/31/24 2.2502% 3,000,000.0000 AAA 99.99 3,006,093.75 2,999,760.00 Fixed Income 9128284D9 U 5 TREASURY NT 2.500% 3/31/23 2.4751% 10,000,000.0000 AAA N/A 101.01 9,887,265.63 10,100,800.00 Fixed Income 913366EJ5 UNIV OF CALIFORNIA 5.035% 5/15/21 4.7971% 400,000.0000 AA3 AA- 104.96 400,000).00 419,836.00 Fixed Income 90331HNL3 US BANK NA MTN 2.850% 1123123 2.8433% 5,000,000.0000 Al AA- 100.24 4,981,600.00 5,011,750.00 Fixed Income 931142EK5 IWALMARTINC 3.400% 6/26/23 3.3022%1 3,880,000.0000 AA2 AA 102.96 3,878,991.40 3,994,964.40 Fixed Income 25468PDL7 IWALT DISNEY MTN 0.875% 7/12/19 0.8793% 1,130,000.0000 A2 A 99.51 1,114,812.80 1,124,508.20 Fixed Income 94974BGM6 W ELLS FARG_O CO MTN 2.600% 7/22/20 2.6040% 5,000,000.0000 A2 A- 99.85 5,001,650.00 4,992,400.00 Fixed Income 94974BFU9 WELLS FARGO COM MTN 2.125% 4/22/19 2.1256% 1,500,000.0000 W R A- 99.97 1,494,090.00 1,499,550.00 Fixed Income 95000U2B8 W ELLS FARGO MTN 2.625% 7/22/22 2.6445% 3,000,000.0000 A2 A- 99.26 2,954,520.00 2,977,920.00 Fixed Income 96130ABJ6 W ESTPAC BKING C D 2.970% 9/13/19 2.9651% 1,500,000.0000 100.16 1,500,000.00 1,502,460.00 Total Consolidated 611,949,915.21 5 Of U.S. Bank Asset Detail -Consolidated As of 03131/2019 CUSIP Asset Shod Name Price Shams/Units Cost Basis Market Value Percent of Total Unreal Cash Equivalents Total 21687BWD9 COOPERATIEVE CENTRAL C P 9113/19 98.81 2,000,000,0000 1,957,864A4 1,976,260.00 0.32 18,395.56 313384GV5 F H L B DISC NTS 6/13119 99,51 5,000,0000000 4,971,094.44 4,975,450.00 0.81 4.355.56 31846V56�T AMGOVTOBFDCLZ 1.00 4,321,]]2,6300 4,321,]]2.63 4,321,]]2.63 0.71 31846V567 FIRST AM GOVT OB FD CL Z 1.00 8,253,715,6600 8,253,715.66 8,253,115.66 1.35 - 624]9MIV MUFGBANKLTDNVBRANCP 6I20/19 9943 10,020,000,0000 9,933,160.00 9,962,585.40 163 29,425.40 �62479MTV MUFGBANKLTDNVBRANCP 6120/19 99.43 2,160,000,0000 2,141,280.00 2,147,623.20 0.35 6,343.20 912796UV9 USTREASURVBILL 4/02119 99.99 5,000,000,0000 4,988,678.47 4,999,650.00 0.82 10,971.53 912196UX5 US TREASURY BILL 4/16119 99.90 7,500,0000000 7,490,553.83 ],492,5]5.00 1.22 2,021.17 912796VA4 US TREASURY BILL 5/07119 99.76 5,000,000,0000 4,986,733.33 4,988,050.00 0.82 1,316.67 Cash Equivalents Total 49,255,488.2900 49,044,852.80 49,11],681.89 8.031 ]2,829.09 Fixed Income 00440EAP2 ACE INA HOLDINGS 2.700% 3/13/23 99.72 2,000,000.0000 1,937,000.00 1,994,340,00 0.33 57,340.00 00440EAU1 ACE INA HOLDINGS 2.8750/,11/03122 100.80 4,169,000,0000 4,232,453.17 4,202,310,31 0,69 (30,142.86) 02587AAJ3 AMERICAN EXPRESS 1.930% 9115/22 99.39 6,270,000,0000 6,174,085.15 6,231,878,40 L02 5],]93.25 02665WAH4 AMERICAN HONDA MTN 2.250% 8115119 99.85 1,9]],0000000 1,972,709.91 1,973,975,19 0.32 1,265.28 02665WAH4 AMERICAN HONDA MTN 2.250% 8115119 99.85 4,000,000.0000 4,046,640.00 3,993,880,00 0.65 (52,760.00) 02665WCJB AMERICAN HONDA MTN 3.450% 1/4/23 102.76 845,0000000 943,538.15 868,305,10 0,14 24766.95 02665WCO2 AMERICAN HONDA MTN 3.625%10/10/23 103.55 2,000,000,0000 1,998,320.00 2,070,940,00 0.34 72,620.00 03215PFN4 AMRESCO 3.5397% 6/25129 96.64 133,743,2900 100,432.85 129,242,83 0.02 28,809.98 037833688 APPLE INC 2.250% 2/23/21 99.64 4,000,000,0000 4,050,840.00 3,985,600,00 065 (65,240.00) 06051GFD6 BANK OF AMERICA CORP 2.650% 4/01119 1.00 1,500,000,0000 1,499,910.00 1,500,000.00 0,25 90.00 06051GHF9 BANK OF AMERICA 3.550% 3/05124 101.55 3,]]5,000,0000 3,839,363.75 3,833,550,25 0.63 (5,813.50) 0637OROVB BANK MONTREAL C D 2.860% 6111/19 100.08 2,000,000.0000 2,000,000.00 2,001,640.00 0.33 1,640.00 06406HCW7 BANK NY MELLON MTN 2.300% 9/11119 99.85 21120,000.0000 2,142,175.20 2,116,820,00 0.35 (25,355.20) 06406RAA5 BANK OF NY MTN 2.600% 2I07/22 99.94 2,500,000.0000 2,504,475.00 2,498,575,00 041 (5,900.00) 06406RAE7 BANK OF NY MTN 2.950% 1129/23 100.53 1,500,000,0000 1,486,065.00 1,507,905,00 0.25 21,840.00 084664BT7 BERKSHIRE HATHAWAV 3.000% 5115/22 101.66 4,000,000,0000 4,131,120.00 4,066,320,00 0,66 (64,800.00) 084670BR8 BERKSHIRE HATHAWAV 2.750% 3/15/23 100.60 2,500,000,0000 2,440,950.00 2,514,925.00 041 73,975.00 166764AH3 CHEVRON CORP 3.191% W4123 102.311 3,500,0000000 3,441,095.00 3,580,920.00 0,59 139,825.00 166764BG4 CHEVRON CORP 2.100% 5/16121 99.28 260000O 0000 2,485,350.00 2,482,075.00 041 (3,275.00) 24422ESS9 JOHN DEERE CAP MTN 2.300% 9116/19 99.83 5:000: 0O0000 5,046,984.00 4,991,600.00 0,82 (55,384.00) 24422EUM9 JOHN DEERE MTN 3.650%10112/23 103.72 1,250,000,0000 1,250,237.50 1,296,500.00 0.21 46,262.50 25468PDV WALT DISNEY MTN 0.875% 7112119 99.51 1,130,0000000 1,114,812.80 1,124,508.20 0.18 9,695AO 30231GAV4 EXXON MOBIL 2.222% 3/01/21 99.55 3,000,000.0000 3,016.09].40 2,986,380.00 049 (29,717.40) 3130AOF70 F H L S DEB 3.375%12108/23 104.55 10,000,0000000 10,219,043.]5 10,454,800.00 1,71 185,756.25 3130A7CV5 F H LB DEB 1.375% 2/18/21 98.25 5,365,000.0000 5,343,325.40 5,270,951.55 086 (72,373.85) 313379RB7 F H L S DEB 1.875% 6/11121 98.% 4,000,0000000 4,030,160.00 3,958,520.00 0.65 (71,640.00) 313383HU8 F H L B DEB 1.750% 6/12MO 99.191 51000,000,0000 5,008,90.00 4,959,450.00 081 (49,500.00) 313383OR5 F H L B DEB 3.250% 6/09/23 103.]5 5,000,11,0000 5..3,3:0.00 5,187,500.00 0,85 104,150.00 313383YJ4 F H L B DEB 3.375% 9/08123 104.61 '0,000,000,0000 10,211,831.00 10,460,500.00 171 248,669.00 1 of U.S. Bank Asset Detail -Consolidated As of 03131/2019 CUSIP Asset Short Name Price Shams/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 3133TCE95 F H L M C MLTCL MTG 3.587% 8115132 101.04 10,580,4500 10,591.52 10,690,93 0.00 99,41 313488WZ3 F H L M C#786064 4.6]]% 1/01128 102. 4 1,948.3800 1,900.94 1.995,98 0.00 95.04 3135GOD75 F N M A DEB 1.500% 612220 98.92 5,000,000.0000 4,955,650.00 4,946,290.00 0.81 (9,450.00) 3135GOF73 FNMA 1.500%11130/20 98.58 7,500,000.0000 7,370,726.00 7,393,125,00 1.21 22,399.00 3135GOJ20 FNMADEB 1.375% 2/26/21 98.24 10,000,000.0000 10,040,950.00 9,823,500,00 1.61 (21],450.00) 3135G0838 FNMA 2.000% 1/05/22 99.22 3,000,000.0000 2,994,570.00 2,976,720,00 0.49 (17,850.00) 3135GOT45 FNMA 1.875% 4/05/22 98.90 5,000,000.0000 4,972,500.00 4,945,100.00 0.81 (27,400.00) 3135GOTM FN MA DEB 2.375% 1119123 100.27 5,000,000,0000 4,910,990.00 5,013,450,00 0.82 102,460.00 3135GOU35 FNMA 2.750% 6/22/21 100.95 7,500,000,0000 1,515,225.00 7,571,250,00 1.24 56,025.00 3135GOV34 FNMA 2.500% 2105/24 100.94 5,000,000,0000 4,980,850.00 5,046,950,00 0.82 66,100.00 31311NUC1 FN MA 9257179 4.500% 410128 104.41 15,563.2500 16,459.66 16,249,74 000 (209.92) 31376KT22 FN MA#357989 5.000% 9I01/35 ].62 108,3]5.3900 116.503.53 8,63251 0.02 128.98 3137EADMB FHLMC MTN 1.250%10/02/19 99.39 ,000.0000 7,399,650.00 ],454,4]5.00 1.22 54,625.00 3137EAEK1 FHLMC MTN 1.8]5%1111720 99 0,000,0000 4,986,225.001 49900,00 0.81 (24,325.00) FHLMC MTN 2.3]5% 2i6127 , 22,800.003131EAEL9 , , , , 0 , 2 1.23 3137EAEN5 F H L M C 2.750% 6/1923 101.74 10,000,000.0000 9,956,500D0 10,174,400,00 1.66 217,900.00 31381PDA3 FN MA#466397 3.400%11/01120 101,18 341,607.0500I 334,214.47 345,641.43 0.06 11,426.96 3138EG6F6 FN MA#AL0869 4.500% 6101/29 104.43 11,213.2100 11,859.08 11,709,84 0.00 (149.24) 31394JY35 F H L M C MLTCL MTG 6.W0% 9125143 114,97 737,239,0900 834,923.26 847,611.15 0.14 12,687.89 31397OREO F N M A GTD REMIC 1.113% 2125141 101.05 206,92].]800 206,863.12 209,104.66 0.03 2,241.54 31398VJ98 F H L M C MLTCL MTG 4.251% 1I2520 100.54 900,000,0000 951,046.88 904,815.00 0.15 (46,231.88) 31403DJZ3 FNMA#745580 5.000% 6/01/36 107.60 101,127,8900 108,712.49 108,816,64 0.02 104.15 31403GXF4 FNMA#748678 5.000%10/01133 106.09 1,834.1700 1,971.74 1,945.87 0,00 (25.87) 31406PQYB FN MA#815971 5.000% 3/01/35 107.55 176,846.8200 190,110.34 190,195,22 0.03 84.88 31406XWT5 FN MA#823358 4.722% 2/01/35 104.65 111,885,5600 111,011.45 11],082,64 0.02 fi3O]1.19 3140]BXH] F N M A#826080 5.000% 7101135 107.64 20,0]].9800 21,583.82 21,611,54 0.00 2].]2 31410F4V4 FN MA#888336 5.000% 7101/36 10].61 199,708,4900 214,686.62 214,906,31 0.04 219.69 3141]YAY3 FN MA#MA0022 4.500% 4/01129 104.43 18,301,8000 19,355.95 19,112,02 0.00 (243.93) 36225CAZ9 G N M A 11#080023 4.125%12120126 102.91 17,790,0500 18,083.% 18,308,10 0,00 224.14 36225CC20 G N M A I I#080088 3.625% 6/20127 101.64 17,325,8600 17,704.88 1],610]0 0.00 (94.18) 36225CN28 G N M A 11#080408 3.625% 5120130 103.36 56,072,0000 55,502.52 57,954.34 0.01 2,451.82 36225CNW G N M A 11#0803953.625% 4/20/30 103.36 7,108,2300 7,043.79 7,346.71 0.00 302.92 36225DCB8 G N M A 11#080965 3.750% 7120134 104.13 49,812,7400 49,781.61 51,872.00 0.01 2,090.39 369550BE7 GENERAL DYNAMICS 3.000% 5/11/21 100.90 3,160,000.0000 3,138,038.00 3,188,534.80 0.52 50,496.80 40428OBF5 HSBC HOLDINGS PLC 2.650% 1I0522 99.10 4,500,000.0000 4,429,980.00 4,459,590.00 0.73 29,610.00 40428HPR7 HSBC USA INC MTN 2.350% 3/0520 99.71 2,500,000.0000 2,472,287.50 2,492,675.00 0.41 20,387.50 43814PA66 HONDAAUTO 1.570% 1121120 99.95 76,602,2200 76,595.41 76,565.45 0.01 (29.96) 43814PAC4 HONDAAUTO 1.790% 9/20/21 99.35 3,090,000.0000 3,040,994.53 3,069,853.20 0.50 28,858.67 43814OAC2 HONDA AUTO 1.390% 4/1520 99.82 221,021,0500 221,016.76 220,63205 0.04 (384.71) 43814RAC0 HONDAAUTO 1.210%12/18/20 99.37 1,402,847,5700 1,38],449.12 1,394,03].69 0.23 6,588.57 43814UAG4 HONDAAUTO 3.010% 5/18/22 100.62 1,110,000.0000 1,]09,962.]2 1,720,516.50 0.28 lo553.18 d3814WAB1 HONDAAUTO 2.]50% 9120121 100.09 4,395,000.0000 4,396,718.96 4,399,131.30 0]2 4,414.3d 2 014 U.S. Bank Asset Detail -Consolidated As of 03131/2019 CUSIP Asset Shod Name Price Shams/Units Cost Basis Market Value Percent of Total Unrealized Galn&oss 43815HAGI HONDAAUTO 2.950% 8122122 100.69 3,970,000,0000 3,969,455.32 3,997,353,30 0.65 27,897,98 44932HAH6 IBM CREDIT CORP 3.000% 2/06123 100.75 5,670.000,0000 5,603,264.40 5,712,58130 0.93 109,317.30 4581XOCS5 INTER AMER SK M T N 1.9750A3/15121 9906 5,000,000,0000 5,059,610.00 4,952,NO 00 0,81 (106,710.00) 4581XOCW6 INTER AMER DEV BK 2.125% 1/18122 9R51 3,000,000.0000 2,996,310.00 2,985,330.00 0.49 (10,980.00) 4581XOCX4 INTER AMER DEV SK 1.625% 5/12/20 99.16 3,035,0000000 3,027,807.05 3,009,475.65 0.49 (18,331.40) 4581XOCZ9 INTERAMERDEVBK 1.750% 9/14122 98.10 6,500,000.0000 6,249,655.00 6,376,240,00 1.04 126,585.00 459058FY4 INTL BK 2.000% 1126122 99.19 10,000,000.0000 10,006,350.00 9,919,400,00 1.62 (86,950.00) 45950KCJ7 INTL FINANCE CORP 1.125% 712W21 97.25 2,500,000.0000 2,441,600.00 2,431,125,00 0.40 (10,475.00) 459WKCMO IINTLBK MTN 2.250% 1/25/21 99.T 2,970,00O0000 2,%1,268.20 2,963,109,60 0.48 1,841.40 46625HKA7 JPMORGAN CHASE CO 2.250% 1/23/20 99.64 1,500,000,0000 1,490,940.00 1,494,525,00 024 3,585.00 46625HKA7 JPMORGAN CHASE CO 2.250% 1/23/20 99.64 2,000,000,0000 1,994,880.00 1,992p00.00 0.33 (2,180.00) 46625HRL6 JP MORGAN CHASE CO 2.700% 5/18/23 99.02 4,000,000,0000 3,832,440.00 3,980,920.00 65 0 128,480.00 4]]88BASO JOHN DEERE OWNER 1.590% 4/15120 99.95 49,440.6300 49,436.34 49,414.43 0.01 (21.91) 4]]88BAD6 JOHN DEERE OWNER 1.820%10/15/21 99.37 675,000,0000 674,950.59 670,713.75 0.11 (4,236.84) 41188CAB8 JOHN DEERE OWNER 2.420%10115/20 99.91 1,069,844.4800 1,067,671.W 1,068,924.41 0.17 1,253.05 4]]88CAC6 JOHN DEERE OWNER 2.660% 4/18122 100.04 1,340,000,0000 1,339,903.65 1,340,589,60 2 685.95 JOHN DEERE OWNER 3.080%11/15/22 4,629,649.05 4,663,5 ].50 41188EAC2 , , T6 918.45 4]]88MAC4 JOHN DEERE OWNER 1.360% 4/15120 99.93 100,940.4300 100.924.54 100,873,81 0.02 (50.73) 47788NADO JOHN DEERE OWNER 1.490% 5/15/23 99.35 1,151,0000000 1,131,936.56 1,143,564.54 0.19 11,627.98 4]]89JAB2 JOHN DEERE OWNER 2.850%12115/21 100.17 3,265,000,0000 3,264,851.12 3,270,583.15I 0.53 5,732.03 525ESCOY6 LEHMAN BIRTH HUD ESC - 2,000,000,0000 1,040,394.% - - (1,040,394.%) 525ESCIB7 LEHMAN BIRTH MTN ES 0.00001% 1/24113 1.90 600,000,0000 322,755.11 11,400,00 000 (311,355.11) 58933YAF2 MERCK CO INC 2.800% 5118/23 101.01 2,000,000,0000 1,948,640.00 2,020,260,00 0,33 71,620.00 594918BP8 MICROSOFT CORP 1.550% 8/08/21 97.61 3,045,00OooOO 3,041,385.15 2,972,254.95 0.49 (69,130.20) 61747WAU MORGAN STANLEY 5.500% 1/28/21 105.81 2,800,000,0000 31200,848.00 2196217M.001048 (238,112.00) 64971 M5E8 NEW YORK CITY NY 4.075%11/01120 102.46 1,400,000,0000 1,400,000.00 1,434,398.001 U23 34,398.00 65411UAD2 NISSAN AUTO 1.500% 9115/21 99.80 630,999,4500 62],055.]0 629,T3].45 0,10 2,681]5 65478GAD2 NISSAN AUTO 1.750%10/15/21 99.21 2,625,000,0000 2,584,291.99 2,604,157.50 643 19,865.51 65478VAD9 NISSAN AUTO 1.320% 1115/21 99.51 770,859,0200 764,686.13 767,089S2 0,13 2,403.39 65479GAD1 NISSAN AUTO 3.060% 3/15/23 100.86 3,560,000,0000 3,559,884.66 3,590,580,40 0.59 30,695.34 674599CK9 OCCIDENTAL PETROLEUM 2.600% 4/15/22 99.Nj 3,350,0000000 3,354,589.50 3,341,956.50 0.55 (6,63300) 68389XBKO ORACLE CORP 1.900% 9115121 98.361 3,000,000.0000 2,892,240.00 2,950,680,00 0.48 58,"0.00 69353REX2 PNC BANK MTN 1.450% 7129/19 99.59 1,890,0000000 1,872,668.70 1,882,269,90 0.31 9,601.20 69353RFB9 PNC BANK NA MTN 2.625% D17/22 99.87 1,000,000,0000 974,940.00 998,650,00 0.16 23,710.00 69353RFV PNC BANK NA 3.500% 6/08123 102.84 5,000,000,0000 4,993,318.05 5,142,050,00 0.84 148,731.95 69371RN36 PACCAR FINANCIAL MTN 1.200% 81IT19 99.46 1,083,000.0000 1,069A84.16 1,0]],162,63 0.18 ],678.4] 73358WAG9 PORT AUTH NY NJ 5.309%12101119 101.78 2,440,000,0000 2,507,633.89 2AB3,529.60 0.41 (24,104.29) 747525AD5 DUALCOMM INC 2250% 5/20/20 99.58 5,000,000.0000 4,995,195.40 4,978,900,00 0.81 (16,295.40) 78445JAA5 S L M A 4.27063% 4/25123 101.15 14,864.5000 14,804.19 15,035,74 0.00 231.55 83162CUO S B A GTD DEV PART 6.340% 3/01121 102.00 14,686.0600 14,686.06 14,979,49 0.00 293.43 89113X3W2 TORONTO DOMINION C D 2.700% 6107/19 100.02 1,000,000.0000 1,000,000.00 1,000,190,00 0.16 190.00 89114QC48 IT TO MTN 3.500% 7119123 102.78 5,000,000.0000 5,094,200.00 5,139,200,00 0.84 45,000.00 3of4 U.S. Bank Asset Detail -Consolidated As of 03131/2019 CUSIP Asset Shod Name Price Shams/Units Cost Basis Market Valor Percent of Total Unrealized Galn&oss 89238BAB8 TOYOTAAUTO 2.1009/610/15120 99.82 2,843,557,7300 2,843,261.11 2,838,325,58 046 (4,941.53) 89239AA139 TOYOTA AUTO 2.830%10/15121 100.18 3,615,000,0000 3,614,671.76 3,621.579,30 059 6,907,54 90331HNU US BANK NA MTN 2.850% 1123123 100.24 5,000,000.0000 4,981,600.00 5,011,750,00 0.82 30,150.00 9128282K5 US TREASURY NT 1.375% 7/31119 99.63 35,000,000,0000 34,810,156.26 34,8]1,550.00 570 61,39374 9128284D9 US TREASURY NT 2.500% 3/31123 101.01 10,000,0000000 9,887,265.63 10,100,800.00 1.65 213,534.31 912828F39 US TREASURY NT 1.750% 9/30119 99.64 5,800,000,0000 5,813,186.87 5,]]8,946.00 0.94 (94,240.87) 91282BG61 US TREASURY NT 1.500%11130/19 99.38 7,500,000.0000 1,449,634.50 7,453,125.00 1.22 3,490.50 912828J76 US TREASURY NT 1.750% 3/31122 98.59 5,000,000,0000 4,976,383.94 4,929,300A0 0.81 (47,083.94) 912828124 US TREASURY NT 1.875% 8/31122 98.81 6,000,0000000 5,987,832.60 5,928,780,00 0,97 (59,052.60) 912828L57 US TREASURY NT 1.750% 9/30122 98.37 13,000,000.0000 12,763,554.69 12,787,710,00 209 24,155.31 912828199 US TREASURY NT 1.375%10131/20 98.49 10,000,000,0000 9,850,311.40 9,848,80000 1,61 (1,511.40) 912828MBO US TREASURY NT 2.000%11130122 99.18 8,000,000,0000 7,907,500.00 7,934,400,00 1.30 26,900.00 91282BN30 US TREASURY NT 2.125%12131/22 99.59 5,000,000,0000 4,926,562.50 4,979,500,00 0,81 52,937.50 912828N89 US TREASURY NT 1.375% 1/31121 98.31 6,000,000,0000 5,895,840.41 5,898,780,00 0.96 2,939.59 91282BR69 US TREASURY NT 1.625% 5/31123 97.561 5,000,0000000 4,]5],226.56 4,877,750,00 0,80 120,523.44 912828SN1 US TREASURY NT 1.500% 3/31119 1.00 5,000,000,0000 5,016,423.00 5,000,00000 0.82 (16A23.00) 91282BT34 US TREASURY NT 1.125% 9/30121 91.32 ],000,0000000 61757,914.O1 61812,400,00 1.11 54,485.92 912828T67 US TREASURY NT 1.250%10131121 97.48 6,000,000,0000 5,813,691.98 5,848,860,00 0.96 35,168.02 912828TH3 US TREASURY NT 0.875% 7/31119 99.47 10,000,000,0000 9,898,431.50 9,946,50000 1,63 48,062.50 9128281,57 US TREASURY NT 2.125%11130123 99A6 15,000,000,0000 14,723,632.81 14,918,550,00 244 194,911.19 91282BU65 US TREASURY NT 1.750%11130/21 98.71 7,000,000,0000 6,900,492.20 6,909,490,00 1,13 8,99].80 912828V]2 US TREASU RY NT 1.875% 1/31122 98.99 3,000,000,0000 3,004,814.74 2,969,640.00 0.49 (35,174.74) 912828VBO US TREASU RY NT 2.250% 1/31124 99.99 3,000,000,0000 3,006,093.]5 2,999,760,00 0.49 (6,333.75) 91282BW97 US TREASU RY NT 1.250% 3/31119 1.00 5,000,000,0000 4,.5,429.69 5,000,00000 0.82 34,570.31 912828WS5 US TREASU RY NT 1.625% W0119 99.78 2,000,0000000 1,996,861.44 1,995,W,00 0.33 (1,321.44) 912828WUO US TREASU RY I PS 0.125% 7115124 98.74 11,024,208,0000 10,879,488.09 10,884,751.77 178 5,263.68 912828WW6 US TREASU RY NT 1.625% 7/31119 99.71 20,000,0000000 19,923A31.51 19,942,200.00 3,26 18,762.49 912828WW6 US TREASU RY NT 1.625% 7/31119 997111 5,000,000,0000 5,012,388.70 4,985,550,00 0.81 (26,838.70) 912828XE5 US TREASU RY NT 1.500% 5/31120 98.96 5,000,0000000 4,966A23.00 4,948,050.00 0.81 (18,373.00) 912828=5 US TREASU RY NT 1.750% 6/30122 98.49 5,000,000,0000 4,973A54.25 4,924,600.00 0.80 (48,854.25) 913366EJ5 UNIV OF CALIFORNIA 5.035% 5/15121 104,96 400,000,0000 400,000.00 419,836,00AO.255 19,836.00 931142EK5 WALMART INC 3.400% 6/26123 102A6 3,880,000,0000 3,878,991.40 3,994,964.41 115,973.00 94W4BFU9 WELLS FARGO COM MTN 2.125% 4/22/19 99.W 1,500,0000000 1,494,090.00 1,499,55000 5,460.00 94974BGM6 WELLS FARGO CO MTN 2.600% 7/22120 99A5 5,000,000.0000 5,001,650.00 4,992,400,00 (9,250.00) 95000U2B8 WELLS FARGO MTN 2.625% 7/22122 99.26 3,000,000,0000 2,954,520.00 2,911,920.00 23,400.00 96130ABJ6 WESTPAC EKING C D 2.970% 9113119 100.16 1,500,000.0000 1,500,000.00 1,502,460.00 2,480.00 Fixed Income Total 565,916,960.6200 562,200,411.86 562,832,233.321 91.97 631,821A6 Grand Total 615,170,448.9100 611,245,264.66 611,949,915.21 100.00 704,650.55 4of4 U.S. Bank Transaction History 01/01/2019 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Units PrI.. Nat Cash A�t Cast GaIn1L.a. ACQUISITIONS O110312019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CL Z 45,269.0000 1.000000 45,269.00 45,269.00 0.00 01/03/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 31,713.5500 1.000000 -31,713.55 31,713.55 0.00 01/07/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 89,625.0000 1.000000 -89,625.00 89,625.00 0.00 01/09/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 55.000.0000 1.000000 -55,000.00 55,000.00 0.00 01/14/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CL Z 5,000,000.0000 1.000000 -5,000,000.00 5,000,000.00 0.00 01114/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 4,943.7500 1.000000 4,94375 4,943.75 0.00 01/14/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10,000,000.0000 1.000000 -10,000,000.00 10,000,000.00 0.00 01/14/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 14.414.2900 1.000000 -14,414.29 14,414.29 0.00 01/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CL Z 1,122,474.9400 1.000000 -1,122,474.94 1,122,474.94 0.00 01115/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 95,816.7300 1.000000 -95,816.73 95,816.73 0.00 01/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 273,378.4900 1.000000 -273,378A9 273,378.49 0.00 01/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 4.289.2500 1.000000 4,289.25 4,289.25 0.00 01/22/2019 3130AOF70 PURCHASED PAR VALUE OF F H L B DEB 3.375%12/08/23 ICITIGROUP GLOBAL 1,875,000.0000 1.027680 -1,926,900.00 1,926,900.00 0.00 MARKETS INC11,875,000 PAR VALUE AT 102.768% 0112212019 3133846X6 PURCHASED PAR VALUE OF F H L B DISC NTS 2115/19/NOMURA SECURITIES 3,200,000.0000 0.998420 -3,194,944.00 3,194,944.00 0.00 INTERNATIONAI3,200,000 PAR VALUE AT 99.842% 01/22/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CL Z 5,000,000.0000 1.000000 -5,000,000.00 5,000,000.00 0.00 0112212019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 8,242,283.1700 1.000000 -8,242,283.17 8,242,283.17 0.00 01/23/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 93,750.0000 1.000000 -93,750.00 93,750.00 0.00 01/24/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 21.679.1700 1.000000 -21,679.17 21,679.17 0.00 01/24/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CLZ 1,000,000.0000 1.000000 -1,000,000.00 1,000,000.00 0.00 01/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 36,600.7500 1.000000 -36,600.75 36,600.75 0.00 01/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 39,008.8700 1.000000 -39,008.87 39,008.87 0.00 01/28/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,041.750.0000 1.000000 -2,041,750.00 2,041,750.00 0.00 01/28/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CLZ 11,330.0000 1.000000 -11,330.00 11,330.00 0.00 01/28/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CLZ 177,000.0000 1.000000 -177,000.00 177,000.00 0.00 01/29/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 13,702.5000 1.000000 -13,702.50 13.702.50 0.00 01/29/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 22.125.0000 1.000000 -22,125.00 22,125.00 0.00 01/30/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CL Z 3,012,000.0000 1.000000 -3,012,000.00 3,012,000.00 0.00 01/31/2019 9128282K5 PURCHASED PAR VALUE OF U S TREASURY NT 1.375% 7/31/19/J.P.MORGAN 10,000,000.0000 0.994492 -9,944,921.88 9,944,921.88 0.00 SECURITIES LLC/10,000,000 PAR VALUE AT 99.4492188% 01/31/2019 91282BU57 PURCHASED PAR VALUE OF U S TREASURY NT 2.125%11/30/23/GOLDMAN SACHS 5,000.000.0000 0.984336 4,921,679.68 4.921,679.68 0.00 &CO.LLC/5,000,000 PAR VALUE AT 98.433594% 1 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Unita Pric,a Net Ca�h Arint Coat GainfL.aa 01/31/2019 9128281.57 PURCHASED PAR VALUE OF U S TREASURY NT 2.125%11/30/23/MORGAN 10,000.000.0000 0.980195 -9,801,953.13 9,801,953.13 0.00 STANLEY&CO.LLC/10,000,000 PAR VALUE AT 98.0195313% 01/31/2019 31846V567 PURCHASED UNITS OF FIRSTAM GOVT OB FDCLZ 68,069,375.0000 1.000000 -68,069,375.00 68,069,375.00 0.00 01/31/2019 31846V567 PURCHASED UNITS OF FIRSTAM GOVT OB FDCLZ 1,354,351.8200 1.000000 -1,354,351.82 1,354,351.82 0.00 02104/2019 31846V567 PURCHASED UNITS OF FIRSTAM GOVTOB FDCLZ 17,454.6600 1.000000 -17,454.66 17,454.66 0.00 02I0412019 31846V567 PURCHASED UNITS OF FIRSTAM GOVT OB FDCLZ 38,421.5900 1.000000 -38,421.59 38,421.59 0.00 02106/2019 31846V567 PURCHASED UN ITS OF FIRST AM GOVT OB FD CL Z 1,500,000.0000 1.000000 -1,500,000.00 1,500,000.00 0.00 02/06/2019 31846V567 PURCHASED UN ITS OF FIRST AM GOUT OB FD CL Z 85,050.0000 1.000000 -85,050.00 85,050.00 0.00 02107/2019 31846V567 PURCHASED UN ITS OF FIRST AM GOVT OB FD CL Z 32,500.0000 1.000000 -32,500.00 32.500.00 0.00 02I0812019 31846V567 PURCHASED UN ITS OF FIRST AM GOVT OB FD CL Z 23,598.7500 1.000000 -23,598.75 23,598.75 0.00 02/12/2019 912828WW6 PURCHASED PAR VALUE OF U S TREASURY NT 1.625% 7/31/19/RBC CAPITAL 15,000,000.0000 0.996172 -14,942,578.13 14,942,578.13 0.00 MARKETS,LLC/15,000,000 PAR VALUE AT 99.61718753% 0211212019 31846V567 PURCHASED UN ITS OF FIRST AM GOVT OB FD CL Z 20,006,498.0000 1.000000 -20.006,498.00 20,006.498.00 0.00 0W312019 46625HKA7 PURCHASED PAR VALUE OF JPMORGAN CHASE CO 2.250% 1/23/20/CITIGROUP 1,500,000.0000 0.993960 -1,490,940.00 1,490,940.00 0.00 GLOBAL MARKETS INC./1,500,000 PAR VALUE AT 99.396% 0V1312019 89239AAB9 PURCHASED PAR VALUE OF TOYOTA AUTO 2.830%10/15/21 IMITSUBISHI UFJ 3,615,000.0000 0.999909 -3,614,671.76 3,614,671.76 0.00 SECURITIES USA/3,615,000 PAR VALUE AT 99.99092006% 0V1512019 912828WW6 PURCHASED PAR VALUE OF U S TREASURY NT 1.625% 7/31/191NOMURA 5,000,000.0000 0.996172 4,980,859.38 4,980,859.38 0.00 SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 99.6171876% 0V1512019 31846V567 PURCHASED UN ITS OF FIRST AM GOUT OB FD CL Z 166,203.7900 1.000000 -166,203.79 166,203.79 0.00 0V1512019 31846V567 PURCHASED UN ITS OF FIRST AM GOVT OB FD CL Z 9,250,794.3900 1.000000 -9.250,794.39 9,250,794.39 0.00 0V1912019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,500,000.0000 1.000000 -1,500,000.00 1,500,000.00 0.00 02119/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 9,386,745.5000 1.000000 -9,386,745.50 9,386,745.50 0.00 OD1912019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CL Z 4,289.2500 1.000000 4,289.25 4,289.25 0.00 02I2012019 62479MTL7 PURCHASED PAR VALUE OF MUFG BANK LTD NY BRAN C P W20/19IMUFG UNION 10,020,000.0000 0.991333 -9.933,160.00 9,933.160.00 0.00 BK NA/MMI/PIMS/IPA/10,020,000 PAR VALUE AT 99.13333333% 02/20/2019 62479MTL7 PURCHASED PAR VALUE OF MUFG BANK LTD NY BRAN C P 6/20/191MUFG UNION 2,160,000.0000 0.991333 -2,141,280.00 2,141,280.00 0.00 BK NAIMMI/PIMS/IPA12,160,000 PAR VALUE AT 99.13333333% 02121/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 9,759.5800 1.000000 -9,759.58 9.759.58 0.00 02I22I2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1150'000.0000 1.000000 4 50,000.00 650,000.00 0.00 02/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 3,188.2500 1.000000 -3,188.25 3,188.25 0.00 02/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CLZ 81,203.3800 1.000000 -81,203.38 81,203.38 0.00 02I2612019 02665WAH4 PURCHASED PAR VALUE OF AMERICAN HONDA MTN 2.250% W15119/J.P.MORGAN 1,977,000.0000 0.997830 -1.972,709.91 1,972.709.91 0.00 SECURITIES LLC/1,977,000 PAR VALUE AT 99.783% 02/26/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 68,750.0000 1.000000 -68,750.00 68,750.00 0.00 2 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 02/27/2019 43814WAB1 PURCHASED PAR VALUE OF HONDAAUTO 2.750% 9/20/21/MLPFS INC/FIXED 4,395,000.0000 0.999936 -4,394,716.96 4,394,716.96 0.00 INCOME/4,395,000 PAR VALUE AT 99.99355995% 02/27/2019 912796UV9 PURCHASED PAR VALUE OF U S TREASURY BILL 4102119 IMLPFS INC/FIXED 5,000,000.0000 0.997736 3,988,678A7 4,988,678.47 0.00 INCOME/5,000,000 PAR VALUE AT 99.7735694% 02/28/2019 313383YJ4 PURCHASED PAR VALUE OF F H L B DEB 3.375% 91OB123 HELLS FARGO 3,525,000.0000 1.034260 -3,645,766.50 3,645.766.50 0.00 SECURITIES,LLC/3,525,000 PAR VALUE AT 103.426% 02/28/2019 3135GOV34 PURCHASED PAR VALUE OF F N M A 2.500% 2I05I24/MIZUHO SECURITIES 5,000,000.0000 0.996170 4,980,850.00 4,980,850.00 0.00 USA FXD INC/5,000,000 PAR VALUE AT 99.617% 02128/2019 89114QC48 PURCHASED PAR VALUE OF TORONTO MTN 3.500% 7/19/23/BONY/TORONTO 5,000,000.0000 1.018840 -5,094,200.00 5,094,200.00 0.00 DOMINION SECURITII5,000,000 PAR VALUE AT 101.884% 03/01/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CLZ 43,011.8800 1.000000 43,011.88 43,011.88 0.00 03/04/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 18,019.8300 1.000000 -18,019.83 18,019.83 0.00 03/04/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 47.525.5800 1.000000 47,525.56 47,525.58 0.00 03/05/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CLZ 29,375.0000 1.000000 -29,375.00 29,375.00 0.00 03/07/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CLZ 20,000,000.0000 1.000000 -20,000,000.00 20,000,000.00 0.00 03/08/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 4,231,500.0000 1.000000 4,231,500DO 4,231,500.00 0.00 03/08/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 7,725.000.0000 1.000000 -7,725,000.00 7.725,000.00 0.00 03/11/2019 9128282K5 PURCHASED PAR VALUE OF U S TREASURY NT 1.375% 7131119 NOMURA 15,000,000.0000 0.995781 -14,936,718.75 14,936,718.75 0.00 SECURITIES INTERNATIONAH 5,000,000 PAR VALUE AT 99.578125% 03/11/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 24,380.0000 1.000000 -24,380DO 24,380.00 0.00 03/13/2019 47789JAB2 PURCHASED PAR VALUE OF JOHN DEERE OWNER 2.850%12/15Ml/CITIGROUP 3,265.000.0000 0.999954 -3,264,851.12 3,264,851.12 0.00 GLOBAL MARKETS INC./3,265,000 PAR VALUE AT 99.99544012% 03/14/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 56,875.0000 1.000000 -56,875.00 56,875.00 0.00 03/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 4,999,471.4300 1.000000 4,999,47IA3 4,999,471.43 0.00 03/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 144,629.7000 1.000000 -144,629.70 144,629.70 0.00 03/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CL Z 57,500.0000 1.000000 -57,500.00 57,500.00 0.00 03118/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 240,920.7400 1.000000 -240,92074 240,920.74 0.00 03/19/2019 313384GV5 PURCHASED PAR VALUE OF F H L B DISC NITS 6/13/19/MIZUHO SECURITIES 5,000,000.0000 0.994219 4,971,094A4 4,971,094.44 0.00 USA FXD INC/5,000,000 PAR VALUE AT 99A218888% 03/20/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CLZ 3,425.4900 1.000000 -3,425.49 3,425.49 0.00 03/21/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CLZ 9,759.5800 1.000000 -9,759.58 9,759.58 0.00 03/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 3,188.2500 1.000000 J,188.25 3,188.25 0.00 03/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 33,611.6400 1.000000 -33,611.84 33,611.84 0.00 03/27/2019 31846V567 PURCHASED UNITS OF FIRST AM GOUT OB FD CL Z 815,000.0000 1.000000 -815,000.00 815,000.00 0.00 03/28/2019 912796UX5 PURCHASED PAR VALUE OF U S TREASURY BILL 4116119 IJ.P.MORGAN 7,500,000.0000 0.998741 -7,490,553.83 7,490,553.83 0.00 SECURITIES LLC/7,500,000 PAR VALUE AT 99.87405107% 3 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 03/28/2019 912796VA4 PURCHASED PAR VALUE OF U S TREASURY BILL 5/07/19/BONY/TORONTO 5,000.000.0000 0.997347 4,986,733.33 4.986,733.33 0.00 DOMINION SECURITII5,000,000 PAR VALUE AT 99.7346666% 03/29/2019 06051GHF9 PURCHASED PAR VALUE OF BANK OF AMERICA 3.550% 3/05/241MLPFS INC/FIXED 3,775,000.0000 1.017050 -3,839,363.75 3,839,363.75 0.00 INCOME/3,775,000 PAR VALUE AT 101.705% 03/29/2019 912828V80 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 1/31/241GOLDMAN SACHS 3,000.000.0000 1.002031 -3,006,093.75 3.006,093.75 0.00 8 CO.LLCI3,000,000 PAR VALUE AT 100.203125% TOTAL ACQUISITIONS 921.986.532.7400 -321.645,751.51 321,645,751.51 0.00 DISPOSITIONS 0111412019 459052AP1 MATURED PAR VALUE OF INTL BK DISC NTS 111411910,000,000 PAR VALUE AT -10,000,000.0000 1.000000 10,000 000 00 -9,985,825.00 14,175.00 100% 0111412019 459052AP1 MATURED PAR VALUE OF INTL BK DISC NTS 1114119 5,000,000 PAR VALUE AT -5,000,000.0000 1.000000 5,000,000.00 4,992,912.50 7,087.50 100% 01/15/2019 3134BSWZ3 PAID DOWN PAR VALUE OF F H L M C#786064 3.427% 1101128 DECEMBER FHLMC -12.4800 0.000000 12.48 -12.18 0.30 DUE 1/15/19 01115/2019 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.587% 8/15/32 -706.1500 83,248.546754 706.15 -706.89 -0.74 01/15/2019 43814QAC2 PAID DOWN PAR VALUE OF HONDA AUTO 1.390% 4/15/20 -78,645.8400 0.000000 78,645A4 -78,644.31 1.53 01/15/2019 47788MAC4 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.360% 4/1 S/20 -128.010.2100 0.000000 128,010.21 -127,990.06 20.15 01/15/2019 47788BABO PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.590% 4/15Q0 60,149.0800 0.000000 60,149.08 -60,143.85 5.23 01/15/2019 47788CAB8 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2A20%10/15/20 -177,787.3900 0.000000 177,787.39 -177,426.26 361.13 01/15/2019 65478VAD9 PAID DOWN PAR VALUE OF NISSAN AUTO 1.320% 1/15/21 -93,749.7400 0.000000 93,74934 -92,999.01 750.73 01/15/2019 654747MO PAID DOWN PAR VALUE OF NISSAN AUTO 1A70% 1/15/20CMO FINAL PAYDOWN -78,074.3800 0.000000 78,074.38 -78,073.98 0.40 01115/2019 65477UAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.500% 9/15/21 -158,014.5500 0.000000 158,014.55 -157,026.96 987.59 01/15/2019 89238BA68 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.100%10115120 �1,748.7700 0.000000 381,74837 -381,709.76 39.01 01/18/2019 43814RAC0 PAID DOWN PAR VALUE OF HONDA AUTO 1.210%12/18/20 -165.401.4800 0.000000 165,401.48 -163,585.94 1,815.54 01/18/2019 43814PAB6 PAID DOWN PAR VALUE OF HONDA AUTO 1.570% 1/21/20 69,210.8000 0.000000 69,210.80 -69,204.65 6.15 01/22/2019 912796UK3 MATURED PAR VALUE OF U S TREASURY BILL 1/22/19 10,000,000 PAR VALUE -10,000,000.0000 1.000000 9,986,250.00 -9,986,250.00 0.00 AT 100% 0112212019 912796UK3 MATURED PAR VALUE OF U S TREASURY BILL lM2/195.000,000 PAR VALUE AT -5,000.000.0000 1.000000 4,993,125.00 4.993,125.00 0.00 100% 01/22/2019 36225CAZ9 PAID DOWN PAR VALUE OF G N M A 11#080023 3.125%12/20/26 DECEMBER GNMA -209.9000 0.000000 209.90 -213.37 -3.47 DUE 1120119 0112212019 36225CC20 PAID DOWN PAR VALUE OF G N M A 11#080088 3.625% 6120127 DECEMBER GNMA -191.6400 0.000000 191.64 -195.83 4.19 DUE 1I20119 01/22/2019 36225CNM4 PAID DOWN PAR VALUE OF G N M A 11#080395 3.625% 4I20I30 DECEMBER GNMA -208.3400 0.000000 208.34 -206AS 1.89 DUE 1120119 4 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Units Pri,,o Net Cash Annt Cost GainfLoss 01122I2019 36225CN28 PAID DOWN PAR VALUE OF G N M A 11#080408 3.625% 5120130 DECEMBER GNMA -363.0400 0.000000 363.04 -359.35 3.69 DUE 1120119 01/22/2019 36225DCB8 PAID DOWN PAR VALUE OF G N MA 11#080965 3.750% 7I20134 DECEMBER GNMA -1,964.1700 0.000000 1,964.17 -1,962.94 1.23 DUE 1120119 01122I2019 31846V567 SOLD UNITS OF FIRST AM BOW OB FD CL Z -3.180.869.0000 1.000000 3,180,869.00 -3.180,869.00 0.00 01/24/2019 89113XUZ5 MATURED PAR VALUE OF TORONTO DOMINION C D 2.150% 1124119 1,000,000 PAR -1,000,000.0000 1.000000 1,000,000.00 -997,312.00 2,688.00 VALUE AT 100% 01/25/2019 31394JV35 PAID DOWN PAR VALUE OF F H L M C MLTCL INTO 6.500% 9/25/43 -5,828.6600 0.000000 5,828A6 -6,600.96 -772.30 01/25/2019 31371NUC7 PAID DOWN PAR VALUE OF F N M A#257179 4.500% 4/01/28 DECEMBER FNMA -129.8000 0.000000 129.80 -137.28 -7.48 DUE 1125119 01/25/2019 31376KT22 PAID DOWN PAR VALUE OF F N M A#357969 5.000% 9/01/35 DECEMBER FNMA 437.4000 0.000000 437.40 470.20 -32.80 DUE 1125119 01/25/2019 31381PDA3 PAID DOWN PAR VALUE OF F N M A#466397 3.400%11/01/20 DECEMBER FNMA -676.6100 0.000000 676.61 -661.97 14.64 DUE 1125119 01/25/2019 31403DJZ3 PAID DOWN PAR VALUE OF F N M A#745580 5.000% 6101/36 DECEMBER FNMA -1,328.2100 0.000000 1,328.21 -1,427.83 -99.62 DUE 1125119 01/25/2019 31403GXF4 PAID DOWN PAR VALUE OF F N M A#748678 5.000%10101133 DECEMBER FNMA -8.3400 0.000000 8.34 4L97 -0.63 DUE 1125119 01/25/2019 31406PQV8 PAID DOWN PAR VALUE OF F N M A#815971 5.000% 3/01/35 DECEMBER FNMA -2,623.9600 0.000000 2,623.96 -2,820.76 -196.80 DUE 1125119 01/25/2019 31406XWT5 PAID DOWN PAR VALUE OF F N M A#823358 3.972% 2/01/35 DECEMBER FNMA -09.7200 0.000000 449.72 -446.21 3.51 DUE 1125119 01/25/2019 31407BXH7 PAID DOWN PAR VALUE OF F N M A#826080 5.000% 7/01/35 DECEMBER FNMA -311.9100 0.000000 311.91 -335.30 -23.39 DUE 1125119 01/25/2019 3141DF4V4 PAID DOWN PAR VALUE OF F N M A#888336 5.000% 7/01/36 DECEMBER FNMA -3.659.1600 0.000000 3,659.16 -3,933.60 -274.44 DUE 1125119 01/25/2019 3138EG6F6 PAID DOWN PAR VALUE OF F N M A#AL0869 4.500% 6/01/29 DECEMBER FNMA -202.3000 0.000000 202.30 -213.95 -11.65 DUE 1125119 01/25/2019 31417 AV3 PAID DOWN PAR VALUE OF F N M A#MAD022 4.500% 4/01/29 DECEMBER FNMA -165.9100 0.000000 165.91 -175.47 -9.56 DUE 1125119 01/25/2019 31397QRED PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.113% 2/25/41 -2,608.4800 0.000000 2,608.48 -2,607.66 0.82 01/25/2019 78445JAA5 PAID DOWN PAR VALUE OF S L M A 4.07854% 4125123 -10,997.7100 0.000000 10,99731 -10,953.09 44.62 01/28/2019 46625HJR2 MATURED PAR VALUE OF JPMORGAN CHASE CO 2.350% 1/28/191,000,000 PAR -1,000.000.0000 1.000000 1,000,000.00 -998,810.00 1,190.00 VALUE AT 100% 0112812019 69353RCH9 MATURED PAR VALUE OF PNC BANK NA MTN 2.200% 1/28/191,030,000 PAR VALUE -1,030,000.0000 1.000000 1,030,000.00 -1,028,805.20 1,194.80 AT 100% 01/30/2019 313384BF5 MATURED PAR VALUE OF F H L B DISC NTS 1130119 3,012,000 PAR VALUE AT -3,012.000.0000 1.000000 2,996,848.58 -2,996,848.58 0.00 100% 5of22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Units Pri,,o Net Cash Arnt Cost GainfLoss 01/31/2019 912796PP8 MATURED PAR VALUE OF U S TREASURY BILL 1/31/19 5.000,000 PAR VALUE AT -5,000.000.0000 1.000000 4,958,270.17 4.958,270.17 0.00 100% 01/31/2019 912828V56 MATURED PAR VALUE OF U S TREASURY NT 1.125% 1/31/193,000,000 PAR VALUE -3,000,000.0000 1.000000 3,000,000.00 -2,991,328.13 8,671.87 AT 100% 01/31/2019 912828SD3 MATURED PAR VALUE OF U S TREASURY NT 1.250% 1/31/195.000,000 PAR VALUE -5,000.000.0000 1.000000 5,000,000.00 4,984,765.63 15,234.37 AT 100% 01/31/2019 912828833 MATURED PAR VALUE OF U S TREASURY NT 1.500% 1/31/1911,000,000 PAR -11,000,000.0000 1.000000 11,000,000.00 -11,042,439.19 -42,439.19 VALUE AT 100% 01/31/2019 912828633 MATURED PAR VALUE OF U S TREASURY NT 1.500% 1/31/1954,500,000 PAR -K500.000.0000 1.000000 54,500,000.00 -54,382,226.57 117,773.43 VALUE AT 100% 01/31/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -78,944,921.8800 1.000000 78,944,921.88 -78,944,921.88 0.00 01/31/2019 3184BV567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 4,939,777.2100 1.000000 4,939,77T21 4,939,777.21 0.00 02106/2019 B9233HP65 MATURED PAR VALUE OF TOYOTA MOTOR CREDIT CO C P 2106/191,500,000 PAR -1,500,000.0000 1.000000 1.490,331.25 -1,490.331.25 0.00 VALUE AT 100% 02112/2019 912796UN7 MATURED PAR VALUE OF U S TREASURY BILL 2/12/19 20,000,000 PAR VALUE -20,000,000.0000 1.000000 19,939,433.33 -19,939,433.33 0.00 AT 100% 0V1212019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -14,950,658.2400 1.000000 14,950,658.24 -14,950.658.24 0.00 0V1312019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,492,815.0000 1D00000 1,492,815.00 -1,492,815.00 0.00 02113/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -3,614,671.7600 1.000000 3,614,671.76 -3,614,671.76 0.00 OD1512019 313384BX6 MATURED PAR VALUE OF F H L B DISC NTS 2/15/19 3,200,000 PAR VALUE AT -3,200,000.0000 1.000000 3,194,944.00 -3,194,944.00 0.00 100% 0V1512019 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C#786064 4.270% 1/01128 JANUARY FHLMC -21.5600 0.000000 21.56 -21.04 0.52 DUE 2/15/19 OD1512019 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.587% 8/15132 -579.9000 0.000000 579.90 -580.51 -0.61 0V1512019 43814OAC2 PAID DOWN PAR VALUE OF HONDA AUTO 1.390% 4/15/20 -78,204.7100 0.000000 78,204.71 -78.203.19 1.52 0V1512019 47788MAC4 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.360% 4/15/20 -137,084.3600 0.000000 137,084.36 -137,062.79 21.57 02/15/2019 47788BABO PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.590% 4/15/20 -91,994.0600 0.000000 91,984.06 -91,976.07 7.99 OD1512019 47788CAB8 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2A20%10/15/20 -200,259.5900 0.000000 200,259.59 -199,852.81 406.78 0V1512019 65478VAD9 PAID DOWN PAR VALUE OF NISSAN AUTO 1.320% 1/15/21 -99,267.8800 0.000000 99,267.88 -98.472.96 794.92 0V1512019 65477UAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.500% 9/15/21 -160,589.4700 0.000000 160,589.47 -159,585.78 1,003.69 02/15/2019 89238BAB8 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.100%10115120 -390,414.9800 0.000000 390,414.98 -390,375.08 39.90 02/15/2019 36962G7M0 SOLD PAR VALUE OF GENERAL ELEC CA MTN 2.200% 1/09/20/MORGAN STANLEY& -5,000,000.0000 0.989970 4,949,850.00 -5,014,950.00 65,100.00 CO.LLC/5,000,000 PAR VALUE AT 98.997% 0V1512019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 4,984,226.0900 1D00000 4,984,226.09 4,984,226.09 0.00 02/19/2019 62479MPK3 MATURED PAR VALUE OF MUFG BANK LTD NY BRAN C P 2/19/191,500,000 PAR -1,500,000.0000 1.000000 1,486,927.50 -1,486,927.50 0.00 VALUE AT 100% 6 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 02119/2019 62479MPK3 MATURED PAR VALUE OF MUFG BANK LTD NV BRAN C P 2/19/199,000,000 PAR -9,000,000.0000 1.000000 8,921,565.00 -B,921,565.00 0.00 VALUE AT 100% 0W912019 43814RACO PAID DOWN PAR VALUE OF HONDA AUTO 1.210%12/18/20 -169,794.3900 0.000000 169,784.39 -167,920.74 1,863.65 02I1912019 43814PA86 PAID DOWN PAR VALUE OF HONDA AUTO 1.570% 12120 -71,255.3500 0.000000 71,255.35 -71,249.02 6.33 02120/2019 313384CC1 MATURED PAR VALUE OF F H L B DISC NTS 2120/19 1,700,000 PAR VALUE AT -1,700,000.0000 1.000000 1.693,740.69 -1,693.740.69 0.00 100% 02/20/2019 36225CAZ9 PAID DOWN PAR VALUE OF G N M A II#0800234.125%12120/26 JANUARV GNMA -173.3000 0.000000 173.30 -176.16 -2.86 DUE 2120119 0212012019 36225CC20 PAID DOWN PAR VALUE OF G N M A 11#080088 3.625% 62027 JANUARV GNMA -1 B3.0700 0.000000 183.07 -187.07 4.00 DUE 2I20119 02/20/2019 36225CNM4 PAID DOWN PAR VALUE OF G N M A 11#080395 3.625% 4/20/30 JANUARV GNMA 45.7800 0.000000 45.78 45.36 0.42 DUE 2120119 0212012019 36225CN28 PAID DOWN PAR VALUE OF G N M A 11#080408 3.625% 520/30 JANUARV GNMA -366.4400 0.000000 366.44 -362.72 3.72 DUE 2I20119 02/20/2019 36225DCB8 PAID DOWN PAR VALUE OF G N M A 11#080965 3.750% 7/20/34 JANUARV GNMA -1,716.5100 0.000000 1,716.51 -1,715.44 1.07 DUE 2120119 02120/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 441.280.0000 1.000000 441,280.00 441.280.00 0.00 02I2012019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -9,930,197.9000 1D00000 9,930,197.90 -9,930,197.90 0.00 02/22/2019 313394CE7 MATURED PAR VALUE OF F H L B DISC NTS 222/19 650,000 PAR VALUE AT 100% 650,000.0000 1.000000 647,555.13 -647,555.13 0.00 02I2512019 31394JV35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 925/43 -16,903.1100 0.000000 16,903.11 -19,142.77 -2,239.66 02125/2019 31371NUC7 PAID DOWN PAR VALUE OF F N M A#257179 4.500% 4/0128 JANUARV FNMA -130.3300 0.000000 130.33 -137.84 -7.51 DUE 2125119 02/25/2019 313761<T22 PAID DOWN PAR VALUE OF F N M A#357%9 5.000% 9/01/35 JANUARV FNMA 4 M.7300 0.000000 894.73 -961.83 -67.10 DUE 2125119 02/25/2019 31381PDA3 PAID DOWN PAR VALUE OF F N M A#466397 3.400%11/01/20 JANUARV FNMA -679.4200 0.000000 679.42 -664.72 14.70 DUE 2125119 0212512019 31403DJZ3 PAID DOWN PAR VALUE OF F N M A#745580 5.000% 6/01/36 JANUARV FNMA -1,482.9500 0.000000 1,482.95 -1,594.17 -111.22 DUE 2125119 02/25/2019 31403GXF4 PAID DOWN PAR VALUE OF F N M A#748678 5.000%10/01/33 JANUARV FNMA -8.1700 0.000000 8.17 -8.78 -0.61 DUE 2125119 02/25/2019 31406PQV8 PAID DOWN PAR VALUE OF F N M A#815971 5.000% 3/01/35 JANUARV FNMA 4305.5900 0.000000 805.59 -866.01 4 0.42 DUE 2125119 02I2512019 31406XWT5 PAID DOWN PAR VALUE OF F N M A#823358 4.722% 2/01/35 JANUARV FNMA -423.8800 0.000000 423.88 -420.57 3.31 DUE 2125119 02/25/2019 31407BXH7 PAID DOWN PAR VALUE OF F N M A#826080 5.000% 7/01/35 JANUARV FNMA -351.8800 0.000000 351.88 -378.27 .26.39 DUE 2125119 02I25/2019 31410F4V4 PAID DOWN PAR VALUE OF F N M A#888336 5.000% 7/01/36 JANUARV FNMA -1,847.0800 0.000000 1,847.08 -1,985.61 -138.53 DUE 2125119 7of22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 02/25/2019 3138EG6F6 PAID DOWN PAR VALUE OF F N M A#AL0869 4.500% 6/0129 JANUARY FNMA -173.4200 0.000000 173.42 -183.41 -9.99 DUE 2125119 02/25/2019 31417YAY3 PAID DOWN PAR VALUE OF F N M A#MA0022 4.500% 4/01/29 JANUARY FNMA 376.0200 0.000000 376.02 -397.68 -21.66 DUE 2125119 02/25/2019 31397QRED PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.113% 2M5/41 -2,804.1800 0.000000 2,804.18 -2.803.30 0.88 02/26/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,974,069.1000 1D00000 1,974,069.10 -1,974,069.10 0.00 02/27/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CLZ 4,988,678.4700 1.000000 4,988,678.47 4,988,678.47 0.00 02/27/2019 31846V567 SOLD UNITS OF FIRST AM GOUT OB FD CL Z 4,394,716.9600 1.000000 4,394,716.96 4,394,716.96 0.00 02/28/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -13,746,648.9600 1.000000 13,746,648.96 -13,746,648.96 0.00 03/01/2019 83162CLJO PAID DOWN PAR VALUE OF S B A GTD DEV PART 6.340% 3/01/21 -8,933.1500 0.000000 8,933.15 -8,933.15 0.00 03/07/2019 912796QZ5 MATURED PAR VALUE OF U S TREASURY BILL 3/07/19 20,000,000 PAR VALUE -20,000.000.0000 1.000000 19,909,000.00 -19.909,000.00 0.00 AT 100% 03/08/2019 3133782M2 MATURED PAR VALUE OF F H L B DEB 1.500% 3/08/194,200,000 PAR VALUE AT 4,200,000.0000 1.000000 4,200,000.00 4,191,684.00 8,316.00 100% 03/08/2019 3133782M2 MATURED PAR VALUE OF F H L B DEB 1.500% 3JOW197,500,000 PAR VALUE AT -7,500.000.0000 1.000000 7,500,000.00 -7.589,190.00 -B9.190.00 100% 03111/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CLZ -14,958,939.0500 1.000000 14,958,939.05 -14,958,939.05 0.00 03/13/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -3,237,851.1200 1.000000 3,237,851A2 -3,237,851.12 0.00 03/15/2019 532457BF4 MATURED PAR VALUE OF ELI LILLY CO 1.950% 3/151194,000,000 PAR VALUE AT 4,000.000.0000 1.000000 4,000,000.00 4.009,675.00 -9.675.00 100% 03/15/2019 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C#7860r4 4.677% 1/01/28 FEBRUARY FHLMC -16.4400 0.000000 16.44 -16.04 0.40 DUE 3115119 03/15/2019 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.587% 8/15/32 -524.2500 0.000000 524.25 -524.80 -0.55 03/15/2019 43814GAC2 PAID DOWN PAR VALUE OF HONDA AUTO 1.390% 4/15/20 -73,452.1300 0.336339 73,452.13 -73,450.71 1.42 03/15/2019 47788MAC4 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.360% 4/15/20 -75,168.8100 0.328658 75,168.81 -75,156.98 11.83 03/15/2019 477MBASO PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.590% 4/15/20 -61,199.7900 0.403675 61,19939 -61,194.47 5.32 03/15/2019 47788CAB8 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2A20%10/15/20 -136.790.9600 0.180603 136,790.96 -136,513.10 277.86 03/15/2019 65478VAD9 PAID DOWN PAR VALUE OF NISSAN AUTO 1.320% 1/15Q1 -87,258.0800 0.283123 87,258.08 -86,559.33 698.75 03/15/2019 65477UAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.500% 9/15/21 -143,101.4900 0.000000 143,101.49 -142,207.11 894.38 03/15/2019 892386A68 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.100%10115120 357,769.6400 0.069052 357,769.64 -357,733.08 36.56 03/18/2019 43814RAC0 PAID DOWN PAR VALUE OF HONDA AUTO 1.210%12/18MO -155.291.1700 2.084393 155,291.17 -153,586.61 1,704.56 03/18/2019 43814PAB6 PAID DOWN PAR VALUE OF HONDA AUTO 1.570% 1/21/20 67,920.5600 4.765684 67,920.56 -67,914.52 6.04 03/19/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 4,971,094.4400 1.000000 4,971,094.44 4,971,094.44 0.00 03/20/2019 36225CAZ9 PAID DOWN PAR VALUE OF G N M A 11#080023 4.125%12/20/26 FEBRUARY GNMA -175.0500 0.000000 175D5 -177.94 -2.89 DUE 3120119 8 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 03/20/2019 36225CC20 PAID DOWN PAR VALUE OF G N M A 11#080088 3.625% 6/20/27 FEBRUARV GNMA -164.2000 0.000000 164.20 -167.79 -3.59 DUE 3120119 03/20/2019 36225CNM4 PAID DOWN PAR VALUE OF G N M A 11#080395 3.625% 4/20/30 FEBRUARV GNMA -76.7200 0.000000 76.72 -76.02 0.70 DUE 3120119 03/20/2019 36225CN28 PAID DOWN PAR VALUE OF G N M A 11#080408 3.625% 5/20/30 FEBRUARV GNMA -364.1400 0.000000 364.14 -360.44 3.70 DUE 3120119 03/20/2019 36225DCB8 PAID DOWN PAR VALUE OF G N M A 11#080965 3.750% 7/20/34 FEBRUARV GNMA -2,176.1400 0.000000 2,176.14 -2,174.78 1.36 DUE 3120119 03/25/2019 31394JV35 PAID DOW N PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -11.492.3300 0.000000 11,492.33 -13,015.06 -1.522.73 03/25/2019 31371NUC7 PAID DOWN PAR VALUE OF F N M A#257179 4.500% 4/01R8 FEBRUARV FNMA -127.9400 0.000000 127.94 -135.31 -7.37 DUE 3125119 03/25/2019 31376KT22 PAID DOWN PAR VALUE OF F N M A#357969 5.000% 9101/35 FEBRUARV FNMA -828.3800 0.000000 828.38 -890.51 -62.13 DUE 3/25119 03/25/2019 31381PDA3 PAID DOWN PAR VALUE OF F N M A#466397 3.400%11/01/20 FEBRUARV FNMA -819.7800 0.000000 819.78 -802.04 17.74 DUE 3125119 03/25/2019 314030JZ3 PAID DOWN PAR VALUE OF F N M A#745580 5.000% 6101/36 FEBRUARV FNMA -1,212.2600 0.000000 1,212.26 -1,303.18 -90.92 DUE 3/25119 03/25/2019 31403GXF4 PAID DOWN PAR VALUE OF F N M A#748678 5.000%10/01/33 FEBRUARV FNMA -9.2400 0.000000 9.24 -9.93 -0.69 DUE 3125119 03/25/2019 31406PQV8 PAID DOWN PAR VALUE OF F N M A#815971 5.000% 3101/35 FEBRUARV FNMA 4,273.0200 0.000000 4,273.02 -4,593.50 -320.48 DUE 3/25119 03/25/2019 31406XWT5 PAID DOWN PAR VALUE OF F N M A#823358 4.722% 2/01/35 FEBRUARV FNMA 424.1200 0.000000 424.12 420.81 3.31 DUE 3125119 03/25/2019 314076XH7 PAID DOWN PAR VALUE OF F N M A#826080 5.000% 7101135 FEBRUARV FNMA -83.3800 0.000000 83.38 -89.63 -6.25 DUE 3/25119 03/25/2019 3141OF4V4 PAID DOWN PAR VALUE OF F N M A#888336 5.000% 7/01/36 FEBRUARV FNMA -2,325.7300 0.000000 2,325.73 -2,500.16 -174.43 DUE 3125119 03/25/2019 3138EG6F6 PAID DOWN PAR VALUE OF F N M A#AL0869 4.500% 6101129 FEBRUARV FNMA -155.2800 0.000000 155.28 -164.22 -8.94 DUE 3/25119 03/25/2019 31417YAV3 PAID DOWN PAR VALUE OF F N M A#MA0022 4.500% 4101Y 9 FEBRUARV FNMA -243.3000 0.000000 243.30 -257.31 -14.01 DUE 3125119 03/25/2019 31397OREO PAID DOWN PAR VALUE OF F N M A GTD REMIC 1.113% 2125141 -2,563.2100 0.000000 2,563.21 -2,562.41 0.80 03/27/2019 3137EACA5 MATURED PAR VALUE OF F H L M C M T N 3.750% 3/27/19 800,000 PAR VALUE AT .800,000.0000 1.000000 800,000.00 -802,376.00 -2.376.00 100% 0312812019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 4,986,733.3300 1.000000 4,986,733.33 4,986,733.33 0.00 03/28/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -7,490,553.8300 1.000000 7,490,553A3 -7,490,553.83 0.00 03/29/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -6,865,020.1200 1.000000 6,865,020.12 -6,865,020.12 0.00 TOTAL DISPOSITIONS 487,733,351.3900 387,339,192.04 -387,366,090.01 -26,897.97 9 of 22 U.S. Bank Transaction History 01/01/2019 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Units PrI.. NO Cash A�t Cast GaIn1L.a. OTHER TRANSACTIONS 01/02/2019 31846V567 INTEREST EARNED ON FIRST AM GOVr OB FD CL Z UNIT ON 0.0000 SHARES DUE 0.0000 0.000000 45,269.00 0.00 0.00 12/31/2018 INTEREST FROM 12/1118 TO 12/31/18 01/02/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 0.0000 0.000000 31,713.55 0.00 0.00 12/31/2018 INTEREST FROM 12/1118 TO 12/31/18 01/07/2019 3135GOS38 INTEREST EARNED ON F N M A 2.000% 1/05/22$1 PV ON 3000000.0000 0.0000 0.000000 30,000.00 0.00 0.00 SHARES DUE 1/5/2019 01/07/2019 4042806F5 INTEREST EARNED ON HSBC HOLDINGS PLC 2.650% 1105122$1 PV ON 0.0000 0.000000 59,625.00 0.00 0.00 4500000.0000 SHARES DUE 1/5/2019 01/09/2019 36962G7MO INTEREST EARNED ON GENERAL ELEC CA MTN 2.200% 1109120$1 PV ON 0.0000 0.000000 55,000.00 0.00 0.00 5000000.0000 SHARES DUE 1/9/2019 01/11/2019 912828W UO BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY-16120.00 UNITS 0.0000 0.000000 0.00 0.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 01/11/2019 912828W UO FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BV-16120.00 UNITS 0.0000 0.000000 0.00 -16,120.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 01/11/2019 912828WUO PARVALUEOFUSTREASURYIPS 0.125% 7115124 ADJUSTED BY-16120.0000 -16,120.0000 0.000000 0.00 0.00 0.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 01/11/2019 912828W UO STATE COST OF U S TREASURY I P S 0.125% 7/15124 ADJUSTED BY-16120.00 UNITS 0.0000 0.000000 0.00 0.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 01/14/2019 02665WCJB INTEREST EARNED ON AMERICAN HONDA MTN 3A50% 7/14/23$1 PV ON 0.0000 0.000000 14,414.29 0.00 0.00 845000.0000 SHARES DUE 1/14/2019 01/14/2019 25468PDL7 INTEREST EARNED ON WALT DISNEY MTN 0.875% 711 DI $1 PV ON 1130000.0000 0.0000 0.000000 4,943.75 0.00 0.00 SHARES DUE 1/12/2019 01/15/2019 02587AAJ3 INTEREST EARNED ON AMERICAN EXPRESS 1.930% 9/15/22$1 PV ON 10084.2400 0.0000 0.000000 10,084.24 0.00 0.00 SHARES DUE 1/15/2019$0.00161/PV ON 6,270,000.00 PV DUE 1115119 01/15/2019 31348SWZ3 INTEREST EARNED ON 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1.320% 1/15/21 $1 PV ON 1156.2500 0.0000 0.000000 1,156.25 0.00 0.00 SHARES DUE 1/15/2019$0.00110/PV ON 1,051,134.72 PV DUE 1115119 01/15/2019 654747AB0 INTEREST EARNED ON NISSAN AUTO 1.470% 1115120$1 PV ON 95.6400 SHARES 0.0000 0.000000 95.64 0.00 0.00 DUE 1/15/2019$0.001231PV ON 78,074.38 PV DUE 1115119 01/15/2019 65477UAD2 INTEREST EARNED ON NISSAN AUTO 1.500% 9/15/21 $1 PV ON 1365.8800 0.0000 0.000000 1,365.88 0.00 0.00 SHARES DUE 1/15/2019$0.00125/PV ON 1,092,704.96 PV DUE 1115/19 01/15/2019 6547BGAD2 INTEREST EARNED ON NISSAN AUTO 1.750%10115121 $1 PV ON 3828.1200 0.0000 0.000000 3,828.12 0.00 0.00 SHARES DUE 1/15/2019$0.00146/PV ON 2,625,000.00 PV DUE 1115119 01/15/2019 65479GADI INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23$1 PV ON 9078.0000 0.0000 0.000000 9,078.00 0.00 0.00 SHARES DUE 1/15/2019$0.00255/PV ON 3,560,000.00 PV DUE 1115119 01/15/2019 89238BAB8 INTEREST EARNED ON TOYOTA AUTO 2.100%10/1520$1 PV ON 6953.6100 0.0000 0.000000 6,953.61 0.00 0.00 SHARES DUE 1/15/2019$0.00175/PV ON 3,973,491.12 PV DUE 1115119 01/15/2019 912828WUO INTEREST EARNED ON U S TREASURY I P S 0.125% 7/15/24$1 PV ON 11059464.0000 0.0000 0.000000 6,912.17 0.00 0.00 SHARES DUE 1/152019 01/18/2019 43814RAC0 INTEREST EARNED ON HONDA AUTO 1.210%12/18/20$1 PV ON 1909.1000 0.0000 0.000000 1,909.10 0.00 0.00 SHARES DUE 1/18/2019$0.00101/PV ON 1,893,324.61 PV DUE 1118119 01/18/2019 43814PAB6 INTEREST EARNED ON HONDA AUTO 1.570% 1121120$1 PV ON 372.8600 0.0000 0.000000 37286 0.00 0.00 SHARES DUE 1/182019$0.00131/PV ON 284,988.93 PV DUE 1118119 01/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9120121 $1 PV ON 4609.2500 0.0000 0.000000 4,609.25 0.00 0.00 SHARES DUE 1/18/2019$0.00149/PV ON 3,090,000.00 PV DUE 1/18119 01/18/2019 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5118122$1 PV ON 1710000.0000 0.0000 0.000000 4,289.25 0.00 0.00 SHARES DUE 1/182019 01/18/2019 4581XOCW6 INTEREST EARNED ON INTER AMER DEV BK 2.125% 1118122$1 PV ON 3000000.0000 0.0000 0.000000 31,875.00 0.00 0.00 SHARES DUE 1/18/2019 01/22/2019 3135GOT94 INTEREST EARNED ON F N M A DEB 2.375% 1/19/23$1 PV ON 5000000.0000 0.0000 0.000000 59,375.00 0.00 0.00 SHARES DUE 1/19/2019 01/2212019 36225CAZ9 INTEREST EARNED ON G N M A 11 N080023 3.125%122026$1 PV ON 47.7800 0.0000 0.000000 47.78 0.00 0.00 SHARES DUE 1/202019 DECEMBER GNMA DUE 1120119 01/22/2019 36225CC20 INTEREST EARNED ON G N M A 11#080088 3.625% 6120/27$1 PV ON 53.9700 SHARES 0.0000 0.000000 5397 0.00 0.00 DUE 1/20/2019 DECEMBER GNMA DUE 120/19 01/2212019 36225CNM4 INTEREST EARNED ON G N M A I I k080395 3.625% 420/30$1 PV ON 22.4700 SHARES 0.0000 0.000000 22.47 0.00 0.00 DUE 1/20/2019 DECEMBER GNMA DUE 120/19 11 a22 U.S. Bank Transaction History 01/01/2019 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation U rnts Pric,o Net Cash Annt Cost GainfLoss 01/22/2019 36225CN28 INTEREST EARNED ON G N M A I 1#080408 3.625% 5/20/30$1 PV ON 172.6900 0.0000 0.000000 172.69 0.00 0.00 SHARES DUE 1202019 DECEMBER GNMA DUE 1120119 01122/2019 36225DCB8 INTEREST EARNED ON G N M A 11#080965 3.750% 720/34$1 PV ON 173.9700 0.0000 0.000000 173.97 0.00 0.00 SHARES DUE 1202019 DECEMBER GNMA DUE 1120119 0112212019 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8122/22$1 PV ON 9759.5800 0.0000 0.000000 9,759.5E 0.00 0.00 SHARES DUE 121/2019$0.00246/PV ON 3,970,000.00 PV DUE 1121119 01122/2019 45950KCJ7 INTEREST EARNED ON INTL FINANCE CORP 1.125% 7/2021 $1 PV ON 2500000.0000 0.0000 0.000000 14,075.00 0.00 0.00 SHARES DUE 1202019 0112212019 912796UK3 INTEREST EARNED ON U S TREASURY BILL 1/22/19$1 PV ON 10000000.0000 0.0000 0.000000 13,750.00 0.00 0.00 SHARES DUE 122/2019 10,000,000 PAR VALUE AT 100% 01122/2019 912796UK3 INTEREST EARNED ON U S TREASURY BILL 1/22/19$1 PV ON 5000000.0000 0.0000 0.000000 6,875.00 0.00 0.00 SHARES DUE 1222019 5,000,000 PAR VALUE AT 100% 0112212019 94974BGM6 INTEREST EARNED ON WELLS FARGO CO MTN 2.600% 7122120$1 PV ON 0.0000 0.000000 65,000.00 0.00 0.00 5000000.0000 SHARES DUE 1/22/2019 01122/2019 95000U2B8 INTEREST EARNED ON WELLS FARGO MTN 2.625% 722122$1 PV ON 3000000.0000 0.0000 0.000000 39,375.00 0.00 0.00 SHARES DUE 1222019 0112212019 3130ADF70 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 3.375%12/0823 0.0000 0.000000 .7,734.38 0.00 0.00 01/23/2019 46625HKA7 INTEREST EARNED ON JPMORGAN CHASE CO 2.250% 1/23120$1 PV ON 0.0000 0.000000 22,500.00 0.00 0.00 2000000.0000 SHARES DUE 1232019 01/23/2019 90331HNL3 INTEREST EARNED ON US BANK NA MTN 2.850% 1123123$1 PV ON 5000000.0000 0.0000 0.000000 71,2WD0 0.00 0.00 SHARES DUE 1/232019 01/24/2019 89113XUZ5 INTEREST EARNED ON TORONTO DOMINION C D 2.150% 1124119$1 PV ON 0.0000 0.000000 21,679.17 0.00 0.00 1000000.0000 SHARES DUE 1242019 INTEREST ON 1/24/19 MATURITY 01/25/2019 03215PFN4 INTEREST EARNED ON AMRESCO 3.44628% 62529$1 PV ON 384.1000 0.0000 0.000000 384A0 0.00 0.00 SHARES DUE 1/25/2019$0.00287/PV ON 133,743.29 PV DUE 1/25/19 01/25/2019 31398VJ98 INTEREST EARNED ON F H L M C MLTCL MTG 4.251% 1/25/20$1 PV ON 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SHARES 0.0000 0.000000 7.75 0.00 0.00 DUE 1/25/2019 DECEMBER FNMA DUE 125/19 12 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 Entry Date CUSP Id Explanation U nits Price Net Cash Amt Cost GainfLoss 01/25/2019 31406PQY8 INTEREST EARNED ON F N M A#815971 5.000% 3101135$1 PV ON 768.9600 0.0000 0.000000 768.96 0.00 0.00 SHARES DUE 1/25/2019 DECEMBER FNMADUE 1/25/19 01125/2019 31406XWT5 INTEREST EARNED ON F N M A#823358 3.972% 2/01/35$1 PV ON 374.6400 0.0000 0.000000 374.64 0.00 0.00 SHARES DUE 1/2 019 DECEMBER FNMADUE 1M5/19 01/25/2019 31407BXH7 INTEREST EARNED ON F N M A#826080 5.000% 7101135$1 PV ON 86.7700 SHARES 0.0000 0.000000 86.TI 0.00 0.00 DUE 1125/2019 DECEMBER FNMADUE 1/25/19 01/25/2019 31410F4V4 INTEREST EARNED ON F N M A#888336 5.000% 7/01/36$1 PV ON 864.7500 0.0000 0.000000 864.75 0.00 0.00 SHARES DUE 1/2 019 DECEMBER FNMADUE 1M5/19 01/25/2019 3138EG6F6 INTEREST EARNED ON F N M A#AL0869 4.500% 6/01/29$1 PV ON 44.0400 SHARES 0.0000 0.000000 44.04 0.00 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1/28/2019 01/28/2019 61747WAL3 INTEREST EARNED ON MORGAN STANLEY 5.500% 7/28/21 $1 PV ON 2800000.0000 0.0000 0.000000 77,000.00 0.00 0.00 SHARES DUE 1/28/2019 01/2812019 69353RCH9 INTEREST EARNED ON PNC BANK NA MTN 2.200% 1/28/19$1 PV ON 1030000.0000 0.0000 0.000000 11,330.00 0.00 0.00 SHARES DUE 1/28/2019 INTEREST ON 1128119 MATURITY 01/29/2019 912828W UO BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY-19136.00 UNITS 0.0000 0.000000 0.00 0.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 01/29/2019 912828W UO FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY-19136.00 UNITS 0.0000 0.000000 0.00 -19,136.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 01/29/2019 06406RAE7 INTEREST EARNED ON BANK OF NY MTN 2.950% 1/29/23$1 PV ON 1500000.0000 0.0000 0.000000 22,125.00 0.00 0.00 SHARES DUE 1/29/2019 01/29/2019 69353REX2 INTEREST EARNED ON PING BANK MTN 1AM% 7/29/19$1 PV ON 1890000.0000 0.0000 0.000000 13,702.50 0.00 0.00 SHARES DUE 1/29/2019 01/29/2019 912828WUO 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TOYOTA MOTOR CREDIT CO C P 2/06/19$1 PV ON 0.0000 0.000000 9,668.75 0.00 0.00 1500000.0000 SHARES DUE 2/612019 1,500,000 PAR VALUE AT 100% 02/07/2019 06406RAA5 INTEREST EARNED ON BANK OF NY MTN 2.600% 2/07/22$1 PV ON 2500000.0000 0.0000 0.000000 32,500.00 0.00 0.00 SHARES DUE 2R/2019 02/08/2019 594918BP8 INTEREST EARNED ON MICROSOFT CORP 1.550% 8108121 $1 PV ON 3045000.0000 0.0000 0.000000 23,598.75 0.00 0.00 SHARES DUE 2/8/2019 14 of 22 U.S. Bank Transaction History 01/01/2019 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Units Pri,,o Net Cash Annt Cost Gain/Loss 02I12/2019 69371RN36 INTEREST EARNED ON PACCAR FINANCIAL MTN 1.200% 8112119$1 PV ON 0.0000 0.000000 6,498.00 0.00 0.00 1083000.0000 SHARES DUE 2/12/2019 0211212019 912796UN7 INTEREST EARNED ON U S TREASURY BILL 2/12/19$1 PV ON 20000000.0000 0.0000 0.000000 60,566.67 0.00 0.00 SHARES DUE 2/12/2019 20.000,000 PAR VALUE AT 100% O211212019 912828WW6 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.625% 7131119 0.0000 0.000000 -8,080.11 0.00 0.00 0V1312019 912828WUO BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY-18824.00 UNITS 0.0000 OD00000 0.00 0.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 0V1312019 912828WUO FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY-18824.00 UNITS 0.0000 0.000000 0.00 -18,824.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 0V1312019 46625HKA7 PAID ACCRUED INTEREST ON PURCHASE OF JPMORGAN CHASE CO 2.250% 0.0000 OD00000 -1,875.00 0.00 0.00 1/23/20 0V1312019 912828WUO PARVALUEOFUSTREASURYIPS 0.125% 7115124 ADJUSTED BY-18824.0000 -18,824.0000 0.000000 0.00 0.00 0.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 0V1312019 912828WUO STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY-18824.00 UNITS 0.0000 OD00000 0.00 0.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 02115/2019 02587AAJ3 INTEREST EARNED ON AMERICAN EXPRESS 1.930% 9/15/22$1 PV ON 10084.2400 0.0000 0.000000 10,084.24 0.00 0.00 SHARES DUE 2/15/2019$0.00161/PV ON 6,270,000DO PV DUE 2115119 0V1512019 02665WAH4 INTEREST EARNED ON AMERICAN HONDA MTN 2.250% 6/15119$1 PV ON 0.0000 OD00000 45,000.00 0.00 0.00 4000000.0000 SHARES DUE 2/15/2019 0V1512019 313384BX6 INTEREST EARNED ON F H L B DISC NTS 2115119$1 PV ON 3200000.0000 0.0000 0.000000 5,056.00 0.00 0.00 SHARES DUE 2/15/2019 3,200,000 PAR VALUE AT 100% 0V1512019 31348SWZ3 INTEREST EARNED ON F H L M C 4786064 4.270% 1/01/28$1 PV ON 7.0700 SHARES 0.0000 OD00000 7.07 0.00 0.00 DUE 211 512 01 9 DECEMBER FHLMC DUE 2/15/19 0V1512019 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 3.587% 8/15132$1 PV ON 37.9400 0.0000 0.000000 37.94 0.00 0.00 SHARES DUE 2/15/2019$0.00299/PV ON 11,684.60 PV DUE 2/15119 0V1512019 43814OAC2 INTEREST EARNED ON HONDA AUTO 1.390% 4115120$1 PV ON 431.6900 0.0000 OD00000 431.69 0.00 0.00 SHARES DUE V15/2019$0.00116/PV ON 372,677.89 PV DUE 2/15/19 OD1512019 47788MAC4 INTEREST EARNED ON JOHN DEERE OWNER 1.360% 4115120$1 PV ON 354.9500 0.0000 0.000000 354.95 0.00 0.00 SHARES DUE 2/15/2019$0.00113/PV ON 313,193.60 PV DUE 2/15/19 0V1512019 47788NADO INTEREST EARNED ON JOHN DEERE OWNER 1.490% 5115123$1 PV ON 1429.1600 0.0000 OD00000 1,429.16 0.00 0.00 SHARES DUE 2/15/2019$0.001241PV ON 1,151,000.00 PV DUE 2115119 0V1512019 47788BABO INTEREST EARNED ON JOHN DEERE OWNER 1.590% 4115120$1 PV ON 268.4800 0.0000 0.000000 268.48 0.00 0.00 SHARES DUE 2/15/2019$0.00133/PV ON 202,624.48 PV DUE 2/15119 0V1512019 477886AD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820%10/15/21$1 PV ON 1023.7500 0.0000 OD00000 1,023.75 0.00 0.00 SHARES DUE 2/15/2019$0.001521PV ON 675,000.00 PV DUE 2/15/19 0V1512019 47788CAB8 INTEREST EARNED ON JOHN DEERE OWNER 2.420%10/15/20$1 PV ON 2837.2400 0.0000 0.000000 2,837.24 0.00 0.00 SHARES DUE 2/15/2019$0.00202/PV ON 1,406,895DO PV DUE 2115119 0V1512019 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4118122$1 PV ON 2970.3300 0.0000 OD00000 2,970.33 0.00 0.00 SHARES DUE 2/15/2019$0.00222/PV ON 1,340,000.00 PV DUE 2115119 15 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Units Pri,,a Net Cash Annt Cost GainfLoss 02115/2019 4778BEAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080%11/15/22$1 PV ON 11883.6700 0.0000 0.000000 11,883.67 0.00 0.00 SHARES DUE 2/15/2019$0.00257/PV ON 4,630,000.00 PV DUE 2115119 02/15/2019 65478VAD9 INTEREST EARNED ON NISSAN AUTO 1.320% 1/15/21 $1 PV ON 1053.1200 0.0000 0.000000 1,053.12 0.00 0.00 SHARES DUE 2/15/2019$0.00110/PV ON 957,384.98 PV DUE 2/15/19 02115/2019 65477UAD2 INTEREST EARNED ON NISSAN AUTO 1.500% 9/15/21 $1 PV ON 1168.3600 0.0000 0.000000 1,168.36 0.00 0.00 SHARES DUE 2/15/2019$0.00125/PV ON 934,690.41 PV DUE 2/15/19 02/15/2019 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750%10/15/21$1 PV ON 2625000.0000 0.0000 0.000000 3,828.12 0.00 0.00 SHARES DUE 2/15/2019 02115/2019 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23$1 PV ON 9078.0000 0.0000 0.000000 9,078.00 0.00 0.00 SHARES DUE 2/15/2019$0.00255/PV ON 3,560,000.00 PV DUE 2115119 02/15/2019 89238BAB8 INTEREST EARNED ON TOYOTA AUTO 2.100%10/15/20$1 PV ON 6285.5500 0.0000 0.000000 6,285.55 0.00 0.00 SHARES DUE 2/15/2019$0.00175/PV ON 3,591,742.35 PV DUE 2115/19 02115/2019 912828WW6 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.625% 7131/19 0.0000 0.000000 3,366.71 0.00 0.00 0V1512019 36962G7M0 RECEIVED ACCRUED INTEREST ON SALE OF GENERAL ELEC CA MTN 2.200% 0.0000 0.000000 11,000.00 0.00 0.00 1/09/20 0V1912019 3130A7CV5 INTEREST EARNED ON F H L B DEB 1.375% V18M $1 PV ON 5365000.0000 0.0000 0.000000 36,884.38 0.00 0.00 SHARES DUE 2/18/2019 0V1912019 3137EAEL9 INTEREST EARNED ON F H L M C M T N 2.375% 2116/21 $1 PV ON 7500000.0000 0.0000 0.000000 89,062.50 0.00 0.00 SHARES DUE 2 16/2019 0V1912019 43814RAC0 INTEREST EARNED ON HONDA AUTO 1.210%12/18Y20$1 PV ON 1742.3200 0.0000 0.000000 1,742.32 0.00 0.00 SHARES DUE 2118/2019$0.00101/PV ON 1,727,923A 3 PV DUE 2118119 0V1912019 43814PAB6 INTEREST EARNED ON HONDA AUTO 1.570% 1121120$1 PV ON 282.3100 0.0000 0.000000 282.31 0.00 0.00 SHARES DUE 2/18/2019$0.00131/PV ON 215,T78.13 PV DUE 2/18/19 0V1912019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9120121$1 PV ON 4609.2500 0.0000 0.000000 4,609.25 0.00 0.00 SHARES DUE 2/18/2019$0.00149/PV ON 3,090,000.00 PV DUE 2118119 0V1912019 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5118122$1 PV ON 4289.2500 0.0000 0.000000 4,289.25 0.00 0.00 SHARES DUE 2/18/2019$0.00251/PV ON 1,710,000.00 PV DUE 2118119 0V1912019 624791MPK3 INTEREST EARNED ON MUFG BANK LTD NY BRAN C P 2/19/19$1 PV ON 0.0000 0.000000 13,072.50 0.00 0.00 1500000.0000 SHARES DUE 2/19/20191,500,000 PAR VALUE AT 100% 0V1912019 62479MPK3 INTEREST EARNED ON MUFG BANK LTD NV BRAN C P 2119119$1 PV ON 0.0000 0.000000 78,435.00 0.00 0.00 9000000.0000 SHARES DUE 2/19/2019 9,000,000 PAR VALUE AT 100% 0V1912019 69353RFB9 INTEREST EARNED ON PNC BANK NA MTN 2.625% 2/17Y22$1 PV ON 1000000.0000 0.0000 0.000000 13,125.00 0.00 0.00 SHARES DUE 2/17/2019 02120/2019 313384CC1 INTEREST EARNED ON F H L B DISC NTS 2120119$1 PV ON 1700000.0000 0.0000 0.000000 6,259.31 0.00 0.00 SHARES DUE V2012019 1,700,000 PAR VALUE AT 100% 02/20/2019 36225CAZ9 INTEREST EARNED ON G N M A 11 N080023 4.125%12/20/26$1 PV ON 62.3500 0.0000 0.000000 62.35 0.00 0.00 SHARES DUE 2/20/2019 JANUARY GNMADUE 2120119 02120/2019 36225CC20 INTEREST EARNED ON G N M A 114080088 3.625% 6/20/27$1 PV ON 53.3900 SHARES 0.0000 0.000000 53.39 0.00 0.00 DUE 2/20/2019 JANUARY GNMA DUE 2/20119 16 of 22 U.S. Bank Transaction History 01/01/2019 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Units Pri,,o Net Cash Annt Cost GainfLoss 02/20/2019 36225CNM4 INTEREST EARNED ON G N M A 11#080395 3.625% 4/20/30$1 PV ON 21.8400 SHARES 0.0000 0.000000 21.84 0.00 0.00 DUE 212012019 JANUARY GNMA DUE 2120119 02120/2019 36225CN28 INTEREST EARNED ON G N M A 11#080408 3.625% 5/20130$1 PV ON 171.5900 0.0000 0.000000 171.59 0.00 0.00 SHARES DUE 2/20/2019 JANUARY GNMADUE MOMS 02120/2019 36225DCB8 INTEREST EARNED ON G N M A 11#080965 3.750% 7120134$1 PV ON 167.8300 0.0000 0.000000 167.83 0.00 0.00 SHARES DUE 2/20/2019 JANUARY GNMA DUE 2/20/19 02121/2019 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22$1 PV ON 9759.5800 0.0000 0.000000 9,759.58 0.00 0.00 SHARES DUE 2/21/2019$0.00246/PV ON 3,970,000.00 PV DUE 2121119 0212212019 313384CE7 INTEREST EARNED ON F H L B DISC NTS 2122119$1 PV ON 650000.0000 0.0000 0.000000 2,444.87 0.00 0.00 SHARES DUE 2122/2019 650,000 PAR VALUE AT 100% 02/25/2019 03215PFN4 INTEREST EARNED ON AMRESCO 3.56502% 6/25/29$1 PV ON 397.3300 0.0000 0.000000 397.33 0.00 0.00 SHARES DUE 2/25/2019$0.00297/PV ON 133,743.29 PV DUE 2/25/19 02125/2019 037833858 INTEREST EARNED ON APPLE INC 2.250% 2123121 $1 PV ON 4000000.0000 0.0000 0.000000 45,000.00 0.00 0.00 SHARES DUE 2123/2019 02125/2019 31398VJ98 INTEREST EARNED ON F H L M C MLTCL MTG 4.251% 1/25/20$1 PV ON 900000.0000 0.0000 0.000000 3,188.25 0.00 0.00 SHARES DUE 2/25/2019 02125/2019 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9125143$1 PV ON 4147.1800 0.0000 0.000000 4,147.18 0.00 0.00 SHARES DUE 2/25/2019$0.00542/PV ON 765,634.53 PV DUE 2/25/19 0212512019 31371NUC7 INTEREST EARNED ON F N M A#257179 4.500% 4/01/28$1 PV ON 59.3300 SHARES 0.0000 0.000000 59.33 0.00 0.00 DUE 2125/2019 JANUARY FNMADUE 2125119 02125/2019 31376KT22 INTEREST EARNED ON F N M A#357969 5.000% 9101135$1 PV ON 458.7400 0.0000 0.000000 458.74 0.00 0.00 SHARES DUE 2/25/2019 JANUARY FNMADUE 2/25/19 02125/2019 31381PDA3 INTEREST EARNED ON F N M A#466397 3.400%11/01/20$1 PV ON 1004.5400 0.0000 0.000000 1,004.54 0.00 0.00 SHARES DUE 2/2512019JANUARY FNMADUE 2125/19 02125/2019 31403DJZ3 INTEREST EARNED ON F N M A#745580 5.000% 6101136$1 PV ON 432.6000 0.0000 0.000000 432.60 0.00 0.00 SHARES DUE 2/25/2019 JANUARY FNMADUE 2/25/19 02125/2019 31403GXF4 INTEREST EARNED ON F N M A#748678 5.000%10/01/33$1 PV ON 7.7100 SHARES 0.0000 0.000000 7.71 0.00 0.00 DUE 2125/2019 JANUARY FNMADUE 2125119 02125/2019 31406PQY8 INTEREST EARNED ON F N M A#815971 5.000% 3101135$1 PV ON 758.0200 0.0000 0.000000 758.02 0.00 0.00 SHARES DUE 2/25/2019 JANUARY FNMADUE 2/25/19 02125/2019 31406XWT5 INTEREST EARNED ON F N M A#823358 4.722% 2101135$1 PV ON 443.6100 0.0000 0.000000 443.61 0.00 0.00 SHARES DUE 2/25/2019JANUARY FNMADUE 2125/19 02125/2019 31407BXH7 INTEREST EARNED ON F N M A#826080 5.000% 7101135$1 PV ON 85.4700 SHARES 0.0000 0.000000 85.47 0.00 0.00 DUE 212512019 JANUARY FNMADUE 2/25/19 02125/2019 31410F4V4 INTEREST EARNED ON F N M A#888336 5.000% 7101136$1 PV ON 849.5100 0.0000 0.000000 849.51 0.00 0.00 SHARES DUE 2/2512019JANUARY FNMADUE 2125/19 02125/2019 3138EG6F6 INTEREST EARNED ON F N M A#AL0869 4.500% 6/01/29$1 PV ON 43.2800 SHARES 0.0000 0.000000 43.28 0.00 0.00 DUE 2125/2019 JANUARY FNMADUE 2/25/19 17 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Units Prir� Net Cash Annt Cost GainfLoss 02/25/2019 31417YAY3 INTEREST EARNED ON F N M A$iMA0022 4.500% 4101129$1 PV ON 70.9500 SHARES 0.0000 0.000000 70.95 0.00 0.00 DUE 2/25/2019 JANUARY FNMADUE 2/25/19 02/25/2019 31397QREO INTEREST EARNED ON F N M A GTD REMIC 1.113% 2/25/41 $1 PV ON 564.3500 0.0000 0.000000 564.35 0.00 0.00 SHARES DUE 2/25/2019$0.00266/PV ON 212,295.17 PV DUE 2/25/19 02/26/2019 912828W UO BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY-16328.00 UNITS 0.0000 0.000000 0.00 0.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 02/26/2019 912828WUO FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY-16328.00 UNITS 0.0000 0.000000 0.00 -16,328.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 02/26/2019 3135GOJ20 INTEREST EARNED ON F N M A DEB 1.375% 2126121 $1 PV ON 10000000.0000 0.0000 0.000000 68,750.00 0.00 0.00 SHARES DUE 2/26/2019 02/26/2019 02665WAH4 PAID ACCRUED INTEREST ON PURCHASE OF AMERICAN HONDA MTN 2.250% 0.0000 0.000000 -1,359.19 0.00 0.00 B/15/19 02/26/2019 912828W UO PAR VALUE OF U S TREASURY I P S 0.125% 7115124 ADJUSTED BY-16328.0000 -16,328.0000 0.000000 0.00 0.00 0.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 02/26/2019 912828W UO STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY-16328.00 UNITS 0.0000 0.000000 0.00 0.00 0.00 DECREASE TO ADJUST FOR CHANGE IN CPI 02/28/2019 912828124 INTEREST EARNED ON U S TREASURY NT 1.875% 8/31/22$1 WON 6000000.0000 0.0000 0.000000 56,250.00 0.00 0.00 SHARES DUE 2128/2019 02/28/2019 313383YJ4 PAID ACCRUED INTEREST ON PURCHASE OF F H L B DEB 3.375% 9/08/23 0.0000 0.000000 -56,179.69 0.00 0.00 02/28/2019 3135GOV34 PAID ACCRUED INTEREST ON PURCHASE OF F N M A 2.500% 2/05/24 0.0000 OD00000 -6,944.44 0.00 0.00 02/28/2019 89114QC48 PAID ACCRUED INTEREST ON PURCHASE OF TORONTO MTN 3.500% 7/19/23 0.0000 0.000000 -18,958.33 0.00 0.00 03/01/2019 30231GAV4 INTEREST EARNED ON EXXON MOBIL 2.222% 3101/21 $1 PV ON 3000000.0000 0.0000 0.000000 33,330DO 0.00 0.00 SHARES DUE 3/1/2019 03/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOW OB FD CL Z UNIT ON 0.0000 SHARES DUE 0.0000 0.000000 18,019.83 0.00 0.00 2/28/2019 INTEREST FROM 2/1/19 TO 2/28/19 03/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 0.0000 0.000000 47,525.58 0.00 0.00 2/28/2019 INTEREST FROM 2/1/19 TO 2/28/19 03/01/2019 83162CLJO INTEREST EARNED ON S B A GTD DEV PART 6.340% 3/01121 $1 PV ON 748.7300 0.0000 0.000000 748.73 0.00 0.00 SHARES DUE 3/1/2019$0.03170/PV ON 23,619.21 PV DUE 3/l/19 03/05/2019 40428HPR7 INTEREST EARNED ON HSBC USA INC MTN 2.350% 3/05/20$1 PV ON 2500000.0000 0.0000 0.000000 29,375DO 0.00 0.00 SHARES DUE 3/5/2019 03/07/2019 912796QZ5 INTEREST EARNED ON U S TREASURY BILL 3/07/19$1 PV ON 20000000.0000 0.0000 0.000000 91,000.00 0.00 0.00 SHARES DUE 317/201 9 20,000,000 PAR VALUE AT 100% 03/08/2019 3133782M2 INTEREST EARNED ON F H L B DEB 1.500% 3/08/19$1 PV ON 4200000.0000 0.0000 0.000000 31,500DO 0.00 0.00 SHARES DUE 3/8/2019 03/08/2019 3133782M2 INTEREST EARNED ON F H L B DEB 1Z00% 3108119$1 PV ON 7500000.0000 0.0000 0.000000 56,250.00 0.00 0.00 SHARES DUE 3/8/2019 03/08/2019 313383YJ4 INTEREST EARNED ON F H L B DEB 3.375% 9/08/23$1 PV ON 10000000.0000 0.0000 0.000000 168,750DO 0.00 0.00 SHARES DUE 3/8/2019 18 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation uots Price Net Cash Amt Cost GainfLoss 03/11/2019 06406HCW7 INTEREST EARNED ON BANK NV MELLON MTN 2.300% 9/11/19$1 PV ON 0.0000 0.000000 24,380.00 0.00 0.00 2120000.0000 SHARES DUE 3/11/2019 03/11/2019 9128282K5 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.375% 7/31/19 0.0000 0.000000 -22,220.30 0.00 0.00 03/13/2019 912828W UO BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 8216.00 UNITS 0.0000 0.000000 0.00 0.00 0.00 INCREASE TO ADJUST FOR CHANGE IN CPI 03/13/2019 912828WUO FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 8216.00 UNITS 0.0000 0.000000 ODD 8,216.00 0.00 INCREASE TO ADJUST FOR CHANGE IN CPI 03/13/2019 00440EAP2 INTEREST EARNED ON ACE INA HOLDINGS 2.700% 3/13/23$1 PV ON 2000000.0000 0.0000 0.000000 27,000DO 0.00 0.00 SHARES DUE 3/13/2019 03/13/2019 912828W UO PAR VALUE OF U S TREASURY I P S 0.125% 7115124 ADJUSTED BY 8216.0000 UNITS 8,216.0000 0.000000 ODD 0.00 0.00 INCREASE TO ADJUST FOR CHANGE IN CPI 03/13/2019 912828W UO STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 8216.00 UNITS 0.0000 0.000000 ODD 0.00 0.00 INCREASE TO ADJUST FOR CHANGE IN CPI 03/14/2019 4581XOCZ9 INTEREST EARNED ON INTER AMER DEV BK 1.750% 9/14/22$1 PV ON 6500000.0000 0.0000 0.000000 56,875.00 0.00 0.00 SHARES DUE 3/14/2019 03/15/2019 02587AAJ3 INTEREST EARNED ON AMERICAN EXPRESS 1.930% 9/15/22$1 PV ON 10084.2400 0.0000 0.000000 10,084.24 0.00 0.00 SHARES DUE 3/15/2019$0.00161/PV ON 6,270,000.00 PV DUE 3115119 03115/2019 084670BR8 INTEREST EARNED ON BERKSHIRE HATHAWAY 2.750% 3115123$1 PV ON 0.0000 0.000000 34,375.00 0.00 0.00 2500000.0000 SHARES DUE 3/15/2019 03/15/2019 532457BF4 INTEREST EARNED ON ELI LILLY CO 1.950% 3115/19$1 PV ON 4000000.0000 0.0000 0.000000 39,000DO 0.00 0.00 SHARES DUE 3/15/2019 03/15/2019 313485WZ3 INTEREST EARNED ON F H L M C#786064 4.6n% 1/01/28$1 PV ON 7.6600 SHARES 0.0000 0.000000 7.66 0.00 0.00 DUE 311 512 01 9 JANUARY FHLMC DUE 3115119 03/15/2019 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 3.587% 8115132$1 PV ON 36.3300 0.0000 0.000000 36.33 0.00 0.00 SHARES DUE 3/15/2019$0.002991PV ON 11,104.70 PV DUE 3/15/19 03/15/2019 43814OAC2 INTEREST EARNED ON HONDA AUTO 1.390% 4115120$1 PV ON 341.1000 0.0000 0.000000 341.10 0.00 0.00 SHARES DUE 3/15/2019$0.00116/PV ON 294,473.18 PV DUE 3/15119 03/15/2019 4581XOCS5 INTEREST EARNED ON INTER AMERICAN DEVEL 1.875% 3115121$1 PV ON 0.0000 0.000000 46,875DO 0.00 0.00 5000000.0000 SHARES DUE 3/15/2019 03/15/2019 47788MAC4 INTEREST EARNED ON JOHN DEERE OWNER 1.360% 4115120$1 PV ON 199.5900 0.0000 0.000000 199.59 0.00 0.00 SHARES DUE 3/15/2019$0.00113/PV ON 176,109.24 PV DUE 3/15/19 03/15/2019 47788NADO INTEREST EARNED ON JOHN DEERE OWNER 1.490% 5115123$1 PV ON 1429.1600 0.0000 0.000000 1,429A6 0.00 0.00 SHARES DUE 3/15/2019$0.001241PV ON 1,151,000.00 PV DUE 3115119 03/15/2019 47788BABO INTEREST EARNED ON JOHN DEERE OWNER 1.590% 4115120$1 PV ON 146.6000 0.0000 0.000000 146.60 0.00 0.00 SHARES DUE 3/15/2019$0.00133/PV ON 110,640.42 PV DUE 3115119 03/15/2019 47788BAD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820%10/15/21$1 PV ON 1023.7500 0.0000 0.000000 1,023.75 0.00 0.00 SHARES DUE 3/15/2019$0.001521PV ON 675,000.00 PV DUE 3/15/19 03/15/2019 47788CAB8 INTEREST EARNED ON JOHN DEERE OWNER 2.420%10115120$1 PV ON 2433.3800 0.0000 0.000000 2,433.38 0.00 0.00 SHARES DUE 3/15/2019$0.00202/PV ON 1,206,635A4 PV DUE 3115119 19 of 22 U.S. Bank Transaction History 01/01/2019 Thru 0 3/3112 0 1 9 Entry Date CUSP Id Explanation U nits Pric,o Net Cash Annt Cost GainfLoss 03/15/2019 4778BCAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4118122$1 PV ON 2970.3300 0.0000 0.000000 2,970.33 0.00 0.00 SHARES DUE 3/15/2019$0.00222/PV ON 1,340,000.00 PV DUE 3115119 03/15/2019 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080%11/15/22$1 PV ON 11883.6700 0.0000 0.000000 11,883.67 0.00 0.00 SHARES DUE 3/15/2019$0.00257/PV ON 4,630,000.00 PV DUE 3115119 03/15/2019 65478VAD9 INTEREST EARNED ON NISSAN AUTO 1.320% 1/15/21 $1 PV ON 943.9300 0.0000 0.000000 943.93 0.00 0.00 SHARES DUE 3/15/2019$0.00110/PV ON 858,117.10 PV DUE 3/15/19 03/15/2019 65477UAD2 INTEREST EARNED ON NISSAN AUTO 1.500% 9/15/21 $1 PV ON 967.6300 0.0000 0.000000 967.63 0.00 0.00 SHARES DUE 3/15/2019$0.00125/PV ON 774,100.94 PV DUE 3/15/19 03/15/2019 6547BGAD2 INTEREST EARNED ON NISSAN AUTO 1.750%10115121 $1 PV ON 3828.1200 0.0000 0.000000 3,828.12 0.00 0.00 SHARES DUE 3/15/2019$0.00146/PV ON 2,625,000.00 PV DUE 3115119 03/15/2019 65479GADI INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23$1 PV ON 9078.0000 0.0000 0.000000 9,078.00 0.00 0.00 SHARES DUE 3/15/2019$0.00255/PV ON 3,560,000.00 PV DUE 3115119 03/15/2019 68389XBKO INTEREST EARNED ON ORACLE CORP 1.900% 9/15/21 $1 PV ON 3000000.0000 0.0000 0.000000 28,500.00 0.00 0.00 SHARES DUE 3/15/2019 03/15/2019 89238BAB8 INTEREST EARNED ON TOYOTA AUTO 2.100%10/15/20$1 PV ON 5602.3200 0.0000 0.000000 5,602.32 0.00 0.00 SHARES DUE 3/15/2019$0.00175/PV ON 3,201,327.37 PV DUE 3115119 03/15/2019 89239AAB9 INTEREST EARNED ON TOYOTA AUTO 2.830%10/15/21 $1 PV ON 9093.7300 0.0000 0.000000 9,093.73 0.00 0.00 SHARES DUE 3/15/2019$0.00252/PV ON 3,615,000.00 PV DUE 3115119 03118/2019 43814RACO INTEREST EARNED ON HONDA AUTO 1.210%12/18/20$1 PV ON 1571.1200 0.0000 0.000000 1,571.12 0.00 0.00 SHARES DUE 3/18/2019$0.00101/PV ON 1,558,138.74 PV DUE 311W19 03/18/2019 43814PAB6 INTEREST EARNED ON HONDA AUTO 1.570% 1121120$1 PV ON 189.0800 0.0000 0.000000 189.08 0.00 0.00 SHARES DUE 3/18/2019$0.00131/PV ON 144,522.78 PV DUE 3/18/19 03/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21$1 PV ON 4609.2600 0.0000 0.000000 4,609.26 0.00 0.00 SHARES DUE 3/18/2019$0.00149/PV ON 3,090,000.00 PV DUE 311W19 03/18/2019 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9120121 $1 PV ON 4395000.0000 0.0000 0.000000 7,050.31 0.00 0.00 SHARES DUE 3/18/2019 03/18/2019 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22$1 PV ON 4289.2400 0.0000 0.000000 4,289.24 0.00 0.00 SHARES DUE 3/18/2019$0.00251/PV ON 1,710,000.00 PV DUE 3/18/19 03/18/2019 24422ESS9 INTEREST EARNED ON JOHN DEERE CAP MTN 2.300% 9116119$1 PV ON 0.0000 0.000000 57,500.00 0.00 0.00 5000000.0000 SHARES DUE 3/16/2019 03/20/2019 36225CAZ9 INTEREST EARNED ON G N M A 11#080023 4.125%12/20/26$1 PV ON 61.7600 0.0000 0.000000 61.76 0.00 0.00 SHARES DUE 3/20/2019 FEBRUARY GNMA DUE 3/20/19 03/20/2019 36225CC20 INTEREST EARNED ON G N M A 11 N080088 3.625% 6/20/27$1 PV ON 52.8300 SHARES 0.0000 0.000000 52.83 0.00 0.00 DUE 3/20/2019 FEBRUARY GNMA DUE 3/20/19 03/20/2019 36225CNM4 INTEREST EARNED ON G N M A I I90803953.625% 4/20/30$1 PV ON 21.7000 SHARES 0.0000 0.000000 21.70 0.00 0.00 DUE 3/20/2019 FEBRUARY GNMA DUE 3MO119 03/20/2019 36225CN28 INTEREST EARNED ON G N M A I I k080408 3.625% 5120130$1 PV ON 170.4800 0.0000 0.000000 170.48 0.00 0.00 SHARES DUE 3/20/2019 FEBRUARY GNMA DUE 3120119 20 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation U nits Price Net Cash Amt Cost GainfLoss 03/20/2019 36225DCB8 INTEREST EARNED ON G N M A 11#080965 3.750% 7/20/34$1 PV ON 162.4700 0.0000 0.000000 162.47 0.00 0.00 SHARES DUE 3/20/2019 FEBRUARY GNMA DUE 3/20/19 03/21/2019 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8122122$1 PV ON 3970000.0000 0.0000 0.000000 9,759.58 0.00 0.00 SHARES DUE 3/21/2019 03/25/2019 03215PFN4 INTEREST EARNED ON AMRESCO 3.2012% 6/25/29$1 PV ON 356.7800 SHARES 0.0000 0.000000 356.78 0.00 0.00 DUE 3/25/2019$0.00267IPV ON 133,743.29 PV DUE 3125/19 03125/2019 31398VJ98 INTEREST EARNED ON F H L M C MLTCL MTG 4.251% 1/25/20$1 PV ON 900000.0000 0.0000 0.000000 3,188.25 0.00 0.00 SHARES DUE 3/25/2019 03/25/2019 31394JY35 INTEREST EARNED ON F H L M C MLTCL NITS 6.500% 9125143$1 PV ON 4055.6200 0.0000 0.000000 4,055.62 0.00 0.00 SHARES DUE 3Y25/2019$0.00542/PV ON 748,731.42 PV DUE 3/25/19 0312512019 31371NUC7 INTEREST EARNED ON F N M A#257179 4.500% 4/01/28$1 PV ON 58.8400 SHARES 0.0000 0.000000 58.84 0.00 0.00 DUE 3/25/2019 FEBRUARY FNMA DUE 3/25/19 03/25/2019 31376KT22 INTEREST EARNED ON F N M A#357969 5.000% 9101135$1 PV ON 455.0200 0.0000 0.000000 455.02 0.00 0.00 SHARES DUE 3/25/2019 FEBRUARY FNMA DUE 3125119 03/25/2019 31381PDA3 INTEREST EARNED ON F N M A#466397 3.400%11/01/20$1 PV ON 905.5300 0.0000 0.000000 905.53 0.00 0.00 SHARES DUE 3/25/2019 FEBRUARY FNMA DUE 3125119 03/25/2019 31403DJZ3 INTEREST EARNED ON F N M A#745580 5.000% 6101136$1 PV ON 426.4200 0.0000 0.000000 426.42 0.00 0.00 SHARES DUE 3/25/2019 FEBRUARY FNMA DUE 3125119 03/25/2019 31403GXF4 INTEREST EARNED ON F N M A#748678 5.000%10/01/33$1 PV ON 7.6800 SHARES 0.0000 0.000000 7.68 0.00 0.00 DUE 3/25/2019 FEBRUARY FNMA DUE 3/25/19 03/25/2019 31406PQY8 INTEREST EARNED ON F N M A#815971 5.000% 3101135$1 PV ON 754.6700 0.0000 0.000000 754.67 0.00 0.00 SHARES DUE 3/25/2019 FEBRUARY FNMA DUE 3125119 03125/2019 31406XWT5 INTEREST EARNED ON F N M A#823358 4.722% 2/01/35$1 PV ON 441.9400 0.0000 0.000000 441.94 0.00 0.00 SHARES DUE 3/25/2019 FEBRUARY FNMA DUE 3125119 03/25/2019 31407BXH7 INTEREST EARNED ON F N M A#826080 5.000% 7101135$1 PV ON 84.0100 SHARES 0.0000 0.000000 84.01 0.00 0.00 DUE 312512019 FEBRUARY FNMA DUE 3/25/19 03/25/2019 31410F4V4 INTEREST EARNED ON F N M A#888336 5.000% 7/01/36$1 PV ON 841.8100 0.0000 0.000000 841.81 0.00 0.00 SHARES DUE 3/25/2019 FEBRUARY FNMA DUE 3125119 03/25/2019 3138EG6F6 INTEREST EARNED ON F N M A#ALOB69 4.500% 6/01/29$1 PV ON 42.6300 SHARES 0.0000 0.000000 42.63 0.00 0.00 DUE 3/25/2019 FEBRUARY FNMA DUE 3/25/19 03/25/2019 31417YAY3 INTEREST EARNED ON F N M A#MA0022 4.500% 4I01129$1 PV ON 69.5400 SHARES 0.0000 0.000000 69.54 0.00 0.00 DUE 3/25/2019 FEBRUARY FNMA DUE 3/25/19 03/25/2019 31397QREO INTEREST EARNED ON F N M A GTD REMIC 1.113% W5/41 $1 PV ON 553.3B00 0.0000 0.000000 553.38 0.00 0.00 SHARES DUE 3Y25/2019$0.00264/PV ON 209,490.99 PV DUE 3/25/19 03/27/2019 912828W UO BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 10816.00 UNITS 0.0000 0.000000 0.00 0.00 0.00 INCREASE TO ADJUST FOR CHANGE IN CPI 03/27/2019 912828W UO FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 10816.00 UNITS 0.0000 0.000000 0.00 10,816.00 0.00 INCREASE TO ADJUST FOR CHANGE IN CPI 21 of 22 U.S. Bank Transaction History 0110 1/2 01 9 Thru 0 3/3112 0 1 9 Entry Date CUSIP Id Explanation Units Pri�o Net Cash Annt Cost GainfL.sa 03/27/2019 3137EACA5 INTEREST EARNED ON F H L M C M T N 3.750% 3/27/19$1 PV ON 800000.0000 0.0000 0.000000 15,000.00 0.00 0.00 SHARES DUE 3/27/2019 03/27/2019 912828W UO PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 10816.0000 UNITS 10,816.0000 0.000000 0.00 0.00 0.00 INCREASE TO ADJUST FOR CHANGE IN CPI 03/27/2019 912828W UO STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 10816.00 UNITS 0.0000 0.000000 0.00 0.00 0.00 INCREASE TO ADJUST FOR CHANGE IN CPI 03/29/2019 06051GHF9 PAID ACCRUED INTEREST ON PURCHASE OF BANK OF AMERICA 3.550% 3/05/24 0.0000 0.000000 -8,934.17 0.00 0.00 03/29/2019 91282BV80 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.250% 1131/24 0.0000 0.000000 -10,62BA5 0.00 0.00 TOTAL OTHER TRANSACTIONS -51.376.0000 -65,693,440.53 -51.376.00 0.00 22 of 22 Callan March 31,2019 Orange County Sanitation District Investment Measurement Service Quarterly Review Information contained herein induces confidential,trade secret and proprietary information.Neither his Repo"nor any spedfic information contained herein is to be used other than by the intended recipient for its intended purpose or disseminated to any other person without Callan a permission.Certain information herein has been compiled by Callan and is based on Information provided by a variety of sources believed W be reliable for which Callan has not necessarily verified the accuracy or completeness of or updated.This content may consist of statements of opinion,which are made as of the date they are expressed and are not statements of fact.This content is for informational purposes only and should not be construed as legal or tax advice on any matter.Any decision you make on the basis of this content is your ads responsibility.you should consult with legal and tax advisers before applying any of his information to your particular situation.Past performance is no guarantee of future results.For Wither information,please see Appendix for Important Information and Disclosures. Table of Contents March 31, 2019 Capital Market Review 1 Active Management Overview Market Overview 7 Domestic Fixed Income 8 Asset Allocation Investment Manager Asset Allocation 10 Investment Manager Returns 11 Asset Class Risk and Return 15 Manager Analysis Chandler-Long Term Operating Fund 17 Chandler-Liquid Operating Money 21 Callan Research/Education 23 Definitions 26 Disclosures 31 Callan Orange County Sanitation District Executive Summary for Period Ending March 31, 2019 Asset Allocation March 31, 2019 December 31, 2018 Market Value Weiaht Net Now Inv. Inv. Return Market Value Weiaht oameesc Rl dIna- LongTennope20ngFund' 508,142,014 82.35% 0 7,302,679 498,839,336 73.84% Thal Funs $614,643,504 100.0% E(69,000,000) 141,090,381 $875,553,123 100.0% Performance Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund- 1.46% 3.41% 1.42% 1.59% 1.37% Chandler 1.46% 3.41% 1.42% - - Blmbg Govt/Cred 1-5 Year ldx 1.62% 3.54% 1.41% 1.56% 1.46% ML 1-5 GovVCaip 1.64% 3.57% 1.44% 1.61% 1.52% Liquid Operating Monies^ 0.60% 2.16% 1.24% 0.83% 0.63% Chandler 0.60% 2.16% 1.24% - - Citigruup3-Month Treasury Bill 060% 211% 117% 072% 053% Total Fund 1.31% 3.20% 1.32% 1.42% 1.23% Target" 1.43% 3.28% 1.39% 1.43% 1.32% "Current Quarter Target=80.0%ML 1-5 Govt/Corp and 20.0%Citi 3mo T-Bills. AAssets were transferred in kind to Chandler on 12/1/2014.Previous performance reflects PIMCO. Recent Developments During the quarter, $69 million was withdrawn from the Liquid Operating Monies, while there were no net new investments in the Long Term Operating Fund. Organizational Issues N/A Fixed Income Market Snapshot Risk markets sharply reversed from the fourth quarter sell-off supported by the Fed's unexpected dovish comments, relatively solid U.S. economic growth data, and tempered concern over a slowing China. The Fed indicated that it intends to maintain the target Federal Funds rate at 2.5% for the remainder of 2019 and that quantitative tightening will cease by September. U.S. Treasuries appreciated during the quarter, as the yield curve shifted lower across maturities on the back of Fed comments and lower inflation expectations. The 10-year U.S. Treasury returned 2.8% and its yield closed the quarter at 2.41%, down nearly 30 bps from year-end and significantly below the multi-year high of 3.24% reached in early November. The shape of the yield curve did not materially change during the quarter, with portions of the curve CallanOrange county Sanitation District remaining inverted. While the 5-year Treasury offered a lower yield than the 2-year, the widely watched spread between the 2-and 10-year Treasury note remained positive at 14 bps. Manager Performance The Long Term Operating Fund returned 1.46% during the quarter, which marked the second consecutive month of underperformance compared to the ML U.S. 1-5 Corp/Gov Index (+1.64%). The fund ranked just above median, in the 49' percentile, versus similar type strategies. The portfolio's lower duration (2.39 vs. 2.67 years for the benchmark) hurt relative performance, as interest rates fell in the first quarter. In particular, the portfolio was underweight the 1- to 3-year segment of the yield curve, which contributed to underperformance. An out-of- benchmark allocation to short-term asset-backed securities produced positive excess returns by providing additional yield. The portfolio had less than 30% invested in credit (22%) and less than the permitted 20% invested in the combination of asset-backed securities (9%), commercial mortgage backed securities (0%), and CMOs (0%) as of March 31, 2019 (see page 20). — The Liquid Operating Portfolio gained 0.56% (after fees) in the first quarter, which fell short of the 3-month Treasury return of 0.60%. Over the trailing 12 months, the Portfolio appreciated 2.01%, which ranked in the 33' percentile among peers. Cordially, Gordon M. Weightman, CFA Senior Vice President 2 Capital Market Review Capital Market Overview March 31, 2019 U.S.EQUITY U.S.Equity:Quarterly Returns Equity markets dramatically snapped back in the first quarter, driven by the Fed's unexpected dovish comments in January, Russell 3000 14.0% solid corporate fundamentals,and low unemployment. Russell 1000 14.0% Large Cap U.S. Equity(S&P 500: +13.6%; Russell 1000: +14.0%) Russell 1000 Growth 16.1 — All sectors delivered double-digit gains with the exception of Financials(+6,6%)and Health Care(+6.6%). Russell 1000 Value 11.9% — Consumers remain in good shape,with household debt service as a percentage of disposable income at the lowest S&P 500 13.6% level in decades. — The risk-on market was highlighted by low quality(S&P Russell lifli — 16.5% ratings B or lower)outperforming high quality(B+or higher) by 440 basis points. Russell 2500 — 15.8% — Surprisingly,Utilities and REITs produced double-digit returns;investors sought yield in the face of a flattening yield Russell 2000 — 14.6% curve and the end to rate hikes in the first quarter. Growth vs.Value(Russell 1000 Growth: +16.1%; Russell 1000 Value:+11.9%) U.S.Equity:One-Year Returns — The sharp change in Fed rhetoric influenced the stronger performance of growth stocks over value stocks during the Russell 3000 — 8.8% quarter.Investors favored companies with stronger earnings prospects to counter a softer economic environment. Russell 1000 9.3% — Technology produced strong results,while the outlook for Financials weakened as the yield curve flattened. Russell 1000 Gmwih 12.7% Small Cap(Russell 2000:+14.6%;Russell 2000 Growth: +17.1%; Russell 2000 Value:+11.9%) Russell 1000 Value _ 5.7% — Within the Russell 2000 Growth Index,the three largest sectors(Health Care,Consumer Discretionary,and S&P 500 — 9.5% Technology)surged 19%, 17%,and 23%,respectively. Software and biotechnology both posted 25%gains in the Russell Nei — 6.5% quarter;combined they are more than 23%of the benchmark weight. Russell 2500 _ 4.5% — Influenced by excessive fourth quarter tax-loss selling,the market experienced a strong"January effect° where last Russell 2000 ■ 2.0% years losers became January 2019's winners. S&P Sector Returns, Quarter Ended March 31,2019 25% commemoation seivicas 199% consumer Discretionary 20% _Consumer alaples 15.7% i"" 14.0% �Eneryy 15% 120% _Financials _Health Care _Information Technology Maki Real Estate 0% _ J igea Source:Standard&Poore Callan Capital Market Overview (continued) March 31, 2019 NON-U.S./GLOBAL EQUITY Global Equity:Quarterly Returns Global equity markets were positive in the first quarter following MSCI EAFE 10.0% a sharp sell-off to end 2018. Investors resumed a risk-on outlook as central banks telegraphed more accommodative MSCI ACWI 12.2% positioning.Delayed outcomes regarding U.S./China trade talks and Brexit negotiations allowed markets to stabilize, MSCI World - 12.5% although uncertain outcomes remain a future risk. MSCI ACWI ex USA 10.3% Global/Non-U.S.Developed(MSCI EAFE: +10.0°O/a;MSCI World ex USA:+10.4%; MSCI ACWI ex USA: +10.3%;MSCI MSCI World ex USA 10.4% Europe:+10.8%;MSCI Japan:+6.7%) MSCI ACWI ex USA SC 10.3% - Developed markets rallied as central banks around the world expressed more accommodative paths with interest rates MSCI World ez USA SC 10.9% and quantitative easing. MSCI Europe ex UK 10.5% - Brexit negotiations continue and a"no-deal"Brexit remains a possibility,but with an extended deadline.The potential for MSCI United Kingdom 11A% investment paralysis drags on. - European PMI continued to deteriorate,falling to 47.7 in MSCI Pacific ex Japan 12.2% March from 49.4. MSCI Japan 6.7% - The currency effect was mixed as the U.S.dollar rose MSCI Emerging Markets - 9.9% against the euro and yen, by 1.8%and 0.9%,but fell against the British pound by 2.3%as a delay in Brexit allowed for a MSCI China - 17.7% temporary bounce. - EAFE sector performance was mixed. Information MSCI Frontier Markets 8.9% Technology(+15.3%)and Materials(+13.2%)led economically sensitive sectors;Consumer Staples(+12.4%) led defensive sectors. Inlerestrate-sensitive Financials Global Equity:One-Year Returns (+6.9%)and Utilities(+9.0%)trailed the broad index. - Factor performance favored growth(historical and projected) MSCI EAFE -3.7% ■ while value factors were generally negative. MSCI ACWI . 2.6% Emerging Markets(MSCI Emerging Markets Index:+9.9%) - In a big reversal from the fourth quarter,China led emerging MSCI Word ■ 4.0% markets with MSCI China gaining 17.7%and MSCI China A MSCI ACWI ex USA 4.2% ■ up 30.9%. - Trade talks continue but positive indications for a deal MSCI World ex USA -3.1% ■ buoyed markets;uncertainty on the outcome remains. MSCI ACWI ex USA SC -9.5% _ - Asian Information Technology rebounded nicely with MSCI word ex USA SC -9.7% _ Chinese IT(+27.6%)leading the sector.An improving outlook on Chinese consumption positively influenced EM MSCI Europe ex UK -5.1% - Consumer Discretionary(+20.8%),which was the top- performing sector. MSCI United Kingdom -0.1% - Growth led value with MSCI EM Growth gaining 12.0%and MSCI Pacific ex Japan . 4.6% EM Value up 7.8%. Non-U.S.Small Cap(MSCI World ex USA Small Cap: MSCI Japan -7.8% _ +10.9%; MSCI EM Small Cap:+7.8%;MSCI ACWI ex USA MSCI Emerging Markets -7.4% _ Small Cap: +10.3%) MSCI China -8.2% - - Within developed markets,small cap performed in line with large cap. MSCI Frontier Markets -15.0% - - EM Small Cap trailed EM as MSCI China Small Cap has less exposure to IT,which led the risk-on rally. Source:MSCI Callan Capital Market Overview (continued) March 31, 2019 U.S.FIXED INCOME U.S.Fixed Income:Quarterly Returns Risk markets sharply reversed from the fourth quarter sell-off supported by the Fed's unexpected dovish comments, Blmberg Barclays GovlCr 1-3 yr , 1.2% relatively solid U.S.economic growth data,and tempered concern over a slowing China.This quarter's strong results recaptured most of the loss experienced in the prior quarter. Blmberg Barclays Inter GovlCr ■ 2.3% U.S.Fixed Income(Bloomberg Barclays US Aggregate: Blmberg Barclays Aggregate 2.9% +2.9%) — U.S.Treasuries rose 2.1%as the yield curve shifted lower Blmberg Barclays Long GovlCr — 6.5% across maturities as growth and inflation expectations declined. Blmberg Barclays Universal 3.3% — The shape of the yield curve did not materially change during the quarter.The yield differential between the 10-year and CS Leveraged Loans - 3.8% 2-year key rates remained positive and traded around a range of+12 to+20 bps.However,the front-end of the curve Blmberg Barclays High Yield 7.3% inverted,with the 5-year offering less yield than the 2-year. — TIPS outperformed nominal Treasuries as the Fed's Blmberg Barclays TIPS - 3.2% balanced stance and unexpected wage pressures stoked higher inflation expectation. U.S.Fixed Income:One-Year Returns Investment-Grade Corporates(Bloomberg Barclays Corporate:+5.1%) — Credit spreads rallied on the back of a softer Fed stance, Blmberg Barclays Gov/Cr 1-3 Yr - 3.0% positive economic news,and better than expected corporate earnings. Blmberg Barclays Inter GovlCr 4.2% — Net new corporate issuance during the first quarter of$117 billion was roughly on par with a year ago. Blmberg Barclays Aggregate _ 4.5% — Surprisingly,Aaa-rated corporates(+5.0%)outperformed As-(+3.7%)and single A-rated issuers(+4.7%).BBB-rated Blmberg Barclays Long Gov/Cr _ 5.2% issuers were the best performers(+5.7%). Blmberg Barclays Universal 4.5% High Yield(Bloomberg Barclays Corporate High Yield:+7.3%) — Given the risk-on environment,below-investment grade CS Leveraged Loans - 3.3% issuers were the best performers,aided by strong asset Inflows. Blmberg Barclays High Yield — 5.9% — Ba/B sectors(+7.2%)marginally outpaced CCC by 6 bps; this was an unusual occurrence given that the dispersion Blmberg Barclays TIPS . 2.7% between high-quality and low-quality is typically wide during these periods of absolute returns. Leveraged Loans(Credit Suisse Leveraged Loans Index: U.S.Treasury Yield Curves +3.8%) March 31,2019 December 31,2018 — Leveraged loans participated in the rally but lagged both March 31,2018 longer duration investment grade and high yield corporates. 4% The sector was negatively impacted by the Fed's pause, 3% retail outflows,and a slow-developing CLO pipeline. — Bank loans have less sensitivity to interest rates but may 2% have a similar spread duration profile to that of their high 1% yield bond counterparts. 0% 0 5 10 15 20 25 30 Maturity(Nears) Sources:Bloomberg,Bloomberg Barclays,Credit Suisse Callan Capital Market Overview (continued) March 31, 2019 NON-U.S. FIXED INCOME Global Fixed Income:Quarterly Returns Global Fixed Income(Bloomberg Barclays Global Aggregate (unhedged):+2.2%) Blmberg Barclays GI Aggregate ■ 2.2% - Developed market sovereign bonds rallied in tandem with Treasuries.The U.S.dollar appreciated modestly versus the Blmberg Barclays GI Agg(hdg) - 3.0% euro and yen,but lost ground versus the British pound and Canadian dollar. Blmberg Barclays GI High Yield — 6.3% U.S.dollar-denominated emerging market debt(JPM EMBI Global Diversified:+7.0%), Local currency-denominated Blmberg Barclays GI Agg as US . 1.5% EMD(JPM GBI-EM Global Diversified:+2.9%) - Country returns within the EMBI Global Diversified Index JPM EMBI Global Diversified 7.0% were all positive for the quarter. - Turkey(-10.2%)and Argentina(-10.5%)were notable JPM GBI-EM Global Diversified - 2.9% underperfonners in the local currency index. - Positive net inflows into the EM universe continued through JPM EMBI GI Div/JPM GBI-EM GI Div 4.9% quarter-end. JPM CEMBI 5.5% Global Fixed Income:One-Year Returns Blmberg Barclays GI Aggregate -0.4% Blmberg Barclays GI Agg(hog) ■ 4.9% Blmberg Barclays GI High Yield ' 2.4% Blmberg Barclays GI Agg ex US -4.1% . JPM EMBI Global Diversified . 4.2% JPM GBI-EM Global Diversified -7.6% - JPM EMBI GI Div/JPM GBI-EM GI Div .1.8% ' JPM CEMBI ■ 5.2% Change In 10-Year Global Government Bond Yields 4018 to 1019 U.S.Treasury -28 bps — Germany .31 bps U.K. -28 bps — Canada -35 bps Japan -8 bps _ Sources:Bloomberg,Bloomberg Barclays,JP Morgan Callan Active Management Overview Market Overview Active Management vs Index Returns Market Overview The charts below illustrate the range of returns across managers in Callan's Separate Account database over the most recent one quarter and one year time periods. The database is broken down by asset class to illustrate the difference in returns across those asset classes.An appropriate index is also shown for each asset class for comparison purposes.As an example, the first bar in the upper chart illustrates the range of returns for domestic equity managers over the last quarter. The triangle represents the S&P 500 return. The number next to the triangle represents the ranking of the S&P 500 in the Large Cap Equity manager database. Range of Separate Account Manager Returns by Asset Class One Quarter Ended March 31,2019 25% 20% E 15% P1 H (4]) c (50) IY to% (70)V1 5% 84) 0% Large Cap Small Cap Non-Us Domestic Non-US Real Equity Equity Equity Fixed Income Fixed Income EFM. w S&P Soo Russell 2000 MSCI EAFE Blmbg Aggr Bd Citi Non-US Goat NCREIF Index 10th Percentile 1769 21.19 13.59 3.52 256 6.47 25th Percentile 15.98 17.20 11.86 3.35 2A3 3.05 Median 13.61 14.36 10.71 3.17 2A3 2.04 ]Sth Percentile 11.75 12.46 9.78 2.99 1.80 1.43 90th Percentile 10.75 11.65 8.67 2.84 1A.5 1.11 Index ♦ 13.65 14.58 9.98 2.94 1.52 1.37 Range of Separate Account Manager Returns by Asset Class One Year Ended March 31, 2019 20% 5% 0% (40) is 5% �6) 05)� 21 52) d. 0% (5%) (34) • (66) (to%) (15%) Large Cap Small Cap Non-US Domestic Non-US Real EquNy Equity Equity Fixed Income Fixed Income Estate vs vs vs vs vs S&P 500 Russell 2000 MSCI EAFE Blmbg Aggr Bd CIIINonUSGovt NCREIFIndez 10th Percentile 16.28 14.05 (0.20) 5.08 200 13.05 25th Percentile 12.66 9.09 2.]0) 4.92 (258) 10.51 Median 8A6 2.58 4.77) 4.70 (428) 8.08 ]Sth Percentile 4.40 ((1.6]) ].28) 4.48 (6.33) 6.50 90th Percentile 2.11 (3.93) 9.03) 4.35 (7,40) 4.76 Index • 9.50 2.05 (3.71) 4.48 (455) 6.38 Callan Orange County Sanitation District Domestic Fixed Income Active Management Overview In the U.S., the Bloomberg Barclays US Aggregate Bond Index rose 2.9%for the quarter, with investment grade corporates (Bloomberg Barclays Corporate: +5.1%) up the most. Yields fell sharply in March as the market digested unexpectedly dovish comments from the Fed. The 10-year U.S. Treasury returned 2.8% and its yield closed the quarter at 2.41%, down nearly 30 bps from year-end and significantly from the multi-year high of 3.24% hit in early November. Portions of the yield curve inverted, but the widely watched spread between the 2- and 10-year Treasury note remained positive at 14 bps. The high yield corporate bond market(Bloomberg Barclays High Yield: +7.3%)soared and the sector's yield-to-worst ended the quarter at 6.4% after surging to nearly 8% in the fourth quarter. Similarly, leveraged loans were up 4.0% after falling 3.5% (S&P LSTA) in the fourth quarter. While the fundamental picture for corporations remains intact, these returns were driven primarily by a strong technical tailwind on the back of a very weak December. Municipal bonds (Bloomberg Barclays Municipal Bond: +2.9%) outperformed U.S. Treasuries and were also helped by a favorable supply/demand backdrop. Municipal mutual funds absorbed roughly $24 billion in inflows the best first quarter since data collection began in 1992. Separate Account Style Group Median Returns for Quarter Ended March 31,2019 Blmbg Aggregate: 2.94% 10% Blmbg High Yield: 7.26% Blmbg Long GovlCred: 6.45% 8% 7.24 6.63 6% ----------------------- ---- --- E C m � 4% 3.99 3.17 ——— 2.47 2% ------6-- --- 1.4 0% Defensive Inteimed Core Core Plus Extended Bank High Yield Bond Maturity Loans Separate Account Style Group Median Returns for One Year Ended March 31,2019 Bunn,Aggregate: 4.48% 8% Blmbg High Yield: 5.93% Blmbg Long GovlCred: 5.24% 7% 6% -----------------------------------3A]----- 5.37 5% 4./0------- ---- --- 4.82 5 CA3.11 ----m3.222%1% --- 0% Defensive Inteimed Core Core Plus Extended Bank High Yield Bond Maturity Loans Callan Orange County Sanitation Distiot B Asset Allocation Investment Manager Asset Allocation The table below contrasts the distribution of assets across the Fund's investment managers as of March 31, 2019, with the distribution as of December 31,2018.The change in asset distribution is broken down into the dollar change due to Net New Investment and the dollar change due to Investment Return. Asset Distribution Across Investment Managers March 31,2019 December 31,2018 Market Value Weight Net New Inv. Inv. Return Market Value Weight Domestic Fixed Income Long Tenn Operating Funi W6.142,014 82.35% 0 7.302,679 498,839,336 73.84% Licuid OperimingM ni ' 108 501490 17,65 787,702 116]1 ] 2 .1 Total Fund $614,643,504 100.0% $(88,000,000) $8,090,381 8678,863,123 100.0% 'Chandler replaced PIMCO during the 4th quarter of 2014.Assets were transferred In-kind as of IV01/2014. Callan Orange County Sanitation District to Investment Manager Returns The table below details the rates of return for the Fund's investment managers over various time periods ended March 31, 2019. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund's accounts for that asset class. Returns for Periods Ended March 31,2019 Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund^ 1.46% 3.41% 1.42% 1.59% 1.37% Chandler 1.46% 3.41% 1.42% - - Blmbg Govt/Cred 1-5 Year Idx 1.62% 3.54% 1.41% 1.56% 1.46% ML 1-5 Govt/Corp 1.64% 3.57% 1.44% 1.61% 1.52% Liquid Operating MoniesA 0.60% 2.16% 1.24% 0.83% 0.63% Chandler 0.60% 2.16% 1.24% - - CitiarouD 3-Month Treasury Bill 0.60% 2.11% 1.17% 0.72% 0.53% Total Fund 1.31% 3.20% 1.32% 1.42% 1.23% Target* 1.43% 3.28% 1.39% 1.43% 1.32% "Current Quarter Target=80.0% ML US Corp/Gout 1-5Y and 20.0% FTSE 3 Mo T-Bill. AAssets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Callan orange County 5annation Distnot t Investment Manager Returns The table below details the rates of return for the Fund's investment managers over various time periods ended March 31, 2019. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund's accounts for that asset class. Returns for Periods Ended March 31,2019 Last Last Last 10 15 23.1/2 Years Years Years Domestic Fixed Income Long Term Operating Fund^ 2.42% 2.96% 4.22% Blmbg Govt/Cre l 1-5 Year Idx 2.20% 2.70% 4.05% ML 1-5 Govt/Corp 2.29% 2.73% 4.08% Liquid Operating Monies^ 0.53% 1.49% 2.58% CitiarouD 3-Month Treasury Bill 0.41% 1.28% 2.28% Total Fund 2.07% 2.67% 3.97% Target' 1.91% 2.44% 3.72% "Current Quarter Target=80.0% ML US Corp/Gout 1-5Y and 20.0% FTSE 3 Mo T-Bill. AAssets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Callan orange County 5annation Distnot 12 Investment Manager Returns The table below details the rates of return for the Fund's investment managers over various time periods. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund's accounts for that asset class. 12/2018- 3/2019 2018 2017 2016 2015 Domestic Fixed Income Long Term Operating FundA 1.46% 1.60% 1.18% 1.58% 0.85% Chandler 1.46% 1.60% 1.18% 1.58% 0.85% Blmbg Govt/Cred 1-5 Year Idx 1.62% 1.38% 1.27% 1.56% 0.97% MIL 1-5 Govt/Corp 1.64% 1.40% 1.28% 1.62% 1.05% Liquid Operating Monie0 0.60% 1.90% 0.91% 0.47% 0.22% Chandler 0.60% 1.90% 0.91% 0.47% 0.22% Citigroup 3-Month Treasury Bill 0.60% 1.86% 0.84% 0.27% 0.03% Total Fund 1.31% 1.72% 1.02% 1.15% 0.80% Target* 1.43% 1.49% 1.19% 1.35% 0.85% "Current Quarter Target=80.0% MIL US Corp/Gout 1-5Y and 20.0% FTSE 3 Mo T-Bill. AAssets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Callan orange County 5annation piav ct is Investment Manager Returns The table below details the rates of return for the Fund's investment managers over various time periods. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund's accounts for that asset class. 2014 2013 2012 2011 2010 Domestic Fixed Income Long Term Operating FundA 1.98% (1.77%) 3.06% 4.59% 4.42% Blmbg Govt/Cred 1-5 Year Idx 1.42% 0.28% 2.24% 3.14% 4.08% MIL 1-5 Govt/Corp 1.51% 0.32% 2.47% 3.10% 4.17% Liquid Operating MoniesA 0.09% 0.13% 0.17% 0.24% 0.25% Citigroup 3-Month Treasury Bill 0.03% 0.05% 0.07% 0.08% 0.13% Total Fund 1.73% (1.49%) 2.70% 3.70% 3.68% Target* 1.21% 0.26% 1.99% 2.49% 3.36% "Current Quarter Target=80.0% MIL US Corp/Gout 1-5Y and 20.0% FTSE 3 Mo T-Bill. AAssets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Callan orange County 5annation piav ct ty Asset Class Risk and Return The charts below show the seven year annualized risk and return for each asset class component of the Total Fund.The first graph contrasts these values with those of the appropriate index for each asset class.The second chart contrasts them with the risk and return of the median portfolio in each of the appropriate CAI comparative databases. In each case, the crosshairs on the chart represent the return and risk of the Total Fund. Seven Year Annualized Risk vs Return Asset Classes vs Benchmark Indices 1.6% • 4% 1.2% E E = 1.0% d 0.8% 0.6% 0.4% 0.30% 040% 0,50% 0.60% 0.70% 0.80% 0.90% 1.00% 1.10% 1.20% 1.30% 1.40% Standard Deviation Seven Year Annualized Risk vs Return Asset Classes vs Asset Class Median 1.8% 1.4% 1.2% E E = 1.0% d 0.8% 0.6% 0.4% 0.2% 0.20% 0.30% a40% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 1.10% 1.20% 1.30% 1.40% Standard Deviation Callan orange County sanitation DiWd 1s Manager Analysis Chandler-Long Term Operating Fund Period Ended March 31, 2019 Investment Philosophy Chandler Asset Management's Short Term Bond strategy is driven by quantitative models and focuses on active duration management, sector selection and term structure. The strategy seeks to achieve consistent above-benchmark returns with low volatility relative to the style's performance benchmark. The firm has a unique focus on high quality fixed income management, and places risk control as a higher objective than return. Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Quarterly Summary and Highlights Quarterly Asset Growth • Long Term Operating Fund's portfolio posted a 1.46%return Beginning Market Value $498,839,336 for the quarter placing it in the 49 percentile of the Callan Net New Investment $0 Short Term Fixed Income group for the quarter and in the 41 percentile for the last year. Investment Gains/(Losses) $7,302,679 • Long Term Operating Fund's portfolio underperformed the Ending Market Value $506,142,014 ML US Corp/Govt 1-5Y by 0.18% for the quarter and underperformed the ML US Corp/Gout 1-5Y for the year by 0.16%. Performance vs Callan Short Tenn Fixed Income(Gross) 4.5% Al 4.0% 29) B(3 3.5% 25)"B�2 3 3.0% 1 2.5% 11 ll 51) F(4 1.s% 28)®A(4 ) 82) B�8 U) A`5 s) A 5 5 ®Al6 1 1.0% 0.5% Laat o Las[ Last 3 Yrs Chandler Last 5 Yrs Last 7 Yrs Last 10 Yrs Sinw 9130M5 Yr Inception 101h Percentile 1.90 3.80 2.45 2.28 2.13 2.17 3.68 4,39 centile 25th Per 1.70 3.57 2.07 1.94 1.84 1.93 3.02 4,11 Median 1.46 3.35 1.72 1.72 1.67 1.60 2.32 3,88 75th Percentile 1.24 3.03 1.55 1.51 1.43 1.30 1.81 3,66 901h Percentile 1.05 2.81 1.30 1.32 1.24 1.09 1.30 3,31 Long Term Operating Fund •A 1.46 341 1.42 1.57 1.59 1.37 2.42 4,22 Blal G.Wc'ed 1-5 Year lux •B 1.62 3.54 1.41 1.60 1.56 1.46 2.20 4,05 ML US Corp/Goat 1-5Y ♦ 1.64 3.57 1.44 1.64 1.61 1.52 2.29 4,08 Callan Short Term Fixed Income(Gross) Relative Return vs ML US CorplGovt 1.5Y Annualized Seven Year Risk vs Return 1.5% 3.5% 1.0% 3.0% N E o.s% 2.5% c d 0.0% of2.0% > e. 0.5%) 0.5% M12 2013 2014 2015 2018 2017 2018 19 0.2 0.4 0.6 0.8 1.0 1z 1.4 1.6 1.8 Standard Deviation - Long Term Operzting Fund Callan Orange County Sanitation District 17 Long Term Operating Fund Return Analysis Summary Return Analysis The graphs below analyze the managers return on both a risk-adjusted and unadjusted basis. The first chart illustrates the manager's ranking over different periods versus the appropriate style group. The second chart shows the historical quarterly and cumulative manager returns versus the appropriate market benchmark. The last chart illustrates the managers ranking relative to their style using various risk-adjusted return measures. Assets were transferred in kind to Chandler on 12/112014. Previous performance reflects PIMCO. Performance vs Callan Short Tenn Fixed Income(Gross) 6% ( 1 (((2% 28®A1 91]�B1 ]jr®q 5]®Ajg�eeeos OI B(1] �B( ) 3% 12A8&3119 2018 2017 M16 2015 2014 2013 M12 2011 2010 101M1 Percentile 1.90 1.98 2.24 2.82 1.1] 1.50 1.20 4.46 2.]2 4.]1 25iM1 Percentile 1.]0 1.81 1.74 2.1] 1.01 1.27 0.81 2.60 2.30 4.01 Median 1.46 1.69 1.31 1.56 oel 1.11 0.65 1.81 1.85 3.18 75th Percentile 1.24 1.54 0.95 1.18 0.75 0.8] 0.40 1.45 1.65 2.72 801M1 Percentile 1.05 1.33 0.66 1.03 0.64 0.]3 0.29 0.92 1.44 2.41 Long Term Operating Fund •A 1.46 1.60 1.18 1.58 0.85 1.98 (1.77) 3.06 4.59 4.42 Embo dWCre l S Year 1& ■B 1.62 1.38 1.27 1.56 0.97 1.42 0.28 2.24 3.14 4.08 ML US Corp/Gout 1-5Y ♦ 1.64 1.40 1.28 1.62 1.05 1.51 0.32 2.47 3.10 4.17 Cumulative and Quarterly Relative Return vs ML US Corp/Govt 1.5Y 4% 3% N E 2% N > 0% (2%) __ ____ ___ ___ ____ ___ ___ (3%) 20M 2010 2011 2012 2013 2014 2015 2016 201] 2018 19 Long Term Operating Fund 0 Blmbg GoWCfed 1-5 Year Idx 0 Callan Shod Fixed Inc Risk Adjusted Return Measures vs ML US Corp/Gout 1-SY Rankings Against Callan Short Term Fixed Income(Gross) Seven Years Ended March 31, 2019 2.0 1.5 1.0 B((89)) 0.6 A(98) 0.0 9 A(98 A(66) 0.5 (1.0) a Burr) (1.5) Alpha SM1arpa Excess Return Ra[lo Ratio 1011 Percentile 1,01 1.60 1.18 21 h Percentile 072 1.40 0.57 Median 0.37 1.09 0.17 75th Percentile 0.19 0.88 (0.38) 90th Percentile 003 0.87 (069) Long Term Operating Fund eA (0.15) 0.55 (0.23) Blmbg GOWCred 1-5 Year ldx a (0.05) 0.69 (1.08) Callan Orange County Sanitation Dismot 18 Long Term Operating Fund Bond Characteristics Analysis Summary Portfolio Characteristics This graph compares the managers portfolio characteristics with the range of characteristics for the portfolios which make up the manager's style group. This analysis illustrates whether the manager's current holdings are consistent with other managers employing the same style. Fixed Income Portfolio Characteristics Rankings Against Callan Short Term Fixed Income as of March 31,2019 5- 4- 3- (1) ♦ (17)♦ (20) F-1(g) 1944=1 (79) (88) 0 (t) Avenge Effective coupon OA Duration LIM Yield Raw Convexly loth Percentile 2.33 4.29 3.31 3.64 0.08 25th Percentile 1.90 2.64 2.95 3.14 0.05 Median 1.79 2.06 2.82 2.9l 0.01 75[h Percentile 1.40 1.71 2.68 2.53 (0.01) 90th Percentile 1.00 1.25 2.61 2.09 OA]) Long Ton Operating Fund • 2.39 2.76 - 2.24 - Blmbg GovlCred 1-5 Yr ♦ 2.67 2.84 2.49 2.50 0.09 Sector Allocation and Quality Ratings The first graph compares the managers sector allocation with the average allocation across all the members of the manager's style.The second graph compares the managers weighted average quality rating with the range of quality ratings for the style. Sector Allocation Quality Ratings March 31,2019 vs Callan Short Term Fixed Income ..a aa? Tray usury � sl_Gov Pelaiee ) cw ryia my a th (11) AA (66) our. ee AA- A. Aa r aae,q us... A OA cm A- Weighted Average Quality Rating rues 10U Percentile AAa 250h Percentile AA au Median PA 90t h Percentile A 80U Percentile A 0% 10% 20% 30% 40% 50% 60% 70% 80% Long Term Operating Fund 0Callan Shod Term Fixed Income Long Term Openiing Fund • AA Blmbg GovlCred 1-5 Yr Blmbg Gw1Crad 1-5 Yr ♦ AA+ Callan Orange County Sanitation District 19 Long Term Operating Fund Portfolio Characteristics Summary As of March 31, 2019 Portfolio Structure Comparison The charts below compare the structure of the portfolio to that of the index from the three perspectives that have the greatest influence on return. The first chart compares the two portfolios across sectors. The second chart Compares the duration distribution.The last chart compares the distribution across quality ratings. Sector Allocation US They US They 31% 64% mmokk MBS 0% ABS 9% Cash CMO Gov Related h;r 24% char Gov Related 11 Tax-Exempt US Muni s 10% 1% 0% Corp(12n6d144A) Corp(Ind 144A) % 22% Long Term Operating Fund Blmbg Govt/Credit 1-5 Year Weighted Avemge: Dunstan Duration Distribution Long Tema Operating Fund: 2.39 80% Blmbg GoWCmdk 1-5 Year: 2.67 070% ______ ______ ______ ______ 81.9 aw% ------ a%o ------ ------ ------- ------ --- z ------ ------- ------ �20% 20.2 0 0.4 % 2.2 Q 1-3 &5 G] 7-10 �10 Years Duration WeightedDuality Quality Distribution g Fund: AA 100% -5 Year: AA+ O p 80% 0J 63.8 a �% L --- `oto%so 20% T49 i1.4) --12. .1 0.6 0% AAA AA A BBB BB B CCC CC C D WR Quality Rating Callan Orange County Sanitation Dia rd" 20 Chandler-Liquid Operating Money Period Ended March 31, 2019 Investment Philosophy Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Quarterly Summary and Highlights Quarterly Asset Growth • Liquid Operating Money Net's portfolio posted a 0.56% Beginning Market Value $176,713,788 return for the quarter placing it in the 39 percentile of the Net New Investment $-69,000,000 Callan Money Market Funds group for the quarter and in the 33 percentile for the last year. Investment Gains/(Losses) $787,702 • Liquid Operating Money Net's portfolio underperformed the Ending Market Value $108,501,490 Citigroup 3-Month Treasury Bill by 0.04%for the quarter and underperformed the Citigroup 3-Month Treasury Bill for the year by 0.10%. Performance vs Callan Money Market Funds(Net) 3.0% 2.5% (12 25) 2.0% 27) •(33 1.5% 28) •( 0 0.5% 32)®(39 26 ) (29 26) (30 23) 131 21) 124 0.a% Last Gr Last Last 3 Y. Chandler Last 5 Yra Last 7 Yea Last 10 Yre Soce 9I30I95 Yr Inception 101h Percentile 1.M 2.55 1.72 1.40 1.20 1.05 1.09 2.60 25th Percentile 0.63 2.14 1.21 0.87 0.74 0.51 0.37 2.28 Median 0.53 1.82 0.92 0.65 0.55 0.40 0.28 2.14 75th Percentile 0.48 1.63 0.77 0.54 0.46 0.33 0.24 2.00 90th Percentile 0.41 1.34 0.58 0.41 0.35 0.25 0.18 1.85 Liquid Operating Money Net • 0.56 2.01 1.09 0.81 0.68 0.48 0.38 2.43 CI1lgmup 3-Month Treasury Bill ♦ 0.80 2.11 1.17 0.85 0.]2 0.53 041 2,28 Relative Returns vs Callan Money Market Funds(Net) Citigroup 3-Month Treasury Bill Annualized Seven Year Risk vs Return 0.10% 3.0% 0.08% - -- ------------ - 2.5% 0.06% m 2.0% E 0.06% K (0.02%) - ------- 0.5% (0.06%) 0.0% (0.08%) (0.5%) M12 2013 2014 2015 2016 2017 2018 19 0.0 0.2 0A 0.6 0.8 to 1.2 1.4 16 - Liquid operating Money No] Standard Deviation Callan Orange County San letion District 21 Liquid Operating Money Net Return Analysis Summary Return Analysis The graphs below analyze the managers return on both a risk-adjusted and unadjusted basis. The first chart illustrates the manager's ranking over different periods versus the appropriate style group. The second chart shows the historical quarterly and cumulative manager returns versus the appropriate market benchmark. The last chart illustrates the managers ranking relative to their style using various risk-adjusted return measures. Assets were transferred in kind to Chandler on 12/112014. Previous performance reflects PIMCO. Performance vs Callan Money Market Funds(Net) 2.5% 2.0% 12rJ22 1.5% 1.0%% 2®39 30Ei 35 0.0 0 0.0% 15 (0.5%) 12A8.W19 2018 2017 M16 2015 2014 2013 M12 2011 2010 101h Percentile 1.04 1.89 1.42 1.32 0.28 0.35 0.30 0.85 0.12 0.21 25th Percentile 0.63 1.72 0.91 0.40 0.06 0.03 0." 0.06 0.04 0.08 Median 0.53 1.53 0.61 0.14 0.01 0.01 0.01 0.01 0.01 0.02 75th Percentile 0.48 1.30 0.42 0.04 0.01 0.01 0.01 0.01 0.01 0.01 90th Percentile 0.41 1.00 0.23 0.01 0.00 0.00 0.00 0.00 0.00 0.00 Liquid Operating Money Net • 0.56 1.75 0.76 0.32 0c7 (0.06) (0.02) 0.02 0.09 0.10 Citigroup 3-Month Treasury Bill ♦ 0.60 1.86 0." 0.27 Us 0.03 0.05 0.07 0.08 0.13 Cumulative and Quarterly Relative Return vs Citigroup 3-Month Treasury Bill 0.8% 0.6% N C N K qr 0.2% m 0.0% K (0.2%) (0.4%) 20M 2010 2011 2012 2013 2014 2015 2016 2017 2018 19 10 Liquid Operating Money Net ECallan Money Madret Funds Risk Adjusted Return Measures vs Citigroup 3-Month Treasury Bill Rankings Against Callan Money Market Funds(Net) Seven Years Ended March 31, 2019 2.0 is 1.o 0.s o.0 (o.$) (1.0) •(azl (1.$) (2.0) (2.5) (3.0) Mph. Sharp. E.....Return Ratio Ratio 10th Percentile 0.46 0.88 1,22 25th Percentile (0.01) 0.13) )021) Medan (0.14 0.50 )179) 75th Percentile (0.21 0.79 (2.13) 90th Percentile (0.29 1.26 (2.33) Liquid Operating Money Net a (0.07) (0.21) (1.09) Callan Orange County sanitation Disal 22 Callan Research/Education (apW�IWy'IIt ,'g Callan Institute Education 1st Quarter 2019 Research and Educational Programs The Callan Institute provides research to update clients on the latest industry trends and carefully structured educational programs to enhance the knowledge of industry professionals.Visit www.callan.com/library to see all of our publications,and www.callan.com/blog to view our blog'Perspectives.*For more information contact Corry Walsh a1 312.346.3536/institute@callan.com. New Research from Callan's Experts Callan's 2019-2028 Capital Market Projections I Callan develops 2019 National Workshop Summary: Private Equity I In their long-term capital market projections at the start of each year,detail- workshop, "Private Equity: Primary Investment Opportunities and ing our expectations for return, volatility, and correlation for broad Considerations,' Callan's Pete Keliuotis, Jay Nayak, and Weston ......,.-._..._. asset classes. For 2019-2028, we made Lewis demonstrated how a thoughtful approach to program design, --_- gradual,evolutionary changes to our expec- strategy allocation,and capital commitment pacing can lead to long- - Cations from our projections last year.We in- term success in private equity investing. d creased our fixed income assumptions to re- Mr-- fleet higher starting yields compared to one 2019 National Workshop Summary: Strategic Allocations I In _.� year ago, including a higher return for cash, this workshop, Callan's Ann O'Bradovich, He Hwang, and Gary but we held constant our equity return premi- Chang discussed the trend over the past several decades in which um over cash.As a result,we have narrowed U.S. institutional investors have shifted their public equity portfolios the equity risk premium over bonds. to increase allocations to non-U.S.stocks. Two Questions to Help DC Plans Save on Litigation Co!thts I The Callan Periodic Table Collectlon: Year-End 2018 1 The Executives can monitor whether in-house fiduciaries for eir de- Periodic Table Collection offers versions focused on equity, fixed fined contribution plans are on track or need assistance by ask- income,fund sponsors,and alternatives.Other tables compare the ing these questions: 1)Are plan administration costs too high?2) performance of key indices to zero and to inflation. Are participants getting the best"bang for their buck"from invest- Quarterly Periodicals ment fees? The Good,the Bad,and the Ugly:which Will Your DC Plan Be Private Equity Trends I A newsletter on private equity activity,cov- B in 2019? 1 In this paper,we outline best practices for defined con- ring both the fundraising cycle and performance overtime. tribution(DC)plan sponsors that aspire to be the Good gunslinger, Market Pulse Flipbook I Amarket reference guide covering trends and flag traps that could ensnare them in Bad or even Ugly territory. in the U.S.economy,developments for fund sponsors, and the lat- est data for U.S. and non-U.S. equities and fixed income, alterna- 2019 DC Trends Survey I Callan's 12th ■� Annual DC Trends Survey highlights plan fives,and defined contribution plans. sponsors'key themes from 2018 and expec- Active vs.Passive Charts I This series of charts compares active tations for 2019. n. managers alongside relevant benchmarks over the long term. 2019 National Workshop Summary: DC Plans I This workshop Capital Market Review I Provides analysis and a broad overview by Callan's Ben Taylor,Jana Steele,and Gordon Weightman,•The of the economy and public and private market activity each quarter New Face of DC Plans,"provided what plan sponsors and invest- across a wide range of asset classes. ment managers need to know to stay current on new developments and how they might benefit plans. Research I Education I Dialogue The Center for Investment Training Events Educational Sessions Miss out on a Callan conference or workshop? Event summa- The Center for Investment Training, better known as the "Callan ries and speakers' presentations are available on our website: College; provides a foundation of knowledge for industry profes- www.callan.com/library/ sionals who are involved in the investment decision-making pro- cess.It was founded in 1994 to provide clients and non-clients alike Please mark your calendar and look forward to upcoming invita- with basic-to intermediate-level instruction.Our next sessions am: tions. Introduction to Investments June Regional Workshops: San Francisco,July 16-17, 2019 June 4, 2019—Atlanta Chicago, October 22-23, 2019 June 5, 2019—San Fmncisco This program familiarizes fund sponsor trustees, staff, and asset October Regional Workshops: management advisers with basic investment theory,terminology, October 22, 2019—Denver and practices. It lasts one-and-a-half days and is designed for in- Oclober24, 2019—Chicago dividuals who have less than two years of experience with asset- Invitations have been sent for June and registration is available on management oversight and/or support responsibilities.Tuition for our website at www.callan.com/events-um-workshop-funs/ the Introductory "Callan College" session is $2,350 per person. Tuition includes instruction, all materials, breakfast and lunch on Please also keep your eye out for upcoming Webinars in 2019! We each day,and dinner on the first evening with the instructors. will be sending invitations for these and also will have registration links on our website at www.callan.com/events. "Callan College"on Alternative Investing Chicago, October 2019—Date TBD For more information about events, please contact Barb Gerraty: 415.274.3093/gerraty@callan.com Learn more at www.callan.com/events/callan-college-intro or contact Kathleen Cunnie:415.274.3029/cunnie@callan.com Education: By the Numbers 525 Attendees(on average)of the 50+ Unique pieces of research the Institute's annual National Conference Institute generates each year 3 '00 Total attendees of the"Callan 1980 Year the Callan Institute f / College"since 1994 was founded "Research is the foundation of all we do at Callan, and sharing our best thinking with the investment community is our way of helping to foster dialogue to raise the bar across the industry." Greg Allen,CEO and Chief Research Officer Callan Institute y @CaIIsnLLC ® Callan Definitions Risk/Reward Statistics The risk statistics used in this report examine performance characteristics of a manager or a portfolio relative to a benchmark (market indicator) which assumes to represent overall movements in the asset class being considered. The main unit of analysis is the excess return, which is the portfolio return minus the return on a risk free asset (3 month T-Bill). Alpha measures a portfolio's return in excess of the market return adjusted for risk. It is a measure of the manager's contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk which was taken for that level of market exposure. Beta measures the sensitivity of rates of portfolio returns to movements in the market index. A portfolio's beta measures the expected change in return per 1% change in the return on the market. If a beta of a portfolio is 1.5, a 1 percent increase in the return on the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true. Downside Risk stems from the desire to differentiate between "good risk" (upside volatility) and "bad risk" (downside volatility). Whereas standard deviation punishes both upside and downside volatility, downside risk measures only the standard deviation of returns below the target. Returns above the target are assigned a deviation of zero. Both the frequency and magnitude of underperformance affect the amount of downside risk. Excess Return Ratio is a measure of risk adjusted relative return. This ratio captures the amount of active management performance (value added relative to an index) per unit of active management risk (tracking error against the index.) It is calculated by dividing the manager's annualized cumulative excess return relative to the index by the standard deviation of the individual quarterly excess returns. The Excess Return Ratio can be interpreted as the manager's active risk/reward tradeoff for diverging from the index when the index is mandated to be the"riskless"market position. Information Ratio measures the manager's market risk-adjusted excess return per unit of residual risk relative to a benchmark. It is computed by dividing alpha by the residual risk over a given time period. Assuming all other factors being equal, managers with lower residual risk achieve higher values in the information ratio. Managers with higher information ratios will add value relative to the benchmark more reliably and consistently. R-Squared indicates the extent to which the variability of the portfolio returns are explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An r-squared value of.75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An r-squared of 1.0 indicates that a portfolio's returns are entirely related to the market and it is not influenced by other factors. An r-squared of zero indicates that no relationship exists between the portfolio's return and the market. Relative Standard Deviation is a simple measure of a managers risk(volatility)relative to a benchmark. It is calculated by dividing the manager's standard deviation of returns by the benchmark's standard deviation of returns. A relative standard deviation of 1.20, for example, means the manager has exhibited 20% more risk than the benchmark over that time period. A ratio of .80 would imply 20% less risk. This ratio is especially useful when analyzing the risk of investment grade fixed-income products where actual historical durations are not available. By using this relative risk measure over rolling time periods one can illustrate the "implied" historical duration patterns of the portfolio versus the benchmark. Residual Portfolio Risk is the unsystematic risk of a fund,the portion of the total risk unique to the fund(manager)itself and not related to the overall market. This reflects the "bets"which the manager places in that particular asset market. These bets may reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce or eliminate the residual risk of that portfolio. Callan 27 Risk/Reward Statistics Rising Declining Periods refer to the sub-asset class cycles vis-a-vis the broader asset class. This is determined by evaluating the cumulative relative sub-asset class index performance to that of the broader asset class index. For example, to determine the Growth Style cycle, the S&P 500 Growth Index (sub-asset class) performance is compared to that of the S&P 500 Index(broader asset class). Sharpe Ratio is a commonly used measure of risk-adjusted return. It is calculated by subtracting the 'risk-free" return (usually 3 Month Treasury Bill)from the portfolio return and dividing the resulting "excess return" by the portfolio's risk level (standard deviation).The result is a measure of return gained per unit of risk taken. Sortino Ratio is a downside risk-adjusted measure of value-added. It measures excess return over a benchmark divided by downside risk. The natural appeal is that it identifies value-added per unit of truly bad risk. The danger of interpretation, however, lies in these two areas: (1)the statistical significance of the denominator,and (2) its reliance on the persistence of skewness in return distributions. Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of the observations from their sample mean. Standard deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns,the higher the standard deviation of returns,and the higher the portfolio risk. If returns are normally distributed fie. has a bell shaped curve distribution) then approximately 2/3 of the returns would occur within plus or minus one standard deviation from the sample mean. Total Portfolio Risk is a measure of the volatility of the quarterly excess returns of an asset. Total risk is composed of two measures of risk: market(non-diversifable or systematic)risk and residual (diversitiable or unsystematic)risk. The purpose of portfolio diversification is to reduce the residual risk of the portfolio. Tracking Error is a statistical measure of a portfolio's risk relative to an index. It reflects the standard deviation of a portfolio's individual quarterly or monthly returns from the index's returns. Typically, the lower the Tracking Error, the more "index-like"the portfolio. Traynor Ratio represents the portfolio's average excess return over a specified period divided by the beta relative to its benchmark over that same period. This measure reflects the reward over the risk-free rate relative to the systematic risk assumed. Note:Alpha,Total Risk,and Residual Risk are annualized. Callan 28 Fixed Income Portfolio Characteristics All Portfolio Characteristics are derived by first calculating the characteristics for each security, and then calculating the market value weighted average of these values for the portfolio. Allocation by Sector- Sector allocation is one of the tools which managers often use to add value without impacting the duration of the portfolio. The sector weights exhibit can be used to contrast a portfolio's weights with those of the index to identify any significant sector bets. Average Coupon-The average coupon is the market value weighted average coupon of all securities in the portfolio. The total portfolio coupon payments per year are divided by the total portfolio par value. Average Moody's Rating for Total Portfolio- A measure of the credit quality as determined by the individual security ratings. The ratings for each security, from Moody's Investor Service, are compiled into a composite rating for the whole portfolio. Quality symbols range from Aaa+ (highest investment quality-lowest credit risk)to C(lowest investment quality- highest credit risk). Average Option Adjusted(Effective)Convexity-Convexity is a measure of the portfolio's exposure to interest rate risk. It is a measure of how much the duration of the portfolio will change given a change in interest rates. Generally,securities with negative convexities are considered to be risky in that changes in interest rates will result in disadvantageous changes in duration. When a security's duration changes it indicates that the stream of expected future cash-flows has changed, generally having a significant impact on the value of the security. The option adjusted convexity for each security in the portfolio is calculated using models developed by Lehman Brothers and Salomon Brothers which determine the expected stream of cash-flows for the security based on various interest rate scenarios. Expected cash-flows take into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Option Adjusted(Effective)Duration- Duration is one measure of the portfolio's exposure to interest rate risk. Generally, the higher a portfolio's duration, the more that its value will change in response to interest rate changes. The option adjusted duration for each security in the portfolio is calculated using models developed by Lehman Brothers and Salomon Brothers which determine the expected stream of cash-flows for the security based on various interest rate scenarios. Expected cash-flows take into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Price-The average price is equal to the portfolio market value divided by the number of securities in the portfolio. Portfolios with an average price above par will tend to generate more current income than those with an average price below par. Average Years to Expected Maturity- This is a measure of the market-value-weighted average of the years to expected maturity across all of the securities in the portfolio. Expected years to maturity takes into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Years to Slated Maturity- The average years to stated maturity is the market value weighted average time to stated maturity for all securities in the portfolio. This measure does not take into account imbedded options, sinking fund paydowns,or prepayments. Current Yield-The current yield is the current annual income generated by the total portfolio market value. It is equal to the total portfolio coupon payments per year divided by the current total portfolio market value. Callan 29 Fixed Income Portfolio Characteristics Duration Dispersion- Duration dispersion is the market-value weighted standard deviation of the portfolio's individual security durations around the total portfolio duration. The higher the dispersion, the more variable the security durations relative to the total portfolio duration ("barbellness"), and the smaller the dispersion, the more concentrated the holdings' durations around the overall portfolio's ("bulletness"). The purpose of this statistic is to gauge the "bulletness" or "barbellness"of a portfolio relative to its total duration and to that of its benchmark index. Effective Yield-The effective yield is the actual total annualized return that would be realized if all securities in the portfolio were held to their expected maturities. Effective yield is calculated as the internal rate of return, using the current market value and all expected future interest and principal cash flows. This measure incorporates sinking fund paydowns, expected mortgage principal prepayments,and the exercise of any"in-the-money"imbedded put or call options. Weighted Average Life-The weighted average life of a security is the weighted average time to payment of all remaining principal. It is calculated by multiplying each expected future principal payment amount by the time left to the payment. This amount is then divided by the total amount of principal remaining. Weighted average life is commonly used as a measure of the investment life for pass-through security types for comparison to non-pass-through securities. Callan 30 Disclosures Callan ll Quarterly List as of March 31, 2019 List of Callan's Investment Manager Clients Confidential—For Callan Client Use Only Callan takes its fiduciary and disclosure responsibilities to clients very seriously.We recognize that there are numerous potential conflicts of interest encountered in the investment consulting industry and that it is our responsibility to manage those conflicts effectively and in the best interest of our clients. Al Callan,we employ a robust process to identify,manage,monitor and disclose potential conflicts on an ongoing basis. The list below is an important component of our conflicts management and disclosure process. It identifies those investment managers that pay Callan fees for educational,consulting,software,database or reporting products and services. We update the list quarterly because we believe that our fund sponsor clients should know the investment managers that do business with Callan,particularly those investment manager clients that the fund sponsor clients may be using or considering using.Please note that if an investment manager receives a product or service on a complimentary basis(e.g. attending and educational event),they are not included in the list below.Callan is committed to ensuring that we do not consider an investment managers business relationship with Callan,or lack thereof,in performing evaluations for or making suggestions or recommendations to its other clients. Please refer to Callan's ADV Part 2A for a more detailed description of the services and products that Callan makes available to Investment manager clients through our Institutional Consulting Group,Independent Adviser Group and Fund Sponsor Consulting Group. Due to the complex corporate and organizational ownership structures of many investment management firms,parent and affiliate firm relationships are not indicated on our list. Fund sponsor clients may request a copy of the most currently available list at any time.Fund sponsor clients may also request specific information regarding the fees paid to Callan by particular fund manager clients. Per company policy,information requests regarding fees are handled exclusively by Callan's Compliance Department. Aberdeen Standard Investments Chadwell Investment Partners , Acadian Asset Management LLC Clear-Bridge Investments,LLC AEGON USA Investment Management Cohen&Steers Capital Management, Inc. Alcentm Columbia Threadneedle Investments AllianceBernstein Columbus Circle Investors Allianz Global Investors Cooke&Sister,L.P. Aliens Life Insurance Company of North America Credit Suisse Asset Management AlphaSimplex Group,LLC CS McKee,L.P. American Century Investments DePrince,Race&Zollo,Inc. Amundi Pioneer Asset Management Diamond Hill Capital Management,Inc. AQR Capital Management Dimensional Fund Advisors LP Ares Management LLC Doubleline Ariel Investments,LLC Duff&Phelps Investment Management Go. Atlanta Capital Management Co.,LLC DWS Aviva Investors Americas EARNEST Partners,LLC AXA Investment Managers Eaton Vance Management Baillie Gifford International,LLC Epoch Investment Partners,Inc. Baird Advisors Fayez Sarofim&Company Baron Capital Management,Inc. Federated Investors Barow,Hanley,Mewhinney&Strauss,LLC Fidelity Institutional Asset Management Blackpock Fare Capital Corporation BMO Global Asset Management Financial Engines BNP Paribas Asset Management First Hawaiian Bank Wealth Management Division BNV Mellon Asset Management First State Investments Boston Partners Fisher Investments Sconces Investment Partners,L.P. Franklin Templeton Brandywine Global Investment Management,LLC Fred Alger Management,Inc. BrighiSphere Investment Group GAM(USA)Inc. Brown Brothers Hardman&Company Glenmeade Investment Management,LP Cambist Investors,LLC GlobeFlex Capital,L.P. Capital Group Goldman Sachs Asset Management Carillon Tower Advisers 11 Green Square Capital LLC Castlei Management,LLC Guggenheim Investments Causeway Capital Management GW&K Investment Management C t,gl�an I Knowledge. Experience.Integrity. Page 1 of 2 Harbor Capital Group Trust Pacific Investment Management Company Hartford Investment Management Co. Pathway Capital Management Heitman LLC Peregrine Capital Management,Inc. Holchkis&Wiley Capital Management,LLC Perkins Investment Management HSBC Global Asset Management PFM Asset Management LLC Impax Asset Management Limited PGIM Fixed Income Income Research t Management,Inc. PineBddge Investments Insight Investment Management Limited PNC Capital Advisors,LLC Intech Investment Management,LLC Principal Global Investors Intercontinental Real Estate Corporation Putnam Investments,LLC Invesoo OMA LLC Investec Asset Management RBC Global Asset Management Ivy Investments Record Currency Management Ltd. J.P.Morgan Regions Financial Corporation Janus Robe.Insfitutional Asset Management,US Inc. Jennison Associates LLC Rockefeller Capital Management Jobs Peak Advisors Rothschild&Co.Asset Management US KeyCorp Russell Investments Lazard Asset Management Schroder Investment Management North America Inc. Legal&General Investment Management America Silvercrest Asset Management Group LGT Capital Partners Ltd. Smith Graham&Co.Investment Advisors,L.P. Lincoln National Corporation Smith Group Asset Management Longview Partners South Texas Money Management,Ltd. Loomis,Bayles&Company,L.P. State Street Global Advisors Lord Abbelt&Company Stone Harbor Investment Partners,L.P. Los Angeles Capital Management Sun Life Investment Management LSV Asset Management T.Rowe Price Associates,Inc. MacKay Shields LLC The Boston Company Asset Management Macquarie Investment Management(MIM) The TCW Group,Inc. Manure Asset Management Thompson,Siegel&Walmsley LLC Marathon Asset Management,L.P. Thornburg Investment Management,Inc. McKinley Capital Management,LLB Tri-Star Trust Bank MFS Investment Management UBS Asset Management MidFirst Bank Varl Mondrian Investment Partners Limited Velanne Asset Management Ltd. Montag&Caldwell,LLC Versus Capital Group Morgan Stanley Investment Management Victory Capital Management Inc. Mountain Lake Investment Management LLC Vlrtus Investment Partners,Inc. Mountain Pacific Advisors,LLC Vontobel Asset Management,Inc. MUFG Union Bank,N.A. Voya Natixis Investment Managers WCM Investment Management Neuberger Berman WEDGE Capital Management Newton Investment Management Wellington Management Company,LLP Nikko Asset Management Co.,Ltd. Wells Fargo Asset Management Northern Trust Asset Management Western Asset Management Company LLC Nuveen Westfield Capital Management Company,LP OR Global Asset Management William Blair&Company LLC Caramels Capital Management,LLC PIE Investments I.QlIaI1 I Knowledge.Experience. Integrity. Page 2 of 2 March 31,2019 NVESWENTREPORT C/"CHANDLER ASSET MANAGEMENT Orange County Sanitation Dis tric t Period Ending March 31, 2019 CHANDLMASSETMANAGEMENT, INC. 1 800.317.47471 www.chandlemsset.com ITable of Contents As of March 31, 2019 SECTION 1 Economic Update SECTION 2 Account Profile SECTION 3 Consolidated Information SECTION 4 Portfolio Holdings SECTION 5 Transactions 1 C11% Section 1 Economic Update 1 2 CI! IEconomic Update • The Federal Open Market Committee kept the target fed funds rate unchanged in March at a range of 2.25916-2.50%. However, the Fed's economic projections, along with the tone of the policy statement and the Fed Chairs press conference, were more dovish than expected. The Fed's median forecast now calls for a target fed funds rate of 2.4910 at year-end, which implies that there will be nofurther rate hikesthis year.The Fed is projecting one rate hike in 2020 (to and effective rate of 2.6%) and then expects to keep policy on hold in 2021. The Fed's longer-run fed funds rate target is still 2.891. This implies that the Fed intendsto keep the targetfed funds rate belowthe neutral rate forthe foreseeable future. Furthermore, the Fed announced that they will begin slowing down the reduction of their balance sheet and conclude their balance sheet reduction program at the end of September 2019.This will leave the Fed with a larger balance sheet (slightly higher than $3.5 trillion) than they originally expected. ■ Domestic and global economic growth has slowed and inflation pressures remain muted. However, the labor market remains a bright spot in the US economy. We believe some of the factors hindering current economic growth (trade disputes, recent government shutdown, Brexit uncertainty) may be somewhat transitory. While economic growth is likely to remain under pressure over the near-term, we believe a strong labor market coupled with an increasingly dovish Fed may lead to betterthan expected economic growth later this year. Overall,the economy is expected to grow 2.00/6-2.5%this year ve rsus 2.9% in 2018. • The yield curve inverted in March with the 10-year Treasury yield temporarily falling below the 3-month T-bill yield. At month-end, the 3-month T-bill yield was down 5 basis points to 2.38%, the 2-year Treasury yield was down about 25 basis points to 2.26%, and the 10-year Treasury yield was down 31 basis points to 2.41°%. The spread between 2- and 10-year Treasury yields was less than 15 basis points at March month-end. An inversion of the yield curve in which the 10-year Treasury yield is lower than the 3-month T-bill is generally viewed as a powerful predictive signal of an upcoming recession. However, our 6-month economic forecast does not call for a recession. 3 ���� IEmployment Nonfarm Payroll (000's) Unemployment Rate 350 11.0% 10.0% —Underemployment Rate(U6) 300 9.0% —Unemployment Rate (U3) 0 250 8.0% �� = 200 7.0% m w s 150 6.0% u 5.0% 0 100 4.0% 50 3.0% 0 2.0% 4X ✓G7. SP.O. 100, 1;1 Gil. SPA, Ott`. 117 47 VQ SPA. Ott; 41- �07. SPA 0. Tj I) Tj Z> Z8 T8 78 TB Ty Tj Z> I) Tj Z8 T8 jg Zg Zy Source:US Department of Labor Source:US Department of Labor U.S. payrolls rose by 196,000 in March, exceeding the consensus forecast of 177,000. February payrolls were revised up modestly to 33,000from 20,000. On a trailing 3-month and 6-month basis payrolls increased an average of 180,000 and 207,000 per month, respectively. The unemployment rate was unchanged at 3.8% in March, as expected. A broader measure of unemployment called the U-6,which includes those who are marginally attached to the labor force and employed part time for economic reasons, was also unchanged at 7.3%. The labor participation rate edged down to 63.0% from 63.2%. The weakest aspect of the employment report was wages which rose just 0.1% in March (slightly below expectations of 0.2%), following a 0.4% increase in February. On a year-over-year basis, wages were up 3.2% in March, versus up 3.4%in February. 4 CJJJ I Inflation Consumer Price Index(CPI) Personal Consumption Expenditures (PCE) 3.5% 3.5% 3.0% 3.0% 2.5% 2.5°% 2.0% � 2.0% Z y Y 1.5% 1.0% 1.0% 0.5% —CPI YOY%Change 0.5% —PCE Price Deflator YOY%Change —Core CPI YOY%Change —PCE Core Deflator YOY°%Change 0.0% 0.0°% FP6. �dy Ile +01 FP6. �dy �4� +oL ✓��Z OG: ✓d�A �.; ✓''� Ck" Jd� 1J ZJ ZJ Tj 18 Z8 18 T& 19 ZJ ZJ J ZJ TB Z8 '78 18 T9 Sours:US Department ofob r Source:US OepartmenfofCommeme Inflationary pressures remain muted. The Consumer Price Index (CPI) was up just 1.5% year-ove r-year in February, versus up 1.61year-over- year in January. Core CPI (CPI less food and energy) was up 2.1% year-over-year in February, versus up 2.2% year-over-year in January. The Personal Consumption Expenditures (PCE) index was up just 1.49/a year-over-year in January, versus up 1.8% year-over-year in December. Core PCE eased to 1.8%year-over-year in January from 2.0°% in December,falling below the Fed's 2.0%inflation target. 5 C11% IConsumer Retail Sales YOY% Change Consumer Confidence 7.0% 145 6.0% 140 135 a 130 4.0% 125 V 3.0% w 120 2.0% 110 1.0% 105 0.0% 100 FP61� 21Pk7j 7� 40�11 FPb'/8 �d.4, 9`e1 �P61 .rP61 �d'.�•hd�.7G/I,SP'0 ��d�2'l 470' dkd��,, io No�.7✓'X .� 8 8 8 9 1 ,9 8 ,9 8 9 Source:US Deportment of Commerce Source:The Conference Board Retail sales were disappointing in February, but the results forJanuary were revised higher. On a year-over-year basis, retail sales were up 2.2% in February, versus up 2.8% year-over-year in January. On a month-over-month basis, retail sales fell 0.2% in February, below expectations for 0.3% growth, following an upwardly revised 0.7% increased in January. Excluding autos and gas, retail sales fell 0.6% in February, month-over- month, well below the 0.45/ growth expectation. However, this decline followed upwardly revised growth of 1.7°% in January. The Consumer Confidence Index eased to 124.1 in March from a very strong level of 131.4 in February, missing expectations. Consumers were less upbeat about the labor market in the latest survey, potentially because of the weak headline non-farm payrolls report in February. 6 C11% IEconomic Activity Leading Economic Indicators (LEI) Chicago Fed National Activity Index (CFNAI) 1.2% 0.80 1.0% 0.60 0.8% w &A 0.40 0.6% q N 0.4% d L a 0.20 L C % 0 0.2 'o f 0.00 0 nqj.2 m -0.20 -0.2% -0.4% -0.40 F0 6T1 yd�71 q`�7� �0�71 FP676 •hd�l8 q`6,4 ,y�DlB FP67o FP67) �/d`7j q`'45 �oLl� FP6'78 2jd�lg q`&I8 �O`78 FP679 Source:The conference Board Sowce:Federal Reserve Bank of chicop The Leading Economic Index (LEI) rose 0.2% in February, on a month-over-month basis, following no change in January. The Conference Board believes that the economy will continue to expand in the near-term but growth may decelerate by year-end. The Chicago Fed National Activity Index (CFNAI) decreased to-0.29 in February from an upwardly-revised -0.25 in January. On a 3-month moving average basis,the index declined to -0.18 from zero. The CFNAI suggests that the economy is slowing down but is not indicative of a recession. Periods of economic contraction have historically been associated with values below-0.70 on a 3-month moving average basis. 7 C11% IHousing Housing Starts S&P/Case-Shiller 20 City Composite Home Price Index 1800 7.5% 1600ii sing Starts using Starts 7.0% 0 1400 6.5% 1200 w 6.0% 1000 °0 o c 5.5% € 800 5.0% 600 '0 4.5% r 400 4.0% o 200 3.5% F 0 3.0% F0,6 �a` q�B �o� FP6. �a` �0� for,, FP6. Ia,� 1>1 10i 0 Iao. 9,0,. �0i 011:� lax ZJ '7J 'TJ ZJ 'T8 Zg Zg Zg Z9 IJ IJ '7J '7J '7B I8 Z8 5o.:US Uep°rtmeN of Commerce Source:S&P In February, total housing starts were weaker than expected, down 8.7% to a 1.162 million annualized rate. However, this follows growth of 11.7% in the prior month. Multi-family starts rose 17.8% in February to 357,000, following a 7.1% decline in January. Single-family starts fell 17.0% in February to 805,000, following a 19.2% increase in January. According to the Case-Shiller20-City home price index, home prices were up just 3.6%year-over-year in January, versus up 4.1% in December. Home price appreciation has slowed overthe past year. 8 C11% IManufacturing Institute of Supply Management Purchasing Industrial Production Manager Index 64 6.0% Expanding 62 5.0% 60 58 m 4.0% V 56 3 3.OYo 54 2.0% 52 50 Contracting 48 'Lid�7) ✓4�Z� SPpT� OP�T5 �drZd' ✓`'14 SO4 O11-4 lid^79 Ac+bTj 2idk7� �G�'71 'I'o,l� F0 6 'ti'r8 a�IB '9`�IB 'i'o, A0 6 78 79 Source:InAltutefor Supply Monagement Source:Federal Reserve The Institute for Supply Management (ISM) manufacturing index increased to 55.3 in March from 54.2 in February. A reading above 50.Osuggests the manufacturing sector is expanding. The Industrial Production index was up 3.5°%year-over-year in February versus up 3.9%year-over-year in January. On a month-over-month basis, the manufacturing component of the index fell 0.45/ in February, following a 0.5% decrease in January. Capacity Utilization declined to 78.2% in February from 78.3% in January, and remains below the long-run average of 79.8% indicating there is still excess capacity for growth. 9 C11% IGross Domestic Product (GDP) Gross Domestic Product (GDP) Components of r • 6.0% Personal Consumption 0.4% 2.6% 2.4% 1.7% 5.0% Expenditures 4.0% Gross Private Domestic Investment 1.651 -0.1% 2.5% 0.7% 3.0% ANk Net Exports and Imports 2.0% Federal Government 02% 02% 02% 0 1.0% Expenditures . . . .1% 0.0% State and Local (Consumpt -1.0% GDP QOQ%Change and Gross Investment) —GDP YOY%Change -2.0% Total 2.2% 4.2% 3.4% 2.2% Oo tee" 0, �44, Off,` ��9, '0' ��0, '0' �44, 0, cT,r, T4 179 1?1' VZ '76' T6 TJ 1j 4 78 S..: US Departmen[of Commeae Sourre: US Deportmento)Cammerce Fourth quarter GDP growth was revised down as expected to an annualized rate of 2.2%,from the advance estimate of 2.6%.This follows GDP growth of 3.40% in the third quarter and 4.2% in the second quarter. Although consumer spending was less robust than the previous two quarters, it continued to fuel overall economic growth. The consensus forecast calls fora more pronounced slowdown in economic growth in the first quarter of 2019 to 1.5%. Overall, GDP growth is expected to slow this year to 2.0%-2.5%from 2.9% last year, according to the consensus. 10 C11% I Bond Yields US Treasury Note Yields US Treasury Yield Curve 4.0% 4.0% 3.5% 3.5°% 3.0% 3.0% 2.5% 2.5% a'e � c 2.0% v 2.0% m w 1.5% 1.0% — 2-Year 1.0% Mar-19 — 5-Year 7 Dec-18 0.5% — 10-Year 0.5% —Mar-18 0.0% 0.0% �dq lj 75 Al)IGO. SP . O00Z> �dq 78 Source:Bloomberg Source:Bloomberg On a year-over-year basis at the end of March, the Treasury yield curve flattened with short-term rates higher and long-term rates lower on a year-over-year basis. The yield on 3-month T-bills rose nearly 70 basis points year-over-year, 2-Year Treasury yields were essentially flat, and the yield on 10-Year Treasuries declined more than 33 basis points. The spread between 2-Year and 10-year Treasury yields narrowed from 47 basis points to less than 15 basis points, year-over-year. Rate hikes by the Federal Reserve have put upward pressure on shorter-term rates, while slower global economic growth, subdued inflation expectations, and a flight to quality have put downward pressure on longer-term rates. 11 C�" NEW Section 2 Account Profile 1 12 C®8 IObjectives Investment Objectives The investment objectives of the Orange County Sanitation District are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide sufficient liquidity to meet all operating requirements; and third, to earn a commensurate rate of return consistent with the constraints imposed by the safety and liquidity objectives. Chandler Asset Management Performance Objective Liquid Operating Monies — will be compared to the 3-month T-Bill rate and operate with a maximum maturity of one year. Long-Term Operating Monies — will be compared to the ICE BAML 1-5 Year Corporate Government Rated AAA—A Index. Strategy In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code. 13 C�„ ICompliance As of March 31, 2019 Orange County Sanitation District Long Term Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy Category Standard _ Comment Treasury Issues 5 years maxmaturity; Minimum allocation of10% Complies' U.S.Agenci es 20%maxissuer; 5 years max maturity Complies "AA"rated or better by a NRSRO; 30%maximum; 5 years max maturity; USD denominated senior unsecured Supra national Complies unsubordinated obligations issued or unconditionally guaranteed by IBRD,IFC,or IADB "A"rated or better longterm debt by a NRSRO; 30%maximum;5%max issuer; 5 years max maturity; Issued by Corporate(MTNs) Complies corporations organized and operating within the U.S.or issued by depository institutions licensed by the U.S. Municipal Securities "A"rated or higher by a NRSRO;30%maximum; 5%max issuer; 5 years max maturity Complies Asset Backed/CMOs/Mortgage-backed "AA"rated or better by a NRSRO; "A"or higher issuer rating by a NRSRO; 20%maximum; 5%max issuer(excluding govtagency/mbs);5 years max maturity Complies' Negotiable CDs "A"rated or better longterm debtbya NRSRO;or"A-1"/highest short term rating by a NRSRO; 30%maximum;5%max Complies issuer;5 years max maturity Certificates of Deposit 5%max issuer; 5 years max maturity; Secured/collateralized Complies Banker's Accepta nces A-1 rated or equivalent short term ratingbya NRSRO; 40%maximum; 5%max issuer;180 days max maturity Complies A-1 rated or equivalent short term rating by a NRSRO; "A"or better longterm debt issuer by a NRSRO; Issued by a Commercial Paper domesti c corpora ti on orga ni zed a nd opera ti ng i n the US wi th AUM>$500mi l l i on; 25%maxi mum; 5%max issuer; Complies 270 days max maturity Mutual Fund&Money Market Mutual Highest rating or"AAA'rated by two NRSROs;SEC registered adviser with AUM>$500 mi l l ion and experience greater Fund than 5 years;10%per one Mutual Fund; 20%max per issuer on Money Market Mutual Funds; 20%maxofthe Complies District's surplus money Repurchase Agreements 102%collateralization Complies Reverse Repurchase Agreements 5%maximum,90 days max maturity Complies W F Not used by i nvestment adviser Complies OCI P Not used by i nvestment adviser Complies Avg Duration Not to exceed 60 months - (80%to 120%of the benchmark) Complies Max Per Issuer 5%of portfolio(except Supranationals,U.S.Government,Agencies,Mutual Fund) Complies Maximum Maturity 5 years maximum maturity Complies' 'The portfolio has twenty-one(21)securities with maturities greater than 5 years indudingfour(4)CMOs,sixteen(16)MBS and one(1)treasury. All securities were inherited from the previous manager and complied at time ofpurchase. 14 C11% IPortfolio Characteristics As of March 31, 2019 Orange County Sanitation District Long Term Benchmark* Portfolio Portfolio Average Maturity(yrs) 2.66 2.76 2.60 Average Modified Duration 2.53 2.39 2.27 Average Purchase Yield n/a 2.37°% 2.27% Average Market Yield 2.40% 2.41°% 2.70% Average Quality"* AAA AA/Aal AA/Aa2 Total Market Value 506,243,714 498,783,575 •ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index "*Benchmark is a blended rating of S&P.Moody's,and Fitch. Portfolio is 58P and Moody's respectively. Multiple securities were purchased across the Treasury,Agency, Asset Backed, Commercial Paper and Corporate sectors of the market to keep the portfolio structure consistent with Chandler targets. The purchased securities ranged in maturity from February 2019 to March 2024. One security was sold and many matured to facilitate the new holdings in the portfolio. 15 C�„ ISector Distribution As of March 31, 2019 Orange County Sanitation District Long Term March 31, 2019 December 31,2018 ABS ABS 9.4% 8.0% US Treasury 31.0% USTreasury 31.3% gency Agency 23.0% CIAO 23.5% 0.4% _CMO Commercial 0.4% - Paper Commercial 1.8% __------ Paper Foreign US Corporate 2.0% US Corporat4_ :)---- Corporate 21.6% Foreign 22.6% 0.9% Corporate oney Market �\ 1 9% - Fund FI Supranational I \ '\\ Supranational 2.3% 6.5% Mortgage Pass, Money Market 8.5% J Mortgage Pass Municipal Bonds Thru Fund FI Municipal Bonds; Thru 0.9% 0.3% 2.7% 0.9% 0.3% The sector allocation was relatively stable during the reporting period. Two of the larger adjustments include the 1.4% increase in the Asset Backed allocation,to 9.4% of the portfolio,as well as the 2.0%contraction in the Supranational allocation,to 6.5%of the portfolio. 16 C�„ IIssuers As of March 31, 2019 Orange County Sanitation District Long Term-Account#10268 Government of United States US Treasury 30.95% Federal National Mortgage Association Agency 9.47% Federal Home Loan Bank Agency 8.01% Federal Home Loan Mortgage Corp Agency 5.98% Inter-American Dee Bank Supranational 3.43% Honda ABS ABS 2.94% First American Govt Obligation Fund Class-Z Money Market Fund FI 2.70% John Deere ABS ABS 2.43% MUFG Bank Ltd/NY Commercial Paper 1.97% Intl Bank Recon and Development Supranational 1.97% Wells Fargo Corp US Corporate 1.58% Nissan ABS ABS 1.50% Honda Motor Corporation US Corporate 1.38% Berkshire Hathaway US Corporate 1.31% Toyota ABS ABS 1.28% Deere&Company US Corporate 1.25% Chubb Corporation US Corporate 1.23% American Express ABS ABS 1.23% PNC Financial Services Group US Corporate 1.22% Bank of New York US Corporate 1.21% ChevronTexaco Corp US Corporate 1.21% 1P Morgan Chase&Co US Corporate 1.19% IBM Corp US Corporate 1.13% International Finance Corp Supranational 1.07% Toronto Dominion Holdings Foreign Corporate 1.02% US Bancorp US Corporate 1.00% Qualcomm Inc US Corporate 0.99% HSBC Holdings PLC Foreign Corporate 0.89% Wal-Mart Stores US Corporate 0.80% Apple Inc US Corporate 0.79% Bank of America Corp US Corporate 0.76% Occidental Petroleum Corporation US Corporate 0.67% General Dynamics Corp US Corporate 0.64% Exxon Mobil Corp US Corporate 0.59% Morgan Stanley US Corporate 0.59% Microsoft US Corporate 0.59% Oracle Corp US Corporate 0.58% Port Authority of New York and New Jersey Municipal Bonds 0.50% 17 C11% IIssuers As of March 31, 2019 Orange County Sanitation District Long Term—Account#10268 HSBC Holdings PLC US Corporate 0.49% Merck&Company US Corporate 0.40% Federal Home Loan Mortgage Corp CMO 0.35% New York City Transitional Finance Authority Municipal Bonds 0.29% Federal National Mortgage Association Mortgage Pass Thru 0.23% University of California Municipal Bonds 0.08% Federal National Mortgage Association CMO 0.04% GNMA Mortgage Pass Thru 0.03% AMRESCO Residental Securities Corp CIVIC, 0.03% SLM Corp ABS 0.00% Small Business Administration ABS 0.00% Federal Home Loan Mortgage Corp Mortgage Pass Thru 0.00% TOTAL 100.00% 18 C/„ IQuality Distribution As of March 31, 2019 Orange County Sanitation District Long Term March 31,2019 vs. December 31, 2018 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% AAA AA A <A NR ■3/31/2019 ■ 12/31/2018 03/31/19 11.8% 63.8% 14.7% 0.6% 9.1% 12/31/18 12.8% 62.8% 13.9% 1.6% 9.0% Source:S&P Ratings 19 C1„ IDuration Distribution As of March 31, 2019 Orange County Sanitation District Long Term Portfolio Compared to the Benchmark as of March 31, 2019 40.0% 35.0% 30.0% 1 25.0% — 20.0% 15.0% 10.0% .0% 0 0.0% L L d - 0-0.25 0.25-0.50 0.50- 1 1-2 2-3 3-4 4-5 5+ ■Orange County Sanitation District Long Term ■ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index 0 -0.25 r r r t Portfolio 6.8% 7.2% 6.2% 23.5% 18.5% 26.0% 9.6% 2.2% Benchmark* 0.2% 0.0% 1.4% 33.4% 29.6% 22.2% 13.2% 0.0% 'ICE MML 1-5 Yr US Carp/Govt Roted AAA-A Index The duration of the portfolio increased to 2.39 compared to 2.27 at the end of the prior quarter. The Chandler team will continue to focus on the term structure and duration of the portfolio, with the duration metric remaining close to the duration of the benchmark. C/„ 20 IInvestment Performance As of March 31, 2019 Orange County Sanitation District Long Term Total Rate of Return Annualized Since Inception 11/30/2014 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 12 months 2 years 3 years 5 years 10 years Since Inception ■Orange County Sanitation District Long Term ■ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Long Term 1.51% 3.39% 1.84% 1.37% N/A N/A 1.45% ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index 1.42% 3.39% 1.73% 1.22% N/A N/A 1.38% Total rate of return:A measure of a portfolio's performance over time. It is the internal rate of return,which equates the beginning value of the portfolio with the ending value;it includes interest earnings, realized and unrealized gains and losses in the portfolio. 21 ��1% Compliance As of March 31, 2019 Orange County Sanitation District Liquid Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy Category Standard Comment Treasury Issues I year max maturity; Minimum allocation of 10% Complies U.S.Agencies 20%maz issuer; I year max maturity Complies "AA"rated or better by a NRSRO; 30%maximum; 1 year max maturity; USD denominated senior unsecured Supranational Complies unsubordi nated obligations issued or unconditionally guaranteed by IBRD,IFC,or IADB "A"rated or better long term debt by a NRSRO; 30%maximum;5%max issuer; 1 year max maturity; Issued by Corporate(MTNs) corporations organized and operating within the U.S.or issued by depository institutions licensed by the U.S. Complies Asset Backed/CMOs "AA°rated or better by a NRSRO; "A"or higher issuer rating by a NRSRO; 20%maximum; 5%max issuer; I year max Complies maturity "A"rated or better long term debt by a NRSRO;or"A-1"/highest short term rating by a NRSRO; 30%maximum;5%max Negotiable CDs Complies issuer;l year max maturity Certificates of Deposit 5%max issuer;I year max maturity; Secured/cal Iatera lized Complies Banker's Acceptances A-1 rated or equ1va lent short term rati ng by a NRSRO; 40%maxi mum; 5%ma i a auer;180 days ma maturity Complies A-1 rated or equivalent short term rating by a NRSRO; "A"or better long term debt issuer by a NRSRO; Issued by a Commerci a l Paper domesti c corporation organized and operati ng i n the US with AUM>$500mi I l i on; 25%maxi mum; 5%max issuer; Complies 270 days max maturity Mutual Fund&Money Market Mutual Highest rating or"AAA"rated by two NRSROs;SEC registered adviser with AUM>$500 million and experience greater Fund than 5 years;10%per one Mutual Fund; 20%max per issuer on Money Market Mutual Funds; 20%maxofthe Complies District's surplus money Repurchase Agreements 102%callateralization Complies Reverse Repurchase Agreements 5%maximum,90 days max maturity Complies IAIF Not used by investment adviser Complies OCIP Not used by investment adviser Complies Prohibited Municipal Securities Complies Prohibited Mortgage Securities Complies Avg Duration Not to exceed 180 days; Max duration of 1/2 year Complies Max Per Issuer 5%of portfolio(except 5upranationals,U.S.Government,Agencies,Mutual Fund) Complies Maximum Maturity I year maximum maturity Complies 22 C11% IPortfolio Characteristics As of March 31, 2019 Orange County Sanitation District Liquid Benchmark* Portfolio Portfolio Average Maturity(yrs) 0.16 0.27 0.19 Average Modified Duration 0.16 0.27 0.19 Average Purchase Yield n/a 2.53°% 2.43% Average Market Yield 2.33% 2.50°% 2.42% Average Quality"* AAA AA+/Aa1 AAA/Aaa Total Market Value 108,504,950 176,671,592 •ICE BAML 3-Month US Treasury Bill Index "*Benchmark is a blended rating of S&P.Moody's,and Fitch. Portfolio is 5&P and Moody's respectively. Multiple securities were purchased across the Treasury,Agency, Commercial Paper and Corporate sectors of the market to keep the portfolio invested consistent with Chandler targets. The purchased securities ranged in maturity from April 2019 to January 2020. Many securities matured to facilitate the new holdings in the portfolio as well as to account for a $69 million withdrawal in January 2019. 23 C�„ ISector Distribution As of March 31, 2019 Orange County Sanitation District Liquid March 31, 2019 December 31,2018 Agency Agency 4.6% Commercial Supranational 5.9% Commercial 8% Paper 2 Paper 3.8% 2.8% Money Market Money Market Fund A Fund FI 2.3% 8.6% Negotiable CD 3.1% _Negotiable CD 4.2% �US Corporate US Treasury 5.2% 77.9% US Treasury _ 69.0% US Corporate Ic 9.8% The sector allocation of the portfolio evolved due to the large withdrawal from the portfolio. Some of the notable adjustments include the 8.9%contraction in the Treasury allocation,to 69.0%of the portfolio, as well as the 4.6% increase in the Corporate allocation, to 9.8% of the portfolio. The Money Market allocation is elevated due to a 5mm Treasury maturity on March 31, 2019. 24 CJJJ IIssuers As of March 31, 2019 Orange County Sanitation District Liquid —Account#10282 Issue Name Investment Type %Portfolk, Government of United States US Treasury 69.03% First American Goyt Obligation Fund Class-Z Money Market Fund FI 8.62% Federal Home Loan Bank Agency 4.59% MUFG Bank Ltd/NY Commercial Paper 1.98% Bank of Montreal Chicago Negotiable CD 1.86% Honda Motor Corporation US Corporate 1.82% Rabobank Nederland NV NY Commercial Paper 1.82% PNC Financial Services Group US Corporate 1.74% Bank of America Corp US Corporate 1.40% Wells Fargo Corp US Corporate 1.39% Westpac Banking Corp NY Negotiable CD 1.39% 1P Morgan Chase&Co US Corporate 1.38% Walt Disney Company US Corporate 1.04% Paccar Financial US Corporate 0.99% Toronto Dominion Holdings Negotiable CD 0.94% TOTAL 100.00% 2s Q11 IQuality Distribution As of March 31, 2019 Orange County Sanitation District Liquid March 31,2019 vs. December 31, 2018 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% — AAA AA A <A NR ■3/31/2019 ■ 12/31/2018 03/31/19 24.7% 65.5% 9.8% 0.0% 0.0% 12/31/18 38.6% 55.6% 5.2% 0.0% 0.6% Source:S&P Ratings 26 C11% IDuration Distribution As of March 31, 2019 Orange County Sanitation District Liquid Portfolio Compared to the Benchmark as of March 31, 2019 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% — 0.0% 0-0.25 0.25-0.50 0.50-1 1-1.5 1.5-2 2-2.5 2.5-3 3+ ■Orange County Sanitation District Liquid ■ICE BAML 3-Month US Treasury Bill Index 0 -0.25 r r r I r Portfolio 30.0% 68.6% 1.4% 0.0% 0.0% 0.0% 0.0% 0.0% Benchmark' 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% "ICE BAML 3-Month US Treasury Bill Index The duration of the portfolio increased moderately,currently 0.27 compared to 0.19 at the end of the prior quarter. The next large liquidity need is at the end of July 2019, so the Chandler team anticipates the duration will contract moderately over the coming months. C/„ 27 IInvestment Performance As of March 31, 2019 Orange County Sanitation District Liquid Total Rate of Return Annualized Since Inception 11/30/2014 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 12 months 2 years 3 years 5 years 10 years Since Inception ■Orange County Sanitation District Liquid ■ICE BAML 3-Month US Treasury Bill Index Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years S years 10 years Since Inception Orange County Sanitation District Liquid 0.63% 2.18% 1.64% 1.25% N/A N/A 0.95% ICE BAML 3-Month US Treasu ry Bill l ndex 0.60% 2.12% 1.62% 1.19% N/A N/A 0.85% Total rate of return:A measure of a portfolio's performance over time. It is the internal rate of return,which equates the beginning value of the portfolio with the ending value;it includes interest earnings, realized and unrealized gains and losses in the portfolio. 28 ��1% ICompliance As of March 31, 2019 OCSD Lehman Exposure Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy Category Standard Comment Treasury Issues 5 years maximum maturity Complies Supranational CAA"or better by 1 of3 NRSROs; 30%maximum; 5%max; 5years maturity; Includes only: lADB, BRD,and IFC per Complies GC U.S.Agencies 20%max issuer; 5 years maximum maturity Complies U.S.Corporate(MTNs) "A"or better long term rating by 1 of 3 NRSROs; 30%max!mum;5%max issuer; 5 years max maturity Complies' Municipal Securities "A"or higher by l of3 NRSRO5;30%maximum; 5%max issuer; 5 years maximum maturity Complies Asset Backed/CMOs/Mortgage-backed AA or better by l of 3 NRSROs; "A"or higher issuer rati ng by 1 of 3 NRSROs; 20%maximum; 5%max issuer Complies (excluding MBS/govt agency);5 years max maturity "A"or better on its l ong term debt by 1 of 3 NRSROs ; "A1 PV or highest short term rati ngs by 1 of 3 NRSROs; 30% Negotiable CDs Complies max!mum;5%max issuer; 5 yea rs max maturity CDs/TDS 5%max issuer; 5 years max maturity Complies Banker's Acceptances A-1,or equ1va lent highest short term rati ng by l of 3 NRSR05; 40%maxmum; 5%max issuer;180 days max maturity Complies Commercial Paper A-1,or equiva lent by l of 3 NRSROS; "A"or better by l of 3 NRSROs,if long term debt i s s ued; 25%ma xi mum; 5%max Complies issuer; 270 days max maturity Money Market Fund Highest rating by 2 of 3 NRSROs; 20%maximum;10%max issuer Complies Repurchase Agreements 102%collateralization Complies Reverse Repurchase Agreements 5%maximum,90 days max maturity Complies IAIF Not used by investment adviser Complies Avg Duration Not to exceed 60 months - (80%to 120%of the benchmark) Complies Maximum Maturity 5 years maximum maturity Complies 'Amountholds$2 million face value(cusip525E5C0Y6)ond$600,000joce volue(tusip525E5C187)ojdefoulted Lehmon ems Holdings that werepurchosed by thepreviousmonoger. Compliedot time ofpurrhose. 29 C11% IPortfolio Characteristics As of March 31, 2019 OCSD Lehman Exposure t 0 : Portfolio Portfolio Average Maturity(yrs) 15.62 15.78 Modified Duration 0.00 0.00 Average Purchase Yield 0.00% 0.00% Average Market Yield 0.00% 0.00% Average Quality* NR/NR NR/NR Total Market Value 75,021 75,021 'Portfolio is 5&P and Moody's,respectively. 30 C�„ Section 3 Consolidated Information ,1 CR IPortfolio Characteristics As of March 31, 2019 Orange County Sanitation District Consolidated 3/31/2019 0 : Portfolio Portfolio Average Maturity(yrs) 2.32 1.98 Modified Duration 2.01 1.73 Average Purchase Yield 2.39% 2.31% Average Market Yield 2.43% 2.63% Average Quality* AA+/Aal AA+/Aal Total Market Value 614,823,685 675,530,188 •Portfolio is 5&P and Moody's respectively. 32 C�" ISector Distribution As of March 31, 2019 Orange County Sanitation District Consolidated March 31, 2019 December 31, 2018 ABS 7.7% _ ABS 5.9% US Treasury US Treasury Agency 37.7% Agency 43.5% 18.5% 20.1% CMO CMO 0.3% 0.3% Commercial Commercial - Paper Paper 2.1% 2.3% Foreign Foreign ------Corporate 0.7% Corporate Money Market US Corporate A 1.5% - Fund FI 19.5% Money Market US Corporat4e 2.3% Fund FI 18.1% Mortgage Pass Supranational Municipal`. Mortgage Pass 3.7% Municipal Thru 5.3% Negotiable CD Bonds Thru Supranational Negotiable CD Bonds 0.2% 0.7% 0.7% 0.2% 7.0% 0.8% 0.7% 33 C�„ Section 4 Portfolio Holdings 34 ��� IHoldings Report As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 CUSH, Security Description ParValue/Units Purchase Date Cost Va:ue Mint Price Market Value %of Port. Moody/S&P Maturity Book Yield Book Va ue Mid:Y-IRM Accrued Int. Gain/Loss Fitch Duration ABS 43814PAB6 Honda Auto Receivables OwnerT 17-3 A2 76,602.22 09/25/2017 76,595.41 99.95 76,565.55 0.02% NR/AAA 0.81 1.570% Due01/21/2020 1.58% 76,599.84 2.49% 43.43 (34.29) AAA 0.05 4)]88MAC4 John Deere Owner Trust 2016-AA3 100,940.43 02/23/2016 100,924.54 99.93 100,823.48 0.02% Aaa/NR 1.04 1.360% Due04/15/2020 1.32% 300,936.42 3.54% 61.01 (62.94( AAA 0.04 43814QAC2 Honda Auto Receivables 2016-2A3 221,021.05 05/24/2016 221,016.76 99.82 220,631.90 0.04% Aaa/NR 1.04 1.390% Due04/15/2020 1.40% 221,019.90 2.76% 136.54 (388.00) AAA 0.13 47798BABO John Deere OwnerTrvst 1012-BA2A 49,440.0 07/11/2017 49,436.34 99.95 49,413.75 0.01% Aaa/NR 1.04 1.590% Due04/15/2020 1.0% 49,439.00 3.25% 34.94 (25.25) AAA 0.03 89238MBS Toyota Auto Receivables Owner 2018-AA2A 2,943,557.73 01/23/2018 2,843,267.11 99.82 2,838,319.70 0.56% A../AAA 1.55 2.100% Due30/15/2020 2.12% 2,843,392.12 2.78% 2,653.99 (5,072.42) NR 0.30 4)]88CAB8 John Deere Owner Trust 2018-AA2 1,069,844.48 03/16/2018 1,067,671.36 99.91 1,068,920.00 0.21% Aaa/NR 1.55 2.420% Due 10/15/2020 2.59% 1,068,542.92 2.75% 1,150.68 377.08 AAA 0.27 43814MCD Honda Auto Receivables 10164A3 1,402,842.57 02/07/2018 1,387,449.12 99.37 1,394,030.62 0.28% NR/AAA 1.72 1.210% Due 12/18/2020 2.58% 1,393,590.78 2.23% 612.97 439.89 AAA 0.41 65478VAM NAROT 2016-B A3 720,859.02 02/12/2018 264,686.13 99.51 767,091.92 0.15% Aaa/NR 1.80 1.320% Due Ol/15/2021 1.87% 262,0%.11 2.69% 113.06 25.71 AAA 0.36 83162CUO Small Business Administration 2001-20C 14,686.06 03/06/2001 14,686.06 102.00 14,979A4 0.00% Aaa/AA, 1.92 6.340% Due03/01/2021 6.34% 14,686.06 4.20% 77.59 293.38 AAA 1.09 654271JAD2 NAROT2015-M 630,999.45 02/09/2018 627,055.70 99.80 629,739.96 0.12% Aaa/NR 2.46 1.500% Due09/15/2021 1.86% 628,296.02 2.66% 420.67 1,443.94 AAA 0.17 43814PAU Honda Auto Receivables Owner T 17-3 A3 3,090,000.00 06/28/2018 3,040,994.53 99.35 3,069,843.93 0.61% NR/AAA 2.48 1.790% Due09/20/2021 2.78% 3,052,466.55 2.61% 1,997.34 17,377.38 AAA 0.80 43814WAB1 HAROT2019-1A2 4,395,000.00 02/19/2019 4,394,716.96 100.00 4,399,126.91 0.87% NR/AAA 2.48 2.750% Due09/20/2021 2.77% 4,394,726.94 2.69% 4,364.48 4,399.97 AAA 1.18 67288BAD6 John Deere OwnerTrvst 1012-BA3 625,000.00 07/11/2017 674,950.59 99.36 670,712.36 0.13% Aaa/NR 2.55 1.820% Due 10/15/2021 1.83% 674,970.42 2.72% 546.00 (4,258.06) AAA 0.21 65478GAD2 Nissan Auto Receivables Owner 1017-BA3 2,625,000.00 11/06/2018 2,594,291.99 99.21 2,604,149.62 0.51% Aaa/NR 2.55 1.750% Due 10/15/2021 3.10% 2,589,260.23 2.20% 2,D41.62 14,389.39 AAA 0.84 89239AAB9 Toyota Auto Receivables 2019-AA2A 3,615,000.00 02/05/2019 3,614,671.76 100.19 3,621,572.07 0.72% Aaa/AAA 2.55 2.830% Due 10/15/2021 2.85% 3,614,687.58 2.65% 4,546.87 6,884.49 NR 0.95 4)]89JAB2 John Deere Owner Trust 2019-AA2 3,265,000.00 03/05/2019 3,264,851.12 100.17 3,270,596.21 0.65% Aaa/NR 2]3 2.850% Due 12/15/2021 2.82% 3,264,853.93 2.23% 4,652.63 5,742.28 AAA 1.34 4)]88CAC6 John Deere Owner Trust 1016-BA4 1,340,000.00 02/21/2018 1,339,903.65 100.D4 1,340,592.28 0.27% Aaa/NR 3.05 2.660% Due04/18/2022 2.0% 1,339,928.98 2.64% 1,584.18 663.30 AAA 1.19 35 C�" IHoldings Report As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 CUSIP Security Description Par Value/Units Purchase Date Cost Va:ue Mitt Price Market Value %of Pod. Moody/S&P Maturity BookYield Book Va ue Mitt YTM Accrued Int. G.Irq`[-.�s Fitch Duration 43814UAG4 Honda Auto Receivables 2018-2A3 1,710,000.00 05/22/2018 1,709,962,72 100.61 1,720,511.37 0.34% NR/MA 3.13 3.010% Due O5/I8/2022 3.03% 1,709,970.59 2.64% 1,858.68 10,54D.78 AAA 1.59 43815HAC1 Honda Auto Receivables Owner 2018-3 A3 3,970,000.00 08/21/2018 3,969,455.32 100.69 3,997,361.24 0J9% Aaa/NR 3.40 2.950% Due O8/22/2022 2.98% 3,969,536.18 2.56% 3,253.19 27,825.06 AAA 1.70 02587AAI3 American Express Credit 2017-1 6,270,".00 Various 6,174,085.15 99.39 6,231,859.53 1.23% Aaa/NR 3.46 1.930% Due O9/15/2022 2.91% 6,191,416.91 2.66% 5,378.27 40,442.62 AAA 0.85 47788EAC2 John Deere Owner-'rust 2018-BA3 4,630,000.00 07/18/2018 4,629,649.05 I00J3 4,663,590.65 0.92% Aaa/NR 3.63 3.080% Due 11/15/2022 3.10% 4,629,704.79 2.68% 6,337.96 33,885.86 AAA 1.72 654796AD1 Nissan Auto Receivables Owner 2018-BA3 3,56Q000.00 07/17/2018 3,559,884.66 100.86 3,590,583.96 OJI% Aaa/AAA 3.96 3.060% D.e03/15/2023 3.08% 3,559,901.68 2.65% 4,841.60 30,682.28 NR 1.97 78445JAA5 SLMA2008-9A 14,864.50 08/22/2008 14,804.19 101.15 15,035.77 0.00% Baa3/A 4.07 4.252% Due O4/25/2023 4.34% 14,847.77 3.66% 115.86 188.00 B 2.59 47788MDO John Deere Owner-'rust 2016-BA4 1,151,000.00 06/27/2018 1,131,936.56 99.35 1,143,561.09 0.23% Aaa/NR 4.13 1.490% Due OS/15/2023 2.19% 1,134,890.80 2.97% 762.22 8,670.29 AAA 0.44 47,256,946.78 47A99,663.26 9.39% Aaa/AAA 2.89 TOTAL ABS 47,491,663.14 2.79% 47,305,232.52 2.0% 47,585.83 194,430.74 Aaa 1.10 Agency II 3137EADMB FHLMC Note 7,500,000.00 Various 7,399,650.00 99.39 7,454,475.00 1.48% Aaa/AA, 0.51 1.250% Due 10/02/2019 1.61% 7,486,727.15 2.47% 46,614.58 (32,252+15) AAA 0.49 313383HU8 FHLB None 5,000,000.00 08/13/2015 5,008,950.00 99.19 4,959,425.00 0.98% Aaa/AA, 1.20 1.750% Due O6/12/2020 1.71% 5,002,222.28 2.44% 26,493.06 (42,797.28) NR 1.17 3135GOD75 FNMA None 5,000,000.00 11/16/2015 4,955,650.00 98.92 4,946,190.00 0.98% Aaa/AA+ 1.23 1.500% Due O6/22/2020 1.70% 4,988,1%.29 2.40% 20,625.00 (41,976+29) AAA 1.20 3137EAEKI FHLMC None 5,0OQOD0Co Various 4,986,225.00 99.24 4,961,910.00 0.99% Aaa/AA+ 1.64 1.875% Due 11/17/2020 1.97% 4,992,370.55 2.35% 34,895.83 (30,460+55) AAA 1.58 3135GOF73 FN MA Note 7,500,"CO Various 7,370,726.00 98.57 7,393,117.50 1.47% Aaa/AA+ 1.67 1.500% Due 11/30/2020 1.87% 7,456,517.77 2.38% 37,812.50 (63,400.27) AAA 1.62 3137EAEL9 FHLMC Note 7,50Q000.00 02/26/2018 7,484,475.00 100.10 7,507,252.50 1.49% Aaa/AA+ 1.88 2.375% Due02/16/2021 2.45% 7,490,169.88 2.32% 22,265.63 17,082.62 AAA 1.82 313OA7CV5 FHLB None 5,365,000.00 02/17/2016 5,343,325.40 98.25 5,270,935.46 1.04% Aaa/AA+ 1.89 1.375% Due02/18/2021 1.46% 5,356,826+05 2.33% 8,811.27 (85,890+59) AAA 1.84 3135GO20 FNMA None 10,000,000.00 Various 10,040,950.00 98.24 9,823,540.00 1.94% Aaa/AA+ 1.91 1.375% Due02/26/2021 1.28% 10,017,031.95 2.33% 13,368.06 (193,491+95) AAA 1.86 313379RB7 FHLB None 4,OOQ000.00 08/30/2017 4,030,160.00 98.96 3,958,500.00 0J9% Aaa/AA+ 2.20 1.875% Due O6/11/2021 1.67% 4,017,527+77 2.36% 22,916.67 (59,027+77) AAA 2.12 36 C�" IHoldings Report As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 CUSIP Security Description Par Value/Units Purchase Date Cost Va�uue Mkt Price Market Value %of Pod. Moody/S&P Maturity BookYield BookVa e Mkt YTM Accrued Int. Gain/Loss Fitch Duration 3135GOU35 FNMA Note 7,500,000.00 05/28/2018 7,515,225.00 100.95 7,571,257.50 1.51% Aaa/AA+ 2.23 2.750% Due06/22/2021 2.68% 7,511,366.32 2.31% 56,718.75 59,891.18 w 2.13 3135GOS38 FNMANote 3,000,000.00 01/30/2017 2,994,570.00 99.22 2,976,729.00 0.59% Aaa/AA, 2.77 2.000% Due01/05/2022 2.04% 2,996,953.17 2.29% 14,333.33 (20,224.17) w 2.66 3135GU45 FNMA Note 5,0OQ000.00 05/05/2017 4,972,500.00 98.90 4,945,080.00 0.99% Aaa/AA+ 3.02 1.875% Due O4/05/2022 1.99% 4,983,128.83 2.25% 45,833.33 (38,048.83) w IN 3135GOT94 FNMANote 5,000,000.00 Various 4,910,990.00 100.27 5,013,465.00 1.00% Aaa/AA+ 3.81 2.375% Due01/19/2023 2.78% 4,929,051.47 2.30% 23,750.00 84,413.53 w 3.60 313383QR5 FHLB Note 5,000,000.00 08/28/2018 5,083,350.00 103.75 5,387,500.00 1.03% Aaa/AA+ 4.19 3.250% Due O6/09/2023 2.87% 5,073,080.52 2.31% 50,555.56 114,419.48 NR 3.87 3137EAENS FHLMC Note 10,00g000.00 Various 9,956,500.00 I0IJ4 10,174,430.00 2.03% Aaa/AA+ 4.22 2.750% Due O6/19/2023 2.84% 9,962,864.19 2.31% 77,916.66 211,565.81 w 3.94 313383V14 FHLB Note 10,00g000.00 Various 10,211,831.00 104.61 10,460,510.01 2.07% Aaa/AA+ 4.44 3.375% Due09/OB/2023 2.88% 10,20;071.88 2.28% 21,562.50 258,438.13 NR 4.11 3130AOF70 FHLB Note 10,000,000.00 Various 10,269,043.75 104.55 10,454,830.01 2.09% Aaa/AA+ 4.69 3.375% Due 12/OB/2023 2.79% 10,255,610.29 2.34% 105,937.50 199,219.72 A4A 4.29 3135GW34 FNMANote 5,000,000.00 02/27/2019 4,980,850.00 100.94 5,046,950.00 1.00% Aaa/AA+ 4.85 2.500% Due02/05/2024 2.58% 4,981,189.88 2.29% 38,402.78 65,760.12 A4A 4.53 117,514,971.15 118,106,096.98 23.46% Aaa/AA+ 2.81 TOTAL Agency 117,365,000.00 2.24% 117,702,876.24 2.34% 648,813.01 403,220.74 Aaa 2.65 CMO 31398VJ98 FHLMC FHMS K006 A2 900,000.00 11/23/2010 951,046.88 100.54 904,819.50 0.18% Aaa/AA+ 0.82 4.251% Due01/25/2020 3.54% 9U4,564.30 3.03% 3,188.25 255.20 A4A 0.65 03215PFN4 AMRESCO Residential Securities 1999-IA 133,743.29 05/20/2011 IOg432.85 97.73 130,712.67 0.03% NR/A+ 10.24 3.430% Due O6/25/2029 7.26% 114,897.46 3.85% 89.19 15,815.21 BBB 6.95 3133TCE95 FHLMC FSPC E3A 10,580+45 03/11/1998 10,591.52 101.04 10,690.93 0.00% Aaa/AA+ 13.39 3.942% Due O8/15/2032 3.90% 10,584.76 2.67% 34.76 106.17 A4A 2.21 31397QREO FNMAFNR2011-3FA 206,927.78 12/20/2010 206,863.12 100.60 208,173.49 0.04% Aaa/AA+ 21.92 3.170% Due02/25/2041 3.18% 206,880.69 3.06% 109.32 1,292.80 A4A 4.96 31394JY35 FHLMCFSPCT-582A 737,239.09 06/09/2011 834,923.26 114.42 843,563.71 0.17% Aaa/AA+ 24.50 6.500% Due09/25/2043 5.40% 811,328.61 0.93% 798.68 32,235+10 A4A 2.37 2,103,857.63 2,097,960.30 0.42% Aaa/AA+ 13.08 TOTAL CMO 1,988,490.61 4.48% 2,048,255.82 2.24% 4,220.20 49,704.48 Aaa 2.17 37 C�" IHoldings Report As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 CUSIP Security Description ParValuei Purchase Date Cost Va:ue Mitt Price Market Value %of Fort. Moodi Maturity Book Yield Book Vat ue Mitt YTM Accrued Int. Gain/Loss Fitch Duration Commercial Paper 62479MTL7 MUFG Bank Ltd/NY Discount CP 10,020,000.00 02/19/2019 9,933,160.00 99.42 9,962,106.67 1.97% P-1/A-1 0.22 2.600% Coati 2.66% 9,962,106.67 2.66% 0.00 0.00 NR 0.22 9,933,160.00 9,962,106.67 1.97% P-1/A-1 an TOTAL Commercial Paper 10,020,000.00 2.66% 9,962,106.67 2.66% 0.00 0.00 NR 0.22 Foreign Corporate _ 404280BF5 HSBC Holdings PLC Note 4,500,000.00 Various 4,429,980.00 99.10 4,459,594.50 0.89% A2/A 2.77 2.650% Due 01/OS/2023 3.06% 4,449,86t59 2.99% 28,487.50 9,729.91 M- 2.63 89114QC48 Toronto Dominion Bank Nate 5,000,000.00 02/26/2019 5,D94,200.00 102.79 5,139,205.00 1.02% Aii 4.30 3.500% Coati 3.04% 5,D92,318.35 2.81% 35,000.00 46,886.0 M- 3.95 9,524,180.00 9,598,799.50 1.91% Aa3/A+ 3.59 TOTAL Foreign Corporate 9,500,000.00 3.06% 9,542,182.94 2.89% 63,487.50 56,616.56 AA- 3.34 Money Market Fund FI 31846V567 First American Gast Obligation MMKT Class-Z 13,663,840.66 Various 13,663,840.66 1.00 13,663,840.66 2.70% P-1/A-1+ 0.00 2.32% 13,663,840.66 2.32% 0.00 0.00 F-1 0.00 13,663,840.66 13,663,840.66 2.70% Aaa/AAA 0.00 TOTAL Money Market Fund FI 23,663,840.66 2.32% 13,663,840.66 2.32% 0.00 0.00 AA 0.00 Mortgage Pass Thru 31381PDA3 FNMA FN 466397 341,637.04 12/01/2010 334,214.46 101.18 345,641.76 0.07% Aaa/M+ 1.59 3.400% Due 11/01/2020 3.80% 340,421.94 2.58% 225.84 5,219.82 AAA 1.55 36225CAZ9 GNMA Pool#G280023 17,790.05 08/0B/1997 19,084.69 102.91 18,308.08 0.00% Aaa/M+ 7.73 4.120% Due 12/20/2026 4.01% 17,867.6t 3.38% 61.08 440.44 PAA 3.53 36225COO GNMA Pool#G280088 17,325.85 08/11/1997 17,704.87 101.64 17,610.70 0.00% Aaa/M+ 8.23 3.860% Due06/20/2027 3.72% 17,430.32 3.21% 55.73 180.38 PAA 2.09 313485WZ3 FHLMC FH 786064 1,948.37 02/18/2" 1,900.93 102.44 1,995.97 0.00% Aaa/M+ 8.76 4.737% Due01/01/1018 4.96% 1,933.46 3.94% 7.69 62.51 MA 4.01 31371NUC7 FNMA FN 257179 15,563.24 12/05/2011 16,459.65 104.41 16,249.75 0.00% Aaa/M+ 9.01 4.500% Due 04/Ol/2028 3.72% 16,058.18 2.85% 58.36 191.57 PAA 2.99 31417YAY3 FNMA Pool#FN MA0022 18,301.79 12/05/2011 19,355.94 104.43 19,111.96 0.00% Aaa/M+ 10.01 4.500% Due 04/Ol/2029 3.76% 18,911.10 2.74% 68.63 200.86 MA 3.12 3138EG6F6 FNMAFNALOB69 11,213.21 12/05/2011 11,859.08 104.43 11,709.82 0.00% Aaa/M+ 10.18 4.500% Due06/01/2029 3.77% 11,589.13 2.77% 9.81 120.69 MA 3.17 38 C)" IHoldings Report As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 CUSIP Security Description ParValue/Urlts Purchase Date Cost Va:ue Mitt Price Market Value %of Port. Moody/S&P Maturity Book Yield Book Va ue Mkt YTM Accrued Int. Gain/Loss Fitch Duration 362250104 GNMA Pool#G2 W395 7,108.23 03/15/Z000 7,043.79 103.36 7,34674 0.00% Aaa/AA+ 11.06 3.860% Due04/20/2030 3.94% 7,084.41 3.20% 2286 262.33 AAA 3.47 36225CN28 GNMA Pool#G280408 56,072.04 03/15/2000 55,502.55 103.36 57,954.49 0.01% Aaa/AA+ 11.15 3.860% Due O5/20/2030 3.95% 55,860.58 3.28% 380.37 2,093.91 AAA 3.88 31403GXF4 FNMA Pool#FN 748678 1,834.17 06/10/2013 1,971.74 106.09 1,945.88 0.00% Aaa/AA+ 14.52 5.000% Due 10/01/2033 4.16% 1,932.87 3.00% 7.64 13.01 AAA 3.74 36225DCH GNMA Pool#6280965 49,812.73 07/19/2004 49,781.60 104.13 51,872.04 0.01% Aaa/AA+ 15.32 4.100% Due 07/20/20M 4.12% 49,796.80 2.86% 170.19 2,075.24 AAA 2.67 31406XNT5 FN MA Pool#FN 823358 111,885.56 01/11/2006 111,011.45 104.64 117,082.53 0.02% Aaa/AA+ 15.85 4.724% Due02/01/2035 4.81% 111,408.51 3.78% 440.43 5,674.02 AAA 4.48 31Q6PQY8 FNMA Pool#FN 815971 176,846.83 06/10/2013 19g110.35 107.55 190,1M.70 0.04% Aaa/AA+ 15.93 5.000% Due 03/01/2035 4.21% 186,607.67 3.13% 736.86 3,587.03 AAA AM 31Q7BXH7 FN MA Pool#FN 826080 20,077.99 06/10/2013 21,583.84 107.64 21,611.63 0.00% Aaa/AA+ 16.26 5.000% Due 07/01/2035 4.22% 21,192.22 3.13% 83.66 419.41 AAA 3.99 31376M2 FNMA FN 357969 108,375.38 06/10/2013 116,503.52 107.62 116,632.72 0.02% Aaa/AA+ 16.43 5.000% Du,09/01/2035 4.22% 114,405.87 3.14% 105.36 2,226.85 AAA 4.01 31403D1Z3 FNMAPool#745580 101,127.88 06/10/2013 108,712.48 107.60 108,816.63 0.02% Aaa/AA+ 17.18 5.000% Due O6/01/2036 4.26% 106,819.28 3.16% 421.37 1,997.35 AAA 4.06 3141OF4V4 FNMA Pool#FN 888336 199,708.51 06/10/2013 214,686.65 107.61 214,906.13 0.04% Aaa/AA+ 17.27 5.000% Due O7/01/2036 4.25% 210,961.31 3.15% 832.12 3,944.82 AAA 4.03 1,296,487.59 1,318,991.53 0.26% Ana/AA+ 11.83 TOTAL Mortgage Pass Thru 1,256,598.87 4.12% 1,290,281.29 3.04% 3,488.00 28,710.24 Aaa 3.29 Municipal Bonds 73358WAG9 Port Authority of NY&NJ TE-REV Z,440,000.00 Various 2,507,633.89 101.78 2,483,529.60 0.50% Aa3/AA- 0.67 5.309% Due 12/01/2019 4.97% 2,444,338+86 2.59% 43,179.87 39,190+74 AA- 0.65 649711ASE8 New York NY TE-REV 1,400,000.00 10/27/2010 1,400,000.00 102.46 1,434,398.00 0.29% Aa1/AAA 1.59 4.075% Due 11/01/2020 4.08% 1,400,000.00 2.48% 23,770.83 34,398A0 AAA 1.51 91336605 Univ of California Rgts Mad TE-REV 400,000.00 11/09/2010 40g000.00 104.96 419,836.00 0.08% Aa3/AA- 2.13 5.035% Due05/15/2021 5.M% 4M,000.00 2.62% 7,608.44 19,836A0 AA- 1.98 4,307,633.89 4,337,763.60 0.87% Aa2/AA 1.12 TOTAL Municipal Bonds 4,240,000.00 4.68% 4,244,338.86 2.55% 74,559.14 93,424.74 AA 1.06 Supranational 4581XOCX4 Inter American Dev Bank Note 3,035,000.00 04/05/2017 3,027,807.05 9916 3,009,487.79 0.60% Aaa/AAA 1.12 1.625% Due O5/12/2020 1.70% 3,032,400.06 239% 19,042.52 (22,912.27) AAA 1.09 39 C�„ IHoldings Report As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 CUSIP Security Description Par Value/Units Purchase Date Cost Va:ue Mitt Price Market Value %of Pod. Moodl Maturity BookYield Book Va ue Mkt YTIM Accrued Int. G.Imfi_.�s Fitch Duration 45950KCMO International Finance Corp Note 2,970,WO.00 01/18/2018 2,961,268.20 9977 2,963,109.60 0.59% Aaa/MA 1.82 2.250% Due01/25/2021 2.35% 2,964,701.96 2.38% 12,251.25 (1,592.36) NR 1J6 4581XOCSS Inter-American Dev Bank Note 5,0OQ00000 Various 5,059,610.00 99.06 4,952,88000 0.98% Aaa/AAA 1.96 1.875% Due03/15/2021 1.68% 5,017,805.81 2.37% 4,166.67 (64,925.81) AAA 1.91 4595OK07 International Finance Corp Note 2,SOQ000.W 11/09/2016 2,441,600.00 97.25 2,431,12500 0.48% Aaa/AAA 2.31 1.125% Due O7/20/2021 1.64% 2,471,328.43 2.36% 5,546.88 (40,203.43) NR 2.25 4581%OCW6 Inter-American Dev Bank Note 3,000,000.W 01/10/2017 2,996,310.00 99.51 2,985,32700 0.59% Aaa/NR 2.81 2.125% Due U1/I8/2022 2.15% 2,997,932.71 2.31% 12,927.08 (12,605.71) AAA 2.69 459058FY4 Intl.Bank Recon&Development Note 10,00Q000.00 Various 10,006,350.W 99.19 9,919,39000 1.97% Aaa/NR 2.83 2.000% Due01/26/2022 1.99% 10,00;708.14 2.30% 36,111.12 (83,318.14) AAA 2.71 4581%0CZ9 Inter-American Dev Bank Note 6,SOQ000.W Various 6,249,655.00 98.10 6,376,227,00 1.26% NR/NR 3.46 1.750% Due O9/14/2022 2.65% 6,310,697.74 2.33% 5,371.52 65,529.26 AAA 3.32 32,742,600.25 32,637,546.39 6.47% All/AAA 2.53 TOTAL Supranational 33,005,000.00 2.0796 32,797,574.85 2.34% 95,417.06 (160,028.46) Aaa 2.44 US Corporate EL 02665WAH4 American Honda Finance Note 4,000,"CO Various 4,046,640.00 99.85 3,993,884.00 0J9% A2/A 0.38 2.250% Due O8/15/2019 1.93% 4,004,560.78 2.66% 11,500.00 (10,676.78) NR 0.37 06406HCW7 Bank of Neal York Callable Note Cant 8/11/2019 2,120,WO.00 02/10/2016 2,142,175.20 99.85 2,116,824.24 0.42% AI/A 0.45 2.300% Due O9/11/2019 1."% 2,122,301.20 2.64% 2,708.89 (5,476.96) AA- 0.44 24422ESS9 John Deere Capital Corp Note 5,0OQ000Co Various 5,046,984.00 99.83 4,991,620.00 0.99% A2/A 0.46 2.300% Due O9/16/2019 2.07% 5,004,932.66 2.67% 4,791.67 (13,312.66) A 0.45 46625HKA7 JP Morgan Chase Callable Note Cont 12/23/2019 2,000,W0.00 02/06/2015 1,994,880.00 99.64 1,992,704.00 0.40% A2/A- 0.82 2.250% Due01/23/2020 2.30% 1,999,158.47 2.71% 8,500.00 (6,454.47) AA- 0.79 40428HPR7 HSBC USA Inc Note 2,SOQ000.W Various 2,472,287.50 99.71 2,492,685.00 0.49% A2/A 0.93 2.350% Due03/05/2020 2.64% 2,493,575.18 2.67% 4,243.06 (890.18) AA- 0.91 74752SADS Qualconnm Inc Note 5,0OQ000.00 05/19/2015 4,995,195.40 99.58 4,978,920.00 0.99% A2/A- 1.14 2.250% Due05/20/2020 2.27% 4,998,907.45 2.63% 40,937.51 (19,987.45) NR 1.10 94974BGM6 Wells Fargo Corp Note 5,000,W0.00 07/16/2015 5,001,650.00 99.85 4,992,400.00 0.99% A2/A- 1.31 2.600% Due07/22/2020 2.59% 5,WO,431.69 2.72% 24,916.67 (8,031.69) A. 1.27 037833BS8 Apple Inc Callable Note Cont 1/23/2021 4,000,W0.00 05/23/2016 4,050,840.00 99.64 3,985,612.00 0J9% Aa1/AAt 1.90 2.250% Due02/23/2021 1.96% 4,019,792.67 2.44% 9,500.00 (34,180.67) NR 1.84 30231GAV4 Eaxon Mobil Corp Callable Note Cant 2/1/2021 3,01)(1,"00 Various 3,016,097.40 99.55 2,986,380.00 0.59% Aaa/AA, 1.92 2.222% Due03/01/2021 2.10% 3,006,479.69 2.47% 5,555.01 (20,099.69) NR 1.86 369550BE7 General Dynamics Corp Note 3,160,W0.00 05/08/2018 3,138,038.00 100.90 3,388,541.12 0.64% A2/A+ 2.12 3.000% Due O5/11/2021 3.24% 3,144,550.45 2.56% 36,866.67 43,990.67 NR 2.01 40 C11% IHoldings Report As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 CUSIP Security Description Par Value/Units Purchase Date Cost Va:ue Mirt Price Market Value %of Pod. Moodl Maturity BookYkeld Book Va ue Mkt YTM Accrued firt. G.In/L.rs Fitch Duration 166164BG4 Chevron Corp Callable Note Cont 4/15/2021 2,500,000.00 05/20/2016 2,485,350.00 9928 2,482,06500 0.49% Aa2/AA 2.13 2.100% Due05/16/2021 2.23% 2,493,743.31 2.45% 19,681.50 (11,678.31) NR 2.05 61747WAB Morgan Stanley Note 2,800,000.00 06/06/2014 3,200,848.00 105.81 2,962,730.40 0.59% A3/BBB, 2.33 5.500% Due Ol/28/2021 3.24% 2,930,691.23 2.90% 26,950.W 32,039.17 A 2.17 594918BP8 Microsoft Callable Note Cant 7/8/21 3,045,".00 Various 3,041,385.15 97.61 2,912,264.09 0.59% Aaa/AAA 2.36 1.550% Due08/08/2021 1.57% 3,043,291.50 2.60% 6,948.52 (71,033.41) AAA 2.28 68389XBK0 Oracle Corp Callable Note Cant 8/01/21 3,OW,M.00 06/28/2018 2,892,240.00 98.36 2,950,665.00 0.58% AI/AA- 2.46 1.900% Due09/IS/2021 3.08% 2,917,573.70 2.59% 2,533.33 33,091.30 A 2.38 06406RAA5 Bank of NY Mellon Corp Callable Note Cont 1/7/2022 2,501 02/08/2017 2,504,475.00 99.94 2,498,565.00 0.50% AI/A 2.86 2.600% Due02/Ol/2022 2.56% 2,502,531.41 2.62% 9,750.00 (3,966.41) AA- 2.65 69353RFB9 PNC Bank Callable Note Cont 1/18/2022 I,0OQ000.00 03/26/2018 914,940.00 99.86 998,649.00 0.20% A2/A 2.89 2.625% Due02/Il/2022 3.32% 981,442.91 2.61% 3,208.33 11,206.09 A. 2.75 614599CK9 Occidental Petroleum Callable Note Cont 3/15/2022 3,350,000.00 04/25/2017 3,354,589.50 99.94 3,341,943.10 0.67% A3/A 3.04 2.600% Due O4/15/2022 2.57% 3,352,118.94 2.62% 40,162.78 (4,835.84) A 2.87 W4664BW Berkshire Hathaway Note 4,0OQ000.00 05/23/2017 4,131,120.00 101.66 4,066,336.00 0.81% Aa2/AA 3.13 3.WO% Due05/15/2022 2.30% 4,W2,356.36 2.44% 45,333.33 (16,020.36) Aa 2.94 950001.1286 WELLS FARGO&COMPANY Note 3,00(l,".00 Various 2,954,520.00 99.26 2,911,926.00 0.59% A2/A- 3.31 2.625% Due Ol/22/2022 2.99% 2,966,490.36 2.86% 15,093.16 11,435.64 Aa 3.13 0044OEAU3 Chubb INA Holdings Inc Callable Note Cant 9/3/2022 4,169,".00 Various 4,232,453.17 100.80 4,202,318.65 0.84% A3/A 3.60 2.875% Due 11/03/2022 2.54% 4,214,190.18 2.63% 49,275.26 (11,871.53) A 3.21 90331111413 US Bank NA Callable Note Cont 12/23/22 5,0OQ000.00 01/29/2018 4,981,600.00 100.23 5,011,745.00 1.00% AI/AA- 3.82 2.850% Due01/23/2023 2.93% 4,985,901.43 2.78% 26,916.67 25,843.57 AA- 3.50 06406RAE7 Bank of NY Mellon Corp Callable Note Cont 12/29/2022 1,50Q000.00 02/26/2018 1,486,065.00 100.53 1,50,900.50 0.30% AI/A 3.84 2.950% Due01/29/2023 3.16% 1,489,145.29 2.80% 7,620.83 18,755.21 AA- 3.51 44932HAH6 IBM Credit Corp Note 5,610,000.00 Various 5,W3,26r1A0 I00J5 5,712,559.02 1.13% AI/A 3.86 3.000% Due02/06/2023 3.26% 5,616,951.75 2.19% 25,981.50 95,607.27 A 3.60 0044OEAP2 Chubb INA Holdings Inc Note 2,OW,M.00 05/24/2018 1,931,000.00 99.72 1,994,334.00 0.39% A3/A 3.95 2.700% Due03/13/2023 3.42% 1,948,058.32 2.78% 2,700.00 46,215.68 A 3.72 W4670BRB Berkshire Hathaway Callable Note Cont 1/15/2023 2,SW,M.00 04/20/2018 2,440,950.00 100.60 2,514,920.00 0.50% Aa2/AA 3.96 2.750% Due03/15/2023 3.28% 2,452,251.45 2.58% 3,055.56 62,662.55 Aa 3.58 58933YAF2 Merck&Co Note 2,OW,000.00 10/26/2018 1,948,640.00 101.01 2,020,252.00 0.40% AI/AA 4.13 2.WO% Due05/18/2023 3.41% 1,953,370.93 2.54% 20,688.89 66,881.07 Aa 3.84 41 C11% IHoldings Report As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 CUSIP Security Description Par Value/Units Purchase Date Cost Va:ue Mitt Price Market Value %of Pod. Moody/S&P Maturity Book Yield Book Va ue Mkt YTM Accrued Int. G.ln/[-.�s Fitch Duration 46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023 4,000,W0.00 12/20/2018 3,832,440.00 99.02 3,960,90000 0.79% A2/A- 4.13 2.700% Due OS/I8/2023 3.74% 3,842,664.71 2.95% 39,900.W 118,235.29 AA- 3.84 69353RFL7 PNC Bank Callable Note Coot 5/9/2023 5,0OQ000.00 Various 4,993,318.05 102.84 5,142,055.01 1.03% A2/A 4.19 3.500% Due06/08/2023 3.53% 4,994,396.33 2.76% 54,930.56 147,658.68 NR 3.77 166764AH3 Chevron Corp Callable Note Cont 3/24/2023 3,500,000.00 11/08/2018 3,441,095.00 102.31 3,580,906.00 0.71% Aa2/AA 4.24 3.191% Due O6/24/2023 3.59% 3,445,957.11 2.57% 30,W2.90 134,948.89 NR 3.70 931142EKS Wal-Mart Stores Callable Note Cant 5/26/2023 3,880,".W Various 3,878,991.40 102.96 3,994,964.40 0.80% Aa2/AA 4.24 3.400% Due O6/26/2023 3.41% 3,879,145.04 2.64% 34,812.22 115,819.36 AA 3.83 02665WO8 American Honda Finance Note 845,000.00 07/11/2018 843,538.15 102.76 868,306.79 0.17% A2/A 4.29 3.450% Due O7/14/2023 3.49% 843,745.73 2.76% 6,235.40 24,561.06 NR 3.94 02665WCQ2 American Honda Finance Note 2,000,".W Various 1,998,320.00 103.55 2,070,940.00 0.42% A2/A 4.53 3.625% Due 10/10/2023 3.64% 1,998,457.25 2.79% 34,437.50 72,482.75 NR 4.09 24422EUM9 John Deere Capital Corp Note 1,250,WO.00 11/28/2018 1,250,237.50 103.72 1,296,500.00 0.26% A2/A 4.54 3.650% Due 10/12/2023 3.64% 1,250,221.19 2.77% 21,418.40 46,278.81 A 4.10 06051GHF9 Bank of America Corp Callable Note IX 3/5/2023 3,775,WO.00 03/28/2019 3,839,363.75 101.55 3,833,565.35 0J6% A2/A- 4.93 3.550% Due03/05/2024 3.09% 3,839,229.38 3.12% 9,678.68 (5,664.03) A. 3.64 108,151,531.57 108,688,880.67 22.62% AI/A+ 2.82 TOTAL US Corporate 108,064,000.00 2.81% 107,819,288.05 2.0% 686,937.40 869,592.62 A. 2.58 US Treasury 912796U%5 US Treasury Bill 7,500,000.00 03/282+42% 7,492,542.50 .42% 7,492,542.50 1.48% P-F-I+ 0.04 2.386% Due 04/16/2019 2.42% 7,492,542.50 2.42% 0.00 0.00 F-1+ 0.04 912828WSS USTreasury Note 2,OOQ000.W Various 1,996,861.44 99.78 1,995,546.00 0.40% Aaa/AA+ 0.25 1.625% Due O6/30/2019 1.66% 1,999,843.21 2.51% 8,169.89 (4,297+21) AAA 0.25 912828WW6 US Treasury Note 5,OOQ00 m Various 5,012,388J0 99.71 4,985,545.00 0.99% Aaa/AA+ 0.33 1.625% Due O7/31/2019 1.57% 5,WO,827.57 2.48% 13,466.85 (15,282+57) AAA 0.33 912828F39 USTreasury Note 5,800,W0.00 10/27/2014 5,873,386.87 99.64 5,778,928.60 1.14% Aaa/AA+ 0.50 1.750% Due O9/30/2019 1.48% 5,807,408.23 2.49% 277.33 (28,479.63) AAA 0.49 912828,361 US Treasury Note 7,500,W0.00 12/19/2014 7,449,634.50 99.38 7,453,125.00 1.48% Aaa/AA+ 0.67 1.500% Due 11/30/2019 1.64% 7,493,215.73 2.45% 37,706.04 (40,090.73) AAA 0.66 912828XE5 US Treasury Note 5,0OQ000.00 12/21/2016 4,966,423.00 98.96 4,948,045.00 0.98% Aaa/AA+ 1.17 1.500% Due O5/31/2020 1.70% 4,988,611.62 2.41% 25,137.36 (40,566+62) AAA 1.14 912828199 USTreasury Note 10,000,W0.00 Various 9,850,311.40 98.49 9,848,830.00 1.96% Aaa/AA+ 1.59 1.375% Due 10/31/2020 1.81% 9,934,163.91 2.35% 57,734.80 (85,333+91) AAA 1.54 9128281489 US Treasury Note 6,OW,".W Various 5,895,840.41 98.31 5,898,750.00 1.17% Aaa/AA+ 1.84 1.375% Due U1/31/2021 1.81% 5,953,826.65 2.32% 13,674.03 (55,076+65) AAA 1.80 42 C11% IHoldings Report As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 CUSIP Security Description Par Value/Units Purchase Date Cost Va�uue Mkt Price Market Value %of Pod. Moody/S&P Maturity Book Yield BookVa e Mkt YTM Accrued Int. G.ln/[-.�s Fitch Duration 91282M4 US Treasury Note 7,000,".00 Various 6,757,914.08 97,32 6,812,42100 1.35% Aaa/AA+ 2.50 1.125% Due O9/30/2021 1.88% 6,874,030.21 2.23% 215.16 (61,609.21) AAA 2." 912828T67 US Treasury Note 6,000p00.00 12/13/2016 5,813,691.98 97.48 5,848,83000 1.16% Aaa/AA, 2.59 1.250% Due 10/31/2021 1.92% 5,901,304.84 2.26% 31,491.71 (52,474.84) AAA 2.51 912828U65 US Treasury Note 7,000p00.00 12/28/2016 6,900,492.20 98.71 6,909,49000 1.37% Aaa/AA+ 2.67 1.750% Due 11/30/2021 2.06% 6,946,065.33 2.25% 41,057.69 (36,575.33) AAA 2.57 912828V72 US Treasury Note 3,000,M.00 02/27/2017 3,004,814.74 98.99 2,969,649.00 0.59% Aaa/AA+ 2.84 1.875% Due01/31/2022 1.84% 3,002,774.23 2.24% 9,323.20 (33,125.23) AAA 2.74 912828176 US Treasury Note 5,0w,".00 04/25/2017 4,976,383.94 98.59 4,929,295.00 0.97% Aaa/AA+ 3.00 1.750% Due03/31/2022 1.85% 4,985,633.56 2.24% 239.07 (56,338.56) AAA 2.90 912828MS US Treasury Note 5,0w,".00 07/25/2017 4,973,454.25 98.49 4,924,610.00 0.98% Aaa/AA+ 3.25 1.750% Due O6/30/2022 1.86% 4,982,509.30 2.23% 21,995.86 (57,899.30) AAA 3.13 912828124 USTreasury Note 6,000,M.00 09/27/2017 5,987,832.60 98.81 5,928,750.00 1.17% Aaa/AA+ 3.42 1.875% Due08/31/2022 1.92% 5,991,554.55 2.24% 9,782.61 (62,804.55) AAA 3.28 912828157 USTreasury Note 13,0W,W0.00 Various 12,763,554.69 98.37 12,787,736.00 2.53% Aaa/AA+ 3.50 1.750% Due09/30/2022 2.15% 12,826,974.07 2.24% 621.58 (39,238.07) AAA 3.37 912828MM US Treasury Note 8,0w,".00 12/22/2017 7,907,500.00 99.18 7,934,376.00 1.58% Aaa/AA+ 3.67 2.000% Due 11/30/2022 2.25% 7,931,190.28 2.23% 53,626.37 3,185.72 AAA 3.49 9128281430 USTreasury Note 5,0w,".00 01/24/2018 4,926,562.50 99.59 4,979,490.00 0.99% Aaa/AA+ 3.76 2.125% Due 12/31/2022 2.44% 4,944,136.94 2.24% 26,709.25 35,353.05 AAA 3.57 9128284D9 US Treasury Note 10,000p00.00 Various 9,887,265.63 101.01 10,100,780.00 2.00% Aaa/AA+ 4.00 2.500% Due03/31/2023 2.75% 9,908,747.49 2.24% 683.06 192,032.51 AAA 3.79 9128281169 US Treasury Note 5,0w,".00 05/30/2018 4,757,226.56 97.55 4,877,735.00 0.97% Aaa/AA+ 4.17 1.625% Due05/31/2023 2.67% 4,797,777.44 2.24% 27,232.14 79,957.56 AAA 3.98 912828U57 USTreasury Note 15,000p00.00 Various 14,723,632.81 99.46 14,918,550.00 2.97% Aaa/AA+ 4.67 2.125% Due 11/30/2023 2.53% 14,733,033.06 2.25% 106,833.79 185,516.94 AAA 4.39 912828V80 US Treasury Note 3,000p00.00 03/28/2019 3,006,093.75 99.99 2,999,766.00 0.59% Aaa/AA+ 4.84 2.250% Due01/31/2024 2.21% 3,006,083.42 2.25% 11,187.85 (6,317.42) AAA 4.54 912828WUO USTreasury Inflation Index Note 11,024,208.00 Various 10,911,284.09 98.73 10,884,707.66 2.15% Aaa/AA+ 5.30 0.125% Due O7/15/2024 0.23% 10,964,222.04 0.3] 2,893.12 (79,514.38) AAA 5.27 155,932,903.97 156,207,497.76 30.95% Aaa/AA+ 2.87 TOTAL US Treasury 157,824,208.00 1.96% 156,466,476.38 2.17% 500,058.76 (258,978.42) Aaa 2.76 502,328,113.49 504,119,147.32 100.00% Aa1/AA 2.76 TOTAL PORTFOLIO SO4,418,801.28 2.38% 502,842,454.08 2.41% 2,124,566.88 1,276,693.24 Aaa 2.39 TOTAL MARKET VALUE PLUS ACCRUALS 506,243,714.20 43 C�„ IHoldings Report As of March 31, 2019 Orange County Sanitation District Liquid - Account#10282 CUSIP Security Description ParValuei Purchase Date Cost Va:ue Mint Price Market Value %of Port. Moodi Maturity Book Yield Book Va u., Mkt nM Accrued lot. Gain/Loss Fitch Duration Agency 313384GV5 FHLB Discount Note 5,000,000.00 03/19/2019 4,971,094.44 99.51 4,975,463.89 4.59% P-1/A-1+ 0.20 2.420% Due06/13/2019 2.47% 4,975,463.89 2.47 0.00 0.00 F-1+ 0.20 4,971,094.44 4,975,463.89 4.59% Asia/AAA 0.20 TOTAL Agency 5,000,000.00 2.47% 4,975,463.89 2.47% 0.00 0.00 Aaa 0.20 Commercial Paper 62479MTL7 MUFG Bank Ltd/NY Discount CP 2,160,000.00 02/19/2019 2,141,280.00 99.42 2,147,520.00 1.98% P-1/A-I 0.22 2.600% Due06/20/2019 2.66% 2,147,520.00 2.66% 0.00 0.00 NR 0.22 21R7BWD9 Rabobank Nederland NV NY Discount CP 2,000,000.00 12/18/2018 1,957,864.44 98.70 1,974,058.33 1.82% P-1/A-I 0.45 2.830% Due 09/13/2019 2.92% 1,974,058.33 2.92% 0.00 0.00 NR 0.45 4,091 4,121,578.33 3.80% P-1/A-1 0.33 TOTAL Commercial Paper 4,160,000.00 2.78% 4,121,578.33 2.78% 0.00 0.00 NR 0.33 Money Market Fund FI 31846V567 First American Cost Obligation MMKT Class-Z 9,353,022.63 Various 9,353,022.63 1.00 9,353,022.63 8.62% P-1/A-1+ 0.00 2.32% 9,353,022.63 2.32% 0.00 0.00 F-1 0.00 9,353,022.63 9,353,022.63 9.62% Asia/AAA 0.00 TOTAL Money Market Fund FI 9,353,022.63 2.32% 9,353,022.63 2.32% 0.00 0.00 AA 0.D0 Negotiable CD 89113%3W2 Toronto Dominion NYYankee CD 1,0w,wo.00 06/21/2018 1,000,000.00 100.00 1,000,M0.00 0.94% P-1/A-1+ 0.19 2.700% Due06/07/2019 2.70% 1,000,000.00 2.70% 21,225.00 0.00 F-1+ 0.18 06370RQYB Bank of Montreal Chicago Yankee CD 2,000,00D.00 12/10/201B 2,000,000.00 100.00 2,000,000.00 1.86% P-1/A-I 0.20 2.860% Due06/11/2019 2.86% 2,000,000.00 2.86% 17,636.67 0.00 F-1+ 0.19 96130ABI6 Westpac Banking Corp NY Yankee CD 1,500,000.00 12/13/201B 1,500,000.00 100.00 1,500,000.00 1.39% P-1/A-1+ 0.45 2.970% Due09/13/2019 2.97% 1,500,000.00 2.97% 13,365.00 0.00 F-1+ 0.45 4,500,000.00 4,500,000.00 4.20% Asia/AAA 0.28 TOTAL Negotiable CD 4,500,000.00 2.86% 4,500,000.00 2.86% 52,226.67 0.00 Aaa 0.28 US Corporate 06051GFM Bank of America Corp Note 1,500,000.00 07/20/2018 1,499,910.00 100.00 1,500,000.00 1.40% A2/A- 0.00 2.650% Coati 2.66% 1,500,000.00 2.65% 19,875.00 0.00 A. 0.00 94974BFU9 Wells Fargo Carp Note 1,500,000.00 07/20/2018 1,494,090.00 99.97 1,499,548.50 1.39% A2/A- 0.06 2.125% Coati 2.66% 1,499,543.71 2.62% 14,078.13 4.79 A+ 0.06 44 C11% IHoldings Report As of March 31, 2019 Orange County Sanitation District Liquid - Account#10282 CUSIP Security Description Par Value/Units Purchase Date Cost Va:ue Mkt Price Market Value %of Pod. Moody/S&P Maturity BookYield Book Va ue Mkt YTM Accrued Int. Gain/Loss Fitch Duration 25468PDL7 Walt Disney Company Note 1,130,000.00 10/23/2018 1,114,812.80 99.51 1,124,50255 1.04% A2/A 0.28 0.875% Due07/12/2019 2.79% 1,124,041.94 2.62% 2,16976 460.61 A 0.28 69353REM2 PNC Bank Callable Note Cant 6/29/2019 1,890,000.00 12/21/2018 1,872,66870 99.59 1,882,271.79 1.74% A2/A 0.33 1.450% Due07/29/2019 3.02% 1,880,407.33 2.70% 4,719.75 1,854.46 A. 0.32 69371RN36 Paccar Financial Corp Note 1,083,000.W 11/13/2018 1,069,484.16 99.46 1,077,157.22 0.99% AI/A. 0.37 1.200% Due08/12/2019 2.91% 1,076,342.20 2.69% 1,768.90 815.02 NR 0.36 02665WAH4 American Honda Finance Note 1,977,000.00 02/22/2019 1,972,7W.91 99.85 1,973,977.17 1.82% A2/A 0.38 2.250% Due08/15/2019 2.72% 1,973,567.93 2.66% 5,683.88 409.24 NR 0.37 46625HKA7 JP Morgan Chase Callable Note Cont 12/23/2019 I,5w,w0.00 02/11/2019 1,490,940.00 99.64 1,494,528.00 1.38% A2/A- 0.82 2.250% Due01/23/2020 2.90% 1,492,177.85 2.71% 6,375.00 2,350.15 AA- 0.79 10,514,615.57 10,552,985.23 9.78% A2/A 0.32 TOTAL US Corporate 10,580,000.00 2.81% 10,546,080.96 2.66% 54,670.42 5,904.27 A+ 0.31 US Treasury as 912796UV9 US Treasury Bill 5,0w,W0.00 02/27/2019 4,988,678.47 99,99 4,999,667.01 4.61% P-1/A-1+ 0.01 2.397% Due04/02/2019 2A4% 4,999,667.01 2.44% 0.00 0.00 F-1+ 0.01 91279WM US Treasury Bill 5,000,W0.00 03/27/2019 4,986,733.33 99.76 4,988,060.00 4.60% P-1/A-1+ 0.10 2.388% Due05/07/2019 2.43% 4,988,060.00 2.43% 0.W 0.00 F-1+ 0.10 912828TH3 US Treasury Note 10,000,W0.00 12/20/2018 9,898,437.50 99.46 9,946,480.00 9.18% Aaa/AA+ 0.33 0.875% Due07/31/2019 2.56% 9,944,643.86 2.47% 14,502.76 1,836.14 AAA 0.33 912828WW6 US Treasury Note 20,000,000.00 Various 19,923,437.51 99.71 19,942,180.00 18.43% Aaa/AA+ 0.33 1.625% Due07/31/2019 2.46% 19s,44,93s,P) 2.48% 53,867.40 (2,755.40) AAA 0.33 9128282KS US Treasury Note 35,000,000.00 Various 34,810,156.26 99.63 34,871,480.00 32.21% Aaa/AA+ 0.33 1.375% Due07/31/2019 2.50% 34,869,761.13 2.47% 79,765.20 1,718.87 PAA 0.33 74,607,443.07 74,747,867.01 69.03% Aaa/AA+ 0.30 TOTAL US Treasury 75,000,000.00 2AW)t 74,747,067.40 2.47% 148,135.36 799.61 Aaa 0.30 208,045,320.15 108,249,917.09 100.00% Aa1/AA+ 0.27 TOTAL PORTFOLIO 109,593,022.63 2.53% 108,243,213.21 2.50% 255,032.45 6,703.88 Aaa 0.27 TOTAL MARKET VALUE PLUS ACCRUALS 108,504,949.54 45 C11% IHoldings Report As of March 31, 2019 OCSD Lehman Exposure - Account#10284 CUSIP Security Description ParValue/Units Purchase Date Cost Value Mitt Price Market Value %of Port. Moody/S&P Maturity Book Yield Book Value Mitt YTIM Accrued Int. Gain/Loss Fitch Duration Common Stock SLHOPNTN4 Lehman Brothers,Inc Open Position Long Exposure 60,641.49 11/21/2014 57,842.64 0.42 25,621.03 34.15% NR/NR 0.00 0.000% Due03/31/2019 0.00% 57,842.64 0.00% 0.00 (32,221.61) NR 0.00 57,842.64 25,621.03 34.15% NR/NR 0.00 TOTAL Common Stock 60,641.49 0.00% 57,842.64 0.00% 0.00 (32,221.61) NR 0.00 US Corporate 525ESCIB7 Lehman Brothers Nate-Defaulted 600,000.00 09/19/2008 322,755.11 1.90 11,400.00 15.20% NR/NR 0.82 0.000% Due Ol/24/2010 0.00% 322,755.11 0.0096 0.00 (311,355.11) NR 0.00 525ESCOY6 Lehman Brothers Nate-Defaulted 2,000,000.00 09/18/2008 1,040,394.96 1.90 38,000.00 50.65% NR/NR 30.58 0.000% Due 10/21/3049 0.00% 1,040,394.96 0.0096 0.00 (1,002,394.96) NR 0.00 1,363,150.07 49,400.00 65.85% NR/NR 23.71 TOTAL US Corporate 2,600,000.00 0.OD% 1,363,150.07 0.00% 0.00 (1,313,750.07) NR 0.00 1,420,992.71 75,021.03 100.0m NR/NR 15.62 TOTAL PORTFOLIO 2,660,641.49 0.00% 1,420,992.71 0.00% 0.00 (1,345,971.68) NR 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 75,021.03 46 C11% Section 5 Transactions 1 47 C®, ITransaction Ledger As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 December 31, 2018 through March 31,2019 Transaction Settlement CUSIP Quantity Security Description Prim Acq/Disp Interest Type Date Yield Amount Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 01/22/2019 3130AOF70 1,875,000.00 FHLB Note 102.768 2.76% 1,926,900.00 7,734.38 1,934,6M.38 0.00 3.375%Due:12/08/2023 Purchase 01/22/2019 313384BX6 3,200,000.00 FHLB Discount Note 99,842 2.41% 3,194,944.00 0.00 3,194,944.00 0.00 2.37%Due:02/15/2019 Purchase 01/31/2019 9128281.157 10,000,000.00 US Treasury Note 98.020 2.56% 9,801,953.13 36,195.05 9,838,148.18 0.00 2.125%Due:11/30/2023 Purchase 01/31/2019 9128281.157 5,000,000.00 US Treasury Note 98,434 2.47% 4,921,679.68 18,097.53 4,939,777.21 0.00 2.125%Due:11/30/2023 Purchase 02/13/2019 89239AAB9 3,615,000.00 Toyota Auto Receivables 2019-A A2A 99.991 2.85% 3,614,671.76 0.00 3,614,671.76 0.00 2.83%Due:10/15/2021 Purchase 02/20/2019 624791ATL7 10,020,000.00 MUFG Bank Ltd/NV Discount CP 99,133 2.66% 9,933,160.00 0.00 9,933,160.00 0.00 2.6%Due:06/20/2019 Purchase 02/27/2019 43814WABI 4,395,000.00 HAROT 2019-1 A2 99.994 2.77% 4,394,716.96 0.00 4,394,716.96 0.00 2.75%Due:09/20/2021 Purchase 02/28/2019 313383y14 3,525,000.00 FHLB Note 103,426 2.57% 3,645,766.50 56,179.69 3,701,946.19 0.00 3.375%Due:09/09/2023 Purchase 02/28/2019 3135GOV34 5,000,000.00 FNMA Note 99.617 2.58% 4,980,850.00 6,944.44 4,987,794.44 0.00 2.5%Due:02/05/2024 Purchase 02/28/2019 89114QC48 5,000,000.00 Toronto Dominion Bank Note 101,884 3.04% 5,094,200.00 18,958.33 5,113,158.33 0.00 3.5%Due:07/19/2023 Purchase 03/13/2019 47789JAB2 3,265,000.00 John Deere Owner Trust 2019-A A2 99.995 2.87% 3,264,851.12 0.00 3,264,851.12 0.00 2.85%Due:12/15/2021 Purchase 03/28/2019 912796UX5 7,500,000.00 US Treasury Bill 99,874 2.42% 7,490,553.83 0.00 7,490,553.83 0.00 2.386%Due:04/16/2019 Purchase 03/29/2019 06051GHF9 3,775,000aO Bank of America Carp Callable Note 1X 3/5/2023 101.705 3.18% 3,839,363.75 8,934.17 3,848,297.92 0.00 3.55%Due:03/05/2024 Purchase 03/29/2019 912828V80 3,000,000.00 US Treasury Note 100,203 2,21% 3,006,093.75 10,628.45 3,016,722.20 0.00 2.25%Due:01/31/2024 Subtotal 69,170,000.00 69,109,704.48 163,672.04 69,273,376.52 0.00 48 iC11% ITransaction Ledger As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 December 31, 2018 through March 31,2019 Transaction Settlement CUSIP Quantity Security Description Price Accil Interest Type Date Yield Amount Pur/Sold Total Amount Gain/Loss Security 03/31/2019 912828WUO 19,032.00 US Treasury Inflation Index Note 100.000 19,032.00 4.93 19,036.93 0.00 Contribution 0.125%Due:07/15/2024 Subtotal 19,032.00 19,032.00 4.93 19,036.93 0.00 TOTAL ACQUISITIONS 69,189,032.00 69,128,736.48 263,676.97 69,292,413.45 0.00 DISPOSITIONS ' Sale 02/15/2019 36962G7M0 5,000,000.00 General Electric Capital Carp Callable Note 1% 98.997 3.34% 4,949,850.00 11,0woo 4,960,850.00 -52,713.26 12/9/2019 2.2%Due:01/09/2020 Subtotal 5,000,000.00 4,949,850.00 11,000.00 4,960,850.00 -52,713.26 Maturity 01/14/2019 459052AP1 10,000,000.00 IBRD Discount Note 100.000 10,000,000.00 0.00 30,000,000.00 0.00 2.43%Due:01/14/2019 Maturity 01/22/2019 912796UK3 10,000,000.00 US Treasury Bill 100.000 10,000,000.00 0.00 10,000,000.00 0.00 2.25%Due:01/22/2019 Maturity 01/31/2019 912828B33 11,000,000.00 US Treasury Note 100.000 11,000,000.00 0.00 11,000,000.00 0.00 1.5%Due:01/31/2019 Maturity 02/15/2019 313384BXG 3,200,000.00 FHLB Discount Note 100.000 3,200,000.00 0.00 3,200,000.00 0.00 2.37%Due:02/15/2019 Maturity 02/19/2019 62479MPK3 9,000,000.00 MUFG Bank Ltdi Discount CP 99.129 9,000,000.00 0.00 9,000,000.00 0.00 2.49%Due:02/19/2019 Maturity 03/08/2019 3133782M2 7,500,000.00 FH LB Note 100.000 7,500,000.00 0.00 7,500,000.00 0.00 1.5%Due:03/08/2019 Maturity 03/15/2019 532457BF4 4,000,000.00 Eli Lilly&Co Note 100.000 4,000,000.00 0.00 4,000,000.00 0.00 1.95%Due:03/15/2019 Maturity 03/31/2019 9128285N1 5,000,000.00 US Treasury Note 100.000 5,000,000.00 0.00 5,000,000.00 0.00 1.5%Due:03/31/2019 Subtotal 59,700,000.00 59,700,000.00 0.00 59,700,000.00 0.00 49 C11% ITransaction Ledger As of March 31, 2019 Orange County Sanitation District Long Term - Account►i10268 December 31, 2018 through March 31,2019 Transaction Settlement CUSIP Quantity Security Description Price Acq/Diap Interest Type Date Yield Amount Pur/Sold Total Amount Gain/Loss Security 01/30/2019 912828WUO 35,256.00 US Treasury Inflation Index Note 99.828 35,256.00 0.00 35,256.00 198.23 Withdrawal 0.125%Due:07/15/2024 Security 02/28/2019 912828WUO 35,152.00 US Treasury Inflation Index Note 99.828 35,152.00 0.00 35,152.00 194.78 Withdrawal 0.125%Due:07/15/2024 Subtotal 70,408.00 70,408.00 0.00 70,408.00 393.01 TOTAL DISPOSITIONS 64,770,408.00 64,720,258.00 11,000.00 64,731,258.00 .52,320.25 so Cill ITransaction Ledger As of March 31, 2019 Orange County Sanitation District Liquid - Account#10282 December 31, 2018 through March 31,2019 Transaction Settlement CUSIP Quantity Security Description Price Acq/Disp Interest Type Date Yield Amount Pur/Sold Total Amount Gain/Loss ACQUISITIONS rM Purchase 01/31/2019 9128282K5 10,000,000.00 US Treasury Note 99.449 2.49% 9,944,921.88 0.00 9,944,921.88 0.00 1.375%Due:07/31/2019 Purchase 02/12/2019 912828WW6 15,000,000.00 US Treasury Note 99,617 2.45% 14,942,578.13 8,080.11 14,950,658.24 0.00 1.625%Due:07/31/2019 Purchase 02/13/2019 46625HKA7 1,500,000.00 1P Morgan Chase Callable Note Cent 12/23/2019 99.396 2.90% 1,490,940.00 1,875.00 1,492,815.00 0.00 2.25%Due:01/23/2020 Purchase 02/15/2019 912828WW6 5,000,000.00 US Treasury Note 99,617 2.47% 4,980,859.38 3,366.71 4,984,226.09 0.00 1.625%Due:07/31/2019 Purchase 02/20/2019 62479MTL7 2,160,000.00 MUFG Bank Ltd/NY Discount CP 99.133 2.66% 2,141,280.00 0.00 2,141,280.00 0.00 2.6%Due:06/20/2019 Purchase 02/26/2019 02665WAH4 1,977,000.00 American Honda Finance Note 99,783 2.72% 1,972,709.91 1,359.19 1,974,069.10 0.00 2.25%Due:08/15/2019 Purchase 02/27/2019 912796UV9 5,000,000.00 US Treasury Bill 99.774 2.44% 4,988,678.47 0.00 4,988,678.47 0.00 2.397%Due:04/02/2019 Purchase 03/11/2019 9128282K5 15,000,000.00 US Treasury Note 99,578 2.46% 14,936,718.75 22,220.30 14,958,939.05 0.00 1.375%Due:07/31/2019 Purchase 03/19/2019 313384GV5 5,000,000.00 FHLB Discount Note 99.422 2.47% 4,971,094.44 0.00 4,971,094.44 0.00 2.42%Due:06/13/2019 Purchase 03/28/2019 912796VA4 5,000,000.00 US Treasury Bill 99,735 2,43% 4,986,733.33 0.00 4,986,733.33 0.00 2.398%Due:05/07/2019 Subtotal 65,637,000.00 65,356,514.29 36,901.31 65,393,415.60 0.00 TOTAL ACQUISITIONS 65,637,000.00 65,356,514.29 36,901.31 65,393,415.60 0.00 DISPOSITIONS Maturity 01/14/2019 459052AP1 5,000,000.00 IBRD Discount Note 100.000 5,000,000.00 0.00 5,000,000.00 0.00 2.43%Due:01/14/2019 s1 C11% ITransaction Ledger As of March 31, 2019 Orange County Sanitation District Liquid - Account#10282 December 31, 2018 through March 31,2019 Transaction Settlement CUSIP Quantity Security Description Price Acq/Disp Interest Type Date Yield Amount Pur/Sold Total Amount Gain/Loss Maturity O1/22/2019 912796UK3 5,000,000.00 US Treasury Bill 100.000 5,000,000.00 a00 5,000,000.00 0.00 2.25%Due:O1/22/2019 Maturity O1/24/2019 89113XUZS 1,000,000.00 Toronto Dominion NY Yankee CD 100.000 1,000,000.00 21,679.17 1,021,679.17 0.00 2.15%Due:01/24/2019 Maturity O1/28/2019 46625HJR2 1,000,000.00 1P Morgan Chase Note 100.000 1,000,000.00 0.00 1,000,000.00 0.00 2.35%Due:O1/28/2019 Maturity 01/28/2019 69353RCH9 1,030,000.00 PNC Bank Callable Note Cant 12/29/2018 100.000 1,030,000.00 0.00 1,030,000.00 0.00 2.2%Due:01/28/2019 Maturity O1/30/2019 313384BF5 3,012,000.00 FHLB Discount Note 100.000 3,012,000.00 0.00 3,012,000.00 0.00 2.325%Due:01/30/2019 Maturity O1/31/2019 912796PP8 5,000,000.00 US Treasury Bill 100.000 5,000,000.00 0.00 5,000,000.00 0.00 2.242%Due:O1/31/2019 Maturity O1/31/2019 912828B33 54,500,000.00 US Treasury Note 100.000 54,500,000.60 0.00 54,500,000.00 0.00 1.5%Due:01/31/2019 Maturity O1/31/2019 912828SD3 5,000,000.00 US Treasury Note 100.000 5,000,000.00 0.00 5,000,000.00 0.00 1.25%Due:01/31/2019 Maturity O1/31/2019 912828V56 3,000,000.00 US Treasury Note 100,000 3,000,000.00 0.00 3,000,000.00 0.00 1.125%Due:01/31/2019 Maturity 02/06/2019 89233HP65 1,500,000.00 Toyota Motor Credit Discount CP 99.355 1,500,000.00 0.00 1,500,000.00 0.00 2.55%Due:02/06/2019 Maturity 02/12/2019 9127961.11,17 20,OO11,000.00 US Treasury Bill 100,000 20,000,000.00 0.00 20,000,000.00 0.00 2.37%Due:02/12/2019 Maturity 02/19/2019 62479MPK3 1,500,000.00 MUFG Bank Ltd/NY Discount CP 99.129 1,500,000.00 0.00 1,500,000.00 0.00 2.49%Due:02/19/2019 Maturity 02/20/2019 313384CC3 1,700,000.00 FHLB Discount Note 100,000 1,700,000.00 0.00 1,700,000.00 0.00 2.41%Due:02/20/2019 Maturity 02/22/2019 313384CE7 650,000.00 FHLB Discount Note 100.000 650,000.00 0.00 650,000.00 0.00 2.418%Due:02/22/2019 Maturity 03/07/2019 912796QZ5 20,00 , 00.00 US Treasury Bill 100.000 20,000,000.00 0.00 20,000,000.00 0.00 2.34%Due:03/07/2019 Maturity 03/08/2019 3133782M2 4,200,000.00 FHLB Note 100.000 4,200,000.00 0.00 4,200,000.00 0.00 1.5%Due:03/08/2019 Maturity 03/27/2019 3137EACA5 800,000.00 FHLMC Note 100,000 800,000.00 0.00 800,000.00 0.00 3.75%Due:03/27/2019 52 C11% ITransaction Ledger As of March 31, 2019 Orange County Sanitation District Liquid - Account#10282 December 31, 2018 through March 31,2019 Transaction Settlement CUSIP Quantity Security Description Prim Accu'Disp Interest Type Date Yield Amount Pur/Sold Total Amount Gain/Loss Maturity 03/31/2019 912828W97 5,000,000.00 US Treasury Note 100.000 5,000,000.00 0.00 5,000,000.00 0.00 1.25%Due:03/31/2019 Subtotal 138,892,000.00 138,892,000.00 22,679.17 138,913,679.17 0.00 TOTAL DISPOSITIONS 138,892,000.00 138,892,WO.00 21,679.17 138,913,679.17 0.00 53 C�„ IImportant Disclosures As of March 31, 2O19 2019 Chandler Asset Management,Inc,An Independent Registered Investment Adviser. Information contained herein is confidential. Prices are provided by IDC,an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value,Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A. Performance results are presented grass-of-advisory fees and represent the client's Total Return.The deduction of advisory fees lowers performance results.These results include the reinvestment of dividends and other earnings.Past performance may not be indicative of future results.Therefore,clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee,the incurrence of which would have the effect of decreasing historical performance results.It is not possible to invest directly in an index. Source ice Data Indices,LLC("ICE"),used with permission.ICE permits use of the ICE indices and related data on an"as is"basis;ICE,its affiliates and their respective third party suppliers disclaim any and all warranties and representations,express and/or implied,including any warranties of merchantability or fitness for a particular purpose or use,including the indices,index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third parry providers guarantee the quality,adequacy,accuracy,timeliness or completeness of the indices or the index data or any component thereof,and the indices and index data and all components thereof are provided on an"as is"basis and licensee's use it at licensee's own risk.ICE data,its affiliates and their respective third party do not sponsor,endorse,or recommend chandler asset management,orany of its products or services. This report is provided for informational purposes only and should not be construed as a specific investment or legal advice.The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice.Any opinions or views expressed are based on current market conditions and are subject to change.This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results.Past performance is not indicative of future results.This report is not intended to constitute an offer,solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment. Fixed income investments are subject to interest,credit and market risk. Interest rate risk:the value of fixed income investments will decline as interest rates rise.Credit risk:the possibility that the borrower may not be able to repay interest and principal.Law rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk:the bond market in general could decline due to economic conditions,especially during periods of rising interest rates. Ratings information have been provided by Moody's,5&P and Fitch through data feeds we believe to be reliable as of the date of this statement,however we cannot guarantee its accuracy. Security level ratings for U.S.Agency issued mortgage-backed securities("M BS")reflect the issuer rating because the securities themselves are not rated.The issuing U.S.Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P,Moody's and Fitch respectively. 54 CJJJ IBenchmark Disclosures As of March 31, 2019 ICE BAML 3-Month US Treasury Bill Index The ICE BAML US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and heldfor ofall month.At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. (Index.G001. Please visit www.mlindex.ml.com for more information) ICE BAML 1-5 Vr US Corp/Gout Rated AAA-A Index The ICE BAML US Issuers 1-5 Year AAA-A US Corporate&Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market,including US Treasury,US agency,foreign government supranational and corporate securities. Qualifying securities must issued from US issuers and be rated AAA through A3(based on an average of Maody's,S&P and Fitch).In addition,qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity,at least 18 months to final maturity at Point of issuance,a fixed coupon schedule and a minimum amount outstanding of$1 billion for US Treasuries and$250 million for all other securities. (Index.BVIO.Please visit www.mlindex.ml.com for more information) ICE BAML US 1-5 Vr US Corp/Gout Rated AAA-BBB Indic The ICE BAML 1-5 Year US Corporate& Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market,including US Treasury, US agency,foreign government supranational and corporate securities. Qualifying securities must have on investment grade rating(based on an average of Moody's,S&P and Fitch).In addition,qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity,at least 18 months to final maturity at point of issuance,a fixed coupon schedule and a minimum amount outstanding of$1 billion for US Treasuries and$250 million for all othersecurities.(Index-BVAO.Please visit www.mlindex.ml.com for more information) 5s C11% Rating Agency Comparisons A summary of investment grade ratings are listed below. More complete descriptions of Moody's and Standard & Poor's ratings are included in the following pages. Quality/Grade Mood 's Standard & Poor's Fitch Best Quality Aaa AAA AAA High Quality Aal AA+ AA+ Aa2 AA AA Aa3 AA- AA- Upper Medium Grade Al A+ A+ A2 A A A3 A- A- Medium Grade Baal BBB+ BBB+ Baa2 BBB BBB Baa3 BBB- BBB1 Moodv's - Investment Grade "Aaa" - Bonds rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk. Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues. "Aa" - Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in Aaa securities. "A" - Bonds which are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment sometime in the future. Mae" - Bonds which are rated Baa are considered as medium grade obligations; i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well. Bonds in the As, A, and Bee are also assigned "1", "2", or "S' based on the strength of the issue within each category. Accordingly, "At" would be the strongest group of A securities and "AY would be the weakest A securities. Be, B, Caa, Ca, and C - Bonds that possess one of these ratings provide questionable protection of interest and principal ("Be" indicates some speculative elements; "B" indicates a general lack of characteristics of desirable investment; "Caa" represents a poor standing; "Ca" represents obligations which are speculative in a high degree; and "C" represents the lowest rated class of bonds). "Caa", "Ca" and "C" bonds may be in default. Standard and Poor's-Investment Grade AAA- Debt rated "AAA" has the highest rating assigned by S&P. Capacity to pay interest and repay principal Is extremely strong. AA - Debt rated "AA" has a very strong capacity to pay interest and repay principal and differs from the highest rated issues only in small degree. A - Debt rated "A" has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories. BBB - Debt rated "BBB" is regarded as having an adequate capacity to pay interest and repay principal. Whereas it normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories. Standard and Poor's - Speculative Grade Retina Debt rated "BB", "B", "CCC", "CC" and "C" is regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal. "BB" indicates the least degree of speculation and "C" the highest. While such debt will likely have some quality and protective characteristics these are outweighed by major uncertainties or major exposures to adverse conditions. BB - Debt rated "BB" has less near-term vulnerability to default than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to inadequate capacity to meet timely interest and principal payments. The "BB" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "BBB" rating. B - Debt rated "B" has a greater vulnerability to default but currently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principal. The "B" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "BB" or"BB" rating. CCC - Debt rated "CCC' has a currently identifiable vulnerability to default, and is dependent upon favorable business, financial, and economic conditions to meet timely payment of interest and repayment of principal. In the event of adverse business, financial, or economic conditions, it is not likely to have the capacity to pay interest and repay principal. The "CCC' rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "B" or"B" rating. CC - The rating "CC' typically is applied to debt subordinated to senior debt that is assigned an actual or implied "CCC' debt rating. C-The rating"C'typically is applied to debt subordinated to senior debt which is assigned an actual or implied "CCC" debt rating. The "C' rating may be used to cover a situation where a bankruptcy petition has been filed, but debt service payments are continued. Cl -The rating "Cl" is reserved for income bonds on which no interest is being paid. D - Debt rated "D" is in payment default. The "D" rating category is used when interest payments or principal payments are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The "D" rating also will be used upon the filing of a bankruptcy petition if debt service payments are jeopardized. Plus (+) or Minus (-) - The ratings from "AA" to "CCC' may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. NR-Indicates no rating has been requested,that there is insufficient information on which to base a rating, or that S&P does not rate a particular type of obligation as a matter of policy. FY 2018-19 Third Quarter Financial Report This Page Intentionally Left Blank April 30, 2019 STAFF REPORT Certificates of Participation (COP) Mid-Year Report for the Period Ended March 31, 2019 Summary The District began issuing Certificates of Participation (COPs) in 1990. These COPs were a part of our long-term financing plan that included both variable interest rate and traditional fixed rate borrowing. Following are the current outstanding debt issues of the District: In May 2010, the District issued $80 million of fixed rate BABs, Series 2010A at a true interest cost of 3.68 percent for the issue. In December 2010, the District issued $157 million of fixed rate BABs, Series 2010C at a true interest cost of 4.11 percent for the issue. In October 2011, the District issued $147.595 million of fixed rate COPS, Series 2011A refunding a portion of the Series 2000 variable rate debt and a portion of the Series 2003 fixed rate debt. The true interest cost for the issue is 2.61 percent. In March 2012, the District issued $100.645 million of fixed rate COPs, Series 2012A refunding the Series 2003 fixed rate debt. The true interest cost for the issue is 3.54 percent. In August 2012, the District issued $66.395 million of fixed rate COPS, Series 2012E refunding the Series 2000 variable rate debt. The true interest cost for the issue is 1.50 percent. With the issuance of Series 2012B, there remains no variable interest rate COPS at the District. OCSD ♦ P.O.Box8127 ♦ Fountain Valley,CA 9272M127 ♦ (714)%2-2411 COP Mid-Year Report For the Period Ended March 31, 2019 Page 2 of 2 In August 2014, the District issued $85.09 million of fixed rate COPS, Series 2014A, refunding a portion of Series 2007B debt. The true interest cost for the issue is 2.34 percent. In February 2015, the District issued $127.51 million of fixed rate COPS, Series 2015A, refunding $152.99 million of the Series 2007E debt. The true interest cost for the issue is 3.30 percent. In March 2016, the District issued $145.88 million of fixed rate CANS, Series 2016A, refunding $162.78 million of the Series 2009A fixed rate debt. The true interest cost for the issue is 3.02 percent. In February 2017, the District issued $66.37 million of fixed rate COPS, Series 2017A, refunding $91.885 million of the Series 2007A debt. The true interest cost for the issue is 2.55 percent. In November 2018, the District issued $102.2 million of fixed rate CANS, Series 2018A, refunding the Series 2016E CANS. The true interest cost for the issue is 2.02 percent. Additional Information The graph entitled, "OCSD COP Rate History Report,' shows the various fixed interest rates of the District's eleven debt issues. Attachments 1. Graph - OCSD COP Rate History Report Prepared by Finance,4/2312019,5:44 PM OCSD COP RATE HISTORY REPORT MARCH 2O19 5.00 4.00 3.00 w 2.00 1.00 0.00 DATE ; g 7 n `�„ 4m' Ti 9 9 2 —Seise 2010A Fix1 +Series 2010C Fi.d Series 2011 A FIxM —Seder 2012A Fv. —Series 20126 Fired Sere.201<A Fixed aedee 201 M R. sedea 2016A FIxM +seNa 2011A FdW �seder.2018A Flxed H AdepAasdMMCommon\Monthly and Quarterly Treasumes ReporbFV 1&19\COP Rate History Report FV 18-19 FY 2018-19 Third Quarter Financial Report This Page Intentionally Left Blank X s , c 5y •O WZ f (� P ♦8 iXF � ORANGE COUNTY SANITATION DISTRICT FINANCIAL MANAGEMENT DIVISION 10844 Ellis Avenue Fountain Valley, California 92708-7018 714.962.2411 www.ocsd.com 3/31/19