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HomeMy WebLinkAbout05-11-2022 Administration Committee Meeting Complete Agenda Packet ORANGE COUNTY SANITATION DISTRICT SPECIAL NOTICE REGARDING CORONAVIRUS (COVID-19) AND ATTENDANCE AT PUBLIC MEETINGS Governor Newsom signed Assembly Bill (AB) 361 on September 16, 2021, which, in part, addresses the conduct of public meetings in light of the continued State of Emergency order. Effective October 1, 2021, AB 361 suspends the requirements located in California Government Code, Section 54953, Subdivision (b), Paragraph (3) specifically pertaining to the conduct of public meetings. As such, the Orange County Sanitation District (OC San) Board of Directors has determined that due to the size of OC San’s Board of Directors (25), and the health and safety of the members, the Board of Directors will be participating in meetings of the Board telephonically and via Internet accessibility. PUBLIC PARTICIPATION Your participation is always welcome. OC San offers several ways in which to interact during meetings. You will find information as to these opportunities below. ONLINE MEETING PARTICIPATION You may join the meeting live via Teams on your computer or similar device or web browser by using the link below: Click here to join the meeting We suggest testing joining a Teams meeting on your device prior to the commencement of the meeting. For recommendations, general guidance on using Teams, and instructions on joining a Teams meeting, please click here. Please mute yourself upon entry to the meeting. Please raise your hand if you wish to speak during the public comment section of the meeting. The Clerk of the Board will call upon you by using the name you joined with. Meeting attendees are not provided the ability to make a presentation during the meeting. Please contact the Clerk of the Board at least 48 hours prior to the meeting if you wish to present any items. Additionally, camera feeds may be controlled by the meeting moderator to avoid inappropriate content. OC ~SAN ORANGE COUNTY SANITATION DISTRICT HOW TO PARTICIPATE IN THE MEETING BY TELEPHONE To join the meeting from your phone: Dial (213) 279-1455 When prompted, enter the Phone Conference ID: 110 151 310# All meeting participants may be muted during the meeting to alleviate background noise. If you are muted, please use *6 to unmute. You may also mute yourself on your device. Please raise your hand to speak by using *5 during the public comment section of the meeting. The Clerk of the Board will call upon you by using the last 4 digits of your phone number as identification. NOTE: All attendees will be disconnected from the meeting at the beginning of Closed Session. If you would like to return to the Open Session portion of the meeting, please login or dial-in to the Teams meeting again and wait in the Lobby for admittance. VIEW THE MEETING ONLINE ONLY The meeting will be available for online viewing only at: https://ocsd.legistar.com/Calendar.aspx HOW TO SUBMIT A COMMENT You may provide verbal comment in real time during the meeting. In order to provide a verbal comment, please raise your hand as described above or alert the Clerk of the Board before or during the public comment period. You may also submit your comments and questions in writing for consideration in advance of the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx or sending them to OCSanClerk@ocsan.gov with the subject line “PUBLIC COMMENT ITEM # (insert the item number relevant to your comment)” or “PUBLIC COMMENT NON-AGENDA ITEM”. You may also submit comments and questions for consideration during the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx. The eComment feature will be available for the duration of the meeting. All written public comments will be provided to the legislative body and may be read into the record or compiled as part of the record. TECHNICAL SUPPORT PRIOR TO AND DURING MEETINGS For technical assistance before and during the meeting, please call 714-593-7431. For any other questions and/or concerns, please contact the Clerk of the Board’s office at 714-593-7433. Thank you, in advance, for your patience in working with these technologies. We appreciate your interest in OC San! May 4, 2022 NOTICE OF REGULAR MEETING ADMINISTRATION COMMITTEE ORANGE COUNTY SANITATION DISTRICT Wednesday, May 11, 2022 – 5:00 P.M. ACCESSIBILITY FOR THE GENERAL PUBLIC Your participation is always welcome. Specific information as to how to participate in this meeting is detailed in the Special Notice attached to this agenda. In general, OC San offers several ways in which to interact during meetings: you may join the meeting live via Teams on your computer or similar device or web browser, join the meeting live via telephone, view the meeting online, and/or submit comments for consideration before or during the meeting. The Regular Meeting of the Administration Committee of the Orange County Sanitation District will be held at the above location and in the manner indicated on Wednesday, May 11, 2022 at 5:00 p.m. 0 ~SAN 10844 Ellis Avenue Fountain Valley, CA 92708 714.962.2411 ORANGE COUNTY SANITATION DISTRICT www.ocsan.gov Our Mission: To protect public health and the environment by providing effective wastewater collection, treatment, and recycling. Serving: Anaheim Brea Buena Park Cypress Fountain Valley Fullerton Garden Grove Huntington Beach Irvine La Habra La Palma Los Alamitos Newport Beach Orange Placentia Santa Ana Seal Beach Stanton Tustin Villa Park County of Orange Costa Mesa Sanitary District Midway City Sanitary District Irvine Ranch Water District Yorba Linda Water District ADMINISTRATION COMMITTEE MEETING DATE BOARD MEETING DATE 05/11/22 05/25/22 06/08/22 06/22/22 07/13/22 07/27/22 AUGUST DARK 08/24/22 09/14/22 09/28/22 10/12/22 10/26/22 11/09/22 11/16/22 * 12/14/22 12/21/22 * JANUARY DARK 01/25/23 02/08/23 02/22/23 03/08/23 03/22/23 04/12/23 04/26/23 * Meeting will be held on the third Wednesday of the month ROLL CALL ADMINISTRATION COMMITTEE Finance, Information Technology, Environmental Services and Human Resources Meeting Date: May 11, 2022 Time: 5:00 p.m. Adjourn: COMMITTEE MEMBERS (13) Glenn Parker, Chair Anthony Kuo, Vice-Chair Brad Avery Ron Bates Art Brown Kim Carr Rose Espinoza Marshall Goodman Patrick Harper Andrew Nguyen David Shawver John Withers (Board Chair) Chad Wanke (Board Vice-Chair) OTHERS Brad Hogin, General Counsel STAFF Jim Herberg, General Manager Rob Thompson, Assistant General Manager Lorenzo Tyner, Assistant General Manager Celia Chandler, Director of Human Resources Kathy Millea, Director of Engineering Riaz Moinuddin, Director of Operations & Maintenance Lan Wiborg, Director of Environmental Services Kelly Lore, Clerk of the Board ORANGE COUNTY SANITATION DISTRICT Effective 03/07/2022 BOARD OF DIRECTORS Complete Roster AGENCY/CITIES ACTIVE DIRECTOR ALTERNATE DIRECTOR Anaheim Stephen Faessel Gloria Ma’ae Brea Glenn Parker Cecilia Hupp Buena Park Art Brown Connor Traut Cypress Paulo Morales Anne Hertz-Mallari Fountain Valley Patrick Harper Ted Bui Fullerton Jesus J. Silva Nick Dunlap Garden Grove Steve Jones John O’Neill Huntington Beach Kim Carr Dan Kalmick Irvine Anthony Kuo Farrah N. Khan La Habra Rose Espinoza Steve Simonian La Palma Marshall Goodman Nitesh Patel Los Alamitos Ron Bates NONE Newport Beach Brad Avery Joy Brenner Orange Kim Nichols Chip Monaco Placentia Chad Wanke Ward Smith Santa Ana Johnathan Ryan Hernandez Nelida Mendoza Seal Beach Sandra Massa-Lavitt Schelly Sustarsic Stanton David Shawver Carol Warren Tustin Ryan Gallagher Austin Lumbard Villa Park Chad Zimmerman Robert Collacott Sanitary/Water Districts Costa Mesa Sanitary District Bob Ooten Art Perry Midway City Sanitary District Andrew Nguyen Mark Nguyen Irvine Ranch Water District John Withers Douglas Reinhart Yorba Linda Water District Brooke Jones Ted Lindsey County Areas Board of Supervisors Donald P. Wagner Doug Chaffee ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 11, 2022 - 5:00 PM Board Room Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 ACCOMMODATIONS FOR THE DISABLED: If you require any special disability related accommodations, please contact the Orange County Sanitation District (OC San) Clerk of the Board’s office at (714) 593-7433 at least 72 hours prior to the scheduled meeting. Requests must specify the nature of the disability and the type of accommodation requested. AGENDA POSTING: In accordance with the requirements of California Government Code Section 54954.2, this agenda has been posted outside the main gate of the OC San's Administration Building located at 10844 Ellis Avenue, Fountain Valley, California, and on the OC San’s website at www.ocsan.gov not less than 72 hours prior to the meeting date and time above. All public records relating to each agenda item, including any public records distributed less than 72 hours prior to the meeting to all, or a majority of the Board of Directors, are available for public inspection in the office of the Clerk of the Board. AGENDA DESCRIPTION: The agenda provides a brief general description of each item of business to be considered or discussed. The recommended action does not indicate what action will be taken. The Board of Directors may take any action which is deemed appropriate. MEETING AUDIO: An audio recording of this meeting is available within 24 hours after adjournment of the meeting at https://ocsd.legistar.com/Calendar.aspx or by contacting the Clerk of the Board at (714) 593-7433. NOTICE TO DIRECTORS: To place items on the agenda for a Committee or Board Meeting, the item must be submitted in writing to the Clerk of the Board: Kelly A. Lore, MMC, (714) 593-7433 / klore@ocsan.gov at least 14 days before the meeting. FOR ANY QUESTIONS ON THE AGENDA, BOARD MEMBERS MAY CONTACT STAFF AT: General Manager: Jim Herberg, jherberg@ocsan.gov / (714) 593-7300 Asst. General Manager: Lorenzo Tyner, ltyner@ocsan.gov / (714) 593-7550 Asst. General Manager: Rob Thompson, rthompson@ocsan.gov / (714) 593-7310 Director of Human Resources: Celia Chandler, cchandler@ocsan.gov / (714) 593-7202 Director of Engineering: Kathy Millea, kmillea@ocsan.gov / (714) 593-7365 Director of Environmental Services: Lan Wiborg, lwiborg@ocsan.gov / (714) 593-7450 Director of Operations & Maintenance: Riaz Moinuddin, rmoinuddin@ocsan.gov / (714) 593-7269 OC ~SAN ORANGE COUNTY SANITATION DISTRICT ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 11, 2022 CALL TO ORDER PLEDGE OF ALLEGIANCE ROLL CALL AND DECLARATION OF QUORUM: Clerk of the Board PUBLIC COMMENTS: Your participation is always welcome. Specific information as to how to participate in a meeting is detailed in the Special Notice attached to this agenda. In general, OC San offers several ways in which to interact during meetings: you may join the meeting live via Teams on your computer or similar device or web browser, join the meeting live via telephone, view the meeting online, and/or submit comments for consideration before or during the meeting. You may provide verbal comment in real time during the meeting. In order to provide a verbal comment, please raise your hand (directions provided in the Special Notice attached to this agenda) or alert the Clerk of the Board before or during the public comment period. You may submit your comments and questions in writing for consideration in advance of the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx or sending them to OCSanClerk@ocsan.gov with the subject line “PUBLIC COMMENT ITEM # (insert the item number relevant to your comment)” or “PUBLIC COMMENT NON-AGENDA ITEM”. You may also submit comments and questions for consideration during the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx. The eComment feature will be available for the duration of the meeting. All written public comments will be provided to the legislative body and may be read into the record or compiled as part of the record. REPORTS: The Committee Chairperson and the General Manager may present verbal reports on miscellaneous matters of general interest to the Directors. These reports are for information only and require no action by the Directors. CONSENT CALENDAR: Consent Calendar Items are considered to be routine and will be enacted, by the Committee, after one motion, without discussion. Any items withdrawn from the Consent Calendar for separate discussion will be considered in the regular order of business. 1.2022-2292APPROVAL OF MINUTES RECOMMENDATION: Approve Minutes of the Regular Meeting of the Administration Committee held April 13, 2022. Originator:Kelly Lore Page 1 of 4 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 11, 2022 Agenda Report 04-13-2022 Administration Committee Minutes Attachments: 2.2021-2013CONSOLIDATED FINANCIAL REPORT FOR THE THIRD QUARTER ENDED MARCH 31, 2022 RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Third Quarter Financial Report for the period ended March 31, 2022. Originator:Lorenzo Tyner Agenda Report Consolidated Financial Report for the Third Quarter Ended March 31, 2022 Attachments: 3.2022-2297GENERAL MANAGER APPROVED PURCHASES AND ADDITIONS TO THE PRE-APPROVED OEM SOLE SOURCE LIST RECOMMENDATION: Recommend to the Board of Directors to: A. Receive and file Orange County Sanitation District purchases made under the General Manager’s authority for the period of January 1, 2022 to March 31, 2022; and B. Approve the following additions to the pre-approved OEM Sole Source List for the period of January 1, 2022 to March 31, 2022: ·CARRIER CORPORATION - Carrier Corporation HVAC Products ·COOPER BESSEMER - LSVB Engine Training ·GATES FIBERGLASS INSTALLERS - On-site/Field Fiberglass Tank & Ducting Repairs ·TPC Training - TPC Online Training and Certification Program ·TRIMBLE WATER - Trimble Unity Software License Originator:Lorenzo Tyner Agenda ReportAttachments: 4.2022-2271IBM TIVOLI MAXIMO AND WEBSPHERE (ENTERPRISEONE) ANNUAL SUBSCRIPTION AND SUPPORT, SPECIFICATION NO. S-2019-1045BD RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a contingency increase of $10,472 (6.03%) to the IBM Tivoli Maximo and Websphere (EnterpriseOne) Annual Subscription and support contract with Dataskill, Specification No. S-2019-1045BD, for the period July 1, 2022 through Page 2 of 4 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 11, 2022 June 30, 2023, for a new total contingency amount not to exceed $36,538 (21.03%); and B. Approve an annual contingency of $34,754 (20%) for one remaining renewal period. Originator:Lorenzo Tyner Agenda ReportAttachments: 5.2022-2258PURCHASE OF SCBA AND SUPPLIED AIR SYSTEMS RECOMMENDATION: A. Approve a Sole Source Purchase Order with Mallory Safety and Supply LLC for the purchase of self-contained breathing apparatus (SCBA) and supplied air systems, using the OMNIA Partners, Public Sector Cooperative Contract No.159498, for a total amount not to exceed $169,000; and B. Approve a contingency of $5,070 (3%). Originator:Celia Chandler Agenda ReportAttachments: NON-CONSENT: None. INFORMATION ITEMS: 6.2022-2289INSURANCE RENEWAL MARKET OVERVIEW RECOMMENDATION: Information Item. Originator:Lorenzo Tyner Agenda Report Presentation - Alliant State of the Insurance Market 2022 Attachments: 7.2022-2303CAPITAL IMPROVEMENT PROGRAM (CIP) PROPOSED BUDGET FOR FY 2022-23 & 2023-24 RECOMMENDATION: Information Item. Originator:Kathy Millea Page 3 of 4 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, May 11, 2022 Agenda Report Presentation - CIP FY22-23_23-24 Budget Update Attachments: 8.2022-2304OPERATIONS & MAINTENANCE: WASTEWATER 101 PART 2: TREATMENT AND RECYCLING RECOMMENDATION: Information Item. Originator:Riaz Moinuddin Agenda Report Presentation - Wastewater Treatment Attachments: DEPARTMENT HEAD REPORTS: CLOSED SESSION: None. OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: At this time Directors may request staff to place an item on a future agenda. ADJOURNMENT: Adjourn the Committee meeting until the Regular Meeting of the Administration Committee on June 8, 2022 at 5:00 p.m. Page 4 of 4 ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2022-2292 Agenda Date:5/11/2022 Agenda Item No:1. FROM:James D. Herberg, General Manager Originator: Kelly A. Lore, Clerk of the Board SUBJECT: APPROVAL OF MINUTES GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Approve Minutes of the Regular Meeting of the Administration Committee held April 13, 2022. BACKGROUND In accordance with the Board of Directors Rules of Procedure, an accurate record of each meeting will be provided to the Directors for subsequent approval at the following meeting. RELEVANT STANDARDS ·Resolution No. OC SAN 21-04 ATTACHMENT The following attachment(s) may be viewed on-line at the OC San website (www.ocsan.gov) with the complete agenda package: ·Minutes of the Administration Committee held April 13, 2022 Orange County Sanitation District Printed on 5/2/2022Page 1 of 1 powered by Legistar™ OC6SAN ORANGE COUNTY SANITATION DISTRICT Orange County Sanitation District Minutes for the ADMINISTRATION COMMITTEE Wednesday, April 13, 2022 5:00 PM Board Room Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 CALL TO ORDER A regular meeting of the Administration Committee of the Orange County Sanitation District was called to order by Committee Chair Glenn Parker on Wednesday, April 13, 2022 at 5:00 p.m. in the Administration Building of the Orange County Sanitation District. Chair Parker stated that the meeting was being held telephonically and via Internet accessibility in accordance with new provisions in California Government Code Section 54953 and Resolution No. OC SAN 22-11, due to the continued State of Emergency Order. Chair Parker announced the teleconference meeting guidelines and led the flag salute. ROLL CALL AND DECLARATION OF QUORUM: Roll call was taken and a quorum was declared present, as follows: PRESENT:Glenn Parker, Anthony Kuo, Brad Avery, Ron Bates, Art Brown, Kim Carr, Marshall Goodman, Patrick Harper, Andrew Nguyen, David Shawver, Chad Wanke and John Withers ABSENT:Rose Espinoza STAFF PRESENT: Kelly Lore, Clerk of the Board, and Mo Abiodun were present in the Board Room. Jim Herberg, General Manager; Rob Thompson, Assistant General Manager; Lorenzo Tyner, Assistant General Manager; Celia Chandler, Director of Human Resources; Kathy Millea, Director of Engineering; Riaz Moinuddin, Director of Operations and Maintenance; Lan Wiborg, Director of Environmental Services; Angela Brandt; Jennifer Cabral; Thys Devries; Tina Knapp; Rob Michaels; Wally Ritchie; Don Stokes; Loc Trang; and Thomas Vu were in attendance telephonically. OTHERS PRESENT: Brad Hogin, General Counsel, was in attendance telephonically. PUBLIC COMMENTS: None. Clerk of the Board Kelly Lore announced that she received late communication after the publication of the agenda pertaining to Item No. 5, including three additional attachments. The information was made available to the Committee and to the public today. REPORTS: Chair Parker and General Manager Jim Herberg did not provide reports. Page 1 of 4 OC ~SAN ORANGE COUNTY SANITATION DISTRICT ADMINISTRATION COMMITTEE Minutes April 13, 2022 Assistant General Manager Tyner provided a brief report on the process and selection of new Internal Auditors, Farr-Davis LLP. CONSENT CALENDAR: 1.APPROVAL OF MINUTES 2022-2236 Originator: Kelly Lore MOVED, SECONDED, AND DULY CARRIED TO: Approve Minutes of the Regular Meeting of the Administration Committee held March 9, 2022. AYES:Glenn Parker, Anthony Kuo, Brad Avery, Ron Bates, Art Brown, Kim Carr, Marshall Goodman, Patrick Harper, Andrew Nguyen, David Shawver, Chad Wanke and John Withers NOES:None ABSENT:Rose Espinoza ABSTENTIONS:None 2.FINANCIAL INFORMATION SYSTEM PURCHASE ORDER RENEWAL 2022-2227 Originator: Lorenzo Tyner MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: A. Approve a five-year Sole Source Purchase Order with Oracle America, Inc. for an annual amount of $95,828, with a total not to exceed $479,140, commencing July 1, 2022, through June 30, 2027; and B. Approve a contingency in the amount of $47,914 (10%). AYES:Glenn Parker, Anthony Kuo, Brad Avery, Ron Bates, Art Brown, Kim Carr, Marshall Goodman, Patrick Harper, Andrew Nguyen, David Shawver, Chad Wanke and John Withers NOES:None ABSENT:Rose Espinoza ABSTENTIONS:None NON-CONSENT: 3.SEWER SERVICE RATE STUDY 2022-2153 Originator: Lorenzo Tyner Mr. Tyner provided a brief introduction to the item. Page 2 of 4 ADMINISTRATION COMMITTEE Minutes April 13, 2022 MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: A. Approve a Professional Consultant Services Agreement to HDR Engineering, Inc. to provide a Comprehensive Cost of Service Rate Study Specification No. CS-2021-1287BD, for a total amount not to exceed $234,950; and B. Approve a contingency of $23,495 (10%). AYES:Glenn Parker, Anthony Kuo, Brad Avery, Ron Bates, Art Brown, Kim Carr, Marshall Goodman, Patrick Harper, Andrew Nguyen, David Shawver, Chad Wanke and John Withers NOES:None ABSENT:Rose Espinoza ABSTENTIONS:None 4.REPLACE CAMPUS ACCESS NETWORK SWITCHES AND INDOOR WI-FI ACCESS POINTS 2022-2226 Originator: Lorenzo Tyner IT Manager Rob Michaels provided an introduction and explanation of the item. MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: A. Approve a Purchase Order to Saitech Inc. for the procurement of campus networking equipment hardware and software to update and replace end-of-life equipment operating in the Orange County Sanitation District communications and computing environment, Specification No. E-2022-1305BD, for a total amount not to exceed $549,050 plus sales tax and freight; and B. Approve a contingency in the amount of $54,905 (10%). INFORMATION ITEMS: 5.FY 2022-23 AND FY 2023-24 OPERATING BUDGET EXPENDITURES 2022-2223 Originator: Lorenzo Tyner Controller Wally Ritchie presented the item and responded to questions from the Committee along with Assistant General Managers Rob Thompson and Mr. Tyner. ITEM RECEIVED AS AN: Information Item. Page 3 of 4 ADMINISTRATION COMMITTEE Minutes April 13, 2022 6.OPERATIONS & MAINTENANCE: WASTEWATER 101 PART 1: COLLECTIONS 2022-2245 Originator: Riaz Moinuddin Maintenance Manager Don Stokes provided a PowerPoint presentation regarding the wastewater collection system that included an overview of OC San's service area, gravity systems, pipe sizes, inverted siphon, line cleaning types, line flushing, tire mechanical cleaning, technology adoption, pressure systems, pump station maintenance, goals to prevent sewer spills, pump station resiliency, underground line locating, regional odor control, odor control chemicals, regional odor control efforts, CCTV, and team-work and coordination efforts. ITEM RECEIVED AS AN: Information Item. DEPARTMENT HEAD REPORTS: None. CLOSED SESSION: None. OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: None. BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: None. ADJOURNMENT: Chair Parker declared the meeting adjourned at 6:10 p.m. to the next Regular Administration Committee meeting to be held on Wednesday, May 11, 2022 at 5:00 p.m. Submitted by: __________________ Kelly A. Lore, MMC Clerk of the Board Page 4 of 4 ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2021-2013 Agenda Date:5/11/2022 Agenda Item No:2. FROM:James D. Herberg, General Manager Originator: Lorenzo Tyner, Assistant General Manager SUBJECT: CONSOLIDATED FINANCIAL REPORT FOR THE THIRD QUARTER ENDED MARCH 31, 2022 GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Third Quarter Financial Report for the period ended March 31, 2022. BACKGROUND Included in this consolidated report are the following quarterly financial reports for the period ended March 31, 2022: ·Third Quarter Budget Review The Budget Review Summary provides the Directors, staff, and general public with a comprehensive overview of the financial results of the Orange County Sanitation District (OC San) through the third quarter ended March 31, 2022. ·Quarterly Treasurer’s Report This section reports on financial portfolio performance with respect to OC San’s funds. Both Long-Term and Liquid Operating Monies Portfolios are summarized. A performance summary table can be found on page 2 of this agenda report. The report also contains information on the U.S. and global economic outlook from OC San’s investment manager, Chandler Asset Management. Additionally, the Section 115 Trust quarterly performance report is included. The Section 115 trust is administered by Public Agency Retirement Services (PARS) and managed by HighMark Capital, and was established to prefund pension obligations. ·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. RELEVANT STANDARDS ·Quarterly financial reporting Orange County Sanitation District Printed on 5/3/2022Page 1 of 3 powered by Legistar™ OC6SAN ORANGE COUNTY SANITATION DISTRICT File #:2021-2013 Agenda Date:5/11/2022 Agenda Item No:2. ADDITIONAL INFORMATION The quarterly treasurer’s report contained within the Consolidated Financial Report for the Third Quarter Ended March 31,2022 is being submitted in accordance with OC San’s investment policy that requires the report be submitted to the governing body following the end of each quarter and includes the following information: ·Performance results in comparison with the ICE BAML 3-month treasury bill index for the liquid operating portfolio;and the ICE BAML Corp./Govt.1-5 Year Bond index for the long-term portfolio as identified in the investment policy;and the time-weighted total rate of return for the portfolio for the prior three months,six months,nine months,twelve months,and since inception compared to the Benchmark returns for the same periods: Portfolio Performance Summary As of March 31, 2022 Liquid Operating Monies (%)Long-Term Operating Monies (%) Total Rate of Return Benchmark Total Rate of Return Benchmark 3 Months -0.01 0.04 -2.93 -3.24 6 Months -0.01 0.05 -3.54 -3.90 9 Months 0.01 0.06 -3.52 -3.89 12 Months 0.03 0.06 -3.33 -3.70 Annualized Since Inception 30 Nov 2014 0.93 0.83 1.33 1.25 ·A listing of individual securities held at the end of the reporting period (see the detailed listings of each security contained within the report). ·Cost and market values of the portfolios: Liquid Operating Long-Term Cost $156.0 M $739.2 M Market Value $155.8 M $720.7 M ·Modified duration of the portfolio compared to the Benchmark: Liquid Operating Long-Term OC San Policy < 0.50 < 5.00 Benchmark 0.15 2.55 Portfolio 0.23 2.46 ·Dollar change in value of the portfolio for a one percent (1%) change in interest rates: Liquid Operating - $364,985 Long- Term - $17,699,269 ·None of the portfolios are currently invested in reverse repurchase agreements. Orange County Sanitation District Printed on 5/3/2022Page 2 of 3 powered by Legistar™ File #:2021-2013 Agenda Date:5/11/2022 Agenda Item No:2. ·The percent of the Liquid Operating Monies portfolio maturing within 90 days: 62.0% ·Average portfolio credit quality: Liquid Operating - AA+/Aaa Long- Term - AA/Aa1 ·Percent of portfolio with credit ratings below “A”by any rating agency and a description of such securities: Liquid Operating - 1.3% Long- Term - Percent of portfolio - 1.2% Cost Maturity Date Moody S&P Fitch Morgan Stanley Note $2,047,260.00 5/19/2022 A1 BBB+A SLM Student Loan Trust 2008-9 A $9,151.39 4/25/2023 Ba3 B B AMRESCO Residential Securities 1999-1 A $87,577.91 6/25/2029 NR BBB A Morgan Stanley Callable Note $8,889,710.25 5/30/2025 A1 BBB+A ·All investments are in compliance with this policy and the California Government Code,except for the following Lehman Brother holdings that OC San is pursuing collection through the bankruptcy court: Lehman Brothers Note-Defaulted $600,000 par value purchased 9/19/2008 Lehman Brothers Note-Defaulted $2,000,000 par value purchased 9/18/2008 ·Sufficient funds are available for OC San to meet its operating expenditure requirements for the next six months. CEQA N/A FINANCIAL CONSIDERATIONS N/A ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Consolidated Financial Report for the Third Quarter Ended March 31, 2022 Orange County Sanitation District Printed on 5/3/2022Page 3 of 3 powered by Legistar™ ORANGE COUNTY SANITATION DISTRICTThird Quarter Financial Report for the period ended March 31, 2022 Orange County, California Table of Contents Executive Summary .................................................................................................................... 1 Budget Review Section 1 – Consolidated Financial Reports ......................................................................... 1 Section 2 – Operating Budget Review Chart of Cost per Million Gallons by Department .................................................... 1 Chart of Collection, Treatment, & Disposal Expenses by Major Category ............... 1 Divisional Contributions to Cost Per Million Gallons ................................................ 2 Comparison of Expenses by Department ................................................................ 3 Summary of Collection, Treatment, & Disposal Expenses by Major Category ......... 4 Summary of Revenues ........................................................................................... 5 Summary of Collection, Treatment, & Disposal Expenses by Line Item .................. 6 Summary of Collection, Treatment, & Disposal Expenses by Process .................... 8 Chart of Staffing Trends .......................................................................................... 9 Section 3 – Capital Improvement Program Budget Review Chart of Capital Improvement Program By Process Area and Project Driver .......... 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 Capital Assets 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 Treasurer’s Report ....................................................................................................... 1 Quarterly COP Report…………………………………………………………………………………....1 FY 2021-22 Third Quarter Financial Report This Page Intentionally Left Blank Executive Summary Page 1 Consolidated Financial Reports For the Third Quarter Ended March 31, 2022 Included in this consolidated report are the following quarterly financial reports for the period ended March 31, 2022:  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 Orange County Sanitation District (OC San) through the third quarter ended March 31, 2022. Contained within the Budget Review Sections 2 through 5 is the budget-to-actual status of the Collection, Treatment and Disposal Operations, Capital Improvement Program, Debt Service, and Self-Insurance Program. Also included is a Capital Assets Schedule as of March 31, 2022. The chart below provides for a summary of these activities. Various detail information can be found in this report. Below is a descriptive summary of these activities through March 31, 2022: a) Most major expense categories are anticipated to be at or below budget. b) Total revenues are at 84.6 percent of the $650.9 million budget, mainly due to the receipt of $164.4 million from the issuance of Revenue Refunding Certificates of Participation (COP), Series 2021A in the first quarter, and $107.8 million from issuance of Revenue Refunding COP, Series 2022A in 100% 75% 50% 25% 0% - - $442.6M - - Third Quarter Results as a Percentage of Budget $229.4M $133.SM -$114.3M - - $2.SM - Operating Operating Capital Debt Self Revenue* Expense Outlays Service* Insurance *excludes unbudgeted Series 2022A proceeds and debt refundings - - FY 2021-22 Third Quarter Financial Report Page 2 the third quarter of the fiscal year. The Series 2021A obligations were issued to refund $61.6 million of the Series 2011A wastewater refunding revenue obligations and $102.2 million of the Series 2018A revenue certificate anticipation notes, and the Series 2022A obligations were issued to refund $100.6 million of the Series 2012A and $6.7 million of the Series 2012B wastewater refunding revenue obligations. Excluding the unbudgeted debt financing proceeds from Series 2022A, total revenues are at 68.0 percent of the budget. Except for Intra District Sewer Use-IRWD, Sludge Disposal-IRWD, Capital Assessments-IRWD, Interest Earnings, CIP Reimbursements, Grant Revenue, Rents & Leases, and Other Revenues, most 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 revenues is provided within Section 1 – Pages 4 through 6. 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 $133.5 million is currently tracking at 72.6 percent of the $184.0 million budget. In addition, net operating expenses have increased $7.0 million or 5.5 percent in comparison with the same period last year. Overall, staff expects the total operating costs to remain at or slightly below budget throughout the remainder of the year. More detailed information on operating expenses is provided within Section 1 – Pages 1 through 3. The total cost per million gallons is $2,711 based on flows of 180 million gallons per day. This is $30 per million gallons, or 1.1 percent higher 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 7 through 9. d) The total projected capital outlay cash flow of the Capital Improvement Program (CIP) for FY 2021-22 has been revised to $203.0 million, or 90.4 percent of the board approved cash outlay of $224.6 million. The actual cash outlay spending through the third quarter is $114.3 million, or 50.9 percent of the total budgeted outlay. More detailed information on the CIP budget review can be found in Section 1 – Page 10 and Section 3.  Third Quarter Treasurer’s Report This section reports on financial portfolio performance with respect to OC San’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 OC San’s money manager, Chandler Asset Management (Chandler). Chandler notes the Long-Term Portfolio quarterly return of negative 293 basis points outperformed the ICE BAML 1-5 Year US Corp/Govt Rated AAA-A Index return of negative 324 basis point, while the Liquid Operating Monies Portfolio Executive Summary Page 3 quarterly return of negative 1 basis point underperformed the ICE BAML 3-Month US Treasury Bill Index return of 4 basis points. Chandler further notes that the Russian invasion into Ukraine and resulting Western sanctions on Russia continue to impact financial markets and the global economic outlook. As a result of the sanctions inflationary pressures have increased, particularly in energy, metals, and agricultural commodities like wheat. Elevated inflation data is setting the stage for further rate hikes by the Federal Reserve (Fed) this year. The Fed is likely to continue to tighten monetary policy this year but has little margin for error to achieve a soft landing for the economy as it attempts to combat inflation without pushing the economy into a recession. We believe a strong labor market and consumer spending will continue to provide tailwinds to the economy; however, a prolonged conflict in Eastern Europe, elevated commodity prices, and tighter monetary policy present risks to economic growth. We expect financial market volatility to remain elevated and conditions to tighten as the Fed transitions to a less accommodative monetary policy. The Federal Open Market Committee (FOMC) raised the federal funds rate by 0.25% at their March 16 meeting to a target range of 0.25% to 0.50%, the first increase since 2018, after two years of holding the federal funds rates near zero to insulate the economy from the impacts of the pandemic. The minutes from the March 16th meeting telegraphed their plans to continue to remove policy accommodation via increasing the Fed Funds rate and shrinking the size of the Federal Reserve’s balance sheet. They indicated a $95 billion cap for asset purchase runoff ($60 billion in Treasury securities and $35 billion in mortgage- backed securities) likely to be formally announced at the May 4 FOMC meeting. Reducing the size of the Federal Reserve’s balance sheet is effectively a tightening of monetary policy and could potentially serve to keep the pace of the Fed Funds increases measured. In March, yields increased dramatically, and the curve continued to flatten. The 2-year Treasury yield increased 90 basis points to 2.34%, the 5-year Treasury yield increased 74 basis points to 2.46%, and the 10-year Treasury yield increased 51 basis points to 2.34%. The spread between the 2-year and 10-year Treasury yield declined to zero at March month-end versus 40 basis points at February month-end and 158 basis points one year ago. While the flat yield curve bears watching over the longer run, the spread between 3-month and 10- year treasuries is still steep at about 185 basis points, which indicates likely economic growth in the coming year. At the end of March, the 2-year Treasury yield increased to 2.33%, and the 10- Year Treasury yield rose to 2.34%. The spread between the 2-year Treasury yield and 10-year Treasury yield was one basis point at the end of March compared to the average historical 20-year spread (since 2003) of 143 basis points. FY 2021-22 Third Quarter Financial Report Page 4 Although U.S. consumer prices rose less than expected in March, inflation remained elevated at a 40-year high. The Consumer Price Index (CPI) was up 8.5% year-over-year in March, versus up 7.9% year-over-year in February. Core CPI (CPI less food and energy) was up 6.5% year-over-year in March, versus up 6.4% year-over-year in February. Gasoline costs drove half of the monthly increase, while food was also a sizable contributor. Used vehicle prices declined, resulting in lower than forecast core increases for the month. The Personal Consumption Expenditures (PCE) index was up 6.4% year-over-year in February, up from 6.0% in January. Core PCE was up 5.4% year-over-year in February, versus up 5.2% in January. Current inflation readings continue to run well above the Fed’s longer-run target of around 2.0%. While gas prices have started to decline in recent weeks in part due to COVID lockdowns in China, we believe pricing pressures may remain elevated longer than anticipated as a result of the conflict in Europe. Economic Outlook Fixed income Treasury yields moved materially higher during the quarter as the ‘transitory’ inflation narrative disintegrated and both policy makers and market participants pulled forward their timeline on rate hikes as well as forecasting a higher neutral policy rate. The lingering impact of COVID, particularly in China accentuated by their ‘zero COVID’ policy, as well as the escalating conflict between Ukraine and Russia, both served to further exacerbate elevated inflation pressures. Commodity prices have also increased, most notably the price of oil, leading to more uncertainty on the consensus view domestic inflation metrics will move lower in the second half of 2022. The Chandler team believes both the equity and fixed income markets will remain volatile in the coming months linked to the limited visibility on inflation metrics, a higher level of uncertainty on the overall economic outlook and tightening financial conditions. The Federal Open Market Committee (FOMC) began the process of removing policy accommodation at the March 16th meeting via increasing the fed funds policy rate by twenty-five basis points to a range of 0.25% to 0.50%. Policymakers are telegraphing additional tightening of policy via further increases in the Fed Funds rate as well as allowing the Federal Reserve’s balance sheet to shrink via Quantitative Tightening (QT). The amount of QT will be materially higher than prior episodes of balance sheet reduction, with the FOMC minutes suggesting the balance sheet will contract by $95 billion per month ($60 billion in Treasury, $35 billion in mortgage backed securities) formally announced at the May FOMC meeting and commencing shortly thereafter. QT of this magnitude is an untested monetary policy tool which we believe will contribute to additional market volatility and a further tightening of financial conditions with the potential to steepen the Treasury yields curve via an increase in the term premium within the overall Treasury market. The Chandler team believes the FOMC is focused on policy optionality, with every meeting ‘live,’ to adjust policy accommodation to ensure long term inflation expectations remain anchored around the 2% long- term objective. Executive Summary Page 5 The underlying tenets of the US economy remain sound with both the ISM Manufacturing and ISM Services indices comfortably in expansionary territory with recent readings of 57.1 and 58.3, respectively. Job growth remains extraordinarily strong with the three-month moving average on nonfarm payrolls at 562k through March 2022 and the unemployment rates down to 3.6%, clearly consistent with the economic definition of full employment. Wage pressures remain elevated with average hourly earnings on a year over year basis increased at a 5.6% rate through March 2022, however the participation rate at 62.4% is still below the January 2020 pre COVID level of 63.4%. Given the elevated market volatility, the negative performance of risk assets to start the year, and the increase in interest rates, we believe some sidelined workers will gradually begin to re-enter the labor force, which should help to mitigate the annual rate of wage inflation over time. The Chandler team still believes inflation metrics will move lower in the second half of 2022, but the magnitude and pace of the change are highly uncertain.  Third Quarter Certificates of Participation (COP) Report The report includes a summary of each outstanding debt issuance and a comparative chart illustrating the COP rate history. FY 2021-22 Third Quarter Financial Report Page 6 This Page Intentionally Left Blank Consolidated Financial Reports Section 1 - Page 1 Third Quarter Financial Report March 31, 2022 The Financial Management Division is pleased to present the FY 2021-22 third quarter financial report. This report provides a comprehensive overview of the financial activities of the Orange County Sanitation District (OC San) 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, 2022, 72.6 percent, or $133.5 million of the FY 2021-22 net operating budget of $184.0 million has been expended. Net operating expenses increased from the same period last year by $7.0 million, or 5.5 percent, mainly due to an increase of $3.2 million in Salaries and Benefits, $1.2 million in Professional Services, $1.0 million in Repairs and Maintenance, $818,000 in Operating Materials and Supplies, $604,000 in Utilities, and $267,000 in Contractual Services, partially offset by a decrease of $117,000 in Research and Monitoring. 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 remain at or slightly below budget through the remainder of the year. At March 31, 2022, 84.6 percent, or $550.4 million of the FY 2021-22 budgeted total revenues of $650.9 million has been recognized. Revenues increased from the same period last year by $239.6 million, or 77.1 percent, mainly due to receipt of $164.4 million from issuance of Revenue Refunding Certificates of Participation (COP), Series 2021A in the first quarter, and $107.8 million from issuance of Revenue Refunding COP, Series 2022A in the third quarter of the fiscal year. Excluding the unbudgeted debt financing proceeds from Series 2022A, total revenues are at 68.0 percent of the budget. Other increases include $4.9 million in Property Taxes, $2.1 million in Service Fees, $999,000 in Capital Assessments-IRWD, and $863,000 in Capital Facilities Capacity Charges, which are offset by a decrease of $28.8 million in Interest Earnings, $9.4 million in Sludge Disposal-IRWD, $2.5 million in CIP Reimbursements, and $888,000 in Other Revenues. These and other variances that factor into this net increase in revenues are discussed in more detail below. Overall, staff expects the total revenues to approximate budget at the end of the fiscal year. Significant operating results as of March 31, 2022, include the following:  Salaries, Wages and Benefits – Personnel costs of $80.0 million are on target at 74.0 percent of the budget through the third quarter of FY 2021-22. The budget is based on a 5 percent vacancy factor, and staffing is 44 full-time equivalents (FTEs), or 6.9 percent below the total 639 FTEs approved in the FY 2021-22 budget. Salary and benefit costs are $3.2 million, or 4.1 percent higher than the $76.8 million FY 2021-22 Third Quarter Financial Report Section 1 - Page 2 incurred in the same period last year, mainly due to an increase of $2.7 million in Salaries and Wages, $196,000 in Workers’ Compensation, and $187,000 in Group Insurances. Net operating personnel costs are expected to approximate budget throughout the remainder of the year.  Administrative Expenses – Administrative Expenses totaled $1.5 million, or 73.0 percent of the $2.1 million budget through March 31. These costs are $55,000, or 3.8 percent higher at March 31 in comparison with the prior year, mainly due to an increase of $82,000 in Small Computer Items and $35,000 in Minor Furniture & Fixtures for installation of Plant No. 2 Maintenance workstations, offset by a decrease of $57,000 in Memberships as a result of timing of payments. It is anticipated that administrative costs will approximate budget at year-end.  Printing and Publication Expenses – Printing and Publication Expenses totaled $213,000, or 50.8 percent of the $420,000 budget through March 31. These costs are $43,000, or 25.2 percent higher at March 31 in comparison with the prior year, due to an increase in costs incurred for legal notices and employment recruitment. Printing and publication costs are expected to be below budget at year-end.  Training and Meetings – Training and meetings of $253,000 is below target at 27.9 percent of the $907,000 budget through March 31. This account is lower than the proportionate budget due to the timing and need for training throughout the year and the reduction of in-person training and meetings in response to the COVID- 19 pandemic. These costs have increased over the same period last year by $8,000, or 3.3 percent. Total training and meeting costs are anticipated to be below budget at year-end.  Operating Materials and Supplies – Operating materials and supplies of $15.3 million is slightly below target at 69.8 percent of the $22.0 million budget through March 31. Operating Materials and Supplies is higher than the prior year by $818,000, or 5.6 percent, mostly due to increases of $715,000 in Chemical Coagulants resulting from increased usage and unit costs of cationic polymer, ferric chloride, and anionic polymer, $298,000 in Odor and Corrosion Control, $112,000 in Gasoline, Diesel, and Oil from increased quantity and price of vehicle fuel purchases, and $69,000 in Safety Equipment/Tools, offset by a decrease of $213,000 in Tools and $171,000 in Disinfection from reduced purchases of sodium hypochlorite. Based on current processes, operating materials and supplies are anticipated to approximate or be slightly below budget at year-end.  Contractual Services – Contractual services is below target at $12.8 million, or 67.1 percent of the $19.1 million budget through March 31. Solids Removal costs, budgeted at $13.1 million, comprise the majority of this expense category at $9.0 million, or 68.5 percent of its budget at March 31. Contractual Services is higher by $267,000, or 2.1 percent over the same period last year, mainly due to the increase of $383,000 in Solids Removal, $106,000 in Janitorial, and $84,000 in Outside Lab Services, offset by a decrease of $274,000 in Other Contractual Consolidated Financial Reports Section 1 - Page 3 Services and $54,000 in Other Waste Disposal. County Service Fees totaled only $17,000, or 3.4 percent of the $504,000 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 approximate or be below budget at year-end.  Professional Services – Professional services costs totaled $3.6 million, or 51.6 percent of the $6.9 million budget through March 31. Professional services costs, such as Audit & Accounting, Environmental Scientific Consulting, Software Program Consulting, Industrial Hygiene Services, and Other Professional Services, are proportionately low through March 31 due to a variety of factors such as timing of services and re-evaluation of need for services. These costs are $1.2 million, or 49.6 percent higher at March 31 in comparison with the prior year, mainly due to an increase of $456,000 in Legal Services, $397,000 in Engineering, and $280,000 in Other Professional Services. It is anticipated that the costs for this category will be below budget at year-end.  Research and Monitoring – Research and monitoring costs totaled $777,000, or 50.2 percent of the $1.5 million budget through March 31. These costs are $117,000, or 13.1 percent lower at March 31 in comparison with the prior year, due to a decrease of $149,000 in Environmental Monitoring costs for ocean water quality analysis and $24,000 in Air Quality Monitoring costs for emissions testing, offset by an increase of $56,000 in Research costs reflecting the higher annual contribution to Southern California Coastal Water Research Project. Total research and monitoring costs are anticipated to be below budget at year-end.  Repairs and Maintenance – Repairs and maintenance costs totaled $23.4 million, or 78.7 percent of the $29.7 million budget through March 31. These costs are $1.0 million, or 4.5 percent higher at March 31 in comparison with the prior year, due to an increase in repair and maintenance services and materials, such as digester cleaning services and centrifuge maintenance, as well as industrial cleaning and coating services which were budgeted and recorded in Contractual Services in the prior year. It is anticipated that the costs for this category will approximate budget at year-end.  Utilities – Utilities costs totaled $7.9 million, or 84.9 percent of the $9.3 million budget through March 31. These costs are $604,000, or 8.3 percent higher at March 31 in comparison with the prior year, primarily due to an increase of $756,000 in Power due to greater electricity consumption and higher unit costs, partially offset by a decrease of $153,000 in Water. It is anticipated that the costs will be above budget at year-end.  Other Operating Supplies – Other operating supplies costs totaled $3.1 million, or 74.6 percent of the $4.2 million budget through March 31. Property and General Liability Insurance, budgeted at $2.2 million, comprise the majority of this expense category at $1.6 million. Overall, Other Operating Supplies is $18,000, or 0.6 percent lower at March 31 in comparison with the prior year, primarily due to a FY 2021-22 Third Quarter Financial Report Section 1 - Page 4 decrease of $49,000 in Property and General Liability Insurance, which is partially offset by an increase of $30,000 in Regulatory Operating Fees. It is anticipated that other operating supplies costs will approximate budget at year-end.  Revenues – Service Fees and Property Taxes – Through March 31, revenues from Service Fees are at $199.8 million, or 66.2 percent of the $301.8 million budget and Property Taxes are at $74.3 million, or 72.0 percent of the $103.2 million budget. Not including Debt Proceeds, these items comprise the majority of OC San’s revenues and are mostly collected by the County through the property tax roll and distributed to OC San throughout the year based on a set distribution schedule that begins in November of each year. The increase of $2.1 million, or 1.1 percent in service fee revenue over the prior year is primarily due to the timing of receipts. The property tax revenue increase of $4.9 million, or 7.0 percent over the prior year is a result of the timing of secured and redevelopment agency tax receipts, as well as growth in assessed property values. These revenues are expected to approximate budget at year-end.  Revenues – Permit Fees – Permit Fees are at $9.3 million, or 73.4 percent of the $12.6 million budget. The revenues through the third quarter are lower than the same period last year by $88,000, or 0.9 percent, due to the fluctuation in the number of permittees from year to year as businesses establish or cease their operations. Permit Fees revenues are expected to approximate budget at year- end.  Revenues – Inter District Sewer Use – SAWPA and SBSD – Inter District Sewer Use-SAWPA and SBSD are at $2.1 million, or 80.8 percent of the $2.7 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 higher than the same period last year by $47,000, or 2.3 percent, due to an increase in operation and maintenance charges based on flows received from these agencies. These revenues are expected to approximate budget at year-end.  Revenues – Intra District Sewer Use – IRWD – Intra District Sewer Use-IRWD are at $1.6 million, or 34.1 percent of the $4.6 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 lower than the same period last year by $60,000, or 3.7 percent, due to a decrease of $429,000 in operating and maintenance charges to IRWD, resulting from a prior year adjustment, and an increase of $602,000 in property tax income allocated to IRWD, offset by a decrease of $971,000 in interest income allocated to IRWD. These revenues are expected to be below budget at year-end.  Revenues – Sludge Disposal – IRWD – Sludge Disposal-IRWD, budgeted at $6.1 million, has not recognized any revenues through March 31. This revenue is for the handling, treatment, and disposal of solids derived from flows discharged by IRWD to OC San. Billings are based on estimates, with a reconciled adjustment Consolidated Financial Reports Section 1 - Page 5 recorded in subsequent years. The revenues through the third quarter are lower than the same period last year by $9.4 million, or 100.0 percent, due to IRWD commissioning their new solids processing facilities and reducing their diversion of solids to OC San’s line to near zero. Consequently, no billings have been produced through March 31. It is anticipated that IRWD sludge disposal revenues will be below budget at year-end.  Revenues – Capital Assessments – IRWD – Capital Assessments-IRWD are at $3.3 million, or 41.3 percent of the $7.9 million budget. The revenues through the third quarter are higher than the same period last year by $999,000, or 44.1 percent, mainly due to an increase in joint capital costs allocable to IRWD. It is estimated that IRWD capital assessments revenues will be below budget at year-end.  Revenues – Capital Facilities Capacity Charges (CFCC) – CFCC are at $12.9 million, or 77.0 percent of the $16.7 million budget. The revenues through the third quarter are higher than the same period last year by $863,000, or 7.2 percent, due to increases in capacity charges collected from local agencies and supplemental charges assessed to industrial dischargers. These revenues are expected to approximate budget at year-end.  Revenues – Interest Earnings – Interest Earnings are at negative $28.8 million, or -198.3 percent of the $14.5 million budget. The revenues through the third quarter are lower than the same period last year by $28.8 million due to a negative total rate of return on securities held in the long-term investment portfolio, which is largely comprised of unrealized losses. It is estimated that interest earnings will be below budget at year-end.  Revenues – CIP Reimbursements – CIP Reimbursements are at $1.3 million, or 11.4 percent of the $11.8 million budget. This revenue is $2.5 million, or 65.0 percent lower than the same period last year and is due to timing of reimbursements and decreased current period costs for construction projects, such as the budgeted $8.6 million from Orange County Water District (OCWD) for P2-122 Headworks Modifications at Plant No. 2 for GWRS Final Expansion and $3.1 million from OCWD for J-117B Outfall Low Flow Pump Station. These revenues are expected to be below budget at year-end.  Revenues – Wastehauler – Wastehauler revenues are at $702,000, or 93.7 percent of the $750,000 budget. This revenue is derived from fees charged to wastehaulers, allowing them to dump waste into OC San’s system. The revenues through the third quarter are higher than the same period last year by $100,000, or 16.7 percent, due to an increase in waste dumping. These revenues are expected to be above budget at year-end.  Revenues – CNG Sales – CNG Sales revenues are at $270,000, or 67.5 percent of the $400,000 budget. This revenue is derived from public sales at OC San’s Compressed Natural Gas (CNG) fueling station. The revenues through the third quarter are higher than the same period last year by $114,000, or 73.2 percent, FY 2021-22 Third Quarter Financial Report Section 1 - Page 6 presumably attributed to the decrease in commuting in the prior year brought about by COVID-19. These revenues are expected to be below budget at year-end.  Revenues – Rents & Leases – Rents & Leases revenues are at $341,000, or 56.8 percent of the $600,000 budget. The revenues through the third quarter are lower than the same period last year by $121,000, or 26.2 percent, due to less rent received as tenants move out of the properties acquired for construction of the new headquarters complex. These revenues are expected to be below budget at year-end.  Revenues – Other – Other revenues are at $854,000, or 30.7 percent of the $2.8 million budget. These revenues are $888,000, or 51.0 percent lower than the same period last year, primarily due to a net decrease of $796,000 in miscellaneous other revenue from large prior year capital project settlement payments offset by current year federal credit for COVID-19 supplemental paid sick leave, and decreases of $86,000 in operating cost reimbursement and $81,000 in civil penalties, partially offset by an increase of $36,000 in deferred compensation administrative activities. These revenues are expected to approximate or be below budget at year-end. Consolidated Financial Reports Section 1 - Page 7 Comparison of Third Quarter Cost per Million Gallon Results with Budget Last Five Years As demonstrated in the preceding graph for the current and each of the last four fiscal years, the cost per million gallons at the end of the third quarter has been between 1.1 percent higher and 11.9 percent lower than the annual budget. The FY 2021-22 third quarter cost per million gallons of $2,711 is 1.1 percent higher when compared with this year’s budget. The increase in cost per million gallons of $181 from the previous year is primarily due to an increase in operating expenses, which are 5.5 percent higher than the same period last year, and a decrease in flows, which are 1.5 percent lower than the same period last year. Staff believes that overall operating costs will be at or slightly below budget at year-end. The total cost per million gallons at March 31 is $2,711 based on flows of 180 million gallons per day. This is $30 per million gallons, or 1.1 percent higher than the budgeted cost per million gallons of $2,681. There is an inverse relationship between the amount of flows and the cost per unit of collection, treatment, and disposal. Consequently, the higher cost per million gallons is due to flows of 180 million gallons per day being 4.4 percent less than the budgeted flow of 188 million gallons per day, partially offset by net expenses being 3.2 percent lower than the proportionate budget through March 31. More detailed information on operating revenues, costs, and related information is provided within Section 2. $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 $2,100 $2,200 $2,300 $2,400 $2,500 $2,600 $2,700 $2,800 17-18 18-19 19-20 20-21 21-22 $2 , 2 5 0 $2 , 4 1 3 $2 , 4 5 1 $2 , 5 4 0 $2 , 6 8 1 $2 , 1 3 0 $2 , 1 2 7 $2 , 3 3 5 $2 , 5 3 0 $2 , 7 1 1 Fiscal Year Budget Third Quarter□ □ FY 2021-22 Third Quarter Financial Report Section 1 - Page 8 Following are data tables showing the last five years of Single Family Residential User Fees (SFR) and the cost per million gallons (MG) to collect, treat, and dispose of wastewater for the Orange County Sanitation District and similar agencies. The agencies used in the tables were determined to be those that most closely resembled OC San in terms of services provided and treatment levels. The summaries demonstrate that OC San’s SFR and cost per MG are each one of the lowest in their respective groups. 2017 2018 2019 2020 2021 Agency SFR SFR SFR SFR SFR Notes San Francisco 937$ 988 1,076 1,169 1,270 Vallejo Sanitation/Flood Control District 520$ 585 656 715 747 Central Contra Costa Sanitary District 530$ 567 598 598 660 City of Los Angeles 527$ 561 597 636 636 (1) City of San Diego 573$ 573 573 573 573 (2) Union Sanitary District 393$ 407 421 421 524 (3) Dublin San Ramon Services District 397$ 423 447 469 486 East Bay MUD 391$ 410 423 439 457 City of Hayward 375$ 394 412 430 446 Sacramento County 432$ 444 444 444 444 Orange County Sanitation District 331$ 335 339 339 343 Oro Loma Sanitary District 238$ 256 275 296 318 Irvine Ranch Water District 309$ 309 313 313 313 (4) City of Fresno 309$ 309 309 309 309 (5) Los Angeles County 186$ 191 196 213 226 (6) Notes: (1) - Data is for the typical SFR customer rate. (2) - Data represents the base sewer fee plus the average usage of 9 hundred cubic feet per month. (3) - Deferred rate increase for July 2020 incorporated into July 2021 rate. (4) - Data represents the usage of 10 hundred cubic feet per unit. (5) - Data represents the minimum SFR rate not including flow. (6) - Data represents the Average Service Charge Rates for the prior fiscal year. Benchmark Study Five-Year Single Family Residential Rate Rates as of July Consolidated Financial Reports Section 1 - Page 9 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 Agency Svc. Trt. Cost/MG Cost/MG Cost/MG Cost/MG Cost/MG Notes San Francisco B 2 4,916$ 5,295 5,995 7,573 9,456 (1) Vallejo Sanitation/Flood Control District B 2 4,745$ 5,393 6,137 8,682 9,108 (2) Central Contra Costa Sanitary District B 3 6,081$ 5,588 3,980 5,284 6,513 (3) Union Sanitary District B 2 4,039$ 4,757 4,838 5,655 5,569 City of San Diego B 3 3,834$ 4,147 4,180 3,977 4,219 East Bay MUD T 2 2,353$ 3,137 2,710 3,122 4,052 (4) Dublin San Ramon Services District B 3 2,961$ 3,422 3,692 3,441 3,570 (5) Sacramento County T 3 2,752$ 2,831 2,812 3,407 3,470 City of Los Angeles B 3 2,487$ 2,329 3,046 3,021 2,763 (6) Orange County Sanitation District B 2 2,055$ 2,069 2,275 2,422 2,428 Los Angeles County B 3 1,965$ 2,077 2,264 2,343 2,338 (7) City of Fresno B 3 1,796$ 1,813 1,945 1,993 2,100 Legend for Service Provided and Treatment Level: B - Agency operates both collection and treatment facilities T - Agency provides treatment services but not collection 2 - Secondary treatment 3 - Advanced secondary or secondary with some tertiary treatment Notes: (2) - In FY19-20, Agency updated FY18-19 Annual Comprehensive Financial Report treatment cost. (4) - FY18-19 operating expense decreased $1.1 million. (5) - FY20-21 costs include both treatment and collection costs (Regional Fund 300 + Local Fund 200). (7) - In FY19-20, Agency updated data for FY16-17 and after to include administrative costs. Benchmark Study Five-Year Cost per MG (1) - FY19-20 operating expense increased $2.9 million and average daily flow decreased 19.3MG per day. Combined stormwater/sewer system. (6) - FY17-18 influent flow has not been reduced by the amount of sludge discharged to the sewers from DCTWRP and LAGWRP. (3) - FY18-19 operating expense decreased $36.4 million; $30.4 million due to an adjustment to the Agency's Other Post Employment Benefit Plan (OPEB) - Transition to CalPers Health Insurance. FY 2021-22 Third Quarter Financial Report Section 1 - Page 10 Capital Outlay Review: As depicted by the preceding chart, Capital Outlays totaled $114.3 million, or 50.9 percent of the capital outlay cash flow budget for FY 2021-22 as of March 31, 2022. Costs are lower than the proportionate budget 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 Rehabilitation of Western Regional Sewers, which has a budget of $13.1 million but actual costs of $5.1 million, Primary Treatment Rehabilitation at Plant No. 2, which has a budget of $19.8 million but actual costs of $7.5 million, and Headquarters Complex, which has a budget of $45.1 million but actual costs of $16.8 million. Overall, the capital outlay costs of the capital improvement program are expected to approximate $203.0 million, or 90.4 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 OC San’s capital facilities at March 31, 2022, 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 of $107.3 million from the Revenue Refunding Certificates of Participation, Series 2022A, as of March 31, 2022, 100.0 percent of the principal payments have been made through the end of the third quarter. Interest costs are expensed ratably throughout the fiscal year and are expected to exceed budget at year-end. $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 03/31/22 Actual Capital Outlay $114,269,653 Projected 2021-22 Capital Outlay $202,984,400 2021-22 Capital Outlay Cashflow Budget $224,560,503 Consolidated Financial Reports Section 1 - Page 11 Self-Insurance Budget Review: Section 5 is the Self-Insurance Section. Through March 31, the Self-Insurance Fund revenues totaled $2.3 million, or 77.5 percent of the budget, while expenses are at $2.5 million, or 71.1 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. FY 2021-22 Third Quarter Financial Report Section 1 - Page 12 This Page Intentionally Left Blank Operating Budget Review $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 Ex e c u t i v e M a n a g e m e n t Hu m a n R e s o u r c e s Ad m i n i s t r a t i v e S e r v i c e s En v i o r n m e n t a l S e r v i c e s En g i n e e r i n g Op e r a t i o n s & M a i n t e n a n c e Cost per Million Gallons by Department Budget and Actual March 31, 2022 Budget Actual $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 Sa l a r y & W a g e s Em p l o y e e B e n e f i t s Ad m i n i s t r a t i v e E x p e n s e s Pr i n t i n g & P u b l i c a t i o n Tr a i n i n g & M e e t i n g s Op e r a t i n g M a t e r i a l s & S u p p l i e s Co n t r a c t u a l S e r v i c e s Pr o f e s s i o n a l S e r v i c e s Re s e a r c h & M o n i t o r i n g Re p a i r s & M a i n t e n a n c e Ut i l i t i e s Ot h e r M a t e r i a l s , S u p p l i e s , & S v c s Collection, Treatment, & Disposal Expenses by Major Category Budget and Actual (in thousands) March 31, 2022 Budget Actual Section 2 - Page 1 ,, ---... ,--... --... ,_ -... --... ,_ -... >- V _ _...........,. --~ ,_ ...... -L ~ -- fJ_ ,_ I I / ,J'--1 L:.il-~? □ □ ... ,.. I I ..... ~ ~ -I C .... --l!a ~ -b-'r,n --m ~ --- □ □ Divisional Contributions to Cost Per Million Gallons For the Nine Months Ended March 31, 2022 2021-22 03/31/20 03/31/21 Annual 03/31/22 Actual Actual Budget Actual Flow in Million Gallons 51,746.04 50,011.48 68,620.00 49,257.10 Flow in Million Gallons per Day 188.17 182.53 188.00 179.77 Executive Management Department General Management Administration 29.24$ 23.33$ 27.45$ 23.37$ Board Services 10.26 13.11 14.15 13.84 Public Affairs 16.60 16.16 20.43 17.23 Subtotal 56.10 52.60 62.03 54.44 Human Resources Department Human Resources 61.86 52.25 64.84 70.61 Risk Management / Safety / Security 77.83 53.35 62.43 58.21 Subtotal 139.69 105.60 127.27 128.82 Administrative Services Department Administrative Services 8.62 7.80 3.99 9.32 Consolidated Services - 89.38 114.43 99.22 Financial Management 51.27 64.64 62.16 62.21 Contracts, Purchasing, & Materials Mgmt.61.58 67.81 71.40 75.36 Information Technology 191.86 184.82 199.96 201.23 Subtotal 313.33 414.45 451.94 447.34 Environmental Services Department Environmental Services Administration 15.06 23.41 59.41 69.78 Resource Protection 83.04 85.35 98.54 82.29 Laboratory, Monitoring and Compliance 176.17 184.47 151.11 141.39 Subtotal 274.27 293.23 309.06 293.46 Engineering Department Engineering Administration 15.63 19.42 20.15 22.99 Planning 55.52 55.01 64.11 61.60 Project Management Office 67.10 66.23 62.67 69.43 Design 109.11 98.15 102.34 107.96 Construction Management 96.99 101.46 106.33 111.99 Subtotal 344.35 340.27 355.60 373.97 Operations & Maintenance Department Operations & Maintenance Administration 4.01 2.09 9.05 2.94 Collections Facilities O & M 159.26 197.51 290.32 225.31 Fleet Services 26.78 28.78 33.15 33.15 Plant No. 1 Operations 450.70 482.40 489.92 508.08 Plant No. 2 Operations 258.48 260.57 278.03 261.33 Plant No. 1 Maintenance 317.23 359.20 350.26 420.91 Plant No. 2 Maintenance 290.81 301.18 240.47 274.42 Subtotal 1,507.27 1,631.73 1,691.20 1,726.14 Total Operating Expenses 2,635.01 2,837.88 2,997.10 3,024.17 Cost Allocation (300.39) (307.64) (316.41) (313.16) Net Operating Requirements 2,334.62$ 2,530.24$ 2,681.00$ 2,711.01$ FY 2021-22 Third Quarter Financial Report Section 2 - Page 2 Comparison of Expenses by Department For the Nine Months Ended March 31, 2022 2021-22 03/31/20 03/31/21 Year to Date Budget % Department and Division Actual Actual Budget 03/31/22 Realized Executive Management Department General Management Administration 1,512,830$ 1,166,989$ 1,883,461$ 1,151,120$ 61.12% Board Services 530,971 655,463 971,245 681,953 70.21% Public Affairs 859,066 808,078 1,402,096 848,901 60.55% Subtotal 2,902,867 2,630,530 4,256,802 2,681,974 63.00% Human Resources Department Human Resources 3,200,832 2,613,274 4,449,222 3,478,177 78.17% Risk Management / Safety / Security 4,027,196 2,668,226 4,283,781 2,867,050 66.93% Subtotal 7,228,028 5,281,500 8,733,003 6,345,227 72.66% Administrative Services Department Administrative Services 446,301 390,249 273,820 458,864 167.58% Consolidated Services - 4,469,961 7,852,225 4,887,070 62.24% Financial Management 2,653,218 3,232,936 4,265,348 3,064,078 71.84% Contracts, Purchasing, & Materials Mgmt. 3,186,515 3,391,360 4,899,742 3,712,101 75.76% Information Technology 9,927,936 9,243,185 13,721,315 9,912,004 72.24% Subtotal 16,213,970 20,727,691 31,012,450 22,034,117 71.05% Environmental Services Department Environmental Services Administration 779,439 1,170,752 4,076,942 3,437,327 84.31% Resource Protection 4,297,230 4,268,388 6,761,792 4,053,427 59.95% Laboratory, Monitoring and Compliance 9,116,317 9,225,394 10,369,367 6,964,583 67.16% Subtotal 14,192,986 14,664,534 21,208,101 14,455,337 68.16% Engineering Department Engineering Administration 808,815 971,035 1,382,852 1,132,438 81.89% Planning 2,872,954 2,751,144 4,399,094 3,034,086 68.97% Project Management Office 3,472,153 3,312,329 4,300,735 3,420,091 79.52% Design 5,645,889 4,908,574 7,022,705 5,317,834 75.72% Construction Management 5,018,849 5,074,216 7,296,647 5,516,107 75.60% Subtotal 17,818,660 17,017,298 24,402,033 18,420,556 75.49% Operations & Maintenance Department Operations & Maintenance Administration 207,491 104,492 621,180 144,922 23.33% Collections Facilities O & M 8,241,191 9,877,952 19,922,006 11,098,136 55.71% Fleet Services 1,385,591 1,439,178 2,274,876 1,632,870 71.78% Plant No. 1 Operations 23,322,087 24,125,514 33,618,420 25,026,431 74.44% Plant No. 2 Operations 13,375,080 13,031,350 19,078,603 12,872,543 67.47% Plant No. 1 Maintenance 16,415,403 17,964,109 24,035,166 20,732,941 86.26% Plant No. 2 Maintenance 15,048,322 15,062,306 16,501,314 13,517,223 81.92% Subtotal 77,995,165 81,604,901 116,051,565 85,025,066 73.26% Total Operating Expenses 136,351,676 141,926,454 205,663,954 148,962,277 72.43% Cost Allocation (15,544,292) (15,385,157) (21,713,080) (15,425,972) 71.04% Net Operating Requirements 120,807,384$ 126,541,297$ 183,950,874$ 133,536,305$ 72.59% Operating Budget Review Section 2 - Page 3 Summary of Collection, Treatment, & Disposal Expenses by Major Category For the Nine Months Ended March 31, 2022 Expense Expense Increase Increase Percent Budget Through Through (Decrease)(Decrease)Budget Remaining 2021-22 03/31/22 03/31/21 $%Realized Budget Salary & Wages 82,939,020$ 61,282,946 58,567,618 2,715,328$ 4.64%73.89%21,656,074$ Employee Benefits 25,162,820 18,701,015 18,256,155 444,860 2.44%74.32%6,461,805 Administrative Expenses 2,076,357 1,515,554 1,460,795 54,759 3.75%72.99%560,803 Printing & Publication 420,350 213,371 170,448 42,923 25.18%50.76%206,979 Training & Meetings 906,798 253,309 245,141 8,168 3.33%27.93%653,489 Operating Materials & Supplies 21,964,434 15,330,845 14,512,891 817,954 5.64%69.80%6,633,589 Contractual Services 19,144,782 12,835,825 12,568,621 267,204 2.13%67.05%6,308,957 Professional Services 6,920,852 3,571,235 2,387,245 1,183,990 49.60%51.60%3,349,617 Research & Monitoring 1,547,700 777,422 894,737 (117,315) -13.11%50.23%770,278 Repairs & Maintenance 29,705,535 23,382,529 22,368,944 1,013,585 4.53%78.71%6,323,006 Utilities 9,329,726 7,918,130 7,314,021 604,109 8.26%84.87%1,411,596 Other Materials, Supplies, and Services 5,545,580 3,180,096 3,179,838 258 0.01%57.34%2,365,484 Net Cost Allocation (21,713,080) (15,425,972) (15,385,157) (40,815) 0.27%71.04%(6,287,108) Net Operating Requirements 183,950,874 133,536,305 126,541,297 6,995,008 5.53%72.59%50,414,569 Gallonage Flow (MG)68,620.00 49,257.10 50,011.48 (754.38) -1.51% Gallonage Flow (MGD)188.00 179.77 182.53 (2.76) -1.51% Gallonage Flow ($'s /MG)$2,681.00 $2,711.01 $2,530.24 $180.77 7.14% Description FY 2021-22 Third Quarter Financial Report Section 2 - Page 4 Revenue Percent Revenue Increase Increase Budget Through Budget Remaining Through (Decrease)(Decrease) Description 2021-22 03/31/22 Realized Budget 03/31/21 $% Service Fees 301,839,390$ 199,764,238$ 66.18% 102,075,152$ 197,663,836$ 2,100,402$ 1.06% Permit Fees 12,621,177 9,266,992 73.42% 3,354,185 9,354,858 (87,866) -0.94% Inter District Sewer Use-SAWPA & SBSD 2,653,000 2,143,225 80.78% 509,775 2,095,815 47,410 2.26% Intra District Sewer Use-IRWD 4,648,984 1,586,779 34.13% 3,062,205 1,647,261 (60,482) -3.67% Sludge Disposal-IRWD 6,100,000 - 0.00% 6,100,000 9,397,106 (9,397,106) -100.00% Capital Assessments-IRWD 7,905,000 3,265,929 41.31% 4,639,071 2,266,445 999,484 44.10% Capital Facilities Capacity Charges 16,739,034 12,893,980 77.03% 3,845,054 12,030,644 863,336 7.18% Debt Proceeds 163,775,355 272,127,209 166.16% (108,351,854) - 272,127,209 100.00% Property Taxes 103,214,240 74,325,376 72.01% 28,888,864 69,446,038 4,879,338 7.03% Interest Earnings 14,516,000 (28,780,599) -198.27% 43,296,599 43,466 (28,824,065) -66314.05% CIP Reimbursements 11,782,925 1,347,733 11.44% 10,435,192 3,845,406 (2,497,673) -64.95% Wastehauler 750,000 702,478 93.66% 47,522 602,017 100,461 16.69% Grant Revenue 464,000 - 0.00% 464,000 - - 0.00% CNG Sales 400,000 270,092 67.52% 129,908 155,908 114,184 73.24% Rents & Leases 600,000 340,623 56.77% 259,377 461,380 (120,757) -26.17% Other Revenues 2,779,105 854,164 30.74% 1,924,941 1,742,379 (888,215) -50.98% Power Sales 25,000 128,852 515.41% (103,852) 37,165 91,687 246.70% Other Sales 50,000 184,708 369.42% (134,708) 10,461 174,247 1665.68% Total Revenues 650,863,210$ 550,421,779$ 84.57% 100,441,431$ 310,800,185$ 239,621,594$ 77.10% Summary of Revenues For the Nine Months Ended March 31, 2022 Operating Budget Review Section 2 - Page 5 FY 2021-22 Third Quarter Financial Report Summary of Collection, Treatment, & Disposal Expenses by Line Item For the Nine Months Ended March 31, 2022 Expense Percent Expense Increase Budget Through Budget Remaining Through (Decrease) Description 2021-22 03/31/22 Expensed Budget 03/31/21 $ Salaries, Wages & Benefits Salaries & Wages 82,939,020$ 61,282,946$ 73.89% 21,656,074$ 58,567,618$ 2,715,328$ 4.64% Employee Benefits Retirement 11,594,420 8,882,968 76.61%2,711,452 8,811,638 71,330 0.81% Group Insurances 11,962,600 8,435,415 70.51%3,527,185 8,248,557 186,858 2.27% Tuition & Certification Reimb 80,600 108,080 134.09%(27,480) 62,416 45,664 73.16% Edu. degrees, Cert. & Lic.622,400 501,189 80.53%121,211 480,261 20,928 4.36% Uniform Rental 113,400 75,977 67.00%37,423 78,987 (3,010) -3.81% Workers' Compensation 518,600 584,999 112.80%(66,399) 389,102 195,897 50.35% Unemployment Insurance 151,500 20,596 13.59%130,904 98,752 (78,156) -79.14% EMT Supplemental Benefits 119,300 91,791 76.94%27,509 86,442 5,349 6.19% Total Benefits 25,162,820 18,701,015 74.32% 6,461,805 18,256,155 444,860 2.44% Salaries, Wages & Benefits 108,101,840 79,983,961 73.99% 28,117,879 76,823,773 3,160,188 4.11% Matl, Supplies, & Services Administrative Expenses Memberships 708,350 560,120 79.07%148,230 617,166 (57,046) -9.24% Office Exp - Supplies 65,971 33,796 51.23%32,175 25,582 8,214 32.11% Postage 50,750 25,557 50.36%25,193 36,375 (10,818) -29.74% Books & Publications 38,685 16,621 42.96%22,064 19,161 (2,540) -13.26% Forms 590 - 0.00%590 - - N/A Small Computer Items 962,311 668,053 69.42%294,258 586,415 81,638 13.92% Minor Furniture & Fixtures 249,700 211,407 84.66%38,293 176,096 35,311 20.05% Subtotal 2,076,357 1,515,554 72.99%560,803 1,460,795 54,759 3.75% Printing & Publication Repro-In-House 235,350 105,123 44.67%130,227 120,147 (15,024) -12.50% Printing-Outside 42,750 18,772 43.91%23,978 18,227 545 2.99% Notices & Ads 142,200 89,476 62.92%52,724 32,074 57,402 178.97% Photo Processing 50 - 0.00%50 - - N/A Subtotal 420,350 213,371 50.76%206,979 170,448 42,923 25.18% Training & Meetings Meetings 113,590 5,946 5.23%107,644 6,539 (593) -9.07% Training 793,208 247,363 31.19%545,845 238,602 8,761 3.67% Subtotal 906,798 253,309 27.93%653,489 245,141 8,168 3.33% Operating Mat'ls & Supplies Chemical Coagulants 10,670,543 8,146,970 76.35%2,523,573 7,431,832 715,138 9.62% Odor & Corrosion Control 7,643,709 4,468,954 58.47%3,174,755 4,170,511 298,443 7.16% Disinfection 133,000 98,404 73.99%34,596 269,365 (170,961) -63.47% Chemicals - Misc & Cogen 437,000 232,224 53.14%204,776 272,113 (39,889) -14.66% Gasoline, Diesel & Oil 623,372 527,335 84.59%96,037 415,081 112,254 27.04% Tools 676,155 519,457 76.83%156,698 732,193 (212,736) -29.05% Safety equipment/tools 747,620 609,099 81.47%138,521 540,001 69,098 12.80% Solv, Paints & Jan. Supplies 113,606 95,707 84.24%17,899 78,524 17,183 21.88% Lab Chemicals & Supplies 660,249 484,573 73.39%175,676 464,479 20,094 4.33% Misc. Operating Supplies 182,680 125,513 68.71%57,167 125,645 (132) -0.11% Property Tax Fees 76,500 22,609 29.55%53,891 13,147 9,462 71.97% Subtotal 21,964,434 15,330,845 69.80%6,633,589 14,512,891 817,954 5.64% Contractual Services Solids Removal 13,100,000 8,968,584 68.46%4,131,416 8,585,588 382,996 4.46% Other Waste Disposal 988,500 630,249 63.76%358,251 684,070 (53,821) -7.87% Groundskeeping 200,000 130,890 65.45%69,110 129,731 1,159 0.89% Janitorial 640,280 694,350 108.44%(54,070) 588,779 105,571 17.93% Outside Lab Services 356,590 176,334 49.45%180,256 92,495 83,839 90.64% Oxygen 370,000 352,361 95.23%17,639 338,777 13,584 4.01% County Service Fee 503,672 17,320 3.44%486,352 16,941 379 2.24% Temporary Services 607,000 319,449 52.63%287,551 311,600 7,849 2.52% Security Services 1,600,000 1,219,101 76.19%380,899 1,219,889 (788) -0.06% Other 778,740 327,187 42.01%451,553 600,751 (273,564) -45.54% Subtotal 19,144,782 12,835,825 67.05%6,308,957 12,568,621 267,204 2.13% Increase (Decrease) % Section 2 - Page 6 (Continued) Operating Budget Review Summary of Collection, Treatment, & Disposal Expenses by Line Item For the Nine Months Ended March 31, 2022 Expense Expense Increase Increase Budget Through Remaining Through (Decrease)(Decrease) Description 2021-22 03/31/22 Expensed Budget 03/31/21 $% Continued: Professional Services Legal 1,542,600 1,215,690 78.81% 326,910 759,365 456,325 60.09% Audit & Accounting 287,800 123,123 42.78% 164,677 104,010 19,113 18.38% Engineering 1,318,000 1,115,275 84.62% 202,725 717,970 397,305 55.34% Enviro Scientific Consulting 679,000 34,388 5.06% 644,612 46,685 (12,297) -26.34% Software Prgm Consulting 707,000 194,208 27.47% 512,792 189,044 5,164 2.73% Energy Consulting - 16,000 N/A (16,000) - 16,000 N/A Advocacy Efforts 187,975 138,934 73.91% 49,041 123,300 15,634 12.68% Industrial Hygiene Services 100,000 27,584 27.58% 72,416 21,391 6,193 28.95% Labor Negotiation Services - 609 N/A (609) - 609 N/A Other 2,098,477 705,424 33.62% 1,393,053 425,480 279,944 65.79% Subtotal 6,920,852 3,571,235 51.60% 3,349,617 2,387,245 1,183,990 49.60% Research & Monitoring Environmental Monitoring 797,700 188,092 23.58% 609,608 337,686 (149,594) -44.30% Air Quality Monitoring 150,000 33,250 22.17% 116,750 57,051 (23,801) -41.72% Research 600,000 556,080 92.68% 43,920 500,000 56,080 11.22% Subtotal 1,547,700 777,422 50.23% 770,278 894,737 (117,315) -13.11% Repairs & Maintenance Materials & Services 23,368,563 18,314,607 78.37% 5,053,956 18,092,769 221,838 1.23% Svc. Mtc. Agreements 6,336,972 5,067,922 79.97% 1,269,050 4,276,175 791,747 18.52% Subtotal 29,705,535 23,382,529 78.71% 6,323,006 22,368,944 1,013,585 4.53% Utilities Telephone 506,084 379,042 74.90% 127,042 373,753 5,289 1.42% Diesel For Generators 43,000 17,748 41.27% 25,252 9,363 8,385 89.55% Natural Gas 1,005,000 860,850 85.66% 144,150 873,284 (12,434) -1.42% Power 6,728,435 5,860,910 87.11% 867,525 5,105,037 755,873 14.81% Water 1,047,207 799,580 76.35% 247,627 952,584 (153,004) -16.06% Subtotal 9,329,726 7,918,130 84.87% 1,411,596 7,314,021 604,109 8.26% Other Operating Supplies Outside Equip Rental 100,000 20,595 20.60% 79,405 24,711 (4,116) -16.66% Insurance Premiums 32,900 36,733 111.65% (3,833) 31,451 5,282 16.79% Prop & Gen Liab Insurance 2,205,000 1,604,998 72.79% 600,002 1,653,747 (48,749) -2.95% Freight 150,000 109,865 73.24% 40,135 121,247 (11,382) -9.39% Misc. Operating Expense 623,927 297,614 47.70% 326,313 286,739 10,875 3.79% Regulatory Operating Fees 1,090,024 1,063,609 97.58% 26,415 1,033,714 29,895 2.89% Subtotal 4,201,851 3,133,414 74.57% 1,068,437 3,151,609 (18,195) -0.58% General Mgr Contingency & Reappropriations 1,204,549 - 0.00% 1,204,549 - - N/A Other Non-Oper Expense 139,180 46,682 33.54% 92,498 28,229 18,453 65.37% Total Materials, Supplies & Services 97,562,114 68,978,316 70.70% 28,583,798 65,102,681 3,875,635 5.95% Total Expenditures 205,663,954 148,962,277 72.43% 56,701,677 141,926,454 7,035,823 4.96% Cost Allocation (21,713,080) (15,425,972) 71.04% (6,287,108) (15,385,157) (40,815) 0.27% Net Operating Requirements 183,950,874$ 133,536,305$ 72.59%50,414,569$ 126,541,297$ 6,995,008$ 5.53% Percent Budget Section 2 - Page 7 FY 2021-22 Third Quarter Financial Report Summary of Collection, Treatment, & Disposal Expenses by Process For the Nine Months Ended March 31, 2022 Increase Increase Actual Actual (Decrease)(Decrease) 03/31/22 03/31/21 $% Process: Preliminary Treatment 7,891,451$ 7,626,823$ 264,628$ 3.47% Primary Treatment 14,127,548 13,274,651 852,897 6.43% Secondary Treatment 8,689,345 8,114,000 575,345 7.09% Cryogenic Plant (Plant 2)723,173 795,884 (72,711) -9.14% Effluent Disposal 1,097,063 1,469,727 (372,664) -25.36% Solids Handling 42,596,588 36,497,646 6,098,942 16.71% Cogeneration 15,369,035 14,554,961 814,074 5.59% Utilities 3,097,814 3,518,043 (420,229) -11.94% Electrical Distribution 2,279,451 2,471,611 (192,160) -7.77% Miscellaneous Buildings 9,495,368 8,349,089 1,146,279 13.73% External Location 349,125 344,569 4,556 1.32% Nerissa Vessel 211,970 198,696 13,274 6.68% Laboratory 11,189,563 14,195,756 (3,006,193) -21.18% Collections 16,418,811 15,129,841 1,288,970 8.52% Net Operating Requirements 133,536,305$ 126,541,297$ 6,995,008$ 5.53% Section 2 - Page 8 Staffing Trends Full Time Equivalents (FTE) March 31, 2022 At March 31, 2022, the total head count was 603 employees, or a full time equivalency of 595. Operating Budget Review 450 500 550 600 650 700 6/30/18 6/30/19 6/30/20 6/30/21 3/31/22 603 614 606 619 595 32 22 34 20 44 Actual Vacant Budgeted FTE635636640 639 639 Section 2 - Page 9 □ □ FY 2021-22 Third Quarter Financial Report This Page Intentionally Left Blank Section 2 - Page 10 Capital Improvement Program By Process Area and Project Driver For the Nine Months Ended March 31, 2022 Capital Improvement Program Budget Review Total Capital Improvement Outlays by Project Driver - $114,269,653 Rehabilitation and Replacement: 64.9% Strategic Initiatives: 29.7% Additional Capacity: 4.3% Regulatory: 1.1% Total Capital Improvement Outlays by Process Area - $114,269,653 Collections Facilities: 23.1% Liquid Treatment: 46.7% Solids Handling & Digestion: 4.3% Utility Systems: 3.9% Support Facilities: 17.7% Other: 4.3% Section 3 - Page 1 □ □ □ □ □ □ □ □ □ □ FY 2021-22 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2022 2021-22 2021-22 2021-22 Cashflow Actual at Projected Budget 3/31/2022 Outlay Collection System Improvement Projects Collections Facilities Santa Ana Trunk Sewer Rehabilitation 914,334 98,438 150,200 Greenville-Sullivan Trunk Improvements 286,363 39,014 50,500 Taft Branch Capacity Improvements 1,422,835 264,851 806,700 Newhope-Placentia Trunk Replacement 5,662,265 5,192,487 5,577,200 Westminster Blvd Force Main Replacement 8,458,681 2,992,283 6,349,200 Rehabilitation of Western Regional Sewers 13,051,457 5,071,432 9,021,500 Interstate 405 Widening Project Impacts on OC San Sewers 21,696 163,231 182,400 Seal Beach Pump Station Replacement 2,133,205 2,877,924 3,358,200 Bay Bridge Pump Station Replacement 3,676,612 5,857,366 8,220,300 Newport Beach Pump Station Pressurization Improvements 326,219 235,570 313,800 Fairview Trunk Sewer Rehabilitation 187,716 105,214 119,700 Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 772,900 1,041,002 1,208,300 MacArthur Force Main Improvement 417,411 158,279 531,900 Edinger Pump Station Replacement 74,449 119,324 124,500 Slater Pump Station Rehabilitation 235,537 15,404 15,500 Small Construction Projects Program - Collections 2,567,058 1,156,143 1,888,200 Operations & Maintenance Capital Program - Collections - 23,304 23,400 Planning Studies Program - Collections - 157,167 557,200 Sunflower and Red Hill Interceptor Repairs 2,704,438 602,932 2,168,700 Subtotal - Collections Facilities 42,913,176 26,171,365 40,667,400 Revenue Area 14 Bay Bridge Pumping Station Rehabilitation (3.62%) 138,092 220,001 308,800 Newport Beach Pump Station Pressurization Improve (0.27%) 883 638 900 Subtotal - Revenue Area 14 138,975 220,639 309,700 Total Collection System Improvement Projects 43,052,151 26,392,004 40,977,100 Section 3 - Page 2 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2022 2021-22 2021-22 2021-22 Cashflow Actual at Projected Budget 3/31/2022 Outlay Treatment & Disposal Projects Headworks Headworks Rehabilitation at Plant 1 33,064,764 20,356,232 29,932,400 Headworks Modifications at P2 for GWRS Final Expansion 8,481,733 4,003,842 5,737,900 Subtotal - Headworks 41,546,497 24,360,074 35,670,300 Primary Treatment Primary Sedimentation Basins 3-5 Replacement at Plant 1 459,659 148,642 190,200 Primary Sedimentation Basins 6-31 Reliability Improv at P1 606,804 125,143 347,300 Primary Treatment Rehabilitation at Plant 2 19,836,957 7,455,094 18,294,900 Subtotal - Primary Treatment 20,903,420 7,728,879 18,832,400 Secondary Treatment Return Activated Sludge Piping Replacement at Plant 1 144,269 5,215 5,300 Activated Sludge-1 Aeration Basin & Blower Rehab at P1 485,387 100,822 142,000 Return Activated Sludge Piping Replacement at Plant 2 3,285,100 1,394,348 2,605,500 Activated Sludge Aeration Basin Rehabilitation at Plant 2 163,451 27,504 63,100 Subtotal - Secondary Treatment 4,078,207 1,527,889 2,815,900 Solids Handling & Digestion Digester Ferric Chloride Piping Replacement at Plant 1 723,747 418,929 806,500 Sludge Dewatering and Odor Control at Plant 2 694,948 11,531 11,600 Interim Food Waste Receiving Facility 3,201,672 1,076 3,900 TPAD Digester Facility at Plant 2 10,066,820 4,367,839 8,029,900 Digesters Rehabilitation at Plant No. 2 537,702 113,092 234,800 Subtotal - Solids Handling & Digestion 15,224,889 4,912,467 9,086,700 Ocean Outfall Systems Ocean Outfall System Rehabilitation 23,933,041 19,732,441 24,300,500 Sodium Bisulfite Station Rehabilitation at Plant 2 60,381 26,117 45,500 Subtotal - Ocean Outfall Systems 23,993,422 19,758,558 24,346,000 Utility Systems Electrical Power Distribution System Improvements 2,107,681 917,092 1,552,600 Digester Gas Facilities Rehabilitation 1,398,801 975,186 1,349,400 Natural Gas Pipelines Replacement at Plants 1 and 2 221,883 462,124 667,200 Central Generation Engine Overhauls at Plants 1 and 2 3,788,815 1,883,154 3,007,700 Power Building Structural Seismic Improv at Plants 1 & 2 161,114 20,225 35,500 Uninterruptable Power Supply Improvements at Plant 1 625,925 170,006 259,500 Network and Server Relocation at Plant 1 179,978 - - Warehouse, Electrical, & 12kV Serv Center Replace at P2 - 805 900 Subtotal - Utility Systems 8,484,197 4,428,592 6,872,800 Capital Improvement Program Budget Review Section 3 - Page 3 (Continued) FY 2021-22 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2022 2021-22 2021-22 2021-22 Cashflow Actual at Projected Budget 3/31/2022 Outlay Process Related Special Projects Safety Improvements Program 248,320 (426) (500) Subtotal - Process Related Special Projects 248,320 (426) (500) Information Management Systems Process Control Systems Upgrades 3,406,549 280,014 1,224,600 Project Management Information System 294,481 101,199 208,400 Information Technology Capital Program 1,778,736 279,629 2,199,700 Geographic Information System 16,283 139,790 139,800 EAM Software and Process Implementation 448,311 207,672 306,000 Process Control Systems Upgrades Study 504,920 12,170 12,200 Subtotal - Information Management Systems 6,449,280 1,020,474 4,090,700 Strategic & Master Planning Planning Studies Program 4,105,202 1,329,588 3,472,600 Subtotal - Strategic & Master Planning 4,105,202 1,329,588 3,472,600 Water Management Projects GWRS Final Expansion Coordination 309,211 306,785 391,600 Subtotal - Water Management Projects 309,211 306,785 391,600 Research Research Program 806,894 1,440,126 1,919,300 Subtotal - Research 806,894 1,440,126 1,919,300 Support Facilities Small Construction Projects Program 9,434,899 2,246,565 4,511,900 Operations & Maintenance Capital Program 2,022,639 273,363 723,800 Headquarters Complex 45,106,221 16,777,287 44,741,100 South Perimeter Security & Utility Improvements at Plant 1 3,852,526 734,745 2,234,600 Support Buildings Seismic Improvements at Plant 1 776,979 41,459 63,300 Collections Yard Relocation 39,814 - 46,500 Operations and Maintenance Complex at Plant 2 355,419 145,217 212,200 Subtotal - Support Facilities 61,588,497 20,218,636 52,533,400 Section 3 - Page 4 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Nine Months Ended March 31, 2022 2021-22 2021-22 2021-22 Cashflow Actual at Projected Budget 3/31/2022 Outlay Others Capital Improvement Program Management Services 13,167 19,676 25,700 Subtotal - Others 13,167 19,676 25,700 Additional Charges to CIP Completed at 6/30/21 - 16,783 22,100 Total Treatment and Disposal Projects 187,751,203 87,068,101 160,079,000 Capital Equipment Purchases 3,785,600 809,548 1,928,300 Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 234,588,954 114,269,653 202,984,400 Add: Future Rehab and Replacement 5,000,000 - - Less: Savings and Deferrals (15,028,451) - - Net Collection, Treatment and Disposal Projects and Capital Equipment Purchases 224,560,503$ 114,269,653$ 202,984,400$ Capital Improvement Program Budget Review Section 3 - Page 5 FY 2021-22 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2022 Current Total Approved June 30, 2021 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2022 Budget Collection System Improvement Projects Collections Facilities Santa Ana Trunk Sewer Rehabilitation 54,620,000 - 150,200 150,200 54,469,800 Greenville-Sullivan Trunk Improvements 48,600,000 - 50,500 50,500 48,549,500 Taft Branch Capacity Improvements 16,800,000 273,632 806,700 1,080,332 15,719,668 Newhope-Placentia Trunk Replacement 112,000,000 103,242,051 5,577,200 108,819,251 3,180,749 Yorba Linda Dosing Station Installation 11,000,000 - - - 11,000,000 Beach Relief / Knott / Miller Holder Trunk Rehabilitation 35,132,000 - - - 35,132,000 Westminster Blvd Force Main Replacement 44,000,000 27,735,893 6,349,200 34,085,093 9,914,907 Rehabilitation of Western Regional Sewers 82,000,000 18,727,849 9,021,500 27,749,349 54,250,651 Interstate 405 Widening Project Impacts on OC San Sewers 250,000 239,821 182,400 422,221 (172,221) Seal Beach Pump Station Replacement 87,000,000 3,872,431 3,358,200 7,230,631 79,769,369 Los Alamitos Sub-Trunk Extension 117,000,000 - - - 117,000,000 Crystal Cove Pump Station Rehabilitation 13,200,000 - - - 13,200,000 Bay Bridge Pump Station Replacement 71,321,200 3,224,995 8,220,300 11,445,295 59,875,905 Newport Beach Pump Station Pressurization Improvements 4,288,390 435,361 313,800 749,161 3,539,229 Fairview Trunk Sewer Rehabilitation 17,000,000 - 119,700 119,700 16,880,300 MacArthur Pump Station Rehabilitation 9,800,000 - - - 9,800,000 Main Street Pump Station Rehabilitation 37,000,000 - - - 37,000,000 Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 39,000,000 870,846 1,208,300 2,079,146 36,920,854 MacArthur Force Main Improvement 3,500,000 57,943 531,900 589,843 2,910,157 North Trunk Improvements 10,000,000 - - - 10,000,000 Edinger Pump Station Replacement 13,500,000 - 124,500 124,500 13,375,500 Slater Pump Station Rehabilitation 31,000,000 - 15,500 15,500 30,984,500 Small Construction Projects Program - Collections 12,552,000 2,513,928 1,888,200 4,402,128 8,149,872 Operations & Maintenance Capital Program - Collections 821,719 535,606 23,400 559,006 262,713 Planning Studies Program - Collections 5,533,600 3,665,360 557,200 4,222,560 1,311,040 Research Program - Collections 154,000 46,250 - 46,250 107,750 Sunflower and Red Hill Interceptor Repairs 6,999,998 513,231 2,168,700 2,681,931 4,318,067 Subtotal - Collections Facilities 884,072,907 165,955,197 40,667,400 206,622,597 677,450,310 Revenue Area 14: Bay Bridge Pumping Station Rehabilitation (3.62%) 2,678,800 121,130 308,800 429,930 2,248,870 Newport Beach Pump Station Pressurization Improve (0.27%) 11,610 1,179 900 2,079 9,531 Subtotal - Revenue Area 14 2,690,410 122,309 309,700 432,009 2,258,401 Total Collection System Improvement Projects 886,763,317 166,077,506 40,977,100 207,054,606 679,708,711 Section 3 - Page 6 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2022 Current Total Approved June 30, 2021 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2022 Budget Treatment & Disposal Projects Headworks Headworks Rehabilitation at Plant 1 340,000,000 36,669,521 29,932,400 66,601,921 273,398,079 Headworks Modifications at P2 for GWRS Final Expansion 32,000,000 18,549,280 5,737,900 24,287,180 7,712,820 Subtotal - Headworks 372,000,000 55,218,801 35,670,300 90,889,101 281,110,899 Primary Treatment Primary Sedimentation Basins 3-5 Replacement at Plant 1 127,000,000 603,492 190,200 793,692 126,206,308 Primary Sedimentation Basins 6-31 Reliability Improv at P1 14,000,000 2,019,464 347,300 2,366,764 11,633,236 Primary Treatment Rehabilitation at Plant 2 195,000,000 35,711,624 18,294,900 54,006,524 140,993,476 B/C-Side Primary Clarifiers Rehabilitation at Plant 2 279,842,000 - - - 279,842,000 Subtotal - Primary Treatment 615,842,000 38,334,580 18,832,400 57,166,980 558,675,020 Secondary Treatment Return Activated Sludge Piping Replacement at Plant 1 9,300,000 9,172,692 5,300 9,177,992 122,008 Activated Sludge-1 Aeration Basin & Blower Rehab at P1 270,000,000 - 142,000 142,000 269,858,000 Return Activated Sludge Piping Replacement at Plant 2 10,000,000 6,368,931 2,605,500 8,974,431 1,025,569 Activated Sludge Aeration Basin Rehabilitation at Plant 2 65,600,000 - 63,100 63,100 65,536,900 Subtotal - Secondary Treatment 354,900,000 15,541,623 2,815,900 18,357,523 336,542,477 Solids Handling & Digestion Digester Ferric Chloride Piping Replacement at Plant 1 1,360,000 261,018 806,500 1,067,518 292,482 Sludge Dewatering and Odor Control at Plant 2 90,477,000 86,433,925 11,600 86,445,525 4,031,475 Interim Food Waste Receiving Facility 6,300,000 1,347,003 3,900 1,350,903 4,949,097 TPAD Digester Facility at Plant 2 455,000,000 6,220,071 8,029,900 14,249,971 440,750,029 Digester P, Q, R, and S Replacement 165,900,000 - - - 165,900,000 Digesters Rehabilitation at Plant No. 2 40,632,000 82,197 234,800 316,997 40,315,003 Subtotal - Solids Handling & Digestion 759,669,000 94,344,214 9,086,700 103,430,914 656,238,086 Ocean Outfall Systems Ocean Outfall System Rehabilitation 166,000,000 94,720,368 24,300,500 119,020,868 46,979,132 Sodium Bisulfite Station Rehabilitation at Plant 2 3,834,000 - 45,500 45,500 3,788,500 Emergency Overflow Pipes & Windwall Rehabilitation at P2 4,200,000 - - - 4,200,000 Subtotal - Ocean Outfall Systems 174,034,000 94,720,368 24,346,000 119,066,368 54,967,632 Utility Systems Electrical Power Distribution System Improvements 26,500,000 1,515,397 1,552,600 3,067,997 23,432,003 Digester Gas Facilities Rehabilitation 173,000,000 14,783,708 1,349,400 16,133,108 156,866,892 Natural Gas Pipelines Replacement at Plants 1 and 2 2,000,000 1,373,777 667,200 2,040,977 (40,977) Central Generation Engine Overhauls at Plants 1 and 2 44,000,000 1,361,621 3,007,700 4,369,321 39,630,679 Power Building Structural Seismic Improv at Plants 1 & 2 5,400,000 - 35,500 35,500 5,364,500 Capital Improvement Program Budget Review Section 3 - Page 7 (Continued) FY 2021-22 Third Quarter Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2022 Current Total Approved June 30, 2021 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2022 Budget Utility Systems (continued) Central Generation Rehabilitation at Plant 1 68,452,000 - - - 68,452,000 Uninterruptable Power Supply Improvements at Plant 1 7,000,000 1,150,638 259,500 1,410,138 5,589,862 12.47 kV Switchgear Replacement at CenGen at Plant 1 17,000,000 - - - 17,000,000 Network and Server Relocation at Plant 1 13,000,000 - - - 13,000,000 Standby Generator Feeders for P1 Secondary Systems 2,800,000 - - - 2,800,000 Central Generation Rehabilitation at Plant 2 108,000,000 - - - 108,000,000 Warehouse, Electrical, & 12kV Serv Center Replace at P2 65,000,000 625,371 900 626,271 64,373,729 Subtotal - Utility Systems 532,152,000 20,810,512 6,872,800 27,683,312 504,468,688 Process Related Special Projects Safety Improvements Program 16,000,000 11,949,615 (500) 11,949,115 4,050,885 Subtotal - Process Related Special Projects 16,000,000 11,949,615 (500) 11,949,115 4,050,885 Information Management Systems Process Control Systems Upgrades 37,000,000 - 1,224,600 1,224,600 35,775,400 Project Management Information System 2,280,000 1,369,758 208,400 1,578,158 701,842 Information Technology Capital Program 10,000,000 949,587 2,199,700 3,149,287 6,850,713 Geographic Information System 4,568,000 3,802,488 139,800 3,942,288 625,712 EAM Software and Process Implementation 9,200,000 6,316,356 306,000 6,622,356 2,577,644 Process Control Systems Upgrades Study 3,400,000 2,499,708 12,200 2,511,908 888,092 Subtotal - Information Management Systems 66,448,000 14,937,897 4,090,700 19,028,597 47,419,403 Strategic & Master Planning Planning Studies Program 23,118,400 5,590,699 3,472,600 9,063,299 14,055,101 Subtotal - Strategic & Master Planning 23,118,400 5,590,699 3,472,600 9,063,299 14,055,101 Water Management Projects GWRS Final Expansion Coordination 1,332,000 747,432 391,600 1,139,032 192,968 Subtotal - Water Management Projects 1,332,000 747,432 391,600 1,139,032 192,968 Research Research Program 8,346,000 817,484 1,919,300 2,736,784 5,609,216 Subtotal - Research 8,346,000 817,484 1,919,300 2,736,784 5,609,216 Section 3 - Page 8 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Nine Months Ended March 31, 2022 Current Total Approved June 30, 2021 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2022 Budget Support Facilities Small Construction Projects Program 77,448,000 15,450,267 4,511,900 19,962,167 57,485,833 Operations & Maintenance Capital Program 14,800,281 4,436,822 723,800 5,160,622 9,639,659 Laboratory Rehabilitation at Plant 1 44,200,000 - - - 44,200,000 Headquarters Complex 167,500,000 38,433,116 44,741,100 83,174,216 84,325,784 South Perimeter Security & Utility Improvements at Plant 1 10,000,000 1,571,099 2,234,600 3,805,699 6,194,301 Support Buildings Seismic Improvements at Plant 1 23,730,000 22,239 63,300 85,539 23,644,461 Collections Yard Relocation 1,900,000 - 46,500 46,500 1,853,500 Operations and Maintenance Complex at Plant 2 95,000,000 - 212,200 212,200 94,787,800 Subtotal - Support Facilities 434,578,281 59,913,543 52,533,400 112,446,943 322,131,338 Others Capital Improvement Program Management Services 700,000 355,310 25,700 381,010 318,990 Subtotal - Others 700,000 355,310 25,700 381,010 318,990 Additional Charges to CIP Completed at 6/30/21 - - 22,100 22,100 (22,100) Total Treatment and Disposal Projects 3,359,119,681 413,282,078 160,079,000 573,361,078 2,785,758,603 Capital Equipment Purchases 9,062,800 - 1,928,300 1,928,300 7,134,500 Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 4,254,945,798$ $579,359,584 $202,984,400 $782,343,984 $3,472,601,814 Capital Improvement Program Budget Review Section 3 - Page 9 FY 2021-22 Third Quarter Financial Report This Page Intentionally Left Blank Section 3 - Page 10 Capital Assets Schedule & Debt Service Budget Review For the Nine Months Ended March 31, 2022 Balance Year-to-Date Balance 07/01/21 Activity 03/31/22 CONSTRUCTION IN PROGRESS (CIP): Treatment Plant 136,187,441$ 87,877,649$ 224,065,090$ Collection System 265,012,603 26,392,004 291,404,607 Subtotal 401,200,044 114,269,653 515,469,697 PROPERTY, PLANT & EQUIPMENT (at cost): Land and Property Rights 57,680,623 - 57,680,623 Collection Lines and Pump Stations 897,488,748 - 897,488,748 Treatment Facilities 2,842,786,854 - 2,842,786,854 Effluent disposal facilities 96,972,016 - 96,972,016 Solids disposal facilities 3,463,236 - 3,463,236 General and administrative facilities 248,712,229 - 248,712,229 Excess purchase price over book value on acquired assets 19,979,000 - 19,979,000 Subtotal 4,167,082,706 - 4,167,082,706 Total Property, Plant & Equipment & CIP 4,568,282,750$ 114,269,653$ 4,682,552,403$ 2021-22 Year-to-Date Remaining Budget Payments % of Budget Budget Principal Payments by Debt Issue: 2010A BABs -$ -$ --$ 2010C BABs - - -- 2011A COP 75,370,000 75,370,000 100.00%- 2012A COP - 100,645,000 N/A (100,645,000) 2012B COP 1,500,000 8,170,000 544.67%(6,670,000) 2014A COP 8,245,000 8,245,000 100.00%- 2015A COP - - -- 2016A COP 4,865,000 4,865,000 100.00%- 2017A COP - - -- 2018A CANs 102,200,000 102,200,000 100.00%- 2021A COP 5,525,000 5,470,000 99.00%55,000 2022A COP - - -- Subtotal Principal Payments 197,705,000 304,965,000 154.25% (107,260,000) Interest Expense by Debt Issue: 2010A BABs 2,986,574 2,482,884 83.13%503,690 2010C BABs 6,724,010 5,595,160 83.21%1,128,850 2011A COP 689,750 623,950 90.46%65,800 2012A COP 3,735,900 2,179,300 58.33%1,556,600 2012B COP 276,150 161,050 58.32%115,100 2014A COP 2,804,000 2,034,300 72.55%769,700 2015A COP 6,375,500 4,781,600 75.00%1,593,900 2016A COP 6,524,800 4,853,000 74.38%1,671,800 2017A COP 3,290,750 2,468,150 75.00%822,600 2018A CANs - 439,978 N/A (439,978) 2021A COP 3,393,921 4,991,740 147.08%(1,597,819) 2022A COP - 1,111,569 N/A (1,111,569) Subtotal Interest Expense 36,801,355 31,722,681 86.20% 5,078,674 Total Debt Service 234,506,355$ 336,687,681$ 143.57% (102,181,326)$ Capital Assets Schedule & Debt Service Budget Review Capital Assets Schedule Debt Service Budget Review Section 4 - Page 1 FY 2021-22 Third Quarter Financial Report This Page Intentionally Left Blank Section 4 - Page 2 General Liability and Property Fund Budget Review For the Nine Months Ended March 31, 2022 Actual Actual 2021-22 Through Through Budget 03/31/22 03/31/21 Revenues: In-Lieu Premiums 2,140,000$ 1,604,998$ 75.00%535,002$ 1,653,747$ (48,749)$ Service Department Allocations - 5,328 N/A (5,328) 5,328 - Total Revenues 2,140,000 1,610,326 75.25%529,674 1,659,075 (48,749) Expenses: Benefits/Claims 40,000 3,302 8.26%36,698 32,622 (29,320) Legal Services 40,000 - 0.00%40,000 - - Professional Services 20,000 12,891 64.46%7,109 14,118 (1,227) Subtotal 100,000 16,193 16.19%83,807 46,740 (30,547) Policy Premium Expense 2,509,393 1,839,470 73.30%669,923 1,455,144 384,326 Total Expenses 2,609,393 1,855,663 71.11%753,730 1,501,884 353,779 Excess Revenue (Expense)(469,393) (245,337) (224,056)$ 157,191 (402,528) Beginning Reserves 98,000,000 98,861,957 98,648,623 213,334 Ending Reserves 97,530,607$ 98,616,620$ 98,805,814$ (189,194)$ 03/31/22 Budget (Decrease) Self Insurance Budget Review Percent of Budget Remaining Through 2021-22 Increase Section 5 - Page 1 FY 2021-22 Third Quarter Financial Report Workers' Compensation Fund Budget Review For the Nine Months Ended March 31, 2022 Actual Actual 2021-22 Through Through Budget 03/31/22 03/31/22 03/31/21 Revenues: In-Lieu Premiums 780,000$ 585,000$ 75.00% 195,000$ 389,100$ 195,900$ Service Department Allocations - 67,275 N/A (67,275) 67,275 - Total Revenues 780,000 652,275 83.63%127,725 456,375 195,900 Expenses: Benefits/Claims 430,000 290,260 67.50% 139,740 281,982 8,278 Legal Services 80,000 50,149 62.69% 29,851 42,983 7,166 Professional Services 60,000 57,430 95.72% 2,570 46,072 11,358 Subtotal 570,000 397,839 69.80%172,161 371,037 26,802 Policy Premium Expense 271,860 199,766 73.48%72,094 154,389 45,377 Total Expenses 841,860 597,605 70.99%244,255 525,426 72,179 Excess Revenue (Expense)(61,860) 54,670 (116,530)$ (69,051) 123,721 Beginning Reserves 2,000,000 2,149,679 2,235,687 (86,008) Ending Reserves 1,938,140$ 2,204,349$ 2,166,636$ 37,713$ Budget (Decrease) Percent of Budget Remaining Through 2021-22 Increase Section 5 - Page 2 April 30, 2022 STAFF REPORT Quarterly Treasurer’s Report For the Period Ended March 31, 2022 SUMMARY Section 17.0 of the Orange County Sanitation District's (OC San) Investment Policy includes quarterly reporting requirements for OC San's two investment portfolios. These two funds, the "Liquid Operating Monies," and the "Long-Term Operating Monies" are managed by Chandler Asset Management, OC San’s external money manager. The ongoing monitoring of OC San's investment program by staff and Callan Associates, OC San's independent investment advisor, indicates that OC San’s investments are in compliance with OC San'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 OC San to meet budgeted expenditures for the next six months. OC San’s portfolios do not include any reverse repurchase agreements or derivative securities. An Internal Revenue Services Section 115 Trust was established to prefund pension obligations. OC San has restricted cash and investments held in the post-employment benefits trust administered by Public Agency Retirement Services (PARS) and managed by HighMark Capital. The trust is a tax-exempt irrevocable trust and trust assets are to be used exclusive for payment of pension liabilities. 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 OC San’s portfolios, as of March 31, 2022. The Liquid Operating Monies portfolio, with an average maturity of 88 days, consists entirely of high quality fixed income investments consistent with OC San’s investment policy. Additionally, the PARS Section 115 Trust Quarterly Review is also attached. Quarterly Treasurer’s Report For the Period Ended March 31, 2022 Page 2 of 4 Portfolio Performance Summary The following table presents a performance summary of OC San’s portfolios as compared to their benchmarks as of March 31, 2022. (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. Quarter Ending Liquid Operating Monies ($M) Long-Term Operating Monies ($M) 30 Jun 21 207.8 686.0 30 Sep 21 129.9 686.4 31 Dec 21 230.9 742.2 31 Mar 22 155.8 720.7 Portfolio Performance Summary As of March 31, 2022 Liquid Operating Monies (%)Long-Term Operating Monies (%) Total Rate of Return Benchmark(1) Total Rate of Return Benchmark(1) 3 Months -0.01 0.04 -2.93 -3.24 6 Months -0.01 0.05 -3.54 -3.90 9 Months 0.01 0.06 -3.52 -3.89 12 Months 0.03 0.06 -3.33 -3.70 Annualized Since inception 30 Nov 2014 0.93 0.83 1.33 1.25 Market Value $155.8 M $720.7 M Average Quality “AA+”/”Aaa” “AA”/”Aa1” Current Yield (%) 0.5 1.5 Estimated Yield to Maturity (%) 0.6 2.3 Quarterly Deposits (Withdrawals) ($75.0 M) $0.0 M Estimated Annual Income $0.5 M $10.4 M Quarterly Treasurer’s Report For the Period Ended March 31, 2022 Page 3 of 4 Orange County Sanitation District Investment Account Balances as of March 31, 2022 Investment Accounts Book Balances March 31, 2022 Estimated Yield (%) Chandler/U.S. Bank – Long-Term Portfolio Chandler/U.S. Bank – Short-Term Portfolio State of California LAIF PARS Section 115 Trust - Moderate PARS Section 115 Trust - Balanced Banc of California – General Banc of California – Sweep Banc of California – Workers’ Compensation Banc of California – Property, Liability Claim, Exp Union Bank – Bandilier Union Bank – Mount Langley BNY Mellon OCIP Reserve Petty Cash TOTAL Debt Service Reserves w/Trustees $720,017,773 155,809,200 35,999,013 9,738,659 4,884,487 3,000,000 5,168,664 59,138 50,000 619,662 140,472 500,941 3,000 $935,991,009 $55,956 2.30 0.58 0.37 -0.29 0.16 0.30 0.02 0.30 0.30 0.40 0.40 0.00 0.00 1.88 0.02 Orange County Sanitation District Cost of Funds on Debt Issues as of March 31, 2022 Cost of Funds Issue Description Outstanding COP Balance Annual Interest Rate (%) 2010A Fixed 2010C Fixed 2014A Fixed 2015A Fixed 2016A Fixed 2017A Fixed 2021A Fixed 2022A Fixed TOTAL Weighted Avg. Cost of Funds 80,000,000 157,000,000 47,835,000 127,510,000 131,965,000 65,815,000 128,040,000 81,620,000 $819,785,000 3.68 4.11 2.34 3.30 3.02 2.55 1.06 1.59 2.81 Quarterly Treasurer’s Report For the Period Ended March 31, 2022 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. Chandler/U.S. Bank Custody Transaction History – Consolidated 11. Callan Quarterly Review 12. Chandler Quarterly Review 13. Rating Agency Comparisons 14. PARS Section 115 Trust Quarterly Review ACCOUNT SUMMARY Beg. Values as of 2/28/22 End Values as of 3/31/22 Market Value 155,602,303 155,617,741 Accrued Interest 235,588 215,031 Total Market Value 155,837,891 155,832,772 Income Earned 22,008 33,235 Cont/WD 0 Par 155,650,328 155,731,537 Book Value 155,693,871 155,747,663 Cost Value 156,075,134 156,001,792 TOP ISSUERS Government of United States 77.0% Bank of Nova Scotia Houston 3.2% Nordea Bank ABP New York 2.9% First American Govt Obligation 2.2% Svenska Handelsbanken NY 1.9% Cooperatieve Rabobank UA 1.9% Royal Bank of Canada 1.9% Metlife Inc 1.5% Total 92.5% PORTFOLIO CHARACTERISTICS Average Modified Duration 0.23 Average Coupon 0.49% Average Purchase YTM 0.29% Average Market YTM 0.58% Average S&P/Moody Rating AA+/Aaa Average Final Maturity 0.24 yrs Average Life 0.17 yrs CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION Portfolio Summary As of March 31, 2022 Orange County Sanitation District Liquid Account #10282 PERFORMANCE REVIEW Annualized TOTAL RATE OF RETURN 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS 11/30/2014 Orange County Sanitation District Liquid 0.00% -0.01% -0.01% 0.03% 0.10% 0.91% 1.20% N/A 0.93% ICE BofA 3-Month US Treasury Bill Index 0.03% 0.04% 0.04% 0.06% 0.09% 0.81% 1.13% N/A 0.83% Execution Time: 4/3/2022 1:57:12 PMChandler Asset Management - CONFIDENTIAL Page 1 80% US Treasury 77.0% Neg CO 13.2% 62.0% 0 -.25 .25 -.5 .5 -1 1 -1.5 1.5 -2 2 -2.5 2.5 -3 Maturity (Yrs) 3+ AAA (38.1%) -- BBB (1.3%) A(4.9%) ACCOUNT SUMMARY Beg. Values as of 2/28/22 End Values as of 3/31/22 Market Value 730,158,056 718,301,606 Accrued Interest 2,575,759 2,385,685 Total Market Value 732,733,814 720,687,291 Income Earned 834,752 886,451 Cont/WD 100,802 Par 736,082,716 737,638,714 Book Value 737,459,651 738,746,812 Cost Value 737,868,280 739,220,631 TOP ISSUERS Government of United States 31.8% Federal National Mortgage Assoc 9.0% Federal Home Loan Mortgage Corp 6.2% Federal Home Loan Bank 6.2% Inter-American Dev Bank 4.7% Intl Bank Recon and Development 2.8% Hyundai Auto Receivables 1.9% Berkshire Hathaway 1.9% Total 64.5% PORTFOLIO CHARACTERISTICS Average Modified Duration 2.46 Average Coupon 1.52% Average Purchase YTM 1.45% Average Market YTM 2.30% Average S&P/Moody Rating AA/Aa1 Average Final Maturity 2.74 yrs Average Life 2.54 yrs CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION Portfolio Summary As of March 31, 2022 Orange County Sanitation District Long Term Account #10268 PERFORMANCE REVIEW Annualized TOTAL RATE OF RETURN 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS 11/30/2014 Orange County Sanitation District Long Term -1.66% -2.93% -2.93% -3.33% -1.03% 1.16% 1.43% N/A 1.33% ICE BofA 1-5 Yr AAA-A US Corp & Govt Index -1.84% -3.24% -3.24% -3.70% -1.43% 1.05% 1.32% N/A 1.25% ICE BofA 1-5 Yr US Corp & Govt Index -1.96% -3.49% -3.49% -3.83% -0.90% 1.16% 1.45% N/A 1.37% Execution Time: 4/3/2022 1:55:21 PMChandler Asset Management - CONFIDENTIAL Page 1 us Treasurv Corporate Agency ABS-9,7% Supra•-7.5% NesCD 2.5% CMOI 1.5% Money Mkt Fd I 0.2% MBS 0.1% 31.8% 20% 15% 10% 5% % 29.3% 0 • .25 .25 • .5 .5 • 1 1·2 2 • 3 Maturity (Yrs) 0.2% 4 • 5 5+ AA(61.1%) B(0.0%) BBB (1.2%) NR (3.2%} Par Value Book Value Market Value Rate Yield Balance 3/1/2022 $37,399,013 $37,399,013 $37,399,013 0.37 0.37 Deposits: 3/10/2022 23,800,000 23,800,000 23,800,000 0.37 0.37 Total Deposits 23,800,000 23,800,000 23,800,000 0.37 0.37 Quarterly Interest Distribution - - - 0.37 0.37 Withdrawals: 3/2/2022 (2,900,000) (2,900,000) (2,900,000) 0.37 0.37 3/8/2022 (2,100,000) (2,100,000) (2,100,000) 0.37 0.37 3/16/2022 (2,600,000) (2,600,000) (2,600,000) 0.37 0.37 3/22/2022 (3,400,000) (3,400,000) (3,400,000) 0.37 0.37 3/23/2022 (3,800,000) (3,800,000) (3,800,000) 0.37 0.37 3/28/2022 (4,900,000) (4,900,000) (4,900,000) 0.37 0.37 3/30/2022 (5,500,000) (5,500,000) (5,500,000) 0.37 0.37 Total Withdrawals (25,200,000) (25,200,000) (25,200,000) 0.37 0.37 Balance 3/31/2022 $35,999,013 $35,999,013 $35,999,013 0.37 0.37 Orange County Sanitation District Investment Transactions and Balances in the State of California Local Agency Investment Fund March 31, 2022 U.S. Bank Asset Summary - Liquid As of 03/31/2022 Industry Name Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss Cash Equivalents FIRST AMERICAN SHORT TERM FDS 3,391,537.4900 3,391,537.49 3,391,537.49 2.18 - U. S. GOVERNMENT 45,500,000.0000 45,443,315.48 45,441,960.00 29.21 (1,355.48) Cash Equivalents Total 48,891,537.4900 48,834,852.97 48,833,497.49 31.39 (1,355.48) Fixed Income CONSUMER DISCRETIONARY 2,000,000.0000 2,032,780.00 2,001,240.00 1.29 (31,540.00) FINANCE 6,000,000.0000 6,139,320.00 6,029,020.00 3.87 (110,300.00) FIXED INCOME FUNDS OTHER 4,500,000.0000 4,498,466.84 4,496,295.00 2.89 (2,171.84) PRIVATE PLACEMENTS 2,255,000.0000 2,259,126.65 2,255,270.60 1.45 (3,856.05) SHORT TERM FUNDS 16,000,000.0000 16,000,166.17 15,977,320.00 10.27 (22,846.17) U. S. GOVERNMENT 74,500,000.0000 74,647,578.13 74,415,015.00 47.83 (232,563.13) US AGY - LONG TERM ISSUES 1,585,000.0000 1,589,501.40 1,586,077.80 1.02 (3,423.60) Fixed Income Total 106,840,000.0000 107,166,939.19 106,760,238.40 68.61 (406,700.79) Grand Total 155,731,537.4900 156,001,792.16 155,593,735.89 100.00 (408,056.27) 1 of 1 U.S. Bank Asset Summary - Long-Term As of 03/31/2022 Industry Name Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss Cash Equivalents FIRST AMERICAN SHORT TERM FDS 1,188,487.1100 1,188,487.11 1,188,487.11 0.17 - Cash Equivalents Total 1,188,487.1100 1,188,487.11 1,188,487.11 0.17 - Fixed Income CONSUMER DISCRETIONARY 20,554,000.0000 20,636,319.23 19,974,700.18 2.78 (661,619.05) CONSUMER STAPLES 6,955,000.0000 6,950,042.65 6,844,751.20 0.95 (105,291.45) ENERGY 3,500,000.0000 3,441,095.00 3,537,940.00 0.49 96,845.00 FINANCE 113,369,000.0000 112,771,262.81 108,381,770.55 15.10 (4,389,492.26) FIXED INCOME FUNDS OTHER 7,000,000.0000 7,000,702.07 6,996,360.00 0.97 (4,342.07) FOREIGN FIXED INCOME 9,500,000.0000 9,582,015.00 9,466,655.00 1.32 (115,360.00) HEALTH CARE 6,000,000.0000 5,853,343.05 5,732,460.00 0.80 (120,883.05) INDUSTRIAL 1,250,000.0000 1,250,237.50 1,275,012.50 0.18 24,775.00 INFORMATION TECHNOLOGY 19,922,000.0000 20,678,047.96 20,098,390.32 2.80 (579,657.64) MTG RELATED SECURITY 82,841,147.1500 83,477,686.14 81,441,108.32 11.35 (2,036,577.82) PRIVATE PLACEMENTS 12,915,000.0000 12,779,095.80 12,024,377.55 1.68 (754,718.25) SHORT TERM FUNDS 11,000,000.0000 11,000,302.19 10,950,590.00 1.53 (49,712.19) SUPRANATIONAL 56,940,000.0000 56,583,197.85 53,775,540.80 7.49 (2,807,657.05) U. S. GOVERNMENT 224,253,287.5400 222,865,533.17 215,817,273.87 30.07 (7,048,259.30) U.S. GOVERNMENT TIPS 12,310,792.0000 12,166,072.09 12,919,068.23 1.80 752,996.14 US AGY - LONG TERM ISSUES 150,740,000.0000 152,297,593.25 147,218,321.95 20.51 (5,079,271.30) Fixed Income Total 739,050,226.6900 739,332,545.76 716,454,320.47 99.83 (22,878,225.29) Grand Total 740,238,713.8000 740,521,032.87 717,642,807.58 100.00 (22,878,225.29) 1 of 1 1 Accrued Estimated Market Shares/Par Value Asset Description Market Price Market Value Cost Average Cost Income Income Yield Realized Transaction Date Transaction Description Income Principal Cost Gains/Losses Statement Period 03/01/2022 Through 03/31/2022 Statement of Assets Held by Asset Classification Statement of Transactions by Transaction Date Account 300282 Base Currency = USD OCSD LIBERTY MUTUAL CASH BALANCE 500,941.20 500,941.20 0.00000 0.00 0.00 0.00% Total Market Value Plus Total Accrued Income 500,941.20 03/24/22 Redemption 237.61 499,762.39 499,762.39-237.61 UNITED STATES TREASURY BILL RATE: 0.000% MATURITY: 03/24/22 TRADE DATE 03/24/22 SET/DATE 03/24/22 CUSIP 912796F38 500,000.000 SHARES Cumulative realized capital gain and loss position from 12/31/2021 for securities held in principal of account: Short Term: 237.61 * Long Term: 0.00 * * The above gain and loss position does not include transactions where tax cost information is incomplete or unavailable. CASH AND SHORT TERM Total CASH AND SHORT TERM 500,941.20 500,941.20 0.00 0.00 0.00% ACCOUNT TOTALS 500,941.20 500,941.20 0.00 0.00 0.00% 03/01/22 ACCOUNT OPENING PERIOD BALANCE 1,772.94- 2,714.14 499,762.39 03/24/22 ACCOUNT CLOSING DAILY BALANCE 1,535.33- 502,476.53 0.00 237.61 03/31/22 ACCOUNT CLOSING PERIOD BALANCE 1,535.33- 502,476.53 0.00 237.61 e 0 9 5 6 0 2 n 0 7 9 9 4 4 a 0 1 t D O M i W I s 2 6 8 , 3 9 2 ~. ~ BNY MELLON U.S. Bank Investment Listing - Yield As of 03/31/2022 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 0.1760% 3,391,537.4900 1.00 3,391,537.49 3,391,537.49 Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 0.1760% 1,188,487.1100 1.00 1,188,487.11 1,188,487.11 Cash Equivalents 912796R43 U S TREASURY BILL 6/23/22 0.4605% 10,000,000.0000 N/A N/A 99.89 9,990,904.17 9,989,300.00 Cash Equivalents 912796U23 U S TREASURY BILL 4/26/22 0.1288% 10,000,000.0000 N/A N/A 99.99 9,996,463.06 9,999,100.00 Cash Equivalents 912796R50 U S TREASURY BILL 6/30/22 0.4894% 13,000,000.0000 N/A N/A 99.87 12,986,494.08 12,983,360.00 Cash Equivalents 912796S59 U S TREASURY BILL 7/28/22 0.7431% 10,000,000.0000 N/A N/A 99.75 9,974,739.48 9,975,300.00 Cash Equivalents 912796X20 U S TREASURY BILL 7/19/22 0.6501% 2,500,000.0000 N/A N/A 99.80 2,494,714.69 2,494,900.00 Fixed Income 02665WDF5 AMERICAN HONDA MTN 1.950% 5/20/22 1.9488% 2,000,000.0000 A3 A- 100.06 2,032,780.00 2,001,240.00 Fixed Income 02665WCJ8 AMERICAN HONDA MTN 3.450% 7/14/23 3.4079% 845,000.0000 A3 A- 101.24 843,538.15 855,435.75 Fixed Income 023135BW5 AMAZON COM INC 0.450% 5/12/24 0.4675% 5,490,000.0000 A1 AA 96.26 5,481,984.60 5,284,674.00 Fixed Income 438516CB0 HONEYWELL 1.350% 6/01/25 1.4015% 5,000,000.0000 A2 A 96.32 5,119,000.00 4,816,200.00 Fixed Income 02665WCZ2 AMERICAN HONDA MTN 2.400% 6/27/24 2.4170% 1,219,000.0000 A3 A- 99.30 1,213,843.63 1,210,430.43 Fixed Income 02665WEA5 AMERICAN HONDA MTN 1.500% 1/13/25 1.5568% 6,000,000.0000 A3 A- 96.35 5,979,632.85 5,781,060.00 Fixed Income 02665WCQ2 AMERICAN HONDA MTN 3.625% 10/10/23 3.5769% 2,000,000.0000 A3 A- 101.35 1,998,320.00 2,026,900.00 Fixed Income 931142EK5 WALMART INC 3.400% 6/26/23 3.3430% 3,880,000.0000 AA2 AA 101.70 3,878,991.40 3,946,115.20 Fixed Income 79466LAG9 SALESFORCE COM INC 0.625% 7/15/24 0.6528% 1,350,000.0000 A2 A+ 95.75 1,349,311.50 1,292,557.50 Fixed Income 931142ER0 WALMART INC 1.050% 9/17/26 1.1277% 1,725,000.0000 AA2 AA 93.11 1,721,739.75 1,606,078.50 Fixed Income 166764AH3 CHEVRON CORP 3.191% 6/24/23 3.1568% 3,500,000.0000 AA2 AA- 101.08 3,441,095.00 3,537,940.00 Fixed Income 61744YAH1 MORGAN STANLEY 2.750% 5/19/22 2.7453% 2,000,000.0000 A1 BBB+ 100.17 2,047,260.00 2,003,400.00 Fixed Income 46625HJH4 JPMORGAN CHASE CO 3.200% 1/25/23 3.1667% 2,000,000.0000 A2 A- 101.05 2,042,640.00 2,021,000.00 Fixed Income 05531FBG7 BB T CORPORATION MTN 3.050% 6/20/22 3.0430% 2,000,000.0000 A3 A- 100.23 2,049,420.00 2,004,620.00 Fixed Income 808513AT2 CHARLES SCHWAB CORP 2.650% 1/25/23 2.6309% 6,750,000.0000 A2 A 100.73 6,729,480.00 6,799,072.50 Fixed Income 46647PAU0 JPMORGAN CHASE CO 3.797% 7/23/24 3.7543% 2,500,000.0000 A2 A- 101.14 2,632,175.00 2,528,450.00 Fixed Income 06367WB85 BANK OF MONTREAL MTN 1.850% 5/01/25 1.9251% 7,000,000.0000 A2 A- 96.10 7,226,940.00 6,727,070.00 Fixed Income 525ESCIB7 LEHMAN BRTH MTN ES 0.00001% 1/24/13 0.0019% 600,000.0000 N/A N/A 0.52 315,960.88 3,120.00 Fixed Income 084664BT7 BERKSHIRE HATHAWAY 3.000% 5/15/22 2.9930% 4,000,000.0000 AA2 AA 100.24 4,131,120.00 4,009,400.00 Fixed Income 69353RFL7 PNC BANK NA MTN 3.500% 6/08/23 3.4587% 5,000,000.0000 A2 A 101.19 4,993,318.05 5,059,700.00 Fixed Income 61747YEA9 MORGAN STANLEY 0.790% 5/30/25 0.8316% 8,885,000.0000 A1 BBB+ 95.00 8,889,710.25 8,441,016.55 Fixed Income 78015K7H1 ROYAL BANK OF MTN 1.150% 6/10/25 1.2186% 4,000,000.0000 A1 A 94.37 4,013,620.00 3,774,960.00 Fixed Income 90331HNL3 US BANK NA MTN 2.850% 1/23/23 2.8302% 2,000,000.0000 A1 AA- 100.70 1,992,640.00 2,013,960.00 Fixed Income 06406RAE7 BANK OF NY MTN 2.950% 1/29/23 2.9240% 2,500,000.0000 A1 A 100.89 2,489,555.00 2,522,225.00 Fixed Income 00440EAS6 ACE INA HOLDING 3.150% 3/15/25 3.1169% 2,000,000.0000 A3 A 101.06 2,203,740.00 2,021,220.00 Fixed Income 06051GJD2 BANK AMER CORP MTN 1.319% 6/19/26 1.4074% 2,250,000.0000 A2 A- 93.72 2,254,432.50 2,108,632.50 Fixed Income 90331HPL1 US BANK NA MTN 2.050% 1/21/25 2.0939% 7,270,000.0000 A1 AA- 97.90 7,254,514.90 7,117,548.10 Fixed Income 89236TJK2 TOYOTA MTR CR MTN 1.125% 6/18/26 1.2128% 7,285,000.0000 A1 A+ 92.76 7,281,794.60 6,757,857.40 Fixed Income 06051GHF9 BANK OF AMERICA 3.550% 3/05/24 3.5298% 6,675,000.0000 A2 A- 100.57 6,770,625.75 6,713,114.25 Fixed Income 89114TZN5 TORONTO DOMINION MTN 1.950% 1/12/27 2.0589% 2,000,000.0000 A1 A 94.71 1,984,582.40 1,894,220.00 Fixed Income 06051GHY8 BANK OF AMERICAN MTN 2.015% 2/13/26 2.0934% 2,500,000.0000 A2 A- 96.26 2,583,450.00 2,406,375.00 Fixed Income 808513BN4 SCHWAB CHARLES 0.750% 3/18/24 0.7758% 2,785,000.0000 A2 A 96.68 2,783,607.50 2,692,398.75 Fixed Income 00440EAP2 CHUBB INA HLDGS INC 2.700% 3/13/23 2.6844% 2,000,000.0000 A3 A 100.58 1,937,000.00 2,011,640.00 Fixed Income 46647PBH8 JPMORGAN CHASE CO 2.005% 3/13/26 2.0797% 3,500,000.0000 A2 A- 96.41 3,602,345.00 3,374,245.00 Fixed Income 06368FAC3 BANK OF MONTREAL MTN 1.250% 9/15/26 1.3616% 3,000,000.0000 A2 A- 91.80 2,994,647.40 2,754,060.00 1 of 5 U.S. Bank Investment Listing - Yield As of 03/31/2022 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 808513BY0 CHARLES SCHWAB CORP 2.450% 3/03/27 2.5238% 2,325,000.0000 A2 A 97.08 2,322,489.00 2,257,040.25 Fixed Income 084664CZ2 BERKSHIRE HATHAWAY 2.300% 3/15/27 2.3484% 6,875,000.0000 AA2 AA 97.94 6,873,693.75 6,733,306.25 Fixed Income 89114TZT2 TORONTO DOMINION MTN 2.800% 3/10/27 2.8513% 5,000,000.0000 A1 A 98.20 4,960,350.00 4,910,100.00 Fixed Income 00440EAU1 ACE INA HOLDINGS 2.875% 11/03/22 2.8579% 4,169,000.0000 A3 A 100.60 4,232,453.17 4,194,014.00 Fixed Income 084670BR8 BERKSHIRE HATHAWAY 2.750% 3/15/23 2.7310% 2,500,000.0000 AA2 AA 100.70 2,440,950.00 2,517,425.00 Fixed Income 46625HRL6 JP MORGAN CHASE CO 2.700% 5/18/23 2.6895% 5,000,000.0000 A2 A- 100.39 4,821,910.00 5,019,450.00 Fixed Income 09247XAL5 BLACKROCK INC 3.500% 3/18/24 3.4309% 1,000,000.0000 AA3 AA- 102.02 1,036,330.00 1,020,150.00 Fixed Income 65558UBJ0 NORDEA BK ABP C D 0.210% 5/16/22 0.2101% 3,000,000.0000 99.95 3,000,300.89 2,998,440.00 Fixed Income 65558UDC3 NORDEA BK ABP C D 0.190% 6/24/22 0.1903%1,500,000.0000 99.86 1,498,165.95 1,497,855.00 Fixed Income 65558UBJ0 NORDEA BK ABP C D 0.210% 5/16/22 0.2101% 7,000,000.0000 99.95 7,000,702.07 6,996,360.00 Fixed Income 78013XZU5 ROYAL BANK OF MTN 2.550% 7/16/24 2.5616% 6,500,000.0000 A1 A 99.55 6,581,445.00 6,470,555.00 Fixed Income 4581X0DV7 INTER AMER BK M T N 0.875% 4/20/26 0.9380% 13,370,000.0000 AAA AAA 93.28 13,308,765.40 12,471,536.00 Fixed Income 459058JB0 INTL BK M T N 0.626% 4/22/25 0.6637% 6,245,000.0000 AAA AAA 94.32 6,220,831.85 5,890,533.80 Fixed Income 459058JL8 INTL BK M T N 0.500% 10/28/25 0.5389% 15,000,000.0000 AAA AAA 92.78 14,964,951.60 13,917,450.00 Fixed Income 89114QCA4 TORONTO DOMINION MTN 2.650% 6/12/24 2.6534% 3,000,000.0000 A1 A 99.87 3,000,570.00 2,996,100.00 Fixed Income 4581X0CZ9 INTER AMER DEV BK 1.750% 9/14/22 1.7498% 6,500,000.0000 AAA AAA 100.01 6,249,655.00 6,500,910.00 Fixed Income 4581X0DN5 INTER AMER BK M T N 0.625% 7/15/25 0.6665% 5,050,000.0000 AAA AAA 93.77 5,071,967.50 4,735,587.00 Fixed Income 4581X0DZ8 INTER AMER BK M T N 0.500% 9/23/24 0.5251% 10,775,000.0000 AAA AAA 95.22 10,767,026.50 10,259,524.00 Fixed Income 91324PEC2 UNITEDHEALTH 1.150% 5/15/26 1.2376% 4,000,000.0000 A3 A+ 92.92 3,904,703.05 3,716,960.00 Fixed Income 58933YAF2 MERCK CO INC 2.800% 5/18/23 2.7785% 2,000,000.0000 A1 A+ 100.78 1,948,640.00 2,015,500.00 Fixed Income 24422EUM9 JOHN DEERE MTN 3.650% 10/12/23 3.5784% 1,250,000.0000 A2 A 102.00 1,250,237.50 1,275,012.50 Fixed Income 037833CU2 APPLE INC 2.850% 5/11/24 2.8267% 3,000,000.0000 AAA AA+ 100.82 3,017,760.00 3,024,720.00 Fixed Income 458140BD1 INTEL CORP 2.875% 5/11/24 2.8539% 5,000,000.0000 A1 A+ 100.74 5,025,900.00 5,037,000.00 Fixed Income 037833AZ3 APPLE INC 2.500% 2/09/25 2.5061% 3,922,000.0000 AAA AA+ 99.76 4,154,496.16 3,912,430.32 Fixed Income 747525AF0 QUALCOMM INC 3.450% 5/20/25 3.3972% 8,000,000.0000 A2 A 101.55 8,479,891.80 8,124,240.00 Fixed Income 525ESC0Y6 LEHMAN BRTH HLD ESC 0.0000% 2,000,000.0000 - 1,017,827.66 - Fixed Income 47787NAC3 JOHN DEERE OWNER 0.510% 11/15/24 0.5158% 1,227,946.4800 AAA N/A 98.89 1,227,759.34 1,214,254.88 Fixed Income 3137BSRE5 F H L M C MLTCL MTG 3.120% 9/25/26 3.0780% 5,000,000.0000 N/A AAA 101.36 5,214,062.50 5,068,200.00 Fixed Income 47789QAC4 JOHN DEERE OWN 0.520% 3/16/26 0.5429% 2,820,000.0000 AAA N/A 95.79 2,819,748.46 2,701,278.00 Fixed Income 65479JAD5 NISSAN AUTO 1.930% 7/15/24 1.9263% 2,050,972.0800 AAA AAA 100.19 2,050,863.79 2,054,950.97 Fixed Income 89237VAB5 TOYOTA AUTO RECV 0.440% 10/15/24 0.4441% 2,544,518.2700 AAA AAA 99.08 2,544,322.34 2,521,006.92 Fixed Income 362554AC1 GM FIN CONS AUTO 0.680% 9/16/26 0.7040% 1,705,000.0000 AAA AAA 96.59 1,704,956.52 1,646,876.55 Fixed Income 44934KAC8 HTUNDAI AUTO REC TR 0.380% 1/15/26 0.3929%6,040,000.0000 N/A AAA 96.71 6,038,666.97 5,841,344.40 Fixed Income 44933LAC7 HYUNDAI AUTO REC 0.380% 9/15/25 0.3898% 2,100,000.0000 N/A AAA 97.50 2,099,779.08 2,047,395.00 Fixed Income 36225CC20 G N M A I I #080088 2.000% 6/20/27 1.9889% 6,045.9800 N/A N/A 100.56 6,178.23 6,079.60 Fixed Income 89239CAC3 TOYOTA LEASE OWNER 0.420% 10/21/24 0.4328% 3,185,000.0000 AAA N/A 97.05 3,184,957.00 3,091,010.65 Fixed Income 03215PFN4 AMRESCO 1.44315% 6/25/29 1.4861% 116,624.7700 N/A BBB 97.11 87,577.91 113,256.65 Fixed Income 31348SWZ3 F H L M C #786064 2.262% 1/01/28 2.2635% 1,251.8900 N/A N/A 99.93 1,221.40 1,251.06 Fixed Income 31403GXF4 F N M A #748678 5.000% 10/01/33 4.7270% 775.5100 N/A N/A 105.78 833.66 820.30 Fixed Income 31406PQY8 F N M A #815971 5.000% 3/01/35 4.6239% 75,399.6800 N/A N/A 108.13 81,054.67 81,532.69 Fixed Income 31406XWT5 F N M A #823358 1.966% 2/01/35 1.9099% 45,598.0800 N/A N/A 102.94 45,241.84 46,936.84 Fixed Income 31407BXH7 F N M A #826080 5.000% 7/01/35 4.6237% 9,932.6400 N/A N/A 108.14 10,677.57 10,740.96 2 of 5 U.S. Bank Investment Listing - Yield As of 03/31/2022 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 31410F4V4 F N M A #888336 5.000% 7/01/36 4.6240% 82,460.0900 N/A N/A 108.13 88,644.61 89,165.74 Fixed Income 36225CN28 G N M A I I #080408 1.875% 5/20/30 1.8275% 28,525.0500 N/A N/A 102.60 28,235.33 29,266.99 Fixed Income 36225DCB8 G N M A I I #080965 1.625% 7/20/34 1.5856% 24,015.2100 N/A N/A 102.49 24,000.20 24,612.23 Fixed Income 44935FAD6 HYUNDAI AUTO REC TR 0.740% 5/15/26 0.7702%1,600,000.0000 N/A AAA 96.07 1,599,642.88 1,537,168.00 Fixed Income 3137BFE98 F H L B GTD REMIC 3.171% 10/25/24 3.1370% 5,000,000.0000 N/A N/A 101.08 5,378,515.62 5,054,150.00 Fixed Income 43815GAC3 HONDA AUTO REC 0.880% 1/21/26 0.9091% 2,290,000.0000 AAA N/A 96.80 2,289,517.27 2,216,697.10 Fixed Income 3133TCE95 F H L M C MLTCL MTG 3.769% 8/15/32 3.7463% 3,373.7500 N/A N/A 100.61 3,377.29 3,394.23 Fixed Income 44891VAC5 HYUNDAI AUTO LEASE 0.330% 6/17/24 0.3372% 4,155,000.0000 AAA AAA 97.85 4,154,376.75 4,065,833.70 Fixed Income 58770FAC6 MERCEDES BENZ AUTO 1.840% 12/15/22 1.8394% 250,596.3200 AAA AAA 100.03 250,563.29 250,679.02 Fixed Income 05601XAC3 BMW VEHICLE LEASE 1.100% 3/25/25 1.1281%2,400,000.0000 N/A AAA 97.51 2,399,641.20 2,340,192.00 Fixed Income 380146AC4 GM FIN CONS AUTO 1.260% 11/16/26 1.3021% 1,590,000.0000 N/A AAA 96.77 1,589,861.83 1,538,579.40 Fixed Income 44891WAC3 HYUNDAI AUTO LEASE 1.160% 1/15/25 1.1881% 2,895,000.0000 AAA AAA 97.64 2,894,936.02 2,826,533.25 Fixed Income 31403DJZ3 F N M A #745580 5.000% 6/01/36 4.6249% 49,764.7500 N/A N/A 108.11 53,497.10 53,800.67 Fixed Income 58769KAD6 MERCEDES BENZ AUTO 0.400% 11/15/24 0.4105% 3,315,000.0000 N/A AAA 97.45 3,314,749.72 3,230,434.35 Fixed Income 43813KAC6 HONDA AUTO 0.370% 10/18/24 0.3747% 3,235,000.0000 N/A AAA 98.74 3,234,524.78 3,194,239.00 Fixed Income 43813GAC5 HONDA AUTO 0.270% 4/21/25 0.2758% 1,605,000.0000 AAA N/A 97.91 1,604,970.63 1,571,455.50 Fixed Income 47788UAC6 JOHN DEERE OWNER 0.360% 9/15/25 0.3717% 2,300,000.0000 AAA N/A 96.84 2,299,557.94 2,227,412.00 Fixed Income 43815BAC4 HONDA AUTO REC OWN 1.880% 5/15/26 1.9152% 3,930,000.0000 AAA AAA 98.16 3,929,408.93 3,857,727.30 Fixed Income 36265MAC9 GM FIN AUTO LSNG TR 1.900% 3/20/25 1.9234% 5,020,000.0000 AAA N/A 98.78 5,019,956.83 4,958,806.20 Fixed Income 09690AAC7 BMW VEHICLE LEASE 0.330% 12/26/24 0.3385% 2,070,000.0000 AAA N/A 97.48 2,069,786.38 2,017,877.40 Fixed Income 89238LAC4 TOYOTA LEASE OWNER 1.960% 2/20/25 1.9946%6,125,000.0000 N/A AAA 98.26 6,124,035.93 6,018,670.00 Fixed Income 448977AD0 HYUNDAI AUTO REC 2.146% 10/15/26 2.1742% 4,300,000.0000 N/A AAA 98.70 4,299,834.45 4,244,143.00 Fixed Income 47787JAC2 JOHN DEERE OWNER 2.24267% 9/15/26 2.2733% 3,010,000.0000 AAA N/A 98.65 3,009,334.19 2,969,395.10 Fixed Income 36225CAZ9 G N M A I I #080023 1.755% 12/20/26 1.7103% 8,494.3500 N/A N/A 102.61 8,634.67 8,716.39 Fixed Income 31394JY35 F H L M C MLTCL MT 9.50001% 9/25/43 8.8436% 454,861.3000 N/A N/A 107.42 515,130.42 488,621.11 Fixed Income 31371NUC7 F N M A #257179 4.500% 4/01/28 4.3421% 6,308.9800 N/A N/A 103.64 6,672.38 6,538.44 Fixed Income 31397QRE0 F N M A GTD REMIC 2.472% 2/25/41 1.1179% 88,148.9000 N/A N/A 101.67 88,121.38 89,619.22 Fixed Income 78445JAA5 S L M A 1.75771% 4/25/23 1.7547% 9,188.6800 BA3 B 100.17 9,151.39 9,204.67 Fixed Income 3138EG6F6 F N M A #AL0869 4.500% 6/01/29 4.3414% 4,549.1700 N/A N/A 103.65 4,811.20 4,715.35 Fixed Income 31376KT22 F N M A #357969 5.000% 9/01/35 4.6198% 54,002.9900 N/A N/A 108.23 58,053.21 58,447.44 Fixed Income 31417YAY3 F N M A #MA0022 4.500% 4/01/29 4.3408% 7,792.2300 N/A N/A 103.67 8,241.04 8,078.05 Fixed Income 59217GEE5 MET LIFE GLOB MTN 1.950% 1/13/23 1.9498% 2,255,000.0000 AA3 AA- 100.01 2,259,126.65 2,255,270.60 Fixed Income 40139LBD4 GUARDIAN LIFE MTN 1.250% 5/13/26 1.3513% 3,250,000.0000 AA2 AA+ 92.51 3,124,290.00 3,006,445.00 Fixed Income 59217GER6 MET LIFE GLOB MTN 1.875% 1/11/27 1.9959% 5,920,000.0000 AA3 AA- 93.94 5,913,251.20 5,561,484.80 Fixed Income 58989V2D5 MET TOWER MTN 1.250% 9/14/26 1.3544% 3,745,000.0000 AA3 AA- 92.30 3,741,554.60 3,456,447.75 Fixed Income 06417MNK7 BANK NOVA C D 0.220% 4/08/22 0.2200% 3,000,000.0000 100.00 3,000,000.00 2,999,940.00 Fixed Income 89114W7M1 TORONTO C D 0.240% 4/28/22 0.2400% 2,000,000.0000 99.99 1,999,999.94 1,999,860.00 Fixed Income 86959RQE3 SVENSKA C D 0.230% 5/10/22 0.2301% 3,000,000.0000 99.97 3,001,280.93 2,999,010.00 Fixed Income 06417MPK5 BANK NOVA C D 0.220% 5/13/22 0.2201% 2,000,000.0000 99.97 1,998,885.30 1,999,300.00 Fixed Income 21684XUU8 COOPERATIEVE C D 0.330% 7/18/22 0.3306% 3,000,000.0000 99.83 3,000,000.00 2,994,930.00 Fixed Income 78012U3M5 ROYAL BK CDA N Y C D 1.350% 2/14/23 1.3571% 3,000,000.0000 99.48 3,000,000.00 2,984,280.00 Fixed Income 86959RTW0 SVENSKA C D 0.255% 10/14/22 0.2567% 6,000,000.0000 99.32 6,000,302.58 5,959,440.00 3 of 5 U.S. Bank Investment Listing - Yield As of 03/31/2022 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 06417MQL2 BANK NOVA C D 0.200% 6/23/22 0.2004% 5,000,000.0000 99.82 4,999,999.61 4,991,150.00 Fixed Income 9128286M7 U S TREASURY NT 2.250% 4/15/22 2.2483% 7,500,000.0000 WR N/A 100.08 7,657,324.22 7,505,625.00 Fixed Income 91282CAC5 U S TREASURY NT 0.125% 7/31/22 0.1253%35,000,000.0000 AAA N/A 99.77 34,976,757.81 34,920,550.00 Fixed Income 912828ZM5 U S TREASURY NT 0.125% 4/30/22 0.1250%25,000,000.0000 AAA N/A 99.99 25,014,746.10 24,996,750.00 Fixed Income 912828ZX1 U S TREASURY NT 0.125% 6/30/22 0.1251% 7,000,000.0000 AAA N/A 99.89 6,998,750.00 6,992,090.00 Fixed Income 912828WJ5 U S TREASURY NT 2.500% 5/15/24 2.4948% 7,000,000.0000 AAA N/A 100.21 7,193,046.88 7,014,490.00 Fixed Income 912828U57 U S TREASURY NT 2.125% 11/30/23 2.1280%15,000,000.0000 AAA N/A 99.86 14,723,632.81 14,978,850.00 Fixed Income 91282CBA8 U S TREASURY NT 0.125% 12/15/23 0.1296% 6,500,000.0000 AAA N/A 96.47 6,491,367.19 6,270,485.00 Fixed Income 912828V80 U S TREASURY NT 2.250% 1/31/24 2.2524% 7,500,000.0000 AAA 99.90 7,491,503.91 7,492,125.00 Fixed Income 912828W48 U S TREASURY NT 2.125% 2/29/24 2.1327%10,000,000.0000 AAA N/A 99.64 9,911,718.75 9,964,100.00 Fixed Income 91282CDG3 U S TREASURY NT 1.125% 10/31/26 1.1960% 19,250,000.0000 N/A N/A 94.06 19,119,013.68 18,107,127.50 Fixed Income 912828ZL7 U S TREASURY NT 0.375% 4/30/25 0.4005%12,000,000.0000 AAA N/A 93.64 11,998,515.63 11,236,440.00 Fixed Income 91282CBC4 U S TREASURY NT 0.375% 12/31/25 0.4061%10,000,000.0000 AAA N/A 92.34 9,943,320.32 9,234,000.00 Fixed Income 912828XX3 U S TREASURY NT 2.000% 6/30/24 2.0185% 5,000,000.0000 AAA N/A 99.08 5,028,710.94 4,954,100.00 Fixed Income 91282CCF6 U S TREASURY NT 0.750% 5/31/26 0.8064% 7,500,000.0000 AAA N/A 93.01 7,443,750.00 6,975,600.00 Fixed Income 36225CNM4 G N M A I I #080395 1.875% 4/20/30 1.8284% 3,287.5400 N/A N/A 102.55 3,257.73 3,371.37 Fixed Income 91282CDR9 U S TREASURY NT 0.750% 12/31/23 0.7700% 7,500,000.0000 AAA N/A 97.41 7,500,292.97 7,305,450.00 Fixed Income 9128283J7 U S TREASURY NT 2.125% 11/30/24 2.1460%16,500,000.0000 AAA N/A 99.02 16,783,886.72 16,338,795.00 Fixed Income 91282CCW9 U S TREASURY NT 0.750% 8/31/26 0.8092% 8,000,000.0000 AAA N/A 92.68 7,874,375.01 7,414,720.00 Fixed Income 91282CAM3 U S TREASURY NT 0.250% 9/30/25 0.2706% 6,500,000.0000 AAA N/A 92.38 6,477,656.25 6,004,375.00 Fixed Income 91282CBH3 U S TREASURY NT 0.375% 1/31/26 0.4070%18,000,000.0000 AAA N/A 92.14 17,781,875.00 16,584,660.00 Fixed Income 91282CBG5 U S TREASURY NT 0.125% 1/31/23 0.1265% 7,000,000.0000 AAA N/A 98.82 6,998,632.82 6,917,120.00 Fixed Income 9128284D9 U S TREASURY NT 2.500% 3/31/23 2.4810%10,000,000.0000 AAA N/A 100.77 9,887,265.63 10,076,600.00 Fixed Income 912828Z78 U S TREASURY NT 1.500% 1/31/27 1.5696%11,500,000.0000 AAA N/A 95.56 11,276,464.84 10,989,745.00 Fixed Income 912828YH7 U S TREASURY NT 1.500% 9/30/24 1.5362%14,000,000.0000 AAA N/A 97.65 13,859,296.88 13,670,300.00 Fixed Income 91282CBT7 U S TREASURY NT 0.750% 3/31/26 0.8043%10,000,000.0000 AAA N/A 93.25 9,943,359.37 9,325,400.00 Fixed Income 91282CCX7 U S TREASURY NT 0.375% 9/15/24 0.3947%10,500,000.0000 AAA N/A 95.00 10,377,363.28 9,975,420.00 Fixed Income 912828R69 U S TREASURY NT 1.625% 5/31/23 1.6302% 5,000,000.0000 AAA N/A 99.68 4,757,226.56 4,984,000.00 Fixed Income 912828WU0 U S TREASURY I P S 0.125% 7/15/24 0.1191%12,310,792.0000 AAA N/A 104.94 12,166,072.09 12,919,068.23 Fixed Income 06406RAM9 BANK OF NY MTN 1.850% 1/27/23 1.8487% 1,585,000.0000 A1 A 100.07 1,589,501.40 1,586,077.80 Fixed Income 3135G05G4 F N M A 0.250% 7/10/23 0.2559% 6,775,000.0000 AAA AA+ 97.71 6,760,433.75 6,619,581.50 Fixed Income 3133EKWV4 F F C B DEB 1.850% 7/26/24 1.8689% 5,000,000.0000 AAA AA+ 98.99 5,048,280.00 4,949,550.00 Fixed Income 3130A1XJ2 F H L B 2.875% 6/14/24 2.8486% 11,110,000.0000 AAA AA+ 100.93 11,589,031.30 11,212,767.50 Fixed Income 3137EAEU9 F H L M C M T N 0.375% 7/21/25 0.4026% 5,030,000.0000 AAA AA+ 93.14 5,004,950.60 4,684,690.50 Fixed Income 3135G03U5 F N M A DEB 0.625% 4/22/25 0.6618% 14,000,000.0000 AAA AA+ 94.44 13,996,711.60 13,221,040.00 Fixed Income 3130A2UW4 F H L B DEB 2.875% 9/13/24 2.8478% 2,500,000.0000 AAA AA+ 100.96 2,635,950.00 2,523,875.00 Fixed Income 3135G06G3 F N M A 0.500% 11/07/25 0.5371% 8,255,000.0000 AAA AA+ 93.10 8,225,447.10 7,685,239.90 Fixed Income 3135G05X7 F N M A 0.375% 8/25/25 0.4030% 7,945,000.0000 AAA AA+ 93.06 7,907,817.40 7,393,855.35 Fixed Income 3135G0X24 F N M A 1.625% 1/07/25 1.6645% 10,000,000.0000 AAA AA+ 97.63 10,157,936.40 9,762,900.00 Fixed Income 3135G0T94 F N M A DEB 2.375% 1/19/23 2.3596% 5,000,000.0000 AAA AA+ 100.65 4,910,990.00 5,032,600.00 Fixed Income 3135G04Z3 F N M A 0.500% 6/17/25 0.5335% 9,905,000.0000 AAA AA+ 93.72 9,884,496.65 9,283,065.05 Fixed Income 3130A4CH3 F H L B DEB 2.375% 3/14/25 2.3816% 5,225,000.0000 AAA AA+ 99.72 5,526,848.25 5,210,474.50 4 of 5 U.S. Bank Investment Listing - Yield As of 03/31/2022 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 3135G0V34 F N M A 2.500% 2/05/24 2.4891% 5,000,000.0000 AAA AA+ 100.44 4,980,850.00 5,021,850.00 Fixed Income 3137EAEN5 F H L M C 2.750% 6/19/23 2.7251% 10,000,000.0000 AAA AA+ 100.91 9,956,500.00 10,091,300.00 Fixed Income 3137EAEX3 F H L M C M T N 0.375% 9/23/25 0.4040% 7,660,000.0000 AAA AA+ 92.81 7,636,943.40 7,109,399.20 Fixed Income 3137EAEP0 F H L M C 1.500% 2/12/25 1.5431% 12,335,000.0000 AAA AA+ 97.21 12,510,182.05 11,990,483.45 Fixed Income 313383QR5 F H L B DEB 3.250% 6/09/23 3.2045% 5,000,000.0000 AAA AA+ 101.42 5,083,350.00 5,070,950.00 Fixed Income 313383YJ4 F H L B DEB 3.375% 9/08/23 3.3155% 10,000,000.0000 AAA AA+ 101.79 10,211,831.00 10,179,400.00 Fixed Income 3130A0F70 F H L B DEB 3.375% 12/08/23 3.3169% 10,000,000.0000 AAA AA+ 101.75 10,269,043.75 10,175,300.00 Total Consolidated 873,236,543.47 5 of 5 U.S. Bank Asset Detail - Consolidated As of 03/31/2022 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 1.00 3,391,537.4900 3,391,537.49 3,391,537.49 0.39 - 31846V567 FIRST AM GOVT OB FD CL Z 1.00 1,188,487.1100 1,188,487.11 1,188,487.11 0.14 - 912796U23 U S TREASURY BILL 4/26/22 99.99 10,000,000.0000 9,996,463.06 9,999,100.00 1.15 2,636.94 912796R43 U S TREASURY BILL 6/23/22 99.89 10,000,000.0000 9,990,904.17 9,989,300.00 1.14 (1,604.17) 912796R50 U S TREASURY BILL 6/30/22 99.87 13,000,000.0000 12,986,494.08 12,983,360.00 1.49 (3,134.08) 912796X20 U S TREASURY BILL 7/19/22 99.80 2,500,000.0000 2,494,714.69 2,494,900.00 0.29 185.31 912796S59 U S TREASURY BILL 7/28/22 99.75 10,000,000.0000 9,974,739.48 9,975,300.00 1.14 560.52 Cash Equivalents Total 50,080,024.6000 50,023,340.08 50,021,984.60 5.73 (1,355.48) Fixed Income 00440EAS6 ACE INA HOLDING 3.150% 3/15/25 101.06 2,000,000.0000 2,203,740.00 2,021,220.00 0.23 (182,520.00) 00440EAU1 ACE INA HOLDINGS 2.875% 11/03/22 100.60 4,169,000.0000 4,232,453.17 4,194,014.00 0.48 (38,439.17) 023135BW5 AMAZON COM INC 0.450% 5/12/24 96.26 5,490,000.0000 5,481,984.60 5,284,674.00 0.61 (197,310.60) 02665WEA5 AMERICAN HONDA MTN 1.500% 1/13/25 96.35 6,000,000.0000 5,979,632.85 5,781,060.00 0.66 (198,572.85) 02665WDF5 AMERICAN HONDA MTN 1.950% 5/20/22 100.06 2,000,000.0000 2,032,780.00 2,001,240.00 0.23 (31,540.00) 02665WCZ2 AMERICAN HONDA MTN 2.400% 6/27/24 99.30 1,219,000.0000 1,213,843.63 1,210,430.43 0.14 (3,413.20) 02665WCJ8 AMERICAN HONDA MTN 3.450% 7/14/23 101.24 845,000.0000 843,538.15 855,435.75 0.10 11,897.60 02665WCQ2 AMERICAN HONDA MTN 3.625% 10/10/23 101.35 2,000,000.0000 1,998,320.00 2,026,900.00 0.23 28,580.00 03215PFN4 AMRESCO 1.44315% 6/25/29 97.11 116,624.7700 87,577.91 113,256.65 0.01 25,678.74 037833AZ3 APPLE INC 2.500% 2/09/25 99.76 3,922,000.0000 4,154,496.16 3,912,430.32 0.45 (242,065.84) 037833CU2 APPLE INC 2.850% 5/11/24 100.82 3,000,000.0000 3,017,760.00 3,024,720.00 0.35 6,960.00 06051GJD2 BANK AMER CORP MTN 1.319% 6/19/26 93.72 2,250,000.0000 2,254,432.50 2,108,632.50 0.24 (145,800.00) 06417MQL2 BANK NOVA C D 0.200% 6/23/22 99.82 5,000,000.0000 4,999,999.61 4,991,150.00 0.57 (8,849.61) 06417MNK7 BANK NOVA C D 0.220% 4/08/22 100.00 3,000,000.0000 3,000,000.00 2,999,940.00 0.34 (60.00) 06417MPK5 BANK NOVA C D 0.220% 5/13/22 99.97 2,000,000.0000 1,998,885.30 1,999,300.00 0.23 414.70 06051GHF9 BANK OF AMERICA 3.550% 3/05/24 100.57 6,675,000.0000 6,770,625.75 6,713,114.25 0.77 (57,511.50) 06051GHY8 BANK OF AMERICAN MTN 2.015% 2/13/26 96.26 2,500,000.0000 2,583,450.00 2,406,375.00 0.28 (177,075.00) 06368FAC3 BANK OF MONTREAL MTN 1.250% 9/15/26 91.80 3,000,000.0000 2,994,647.40 2,754,060.00 0.32 (240,587.40) 06367WB85 BANK OF MONTREAL MTN 1.850% 5/01/25 96.10 7,000,000.0000 7,226,940.00 6,727,070.00 0.77 (499,870.00) 06406RAM9 BANK OF NY MTN 1.850% 1/27/23 100.07 1,585,000.0000 1,589,501.40 1,586,077.80 0.18 (3,423.60) 06406RAE7 BANK OF NY MTN 2.950% 1/29/23 100.89 2,500,000.0000 2,489,555.00 2,522,225.00 0.29 32,670.00 05531FBG7 BB T CORPORATION MTN 3.050% 6/20/22 100.23 2,000,000.0000 2,049,420.00 2,004,620.00 0.23 (44,800.00) 084664CZ2 BERKSHIRE HATHAWAY 2.300% 3/15/27 97.94 6,875,000.0000 6,873,693.75 6,733,306.25 0.77 (140,387.50) 084670BR8 BERKSHIRE HATHAWAY 2.750% 3/15/23 100.70 2,500,000.0000 2,440,950.00 2,517,425.00 0.29 76,475.00 084664BT7 BERKSHIRE HATHAWAY 3.000% 5/15/22 100.24 4,000,000.0000 4,131,120.00 4,009,400.00 0.46 (121,720.00) 09247XAL5 BLACKROCK INC 3.500% 3/18/24 102.02 1,000,000.0000 1,036,330.00 1,020,150.00 0.12 (16,180.00) 09690AAC7 BMW VEHICLE LEASE 0.330% 12/26/24 97.48 2,070,000.0000 2,069,786.38 2,017,877.40 0.23 (51,908.98) 05601XAC3 BMW VEHICLE LEASE 1.100% 3/25/25 97.51 2,400,000.0000 2,399,641.20 2,340,192.00 0.27 (59,449.20) 808513BY0 CHARLES SCHWAB CORP 2.450% 3/03/27 97.08 2,325,000.0000 2,322,489.00 2,257,040.25 0.26 (65,448.75) 808513AT2 CHARLES SCHWAB CORP 2.650% 1/25/23 100.73 6,750,000.0000 6,729,480.00 6,799,072.50 0.78 69,592.50 166764AH3 CHEVRON CORP 3.191% 6/24/23 101.08 3,500,000.0000 3,441,095.00 3,537,940.00 0.41 96,845.00 1 of 5 +-+- +-+- U.S. Bank Asset Detail - Consolidated As of 03/31/2022 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 00440EAP2 CHUBB INA HLDGS INC 2.700% 3/13/23 100.58 2,000,000.0000 1,937,000.00 2,011,640.00 0.23 74,640.00 21684XUU8 COOPERATIEVE C D 0.330% 7/18/22 99.83 3,000,000.0000 3,000,000.00 2,994,930.00 0.34 (5,070.00) 3133EKWV4 F F C B DEB 1.850% 7/26/24 98.99 5,000,000.0000 5,048,280.00 4,949,550.00 0.57 (98,730.00) 3130A1XJ2 F H L B 2.875% 6/14/24 100.93 11,110,000.0000 11,589,031.30 11,212,767.50 1.28 (376,263.80) 3130A4CH3 F H L B DEB 2.375% 3/14/25 99.72 5,225,000.0000 5,526,848.25 5,210,474.50 0.60 (316,373.75) 3130A2UW4 F H L B DEB 2.875% 9/13/24 100.96 2,500,000.0000 2,635,950.00 2,523,875.00 0.29 (112,075.00) 313383QR5 F H L B DEB 3.250% 6/09/23 101.42 5,000,000.0000 5,083,350.00 5,070,950.00 0.58 (12,400.00) 313383YJ4 F H L B DEB 3.375% 9/08/23 101.79 10,000,000.0000 10,211,831.00 10,179,400.00 1.17 (32,431.00) 3130A0F70 F H L B DEB 3.375% 12/08/23 101.75 10,000,000.0000 10,269,043.75 10,175,300.00 1.17 (93,743.75) 3137BFE98 F H L B GTD REMIC 3.171% 10/25/24 101.08 5,000,000.0000 5,378,515.62 5,054,150.00 0.58 (324,365.62) 3137EAEP0 F H L M C 1.500% 2/12/25 97.21 12,335,000.0000 12,510,182.05 11,990,483.45 1.37 (519,698.60) 3137EAEN5 F H L M C 2.750% 6/19/23 100.91 10,000,000.0000 9,956,500.00 10,091,300.00 1.16 134,800.00 3137EAEU9 F H L M C M T N 0.375% 7/21/25 93.14 5,030,000.0000 5,004,950.60 4,684,690.50 0.54 (320,260.10) 3137EAEX3 F H L M C M T N 0.375% 9/23/25 92.81 7,660,000.0000 7,636,943.40 7,109,399.20 0.81 (527,544.20) 31348SWZ3 F H L M C #786064 2.262% 1/01/28 99.93 1,251.8900 1,221.40 1,251.06 0.00 29.66 31394JY35 F H L M C MLTCL MT 9.50001% 9/25/43 107.42 454,861.3000 515,130.42 488,621.11 0.06 (26,509.31) 3137BSRE5 F H L M C MLTCL MTG 3.120% 9/25/26 101.36 5,000,000.0000 5,214,062.50 5,068,200.00 0.58 (145,862.50) 3133TCE95 F H L M C MLTCL MTG 3.769% 8/15/32 100.61 3,373.7500 3,377.29 3,394.23 0.00 16.94 3135G05G4 F N M A 0.250% 7/10/23 97.71 6,775,000.0000 6,760,433.75 6,619,581.50 0.76 (140,852.25) 3135G05X7 F N M A 0.375% 8/25/25 93.06 7,945,000.0000 7,907,817.40 7,393,855.35 0.85 (513,962.05) 3135G04Z3 F N M A 0.500% 6/17/25 93.72 9,905,000.0000 9,884,496.65 9,283,065.05 1.06 (601,431.60) 3135G06G3 F N M A 0.500% 11/07/25 93.10 8,255,000.0000 8,225,447.10 7,685,239.90 0.88 (540,207.20) 3135G0X24 F N M A 1.625% 1/07/25 97.63 10,000,000.0000 10,157,936.40 9,762,900.00 1.12 (395,036.40) 3135G0V34 F N M A 2.500% 2/05/24 100.44 5,000,000.0000 4,980,850.00 5,021,850.00 0.58 41,000.00 31371NUC7 F N M A #257179 4.500% 4/01/28 103.64 6,308.9800 6,672.38 6,538.44 0.00 (133.94) 31376KT22 F N M A #357969 5.000% 9/01/35 108.23 54,002.9900 58,053.21 58,447.44 0.01 394.23 31403DJZ3 F N M A #745580 5.000% 6/01/36 108.11 49,764.7500 53,497.10 53,800.67 0.01 303.57 31403GXF4 F N M A #748678 5.000% 10/01/33 105.78 775.5100 833.66 820.30 0.00 (13.36) 31406PQY8 F N M A #815971 5.000% 3/01/35 108.13 75,399.6800 81,054.67 81,532.69 0.01 478.02 31406XWT5 F N M A #823358 1.966% 2/01/35 102.94 45,598.0800 45,241.84 46,936.84 0.01 1,695.00 31407BXH7 F N M A #826080 5.000% 7/01/35 108.14 9,932.6400 10,677.57 10,740.96 0.00 63.39 31410F4V4 F N M A #888336 5.000% 7/01/36 108.13 82,460.0900 88,644.61 89,165.74 0.01 521.13 3138EG6F6 F N M A #AL0869 4.500% 6/01/29 103.65 4,549.1700 4,811.20 4,715.35 0.00 (95.85) 31417YAY3 F N M A #MA0022 4.500% 4/01/29 103.67 7,792.2300 8,241.04 8,078.05 0.00 (162.99) 3135G03U5 F N M A DEB 0.625% 4/22/25 94.44 14,000,000.0000 13,996,711.60 13,221,040.00 1.51 (775,671.60) 3135G0T94 F N M A DEB 2.375% 1/19/23 100.65 5,000,000.0000 4,910,990.00 5,032,600.00 0.58 121,610.00 31397QRE0 F N M A GTD REMIC 2.472% 2/25/41 101.67 88,148.9000 88,121.38 89,619.22 0.01 1,497.84 36225CAZ9 G N M A I I #080023 1.755% 12/20/26 102.61 8,494.3500 8,634.67 8,716.39 0.00 81.72 36225CC20 G N M A I I #080088 2.000% 6/20/27 100.56 6,045.9800 6,178.23 6,079.60 0.00 (98.63) 36225CNM4 G N M A I I #080395 1.875% 4/20/30 102.55 3,287.5400 3,257.73 3,371.37 0.00 113.64 36225CN28 G N M A I I #080408 1.875% 5/20/30 102.60 28,525.0500 28,235.33 29,266.99 0.00 1,031.66 36225DCB8 G N M A I I #080965 1.625% 7/20/34 102.49 24,015.2100 24,000.20 24,612.23 0.00 612.03 2 of 5 U.S. Bank Asset Detail - Consolidated As of 03/31/2022 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 36265MAC9 GM FIN AUTO LSNG TR 1.900% 3/20/25 98.78 5,020,000.0000 5,019,956.83 4,958,806.20 0.57 (61,150.63) 362554AC1 GM FIN CONS AUTO 0.680% 9/16/26 96.59 1,705,000.0000 1,704,956.52 1,646,876.55 0.19 (58,079.97) 380146AC4 GM FIN CONS AUTO 1.260% 11/16/26 96.77 1,590,000.0000 1,589,861.83 1,538,579.40 0.18 (51,282.43) 40139LBD4 GUARDIAN LIFE MTN 1.250% 5/13/26 92.51 3,250,000.0000 3,124,290.00 3,006,445.00 0.34 (117,845.00) 43813GAC5 HONDA AUTO 0.270% 4/21/25 97.91 1,605,000.0000 1,604,970.63 1,571,455.50 0.18 (33,515.13) 43813KAC6 HONDA AUTO 0.370% 10/18/24 98.74 3,235,000.0000 3,234,524.78 3,194,239.00 0.37 (40,285.78) 43815GAC3 HONDA AUTO REC 0.880% 1/21/26 96.80 2,290,000.0000 2,289,517.27 2,216,697.10 0.25 (72,820.17) 43815BAC4 HONDA AUTO REC OWN 1.880% 5/15/26 98.16 3,930,000.0000 3,929,408.93 3,857,727.30 0.44 (71,681.63) 438516CB0 HONEYWELL 1.350% 6/01/25 96.32 5,000,000.0000 5,119,000.00 4,816,200.00 0.55 (302,800.00) 44934KAC8 HTUNDAI AUTO REC TR 0.380% 1/15/26 96.71 6,040,000.0000 6,038,666.97 5,841,344.40 0.67 (197,322.57) 44891VAC5 HYUNDAI AUTO LEASE 0.330% 6/17/24 97.85 4,155,000.0000 4,154,376.75 4,065,833.70 0.47 (88,543.05) 44891WAC3 HYUNDAI AUTO LEASE 1.160% 1/15/25 97.64 2,895,000.0000 2,894,936.02 2,826,533.25 0.32 (68,402.77) 44933LAC7 HYUNDAI AUTO REC 0.380% 9/15/25 97.50 2,100,000.0000 2,099,779.08 2,047,395.00 0.23 (52,384.08) 448977AD0 HYUNDAI AUTO REC 2.146% 10/15/26 98.70 4,300,000.0000 4,299,834.45 4,244,143.00 0.49 (55,691.45) 44935FAD6 HYUNDAI AUTO REC TR 0.740% 5/15/26 96.07 1,600,000.0000 1,599,642.88 1,537,168.00 0.18 (62,474.88) 458140BD1 INTEL CORP 2.875% 5/11/24 100.74 5,000,000.0000 5,025,900.00 5,037,000.00 0.58 11,100.00 4581X0DZ8 INTER AMER BK M T N 0.500% 9/23/24 95.22 10,775,000.0000 10,767,026.50 10,259,524.00 1.17 (507,502.50) 4581X0DN5 INTER AMER BK M T N 0.625% 7/15/25 93.77 5,050,000.0000 5,071,967.50 4,735,587.00 0.54 (336,380.50) 4581X0DV7 INTER AMER BK M T N 0.875% 4/20/26 93.28 13,370,000.0000 13,308,765.40 12,471,536.00 1.43 (837,229.40) 4581X0CZ9 INTER AMER DEV BK 1.750% 9/14/22 100.01 6,500,000.0000 6,249,655.00 6,500,910.00 0.74 251,255.00 459058JL8 INTL BK M T N 0.500% 10/28/25 92.78 15,000,000.0000 14,964,951.60 13,917,450.00 1.59 (1,047,501.60) 459058JB0 INTL BK M T N 0.626% 4/22/25 94.32 6,245,000.0000 6,220,831.85 5,890,533.80 0.67 (330,298.05) 24422EUM9 JOHN DEERE MTN 3.650% 10/12/23 102.00 1,250,000.0000 1,250,237.50 1,275,012.50 0.15 24,775.00 47789QAC4 JOHN DEERE OWN 0.520% 3/16/26 95.79 2,820,000.0000 2,819,748.46 2,701,278.00 0.31 (118,470.46) 47788UAC6 JOHN DEERE OWNER 0.360% 9/15/25 96.84 2,300,000.0000 2,299,557.94 2,227,412.00 0.26 (72,145.94) 47787NAC3 JOHN DEERE OWNER 0.510% 11/15/24 98.89 1,227,946.4800 1,227,759.34 1,214,254.88 0.14 (13,504.46) 47787JAC2 JOHN DEERE OWNER 2.24267% 9/15/26 98.65 3,010,000.0000 3,009,334.19 2,969,395.10 0.34 (39,939.09) 46625HRL6 JP MORGAN CHASE CO 2.700% 5/18/23 100.39 5,000,000.0000 4,821,910.00 5,019,450.00 0.57 197,540.00 46647PBH8 JPMORGAN CHASE CO 2.005% 3/13/26 96.41 3,500,000.0000 3,602,345.00 3,374,245.00 0.39 (228,100.00) 46625HJH4 JPMORGAN CHASE CO 3.200% 1/25/23 101.05 2,000,000.0000 2,042,640.00 2,021,000.00 0.23 (21,640.00) 46647PAU0 JPMORGAN CHASE CO 3.797% 7/23/24 101.14 2,500,000.0000 2,632,175.00 2,528,450.00 0.29 (103,725.00) 525ESC0Y6 LEHMAN BRTH HLD ESC - 2,000,000.0000 1,017,827.66 - - (1,017,827.66) 525ESCIB7 LEHMAN BRTH MTN ES 0.00001% 1/24/13 0.52 600,000.0000 315,960.88 3,120.00 0.00 (312,840.88) 58769KAD6 MERCEDES BENZ AUTO 0.400% 11/15/24 97.45 3,315,000.0000 3,314,749.72 3,230,434.35 0.37 (84,315.37) 58770FAC6 MERCEDES BENZ AUTO 1.840% 12/15/22 100.03 250,596.3200 250,563.29 250,679.02 0.03 115.73 58933YAF2 MERCK CO INC 2.800% 5/18/23 100.78 2,000,000.0000 1,948,640.00 2,015,500.00 0.23 66,860.00 59217GER6 MET LIFE GLOB MTN 1.875% 1/11/27 93.94 5,920,000.0000 5,913,251.20 5,561,484.80 0.64 (351,766.40) 59217GEE5 MET LIFE GLOB MTN 1.950% 1/13/23 100.01 2,255,000.0000 2,259,126.65 2,255,270.60 0.26 (3,856.05) 58989V2D5 MET TOWER MTN 1.250% 9/14/26 92.30 3,745,000.0000 3,741,554.60 3,456,447.75 0.40 (285,106.85) 61747YEA9 MORGAN STANLEY 0.790% 5/30/25 95.00 8,885,000.0000 8,889,710.25 8,441,016.55 0.97 (448,693.70) 61744YAH1 MORGAN STANLEY 2.750% 5/19/22 100.17 2,000,000.0000 2,047,260.00 2,003,400.00 0.23 (43,860.00) 65479JAD5 NISSAN AUTO 1.930% 7/15/24 100.19 2,050,972.0800 2,050,863.79 2,054,950.97 0.24 4,087.18 3 of 5 U.S. Bank Asset Detail - Consolidated As of 03/31/2022 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 65558UDC3 NORDEA BK ABP C D 0.190% 6/24/22 99.86 1,500,000.0000 1,498,165.95 1,497,855.00 0.17 (310.95) 65558UBJ0 NORDEA BK ABP C D 0.210% 5/16/22 99.95 3,000,000.0000 3,000,300.89 2,998,440.00 0.34 (1,860.89) 65558UBJ0 NORDEA BK ABP C D 0.210% 5/16/22 99.95 7,000,000.0000 7,000,702.07 6,996,360.00 0.80 (4,342.07) 69353RFL7 PNC BANK NA MTN 3.500% 6/08/23 101.19 5,000,000.0000 4,993,318.05 5,059,700.00 0.58 66,381.95 747525AF0 QUALCOMM INC 3.450% 5/20/25 101.55 8,000,000.0000 8,479,891.80 8,124,240.00 0.93 (355,651.80) 78015K7H1 ROYAL BANK OF MTN 1.150% 6/10/25 94.37 4,000,000.0000 4,013,620.00 3,774,960.00 0.43 (238,660.00) 78013XZU5 ROYAL BANK OF MTN 2.550% 7/16/24 99.55 6,500,000.0000 6,581,445.00 6,470,555.00 0.74 (110,890.00) 78012U3M5 ROYAL BK CDA N Y C D 1.350% 2/14/23 99.48 3,000,000.0000 3,000,000.00 2,984,280.00 0.34 (15,720.00) 78445JAA5 S L M A 1.75771% 4/25/23 100.17 9,188.6800 9,151.39 9,204.67 0.00 53.28 79466LAG9 SALESFORCE COM INC 0.625% 7/15/24 95.75 1,350,000.0000 1,349,311.50 1,292,557.50 0.15 (56,754.00) 808513BN4 SCHWAB CHARLES 0.750% 3/18/24 96.68 2,785,000.0000 2,783,607.50 2,692,398.75 0.31 (91,208.75) 86959RQE3 SVENSKA C D 0.230% 5/10/22 99.97 3,000,000.0000 3,001,280.93 2,999,010.00 0.34 (2,270.93) 86959RTW0 SVENSKA C D 0.255% 10/14/22 99.32 6,000,000.0000 6,000,302.58 5,959,440.00 0.68 (40,862.58) 89114W7M1 TORONTO C D 0.240% 4/28/22 99.99 2,000,000.0000 1,999,999.94 1,999,860.00 0.23 (139.94) 89114TZN5 TORONTO DOMINION MTN 1.950% 1/12/27 94.71 2,000,000.0000 1,984,582.40 1,894,220.00 0.22 (90,362.40) 89114QCA4 TORONTO DOMINION MTN 2.650% 6/12/24 99.87 3,000,000.0000 3,000,570.00 2,996,100.00 0.34 (4,470.00) 89114TZT2 TORONTO DOMINION MTN 2.800% 3/10/27 98.20 5,000,000.0000 4,960,350.00 4,910,100.00 0.56 (50,250.00) 89237VAB5 TOYOTA AUTO RECV 0.440% 10/15/24 99.08 2,544,518.2700 2,544,322.34 2,521,006.92 0.29 (23,315.42) 89239CAC3 TOYOTA LEASE OWNER 0.420% 10/21/24 97.05 3,185,000.0000 3,184,957.00 3,091,010.65 0.35 (93,946.35) 89238LAC4 TOYOTA LEASE OWNER 1.960% 2/20/25 98.26 6,125,000.0000 6,124,035.93 6,018,670.00 0.69 (105,365.93) 89236TJK2 TOYOTA MTR CR MTN 1.125% 6/18/26 92.76 7,285,000.0000 7,281,794.60 6,757,857.40 0.77 (523,937.20) 912828WU0 U S TREASURY I P S 0.125% 7/15/24 104.94 12,310,792.0000 12,166,072.09 12,919,068.23 1.48 752,996.14 91282CBG5 U S TREASURY NT 0.125% 1/31/23 98.82 7,000,000.0000 6,998,632.82 6,917,120.00 0.79 (81,512.82) 912828ZM5 U S TREASURY NT 0.125% 4/30/22 99.99 25,000,000.0000 25,014,746.10 24,996,750.00 2.86 (17,996.10) 912828ZX1 U S TREASURY NT 0.125% 6/30/22 99.89 7,000,000.0000 6,998,750.00 6,992,090.00 0.80 (6,660.00) 91282CAC5 U S TREASURY NT 0.125% 7/31/22 99.77 35,000,000.0000 34,976,757.81 34,920,550.00 4.00 (56,207.81) 91282CBA8 U S TREASURY NT 0.125% 12/15/23 96.47 6,500,000.0000 6,491,367.19 6,270,485.00 0.72 (220,882.19) 91282CAM3 U S TREASURY NT 0.250% 9/30/25 92.38 6,500,000.0000 6,477,656.25 6,004,375.00 0.69 (473,281.25) 91282CBH3 U S TREASURY NT 0.375% 1/31/26 92.14 18,000,000.0000 17,781,875.00 16,584,660.00 1.90 (1,197,215.00) 912828ZL7 U S TREASURY NT 0.375% 4/30/25 93.64 12,000,000.0000 11,998,515.63 11,236,440.00 1.29 (762,075.63) 91282CCX7 U S TREASURY NT 0.375% 9/15/24 95.00 10,500,000.0000 10,377,363.28 9,975,420.00 1.14 (401,943.28) 91282CBC4 U S TREASURY NT 0.375% 12/31/25 92.34 10,000,000.0000 9,943,320.32 9,234,000.00 1.06 (709,320.32) 91282CBT7 U S TREASURY NT 0.750% 3/31/26 93.25 10,000,000.0000 9,943,359.37 9,325,400.00 1.07 (617,959.37) 91282CCF6 U S TREASURY NT 0.750% 5/31/26 93.01 7,500,000.0000 7,443,750.00 6,975,600.00 0.80 (468,150.00) 91282CCW9 U S TREASURY NT 0.750% 8/31/26 92.68 8,000,000.0000 7,874,375.01 7,414,720.00 0.85 (459,655.01) 91282CDR9 U S TREASURY NT 0.750% 12/31/23 97.41 7,500,000.0000 7,500,292.97 7,305,450.00 0.84 (194,842.97) 91282CDG3 U S TREASURY NT 1.125% 10/31/26 94.06 19,250,000.0000 19,119,013.68 18,107,127.50 2.07 (1,011,886.18) 912828Z78 U S TREASURY NT 1.500% 1/31/27 95.56 11,500,000.0000 11,276,464.84 10,989,745.00 1.26 (286,719.84) 912828YH7 U S TREASURY NT 1.500% 9/30/24 97.65 14,000,000.0000 13,859,296.88 13,670,300.00 1.57 (188,996.88) 912828R69 U S TREASURY NT 1.625% 5/31/23 99.68 5,000,000.0000 4,757,226.56 4,984,000.00 0.57 226,773.44 912828XX3 U S TREASURY NT 2.000% 6/30/24 99.08 5,000,000.0000 5,028,710.94 4,954,100.00 0.57 (74,610.94) 912828W48 U S TREASURY NT 2.125% 2/29/24 99.64 10,000,000.0000 9,911,718.75 9,964,100.00 1.14 52,381.25 4 of 5 U.S. Bank Asset Detail - Consolidated As of 03/31/2022 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 912828U57 U S TREASURY NT 2.125% 11/30/23 99.86 15,000,000.0000 14,723,632.81 14,978,850.00 1.72 255,217.19 9128283J7 U S TREASURY NT 2.125% 11/30/24 99.02 16,500,000.0000 16,783,886.72 16,338,795.00 1.87 (445,091.72) 912828V80 U S TREASURY NT 2.250% 1/31/24 99.90 7,500,000.0000 7,491,503.91 7,492,125.00 0.86 621.09 9128286M7 U S TREASURY NT 2.250% 4/15/22 100.08 7,500,000.0000 7,657,324.22 7,505,625.00 0.86 (151,699.22) 9128284D9 U S TREASURY NT 2.500% 3/31/23 100.77 10,000,000.0000 9,887,265.63 10,076,600.00 1.15 189,334.37 912828WJ5 U S TREASURY NT 2.500% 5/15/24 100.21 7,000,000.0000 7,193,046.88 7,014,490.00 0.80 (178,556.88) 91324PEC2 UNITEDHEALTH 1.150% 5/15/26 92.92 4,000,000.0000 3,904,703.05 3,716,960.00 0.43 (187,743.05) 90331HPL1 US BANK NA MTN 2.050% 1/21/25 97.90 7,270,000.0000 7,254,514.90 7,117,548.10 0.82 (136,966.80) 90331HNL3 US BANK NA MTN 2.850% 1/23/23 100.70 2,000,000.0000 1,992,640.00 2,013,960.00 0.23 21,320.00 931142ER0 WALMART INC 1.050% 9/17/26 93.11 1,725,000.0000 1,721,739.75 1,606,078.50 0.18 (115,661.25) 931142EK5 WALMART INC 3.400% 6/26/23 101.70 3,880,000.0000 3,878,991.40 3,946,115.20 0.45 67,123.80 Fixed Income Total 845,890,226.6900 846,499,484.95 823,214,558.87 94.27 (23,284,926.08) Grand Total 895,970,251.2900 896,522,825.03 873,236,543.47 100.00 (23,286,281.56) 5 of 5 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss ACQUISITIONS 01/04/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 310.1300 1.000000 -310.13 310.13 0.00 01/04/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 232.3100 1.000000 -232.31 232.31 0.00 01/06/2022 21684XUU8 PURCHASED PAR VALUE OF COOPERATIEVE C D 0.330% 7/18/22 /WELLS FARGO SECURITIES, LLC/3,000,000 PAR VALUE AT 100 % 3,000,000.0000 1.000000 -3,000,000.00 3,000,000.00 0.00 01/07/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 81,250.0000 1.000000 -81,250.00 81,250.00 0.00 01/10/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 8,468.7500 1.000000 -8,468.75 8,468.75 0.00 01/11/2022 59217GER6 PURCHASED PAR VALUE OF MET LIFE GLOB MTN 1.875% 1/11/27 /J.P. MORGAN SECURITIES LLC/5,920,000 PAR VALUE AT 99.886 % 5,920,000.0000 0.998860 -5,913,251.20 5,913,251.20 0.00 01/12/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 6,597,246.0900 1.000000 -6,597,246.09 6,597,246.09 0.00 01/13/2022 02665WEA5 PURCHASED PAR VALUE OF AMERICAN HONDA MTN 1.500% 1/13/25 /BOFA SECURITIES, INC./FXD INC/4,565,000 PAR VALUE AT 99.921 % 4,565,000.0000 0.999210 -4,561,393.65 4,561,393.65 0.00 01/14/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 14,576.2500 1.000000 -14,576.25 14,576.25 0.00 01/18/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,700,551.9400 1.000000 -1,700,551.94 1,700,551.94 0.00 01/18/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 3,092,572.5800 1.000000 -3,092,572.58 3,092,572.58 0.00 01/19/2022 05601XAC3 PURCHASED PAR VALUE OF BMW VEHICLE LEASE 0.00001% 3/25/25 /MITSUBISHI UFJ SECURITIES USA/2,400,000 PAR VALUE AT 99.98505 % 2,400,000.0000 0.999851 -2,399,641.20 2,399,641.20 0.00 01/19/2022 380146AC4 PURCHASED PAR VALUE OF GM FIN CONS AUTO 0.00001% 11/16/26 /PERSHING LLC/1,590,000 PAR VALUE AT 99.99131006 % 1,590,000.0000 0.999913 -1,589,861.83 1,589,861.83 0.00 01/19/2022 44891WAC3 PURCHASED PAR VALUE OF HYUNDAI AUTO LEASE 0.00001% 1/15/25 /CITIGROUP GLOBAL MARKETS INC./2,895,000 PAR VALUE AT 99.99778998 % 2,895,000.0000 0.999978 -2,894,936.02 2,894,936.02 0.00 01/20/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,371.6200 1.000000 -2,371.62 2,371.62 0.00 01/21/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,000,000.0000 1.000000 -2,000,000.00 2,000,000.00 0.00 01/21/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,040.4600 1.000000 -2,040.46 2,040.46 0.00 01/21/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 83,948.7500 1.000000 -83,948.75 83,948.75 0.00 01/24/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 75,962.5000 1.000000 -75,962.50 75,962.50 0.00 01/25/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 101,242.2200 1.000000 -101,242.22 101,242.22 0.00 01/25/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 16,868.9700 1.000000 -16,868.97 16,868.97 0.00 01/26/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 146,250.0000 1.000000 -146,250.00 146,250.00 0.00 01/26/2022 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 01/27/2022 89114TZN5 PURCHASED PAR VALUE OF TORONTO DOMINION MTN 1.950% 1/12/27 /DAIWA CAPITAL MARKETS AMERICA/720,000 PAR VALUE AT 99.176 % 720,000.0000 0.991760 -714,067.20 714,067.20 0.00 01/27/2022 89114TZN5 PURCHASED PAR VALUE OF TORONTO DOMINION MTN 1.950% 1/12/27 /TD SECURITIES (USA)/1,280,000 PAR VALUE AT 99.259 % 1,280,000.0000 0.992590 -1,270,515.20 1,270,515.20 0.00 01/28/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 4,000,000.0000 1.000000 -4,000,000.00 4,000,000.00 0.00 01/31/2022 747525AF0 PURCHASED PAR VALUE OF QUALCOMM INC 3.450% 5/20/25 /MORGAN STANLEY & CO. LLC/2,210,000 PAR VALUE AT 104.904 % 2,210,000.0000 1.049040 -2,318,378.40 2,318,378.40 0.00 1 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 01/31/2022 912828Z78 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 1/31/27 /BOFA SECURITIES, INC./FXD INC/7,500,000 PAR VALUE AT 99.3320312 % 7,500,000.0000 0.993320 -7,449,902.34 7,449,902.34 0.00 01/31/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 68,000,000.0000 1.000000 -68,000,000.00 68,000,000.00 0.00 02/02/2022 65558UDC3 PURCHASED PAR VALUE OF NORDEA BK ABP C D 0.190% 6/24/22 /GOLDMAN SACHS & CO. LLC/1,500,000 PAR VALUE AT 99.87773 % 1,500,000.0000 0.998777 -1,498,165.95 1,498,165.95 0.00 02/02/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 111.4000 1.000000 -111.40 111.40 0.00 02/02/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 244.5300 1.000000 -244.53 244.53 0.00 02/07/2022 46625HJH4 PURCHASED PAR VALUE OF JPMORGAN CHASE CO 3.200% 1/25/23 /MORGAN STANLEY & CO. LLC/2,000,000 PAR VALUE AT 102.132 % 2,000,000.0000 1.021320 -2,042,640.00 2,042,640.00 0.00 02/07/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 62,500.0000 1.000000 -62,500.00 62,500.00 0.00 02/09/2022 02665WEA5 PURCHASED PAR VALUE OF AMERICAN HONDA MTN 1.500% 1/13/25 /CITIGROUP GLOBAL MARKETS INC./1,435,000 PAR VALUE AT 98.832 % 1,435,000.0000 0.988320 -1,418,239.20 1,418,239.20 0.00 02/11/2022 40139LBD4 PURCHASED PAR VALUE OF GUARDIAN LIFE MTN 1.250% 5/13/26 /CITIGROUP GLOBAL MARKETS INC./3,250,000 PAR VALUE AT 96.132 % 3,250,000.0000 0.961320 -3,124,290.00 3,124,290.00 0.00 02/14/2022 78012U3M5 PURCHASED PAR VALUE OF ROYAL BK CDA N Y C D 1.350% 2/14/23 /RBC CAPITAL MARKETS, LLC/3,000,000 PAR VALUE AT 100 % 3,000,000.0000 1.000000 -3,000,000.00 3,000,000.00 0.00 02/14/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 117,700.0000 1.000000 -117,700.00 117,700.00 0.00 02/15/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 713,432.0200 1.000000 -713,432.02 713,432.02 0.00 02/15/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 198,345.0000 1.000000 -198,345.00 198,345.00 0.00 02/16/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,468.7200 1.000000 -2,468.72 2,468.72 0.00 02/18/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 9,996,835.9400 1.000000 -9,996,835.94 9,996,835.94 0.00 02/22/2022 91324PEC2 PURCHASED PAR VALUE OF UNITEDHEALTH 1.150% 5/15/26 /BOFA SECURITIES, INC./FXD INC/2,245,000 PAR VALUE AT 95.502 % 2,245,000.0000 0.955020 -2,144,019.90 2,144,019.90 0.00 02/23/2022 36265MAC9 PURCHASED PAR VALUE OF GM FIN AUTO LSNG TR 1.900% 3/20/25 /BARCLAYS CAPITAL INC. FIXED IN/5,020,000 PAR VALUE AT 99.99914004 % 5,020,000.0000 0.999991 -5,019,956.83 5,019,956.83 0.00 02/23/2022 43815BAC4 PURCHASED PAR VALUE OF HONDA AUTO REC OWN 1.880% 5/15/26 /J.P. MORGAN SECURITIES LLC/3,930,000 PAR VALUE AT 99.98496005 % 3,930,000.0000 0.999850 -3,929,408.93 3,929,408.93 0.00 02/24/2022 3137BSRE5 PURCHASED PAR VALUE OF F H L M C MLTCL MTG 3.120% 9/25/26 /TRUIST SECURITIES, INC./5,000,000 PAR VALUE AT 104.28125 % 5,000,000.0000 1.042813 -5,214,062.50 5,214,062.50 0.00 02/24/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 9,000,000.0000 1.000000 -9,000,000.00 9,000,000.00 0.00 02/25/2022 06417MPK5 PURCHASED PAR VALUE OF BANK NOVA C D 0.220% 5/13/22 /BOFA SECURITIES, INC./FXD INC/2,000,000 PAR VALUE AT 99.944265 % 2,000,000.0000 0.999443 -1,998,885.30 1,998,885.30 0.00 02/25/2022 912796S59 PURCHASED PAR VALUE OF U S TREASURY BILL 7/28/22 /GOLDMAN SACHS & CO. LLC/7,500,000 PAR VALUE AT 99.745 % 7,500,000.0000 0.997450 -7,480,875.00 7,480,875.00 0.00 02/25/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 18,317.6000 1.000000 -18,317.60 18,317.60 0.00 02/25/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 6,113,713.0000 1.000000 -6,113,713.00 6,113,713.00 0.00 02/28/2022 89238LAC4 PURCHASED PAR VALUE OF TOYOTA LEASE OWNER 1.960% 2/20/25 /BOFA SECURITIES, INC./FXD INC/6,125,000 PAR VALUE AT 99.98426008 % 6,125,000.0000 0.999843 -6,124,035.93 6,124,035.93 0.00 2 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 02/28/2022 91282CAC5 PURCHASED PAR VALUE OF U S TREASURY NT 0.125% 7/31/22 /J.P. MORGAN SECURITIES LLC/5,000,000 PAR VALUE AT 99.8046876 % 5,000,000.0000 0.998047 -4,990,234.38 4,990,234.38 0.00 02/28/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 9,565,625.0000 1.000000 -9,565,625.00 9,565,625.00 0.00 03/02/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 22.0600 1.000000 -22.06 22.06 0.00 03/02/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 137.6200 1.000000 -137.62 137.62 0.00 03/03/2022 808513BY0 PURCHASED PAR VALUE OF CHARLES SCHWAB CORP 2.450% 3/03/27 /CREDIT SUISSE SECURITIES (USA)/2,325,000 PAR VALUE AT 99.892 % 2,325,000.0000 0.998920 -2,322,489.00 2,322,489.00 0.00 03/03/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 6,533,462.6300 1.000000 -6,533,462.63 6,533,462.63 0.00 03/07/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 118,481.2500 1.000000 -118,481.25 118,481.25 0.00 03/08/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 168,750.0000 1.000000 -168,750.00 168,750.00 0.00 03/10/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,063,025.5100 1.000000 -5,063,025.51 5,063,025.51 0.00 03/11/2022 06406RAM9 PURCHASED PAR VALUE OF BANK OF NY MTN 1.850% 1/27/23 /STIFEL, NICOLAUS & CO.,INC./1,585,000 PAR VALUE AT 100.284 % 1,585,000.0000 1.002840 -1,589,501.40 1,589,501.40 0.00 03/11/2022 59217GEE5 PURCHASED PAR VALUE OF MET LIFE GLOB MTN 1.950% 1/13/23 /TD SECURITIES (USA)/2,255,000 PAR VALUE AT 100.183 % 2,255,000.0000 1.001830 -2,259,126.65 2,259,126.65 0.00 03/11/2022 89114TZT2 PURCHASED PAR VALUE OF TORONTO DOMINION MTN 2.800% 3/10/27 /J.P. MORGAN SECURITIES LLC/5,000,000 PAR VALUE AT 99.207 % 5,000,000.0000 0.992070 -4,960,350.00 4,960,350.00 0.00 03/11/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,191,019.0400 1.000000 -2,191,019.04 2,191,019.04 0.00 03/14/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 240,353.1300 1.000000 -240,353.13 240,353.13 0.00 03/15/2022 084664CZ2 PURCHASED PAR VALUE OF BERKSHIRE HATHAWAY 2.300% 3/15/27 /BOFA SECURITIES, INC./FXD INC/6,875,000 PAR VALUE AT 99.981 % 6,875,000.0000 0.999810 -6,873,693.75 6,873,693.75 0.00 03/15/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 7,589,062.5000 1.000000 -7,589,062.50 7,589,062.50 0.00 03/15/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 70,798.8000 1.000000 -70,798.80 70,798.80 0.00 03/16/2022 448977AD0 PURCHASED PAR VALUE OF HYUNDAI AUTO REC 0.00001% 10/15/26 /BOFA SECURITIES, INC./FXD INC/4,300,000 PAR VALUE AT 99.99615 % 4,300,000.0000 0.999962 -4,299,834.45 4,299,834.45 0.00 03/16/2022 47787JAC2 PURCHASED PAR VALUE OF JOHN DEERE OWNER 0.00001% 9/15/26 /BOFA SECURITIES, INC./FXD INC/3,010,000 PAR VALUE AT 99.97788007 % 3,010,000.0000 0.999779 -3,009,334.19 3,009,334.19 0.00 03/16/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,635.6700 1.000000 -2,635.67 2,635.67 0.00 03/17/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 9,056.2500 1.000000 -9,056.25 9,056.25 0.00 03/18/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 27,943.7500 1.000000 -27,943.75 27,943.75 0.00 03/18/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 997.4600 1.000000 -997.46 997.46 0.00 03/21/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 7,418.4500 1.000000 -7,418.45 7,418.45 0.00 03/21/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10,701.1500 1.000000 -10,701.15 10,701.15 0.00 03/23/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 41,300.0000 1.000000 -41,300.00 41,300.00 0.00 03/24/2022 912796X20 PURCHASED PAR VALUE OF U S TREASURY BILL 7/19/22 /NOMURA SECURITIES INTERNATIONA/2,500,000 PAR VALUE AT 99.7885876 % 2,500,000.0000 0.997886 -2,494,714.69 2,494,714.69 0.00 03/25/2022 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 46,490.9200 1.000000 -46,490.92 46,490.92 0.00 3 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 03/31/2022 912796S59 PURCHASED PAR VALUE OF U S TREASURY BILL 7/28/22 /BMO CAPITAL MARKETS CORP/BONDS/2,500,000 PAR VALUE AT 99.7545792 % 2,500,000.0000 0.997546 -2,493,864.48 2,493,864.48 0.00 03/31/2022 912828Z78 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 1/31/27 /CITADEL CLEARING LLC/4,000,000 PAR VALUE AT 95.6640625 % 4,000,000.0000 0.956641 -3,826,562.50 3,826,562.50 0.00 TOTAL ACQUISITIONS 268,269,841.9700 -268,061,074.04 268,061,074.04 0.00 DISPOSITIONS 01/06/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -3,000,000.0000 1.000000 3,000,000.00 -3,000,000.00 0.00 01/11/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -5,913,251.2000 1.000000 5,913,251.20 -5,913,251.20 0.00 01/12/2022 912828L57 SOLD PAR VALUE OF U S TREASURY NT 1.750% 9/30/22 /NOMURA SECURITIES INTERNATIONA/6,500,000 PAR VALUE AT 100.99609369 % -6,500,000.0000 1.009961 6,564,746.09 -6,513,710.94 51,035.15 01/13/2022 06406RAA5 BOND CALLED PAR VALUE OF BANK OF NY MTN 2.600% 2/07/22 /CALLS/1/13/2022 FULL CALL @ PAR -2,500,000.0000 1.000000 2,500,000.00 -2,504,475.00 -4,475.00 01/13/2022 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30160.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 30,160.0000 0.000000 0.00 0.00 0.00 01/13/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -0.8300 1.000000 0.83 -0.83 0.00 01/13/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,033,226.1500 1.000000 2,033,226.15 -2,033,226.15 0.00 01/18/2022 69353RFB9 BOND CALLED PAR VALUE OF PNC BANK NA MTN 2.625% 2/17/22 /CALLS/1/18/2022 FULL CALL @ PAR -1,000,000.0000 1.000000 1,000,000.00 -974,940.00 25,060.00 01/18/2022 4581X0CW6 MATURED PAR VALUE OF INTER AMER DEV BK 2.125% 1/18/22 3,000,000 PAR VALUE AT 100 % -3,000,000.0000 1.000000 3,000,000.00 -2,996,310.00 3,690.00 01/18/2022 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 2.262% 1/01/28 DECEMBER FHLMC DUE 1/15/22 -23.5600 0.000000 23.56 -22.99 0.57 01/18/2022 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.787% 8/15/32 -82.6500 0.000000 82.65 -82.74 -0.09 01/18/2022 47787NAC3 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.510% 11/15/24 -1,118.5800 0.000000 1,118.58 -1,118.41 0.17 01/18/2022 58770FAC6 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.840% 12/15/22 -218,137.9400 0.000000 218,137.94 -218,109.19 28.75 01/18/2022 65479JAD5 PAID DOWN PAR VALUE OF NISSAN AUTO 1.930% 7/15/24 -243,458.9900 0.000000 243,458.99 -243,446.13 12.86 01/18/2022 65479GAD1 PAID DOWN PAR VALUE OF NISSAN AUTO 3.060% 3/15/23 -124,484.2300 0.000000 124,484.23 -124,480.20 4.03 01/18/2022 89237VAB5 PAID DOWN PAR VALUE OF TOYOTA AUTO RECV 0.440% 10/15/24 -34,465.5300 0.000000 34,465.53 -34,462.88 2.65 01/19/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -6,737,564.0500 1.000000 6,737,564.05 -6,737,564.05 0.00 01/20/2022 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 2.125% 12/20/26 DECEMBER GNMA DUE 1/20/22 -160.2000 0.000000 160.20 -162.85 -2.65 01/20/2022 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 2.000% 6/20/27 DECEMBER GNMA DUE 1/20/22 -99.4700 0.000000 99.47 -101.65 -2.18 01/20/2022 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 1.875% 4/20/30 DECEMBER GNMA DUE 1/20/22 -118.9900 0.000000 118.99 -117.91 1.08 01/20/2022 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 1.875% 5/20/30 DECEMBER GNMA DUE 1/20/22 -291.3300 0.000000 291.33 -288.37 2.96 4 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 01/20/2022 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 1.625% 7/20/34 DECEMBER GNMA DUE 1/20/22 -475.0200 0.000000 475.02 -474.72 0.30 01/21/2022 62479MAM5 MATURED PAR VALUE OF MUFG BK LTD N Y BRH C P 1/21/22 2,000,000 PAR VALUE AT 100 % -2,000,000.0000 1.000000 1,997,907.78 -1,997,907.78 0.00 01/25/2022 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 9.50001% 9/25/43 -1,163.4800 0.000000 1,163.48 -1,317.64 -154.16 01/25/2022 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 DECEMBER FNMA DUE 1/25/22 -95.9900 0.000000 95.99 -101.52 -5.53 01/25/2022 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 DECEMBER FNMA DUE 1/25/22 -1,911.7900 0.000000 1,911.79 -2,055.17 -143.38 01/25/2022 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 DECEMBER FNMA DUE 1/25/22 -1,480.4700 0.000000 1,480.47 -1,591.51 -111.04 01/25/2022 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 DECEMBER FNMA DUE 1/25/22 -4.0900 0.000000 4.09 -4.40 -0.31 01/25/2022 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 DECEMBER FNMA DUE 1/25/22 -426.1600 0.000000 426.16 -458.12 -31.96 01/25/2022 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 1.977% 2/01/35 DECEMBER FNMA DUE 1/25/22 -395.8800 0.000000 395.88 -392.79 3.09 01/25/2022 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 DECEMBER FNMA DUE 1/25/22 -242.1600 0.000000 242.16 -260.32 -18.16 01/25/2022 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 DECEMBER FNMA DUE 1/25/22 -2,381.7200 0.000000 2,381.72 -2,560.35 -178.63 01/25/2022 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 DECEMBER FNMA DUE 1/25/22 -142.6600 0.000000 142.66 -150.88 -8.22 01/25/2022 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 DECEMBER FNMA DUE 1/25/22 -154.4600 0.000000 154.46 -163.36 -8.90 01/25/2022 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 -2,104.2000 0.000000 2,104.20 -2,103.54 0.66 01/25/2022 78445JAA5 PAID DOWN PAR VALUE OF S L M A 1.65997% 4/25/23 -321.8500 0.000000 321.85 -320.54 1.31 01/26/2022 459058FY4 MATURED PAR VALUE OF INTL BK 2.000% 1/26/22 10,000,000 PAR VALUE AT 100 % -10,000,000.0000 1.000000 10,000,000.00 -10,006,350.00 -6,350.00 01/27/2022 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30680.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 30,680.0000 0.000000 0.00 0.00 0.00 01/27/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,986,207.4000 1.000000 1,986,207.40 -1,986,207.40 0.00 01/28/2022 89233HAU8 MATURED PAR VALUE OF TOYOTA MTR CR CORP DISC C P 1/28/22 4,000,000 PAR VALUE AT 100 % -4,000,000.0000 1.000000 3,995,866.67 -3,995,866.67 0.00 01/31/2022 912828Z60 MATURED PAR VALUE OF U S TREASURY NT 1.375% 1/31/22 40,000,000 PAR VALUE AT 100 % -40,000,000.0000 1.000000 40,000,000.00 -40,226,757.82 -226,757.82 01/31/2022 912828H86 MATURED PAR VALUE OF U S TREASURY NT 1.500% 1/31/22 27,500,000 PAR VALUE AT 100 % -27,500,000.0000 1.000000 27,500,000.00 -27,691,210.94 -191,210.94 01/31/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -75,000,000.0000 1.000000 75,000,000.00 -75,000,000.00 0.00 01/31/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,172,165.6100 1.000000 2,172,165.61 -2,172,165.61 0.00 5 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 01/31/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -7,449,902.3400 1.000000 7,449,902.34 -7,449,902.34 0.00 02/02/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,499,939.2900 1.000000 1,499,939.29 -1,499,939.29 0.00 02/07/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,044,773.3300 1.000000 2,044,773.33 -2,044,773.33 0.00 02/09/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,370,768.7800 1.000000 1,370,768.78 -1,370,768.78 0.00 02/11/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -3,134,220.5600 1.000000 3,134,220.56 -3,134,220.56 0.00 02/14/2022 912796D30 SOLD PAR VALUE OF U S TREASURY BILL 2/24/22 /NOMURA SECURITIES INTERNATIONA/3,000,000 PAR VALUE AT 99.99880567 % -3,000,000.0000 0.999988 2,999,314.13 -2,999,314.13 0.00 02/14/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -35.8300 1.000000 35.83 -35.83 0.00 02/15/2022 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 2.262% 1/01/28 JANUARY FHLMC DUE 2/15/22 -32.7700 0.000000 32.77 -31.97 0.80 02/15/2022 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.769% 8/15/32 -64.7000 0.000000 64.70 -64.77 -0.07 02/15/2022 47787NAC3 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.510% 11/15/24 -151,636.9400 0.000000 151,636.94 -151,613.83 23.11 02/15/2022 58770FAC6 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.840% 12/15/22 -201,993.3500 0.000000 201,993.35 -201,966.73 26.62 02/15/2022 65479JAD5 PAID DOWN PAR VALUE OF NISSAN AUTO 1.930% 7/15/24 -231,177.8100 0.000000 231,177.81 -231,165.60 12.21 02/15/2022 65479GAD1 PAID DOWN PAR VALUE OF NISSAN AUTO 3.060% 3/15/23 -112,260.4000 0.000000 112,260.40 -112,256.76 3.64 02/15/2022 89237VAB5 PAID DOWN PAR VALUE OF TOYOTA AUTO RECV 0.440% 10/15/24 -197,272.3100 0.000000 197,272.31 -197,257.12 15.19 02/18/2022 912796U23 SOLD PAR VALUE OF U S TREASURY BILL 4/26/22 /NOMURA SECURITIES INTERNATIONA/2,500,000 PAR VALUE AT 99.9590556 % -2,500,000.0000 0.999591 2,498,976.39 -2,499,090.97 -114.58 02/18/2022 912796U23 SOLD PAR VALUE OF U S TREASURY BILL 4/26/22 /NOMURA SECURITIES INTERNATIONA/7,500,000 PAR VALUE AT 99.95812507 % -7,500,000.0000 0.999581 7,496,859.38 -7,497,272.92 -413.54 02/22/2022 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 1.755% 12/20/26 JANUARY GNMA DUE 2/20/22 -172.2500 0.000000 172.25 -175.10 -2.85 02/22/2022 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 2.000% 6/20/27 JANUARY GNMA DUE 2/20/22 -98.0600 0.000000 98.06 -100.21 -2.15 02/22/2022 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 1.875% 4/20/30 JANUARY GNMA DUE 2/20/22 -33.5900 0.000000 33.59 -33.29 0.30 02/22/2022 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 1.875% 5/20/30 JANUARY GNMA DUE 2/20/22 -280.0300 0.000000 280.03 -277.19 2.84 02/22/2022 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 1.625% 7/20/34 JANUARY GNMA DUE 2/20/22 -438.7800 0.000000 438.78 -438.51 0.27 02/22/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,146,690.9800 1.000000 2,146,690.98 -2,146,690.98 0.00 02/23/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -8,949,365.7600 1.000000 8,949,365.76 -8,949,365.76 0.00 02/24/2022 912796D30 MATURED PAR VALUE OF U S TREASURY BILL 2/24/22 9,000,000 PAR VALUE AT 100 % -9,000,000.0000 1.000000 8,997,942.37 -8,997,942.37 0.00 02/24/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -5,224,029.1700 1.000000 5,224,029.17 -5,224,029.17 0.00 02/25/2022 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 9.50001% 9/25/43 -2,049.1600 0.000000 2,049.16 -2,320.67 -271.51 02/25/2022 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 JANUARY FNMA DUE 2/25/22 -105.6400 0.000000 105.64 -111.72 -6.08 6 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 02/25/2022 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 JANUARY FNMA DUE 2/25/22 -305.4000 0.000000 305.40 -328.30 -22.90 02/25/2022 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 JANUARY FNMA DUE 2/25/22 -1,057.5800 0.000000 1,057.58 -1,136.90 -79.32 02/25/2022 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 JANUARY FNMA DUE 2/25/22 -4.1100 0.000000 4.11 -4.42 -0.31 02/25/2022 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 JANUARY FNMA DUE 2/25/22 -454.0100 0.000000 454.01 -488.06 -34.05 02/25/2022 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 1.977% 2/01/35 JANUARY FNMA DUE 2/25/22 -8,937.4000 0.000000 8,937.40 -8,867.57 69.83 02/25/2022 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 JANUARY FNMA DUE 2/25/22 -150.3600 0.000000 150.36 -161.64 -11.28 02/25/2022 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 JANUARY FNMA DUE 2/25/22 -3,054.2400 0.000000 3,054.24 -3,283.31 -229.07 02/25/2022 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 JANUARY FNMA DUE 2/25/22 -116.3000 0.000000 116.30 -123.00 -6.70 02/25/2022 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 JANUARY FNMA DUE 2/25/22 -188.5900 0.000000 188.59 -199.45 -10.86 02/25/2022 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 -1,452.7500 0.000000 1,452.75 -1,452.30 0.45 02/25/2022 912828M80 SOLD PAR VALUE OF U S TREASURY NT 2.000% 11/30/22 /MORGAN STANLEY & CO. LLC/6,000,000 PAR VALUE AT 100.8359375 % -6,000,000.0000 1.008359 6,050,156.25 -5,930,625.00 119,531.25 02/25/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -9,483,280.3000 1.000000 9,483,280.30 -9,483,280.30 0.00 02/28/2022 14913Q2T5 MATURED PAR VALUE OF CATERPILLAR FINL MTN 2.950% 2/26/22 2,000,000 PAR VALUE AT 100 % -2,000,000.0000 1.000000 2,000,000.00 -2,043,700.00 -43,700.00 02/28/2022 912828J43 MATURED PAR VALUE OF U S TREASURY NT 1.750% 2/28/22 7,500,000 PAR VALUE AT 100 % -7,500,000.0000 1.000000 7,500,000.00 -7,606,054.69 -106,054.69 02/28/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -4,961,217.8100 1.000000 4,961,217.81 -4,961,217.81 0.00 02/28/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -5,987,785.9300 1.000000 5,987,785.93 -5,987,785.93 0.00 03/03/2022 3133ELYR9 SOLD PAR VALUE OF F F C B DEB 0.250% 5/06/22 /MORGAN STANLEY & CO. LLC/8,850,000 PAR VALUE AT 99.986 % -8,850,000.0000 0.999860 8,848,761.00 -8,838,760.50 10,000.50 03/03/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2.7100 1.000000 2.71 -2.71 0.00 03/10/2022 912828N30 SOLD PAR VALUE OF U S TREASURY NT 2.125% 12/31/22 /CITIGROUP GLOBAL MARKETS INC./5,000,000 PAR VALUE AT 100.8554688 % -5,000,000.0000 1.008555 5,042,773.44 -4,926,562.50 116,210.94 03/11/2022 89114QC48 SOLD PAR VALUE OF TORONTO MTN 3.500% 7/19/23 /J.P. MORGAN SECURITIES LLC/5,000,000 PAR VALUE AT 102.017 % -5,000,000.0000 1.020170 5,100,850.00 -5,094,200.00 6,650.00 03/11/2022 912828M80 SOLD PAR VALUE OF U S TREASURY NT 2.000% 11/30/22 /J.P. MORGAN SECURITIES LLC/2,000,000 PAR VALUE AT 100.7265625 % -2,000,000.0000 1.007266 2,014,531.25 -1,976,875.00 37,656.25 03/11/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -3,859,296.3700 1.000000 3,859,296.37 -3,859,296.37 0.00 03/15/2022 9128286H8 MATURED PAR VALUE OF U S TREASURY NT 2.375% 3/15/22 7,500,000 PAR VALUE AT 100 % -7,500,000.0000 1.000000 7,500,000.00 -7,651,757.81 -151,757.81 7 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 03/15/2022 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 2.262% 1/01/28 FEBRUARY FHLMC DUE 3/15/22 -11.5700 0.000000 11.57 -11.29 0.28 03/15/2022 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.769% 8/15/32 -66.9500 0.000000 66.95 -67.02 -0.07 03/15/2022 47787NAC3 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.510% 11/15/24 -99,298.0000 0.000000 99,298.00 -99,282.87 15.13 03/15/2022 58770FAC6 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.840% 12/15/22 -243,699.0400 0.000000 243,699.04 -243,666.92 32.12 03/15/2022 65479JAD5 PAID DOWN PAR VALUE OF NISSAN AUTO 1.930% 7/15/24 -199,313.2600 0.000000 199,313.26 -199,302.74 10.52 03/15/2022 65479GAD1 PAID DOWN PAR VALUE OF NISSAN AUTO 3.060% 3/15/23 CMO FINAL PAYDOWN -50,906.1700 0.000000 50,906.17 -50,904.52 1.65 03/15/2022 89237VAB5 PAID DOWN PAR VALUE OF TOYOTA AUTO RECV 0.440% 10/15/24 -183,743.8900 0.000000 183,743.89 -183,729.74 14.15 03/15/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -6,042,019.0400 1.000000 6,042,019.04 -6,042,019.04 0.00 03/16/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -7,309,168.6400 1.000000 7,309,168.64 -7,309,168.64 0.00 03/21/2022 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 1.755% 12/20/26 FEBRUARY GNMA DUE 3/20/22 -166.9500 0.000000 166.95 -169.71 -2.76 03/21/2022 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 2.000% 6/20/27 FEBRUARY GNMA DUE 3/20/22 -110.4300 0.000000 110.43 -112.85 -2.42 03/21/2022 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 1.875% 4/20/30 FEBRUARY GNMA DUE 3/20/22 -34.5300 0.000000 34.53 -34.22 0.31 03/21/2022 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 1.875% 5/20/30 FEBRUARY GNMA DUE 3/20/22 -290.7300 0.000000 290.73 -287.78 2.95 03/21/2022 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 1.625% 7/20/34 FEBRUARY GNMA DUE 3/20/22 -167.9600 0.000000 167.96 -167.86 0.10 03/24/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,494,714.6900 1.000000 2,494,714.69 -2,494,714.69 0.00 03/25/2022 03215PFN4 PAID DOWN PAR VALUE OF AMRESCO 1.05169% 6/25/29 -2,396.8700 0.000000 2,396.87 -1,799.90 596.97 03/25/2022 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 9.50001% 9/25/43 -2,170.1700 0.000000 2,170.17 -2,457.72 -287.55 03/25/2022 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 FEBRUARY FNMA DUE 3/25/22 -107.0600 0.000000 107.06 -113.23 -6.17 03/25/2022 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 FEBRUARY FNMA DUE 3/25/22 -1,030.3600 0.000000 1,030.36 -1,107.64 -77.28 03/25/2022 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 FEBRUARY FNMA DUE 3/25/22 -991.1000 0.000000 991.10 -1,065.43 -74.33 03/25/2022 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 FEBRUARY FNMA DUE 3/25/22 -4.1300 0.000000 4.13 -4.44 -0.31 03/25/2022 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 FEBRUARY FNMA DUE 3/25/22 -1,929.8900 0.000000 1,929.89 -2,074.63 -144.74 03/25/2022 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 1.966% 2/01/35 FEBRUARY FNMA DUE 3/25/22 -295.0400 0.000000 295.04 -292.73 2.31 03/25/2022 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 FEBRUARY FNMA DUE 3/25/22 -386.5600 0.000000 386.56 -415.55 -28.99 8 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 03/25/2022 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 FEBRUARY FNMA DUE 3/25/22 -1,819.5000 0.000000 1,819.50 -1,955.96 -136.46 03/25/2022 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 FEBRUARY FNMA DUE 3/25/22 -99.1900 0.000000 99.19 -104.90 -5.71 03/25/2022 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 FEBRUARY FNMA DUE 3/25/22 -164.4000 0.000000 164.40 -173.87 -9.47 03/25/2022 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 -2,162.8300 0.000000 2,162.83 -2,162.15 0.68 03/31/2022 91282CBG5 SOLD PAR VALUE OF U S TREASURY NT 0.125% 1/31/23 /NOMURA SECURITIES INTERNATIONA/3,000,000 PAR VALUE AT 98.84375 % -3,000,000.0000 0.988438 2,965,312.50 -2,999,414.06 -34,101.56 03/31/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,493,864.4800 1.000000 2,493,864.48 -2,493,864.48 0.00 03/31/2022 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -594,792.8200 1.000000 594,792.82 -594,792.82 0.00 TOTAL DISPOSITIONS -339,515,888.5800 339,800,725.83 -340,197,055.44 -396,329.61 OTHER TRANSACTIONS 01/03/2022 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 12/31/2021 INTEREST FROM 12/1/21 TO 12/31/21 0.0000 0.000000 310.13 0.00 0.00 01/03/2022 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 12/31/2021 INTEREST FROM 12/1/21 TO 12/31/21 0.0000 0.000000 232.31 0.00 0.00 01/07/2022 3135G0X24 INTEREST EARNED ON F N M A 1.625% 1/07/25 $1 PV ON 10000000.0000 SHARES DUE 1/7/2022 0.0000 0.000000 81,250.00 0.00 0.00 01/10/2022 3135G05G4 INTEREST EARNED ON F N M A 0.250% 7/10/23 $1 PV ON 6775000.0000 SHARES DUE 1/10/2022 0.0000 0.000000 8,468.75 0.00 0.00 01/12/2022 912828L57 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.750% 9/30/22 0.0000 0.000000 32,500.00 0.00 0.00 01/13/2022 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 01/13/2022 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 30,160.00 0.00 01/13/2022 06406RAA5 INTEREST EARNED ON BANK OF NY MTN 2.600% 2/07/22 $1 PV ON 2500000.0000 SHARES DUE 1/13/2022 ACCRUED INTEREST ON 1/13/2022 FULL CALL 0.0000 0.000000 28,166.67 0.00 0.00 01/13/2022 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 01/14/2022 02665WCJ8 INTEREST EARNED ON AMERICAN HONDA MTN 3.450% 7/14/23 $1 PV ON 845000.0000 SHARES DUE 1/14/2022 0.0000 0.000000 14,576.25 0.00 0.00 01/18/2022 31348SWZ3 INTEREST EARNED ON F H L M C #786064 2.262% 1/01/28 $1 PV ON 2.4900 SHARES DUE 1/15/2022 NOVEMBER FHLMC DUE 1/15/22 0.0000 0.000000 2.49 0.00 0.00 01/18/2022 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 3.787% 8/15/32 $1 PV ON 11.3200 SHARES DUE 1/15/2022 $0.00316/PV ON 3,588.05 PV DUE 1/15/22 0.0000 0.000000 11.32 0.00 0.00 01/18/2022 362554AC1 INTEREST EARNED ON GM FIN CONS AUTO 0.680% 9/16/26 $1 PV ON 1705000.0000 SHARES DUE 1/16/2022 0.0000 0.000000 966.17 0.00 0.00 9 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 01/18/2022 43813KAC6 INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 997.4600 SHARES DUE 1/18/2022 $0.00031/PV ON 3,235,000.00 PV DUE 1/18/22 0.0000 0.000000 997.46 0.00 0.00 01/18/2022 44934KAC8 INTEREST EARNED ON HTUNDAI AUTO REC TR 0.380% 1/15/26 $1 PV ON 1912.6700 SHARES DUE 1/15/2022 $0.00032/PV ON 6,040,000.00 PV DUE 1/15/22 0.0000 0.000000 1,912.67 0.00 0.00 01/18/2022 44891VAC5 INTEREST EARNED ON HYUNDAI AUTO LEASE 0.330% 6/17/24 $1 PV ON 1142.6300 SHARES DUE 1/15/2022 $0.00027/PV ON 4,155,000.00 PV DUE 1/15/22 0.0000 0.000000 1,142.63 0.00 0.00 01/18/2022 44933LAC7 INTEREST EARNED ON HYUNDAI AUTO REC 0.380% 9/15/25 $1 PV ON 665.0000 SHARES DUE 1/15/2022 $0.00032/PV ON 2,100,000.00 PV DUE 1/15/22 0.0000 0.000000 665.00 0.00 0.00 01/18/2022 44935FAD6 INTEREST EARNED ON HYUNDAI AUTO REC TR 0.740% 5/15/26 $1 PV ON 986.6700 SHARES DUE 1/15/2022 $0.00062/PV ON 1,600,000.00 PV DUE 1/15/22 0.0000 0.000000 986.67 0.00 0.00 01/18/2022 4581X0DN5 INTEREST EARNED ON INTER AMER BK M T N 0.625% 7/15/25 $1 PV ON 5050000.0000 SHARES DUE 1/15/2022 0.0000 0.000000 15,781.25 0.00 0.00 01/18/2022 4581X0CW6 INTEREST EARNED ON INTER AMER DEV BK 2.125% 1/18/22 $1 PV ON 3000000.0000 SHARES DUE 1/18/2022 0.0000 0.000000 31,875.00 0.00 0.00 01/18/2022 47789QAC4 INTEREST EARNED ON JOHN DEERE OWN 0.520% 3/16/26 $1 PV ON 1222.0000 SHARES DUE 1/15/2022 $0.00043/PV ON 2,820,000.00 PV DUE 1/15/22 0.0000 0.000000 1,222.00 0.00 0.00 01/18/2022 47788UAC6 INTEREST EARNED ON JOHN DEERE OWNER 0.360% 9/15/25 $1 PV ON 690.0000 SHARES DUE 1/15/2022 $0.00030/PV ON 2,300,000.00 PV DUE 1/15/22 0.0000 0.000000 690.00 0.00 0.00 01/18/2022 47787NAC3 INTEREST EARNED ON JOHN DEERE OWNER 0.510% 11/15/24 $1 PV ON 629.0000 SHARES DUE 1/15/2022 $0.00042/PV ON 1,480,000.00 PV DUE 1/15/22 0.0000 0.000000 629.00 0.00 0.00 01/18/2022 58769KAD6 INTEREST EARNED ON MERCEDES BENZ AUTO 0.400% 11/15/24 $1 PV ON 1105.0000 SHARES DUE 1/15/2022 $0.00033/PV ON 3,315,000.00 PV DUE 1/15/22 0.0000 0.000000 1,105.00 0.00 0.00 01/18/2022 58770FAC6 INTEREST EARNED ON MERCEDES BENZ AUTO 1.840% 12/15/22 $1 PV ON 1402.1200 SHARES DUE 1/15/2022 $0.00153/PV ON 914,426.65 PV DUE 1/15/22 0.0000 0.000000 1,402.12 0.00 0.00 01/18/2022 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.930% 7/15/24 $1 PV ON 4382.5800 SHARES DUE 1/15/2022 $0.00161/PV ON 2,724,922.14 PV DUE 1/15/22 0.0000 0.000000 4,382.58 0.00 0.00 01/18/2022 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 733.5100 SHARES DUE 1/15/2022 $0.00255/PV ON 287,650.80 PV DUE 1/15/22 0.0000 0.000000 733.51 0.00 0.00 01/18/2022 69353RFB9 INTEREST EARNED ON PNC BANK NA MTN 2.625% 2/17/22 $1 PV ON 1000000.0000 SHARES DUE 1/18/2022 ACCRUED INTEREST ON 1/18/2022 FULL CALL 0.0000 0.000000 11,010.42 0.00 0.00 01/18/2022 78013XZU5 INTEREST EARNED ON ROYAL BANK OF MTN 2.550% 7/16/24 $1 PV ON 6500000.0000 SHARES DUE 1/16/2022 0.0000 0.000000 82,875.00 0.00 0.00 01/18/2022 79466LAG9 INTEREST EARNED ON SALESFORCE COM INC 0.625% 7/15/24 $1 PV ON 1350000.0000 SHARES DUE 1/15/2022 0.0000 0.000000 4,289.06 0.00 0.00 01/18/2022 89237VAB5 INTEREST EARNED ON TOYOTA AUTO RECV 0.440% 10/15/24 $1 PV ON 1085.3300 SHARES DUE 1/15/2022 $0.00037/PV ON 2,960,000.00 PV DUE 1/15/22 0.0000 0.000000 1,085.33 0.00 0.00 01/18/2022 912828WU0 INTEREST EARNED ON U S TREASURY I P S 0.125% 7/15/24 $1 PV ON 12141376.0000 SHARES DUE 1/15/2022 0.0000 0.000000 7,588.36 0.00 0.00 01/19/2022 3135G0T94 INTEREST EARNED ON F N M A DEB 2.375% 1/19/23 $1 PV ON 5000000.0000 SHARES DUE 1/19/2022 0.0000 0.000000 59,375.00 0.00 0.00 10 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 01/19/2022 89114QC48 INTEREST EARNED ON TORONTO MTN 3.500% 7/19/23 $1 PV ON 5000000.0000 SHARES DUE 1/19/2022 0.0000 0.000000 87,500.00 0.00 0.00 01/20/2022 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 2.125% 12/20/26 $1 PV ON 15.9300 SHARES DUE 1/20/2022 DECEMBER GNMA DUE 1/20/22 0.0000 0.000000 15.93 0.00 0.00 01/20/2022 36225CC20 INTEREST EARNED ON G N M A I I #080088 2.000% 6/20/27 $1 PV ON 10.5900 SHARES DUE 1/20/2022 DECEMBER GNMA DUE 1/20/22 0.0000 0.000000 10.59 0.00 0.00 01/20/2022 36225CNM4 INTEREST EARNED ON G N M A I I #080395 1.875% 4/20/30 $1 PV ON 5.4300 SHARES DUE 1/20/2022 DECEMBER GNMA DUE 1/20/22 0.0000 0.000000 5.43 0.00 0.00 01/20/2022 36225CN28 INTEREST EARNED ON G N M A I I #080408 1.875% 5/20/30 $1 PV ON 45.9200 SHARES DUE 1/20/2022 DECEMBER GNMA DUE 1/20/22 0.0000 0.000000 45.92 0.00 0.00 01/20/2022 36225DCB8 INTEREST EARNED ON G N M A I I #080965 1.625% 7/20/34 $1 PV ON 33.9900 SHARES DUE 1/20/2022 DECEMBER GNMA DUE 1/20/22 0.0000 0.000000 33.99 0.00 0.00 01/20/2022 89239CAC3 INTEREST EARNED ON TOYOTA LEASE OWNER 0.420% 10/21/24 $1 PV ON 1114.7500 SHARES DUE 1/20/2022 $0.00035/PV ON 3,185,000.00 PV DUE 1/20/22 0.0000 0.000000 1,114.75 0.00 0.00 01/21/2022 3137EAEU9 INTEREST EARNED ON F H L M C M T N 0.375% 7/21/25 $1 PV ON 5030000.0000 SHARES DUE 1/21/2022 0.0000 0.000000 9,431.25 0.00 0.00 01/21/2022 43813GAC5 INTEREST EARNED ON HONDA AUTO 0.270% 4/21/25 $1 PV ON 361.1300 SHARES DUE 1/21/2022 $0.00023/PV ON 1,605,000.00 PV DUE 1/21/22 0.0000 0.000000 361.13 0.00 0.00 01/21/2022 43815GAC3 INTEREST EARNED ON HONDA AUTO REC 0.880% 1/21/26 $1 PV ON 1679.3300 SHARES DUE 1/21/2022 $0.00073/PV ON 2,290,000.00 PV DUE 1/21/22 0.0000 0.000000 1,679.33 0.00 0.00 01/21/2022 62479MAM5 INTEREST EARNED ON MUFG BK LTD N Y BRH C P 1/21/22 $1 PV ON 2000000.0000 SHARES DUE 1/21/2022 2,000,000 PAR VALUE AT 100 % 0.0000 0.000000 2,092.22 0.00 0.00 01/21/2022 90331HPL1 INTEREST EARNED ON US BANK NA MTN 2.050% 1/21/25 $1 PV ON 7270000.0000 SHARES DUE 1/21/2022 0.0000 0.000000 74,517.50 0.00 0.00 01/24/2022 46647PAU0 INTEREST EARNED ON JPMORGAN CHASE CO 3.797% 7/23/24 $1 PV ON 2500000.0000 SHARES DUE 1/23/2022 0.0000 0.000000 47,462.50 0.00 0.00 01/24/2022 90331HNL3 INTEREST EARNED ON US BANK NA MTN 2.850% 1/23/23 $1 PV ON 2000000.0000 SHARES DUE 1/23/2022 0.0000 0.000000 28,500.00 0.00 0.00 01/25/2022 03215PFN4 INTEREST EARNED ON AMRESCO 1.00712% 6/25/29 $1 PV ON 99.8900 SHARES DUE 1/25/2022 $0.00084/PV ON 119,021.64 PV DUE 1/25/22 0.0000 0.000000 99.89 0.00 0.00 01/25/2022 09690AAC7 INTEREST EARNED ON BMW VEHICLE LEASE 0.330% 12/26/24 $1 PV ON 569.2500 SHARES DUE 1/25/2022 $0.00027/PV ON 2,070,000.00 PV DUE 1/25/22 0.0000 0.000000 569.25 0.00 0.00 01/25/2022 808513AT2 INTEREST EARNED ON CHARLES SCHWAB CORP 2.650% 1/25/23 $1 PV ON 6750000.0000 SHARES DUE 1/25/2022 0.0000 0.000000 89,437.50 0.00 0.00 01/25/2022 3137BFE98 INTEREST EARNED ON F H L B GTD REMIC 3.171% 10/25/24 $1 PV ON 13212.5000 SHARES DUE 1/25/2022 $0.00264/PV ON 5,000,000.00 PV DUE 1/25/22 0.0000 0.000000 13,212.50 0.00 0.00 01/25/2022 31394JY35 INTEREST EARNED ON F H L M C MLTCL MT 9.50001% 9/25/43 $1 PV ON 2492.9900 SHARES DUE 1/25/2022 $0.00542/PV ON 460,244.11 PV DUE 1/25/22 0.0000 0.000000 2,492.99 0.00 0.00 01/25/2022 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 24.8200 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 24.82 0.00 0.00 11 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 01/25/2022 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 238.5400 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 238.54 0.00 0.00 01/25/2022 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 222.0600 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 222.06 0.00 0.00 01/25/2022 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 3.2800 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 3.28 0.00 0.00 01/25/2022 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 325.8700 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 325.87 0.00 0.00 01/25/2022 31406XWT5 INTEREST EARNED ON F N M A #823358 1.977% 2/01/35 $1 PV ON 90.9900 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 90.99 0.00 0.00 01/25/2022 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 44.6300 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 44.63 0.00 0.00 01/25/2022 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 373.8100 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 373.81 0.00 0.00 01/25/2022 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 18.4000 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 18.40 0.00 0.00 01/25/2022 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 31.1200 SHARES DUE 1/25/2022 DECEMBER FNMA DUE 1/25/22 0.0000 0.000000 31.12 0.00 0.00 01/25/2022 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 61.1600 SHARES DUE 1/25/2022 $0.00065/PV ON 93,868.68 PV DUE 1/25/22 0.0000 0.000000 61.16 0.00 0.00 01/25/2022 78445JAA5 INTEREST EARNED ON S L M A 1.65997% 4/25/23 $1 PV ON 39.4700 SHARES DUE 1/25/2022 $0.00415/PV ON 9,510.53 PV DUE 1/25/22 0.0000 0.000000 39.47 0.00 0.00 01/26/2022 3133EKWV4 INTEREST EARNED ON F F C B DEB 1.850% 7/26/24 $1 PV ON 5000000.0000 SHARES DUE 1/26/2022 0.0000 0.000000 46,250.00 0.00 0.00 01/26/2022 459058FY4 INTEREST EARNED ON INTL BK 2.000% 1/26/22 $1 PV ON 10000000.0000 SHARES DUE 1/26/2022 0.0000 0.000000 100,000.00 0.00 0.00 01/27/2022 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30680.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 01/27/2022 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30680.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 30,680.00 0.00 01/27/2022 89114TZN5 PAID ACCRUED INTEREST ON PURCHASE OF TORONTO DOMINION MTN 1.950% 1/12/27 0.0000 0.000000 -585.00 0.00 0.00 01/27/2022 89114TZN5 PAID ACCRUED INTEREST ON PURCHASE OF TORONTO DOMINION MTN 1.950% 1/12/27 0.0000 0.000000 -1,040.00 0.00 0.00 01/27/2022 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30680.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 01/28/2022 89233HAU8 INTEREST EARNED ON TOYOTA MTR CR CORP DISC C P 1/28/22 $1 PV ON 4000000.0000 SHARES DUE 1/28/2022 4,000,000 PAR VALUE AT 100 % 0.0000 0.000000 4,133.33 0.00 0.00 01/31/2022 CASH DISBURSEMENT PAID TO OCS OUTGOING DOMESTIC WIRE PER DIR DTD 1/26/2022 0.0000 0.000000 -75,000,000.00 0.00 0.00 12 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 01/31/2022 06406RAE7 INTEREST EARNED ON BANK OF NY MTN 2.950% 1/29/23 $1 PV ON 2500000.0000 SHARES DUE 1/29/2022 0.0000 0.000000 36,875.00 0.00 0.00 01/31/2022 91282CBG5 INTEREST EARNED ON U S TREASURY NT 0.125% 1/31/23 $1 PV ON 10000000.0000 SHARES DUE 1/31/2022 0.0000 0.000000 6,250.00 0.00 0.00 01/31/2022 91282CAC5 INTEREST EARNED ON U S TREASURY NT 0.125% 7/31/22 $1 PV ON 30000000.0000 SHARES DUE 1/31/2022 0.0000 0.000000 18,750.00 0.00 0.00 01/31/2022 91282CBH3 INTEREST EARNED ON U S TREASURY NT 0.375% 1/31/26 $1 PV ON 18000000.0000 SHARES DUE 1/31/2022 0.0000 0.000000 33,750.00 0.00 0.00 01/31/2022 912828Z60 INTEREST EARNED ON U S TREASURY NT 1.375% 1/31/22 $1 PV ON 40000000.0000 SHARES DUE 1/31/2022 0.0000 0.000000 275,000.00 0.00 0.00 01/31/2022 912828H86 INTEREST EARNED ON U S TREASURY NT 1.500% 1/31/22 $1 PV ON 27500000.0000 SHARES DUE 1/31/2022 0.0000 0.000000 206,250.00 0.00 0.00 01/31/2022 912828V80 INTEREST EARNED ON U S TREASURY NT 2.250% 1/31/24 $1 PV ON 7500000.0000 SHARES DUE 1/31/2022 0.0000 0.000000 84,375.00 0.00 0.00 01/31/2022 747525AF0 PAID ACCRUED INTEREST ON PURCHASE OF QUALCOMM INC 3.450% 5/20/25 0.0000 0.000000 -15,037.21 0.00 0.00 02/01/2022 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 1/31/2022 INTEREST FROM 1/1/22 TO 1/31/22 0.0000 0.000000 111.40 0.00 0.00 02/01/2022 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 1/31/2022 INTEREST FROM 1/1/22 TO 1/31/22 0.0000 0.000000 244.53 0.00 0.00 02/02/2022 65558UDC3 PAID ACCRUED INTEREST ON PURCHASE OF NORDEA BK ABP C D 0.190% 6/24/22 0.0000 0.000000 -1,773.34 0.00 0.00 02/07/2022 3135G0V34 INTEREST EARNED ON F N M A 2.500% 2/05/24 $1 PV ON 5000000.0000 SHARES DUE 2/5/2022 0.0000 0.000000 62,500.00 0.00 0.00 02/07/2022 46625HJH4 PAID ACCRUED INTEREST ON PURCHASE OF JPMORGAN CHASE CO 3.200% 1/25/23 0.0000 0.000000 -2,133.33 0.00 0.00 02/09/2022 037833AZ3 INTEREST EARNED ON APPLE INC 2.500% 2/09/25 $1 PV ON 3922000.0000 SHARES DUE 2/9/2022 0.0000 0.000000 49,025.00 0.00 0.00 02/09/2022 02665WEA5 PAID ACCRUED INTEREST ON PURCHASE OF AMERICAN HONDA MTN 1.500% 1/13/25 0.0000 0.000000 -1,554.58 0.00 0.00 02/11/2022 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 20592.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 02/11/2022 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 20592.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 20,592.00 0.00 02/11/2022 40139LBD4 PAID ACCRUED INTEREST ON PURCHASE OF GUARDIAN LIFE MTN 1.250% 5/13/26 0.0000 0.000000 -9,930.56 0.00 0.00 02/11/2022 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 20592.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 20,592.0000 0.000000 0.00 0.00 0.00 02/11/2022 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 20592.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 02/14/2022 06051GHY8 INTEREST EARNED ON BANK OF AMERICAN MTN 2.015% 2/13/26 $1 PV ON 2500000.0000 SHARES DUE 2/13/2022 0.0000 0.000000 25,187.50 0.00 0.00 13 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 02/14/2022 3137EAEP0 INTEREST EARNED ON F H L M C 1.500% 2/12/25 $1 PV ON 12335000.0000 SHARES DUE 2/12/2022 0.0000 0.000000 92,512.50 0.00 0.00 02/14/2022 912796D30 INTEREST EARNED ON U S TREASURY BILL 2/24/22 $1 PV ON 3000000.0000 SHARES DUE 2/14/2022 3,000,000 PAR VALUE AT 99.99880567 % 0.0000 0.000000 650.04 0.00 0.00 02/15/2022 31348SWZ3 INTEREST EARNED ON F H L M C #786064 2.262% 1/01/28 $1 PV ON 2.4400 SHARES DUE 2/15/2022 DECEMBER FHLMC DUE 2/15/22 0.0000 0.000000 2.44 0.00 0.00 02/15/2022 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 3.769% 8/15/32 $1 PV ON 11.0100 SHARES DUE 2/15/2022 $0.00314/PV ON 3,505.40 PV DUE 2/15/22 0.0000 0.000000 11.01 0.00 0.00 02/15/2022 44934KAC8 INTEREST EARNED ON HTUNDAI AUTO REC TR 0.380% 1/15/26 $1 PV ON 1912.6700 SHARES DUE 2/15/2022 $0.00032/PV ON 6,040,000.00 PV DUE 2/15/22 0.0000 0.000000 1,912.67 0.00 0.00 02/15/2022 44891VAC5 INTEREST EARNED ON HYUNDAI AUTO LEASE 0.330% 6/17/24 $1 PV ON 1142.6300 SHARES DUE 2/15/2022 $0.00027/PV ON 4,155,000.00 PV DUE 2/15/22 0.0000 0.000000 1,142.63 0.00 0.00 02/15/2022 44891WAC3 INTEREST EARNED ON HYUNDAI AUTO LEASE 1.00533% 1/15/25 $1 PV ON 2425.3700 SHARES DUE 2/15/2022 $0.00084/PV ON 2,895,000.00 PV DUE 2/15/22 0.0000 0.000000 2,425.37 0.00 0.00 02/15/2022 44933LAC7 INTEREST EARNED ON HYUNDAI AUTO REC 0.380% 9/15/25 $1 PV ON 665.0000 SHARES DUE 2/15/2022 $0.00032/PV ON 2,100,000.00 PV DUE 2/15/22 0.0000 0.000000 665.00 0.00 0.00 02/15/2022 44935FAD6 INTEREST EARNED ON HYUNDAI AUTO REC TR 0.740% 5/15/26 $1 PV ON 986.6700 SHARES DUE 2/15/2022 $0.00062/PV ON 1,600,000.00 PV DUE 2/15/22 0.0000 0.000000 986.67 0.00 0.00 02/15/2022 47789QAC4 INTEREST EARNED ON JOHN DEERE OWN 0.520% 3/16/26 $1 PV ON 1222.0000 SHARES DUE 2/15/2022 $0.00043/PV ON 2,820,000.00 PV DUE 2/15/22 0.0000 0.000000 1,222.00 0.00 0.00 02/15/2022 47788UAC6 INTEREST EARNED ON JOHN DEERE OWNER 0.360% 9/15/25 $1 PV ON 690.0000 SHARES DUE 2/15/2022 $0.00030/PV ON 2,300,000.00 PV DUE 2/15/22 0.0000 0.000000 690.00 0.00 0.00 02/15/2022 47787NAC3 INTEREST EARNED ON JOHN DEERE OWNER 0.510% 11/15/24 $1 PV ON 628.5200 SHARES DUE 2/15/2022 $0.00042/PV ON 1,478,881.42 PV DUE 2/15/22 0.0000 0.000000 628.52 0.00 0.00 02/15/2022 58769KAD6 INTEREST EARNED ON MERCEDES BENZ AUTO 0.400% 11/15/24 $1 PV ON 1105.0000 SHARES DUE 2/15/2022 $0.00033/PV ON 3,315,000.00 PV DUE 2/15/22 0.0000 0.000000 1,105.00 0.00 0.00 02/15/2022 58770FAC6 INTEREST EARNED ON MERCEDES BENZ AUTO 1.840% 12/15/22 $1 PV ON 1067.6400 SHARES DUE 2/15/2022 $0.00153/PV ON 696,288.71 PV DUE 2/15/22 0.0000 0.000000 1,067.64 0.00 0.00 02/15/2022 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.930% 7/15/24 $1 PV ON 3991.0200 SHARES DUE 2/15/2022 $0.00161/PV ON 2,481,463.15 PV DUE 2/15/22 0.0000 0.000000 3,991.02 0.00 0.00 02/15/2022 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 416.0800 SHARES DUE 2/15/2022 $0.00255/PV ON 163,166.57 PV DUE 2/15/22 0.0000 0.000000 416.08 0.00 0.00 02/15/2022 89237VAB5 INTEREST EARNED ON TOYOTA AUTO RECV 0.440% 10/15/24 $1 PV ON 1072.6900 SHARES DUE 2/15/2022 $0.00037/PV ON 2,925,534.47 PV DUE 2/15/22 0.0000 0.000000 1,072.69 0.00 0.00 02/16/2022 362554AC1 INTEREST EARNED ON GM FIN CONS AUTO 0.680% 9/16/26 $1 PV ON 966.1700 SHARES DUE 2/16/2022 $0.00057/PV ON 1,705,000.00 PV DUE 2/16/22 0.0000 0.000000 966.17 0.00 0.00 02/16/2022 380146AC4 INTEREST EARNED ON GM FIN CONS AUTO 1.260% 11/16/26 $1 PV ON 1502.5500 SHARES DUE 2/16/2022 $0.00095/PV ON 1,590,000.00 PV DUE 2/16/22 0.0000 0.000000 1,502.55 0.00 0.00 02/18/2022 43813KAC6 INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 3235000.0000 SHARES DUE 2/18/2022 0.0000 0.000000 1,000.17 0.00 0.00 14 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 02/22/2022 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 1.755% 12/20/26 $1 PV ON 12.9200 SHARES DUE 2/20/2022 JANUARY GNMA DUE 2/20/22 0.0000 0.000000 12.92 0.00 0.00 02/22/2022 36225CC20 INTEREST EARNED ON G N M A I I #080088 2.000% 6/20/27 $1 PV ON 10.4200 SHARES DUE 2/20/2022 JANUARY GNMA DUE 2/20/22 0.0000 0.000000 10.42 0.00 0.00 02/22/2022 36225CNM4 INTEREST EARNED ON G N M A I I #080395 1.875% 4/20/30 $1 PV ON 5.2400 SHARES DUE 2/20/2022 JANUARY GNMA DUE 2/20/22 0.0000 0.000000 5.24 0.00 0.00 02/22/2022 36225CN28 INTEREST EARNED ON G N M A I I #080408 1.875% 5/20/30 $1 PV ON 45.4600 SHARES DUE 2/20/2022 JANUARY GNMA DUE 2/20/22 0.0000 0.000000 45.46 0.00 0.00 02/22/2022 36225DCB8 INTEREST EARNED ON G N M A I I #080965 1.625% 7/20/34 $1 PV ON 33.3400 SHARES DUE 2/20/2022 JANUARY GNMA DUE 2/20/22 0.0000 0.000000 33.34 0.00 0.00 02/22/2022 43813GAC5 INTEREST EARNED ON HONDA AUTO 0.270% 4/21/25 $1 PV ON 361.1300 SHARES DUE 2/21/2022 $0.00023/PV ON 1,605,000.00 PV DUE 2/21/22 0.0000 0.000000 361.13 0.00 0.00 02/22/2022 43815GAC3 INTEREST EARNED ON HONDA AUTO REC 0.880% 1/21/26 $1 PV ON 1679.3300 SHARES DUE 2/21/2022 $0.00073/PV ON 2,290,000.00 PV DUE 2/21/22 0.0000 0.000000 1,679.33 0.00 0.00 02/22/2022 89239CAC3 INTEREST EARNED ON TOYOTA LEASE OWNER 0.420% 10/21/24 $1 PV ON 1114.7500 SHARES DUE 2/20/2022 $0.00035/PV ON 3,185,000.00 PV DUE 2/20/22 0.0000 0.000000 1,114.75 0.00 0.00 02/22/2022 91324PEC2 PAID ACCRUED INTEREST ON PURCHASE OF UNITEDHEALTH 1.150% 5/15/26 0.0000 0.000000 -6,956.38 0.00 0.00 02/24/2022 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17368.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 02/24/2022 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17368.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 17,368.00 0.00 02/24/2022 912796D30 INTEREST EARNED ON U S TREASURY BILL 2/24/22 $1 PV ON 9000000.0000 SHARES DUE 2/24/2022 9,000,000 PAR VALUE AT 100 % 0.0000 0.000000 2,057.63 0.00 0.00 02/24/2022 3137BSRE5 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL MTG 3.120% 9/25/26 0.0000 0.000000 -9,966.67 0.00 0.00 02/24/2022 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17368.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 17,368.0000 0.000000 0.00 0.00 0.00 02/24/2022 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17368.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 02/25/2022 03215PFN4 INTEREST EARNED ON AMRESCO 1.08264% 6/25/29 $1 PV ON 107.3800 SHARES DUE 2/25/2022 $0.00090/PV ON 119,021.64 PV DUE 2/25/22 0.0000 0.000000 107.38 0.00 0.00 02/25/2022 09690AAC7 INTEREST EARNED ON BMW VEHICLE LEASE 0.330% 12/26/24 $1 PV ON 2070000.0000 SHARES DUE 2/25/2022 0.0000 0.000000 569.25 0.00 0.00 02/25/2022 05601XAC3 INTEREST EARNED ON BMW VEHICLE LEASE 1.320% 3/25/25 $1 PV ON 2640.0000 SHARES DUE 2/25/2022 $0.00110/PV ON 2,400,000.00 PV DUE 2/25/22 0.0000 0.000000 2,640.00 0.00 0.00 02/25/2022 3137BFE98 INTEREST EARNED ON F H L B GTD REMIC 3.171% 10/25/24 $1 PV ON 13212.5000 SHARES DUE 2/25/2022 $0.00264/PV ON 5,000,000.00 PV DUE 2/25/22 0.0000 0.000000 13,212.50 0.00 0.00 02/25/2022 31394JY35 INTEREST EARNED ON F H L M C MLTCL MT 9.50001% 9/25/43 $1 PV ON 2486.6900 SHARES DUE 2/25/2022 $0.00542/PV ON 459,080.63 PV DUE 2/25/22 0.0000 0.000000 2,486.69 0.00 0.00 02/25/2022 3135G05X7 INTEREST EARNED ON F N M A 0.375% 8/25/25 $1 PV ON 7945000.0000 SHARES DUE 2/25/2022 0.0000 0.000000 14,896.88 0.00 0.00 15 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 02/25/2022 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 24.4600 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 24.46 0.00 0.00 02/25/2022 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 230.5800 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 230.58 0.00 0.00 02/25/2022 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 215.8900 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 215.89 0.00 0.00 02/25/2022 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 3.2700 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 3.27 0.00 0.00 02/25/2022 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 324.1000 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 324.10 0.00 0.00 02/25/2022 31406XWT5 INTEREST EARNED ON F N M A #823358 1.977% 2/01/35 $1 PV ON 90.3300 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 90.33 0.00 0.00 02/25/2022 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 43.6200 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 43.62 0.00 0.00 02/25/2022 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 363.8900 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 363.89 0.00 0.00 02/25/2022 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 17.8700 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 17.87 0.00 0.00 02/25/2022 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 30.5400 SHARES DUE 2/25/2022 JANUARY FNMA DUE 2/25/22 0.0000 0.000000 30.54 0.00 0.00 02/25/2022 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 60.2400 SHARES DUE 2/25/2022 $0.00066/PV ON 91,764.48 PV DUE 2/25/22 0.0000 0.000000 60.24 0.00 0.00 02/25/2022 06417MPK5 PAID ACCRUED INTEREST ON PURCHASE OF BANK NOVA C D 0.220% 5/13/22 0.0000 0.000000 -3,520.00 0.00 0.00 02/25/2022 912828M80 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.000% 11/30/22 0.0000 0.000000 28,681.32 0.00 0.00 02/28/2022 14913Q2T5 INTEREST EARNED ON CATERPILLAR FINL MTN 2.950% 2/26/22 $1 PV ON 2000000.0000 SHARES DUE 2/26/2022 ACCRUED INTEREST ON 2/28/2022 MATURITY 0.0000 0.000000 29,500.00 0.00 0.00 02/28/2022 91282CCW9 INTEREST EARNED ON U S TREASURY NT 0.750% 8/31/26 $1 PV ON 8000000.0000 SHARES DUE 2/28/2022 0.0000 0.000000 30,000.00 0.00 0.00 02/28/2022 912828J43 INTEREST EARNED ON U S TREASURY NT 1.750% 2/28/22 $1 PV ON 7500000.0000 SHARES DUE 2/28/2022 0.0000 0.000000 65,625.00 0.00 0.00 02/28/2022 912828W48 INTEREST EARNED ON U S TREASURY NT 2.125% 2/29/24 $1 PV ON 10000000.0000 SHARES DUE 2/28/2022 0.0000 0.000000 106,250.00 0.00 0.00 02/28/2022 91282CAC5 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 0.125% 7/31/22 0.0000 0.000000 -483.43 0.00 0.00 03/01/2022 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 2/28/2022 INTEREST FROM 2/1/22 TO 2/28/22 0.0000 0.000000 22.06 0.00 0.00 03/01/2022 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 2/28/2022 INTEREST FROM 2/1/22 TO 2/28/22 0.0000 0.000000 137.62 0.00 0.00 03/03/2022 43813KAC6 INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 3235000.0000 SHARES DUE 2/18/2022 0.0000 0.000000 -1,000.17 0.00 0.00 16 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 03/03/2022 43813KAC6 INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 3235000.0000 SHARES DUE 2/18/2022 0.0000 0.000000 997.46 0.00 0.00 03/03/2022 3133ELYR9 RECEIVED ACCRUED INTEREST ON SALE OF F F C B DEB 0.250% 5/06/22 0.0000 0.000000 7,190.63 0.00 0.00 03/07/2022 06051GHF9 INTEREST EARNED ON BANK OF AMERICA 3.550% 3/05/24 $1 PV ON 6675000.0000 SHARES DUE 3/5/2022 0.0000 0.000000 118,481.25 0.00 0.00 03/08/2022 313383YJ4 INTEREST EARNED ON F H L B DEB 3.375% 9/08/23 $1 PV ON 10000000.0000 SHARES DUE 3/8/2022 0.0000 0.000000 168,750.00 0.00 0.00 03/10/2022 912828N30 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.125% 12/31/22 0.0000 0.000000 20,252.07 0.00 0.00 03/11/2022 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 47736.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 03/11/2022 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 47736.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 47,736.00 0.00 03/11/2022 06406RAM9 PAID ACCRUED INTEREST ON PURCHASE OF BANK OF NY MTN 1.850% 1/27/23 0.0000 0.000000 -3,583.86 0.00 0.00 03/11/2022 59217GEE5 PAID ACCRUED INTEREST ON PURCHASE OF MET LIFE GLOB MTN 1.950% 1/13/23 0.0000 0.000000 -7,084.46 0.00 0.00 03/11/2022 89114TZT2 PAID ACCRUED INTEREST ON PURCHASE OF TORONTO DOMINION MTN 2.800% 3/10/27 0.0000 0.000000 -388.89 0.00 0.00 03/11/2022 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 47736.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 47,736.0000 0.000000 0.00 0.00 0.00 03/11/2022 89114QC48 RECEIVED ACCRUED INTEREST ON SALE OF TORONTO MTN 3.500% 7/19/23 0.0000 0.000000 25,277.78 0.00 0.00 03/11/2022 912828M80 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.000% 11/30/22 0.0000 0.000000 11,098.90 0.00 0.00 03/11/2022 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 47736.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 03/14/2022 00440EAP2 INTEREST EARNED ON CHUBB INA HLDGS INC 2.700% 3/13/23 $1 PV ON 2000000.0000 SHARES DUE 3/13/2022 0.0000 0.000000 27,000.00 0.00 0.00 03/14/2022 3130A4CH3 INTEREST EARNED ON F H L B DEB 2.375% 3/14/25 $1 PV ON 5225000.0000 SHARES DUE 3/14/2022 0.0000 0.000000 62,046.88 0.00 0.00 03/14/2022 3130A2UW4 INTEREST EARNED ON F H L B DEB 2.875% 9/13/24 $1 PV ON 2500000.0000 SHARES DUE 3/13/2022 0.0000 0.000000 35,937.50 0.00 0.00 03/14/2022 4581X0CZ9 INTEREST EARNED ON INTER AMER DEV BK 1.750% 9/14/22 $1 PV ON 6500000.0000 SHARES DUE 3/14/2022 0.0000 0.000000 56,875.00 0.00 0.00 03/14/2022 46647PBH8 INTEREST EARNED ON JPMORGAN CHASE CO 2.005% 3/13/26 $1 PV ON 3500000.0000 SHARES DUE 3/13/2022 0.0000 0.000000 35,087.50 0.00 0.00 03/14/2022 58989V2D5 INTEREST EARNED ON MET TOWER MTN 1.250% 9/14/26 $1 PV ON 3745000.0000 SHARES DUE 3/14/2022 0.0000 0.000000 23,406.25 0.00 0.00 03/15/2022 00440EAS6 INTEREST EARNED ON ACE INA HOLDING 3.150% 3/15/25 $1 PV ON 2000000.0000 SHARES DUE 3/15/2022 0.0000 0.000000 31,500.00 0.00 0.00 03/15/2022 06368FAC3 INTEREST EARNED ON BANK OF MONTREAL MTN 1.250% 9/15/26 $1 PV ON 3000000.0000 SHARES DUE 3/15/2022 0.0000 0.000000 18,750.00 0.00 0.00 03/15/2022 084670BR8 INTEREST EARNED ON BERKSHIRE HATHAWAY 2.750% 3/15/23 $1 PV ON 2500000.0000 SHARES DUE 3/15/2022 0.0000 0.000000 34,375.00 0.00 0.00 17 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 03/15/2022 31348SWZ3 INTEREST EARNED ON F H L M C #786064 2.262% 1/01/28 $1 PV ON 2.3800 SHARES DUE 3/15/2022 JANUARY FHLMC DUE 3/15/22 0.0000 0.000000 2.38 0.00 0.00 03/15/2022 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 3.769% 8/15/32 $1 PV ON 10.7700 SHARES DUE 3/15/2022 $0.00313/PV ON 3,440.70 PV DUE 3/15/22 0.0000 0.000000 10.77 0.00 0.00 03/15/2022 43815BAC4 INTEREST EARNED ON HONDA AUTO REC OWN 1.880% 5/15/26 $1 PV ON 4515.1300 SHARES DUE 3/15/2022 $0.00115/PV ON 3,930,000.00 PV DUE 3/15/22 0.0000 0.000000 4,515.13 0.00 0.00 03/15/2022 44934KAC8 INTEREST EARNED ON HTUNDAI AUTO REC TR 0.380% 1/15/26 $1 PV ON 1912.6700 SHARES DUE 3/15/2022 $0.00032/PV ON 6,040,000.00 PV DUE 3/15/22 0.0000 0.000000 1,912.67 0.00 0.00 03/15/2022 44891VAC5 INTEREST EARNED ON HYUNDAI AUTO LEASE 0.330% 6/17/24 $1 PV ON 1142.6300 SHARES DUE 3/15/2022 $0.00027/PV ON 4,155,000.00 PV DUE 3/15/22 0.0000 0.000000 1,142.63 0.00 0.00 03/15/2022 44891WAC3 INTEREST EARNED ON HYUNDAI AUTO LEASE 1.160% 1/15/25 $1 PV ON 2798.5000 SHARES DUE 3/15/2022 $0.00097/PV ON 2,895,000.00 PV DUE 3/15/22 0.0000 0.000000 2,798.50 0.00 0.00 03/15/2022 44933LAC7 INTEREST EARNED ON HYUNDAI AUTO REC 0.380% 9/15/25 $1 PV ON 665.0000 SHARES DUE 3/15/2022 $0.00032/PV ON 2,100,000.00 PV DUE 3/15/22 0.0000 0.000000 665.00 0.00 0.00 03/15/2022 44935FAD6 INTEREST EARNED ON HYUNDAI AUTO REC TR 0.740% 5/15/26 $1 PV ON 986.6700 SHARES DUE 3/15/2022 $0.00062/PV ON 1,600,000.00 PV DUE 3/15/22 0.0000 0.000000 986.67 0.00 0.00 03/15/2022 47789QAC4 INTEREST EARNED ON JOHN DEERE OWN 0.520% 3/16/26 $1 PV ON 1222.0000 SHARES DUE 3/15/2022 $0.00043/PV ON 2,820,000.00 PV DUE 3/15/22 0.0000 0.000000 1,222.00 0.00 0.00 03/15/2022 47788UAC6 INTEREST EARNED ON JOHN DEERE OWNER 0.360% 9/15/25 $1 PV ON 690.0000 SHARES DUE 3/15/2022 $0.00030/PV ON 2,300,000.00 PV DUE 3/15/22 0.0000 0.000000 690.00 0.00 0.00 03/15/2022 47787NAC3 INTEREST EARNED ON JOHN DEERE OWNER 0.510% 11/15/24 $1 PV ON 564.0800 SHARES DUE 3/15/2022 $0.00042/PV ON 1,327,244.48 PV DUE 3/15/22 0.0000 0.000000 564.08 0.00 0.00 03/15/2022 58769KAD6 INTEREST EARNED ON MERCEDES BENZ AUTO 0.400% 11/15/24 $1 PV ON 1105.0000 SHARES DUE 3/15/2022 $0.00033/PV ON 3,315,000.00 PV DUE 3/15/22 0.0000 0.000000 1,105.00 0.00 0.00 03/15/2022 58770FAC6 INTEREST EARNED ON MERCEDES BENZ AUTO 1.840% 12/15/22 $1 PV ON 757.9200 SHARES DUE 3/15/2022 $0.00153/PV ON 494,295.36 PV DUE 3/15/22 0.0000 0.000000 757.92 0.00 0.00 03/15/2022 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.930% 7/15/24 $1 PV ON 3619.2100 SHARES DUE 3/15/2022 $0.00161/PV ON 2,250,285.34 PV DUE 3/15/22 0.0000 0.000000 3,619.21 0.00 0.00 03/15/2022 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 129.8100 SHARES DUE 3/15/2022 $0.00255/PV ON 50,906.17 PV DUE 3/15/22 0.0000 0.000000 129.81 0.00 0.00 03/15/2022 89237VAB5 INTEREST EARNED ON TOYOTA AUTO RECV 0.440% 10/15/24 $1 PV ON 1000.3600 SHARES DUE 3/15/2022 $0.00037/PV ON 2,728,262.16 PV DUE 3/15/22 0.0000 0.000000 1,000.36 0.00 0.00 03/15/2022 91282CCX7 INTEREST EARNED ON U S TREASURY NT 0.375% 9/15/24 $1 PV ON 10500000.0000 SHARES DUE 3/15/2022 0.0000 0.000000 19,687.50 0.00 0.00 03/15/2022 9128286H8 INTEREST EARNED ON U S TREASURY NT 2.375% 3/15/22 $1 PV ON 7500000.0000 SHARES DUE 3/15/2022 0.0000 0.000000 89,062.50 0.00 0.00 03/16/2022 362554AC1 INTEREST EARNED ON GM FIN CONS AUTO 0.680% 9/16/26 $1 PV ON 966.1700 SHARES DUE 3/16/2022 $0.00057/PV ON 1,705,000.00 PV DUE 3/16/22 0.0000 0.000000 966.17 0.00 0.00 03/16/2022 380146AC4 INTEREST EARNED ON GM FIN CONS AUTO 1.260% 11/16/26 $1 PV ON 1669.5000 SHARES DUE 3/16/2022 $0.00105/PV ON 1,590,000.00 PV DUE 3/16/22 0.0000 0.000000 1,669.50 0.00 0.00 18 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 03/17/2022 931142ER0 INTEREST EARNED ON WALMART INC 1.050% 9/17/26 $1 PV ON 1725000.0000 SHARES DUE 3/17/2022 0.0000 0.000000 9,056.25 0.00 0.00 03/18/2022 09247XAL5 INTEREST EARNED ON BLACKROCK INC 3.500% 3/18/24 $1 PV ON 1000000.0000 SHARES DUE 3/18/2022 0.0000 0.000000 17,500.00 0.00 0.00 03/18/2022 43813KAC6 INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 997.4600 SHARES DUE 3/18/2022 $0.00031/PV ON 3,235,000.00 PV DUE 3/18/22 0.0000 0.000000 997.46 0.00 0.00 03/18/2022 808513BN4 INTEREST EARNED ON SCHWAB CHARLES 0.750% 3/18/24 $1 PV ON 2785000.0000 SHARES DUE 3/18/2022 0.0000 0.000000 10,443.75 0.00 0.00 03/21/2022 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 1.755% 12/20/26 $1 PV ON 12.6700 SHARES DUE 3/20/2022 FEBRUARY GNMA DUE 3/20/22 0.0000 0.000000 12.67 0.00 0.00 03/21/2022 36225CC20 INTEREST EARNED ON G N M A I I #080088 2.000% 6/20/27 $1 PV ON 10.2600 SHARES DUE 3/20/2022 FEBRUARY GNMA DUE 3/20/22 0.0000 0.000000 10.26 0.00 0.00 03/21/2022 36225CNM4 INTEREST EARNED ON G N M A I I #080395 1.875% 4/20/30 $1 PV ON 5.1900 SHARES DUE 3/20/2022 FEBRUARY GNMA DUE 3/20/22 0.0000 0.000000 5.19 0.00 0.00 03/21/2022 36225CN28 INTEREST EARNED ON G N M A I I #080408 1.875% 5/20/30 $1 PV ON 45.0200 SHARES DUE 3/20/2022 FEBRUARY GNMA DUE 3/20/22 0.0000 0.000000 45.02 0.00 0.00 03/21/2022 36225DCB8 INTEREST EARNED ON G N M A I I #080965 1.625% 7/20/34 $1 PV ON 32.7500 SHARES DUE 3/20/2022 FEBRUARY GNMA DUE 3/20/22 0.0000 0.000000 32.75 0.00 0.00 03/21/2022 36265MAC9 INTEREST EARNED ON GM FIN AUTO LSNG TR 1.900% 3/20/25 $1 PV ON 5020000.0000 SHARES DUE 3/20/2022 0.0000 0.000000 7,418.45 0.00 0.00 03/21/2022 43813GAC5 INTEREST EARNED ON HONDA AUTO 0.270% 4/21/25 $1 PV ON 361.1300 SHARES DUE 3/21/2022 $0.00023/PV ON 1,605,000.00 PV DUE 3/21/22 0.0000 0.000000 361.13 0.00 0.00 03/21/2022 43815GAC3 INTEREST EARNED ON HONDA AUTO REC 0.880% 1/21/26 $1 PV ON 1679.3300 SHARES DUE 3/21/2022 $0.00073/PV ON 2,290,000.00 PV DUE 3/21/22 0.0000 0.000000 1,679.33 0.00 0.00 03/21/2022 89239CAC3 INTEREST EARNED ON TOYOTA LEASE OWNER 0.420% 10/21/24 $1 PV ON 1114.7500 SHARES DUE 3/20/2022 $0.00035/PV ON 3,185,000.00 PV DUE 3/20/22 0.0000 0.000000 1,114.75 0.00 0.00 03/21/2022 89238LAC4 INTEREST EARNED ON TOYOTA LEASE OWNER 1.960% 2/20/25 $1 PV ON 6669.4500 SHARES DUE 3/20/2022 $0.00109/PV ON 6,125,000.00 PV DUE 3/20/22 0.0000 0.000000 6,669.45 0.00 0.00 03/23/2022 3137EAEX3 INTEREST EARNED ON F H L M C M T N 0.375% 9/23/25 $1 PV ON 7660000.0000 SHARES DUE 3/23/2022 0.0000 0.000000 14,362.50 0.00 0.00 03/23/2022 4581X0DZ8 INTEREST EARNED ON INTER AMER BK M T N 0.500% 9/23/24 $1 PV ON 10775000.0000 SHARES DUE 3/23/2022 0.0000 0.000000 26,937.50 0.00 0.00 03/25/2022 03215PFN4 INTEREST EARNED ON AMRESCO 1.05169% 6/25/29 $1 PV ON 104.3100 SHARES DUE 3/25/2022 $0.00088/PV ON 119,021.64 PV DUE 3/25/22 0.0000 0.000000 104.31 0.00 0.00 03/25/2022 09690AAC7 INTEREST EARNED ON BMW VEHICLE LEASE 0.330% 12/26/24 $1 PV ON 569.2500 SHARES DUE 3/25/2022 $0.00027/PV ON 2,070,000.00 PV DUE 3/25/22 0.0000 0.000000 569.25 0.00 0.00 03/25/2022 05601XAC3 INTEREST EARNED ON BMW VEHICLE LEASE 1.100% 3/25/25 $1 PV ON 2200.0000 SHARES DUE 3/25/2022 $0.00092/PV ON 2,400,000.00 PV DUE 3/25/22 0.0000 0.000000 2,200.00 0.00 0.00 03/25/2022 3137BFE98 INTEREST EARNED ON F H L B GTD REMIC 3.171% 10/25/24 $1 PV ON 13212.5000 SHARES DUE 3/25/2022 $0.00264/PV ON 5,000,000.00 PV DUE 3/25/22 0.0000 0.000000 13,212.50 0.00 0.00 19 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 03/25/2022 31394JY35 INTEREST EARNED ON F H L M C MLTCL MT 9.50001% 9/25/43 $1 PV ON 2475.5800 SHARES DUE 3/25/2022 $0.00542/PV ON 457,031.47 PV DUE 3/25/22 0.0000 0.000000 2,475.58 0.00 0.00 03/25/2022 3137BSRE5 INTEREST EARNED ON F H L M C MLTCL MTG 3.120% 9/25/26 $1 PV ON 13000.0000 SHARES DUE 3/25/2022 $0.00260/PV ON 5,000,000.00 PV DUE 3/25/22 0.0000 0.000000 13,000.00 0.00 0.00 03/25/2022 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 24.0600 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 24.06 0.00 0.00 03/25/2022 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 229.3100 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 229.31 0.00 0.00 03/25/2022 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 211.4800 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 211.48 0.00 0.00 03/25/2022 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 3.2500 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 3.25 0.00 0.00 03/25/2022 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 322.2100 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 322.21 0.00 0.00 03/25/2022 31406XWT5 INTEREST EARNED ON F N M A #823358 1.966% 2/01/35 $1 PV ON 75.1900 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 75.19 0.00 0.00 03/25/2022 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 43.0000 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 43.00 0.00 0.00 03/25/2022 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 351.1700 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 351.17 0.00 0.00 03/25/2022 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 17.4300 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 17.43 0.00 0.00 03/25/2022 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 29.8400 SHARES DUE 3/25/2022 FEBRUARY FNMA DUE 3/25/22 0.0000 0.000000 29.84 0.00 0.00 03/25/2022 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 65.2400 SHARES DUE 3/25/2022 $0.00072/PV ON 90,311.73 PV DUE 3/25/22 0.0000 0.000000 65.24 0.00 0.00 03/29/2022 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 53040.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 03/29/2022 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 53040.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 53,040.00 0.00 03/29/2022 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 53040.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 53,040.0000 0.000000 0.00 0.00 0.00 03/29/2022 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 53040.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 03/31/2022 91282CAM3 INTEREST EARNED ON U S TREASURY NT 0.250% 9/30/25 $1 PV ON 6500000.0000 SHARES DUE 3/31/2022 0.0000 0.000000 8,125.00 0.00 0.00 03/31/2022 91282CBT7 INTEREST EARNED ON U S TREASURY NT 0.750% 3/31/26 $1 PV ON 10000000.0000 SHARES DUE 3/31/2022 0.0000 0.000000 37,500.00 0.00 0.00 03/31/2022 912828YH7 INTEREST EARNED ON U S TREASURY NT 1.500% 9/30/24 $1 PV ON 14000000.0000 SHARES DUE 3/31/2022 0.0000 0.000000 105,000.00 0.00 0.00 20 of 21 U.S. Bank Transaction History 01/01/22 - 03/31/22 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 03/31/2022 9128284D9 INTEREST EARNED ON U S TREASURY NT 2.500% 3/31/23 $1 PV ON 10000000.0000 SHARES DUE 3/31/2022 0.0000 0.000000 125,000.00 0.00 0.00 03/31/2022 912828Z78 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.500% 1/31/27 0.0000 0.000000 -9,779.01 0.00 0.00 03/31/2022 91282CBG5 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 0.125% 1/31/23 0.0000 0.000000 611.19 0.00 0.00 TOTAL OTHER TRANSACTIONS 138,736.0000 -71,739,651.79 199,576.00 0.00 21 of 21 March 31, 2022 Orange County Sanitation District Investment Measurement Service Quarterly Review Information contained herein includes confidential, trade secret and proprietary information. Neither this Report nor any specific 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’s permission. Certain information herein has been compiled by Callan and is based on information provided by a variety of sources believed to 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 sole responsibility. You should consult with legal and tax advisers before applying any of this information to your particular situation. Past performance is no guarantee of future results. For further information, please see the Appendix section in your investment measurement service quarterly review report for Important Information and Disclosures. Callan Orange County Sanitation District Executive Summary for Period Ending March 31, 2022 Asset Allocation Performance * Current Quarter Target = 80.0% ML 1-5 Govt/Corp and 20.0% FTSE 3mo T-Bills. ^Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Recent Developments  During the quarter, $75 million was withdrawn from the Liquid Operating Monies. Organizational Issues  N/A Fixed Income Market Snapshot  The Bloomberg U.S. Aggregate Bond Index sank 5.9% in 1Q, the third-worst quarter since the index’s inception in 1976 (the other two being in 1980). Rates rose sharply on worries over inflation and expectations for Fed rate hikes. The 10-year U.S. Treasury closed the quarter at 2.32%, up from 1.52% at year-end, and reached 2.48% just a week before the quarter closed. Notably, the yield curve flattened meaningfully and as of quarter-end the relationship between the 5-year yield (2.42%) and the 10-year yield (2.32%) was inverted. Yield curve inversions have historically been a reasonably good predictor of a coming recession, and this recent inversion has thus garnered much attention. Spread sectors broadly underperformed U.S. Treasuries, but the bulk of the negative return was attributable to rising rates. Ten-year breakeven spreads, a measure of expected inflation, widened to 2.84% as of quarter-end, up March 31, 2022 December 31, 2021 Market Value Weight Net New Inv.Inv. Return Market Value Weight Domestic Fixed IncomeLong Term Operating Fund*720,017,773 82.21%0 (22,052,349)742,070,123 76.27% Liquid Operating Monies*155,809,200 17.79%(75,000,000)(52,775)230,861,976 23.73% Total Fund $875,826,974 100.0%$(75,000,000)$(22,105,125)$972,932,098 100.0% Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund^(2.97%)(3.26%)1.22%1.48%1.37% Chandler (2.97%)(3.26%)1.22%1.48%1.37% Blmbg Govt/Cred 1-5 Year Idx (3.45%)(3.84%)1.14%1.42%1.32% ML 1-5 Govt/Corp (3.49%)(3.83%)1.16%1.45%1.35% Liquid Operating Monies^(0.03%)0.08%0.91%1.20%0.97% Chandler (0.03%)0.08%0.91%1.20%0.97% Citigroup 3-Month Treasury Bill 0.03%0.06%0.76%1.09%0.84% Total Fund (2.41%)(2.62%)1.17%1.43%1.26% Target*(2.79%)(3.06%)1.08%1.38%1.25% 2 Orange County Sanitation District from 2.56% as of year-end. High yield corporates (Bloomberg High Yield: -4.8%) fared a bit better given less sensitivity to interest rates and a relatively high energy sector weighting. Investment Manager Performance  The Long Term Operating Fund recorded a loss of 2.97% in the first quarter, which outperformed the 3.49% decline of the ICE Govt/Cred 1-5 Year Index. Over the trailing one-year period, the portfolio also outperformed its benchmark, declining 3.26% versus a 3.83% loss for the index. The fund ranks in the bottom quartile among peers over the trailing one-, three-, five-, and seven-year periods.  Rising interest rates in the first quarter drove negative absolute performance. Credit spreads also widened, which further contributed to losses. Favorable credit selection and a duration underweight supported positive relative performance against the benchmark. The manager increased its allocations to the Corporate and ABS sectors by 3.6% and 3.7% respectively. Duration increased to 2.46 from 2.37 at year-end. The portfolio had less than 30% invested in credit (26%) and less than the permitted 20% invested in the combination of asset-backed securities (10%), commercial mortgage backed securities (0%), and CMOs (2%) as of March 31, 2022 (see page 20).  The Liquid Operating Portfolio declined by 3 basis points in the first quarter, trailing the Citigroup 3-Month Treasury Bill Index’s return of 0.03%. Over the trailing year, the fund has returned 0.08%, slightly ahead of the benchmark index. Cordially, Alex Ford Vice President Callan Table of Contents March 31, 2022 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 3131 Callan                     Capital Market Review     Russell 3000 Russell 1000 Russell 1000 Growth Russell 1000 Value S&P 500 Russell Midcap Russell 2500 Russell 2000 U.S. Equity: Quarterly Returns -5.3% -5.1% -9.0% -0.7% -4.6% -5.7% -5.8% -7.5% Russell 3000 Russell 1000 Russell 1000 Growth Russell 1000 Value S&P 500 Russell Midcap Russell 2500 Russell 2000 U.S. Equity: One-Year Returns 11.9% 13.3% 15.0% 11.7% 15.6% 6.9% 0.3% -5.8% Source: S&P Dow Jones Indices S&P Sector Returns, Quarter Ended 3/31/22 Last Quarter -11.9%-9.0% -1.0% 39.0% -1.5%-2.6%-2.4% -8.4% -2.4%-6.2% 4.8% Services Communication Discretionary Consumer Staples Consumer Energy Financials Health Care Industrials Technology Information Materials Real Estate Utilities U.S. EQUITY –The S&P 500 Index fell 4.6% in 1Q22, but was down more than 12% early in March before rallying into quarter-end. –Value stocks sharply outpaced growth across capitalizations, with the spread exceeding 10% in both mid and small caps and just over 8% in large caps. –Energy (+39%) was the best-performing sector given a 33% spike in WTI crude oil prices. Commodity-linked Materials and Utilities sectors also performed well on a relative basis. –Communication Services (-12%), Consumer Discretionary (-9%), and Information Technology (-8%) were the worst- performing sectors. –Uncertainty over rates, inflation, and geopolitical tensions all contributed to a volatile and risk-averse environment. –Interestingly, the Russell Dynamic Index (-4.3%) outperformed the Russell Defensive Index (-5.9%) during the 1Q downturn. Historical small cap discount relative to large cap –The Russell 2000 Index continues to underperform the Russell 1000 Index; the small cap index now trails large cap by almost 1,660 basis points cumulatively on a three-year basis and over 2,360 bps on a five-year basis. Index concentration –Index concentration continues despite negative 1Q core index returns and falling earnings contribution. –Among mega cap tech stocks, Apple and Microsoft now seen as providing downside protection –Index concentration continues to cause active managers significant headwinds in the large cap growth space—the Russell 1000 Growth Index has nearly 50% of its capitalization in just the top 10 names (Apple and Microsoft are greater than 10% weights). Capital Markets Overview 1Q22 Sources: FTSE Russell, S&P Dow Jones Indices Callan -I • I Capital Markets Overview (continued) 1Q22 MSCI EAFE MSCI ACWI MSCI World MSCI ACWI ex USA MSCI World ex USA MSCI ACWI ex USA SC MSCI World ex USA SC MSCI Europe ex UK MSCI United Kingdom MSCI Pacific ex Japan MSCI Japan MSCI Emerging Markets MSCI China MSCI Frontier Markets Global Equity: Quarterly Returns -5.9% -5.4% -5.2% -5.4% -4.8% -6.5% -7.2% -10.0% 1.8% 3.8% -6.6% -7.0% -14.2% -7.9% MSCI EAFE MSCI ACWI MSCI World MSCI ACWI ex USA MSCI World ex USA MSCI ACWI ex USA SC MSCI World ex USA SC MSCI Europe ex UK MSCI United Kingdom MSCI Pacific ex Japan MSCI Japan MSCI Emerging Markets MSCI China MSCI Frontier Markets Global Equity: One-Year Returns 1.2% 7.3% 10.1% -1.5% 3.0% 0.0% -1.7% 0.6% 13.6% 3.8% -6.5% -11.4% -32.5% 9.4% Source: MSCI GLOBAL EQUITY War in Ukraine stoked market volatility –In the aftermath of invading Ukraine, Russia faced condemnation and sanctions that crippled its stocks, bonds, and currency and shocked the global markets. –The fog of war exacerbated inflationary concerns and led to a surge in energy prices, as Russia is the second-largest natural gas provider and third-largest oil producer in the world. –Energy exporters notably outperformed importers given the soaring prices. Fears of COVID-19 –A resurgence of COVID-19 cases in Europe and Asia, specifically in China, weighed on the global recovery. –China’s zero-COVID policy has injected doubt into its 2022 projected GDP growth of 5.5%, which is already its lowest annual target in more than 25 years. Growth vs. value –Value sectors such as Energy, Materials, and Financials were in favor relative to growth sectors like Consumer Discretionary and Information Technology, due to recession fears and a tightening monetary cycle. –However, Energy was the worst performer within emerging markets due to the removal of Russia from indices. U.S. dollar vs. other currencies –With the uncertainty of war, the U.S. dollar strengthened against other major currencies, including the yen, as the Bank of Japan maintained an easing policy. Value is attractive relative to history –There are attractive valuations in multiple regions. –Growth relative to value is more vulnerable as interest rates normalize. –Global recovery from COVID and deficit in Energy should support value. –Value sectors are underexposed in international indices relative to history. –Value outperforms in “heating up” inflationary environments. Callan --------I ■ --- I ■ ■ I I I I -I ■ - ■ Bloomberg Gov/Cr 1-3 Yr Bloomberg Interm Gov/Cr Bloomberg Aggregate Bloomberg Long Gov/Cr Bloomberg Universal CS Leveraged Loans Bloomberg High Yield Bloomberg TIPS U.S. Fixed Income: Quarterly Returns -2.5% -4.5% -5.9% -11.0% -6.1% -0.1% -4.8% -3.0% Bloomberg Gov/Cr 1-3 Yr Bloomberg Interm Gov/Cr Bloomberg Aggregate Bloomberg Long Gov/Cr Bloomberg Universal CS Leveraged Loans Bloomberg High Yield Bloomberg TIPS U.S. Fixed Income: One-Year Returns -2.9% -4.1% -4.2% -3.1% -4.2% 3.2% -0.7% 4.3% U.S. Treasury Yield Curves U.S. FIXED INCOME Bonds hit hard as rates rose sharply –Bloomberg Aggregate worst quarterly return since 1980 –Curve flattened; as of 3/31 5-year U.S. Treasury yield was 10 bps higher than 10-year UST yield (2.42% vs. 2.32%). –TIPS topped nominal Treasuries, and 10-year breakeven spread widened to 2.84% from 2.56% at year-end. –Fed raised rates by 25 bps, with many more hikes expected this year. Credit sectors underperformed –Investment-grade corporates underperformed duration- matched U.S. Treasuries by 145 bps, RMBS by 71 bps. –High yield “benefited” from less interest rate sensitivity and relatively higher exposure to the energy sector; excess return vs. U.S. Treasuries was 92 bps. –Defaults remain low (less than 1%) and yield breeched 6%. Leveraged loans performed relatively well –Helped by floating rate coupons/low duration Securitized sectors also performed well –Consumer ABS was the best within the sector due to its shorter duration profile and solid consumer spending. –Conduit CMBS traded in line as the economy re-opens. –Agency MBS saw duration extend by 0.4 year due to higher rates. –The U.S. yield curve “bear-flattened” as the Fed pivoted to focus on higher-than-expected inflation. –The U.S. yield curve (2Y/10Y) inverted on the last (intra) day of the quarter, which has not been seen since Aug. 2019. –Despite rates moving higher this year, could the recent back- up indicate a new regime of higher rates, or is the market simply trading to the higher end of this secular range that has persisted for nearly 40 years? MUNICIPAL BONDS Municipal bond returns hurt by rising rates –Bloomberg Municipal Bond Index suffered its worst quarterly return since 3Q81. –Lower quality underperformed: BBB -7.1%; AAA -6.1% –As with U.S. Treasuries, the muni yield curve flattened with 2-year yields rising more than 10-year and 30-year yields Capital Markets Overview (continued) 1Q22 Sources: Bloomberg, Credit Suisse 0% 1% 2% 3% 0 5 10 15 20 25 30 Maturity (Years) 3/31/22 12/31/21 3/31/21 Callan Bloomberg Global Aggregate Bloomberg Global Agg (hdg) Bloomberg Global High Yield Bloomberg Global Agg ex US JPM EMBI Global Diversified JPM GBI-EM Global Diversified JPM EMBI Gl Div/JPM GBI-EM Gl Div JPM CEMBI Global Fixed Income: Quarterly Returns -6.2% -5.0% -5.7% -6.1% -10.0% -6.5% -8.2% -10.3% Bloomberg Global Aggregate Bloomberg Global Agg (hdg) Bloomberg Global High Yield Bloomberg Global Agg ex US JPM EMBI Global Diversified JPM GBI-EM Global Diversified JPM EMBI Gl Div/JPM GBI-EM Gl Div JPM CEMBI Global Fixed Income: One-Year Returns -6.4% -3.9% -3.8% -7.9% -7.4% -8.5% -8.0% -9.8% Change in 10-Year Global Government Bond Yields MUNICIPAL BONDS (cont.) Valuations relatively attractive –10-year AAA Muni/10-year U.S. Treasury ratio = 94% –Up from 68% at year-end; 10-year median = 90% –Municipal Bond Index after-tax yield = 4.4% (tax rate of 37%) Supply/demand –Heavy outflows in 1Q22 following record inflows in 2021 –$22 billion in outflows in 1Q (one-fifth of 2021 inflows) –Supply down modestly vs. 1Q21 Credit quality remains stable to improving –Tax revenues continued to rise and reserve levels are high –Upgrades outpaced downgrades GLOBAL FIXED INCOME Negative returns driven by broad interest rate increases –U.S. dollar appreciated against the Japanese yen, euro, and British pound. Emerging market debt was not spared –JPM Global Diversified hurt by rising rates in the U.S. –GBI-EM hurt by rising local rates, but currency appreciation helped in Latin America and Africa. –Russia removed from indices at a price of $0 (-100% return). Capital Markets Overview (continued) 1Q22 Sources: Bloomberg, JP Morgan 83 bps 73 bps 64 bps 98 bps 15 bps 0123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100 U.S. Treasury Germany U.K. Canada Japan 4Q21 to 1Q22 - 1111 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, 2022 Re t u r n s (20%) (15%) (10%) (5%) 0% 5% 10% Large Cap Small Cap Non-US Domestic Non-US Real Equity Equity Equity Fixed Income Fixed Income Estate vs vs vs vs vs vs S&P 500 Russell 2000 MSCI EAFE Blmbg Aggr Bd Citi Non-US Govt NCREIF Index (45) (55) (44)(69)(79) (34) 10th Percentile 2.28 (1.01)(1.92)(5.50)(5.14)6.95 25th Percentile (0.29)(3.30)(4.36)(5.63)(5.38)5.86 Median (5.23)(7.04)(6.66)(5.81)(5.95)4.91 75th Percentile (9.82)(11.34)(10.40)(5.98)(6.65)4.5490th Percentile (12.60)(13.96)(12.95)(6.24)(9.97)3.95 Index (4.60)(7.53)(5.91)(5.93)(7.13)5.33 Range of Separate Account Manager Returns by Asset Class One Year Ended March 31, 2022 Re t u r n s (20%) (10%) 0% 10% 20% 30% 40% Large Cap Small Cap Non-US Domestic Non-US Real Equity Equity Equity Fixed Income Fixed Income EstatevsvsvsvsvsvsS&P 500 Russell 2000 MSCI EAFE Blmbg Aggr Bd Citi Non-US Govt NCREIF Index (17) (77) (34) (82) (80) (48) 10th Percentile 16.66 10.09 3.78 (3.24)(6.81)32.22 25th Percentile 14.88 5.98 2.03 (3.45)(6.95)27.24Median12.89 0.93 (1.00)(3.79)(7.95)21.34 75th Percentile 9.21 (4.51)(3.95)(4.01)(9.92)13.44 90th Percentile 3.25 (11.68)(7.07)(4.25)(12.03)9.49 Index 15.65 (5.79)1.16 (4.15)(10.36)21.87 7Orange County Sanitation District ~ - Ji. D -b ~ D - -6 -~ ,a r 7 Ji. I ---~ Callan Domestic Fixed Income Active Management Overview The Bloomberg US Aggregate Bond Index sank 5.9% over the quarter, the third-worst quarter since the indexs inception in 1976 (the other two being in 1980). Rates rose sharply on worries over inflation and expectations for Fed rate hikes. The 10-year U.S. Treasury closed the quarter at 2.32%, up from 1.52% at year-end. Notably, the yield curve flattened meaningfully and as of quarter-end the relationship between the 5-year yield (2.42%) and the 10-year yield (2.32%) was inverted. Against this backdrop, TIPS (Bloomberg TIPS: -3.0%) did relatively well as inflation expectations rose. High yield corporates (Bloomberg High Yield: -4.8%) outperformed investment grade corporates given less sensitivity to interest rates, and bank loans (S&P LSTA Leveraged Loan: -0.1%) were helped by their floating rate coupons and low duration. ^L Separate Account Style Group Median Returns for Quarter Ended March 31, 2022 (15%) (10%) (5%) 0% (2.43 ) Defensive (4.39 ) Intermed (5.81 ) Core Bond (5.83 ) Core Plus (10.87 ) Extended Maturity (0.11 ) Bank Loans (4.11 ) High Yield Re t u r n s Blmbg Aggregate:(5.93%) Blmbg High Yield:(4.84%) Blmbg Long Gov/Cred:(10.95%) Separate Account Style Group Median Returns for One Year Ended March 31, 2022 (6%) (4%) (2%) 0% 2% 4% 6% (2.49 ) Defensive (3.84 ) Intermed (3.79 ) Core Bond (3.29 ) Core Plus (2.93 ) Extended Maturity 3.42 Bank Loans 0.28 High Yield Re t u r n s Blmbg Aggregate:(4.15%) Blmbg High Yield:(0.66%) Blmbg Long Gov/Cred:(3.11%) 8Orange County Sanitation DistrictCallan                     Asset Allocation     Investment Manager Asset Allocation The table below contrasts the distribution of assets across the Fund’s investment managers as of March 31, 2022, with the distribution as of December 31, 2021. 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, 2022 December 31, 2021 Market Value Weight Net New Inv. Inv. Return Market Value Weight Domestic Fixed Income Long Term Operating Fund*720,017,773 82.21%0 (22,052,349)742,070,123 76.27% Liquid Operating Monies*155,809,200 17.79%(75,000,000)(52,775)230,861,976 23.73% Total Fund $875,826,974 100.0%$(75,000,000) $(22,105,125)$972,932,098 100.0% *Chandler replaced PIMCO during the 4th quarter of 2014. Assets were transferred in-kind as of 12/01/2014. 10Orange County Sanitation DistrictCallan Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods ended March 31, 2022. 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, 2022 Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund^(2.97%) (3.26%)1.22% 1.48% 1.37% Chandler (2.97%) (3.26%)1.22% 1.48% 1.37% Blmbg Govt/Cred 1-5 Year Idx (3.45%) (3.84%)1.14% 1.42% 1.32% ML 1-5 Govt/Corp (3.49%) (3.83%)1.16% 1.45% 1.35% Liquid Operating Monies^(0.03%)0.08% 0.91% 1.20% 0.97% Chandler (0.03%)0.08% 0.91% 1.20% 0.97% Citigroup 3-Month Treasury Bill 0.03% 0.06% 0.76% 1.09% 0.84% Total Fund (2.41%) (2.62%)1.17% 1.43% 1.26% Target*(2.79%) (3.06%)1.08% 1.38% 1.25% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. 11Orange County Sanitation DistrictCallan Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods ended March 31, 2022. 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, 2022 Last Last Last 10 15 26-1/2 Years Years Years Domestic Fixed Income Long Term Operating Fund^1.32%2.59%3.88% Blmbg Govt/Cred 1-5 Year Idx 1.36%2.44%3.71% ML 1-5 Govt/Corp 1.41%2.47%3.74% Liquid Operating Monies^0.72%0.97%2.39% Citigroup 3-Month Treasury Bill 0.60%0.77%2.11% Total Fund 1.21%2.28%3.64% Target*1.25%2.13%3.42% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. 12Orange County Sanitation DistrictCallan 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. 12/2021- 3/2022 2021 2020 2019 2018 Domestic Fixed Income Long Term Operating Fund^(2.97%) (0.79%)4.42% 4.70% 1.60% Chandler (2.97%) (0.79%)4.42% 4.70% 1.60% Blmbg Govt/Cred 1-5 Year Idx (3.45%) (0.97%)4.71% 5.01% 1.38% ML 1-5 Govt/Corp (3.49%) (0.87%)4.65% 5.08% 1.40% Liquid Operating Monies^(0.03%)0.15% 0.84% 2.39% 1.90% Chandler (0.03%)0.15% 0.84% 2.39% 1.90% Citigroup 3-Month Treasury Bill 0.03% 0.05% 0.58% 2.25% 1.86% Total Fund (2.41%) (0.61%)3.73% 4.26% 1.72% Target*(2.79%) (0.68%)3.82% 4.51% 1.49% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. 13Orange County Sanitation DistrictCallan 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. 12/2021- 3/2022 2021 2020 2019 2018 Domestic Fixed Income Long Term Operating Fund^(2.97%) (0.79%)4.42% 4.70% 1.60% Blmbg Govt/Cred 1-5 Year Idx (3.45%) (0.97%)4.71% 5.01% 1.38% ML 1-5 Govt/Corp (3.49%) (0.87%)4.65% 5.08% 1.40% Liquid Operating Monies^(0.03%)0.15% 0.84% 2.39% 1.90% Citigroup 3-Month Treasury Bill 0.03% 0.05% 0.58% 2.25% 1.86% Total Fund (2.41%) (0.61%)3.73% 4.26% 1.72% Target*(2.79%) (0.68%)3.82% 4.51% 1.49% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. 14Orange County Sanitation DistrictCallan 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 0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%2.2%2.4% 0.70% 0.80% 0.90% 1.00% 1.10% 1.20% 1.30% 1.40% Total Fund Blmbg Gov/Cred 1-5 Yr FTSE 3 Mo T-Bill Total Fund Target ICE Corp/Gov 1-5 Yr Standard Deviation Re t u r n s Seven Year Annualized Risk vs Return Asset Classes vs Asset Class Median 0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% Total Fund Callan Money Market Funds Callan Short Fixed Inc Standard Deviation Re t u r n s 15Orange County Sanitation DistrictCallan                     Manager Analysis     Long Term Operating Fund Period Ended March 31, 2022 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 Long Term Operating Fund’s portfolio posted a (2.97)% return for the quarter placing it in the 89 percentile of the Callan Short Term Fixed Income group for the quarter and in the 92 percentile for the last year. Long Term Operating Fund’s portfolio outperformed the ICE Corp/Gov 1-5 Yr by 0.52% for the quarter and outperformed the ICE Corp/Gov 1-5 Yr for the year by 0.57%. Quarterly Asset Growth Beginning Market Value $742,070,123 Net New Investment $0 Investment Gains/(Losses) $-22,052,349 Ending Market Value $720,017,773 Performance vs Callan Short Term Fixed Income (Gross) (6%) (4%) (2%) 0% 2% 4% 6% Last Quarter Last Last 3 Years Last 5 Years Last 7-1/4 Last 7 Years Last 10 Years Last 26-1/2 Year Years Years A(89) B(99)(99)A(92)B(100)(100) A(79)B(85)(84)A(79)B(84)(84)A(75)B(75)(74)A(75)B(82)(80)B(69)A(73)(65) A(16)B(38)(36) 10th Percentile (1.55) (1.37)1.98 2.17 2.08 2.02 2.09 4.09 25th Percentile (2.24) (2.18)1.67 1.92 1.87 1.83 1.89 3.83 Median (2.43) (2.49)1.43 1.69 1.64 1.57 1.59 3.61 75th Percentile (2.59) (2.81)1.26 1.51 1.42 1.37 1.31 3.40 90th Percentile (2.98) (3.18)1.05 1.30 1.24 1.19 1.12 3.12 Long Term Operating Fund A (2.97) (3.26)1.22 1.48 1.43 1.37 1.32 3.88 Blmbg Govt/Cred 1-5 Year Idx B (3.45) (3.84)1.14 1.42 1.41 1.32 1.36 3.71 ICE Corp/Gov 1-5 Yr (3.49) (3.83)1.16 1.45 1.44 1.35 1.41 3.74 Relative Return vs ICE Corp/Gov 1-5 Yr Re l a t i v e R e t u r n s (0.8%) (0.6%) (0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6% 0.8% 2015 2016 2017 2018 2019 2020 2021 22 Long Term Operating Fund Callan Short Term Fixed Income (Gross) Annualized Seven Year Risk vs Return 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Long Term Operating Fund ICE Corp/Gov 1-5 Yr Blmbg Govt/Cred 1-5 Year Idx Standard Deviation Re t u r n s 17Orange County Sanitation District • • Callan - - - - • ■ ~ • • ■ ~ ~ ~ ~ ~ ~ Long Term Operating Fund Return Analysis Summary Return Analysis The graphs below analyze the manager’s 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 manager’s ranking relative to their style using various risk-adjusted return measures. Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Performance vs Callan Short Term Fixed Income (Gross) (6%) (4%) (2%) 0% 2% 4% 6% 8% 12/21- 3/22 2021 2020 2019 2018 2017 2016 2015 2014 2013 A(89) B(99)99 A(89)B(99)94 B(24) A(35)25 B(21)A(35)19 A(65)B(87)87 B(57)A(64)56 A(48)B(49)46 B(34) A(62)24 A(4)B(17)10 B(90) A(100) 89 10th Percentile (1.55)0.74 5.11 5.47 2.00 2.30 2.82 1.17 1.50 1.2025th Percentile (2.24)0.11 4.62 4.95 1.82 1.76 2.19 1.02 1.27 0.80 Median (2.43) (0.22)3.96 4.52 1.69 1.30 1.55 0.90 1.11 0.65 75th Percentile (2.59) (0.46)3.58 4.09 1.54 0.95 1.16 0.76 0.87 0.40 90th Percentile (2.98) (0.82)2.43 3.57 1.33 0.66 1.04 0.62 0.73 0.29 Long Term Operating Fund A (2.97) (0.79)4.42 4.70 1.60 1.18 1.58 0.85 1.98 (1.77) Blmbg Govt/Cred 1-5 Year Idx B (3.45) (0.97)4.71 5.01 1.38 1.27 1.56 0.97 1.42 0.28 ICE Corp/Gov 1-5 Yr (3.49) (0.87)4.65 5.08 1.40 1.28 1.62 1.05 1.51 0.32 Cumulative and Quarterly Relative Returns vs ICE Corp/Gov 1-5 Yr Qu a r t e r l y R e l a t i v e R e t u r n s Cu m u l a t i v e R e l a t i v e R e t u r n s (1.5%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% (3%) (2%) (1%) 0% 1% 2% 3% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 22 Long Term Operating Fund Blmbg Govt/Cred 1-5 Year Idx Callan Short Fixed Inc Risk Adjusted Return Measures vs ICE Corp/Gov 1-5 Yr Rankings Against Callan Short Term Fixed Income (Gross) Seven Years Ended March 31, 2022 (0.5) 0.0 0.5 1.0 Alpha Sharpe Excess Return Ratio Ratio A(84)B(94) A(83) B(89)A(73) B(97) 10th Percentile 0.84 0.54 0.51 25th Percentile 0.58 0.46 0.34 Median 0.36 0.38 0.20 75th Percentile 0.17 0.30 0.0390th Percentile 0.01 0.20 (0.17) Long Term Operating Fund A 0.08 0.25 0.05 Blmbg Govt/Cred 1-5 Year Idx B (0.03)0.20 (0.28) 18Orange County Sanitation DistrictCallan • ■ ... I ■ - • ■ • - ■ ■ I 7 I -.1 -v -- ■ Long Term Operating Fund Bond Characteristics Analysis Summary Portfolio Characteristics This graph compares the manager’s 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, 2022 (1) 0 1 2 3 4 5 Average Effective Coupon OA Duration Life Yield Rate Convexity (11)(10)(31)(23)(67) (70)(48) (10) 10th Percentile 2.54 2.94 3.69 2.39 0.09 25th Percentile 2.06 2.61 2.87 2.00 0.05 Median 1.78 2.18 2.66 1.80 0.04 75th Percentile 1.59 1.96 2.38 1.39 0.02 90th Percentile 1.21 1.33 2.07 1.14 (0.07) Long Term Operating Fund 2.46 2.54 -1.52 - ICE Corp/Gov 1-5 Yr 2.57 2.69 2.51 1.83 0.09 Sector Allocation and Quality Ratings The first graph compares the manager’s sector allocation with the average allocation across all the members of the manager’s style. The second graph compares the manager’s weighted average quality rating with the range of quality ratings for the style. Sector Allocation March 31, 2022 0%10%20%30%40%50%60%70%80% US Trsy 31.829.5 65.3 Corp (incl 144A) 26.2 50 % Mg r M V 50 % Mg r M V 48.925.8 Gov Related 20.51.4 8.9 Other 10.0 ABS 9.713.0 CMOs 1.5 Cash 0.20.8 CMBS 0.1 6.2 RMBS 0.1 Long Term Operating Fund Callan Short Term Fixed Income ICE Corp/Gov 1-5 Yr Quality Ratings vs Callan Short Term Fixed Income A- A A+ AA- AA AA+ AAA Trsy Weighted Average Quality Rating (64)(13) 10th Percentile AA+ 25th Percentile AA Median AA 75th Percentile A 90th Percentile A Long TermOperating Fund AA ICE Corp/Gov 1-5 Yr AA 19Orange County Sanitation District - -E ~ -~ - -~lllllllllllllll~_____jl ---------,1 ■ Callan ~ • ... Long Term Operating Fund Portfolio Characteristics Summary As of March 31, 2022 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 Long Term Operating Fund US Trsy 32% CMBS 0% Corp (incl 144A) 26% Cash0% Gov Related 21% CMOs 2% Other 10% ABS 10% ML:Corp/Gov 1-5 Yr US Trsy 65% Gov Related 9% Corp (incl 144A) 26% Duration Distribution 0% 10% 20% 30% 40% 50% 60% 70% 80% <1 12.8 1.9 1-3 54.4 61.2 3-5 32.8 37.0 5-7 0.0 0.0 7-10 0.0 0.0 >10 0.0 0.0 Years Duration Pe r c e n t o f P o r t f o l i o Weighted Average:Duration Long Term Operating Fund: ML:Corp/Gov 1-5 Yr: 2.46 2.57 Quality Distribution 0% 20% 40% 60% 80% 100% AAA 17.4 70.8 AA 61.1 4.4 A 17.1 12.4 BBB 1.2 12.4 BB 0.0 0.0 B 0.0 0.0 CCC 0.0 0.0 CC 0.0 0.0 C 0.0 0.0 N/R 3.2 0.0 Quality Rating Pe r c e n t o f P o r t f o l i o Weighted Average:Quality Long Term Operating Fund: ML:Corp/Gov 1-5 Yr: AA AA 20Orange County Sanitation District ■ ~--~--~---~--~--------,■ ■ ~-~-~-~-~-~-~-------,-------1 ■ Callan Chandler-Liquid Operating Money Period Ended March 31, 2022 Investment Philosophy Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Quarterly Summary and Highlights Liquid Operating Money Net’s portfolio posted a (0.06)% return for the quarter placing it in the 71 percentile of the Callan Money Market Funds group for the quarter and in the 74 percentile for the last year. Liquid Operating Money Net’s portfolio underperformed the Citigroup 3-Month Treasury Bill by 0.09% for the quarter and underperformed the Citigroup 3-Month Treasury Bill for the year by 0.13%. Quarterly Asset Growth Beginning Market Value $230,861,976 Net New Investment $-75,000,000 Investment Gains/(Losses)$-52,775 Ending Market Value $155,809,200 Performance vs Callan Money Market Funds (Net) (2.0%) (1.5%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Last Quarter Last Last 3 Years Last 5 Years Last 7-1/4 Last 7 Years Last 10 Years Last 26-1/2 Year Years Years (71)(2)(74)(7) (22)(22) (29)(24) (27)(25)(27)(24) (25)(21) (12)(21) 10th Percentile 0.01 0.03 1.09 1.38 1.26 1.28 1.06 2.29 25th Percentile 0.00 0.02 0.73 1.09 0.81 0.84 0.56 2.08 Median 0.00 0.01 0.59 0.88 0.63 0.65 0.44 1.95 75th Percentile (0.37) (0.37)0.52 0.76 0.53 0.55 0.38 1.85 90th Percentile (1.13) (1.07)0.43 0.61 0.43 0.44 0.31 1.74 Liquid Operating Money Net (0.06) (0.07)0.76 1.05 0.79 0.82 0.57 2.24 Citigroup 3-Month Treasury Bill 0.03 0.06 0.76 1.09 0.81 0.84 0.60 2.11 Relative Returns vs Citigroup 3-Month Treasury Bill Re l a t i v e R e t u r n s (0.20%) (0.10%) 0.00% 0.10% 0.20% 0.30% 0.40% 2015 2016 2017 2018 2019 2020 2021 22 Liquid Operating Money Net Callan Money Market Funds (Net) Annualized Seven Year Risk vs Return 0 1 2 3 4 5 6 7 (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Citigroup 3-Month Treasury Bill Liquid Operating Money Net Standard Deviation Re t u r n s 21Orange County Sanitation District • • - ~ -~ ~ ~ ~ g • • ~ ~ - -~ ~ • Callan Liquid Operating Money Net Return Analysis Summary Return Analysis The graphs below analyze the manager’s 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 manager’s ranking relative to their style using various risk-adjusted return measures. Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Performance vs Callan Money Market Funds (Net) (2%) (1%) 0% 1% 2% 3% 4% 12/21- 3/22 2021 2020 2019 2018 2017 2016 2015 2014 2013 712 8822 2426 2827 2312 3530 3033 2236 9822 9820 10th Percentile 0.01 0.19 1.70 3.20 1.89 1.42 1.32 0.28 0.35 0.30 25th Percentile 0.00 0.03 0.62 2.32 1.72 0.91 0.40 0.06 0.03 0.04 Median 0.00 0.01 0.34 1.96 1.53 0.61 0.14 0.01 0.01 0.01 75th Percentile (0.37)0.01 0.27 1.76 1.31 0.42 0.04 0.01 0.01 0.0190th Percentile (1.13) (0.03)0.19 1.50 1.07 0.23 0.01 0.00 0.00 0.00 Liquid Operating Money Net (0.06) (0.00)0.69 2.24 1.75 0.76 0.32 0.07 (0.06) (0.02) Citigroup 3-Month Treasury Bill 0.03 0.05 0.58 2.25 1.86 0.84 0.27 0.03 0.03 0.05 Cumulative and Quarterly Relative Returns vs Citigroup 3-Month Treasury Bill Qu a r t e r l y R e l a t i v e R e t u r n s Cu m u l a t i v e R e l a t i v e R e t u r n s (0.15%) (0.10%) (0.05%) 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% (1.4%) (1.2%) (1.0%) (0.8%) (0.6%) (0.4%) (0.2%) (0.0%) 0.2% 0.4% 0.6% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 22 Liquid Operating Money Net Callan Money Market Funds Risk Adjusted Return Measures vs Citigroup 3-Month Treasury Bill Rankings Against Callan Money Market Funds (Net) Seven Years Ended March 31, 2022 (3.5) (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) 0.0 0.5 1.0 1.5 Alpha Sharpe Excess Return Ratio Ratio (33)(28)(28) 10th Percentile 0.94 0.29 0.33 25th Percentile 0.02 (0.07)(0.02) Median (0.19)(0.55)(2.30) 75th Percentile (0.28)(0.87)(2.82) 90th Percentile (0.37)(1.18)(2.97) Liquid Operating Money Net (0.07)(0.12)(0.18) 22Orange County Sanitation District • I ■ • Callan Callan Research/Education  Quarterly Highlights 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/research-library to see all of our publications, and www.callan.com/blog to view our blog. For more information contact Barb Gerraty at 415-274-3093 / institute@callan.com. New Research from Callan’s Experts Alternatives Focus: Outlook for Hedge Funds | Joe McGuane analyzes hedge fund performance in 2021 and provides his outlook for the asset class in 2022. 2022-2031 Capital Markets Assumptions | A white paper detail- ing the process involved in creating our 2022-2031 Capital Markets Assumptions and the reasoning behind them. You can also view our interactive webpage and charticle featuring this year’s assumptions. 2022 Defined Contribution Trends Survey | This survey provides extensive information for DC plan sponsors to use in improving and benchmarking their plans. Callan Periodic Table of Investment Returns & Collection | The Periodic Table of Investment Returns depicts annual returns for key asset classes, ranked from best to worst performance for each calendar year. Expanding upon our Classic Periodic Table, the Collection offers additional versions focused on equity, fixed income, institutional investors, and alternatives such as real estate, private equity, and hedge funds. Other tables compare the perfor- mance of key indices to zero and to inflation. Blog Highlights DOL Weighs in on Cryptocurrencies in DC Plans | The U.S. Department of Labor issued a compliance assistance bulletin, which does not carry the force of law, regarding offering crypto- currency investments in a defined contribution plan, with a num- ber of stern warnings about the potential fiduciary challenges. Hedge Funds and Ukraine: A Guide for Institutional Investors | This post provides an analysis of the performance of hedge funds through the end of February, categorized by strategy type, and how they have been grappling with the Ukraine crisis. Why It Was a Tough 4Q21 for Large Cap Growth Managers | With rising case counts stemming from the Omicron variant, and concerns about interest rates and inflation, volatility in the mar- kets spiked in 4Q21. For large cap growth investment managers, pro-cyclical positioning generally hurt portfolios given those fears. More than 90% of large cap growth managers underperformed the benchmark for the quarter. Risky Business Update: Rising Inflation and Continued Uncertainty Challenge Investors | Using our proprietary Capital Markets Assumptions, we found that investors in 2022 needed to take on over five times as much risk as they did 30 years ago to earn the same nominal return. Quarterly Periodicals Private Equity Trends, 4Q21 | A high-level summary of private equity activity in the quarter through all the investment stages Active vs. Passive Charts, 4Q21 | A comparison of active man- agers alongside relevant benchmarks over the long term Market Pulse Flipbook, 4Q21 | A quarterly market reference guide covering trends in the U.S. economy, developments for insti- tutional investors, and the latest data on the capital markets Capital Markets Review, 4Q21 | Analysis and a broad overview of the economy and public and private market activity each quar- ter across a wide range of asset classes Hedge Fund Quarterly, 4Q21 | Commentary on developments for hedge funds and multi-asset class (MAC) strategies Real Assets Reporter, 4Q21 | A summary of market activity for real assets and private real estate during the quarter Education 1st Quarter 2022 I~ ~Callan Institute Research I Education I Dialogue Events A complete list of all upcoming events can be found on our web- site: callan.com/events-education. Please mark your calendar and look forward to upcoming invitations: Research Café: How to Navigate Private Equity Fees and Terms (webinar) May 11, 2022 at 9:30am PT June Regional Workshop June 7, 2022 – Atlanta June 9, 2022 – Portland For more information about events, please contact Barb Gerraty: 415-274-3093 / gerraty@callan.com Education Founded in 1994, the “Callan College” offers educational sessions for industry professionals involved in the investment decision-mak- ing process. Introduction to Investments July 26-27, 2022 – San Francisco September 20-22 – Virtual This program familiarizes institutional investor trustees and staff and asset management advisers with basic investment theory, ter- minology, and practices. Our virtual session is held over three days with virtual modules of 2.5-3 hours, while the in-person session lasts one-and-a-half days. This course is designed for individuals with less than two years of experience with asset-management oversight and/or support responsibilities. Virtual tuition is $950 per person and includes instruction and digital materials. In-person tuition is $2,350 per person and includes instruction, all materials, breakfast and lunch on each day, and dinner on the first evening with the instructors. Additional information including registration can be found at: callan.com/events/ Unique pieces of research the Institute generates each year50+ Total attendees of the “Callan College” since 19943,700 Attendees (on average) of the Institute’s annual National Conference525 Education: By the Numbers @CallanLLC Callan “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                     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 manager’s 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. 27Callan 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 (ie. 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-diversifiable or systematic) risk and residual (diversifiable 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. Treynor 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. 28Callan 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 Stated 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. 29Callan 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. 30Callan                     Disclosures    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. At 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 an educational event), they are not included in the list below. Callan is committed to ensuring that we do not consider an investment manager’s 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. Quarterly List as of December 31, 2021 December 31, 2021 Manager Name abrdn (Aberdeen Standard Investments) Acadian Asset Management LLC Adams Street Partners, LLC AEGON USA Investment Management Inc. AllianceBernstein Allianz Allspring Global Investments (formerly Wells Fargo Asset Mgmt) American Century Investments AQR Capital Management Ares Management LLC Ariel Investments, LLC Aristotle Capital Management, LLC Atlanta Capital Management Co., LLC Aviva Investors AXA Investment Managers Baillie Gifford International, LLC Baird Advisors Barings LLC Manager Name Baron Capital Management, Inc. Barrow, Hanley, Mewhinney & Strauss, LLC BlackRock BMO Global Asset Management BNP Paribas Asset Management BNY Mellon Asset Management Boston Partners Brandes Investment Partners, L.P. Brandywine Global Investment Management, LLC Brookfield Asset Management Brown Brothers Harriman & Company Cambiar Investors, LLC Capital Group Carillon Tower Advisers CastleArk Management, LLC Causeway Capital Management LLC Chartwell Investment Partners ClearBridge Investments, LLC Callan Callan I December 31, 2021 2 Manager Name Cohen & Steers Capital Management, Inc. Columbia Threadneedle Investments North America Credit Suisse Asset Management, LLC Crescent Capital Group LP D.E. Shaw Investment Management, LLC DePrince, Race & Zollo, Inc. Dimensional Fund Advisors L.P. Doubleline Duff & Phelps Investment Management Co. DWS EARNEST Partners, LLC Eaton Vance Management Epoch Investment Partners, Inc. Fayez Sarofim & Company Federated Hermes, Inc. Fidelity Institutional Asset Management Fiera Capital Corporation First Hawaiian Bank Wealth Management Division First Sentier Investors (formerly First State Investments) Fisher Investments Franklin Templeton GAM (USA) Inc. GCM Grosvenor GlobeFlex Capital, L.P. GoldenTree Asset Management, LP Goldman Sachs Guggenheim Investments GW&K Investment Management Harbor Capital Group Trust Heitman LLC Hotchkis & Wiley Capital Management, LLC Income Research + Management Inc. Insight Investment Intech Investment Management LLC Intercontinental Real Estate Corporation Invesco J.P. Morgan Janus Jennison Associates LLC Jobs Peak Advisors Manager Name J O Hambro Capital Management Limited KeyCorp Lazard Asset Management LGIM America (formerly Legal & General Inv. Mgmt. America) Lincoln National Corporation Longview Partners Loomis, Sayles & Company, L.P. Lord Abbett & Company LSV Asset Management MacKay Shields LLC Macquarie Investment Management (MIM) Manning & Napier Advisors, LLC Manulife Investment Management McKinley Capital Management, LLC Mellon MetLife Investment Management MFS Investment Management MidFirst Bank Mondrian Investment Partners Limited Montag & Caldwell, LLC Morgan Stanley Investment Management MUFG Union Bank, N.A. Natixis Investment Managers Neuberger Berman Newton Investment Management Ninety One North America, Inc. (formerly Investec Asset Mgmt.) Northern Trust Asset Management Nuveen P/E Investments Pacific Investment Management Company Parametric Portfolio Associates LLC Partners Group (USA) Inc. Pathway Capital Management Peregrine Capital Management, LLC PFM Asset Management LLC PGIM Fixed Income PGIM Quantitative Solutions LLC PineBridge Investments Polen Capital Management, LLC Principal Global Investors Callan I December 31, 2021 3 Manager Name Putnam Investments, LLC RBC Global Asset Management Regions Financial Corporation Richard Bernstein Advisors LLC Riverbridge Partners LLC Robeco Institutional Asset Management, US Inc. Rothschild & Co. Asset Management US S&P Dow Jones Indices Schroder Investment Management North America Inc. Securian Asset Management, Inc. SLC Management Smith Graham & Co. Investment Advisors, L.P. State Street Global Advisors Stone Harbor Investment Partners L.P. Strategic Global Advisors, LLC T. Rowe Price Associates, Inc. The TCW Group, Inc. Manager Name Thompson, Siegel & Walmsley LLC Thornburg Investment Management, Inc. Tri-Star Trust Bank UBS Asset Management VanEck Versus Capital Group Victory Capital Management Inc. Virtus Investment Partners, Inc. Vontobel Asset Management Voya Waterton Associates LLC WCM Investment Management WEDGE Capital Management Wellington Management Company, LLP Western Asset Management Company LLC Westfield Capital Management Company, LP William Blair & Company LLC Callan I CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending March 31, 2022 Orange County Sanitation District I r .,,-a CHANDLER ~,--ASSET MANAGEMENT SECTION 1 Economic Update SECTION 2 Account Profile SECTION 3 Consolidated Information SECTION 4 Portfolio Holdings SECTION 5 Transactions Table of Contents As of March 31, 2022 1 I SECTION |Section 1 |Economic Update 2 Economic Update ƒ ƒ ƒ The RussianinvasionintoUkraine andresultingWestern sanctionson Russiahave fueledvolatility infinancial markets.The latestescalationhasexacerbatedinflationary pressures,particularly in energy and commodities, and has caused tightening conditions in financial markets. While consumer spending and economic growth remain strong, we believe an extended conflict in Eastern Europe along with elevated energy prices increases the risk of an economic slowdown later this year. While we expect the Fed to tighten monetary policy, the FOMC has very little margin for error as it attempts to combat inflation without pushing the economy into a recession. Over the near-term, we expect financial market volatility to remain elevated and conditions to remain tighter with heightened geopolitical risk, supply chain bottlenecks and persistent inflation, and the Fed's pivot to less accommodative monetary policy. The Federal Open MarketCommittee (FOMC) raised the federal funds rate by 0.25% at their March 16th meeting to a target range of 0.25% to 0.50%. The Federal Reserve also ended their bond-buying program as expected in March, which included the purchase of treasury and agency mortgage-backed securities. Fed Chair Powell suggested that balance sheet runoff couldbegin asearly astheir nextmeeting inMay, soonerthan previouslyanticipated, and that the pace of the unwind will likely be fasterthan in the previous quantitative tightening cycle. The dot plot favors six additional rate hikes in 2022, which implies a 25basis point rate hike at each remaining meeting this year, but the Fed hasn’t ruled out incorporating one or more 50 basis point hikes to address inflation. The FOMC’s Summary of Economic Projections forecasts higher Personal Consumption Expenditure (PCE) inflation this year at 4.3% and a lower growth rate of 2.8% real GDP. We are anticipating additional rates hikes by the Fed this year, but we do not believe that monetary policy is on apre-set course and expectthe Fed's policy adjustments will depend on developments in the economy. In March, yields increased dramatically and the curve continued to flatten. The 2-year Treasury yield increased 90basis points to 2.34%, the 5-year Treasury yield increased 74 basis points to 2.46%, and the 10-year Treasury yield increased 51 basis points to 2.34%. The spread between the 2-year and 10-year Treasury yield declined to zero at March month-end versus 40 basis points at February month-end and 158 basis points one year ago. While the flat yieldcurve bearswatching over the longer run, the spread between 3-month and 10-year treasuries is still steep at about 185 basis points, which indicates likely economic growth in the coming year. 3 I Source: US Department of Labor Source: US Department of Labor Employment The U.S. economy added 431,000 jobs in March, with upward revisions from the prior months totaling 95,000. Trends in employment remain strong, with the three-month moving average payrolls at 561,000 and the six-month moving average at 600,000. Job gains were broad based in March, led by leisure and hospitality and professional and business services.The unemploymentrate fell to 3.6%from 3.8%,the lowestlevel since February 2020. The labor participation rate increased marginally to 62.4% in March from 62.3% in February but remains lower than the pre- pandemiclevel of 63.4%. The U-6underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons, fell to 6.9% in March from7.2% in February,declining below its pre-pandemic level of 7.0% in February 2020. Wage growth accelerated in March, with average hourly earnings rising 5.6% from 5.2% year-over-year. As more participants enter the labor force, wage inflation dynamics should start to moderate, helping to lower the current elevated inflation readings. -22,000 -18,000 -14,000 -10,000 -6,000 -2,000 2,000 6,000 MO M C h a n g e I n ( 0 0 0 ' s ) Nonfarm Payroll (000's) Non-farm Payroll (000's) 3 month average (000's) 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) 4 I \ \ \ -·\-, .____= _ ______.r . ' ' \ ' ' _._ ' ' ' ' -,· ' ' --------. Source: US Department of Labor Source: US Department of Commerce Inflation Although U.S. consumer prices were inline withexpectations inFebruary,inflation hit a40-year high. The ConsumerPrice Index (CPI) was up 7.9% year-over-year in February, versus a 7.5% year-over-year gain in January. Core CPI (CPI lessfood andenergy) wasup 6.4% year-over-year in February, versus up 6.0% in January. Rising food and rent prices were primary contributors to the big increase, as well as the month-end surge in gas prices, which is likely to be even more pronounced in the March report. The Personal Consumption Expenditures (PCE) index was up 6.4% year-over-year in February, up from 6.0% in January. Core PCE was up 5.4% year-over-year in February, versus up 5.2% in January. Current inflation readings continue to run well above the Fed’s longer-run target of around 2.0%. We believe pricing pressures are likely to increase in the coming months considering the recent surge in commodity prices, andwill likelyremain elevatedlonger thananticipated asa result of the conflict in Europe. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change YO Y ( % ) C h a n g e 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YO Y ( % ) C h a n g e 5 I Retail sales edged higher in February, but there are signs that higher gas prices are impacting discretionary spending. On a year-over-year basis, retail sales were up 17.6% in February versus up 14% in January. On a month-over-month basis, retail sales moderated, rising 0.3% in February versus an upwardly revised increase of 4.9% in January. Excludingvehicles andgas, retail sales were down 0.4%month-over-month. Although inflation threatens to put a dent in expected growth, we believe high levels of consumer savings along with improvement in the health situation and continued improvement in the labor market should provide a healthy tailwind for consumer spending. The Consumer Confidence index rebounded to 107.2 in March following declines in January and February, primarily driven by positive assessments of employment. However, while consumers’ evaluations of the present situation was strong, future expectations have been deteriorating. Source: US Department of Commerce Source: The Conference Board -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Retail Sales YOY % Change YO Y ( % ) C h a n g e 80 90 100 110 120 130 140 In d e x L e v e l Consumer Confidence Consumer 6 I Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity The Conference Board’s Leading Economic Index (LEI) increased 0.3% month-over-month in February, following a 0.5% downwardly revised decline inJanuary. On a year-over-yearbasis, the LEI was up 7.6% in February versus up 7.3% in January. The Conference Board acknowledged that the data do not fully reflect the impact of the Russian invasion of Ukraine on global supply chain issues, shortages, and the resulting soaring prices, which could result in slower than expected growth in the first half of the year. Meanwhile, the Chicago Fed National Activity Index (CFNAI) fell to 0.51 in February from a downwardly revised 0.59 in January. On a 3-month moving average basis, the CFNAI declined to 0.35 in February, while January was revised downward to 0.37. -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 Chicago Fed National Activity Index (CFNAI) 3 M o n t h A v e r a g e -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% Leading Economic Indicators (LEI) MO M ( % ) C h a n g e 7 I Source: US Department of Commerce Source: S&P Housing 0 200 400 600 800 1000 1200 1400 1600 1800 2000 MO M C h a n g e ( I n T h o u s a n d s o f U n i t s ) Housing Starts Multi Family Housing Starts Single Family Housing Starts 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 21.0% 24.0% S&P/Case-Shiller 20 City Composite Home Price Index YO Y ( % ) C h a n g e Total housing starts rebounded 6.8% to an annual rate of 1,769,000 in February. Single-family starts increased 5.7%, and multi-family starts increased 9.3%, month-over-month. On a year-over-year basis, total housing starts were up 22.3% in February driven by multi-family starts. According to the Case-Shiller 20-City home price index, home prices were up 19.1% year-over-year in January versus up 18.6% year-over-year in December, suggesting tight supply may be continuing to support prices.Rising mortgage rates and affordability could be headwinds to further price growth. 8 I 1111 Source: Institute for Supply Management Source: Federal Reserve Manufacturing The Institute forSupply Management (ISM) manufacturing index fell to an 18-month low of 57.1 in March from 58.6 in February due to surging energy and commodities prices triggered by Russia's invasion of Ukraine. Readings above 50.0 are indicative of expansion in the manufacturing sector. On a month-over-month basis, the Industrial Production index rose 0.5% in February, following a 1.4% increase in January. Capacity utilizationrose to77.6% inFebruary, upfrom 77.3%in January. Although capacityutilization remainsbelow itslonger-run average of 79.6%,it is running above the pre-pandemic level of 76.3%. 40 42 44 46 48 50 52 54 56 58 60 62 64 66 Institute of Supply Management Purchasing Manager Index EXPANDING CONTRACTING -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Industrial Production YO Y ( % ) C h a n g e 9 I Source: US Department of Commerce Source: US Department of Commerce 3/21 6/21 9/21 12/21 7.4% 7.9% 1.4% 1.8% -0.4% -0.7% 2.1% 5.8% -1.6% -0.2% -1.3% -0.2% 0.8% -0.4% -0.4% -0.3% 0.0% 0.0% 0.5% -0.2% 6.3% 6.7% 2.3% 6.9% Gross Private Domestic Investment Personal Consumption Expenditures Components of GDP Federal Government Expenditures State and Local (Consumption and Gross Investment) Net Exports and Imports Total -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Gross Domestic Product (GDP) Accordingto the third estimate, fourth quarterGDP grew atanannualized rate of6.9%,revisedslightly downwardfrom the second estimate of 7.0%. Economic growth reaccelerated in the fourth quarter after slowing to a pace of 2.3% growth in the third quarter, bringing overall GDP growth for 2021 to 5.7%. The most significant contributor to fourth quarter growth was inventory build, potentially reflecting some easing in supply chain disruptions. The fourth-quarter's build will make foratough comparison in the firstquarter. The consensus estimate calls for1.1% GDP growth in the first quarter, 3.0% growth in the current quarter, and 3.3% growth for 2022. 10 I Federal Reserve Source: Federal Reserve Source: Bloomberg As expected the Federal Open Market Committee (FOMC) raised the federal funds rate by 0.25% at their March meeting to a target range of 0.25% to 0.50%., This was the first increase since 2018, after two years of holding the federal funds rates near zero to insulate the economy from the impacts of the pandemic. The Federal Reserve (Fed) also ended their bond-buying program as expected in March, which grew the balance sheet to about $8.9trillion. Fed Chair Powell suggested that balance sheet runoff could begin as early as their next meeting in May, soonerthan previously anticipated, and thatthe pace of the unwind will likelybefaster thanin the previous quantitative tightening cycle.The dot plot favors six additional rate hikes in 2022, which implies a 25basis point rate hike at each remaining meeting this year, but the Fed hasn’t ruled out incorporating one or more 50 basis point hikes to address inflation. The FOMC’s Summary of Economic Projections forecasts higher Personal Consumption Expenditure (PCE) inflation this year at 4.3% and a lower growth rate of 2.8% real GDP. 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% Effective Federal Funds Rate Yi e l d ( % ) 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 Federal Reserve Balance Sheet Assets In $ m i l l i o n s 11 I Source: Bloomberg Source: Bloomberg 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% US Treasury Note Yields 2-Year 5-Year 10-Year Yi e l d ( % ) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% US Treasury Yield Curve Mar-22 Dec-21 Mar-21 Yi e l d ( % ) Bond Yields At the end of March, the 2-year Treasury yield was 217 basis points higher, and the 10-Year Treasury yield was about 60 basis points higher, year- over-year. The spread between the 2-year Treasury yield and 10-year Treasury yield declined to zero at March month-end compared to the average historical spread (since 2003) of about 130 basis points. While the flat yield curve bears watching over the longer run, the spread between 3-month and 10-year treasuries is still steep at about 185 basis points, which indicates likely economic growth in the coming year. 12 I -. ,: , . u_: I : I : , . , . ., : J_ __ .. ,, , : I -•'' I : I ,,, ••• I I •• -I--------.·· ------, . ----,~--, .. ····· --------··········· ···································· ······ .... .... .... ... •-· .. .... --.... ----... - .·· ------. -----,.. ---:• I •• , .· ~-· , .. I : I : , :------------------! I : I : ~ I : •• •••• ,, .... ~~ .. .... Section 2|SECTION |Section 2 |Account Profile 13 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 BofA 1-5 Year Corporate Government Rated AAA – A Index. 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. 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. As of March 31, 2022 14 I Compliance As of March 31, 2022 Category Standard Comment U.S. Treasuries 10% minimum; 5 years max maturity Complies Federal Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 5 years max maturity; Securities, obligations, participations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by the US Government , a federal agency, or a US Government-sponsored enterprise Complies Supranational Obligations "AA" rated or better by a NRSRO; 30% max; 5 years max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB") Complies Municipal Securities "A" rated or higher by a NRSRO; or as otherwise approved by the Board of Directors; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% max; 5% max issuer; 5 years max maturity Complies Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity; Issued by corporations organized and operating within the U.S. or issued by depository institutions licensed by the U.S. or any state and operating within the U.S. with AUM >$500 million Complies Non- Agency Asset-Backed Securities, Mortgage-Backed Securities, CMOs "AA" rating category or better by a NRSRO; 20% max(combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 5 years max maturity; Mortgage pass-through security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease- backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond Complies* Negotiable Certificates of Deposit (NCD) "A" rating or better long term debt by a NRSRO; or highest short term rating for deposits by a NRSRO; or as otherwise approved by the Board of Directors; 30% max; 5% max issuer; 5 years max maturity; Negotiable certificates of deposit issued by a nationally or state-chartered bank or state of federal savings and loan association, as defined by Section 5102 of the California Financial Code Complies Certificates of Deposit 5% max issuer; 5 years max maturity; Secured (collateralized) time deposits issued by a nationally or state-chartered bank or state or federal savings and loan association, as defined by Section 5102 of the California Financial Code and having a net operating profit in the two most recently completed fiscal years; Collateral must comply with California Government Code Complies Banker’s Acceptances A-1 rated or highest short term rating by a NRSRO; 40% max; 5% max issuer; 180 days max maturity; Acceptance is eligible for purchase by the Federal Reserve System Complies Commercial Paper A-1 rated or better by a NRSRO; "A" long term debt rating or better by a NRSRO; Issued by a domestic corporation organized and operating in the U.S. with assets > $500 million; 40% max; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; or SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% max in Mutual Funds; 10% max per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds and are not subject to the 10% stipulation Complies Local Agency Investment Fund (LAIF)No more than the statutory maximum may be invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF shall be subject to investigation and due diligence prior to investing, and on a continual basis to a level of review pursuant to the policy Complies Orange County Sanitation District Long Term Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy 15 I Compliance As of March 31, 2022 Category Standard Comment Orange County Treasurer's Money Market Commingled Investment Pool (OCCIP) 15% max; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP would be subject to investigation and due diligence prior to investing and on continual basis to a level of review pursuant to the policy Complies Repurchase Agreements 20% max; 102% collateralization Complies Reverse Repurchase Agreements 5% max, 90 days max maturity Complies Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage Investment Conduits) Complies Securities Downgrade If securities owned by the OCSD are downgraded below the quality required by the Investment Policy, it shall be OCSD’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio. If a decision is made to retain the downgraded securities in the portfolio, their presence in the portfolio will be monitored and reported quarterly to the OCSD General Manager, the Administration Committee and Board of Directors Complies Avg Duration Not to exceed 60 months - (80% to 120% of the benchmark)Complies Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual Funds); 20% max per issuer on Money Market Mutual Funds Complies Maximum Maturity 5 years max maturity Complies* Orange County Sanitation District Long Term Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy *The portfolio has nineteen (19) securities with maturities greater than 5 years including four (4) CMOs and sixteen (15) MBS. All securities were inherited from the previous manager and complied at time of purchase. 16 I Portfolio Characteristics Orange County Sanitation District Long Term 03/31/22 12/31/21 Benchmark*Portfolio Portfolio Average Maturity (yrs)2.66 2.74 2.58 Average Modified Duration 2.55 2.46 2.37 Average Purchase Yield n/a 1.45%1.38% Average Market Yield 2.40%2.30%0.82% Average Quality**AAA AA/Aa1 AA+/Aa1 Total Market Value 720,687,291 742,225,778 *ICE BofA 1-5 Yr AAA-A US Corp & Govt Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively. As of March 31, 2022 Multiple securities were purchased across the Treasury, Asset Backed, Mortgage Backed, and Corporate sectors of the allocation to keep the portfolio invested to strategy. The purchased securities ranged in maturity from January 2025 to March 2027. Multiple securities were sold, two were called, and two matured to help facilitate the new holdings in the portfolio. 17 I Orange County Sanitation District Long Term Sector Distribution ABS 9.7% Agency 20.5% CMO 1.5% Corporate 26.2% Money Market Fund 0.2% Mortgage Pass Thru 0.1% Negotiable CD 2.5% Supranational 7.5% US Treasury 31.8% March 31, 2022 December 31, 2021 ABS 6.0% Agency 21.9% CMO 0.8% Corporate 22.6%Money Market Fund 2.0% Mortgage Pass Thru 0.1% Negotiable CD 2.4% Supranational 9.3% US Treasury 34.9% As of March 31, 2022 The sector allocation evolved over the quarter as the Chandler team increased exposure to the Corporate sector by 3.6% and the Asset Backed sector by 3.7%, to 26.2% and 9.7% of the portfolio, respectively. The Treasury, Agency, and Money Market allocations all decreased by modest amounts on a quarter over quarter basis. 18 I _/ Issue Name Investment Type % Portfolio Government of United States US Treasury 31.85% Federal National Mortgage Association Agency 8.91% Federal Home Loan Bank Agency 6.20% Inter-American Dev Bank Supranational 4.73% Federal Home Loan Mortgage Corp Agency 4.72% Intl Bank Recon and Development Supranational 2.76% Hyundai Auto Receivables ABS 1.90% Berkshire Hathaway Corporate 1.85% Charles Schwab Corp/The Corporate 1.64% Bank of America Corp Corporate 1.56% JP Morgan Chase & Co Corporate 1.53% Honda ABS ABS 1.51% Federal Home Loan Mortgage Corp CMO 1.48% Royal Bank of Canada Corporate 1.43% Honda Motor Corporation Corporate 1.38% Toronto Dominion Holdings Corporate 1.37% Bank of Montreal Chicago Corporate 1.32% US Bancorp Corporate 1.27% John Deere ABS ABS 1.27% Toyota Lease Owner Trust ABS 1.27% Metlife Inc Corporate 1.26% Morgan Stanley Corporate 1.18% Chubb Corporation Corporate 1.15% Qualcomm Inc Corporate 1.15% Nordea Bank ABP New York Negotiable CD 0.97% Apple Inc Corporate 0.97% Hyundai Auto Lease Securitization ABS 0.96% Toyota Motor Corp Corporate 0.94% Svenska Handelsbanken NY Negotiable CD 0.83% Wal-Mart Stores Corporate 0.78% Amazon.com Inc Corporate 0.74% PNC Financial Services Group Corporate 0.71% Intel Corp Corporate 0.71% Bank of Nova Scotia Houston Negotiable CD 0.69% Federal Farm Credit Bank Agency 0.69% GM Financial Automobile Leasing Trust ABS 0.69% Honeywell Corp Corporate 0.67% BMW Vehicle Lease Trust ABS 0.60% Issuers Orange County Sanitation District Long Term – Account #10268 As of March 31, 2022 19 I Issue Name Investment Type % Portfolio United Health Group Inc Corporate 0.52% ChevronTexaco Corp Corporate 0.50% Mercedes-Benz Auto Lease Trust ABS 0.48% GM Financial Securitized Term Auto Trust ABS 0.44% Guardian Life Global Funding Corporate 0.42% Bank of New York Corporate 0.35% Toyota ABS ABS 0.35% Nissan ABS ABS 0.29% Merck & Company Corporate 0.28% Deere & Company Corporate 0.18% Salesforce.com Inc Corporate 0.18% First American Govt Obligation Fund Class-Z Money Market Fund 0.16% BlackRock Inc/New York Corporate 0.14% Federal National Mortgage Association Mortgage Pass Thru 0.05% AMRESCO Residental Securities Corp CMO 0.02% Federal National Mortgage Association CMO 0.01% GNMA Mortgage Pass Thru 0.01% SLM Corp ABS 0.00% Federal Home Loan Mortgage Corp Mortgage Pass Thru 0.00% TOTAL 100.00% Issuers Orange County Sanitation District Long Term – Account #10268 As of March 31, 2022 20 I AAA AA A <A NR 03/31/22 17.4%61.1%17.1%1.2%3.2% 12/31/21 17.2%62.7%14.9%1.2%3.9% Source: S&P Ratings March 31, 2022 vs. December 31, 2021 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% AAA AA A <A NR 03/31/22 12/31/21 Quality Distribution Orange County Sanitation District Long Term As of March 31, 2022 21 I - ■ ■ AAA AA A <A NR 03/31/22 69.9%4.9%20.3%0.0%4.9% 12/31/21 76.2%3.5%18.1%0.0%2.2% Source: Moody’s Ratings March 31, 2022 vs. December 31, 2021 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% AAA AA A <A NR 03/31/22 12/31/21 Quality Distribution Orange County Sanitation District Long Term As of March 31, 2022 22 I - ■ ■ 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 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 BofA 1-5 Yr AAA-A US Corp & Govt Index Portfolio Compared to the Benchmark 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 2.5% 1.8% 8.5% 25.1% 29.3% 20.8% 12.1% 0.0% Benchmark*0.0% 0.0% 1.8% 33.7% 28.6% 20.7% 15.2% 0.0% *ICE BofA 1-5 Yr AAA-A US Corp & Govt Index Duration Distribution Orange County Sanitation District Long Term As of March 31, 2022 The duration of the portfolio increased to 2.46 compared to 2.37 at the end of the prior quarter. The portfolio had a large cash contribution in late 2021 which was not fully invested until January 2022, which contributed to the duration change over the reporting period. The Chandler team remains focused on the overall term structure of the portfolio, favoring exposure in the middle of the maturity distribution, to take advantage of the current shape of the yield curve. 23 I - - ■ ■ -4.00% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Long Term ICE BofA 1-5 Yr AAA-A US Corp & Govt Index Total Rate of Return Annualized Since Inception November 30, 2014 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 -2.93% -3.33% -1.03% 1.16% 1.43% N/A 1.33% ICE BofA 1-5 Yr AAA-A US Corp & Govt Index -3.24% -3.70% -1.43% 1.05% 1.32% N/A 1.25% 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. Investment Performance Orange County Sanitation District Long Term As of March 31, 2022 24 I • • Compliance As of March 31, 2022 Category Standard Comment U.S. Treasuries 10% minimum; 1 year max maturity Complies Federal Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 1 year max maturity; Securities, obligations, participations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by the US Government , a federal agency, or a US Government-sponsored enterprise Complies Supranational Obligations "AA" rated or better by a NRSRO; 30% max; 1 year max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB") Complies Municipal Securities "A" rated or higher by a NRSRO; or as otherwise approved by the Board of Directors; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% max; 5% max issuer; 1 year max maturity Complies Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 1 year max maturity; Issued by corporations organized and operating within the U.S. or issued by depository institutions licensed by the U.S. or any state and operating within the U.S. with AUM >$500 million Complies Non- Agency Asset-Backed Securities, Mortgage-Backed Securities, CMOs "AA" rating category or better by a NRSRO; 20% max (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 1 year max maturity; Mortgage pass-through security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease- backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond Complies Negotiable Certificates of Deposit (NCD) "A" rating or better long term debt by a NRSRO; or highest short term rating for deposits by a NRSRO; or as otherwise approved by the Board of Directors; 30% max; 5% max issuer; 1 year max maturity; Negotiable certificates of deposit issued by a nationally or state-chartered bank or state of federal savings and loan association, as defined by Section 5102 of the California Financial Code Complies Certificates of Deposit 5% max issuer; 1 year max maturity; Secured (collateralized) time deposits issued by a nationally or state-chartered bank or state or federal savings and loan association, as defined by Section 5102 of the California Financial Code and having a net operating profit in the two most recently completed fiscal years; Collateral must comply with California Government Code Complies Banker’s Acceptances A-1 rated or highest short term rating by a NRSRO; 40% max; 5% max issuer; 180 days max maturity; Acceptance is eligible for purchase by the Federal Reserve System Complies Commercial Paper A-1 rated or better by a NRSRO; "A" long term debt rating or better by a NRSRO; Issued by a domestic corporation organized and operating in the U.S. with assets > $500 million; 40% max; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; or SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% max in Mutual Funds; 10% max per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds and are not subject to the 10% stipulation Complies Local Agency Investment Fund (LAIF)No more than the statutory maximum may be invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF shall be subject to investigation and due diligence prior to investing, and on a continual basis to a level of review pursuant to the policy Complies Orange County Sanitation District Liquid Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy 25 I Compliance As of March 31, 2022 Category Standard Comment Orange County Treasurer's Money Market Commingled Investment Pool (OCCIP) 15% max; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP would be subject to investigation and due diligence prior to investing and on continual basis to a level of review pursuant to the policy Complies Repurchase Agreements 20% max; 102% collateralization Complies Reverse Repurchase Agreements 5% max, 90 days max maturity Complies Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage Investment Conduits) Complies Securities Downgrade If securities owned by the OCSD are downgraded below the quality required by the Investment Policy, it shall be OCSD’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio. If a decision is made to retain the downgraded securities in the portfolio, their presence in the portfolio will be monitored and reported quarterly to the OCSD General Manager, the Administration Committee and Board of Directors Complies Avg Duration Not to exceed 180 days Complies Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual Funds); 20% max per issuer on Money Market Mutual Funds Complies Maximum Maturity 1 year max maturity Complies Orange County Sanitation District Liquid Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy 26 I Portfolio Characteristics Orange County Sanitation District Liquid 03/31/22 12/31/21 Benchmark*Portfolio Portfolio Average Maturity (yrs)0.15 0.24 0.27 Average Modified Duration 0.15 0.23 0.27 Average Purchase Yield n/a 0.29%0.11% Average Market Yield 0.28%0.58%0.18% Average Quality**AAA AA+/Aaa AA+/Aaa Total Market Value 155,832,772 230,856,942 *ICE BofA 3-Month US Treasury Bill Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively. As of March 31, 2022 Multiple securities were purchased in the Treasury, Certificate of Deposit, and Corporate sectors of the allocation to keep the portfolio invested consistent with the strategy. The purchased securities ranged in maturity from May 2022 to January 2023. One security was sold, and multiple securities matured, to fund the $75 million withdrawal in January 2022 and to facilitate the new positions in the portfolio. 27 I Orange County Sanitation District Liquid Sector Distribution Corporate 7.7% Money Market Fund 2.2% Negotiable CD 13.2% US Treasury 77.0% March 31, 2022 December 31, 2021 Corporate 3.5%Money Market Fund 3.5% Negotiable CD 4.8% US Treasury 85.6% Commercial Paper 2.6% As of March 31, 2022 The sector allocation changed moderately over the quarter. The Negotiable CD and Corporate allocations each increased by 8.4% and 4.2%, respectively, partially offset by the 8.6% decline in the Treasury allocation. 28 I Issue Name Investment Type % Portfolio Government of United States US Treasury 76.99% Bank of Nova Scotia Houston Negotiable CD 3.21% Nordea Bank ABP New York Negotiable CD 2.89% First American Govt Obligation Fund Class-Z Money Market Fund 2.18% Svenska Handelsbanken NY Negotiable CD 1.93% Cooperatieve Rabobank UA Negotiable CD 1.92% Royal Bank of Canada Negotiable CD 1.92% Metlife Inc Corporate 1.45% JP Morgan Chase & Co Corporate 1.30% Morgan Stanley Corporate 1.30% Truist Financial Corporation Corporate 1.30% Honda Motor Corporation Corporate 1.29% Toronto Dominion Holdings Negotiable CD 1.29% Bank of New York Corporate 1.02% TOTAL 100.00% Issuers Orange County Sanitation District Liquid – Account #10282 As of March 31, 2022 29 I AAA AA A <A NR 03/31/22 38.1%55.7%4.9%1.3%0.0% 12/31/21 27.3%69.2%2.6%0.9%0.0% Source: S&P Ratings March 31, 2022 vs. December 31, 2021 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% AAA AA A <A NR 03/31/22 12/31/21 Quality Distribution Orange County Sanitation District Liquid As of March 31, 2022 30 I - ■ ■ AAA AA A <A NR 03/31/22 92.3%1.5%6.2%0.0%0.0% 12/31/21 96.5%0.0%3.5%0.0%0.0% Source: Moody’s Ratings March 31, 2022 vs. December 31, 2021 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% AAA AA A <A NR 03/31/22 12/31/21 Quality Distribution Orange County Sanitation District Liquid As of March 31, 2022 31 I - ■ ■ 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 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 BofA 3-Month US Treasury Bill Index Portfolio Compared to the Benchmark 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 1.5 1.5 - 2 2 - 2.5 2.5 - 3 3+ Portfolio 57.5% 36.8% 5.7% 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 BofA 3-Month US Treasury Bill Index Duration Distribution Orange County Sanitation District Liquid As of March 31, 2022 The duration of the portfolio contracted moderately, currently 0.23 compared to the prior quarter’s 0.29. Upcoming liquidity needs in late June 2022 are contributing to the current shorter duration of the portfolio. 32 I - ■ ■ 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Liquid ICE BofA 3-Month US Treasury Bill Index Total Rate of Return Annualized Since Inception November 30, 2014 Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Liquid -0.01% 0.03% 0.10% 0.91% 1.20% N/A 0.93% ICE BofA 3-Month US Treasury Bill Index 0.04% 0.06% 0.09% 0.81% 1.13% N/A 0.83% 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. Investment Performance Orange County Sanitation District Liquid As of March 31, 2022 33 I - ■ ■ Compliance As of March 31, 2022 Category Standard Comment Treasury Issues 5 years maximum maturity Complies Supranational "AA" or better by 1 of 3 NRSROs; 30% maximum; 5% max; 5 years maturity; Includes only: IADB, IBRD, and IFC per CGC Complies 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% maximum; 5% max issuer; 5 years max maturity Complies* Municipal Securities "A" or higher by 1 of 3 NRSROS; 10% maximum; 5% max issuer; 5 years maximum maturity Complies Asset Backed/ CMOs/ Mortgage- backed "AA" or better by 1 of 3 NRSROs; "A" or higher issuer rating by 1 of 3 NRSROs; 20% maximum; 5% max issuer (excluding MBS/govt agency); 5 years max maturity Complies Negotiable CDs "A" or better on its long term debt by 1 of 3 NRSROs ; "A1/P1" or highest short term ratings by 1 of 3 NRSROs; 30% maximum; 5% max issuer; 5 years max maturity Complies CDs/ TDS 5% max issuer; 5 years max maturity Complies Banker’s Acceptances A-1, or equivalent highest short term rating by 1 of 3 NRSROS; 40% maximum; 5% max issuer; 180 days max maturity Complies Commercial Paper A-1, or equivalent by 1 of 3 NRSROS; "A" or better by 1 of 3 NRSROs, if long term debt issued; 25% maximum; 5% max issuer; 270 days max maturity Complies 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 LAIF 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 OCSD Lehman Exposure Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy * Account holds $2 million face value (cusip 525ESC0Y6) and $600,000 face value (cusip 525ESC1B7) of defaulted Lehman Bros Holdings that were purchased by the previous manager. Complied at time of purchase. 34 I Portfolio Characteristics OC SAN Lehman Exposure 03/31/22 Portfolio 12/31/21 Portfolio Average Maturity (yrs)7.39 7.76 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 39,141 39,921 *Portfolio is S&P and Moody’s, respectively. As of March 31, 2022 35 I SECTION |Section 3 |Consolidated Information 36 Portfolio Characteristics Orange County Sanitation District Consolidated 03/31/22 12/31/21 Portfolio Portfolio Average Maturity (yrs)2.30 2.03 Modified Duration 2.06 1.87 Average Purchase Yield 1.25%1.07% Average Market Yield 2.00%0.67% Average Quality*AA+/Aa1 AA+/Aa1 Total Market Value 876,559,204 973,122,640 * Portfolio is S&P and Moody’s respectively. As of March 31, 2022 37 I Orange County Sanitation District Consolidated Sector Distribution ABS 8.0% Agency 16.9% CMO 1.2% Common Stock 0.0% Corporate 22.9%Money Market Fund 0.5% Mortgage Pass Thru 0.0% Negotiable CD 4.4% Supranational 6.2% US Treasury 39.9% March 31, 2022 December 31, 2021 ABS 4.6% Agency 16.7% CMO 0.6% Common Stock 0.0% Corporate 18.1% Money Market Fund 2.3% Mortgage Pass Thru 0.1% Negotiable CD 3.0% Supranational 7.1% US Treasury 47.0% Commercial Paper 0.6% As of March 31, 2022 38 I - SECTION |Section 4 |Portfolio Holdings 39 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration ABS 58770FAC6 Mercedes Benz Auto Lease Trust 2020-A A3 1.840% Due 12/15/2022 250,596.32 01/21/2020 1.85% 250,563.29 250,588.21 100.03 0.91% 250,680.27 204.93 0.03% 92.06 Aaa / AAA NR 0.71 0.04 78445JAA5 SLM Student Loan Trust 2008-9 A 1.709% Due 04/25/2023 9,188.68 08/22/2008 1.77% 9,151.39 9,185.97 100.17 2.39% 9,204.66 28.79 0.00% 18.69 Ba3 / B B 1.07 0.03 44891VAC5 Hyundai Auto Lease Trust 2021-B A3 0.330% Due 06/17/2024 4,155,000.00 06/08/2021 0.34% 4,154,376.75 4,154,596.14 97.86 2.28% 4,066,066.38 609.40 0.56% (88,529.76) Aaa / AAA NR 2.22 1.11 65479JAD5 Nissan Auto Receivables Owner 2019-C A3 1.930% Due 07/15/2024 2,050,972.08 10/16/2019 1.94% 2,050,863.79 2,050,919.66 100.19 1.42% 2,054,944.81 1,759.28 0.29% 4,025.15 Aaa / AAA NR 2.29 0.38 89237VAB5 Toyota Auto Receivables Trust 2020-C A3 0.440% Due 10/15/2024 2,544,518.27 07/21/2020 0.44% 2,544,322.34 2,544,400.28 99.08 2.02% 2,521,032.44 497.59 0.35% (23,367.84) Aaa / AAA NR 2.55 0.58 43813KAC6 Honda Auto Receivables Trust 2020-3 A3 0.370% Due 10/18/2024 3,235,000.00 09/22/2020 0.38% 3,234,524.78 3,234,752.64 98.74 2.13% 3,194,332.82 432.23 0.44% (40,419.82) NR / AAA AAA 2.55 0.71 89239CAC3 Toyota Lease Owner Trust 2021-B A3 0.420% Due 10/21/2024 3,185,000.00 07/27/2021 0.42% 3,184,957.00 3,184,968.55 97.05 2.52% 3,091,163.53 408.74 0.43% (93,805.02) Aaa / NR AAA 2.56 1.42 47787NAC3 John Deere Owner Trust 2020-B A3 0.510% Due 11/15/2024 1,227,946.48 07/14/2020 0.52% 1,227,759.34 1,227,850.26 98.89 2.22% 1,214,279.45 278.33 0.17% (13,570.81) Aaa / NR AAA 2.63 0.65 58769KAD6 Mercedes-Benz Auto Lease Trust 2021-B A3 0.400% Due 11/15/2024 3,315,000.00 06/22/2021 0.40% 3,314,749.72 3,314,824.00 97.45 2.42% 3,230,596.79 589.33 0.45% (84,227.21) NR / AAA AAA 2.63 1.27 09690AAC7 BMW Vehicle Lease Trust 2021-2 A3 0.330% Due 12/26/2024 2,070,000.00 09/08/2021 0.34% 2,069,786.38 2,069,837.28 97.49 2.43% 2,017,989.18 113.85 0.28% (51,848.10) Aaa / NR AAA 2.74 1.20 44891WAC3 Hyundai Auto Lease Trust 2022-A A3 1.160% Due 01/15/2025 2,895,000.00 01/11/2022 1.16% 2,894,936.02 2,894,941.66 97.64 2.61% 2,826,669.32 1,492.53 0.39% (68,272.34) Aaa / AAA NR 2.80 1.64 89238LAC4 Toyota Lease Owner Trust 2022-A A3 1.960% Due 02/20/2025 6,125,000.00 02/23/2022 1.98% 6,124,035.93 6,124,072.53 98.31 2.87% 6,021,689.63 3,668.19 0.84% (102,382.90) NR / AAA AAA 2.90 1.88 36265MAC9 GM Financial Auto Lease Trust 2022-1 A3 1.900% Due 03/20/2025 5,020,000.00 02/15/2022 1.91% 5,019,956.83 5,019,958.86 98.80 2.58% 4,959,609.40 2,914.39 0.69% (60,349.46) Aaa / NR AAA 2.97 1.78 05601XAC3 BMW Vehicle Lease Trust 2022-1 A3 1.100% Due 03/25/2025 2,400,000.00 01/11/2022 1.11% 2,399,641.20 2,399,673.65 97.51 2.72% 2,340,309.60 440.00 0.32% (59,364.05) NR / AAA AAA 2.99 1.55 43813GAC5 Honda Auto Receivables Trust 2021-1 A3 0.270% Due 04/21/2025 1,605,000.00 02/17/2021 0.27% 1,604,970.63 1,604,981.14 97.92 2.54% 1,571,559.83 120.38 0.22% (33,421.31) Aaa / NR AAA 3.06 0.92 47788UAC6 John Deere Owner Trust 2021-A A3 0.360% Due 09/15/2025 2,300,000.00 03/02/2021 0.37% 2,299,557.94 2,299,688.04 96.85 2.79% 2,227,529.32 368.00 0.31% (72,158.72) Aaa / NR AAA 3.46 1.30 44933LAC7 Hyundai Auto Receivables Trust 2021-A A3 0.380% Due 09/15/2025 2,100,000.00 04/20/2021 0.38% 2,099,779.08 2,099,846.17 97.50 2.34% 2,047,497.92 354.67 0.28% (52,348.25) NR / AAA AAA 3.46 1.29 As of March 31, 2022 40 I Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 44934KAC8 Hyundai Auto Receivables Trust 2021-B A3 0.380% Due 01/15/2026 6,040,000.00 07/20/2021 0.39% 6,038,666.97 6,038,954.53 96.72 2.54% 5,841,616.20 1,020.09 0.81% (197,338.33) NR / AAA AAA 3.80 1.53 43815GAC3 Honda Auto Receivables Trust 2021-4 A3 0.880% Due 01/21/2026 2,290,000.00 11/16/2021 0.89% 2,289,517.27 2,289,569.41 96.82 2.58% 2,217,246.70 559.78 0.31% (72,322.71) Aaa / NR AAA 3.81 1.89 47789QAC4 John Deere Owner Trust 2021-B A3 0.520% Due 03/16/2026 2,820,000.00 07/13/2021 0.52% 2,819,748.46 2,819,796.39 95.82 2.82% 2,702,118.36 651.73 0.38% (117,678.03) Aaa / NR AAA 3.96 1.85 44935FAD6 Hyundai Auto Receivables Trust 2021-C A3 0.740% Due 05/15/2026 1,600,000.00 11/09/2021 0.75% 1,599,642.88 1,599,684.62 96.10 2.82% 1,537,596.80 526.22 0.21% (62,087.82) NR / AAA AAA 4.13 1.90 43815BAC4 Honda Auto Receivables Trust 2022-1 A3 1.880% Due 05/15/2026 3,930,000.00 02/15/2022 1.89% 3,929,408.93 3,929,427.51 98.21 2.68% 3,859,633.39 3,283.73 0.54% (69,794.12) Aaa / AAA NR 4.13 2.26 362554AC1 GM Financial Securitized Term 2021-4 A3 0.680% Due 09/16/2026 1,705,000.00 10/13/2021 0.68% 1,704,956.52 1,704,962.19 96.60 2.67% 1,646,980.56 483.08 0.23% (57,981.63) Aaa / AAA NR 4.47 1.73 47787JAC2 John Deere Owner Trust 2022-A A3 2.320% Due 09/16/2026 3,010,000.00 03/10/2022 2.34% 3,009,334.19 3,009,342.52 98.70 2.91% 2,970,966.32 2,909.67 0.41% (38,376.20) Aaa / NR AAA 4.47 2.22 448977AD0 Hyundai Auto Receivables Trust 2022-A A3 2.220% Due 10/15/2026 4,300,000.00 03/09/2022 2.23% 4,299,834.45 4,299,836.68 98.75 2.79% 4,246,379.00 3,977.50 0.59% (53,457.68) NR / AAA AAA 4.55 2.21 380146AC4 GM Financial Auto Receivables 2022-1 A3 1.260% Due 11/16/2026 1,590,000.00 01/11/2022 1.27% 1,589,861.83 1,589,870.03 96.81 3.09% 1,539,296.47 834.75 0.21% (50,573.56) NR / AAA AAA 4.63 1.76 TOTAL ABS 71,773,221.83 1.06% 71,764,903.91 71,766,528.92 2.55% 70,206,989.15 28,527.18 9.75% (1,559,539.77) Aaa / AAA Aaa 3.29 1.53 Agency 3135G0T94 FNMA Note 2.375% Due 01/19/2023 5,000,000.00 Various 2.78% 4,910,990.00 4,985,033.90 100.66 1.53% 5,033,235.00 23,750.00 0.70% 48,201.10 Aaa / AA+ AAA 0.81 0.79 313383QR5 FHLB Note 3.250% Due 06/09/2023 5,000,000.00 08/28/2018 2.87% 5,083,350.00 5,020,730.03 101.46 2.00% 5,073,185.00 50,555.56 0.71% 52,454.97 Aaa / AA+ NR 1.19 1.15 3137EAEN5 FHLMC Note 2.750% Due 06/19/2023 10,000,000.00 Various 2.84% 9,956,500.00 9,989,293.32 100.96 1.95% 10,095,680.00 77,916.66 1.41% 106,386.68 Aaa / AA+ AAA 1.22 1.19 3135G05G4 FNMA Note 0.250% Due 07/10/2023 6,775,000.00 07/08/2020 0.32% 6,760,433.75 6,768,814.33 97.85 1.97% 6,629,093.60 3,810.94 0.92% (139,720.73) Aaa / AA+ AAA 1.28 1.26 313383YJ4 FHLB Note 3.375% Due 09/08/2023 10,000,000.00 Various 2.89% 10,211,831.00 10,065,445.87 101.85 2.06% 10,184,860.00 21,562.50 1.42% 119,414.13 Aaa / AA+ NR 1.44 1.40 3130A0F70 FHLB Note 3.375% Due 12/08/2023 10,000,000.00 Various 2.79% 10,269,043.75 10,091,971.91 101.82 2.27% 10,181,820.00 105,937.50 1.43% 89,848.09 Aaa / AA+ AAA 1.69 1.62 As of March 31, 2022 41 I Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 3135G0V34 FNMA Note 2.500% Due 02/05/2024 5,000,000.00 02/27/2019 2.58% 4,980,850.00 4,992,830.70 100.50 2.22% 5,025,110.00 19,444.44 0.70% 32,279.30 Aaa / AA+ AAA 1.85 1.79 3130A1XJ2 FHLB Note 2.875% Due 06/14/2024 11,110,000.00 Various 1.96% 11,589,031.30 11,321,527.88 101.01 2.40% 11,222,410.98 94,936.49 1.57% (99,116.90) Aaa / AA+ NR 2.21 2.11 3133EKWV4 FFCB Note 1.850% Due 07/26/2024 5,000,000.00 08/13/2019 1.65% 5,048,280.00 5,022,617.90 99.08 2.26% 4,954,120.00 16,701.39 0.69% (68,497.90) Aaa / AA+ AAA 2.32 2.25 3130A2UW4 FHLB Note 2.875% Due 09/13/2024 2,500,000.00 09/12/2019 1.73% 2,635,950.00 2,566,672.80 101.05 2.43% 2,526,327.50 3,593.75 0.35% (40,345.30) Aaa / AA+ AAA 2.46 2.35 3135G0X24 FNMA Note 1.625% Due 01/07/2025 10,000,000.00 Various 1.28% 10,157,936.40 10,091,713.98 97.73 2.48% 9,773,100.00 37,916.66 1.36% (318,613.98) Aaa / AA+ AAA 2.78 2.67 3137EAEP0 FHLMC Note 1.500% Due 02/12/2025 12,335,000.00 Various 1.20% 12,510,182.05 12,436,743.38 97.29 2.49% 12,000,672.16 25,183.96 1.67% (436,071.22) Aaa / AA+ AAA 2.87 2.77 3130A4CH3 FHLB Note 2.375% Due 03/14/2025 5,225,000.00 03/19/2020 1.18% 5,526,848.25 5,403,787.04 99.84 2.43% 5,216,775.85 5,859.98 0.72% (187,011.19) Aaa / AA+ AAA 2.96 2.83 3135G03U5 FNMA Note 0.625% Due 04/22/2025 14,000,000.00 Various 0.63% 13,996,711.60 13,998,011.13 94.55 2.49% 13,236,538.00 38,645.84 1.84% (761,473.13) Aaa / AA+ AAA 3.06 2.99 3135G04Z3 FNMA Note 0.500% Due 06/17/2025 9,905,000.00 06/17/2020 0.54% 9,884,496.65 9,891,814.46 93.84 2.51% 9,294,495.42 14,307.22 1.29% (597,319.04) Aaa / AA+ AAA 3.22 3.14 3137EAEU9 FHLMC Note 0.375% Due 07/21/2025 5,030,000.00 07/21/2020 0.48% 5,004,950.60 5,013,424.00 93.36 2.48% 4,695,892.31 3,667.71 0.65% (317,531.69) Aaa / AA+ AAA 3.31 3.24 3135G05X7 FNMA Note 0.375% Due 08/25/2025 7,945,000.00 08/25/2020 0.47% 7,907,817.40 7,919,681.58 93.18 2.48% 7,403,500.58 2,979.38 1.03% (516,181.00) Aaa / AA+ AAA 3.41 3.34 3137EAEX3 FHLMC Note 0.375% Due 09/23/2025 7,660,000.00 09/23/2020 0.44% 7,636,943.40 7,643,933.70 92.94 2.51% 7,118,905.26 638.33 0.99% (525,028.44) Aaa / AA+ AAA 3.48 3.41 3135G06G3 FNMA Note 0.500% Due 11/07/2025 8,255,000.00 11/09/2020 0.57% 8,225,447.10 8,233,642.71 93.23 2.48% 7,695,872.34 16,510.00 1.07% (537,770.37) Aaa / AA+ AAA 3.61 3.52 TOTAL Agency 150,740,000.00 1.50% 152,297,593.25 151,457,690.62 2.31% 147,361,594.00 563,918.31 20.53% (4,096,096.62) Aaa / AA+ Aaa 2.41 2.34 CMO 3137BFE98 FHLMC K041 A2 3.171% Due 10/25/2024 5,000,000.00 07/01/2021 0.72% 5,378,515.62 5,292,693.13 101.14 2.62% 5,057,110.00 13,212.50 0.70% (235,583.13) Aaa / AAA AAA 2.57 2.36 3137BSRE5 FHLMC K059 A2 3.120% Due 09/25/2026 5,000,000.00 02/18/2022 1.98% 5,214,062.50 5,209,392.05 101.49 2.72% 5,074,270.00 13,000.00 0.71% (135,122.05) NR / AAA AAA 4.49 4.06 As of March 31, 2022 42 I Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 03215PFN4 AMRESCO Residential Securities 1999-1 A 1.171% Due 06/25/2029 116,624.77 05/20/2011 4.64% 87,577.91 105,009.54 98.58 2.09% 114,966.36 26.55 0.02% 9,956.82 NR / BBB A 7.24 0.02 3133TCE95 FHLMC FSPC E3 A 3.742% Due 08/15/2032 3,373.75 03/11/1998 3.70% 3,377.29 3,374.82 100.61 2.02% 3,394.23 10.87 0.00% 19.41 Aaa / AA+ AAA 10.38 0.82 31397QRE0 FNMA FNR 2011-3 FA 0.911% Due 02/25/2041 88,148.90 12/20/2010 0.91% 88,121.38 88,131.60 101.78 0.73% 89,715.30 13.38 0.01% 1,583.70 Aaa / AA+ AAA 18.92 0.14 31394JY35 FHLMC FSPC T-58 2A 6.500% Due 09/25/2043 454,861.30 06/09/2011 5.40% 515,130.42 494,970.86 111.72 1.54% 508,184.69 492.77 0.07% 13,213.83 Aaa / AA+ AAA 21.50 2.42 TOTAL CMO 10,663,008.72 1.56% 11,286,785.12 11,193,572.00 2.60% 10,847,640.58 26,756.07 1.51% (345,931.42) Aaa / AAA Aaa 4.54 3.11 Corporate 084664BT7 Berkshire Hathaway Note 3.000% Due 05/15/2022 4,000,000.00 05/23/2017 2.30% 4,131,120.00 4,003,178.67 100.24 1.06% 4,009,416.00 45,333.33 0.56% 6,237.33 Aa2 / AA A+ 0.12 0.12 00440EAU1 Chubb INA Holdings Inc Callable Note Cont 9/3/2022 2.875% Due 11/03/2022 4,169,000.00 Various 2.54% 4,232,453.17 4,174,599.10 100.60 1.43% 4,194,080.70 49,275.26 0.59% 19,481.60 A3 / A A 0.59 0.42 90331HNL3 US Bank NA Callable Note Cont 12/23/2022 2.850% Due 01/23/2023 2,000,000.00 01/29/2018 2.93% 1,992,640.00 1,998,797.62 100.70 1.87% 2,014,056.00 10,766.67 0.28% 15,258.38 A1 / AA- AA- 0.82 0.72 808513AT2 Charles Schwab Corp Callable Note Cont 12/25/2022 2.650% Due 01/25/2023 6,750,000.00 05/21/2019 2.74% 6,729,480.00 6,745,431.51 100.73 1.64% 6,799,376.25 32,793.75 0.95% 53,944.74 A2 / A A 0.82 0.72 06406RAE7 Bank of NY Mellon Corp Callable Note Cont 12/29/2022 2.950% Due 01/29/2023 2,500,000.00 Various 3.03% 2,489,555.00 2,498,361.72 100.89 1.73% 2,522,350.00 12,701.39 0.35% 23,988.28 A1 / A AA- 0.83 0.73 00440EAP2 Chubb INA Holdings Inc Note 2.700% Due 03/13/2023 2,000,000.00 05/24/2018 3.42% 1,937,000.00 1,987,536.88 100.61 2.05% 2,012,194.00 2,700.00 0.28% 24,657.12 A3 / A A 0.95 0.93 084670BR8 Berkshire Hathaway Callable Note Cont 1/15/2023 2.750% Due 03/15/2023 2,500,000.00 04/20/2018 3.28% 2,440,950.00 2,488,494.18 100.70 1.85% 2,517,527.50 3,055.56 0.35% 29,033.32 Aa2 / AA A+ 0.96 0.78 58933YAF2 Merck & Co Note 2.800% Due 05/18/2023 2,000,000.00 10/26/2018 3.41% 1,948,640.00 1,987,260.49 100.82 2.06% 2,016,368.00 20,688.89 0.28% 29,107.51 A1 / A+ A+ 1.13 1.10 46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023 2.700% Due 05/18/2023 5,000,000.00 Various 3.59% 4,821,910.00 4,954,067.24 100.42 2.25% 5,021,230.00 49,875.00 0.70% 67,162.76 A2 / A- AA- 1.13 0.94 69353RFL7 PNC Bank Callable Note Cont 5/9/2023 3.500% Due 06/08/2023 5,000,000.00 Various 3.53% 4,993,318.05 4,998,413.09 101.32 2.28% 5,065,955.00 54,930.56 0.71% 67,541.91 A2 / A A+ 1.19 1.07 As of March 31, 2022 43 I Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 166764AH3 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 06/24/2023 3,500,000.00 11/08/2018 3.59% 3,441,095.00 3,484,294.33 101.12 2.02% 3,539,238.50 30,092.90 0.50% 54,944.17 Aa2 / AA- NR 1.23 0.96 931142EK5 Wal-Mart Stores Callable Note Cont 5/26/2023 3.400% Due 06/26/2023 3,880,000.00 Various 3.41% 3,878,991.40 3,879,750.75 101.75 1.86% 3,947,806.88 34,812.22 0.55% 68,056.13 Aa2 / AA AA 1.24 1.12 02665WCJ8 American Honda Finance Note 3.450% Due 07/14/2023 845,000.00 07/11/2018 3.49% 843,538.15 844,624.12 101.41 2.33% 856,915.35 6,235.40 0.12% 12,291.23 A3 / A- A 1.29 1.25 02665WCQ2 American Honda Finance Note 3.625% Due 10/10/2023 2,000,000.00 Various 3.64% 1,998,320.00 1,999,480.15 101.40 2.68% 2,028,032.00 34,437.50 0.29% 28,551.85 A3 / A- A 1.53 1.45 24422EUM9 John Deere Capital Corp Note 3.650% Due 10/12/2023 1,250,000.00 11/28/2018 3.64% 1,250,237.50 1,250,074.71 102.06 2.27% 1,275,725.00 21,418.40 0.18% 25,650.29 A2 / A A 1.53 1.46 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.550% Due 03/05/2024 6,675,000.00 Various 2.92% 6,770,625.75 6,712,516.66 100.70 2.33% 6,721,678.28 17,113.96 0.94% 9,161.62 A2 / A- AA- 1.93 1.86 09247XAL5 Blackrock Inc Note 3.500% Due 03/18/2024 1,000,000.00 05/09/2019 2.69% 1,036,330.00 1,014,708.42 102.09 2.40% 1,020,882.00 1,263.89 0.14% 6,173.58 Aa3 / AA- NR 1.97 1.89 808513BN4 Charles Schwab Corp Callable Note Cont 2/18/2024 0.750% Due 03/18/2024 2,785,000.00 03/16/2021 0.77% 2,783,607.50 2,784,089.03 96.75 2.46% 2,694,367.75 754.27 0.37% (89,721.28) A2 / A A 1.97 1.93 458140BD1 Intel Corp Callable Note Cont 3/11/2024 2.875% Due 05/11/2024 5,000,000.00 05/09/2019 2.76% 5,025,900.00 5,010,424.60 100.81 2.44% 5,040,620.00 55,902.78 0.71% 30,195.40 A1 / A+ A+ 2.12 1.86 037833CU2 Apple Inc Callable Note Cont 3/11/2024 2.850% Due 05/11/2024 3,000,000.00 05/17/2019 2.72% 3,017,760.00 3,007,180.87 100.90 2.37% 3,026,868.00 33,250.00 0.42% 19,687.13 Aaa / AA+ NR 2.12 1.87 023135BW5 Amazon.com Inc Note 0.450% Due 05/12/2024 5,490,000.00 05/10/2021 0.50% 5,481,984.60 5,484,354.12 96.43 2.19% 5,293,902.69 9,538.88 0.74% (190,451.43) A1 / AA AA- 2.12 2.08 89114QCA4 Toronto Dominion Bank Note 2.650% Due 06/12/2024 3,000,000.00 06/12/2019 2.65% 3,000,570.00 3,000,250.80 99.95 2.67% 2,998,497.00 24,070.83 0.42% (1,753.80) A1 / A AA- 2.20 2.10 02665WCZ2 American Honda Finance Note 2.400% Due 06/27/2024 1,219,000.00 07/10/2019 2.49% 1,213,843.63 1,216,672.23 99.38 2.69% 1,211,423.92 7,639.07 0.17% (5,248.31) A3 / A- A 2.24 2.15 79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022 0.625% Due 07/15/2024 1,350,000.00 06/29/2021 0.64% 1,349,311.50 1,349,476.26 95.83 2.51% 1,293,656.40 1,781.25 0.18% (55,819.86) A2 / A+ NR 2.29 2.24 78013XZU5 Royal Bank of Canada Note 2.550% Due 07/16/2024 6,500,000.00 09/10/2019 2.28% 6,581,445.00 6,538,535.59 99.63 2.72% 6,476,002.00 34,531.25 0.90% (62,533.59) A1 / A AA- 2.30 2.20 46647PAU0 JP Morgan Chase & Co Callable Note 1X 7/23/2023 3.797% Due 07/23/2024 2,500,000.00 09/12/2019 2.26% 2,632,175.00 2,562,954.68 101.19 2.44% 2,529,670.00 17,930.28 0.35% (33,284.68) A2 / A- AA- 2.32 2.20 02665WEA5 American Honda Finance Note 1.500% Due 01/13/2025 6,000,000.00 Various 1.62% 5,979,632.85 5,980,689.14 96.44 2.84% 5,786,310.01 19,500.00 0.81% (194,379.13) A3 / A- A 2.79 2.69 As of March 31, 2022 44 I Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 90331HPL1 US Bank NA Callable Note Cont 12/21/2024 2.050% Due 01/21/2025 7,270,000.00 01/16/2020 2.10% 7,254,514.90 7,261,303.93 98.01 2.79% 7,125,087.09 28,979.03 0.99% (136,216.84) A1 / AA- AA- 2.81 2.69 037833AZ3 Apple Inc Note 2.500% Due 02/09/2025 3,922,000.00 07/14/2021 0.81% 4,154,496.16 4,108,317.86 99.86 2.55% 3,916,599.41 14,162.78 0.55% (191,718.45) Aaa / AA+ NR 2.87 2.73 00440EAS6 Chubb INA Holdings Inc Note 3.150% Due 03/15/2025 2,000,000.00 10/28/2020 0.78% 2,203,740.00 2,137,655.27 101.17 2.73% 2,023,436.00 2,800.00 0.28% (114,219.27) A3 / A A 2.96 2.80 06367WB85 Bank of Montreal Note 1.850% Due 05/01/2025 7,000,000.00 08/12/2021 0.96% 7,226,940.00 7,188,725.58 96.21 3.15% 6,734,826.00 53,958.33 0.94% (453,899.58) A2 / A- AA- 3.09 2.94 747525AF0 Qualcomm Inc Callable Note Cont 2/20/2025 3.450% Due 05/20/2025 8,000,000.00 Various 1.63% 8,479,891.80 8,441,323.94 101.99 2.78% 8,159,016.00 100,433.33 1.15% (282,307.94) A2 / A NR 3.14 2.92 61747YEA9 Morgan Stanley Callable Note Cont 5/30/2024 0.790% Due 05/30/2025 8,885,000.00 05/26/2021 0.77% 8,889,710.25 8,888,401.37 95.08 2.42% 8,447,831.36 23,592.14 1.18% (440,570.01) A1 / BBB+ A 3.17 3.09 438516CB0 Honeywell Intl Callable Note Cont 5/1/2025 1.350% Due 06/01/2025 5,000,000.00 06/23/2020 0.85% 5,119,000.00 5,075,660.08 96.40 2.54% 4,820,030.00 22,500.00 0.67% (255,630.08) A2 / A A 3.17 3.06 78015K7H1 Royal Bank of Canada Note 1.150% Due 06/10/2025 4,000,000.00 Various 1.10% 4,013,620.00 4,006,153.62 94.49 2.97% 3,779,524.00 14,183.33 0.53% (226,629.62) A1 / A AA- 3.20 3.08 06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025 2.015% Due 02/13/2026 2,500,000.00 03/04/2021 1.14% 2,583,450.00 2,560,875.56 96.36 2.92% 2,408,980.00 6,716.67 0.34% (151,895.56) A2 / A- AA- 3.88 3.67 46647PBH8 JP Morgan Chase & Co Callable Note Mthly 3/13/2025 2.005% Due 03/13/2026 3,500,000.00 Various 1.24% 3,602,345.00 3,576,312.63 96.51 2.92% 3,377,965.50 3,508.75 0.47% (198,347.13) A2 / A- AA- 3.95 3.76 40139LBD4 Guardian Life Glob Fun Note 1.250% Due 05/13/2026 3,250,000.00 02/09/2022 2.21% 3,124,290.00 3,128,258.94 92.63 3.17% 3,010,341.75 15,572.92 0.42% (117,917.19) Aa2 / AA+ NR 4.12 3.94 91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026 1.150% Due 05/15/2026 4,000,000.00 Various 1.73% 3,904,703.05 3,906,259.67 93.05 2.95% 3,721,804.00 17,377.78 0.52% (184,455.67) A3 / A+ A 4.13 3.96 89236TJK2 Toyota Motor Credit Corp Note 1.125% Due 06/18/2026 7,285,000.00 06/15/2021 1.13% 7,281,794.60 7,282,298.41 92.90 2.93% 6,768,027.26 23,448.59 0.94% (514,271.15) A1 / A+ A+ 4.22 4.05 06051GJD2 Bank of America Corp Callable Note Cont 6/19/2025 1.319% Due 06/19/2026 2,250,000.00 06/24/2021 1.27% 2,254,432.50 2,253,586.91 93.83 2.91% 2,111,190.75 8,408.63 0.29% (142,396.16) A2 / A- AA- 4.22 4.04 58989V2D5 Met Tower Global Funding Note 1.250% Due 09/14/2026 3,745,000.00 09/07/2021 1.27% 3,741,554.60 3,741,930.08 92.42 3.08% 3,461,263.82 2,210.59 0.48% (280,666.26) Aa3 / AA- AA- 4.46 4.27 06368FAC3 Bank of Montreal Note 1.250% Due 09/15/2026 3,000,000.00 Various 1.29% 2,994,647.40 2,995,227.80 91.93 3.21% 2,757,909.00 1,666.67 0.38% (237,318.80) A2 / A- AA- 4.46 4.27 As of March 31, 2022 45 I Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026 1.050% Due 09/17/2026 1,725,000.00 09/08/2021 1.09% 1,721,739.75 1,722,089.70 93.10 2.70% 1,605,945.68 704.38 0.22% (116,144.02) Aa2 / AA AA 4.47 4.31 59217GER6 Metlife Note 1.875% Due 01/11/2027 5,920,000.00 01/03/2022 1.90% 5,913,251.20 5,913,546.88 94.08 3.22% 5,569,666.24 24,666.67 0.78% (343,880.64) Aa3 / AA- AA- 4.79 4.49 89114TZN5 Toronto-Dominion Bank Note 1.950% Due 01/12/2027 2,000,000.00 01/25/2022 2.11% 1,984,582.40 1,985,127.25 94.70 3.15% 1,893,986.00 8,558.33 0.26% (91,141.25) A1 / A AA- 4.79 4.49 808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027 2.450% Due 03/03/2027 2,325,000.00 03/01/2022 2.47% 2,322,489.00 2,322,528.88 97.21 3.06% 2,260,202.25 4,430.42 0.31% (62,326.63) A2 / A A 4.93 4.58 89114TZT2 Toronto-Dominion Bank Note 2.800% Due 03/10/2027 5,000,000.00 03/09/2022 2.97% 4,960,350.00 4,960,806.25 98.35 3.16% 4,917,450.00 8,166.67 0.68% (43,356.25) A1 / A NR 4.95 4.57 084664CZ2 Berkshire Hathaway Callable Note Cont 2/15/2027 2.300% Due 03/15/2027 6,875,000.00 03/07/2022 2.30% 6,873,693.75 6,873,705.91 98.28 2.67% 6,756,860.00 7,027.78 0.94% (116,845.91) Aa2 / AA A+ 4.96 4.64 TOTAL Corporate 191,365,000.00 2.04% 192,607,670.46 192,286,313.48 2.53% 187,542,091.34 1,025,467.08 26.16% (4,744,222.14) A1 / A+ A+ 2.71 2.56 Money Market Fund 31846V567 First American Govt Obligation MMKT Class-Z 1,188,487.11 Various 0.14% 1,188,487.11 1,188,487.11 1.00 0.14% 1,188,487.11 0.00 0.16% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund 1,188,487.11 0.14% 1,188,487.11 1,188,487.11 0.14% 1,188,487.11 0.00 0.16% 0.00 Aaa / AAA Aaa 0.00 0.00 Mortgage Pass Thru 36225CAZ9 GNMA Pool# G2 80023 1.790% Due 12/20/2026 8,494.35 08/08/1997 1.68% 8,635.03 8,517.00 102.64 1.32% 8,718.18 12.67 0.00% 201.18 Aaa / AA+ AAA 4.73 2.20 36225CC20 GNMA Pool# G2 80088 1.590% Due 06/20/2027 6,045.97 08/11/1997 1.46% 6,178.22 6,069.11 100.57 2.67% 6,080.57 8.01 0.00% 11.46 Aaa / AA+ AAA 5.22 2.37 31348SWZ3 FHLMC FH 786064 2.227% Due 01/01/2028 1,251.88 02/18/2000 2.41% 1,221.39 1,245.58 99.94 3.27% 1,251.19 2.32 0.00% 5.61 Aaa / AA+ AAA 5.76 0.76 31371NUC7 FNMA FN 257179 4.500% Due 04/01/2028 6,308.97 12/05/2011 3.72% 6,672.37 6,442.74 103.74 2.63% 6,545.08 23.66 0.00% 102.34 Aaa / AA+ AAA 6.01 2.11 31417YAY3 FNMA Pool# FN MA0022 4.500% Due 04/01/2029 7,792.22 12/05/2011 3.76% 8,241.03 7,973.80 103.77 2.81% 8,086.31 29.22 0.00% 112.51 Aaa / AA+ AAA 7.01 2.34 3138EG6F6 FNMA FN AL0869 4.500% Due 06/01/2029 4,549.17 12/05/2011 3.77% 4,811.20 4,656.68 103.76 2.84% 4,720.18 3.98 0.00% 63.50 Aaa / AA+ AAA 7.18 2.38 As of March 31, 2022 46 I Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 36225CNM4 GNMA Pool# G2 80395 1.590% Due 04/20/2030 3,287.54 03/15/2000 1.65% 3,257.73 3,279.51 102.57 1.91% 3,371.97 4.36 0.00% 92.46 Aaa / AA+ AAA 8.06 2.63 36225CN28 GNMA Pool# G2 80408 1.590% Due 05/20/2030 28,525.09 03/15/2000 1.65% 28,235.36 28,446.50 102.62 2.17% 29,272.13 37.80 0.00% 825.63 Aaa / AA+ AAA 8.14 3.42 31403GXF4 FNMA Pool# FN 748678 5.000% Due 10/01/2033 775.51 06/10/2013 4.16% 833.66 808.60 105.80 3.26% 820.51 3.23 0.00% 11.91 Aaa / AA+ AAA 11.51 3.41 36225DCB8 GNMA Pool# G2 80965 1.590% Due 07/20/2034 24,015.20 07/19/2004 1.59% 24,000.19 24,009.03 102.51 2.22% 24,617.53 31.82 0.00% 608.50 Aaa / AA+ AAA 12.31 4.17 31406XWT5 FNMA Pool# FN 823358 2.027% Due 02/01/2035 45,598.08 01/11/2006 2.08% 45,241.84 45,440.49 102.94 0.49% 46,936.70 77.03 0.01% 1,496.21 Aaa / AA+ AAA 12.85 0.59 31406PQY8 FNMA Pool# FN 815971 5.000% Due 03/01/2035 75,399.69 06/10/2013 4.21% 81,054.68 78,776.65 108.16 2.72% 81,552.76 314.17 0.01% 2,776.11 Aaa / AA+ AAA 12.93 3.61 31407BXH7 FNMA Pool# FN 826080 5.000% Due 07/01/2035 9,932.65 06/10/2013 4.22% 10,677.59 10,382.07 108.16 2.73% 10,743.63 41.39 0.00% 361.56 Aaa / AA+ AAA 13.26 3.63 31376KT22 FNMA FN 357969 5.000% Due 09/01/2035 54,002.98 06/10/2013 4.22% 58,053.20 56,458.77 108.26 2.74% 58,461.90 52.50 0.01% 2,003.13 Aaa / AA+ AAA 13.43 3.68 31403DJZ3 FNMA Pool #745580 5.000% Due 06/01/2036 49,764.74 06/10/2013 4.26% 53,497.09 52,075.97 108.14 2.77% 53,814.10 207.35 0.01% 1,738.13 Aaa / AA+ AAA 14.18 3.69 31410F4V4 FNMA Pool# FN 888336 5.000% Due 07/01/2036 82,460.11 06/10/2013 4.25% 88,644.64 86,298.25 108.16 2.74% 89,187.37 343.58 0.01% 2,889.12 Aaa / AA+ AAA 14.26 3.65 TOTAL Mortgage Pass Thru 408,204.15 3.54% 429,255.22 420,880.75 2.40% 434,180.11 1,193.09 0.06% 13,299.36 Aaa / AA+ Aaa 12.46 3.21 Negotiable CD 65558UBJ0 Nordea Bank APB New York Yankee CD 0.210% Due 05/16/2022 7,000,000.00 05/19/2021 0.20% 7,000,702.07 7,000,087.27 99.95 0.61% 6,996,381.00 13,148.33 0.97% (3,706.27) P-1 / A-1+ F-1+ 0.13 0.13 06417MQL2 Bank of Nova Scotia Houston Yankee CD 0.200% Due 06/23/2022 5,000,000.00 06/29/2021 0.20% 4,999,999.61 4,999,999.91 99.82 0.96% 4,991,155.00 7,833.33 0.69% (8,844.91) P-1 / A-1 F-1+ 0.23 0.23 86959RTW0 Svenska Handelsbanken NY Yankee CD 0.255% Due 10/14/2022 6,000,000.00 10/15/2021 0.25% 6,000,302.58 6,000,162.93 99.32 1.50% 5,959,428.00 7,140.00 0.83% (40,734.93) P-1 / A-1+ F-1+ 0.54 0.54 TOTAL Negotiable CD 18,000,000.00 0.22% 18,001,004.26 18,000,250.11 1.00% 17,946,964.00 28,121.66 2.49% (53,286.11) Aaa / AAA Aaa 0.29 0.29 Supranational 4581X0CZ9 Inter-American Dev Bank Note 1.750% Due 09/14/2022 6,500,000.00 Various 2.65% 6,249,655.00 6,475,099.70 100.02 1.70% 6,501,306.50 5,371.52 0.90% 26,206.80 Aaa / AAA AAA 0.46 0.45 As of March 31, 2022 47 I Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 4581X0DZ8 Inter-American Dev Bank Note 0.500% Due 09/23/2024 10,775,000.00 09/15/2021 0.52% 10,767,026.50 10,768,408.77 95.31 2.46% 10,269,329.25 1,197.22 1.43% (499,079.52) Aaa / AAA NR 2.48 2.43 459058JB0 Intl. Bank Recon & Development Note 0.625% Due 04/22/2025 6,245,000.00 04/15/2020 0.70% 6,220,831.85 6,230,215.87 94.43 2.53% 5,897,434.53 17,238.80 0.82% (332,781.34) Aaa / AAA NR 3.06 2.99 4581X0DN5 Inter-American Dev Bank Note 0.625% Due 07/15/2025 5,050,000.00 01/13/2021 0.53% 5,071,967.50 5,066,067.58 93.91 2.57% 4,742,389.35 6,663.19 0.66% (323,678.23) Aaa / AAA NR 3.29 3.21 459058JL8 Intl. Bank Recon & Development Note 0.500% Due 10/28/2025 15,000,000.00 Various 0.55% 14,964,951.60 14,973,616.65 92.91 2.59% 13,936,545.00 31,875.00 1.94% (1,037,071.65) Aaa / AAA AAA 3.58 3.49 4581X0DV7 Inter-American Dev Bank Note 0.875% Due 04/20/2026 13,370,000.00 04/13/2021 0.97% 13,308,765.40 13,320,368.45 93.40 2.60% 12,487,914.25 52,319.41 1.74% (832,454.20) Aaa / AAA AAA 4.06 3.92 TOTAL Supranational 56,940,000.00 0.90% 56,583,197.85 56,833,777.02 2.45% 53,834,918.88 114,665.14 7.49% (2,998,858.14) Aaa / AAA Aaa 3.02 2.94 US Treasury 91282CBG5 US Treasury Note 0.125% Due 01/31/2023 7,000,000.00 03/29/2021 0.14% 6,998,632.82 6,999,379.48 98.83 1.54% 6,917,967.00 1,450.28 0.96% (81,412.48) Aaa / AA+ AAA 0.84 0.83 9128284D9 US Treasury Note 2.500% Due 03/31/2023 10,000,000.00 Various 2.75% 9,887,265.63 9,977,249.38 100.76 1.73% 10,075,780.00 683.06 1.40% 98,530.62 Aaa / AA+ AAA 1.00 0.99 912828R69 US Treasury Note 1.625% Due 05/31/2023 5,000,000.00 05/30/2018 2.67% 4,757,226.56 4,943,494.68 99.71 1.88% 4,985,545.00 27,232.14 0.70% 42,050.32 Aaa / AA+ AAA 1.17 1.14 912828U57 US Treasury Note 2.125% Due 11/30/2023 15,000,000.00 Various 2.53% 14,723,632.81 14,904,744.19 99.92 2.17% 14,987,700.00 106,833.79 2.09% 82,955.81 Aaa / AA+ AAA 1.67 1.62 91282CBA8 US Treasury Note 0.125% Due 12/15/2023 6,500,000.00 12/29/2020 0.17% 6,491,367.19 6,495,020.15 96.53 2.21% 6,274,274.50 2,388.39 0.87% (220,745.65) Aaa / AA+ AAA 1.71 1.69 91282CDR9 US Treasury Note 0.750% Due 12/31/2023 7,500,000.00 12/28/2021 0.75% 7,500,292.97 7,500,256.45 97.46 2.24% 7,309,567.50 14,140.19 1.02% (190,688.95) Aaa / AA+ AAA 1.75 1.72 912828V80 US Treasury Note 2.250% Due 01/31/2024 7,500,000.00 Various 2.27% 7,491,503.91 7,496,738.07 99.96 2.27% 7,496,775.00 27,969.62 1.04% 36.93 Aaa / AA+ AAA 1.84 1.78 912828W48 US Treasury Note 2.125% Due 02/29/2024 10,000,000.00 04/24/2019 2.32% 9,911,718.75 9,965,156.07 99.71 2.28% 9,970,700.00 18,478.26 1.39% 5,543.93 Aaa / AA+ AAA 1.92 1.86 912828WJ5 US Treasury Note 2.500% Due 05/15/2024 7,000,000.00 06/10/2019 1.91% 7,193,046.88 7,083,117.41 100.28 2.36% 7,019,411.00 66,229.28 0.98% (63,706.41) Aaa / AA+ AAA 2.13 2.04 912828XX3 US Treasury Note 2.000% Due 06/30/2024 5,000,000.00 07/12/2019 1.88% 5,028,710.94 5,013,008.65 99.16 2.39% 4,957,810.00 25,138.12 0.69% (55,198.65) Aaa / AA+ AAA 2.25 2.18 As of March 31, 2022 48 I Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 912828WU0 US Treasury Inflation Index Note 0.125% Due 07/15/2024 12,310,792.00 Various 0.22% 12,199,457.93 12,285,200.78 105.04 (2.01%) 12,931,379.07 3,230.76 1.79% 646,178.29 Aaa / AA+ AAA 2.29 2.31 91282CCX7 US Treasury Note 0.375% Due 09/15/2024 10,500,000.00 Various 0.81% 10,377,363.28 10,389,968.35 95.09 2.45% 9,984,429.00 1,818.95 1.39% (405,539.35) Aaa / AA+ AAA 2.46 2.42 912828YH7 US Treasury Note 1.500% Due 09/30/2024 14,000,000.00 Various 1.72% 13,859,296.88 13,926,481.53 97.73 2.44% 13,681,724.00 573.77 1.90% (244,757.53) Aaa / AA+ AAA 2.50 2.43 9128283J7 US Treasury Note 2.125% Due 11/30/2024 16,500,000.00 Various 1.76% 16,783,886.72 16,652,935.43 99.11 2.47% 16,353,051.00 117,517.17 2.29% (299,884.43) Aaa / AA+ AAA 2.67 2.56 912828ZL7 US Treasury Note 0.375% Due 04/30/2025 12,000,000.00 Various 0.38% 11,998,515.63 11,999,049.68 93.73 2.50% 11,247,660.00 18,895.03 1.56% (751,389.68) Aaa / AA+ AAA 3.08 3.02 91282CAM3 US Treasury Note 0.250% Due 09/30/2025 6,500,000.00 10/16/2020 0.32% 6,477,656.25 6,484,197.39 92.48 2.51% 6,011,232.50 44.40 0.83% (472,964.89) Aaa / AA+ AAA 3.50 3.44 91282CBC4 US Treasury Note 0.375% Due 12/31/2025 10,000,000.00 Various 0.50% 9,943,320.32 9,955,418.56 92.45 2.49% 9,245,310.00 9,426.80 1.28% (710,108.56) Aaa / AA+ AAA 3.76 3.68 91282CBH3 US Treasury Note 0.375% Due 01/31/2026 18,000,000.00 Various 0.63% 17,781,875.00 17,829,357.35 92.26 2.50% 16,607,106.00 11,187.85 2.31% (1,222,251.35) Aaa / AA+ AAA 3.84 3.76 91282CBT7 US Treasury Note 0.750% Due 03/31/2026 10,000,000.00 Various 0.87% 9,943,359.37 9,954,610.88 93.36 2.50% 9,336,330.00 204.92 1.30% (618,280.88) Aaa / AA+ AAA 4.00 3.90 91282CCF6 US Treasury Note 0.750% Due 05/31/2026 7,500,000.00 06/18/2021 0.91% 7,443,750.00 7,452,600.42 93.12 2.50% 6,983,790.00 18,853.02 0.97% (468,810.42) Aaa / AA+ AAA 4.17 4.05 91282CCW9 US Treasury Note 0.750% Due 08/31/2026 8,000,000.00 Various 1.08% 7,874,375.01 7,885,891.89 92.81 2.48% 7,425,000.00 5,217.39 1.03% (460,891.89) Aaa / AA+ AAA 4.42 4.29 91282CDG3 US Treasury Note 1.125% Due 10/31/2026 19,250,000.00 Various 1.27% 19,119,013.68 19,127,225.84 94.18 2.48% 18,130,343.00 90,932.33 2.53% (996,882.84) Aaa / AA+ AAA 4.59 4.40 912828Z78 US Treasury Note 1.500% Due 01/31/2027 11,500,000.00 Various 1.92% 11,276,464.84 11,278,209.13 95.70 2.45% 11,005,856.50 28,591.16 1.53% (272,352.63) Aaa / AA+ AAA 4.84 4.61 TOTAL US Treasury 236,560,792.00 1.30% 235,061,733.37 235,599,311.76 2.10% 228,938,741.07 597,036.68 31.85% (6,660,570.69) Aaa / AA+ Aaa 2.85 2.77 TOTAL PORTFOLIO 737,638,713.81 1.45% 739,220,630.55 738,746,811.77 2.30% 718,301,606.24 2,385,685.21 100.00% (20,445,205.53 ) Aa1 / AA Aaa 2.74 2.46 TOTAL MARKET VALUE PLUS ACCRUALS 720,687,291.45 As of March 31, 2022 49 I Holdings Report Orange County Sanitation District Liquid - Account #10282 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration Corporate 61744YAH1 Morgan Stanley Note 2.750% Due 05/19/2022 2,000,000.00 06/15/2021 0.19% 2,047,260.00 2,006,731.39 100.17 1.43% 2,003,488.00 20,166.67 1.30% (3,243.39) A1 / BBB+ A 0.13 0.13 02665WDF5 American Honda Finance Note 1.950% Due 05/20/2022 2,000,000.00 06/16/2021 0.17% 2,032,780.00 2,004,780.42 100.06 1.48% 2,001,244.00 14,191.67 1.29% (3,536.42) A3 / A- A 0.14 0.14 05531FBG7 Truist Financial Corporation Callable Note Cont 5/20/2022 3.050% Due 06/20/2022 2,000,000.00 07/01/2021 0.21% 2,049,420.00 2,007,615.03 100.23 1.31% 2,004,624.00 17,113.89 1.30% (2,991.03) A3 / A- A 0.22 0.14 59217GEE5 Metlife Note 1.950% Due 01/13/2023 2,255,000.00 03/09/2022 1.73% 2,259,126.65 2,258,845.29 100.02 1.93% 2,255,387.86 9,527.38 1.45% (3,457.43) Aa3 / AA- AA- 0.79 0.77 46625HJH4 JP Morgan Chase Note 3.200% Due 01/25/2023 2,000,000.00 02/03/2022 0.98% 2,042,640.00 2,036,219.77 101.06 1.89% 2,021,104.00 11,733.33 1.30% (15,115.77) A2 / A- AA- 0.82 0.80 06406RAM9 Bank of NY Mellon Corp Callable Note Cont 1/2/2023 1.850% Due 01/27/2023 1,585,000.00 03/09/2022 1.49% 1,589,501.40 1,589,183.12 100.07 1.75% 1,586,147.54 5,212.89 1.02% (3,035.58) A1 / A AA- 0.83 0.75 TOTAL Corporate 11,840,000.00 0.79% 12,020,728.05 11,903,375.02 1.63% 11,871,995.40 77,945.83 7.67% (31,379.62) A1 / A A+ 0.48 0.45 Money Market Fund 31846V567 First American Govt Obligation MMKT Class-Z 3,391,537.49 Various 0.14% 3,391,537.49 3,391,537.49 1.00 0.14% 3,391,537.49 0.00 2.18% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund 3,391,537.49 0.14% 3,391,537.49 3,391,537.49 0.14% 3,391,537.49 0.00 2.18% 0.00 Aaa / AAA Aaa 0.00 0.00 Negotiable CD 06417MNK7 Bank of Nova Scotia Houston Yankee CD 0.220% Due 04/08/2022 3,000,000.00 04/09/2021 0.22% 3,000,000.00 3,000,000.00 100.00 0.34% 2,999,922.00 6,545.00 1.93% (78.00) P-1 / A-1 F-1+ 0.02 0.02 89114W7M1 Toronto Dominion Yankee CD 0.240% Due 04/28/2022 2,000,000.00 04/29/2021 0.24% 1,999,999.94 2,000,000.00 99.99 0.33% 1,999,860.00 4,506.67 1.29% (140.00) P-1 / A-1 F-1+ 0.08 0.08 86959RQE3 Svenska Handelsbanken NY Yankee CD 0.230% Due 05/10/2022 3,000,000.00 08/26/2021 0.17% 3,001,280.93 3,000,194.38 99.97 0.53% 2,998,995.00 6,248.33 1.93% (1,199.38) P-1 / A-1+ F-1+ 0.11 0.11 06417MPK5 Bank of Nova Scotia Houston Yankee CD 0.220% Due 05/13/2022 2,000,000.00 02/25/2022 0.48% 1,998,885.30 1,999,391.98 99.97 0.51% 1,999,302.00 3,947.78 1.29% (89.98) P-1 / A-1 F-1+ 0.12 0.12 65558UBJ0 Nordea Bank APB New York Yankee CD 0.210% Due 05/16/2022 3,000,000.00 05/19/2021 0.20% 3,000,300.89 3,000,037.40 99.95 0.61% 2,998,449.00 5,635.00 1.93% (1,588.40) P-1 / A-1+ F-1+ 0.13 0.13 As of March 31, 2022 50 I Holdings Report Orange County Sanitation District Liquid - Account #10282 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 65558UDC3 Nordea Bank APB New York Yankee CD 0.190% Due 06/24/2022 1,500,000.00 02/02/2022 0.50% 1,498,165.95 1,498,915.07 99.86 0.80% 1,497,856.50 2,232.50 0.96% (1,058.57) P-1 / A-1+ F-1+ 0.23 0.23 21684XUU8 Cooperative Rabobank UA Yankee CD 0.330% Due 07/18/2022 3,000,000.00 01/05/2022 0.33% 3,000,000.00 3,000,000.00 99.83 0.89% 2,994,927.00 2,337.50 1.92% (5,073.00) P-1 / A-1 F-1+ 0.30 0.30 78012U3M5 Royal Bank of Canada Yankee CD 1.350% Due 02/14/2023 3,000,000.00 02/11/2022 1.35% 3,000,000.00 3,000,000.00 99.48 1.95% 2,984,262.00 5,175.00 1.92% (15,738.00) P-1 / A-1+ F-1+ 0.88 0.87 TOTAL Negotiable CD 20,500,000.00 0.44% 20,498,633.01 20,498,538.83 0.77% 20,473,573.50 36,627.78 13.16% (24,965.33) Aaa / AAA Aaa 0.25 0.24 US Treasury 9128286M7 US Treasury Note 2.250% Due 04/15/2022 7,500,000.00 04/29/2021 0.06% 7,657,324.22 7,506,292.97 100.07 0.43% 7,505,617.50 77,884.62 4.87% (675.47) Aaa / AA+ AAA 0.04 0.04 912796U23 US Treasury Bill 0.107% Due 04/26/2022 10,000,000.00 12/27/2021 0.11% 9,996,463.06 9,999,256.95 99.99 0.11% 9,999,256.95 0.00 6.42% 0.00 P-1 / A-1+ F-1+ 0.07 0.07 912828ZM5 US Treasury Note 0.125% Due 04/30/2022 25,000,000.00 Various 0.06% 25,014,746.10 25,001,301.10 99.99 0.28% 24,996,700.00 13,121.54 16.05% (4,601.10) Aaa / AA+ AAA 0.08 0.08 912796R43 US Treasury Bill 0.185% Due 06/23/2022 10,000,000.00 12/27/2021 0.19% 9,990,904.17 9,995,734.72 99.96 0.19% 9,995,734.72 0.00 6.41% 0.00 P-1 / A-1+ F-1+ 0.23 0.23 912828ZX1 US Treasury Note 0.125% Due 06/30/2022 7,000,000.00 Various 0.16% 6,998,750.00 6,999,422.85 99.89 0.56% 6,992,342.00 2,199.58 4.49% (7,080.85) Aaa / AA+ AAA 0.25 0.25 912796R50 US Treasury Bill 0.206% Due 06/30/2022 13,000,000.00 12/28/2021 0.21% 12,986,494.08 12,993,321.25 99.95 0.21% 12,993,321.25 0.00 8.34% 0.00 P-1 / A-1+ F-1+ 0.25 0.25 912796X20 US Treasury Bill 0.651% Due 07/19/2022 2,500,000.00 03/24/2022 0.66% 2,494,714.69 2,495,076.08 99.80 0.66% 2,495,076.08 0.00 1.60% 0.00 P-1 / A-1+ F-1+ 0.30 0.30 912796S59 US Treasury Bill 0.636% Due 07/28/2022 10,000,000.00 Various 0.65% 9,974,739.48 9,979,166.04 99.78 0.65% 9,979,166.04 0.00 6.40% 0.00 P-1 / A-1+ F-1+ 0.33 0.32 91282CAC5 US Treasury Note 0.125% Due 07/31/2022 35,000,000.00 Various 0.26% 34,976,757.81 34,984,639.63 99.78 0.78% 34,923,420.00 7,251.37 22.42% (61,219.63) Aaa / AA+ AAA 0.33 0.34 TOTAL US Treasury 120,000,000.00 0.22% 120,090,893.61 119,954,211.59 0.46% 119,880,634.54 100,457.11 76.99% (73,577.05) Aaa / AAA Aaa 0.22 0.22 TOTAL PORTFOLIO 155,731,537.49 0.29% 156,001,792.16 155,747,662.93 0.58% 155,617,740.93 215,030.72 100.00% (129,922.00) Aaa / AA+ Aaa 0.24 0.23 TOTAL MARKET VALUE PLUS ACCRUALS 155,832,771.65 As of March 31, 2022 51 I Holdings Report OC SAN Lehman Exposure - Account #10284 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration Common Stock SLHOPNTA4 Lehman Brothers, Inc Open Position Long Exposure 0.000% Due 03/31/2022 60,641.49 11/21/2014 0.00% 57,842.64 57,842.64 0.42 0.00% 25,621.03 0.00 65.46% (32,221.61) NR / NR NR 0.00 0.00 TOTAL Common Stock 60,641.49 0.00% 57,842.64 57,842.64 0.00% 25,621.03 0.00 65.46% (32,221.61) NR / NR NR 0.00 0.00 Corporate 525ESCIB7 Lehman Brothers Note-Defaulted 0.000% Due 01/24/2023 600,000.00 09/19/2008 0.00% 316,428.27 316,428.27 0.52 0.00% 3,120.00 0.00 7.97% (313,308.27) NR / NR NR 0.82 0.00 525ESC0Y6 Lehman Brothers Note-Defaulted 0.000% Due 10/22/2049 2,000,000.00 09/18/2008 0.00% 1,019,380.10 1,019,380.10 0.52 0.00% 10,400.00 0.00 26.57% (1,008,980.10) NR / NR NR 27.58 0.00 TOTAL Corporate 2,600,000.00 0.00% 1,335,808.37 1,335,808.37 0.00% 13,520.00 0.00 34.54% (1,322,288.37) NR / NR NR 21.41 0.00 TOTAL PORTFOLIO 2,660,641.49 0.00% 1,393,651.01 1,393,651.01 0.00% 39,141.03 0.00 100.00% (1,354,509.98) NR / NR NR 7.39 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 39,141.03 As of March 31, 2022 52 I SECTION |Section 5 |Transactions 53 Transaction Ledger Orange County Sanitation District Long Term - Account #10268 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 01/11/2022 59217GER6 5,920,000.00 Metlife Note 1.875% Due: 01/11/2027 99.886 1.90%5,913,251.20 0.00 5,913,251.20 0.00 Purchase 01/13/2022 02665WEA5 4,565,000.00 American Honda Finance Note 1.5% Due: 01/13/2025 99.921 1.53%4,561,393.65 0.00 4,561,393.65 0.00 Purchase 01/19/2022 05601XAC3 2,400,000.00 BMW Vehicle Lease Trust 2022-1 A3 1.1% Due: 03/25/2025 99.985 1.11%2,399,641.20 0.00 2,399,641.20 0.00 Purchase 01/19/2022 380146AC4 1,590,000.00 GM Financial Auto Receivables 2022-1 A3 1.26% Due: 11/16/2026 99.991 1.27%1,589,861.83 0.00 1,589,861.83 0.00 Purchase 01/19/2022 44891WAC3 2,895,000.00 Hyundai Auto Lease Trust 2022-A A3 1.16% Due: 01/15/2025 99.998 1.16%2,894,936.02 0.00 2,894,936.02 0.00 Purchase 01/27/2022 89114TZN5 1,280,000.00 Toronto-Dominion Bank Note 1.95% Due: 01/12/2027 99.259 2.11%1,270,515.20 1,040.00 1,271,555.20 0.00 Purchase 01/27/2022 89114TZN5 720,000.00 Toronto-Dominion Bank Note 1.95% Due: 01/12/2027 99.176 2.13%714,067.20 585.00 714,652.20 0.00 Purchase 01/31/2022 747525AF0 2,210,000.00 Qualcomm Inc Callable Note Cont 2/20/2025 3.45% Due: 05/20/2025 104.904 1.91%2,318,378.40 15,037.21 2,333,415.61 0.00 Purchase 01/31/2022 912828Z78 7,500,000.00 US Treasury Note 1.5% Due: 01/31/2027 99.332 1.64%7,449,902.34 0.00 7,449,902.34 0.00 Purchase 02/09/2022 02665WEA5 1,435,000.00 American Honda Finance Note 1.5% Due: 01/13/2025 98.832 1.91%1,418,239.20 1,554.58 1,419,793.78 0.00 Purchase 02/11/2022 40139LBD4 3,250,000.00 Guardian Life Glob Fun Note 1.25% Due: 05/13/2026 96.132 2.21%3,124,290.00 9,930.56 3,134,220.56 0.00 Purchase 02/22/2022 91324PEC2 2,245,000.00 United Health Group Inc Callable Note Cont 4/15/2026 1.15% Due: 05/15/2026 95.502 2.27%2,144,019.90 6,956.38 2,150,976.28 0.00 Purchase 02/23/2022 36265MAC9 5,020,000.00 GM Financial Auto Lease Trust 2022-1 A3 1.9% Due: 03/20/2025 99.999 1.91%5,019,956.83 0.00 5,019,956.83 0.00 Purchase 02/23/2022 43815BAC4 3,930,000.00 Honda Auto Receivables Trust 2022-1 A3 1.88% Due: 05/15/2026 99.985 1.89%3,929,408.93 0.00 3,929,408.93 0.00 Purchase 02/24/2022 3137BSRE5 5,000,000.00 FHLMC K059 A2 3.12% Due: 09/25/2026 104.281 1.98%5,214,062.50 9,966.67 5,224,029.17 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 54 I Transaction Ledger Orange County Sanitation District Long Term - Account #10268 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Purchase 02/28/2022 89238LAC4 6,125,000.00 Toyota Lease Owner Trust 2022-A A3 1.96% Due: 02/20/2025 99.984 1.98%6,124,035.93 0.00 6,124,035.93 0.00 Purchase 03/03/2022 808513BY0 2,325,000.00 Charles Schwab Corp Callable Note Cont 2/3/2027 2.45% Due: 03/03/2027 99.892 2.47%2,322,489.00 0.00 2,322,489.00 0.00 Purchase 03/11/2022 89114TZT2 5,000,000.00 Toronto-Dominion Bank Note 2.8% Due: 03/10/2027 99.207 2.97%4,960,350.00 388.89 4,960,738.89 0.00 Purchase 03/15/2022 084664CZ2 6,875,000.00 Berkshire Hathaway Callable Note Cont 2/15/2027 2.3% Due: 03/15/2027 99.981 2.30%6,873,693.75 0.00 6,873,693.75 0.00 Purchase 03/16/2022 448977AD0 4,300,000.00 Hyundai Auto Receivables Trust 2022-A A3 2.22% Due: 10/15/2026 99.996 2.23%4,299,834.45 0.00 4,299,834.45 0.00 Purchase 03/16/2022 47787JAC2 3,010,000.00 John Deere Owner Trust 2022-A A3 2.32% Due: 09/16/2026 99.978 2.34%3,009,334.19 0.00 3,009,334.19 0.00 Purchase 03/31/2022 912828Z78 4,000,000.00 US Treasury Note 1.5% Due: 01/31/2027 95.664 2.46%3,826,562.50 9,779.01 3,836,341.51 0.00 Subtotal 81,595,000.00 81,378,224.22 55,238.30 81,433,462.52 0.00 Security Contribution 01/31/2022 912828WU0 60,840.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 60,840.00 3.36 60,843.36 0.00 Security Contribution 02/28/2022 912828WU0 37,960.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 37,960.00 5.77 37,965.77 0.00 Security Contribution 03/30/2022 912828WU0 100,776.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 100,776.00 25.75 100,801.75 0.00 Subtotal 199,576.00 199,576.00 34.88 199,610.88 0.00 TOTAL ACQUISITIONS 81,794,576.00 81,577,800.22 55,273.18 81,633,073.40 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 55 I Transaction Ledger Orange County Sanitation District Long Term - Account #10268 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss DISPOSITIONS Sale 01/12/2022 912828L57 6,500,000.00 US Treasury Note 1.75% Due: 09/30/2022 100.996 1.95%6,564,746.09 32,500.00 6,597,246.09 74,991.51 Sale 02/18/2022 912796U23 10,000,000.00 US Treasury Bill 0.11% Due: 04/26/2022 99.959 0.11%9,995,835.77 0.00 9,995,835.77 -2,117.01 Sale 02/25/2022 912828M80 6,000,000.00 US Treasury Note 2% Due: 11/30/2022 100.836 2.25%6,050,156.25 28,681.32 6,078,837.57 60,870.83 Sale 03/03/2022 3133ELYR9 8,850,000.00 FFCB Note 0.25% Due: 05/06/2022 99.986 0.31%8,848,761.00 7,190.63 8,855,951.63 -253.62 Sale 03/10/2022 912828N30 5,000,000.00 US Treasury Note 2.125% Due: 12/31/2022 100.855 2.44%5,042,773.44 20,252.07 5,063,025.51 54,843.12 Sale 03/11/2022 89114QC48 5,000,000.00 Toronto Dominion Bank Note 3.5% Due: 07/19/2023 102.017 3.04%5,100,850.00 25,277.78 5,126,127.78 71,743.26 Sale 03/11/2022 912828M80 2,000,000.00 US Treasury Note 2% Due: 11/30/2022 100.727 2.25%2,014,531.25 11,098.90 2,025,630.15 17,922.92 Sale 03/31/2022 91282CBG5 3,000,000.00 US Treasury Note 0.125% Due: 01/31/2023 98.844 0.14%2,965,312.50 611.19 2,965,923.69 -34,420.69 Subtotal 46,350,000.00 46,582,966.30 125,611.89 46,708,578.19 243,580.32 Call 01/13/2022 06406RAA5 2,500,000.00 Bank of NY Mellon Corp Callable Note Cont 1/7/2022 2.6% Due: 02/07/2022 100.000 2.60%2,500,000.00 28,166.67 2,528,166.67 0.00 Call 01/18/2022 69353RFB9 1,000,000.00 PNC Bank Callable Note Cont 1/18/2022 2.625% Due: 02/17/2022 100.000 3.32%1,000,000.00 11,010.42 1,011,010.42 528.69 Subtotal 3,500,000.00 3,500,000.00 39,177.09 3,539,177.09 528.69 Maturity 01/18/2022 4581X0CW6 3,000,000.00 Inter-American Dev Bank Note 2.125% Due: 01/18/2022 100.000 3,000,000.00 0.00 3,000,000.00 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 Maturity 01/26/2022 459058FY4 10,000,000.00 Intl. Bank Recon & Development Note 2% Due: 01/26/2022 100.000 10,000,000.00 0.00 10,000,000.00 0.00 Subtotal 13,000,000.00 13,000,000.00 0.00 13,000,000.00 0.00 TOTAL DISPOSITIONS 62,850,000.00 63,082,966.30 164,788.98 63,247,755.28 244,109.01 56 I Transaction Ledger Orange County Sanitation District Liquid - Account #10282 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 01/06/2022 21684XUU8 3,000,000.00 Cooperative Rabobank UA Yankee CD 0.33% Due: 07/18/2022 100.000 0.33%3,000,000.00 0.00 3,000,000.00 0.00 Purchase 02/02/2022 65558UDC3 1,500,000.00 Nordea Bank APB New York Yankee CD 0.19% Due: 06/24/2022 99.878 0.50%1,498,165.95 1,773.34 1,499,939.29 0.00 Purchase 02/07/2022 46625HJH4 2,000,000.00 JP Morgan Chase Note 3.2% Due: 01/25/2023 102.132 0.98%2,042,640.00 2,133.33 2,044,773.33 0.00 Purchase 02/14/2022 78012U3M5 3,000,000.00 Royal Bank of Canada Yankee CD 1.35% Due: 02/14/2023 100.000 1.35%3,000,000.00 0.00 3,000,000.00 0.00 Purchase 02/25/2022 06417MPK5 2,000,000.00 Bank of Nova Scotia Houston Yankee CD 0.22% Due: 05/13/2022 99.944 0.48%1,998,885.30 3,520.00 2,002,405.30 0.00 Purchase 02/25/2022 912796S59 7,500,000.00 US Treasury Bill 0.6% Due: 07/28/2022 99.745 0.61%7,480,875.00 0.00 7,480,875.00 0.00 Purchase 02/28/2022 91282CAC5 5,000,000.00 US Treasury Note 0.125% Due: 07/31/2022 99.805 0.59%4,990,234.38 483.43 4,990,717.81 0.00 Purchase 03/11/2022 06406RAM9 1,585,000.00 Bank of NY Mellon Corp Callable Note Cont 1/2/2023 1.85% Due: 01/27/2023 100.284 1.49%1,589,501.40 3,583.86 1,593,085.26 0.00 Purchase 03/11/2022 59217GEE5 2,255,000.00 Metlife Note 1.95% Due: 01/13/2023 100.183 1.73%2,259,126.65 7,084.46 2,266,211.11 0.00 Purchase 03/24/2022 912796X20 2,500,000.00 US Treasury Bill 0.651% Due: 07/19/2022 99.789 0.66%2,494,714.69 0.00 2,494,714.69 0.00 Purchase 03/31/2022 912796S59 2,500,000.00 US Treasury Bill 0.742% Due: 07/28/2022 99.755 0.75%2,493,864.48 0.00 2,493,864.48 0.00 Subtotal 32,840,000.00 32,848,007.85 18,578.42 32,866,586.27 0.00 TOTAL ACQUISITIONS 32,840,000.00 32,848,007.85 18,578.42 32,866,586.27 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 57 I Transaction Ledger Orange County Sanitation District Liquid - Account #10282 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss DISPOSITIONS Sale 02/14/2022 912796D30 3,000,000.00 US Treasury Bill 0.047% Due: 02/24/2022 99.999 0.05%2,999,964.17 0.00 2,999,964.17 2.92 Subtotal 3,000,000.00 2,999,964.17 0.00 2,999,964.17 2.92 Maturity 01/21/2022 62479MAM5 2,000,000.00 MUFG Bank Ltd/NY Discount CP 0.14% Due: 01/21/2022 99.895 2,000,000.00 0.00 2,000,000.00 0.00 Maturity 01/28/2022 89233HAU8 4,000,000.00 Toyota Motor Credit Discount CP 0.15% Due: 01/28/2022 99.897 4,000,000.00 0.00 4,000,000.00 0.00 Maturity 01/31/2022 912828H86 27,500,000.00 US Treasury Note 1.5% Due: 01/31/2022 100.000 27,500,000.00 0.00 27,500,000.00 0.00 Maturity 01/31/2022 912828Z60 40,000,000.00 US Treasury Note 1.375% Due: 01/31/2022 100.000 40,000,000.00 0.00 40,000,000.00 0.00 Maturity 02/24/2022 912796D30 9,000,000.00 US Treasury Bill 0.047% Due: 02/24/2022 100.000 9,000,000.00 0.00 9,000,000.00 0.00 Maturity 02/26/2022 14913Q2T5 2,000,000.00 Caterpillar Finl Service Note 2.95% Due: 02/26/2022 100.000 2,000,000.00 0.00 2,000,000.00 0.00 Maturity 02/28/2022 912828J43 7,500,000.00 US Treasury Note 1.75% Due: 02/28/2022 100.000 7,500,000.00 0.00 7,500,000.00 0.00 Maturity 03/15/2022 9128286H8 7,500,000.00 US Treasury Note 2.375% Due: 03/15/2022 100.000 7,500,000.00 0.00 7,500,000.00 0.00 Subtotal 99,500,000.00 99,500,000.00 0.00 99,500,000.00 0.00 TOTAL DISPOSITIONS 102,500,000.00 102,499,964.1 7 0.00 102,499,964.17 2.92 December 31, 2021 through March 31, 2022 As of March 31, 2022 58 I Important Disclosures 2022 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 Part2A. Performance results are presented gross-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 party 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, or any 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. Low 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, S&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 (“MBS”) 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. As of March 31, 2022 59 I Benchmark Disclosures ICE BofA 3-Month US Treasury Bill Index The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full 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. ICE BofA 1-5 Yr AAA-A US Corp & Govt Index The ICE BofA 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 be rated AAA through A3 (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 other securities. ICE BofA 1-5 Yr US Corp & Govt Index The ICE BofA 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 an 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 other securities. As of March 31, 2022 60 I 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 Moody’s Standard & Poor’s Fitch Best Quality Aaa AAA AAA High Quality Aa1 Aa2 Aa3 AA+ AA AA- AA+ AA AA- Upper Medium Grade A1 A2 A3 A+ A A- A+ A A- Medium Grade Baa1 Baa2 Baa3 BBB+ BBB BBB- BBB+ BBB BBB1 Moody'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. "Baa" - 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 Aa, A, and Baa are also assigned "1", "2", or "3" based on the strength of the issue within each category. Accordingly, "A1" would be the strongest group of A securities and "A3" would be the weakest A securities. Ba, B, Caa, Ca, and C - Bonds that possess one of these ratings provide questionable protection of interest and principal ("Ba" 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 Rating 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. Orange County Sanitation District PARS 115 Trust –Pension Rate Stabilization Program Plan Client Review April 19, 2022 Orange County Sanitation District ڞ 2 Contacts Mitch Barker Executive Vice President (800) 540-6369 x116 mbarker@pars.org Will Rogers, RPA Client Services Coordinator (800) 540-6369 x161 wrogers@pars.org Keith Stribling, CFA Senior Portfolio Manager (949) 553-2591 keith.stribling@highmarkcapital.com ~HIGHMARK® TRUSTED SOLUTIONS. LASTING RESULTS. CAPITAL MANAGEMENT TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 3 Pars 115 Trust Team Trust Administrator & Consultant 38 Years of Experience (1984-2022) 2,000+ Plans under Administration 1,000+ Public Agency Clients $6.3 B Assets under Administration 500 K+ Plan Participants Investment Manager •Investment sub-advisor to trustee U.S. Bank •Investment policy assistance •Uses open architecture •Active and passive platform options •Customized portfolios (with minimum asset level) 103 Years of Experience(1919-2022) $20.2 B Assets under Management & Advisement Trustee •5th largest commercial bank and one of the nation’s largest trustees for Section 115 trusts •Safeguard plan assets •Oversight protection as plan fiduciary •Custodian of assets 159 Years of Experience(1863-2022) $9.0 T Assets under Trust Custody 430+ 115 Trust Clients •Serves as record-keeper, consultant, and central point of contact •Sub-trust accounting •Coordinates all agency services •Monitors plan compliance (IRS/GASB/State Government Code) •Processes contributions/disbursements •Hands-on, dedicated support teams Rnsl PARS TRUSTED SOI.UTIONS. LASTIIG RESII.TS. [!ljbank. j HIGIIMARK" CAPITAL MANAGEMENT TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 4 PARS Plans and Programs Pension Rate Stabilization Program (PRSP) - client A pension prefunding trust designed specifically to address GASB 68 liabilities on its financial statements and stabilize future costs. 1 OPEB Trust Program - eligible An OPEB prefunding trust designed to address OPEB liabilities and increase investment rates of return (discount rate). 2 Alternate Retirement System (ARS) – eligible? An alternative to Social Security for part-time employees offered to provide a valuable benefit for employees and permanent payroll savings to the Agency. 3 Supplemental Defined Contribution Plan A locally designed retirement plan offered in addition to PERS or 37-Act retirement system with the goal of attracting and retaining select employees to the Agency. 4 Accumulated Leave Plan A Defined Contribution solution that reduces leave balances on an annual basis during employment and minimizes total payout amounts. 5 TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 5 Subaccounts OPEB and pension assets are individually sub-accounted, and can be divided by dept., bargaining group, or cost center. Assets in the PARS Section 115 Combination Trust can be used to address unfunded liabilities. Financial Stability Allows separate investment strategies for OPEB and pension subaccounts. Flexible Investing OPEB and pension assets aggregate and reach lower fees on tiered schedule sooner –saving money! Economies-of-ScaleAnytime Access Trust funds are available anytime; OPEB for OPEB and pension for pension. No set-up costs, no minimum annual contribution amounts, and no fees until assets are added. No Set Up Cost or Minimums Retiree Medical Benefits Prefund OPEB GASB 75 OPEB Reimburse agency; or Pay benefits provider Pension Rate Stabilization Program Prefund Pension (PRSP)GASB 68 Pension $14.6 M Reimburse agency; or Pay retirement system Assets can be used to:Assets can be used to: prefund either or both General Fund PARS IRS-Approved Section 115 Trust 0 W!l TRUSTED SOLUTIONS. LASTING RESULTS. ~ 1111 ( ___ ) _)~ Orange County Sanitation District ڞ 6 115 Trust –OPEB/PENSION Client list Agoura Hills/Calabasas Community Center Authority Alameda County Mosquito Abatement District Alpine Fire Protection District Beach Cities Health District Bighorn-Desert View Water Agency Bodega Bay Public Utilities District Calaveras County Water District California Joint Powers Insurance Authority California Joint Powers Risk Management Authority Central Contra Costa Sanitary DistrictCentral Contra Costa Transit Authority Coastline Regional Occupational Program Coastside Fire Protection District Conejo Recreation & Park District Contra Costa County EEs' Retirement Association Contra Costa Mosquito and Vector Control DistrictCrestline Village Water District Delta Diablo Desert Recreation District East Bay Regional Park District East Contra Costa Fire Protection District East Orange County Water District Eastern Sierra Community Services District Eastern Sierra Transit Authority El Dorado Hills County Water (& Fire) District Fallbrook Public Utility District Fresno Irrigation DistrictFresno Metropolitan Flood Control District Glenn-Colusa Irrigation District Goleta Cemetery District Goleta West Sanitary District Great Basin Unified Air Pollution Control District Greater Vallejo Recreation District Hayward Area Recreation & Park District Hesperia Fire Protection District Housing Authority of the County of Butte Housing Authority of the County of Contra Costa Housing Authority of the County of San Bernardino Housing Authority of the County of Santa Cruz Humboldt Bay Fire Joint Powers Authority Humboldt Bay Municipal Water District Humboldt No. 1 Fire Protection District Menlo Park Fire Protection District Mesa Water District Metropolitan Transportation Commission Midpeninsula Regional Open Space District Mid-Peninsula Water District Mojave Desert Air Quality Management District Montecito Fire Protection District Monterey Bay Unified Air Pollution Control DistrictMoraga-Orinda Fire Protection District Mosquito & Vector Mgmt Dist. of Santa Barbara Co. Mountains Recreation and Conservation Authority Municipal Pooling Authority Municipal Water District of Orange County Napa County Mosquito Abatement DistrictNevada County Consolidated Fire District North Central Fire Protection District Northern Salinas Valley Mosquito Abatement District Novato Sanitary District Orange County Fire Authority Orange County LAFCO Orange County Mosquito and Vector Control District Orange County Water District Orchard Dale Water District Public Agency Risk Sharing Authority of CA (PARSAC) Pebble Beach Community Services DistrictPlacentia Library District Placer County Air Pollution Control District Placer County Resource Conservation District Rancho Cucamonga Fire Protection District Rancho Murieta Community Services District Regional Housing Authority Rowland Water District Sacramento Area Flood Control Agency San Andreas Sanitary District San Elijo Joint Powers Authority San Mateo County Mosquito & Vector Control District Santa Barbara County Law Library Santa Cruz Regional 9-1-1 JPA Santa Fe Irrigation District Sewer Authority Mid-Coastside Shasta Valley Cemetery District South Coast Water District South Montebello Irrigation District South Orange County Wastewater Authority South Placer Fire Protection District Southern Marin Fire Protection District State Water Contractors Superior Court of CA, County of ImperialSuperior Court of CA, County of Inyo Superior Court of CA, County of Kern Superior Court of CA, County of Marin Superior Court of CA, County of Merced Superior Court of CA, County of Orange Superior Court of CA, County of San MateoSuperior Court of CA, County of Shasta Superior Court of CA, County of Siskiyou Superior Court of CA, County of Sonoma Sweetwater Springs Water District Three Valleys Municipal Water District Twentynine Palms Water District Union Sanitary District Ventura Regional Sanitation District Walnut Valley Water District West Bay Sanitary District West County Wastewater DistrictWestern Riverside Council of Governments Yorba Linda Water District Zone 7 Water Agency SPECIAL DISTRICTS (110) Shasta County Office of Education Sonoma County Office of Education Intelecom EDUCATION DISTRICTS (3) Updated April 2022 TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 7 115 Trust –OPEB/PENSION Client list COUNTIES (32) Alpine Amador Calaveras Colusa Contra Costa Humboldt Imperial Inyo Kern Kings Lake Lassen Mariposa Merced Mono Monterey Napa Nevada Placer Plumas Riverside San Benito Shasta Siskiyou Solano Sonoma Sutter Tehama Trinity Tulare Yolo Yuba CITIES & TOWNS (142) Updated April 2022 Alameda Alhambra Anaheim Atherton Atwater Bakersfield Beaumont Bell Gardens Benicia Beverly Hills Brea Brisbane Burlingame Camarillo Capitola Carmel Chino Hills Chula Vista Claremont Colma Commerce Corcoran Coronado Costa Mesa Covina Crescent City Cudahy Cupertino Cypress Daly City Dana Point Del Rey Oaks Dinuba Duarte Dublin El Cajon El Centro El Segundo Elk Grove Emeryville Escondido Fairfax Fairfield Fountain Valley Fullerton Galt Garden Grove Gilroy Glendale Goleta Grass Valley Half Moon Bay Hawthorne Healdsburg Hemet Hercules Hermosa Beach Huntington Beach Indian Wells Indio La Habra La Mesa La Quinta La Verne Laguna Niguel Lake Forest Lakewood Lemon Grove Livermore Lodi Los Alamitos Los Altos Hills Mammoth Lakes Manhattan Beach Merced Modesto Monrovia Morgan Hill Napa National City Norco Norwalk Novato Oakley Orinda Oroville Pacifica Palmdale Palo Alto Pasadena Patterson Perris Pico Rivera Piedmont Pinole Pittsburg Placentia Pleasanton Port Hueneme Rancho Cucamonga Redding Redwood City Rialto Richmond Rio Vista Riverside Rohnert Park Rolling Hills Rosemead Ross San Anselmo San Jacinto San Leandro San Ramon Santa Ana Santa Clara Santa Clarita Sausalito Selma Solana Beach Stanton Stockton Taft Temecula Temple City Thousand Oaks Tiburon Tustin Twentynine Palms Union City Upland Vallejo Villa Park Walnut West Covina West Sacramento Westminster Winters Woodland Woodside Yountville Yuba City Yucca Valley TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 8 115 Trust –OPEB/PENSION Client list SCHOOL DISTRICTS (54) Alisal Union School District Alta Loma School District Auburn Union School District Bass Lake Joint Union Elementary School District Bellflower Unified School District Beverly Hills Unified School District Brea Olinda Unified School District Calistoga Joint Unified School District Campbell Union High School District Compton Unified School District Corning Union Elementary School District Coronado Unified School District Cotati-Rohnert Park Unified School District El Dorado Union High School District El Monte Union High School District Folsom Cordova Unified School District Fontana Unified School District Fowler Unified School District Hermosa Beach City School District Hesperia Unified School District Hughes-Elizabeth Lakes Union E. School District John Swett Unified School District Lakeside Union School District (San Diego) Lemon Grove School District Lindsay Unified School District Madera Unified School District Manteca Unified School District Moreno Valley Unified School District Napa Valley Unified School District Natomas Unified School District Newport-Mesa Unified School District Ocean View School District (Ventura) Ontario-Montclair School District Orcutt Union School District Palmdale School District Palos Verdes Peninsula Unified School District Placer Union High School District Porterville Unified School District Poway Unified School District Red Bluff Joint Union High School District Red Bluff Union Elementary School District River Delta Unified School District Riverdale Joint Unified School District Roseville Joint Union High School District San Bruno Park School District San Dieguito Union High School District San Marino Unified School District Santa Barbara Unified School District Santa Rita Union School District Trona Joint Unified School District Visalia Unified School District Westside Union School District Whittier City School District Wilsona School District Allan Hancock CCD Citrus CCD Coast CCD Grossmont-Cuyamaca CCD Hartnell CCD Imperial CCD Marin CCD Palo Verde CCD Pasadena Area CCD Rancho Santiago CCD Rio Hondo CCD San Bernardino CCD San Luis Obispo County CCD (Cuesta) Shasta-Trinity-Tehama Joint CCD State Center CCD Victor Valley CCD West Valley-Mission CCD Yosemite CCD COMMUNITY COLLEGE DISTRICTS (18) Updated April 2022 TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 9 Plan Type:IRC Section 115 Irrevocable Exclusive Benefit Trust Trustee Approach:Discretionary Plan Effective Date:November 17, 2021 Plan Administrator:General Manager Current “OC SAN A1” Investment Strategy:Moderate HighMark PLUS (Active) Strategy; Individual Account Current “OC SAN B1” Investment Strategy:Balanced HighMark PLUS (Active) Strategy; Individual Account Summary of Agency’s PENSION Plan AS OF MARCH 31, 2022: OC SAN A1 OC SAN B1 TOTAL Initial Contribution:January 2022: $10,000,000 January 2022: $5,000,000 January 2022: $15,000,000 Additional Contributions:$0 $0 $0 Total Contributions:$10,000,000 $5,000,000 $15,000,000 Disbursements:$0 $0 $0 Total Investment Earnings:($254,558)($112,132)($366,690) Account Balance:$9,738,659 $4,884,487 $14,623,146 TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ10 Summary of Agency’s Total pension Plan HISTORY OF CONTRIBUTIONS, DISBURSEMENTS, AND TOTAL ASSETS AS OF MARCH 31, 2022: $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 Jan-22 Feb-22 Mar-22 Plan Month Ending Contributions Disbursements Total Assets Month Contributions Disbursements Total Assets Jan-22 $15,000,000 $0 $14,910,223 Feb-22 $0 $0 $14,649,008 Mar-22 $0 $0 $14,623,146 ------ TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 11 2020 ACFR Valuation Date: July 1, 2019 2021 ACFR Valuation Date: June 30, 2020 Total Pension Liability $21,434,655 $23,320,422 Fiduciary Net Position $0 $0 Net Pension Liability (Asset)$21,434,655 $23,320,422 Funded Ratio 0.00%0.00% Service Cost $576,661 $730,496 (FY 19-20)(FY 20-21) Discount Rate 3.13%2.45% Pension Funding Status As of June 30, 2021, Orange County Sanitation District’s ARBA pension plan is funded as *: * Data from Agency’s Annual Comprehensive Financial Report for FYE 2020 and 2021. RETii~[PARS TRUSTED SO LUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 12 2020 ACFR Valuation Date: July 1, 2019 2021 ACFR Valuation Date: June 30, 2020 Approximate Total Pension Liability Proportionate Share for OCERS $46.4 M (0.97%) $63.2 M (1.63%) Fiduciary Net Position $49.4 M $68.6 M Proportionate Share of Net Pension Liability (Asset)($3.1 M) ($5.4 M) Funded Ratio 106.64% 108.5% Employer Contribution Amount $8.7 M $8.5 M (FY 19-20)(FY 20-21) Discount Rate 7.00%7.00% Pension Funding Status As of June 30, 2021, Orange County Sanitation District’s OCERS pension plan is funded as *: * Data from Agency’s Annual Comprehensive Financial Report for FYE 2020 and 2021. RETii~[PARS TRUSTED SO LUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 13 PARS: OC Sanitation District April 21, 2022 Presented by Keith Stribling, CFA CAPITAL MANAGEMENT Orange County Sanitation District ڞ 14 DISCUSSION HIGHLIGHTS –OC Sanitation District Investment objective - OC Sanitation District A1 Asset Allocation: PARS/Moderate HighMark PLUS (As of 3-31-2022) ƒAllocation Target –49.51% stocks (40-60% range), 45.75% bonds (40-60% range), 4.74% cash (0-20% range) ƒLarge cap 27.11%, Mid-cap 4.99%, Small cap 7.46%, International 8.17%, REIT 1.79% Performance: OC Sanitation District A1 (as of 3-31-2022) gross of investment management fees, net of fund fees ƒ1-month:-.29% ƒ2-months:-1.95% ƒInception to date (1-1-22): -2.52% Investment objective- OC Sanitation District B1 Asset Allocation: PARS/Balanced HighMark PLUS (As of 3-31-2022) ƒAllocation Target –59.22% stocks (50-70% range), 35.31% bonds (30-50% range), 5.47% cash (0-20% range) ƒLarge cap 32.68%, Mid-cap 6.04%, Small cap 8.85%, International 9.64%; REIT 2.01% Performance: OC Sanitation District B1 (as of 3-31-2022) gross of investment management fees, net of fund fees ƒ1-month:.15% ƒ2-months:-1.61% ƒInception to date (1-1-22): -2.23% Asset Allocation: •Recently lowered equities •Favoring value style over growth •Recently lowered high yield •Short duration fixed income CAPITAL MANAGEMENT Orange County Sanitation District ڞ 15 DISCUSSION HIGHLIGHTS –OC Sanitation District Economic Review ƒAggressive fiscal policy ƒMonetary policy still easy but changing with pullback on QE ƒRate hikes expected to curb inflation expectations ƒVaccines & now antiviral pills…even as covid surges possible light at the end of the covid tunnel? ƒInfrastructure bill passes Congress ƒEventually global economies will improve ƒSteepening yield curve ƒRisks: Inflation…still more covid hurdles; Fed tapering & Russian aggression with Ukraine & NATO; China slowing CAPITAL MANAGEMENT Orange County Sanitation District ڞ16 As o f: March 3 1, 2022 Performance Report Cash Equivalents Lipper Money Market Funds Index Total Fixed Income Bloomberg US Aggregate Bd Index (USD) Total E quities Large Cap Fu nds S&P 500 Composite Index Mid Cap Funds Russell Midcap Index Small Cap Funds Russell 2000 Index (USD) International Equities MSCI EAFE Index (Net) MSCI EM Free Index (Net USD) Total Managed Portfolio Acco unt Nam e : PARS/QC SANITAT IO N 115P-A1 Account ID : xxxxx6580 0 1 Month .01 .01 -2.53 -2.78 1-70 2.79 3.71 2.64 2.56 .34 1.24 -.99 .64 -2.26 -.29 2 Months .01 .01 -3.68 -3.86 -.44 -.16 .61 1.88 1.82 2.32 2 .33 -5.05 -1 .14 -5.18 -1.95 CAPI TAL MANAGEMENT Inception to Date 01/01/2022 .01 .01 -3.64 -5 .93 -2.24 -1.48 -4.60 -.74 -5.68 -1.06 -7.53 -6.48 -5.91 -6.97 -2 .52 Returns are gross of fees not including account level advisory fees unless otherwise stated. Gross returns are presented before management and custodia l fees but after all trading expenses. embedded and reflect 1he reinvestment of dividends and other income. Net returns are net of investment management foes in effect for the respeciive time period. Returns for periods over one year are annualized. An investor cannot invest directly in unmanaged indices. The information p resented has been obtained from sources believed to be accurate and reliable . Pasl perfom1a.nce is not indicativ e of future returns . Securities are not FDIC insured have no bank guarantee and m ay lose vatue. CAPITAL MANAGEMENT Orange County Sanitation District ڞ 17 As of: March 31, 2022 Performance Report Cash Equival ents Lipper Money Market Funds Index Total Fixed In come B loomberg US Aggregate Bd Index (USD) Total Equities Large Cap Funds S&P 500 Composite Index Mid Cap Funds Russell M1dcap Index Small Cap Funds Russell 2000 Index (USO) International Equities MSC! EAFE Index (Net) MSCI EM Free Index (Net USD) T otal Managed Portfolio Account Name: PARS/QC SANITATION 115P-B1 AccountlD: xxxxx65801 1 Month _01 _0 1 -2_55 -2_78 1 _71 2_79 3 _71 2_71 2_56 _33 124 -1 _02 _64 -2-26 _15 CAP IT Al MANAGEM ENT Inception to Date 2 Months 01/01/2022 _0 1 _01 01 _O\ -3._70 -3.66 -3 _86 -5 93 --43 -2_ 12 -_16 -1-45 _61 -4_60 1_95 --26 1 82 -5_68 2 _31 -_72 2-33 _7 _53 -5_09 -6 _50 -1 _14 _5 _91 -5 _18 -6_97 -1 _61 -2-23 Returns are gross of fees not including account level advisory fees unless otherwise s.tated_ Gross returns are pr,esented befor,e management and custodial fees but after all trading expenses. embedded and reflect the reinvestment of dividends and other income _ Net returns are net of investment managem ent fees in effect for the respective tim e period_ Returns for penods ov er one year are annualized_ An investor cannot invest direcdy in unmanaged indices_ The information presented has been obta.ined from sources believed to be accurate and reliable _ Past perfonnance is not indicative o f future returns_ Securities are not FDIC insured have no bank guarantee a nd may lose va!ue _ CAPITAL MANAGEMENT Orange County Sanitation District ڞ18 ASSET ALLOCATION- OC Sanitation District A1 Ticker Investment Vehicle Weight Equity 49.51% Large Cap Core COFYX Columbia Contrarian Core Cl Y 5.09% VGIAX Vanguard Gro & Inc Admiral Shares 9.68% Large Cap Value DODGX Dodge & Cox Stock Fund 4.38% IVE iShares S&P 500 Value ETF 2.01% Large Cap Growth HNACX Harbor CP Appre Rtrmt Cl 2.99% PRUFX T. Rowe Price Growth Stock Fund 2.96% Mid Cap Growth IWR iShares Rusell Mid Cap ETF 4.99% Small Cap Value UBVFX Undiscovered Mgrs Behavrl R6 3.68% Small Cap Growth VBK Vanguard Small Cap Gr Vipers 3.78% International Core DFALX DFA Large Cap International Port 2.78% International Value DODFX Dodge & Cox International Stock Fund 1.02% International Growth MGRDX MFS International Growth Fund 1.03% Emerging Markets HHHFX Hartford Schrodr Mkts Eq 3.34% REIT VNQ Vngrd Index Tr Reit Viper Shs 1.79% Fixed Income 45.75% Short-Term VFSUX Vanguard Short-Term Corp Adm Fund 9.43% Intermediate-Term PTTRX PIMCO Total Return Instl Fund 11.72% PTRQX Prudential Total Return BD 11.82% DBLFX Doubleline Core Fixed Inc Cl I 11.77% High Yield PHIYX PIMCO High Yield 1.00% Cash 4.74% FGZXX First Amern Govt Oblig Fd CL Z 4.74% TOTAL 100.00% CAPITAL MANAGEMENT Orange County Sanitation District ڞ19 ASSET ALLOCATION- OC Sanitation District B1 Ticker Investment Vehicle Weight Equity 59.22% Large Cap Core COFYX Columbia Contrarian Core Cl Y 6.18% VGIAX Vanguard Gro & Inc Admiral Shares 11.75% Large Cap Value DODGX Dodge & Cox Stock Fund 5.23% IVE iShares S&P 500 Value ETF 2.40% Large Cap Growth HNACX Harbor CP Appre Rtrmt Cl 3.57% PRUFX T. Rowe Price Growth Stock Fund 3.54% Mid Cap Growth IWR iShares Rusell Mid Cap ETF 6.04% Small Cap Value UBVFX Undiscovered Mgrs Behavrl R6 4.36% Small Cap Growth VBK Vanguard Small Cap Gr Vipers 4.48% International Core DFALX DFA Large Cap International Port 3.27% International Value DODFX Dodge & Cox International Stock Fund 1.17% International Growth MGRDX MFS International Growth Fund 1.18% Emerging Markets HHHFX Hartford Schrodr Mkts Eq 4.01% REIT VNQ Vngrd Index Tr Reit Viper Shs 2.01% Fixed Income 35.31% Short-Term VFSUX Vanguard Short-Term Corp Adm Fund 6.51% Intermediate-Term PTTRX PIMCO Total Return Instl Fund 9.27% PTRQX Prudential Total Return BD 9.35% DBLFX Doubleline Core Fixed Inc Cl I 9.31% High Yield PHIYX PIMCO High Yield 0.86% Cash 5.47% FGZXX First Amern Govt Oblig Fd CL Z 5.47% TOTAL 100.00% CAPITAL MANAGEMENT Orange County Sanitation District ڞ 20 1-Month 3-Month Year-to- 1-Year 3-Year 5-Year 10-YearFund Name Return Return Date Return Return Return ReturnColumbia Contrarian Core Inst3 2.73 -2.96 -2.96 12.72 19.88 15.41 14.63Vanguard Growth & Income Adm 3.67 -3.90 -3.90 16.04 18.83 15.78 14.65Dodge & Cox Stock 1.53 1.01 1.01 14.85 17.30 13.27 14.25iShares S&P 500 Value ETF 2.95 -0.21 -0.21 12.39 13.93 10.96 11.71Harbor Capital Appreciation Retirement 3.72 -13.59 -13.59 3.49 20.59 20.32 16.25T. Rowe Price Growth Stock I 0.56 -15.01 -15.01 -0.42 16.53 16.96 15.28S&P 500 TR USD 3.71 -4.60 -4.60 15.65 18.92 15.99 14.64 iShares Russell Mid-Cap ETF 2.54 -5.72 -5.72 6.72 14.70 12.46 12.68 Undiscovered Managers Behavioral Val R6 -0.55 3.53 3.53 13.48 16.01 10.91 12.65Vanguard Small-Cap Growth ETF 1.22 -11.95 -11.95 -9.25 11.84 12.64 11.92Russell 2000 TR USD 1.24 -7.53 -7.53 -5.79 11.74 9.74 11.04 Dodge & Cox International Stock 0.84 -0.59 -0.59 2.99 8.01 5.17 6.24DFA Large Cap International I 0.46 -4.93 -4.93 2.53 8.60 7.23 6.36MFS International Growth R6 0.78 -8.13 -8.13 0.02 9.67 10.69 7.69MSCI EAFE NR USD 0.64 -5.91 -5.91 1.16 7.78 6.72 6.27Hartford Schroders Emerging Mkts Eq F -3.66 -8.76 -8.76 -16.23 5.92 6.85 4.18MSCI EM NR USD -2.26 -6.97 -6.97 -11.37 4.94 5.98 3.36 1-Month 3-Month Year-to- 1-Year 3-Year 5-Year 10-YearFund Name Return Return Date Return Return Return ReturnVanguard Real Estate ETF 6.32 -5.97 -5.97 21.45 11.40 9.65 9.69 DoubleLine Core Fixed Income I -2.36 -4.88 -4.88 -3.19 1.64 2.22 2.87PGIM Total Return Bond R6 -2.43 -6.51 -6.51 -3.29 2.20 2.94 3.50PIMCO Total Return Instl -3.43 -6.19 -6.19 -4.02 2.18 2.50 2.73Vanguard Short-Term Investment-Grade Adm -1.86 -3.80 -3.80 -3.67 1.491.781.96Bloomberg US Agg Bond TR USD -2.78 -5.93 -5.93 -4.15 1.69 2.14 2.24 PIMCO High Yield Instl -0.89 -4.70 -4.70 -0.91 3.77 4.12 5.14ICE BofA US High Yield Mstr II Index -0.93 -4.51 -4.51 -0.29 4.40 4.565.74 Source: SEI Investments, Morningstar Investments Returns less than one year are not annualized. Past performance is no indication of future results. The information presented has been obtained from sources believed to be accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value. INTERNATIONAL EQUITY FUNDS BOND FUNDS For Period Ending March 31, 2022 LARGE CAP EQUITY FUNDS MID CAP EQUITY FUNDS REAL ESTATE FUNDS SMALL CAP EQUITY FUNDS CAPITAL MANAGEMEN T Orange County Sanitation District ڞ 21 Administrative Review 1 Future contributions 2 Future disbursement requests/options 3 Investment Guidelines Document1HHGHG 4 Client Feedback 5 Employer Portal – Opted In TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 22 Public Agency Retirement Services (PARS) has launched its new employer portal for the IRC Section 115 Trust. Features include: •Latest monthly account balance •Transaction history •Downloadable prior statements •Investment Performance Employer PORTAL employer.pars.org TRUSTED SOLUTIONS. LASTING RESULTS. Orange County Sanitation District ڞ 23 •To assist our public agency clients with GASB compliance, PARS will be providing with the following: — An individual trust statement of each agency’s plan assets that shows a reconciliation of assets held at the beginning of the fiscal year through the end of the fiscal year, breaking out the appropriate plan contributions, benefit payments, expenses, and investment earnings — Year-end audited financial statements of the Trust as a whole including Schedule of Changes in Fiduciary Net Position by Employer completed by CliftonLarsonAllen (CLA) that is intended to be compliant with GASB 67/68 requirements. — Supporting SOC 1-Type 2 report on the controls over the calculation and allocation of additions and deductions to employer accounts within the Trust — Investment allocation data and information on investment policies including target asset allocations and allowable asset class allocation ranges GASB compliance TRUSTED SOLUTIONS. LASTING RESULTS. HighMark Plus Composite (Active) Current Quarter* 0.74% Blended Benchmark*,** 0.97% Year To Date* 2.20% Blended Benchmark*,** 2.24% 1 Year 2.20% Blended Benchmark** 2.24% 3 Year 7.36% Blended Benchmark** 6.68% 5 Year 5.43% Blended Benchmark** 4.89% 10 Year 4.75% Blended Benchmark** 4.15% PARS DIVERSIFIED PORTFOLIOS CONSERVATIVE INVESTMENT OBJECTIVE ANNUAL RETURNS ASSET ALLOCATION — CONSERVATIVE PORTFOLIO Comprehensive Investment Solution HighMark® Capital Management, Inc.’s (HighMark) diversified investment portfolios are designed to balance return expectations with risk tolerance. Key features include: sophisticated asset allocation and optimization techniques, four layers of diversification (asset class, style, manager, and security), access to rigorously screened, top tier money managers, flexible investment options, and experienced investment management. Rigorous Manager Due Diligence Our manager review committee utilizes a rigorous screening process that searches for investment managers and styles that have not only produced above-average returns within acceptable risk parameters, but have the resources and commitment to continue to deliver these results. We have set high standards for our investment managers and funds. This is a highly specialized, time consuming approach dedicated to one goal: competitive and consistent performance. Flexible Investment Options In order to meet the unique needs of our clients, we offer access to flexible implementation strategies: HighMark Plus utilizes actively managed mutual funds while Index Plus utilizes index-based securities, including exchange-traded funds. Both investment options leverage HighMark’s active asset allocation approach. Risk Management The portfolio is constructed to control risk through four layers of diversification – asset classes (cash, fixed income, equity), investment styles (large cap, small cap, international, value, growth), managers and securities. Disciplined mutual fund selection and monitoring process helps to drive return potential while reducing portfolio risk. WHY THE PARS DIVERSIFIED CONSERVATIVE PORTFOLIO? Q4 2021 * Returns less than one year are not annualized. **Breakdown for Blended Benchmark: From 10/1/2012 - Present: 7.5% S&P500, 1.5% Russell Mid Cap, 2.5% Russell 2000, 1% MSCI EM (net), 2% MSCI EAFE (net), 52.25% Bloomberg US Agg, 25.75% ICE BofA 1-3 Yr US Corp/Gov’t, 2% ICE BofA US High Yield Master II, 0.5% Wilshire REIT, and 5% FTSE 1 Mth US T-Bill. From 4/1/2007 – 9/30/2012, the blended benchmark was 12% S&P௖500; 1% Russell 2000, 2% MSCI EAFE (net), 40% ICE BofA 1-3 Year Corp./Govt, 40% Bloomberg US௖Agg, 5%௖FTSE 1 Mth US T-Bill. Prior to April 2007: the blended benchmark was 15% S&P 500, 40% ICE BofA 1-3Yr Corp/Gov, 40% Bloomberg US Agg, and 5% FTSE 1 Mth US T-Bill. To provide a consistent level of inflation-protected income over the long-term. The major portion of the assets will be fixed income related. Equity securities are utilized to provide inflation protection. Conservative Moderately Conservative Moderate BalancedCapital Appreciation Efficient Frontier Risk (Standard Deviation) Re w a r d ( R a t e o f R e t u r n ) Strategic Range Policy Tactical Equity 5 – 20%15%16% Fixed Income 60 – 95%80%83% Cash 0 – 20%5%1% ANNUALIZED TOTAL RETURNS (Gross of Investment Management Fees, but Net of Embedded Fund Fees) Index Plus Composite (Passive) Current Quarter* 0.95% Blended Benchmark*,** 0.97% Year To Date* 1.97% Blended Benchmark*,** 2.24% 1 Year 1.97% Blended Benchmark** 2.24% 3 Year 6.91% Blended Benchmark** 6.68% 5 Year 4.98% Blended Benchmark** 4.89% 10 Year 4.25% Blended Benchmark** 4.15% PORTFOLIO FACTS HighMark Plus (Active) Composite Inception Date 07/2004 No of Holdings in Portfolio 20 Index Plus (Passive) Composite Inception Date 07/2004 No of Holdings in Portfolio 13 (Gross of Investment Management Fees, but Net of Embedded Fund Fees) HighMark Plus Composite (Active) 2008 -9.04% 2009 15.59% 2010 8.68% 2011 2.19% 2012 8.45% 2013 3.69% 2014 3.88% 2015 0.29% 2016 4.18% 2017 6.73% 2018 -1.35% 2019 11.05% 2020 9.03% 2021 2.20% Index Plus Composite (Passive) 2008 -6.70% 2009 10.49% 2010 7.67% 2011 3.70% 2012 6.22% 2013 3.40% 2014 4.32% 2015 0.06% 2016 3.75% 2017 5.52% 2018 -1.09% 2019 10.37% 2020 8.56% 2021 1.97% CAPITAL MANAGEMENT HIGHMARK CAPITAL MANAGEMENT 350 California Street Suite 1600 San Francisco, CA 94104 800-582-4734 ABOUT THE ADVISER HighMark®Capital Management, Inc. (HighMark) has over 100 years (including predecessor organizations) of institutional money management experience with $10.1 billion in assets under management and $10.1 billion in assets under advisement*. HighMark has a long term disciplined approach to money management and currently manages assets for a wide array of clients. ABOUT THE PORTFOLIO MANAGEMENT TEAMAndrew Brown, CFA® Senior Portfolio ManagerInvestment Experience: since 1994 HighMark Tenure: since 1997 Education: MBA, University of Southern California; BA, University of Southern California Salvatore “Tory” Milazzo III, CFA® Senior Portfolio Manager Investment Experience: since 2004 HighMark Tenure: since 2014 Education: BA, Colgate University J. Keith Stribling, CFA ® Senior Portfolio Manager Investment Experience: since 1985HighMark Tenure: since 1995 Education: BA, Stetson University Christiane Tsuda Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2010 Education: BA, International Christian University, Tokyo Anne Wimmer, CFA® Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2007Education: BA, University of California, Santa Barbara Randy Yurchak, CFA® Senior Portfolio Manager Investment Experience: since 2002 HighMark Tenure: since 2017Education: MBA, Arizona State University; BS, University of Washington Asset Allocation Committee Number of Members: 17Average Years of Experience: 26 Average Tenure (Years): 14 Manager Review Group Number of Members: 8 Average Years of Experience: 20Average Tenure (Years): 9 *Assets under management (“AUM”) include assets for which HighMark provides continuous and regular supervisory and management services. Assets under advisement (“AUA”) include assets for which HighMark provides certain investment advisory services (including, but not limited to, investment research and strategies) for client assets of its parent company, MUFG Union Bank, N.A. The performance records shown represent size-weighted composites of tax exempt accounts that meet the following criteria: Accounts are managed by HighMark with full investment authority according to the PARS Conservative active and passive objectives. The adviser to the PARS portfolios is US Bank, and HighMark serves as sub-adviser to US Bank to manage these portfolios. US Bank may charge clients as much as 0.60% annual management fee based on a sliding scale. US Bank pays HighMark 60% of the annual management fee for assets sub-advised by HighMark under its sub-advisory agreement with US Bank. The 0.36% paid to HighMark, as well as other expenses that may be incurred in the management of the portfolio, will reduce the portfolio’s returns. Assuming an investment for five years, a 5% annual total return, and an annual sub-advisory fee rate of 0.36% deducted from the assets at market at the end of each year, a $10 million initial value would grow to $12.53 millionafter fees (Net-of-Fees) and $12.76 million before fees (Gross-of-Fees). Gross returns are presented before management and custodial fees but after all trading expenses and reflect the reinvestment of dividends and other income. A client's return will be reduced by the advisory fees and other expenses it may incur as a client. Additional information regarding the firm’spolicies and procedures for calculating and reporting performance results is available upon request. Performance results are calculated and presented in U.S. dollars and do not reflect the deduction of investment advisory fees, custody fees, or taxesbut do reflect the deduction of trading expenses. Returns are calculated based on trade-date accounting. Blended benchmarks represent HighMark’s strategic allocations between equity, fixed income, and cash and are rebalanced monthly. Benchmark returns do not reflect the deduction of advisory fees or other expenses of investing but assumes the reinvestment of dividends and other earnings. An investor cannot invest directly in an index. The unmanaged S&P 500 Index is representative of the performance of large companies in the U.S. stock market. The MSCI EAFE Index is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The ICE BofA US High Yield Master II Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Wilshire REIT index measures U.S. publicly traded Real Estate Investment Trusts. The unmanaged Bloomberg U.S. Aggregate Bond Index is generally representative of the U.S. taxable bond market as a whole. The ICE BofA 1-3 Year U.S. Corporate & Government Index tracks the bond performance of the ICE BofA U.S. Corporate & Government Index, with a remaining term to final maturity less than 3 years. The unmanaged FTSE 1-Month U.S. Treasury Bill Index tracks the yield of the 1-month U.S. Treasury Bill. HighMark Capital Management, Inc. (HighMark), an SEC-registered investment adviser, is a wholly owned subsidiary of MUFG Union Bank, N.A. (MUB). HighMark manages institutional separate account portfolios for a wide variety of for-profit and nonprofit organizations, public agencies, and public and private retirement plans. MUB, a subsidiary of MUFG Americas Holdings Corporation, provides certain services to HighMark and is compensated for these services. Past performance does not guarantee future results. Individual account management and construction will vary depending on each client’s investment needs and objectives. Investments employing HighMark strategies are NOT insured by the FDIC or by any other Federal Government Agency, are NOT Bank deposits, are NOT guaranteed by the Bank or any Bank affiliate, and MAY lose value, including possible loss of principal. 350 California Street Suite 1600 San Francisco, CA 94104 800.582.4734 www.highmarkcapital.com HOLDINGS STYLE Small Cap3.0% Interm-Term Bond 63.9% High Yield 3.2% Short-Term Bond16.2% Large Cap Core 4.5% Large Cap Growth1.7% Mid Cap 1.3% Intl Stocks2.8%Cash 1.0%Large Cap Value1.9%Real Estate0.5% Holdings are subject to change at the discretion of the investment manager. HighMark Plus (Active)Index Plus (Passive) Columbia Contrarian Core I3 iShares Core S&P 500 ETF Vanguard Growth & Income Adm iShares S&P 500 Value ETF Dodge & Cox Stock Fund iShares S&P 500 Growth ETF iShares S&P 500 Value ETF iShares Russell Mid-Cap ETF Harbor Capital Appreciation - Retirement Vanguard Real Estate ETF T. Rowe Price Growth Stock - I iShares Russell 2000 Value ETF iShares Russell Mid-Cap ETF iShares Russell 2000 Growth ETF Vanguard Real Estate ETF iShares Core MSCI EAFE ETF Undiscovered Managers Behavioral Value-R6 Vanguard FTSE Emerging Markets ETF Victory RS Small Cap Growth - R6 Vanguard Short-Term Invest-Grade Adm DFA Large Cap International Portfolio iShares Core U.S. Aggregate Dodge & Cox International Stock Vanguard High-Yield Corp Adm MFS International Growth - R6 First American Government Obligations Z Hartford Schroders Emerging Markets Eq Vanguard Short-Term Invest-Grade Adm PIMCO High Yield Instl PIMCO Total Return Fund - Inst PGIM Total Return Bond - R6 DoubleLine Core Fixed Income - I First American Government Obligations Z _/ .../ PARS DIVERSIFIED PORTFOLIOS MODERATELY CONSERVATIVE INVESTMENT OBJECTIVE ANNUAL RETURNS ASSET ALLOCATION — MODERATELY CONSERVATIVE PORTFOLIO Comprehensive Investment Solution HighMark® Capital Management, Inc.’s (HighMark) diversified investment portfolios are designed to balance return expectations with risk tolerance. Key features include: sophisticated asset allocation and optimization techniques, four layers of diversification (asset class, style, manager, and security), access to rigorously screened, top tier money managers, flexible investment options, and experienced investment management. Rigorous Manager Due Diligence Our manager review committee utilizes a rigorous screening process that searches for investment managers and styles that have not only produced above-average returns within acceptable risk parameters, but have the resources and commitment to continue to deliver these results. We have set high standards for our investment managers and funds. This is a highly specialized, time consuming approach dedicated to one goal: competitive and consistent performance. Flexible Investment Options In order to meet the unique needs of our clients, we offer access to flexible implementation strategies: HighMark Plus utilizes actively managed mutual funds while Index Plus utilizes index-based securities, including exchange-traded funds. Both investment options leverage HighMark’s active asset allocation approach. Risk Management The portfolio is constructed to control risk through four layers of diversification – asset classes (cash, fixed income, equity), investment styles (large cap, small cap, international, value, growth), managers and securities. Disciplined mutual fund selection and monitoring process helps to drive return potential while reducing portfolio risk. WHY THE PARS DIVERSIFIED MODERATELY CONSERVATIVE PORTFOLIO? Q4 2021 * Returns less than one year are not annualized. **Breakdown for Blended Benchmark: From 10/1/2012 - Present: 15.5% S&P500, 3% Russell Mid Cap, 4.5% Russell 2000, 2% MSCI EM (net), 4% MSCI EAFE (net), 49.25% Bloomberg US Agg, 14% ICE BofA 1-3 Yr US Corp/Gov’t, 1.75% ICE BofA US High Yield Master II, 1% Wilshire REIT, and 5% FTSE 1 Mth US T-Bill. From 4/1/2007 -9/30/2012: the blended benchmark was 25% S&P௖500; 1.5% Russell 2000, 3.5% MSCI EAFE (net), 25% ICE BofA 1-3 Year Corp./Govt, 40% Bloomberg US௖Agg, 5%௖FTSE 1 Mth US T-Bill. Prior to April 2007, the blended benchmark was 30% S&P 500, 25% ICE BofA 1-3Yr Corp/Gov, 40% Bloomberg US Agg, and 5% FTSE 1 Mth US T-Bill. To provide current income, with capital appreciation as a secondary objective. The major portion of the assets is committed to income-producing securities. Market fluctuations should be expected. Strategic Range Policy Tactical Equity 20 - 40%30%32% Fixed Income 50 - 80%65%67% Cash 0 - 20%5%1% ANNUALIZED TOTAL RETURNS (Gross of Investment Management Fees, but Net of Embedded Fund Fees) HighMark Plus Composite (Active) Current Quarter* 1.73% Blended Benchmark*,** 2.17% Year To Date* 5.15% Blended Benchmark*,** 5.49% 1 Year 5.15% Blended Benchmark** 5.49% 3 Year 9.82% Blended Benchmark** 9.59% 5 Year 7.17% Blended Benchmark** 6.91% 10 Year 6.34% Blended Benchmark** 6.03% Index Plus Composite (Passive) Current Quarter* 2.10% Blended Benchmark*,** 2.17% Year To Date* 5.33% Blended Benchmark*,** 5.49% 1 Year 5.33% Blended Benchmark** 5.49% 3 Year 9.48% Blended Benchmark** 9.59% 5 Year 6.74% Blended Benchmark** 6.91% 10 Year 5.91% Blended Benchmark** 6.03% PORTFOLIO FACTS HighMark Plus (Active) Composite Inception Date 08/2004 No of Holdings in Portfolio 20 Index Plus (Passive) Composite Inception Date 05/2005 No of Holdings in Portfolio 13 Efficient Frontier Risk (Standard Deviation) Re w a r d ( R a t e o f R e t u r n ) Conservative Moderately Conservative Moderate Capital AppreciationBalanced (Gross of Investment Management Fees, but Net of Embedded Fund Fees) HighMark Plus Composite (Active) 2008 -15.37% 2009 18.71% 2010 10.46% 2011 1.75% 2012 10.88% 2013 7.30% 2014 4.41% 2015 0.32% 2016 4.94% 2017 9.56% 2018 -2.60% 2019 13.73% 2020 10.76% 2021 5.15% Index Plus Composite (Passive) 2008 -12.40% 2009 11.92% 2010 9.72% 2011 3.24% 2012 8.24% 2013 6.78% 2014 5.40% 2015 -0.18% 2016 5.42% 2017 8.08% 2018 -2.33% 2019 13.53% 2020 9.74% 2021 5.33% CAPITAL MANAGEMENT HIGHMARK CAPITAL MANAGEMENT 350 California Street Suite 1600 San Francisco, CA 94104 800-582-4734 ABOUT THE ADVISER HighMark®Capital Management, Inc. (HighMark) has over 100 years (including predecessor organizations) of institutional money management experience with $10.1 billion in assets under management and $10.1 billion in assets under advisement*. HighMark has a long term disciplined approach to money management and currently manages assets for a wide array of clients. ABOUT THE PORTFOLIO MANAGEMENT TEAMAndrew Brown, CFA® Senior Portfolio ManagerInvestment Experience: since 1994 HighMark Tenure: since 1997 Education: MBA, University of Southern California; BA, University of Southern California Salvatore “Tory” Milazzo III, CFA® Senior Portfolio Manager Investment Experience: since 2004 HighMark Tenure: since 2014 Education: BA, Colgate University J. Keith Stribling, CFA® Senior Portfolio Manager Investment Experience: since 1985HighMark Tenure: since 1995 Education: BA, Stetson University Christiane Tsuda Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2010 Education: BA, International Christian University, Tokyo Anne Wimmer, CFA® Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2007Education: BA, University of California, Santa Barbara Randy Yurchak, CFA® Senior Portfolio Manager Investment Experience: since 2002 HighMark Tenure: since 2017Education: MBA, Arizona State University; BS, University of Washington Asset Allocation Committee Number of Members: 17Average Years of Experience: 26 Average Tenure (Years): 14 Manager Review Group Number of Members: 8 Average Years of Experience: 20Average Tenure (Years): 9 *Assets under management (“AUM”) include assets for which HighMark provides continuous and regular supervisory and management services. Assets under advisement (“AUA”) include assets for which HighMark provides certain investment advisory services (including, but not limited to, investment research and strategies) for client assets of its parent company, MUFG Union Bank, N.A. The performance records shown represent a size-weighted composite of tax exempt accounts that meet the following criteria: Accounts are managed by HighMark with full investment authority according to the PARS Moderately Conservative active and passive objectives. The adviser to the PARS portfolios is US Bank, and HighMark serves as sub-adviser to US Bank to manage these portfolios. US Bank may charge clients as much as 0.60% annual management fee based on a sliding scale. US Bank pays HighMark 60% of the annual management fee for assets sub-advised by HighMark under its sub-advisory agreement with US Bank. The 0.36% paid to HighMark, as well as other expenses that may be incurred in the management of the portfolio, will reduce the portfolio’s returns. Assuming an investment for five years, a 5% annual total return, and an annual sub-advisory fee rate of 0.36% deducted from the assets at market at the end of each year, a $10 million initial value would grow to $12.53 million after fees (Net-of-Fees) and $12.76 million before fees (Gross-of-Fees). Gross returns are presented before management and custodial fees but after all trading expenses and reflect the reinvestment of dividends and other income. A client's return will be reduced by the advisory fees and other expenses it may incur as a client. Additional information regarding the firm’s policies and procedures for calculating and reporting performance results is available upon request. Performance results are calculated and presented in U.S. dollars and do not reflect the deduction of investment advisory fees, custody fees, or taxes but do reflect the deduction of trading expenses. Returns are calculated based on trade-date accounting. Blended benchmarks represent HighMark’s strategic allocations between equity, fixed income, and cash and are rebalanced monthly. Benchmark returns do not reflect the deduction of advisory fees or other expenses of investing but assumes the reinvestment of dividends and other earnings. An investor cannot invest directly in an index. The unmanaged S&P 500 Index is representative of the performance of large companies in the U.S. stock market. The MSCI EAFE Index is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The ICE BofA US High Yield Master II Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Wilshire REIT index measures U.S. publicly traded Real Estate Investment Trusts. The unmanaged Bloomberg U.S. Aggregate Bond Index is generally representative of the U.S. taxable bond market as a whole. The ICE BofA 1-3 Year U.S. Corporate & Government Index tracks the bond performance of the ICE BofA U.S. Corporate & Government Index, with a remaining term to final maturity less than 3 years. The unmanaged FTSE 1-Month U.S. Treasury Bill Index tracks the yield of the 1-month U.S. Treasury Bill. HighMark Capital Management, Inc. (HighMark), an SEC-registered investment adviser, is a wholly owned subsidiary of MUFG Union Bank, N.A. (MUB). HighMark manages institutional separate account portfolios for a wide variety of for-profit and nonprofit organizations, public agencies, and public and private retirement plans. MUB, a subsidiary of MUFG Americas Holdings Corporation, provides certain services to HighMark and is compensated for these services. Past performance does not guarantee future results. Individual account management and construction will vary depending on each client’s investment needs and objectives. Investments employing HighMark strategies are NOT insured by the FDIC or by any other Federal Government Agency, are NOT Bank deposits, are NOT guaranteed by the Bank or any Bank affiliate, and MAY lose value, including possible loss of principal. 350 California Street Suite 1600 San Francisco, CA 94104 800.582.4734 www.highmarkcapital.com HOLDINGS STYLE Small Cap 5.6% Interm-Term Bond 53.1% High Yield 2.7% Short-Term Bond11.7% Large Cap Core8.9% Large Cap Growth 3.5% Mid Cap 2.6% Intl Stocks 5.9% Cash 1.0% Large Cap Value4.0%Real Estate 1.0% Holdings are subject to change at the discretion of the investment manager. HighMark Plus (Active)Index Plus (Passive) Columbia Contrarian Core I3 iShares Core S&P 500 ETF Vanguard Growth & Income Adm iShares S&P 500 Value ETF Dodge & Cox Stock Fund iShares S&P 500 Growth ETF iShares S&P 500 Value ETF iShares Russell Mid-Cap ETF Harbor Capital Appreciation - Retirement Vanguard Real Estate ETF T. Rowe Price Growth Stock - I iShares Russell 2000 Value ETF iShares Russell Mid-Cap ETF iShares Russell 2000 Growth ETF Vanguard Real Estate ETF iShares Core MSCI EAFE ETF Undiscovered Managers Behavioral Value-R6 Vanguard FTSE Emerging Markets ETF Victory RS Small Cap Growth - R6 Vanguard Short-Term Invest-Grade Adm DFA Large Cap International Portfolio iShares Core U.S. Aggregate Dodge & Cox International Stock Vanguard High-Yield Corp Adm MFS International Growth - R6 First American Government Obligations Z Hartford Schroders Emerging Markets Eq Vanguard Short-Term Invest-Grade Adm PIMCO High Yield Instl PIMCO Total Return Fund - Inst PGIM Total Return Bond - R6 DoubleLine Core Fixed Income - I First American Government Obligations Z PARS DIVERSIFIED PORTFOLIOS MODERATE INVESTMENT OBJECTIVE ANNUAL RETURNS ASSET ALLOCATION — MODERATE PORTFOLIO Comprehensive Investment Solution HighMark® Capital Management, Inc.’s (HighMark) diversified investment portfolios are designed to balance return expectations with risk tolerance. Key features include: sophisticated asset allocation and optimization techniques, four layers of diversification (asset class, style, manager, and security), access to rigorously screened, top tier money managers, flexible investment options, and experienced investment management. Rigorous Manager Due Diligence Our manager review committee utilizes a rigorous screening process that searches for investment managers and styles that have not only produced above-average returns within acceptable risk parameters, but have the resources and commitment to continue to deliver these results. We have set high standards for our investment managers and funds. This is a highly specialized, time consuming approach dedicated to one goal: competitive and consistent performance. Flexible Investment Options In order to meet the unique needs of our clients, we offer access to flexible implementation strategies: HighMark Plus utilizes actively managed mutual funds while Index Plus utilizes index-based securities, including exchange-traded funds. Both investment options leverage HighMark’s active asset allocation approach. Risk Management The portfolio is constructed to control risk through four layers of diversification – asset classes (cash, fixed income, equity), investment styles (large cap, small cap, international, value, growth), managers and securities. Disciplined mutual fund selection and monitoring process helps to drive return potential while reducing portfolio risk. WHY THE PARS DIVERSIFIED MODERATE PORTFOLIO? Q4 2021 * Returns less than one year are not annualized. **Breakdown for Blended Benchmark: From 10/1/2012 – Present: 26.5% S&P500, 5% Russell Mid Cap, 7.5% Russell 2000, 3.25% MSCI EM (net), 6% MSCI EAFE (net), 33.50% Bloomberg US Agg, 10% ICE BofA1-3 Yr US Corp/Gov’t, 1.50% ICE BofA US High Yield Master II, 1.75% Wilshire REIT, and 5% FTSE 1 Mth US T-Bill. From 4/1/2007 – 9/30/2012: the blended benchmark was 43% S&P௖500; 2% Russell 2000, 5% MSCI EAFE (net), 15% ICE BofA 1-3 Year Corp./Govt, 30% Bloomberg US௖Agg, 5%௖FTSE 1 Mth US T-Bill. Prior to April 2007: the blended benchmark was 50% S&P 500, 15% ICE BofA 1-3Yr Corp/Gov, 30% Bloomberg US Agg, and 5% FTSE 1 Mth US T-Bill. To provide current income and moderate capital appreciation. It is expected that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. Strategic Range Policy Tactical Equity 40 - 60%50%53% Fixed Income 40 - 60%45%46% Cash 0 - 20%5%1% ANNUALIZED TOTAL RETURNS (Gross of Investment Management Fees, but Net of Embedded Fund Fees) HighMark Plus Composite (Active) Current Quarter* 3.13% Blended Benchmark*,** 3.75% Year To Date* 9.31% Blended Benchmark*,** 10.20% 1 Year 9.31% Blended Benchmark** 10.20% 3 Year 13.26% Blended Benchmark** 13.25% 5 Year 9.56% Blended Benchmark** 9.40% 10 Year 8.39% Blended Benchmark** 8.40% Index Plus Composite (Passive) Current Quarter* 3.76% Blended Benchmark*,** 3.75% Year To Date* 10.18% Blended Benchmark*,** 10.20% 1 Year 10.18% Blended Benchmark** 10.20% 3 Year 12.93% Blended Benchmark** 13.25% 5 Year 9.05% Blended Benchmark** 9.40% 10 Year 8.08% Blended Benchmark** 8.40% PORTFOLIO FACTS HighMark Plus (Active) Composite Inception Date 10/2004 No of Holdings in Portfolio 20 Index Plus (Passive) Composite Inception Date 05/2006 No of Holdings in Portfolio 13 Efficient Frontier Risk (Standard Deviation) Re w a r d ( R a t e o f R e t u r n ) Conservative Moderately Conservative Moderate Capital AppreciationBalanced (Gross of Investment Management Fees, but Net of Embedded Fund Fees) HighMark Plus Composite (Active) 2008 -22.88% 2009 21.47% 2010 12.42% 2011 0.55% 2012 12.25% 2013 13.06% 2014 4.84% 2015 0.14% 2016 6.45% 2017 13.19% 2018 -4.03% 2019 17.71% 2020 12.92% 2021 9.31% Index Plus Composite (Passive) 2008 -18.14% 2009 16.05% 2010 11.77% 2011 2.29% 2012 10.91% 2013 12.79% 2014 5.72% 2015 -0.52% 2016 7.23% 2017 11.59% 2018 -4.03% 2019 17.52% 2020 11.23% 2021 10.18% _j HIGHMARK ® CAPITAL MANAGEMENT HIGHMARK CAPITAL MANAGEMENT 350 California Street Suite 1600 San Francisco, CA 94104 800-582-4734 ABOUT THE ADVISER HighMark®Capital Management, Inc. (HighMark) has over 100 years (including predecessor organizations) of institutional money management experience with $10.1 billion in assets under management and $10.1 billion in assets under advisement*. HighMark has a long term disciplined approach to money management and currently manages assets for a wide array of clients. ABOUT THE PORTFOLIO MANAGEMENT TEAMAndrew Brown, CFA® Senior Portfolio ManagerInvestment Experience: since 1994 HighMark Tenure: since 1997 Education: MBA, University of Southern California; BA, University of Southern California Salvatore “Tory” Milazzo III, CFA® Senior Portfolio Manager Investment Experience: since 2004 HighMark Tenure: since 2014 Education: BA, Colgate University J. Keith Stribling, CFA® Senior Portfolio Manager Investment Experience: since 1985HighMark Tenure: since 1995 Education: BA, Stetson University Christiane Tsuda Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2010 Education: BA, International Christian University, Tokyo Anne Wimmer, CFA® Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2007Education: BA, University of California, Santa Barbara Randy Yurchak, CFA® Senior Portfolio Manager Investment Experience: since 2002 HighMark Tenure: since 2017Education: MBA, Arizona State University; BS, University of Washington Asset Allocation Committee Number of Members: 17Average Years of Experience: 26 Average Tenure (Years): 14 Manager Review Group Number of Members: 8 Average Years of Experience: 20Average Tenure (Years): 9 *Assets under management (“AUM”) include assets for which HighMark provides continuous and regular supervisory and management services. Assets under advisement (“AUA”) include assets for which HighMark provides certain investment advisory services (including, but not limited to, investment research and strategies) for client assets of its parent company, MUFG Union Bank, N.A. The performance records shown represent size-weighted composites of tax exempt accounts that meet the following criteria: Accounts are managed by HighMark with full investment authority according to the PARS Moderate active and passive objectives. The adviser to the PARS portfolios is US Bank, and HighMark serves as sub-adviser to US Bank to manage these portfolios. US Bank may charge clients as much as 0.60% annual management fee based on a sliding scale. US Bank pays HighMark 60% of the annual management fee for assets sub-advised by HighMark under its sub-advisory agreement with US Bank. The 0.36% paid to HighMark, as well as other expenses that may be incurred in the management of the portfolio, will reduce the portfolio’s returns. Assuming an investment for five years, a 5% annual total return, and an annual sub-advisory fee rate of 0.36% deducted from the assets at market at the end of each year, a $10 million initial value would grow to $12.53 million after fees (Net-of-Fees) and $12.76 million before fees (Gross-of-Fees). Gross returns are presented before management and custodial fees but after all trading expenses and reflect the reinvestment of dividends and other income. A client's return will be reduced by the advisory fees and other expenses it may incur as a client. Additional information regarding the firm’s policies and procedures for calculating and reporting performance results is available upon request. Performance results are calculated and presented in U.S. dollars and do not reflect the deduction of investment advisory fees, custody fees, or taxes but do reflect the deduction of trading expenses. Returns are calculated based on trade-date accounting. Blended benchmarks represent HighMark’s strategic allocations between equity, fixed income, and cash and are rebalanced monthly. Benchmark returns do not reflect the deduction of advisory fees or other expenses of investing but assumes the reinvestment of dividends and other earnings. An investor cannot invest directly in an index. The unmanaged S&P 500 Index is representative of the performance of large companies in the U.S. stock market. The MSCI EAFE Index is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The ICE BofA US High Yield Master II Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Wilshire REIT index measures U.S. publicly traded Real Estate Investment Trusts. The unmanaged Bloomberg U.S. Aggregate Bond Index is generally representative of the U.S. taxable bond market as a whole. The ICE BofA 1-3 Year U.S. Corporate & Government Index tracks the bond performance of the ICE BofA U.S. Corporate & Government Index, with a remaining term to final maturity less than 3 years. The unmanaged FTSE 1-Month U.S. Treasury Bill Index tracks the yield of the 1-month U.S. Treasury Bill. HighMark Capital Management, Inc. (HighMark), an SEC-registered investment adviser, is a wholly owned subsidiary of MUFG Union Bank, N.A. (MUB). HighMark manages institutional separate account portfolios for a wide variety of for-profit and nonprofit organizations, public agencies, and public and private retirement plans. MUB, a subsidiary of MUFG Americas Holdings Corporation, provides certain services to HighMark and is compensated for these services. Past performance does not guarantee future results. Individual account management and construction will vary depending on each client’s investment needs and objectives. Investments employing HighMark strategies are NOT insured by the FDIC or by any other Federal Government Agency, are NOT Bank deposits, are NOT guaranteed by the Bank or any Bank affiliate, and MAY lose value, including possible loss of principal. 350 California Street Suite 1600 San Francisco, CA 94104 800.582.4734 www.highmarkcapital.com HOLDINGS STYLE Small Cap9.2% Interm-Term Bond35.9% High Yield2.1%Short-Term Bond8.5% Large Cap Core15.2% Large Cap Growth 5.9% Mid Cap 4.2% Intl Stocks9.4% Cash1.0% Large Cap Value 6.8% Real Estate1.8% Holdings are subject to change at the discretion of the investment manager. HighMark Plus (Active)Index Plus (Passive) Columbia Contrarian Core I3 iShares Core S&P 500 ETF Vanguard Growth & Income Adm iShares S&P 500 Value ETF Dodge & Cox Stock Fund iShares S&P 500 Growth ETF iShares S&P 500 Value ETF iShares Russell Mid-Cap ETF Harbor Capital Appreciation - Retirement Vanguard Real Estate ETF T. Rowe Price Growth Stock - I iShares Russell 2000 Value ETF iShares Russell Mid-Cap ETF iShares Russell 2000 Growth ETF Vanguard Real Estate ETF iShares Core MSCI EAFE ETF Undiscovered Managers Behavioral Value-R6 Vanguard FTSE Emerging Markets ETF Victory RS Small Cap Growth - R6 Vanguard Short-Term Invest-Grade Adm DFA Large Cap International Portfolio iShares Core U.S. Aggregate Dodge & Cox International Stock Vanguard High-Yield Corp Adm MFS International Growth - R6 First American Government Obligations Z Hartford Schroders Emerging Markets Eq Vanguard Short-Term Invest-Grade Adm PIMCO High Yield Instl PIMCO Total Return Fund - Inst PGIM Total Return Bond - R6 DoubleLine Core Fixed Income - I First American Government Obligations Z PARS DIVERSIFIED PORTFOLIOS BALANCED INVESTMENT OBJECTIVE ANNUAL RETURNS ASSET ALLOCATION — BALANCED PORTFOLIO Comprehensive Investment Solution HighMark® Capital Management, Inc.’s (HighMark) diversified investment portfolios are designed to balance return expectations with risk tolerance. Key features include: sophisticated asset allocation and optimization techniques, four layers of diversification (asset class, style, manager, and security), access to rigorously screened, top tier money managers, flexible investment options, and experienced investment management. Rigorous Manager Due Diligence Our manager review committee utilizes a rigorous screening process that searches for investment managers and styles that have not only produced above-average returns within acceptable risk parameters, but have the resources and commitment to continue to deliver these results. We have set high standards for our investment managers and funds. This is a highly specialized, time consuming approach dedicated to one goal: competitive and consistent performance. Flexible Investment Options In order to meet the unique needs of our clients, we offer access to flexible implementation strategies: HighMark Plus utilizes actively managed mutual funds while Index Plus utilizes index-based securities, including exchange-traded funds. Both investment options leverage HighMark’s active asset allocation approach. Risk Management The portfolio is constructed to control risk through four layers of diversification – asset classes (cash, fixed income, equity), investment styles (large cap, small cap, international, value, growth), managers and securities. Disciplined mutual fund selection and monitoring process helps to drive return potential while reducing portfolio risk. WHY THE PARS DIVERSIFIED BALANCED PORTFOLIO? Q4 2021 * Returns less than one year are not annualized. **Breakdown for Blended Benchmark: From 10/1/2012 – Present: 32% S&P500, 6% Russell Mid Cap, 9% Russell 2000, 4% MSCI EM (net), 7% MSCI EAFE (net), 27% Bloomberg US Agg, 6.75% ICE BofA 1-3 Yr US Corp/Gov’t, 1.25% ICE BofA US High Yield Master II, 2% Wilshire REIT, and 5% FTSE 1 Mth US T-Bill. From 4/1/2007 –9/30/2012: the blended benchmark was 51% S&P 500; 3% Russell 2000, 6% MSCI EAFE (net), 5% ICE BofA 1-3 Year Corp./Govt, 30% Bloomberg US Agg, 5% FTSE 1 Mth US T-Bill. Prior to April 2007: the blended benchmark was 60% S&P 500, 5% ICE BofA1-3Yr Corp/Gov, 30% Bloomberg US Agg, and 5% FTSE 1 Mth US T-Bill. To provide growth of principal and income. While dividend and interest income are an important component of the objective’s total return, it is expected that capital appreciation will comprise a larger portion of the total return. Strategic Range Policy Tactical Equity 50 – 70%60%63% Fixed Income 30 – 50%35%36% Cash 0 – 20%5%1% ANNUALIZED TOTAL RETURNS (Gross of Investment Management Fees, but Net of Embedded Fund Fees) HighMark Plus Composite (Active) Current Quarter* 3.81% Blended Benchmark*,** 4.53% Year To Date* 11.44% Blended Benchmark*,** 12.58% 1 Year 11.44% Blended Benchmark** 12.58% 3 Year 14.99% Blended Benchmark** 15.10% 5 Year 10.80% Blended Benchmark** 10.65% 10 Year 9.45% Blended Benchmark** 9.61% Index Plus Composite (Passive) Current Quarter* 4.60% Blended Benchmark*,** 4.53% Year To Date* 12.63% Blended Benchmark*,** 12.58% 1 Year 12.63% Blended Benchmark** 12.58% 3 Year 14.71% Blended Benchmark** 15.10% 5 Year 10.20% Blended Benchmark** 10.65% 10 Year 9.13% Blended Benchmark** 9.61% PORTFOLIO FACTS HighMark Plus (Active) Composite Inception Date 10/2006 No of Holdings in Portfolio 20 Index Plus (Passive) Composite Inception Date 10/2007 No of Holdings in Portfolio 13 Efficient Frontier Risk (Standard Deviation) Re w a r d ( R a t e o f R e t u r n ) Conservative Moderately Conservative Moderate Capital AppreciationBalanced (Gross of Investment Management Fees, but Net of Embedded Fund Fees) HighMark Plus Composite (Active) 2008 -25.72% 2009 21.36% 2010 14.11% 2011 -0.46% 2012 13.25% 2013 16.61% 2014 4.70% 2015 0.04% 2016 6.81% 2017 15.46% 2018 -4.88% 2019 19.85% 2020 14.06% 2021 11.44% Index Plus Composite (Passive) 2008 -23.22% 2009 17.62% 2010 12.76% 2011 1.60% 2012 11.93% 2013 15.63% 2014 6.08% 2015 -0.81% 2016 8.25% 2017 13.39% 2018 -5.05% 2019 19.59% 2020 12.07% 2021 12.63% _j HIGHMARK ® CAPITAL MANAGEMENT HIGHMARK CAPITAL MANAGEMENT 350 California Street Suite 1600 San Francisco, CA 94104 800-582-4734 ABOUT THE ADVISER HighMark®Capital Management, Inc. (HighMark) has over 100 years (including predecessor organizations) of institutional money management experience with $10.1 billion in assets under management and $10.1 billion in assets under advisement*. HighMark has a long term disciplined approach to money management and currently manages assets for a wide array of clients. ABOUT THE PORTFOLIO MANAGEMENT TEAMAndrew Brown, CFA® Senior Portfolio ManagerInvestment Experience: since 1994 HighMark Tenure: since 1997 Education: MBA, University of Southern California; BA, University of Southern California Salvatore “Tory” Milazzo III, CFA® Senior Portfolio Manager Investment Experience: since 2004 HighMark Tenure: since 2014 Education: BA, Colgate University J. Keith Stribling, CFA® Senior Portfolio Manager Investment Experience: since 1985HighMark Tenure: since 1995 Education: BA, Stetson University Christiane Tsuda Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2010 Education: BA, International Christian University, Tokyo Anne Wimmer, CFA® Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2007Education: BA, University of California, Santa Barbara Randy Yurchak, CFA® Senior Portfolio Manager Investment Experience: since 2002 HighMark Tenure: since 2017Education: MBA, Arizona State University; BS, University of Washington Asset Allocation Committee Number of Members: 17Average Years of Experience: 26 Average Tenure (Years): 14 Manager Review Group Number of Members: 8 Average Years of Experience: 20Average Tenure (Years): 9 *Assets under management (“AUM”) include assets for which HighMark provides continuous and regular supervisory and management services. Assets under advisement (“AUA”) include assets for which HighMark provides certain investment advisory services (including, but not limited to, investment research and strategies) for client assets of its parent company, MUFG Union Bank, N.A. The performance records shown represent size-weighted composites of tax exempt accounts that meet the following criteria: Accounts are managed by HighMark with full investment authority according to the PARS Balanced active and passive objectives. The composite name has been changed from PARS Balanced/Moderately Aggressive to PARS Balanced on 5/1/2013. The adviser to the PARS portfolios is US Bank, and HighMark serves as sub-adviser to US Bank to manage these portfolios. US Bank may charge clients as much as 0.60% annual management fee based on a sliding scale. US Bank pays HighMark 60% of the annual management fee for assets sub-advised by HighMark under its sub-advisory agreement with US Bank. The 0.36% paid to HighMark, as well as other expenses that may be incurred in the management of the portfolio, will reduce the portfolio’s returns. Assuming an investment for five years, a 5% annual total return, and an annual sub-advisory fee rate of 0.36% deducted from the assets at market at the end of each year, a $10 million initial value would grow to $12.53 million after fees (Net-of-Fees) and $12.76 million before fees (Gross-of-Fees). Gross returns are presented before management and custodial fees but after all trading expenses and reflect the reinvestment of dividends and other income. A client's return will be reduced by the advisory fees and other expenses it may incur as a client. Additional information regarding the firm’spolicies and procedures for calculating and reporting performance results is available upon request. Performance results are calculated and presented in U.S. dollars and do not reflect the deduction of investment advisory fees, custody fees, or taxesbut do reflect the deduction of trading expenses. Returns are calculated based on trade-date accounting. Blended benchmarks represent HighMark’s strategic allocations between equity, fixed income, and cash and are rebalanced monthly. Benchmark returns do not reflect the deduction of advisory fees or other expenses of investing but assumes the reinvestment of dividends and other earnings. An investor cannot invest directly in an index. The unmanaged S&P 500 Index is representative of the performance of large companies in the U.S. stock market. The MSCI EAFE Index is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The ICE BofA US High Yield Master II Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Wilshire REIT index measures U.S. publicly traded Real Estate Investment Trusts. The unmanaged Bloomberg U.S. Aggregate Bond Index is generally representative of the U.S. taxable bond market as a whole. The ICE BofA 1-3 Year U.S. Corporate & Government Index tracks the bond performance of the ICE BofA U.S. Corporate & Government Index, with a remaining term to final maturity less than 3 years. The unmanaged FTSE 1-Month U.S. Treasury Bill Index tracks the yield of the 1-month U.S. Treasury Bill. HighMark Capital Management, Inc. (HighMark), an SEC-registered investment adviser, is a wholly owned subsidiary of MUFG Union Bank, N.A. (MUB). HighMark manages institutional separate account portfolios for a wide variety of for-profit and nonprofit organizations, public agencies, and public and private retirement plans. MUB, a subsidiary of MUFG Americas Holdings Corporation, provides certain services to HighMark and is compensated for these services. Past performance does not guarantee future results. Individual account management and construction will vary depending on each client’s investment needs and objectives. Investments employing HighMark strategies are NOT insured by the FDIC or by any other Federal Government Agency, are NOT Bank deposits, are NOT guaranteed by the Bank or any Bank affiliate, and MAY lose value, including possible loss of principal. 350 California Street Suite 1600 San Francisco, CA 94104 800.582.4734 www.highmarkcapital.com HOLDINGS STYLE Small Cap 11.0% Interm-Term Bond28.5% High Yield 1.8% Short-Term Bond5.8% Large Cap Core18.5% Large Cap Growth 7.1% Mid Cap 5.1% Intl Stocks 11.1% Cash1.0% Large Cap Value8.1% Real Estate 2.0% Holdings are subject to change at the discretion of the investment manager. HighMark Plus (Active)Index Plus (Passive) Columbia Contrarian Core I3 iShares Core S&P 500 ETF Vanguard Growth & Income Adm iShares S&P 500 Value ETF Dodge & Cox Stock Fund iShares S&P 500 Growth ETF iShares S&P 500 Value ETF iShares Russell Mid-Cap ETF Harbor Capital Appreciation - Retirement Vanguard Real Estate ETF T. Rowe Price Growth Stock - I iShares Russell 2000 Value ETF iShares Russell Mid-Cap ETF iShares Russell 2000 Growth ETF Vanguard Real Estate ETF iShares Core MSCI EAFE ETF Undiscovered Managers Behavioral Value-R6 Vanguard FTSE Emerging Markets ETF Victory RS Small Cap Growth - R6 Vanguard Short-Term Invest-Grade Adm DFA Large Cap International Portfolio iShares Core U.S. Aggregate Dodge & Cox International Stock Vanguard High-Yield Corp Adm MFS International Growth - R6 First American Government Obligations Z Hartford Schroders Emerging Markets Eq Vanguard Short-Term Invest-Grade Adm PIMCO High Yield Instl PIMCO Total Return Fund - Inst PGIM Total Return Bond - R6 DoubleLine Core Fixed Income - I First American Government Obligations Z PARS DIVERSIFIED PORTFOLIOS CAPITAL APPRECIATION INVESTMENT OBJECTIVE ANNUAL RETURNS ASSET ALLOCATION — CAPITAL APPRECIATION PORTFOLIO Comprehensive Investment Solution HighMark® Capital Management, Inc.’s (HighMark) diversified investment portfolios are designed to balance return expectations with risk tolerance. Key features include: sophisticated asset allocation and optimization techniques, four layers of diversification (asset class, style, manager, and security), access to rigorously screened, top tier money managers, flexible investment options, and experienced investment management. Rigorous Manager Due Diligence Our manager review committee utilizes a rigorous screening process that searches for investment managers and styles that have not only produced above-average returns within acceptable risk parameters, but have the resources and commitment to continue to deliver these results. We have set high standards for our investment managers and funds. This is a highly specialized, time consuming approach dedicated to one goal: competitive and consistent performance. Flexible Investment Options In order to meet the unique needs of our clients, we offer access to flexible implementation strategies: HighMark Plus utilizes actively managed mutual funds while Index Plus utilizes index-based securities, including exchange-traded funds. Both investment options leverage HighMark’s active asset allocation approach. Risk Management The portfolio is constructed to control risk through four layers of diversification – asset classes (cash, fixed income, equity), investment styles (large cap, small cap, international, value, growth), managers and securities. Disciplined mutual fund selection and monitoring process helps to drive return potential while reducing portfolio risk. WHY THE PARS DIVERSIFIED CAPITAL APPRECIATION PORTFOLIO? Q4 2021 * Returns less than one year are not annualized. **Breakdown for Blended Benchmark: 39.5% S&P500, 7.5% Russell Mid Cap, 10.5% Russell 2000, 5.25% MSCI EM (net), 10.25% MSCI EAFE (net), 16% Bloomberg US Agg, 3% ICE BofA 1-3 Yr US Corp/Gov’t, 1% ICE BofA US High Yield Master II, 2% Wilshire REIT, and 5% FTSE 1 Mth US T-Bill. To provide growth of principal. The major portion of the assets are invested in equity securities and market fluctuations are expected. Strategic Range Policy Tactical Equity 65 - 85%75%79% Fixed Income 10 - 30%20%20% Cash 0 - 20%5%1% ANNUALIZED TOTAL RETURNS (Gross of Investment Management Fees, but Net of Embedded Fund Fees) Consolidated Composite Current Quarter* 5.18% Blended Benchmark*,** 5.57% Year To Date* 14.96% Blended Benchmark*,** 15.83% 1 Year 14.96% Blended Benchmark** 15.83% 3 Year 17.30% Blended Benchmark** 17.62% 5 Year 12.15% Blended Benchmark** 12.36% 10 Year 10.83% Blended Benchmark** 11.15% PORTFOLIO FACTS Consolidated Composite Composite Inception Date 01/2009 No of Holdings in Portfolio 20 Efficient Frontier Risk (Standard Deviation) Re w a r d ( R a t e o f R e t u r n ) Conservative Moderately Conservative Moderate Capital Appreciation Balanced (Gross of Investment Management Fees, but Net of Embedded Fund Fees) Consolidated Composite 2008 N/A 2009 23.77% 2010 12.95% 2011 -1.35% 2012 13.87% 2013 20.33% 2014 6.05% 2015 -0.27% 2016 8.81% 2017 16.72% 2018 -5.82% 2019 22.62% 2020 14.50% 2021 14.96% _j HIGHMARK ® CAPITAL MANAGEMENT HIGHMARK CAPITAL MANAGEMENT 350 California Street Suite 1600 San Francisco, CA 94104 800-582-4734 ABOUT THE ADVISER HighMark®Capital Management, Inc. (HighMark) has over 100 years (including predecessor organizations) of institutional money management experience with $10.1 billion in assets under management and $10.1 billion in assets under advisement*. HighMark has a long term disciplined approach to money management and currently manages assets for a wide array of clients. ABOUT THE PORTFOLIO MANAGEMENT TEAMAndrew Brown, CFA® Senior Portfolio ManagerInvestment Experience: since 1994 HighMark Tenure: since 1997 Education: MBA, University of Southern California; BA, University of Southern California Salvatore “Tory” Milazzo III, CFA® Senior Portfolio Manager Investment Experience: since 2004 HighMark Tenure: since 2014 Education: BA, Colgate University J. Keith Stribling, CFA® Senior Portfolio Manager Investment Experience: since 1985HighMark Tenure: since 1995 Education: BA, Stetson University Christiane Tsuda Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2010 Education: BA, International Christian University, Tokyo Anne Wimmer, CFA® Senior Portfolio ManagerInvestment Experience: since 1987 HighMark Tenure: since 2007Education: BA, University of California, Santa Barbara Randy Yurchak, CFA® Senior Portfolio Manager Investment Experience: since 2002 HighMark Tenure: since 2017Education: MBA, Arizona State University; BS, University of Washington Asset Allocation Committee Number of Members: 17Average Years of Experience: 26 Average Tenure (Years): 14 Manager Review Group Number of Members: 8 Average Years of Experience: 20Average Tenure (Years): 9 *Assets under management (“AUM”) include assets for which HighMark provides continuous and regular supervisory and management services. Assets under advisement (“AUA”) include assets for which HighMark provides certain investment advisory services (including, but not limited to, investment research and strategies) for client assets of its parent company, MUFG Union Bank, N.A. The performance records shown represent a size-weighted composite of tax exempt accounts that meet the following criteria: Accounts are managed by HighMark with full investment authority according to the PARS Capital Appreciation active and passive objectives. The adviser to the PARS portfolios is US Bank, and HighMark serves as sub-adviser to US Bank to manage these portfolios. US Bank may charge clients as much as 0.60% annual management fee based on a sliding scale. US Bank pays HighMark 60% of the annual management fee for assets sub-advised by HighMark under its sub-advisory agreement with US Bank. The 0.36% paid to HighMark, as well as other expenses that may be incurred in the management of the portfolio, will reduce the portfolio’s returns. Assuming an investment for five years, a 5% annual total return, and an annual sub-advisory fee rate of 0.36% deducted from the assets at market at the end of each year, a $10 million initial value would growto $12.53 million after fees (Net-of-Fees) and $12.76 million before fees (Gross-of-Fees). Gross returns are presented before management and custodial fees but after all trading expenses and reflect the reinvestment of dividends and other income. A client's return will be reduced by the advisory fees and other expenses it may incur as a client. Additional information regarding the firm’s policies and procedures for calculating and reporting performance results is available upon request. Performance results are calculated and presented in U.S. dollars and do not reflect the deduction of investment advisory fees, custody fees, or taxes but do reflect the deduction of trading expenses. Returns are calculated based on trade-date accounting. Blended benchmarks represent HighMark’s strategic allocations between equity, fixed income, and cash and are rebalanced monthly. Benchmark returns do not reflect the deduction of advisory fees or other expenses of investing but assumes the reinvestment of dividends and other earnings. An investor cannot invest directly in an index. The unmanaged S&P 500 Index is representative of the performance of large companies in the U.S. stock market. The MSCI EAFE Index is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The ICE BofA US High Yield Master II Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Wilshire REIT index measures U.S. publicly traded Real Estate Investment Trusts. The unmanaged Bloomberg U.S. Aggregate Bond Index is generally representative of the U.S. taxable bond market as a whole. The ICE BofA 1-3 Year U.S. Corporate & Government Index tracks the bond performance of the ICE BofA U.S. Corporate & Government Index, with a remaining term to final maturity less than 3 years. The unmanaged FTSE 1-Month U.S. Treasury Bill Index tracks the yield of the 1-month U.S. Treasury Bill. HighMark Capital Management, Inc. (HighMark), an SEC-registered investment adviser, is a wholly owned subsidiary of MUFG Union Bank, N.A. (MUB). HighMark manages institutional separate account portfolios for a wide variety of for-profit and nonprofit organizations, public agencies, and public and private retirement plans. MUB, a subsidiary of MUFG Americas Holdings Corporation, provides certain services to HighMark and is compensated for these services. Past performance does not guarantee future results. Individual account management and construction will vary depending on each client’s investment needs and objectives. Investments employing HighMark strategies are NOT insured by the FDIC or by any other Federal Government Agency, are NOT Bank deposits, are NOT guaranteed by the Bank or any Bank affiliate, and MAY lose value, including possible loss of principal. 350 California Street Suite 1600 San Francisco, CA 94104 800.582.4734 www.highmarkcapital.com HOLDINGS STYLE Small Cap13.0% Interm-Term Bond16.6% High Yield1.3% Short-Term Bond 2.3% Large Cap Core23.3% Large Cap Growth8.7% Mid Cap6.4% Intl Stocks15.4% Cash1.0% Large Cap Value 10.0% Real Estate2.0% Holdings are subject to change at the discretion of the investment manager. HighMark Plus (Active)Index Plus (Passive) Columbia Contrarian Core I3 iShares Core S&P 500 ETF Vanguard Growth & Income Adm iShares S&P 500 Value ETF Dodge & Cox Stock Fund iShares S&P 500 Growth ETF iShares S&P 500 Value ETF iShares Russell Mid-Cap ETF Harbor Capital Appreciation – Retirement Vanguard Real Estate ETF T. Rowe Price Growth Stock - I iShares Russell 2000 Value ETF iShares Russell Mid-Cap ETF iShares Russell 2000 Growth ETF Vanguard Real Estate ETF iShares Core MSCI EAFE ETF Undiscovered Managers Behavioral Value-R6 Vanguard FTSE Emerging Markets ETF Victory RS Small Cap Growth - R6 Vanguard Short-Term Invest-Grade Adm DFA Large Cap International Portfolio iShares Core U.S. Aggregate Dodge & Cox International Stock Vanguard High-Yield Corp Adm MFS International Growth - R6 First American Government Obligations Z Hartford Schroders Emerging Markets Eq Vanguard Short-Term Invest-Grade Adm PIMCO High Yield Instl PIMCO Total Return Fund - Inst PGIM Total Return Bond - R6 DoubleLine Core Fixed Income - I First American Government Obligations Z April 30, 2022 STAFF REPORT Certificates of Participation (COP) Quarterly Report for the Period Ended March 31, 2022 Summary The Orange County Sanitation District (OC San) 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. There remains no variable interest rate COPs at OC San. Following are the current outstanding debt issues of OC San: In May 2010, OC San issued $80 million of fixed rate Build America Bonds (BABs), Series 2010A at a true interest cost of 3.68 percent for the issue. In December 2010, OC San issued $157 million of fixed rate BABs, Series 2010C at a true interest cost of 4.11 percent for the issue. In August 2014, OC San 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, OC San issued $127.51 million of fixed rate COPs, Series 2015A, refunding $152.99 million of the Series 2007B debt. The true interest cost for the issue is 3.30 percent. In March 2016, OC San issued $145.88 million of fixed rate COPs, 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, OC San 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 July 2021, OC San issued $133.51 million of fixed rate COPs, Series 2021A, refunding $61.575 million of the Series 2011A fixed rate debt and $102.2 million of the Series 2018A fixed rate debt. The true interest cost for the issue is 1.06 percent Quarterly COP Report For the Period Ended March 31, 2022 Page 2 of 2 In February 2022, OC San issued $81.62 million of fixed rate COPs, Series 2022A, refunding $100.645 million of the Series 2012A fixed rate debt and $6.67 million of the Series 2012B fixed rate debt. The true interest cost for the issue is 1.59 percent Additional Information The graph entitled, "COP Rate History Report,” shows the various fixed interest rates of the OC San’s eight debt issues. Attachment 1. Graph - COP Rate History Report 0.00 1.00 2.00 3.00 4.00 5.00 31 - M a r - 2 1 14 - A p r - 2 1 28 - A p r - 2 1 12 - M a y - 2 1 26 - M a y - 2 1 9-J u n - 2 1 23 - J u n - 2 1 7- J u l - 2 1 21 - J u l - 2 1 4-A u g - 2 1 18 - A u g - 2 1 1- S e p - 2 1 15 - S e p - 2 1 29 - S e p - 2 1 13 - O c t - 2 1 27 - O c t - 2 1 10 - N o v - 2 1 24 - N o v - 2 1 8- D e c - 2 1 22 - D e c - 2 1 5- J a n - 2 2 19 - J a n - 2 2 2-F e b - 2 2 16 - F e b - 2 2 2-M a r - 2 2 16 - M a r - 2 2 30 - M a r - 2 2 RA T E ( % ) DATE OC SAN COP RATE HISTORY REPORT MARCH 2022 Series 2010A Fixed Series 2010C Fixed Series 2014A Fixed Series 2015A Fixed Series 2016A Fixed Series 2017A Fixed Series 2021A Fixed Series 2022A Fixed I -........... ........... ~ ------------............. FY 2021-22 Third Quarter Financial Report This Page Intentionally Left Blank ORANGE COUNTY SANITATION DISTRICTFINANCIAL MANAGEMENT DIVISION 10844 Ellis Avenue Fountain Valley, California 92708-7018 714.962.2411 www.ocsan.gov 03/31/22 OC~SAN ORANGE COUNTY SANITATION DISTRICT ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2022-2297 Agenda Date:5/11/2022 Agenda Item No:3. FROM:James D. Herberg, General Manager Originator: Lorenzo Tyner, Assistant General Manager SUBJECT: GENERAL MANAGER APPROVED PURCHASES AND ADDITIONS TO THE PRE-APPROVED OEM SOLE SOURCE LIST GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Receive and file Orange County Sanitation District purchases made under the General Manager’s authority for the period of January 1, 2022 to March 31, 2022; and B. Approve the following additions to the pre-approved OEM Sole Source List for the period of January 1, 2022 to March 31, 2022: ·CARRIER CORPORATION - Carrier Corporation HVAC Products ·COOPER BESSEMER - LSVB Engine Training ·GATES FIBERGLASS INSTALLERS - On-site/Field Fiberglass Tank & Ducting Repairs ·TPC Training - TPC Online Training and Certification Program ·TRIMBLE WATER - Trimble Unity Software License BACKGROUND Staff provides the Administration Committee and the Board of Directors quarterly reports of General Manager approved and executed purchases between $50,000 and $100,000; maintenance and repair Services Task Orders between $50,000 and $300,000; and additions to the pre-approved OEM Sole Source List. The list of additions to the pre-approved OEM Sole Source List displays the original equipment manufacturers (OEM) added this quarter that require sole source procurement to maintain, service, or replace equipment currently in operation at Orange County Sanitation District (OC San) facilities because the parts and/or service can only be provided by the OEM or their designated representative. RELEVANT STANDARDS ·Quarterly financial reporting Orange County Sanitation District Printed on 5/3/2022Page 1 of 4 powered by Legistar™ OC6SAN ORANGE COUNTY SANITATION DISTRICT File #:2022-2297 Agenda Date:5/11/2022 Agenda Item No:3. ·Ensure the public’s money is wisely spent PRIOR COMMITTEE/BOARD ACTIONS December 2016 -Minute Order 12(b)authorized the General Manager to ratify additions or deletions to the OEM Sole Source list on the General Manager’s quarterly approved purchases agenda report. ADDITIONAL INFORMATION In accordance with Board purchasing policies,Ordinance No.OC SAN-56,the General Manager has authority to approve and execute purchases between $50,000 and $100,000.Below is a summary of General Manager approved purchases,in amounts exceeding $50,000,for the third quarter of fiscal year 2021-22: Vendor Name Amount Department Description/Discussion ADT COMMERCIAL LLC $71,384.60 Operations & Maintenance Blanket PO for Preventive Maintenance, Testing & Inspection of Portable Fire Extinguishers (Plants 1 & 2 And Pump Stations) 1/1/22 - 12/31/22 with 4 Optional 1- year Renewal Periods Specification No. S- 2021-1278 ARC DOCUMENT SOLUTIONS, LLC. $90,000.00 Administrative Services Blanket PO to Provide Managed Copy Center Services 1/1/22 - 12/31/23 with 3 Optional 1-year Renewal Periods Specification No. S-202001177BD BASIN VALVE COMPANY $60,000.00 Operations & Maintenance Blanket PO for Gas Compressor Pilot Operated Relief Valve Maintenance Program 4/1/22 - 3/31/23 with 4 Optional 1-year Renewal Periods Specification No. S-2022- 1311 CARBON ACTIVATED CORPORATION $70,000.00 Operations & Maintenance Carbon Media Replacement at the Plants 1 and 2 CenGen Facilities Sole Source Justification 2555 Reason: Unique Product/Service COOPER MACHINERY SERVICES LLC $50,386.36 Operations & Maintenance Purchase of Two (2) Hub Gear ZLSVB-16- 1E and Installation with OC San Provide Cam Shafts Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) COOPER MACHINERY SERVICES LLC $70,845.30 Administrative Services Stock Item Purchase of Thirty (30) Cooper Bessemer Check Valve Repair Kits and Thirty (30) Check Valve Assemblies Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) DEMARIA ELECTRIC MOTOR SERVICES, INC. $90,000.00 Operations & Maintenance Convenience Blanket PO for Urgent Off-Site Repairs at Plants 1 and 2, and Pump Stations 4/16/22 - 6/30/24 GM Article 2, Section 2.2 (b) (1) DOWNSTREAM SERVICES, INC. $54,364.00 Operations & Maintenance Wintersburg Channel Miller-Holder Siphon Assessment Specification No. CS-2021- 1285BD ENTERPRISE AUTOMATION $95,000.00 Engineering Provide Wonderware Support and Control System Programming,Testing and Commissioning Sole Source Justification 2561 Reason: Immediate Need due to Staff Retirements INTERTECH INCORPORATED $59,610.00 Operations & Maintenance Purchase of Modicon ProWorx NXT Programming Software for Modicon PLCs - Module 105 and On-Site Training for Instrumentation Staff Sole Source Justification 2519 Reason: Unique Product/Service LABWARE INC $80,000.00 Administrative Services Labware Implementation Consulting for New Functionality of LIMS including Testing and Documentation Board Approved OEM Sole Source List M.O. 12/14/16, Item 12 PARAMOUNT PLASTIC FABRICATORS $62,350.00 Operations & Maintenance Purchase and Delivery of one (1) Primary Treatment Scrubber Acid Tank Specification No. E-2021-1298 SOUTHERN COUNTIES LUBRICANTS $63,050.00 Operations & Maintenance Purchase of 5,000 Gallons (Bulk Oil) of Chevron 5200 Hdax Low Ash 40 for Plant 2 Specification No. DG-121698 STO ADVISORS LLC $75,000.00 Operations & Maintenance Blanket PO to Provide Interplant Gas Pipeline Compliance Consultant Services Sole Source Justification 2560 Reason: Unique Product/Service TETRA TECH INC IRVINE CA $93,300.00 Operations & Maintenance Blanket PO to Provide an HVAC Assessment for Infectious Aerosol Mitigation 2/15/22 - 4/27/22 Specification No. CS-2021-1247BD WESTAIR GASES & EQUIPT-EPA CALBRN GASES $80,000.00 Operations & Maintenance Blanket PO to Provide EPA Protocol Calibration Gas Cylinder Refills and Cylinder Demurrage at Plants 1 and 2 6/1/22 - 5/31/23 with 4 Optional 1-year Renewal Periods Specification No. C-2022-1310 Orange County Sanitation District Printed on 5/3/2022Page 2 of 4 powered by Legistar™ File #:2022-2297 Agenda Date:5/11/2022 Agenda Item No:3. Vendor Name Amount Department Description/DiscussionADT COMMERCIALLLC $71,384.60 Operations &Maintenance Blanket PO for Preventive Maintenance,Testing & Inspection of Portable FireExtinguishers (Plants 1 & 2 And PumpStations) 1/1/22 - 12/31/22 with 4 Optional 1-year Renewal Periods Specification No. S-2021-1278ARC DOCUMENTSOLUTIONS, LLC.$90,000.00 AdministrativeServices Blanket PO to Provide Managed CopyCenter Services 1/1/22 - 12/31/23 with 3Optional 1-year Renewal PeriodsSpecification No. S-202001177BDBASIN VALVECOMPANY $60,000.00 Operations &Maintenance Blanket PO for Gas Compressor PilotOperated Relief Valve Maintenance Program4/1/22 - 3/31/23 with 4 Optional 1-yearRenewal Periods Specification No. S-2022-1311CARBONACTIVATEDCORPORATION$70,000.00 Operations &Maintenance Carbon Media Replacement at the Plants 1and 2 CenGen Facilities Sole SourceJustification 2555 Reason: UniqueProduct/ServiceCOOPERMACHINERYSERVICES LLC $50,386.36 Operations &Maintenance Purchase of Two (2) Hub Gear ZLSVB-16-1E and Installation with OC San ProvideCam Shafts Board Approved OEM SoleSource List M.O. 8/23/17, Item 9(B)COOPERMACHINERYSERVICES LLC $70,845.30 AdministrativeServices Stock Item Purchase of Thirty (30) CooperBessemer Check Valve Repair Kits andThirty (30) Check Valve Assemblies BoardApproved OEM Sole Source List M.O.8/23/17, Item 9(B) DEMARIA ELECTRIC MOTOR SERVICES, INC. $90,000.00 Operations & Maintenance Convenience Blanket PO for Urgent Off-Site Repairs at Plants 1 and 2, and Pump Stations 4/16/22 - 6/30/24 GM Article 2, Section 2.2 (b) (1) DOWNSTREAM SERVICES, INC. $54,364.00 Operations & Maintenance Wintersburg Channel Miller-Holder Siphon Assessment Specification No. CS-2021- 1285BD ENTERPRISE AUTOMATION $95,000.00 Engineering Provide Wonderware Support and Control System Programming,Testing and Commissioning Sole Source Justification 2561 Reason: Immediate Need due to Staff Retirements INTERTECH INCORPORATED $59,610.00 Operations & Maintenance Purchase of Modicon ProWorx NXT Programming Software for Modicon PLCs - Module 105 and On-Site Training for Instrumentation Staff Sole Source Justification 2519 Reason: Unique Product/Service LABWARE INC $80,000.00 Administrative Services Labware Implementation Consulting for New Functionality of LIMS including Testing and Documentation Board Approved OEM Sole Source List M.O. 12/14/16, Item 12 PARAMOUNT PLASTIC FABRICATORS $62,350.00 Operations & Maintenance Purchase and Delivery of one (1) Primary Treatment Scrubber Acid Tank Specification No. E-2021-1298 SOUTHERN COUNTIES LUBRICANTS $63,050.00 Operations & Maintenance Purchase of 5,000 Gallons (Bulk Oil) of Chevron 5200 Hdax Low Ash 40 for Plant 2 Specification No. DG-121698 STO ADVISORS LLC $75,000.00 Operations & Maintenance Blanket PO to Provide Interplant Gas Pipeline Compliance Consultant Services Sole Source Justification 2560 Reason: Unique Product/Service TETRA TECH INC IRVINE CA $93,300.00 Operations & Maintenance Blanket PO to Provide an HVAC Assessment for Infectious Aerosol Mitigation 2/15/22 - 4/27/22 Specification No. CS-2021-1247BD WESTAIR GASES & EQUIPT-EPA CALBRN GASES $80,000.00 Operations & Maintenance Blanket PO to Provide EPA Protocol Calibration Gas Cylinder Refills and Cylinder Demurrage at Plants 1 and 2 6/1/22 - 5/31/23 with 4 Optional 1-year Renewal Periods Specification No. C-2022-1310 Additionally,in accordance with Board purchasing policies,Ordinance No.OC SAN-56,the General Manager has authority to approve and execute maintenance and repair Services Task Orders between $50,000 and $300,000.Below is a summary of General Manager approved maintenance and repair Services Task Orders,in amounts exceeding $50,000,for the third quarter of fiscal year 2021-22: Vendor Name Amount Department Description/Discussion J R FILANC CONSTRUCTION $83,985.00 Operations & Maintenance P2 Activated Sludge Clarifiers D & K Repairs Specification No. TOB-2021-1291 of Master Service Contract S-2021-1234BD-2 JAMISON ENGINEERING CONTRACTORS INC $89,500.00 Operations & Maintenance P2 Digester O Structural Repairs Specification No. TOB-2022-1308 of Master Service Contract S-2021-1234BD-3 O'CONNELL ENGINEERING & CONSTRUCTION INC $115,450.00 Operations & Maintenance Digester “Q-R” Bridge Temporary Shoring at Plant 2 Specification No. TOB-2021-1295-R of Master Service Contract S-2018-942BD-5 Orange County Sanitation District Printed on 5/3/2022Page 3 of 4 powered by Legistar™ File #:2022-2297 Agenda Date:5/11/2022 Agenda Item No:3. Vendor Name Amount Department Description/Discussion J R FILANC CONSTRUCTION $83,985.00 Operations & Maintenance P2 Activated Sludge Clarifiers D & K Repairs Specification No. TOB-2021-1291 of Master Service Contract S-2021-1234BD-2 JAMISON ENGINEERING CONTRACTORS INC $89,500.00 Operations & Maintenance P2 Digester O Structural Repairs Specification No. TOB-2022-1308 of Master Service Contract S-2021-1234BD-3 O'CONNELL ENGINEERING & CONSTRUCTION INC $115,450.00 Operations & Maintenance Digester “Q-R” Bridge Temporary Shoring at Plant 2 Specification No. TOB-2021-1295-R of Master Service Contract S-2018-942BD-5 ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/3/2022Page 4 of 4 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2022-2271 Agenda Date:5/11/2022 Agenda Item No:4. FROM:James D. Herberg, General Manager Originator: Lorenzo Tyner, Assistant General Manager SUBJECT: IBM TIVOLI MAXIMO AND WEBSPHERE (ENTERPRISEONE) ANNUAL SUBSCRIPTION AND SUPPORT, SPECIFICATION NO. S-2019-1045BD GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a contingency increase of $10,472 (6.03%) to the IBM Tivoli Maximo and Websphere (EnterpriseOne) Annual Subscription and support contract with Dataskill, Specification No. S- 2019-1045BD, for the period July 1, 2022 through June 30, 2023, for a new total contingency amount not to exceed $36,538 (21.03%); and B. Approve an annual contingency of $34,754 (20%) for one remaining renewal period. BACKGROUND In May 2019, the Board of Directors awarded a contract to Dataskill for the IBM Tivoli Maximo and Websphere (EnterpriseOne) Annual Subscription and support, Specification No. S-2019-1045BD, for a total amount not to exceed $173,774 for the period July 1, 2020 through June 30, 2021, with four one-year renewal options, and a contingency amount of $26,066 (15%). Additional funds are needed to cover the purchase of an additional Maximo Spatial License and increase in licensing cost. The additional funding request is for the current contract period which will increase the contingency to 21.03% and an additional 20% from the subsequent contract year. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Maintain a culture of improving efficiency to reduce the cost to provide the current service level or standard ·Protect OC San assets ·Maintain a proactive asset management program Orange County Sanitation District Printed on 5/3/2022Page 1 of 2 powered by Legistar™ OC6SAN ORANGE COUNTY SANITATION DISTRICT File #:2022-2271 Agenda Date:5/11/2022 Agenda Item No:4. PROBLEM The current not to exceed IBM Tivoli Maximo and Websphere (EnterpriseOne)Annual Subscription and support Contract authorization of $173,774,plus the $26,066 contingency for the July 1,2021 through June 30,2022 period,is insufficient to cover the additional $10,472 of licensing costs because of priory contingency expenditures for licensing. PROPOSED SOLUTION Approve a contingency increase to the service contract to cover the additional licensing costs. TIMING CONCERNS License needs to be renewed before June 30,2022,to be in compliance with IBM’s licensing agreement. RAMIFICATIONS OF NOT TAKING ACTION Without an increased amount,OC San will not be able to purchase the required licenses to be in compliance with IBM’s licensing agreement. PRIOR COMMITTEE/BOARD ACTIONS May 2019 -Approved an Annual Purchase Order Contract with Dataskill,Inc.for the renewal of software licensing and maintenance for IBM Maximo and Websphere,for an amount not to exceed $173,744,for the period beginning July 1,2019 through June 30,2020,with four (4)one-year renewal options; and approved a contingency of $26,066 (15%). ADDITIONAL INFORMATION N/A CEQA N/A FINANCIAL CONSIDERATIONS This request complies with authority levels of OC San’s Purchasing Ordinance.This item has been budgeted. (FY2020-21 & 2021-22 Budget, IT Operating Budget (Section 6 Page 35)). ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/3/2022Page 2 of 2 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2022-2258 Agenda Date:5/11/2022 Agenda Item No:5. FROM:James D. Herberg, General Manager Originator: Celia Chandler, Director of Human Resources SUBJECT: PURCHASE OF SCBA AND SUPPLIED AIR SYSTEMS GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: A. Approve a Sole Source Purchase Order with Mallory Safety and Supply LLC for the purchase of self-contained breathing apparatus (SCBA) and supplied air systems, using the OMNIA Partners, Public Sector Cooperative Contract No.159498, for a total amount not to exceed $169,000; and B. Approve a contingency of $5,070 (3%). BACKGROUND The Orange County Sanitation District (OC San) maintenance and collections staff routinely enter confined spaces, which are characterized by the following: 1) large enough and so configured that an employee can bodily enter and perform assigned work; 2) has limited or restricted means for entry/exit; and 3) is not designed for continuous employee occupancy. Confined spaces at OC San include sewers, clarifiers, vaults, pits, etc., and they have the potential for low oxygen, hydrogen sulfide, and other toxic vapors that are dangerous and pose a risk to life and health if appropriate safety measures are not implemented. OC San relies on the SCBA and supplied air systems to safely enter confined spaces for inspection, repair, and emergency rescue. OMNIA Partners is the largest purchasing organization for the public sector. It is comprised of the two leading cooperative purchasing organizations: U.S. Communities and National IPA. The collective buying power of these two cooperatives delivers best value and large cost savings for public agencies nationwide. Contracts through this organization have all been competitively solicited through the Request for Proposal (RFP) process, evaluated for best value using best industry practices, and publicly awarded by a government entity acting as the lead agency. The Mallory Safety and Supply LLC Contract was initially awarded via U.S. Communities with The Port of Portland as the Principal Procurement Agency. RELEVANT STANDARDS ·Comply with Cal OSHA safety orders for confined spaces Orange County Sanitation District Printed on 5/4/2022Page 1 of 3 powered by Legistar™ OC6SAN ORANGE COUNTY SANITATION DISTRICT File #:2022-2258 Agenda Date:5/11/2022 Agenda Item No:5. ·Comply with OC San SOP-604 on confined space ·Provide a safe and collegial workplace ·Participate in local, state, and national cooperative purchasing agreements PROBLEM OC San currently utilizes SCBA and supplied air systems manufactured by Honeywell.Due to Honeywell’s discontinuation of their the SCBA products and equipment,OC San is unable to maintain its existing inventory of SCBA equipment and purchase the associated respiratory masks and equipment as inventory is depleted.Additionally,OC San is unable to repair the equipment to good operating condition or purchase new respirators that are compatible for these systems based on low supplies from authorized distributors. PROPOSED SOLUTION Approve a Sole Source Purchase Order to procure new SCBA and supplied air systems to replace obsolete equipment. TIMING CONCERNS Operation disruptions are possible if OC San staff are not properly equipped with SCBA and supplied air system to enter confined spaces.Additionally,OC San will achieve cost savings by replacing its inventory of the SCBA and supplied air systems in the immediate future as the vendor is expected to raise its prices in mid-June. RAMIFICATIONS OF NOT TAKING ACTION OC San staff will not be able to enter confined spaces to maintain and repair equipment resulting in treatment equipment being out of service,reduction in treatment capacity,and/or requiring maintenance and collections to outsource additional work to authorized and trained contractors. PRIOR COMMITTEE/BOARD ACTIONS N/A ADDITIONAL INFORMATION N/A CEQA N/A FINANCIAL CONSIDERATIONS This request complies with authority levels of OC San’s Purchasing Ordinance.This item has been budgeted (FY2020-21 & 2021-22 Budget, Section 6 - Page 20 Professional Services - Other). Orange County Sanitation District Printed on 5/4/2022Page 2 of 3 powered by Legistar™ File #:2022-2258 Agenda Date:5/11/2022 Agenda Item No:5. ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 5/4/2022Page 3 of 3 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2022-2289 Agenda Date:5/11/2022 Agenda Item No:6. FROM:James D. Herberg, General Manager Originator: Lorenzo Tyner, Assistant General Manager SUBJECT: INSURANCE RENEWAL MARKET OVERVIEW GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Alliant Insurance Services is the broker for the Orange County Sanitation District (OC San) and is working on the 2022-23 insurance renewal. Alliant is in the process of soliciting quotes for the various types of insurance carried by OC San and evaluating the market. They will provide an update and presentation on the current market conditions at the May Committee meeting with final quotes being presented at the June Committee meeting. PRIOR COMMITTEE/BOARD ACTION At the February 2022 Administration Committee meeting, staff provided an informational presentation on OC San’s major insurance policies which included the following. OC San’s budget provides funds for the renewal of the following four (4) major insurances for OC San operations: 1)Excess General Liability Insurance The OC San Excess General Liability Insurance Program is currently provided through the Alliant National Municipal Liability Program (ANML). OC San has participated in the ANML, and its predecessor namesake, the California Municipal Excess Liability Program (CAMEL), since FY 1996-97. This program currently provides OC San with a $40 million dollar limit of comprehensive coverage for municipal liability, bodily injury and property damage, and personal injury. The program was structured to also include Employment Practices and Public Officials Errors & Omissions coverage. The $40 million dollar coverage has a self-insured deductible of $750,000. Since 1997, the Employment Practices portion of coverage has been enhanced from a $2 million dollar sub-limit to the full policy limit of $40 million dollars. As part of the renewal process, OC San will look at various retention and coverage levels for Orange County Sanitation District Printed on 5/4/2022Page 1 of 3 powered by Legistar™ OC6SAN ORANGE COUNTY SANITATION DISTRICT File #:2022-2289 Agenda Date:5/11/2022 Agenda Item No:6. As part of the renewal process,OC San will look at various retention and coverage levels for the Excess General Liability Program that will provide the most effective coverage at the best value to OC San. 2)Excess Workers’ Compensation The Excess Workers’Compensation insurance coverage is with the Public Risk Innovation, Solutions,and Management (PRISM).OC San has participated in this program or its predecessor since 2003.The Excess Workers’Compensation program currently provides “Statutory”(unlimited)coverage with a self-insured retention (SIR),or deductible,of $1 million dollars. The use of Excess Workers’ Compensation Insurance dates back to the late 1980’s. 3)All-Risk Property and Flood Insurance (Includes Boiler & Machinery Insurance) The All-Risk Property and Flood Insurance Program (Property Insurance)provides comprehensive coverage for much of OC San’s real and personal property and business interruption from perils including fire and flood.The most significant peril excluded is earthquake (insured separately), as is the peril of pandemic. To obtain property insurance,OC San participates in the Alliant Public Entity Property Insurance Program (APIP),a group-purchase insurance program with thousands of public entity participants.In operation since the ‘90s,the program provides extreme buying power for public agencies with a breadth of coverage not found in the open commercial insurance market.For OC San,current Property Insurance limits are $1 billion dollars for most perils other than flood,and $25 million dollars for flood,with many sub-limits for various situations. Earthquake coverage is purchased separately for specific buildings.In order to reach $1 billion dollars in limits,the broker had to arrange for more than a dozen different insurers.The SIR is $500,000 per occurrence for most types of losses. The Boiler &Machinery Insurance Program,part of the property insurance,provides comprehensive coverage for loss caused by machinery breakdown and explosion of steam boilers or other covered process equipment,including damage to the equipment itself and damage to other property caused by covered accidents.The current Boiler &Machinery Insurance Program provides coverage of $100 million dollars per occurrence with deductibles ranging from $25,000 to $350,000 for losses caused by covered machinery breakdown (e.g., motors,steam turbines,digesters,co-gen engines).Damages to the equipment,as well as damages to other property and improvements caused by the machinery breakdown,are covered by the Boiler &Machinery Insurance.This program augments OC San’s All-Risk Property Insurance that covers perils such as fire and flood. As part of the renewal process,OC San will look at various retention and coverage levels for the All-Risk Property and Flood Insurance that will provide the most effective coverage at the best value to OC San. 4)Earthquake Insurance OC San purchases a separate earthquake policy with limits of $25 million on specific buildings valued at ~$160 million deemed to be important to the operations of OC San.The goal of the purchase is to provide limited coverage for the peril of earthquake in a manner that is relatively inexpensive so as to not put an excessive burden on the budget.From time to time OC San considers adding structures to the earthquake insurance schedule. Orange County Sanitation District Printed on 5/4/2022Page 2 of 3 powered by Legistar™ File #:2022-2289 Agenda Date:5/11/2022 Agenda Item No:6. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Stable rates, no large foreseen rate increases ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Presentation Orange County Sanitation District Printed on 5/4/2022Page 3 of 3 powered by Legistar™ 5/4/2022 1 May 11, 2022 Presented by: Alliant Insurance Services State of the Public Entity Insurance Market & OC San Renewal Expectations (THIS INFORMATION HAS BEEN CONSOLIDATED FROM VARIOUS INDUSTRY SOURCES) Presentation Overview Highlights  The New Reality – Evolving Risks  Toward the Future  Renewal Expectations 2 1 2 • • • • 5/4/2022 2 3 Highlights Global insured catastrophe losses in the year 2021 are expected to rise to $112 billion, the fourth highest on record, with Hurricane Ida being the main loss-making event, according to an estimate by Swiss Re Institute. U.S. Wildfires, Storms, and ‘Social Inflation’ continue to create intense pressure on insurers, causing insured losses in the billions, and while COVID -19 has of course added new types of losses to the mix, more so, it created additional uncertainty which has added to an already challenging insurance marketplace. Winter storm Uri caused an estimated USD $20 billion insured losses in the U.S., the highest ever recorded for this peril in the country. Source: A.M. Best, ISO, Verisk, Property Casualty Insurers Association of America (PCI) 4 Key Industry Metrics •The industry’s 2021 combined ratio of 99.6%deteriorated from 2020’s 98.4%. •Policyholder surplus grew 13.6% in 2021 to $1 trillion. An all time high. •The U.S. property and casualty insurance industry recorded a $4.1 billion net underwriting loss last year, as rising losses and underwriting expenses outweighed premium growth. •The industry saw an 8.5% increase in net investment income and an additional $1.9 billion in other income. Signs point to a healthy, yet unsettled, insurance market, due to the unknowns of COVID-19 Variants, inflation, weather extremes, sea level rise, wildfires, catastrophic losses, social inflation and investment earnings. All remain areas of concern for insurers. Source: A.M. Best, ISO, Verisk, Property Casualty Insurers Association of America (PCI) 3 4 1/iant 1/iant 5/4/2022 3 Impact of Natural Catastrophes 5 6 5 6 Western WIidfires 2021 California Floodilg and Se-11l<e Weathef Jaooaiy 24-29 U.S. 2021 Billion-Dollar Weather and Climate Disasters Cent,al Severe Weather Mrdwesl Oelecho and July 8-11 ~ Tornado Outbreak . ~-" Wildfi_ir_e __ Win_ ter Stam/Cold Wave J ,-----• Central Severe Wealhe< June 24-26 Ohio Valey Hai Storms June 17-\8 Tornado Outbreal December 10 Western llroughl -------~ : Soulheasl Central '--------e Eastern Se\'818 Wealher Ma«:h27-28 and Heat Wave 2021 ~------Sootlleas1 Tomadoes and Severe Weather Ma«:h24-25 ". TropbtStoonFre<l ---~ August 16-18 l $outhem Tomadoes and ". Tropical Sloon Elsa Soultoeast Se-11l<e Wealher July 7-9 May2-4 Humcaoe Ida August 29-Seplembe< 1 1/iant 5/4/2022 4 7 Wildfires “The total damage and cumulative economic loss for the 2021 wildfire season is  expected to be between $70 billion and $90 billion in the U.S. with $45 billion to  $55 billion of those damages to California alone.” (AccuWeather) Insured losses from wildfires in the U.S. have exceeded $13 billion and economic  losses have topped $20 billion in three of the last four years, according to Aon. 8 Earthquakes Not to be overlooked, Earthquakes areinevitable and can happen at any time. Economic impacts of an earthquake can bedevastating on first party property, andexpected business revenues. 7 8 lliant 5/4/2022 5 9 The New Normal 10 The Landscape Insurance Landscape: 1. Markets have contracted 2. Underwriting has become more conservative 3. Variability further challenges the market Workforce: 1. Remote work: new normal for many 2. Job mobility 3. Vaccination/pandemic concerns Society: 1. Polarization  2. Worldwide focus on climate impacts 9 10 1/iant 5/4/2022 6 11 What are Risk Manager’s Concerns? 12 Cyber Facts Cyber ranks as the top business concern Of 1,200 business leaders who participated in a national survey, 59% said they  worry some or a great deal about cyber, compared to medical cost inflation (53%)  and increasing employee benefit costs (53%).  2018 $8 Billion 2019 $11.5 Billion 2020 $20 Billion Estimated global damage from ransomware. 11 12 The most important global business risks for 2022 Allianz Risk Barometer 2022 Based on the insight of 2,650 risk monogement experts from 89 countries and territories (X of responses). Figures do not odd up to lOOX as up to three risks could be selected Cyber incidents Business interruption Natural catastrophes Pandemic outbreak Changes in legislation and regulation Climate change Fire, explosion Market developments Shortage of skilled workforce I Macroeconomic developments I AGCS News & Insights Cyber Liability Insurance- the "Must-Have" Coverage Source: Allianz Global Corporate & Spec11.. .... lliant lliant 5/4/2022 7 13 Minimum Privacy and Security Standards •Multi Factor Authentication – 100% Implemented  •Endpoint protection, detection, and response product implemented enterprise  wide with 24/7/365 response •Remote Desktop Protocol connections enabled •Backups  •Planning and Training  •Critical and high severity patches installed within 1‐7 days •Adequate end of life software Without good controls,  coverage is extremely limited!  14 Aging Infrastructure - 2021 13 14 /liant 5/4/2022 8 15 Toward the Future 15 16 Liability Renewal Outlook •Excess liability market:  •Severity trends continue, which gives reason to expect continued hard market conditions with carriers providing lower limit options. •The market has hardened considerably for the past three renewal cycles, and at current premium levels the path forward is unclear and likely account specific (losses).  •Specific problem areas: •Aggregate limits – pools should consider impact to shared risk layers with reinsurance •Attachment point •Overall capacity issues when trying to build a large limit program •Underwriting focus: •Law Enforcement  •Sexual Abuse & Molestation •Wildfire Liability 15 16 1/iant 5/4/2022 9 17 Property Renewal Outlook •Continued scrutiny of client data (SOV, loss runs, COPE, etc.) •Building materials •Date of construction / building codes  •Environment •Values Reporting and Trending •Higher than average trend factors •Labor shortages, material costs, supply chain interruption •Increased retentions and caps on certain types of exposure •Wildfire •Silent Cyber •Market Stabilizing •Rates continue to be moderating, dependent on loss experience; along with the accepted values trending 18 Cyber Renewal Outlook •Continued Rate Pressure on Cyber placements •Premium increases vary by industry segment. •Push for increased retentions •Expect sub‐limits, particularly for ransomware losses •Underwriting scrutiny on network security •Minimum standards. •Many carriers will no longer write public entities or pools 17 18 lliant lliant 5/4/2022 10 19 Workers Compensation Outlook •Relatively stable, more stable than other lines •Premium increases vary by industry segment and loss experience. •Full impact of COVID has not reached this line of business •While rate increases are still in the single digit range –we are beginning to carriers increase rates in the low double digit range •Loss Data and reserving methods are more important than ever due to adverse development. Coverage for damages to third  parties arising out of District  negligence or statutory obligations.   Includes: General Liability Automobile Liability Marine Liability Cyber Liability Pollution Liability Workers Compensation  Public Entity Errors and Omissions  $40MM Limit, $750,000 retention Liability & Workers Comp. 20 Property Insurance Coverage for Districts’ property arising  from “all risk” perils.  Includes: Boiler and Machinery Flood Earthquake  Terrorism Hull Other Misc.   $800,000,000 in Limits Various Sublimits $500,000 deductible, generally Overview of OC San’s Insurance Program  All coverage provided on an “Occurrence” Basis 19 20 lliant lliant 5/4/2022 11 2022 Renewal Expectations At expiring limits and deductible structure… Generally, conservative numbers are delivered at this point in time, but unlike last year where the was a high degree of uncertainty about the outer limits of cost, these figures are safe “NTE” numbers in the current environment 21 Excess Liability Total Cost 2021 Est. Cost 2022 Limit 40,000,000 40,000,000 - 0% Self-Insured Rentention 750,000 750,000 - 0%$10MM - Great American 442,842 531,411 88,568 20% $20MM - Berkley National 302,419 362,903 60,484 20% Arch $5MM Part of $20MM 54,590 65,508 10,918 20% $10MM - Great American Custom 87,500 105,000 17,500 20% Total Cost 887,351 1,064,822 177,470 20% Excess Workers' Comp Total Cost 2021 Est. Cost 2022 Payroll 79,958,707 81,881,299 1,922,592 2% Limit Statutory Statutory N/A N/A Rate Per $100 0.34 0.42 0.08 23% Self-Insured Retention 1,000,000 1,000,000 - 0% Total Cost 266,355 343,000 76,645 29% Property (incl. B&M) Total Cost 2021 Est. Cost 2022 Values 2,222,240,711 2,378,199,811 155,959,100 7% A/R Limit 800,000,000 800,000,000 - 0% Flood Limits 25M/25M 25M/25M - 0% A/R Deductible 500,000 500,000 - 0% Flood Deductible 1,000,000 1,000,000 - 0% Boiler Limit/Deductibles 100M/25k/Vrs 100M/25k/Vrs - 0%Rate Per $100 0.06 0.07 0.01 15% Total Cost Including Rebated Comm.* 1,424,276 1,752,868 328,592 23% Earthquake Total Cost 2021 Est. Cost 2022 Values 109,091,054 116,727,428 7,636,374 7% Rate Per $100 0.10 0.11 0.01 10% Deductibles 5% $5MM Min 5% $5MM Min N/A N/A Total Cost 112,087 131,927 19,839 18% Total Cost - Board Items 2,690,070 3,292,617 602,547 22% Change - Dollars/Percent Change - Dollars/Percent Change - Dollars/Percent Property Estimated Year over Year Total Cost Results Change - Dollars/Percent As of 5-03-22 May 2022 Contacts for Questions: dmulqueeney@alliant.com Thank you! Questions? Please contact us if you would like a copy of this presentation. 21 22 I I I I I ! ! ! - ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2022-2303 Agenda Date:5/11/2022 Agenda Item No:7. FROM:James D. Herberg, General Manager Originator: Kathy Millea, Director of Engineering SUBJECT: CAPITAL IMPROVEMENT PROGRAM (CIP) PROPOSED BUDGET FOR FY 2022-23 & 2023-24 GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Staff will present the proposed Capital Improvement Program (CIP) budget to be included in the upcoming Fiscal Year 2022-23 & 2023-24 Budget recommendation. RELEVANT STANDARDS ·Protect OC San assets ·Ensure the public’s money is wisely spent ATTACHMENT The following attachment(s) may be viewed on-line at the OC San website (www.ocsan.gov) with the complete agenda package: ·Presentation AN:sa Orange County Sanitation District Printed on 5/2/2022Page 1 of 1 powered by Legistar™ OC6SAN ORANGE COUNTY SANITATION DISTRICT 5/4/2022 1 Capital Improvement Program (CIP)  Proposed Budget for FY2022‐23 & 23‐24 Presented by: Eros Yong  Engineering  Manager Administration  Committee  May 11, 2022 FY 2022‐23 & 23‐24  Budget 2 Board Presentations: February – Budget Assumptions, Insurance Overview March – Revenue, Reserves April –Operational Expenditures  May – Capital Improvement Program June –Board adopts FY 2022‐23 & 23‐24 Budget 1 2 5/4/2022 2 3 FY 2021-22 CIP Activities $202 million Planning 7% Design 34% Construction 59% New Design Contracts 10 Totaling $38 M New Construction Contracts 25 Totaling $100 M FY 2021‐22 CIP Performance Performance Measure Goal Performance  Projection Net CIP Outlay 85% ‐105% ($191M‐$236M) 90%  ($202M) Non‐Construction Cost (% of Construction Costs)< 37.5%35.0% Cumulative Change Order Rate < 5%5.8% 4 3 4 $202 million 5/4/2022 3 0 50 100 150 200 250 300 350 400 Mi l l i o n s Ref:  FY 2022‐23 & 23‐24 Budget, Section 4 5 10‐Year Net CIP Outlay: $3.08B 0 50 100 150 200 250 300 350 400 Mil l i o n s Projected FY 2022‐23 Proposed Net CIP Outlay FY2021‐22 Approved Net CIP Outlay Ref:  FY 2022‐23 & 23‐24 Budget, Section 4 6 10‐Year Net CIP Outlay: $3.08B 5 6 -Projected -FY 2022-23 Proposed Net CIP Outlay --..... 5/4/2022 4 0 50 100 150 200 250 300 350 400 Mi l l i o n s Projected FY 2022‐23 Proposed Net CIP Outlay FY2021‐22 Approved Net CIP Outlay Ref:  FY 2022‐23 & 23‐24 Budget, Section 4 7 10‐Year Net CIP Outlay: $3.08B $95M Decrease Over 5 Years $21M Decrease Over 10 Years 8 Total  CIP Budget Authority Ref:  FY 2021‐22 Budget, Appendix A & FY 2022‐23 & 23‐24 Budget, Section 8 Total CIP Budget Authority Budget FY 22‐23 Proposed Total CIP Budget Authority $4.289 billion  FY 21‐22 Approved Total CIP Budget Authority $4.254 billion Net Change $35 million (0.8%) 7 8 --..... 5/4/2022 5 9 Total  CIP Budget Authority Ref:  FY 2022‐23 & 23‐24 Budget, Section 8 Net Change $35 million Proposed New Projects $98 million  Proposed Project Budget Increases $261 million Proposed Project Budget Decreases ‐$133 million Proposed Project Cancellations/Closures ‐$192 million $359M ‐$324M 10 New Projects Ref:  FY 2022‐23 & 23‐24 Budget, Section 8 Project  No.Project Name Proposed Budget Start Date P1‐141 Administrative Facilities and Power Building 3A Demolition $8.9 M 2023 J‐137 120‐inch Ocean Outfall Rehabilitation $65 M 2023 P2‐140 Truck Loading Bay Odor Control Improvements at Plant No. 2 $7.6 M 2024 2‐78 Santa Ana Canyon South River Trunk Rehabilitation $16.3 M 2024 9 10 5/4/2022 6 11 Top  Budget Increases Ref:  FY 2022‐23 & 23‐24 Budget, Section 8 Project Proposed  Budget P2‐128 TPAD Digester Facility at Plant No.2 $475 M P2‐133 B/C‐Side Primary Sedimentation Basins Rehabilitation at Plant No. 2 $306 M P1‐126 Primary Sedimentation Basins No. 3‐5 Replacement at Plant No. 1 $183 M 5‐67 Bay Bridge Pump Station Replacement $106 M 3‐64 Rehabilitation of Western Regional Sewers $101 M J‐133 Laboratory Rehabilitation/Replacement at Plant No 1 $100 M Ref:  FY 2022‐23 & 23/24 Budget, Section 8 12 Top  Budget Decreases Project Proposed  Budget P2‐138 Operations and Maintenance Complex at Plant No. 2 $84 M P2‐119 Central Generation Rehabilitation at Plant No. 2 $53 M P1‐127 Central Generation Rehabilitation at Plant No. 1 $33 M 11 12 5/4/2022 7 0 50 100 150 200 250 300 350 400 Mi l l i o n s Projected FY 2022‐23 Proposed Net CIP Outlay Ref:  FY 2022‐23 & 23‐24 Budget, Section 4 13 10‐Year Net CIP Outlay: $3.08B 0 50 100 150 200 250 300 350 400 Mil l i o n s Projected FY 2022‐23 Proposed Net CIP Outlay Ref:  FY 2022‐23 & 23‐24 Budget, Section 4 14 10‐Year Net CIP Outlay: $3.08B $268 million 13 14 ■ ■ ■ ■ 5/4/2022 8 15 Projected FY 2022-23 Net CIP Outlay $268 million Planning 9% Design 11% Construction 80% Ref:  FY 2022‐23 & 23‐24 Budget, Section 8 Rehabilitation and  Replacement 68% Strategic  Initiatives 16% Additional Capacity 4% Regulatory 12% 0 50 100 150 200 250 300 350 400 FY 2 2 ‐23 FY 2 3 ‐24 FY 2 4 ‐25 FY 2 5 ‐26 FY 2 6 ‐27 FY 2 7 ‐28 FY 2 8 ‐29 FY 2 9 ‐30 FY 3 0 ‐31 FY 3 1 ‐32 FY 3 2 ‐33 FY 3 3 ‐34 FY 3 4 ‐35 FY 3 5 ‐36 FY 3 6 ‐37 FY 3 7 ‐38 FY 3 8 ‐39 FY 3 9 ‐40 FY 4 0 ‐41 FY 4 1 ‐42 Mi l l i o n s    ($ ) 16 20‐Year  Net CIP Outlay: $6 Billion Ref:  FY 2022‐23 & 23‐24 Budget, Section 4 10‐Year CIP 15 16 $268 Ilion 5/4/2022 9 0 50 100 150 200 250 300 350 400 FY 1 2 ‐13 FY 1 3 ‐14 FY 1 4 ‐15 FY 1 5 ‐16 FY 1 6 ‐17 FY 1 7 ‐18 FY 1 8 ‐19 FY 1 9 ‐20 FY 2 0 ‐21 FY 2 1 ‐22 FY 2 2 ‐23 FY 2 3 ‐24 FY 2 4 ‐25 FY 2 5 ‐26 FY 2 6 ‐27 FY 2 7 ‐28 FY 2 8 ‐29 FY 2 9 ‐30 FY 3 0 ‐31 FY 3 1 ‐32 FY 3 2 ‐33 FY 3 3 ‐34 FY 3 4 ‐35 FY 3 5 ‐36 FY 3 6 ‐37 FY 3 7 ‐38 FY 3 8 ‐39 FY 3 9 ‐40 FY 4 0 ‐41 FY 4 1 ‐42 Mi l l i o n s  ($ )   Actual Proposed Net CIP Outlay 17 Annual CIP Outlay –Next 20 Years Ref:  FY 2022‐23 & 23‐24 Budget, Section 4 18 Proposed Staff Positions  Construction Management Position FY 21‐22 FY 22‐23 Manager 1 1 Engineering Supervisor 2 3 Senior Engineer 3 4 Engineer 7 8 Associate Engineer 2 2 Inspection Supervisor 3 3 Senior Inspector 6 7 Inspector 11 14 Support Staff 3 3 Admin/Clerical 4 4 TOTAL 42 49 17 18 ■ ■ 11fttdtl 5/4/2022 10 19 Operating Expenses Grow with Inflation $0 $50 $100 $150 $200 $250 $300 $350 $400 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Expenditure Summary ($M) Operating CIP Debt Service/Other Budget Projected Proposed            Proposed 21‐22      21‐22 22‐23 23‐24 Salaries, Wages & Benefits $ 108.1 $ 106.9 $ 112.8 $ 118.1 Materials, Supplies & Services 97.6 98.3 109.1 113.1  Cost Allocation (21.7) (21.5) (20.8) (21.6) Net Operating Costs $ 184.0 $ 183.7 $ 201.1 $ 209.6 % Change from Projected                    9.5%          4.2% % Change from Budget 9.3% 4.2% SUMMARY 20 19 20 5/4/2022 11 EXPENSE OVERVIEW 21 Description 2021-22 Budget 2021-22 Projected 2022-23 Proposed % Change 2023-24 Proposed % Change Salaries, Wages & Benefits $ 108.1 $ 106.9 $ 112.8 5.5% $ 118.1 4.7% Repairs & Maintenance 29.7 34.8 32.1 -7.8% 33.8 5.3% Operating Materials & Supplies 22.0 21.8 24.3 11.5% 26.0 7.0% Contractual Services 19.1 17.6 20.1 14.2% 21.3 6.0% Utilities 9.3 10.9 12.8 17.4% 12.6 -1.6% Professional Services 6.9 5.2 7.8 50.0% 7.6 -2.6% Other 10.6 8.0 12.0 50.0% 11.8 -1.7% Total Non-Salary 97.6 98.3 109.1 11.0% 113.1 3.7% Total Before Allocation 205.7 205.2 221.9 8.1% 231.2 4.2% Cost Allocation (21.7) (21.5) (20.8) -3.3% (21.6) 3.8% Net Operating Requirements $ 184.0 $ 183.7 $ 201.1 9.5% $ 209.6 4.2% 2022-23 and 2023-24 Budget Development - Expense Summary (In Millions) Projected Rates Less than Projected Inflation 22 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Projected Rates Increases vs.  Historical Inflation OC San Inflation 21 22 5/4/2022 12 23 Rates Questions ? 24 23 24 Los Angel es County CityofFresno Irvine Ranch Water District Oro Lom.i Sanit.iry District Orange County Sanitation District Or.inge Countv Sanit.ition District SacramentoCOIXlty Cityof Hayward East Bay MUD Dl.OlinSanl\.imonServicesOistrict Union Sanitary District CityofS.anDiego City of Los Angeles Centr.il Contra Cos1.i Sari1.iry District Vallejo Sanitation/Rood Control District San Francisco s- Annual Single Family Residential Rates (July 2021) , , .. FY 2027-28 S200 S400 S600 S800 $1,000 $1,200 $1,400 ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2022-2304 Agenda Date:5/11/2022 Agenda Item No:8. FROM:James D. Herberg, General Manager Originator: Riaz Moinuddin, Director of Operations & Maintenance SUBJECT: OPERATIONS & MAINTENANCE: WASTEWATER 101 PART 2: TREATMENT AND RECYCLING GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Each month, staff provides an informational presentation on topics of interest to the Board of Directors. This month’s topic: Orange County Sanitation District Operations & Maintenance Wastewater 101 Part 2, Treatment and Recycling. RELEVANT STANDARDS ·24/7/365 treatment plant reliability ·Operate and maintain facilities to minimize impacts on surrounding communities, including odor, noise, and lighting ·Listen to and seriously consider community input on environmental concerns ·Build brand, trust, and support with policy makers and community leaders ATTACHMENT The following attachment(s) may be viewed on-line at the OC San website (www.ocsan.gov) with the complete agenda package: ·Presentation Orange County Sanitation District Printed on 5/2/2022Page 1 of 1 powered by Legistar™ OC6SAN ORANGE COUNTY SANITATION DISTRICT 5/2/2022 1 Orange County Sanitation District Wastewater Treatment Presented By:  April Frost, Chief  Plant Operator  Plant No. 1 Administration  Committee May 11, 2022 Water Reclamation Process 2 1 2 lnfluents Water Preliminary Water Primary Water Secondary Treatment Residential, Industrial ---Treatment ---Treatment ---and Commerical Resource Recovery of Solids --J, Secondary Sludge r ,;.,# Water Groundwater ReplenishmentS;ste~ OROcean ~ Compost & Land Application 5/2/2022 2 Metering and Diversion Structure 3 Preliminary Treatment Barscreen Grit Chamber Grit is mostly inorganic material like sand,  gravel, and eggshells.   Grit is very abrasive and heavy.  It clogs flow  channels and digesters and wears out pumps. 4 3 4 raw sewage grit chamber __J L .~.-•. ," • I • sewage with grit removed grit removed l===::::::.a-. periodically from collection trap 5/2/2022 3 Primary Treatment Secondary Treatment Trickling Filter  at Plant No. 1 Activated Sludge Process 6 5 6 Return activated sludge 5/2/2022 4 Effectiveness of Water Treatment Raw Sewage Primary Treated  Effluent Secondary  Treated Effluent 7 Solids Recovery Process Anaerobic Digester 8 7 8 5/2/2022 5 Dewatering Operation Centrifuge System  at Plant No. 1 9 Truckloading 10 9 10 liquid • solids .J 5/2/2022 6 Central Generation Engines Plant No. 2 Central Generation Engines 11 Evolution of Ocean Discharge 12 11 12 Fiscal Year 1990-1991 1996-1997 2008-2009 (GWRS Initial Exapnsion) 2019-2020 (GWRS Final Expansion) OC San Daily Ocean Outfall Effluent Average [MGD] 262 242 167 92 101 •mostly non-reclaimable : SAWPA discharge and GWRS RO reject 5/2/2022 7 Agency Partnerships Coordination and  Communication to ensure  Discharge Quality for OCWD  and the Ocean Outfall •Flow management and  infrastructure soundness •Change in wastewater  stream/source •Change in influent and  effluent characteristics •Change in operations 13 Environmental Compliance and Reporting Governance  14 13 14 MfriMIM ►fa·◄ +iiHi+Hi ~ ~ Water Boards I'' Irvine Ranch 1.j Water District \ Santa Ana Watershed Project Authority Urban Runoff ft EPA Unl1ed S1a1es O ~=mental Prolection t: heal 11 CAREAGF I Y Cal Recycle~ 5/2/2022 8 FY 2020/21 Operating Costs 15 Questions ? 15 16 2020-21 Direct Costs $65.5 Million Odor Control, 12%A ORANGE COUNTY SANITATION DISTRICT COMMON ACRONYMS ACWA Association of California Water Agencies LOS Level Of Service RFP Request For Proposal APWA American Public Works Association MGD Million Gallons Per Day RWQCB Regional Water Quality Control Board AQMD Air Quality Management District MOU Memorandum of Understanding SARFPA Santa Ana River Flood Protection Agency ASCE American Society of Civil Engineers NACWA National Association of Clean Water Agencies SARI Santa Ana River Interceptor BOD Biochemical Oxygen Demand NEPA National Environmental Policy Act SARWQCB Santa Ana Regional Water Quality Control Board CARB California Air Resources Board NGOs Non-Governmental Organizations SAWPA Santa Ana Watershed Project Authority CASA California Association of Sanitation Agencies NPDES National Pollutant Discharge Elimination System SCADA Supervisory Control And Data Acquisition CCTV Closed Circuit Television NWRI National Water Research Institute SCAP Southern California Alliance of Publicly Owned Treatment Works CEQA California Environmental Quality Act O & M Operations & Maintenance SCAQMD South Coast Air Quality Management District CIP Capital Improvement Program OCCOG Orange County Council of Governments SOCWA South Orange County Wastewater Authority CRWQCB California Regional Water Quality Control Board OCHCA Orange County Health Care Agency SRF Clean Water State Revolving Fund CWA Clean Water Act OCSD Orange County Sanitation District SSMP Sewer System Management Plan CWEA California Water Environment Association OCWD Orange County Water District SSO Sanitary Sewer Overflow EIR Environmental Impact Report OOBS Ocean Outfall Booster Station SWRCB State Water Resources Control Board EMT Executive Management Team OSHA Occupational Safety and Health Administration TDS Total Dissolved Solids EPA US Environmental Protection Agency PCSA Professional Consultant/Construction Services Agreement TMDL Total Maximum Daily Load FOG Fats, Oils, and Grease PDSA Professional Design Services Agreement TSS Total Suspended Solids gpd gallons per day PFAS Per- and Polyfluoroalkyl Substances WDR Waste Discharge Requirements GWRS Groundwater Replenishment System PFOA Perfluorooctanoic Acid WEF Water Environment Federation ICS Incident Command System PFOS Perfluorooctanesulfonic Acid WERF Water Environment & Reuse Foundation IERP Integrated Emergency Response Plan POTW Publicly Owned Treatment Works WIFIA Water Infrastructure Finance and Innovation Act JPA Joint Powers Authority ppm parts per million WIIN Water Infrastructure Improvements for the Nation Act LAFCO Local Agency Formation Commission PSA Professional Services Agreement WRDA Water Resources Development Act ORANGE COUNTY SANITATION DISTRICT GLOSSARY OF TERMS ACTIVATED SLUDGE PROCESS – A secondary biological wastewater treatment process where bacteria reproduce at a high rate with the introduction of excess air or oxygen and consume dissolved nutrients in the wastewater. BENTHOS – The community of organisms, such as sea stars, worms, and shrimp, which live on, in, or near the seabed, also known as the benthic zone. BIOCHEMICAL OXYGEN DEMAND (BOD) – The amount of oxygen used when organic matter undergoes decomposition by microorganisms. Testing for BOD is done to assess the amount of organic matter in water. BIOGAS – A gas that is produced by the action of anaerobic bacteria on organic waste matter in a digester tank that can be used as a fuel. BIOSOLIDS – Biosolids are nutrient rich organic and highly treated solid materials produced by the wastewater treatment process. This high-quality product can be recycled as a soil amendment on farmland or further processed as an earth-like product for commercial and home gardens to improve and maintain fertile soil and stimulate plant growth. CAPITAL IMPROVEMENT PROGRAM (CIP) – Projects for repair, rehabilitation, and replacement of assets. Also includes treatment improvements, additional capacity, and projects for the support facilities. COLIFORM BACTERIA – A group of bacteria found in the intestines of humans and other animals, but also occasionally found elsewhere, used as indicators of sewage pollution. E. coli are the most common bacteria in wastewater. COLLECTIONS SYSTEM – In wastewater, it is the system of typically underground pipes that receive and convey sanitary wastewater or storm water. CERTIFICATE OF PARTICIPATION (COP) – A type of financing where an investor purchases a share of the lease revenues of a program rather than the bond being secured by those revenues. CONTAMINANTS OF POTENTIAL CONCERN (CPC) – Pharmaceuticals, hormones, and other organic wastewater contaminants. DILUTION TO THRESHOLD (D/T) – The dilution at which the majority of people detect the odor becomes the D/T for that air sample. GREENHOUSE GASES (GHG) – In the order of relative abundance water vapor, carbon dioxide, methane, nitrous oxide, and ozone gases that are considered the cause of global warming (“greenhouse effect”). GROUNDWATER REPLENISHMENT SYSTEM (GWRS) – A joint water reclamation project that proactively responds to Southern California’s current and future water needs. This joint project between the Orange County Water District and OCSD provides 70 million gallons per day of drinking quality water to replenish the local groundwater supply. LEVEL OF SERVICE (LOS) – Goals to support environmental and public expectations for performance. N-NITROSODIMETHYLAMINE (NDMA) – A N-nitrosamine suspected cancer-causing agent. It has been found in the GWRS process and is eliminated using hydrogen peroxide with extra ultra-violet treatment. NATIONAL BIOSOLIDS PARTNERSHIP (NBP) – An alliance of the NACWA and WEF, with advisory support from the EPA. NBP is committed to developing and advancing environmentally sound and sustainable biosolids management practices that go beyond regulatory compliance and promote public participation to enhance the credibility of local agency biosolids programs and improved communications that lead to public acceptance. PER- AND POLYFLUOROALKYL SUBSTANCES (PFAS) – A large group (over 6,000) of human-made compounds that are resistant to heat, water, and oil and used for a variety of applications including firefighting foam, stain and water-resistant clothing, cosmetics, and food packaging. Two PFAS compounds, perfluorooctanesulfonic acid (PFOS) and perfluorooctanoic acid (PFOA) have been the focus of increasing regulatory scrutiny in drinking water and may result in adverse health effects including developmental effects to fetuses during pregnancy, cancer, liver damage, immunosuppression, thyroid effects, and other effects. PERFLUOROOCTANOIC ACID (PFOA) – An ingredient for several industrial applications including carpeting, upholstery, apparel, floor wax, textiles, sealants, food packaging, and cookware (Teflon). PERFLUOROOCTANESULFONIC ACID (PFOS) – A key ingredient in Scotchgard, a fabric protector made by 3M, and used in numerous stain repellents. PLUME – A visible or measurable concentration of discharge from a stationary source or fixed facility. PUBLICLY OWNED TREATMENT WORKS (POTW) – A municipal wastewater treatment plant. SANTA ANA RIVER INTERCEPTOR (SARI) LINE – A regional brine line designed to convey 30 million gallons per day of non-reclaimable wastewater from the upper Santa Ana River basin to the ocean for disposal, after treatment. SANITARY SEWER – Separate sewer systems specifically for the carrying of domestic and industrial wastewater. SOUTH COAST AIR QUALITY MANAGEMENT DISTRICT (SCAQMD) – Regional regulatory agency that develops plans and regulations designed to achieve public health standards by reducing emissions from business and industry. SECONDARY TREATMENT – Biological wastewater treatment, particularly the activated sludge process, where bacteria and other microorganisms consume dissolved nutrients in wastewater. SLUDGE – Untreated solid material created by the treatment of wastewater. TOTAL SUSPENDED SOLIDS (TSS) – The amount of solids floating and in suspension in wastewater. ORANGE COUNTY SANITATION DISTRICT GLOSSARY OF TERMS TRICKLING FILTER – A biological secondary treatment process in which bacteria and other microorganisms, growing as slime on the surface of rocks or plastic media, consume nutrients in wastewater as it trickles over them. URBAN RUNOFF – Water from city streets and domestic properties that carry pollutants into the storm drains, rivers, lakes, and oceans. WASTEWATER – Any water that enters the sanitary sewer. WATERSHED – A land area from which water drains to a particular water body. OCSD’s service area is in the Santa Ana River Watershed.