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
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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
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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.
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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
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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.
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$1,600
$1,700
$1,800
$1,900
$2,000
$2,100
$2,200
$2,300
$2,400
$2,500
$2,600
$2,700
$2,800
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Fiscal Year Budget Third Quarter□ □
FY 2021-22 Third Quarter Financial Report
Section 1 - Page 8
Following are data tables showing the last five years of Single Family Residential User
Fees (SFR) and the cost per million gallons (MG) to collect, treat, and dispose of
wastewater for the Orange County Sanitation District and similar agencies. The
agencies used in the tables were determined to be those that most closely resembled
OC San in terms of services provided and treatment levels. The summaries
demonstrate that OC San’s SFR and cost per MG are each one of the lowest in their
respective groups.
2017 2018 2019 2020 2021
Agency SFR SFR SFR SFR SFR Notes
San Francisco 937$ 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 $2.5 million, or 71.1 percent of the budget.
Separate fund accounting is used for recording the revenue and expenses incurred in
managing these liability claims. The revenues to these funds represent charges to
operating divisions. Expenses to these funds include actual claims paid, claims
administration, and excess loss policies.
FY 2021-22 Third Quarter Financial Report
Section 1 - Page 12
This Page Intentionally Left Blank
Operating Budget Review
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Budget and Actual (in thousands)
March 31, 2022
Budget Actual
Section 2 - Page 1
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Divisional Contributions to Cost Per Million Gallons
For the Nine Months Ended March 31, 2022
2021-22
03/31/20 03/31/21 Annual 03/31/22
Actual Actual Budget Actual
Flow in Million Gallons 51,746.04 50,011.48 68,620.00 49,257.10
Flow in Million Gallons per Day 188.17 182.53 188.00 179.77
Executive Management Department
General Management Administration 29.24$ 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
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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
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□
□
□
□
□
□
□
□
□
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
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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
+-+-
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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 -~
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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
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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
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■
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
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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
•
•
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~
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• •
~ ~ -
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•
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
•
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•
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
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--------.·· ------, . ----,~--, .. ····· --------··········· ····································
······
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---:• I •• , .· ~-· , ..
I : I :
, :------------------! I :
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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)
Allocation Target –49.51% stocks (40-60% range), 45.75% bonds (40-60% range), 4.74% cash (0-20% range)
Large 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
1-month:-.29%
2-months:-1.95%
Inception to date (1-1-22): -2.52%
Investment objective- OC Sanitation District B1
Asset Allocation: PARS/Balanced HighMark PLUS (As of 3-31-2022)
Allocation Target –59.22% stocks (50-70% range), 35.31% bonds (30-50% range), 5.47% cash (0-20% range)
Large 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
1-month:.15%
2-months:-1.61%
Inception 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
Aggressive fiscal policy
Monetary policy still easy but changing with pullback on QE
Rate hikes expected to curb inflation expectations
Vaccines & now antiviral pills…even as covid surges possible light at the end of the covid tunnel?
Infrastructure bill passes Congress
Eventually global economies will improve
Steepening yield curve
Risks: 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&P500; 1% Russell 2000, 2% MSCI EAFE (net), 40% ICE BofA 1-3 Year Corp./Govt, 40% Bloomberg USAgg, 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&P500; 1.5% Russell 2000, 3.5% MSCI EAFE (net), 25% ICE BofA 1-3 Year Corp./Govt, 40% Bloomberg USAgg, 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&P500; 2% Russell 2000, 5% MSCI EAFE (net), 15% ICE BofA 1-3 Year Corp./Govt, 30% Bloomberg USAgg, 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
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5.00
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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
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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
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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
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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
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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
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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
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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
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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).
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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
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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
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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.
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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
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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
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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.