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HomeMy WebLinkAbout02-19-2020 Administration Committee Meeting Complete Agenda Packet February 11, 2020 NOTICE OF MEETING ADMINISTRATION COMMITTEE ORANGE COUNTY SANITATION DISTRICT Wednesday, February 19, 2020 – 5:00 P.M. Administration Building 10844 Ellis Avenue Fountain Valley, California 92708 WWW.OCSD.COM A regular meeting of the Administration Committee of the Orange County Sanitation District will be held at the above location, date, and time. Jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjj ADMINISTRATION COMMITTEE MEETING DATE BOARD MEETING DATE 02/19/20 ** 02/26/20 03/11/20 03/25/20 04/08/30 04/22/20 05/13/20 05/27/20 06/10/20 06/24/20 07/08/20 07/22/20 AUGUST DARK 08/26/20 09/09/20 09/23/20 10/14/20 10/28/20 11/10/20 ** 11/18/20 * 12/09/20 12/16/20 * JANUARY DARK 01/27/21 * Meeting will be held on the third Wednesday of the month ** Meeting will be held on the second Tuesday of the month ROLL CALL ADMINISTRATION COMMITTEE Finance, Information Technology, Environmental Services and Human Resources Meeting Date: February 19, 2020 Time: 5:00 p.m. Adjourn: COMMITTEE MEMBERS (13) Chad Wanke, Chair Richard Murphy, Vice-Chair Jim Ferryman Cecilia Iglesias Peter Kim Mark Murphy Steve Nagel Andrew Nguyen Glenn Parker Erik Peterson Christina Shea David Shawver (Board Chair) John Withers (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 Lan Wiborg, Director of Environmental Services Wally Ritchie, Controller Kelly Lore, Clerk of the Board ORANGE COUNTY SANITATION DISTRICT Effective 02/05/2020 BOARD OF DIRECTORS Complete Roster AGENCY/CITIES ACTIVE DIRECTOR ALTERNATE DIRECTOR Anaheim Lucille Kring Denise Barnes Brea Glenn Parker Cecilia Hupp Buena Park Fred Smith Connor Traut Cypress Mariellen Yarc Stacy Berry Fountain Valley Steve Nagel Patrick Harper Fullerton Jesus J. Silva Jan Flory Garden Grove Steve Jones John O’Neill Huntington Beach Erik Peterson Lyn Semeta Irvine Christina Shea Anthony Kuo La Habra Tim Shaw Rose Espinoza La Palma Peter Kim Nitesh Patel Los Alamitos Richard Murphy Dean Grose Newport Beach Brad Avery Joy Brenner Orange Mark Murphy Kim Nichols Placentia Chad Wanke Ward Smith Santa Ana Cecilia Iglesias David Penaloza Seal Beach Sandra Massa-Lavitt Schelly Sustarsic Stanton David Shawver Carol Warren Tustin Allan Bernstein Chuck Puckett Villa Park Robert Collacott Chad Zimmerman Sanitary/Water Districts Costa Mesa Sanitary District James M. Ferryman Bob Ooten Midway City Sanitary District Andrew Nguyen Margie L. Rice Irvine Ranch Water District John Withers Douglas Reinhart Yorba Linda Water District Brooke Jones Phil Hawkins County Areas Board of Supervisors Doug Chaffee Michelle Steel Orange County Sanitation District ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 19, 2020 - 5:00 PM Board Room Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 ACCOMMODATIONS FOR THE DISABLED: Meeting Rooms are wheelchair accessible. If you require any special disability related accommodations, please contact the Orange County Sanitation District 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 Sanitation District’s Administration Building located at 10844 Ellis Avenue, Fountain Valley, California, and on the Sanitation District’s website at www.ocsd.com 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. Please contact the Clerk of the Board's office at (714) 593-7433 to request the audio file. 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@ocsd.com at least 14 days before the meeting. FOR ANY QUESTIONS ON THE AGENDA, BOARD MEMBERS MAY CONTACT STAFF AT: General Manager: Jim Herberg, jherberg@ocsd.com / (714) 593-7300 Asst. General Manager: Lorenzo Tyner, ltyner@ocsd.com / (714) 593-7550 Asst. General Manager: Rob Thompson, rthompson@ocsd.com / (714) 593-7310 Director of Human Resources: Celia Chandler, cchandler@ocsd.com / (714) 593-7202 Director of Engineering: Kathy Millea, kmillea@ocsd.com / (714) 593-7365 Director of Environmental Services: Lan Wiborg, lwiborg@ocsd.com / (714) 593-7450 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 19, 2020 CALL TO ORDER PLEDGE OF ALLEGIANCE DECLARATION OF QUORUM: PUBLIC COMMENTS: If you wish to address the Committee on any item, please complete a Speaker’s Form (located at the table outside of the Board Room) and submit it to the Clerk of the Board or notify the Clerk of the Board the item number on which you wish to speak. Speakers will be recognized by the Chairperson and are requested to limit comments to three minutes. 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 Board of Directors, after one motion, without discussion. Any items withdrawn from the Consent Calendar for separate discussion will be considered in the regular order of business. 1.2020-885APPROVAL OF MINUTES RECOMMENDATION: Approve Minutes of the Regular Meeting of the Administration Committee held December 11, 2019. Originator:Kelly Lore Agenda Report 12-11-2019 Administration Committee Minutes Attachments: 2.2020-883AWARD CONTRACT FOR MARINE VESSEL NERISSA ENGINE REBUILD RECOMMENDATION: Approve a purchase order contract to Quinn Company to perform a rebuild on M/V Nerissa’s Caterpillar diesel engines at a cost not to exceed $130,000. Originator:Lan Wiborg Agenda ReportAttachments: Page 1 of 3 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 19, 2020 3.2020-903GENERAL 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 October 1, 2019 to December 31, 2019; and B. Approve the following additions to the pre-approved OEM Sole Source List for the period of October 1, 2019 to December 31, 2019: ·ALFA LAVAL - Parts and Repairs for Centrifuge Rotating Assembly ·CHEVRON - Chevron 5200 HDAX Low Ash 40 Lubricating Oil ·EMERSON/CALTROL - Fisher Valve Training for Instrumentation Technicians ·FLEXIM - Flow Meters ·INTERSCAN/GAS DETECTION - 2 Point H2S Monitoring Systems ·PATTERSON - Pumps and Parts ·SOLAR TURBINES - Generator Parts and Repairs ·TRANE COMPANY - Equipment, Parts, Maintenance, Repairs, and Training ·TRIDENT - Actuator Parts and Repairs ·TURVAC - Alignment Certification Training Originator:Lorenzo Tyner Agenda ReportAttachments: 4.2019-801MID-YEAR CONSOLIDATED FINANCIAL REPORT FOR THE PERIOD ENDED DECEMBER 31, 2019 RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Mid-Year Financial Report for the period ended December 31, 2019. Originator:Lorenzo Tyner Agenda Report Mid-Year Consolidated Financial Report for the period ended December 31, 2019 Attachments: Page 2 of 3 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 19, 2020 NON-CONSENT: 5.2020-891CONSIDERATION OF BUDGET ASSUMPTIONS AND BUDGET CALENDAR FOR PREPARATION OF THE FISCAL YEARS 2020-21 AND 2021-22 BUDGET RECOMMENDATION: Approve the FY 2020-21 budget assumptions and direct staff to incorporate these parameters in preparing the FY 2020-21 and 2021-22 budget. Originator:Lorenzo Tyner Agenda Report FY 2020-21 Preliminary Budget Assumptions Budget Calendar 2020-21 Attachments: INFORMATION ITEMS: 6.2019-679INVESTMENT PERFORMANCE RESULTS RECOMMENDATION: Information Item. Originator:Lorenzo Tyner Agenda ReportAttachments: DEPARTMENT HEAD REPORTS: OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: At this time Committee members may request staff to place an item on a future agenda. ADJOURNMENT: The next Administration Committee meeting is scheduled for Wednesday, March 11, 2020 at 5:00 p.m. Page 3 of 3 Orange County Sanitation District ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2020-885 Agenda Date:2/19/2020 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 December 11, 2019. 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. OCSD 19-19 ATTACHMENT The following attachment(s)are included in hard copy and may also be viewed on-line at the OCSD website (www.ocsd.com) with the complete agenda package: ·Minutes of the Administration Committee meeting held December 11, 2019 Orange County Sanitation District Printed on 2/4/2020Page 1 of 1 powered by Legistar™ Orange County Sanitation District Minutes for the ADMINISTRATION COMMITTEE Wednesday, December 11, 2019 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 Vice Chairman Richard Murphy on December 11, 2019 at 5:03 p.m. in the Administration Building of the Orange County Sanitation District. Director Erik Peterson led the Flag Salute. DECLARATION OF QUORUM: A quorum was declared present as follows: PRESENT:Richard Murphy, Cecilia Iglesias, Mark Murphy, Andrew Nguyen, Glenn Parker, Erik Peterson, Christina Shea, David Shawver, John Withers and Patrick Harper (Alternate) ABSENT:Chad Wanke and James Ferryman STAFF PRESENT: Jim Herberg, General Manager; Rob Thompson, Assistant General Manager; Lorenzo Tyner, Assistant General Manager; Kathy Millea, Director of Engineering; Lan Wiborg, Director of Environmental Services; Kelly Lore, Clerk of the Board; Randa Abushaban; Jennifer Cabral; Ron Coss; Michelle Farmer; Rhea de Guzman; Al Garcia; Mark Kawamoto; Jackie Lagade; Laura Maravilla; Joshua Martinez; Wally Ritchie; Lisa Rothbart; Roya Sohanaki; and Ruth Zintzun. OTHERS PRESENT: Brad Hogin, General Counsel PUBLIC COMMENTS: None. REPORTS: None. CONSENT CALENDAR: 1.APPROVAL OF MINUTES 2019-787 Originator: Kelly Lore MOVED, SECONDED, AND DULY CARRIED TO: Page 1 of 4 ADMINISTRATION COMMITTEE Minutes December 11, 2019 Approve Minutes of the Regular Meeting of the Administration Committee held November 13, 2019. AYES:Richard Murphy, Mark Murphy, Andrew Nguyen, Glenn Parker, Erik Peterson, Christina Shea, David Shawver, John Withers, Marshall Goodman (Alternate) and Patrick Harper (Alternate) NOES:None ABSENT:Chad Wanke, James Ferryman and Cecilia Iglesias ABSTENTIONS:None 2.PAYMENT OF ANNUAL NATIONAL POLLUTANT DISCHARGE AND ELIMINATION SYSTEM (NPDES) PERMIT FEES 2019-778 Originator: Lan Wiborg MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Approve payment of $653,081 for annual NPDES (ocean discharge) permit fees. AYES:Richard Murphy, Mark Murphy, Andrew Nguyen, Glenn Parker, Erik Peterson, Christina Shea, David Shawver, John Withers, Marshall Goodman (Alternate) and Patrick Harper (Alternate) NOES:None ABSENT:Chad Wanke, James Ferryman and Cecilia Iglesias ABSTENTIONS:None NON-CONSENT: 3.INVEST AND/OR REINVEST ORANGE COUNTY SANITATION DISTRICT’S FUNDS AND ADOPT INVESTMENT POLICY STATEMENT 2019-674 Originator: Lorenzo Tyner Assistant General Manager Lorenzo Tyner introduced the item and provided a brief description of the changes. MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Adopt Resolution No. OCSD 19-XX, entitled: “A Resolution of the Board of Directors of the Orange County Sanitation District, Authorizing the Orange County Sanitation District’s Treasurer to Invest and/or Reinvest Orange County Sanitation District’s Funds, Adopting the Orange County Sanitation District’s Investment Policy Statement and Performance Benchmarks, and Repealing Resolution No. OCSD 18-23. Page 2 of 4 ADMINISTRATION COMMITTEE Minutes December 11, 2019 AYES:Richard Murphy, Mark Murphy, Andrew Nguyen, Glenn Parker, Erik Peterson, Christina Shea, David Shawver, John Withers, Marshall Goodman (Alternate) and Patrick Harper (Alternate) NOES:None ABSENT:Chad Wanke, James Ferryman and Cecilia Iglesias ABSTENTIONS:None Director Cecilia Iglesias arrived at the meeting at 5:12 p.m. INFORMATION ITEMS: 4.ORANGE COUNTY SANITATION DISTRICT’S PROCUREMENT PROCESS 2019-797 Originator: Lorenzo Tyner Assistant General Manager Tyner introduced Ruth Zintzun, Purchasing & Contracts Manager, who provided a PowerPoint presentation that included the Contracts, Purchasing & Materials Management Division's mission statement; an overview of the Division; rules and regulations followed; approval thresholds; procurement methods; public works construction; requests for proposal/qualifications; goods and services bids; emergency procurements; and sole source procurement. RECEIVED AND FILED THE: Information Item. DEPARTMENT HEAD REPORTS: None. OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: Board Chair Shawver stated that efforts were underway to reduce paper in the agenda packets. He asked that if anyone was interested in an online version to let the Clerk of the Board know. BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: None. ADJOURNMENT: Vice-Chair Murphy declared the meeting adjourned at 5:45 p.m. to the Regular meeting to be held on Wednesday, February 19, 2020 at 5:00 p.m. Page 3 of 4 ADMINISTRATION COMMITTEE Minutes December 11, 2019 Submitted by: __________________ Kelly A. Lore, MMC Clerk of the Board Page 4 of 4 Orange County Sanitation District ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2020-883 Agenda Date:2/19/2020 Agenda Item No:2. FROM:James D. Herberg, General Manager Originator: Lan C. Wiborg, Director of Environmental Services SUBJECT: AWARD CONTRACT FOR MARINE VESSEL NERISSA ENGINE REBUILD GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Approve a purchase order contract to Quinn Company to perform a rebuild on M/V Nerissa’s Caterpillar diesel engines at a cost not to exceed $130,000. BACKGROUND Under its National Pollution Discharge Elimination System (NPDES)permit,the Orange County Sanitation District (Sanitation District)is required to conduct a monitoring program of the ocean waters receiving the discharged treated final effluent.To accomplish this,the Sanitation District owns and operates a monitoring vessel, Marine Vessel M/V Nerissa. M/V Nerissa has been in service since November 2004.Her engines currently have over 8,500 hours of operation.A rebuild of the engines is recommended by the manufacturer (Caterpillar)at 8,000 hours.Further,the engines have recently developed oil leaks,in addition to a variety of other minor repair issues.This indicates that an engine rebuild is necessary to keep the engines on the M/V Nerissa operational. The proposed purchase order contract with Quinn Company will ensure that M/V Nerissa’s engines will be operational for the next five to eight years and all permit-mandated ocean monitoring field sampling requirements will be met. RELEVANT STANDARDS ·Comply with environmental permit requirements ·Protect Orange County Sanitation District assets ·Maintain a proactive asset management program ·Ensure the public’s money is wisely spent ·Commitment to safety & reducing risk in all operations Orange County Sanitation District Printed on 2/11/2020Page 1 of 2 powered by Legistar™ File #:2020-883 Agenda Date:2/19/2020 Agenda Item No:2. PROBLEM An operational vessel is necessary to meet the requirements for environmental monitoring of the Sanitation District’s ocean discharge of treated wastewater effluent. PROPOSED SOLUTION The rebuild of M/V Nerissa’s engines will allow the Ocean Monitoring Team to complete all mandated field sampling activities on time, ensuring that all related NPDES permit provisions are met. TIMING CONCERNS M/V Nerissa’s engines are past due for rebuilding and show signs of significant wear. RAMIFICATIONS OF NOT TAKING ACTION NPDES permit-mandated ocean monitoring requirements may not be met if M/V Nerissa’s engines fail and field samples are not able to be collected or were delayed. PRIOR COMMITTEE/BOARD ACTIONS N/A ADDITIONAL INFORMATION The bid for this proposed purchase order contract was obtained via a Sourcewell Co-Operative (co- op)agreement.By utilizing this Sourcewell co-op agreement,the Sanitation District will save over 5% of the cost originally bid by Quinn Company directly. CEQA N/A FINANCIAL CONSIDERATIONS This request complies with authority levels of the Sanitation District's Purchasing Ordinance.This item has been budgeted.(2019-2020 Budget Update;Page 43).Project contingency funds will be used for this contract. ATTACHMENT The following attachment(s)may be viewed on-line at the OCSD website (www.ocsd.com)with the complete agenda package: N/A Orange County Sanitation District Printed on 2/11/2020Page 2 of 2 powered by Legistar™ Orange County Sanitation District ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2020-903 Agenda Date:2/19/2020 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 October 1, 2019 to December 31, 2019; and B. Approve the following additions to the pre-approved OEM Sole Source List for the period of October 1, 2019 to December 31, 2019: ·ALFA LAVAL - Parts and Repairs for Centrifuge Rotating Assembly ·CHEVRON - Chevron 5200 HDAX Low Ash 40 Lubricating Oil ·EMERSON/CALTROL - Fisher Valve Training for Instrumentation Technicians ·FLEXIM - Flow Meters ·INTERSCAN/GAS DETECTION - 2 Point H2S Monitoring Systems ·PATTERSON - Pumps and Parts ·SOLAR TURBINES - Generator Parts and Repairs ·TRANE COMPANY - Equipment, Parts, Maintenance, Repairs, and Training ·TRIDENT - Actuator Parts and Repairs ·TURVAC - Alignment Certification Training 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 facilities,because the parts and/or service can only be provided by the OEM or their designated representative. Orange County Sanitation District Printed on 2/11/2020Page 1 of 3 powered by Legistar™ File #:2020-903 Agenda Date:2/19/2020 Agenda Item No:3. RELEVANT STANDARDS ·Quarterly financial reporting ·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.OCSD-52,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 second quarter of fiscal year 2019-20: Vendor Name Amount Department Description/Discussion CORTECH ENGINEERING $74,729.00 Operations & Maintenance Purchase of Seepex Pump to Replace Sludge Feed Pump 4 at Plant No. 2 Board Approved OEM Sole Source List M.O. 12/14/16, Item 12 (B) E&M ELECTRIC AND MACHINERY INC. $69,780.00 Information Technology Annual Renewal of Wonderware Historian Licenses with Premium Level Support 11/16/19 to 11/15/20 Board Approved OEM Sole Source List M.O. 12/14/16, Item 12 (B) EIDE BAILLY LLP $75,000.00 Administrative Services Internal Auditing Services 10/1/19 to 9/16/20 Specification No. CS-2019-1053 GIERLICH MITCHELL INC $63,645.90 Operations & Maintenance Purchase of Gear Reducer for Emerson/Polychem Gearbox Board Approved OEM Sole Source List M.O. 11/28/18, Item 15 (B) HOWARD RIDLEY CO $56,274.00 Operations & Maintenance Repair Structural Deficiency of Walkway Between Digesters F & G ant Plant No. 2 (MP-688) Specification No. S-2019-1098 PUMPACTION CORP - SHG USA $58,469.16 Operations & Maintenance Purchase of Putzmeister Pump Parts for Plant No. 2 Board Approved OEM Sole Source List M.O. 12/14/16, Item 12 (B) RJ NOBLE COMPANY $58,160.00 Engineering Northwest Tustin Overlay OCSD Utility Adjustment Sole Source Justification 2194 Reason: Unique Product/Service used in connection with City’s contractor VAUGHAN'S INDUSTRIAL REPAIR CO. INC $52,017.50 Operations & Maintenance Repair Pump 1 at Plant No. 1 Primary Effluent Pump Station (PEPS) Specification No. S-2019-1097 Additionally,in accordance with Board purchasing policies,Ordinance No.OCSD-52,the GeneralOrange County Sanitation District Printed on 2/11/2020Page 2 of 3 powered by Legistar™ File #:2020-903 Agenda Date:2/19/2020 Agenda Item No:3. Additionally,in accordance with Board purchasing policies,Ordinance No.OCSD-52,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 second quarter of fiscal year 2019-20: Vendor Name Amount Department Description/Discussion J R FILANC CONSTRUCTION $291,525.00 Operations & Maintenance Valve Replacement and Repairs on Digesters G & S at Plant No. 2 (MP-690) Specification No. TOB-2019-1106 of Master Service Contract S-2018-942BD-4 CEQA N/A FINANCIAL CONSIDERATIONS N/A ATTACHMENT The following attachment(s)may be viewed on-line at the OCSD website (www.ocsd.com)with the complete agenda package: N/A Orange County Sanitation District Printed on 2/11/2020Page 3 of 3 powered by Legistar™ Orange County Sanitation District ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2019-801 Agenda Date:2/19/2020 Agenda Item No:4. FROM:James D. Herberg, General Manager Originator: Lorenzo Tyner, Assistant General Manager SUBJECT: MID-YEAR CONSOLIDATED FINANCIAL REPORT FOR THE PERIOD ENDED DECEMBER 31, 2019 GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: Receive and file the Orange County Sanitation District Mid-Year Financial Report for the period ended December 31, 2019. BACKGROUND Included in this consolidated report are the following mid-year financial reports for the period ended December 31, 2019: ·Mid-Year Budget Review The Budget Review Summary provides the Directors,staff,and general public with a comprehensive overview of the mid-year financial results of the Orange County Sanitation District (Sanitation District) for the period ended December 31, 2019. ·Mid-Year Treasurer’s Report This section reports on financial portfolio performance with respect to the Sanitation District’s funds.Both Long-Term and Liquid Operating Monies Portfolios are summarized.A performance summary table can be found on page 2 of this agenda report.The report also contains information on the U.S.and global economic outlook from the Sanitation District’s investment manager, Chandler Asset Management. ·Mid-Year Certificates of Participation (COP) Report The report includes a summary of each outstanding debt issuance and a comparative chart illustrating the COP rate history. RELEVANT STANDARDS ·Quarterly financial reporting Orange County Sanitation District Printed on 2/11/2020Page 1 of 3 powered by Legistar™ File #:2019-801 Agenda Date:2/19/2020 Agenda Item No:4. ADDITIONAL INFORMATION The mid-year treasurer’s report contained within the Consolidated Financial Reports for the period ended December 31,2019 is being submitted in accordance with the Sanitation District’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 December 31, 2019 Liquid Operating Monies (%)Long-Term Operating Monies (%) Total Rateof Return Benchmark Total Rateof Return Benchmark 3 Months 0.50 0.46 0.49 0.44 6 Months 1.09 1.02 1.37 1.27 9 Months 1.79 1.67 3.09 3.14 12 Months 2.43 2.28 4.65 4.61 Annualized Since Inception 30 Nov 2014 1.17 1.06 1.84 1.79 ·A listing of individual securities held at the end of each 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 $174.7 M $567.6 M Market Value $175.6 M $579.9 M ·Modified duration of the portfolio compared to the Benchmark: Liquid Operating Long-Term District Policy < 0.50 < 5.00 Benchmark 0.16 2.53 Portfolio 0.21 2.41 ·Dollar change in value of the portfolio for a one percent (1%) change in interest rates: Liquid Operating - $362,012 Long- Term - $13,999,829 Orange County Sanitation District Printed on 2/11/2020Page 2 of 3 powered by Legistar™ File #:2019-801 Agenda Date:2/19/2020 Agenda Item No:4. ·None of the portfolios are currently invested in reverse repurchase agreements. ·The percent of the Liquid Operating Monies portfolio maturing within 90 days: 72.3% ·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 - no exceptions Long- Term - Percent of portfolio - 0.5% Cost Maturity Date Moody S&P Fitch SLMA 2008-9 A $12,711.16 4/25/2023 Baa3 B B AMRESCO Residential Securities 1999-1 A $89,377.81 6/25/2029 NR A+BBB Morgan Stanley Note $3,200,848.00 7/28/2021 A3 BBB+A ·All investments are in compliance with this policy and the California Government Code,except for the following Lehman Brother holdings that the Sanitation District 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 the Sanitation District 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 OCSD website (www.ocsd.com)with the complete agenda package: ·Mid-Year Consolidated Financial Report for the period ended December 31, 2019 Orange County Sanitation District Printed on 2/11/2020Page 3 of 3 powered by Legistar™ ORANGE COUNTY SANITATION DISTRICT Mid-Year Financial Report for the period ended December 31, 2019 Orange County, California Table of Contents Executive Summary………………………………………………………………………..…….………1 Budget Review Section 1 – Consolidated Financial Reports ......................................................................... 1 Section 2 – Operating Budget Review Chart of the Cost per Million Gallons by Department – Budget and Actual .............. 1 Chart of the Net Expenses by Major Category – Budget and Actual ....................... 1 Divisional Contributions to Cost Per Million Gallons ................................................ 2 Comparison of Expenses by Department ................................................................ 3 Summary of Collection, Treatment, and Disposal Expenses by Major Category ..... 4 Summary of District-Wide Revenues ...................................................................... 5 Summary of Collection, Treatment and Disposal Revenues.................................... 5 Summary of Collection, Treatment, and Disposal Expenses by Line Item ............... 6 Summary of Collection, Treatment, and Disposal Expenses by Process................. 8 Chart of Staffing Trends .......................................................................................... 9 Section 3 – Capital Improvement Program Budget Review Capital Improvement Program Graphs by Type and Funding Source ..................... 1 Summary of Capital Improvement Construction Requirements - Current Year ........ 2 Summary of Capital Improvement Construction Requirements - Project Life .......... 6 Section 4 – Capital Assets Schedule & Debt Service Budget Review 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 2019-20 Mid-Year Financial Report This Page Intentionally Left Blank Executive Summary Page 1 Consolidated Financial Reports For the Mid-Year Ended December 31, 2019 Included in this consolidated report are the following quarterly financial reports for the period ended December 31, 2019: • Mid-Year Budget Review: The Consolidated Financial Reports Section provides the Directors, staff, and the general public with a comprehensive overview of the financial results of the Sanitation District through the mid-year ended December 31, 2019. Contained within the Consolidated Financial Reports is the budget-to-actual status of the Collections, Treatment and Disposal Operations, the Capital Improvement Program, the Self-Insurance Program, and Debt Service Outlays. Also included is a Capital Assets Schedule as of December 31, 2019. 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 December 31st: a) Most major expense categories are anticipated to be at or below budget. b) Total revenues are at 53.2 percent of the $465.7 million budget. Except for IRWD Intra District Sewer Use, Capital Assessments-IRWD, CIP Reimbursements, Grant Revenue, Rents & Leases, and Other Revenue, most major revenue sources are currently tracking close to or exceeding revenue estimates. Overall, total revenues are projected to approximate budget at year-end. More detailed information on revenues is provided within Section 1 – Pages 3 through 5. $247.9M $80.5M $51.0M $24.2M $1.2M 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Oper. Rev Oper Exp Capital Outlays Debt Service Self Ins Outlays Mid-Year Results as a Percentage of Budget FY 2019-20 Mid-Year Financial Report Page 2 c) Collection, Treatment and Disposal Costs: As indicated within the Consolidated Financial Reports Section of this report, the net operating requirements through the mid-year of $80.5 million is currently tracking at 47.8 percent of the $168.2 million budget. In addition, net operating expenses have increased $5.1 million or 6.7 percent in comparison with the same period last year. Overall, staff expects the total operating costs to remain within budget throughout the remainder of the year. More detailed information on operating expenses is provided within Section 1 – Pages 1 through 3. The total cost per million gallons is $2,334 based on flows of 187 million gallons per day. This is $117 per million gallons, or 4.8 percent lower than the budgeted cost per million gallons per day. A further description of these costs and benchmarking with other agencies is contained within Section 1 – Pages 6 through 8. d) The total projected capital outlay cash flow of the Capital Improvement Program (CIP) for FY 2019-20 has been revised to $116.8 million, or 76.2 percent of the board approved cash outlay of $153.3 million. The actual cash outlay spending through the mid-year is $51.0 million, or 33.3 percent of the total budgeted outlay. More detailed information on the CIP budget review can be found in Section 3. • Mid-Year Treasurer’s Report This section reports on financial portfolio performance with respect to the Sanitation District’s funds. Both Long-Term and Liquid Operating Monies Portfolios are summarized. A performance summary table can be found on page 2 of this section. The report also contains information on the national economic outlook from the Sanitation District’s money manager, Chandler Asset Management (Chandler). Chandler notes the Long-Term Portfolio quarterly return of 49 basis points outperformed the ICE BAML 1-5 Year US Corp/Govt Rated AAA-A Index return of 44 basis points, while the Liquid Operating Monies Portfolio quarterly return of 50 basis points outperformed the ICE BAML 3-Month US Treasury Bill Index return of 46 basis points. Chandler further notes that they expect US economic growth to moderate in 2020 toward trend growth of about 1.8% compared to 2.3% in 2019. They believe the impact of monetary policy on economic growth is somewhat lagged, and the more accommodative monetary policy stance of the Federal Reserve and other global central banks throughout 2019 should provide a tailwind for the economy in 2020. Though slow global growth continues to create a headwind for the US economy, recent domestic economic data has been mostly in line with expectations and consistent with modest growth. Most notably, the US labor market remains firm which should continue to support consumer spending trends as well as the housing market. Executive Summary Page 3 The Federal Open Market Committee (FOMC) kept the target fed funds rate unchanged in December in a range of 1.50%-1.75%. The vote to keep policy unchanged was unanimous and the Fed's quarterly update on their Summary of Economic Projections was little changed from the September 2019 forecast. Notably the Fed's forecast calls for no change to the fed funds rate in 2020. Chandler believes the hurdle rate to tighten policy remains high, as market-based measures of inflation are still too low. Conversely, if market-based inflation metrics fail to improve, and/or the domestic or global economy experiences an exogenous shock, Chandler believes the Fed has left the door open for additional policy accommodation. The Treasury yield curve steepened slightly in December. The 2-year Treasury yield decreased about four basis points to 1.57%, the 5-year Treasury yield increased almost seven basis points to 1.69%, and the 10-year Treasury yield increased about 14 basis points to 1.92%. Chandler believes the increase in longer-term yields were driven by more favorable developments with regard to global trade and Brexit. Treasury yields declined meaningfully in 2019. At year-end, the 3-month T-bill yield was down 81 basis points, the 2-Year Treasury yield was down 92 basis points, and the 10-Year Treasury yield was down 77 basis points. Chandler believes the year-over-year decline in long-term Treasury yields largely reflects a decline in global economic growth and inflation expectations, while the decline in shorter-term rates is in line with the Fed's three 25 basis point rate cuts in 2019. Notably, the shape of the yield curve has normalized to some extent over the past few months and is now upward sloping, which Chandler believes reflects increased optimism about the domestic economic outlook. The Consumer Price Index (CPI) was up 2.1% year-over-year in November, up from 1.8% in October. Core CPI (CPI less food and energy) was up 2.3% year-over-year in November, unchanged from October. The Personal Consumption Expenditures (PCE) index was up 1.5% year-over-year in November versus up 1.4% year-over-year in October. Core PCE, which is the Fed's primary inflation gauge, was up 1.6% year-over-year in November versus 1.7% year-over-year in October. Core PCE softened and remains below the Fed’s 2.0% inflation target. Economic Outlook Risk assets closed out the year in strong form with equity prices grinding higher over the quarter, investment grade credit spreads moving lower, and the US Treasury yield curve steepening moderately. Although geopolitical risks continue to influence markets and remain a constant element for investors to monitor, the downside risks to the global economic backdrop moderated in Q4. Most significantly for investor sentiment the US/China trade impasse made incremental progress with the Phase 1 deal expected to be signed in mid-January. Although many long-term challenging issues remain to be resolved specific to US/China FY 2019-20 Mid-Year Financial Report Page 4 trade, the modest progress thus far, including some concessions by China on intellectual property reform, helped to provide a positive catalyst for asset price performance. The protests in Hong Kong continue and remain in the news, however the lack of a draconian response by China has allowed the geopolitical risk in the region to remain contained. In the United Kingdom, Boris Johnson was able to remain Prime Minister with a strong performance in the December election, providing a mandate for the country to move forward with Brexit. Policymakers were also active domestically, with the Federal Reserve stepping in to address some of the acute liquidity pressures facing money markets at the end of Q3. Notably the Federal Reserve began to provide ample overnight and term liquidity via the repo market, in addition to beginning to purchase T-Bills at regular intervals to increase the size of the Fed’s balance sheet and add liquidity into the banking system. Although the Federal Reserve’s balance sheet is again expanding, the composition of the purchased assets is all in short maturity notes, distinguishing the policy move from earlier forms of quantitative easing where longer maturity fixed income assets were added to the Fed’s balance sheet. Taking proactive steps to ensure ample liquidity in the money markets is consistent with Chandler’s view policy makers will continue to be biased to support economic growth, particularly with inflation concerns benign. In late October the Federal Reserve reduced the Fed Funds rate for the 3rd time in 2019 to a target range of 1.50% to 1.75% to further support the economic expansion. The Chandler team holds the view the front-end of the Treasury curve will continue to trade in a tight range centered around the Federal Reserve’s Federal Funds rate target of 1.50% to 1.75% and is not forecasting additional easing of policy over an intermediate time horizon. Observed inflation metrics remain low, with the PCE Core inflation most recently coming in at 1.60% year-over-year. Market based measures of inflation also remain very low, with Ten Year Treasury Inflation Breakeven Spreads closing out the year at 1.79%, well below the market’s consensus of a “normal” range of 2.30% to 2.60%. The low levels of inflation remain a conundrum for policy makers as the unemployment rate remains low at 3.5% and the three-month moving average of non-farm payrolls is strong at 184k. The US consumer remains on solid footing and will be enough to support trend GDP growth in 2020 despite the lingering headwinds in Chandler’s view. Until both observed and market-based measures of inflation start to move higher, the Federal Reserve will remain biased to keep policy accommodative, which should also continue to support the performance of risk assets. The Treasury yield curve moderately steepened during Q4, with 10y Treasury yields moving higher by 25 basis points to close out the year at 1.92%. Assuming the economic expansion continues, longer term Treasury yields should continue to drift upwards. Given the low level of rates currently, and the Chandler team’s view negative interest rates in Europe and Japan are largely a policy failure, the Federal Reserve will likely look to embrace alternative tools away from continuing to drop interest rates to support continued growth and higher inflation. The Chandler team is also expecting additional communication from the Federal Reserve on their strategic policy review, with the 2% inflation target a likely area of focus. Executive Summary Page 5 • Mid-Year 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 2019-20 Mid-Year Financial Report Page 6 This Page Intentionally Left Blank Consolidated Financial Reports Section 1 - Page 1 Mid-Year Financial Report December 31, 2019 Financial Management is pleased to present the FY 2019-20 mid-year financial report. This report provides a comprehensive overview of the financial condition of the Sanitation District and reports on the status of all capital projects in progress. A summary of the sections contained within this report is provided below. Operating Budget Review: This section reports on collection, treatment and disposal net operating requirements. At December 31, 2019, 47.8 percent, or $80.5 million of the FY 2019-20 net operating budget of $168.2 million has been expended. Net operating expenses increased from the same period last year by $5.1 million, or 6.7 percent, mainly due to an increase of $3.9 million in Repairs and Maintenance, $1.8 million in Operating Materials and Supplies, $655,000 in Salaries and Benefits, $398,000 in Research and Monitoring, $259,000 in Utilities, $256,000 in Administrative Expenses, $65,000 in Professional Services, and a decrease of $138,000 in indirect costs allocated out to capital projects, partially offset by a decrease of $1.3 million in Contractual Services, $899,000 in Other Non-Operating Expense, and $297,000 in Other Operating Supplies. 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 throughout the remainder of the year. Significant operating results as of December 31, 2019 include the following: • Salaries, Wages and Benefits – Personnel costs of $49.4 million are on target at 50.2 percent of budget through the mid-year of FY 2019-20. Although the budget is based on a 5 percent vacancy factor, staffing is 22 full-time equivalents (FTEs), or 3.4 percent below the total 640 FTEs approved in the FY 2019-20 budget. Salary and benefit costs are $655,000 or 1.3 percent higher than the $48.7 million incurred in the same period last year, mainly due to an increase of $659,000 in salaries and wages resulting from cost of living adjustments included in the current Memorandums of Understanding for all employee bargaining units. Net operating personnel costs are expected to approximate budget throughout the remainder of the year. • Administrative Expenses – Administrative Expenses totaled $1.1 million, or 54.1 percent of the $2.0 million budget through December 31. These costs are $256,000 or 30.4 percent higher at December 31 in comparison with the prior year, mainly due to increases of $174,000 in purchases of small computer items including HP Elitebooks, $68,000 in minor furniture and fixtures for workstation installations, ergonomic chairs, and renovation of the Control Center breakroom, and $35,000 in books and publications such as various engineering design standards and manuals of practice. It is anticipated that administrative costs will approximate budget at year-end. FY 2019-20 Mid-Year Financial Report Section 1 - Page 2 • Printing and Publication Expenses – Printing and Publication Expenses totaled $147,000 or 44.6 percent of the $330,000 budget through December 31. These costs are $15,000 or 11.4 percent higher at December 31 in comparison with the prior year. Printing and publication costs are expected to approximate budget at year-end. • Training and Meetings – Training and meetings of $313,000 are below target at 28.2 percent of the $1.1 million budget. This account is lower than the proportionate budget due to the timing and need for training throughout the year. These costs have increased over the same period last year by $3,000 or 1.0 percent. Total training and meeting costs are anticipated to be below budget at year-end. • Operating Materials and Supplies – Operating materials and supplies of $9.7 million is on target at 46.0 percent of the $21.0 million budget through December 31. Operating Materials and Supplies are higher than the prior year by $1.8 million or 22.9 percent, primarily due to an increase in Chemical Coagulants of $2.5 million brought about by higher chemical unit costs and usage as compared to the prior year, partially offset by a decrease in Odor Control of $699,000. Based on current processes, operating materials and supplies are anticipated to approximate budget at year-end. • Contractual Services – Contractual services is below target at $9.0 million or 41.0 percent of the $22.0 million budget through December 31. Contractual Services is lower by $1.3 million or 12.2 percent over the same period last year. Solids Removal costs, budgeted at $13.4 million, comprise the majority of this expense category at $6.1 million, or 45.2 percent of budget at December 31. These costs decreased by $1.7 million or 22.1 percent due to a reduction in biosolids production attributable to the new dewatering centrifuges that replaced aging belt presses. This decrease is offset by increases in Other Contractual Services of $314,000 for manhole rehabilitation, industrial cleaning, and digester assessment services, Oxygen of $47,000 for liquid oxygen and vaporization system maintenance used for the activated sludge system at Plant 2, Temporary Services of $44,000 as a result of position vacancies in the current period, and Outside Lab Services of $41,000 for compliance and process monitoring. County Service Fees totaled only $15,000, or 2.9 percent of the $512,000 budget through the mid-year as the preponderance of these fees are billed by the County in the fourth quarter. Total contractual services costs are anticipated to approximate budget at year-end. • Professional Services – Professional services costs totaled $1.8 million or 32.8 percent of the $5.6 million budget through December 31. Professional service costs, such as Audit & Accounting, Engineering, Environmental Scientific Consulting, Advocacy Efforts, and Other Services, are proportionately low through December 31 due to a variety of factors such as timing of services and re-evaluation of needs for services. These costs are $65,000 or 3.7 percent higher at December 31 in comparison with the prior year, mainly due to increases of $75,000 in Software Program Consulting and $30,000 in Labor Negotiation Services, offset by a Consolidated Financial Reports Section 1 - Page 3 decrease of $43,000 in Engineering 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 $786,000, or 71.5 percent of the $1.1 million budget through December 31. These costs are $398,000, or 102.3 percent higher at December 31 in comparison with the prior year, mainly due to increases of $250,000 in Research costs, reflecting the annual contribution to Southern California Coastal Water Research Project which is now expensed in full when paid instead of allocating on a quarterly basis, $83,000 in Environmental Monitoring costs for ocean water quality analysis, and $64,000 in Air Quality Monitoring costs for emissions testing. Total research and monitoring costs are anticipated to exceed budget at year-end. • Repairs and Maintenance – Repair and maintenance costs totaled $12.4 million, or 53.0 percent of the $23.5 million budget through December 31. These costs are $3.9 million, or 46.3 percent higher at December 31 in comparison with the prior year, mainly for repair and maintenance services such as for digester cleaning, mechanical rehabilitation and overhaul of primary clarifier tanks, and information technology software. It is anticipated that the costs for this category will approximate budget at year-end. • Utilities – Utilities costs totaled $4.5 million, or 48.2 percent of the $9.3 million budget through December 31. These costs are $259,000, or 6.2 percent higher at December 31 in comparison with the prior year, primarily due to an increase of $187,000 for Water and $183,000 for Power due to the higher demand of these resources by the new biosolids dewatering centrifuges, partially offset by the decrease of $162,000 in natural gas costs due to a volatile natural gas market in the prior period that caused unit prices to spike. It is anticipated that the costs will approximate budget at year-end. • Other Operating Supplies – Other operating supplies costs totaled $1.3 million, or 42.3 percent of the $3.0 million budget through December 31. Property and General Liability Insurance, budgeted at $1.7 million, comprise the majority of this expense category at $860,000. These costs are $210,000, or 32.4 percent higher at December 31 in comparison with the prior year, primarily due to an increase in budgeted in-lieu premium charges to maintain recommended reserve balances. In addition, Regulatory Operating Fees decreased by $568,000, or 79.8 percent due to timing of payments for annual ocean discharge permit fees. It is anticipated that other operating supplies costs will approximate budget at year-end. • Revenues – Service Fees and Property Taxes – Through December 31, revenues from service fees are at $166.9 million, or 56.0 percent of the $298.1 million budget and property taxes are at $47.6 million, or 49.4 percent of the $96.4 million budget. These items comprise the majority of the Sanitation District’s revenues and are mostly collected by the County through the property tax roll and distributed to the Sanitation District throughout the year based on a set distribution schedule that begins in November of each year. The increase of $5.9 million, or 3.7 percent in service fee revenue over the prior period is due to the timing of receipts, FY 2019-20 Mid-Year Financial Report Section 1 - Page 4 accompanied by an increase in sewer service rates and a reduction in issued user fee rebates. The property tax revenue increase of $2.0 million, or 4.5 percent over the prior period is a result of timing of property tax collections from the County as well as growth in assessed property values. These revenues are expected to approximate budget at year-end. • Revenues – Permittee User Fees – Permittee User Fees are at $6.3 million, or 63.8 percent of the $9.9 million budget. The revenues through the mid-year are higher than the same period last year by $3.8 million due to the prior year having a reduction of $3.3 million for the adjustment of estimated FY 2017-18 supplemental capital facilities capacity charges (CFCC) to industrial users, which were previously recorded as permit user fees. The number of permittees fluctuates from year to year as businesses are established or close their operations. Permit user fees revenues are expected to approximate or exceed budget at year-end. • Revenues – Inter District Sewer Use – SAWPA and SBSD – Inter District Sewer revenues - SAWPA and SBSD are at $1.4 million, or 50.9 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 mid-year are higher than the same period last year by $92,000, or 7.3 percent due to an increase in flows received from these agencies and a resulting increase in operation and maintenance charges. These revenues are expected to approximate budget at year-end. • Revenues – Intra District Sewer Use – IRWD – Intra District Sewer revenues - IRWD are at $585,000, or 8.5 percent of the $6.9 million budget. This revenue is derived from charges to the Irvine Ranch Water District (IRWD) for treatment of flows. The revenues through the mid-year are higher than the same period last year by $116,000 or 24.7 percent, mainly due to a decrease of $240,000 in interest income allocated to IRWD based on lower cash reserves, offset by an increase of $101,000 in property tax income and a decrease of $23,000 in operating and maintenance charges to IRWD. These revenues are expected to be below budget at year-end. • Revenues - Sludge Disposal – IRWD – Sludge Disposal fees - IRWD are at $4.5 million, or 83.1 percent of the $5.4 million budget. The revenue is for the handling, treatment, and disposal of solids derived from flows discharged by IRWD to the Sanitation District. The revenues through the mid-year are higher than the same period last year by $503,000, or 12.6 percent, mainly due to increased solids received from IRWD. The current fiscal year quarterly billing to IRWD is based on estimates. The budget reflects the anticipated completion of IRWD solids processing facilities that would cease solids to the OCSD line. However, the timeline is no longer forecasted to be complete during the current fiscal year. It is anticipated that IRWD sludge disposal revenues will exceed budget at year-end. • Revenues – Capital Assessments – IRWD – Capital Assessments-IRWD are at $1.5 million, or 28.5 percent of the $5.4 million budget. The revenues through the mid-year are lower than the same period last year by $588,000 or 27.6 percent, Consolidated Financial Reports Section 1 - Page 5 mainly due to a decrease 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 $7.6 million, or 42.4 percent of the $18.0 million budget. The revenues through the mid-year are lower than the same period last year by $1.6 million, or 17.3 percent, due to additional charges of $3.3 million in the prior year for the adjustment of estimated FY 2017-18 supplemental capital facilities capacity charges to industrial users, which were previously recorded as permit user fees, partially offset by an increase in connection fees collected from cities and supplemental capital facilities capacity charges to industrial users. These revenues are expected to be below the budget at year-end. • Revenues – Interest Earnings – Interest Earnings are at $9.2 million, or 138.8 percent of the $6.6 million budget. The revenues through the mid-year are lower than the same period last year by $242,000, or 2.6 percent due to lower yields earned on securities held in the investment portfolios. It is estimated that interest earnings will exceed the budget amount at year-end. • Revenues – CIP Reimbursements – CIP Reimbursements are at $662,000, or 11.1 percent of the $6.0 million budget. This revenue is $643,000, or 3443.5 percent higher than the same period last year. The increase is due to timing of reimbursements received for construction projects from the Orange County Water District for P2-122 Headworks Modifications at Plant 2 for GWRS Final Expansion. No reimbursements were received for these projects during the same period in the prior year. These revenues are expected to be below budget at year-end. • Revenues – Wastehauler – Wastehauler revenues are at $502,000, or 67.0 percent of the $750,000 budget. This revenue is derived from fees charged to wastehaulers allowing them to dump waste into the Sanitation District’s system. The revenues through the mid-year are higher than the same period last year by $169,000, or 50.9 percent due to an increase in waste dumping. These revenues are expected to approximate or exceed budget at year-end. • Revenues – CNG Sales – CNG Sales revenues are at $134,000, or 33.4 percent of the $400,000 budget. This revenue is derived from public sales at the Sanitation District’s Compressed Natural Gas (CNG) fueling station. The revenues through the mid-year are lower than the same period last year by $41,000, or 23.5 percent. These revenues are expected to be below budget at year-end. • Revenues – Rents & Leases – Rents & Leases revenues are at $374,000, or 16.5 percent of the $2.3 million budget. The revenues through the mid-year are lower than the same period last year by $566,000, or 60.2 percent due to less rent received as tenants move out of the properties acquired for construction of the new headquarters building. These revenues are expected to be below budget at year-end. FY 2019-20 Mid-Year Financial Report Section 1 - Page 6 Comparison of Mid-Year Cost per Million Gallon Results with Budget Last Five Years As demonstrated in the preceding graph for each of the last four fiscal years, the cost per million gallons at the end of the mid-year has been between 3.5 percent higher to 8.2 percent lower than the annual budget. The FY 2019-20 mid-year cost per million gallons of $2,334 is 4.8 percent lower when compared with this year’s budget. The increase in cost per million gallons of $118 from the previous year is primarily due to an increase in operating expenses, which are 6.7 percent higher than the same period last year, offset by an increase in flows, which are 1.3 percent higher than the same period last year. Staff believes that overall operating costs will be below budget at year-end. The total cost per million gallons at December 31 is $2,334 based on flows of 187 million gallons per day. This is $117 per million gallons, or 4.8 percent lower than the budgeted cost per million gallons of $2,451. There is an inverse relationship between the amount of flows and the cost per unit of collection, treatment, and disposal. Consequently, the lower cost per million gallons is due to net expenses being 4.3 percent less than the proportionate budget through December 31, partially offset by flows of 187 million gallons per day being 0.3 percent less than the budgeted flow of 188 million gallons per day. More detailed information on operating revenues, costs, and related information is provided within Section 2. Consolidated Financial Reports Section 1 - Page 7 Following are data tables showing the last five years of Single Family Residential User Fees (SFR) and the cost per MG to collect, treat, and dispose of wastewater for OCSD and for similar agencies. The agencies used in the table were determined to be those that most closely resembled OCSD in terms of services provided and treatment levels. The summaries demonstrate that OCSD’s SFR and cost per million gallons are each one of the lowest in their respective group. 2015 2016 2017 2018 2019 Agency SFR SFR SFR SFR SFR Notes San Francisco 784$ 842$ 937$ 988$ 1,076$ Vallejo Sanitation/Flood Control District 520$ 520$ 520$ 585$ 656$ Central Contra Costa Sanitary District 471$ 503$ 530$ 567$ 598$ City of Los Angeles 464$ 495$ 527$ 561$ 597$ Note 1 City of San Diego 573$ 573$ 573$ 573$ 573$ Note 4 Dublin San Ramon Services District 382$ 382$ 397$ 423$ 447$ Sacramento County 384$ 420$ 432$ 444$ 444$ East Bay MUD 355$ 373$ 391$ 410$ 423$ Union Sanitary District 377$ 380$ 393$ 407$ 421$ City of Hayward 347$ 358$ 375$ 394$ 412$ Orange County Sanitation District 322$ 327$ 331$ 335$ 339$ Irvine Ranch Water District 289$ 309$ 309$ 309$ 313$ Note 2 City of Fresno 309$ 309$ 309$ 309$ 309$ Note 3 Oro Loma Sanitary District 206$ 221$ 238$ 256$ 275$ Los Angeles County 177$ 182$ 186$ 191$ 196$ Note 5 Notes: (1) - Data is for the typical SFR customer rate. (2) - Data represents the usage of 10 hundred cubic feet per unit. (3) - Data represents the minimum SFR rate not including flow. (4) - Data represents the base sewer fee plus the average usage of 9 hundred cubic feet per month. (5) - Data represents the Average Service Charge Rates for the prior fiscal year. Benchmark Study Five-Year Single Family Residential Rate Rates as of July FY 2019-20 Mid-Year Financial Report Section 1 - Page 8 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 Agency Svc.Trt.Cost/MG Cost/MG Cost/MG Cost/MG Cost/MG Notes Vallejo Sanitation/Flood Control District B 3 5,590$ 5,396$ 4,745$ 5,393$ 6,661$ Union Sanitary District B 3 3,911$ 3,957$ 4,039$ 4,757$ 4,838$ City of San Diego B 4 3,592$ 3,606$ 3,834$ 4,147$ 4,180$ Central Contra Costa Sanitary District B 4 6,281$ 6,454$ 6,081$ 5,588$ 3,980$ Note 4 Dublin San Ramon Services District B 4 2,522$ 2,896$ 2,961$ 3,422$ 3,692$ City of Los Angeles B 4 2,269$ 2,452$ 2,487$ 2,329$ 3,046$ Note 2 Sacramento County T 4 2,494$ 2,571$ 2,752$ 2,831$ 2,812$ East Bay MUD T 3 2,728$ 2,599$ 2,353$ 3,137$ 2,710$ Note 3 Orange County Sanitation District B 3 2,071$ 2,110$ 2,055$ 2,069$ 2,275$ City of Fresno B 4 1,629$ 1,678$ 1,796$ 1,813$ 1,945$ Los Angeles County B 4 1,239$ 1,371$ 1,151$ 1,365$ 1,506$ Note 1 San Francisco B 3 5,358$ 5,268$ 4,916$ 5,295$ N/A Legend for Service Provided and Treatment Level: B - Agency operates both collection and treatment facilities T - Agency provides treatment services but not collection 3 - Secondary treatment 4 - Advanced secondary or secondary with some tertiary treatment Notes: (1) - Does not include source control or overhead costs. (3) - Operating expense decreased $1.1 million. N/A - Not currently available. Benchmark Study Five-Year Cost per MG (4) - Operating expense decreased $36.4 million; $30.4 million due to an adjustment to the Sanitation District's Other Post Employment Benefit Plan (OPEB) - Transition to CalPers Health Insurance (2) - 2017 Influent flow has not been reduced by the amount of sludge discharged to the sewers from DCTWRP and LAGWRP. Consolidated Financial Reports Section 1 - Page 9 Capital Outlay Review: As depicted by the preceding chart, Capital Outlays totaled $51.0 million or 33.3 percent of the capital outlay cash flow budget for FY 2019-20 as of December 31, 2019. Costs are proportionately low through the mid-year as some projects are still in the design phase or have experienced various delays or deferrals. Examples as of December 31 are Ocean Outfall System Rehabilitation, which has a budget of $26.9 million but actual costs of $8.5 million, Newhope-Placentia Trunk Replacement, which has a budget of $22.7 million but actual costs of $6.7 million, Headquarters Complex and Site Security at Plant 1, which has a budget of $9.8 million but actual costs of $2.4 million, and Rehabilitation of Western Regional Sewers, which has a budget of $9.6 million but actual costs of $950,000. Overall, the capital outlay costs of the capital improvement program are expected to approximate $116.8 million, or 76.2 percent of the capital outlay cash flow budget at year-end. More detailed information on the capital improvement program is provided within Section 3. Capital Assets Schedule and Debt Service Budget Review: Section 4 is the Capital Assets Schedule and Debt Service Section. This section shows the cost value of the Sanitation District’s capital facilities at December 31, 2019, as well as the debt service costs resulting from the need to provide funding for the construction of capital facilities. The majority of principal payments on debt issues are due in February during the third quarter of each fiscal year. As of December 31, 2019, no principal payments have been made through the end of the mid-year. Total principal payments are expected to FY 2019-20 Mid-Year Financial Report Section 1 - Page 10 approximate budget at year-end. Interest costs are expensed ratably throughout the fiscal year. Interest expense is anticipated to approximate budget at year-end. Self-Insurance Budget Reviews: Section 5 is the Self-Insurance Section. Through December 31, the Self-Insurance Fund revenues totaled $1.3 million, or 51.5 percent of the budget, while expenses were $1.2 million, or 46.7 percent of the budget. Separate fund accounting is used for recording the revenue and expenses incurred in managing these liability claims. The revenues to these funds represent charges to operating divisions. Expenses to these funds include actual claims paid, claims administration, and excess loss policies. Operating Budget Review $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 Ex e c u t i v e M a n a g e m e n t Hu m a n R e s o u r c e s Ad m i n i s t r a t i v e S e r v i c e s En v i o r n m e n t a l S e r v i c e s En g i n e e r i n g Op e r a t i o n s & M a i n t e n a n c e Cost per Million Gallons by DepartmentBudget and ActualDecember 31, 2019 Budget Actual $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 $55,000 $60,000 $65,000 $70,000 $75,000 Sa l a r y & W a g e s Em p l o y e e B e n e f i t s Ad m i n i s t r a t i v e E x p e n s e s Pr i n t i n g & P u b l i c a t i o n Tr a i n i n g & M e e t i n g s Op e r a t i n g E x p e n s e s Co n t r a c t u a l S e r v i c e s Pr o f e s s i o n a l S e r v i c e s Re s e a r c h & M o n i t o r i n g Re p a i r s & M a i n t e n a n c e Ut i l i t i e s Ot h e r M a t e r i a l s , S u p p l i e s , & S v c s Collection, Treatment, & Disposal Expenses by Major CategoryBudget and Actual (in thousands)December 31, 2019 Budget Actual Section 2 - Page 1 Divisional Contributions to Cost Per Million GallonsFor the Six Months Ended December 31, 2019 2019-2012/31/17 12/31/18 Annual 12/31/19 Actual Actual Budget Actual Flow in Million Gallons 34,284.89 34,032.65 68,620.00 34,481.22 Flow in Million Gallons per Day 186.33 184.96 188.00 187.40 Executive Management Department General Management Administration 37.11$ 28.16$ 46.24$ 32.42$ Board Services 9.27 11.18 10.11 9.24 Public Affairs 14.81 14.62 16.84 16.70 Subtotal 61.19 53.96 73.19 58.36 Human Resources Department Human Resources 53.80 59.44 72.68 61.43 Risk Management / Safety / Security 83.75 71.06 84.31 79.97 Subtotal 137.55 130.50 156.99 141.40 Administrative Services Department Administrative Services 7.24 6.92 2.63 9.03 Financial Management 53.97 36.45 50.17 40.85 Contracts, Purchasing, & Materials Mgmt.65.85 94.04 72.38 61.12 Information Technology 159.00 179.28 177.20 204.08 Subtotal 286.06 316.69 302.38 315.08 Environmental Services Department Environmental Services Administration 12.57 13.10 9.03 19.61 Resource Protection 81.58 88.03 83.86 81.27 Laboratory, Monitoring and Compliance 152.00 174.85 166.03 167.18 Subtotal 246.15 275.98 258.92 268.06 Engineering Department Engineering Administration 7.49 8.35 10.99 15.27 Planning 47.21 53.25 78.91 52.69 Project Management Office 37.41 44.65 73.15 69.03 Design 122.86 128.17 110.52 108.70 Construction Management 69.63 78.35 82.63 94.69 Subtotal 284.60 312.77 356.20 340.38 Operations & Maintenance Department Operations & Maintenance Administration 8.39 8.69 11.73 3.97 Collections Facilities O & M 191.55 185.53 194.83 162.97 Fleet Services 27.35 29.99 27.40 27.31 Plant No. 1 Operations 376.33 392.67 459.68 448.06 Plant No. 2 Operations 286.06 304.12 276.73 259.52 Plant No. 1 Maintenance 229.93 193.49 369.47 314.30 Maintenance Reliability and Planning 102.02 93.02 - - Plant No. 2 Maintenance 183.14 216.89 260.88 285.03 Subtotal 1,404.77 1,424.40 1,600.72 1,501.16 Total Operating Expenses 2,420.32 2,514.30 2,748.40 2,624.44 Cost Allocation (295.56) (298.74) (297.40) (290.83) Net Operating Requirements 2,124.76$ 2,215.56$ 2,451.00$ 2,333.61$ FY 2019-20 Mid-Year Financial Report Section 2 - Page 2 Comparison of Expenses by Department For the Six Months Ended December 31, 2019 2019-20 12/31/17 12/31/18 Year to Date Budget % Department and Division Actual Actual Budget 12/31/19 Realized Executive Management Department General Management Administration 1,272,284$ 958,205$ 3,172,680$ 1,117,989$ 35.24% Board Services 317,936 380,550 693,980 318,659 45.92% Public Affairs 507,736 497,665 1,155,600 575,927 49.84% Subtotal 2,097,956 1,836,420 5,022,260 2,012,575 40.07% Human Resources Department Human Resources 1,844,414 2,022,731 4,987,200 2,118,082 42.47% Risk Management / Safety / Security 2,871,454 2,418,359 5,785,360 2,757,525 47.66% Subtotal 4,715,868 4,441,090 10,772,560 4,875,607 45.26% Administrative Services Department Administrative Services 248,261 235,612 180,710 311,306 172.27% Financial Management 1,850,402 1,240,322 3,442,410 1,408,491 40.92% Contracts, Purchasing, & Materials Mgmt.2,257,532 3,200,484 4,966,960 2,107,389 42.43% Information Technology 5,451,430 6,101,429 12,159,200 7,037,087 57.87% Subtotal 9,807,625 10,777,847 20,749,280 10,864,273 52.36% Environmental Services Department Environmental Services Administration 430,902 445,932 619,510 676,272 109.16% Resource Protection 2,796,905 2,995,873 5,754,790 2,802,305 48.70% Laboratory, Monitoring and Compliance 5,211,394 5,950,505 11,393,290 5,764,716 50.60% Subtotal 8,439,201 9,392,310 17,767,590 9,243,293 52.02% Engineering Department Engineering Administration 256,820 284,155 753,920 526,555 69.84% Planning 1,618,508 1,812,174 5,414,675 1,816,775 33.55% Project Management Office 1,282,645 1,519,557 5,019,310 2,380,242 47.42% Design 4,212,371 4,361,898 7,583,810 3,747,941 49.42% Construction Management 2,387,126 2,666,322 5,670,320 3,264,991 57.58% Subtotal 9,757,470 10,644,106 24,442,035 11,736,504 48.02% Operations & Maintenance Department Operations & Maintenance Administration 287,746 295,795 804,870 136,893 17.01% Collections Facilities O & M 6,567,237 6,313,957 13,369,492 5,619,439 42.03% Fleet Services 937,697 1,020,570 1,880,480 941,739 50.08% Plant No. 1 Operations 12,902,313 13,363,543 31,542,920 15,449,718 48.98% Plant No. 2 Operations 9,807,555 10,350,051 18,989,328 8,948,614 47.12% Plant No. 1 Maintenance 7,883,274 6,584,980 25,352,831 10,837,403 42.75% Maintenance Reliability and Planning 3,497,816 3,165,726 - - 0.00% Plant No. 2 Maintenance 6,278,849 7,381,359 17,901,451 9,828,144 54.90% Subtotal 48,162,487 48,475,981 109,841,372 51,761,950 47.12% Total Operating Expenses 82,980,607 85,567,754 188,595,097 90,494,202 47.98% Cost Allocation (10,133,335) (10,166,490) (20,378,610) (10,028,374) 49.21% Net Operating Requirements 72,847,272$ 75,401,264$ 168,216,487$ 80,465,828$ 47.83% Operating Budget Review Section 2 - Page 3 Summary of Collection, Treatment, & Disposal Expenses by Major Category For the Six Months Ended December 31, 2019 Expense Expense Increase Increase Percent Budget Through Through (Decrease)(Decrease)Budget Remaining 2019-20 12/31/19 12/31/18 $%Realized Budget Salary & Wages 74,364,500$ 37,684,874 37,026,006 658,868$ 1.78%50.68%36,679,626$ Employee Benefits 24,069,740 11,716,372 11,719,773 (3,401) -0.03%48.68%12,353,368 Administrative Expenses 2,027,930 1,097,299 841,702 255,597 30.37%54.11%930,631 Printing & Publication 329,970 147,174 132,166 15,008 11.36%44.60%182,796 Training & Meetings 1,109,740 312,555 309,481 3,074 0.99%28.16%797,185 Operating Materials & Supplies 21,008,781 9,654,809 7,861,299 1,793,510 22.81%45.96%11,353,972 Contractual Services 22,033,974 9,022,335 10,279,554 (1,257,219) -12.23%40.95%13,011,639 Professional Services 5,586,170 1,832,795 1,767,374 65,421 3.70%32.81%3,753,375 Research & Monitoring 1,099,600 786,047 388,535 397,512 102.31%71.48%313,553 Repairs & Maintenance 23,469,642 12,434,595 8,499,076 3,935,519 46.31%52.98%11,035,047 Utilities 9,250,310 4,453,822 4,195,171 258,651 6.17%48.15%4,796,488 Other Materials, Supplies, and Services 4,244,740 1,351,525 2,547,617 (1,196,092) -46.95%31.84%2,893,215 Net Cost Allocation (20,378,610) (10,028,374) (10,166,490) 138,116 -1.36%49.21%(10,350,236) Net Operating Requirements 168,216,487 80,465,828 75,401,264 5,064,564 6.72%47.83%87,750,659 Gallonage Flow (MG)68,620.00 34,481.22 34,032.65 448.57 1.32% Gallonage Flow (MGD)188.00 187.40 184.96 2.44 1.32% Gallonage Flow ($'s /MG)$2,451.00 $2,333.61 $2,215.56 $118.05 5.33% Description FY 2019-20 Mid-Year Financial Report Section 2 - Page 4 Revenue Percent Revenue Increase Increase Budget Through Budget Remaining Through (Decrease)(Decrease) Description 2019-20 12/31/19 Realized Budget 12/31/18 $% Service Fees 298,144,000$ 166,912,638$ 55.98%131,231,362$ 160,999,508$ 5,913,130$ 3.67% Permit Fees 9,917,000 6,329,653 63.83%3,587,347 2,504,500 3,825,153 152.73% Inter District Sewer Use-SAWPA & SBSD 2,654,000 1,351,132 50.91%1,302,868 1,259,379 91,753 7.29% Intra District Sewer Use-IRWD 6,861,560 584,513 8.52%6,277,047 468,659 115,854 24.72% Sludge Disposal-IRWD 5,400,000 4,488,298 83.12%911,702 3,985,272 503,026 12.62% Capital Assessments-IRWD 5,397,000 1,540,161 28.54%3,856,839 2,128,586 (588,425) -27.64% Capital Facilities Capacity Charges 18,000,000 7,634,042 42.41%10,365,958 9,232,609 (1,598,567) -17.31% Debt Proceeds - - N/A - 110,302,416 (110,302,416) -100.00% Property Taxes 96,354,000 47,582,816 49.38%48,771,184 45,534,460 2,048,356 4.50% Interest Earnings 6,602,000 9,162,650 138.79%(2,560,650) 9,404,761 (242,111) -2.57% CIP Reimbursements 5,987,869 661,814 11.05%5,326,055 18,677 643,137 3443.47% Wastehauler 750,000 502,155 66.95%247,845 332,756 169,399 50.91% Grant Revenue 464,000 50,651 10.92%413,349 - 50,651 100.00% CNG Sales 400,000 133,607 33.40%266,393 174,586 (40,979) -23.47% Rents & Leases 2,260,100 373,785 16.54%1,886,315 939,408 (565,623) -60.21% Other Revenues 6,413,529 465,378 7.26%5,948,151 244,816 220,562 90.09% Power Sales 25,000 46,869 187.48%(21,869) 18,442 28,427 154.14% Other Sales 50,000 106,216 212.43%(56,216) 62,675 43,541 69.47% Total Revenues 465,680,058$ 247,926,378$ 53.24%217,753,680$ 347,611,510$ (99,685,132)$ -28.68% Summary of Revenues For the Six Months Ended December 31, 2019 Operating Budget Review Section 2 - Page 5 FY 2019-20 Mid-Year Financial Report Summary of Collection, Treatment, & Disposal Expenses by Line Item For the Six Months Ended December 31, 2019 Expense Percent Expense Increase Budget Through Budget Remaining Through (Decrease) Description 2019-20 12/31/19 Expensed Budget 12/31/18 $ Salaries, Wages & Benefits Salaries & Wages 74,364,500$ 37,684,874$ 50.68% 36,679,626$ 37,026,006$ 658,868$ 1.78% Employee Benefits Retirement 11,478,840 5,858,404 51.04% 5,620,436 5,677,823 180,581 3.18% Group Insurances 11,006,200 5,024,730 45.65% 5,981,470 5,323,789 (299,059) -5.62%Tuition & Certification Reimb 98,100 40,172 40.95% 57,928 48,104 (7,932) -16.49% Edu. degrees, Cert. & Lic.470,300 297,322 63.22%172,978 247,557 49,765 20.10% Uniform Rental 140,800 53,849 38.25% 86,951 70,354 (16,505) -23.46% Workers' Compensation 780,000 390,002 50.00% 389,998 293,300 96,702 32.97% Unemployment Insurance 3,200 1,125 35.16% 2,075 1,607 (482) -29.99% EMT Supplemental Benefits 92,300 50,768 55.00%41,532 57,239 (6,471) -11.31% Total Benefits 24,069,740 11,716,372 48.68% 12,353,368 11,719,773 (3,401) -0.03% Salaries, Wages & Benefits 98,434,240 49,401,246 50.19%49,032,994 48,745,779 655,467 1.34% Matl, Supply, & Services Administrative ExpensesMemberships 639,660 392,624 61.38% 247,036 421,247 (28,623) -6.79% Office Exp - Supplies 71,330 36,305 50.90% 35,025 21,594 14,711 68.13% Postage 43,330 14,654 33.82% 28,676 19,553 (4,899) -25.05% Books & Publications 62,340 45,228 72.55% 17,112 10,691 34,537 323.05% Forms 970 - 0.00% 970 1,245 (1,245) -100.00% Small Computer Items 900,300 505,034 56.10% 395,266 331,490 173,544 52.35% Minor Furniture & Fixtures 310,000 103,454 33.37% 206,546 35,882 67,572 188.32% Subtotal 2,027,930 1,097,299 54.11%930,631 841,702 255,597 30.37% Printing & Publication Repro-In-House 200,790 112,344 55.95% 88,446 104,944 7,400 7.05% Printing-Outside 66,480 16,557 24.91% 49,923 11,673 4,884 41.84% Notices & Ads 62,650 18,231 29.10% 44,419 15,538 2,693 17.33% Photo Processing 50 42 84.00% 8 11 31 281.82% Subtotal 329,970 147,174 44.60%182,796 132,166 15,008 11.36% Training & Meetings Meetings 170,850 53,454 31.29% 117,396 43,948 9,506 21.63% Training 938,890 259,101 27.60% 679,789 265,533 (6,432) -2.42% Subtotal 1,109,740 312,555 28.16%797,185 309,481 3,074 0.99% Operating Mat'ls & Supplies Chemical Coagulants 10,364,188 5,268,168 50.83% 5,096,020 2,808,386 2,459,782 87.59% Odor Control 7,415,288 2,834,913 38.23%4,580,375 3,534,314 (699,401) -19.79% Disinfection 233,000 86,014 36.92%146,986 98,435 (12,421) -12.62% Chemicals - Misc & Cogen 331,070 173,041 52.27% 158,029 145,371 27,670 19.03% Gasoline, Diesel & Oil 563,460 251,180 44.58% 312,280 298,809 (47,629) -15.94% Tools 469,135 245,492 52.33% 223,643 210,312 35,180 16.73%Safety equipment/tools 624,500 306,576 49.09% 317,924 273,528 33,048 12.08% Solv, Paints & Jan. Supplies 100,000 57,792 57.79% 42,208 49,416 8,376 16.95% Lab Chemicals & Supplies 639,570 331,073 51.76% 308,497 306,804 24,269 7.91% Other Operating Supplies 176,880 62,360 35.26% 114,520 80,103 (17,743) -22.15% Property Tax Fees 91,690 38,200 41.66% 53,490 55,821 (17,621) -31.57% Subtotal 21,008,781 9,654,809 45.96%11,353,972 7,861,299 1,793,510 22.81% Contractual Services Solids Removal 13,403,700 6,058,861 45.20% 7,344,839 7,777,376 (1,718,515) -22.10% Other Waste Disposal 840,900 394,020 46.86% 446,880 391,309 2,711 0.69% Groundskeeping 193,000 93,768 48.58% 99,232 82,351 11,417 13.86% Janitorial 444,360 239,052 53.80% 205,308 218,280 20,772 9.52% Outside Lab Services 260,000 100,998 38.85% 159,002 60,303 40,695 67.48% Oxygen 306,000 200,689 65.58% 105,311 153,813 46,876 30.48%County Service Fee 512,410 14,580 2.85% 497,830 28,398 (13,818) -48.66% Temporary Services 810,000 151,407 18.69% 658,593 107,643 43,764 40.66% Security Services 1,608,000 803,965 50.00% 804,035 808,682 (4,717) -0.58% Other 3,655,604 964,995 26.40% 2,690,609 651,399 313,596 48.14% Subtotal 22,033,974 9,022,335 40.95%13,011,639 10,279,554 (1,257,219) -12.23% Increase (Decrease) % Section 2 - Page 6 (Continued) Operating Budget Review Summary of Expenses by Line Item For the Six Months Ended December 31, 2019 Expense Expense Increase Increase Budget Through Remaining Through (Decrease)(Decrease) Description 2019-20 12/31/19 Expensed Budget 12/31/18 $% Continued: Professional Services Legal 1,565,820 677,813 43.29% 888,007 662,411 15,402 2.33%Audit & Accounting 241,110 75,165 31.17% 165,945 76,745 (1,580) -2.06% Engineering 1,361,000 368,296 27.06% 992,704 411,793 (43,497) -10.56% Enviro Scientific Consulting 200,000 30,990 15.50% 169,010 20,000 10,990 54.95% Software Prgm Consulting 376,000 195,419 51.97% 180,581 120,340 75,079 62.39% Advocacy Efforts 179,400 57,800 32.22% 121,600 77,232 (19,432) -25.16% Industrial Hygiene Services 50,000 26,102 52.20% 23,898 19,734 6,368 32.27% Labor Negotiation Services 80,000 30,080 37.60% 49,920 - 30,080 N/A Other 1,532,840 371,130 24.21% 1,161,710 379,119 (7,989) -2.11% Subtotal 5,586,170 1,832,795 32.81%3,753,375 1,767,374 65,421 3.70% Research & Monitoring Environmental Monitoring 549,600 235,559 42.86% 314,041 152,303 83,256 54.66% Air Quality Monitoring 100,000 75,488 75.49% 24,512 11,232 64,256 572.08% Research 450,000 475,000 105.56% (25,000) 225,000 250,000 111.11% Subtotal 1,099,600 786,047 71.48%313,553 388,535 397,512 102.31% Repairs & Maintenance Materials & Services 19,774,364 9,612,456 48.61% 10,161,908 6,582,740 3,029,716 46.03% Svc. Mtc. Agreements 3,695,278 2,822,139 76.37% 873,139 1,916,336 905,803 47.27% Subtotal 23,469,642 12,434,595 52.98%11,035,047 8,499,076 3,935,519 46.31% Utilities Telephone 501,100 268,534 53.59% 232,566 219,704 48,830 22.23% Diesel For Generators 17,000 10,144 59.67% 6,856 9,469 675 7.13% Natural Gas 722,140 372,939 51.64% 349,201 534,515 (161,576) -30.23% Power 7,237,990 3,260,260 45.04% 3,977,730 3,076,765 183,495 5.96% Water 772,080 541,945 70.19% 230,135 354,718 187,227 52.78% Subtotal 9,250,310 4,453,822 48.15%4,796,488 4,195,171 258,651 6.17% Other Operating Supplies Outside Equip Rental 122,000 42,801 35.08% 79,199 16,024 26,777 167.11% Insurance Premiums 37,800 28,501 75.40% 9,299 27,302 1,199 4.39% Prop & Gen Liab Insurance 1,720,000 859,998 50.00% 860,002 649,650 210,348 32.38% Freight 87,050 53,782 61.78% 33,268 37,998 15,784 41.54% Misc. Operating Expense 249,460 132,570 53.14% 116,890 115,713 16,857 14.57% Regulatory Operating Fees 769,000 143,666 18.68% 625,334 711,994 (568,328) -79.82% Subtotal 2,985,310 1,261,318 42.25%1,723,992 1,558,681 (297,363) -19.08% General Mgr Contingency & Reappropriations 1,133,800 - 0.00% 1,133,800 - - N/A Other Non-Oper Expense 125,630 90,207 71.80% 35,423 988,936 (898,729) -90.88% Total Materials, Supplies & Services 90,160,857 41,092,956 45.58% 49,067,901 36,821,975 4,270,981 11.60% Total Expenditures 188,595,097 90,494,202 47.98%98,100,895 85,567,754 4,926,448 5.76% Cost Allocation (20,378,610) (10,028,374) 49.21% (10,350,236) (10,166,490) 138,116 -1.36% Net Operating Requirements 168,216,487$ 80,465,828$ 47.83% 87,750,659$ 75,401,264$ 5,064,564$ 6.72% Percent Budget Section 2 - Page 7 FY 2019-20 Mid-Year Financial Report Summary of Collection, Treatment, & Disposal Expenses by Process For the Six Months Ended December 31, 2019 Increase Increase Actual Actual (Decrease)(Decrease) 12/31/19 12/31/18 $% Process: Preliminary Treatment 3,387,645$ 3,656,914$ (269,269)$ -7.36% Primary Treatment 10,676,160 6,256,818 4,419,342 70.63% Secondary Treatment 6,024,345 4,382,522 1,641,823 37.46% Cryogenic Plant (Plant 2)444,696 325,917 118,779 36.44% Effluent Disposal 674,408 451,190 223,218 49.47% Solids Handling 23,835,292 24,160,130 (324,838) -1.34% Cogeneration 9,057,895 8,247,706 810,189 9.82% Utilities 1,993,360 1,523,956 469,404 30.80% Electrical Distribution 949,665 875,039 74,626 8.53% Miscellaneous Buildings 5,074,797 4,635,917 438,880 9.47% External Location 147,050 164,598 (17,548) -10.66% Nerissa Vessel 122,668 126,417 (3,749) -2.97% Laboratory 8,617,374 9,118,072 (500,698) -5.49% Collections 9,460,473 11,476,068 (2,015,595) -17.56% Net Operating Requirements 80,465,828$ 75,401,264$ 5,064,564$ 6.72% Section 2 - Page 8 Staffing Trends Full Time Equivalents December 31, 2019 At December 31, 2019, the total head count was 635 employees, or a full time equivalency of 618. Operating Budget Review 450 500 550 600 650 700 6/30/16 6/30/17 6/30/18 6/30/19 12/31/19 572 578 603 614 618 52 49 32 22 22 Actual Vacant 624 627 635 636 640 Section 2 - Page 9 FY 2019-20 Mid-Year Financial Report This Page Intentionally Left Blank Section 2 - Page 10 Capital Improvement ProgramBy Type and Funding SourceFor the Six Months Ended December 31, 2019 CIP Budget Review Total Capital Improvement Outlays -$51,034,876 Rehabilitation and Replacement: 52% Strategic Initiatives: 26% Additional Capacity: 12% Regulatory: 10% Total Capital Improvement Outlays -$51,034,876 Collections Facilities: 19.0% Liquid Treatment: 37.5% Solids Handling & Digestion: 12.1% Utility Systems: 6.0% Support Facilities: 11.7% Other: 13.7% Section 3 - Page 1 Summary of Capital Improvement Construction Requirements - Current Year For the Six Months Ended December 31, 2019 2019-20 2019-20 2019-20 Cashflow Actual at Projected Budget 12/31/2019 Outlay Collection System Improvement Projects Collections FacilitiesTaft Branch Improvements 105,676 - 50,000 Newhope - Placentia Trunk Grade Separation Replacement 71,875 684 325,900 Newhope-Placentia Trunk Replacement 22,653,359 6,694,278 15,286,200 Westminster Blvd Force Main Replacement 2,534,429 315,998 2,430,900 Rehabilitation of Western Regional Sewers 9,563,225 949,885 1,990,900 Interstate 405 Widening Project Impacts on OCSD Sewers 107,640 16,456 24,000 Seal Beach Pump Station Replacement 578,588 81,829 761,900 Newport Force Main Rehabilitation - 6,470 6,500 Bay Bridge Pump Station Replacement 1,039,692 80,186 446,500 Newport Beach Pump Station Odor Control Improvements 148,187 36,525 58,600 District 6 Trunk Sewer Relief 465,049 47,008 80,900 Gisler - Red Hill Trunk Improvements - Reach B - 1,997 2,000 Gisler - Red Hill Interceptor Rehabilitation 211,211 16,032 73,200 Main Street Pump Replacement & Force Main Rehabilitation 493,458 30,309 104,400 Small Construction Projects Program - Collections 1,943,710 280,941 1,120,700 Operations & Maintenance Capital Program - Collections 538,207 85,049 563,700 Planning Studies Program - Collections 571,568 98,376 465,400 SARI Rock Stabilizers Removal 4,065,703 919,820 2,728,200 Sunflower and Red-Hill Interceptor Repair 390,189 37,846 217,900 Additional Charges to CIP Closed at 6/30/19 - (8,400) (8,400) Subtotal - Collections Facilities 45,515,705 9,691,289 26,729,400 Revenue Area 14 Newport Force Main Rehabilitation (2.18%)- 144 200 Subtotal - Revenue Area 14 - 144 200 Total Collection System Improvement Projects 45,515,705 9,691,433 26,729,600 FY 2019-20 Mid-Year Financial Report Section 3 - Page 2 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Six Months Ended December 31, 2019 2019-20 2019-20 2019-20 Cashflow Actual at Projected Budget 12/31/2019 Outlay Treatment & Disposal Projects Headworks Headworks Rehabilitation and Expansion at Plant 1 7,870,442 4,065,812 7,365,900 Headworks Modifications at P2 for GWRS Final Expansion 4,159,614 1,390,057 3,017,300 Subtotal - Headworks 12,030,056 5,455,869 10,383,200 Primary Treatment Primary Clarifier Reliability Improvements at Plant No. 1 480,336 82,170 301,200 Primary Treatment Rehabilitation at Plant 2 9,186,737 4,796,913 10,130,700 Subtotal - Primary Treatment 9,667,073 4,879,083 10,431,900 Secondary Treatment Return Activated Sludge Piping Replacement at Plant 1 2,803,867 117,961 1,953,500 Activated Sludge Aeration Basin Deck Repair at Plant 2 14,671 3,136 3,200 Return Activated Sludge Piping Replacement at Plant 2 3,234,395 128,066 824,500 Subtotal - Secondary Treatment 6,052,933 249,163 2,781,200 Solids Handling & Digestion Sludge Dewatering and Odor Control at Plant 1 6,781,194 3,412,943 4,283,200 Digester Ferric Chloride Piping Replacement at Plant No. 1 68,898 15,857 98,900 Plant No. 2 Digester Facilities Rehabilitation 2,770,904 1,789 - Sludge Dewatering and Odor Control at Plant 2 5,998,220 2,286,191 5,286,200 Interim Food Waste Receiving Facility 641,684 220,784 611,700 TPAD Digester Facility at P2 874,204 225,738 502,900 Subtotal - Solids Handling & Digestion 17,135,104 6,163,302 10,782,900 Ocean Outfall Systems Ocean Outfall System Rehabilitation 26,862,720 8,546,411 18,046,500 Subtotal - Ocean Outfall Systems 26,862,720 8,546,411 18,046,500 Utility Systems Digester Gas Facilities Rehabilitation 3,957,325 723,209 2,729,100 Natural Gas Pipelines Replacement at Plants 1 and 2 283,122 151,977 194,000 Electrical Power Distribution System Improvements 851,397 72,007 318,100 Uninterruptable Power Supply Improvements at Plant 1 270,355 19,822 164,900 Consolidated Demolition and Utility Improvements at P2 3,545,396 2,091,377 4,027,400 Substation Replacement at Plant No. 2 506,550 - 42,000 Subtotal - Utility Systems 9,414,145 3,058,392 7,475,500 CIP Budget Review Section 3 - Page 3 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Six Months Ended December 31, 2019 2019-20 2019-20 2019-20 Cashflow Actual at Projected Budget 12/31/2019 Outlay Process Related Special Projects Safety Improvements Program 7,701,072 2,932,060 5,918,100 Subtotal - Process Related Special Projects 7,701,072 2,932,060 5,918,100 Information Management SystemsProcess Control Systems Upgrades 578,902 - - Project Management Information System 1,860,070 119,373 199,400 Information Technology Capital Program 2,749,741 783,981 1,568,000 Geographic Information System 493,346 234,732 312,400 EAM Software and Process Implementation 976,100 145,082 679,900 Process Control Systems Upgrades Study 1,783,597 219,649 1,069,700 Subtotal - Information Management Systems 8,441,756 1,502,817 3,829,400 Strategic & Master Planning Planning Studies Program 4,990,554 787,933 2,426,300 Climate Resiliency Study 222,600 230,249 276,900 Subtotal - Strategic & Master Planning 5,213,154 1,018,182 2,703,200 Water Management Projects GWRS Final Expansion Coordination 182,157 67,817 211,400 Subtotal - Water Management Projects 182,157 67,817 211,400 Research Research Program 2,317,609 694,275 1,307,700 Subtotal - Research 2,317,609 694,275 1,307,700 Support Facilities Small Construction Projects Program 4,086,421 1,670,906 3,607,700 Fleet Services UST Leak Remediation at Plant 1 2,251,879 739,829 739,900 Operations & Maintenance Capital Program 4,522,942 502,458 923,300 18350 Mt. Langley Building Purchase and Improvement 155,080 7,570 7,600 Title 24 Access Compliance and Building Rehab Project 1,075,459 502,852 647,500 Headquarters Complex and Site Security at Plant 1 9,765,435 2,360,718 6,888,500 South Perimeter Security and Utility Improvements at Plant N 781,427 196,279 365,200 Plant 2 Warehouse Relocation 67,593 - 41,000 Subtotal - Support Facilities 22,706,236 5,980,612 13,220,700 FY 2019-20 Mid-Year Financial Report Section 3 - Page 4 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Six Months Ended December 31, 2019 2019-20 2019-20 2019-20 Cashflow Actual at Projected Budget 12/31/2019 Outlay Others Perimeter Screening at Plant 2 44,087 - - Capital Improvement Program Management Services 118,846 58,529 98,600 Subtotal - Others 162,933 58,529 98,600 Total Treatment and Disposal Projects 127,886,948 40,606,512 87,190,300 Capital Equipment Purchases 2,923,300 736,931 2,923,300 Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 176,325,953 51,034,876 116,843,200 Less: Savings and Deferrals (23,000,000) - - Net Collection, Treatment and Disposal Projects and Capital Equipment Purchases 153,325,953$ 51,034,876$ 116,843,200$ CIP Budget Review Section 3 - Page 5 FY 2019-20 Mid-Year Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Six Months Ended December 31, 2019 Current Total Approved June 30, 2019 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2020 Budget Collection System Improvement Projects Collections Facilities Taft Branch Improvements 8,130,000 12,083 50,000 62,083 8,067,917 Newhope - Placentia Trunk Grade Separation Replacement 4,300,000 4,192,559 325,900 4,518,459 (218,459) Newhope-Placentia Trunk Replacement 112,000,000 61,677,495 15,286,200 76,963,695 35,036,305 Yorba Linda Pump Station Abandonment 10,800,000 - - - 10,800,000 Beach Trunk/Knott Interceptor Sewer Relief 21,000,000 - - - 21,000,000 Westminster Blvd Force Main Replacement 54,000,000 6,690,994 2,430,900 9,121,894 44,878,106 Rehabilitation of Western Regional Sewers 202,000,000 15,684,536 1,990,900 17,675,436 184,324,564 Interstate 405 Widening Project Impacts on OCSD Sewers 528,000 94,547 24,000 118,547 409,453 Seal Beach Pump Station Replacement 78,900,000 141,174 761,900 903,074 77,996,926 Los Alamitos Sub-Trunk Extension 66,000,000 - - - 66,000,000 Newport Force Main Rehabilitation 58,367,238 58,305,659 6,500 58,312,159 55,079 Crystal Cove Pumping Station Upgrade and Rehabilitation 17,900,000 - - - 17,900,000 Bay Bridge Pump Station Replacement 64,000,000 1,241,764 446,500 1,688,264 62,311,736 Newport Beach Pump Station Odor Control Improvements 4,066,000 52,522 58,600 111,122 3,954,878 District 6 Trunk Sewer Relief 7,965,000 7,086,802 80,900 7,167,702 797,298 Gisler - Red Hill Trunk Improvements - Reach B 25,213,000 25,017,792 2,000 25,019,792 193,208 MacArthur Pump Station Rehabilitation 9,151,000 - - - 9,151,000 Main Street Pump Station Rehabilitation 40,660,000 - - - 40,660,000 Gisler - Red Hill Interceptor Rehabilitation 14,800,000 - 73,200 73,200 14,726,800 Main Street Pump Replacement & Force Main Rehabilitation 17,160,000 - 104,400 104,400 17,055,600 MacArthur Force Main Improvement 2,385,000 - - - 2,385,000 Edinger Bolsa Chica Trunk Improvements 5,159,000 - - - 5,159,000 Edinger Pump Station Upgrade and Rehabilitation 14,100,000 - - - 14,100,000 Slater Avenue Pump Station Rehabilitation 25,300,000 - - - 25,300,000 Small Construction Projects Program - Collections 9,258,000 3,606,091 1,120,700 4,726,791 4,531,209 Operations & Maintenance Capital Program - Collections 570,109 33,002 563,700 596,702 (26,593) Planning Studies Program - Collections 4,258,600 3,178,275 465,400 3,643,675 614,925 Research Program - Collections 154,000 46,250 - 46,250 107,750 SARI Rock Stabilizers Removal 6,860,000 1,059,637 2,728,200 3,787,837 3,072,163 Sunflower and Red-Hill Interceptor Repair 5,500,000 20,888 217,900 238,788 5,261,212 Additional Charges to CIP Closed at 6/30/19 - - (8,400) (8,400) 8,400 Subtotal - Collections Facilities 890,484,947 188,142,070 26,729,400 214,871,470 675,613,477 Revenue Area 14: Newport Force Main Rehabilitation (2.18%)1,300,762 1,299,390 200 1,299,590 1,172 Subtotal - Revenue Area 14 1,300,762 1,299,390 200 1,299,590 1,172 Total Collection System Improvement Projects 891,785,709 189,441,460 26,729,600 216,171,060 675,614,649 Section 3 - Page 6 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Six Months Ended December 31, 2019 Current Total Approved June 30, 2019 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2020 Budget Treatment & Disposal Projects Headworks Headworks Rehabilitation and Expansion at Plant 1 406,000,000 19,524,945 7,365,900 26,890,845 379,109,155 Headworks Modifications at P2 for GWRS Final Expansion 54,000,000 5,356,267 3,017,300 8,373,567 45,626,433 Subtotal - Headworks 460,000,000 24,881,212 10,383,200 35,264,412 424,735,588 Primary Treatment Primary Clarifiers Replacements and Improvements at P1 106,000,000 521,057 - 521,057 105,478,943 Primary Clarifier Reliability Improvements at Plant No. 1 12,000,000 198,647 301,200 499,847 11,500,153 Primary Treatment Rehabilitation at Plant 2 245,000,000 16,832,705 10,130,700 26,963,405 218,036,595 B/C-Side Primary Clarifiers Rehabilitation at Plant 2 249,560,000 - - - 249,560,000 Subtotal - Primary Treatment 612,560,000 17,552,409 10,431,900 27,984,309 584,575,691 Secondary Treatment Return Activated Sludge Piping Replacement at Plant 1 10,300,000 964,280 1,953,500 2,917,780 7,382,220 Activated Sludge Aeration Basin Deck Repair at Plant 2 1,800,000 1,612,387 3,200 1,615,587 184,413 Return Activated Sludge Piping Replacement at Plant 2 20,000,000 849,751 824,500 1,674,251 18,325,749 Subtotal - Secondary Treatment 32,100,000 3,426,418 2,781,200 6,207,618 25,892,382 Solids Handling & Digestion Digester Rehabilitation at Plant 1 66,000,000 65,609,228 - 65,609,228 390,772 Sludge Dewatering and Odor Control at Plant 1 199,500,000 191,251,029 4,283,200 195,534,229 3,965,771 Digester Ferric Chloride Piping Replacement at Plant No. 1 1,360,000 - 98,900 98,900 1,261,100 Plant No. 2 Digester Facilities Rehabilitation 15,500,000 14,717 - 14,717 15,485,283 Sludge Dewatering and Odor Control at Plant 2 90,477,000 80,701,878 5,286,200 85,988,078 4,488,922 Interim Food Waste Receiving Facility 6,300,000 448,580 611,700 1,060,280 5,239,720 TPAD Digester Facility at P2 405,100,000 - 502,900 502,900 404,597,100 Digester P, Q, R, and S Replacement 166,000,000 - - - 166,000,000 Subtotal - Solids Handling & Digestion 950,237,000 338,025,432 10,782,900 348,808,332 601,428,668 Ocean Outfall Systems Ocean Outfall System Rehabilitation 166,000,000 38,447,897 18,046,500 56,494,397 109,505,603 Subtotal - Ocean Outfall Systems 166,000,000 38,447,897 18,046,500 56,494,397 109,505,603 Utility Systems UPS System Upgrades 4,700,000 - - - 4,700,000 Digester Gas Facilities Rehabilitation 156,500,000 4,894,979 2,729,100 7,624,079 148,875,921 Natural Gas Pipelines Replacement at Plants 1 and 2 1,310,000 221,027 194,000 415,027 894,973 Electrical Power Distribution System Improvements 30,000,000 138,428 318,100 456,528 29,543,472 CIP Budget Review Section 3 - Page 7 (Continued) FY 2019-20 Mid-Year Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Six Months Ended December 31, 2019 Current Total Approved June 30, 2019 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2020 Budget Utility Systems (continued) Central Generation Rehabilitation at Plant 1 87,000,000 - - - 87,000,000 Uninterruptable Power Supply Improvements at Plant 1 7,000,000 79,108 164,900 244,008 6,755,992 Consolidated Demolition and Utility Improvements at P2 31,000,000 26,399,159 4,027,400 30,426,559 573,441 Central Generation Rehabilitation at Plant 2 114,000,000 - - - 114,000,000 Substation Replacement at Plant No. 2 40,261,000 - 42,000 42,000 40,219,000 Subtotal - Utility Systems 471,771,000 31,732,701 7,475,500 39,208,201 432,562,799 Process Related Special Projects Safety Improvements Program 19,000,000 8,118,140 5,918,100 14,036,240 4,963,760 Subtotal - Process Related Special Projects 19,000,000 8,118,140 5,918,100 14,036,240 4,963,760 Information Management Systems Process Control Systems Upgrades 46,000,000 - - - 46,000,000 Project Management Information System 4,000,000 1,149,166 199,400 1,348,566 2,651,434 SCADA System and Network Upgrades 5,000,000 4,970,908 - 4,970,908 29,092 Information Technology Capital Program 10,000,000 1,250,053 1,568,000 2,818,053 7,181,947 Geographic Information System 4,568,000 3,058,209 312,400 3,370,609 1,197,391 EAM Software and Process Implementation 7,500,000 5,219,288 679,900 5,899,188 1,600,812 Process Control Systems Upgrades Study 3,554,000 1,224,489 1,069,700 2,294,189 1,259,811 Subtotal - Information Management Systems 80,622,000 16,872,113 3,829,400 20,701,513 59,920,487 Strategic & Master Planning Planning Studies Program 24,393,400 8,690,620 2,426,300 11,116,920 13,276,480 Climate Resiliency Study 878,000 586,978 276,900 863,878 14,122 Subtotal - Strategic & Master Planning 25,271,400 9,277,598 2,703,200 11,980,798 13,290,602 Water Management Projects GWRS Final Expansion Coordination 1,132,000 232,090 211,400 443,490 688,510 Subtotal - Water Management Projects 1,132,000 232,090 211,400 443,490 688,510 Research Research Program 8,346,000 617,093 1,307,700 1,924,793 6,421,207 Subtotal - Research 8,346,000 617,093 1,307,700 1,924,793 6,421,207 Section 3 - Page 8 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Six Months Ended December 31, 2019 Current Total Approved June 30, 2019 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2020 Budget Support Facilities Small Construction Projects Program 29,040,000 12,847,554 3,607,700 16,455,254 12,584,746 Fleet Services UST Leak Remediation at Plant 1 14,952,000 374,111 739,900 1,114,011 13,837,989 Operations & Maintenance Capital Program 15,051,891 1,334,458 923,300 2,257,758 12,794,133 18350 Mt. Langley Building Purchase and Improvement 10,200,000 9,907,140 7,600 9,914,740 285,260 Laboratory Rehabilitation at Plant No. 1 15,000,000 - - - 15,000,000 Title 24 Access Compliance and Building Rehab Project 18,400,000 17,054,173 647,500 17,701,673 698,327 Headquarters Complex and Site Security at Plant 1 167,500,000 24,758,304 6,888,500 31,646,804 135,853,196 South Perimeter Security and Utility Improvements at Plant N 10,500,000 543,599 365,200 908,799 9,591,201 Plant 2 Warehouse Relocation 9,800,000 - 41,000 41,000 9,759,000 Plant 2 Collections Yard Relocation 1,840,000 - - - 1,840,000 Subtotal - Support Facilities 292,283,891 66,819,339 13,220,700 80,040,039 212,243,852 Others Banning Gate Relocation and Grading at Plant 2 2,931,000 - - - 2,931,000 Perimeter Screening at Plant 2 2,800,000 64,040 - 64,040 2,735,960 Capital Improvement Program Management Services 700,000 184,309 98,600 282,909 417,091 Subtotal - Others 6,431,000 248,349 98,600 346,949 6,084,051 Total Treatment and Disposal Projects 3,125,754,291 556,250,791 87,190,300 643,441,091 2,482,313,200 Capital Equipment Purchases 9,727,153 - 2,923,300 2,923,300 6,803,853 Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 4,027,267,153$ $745,692,251 $116,843,200 $862,535,451 $3,164,731,702 CIP Budget Review Section 3 - Page 9 FY 2019-20 Mid-Year Financial Report This Page Intentionally Left Blank Section 3 - Page 10 Capital Assets Schedule For the Six Months Ended December 31, 2019 Balance Year-to-Date Balance07/01/19 Activity 12/31/19 CONSTRUCTION IN PROGRESS: Treatment Plant 447,941,678$ 41,343,443$ 489,285,121$ Collection System 73,889,956 9,691,433 83,581,389 Subtotal 521,831,634 51,034,876 572,866,510 PROPERTY, PLANT & EQUIPMENT (at cost):Land and Property Rights 41,967,355 - 41,967,355 Collection Lines and Pump Stations 886,790,503 - 886,790,503 Treatment Facilities 2,478,726,934 - 2,478,726,934 Effluent disposal facilities 96,972,016 - 96,972,016 Solids disposal facilities 3,463,236 - 3,463,236 General and administrative facilities 257,168,345 - 257,168,345 Excess purchase price over book value on acquired assets 19,979,000 - 19,979,000 Subtotal 3,785,067,389 - 3,785,067,389 Total Property, Plant & Equipment & CIP 4,306,899,023$ 51,034,876$ 4,357,933,899$ 2019-20 Year-to-Date RemainingBudgetPayments% of Budget BudgetPrincipal Payments by Debt Issue:2010A BABs - - 0.00%- 2010C BABs - - 0.00%- 2011A COP - - 0.00%- 2012A COP - - 0.00%- 2012B COP 20,915,000 - 0.00%20,915,000 2014A COP 7,400,000 - 0.00%7,400,000 2015A COP - - 0.00%- 2016A COP 4,415,000 - 0.00%4,415,000 2017A COP - - 0.00%- 2018A CANs - - 0.00%- Subtotal Principal Payments 32,730,000 - 0.00%32,730,000 Interest Expense by Debt Issue: 2010A BABs 2,897,700 2,106,988 72.71%790,712 2010C BABs 6,523,800 4,743,687 72.71%1,780,113 2011A COP 3,348,400 1,674,175 50.00%1,674,225 2012A COP 3,735,900 1,867,950 50.00%1,867,950 2012B COP 2,191,400 1,095,700 50.00%1,095,700 2014A COP 3,566,500 1,783,250 50.00%1,783,250 2015A COP 6,375,500 3,187,750 50.00%3,187,750 2016A COP 6,977,300 3,488,650 50.00%3,488,650 2017A COP 3,318,500 1,659,250 50.00%1,659,250 2018A CANs 5,110,000 2,555,000 50.00%2,555,000 Subtotal Interest Expense 44,045,000 24,162,400 54.86%8,991,950 Total Debt Service 76,775,000$ 24,162,400$ 31.47%41,721,950$ Section 4 - Page 1 Capital Facilities Budget Review Capital Assets Schedule & Debt Service Budget Review Debt Service Budget Review FY 2019-20 Mid-Year Financial Report This Page Intentionally Left Blank Section 4 - Page 2 General Liability and Property Fund Budget ReviewFor the Six Months Ended December 31, 2019 Actual Actual2019-20 Through ThroughBudget12/31/19 12/31/18 Revenues: In-Lieu Premiums 1,720,000$ 859,998$ 50.00%860,002$ 649,650$ 210,348$ Miscellaneous Other Revenue 10,000 - 0.00%- - - Service Department Allocations 20,000 (1,548) -7.74%21,548 (1,548) - Total Revenues 1,750,000 858,450 49.05%881,550 648,102 210,348 Expenses: Benefits/Claims 360,000 53,188 14.77%306,812 - 53,188 Legal Services 40,000 - 0.00%40,000 - - Professional Services 10,000 - 0.00%10,000 - - Subtotal 410,000 53,188 12.97%356,812 - 53,188 Policy Premium Expense 1,340,000 708,883 52.90%631,117 638,449 70,434 Total Expenses 1,750,000 762,071 43.55%987,929 638,449 123,622 Excess Revenue (Expense)- 96,379 (106,379)$ 9,653 86,726 Beginning Reserves 55,000,000 55,389,842 55,367,246 22,596 Ending Reserves 55,000,000$ 55,486,221$ 55,376,899$ 109,322$ 12/31/19 Budget (Decrease) Self Insurance Budget Review Percent of Budget RemainingThrough2019-20 Increase Section 5 - Page 1 FY 2019-20 Mid-Year Financial Report Workers' Compensation Fund Budget ReviewFor the Six Months Ended December 31, 2019 Actual Actual2019-20 Through ThroughBudget12/31/19 12/31/19 12/31/18 Revenues: In-Lieu Premiums 780,000$ 390,000$ 50.00%390,000$ 293,300$ 96,700$ Service Department Allocations - 54,348 N/A (54,348) 54,348 - Total Revenues 780,000 444,348 56.97%335,652 347,648 96,700 Expenses: Benefits/Claims 430,000 232,300 54.02%197,700 201,334 30,966 Legal Services 80,000 58,078 72.60%21,922 26,811 31,267 Professional Services 60,000 19,028 31.71%40,972 31,627 (12,599) Subtotal 570,000 309,406 54.28%260,594 259,772 49,634 Policy Premium Expense 210,000 108,881 51.85%101,119 109,664 (783) Total Expenses 780,000 418,287 53.63%361,713 369,436 48,851 Excess Revenue (Expense)- 26,061 (26,061)$ (21,788) 47,849 Beginning Reserves 2,000,000 2,036,708 2,085,542 (48,834) Ending Reserves 2,000,000$ 2,062,769$ 2,063,754$ (985)$ Budget (Decrease) Percentof Budget RemainingThrough2019-20 Increase Section 5 - Page 2 OCSD ♦ P.O. Box 8127 ♦ Fountain Valley, CA 92728-8127 ♦ (714) 962-2411 January 31, 2020 STAFF REPORT Mid-Year Treasurer’s Report For the Period Ended December 31, 2019 SUMMARY Section 17.0 of the Orange County Sanitation District's (OCSD) Investment Policy includes quarterly reporting requirements for OCSD's two investment portfolios. These two funds, the "Liquid Operating Monies," and the "Long-Term Operating Monies" are managed by Chandler Asset Management, OCSD’s external money manager. The ongoing monitoring of OCSD's investment program by staff and Callan Associates, OCSD's independent investment advisor, indicates that OCSD's investments are in compliance with OCSD'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 OCSD to meet budgeted expenditures for the next six months. OCSD’s portfolios do not include any reverse repurchase agreements or derivative securities. ADDITIONAL INFORMATION Performance Reports The Quarterly Strategy Review, prepared by Chandler Asset Management, and the Investment Measurement Service Quarterly Review, prepared by Callan Associates, is attached for reference. Also attached are Long-Term and Liquid Operating Monies Summary of Performance Data and Portfolio Statistics charts that depict the performance results, estimated yield and duration, credit quality, and sector diversification of OCSD's portfolios, as of December 31, 2019. The Liquid Operating Monies portfolio, with an average maturity of 77 days, consists entirely of high quality fixed income investments consistent with the Sanitation District’s investment policy. Portfolio Performance Summary The following table presents a performance summary of the Sanitation District's portfolios as compared to their benchmarks as of December 31, 2019. Quarterly Treasurer’s Report For the Period Ended December 31, 2019 Page 2 of 4 (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) 31 Mar 19 108.5 506.2 30 Jun 19 164.5 558.1 30 Sep 19 68.2 548.1 31 Dec 19 175.6 579.9 Portfolio Performance Summary As of December 31, 2019 Liquid Operating Monies (%)Long-Term Operating Monies (%) Total Rate of Return Benchmark(1) Total Rate of Return Benchmark(1) 3 Months 0.50 0.46 0.49 0.44 6 Months 1.09 1.02 1.37 1.27 9 Months 1.79 1.67 3.09 3.14 12 Months 2.43 2.28 4.65 4.61 Annualized Since inception 30 Nov 2014 1.17 1.06 1.84 1.79 Market Value $175.6 M $579.9 M Average Quality “AA+”/”Aaa” “AA”/”Aa1” Current Yield (%) 1.85 2.25 Estimated Yield to Maturity (%) 1.68 1.72 Quarterly Deposits (Withdrawals) $107.0 M $29.0 M Estimated Annual Income $3.2 M $13.3 M Quarterly Treasurer’s Report For the Period Ended December 31, 2019 Page 3 of 4 The Sanitation District’s Investment Account Balances as of December 31, 2019 Investment Accounts Book Balances December 31, 2019 Estimated Yield (%) State of California LAIF Banc of California Checking Account Banc of California Overnight Sweep Account Banc of California W/C Checking Union Bank Mount Langley Account Union Bank Bandilier Account Chandler/U.S. Bank – Short-term Portfolio Chandler/U.S. Bank – Long-term Portfolio Petty Cash BNY Mellon OCIP Reserve TOTAL Debt Service Reserves w/Trustees $54,397,621 3,000,000 5,174,254 90,040 120,048 594,502 175,646,417 579,913,998 3,000 3,670,638 $822,610,518 $1,578 2.04 0.55 0.20 0.55 0.75 0.75 1.68 1.72 N/A 0.00 1.71 1.51 The Sanitation District’s Cost of Funds on Debt Issues as of December 31, 2019 Cost of Funds Issue Description Outstanding COP Balance Annual Interest Rate (%) 2010A Fixed 2010C Fixed 2011A Fixed 2012A Fixed 2012B Fixed 2014A Fixed 2015A Fixed 2016A Fixed 2017A Fixed 2018A Fixed TOTAL Weighted Avg. Cost of Funds 80,000,000 157,000,000 75,370,000 100,645,000 46,475,000 71,330,000 127,510,000 145,880,000 66,370,000 102,200,000 $972,780,000 3.68 4.11 2.61 3.54 1.50 2.34 3.30 3.02 2.55 2.02 3.05 Quarterly Treasurer’s Report For the Period Ended December 31, 2019 Page 4 of 4 ATTACHMENTS 1. Chandler Quarterly Report 2. Summary of Performance Data and Portfolio Statistics – Liquid Operating Monies 3. Summary of Performance Data and Portfolio Statistics – Long Term Operating Monies 4. Investment Transactions and Balances in LAIF 5. Asset Summary by Asset Type – Liquid Operating Portfolio 6. Asset Summary by Asset Type – Long Term Portfolio 7. Asset Summary by Asset Type – Owner Controlled Insurance Program Escrow Account 8. Investment Listing (Yield Analysis Report) 9. Asset Detail – Consolidated 10. Custody Transaction History – Consolidated 11. Callan Quarterly Review 12. Chandler Quarterly Review 13. Rating Agency Comparisons 1 December 31, 2019 Mr. Lorenzo Tyner Assistant General Manager Director of Finance and Administrative Services Orange County Sanitation District 10844 Ellis Avenue Fountain Valley CA 92708-7018 Dear Lorenzo, Bond Market Recap We expect US economic growth to moderate in 2020 toward trend growth of about 1.8% compared to 2.3% in 2019. We believe the impact of monetary policy on economic growth is somewhat lagged, and the more accommodative monetary policy stance of the Federal Reserve and other global central banks throughout 2019 should provide a tailwind for the economy in 2020. Though slow global growth continues to create a headwind for the US economy, recent domestic economic data has been mostly in line with expectations and consistent with modest growth. Most notably, the US labor market remains firm which should continue to support consumer spending trends as well as the housing market. The Federal Open Market Committee (FOMC) kept the target fed funds rate unchanged in December in a range of 1.50%- 1.75%. The vote to keep policy unchanged was unanimous and the Fed's quarterly update on their Summary of Economic Projections was little changed from the September 2019 forecast. Notably the Fed's forecast calls for no change to the fed funds rate in 2020. We believe the hurdle rate to tighten policy remains high, as market-based measures of inflation are still too low. Conversely, if market-based inflation metrics fail to improve, and/or the domestic or global economy experiences an exogenous shock, we believe the Fed has left the door open for additional policy accommodation. The Treasury yield curve steepened slightly in December. The 2-year Treasury yield decreased about four basis points to 1.57%, the 5-year Treasury yield increased almost seven basis points to 1.69%, and the 10-year Treasury yield increased about 14 basis points to 1.92%. We believe the increase in longer-term yields were driven by more favorable developments with regard to global trade and Brexit. Treasury yields declined meaningfully in 2019. At year-end, the 3-month T-bill yield was down 81 basis points, the 2-Year Treasury yield was down 92 basis points, and the 10-Year Treasury yield was down 77 basis points. We believe the year- over-year decline in long-term Treasury yields largely reflects a decline in global economic growth and inflation expectations, while the decline in shorter-term rates is in line with the Fed's three 25 basis point rate cuts in 2019. Notably, the shape of the yield curve has normalized to some extent over the past few months and is now upward sloping, which we believe reflects increased optimism about the domestic economic outlook. 2 Consumer Prices The Consumer Price Index (CPI) was up 2.1% year-over-year in November, up from 1.8% in October. Core CPI (CPI less food and energy) was up 2.3% year-over-year in November, unchanged from October. The Personal Consumption Expenditures (PCE) index was up 1.5% year-over-year in November versus up 1.4% year-over-year in October. Core PCE, which is the Fed's primary inflation gauge, was up 1.6% year-over-year in November versus 1.7% year-over-year in October. Core PCE softened and remains below the Fed’s 2.0% inflation target. Retail Sales Retail sales increased 0.2% in November, following growth of 0.4% in October. Excluding auto and gas, retail sales were flat in November, below expectations of 0.4%. On a year-over-year basis, retail sales increased 3.3% in November, versus 3.2% in October. Labor Market U.S. nonfarm payrolls rose by 145,000 in December, below expectations of 160,000. Payrolls for October and November were revised down by a total of 14,000. On a trailing 3-month and 6-month basis, payrolls increased an average of about 184,000 and 189,000 per month, respectively. The unemployment rate was unchanged at 3.5% and the participation rate held steady at 63.2%. A broader measure of unemployment called the U-6, which includes those who are marginally attached to the labor force and employed part time for economic reasons, declined to 6.7% in December from 6.9% in November. Wages edged up 0.1% in December, below expectations of 0.3%, but the November increase in wages was revised up slightly to 0.3% from 0.2%. The average workweek was unchanged at 34.3 hours. On a year-over-year basis, wages were up 2.9% in December, versus up 3.1% in November. Housing Starts Housing starts increased 3.2% in November to a 1.365 million annualized rate and starts in the prior month were revised higher. Permits were also stronger than expected in November, up 1.4%. Multi-family starts rose 4.9% month-over-month in November to an annualized rate of 427,000. Single-family starts rose 2.4% in November to an annualized rate of 938,000. The trends suggest that low mortgage rates and a strong labor market continue to drive housing activity. 3 TREASURY YIELDS 12/31/2019 9/30/2019 CHANGE 3 Month 1.54 1.81 (0.27) 2 Year 1.57 1.62 (0.05) 3 Year 1.61 1.56 0.05 5 Year 1.69 1.54 0.15 7 Year 1.83 1.61 0.22 10 Year 1.92 1.67 0.25 30 Year 2.39 2.11 0.28 4 Performance Attribution Long-Term Portfolio The portfolio outperformed the benchmark during the quarter, generating a return of 0.49% compared to the 0.44% return of the ICE Bank of America Merrill Lynch 1-5 Year US Corporate and Government AAA-A Index. The overall asset allocation of the portfolio led to the modest outperformance of the portfolio during the quarter. The out of benchmark exposure to the Asset Backed sector, currently 7.8% of the overall allocation of the portfolio, as well as the overweight exposure to the Corporate sector were both additive to the results during the quarter. From a term structure perspective, the overweight to the front and back end of the maturity distribution, at the expense of the middle portion of the maturity distribution, led to the positive performance differentiation during the quarter. Several securities were purchased across the Treasury, Certificate of Deposit, Commercial Paper, and Asset Backed sectors of the market to keep the portfolio structure in-line with Chandler targets. The purchased securities ranged in maturity from January 2020 to November 2024. One security was sold and several matured to help facilitate the new holdings in the portfolio and manage the varied cash flows in the portfolio during the reporting period that totaled a net positive $29 million. The sector allocation was relatively stable. Some of the larger changes include the 4.4% increase in the US Treasury allocation, to 34.8% of the portfolio, partially offset by the 2.8% decline in the Agency allocation, to 22.8% of the portfolio. The duration of the portfolio contracted moderately, ending the quarter at 2.41 compared to 2.46 as of September 30, 2019. The Chandler team will be focusing on keeping the duration of the portfolio in a tight band relative to the benchmark in the coming quarter. Liquid Portfolio The Liquidity Portfolio outperformed the benchmark, generating a return of 0.50% compared to the 0.46% return of the ICE Bank of America Merrill Lynch 3 Month Treasury Bill Index. Multiple securities were purchased across the Treasury, Agency, Certificate of Deposit, Commercial Paper and Corporate sectors of the market to keep the portfolio fully invested in the liquidity strategy. The purchased securities ranged in maturity from January 2020 to August 2020. One security was called and several matured; a net $107mm was contributed to the portfolio during the quarter. The sector allocation evolved with the large contribution into the strategy in late December. Due to the timing of the contribution most of the proceeds were allocated to the Treasury sector, with the Chandler team having several maturities in January 2020 to facilitate additional holdings in non-Treasury securities when the market is more liquid and not under year-end constraints. The duration of the portfolio contracted moderately, currently 0.21 compared to 0.30 at the end of the prior quarter. The Chandler team continues to utilize the Treasury and Agency sectors to immunize the large forecasted liquidity needs and overlay spread product (i.e. Commercial Paper, Certificates of Deposit, and Corporates) to enhance the total return strategy of the portfolio. 5 Economic Outlook Risk assets closed out the year in strong form with equity prices grinding higher over the quarter, investment grade credit spreads moving lower, and the US Treasury yield curve steepening moderately. Although geopolitical risks continue to influence markets and remain a constant element for investors to monitor, the downside risks to the global economic backdrop moderated in Q4. Most significantly for investor sentiment the US/China trade impasse made incremental progress with the Phase 1 deal expected to be signed in mid-January. Although many long-term challenging issues remain to be resolved specific to US/China trade, the modest progress thus far, including some concessions by China on intellectual property reform, helped to provide a positive catalyst for asset price performance. The protests in Hong Kong continue and remain in the news, however the lack of a draconian response by China has allowed the geopolitical risk in the region to remain contained. In the United Kingdom, Boris Johnson was able to remain Prime Minister with a strong performance in the December election, providing a mandate for the country to move forward with Brexit. Policymakers were also active domestically, with the Federal Reserve stepping in to address some of the acute liquidity pressures facing money markets at the end of Q3. Notably the Federal Reserve began to provide ample overnight and term liquidity via the repo market, in addition to beginning to purchase T-Bills at regular intervals to increase the size of the Fed’s balance sheet and add liquidity into the banking system. Although the Federal Reserve’s balance sheet is again expanding, the composition of the purchased assets is all in short maturity notes, distinguishing the policy move from earlier forms of quantitative easing where longer maturity fixed income assets were added to the Fed’s balance sheet. Taking proactive steps to ensure ample liquidity in the money markets is consistent with Chandler’s view policy makers will continue to be biased to support economic growth, particularly with inflation concerns benign. In late October the Federal Reserve reduced the Fed Funds rate for the 3rd time in 2019 to a target range of 1.50% to 1.75% to further support the economic expansion. The Chandler team holds the view the front-end of the Treasury curve will continue to trade in a tight range centered around the Federal Reserve’s Federal Funds rate target of 1.50% to 1.75% and we are not forecasting additional easing of policy over an intermediate time horizon. Observed inflation metrics remain low, with the PCE Core inflation most recently coming in at 1.60% y/y. Market based measures of inflation also remain very low, with Ten Year Treasury Inflation Breakeven Spreads closing out the year at 1.79%, well below the market’s consensus of a “normal” range of 2.30% to 2.60%. The low levels of inflation remain a conundrum for policy makers as the unemployment rate remains low at 3.5% and the three-month moving average of non-farm payrolls is strong at 184k. The US consumer remains on solid footing and will be enough to support trend GDP growth in 2020 despite the lingering headwinds in Chandler’s view. Until both observed and market-based measures of inflation start to move higher, the Federal Reserve will remain biased to keep policy accommodative, which should also continue to support the performance of risk assets. The Treasury yield curve moderately steepened during Q4, with 10y Treasury yields moving higher by 25 basis points to close out the year at 1.92%. Assuming the economic expansion continues, longer term Treasury yields should continue to drift upwards. Given the low level of rates currently, and the Chandler team’s view negative interest rates in Europe and Japan are largely a policy failure, the Federal Reserve will likely look to embrace alternative tools away from continuing to drop interest rates to support continued growth and higher inflation. The Chandler team is also expecting additional communication from the Federal Reserve on their strategic policy review, with the 2% inflation target a likely area of focus. 6 Strategy Strategy highlights for the Long-Term Portfolio in coming months: • Continue to focus on adding securities with attractive relative value consistent with the overall investment objectives of safety, liquidity and return. o Extend the term structure of the banking sub sector within the Corporate allocation via swapping out of some of the shorter maturity holdings in the portfolio. o Utilize the new issue Corporate calendar where appropriate to further diversify the underlying holdings in the allocation via maturity, rating, and sector. • Utilize the new issue calendar to maintain the overall Asset Backed allocation in a range of 7-10% of the overall portfolio allocation. • Remain patient in adding Agency and Supranational exposure where spreads are currently at the tight end of the recent range. • Continue to maintain bias towards a barbell term structure within the overall term structure of the portfolio. Strategy highlights for the Liquidity Portfolio in coming months: • Continue to ladder the Treasury and Agency exposure to coincide with forecasted liquidity needs. • Opportunistically add Corporate, Negotiable CD and Commercial Paper exposure to the portfolio where the additional spread compensation versus like maturity Treasury notes is attractive. • Maintain a dedicated exposure to the Treasury sector on an ongoing basis to ensure ample liquidity in the portfolio for unexpected cash flow needs. 7 Compliance Issues Category Standard Comment Treasury Issues 5 years maxmaturity; Minimum allocation of 10%Complies* U.S. Agencies 20% max issuer; 5 years max maturity Complies Supranational "AA" rated or better by a NRSRO; 30% maximum; 5 years max maturity; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB Complies Corporate (MTNs)"A" rated or better long term debt by a NRSRO; 30% maximum; 5% max 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.Complies Municipal Securities "A" rated or higher by a NRSRO; 10% maximum; 5% max issuer; 5 years max maturity Complies Asset Backed/ CMOs/ Mortgage-backed "AA" rated or better by a NRSRO; "A" or higher issuer rating by a NRSRO; 20% maximum; 5% max issuer (excluding govt agency/mbs); 5 years max maturity Complies* Negotiable CDs "A" rated or better long term debt by a NRSRO; or "A-1"/ highest short term rating by a NRSRO; 30% maximum; 5% max issuer; 5 years max maturity Complies Certificates of Deposit 5% max issuer; 5 years max maturity; Secured/ collateralized Complies Banker’s Acceptances A-1 rated or equivalent short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies Commercial Paper A-1 rated or equivalent short term rating by a NRSRO; "A" or better long term debt issuer by a NRSRO; Issued by a domestic corporation organized and operating in the US with AUM > $500million; 25% maximum; 5% max issuer; 270 days max maturity Complies Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience greater than 5 years; 10% per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of the District's surplus money Complies Repurchase Agreements 102% collateralization CompliesReverse Repurchase Agreements 5% maximum, 90 days max maturity CompliesLAIFNot used by investment adviser Complies OCIP Not used by investment adviser Complies Avg Duration Not to exceed 60 months - (80% to 120% of the benchmark)Complies Max Per Issuer 5% of portfolio (except Supranationals, U.S. Government, Agencies, Mutual Fund)Complies Maximum Maturity 5 years maximum maturity Complies* 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 twenty (20) securities with maturities greater than 5 years including four (4) CMOs and sixteen (16) MBS. All securities were inherited from the previous manager and complied at time of purchase. Category Standard Comment Treasury Issues 1 year max maturity; Minimum allocation of 10%Complies U.S. Agencies 20% max issuer; 1 year max maturity Complies Supranational "AA" rated or better by a NRSRO; 30% maximum; 1 year max maturity; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB Complies Corporate (MTNs)"A" rated or better long term debt by a NRSRO; 30% maximum; 5% max 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.Complies Asset Backed/ CMOs "AA" rated or better by a NRSRO; "A" or higher issuer rating by a NRSRO; 20% maximum; 5% max issuer; 1 year max maturity Complies Negotiable CDs "A" rated or better long term debt by a NRSRO; or "A-1"/ highest short term rating by a NRSRO; 30% maximum; 5% max issuer; 1 year max maturity Complies Certificates of Deposit 5% max issuer; 1 year max maturity; Secured/collateralized Complies Banker’s Acceptances A-1 rated or equivalent short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies Commercial Paper A-1 rated or equivalent short term rating by a NRSRO; "A" or better long term debt issuer by a NRSRO; Issued by a domestic corporation organized and operating in the US with AUM > $500million; 25% maximum; 5% max issuer; 270 days max maturity Complies Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience greater than 5 years; 10% per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of the District's surplus money Complies Repurchase Agreements 102% collateralization Complies Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies LAIF Not used by investment adviser Complies OCIP Not used by investment adviser Complies Prohibited Municipal Securities CompliesProhibitedMortgage Securities Complies Avg Duration Not to exceed 180 days; Max duration of 1/2 year Complies Max Per Issuer 5% of portfolio (except Supranationals, U.S. Government, Agencies, Mutual Fund)Complies Maximum Maturity 1 year maximum 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 8 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. 9 Defaulted Bonds OCSD Lehman Exposure -Account #10284 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost ValueBook 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 Exposure0.000% Due 12/31/2019 60,641.49 11/21/20140.00%57,842.6457,842.64 0.42 0.00%25,621.03 0.00 43.99% (32,221.61)NR / NRNR 0.000.00 TOTAL Common Stock 60,641.49 0.00%57,842.6457,842.64 0.00%25,621.030.00 43.99%(32,221.61)NR / NRNR 0.000.00 US Corporate 525ESCIB7 Lehman Brothers Note-Defaulted0.000% Due 01/24/2020 600,000.00 09/19/20080.00%319,005.35319,005.35 1.27 0.00%7,620.00 0.00 13.08% (311,385.35)NR / NRNR 0.070.00 525ESC0Y6 Lehman Brothers Note-Defaulted0.000% Due 10/22/2049 2,000,000.00 09/18/20080.00%1,027,939.991,027,939.99 1.25 0.00%25,000.00 0.00 42.93% (1,002,939.99)NR / NRNR 29.830.00 TOTAL US Corporate 2,600,000.00 0.00%1,346,945.34 1,346,945.34 0.00% 32,620.00 0.00 56.01% (1,314,325.34) NR / NR NR 22.88 0.00 TOTAL PORTFOLIO 2,660,641.49 0.00%1,404,787.981,404,787.98 0.00%58,241.030.00 100.00%(1,346,546.95)NR / NRNR 12.810.00 TOTAL MARKET VALUE PLUS ACCRUALS 58,241.03 10 Ratings 11 HISTORICAL YIELD CURVE $- $100,000,000 $200,000,000 $300,000,000 $400,000,000 $500,000,000 $600,000,000 $700,000,000 OCSD Investment Program Quarter End Portfolio Value Liquid Operating Monies Long-Term Operating Monies 0.00% 1.00% 2.00% 3.00% 4.00% DEC 2019 NOV 2019 DEC 2018 ACCOUNT SUMMARY Beg. Values as of 11/30/19 End Values as of 12/31/19 Market Value 78,173,288 174,966,288 Accrued Interest 294,268 650,897 Total Market Value 78,467,557 175,617,185 Income Earned 127,215 177,113 Cont/WD 97,000,000 Par 78,236,899 174,935,168 Book Value 78,126,002 174,946,486 Cost Value 77,932,983 174,689,177 TOP ISSUERS Government of United States 78.3% Federal Home Loan Bank 6.1% First American Govt Obligation 3.0% HSBC Holdings PLC 1.4% Toronto Dominion Holdings 1.2% Bank of New York 1.1% General Dynamics Corp 1.1% Royal Bank of Canada 1.1% Total 93.5% PORTFOLIO CHARACTERISTICS Average Modified Duration 0.21 Average Coupon 1.85% Average Purchase YTM 1.82% Average Market YTM 1.68% Average S&P/Moody Rating AA+/Aaa Average Final Maturity 0.21 yrs Average Life 0.18 yrs CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION Portfolio Summary As of December 31, 2019 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 0.14% 0.50% 2.43% 2.43% 2.17% 1.74% 1.18% N/A 1.17% ICE BAML 3-Month US Treasury Bill Index 0.14% 0.46% 2.28% 2.28% 2.08% 1.67% 1.07% N/A 1.06% Execution Time: 1/2/2020 9:01:13 PMChandler Asset Management - CONFIDENTIAL Page 1 ACCOUNT SUMMARY Beg. Values as of 11/30/19 End Values as of 12/31/19 Market Value 537,897,693 577,252,333 Accrued Interest 2,860,714 2,642,857 Total Market Value 540,758,407 579,895,190 Income Earned 1,039,969 1,044,561 Cont/WD 38,025,168 Par 529,467,318 568,552,826 Book Value 529,262,027 568,549,613 Cost Value 528,446,198 567,620,155 TOP ISSUERS Government of United States 34.8% Federal Home Loan Bank 9.5% Federal National Mortgage Assoc 8.6% Federal Home Loan Mortgage Corp 4.1% Inter-American Dev Bank 3.0% Honda ABS 2.6% John Deere ABS 2.0% Intl Bank Recon and Development 1.8% Total 66.4% PORTFOLIO CHARACTERISTICS Average Modified Duration 2.41 Average Coupon 2.25% Average Purchase YTM 2.30% Average Market YTM 1.72% Average S&P/Moody Rating AA/Aa1 Average Final Maturity 2.74 yrs Average Life 2.52 yrs CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION Portfolio Summary As of December 31, 2019 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 0.19% 0.49% 4.65% 4.65% 3.07% 2.43% 1.92% N/A 1.84% ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index 0.17% 0.44% 4.61% 4.61% 3.04% 2.36% 1.89% N/A 1.79% ICE BAML US 1-5 Yr US Corp/Govt Rated AAA-BBB Indx 0.22% 0.53% 5.08% 5.08% 3.22% 2.57% 2.07% N/A 1.96% Execution Time: 1/2/2020 8:53:40 PMChandler Asset Management - CONFIDENTIAL Page 1 Par Value Book Value Market Value Rate Yield Balance December 1, 2019 $64,497,621 $64,497,621 $64,497,621 2.04 2.04 Deposits: 12/13/2019 1,300,000 1,300,000 1,300,000 2.04 2.04 12/19/2019 1,600,000 1,600,000 1,600,000 2.04 2.04 Total Deposits 2,900,000 2,900,000 2,900,000 2.04 2.04 Quarterly Interest Distribution - - - 2.04 2.04 Withdrawals: 12/3/2019 (2,300,000) (2,300,000) (2,300,000) 2.04 2.04 12/4/2019 (1,100,000) (1,100,000) (1,100,000) 2.04 2.04 12/11/2019 (2,300,000) (2,300,000) (2,300,000) 2.04 2.04 12/17/2019 (2,200,000) (2,200,000) (2,200,000) 2.04 2.04 12/26/2019 (2,200,000) (2,200,000) (2,200,000) 2.04 2.04 12/30/2019 (2,900,000) (2,900,000) (2,900,000) 2.04 2.04 Total Withdrawals (13,000,000) (13,000,000) (13,000,000) 2.04 2.04 Balance December 31, 2019 $54,397,621 $54,397,621 $54,397,621 2.04 2.04 Orange County Sanitation District Investment Transactions and Balances in the State of California Local Agency Investment Fund December 31, 2019 U.S. Bank Asset Summary - Liquid As of 12/31/2019 Industry Name Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss Cash Equivalents COMMERCIAL PAPER 4,465,000.0000 4,410,542.93 4,455,432.60 2.55 44,889.67 FIRST AMERICAN SHORT TERM FDS 5,270,167.5700 5,270,167.57 5,270,167.57 3.01 - U. S. GOVERNMENT 43,500,000.0000 43,378,032.60 43,455,120.00 24.83 77,087.40 US AGY - SHORT TERM CASH EQUIV 10,700,000.0000 10,683,452.78 10,689,915.00 6.11 6,462.22 Cash Equivalents Total 63,935,167.5700 63,742,195.88 63,870,635.17 36.50 128,439.29 Fixed Income FINANCE 7,500,000.0000 7,486,090.00 7,503,465.00 4.29 17,375.00 FOREIGN CORPORATE 2,000,000.0000 2,001,340.00 2,000,740.00 1.14 (600.00) INDUSTRIAL 2,000,000.0000 2,011,340.00 2,006,940.00 1.15 (4,400.00) INFORMATION TECHNOLOGY 2,000,000.0000 2,002,700.00 2,002,200.00 1.14 (500.00) SHORT TERM FUNDS 4,000,000.0000 4,000,335.13 4,000,698.00 2.29 362.87 U. S. GOVERNMENT 93,500,000.0000 93,445,175.81 93,590,880.00 53.49 145,704.19 Fixed Income Total 111,000,000.0000 110,946,980.94 111,104,923.00 63.50 157,942.06 Grand Total 174,935,167.5700 174,689,176.82 174,975,558.17 100.00 286,381.35 1 of 1 U.S. Bank Asset Summary - Long-Term As of 12/31/2019 Industry Name Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss Cash Equivalents COMMERCIAL PAPER 10,000,000.0000 9,917,138.89 9,944,400.00 1.72 27,261.11 FIRST AMERICAN SHORT TERM FDS 6,029,999.8000 6,029,999.80 6,029,999.80 1.04 - Cash Equivalents Total 16,029,999.8000 15,947,138.69 15,974,399.80 2.77 27,261.11 Fixed Income CONSUMER DISCRETIONARY 4,064,000.0000 4,055,701.78 4,229,376.46 0.73 173,674.68 CONSUMER STAPLES 3,880,000.0000 3,878,991.40 4,079,820.00 0.71 200,828.60 ENERGY 9,000,000.0000 8,942,542.40 9,177,210.00 1.59 234,667.60 FINANCE 66,494,000.0000 65,652,182.81 65,601,607.83 11.36 (50,574.98) FOREIGN CORPORATE 19,000,000.0000 19,106,195.00 19,485,890.00 3.38 379,695.00 HEALTH CARE 2,000,000.0000 1,948,640.00 2,060,760.00 0.36 112,120.00 INDUSTRIAL 4,410,000.0000 4,388,275.50 4,537,932.80 0.79 149,657.30 INFORMATION TECHNOLOGY 28,715,000.0000 28,626,584.95 29,210,128.50 5.06 583,543.55 INVESTMENT GRADE-MUNI REVENUE 1,800,000.0000 1,800,000.00 1,842,954.00 0.32 42,954.00 MTG RELATED SECURITY 47,002,809.5200 46,947,454.86 47,345,174.04 8.20 397,719.18 SHORT TERM FUNDS 8,000,000.0000 8,000,389.30 8,001,920.00 1.39 1,530.70 SUPRANATIONAL 33,005,000.0000 32,742,600.25 33,122,990.00 5.74 380,389.75 U. S. GOVERNMENT 188,006,225.0900 186,383,952.28 189,679,554.69 32.86 3,295,602.41 U.S. GOVERNMENT TIPS 11,270,792.0000 11,126,072.09 11,337,853.21 1.96 211,781.12 US AGY - LONG TERM ISSUES 128,475,000.0000 129,388,582.45 131,561,116.60 22.79 2,172,534.15 Fixed Income Total 555,122,826.6100 552,988,165.07 561,274,288.13 97.23 8,286,123.06 Grand Total 571,152,826.4100 568,935,303.76 577,248,687.93 100.00 8,313,384.17 1 of 1 The Bank of New York Mellon may utilize subsidiaries and affiliates to provide services and certain products to the Account. Subsidiaries and affiliates may be compensated for their services and products. The value of securities set forth on this Account Statement are determined by The Bank of New York Mellon for Corporate Trust on the basis of market prices and information obtained by The Bank of New York Mellon from unaffiliated third parties (including independent pricing vendors) ("third party pricing services"). The Bank of New York Mellon has not verified such market values or information and makes no assurances as to the accuracy or correctness of such market values or information or that the market values set forth on this Account Statement reflect the value of the securities that can be realized upon the sale of such securities. In addition, the market values for securities set forth in this Account Statement may differ from the market prices and information for the same securities used by other business units of The Bank of New York Mellon or its subsidiaries or affiliates based upon market prices and information received from other third party pricing services utilized by such other business units. Corporate Trust does not compare its market values with those used by, or reconcile different market values used by, other business units of The Bank of New York Mellon or its subsidiaries or its affiliates. The Bank of New York Mellon shall not be liable for any loss, damage or expense incurred as a result of or arising from or related to the market values or information provided by third party pricing services or the differences in market prices or information provided by other third party pricing services. No Transactions This Period 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 12/01/2019 Through 12/31/2019 Statement of Assets Held by Asset Classification Statement of Transactions by Transaction Date Account 300282 Base Currency = USD OCSD LIBERTY MUTUAL 3,681,000.000 UNITED STATES TREASURY BILL 99.64800 3,668,042.88 3,599,335.48 97.78146 0.00 0.00 0.00% CUSIP: 912796SH3 MATURITY DATE: 03/26/2020 RATE: 0.000% CASH BALANCE 2,595.51 2,595.51 0.00000 0.00 0.00 0.00% Total Market Value Plus Total Accrued Income 3,670,638.39 Cumulative realized capital gain and loss position from 12/31/2018 for securities held in principal of account: Short Term: 46,968.75 * 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 3,670,638.39 3,601,930.99 0.00 0.00 0.00% ACCOUNT TOTALS 3,670,638.39 3,601,930.99 0.00 0.00 0.00% e 1 2 9 4 8 7 n 1 1 1 7 2 5 a 0 1 t D O M i W I s 6 3 7 , 5 5 5 U.S. Bank Investment Listing - Yield As of 12/31/2019 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Cash Equivalents 313384RU5 F H L B DISC NTS 1/14/20 0.0000% 1,200,000.0000 N/A N/A 99.95 1,198,691.67 1,199,400.00 Cash Equivalents 313384SD2 F H L B DISC NTS 1/23/20 0.0000% 5,000,000.0000 N/A N/A 99.91 4,992,586.11 4,995,600.00 Cash Equivalents 313384SK6 F H L B DISC NTS 1/29/20 0.0000% 4,500,000.0000 N/A N/A 99.89 4,492,175.00 4,494,915.00 Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 1.4652% 5,270,167.5700 1.00 5,270,167.57 5,270,167.57 Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 1.4652% 6,029,999.8000 1.00 6,029,999.80 6,029,999.80 Cash Equivalents 62479LDQ5 MUFG BANK LTD NY BRAN C P 4/24/20 0.0000% 1,365,000.0000 99.44 1,353,689.46 1,357,410.60 Cash Equivalents 62479LDQ5 MUFG BANK LTD NY BRAN C P 4/24/20 0.0000% 10,000,000.0000 99.44 9,917,138.89 9,944,400.00 Cash Equivalents 69372AAF9 PACCAR FINANCIAL CORP C P 1/15/20 0.0000% 1,100,000.0000 99.94 1,094,969.03 1,099,362.00 Cash Equivalents 89233GAH9 TOYOTA MOTOR CREDIT CO C P 1/17/20 0.0000% 2,000,000.0000 99.93 1,961,884.44 1,998,660.00 Cash Equivalents 912796RT8 U S TREASURY BILL 1/02/20 1.3900% 7,500,000.0000 N/A N/A 1.00 7,496,905.21 7,500,000.00 Cash Equivalents 912796RY7 U S TREASURY BILL 1/30/20 1.4053% 21,000,000.0000 N/A N/A 99.89 20,909,107.77 20,976,270.00 Cash Equivalents 912796TH2 U S TREASURY BILL 3/05/20 1.5202% 7,500,000.0000 N/A N/A 99.74 7,476,699.31 7,480,275.00 Cash Equivalents 912796WM7 U S TREASURY BILL 1/07/20 1.3553% 7,500,000.0000 N/A N/A 99.98 7,495,320.31 7,498,575.00 Fixed Income 00440EAP2 ACE INA HOLDINGS 2.700% 3/13/23 2.6436% 2,000,000.0000 A3 A 102.13 1,937,000.00 2,042,680.00 Fixed Income 00440EAU1 ACE INA HOLDINGS 2.875% 11/03/22 2.8020% 4,169,000.0000 A3 A 102.61 4,232,453.17 4,277,685.83 Fixed Income 02587AAJ3 AMERICAN EXPRESS 1.930% 9/15/22 1.9301% 6,270,000.0000 AAA N/A 100.00 6,174,085.15 6,269,686.50 Fixed Income 02665WCJ8 AMERICAN HONDA MTN 3.450% 7/14/23 3.2953% 845,000.0000 A2 A 104.69 843,538.15 884,655.85 Fixed Income 02665WCQ AMERICAN HONDA MTN 3.625% 10/10/23 3.4326% 2,000,000.0000 A2 A 105.60 1,998,320.00 2,112,080.00 Fixed Income 02665WCZ2 AMERICAN HONDA MTN 2.400% 6/27/24 2.3734% 1,219,000.0000 A2 A 101.12 1,213,843.63 1,232,640.61 Fixed Income 03215PFN4 AMRESCO 2.91416% 6/25/29 2.9917% 119,021.6400 N/A A+ 97.41 89,377.81 115,937.79 Fixed Income 037833BS8 APPLE INC 2.250% 2/23/21 2.2367% 4,000,000.0000 AA1 AA+ 100.60 4,050,840.00 4,023,800.00 Fixed Income 037833CU2 APPLE INC 2.850% 5/11/24 2.7551% 3,000,000.0000 AA1 AA+ 103.44 3,017,760.00 3,103,320.00 Fixed Income 06051GFN4 BANK OF AMERICA MTN 2.250% 4/21/20 2.2479% 2,000,000.0000 A2 A- 100.09 2,001,960.00 2,001,880.00 Fixed Income 06051GHF9 BANK OF AMERICA 3.550% 3/05/24 3.4205% 6,675,000.0000 A2 A- 103.79 6,770,625.75 6,927,715.50 Fixed Income 06367BDS5 BANK OF MONTREAL C D 2.000% 3/18/20 1.9995% 1,000,000.0000 100.02 1,000,049.48 1,000,240.00 Fixed Income 06367BDS5 BANK OF MONTREAL C D 2.000% 3/18/20 1.9995% 8,000,000.0000 100.02 8,000,389.30 8,001,920.00 Fixed Income 06367BED7 BANK OF MONTREAL C D 1.890% 5/21/20 1.8901% 1,000,000.0000 100.00 1,000,000.00 999,958.00 Fixed Income 06406HCZ0 BANK OF NY MELLO MTN 2.150% 2/24/20 2.1498% 2,000,000.0000 A1 A 100.01 1,994,230.00 2,000,160.00 Fixed Income 06406RAA5 BANK OF NY MTN 2.600% 2/07/22 2.5610% 2,500,000.0000 A1 A 101.52 2,504,475.00 2,538,025.00 Fixed Income 06406RAE7 BANK OF NY MTN 2.950% 1/29/23 2.8724% 2,500,000.0000 A1 A 102.70 2,489,555.00 2,567,525.00 Fixed Income 084664BT7 BERKSHIRE HATHAWAY 3.000% 5/15/22 2.9200% 4,000,000.0000 AA2 AA 102.74 4,131,120.00 4,109,600.00 Fixed Income 084670BR8 BERKSHIRE HATHAWAY 2.750% 3/15/23 2.6818% 2,500,000.0000 AA2 AA 102.54 2,440,950.00 2,563,550.00 Fixed Income 09247XAL5 BLACKROCK INC 3.500% 3/18/24 3.2897% 1,000,000.0000 AA3 AA- 106.39 1,036,330.00 1,063,930.00 Fixed Income 166764AH3 CHEVRON CORP 3.191% 6/24/23 3.0651% 3,500,000.0000 AA2 AA 104.11 3,441,095.00 3,643,710.00 Fixed Income 166764BG4 CHEVRON CORP 2.100% 5/16/21 2.0868% 2,500,000.0000 AA2 AA 100.63 2,485,350.00 2,515,800.00 Fixed Income 24422EUM9 JOHN DEERE MTN 3.650% 10/12/23 3.4440% 1,250,000.0000 A2 A 105.98 1,250,237.50 1,324,750.00 Fixed Income 30231GAV4 EXXON MOBIL 2.222% 3/01/21 2.2090% 3,000,000.0000 AAA AA+ 100.59 3,016,097.40 3,017,700.00 1 of 5 U.S. Bank Investment Listing - Yield As of 12/31/2019 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 3130A0F70 F H L B DEB 3.375% 12/08/23 3.1771% 10,000,000.0000 AAA AA+ 106.23 10,269,043.75 10,622,800.00 Fixed Income 3130A1XJ2 F H L B 2.875% 6/14/24 2.7382% 11,110,000.0000 AAA AA+ 105.00 11,589,031.30 11,664,944.50 Fixed Income 3130A2UW4 F H L B DEB 2.875% 9/13/24 2.7320% 2,500,000.0000 AAA AA+ 105.23 2,635,950.00 2,630,825.00 Fixed Income 3130A7CV5 F H L B DEB 1.375% 2/18/21 1.3784% 5,365,000.0000 AAA AA+ 99.75 5,343,325.40 5,351,802.10 Fixed Income 313379RB7 F H L B DEB 1.875% 6/11/21 1.8690% 4,000,000.0000 AAA AA+ 100.32 4,030,160.00 4,012,840.00 Fixed Income 313383HU8 F H L B DEB 1.750% 6/12/20 1.7495% 5,000,000.0000 AAA AA+ 100.03 5,008,950.00 5,001,400.00 Fixed Income 313383QR5 F H L B DEB 3.250% 6/09/23 3.0845% 5,000,000.0000 AAA AA+ 105.36 5,083,350.00 5,268,200.00 Fixed Income 313383YJ4 F H L B DEB 3.375% 9/08/23 3.1812% 10,000,000.0000 AAA AA+ 106.09 10,211,831.00 10,609,100.00 Fixed Income 3133EKWV4 F F C B DEB 1.850% 7/26/24 1.8424% 5,000,000.0000 AAA AA+ 100.41 5,048,280.00 5,020,600.00 Fixed Income 3133TCE95 F H L M C MLTCL MTG 4.023% 8/15/32 4.0071% 6,774.1500 N/A N/A 100.40 6,781.25 6,801.11 Fixed Income 31348SWZ3 F H L M C #786064 4.174% 1/01/28 4.0726% 1,792.2900 N/A N/A 102.49 1,748.65 1,836.92 Fixed Income 3135G0D75 F N M A DEB 1.500% 6/22/20 1.5011% 5,000,000.0000 AAA AA+ 99.93 4,955,650.00 4,996,500.00 Fixed Income 3135G0F73 F N M A 1.500% 11/30/20 1.5005% 7,500,000.0000 AAA AA+ 99.97 7,370,726.00 7,497,375.00 Fixed Income 3135G0J20 F N M A DEB 1.375% 2/26/21 1.3785% 10,000,000.0000 AAA AA+ 99.75 10,040,950.00 9,974,900.00 Fixed Income 3135G0S38 F N M A 2.000% 1/05/22 1.9847% 3,000,000.0000 AAA AA+ 100.77 2,994,570.00 3,023,130.00 Fixed Income 3135G0T45 F N M A 1.875% 4/05/22 1.8630% 5,000,000.0000 AAA AA+ 100.64 4,972,500.00 5,032,200.00 Fixed Income 3135G0T94 F N M A DEB 2.375% 1/19/23 2.3226% 5,000,000.0000 AAA AA+ 102.26 4,910,990.00 5,112,900.00 Fixed Income 3135G0U35 F N M A 2.750% 6/22/21 2.7043% 7,500,000.0000 AAA AA+ 101.69 7,515,225.00 7,626,825.00 Fixed Income 3135G0V34 F N M A 2.500% 2/05/24 2.4250% 5,000,000.0000 AAA AA+ 103.09 4,980,850.00 5,154,700.00 Fixed Income 31371NUC7 F N M A #257179 4.500% 4/01/28 4.2657% 14,311.3000 N/A N/A 105.49 15,135.61 15,097.28 Fixed Income 31376KT22 F N M A #357969 5.000% 9/01/35 4.5366% 91,977.3800 N/A N/A 110.22 98,875.67 101,372.87 Fixed Income 3137EAEK1 F H L M C M T N 1.875% 11/17/20 1.8713% 5,000,000.0000 AAA AA+ 100.20 4,986,225.00 5,009,800.00 Fixed Income 3137EAEL9 F H L M C M T N 2.375% 2/16/21 2.3548% 7,500,000.0000 AAA AA+ 100.86 7,484,475.00 7,564,275.00 Fixed Income 3137EAEN5 F H L M C 2.750% 6/19/23 2.6478% 10,000,000.0000 AAA AA+ 103.86 9,956,500.00 10,386,000.00 Fixed Income 31381PDA3 F N M A #466397 3.400% 11/01/20 3.3872% 335,148.9200 N/A N/A 100.38 327,896.11 336,412.43 Fixed Income 3138EG6F6 F N M A #AL0869 4.500% 6/01/29 4.2241% 9,516.8400 N/A N/A 106.53 10,065.01 10,138.48 Fixed Income 31394JY35 F H L M C MLTCL MTG 6.500% 9/25/43 5.7641% 670,678.2700 N/A N/A 112.77 759,543.14 756,303.76 Fixed Income 31397QRE0 F N M A GTD REMIC 2.472% 2/25/41 2.4557% 177,519.8400 N/A N/A 100.67 177,464.37 178,700.35 Fixed Income 31398VJ98 F H L M C MLTCL MTG 4.251% 1/25/20 4.2583% 56,619.5500 N/A N/A 99.83 59,830.94 56,522.73 Fixed Income 31403DJZ3 F N M A #745580 5.000% 6/01/36 4.5358% 87,778.4900 N/A N/A 110.23 94,361.88 96,761.74 Fixed Income 31403GXF4 F N M A #748678 5.000% 10/01/33 4.5833% 1,754.0700 N/A N/A 109.09 1,885.63 1,913.53 Fixed Income 31406PQY8 F N M A #815971 5.000% 3/01/35 4.5390% 146,059.4400 N/A N/A 110.16 157,013.91 160,894.70 Fixed Income 31406XWT5 F N M A #823358 4.347% 2/01/35 4.1557% 107,908.8400 N/A N/A 104.60 107,065.80 112,875.88 Fixed Income 31407BXH7 F N M A #826080 5.000% 7/01/35 4.5432% 17,677.8100 N/A N/A 110.06 19,003.64 19,455.31 Fixed Income 31410F4V4 F N M A #888336 5.000% 7/01/36 4.5355% 171,680.9900 N/A N/A 110.24 184,557.07 189,264.56 Fixed Income 31417YAY3 F N M A #MA0022 4.500% 4/01/29 4.2651% 15,442.9600 N/A N/A 105.51 16,332.45 16,293.56 Fixed Income 36225CAZ9 G N M A I I #080023 4.125% 12/20/26 4.0162% 14,453.6500 N/A N/A 102.71 14,692.43 14,845.20 2 of 5 U.S. Bank Investment Listing - Yield As of 12/31/2019 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 36225CC20 G N M A I I #080088 3.875% 6/20/27 3.8322% 12,324.7400 N/A N/A 101.12 12,594.35 12,462.28 Fixed Income 36225CN28 G N M A I I #080408 3.875% 5/20/30 3.7399% 46,474.0300 N/A N/A 103.61 46,002.04 48,152.67 Fixed Income 36225CNM4 G N M A I I #080395 3.875% 4/20/30 3.7401% 6,225.0900 N/A N/A 103.61 6,168.65 6,449.69 Fixed Income 36225DCB8 G N M A I I #080965 3.250% 7/20/34 3.1121% 43,140.6900 N/A N/A 104.43 43,113.74 45,051.82 Fixed Income 369550BA5 GENERAL DYNAMICS 2.875% 5/11/20 2.8651% 2,000,000.0000 A2 A+ 100.35 2,011,340.00 2,006,940.00 Fixed Income 369550BE7 GENERAL DYNAMICS 3.000% 5/11/21 2.9503% 3,160,000.0000 A2 A+ 101.68 3,138,038.00 3,213,182.80 Fixed Income 404280BF5 HSBC HOLDINGS PLC 2.650% 1/05/22 2.6211% 4,500,000.0000 A2 A 101.10 4,429,980.00 4,549,635.00 Fixed Income 40428HPR7 HSBC USA INC MTN 2.350% 3/05/20 2.3488% 2,500,000.0000 A2 A 100.05 2,493,300.00 2,501,275.00 Fixed Income 40428HPR7 HSBC USA INC MTN 2.350% 3/05/20 2.3488% 2,500,000.0000 A2 A 100.05 2,472,287.50 2,501,275.00 Fixed Income 43814PAC4 HONDA AUTO 1.790% 9/20/21 1.7908% 1,600,231.5000 N/A AAA 99.95 1,574,852.83 1,599,495.39 Fixed Income 43814RAC0 HONDA AUTO 1.210% 12/18/20 1.2109% 229,048.8900 N/A AAA 99.92 226,534.72 228,870.23 Fixed Income 43814UAG4 HONDA AUTO 3.010% 5/18/22 2.9825% 1,710,000.0000 N/A AAA 100.92 1,709,962.72 1,725,783.30 Fixed Income 43814WAB1 HONDA AUTO 2.750% 9/20/21 2.7394% 3,788,865.0700 N/A AAA 100.39 3,788,621.06 3,803,565.87 Fixed Income 43815HAC1 HONDA AUTO 2.950% 8/22/22 2.9206% 3,970,000.0000 AAA N/A 101.01 3,969,455.32 4,010,017.60 Fixed Income 43815NAB0 HONDA AUTO 1.900% 4/15/22 1.9004% 3,530,000.0000 AAA AAA 99.98 3,529,752.90 3,529,294.00 Fixed Income 44932HAH6 IBM CREDIT CORP 3.000% 2/06/23 2.9144% 5,670,000.0000 A2 A 102.94 5,603,264.40 5,836,527.90 Fixed Income 458140BD1 INTEL CORP 2.875% 5/11/24 2.7678% 5,000,000.0000 A1 A+ 103.87 5,025,900.00 5,193,700.00 Fixed Income 4581X0CS5 INTER AMER BK M T N 1.875% 3/15/21 1.8711% 5,000,000.0000 AAA AAA 100.21 5,059,610.00 5,010,350.00 Fixed Income 4581X0CW6 INTER AMER DEV BK 2.125% 1/18/22 2.1068% 3,000,000.0000 AAA N/A 100.87 2,996,310.00 3,025,950.00 Fixed Income 4581X0CX4 INTER AMER DEV BK 1.625% 5/12/20 1.6259% 3,035,000.0000 AAA AAA 99.94 3,027,807.05 3,033,239.70 Fixed Income 4581X0CZ9 INTER AMER DEV BK 1.750% 9/14/22 1.7459% 6,500,000.0000 AAA AAA 100.23 6,249,655.00 6,515,210.00 Fixed Income 459058FY4 INTL BK 2.000% 1/26/22 1.9858% 10,000,000.0000 AAA N/A 100.72 10,006,350.00 10,071,600.00 Fixed Income 45950KCJ7 INTL FINANCE CORP 1.125% 7/20/21 1.1346% 2,500,000.0000 AAA AAA 99.15 2,441,600.00 2,478,850.00 Fixed Income 45950KCM0 INTL BK M T N 2.250% 1/25/21 2.2366% 2,970,000.0000 AAA AAA 100.60 2,961,268.20 2,987,790.30 Fixed Income 46625HRL6 JP MORGAN CHASE CO 2.700% 5/18/23 2.6517% 5,000,000.0000 A2 A- 101.82 4,821,910.00 5,091,000.00 Fixed Income 46647PAU0 JPMORGAN CHASE CO 3.797% 7/23/24 3.6023% 2,500,000.0000 A2 A- 105.41 2,632,175.00 2,635,125.00 Fixed Income 477870AB5 JOHN DEERE OWNER 2.280% 5/16/22 2.2751% 2,800,000.0000 AAA N/A 100.22 2,799,989.36 2,806,048.00 Fixed Income 47788BAD6 JOHN DEERE OWNER 1.820% 10/15/21 1.8216% 324,036.2200 AAA N/A 99.91 324,012.49 323,747.83 Fixed Income 47788CAC6 JOHN DEERE OWNER 2.660% 4/18/22 2.6500% 1,113,192.8600 AAA N/A 100.38 1,113,112.82 1,117,389.60 Fixed Income 47788EAC2 JOHN DEERE OWNER 3.080% 11/15/22 3.0487% 4,630,000.0000 AAA N/A 101.03 4,629,649.05 4,677,550.10 Fixed Income 47789JAB2 JOHN DEERE OWNER 2.850% 12/15/21 2.8408% 2,765,654.6500 AAA N/A 100.33 2,765,528.54 2,774,643.03 Fixed Income 525ESC0Y6 LEHMAN BRTH HLD ESC 0.0000% 2,000,000.0000 - 1,027,939.99 - Fixed Income 525ESCIB7 LEHMAN BRTH MTN ES 0.00001% 1/24/13 0.0008% 600,000.0000 N/A N/A 1.27 319,005.35 7,620.00 Fixed Income 58933YAF2 MERCK CO INC 2.800% 5/18/23 2.7174% 2,000,000.0000 A1 AA 103.04 1,948,640.00 2,060,760.00 Fixed Income 594918BP8 MICROSOFT CORP 1.550% 8/08/21 1.5520% 3,045,000.0000 AAA AAA 99.87 3,041,385.15 3,040,980.60 Fixed Income 61747WAL3 MORGAN STANLEY 5.500% 7/28/21 5.2210% 2,800,000.0000 A3 BBB+ 105.34 3,200,848.00 2,949,604.00 Fixed Income 64971M5E8 NEW YORK CITY NY 4.075% 11/01/20 3.9998% 1,400,000.0000 AA1 AAA 101.88 1,400,000.00 1,426,334.00 3 of 5 U.S. Bank Investment Listing - Yield As of 12/31/2019 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 65478GAD2 NISSAN AUTO 1.750% 10/15/21 1.7516% 1,563,223.4400 AAA N/A 99.91 1,538,981.27 1,561,816.54 Fixed Income 65478VAD9 NISSAN AUTO 1.320% 1/15/21 1.3204% 35,911.0400 AAA N/A 99.97 35,623.47 35,900.27 Fixed Income 65479GAD1 NISSAN AUTO 3.060% 3/15/23 3.0191% 3,560,000.0000 AAA AAA 101.35 3,559,884.66 3,608,202.40 Fixed Income 65479JAD5 NISSAN AUTO 1.930% 7/15/24 1.9292% 4,185,000.0000 AAA AAA 100.04 4,184,779.03 4,186,674.00 Fixed Income 68389XBK0 ORACLE CORP 1.900% 9/15/21 1.8960% 3,000,000.0000 A1 A+ 100.21 2,892,240.00 3,006,300.00 Fixed Income 69353RFB9 PNC BANK NA MTN 2.625% 2/17/22 2.5886% 1,000,000.0000 A2 A 101.41 974,940.00 1,014,070.00 Fixed Income 69353RFL7 PNC BANK NA MTN 3.500% 6/08/23 3.3363% 5,000,000.0000 A2 A 104.91 4,993,318.05 5,245,350.00 Fixed Income 747525AD5 QUALCOMM INC 2.250% 5/20/20 2.2475% 2,000,000.0000 A2 A- 100.11 2,002,700.00 2,002,200.00 Fixed Income 747525AD5 QUALCOMM INC 2.250% 5/20/20 2.2475% 5,000,000.0000 A2 A- 100.11 4,995,195.40 5,005,500.00 Fixed Income 78012KC62 ROYAL BANK MTN 2.125% 3/02/20 2.1242% 2,000,000.0000 AA2 AA- 100.04 2,001,340.00 2,000,740.00 Fixed Income 78013XZU5 ROYAL BANK OF MTN 2.550% 7/16/24 2.5114% 6,500,000.0000 A2 A 101.54 6,581,445.00 6,600,035.00 Fixed Income 78445JAA5 S L M A 3.5925% 4/25/23 3.5827% 12,762.9400 BAA3 B 100.28 12,711.16 12,798.04 Fixed Income 808513AT2 CHARLES SCHWAB CORP 2.650% 1/25/23 2.5991% 6,750,000.0000 A2 A 101.96 6,729,480.00 6,882,232.50 Fixed Income 83162CLJ0 S B A GTD DEV PART 6.340% 3/01/21 6.2702% 11,184.5600 N/A N/A 101.11 11,184.56 11,309.16 Fixed Income 89114M2Z9 TORONTO DOMINION C D 2.200% 1/23/20 2.1995% 2,000,000.0000 100.03 2,000,285.65 2,000,500.00 Fixed Income 89114QC48 TORONTO MTN 3.500% 7/19/23 3.3251% 5,000,000.0000 AA1 AA- 105.26 5,094,200.00 5,263,050.00 Fixed Income 89114QCA4 TORONTO DOMINION MTN 2.650% 6/12/24 2.5869% 3,000,000.0000 AA3 A 102.44 3,000,570.00 3,073,170.00 Fixed Income 89239AAB9 TOYOTA AUTO 2.830% 10/15/21 2.8201% 2,755,642.4600 AAA AAA 100.35 2,755,392.25 2,765,287.21 Fixed Income 90331HNL3 US BANK NA MTN 2.850% 1/23/23 2.7828% 5,000,000.0000 A1 AA- 102.41 4,981,600.00 5,120,700.00 Fixed Income 9128283J7 U S TREASURY NT 2.125% 11/30/24 2.0825% 16,500,000.0000 AAA N/A 102.04 16,783,886.72 16,837,095.00 Fixed Income 9128283S7 U S TREASURY NT 2.000% 1/31/20 1.9995% 30,000,000.0000 WR N/A 100.03 29,961,132.82 30,008,100.00 Fixed Income 9128283S7 U S TREASURY NT 2.000% 1/31/20 1.9995% 5,000,000.0000 WR N/A 100.03 5,001,953.13 5,001,350.00 Fixed Income 9128284D9 U S TREASURY NT 2.500% 3/31/23 2.4325% 10,000,000.0000 AAA N/A 102.77 9,887,265.63 10,277,300.00 Fixed Income 912828H52 U S TREASURY NT 1.250% 1/31/20 1.2504% 13,500,000.0000 WR N/A 99.97 13,396,542.97 13,495,680.00 Fixed Income 912828J76 U S TREASURY NT 1.750% 3/31/22 1.7435% 5,000,000.0000 AAA N/A 100.38 4,976,383.94 5,018,750.00 Fixed Income 912828L24 U S TREASURY NT 1.875% 8/31/22 1.8613% 6,000,000.0000 AAA N/A 100.73 5,987,832.60 6,044,040.00 Fixed Income 912828L32 U S TREASURY NT 1.375% 8/31/20 1.3773% 5,000,000.0000 AAA N/A 99.83 4,991,015.63 4,991,600.00 Fixed Income 912828L57 U S TREASURY NT 1.750% 9/30/22 1.7430% 20,000,000.0000 AAA N/A 100.40 19,778,320.32 20,080,400.00 Fixed Income 912828L99 U S TREASURY NT 1.375% 10/31/20 1.3782% 10,000,000.0000 AAA N/A 99.77 9,850,311.40 9,977,000.00 Fixed Income 912828M80 U S TREASURY NT 2.000% 11/30/22 1.9777% 8,000,000.0000 AAA N/A 101.13 7,907,500.00 8,090,320.00 Fixed Income 912828MP2 U S TREASURY NT 3.625% 2/15/20 3.6166% 5,000,000.0000 AAA N/A 100.23 5,013,671.88 5,011,600.00 Fixed Income 912828N30 U S TREASURY NT 2.125% 12/31/22 2.0931% 5,000,000.0000 AAA N/A 101.52 4,926,562.50 5,076,150.00 Fixed Income 912828N89 U S TREASURY NT 1.375% 1/31/21 1.3788% 6,000,000.0000 AAA N/A 99.72 5,895,840.41 5,983,380.00 Fixed Income 912828R69 U S TREASURY NT 1.625% 5/31/23 1.6249% 5,000,000.0000 AAA N/A 100.00 4,757,226.56 5,000,200.00 Fixed Income 912828T34 U S TREASURY NT 1.125% 9/30/21 1.1341% 7,000,000.0000 AAA N/A 99.20 6,757,914.08 6,943,650.00 Fixed Income 912828T67 U S TREASURY NT 1.250% 10/31/21 1.2576% 6,000,000.0000 AAA N/A 99.40 5,813,691.98 5,963,880.00 Fixed Income 912828U57 U S TREASURY NT 2.125% 11/30/23 2.0878% 15,000,000.0000 AAA N/A 101.78 14,723,632.81 15,267,150.00 4 of 5 U.S. Bank Investment Listing - Yield As of 12/31/2019 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 912828U65 U S TREASURY NT 1.750% 11/30/21 1.7446% 7,000,000.0000 AAA N/A 100.31 6,900,492.20 7,021,630.00 Fixed Income 912828UL2 U S TREASURY NT 1.375% 1/31/20 1.3753% 5,000,000.0000 WR N/A 99.98 4,988,671.88 4,998,900.00 Fixed Income 912828V72 U S TREASURY NT 1.875% 1/31/22 1.8641% 3,000,000.0000 AAA N/A 100.59 3,004,814.74 3,017,580.00 Fixed Income 912828V80 U S TREASURY NT 2.250% 1/31/24 2.1991% 7,500,000.0000 AAA 102.32 7,491,503.91 7,673,700.00 Fixed Income 912828VJ6 U S TREASURY NT 1.875% 6/30/20 1.8727% 15,000,000.0000 AAA N/A 100.12 15,022,265.63 15,018,150.00 Fixed Income 912828VV9 U S TREASURY NT 2.125% 8/31/20 2.1185% 15,000,000.0000 AAA N/A 100.31 15,049,804.69 15,045,750.00 Fixed Income 912828W48 U S TREASURY NT 2.125% 2/29/24 2.0863% 10,000,000.0000 AAA N/A 101.86 9,911,718.75 10,185,600.00 Fixed Income 912828WJ5 U S TREASURY NT 2.500% 5/15/24 2.4161% 7,000,000.0000 AAA N/A 103.47 7,193,046.88 7,243,110.00 Fixed Income 912828WU0 U S TREASURY I P S 0.125% 7/15/24 0.1243% 11,270,792.0000 AAA N/A 100.60 11,126,072.09 11,337,853.21 Fixed Income 912828XE5 U S TREASURY NT 1.500% 5/31/20 1.5008% 5,000,000.0000 AAA N/A 99.95 4,966,423.00 4,997,250.00 Fixed Income 912828XW5 U S TREASURY NT 1.750% 6/30/22 1.7428% 5,000,000.0000 AAA N/A 100.41 4,973,454.25 5,020,700.00 Fixed Income 912828XX3 U S TREASURY NT 2.000% 6/30/24 1.9726% 5,000,000.0000 AAA N/A 101.39 5,028,710.94 5,069,350.00 Fixed Income 912828XY1 U S TREASURY NT 2.500% 6/30/20 2.4895% 5,000,000.0000 AAA N/A 100.42 5,022,070.31 5,021,100.00 Fixed Income 912828YH7 U S TREASURY NT 1.500% 9/30/24 1.5126% 14,000,000.0000 AAA N/A 99.17 13,859,296.88 13,883,520.00 Fixed Income 913366EJ5 UNIV OF CALIFORNIA 5.035% 5/15/21 4.8341% 400,000.0000 AA3 AA- 104.16 400,000.00 416,620.00 Fixed Income 931142EK5 WALMART INC 3.400% 6/26/23 3.2335% 3,880,000.0000 AA2 AA 105.15 3,878,991.40 4,079,820.00 Fixed Income 94974BGF1 WELLS FARGO MTN 2.150% 1/30/20 2.1497% 1,000,000.0000 WR N/R 100.02 996,600.00 1,000,150.00 Fixed Income 94974BGM6 WELLS FARGO CO MTN 2.600% 7/22/20 2.5901% 5,000,000.0000 A2 A- 100.38 5,001,650.00 5,019,100.00 Fixed Income 95000U2B8 WELLS FARGO MTN 2.625% 7/22/22 2.5864% 3,000,000.0000 A2 A- 101.49 2,954,520.00 3,044,820.00 Total Consolidated 752,224,246.10 5 of 5 U.S. Bank Asset Detail - Consolidated As of 12/31/2019 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss Cash Equivalents Total 313384RU5 F H L B DISC NTS 1/14/20 99.95 1,200,000.0000 1,198,691.67 1,199,400.00 0.16 708.33 313384SD2 F H L B DISC NTS 1/23/20 99.91 5,000,000.0000 4,992,586.11 4,995,600.00 0.66 3,013.89 313384SK6 F H L B DISC NTS 1/29/20 99.89 4,500,000.0000 4,492,175.00 4,494,915.00 0.60 2,740.00 31846V567 FIRST AM GOVT OB FD CL Z 1.00 5,270,167.5700 5,270,167.57 5,270,167.57 0.70 - 31846V567 FIRST AM GOVT OB FD CL Z 1.00 6,029,999.8000 6,029,999.80 6,029,999.80 0.80 - 62479LDQ5 MUFG BANK LTD NY BRAN C P 4/24/20 99.44 1,365,000.0000 1,353,689.46 1,357,410.60 0.18 3,721.14 62479LDQ5 MUFG BANK LTD NY BRAN C P 4/24/20 99.44 10,000,000.0000 9,917,138.89 9,944,400.00 1.32 27,261.11 69372AAF9 PACCAR FINANCIAL CORP C P 1/15/20 99.94 1,100,000.0000 1,094,969.03 1,099,362.00 0.15 4,392.97 89233GAH9 TOYOTA MOTOR CREDIT CO C P 1/17/20 99.93 2,000,000.0000 1,961,884.44 1,998,660.00 0.27 36,775.56 912796RT8 U S TREASURY BILL 1/02/20 1.00 7,500,000.0000 7,496,905.21 7,500,000.00 1.00 3,094.79 912796RY7 U S TREASURY BILL 1/30/20 99.89 21,000,000.0000 20,909,107.77 20,976,270.00 2.79 67,162.23 912796TH2 U S TREASURY BILL 3/05/20 99.74 7,500,000.0000 7,476,699.31 7,480,275.00 0.99 3,575.69 912796WM7 U S TREASURY BILL 1/07/20 99.98 7,500,000.0000 7,495,320.31 7,498,575.00 1.00 3,254.69 Cash Equivalents Total 79,965,167.3700 79,689,334.57 79,845,034.97 10.61 155,700.40 Fixed Income 00440EAP2 ACE INA HOLDINGS 2.700% 3/13/23 102.13 2,000,000.0000 1,937,000.00 2,042,680.00 0.27 105,680.00 00440EAU1 ACE INA HOLDINGS 2.875% 11/03/22 102.61 4,169,000.0000 4,232,453.17 4,277,685.83 0.57 45,232.66 02587AAJ3 AMERICAN EXPRESS 1.930% 9/15/22 100.00 6,270,000.0000 6,174,085.15 6,269,686.50 0.83 95,601.35 02665WCJ8 AMERICAN HONDA MTN 3.450% 7/14/23 104.69 845,000.0000 843,538.15 884,655.85 0.12 41,117.70 02665WCQ2 AMERICAN HONDA MTN 3.625% 10/10/23 105.60 2,000,000.0000 1,998,320.00 2,112,080.00 0.28 113,760.00 02665WCZ2 AMERICAN HONDA MTN 2.400% 6/27/24 101.12 1,219,000.0000 1,213,843.63 1,232,640.61 0.16 18,796.98 03215PFN4 AMRESCO 2.91416% 6/25/29 97.41 119,021.6400 89,377.81 115,937.79 0.02 26,559.98 037833BS8 APPLE INC 2.250% 2/23/21 100.60 4,000,000.0000 4,050,840.00 4,023,800.00 0.53 (27,040.00) 037833CU2 APPLE INC 2.850% 5/11/24 103.44 3,000,000.0000 3,017,760.00 3,103,320.00 0.41 85,560.00 06051GFN4 BANK OF AMERICA MTN 2.250% 4/21/20 100.09 2,000,000.0000 2,001,960.00 2,001,880.00 0.27 (80.00) 06051GHF9 BANK OF AMERICA 3.550% 3/05/24 103.79 6,675,000.0000 6,770,625.75 6,927,715.50 0.92 157,089.75 06367BDS5 BANK OF MONTREAL C D 2.000% 3/18/20 100.02 1,000,000.0000 1,000,049.48 1,000,240.00 0.13 190.52 06367BDS5 BANK OF MONTREAL C D 2.000% 3/18/20 100.02 8,000,000.0000 8,000,389.30 8,001,920.00 1.06 1,530.70 06367BED7 BANK OF MONTREAL C D 1.890% 5/21/20 100.00 1,000,000.0000 1,000,000.00 999,958.00 0.13 (42.00) 06406HCZ0 BANK OF NY MELLO MTN 2.150% 2/24/20 100.01 2,000,000.0000 1,994,230.00 2,000,160.00 0.27 5,930.00 06406RAA5 BANK OF NY MTN 2.600% 2/07/22 101.52 2,500,000.0000 2,504,475.00 2,538,025.00 0.34 33,550.00 06406RAE7 BANK OF NY MTN 2.950% 1/29/23 102.70 2,500,000.0000 2,489,555.00 2,567,525.00 0.34 77,970.00 084664BT7 BERKSHIRE HATHAWAY 3.000% 5/15/22 102.74 4,000,000.0000 4,131,120.00 4,109,600.00 0.55 (21,520.00) 084670BR8 BERKSHIRE HATHAWAY 2.750% 3/15/23 102.54 2,500,000.0000 2,440,950.00 2,563,550.00 0.34 122,600.00 09247XAL5 BLACKROCK INC 3.500% 3/18/24 106.39 1,000,000.0000 1,036,330.00 1,063,930.00 0.14 27,600.00 166764AH3 CHEVRON CORP 3.191% 6/24/23 104.11 3,500,000.0000 3,441,095.00 3,643,710.00 0.48 202,615.00 166764BG4 CHEVRON CORP 2.100% 5/16/21 100.63 2,500,000.0000 2,485,350.00 2,515,800.00 0.33 30,450.00 24422EUM9 JOHN DEERE MTN 3.650% 10/12/23 105.98 1,250,000.0000 1,250,237.50 1,324,750.00 0.18 74,512.50 30231GAV4 EXXON MOBIL 2.222% 3/01/21 100.59 3,000,000.0000 3,016,097.40 3,017,700.00 0.40 1,602.60 3130A0F70 F H L B DEB 3.375% 12/08/23 106.23 10,000,000.0000 10,269,043.75 10,622,800.00 1.41 353,756.25 1 of 5 U.S. Bank Asset Detail - Consolidated As of 12/31/2019 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 3130A1XJ2 F H L B 2.875% 6/14/24 105.00 11,110,000.0000 11,589,031.30 11,664,944.50 1.55 75,913.20 3130A2UW4 F H L B DEB 2.875% 9/13/24 105.23 2,500,000.0000 2,635,950.00 2,630,825.00 0.35 (5,125.00) 3130A7CV5 F H L B DEB 1.375% 2/18/21 99.75 5,365,000.0000 5,343,325.40 5,351,802.10 0.71 8,476.70 313379RB7 F H L B DEB 1.875% 6/11/21 100.32 4,000,000.0000 4,030,160.00 4,012,840.00 0.53 (17,320.00) 313383HU8 F H L B DEB 1.750% 6/12/20 100.03 5,000,000.0000 5,008,950.00 5,001,400.00 0.66 (7,550.00) 313383QR5 F H L B DEB 3.250% 6/09/23 105.36 5,000,000.0000 5,083,350.00 5,268,200.00 0.70 184,850.00 313383YJ4 F H L B DEB 3.375% 9/08/23 106.09 10,000,000.0000 10,211,831.00 10,609,100.00 1.41 397,269.00 3133EKWV4 F F C B DEB 1.850% 7/26/24 100.41 5,000,000.0000 5,048,280.00 5,020,600.00 0.67 (27,680.00) 3133TCE95 F H L M C MLTCL MTG 4.023% 8/15/32 100.40 6,774.1500 6,781.25 6,801.11 0.00 19.86 31348SWZ3 F H L M C #786064 4.174% 1/01/28 102.49 1,792.2900 1,748.65 1,836.92 0.00 88.27 3135G0D75 F N M A DEB 1.500% 6/22/20 99.93 5,000,000.0000 4,955,650.00 4,996,500.00 0.66 40,850.00 3135G0F73 F N M A 1.500% 11/30/20 99.97 7,500,000.0000 7,370,726.00 7,497,375.00 1.00 126,649.00 3135G0J20 F N M A DEB 1.375% 2/26/21 99.75 10,000,000.0000 10,040,950.00 9,974,900.00 1.33 (66,050.00) 3135G0S38 F N M A 2.000% 1/05/22 100.77 3,000,000.0000 2,994,570.00 3,023,130.00 0.40 28,560.00 3135G0T45 F N M A 1.875% 4/05/22 100.64 5,000,000.0000 4,972,500.00 5,032,200.00 0.67 59,700.00 3135G0T94 F N M A DEB 2.375% 1/19/23 102.26 5,000,000.0000 4,910,990.00 5,112,900.00 0.68 201,910.00 3135G0U35 F N M A 2.750% 6/22/21 101.69 7,500,000.0000 7,515,225.00 7,626,825.00 1.01 111,600.00 3135G0V34 F N M A 2.500% 2/05/24 103.09 5,000,000.0000 4,980,850.00 5,154,700.00 0.69 173,850.00 31371NUC7 F N M A #257179 4.500% 4/01/28 105.49 14,311.3000 15,135.61 15,097.28 0.00 (38.33) 31376KT22 F N M A #357969 5.000% 9/01/35 110.22 91,977.3800 98,875.67 101,372.87 0.01 2,497.20 3137EAEK1 F H L M C M T N 1.875% 11/17/20 100.20 5,000,000.0000 4,986,225.00 5,009,800.00 0.67 23,575.00 3137EAEL9 F H L M C M T N 2.375% 2/16/21 100.86 7,500,000.0000 7,484,475.00 7,564,275.00 1.01 79,800.00 3137EAEN5 F H L M C 2.750% 6/19/23 103.86 10,000,000.0000 9,956,500.00 10,386,000.00 1.38 429,500.00 31381PDA3 F N M A #466397 3.400% 11/01/20 100.38 335,148.9200 327,896.11 336,412.43 0.04 8,516.32 3138EG6F6 F N M A #AL0869 4.500% 6/01/29 106.53 9,516.8400 10,065.01 10,138.48 0.00 73.47 31394JY35 F H L M C MLTCL MTG 6.500% 9/25/43 112.77 670,678.2700 759,543.14 756,303.76 0.10 (3,239.38) 31397QRE0 F N M A GTD REMIC 2.472% 2/25/41 100.67 177,519.8400 177,464.37 178,700.35 0.02 1,235.98 31398VJ98 F H L M C MLTCL MTG 4.251% 1/25/20 99.83 56,619.5500 59,830.94 56,522.73 0.01 (3,308.21) 31403DJZ3 F N M A #745580 5.000% 6/01/36 110.23 87,778.4900 94,361.88 96,761.74 0.01 2,399.86 31403GXF4 F N M A #748678 5.000% 10/01/33 109.09 1,754.0700 1,885.63 1,913.53 0.00 27.90 31406PQY8 F N M A #815971 5.000% 3/01/35 110.16 146,059.4400 157,013.91 160,894.70 0.02 3,880.79 31406XWT5 F N M A #823358 4.347% 2/01/35 104.60 107,908.8400 107,065.80 112,875.88 0.02 5,810.08 31407BXH7 F N M A #826080 5.000% 7/01/35 110.06 17,677.8100 19,003.64 19,455.31 0.00 451.67 31410F4V4 F N M A #888336 5.000% 7/01/36 110.24 171,680.9900 184,557.07 189,264.56 0.03 4,707.49 31417YAY3 F N M A #MA0022 4.500% 4/01/29 105.51 15,442.9600 16,332.45 16,293.56 0.00 (38.89) 36225CAZ9 G N M A I I #080023 4.125% 12/20/26 102.71 14,453.6500 14,692.43 14,845.20 0.00 152.77 36225CC20 G N M A I I #080088 3.875% 6/20/27 101.12 12,324.7400 12,594.35 12,462.28 0.00 (132.07) 36225CN28 G N M A I I #080408 3.875% 5/20/30 103.61 46,474.0300 46,002.04 48,152.67 0.01 2,150.63 36225CNM4 G N M A I I #080395 3.875% 4/20/30 103.61 6,225.0900 6,168.65 6,449.69 0.00 281.04 36225DCB8 G N M A I I #080965 3.250% 7/20/34 104.43 43,140.6900 43,113.74 45,051.82 0.01 1,938.08 369550BA5 GENERAL DYNAMICS 2.875% 5/11/20 100.35 2,000,000.0000 2,011,340.00 2,006,940.00 0.27 (4,400.00) 369550BE7 GENERAL DYNAMICS 3.000% 5/11/21 101.68 3,160,000.0000 3,138,038.00 3,213,182.80 0.43 75,144.80 2 of 5 U.S. Bank Asset Detail - Consolidated As of 12/31/2019 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 404280BF5 HSBC HOLDINGS PLC 2.650% 1/05/22 101.10 4,500,000.0000 4,429,980.00 4,549,635.00 0.60 119,655.00 40428HPR7 HSBC USA INC MTN 2.350% 3/05/20 100.05 2,500,000.0000 2,493,300.00 2,501,275.00 0.33 7,975.00 40428HPR7 HSBC USA INC MTN 2.350% 3/05/20 100.05 2,500,000.0000 2,472,287.50 2,501,275.00 0.33 28,987.50 43814PAC4 HONDA AUTO 1.790% 9/20/21 99.95 1,600,231.5000 1,574,852.83 1,599,495.39 0.21 24,642.56 43814RAC0 HONDA AUTO 1.210% 12/18/20 99.92 229,048.8900 226,534.72 228,870.23 0.03 2,335.51 43814UAG4 HONDA AUTO 3.010% 5/18/22 100.92 1,710,000.0000 1,709,962.72 1,725,783.30 0.23 15,820.58 43814WAB1 HONDA AUTO 2.750% 9/20/21 100.39 3,788,865.0700 3,788,621.06 3,803,565.87 0.51 14,944.81 43815HAC1 HONDA AUTO 2.950% 8/22/22 101.01 3,970,000.0000 3,969,455.32 4,010,017.60 0.53 40,562.28 43815NAB0 HONDA AUTO 1.900% 4/15/22 99.98 3,530,000.0000 3,529,752.90 3,529,294.00 0.47 (458.90) 44932HAH6 IBM CREDIT CORP 3.000% 2/06/23 102.94 5,670,000.0000 5,603,264.40 5,836,527.90 0.78 233,263.50 458140BD1 INTEL CORP 2.875% 5/11/24 103.87 5,000,000.0000 5,025,900.00 5,193,700.00 0.69 167,800.00 4581X0CS5 INTER AMER BK M T N 1.875% 3/15/21 100.21 5,000,000.0000 5,059,610.00 5,010,350.00 0.67 (49,260.00) 4581X0CW6 INTER AMER DEV BK 2.125% 1/18/22 100.87 3,000,000.0000 2,996,310.00 3,025,950.00 0.40 29,640.00 4581X0CX4 INTER AMER DEV BK 1.625% 5/12/20 99.94 3,035,000.0000 3,027,807.05 3,033,239.70 0.40 5,432.65 4581X0CZ9 INTER AMER DEV BK 1.750% 9/14/22 100.23 6,500,000.0000 6,249,655.00 6,515,210.00 0.87 265,555.00 459058FY4 INTL BK 2.000% 1/26/22 100.72 10,000,000.0000 10,006,350.00 10,071,600.00 1.34 65,250.00 45950KCJ7 INTL FINANCE CORP 1.125% 7/20/21 99.15 2,500,000.0000 2,441,600.00 2,478,850.00 0.33 37,250.00 45950KCM0 INTL BK M T N 2.250% 1/25/21 100.60 2,970,000.0000 2,961,268.20 2,987,790.30 0.40 26,522.10 46625HRL6 JP MORGAN CHASE CO 2.700% 5/18/23 101.82 5,000,000.0000 4,821,910.00 5,091,000.00 0.68 269,090.00 46647PAU0 JPMORGAN CHASE CO 3.797% 7/23/24 105.41 2,500,000.0000 2,632,175.00 2,635,125.00 0.35 2,950.00 477870AB5 JOHN DEERE OWNER 2.280% 5/16/22 100.22 2,800,000.0000 2,799,989.36 2,806,048.00 0.37 6,058.64 47788BAD6 JOHN DEERE OWNER 1.820% 10/15/21 99.91 324,036.2200 324,012.49 323,747.83 0.04 (264.66) 47788CAC6 JOHN DEERE OWNER 2.660% 4/18/22 100.38 1,113,192.8600 1,113,112.82 1,117,389.60 0.15 4,276.78 47788EAC2 JOHN DEERE OWNER 3.080% 11/15/22 101.03 4,630,000.0000 4,629,649.05 4,677,550.10 0.62 47,901.05 47789JAB2 JOHN DEERE OWNER 2.850% 12/15/21 100.33 2,765,654.6500 2,765,528.54 2,774,643.03 0.37 9,114.49 525ESC0Y6 LEHMAN BRTH HLD ESC - 2,000,000.0000 1,027,939.99 - - (1,027,939.99) 525ESCIB7 LEHMAN BRTH MTN ES 0.00001% 1/24/13 1.27 600,000.0000 319,005.35 7,620.00 0.00 (311,385.35) 58933YAF2 MERCK CO INC 2.800% 5/18/23 103.04 2,000,000.0000 1,948,640.00 2,060,760.00 0.27 112,120.00 594918BP8 MICROSOFT CORP 1.550% 8/08/21 99.87 3,045,000.0000 3,041,385.15 3,040,980.60 0.40 (404.55) 61747WAL3 MORGAN STANLEY 5.500% 7/28/21 105.34 2,800,000.0000 3,200,848.00 2,949,604.00 0.39 (251,244.00) 64971M5E8 NEW YORK CITY NY 4.075% 11/01/20 101.88 1,400,000.0000 1,400,000.00 1,426,334.00 0.19 26,334.00 65478GAD2 NISSAN AUTO 1.750% 10/15/21 99.91 1,563,223.4400 1,538,981.27 1,561,816.54 0.21 22,835.27 65478VAD9 NISSAN AUTO 1.320% 1/15/21 99.97 35,911.0400 35,623.47 35,900.27 0.00 276.80 65479GAD1 NISSAN AUTO 3.060% 3/15/23 101.35 3,560,000.0000 3,559,884.66 3,608,202.40 0.48 48,317.74 65479JAD5 NISSAN AUTO 1.930% 7/15/24 100.04 4,185,000.0000 4,184,779.03 4,186,674.00 0.56 1,894.97 68389XBK0 ORACLE CORP 1.900% 9/15/21 100.21 3,000,000.0000 2,892,240.00 3,006,300.00 0.40 114,060.00 69353RFB9 PNC BANK NA MTN 2.625% 2/17/22 101.41 1,000,000.0000 974,940.00 1,014,070.00 0.13 39,130.00 69353RFL7 PNC BANK NA MTN 3.500% 6/08/23 104.91 5,000,000.0000 4,993,318.05 5,245,350.00 0.70 252,031.95 747525AD5 QUALCOMM INC 2.250% 5/20/20 100.11 2,000,000.0000 2,002,700.00 2,002,200.00 0.27 (500.00) 747525AD5 QUALCOMM INC 2.250% 5/20/20 100.11 5,000,000.0000 4,995,195.40 5,005,500.00 0.67 10,304.60 78012KC62 ROYAL BANK MTN 2.125% 3/02/20 100.04 2,000,000.0000 2,001,340.00 2,000,740.00 0.27 (600.00) 78013XZU5 ROYAL BANK OF MTN 2.550% 7/16/24 101.54 6,500,000.0000 6,581,445.00 6,600,035.00 0.88 18,590.00 3 of 5 U.S. Bank Asset Detail - Consolidated As of 12/31/2019 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 78445JAA5 S L M A 3.5925% 4/25/23 100.28 12,762.9400 12,711.16 12,798.04 0.00 86.88 808513AT2 CHARLES SCHWAB CORP 2.650% 1/25/23 101.96 6,750,000.0000 6,729,480.00 6,882,232.50 0.91 152,752.50 83162CLJ0 S B A GTD DEV PART 6.340% 3/01/21 101.11 11,184.5600 11,184.56 11,309.16 0.00 124.60 89114M2Z9 TORONTO DOMINION C D 2.200% 1/23/20 100.03 2,000,000.0000 2,000,285.65 2,000,500.00 0.27 214.35 89114QC48 TORONTO MTN 3.500% 7/19/23 105.26 5,000,000.0000 5,094,200.00 5,263,050.00 0.70 168,850.00 89114QCA4 TORONTO DOMINION MTN 2.650% 6/12/24 102.44 3,000,000.0000 3,000,570.00 3,073,170.00 0.41 72,600.00 89239AAB9 TOYOTA AUTO 2.830% 10/15/21 100.35 2,755,642.4600 2,755,392.25 2,765,287.21 0.37 9,894.96 90331HNL3 US BANK NA MTN 2.850% 1/23/23 102.41 5,000,000.0000 4,981,600.00 5,120,700.00 0.68 139,100.00 9128283J7 U S TREASURY NT 2.125% 11/30/24 102.04 16,500,000.0000 16,783,886.72 16,837,095.00 2.24 53,208.28 9128283S7 U S TREASURY NT 2.000% 1/31/20 100.03 30,000,000.0000 29,961,132.82 30,008,100.00 3.99 46,967.18 9128283S7 U S TREASURY NT 2.000% 1/31/20 100.03 5,000,000.0000 5,001,953.13 5,001,350.00 0.66 (603.13) 9128284D9 U S TREASURY NT 2.500% 3/31/23 102.77 10,000,000.0000 9,887,265.63 10,277,300.00 1.37 390,034.37 912828H52 U S TREASURY NT 1.250% 1/31/20 99.97 13,500,000.0000 13,396,542.97 13,495,680.00 1.79 99,137.03 912828J76 U S TREASURY NT 1.750% 3/31/22 100.38 5,000,000.0000 4,976,383.94 5,018,750.00 0.67 42,366.06 912828L24 U S TREASURY NT 1.875% 8/31/22 100.73 6,000,000.0000 5,987,832.60 6,044,040.00 0.80 56,207.40 912828L32 U S TREASURY NT 1.375% 8/31/20 99.83 5,000,000.0000 4,991,015.63 4,991,600.00 0.66 584.37 912828L57 U S TREASURY NT 1.750% 9/30/22 100.40 20,000,000.0000 19,778,320.32 20,080,400.00 2.67 302,079.68 912828L99 U S TREASURY NT 1.375% 10/31/20 99.77 10,000,000.0000 9,850,311.40 9,977,000.00 1.33 126,688.60 912828M80 U S TREASURY NT 2.000% 11/30/22 101.13 8,000,000.0000 7,907,500.00 8,090,320.00 1.08 182,820.00 912828MP2 U S TREASURY NT 3.625% 2/15/20 100.23 5,000,000.0000 5,013,671.88 5,011,600.00 0.67 (2,071.88) 912828N30 U S TREASURY NT 2.125% 12/31/22 101.52 5,000,000.0000 4,926,562.50 5,076,150.00 0.67 149,587.50 912828N89 U S TREASURY NT 1.375% 1/31/21 99.72 6,000,000.0000 5,895,840.41 5,983,380.00 0.80 87,539.59 912828R69 U S TREASURY NT 1.625% 5/31/23 100.00 5,000,000.0000 4,757,226.56 5,000,200.00 0.66 242,973.44 912828T34 U S TREASURY NT 1.125% 9/30/21 99.20 7,000,000.0000 6,757,914.08 6,943,650.00 0.92 185,735.92 912828T67 U S TREASURY NT 1.250% 10/31/21 99.40 6,000,000.0000 5,813,691.98 5,963,880.00 0.79 150,188.02 912828U57 U S TREASURY NT 2.125% 11/30/23 101.78 15,000,000.0000 14,723,632.81 15,267,150.00 2.03 543,517.19 912828U65 U S TREASURY NT 1.750% 11/30/21 100.31 7,000,000.0000 6,900,492.20 7,021,630.00 0.93 121,137.80 912828UL2 U S TREASURY NT 1.375% 1/31/20 99.98 5,000,000.0000 4,988,671.88 4,998,900.00 0.66 10,228.12 912828V72 U S TREASURY NT 1.875% 1/31/22 100.59 3,000,000.0000 3,004,814.74 3,017,580.00 0.40 12,765.26 912828V80 U S TREASURY NT 2.250% 1/31/24 102.32 7,500,000.0000 7,491,503.91 7,673,700.00 1.02 182,196.09 912828VJ6 U S TREASURY NT 1.875% 6/30/20 100.12 15,000,000.0000 15,022,265.63 15,018,150.00 2.00 (4,115.63) 912828VV9 U S TREASURY NT 2.125% 8/31/20 100.31 15,000,000.0000 15,049,804.69 15,045,750.00 2.00 (4,054.69) 912828W48 U S TREASURY NT 2.125% 2/29/24 101.86 10,000,000.0000 9,911,718.75 10,185,600.00 1.35 273,881.25 912828WJ5 U S TREASURY NT 2.500% 5/15/24 103.47 7,000,000.0000 7,193,046.88 7,243,110.00 0.96 50,063.12 912828WU0 U S TREASURY I P S 0.125% 7/15/24 100.60 11,270,792.0000 11,126,072.09 11,337,853.21 1.51 211,781.12 912828XE5 U S TREASURY NT 1.500% 5/31/20 99.95 5,000,000.0000 4,966,423.00 4,997,250.00 0.66 30,827.00 912828XW5 U S TREASURY NT 1.750% 6/30/22 100.41 5,000,000.0000 4,973,454.25 5,020,700.00 0.67 47,245.75 912828XX3 U S TREASURY NT 2.000% 6/30/24 101.39 5,000,000.0000 5,028,710.94 5,069,350.00 0.67 40,639.06 912828XY1 U S TREASURY NT 2.500% 6/30/20 100.42 5,000,000.0000 5,022,070.31 5,021,100.00 0.67 (970.31) 912828YH7 U S TREASURY NT 1.500% 9/30/24 99.17 14,000,000.0000 13,859,296.88 13,883,520.00 1.85 24,223.12 913366EJ5 UNIV OF CALIFORNIA 5.035% 5/15/21 104.16 400,000.0000 400,000.00 416,620.00 0.06 16,620.00 931142EK5 WALMART INC 3.400% 6/26/23 105.15 3,880,000.0000 3,878,991.40 4,079,820.00 0.54 200,828.60 4 of 5 U.S. Bank Asset Detail - Consolidated As of 12/31/2019 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 94974BGF1 WELLS FARGO MTN 2.150% 1/30/20 100.02 1,000,000.0000 996,600.00 1,000,150.00 0.13 3,550.00 94974BGM6 WELLS FARGO CO MTN 2.600% 7/22/20 100.38 5,000,000.0000 5,001,650.00 5,019,100.00 0.67 17,450.00 95000U2B8 WELLS FARGO MTN 2.625% 7/22/22 101.49 3,000,000.0000 2,954,520.00 3,044,820.00 0.40 90,300.00 Fixed Income Total 666,122,826.6100 663,935,146.01 672,379,211.13 89.39 8,444,065.12 Grand Total 746,087,993.9800 743,624,480.58 752,224,246.10 100.00 8,599,765.52 5 of 5 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss ACQUISITIONS 10/02/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,168.7300 1.000000 -5,168.73 5,168.73 0.00 10/02/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 7,567,929.1900 1.000000 -7,567,929.19 7,567,929.19 0.00 10/03/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,650,000.0000 1.000000 -1,650,000.00 1,650,000.00 0.00 10/03/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,280.5800 1.000000 -5,280.58 5,280.58 0.00 10/07/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 46,875.0000 1.000000 -46,875.00 46,875.00 0.00 10/08/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,250,000.0000 1.000000 -1,250,000.00 1,250,000.00 0.00 10/10/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 36,250.0000 1.000000 -36,250.00 36,250.00 0.00 10/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,250,000.0000 1.000000 -1,250,000.00 1,250,000.00 0.00 10/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,004,126.1100 1.000000 -1,004,126.11 1,004,126.11 0.00 10/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,177,326.8200 1.000000 -1,177,326.82 1,177,326.82 0.00 10/17/2019 06406HCZ0 PURCHASED PAR VALUE OF BANK OF NY MELLO MTN 2.150% 2/24/20 /GOLDMAN SACHS & CO. LLC/500,000 PAR VALUE AT 100.061 % 500,000.0000 1.000610 -500,305.00 500,305.00 0.00 10/17/2019 90331HNB5 PURCHASED PAR VALUE OF US BANK MTN 2.000% 1/24/20 /GOLDMAN SACHS & CO. LLC/2,000,000 PAR VALUE AT 100.012 % 2,000,000.0000 1.000120 -2,000,240.00 2,000,240.00 0.00 10/18/2019 69372AAF9 PURCHASED PAR VALUE OF PACCAR FINANCIAL CORP C P 1/15/20 /MIZUHO SECURITIES USA FXD INC/1,100,000 PAR VALUE AT 99.54263909 % 1,100,000.0000 0.995426 -1,094,969.03 1,094,969.03 0.00 10/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,500,000.0000 1.000000 -1,500,000.00 1,500,000.00 0.00 10/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 310,745.2800 1.000000 -310,745.28 310,745.28 0.00 10/21/2019 78012KC62 PURCHASED PAR VALUE OF ROYAL BANK MTN 2.125% 3/02/20 /RBC CAPITAL MARKETS, LLC/2,000,000 PAR VALUE AT 100.067 % 2,000,000.0000 1.000670 -2,001,340.00 2,001,340.00 0.00 10/21/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11,733.7400 1.000000 -11,733.74 11,733.74 0.00 10/23/2019 65479JAD5 PURCHASED PAR VALUE OF NISSAN AUTO 1.940% 7/15/24 /MIZUHO SECURITIES USA FXD INC/4,185,000 PAR VALUE AT 99.99471995 % 4,185,000.0000 0.999947 -4,184,779.03 4,184,779.03 0.00 10/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 31,447.1800 1.000000 -31,447.18 31,447.18 0.00 10/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 234,968.9500 1.000000 -234,968.95 234,968.95 0.00 10/31/2019 912796RY7 PURCHASED PAR VALUE OF U S TREASURY BILL 1/30/20 /NOMURA SECURITIES INTERNATIONA/3,000,000 PAR VALUE AT 99.611986 % 3,000,000.0000 0.996120 -2,988,359.58 2,988,359.58 0.00 10/31/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,518,750.0000 1.000000 -2,518,750.00 2,518,750.00 0.00 10/31/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,136,625.9000 1.000000 -5,136,625.90 5,136,625.90 0.00 11/01/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 28,525.0000 1.000000 -28,525.00 28,525.00 0.00 11/04/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 4,798.7000 1.000000 -4,798.70 4,798.70 0.00 11/04/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 76,406.8500 1.000000 -76,406.85 76,406.85 0.00 11/12/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 28,750.0000 1.000000 -28,750.00 28,750.00 0.00 11/12/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 186,684.3800 1.000000 -186,684.38 186,684.38 0.00 11/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,520,600.8300 1.000000 -1,520,600.83 1,520,600.83 0.00 11/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 13,785.3100 1.000000 -13,785.31 13,785.31 0.00 1 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 729,199.9400 1.000000 -729,199.94 729,199.94 0.00 11/19/2019 62479LDQ5 PURCHASED PAR VALUE OF MUFG BANK LTD NY BRAN C P 4/24/20 /MUFG UNION BK NA/MMI/PIMS/IPA/1,365,000 PAR VALUE AT 99.17138901 % 1,365,000.0000 0.991714 -1,353,689.46 1,353,689.46 0.00 11/19/2019 62479LDQ5 PURCHASED PAR VALUE OF MUFG BANK LTD NY BRAN C P 4/24/20 /MUFG UNION BK NA/MMI/PIMS/IPA/10,000,000 PAR VALUE AT 99.1713889 % 10,000,000.0000 0.991714 -9,917,138.89 9,917,138.89 0.00 11/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,860,000.0000 1.000000 -1,860,000.00 1,860,000.00 0.00 11/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11,255,000.0000 1.000000 -11,255,000.00 11,255,000.00 0.00 11/20/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 22,500.0000 1.000000 -22,500.00 22,500.00 0.00 11/20/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 61,084.4200 1.000000 -61,084.42 61,084.42 0.00 11/21/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 9,759.5800 1.000000 -9,759.58 9,759.58 0.00 11/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 25,993.2100 1.000000 -25,993.21 25,993.21 0.00 11/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 215,210.7500 1.000000 -215,210.75 215,210.75 0.00 11/27/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10,000,000.0000 1.000000 -10,000,000.00 10,000,000.00 0.00 11/27/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 6,000,000.0000 1.000000 -6,000,000.00 6,000,000.00 0.00 11/29/2019 912796RY7 PURCHASED PAR VALUE OF U S TREASURY BILL 1/30/20 /BOFA SECURITIES, INC./FXD INC/11,000,000 PAR VALUE AT 99.7303 % 11,000,000.0000 0.997303 -10,970,333.00 10,970,333.00 0.00 12/02/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,458,519.8000 1.000000 -5,458,519.80 5,458,519.80 0.00 12/03/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,788.5000 1.000000 -2,788.50 2,788.50 0.00 12/03/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 3,676.2900 1.000000 -3,676.29 3,676.29 0.00 12/06/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,375.0000 1.000000 -5,375.00 5,375.00 0.00 12/06/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 500,000.0000 1.000000 -500,000.00 500,000.00 0.00 12/09/2019 912828YH7 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 9/30/24 /J.P. MORGAN SECURITIES LLC/6,000,000 PAR VALUE AT 99.16015633 % 6,000,000.0000 0.991602 -5,949,609.38 5,949,609.38 0.00 12/11/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 37,500.0000 1.000000 -37,500.00 37,500.00 0.00 12/12/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 83,500.0000 1.000000 -83,500.00 83,500.00 0.00 12/13/2019 9128283J7 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 11/30/24 /GOLDMAN SACHS & CO. LLC/7,500,000 PAR VALUE AT 101.72265627 % 7,500,000.0000 1.017227 -7,629,199.22 7,629,199.22 0.00 12/16/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,088,240.6500 1.000000 -1,088,240.65 1,088,240.65 0.00 12/16/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 31,233.0000 1.000000 -31,233.00 31,233.00 0.00 12/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 637,012.6300 1.000000 -637,012.63 637,012.63 0.00 12/19/2019 06367BDS5 PURCHASED PAR VALUE OF BANK OF MONTREAL C D 2.000% 3/18/20 /RBC CAPITAL MARKETS, LLC/1,000,000 PAR VALUE AT 100.004948 % 1,000,000.0000 1.000049 -1,000,049.48 1,000,049.48 0.00 12/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 95,999,894.9600 1.000000 -95,999,894.96 95,999,894.96 0.00 12/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 137,500.0000 1.000000 -137,500.00 137,500.00 0.00 12/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 38,000,000.0000 1.000000 -38,000,000.00 38,000,000.00 0.00 12/20/2019 06367BDS5 PURCHASED PAR VALUE OF BANK OF MONTREAL C D 2.000% 3/18/20 /RBC CAPITAL MARKETS, LLC/8,000,000 PAR VALUE AT 100.00486625 % 8,000,000.0000 1.000049 -8,000,389.30 8,000,389.30 0.00 2 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/20/2019 313384RU5 PURCHASED PAR VALUE OF F H L B DISC NTS 1/14/20 /NOMURA SECURITIES INTERNATIONA/1,200,000 PAR VALUE AT 99.8909725 % 1,200,000.0000 0.998910 -1,198,691.67 1,198,691.67 0.00 12/20/2019 313384SD2 PURCHASED PAR VALUE OF F H L B DISC NTS 1/23/20 /BARCLAYS CAPITAL INC. FIXED IN/5,000,000 PAR VALUE AT 99.8517222 % 5,000,000.0000 0.998517 -4,992,586.11 4,992,586.11 0.00 12/20/2019 313384SK6 PURCHASED PAR VALUE OF F H L B DISC NTS 1/29/20 /JEFFERIES LLC/4,500,000 PAR VALUE AT 99.82611111 % 4,500,000.0000 0.998261 -4,492,175.00 4,492,175.00 0.00 12/20/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 3,848.7300 1.000000 -3,848.73 3,848.73 0.00 12/23/2019 89114M2Z9 PURCHASED PAR VALUE OF TORONTO DOMINION C D 2.200% 1/23/20 /GOLDMAN SACHS & CO. LLC/2,000,000 PAR VALUE AT 100.0142825 % 2,000,000.0000 1.000143 -2,000,285.65 2,000,285.65 0.00 12/23/2019 912796RT8 PURCHASED PAR VALUE OF U S TREASURY BILL 1/02/20 /CITIGROUP GLOBAL MARKETS INC./7,500,000 PAR VALUE AT 99.95873613 % 7,500,000.0000 0.999587 -7,496,905.21 7,496,905.21 0.00 12/23/2019 912796WM7 PURCHASED PAR VALUE OF U S TREASURY BILL 1/07/20 /NOMURA SECURITIES INTERNATIONA/7,500,000 PAR VALUE AT 99.93760413 % 7,500,000.0000 0.999376 -7,495,320.31 7,495,320.31 0.00 12/23/2019 912796TH2 PURCHASED PAR VALUE OF U S TREASURY BILL 3/05/20 /WELLS FARGO SECURITIES, LLC/7,500,000 PAR VALUE AT 99.68932413 % 7,500,000.0000 0.996893 -7,476,699.31 7,476,699.31 0.00 12/23/2019 912828VJ6 PURCHASED PAR VALUE OF U S TREASURY NT 1.875% 6/30/20 /WELLS FARGO SECURITIES, LLC/15,000,000 PAR VALUE AT 100.14843753 % 15,000,000.0000 1.001484 -15,022,265.63 15,022,265.63 0.00 12/23/2019 9128283S7 PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /CITIGROUP GLOBAL MARKETS INC./5,000,000 PAR VALUE AT 100.0390626 % 5,000,000.0000 1.000391 -5,001,953.13 5,001,953.13 0.00 12/23/2019 9128283S7 PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /CITIGROUP GLOBAL MARKETS INC./5,000,000 PAR VALUE AT 100.0390626 % 5,000,000.0000 1.000391 -5,001,953.13 5,001,953.13 0.00 12/23/2019 9128283S7 PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 100.0390626 % 5,000,000.0000 1.000391 -5,001,953.13 5,001,953.13 0.00 12/23/2019 912828VV9 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 8/31/20 /NOMURA SECURITIES INTERNATIONA/15,000,000 PAR VALUE AT 100.33203127 % 15,000,000.0000 1.003320 -15,049,804.69 15,049,804.69 0.00 12/24/2019 06367BED7 PURCHASED PAR VALUE OF BANK OF MONTREAL C D 1.890% 5/21/20 /BMO CAPITAL MARKETS CORP/BONDS/1,000,000 PAR VALUE AT 100 % 1,000,000.0000 1.000000 -1,000,000.00 1,000,000.00 0.00 12/24/2019 912828YH7 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 9/30/24 /MORGAN STANLEY & CO. LLC/8,000,000 PAR VALUE AT 98.87109375 % 8,000,000.0000 0.988711 -7,909,687.50 7,909,687.50 0.00 12/24/2019 912828L57 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 9/30/22 /BOFA SECURITIES, INC./FXD INC/7,000,000 PAR VALUE AT 100.21093757 % 7,000,000.0000 1.002109 -7,014,765.63 7,014,765.63 0.00 12/24/2019 9128283S7 PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 100.0351562 % 5,000,000.0000 1.000352 -5,001,757.81 5,001,757.81 0.00 12/24/2019 9128283J7 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 11/30/24 /GOLDMAN SACHS & CO. LLC/9,000,000 PAR VALUE AT 101.71875 % 9,000,000.0000 1.017188 -9,154,687.50 9,154,687.50 0.00 12/24/2019 912828MP2 PURCHASED PAR VALUE OF U S TREASURY NT 3.625% 2/15/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 100.2734376 % 5,000,000.0000 1.002734 -5,013,671.88 5,013,671.88 0.00 12/26/2019 912828L32 PURCHASED PAR VALUE OF U S TREASURY NT 1.375% 8/31/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 99.8203126 % 5,000,000.0000 0.998203 -4,991,015.63 4,991,015.63 0.00 3 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/26/2019 912828XY1 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 6/30/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 100.4414062 % 5,000,000.0000 1.004414 -5,022,070.31 5,022,070.31 0.00 12/26/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 0.0700 1.000000 -0.07 0.07 0.00 12/26/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 156,854.3400 1.000000 -156,854.34 156,854.34 0.00 12/26/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 100,634.4500 1.000000 -100,634.45 100,634.45 0.00 12/27/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 14,628.0000 1.000000 -14,628.00 14,628.00 0.00 12/31/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 203,125.0000 1.000000 -203,125.00 203,125.00 0.00 12/31/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 146,875.0000 1.000000 -146,875.00 146,875.00 0.00 TOTAL ACQUISITIONS 381,236,732.8700 -381,315,383.47 381,315,383.47 0.00 DISPOSITIONS 10/02/2019 3137EADM8 MATURED PAR VALUE OF F H L M C M T N 1.250% 10/02/19 7,500,000 PAR VALUE AT 100 % -7,500,000.0000 1.000000 7,500,000.00 -7,399,650.00 100,350.00 10/03/2019 912796SL4 MATURED PAR VALUE OF U S TREASURY BILL 10/03/19 1,650,000 PAR VALUE AT 100 % -1,650,000.0000 1.000000 1,646,687.63 -1,646,687.63 0.00 10/08/2019 912796VY2 MATURED PAR VALUE OF U S TREASURY BILL 10/08/19 1,250,000 PAR VALUE AT 100 % -1,250,000.0000 1.000000 1,249,517.42 -1,249,517.42 0.00 10/15/2019 912796VZ9 MATURED PAR VALUE OF U S TREASURY BILL 10/15/19 1,250,000 PAR VALUE AT 100 % -1,250,000.0000 1.000000 1,249,059.90 -1,249,059.90 0.00 10/15/2019 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 4.677% 1/01/28 SEPTEMBER FHLMC DUE 10/15/19 -24.9900 0.000000 24.99 -24.38 0.61 10/15/2019 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.016% 8/15/32 -386.6500 0.000000 386.65 -387.05 -0.40 10/15/2019 47788NAD0 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.490% 5/15/23 CMO FINAL PAYDOWN -1,003,712.9300 0.000000 1,003,712.93 -987,088.93 16,624.00 10/15/2019 47788BAD6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.820% 10/15/21 -42,196.1900 9.824872 42,196.19 -42,193.10 3.09 10/15/2019 47788CAB8 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.420% 10/15/20 -179,120.5700 2.314487 179,120.57 -178,756.74 363.83 10/15/2019 65478VAD9 PAID DOWN PAR VALUE OF NISSAN AUTO 1.320% 1/15/21 -74,892.5400 5.535560 74,892.54 -74,292.81 599.73 10/15/2019 65478GAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.750% 10/15/21 -175,390.0800 2.363715 175,390.08 -172,670.16 2,719.92 10/15/2019 89238BAB8 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.100% 10/15/20 -325,799.3400 1.272477 325,799.34 -325,766.04 33.30 10/15/2019 89239AAB9 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.830% 10/15/21 -289,115.0800 1.433935 289,115.08 -289,088.83 26.25 10/18/2019 96130AAK4 MATURED PAR VALUE OF WESTPAC BKING C D 2.970% 10/18/19 1,500,000 PAR VALUE AT 100 % -1,500,000.0000 1.000000 1,500,000.00 -1,503,302.80 -3,302.80 10/18/2019 43814RAC0 PAID DOWN PAR VALUE OF HONDA AUTO 1.210% 12/18/20 -115,199.0400 0.000000 115,199.04 -113,934.55 1,264.49 10/18/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 -177,461.4800 0.000000 177,461.48 -174,647.05 2,814.43 10/21/2019 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 4.125% 12/20/26 SEPTEMBER GNMA DUE 10/20/19 -176.3500 0.000000 176.35 -179.26 -2.91 10/21/2019 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 3.875% 6/20/27 SEPTEMBER GNMA DUE 10/20/19 -186.0100 0.000000 186.01 -190.08 -4.07 4 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/21/2019 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 3.875% 4/20/30 SEPTEMBER GNMA DUE 10/20/19 -103.2800 0.000000 103.28 -102.34 0.94 10/21/2019 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 3.875% 5/20/30 SEPTEMBER GNMA DUE 10/20/19 -337.5300 0.000000 337.53 -334.10 3.43 10/21/2019 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 3.750% 7/20/34 SEPTEMBER GNMA DUE 10/20/19 -746.0600 0.000000 746.06 -745.59 0.47 10/25/2019 03215PFN4 PAID DOWN PAR VALUE OF AMRESCO 2.95841% 6/25/29 -4,106.2100 0.000000 4,106.21 -3,083.51 1,022.70 10/25/2019 31398VJ98 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.251% 1/25/20 -232,634.2500 3.215297 232,634.25 -245,828.98 -13,194.73 10/25/2019 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -7,406.7800 0.000000 7,406.78 -8,388.18 -981.40 10/25/2019 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 SEPTEMBER FNMA DUE 10/25/19 -133.7500 0.000000 133.75 -141.45 -7.70 10/25/2019 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 SEPTEMBER FNMA DUE 10/25/19 -1,579.8500 0.000000 1,579.85 -1,698.34 -118.49 10/25/2019 31381PDA3 PAID DOWN PAR VALUE OF F N M A #466397 3.400% 11/01/20 SEPTEMBER FNMA DUE 10/25/19 -748.4400 0.000000 748.44 -732.24 16.20 10/25/2019 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 SEPTEMBER FNMA DUE 10/25/19 -1,482.5900 0.000000 1,482.59 -1,593.78 -111.19 10/25/2019 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 SEPTEMBER FNMA DUE 10/25/19 -8.9800 0.000000 8.98 -9.65 -0.67 10/25/2019 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 SEPTEMBER FNMA DUE 10/25/19 -709.0700 0.000000 709.07 -762.25 -53.18 10/25/2019 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 4.722% 2/01/35 SEPTEMBER FNMA DUE 10/25/19 -440.6000 0.000000 440.60 -437.16 3.44 10/25/2019 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 SEPTEMBER FNMA DUE 10/25/19 -79.8800 0.000000 79.88 -85.87 -5.99 10/25/2019 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 SEPTEMBER FNMA DUE 10/25/19 -2,690.3200 0.000000 2,690.32 -2,892.09 -201.77 10/25/2019 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 SEPTEMBER FNMA DUE 10/25/19 -226.9300 0.000000 226.93 -240.00 -13.07 10/25/2019 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 SEPTEMBER FNMA DUE 10/25/19 -296.1600 0.000000 296.16 -313.22 -17.06 10/25/2019 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.825% 2/25/41 -2,555.4600 0.000000 2,555.46 -2,554.66 0.80 10/25/2019 78445JAA5 PAID DOWN PAR VALUE OF S L M A 3.8594% 4/25/23 -581.9100 0.000000 581.91 -579.55 2.36 10/31/2019 912828F62 MATURED PAR VALUE OF U S TREASURY NT 1.500% 10/31/19 2,500,000 PAR VALUE AT 100 % -2,500,000.0000 1.000000 2,500,000.00 -2,486,718.75 13,281.25 10/31/2019 912828G61 SOLD PAR VALUE OF U S TREASURY NT 1.500% 11/30/19 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 99.9804688 % -5,000,000.0000 0.999805 4,999,023.44 -4,966,423.00 32,600.44 11/15/2019 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 4.678% 1/01/28 OCTOBER FHLMC DUE 11/15/19 -17.7400 0.000000 17.74 -17.31 0.43 5 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/15/2019 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.016% 8/15/32 -386.6000 1,163.993792 386.60 -387.00 -0.40 11/15/2019 47788BAD6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.820% 10/15/21 -46,876.0500 8.844008 46,876.05 -46,872.62 3.43 11/15/2019 47788CAB8 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.420% 10/15/20 CMO FINAL PAYDOWN -1,489.7400 0.000000 1,489.74 -1,486.71 3.03 11/15/2019 47788CAC6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.660% 4/18/22 -137,727.6800 3.010086 137,727.68 -137,717.78 9.90 11/15/2019 47789JAB2 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.850% 12/15/21 -249,117.1200 1.664166 249,117.12 -249,105.76 11.36 11/15/2019 65478VAD9 PAID DOWN PAR VALUE OF NISSAN AUTO 1.320% 1/15/21 -75,420.5600 5.496806 75,420.56 -74,816.61 603.95 11/15/2019 65478GAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.750% 10/15/21 -171,609.4500 2.415789 171,609.45 -168,948.16 2,661.29 11/15/2019 89238BAB8 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.100% 10/15/20 -326,607.1000 1.269330 326,607.10 -326,573.72 33.38 11/15/2019 89239AAB9 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.830% 10/15/21 -297,889.1200 1.391700 297,889.12 -297,862.07 27.05 11/18/2019 43814RAC0 PAID DOWN PAR VALUE OF HONDA AUTO 1.210% 12/18/20 -113,371.9700 0.000000 113,371.97 -112,127.53 1,244.44 11/18/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 -173,527.6900 0.000000 173,527.69 -170,775.65 2,752.04 11/18/2019 43814WAB1 PAID DOWN PAR VALUE OF HONDA AUTO 2.750% 9/20/21 -255,971.3900 0.000000 255,971.39 -255,954.91 16.48 11/19/2019 62479MYK3 MATURED PAR VALUE OF MUFG BANK LTD NY BRAN C P 11/19/19 1,860,000 PAR VALUE AT 100 % -1,860,000.0000 1.000000 1,850,032.47 -1,850,032.47 0.00 11/19/2019 62479MYK3 MATURED PAR VALUE OF MUFG BANK LTD NY BRAN C P 11/19/19 11,255,000 PAR VALUE AT 100 % -11,255,000.0000 1.000000 11,194,685.71 -11,194,685.71 0.00 11/20/2019 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 4.125% 12/20/26 OCTOBER GNMA DUE 11/20/19 -566.7000 0.000000 566.70 -576.06 -9.36 11/20/2019 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 3.875% 6/20/27 OCTOBER GNMA DUE 11/20/19 -2,399.0700 0.000000 2,399.07 -2,451.55 -52.48 11/20/2019 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 3.875% 4/20/30 OCTOBER GNMA DUE 11/20/19 -42.4600 0.000000 42.46 -42.08 0.38 11/20/2019 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 3.875% 5/20/30 OCTOBER GNMA DUE 11/20/19 -1,091.5100 0.000000 1,091.51 -1,080.42 11.09 11/20/2019 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 3.250% 7/20/34 OCTOBER GNMA DUE 11/20/19 -333.2900 0.000000 333.29 -333.08 0.21 11/25/2019 31398VJ98 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.251% 1/25/20 -213,700.1600 0.084664 213,700.16 -225,820.97 -12,120.81 11/25/2019 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -469.7300 0.000000 469.73 -531.97 -62.24 11/25/2019 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 OCTOBER FNMA DUE 11/25/19 -135.4500 0.000000 135.45 -143.25 -7.80 11/25/2019 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 OCTOBER FNMA DUE 11/25/19 -2,206.6400 0.000000 2,206.64 -2,372.14 -165.50 11/25/2019 31381PDA3 PAID DOWN PAR VALUE OF F N M A #466397 3.400% 11/01/20 OCTOBER FNMA DUE 11/25/19 -706.3800 0.000000 706.38 -691.09 15.29 11/25/2019 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 OCTOBER FNMA DUE 11/25/19 -1,601.3200 0.000000 1,601.32 -1,721.42 -120.10 6 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/25/2019 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 OCTOBER FNMA DUE 11/25/19 -9.0200 0.000000 9.02 -9.70 -0.68 11/25/2019 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 OCTOBER FNMA DUE 11/25/19 -4,574.2200 0.000000 4,574.22 -4,917.29 -343.07 11/25/2019 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 4.722% 2/01/35 OCTOBER FNMA DUE 11/25/19 -442.5600 0.000000 442.56 -439.10 3.46 11/25/2019 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 OCTOBER FNMA DUE 11/25/19 -836.8200 0.000000 836.82 -899.58 -62.76 11/25/2019 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 OCTOBER FNMA DUE 11/25/19 -3,099.1200 0.000000 3,099.12 -3,331.55 -232.43 11/25/2019 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 OCTOBER FNMA DUE 11/25/19 -180.2600 0.000000 180.26 -190.64 -10.38 11/25/2019 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 OCTOBER FNMA DUE 11/25/19 -229.0300 0.000000 229.03 -242.22 -13.19 11/25/2019 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.825% 2/25/41 -3,329.2300 0.000000 3,329.23 -3,328.19 1.04 12/02/2019 73358WAG9 MATURED PAR VALUE OF PORT AUTH NY NJ 5.309% 12/01/19 2,440,000 PAR VALUE AT 100 % -2,440,000.0000 1.000000 2,440,000.00 -2,507,633.89 -67,633.89 12/02/2019 912828G61 MATURED PAR VALUE OF U S TREASURY NT 1.500% 11/30/19 2,500,000 PAR VALUE AT 100 % -2,500,000.0000 1.000000 2,500,000.00 -2,483,211.50 16,788.50 12/06/2019 94988J5G8 MATURED PAR VALUE OF WELLS FARGO MTN 2.150% 12/06/19 500,000 PAR VALUE AT 100 % -500,000.0000 1.000000 500,000.00 -498,425.00 1,575.00 12/16/2019 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 4.678% 1/01/28 NOVEMBER FHLMC DUE 12/15/19 -10.5000 0.000000 10.50 -10.24 0.26 12/16/2019 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.027% 8/15/32 -381.1000 0.000000 381.10 -381.50 -0.40 12/16/2019 47788BAD6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.820% 10/15/21 -28,285.3200 14.656796 28,285.32 -28,283.25 2.07 12/16/2019 47788CAC6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.660% 4/18/22 -89,079.4600 4.653959 89,079.46 -89,073.05 6.41 12/16/2019 47789JAB2 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.850% 12/15/21 -250,228.2300 1.656776 250,228.23 -250,216.82 11.41 12/16/2019 65478VAD9 PAID DOWN PAR VALUE OF NISSAN AUTO 1.320% 1/15/21 -65,825.8800 6.298012 65,825.88 -65,298.76 527.12 12/16/2019 65478GAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.750% 10/15/21 -153,480.3600 2.701142 153,480.36 -151,100.22 2,380.14 12/16/2019 89238BAB8 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.100% 10/15/20 CMO FINAL PAUYDOWN -31,233.0000 0.000000 31,233.00 -31,229.81 3.19 12/16/2019 89239AAB9 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.830% 10/15/21 -272,353.3400 1.522185 272,353.34 -272,328.61 24.73 12/18/2019 43814RAC0 PAID DOWN PAR VALUE OF HONDA AUTO 1.210% 12/18/20 -106,100.0400 0.000000 106,100.04 -104,935.43 1,164.61 12/18/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 -164,004.9300 0.000000 164,004.93 -161,403.91 2,601.02 12/18/2019 43814WAB1 PAID DOWN PAR VALUE OF HONDA AUTO 2.750% 9/20/21 -350,163.5400 0.000000 350,163.54 -350,140.99 22.55 12/20/2019 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 4.125% 12/20/26 NOVEMBER GNMA DUE 12/20/19 -151.7000 0.000000 151.70 -154.21 -2.51 12/20/2019 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 3.875% 6/20/27 NOVEMBER GNMA DUE 12/20/19 -187.2300 0.000000 187.23 -191.33 -4.10 7 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/20/2019 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 3.875% 4/20/30 NOVEMBER GNMA DUE 12/20/19 -150.5600 0.000000 150.56 -149.19 1.37 12/20/2019 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 3.875% 5/20/30 NOVEMBER GNMA DUE 12/20/19 -1,851.6900 0.000000 1,851.69 -1,832.88 18.81 12/20/2019 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 3.250% 7/20/34 NOVEMBER GNMA DUE 12/20/19 -1,120.4300 0.000000 1,120.43 -1,119.73 0.70 12/23/2019 06417G5Q7 MATURED PAR VALUE OF BANK OF NOVA C D 2.610% 12/23/19 2,300,000 PAR VALUE AT 100 % -2,300,000.0000 1.000000 2,300,000.00 -2,300,614.40 -614.40 12/24/2019 90331HNB5 FULL CALL PAR VALUE OF US BANK MTN 2.000% 1/24/20 /CALLS/ -2,000,000.0000 1.000000 2,000,000.00 -2,000,240.00 -240.00 12/26/2019 31398VJ98 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.251% 1/25/20 -156,100.7800 0.138540 156,100.78 -164,954.62 -8,853.84 12/26/2019 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -8,230.9000 0.000000 8,230.90 -9,321.49 -1,090.59 12/26/2019 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 NOVEMBER FNMA DUE 12/25/19 -137.0300 0.000000 137.03 -144.92 -7.89 12/26/2019 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 NOVEMBER FNMA DUE 12/25/19 -3,121.4100 0.000000 3,121.41 -3,355.52 -234.11 12/26/2019 31381PDA3 PAID DOWN PAR VALUE OF F N M A #466397 3.400% 11/01/20 NOVEMBER FNMA DUE 12/25/19 -754.2900 0.000000 754.29 -737.97 16.32 12/26/2019 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 NOVEMBER FNMA DUE 12/25/19 -1,647.8700 0.000000 1,647.87 -1,771.46 -123.59 12/26/2019 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 NOVEMBER FNMA DUE 12/25/19 -9.0700 0.000000 9.07 -9.75 -0.68 12/26/2019 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 NOVEMBER FNMA DUE 12/25/19 -5,800.0600 0.000000 5,800.06 -6,235.06 -435.00 12/26/2019 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 4.647% 2/01/35 NOVEMBER FNMA DUE 12/25/19 -477.4000 0.000000 477.40 -473.67 3.73 12/26/2019 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 NOVEMBER FNMA DUE 12/25/19 -82.7800 0.000000 82.78 -88.99 -6.21 12/26/2019 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 NOVEMBER FNMA DUE 12/25/19 -2,693.7800 0.000000 2,693.78 -2,895.81 -202.03 12/26/2019 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 NOVEMBER FNMA DUE 12/25/19 -120.8900 0.000000 120.89 -127.85 -6.96 12/26/2019 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 NOVEMBER FNMA DUE 12/25/19 -468.6300 0.000000 468.63 -495.62 -26.99 12/26/2019 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.825% 2/25/41 -3,091.1500 0.000000 3,091.15 -3,090.18 0.97 TOTAL DISPOSITIONS -49,928,837.8300 49,852,844.40 -49,759,265.38 93,579.02 OTHER TRANSACTIONS 10/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 9/30/2019 INTEREST FROM 9/1/19 TO 9/30/19 0.0000 0.000000 5,168.73 0.00 0.00 8 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 9/30/2019 INTEREST FROM 9/1/19 TO 9/30/19 0.0000 0.000000 21,054.19 0.00 0.00 10/02/2019 3137EADM8 INTEREST EARNED ON F H L M C M T N 1.250% 10/02/19 $1 PV ON 7500000.0000 SHARES DUE 10/2/2019 0.0000 0.000000 46,875.00 0.00 0.00 10/03/2019 912796SL4 INTEREST EARNED ON U S TREASURY BILL 10/03/19 $1 PV ON 1650000.0000 SHARES DUE 10/3/2019 1,650,000 PAR VALUE AT 100 % 0.0000 0.000000 3,312.37 0.00 0.00 10/03/2019 525ESC0Y6 Unknown LEHMAN BRTH HLD ESC PARTIAL LIQUIDATING DISTRIBUTION PAID @ 2.02/SHARE 0.0000 0.000000 4,058.66 -4,058.66 0.00 10/03/2019 525ESCIB7 Unknown LEHMAN BRTH MTN ES 0.00001% 1/24/13 PARTIAL LIQUIDATING DISTRIBUTION PAID @ 2.03654000 0.0000 0.000000 1,221.92 -1,221.92 0.00 10/07/2019 3135G0T45 INTEREST EARNED ON F N M A 1.875% 4/05/22 $1 PV ON 5000000.0000 SHARES DUE 10/5/2019 0.0000 0.000000 46,875.00 0.00 0.00 10/08/2019 912796VY2 INTEREST EARNED ON U S TREASURY BILL 10/08/19 $1 PV ON 1250000.0000 SHARES DUE 10/8/2019 1,250,000 PAR VALUE AT 100 % 0.0000 0.000000 482.58 0.00 0.00 10/10/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 416.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 10/10/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 416.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 416.00 0.00 10/10/2019 02665WCQ2 INTEREST EARNED ON AMERICAN HONDA MTN 3.625% 10/10/23 $1 PV ON 2000000.0000 SHARES DUE 10/10/2019 0.0000 0.000000 36,250.00 0.00 0.00 10/10/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 416.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 416.0000 0.000000 0.00 0.00 0.00 10/10/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 416.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 10/15/2019 02587AAJ3 INTEREST EARNED ON AMERICAN EXPRESS 1.930% 9/15/22 $1 PV ON 10084.2400 SHARES DUE 10/15/2019 $0.00161/PV ON 6,270,000.00 PV DUE 10/15/19 0.0000 0.000000 10,084.24 0.00 0.00 10/15/2019 31348SWZ3 INTEREST EARNED ON F H L M C #786064 4.677% 1/01/28 $1 PV ON 7.1900 SHARES DUE 10/15/2019 AUGUST FHLMC DUE 10/15/19 0.0000 0.000000 7.19 0.00 0.00 10/15/2019 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 4.016% 8/15/32 $1 PV ON 26.5300 SHARES DUE 10/15/2019 $0.00335/PV ON 7,928.50 PV DUE 10/15/19 0.0000 0.000000 26.53 0.00 0.00 10/15/2019 43815NAB0 INTEREST EARNED ON HONDA AUTO 1.900% 4/15/22 $1 PV ON 5589.1700 SHARES DUE 10/15/2019 $0.00158/PV ON 3,530,000.00 PV DUE 10/15/19 0.0000 0.000000 5,589.17 0.00 0.00 10/15/2019 24422EUM9 INTEREST EARNED ON JOHN DEERE MTN 3.650% 10/12/23 $1 PV ON 1250000.0000 SHARES DUE 10/12/2019 0.0000 0.000000 22,812.50 0.00 0.00 10/15/2019 47788NAD0 INTEREST EARNED ON JOHN DEERE OWNER 1.490% 5/15/23 $1 PV ON 1246.2800 SHARES DUE 10/15/2019 $0.00124/PV ON 1,003,712.93 PV DUE 10/15/19 0.0000 0.000000 1,246.28 0.00 0.00 10/15/2019 47788BAD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820% 10/15/21 $1 PV ON 669.4500 SHARES DUE 10/15/2019 $0.00152/PV ON 441,393.78 PV DUE 10/15/19 0.0000 0.000000 669.45 0.00 0.00 10/15/2019 477870AB5 INTEREST EARNED ON JOHN DEERE OWNER 2.280% 5/16/22 $1 PV ON 5320.0000 SHARES DUE 10/15/2019 $0.00190/PV ON 2,800,000.00 PV DUE 10/15/19 0.0000 0.000000 5,320.00 0.00 0.00 9 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/15/2019 47788CAB8 INTEREST EARNED ON JOHN DEERE OWNER 2.420% 10/15/20 $1 PV ON 364.2300 SHARES DUE 10/15/2019 $0.00202/PV ON 180,610.31 PV DUE 10/15/19 0.0000 0.000000 364.23 0.00 0.00 10/15/2019 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4/18/22 $1 PV ON 2970.3400 SHARES DUE 10/15/2019 $0.00222/PV ON 1,340,000.00 PV DUE 10/15/19 0.0000 0.000000 2,970.34 0.00 0.00 10/15/2019 47789JAB2 INTEREST EARNED ON JOHN DEERE OWNER 2.850% 12/15/21 $1 PV ON 7754.3800 SHARES DUE 10/15/2019 $0.00238/PV ON 3,265,000.00 PV DUE 10/15/19 0.0000 0.000000 7,754.38 0.00 0.00 10/15/2019 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080% 11/15/22 $1 PV ON 11883.6800 SHARES DUE 10/15/2019 $0.00257/PV ON 4,630,000.00 PV DUE 10/15/19 0.0000 0.000000 11,883.68 0.00 0.00 10/15/2019 65478VAD9 INTEREST EARNED ON NISSAN AUTO 1.320% 1/15/21 $1 PV ON 277.2600 SHARES DUE 10/15/2019 $0.00110/PV ON 252,050.02 PV DUE 10/15/19 0.0000 0.000000 277.26 0.00 0.00 10/15/2019 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750% 10/15/21 $1 PV ON 3009.5700 SHARES DUE 10/15/2019 $0.00146/PV ON 2,063,703.33 PV DUE 10/15/19 0.0000 0.000000 3,009.57 0.00 0.00 10/15/2019 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 9078.0000 SHARES DUE 10/15/2019 $0.00255/PV ON 3,560,000.00 PV DUE 10/15/19 0.0000 0.000000 9,078.00 0.00 0.00 10/15/2019 89238BAB8 INTEREST EARNED ON TOYOTA AUTO 2.100% 10/15/20 $1 PV ON 1196.3700 SHARES DUE 10/15/2019 $0.00175/PV ON 683,639.44 PV DUE 10/15/19 0.0000 0.000000 1,196.37 0.00 0.00 10/15/2019 89239AAB9 INTEREST EARNED ON TOYOTA AUTO 2.830% 10/15/21 $1 PV ON 8525.3700 SHARES DUE 10/15/2019 $0.00236/PV ON 3,615,000.00 PV DUE 10/15/19 0.0000 0.000000 8,525.37 0.00 0.00 10/15/2019 912796VZ9 INTEREST EARNED ON U S TREASURY BILL 10/15/19 $1 PV ON 1250000.0000 SHARES DUE 10/15/2019 1,250,000 PAR VALUE AT 100 % 0.0000 0.000000 940.10 0.00 0.00 10/17/2019 06406HCZ0 PAID ACCRUED INTEREST ON PURCHASE OF BANK OF NY MELLO MTN 2.150% 2/24/20 0.0000 0.000000 -1,582.64 0.00 0.00 10/17/2019 90331HNB5 PAID ACCRUED INTEREST ON PURCHASE OF US BANK MTN 2.000% 1/24/20 0.0000 0.000000 -9,222.22 0.00 0.00 10/17/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,511,349.8600 1.000000 2,511,349.86 -2,511,349.86 0.00 10/18/2019 43814RAC0 INTEREST EARNED ON HONDA AUTO 1.210% 12/18/20 $1 PV ON 568.4200 SHARES DUE 10/18/2019 $0.00101/PV ON 563,719.94 PV DUE 10/18/19 0.0000 0.000000 568.42 0.00 0.00 10/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 3155.2100 SHARES DUE 10/18/2019 $0.00149/PV ON 2,115,225.60 PV DUE 10/18/19 0.0000 0.000000 3,155.21 0.00 0.00 10/18/2019 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9/20/21 $1 PV ON 10071.8800 SHARES DUE 10/18/2019 $0.00229/PV ON 4,395,000.00 PV DUE 10/18/19 0.0000 0.000000 10,071.88 0.00 0.00 10/18/2019 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22 $1 PV ON 4289.2500 SHARES DUE 10/18/2019 $0.00251/PV ON 1,710,000.00 PV DUE 10/18/19 0.0000 0.000000 4,289.25 0.00 0.00 10/18/2019 96130AAK4 INTEREST EARNED ON WESTPAC BKING C D 2.970% 10/18/19 $1 PV ON 1500000.0000 SHARES DUE 10/18/2019 INTEREST ON 10/18/19 MATURITY 0.0000 0.000000 45,045.00 0.00 0.00 10/18/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,049,924.0300 1.000000 1,049,924.03 -1,049,924.03 0.00 10/21/2019 06051GFN4 INTEREST EARNED ON BANK OF AMERICA MTN 2.250% 4/21/20 $1 PV ON 2000000.0000 SHARES DUE 10/21/2019 0.0000 0.000000 22,500.00 0.00 0.00 10/21/2019 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 4.125% 12/20/26 $1 PV ON 52.7600 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 52.76 0.00 0.00 10 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/21/2019 36225CC20 INTEREST EARNED ON G N M A I I #080088 3.875% 6/20/27 $1 PV ON 48.7500 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 48.75 0.00 0.00 10/21/2019 36225CNM4 INTEREST EARNED ON G N M A I I #080395 3.875% 4/20/30 $1 PV ON 21.0600 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 21.06 0.00 0.00 10/21/2019 36225CN28 INTEREST EARNED ON G N M A I I #080408 3.875% 5/20/30 $1 PV ON 160.6700 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 160.67 0.00 0.00 10/21/2019 36225DCB8 INTEREST EARNED ON G N M A I I #080965 3.750% 7/20/34 $1 PV ON 141.6900 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 141.69 0.00 0.00 10/21/2019 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22 $1 PV ON 9759.5800 SHARES DUE 10/21/2019 $0.00246/PV ON 3,970,000.00 PV DUE 10/21/19 0.0000 0.000000 9,759.58 0.00 0.00 10/21/2019 78012KC62 PAID ACCRUED INTEREST ON PURCHASE OF ROYAL BANK MTN 2.125% 3/02/20 0.0000 0.000000 -5,784.72 0.00 0.00 10/21/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,984,624.7200 1.000000 1,984,624.72 -1,984,624.72 0.00 10/23/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -4,184,779.0300 1.000000 4,184,779.03 -4,184,779.03 0.00 10/25/2019 03215PFN4 INTEREST EARNED ON AMRESCO 2.95841% 6/25/29 $1 PV ON 303.5500 SHARES DUE 10/25/2019 $0.00247/PV ON 123,127.85 PV DUE 10/25/19 0.0000 0.000000 303.55 0.00 0.00 10/25/2019 31398VJ98 INTEREST EARNED ON F H L M C MLTCL MTG 4.251% 1/25/20 $1 PV ON 2334.7000 SHARES DUE 10/25/2019 $0.00354/PV ON 659,054.74 PV DUE 10/25/19 0.0000 0.000000 2,334.70 0.00 0.00 10/25/2019 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9/25/43 $1 PV ON 3720.0900 SHARES DUE 10/25/2019 $0.00542/PV ON 686,785.68 PV DUE 10/25/19 0.0000 0.000000 3,720.09 0.00 0.00 10/25/2019 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 55.1900 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 55.19 0.00 0.00 10/25/2019 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 412.0200 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 412.02 0.00 0.00 10/25/2019 31381PDA3 INTEREST EARNED ON F N M A #466397 3.400% 11/01/20 $1 PV ON 955.8500 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 955.85 0.00 0.00 10/25/2019 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 385.4600 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 385.46 0.00 0.00 10/25/2019 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 7.4200 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 7.42 0.00 0.00 10/25/2019 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 654.7600 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 654.76 0.00 0.00 10/25/2019 31406XWT5 INTEREST EARNED ON F N M A #823358 4.722% 2/01/35 $1 PV ON 429.9800 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 429.98 0.00 0.00 10/25/2019 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 77.8200 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 77.82 0.00 0.00 10/25/2019 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 750.6800 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 750.68 0.00 0.00 10/25/2019 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 37.6700 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 37.67 0.00 0.00 11 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/25/2019 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 61.6400 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 61.64 0.00 0.00 10/25/2019 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.825% 2/25/41 $1 PV ON 419.3600 SHARES DUE 10/25/2019 $0.00225/PV ON 186,495.68 PV DUE 10/25/19 0.0000 0.000000 419.36 0.00 0.00 10/25/2019 78445JAA5 INTEREST EARNED ON S L M A 3.8594% 4/25/23 $1 PV ON 128.7600 SHARES DUE 10/25/2019 $0.00965/PV ON 13,344.85 PV DUE 10/25/19 0.0000 0.000000 128.76 0.00 0.00 10/29/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -312.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 10/29/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -312.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 -312.00 0.00 10/29/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -312.0000 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI -312.0000 0.000000 0.00 0.00 0.00 10/29/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -312.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 10/31/2019 CASH DISBURSEMENT PAID TO BANC OF CALIFORNIA OUTGOING DOMESTIC WIRE PER DIR DTD 10/29/19 0.0000 0.000000 -15,000,000.00 0.00 0.00 10/31/2019 912828T67 INTEREST EARNED ON U S TREASURY NT 1.250% 10/31/21 $1 PV ON 6000000.0000 SHARES DUE 10/31/2019 0.0000 0.000000 37,500.00 0.00 0.00 10/31/2019 912828L99 INTEREST EARNED ON U S TREASURY NT 1.375% 10/31/20 $1 PV ON 10000000.0000 SHARES DUE 10/31/2019 0.0000 0.000000 68,750.00 0.00 0.00 10/31/2019 912828F62 INTEREST EARNED ON U S TREASURY NT 1.500% 10/31/19 $1 PV ON 2500000.0000 SHARES DUE 10/31/2019 0.0000 0.000000 18,750.00 0.00 0.00 10/31/2019 912828G61 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.500% 11/30/19 0.0000 0.000000 31,352.46 0.00 0.00 10/31/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,988,359.5800 1.000000 2,988,359.58 -2,988,359.58 0.00 10/31/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -15,000,000.0000 1.000000 15,000,000.00 -15,000,000.00 0.00 11/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 10/31/2019 INTEREST FROM 10/1/19 TO 10/31/19 0.0000 0.000000 4,798.70 0.00 0.00 11/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 10/31/2019 INTEREST FROM 10/1/19 TO 10/31/19 0.0000 0.000000 16,477.47 0.00 0.00 11/01/2019 64971M5E8 INTEREST EARNED ON NEW YORK CITY NY 4.075% 11/01/20 $1 PV ON 1400000.0000 SHARES DUE 11/1/2019 0.0000 0.000000 28,525.00 0.00 0.00 11/04/2019 00440EAU1 INTEREST EARNED ON ACE INA HOLDINGS 2.875% 11/03/22 $1 PV ON 4169000.0000 SHARES DUE 11/3/2019 0.0000 0.000000 59,929.38 0.00 0.00 11/12/2019 037833CU2 INTEREST EARNED ON APPLE INC 2.850% 5/11/24 $1 PV ON 3000000.0000 SHARES DUE 11/11/2019 0.0000 0.000000 42,750.00 0.00 0.00 11/12/2019 369550BA5 INTEREST EARNED ON GENERAL DYNAMICS 2.875% 5/11/20 $1 PV ON 2000000.0000 SHARES DUE 11/11/2019 0.0000 0.000000 28,750.00 0.00 0.00 11/12/2019 369550BE7 INTEREST EARNED ON GENERAL DYNAMICS 3.000% 5/11/21 $1 PV ON 3160000.0000 SHARES DUE 11/11/2019 0.0000 0.000000 47,400.00 0.00 0.00 12 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/12/2019 458140BD1 INTEREST EARNED ON INTEL CORP 2.875% 5/11/24 $1 PV ON 5000000.0000 SHARES DUE 11/11/2019 0.0000 0.000000 71,875.00 0.00 0.00 11/12/2019 4581X0CX4 INTEREST EARNED ON INTER AMER DEV BK 1.625% 5/12/20 $1 PV ON 3035000.0000 SHARES DUE 11/12/2019 0.0000 0.000000 24,659.38 0.00 0.00 11/13/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 11/13/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 4,160.00 0.00 11/13/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4160.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 4,160.0000 0.000000 0.00 0.00 0.00 11/13/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 11/15/2019 02587AAJ3 INTEREST EARNED ON AMERICAN EXPRESS 1.930% 9/15/22 $1 PV ON 10084.2300 SHARES DUE 11/15/2019 $0.00161/PV ON 6,270,000.00 PV DUE 11/15/19 0.0000 0.000000 10,084.23 0.00 0.00 11/15/2019 084664BT7 INTEREST EARNED ON BERKSHIRE HATHAWAY 3.000% 5/15/22 $1 PV ON 4000000.0000 SHARES DUE 11/15/2019 0.0000 0.000000 60,000.00 0.00 0.00 11/15/2019 31348SWZ3 INTEREST EARNED ON F H L M C #786064 4.678% 1/01/28 $1 PV ON 7.1000 SHARES DUE 11/15/2019 SEPTEMBER FHLMC DUE 11/15/19 0.0000 0.000000 7.10 0.00 0.00 11/15/2019 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 4.016% 8/15/32 $1 PV ON 25.2900 SHARES DUE 11/15/2019 $0.00335/PV ON 7,541.85 PV DUE 11/15/19 0.0000 0.000000 25.29 0.00 0.00 11/15/2019 43815NAB0 INTEREST EARNED ON HONDA AUTO 1.900% 4/15/22 $1 PV ON 5589.1500 SHARES DUE 11/15/2019 $0.00158/PV ON 3,530,000.00 PV DUE 11/15/19 0.0000 0.000000 5,589.15 0.00 0.00 11/15/2019 47788BAD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820% 10/15/21 $1 PV ON 605.4500 SHARES DUE 11/15/2019 $0.00152/PV ON 399,197.59 PV DUE 11/15/19 0.0000 0.000000 605.45 0.00 0.00 11/15/2019 477870AB5 INTEREST EARNED ON JOHN DEERE OWNER 2.280% 5/16/22 $1 PV ON 5320.0000 SHARES DUE 11/15/2019 $0.00190/PV ON 2,800,000.00 PV DUE 11/15/19 0.0000 0.000000 5,320.00 0.00 0.00 11/15/2019 47788CAB8 INTEREST EARNED ON JOHN DEERE OWNER 2.420% 10/15/20 $1 PV ON 3.0000 SHARES DUE 11/15/2019 $0.00202/PV ON 1,489.74 PV DUE 11/15/19 0.0000 0.000000 3.00 0.00 0.00 11/15/2019 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4/18/22 $1 PV ON 2970.3400 SHARES DUE 11/15/2019 $0.00222/PV ON 1,340,000.00 PV DUE 11/15/19 0.0000 0.000000 2,970.34 0.00 0.00 11/15/2019 47789JAB2 INTEREST EARNED ON JOHN DEERE OWNER 2.850% 12/15/21 $1 PV ON 7754.3800 SHARES DUE 11/15/2019 $0.00238/PV ON 3,265,000.00 PV DUE 11/15/19 0.0000 0.000000 7,754.38 0.00 0.00 11/15/2019 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080% 11/15/22 $1 PV ON 11883.6800 SHARES DUE 11/15/2019 $0.00257/PV ON 4,630,000.00 PV DUE 11/15/19 0.0000 0.000000 11,883.68 0.00 0.00 11/15/2019 65478VAD9 INTEREST EARNED ON NISSAN AUTO 1.320% 1/15/21 $1 PV ON 194.8700 SHARES DUE 11/15/2019 $0.00110/PV ON 177,157.48 PV DUE 11/15/19 0.0000 0.000000 194.87 0.00 0.00 11/15/2019 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750% 10/15/21 $1 PV ON 2753.7800 SHARES DUE 11/15/2019 $0.00146/PV ON 1,888,313.25 PV DUE 11/15/19 0.0000 0.000000 2,753.78 0.00 0.00 11/15/2019 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.940% 7/15/24 $1 PV ON 4935.9600 SHARES DUE 11/15/2019 $0.00118/PV ON 4,185,000.00 PV DUE 11/15/19 0.0000 0.000000 4,935.96 0.00 0.00 13 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/15/2019 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 9078.0000 SHARES DUE 11/15/2019 $0.00255/PV ON 3,560,000.00 PV DUE 11/15/19 0.0000 0.000000 9,078.00 0.00 0.00 11/15/2019 89238BAB8 INTEREST EARNED ON TOYOTA AUTO 2.100% 10/15/20 $1 PV ON 626.2200 SHARES DUE 11/15/2019 $0.00175/PV ON 357,840.10 PV DUE 11/15/19 0.0000 0.000000 626.22 0.00 0.00 11/15/2019 89239AAB9 INTEREST EARNED ON TOYOTA AUTO 2.830% 10/15/21 $1 PV ON 7843.5300 SHARES DUE 11/15/2019 $0.00236/PV ON 3,325,884.92 PV DUE 11/15/19 0.0000 0.000000 7,843.53 0.00 0.00 11/15/2019 912828WJ5 INTEREST EARNED ON U S TREASURY NT 2.500% 5/15/24 $1 PV ON 7000000.0000 SHARES DUE 11/15/2019 0.0000 0.000000 87,500.00 0.00 0.00 11/15/2019 913366EJ5 INTEREST EARNED ON UNIV OF CALIFORNIA 5.035% 5/15/21 $1 PV ON 400000.0000 SHARES DUE 11/15/2019 0.0000 0.000000 10,070.00 0.00 0.00 11/18/2019 166764BG4 INTEREST EARNED ON CHEVRON CORP 2.100% 5/16/21 $1 PV ON 2500000.0000 SHARES DUE 11/16/2019 0.0000 0.000000 26,250.00 0.00 0.00 11/18/2019 3137EAEK1 INTEREST EARNED ON F H L M C M T N 1.875% 11/17/20 $1 PV ON 5000000.0000 SHARES DUE 11/17/2019 0.0000 0.000000 46,875.00 0.00 0.00 11/18/2019 43814RAC0 INTEREST EARNED ON HONDA AUTO 1.210% 12/18/20 $1 PV ON 452.2600 SHARES DUE 11/18/2019 $0.00101/PV ON 448,520.90 PV DUE 11/18/19 0.0000 0.000000 452.26 0.00 0.00 11/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 2890.5000 SHARES DUE 11/18/2019 $0.00149/PV ON 1,937,764.12 PV DUE 11/18/19 0.0000 0.000000 2,890.50 0.00 0.00 11/18/2019 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9/20/21 $1 PV ON 10071.8800 SHARES DUE 11/18/2019 $0.00229/PV ON 4,395,000.00 PV DUE 11/18/19 0.0000 0.000000 10,071.88 0.00 0.00 11/18/2019 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22 $1 PV ON 4289.2500 SHARES DUE 11/18/2019 $0.00251/PV ON 1,710,000.00 PV DUE 11/18/19 0.0000 0.000000 4,289.25 0.00 0.00 11/18/2019 46625HRL6 INTEREST EARNED ON JP MORGAN CHASE CO 2.700% 5/18/23 $1 PV ON 5000000.0000 SHARES DUE 11/18/2019 0.0000 0.000000 67,500.00 0.00 0.00 11/18/2019 58933YAF2 INTEREST EARNED ON MERCK CO INC 2.800% 5/18/23 $1 PV ON 2000000.0000 SHARES DUE 11/18/2019 0.0000 0.000000 28,000.00 0.00 0.00 11/19/2019 62479MYK3 INTEREST EARNED ON MUFG BANK LTD NY BRAN C P 11/19/19 $1 PV ON 11255000.0000 SHARES DUE 11/19/2019 11,255,000 PAR VALUE AT 100 % 0.0000 0.000000 60,314.29 0.00 0.00 11/19/2019 62479MYK3 INTEREST EARNED ON MUFG BANK LTD NY BRAN C P 11/19/19 $1 PV ON 1860000.0000 SHARES DUE 11/19/2019 1,860,000 PAR VALUE AT 100 % 0.0000 0.000000 9,967.53 0.00 0.00 11/19/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,353,689.4600 1.000000 1,353,689.46 -1,353,689.46 0.00 11/19/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -9,917,138.8900 1.000000 9,917,138.89 -9,917,138.89 0.00 11/20/2019 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 4.125% 12/20/26 $1 PV ON 52.1500 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 52.15 0.00 0.00 11/20/2019 36225CC20 INTEREST EARNED ON G N M A I I #080088 3.875% 6/20/27 $1 PV ON 48.1500 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 48.15 0.00 0.00 11/20/2019 36225CNM4 INTEREST EARNED ON G N M A I I #080395 3.875% 4/20/30 $1 PV ON 20.7300 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 20.73 0.00 0.00 11/20/2019 36225CN28 INTEREST EARNED ON G N M A I I #080408 3.875% 5/20/30 $1 PV ON 159.5800 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 159.58 0.00 0.00 14 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/20/2019 36225DCB8 INTEREST EARNED ON G N M A I I #080965 3.250% 7/20/34 $1 PV ON 120.7800 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 120.78 0.00 0.00 11/20/2019 747525AD5 INTEREST EARNED ON QUALCOMM INC 2.250% 5/20/20 $1 PV ON 2000000.0000 SHARES DUE 11/20/2019 0.0000 0.000000 22,500.00 0.00 0.00 11/20/2019 747525AD5 INTEREST EARNED ON QUALCOMM INC 2.250% 5/20/20 $1 PV ON 5000000.0000 SHARES DUE 11/20/2019 0.0000 0.000000 56,250.00 0.00 0.00 11/21/2019 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22 $1 PV ON 9759.5800 SHARES DUE 11/21/2019 $0.00246/PV ON 3,970,000.00 PV DUE 11/21/19 0.0000 0.000000 9,759.58 0.00 0.00 11/25/2019 03215PFN4 INTEREST EARNED ON AMRESCO 2.85486% 6/25/29 $1 PV ON 283.1600 SHARES DUE 11/25/2019 $0.00238/PV ON 119,021.64 PV DUE 11/25/19 0.0000 0.000000 283.16 0.00 0.00 11/25/2019 31398VJ98 INTEREST EARNED ON F H L M C MLTCL MTG 4.251% 1/25/20 $1 PV ON 1510.5900 SHARES DUE 11/25/2019 $0.00354/PV ON 426,420.49 PV DUE 11/25/19 0.0000 0.000000 1,510.59 0.00 0.00 11/25/2019 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9/25/43 $1 PV ON 3679.9700 SHARES DUE 11/25/2019 $0.00542/PV ON 679,378.90 PV DUE 11/25/19 0.0000 0.000000 3,679.97 0.00 0.00 11/25/2019 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 54.6900 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 54.69 0.00 0.00 11/25/2019 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 405.4400 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 405.44 0.00 0.00 11/25/2019 31381PDA3 INTEREST EARNED ON F N M A #466397 3.400% 11/01/20 $1 PV ON 985.5200 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 985.52 0.00 0.00 11/25/2019 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 379.2800 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 379.28 0.00 0.00 11/25/2019 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 7.3800 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 7.38 0.00 0.00 11/25/2019 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 651.8100 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 651.81 0.00 0.00 11/25/2019 31406XWT5 INTEREST EARNED ON F N M A #823358 4.722% 2/01/35 $1 PV ON 428.2400 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 428.24 0.00 0.00 11/25/2019 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 77.4900 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 77.49 0.00 0.00 11/25/2019 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 739.4700 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 739.47 0.00 0.00 11/25/2019 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 36.8200 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 36.82 0.00 0.00 11/25/2019 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 60.5300 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 60.53 0.00 0.00 11/25/2019 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.825% 2/25/41 $1 PV ON 383.6300 SHARES DUE 11/25/2019 $0.00209/PV ON 183,940.22 PV DUE 11/25/19 0.0000 0.000000 383.63 0.00 0.00 11/26/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4368.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 15 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/26/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4368.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 4,368.00 0.00 11/26/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4368.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 4,368.0000 0.000000 0.00 0.00 0.00 11/26/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4368.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 11/27/2019 CASH RECEIPT INCOMING WIRES RECEIVED FROM BANC OF CALIF 11/27/19 0.0000 0.000000 10,000,000.00 0.00 0.00 11/27/2019 CASH RECEIPT INCOMING WIRES RECEIVED FROM BANC OF CALIF 11/27/19 0.0000 0.000000 6,000,000.00 0.00 0.00 11/29/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -10,970,333.0000 1.000000 10,970,333.00 -10,970,333.00 0.00 12/02/2019 3135G0F73 INTEREST EARNED ON F N M A 1.500% 11/30/20 $1 PV ON 7500000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 56,250.00 0.00 0.00 12/02/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 11/30/2019 INTEREST FROM 11/1/19 TO 11/30/19 0.0000 0.000000 2,788.50 0.00 0.00 12/02/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 11/30/2019 INTEREST FROM 11/1/19 TO 11/30/19 0.0000 0.000000 3,676.29 0.00 0.00 12/02/2019 73358WAG9 INTEREST EARNED ON PORT AUTH NY NJ 5.309% 12/01/19 $1 PV ON 2440000.0000 SHARES DUE 12/1/2019 0.0000 0.000000 64,769.80 0.00 0.00 12/02/2019 912828XE5 INTEREST EARNED ON U S TREASURY NT 1.500% 5/31/20 $1 PV ON 5000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 37,500.00 0.00 0.00 12/02/2019 912828G61 INTEREST EARNED ON U S TREASURY NT 1.500% 11/30/19 $1 PV ON 2500000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 18,750.00 0.00 0.00 12/02/2019 912828R69 INTEREST EARNED ON U S TREASURY NT 1.625% 5/31/23 $1 PV ON 5000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 40,625.00 0.00 0.00 12/02/2019 912828U65 INTEREST EARNED ON U S TREASURY NT 1.750% 11/30/21 $1 PV ON 7000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 61,250.00 0.00 0.00 12/02/2019 912828M80 INTEREST EARNED ON U S TREASURY NT 2.000% 11/30/22 $1 PV ON 8000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 80,000.00 0.00 0.00 12/02/2019 912828U57 INTEREST EARNED ON U S TREASURY NT 2.125% 11/30/23 $1 PV ON 15000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 159,375.00 0.00 0.00 12/06/2019 94988J5G8 INTEREST EARNED ON WELLS FARGO MTN 2.150% 12/06/19 $1 PV ON 500000.0000 SHARES DUE 12/6/2019 ACCRUED INTEREST ON 12/6/2019 MATURITY 0.0000 0.000000 5,375.00 0.00 0.00 12/09/2019 313383QR5 INTEREST EARNED ON F H L B DEB 3.250% 6/09/23 $1 PV ON 5000000.0000 SHARES DUE 12/9/2019 0.0000 0.000000 81,250.00 0.00 0.00 12/09/2019 3130A0F70 INTEREST EARNED ON F H L B DEB 3.375% 12/08/23 $1 PV ON 10000000.0000 SHARES DUE 12/8/2019 0.0000 0.000000 168,750.00 0.00 0.00 12/09/2019 69353RFL7 INTEREST EARNED ON PNC BANK NA MTN 3.500% 6/08/23 $1 PV ON 5000000.0000 SHARES DUE 12/8/2019 0.0000 0.000000 87,500.00 0.00 0.00 12/09/2019 912828YH7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.500% 9/30/24 0.0000 0.000000 -17,213.11 0.00 0.00 12/09/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -5,629,322.4900 1.000000 5,629,322.49 -5,629,322.49 0.00 16 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/11/2019 313379RB7 INTEREST EARNED ON F H L B DEB 1.875% 6/11/21 $1 PV ON 4000000.0000 SHARES DUE 12/11/2019 0.0000 0.000000 37,500.00 0.00 0.00 12/12/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 11856.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 12/12/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 11856.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 11,856.00 0.00 12/12/2019 313383HU8 INTEREST EARNED ON F H L B DEB 1.750% 6/12/20 $1 PV ON 5000000.0000 SHARES DUE 12/12/2019 0.0000 0.000000 43,750.00 0.00 0.00 12/12/2019 89114QCA4 INTEREST EARNED ON TORONTO DOMINION MTN 2.650% 6/12/24 $1 PV ON 3000000.0000 SHARES DUE 12/12/2019 0.0000 0.000000 39,750.00 0.00 0.00 12/12/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 11856.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11,856.0000 0.000000 0.00 0.00 0.00 12/12/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 11856.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 12/13/2019 9128283J7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 11/30/24 0.0000 0.000000 -5,660.86 0.00 0.00 12/13/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -7,634,860.0800 1.000000 7,634,860.08 -7,634,860.08 0.00 12/16/2019 02587AAJ3 INTEREST EARNED ON AMERICAN EXPRESS 1.930% 9/15/22 $1 PV ON 10084.2400 SHARES DUE 12/15/2019 $0.00161/PV ON 6,270,000.00 PV DUE 12/15/19 0.0000 0.000000 10,084.24 0.00 0.00 12/16/2019 3130A1XJ2 INTEREST EARNED ON F H L B 2.875% 6/14/24 $1 PV ON 11110000.0000 SHARES DUE 12/14/2019 0.0000 0.000000 159,706.25 0.00 0.00 12/16/2019 31348SWZ3 INTEREST EARNED ON F H L M C #786064 4.678% 1/01/28 $1 PV ON 7.0300 SHARES DUE 12/15/2019 OCTOBER FHLMC DUE 12/15/19 0.0000 0.000000 7.03 0.00 0.00 12/16/2019 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 4.027% 8/15/32 $1 PV ON 24.0100 SHARES DUE 12/15/2019 $0.00336/PV ON 7,155.25 PV DUE 12/15/19 0.0000 0.000000 24.01 0.00 0.00 12/16/2019 43815NAB0 INTEREST EARNED ON HONDA AUTO 1.900% 4/15/22 $1 PV ON 5589.1500 SHARES DUE 12/15/2019 $0.00158/PV ON 3,530,000.00 PV DUE 12/15/19 0.0000 0.000000 5,589.15 0.00 0.00 12/16/2019 47788BAD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820% 10/15/21 $1 PV ON 534.3600 SHARES DUE 12/15/2019 $0.00152/PV ON 352,321.54 PV DUE 12/15/19 0.0000 0.000000 534.36 0.00 0.00 12/16/2019 477870AB5 INTEREST EARNED ON JOHN DEERE OWNER 2.280% 5/16/22 $1 PV ON 5320.0000 SHARES DUE 12/15/2019 $0.00190/PV ON 2,800,000.00 PV DUE 12/15/19 0.0000 0.000000 5,320.00 0.00 0.00 12/16/2019 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4/18/22 $1 PV ON 2665.0400 SHARES DUE 12/15/2019 $0.00222/PV ON 1,202,272.32 PV DUE 12/15/19 0.0000 0.000000 2,665.04 0.00 0.00 12/16/2019 47789JAB2 INTEREST EARNED ON JOHN DEERE OWNER 2.850% 12/15/21 $1 PV ON 7162.7200 SHARES DUE 12/15/2019 $0.00238/PV ON 3,015,882.88 PV DUE 12/15/19 0.0000 0.000000 7,162.72 0.00 0.00 12/16/2019 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080% 11/15/22 $1 PV ON 11883.6700 SHARES DUE 12/15/2019 $0.00257/PV ON 4,630,000.00 PV DUE 12/15/19 0.0000 0.000000 11,883.67 0.00 0.00 12/16/2019 65478VAD9 INTEREST EARNED ON NISSAN AUTO 1.320% 1/15/21 $1 PV ON 111.9100 SHARES DUE 12/15/2019 $0.00110/PV ON 101,736.92 PV DUE 12/15/19 0.0000 0.000000 111.91 0.00 0.00 12/16/2019 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750% 10/15/21 $1 PV ON 2503.5200 SHARES DUE 12/15/2019 $0.00146/PV ON 1,716,703.80 PV DUE 12/15/19 0.0000 0.000000 2,503.52 0.00 0.00 17 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/16/2019 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.930% 7/15/24 $1 PV ON 6730.8700 SHARES DUE 12/15/2019 $0.00161/PV ON 4,185,000.00 PV DUE 12/15/19 0.0000 0.000000 6,730.87 0.00 0.00 12/16/2019 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 9078.0000 SHARES DUE 12/15/2019 $0.00255/PV ON 3,560,000.00 PV DUE 12/15/19 0.0000 0.000000 9,078.00 0.00 0.00 12/16/2019 89238BAB8 INTEREST EARNED ON TOYOTA AUTO 2.100% 10/15/20 $1 PV ON 54.6600 SHARES DUE 12/15/2019 $0.00175/PV ON 31,233.00 PV DUE 12/15/19 0.0000 0.000000 54.66 0.00 0.00 12/16/2019 89239AAB9 INTEREST EARNED ON TOYOTA AUTO 2.830% 10/15/21 $1 PV ON 7141.0300 SHARES DUE 12/15/2019 $0.00236/PV ON 3,027,995.80 PV DUE 12/15/19 0.0000 0.000000 7,141.03 0.00 0.00 12/18/2019 43814RAC0 INTEREST EARNED ON HONDA AUTO 1.210% 12/18/20 $1 PV ON 337.9400 SHARES DUE 12/18/2019 $0.00101/PV ON 335,148.93 PV DUE 12/18/19 0.0000 0.000000 337.94 0.00 0.00 12/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 2631.6500 SHARES DUE 12/18/2019 $0.00149/PV ON 1,764,236.43 PV DUE 12/18/19 0.0000 0.000000 2,631.65 0.00 0.00 12/18/2019 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9/20/21 $1 PV ON 9485.2800 SHARES DUE 12/18/2019 $0.00229/PV ON 4,139,028.61 PV DUE 12/18/19 0.0000 0.000000 9,485.28 0.00 0.00 12/18/2019 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22 $1 PV ON 4289.2500 SHARES DUE 12/18/2019 $0.00251/PV ON 1,710,000.00 PV DUE 12/18/19 0.0000 0.000000 4,289.25 0.00 0.00 12/19/2019 CASH RECEIPT INCOMING WIRES RECEIVED FROM BANC OF CALIF 12/19/19 0.0000 0.000000 97,000,000.00 0.00 0.00 12/19/2019 CASH RECEIPT INCOMING WIRES RECEIVED FROM BANC OF CALIF 12/19/19 0.0000 0.000000 38,000,000.00 0.00 0.00 12/19/2019 3137EAEN5 INTEREST EARNED ON F H L M C 2.750% 6/19/23 $1 PV ON 10000000.0000 SHARES DUE 12/19/2019 0.0000 0.000000 137,500.00 0.00 0.00 12/19/2019 06367BDS5 PAID ACCRUED INTEREST ON PURCHASE OF BANK OF MONTREAL C D 2.000% 3/18/20 0.0000 0.000000 -55.56 0.00 0.00 12/20/2019 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 4.125% 12/20/26 $1 PV ON 50.2100 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 50.21 0.00 0.00 12/20/2019 36225CC20 INTEREST EARNED ON G N M A I I #080088 3.875% 6/20/27 $1 PV ON 40.4000 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 40.40 0.00 0.00 12/20/2019 36225CNM4 INTEREST EARNED ON G N M A I I #080395 3.875% 4/20/30 $1 PV ON 20.5900 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 20.59 0.00 0.00 12/20/2019 36225CN28 INTEREST EARNED ON G N M A I I #080408 3.875% 5/20/30 $1 PV ON 156.0500 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 156.05 0.00 0.00 12/20/2019 36225DCB8 INTEREST EARNED ON G N M A I I #080965 3.250% 7/20/34 $1 PV ON 119.8700 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 119.87 0.00 0.00 12/20/2019 06367BDS5 PAID ACCRUED INTEREST ON PURCHASE OF BANK OF MONTREAL C D 2.000% 3/18/20 0.0000 0.000000 -888.89 0.00 0.00 12/20/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -10,683,452.7800 1.000000 10,683,452.78 -10,683,452.78 0.00 12/20/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -8,001,278.1900 1.000000 8,001,278.19 -8,001,278.19 0.00 12/23/2019 06417G5Q7 INTEREST EARNED ON BANK OF NOVA C D 2.610% 12/23/19 $1 PV ON 2300000.0000 SHARES DUE 12/23/2019 INTEREST ON 12/23/19 MATURITY 0.0000 0.000000 46,023.00 0.00 0.00 12/23/2019 3135G0U35 INTEREST EARNED ON F N M A 2.750% 6/22/21 $1 PV ON 7500000.0000 SHARES DUE 12/22/2019 0.0000 0.000000 103,125.00 0.00 0.00 18 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/23/2019 3135G0D75 INTEREST EARNED ON F N M A DEB 1.500% 6/22/20 $1 PV ON 5000000.0000 SHARES DUE 12/22/2019 0.0000 0.000000 37,500.00 0.00 0.00 12/23/2019 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22 $1 PV ON 9759.5800 SHARES DUE 12/21/2019 $0.00246/PV ON 3,970,000.00 PV DUE 12/21/19 0.0000 0.000000 9,759.58 0.00 0.00 12/23/2019 89114M2Z9 PAID ACCRUED INTEREST ON PURCHASE OF TORONTO DOMINION C D 2.200% 1/23/20 0.0000 0.000000 -18,211.11 0.00 0.00 12/23/2019 912828VJ6 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.875% 6/30/20 0.0000 0.000000 -134,510.87 0.00 0.00 12/23/2019 9128283S7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 -39,402.17 0.00 0.00 12/23/2019 9128283S7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 -39,402.17 0.00 0.00 12/23/2019 9128283S7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 -39,402.17 0.00 0.00 12/23/2019 912828VV9 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 8/31/20 0.0000 0.000000 -99,828.30 0.00 0.00 12/23/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -60,558,044.9200 1.000000 60,558,044.92 -60,558,044.92 0.00 12/23/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,972,473.7600 1.000000 1,972,473.76 -1,972,473.76 0.00 12/23/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -4,890,970.7200 1.000000 4,890,970.72 -4,890,970.72 0.00 12/24/2019 166764AH3 INTEREST EARNED ON CHEVRON CORP 3.191% 6/24/23 $1 PV ON 3500000.0000 SHARES DUE 12/24/2019 0.0000 0.000000 55,842.50 0.00 0.00 12/24/2019 90331HNB5 INTEREST EARNED ON US BANK MTN 2.000% 1/24/20 $1 PV ON 2000000.0000 SHARES DUE 12/24/2019 0.0000 0.000000 16,666.60 0.00 0.00 12/24/2019 912828YH7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.500% 9/30/24 0.0000 0.000000 -27,868.85 0.00 0.00 12/24/2019 912828L57 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.750% 9/30/22 0.0000 0.000000 -28,449.45 0.00 0.00 12/24/2019 9128283S7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 -39,673.91 0.00 0.00 12/24/2019 9128283J7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 11/30/24 0.0000 0.000000 -12,540.98 0.00 0.00 12/24/2019 912828MP2 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 3.625% 2/15/20 0.0000 0.000000 -64,521.06 0.00 0.00 12/24/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -8,102,958.0600 1.000000 8,102,958.06 -8,102,958.06 0.00 12/24/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,000,000.0000 1.000000 1,000,000.00 -1,000,000.00 0.00 12/24/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -24,092,157.4100 1.000000 24,092,157.41 -24,092,157.41 0.00 12/26/2019 03215PFN4 INTEREST EARNED ON AMRESCO 2.73625% 6/25/29 $1 PV ON 271.3900 SHARES DUE 12/26/2019 $0.00228/PV ON 119,021.64 PV DUE 12/26/19 0.0000 0.000000 271.39 0.00 0.00 12/26/2019 31398VJ98 INTEREST EARNED ON F H L M C MLTCL MTG 4.251% 1/25/20 $1 PV ON 753.5600 SHARES DUE 12/25/2019 $0.00354/PV ON 212,720.33 PV DUE 12/25/19 0.0000 0.000000 753.56 0.00 0.00 12/26/2019 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9/25/43 $1 PV ON 3677.4200 SHARES DUE 12/25/2019 $0.00542/PV ON 678,909.17 PV DUE 12/25/19 0.0000 0.000000 3,677.42 0.00 0.00 12/26/2019 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 54.1800 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 54.18 0.00 0.00 12/26/2019 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 396.2400 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 396.24 0.00 0.00 12/26/2019 31381PDA3 INTEREST EARNED ON F N M A #466397 3.400% 11/01/20 $1 PV ON 951.7300 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 951.73 0.00 0.00 19 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/26/2019 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 372.6100 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 372.61 0.00 0.00 12/26/2019 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 7.3500 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 7.35 0.00 0.00 12/26/2019 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 632.7500 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 632.75 0.00 0.00 12/26/2019 31406XWT5 INTEREST EARNED ON F N M A #823358 4.647% 2/01/35 $1 PV ON 419.7300 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 419.73 0.00 0.00 12/26/2019 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 74.0000 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 74.00 0.00 0.00 12/26/2019 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 726.5600 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 726.56 0.00 0.00 12/26/2019 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 36.1400 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 36.14 0.00 0.00 12/26/2019 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 59.6700 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 59.67 0.00 0.00 12/26/2019 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.825% 2/25/41 $1 PV ON 359.4200 SHARES DUE 12/25/2019 $0.00199/PV ON 180,610.99 PV DUE 12/25/19 0.0000 0.000000 359.42 0.00 0.00 12/26/2019 90331HNB5 INTEREST EARNED ON US BANK MTN 2.000% 1/24/20 $1 PV ON 2000000.0000 SHARES DUE 12/24/2019 ADDITIONAL ACCRUED INTEREST ON 12/24/19 FULL CALL 0.0000 0.000000 0.07 0.00 0.00 12/26/2019 931142EK5 INTEREST EARNED ON WALMART INC 3.400% 6/26/23 $1 PV ON 3880000.0000 SHARES DUE 12/26/2019 0.0000 0.000000 65,960.00 0.00 0.00 12/26/2019 912828L32 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.375% 8/31/20 0.0000 0.000000 -22,098.21 0.00 0.00 12/26/2019 912828XY1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.500% 6/30/20 0.0000 0.000000 -60,801.63 0.00 0.00 12/26/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -10,095,985.7800 1.000000 10,095,985.78 -10,095,985.78 0.00 12/27/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 13312.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 12/27/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 13312.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 13,312.00 0.00 12/27/2019 02665WCZ2 INTEREST EARNED ON AMERICAN HONDA MTN 2.400% 6/27/24 $1 PV ON 1219000.0000 SHARES DUE 12/27/2019 0.0000 0.000000 14,628.00 0.00 0.00 12/27/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 13312.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 13,312.0000 0.000000 0.00 0.00 0.00 12/27/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 13312.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 12/31/2019 912828XW5 INTEREST EARNED ON U S TREASURY NT 1.750% 6/30/22 $1 PV ON 5000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 43,750.00 0.00 0.00 12/31/2019 912828VJ6 INTEREST EARNED ON U S TREASURY NT 1.875% 6/30/20 $1 PV ON 15000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 140,625.00 0.00 0.00 20 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/31/2019 912828XX3 INTEREST EARNED ON U S TREASURY NT 2.000% 6/30/24 $1 PV ON 5000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 50,000.00 0.00 0.00 12/31/2019 912828N30 INTEREST EARNED ON U S TREASURY NT 2.125% 12/31/22 $1 PV ON 5000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 53,125.00 0.00 0.00 12/31/2019 912828XY1 INTEREST EARNED ON U S TREASURY NT 2.500% 6/30/20 $1 PV ON 5000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 62,500.00 0.00 0.00 TOTAL OTHER TRANSACTIONS -192,587,902.7600 331,462,539.07 -192,593,183.34 0.00 21 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss ACQUISITIONS 10/02/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,168.7300 1.000000 -5,168.73 5,168.73 0.00 10/02/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 7,567,929.1900 1.000000 -7,567,929.19 7,567,929.19 0.00 10/03/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,650,000.0000 1.000000 -1,650,000.00 1,650,000.00 0.00 10/03/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,280.5800 1.000000 -5,280.58 5,280.58 0.00 10/07/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 46,875.0000 1.000000 -46,875.00 46,875.00 0.00 10/08/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,250,000.0000 1.000000 -1,250,000.00 1,250,000.00 0.00 10/10/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 36,250.0000 1.000000 -36,250.00 36,250.00 0.00 10/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,250,000.0000 1.000000 -1,250,000.00 1,250,000.00 0.00 10/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,004,126.1100 1.000000 -1,004,126.11 1,004,126.11 0.00 10/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,177,326.8200 1.000000 -1,177,326.82 1,177,326.82 0.00 10/17/2019 06406HCZ0 PURCHASED PAR VALUE OF BANK OF NY MELLO MTN 2.150% 2/24/20 /GOLDMAN SACHS & CO. LLC/500,000 PAR VALUE AT 100.061 % 500,000.0000 1.000610 -500,305.00 500,305.00 0.00 10/17/2019 90331HNB5 PURCHASED PAR VALUE OF US BANK MTN 2.000% 1/24/20 /GOLDMAN SACHS & CO. LLC/2,000,000 PAR VALUE AT 100.012 % 2,000,000.0000 1.000120 -2,000,240.00 2,000,240.00 0.00 10/18/2019 69372AAF9 PURCHASED PAR VALUE OF PACCAR FINANCIAL CORP C P 1/15/20 /MIZUHO SECURITIES USA FXD INC/1,100,000 PAR VALUE AT 99.54263909 % 1,100,000.0000 0.995426 -1,094,969.03 1,094,969.03 0.00 10/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,500,000.0000 1.000000 -1,500,000.00 1,500,000.00 0.00 10/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 310,745.2800 1.000000 -310,745.28 310,745.28 0.00 10/21/2019 78012KC62 PURCHASED PAR VALUE OF ROYAL BANK MTN 2.125% 3/02/20 /RBC CAPITAL MARKETS, LLC/2,000,000 PAR VALUE AT 100.067 % 2,000,000.0000 1.000670 -2,001,340.00 2,001,340.00 0.00 10/21/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11,733.7400 1.000000 -11,733.74 11,733.74 0.00 10/23/2019 65479JAD5 PURCHASED PAR VALUE OF NISSAN AUTO 1.940% 7/15/24 /MIZUHO SECURITIES USA FXD INC/4,185,000 PAR VALUE AT 99.99471995 % 4,185,000.0000 0.999947 -4,184,779.03 4,184,779.03 0.00 10/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 31,447.1800 1.000000 -31,447.18 31,447.18 0.00 10/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 234,968.9500 1.000000 -234,968.95 234,968.95 0.00 10/31/2019 912796RY7 PURCHASED PAR VALUE OF U S TREASURY BILL 1/30/20 /NOMURA SECURITIES INTERNATIONA/3,000,000 PAR VALUE AT 99.611986 % 3,000,000.0000 0.996120 -2,988,359.58 2,988,359.58 0.00 10/31/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,518,750.0000 1.000000 -2,518,750.00 2,518,750.00 0.00 10/31/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,136,625.9000 1.000000 -5,136,625.90 5,136,625.90 0.00 11/01/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 28,525.0000 1.000000 -28,525.00 28,525.00 0.00 11/04/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 4,798.7000 1.000000 -4,798.70 4,798.70 0.00 11/04/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 76,406.8500 1.000000 -76,406.85 76,406.85 0.00 11/12/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 28,750.0000 1.000000 -28,750.00 28,750.00 0.00 11/12/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 186,684.3800 1.000000 -186,684.38 186,684.38 0.00 11/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,520,600.8300 1.000000 -1,520,600.83 1,520,600.83 0.00 11/15/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 13,785.3100 1.000000 -13,785.31 13,785.31 0.00 1 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 729,199.9400 1.000000 -729,199.94 729,199.94 0.00 11/19/2019 62479LDQ5 PURCHASED PAR VALUE OF MUFG BANK LTD NY BRAN C P 4/24/20 /MUFG UNION BK NA/MMI/PIMS/IPA/1,365,000 PAR VALUE AT 99.17138901 % 1,365,000.0000 0.991714 -1,353,689.46 1,353,689.46 0.00 11/19/2019 62479LDQ5 PURCHASED PAR VALUE OF MUFG BANK LTD NY BRAN C P 4/24/20 /MUFG UNION BK NA/MMI/PIMS/IPA/10,000,000 PAR VALUE AT 99.1713889 % 10,000,000.0000 0.991714 -9,917,138.89 9,917,138.89 0.00 11/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,860,000.0000 1.000000 -1,860,000.00 1,860,000.00 0.00 11/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11,255,000.0000 1.000000 -11,255,000.00 11,255,000.00 0.00 11/20/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 22,500.0000 1.000000 -22,500.00 22,500.00 0.00 11/20/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 61,084.4200 1.000000 -61,084.42 61,084.42 0.00 11/21/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 9,759.5800 1.000000 -9,759.58 9,759.58 0.00 11/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 25,993.2100 1.000000 -25,993.21 25,993.21 0.00 11/25/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 215,210.7500 1.000000 -215,210.75 215,210.75 0.00 11/27/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10,000,000.0000 1.000000 -10,000,000.00 10,000,000.00 0.00 11/27/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 6,000,000.0000 1.000000 -6,000,000.00 6,000,000.00 0.00 11/29/2019 912796RY7 PURCHASED PAR VALUE OF U S TREASURY BILL 1/30/20 /BOFA SECURITIES, INC./FXD INC/11,000,000 PAR VALUE AT 99.7303 % 11,000,000.0000 0.997303 -10,970,333.00 10,970,333.00 0.00 12/02/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,458,519.8000 1.000000 -5,458,519.80 5,458,519.80 0.00 12/03/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,788.5000 1.000000 -2,788.50 2,788.50 0.00 12/03/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 3,676.2900 1.000000 -3,676.29 3,676.29 0.00 12/06/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,375.0000 1.000000 -5,375.00 5,375.00 0.00 12/06/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 500,000.0000 1.000000 -500,000.00 500,000.00 0.00 12/09/2019 912828YH7 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 9/30/24 /J.P. MORGAN SECURITIES LLC/6,000,000 PAR VALUE AT 99.16015633 % 6,000,000.0000 0.991602 -5,949,609.38 5,949,609.38 0.00 12/11/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 37,500.0000 1.000000 -37,500.00 37,500.00 0.00 12/12/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 83,500.0000 1.000000 -83,500.00 83,500.00 0.00 12/13/2019 9128283J7 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 11/30/24 /GOLDMAN SACHS & CO. LLC/7,500,000 PAR VALUE AT 101.72265627 % 7,500,000.0000 1.017227 -7,629,199.22 7,629,199.22 0.00 12/16/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,088,240.6500 1.000000 -1,088,240.65 1,088,240.65 0.00 12/16/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 31,233.0000 1.000000 -31,233.00 31,233.00 0.00 12/18/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 637,012.6300 1.000000 -637,012.63 637,012.63 0.00 12/19/2019 06367BDS5 PURCHASED PAR VALUE OF BANK OF MONTREAL C D 2.000% 3/18/20 /RBC CAPITAL MARKETS, LLC/1,000,000 PAR VALUE AT 100.004948 % 1,000,000.0000 1.000049 -1,000,049.48 1,000,049.48 0.00 12/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 95,999,894.9600 1.000000 -95,999,894.96 95,999,894.96 0.00 12/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 137,500.0000 1.000000 -137,500.00 137,500.00 0.00 12/19/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 38,000,000.0000 1.000000 -38,000,000.00 38,000,000.00 0.00 12/20/2019 06367BDS5 PURCHASED PAR VALUE OF BANK OF MONTREAL C D 2.000% 3/18/20 /RBC CAPITAL MARKETS, LLC/8,000,000 PAR VALUE AT 100.00486625 % 8,000,000.0000 1.000049 -8,000,389.30 8,000,389.30 0.00 2 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/20/2019 313384RU5 PURCHASED PAR VALUE OF F H L B DISC NTS 1/14/20 /NOMURA SECURITIES INTERNATIONA/1,200,000 PAR VALUE AT 99.8909725 % 1,200,000.0000 0.998910 -1,198,691.67 1,198,691.67 0.00 12/20/2019 313384SD2 PURCHASED PAR VALUE OF F H L B DISC NTS 1/23/20 /BARCLAYS CAPITAL INC. FIXED IN/5,000,000 PAR VALUE AT 99.8517222 % 5,000,000.0000 0.998517 -4,992,586.11 4,992,586.11 0.00 12/20/2019 313384SK6 PURCHASED PAR VALUE OF F H L B DISC NTS 1/29/20 /JEFFERIES LLC/4,500,000 PAR VALUE AT 99.82611111 % 4,500,000.0000 0.998261 -4,492,175.00 4,492,175.00 0.00 12/20/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 3,848.7300 1.000000 -3,848.73 3,848.73 0.00 12/23/2019 89114M2Z9 PURCHASED PAR VALUE OF TORONTO DOMINION C D 2.200% 1/23/20 /GOLDMAN SACHS & CO. LLC/2,000,000 PAR VALUE AT 100.0142825 % 2,000,000.0000 1.000143 -2,000,285.65 2,000,285.65 0.00 12/23/2019 912796RT8 PURCHASED PAR VALUE OF U S TREASURY BILL 1/02/20 /CITIGROUP GLOBAL MARKETS INC./7,500,000 PAR VALUE AT 99.95873613 % 7,500,000.0000 0.999587 -7,496,905.21 7,496,905.21 0.00 12/23/2019 912796WM7 PURCHASED PAR VALUE OF U S TREASURY BILL 1/07/20 /NOMURA SECURITIES INTERNATIONA/7,500,000 PAR VALUE AT 99.93760413 % 7,500,000.0000 0.999376 -7,495,320.31 7,495,320.31 0.00 12/23/2019 912796TH2 PURCHASED PAR VALUE OF U S TREASURY BILL 3/05/20 /WELLS FARGO SECURITIES, LLC/7,500,000 PAR VALUE AT 99.68932413 % 7,500,000.0000 0.996893 -7,476,699.31 7,476,699.31 0.00 12/23/2019 912828VJ6 PURCHASED PAR VALUE OF U S TREASURY NT 1.875% 6/30/20 /WELLS FARGO SECURITIES, LLC/15,000,000 PAR VALUE AT 100.14843753 % 15,000,000.0000 1.001484 -15,022,265.63 15,022,265.63 0.00 12/23/2019 9128283S7 PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /CITIGROUP GLOBAL MARKETS INC./5,000,000 PAR VALUE AT 100.0390626 % 5,000,000.0000 1.000391 -5,001,953.13 5,001,953.13 0.00 12/23/2019 9128283S7 PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /CITIGROUP GLOBAL MARKETS INC./5,000,000 PAR VALUE AT 100.0390626 % 5,000,000.0000 1.000391 -5,001,953.13 5,001,953.13 0.00 12/23/2019 9128283S7 PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 100.0390626 % 5,000,000.0000 1.000391 -5,001,953.13 5,001,953.13 0.00 12/23/2019 912828VV9 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 8/31/20 /NOMURA SECURITIES INTERNATIONA/15,000,000 PAR VALUE AT 100.33203127 % 15,000,000.0000 1.003320 -15,049,804.69 15,049,804.69 0.00 12/24/2019 06367BED7 PURCHASED PAR VALUE OF BANK OF MONTREAL C D 1.890% 5/21/20 /BMO CAPITAL MARKETS CORP/BONDS/1,000,000 PAR VALUE AT 100 % 1,000,000.0000 1.000000 -1,000,000.00 1,000,000.00 0.00 12/24/2019 912828YH7 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 9/30/24 /MORGAN STANLEY & CO. LLC/8,000,000 PAR VALUE AT 98.87109375 % 8,000,000.0000 0.988711 -7,909,687.50 7,909,687.50 0.00 12/24/2019 912828L57 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 9/30/22 /BOFA SECURITIES, INC./FXD INC/7,000,000 PAR VALUE AT 100.21093757 % 7,000,000.0000 1.002109 -7,014,765.63 7,014,765.63 0.00 12/24/2019 9128283S7 PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 1/31/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 100.0351562 % 5,000,000.0000 1.000352 -5,001,757.81 5,001,757.81 0.00 12/24/2019 9128283J7 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 11/30/24 /GOLDMAN SACHS & CO. LLC/9,000,000 PAR VALUE AT 101.71875 % 9,000,000.0000 1.017188 -9,154,687.50 9,154,687.50 0.00 12/24/2019 912828MP2 PURCHASED PAR VALUE OF U S TREASURY NT 3.625% 2/15/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 100.2734376 % 5,000,000.0000 1.002734 -5,013,671.88 5,013,671.88 0.00 12/26/2019 912828L32 PURCHASED PAR VALUE OF U S TREASURY NT 1.375% 8/31/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 99.8203126 % 5,000,000.0000 0.998203 -4,991,015.63 4,991,015.63 0.00 3 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/26/2019 912828XY1 PURCHASED PAR VALUE OF U S TREASURY NT 2.500% 6/30/20 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 100.4414062 % 5,000,000.0000 1.004414 -5,022,070.31 5,022,070.31 0.00 12/26/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 0.0700 1.000000 -0.07 0.07 0.00 12/26/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 156,854.3400 1.000000 -156,854.34 156,854.34 0.00 12/26/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 100,634.4500 1.000000 -100,634.45 100,634.45 0.00 12/27/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 14,628.0000 1.000000 -14,628.00 14,628.00 0.00 12/31/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 203,125.0000 1.000000 -203,125.00 203,125.00 0.00 12/31/2019 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 146,875.0000 1.000000 -146,875.00 146,875.00 0.00 TOTAL ACQUISITIONS 381,236,732.8700 -381,315,383.47 381,315,383.47 0.00 DISPOSITIONS 10/02/2019 3137EADM8 MATURED PAR VALUE OF F H L M C M T N 1.250% 10/02/19 7,500,000 PAR VALUE AT 100 % -7,500,000.0000 1.000000 7,500,000.00 -7,399,650.00 100,350.00 10/03/2019 912796SL4 MATURED PAR VALUE OF U S TREASURY BILL 10/03/19 1,650,000 PAR VALUE AT 100 % -1,650,000.0000 1.000000 1,646,687.63 -1,646,687.63 0.00 10/08/2019 912796VY2 MATURED PAR VALUE OF U S TREASURY BILL 10/08/19 1,250,000 PAR VALUE AT 100 % -1,250,000.0000 1.000000 1,249,517.42 -1,249,517.42 0.00 10/15/2019 912796VZ9 MATURED PAR VALUE OF U S TREASURY BILL 10/15/19 1,250,000 PAR VALUE AT 100 % -1,250,000.0000 1.000000 1,249,059.90 -1,249,059.90 0.00 10/15/2019 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 4.677% 1/01/28 SEPTEMBER FHLMC DUE 10/15/19 -24.9900 0.000000 24.99 -24.38 0.61 10/15/2019 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.016% 8/15/32 -386.6500 0.000000 386.65 -387.05 -0.40 10/15/2019 47788NAD0 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.490% 5/15/23 CMO FINAL PAYDOWN -1,003,712.9300 0.000000 1,003,712.93 -987,088.93 16,624.00 10/15/2019 47788BAD6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.820% 10/15/21 -42,196.1900 9.824872 42,196.19 -42,193.10 3.09 10/15/2019 47788CAB8 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.420% 10/15/20 -179,120.5700 2.314487 179,120.57 -178,756.74 363.83 10/15/2019 65478VAD9 PAID DOWN PAR VALUE OF NISSAN AUTO 1.320% 1/15/21 -74,892.5400 5.535560 74,892.54 -74,292.81 599.73 10/15/2019 65478GAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.750% 10/15/21 -175,390.0800 2.363715 175,390.08 -172,670.16 2,719.92 10/15/2019 89238BAB8 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.100% 10/15/20 -325,799.3400 1.272477 325,799.34 -325,766.04 33.30 10/15/2019 89239AAB9 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.830% 10/15/21 -289,115.0800 1.433935 289,115.08 -289,088.83 26.25 10/18/2019 96130AAK4 MATURED PAR VALUE OF WESTPAC BKING C D 2.970% 10/18/19 1,500,000 PAR VALUE AT 100 % -1,500,000.0000 1.000000 1,500,000.00 -1,503,302.80 -3,302.80 10/18/2019 43814RAC0 PAID DOWN PAR VALUE OF HONDA AUTO 1.210% 12/18/20 -115,199.0400 0.000000 115,199.04 -113,934.55 1,264.49 10/18/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 -177,461.4800 0.000000 177,461.48 -174,647.05 2,814.43 10/21/2019 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 4.125% 12/20/26 SEPTEMBER GNMA DUE 10/20/19 -176.3500 0.000000 176.35 -179.26 -2.91 10/21/2019 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 3.875% 6/20/27 SEPTEMBER GNMA DUE 10/20/19 -186.0100 0.000000 186.01 -190.08 -4.07 4 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/21/2019 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 3.875% 4/20/30 SEPTEMBER GNMA DUE 10/20/19 -103.2800 0.000000 103.28 -102.34 0.94 10/21/2019 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 3.875% 5/20/30 SEPTEMBER GNMA DUE 10/20/19 -337.5300 0.000000 337.53 -334.10 3.43 10/21/2019 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 3.750% 7/20/34 SEPTEMBER GNMA DUE 10/20/19 -746.0600 0.000000 746.06 -745.59 0.47 10/25/2019 03215PFN4 PAID DOWN PAR VALUE OF AMRESCO 2.95841% 6/25/29 -4,106.2100 0.000000 4,106.21 -3,083.51 1,022.70 10/25/2019 31398VJ98 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.251% 1/25/20 -232,634.2500 3.215297 232,634.25 -245,828.98 -13,194.73 10/25/2019 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -7,406.7800 0.000000 7,406.78 -8,388.18 -981.40 10/25/2019 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 SEPTEMBER FNMA DUE 10/25/19 -133.7500 0.000000 133.75 -141.45 -7.70 10/25/2019 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 SEPTEMBER FNMA DUE 10/25/19 -1,579.8500 0.000000 1,579.85 -1,698.34 -118.49 10/25/2019 31381PDA3 PAID DOWN PAR VALUE OF F N M A #466397 3.400% 11/01/20 SEPTEMBER FNMA DUE 10/25/19 -748.4400 0.000000 748.44 -732.24 16.20 10/25/2019 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 SEPTEMBER FNMA DUE 10/25/19 -1,482.5900 0.000000 1,482.59 -1,593.78 -111.19 10/25/2019 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 SEPTEMBER FNMA DUE 10/25/19 -8.9800 0.000000 8.98 -9.65 -0.67 10/25/2019 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 SEPTEMBER FNMA DUE 10/25/19 -709.0700 0.000000 709.07 -762.25 -53.18 10/25/2019 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 4.722% 2/01/35 SEPTEMBER FNMA DUE 10/25/19 -440.6000 0.000000 440.60 -437.16 3.44 10/25/2019 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 SEPTEMBER FNMA DUE 10/25/19 -79.8800 0.000000 79.88 -85.87 -5.99 10/25/2019 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 SEPTEMBER FNMA DUE 10/25/19 -2,690.3200 0.000000 2,690.32 -2,892.09 -201.77 10/25/2019 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 SEPTEMBER FNMA DUE 10/25/19 -226.9300 0.000000 226.93 -240.00 -13.07 10/25/2019 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 SEPTEMBER FNMA DUE 10/25/19 -296.1600 0.000000 296.16 -313.22 -17.06 10/25/2019 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.825% 2/25/41 -2,555.4600 0.000000 2,555.46 -2,554.66 0.80 10/25/2019 78445JAA5 PAID DOWN PAR VALUE OF S L M A 3.8594% 4/25/23 -581.9100 0.000000 581.91 -579.55 2.36 10/31/2019 912828F62 MATURED PAR VALUE OF U S TREASURY NT 1.500% 10/31/19 2,500,000 PAR VALUE AT 100 % -2,500,000.0000 1.000000 2,500,000.00 -2,486,718.75 13,281.25 10/31/2019 912828G61 SOLD PAR VALUE OF U S TREASURY NT 1.500% 11/30/19 /NOMURA SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 99.9804688 % -5,000,000.0000 0.999805 4,999,023.44 -4,966,423.00 32,600.44 11/15/2019 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 4.678% 1/01/28 OCTOBER FHLMC DUE 11/15/19 -17.7400 0.000000 17.74 -17.31 0.43 5 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/15/2019 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.016% 8/15/32 -386.6000 1,163.993792 386.60 -387.00 -0.40 11/15/2019 47788BAD6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.820% 10/15/21 -46,876.0500 8.844008 46,876.05 -46,872.62 3.43 11/15/2019 47788CAB8 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.420% 10/15/20 CMO FINAL PAYDOWN -1,489.7400 0.000000 1,489.74 -1,486.71 3.03 11/15/2019 47788CAC6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.660% 4/18/22 -137,727.6800 3.010086 137,727.68 -137,717.78 9.90 11/15/2019 47789JAB2 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.850% 12/15/21 -249,117.1200 1.664166 249,117.12 -249,105.76 11.36 11/15/2019 65478VAD9 PAID DOWN PAR VALUE OF NISSAN AUTO 1.320% 1/15/21 -75,420.5600 5.496806 75,420.56 -74,816.61 603.95 11/15/2019 65478GAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.750% 10/15/21 -171,609.4500 2.415789 171,609.45 -168,948.16 2,661.29 11/15/2019 89238BAB8 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.100% 10/15/20 -326,607.1000 1.269330 326,607.10 -326,573.72 33.38 11/15/2019 89239AAB9 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.830% 10/15/21 -297,889.1200 1.391700 297,889.12 -297,862.07 27.05 11/18/2019 43814RAC0 PAID DOWN PAR VALUE OF HONDA AUTO 1.210% 12/18/20 -113,371.9700 0.000000 113,371.97 -112,127.53 1,244.44 11/18/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 -173,527.6900 0.000000 173,527.69 -170,775.65 2,752.04 11/18/2019 43814WAB1 PAID DOWN PAR VALUE OF HONDA AUTO 2.750% 9/20/21 -255,971.3900 0.000000 255,971.39 -255,954.91 16.48 11/19/2019 62479MYK3 MATURED PAR VALUE OF MUFG BANK LTD NY BRAN C P 11/19/19 1,860,000 PAR VALUE AT 100 % -1,860,000.0000 1.000000 1,850,032.47 -1,850,032.47 0.00 11/19/2019 62479MYK3 MATURED PAR VALUE OF MUFG BANK LTD NY BRAN C P 11/19/19 11,255,000 PAR VALUE AT 100 % -11,255,000.0000 1.000000 11,194,685.71 -11,194,685.71 0.00 11/20/2019 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 4.125% 12/20/26 OCTOBER GNMA DUE 11/20/19 -566.7000 0.000000 566.70 -576.06 -9.36 11/20/2019 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 3.875% 6/20/27 OCTOBER GNMA DUE 11/20/19 -2,399.0700 0.000000 2,399.07 -2,451.55 -52.48 11/20/2019 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 3.875% 4/20/30 OCTOBER GNMA DUE 11/20/19 -42.4600 0.000000 42.46 -42.08 0.38 11/20/2019 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 3.875% 5/20/30 OCTOBER GNMA DUE 11/20/19 -1,091.5100 0.000000 1,091.51 -1,080.42 11.09 11/20/2019 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 3.250% 7/20/34 OCTOBER GNMA DUE 11/20/19 -333.2900 0.000000 333.29 -333.08 0.21 11/25/2019 31398VJ98 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.251% 1/25/20 -213,700.1600 0.084664 213,700.16 -225,820.97 -12,120.81 11/25/2019 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -469.7300 0.000000 469.73 -531.97 -62.24 11/25/2019 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 OCTOBER FNMA DUE 11/25/19 -135.4500 0.000000 135.45 -143.25 -7.80 11/25/2019 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 OCTOBER FNMA DUE 11/25/19 -2,206.6400 0.000000 2,206.64 -2,372.14 -165.50 11/25/2019 31381PDA3 PAID DOWN PAR VALUE OF F N M A #466397 3.400% 11/01/20 OCTOBER FNMA DUE 11/25/19 -706.3800 0.000000 706.38 -691.09 15.29 11/25/2019 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 OCTOBER FNMA DUE 11/25/19 -1,601.3200 0.000000 1,601.32 -1,721.42 -120.10 6 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/25/2019 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 OCTOBER FNMA DUE 11/25/19 -9.0200 0.000000 9.02 -9.70 -0.68 11/25/2019 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 OCTOBER FNMA DUE 11/25/19 -4,574.2200 0.000000 4,574.22 -4,917.29 -343.07 11/25/2019 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 4.722% 2/01/35 OCTOBER FNMA DUE 11/25/19 -442.5600 0.000000 442.56 -439.10 3.46 11/25/2019 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 OCTOBER FNMA DUE 11/25/19 -836.8200 0.000000 836.82 -899.58 -62.76 11/25/2019 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 OCTOBER FNMA DUE 11/25/19 -3,099.1200 0.000000 3,099.12 -3,331.55 -232.43 11/25/2019 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 OCTOBER FNMA DUE 11/25/19 -180.2600 0.000000 180.26 -190.64 -10.38 11/25/2019 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 OCTOBER FNMA DUE 11/25/19 -229.0300 0.000000 229.03 -242.22 -13.19 11/25/2019 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.825% 2/25/41 -3,329.2300 0.000000 3,329.23 -3,328.19 1.04 12/02/2019 73358WAG9 MATURED PAR VALUE OF PORT AUTH NY NJ 5.309% 12/01/19 2,440,000 PAR VALUE AT 100 % -2,440,000.0000 1.000000 2,440,000.00 -2,507,633.89 -67,633.89 12/02/2019 912828G61 MATURED PAR VALUE OF U S TREASURY NT 1.500% 11/30/19 2,500,000 PAR VALUE AT 100 % -2,500,000.0000 1.000000 2,500,000.00 -2,483,211.50 16,788.50 12/06/2019 94988J5G8 MATURED PAR VALUE OF WELLS FARGO MTN 2.150% 12/06/19 500,000 PAR VALUE AT 100 % -500,000.0000 1.000000 500,000.00 -498,425.00 1,575.00 12/16/2019 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 4.678% 1/01/28 NOVEMBER FHLMC DUE 12/15/19 -10.5000 0.000000 10.50 -10.24 0.26 12/16/2019 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.027% 8/15/32 -381.1000 0.000000 381.10 -381.50 -0.40 12/16/2019 47788BAD6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.820% 10/15/21 -28,285.3200 14.656796 28,285.32 -28,283.25 2.07 12/16/2019 47788CAC6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.660% 4/18/22 -89,079.4600 4.653959 89,079.46 -89,073.05 6.41 12/16/2019 47789JAB2 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.850% 12/15/21 -250,228.2300 1.656776 250,228.23 -250,216.82 11.41 12/16/2019 65478VAD9 PAID DOWN PAR VALUE OF NISSAN AUTO 1.320% 1/15/21 -65,825.8800 6.298012 65,825.88 -65,298.76 527.12 12/16/2019 65478GAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.750% 10/15/21 -153,480.3600 2.701142 153,480.36 -151,100.22 2,380.14 12/16/2019 89238BAB8 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.100% 10/15/20 CMO FINAL PAUYDOWN -31,233.0000 0.000000 31,233.00 -31,229.81 3.19 12/16/2019 89239AAB9 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.830% 10/15/21 -272,353.3400 1.522185 272,353.34 -272,328.61 24.73 12/18/2019 43814RAC0 PAID DOWN PAR VALUE OF HONDA AUTO 1.210% 12/18/20 -106,100.0400 0.000000 106,100.04 -104,935.43 1,164.61 12/18/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 -164,004.9300 0.000000 164,004.93 -161,403.91 2,601.02 12/18/2019 43814WAB1 PAID DOWN PAR VALUE OF HONDA AUTO 2.750% 9/20/21 -350,163.5400 0.000000 350,163.54 -350,140.99 22.55 12/20/2019 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 4.125% 12/20/26 NOVEMBER GNMA DUE 12/20/19 -151.7000 0.000000 151.70 -154.21 -2.51 12/20/2019 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 3.875% 6/20/27 NOVEMBER GNMA DUE 12/20/19 -187.2300 0.000000 187.23 -191.33 -4.10 7 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/20/2019 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 3.875% 4/20/30 NOVEMBER GNMA DUE 12/20/19 -150.5600 0.000000 150.56 -149.19 1.37 12/20/2019 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 3.875% 5/20/30 NOVEMBER GNMA DUE 12/20/19 -1,851.6900 0.000000 1,851.69 -1,832.88 18.81 12/20/2019 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 3.250% 7/20/34 NOVEMBER GNMA DUE 12/20/19 -1,120.4300 0.000000 1,120.43 -1,119.73 0.70 12/23/2019 06417G5Q7 MATURED PAR VALUE OF BANK OF NOVA C D 2.610% 12/23/19 2,300,000 PAR VALUE AT 100 % -2,300,000.0000 1.000000 2,300,000.00 -2,300,614.40 -614.40 12/24/2019 90331HNB5 FULL CALL PAR VALUE OF US BANK MTN 2.000% 1/24/20 /CALLS/ -2,000,000.0000 1.000000 2,000,000.00 -2,000,240.00 -240.00 12/26/2019 31398VJ98 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.251% 1/25/20 -156,100.7800 0.138540 156,100.78 -164,954.62 -8,853.84 12/26/2019 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -8,230.9000 0.000000 8,230.90 -9,321.49 -1,090.59 12/26/2019 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 NOVEMBER FNMA DUE 12/25/19 -137.0300 0.000000 137.03 -144.92 -7.89 12/26/2019 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 NOVEMBER FNMA DUE 12/25/19 -3,121.4100 0.000000 3,121.41 -3,355.52 -234.11 12/26/2019 31381PDA3 PAID DOWN PAR VALUE OF F N M A #466397 3.400% 11/01/20 NOVEMBER FNMA DUE 12/25/19 -754.2900 0.000000 754.29 -737.97 16.32 12/26/2019 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 NOVEMBER FNMA DUE 12/25/19 -1,647.8700 0.000000 1,647.87 -1,771.46 -123.59 12/26/2019 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 NOVEMBER FNMA DUE 12/25/19 -9.0700 0.000000 9.07 -9.75 -0.68 12/26/2019 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 NOVEMBER FNMA DUE 12/25/19 -5,800.0600 0.000000 5,800.06 -6,235.06 -435.00 12/26/2019 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 4.647% 2/01/35 NOVEMBER FNMA DUE 12/25/19 -477.4000 0.000000 477.40 -473.67 3.73 12/26/2019 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 NOVEMBER FNMA DUE 12/25/19 -82.7800 0.000000 82.78 -88.99 -6.21 12/26/2019 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 NOVEMBER FNMA DUE 12/25/19 -2,693.7800 0.000000 2,693.78 -2,895.81 -202.03 12/26/2019 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 NOVEMBER FNMA DUE 12/25/19 -120.8900 0.000000 120.89 -127.85 -6.96 12/26/2019 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 NOVEMBER FNMA DUE 12/25/19 -468.6300 0.000000 468.63 -495.62 -26.99 12/26/2019 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.825% 2/25/41 -3,091.1500 0.000000 3,091.15 -3,090.18 0.97 TOTAL DISPOSITIONS -49,928,837.8300 49,852,844.40 -49,759,265.38 93,579.02 OTHER TRANSACTIONS 10/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 9/30/2019 INTEREST FROM 9/1/19 TO 9/30/19 0.0000 0.000000 5,168.73 0.00 0.00 8 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 9/30/2019 INTEREST FROM 9/1/19 TO 9/30/19 0.0000 0.000000 21,054.19 0.00 0.00 10/02/2019 3137EADM8 INTEREST EARNED ON F H L M C M T N 1.250% 10/02/19 $1 PV ON 7500000.0000 SHARES DUE 10/2/2019 0.0000 0.000000 46,875.00 0.00 0.00 10/03/2019 912796SL4 INTEREST EARNED ON U S TREASURY BILL 10/03/19 $1 PV ON 1650000.0000 SHARES DUE 10/3/2019 1,650,000 PAR VALUE AT 100 % 0.0000 0.000000 3,312.37 0.00 0.00 10/03/2019 525ESC0Y6 Unknown LEHMAN BRTH HLD ESC PARTIAL LIQUIDATING DISTRIBUTION PAID @ 2.02/SHARE 0.0000 0.000000 4,058.66 -4,058.66 0.00 10/03/2019 525ESCIB7 Unknown LEHMAN BRTH MTN ES 0.00001% 1/24/13 PARTIAL LIQUIDATING DISTRIBUTION PAID @ 2.03654000 0.0000 0.000000 1,221.92 -1,221.92 0.00 10/07/2019 3135G0T45 INTEREST EARNED ON F N M A 1.875% 4/05/22 $1 PV ON 5000000.0000 SHARES DUE 10/5/2019 0.0000 0.000000 46,875.00 0.00 0.00 10/08/2019 912796VY2 INTEREST EARNED ON U S TREASURY BILL 10/08/19 $1 PV ON 1250000.0000 SHARES DUE 10/8/2019 1,250,000 PAR VALUE AT 100 % 0.0000 0.000000 482.58 0.00 0.00 10/10/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 416.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 10/10/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 416.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 416.00 0.00 10/10/2019 02665WCQ2 INTEREST EARNED ON AMERICAN HONDA MTN 3.625% 10/10/23 $1 PV ON 2000000.0000 SHARES DUE 10/10/2019 0.0000 0.000000 36,250.00 0.00 0.00 10/10/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 416.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 416.0000 0.000000 0.00 0.00 0.00 10/10/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 416.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 10/15/2019 02587AAJ3 INTEREST EARNED ON AMERICAN EXPRESS 1.930% 9/15/22 $1 PV ON 10084.2400 SHARES DUE 10/15/2019 $0.00161/PV ON 6,270,000.00 PV DUE 10/15/19 0.0000 0.000000 10,084.24 0.00 0.00 10/15/2019 31348SWZ3 INTEREST EARNED ON F H L M C #786064 4.677% 1/01/28 $1 PV ON 7.1900 SHARES DUE 10/15/2019 AUGUST FHLMC DUE 10/15/19 0.0000 0.000000 7.19 0.00 0.00 10/15/2019 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 4.016% 8/15/32 $1 PV ON 26.5300 SHARES DUE 10/15/2019 $0.00335/PV ON 7,928.50 PV DUE 10/15/19 0.0000 0.000000 26.53 0.00 0.00 10/15/2019 43815NAB0 INTEREST EARNED ON HONDA AUTO 1.900% 4/15/22 $1 PV ON 5589.1700 SHARES DUE 10/15/2019 $0.00158/PV ON 3,530,000.00 PV DUE 10/15/19 0.0000 0.000000 5,589.17 0.00 0.00 10/15/2019 24422EUM9 INTEREST EARNED ON JOHN DEERE MTN 3.650% 10/12/23 $1 PV ON 1250000.0000 SHARES DUE 10/12/2019 0.0000 0.000000 22,812.50 0.00 0.00 10/15/2019 47788NAD0 INTEREST EARNED ON JOHN DEERE OWNER 1.490% 5/15/23 $1 PV ON 1246.2800 SHARES DUE 10/15/2019 $0.00124/PV ON 1,003,712.93 PV DUE 10/15/19 0.0000 0.000000 1,246.28 0.00 0.00 10/15/2019 47788BAD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820% 10/15/21 $1 PV ON 669.4500 SHARES DUE 10/15/2019 $0.00152/PV ON 441,393.78 PV DUE 10/15/19 0.0000 0.000000 669.45 0.00 0.00 10/15/2019 477870AB5 INTEREST EARNED ON JOHN DEERE OWNER 2.280% 5/16/22 $1 PV ON 5320.0000 SHARES DUE 10/15/2019 $0.00190/PV ON 2,800,000.00 PV DUE 10/15/19 0.0000 0.000000 5,320.00 0.00 0.00 9 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/15/2019 47788CAB8 INTEREST EARNED ON JOHN DEERE OWNER 2.420% 10/15/20 $1 PV ON 364.2300 SHARES DUE 10/15/2019 $0.00202/PV ON 180,610.31 PV DUE 10/15/19 0.0000 0.000000 364.23 0.00 0.00 10/15/2019 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4/18/22 $1 PV ON 2970.3400 SHARES DUE 10/15/2019 $0.00222/PV ON 1,340,000.00 PV DUE 10/15/19 0.0000 0.000000 2,970.34 0.00 0.00 10/15/2019 47789JAB2 INTEREST EARNED ON JOHN DEERE OWNER 2.850% 12/15/21 $1 PV ON 7754.3800 SHARES DUE 10/15/2019 $0.00238/PV ON 3,265,000.00 PV DUE 10/15/19 0.0000 0.000000 7,754.38 0.00 0.00 10/15/2019 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080% 11/15/22 $1 PV ON 11883.6800 SHARES DUE 10/15/2019 $0.00257/PV ON 4,630,000.00 PV DUE 10/15/19 0.0000 0.000000 11,883.68 0.00 0.00 10/15/2019 65478VAD9 INTEREST EARNED ON NISSAN AUTO 1.320% 1/15/21 $1 PV ON 277.2600 SHARES DUE 10/15/2019 $0.00110/PV ON 252,050.02 PV DUE 10/15/19 0.0000 0.000000 277.26 0.00 0.00 10/15/2019 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750% 10/15/21 $1 PV ON 3009.5700 SHARES DUE 10/15/2019 $0.00146/PV ON 2,063,703.33 PV DUE 10/15/19 0.0000 0.000000 3,009.57 0.00 0.00 10/15/2019 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 9078.0000 SHARES DUE 10/15/2019 $0.00255/PV ON 3,560,000.00 PV DUE 10/15/19 0.0000 0.000000 9,078.00 0.00 0.00 10/15/2019 89238BAB8 INTEREST EARNED ON TOYOTA AUTO 2.100% 10/15/20 $1 PV ON 1196.3700 SHARES DUE 10/15/2019 $0.00175/PV ON 683,639.44 PV DUE 10/15/19 0.0000 0.000000 1,196.37 0.00 0.00 10/15/2019 89239AAB9 INTEREST EARNED ON TOYOTA AUTO 2.830% 10/15/21 $1 PV ON 8525.3700 SHARES DUE 10/15/2019 $0.00236/PV ON 3,615,000.00 PV DUE 10/15/19 0.0000 0.000000 8,525.37 0.00 0.00 10/15/2019 912796VZ9 INTEREST EARNED ON U S TREASURY BILL 10/15/19 $1 PV ON 1250000.0000 SHARES DUE 10/15/2019 1,250,000 PAR VALUE AT 100 % 0.0000 0.000000 940.10 0.00 0.00 10/17/2019 06406HCZ0 PAID ACCRUED INTEREST ON PURCHASE OF BANK OF NY MELLO MTN 2.150% 2/24/20 0.0000 0.000000 -1,582.64 0.00 0.00 10/17/2019 90331HNB5 PAID ACCRUED INTEREST ON PURCHASE OF US BANK MTN 2.000% 1/24/20 0.0000 0.000000 -9,222.22 0.00 0.00 10/17/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,511,349.8600 1.000000 2,511,349.86 -2,511,349.86 0.00 10/18/2019 43814RAC0 INTEREST EARNED ON HONDA AUTO 1.210% 12/18/20 $1 PV ON 568.4200 SHARES DUE 10/18/2019 $0.00101/PV ON 563,719.94 PV DUE 10/18/19 0.0000 0.000000 568.42 0.00 0.00 10/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 3155.2100 SHARES DUE 10/18/2019 $0.00149/PV ON 2,115,225.60 PV DUE 10/18/19 0.0000 0.000000 3,155.21 0.00 0.00 10/18/2019 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9/20/21 $1 PV ON 10071.8800 SHARES DUE 10/18/2019 $0.00229/PV ON 4,395,000.00 PV DUE 10/18/19 0.0000 0.000000 10,071.88 0.00 0.00 10/18/2019 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22 $1 PV ON 4289.2500 SHARES DUE 10/18/2019 $0.00251/PV ON 1,710,000.00 PV DUE 10/18/19 0.0000 0.000000 4,289.25 0.00 0.00 10/18/2019 96130AAK4 INTEREST EARNED ON WESTPAC BKING C D 2.970% 10/18/19 $1 PV ON 1500000.0000 SHARES DUE 10/18/2019 INTEREST ON 10/18/19 MATURITY 0.0000 0.000000 45,045.00 0.00 0.00 10/18/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,049,924.0300 1.000000 1,049,924.03 -1,049,924.03 0.00 10/21/2019 06051GFN4 INTEREST EARNED ON BANK OF AMERICA MTN 2.250% 4/21/20 $1 PV ON 2000000.0000 SHARES DUE 10/21/2019 0.0000 0.000000 22,500.00 0.00 0.00 10/21/2019 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 4.125% 12/20/26 $1 PV ON 52.7600 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 52.76 0.00 0.00 10 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/21/2019 36225CC20 INTEREST EARNED ON G N M A I I #080088 3.875% 6/20/27 $1 PV ON 48.7500 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 48.75 0.00 0.00 10/21/2019 36225CNM4 INTEREST EARNED ON G N M A I I #080395 3.875% 4/20/30 $1 PV ON 21.0600 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 21.06 0.00 0.00 10/21/2019 36225CN28 INTEREST EARNED ON G N M A I I #080408 3.875% 5/20/30 $1 PV ON 160.6700 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 160.67 0.00 0.00 10/21/2019 36225DCB8 INTEREST EARNED ON G N M A I I #080965 3.750% 7/20/34 $1 PV ON 141.6900 SHARES DUE 10/20/2019 SEPTEMBER GNMA DUE 10/20/19 0.0000 0.000000 141.69 0.00 0.00 10/21/2019 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22 $1 PV ON 9759.5800 SHARES DUE 10/21/2019 $0.00246/PV ON 3,970,000.00 PV DUE 10/21/19 0.0000 0.000000 9,759.58 0.00 0.00 10/21/2019 78012KC62 PAID ACCRUED INTEREST ON PURCHASE OF ROYAL BANK MTN 2.125% 3/02/20 0.0000 0.000000 -5,784.72 0.00 0.00 10/21/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,984,624.7200 1.000000 1,984,624.72 -1,984,624.72 0.00 10/23/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -4,184,779.0300 1.000000 4,184,779.03 -4,184,779.03 0.00 10/25/2019 03215PFN4 INTEREST EARNED ON AMRESCO 2.95841% 6/25/29 $1 PV ON 303.5500 SHARES DUE 10/25/2019 $0.00247/PV ON 123,127.85 PV DUE 10/25/19 0.0000 0.000000 303.55 0.00 0.00 10/25/2019 31398VJ98 INTEREST EARNED ON F H L M C MLTCL MTG 4.251% 1/25/20 $1 PV ON 2334.7000 SHARES DUE 10/25/2019 $0.00354/PV ON 659,054.74 PV DUE 10/25/19 0.0000 0.000000 2,334.70 0.00 0.00 10/25/2019 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9/25/43 $1 PV ON 3720.0900 SHARES DUE 10/25/2019 $0.00542/PV ON 686,785.68 PV DUE 10/25/19 0.0000 0.000000 3,720.09 0.00 0.00 10/25/2019 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 55.1900 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 55.19 0.00 0.00 10/25/2019 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 412.0200 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 412.02 0.00 0.00 10/25/2019 31381PDA3 INTEREST EARNED ON F N M A #466397 3.400% 11/01/20 $1 PV ON 955.8500 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 955.85 0.00 0.00 10/25/2019 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 385.4600 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 385.46 0.00 0.00 10/25/2019 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 7.4200 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 7.42 0.00 0.00 10/25/2019 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 654.7600 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 654.76 0.00 0.00 10/25/2019 31406XWT5 INTEREST EARNED ON F N M A #823358 4.722% 2/01/35 $1 PV ON 429.9800 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 429.98 0.00 0.00 10/25/2019 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 77.8200 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 77.82 0.00 0.00 10/25/2019 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 750.6800 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 750.68 0.00 0.00 10/25/2019 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 37.6700 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 37.67 0.00 0.00 11 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/25/2019 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 61.6400 SHARES DUE 10/25/2019 SEPTEMBER FNMA DUE 10/25/19 0.0000 0.000000 61.64 0.00 0.00 10/25/2019 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.825% 2/25/41 $1 PV ON 419.3600 SHARES DUE 10/25/2019 $0.00225/PV ON 186,495.68 PV DUE 10/25/19 0.0000 0.000000 419.36 0.00 0.00 10/25/2019 78445JAA5 INTEREST EARNED ON S L M A 3.8594% 4/25/23 $1 PV ON 128.7600 SHARES DUE 10/25/2019 $0.00965/PV ON 13,344.85 PV DUE 10/25/19 0.0000 0.000000 128.76 0.00 0.00 10/29/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -312.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 10/29/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -312.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 -312.00 0.00 10/29/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -312.0000 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI -312.0000 0.000000 0.00 0.00 0.00 10/29/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -312.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 10/31/2019 CASH DISBURSEMENT PAID TO BANC OF CALIFORNIA OUTGOING DOMESTIC WIRE PER DIR DTD 10/29/19 0.0000 0.000000 -15,000,000.00 0.00 0.00 10/31/2019 912828T67 INTEREST EARNED ON U S TREASURY NT 1.250% 10/31/21 $1 PV ON 6000000.0000 SHARES DUE 10/31/2019 0.0000 0.000000 37,500.00 0.00 0.00 10/31/2019 912828L99 INTEREST EARNED ON U S TREASURY NT 1.375% 10/31/20 $1 PV ON 10000000.0000 SHARES DUE 10/31/2019 0.0000 0.000000 68,750.00 0.00 0.00 10/31/2019 912828F62 INTEREST EARNED ON U S TREASURY NT 1.500% 10/31/19 $1 PV ON 2500000.0000 SHARES DUE 10/31/2019 0.0000 0.000000 18,750.00 0.00 0.00 10/31/2019 912828G61 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.500% 11/30/19 0.0000 0.000000 31,352.46 0.00 0.00 10/31/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,988,359.5800 1.000000 2,988,359.58 -2,988,359.58 0.00 10/31/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -15,000,000.0000 1.000000 15,000,000.00 -15,000,000.00 0.00 11/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 10/31/2019 INTEREST FROM 10/1/19 TO 10/31/19 0.0000 0.000000 4,798.70 0.00 0.00 11/01/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 10/31/2019 INTEREST FROM 10/1/19 TO 10/31/19 0.0000 0.000000 16,477.47 0.00 0.00 11/01/2019 64971M5E8 INTEREST EARNED ON NEW YORK CITY NY 4.075% 11/01/20 $1 PV ON 1400000.0000 SHARES DUE 11/1/2019 0.0000 0.000000 28,525.00 0.00 0.00 11/04/2019 00440EAU1 INTEREST EARNED ON ACE INA HOLDINGS 2.875% 11/03/22 $1 PV ON 4169000.0000 SHARES DUE 11/3/2019 0.0000 0.000000 59,929.38 0.00 0.00 11/12/2019 037833CU2 INTEREST EARNED ON APPLE INC 2.850% 5/11/24 $1 PV ON 3000000.0000 SHARES DUE 11/11/2019 0.0000 0.000000 42,750.00 0.00 0.00 11/12/2019 369550BA5 INTEREST EARNED ON GENERAL DYNAMICS 2.875% 5/11/20 $1 PV ON 2000000.0000 SHARES DUE 11/11/2019 0.0000 0.000000 28,750.00 0.00 0.00 11/12/2019 369550BE7 INTEREST EARNED ON GENERAL DYNAMICS 3.000% 5/11/21 $1 PV ON 3160000.0000 SHARES DUE 11/11/2019 0.0000 0.000000 47,400.00 0.00 0.00 12 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/12/2019 458140BD1 INTEREST EARNED ON INTEL CORP 2.875% 5/11/24 $1 PV ON 5000000.0000 SHARES DUE 11/11/2019 0.0000 0.000000 71,875.00 0.00 0.00 11/12/2019 4581X0CX4 INTEREST EARNED ON INTER AMER DEV BK 1.625% 5/12/20 $1 PV ON 3035000.0000 SHARES DUE 11/12/2019 0.0000 0.000000 24,659.38 0.00 0.00 11/13/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 11/13/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 4,160.00 0.00 11/13/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4160.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 4,160.0000 0.000000 0.00 0.00 0.00 11/13/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 11/15/2019 02587AAJ3 INTEREST EARNED ON AMERICAN EXPRESS 1.930% 9/15/22 $1 PV ON 10084.2300 SHARES DUE 11/15/2019 $0.00161/PV ON 6,270,000.00 PV DUE 11/15/19 0.0000 0.000000 10,084.23 0.00 0.00 11/15/2019 084664BT7 INTEREST EARNED ON BERKSHIRE HATHAWAY 3.000% 5/15/22 $1 PV ON 4000000.0000 SHARES DUE 11/15/2019 0.0000 0.000000 60,000.00 0.00 0.00 11/15/2019 31348SWZ3 INTEREST EARNED ON F H L M C #786064 4.678% 1/01/28 $1 PV ON 7.1000 SHARES DUE 11/15/2019 SEPTEMBER FHLMC DUE 11/15/19 0.0000 0.000000 7.10 0.00 0.00 11/15/2019 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 4.016% 8/15/32 $1 PV ON 25.2900 SHARES DUE 11/15/2019 $0.00335/PV ON 7,541.85 PV DUE 11/15/19 0.0000 0.000000 25.29 0.00 0.00 11/15/2019 43815NAB0 INTEREST EARNED ON HONDA AUTO 1.900% 4/15/22 $1 PV ON 5589.1500 SHARES DUE 11/15/2019 $0.00158/PV ON 3,530,000.00 PV DUE 11/15/19 0.0000 0.000000 5,589.15 0.00 0.00 11/15/2019 47788BAD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820% 10/15/21 $1 PV ON 605.4500 SHARES DUE 11/15/2019 $0.00152/PV ON 399,197.59 PV DUE 11/15/19 0.0000 0.000000 605.45 0.00 0.00 11/15/2019 477870AB5 INTEREST EARNED ON JOHN DEERE OWNER 2.280% 5/16/22 $1 PV ON 5320.0000 SHARES DUE 11/15/2019 $0.00190/PV ON 2,800,000.00 PV DUE 11/15/19 0.0000 0.000000 5,320.00 0.00 0.00 11/15/2019 47788CAB8 INTEREST EARNED ON JOHN DEERE OWNER 2.420% 10/15/20 $1 PV ON 3.0000 SHARES DUE 11/15/2019 $0.00202/PV ON 1,489.74 PV DUE 11/15/19 0.0000 0.000000 3.00 0.00 0.00 11/15/2019 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4/18/22 $1 PV ON 2970.3400 SHARES DUE 11/15/2019 $0.00222/PV ON 1,340,000.00 PV DUE 11/15/19 0.0000 0.000000 2,970.34 0.00 0.00 11/15/2019 47789JAB2 INTEREST EARNED ON JOHN DEERE OWNER 2.850% 12/15/21 $1 PV ON 7754.3800 SHARES DUE 11/15/2019 $0.00238/PV ON 3,265,000.00 PV DUE 11/15/19 0.0000 0.000000 7,754.38 0.00 0.00 11/15/2019 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080% 11/15/22 $1 PV ON 11883.6800 SHARES DUE 11/15/2019 $0.00257/PV ON 4,630,000.00 PV DUE 11/15/19 0.0000 0.000000 11,883.68 0.00 0.00 11/15/2019 65478VAD9 INTEREST EARNED ON NISSAN AUTO 1.320% 1/15/21 $1 PV ON 194.8700 SHARES DUE 11/15/2019 $0.00110/PV ON 177,157.48 PV DUE 11/15/19 0.0000 0.000000 194.87 0.00 0.00 11/15/2019 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750% 10/15/21 $1 PV ON 2753.7800 SHARES DUE 11/15/2019 $0.00146/PV ON 1,888,313.25 PV DUE 11/15/19 0.0000 0.000000 2,753.78 0.00 0.00 11/15/2019 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.940% 7/15/24 $1 PV ON 4935.9600 SHARES DUE 11/15/2019 $0.00118/PV ON 4,185,000.00 PV DUE 11/15/19 0.0000 0.000000 4,935.96 0.00 0.00 13 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/15/2019 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 9078.0000 SHARES DUE 11/15/2019 $0.00255/PV ON 3,560,000.00 PV DUE 11/15/19 0.0000 0.000000 9,078.00 0.00 0.00 11/15/2019 89238BAB8 INTEREST EARNED ON TOYOTA AUTO 2.100% 10/15/20 $1 PV ON 626.2200 SHARES DUE 11/15/2019 $0.00175/PV ON 357,840.10 PV DUE 11/15/19 0.0000 0.000000 626.22 0.00 0.00 11/15/2019 89239AAB9 INTEREST EARNED ON TOYOTA AUTO 2.830% 10/15/21 $1 PV ON 7843.5300 SHARES DUE 11/15/2019 $0.00236/PV ON 3,325,884.92 PV DUE 11/15/19 0.0000 0.000000 7,843.53 0.00 0.00 11/15/2019 912828WJ5 INTEREST EARNED ON U S TREASURY NT 2.500% 5/15/24 $1 PV ON 7000000.0000 SHARES DUE 11/15/2019 0.0000 0.000000 87,500.00 0.00 0.00 11/15/2019 913366EJ5 INTEREST EARNED ON UNIV OF CALIFORNIA 5.035% 5/15/21 $1 PV ON 400000.0000 SHARES DUE 11/15/2019 0.0000 0.000000 10,070.00 0.00 0.00 11/18/2019 166764BG4 INTEREST EARNED ON CHEVRON CORP 2.100% 5/16/21 $1 PV ON 2500000.0000 SHARES DUE 11/16/2019 0.0000 0.000000 26,250.00 0.00 0.00 11/18/2019 3137EAEK1 INTEREST EARNED ON F H L M C M T N 1.875% 11/17/20 $1 PV ON 5000000.0000 SHARES DUE 11/17/2019 0.0000 0.000000 46,875.00 0.00 0.00 11/18/2019 43814RAC0 INTEREST EARNED ON HONDA AUTO 1.210% 12/18/20 $1 PV ON 452.2600 SHARES DUE 11/18/2019 $0.00101/PV ON 448,520.90 PV DUE 11/18/19 0.0000 0.000000 452.26 0.00 0.00 11/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 2890.5000 SHARES DUE 11/18/2019 $0.00149/PV ON 1,937,764.12 PV DUE 11/18/19 0.0000 0.000000 2,890.50 0.00 0.00 11/18/2019 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9/20/21 $1 PV ON 10071.8800 SHARES DUE 11/18/2019 $0.00229/PV ON 4,395,000.00 PV DUE 11/18/19 0.0000 0.000000 10,071.88 0.00 0.00 11/18/2019 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22 $1 PV ON 4289.2500 SHARES DUE 11/18/2019 $0.00251/PV ON 1,710,000.00 PV DUE 11/18/19 0.0000 0.000000 4,289.25 0.00 0.00 11/18/2019 46625HRL6 INTEREST EARNED ON JP MORGAN CHASE CO 2.700% 5/18/23 $1 PV ON 5000000.0000 SHARES DUE 11/18/2019 0.0000 0.000000 67,500.00 0.00 0.00 11/18/2019 58933YAF2 INTEREST EARNED ON MERCK CO INC 2.800% 5/18/23 $1 PV ON 2000000.0000 SHARES DUE 11/18/2019 0.0000 0.000000 28,000.00 0.00 0.00 11/19/2019 62479MYK3 INTEREST EARNED ON MUFG BANK LTD NY BRAN C P 11/19/19 $1 PV ON 11255000.0000 SHARES DUE 11/19/2019 11,255,000 PAR VALUE AT 100 % 0.0000 0.000000 60,314.29 0.00 0.00 11/19/2019 62479MYK3 INTEREST EARNED ON MUFG BANK LTD NY BRAN C P 11/19/19 $1 PV ON 1860000.0000 SHARES DUE 11/19/2019 1,860,000 PAR VALUE AT 100 % 0.0000 0.000000 9,967.53 0.00 0.00 11/19/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,353,689.4600 1.000000 1,353,689.46 -1,353,689.46 0.00 11/19/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -9,917,138.8900 1.000000 9,917,138.89 -9,917,138.89 0.00 11/20/2019 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 4.125% 12/20/26 $1 PV ON 52.1500 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 52.15 0.00 0.00 11/20/2019 36225CC20 INTEREST EARNED ON G N M A I I #080088 3.875% 6/20/27 $1 PV ON 48.1500 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 48.15 0.00 0.00 11/20/2019 36225CNM4 INTEREST EARNED ON G N M A I I #080395 3.875% 4/20/30 $1 PV ON 20.7300 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 20.73 0.00 0.00 11/20/2019 36225CN28 INTEREST EARNED ON G N M A I I #080408 3.875% 5/20/30 $1 PV ON 159.5800 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 159.58 0.00 0.00 14 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/20/2019 36225DCB8 INTEREST EARNED ON G N M A I I #080965 3.250% 7/20/34 $1 PV ON 120.7800 SHARES DUE 11/20/2019 OCTOBER GNMA DUE 11/20/19 0.0000 0.000000 120.78 0.00 0.00 11/20/2019 747525AD5 INTEREST EARNED ON QUALCOMM INC 2.250% 5/20/20 $1 PV ON 2000000.0000 SHARES DUE 11/20/2019 0.0000 0.000000 22,500.00 0.00 0.00 11/20/2019 747525AD5 INTEREST EARNED ON QUALCOMM INC 2.250% 5/20/20 $1 PV ON 5000000.0000 SHARES DUE 11/20/2019 0.0000 0.000000 56,250.00 0.00 0.00 11/21/2019 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22 $1 PV ON 9759.5800 SHARES DUE 11/21/2019 $0.00246/PV ON 3,970,000.00 PV DUE 11/21/19 0.0000 0.000000 9,759.58 0.00 0.00 11/25/2019 03215PFN4 INTEREST EARNED ON AMRESCO 2.85486% 6/25/29 $1 PV ON 283.1600 SHARES DUE 11/25/2019 $0.00238/PV ON 119,021.64 PV DUE 11/25/19 0.0000 0.000000 283.16 0.00 0.00 11/25/2019 31398VJ98 INTEREST EARNED ON F H L M C MLTCL MTG 4.251% 1/25/20 $1 PV ON 1510.5900 SHARES DUE 11/25/2019 $0.00354/PV ON 426,420.49 PV DUE 11/25/19 0.0000 0.000000 1,510.59 0.00 0.00 11/25/2019 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9/25/43 $1 PV ON 3679.9700 SHARES DUE 11/25/2019 $0.00542/PV ON 679,378.90 PV DUE 11/25/19 0.0000 0.000000 3,679.97 0.00 0.00 11/25/2019 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 54.6900 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 54.69 0.00 0.00 11/25/2019 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 405.4400 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 405.44 0.00 0.00 11/25/2019 31381PDA3 INTEREST EARNED ON F N M A #466397 3.400% 11/01/20 $1 PV ON 985.5200 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 985.52 0.00 0.00 11/25/2019 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 379.2800 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 379.28 0.00 0.00 11/25/2019 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 7.3800 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 7.38 0.00 0.00 11/25/2019 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 651.8100 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 651.81 0.00 0.00 11/25/2019 31406XWT5 INTEREST EARNED ON F N M A #823358 4.722% 2/01/35 $1 PV ON 428.2400 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 428.24 0.00 0.00 11/25/2019 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 77.4900 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 77.49 0.00 0.00 11/25/2019 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 739.4700 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 739.47 0.00 0.00 11/25/2019 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 36.8200 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 36.82 0.00 0.00 11/25/2019 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 60.5300 SHARES DUE 11/25/2019 OCTOBER FNMA DUE 11/25/19 0.0000 0.000000 60.53 0.00 0.00 11/25/2019 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.825% 2/25/41 $1 PV ON 383.6300 SHARES DUE 11/25/2019 $0.00209/PV ON 183,940.22 PV DUE 11/25/19 0.0000 0.000000 383.63 0.00 0.00 11/26/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4368.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 15 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/26/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4368.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 4,368.00 0.00 11/26/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4368.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 4,368.0000 0.000000 0.00 0.00 0.00 11/26/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 4368.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 11/27/2019 CASH RECEIPT INCOMING WIRES RECEIVED FROM BANC OF CALIF 11/27/19 0.0000 0.000000 10,000,000.00 0.00 0.00 11/27/2019 CASH RECEIPT INCOMING WIRES RECEIVED FROM BANC OF CALIF 11/27/19 0.0000 0.000000 6,000,000.00 0.00 0.00 11/29/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -10,970,333.0000 1.000000 10,970,333.00 -10,970,333.00 0.00 12/02/2019 3135G0F73 INTEREST EARNED ON F N M A 1.500% 11/30/20 $1 PV ON 7500000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 56,250.00 0.00 0.00 12/02/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 11/30/2019 INTEREST FROM 11/1/19 TO 11/30/19 0.0000 0.000000 2,788.50 0.00 0.00 12/02/2019 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 11/30/2019 INTEREST FROM 11/1/19 TO 11/30/19 0.0000 0.000000 3,676.29 0.00 0.00 12/02/2019 73358WAG9 INTEREST EARNED ON PORT AUTH NY NJ 5.309% 12/01/19 $1 PV ON 2440000.0000 SHARES DUE 12/1/2019 0.0000 0.000000 64,769.80 0.00 0.00 12/02/2019 912828XE5 INTEREST EARNED ON U S TREASURY NT 1.500% 5/31/20 $1 PV ON 5000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 37,500.00 0.00 0.00 12/02/2019 912828G61 INTEREST EARNED ON U S TREASURY NT 1.500% 11/30/19 $1 PV ON 2500000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 18,750.00 0.00 0.00 12/02/2019 912828R69 INTEREST EARNED ON U S TREASURY NT 1.625% 5/31/23 $1 PV ON 5000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 40,625.00 0.00 0.00 12/02/2019 912828U65 INTEREST EARNED ON U S TREASURY NT 1.750% 11/30/21 $1 PV ON 7000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 61,250.00 0.00 0.00 12/02/2019 912828M80 INTEREST EARNED ON U S TREASURY NT 2.000% 11/30/22 $1 PV ON 8000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 80,000.00 0.00 0.00 12/02/2019 912828U57 INTEREST EARNED ON U S TREASURY NT 2.125% 11/30/23 $1 PV ON 15000000.0000 SHARES DUE 11/30/2019 0.0000 0.000000 159,375.00 0.00 0.00 12/06/2019 94988J5G8 INTEREST EARNED ON WELLS FARGO MTN 2.150% 12/06/19 $1 PV ON 500000.0000 SHARES DUE 12/6/2019 ACCRUED INTEREST ON 12/6/2019 MATURITY 0.0000 0.000000 5,375.00 0.00 0.00 12/09/2019 313383QR5 INTEREST EARNED ON F H L B DEB 3.250% 6/09/23 $1 PV ON 5000000.0000 SHARES DUE 12/9/2019 0.0000 0.000000 81,250.00 0.00 0.00 12/09/2019 3130A0F70 INTEREST EARNED ON F H L B DEB 3.375% 12/08/23 $1 PV ON 10000000.0000 SHARES DUE 12/8/2019 0.0000 0.000000 168,750.00 0.00 0.00 12/09/2019 69353RFL7 INTEREST EARNED ON PNC BANK NA MTN 3.500% 6/08/23 $1 PV ON 5000000.0000 SHARES DUE 12/8/2019 0.0000 0.000000 87,500.00 0.00 0.00 12/09/2019 912828YH7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.500% 9/30/24 0.0000 0.000000 -17,213.11 0.00 0.00 12/09/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -5,629,322.4900 1.000000 5,629,322.49 -5,629,322.49 0.00 16 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/11/2019 313379RB7 INTEREST EARNED ON F H L B DEB 1.875% 6/11/21 $1 PV ON 4000000.0000 SHARES DUE 12/11/2019 0.0000 0.000000 37,500.00 0.00 0.00 12/12/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 11856.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 12/12/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 11856.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 11,856.00 0.00 12/12/2019 313383HU8 INTEREST EARNED ON F H L B DEB 1.750% 6/12/20 $1 PV ON 5000000.0000 SHARES DUE 12/12/2019 0.0000 0.000000 43,750.00 0.00 0.00 12/12/2019 89114QCA4 INTEREST EARNED ON TORONTO DOMINION MTN 2.650% 6/12/24 $1 PV ON 3000000.0000 SHARES DUE 12/12/2019 0.0000 0.000000 39,750.00 0.00 0.00 12/12/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 11856.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11,856.0000 0.000000 0.00 0.00 0.00 12/12/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 11856.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 12/13/2019 9128283J7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 11/30/24 0.0000 0.000000 -5,660.86 0.00 0.00 12/13/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -7,634,860.0800 1.000000 7,634,860.08 -7,634,860.08 0.00 12/16/2019 02587AAJ3 INTEREST EARNED ON AMERICAN EXPRESS 1.930% 9/15/22 $1 PV ON 10084.2400 SHARES DUE 12/15/2019 $0.00161/PV ON 6,270,000.00 PV DUE 12/15/19 0.0000 0.000000 10,084.24 0.00 0.00 12/16/2019 3130A1XJ2 INTEREST EARNED ON F H L B 2.875% 6/14/24 $1 PV ON 11110000.0000 SHARES DUE 12/14/2019 0.0000 0.000000 159,706.25 0.00 0.00 12/16/2019 31348SWZ3 INTEREST EARNED ON F H L M C #786064 4.678% 1/01/28 $1 PV ON 7.0300 SHARES DUE 12/15/2019 OCTOBER FHLMC DUE 12/15/19 0.0000 0.000000 7.03 0.00 0.00 12/16/2019 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 4.027% 8/15/32 $1 PV ON 24.0100 SHARES DUE 12/15/2019 $0.00336/PV ON 7,155.25 PV DUE 12/15/19 0.0000 0.000000 24.01 0.00 0.00 12/16/2019 43815NAB0 INTEREST EARNED ON HONDA AUTO 1.900% 4/15/22 $1 PV ON 5589.1500 SHARES DUE 12/15/2019 $0.00158/PV ON 3,530,000.00 PV DUE 12/15/19 0.0000 0.000000 5,589.15 0.00 0.00 12/16/2019 47788BAD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820% 10/15/21 $1 PV ON 534.3600 SHARES DUE 12/15/2019 $0.00152/PV ON 352,321.54 PV DUE 12/15/19 0.0000 0.000000 534.36 0.00 0.00 12/16/2019 477870AB5 INTEREST EARNED ON JOHN DEERE OWNER 2.280% 5/16/22 $1 PV ON 5320.0000 SHARES DUE 12/15/2019 $0.00190/PV ON 2,800,000.00 PV DUE 12/15/19 0.0000 0.000000 5,320.00 0.00 0.00 12/16/2019 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4/18/22 $1 PV ON 2665.0400 SHARES DUE 12/15/2019 $0.00222/PV ON 1,202,272.32 PV DUE 12/15/19 0.0000 0.000000 2,665.04 0.00 0.00 12/16/2019 47789JAB2 INTEREST EARNED ON JOHN DEERE OWNER 2.850% 12/15/21 $1 PV ON 7162.7200 SHARES DUE 12/15/2019 $0.00238/PV ON 3,015,882.88 PV DUE 12/15/19 0.0000 0.000000 7,162.72 0.00 0.00 12/16/2019 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080% 11/15/22 $1 PV ON 11883.6700 SHARES DUE 12/15/2019 $0.00257/PV ON 4,630,000.00 PV DUE 12/15/19 0.0000 0.000000 11,883.67 0.00 0.00 12/16/2019 65478VAD9 INTEREST EARNED ON NISSAN AUTO 1.320% 1/15/21 $1 PV ON 111.9100 SHARES DUE 12/15/2019 $0.00110/PV ON 101,736.92 PV DUE 12/15/19 0.0000 0.000000 111.91 0.00 0.00 12/16/2019 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750% 10/15/21 $1 PV ON 2503.5200 SHARES DUE 12/15/2019 $0.00146/PV ON 1,716,703.80 PV DUE 12/15/19 0.0000 0.000000 2,503.52 0.00 0.00 17 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/16/2019 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.930% 7/15/24 $1 PV ON 6730.8700 SHARES DUE 12/15/2019 $0.00161/PV ON 4,185,000.00 PV DUE 12/15/19 0.0000 0.000000 6,730.87 0.00 0.00 12/16/2019 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 9078.0000 SHARES DUE 12/15/2019 $0.00255/PV ON 3,560,000.00 PV DUE 12/15/19 0.0000 0.000000 9,078.00 0.00 0.00 12/16/2019 89238BAB8 INTEREST EARNED ON TOYOTA AUTO 2.100% 10/15/20 $1 PV ON 54.6600 SHARES DUE 12/15/2019 $0.00175/PV ON 31,233.00 PV DUE 12/15/19 0.0000 0.000000 54.66 0.00 0.00 12/16/2019 89239AAB9 INTEREST EARNED ON TOYOTA AUTO 2.830% 10/15/21 $1 PV ON 7141.0300 SHARES DUE 12/15/2019 $0.00236/PV ON 3,027,995.80 PV DUE 12/15/19 0.0000 0.000000 7,141.03 0.00 0.00 12/18/2019 43814RAC0 INTEREST EARNED ON HONDA AUTO 1.210% 12/18/20 $1 PV ON 337.9400 SHARES DUE 12/18/2019 $0.00101/PV ON 335,148.93 PV DUE 12/18/19 0.0000 0.000000 337.94 0.00 0.00 12/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 2631.6500 SHARES DUE 12/18/2019 $0.00149/PV ON 1,764,236.43 PV DUE 12/18/19 0.0000 0.000000 2,631.65 0.00 0.00 12/18/2019 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9/20/21 $1 PV ON 9485.2800 SHARES DUE 12/18/2019 $0.00229/PV ON 4,139,028.61 PV DUE 12/18/19 0.0000 0.000000 9,485.28 0.00 0.00 12/18/2019 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22 $1 PV ON 4289.2500 SHARES DUE 12/18/2019 $0.00251/PV ON 1,710,000.00 PV DUE 12/18/19 0.0000 0.000000 4,289.25 0.00 0.00 12/19/2019 CASH RECEIPT INCOMING WIRES RECEIVED FROM BANC OF CALIF 12/19/19 0.0000 0.000000 97,000,000.00 0.00 0.00 12/19/2019 CASH RECEIPT INCOMING WIRES RECEIVED FROM BANC OF CALIF 12/19/19 0.0000 0.000000 38,000,000.00 0.00 0.00 12/19/2019 3137EAEN5 INTEREST EARNED ON F H L M C 2.750% 6/19/23 $1 PV ON 10000000.0000 SHARES DUE 12/19/2019 0.0000 0.000000 137,500.00 0.00 0.00 12/19/2019 06367BDS5 PAID ACCRUED INTEREST ON PURCHASE OF BANK OF MONTREAL C D 2.000% 3/18/20 0.0000 0.000000 -55.56 0.00 0.00 12/20/2019 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 4.125% 12/20/26 $1 PV ON 50.2100 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 50.21 0.00 0.00 12/20/2019 36225CC20 INTEREST EARNED ON G N M A I I #080088 3.875% 6/20/27 $1 PV ON 40.4000 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 40.40 0.00 0.00 12/20/2019 36225CNM4 INTEREST EARNED ON G N M A I I #080395 3.875% 4/20/30 $1 PV ON 20.5900 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 20.59 0.00 0.00 12/20/2019 36225CN28 INTEREST EARNED ON G N M A I I #080408 3.875% 5/20/30 $1 PV ON 156.0500 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 156.05 0.00 0.00 12/20/2019 36225DCB8 INTEREST EARNED ON G N M A I I #080965 3.250% 7/20/34 $1 PV ON 119.8700 SHARES DUE 12/20/2019 NOVEMBER GNMA DUE 12/20/19 0.0000 0.000000 119.87 0.00 0.00 12/20/2019 06367BDS5 PAID ACCRUED INTEREST ON PURCHASE OF BANK OF MONTREAL C D 2.000% 3/18/20 0.0000 0.000000 -888.89 0.00 0.00 12/20/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -10,683,452.7800 1.000000 10,683,452.78 -10,683,452.78 0.00 12/20/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -8,001,278.1900 1.000000 8,001,278.19 -8,001,278.19 0.00 12/23/2019 06417G5Q7 INTEREST EARNED ON BANK OF NOVA C D 2.610% 12/23/19 $1 PV ON 2300000.0000 SHARES DUE 12/23/2019 INTEREST ON 12/23/19 MATURITY 0.0000 0.000000 46,023.00 0.00 0.00 12/23/2019 3135G0U35 INTEREST EARNED ON F N M A 2.750% 6/22/21 $1 PV ON 7500000.0000 SHARES DUE 12/22/2019 0.0000 0.000000 103,125.00 0.00 0.00 18 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/23/2019 3135G0D75 INTEREST EARNED ON F N M A DEB 1.500% 6/22/20 $1 PV ON 5000000.0000 SHARES DUE 12/22/2019 0.0000 0.000000 37,500.00 0.00 0.00 12/23/2019 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22 $1 PV ON 9759.5800 SHARES DUE 12/21/2019 $0.00246/PV ON 3,970,000.00 PV DUE 12/21/19 0.0000 0.000000 9,759.58 0.00 0.00 12/23/2019 89114M2Z9 PAID ACCRUED INTEREST ON PURCHASE OF TORONTO DOMINION C D 2.200% 1/23/20 0.0000 0.000000 -18,211.11 0.00 0.00 12/23/2019 912828VJ6 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.875% 6/30/20 0.0000 0.000000 -134,510.87 0.00 0.00 12/23/2019 9128283S7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 -39,402.17 0.00 0.00 12/23/2019 9128283S7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 -39,402.17 0.00 0.00 12/23/2019 9128283S7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 -39,402.17 0.00 0.00 12/23/2019 912828VV9 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 8/31/20 0.0000 0.000000 -99,828.30 0.00 0.00 12/23/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -60,558,044.9200 1.000000 60,558,044.92 -60,558,044.92 0.00 12/23/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,972,473.7600 1.000000 1,972,473.76 -1,972,473.76 0.00 12/23/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -4,890,970.7200 1.000000 4,890,970.72 -4,890,970.72 0.00 12/24/2019 166764AH3 INTEREST EARNED ON CHEVRON CORP 3.191% 6/24/23 $1 PV ON 3500000.0000 SHARES DUE 12/24/2019 0.0000 0.000000 55,842.50 0.00 0.00 12/24/2019 90331HNB5 INTEREST EARNED ON US BANK MTN 2.000% 1/24/20 $1 PV ON 2000000.0000 SHARES DUE 12/24/2019 0.0000 0.000000 16,666.60 0.00 0.00 12/24/2019 912828YH7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.500% 9/30/24 0.0000 0.000000 -27,868.85 0.00 0.00 12/24/2019 912828L57 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.750% 9/30/22 0.0000 0.000000 -28,449.45 0.00 0.00 12/24/2019 9128283S7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 1/31/20 0.0000 0.000000 -39,673.91 0.00 0.00 12/24/2019 9128283J7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 11/30/24 0.0000 0.000000 -12,540.98 0.00 0.00 12/24/2019 912828MP2 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 3.625% 2/15/20 0.0000 0.000000 -64,521.06 0.00 0.00 12/24/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -8,102,958.0600 1.000000 8,102,958.06 -8,102,958.06 0.00 12/24/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -1,000,000.0000 1.000000 1,000,000.00 -1,000,000.00 0.00 12/24/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -24,092,157.4100 1.000000 24,092,157.41 -24,092,157.41 0.00 12/26/2019 03215PFN4 INTEREST EARNED ON AMRESCO 2.73625% 6/25/29 $1 PV ON 271.3900 SHARES DUE 12/26/2019 $0.00228/PV ON 119,021.64 PV DUE 12/26/19 0.0000 0.000000 271.39 0.00 0.00 12/26/2019 31398VJ98 INTEREST EARNED ON F H L M C MLTCL MTG 4.251% 1/25/20 $1 PV ON 753.5600 SHARES DUE 12/25/2019 $0.00354/PV ON 212,720.33 PV DUE 12/25/19 0.0000 0.000000 753.56 0.00 0.00 12/26/2019 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9/25/43 $1 PV ON 3677.4200 SHARES DUE 12/25/2019 $0.00542/PV ON 678,909.17 PV DUE 12/25/19 0.0000 0.000000 3,677.42 0.00 0.00 12/26/2019 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 54.1800 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 54.18 0.00 0.00 12/26/2019 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 396.2400 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 396.24 0.00 0.00 12/26/2019 31381PDA3 INTEREST EARNED ON F N M A #466397 3.400% 11/01/20 $1 PV ON 951.7300 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 951.73 0.00 0.00 19 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/26/2019 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 372.6100 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 372.61 0.00 0.00 12/26/2019 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 7.3500 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 7.35 0.00 0.00 12/26/2019 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 632.7500 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 632.75 0.00 0.00 12/26/2019 31406XWT5 INTEREST EARNED ON F N M A #823358 4.647% 2/01/35 $1 PV ON 419.7300 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 419.73 0.00 0.00 12/26/2019 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 74.0000 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 74.00 0.00 0.00 12/26/2019 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 726.5600 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 726.56 0.00 0.00 12/26/2019 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 36.1400 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 36.14 0.00 0.00 12/26/2019 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 59.6700 SHARES DUE 12/25/2019 NOVEMBER FNMA DUE 12/25/19 0.0000 0.000000 59.67 0.00 0.00 12/26/2019 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.825% 2/25/41 $1 PV ON 359.4200 SHARES DUE 12/25/2019 $0.00199/PV ON 180,610.99 PV DUE 12/25/19 0.0000 0.000000 359.42 0.00 0.00 12/26/2019 90331HNB5 INTEREST EARNED ON US BANK MTN 2.000% 1/24/20 $1 PV ON 2000000.0000 SHARES DUE 12/24/2019 ADDITIONAL ACCRUED INTEREST ON 12/24/19 FULL CALL 0.0000 0.000000 0.07 0.00 0.00 12/26/2019 931142EK5 INTEREST EARNED ON WALMART INC 3.400% 6/26/23 $1 PV ON 3880000.0000 SHARES DUE 12/26/2019 0.0000 0.000000 65,960.00 0.00 0.00 12/26/2019 912828L32 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.375% 8/31/20 0.0000 0.000000 -22,098.21 0.00 0.00 12/26/2019 912828XY1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.500% 6/30/20 0.0000 0.000000 -60,801.63 0.00 0.00 12/26/2019 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -10,095,985.7800 1.000000 10,095,985.78 -10,095,985.78 0.00 12/27/2019 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 13312.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 12/27/2019 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 13312.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 13,312.00 0.00 12/27/2019 02665WCZ2 INTEREST EARNED ON AMERICAN HONDA MTN 2.400% 6/27/24 $1 PV ON 1219000.0000 SHARES DUE 12/27/2019 0.0000 0.000000 14,628.00 0.00 0.00 12/27/2019 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 13312.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 13,312.0000 0.000000 0.00 0.00 0.00 12/27/2019 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 13312.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00 12/31/2019 912828XW5 INTEREST EARNED ON U S TREASURY NT 1.750% 6/30/22 $1 PV ON 5000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 43,750.00 0.00 0.00 12/31/2019 912828VJ6 INTEREST EARNED ON U S TREASURY NT 1.875% 6/30/20 $1 PV ON 15000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 140,625.00 0.00 0.00 20 of 21 U.S. Bank Transaction History 10/01/2019 Thru 12/31/2019 Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/31/2019 912828XX3 INTEREST EARNED ON U S TREASURY NT 2.000% 6/30/24 $1 PV ON 5000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 50,000.00 0.00 0.00 12/31/2019 912828N30 INTEREST EARNED ON U S TREASURY NT 2.125% 12/31/22 $1 PV ON 5000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 53,125.00 0.00 0.00 12/31/2019 912828XY1 INTEREST EARNED ON U S TREASURY NT 2.500% 6/30/20 $1 PV ON 5000000.0000 SHARES DUE 12/31/2019 0.0000 0.000000 62,500.00 0.00 0.00 TOTAL OTHER TRANSACTIONS -192,587,902.7600 331,462,539.07 -192,593,183.34 0.00 21 of 21 December 31, 2019 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 Appendix for Important Information and Disclosures. Table of Contents December 31, 2019 Capital Market Review 1 Active Management Overview Market Overview 7 Domestic Fixed Income 8 Asset Allocation Investment Manager Asset Allocation 10 Investment Manager Returns 11 Asset Class Risk and Return 15 Manager Analysis Chandler-Long Term Operating Fund 17 Chandler-Liquid Operating Money 21 Callan Research/Education 23 Definitions 26 Disclosures 31 Orange County Sanitation District Executive Summary for Period Ending December 31, 2019 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, $29.0 million was contributed to the Long Term Operating Fund and $107.0 million was added to the Liquid Operating Monies for a combined contribution of $136.0 million. Organizational Issues  N/A Fixed Income Market Snapshot  Positive economic data and progressing trade relations with China sent treasury yields higher across the curve in the fourth quarter. Quarter-over-quarter, the Treasury curve steepened significantly with the two-year falling five basis points (bps) to 1.58%, the 10-year increasing 24 bps to 1.92% and the 30-year increasing 27 bps to 2.39%. Corporate spreads tightened in response to positive economic data and a general risk-on tone. Investment grade spreads tightened 22 bps during the quarter. After cutting rates at their October meeting, the Federal Open Market Committee (FOMC) left the fed funds rate unchanged at their December meeting, in line with expectations. To close the year, the fed funds rate target remained at a range of December 31, 2019 September 30, 2019 Market Value Weight Net New Inv.Inv. Return Market Value Weight Domestic Fixed IncomeLong Term Operating Fund*579,913,998 76.75%29,000,000 2,787,071 548,126,927 88.93%Liquid Operating Monies*175,646,417 23.25%107,000,000 413,159 68,233,258 11.07% Total Fund $755,560,415 100.0%$136,000,000 $3,200,230 $616,360,185 100.0% Last Last Last Last Last 3 5 7QuarterYearYearsYearsYears Domestic Fixed Income Long Term Operating Fund^0.50%4.70%2.48%1.97%1.43% Chandler 0.50%4.70%2.48%1.97%- Blmbg Govt/Cred 1-5 Year Idx 0.50%5.01%2.54%2.03%1.69% ML 1-5 Govt/Corp 0.53%5.08%2.57%2.07%1.74% Liquid Operating Monies^0.50%2.39%1.73%1.17%0.87% Chandler 0.50%2.39%1.73%1.17%- Citigroup 3-Month Treasury Bill 0.46%2.25%1.65%1.05%0.76% Total Fund 0.50%4.26%2.32%1.78%1.30%Target*0.52%4.51%2.39%1.87%1.54% 2 Orange County Sanitation District 1.50-1.75%, and markets are not currently pricing in a greater than 50% chance of additional Fed actions in the next 12 months.  The Bloomberg Aggregate Index rose 0.2% in the fourth quarter, despite rising rates, bringing its 2019 return to 8.7%. Performance outside of government sectors was largely positive. U.S. Treasuries fell in conjunction with rising rates (Bloomberg Government Index: -0.8%) and long gov/credit bonds (Bloomberg Long Gov/Credit Index: -1.1%) were down more than 1.0% in the fourth quarter. Light supply and optimistic market tone provided for corporate spread tightening and lower quality bonds outperformed in the fourth quarter. The Bloomberg Credit Index returned 1.1% and the ML High Yield CP Index increased 2.6% during the period. TIPS (Bloomberg U.S. TIPS Index: +0.8%) outperformed as 10-year break even inflation spreads increased to 1.77% (up from 1.53% at the end of Q3). Manager Performance  The Long Term Operating Fund returned 0.50% during the quarter, which was generally in line with the return of the ML U.S. 1-5 Corp/Gov Index (+0.53%). Over the trailing 12 months, the Fund has underperformed the benchmark by 38 basis points. However, ranked against the Callan Short Term Fixed Income Peer Group, the Fund is performing above median (35th percentile). The fund’s out-of-benchmark allocation to Asset Backed Securities contributed positively to relative performance in the fourth quarter. The manager’s barbell approach of over allocating to shorter-dated and longer-dated securities at the expense of the middle portion of the curve also contributed to relative gains. During the quarter, the manager increased the allocation to U.S. Treasuries by 4.4 percentage points and decreased the allocation to Agencies by 2.8 percentage points. The portfolio had less than 30% invested in credit (24%) and less than the permitted 20% invested in the combination of asset-backed securities (8%), commercial mortgage backed securities (0%), and CMOs (0%) as of December 31, 2019 (see page 20).  The Liquid Operating Portfolio appreciated 0.46% (after fees) in the fourth quarter, performing in line with the 3-month Treasury return of 0.46%. During 2019, the Portfolio gained 2.24%, which ranked in the 28th percentile among peers. Cordially, Gordon M. Weightman, CFA Senior Vice President                     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 9.1% 9.0% 10.6% 7.4% 9.1% 7.1% 8.5% 9.9% 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 31.0% 31.4% 36.4% 26.5% 31.5% 30.5% 27.8% 25.5% Source: Standard & Poor’s U.S. EQUITY The fourth quarter closed out a near-historic year for equity markets, in particular the S&P 500, which ended 2019 up 31.5%—enough to claim second place behind 2013 for the strongest year of the decade (during which large cap equities only saw one down year). Both Apple (+85%) and Microsoft (+54%) reached over $1 trillion in market cap and accounted for 15% of the S&P 500’s advance for the year. For the recent quarter, investors globally were spurred by three interest rate cuts by the Fed, a potential U.S.-China trade armistice, continued low inflation, and some clarity around Brexit. Large cap vs. small cap (Russell 2000: +9.9%; Russell 1000: +9.0%) –Small cap trailed for most of 2019 but eclipsed large cap stocks in the fourth quarter due to notable contributions from the Health Care sector, where the biotech and pharmaceutical industries saw heightened new drug approvals and M&A activity during the quarter. –Small growth outpaced small value for the quarter, the year, and the decade; the Russell 2000 Growth Index outpaced the Russell 2000 Value Index by 3% annualized over the past 10 years as the low interest rate environment favored growth stocks and challenged the Russell 2000 Value’s heavy exposure to Financials. –While small cap outpaced large cap in the fourth quarter, large cap stocks led for the third straight year, owing much to Tech (+50.3%) and Communication Services (+32.7%). Growth vs. Value (Russell 1000 Growth: +10.6%; Russell 1000 Value: +7.4%) –Growth continued its dominance over value during the quarter, closing out a decade-long trend. –Tech giants Facebook, Apple, Microsoft, and Alphabet/Google remained meaningful contributors for the quarter although Health Care (+14.4%) was also among the top sector performers. –The fourth quarter saw a rotation away from the more defensive sectors (e.g., Consumer Staples (+3.5%), Utilities (+0.8%), and Real Estate (-0.5%)) and into Cyclicals, further supporting growth stocks. Capital Market Overview Dec. 31, 2019 S&P Sector Returns, Quarter Ended December 31, 2019 Last Quarter 9.0% 4.5%3.5% 5.5% 10.5% 14.4%14.4% 5.5%6.4% -0.5% 0.8% Services Communication Discretionary Consumer Staples Consumer Energy Financials Health Care Industrials Technology Information Materials Real Estate Utilities Sources: FTSE Russell, Standard & Poor’s Capital Market Overview (continued) Dec. 31, 2019 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 8.2% 9.0% 8.6% 8.9% 7.9% 11.0% 11.4% 8.5% 10.0% 5.8% 7.6% 11.8% 14.7% 6.6% 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 22.0% 26.6% 27.7% 21.5% 22.5% 22.4% 25.4% 24.8% 21.0% 18.4% 19.6% 18.4% 23.5% 18.0% Source: MSCI GLOBAL/GLOBAL EX-U.S. EQUITY Global equity markets bounced back in the fourth quarter as uncertainties abated. De-escalation of the U.S.-China trade war coupled with some Brexit clarity boosted markets. With this backdrop, trade-related areas of the market led the rally. Global/Developed ex-U.S. (MSCI EAFE: +8.2%; MSCI World ex USA: +7.9%; MSCI ACWI ex USA: +8.9%; MSCI Japan: +7.6%; MSCI Pacific ex Japan: +5.8%) –Optimism catalyzed by easing tension between the U.S. and China and nearing conclusion of Brexit boosted the markets, and the U.S. dollar fell against most currencies within developed and emerging markets. –British Prime Minister Boris Johnson gained command of the Parliament as a result of the Dec. 12 election, adding further clarity to Brexit and sparking the pound to its best quarterly results in a decade by rising 7.5% relative to the dollar. –Accommodative policies such as a fiscal stimulus program and dovish monetary rhetoric continued to support the Japanese economy and its market. –Despite GDP contraction of 3.2% and its first recession in a decade due to political protests, Hong Kong rose 7.3% as U.S.-China trade tensions improved. –Every sector generated positive returns, led by Technology. Emerging Markets (MSCI Emerging Markets Index: +11.8%) –Emerging markets were the best-performing among the global ex-U.S. markets as trade war uncertainty receded. –China soared 14.7% with easing trade tensions and expected fiscal and monetary stimulus packages in 2020. –Brazil posted a 14.2% gain, its best quarter since late 2017, emboldened by President Jair Bolsonaro’s deregulation policies, the country’s 1.2% GDP growth, and pending pension reform. –Russia was the best-performing country in 2019 (+50.9%) and a top five performer in the quarter (+16.8%) as rising oil prices over the past year helped fuel sentiment. –Every sector generated positive returns, led by Asian technology companies, given the “phase one” trade deal, chip demands for 5G, and growth in China. Global ex-U.S. Small Cap (MSCI World ex USA Small Cap: +11.4%; MSCI EM Small Cap: +9.5%; MSCI ACWI ex USA Small Cap: +11.0%) –The “risk-on” market environment triggered by the U.S.- China trade war de-escalation enabled small caps to outperform large caps. –Additional Brexit clarity drove the U.K. as the top country performer (+19.4%) within developed ex-U.S. –Argentina (+33.5%) and Brazil (+24.8%) were two of the top EM country performers as key appointments in the Argentinian government, and deregulation and pension reform in Brazil, boosted market sentiment. Blmberg Barclays Gov/Cr 1-3 Yr Blmberg Barclays Interm Gov/Cr Blmberg Barclays Aggregate Blmberg Barclays Long Gov/Cr Blmberg Barclays Universal CS Leveraged Loans Blmberg Barclays High Yield Blmberg Barclays TIPS U.S. Fixed Income: Quarterly Returns 0.2% 0.5% 0.6% 0.4% -1.1% 1.7% 2.6% 0.8% Blmberg Barclays Gov/Cr 1-3 Yr Blmberg Barclays Interm Gov/Cr Blmberg Barclays Aggregate Blmberg Barclays Long Gov/Cr Blmberg Barclays Universal CS Leveraged Loans Blmberg Barclays High Yield Blmberg Barclays TIPS U.S. Fixed Income: One-Year Returns 8.7% 9.3% 4.0% 6.8% 19.6% 8.2% 14.3% 8.4% 0% 1% 2% 3% 4% 0 5 10 15 20 25 30 Maturity (Years) 12/31/2019 9/30/2019 12/31/2018 U.S. Treasury Yield Curves FIXED INCOME The Federal Open Market Committee (FOMC) cut short-term interest rates by 25 basis points once in the fourth quarter to 1.50%-1.75%, citing weak business investment and export data, along with muted inflation. The overall economic backdrop remained strong supported by a solid labor market, which led to a pause in rate cuts at the most recent FOMC meeting. The FOMC indicated its current monetary policy stance is appropriate to sustain the economic expansion. The European Central Bank kept rates steady while continuing to purchase assets in the open market. Yield movement was mixed in the U.S. as short-term rates fell and long-term rates rose amid ongoing trade negotiations. U.S. Fixed Income (Bloomberg Barclays US Aggregate Bond Index: +0.2%) –Treasuries fell 0.8% as the Treasury yield curve steepened, with yields falling on the short end and rising modestly in the intermediate and long end of the curve on expectations of stronger economic growth. –The spread between the 2-year and 10-year Treasury remained positive, ending the year at 34 bps. –Long Treasuries fell 4.1% as the 30-year yield rose 27 bps to end the year at 2.39% as investors favored risk assets. –TIPS outperformed nominal Treasuries as inflation expectations rose; the 10-year breakeven spread was 1.77% at quarter end, up from 1.53% as of Sept. 30. Investment Grade Corporates (Bloomberg Barclays Corporate: +1.2%) –Investment grade corporate credit spreads narrowed in the fourth quarter and posted the best results within the Bloomberg Barclays US Aggregate Bond Index amid a risk- on market environment; BBB-rated corporates (+1.7%) outperformed single A-rated or higher corporates (+0.7%), indicating investors’ willingness to extend risk down the credit spectrum. –Issuance in the corporate bond market was $200 billion in the fourth quarter, which was $8 billion lower than that from a year ago. Issuance was $140 billion lower compared to the third quarter, as is typical toward year-end; demand remained strong amid the risk-on market tone as global investors continued their hunt for positive-yielding assets. High Yield (Bloomberg Barclays Corporate High Yield: +2.6%) –CCC-rated corporates (+3.7%) outperformed BB-rated corporates (+2.5%), as the risk-on market sentiment spurred demand for lower-rated securities. –Spreads across credit quality buckets tightened in the fourth quarter, as the market anticipated improvements in credit fundamentals. Capital Market Overview (continued) Dec. 31, 2019 Sources: Bloomberg, Bloomberg Barclays, Credit Suisse Blmberg Barclays Gl Aggregate Blmberg Barclays Gl Agg (hdg) Blmberg Barclays Gl High Yield Blmberg Barclays Gl 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 0.5% -0.5% 3.5% 0.7% 1.8% 5.2% 3.5% 2.1% Blmberg Barclays Gl Aggregate Blmberg Barclays Gl Agg (hdg) Blmberg Barclays Gl High Yield Blmberg Barclays Gl 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 6.8% 8.2% 12.6% 5.1% 15.0% 13.5% 14.3% 13.8% 26 bps 38 bps 33 bps 34 bps 20 bps 0 5 10 15 20 25 30 35 40 45 50 U.S. Treasury Germany U.K. Canada Japan 3Q19 to 4Q19 Change in 10-Year Global Government Bond Yields Leveraged Loans (CS Leveraged Loans: +1.7%) –Bank loans, which have floating-rate coupons, underperformed high yield as investors shunned loans in favor of high yield bonds. –CLO issuance remained consistent, providing technical support for the leveraged loan market. Global Fixed Income (Bloomberg Barclays Global Aggregate (unhedged): +0.5%; (hedged): -0.5%) –Developed market sovereign bond yields rose modestly in the fourth quarter as global financial conditions improved, but ended lower on the year. The ECB kept the deposit rate steady at its December meeting; negative-yielding debt totaled less than $12 trillion, down from $17 trillion in the third quarter. –The U.S. dollar declined in the fourth quarter versus the euro, Australian dollar, and British pound; however, it had a modest gain versus the Japanese yen. US$ EMD (JPM EMBI Global Diversified: +1.8%), Local Currency EMD (JPM GBI-EM Global Diversified: +5.2%) –Broadly, emerging market debt benefited from dovish global central banks and a risk-on environment. –Within the dollar-denominated benchmark, which posted mixed results, Lebanon (-29.4%) was an outlier as the debt- to-GDP ratio continued to swell and anti-government protests persisted; Argentina rallied (+20.8%) to end the year down 23.6% as a new president was inaugurated. Returns in the local debt benchmark were largely positive, with only Chile (-6.2%) and the Dominican Republic (-0.7%) declining. South Africa (+10.2%) and Russia (+10.0%) were top performers. Capital Market Overview (continued) Dec. 31, 2019 Sources: Bloomberg, Bloomberg Barclays, JP Morgan                     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 December 31, 2019 Re t u r n s (2%) 0% 2% 4% 6% 8% 10% 12% 14% 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 (44) (26) (81) (64)(94) (74) 10th Percentile 11.07 11.74 11.61 0.39 4.93 4.14 25th Percentile 10.05 10.18 10.52 0.31 3.10 2.64 Median 8.82 8.53 9.32 0.22 1.29 1.87 75th Percentile 7.77 7.42 8.50 0.10 0.84 1.5290th Percentile 6.45 6.04 7.58 (0.04)0.01 1.13 Index 9.07 9.94 8.17 0.18 (0.07)1.55 Range of Separate Account Manager Returns by Asset Class One Year Ended December 31, 2019 Re t u r n s 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Large Cap Small Cap Non-US Domestic Non-US Real Equity Equity Equity Fixed Income Fixed Income Estatevs vs vs vs vs vsS&P 500 Russell 2000 MSCI EAFE Blmbg Aggr Bd Citi Non-US Govt NCREIF Index (43) (51) (66) (83) (80)(65) 10th Percentile 37.69 35.81 30.93 9.95 9.17 18.55 25th Percentile 33.97 30.22 28.26 9.58 7.63 9.85Median 30.68 25.76 23.83 9.17 6.43 7.31 75th Percentile 26.88 22.13 20.99 8.89 5.46 5.79 90th Percentile 24.16 19.18 18.18 8.53 4.14 3.84 Index 31.49 25.52 22.01 8.72 5.32 6.42 7Orange County Sanitation District Domestic Fixed Income Active Management Overview Fixed income markets posted strong returns in 2019 fueled both by falling interest rates and strong investor demand, especially for higher-yielding sectors. The 10-year U.S. Treasury closed the year at 1.92%, up from 1.68% at the end of the third quarter and down sharply from 2.69% at the close of 2018. The Bloomberg Barclays US Aggregate Bond Index rose 8.7%, the best calendar year return since 2002, with the lowest-quality tier of the Index up 16.4%. Fourth quarter gains were more muted at 0.2% as Treasury yields rose modestly. Corporate bonds were the best-performing sector in the fourth quarter and 2019 (Bloomberg Barclays Corporate Index: +1.2%; +14.5%). High yield corporates also posted sharp gains; the Bloomberg Barclays Corporate High Yield Index rose 2.6% in the fourth quarter and 14.3% in 2019. Leveraged loans suffered outflows throughout the year, but still posted a solid return (CS Leveraged Loan: +1.7%; +9.0%). The Bloomberg Barclays US TIPS Index sharply outperformed the Treasury Index in the fourth quarter as inflation expectations rose. Separate Account Style Group Median Returns for Quarter Ended December 31, 2019 (2%) (1%) 0% 1% 2% 3% 4% 0.60 Defensive 0.44 Intermed 0.22 Core Bond 0.49 Core Plus (1.00 ) Extended Maturity 1.76 Bank Loans 2.65 High Yield Re t u r n s Blmbg Aggregate: 0.18% Blmbg High Yield: 2.61% Blmbg Long Gov/Cred:(1.12%) Separate Account Style Group Median Returns for One Year Ended December 31, 2019 0% 5% 10% 15% 20% 25% 30% 4.52 Defensive 7.04 Intermed 9.17 Core Bond 10.01 Core Plus 20.14 Extended Maturity 8.76 Bank Loans 14.95 High Yield Re t u r n s Blmbg Aggregate: 8.72% Blmbg High Yield: 14.32% Blmbg Long Gov/Cred: 19.59% 8Orange County Sanitation District                     Asset Allocation     Investment Manager Asset Allocation The table below contrasts the distribution of assets across the Fund’s investment managers as of December 31, 2019, with the distribution as of September 30, 2019. 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 December 31, 2019 September 30, 2019 Market Value Weight Net New Inv. Inv. Return Market Value Weight Domestic Fixed Income Long Term Operating Fund* 579,913,998 76.75% 29,000,000 2,787,071 548,126,927 88.93% Liquid Operating Monies* 175,646,417 23.25% 107,000,000 413,159 68,233,258 11.07% Total Fund $755,560,415 100.0% $136,000,000 $3,200,230 $616,360,185 100.0% *Chandler replaced PIMCO during the 4th quarter of 2014. Assets were transferred in-kind as of 12/01/2014. 10Orange County Sanitation District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods ended December 31, 2019. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. Returns for Periods Ended December 31, 2019 Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund^ 0.50% 4.70% 2.48% 1.97% 1.43% Chandler 0.50% 4.70% 2.48% 1.97% - Blmbg Govt/Cred 1-5 Year Idx 0.50% 5.01% 2.54% 2.03% 1.69% ML 1-5 Govt/Corp 0.53% 5.08% 2.57% 2.07% 1.74% Liquid Operating Monies^ 0.50% 2.39% 1.73% 1.17% 0.87% Chandler 0.50% 2.39% 1.73% 1.17% - Citigroup 3-Month Treasury Bill 0.46% 2.25% 1.65% 1.05% 0.76% Total Fund 0.50% 4.26% 2.32% 1.78% 1.30% Target* 0.52% 4.51% 2.39% 1.87% 1.54% * Current Quarter Target = 80.0% ML: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 District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods ended December 31, 2019. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. Returns for Periods Ended December 31, 2019 Last Last Last 10 15 24-1/4 Years Years Years Domestic Fixed Income Long Term Operating Fund^ 2.20% 3.12% 4.22% Blmbg Govt/Cred 1-5 Year Idx 2.13% 2.92% 4.06% ML 1-5 Govt/Corp 2.19% 2.95% 4.09% Liquid Operating Monies^ 0.67% 1.54% 2.57% Citigroup 3-Month Treasury Bill 0.56% 1.33% 2.28% Total Fund 1.91% 2.82% 3.96% Target*1.86% 2.62% 3.73% * Current Quarter Target = 80.0% ML: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 District 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. 2019 2018 2017 2016 2015 Domestic Fixed Income Long Term Operating Fund^ 4.70% 1.60% 1.18% 1.58% 0.85% Chandler 4.70% 1.60% 1.18% 1.58% 0.85% Blmbg Govt/Cred 1-5 Year Idx 5.01% 1.38% 1.27% 1.56% 0.97% ML 1-5 Govt/Corp 5.08% 1.40% 1.28% 1.62% 1.05% Liquid Operating Monies^ 2.39% 1.90% 0.91% 0.47% 0.22% Chandler 2.39% 1.90% 0.91% 0.47% 0.22% Citigroup 3-Month Treasury Bill 2.25% 1.86% 0.84% 0.27% 0.03% Total Fund 4.26% 1.72% 1.02% 1.15% 0.80% Target* 4.51% 1.49% 1.19% 1.35% 0.85% * Current Quarter Target = 80.0% ML: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 District Investment Manager Returns The table below details the rates of return for the Fund’s investment managers over various time periods. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. 2014 2013 2012 2011 2010 Domestic Fixed Income Long Term Operating Fund^ 1.98%(1.77%)3.06% 4.59% 4.42% Blmbg Govt/Cred 1-5 Year Idx 1.42% 0.28% 2.24% 3.14% 4.08% ML 1-5 Govt/Corp 1.51% 0.32% 2.47% 3.10% 4.17% Liquid Operating Monies^ 0.09% 0.13% 0.17% 0.24% 0.25% Citigroup 3-Month Treasury Bill 0.03% 0.05% 0.07% 0.08% 0.13% Total Fund 1.73%(1.49%)2.70% 3.70% 3.68% Target* 1.21% 0.26% 1.99% 2.49% 3.36% * Current Quarter Target = 80.0% ML: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 District 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% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% Total Fund FTSE 3 Mo T-Bill Total Fund Target Blmbg Gov/Cred 1-5 Yr ML: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 0.30%0.40%0.50%0.60%0.70%0.80%0.90%1.00%1.10%1.20%1.30%1.40% 0.5% 1.0% 1.5% 2.0% Total Fund Callan Money Market Funds Callan Short Fixed Inc Standard Deviation Re t u r n s 15Orange County Sanitation District                     Manager Analysis     Chandler-Long Term Operating Fund Period Ended December 31, 2019 Investment Philosophy Chandler Asset Management’s Short Term Bond strategy is driven by quantitative models and focuses on active duration management, sector selection and term structure. The strategy seeks to achieve consistent above-benchmark returns with low volatility relative to the style’s performance benchmark. The firm has a unique focus on high quality fixed income management, and places risk control as a higher objective than return. Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. Quarterly Summary and Highlights Long Term Operating Fund’s portfolio posted a 0.50% return for the quarter placing it in the 79 percentile of the Callan Short Term Fixed Income group for the quarter and in the 35 percentile for the last year. Long Term Operating Fund’s portfolio underperformed the ML:Corp/Gov 1-5 Yr by 0.03% for the quarter and underperformed the ML:Corp/Gov 1-5 Yr for the year by 0.38%. Quarterly Asset Growth Beginning Market Value $548,126,927 Net New Investment $29,000,000 Investment Gains/(Losses) $2,787,071 Ending Market Value $579,913,998 Performance vs Callan Short Term Fixed Income (Gross) 0% 1% 2% 3% 4% 5% 6% 7% Last Qtr Last Last 3 Yrs Chandler Last 5 Yrs Last 7 Yrs Last 10 Yrs Since 9/30/95 Yr Inception A(79)B(79)(72) B(21)A(35) (20) B(53) A(60)(49)B(58) A(62)(51)B(58) A(62)(51)B(59) A(84)(52) A(41)B(46)(42) A(15)B(30)(27) 10th Percentile 0.81 5.43 3.11 2.60 2.60 2.27 2.97 4.37 25th Percentile 0.66 4.94 2.79 2.31 2.31 2.03 2.53 4.11 Median 0.60 4.52 2.57 2.08 2.08 1.76 2.09 3.87 75th Percentile 0.52 4.10 2.35 1.83 1.83 1.55 1.74 3.61 90th Percentile 0.44 3.51 2.14 1.65 1.65 1.34 1.27 3.09 Long Term Operating Fund A 0.50 4.70 2.48 1.97 1.97 1.43 2.20 4.22 Blmbg Govt/Cred 1-5 Year Idx B 0.50 5.01 2.54 2.03 2.03 1.69 2.13 4.06 ML:Corp/Gov 1-5 Yr 0.53 5.08 2.57 2.07 2.07 1.74 2.19 4.09 Relative Return vs ML:Corp/Gov 1-5 Yr Re l a t i v e R e t u r n s (1.4%) (1.2%) (1.0%) (0.8%) (0.6%) (0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6% 2013 2014 2015 2016 2017 2018 2019 Long Term Operating Fund Callan Short Term Fixed Income (Gross) Annualized Seven Year Risk vs Return 0.0 0.5 1.0 1.5 2.0 2.5 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Blmbg Govt/Cred 1-5 Year Idx Long Term Operating Fund ML:Corp/Gov 1-5 Yr Standard Deviation Re t u r n s 17Orange County Sanitation District 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) (3%)(2%)(1%)0%1%2%3%4%5%6%7% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 B(21)A(35)20 A(65)B(87)87 B(58)A(65)57 A(49)B(50)47 B(35) A(63)24 A(4)B(17)10 B(90) A(100) 89 A(21) B(38)27 A(1) B(4)4 A(15)B(20)17 10th Percentile 5.43 2.00 2.23 2.82 1.17 1.50 1.20 4.46 2.72 4.7125th Percentile 4.94 1.82 1.74 2.17 1.01 1.27 0.80 2.60 2.30 4.01 Median 4.52 1.69 1.31 1.56 0.91 1.11 0.65 1.81 1.85 3.18 75th Percentile 4.10 1.54 0.95 1.18 0.75 0.87 0.40 1.45 1.65 2.72 90th Percentile 3.51 1.33 0.66 1.03 0.64 0.73 0.29 0.92 1.44 2.41 Long Term Operating Fund A 4.70 1.60 1.18 1.58 0.85 1.98 (1.77)3.06 4.59 4.42 Blmbg Govt/Cred 1-5 Year Idx B 5.01 1.38 1.27 1.56 0.97 1.42 0.28 2.24 3.14 4.08 ML:Corp/Gov 1-5 Yr 5.08 1.40 1.28 1.62 1.05 1.51 0.32 2.47 3.10 4.17 Cumulative and Quarterly Relative Return vs ML:Corp/Gov 1-5 Yr Re l a t i v e R e t u r n s (4%) (3%) (2%) (1%) 0% 1% 2% 3% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Long Term Operating Fund Blmbg Govt/Cred 1-5 Year Idx Callan Short Fixed Inc Risk Adjusted Return Measures vs ML:Corp/Gov 1-5 Yr Rankings Against Callan Short Term Fixed Income (Gross) Seven Years Ended December 31, 2019 (1.5) (1.0) (0.5) 0.0 0.5 1.0 1.5 2.0 Alpha Sharpe Excess Return Ratio Ratio B(94)A(98) B(91)A(97) A(88) B(97) 10th Percentile 0.93 1.42 0.91 25th Percentile 0.61 1.21 0.44 Median 0.38 0.96 0.03 75th Percentile 0.21 0.79 (0.31) 90th Percentile 0.06 0.65 (0.61) Long Term Operating Fund A (0.27)0.43 (0.58) Blmbg Govt/Cred 1-5 Year Idx B (0.05)0.64 (0.94) 18Orange County Sanitation District 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 December 31, 2019 (1.0) (0.5) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Average Effective Coupon OA Duration Life Yield Rate Convexity (18)(9)(13)(13) (93) (89) (66) (7) 10th Percentile 2.50 2.94 2.58 3.40 0.05 25th Percentile 2.07 2.48 2.24 2.93 0.04 Median 1.85 2.10 2.05 2.76 0.01 75th Percentile 1.80 1.91 1.97 2.46 (0.02) 90th Percentile 1.76 1.88 1.88 2.22 (0.12) Long Term Operating Fund 2.41 2.74 - 2.25 - ML:Corp/Gov 1-5 Yr 2.54 2.70 1.80 2.61 0.08 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 December 31, 2019 0%10%20%30%40%50%60%70%80% US Trsy 34.8 23.0 62.9 Corp (incl 144A) 24.1 50 % Mg r M V 50 % Mg r M V 47.6 27.3 Gov Related 22.8 1.9 9.7 Other 8.8 ABS 7.8 19.5 Cash 1.0 1.2 Tax-Exempt US Muni 0.3 CMBS 0.2 3.7 CMOs 0.2 1.2 RMBS 1.9 Long Term Operating Fund Callan Short Term Fixed Income ML:Corp/Gov 1-5 Yr Quality Ratings vs Callan Short Term Fixed Income A A+ AA- AA AA+ AAA Trsy Weighted Average Quality Rating (31)(15) 10th Percentile AA+ 25th Percentile AA Median AA- 75th Percentile AA- 90th Percentile A+ Long TermOperating Fund AA ML:Corp/Gov 1-5 Yr AA 19Orange County Sanitation District Long Term Operating Fund Portfolio Characteristics Summary As of December 31, 2019 Portfolio Structure Comparison The charts below compare the structure of the portfolio to that of the index from the three perspectives that have the greatest influence on return. The first chart compares the two portfolios across sectors. The second chart compares the duration distribution. The last chart compares the distribution across quality ratings. Sector Allocation Long Term Operating Fund US Trsy 35% CMBS 0% Corp (incl 144A) 24% CMOs 0% Gov Related 23% Tax-Exempt US Muni 0% Other 9% Cash 1% ABS 8% ML:Corp/Gov 1-5 Yr US Trsy 63% Gov Related 10% Corp (incl 144A) 27% Duration Distribution 0% 10% 20% 30% 40% 50% 60% 70% 80% <1 21.0 2.0 1-3 41.0 62.1 3-5 38.0 35.8 5-7 7-10 >10 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: 2.41 2.54 Quality Distribution 0% 20% 40% 60% 80% 100% AAA 9.0 68.7 AA 68.2 5.3 A 16.012.5 BBB 0.5 13.4 BB B CCC CC C D N/R 6.3 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 Chandler-Liquid Operating Money Period Ended December 31, 2019 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 0.46% return for the quarter placing it in the 21 percentile of the Callan Money Market Funds group for the quarter and in the 28 percentile for the last year. Liquid Operating Money Net’s portfolio underperformed the Citigroup 3-Month Treasury Bill by 0.00% for the quarter and underperformed the Citigroup 3-Month Treasury Bill for the year by 0.01%. Quarterly Asset Growth Beginning Market Value $68,233,258 Net New Investment $107,000,000 Investment Gains/(Losses) $413,159 Ending Market Value $175,646,417 Performance vs Callan Money Market Funds (Net) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Last Qtr Last Last 3 Yrs Chandler Last 5 Yrs Last 7 Yrs Last 10 Yrs Since 9/30/95 Yr Inception (21)(21) (28)(27) (31)(27) (27)(26)(27)(26) (26)(23) (22)(20) (12)(24) 10th Percentile 0.58 3.21 2.08 1.58 1.58 1.22 1.06 2.52 25th Percentile 0.44 2.31 1.68 1.05 1.05 0.72 0.51 2.28 Median 0.37 1.96 1.37 0.83 0.83 0.59 0.41 2.12 75th Percentile 0.33 1.75 1.18 0.71 0.71 0.51 0.35 1.99 90th Percentile 0.26 1.47 0.94 0.55 0.55 0.40 0.27 1.84 Liquid Operating Money Net 0.46 2.24 1.58 1.02 1.02 0.72 0.52 2.42 Citigroup 3-Month Treasury Bill 0.46 2.25 1.65 1.05 1.05 0.76 0.56 2.28 Relative Returns vs Citigroup 3-Month Treasury Bill Re l a t i v e R e t u r n s (0.08%) (0.06%) (0.04%) (0.02%) 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 2013 2014 2015 2016 2017 2018 2019 Liquid Operating Money Net Callan Money Market Funds (Net) Annualized Seven Year Risk vs Return 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Liquid Operating Money Net Citigroup 3-Month Treasury Bill Standard Deviation Re t u r n s 21Orange County Sanitation District 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) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2827 2212 3530 3033 2236 9822 9820 4424 1315 1915 10th Percentile 3.21 1.89 1.42 1.32 0.28 0.35 0.30 0.85 0.12 0.24 25th Percentile 2.31 1.72 0.91 0.40 0.06 0.03 0.04 0.06 0.04 0.08 Median 1.96 1.53 0.61 0.14 0.01 0.01 0.01 0.01 0.01 0.02 75th Percentile 1.75 1.30 0.42 0.04 0.01 0.01 0.01 0.01 0.01 0.0190th Percentile 1.47 1.04 0.23 0.01 0.00 0.00 0.00 0.00 0.00 0.00 Liquid Operating Money Net 2.24 1.75 0.76 0.32 0.07 (0.06) (0.02)0.02 0.09 0.10 Citigroup 3-Month Treasury Bill 2.25 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08 0.13 Cumulative and Quarterly Relative Return vs Citigroup 3-Month Treasury Bill 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% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 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 December 31, 2019 (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) 0.0 0.5 1.0 1.5 2.0 Alpha Sharpe Excess Return Ratio Ratio (29)(26) (28) 10th Percentile 0.39 0.79 1.22 25th Percentile (0.02) (0.12) (0.30) Median (0.17) (0.49) (2.06) 75th Percentile (0.25) (0.78) (2.36) 90th Percentile (0.36) (1.30) (2.51) Liquid Operating Money Net (0.06) (0.14) (0.80) 22Orange County Sanitation District Callan Research/Education  Research and Educational Programs The Callan Institute provides research to update clients on the latest industry trends and carefully structured educational programs to enhance the knowledge of industry professionals. Visit www.callan.com/library to see all of our publications, and www.callan.com/blog to view our blog “Perspectives.” For more information contact Barb Gerraty at 415-274-3093 / institute@callan.com. New Research from Callan’s Experts Long-Dated Private Equity Funds: More Illiquidity Please? | In this paper, Ashley DeLuce of Callan’s Private Equity Consulting Group analyzes long-dated private equity funds, which have terms of 15 years or more (some even have no ixed term), and tend to focus on stable, mature businesses that may not it a traditional private equity investment proile. Although these companies may not generate the outsized internal rates of return associated with traditional private equity investments, they tend to have stronger downside protection. In evaluating a potential long-dated fund investment, investors need to be wary of the strategy’s increased illiquidity and how it can impact annual commitment pacing. Callan 2019 Investment Management Fee Study | This study using Callan’s proprietary database is our eighth examination of institutional investment management fee trends. The purpose of the study is to provide a detailed analysis on fee levels and trends across multiple asset classes and mandate sizes, for both active and passive management. Gold: Real Asset, Risk Mitigator, or Pet Rock? | In this Hedge Fund Monitor, Jim McKee reviews the history of gold as a form of money, the reasons behind the recent renaissance in gold, the potential roles of gold for institutional investors, and the alternative approaches to invest in gold-related themes. For some institutional investors, gold can play a useful role in diversifying risk or enhancing returns. For others, particularly those with higher risk tolerances and longer time horizons, a strategic gold allocation has about as much purpose as a Pet Rock. Quarterly Periodicals Private Equity Trends, 3Q19 | This newsletter from Callan’s Private Equity Consulting Group provides a high-level summary of private equity activity in the quarter through all the investment stages, from fundraising to exits, as well as long-term performance data. Monthly Periodic Table of Investment Returns, November 2019 | A regular update to Callan’s Periodic Table covering the major public equity and ixed income asset classes. Active vs. Passive Report, 3Q19 | This series of charts compares active managers alongside relevant benchmarks over the long term. Market Pulse Flipbook, 3Q19 | A quarterly market reference guide covering trends in the U.S. economy, developments for institutional investors, and the latest data for U.S. and global ex-U.S. equities and ixed income, alternatives, and deined contribution plans. Capital Market Review, 3Q19 | This newsletter provides analysis and a broad overview of the economy and public and private market activity each quarter across a wide range of asset classes. Hedge Fund Quarterly, 3Q19 | Callan’s Jim McKee of our Hedge Fund Research Group provides commentary on developments for hedge funds and multi-asset class (MAC) strategies. Real Estate Indicators: Too Hot to Touch or Cool Enough to Handle? | Callan’s Real Assets Consulting Group identiies seven indicators that, combined with an understanding of prevailing market dynamics, have helped signal when the institutional real estate market is overheated or cooled. Real Assets Reporter, 3Q19 | This newsletter from our experts offers Callan’s data and insights on real estate and other real asset investment topics. Education 4th Quarter 2019 Events Miss out on a Callan conference or workshop? Event summaries and speakers’ presentations are available on our website: www.callan.com/library/ Please mark your calendar and look forward to upcoming invitations: 2020 June Regional Workshops June 23 – San Francisco June 25 – Chicago 2020 October Regional Workshops October 27 – Atlanta October 29 – Portland Please also keep your eye out for upcoming Webinars in 2020! We will be sending invitations to register for these events and will also have registration links on our website at www.callan.com/ webinarsupcoming. For more information about events, please contact Barb Gerraty: 415-274-3093 / gerraty@callan.com Education Through the “Callan College,” the Callan Institute offers educational sessions for industry professionals involved in the investment decision-making process. It was founded in 1994 to provide both clients and non-clients with basic- to intermediate-level instruction. Introduction to Investments for Institutional Investors April 21-22, 2020 – San Francisco July 21-22, 2020 – Chicago October 13-14, 2020 – Chicago This program familiarizes institutional investor trustees and staff and asset management advisers with basic investment theory, terminology, and practices. It lasts one-and-a-half days and is designed for individuals with less than two years of experience with asset-management oversight and/or support responsibilities. Tuition is $2,350 per person and includes instruction, all materials, breakfast and lunch on each day, and dinner on the irst evening with the instructors. Learn more at www.callan.com/callan-college-intro-2/ Alternative Investments for Institutional Investors June 16, 2020 – San Francisco November 3, 2020 – Chicago Alternative investments like private equity, hedge funds, and real estate can play a key role in any portfolio. In this one-day session, Callan experts will provide instruction about the importance of allocations to alternatives, and how to integrate, evaluate, and monitor them. Learn from some of Callan’s senior consultants and experts, including the head of Alternatives Consulting Pete Keliuotis. The session will cover private equity, private credit, hedge funds, real estate, and real assets; why invest in alternatives; risk/return characteristics and liquidity; designing and implementing an alternatives program; and trends and case studies. Tuition is $2,000 per person and includes instruction, all materials, and breakfast and lunch with the instructors. Learn more at: https://www.callan.com/callan-college-alternatives-2/ 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 Oficer                     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. 27 Risk/Reward Statistics Rising Declining Periods refer to the sub-asset class cycles vis-a-vis the broader asset class. This is determined by evaluating the cumulative relative sub-asset class index performance to that of the broader asset class index. For example, to determine the Growth Style cycle, the S&P 500 Growth Index (sub-asset class) performance is compared to that of the S&P 500 Index (broader asset class). Sharpe Ratio is a commonly used measure of risk-adjusted return. It is calculated by subtracting the "risk-free" return (usually 3 Month Treasury Bill) from the portfolio return and dividing the resulting "excess return" by the portfolio’s risk level (standard deviation). The result is a measure of return gained per unit of risk taken. Sortino Ratio is a downside risk-adjusted measure of value-added. It measures excess return over a benchmark divided by downside risk. The natural appeal is that it identifies value-added per unit of truly bad risk. The danger of interpretation, however, lies in these two areas: (1) the statistical significance of the denominator, and (2) its reliance on the persistence of skewness in return distributions. Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of the observations from their sample mean. Standard deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (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. 28 Fixed Income Portfolio Characteristics All Portfolio Characteristics are derived by first calculating the characteristics for each security, and then calculating the market value weighted average of these values for the portfolio. Allocation by Sector - Sector allocation is one of the tools which managers often use to add value without impacting the duration of the portfolio. The sector weights exhibit can be used to contrast a portfolio’s weights with those of the index to identify any significant sector bets. Average Coupon - The average coupon is the market value weighted average coupon of all securities in the portfolio. The total portfolio coupon payments per year are divided by the total portfolio par value. Average Moody’s Rating for Total Portfolio - A measure of the credit quality as determined by the individual security ratings. The ratings for each security, from Moody’s Investor Service, are compiled into a composite rating for the whole portfolio. Quality symbols range from Aaa+ (highest investment quality - lowest credit risk) to C (lowest investment quality - highest credit risk). Average Option Adjusted (Effective) Convexity - Convexity is a measure of the portfolio’s exposure to interest rate risk. It is a measure of how much the duration of the portfolio will change given a change in interest rates. Generally, securities with negative convexities are considered to be risky in that changes in interest rates will result in disadvantageous changes in duration. When a security’s duration changes it indicates that the stream of expected future cash-flows has changed, generally having a significant impact on the value of the security. The option adjusted convexity for each security in the portfolio is calculated using models developed by Lehman Brothers and Salomon Brothers which determine the expected stream of cash-flows for the security based on various interest rate scenarios. Expected cash-flows take into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Option Adjusted (Effective) Duration - Duration is one measure of the portfolio’s exposure to interest rate risk. Generally, the higher a portfolio’s duration, the more that its value will change in response to interest rate changes. The option adjusted duration for each security in the portfolio is calculated using models developed by Lehman Brothers and Salomon Brothers which determine the expected stream of cash-flows for the security based on various interest rate scenarios. Expected cash-flows take into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Price - The average price is equal to the portfolio market value divided by the number of securities in the portfolio. Portfolios with an average price above par will tend to generate more current income than those with an average price below par. Average Years to Expected Maturity - This is a measure of the market-value-weighted average of the years to expected maturity across all of the securities in the portfolio. Expected years to maturity takes into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Years to 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. 29 Fixed Income Portfolio Characteristics Duration Dispersion - Duration dispersion is the market-value weighted standard deviation of the portfolio’s individual security durations around the total portfolio duration. The higher the dispersion, the more variable the security durations relative to the total portfolio duration ("barbellness"), and the smaller the dispersion, the more concentrated the holdings’ durations around the overall portfolio’s ("bulletness"). The purpose of this statistic is to gauge the "bulletness" or "barbellness" of a portfolio relative to its total duration and to that of its benchmark index. Effective Yield - The effective yield is the actual total annualized return that would be realized if all securities in the portfolio were held to their expected maturities. Effective yield is calculated as the internal rate of return, using the current market value and all expected future interest and principal cash flows. This measure incorporates sinking fund paydowns, expected mortgage principal prepayments, and the exercise of any "in-the-money" imbedded put or call options. Weighted Average Life - The weighted average life of a security is the weighted average time to payment of all remaining principal. It is calculated by multiplying each expected future principal payment amount by the time left to the payment. This amount is then divided by the total amount of principal remaining. Weighted average life is commonly used as a measure of the investment life for pass-through security types for comparison to non-pass-through securities. 30                     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 on-going 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, 2019 Knowledge. Experience. Integrity. Page 1 of 2 Manager Name Aberdeen Standard Investments Acadian Asset Management LLC AEGON USA Investment Management Inc. Alcentra AllianceBernstein Allianz Global Investors Allianz Life Insurance Company of North America American Century Investments Amundi Pioneer Asset Management AQR Capital Management Ares Management LLC Ariel Investments, LLC Atlanta Capital Management Co., LLC Aviva Investors Americas AXA Investment Managers Baillie Gifford International, LLC Baird Advisors 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 BrightSphere Investment Group Brown Brothers Harriman & Company Cadence Capital Management Cambiar Investors, LLC Capital Group Carillon Tower Advisers CastleArk Management, LLC Causeway Capital Management LLC Ceredex Value Advisors Manager Name Camplain Investment Partners, LLC Chartwell Investment Partners ClearBridge Investments, LLC Cohen & Steers Capital Management, Inc. Columbia Threadneedle Investments Columbus Circle Investors Credit Suisse Asset Management Davy Asset Management Limited DePrince, Race & Zollo, Inc. Diamond Hill Capital Management, Inc. Dimensional Fund Advisors LP Doubleline Duff & Phelps Investment Management Co. DWS EARNEST Partners, LLC Eaton Vance Management Epoch Investment Partners, Inc. Fayez Sarofim & Company Federated Investors Fidelity Institutional Asset Management Fiera Capital Corporation Financial Engines First Hawaiian Bank Wealth Management Division First State Investments FIS Group, Inc. Fisher Investments Franklin Templeton Fred Alger Management, Inc. Fuller & Thaler Asset Management, Inc. GAM (USA) Inc. Glenmeade Investment Management, LP GlobeFlex Capital, L.P. GMO LLC Goldman Sachs Green Square Capital Advisors, LLC Knowledge. Experience. Integrity. December 31, 2019 Page 2 of 2 Manager Name Guggenheim Investments GW&K Investment Management Harbor Capital Group Trust Hartford Investment Management Co. Heitman LLC Hotchkis & Wiley Capital Management, LLC HSBC Global Asset Management Impax Asset Management Limited Income Research + Management, Inc. Insight Investment Management Limited Intech Investment Management, LLC Intercontinental Real Estate Corporation Invesco Investec Asset Management North America, Inc. Iridian Asset Management LLC Ivy Investments J.P. Morgan Janus Jennison Associates LLC Jenson Investment Management JO Hambro Capital Management Limited Jobs Peak Advisors John Hancock Investment Management Services, LLC Kayne Anderson Rudnick Investment Management, LLC KeyCorp Lazard Asset Management L & B Realty Advisors LLP Legal & General Investment Management America Lincoln Advisors Lincoln National Corporation Logan Circle Partners, L.P. Longview Partners Loomis, Sayles & Company, L.P. Lord Abbett & Company Los Angeles Capital Management LSV Asset Management MacKay Shields LLC MacKenzie Investments Macquarie Investment Management (MIM) Manulife Investment Management Marathon Asset Management, L.P. McKinley Capital Management, LLC Mellon MFS Investment Management MidFirst Bank Mondrian Investment Partners Limited Montag & Caldwell, LLC Morgan Stanley Investment Management Mountain Lake Investment Management LLC Mountain Pacific Advisors, LLC MUFG Union Bank, N.A. Natixis Investment Managers Neuberger Berman Newton Investment Management Nikko Asset Management Co., Ltd. Northern Trust Asset Management Manager Name Nuveen OFI Global Asset Management Osterweis Capital Management, LLC Owl Rock P/E Investments Pacific Investment Management Company Parametric Portfolio Associates LLC Pathway Capital Management Peregrine Capital Management, LLC. Perkins Investment Management PFM Asset Management LLC PGIM Fixed Income PineBridge Investments PNC Capital Advisors, LLC Polen Capital Management Principal Global Investors Putnam Investments, LLC QMA LLC RBC Global Asset Management Regions Financial Corporation Riverbridge Partners LLC Robeco Institutional Asset Management, US Inc. Rockefeller Capital Management Rothschild & Co. Asset Management US Russell Investments Schroder Investment Management North America Inc. Segall Bryant & Hamill Smith Graham & Co. Investment Advisors, L.P. South Texas Money Management, Ltd. Sprucegrove Investment Management Ltd. State Street Global Advisors Stone Harbor Investment Partners, L.P. Strategic Global Advisors Sun Life Investment Management T. Rowe Price Associates, Inc. The TCW Group, Inc. 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, Inc. Voya Vulcan Value Partners, LLC Wasatch Global Investors WCM Investment Management WEDGE Capital Management Wellington Management Company, LLP Wells Fargo Asset Management Western Asset Management Company LLC Westfield Capital Management Company, LP William Blair & Company LLC CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending December 31, 2019 Orange County Sanitation District SECTION 1 Economic Update SECTION 2 Account Profile SECTION 3 Consolidated Information SECTION 4 Portfolio Holdings SECTION 5 Transactions Table of Contents As of December 31, 2019 1 SECTION ||||||||||||||Section 1 |Economic Update 2 Economic Update ƒ ƒ ƒ Economicgrowth has slowed overthe pastyearand the consensus forecast calls for GDP growth of 1.8% in 2020 versus 2.3% in 2019. We are not anticipating a recession within our 6-month outlook horizon.We believe the impactof monetarypolicy on economicgrowth is somewhat lagged, and the more accommodative monetary policy stance of the Federal Reserve and other global central banks throughout 2019 should provide a tailwind for an ongoingslow economicgrowth environment in 2020. However, an uncertain outlook on the future path of global central bank policy, lingering uncertainty about trade policy and Brexit, and the upcoming US presidential election potentially sets the stage for a continued volatile financial marketenvironmentthisyear.The recentconfirmationofaphase one trade deal is consistent with our view that there will be modest incremental progress on trade in front of the presidential election cycle. The Federal Open Market Committee (FOMC) kept the target fed funds rate unchanged in December in a range of 1.50%- 1.75%. The vote to keep policy unchanged was unanimous and the Fed's quarterly update on their Summary of Economic Projections was little changed from the September 2019 forecast. Notably the Fed's forecast calls forno change to the fed funds rate in 2020. We believe the hurdle rate to tighten policy remains high, as market-based measures of inflation are still toolow.Conversely, ifmarket-based inflationmetrics fail to improve,and/or the domestic orglobal economy experiences an exogenous shock, we believe the Fed has left the door open for additional policy accommodation. The Treasury yield curve steepened slightly in December. The 2-year Treasury yield decreased about 4 basis points to 1.57%, the 5-year Treasury yield increased almost seven basis points to 1.69%, and the 10-year Treasury yield increased about fourteen basis points to 1.92%. We believe the increase in longer-term yields were driven by more favorable developments with regard to global trade and Brexit. 3 Source: US Department of Labor Source: US Department of Labor Employment U.S. nonfarm payrolls rose by 145,000 in December, below expectations of 160,000. Payrolls for October and November were revised down by a total of 14,000. On a trailing 3-month and 6-month basis, payrolls increased an average of about 184,000 and 189,000 per month, respectively. The unemployment rate was unchanged at 3.5% and the participation rate held steady at 63.2%. A broader measure of unemployment called the U-6, which includes those who are marginally attached to the laborforce and employedpart time for economicreasons, declinedto 6.7%in December from 6.9% in November. Wages edgedup 0.1%in December,below expectations of 0.3%, but the November increase in wages was revised up slightly to 0.3% from 0.2%. The average workweek was unchanged at 34.3 hours. On a year-over-year basis, wages were up 2.9% in December, versus up 3.1% in November. 0 50 100 150 200 250 300 350 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) 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) 4 Source: US Department of Labor Source: US Department of Commerce Inflation The ConsumerPrice Index (CPI) wasup 2.1%year-over-year inNovember, upfrom 1.8% in October. Core CPI (CPI lessfood andenergy) wasup 2.3% year-over-year in November, unchanged from October. The Personal Consumption Expenditures (PCE) index was up 1.5% year-over-year in November versus up 1.4% year-over-year in October. Core PCE, which is the Fed's primary inflation gauge, was up 1.6% year-over-year in November versus 1.7% year-over-year in October. Core PCE softened and remains below the Fed’s 2.0% inflation target. 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change YO Y ( % ) C h a n g e 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YO Y ( % ) C h a n g e 5 Retail sales increased 0.2% in November, following growth of 0.4% in October. Excluding auto and gas, retail sales were flat in November, below expectations of 0.4%. On a year-over-year basis, retail sales increased 3.3% in November, versus 3.2% in October. The Consumer Confidence Index was nearly unchanged at 126.5 in December versus 126.8 in November. Overall, the index remains at a strong level. Source: US Department of Commerce Source: The Conference Board 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Retail Sales YOY % Change YO Y ( % ) C h a n g e 110 115 120 125 130 135 140 145 In d e x L e v e l Consumer Confidence Consumer 6 Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity The Leading Economic Index (LEI) was flatin November, following adownwardly-revised 0.2% decline in October. Although the index remains slightly positive on a year-over-year basis, up 0.1%, the year-over-year rate of change has decelerated. The Conference Board believes the index points to roughly 2.0% GDP growth in 2020. The Chicago Fed National Activity Index (CFNAI) jumped to +0.56in Novemberfrom -0.76in October. Weakness in vehicle production related to the GM strike (which ended on October 25) contributed to the October decline. On a 3- month moving average basis, the index improved to -0.25 in November versus -0.35 in October. Negative values are generally consistent with below-average growth, but the index suggests that trends are improving. Periods of economic contraction have historically been associated with values below -0.70 on a 3-month moving average basis. -0.70 -0.50 -0.30 -0.10 0.10 0.30 0.50 0.70 Chicago Fed National Activity Index (CFNAI) 3 M o n t h A v e r a g e -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8% Leading Economic Indicators (LEI) MO M ( % ) C h a n g e 7 Source: US Department of Commerce Source: S&P Housing 0 200 400 600 800 1000 1200 1400 1600 1800 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 1.5% 2.5% 3.5% 4.5% 5.5% 6.5% 7.5% S&P/Case-Shiller 20 City Composite Home Price Index YO Y ( % ) C h a n g e Housing starts increased 3.2% in November to a 1.365million annualized rate and starts in the prior month were revised higher. Permits were also stronger than expected in November, up 1.4%. Multi-family starts rose 4.9% month-over-month in November to an annualized rate of 427,000. Single-family starts rose 2.4% in November to an annualized rate of 938,000. The trends suggest that low mortgage rates and a strong labor market continue to drive housing activity. According to the Case-Shiller 20-City home price index, home prices were up 2.2%year-over- year in October, versus up 2.1% year-over-year in September. The year-over-year pace of price appreciation remains low but suggests that pricing in the sector may be gaining momentum. 8 Source: Institute for Supply Management Source: Federal Reserve Manufacturing The Institute forSupply Management (ISM) manufacturing index decreased to47.2inDecemberfrom48.1inNovember. The reading wasbelow expectations and suggests the manufacturing sector remains in contraction. The Industrial Production index declined 0.8% year-over-year in November versus down 1.3% year-over-year in October. On a month-over-month basis, the index rose 1.1% in November, greater than the consensus forecast of 0.9%, following a 0.9% decline in October. The manufacturing component of the index also rose 1.1% in November, following a 0.7% decline in October. The GMstrike negatively impacted manufacturing volumes in October. Capacity Utilization increased to 77.3% in November from 76.6% in October, but remains below the long-run average of 79.8% indicating there is still excess capacity for growth. 46 48 50 52 54 56 58 60 62 64 Institute of Supply Management Purchasing Manager Index EXPANDING CONTRACTING -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Industrial Production YO Y ( % ) C h a n g e 9 Source: US Department of Commerce Source: US Department of Commerce 12/18 3/19 6/19 9/19 1.0% 0.8% 3.0% 2.1% 0.5% 1.1% -1.2% -0.2% -0.4% 0.7% -0.7% -0.1% 0.1% 0.1% 0.5% 0.2% -0.1% 0.4% 0.3% 0.1% 1.1% 3.1% 2.0% 2.1% Net Exports and Imports Personal Consumption Expenditures Gross Private Domestic Investment Federal Government Expenditures State and Local (Consumption and Gross Investment) Components of GDP Total 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Gross Domestic Product (GDP) According to the third estimate, third quarter 2019 GDP grew at a 2.1% annualized rate. This follows growth of 3.1% in the firstquarter, and 2.0% in the second quarter on 2019. Third quarter growth was fueled by consumer spending which contributed 2.1% to GDP in the quarter, while business investment and exports were a drag on the economy. The consensus estimate for the fourth quarter signals a slowdown to 1.9% growth. The consensus forecast calls for GDP growth of 1.6% in the current quarter and 1.8% for the full year 2020. 10 Source: Bloomberg Source: Bloomberg 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 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% 3.0% 3.5% 4.0% US Treasury Yield Curve Dec-19 Sep-19 Dec-18 Yi e l d ( % ) Bond Yields Treasury yields declined meaningfully in 2019. At year-end, the 3-month T-bill yield was down 81 basis points, the 2-Year Treasury yield was down 92 basis points, and the 10-Year Treasury yield was down 77 basis points. We believe the year-over-year decline in long-term Treasury yieldslargelyreflectsadecline inglobal economicgrowth andinflation expectations,while the decline inshorter-term ratesis inline withthe Fed's three 25 basis point rate cuts in 2019. 11 Section 2|SECTION ||||||||||||||Section 2 |Account Profile 12 Objectives Chandler Asset Management Performance Objective Liquid Operating Monies – will be compared to the 3-month T-Bill rate and operate with a maximum maturity of one year. Long-Term Operating Monies – will be compared to the ICE BAML 1-5 Year Corporate Government Rated AAA – A Index. 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. 13 Compliance As of December 31, 2019 Category Standard Comment Treasury Issues 5 years maxmaturity; Minimum allocation of 10%Complies* U.S. Agencies 20% max issuer; 5 years max maturity Complies Supranational "AA" rated or better by a NRSRO; 30% maximum; 5 years max maturity; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB Complies Corporate (MTNs)"A" rated or better long term debt by a NRSRO; 30% maximum; 5% max 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.Complies Municipal Securities "A" rated or higher by a NRSRO; 10% maximum; 5% max issuer; 5 years max maturity Complies Asset Backed/ CMOs/ Mortgage-backed "AA" rated or better by a NRSRO; "A" or higher issuer rating by a NRSRO; 20% maximum; 5% max issuer (excluding govt agency/mbs); 5 years max maturity Complies* Negotiable CDs "A" rated or better long term debt by a NRSRO; or "A-1"/ highest short term rating by a NRSRO; 30% maximum; 5% max issuer; 5 years max maturity Complies Certificates of Deposit 5% max issuer; 5 years max maturity; Secured/ collateralized Complies Banker’s Acceptances A-1 rated or equivalent short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies Commercial Paper A-1 rated or equivalent short term rating by a NRSRO; "A" or better long term debt issuer by a NRSRO; Issued by a domestic corporation organized and operating in the US with AUM > $500million; 25% maximum; 5% max issuer; 270 days max maturity Complies Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience greater than 5 years; 10% per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of the District's surplus money Complies Repurchase Agreements 102% collateralization Complies Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies LAIF Not used by investment adviser Complies OCIP Not used by investment adviser Complies Avg Duration Not to exceed 60 months - (80% to 120% of the benchmark)Complies Max Per Issuer 5% of portfolio (except Supranationals, U.S. Government, Agencies, Mutual Fund)Complies Maximum Maturity 5 years maximum maturity Complies* 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 twenty (20) securities with maturities greater than 5 years including four (4) CMOs and sixteen (16) MBS. All securities were inherited from the previous manager and complied at time of purchase. 14 Portfolio Characteristics Orange County Sanitation District Long Term 12/31/2019 9/30/2019 Benchmark* Portfolio Portfolio Average Maturity (yrs)2.67 2.74 2.82 Average Modified Duration 2.53 2.41 2.46 Average Purchase Yield n/a 2.30% 2.36% Average Market Yield 1.71% 1.72% 1.79% Average Quality**AAA AA/Aa1 AA/Aa1 Total Market Value 579,895,190 548,112,320 *ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively. Several securities were purchased across the Treasury, Certificate of Deposit, Commercial Paper, and Asset Backed sectors of the market to keep the portfolio structure in-line with Chandler targets. The purchased securities ranged in maturity from January 2020 to November 2024. One security was sold and several matured to help facilitate the new holdings in the portfolio and manage the varied cash flows in the portfolio during the reporting period that totaled a net positive $29 million. As of December 31, 2019 15 Orange County Sanitation District Long Term Sector Distribution ABS 7.8% Agency 22.8% CMO 0.2% Commercial Paper 1.7%Foreign Corporate 3.4% Money Market Fund FI 1.0%Mortgage Pass Thru 0.2% Municipal Bonds 0.3% Supranational 5.8% US Corporate 20.7% US Treasury 34.8% Negotiable CD 1.4% December 31, 2019 September 30, 2019 ABS 8.5% Agency 25.6% CMO 0.3% Commercial Paper 2.1%Foreign Corporate 3.6% Money Market Fund FI 0.7% Mortgage Pass Thru 0.2% Municipal Bonds 0.8% Supranational 6.1% US Corporate 21.8% US Treasury 30.4% As of December 31, 2019 The sector allocation was relatively stable. Some of the larger changes include the 4.4% increase in the US Treasury allocation, to 34.8% of the portfolio, partially offset by the 2.8% decline in the Agency allocation, to 22.8% of the portfolio. 16 Issue Name Investment Type % Portfolio Government of United States US Treasury 34.78% Federal Home Loan Bank Agency 9.55% Federal National Mortgage Association Agency 8.39% Federal Home Loan Mortgage Corp Agency 3.97% Inter-American Dev Bank Supranational 3.05% Honda ABS ABS 2.57% John Deere ABS ABS 2.02% Intl Bank Recon and Development Supranational 1.75% MUFG Bank Ltd/NY Commercial Paper 1.71% Nissan ABS ABS 1.62% Toronto Dominion Holdings Foreign Corporate 1.45% Wells Fargo Corp US Corporate 1.41% Bank of Montreal Chicago Negotiable CD 1.38% JP Morgan Chase & Co US Corporate 1.34% Apple Inc US Corporate 1.24% Bank of America Corp US Corporate 1.21% Charles Schwab Corp/The US Corporate 1.20% Berkshire Hathaway US Corporate 1.16% Royal Bank of Canada Foreign Corporate 1.15% Chubb Corporation US Corporate 1.10% PNC Financial Services Group US Corporate 1.08% American Express ABS ABS 1.08% ChevronTexaco Corp US Corporate 1.06% First American Govt Obligation Fund Class-Z Money Market Fund FI 1.04% IBM Corp US Corporate 1.02% International Finance Corp Supranational 0.95% Intel Corp US Corporate 0.90% US Bancorp US Corporate 0.89% Bank of New York US Corporate 0.89% Federal Farm Credit Bank Agency 0.87% Qualcomm Inc US Corporate 0.87% HSBC Holdings PLC Foreign Corporate 0.79% Honda Motor Corporation US Corporate 0.73% Wal-Mart Stores US Corporate 0.70% General Dynamics Corp US Corporate 0.56% Microsoft US Corporate 0.53% Exxon Mobil Corp US Corporate 0.52% Oracle Corp US Corporate 0.52% Issuers Orange County Sanitation District Long Term – Account #10268 As of December 31, 2019 17 Issue Name Investment Type % Portfolio Morgan Stanley US Corporate 0.52% Toyota ABS ABS 0.48% HSBC Holdings PLC US Corporate 0.43% Merck & Company US Corporate 0.36% New York City Transitional Finance Authority Municipal Bonds 0.25% Deere & Company US Corporate 0.23% BlackRock Inc/New York US Corporate 0.19% Federal National Mortgage Association Mortgage Pass Thru 0.18% Federal Home Loan Mortgage Corp CMO 0.14% University of California Municipal Bonds 0.07% Federal National Mortgage Association CMO 0.03% GNMA Mortgage Pass Thru 0.02% AMRESCO Residental Securities Corp CMO 0.02% SLM Corp ABS 0.00% Small Business Administration 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 December 31, 2019 18 AAA AA A <A NR 12/31/19 9.0% 68.2% 16.0% 0.5% 6.3% 09/30/19 8.9% 66.5% 16.9% 0.5% 7.2% Source: S&P Ratings December 31, 2019 vs. September 30, 2019 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% AAA AA A <A NR 12/31/2019 9/30/2019 Quality Distribution Orange County Sanitation District Long Term As of December 31, 2019 19 AAA AA A <A NR 12/31/2019 75.4% 6.1% 17.2% 0.0% 1.3% 09/30/2019 73.3% 6.9% 18.2% 0.0% 1.6% Source: Moody’s Ratings December 31, 2019 vs. September 30, 2019 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% AAA AA A <A NR 12/31/2019 9/30/2019 Quality Distribution Orange County Sanitation District Long Term As of December 31, 2019 20 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 BAML 1-5 Yr US Corp/Govt Rated AAA-A Index Portfolio Compared to the Benchmark as of December 31, 2019 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 4.9% 7.9% 8.2% 19.2% 21.8% 22.9% 15.1% 0.0% Benchmark* 0.3% 0.1% 1.8% 34.6% 28.7% 21.2% 13.5% 0.0% *ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index Duration Distribution Orange County Sanitation District Long Term As of December 31, 2019 The duration of the portfolio contracted moderately, ending the quarter at 2.41 compared to 2.46 as of September 30, 2019. The Chandler team will be focusing on keeping the duration of the portfolio in a tight band relative to the benchmark in the coming quarter. 21 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Long Term ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index Total Rate of Return Annualized Since Inception 11/30/2014 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 0.49% 4.65% 3.07% 2.43%1.92% N/A 1.84% ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index 0.44% 4.61% 3.04% 2.36% 1.89% N/A 1.79% 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 December 31, 2019 22 Compliance As of December 31, 2019 Category Standard Comment Treasury Issues 1 year max maturity; Minimum allocation of 10%Complies U.S. Agencies 20% max issuer; 1 year max maturity Complies Supranational "AA" rated or better by a NRSRO; 30% maximum; 1 year max maturity; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB Complies Corporate (MTNs)"A" rated or better long term debt by a NRSRO; 30% maximum; 5% max 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.Complies Asset Backed/ CMOs "AA" rated or better by a NRSRO; "A" or higher issuer rating by a NRSRO; 20% maximum; 5% max issuer; 1 year max maturity Complies Negotiable CDs "A" rated or better long term debt by a NRSRO; or "A-1"/ highest short term rating by a NRSRO; 30% maximum; 5% max issuer; 1 year max maturity Complies Certificates of Deposit 5% max issuer; 1 year max maturity; Secured/collateralized Complies Banker’s Acceptances A-1 rated or equivalent short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies Commercial Paper A-1 rated or equivalent short term rating by a NRSRO; "A" or better long term debt issuer by a NRSRO; Issued by a domestic corporation organized and operating in the US with AUM > $500million; 25% maximum; 5% max issuer; 270 days max maturity Complies Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience greater than 5 years; 10% per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of the District's surplus money Complies Repurchase Agreements 102% collateralization Complies Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies LAIF Not used by investment adviser Complies OCIP Not used by investment adviser Complies Prohibited Municipal Securities Complies Prohibited Mortgage Securities Complies Avg Duration Not to exceed 180 days; Max duration of 1/2 year Complies Max Per Issuer 5% of portfolio (except Supranationals, U.S. Government, Agencies, Mutual Fund)Complies Maximum Maturity 1 year maximum 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 23 Portfolio Characteristics Orange County Sanitation District Liquid 12/31/2019 9/30/2019 Benchmark* Portfolio Portfolio Average Maturity (yrs)0.16 0.21 0.31 Average Modified Duration 0.16 0.21 0.30 Average Purchase Yield n/a 1.82% 2.26% Average Market Yield 1.50% 1.68% 2.01% Average Quality**AAA AA+/Aaa AA+/Aa1 Total Market Value 175,617,185 68,219,230 *ICE BAML 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. Multiple securities were purchased across the Treasury, Agency, Certificate of Deposit, Commercial Paper and Corporate sectors of the market to keep the portfolio fully invested in the liquidity strategy. The purchased securities ranged in maturity from January 2020 to August 2020. One security was called and several matured; a net $107mm was contributed to the portfolio during the quarter. As of December 31, 2019 24 Orange County Sanitation District Liquid Sector Distribution Commercial Paper 2.5%Money Market Fund FI 3.0% Negotiable CD 2.3% US Corporate 6.6% US Treasury 78.3% Agency 6.1% Foreign Corporate 1.1% December 31, 2019 September 30, 2019 Commercial Paper 5.6%Money Market Fund FI 2.6% Negotiable CD 5.7% US Corporate 17.0% US Treasury 69.2% As of December 31, 2019 The sector allocation evolved with the large contribution into the strategy in late December. Due to the timing of the contribution most of the proceeds were allocated to the Treasury sector, with the Chandler team having several maturities in January 2020 to facilitate additional holdings in non-Treasury securities when the market is more liquid and not under year-end constraints. 25 Issue Name Investment Type % Portfolio Government of United States US Treasury 78.35% Federal Home Loan Bank Agency 6.09% First American Govt Obligation Fund Class-Z Money Market Fund FI 3.00% HSBC Holdings PLC US Corporate 1.44% Toronto Dominion Holdings Negotiable CD 1.15% Bank of New York US Corporate 1.15% General Dynamics Corp US Corporate 1.15% Royal Bank of Canada Foreign Corporate 1.15% Bank of America Corp US Corporate 1.14% Qualcomm Inc US Corporate 1.14% Bank of Montreal Chicago Negotiable CD 1.14% Toyota Motor Corp Commercial Paper 1.14% MUFG Bank Ltd/NY Commercial Paper 0.77% Paccar Financial Commercial Paper 0.63% Wells Fargo Corp US Corporate 0.57% TOTAL 100.00% Issuers Orange County Sanitation District Liquid – Account #10282 As of December 31, 2019 26 AAA AA A <A NR 12/31/19 36.1% 57.3% 6.6% 0.0% 0.0% 09/30/19 24.0% 59.0% 17.0% 0.0% 0.0% Source: S&P Ratings December 31, 2019 vs. September 30, 2019 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% AAA AA A <A NR 12/31/2019 9/30/2019 Quality Distribution Orange County Sanitation District Liquid As of December 31, 2019 27 AAA AA A <A NR 12/31/2019 92.3% 1.1% 6.6% 0.0% 0.0% 09/30/2019 83.0% 0.7% 16.3% 0.0% 0.0% Source: Moody’s Ratings December 31, 2019 vs. September 30, 2019 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% AAA AA A <A NR 12/31/2019 9/30/2019 Quality Distribution Orange County Sanitation District Liquid As of December 31, 2019 28 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 BAML 3-Month US Treasury Bill Index Portfolio Compared to the Benchmark as of December 31, 2019 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 1.5 1.5 - 2 2 - 2.5 2.5 - 3 3+ Portfolio 72.3% 16.2% 11.5% 0.0% 0.0% 0.0% 0.0% 0.0% Benchmark* 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% *ICE BAML 3-Month US Treasury Bill Index Duration Distribution Orange County Sanitation District Liquid As of December 31, 2019 The duration of the portfolio contracted moderately, currently 0.21 compared to 0.30 at the end of the prior quarter. The Chandler team continues to utilize the Treasury and Agency sectors to immunize the large forecasted liquidity needs and overlay spread product (i.e. Commercial Paper, Certificates of Deposit, and Corporates) to enhance the total return strategy of the portfolio. 29 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Liquid ICE BAML 3-Month US Treasury Bill Index Total Rate of Return Annualized Since Inception 11/30/2014 Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Liquid 0.50% 2.43% 2.17% 1.74% 1.18% N/A 1.17% ICE BAML 3-Month US Treasury Bill Index 0.46% 2.28% 2.08% 1.67% 1.07% N/A 1.06% 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 December 31, 2019 30 Compliance As of December 31, 2019 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. 31 Portfolio Characteristics OCSD Lehman Exposure 12/31/2019 Portfolio 9/30/2019 Portfolio Average Maturity (yrs)12.81 13.55 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 58,241 61,941 *Portfolio is S&P and Moody’s, respectively. As of December 31, 2019 32 SECTION ||||||||||||||Section 3 |Consolidated Information 33 Portfolio Characteristics Orange County Sanitation District Consolidated 12/31/2019 9/30/2019 Portfolio Portfolio Average Maturity (yrs)2.15 2.54 Modified Duration 1.90 2.22 Average Purchase Yield 2.18% 2.35% Average Market Yield 1.71% 1.81% Average Quality*AA+/Aa1 AA/Aa1 Total Market Value 755,570,616 616,393,490 * Portfolio is S&P and Moody’s respectively. As of December 31, 2019 34 Orange County Sanitation District Consolidated Sector Distribution ABS 6.0% Agency 18.9% CMO 0.1%Commercial Paper 1.9% Foreign Corporate 2.9% Money Market Fund FI 1.5% Mortgage Pass Thru 0.2% Municipal Bonds 0.2% Negotiable CD 1.6% Supranational 4.4% US Corporate 17.4% US Treasury 44.9% December 31, 2019 September 30, 2019 ABS 7.6% Agency 22.7% CMO 0.3% Commercial Paper 2.4%Foreign Corporate 3.2% Money Market Fund FI 0.9%Mortgage Pass Thru 0.2% Municipal Bonds 0.7% Negotiable CD 0.6% Supranational 5.4% US Corporate 21.3% US Treasury 34.7% As of December 31, 2019 35 SECTION ||||||||||||||Section 4 |Portfolio Holdings 36 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 43814RAC0 Honda Auto Receivables Trust 2016-4 A3 1.210% Due 12/18/2020 229,048.89 02/07/2018 2.58% 226,534.72 228,200.39 99.92 2.11% 228,869.72 100.08 0.04% 669.33 NR / AAA AAA 0.97 0.09 65478VAD9 Nissan Auto Receivables Trust 2016-B A3 1.320% Due 01/15/2021 35,911.04 02/12/2018 1.87% 35,623.47 35,808.53 99.97 2.43% 35,899.84 5.27 0.01% 91.31 Aaa / NR AAA 1.04 0.02 83162CLJ0 Small Business Administration 2001-20C 1 6.340% Due 03/01/2021 11,184.56 03/06/2001 6.34% 11,184.56 11,184.56 101.11 4.53% 11,309.13 236.37 0.00% 124.57 Aaa / AA+ AAA 1.17 0.61 43814PAC4 Honda Auto Receivables Trust 2017-3 A3 1.790% Due 09/20/2021 1,600,231.50 06/28/2018 2.78% 1,574,852.83 1,586,713.43 99.95 1.90% 1,599,496.95 1,034.37 0.28% 12,783.52 NR / AAA AAA 1.72 0.44 43814WAB1 Honda Auto Receivables Trust 2019-1 A2 2.750% Due 09/20/2021 3,788,865.07 02/19/2019 2.77% 3,788,621.06 3,788,701.35 100.39 1.91% 3,803,580.64 3,762.55 0.66% 14,879.29 NR / AAA AAA 1.72 0.45 47788BAD6 John Deere Owner Trust 2017-B A3 1.820% Due 10/15/2021 324,036.22 07/11/2017 1.83% 324,012.49 324,026.22 99.91 2.11% 323,747.32 262.11 0.06% (278.90) Aaa / NR AAA 1.79 0.31 65478GAD2 Nissan Auto Receivables Trust 2017-B A3 1.750% Due 10/15/2021 1,563,223.44 11/06/2018 3.10% 1,538,981.27 1,548,456.52 99.91 1.98% 1,561,818.10 1,215.84 0.27% 13,361.58 Aaa / NR AAA 1.79 0.40 89239AAB9 Toyota Auto Receivables Trust 2019-A A2A 2.830% Due 10/15/2021 2,755,642.46 02/05/2019 2.85% 2,755,392.25 2,755,474.88 100.35 1.94% 2,765,287.15 3,465.99 0.48% 9,812.27 Aaa / AAA NR 1.79 0.39 47789JAB2 John Deere Owner Trust 2019-A A2 2.850% Due 12/15/2021 2,765,654.65 03/05/2019 2.87% 2,765,528.54 2,765,565.32 100.33 2.03% 2,774,650.83 3,503.16 0.48% 9,085.51 Aaa / NR AAA 1.96 0.39 43815NAB0 Honda Auto Receivables Trust 2019-3 A2 1.900% Due 04/15/2022 3,530,000.00 08/20/2019 1.92% 3,529,752.90 3,529,805.47 99.98 1.93% 3,529,301.06 2,980.89 0.61% (504.41) Aaa / AAA NR 2.29 0.92 47788CAC6 John Deere Owner Trust 2018-A A3 2.660% Due 04/18/2022 1,113,192.86 02/21/2018 2.68% 1,113,112.82 1,113,148.44 100.38 1.95% 1,117,387.06 1,316.04 0.19% 4,238.62 Aaa / NR AAA 2.30 0.52 477870AB5 John Deere Owner Trust 2019-B A2 2.280% Due 05/16/2022 2,800,000.00 07/16/2019 2.29% 2,799,989.36 2,799,991.03 100.22 2.03% 2,806,056.34 2,837.33 0.48% 6,065.31 Aaa / NR AAA 2.38 0.83 43814UAG4 Honda Auto Receivables Trust 2018-2 A3 3.010% Due 05/18/2022 1,710,000.00 05/22/2018 3.03% 1,709,962.72 1,709,977.67 100.92 1.90% 1,725,774.75 1,858.68 0.30% 15,797.08 NR / AAA AAA 2.38 0.82 43815HAC1 Honda Auto Receivables Trust 2018-3 A3 2.950% Due 08/22/2022 3,970,000.00 08/21/2018 2.98% 3,969,455.32 3,969,639.13 101.01 1.91% 4,010,009.66 3,253.19 0.69% 40,370.53 Aaa / NR AAA 2.64 0.95 02587AAJ3 American Express Credit Trust 2017-1 A 1.930% Due 09/15/2022 6,270,000.00 Various 2.91% 6,174,085.15 6,208,527.23 100.00 1.98% 6,269,717.85 5,378.27 1.08% 61,190.62 Aaa / NR AAA 2.71 0.11 47788EAC2 John Deere Owner Trust 2018-B A3 3.080% Due 11/15/2022 4,630,000.00 07/18/2018 3.10% 4,629,649.05 4,629,766.11 101.03 2.00% 4,677,550.10 6,337.96 0.81% 47,783.99 Aaa / NR AAA 2.88 0.93 65479GAD1 Nissan Auto Receivables Trust 2018-B A3 3.060% Due 03/15/2023 3,560,000.00 07/17/2018 3.08% 3,559,884.66 3,559,920.41 101.35 1.92% 3,608,188.16 4,841.60 0.62% 48,267.75 Aaa / AAA NR 3.21 1.16 As of December 31, 2019 37 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 78445JAA5 SLM Student Loan Trust 2008-9 A 3.428% Due 04/25/2023 12,762.94 08/22/2008 3.50% 12,711.16 12,751.24 100.28 3.29% 12,798.05 82.64 0.00% 46.81 Baa3 / B B 3.32 2.56 65479JAD5 Nissan Auto Receivables Owner 2019-C A3 1.930% Due 07/15/2024 4,185,000.00 10/16/2019 1.94% 4,184,779.03 4,184,787.99 100.04 1.92% 4,186,661.45 3,589.80 0.72% 1,873.46 Aaa / AAA NR 4.54 2.45 TOTAL ABS 44,854,753.63 2.72% 44,704,113.36 44,762,445.92 1.96% 45,048,104.16 46,062.14 7.78% 285,658.24 Aaa / AAA Aaa 2.59 0.80 Agency 313383HU8 FHLB Note 1.750% Due 06/12/2020 5,000,000.00 08/13/2015 1.71% 5,008,950.00 5,000,827.01 100.03 1.69% 5,001,405.00 4,618.06 0.86% 577.99 Aaa / AA+ NR 0.45 0.44 3135G0D75 FNMA Note 1.500% Due 06/22/2020 5,000,000.00 11/16/2015 1.70% 4,955,650.00 4,995,430.29 99.93 1.65% 4,996,485.00 1,875.00 0.86% 1,054.71 Aaa / AA+ AAA 0.48 0.47 3137EAEK1 FHLMC Note 1.875% Due 11/17/2020 5,000,000.00 Various 1.97% 4,986,225.00 4,995,890.85 100.20 1.65% 5,009,815.00 11,458.33 0.87% 13,924.15 Aaa / AA+ AAA 0.88 0.87 3135G0F73 FNMA Note 1.500% Due 11/30/2020 7,500,000.00 Various 1.87% 7,370,726.00 7,476,152.60 99.97 1.54% 7,497,390.00 9,687.50 1.29% 21,237.40 Aaa / AA+ AAA 0.92 0.91 3137EAEL9 FHLMC Note 2.375% Due 02/16/2021 7,500,000.00 02/26/2018 2.45% 7,484,475.00 7,494,104.79 100.86 1.60% 7,564,297.50 66,796.88 1.32% 70,192.71 Aaa / AA+ AAA 1.13 1.10 3130A7CV5 FHLB Note 1.375% Due 02/18/2021 5,365,000.00 02/17/2016 1.46% 5,343,325.40 5,360,088.51 99.75 1.60% 5,351,780.64 27,253.45 0.93% (8,307.87) Aaa / AA+ AAA 1.14 1.11 3135G0J20 FNMA Note 1.375% Due 02/26/2021 10,000,000.00 Various 1.28% 10,040,950.00 10,010,312.02 99.75 1.60% 9,974,850.00 47,743.06 1.73% (35,462.02) Aaa / AA+ AAA 1.16 1.13 313379RB7 FHLB Note 1.875% Due 06/11/2021 4,000,000.00 08/30/2017 1.67% 4,030,160.00 4,011,517.62 100.32 1.65% 4,012,848.00 4,166.67 0.69% 1,330.38 Aaa / AA+ AAA 1.45 1.42 3135G0U35 FNMA Note 2.750% Due 06/22/2021 7,500,000.00 06/28/2018 2.68% 7,515,225.00 7,507,521.63 101.69 1.59% 7,626,840.00 5,156.25 1.32% 119,318.37 Aaa / AA+ AAA 1.48 1.44 3135G0S38 FNMA Note 2.000% Due 01/05/2022 3,000,000.00 01/30/2017 2.04% 2,994,570.00 2,997,782.75 100.77 1.61% 3,023,121.00 29,333.33 0.53% 25,338.25 Aaa / AA+ AAA 2.02 1.95 3135G0T45 FNMA Note 1.875% Due 04/05/2022 5,000,000.00 05/05/2017 1.99% 4,972,500.00 4,987,346.63 100.64 1.58% 5,032,215.00 22,395.83 0.87% 44,868.37 Aaa / AA+ AAA 2.26 2.20 3135G0T94 FNMA Note 2.375% Due 01/19/2023 5,000,000.00 Various 2.78% 4,910,990.00 4,943,098.15 102.26 1.61% 5,112,900.00 53,437.50 0.89% 169,801.85 Aaa / AA+ AAA 3.05 2.91 313383QR5 FHLB Note 3.250% Due 06/09/2023 5,000,000.00 08/28/2018 2.87% 5,083,350.00 5,059,945.13 105.36 1.64% 5,268,180.00 9,930.56 0.91% 208,234.87 Aaa / AA+ NR 3.44 3.25 3137EAEN5 FHLMC Note 2.750% Due 06/19/2023 10,000,000.00 Various 2.84% 9,956,500.00 9,969,495.58 103.86 1.60% 10,385,980.00 9,166.66 1.79% 416,484.42 Aaa / AA+ AAA 3.47 3.30 As of December 31, 2019 38 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 313383YJ4 FHLB Note 3.375% Due 09/08/2023 10,000,000.00 Various 2.88% 10,211,831.00 10,167,790.72 106.09 1.66% 10,609,090.01 105,937.50 1.85% 441,299.29 Aaa / AA+ NR 3.69 3.44 3130A0F70 FHLB Note 3.375% Due 12/08/2023 10,000,000.00 Various 2.79% 10,269,043.75 10,214,551.39 106.23 1.73% 10,622,760.00 21,562.51 1.84% 408,208.61 Aaa / AA+ AAA 3.94 3.69 3135G0V34 FNMA Note 2.500% Due 02/05/2024 5,000,000.00 02/27/2019 2.58% 4,980,850.00 4,984,110.70 103.09 1.71% 5,154,685.00 50,694.44 0.90% 170,574.30 Aaa / AA+ AAA 4.10 3.85 3130A1XJ2 FHLB Note 2.875% Due 06/14/2024 11,110,000.00 Various 1.96% 11,589,031.30 11,537,260.04 105.00 1.71% 11,664,988.94 15,083.37 2.01% 127,728.90 Aaa / AA+ NR 4.46 4.18 3133EKWV4 FFCB Note 1.850% Due 07/26/2024 5,000,000.00 08/13/2019 1.65% 5,048,280.00 5,044,541.50 100.41 1.76% 5,020,595.00 39,826.39 0.87% (23,946.50) Aaa / AA+ AAA 4.57 4.33 3130A2UW4 FHLB Note 2.875% Due 09/13/2024 2,500,000.00 09/12/2019 1.73% 2,635,950.00 2,627,764.72 105.23 1.71% 2,630,825.00 21,562.50 0.46% 3,060.28 Aaa / AA+ AAA 4.71 4.37 TOTAL Agency 128,475,000.00 2.22% 129,388,582.45 129,385,532.63 1.64% 131,561,051.09 557,685.79 22.78% 2,175,518.46 Aaa / AA+ Aaa 2.55 2.42 CMO 31398VJ98 FHLMC FHMS K006 A2 4.251% Due 01/25/2020 56,619.55 11/23/2010 3.54% 59,830.94 56,642.60 99.83 0.10% 56,522.66 200.57 0.01% (119.94) Aaa / AA+ AAA 0.07 0.00 03215PFN4 AMRESCO Residential Securities 1999-1 A 2.745% Due 06/25/2029 119,021.64 05/20/2011 6.46% 89,377.81 103,484.09 98.20 3.12% 116,882.82 63.52 0.02% 13,398.73 NR / A+ BBB 9.49 5.75 3133TCE95 FHLMC FSPC E3 A 4.025% Due 08/15/2032 6,774.15 03/11/1998 3.99% 6,781.25 6,776.76 100.40 2.00% 6,801.10 22.72 0.00% 24.34 Aaa / AA+ AAA 12.63 0.50 31397QRE0 FNMA FNR 2011-3 FA 2.485% Due 02/25/2041 177,519.84 12/20/2010 2.49% 177,464.37 177,480.83 100.32 2.38% 178,095.00 73.52 0.03% 614.17 Aaa / AA+ AAA 21.17 0.06 31394JY35 FHLMC FSPC T-58 2A 6.500% Due 09/25/2043 670,678.27 06/09/2011 5.40% 759,543.14 736,006.12 115.31 0.86% 773,352.41 726.57 0.13% 37,346.29 Aaa / AA+ AAA 23.75 2.63 TOTAL CMO 1,030,613.45 4.95% 1,092,997.51 1,080,390.40 1.30% 1,131,653.99 1,086.90 0.20% 51,263.59 Aaa / AA+ Aaa 20.62 2.40 Commercial Paper 62479LDQ5 MUFG Bank Ltd Discount CP 1.900% Due 04/24/2020 10,000,000.00 11/19/2019 1.94% 9,917,138.89 9,939,833.33 99.40 1.94% 9,939,833.33 0.00 1.71% 0.00 P-1 / A-1 NR 0.32 0.31 TOTAL Commercial Paper 10,000,000.00 1.94% 9,917,138.89 9,939,833.33 1.94% 9,939,833.33 0.00 1.71% 0.00 P-1 / A-1 NR 0.32 0.31 As of December 31, 2019 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 Foreign Corporate 404280BF5 HSBC Holdings PLC Note 2.650% Due 01/05/2022 4,500,000.00 Various 3.08% 4,429,980.00 4,463,515.32 101.10 2.09% 4,549,648.50 58,300.00 0.79% 86,133.18 A2 / A A+ 2.02 1.93 89114QC48 Toronto Dominion Bank Note 3.500% Due 07/19/2023 5,000,000.00 02/26/2019 3.04% 5,094,200.00 5,076,147.94 105.26 1.96% 5,263,070.00 78,750.00 0.92% 186,922.06 Aa1 / AA- AA- 3.55 3.29 89114QCA4 Toronto Dominion Bank Note 2.650% Due 06/12/2024 3,000,000.00 06/12/2019 2.65% 3,000,570.00 3,000,507.22 102.44 2.07% 3,073,179.00 4,195.83 0.53% 72,671.78 Aa3 / A AA- 4.45 4.18 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 6,576,334.54 101.54 2.19% 6,600,028.50 75,968.75 1.15% 23,693.96 A2 / A AA 4.55 4.22 TOTAL Foreign Corporate 19,000,000.00 2.73% 19,106,195.00 19,116,505.02 2.09% 19,485,926.00 217,214.58 3.40% 369,420.98 A1 / A+ AA- 3.67 3.43 Money Market Fund FI 31846V567 First American Govt Obligation MMKT Class-Z 6,029,999.80 Various 1.47% 6,029,999.80 6,029,999.80 1.00 1.47% 6,029,999.80 0.00 1.04% 0.00 P-1 / A-1+ F-1 0.00 0.00 TOTAL Money Market Fund FI 6,029,999.80 1.47% 6,029,999.80 6,029,999.80 1.47% 6,029,999.80 0.00 1.04% 0.00 Aaa / AAA AA 0.00 0.00 Mortgage Pass Thru 31381PDA3 FNMA FN 466397 3.400% Due 11/01/2020 335,148.91 12/01/2010 3.80% 327,896.10 334,537.49 100.38 2.77% 336,413.43 221.57 0.06% 1,875.94 Aaa / AA+ AAA 0.84 0.85 36225CAZ9 GNMA Pool# G2 80023 4.120% Due 12/20/2026 14,453.65 08/08/1997 4.01% 14,693.03 14,510.54 102.71 2.24% 14,845.20 49.62 0.00% 334.66 Aaa / AA+ AAA 6.98 2.35 36225CC20 GNMA Pool# G2 80088 3.410% Due 06/20/2027 12,324.73 08/11/1997 3.27% 12,594.34 12,392.24 101.12 1.99% 12,462.21 35.02 0.00% 69.97 Aaa / AA+ AAA 7.47 1.47 31348SWZ3 FHLMC FH 786064 3.887% Due 01/01/2028 1,792.28 02/18/2000 4.09% 1,748.64 1,779.75 102.49 2.99% 1,836.91 5.81 0.00% 57.16 Aaa / AA+ AAA 8.01 3.77 31371NUC7 FNMA FN 257179 4.500% Due 04/01/2028 14,311.29 12/05/2011 3.72% 15,135.60 14,728.36 105.49 2.08% 15,097.22 53.67 0.00% 368.86 Aaa / AA+ AAA 8.26 2.72 31417YAY3 FNMA Pool# FN MA0022 4.500% Due 04/01/2029 15,442.95 12/05/2011 3.76% 16,332.44 15,918.38 105.51 2.06% 16,293.58 57.91 0.00% 375.20 Aaa / AA+ AAA 9.26 2.87 3138EG6F6 FNMA FN AL0869 4.500% Due 06/01/2029 9,516.84 12/05/2011 3.77% 10,065.01 9,812.27 106.53 2.10% 10,138.43 8.33 0.00% 326.16 Aaa / AA+ AAA 9.42 2.93 36225CNM4 GNMA Pool# G2 80395 3.410% Due 04/20/2030 6,225.09 03/15/2000 3.49% 6,168.65 6,205.65 103.61 2.45% 6,449.68 17.69 0.00% 244.03 Aaa / AA+ AAA 10.31 3.52 As of December 31, 2019 40 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 36225CN28 GNMA Pool# G2 80408 3.410% Due 05/20/2030 46,474.07 03/15/2000 3.49% 46,002.07 46,310.66 103.61 2.28% 48,152.90 132.06 0.01% 1,842.24 Aaa / AA+ AAA 10.39 2.86 31403GXF4 FNMA Pool# FN 748678 5.000% Due 10/01/2033 1,754.07 06/10/2013 4.16% 1,885.63 1,843.56 109.09 2.19% 1,913.54 7.31 0.00% 69.98 Aaa / AA+ AAA 13.76 3.55 36225DCB8 GNMA Pool# G2 80965 3.230% Due 07/20/2034 43,140.68 07/19/2004 3.24% 43,113.73 43,127.57 104.43 2.41% 45,051.90 116.12 0.01% 1,924.33 Aaa / AA+ AAA 14.56 4.08 31406XWT5 FNMA Pool# FN 823358 4.724% Due 02/01/2035 107,908.84 01/11/2006 4.81% 107,065.80 107,470.62 104.60 3.21% 112,875.78 424.78 0.02% 5,405.16 Aaa / AA+ AAA 15.10 6.70 31406PQY8 FNMA Pool# FN 815971 5.000% Due 03/01/2035 146,059.45 06/10/2013 4.21% 157,013.92 153,739.64 110.16 2.17% 160,894.71 608.58 0.03% 7,155.07 Aaa / AA+ AAA 15.18 3.82 31407BXH7 FNMA Pool# FN 826080 5.000% Due 07/01/2035 17,677.82 06/10/2013 4.22% 19,003.66 18,613.40 110.06 2.16% 19,455.36 73.66 0.00% 841.96 Aaa / AA+ AAA 15.51 3.81 31376KT22 FNMA FN 357969 5.000% Due 09/01/2035 91,977.37 06/10/2013 4.22% 98,875.66 96,860.71 110.21 2.20% 101,372.77 89.42 0.02% 4,512.06 Aaa / AA+ AAA 15.68 3.86 31403DJZ3 FNMA Pool #745580 5.000% Due 06/01/2036 87,778.48 06/10/2013 4.26% 94,361.87 92,501.95 110.23 2.21% 96,761.73 365.74 0.02% 4,259.78 Aaa / AA+ AAA 16.43 3.88 31410F4V4 FNMA Pool# FN 888336 5.000% Due 07/01/2036 171,681.01 06/10/2013 4.25% 184,557.10 180,932.39 110.24 2.20% 189,264.75 715.34 0.03% 8,332.36 Aaa / AA+ AAA 16.51 3.86 TOTAL Mortgage Pass Thru 1,123,667.53 4.06% 1,156,513.25 1,151,285.18 2.46% 1,189,280.10 2,982.63 0.21% 37,994.92 Aaa / AA+ Aaa 10.83 3.16 Municipal Bonds 64971M5E8 New York NY TE-REV 4.075% Due 11/01/2020 1,400,000.00 10/27/2010 4.08% 1,400,000.00 1,400,000.00 101.88 1.79% 1,426,334.00 9,508.33 0.25% 26,334.00 Aa1 / AAA AAA 0.84 0.82 913366EJ5 Univ of California Rgts Med TE-REV 5.035% Due 05/15/2021 400,000.00 11/09/2010 5.04% 400,000.00 400,000.00 104.16 1.95% 416,620.00 2,573.44 0.07% 16,620.00 Aa3 / AA- AA- 1.37 1.32 TOTAL Municipal Bonds 1,800,000.00 4.29% 1,800,000.00 1,800,000.00 1.82% 1,842,954.00 12,081.77 0.32% 42,954.00 Aa1 / AAA Aaa 0.96 0.93 Negotiable CD 06367BDS5 Bank of Montreal Chicago Yankee CD 2.000% Due 03/18/2020 8,000,000.00 12/20/2019 1.98% 8,000,389.30 8,000,336.81 100.00 1.98% 8,000,336.81 6,222.22 1.38% 0.00 P-1 / A-1 F-1 0.21 0.21 TOTAL Negotiable CD 8,000,000.00 1.98% 8,000,389.30 8,000,336.81 1.98% 8,000,336.81 6,222.22 1.38% 0.00 Aaa / AA AA 0.21 0.21 As of December 31, 2019 41 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 Supranational 4581X0CX4 Inter-American Dev Bank Note 1.625% Due 05/12/2020 3,035,000.00 04/05/2017 1.70% 3,027,807.05 3,034,156.78 99.94 1.78% 3,033,251.84 6,712.83 0.52% (904.94) Aaa / AAA AAA 0.36 0.36 45950KCM0 International Finance Corp Note 2.250% Due 01/25/2021 2,970,000.00 01/18/2018 2.35% 2,961,268.20 2,966,892.88 100.60 1.68% 2,987,802.18 28,957.50 0.52% 20,909.30 Aaa / AAA NR 1.07 1.04 4581X0CS5 Inter-American Dev Bank Note 1.875% Due 03/15/2021 5,000,000.00 Various 1.69% 5,059,610.00 5,010,947.83 100.21 1.70% 5,010,325.00 27,604.17 0.87% (622.83) Aaa / AAA AAA 1.21 1.18 45950KCJ7 International Finance Corp Note 1.125% Due 07/20/2021 2,500,000.00 11/09/2016 1.64% 2,441,600.00 2,480,703.79 99.15 1.68% 2,478,847.50 12,578.13 0.43% (1,856.29) Aaa / AAA NR 1.55 1.52 4581X0CW6 Inter-American Dev Bank Note 2.125% Due 01/18/2022 3,000,000.00 01/10/2017 2.15% 2,996,310.00 2,998,488.43 100.86 1.69% 3,025,947.00 28,864.58 0.53% 27,458.57 Aaa / NR AAA 2.05 1.98 459058FY4 Intl. Bank Recon & Development Note 2.000% Due 01/26/2022 10,000,000.00 Various 1.99% 10,006,350.00 10,001,985.80 100.72 1.65% 10,071,630.00 86,111.12 1.75% 69,644.20 Aaa / NR AAA 2.07 2.00 4581X0CZ9 Inter-American Dev Bank Note 1.750% Due 09/14/2022 6,500,000.00 Various 2.65% 6,249,655.00 6,351,948.23 100.23 1.66% 6,515,210.00 33,809.02 1.13% 163,261.77 Aaa / AAA AAA 2.71 2.62 TOTAL Supranational 33,005,000.00 2.07% 32,742,600.25 32,845,123.74 1.68% 33,123,013.52 224,637.35 5.75% 277,889.78 Aaa / AAA Aaa 1.78 1.73 US Corporate 40428HPR7 HSBC USA Inc Note 2.350% Due 03/05/2020 2,500,000.00 Various 2.64% 2,472,287.50 2,498,787.06 100.05 2.05% 2,501,277.50 18,930.56 0.43% 2,490.44 A2 / A A+ 0.18 0.18 747525AD5 Qualcomm Inc Note 2.250% Due 05/20/2020 5,000,000.00 05/19/2015 2.27% 4,995,195.40 4,999,631.43 100.11 1.96% 5,005,495.00 12,812.51 0.87% 5,863.57 A2 / A- NR 0.39 0.38 94974BGM6 Wells Fargo Corp Note 2.600% Due 07/22/2020 5,000,000.00 07/16/2015 2.59% 5,001,650.00 5,000,183.33 100.38 1.91% 5,019,105.00 57,416.67 0.88% 18,921.67 A2 / A- A+ 0.56 0.55 037833BS8 Apple Inc Callable Note Cont 1/23/2021 2.250% Due 02/23/2021 4,000,000.00 05/23/2016 1.96% 4,050,840.00 4,011,583.04 100.60 1.68% 4,023,808.00 32,000.00 0.70% 12,224.96 Aa1 / AA+ NR 1.15 1.04 30231GAV4 Exxon Mobil Corp Callable Note Cont 2/1/2021 2.222% Due 03/01/2021 3,000,000.00 Various 2.10% 3,016,097.40 3,003,934.10 100.59 1.71% 3,017,709.01 22,220.00 0.52% 13,774.91 Aaa / AA+ NR 1.17 1.14 369550BE7 General Dynamics Corp Note 3.000% Due 05/11/2021 3,160,000.00 05/08/2018 3.24% 3,138,038.00 3,150,060.99 101.68 1.74% 3,213,179.64 13,166.67 0.56% 63,118.65 A2 / A+ NR 1.36 1.33 166764BG4 Chevron Corp Callable Note Cont 4/15/2021 2.100% Due 05/16/2021 2,500,000.00 05/20/2016 2.23% 2,485,350.00 2,495,960.57 100.63 1.60% 2,515,787.50 6,562.50 0.43% 19,826.93 Aa2 / AA NR 1.38 1.27 61747WAL3 Morgan Stanley Note 5.500% Due 07/28/2021 2,800,000.00 06/06/2014 3.24% 3,200,848.00 2,888,358.97 105.34 2.03% 2,949,601.20 65,450.00 0.52% 61,242.23 A3 / BBB+ A 1.58 1.48 As of December 31, 2019 42 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 594918BP8 Microsoft Callable Note Cont 7/8/2021 1.550% Due 08/08/2021 3,045,000.00 Various 1.57% 3,041,385.15 3,043,841.90 99.87 1.63% 3,040,971.47 18,747.89 0.53% (2,870.43) Aaa / AAA AA+ 1.61 1.57 68389XBK0 Oracle Corp Callable Note Cont 8/15/2021 1.900% Due 09/15/2021 3,000,000.00 06/28/2018 3.08% 2,892,240.00 2,942,815.60 100.21 1.77% 3,006,285.00 16,783.33 0.52% 63,469.40 A1 / A+ A 1.71 1.59 06406RAA5 Bank of NY Mellon Corp Callable Note Cont 1/7/2022 2.600% Due 02/07/2022 2,500,000.00 02/08/2017 2.56% 2,504,475.00 2,501,843.53 101.52 1.83% 2,538,017.50 26,000.00 0.44% 36,173.97 A1 / A AA- 2.11 1.94 69353RFB9 PNC Bank Callable Note Cont 1/18/2022 2.625% Due 02/17/2022 1,000,000.00 03/26/2018 3.32% 974,940.00 986,289.25 101.41 1.92% 1,014,074.00 9,770.83 0.18% 27,784.75 A2 / A A+ 2.13 1.97 084664BT7 Berkshire Hathaway Note 3.000% Due 05/15/2022 4,000,000.00 05/23/2017 2.30% 4,131,120.00 4,062,489.70 102.74 1.81% 4,109,608.00 15,333.33 0.71% 47,118.30 Aa2 / AA A+ 2.37 2.28 95000U2B8 Wells Fargo & Company Note 2.625% Due 07/22/2022 3,000,000.00 Various 2.99% 2,954,520.00 2,974,118.80 101.49 2.02% 3,044,832.00 34,781.26 0.53% 70,713.20 A2 / A- A+ 2.56 2.44 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 4,204,256.29 102.61 1.87% 4,277,690.00 19,310.58 0.74% 73,433.71 A3 / A A 2.84 2.56 90331HNL3 US Bank NA Callable Note Cont 12/23/22 2.850% Due 01/23/2023 5,000,000.00 01/29/2018 2.93% 4,981,600.00 4,988,684.71 102.41 2.01% 5,120,720.00 62,541.67 0.89% 132,035.29 A1 / AA- AA- 3.07 2.82 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 6,732,887.27 101.96 1.97% 6,882,246.00 77,512.50 1.20% 149,358.73 A2 / A A 3.07 2.83 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 2,494,142.78 102.70 2.01% 2,567,512.50 31,138.89 0.45% 73,369.72 A1 / A AA- 3.08 2.83 44932HAH6 IBM Credit Corp Note 3.000% Due 02/06/2023 5,670,000.00 Various 3.26% 5,603,264.40 5,627,320.10 102.94 2.02% 5,836,510.90 68,512.50 1.02% 209,190.80 A2 / A NR 3.10 2.92 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 1,957,963.98 102.13 2.01% 2,042,688.00 16,200.00 0.36% 84,724.02 A3 / A A 3.20 3.03 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 2,461,349.69 102.54 1.88% 2,563,560.00 20,243.06 0.45% 102,210.31 Aa2 / AA A+ 3.21 2.89 58933YAF2 Merck & Co Note 2.800% Due 05/18/2023 2,000,000.00 10/26/2018 3.41% 1,948,640.00 1,961,874.24 103.04 1.87% 2,060,754.00 6,688.89 0.36% 98,879.76 A1 / AA A+ 3.38 3.21 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 4,862,536.18 101.82 2.11% 5,090,975.00 16,125.00 0.88% 228,438.82 A2 / A- AA- 3.38 3.06 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 4,995,404.19 104.91 1.98% 5,245,340.00 11,180.56 0.91% 249,935.81 A2 / A NR 3.44 3.16 As of December 31, 2019 43 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 3,455,576.40 104.11 1.87% 3,643,720.50 2,171.65 0.63% 188,144.10 Aa2 / AA NR 3.48 3.07 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 3,879,297.02 105.15 1.83% 4,079,816.12 1,832.22 0.70% 200,519.10 Aa2 / AA AA 3.49 3.22 02665WCJ8 American Honda Finance Note 3.450% Due 07/14/2023 845,000.00 07/11/2018 3.49% 843,538.15 843,966.13 104.69 2.07% 884,653.32 13,523.52 0.15% 40,687.19 A2 / A NR 3.54 3.28 02665WCQ2 American Honda Finance Note 3.625% Due 10/10/2023 2,000,000.00 Various 3.64% 1,998,320.00 1,998,713.91 105.60 2.07% 2,112,076.00 16,312.50 0.37% 113,362.09 A2 / A NR 3.78 3.51 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 1,250,184.44 105.98 2.00% 1,324,747.50 10,012.15 0.23% 74,563.06 A2 / A A 3.78 3.51 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.550% Due 03/05/2024 6,675,000.00 Various 3.10% 6,770,625.75 6,756,268.34 103.79 2.30% 6,927,682.13 76,354.59 1.21% 171,413.79 A2 / A- A+ 4.18 2.97 09247XAL5 Blackrock Inc Note 3.500% Due 03/18/2024 1,000,000.00 05/09/2019 2.69% 1,036,330.00 1,031,550.28 106.39 1.91% 1,063,928.00 10,013.89 0.19% 32,377.72 Aa3 / AA- NR 4.22 3.89 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 5,022,478.97 103.87 1.91% 5,193,700.00 19,965.28 0.90% 171,221.03 A1 / A+ A+ 4.36 3.94 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 3,015,484.37 103.44 1.99% 3,103,317.00 11,875.00 0.54% 87,832.63 Aa1 / AA+ NR 4.36 3.94 02665WCZ2 American Honda Finance Note 2.400% Due 06/27/2024 1,219,000.00 07/10/2019 2.49% 1,213,843.63 1,214,335.93 101.12 2.14% 1,232,643.05 325.07 0.21% 18,307.12 A2 / A NR 4.49 4.24 46647PAU0 JP Morgan Chase & Co Callable Note Cont 7/23/2023 3.797% Due 07/23/2024 2,500,000.00 09/12/2019 2.35% 2,632,175.00 2,622,116.16 105.41 2.33% 2,635,125.00 41,661.53 0.46% 13,008.84 A2 / A- AA- 4.56 4.13 TOTAL US Corporate 115,963,000.00 2.88% 116,145,973.50 115,936,289.65 1.94% 118,889,155.84 883,476.60 20.65% 2,952,866.19 A1 / A+ A+ 2.72 2.46 US Treasury 9128283S7 US Treasury Note 2.000% Due 01/31/2020 5,000,000.00 12/20/2019 1.62% 5,001,953.13 5,001,502.41 100.03 1.67% 5,001,325.00 41,847.83 0.87% (177.41) Aaa / AA+ AAA 0.08 0.08 912828XE5 US Treasury Note 1.500% Due 05/31/2020 5,000,000.00 12/21/2016 1.70% 4,966,423.00 4,995,963.27 99.94 1.63% 4,997,240.00 6,557.38 0.86% 1,276.73 Aaa / AA+ AAA 0.42 0.41 912828L99 US Treasury Note 1.375% Due 10/31/2020 10,000,000.00 Various 1.81% 9,850,311.40 9,965,433.22 99.77 1.65% 9,976,950.00 23,420.33 1.72% 11,516.78 Aaa / AA+ AAA 0.84 0.82 912828N89 US Treasury Note 1.375% Due 01/31/2021 6,000,000.00 Various 1.81% 5,895,840.41 5,972,750.16 99.72 1.63% 5,983,362.00 34,524.45 1.04% 10,611.84 Aaa / AA+ AAA 1.09 1.07 As of December 31, 2019 44 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 912828T34 US Treasury Note 1.125% Due 09/30/2021 7,000,000.00 Various 1.88% 6,757,914.08 6,911,972.91 99.20 1.59% 6,943,671.00 20,010.25 1.20% 31,698.09 Aaa / AA+ AAA 1.75 1.72 912828T67 US Treasury Note 1.250% Due 10/31/2021 6,000,000.00 12/13/2016 1.92% 5,813,691.98 5,930,056.08 99.40 1.58% 5,963,904.00 12,774.73 1.03% 33,847.92 Aaa / AA+ AAA 1.84 1.80 912828U65 US Treasury Note 1.750% Due 11/30/2021 7,000,000.00 12/28/2016 2.06% 6,900,492.20 6,961,293.29 100.31 1.59% 7,021,602.00 10,710.38 1.21% 60,308.71 Aaa / AA+ AAA 1.92 1.87 912828V72 US Treasury Note 1.875% Due 01/31/2022 3,000,000.00 02/27/2017 1.84% 3,004,814.74 3,002,037.83 100.59 1.59% 3,017,577.00 23,539.40 0.52% 15,539.17 Aaa / AA+ AAA 2.09 2.02 912828J76 US Treasury Note 1.750% Due 03/31/2022 5,000,000.00 04/25/2017 1.85% 4,976,383.94 4,989,241.57 100.38 1.58% 5,018,750.00 22,233.61 0.87% 29,508.43 Aaa / AA+ AAA 2.25 2.19 912828XW5 US Treasury Note 1.750% Due 06/30/2022 5,000,000.00 07/25/2017 1.86% 4,973,454.25 4,986,564.90 100.41 1.58% 5,020,705.00 240.38 0.87% 34,140.10 Aaa / AA+ AAA 2.50 2.44 912828L24 US Treasury Note 1.875% Due 08/31/2022 6,000,000.00 09/27/2017 1.92% 5,987,832.60 5,993,415.53 100.73 1.59% 6,044,064.00 38,015.11 1.05% 50,648.47 Aaa / AA+ AAA 2.67 2.58 912828L57 US Treasury Note 1.750% Due 09/30/2022 20,000,000.00 Various 1.98% 19,778,320.32 19,878,854.58 100.40 1.60% 20,080,460.00 88,934.42 3.48% 201,605.42 Aaa / AA+ AAA 2.75 2.66 912828M80 US Treasury Note 2.000% Due 11/30/2022 8,000,000.00 12/22/2017 2.25% 7,907,500.00 7,945,322.22 101.13 1.60% 8,090,312.00 13,989.07 1.40% 144,989.78 Aaa / AA+ AAA 2.92 2.82 912828N30 US Treasury Note 2.125% Due 12/31/2022 5,000,000.00 01/24/2018 2.44% 4,926,562.50 4,955,350.33 101.52 1.60% 5,076,170.00 291.90 0.88% 120,819.67 Aaa / AA+ AAA 3.00 2.90 9128284D9 US Treasury Note 2.500% Due 03/31/2023 10,000,000.00 Various 2.75% 9,887,265.63 9,925,935.46 102.77 1.62% 10,277,340.00 63,524.59 1.78% 351,404.54 Aaa / AA+ AAA 3.25 3.10 912828R69 US Treasury Note 1.625% Due 05/31/2023 5,000,000.00 05/30/2018 2.67% 4,757,226.56 4,834,339.70 100.00 1.62% 5,000,195.00 7,103.83 0.86% 165,855.30 Aaa / AA+ AAA 3.42 3.30 912828U57 US Treasury Note 2.125% Due 11/30/2023 15,000,000.00 Various 2.53% 14,723,632.81 14,776,117.51 101.78 1.65% 15,267,180.00 27,868.85 2.64% 491,062.49 Aaa / AA+ AAA 3.92 3.74 912828V80 US Treasury Note 2.250% Due 01/31/2024 7,500,000.00 Various 2.27% 7,491,503.91 7,492,740.98 102.32 1.66% 7,673,730.00 70,618.20 1.34% 180,989.02 Aaa / AA+ AAA 4.09 3.86 912828W48 US Treasury Note 2.125% Due 02/29/2024 10,000,000.00 04/24/2019 2.32% 9,911,718.75 9,924,230.66 101.86 1.66% 10,185,550.00 71,806.32 1.77% 261,319.34 Aaa / AA+ AAA 4.17 3.95 912828WJ5 US Treasury Note 2.500% Due 05/15/2024 7,000,000.00 06/10/2019 1.91% 7,193,046.88 7,171,168.23 103.47 1.67% 7,243,089.00 22,596.15 1.25% 71,920.77 Aaa / AA+ AAA 4.38 4.13 912828XX3 US Treasury Note 2.000% Due 06/30/2024 5,000,000.00 07/12/2019 1.88% 5,028,710.94 5,026,017.31 101.39 1.68% 5,069,335.00 274.73 0.87% 43,317.69 Aaa / AA+ AAA 4.50 4.29 912828WU0 US Treasury Inflation Index Note 0.125% Due 07/15/2024 11,270,792.00 Various 0.23% 11,157,868.09 11,219,344.40 100.60 (0.01%) 11,337,898.31 6,508.28 1.96% 118,553.91 Aaa / AA+ AAA 4.54 4.53 As of December 31, 2019 45 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 912828YH7 US Treasury Note 1.500% Due 09/30/2024 14,000,000.00 Various 1.72% 13,859,296.88 13,860,371.27 99.17 1.68% 13,883,520.00 53,360.65 2.40% 23,148.73 Aaa / AA+ AAA 4.75 4.55 9128283J7 US Treasury Note 2.125% Due 11/30/2024 16,500,000.00 Various 1.76% 16,783,886.72 16,781,847.12 102.04 1.69% 16,837,095.00 30,655.74 2.91% 55,247.88 Aaa / AA+ AAA 4.92 4.65 TOTAL US Treasury 199,270,792.00 1.95% 197,535,651.72 198,501,870.94 1.54% 201,011,024.31 691,406.58 34.78% 2,509,153.37 Aaa / AA+ Aaa 3.15 3.03 TOTAL PORTFOLIO 568,552,826.41 2.31% 567,620,155.03 568,549,613.42 1.72% 577,252,332.95 2,642,856.56 100.00% 8,702,719.53 Aa1 / AA Aaa 2.74 2.41 TOTAL MARKET VALUE PLUS ACCRUALS 579,895,189.51 As of December 31, 2019 46 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 Agency 313384RU5 FHLB Discount Note 1.570% Due 01/14/2020 1,200,000.00 12/20/2019 1.59% 1,198,691.67 1,199,319.67 99.94 1.59% 1,199,319.67 0.00 0.68% 0.00 P-1 / A-1+ F-1+ 0.04 0.04 313384SD2 FHLB Discount Note 1.570% Due 01/23/2020 5,000,000.00 12/20/2019 1.59% 4,992,586.11 4,995,202.78 99.90 1.59% 4,995,202.78 0.00 2.84% 0.00 P-1 / A-1+ F-1+ 0.06 0.06 313384SK6 FHLB Discount Note 1.565% Due 01/29/2020 4,500,000.00 12/20/2019 1.59% 4,492,175.00 4,494,522.50 99.88 1.59% 4,494,522.50 0.00 2.56% 0.00 P-1 / A-1+ F-1+ 0.08 0.08 TOTAL Agency 10,700,000.00 1.59% 10,683,452.78 10,689,044.95 1.59% 10,689,044.95 0.00 6.09% 0.00 Aaa / AAA Aaa 0.07 0.07 Commercial Paper 69372AAF9 Paccar Financial Discount CP 1.850% Due 01/15/2020 1,100,000.00 10/18/2019 1.88% 1,094,969.03 1,099,208.61 99.93 1.88% 1,099,208.61 0.00 0.63% 0.00 P-1 / A-1 NR 0.04 0.04 89233GAH9 Toyota Motor Credit Discount CP 2.560% Due 01/17/2020 2,000,000.00 04/23/2019 2.63% 1,961,884.44 1,997,724.44 99.89 2.63% 1,997,724.44 0.00 1.14% 0.00 P-1 / A-1+ NR 0.05 0.05 62479LDQ5 MUFG Bank Ltd Discount CP 1.900% Due 04/24/2020 1,365,000.00 11/19/2019 1.94% 1,353,689.46 1,356,787.25 99.40 1.94% 1,356,787.25 0.00 0.77% 0.00 P-1 / A-1 NR 0.32 0.31 TOTAL Commercial Paper 4,465,000.00 2.24% 4,410,542.93 4,453,720.30 2.24% 4,453,720.30 0.00 2.54% 0.00 P-1 / A-1 NR 0.13 0.13 Foreign Corporate 78012KC62 Royal Bank of Canada Note 2.125% Due 03/02/2020 2,000,000.00 10/17/2019 1.93% 2,001,340.00 2,000,614.59 100.04 1.89% 2,000,732.00 14,048.61 1.15% 117.41 Aa2 / AA- AA 0.17 0.17 TOTAL Foreign Corporate 2,000,000.00 1.93% 2,001,340.00 2,000,614.59 1.89% 2,000,732.00 14,048.61 1.15% 117.41 Aa2 / AA- AA 0.17 0.17 Money Market Fund FI 31846V567 First American Govt Obligation MMKT Class-Z 5,270,167.57 Various 1.47% 5,270,167.57 5,270,167.57 1.00 1.47% 5,270,167.57 0.00 3.00% 0.00 P-1 / A-1+ F-1 0.00 0.00 TOTAL Money Market Fund FI 5,270,167.57 1.47% 5,270,167.57 5,270,167.57 1.47% 5,270,167.57 0.00 3.00% 0.00 Aaa / AAA AA 0.00 0.00 Negotiable CD 89114M2Z9 Toronto Dominion Bank Yankee CD 2.200% Due 01/23/2020 2,000,000.00 12/20/2019 2.03% 2,000,285.65 2,000,184.83 100.01 2.03% 2,000,184.83 19,677.78 1.15% 0.00 P-1 / A-1+ F-1+ 0.06 0.06 As of December 31, 2019 47 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 06367BDS5 Bank of Montreal Chicago Yankee CD 2.000% Due 03/18/2020 1,000,000.00 12/19/2019 1.98% 1,000,049.48 1,000,042.33 100.00 1.98% 1,000,042.33 777.78 0.57% 0.00 P-1 / A-1 F-1 0.21 0.21 06367BED7 Bank of Montreal Chicago Yankee CD 1.890% Due 05/21/2020 1,000,000.00 12/23/2019 1.89% 1,000,000.00 1,000,000.00 100.00 1.89% 1,000,000.00 420.00 0.57% 0.00 P-1 / A-1 F-1+ 0.39 0.39 TOTAL Negotiable CD 4,000,000.00 1.98% 4,000,335.13 4,000,227.16 1.98% 4,000,227.16 20,875.56 2.29% 0.00 Aaa / AAA Aaa 0.18 0.18 US Corporate 94974BGF1 Wells Fargo Corp Note 2.150% Due 01/30/2020 1,000,000.00 05/21/2019 2.65% 996,600.00 999,608.73 100.02 1.95% 1,000,150.00 9,018.06 0.57% 541.27 A2 / A- A+ 0.08 0.08 06406HCZ0 Bank of New York Callable Note Cont 1/24/2020 2.150% Due 02/24/2020 2,000,000.00 Various 2.46% 1,994,230.00 1,998,995.29 100.01 1.93% 2,000,168.00 15,169.44 1.15% 1,172.71 A1 / A AA- 0.15 0.07 40428HPR7 HSBC USA Inc Note 2.350% Due 03/05/2020 2,500,000.00 05/10/2019 2.69% 2,493,300.00 2,498,551.35 100.05 2.05% 2,501,277.50 18,930.56 1.44% 2,726.15 A2 / A A+ 0.18 0.18 06051GFN4 Bank of America Corp Note 2.250% Due 04/21/2020 2,000,000.00 08/07/2019 2.11% 2,001,960.00 2,000,849.84 100.09 1.93% 2,001,872.00 8,750.00 1.14% 1,022.16 A2 / A- A+ 0.31 0.30 369550BA5 General Dynamics Corp Note 2.875% Due 05/11/2020 2,000,000.00 08/13/2019 2.10% 2,011,340.00 2,005,502.00 100.35 1.90% 2,006,934.00 7,986.11 1.15% 1,432.00 A2 / A+ NR 0.36 0.36 747525AD5 Qualcomm Inc Note 2.250% Due 05/20/2020 2,000,000.00 08/07/2019 2.07% 2,002,700.00 2,001,326.32 100.11 1.96% 2,002,198.00 5,125.00 1.14% 871.68 A2 / A- NR 0.39 0.38 TOTAL US Corporate 11,500,000.00 2.33% 11,500,130.00 11,504,833.53 1.96% 11,512,599.50 64,979.17 6.59% 7,765.97 A2 / A A+ 0.26 0.24 US Treasury 912796RT8 US Treasury Bill 1.486% Due 01/02/2020 7,500,000.00 12/20/2019 1.51% 7,496,905.21 7,499,690.52 100.00 1.51% 7,499,690.52 0.00 4.27% 0.00 P-1 / A-1+ F-1+ 0.01 0.01 912796WM7 US Treasury Bill 1.498% Due 01/07/2020 7,500,000.00 12/20/2019 1.52% 7,495,320.31 7,498,128.12 99.98 1.52% 7,498,128.12 0.00 4.27% 0.00 P-1 / A-1+ F-1+ 0.02 0.02 912796RY7 US Treasury Bill 1.669% Due 01/30/2020 21,000,000.00 Various 1.70% 20,909,107.77 20,971,772.94 99.86 1.70% 20,971,772.94 0.00 11.94% 0.00 P-1 / A-1+ F-1+ 0.08 0.08 912828H52 US Treasury Note 1.250% Due 01/31/2020 13,500,000.00 Various 2.35% 13,396,542.97 13,488,027.47 99.97 1.62% 13,495,653.00 70,618.20 7.72% 7,625.53 Aaa / AA+ AAA 0.08 0.08 912828UL2 US Treasury Note 1.375% Due 01/31/2020 5,000,000.00 08/27/2019 1.91% 4,988,671.88 4,997,821.52 99.98 1.63% 4,998,880.00 28,770.38 2.86% 1,058.48 Aaa / AA+ AAA 0.08 0.08 9128283S7 US Treasury Note 2.000% Due 01/31/2020 30,000,000.00 Various 2.02% 29,961,132.82 29,999,426.25 100.03 1.67% 30,007,950.00 251,086.97 17.23% 8,523.75 Aaa / AA+ AAA 0.08 0.08 As of December 31, 2019 48 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 912828MP2 US Treasury Note 3.625% Due 02/15/2020 5,000,000.00 12/23/2019 1.70% 5,013,671.88 5,011,608.20 100.23 1.74% 5,011,585.00 68,461.28 2.89% (23.20) Aaa / AA+ AAA 0.13 0.12 912796TH2 US Treasury Bill 1.532% Due 03/05/2020 7,500,000.00 12/20/2019 1.56% 7,476,699.31 7,479,572.00 99.73 1.56% 7,479,572.00 0.00 4.26% 0.00 P-1 / A-1+ F-1+ 0.18 0.18 912828VJ6 US Treasury Note 1.875% Due 06/30/2020 15,000,000.00 12/20/2019 1.59% 15,022,265.63 15,021,210.94 100.12 1.63% 15,018,165.00 772.66 8.55% (3,045.94) Aaa / AA+ AAA 0.50 0.50 912828XY1 US Treasury Note 2.500% Due 06/30/2020 5,000,000.00 12/24/2019 1.63% 5,022,070.31 5,021,362.17 100.42 1.65% 5,021,095.00 343.41 2.86% (267.17) Aaa / AA+ AAA 0.50 0.50 912828VV9 US Treasury Note 2.125% Due 08/31/2020 15,000,000.00 12/20/2019 1.64% 15,049,804.69 15,048,025.95 100.30 1.66% 15,045,705.00 107,709.48 8.63% (2,320.95) Aaa / AA+ AAA 0.67 0.65 912828L32 US Treasury Note 1.375% Due 08/31/2020 5,000,000.00 12/24/2019 1.64% 4,991,015.63 4,991,232.12 99.83 1.63% 4,991,600.00 23,231.46 2.86% 367.88 Aaa / AA+ AAA 0.67 0.66 TOTAL US Treasury 137,000,000.00 1.79% 136,823,208.41 137,027,878.20 1.64% 137,039,796.58 550,993.84 78.35% 11,918.38 Aaa / AAA Aaa 0.23 0.23 TOTAL PORTFOLIO 174,935,167.57 1.82% 174,689,176.82 174,946,486.30 1.68% 174,966,288.06 650,897.18 100.00% 19,801.76 Aaa / AA+ Aaa 0.21 0.21 TOTAL MARKET VALUE PLUS ACCRUALS 175,617,185.24 As of December 31, 2019 49 Holdings Report OCSD 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 12/31/2019 60,641.49 11/21/2014 0.00% 57,842.64 57,842.64 0.42 0.00% 25,621.03 0.00 43.99% (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 43.99% (32,221.61) NR / NR NR 0.00 0.00 US Corporate 525ESCIB7 Lehman Brothers Note-Defaulted 0.000% Due 01/24/2020 600,000.00 09/19/2008 0.00% 319,005.35 319,005.35 1.27 0.00% 7,620.00 0.00 13.08% (311,385.35) NR / NR NR 0.07 0.00 525ESC0Y6 Lehman Brothers Note-Defaulted 0.000% Due 10/22/2049 2,000,000.00 09/18/2008 0.00% 1,027,939.99 1,027,939.99 1.25 0.00% 25,000.00 0.00 42.93% (1,002,939.99) NR / NR NR 29.83 0.00 TOTAL US Corporate 2,600,000.00 0.00% 1,346,945.34 1,346,945.34 0.00% 32,620.00 0.00 56.01% (1,314,325.34) NR / NR NR 22.88 0.00 TOTAL PORTFOLIO 2,660,641.49 0.00% 1,404,787.98 1,404,787.98 0.00% 58,241.03 0.00 100.00% (1,346,546.95) NR / NR NR 12.81 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 58,241.03 As of December 31, 2019 50 SECTION ||||||||||||||Section 5 |Transactions 51 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 10/23/2019 65479JAD5 4,185,000.00 Nissan Auto Receivables Owner 2019-C A3 1.93% Due: 07/15/2024 99.995 1.94% 4,184,779.03 0.00 4,184,779.03 0.00 Purchase 11/19/2019 62479LDQ5 10,000,000.00 MUFG Bank Ltd Discount CP 1.9% Due: 04/24/2020 99.171 1.94% 9,917,138.89 0.00 9,917,138.89 0.00 Purchase 12/09/2019 912828YH7 6,000,000.00 US Treasury Note 1.5% Due: 09/30/2024 99.160 1.68% 5,949,609.38 17,213.11 5,966,822.49 0.00 Purchase 12/13/2019 9128283J7 7,500,000.00 US Treasury Note 2.125% Due: 11/30/2024 101.723 1.76% 7,629,199.22 5,660.86 7,634,860.08 0.00 Purchase 12/20/2019 06367BDS5 8,000,000.00 Bank of Montreal Chicago Yankee CD 2% Due: 03/18/2020 100.005 1.98% 8,000,389.30 888.89 8,001,278.19 0.00 Purchase 12/23/2019 9128283S7 5,000,000.00 US Treasury Note 2% Due: 01/31/2020 100.039 1.62% 5,001,953.13 39,402.17 5,041,355.30 0.00 Purchase 12/24/2019 9128283J7 9,000,000.00 US Treasury Note 2.125% Due: 11/30/2024 101.719 1.76% 9,154,687.50 12,540.98 9,167,228.48 0.00 Purchase 12/24/2019 912828L57 7,000,000.00 US Treasury Note 1.75% Due: 09/30/2022 100.211 1.67% 7,014,765.63 28,449.45 7,043,215.08 0.00 Purchase 12/24/2019 912828YH7 8,000,000.00 US Treasury Note 1.5% Due: 09/30/2024 98.871 1.75% 7,909,687.50 27,868.85 7,937,556.35 0.00 Subtotal 64,685,000.00 64,762,209.58 132,024.31 64,894,233.89 0.00 Security Contribution 10/31/2019 912828WU0 104.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 104.00 0.04 104.04 0.00 Security Contribution 11/30/2019 912828WU0 8,528.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 8,528.00 4.00 8,532.00 0.00 September 30, 2019 through December 31, 2019 As of December 31, 2019 52 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 Security Contribution 12/31/2019 912828WU0 25,168.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 25,168.00 0.00 25,168.00 0.00 Subtotal 33,800.00 33,800.00 4.04 33,804.04 0.00 TOTAL ACQUISITIONS 64,718,800.00 64,796,009.58 132,028.35 64,928,037.93 0.00 DISPOSITIONS Sale 10/31/2019 912828G61 5,000,000.00 US Treasury Note 1.5% Due: 11/30/2019 99.980 1.73% 4,999,023.44 31,352.46 5,030,375.90 -418.18 Subtotal 5,000,000.00 4,999,023.44 31,352.46 5,030,375.90 -418.18 Maturity 10/02/2019 3137EADM8 7,500,000.00 FHLMC Note 1.25% Due: 10/02/2019 100.000 7,500,000.00 0.00 7,500,000.00 0.00 Maturity 11/19/2019 62479MYK3 11,255,000.00 MUFG Bank Ltd/NY Discount CP 2.12% Due: 11/19/2019 99.464 11,255,000.00 0.00 11,255,000.00 0.00 Maturity 11/30/2019 912828G61 2,500,000.00 US Treasury Note 1.5% Due: 11/30/2019 100.000 2,500,000.00 0.00 2,500,000.00 0.00 Maturity 12/01/2019 73358WAG9 2,440,000.00 Port Authority of NY & NJ TE-REV 5.309% Due: 12/01/2019 100.000 2,440,000.00 0.00 2,440,000.00 0.00 Subtotal 23,695,000.00 23,695,000.00 0.00 23,695,000.00 0.00 TOTAL DISPOSITIONS 28,695,000.00 28,694,023.44 31,352.46 28,725,375.90 -418.18 September 30, 2019 through December 31, 2019 As of December 31, 2019 53 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 10/17/2019 06406HCZ0 500,000.00 Bank of New York Callable Note Cont 1/24/2020 2.15% Due: 02/24/2020 100.061 1.92% 500,305.00 1,582.64 501,887.64 0.00 Purchase 10/17/2019 90331HNB5 2,000,000.00 US Bank NA Callable Note Cont 12/24/2019 2% Due: 01/24/2020 100.012 1.93% 2,000,240.00 9,222.22 2,009,462.22 0.00 Purchase 10/18/2019 69372AAF9 1,100,000.00 Paccar Financial Discount CP 1.85% Due: 01/15/2020 99.543 1.88% 1,094,969.03 0.00 1,094,969.03 0.00 Purchase 10/21/2019 78012KC62 2,000,000.00 Royal Bank of Canada Note 2.125% Due: 03/02/2020 100.067 1.93% 2,001,340.00 5,784.72 2,007,124.72 0.00 Purchase 10/31/2019 912796RY7 3,000,000.00 US Treasury Bill 1.535% Due: 01/30/2020 99.612 1.56% 2,988,359.58 0.00 2,988,359.58 0.00 Purchase 11/19/2019 62479LDQ5 1,365,000.00 MUFG Bank Ltd Discount CP 1.9% Due: 04/24/2020 99.171 1.94% 1,353,689.46 0.00 1,353,689.46 0.00 Purchase 11/29/2019 912796RY7 11,000,000.00 US Treasury Bill 1.566% Due: 01/30/2020 99.730 1.59% 10,970,333.00 0.00 10,970,333.00 0.00 Purchase 12/19/2019 06367BDS5 1,000,000.00 Bank of Montreal Chicago Yankee CD 2% Due: 03/18/2020 100.005 1.98% 1,000,049.48 55.56 1,000,105.04 0.00 Purchase 12/20/2019 313384RU5 1,200,000.00 FHLB Discount Note 1.57% Due: 01/14/2020 99.891 1.59% 1,198,691.67 0.00 1,198,691.67 0.00 Purchase 12/20/2019 313384SD2 5,000,000.00 FHLB Discount Note 1.57% Due: 01/23/2020 99.852 1.59% 4,992,586.11 0.00 4,992,586.11 0.00 Purchase 12/20/2019 313384SK6 4,500,000.00 FHLB Discount Note 1.565% Due: 01/29/2020 99.826 1.59% 4,492,175.00 0.00 4,492,175.00 0.00 Purchase 12/20/2019 89114M2Z9 2,000,000.00 Toronto Dominion Bank Yankee CD 2.2% Due: 01/23/2020 100.014 2.03% 2,000,285.65 18,211.11 2,018,496.76 0.00 Purchase 12/23/2019 912796RT8 7,500,000.00 US Treasury Bill 1.486% Due: 01/02/2020 99.959 1.51% 7,496,905.21 0.00 7,496,905.21 0.00 Purchase 12/23/2019 912796TH2 7,500,000.00 US Treasury Bill 1.532% Due: 03/05/2020 99.689 1.56% 7,476,699.31 0.00 7,476,699.31 0.00 Purchase 12/23/2019 912796WM7 7,500,000.00 US Treasury Bill 1.498% Due: 01/07/2020 99.938 1.52% 7,495,320.31 0.00 7,495,320.31 0.00 September 30, 2019 through December 31, 2019 As of December 31, 2019 54 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 Purchase 12/23/2019 9128283S7 5,000,000.00 US Treasury Note 2% Due: 01/31/2020 100.039 1.62% 5,001,953.13 39,402.17 5,041,355.30 0.00 Purchase 12/23/2019 9128283S7 5,000,000.00 US Treasury Note 2% Due: 01/31/2020 100.039 1.62% 5,001,953.13 39,402.17 5,041,355.30 0.00 Purchase 12/23/2019 912828VJ6 15,000,000.00 US Treasury Note 1.875% Due: 06/30/2020 100.148 1.59% 15,022,265.63 134,510.87 15,156,776.50 0.00 Purchase 12/23/2019 912828VV9 15,000,000.00 US Treasury Note 2.125% Due: 08/31/2020 100.332 1.64% 15,049,804.69 99,828.30 15,149,632.99 0.00 Purchase 12/24/2019 06367BED7 1,000,000.00 Bank of Montreal Chicago Yankee CD 1.89% Due: 05/21/2020 100.000 1.89% 1,000,000.00 0.00 1,000,000.00 0.00 Purchase 12/24/2019 9128283S7 5,000,000.00 US Treasury Note 2% Due: 01/31/2020 100.035 1.65% 5,001,757.81 39,673.91 5,041,431.72 0.00 Purchase 12/24/2019 912828MP2 5,000,000.00 US Treasury Note 3.625% Due: 02/15/2020 100.273 1.70% 5,013,671.88 64,521.06 5,078,192.94 0.00 Purchase 12/26/2019 912828L32 5,000,000.00 US Treasury Note 1.375% Due: 08/31/2020 99.820 1.64% 4,991,015.63 22,098.21 5,013,113.84 0.00 Purchase 12/26/2019 912828XY1 5,000,000.00 US Treasury Note 2.5% Due: 06/30/2020 100.441 1.63% 5,022,070.31 60,801.63 5,082,871.94 0.00 Subtotal 118,165,000.00 118,166,441.02 535,094.57 118,701,535.59 0.00 TOTAL ACQUISITIONS 118,165,000.00 118,166,441.0 2 535,094.57 118,701,535.59 0.00 DISPOSITIONS Call 12/24/2019 90331HNB5 2,000,000.00 US Bank NA Callable Note Cont 12/24/2019 2% Due: 01/24/2020 100.000 2.00% 2,000,000.00 16,666.67 2,016,666.67 0.00 Subtotal 2,000,000.00 2,000,000.00 16,666.67 2,016,666.67 0.00 Maturity 10/03/2019 912796SL4 1,650,000.00 US Treasury Bill 2.007% Due: 10/03/2019 100.000 1,650,000.00 0.00 1,650,000.00 0.00 September 30, 2019 through December 31, 2019 As of December 31, 2019 55 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 Maturity 10/08/2019 912796VY2 1,250,000.00 US Treasury Bill 1.737% Due: 10/08/2019 100.000 1,250,000.00 0.00 1,250,000.00 0.00 Maturity 10/15/2019 912796VZ9 1,250,000.00 US Treasury Bill 1.805% Due: 10/15/2019 100.000 1,250,000.00 0.00 1,250,000.00 0.00 Maturity 10/18/2019 96130AAK4 1,500,000.00 Westpac Banking Corp NY Yankee CD 2.97% Due: 10/18/2019 100.000 1,500,000.00 45,045.00 1,545,045.00 0.00 Maturity 10/31/2019 912828F62 2,500,000.00 US Treasury Note 1.5% Due: 10/31/2019 100.000 2,500,000.00 0.00 2,500,000.00 0.00 Maturity 11/19/2019 62479MYK3 1,860,000.00 MUFG Bank Ltd/NY Discount CP 2.12% Due: 11/19/2019 99.464 1,860,000.00 0.00 1,860,000.00 0.00 Maturity 12/06/2019 94988J5G8 500,000.00 Wells Fargo Bank Note 2.15% Due: 12/06/2019 100.000 500,000.00 0.00 500,000.00 0.00 Maturity 12/23/2019 06417G5Q7 2,300,000.00 Bank of Nova Scotia Yankee CD 2.61% Due: 12/23/2019 100.000 2,300,000.00 46,023.00 2,346,023.00 0.00 Subtotal 12,810,000.00 12,810,000.00 91,068.00 12,901,068.00 0.00 TOTAL DISPOSITIONS 14,810,000.00 14,810,000.00 107,734.67 14,917,734.67 0.00 September 30, 2019 through December 31, 2019 As of December 31, 2019 56 Important Disclosures 2019 Chandler Asset Management, Inc, An Independent Registered Investment Adviser. Information contained herein is confidential. Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV 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 December 31, 2019 57 Benchmark Disclosures ICE BAML 3-Month US Treasury Bill Index The ICE BAML US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and 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. (Index: G0O1. Pleasevisit www.mlindex.ml.com for more information) ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index The ICE BAML US Issuers 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational and corporate securities. Qualifying securities must issued from US issuers and be rated AAA through A3 (based on an average of 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.(Index: BV10. Please visit www.mlindex.ml.com for more information) ICE BAML US 1-5 Yr US Corp/Govt Rated AAA-BBB Indx The ICE BAML 1-5 Year US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational and corporate securities. Qualifying securities must have 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 scheduleand a minimum amount outstanding of $1billion for US Treasuriesand $250 million for all other securities. (Index:BVA0. Please visit www.mlindex.ml.com for more information) As of December 31, 2019 58 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. OCSD ♦ P.O. Box 8127 ♦ Fountain Valley, CA 92728-8127 ♦ (714) 962-2411 January 31, 2020 STAFF REPORT Mid-Year Certificates of Participation (COP) Report for the Period Ended December 31, 2019 Summary The Orange County Sanitation District (OCSD) began issuing Certificates of Participation (COPs) in 1990. These COPs were a part of our long-term financing plan that included both variable interest rate and traditional fixed rate borrowing. Following are the current outstanding debt issues of OCSD: In May 2010, OCSD issued $80 million of fixed rate BABs, Series 2010A at a true interest cost of 3.68 percent for the issue. In December 2010, OCSD issued $157 million of fixed rate BABs, Series 2010C at a true interest cost of 4.11 percent for the issue. In October 2011, OCSD issued $147.595 million of fixed rate COPs, Series 2011A refunding a portion of the Series 2000 variable rate debt and a portion of the Series 2003 fixed rate debt. The true interest cost for the issue is 2.61 percent. In March 2012, OCSD issued $100.645 million of fixed rate COPs, Series 2012A refunding the Series 2003 fixed rate debt. The true interest cost for the issue is 3.54 percent. In August 2012, OCSD issued $66.395 million of fixed rate COPs, Series 2012B refunding the Series 2000 variable rate debt. The true interest cost for the issue is 1.50 percent. With the issuance of Series 2012B, there remains no variable interest rate COPs at OCSD. In August 2014, OCSD 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. Mid-Year COP Report For the Period Ended December 31, 2019 Page 2 of 2 In February 2015, OCSD 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, the OCSD issued $145.88 million of fixed rate CANs, Series 2016A, refunding $162.78 million of the Series 2009A fixed rate debt. The true interest cost for the issue is 3.02 percent. In February 2017, OCSD issued $66.37 million of fixed rate COPs, Series 2017A, refunding $91.885 million of the Series 2007A debt. The true interest cost for the issue is 2.55 percent. In November 2018, OCSD issued $102.2 million of fixed rate CANs, Series 2018A, refunding the Series 2016B CANs. The true interest cost for the issue is 2.02 percent. Additional Information The graph entitled, "OCSD COP Rate History Report,” shows the various fixed interest rates of the OCSD’s ten debt issues. Attachments 1. Graph - OCSD COP Rate History Report H:\dept\asd\220\Common\Monthly and Quarterly Treasurer's Report\FY 19-20\COP Rate History Report FY 19-20 0.00 1.00 2.00 3.00 4.00 5.00 5- D e c - 1 8 19 - D e c - 1 8 2- J a n - 1 9 16 - J a n - 1 9 30 - J a n - 1 9 13 - F e b - 1 9 27 - F e b - 1 9 13 - M a r - 1 9 27 - M a r - 1 9 10 - A p r - 1 9 24 - A p r - 1 9 8- M a y - 1 9 22 - M a y - 1 9 5- J u n - 1 9 19 - J u n - 1 9 3- J u l - 1 9 17 - J u l - 1 9 31 - J u l - 1 9 14 - A u g - 1 9 28 - A u g - 1 9 11 - S e p - 1 9 25 - S e p - 1 9 9- O c t - 1 9 23 - O c t - 1 9 6- N o v - 1 9 20 - N o v - 1 9 4- D e c - 1 9 18 - D e c - 1 9 RA T E ( % ) DATE OCSD COP RATE HISTORY REPORT DECEMBER 2019 Series 2010A Fixed Series 2010C Fixed Series 2011A Fixed Series 2012A Fixed Series 2012B Fixed Series 2014A Fixed Series 2015A Fixed Series 2016A Fixed Series 2017A Fixed Series 2018A Fixed FY 2019-20 Mid-Year Financial Report This Page Intentionally Left Blank ORANGE COUNTY SANITATION DISTRICT FINANCIAL MANAGEMENT DIVISION 10844 Ellis Avenue Fountain Valley, California 92708-7018 714.962.2411 www.ocsd.com 12/31/19 Orange County Sanitation District ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2020-891 Agenda Date:2/19/2020 Agenda Item No:5. FROM:James D. Herberg, General Manager Originator: Lorenzo Tyner, Assistant General Manager SUBJECT: CONSIDERATION OF BUDGET ASSUMPTIONS AND BUDGET CALENDAR FOR PREPARATION OF THE FISCAL YEARS 2020-21 AND 2021-22 BUDGET GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Approve the FY 2020-21 budget assumptions and direct staff to incorporate these parameters in preparing the FY 2020-21 and 2021-22 budget. BACKGROUND For the budget process,the Administration Committee establishes the Budget Assumptions and approves the Budget Calendar. Staff will make a brief presentation at the Committee meeting. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Produce appropriate financial reporting ADDITIONAL INFORMATION Currently,there are no proposed changes to the Orange County Sanitation District (Sanitation District)Fiscal Policy.The Fiscal Policy is published in the FY 2018-19 and 2019-20 Budget document (Section 3, Pages 1-8), and is available on the Sanitation District’s website. ATTACHMENT The following attachment(s)are included in hard copy and may also be viewed on-line at the OCSD website (www.ocsd.com) with the complete agenda package: ·FY 2020-21 Preliminary Budget Assumptions ·Budget Calendar 2020-21 Orange County Sanitation District Printed on 2/11/2020Page 1 of 1 powered by Legistar™ FY 2020-21 Preliminary Budget Assumptions 1 Economic Assumptions  Inflation for Orange County in FY 2020-21 is projected to be 1.9 percent based on the 2019 projected percentage change in consumer price index (CPI) obtained from Chapman University. A 1.9 percent inflation factor will also be used for FY 2021-22. Revenue Assumptions  Based upon the proposed Sewer Service Fee Rate Schedule to be approved by the Board in March 2018, the single-family residence (SFR) rate will increase by $4 (1.2 percent) to $343 in FY 2020-21, which is less than the projected CPI.  Note that each $1 increase in the SFR rate generates approximately $900,000 per year.  The capital facilities capacity charge (CFCC) fee captures only those infrastructure costs that relate to additional capacity. The proposed CFCC fee to be approved by the Board in March 2018 will increase by 8 percent for FY 2020-21. Other infrastructure costs such as improved treatment, rehabilitation, refurbishment, and replacement, will be supported through user fees.  Given the Facilities Master Plan adopted in December 2017, a rate study was completed in December 2017 to ensure that the CFCC fee methodology remains equitable and to confirm that an appropriate share of system costs would be recovered from new development.  Revenues will be budgeted to reflect little growth in Equivalent Dwelling Unit (EDU) connections that have remained flat over the past five years.  Permit user rates for flow will increase by 3.8 percent, Biochemical Oxygen Demand (BOD) will increase by 0.5 percent and Total Suspended Solids (TSS) will increase by 2.7 percent for FY 2020-21 based upon the Rate Study completed in December 2017.  Annexation fees capture both the net current assets and the equivalent property tax allocations totaling $4,235 per acre.  Annexable property in OCSD’s service area sphere is minimal; consequently, no FY 2020-21 income from annexation fees is anticipated.  Property tax revenues are preliminarily estimated to increase by approximately three percent from FY 2019-20 to $98,354,000. A two percent annual increase in Assessed Value is authorized by the state constitution and is included in the increases noted above. The additional increase in assessed value is from authorized increases to market value when property is sold at a higher value.  Earnings on the investment of OCSD’s operating cash and reserves will be budgeted at 1.0 percent of the average cash and investment balance projected for the fiscal year.  No additional debt issuance is scheduled for FY 2020-21. Operating Assumptions  Operating expenses are expected to approximate the adopted FY 2019-20 budget of $168 million. FY 2020-21 Preliminary Budget Assumptions 2  Average daily flows are projected at 188 mgd for FY 2020-21 and 188 MGD for FY 2021-22. The FY 2019-20 flow projection of 188 mgd reflects an increase of 1 mgd from the actual for the first 5 months of the current year and is 2 mgd above the final actual flow for FY 2018-19. Employee/Staffing Assumptions  Staffing level is expected to remain relatively flat. The total FY 2019-20 authorized staffing level is 640.00 FTEs, excluding Management Discretion positions.  Vacant positions as of 12/31/2019 are budgeted at 50 percent of step 1 for the remainder of FY 2019-20 and at 100 percent of step 2 for FY 2020-21.  New positions will be projected at 100 percent of step 1 for FY 2020-21.  A 3.0 percent vacancy factor on authorized positions has been budgeted for FY 2020-21. The actual vacancy factor is currently running at 4.7 percent due to the streamlined recruitment processes now in place. This vacancy factor accounts for time spent for recruitment and turnover.  The Memorandums of Understanding (MOUs) for the OCEA, the Local 501, and the Supervisor and Professional (SPMT) groups expire on June 30, 2022. Salary adjustments will be included in the budget for COLA based upon the current MOUs.  Retirement costs for employees enrolled in OCERS Plans G and H are estimated at a rate of 14.10 percent of the employee’s base salary for FY 2020-21, up from 13.30 percent in FY 2019-20. The rates for Plans G and H include OCSD’s pickup of 3.5 percent of employees’ required contributions. Employees enrolled in OCERS Plan B are estimated at a rate of 11.97 percent of the employee’s base salary for FY 2020-21, up from 11.25 percent in FY 2019-20. All employees hired on or after January 1, 2013 are enrolled in OCERS Plan U and are estimated at a rate of 10.88 percent for FY 2020-21, up from 10.37 percent in FY 2019-20. Interns are not enrolled in OCERS so their retirement benefits are calculated at 6.2 percent (FICA rate).  Other employee benefits and insurances will be budgeted to increase in FY 2020-21 and FY 2021-22 by moderate but yet to be determined amounts. Materials, Supplies, & Services Assumptions  The proposed operating budget will continue to reflect an emphasis on safety, security, and maintenance of plant assets and infrastructure.  An amount equal to half of one percent of the Operating materials and services budget will be a contingency for prior year re-appropriations. Since the current year’s budget lapses on June 30, a contingency is needed in the succeeding budget year for goods or services ordered at the end of one budget year but not delivered until the following year.  An amount equal to 0.85 percent of the Operating materials and services budget will be the General Manager’s contingency budget. These funds will be allocated to appropriate line items during the year after requests and justifications for unanticipated needs are approved by the General Manager. FY 2020-21 Preliminary Budget Assumptions 3  Resource needs for strategic initiatives will be included in the budget. Capital Improvement Program Assumptions  The FY 2020-21 and FY 2021-22 cash flow budget, based on the most current Validated Capital Improvement Program (CIP), is the target.  The baseline CIP cash flow for FY 2020-21 is $209 million and for FY 2021-22 is $314 million.  Continual evaluation of the CIP by Financial Management, Project Management Office and Planning may result in deferral or reduction of some projects and a resultant increase in O&M repair costs for materials and services, if the net cash flow impact is a decrease.  For the first five months of FY 2019-20, $39.2 million of the $153.3 million CIP budget, approximately 25.6 percent, was expended. Debt Financing  OCSD will issue new debt in the form of Certificates of Participation (COP) as needed to fund the CIP and to maintain reserves.  No additional debt issuance is scheduled for FY 2020-21 and FY 2021-22.  Debt will only be used for CIP and capital expenses, not for operating expenses.  Capital financing plans no longer include future borrowings over the next ten years as the approved user fee schedule is considered sufficient.  Borrowing is proposed only for facilities which do not add capacity and that are funded by all users for replacement, rehabilitation, and improved treatment.  Upon COP’s becoming callable or maturing, a determination will be made as to the benefit of paying off the obligation or refinancing the debt. Reserve Assumptions The existing reserve policy is summarized as follows: ► A cash flow criterion will be established to fund operations, maintenance and certificates of participation expenses for the first half of the fiscal year, prior to receipt of the first installment of the property tax allocation and sewer service user fees which are collected as a separate line item on the property tax bill. The level of this criterion will be established as the sum of an amount equal to six months operations and maintenance expenses and the total of the annual debt (COP) service payments due in August each year. ► An operating contingency criterion will be established to provide for non-recurring expenditures that were not anticipated when the annual budget and sewer service fees FY 2020-21 Preliminary Budget Assumptions 4 were considered and adopted. The level of this criterion will be established at an amount equal to ten percent of the annual operating budget. ► A capital improvement criterion will be maintained to fund annual increments of the capital improvement program. The long-term target is for one half of the capital improvement program to be funded from borrowing and for one half to be funded from current revenues and reserves. With this program in mind, the target level of this criterion has been established at one-half of the average annual capital improvement program over the next ten years. ► A catastrophic loss, or self-insurance, criterion will be maintained for property damage including fire, flood and earthquake, for general liability and for workers' compensation. This criterion is intended to work with purchased insurance policies, FEMA disaster reimbursements and State disaster reimbursements. The potential infrastructure loss from a major earthquake, of which OCSD currently has limited outside insurance coverage of $25 million, has been estimated to be as high as $1.3 billion. The level of this criterion has been set at $57 million should such a catastrophic event occur. This criterion amount will assist OCSD with any short-term funding needs until Federal and State assistance becomes available. ► Accumulated capital funds will be set aside for certain specific, short-term capital improvements as the need and availability arise. ► A capital replacement/renewal criterion has been established to provide thirty percent of the funding to replace or refurbish the current collection, treatment and disposal facilities at the end of their useful economic lives. Based on the Facilities Evaluation Report completed in December 2017, the current replacement value of these facilities is estimated to be $3.56 billion for the collection facilities and $7.18 billion for the treatment and disposal facilities. The initial criterion level has been established at $50 million, which will be augmented by interest earnings and a small portion of the annual sewer user fee, in order to meet projected needs through the year 2030. ► Provisions of the various certificates of participation (COP) issues require debt service reserves to be under the control of the Trustee for that issue. These reserve funds are not available for the general needs of OCSD and must be maintained at specified levels. The current level of required COP service reserves is projected to be $170.8 million. ► Accumulated funds exceeding the levels specified by District policy will be maintained in a rate stabilization fund. These funds will be applied to future years' needs in order to maintain rates or to moderate annual fluctuations. There is no established target for this criterion. Budget Calendar 1 Tasks Responsibility Event/Due Date Phase I – Budget Preparation EMT Strategic Planning Workshop General Manager's Office 8/1/2019 Strategic Plan Workshop for the Board General Manager's Office 8/28/2019 Strategic Plan Workshop for the Board General Manager's Office 9/18/2019 Strategic Plan Workshop for the Board General Manager's Office 9/25/2019 Strategic Plan adopted by Board of Directors General Manager's Office 11/20/2019 Preliminary Budget Assumptions Identified Financial Planning 1/6/2020 Preliminary Budget Assumptions & Draft Budget Calendar Presented to EMT & Managers Financial Management 1/13/2020 Preparation for Budget Kickoff / Training Session: · Develop line item worksheets · Prepare budget instruction manual Financial Planning 1/16/2020 Budget Kickoff / Training Session: · Distribute budget manual update · Conduct budget training session · Review submission deadlines Financial Planning 1/23/2020 CIP - New Project Numbers Assigned Engineering Planning 2/7/2020 Operating Divisional Budgets: All Position Decision Packages Due to Human Resources (Laura Maravilla, Ext. 7007) with copies to Financial Planning (Lina Hsiao, Ext. 7542) · New Position · Position Upgrade · Position Reclassification or Equity Adjustment Divisional Budget Coordinators 2/7/2020 Operating Budget: Promotional Items and Conference Attendance Request Forms Due to Jennifer Cabral (Ext. 7581). Email Promotional Items Purchasing Budget Request form to: forinformation@ocsd.com. Include the number of polo shirts needed for your division on the form. Divisional Budget Coordinators 2/7/2020 Capital Equipment Budget: Vehicle Capital Equipment Decision Packages Due to Fleet Services (Bob Bell, Ext. 7214) Divisional Budget Coordinators 2/7/2020 Capital Equipment Budget: Computer Equipment Decision Packages Due to Information Technology (John Swindler, Ext. 7260) Divisional Budget Coordinators 2/7/2020 Budget Assumptions Presented to Administration Committee Financial Management 2/19/2020 FY 2020-21 & 2021-22 Budget Manual 2 Mid-Year Financial Report to Administration Committee Financial Management 2/19/2020 Division Budget Packages Due to Finance: · Update 2019-20 projected costs · Proposed operating costs for 2020-21 & 2021-22 · Operating Budget Expense Detail · Meetings, Memberships & Training Requests · Capital Equipment Decision Packages (other than computer and vehicle decision packages) · New program decision packages (Financial Planning will compile this information into packages for use during the budget review process.) Divisional Budget Coordinators 2/20/2020 CIP - Preliminary capital equipment request estimates delivered to PMO Financial Planning 2/20/2020 CIP - Engineering Change Control Validation Complete Engineering Project Managers 2/20/2020 Mid-Year Financial Report to Board Financial Management 2/26/2020 Complete the Compilation of the Preliminary Division Budget Packages Financial Planning 2/26/2020 CIP - Future Project Attributes Reviewed and Updated Engineering Planning 2/28/2020 CIP - Project Budget Reviews Complete Engineering PMO 3/2/2020 Department Narratives for Budget Executive Summary Due to Financial Planning EMT 3/12/2020 CIP - Validated CIP budgets delivered to IT/Finance Engineering Planning 3/30/2020 Phase II - Budget Review Divisional Budgets - Distribution of Preliminary Line Item Requested Budget to Department Heads and Managers along with Analysis/Questions for Review Financial Planning 3/2/2020 Operating Budget – Information on New Positions, Position Upgrades & Reclassifications Submitted to the General Manager Human Resources 3/5/2020 CIP - Engineering /Finance Budget Review Meetings: Final Adjustments, Confirm 20-year Cash Flow, and Capital Equipment Delivered to PMO Engineering/Financial Management 3/2-3/16/2020 Operating Budget - Division Budget Review Meetings with Finance and Division Representatives Financial Planning & Division Representatives 3/9 - 3/12/20 Divisional Budgets - Completion of Preliminary Budget and Compilation into Departmental Budgets Financial Planning 3/11/2020 Budget Revenue Update Presented to Administration Committee Financial Planning 3/11/2020 Budget Calendar 3 Operating Budget – Recommendations to General Manager Financial Planning 3/12/2020 Divisional Budgets – Performance Budget Documents Due to Financial Planning (Lina Hsiao): · Organization Charts · Performance Results (2018-19) · Performance Measures (2020-21 & 2021-22) Divisional Budget Coordinators 3/19/2020 Final Operating Budget – General Manager Review of Budget Recommendations Financial Planning, GM, & Department Heads 3/23 - 3/27/20 Capital Equipment Budget - Requests Reviewed & Approved Financial Planning, GM, & Department Heads 3/23 - 3/27/20 Operating Budget – Report of General Manager's Decisions on New Positions, Position Upgrades & Reclassifications Submitted to the Financial Planning General Manager 3/23/2020 CIP – Approve Proposed CIP Budget EMT 3/23/2020 CIP – Operations Committee Review of Proposed Budget Engineering 4/1/2020 Phase III - Budget Presentation Operating Budget – Presentation of Preliminary Budget by Division/Department to EMT Financial Management 4/6/2020 Operating Budget – Overview to Administration Committee Financial Management 4/8/2020 CIP - Final CIP Budget Document Preparation and Incorporation into Final Budget Document Financial Planning 4/16/2020 CIP - Review draft of Final Budget Document pages with Engineering Planning & PMO Financial Planning 4/16/2020 Initial - Proposed Budget Finalized Financial Planning 4/27/2020 Operating Budget - Overview to Operations Committee Financial Planning 5/6/2020 CIP Budget Overview to Operations Committee Engineering/Financial Management 5/6/2020 General Manager’s Budget Message Completed GM / Financial Planning 5/11/2020 Operating Budget - Overview to Administration Committee Financial Planning 5/13/2020 CIP Budget Overview to Administration Committee Engineering/Financial Management 5/13/2020 Approval of General Manager’s Budget Message General Manager 5/13/2020 Final - Proposed Budget to Printer Financial Planning 5/20/2020 Phase IV - Budget Deliberations Final Draft - Proposed 2020-21 & 2021-22 Budget Presented to Committees Financial Management Ops- 6/3/2020 Admin- 6/10/2020 FY 2020-21 & 2021-22 Budget Manual 4 Public Hearing & Board Adoption Board of Directors 6/24/2020 Phase V – Distribution of Budget Final line item budget and equipment budgets posted in H:\ntglobal Financial Planning 7/8/2020 Phase VI – Budget Debriefing Budget Debriefing E-mail Message · Global Changes that occurred in this year's budget. · Changes since the Departments' original submittal. · Changes that occurred as a result of Board action. · Results of Budget Survey. · Overview of Budget Monitoring with Oracle JD Edwards EnterpriseOne Software and review of Budget Coordinator's Responsibility. · Overview of CIP Budget Monitoring. · Suggestions for Budget Process Improvements. Financial Planning 7/9/2020 Orange County Sanitation District ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2019-679 Agenda Date:2/19/2020 Agenda Item No:6. FROM:James D. Herberg, General Manager Originator: Lorenzo Tyner, Assistant General Manager SUBJECT: INVESTMENT PERFORMANCE RESULTS GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Chandler Asset Management serves as the Orange County Sanitation District’s (Sanitation District) Investment Manager.The Portfolio Manager and Executive Vice President,William Dennehy II,CFA, will be providing an informational presentation on the performance of the Sanitation District’s short- term and long-term investment portfolios over the past year. RELEVANT STANDARDS ·Ensure that investment proposals and decisions are based on clearly defined standards ·Orange County Sanitation District Investment Policy ·Ensure the public’s money is wisely spent ATTACHMENT The following attachment(s)may be viewed on-line at the OCSD website (www.ocsd.com)with the complete agenda package: N/A Orange County Sanitation District Printed on 2/4/2020Page 1 of 1 powered by Legistar™ ORANGE COUNTY SANITATION DISTRICT COMMON ACRONYMS ACWA Association of California Water Agencies LAFCO Local Agency Formation Commission RWQCB Regional Water Quality Control Board APWA American Public Works Association LOS Level Of Service SARFPA Santa Ana River Flood Protection Agency AQMD Air Quality Management District MGD Million Gallons Per Day SARI Santa Ana River Interceptor ASCE American Society of Civil Engineers MOU Memorandum of Understanding SARWQCB Santa Ana Regional Water Quality Control Board BOD Biochemical Oxygen Demand NACWA National Association of Clean Water Agencies SAWPA Santa Ana Watershed Project Authority CARB California Air Resources Board NEPA National Environmental Policy Act SCADA Supervisory Control And Data Acquisition CASA California Association of Sanitation Agencies NGOs Non-Governmental Organizations SCAP Southern California Alliance of Publicly Owned Treatment Works CCTV Closed Circuit Television NPDES National Pollutant Discharge Elimination System SCAQMD South Coast Air Quality Management District CEQA California Environmental Quality Act NWRI National Water Research Institute SOCWA South Orange County Wastewater Authority CIP Capital Improvement Program O & M Operations & Maintenance SRF Clean Water State Revolving Fund CRWQCB California Regional Water Quality Control Board OCCOG Orange County Council of Governments SSMP Sewer System Management Plan CWA Clean Water Act OCHCA Orange County Health Care Agency SSO Sanitary Sewer Overflow CWEA California Water Environment Association OCSD Orange County Sanitation District SWRCB State Water Resources Control Board EIR Environmental Impact Report OCWD Orange County Water District TDS Total Dissolved Solids EMT Executive Management Team OOBS Ocean Outfall Booster Station TMDL Total Maximum Daily Load EPA US Environmental Protection Agency OSHA Occupational Safety and Health Administration TSS Total Suspended Solids FOG Fats, Oils, and Grease PCSA Professional Consultant/Construction Services Agreement WDR Waste Discharge Requirements gpd gallons per day PDSA Professional Design Services Agreement WEF Water Environment Federation GWRS Groundwater Replenishment System POTW Publicly Owned Treatment Works WERF Water Environment & Reuse Foundation ICS Incident Command System ppm parts per million WIFIA Water Infrastructure Finance and Innovation Act IERP Integrated Emergency Response Plan PSA Professional Services Agreement WIIN Water Infrastructure Improvements for the Nation Act JPA Joint Powers Authority RFP Request For Proposal 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 the Orange County Sanitation District 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 Groundwater Replenishment System process and is eliminated using hydrogen peroxide with extra ultra-violet treatment. NATIONAL BIOSOLIDS PARTNERSHIP (NBP) – An alliance of the National Association of Clean Water Agencies and Water Environment Federation, with advisory support from the US Environmental Protection Agency. 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. 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. Combined sewers carry both wastewater and urban runoff. 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. 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. The Orange County Sanitation District’s service area is in the Santa Ana River Watershed.