HomeMy WebLinkAbout02-10-2021 Administration Committee Meeting Complete Agenda Packet
ORANGE COUNTY SANITATION DISTRICT SPECIAL NOTICE REGARDING CORONAVIRUS (COVID-19) AND ATTENDANCE AT PUBLIC MEETINGS
On March 4, 2020, Governor Newsom proclaimed a State of Emergency in California as a result of the threat of COVID-19. On March 12, 2020 and March 18, 2020, Governor
Newsom issued Executive Order N-25-20 and Executive Order N-29-20, which
temporarily suspend portions of the Brown Act which addresses the conduct of public meetings. The General Manager and the Chairman of the Board of Directors have determined that
due to the size of the Orange County Sanitation District’s Board of Directors (25), and the
health and safety of the members, the Board of Directors will be participating in meetings of the Board telephonically and via Internet accessibility.
PUBLIC PARTICIPATION
Your participation is always welcome. The Administration Committee meeting will be available to the public online at:
https://ocsd.legistar.com/Calendar.aspx
You may submit your comments and questions in writing for the Administration Committee’s consideration in advance of the meeting by using the eComment feature available via the webpage above or sending them to OCSanClerk@ocsd.com with the
subject line “PUBLIC COMMENT ITEM # (insert the item number relevant to your
comment)” or “PUBLIC COMMENT NON-AGENDA ITEM”. Submit your written comments by 5:00 p.m. on Tuesday, February 9, 2021. You may also submit comments and questions for the Administration Committee’s
consideration during the meeting by using the eComment feature that will be available
via the webpage above for the duration of the meeting. All public comments will be provided to the Administration Committee and may be read into the record or compiled as part of the record.
Thank you.
February 3, 2021
NOTICE OF MEETING
ADMINISTRATION COMMITTEE
ORANGE COUNTY SANITATION DISTRICT
Wednesday, February 10, 2021 – 5:00 P.M.
ACCESSIBILITY FOR THE GENERAL PUBLIC
Due to the spread of COVID-19, the Orange County Sanitation District will
be holding all upcoming Board and Committee meetings by
teleconferencing and Internet accessibility. This meeting will be available
to the public online at:
https://ocsd.legistar.com/Calendar.aspx
A regular meeting of the Administration Committee of the Orange County
Sanitation District will be held in the manner indicated herein on
Wednesday, February 10, 2021 at 5:00 p.m.
ADMINISTRATION COMMITTEE MEETING DATE
BOARD MEETING DATE
02/10/21 02/24/21
03/10/21 03/24/21
04/14/21 04/28/21
05/12/21 05/26/21
06/09/21 06/23/21
07/14/21 07/28/21
AUGUST DARK 08/25/21
09/08/21 09/22/21
10/13/21 10/27/21
11/10/21 11/17/21 *
12/08/21 12/15/21 *
JANUARY DARK 01/26/22
* Meeting will be held on the third Wednesday of the month
ROLL CALL ADMINISTRATION COMMITTEE Finance, Information Technology, Environmental Services
and Human Resources
Meeting Date: February 10, 2021 Time: 5:00 p.m. Adjourn:
COMMITTEE MEMBERS (13)
Chad Wanke, Chair
Glenn Parker, Vice-Chair Brad Avery
Art Brown
Kim Carr
Mark Chirco
Rose Espinoza
Marshall Goodman
Patrick Harper
Anthony Kuo
Andrew Nguyen
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
Kelly Lore, Clerk of the Board
ORANGE COUNTY SANITATION DISTRICT Effective 1/27/2021 BOARD OF DIRECTORS Complete Roster AGENCY/CITIES
ACTIVE DIRECTOR
ALTERNATE DIRECTOR
Anaheim
Stephen Faessel
Jose Diaz Brea Glenn Parker Steven Vargas Buena Park Art Brown Connor Traut Cypress Stacy Berry Anne Hertz Fountain Valley Patrick Harper Glenn Grandis Fullerton Jesus J. Silva Nick Dunlap Garden Grove Steve Jones John O’Neill Huntington Beach Kim Carr Dan Kalmick Irvine Anthony Kuo Farrah N. Khan
La Habra Rose Espinoza Jose Medrano La Palma Marshall Goodman Nitesh Patel Los Alamitos Mark A. Chirco Ron Bates Newport Beach Brad Avery Joy Brenner Orange Mark Murphy Kim Nichols Placentia Chad Wanke Ward Smith Santa Ana Johnathan Ryan Hernandez Nelida Mendoza Seal Beach Sandra Massa-Lavitt Schelly Sustarsic Stanton David Shawver Carol Warren Tustin Ryan Gallagher Austin Lumbard Villa Park Chad Zimmerman Robert Collacott Sanitary/Water Districts
Costa Mesa Sanitary District
Bob Ooten
Art Perry Midway City Sanitary District Andrew Nguyen Sergio Contreras Irvine Ranch Water District John Withers
Douglas Reinhart
Yorba Linda Water District Brooke Jones Phil Hawkins County Areas
Board of Supervisors Doug Chaffee Donald P. Wagner
ADMINISTRATION COMMITTEE
Regular Meeting Agenda
Wednesday, February 10, 2021 - 5:00 PM
Board Room
Administration Building
10844 Ellis Avenue
Fountain Valley, CA 92708
(714) 593-7433
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 10, 2021
CALL TO ORDER
PLEDGE OF ALLEGIANCE
Clerk of the Board
ROLL CALL AND DECLARATION OF QUORUM:
PUBLIC COMMENTS:
Your participation is always welcome. The Administration Committee meeting will be available to the public online
at: https://ocsd.legistar.com/Calendar.aspx.
You may submit your comments and questions in writing for the Administration Committee’s consideration in
advance of the meeting by using the eComment feature available via the webpage above or sending them to
OCSanClerk@ocsd.com with the subject line “PUBLIC COMMENT ITEM # (insert the item number relevant to
your comment)” or “PUBLIC COMMENT NON-AGENDA ITEM”. Submit your written comments by 5:00 p.m. on
February 9, 2021.
You may also submit comments and questions for the Administration Committee’s consideration during the
meeting by using the eComment feature that will be available via the webpage above for the duration of the
meeting. All public comments will be provided to the Administration Committee and may be read into the record
or compiled as part of the record.
REPORTS:
The Committee Chairperson and the General Manager may present verbal reports on miscellaneous matters of
general interest to the Directors. These reports are for information only and require no action by the Directors.
CONSENT CALENDAR:
Consent Calendar Items are considered to be routine and will be enacted, by the Committee, after one motion,
without discussion. Any items withdrawn from the Consent Calendar for separate discussion will be considered in
the regular order of business.
1.2020-1391APPROVAL OF MINUTES
RECOMMENDATION:
Approve Minutes of the Regular Meeting of the Administration Committee held
December 9, 2020.
Originator:Kelly Lore
Agenda Report
12-09-2020 Administration Committee Minutes
Attachments:
2.2021-1456GENERAL MANAGER APPROVED PURCHASES AND ADDITIONS TO
THE PRE-APPROVED OEM SOLE SOURCE LIST
RECOMMENDATION: Recommend to the Board of Directors to:
Page 1 of 4
ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 10, 2021
A. Receive and file Orange County Sanitation District purchases made under the
General Manager’s authority for the period of October 1, 2020 to December 31,
2020; and
B. Approve the following additions to the pre-approved OEM Sole Source List for
the period of October 1, 2020 to December 31, 2020:
·FONTAINE-AQUANOX - Replacement Parts, Equipment and Service
·GOOCH THERMAL SYSTEMS, INC - Spiral Heat Exchangers
·HIDROSTAL, LLC - Pumps and Replacement Parts
·RODNEY HUNT, INC. - Diversion Gates and Actuators
·SMARTCOVER SYSTEMS - Sewer Level Monitors
Originator:Lorenzo Tyner
Agenda ReportAttachments:
3.2020-1326MID-YEAR CONSOLIDATED FINANCIAL REPORT FOR THE PERIOD
ENDED DECEMBER 31, 2020
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, 2020.
Originator:Lorenzo Tyner
Agenda Report
FY 2020-21 Mid-Year Financial Report 12-31-2020
Attachments:
4.2020-1366BUSINESS ANALYSIS SERVICES FOR RESOURCE PROTECTION
DIVISION
RECOMMENDATION: Recommend to the Board of Directors to:
A. Award a Professional Consultant Services Agreement to EEC Environmental,
Inc. for Pretreatment Program Consulting Services, for the procurement of
Business Analysis services to document Resource Protection division business
processes, Specification No. CS-2020-1167BD, for a total amount not to exceed
$385,625; and
B. Approve a contingency in the amount of $38,563 (10%).
Originator:Lorenzo Tyner
Agenda Report
CS-2020-1167BD Final Contract
Attachments:
Page 2 of 4
ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 10, 2021
NON-CONSENT:
5.2021-1437PURCHASE OF AN IMAGING FLOWCYTOBOT (IFCB)
RECOMMENDATION:
Approve a sole source purchase order to McLane Research Laboratories, Inc. for an
Imaging FlowCytobot for an amount not to exceed $148,939 including estimated tax
and shipping.
Originator:Lan Wiborg
Agenda ReportAttachments:
6.2021-1447CONSIDERATION OF BUDGET ASSUMPTIONS AND BUDGET
CALENDAR FOR PREPARATION OF THE FISCAL YEAR 2021-22
BUDGET UPDATE
RECOMMENDATION:
Approve the FY 2021-22 budget assumptions and direct staff to incorporate these
parameters in preparing the FY 2021-22 budget update.
Originator:Lorenzo Tyner
Agenda Report
FY21-22 Budget Assumptions
Budget Calendar FY21-22
Item 6 PPP_Budget Assumptions for FY21-22
Attachments:
INFORMATION ITEMS:
7.2020-1327INVESTMENT PERFORMANCE RESULTS
RECOMMENDATION:
Information Item.
Originator:Lorenzo Tyner
Agenda Report
Item 7 PPP_Reserves and Investments
Chandler Presentation
Attachments:
DEPARTMENT HEAD REPORTS:
CLOSED SESSION:
None.
Page 3 of 4
ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 10, 2021
OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF
ANY:
BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING:
At this time Directors may request staff to place an item on a future agenda.
ADJOURNMENT:
The next Administration Committee meeting is scheduled for Wednesday, March 10, 2021 at
5:00 p.m.
Page 4 of 4
ADMINISTRATION COMMITTEE
Agenda Report
Administration Building
10844 Ellis Avenue
Fountain Valley, CA 92708
(714) 593-7433
File #:2020-1391 Agenda Date:2/10/2021 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 9, 2020.
BACKGROUND
In accordance with the Board of Directors Rules of Procedure,an accurate record of each meeting
will be provided to the Directors for subsequent approval at the following meeting.
RELEVANT STANDARDS
·Resolution No. OC SAN 21-01
ATTACHMENT
The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda
package:
·Minutes of the Administration Committee meeting held December 9, 2020
Orange County Sanitation District Printed on 2/2/2021Page 1 of 1
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Orange County Sanitation District
Minutes for the
ADMINISTRATION COMMITTEE
Wednesday, December 9, 2020
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 was called to order by Committee Chair
Chad Wanke on Wednesday, December 9, 2020 at 5:00 p.m. in the Administration Building of
the Orange County Sanitation District. Chair Wanke stated that the meeting was being held
telephonically and via audio/video in accordance with Governor's Executive Order No.
N-29-20 due to the Coronavirus Pandemic. Director Glenn Parker led the Flag Salute.
ROLL CALL AND DECLARATION OF QUORUM:
Roll call was taken and a quorum was declared present, as follows:
PRESENT:
ABSENT:
Chad Wanke, Mark Murphy, Andrew Nguyen, Glenn Parker, Erik
Peterson, Tim Shaw, David Shawver, John Withers, Patrick
Harper (Alternate), Anthony Kuo (Alternate), Robert Ooten
(Alternate) and Nitesh Patel (Alternate)
None
STAFF PRESENT: Jim Herberg, General Manager; Kelly Lore, Clerk of the Board; and Brian
Engeln were present in the Board Room. 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;
Jennifer Cabral; Mortimer Caparas; Tina Knapp; Wally Ritchie; and Thomas Vu were in
attendance telephonically.
OTHERS PRESENT: Brad Hogin, General Counsel was present in the Board Room; and La
Palma Council Member Marshall Goodman was present telephonically.
PUBLIC COMMENTS:
None.
The Clerk of the Board indicated that late communication was distributed pertaining to
agenda Item No. 2 which provided the actual amount of the invoice to be approved for
payment.
REPORTS:
Chair Wanke welcomed the four Alternate Directors attending the meeting.
General Manager Herberg did not provide a report.
Page 1 of 4
ADMINISTRATION
COMMITTEE
Minutes December 9, 2020
CONSENT CALENDAR:
1. APPROVAL OF MINUTES 2020-1362
Originator: Kelly Lore
MOVED, SECONDED, AND DULY CARRIED TO:
Approve Minutes of the Regular Meeting of the Administration Committee held
November 10, 2020.
AYES:Chad Wanke, Richard Murphy, Mark Murphy, Andrew Nguyen, Glenn
Parker, Erik Peterson, Tim Shaw, David Shawver, John Withers,
Patrick Harper (Alternate), Anthony Kuo (Alternate), Robert Ooten
(Alternate) and Nitesh Patel (Alternate)
NOES:None
ABSENT:None
ABSTENTIONS:None
2. PAYMENT OF ANNUAL NATIONAL POLLUTANT DISCHARGE AND
ELIMINATION SYSTEM (NPDES) PERMIT FEES
2020-1363
Originator: Lan Wiborg
MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of
Directors to:
Approve payment of $712,888 for annual NPDES ocean discharge permit fees.
AYES:Chad Wanke, Richard Murphy, Mark Murphy, Andrew Nguyen, Glenn
Parker, Erik Peterson, Tim Shaw, David Shawver, John Withers,
Patrick Harper (Alternate), Anthony Kuo (Alternate), Robert Ooten
(Alternate) and Nitesh Patel (Alternate)
NOES:None
ABSENT:None
ABSTENTIONS:None
NON-CONSENT:
Board Chair Shawver appeared to be disconnected from the meeting during Item No. 3.
3. ADOPT ORANGE COUNTY SANITATION DISTRICT’S DEBT POLICY 2020-1360
Originator: Lorenzo Tyner
Assistant General Manager Lorenzo Tyner provided a brief introduction to the item.
MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of
Page 2 of 4
ADMINISTRATION
COMMITTEE
Minutes December 9, 2020
Directors to:
Adopt Resolution No. OCSD 20-XX, entitled: “A Resolution of the Board of Directors of
the Orange County Sanitation District Adopting the Orange County Sanitation District’s
Debt Policy and Repealing Resolution No. OCSD 18-16”.
AYES:Chad Wanke, Richard Murphy, Mark Murphy, Andrew Nguyen, Glenn
Parker, Erik Peterson, Tim Shaw, John Withers, Patrick Harper
(Alternate), Anthony Kuo (Alternate), Robert Ooten (Alternate) and
Nitesh Patel (Alternate)
NOES:None
ABSENT:David Shawver
ABSTENTIONS: None
Board Vice-Chair Withers appeared to be disconnected from the meeting during Item No. 4.
4. INVEST AND/OR REINVEST ORANGE COUNTY SANITATION 2020-1325
DISTRICT’S FUNDS AND ADOPT INVESTMENT POLICY
STATEMENT
Originator: Lorenzo Tyner
Controller Wally Ritchie provided a PowerPoint presentation including information
regarding Local Agency Investment Guidelines, Senate Bill No. 998
regarding allowable limits, Local Agency Investment Fund, and a summary of the
proposed changes to the Investment Policy.
MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of
Directors to:
Adopt Resolution No. OCSD 20-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 the Orange County Sanitation District’s
Funds, Adopting the Orange County Sanitation District’s Investment Policy Statement
and Performance Benchmarks, and Repealing Resolution No. OCSD 19-21”.
AYES: Chad Wanke, Richard Murphy, Mark Murphy, Andrew Nguyen, Glenn
Parker, Erik Peterson, Tim Shaw, David Shawver, Patrick Harper
(Alternate), Anthony Kuo (Alternate), Robert Ooten (Alternate) and
Nitesh Patel (Alternate)
NOES:None
ABSENT:John Withers
ABSTENTIONS:None
Page 3 of 4
ADMINISTRATION
COMMITTEE
Minutes December 9, 2020
INFORMATION ITEMS:
None.
DEPARTMENT HEAD REPORTS:
None.
CLOSED SESSION:
None.
OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF
ANY:
None.
BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING:
Alternate Director Bob Ooten requested an information item be provided regarding No Drugs
Down the Drain.
ADJOURNMENT:
Chair Wanke declared the meeting adjourned at 5:22 p.m. to the Regular meeting to be held
on Wednesday, February 10, 2021 at 5:00 p.m.
Submitted by:
__________________
Kelly A. Lore, MMC
Clerk of the Board
Page 4 of 4
ADMINISTRATION COMMITTEE
Agenda Report
Administration Building
10844 Ellis Avenue
Fountain Valley, CA 92708
(714) 593-7433
File #:2021-1456 Agenda Date:2/10/2021 Agenda Item No:2.
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, 2020 to December 31, 2020; and
B. Approve the following additions to the pre-approved OEM Sole Source List for the period of
October 1, 2020 to December 31, 2020:
·FONTAINE-AQUANOX - Replacement Parts, Equipment and Service
·GOOCH THERMAL SYSTEMS, INC - Spiral Heat Exchangers
·HIDROSTAL, LLC - Pumps and Replacement Parts
·RODNEY HUNT, INC. - Diversion Gates and Actuators
·SMARTCOVER SYSTEMS - Sewer Level Monitors
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(s) can only be provided by the OEM or their designated representative.
RELEVANT STANDARDS
·Quarterly financial reporting
·Ensure the public’s money is wisely spent
Orange County Sanitation District Printed on 2/2/2021Page 1 of 4
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File #:2021-1456 Agenda Date:2/10/2021 Agenda Item No:2.
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
<https://www.ocsd.com/Home/ShowDocument?id=24914>, 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
2020-21:
Vendor Name Amount Department Description/Discussion
AQUIS $89,000.00 Operations &
Maintenance
Project No. FR1-0009-Laboratory Building
HVAC Repair at Plant 1 Sole Source
Justification 2325 Reason: Unique
Product/Service
ARC $90,000.00 Administrative
Services
Copy Center Services 1/1/21 - 12/31/21 with
4 Optional Renewal Periods Specification
No. S-2020-1177BD
CORTECH
ENGINEERING
$79,265.11 Administrative
Services
Stock Item Purchase of SEEPEX Rotor and
Stator Board Approved OEM Sole Source
List M.O. 12/14/16, Item 12
CORTECH
ENGINEERING
$86,400.00 Administrative
Services
Stock Item Purchase of Flowserve Pump
Board Approved OEM Sole Source List
M.O. 5/27/20, Item 14
EMERSON
PROCESS
MANAGEMENT LLLP
-REMIT TO
$63,030.00 Administrative
Services
Three-year Guardian Support of CSI 2130
Machinery Health Analyzer 2/1/2021 -
1/31/24 Sole Source Justification 2317
Reason: Unique Product/Service
GEA MECHANICAL
EQUIPMENT US,
INC.
$95,000.00 Operations &
Maintenance
On-call Maintenance Service Contract for P1
-101 GEA Westfalia Thickening and
Dewatering Centrifuges Sole Source
Justification 2334 Reason: OEM
Parts/Materials Available from Only One
Source
HACH C/O PONTON
INDUSTRIES
$53,825.00 Operations &
Maintenance
Purchase of All Weather Refrigerated
Samplers Board Approved OEM Sole
Source List M.O. 12/14/16, Item 12
MISCO WATER $51,432.00 Operations &
Maintenance
Purchase of Eight (8) Watson-Marlow Pump
Assembly Sole Source Justification 2342
Reason: OEM Parts/Materials Available from
Only One Source
OVIVO USA, LLC $54,318.59 Administrative
Services
Stock Item Purchase of EIMCO Water
Technologies Motorized Rotary Distributor
(Trickling Filter) Parts Board Approved OEM
Sole Source List M.O. 2/28/18, ITEM 13
PUMPACTION CORP
- SHG USA
$59,617.28 Operations &
Maintenance
Purchase of Four (4) Putzmeister Wear
Parts Kits for Sludge Transfer Pumps Board
Approved OEM Sole Source List M.O.
12/14/16, Item 12
ROCKWELL
ENGINEERING &
EQUIPMENT CO
$59,920.00 Operations &
Maintenance
Purchase of Two (2) Vaughan’s Portable
Skid Pumps Board Approved OEM Sole
Source List M.O. 12/14/16, Item 12
SMARTCOVER
SYSTEMS
$80,892.18 Operations &
Maintenance
Purchase and Installation of Seventeen (17)
SmartCover Systems Sewer Level Monitors
and Components Sole Source Justification
2354 Reason: Unique Product/Service
THE DAVID ROUND
COMPANY
$51,014.00 Operations &
Maintenance
Purchase of One (1) Ruger Mobile Floor
Crane Sole Source Justification 2333
Reason: Unique Product/Service
TRANE COMPANY -
EQUIPMENT
$77,492.38 Operations &
Maintenance
HVAC Replacements at Plant Water PS and
12KV Service Center at P1 OMNIA Partners
Contract # 15-JLP-023, in Accordance with
Ordinance OCSD-52 Section 2.03 (B)
Cooperative Purchases
WESTERN EPG
PRODUCTS, INC.*
$71,664.00 Administrative
Services
Stock Purchase of Multiple Johnson Matthey
Selective Catalytic Reduction (SCR) and
Oxidation Catalyst Units for Plant 2 Board
Approved OEM Sole Source List M.O.
5/23/18, Item 12
WESTERN EPG
PRODUCTS, INC.*
$72,647.65 Administrative
Services
Stock Purchase of Multiple Johnson Matthey
Selective Catalytic Reduction (SCR) and
Oxidation Catalyst Units for Plant 1 Board
Approved OEM Sole Source List M.O.
5/23/18, Item 12
XPERT SOLUTIONS,
INC.
$90,787.20 Administrative
Services
Blanket PO to Provide Palo Alto Network
Items and Services 10/13/2020 - 10/12/2021
Specification No. E-2020-1197BD
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File #:2021-1456 Agenda Date:2/10/2021 Agenda Item No:2.
Vendor Name Amount Department Description/DiscussionAQUIS$89,000.00 Operations &Maintenance Project No. FR1-0009-Laboratory BuildingHVAC Repair at Plant 1 Sole SourceJustification 2325 Reason: UniqueProduct/ServiceARC$90,000.00 AdministrativeServices Copy Center Services 1/1/21 - 12/31/21 with4 Optional Renewal Periods SpecificationNo. S-2020-1177BDCORTECHENGINEERING$79,265.11 AdministrativeServices Stock Item Purchase of SEEPEX Rotor andStator Board Approved OEM Sole SourceList M.O. 12/14/16, Item 12CORTECHENGINEERING$86,400.00 AdministrativeServices Stock Item Purchase of Flowserve PumpBoard Approved OEM Sole Source ListM.O. 5/27/20, Item 14EMERSONPROCESSMANAGEMENT LLLP-REMIT TO $63,030.00 AdministrativeServices Three-year Guardian Support of CSI 2130Machinery Health Analyzer 2/1/2021 -1/31/24 Sole Source Justification 2317Reason: Unique Product/ServiceGEA MECHANICALEQUIPMENT US,INC.$95,000.00 Operations &Maintenance On-call Maintenance Service Contract for P1-101 GEA Westfalia Thickening andDewatering Centrifuges Sole SourceJustification 2334 Reason: OEMParts/Materials Available from Only OneSourceHACH C/O PONTONINDUSTRIES $53,825.00 Operations &Maintenance Purchase of All Weather RefrigeratedSamplers Board Approved OEM SoleSource List M.O. 12/14/16, Item 12MISCO WATER $51,432.00 Operations &Maintenance Purchase of Eight (8) Watson-Marlow PumpAssembly Sole Source Justification 2342Reason: OEM Parts/Materials Available fromOnly One Source
OVIVO USA, LLC $54,318.59 Administrative
Services
Stock Item Purchase of EIMCO Water
Technologies Motorized Rotary Distributor
(Trickling Filter) Parts Board Approved OEM
Sole Source List M.O. 2/28/18, ITEM 13
PUMPACTION CORP
- SHG USA
$59,617.28 Operations &
Maintenance
Purchase of Four (4) Putzmeister Wear
Parts Kits for Sludge Transfer Pumps Board
Approved OEM Sole Source List M.O.
12/14/16, Item 12
ROCKWELL
ENGINEERING &
EQUIPMENT CO
$59,920.00 Operations &
Maintenance
Purchase of Two (2) Vaughan’s Portable
Skid Pumps Board Approved OEM Sole
Source List M.O. 12/14/16, Item 12
SMARTCOVER
SYSTEMS
$80,892.18 Operations &
Maintenance
Purchase and Installation of Seventeen (17)
SmartCover Systems Sewer Level Monitors
and Components Sole Source Justification
2354 Reason: Unique Product/Service
THE DAVID ROUND
COMPANY
$51,014.00 Operations &
Maintenance
Purchase of One (1) Ruger Mobile Floor
Crane Sole Source Justification 2333
Reason: Unique Product/Service
TRANE COMPANY -
EQUIPMENT
$77,492.38 Operations &
Maintenance
HVAC Replacements at Plant Water PS and
12KV Service Center at P1 OMNIA Partners
Contract # 15-JLP-023, in Accordance with
Ordinance OCSD-52 Section 2.03 (B)
Cooperative Purchases
WESTERN EPG
PRODUCTS, INC.*
$71,664.00 Administrative
Services
Stock Purchase of Multiple Johnson Matthey
Selective Catalytic Reduction (SCR) and
Oxidation Catalyst Units for Plant 2 Board
Approved OEM Sole Source List M.O.
5/23/18, Item 12
WESTERN EPG
PRODUCTS, INC.*
$72,647.65 Administrative
Services
Stock Purchase of Multiple Johnson Matthey
Selective Catalytic Reduction (SCR) and
Oxidation Catalyst Units for Plant 1 Board
Approved OEM Sole Source List M.O.
5/23/18, Item 12
XPERT SOLUTIONS,
INC.
$90,787.20 Administrative
Services
Blanket PO to Provide Palo Alto Network
Items and Services 10/13/2020 - 10/12/2021
Specification No. E-2020-1197BD
*Two purchase orders were processed as stock items were purchased for separate Plants.
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
2020-21:
Vendor Name Amount Department Description/Discussion
CHARLES KING CO
INC.
$184,900.00 Operations &
Maintenance
Headworks 1 Wet Weather Bypass at Plant
No.1 Specification No. TOB-2020-1200 of
Master Service Contract S-2018-942BD-2
W.A. RASIC
CONSTRUCTION
CO., INC.
$62,495.00 Operations &
Maintenance
Grating Replacement at Plant No. 1
Specification No. TOB-2020-1206 of Master
Service Contract S-2018-942BD-7
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File #:2021-1456 Agenda Date:2/10/2021 Agenda Item No:2.
ATTACHMENT
The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda
package:
N/A
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ADMINISTRATION COMMITTEE
Agenda Report
Administration Building
10844 Ellis Avenue
Fountain Valley, CA 92708
(714) 593-7433
File #:2020-1326 Agenda Date:2/10/2021 Agenda Item No:3.
FROM:James D. Herberg, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
MID-YEAR CONSOLIDATED FINANCIAL REPORT FOR THE PERIOD ENDED DECEMBER 31,
2020
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, 2020.
BACKGROUND
Included in this consolidated report are the following mid-year financial reports for the period ended
December 31, 2020:
·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, 2020.
·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
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File #:2020-1326 Agenda Date:2/10/2021 Agenda Item No:3.
ADDITIONAL INFORMATION
The mid-year treasurer’s report contained within the Consolidated Financial Reports for the period
ended December 31,2020 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, 2020
Liquid Operating Monies (%)Long-Term Operating Monies (%)
Total Rate
of Return
Benchmark Total Rate
of Return
Benchmark
3 Months 0.03 0.03 0.21 0.15
6 Months 0.07 0.07 0.50 0.39
9 Months 0.14 0.09 1.83 1.43
12 Months 0.87 0.67 4.39 4.43
Annualized Since Inception 30 Nov 2014 1.12 0.99 2.26 2.22
·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 $225.5 M $633.0 M
Market Value $225.7 M $657.6 M
·Modified duration of the portfolio compared to the Benchmark:
Liquid Operating Long-Term
District Policy < 0.50 < 5.00
Benchmark 0.15 2.59
Portfolio 0.33 2.44
·Dollar change in value of the portfolio for a one percent (1%) change in interest rates:
Liquid Operating - $736,951
Long- Term - $16,020,589
·None of the portfolios are currently invested in reverse repurchase agreements.
Orange County Sanitation District Printed on 2/2/2021Page 2 of 3
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File #:2020-1326 Agenda Date:2/10/2021 Agenda Item No:3.
·The percent of the Liquid Operating Monies portfolio maturing within 90 days: 45.6%
·Average portfolio credit quality:
Liquid Operating - AAA/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 - 0.9%
Cost Maturity
Date
Moody S&P Fitch
SLMA 2008-9 A $10,772.14 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 A2 BBB+A
Wells Fargo & Company Note $2,954,520.00 7/22/2022 A2 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 OC San website (www.ocsan.gov)with the complete agenda
package:
·Mid-Year Consolidated Financial Report for the period ended December 31, 2020
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ORANGE COUNTY SANITATION DISTRICTMid-Year Financial Report
for the period ended December 31, 2020
Orange County, California
Table of Contents
Executive Summary………………………………………………………………………..…….…….…1
Budget Review
Section 1 – Consolidated Financial Reports ......................................................................... 1
Section 2 – Operating Budget Review
Chart of Cost per Million Gallons by Department .................................................... 1
Chart of Collection, Treatment, & Disposal Expenses by Major Category ............... 1
Divisional Contributions to Cost Per Million Gallons ................................................ 2
Comparison of Expenses by Department ................................................................ 3
Summary of Collection, Treatment, & Disposal Expenses by Major Category ......... 4
Summary of Revenues ........................................................................................... 5
Summary of Collection, Treatment, & Disposal Expenses by Line Item .................. 6
Summary of Collection, Treatment, & Disposal Expenses by Process .................... 8
Chart of Staffing Trends .......................................................................................... 9
Section 3 – Capital Improvement Program Budget Review
Chart of Capital Improvement Program By Process Area and Project Driver .......... 1
Summary of Capital Improvement Construction Requirements – Current Year ....... 2
Summary of Capital Improvement Construction Requirements – Project Life ......... 6
Section 4 – Capital Assets Schedule & Debt Service Budget Review
Capital Assets Schedule ......................................................................................... 1
Debt Service Budget Review .................................................................................. 1
Section 5 – Self Insurance Budget Review
General Liability and Property Fund Budget Review ............................................... 1
Workers’ Compensation Fund Budget Review ........................................................ 2
Quarterly Treasurer’s Report…………………………………………………………………………….1
Quarterly COP Report…………………………………………………………………………………....1
FY 2020-21 Mid-Year Financial Report
This Page Intentionally Left Blank
Executive Summary
Page 1
Consolidated Financial Reports
For the Mid-Year Ended
December 31, 2020
Included in this consolidated report are the following quarterly financial reports for the
period ended December 31, 2020:
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, 2020.
Contained within the Consolidated Financial Reports is the budget-to-actual status
of the Collections, Treatment and Disposal Operations, the Capital Improvement
Program, Debt Service Outlays, and the Self-Insurance Program. Also included is
a Capital Assets Schedule as of December 31, 2020. 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 31, 2020:
a) Most major expense categories are anticipated to be at or below budget.
b) Total revenues are at 53.7 percent of the $479.2 million budget. Except for
Intra District Sewer Use-IRWD, Capital Assessments-IRWD, Capital Facilities
Capacity Charges, Interest Earnings, CIP Reimbursements, CNG Sales,
Other Revenues, and Other Sales, 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 4 through 6.
FY 2020-21 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 $87.0 million is
currently tracking at 49.9 percent of the $174.3 million budget. In addition, net
operating expenses have increased $6.5 million or 8.1 percent in comparison
with the same period last year. Overall, staff expects the total operating costs
to remain at or slightly below budget throughout the remainder of the year.
More detailed information on operating expenses is provided within Section 1
– Pages 1 through 4.
The total cost per million gallons is $2,569 based on flows of 184 million
gallons per day. This is $29 per million gallons, or 1.1 percent higher than the
budgeted cost per million gallons per day. A further description of these costs
and benchmarking with other agencies is contained within Section 1 – Pages
7 through 9.
d) The total projected capital outlay cash flow of the Capital Improvement
Program (CIP) for FY 2020-21 has been revised to $145.7 million, or 98.7
percent of the board approved cash outlay of $147.6 million. The actual cash
outlay spending through the mid-year is $63.7 million, or 43.2 percent of the
total budgeted outlay. More detailed information on the CIP budget review
can be found in Section 1 – Page 10 and Section 3.
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 21 basis points
outperformed the ICE BAML 1-5 Year US Corp/Govt Rated AAA-A Index return of
15 basis points, while the Liquid Operating Monies Portfolio quarterly return of 3
basis points matched the ICE BAML 3-Month US Treasury Bill Index return.
Chandler further notes that while they remain optimistic about the longer-term
outlook, recent economic data suggests that the economy has lost momentum as
virus cases have risen. They believe the near-term will remain challenging as the
labor market remains under pressure and many regions have renewed business
restrictions due to the virus. However, the passage of a new $900 billion COVID-
19 fiscal relief bill should help cushion the economy over the next few months, and
they believe the incoming Presidential administration will have a keen focus on
accelerating vaccine distribution and getting the economy back on track. While the
vaccine rollout has gotten off to a slow start, they expect more widespread
distribution of vaccines in the second and third quarter of 2021. They also expect
Executive Summary
Page 3
the Fed’s highly accommodative monetary policy framework will continue to
provide support for the financial markets.
The Federal Open Market Committee (FOMC) kept monetary policy unchanged at
their December meeting as expected, with the fed funds target rate in a range of
0.0% to 0.25%. The Fed intends to remain highly accommodative until their goals
of maximum employment and higher inflation are achieved. The Fed’s summary of
economic projections continues to signal that the target fed funds rate will remain
unchanged until at least 2023, as policymakers do not expect inflation to exceed
2.0% during that timeframe. Until the Fed has made substantial progress toward
achieving their dual mandate of maximum employment and price stability, they
have set a floor for monthly asset purchases of at least $80 billion per month of
Treasuries and $40 billion per month of agency mortgage-backed securities.
Notably, the Fed's outlook for GDP over the next few years was revised higher and
the outlook for unemployment was revised lower compared with their previous
forecasts in September, which suggests increased optimism. Nevertheless, the
outlook remains uncertain and Fed Chair Powell indicated that the Fed would
increase policy accommodation further if progress toward their dual mandate
slows.
The Treasury yield curve steepened in December, due at least in part by favorable
developments on the vaccine front and anticipation of improving economic activity
in 2021. The yield on 2-year Treasuries was down slightly to 0.12% while the yield
on 10-year Treasuries was up nearly eight basis point to 0.92%.
In 2020, Treasury yields declined but the curve steepened as short-term rates
declined more than long-term rates. The 3-month T-bill yield was down 149 basis
points, the 2-year Treasury yield was down 145 basis points, and the 10-Year
Treasury yield was down 100 basis points, year-over-year.
The Consumer Price Index (CPI) was up 1.2% year-over-year in November,
unchanged from October. Core CPI (CPI less food and energy) was up 1.6% year-
over-year in November, also unchanged from October. The Personal Consumption
Expenditures (PCE) index was up 1.1% year-over-year in November, versus up
1.2% year-over-year in October. Core PCE, which is the Fed's primary inflation
gauge, was up 1.4% year-over-year in November, unchanged from October.
Inflation remains below the Fed's target.
Economic Outlook
Increasing coronavirus case counts and the subsequent decrease in consumer
mobility was poised to adversely impact the market and economic outlook in the
fourth quarter of 2020. However, in early November markets received
unambiguous positive news with the results of the clinical trial for the Pfizer
BioNTech Vaccine being released and exhibiting a very high efficacy rate for the
COVID-19 coronavirus. The timeline for a viable vaccine was consistent with
market expectations however the high efficacy rate was viewed as “new news”
FY 2020-21 Mid-Year Financial Report
Page 4
which changed sentiment and propelled risk assets higher. Markets began to
aggressively position for the “reopening trade” as both investment grade and high
yield credit spreads moved tighter, and equity market breadth improved materially
with the small cap sector outperforming the large cap sector. Consistent with the
improved global outlook correlated with the vaccine developments, the US dollar
moved lower and Treasury yields moved moderately higher, with longer maturity
yields moving higher at a faster pace as the Treasury curve began to steepen.
Political rhetoric related to the election and additional fiscus stimulus dominated
the headlines throughout the quarter. Despite the almost daily back and forth
between Congressional leadership, late in the quarter additional fiscal stimulus
was finally passed, which should help to stabilize the economy as the vaccination
process quickens in Q1 and Q2 of 2021. The incoming Biden administration is also
expected to seek further fiscal support to enhance economic growth in 2021.
Additionally, the Federal Reserve continues to provide strong support to the
economic recovery despite the sunsetting of several liquidity tools implemented at
the height of the crisis in March and April of 2020. The Chandler team does not
have any immediate concerns about the expiration of the Fed backstops. In the
event the market becomes dislocated again due to another exogenous shock to
the economy they have a high level of confidence the US Treasury and Federal
Reserve would work closely together to reimplement the tools to stabilize markets.
The Federal Reserve also updated their Summary of Economic Projections in mid-
December. The Fed continues to emphasize a willingness to keep policy highly
stimulative until their dual mandate of full employment and stable prices is
achieved. Notably, the Fed is looking for inflation to average 2% over the cycle
and is expressing a willingness to tolerate inflation above the target for a period of
time to make up for the shortfalls below the target over the past decade. Market
based measure of inflation continue to price in a higher probability of the Fed
meeting their inflation objective as the Ten Year TIP breakeven spread – a market
based measure of longer term inflation expectations – increased to 1.99% as of
December 31 compared to 1.63% at the end of September. The Chandler team
expects the Fed Funds rate to remain at the zero lower bound for all of 2021 and
is closely monitoring market based measures of inflation; the Ten Year TIP
breakeven spread needs to trade in a consistent range of 2.30% to 2.60% for a
period of time before Fed officials would consider altering their stance on the zero
lower bound in Chandler’s view.
Economic data continues to recover from the shock to the system in March and
April of 2020. However, many metrics will not fully recover until a large portion of
the domestic population has achieved immunity from the coronavirus. Nonfarm
payrolls were robust through the summer, but the rate of improvement slowed late
in the year. The three month moving average on nonfarm payroll growth moved
down to 283k in December compared to 1,321k as of September. The U3
unemployment rate is currently at 6.7%, after having topped out at 14.8% in April
2020 while the U6 Underemployment rate remains elevated at 11.7% compared to
22.9% in April. The manufacturing indices have been a bright spot, with the ISM
Executive Summary
Page 5
Manufacturing Index reaching a YTD high in December at 60.7 with the ISM Non-
Manufacturing Index most recent reading at 57.2. The consumer facing portion of
the economy continues to face strong headwinds, however the Chandler team is
confident substantial pent-up demand has the potential to propel the economy
forward in the 2nd half of 2021. The current fiscal and monetary policy settings
should continue to provide a constructive backdrop for asset prices in 2021
despite the secular changes to the economy due to the pandemic.
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 2020-21 Mid-Year Financial Report
Page 6
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Consolidated Financial Reports
Section 1 - Page 1
Mid-Year Financial Report
December 31, 2020
Financial Management is pleased to present the FY 2020-21 mid-year financial report.
This report provides a comprehensive overview of the financial activities 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, 2020, 49.9 percent, or $87.0 million of the FY 2020-21 net operating
budget of $174.3 million has been expended. Net operating expenses increased from
the same period last year by $6.5 million, or 8.1 percent, mainly due to an increase of
$3.1 million in Repairs and Maintenance, $2.5 million in Salaries and Benefits, $1.0
million in Other Operating Supplies, $802,000 in Operating Materials and Supplies, and
$609,000 in Utilities, partially offset by a decrease of $640,000 in Contractual Services,
$294,000 in Professional Services, $128,000 in Training and Meetings, and an increase
of $341,000 in indirect costs allocated out to capital projects. 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.
At December 31, 2020, 53.7 percent, or $257.3 million of the FY 2020-21 budgeted total
revenues of $479.2 million has been recognized. Revenues increased from the same
period last year by $9.3 million, or 3.8 percent, mainly due to an increase of $10.7
million in property taxes, $4.9 million in Sludge Disposal-IRWD, $1.5 million in Service
Fees, $1.4 million in CIP Reimbursements, $404,000 in Intra District Sewer Use-IRWD,
and $361,000 in Other Revenues, offset primarily by a decrease of $6.1 million in
Interest Earnings, $3.3 million in Capital Facilities Capacity Charges, $266,000 in
Capital Assessments-IRWD, $121,000 in Wastehauler fees, $102,000 in Other Sales,
and $100,000 in Permit Fees. These and other variances that factor into this net
increase in revenues are discussed in more detail below. Overall, staff expects the
total revenues to be at or slightly below budget at the end of the fiscal year.
Significant operating results as of December 31, 2020 include the following:
Salaries, Wages and Benefits – Personnel costs of $51.9 million are on target at
50.9 percent of the budget through the mid-year of FY 2020-21. The budget is
based on a 5 percent vacancy factor, and staffing is 18 full-time equivalents (FTEs),
or 2.8 percent below the total 639 FTEs approved in the FY 2020-21 budget. Salary
and benefit costs are $2.5 million or 5.1 percent higher than the $49.4 million
incurred in the same period last year, mainly due to an increase of $1.7 million in
salaries and wages resulting from cost of living adjustments included in the current
Memorandums of Understanding for all employee bargaining units, and an increase
FY 2020-21 Mid-Year Financial Report
Section 1 - Page 2
of $514,000 in group insurance costs. Net operating personnel costs are
expected to approximate budget throughout the remainder of the year.
Administrative Expenses – Administrative Expenses totaled $1.0 million, or 51.2
percent of the $2.0 million budget through December 31. These costs are
$57,000, or 5.2 percent lower at December 31 in comparison with the prior year,
mainly due to decreases of $59,000 in purchases of small computer items including
HP Elitebooks, $33,000 in books and publications such as various engineering
design standards and manuals of practice, and $20,000 in Office Supplies, partially
offset by an increase of $40,000 in Minor Furniture & Fixtures for installation of
additional cubicles and a warehouse shelving system. It is anticipated that
administrative costs will approximate budget at year-end.
Printing and Publication Expenses – Printing and Publication Expenses totaled
$112,000, or 27.0 percent of the $415,000 budget through December 31. These
costs are $35,000, or 23.9 percent lower at December 31 in comparison with the
prior year, due to the increased incorporation of paperless processes and reports in
response to the COVID-19 pandemic. Printing and publication costs are
expected to be below budget at year-end.
Training and Meetings – Training and meetings of $184,000 are below target at
17.1 percent of the $1.1 million budget through December 31. This account is
lower than the proportionate budget due to the timing and need for training
throughout the year, and the limiting or canceling of in-person training and meetings
in response to the COVID-19 pandemic. These costs have decreased over the same
period last year by $128,000, or 41.1 percent. Total training and meeting costs
are anticipated to be below budget at year-end.
Operating Materials and Supplies – Operating materials and supplies of $10.5
million is on target at 49.1 percent of the $21.3 million budget through
December 31. Operating Materials and Supplies are higher than the prior year by
$802,000, or 8.3 percent, primarily due to an increase in Tools of $294,000 for large
purchases including portable samplers and smart sensor sewer covers, Odor
Control of $250,000 mostly due to the increase in unit price and usage of calcium
nitrate, and Disinfection of $145,000 for purchase of sodium hypochlorite (bleach).
Based on current processes, operating materials and supplies are anticipated
to approximate budget at year-end.
Contractual Services – Contractual services is below target at $8.4 million, or
43.6 percent of the $19.2 million budget through December 31. Solids Removal
costs, budgeted at $12.4 million, comprise the majority of this expense category at
$5.8 million, or 47.0 percent of its budget at December 31. Contractual Services is
lower by $640,000, or 7.1 percent over the same period last year, due to the
decrease of $731,000 in Other Contractual Services as the result of a reduction in
manhole rehabilitation, industrial cleaning, and digester assessment services, as
well as costs reclassified to repairs and maintenance, and $235,000 in Solids
Removal costs due to reduced biosolids production attributable to the new
Consolidated Financial Reports
Section 1 - Page 3
dewatering centrifuges. These decreases are partially offset by increases of
$166,000 in Janitorial costs attributable to additional cleaning services for COVID-
19, $66,000 in Oxygen for liquid oxygen and associated vaporization system
maintenance, $63,000 in Temporary Services as a result of position vacancies in the
current period, and $59,000 in Other Waste Disposal for hazardous waste packing,
transportation, and disposal. County Service Fees totaled only $11,000, or 2.2
percent of the $489,000 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 $1.5 million, or 26.8
percent of the $5.7 million budget through December 31. Professional service
costs, such as Legal, Audit & Accounting, Environmental Scientific Consulting,
Industrial Hygiene Services, Labor Negotiation Services, and Other Professional
Services, are proportionately low through December 31 due to a variety of factors
such as timing of services and re-evaluation of need for services. These costs are
$294,000, or 16.1 percent lower at December 31 in comparison with the prior year,
mainly due to a decrease of $346,000 in Legal Services and $60,000 in Software
Program Consulting, offset by an increase of $170,000 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 $842,000, or
64.5 percent of the $1.3 million budget through December 31. These costs are
$56,000, or 7.1 percent higher at December 31 in comparison with the prior year,
due to increases of $57,000 in Environmental Monitoring costs for ocean water
quality analysis and $25,000 in Research costs reflecting the higher annual
contribution to Southern California Coastal Water Research Project, offset by a
decrease of $26,000 in Air Quality Monitoring costs for emissions testing. Total
research and monitoring costs are anticipated to approximate budget at year-
end.
Repairs and Maintenance – Repair and maintenance costs totaled $15.5 million,
or 54.7 percent of the $28.4 million budget through December 31. These costs
are $3.1 million, or 24.7 percent higher at December 31 in comparison with the prior
year, mainly due to an increase in repair and maintenance services such as digester
cleaning, mechanical rehabilitation of primary clarifier tanks, and information
technology software maintenance. It is anticipated that the costs for this
category will approximate budget at year-end.
Utilities – Utilities costs totaled $5.1 million, or 60.5 percent of the $8.4 million
budget through December 31. These costs are $609,000, or 13.7 percent higher at
December 31 in comparison with the prior year, primarily due to an increase of
$322,000 for Power, $205,000 for Natural Gas, and $106,000 for Water because of
greater demand on these resources by the new biosolids dewatering centrifuges. In
addition, utility costs for the mid-year are typically more than the proportionate
budget due to increased summer electricity rates administered by Southern
FY 2020-21 Mid-Year Financial Report
Section 1 - Page 4
California Edison in the first three months of the fiscal year. It is anticipated that
the costs will approximate or be slightly above budget at year-end.
Other Operating Supplies – Other operating supplies costs totaled $2.3 million,
or 61.4 percent of the $3.7 million budget through December 31. Property and
General Liability Insurance, budgeted at $2.2 million, comprise the majority of this
expense category at $1.1 million. These costs are $242,000, or 28.2 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 is $795,000 higher due to timing of payments
for emission, equipment permit, and facility 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 $168.4 million, or 56.5 percent of the $298.1 million
budget and property taxes are at $58.3 million, or 58.4 percent of the $99.9
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 $1.5 million, or 0.9
percent in service fee revenue over the prior year is primarily due to the timing of
receipts. The property tax revenue increase of $10.7 million, or 22.6 percent over the
prior year is a result of the timing of tax receipts, primarily related to redevelopment
agencies, as well as growth in assessed property values. These revenues are
expected to approximate budget at year-end.
Revenues – Permit Fees – Permit Fees are at $6.2 million, or 48.6 percent of the
$12.8 million budget. The revenues through the mid-year are lower than the same
period last year by $87,000, or 1.4 percent, largely in part to the impact COVID-19
had on these users’ flow. Additionally, the number of permittees fluctuates from year
to year as businesses establish or cease their operations. Permit fees revenues
are expected to approximate or below 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 51.8 percent of the $2.6
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 $15,000, or 1.1 percent due to an increase in operation and
maintenance charges based on flows received from these agencies. These
revenues are expected to approximate budget at year-end.
Revenues – Intra District Sewer Use – IRWD – Intra District Sewer revenues-
IRWD are at $988,000, or 21.2 percent of the $4.7 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 $404,000, or 69.1 percent, mainly due to an increase of $611,000 in operating
Consolidated Financial Reports
Section 1 - Page 5
and maintenance charges to IRWD, resulting from a prior year adjustment. This
increase in revenue is offset by an increase in allocated interest income of $110,000
based on higher cash reserves held on behalf of this agency, and an increase of
$97,000 in property tax income allocated to IRWD. These revenues are expected
to be below budget at year-end.
Revenues – Sludge Disposal – IRWD – Sludge Disposal-IRWD fees are at $9.4
million, or 154.1 percent of the $6.1 million budget. This 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 $4.9 million, or 109.4 percent, mainly due to increased
quarterly estimated billings for solids received from IRWD through the mid-year, and
the timing of prior fiscal year estimates adjusted to actual. The budget reflects the
anticipated completion of IRWD solids processing facilities that would cease solids
to the Sanitation District’s line by the end of the second quarter. It is anticipated
that IRWD sludge disposal revenues will exceed budget at year-end.
Revenues – Capital Assessments – IRWD – Capital Assessments-IRWD are at
$1.3 million, or 24.5 percent of the $5.2 million budget. The revenues through the
mid-year are lower than the same period last year by $266,000, or 17.3 percent,
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 $4.4
million, or 21.8 percent of the $20.1 million budget. The revenues through the
mid-year are lower than the same period last year by $3.3 million, or 42.6 percent,
due to decreases in connection fees collected from cities and supplemental capital
facilities capacity charges assessed to industrial dischargers, largely due to impacts
from COVID-19. These revenues are expected to be below budget at year-end.
Revenues – Interest Earnings – Interest Earnings are at $3.1 million, or 23.5
percent of the $13.2 million budget. The revenues through the mid-year are lower
than the same period last year by $6.1 million, or 66.2 percent due to lower yields
earned on securities held in investment portfolios. It is estimated that interest
earnings will be below budget at year-end.
Revenues – CIP Reimbursements – CIP Reimbursements are at $2.1 million, or
17.9 percent of the $11.6 million budget. This revenue is $1.4 million, or 215.3
percent higher than the same period last year and is due to timing of
reimbursements for construction projects, such as the budgeted $5.4 million from
Orange County Water District (OCWD) for P2-122 Headworks Modifications at Plant
2 for GWRS Final Expansion and $3.4 million from OCWD for J-117B Outfall Low
Flow Pump Station. These revenues are expected to approximate or be below
budget at year-end.
Revenues – Wastehauler – Wastehauler revenues are at $381,000, or 50.8
percent of the $750,000 budget. This revenue is derived from fees charged to
FY 2020-21 Mid-Year Financial Report
Section 1 - Page 6
wastehaulers, allowing them to dump waste into the Sanitation District’s system. The
revenues through the mid-year are lower than the same period last year by
$121,000, or 24.2 percent due to a decrease in waste dumping. These revenues
are expected to approximate budget at year-end.
Revenues – CNG Sales – CNG Sales revenues are at $107,000, or 26.9 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 $26,000, or 19.6 percent,
presumably attributed to the decrease in commuting brought about by COVID-19.
These revenues are expected to be below budget at year-end.
Revenues – Rents & Leases – Rents & Leases revenues are at $352,000, or 58.7
percent of the $600,000 budget. The revenues through the mid-year are lower than
the same period last year by $22,000, or 5.8 percent due to less rent received as
tenants have moved out of the properties acquired for construction of the new
headquarters building. These revenues are expected to approximate budget at
year-end.
Revenues – Other – Other revenues are at $827,000, or 33.3 percent of the $2.5
million budget. These revenues are $361,000, or 77.6 percent higher than the
same period last year, primarily due to timing of receipts for non-operating revenues
such as civil penalties and interest, procurement card rebates and settlements, and
investigative cost reimbursements. These revenues are expected to approximate
or be below budget at year-end.
Consolidated Financial Reports
Section 1 - Page 7
Comparison of Mid-Year Cost per
Million Gallon Results with Budget
Last Five Years
As demonstrated in the preceding graph for the current and each of the last four fiscal
years, the cost per million gallons at the end of the mid-year has been between 1.1
percent higher and 8.2 percent lower than the annual budget. The FY 2020-21 mid-year
cost per million gallons of $2,569 is 1.1 percent higher when compared with this year’s
budget. The increase in cost per million gallons of $236 from the previous year is
primarily due to an increase in operating expenses, which are 8.1 percent higher than
the same period last year, and a decrease in flows, which are 1.8 percent lower than the
same period last year. Staff believes that overall operating costs will be at or slightly
below budget at year-end.
The total cost per million gallons at December 31 is $2,569 based on flows of 184
million gallons per day. This is $29 per million gallons, or 1.1 percent higher than the
budgeted cost per million gallons of $2,540. There is an inverse relationship between
the amount of flows and the cost per unit of collection, treatment, and disposal.
Consequently, the higher cost per million gallons is due to flows of 184 million gallons
per day being 2.1 percent less than the budgeted flow of 188 million gallons per day,
partially offset by net expenses being 0.2 percent lower than the proportionate budget
through December 31.
More detailed information on operating revenues, costs, and related information is
provided within Section 2.
FY 2020-21 Mid-Year Financial Report
Section 1 - Page 8
Following are data tables showing the last five years of Single Family Residential User
Fees (SFR) and the cost per million gallons (MG) to collect, treat, and dispose of
wastewater for the Orange County Sanitation District (OC San) and similar agencies.
The agencies used in the tables were determined to be those that most closely
resembled OC San in terms of services provided and treatment levels. The summaries
demonstrate that OC San’s SFR and cost per MG are each one of the lowest in their
respective groups.
2016 2017 2018 2019 2020
Agency SFR SFR SFR SFR SFR Notes
San Francisco 842$ 937$ 988$ 1,076$ 1,169$
Vallejo Sanitation/Flood Control District 520$ 520$ 585$ 656$ 715$
City of Los Angeles 495$ 527$ 561$ 597$ 636$ Note 1
Central Contra Costa Sanitary District 503$ 530$ 567$ 598$ 598$
City of San Diego 573$ 573$ 573$ 573$ 573$ Note 4
Dublin San Ramon Services District 382$ 397$ 423$ 447$ 469$
Sacramento County 420$ 432$ 444$ 444$ 444$
East Bay MUD 373$ 391$ 410$ 423$ 439$
Union Sanitary District 380$ 393$ 407$ 421$ 455$
City of Hayward 358$ 375$ 394$ 412$ 430$
Orange County Sanitation District 327$ 331$ 335$ 339$ 339$
Irvine Ranch Water District 309$ 309$ 309$ 313$ 313$ Note 2
City of Fresno 309$ 309$ 309$ 309$ 309$ Note 3
Oro Loma Sanitary District 221$ 238$ 256$ 275$ 296$
Los Angeles County 182$ 186$ 191$ 196$ 213$ 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
Consolidated Financial Reports
Section 1 - Page 9
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20
Agency Svc. Trt. Cost/MG Cost/MG Cost/MG Cost/MG Cost/MG Notes
Vallejo Sanitation/Flood Control District B 3 5,396$ 4,745$ 5,393$ 6,137$ 8,682$ Note 5
San Francisco B 3 5,268$ 4,916$ 5,295$ 5,995$ N/A
Union Sanitary District B 3 3,957$ 4,039$ 4,757$ 4,838$ 5,655$
Central Contra Costa Sanitary District B 4 6,454$ 6,081$ 5,588$ 3,980$ 5,284$ Note 4
City of San Diego B 4 3,606$ 3,834$ 4,147$ 4,180$ 3,977$
Dublin San Ramon Services District B 4 2,896$ 2,961$ 3,422$ 3,692$ 3,441$
Sacramento County T 4 2,571$ 2,752$ 2,831$ 2,812$ 3,407$
East Bay MUD T 3 2,599$ 2,353$ 3,137$ 2,710$ 3,122$ Note 3
City of Los Angeles B 4 2,452$ 2,487$ 2,329$ 3,046$ 3,021$ Note 2
Orange County Sanitation District B 3 2,110$ 2,055$ 2,069$ 2,275$ 2,422$
Los Angeles County B 4 1,371$ 1,965$ 2,077$ 2,264$ 2,343$ Note 1
City of Fresno B 4 1,678$ 1,796$ 1,813$ 1,945$ 1,993$
Legend for Service Provided and Treatment Level:
B - Agency operates both collection and treatment facilities
T - Agency provides treatment services but not collection
2 - Advanced primary or primary with some secondary treatment
3 - Secondary treatment
4 - Advanced secondary or secondary with some tertiary treatment
Notes:
(1) - In FY19-20, agency updated data for FY16-17 and after to include administrative costs.
(3) - FY18-19 operating expense decreased $1.1 million.
(5) - In FY19-20, agency updated FY18-19 CAFR treatment cost.
N/A - Not currently available.
Benchmark Study
Five-Year Cost per MG
(4) - FY18-19 operating expense decreased $36.4 million; $30.4 million due to an adjustment to the
agency's Other Post Employment Benefit Plan (OPEB) - Transition to CalPers Health Insurance.
(2) - FY17-18 influent flow has not been reduced by the amount of sludge discharged to the sewers from DCTWRP
and LAGWRP.
FY 2020-21 Mid-Year Financial Report
Section 1 - Page 10
Capital Outlay Review:
As depicted by the preceding chart, Capital Outlays totaled $63.7 million, or 43.2
percent of the capital outlay cash flow budget for FY 2020-21 as of December 31,
2020. Costs are slightly lower than the proportionate budget 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 Headworks Rehabilitation at Plant 1, which
has a budget of $9.4 million but actual costs of $618,000, Rehabilitation of Western
Regional Sewers, which has a budget of $5.7 million but actual costs of $215,000, and
Ocean Outfall System Rehabilitation, which has a budget of $26.1 million but actual
costs of $9.6 million. Overall, the capital outlay costs of the capital improvement
program are expected to approximate $145.7 million, or 98.7 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, 2020, 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, 2020, no principal payments have been
made through the end of the mid-year. Total principal payments are expected to
approximate budget at year-end. Interest costs are expensed ratably throughout the
fiscal year. Interest expense is anticipated to approximate budget at year-end.
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
12/31/20 Actual
Capital Outlay
$63,709,365
Projected 2020-21
Capital Outlay
$145,702,700
2020-21 Capital Outlay
Cashflow Budget
$147,562,000
Consolidated Financial Reports
Section 1 - Page 11
Self-Insurance Budget Reviews: Section 5 is the Self-Insurance Section. Through
December 31, the Self-Insurance Fund revenues totaled $1.4 million, or 67.2 percent of
the budget, while expenses are $1.3 million, or 46.3 percent of the budget.
Separate fund accounting is used for recording the revenue and expenses incurred in
managing these liability claims. The revenues to these funds represent charges to
operating divisions. Expenses to these funds include actual claims paid, claims
administration, and excess loss policies.
FY 2020-21 Mid-Year Financial Report
Section 1 - Page 12
This Page Intentionally Left Blank
Operating Budget Review
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Collection, Treatment, & Disposal Expenses by Major Category
Budget and Actual (in thousands)
December 31, 2020
Budget Actual
Section 2 - Page 1
Divisional Contributions to Cost Per Million Gallons
For the Six Months Ended December 31, 2020
2020-21
12/31/18 12/31/19 Annual 12/31/20
Actual Actual Budget Actual
Flow in Million Gallons 34,032.65 34,481.22 68,620.00 33,859.20
Flow in Million Gallons per Day 184.96 187.40 188.00 184.02
Executive Management Department
General Management Administration 28.16$ 32.42$ 27.85$ 24.78$
Board Services 11.18 9.24 17.43 13.00
Public Affairs 14.62 16.70 18.95 16.43
Subtotal 53.96 58.36 64.23 54.21
Human Resources Department
Human Resources 59.44 61.43 60.77 52.23
Risk Management / Safety / Security 71.06 79.97 57.23 51.61
Subtotal 130.50 141.40 118.00 103.84
Administrative Services Department
Administrative Services 6.92 9.03 3.72 7.66
Consolidated Services - - 110.49 89.59
Financial Management 36.45 40.85 60.44 64.42
Contracts, Purchasing, & Materials Mgmt.94.04 61.12 67.31 68.61
Information Technology 179.28 204.08 176.24 197.32
Subtotal 316.69 315.08 418.20 427.60
Environmental Services Department
Environmental Services Administration 13.10 19.61 13.34 21.17
Resource Protection 88.03 81.27 89.34 86.62
Laboratory, Monitoring and Compliance 174.85 167.18 179.10 195.29
Subtotal 275.98 268.06 281.78 303.08
Engineering Department
Engineering Administration 8.35 15.27 18.63 19.57
Planning 53.25 52.69 60.05 50.94
Project Management Office 44.65 69.03 61.17 66.97
Design 128.17 108.70 108.07 97.97
Construction Management 78.35 94.69 96.73 101.58
Subtotal 312.77 340.38 344.65 337.03
Operations & Maintenance Department
Operations & Maintenance Administration 8.69 3.97 10.34 2.00
Collections Facilities O & M 185.53 162.97 224.94 207.83
Fleet Services 29.99 27.31 29.73 27.19
Plant No. 1 Operations 392.67 448.06 442.03 490.11
Plant No. 2 Operations 304.12 259.52 272.38 266.15
Plant No. 1 Maintenance 193.49 314.30 340.07 355.83
Maintenance Reliability and Planning 93.02 - - -
Plant No. 2 Maintenance 216.89 285.03 295.26 300.51
Subtotal 1,424.40 1,501.16 1,614.75 1,649.62
Total Operating Expenses 2,514.30 2,624.44 2,841.61 2,875.38
Cost Allocation (298.74) (290.83) (301.61) (306.26)
Net Operating Requirements 2,215.56$ 2,333.61$ 2,540.00$ 2,569.12$
FY 2020-21 Mid-Year Financial Report
Section 2 - Page 2
Comparison of Expenses by Department
For the Six Months Ended December 31, 2020
2020-21
12/31/18 12/31/19 Year to Date Budget %
Department and Division Actual Actual Budget 12/31/20 Realized
Executive Management Department
General Management Administration 958,205$ 1,117,989$ 1,910,830$ 838,923$ 43.90%
Board Services 380,550 318,659 1,195,850 440,176 36.81%
Public Affairs 497,665 575,927 1,300,290 556,430 42.79%
Subtotal 1,836,420 2,012,575 4,406,970 1,835,529 41.65%
Human Resources Department
Human Resources 2,022,731 2,118,082 4,169,885 1,768,493 42.41%
Risk Management / Safety / Security 2,418,359 2,757,525 3,927,283 1,747,465 44.50%
Subtotal 4,441,090 4,875,607 8,097,168 3,515,958 43.42%
Administrative Services Department
Administrative Services 235,612 311,306 255,180 259,313 101.62%
Consolidated Services - - 7,582,154 3,033,609 40.01%
Financial Management 1,240,322 1,408,491 4,147,493 2,181,071 52.59%
Contracts, Purchasing, & Materials Mgmt. 3,200,484 2,107,389 4,619,006 2,322,923 50.29%
Information Technology 6,101,429 7,037,087 12,093,310 6,681,141 55.25%
Subtotal 10,777,847 10,864,273 28,697,143 14,478,057 50.45%
Environmental Services Department
Environmental Services Administration 445,932 676,272 915,720 716,753 78.27%
Resource Protection 2,995,873 2,802,305 6,130,250 2,932,772 47.84%
Laboratory, Monitoring and Compliance 5,950,505 5,764,716 12,289,727 6,612,361 53.80%
Subtotal 9,392,310 9,243,293 19,335,697 10,261,886 53.07%
Engineering Department
Engineering Administration 284,155 526,555 1,278,080 662,593 51.84%
Planning 1,812,174 1,816,775 4,120,560 1,724,783 41.86%
Project Management Office 1,519,557 2,380,242 4,197,645 2,267,587 54.02%
Design 4,361,898 3,747,941 7,416,060 3,317,329 44.73%
Construction Management 2,666,322 3,264,991 6,637,750 3,439,486 51.82%
Subtotal 10,644,106 11,736,504 23,650,095 11,411,778 48.25%
Operations & Maintenance Department
Operations & Maintenance Administration 295,795 136,893 709,620 67,707 9.54%
Collections Facilities O & M 6,313,957 5,619,439 15,435,673 7,036,860 45.59%
Fleet Services 1,020,570 941,739 2,040,071 920,572 45.12%
Plant No. 1 Operations 13,363,543 15,449,718 30,331,900 16,594,660 54.71%
Plant No. 2 Operations 10,350,051 8,948,614 18,690,716 9,011,578 48.21%
Plant No. 1 Maintenance 6,584,980 10,837,403 23,335,730 12,048,246 51.63%
Maintenance Reliability and Planning 3,165,726 - - - 0.00%
Plant No. 2 Maintenance 7,381,359 9,828,144 20,260,443 10,175,189 50.22%
Subtotal 48,475,981 51,761,950 110,804,153 55,854,812 50.41%
Total Operating Expenses 85,567,754 90,494,202 194,991,226 97,358,020 49.93%
Cost Allocation (10,166,490) (10,028,374) (20,825,710) (10,369,765) 49.79%
Net Operating Requirements 75,401,264$ 80,465,828$ 174,165,516$ 86,988,255$ 49.95%
Operating Budget Review
Section 2 - Page 3
Summary of Collection, Treatment, & Disposal Expenses by Major Category
For the Six Months Ended December 31, 2020
Expense Expense Increase Increase Percent
Budget Through Through (Decrease)(Decrease)Budget Remaining
2020-21 12/31/20 12/31/19 $%Realized Budget
Salary & Wages 79,271,100$ 39,409,659 37,684,874 1,724,785$ 4.58%49.72%39,861,441$
Employee Benefits 22,810,700 12,520,566 11,716,372 804,194 6.86%54.89%10,290,134
Administrative Expenses 2,034,004 1,040,425 1,097,299 (56,874) -5.18%51.15%993,579
Printing & Publication 415,375 111,972 147,174 (35,202) -23.92%26.96%303,403
Training & Meetings 1,076,761 184,172 312,555 (128,383) -41.08%17.10%892,589
Operating Materials & Supplies 21,460,704 10,456,717 9,654,809 801,908 8.31%48.72%11,003,987
Contractual Services 19,235,353 8,382,263 9,022,335 (640,072) -7.09%43.58%10,853,090
Professional Services 5,746,479 1,538,407 1,832,795 (294,388) -16.06%26.77%4,208,072
Research & Monitoring 1,304,700 841,816 786,047 55,769 7.09%64.52%462,884
Repairs & Maintenance 28,372,645 15,508,124 12,434,595 3,073,529 24.72%54.66%12,864,521
Utilities 8,364,954 5,062,823 4,453,822 609,001 13.67%60.52%3,302,131
Other Materials, Supplies,
and Services 5,048,451 2,301,076 1,351,525 949,551 70.26%45.58%2,747,375
Net Cost Allocation (20,825,710) (10,369,765) (10,028,374) (341,391) 3.40%49.79%(10,455,945)
Net Operating Requirements 174,315,516 86,988,255 80,465,828 6,522,427 8.11%49.90%87,327,261
Gallonage Flow (MG)68,620.00 33,859.20 34,481.22 (622.02) -1.80%
Gallonage Flow (MGD)188.00 184.02 187.40 (3.38) -1.80%
Gallonage Flow ($'s /MG)$2,540.00 $2,569.12 $2,333.61 $235.51 10.09%
Description
FY 2020-21 Mid-Year Financial Report
Section 2 - Page 4
Revenue Percent Revenue Increase Increase
Budget Through Budget Remaining Through (Decrease)(Decrease)
Description 2020-21 12/31/20 Realized Budget 12/31/19 $%
Service Fees 298,144,470$ 168,422,191$ 56.49% 129,722,279$ 166,912,638$ 1,509,553$ 0.90%
Permit Fees 12,845,756 6,242,567 48.60% 6,603,189 6,329,653 (87,086) -1.38%
Inter District Sewer Use-SAWPA & SBSD 2,639,000 1,365,831 51.76% 1,273,169 1,351,132 14,699 1.09%
Intra District Sewer Use-IRWD 4,655,516 988,239 21.23% 3,667,277 584,513 403,726 69.07%
Sludge Disposal-IRWD 6,100,000 9,397,106 154.05% (3,297,106) 4,488,298 4,908,808 109.37%
Capital Assessments-IRWD 5,194,000 1,274,266 24.53% 3,919,734 1,540,161 (265,895) -17.26%
Capital Facilities Capacity Charges 20,125,170 4,379,324 21.76% 15,745,846 7,634,042 (3,254,718) -42.63%
Property Taxes 99,935,520 58,311,944 58.35% 41,623,576 47,582,816 10,729,128 22.55%
Interest Earnings 13,177,000 3,098,447 23.51% 10,078,553 9,162,650 (6,064,203) -66.18%
CIP Reimbursements 11,643,517 2,086,932 17.92% 9,556,585 661,814 1,425,118 215.34%
Wastehauler 750,000 380,905 50.79% 369,095 502,155 (121,250) -24.15%
Grant Revenue 464,000 - 0.00% 464,000 50,651 (50,651) -100.00%
CNG Sales 400,000 107,457 26.86% 292,543 133,607 (26,150) -19.57%
Rents & Leases 600,000 352,138 58.69% 247,862 373,785 (21,647) -5.79%
Other Revenues 2,485,671 826,657 33.26% 1,659,014 465,378 361,279 77.63%
Power Sales 25,000 18,812 75.25% 6,188 46,869 (28,057) -59.86%
Other Sales 50,000 4,233 8.47% 45,767 106,216 (101,983) -96.01%
Total Revenues 479,234,620$ 257,257,049$ 53.68% 221,977,571$ 247,926,378$ 9,330,671$ 3.76%
Summary of Revenues
For the Six Months Ended December 31, 2020
Operating Budget Review
Section 2 - Page 5
FY 2020-21 Mid-Year Financial Report
Summary of Collection, Treatment, & Disposal Expenses by Line Item
For the Six Months Ended December 31, 2020
Expense Percent Expense Increase
Budget Through Budget Remaining Through (Decrease)
Description 2020-21 12/31/20 Expensed Budget 12/31/19 $
Salaries, Wages & Benefits
Salaries & Wages 79,271,100$ 39,409,659$ 49.72% 39,861,441$ 37,684,874$ 1,724,785$ 4.58%
Employee Benefits
Retirement 11,685,000 6,157,450 52.70%5,527,550 5,858,404 299,046 5.10%
Group Insurances 9,705,500 5,538,617 57.07%4,166,883 5,024,730 513,887 10.23%
Tuition & Certification Reimb 138,400 39,506 28.54%98,894 40,172 (666) -1.66%
Edu. degrees, Cert. & Lic.542,600 335,521 61.84%207,079 297,322 38,199 12.85%
Uniform Rental 107,600 56,703 52.70%50,897 53,849 2,854 5.30%
Workers' Compensation 518,900 259,400 49.99%259,500 390,002 (130,602) -33.49%
Unemployment Insurance 2,300 75,677 3290.30%(73,377) 1,125 74,552 6626.84%
EMT Supplemental Benefits 110,400 57,692 52.26%52,708 50,768 6,924 13.64%
Total Benefits 22,810,700 12,520,566 54.89% 10,290,134 11,716,372 804,194 6.86%
Salaries, Wages & Benefits 102,081,800 51,930,225 50.87% 50,151,575 49,401,246 2,528,979 5.12%
Matl, Supply, & Services
Administrative Expenses
Memberships 598,217 397,735 66.49%200,482 392,624 5,111 1.30%
Office Exp - Supplies 64,655 16,755 25.91%47,900 36,305 (19,550) -53.85%
Postage 32,700 23,510 71.90%9,190 14,654 8,856 60.43%
Books & Publications 44,352 12,276 27.68%32,076 45,228 (32,952) -72.86%
Forms 580 - 0.00%580 - - N/A
Small Computer Items 925,500 446,534 48.25%478,966 505,034 (58,500) -11.58%
Minor Furniture & Fixtures 368,000 143,615 39.03%224,385 103,454 40,161 38.82%
Subtotal 2,034,004 1,040,425 51.15%993,579 1,097,299 (56,874) -5.18%
Printing & Publication
Repro-In-House 230,375 84,051 36.48%146,324 112,344 (28,293) -25.18%
Printing-Outside 47,950 14,152 29.51%33,798 16,557 (2,405) -14.53%
Notices & Ads 137,000 13,769 10.05%123,231 18,231 (4,462) -24.47%
Photo Processing 50 - 0.00%50 42 (42) -100.00%
Subtotal 415,375 111,972 26.96%303,403 147,174 (35,202) -23.92%
Training & Meetings
Meetings 167,796 4,131 2.46%163,665 53,454 (49,323) -92.27%
Training 908,965 180,041 19.81%728,924 259,101 (79,060) -30.51%
Subtotal 1,076,761 184,172 17.10%892,589 312,555 (128,383) -41.08%
Operating Mat'ls & Supplies
Chemical Coagulants 10,550,546 5,299,290 50.23%5,251,256 5,268,168 31,122 0.59%
Odor Control 6,907,776 3,085,214 44.66%3,822,562 2,834,913 250,301 8.83%
Disinfection 218,000 231,254 106.08%(13,254) 86,014 145,240 168.86%
Chemicals - Misc & Cogen 418,000 198,228 47.42%219,772 173,041 25,187 14.56%
Gasoline, Diesel & Oil 554,633 279,991 50.48%274,642 251,180 28,811 11.47%
Tools 923,230 539,092 58.39%384,138 245,492 293,600 119.60%
Safety equipment/tools 731,637 351,426 48.03%380,211 306,576 44,850 14.63%
Solv, Paints & Jan. Supplies 111,053 51,149 46.06%59,904 57,792 (6,643) -11.49%
Lab Chemicals & Supplies 652,969 306,361 46.92%346,608 331,073 (24,712) -7.46%
Misc. Operating Supplies 166,360 101,565 61.05%64,795 62,360 39,205 62.87%
Property Tax Fees 76,500 13,147 17.19%63,353 38,200 (25,053) -65.58%
Subtotal 21,310,704 10,456,717 49.07%10,853,987 9,654,809 801,908 8.31%
Contractual Services
Solids Removal 12,380,000 5,823,992 47.04%6,556,008 6,058,861 (234,869) -3.88%
Other Waste Disposal 899,500 452,805 50.34%446,695 394,020 58,785 14.92%
Groundskeeping 200,000 89,745 44.87%110,255 93,768 (4,023) -4.29%
Janitorial 495,000 405,168 81.85%89,832 239,052 166,116 69.49%
Outside Lab Services 286,750 69,915 24.38%216,835 100,998 (31,083) -30.78%
Oxygen 335,000 266,402 79.52%68,598 200,689 65,713 32.74%
County Service Fee 489,003 10,566 2.16%478,437 14,580 (4,014) -27.53%
Temporary Services 481,360 214,503 44.56%266,857 151,407 63,096 41.67%
Security Services 1,600,000 815,589 50.97%784,411 803,965 11,624 1.45%
Other 2,068,740 233,578 11.29%1,835,162 964,995 (731,417) -75.79%
Subtotal 19,235,353 8,382,263 43.58%10,853,090 9,022,335 (640,072) -7.09%
Increase
(Decrease)
%
Section 2 - Page 6
(Continued)
Operating Budget Review
Summary of Collection, Treatment, & Disposal Expenses by Line Item
For the Six Months Ended December 31, 2020
Expense Expense Increase Increase
Budget Through Remaining Through (Decrease)(Decrease)
Description 2020-21 12/31/20 Expensed Budget 12/31/19 $%
Continued:
Professional Services
Legal 1,620,290 332,243 20.51% 1,288,047 677,813 (345,570) -50.98%
Audit & Accounting 225,400 67,010 29.73% 158,390 75,165 (8,155) -10.85%
Engineering 980,000 538,099 54.91% 441,901 368,296 169,803 46.11%
Enviro Scientific Consulting 265,000 35,398 13.36% 229,602 30,990 4,408 14.22%
Software Prgm Consulting 305,000 135,499 44.43% 169,501 195,419 (59,920) -30.66%
Advocacy Efforts 187,685 83,900 44.70% 103,785 57,800 26,100 45.16%
Industrial Hygiene Services 50,000 11,618 23.24% 38,382 26,102 (14,484) -55.49%
Labor Negotiation Services 30,000 - 0.00% 30,000 30,080 (30,080) -100.00%
Other 2,083,104 334,640 16.06% 1,748,464 371,130 (36,490) -9.83%
Subtotal 5,746,479 1,538,407 26.77% 4,208,072 1,832,795 (294,388) -16.06%
Research & Monitoring
Environmental Monitoring 654,700 292,540 44.68% 362,160 235,559 56,981 24.19%
Air Quality Monitoring 150,000 49,276 32.85% 100,724 75,488 (26,212) -34.72%
Research 500,000 500,000 100.00% - 475,000 25,000 5.26%
Subtotal 1,304,700 841,816 64.52% 462,884 786,047 55,769 7.09%
Repairs & Maintenance
Materials & Services 23,891,620 12,431,790 52.03% 11,459,830 9,612,456 2,819,334 29.33%
Svc. Mtc. Agreements 4,481,025 3,076,334 68.65% 1,404,691 2,822,139 254,195 9.01%
Subtotal 28,372,645 15,508,124 54.66% 12,864,521 12,434,595 3,073,529 24.72%
Utilities
Telephone 505,971 247,897 48.99% 258,074 268,534 (20,637) -7.69%
Diesel For Generators 42,500 6,818 16.04% 35,682 10,144 (3,326) -32.79%
Natural Gas 710,801 578,308 81.36% 132,493 372,939 205,369 55.07%
Power 6,064,165 3,582,043 59.07% 2,482,122 3,260,260 321,783 9.87%
Water 1,041,517 647,757 62.19% 393,760 541,945 105,812 19.52%
Subtotal 8,364,954 5,062,823 60.52% 3,302,131 4,453,822 609,001 13.67%
Other Operating Supplies
Outside Equip Rental 100,000 18,197 18.20% 81,803 42,801 (24,604) -57.48%
Insurance Premiums 30,000 31,451 104.84% (1,451) 28,501 2,950 10.35%
Prop & Gen Liab Insurance 2,205,000 1,102,494 50.00% 1,102,506 859,998 242,496 28.20%
Freight 100,000 83,062 83.06% 16,938 53,782 29,280 54.44%
Misc. Operating Expense 304,457 108,067 35.49% 196,390 132,570 (24,503) -18.48%
Regulatory Operating Fees 976,600 938,849 96.13% 37,751 143,666 795,183 553.49%
Subtotal 3,716,057 2,282,120 61.41% 1,433,937 1,261,318 1,020,802 80.93%
General Mgr Contingency
& Reappropriations 1,195,574 - 0.00% 1,195,574 - - N/A
Other Non-Oper Expense 136,820 18,956 13.85% 117,864 90,207 (71,251) -78.99%
Total Materials,
Supplies & Services 92,909,426 45,427,795 48.89% 47,481,631 41,092,956 4,334,839 10.55%
Total Expenditures 194,991,226 97,358,020 49.93% 97,633,206 90,494,202 6,863,818 7.58%
Cost Allocation (20,825,710) (10,369,765) 49.79% (10,455,945) (10,028,374) (341,391) 3.40%
Net Operating Requirements 174,165,516$ 86,988,255$ 49.95%87,177,261$ 80,465,828$ 6,522,427$ 8.11%
Percent
Budget
Section 2 - Page 7
FY 2020-21 Mid-Year Financial Report
Summary of Collection, Treatment, & Disposal Expenses by Process
For the Six Months Ended December 31, 2020
Increase Increase
Actual Actual (Decrease)(Decrease)
12/31/20 12/31/19 $%
Process:
Preliminary Treatment 5,480,790$ 3,387,645$ 2,093,145$ 61.79%
Primary Treatment 9,375,267 10,676,160 (1,300,893) -12.19%
Secondary Treatment 5,852,570 6,024,345 (171,775) -2.85%
Cryogenic Plant (Plant 2)616,806 444,696 172,110 38.70%
Effluent Disposal 923,804 674,408 249,396 36.98%
Solids Handling 23,607,348 23,835,292 (227,944) -0.96%
Cogeneration 9,906,589 9,057,895 848,694 9.37%
Utilities 2,442,024 1,993,360 448,664 22.51%
Electrical Distribution 1,563,468 949,665 613,803 64.63%
Miscellaneous Buildings 5,663,386 5,074,797 588,589 11.60%
External Location 253,469 147,050 106,419 72.37%
Nerissa Vessel 145,773 122,668 23,105 18.84%
Laboratory 10,219,449 8,617,374 1,602,075 18.59%
Collections 10,937,512 9,460,473 1,477,039 15.61%
Net Operating Requirements 86,988,255$ 80,465,828$ 6,522,427$ 8.11%
Section 2 - Page 8
Staffing Trends
Full Time Equivalents
December 31, 2020
At December 31, 2020, the total head count was 631 employees, or a full time equivalency of 621.
Operating Budget Review
450
500
550
600
650
700
6/30/17 6/30/18 6/30/19 6/30/20 12/31/20
578 603 614 606 621
49
32 22 34 18
Actual Vacant
627 635 636 640 639
Section 2 - Page 9
FY 2020-21 Mid-Year Financial Report
This Page Intentionally Left Blank
Section 2 - Page 10
Capital Improvement Program
By Process Area and Project Driver
For the Six Months Ended December 31, 2020
Capital Improvement Program Budget Review
Total Capital Improvement Outlays - $63,709,365
Rehabilitation and Replacement: 59.4%
Strategic Initiatives: 26.2%
Additional Capacity: 11.0%
Regulatory: 3.4%
Total Capital Improvement Outlays - $63,709,365
Collections Facilities: 39.3%
Liquid Treatment: 37.8%
Solids Handling & Digestion: 2.5%
Utility Systems: 4.4%
Support Facilities: 7.4%
Other: 8.6%
Section 3 - Page 1
FY 2020-21 Mid-Year Financial Report
Summary of Capital Improvement Construction Requirements - Current Year
For the Six Months Ended December 31, 2020
2020-21 2020-21 2020-21
Cashflow Actual at Projected
Budget 12/31/2020 Outlay
Collection System Improvement Projects
Collections Facilities
Taft Branch Capacity Improvements 314,739 63,469 103,600
Newhope - Placentia Trunk Grade Separation Replacement 92,123 - -
Newhope-Placentia Trunk Replacement 18,441,383 12,259,166 17,147,300
Westminster Blvd Force Main Replacement 11,561,567 10,365,991 14,659,600
Rehabilitation of Western Regional Sewers 5,711,536 214,713 1,574,900
Interstate 405 Widening Project Impacts on OC San Sewers 35,032 14,703 24,600
Seal Beach Pump Station Replacement 3,427,428 423,469 2,589,700
Bay Bridge Pump Station Replacement 5,684,572 409,861 4,350,000
Newport Beach Pump Station Pressurization Improvements 378,513 114,118 203,100
District 6 Trunk Sewer Relief 30,036 3,111 6,000
Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 823,405 71,450 1,084,600
MacArthur Force Main Improvement 45,631 24,382 30,000
Edinger Pump Station Replacement 102,369 - -
Small Construction Projects Program - Collections 1,614,473 733,013 1,043,300
Operations & Maintenance Capital Program - Collections - 90,044 144,800
Planning Studies Program - Collections - 39,358 381,700
SARI Rock Stabilizers Removal 45,869 20,148 20,300
Sunflower and Red Hill Interceptor Repairs 359,017 194,715 288,600
Total Collection System Improvement Projects 48,667,693 25,041,711 43,652,100
Section 3 - Page 2
(Continued)
Summary of Capital Improvement Construction Requirements - Current Year
For the Six Months Ended December 31, 2020
2020-21 2020-21 2020-21
Cashflow Actual at Projected
Budget 12/31/2020 Outlay
Treatment & Disposal Projects
Headworks
Headworks Rehabilitation at Plant 1 9,418,986 618,397 2,959,200
Headworks Modifications at P2 for GWRS Final Expansion 5,413,951 3,084,482 7,630,600
Subtotal - Headworks 14,832,937 3,702,879 10,589,800
Primary Treatment
Primary Sedimentation Basins 3-5 Replacement at Plant 1 61,054 329 400
Primary Sedimentation Basins 6-31 Reliability Improv at P1 1,291,277 545,928 837,500
Primary Treatment Rehabilitation at Plant 2 8,087,122 3,421,321 6,241,100
Subtotal - Primary Treatment 9,439,453 3,967,578 7,079,000
Secondary Treatment
Return Activated Sludge Piping Replacement at Plant 1 5,566,916 5,051,833 5,113,200
Return Activated Sludge Piping Replacement at Plant 2 6,075,061 1,762,519 3,898,000
Subtotal - Secondary Treatment 11,641,977 6,814,352 9,011,200
Solids Handling & Digestion
Sludge Dewatering and Odor Control at Plant 1 896,419 288,281 454,700
Digester Ferric Chloride Piping Replacement at Plant 1 170,893 102,916 230,500
Sludge Dewatering and Odor Control at Plant 2 5,216,415 424,351 1,427,900
Interim Food Waste Receiving Facility 1,058,172 23,540 133,200
TPAD Digester Facility at Plant 2 1,787,669 758,562 7,859,600
Digesters Rehabilitation at Plant No. 2 589,432 - -
Subtotal - Solids Handling & Digestion 9,719,000 1,597,650 10,105,900
Ocean Outfall Systems
Ocean Outfall System Rehabilitation 26,108,350 9,621,964 21,507,500
Sodium Bisulfite Station Rehabilitation at Plant 2 101,848 - 101,900
Subtotal - Ocean Outfall Systems 26,210,198 9,621,964 21,609,400
Utility Systems
Electrical Power Distribution System Improvements 1,823,293 408,276 1,369,500
Digester Gas Facilities Rehabilitation 4,282,106 1,847,926 4,784,400
Natural Gas Pipelines Replacement at Plants 1 and 2 1,038,492 225,985 1,126,400
Central Generation Engine Overhauls at Plants 1 and 2 291,727 4,942 75,100
Uninterruptable Power Supply Improvements at Plant 1 928,600 156,624 912,400
Consolidated Demolition and Utility Improvements at P2 914,715 32,932 73,000
Warehouse, Electrical, & 12kV Serv Center Replace at P2 717,257 97,585 950,600
Subtotal - Utility Systems 9,996,190 2,774,270 9,291,400
Capital Improvement Program Budget Review
Section 3 - Page 3
(Continued)
FY 2020-21 Mid-Year Financial Report
Summary of Capital Improvement Construction Requirements - Current Year
For the Six Months Ended December 31, 2020
2020-21 2020-21 2020-21
Cashflow Actual at Projected
Budget 12/31/2020 Outlay
Process Related Special Projects
Safety Improvements Program 1,326,635 954,564 1,145,800
Subtotal - Process Related Special Projects 1,326,635 954,564 1,145,800
Information Management Systems
Process Control Systems Upgrades 10,000 - -
Project Management Information System 306,250 29,952 168,000
Information Technology Capital Program 3,061,700 483,415 1,395,100
Geographic Information System 59,707 175,790 190,000
EAM Software and Process Implementation - 625,351 1,125,400
Process Control Systems Upgrades Study 1,355,751 418,332 1,115,100
Subtotal - Information Management Systems 4,793,408 1,732,840 3,993,600
Strategic & Master Planning
Planning Studies Program 5,818,770 1,674,874 5,079,500
Subtotal - Strategic & Master Planning 5,818,770 1,674,874 5,079,500
Water Management Projects
GWRS Final Expansion Coordination 243,477 148,948 295,900
Subtotal - Water Management Projects 243,477 148,948 295,900
Research
Research Program 931,220 52,111 878,900
Subtotal - Research 931,220 52,111 878,900
Support Facilities
Small Construction Projects Program 6,825,605 1,404,550 4,361,700
Operations & Maintenance Capital Program 1,442,561 987,604 3,528,500
Fleet Services UST Leak Remediation at Plant 1 - 112 284,900
Title 24 Access Compliance and Building Rehab Project 575,678 163,403 201,900
Headquarters Complex 6,339,527 1,942,431 8,867,900
South Perimeter Security & Utility Improvements at Plant 1 680,311 200,476 543,000
Support Buildings Seismic Improvements at Plant 1 259,739 - 14,200
Subtotal - Support Facilities 16,123,421 4,698,576 17,802,100
Section 3 - Page 4
(Continued)
Summary of Capital Improvement Construction Requirements - Current Year
For the Six Months Ended December 31, 2020
2020-21 2020-21 2020-21
Cashflow Actual at Projected
Budget 12/31/2020 Outlay
Others
Capital Improvement Program Management Services 26,901 7,736 53,200
Subtotal - Others 26,901 7,736 53,200
Total Treatment and Disposal Projects 111,103,587 37,763,884 96,988,800
Capital Equipment Purchases 5,061,800 903,770 5,061,800
Total Collection, Treatment and Disposal Projects
and Capital Equipment Purchases 164,833,080 63,709,365 145,702,700
Less: Savings and Deferrals (17,271,000) - -
Net Collection, Treatment and Disposal Projects
and Capital Equipment Purchases 147,562,080$ 63,709,365$ 145,702,700$
Capital Improvement Program Budget Review
Section 3 - Page 5
FY 2020-21 Mid-Year Financial Report
Summary of Capital Improvement Construction Requirements - Project Life
For the Six Months Ended December 31, 2020
Current Total
Approved June 30, 2020 Year Projected Remaining
Project Accumulated Projected Cost at Future
Budget Cost Cost June 30, 2021 Budget
Collection System Improvement Projects
Collections Facilities
Santa Ana Trunk Sewer Rehabilitation 54,620,000 - - - 54,620,000
Greenville-Sullivan Trunk Improvements 48,600,000 - - - 48,600,000
Taft Branch Capacity Improvements 14,000,000 56,207 103,600 159,807 13,840,193
Newhope - Placentia Trunk Grade Separation Replacement 4,300,000 4,201,046 - 4,201,046 98,954
Newhope-Placentia Trunk Replacement 112,000,000 84,639,453 17,147,300 101,786,753 10,213,247
Yorba Linda Dosing Station Installation 14,080,000 - - - 14,080,000
Beach Relief / Knott / Miller Holder Trunk Rehabilitation 35,132,000 - - - 35,132,000
Westminster Blvd Force Main Replacement 44,000,000 11,848,266 14,659,600 26,507,866 17,492,134
Rehabilitation of Western Regional Sewers 70,000,000 18,006,959 1,574,900 19,581,859 50,418,141
Interstate 405 Widening Project Impacts on OC San Sewers 250,000 120,181 24,600 144,781 105,219
Seal Beach Pump Station Replacement 78,900,000 1,227,409 2,589,700 3,817,109 75,082,891
Los Alamitos Sub-Trunk Extension 84,124,000 - - - 84,124,000
Crystal Cove Pump Station Rehabilitation 13,200,000 - - - 13,200,000
Bay Bridge Pump Station Replacement 74,000,000 1,105,544 4,350,000 5,455,544 68,544,456
Newport Beach Pump Station Pressurization Improvements 4,300,000 118,338 203,100 321,438 3,978,562
District 6 Trunk Sewer Relief 7,250,000 7,154,952 6,000 7,160,952 89,048
MacArthur Pump Station Rehabilitation 9,800,000 - - - 9,800,000
Main Street Pump Station Rehabilitation 39,450,000 - - - 39,450,000
Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 21,000,000 75,383 1,084,600 1,159,983 19,840,017
MacArthur Force Main Improvement 2,468,000 - 30,000 30,000 2,438,000
North Trunk Improvements 9,200,000 - - - 9,200,000
Edinger Pump Station Replacement 10,153,000 - - - 10,153,000
Slater Pump Station Rehabilitation 26,622,000 - - - 26,622,000
Small Construction Projects Program - Collections 10,103,000 4,753,104 1,043,300 5,796,404 4,306,596
Operations & Maintenance Capital Program - Collections 623,000 153,952 144,800 298,752 324,248
Planning Studies Program - Collections 4,259,000 3,480,009 381,700 3,861,709 397,291
Research Program - Collections 154,000 46,250 - 46,250 107,750
SARI Rock Stabilizers Removal 4,860,000 3,699,556 20,300 3,719,856 1,140,144
Sunflower and Red Hill Interceptor Repairs 4,700,000 218,182 288,600 506,782 4,193,218
Total Collection System Improvement Projects 802,148,000 140,904,791 43,652,100 184,556,891 617,591,109
Section 3 - Page 6
(Continued)
Summary of Capital Improvement Construction Requirements - Project Life
For the Six Months Ended December 31, 2020
Current Total
Approved June 30, 2020 Year Projected Remaining
Project Accumulated Projected Cost at Future
Budget Cost Cost June 30, 2021 Budget
Treatment & Disposal Projects
Headworks
Headworks Rehabilitation at Plant 1 406,000,000 29,367,809 2,959,200 32,327,009 373,672,991
Headworks Modifications at P2 for GWRS Final Expansion 32,000,000 8,077,454 7,630,600 15,708,054 16,291,946
Subtotal - Headworks 438,000,000 37,445,263 10,589,800 48,035,063 389,964,937
Primary Treatment
Primary Sedimentation Basins 3-5 Replacement at Plant 1 117,700,000 523,034 400 523,434 117,176,566
Primary Sedimentation Basins 6-31 Reliability Improv at P1 10,100,000 945,035 837,500 1,782,535 8,317,465
Primary Treatment Rehabilitation at Plant 2 237,000,000 28,788,870 6,241,100 35,029,970 201,970,030
B/C-Side Primary Clarifiers Rehabilitation at Plant 2 279,842,000 - - - 279,842,000
Subtotal - Primary Treatment 644,642,000 30,256,939 7,079,000 37,335,939 607,306,061
Secondary Treatment
Return Activated Sludge Piping Replacement at Plant 1 10,300,000 4,038,731 5,113,200 9,151,931 1,148,069
Return Activated Sludge Piping Replacement at Plant 2 10,800,000 2,029,755 3,898,000 5,927,755 4,872,245
Activated Sludge Aeration Basin Rehabilitation at Plant 2 65,600,000 - - - 65,600,000
Subtotal - Secondary Treatment 86,700,000 6,068,486 9,011,200 15,079,686 71,620,314
Solids Handling & Digestion
Sludge Dewatering and Odor Control at Plant 1 197,000,000 195,780,280 454,700 196,234,980 765,020
Digester Ferric Chloride Piping Replacement at Plant 1 1,360,000 124,687 230,500 355,187 1,004,813
Sludge Dewatering and Odor Control at Plant 2 90,477,000 85,102,044 1,427,900 86,529,944 3,947,056
Interim Food Waste Receiving Facility 6,300,000 1,289,539 133,200 1,422,739 4,877,261
TPAD Digester Facility at Plant 2 455,000,000 503,810 7,859,600 8,363,410 446,636,590
Digester P, Q, R, and S Replacement 165,900,000 - - - 165,900,000
Digesters Rehabilitation at Plant No. 2 40,632,000 - - - 40,632,000
Subtotal - Solids Handling & Digestion 956,669,000 282,800,360 10,105,900 292,906,260 663,762,740
Ocean Outfall Systems
Ocean Outfall System Rehabilitation 166,000,000 58,201,457 21,507,500 79,708,957 86,291,043
Sodium Bisulfite Station Rehabilitation at Plant 2 3,834,000 - 101,900 101,900 3,732,100
Subtotal - Ocean Outfall Systems 169,834,000 58,201,457 21,609,400 79,810,857 90,023,143
Utility Systems
Electrical Power Distribution System Improvements 26,500,000 388,036 1,369,500 1,757,536 24,742,464
Digester Gas Facilities Rehabilitation 173,000,000 8,304,560 4,784,400 13,088,960 159,911,040
Natural Gas Pipelines Replacement at Plants 1 and 2 1,610,000 471,007 1,126,400 1,597,407 12,593
Central Generation Engine Overhauls at Plants 1 and 2 26,000,000 - 75,100 75,100 25,924,900
Power Building Structural Seismic Improv at Plants 1 & 2 7,080,000 - - - 7,080,000
Capital Improvement Program Budget Review
Section 3 - Page 7
(Continued)
FY 2020-21 Mid-Year Financial Report
Summary of Capital Improvement Construction Requirements - Project Life
For the Six Months Ended December 31, 2020
Current Total
Approved June 30, 2020 Year Projected Remaining
Project Accumulated Projected Cost at Future
Budget Cost Cost June 30, 2021 Budget
Utility Systems (continued)
Central Generation Rehabilitation at Plant 1 68,452,000 - - - 68,452,000
Uninterruptable Power Supply Improvements at Plant 1 7,000,000 444,334 912,400 1,356,734 5,643,266
12.47 kV Switchgear Replacement at CenGen at Plant 1 14,800,000 - - - 14,800,000
Network and Server Relocation at Plant 1 3,027,000 - - - 3,027,000
Consolidated Demolition and Utility Improvements at P2 30,000,000 29,343,019 73,000 29,416,019 583,981
Central Generation Rehabilitation at Plant 2 108,000,000 - - - 108,000,000
Warehouse, Electrical, & 12kV Serv Center Replace at P2 65,000,000 - 950,600 950,600 64,049,400
Subtotal - Utility Systems 530,469,000 38,950,956 9,291,400 48,242,356 482,226,644
Process Related Special Projects
Safety Improvements Program 16,000,000 14,598,193 1,145,800 15,743,993 256,007
Subtotal - Process Related Special Projects 16,000,000 14,598,193 1,145,800 15,743,993 256,007
Information Management Systems
Process Control Systems Upgrades 33,000,000 - - - 33,000,000
Project Management Information System 2,280,000 1,311,043 168,000 1,479,043 800,957
Information Technology Capital Program 10,000,000 1,265,752 1,395,100 2,660,852 7,339,148
Geographic Information System 4,700,000 3,370,462 190,000 3,560,462 1,139,538
EAM Software and Process Implementation 7,500,000 5,592,229 1,125,400 6,717,629 782,371
Process Control Systems Upgrades Study 3,400,000 1,810,226 1,115,100 2,925,326 474,674
Subtotal - Information Management Systems 60,880,000 13,349,712 3,993,600 17,343,312 43,536,688
Strategic & Master Planning
Planning Studies Program 24,393,000 10,548,748 5,079,500 15,628,248 8,764,752
Subtotal - Strategic & Master Planning 24,393,000 10,548,748 5,079,500 15,628,248 8,764,752
Water Management Projects
GWRS Final Expansion Coordination 1,132,000 409,905 295,900 705,805 426,195
Subtotal - Water Management Projects 1,132,000 409,905 295,900 705,805 426,195
Research
Research Program 8,346,000 898,471 878,900 1,777,371 6,568,629
Subtotal - Research 8,346,000 898,471 878,900 1,777,371 6,568,629
Section 3 - Page 8
(Continued)
Summary of Capital Improvement Construction Requirements - Project Life
For the Six Months Ended December 31, 2020
Current Total
Approved June 30, 2020 Year Projected Remaining
Project Accumulated Projected Cost at Future
Budget Cost Cost June 30, 2021 Budget
Support Facilities
Small Construction Projects Program 39,945,000 14,794,320 4,361,700 19,156,020 20,788,980
Operations & Maintenance Capital Program 14,999,000 2,232,839 3,528,500 5,761,339 9,237,661
Fleet Services UST Leak Remediation at Plant 1 14,952,000 1,202,456 284,900 1,487,356 13,464,644
Laboratory Rehabilitation at Plant 1 44,200,000 - - - 44,200,000
Title 24 Access Compliance and Building Rehab Project 18,400,000 17,648,352 201,900 17,850,252 549,748
Headquarters Complex 167,500,000 30,390,098 8,867,900 39,257,998 128,242,002
South Perimeter Security & Utility Improvements at Plant 1 10,000,000 1,171,563 543,000 1,714,563 8,285,437
Support Buildings Seismic Improvements at Plant 1 23,730,000 - 14,200 14,200 23,715,800
Collections Yard Relocation 1,840,000 - - - 1,840,000
Operations and Maintenance Complex at Plant 2 95,000,000 - - - 95,000,000
Subtotal - Support Facilities 430,566,000 67,439,628 17,802,100 85,241,728 345,324,272
Others
Capital Improvement Program Management Services 700,000 302,928 53,200 356,128 343,872
Subtotal - Others 700,000 302,928 53,200 356,128 343,872
Additional Charges to CIP Completed at 6/30/20 - - 53,100 53,100 (53,100)
Total Treatment and Disposal Projects 3,368,331,000 561,271,046 96,988,800 658,259,846 2,710,071,154
Capital Equipment Purchases 9,062,800 - 5,061,800 5,061,800 4,001,000
Total Collection, Treatment and Disposal Projects
and Capital Equipment Purchases 4,179,541,800$ $702,175,837 $145,702,700 $847,878,537 $3,331,663,263
Capital Improvement Program Budget Review
Section 3 - Page 9
FY 2020-21 Mid-Year Financial Report
This Page Intentionally Left Blank
Section 3 - Page 10
Capital Assets Schedule
For the Three Months Ended December 31, 2020
Balance Year-to-Date Balance
07/01/20 Activity 12/31/20
CONSTRUCTION IN PROGRESS:
Treatment Plant 98,764,377$ 38,667,654$ 137,432,031$
Collection System 265,166,458 25,041,711 290,208,169
Subtotal 363,930,835 63,709,365 427,640,200
PROPERTY, PLANT & EQUIPMENT (at cost):
Land and Property Rights 41,967,355 - 41,967,355
Collection Lines and Pump Stations 892,975,053 - 892,975,053
Treatment Facilities 2,746,327,817 - 2,746,327,817
Effluent disposal facilities 96,972,016 - 96,972,016
Solids disposal facilities 3,463,236 - 3,463,236
General and administrative facilities 259,148,327 - 259,148,327
Excess purchase price over book value on acquired assets 19,979,000 - 19,979,000
Subtotal 4,060,832,804 - 4,060,832,804
Total Property, Plant & Equipment & CIP 4,424,763,639$ 63,709,365$ 4,488,473,004$
2020-21 Year-to-Date Remaining
Budget Payments % of Budget Budget
Principal Payments by Debt Issue:
2010A BABs - - 0.00%-
2010C BABs - - 0.00%-
2011A COP - - 0.00%-
2012A COP - - 0.00%-
2012B COP 17,390,000 - 0.00%17,390,000
2014A COP 7,850,000 - 0.00%7,850,000
2015A COP - - 0.00%-
2016A COP 4,635,000 - 0.00%4,635,000
2017A COP 555,000 - 0.00%555,000
2018A CANs - - 0.00%-
Subtotal Principal Payments 30,430,000 - 0.00% 30,430,000
Interest Expense by Debt Issue:
2010A BABs 2,897,639 2,106,597 72.70%791,042
2010C BABs 6,523,780 3,086,530 47.31%3,437,250
2011A COP 3,348,350 1,674,175 50.00%1,674,175
2012A COP 3,735,900 1,867,950 50.00%1,867,950
2012B COP 1,145,650 572,825 50.00%572,825
2014A COP 3,196,500 1,598,250 50.00%1,598,250
2015A COP 6,375,500 3,187,750 50.00%3,187,750
2016A COP 6,756,550 3,378,275 50.00%3,378,275
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 42,408,369 21,686,602 51.14% 20,721,767
Total Debt Service 72,838,369$ 21,686,602$ 29.77% 51,151,767$
Section 4 - Page 1
Capital Facilities Budget Review
Capital Assets Schedule & Debt Service Budget Review
Debt Service Budget Review
FY 2020-21 Mid-Year Financial Report
This Page Intentionally Left Blank
Section 4 - Page 2
General Liability and Property Fund Budget Review
For the Six Months Ended December 31, 2020
Actual Actual
2020-21 Through Through
Budget 12/31/20 12/31/19
Revenues:
In-Lieu Premiums 1,471,000$ 1,102,494$ 74.95%368,506$ 859,998$ 242,496$
Service Department Allocations - 3,552 N/A (3,552) (1,548) 5,100
Total Revenues 1,471,000 1,106,046 75.19%364,954 858,450 247,596
Expenses:
Benefits/Claims 40,000 - 0.00%40,000 53,188 (53,188)
Legal Services 40,000 - 0.00%40,000 - -
Professional Services 20,000 - 0.00%20,000 - -
Subtotal 100,000 - 0.00%100,000 53,188 (53,188)
Policy Premium Expense 1,980,000 970,096 48.99%1,009,904 708,883 261,213
Total Expenses 2,080,000 970,096 46.64%1,109,904 762,071 208,025
Excess Revenue (Expense)(609,000) 135,950 (744,950)$ 96,379 39,571
Beginning Reserves 98,609,000 98,648,623 55,389,842 43,258,781
Ending Reserves 98,000,000$ 98,784,573$ 55,486,221$ 43,298,352$
(1) Beginning reserves were increased by $43 million to align with approved catastrophic loss, or self-insurance criterion for
non-reimbursed costs.
12/31/20 Budget (Decrease)
Self Insurance Budget Review
Percent
of Budget Remaining
Through 2020-21 Increase
(1)(1)
Section 5 - Page 1
FY 2020-21 Mid-Year Financial Report
Workers' Compensation Fund Budget Review
For the Six Months Ended December 31, 2020
Actual Actual
2020-21 Through Through
Budget 12/31/20 12/31/20 12/31/19
Revenues:
In-Lieu Premiums 518,800$ 259,400$ 50.00% 259,400$ 390,000$ (130,600)$
Service Department Allocations 110,000 44,850 40.77% 65,150 54,348 (9,498)
Total Revenues 628,800 304,250 48.39%324,550 444,348 (140,098)
Expenses:
Benefits/Claims 420,000 193,539 46.08% 226,461 232,300 (38,761)
Legal Services 90,000 25,084 27.87% 64,916 58,078 (32,994)
Professional Services 50,000 34,313 68.63% 15,687 19,028 15,285
Subtotal 560,000 252,936 45.17%307,064 309,406 (56,470)
Policy Premium Expense 220,000 102,385 46.54%117,615 108,881 (6,496)
Total Expenses 780,000 355,321 45.55%424,679 418,287 (62,966)
Excess Revenue (Expense)(151,200) (51,071) (100,129)$ 26,061 (77,132)
Beginning Reserves 2,151,200 2,235,687 2,036,708 198,979
Ending Reserves 2,000,000$ 2,184,616$ 2,062,769$ 121,847$
Budget (Decrease)
Percent
of Budget Remaining
Through 2020-21 Increase
Section 5 - Page 2
January 31, 2021
STAFF REPORT
Mid-Year Treasurer’s Report
For the Period Ended December 31, 2020
SUMMARY
Section 17.0 of the Orange County Sanitation District's (Sanitation District) Investment Policy includes quarterly reporting requirements for the Sanitation District's two investment portfolios. These two funds, the "Liquid Operating Monies," and the "Long-Term Operating Monies" are managed by Chandler Asset Management, the Sanitation
District’s external money manager.
The ongoing monitoring of the Sanitation District's investment program by staff and Callan Associates, the Sanitation District's independent investment advisor, indicates that the Sanitation District’s investments are in compliance with the Sanitation District's adopted
Investment Policy and the California Government Code, and that overall performance has tracked with benchmark indices. In addition, sufficient liquidity and anticipated revenues are available for the Sanitation District to meet budgeted expenditures for the next six months. The Sanitation District portfolios do not include any reverse repurchase agreements or derivative securities.
ADDITIONAL INFORMATION
Performance Reports
The Quarterly Strategy Review, prepared by Chandler Asset Management, and the Investment Measurement Service Quarterly Review, prepared by Callan Associates, is
attached for reference. Also attached are Long-Term and Liquid Operating Monies Summary of Performance Data and Portfolio Statistics charts that depict the performance results, estimated yield and duration, credit quality, and sector diversification of the Sanitation District portfolios, as of December 31, 2020. The Liquid Operating Monies portfolio, with an average maturity of 120 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 portfolios as compared to their benchmarks as of December 31, 2020.
Quarterly Treasurer’s Report For the Period Ended December 31, 2020 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 20 113.5 590.3
30 Jun 20 178.6 623.3
30 Sep 20 128.7 625.2
31 Dec 20 225.7 657.6
Portfolio Performance Summary As of December 31, 2020
Liquid Operating Monies (%)Long-Term Operating Monies (%)
Total Rate of Return Benchmark(1) Total Rate of Return Benchmark(1)
3 Months 0.03 0.03 0.21 0.15
6 Months 0.07 0.07 0.50 0.39
9 Months 0.14 0.09 1.83 1.43
12 Months 0.87 0.67 4.39 4.43
Annualized Since inception 30 Nov 2014 1.12 0.99 2.26 2.22
Market Value $225.7 M $657.6 M
Average Quality “AAA”/”Aaa” “AA”/”Aa1”
Current Yield (%) 0.9 1.8
Estimated Yield to Maturity (%) 0.1 0.2
Quarterly Deposits (Withdrawals) $97.0 M $31.0 M
Estimated Annual Income $0.3 M $11.7 M
Quarterly Treasurer’s Report For the Period Ended December 31, 2020 Page 3 of 4
Orange County Sanitation District Investment Account Balances as of December 31, 2020
Investment Accounts Book Balances December 31, 2020 Estimated Yield (%)
State of California LAIF Banc of California – General Banc of California – Sweep Banc of California – Workers’ Compensation Banc of California – Property, Liability Claim, Exp Union Bank – Mount Langley Union Bank – Bandilier 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
$74,534,691 3,000,000 339,879 82,428 50,000 261,213 549,348 225,711,282 657,618,803 6,500 500,619 $962,654,763 $129
0.54 0.55 0.11 0.55 0.55 0.70 0.70 0.14 0.22 0.00 0.00 0.23 0.01
Orange County Sanitation District Cost of Funds on Debt Issues as of December 31, 2020
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 25,560,000 63,930,000 127,510,000 141,465,000 66,370,000 102,200,000 $940,050,000
3.68 4.11 2.61 3.54 1.50 2.34 3.30 3.02 2.55 2.02 3.09
Quarterly Treasurer’s Report For the Period Ended December 31, 2020 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, 2020
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
While we remain optimistic about the longer-term outlook, recent economic data suggests that the economy has lost
momentum as virus cases have risen. We believe the near-term will remain challenging as the labor market remains under
pressure and many regions have renewed business restrictions due to the virus. However, the passage of a new $900
billion COVID-19 fiscal relief bill should help cushion the economy over the next few months, and we believe the incoming
Presidential administration will have a keen focus on accelerating vaccine distribution and getting the economy back on
track. While the vaccine rollout has gotten off to a slow start, we expect more widespread distribution of vaccines in the
second and third quarter of 2021. We also expect the Fed’s highly accommodative monetary policy framework will
continue to provide support for the financial markets.
The Federal Open Market Committee (FOMC) kept monetary policy unchanged at their December meeting as expected,
with the fed funds target rate in a range of 0.0% to 0.25%. The Fed intends to remain highly accommodative until their
goals of maximum employment and higher inflation are achieved. The Fed’s summary of economic projections continues
to signal that the target fed funds rate will remain unchanged until at least 2023, as policymakers do not expect inflation
to exceed 2.0% during that timeframe. Until the Fed has made substantial progress toward achieving their dual mandate
of maximum employment and price stability, they have set a floor for monthly asset purchases of at least $80 billion per
month of Treasuries and $40 billion per month of agency mortgage-backed securities. Notably, the Fed's outlook for GDP
over the next few years was revised higher and the outlook for unemployment was revised lower compared with their
previous forecasts in September, which suggests increased optimism. Nevertheless, the outlook remains uncertain and
Fed Chair Powell indicated that the Fed would increase policy accommodation further if progress toward their dual
mandate slows.
The Treasury yield curve steepened in December, due at least in part by favorable developments on the vaccine front and
anticipation of improving economic activity in 2021. The yield on 2-year Treasuries was down slightly to 0.12% while the
yield on 10-year Treasuries was up nearly eight basis point to 0.92%.
In 2020, Treasury yields declined but the curve steepened as short-term rates declined more than long-term rates. The 3-
month T-bill yield was down 149 basis points, the 2-year Treasury yield was down 145 basis points, and the 10-Year
Treasury yield was down 100 basis points, year-over-year.
2
Consumer Prices
The Consumer Price Index (CPI) was up 1.2% year-over-year in November, unchanged from October. Core CPI (CPI less
food and energy) was up 1.6% year-over-year in November, also unchanged from October. The Personal Consumption
Expenditures (PCE) index was up 1.1% year-over-year in November, versus up 1.2% year-over-year in October. Core PCE,
which is the Fed's primary inflation gauge, was up 1.4% year-over-year in November, unchanged from October. Inflation
remains below the Fed's target.
Retail Sales
Consumer spending trends softened in November. On a year-over-year basis, retail sales were up 4.1% in November versus
5.5% in October. On a month-over-month basis, retail sales declined 1.1% in November, with broad-based declines in
many categories on a seasonally adjusted basis. Excluding vehicles and gas, retail sales fell 0.8% in November, following a
0.1% decline in October. Notably, retail sales make up roughly one third of the personal consumption expenditures
component of US gross domestic product (GDP), while services revenue comprises roughly two thirds. Spending on
services has been hit particularly hard by the pandemic and lagged the pick-up in overall third quarter GDP. While retail
sales remain higher on a year-over-year basis, we believe this has been partially boosted by the contraction in spending
on services.
Labor Market
U.S. nonfarm payrolls declined by 140,000 in December. It was the first monthly decline in nonfarm payrolls since April
of last year and came in well below expectations for a 50,000 gain. The monthly decline was led by the leisure and
hospitality sector which experienced a 498,000 net decline in payrolls in December, along with modest declines in
government jobs and education and health services. The unemployment rate was unchanged in December at 6.7% and
has improved significantly from the peak of 14.8% last April. Nevertheless, more than 10.7 million people remain
unemployed. Workers who classified themselves as employed but absent from work in December continued to
understate the unemployment rate by about 0.6%. The U-6 underemployment rate, which includes those who are
marginally attached to the labor force and employed part time for economic reasons, remained high but declined to
11.7% in December from 12.0% in November. The labor participation rate was unchanged at 61.5% in December and
remains well below pre-pandemic levels.
Housing Starts
Total housing starts increased 1.2% in November to an annual pace of 1,547,000. Single family starts inched up 0.4% to a
very strong annualized rate of 1,186,000, while multi-family starts increased 4.0% to an annualized rate of 361,000. On a
year-over-year basis, total housing starts were up 12.8% in November, driven by growth in single-family starts. Meanwhile,
permits were up 6.2% on a month-over-month basis in November, to an annualized rate of 1,639,000 (the strongest rate
since 2006).
3
TREASURY YIELDS 12/31/2020 9/30/2020 CHANGE
3 Month 0.07 0.09 (0.02)
2 Year 0.2 0.13 0.07
3 Year 0.17 0.16 0.01
5 Year 0.36 0.28 0.08
7 Year 0.65 0.47 0.18
10 Year 0.92 0.68 0.24
30 Year 1.65 1.46 0.19
4
Performance Attribution
Long-Term Portfolio
The portfolio generated a positive absolute and relative return during the quarter of 0.21% compared to the 0.15% return
of the ICE Bank of America Merrill Lynch 1-5 Year US Corporate and Government AAA-A Index. The overweight to the
Agency sector compared to the benchmark aided the performance of the portfolio. The out of benchmark exposure to
the Asset Backed sector was also beneficial as spreads in the Agency, Asset Backed and Corporate sectors all rallied during
the quarter. The Corporate allocation was a modest detractor from performance per the attribution model due to the
underlying mix of securities. The OC San portfolio has an up in quality bias within the underlying Corporate holdings in
the portfolio and the lower quality portions of the benchmark experienced greater spread compression during the quarter.
The Chandler team will continue to optimize the structure of the portfolio and underlying mix of securities to deliver
consistent, stable investment returns over the coming quarters.
Multiple securities were purchased across the Treasury, Agency, Supranational, Certificate of Deposit and Corporate
sectors of the allocation. The purchased securities ranged in maturity from February 2021 to December 2025. Two
securities were sold, several matured, and $31 million was contributed into the portfolio to facilitate the new holdings.
The sector allocation was relatively stable. The Supranational exposure increased due to the Chandler team participating
in a new issue deal in the sector while the ABS allocation contracted due to the pay down of principal and interest during
the quarter. The duration of the portfolio contracted to 2.44 compared to 2.52 at the end of the prior quarter. The large
cash contribution late in the year contributed to the shortening of the duration of the portfolio. The Chandler team will
be working to keep the duration close to the benchmark duration in coming quarters.
Liquid Portfolio
Many securities were purchase across the Treasury, Agency, and Certificate of Deposit sectors to keep the portfolio
positioned consistent with the strategy and to spend down the $97 million contribution late in December. The purchased
securities ranged in maturity between January 2021 to July 2021. Multiple securities also matured during the quarter.
The sector allocation was relatively stable. The Treasury allocation increased to 81.2% of the portfolio due to the large
contribution late in the year when liquidity in other investment vehicles was lacking. The duration of the portfolio was
stable ending the quarter at 0.33 compared to 0.32 at the end of September.
5
Economic Outlook
Increasing coronavirus case counts and the subsequent decrease in consumer mobility was poised to adversely impact the
market and economic outlook in the fourth quarter of 2020. However, in early November markets received unambiguous
positive news with the results of the clinical trial for the Pfizer BioNTech Vaccine being released and exhibiting a very high
efficacy rate for the COVID-19 coronavirus. The timeline for a viable vaccine was consistent with market expectations
however the high efficacy rate was viewed as “new news” which changed sentiment and propelled risk assets higher.
Markets began to aggressively position for the “reopening trade” as both investment grade and high yield credit spreads
moved tighter, and equity market breadth improved materially with the small cap sector outperforming the large cap
sector. Consistent with the improved global outlook correlated with the vaccine developments, the US dollar moved lower
and Treasury yields moved moderately higher, with longer maturity yields moving higher at a faster pace as the Treasury
curve began to steepen.
Political rhetoric related to the election and additional fiscus stimulus dominated the headlines throughout the quarter.
Despite the almost daily back and forth between Congressional leadership, late in the quarter additional fiscal stimulus
was finally passed, which should help to stabilize the economy as the vaccination process quickens in Q1 and Q2 of 2021.
The incoming Biden administration is also expected to seek further fiscal support to enhance economic growth in 2021.
Additionally, the Federal Reserve continues to provide strong support to the economic recovery despite the sunsetting of
several liquidity tools implemented at the height of the crisis in March and April of 2020. The Chandler team does not
have any immediate concerns about the expiration of the Fed backstops. In the event the market becomes dislocated
again due to another exogenous shock to the economy we have a high level of confidence the US Treasury and Federal
Reserve would work closely together to reimplement the tools to stabilize markets. The Federal Reserve also updated
their Summary of Economic Projections in mid-December. The Fed continues to emphasize a willingness to keep policy
highly stimulative until their dual mandate of full employment and stable prices is achieved. Notably, the Fed is looking
for inflation to average 2% over the cycle and is expressing a willingness to tolerate inflation above the target for a period
of time to make up for the shortfalls below the target over the past decade. Market based measure of inflation continue
to price in a higher probability of the Fed meeting their inflation objective as the Ten Year TIP breakeven spread – a market
based measure of longer term inflation expectations – increased to 1.99% as of December 31 compared to 1.63% at the
end of September. The Chandler team expects the Fed Funds rate to remain at the zero lower bound for all of 2021 and
is closely monitoring market based measures of inflation; the Ten Year TIP breakeven spread needs to trade in a consistent
range of 2.30% to 2.60% for a period of time before Fed officials would consider altering their stance on the zero lower
bound in Chandler’s view.
Economic data continues to recover from the shock to the system in March and April of 2020. However, many metrics
will not fully recover until a large portion of the domestic population has achieved immunity from the coronavirus.
Nonfarm payrolls were robust through the summer, but the rate of improvement slowed late in the year. The three month
moving average on nonfarm payroll growth moved down to 283k in December compared to 1,321k as of September. The
U3 unemployment rate is currently at 6.7%, after having topped out at 14.8% in April 2020 while the U6 Underemployment
rate remains elevated at 11.7% compared to 22.9% in April. The manufacturing indices have been a bright spot, with the
ISM Manufacturing Index reaching a YTD high in December at 60.7 with the ISM Non-Manufacturing Index most recent
reading at 57.2. The consumer facing portion of the economy continues to face strong headwinds, however the Chandler
team is confident substantial pent-up demand has the potential to propel the economy forward in the 2nd half of 2021.
The current fiscal and monetary policy settings should continue to provide a constructive backdrop for asset prices in 2021
despite the secular changes to the economy due to the pandemic.
6
Strategy
Strategy highlights for the Long-Term Portfolio in coming months:
• Focus on positioning the portfolio with a term structure and asset allocation that will benefit the performance as
the domestic economy gradually reopens through the course of 2021 with the distribution of vaccines to combat
the COVID-19 coronavirus.
o Utilize the new issue market in the Corporate and ABS sector to increase exposure.
o Remain opportunistic and patient in adding risk exposure to the portfolio as valuations at year-end were
full.
o Selectively increase exposure to the Supranational sector while it is trading at a relative value discount
to the Agency sector.
• Monetary policy is poised to remain at the zero lower bound for all of 2021. The Chandler team anticipates
keeping the duration of the portfolio consistent with the benchmark during the coming quarters.
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 10% minimum; 5 years max maturity Complies*U.S. Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 5 years max maturity Complies
Supranational Obligations
"AA" rated or better by a NRSRO; 30% maximum; 5 years max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or
unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB") Complies
Corporate Medium Term Notes "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. or any state and operating within the U.S.Complies
Municipal Securities "A" rated or higher by a NRSRO; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% maximum; 5% max issuer; 5 years max maturity Complies
Mortgage-Backed Securities/ Collateralized Mortgage Obligations/
Asset-Backed Securities
"AA" rated or better by a NRSRO; 20% maximum (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 5 years max maturity Complies*
Negotiable Certificates of Deposit (NCD)"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 CompliesCertificates of Deposit 5% max issuer; 5 years max maturity; Secured/ collateralized Complies
Banker’s Acceptances A-1 rated or highest short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies
Commercial Paper A-1 rated or better by a NRSRO; "A" rated or better long term debt issuer by a NRSRO; Issuer is a corporation organized and operating in the U.S. with assets > $500 million; 25% maximum; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies
Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% maximum in Mutual Funds; 10% per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of OCSD's surplus money Complies
Repurchase Agreements 102% collateralization Complies
Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies
Local Agency Investment Fund (LAIF)No more than the lesser of 15% of the portfolio or the statutory maximum invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF
shall be subject to investigation and due diligence prior to investing Complies
OCCIP 15% maximum; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP shall be subject to investigation and due diligence prior to investing Complies
Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage Investment Conduits) Complies
Avg Duration Not to exceed 60 months - (80% to 120% of the benchmark)Complies
Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding CompliesMax Per Issuer 5% max per issuer (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 10% minimum; 1 year max maturity CompliesU.S. Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 1 year max maturity Complies
Supranational Obligations "AA" rated or better by a NRSRO; 30% maximum; 1 year max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-
American Development Bank ("IADB")
Complies
Corporate Medium Term Notes "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. or any state and operating within the U.S.Complies
Municipal Securities "A" rated or higher by a NRSRO; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% maximum; 5% max issuer; 1 year max maturity Complies
Mortgage-Backed Securities/
Collateralized Mortgage Obligations/ Asset-Backed Securities "AA" rated or better by a NRSRO; 20% maximum (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 1 year max maturity Complies
Negotiable Certificates of Deposit (NCD)"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 CompliesCertificates of Deposit 5% max issuer; 1 year max maturity; Secured/collateralized Complies
Banker’s Acceptances A-1 rated or highest short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies
Commercial Paper A-1 rated or better by a NRSRO; "A" rated or better long term debt issuer by a NRSRO; Issuer is a corporation organized and operating in the U.S. with assets >
$500 million; 25% maximum; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies
Mutual Fund & Money Market Mutual
Fund
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% maximum in Mutual Funds;
10% per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of OCSD's surplus money Complies
Repurchase Agreements 102% collateralization Complies
Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies
Local Agency Investment Fund (LAIF)No more than the lesser of 15% of the portfolio or the statutory maximum invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF
shall be subject to investigation and due diligence prior to investing Complies
OCCIP 15% maximum; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP
shall be subject to investigation and due diligence prior to investing Complies
Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage
Investment Conduits) Complies
Avg Duration Not to exceed 180 days Complies
Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies
Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual 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
Defaulted Bonds
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
OC SAN 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.
OC SAN Lehman Exposure - Account #10284
9
Ratings
10
HISTORICAL YIELD CURVE
ACCOUNT SUMMARY
Beg. Values
as of 11/30/20
End Values
as of 12/31/20
Market Value 128,388,322 225,317,647
Accrued Interest 326,239 387,715
Total Market Value 128,714,561 225,705,362
Income Earned 17,537 17,754
Cont/WD 97,000,001
Par 127,918,335 224,489,076
Book Value 128,371,585 225,327,863
Cost Value 128,476,063 225,504,962
TOP ISSUERS
Government of United States 81.2%
Federal Home Loan Bank 8.6%
First American Govt Obligation 4.7%
MUFG Bank Ltd/NY 1.1%
Toronto Dominion Holdings 0.8%
Toyota Motor Corp 0.7%
Royal Bank of Canada 0.7%
Charles Schwab Corp/The 0.6%
Total 98.4%
PORTFOLIO CHARACTERISTICS
Average Modified Duration 0.33
Average Coupon 0.87%
Average Purchase YTM 0.13%
Average Market YTM 0.14%
Average S&P/Moody Rating AAA/Aaa
Average Final Maturity 0.33 yrs
Average Life 0.29 yrs
CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION
Portfolio Summary
As of December 31, 2020
Orange County Sanitation District Liquid
Account #10282
PERFORMANCE REVIEW
Annualized
TOTAL RATE OF RETURN 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS 11/30/2014
Orange County Sanitation District Liquid 0.00% 0.03% 0.87% 0.87% 1.64% 1.73% 1.31% N/A 1.12%
ICE BAML 3-Month US Treasury Bill Index 0.01% 0.03% 0.67% 0.67% 1.47% 1.60% 1.20% N/A 0.99%
Execution Time: 1/4/2021 7:06:14 PMChandler Asset Management - CONFIDENTIAL Page 1
ACCOUNT SUMMARY
Beg. Values
as of 11/30/20
End Values
as of 12/31/20
Market Value 622,779,259 655,005,456
Accrued Interest 2,878,963 2,623,087
Total Market Value 625,658,221 657,628,543
Income Earned 948,221 945,314
Cont/WD 31,005,209
Par 600,127,383 632,352,584
Book Value 601,146,261 633,352,660
Cost Value 600,773,284 632,986,847
TOP ISSUERS
Government of United States 34.2%
Federal National Mortgage Assoc 14.5%
Federal Home Loan Bank 8.7%
Federal Home Loan Mortgage Corp 6.8%
Intl Bank Recon and Development 3.6%
Inter-American Dev Bank 2.3%
Federal Farm Credit Bank 2.2%
First American Govt Obligation 1.6%
Total 73.7%
PORTFOLIO CHARACTERISTICS
Average Modified Duration 2.44
Average Coupon 1.80%
Average Purchase YTM 1.78%
Average Market YTM 0.22%
Average S&P/Moody Rating AA+/Aa1
Average Final Maturity 2.62 yrs
Average Life 2.49 yrs
CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION
Portfolio Summary
As of December 31, 2020
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 0.15% 0.21% 4.39% 4.39% 4.52% 3.51% 2.62% N/A 2.26%
ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index 0.11% 0.15% 4.43% 4.43% 4.52% 3.50% 2.56% N/A 2.22%
ICE BAML US 1-5 Yr US Corp/Govt Rated AAA-BBB Indx 0.17% 0.37% 4.65% 4.65% 4.86% 3.69% 2.79% N/A 2.40%
Execution Time: 1/5/2021 11:47:30 AMChandler Asset Management - CONFIDENTIAL Page 1
Par Value Book Value Market Value Rate Yield
Balance
December 1, 2020 $74,734,691 $74,734,691 $74,734,691 0.54 0.54
Deposits:
12/23/2020 7,000,000 7,000,000 7,000,000 0.54 0.54
12/31/2020 6,400,000 6,400,000 6,400,000 0.54 0.54
Total Deposits 13,400,000 13,400,000 13,400,000 0.54 0.54
Quarterly
Interest
Distribution - - - 0.54 0.54
Withdrawals:
12/1/2020 (2,000,000) (2,000,000) (2,000,000) 0.54 0.54
12/3/2020 (2,900,000) (2,900,000) (2,900,000) 0.54 0.54
12/9/2020 (2,100,000) (2,100,000) (2,100,000) 0.54 0.54
12/15/2020 (2,700,000) (2,700,000) (2,700,000) 0.54 0.54
12/17/2020 (900,000) (900,000) (900,000) 0.54 0.54
12/29/2020 (3,000,000) (3,000,000) (3,000,000) 0.54 0.54
Total Withdrawals (13,600,000) (13,600,000) (13,600,000) 0.54 0.54
Balance
December 31, 2020 $74,534,691 $74,534,691 $74,534,691 0.54 0.54
Orange County Sanitation District
Investment Transactions and Balances in the
State of California Local Agency Investment Fund
December 31, 2020
U.S. Bank
Asset Summary - Liquid
As of 12/31/2020
Industry Name Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss
Cash Equivalents
FIRST AMERICAN SHORT TERM FDS 10,599,075.5200 10,599,075.52 10,599,075.52 4.70 -
U. S. GOVERNMENT 68,250,000.0000 68,184,741.81 68,246,670.00 30.29 61,928.19
Cash Equivalents Total 78,849,075.5200 78,783,817.33 78,845,745.52 34.99 61,928.19
Fixed Income
CONSUMER DISCRETIONARY 1,500,000.0000 1,523,295.00 1,513,560.00 0.67 (9,735.00)
CONSUMER STAPLES 750,000.0000 768,877.50 754,005.00 0.33 (14,872.50)
FINANCE 1,385,000.0000 1,419,472.65 1,397,395.75 0.62 (22,076.90)
FOREIGN FIXED INCOME 1,750,000.0000 1,774,762.50 1,752,082.50 0.78 (22,680.00)
INDUSTRIAL 600,000.0000 607,086.00 602,052.00 0.27 (5,034.00)
INFORMATION TECHNOLOGY 1,155,000.0000 1,182,327.30 1,164,390.15 0.52 (17,937.15)
SHORT TERM FUNDS 4,000,000.0000 4,000,000.00 4,001,790.00 1.78 1,790.00
SUPRANATIONAL 1,000,000.0000 1,010,570.00 1,004,490.00 0.45 (6,080.00)
U. S. GOVERNMENT 114,000,000.0000 114,937,656.30 114,788,460.00 50.94 (149,196.30)
US AGY - LONG TERM ISSUES 19,500,000.0000 19,497,097.50 19,499,100.00 8.65 2,002.50
Fixed Income Total 145,640,000.0000 146,721,144.75 146,477,325.40 65.01 (243,819.35)
Grand Total 224,489,075.5200 225,504,962.08 225,323,070.92 100.00 (181,891.16)
1 of 1
U.S. Bank
Asset Summary - Long-Term
As of 12/31/2020
Industry Name Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss
Cash Equivalents
FIRST AMERICAN SHORT TERM FDS 10,413,934.7200 10,413,934.72 10,413,934.72 1.59 -
U. S. GOVERNMENT 15,000,000.0000 14,998,725.00 14,999,250.00 2.29 525.00
Cash Equivalents Total 25,413,934.7200 25,412,659.72 25,413,184.72 3.88 525.00
Fixed Income
CONSUMER DISCRETIONARY 9,064,000.0000 9,174,701.78 9,561,362.15 1.46 386,660.37
CONSUMER STAPLES 3,880,000.0000 3,878,991.40 4,166,887.20 0.64 287,895.80
ENERGY 9,000,000.0000 8,942,542.40 9,240,375.00 1.41 297,832.60
FINANCE 66,764,000.0000 66,159,243.30 67,611,374.13 10.32 1,452,130.83
FOREIGN FIXED INCOME 14,500,000.0000 14,676,215.00 15,576,235.00 2.38 900,020.00
HEALTH CARE 2,000,000.0000 1,948,640.00 2,120,960.00 0.32 172,320.00
INDUSTRIAL 4,410,000.0000 4,388,275.50 4,555,080.80 0.70 166,805.30
INFORMATION TECHNOLOGY 23,715,000.0000 23,631,389.55 24,735,663.00 3.78 1,104,273.45
INVESTMENT GRADE-MUNI REVENUE 400,000.0000 400,000.00 406,632.00 0.06 6,632.00
MTG RELATED SECURITY 24,306,131.0300 24,379,719.87 24,686,961.77 3.77 307,241.90
SHORT TERM FUNDS 5,000,000.0000 5,000,000.00 4,999,800.00 0.76 (200.00)
SUPRANATIONAL 43,135,000.0000 42,847,805.45 43,663,899.00 6.67 816,093.55
U. S. GOVERNMENT 190,004,774.0500 188,686,150.52 197,004,506.73 30.08 8,318,356.21
U.S. GOVERNMENT TIPS 11,404,744.0000 11,260,024.09 12,210,831.31 1.86 950,807.22
US AGY - LONG TERM ISSUES 201,955,000.0000 203,517,559.15 209,045,625.75 31.92 5,528,066.60
Fixed Income Total 609,538,649.0800 608,891,258.01 629,586,193.84 96.12 20,694,935.83
Grand Total 634,952,583.8000 634,303,917.73 654,999,378.56 100.00 20,695,460.83
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 valuesfor 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 valuesused 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 12/01/2020 Through 12/31/2020
Statement of Assets Held by Asset Classification
Statement of Transactions by Transaction Date
Account 300282 Base Currency = USDOCSD LIBERTY MUTUAL
499,000.000 UNITED STATES TREASURY BILL 99.98300 498,915.17 498,369.32 99.87361 0.00 0.00 0.00%CUSIP: 9127962F5
MATURITY DATE: 03/25/2021RATE: 0.000%
CASH BALANCE 1,703.59 1,703.59 0.00000 0.00 0.00 0.00%
Total Market Value Plus Total Accrued Income 500,618.76
Cumulative realized capital gain and loss position from 12/31/2019 for securities held in principal of account:
Short Term: 80,464.87 * Long Term: 0.00 *
* The above gain and loss position does not include transactions where tax cost information is incomplete or unavailable.
CASH AND SHORT TERM
Total CASH AND SHORT TERM 500,618.76 500,072.91 0.00 0.00 0.00%
ACCOUNT TOTALS 500,618.76 500,072.91 0.00 0.00 0.00%
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U.S. Bank
Investment Listing - Yield
As of 12/31/2020
Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value
Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 0.0260% 10,599,075.5200 1.00 10,599,075.52 10,599,075.52
Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 0.0260% 10,413,934.7200 1.00 10,413,934.72 10,413,934.72
Cash Equivalents 9127963W7 U S TREASURY BILL 2/04/21 0.0563% 15,000,000.0000 N/A N/A 100.00 14,998,725.00 14,999,250.00
Cash Equivalents 912796UC1 U S TREASURY BILL 1/28/21 0.0500% 58,250,000.0000 N/A N/A 100.00 58,193,363.48 58,247,670.00
Cash Equivalents 912796XE4 U S TREASURY BILL 2/25/21 0.0638% 10,000,000.0000 N/A N/A 99.99 9,991,378.33 9,999,000.00
Fixed Income 00440EAP2 ACE INA HOLDINGS 2.700% 3/13/23 2.5640% 2,000,000.0000 A3 A 105.31 1,937,000.00 2,106,120.00
Fixed Income 00440EAS6 ACE INA HOLDING 3.150% 3/15/25 2.8539% 2,000,000.0000 A3 A 110.38 2,203,740.00 2,207,520.00
Fixed Income 00440EAU1 ACE INA HOLDINGS 2.875% 11/03/22 2.7580% 4,169,000.0000 A3 A 104.24 4,232,453.17 4,345,848.98
Fixed Income 02665WCJ8 AMERICAN HONDA MTN 3.450% 7/14/23 3.2033% 845,000.0000 A3 A- 107.70 843,538.15 910,090.35
Fixed Income 02665WCQ2 AMERICAN HONDA MTN 3.625% 10/10/23 3.3318% 2,000,000.0000 A3 A- 108.80 1,998,320.00 2,176,000.00
Fixed Income 02665WCZ2 AMERICAN HONDA MTN 2.400% 6/27/24 2.2595% 1,219,000.0000 A3 A- 106.22 1,213,843.63 1,294,821.80
Fixed Income 03215PFN4 AMRESCO 1.01546% 6/25/29 1.0769% 119,021.6400 N/A A+ 94.30 89,377.81 112,232.65
Fixed Income 037833AR1 APPLE INC 2.850% 5/06/21 2.8270% 1,155,000.0000 AA1 AA+ 100.81 1,182,327.30 1,164,390.15
Fixed Income 037833BS8 APPLE INC 2.250% 2/23/21 2.2473% 4,000,000.0000 AA1 AA+ 100.12 4,050,840.00 4,004,760.00
Fixed Income 037833CU2 APPLE INC 2.850% 5/11/24 2.6432% 3,000,000.0000 AA1 AA+ 107.83 3,017,760.00 3,234,750.00
Fixed Income 06051GHF9 BANK OF AMERICA 3.550% 3/05/24 3.3231% 6,675,000.0000 A2 A- 106.83 6,770,625.75 7,130,835.75
Fixed Income 06406RAA5 BANK OF NY MTN 2.600% 2/07/22 2.5398% 2,500,000.0000 A1 A 102.37 2,504,475.00 2,559,250.00
Fixed Income 06406RAE7 BANK OF NY MTN 2.950% 1/29/23 2.8045% 2,500,000.0000 A1 A 105.19 2,489,555.00 2,629,675.00
Fixed Income 06417MMB8 BANK OF NOVA C D 0.280% 11/24/21 0.2800% 5,000,000.0000 100.00 5,000,000.00 4,999,800.00
Fixed Income 084664BT7 BERKSHIRE HATHAWAY 3.000% 5/15/22 2.8898% 4,000,000.0000 AA2 AA 103.81 4,131,120.00 4,152,560.00
Fixed Income 084670BR8 BERKSHIRE HATHAWAY 2.750% 3/15/23 2.6186% 2,500,000.0000 AA2 AA 105.02 2,440,950.00 2,625,400.00
Fixed Income 09247XAL5 BLACKROCK INC 3.500% 3/18/24 3.1865% 1,000,000.0000 AA3 AA- 109.84 1,036,330.00 1,098,400.00
Fixed Income 166764AH3 CHEVRON CORP 3.191% 6/24/23 3.0003% 3,500,000.0000 AA2 AA 106.36 3,441,095.00 3,722,460.00
Fixed Income 166764BG4 CHEVRON CORP 2.100% 5/16/21 2.0886% 2,500,000.0000 AA2 AA 100.55 2,485,350.00 2,513,625.00
Fixed Income 24422EUM9 JOHN DEERE MTN 3.650% 10/12/23 3.3433% 1,250,000.0000 A2 A 109.17 1,250,237.50 1,364,650.00
Fixed Income 30231GAV4 EXXON MOBIL 2.222% 3/01/21 2.2188% 3,000,000.0000 AA1 AA 100.14 3,016,097.40 3,004,290.00
Fixed Income 3130A0F70 F H L B DEB 3.375% 12/08/23 3.0892% 10,000,000.0000 AAA AA+ 109.25 10,269,043.75 10,925,200.00
Fixed Income 3130A1XJ2 F H L B 2.875% 6/14/24 2.6338% 11,110,000.0000 AAA AA+ 109.16 11,589,031.30 12,127,342.70
Fixed Income 3130A2UW4 F H L B DEB 2.875% 9/13/24 2.6215% 2,500,000.0000 AAA AA+ 109.67 2,635,950.00 2,741,700.00
Fixed Income 3130A4CH3 F H L B DEB 2.375% 3/14/25 2.1936% 5,225,000.0000 AAA AA+ 108.27 5,526,848.25 5,657,107.50
Fixed Income 3130A7CV5 F H L B DEB 1.375% 2/18/21 1.3729% 5,365,000.0000 AAA AA+ 100.16 5,343,325.40 5,373,369.40
Fixed Income 313379RB7 F H L B DEB 1.875% 6/11/21 1.8610% 4,000,000.0000 AAA AA+ 100.75 4,030,160.00 4,030,080.00
Fixed Income 313383QR5 F H L B DEB 3.250% 6/09/23 3.0260% 5,000,000.0000 AAA AA+ 107.40 5,083,350.00 5,370,200.00
Fixed Income 313383YJ4 F H L B DEB 3.375% 9/08/23 3.1091% 10,000,000.0000 AAA AA+ 108.55 10,211,831.00 10,855,300.00
Fixed Income 313385AD8 F H L B DISC NTS 1/04/21 0.0000% 1,500,000.0000 N/A N/A 1.00 1,498,340.00 1,500,000.00
Fixed Income 313385AX4 F H L B DISC NTS 1/22/21 0.0000% 9,000,000.0000 N/A N/A 100.00 8,999,543.75 8,999,730.00
Fixed Income 313385BL9 F H L B DISC NTS 2/04/21 0.0000% 9,000,000.0000 N/A N/A 99.99 8,999,213.75 8,999,370.00
Fixed Income 3133EKWV4 F F C B DEB 1.850% 7/26/24 1.7520% 5,000,000.0000 AAA AA+ 105.60 5,048,280.00 5,279,800.00
Fixed Income 3133ELYR9 F F C B DEB 0.250% 5/06/22 0.2495% 8,850,000.0000 AAA AA+ 100.19 8,838,760.50 8,866,815.00
Fixed Income 3133TCE95 F H L M C MLTCL MTG 3.929% 8/15/32 3.8850% 4,473.7000 N/A N/A 101.13 4,478.39 4,524.42
1 of 4
U.S. Bank
Investment Listing - Yield
As of 12/31/2020
Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value
Fixed Income 31348SWZ3 F H L M C #786064 2.752% 1/01/28 2.7540% 1,579.2700 N/A N/A 99.93 1,540.81 1,578.10
Fixed Income 3135G03U5 F N M A DEB 0.625% 4/22/25 0.6177% 14,000,000.0000 AAA AA+ 101.18 13,996,711.60 14,164,640.00
Fixed Income 3135G04Z3 F N M A 0.500% 6/17/25 0.4974% 9,905,000.0000 AAA AA+ 100.53 9,884,496.65 9,957,595.55
Fixed Income 3135G05G4 F N M A 0.250% 7/10/23 0.2494% 6,775,000.0000 AAA AA+ 100.24 6,760,433.75 6,791,192.25
Fixed Income 3135G05X7 F N M A 0.375% 8/25/25 0.3751% 7,945,000.0000 AAA AA+ 99.98 7,907,817.40 7,943,252.10
Fixed Income 3135G06G3 F N M A 0.500% 11/07/25 0.4979% 8,255,000.0000 AAA AA+ 100.42 8,225,447.10 8,289,505.90
Fixed Income 3135G0J20 F N M A DEB 1.375% 2/26/21 1.3725% 10,000,000.0000 AAA AA+ 100.18 10,040,950.00 10,018,400.00
Fixed Income 3135G0S38 F N M A 2.000% 1/05/22 1.9627% 3,000,000.0000 AAA AA+ 101.90 2,994,570.00 3,057,090.00
Fixed Income 3135G0T45 F N M A 1.875% 4/05/22 1.8345% 5,000,000.0000 AAA AA+ 102.21 4,972,500.00 5,110,500.00
Fixed Income 3135G0T94 F N M A DEB 2.375% 1/19/23 2.2710% 5,000,000.0000 AAA AA+ 104.58 4,910,990.00 5,229,000.00
Fixed Income 3135G0U35 F N M A 2.750% 6/22/21 2.7163% 7,500,000.0000 AAA AA+ 101.24 7,515,225.00 7,593,000.00
Fixed Income 3135G0V34 F N M A 2.500% 2/05/24 2.3341% 5,000,000.0000 AAA AA+ 107.11 4,980,850.00 5,355,300.00
Fixed Income 3135G0X24 F N M A 1.625% 1/07/25 1.5421% 10,000,000.0000 AAA AA+ 105.38 10,157,936.40 10,537,700.00
Fixed Income 31371NUC7 F N M A #257179 4.500% 4/01/28 4.1552% 10,705.2100 N/A N/A 108.30 11,321.81 11,593.42
Fixed Income 31376KT22 F N M A #357969 5.000% 9/01/35 4.2993% 78,622.3900 N/A N/A 116.30 84,519.05 91,437.05
Fixed Income 3137EAEL9 F H L M C M T N 2.375% 2/16/21 2.3687% 7,500,000.0000 AAA AA+ 100.27 7,484,475.00 7,520,100.00
Fixed Income 3137EAEN5 F H L M C 2.750% 6/19/23 2.5866% 10,000,000.0000 AAA AA+ 106.32 9,956,500.00 10,631,700.00
Fixed Income 3137EAEP0 F H L M C 1.500% 2/12/25 1.4299% 12,335,000.0000 AAA AA+ 104.90 12,510,182.05 12,939,785.05
Fixed Income 3137EAEU9 F H L M C M T N 0.375% 7/21/25 0.3748% 5,030,000.0000 AAA AA+ 100.05 5,004,950.60 5,032,665.90
Fixed Income 3137EAEX3 F H L M C M T N 0.375% 9/23/25 0.3756% 7,660,000.0000 AAA AA+ 99.83 7,636,943.40 7,647,284.40
Fixed Income 3138EG6F6 F N M A #AL0869 4.500% 6/01/29 4.1187% 6,954.1500 N/A N/A 109.26 7,354.71 7,597.90
Fixed Income 31394JY35 F H L M C MLTCL MTG 6.500% 9/25/43 5.5906% 561,133.9500 N/A N/A 116.27 635,484.20 652,413.61
Fixed Income 31397QRE0 F N M A GTD REMIC 2.472% 2/25/41 0.8168% 135,973.2200 N/A N/A 101.37 135,930.74 137,840.13
Fixed Income 31403DJZ3 F N M A #745580 5.000% 6/01/36 4.3049% 70,722.8100 N/A N/A 116.15 76,027.01 82,142.42
Fixed Income 31403GXF4 F N M A #748678 5.000% 10/01/33 4.4291% 1,318.1100 N/A N/A 112.89 1,416.97 1,488.03
Fixed Income 31406PQY8 F N M A #815971 5.000% 3/01/35 4.3008% 105,426.6600 N/A N/A 116.26 113,333.68 122,565.87
Fixed Income 31406XWT5 F N M A #823358 2.937% 2/01/35 2.8133% 91,103.5200 N/A N/A 104.40 90,391.78 95,110.25
Fixed Income 31407BXH7 F N M A #826080 5.000% 7/01/35 4.3003% 13,805.5700 N/A N/A 116.27 14,840.97 16,051.74
Fixed Income 31410F4V4 F N M A #888336 5.000% 7/01/36 4.3145% 130,793.5200 N/A N/A 115.89 140,603.04 151,573.99
Fixed Income 31417YAY3 F N M A #MA0022 4.500% 4/01/29 4.1547% 11,574.1200 N/A N/A 108.31 12,240.77 12,535.93
Fixed Income 36225CAZ9 G N M A I I #080023 3.125% 12/20/26 3.0224% 11,409.5500 N/A N/A 103.39 11,598.04 11,796.68
Fixed Income 36225CC20 G N M A I I #080088 2.875% 6/20/27 2.8224% 8,992.7500 N/A N/A 101.87 9,189.47 9,160.46
Fixed Income 36225CN28 G N M A I I #080408 2.875% 5/20/30 2.7634% 35,807.2900 N/A N/A 104.04 35,443.62 37,252.83
Fixed Income 36225CNM4 G N M A I I #080395 2.875% 4/20/30 2.7635% 4,774.0500 N/A N/A 104.04 4,730.75 4,966.73
Fixed Income 36225DCB8 G N M A I I #080965 2.250% 7/20/34 2.1555% 31,941.8600 N/A N/A 104.39 31,921.91 33,342.83
Fixed Income 369550BE7 GENERAL DYNAMICS 3.000% 5/11/21 2.9714% 3,160,000.0000 A2 A 100.96 3,138,038.00 3,190,430.80
Fixed Income 43813KAC6 HONDA AUTO 0.370% 10/18/24 0.3694% 3,235,000.0000 N/A AAA 100.17 3,234,524.78 3,240,467.15
Fixed Income 43814UAG4 HONDA AUTO 3.010% 5/18/22 2.9851% 631,002.3200 N/A AAA 100.83 630,988.57 636,264.88
Fixed Income 43815HAC1 HONDA AUTO 2.950% 8/22/22 2.9155% 1,791,651.3800 AAA N/A 101.19 1,791,405.57 1,812,882.45
Fixed Income 43815NAB0 HONDA AUTO 1.900% 4/15/22 1.8932% 1,347,348.3800 AAA AAA 100.36 1,347,254.07 1,352,171.89
2 of 4
U.S. Bank
Investment Listing - Yield
As of 12/31/2020
Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value
Fixed Income 438516CB0 HONEYWELL 1.350% 6/01/25 1.3030% 5,000,000.0000 A2 A 103.61 5,119,000.00 5,180,450.00
Fixed Income 44932HAH6 IBM CREDIT CORP 3.000% 2/06/23 2.8328% 5,670,000.0000 A2 A 105.90 5,603,264.40 6,004,643.40
Fixed Income 458140BD1 INTEL CORP 2.875% 5/11/24 2.6643% 5,000,000.0000 A1 A+ 107.91 5,025,900.00 5,395,350.00
Fixed Income 4581X0CS5 INTER AMER BK M T N 1.875% 3/15/21 1.8691% 5,000,000.0000 AAA AAA 100.32 5,059,610.00 5,015,850.00
Fixed Income 4581X0CW6 INTER AMER DEV BK 2.125% 1/18/22 2.0846% 3,000,000.0000 AAA N/A 101.94 2,996,310.00 3,058,110.00
Fixed Income 4581X0CZ9 INTER AMER DEV BK 1.750% 9/14/22 1.7044% 6,500,000.0000 AAA AAA 102.68 6,249,655.00 6,673,875.00
Fixed Income 459058FH1 INTL BK 1.375% 5/24/21 1.3689% 1,000,000.0000 AAA AAA 100.45 1,010,570.00 1,004,490.00
Fixed Income 459058FY4 INTL BK 2.000% 1/26/22 1.9625% 10,000,000.0000 AAA N/A 101.91 10,006,350.00 10,191,200.00
Fixed Income 459058JB0 INTL BK M T N 0.625% 4/22/25 0.6190% 6,245,000.0000 AAA AAA 100.97 6,220,831.85 6,305,326.70
Fixed Income 459058JL8 INTL BK M T N 0.500% 10/28/25 0.4991% 6,920,000.0000 AAA AAA 100.19 6,912,180.40 6,932,940.40
Fixed Income 45950KCJ7 INTL FINANCE CORP 1.125% 7/20/21 1.1193% 2,500,000.0000 AAA AAA 100.51 2,441,600.00 2,512,825.00
Fixed Income 45950KCM0 INTL BK M T N 2.250% 1/25/21 2.2471% 2,970,000.0000 AAA AAA 100.13 2,961,268.20 2,973,771.90
Fixed Income 46625HRL6 JP MORGAN CHASE CO 2.700% 5/18/23 2.5681% 5,000,000.0000 A2 A- 105.14 4,821,910.00 5,256,750.00
Fixed Income 46647PAU0 JPMORGAN CHASE CO 3.797% 7/23/24 3.5003% 2,500,000.0000 A2 A- 108.48 2,632,175.00 2,711,900.00
Fixed Income 477870AB5 JOHN DEERE OWNER 2.280% 5/16/22 2.2754% 646,522.3800 AAA N/A 100.20 646,519.92 647,834.82
Fixed Income 47787NAC3 JOHN DEERE OWNER 0.510% 11/15/24 0.5084% 1,480,000.0000 AAA N/A 100.32 1,479,774.45 1,484,750.80
Fixed Income 47788CAC6 JOHN DEERE OWNER 2.660% 4/18/22 2.6533% 165,799.5700 AAA N/A 100.25 165,787.65 166,215.73
Fixed Income 47788EAC2 JOHN DEERE OWNER 3.080% 11/15/22 3.0491% 2,145,869.8100 AAA N/A 101.01 2,145,707.16 2,167,628.93
Fixed Income 494368BF9 KIMBERLY CLARK CORP 3.875% 3/01/21 3.8544% 750,000.0000 A2 A 100.53 768,877.50 754,005.00
Fixed Income 525ESC0Y6 LEHMAN BRTH HLD ESC 0.0000% 2,000,000.0000 - 1,025,037.05 -
Fixed Income 525ESCIB7 LEHMAN BRTH MTN ES 0.00001% 1/24/13 0.0009% 600,000.0000 N/A N/A 1.12 318,131.38 6,720.00
Fixed Income 55380TMD9 MUFG BK LTD N Y C D 0.240% 4/21/21 0.2400% 2,500,000.0000 100.00 2,500,000.00 2,500,050.00
Fixed Income 58770FAC6 MERCEDES BENZ AUTO 1.840% 12/15/22 1.8146% 2,050,000.0000 AAA AAA 101.40 2,049,729.81 2,078,638.50
Fixed Income 58933YAF2 MERCK CO INC 2.800% 5/18/23 2.6403% 2,000,000.0000 A1 AA- 106.05 1,948,640.00 2,120,960.00
Fixed Income 594918BP8 MICROSOFT CORP 1.550% 8/08/21 1.5394% 3,045,000.0000 AAA AAA 100.69 3,041,385.15 3,065,949.60
Fixed Income 61747WAL3 MORGAN STANLEY 5.500% 7/28/21 5.3429% 2,800,000.0000 A2 BBB+ 102.94 3,200,848.00 2,882,320.00
Fixed Income 65479GAD1 NISSAN AUTO 3.060% 3/15/23 3.0186% 2,222,777.0100 AAA AAA 101.37 2,222,705.00 2,253,295.74
Fixed Income 65479JAD5 NISSAN AUTO 1.930% 7/15/24 1.8914% 4,185,000.0000 AAA AAA 102.04 4,184,779.03 4,270,374.00
Fixed Income 68389XBK0 ORACLE CORP 1.900% 9/15/21 1.8811% 3,000,000.0000 A3 A 101.01 2,892,240.00 3,030,210.00
Fixed Income 69353RFB9 PNC BANK NA MTN 2.625% 2/17/22 2.5627% 1,000,000.0000 A2 A 102.43 974,940.00 1,024,300.00
Fixed Income 69353RFL7 PNC BANK NA MTN 3.500% 6/08/23 3.2603% 5,000,000.0000 A2 A 107.35 4,993,318.05 5,367,600.00
Fixed Income 69371RN93 PACCAR FINANCIAL MTN 2.800% 3/01/21 2.7905% 600,000.0000 A1 A+ 100.34 607,086.00 602,052.00
Fixed Income 78012UVJ1 ROYAL BK OF C D 1.000% 2/19/21 0.9988% 1,500,000.0000 100.12 1,500,000.00 1,501,740.00
Fixed Income 78013XZU5 ROYAL BANK OF MTN 2.550% 7/16/24 2.3846% 6,500,000.0000 A2 A 106.94 6,581,445.00 6,950,775.00
Fixed Income 78015K7H1 ROYAL BANK OF MTN 1.150% 6/10/25 1.1254% 1,500,000.0000 A2 A 102.19 1,515,480.00 1,532,805.00
Fixed Income 78445JAA5 S L M A 1.76388% 4/25/23 1.7647% 10,816.0300 BAA3 B 99.95 10,772.14 10,810.95
Fixed Income 808513AT2 CHARLES SCHWAB CORP 2.650% 1/25/23 2.5297% 6,750,000.0000 A2 A 104.76 6,729,480.00 7,071,030.00
Fixed Income 808513AW5 CHARLES SCHWAB CORP 3.250% 5/21/21 3.2212% 1,385,000.0000 A2 A 100.90 1,419,472.65 1,397,395.75
Fixed Income 83162CLJ0 S B A GTD DEV PART 6.340% 3/01/21 6.3122% 2,984.8600 N/A N/A 100.44 2,984.86 2,998.02
Fixed Income 89114QBX5 TORONTO DOMINION MTN 2.550% 1/25/21 2.5470% 1,750,000.0000 AA1 AA- 100.12 1,774,762.50 1,752,082.50
3 of 4
U.S. Bank
Investment Listing - Yield
As of 12/31/2020
Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value
Fixed Income 89114QC48 TORONTO MTN 3.500% 7/19/23 3.2342% 5,000,000.0000 AA1 AA- 108.22 5,094,200.00 5,410,900.00
Fixed Income 89114QCA4 TORONTO DOMINION MTN 2.650% 6/12/24 2.4731% 3,000,000.0000 AA3 A 107.15 3,000,570.00 3,214,560.00
Fixed Income 89236TBJ3 TOYOTA MOTOR MTN 2.750% 5/17/21 2.7254% 1,500,000.0000 A1 A+ 100.90 1,523,295.00 1,513,560.00
Fixed Income 89237VAB5 TOYOTA AUTO RECV 0.440% 10/15/24 0.4385% 2,960,000.0000 AAA AAA 100.35 2,959,772.08 2,970,389.60
Fixed Income 90331HNL3 US BANK NA MTN 2.850% 1/23/23 2.7095% 2,000,000.0000 A1 AA- 105.19 1,992,640.00 2,103,720.00
Fixed Income 90331HPL1 US BANK NA MTN 2.050% 1/21/25 1.9372% 7,270,000.0000 A1 AA- 105.82 7,254,514.90 7,693,259.40
Fixed Income 9128283J7 U S TREASURY NT 2.125% 11/30/24 1.9806% 16,500,000.0000 AAA N/A 107.29 16,783,886.72 17,703,345.00
Fixed Income 9128284D9 U S TREASURY NT 2.500% 3/31/23 2.3742% 10,000,000.0000 AAA N/A 105.30 9,887,265.63 10,529,700.00
Fixed Income 9128287A2 U S TREASURY NT 1.625% 6/30/21 1.6130% 19,000,000.0000 AAA N/A 100.74 19,180,937.51 19,140,980.00
Fixed Income 912828J76 U S TREASURY NT 1.750% 3/31/22 1.7152% 5,000,000.0000 AAA N/A 102.03 4,976,383.94 5,101,550.00
Fixed Income 912828L24 U S TREASURY NT 1.875% 8/31/22 1.8222% 6,000,000.0000 AAA N/A 102.90 5,987,832.60 6,173,880.00
Fixed Income 912828L57 U S TREASURY NT 1.750% 9/30/22 1.7019% 16,000,000.0000 AAA N/A 102.82 15,829,492.20 16,451,840.00
Fixed Income 912828M80 U S TREASURY NT 2.000% 11/30/22 1.9308% 8,000,000.0000 AAA N/A 103.58 7,907,500.00 8,286,560.00
Fixed Income 912828N30 U S TREASURY NT 2.125% 12/31/22 2.0436% 5,000,000.0000 AAA N/A 103.98 4,926,562.50 5,199,050.00
Fixed Income 912828R69 U S TREASURY NT 1.625% 5/31/23 1.5690% 5,000,000.0000 AAA N/A 103.57 4,757,226.56 5,178,300.00
Fixed Income 912828S27 U S TREASURY NT 1.125% 6/30/21 1.1194% 27,000,000.0000 AAA N/A 100.50 27,141,328.14 27,135,000.00
Fixed Income 912828S76 U S TREASURY NT 1.125% 7/31/21 1.1184% 43,000,000.0000 AAA N/A 100.59 43,267,968.77 43,251,980.00
Fixed Income 912828T34 U S TREASURY NT 1.125% 9/30/21 1.1166% 7,000,000.0000 AAA N/A 100.75 6,757,914.08 7,052,780.00
Fixed Income 912828T67 U S TREASURY NT 1.250% 10/31/21 1.2385% 6,000,000.0000 AAA N/A 100.93 5,813,691.98 6,055,800.00
Fixed Income 912828U57 U S TREASURY NT 2.125% 11/30/23 2.0098% 15,000,000.0000 AAA N/A 105.73 14,723,632.81 15,859,650.00
Fixed Income 912828U65 U S TREASURY NT 1.750% 11/30/21 1.7245% 7,000,000.0000 AAA N/A 101.48 6,900,492.20 7,103,390.00
Fixed Income 912828V72 U S TREASURY NT 1.875% 1/31/22 1.8402% 3,000,000.0000 AAA N/A 101.89 3,004,814.74 3,056,730.00
Fixed Income 912828V80 U S TREASURY NT 2.250% 1/31/24 2.1148% 7,500,000.0000 AAA 106.39 7,491,503.91 7,979,325.00
Fixed Income 912828W48 U S TREASURY NT 2.125% 2/29/24 2.0022% 10,000,000.0000 AAA N/A 106.13 9,911,718.75 10,613,300.00
Fixed Income 912828WJ5 U S TREASURY NT 2.500% 5/15/24 2.3200% 7,000,000.0000 AAA N/A 107.76 7,193,046.88 7,543,060.00
Fixed Income 912828WR7 U S TREASURY NT 2.125% 6/30/21 2.1041% 8,000,000.0000 AAA N/A 100.99 8,118,398.44 8,079,360.00
Fixed Income 912828WU0 U S TREASURY I P S 0.125% 7/15/24 0.1167% 11,404,744.0000 AAA N/A 107.07 11,260,024.09 12,210,831.31
Fixed Income 912828WY2 U S TREASURY NT 2.250% 7/31/21 2.2227% 8,000,000.0000 AAA N/A 101.23 8,144,296.88 8,098,160.00
Fixed Income 912828XW5 U S TREASURY NT 1.750% 6/30/22 1.7084% 5,000,000.0000 AAA N/A 102.43 4,973,454.25 5,121,700.00
Fixed Income 912828XX3 U S TREASURY NT 2.000% 6/30/24 1.8823% 5,000,000.0000 AAA N/A 106.25 5,028,710.94 5,312,700.00
Fixed Income 912828YC8 U S TREASURY NT 1.500% 8/31/21 1.4863% 9,000,000.0000 AAA N/A 100.92 9,084,726.56 9,082,980.00
Fixed Income 912828YH7 U S TREASURY NT 1.500% 9/30/24 1.4325% 14,000,000.0000 AAA N/A 104.72 13,859,296.88 14,660,100.00
Fixed Income 912828ZL7 U S TREASURY NT 0.375% 4/30/25 0.3736% 12,000,000.0000 AAA N/A 100.36 11,998,515.63 12,043,560.00
Fixed Income 91282CAM3 U S TREASURY NT 0.250% 9/30/25 0.2510% 6,500,000.0000 AAA N/A 99.62 6,477,656.25 6,475,365.00
Fixed Income 91282CBA8 U S TREASURY NT 0.125% 12/15/23 0.1251% 6,500,000.0000 AAA N/A 99.88 6,491,367.19 6,492,395.00
Fixed Income 91282CBC4 U S TREASURY NT 0.375% 12/31/25 0.3747% 7,000,000.0000 AAA N/A 100.08 6,999,453.13 7,005,460.00
Fixed Income 913366EJ5 UNIV OF CALIFORNIA 5.035% 5/15/21 4.9529% 400,000.0000 AA3 AA- 101.66 400,000.00 406,632.00
Fixed Income 931142EK5 WALMART INC 3.400% 6/26/23 3.1659% 3,880,000.0000 AA2 AA 107.39 3,878,991.40 4,166,887.20
Fixed Income 95000U2B8 WELLS FARGO MTN 2.625% 7/22/22 2.5359% 3,000,000.0000 A2 BBB+ 103.51 2,954,520.00 3,105,360.00
Total Consolidated 880,322,449.48
4 of 4
U.S. Bank
Asset Detail - Consolidated
As of 12/31/2020
CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss
Cash Equivalents
31846V567 FIRST AM GOVT OB FD CL Z 1.00 10,599,075.5200 10,599,075.52 10,599,075.52 1.20 -
31846V567 FIRST AM GOVT OB FD CL Z 1.00 10,413,934.7200 10,413,934.72 10,413,934.72 1.18 -
9127963W7 U S TREASURY BILL 2/04/21 100.00 15,000,000.0000 14,998,725.00 14,999,250.00 1.70 525.00
912796UC1 U S TREASURY BILL 1/28/21 100.00 58,250,000.0000 58,193,363.48 58,247,670.00 6.62 54,306.52
912796XE4 U S TREASURY BILL 2/25/21 99.99 10,000,000.0000 9,991,378.33 9,999,000.00 1.14 7,621.67
Cash Equivalents Total 104,263,010.2400 104,196,477.05 104,258,930.24 11.84 62,453.19
Fixed Income
00440EAP2 ACE INA HOLDINGS 2.700% 3/13/23 105.31 2,000,000.0000 1,937,000.00 2,106,120.00 0.24 169,120.00
00440EAS6 ACE INA HOLDING 3.150% 3/15/25 110.38 2,000,000.0000 2,203,740.00 2,207,520.00 0.25 3,780.00
00440EAU1 ACE INA HOLDINGS 2.875% 11/03/22 104.24 4,169,000.0000 4,232,453.17 4,345,848.98 0.49 113,395.81
02665WCJ8 AMERICAN HONDA MTN 3.450% 7/14/23 107.70 845,000.0000 843,538.15 910,090.35 0.10 66,552.20
02665WCQ2 AMERICAN HONDA MTN 3.625% 10/10/23 108.80 2,000,000.0000 1,998,320.00 2,176,000.00 0.25 177,680.00
02665WCZ2 AMERICAN HONDA MTN 2.400% 6/27/24 106.22 1,219,000.0000 1,213,843.63 1,294,821.80 0.15 80,978.17
03215PFN4 AMRESCO 1.01546% 6/25/29 94.30 119,021.6400 89,377.81 112,232.65 0.01 22,854.84
037833AR1 APPLE INC 2.850% 5/06/21 100.81 1,155,000.0000 1,182,327.30 1,164,390.15 0.13 (17,937.15)
037833BS8 APPLE INC 2.250% 2/23/21 100.12 4,000,000.0000 4,050,840.00 4,004,760.00 0.45 (46,080.00)
037833CU2 APPLE INC 2.850% 5/11/24 107.83 3,000,000.0000 3,017,760.00 3,234,750.00 0.37 216,990.00
06051GHF9 BANK OF AMERICA 3.550% 3/05/24 106.83 6,675,000.0000 6,770,625.75 7,130,835.75 0.81 360,210.00
06406RAA5 BANK OF NY MTN 2.600% 2/07/22 102.37 2,500,000.0000 2,504,475.00 2,559,250.00 0.29 54,775.00
06406RAE7 BANK OF NY MTN 2.950% 1/29/23 105.19 2,500,000.0000 2,489,555.00 2,629,675.00 0.30 140,120.00
06417MMB8 BANK OF NOVA C D 0.280% 11/24/21 100.00 5,000,000.0000 5,000,000.00 4,999,800.00 0.57 (200.00)
084664BT7 BERKSHIRE HATHAWAY 3.000% 5/15/22 103.81 4,000,000.0000 4,131,120.00 4,152,560.00 0.47 21,440.00
084670BR8 BERKSHIRE HATHAWAY 2.750% 3/15/23 105.02 2,500,000.0000 2,440,950.00 2,625,400.00 0.30 184,450.00
09247XAL5 BLACKROCK INC 3.500% 3/18/24 109.84 1,000,000.0000 1,036,330.00 1,098,400.00 0.12 62,070.00
166764AH3 CHEVRON CORP 3.191% 6/24/23 106.36 3,500,000.0000 3,441,095.00 3,722,460.00 0.42 281,365.00
166764BG4 CHEVRON CORP 2.100% 5/16/21 100.55 2,500,000.0000 2,485,350.00 2,513,625.00 0.29 28,275.00
24422EUM9 JOHN DEERE MTN 3.650% 10/12/23 109.17 1,250,000.0000 1,250,237.50 1,364,650.00 0.16 114,412.50
30231GAV4 EXXON MOBIL 2.222% 3/01/21 100.14 3,000,000.0000 3,016,097.40 3,004,290.00 0.34 (11,807.40)
3130A0F70 F H L B DEB 3.375% 12/08/23 109.25 10,000,000.0000 10,269,043.75 10,925,200.00 1.24 656,156.25
3130A1XJ2 F H L B 2.875% 6/14/24 109.16 11,110,000.0000 11,589,031.30 12,127,342.70 1.38 538,311.40
3130A2UW4 F H L B DEB 2.875% 9/13/24 109.67 2,500,000.0000 2,635,950.00 2,741,700.00 0.31 105,750.00
3130A4CH3 F H L B DEB 2.375% 3/14/25 108.27 5,225,000.0000 5,526,848.25 5,657,107.50 0.64 130,259.25
3130A7CV5 F H L B DEB 1.375% 2/18/21 100.16 5,365,000.0000 5,343,325.40 5,373,369.40 0.61 30,044.00
313379RB7 F H L B DEB 1.875% 6/11/21 100.75 4,000,000.0000 4,030,160.00 4,030,080.00 0.46 (80.00)
313383QR5 F H L B DEB 3.250% 6/09/23 107.40 5,000,000.0000 5,083,350.00 5,370,200.00 0.61 286,850.00
313383YJ4 F H L B DEB 3.375% 9/08/23 108.55 10,000,000.0000 10,211,831.00 10,855,300.00 1.23 643,469.00
313385AD8 F H L B DISC NTS 1/04/21 1.00 1,500,000.0000 1,498,340.00 1,500,000.00 0.17 1,660.00
313385AX4 F H L B DISC NTS 1/22/21 100.00 9,000,000.0000 8,999,543.75 8,999,730.00 1.02 186.25
313385BL9 F H L B DISC NTS 2/04/21 99.99 9,000,000.0000 8,999,213.75 8,999,370.00 1.02 156.25
3133EKWV4 F F C B DEB 1.850% 7/26/24 105.60 5,000,000.0000 5,048,280.00 5,279,800.00 0.60 231,520.00
1 of 4
U.S. Bank
Asset Detail - Consolidated
As of 12/31/2020
CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss
3133ELYR9 F F C B DEB 0.250% 5/06/22 100.19 8,850,000.0000 8,838,760.50 8,866,815.00 1.01 28,054.50
3133TCE95 F H L M C MLTCL MTG 3.929% 8/15/32 101.13 4,473.7000 4,478.39 4,524.42 0.00 46.03
31348SWZ3 F H L M C #786064 2.752% 1/01/28 99.93 1,579.2700 1,540.81 1,578.10 0.00 37.29
3135G03U5 F N M A DEB 0.625% 4/22/25 101.18 14,000,000.0000 13,996,711.60 14,164,640.00 1.61 167,928.40
3135G04Z3 F N M A 0.500% 6/17/25 100.53 9,905,000.0000 9,884,496.65 9,957,595.55 1.13 73,098.90
3135G05G4 F N M A 0.250% 7/10/23 100.24 6,775,000.0000 6,760,433.75 6,791,192.25 0.77 30,758.50
3135G05X7 F N M A 0.375% 8/25/25 99.98 7,945,000.0000 7,907,817.40 7,943,252.10 0.90 35,434.70
3135G06G3 F N M A 0.500% 11/07/25 100.42 8,255,000.0000 8,225,447.10 8,289,505.90 0.94 64,058.80
3135G0J20 F N M A DEB 1.375% 2/26/21 100.18 10,000,000.0000 10,040,950.00 10,018,400.00 1.14 (22,550.00)
3135G0S38 F N M A 2.000% 1/05/22 101.90 3,000,000.0000 2,994,570.00 3,057,090.00 0.35 62,520.00
3135G0T45 F N M A 1.875% 4/05/22 102.21 5,000,000.0000 4,972,500.00 5,110,500.00 0.58 138,000.00
3135G0T94 F N M A DEB 2.375% 1/19/23 104.58 5,000,000.0000 4,910,990.00 5,229,000.00 0.59 318,010.00
3135G0U35 F N M A 2.750% 6/22/21 101.24 7,500,000.0000 7,515,225.00 7,593,000.00 0.86 77,775.00
3135G0V34 F N M A 2.500% 2/05/24 107.11 5,000,000.0000 4,980,850.00 5,355,300.00 0.61 374,450.00
3135G0X24 F N M A 1.625% 1/07/25 105.38 10,000,000.0000 10,157,936.40 10,537,700.00 1.20 379,763.60
31371NUC7 F N M A #257179 4.500% 4/01/28 108.30 10,705.2100 11,321.81 11,593.42 0.00 271.61
31376KT22 F N M A #357969 5.000% 9/01/35 116.30 78,622.3900 84,519.05 91,437.05 0.01 6,918.00
3137EAEL9 F H L M C M T N 2.375% 2/16/21 100.27 7,500,000.0000 7,484,475.00 7,520,100.00 0.85 35,625.00
3137EAEN5 F H L M C 2.750% 6/19/23 106.32 10,000,000.0000 9,956,500.00 10,631,700.00 1.21 675,200.00
3137EAEP0 F H L M C 1.500% 2/12/25 104.90 12,335,000.0000 12,510,182.05 12,939,785.05 1.47 429,603.00
3137EAEU9 F H L M C M T N 0.375% 7/21/25 100.05 5,030,000.0000 5,004,950.60 5,032,665.90 0.57 27,715.30
3137EAEX3 F H L M C M T N 0.375% 9/23/25 99.83 7,660,000.0000 7,636,943.40 7,647,284.40 0.87 10,341.00
3138EG6F6 F N M A #AL0869 4.500% 6/01/29 109.26 6,954.1500 7,354.71 7,597.90 0.00 243.19
31394JY35 F H L M C MLTCL MTG 6.500% 9/25/43 116.27 561,133.9500 635,484.20 652,413.61 0.07 16,929.41
31397QRE0 F N M A GTD REMIC 2.472% 2/25/41 101.37 135,973.2200 135,930.74 137,840.13 0.02 1,909.39
31403DJZ3 F N M A #745580 5.000% 6/01/36 116.15 70,722.8100 76,027.01 82,142.42 0.01 6,115.41
31403GXF4 F N M A #748678 5.000% 10/01/33 112.89 1,318.1100 1,416.97 1,488.03 0.00 71.06
31406PQY8 F N M A #815971 5.000% 3/01/35 116.26 105,426.6600 113,333.68 122,565.87 0.01 9,232.19
31406XWT5 F N M A #823358 2.937% 2/01/35 104.40 91,103.5200 90,391.78 95,110.25 0.01 4,718.47
31407BXH7 F N M A #826080 5.000% 7/01/35 116.27 13,805.5700 14,840.97 16,051.74 0.00 1,210.77
31410F4V4 F N M A #888336 5.000% 7/01/36 115.89 130,793.5200 140,603.04 151,573.99 0.02 10,970.95
31417YAY3 F N M A #MA0022 4.500% 4/01/29 108.31 11,574.1200 12,240.77 12,535.93 0.00 295.16
36225CAZ9 G N M A I I #080023 3.125% 12/20/26 103.39 11,409.5500 11,598.04 11,796.68 0.00 198.64
36225CC20 G N M A I I #080088 2.875% 6/20/27 101.87 8,992.7500 9,189.47 9,160.46 0.00 (29.01)
36225CN28 G N M A I I #080408 2.875% 5/20/30 104.04 35,807.2900 35,443.62 37,252.83 0.00 1,809.21
36225CNM4 G N M A I I #080395 2.875% 4/20/30 104.04 4,774.0500 4,730.75 4,966.73 0.00 235.98
36225DCB8 G N M A I I #080965 2.250% 7/20/34 104.39 31,941.8600 31,921.91 33,342.83 0.00 1,420.92
369550BE7 GENERAL DYNAMICS 3.000% 5/11/21 100.96 3,160,000.0000 3,138,038.00 3,190,430.80 0.36 52,392.80
43813KAC6 HONDA AUTO 0.370% 10/18/24 100.17 3,235,000.0000 3,234,524.78 3,240,467.15 0.37 5,942.37
43814UAG4 HONDA AUTO 3.010% 5/18/22 100.83 631,002.3200 630,988.57 636,264.88 0.07 5,276.31
43815HAC1 HONDA AUTO 2.950% 8/22/22 101.19 1,791,651.3800 1,791,405.57 1,812,882.45 0.21 21,476.88
43815NAB0 HONDA AUTO 1.900% 4/15/22 100.36 1,347,348.3800 1,347,254.07 1,352,171.89 0.15 4,917.82
2 of 4
U.S. Bank
Asset Detail - Consolidated
As of 12/31/2020
CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss
438516CB0 HONEYWELL 1.350% 6/01/25 103.61 5,000,000.0000 5,119,000.00 5,180,450.00 0.59 61,450.00
44932HAH6 IBM CREDIT CORP 3.000% 2/06/23 105.90 5,670,000.0000 5,603,264.40 6,004,643.40 0.68 401,379.00
458140BD1 INTEL CORP 2.875% 5/11/24 107.91 5,000,000.0000 5,025,900.00 5,395,350.00 0.61 369,450.00
4581X0CS5 INTER AMER BK M T N 1.875% 3/15/21 100.32 5,000,000.0000 5,059,610.00 5,015,850.00 0.57 (43,760.00)
4581X0CW6 INTER AMER DEV BK 2.125% 1/18/22 101.94 3,000,000.0000 2,996,310.00 3,058,110.00 0.35 61,800.00
4581X0CZ9 INTER AMER DEV BK 1.750% 9/14/22 102.68 6,500,000.0000 6,249,655.00 6,673,875.00 0.76 424,220.00
459058FH1 INTL BK 1.375% 5/24/21 100.45 1,000,000.0000 1,010,570.00 1,004,490.00 0.11 (6,080.00)
459058FY4 INTL BK 2.000% 1/26/22 101.91 10,000,000.0000 10,006,350.00 10,191,200.00 1.16 184,850.00
459058JB0 INTL BK M T N 0.625% 4/22/25 100.97 6,245,000.0000 6,220,831.85 6,305,326.70 0.72 84,494.85
459058JL8 INTL BK M T N 0.500% 10/28/25 100.19 6,920,000.0000 6,912,180.40 6,932,940.40 0.79 20,760.00
45950KCJ7 INTL FINANCE CORP 1.125% 7/20/21 100.51 2,500,000.0000 2,441,600.00 2,512,825.00 0.29 71,225.00
45950KCM0 INTL BK M T N 2.250% 1/25/21 100.13 2,970,000.0000 2,961,268.20 2,973,771.90 0.34 12,503.70
46625HRL6 JP MORGAN CHASE CO 2.700% 5/18/23 105.14 5,000,000.0000 4,821,910.00 5,256,750.00 0.60 434,840.00
46647PAU0 JPMORGAN CHASE CO 3.797% 7/23/24 108.48 2,500,000.0000 2,632,175.00 2,711,900.00 0.31 79,725.00
477870AB5 JOHN DEERE OWNER 2.280% 5/16/22 100.20 646,522.3800 646,519.92 647,834.82 0.07 1,314.90
47787NAC3 JOHN DEERE OWNER 0.510% 11/15/24 100.32 1,480,000.0000 1,479,774.45 1,484,750.80 0.17 4,976.35
47788CAC6 JOHN DEERE OWNER 2.660% 4/18/22 100.25 165,799.5700 165,787.65 166,215.73 0.02 428.08
47788EAC2 JOHN DEERE OWNER 3.080% 11/15/22 101.01 2,145,869.8100 2,145,707.16 2,167,628.93 0.25 21,921.77
494368BF9 KIMBERLY CLARK CORP 3.875% 3/01/21 100.53 750,000.0000 768,877.50 754,005.00 0.09 (14,872.50)
525ESC0Y6 LEHMAN BRTH HLD ESC - 2,000,000.0000 1,025,037.05 - - (1,025,037.05)
525ESCIB7 LEHMAN BRTH MTN ES 0.00001% 1/24/13 1.12 600,000.0000 318,131.38 6,720.00 0.00 (311,411.38)
55380TMD9 MUFG BK LTD N Y C D 0.240% 4/21/21 100.00 2,500,000.0000 2,500,000.00 2,500,050.00 0.28 50.00
58770FAC6 MERCEDES BENZ AUTO 1.840% 12/15/22 101.40 2,050,000.0000 2,049,729.81 2,078,638.50 0.24 28,908.69
58933YAF2 MERCK CO INC 2.800% 5/18/23 106.05 2,000,000.0000 1,948,640.00 2,120,960.00 0.24 172,320.00
594918BP8 MICROSOFT CORP 1.550% 8/08/21 100.69 3,045,000.0000 3,041,385.15 3,065,949.60 0.35 24,564.45
61747WAL3 MORGAN STANLEY 5.500% 7/28/21 102.94 2,800,000.0000 3,200,848.00 2,882,320.00 0.33 (318,528.00)
65479GAD1 NISSAN AUTO 3.060% 3/15/23 101.37 2,222,777.0100 2,222,705.00 2,253,295.74 0.26 30,590.74
65479JAD5 NISSAN AUTO 1.930% 7/15/24 102.04 4,185,000.0000 4,184,779.03 4,270,374.00 0.49 85,594.97
68389XBK0 ORACLE CORP 1.900% 9/15/21 101.01 3,000,000.0000 2,892,240.00 3,030,210.00 0.34 137,970.00
69353RFB9 PNC BANK NA MTN 2.625% 2/17/22 102.43 1,000,000.0000 974,940.00 1,024,300.00 0.12 49,360.00
69353RFL7 PNC BANK NA MTN 3.500% 6/08/23 107.35 5,000,000.0000 4,993,318.05 5,367,600.00 0.61 374,281.95
69371RN93 PACCAR FINANCIAL MTN 2.800% 3/01/21 100.34 600,000.0000 607,086.00 602,052.00 0.07 (5,034.00)
78012UVJ1 ROYAL BK OF C D 1.000% 2/19/21 100.12 1,500,000.0000 1,500,000.00 1,501,740.00 0.17 1,740.00
78013XZU5 ROYAL BANK OF MTN 2.550% 7/16/24 106.94 6,500,000.0000 6,581,445.00 6,950,775.00 0.79 369,330.00
78015K7H1 ROYAL BANK OF MTN 1.150% 6/10/25 102.19 1,500,000.0000 1,515,480.00 1,532,805.00 0.17 17,325.00
78445JAA5 S L M A 1.76388% 4/25/23 99.95 10,816.0300 10,772.14 10,810.95 0.00 38.81
808513AT2 CHARLES SCHWAB CORP 2.650% 1/25/23 104.76 6,750,000.0000 6,729,480.00 7,071,030.00 0.80 341,550.00
808513AW5 CHARLES SCHWAB CORP 3.250% 5/21/21 100.90 1,385,000.0000 1,419,472.65 1,397,395.75 0.16 (22,076.90)
83162CLJ0 S B A GTD DEV PART 6.340% 3/01/21 100.44 2,984.8600 2,984.86 2,998.02 0.00 13.16
89114QBX5 TORONTO DOMINION MTN 2.550% 1/25/21 100.12 1,750,000.0000 1,774,762.50 1,752,082.50 0.20 (22,680.00)
89114QC48 TORONTO MTN 3.500% 7/19/23 108.22 5,000,000.0000 5,094,200.00 5,410,900.00 0.61 316,700.00
89114QCA4 TORONTO DOMINION MTN 2.650% 6/12/24 107.15 3,000,000.0000 3,000,570.00 3,214,560.00 0.37 213,990.00
3 of 4
U.S. Bank
Asset Detail - Consolidated
As of 12/31/2020
CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss
89236TBJ3 TOYOTA MOTOR MTN 2.750% 5/17/21 100.90 1,500,000.0000 1,523,295.00 1,513,560.00 0.17 (9,735.00)
89237VAB5 TOYOTA AUTO RECV 0.440% 10/15/24 100.35 2,960,000.0000 2,959,772.08 2,970,389.60 0.34 10,617.52
90331HNL3 US BANK NA MTN 2.850% 1/23/23 105.19 2,000,000.0000 1,992,640.00 2,103,720.00 0.24 111,080.00
90331HPL1 US BANK NA MTN 2.050% 1/21/25 105.82 7,270,000.0000 7,254,514.90 7,693,259.40 0.87 438,744.50
9128283J7 U S TREASURY NT 2.125% 11/30/24 107.29 16,500,000.0000 16,783,886.72 17,703,345.00 2.01 919,458.28
9128284D9 U S TREASURY NT 2.500% 3/31/23 105.30 10,000,000.0000 9,887,265.63 10,529,700.00 1.20 642,434.37
9128287A2 U S TREASURY NT 1.625% 6/30/21 100.74 19,000,000.0000 19,180,937.51 19,140,980.00 2.17 (39,957.51)
912828J76 U S TREASURY NT 1.750% 3/31/22 102.03 5,000,000.0000 4,976,383.94 5,101,550.00 0.58 125,166.06
912828L24 U S TREASURY NT 1.875% 8/31/22 102.90 6,000,000.0000 5,987,832.60 6,173,880.00 0.70 186,047.40
912828L57 U S TREASURY NT 1.750% 9/30/22 102.82 16,000,000.0000 15,829,492.20 16,451,840.00 1.87 622,347.80
912828M80 U S TREASURY NT 2.000% 11/30/22 103.58 8,000,000.0000 7,907,500.00 8,286,560.00 0.94 379,060.00
912828N30 U S TREASURY NT 2.125% 12/31/22 103.98 5,000,000.0000 4,926,562.50 5,199,050.00 0.59 272,487.50
912828R69 U S TREASURY NT 1.625% 5/31/23 103.57 5,000,000.0000 4,757,226.56 5,178,300.00 0.59 421,073.44
912828S27 U S TREASURY NT 1.125% 6/30/21 100.50 27,000,000.0000 27,141,328.14 27,135,000.00 3.08 (6,328.14)
912828S76 U S TREASURY NT 1.125% 7/31/21 100.59 43,000,000.0000 43,267,968.77 43,251,980.00 4.91 (15,988.77)
912828T34 U S TREASURY NT 1.125% 9/30/21 100.75 7,000,000.0000 6,757,914.08 7,052,780.00 0.80 294,865.92
912828T67 U S TREASURY NT 1.250% 10/31/21 100.93 6,000,000.0000 5,813,691.98 6,055,800.00 0.69 242,108.02
912828U57 U S TREASURY NT 2.125% 11/30/23 105.73 15,000,000.0000 14,723,632.81 15,859,650.00 1.80 1,136,017.19
912828U65 U S TREASURY NT 1.750% 11/30/21 101.48 7,000,000.0000 6,900,492.20 7,103,390.00 0.81 202,897.80
912828V72 U S TREASURY NT 1.875% 1/31/22 101.89 3,000,000.0000 3,004,814.74 3,056,730.00 0.35 51,915.26
912828V80 U S TREASURY NT 2.250% 1/31/24 106.39 7,500,000.0000 7,491,503.91 7,979,325.00 0.91 487,821.09
912828W48 U S TREASURY NT 2.125% 2/29/24 106.13 10,000,000.0000 9,911,718.75 10,613,300.00 1.21 701,581.25
912828WJ5 U S TREASURY NT 2.500% 5/15/24 107.76 7,000,000.0000 7,193,046.88 7,543,060.00 0.86 350,013.12
912828WR7 U S TREASURY NT 2.125% 6/30/21 100.99 8,000,000.0000 8,118,398.44 8,079,360.00 0.92 (39,038.44)
912828WU0 U S TREASURY I P S 0.125% 7/15/24 107.07 11,404,744.0000 11,260,024.09 12,210,831.31 1.39 950,807.22
912828WY2 U S TREASURY NT 2.250% 7/31/21 101.23 8,000,000.0000 8,144,296.88 8,098,160.00 0.92 (46,136.88)
912828XW5 U S TREASURY NT 1.750% 6/30/22 102.43 5,000,000.0000 4,973,454.25 5,121,700.00 0.58 148,245.75
912828XX3 U S TREASURY NT 2.000% 6/30/24 106.25 5,000,000.0000 5,028,710.94 5,312,700.00 0.60 283,989.06
912828YC8 U S TREASURY NT 1.500% 8/31/21 100.92 9,000,000.0000 9,084,726.56 9,082,980.00 1.03 (1,746.56)
912828YH7 U S TREASURY NT 1.500% 9/30/24 104.72 14,000,000.0000 13,859,296.88 14,660,100.00 1.67 800,803.12
912828ZL7 U S TREASURY NT 0.375% 4/30/25 100.36 12,000,000.0000 11,998,515.63 12,043,560.00 1.37 45,044.37
91282CAM3 U S TREASURY NT 0.250% 9/30/25 99.62 6,500,000.0000 6,477,656.25 6,475,365.00 0.74 (2,291.25)
91282CBA8 U S TREASURY NT 0.125% 12/15/23 99.88 6,500,000.0000 6,491,367.19 6,492,395.00 0.74 1,027.81
91282CBC4 U S TREASURY NT 0.375% 12/31/25 100.08 7,000,000.0000 6,999,453.13 7,005,460.00 0.80 6,006.87
913366EJ5 UNIV OF CALIFORNIA 5.035% 5/15/21 101.66 400,000.0000 400,000.00 406,632.00 0.05 6,632.00
931142EK5 WALMART INC 3.400% 6/26/23 107.39 3,880,000.0000 3,878,991.40 4,166,887.20 0.47 287,895.80
95000U2B8 WELLS FARGO MTN 2.625% 7/22/22 103.51 3,000,000.0000 2,954,520.00 3,105,360.00 0.35 150,840.00
Fixed Income Total 755,178,649.0800 755,612,402.76 776,063,519.24 88.16 20,451,116.48
Grand Total 859,441,659.3200 859,808,879.81 880,322,449.48 100.00 20,513,569.67
4 of 4
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss
ACQUISITIONS10/01/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 472.2200 1.000000 -472.22 472.22 0.00
10/02/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 240.1000 1.000000 -240.10 240.10 0.00
10/02/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,568.5100 1.000000 -1,568.51 1,568.51 0.00
10/02/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 294.6200 1.000000 -294.62 294.62 0.00
10/05/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 46,875.0000 1.000000 -46,875.00 46,875.00 0.00
10/08/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,000,000.0000 1.000000 -5,000,000.00 5,000,000.00 0.00
10/13/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 6,500,000.0000 1.000000 -6,500,000.00 6,500,000.00 0.00
10/13/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 59,062.5000 1.000000 -59,062.50 59,062.50 0.00
10/14/2020 912828WR7 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 6/30/21 /NOMURA
SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 101.4257812 %
5,000,000.0000 1.014258 -5,071,289.06 5,071,289.06 0.00
10/15/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,184,650.0000 1.000000 -1,184,650.00 1,184,650.00 0.00
10/15/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,627,997.9300 1.000000 -1,627,997.93 1,627,997.93 0.00
10/19/2020 91282CAM3 PURCHASED PAR VALUE OF U S TREASURY NT 0.250% 9/30/25 /GOLDMAN
SACHS & CO. LLC/6,500,000 PAR VALUE AT 99.65625 %
6,500,000.0000 0.996563 -6,477,656.25 6,477,656.25 0.00
10/19/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 124,664.1600 1.000000 -124,664.16 124,664.16 0.00
10/19/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 6,584.2000 1.000000 -6,584.20 6,584.20 0.00
10/20/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,934.1000 1.000000 -1,934.10 1,934.10 0.00
10/21/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 232,267.1200 1.000000 -232,267.12 232,267.12 0.00
10/22/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,000,000.0000 1.000000 -5,000,000.00 5,000,000.00 0.00
10/22/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 6,588,050.7500 1.000000 -6,588,050.75 6,588,050.75 0.00
10/22/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 19,546.8500 1.000000 -19,546.85 19,546.85 0.00
10/26/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 28,715.8500 1.000000 -28,715.85 28,715.85 0.00
10/26/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 329,378.5500 1.000000 -329,378.55 329,378.55 0.00
10/27/2020 912828S76 PURCHASED PAR VALUE OF U S TREASURY NT 1.125% 7/31/21 /J.P. MORGAN SECURITIES LLC/5,000,000 PAR VALUE AT 100.7578126 %5,000,000.0000 1.007578 -5,037,890.63 5,037,890.63 0.00
10/27/2020 9128287A2 PURCHASED PAR VALUE OF U S TREASURY NT 1.625% 6/30/21 /J.P. MORGAN SECURITIES LLC/5,000,000 PAR VALUE AT 101.015625 %5,000,000.0000 1.010156 -5,050,781.25 5,050,781.25 0.00
10/28/2020 459058JL8 PURCHASED PAR VALUE OF INTL BK M T N 0.500% 10/28/25 /MORGAN STANLEY & CO. LLC/6,920,000 PAR VALUE AT 99.887 %6,920,000.0000 0.998870 -6,912,180.40 6,912,180.40 0.00
10/30/2020 00440EAS6 PURCHASED PAR VALUE OF ACE INA HOLDING 3.150% 3/15/25 /WELLS FARGO
SECURITIES, LLC/2,000,000 PAR VALUE AT 110.187 %
2,000,000.0000 1.101870 -2,203,740.00 2,203,740.00 0.00
10/30/2020 9128287A2 PURCHASED PAR VALUE OF U S TREASURY NT 1.625% 6/30/21 /J.P. MORGAN
SECURITIES LLC/4,000,000 PAR VALUE AT 101.0078125 %
4,000,000.0000 1.010078 -4,040,312.50 4,040,312.50 0.00
11/02/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,488,525.0000 1.000000 -1,488,525.00 1,488,525.00 0.00
11/03/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 505,994.9200 1.000000 -505,994.92 505,994.92 0.00
11/03/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 60,022.9600 1.000000 -60,022.96 60,022.96 0.00
1 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/05/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,000,000.0000 1.000000 -5,000,000.00 5,000,000.00 0.00
11/06/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 16,458.7500 1.000000 -16,458.75 16,458.75 0.00
11/06/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11,062.5000 1.000000 -11,062.50 11,062.50 0.00
11/10/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 7,555,925.0000 1.000000 -7,555,925.00 7,555,925.00 0.00
11/12/2020 3135G06G3 PURCHASED PAR VALUE OF F N M A 0.500% 11/07/25 /BARCLAYS CAPITAL INC. FIXED IN/8,255,000 PAR VALUE AT 99.642 %8,255,000.0000 0.996420 -8,225,447.10 8,225,447.10 0.00
11/16/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,522,847.6400 1.000000 -1,522,847.64 1,522,847.64 0.00
11/16/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 374,284.2700 1.000000 -374,284.27 374,284.27 0.00
11/17/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 20,625.0000 1.000000 -20,625.00 20,625.00 0.00
11/17/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,046,875.0000 1.000000 -5,046,875.00 5,046,875.00 0.00
11/18/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 524,925.8300 1.000000 -524,925.83 524,925.83 0.00
11/18/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 118,021.4100 1.000000 -118,021.41 118,021.41 0.00
11/20/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2,757.1000 1.000000 -2,757.10 2,757.10 0.00
11/23/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 1,522,506.2500 1.000000 -1,522,506.25 1,522,506.25 0.00
11/23/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 230,574.3400 1.000000 -230,574.34 230,574.34 0.00
11/24/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 4,806,875.0000 1.000000 -4,806,875.00 4,806,875.00 0.00
11/24/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5.0000 1.000000 -5.00 5.00 0.00
11/25/2020 06417MMB8 PURCHASED PAR VALUE OF BANK OF NOVA C D 0.280% 11/24/21 /GOLDMAN
SACHS & CO. LLC/5,000,000 PAR VALUE AT 100 %
5,000,000.0000 1.000000 -5,000,000.00 5,000,000.00 0.00
11/25/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 23,578.1100 1.000000 -23,578.11 23,578.11 0.00
11/30/2020 9128287A2 PURCHASED PAR VALUE OF U S TREASURY NT 1.625% 6/30/21 /J.P. MORGAN
SECURITIES LLC/5,000,000 PAR VALUE AT 100.8984376 %
5,000,000.0000 1.008984 -5,044,921.88 5,044,921.88 0.00
11/30/2020 9128287A2 PURCHASED PAR VALUE OF U S TREASURY NT 1.625% 6/30/21 /J.P. MORGAN
SECURITIES LLC/5,000,000 PAR VALUE AT 100.8984376 %
5,000,000.0000 1.008984 -5,044,921.88 5,044,921.88 0.00
11/30/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 516,562.5000 1.000000 -516,562.50 516,562.50 0.00
12/01/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 36,187.5000 1.000000 -36,187.50 36,187.50 0.00
12/02/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 156.6000 1.000000 -156.60 156.60 0.00
12/02/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 111.9900 1.000000 -111.99 111.99 0.00
12/08/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 256,250.0000 1.000000 -256,250.00 256,250.00 0.00
12/09/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 81,250.0000 1.000000 -81,250.00 81,250.00 0.00
12/10/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 8,625.0000 1.000000 -8,625.00 8,625.00 0.00
12/11/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 37,500.0000 1.000000 -37,500.00 37,500.00 0.00
12/14/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 505,500.0000 1.000000 -505,500.00 505,500.00 0.00
12/14/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 159,706.2500 1.000000 -159,706.25 159,706.25 0.00
12/14/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 39,750.0000 1.000000 -39,750.00 39,750.00 0.00
12/15/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 894,881.1500 1.000000 -894,881.15 894,881.15 0.00
2 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/15/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 58,163.1600 1.000000 -58,163.16 58,163.16 0.00
12/17/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 24,487.3600 1.000000 -24,487.36 24,487.36 0.00
12/18/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 228,855.3400 1.000000 -228,855.34 228,855.34 0.00
12/21/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 347,181.4800 1.000000 -347,181.48 347,181.48 0.00
12/21/2020 55380TMD9 PURCHASED PAR VALUE OF MUFG BK LTD N Y C D 0.240% 4/21/21 /MUFG UNION BK
NA/MMI/PIMS/IPA/2,500,000 PAR VALUE AT 100 %
2,500,000.0000 1.000000 -2,500,000.00 2,500,000.00 0.00
12/22/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 103,125.0000 1.000000 -103,125.00 103,125.00 0.00
12/23/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 97,000,000.0000 1.000000 -97,000,000.00 97,000,000.00 0.00
12/23/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 31,000,000.0000 1.000000 -31,000,000.00 31,000,000.00 0.00
12/24/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 55,842.5000 1.000000 -55,842.50 55,842.50 0.00
12/28/2020 313385AX4 PURCHASED PAR VALUE OF F H L B DISC NTS 1/22/21 /MORGAN STANLEY & CO. LLC/9,000,000 PAR VALUE AT 99.99493056 %9,000,000.0000 0.999949 -8,999,543.75 8,999,543.75 0.00
12/28/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 108,001.4800 1.000000 -108,001.48 108,001.48 0.00
12/29/2020 313385BL9 PURCHASED PAR VALUE OF F H L B DISC NTS 2/04/21 /GOLDMAN SACHS &
CO. LLC/9,000,000 PAR VALUE AT 99.99126389 %
9,000,000.0000 0.999913 -8,999,213.75 8,999,213.75 0.00
12/29/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 14,628.0000 1.000000 -14,628.00 14,628.00 0.00
12/29/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 2.5000 1.000000 -2.50 2.50 0.00
12/29/2020 912828S27 PURCHASED PAR VALUE OF U S TREASURY NT 1.125% 6/30/21 /GOLDMAN
SACHS & CO. LLC/9,000,000 PAR VALUE AT 100.52343756 %
9,000,000.0000 1.005234 -9,047,109.38 9,047,109.38 0.00
12/29/2020 912828S27 PURCHASED PAR VALUE OF U S TREASURY NT 1.125% 6/30/21 /WELLS FARGO
SECURITIES, LLC/9,000,000 PAR VALUE AT 100.52343756 %
9,000,000.0000 1.005234 -9,047,109.38 9,047,109.38 0.00
12/29/2020 912828S27 PURCHASED PAR VALUE OF U S TREASURY NT 1.125% 6/30/21 /WELLS FARGO
SECURITIES, LLC/9,000,000 PAR VALUE AT 100.52343756 %
9,000,000.0000 1.005234 -9,047,109.38 9,047,109.38 0.00
12/29/2020 912828S76 PURCHASED PAR VALUE OF U S TREASURY NT 1.125% 7/31/21 /GOLDMAN SACHS & CO. LLC/9,000,000 PAR VALUE AT 100.60546878 %9,000,000.0000 1.006055 -9,054,492.19 9,054,492.19 0.00
12/29/2020 912828YC8 PURCHASED PAR VALUE OF U S TREASURY NT 1.500% 8/31/21 /WELLS FARGO SECURITIES, LLC/9,000,000 PAR VALUE AT 100.94140622 %9,000,000.0000 1.009414 -9,084,726.56 9,084,726.56 0.00
12/30/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 0.8700 1.000000 -0.87 0.87 0.00
12/30/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 6.3700 1.000000 -6.37 6.37 0.00
12/30/2020 9127963W7 PURCHASED PAR VALUE OF U S TREASURY BILL 2/04/21 /J.P. MORGAN
SECURITIES LLC/15,000,000 PAR VALUE AT 99.9915 %
15,000,000.0000 0.999915 -14,998,725.00 14,998,725.00 0.00
12/30/2020 912828S76 PURCHASED PAR VALUE OF U S TREASURY NT 1.125% 7/31/21 /NOMURA
SECURITIES INTERNATIONA/5,000,000 PAR VALUE AT 100.6054688 %
5,000,000.0000 1.006055 -5,030,273.44 5,030,273.44 0.00
12/30/2020 912828S76 PURCHASED PAR VALUE OF U S TREASURY NT 1.125% 7/31/21 /NOMURA SECURITIES INTERNATIONA/6,000,000 PAR VALUE AT 100.60546883 %6,000,000.0000 1.006055 -6,036,328.13 6,036,328.13 0.00
12/30/2020 912828S76 PURCHASED PAR VALUE OF U S TREASURY NT 1.125% 7/31/21 /NOMURA SECURITIES INTERNATIONA/9,000,000 PAR VALUE AT 100.60546878 %9,000,000.0000 1.006055 -9,054,492.19 9,054,492.19 0.00
3 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/30/2020 912828S76 PURCHASED PAR VALUE OF U S TREASURY NT 1.125% 7/31/21 /NOMURA
SECURITIES INTERNATIONA/9,000,000 PAR VALUE AT 100.60546878 %
9,000,000.0000 1.006055 -9,054,492.19 9,054,492.19 0.00
12/30/2020 91282CBA8 PURCHASED PAR VALUE OF U S TREASURY NT 0.125% 12/15/23 /J.P. MORGAN
SECURITIES LLC/6,500,000 PAR VALUE AT 99.86718754 %
6,500,000.0000 0.998672 -6,491,367.19 6,491,367.19 0.00
12/31/2020 31846V567 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 5,391,250.0000 1.000000 -5,391,250.00 5,391,250.00 0.00
12/31/2020 91282CBC4 PURCHASED PAR VALUE OF U S TREASURY NT 0.250% 12/31/25 /J.P. MORGAN
SECURITIES LLC/7,000,000 PAR VALUE AT 99.99218757 %
7,000,000.0000 0.999922 -6,999,453.13 6,999,453.13 0.00
TOTAL ACQUISITIONS 373,127,191.5900 -374,005,768.20 374,005,768.20 0.00
DISPOSITIONS
10/08/2020 912796TN9 MATURED PAR VALUE OF U S TREASURY BILL 10/08/20 5,000,000 PAR VALUE
AT 100 %
-5,000,000.0000 1.000000 4,997,484.38 -4,997,484.38 0.00
10/13/2020 313384K57 MATURED PAR VALUE OF F H L B DISC NTS 10/13/20 6,500,000 PAR VALUE AT
100 %
-6,500,000.0000 1.000000 6,496,403.33 -6,496,403.33 0.00
10/14/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -5,101,893.6800 1.000000 5,101,893.68 -5,101,893.68 0.00
10/15/2020 46625HHU7 MATURED PAR VALUE OF JPMORGAN CHASE CO 4.250% 10/15/20 1,160,000 PAR
VALUE AT 100 %
-1,160,000.0000 1.000000 1,160,000.00 -1,176,924.40 -16,924.40
10/15/2020 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 3.846% 1/01/28 SEPTEMBER
FHLMC DUE 10/15/20
-10.8100 0.000000 10.81 -10.55 0.26
10/15/2020 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.985% 8/15/32 -69.3000 0.000000 69.30 -69.37 -0.07
10/15/2020 43815NAB0 PAID DOWN PAR VALUE OF HONDA AUTO 1.900% 4/15/22 -292,039.3700 0.000000 292,039.37 -292,018.93 20.44
10/15/2020 47788BAD6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.820% 10/15/21 -18,151.5800 0.000000 18,151.58 -18,150.25 1.33
10/15/2020 477870AB5 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.280% 5/16/22 -182,713.9700 0.000000 182,713.97 -182,713.28 0.69
10/15/2020 47788CAC6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.660% 4/18/22 -66,844.7500 0.000000 66,844.75 -66,839.94 4.81
10/15/2020 47789JAB2 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.850% 12/15/21 -222,999.4700 0.000000 222,999.47 -222,989.31 10.16
10/15/2020 47788EAC2 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 3.080% 11/15/22 -219,116.3700 0.000000 219,116.37 -219,099.76 16.61
10/15/2020 65478GAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.750% 10/15/21 -121,975.8200 0.000000 121,975.82 -120,084.24 1,891.58
10/15/2020 65479GAD1 PAID DOWN PAR VALUE OF NISSAN AUTO 3.060% 3/15/23 -213,877.4300 0.000000 213,877.43 -213,870.50 6.93
10/15/2020 89239AAB9 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.830% 10/15/21 -254,732.0600 0.000000 254,732.06 -254,708.94 23.12
10/19/2020 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 -124,185.4900 0.000000 124,185.49 -122,215.99 1,969.50
10/19/2020 43814WAB1 PAID DOWN PAR VALUE OF HONDA AUTO 2.750% 9/20/21 -332,646.6500 0.000000 332,646.65 -332,625.23 21.42
10/19/2020 43814UAG4 PAID DOWN PAR VALUE OF HONDA AUTO 3.010% 5/18/22 -108,575.5100 0.000000 108,575.51 -108,573.14 2.37
10/19/2020 912828N89 SOLD PAR VALUE OF U S TREASURY NT 1.375% 1/31/21 /GOLDMAN SACHS & CO. LLC/6,000,000 PAR VALUE AT 100.35546883 %-6,000,000.0000 1.003555 6,021,328.13 -5,895,840.41 125,487.72
10/20/2020 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 3.125% 12/20/26 SEPTEMBER GNMA DUE 10/20/20 -160.9000 0.000000 160.90 -163.56 -2.66
10/20/2020 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 2.875% 6/20/27 SEPTEMBER GNMA DUE 10/20/20 -115.7600 0.000000 115.76 -118.29 -2.53
4 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/20/2020 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 2.875% 4/20/30 SEPTEMBER GNMA
DUE 10/20/20
-161.1700 0.000000 161.17 -159.71 1.46
10/20/2020 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 2.875% 5/20/30 SEPTEMBER GNMA
DUE 10/20/20
-327.8300 0.000000 327.83 -324.50 3.33
10/20/2020 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 3.250% 7/20/34 SEPTEMBER GNMA DUE 10/20/20 -918.0200 0.000000 918.02 -917.45 0.57
10/21/2020 43815HAC1 PAID DOWN PAR VALUE OF HONDA AUTO 2.950% 8/22/22 -226,254.6700 0.000000 226,254.67 -226,223.63 31.04
10/22/2020 9127962S7 MATURED PAR VALUE OF U S TREASURY BILL 10/22/20 5,000,000 PAR VALUE
AT 100 %
-5,000,000.0000 1.000000 4,997,362.85 -4,997,362.85 0.00
10/22/2020 912828L99 SOLD PAR VALUE OF U S TREASURY NT 1.375% 10/31/20 /CITIGROUP GLOBAL MARKETS INC./6,500,000 PAR VALUE AT 100.03515631 %-6,500,000.0000 1.000352 6,502,285.16 -6,396,119.99 106,165.17
10/26/2020 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -4,860.0000 0.000000 4,860.00 -5,503.95 -643.95
10/26/2020 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 SEPTEMBER FNMA DUE 10/25/20 -132.0800 0.000000 132.08 -139.69 -7.61
10/26/2020 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 SEPTEMBER FNMA DUE 10/25/20 -1,125.4900 0.000000 1,125.49 -1,209.90 -84.41
10/26/2020 31381PDA3 PAID DOWN PAR VALUE OF F N M A #466397 3.400% 11/01/20 P & I DUE 10/25/20 -328,447.9500 0.000000 328,447.95 -321,340.16 7,107.79
10/26/2020 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 SEPTEMBER FNMA DUE 10/25/20 -1,659.8300 0.000000 1,659.83 -1,784.32 -124.49
10/26/2020 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 SEPTEMBER FNMA DUE 10/25/20 -340.6700 0.000000 340.67 -366.22 -25.55
10/26/2020 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 SEPTEMBER FNMA DUE 10/25/20 -5,542.7200 0.000000 5,542.72 -5,958.42 -415.70
10/26/2020 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 3.674% 2/01/35 SEPTEMBER FNMA
DUE 10/25/20
-490.0800 0.000000 490.08 -486.25 3.83
10/26/2020 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 SEPTEMBER FNMA
DUE 10/25/20
-739.5100 0.000000 739.51 -794.97 -55.46
10/26/2020 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 SEPTEMBER FNMA
DUE 10/25/20
-3,929.8600 0.000000 3,929.86 -4,224.60 -294.74
10/26/2020 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 SEPTEMBER FNMA
DUE 10/25/20
-167.3800 0.000000 167.38 -177.02 -9.64
10/26/2020 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 SEPTEMBER FNMA
DUE 10/25/20
-198.6200 0.000000 198.62 -210.06 -11.44
10/26/2020 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 -3,453.0100 0.000000 3,453.01 -3,451.93 1.08
10/26/2020 78445JAA5 PAID DOWN PAR VALUE OF S L M A 1.76388% 4/25/23 -409.7700 0.000000 409.77 -408.11 1.66
10/27/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -10,128,396.7500 1.000000 10,128,396.75 -10,128,396.75 0.00
10/28/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -6,912,180.4000 1.000000 6,912,180.40 -6,912,180.40 0.00
10/30/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -4,061,861.4100 1.000000 4,061,861.41 -4,061,861.41 0.00
10/30/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,211,615.0000 1.000000 2,211,615.00 -2,211,615.00 0.00
5 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/02/2020 64971M5E8 MATURED PAR VALUE OF NEW YORK CITY NY 4.075% 11/01/20 1,400,000 PAR
VALUE AT 100 %
-1,400,000.0000 1.000000 1,400,000.00 -1,400,000.00 0.00
11/03/2020 00440EAT4 MATURED PAR VALUE OF ACE INA HOLDINGS 2.300% 11/03/20 500,000 PAR VALUE
AT 100 %
-500,000.0000 1.000000 500,000.00 -503,140.00 -3,140.00
11/05/2020 912796TP4 MATURED PAR VALUE OF U S TREASURY BILL 11/05/20 5,000,000 PAR VALUE AT 100 %-5,000,000.0000 1.000000 4,997,375.00 -4,997,375.00 0.00
11/10/2020 3135G0F73 SOLD PAR VALUE OF F N M A 1.500% 11/30/20 /MORGAN STANLEY & CO. LLC/7,500,000 PAR VALUE AT 100.079 %-7,500,000.0000 1.000790 7,505,925.00 -7,370,726.00 135,199.00
11/12/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -8,063,422.1000 1.000000 8,063,422.10 -8,063,422.10 0.00
11/16/2020 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 3.845% 1/01/28 OCTOBER FHLMC DUE 11/15/20 -18.0200 0.000000 18.02 -17.58 0.44
11/16/2020 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.954% 8/15/32 -87.5000 0.000000 87.50 -87.59 -0.09
11/16/2020 43815NAB0 PAID DOWN PAR VALUE OF HONDA AUTO 1.900% 4/15/22 -285,396.1200 0.000000 285,396.12 -285,376.14 19.98
11/16/2020 47788BAD6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.820% 10/15/21 CMO FINAL
PAYDOWN
-1,148.6300 0.000000 1,148.63 -1,148.55 0.08
11/16/2020 477870AB5 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.280% 5/16/22 -262,205.5000 0.000000 262,205.50 -262,204.50 1.00
11/16/2020 47788CAC6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.660% 4/18/22 -104,586.1300 0.000000 104,586.13 -104,578.61 7.52
11/16/2020 47789JAB2 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.850% 12/15/21 CMO FINAL
PAYDOWN
-196,926.8600 0.000000 196,926.86 -196,917.88 8.98
11/16/2020 47788EAC2 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 3.080% 11/15/22 -326,413.1500 0.000000 326,413.15 -326,388.41 24.74
11/16/2020 65478GAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.750% 10/15/21 -112,511.6000 0.000000 112,511.60 -110,766.79 1,744.81
11/16/2020 65479GAD1 PAID DOWN PAR VALUE OF NISSAN AUTO 3.060% 3/15/23 -215,744.2900 0.000000 215,744.29 -215,737.30 6.99
11/16/2020 89239AAB9 PAID DOWN PAR VALUE OF TOYOTA AUTO 2.830% 10/15/21 CMO FINAL PAYDOWN -176,208.7800 0.000000 176,208.78 -176,192.78 16.00
11/17/2020 3137EAEK1 MATURED PAR VALUE OF F H L M C M T N 1.875% 11/17/20 5,000,000 PAR VALUE AT 100 %-5,000,000.0000 1.000000 5,000,000.00 -4,986,225.00 13,775.00
11/18/2020 43814WAB1 PAID DOWN PAR VALUE OF HONDA AUTO 2.750% 9/20/21 -322,255.2900 0.000000 322,255.29 -322,234.54 20.75
11/18/2020 43814UAG4 PAID DOWN PAR VALUE OF HONDA AUTO 3.010% 5/18/22 -103,235.8600 0.000000 103,235.86 -103,233.61 2.25
11/18/2020 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.78999% 9/20/21 -117,727.9800 0.000000 117,727.98 -115,860.89 1,867.09
11/20/2020 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 3.125% 12/20/26 OCTOBER GNMA
DUE 11/20/20
-444.6000 0.000000 444.60 -451.94 -7.34
11/20/2020 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 2.875% 6/20/27 OCTOBER GNMA
DUE 11/20/20
-116.9800 0.000000 116.98 -119.54 -2.56
11/20/2020 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 2.875% 4/20/30 OCTOBER GNMA
DUE 11/20/20
-160.1200 0.000000 160.12 -158.67 1.45
11/20/2020 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 2.875% 5/20/30 OCTOBER GNMA DUE 11/20/20 -892.3900 0.000000 892.39 -883.33 9.06
11/20/2020 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 2.250% 7/20/34 OCTOBER GNMA DUE 11/20/20 -924.5000 0.000000 924.50 -923.92 0.58
6 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/23/2020 89233GLP9 MATURED PAR VALUE OF TOYOTA MOTOR CREDIT CO C P 11/23/20 1,500,000 PAR
VALUE AT 100 %
-1,500,000.0000 1.000000 1,498,721.67 -1,498,721.67 0.00
11/23/2020 43815HAC1 PAID DOWN PAR VALUE OF HONDA AUTO 2.950% 8/22/22 -225,118.1000 0.000000 225,118.10 -225,087.21 30.89
11/24/2020 313384Q77 MATURED PAR VALUE OF F H L B DISC NTS 11/24/20 4,800,000 PAR VALUE AT
100 %
-4,800,000.0000 1.000000 4,796,656.00 -4,796,656.00 0.00
11/25/2020 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -2,857.8900 0.000000 2,857.89 -3,236.56 -378.67
11/25/2020 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 OCTOBER FNMA
DUE 11/25/20
-133.8800 0.000000 133.88 -141.59 -7.71
11/25/2020 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 OCTOBER FNMA
DUE 11/25/20
-826.6200 0.000000 826.62 -888.62 -62.00
11/25/2020 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 OCTOBER FNMA
DUE 11/25/20
-1,722.0200 0.000000 1,722.02 -1,851.17 -129.15
11/25/2020 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 OCTOBER FNMA DUE 11/25/20 -6.0500 0.000000 6.05 -6.50 -0.45
11/25/2020 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 OCTOBER FNMA DUE 11/25/20 -4,676.9500 0.000000 4,676.95 -5,027.72 -350.77
11/25/2020 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 3.674% 2/01/35 OCTOBER FNMA DUE 11/25/20 -522.2400 0.000000 522.24 -518.16 4.08
11/25/2020 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 OCTOBER FNMA
DUE 11/25/20
-404.7700 0.000000 404.77 -435.13 -30.36
11/25/2020 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 OCTOBER FNMA
DUE 11/25/20
-2,515.1400 0.000000 2,515.14 -2,703.78 -188.64
11/25/2020 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 OCTOBER FNMA
DUE 11/25/20
-294.5800 0.000000 294.58 -311.55 -16.97
11/25/2020 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 OCTOBER FNMA
DUE 11/25/20
-443.5300 0.000000 443.53 -469.08 -25.55
11/25/2020 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 -3,648.1200 0.000000 3,648.12 -3,646.98 1.14
11/25/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -5,000,000.0000 1.000000 5,000,000.00 -5,000,000.00 0.00
11/30/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -10,157,404.9000 1.000000 10,157,404.90 -10,157,404.90 0.00
12/14/2020 92826CAB8 MATURED PAR VALUE OF VISA INC 2.200% 12/14/20 500,000 PAR VALUE AT 100 %-500,000.0000 1.000000 500,000.00 -501,360.00 -1,360.00
12/15/2020 3133TCE95 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.956% 8/15/32 -129.8500 0.000000 129.85 -129.99 -0.14
12/15/2020 31348SWZ3 PAID DOWN PAR VALUE OF F H L M C #786064 3.845% 1/01/28 NOVEMBER FHLMC DUE 12/15/20 -18.6500 0.000000 18.65 -18.20 0.45
12/15/2020 43815NAB0 PAID DOWN PAR VALUE OF HONDA AUTO 1.900% 4/15/22 -257,374.9500 0.000000 257,374.95 -257,356.93 18.02
12/15/2020 477870AB5 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.280% 5/16/22 -151,088.7000 0.000000 151,088.70 -151,088.13 0.57
12/15/2020 47788CAC6 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.660% 4/18/22 -54,442.7300 0.000000 54,442.73 -54,438.82 3.91
12/15/2020 47788EAC2 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 3.080% 11/15/22 -210,261.9600 0.000000 210,261.96 -210,246.02 15.94
7 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/15/2020 65478GAD2 PAID DOWN PAR VALUE OF NISSAN AUTO 1.750% 10/15/21 CMO FINAL
PAYDOWN
-58,163.1600 0.000000 58,163.16 -57,261.18 901.98
12/15/2020 65479GAD1 PAID DOWN PAR VALUE OF NISSAN AUTO 3.060% 3/15/23 -193,118.2500 0.000000 193,118.25 -193,111.99 6.26
12/18/2020 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.78999% 9/20/21 CMO FINAL
PAYDOWN
-78,985.1700 1.555167 78,985.17 -77,732.51 1,252.66
12/18/2020 43814UAG4 PAID DOWN PAR VALUE OF HONDA AUTO 3.010% 5/18/22 -94,842.7900 0.000000 94,842.79 -94,840.72 2.07
12/18/2020 43814WAB1 PAID DOWN PAR VALUE OF HONDA AUTO 2.750% 9/20/21 CMO FINAL
PAYDOWN
-51,972.3400 2.363471 51,972.34 -51,968.99 3.35
12/21/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -2,500,000.0000 1.000000 2,500,000.00 -2,500,000.00 0.00
12/21/2020 36225CAZ9 PAID DOWN PAR VALUE OF G N M A I I #080023 3.125% 12/20/26 NOVEMBER GNMA
DUE 12/20/20
-573.5500 0.000000 573.55 -583.03 -9.48
12/21/2020 36225CC20 PAID DOWN PAR VALUE OF G N M A I I #080088 2.875% 6/20/27 NOVEMBER GNMA
DUE 12/20/20
-126.5400 0.000000 126.54 -129.31 -2.77
12/21/2020 36225CN28 PAID DOWN PAR VALUE OF G N M A I I #080408 2.875% 5/20/30 NOVEMBER GNMA
DUE 12/20/20
-817.6800 0.000000 817.68 -809.38 8.30
12/21/2020 36225CNM4 PAID DOWN PAR VALUE OF G N M A I I #080395 2.875% 4/20/30 NOVEMBER GNMA
DUE 12/20/20
-126.6000 0.000000 126.60 -125.45 1.15
12/21/2020 36225DCB8 PAID DOWN PAR VALUE OF G N M A I I #080965 2.250% 7/20/34 NOVEMBER GNMA DUE 12/20/20 -203.7800 0.000000 203.78 -203.65 0.13
12/21/2020 43815HAC1 PAID DOWN PAR VALUE OF HONDA AUTO 2.950% 8/22/22 -202,717.6900 0.000000 202,717.69 -202,689.88 27.81
12/28/2020 31371NUC7 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 NOVEMBER FNMA
DUE 12/25/20
-133.1800 0.000000 133.18 -140.85 -7.67
12/28/2020 31376KT22 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 NOVEMBER FNMA DUE 12/25/20 -1,511.5900 0.000000 1,511.59 -1,624.96 -113.37
12/28/2020 3138EG6F6 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 NOVEMBER FNMA DUE 12/25/20 -266.4400 0.000000 266.44 -281.79 -15.35
12/28/2020 31394JY35 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 6.500% 9/25/43 -16,824.7700 0.000000 16,824.77 -19,054.05 -2,229.28
12/28/2020 31397QRE0 PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 -3,159.5100 0.000000 3,159.51 -3,158.52 0.99
12/28/2020 31403DJZ3 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 NOVEMBER FNMA
DUE 12/25/20
-1,688.1900 0.000000 1,688.19 -1,814.80 -126.61
12/28/2020 31403GXF4 PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 NOVEMBER FNMA DUE 12/25/20 -6.0800 0.000000 6.08 -6.54 -0.46
12/28/2020 31406PQY8 PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 NOVEMBER FNMA DUE 12/25/20 -4,744.6600 0.000000 4,744.66 -5,100.51 -355.85
12/28/2020 31406XWT5 PAID DOWN PAR VALUE OF F N M A #823358 3.476% 2/01/35 NOVEMBER FNMA DUE 12/25/20 -578.2800 0.000000 578.28 -573.76 4.52
12/28/2020 31407BXH7 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 NOVEMBER FNMA
DUE 12/25/20
-448.6300 0.000000 448.63 -482.28 -33.65
12/28/2020 31410F4V4 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 NOVEMBER FNMA
DUE 12/25/20
-6,982.6500 0.000000 6,982.65 -7,506.35 -523.70
8 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/28/2020 31417YAY3 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 NOVEMBER FNMA
DUE 12/25/20
-240.4900 0.000000 240.49 -254.34 -13.85
12/28/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -8,999,543.7500 1.000000 8,999,543.75 -8,999,543.75 0.00
12/29/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -45,517,067.9800 1.000000 45,517,067.98 -45,517,067.98 0.00
12/29/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -8,999,213.4100 1.000000 8,999,213.41 -8,999,213.41 0.00
12/30/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -29,310,341.3800 1.000000 29,310,341.38 -29,310,341.38 0.00
12/30/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -21,490,427.0100 1.000000 21,490,427.01 -21,490,427.01 0.00
12/31/2020 31846V567 SOLD UNITS OF FIRST AM GOVT OB FD CL Z -6,852,578.1300 1.000000 6,852,578.13 -6,852,578.13 0.00
12/31/2020 912796TY5 MATURED PAR VALUE OF U S TREASURY BILL 12/31/20 5,000,000 PAR VALUE
AT 100 %
-5,000,000.0000 1.000000 4,995,372.22 -4,995,372.22 0.00
TOTAL DISPOSITIONS -243,265,042.8500 243,273,956.59 -242,903,928.87 370,027.72
OTHER TRANSACTIONS
10/01/2020 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 9/30/2020 INTEREST FROM 9/1/20 TO 9/30/20 0.0000 0.000000 240.10 0.00 0.00
10/01/2020 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE
9/30/2020 INTEREST FROM 9/1/20 TO 9/30/20
0.0000 0.000000 294.62 0.00 0.00
10/01/2020 525ESCIB7 Unknown LEHMAN BRTH MTN ES 0.00001% 1/24/13 PARTIAL LIQUIDATING
DISTRIBUTION PAID @ 0.78/SHARE
0.0000 0.000000 472.22 -472.22 0.00
10/02/2020 525ESC0Y6 Unknown LEHMAN BRTH HLD ESC PARTIAL LIQUIDATING DISTRIBUTION PAID @
0.78/SHARE
0.0000 0.000000 1,568.51 -1,568.51 0.00
10/05/2020 3135G0T45 INTEREST EARNED ON F N M A 1.875% 4/05/22 $1 PV ON 5000000.0000
SHARES DUE 10/5/2020
0.0000 0.000000 46,875.00 0.00 0.00
10/08/2020 912796TN9 INTEREST EARNED ON U S TREASURY BILL 10/08/20 $1 PV ON 5000000.0000
SHARES DUE 10/8/2020 5,000,000 PAR VALUE AT 100 %
0.0000 0.000000 2,515.62 0.00 0.00
10/13/2020 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17992.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 0.00 0.00
10/13/2020 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17992.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 17,992.00 0.00
10/13/2020 02665WCQ2 INTEREST EARNED ON AMERICAN HONDA MTN 3.625% 10/10/23 $1 PV ON 2000000.0000 SHARES DUE 10/13/2020 0.0000 0.000000 36,250.00 0.00 0.00
10/13/2020 313384K57 INTEREST EARNED ON F H L B DISC NTS 10/13/20 $1 PV ON 6500000.0000
SHARES DUE 10/13/2020 6,500,000 PAR VALUE AT 100 %
0.0000 0.000000 3,596.67 0.00 0.00
10/13/2020 24422EUM9 INTEREST EARNED ON JOHN DEERE MTN 3.650% 10/12/23 $1 PV ON 1250000.0000
SHARES DUE 10/12/2020
0.0000 0.000000 22,812.50 0.00 0.00
10/13/2020 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17992.0000
UNITS INCREASE TO ADJUST FOR CHANGE IN CPI
17,992.0000 0.000000 0.00 0.00 0.00
10/13/2020 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17992.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 0.00 0.00
10/14/2020 912828WR7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 6/30/21 0.0000 0.000000 -30,604.62 0.00 0.00
9 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/15/2020 31348SWZ3 INTEREST EARNED ON F H L M C #786064 3.846% 1/01/28 $1 PV ON 5.2100 SHARES
DUE 10/15/2020 AUGUST FHLMC DUE 10/15/20
0.0000 0.000000 5.21 0.00 0.00
10/15/2020 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 3.985% 8/15/32 $1 PV ON 15.8100
SHARES DUE 10/15/2020 $0.00332/PV ON 4,760.35 PV DUE 10/15/20
0.0000 0.000000 15.81 0.00 0.00
10/15/2020 43815NAB0 INTEREST EARNED ON HONDA AUTO 1.900% 4/15/22 $1 PV ON 3455.0900 SHARES DUE 10/15/2020 $0.00158/PV ON 2,182,158.82 PV DUE 10/15/20 0.0000 0.000000 3,455.09 0.00 0.00
10/15/2020 47787NAC3 INTEREST EARNED ON JOHN DEERE OWNER 0.510% 11/15/24 $1 PV ON 629.0000 SHARES DUE 10/15/2020 $0.00042/PV ON 1,480,000.00 PV DUE 10/15/20 0.0000 0.000000 629.00 0.00 0.00
10/15/2020 47788BAD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820% 10/15/21 $1 PV ON 29.2700 SHARES DUE 10/15/2020 $0.00152/PV ON 19,300.21 PV DUE 10/15/20 0.0000 0.000000 29.27 0.00 0.00
10/15/2020 477870AB5 INTEREST EARNED ON JOHN DEERE OWNER 2.280% 5/16/22 $1 PV ON 2360.8100
SHARES DUE 10/15/2020 $0.00190/PV ON 1,242,530.55 PV DUE 10/15/20
0.0000 0.000000 2,360.81 0.00 0.00
10/15/2020 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4/18/22 $1 PV ON 868.2100
SHARES DUE 10/15/2020 $0.00222/PV ON 391,673.18 PV DUE 10/15/20
0.0000 0.000000 868.21 0.00 0.00
10/15/2020 47789JAB2 INTEREST EARNED ON JOHN DEERE OWNER 2.850% 12/15/21 $1 PV ON 997.3200
SHARES DUE 10/15/2020 $0.00237/PV ON 419,926.33 PV DUE 10/15/20
0.0000 0.000000 997.32 0.00 0.00
10/15/2020 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080% 11/15/22 $1 PV ON 7447.6000
SHARES DUE 10/15/2020 $0.00257/PV ON 2,901,661.29 PV DUE 10/15/20
0.0000 0.000000 7,447.60 0.00 0.00
10/15/2020 46625HHU7 INTEREST EARNED ON JPMORGAN CHASE CO 4.250% 10/15/20 $1 PV ON
1160000.0000 SHARES DUE 10/15/2020
0.0000 0.000000 24,650.00 0.00 0.00
10/15/2020 58770FAC6 INTEREST EARNED ON MERCEDES BENZ AUTO 1.840% 12/15/22 $1 PV ON 3143.3300 SHARES DUE 10/15/2020 $0.00153/PV ON 2,050,000.00 PV DUE 10/15/20 0.0000 0.000000 3,143.33 0.00 0.00
10/15/2020 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750% 10/15/21 $1 PV ON 426.7800 SHARES DUE 10/15/2020 $0.00146/PV ON 292,650.58 PV DUE 10/15/20 0.0000 0.000000 426.78 0.00 0.00
10/15/2020 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.930% 7/15/24 $1 PV ON 6730.8700 SHARES DUE 10/15/2020 $0.00161/PV ON 4,185,000.00 PV DUE 10/15/20 0.0000 0.000000 6,730.87 0.00 0.00
10/15/2020 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 7256.0700
SHARES DUE 10/15/2020 $0.00255/PV ON 2,845,516.98 PV DUE 10/15/20
0.0000 0.000000 7,256.07 0.00 0.00
10/15/2020 89239AAB9 INTEREST EARNED ON TOYOTA AUTO 2.830% 10/15/21 $1 PV ON 1016.3000
SHARES DUE 10/15/2020 $0.00236/PV ON 430,940.84 PV DUE 10/15/20
0.0000 0.000000 1,016.30 0.00 0.00
10/15/2020 89237VAB5 INTEREST EARNED ON TOYOTA AUTO RECV 0.440% 10/15/24 $1 PV ON 1085.3300
SHARES DUE 10/15/2020 $0.00037/PV ON 2,960,000.00 PV DUE 10/15/20
0.0000 0.000000 1,085.33 0.00 0.00
10/19/2020 43813KAC6 INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 631.7200
SHARES DUE 10/18/2020 $0.00020/PV ON 3,235,000.00 PV DUE 10/18/20
0.0000 0.000000 631.72 0.00 0.00
10/19/2020 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 478.6700
SHARES DUE 10/18/2020 $0.00149/PV ON 320,898.64 PV DUE 10/18/20
0.0000 0.000000 478.67 0.00 0.00
10/19/2020 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9/20/21 $1 PV ON 1619.9200
SHARES DUE 10/18/2020 $0.00229/PV ON 706,874.28 PV DUE 10/18/20
0.0000 0.000000 1,619.92 0.00 0.00
10/19/2020 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22 $1 PV ON 2351.9500 SHARES DUE 10/18/2020 $0.00251/PV ON 937,656.48 PV DUE 10/18/20 0.0000 0.000000 2,351.95 0.00 0.00
10 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/19/2020 91282CAM3 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 0.250% 9/30/25 0.0000 0.000000 -848.21 0.00 0.00
10/19/2020 912828N89 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.375% 1/31/21 0.0000 0.000000 17,934.78 0.00 0.00
10/20/2020 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 3.125% 12/20/26 $1 PV ON 32.7800
SHARES DUE 10/20/2020 SEPTEMBER GNMA DUE 10/20/20
0.0000 0.000000 32.78 0.00 0.00
10/20/2020 36225CC20 INTEREST EARNED ON G N M A I I #080088 2.875% 6/20/27 $1 PV ON 22.4100
SHARES DUE 10/20/2020 SEPTEMBER GNMA DUE 10/20/20
0.0000 0.000000 22.41 0.00 0.00
10/20/2020 36225CNM4 INTEREST EARNED ON G N M A I I #080395 2.875% 4/20/30 $1 PV ON 12.5100
SHARES DUE 10/20/2020 SEPTEMBER GNMA DUE 10/20/20
0.0000 0.000000 12.51 0.00 0.00
10/20/2020 36225CN28 INTEREST EARNED ON G N M A I I #080408 2.875% 5/20/30 $1 PV ON 90.6700
SHARES DUE 10/20/2020 SEPTEMBER GNMA DUE 10/20/20
0.0000 0.000000 90.67 0.00 0.00
10/20/2020 36225DCB8 INTEREST EARNED ON G N M A I I #080965 3.250% 7/20/34 $1 PV ON 92.0500
SHARES DUE 10/20/2020 SEPTEMBER GNMA DUE 10/20/20
0.0000 0.000000 92.05 0.00 0.00
10/21/2020 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22 $1 PV ON 6012.4500 SHARES DUE 10/21/2020 $0.00246/PV ON 2,445,741.84 PV DUE 10/21/20 0.0000 0.000000 6,012.45 0.00 0.00
10/22/2020 3135G03U5 INTEREST EARNED ON F N M A DEB 0.625% 4/22/25 $1 PV ON 14000000.0000 SHARES DUE 10/22/2020 0.0000 0.000000 43,263.89 0.00 0.00
10/22/2020 459058JB0 INTEREST EARNED ON INTL BK M T N 0.625% 4/22/25 $1 PV ON 6245000.0000 SHARES DUE 10/22/2020 0.0000 0.000000 19,546.85 0.00 0.00
10/22/2020 9127962S7 INTEREST EARNED ON U S TREASURY BILL 10/22/20 $1 PV ON 5000000.0000
SHARES DUE 10/22/2020 5,000,000 PAR VALUE AT 100 %
0.0000 0.000000 2,637.15 0.00 0.00
10/22/2020 912828L99 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.375% 10/31/20 0.0000 0.000000 42,501.70 0.00 0.00
10/26/2020 03215PFN4 INTEREST EARNED ON AMRESCO 1.12443% 6/25/29 $1 PV ON 111.5300 SHARES DUE 10/25/2020 $0.00094/PV ON 119,021.64 PV DUE 10/25/20 0.0000 0.000000 111.53 0.00 0.00
10/26/2020 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9/25/43 $1 PV ON 3172.4200
SHARES DUE 10/25/2020 $0.00542/PV ON 585,676.61 PV DUE 10/25/20
0.0000 0.000000 3,172.42 0.00 0.00
10/26/2020 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 41.6400 SHARES
DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20
0.0000 0.000000 41.64 0.00 0.00
10/26/2020 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 342.0300
SHARES DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20
0.0000 0.000000 342.03 0.00 0.00
10/26/2020 31381PDA3 INTEREST EARNED ON F N M A #466397 3.400% 11/01/20 $1 PV ON 930.6000
SHARES DUE 10/25/2020 P & I DUE 10/25/20
0.0000 0.000000 930.60 0.00 0.00
10/26/2020 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 315.8000
SHARES DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20
0.0000 0.000000 315.80 0.00 0.00
10/26/2020 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 6.9600 SHARES DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20 0.0000 0.000000 6.96 0.00 0.00
10/26/2020 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 501.6300 SHARES DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20 0.0000 0.000000 501.63 0.00 0.00
10/26/2020 31406XWT5 INTEREST EARNED ON F N M A #823358 3.674% 2/01/35 $1 PV ON 283.8000 SHARES DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20 0.0000 0.000000 283.80 0.00 0.00
11 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 10/26/2020 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 64.1600 SHARES
DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20
0.0000 0.000000 64.16 0.00 0.00
10/26/2020 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 600.9200
SHARES DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20
0.0000 0.000000 600.92 0.00 0.00
10/26/2020 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 28.8100 SHARES DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20 0.0000 0.000000 28.81 0.00 0.00
10/26/2020 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 46.7100 SHARES DUE 10/25/2020 SEPTEMBER FNMA DUE 10/25/20 0.0000 0.000000 46.71 0.00 0.00
10/26/2020 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 100.9200 SHARES DUE 10/25/2020 $0.00069/PV ON 146,233.86 PV DUE 10/25/20 0.0000 0.000000 100.92 0.00 0.00
10/26/2020 78445JAA5 INTEREST EARNED ON S L M A 1.76388% 4/25/23 $1 PV ON 49.5000 SHARES
DUE 10/25/2020 $0.00441/PV ON 11,225.80 PV DUE 10/25/20
0.0000 0.000000 49.50 0.00 0.00
10/27/2020 912828S76 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.125% 7/31/21 0.0000 0.000000 -13,451.09 0.00 0.00
10/27/2020 9128287A2 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.625% 6/30/21 0.0000 0.000000 -26,273.78 0.00 0.00
10/28/2020 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 18512.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00
10/28/2020 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 18512.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 18,512.00 0.00
10/28/2020 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 18512.0000
UNITS INCREASE TO ADJUST FOR CHANGE IN CPI
18,512.0000 0.000000 0.00 0.00 0.00
10/28/2020 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 18512.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 0.00 0.00
10/30/2020 00440EAS6 PAID ACCRUED INTEREST ON PURCHASE OF ACE INA HOLDING 3.150% 3/15/25 0.0000 0.000000 -7,875.00 0.00 0.00
10/30/2020 9128287A2 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.625% 6/30/21 0.0000 0.000000 -21,548.91 0.00 0.00
11/02/2020 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 10/31/2020 INTEREST FROM 10/1/20 TO 10/31/20 0.0000 0.000000 244.92 0.00 0.00
11/02/2020 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 10/31/2020 INTEREST FROM 10/1/20 TO 10/31/20 0.0000 0.000000 93.58 0.00 0.00
11/02/2020 64971M5E8 INTEREST EARNED ON NEW YORK CITY NY 4.075% 11/01/20 $1 PV ON
1400000.0000 SHARES DUE 11/1/2020
0.0000 0.000000 28,525.00 0.00 0.00
11/02/2020 912828ZL7 INTEREST EARNED ON U S TREASURY NT 0.375% 4/30/25 $1 PV ON
12000000.0000 SHARES DUE 10/31/2020
0.0000 0.000000 22,500.00 0.00 0.00
11/02/2020 912828T67 INTEREST EARNED ON U S TREASURY NT 1.250% 10/31/21 $1 PV ON 6000000.0000
SHARES DUE 10/31/2020
0.0000 0.000000 37,500.00 0.00 0.00
11/03/2020 00440EAT4 INTEREST EARNED ON ACE INA HOLDINGS 2.300% 11/03/20 $1 PV ON 500000.0000
SHARES DUE 11/3/2020
0.0000 0.000000 5,750.00 0.00 0.00
11/03/2020 00440EAU1 INTEREST EARNED ON ACE INA HOLDINGS 2.875% 11/03/22 $1 PV ON 4169000.0000
SHARES DUE 11/3/2020
0.0000 0.000000 59,929.38 0.00 0.00
11/05/2020 912796TP4 INTEREST EARNED ON U S TREASURY BILL 11/05/20 $1 PV ON 5000000.0000 SHARES DUE 11/5/2020 5,000,000 PAR VALUE AT 100 %0.0000 0.000000 2,625.00 0.00 0.00
12 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/06/2020 037833AR1 INTEREST EARNED ON APPLE INC 2.850% 5/06/21 $1 PV ON 1155000.0000
SHARES DUE 11/6/2020
0.0000 0.000000 16,458.75 0.00 0.00
11/06/2020 3133ELYR9 INTEREST EARNED ON F F C B DEB 0.250% 5/06/22 $1 PV ON 8850000.0000
SHARES DUE 11/6/2020
0.0000 0.000000 11,062.50 0.00 0.00
11/10/2020 3135G0F73 RECEIVED ACCRUED INTEREST ON SALE OF F N M A 1.500% 11/30/20 0.0000 0.000000 50,000.00 0.00 0.00
11/12/2020 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 8528.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 0.00 0.00
11/12/2020 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 8528.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 8,528.00 0.00
11/12/2020 037833CU2 INTEREST EARNED ON APPLE INC 2.850% 5/11/24 $1 PV ON 3000000.0000 SHARES DUE 11/11/2020 0.0000 0.000000 42,750.00 0.00 0.00
11/12/2020 369550BE7 INTEREST EARNED ON GENERAL DYNAMICS 3.000% 5/11/21 $1 PV ON 3160000.0000 SHARES DUE 11/11/2020 0.0000 0.000000 47,400.00 0.00 0.00
11/12/2020 458140BD1 INTEREST EARNED ON INTEL CORP 2.875% 5/11/24 $1 PV ON 5000000.0000 SHARES DUE 11/11/2020 0.0000 0.000000 71,875.00 0.00 0.00
11/12/2020 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 8528.0000 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
8,528.0000 0.000000 0.00 0.00 0.00
11/12/2020 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 8528.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 0.00 0.00
11/16/2020 084664BT7 INTEREST EARNED ON BERKSHIRE HATHAWAY 3.000% 5/15/22 $1 PV ON
4000000.0000 SHARES DUE 11/15/2020
0.0000 0.000000 60,000.00 0.00 0.00
11/16/2020 166764BG4 INTEREST EARNED ON CHEVRON CORP 2.100% 5/16/21 $1 PV ON 2500000.0000
SHARES DUE 11/16/2020
0.0000 0.000000 26,250.00 0.00 0.00
11/16/2020 31348SWZ3 INTEREST EARNED ON F H L M C #786064 3.845% 1/01/28 $1 PV ON 5.1800 SHARES
DUE 11/15/2020 SEPTEMBER FHLMC DUE 11/15/20
0.0000 0.000000 5.18 0.00 0.00
11/16/2020 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 3.954% 8/15/32 $1 PV ON 15.4600 SHARES DUE 11/15/2020 $0.00330/PV ON 4,691.05 PV DUE 11/15/20 0.0000 0.000000 15.46 0.00 0.00
11/16/2020 43815NAB0 INTEREST EARNED ON HONDA AUTO 1.900% 4/15/22 $1 PV ON 2992.6900 SHARES DUE 11/15/2020 $0.00158/PV ON 1,890,119.45 PV DUE 11/15/20 0.0000 0.000000 2,992.69 0.00 0.00
11/16/2020 47787NAC3 INTEREST EARNED ON JOHN DEERE OWNER 0.510% 11/15/24 $1 PV ON 629.0000 SHARES DUE 11/15/2020 $0.00042/PV ON 1,480,000.00 PV DUE 11/15/20 0.0000 0.000000 629.00 0.00 0.00
11/16/2020 47788BAD6 INTEREST EARNED ON JOHN DEERE OWNER 1.820% 10/15/21 $1 PV ON 1.7400
SHARES DUE 11/15/2020 $0.00152/PV ON 1,148.63 PV DUE 11/15/20
0.0000 0.000000 1.74 0.00 0.00
11/16/2020 477870AB5 INTEREST EARNED ON JOHN DEERE OWNER 2.280% 5/16/22 $1 PV ON 2013.6500
SHARES DUE 11/15/2020 $0.00190/PV ON 1,059,816.58 PV DUE 11/15/20
0.0000 0.000000 2,013.65 0.00 0.00
11/16/2020 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4/18/22 $1 PV ON 720.0400
SHARES DUE 11/15/2020 $0.00222/PV ON 324,828.43 PV DUE 11/15/20
0.0000 0.000000 720.04 0.00 0.00
11/16/2020 47789JAB2 INTEREST EARNED ON JOHN DEERE OWNER 2.850% 12/15/21 $1 PV ON 467.7000
SHARES DUE 11/15/2020 $0.00238/PV ON 196,926.86 PV DUE 11/15/20
0.0000 0.000000 467.70 0.00 0.00
13 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/16/2020 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080% 11/15/22 $1 PV ON 6885.2000
SHARES DUE 11/15/2020 $0.00257/PV ON 2,682,544.92 PV DUE 11/15/20
0.0000 0.000000 6,885.20 0.00 0.00
11/16/2020 58770FAC6 INTEREST EARNED ON MERCEDES BENZ AUTO 1.840% 12/15/22 $1 PV ON 3143.3300
SHARES DUE 11/15/2020 $0.00153/PV ON 2,050,000.00 PV DUE 11/15/20
0.0000 0.000000 3,143.33 0.00 0.00
11/16/2020 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750% 10/15/21 $1 PV ON 248.9000 SHARES DUE 11/15/2020 $0.00146/PV ON 170,674.76 PV DUE 11/15/20 0.0000 0.000000 248.90 0.00 0.00
11/16/2020 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.930% 7/15/24 $1 PV ON 6730.8700 SHARES DUE 11/15/2020 $0.00161/PV ON 4,185,000.00 PV DUE 11/15/20 0.0000 0.000000 6,730.87 0.00 0.00
11/16/2020 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 6710.6800 SHARES DUE 11/15/2020 $0.00255/PV ON 2,631,639.55 PV DUE 11/15/20 0.0000 0.000000 6,710.68 0.00 0.00
11/16/2020 89239AAB9 INTEREST EARNED ON TOYOTA AUTO 2.830% 10/15/21 $1 PV ON 415.5600
SHARES DUE 11/15/2020 $0.00236/PV ON 176,208.78 PV DUE 11/15/20
0.0000 0.000000 415.56 0.00 0.00
11/16/2020 89237VAB5 INTEREST EARNED ON TOYOTA AUTO RECV 0.440% 10/15/24 $1 PV ON 1085.3300
SHARES DUE 11/15/2020 $0.00037/PV ON 2,960,000.00 PV DUE 11/15/20
0.0000 0.000000 1,085.33 0.00 0.00
11/16/2020 912828WJ5 INTEREST EARNED ON U S TREASURY NT 2.500% 5/15/24 $1 PV ON 7000000.0000
SHARES DUE 11/15/2020
0.0000 0.000000 87,500.00 0.00 0.00
11/16/2020 913366EJ5 INTEREST EARNED ON UNIV OF CALIFORNIA 5.035% 5/15/21 $1 PV ON 400000.0000
SHARES DUE 11/15/2020
0.0000 0.000000 10,070.00 0.00 0.00
11/17/2020 3137EAEK1 INTEREST EARNED ON F H L M C M T N 1.875% 11/17/20 $1 PV ON 5000000.0000
SHARES DUE 11/17/2020
0.0000 0.000000 46,875.00 0.00 0.00
11/17/2020 89236TBJ3 INTEREST EARNED ON TOYOTA MOTOR MTN 2.750% 5/17/21 $1 PV ON 1500000.0000 SHARES DUE 11/17/2020 0.0000 0.000000 20,625.00 0.00 0.00
11/18/2020 43813KAC6 INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 997.4600 SHARES DUE 11/18/2020 $0.00031/PV ON 3,235,000.00 PV DUE 11/18/20 0.0000 0.000000 997.46 0.00 0.00
11/18/2020 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9/20/21 $1 PV ON 857.6100 SHARES DUE 11/18/2020 $0.00229/PV ON 374,227.63 PV DUE 11/18/20 0.0000 0.000000 857.61 0.00 0.00
11/18/2020 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22 $1 PV ON 2079.6100
SHARES DUE 11/18/2020 $0.00251/PV ON 829,080.97 PV DUE 11/18/20
0.0000 0.000000 2,079.61 0.00 0.00
11/18/2020 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.78999% 9/20/21 $1 PV ON 293.4300
SHARES DUE 11/18/2020 $0.00149/PV ON 196,713.15 PV DUE 11/18/20
0.0000 0.000000 293.43 0.00 0.00
11/18/2020 46625HRL6 INTEREST EARNED ON JP MORGAN CHASE CO 2.700% 5/18/23 $1 PV ON
5000000.0000 SHARES DUE 11/18/2020
0.0000 0.000000 67,500.00 0.00 0.00
11/18/2020 58933YAF2 INTEREST EARNED ON MERCK CO INC 2.800% 5/18/23 $1 PV ON 2000000.0000
SHARES DUE 11/18/2020
0.0000 0.000000 28,000.00 0.00 0.00
11/20/2020 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 3.125% 12/20/26 $1 PV ON 32.3600
SHARES DUE 11/20/2020 OCTOBER GNMA DUE 11/20/20
0.0000 0.000000 32.36 0.00 0.00
11/20/2020 36225CC20 INTEREST EARNED ON G N M A I I #080088 2.875% 6/20/27 $1 PV ON 22.1300
SHARES DUE 11/20/2020 OCTOBER GNMA DUE 11/20/20
0.0000 0.000000 22.13 0.00 0.00
11/20/2020 36225CNM4 INTEREST EARNED ON G N M A I I #080395 2.875% 4/20/30 $1 PV ON 12.1200 SHARES DUE 11/20/2020 OCTOBER GNMA DUE 11/20/20 0.0000 0.000000 12.12 0.00 0.00
14 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/20/2020 36225CN28 INTEREST EARNED ON G N M A I I #080408 2.875% 5/20/30 $1 PV ON 89.8900
SHARES DUE 11/20/2020 OCTOBER GNMA DUE 11/20/20
0.0000 0.000000 89.89 0.00 0.00
11/20/2020 36225DCB8 INTEREST EARNED ON G N M A I I #080965 2.250% 7/20/34 $1 PV ON 62.0100
SHARES DUE 11/20/2020 OCTOBER GNMA DUE 11/20/20
0.0000 0.000000 62.01 0.00 0.00
11/23/2020 808513AW5 INTEREST EARNED ON CHARLES SCHWAB CORP 3.250% 5/21/21 $1 PV ON 1385000.0000 SHARES DUE 11/21/2020 0.0000 0.000000 22,506.25 0.00 0.00
11/23/2020 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22 $1 PV ON 5456.2400 SHARES DUE 11/21/2020 $0.00246/PV ON 2,219,487.17 PV DUE 11/21/20 0.0000 0.000000 5,456.24 0.00 0.00
11/23/2020 89233GLP9 INTEREST EARNED ON TOYOTA MOTOR CREDIT CO C P 11/23/20 $1 PV ON 1500000.0000 SHARES DUE 11/23/2020 1,500,000 PAR VALUE AT 100 %0.0000 0.000000 1,278.33 0.00 0.00
11/24/2020 313384Q77 INTEREST EARNED ON F H L B DISC NTS 11/24/20 $1 PV ON 4800000.0000
SHARES DUE 11/24/2020 4,800,000 PAR VALUE AT 100 %
0.0000 0.000000 3,344.00 0.00 0.00
11/24/2020 459058FH1 INTEREST EARNED ON INTL BK 1.375% 5/24/21 $1 PV ON 1000000.0000
SHARES DUE 11/24/2020
0.0000 0.000000 6,880.00 0.00 0.00
11/25/2020 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 7904.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 0.00 0.00
11/25/2020 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 7904.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 7,904.00 0.00
11/25/2020 03215PFN4 INTEREST EARNED ON AMRESCO 1.08922% 6/25/29 $1 PV ON 108.0300
SHARES DUE 11/25/2020 $0.00091/PV ON 119,021.64 PV DUE 11/25/20
0.0000 0.000000 108.03 0.00 0.00
11/25/2020 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9/25/43 $1 PV ON 3146.0900 SHARES DUE 11/25/2020 $0.00542/PV ON 580,816.61 PV DUE 11/25/20 0.0000 0.000000 3,146.09 0.00 0.00
11/25/2020 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 41.1500 SHARES DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20 0.0000 0.000000 41.15 0.00 0.00
11/25/2020 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 337.3400 SHARES DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20 0.0000 0.000000 337.34 0.00 0.00
11/25/2020 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 308.8900
SHARES DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20
0.0000 0.000000 308.89 0.00 0.00
11/25/2020 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 5.5400 SHARES
DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20
0.0000 0.000000 5.54 0.00 0.00
11/25/2020 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 478.5300
SHARES DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20
0.0000 0.000000 478.53 0.00 0.00
11/25/2020 31406XWT5 INTEREST EARNED ON F N M A #823358 3.674% 2/01/35 $1 PV ON 282.3000
SHARES DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20
0.0000 0.000000 282.30 0.00 0.00
11/25/2020 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 61.0800 SHARES
DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20
0.0000 0.000000 61.08 0.00 0.00
11/25/2020 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 584.5500
SHARES DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20
0.0000 0.000000 584.55 0.00 0.00
11/25/2020 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 28.1800 SHARES DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20 0.0000 0.000000 28.18 0.00 0.00
15 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 11/25/2020 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 45.9700
SHARES DUE 11/25/2020 OCTOBER FNMA DUE 11/25/20
0.0000 0.000000 45.97 0.00 0.00
11/25/2020 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 98.6700
SHARES DUE 11/25/2020 $0.00069/PV ON 142,780.85 PV DUE 11/25/20
0.0000 0.000000 98.67 0.00 0.00
11/25/2020 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 7904.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 7,904.0000 0.000000 0.00 0.00 0.00
11/25/2020 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 7904.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00
11/30/2020 912828R69 INTEREST EARNED ON U S TREASURY NT 1.625% 5/31/23 $1 PV ON 5000000.0000 SHARES DUE 11/30/2020 0.0000 0.000000 40,625.00 0.00 0.00
11/30/2020 912828U65 INTEREST EARNED ON U S TREASURY NT 1.750% 11/30/21 $1 PV ON 7000000.0000
SHARES DUE 11/30/2020
0.0000 0.000000 61,250.00 0.00 0.00
11/30/2020 912828M80 INTEREST EARNED ON U S TREASURY NT 2.000% 11/30/22 $1 PV ON 8000000.0000
SHARES DUE 11/30/2020
0.0000 0.000000 80,000.00 0.00 0.00
11/30/2020 912828U57 INTEREST EARNED ON U S TREASURY NT 2.125% 11/30/23 $1 PV ON
15000000.0000 SHARES DUE 11/30/2020
0.0000 0.000000 159,375.00 0.00 0.00
11/30/2020 9128283J7 INTEREST EARNED ON U S TREASURY NT 2.125% 11/30/24 $1 PV ON
16500000.0000 SHARES DUE 11/30/2020
0.0000 0.000000 175,312.50 0.00 0.00
11/30/2020 9128287A2 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.625% 6/30/21 0.0000 0.000000 -33,780.57 0.00 0.00
11/30/2020 9128287A2 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.625% 6/30/21 0.0000 0.000000 -33,780.57 0.00 0.00
12/01/2020 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE
11/30/2020 INTEREST FROM 11/1/20 TO 11/30/20
0.0000 0.000000 156.60 0.00 0.00
12/01/2020 31846V567 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE
11/30/2020 INTEREST FROM 11/1/20 TO 11/30/20
0.0000 0.000000 111.99 0.00 0.00
12/01/2020 438516CB0 INTEREST EARNED ON HONEYWELL 1.350% 6/01/25 $1 PV ON 5000000.0000
SHARES DUE 12/1/2020
0.0000 0.000000 36,187.50 0.00 0.00
12/08/2020 3130A0F70 INTEREST EARNED ON F H L B DEB 3.375% 12/08/23 $1 PV ON 10000000.0000
SHARES DUE 12/8/2020
0.0000 0.000000 168,750.00 0.00 0.00
12/08/2020 69353RFL7 INTEREST EARNED ON PNC BANK NA MTN 3.500% 6/08/23 $1 PV ON 5000000.0000
SHARES DUE 12/8/2020
0.0000 0.000000 87,500.00 0.00 0.00
12/09/2020 313383QR5 INTEREST EARNED ON F H L B DEB 3.250% 6/09/23 $1 PV ON 5000000.0000 SHARES DUE 12/9/2020 0.0000 0.000000 81,250.00 0.00 0.00
12/10/2020 78015K7H1 INTEREST EARNED ON ROYAL BANK OF MTN 1.150% 6/10/25 $1 PV ON 1500000.0000 SHARES DUE 12/10/2020 0.0000 0.000000 8,625.00 0.00 0.00
12/11/2020 313379RB7 INTEREST EARNED ON F H L B DEB 1.875% 6/11/21 $1 PV ON 4000000.0000 SHARES DUE 12/11/2020 0.0000 0.000000 37,500.00 0.00 0.00
12/11/2020 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 2704.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 0.00 0.00
12/11/2020 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 2704.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 2,704.00 0.00
16 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/11/2020 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 2704.0000 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
2,704.0000 0.000000 0.00 0.00 0.00
12/11/2020 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 2704.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 0.00 0.00
12/14/2020 3130A1XJ2 INTEREST EARNED ON F H L B 2.875% 6/14/24 $1 PV ON 11110000.0000 SHARES DUE 12/14/2020 0.0000 0.000000 159,706.25 0.00 0.00
12/14/2020 89114QCA4 INTEREST EARNED ON TORONTO DOMINION MTN 2.650% 6/12/24 $1 PV ON 3000000.0000 SHARES DUE 12/12/2020 0.0000 0.000000 39,750.00 0.00 0.00
12/14/2020 92826CAB8 INTEREST EARNED ON VISA INC 2.200% 12/14/20 $1 PV ON 500000.0000 SHARES DUE 12/14/2020 0.0000 0.000000 5,500.00 0.00 0.00
12/15/2020 3133TCE95 INTEREST EARNED ON F H L M C MLTCL MTG 3.956% 8/15/32 $1 PV ON 15.1800
SHARES DUE 12/15/2020 $0.00330/PV ON 4,603.55 PV DUE 12/15/20
0.0000 0.000000 15.18 0.00 0.00
12/15/2020 31348SWZ3 INTEREST EARNED ON F H L M C #786064 3.845% 1/01/28 $1 PV ON 5.1200 SHARES
DUE 12/15/2020 OCTOBER FHLMC DUE 12/15/20
0.0000 0.000000 5.12 0.00 0.00
12/15/2020 43815NAB0 INTEREST EARNED ON HONDA AUTO 1.900% 4/15/22 $1 PV ON 2540.8100
SHARES DUE 12/15/2020 $0.00158/PV ON 1,604,723.33 PV DUE 12/15/20
0.0000 0.000000 2,540.81 0.00 0.00
12/15/2020 477870AB5 INTEREST EARNED ON JOHN DEERE OWNER 2.280% 5/16/22 $1 PV ON 1515.4600
SHARES DUE 12/15/2020 $0.00190/PV ON 797,611.08 PV DUE 12/15/20
0.0000 0.000000 1,515.46 0.00 0.00
12/15/2020 47787NAC3 INTEREST EARNED ON JOHN DEERE OWNER 0.510% 11/15/24 $1 PV ON 629.0000
SHARES DUE 12/15/2020 $0.00042/PV ON 1,480,000.00 PV DUE 12/15/20
0.0000 0.000000 629.00 0.00 0.00
12/15/2020 47788CAC6 INTEREST EARNED ON JOHN DEERE OWNER 2.660% 4/18/22 $1 PV ON 488.2000 SHARES DUE 12/15/2020 $0.00222/PV ON 220,242.30 PV DUE 12/15/20 0.0000 0.000000 488.20 0.00 0.00
12/15/2020 47788EAC2 INTEREST EARNED ON JOHN DEERE OWNER 3.080% 11/15/22 $1 PV ON 6047.4100 SHARES DUE 12/15/2020 $0.00257/PV ON 2,356,131.77 PV DUE 12/15/20 0.0000 0.000000 6,047.41 0.00 0.00
12/15/2020 58770FAC6 INTEREST EARNED ON MERCEDES BENZ AUTO 1.840% 12/15/22 $1 PV ON 3143.3300 SHARES DUE 12/15/2020 $0.00153/PV ON 2,050,000.00 PV DUE 12/15/20 0.0000 0.000000 3,143.33 0.00 0.00
12/15/2020 65478GAD2 INTEREST EARNED ON NISSAN AUTO 1.750% 10/15/21 $1 PV ON 84.8200
SHARES DUE 12/15/2020 $0.00146/PV ON 58,163.16 PV DUE 12/15/20
0.0000 0.000000 84.82 0.00 0.00
12/15/2020 65479GAD1 INTEREST EARNED ON NISSAN AUTO 3.060% 3/15/23 $1 PV ON 6160.5300
SHARES DUE 12/15/2020 $0.00255/PV ON 2,415,895.26 PV DUE 12/15/20
0.0000 0.000000 6,160.53 0.00 0.00
12/15/2020 65479JAD5 INTEREST EARNED ON NISSAN AUTO 1.930% 7/15/24 $1 PV ON 6730.8700
SHARES DUE 12/15/2020 $0.00161/PV ON 4,185,000.00 PV DUE 12/15/20
0.0000 0.000000 6,730.87 0.00 0.00
12/15/2020 89237VAB5 INTEREST EARNED ON TOYOTA AUTO RECV 0.440% 10/15/24 $1 PV ON 1085.3300
SHARES DUE 12/15/2020 $0.00037/PV ON 2,960,000.00 PV DUE 12/15/20
0.0000 0.000000 1,085.33 0.00 0.00
12/17/2020 3135G04Z3 INTEREST EARNED ON F N M A 0.500% 6/17/25 $1 PV ON 9905000.0000
SHARES DUE 12/17/2020
0.0000 0.000000 24,487.36 0.00 0.00
12/18/2020 43813KAC6 INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 997.4600
SHARES DUE 12/18/2020 $0.00031/PV ON 3,235,000.00 PV DUE 12/18/20
0.0000 0.000000 997.46 0.00 0.00
12/18/2020 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.78999% 9/20/21 $1 PV ON 117.8200 SHARES DUE 12/18/2020 $0.00149/PV ON 78,985.17 PV DUE 12/18/20 0.0000 0.000000 117.82 0.00 0.00
17 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/18/2020 43814UAG4 INTEREST EARNED ON HONDA AUTO 3.010% 5/18/22 $1 PV ON 1820.6600
SHARES DUE 12/18/2020 $0.00251/PV ON 725,845.11 PV DUE 12/18/20
0.0000 0.000000 1,820.66 0.00 0.00
12/18/2020 43814WAB1 INTEREST EARNED ON HONDA AUTO 2.750% 9/20/21 $1 PV ON 119.1000
SHARES DUE 12/18/2020 $0.00229/PV ON 51,972.34 PV DUE 12/18/20
0.0000 0.000000 119.10 0.00 0.00
12/21/2020 3137EAEN5 INTEREST EARNED ON F H L M C 2.750% 6/19/23 $1 PV ON 10000000.0000 SHARES DUE 12/19/2020 0.0000 0.000000 137,500.00 0.00 0.00
12/21/2020 36225CAZ9 INTEREST EARNED ON G N M A I I #080023 3.125% 12/20/26 $1 PV ON 31.2100 SHARES DUE 12/20/2020 NOVEMBER GNMA DUE 12/20/20 0.0000 0.000000 31.21 0.00 0.00
12/21/2020 36225CC20 INTEREST EARNED ON G N M A I I #080088 2.875% 6/20/27 $1 PV ON 21.8500 SHARES DUE 12/20/2020 NOVEMBER GNMA DUE 12/20/20 0.0000 0.000000 21.85 0.00 0.00
12/21/2020 36225CN28 INTEREST EARNED ON G N M A I I #080408 2.875% 5/20/30 $1 PV ON 87.7500
SHARES DUE 12/20/2020 NOVEMBER GNMA DUE 12/20/20
0.0000 0.000000 87.75 0.00 0.00
12/21/2020 36225CNM4 INTEREST EARNED ON G N M A I I #080395 2.875% 4/20/30 $1 PV ON 11.7400
SHARES DUE 12/20/2020 NOVEMBER GNMA DUE 12/20/20
0.0000 0.000000 11.74 0.00 0.00
12/21/2020 36225DCB8 INTEREST EARNED ON G N M A I I #080965 2.250% 7/20/34 $1 PV ON 60.2700
SHARES DUE 12/20/2020 NOVEMBER GNMA DUE 12/20/20
0.0000 0.000000 60.27 0.00 0.00
12/21/2020 43815HAC1 INTEREST EARNED ON HONDA AUTO 2.950% 8/22/22 $1 PV ON 4902.8200
SHARES DUE 12/21/2020 $0.00246/PV ON 1,994,369.07 PV DUE 12/21/20
0.0000 0.000000 4,902.82 0.00 0.00
12/22/2020 3135G0U35 INTEREST EARNED ON F N M A 2.750% 6/22/21 $1 PV ON 7500000.0000
SHARES DUE 12/22/2020
0.0000 0.000000 103,125.00 0.00 0.00
12/23/2020 CASH RECEIPT INCOMING WIRES REC'D FR BANK OF CALIFORNIA- 12/23/2020 0.0000 0.000000 97,000,000.00 0.00 0.00
12/23/2020 CASH RECEIPT INCOMING WIRES RECEIVED FROM BANK OF CALIF 12/23/2020 0.0000 0.000000 31,000,000.00 0.00 0.00
12/24/2020 166764AH3 INTEREST EARNED ON CHEVRON CORP 3.191% 6/24/23 $1 PV ON 3500000.0000
SHARES DUE 12/24/2020
0.0000 0.000000 55,842.50 0.00 0.00
12/28/2020 03215PFN4 INTEREST EARNED ON AMRESCO 1.19911% 6/25/29 $1 PV ON 118.9300
SHARES DUE 12/25/2020 $0.00100/PV ON 119,021.64 PV DUE 12/25/20
0.0000 0.000000 118.93 0.00 0.00
12/28/2020 31371NUC7 INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 40.6400 SHARES
DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20
0.0000 0.000000 40.64 0.00 0.00
12/28/2020 31376KT22 INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 333.8900
SHARES DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20
0.0000 0.000000 333.89 0.00 0.00
12/28/2020 3138EG6F6 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 27.0800 SHARES DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20 0.0000 0.000000 27.08 0.00 0.00
12/28/2020 31394JY35 INTEREST EARNED ON F H L M C MLTCL MTG 6.500% 9/25/43 $1 PV ON 3130.6100 SHARES DUE 12/25/2020 $0.00542/PV ON 577,958.72 PV DUE 12/25/20 0.0000 0.000000 3,130.61 0.00 0.00
12/28/2020 31397QRE0 INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 96.2500 SHARES DUE 12/25/2020 $0.00069/PV ON 139,132.73 PV DUE 12/25/20 0.0000 0.000000 96.25 0.00 0.00
12/28/2020 31403DJZ3 INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 301.7100
SHARES DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20
0.0000 0.000000 301.71 0.00 0.00
12/28/2020 31403GXF4 INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 5.5200 SHARES
DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20
0.0000 0.000000 5.52 0.00 0.00
18 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/28/2020 31406PQY8 INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 459.0500
SHARES DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20
0.0000 0.000000 459.05 0.00 0.00
12/28/2020 31406XWT5 INTEREST EARNED ON F N M A #823358 3.476% 2/01/35 $1 PV ON 265.5700
SHARES DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20
0.0000 0.000000 265.57 0.00 0.00
12/28/2020 31407BXH7 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 59.3900 SHARES DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20 0.0000 0.000000 59.39 0.00 0.00
12/28/2020 31410F4V4 INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 574.0700 SHARES DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20 0.0000 0.000000 574.07 0.00 0.00
12/28/2020 31417YAY3 INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 44.3000 SHARES DUE 12/25/2020 NOVEMBER FNMA DUE 12/25/20 0.0000 0.000000 44.30 0.00 0.00
12/28/2020 931142EK5 INTEREST EARNED ON WALMART INC 3.400% 6/26/23 $1 PV ON 3880000.0000
SHARES DUE 12/26/2020
0.0000 0.000000 65,960.00 0.00 0.00
12/29/2020 02665WCZ2 INTEREST EARNED ON AMERICAN HONDA MTN 2.400% 6/27/24 $1 PV ON
1219000.0000 SHARES DUE 12/29/2020
0.0000 0.000000 14,628.00 0.00 0.00
12/29/2020 31846V567 CASH RECEIPT LONG-TERM CAPITAL GAIN DIV FIRST AM GOVT OB FD CL Z LTCG
PAYABLE 12/29/20; FGZXX
0.0000 0.000000 0.34 0.00 0.00
12/29/2020 31846V567 CASH RECEIPT LONG-TERM CAPITAL GAIN DIV FIRST AM GOVT OB FD CL Z LTCG
PAYABLE 12/29/20; FGZXX
0.0000 0.000000 2.50 0.00 0.00
12/29/2020 912828S27 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.125% 6/30/21 0.0000 0.000000 -50,074.73 0.00 0.00
12/29/2020 912828S27 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.125% 6/30/21 0.0000 0.000000 -50,074.73 0.00 0.00
12/29/2020 912828S27 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.125% 6/30/21 0.0000 0.000000 -50,074.73 0.00 0.00
12/29/2020 912828S76 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.125% 7/31/21 0.0000 0.000000 -41,545.52 0.00 0.00
12/29/2020 912828WU0 BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 2496.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 0.00 0.00
12/29/2020 912828WU0 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 2496.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 0.0000 0.000000 0.00 2,496.00 0.00
12/29/2020 912828WU0 PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 2496.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 2,496.0000 0.000000 0.00 0.00 0.00
12/29/2020 912828WU0 STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 2496.00 UNITS
INCREASE TO ADJUST FOR CHANGE IN CPI
0.0000 0.000000 0.00 0.00 0.00
12/29/2020 912828YC8 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.500% 8/31/21 0.0000 0.000000 -44,751.38 0.00 0.00
12/30/2020 31846V567 CASH RECEIPT SHORT-TERM CAPITAL GAIN DIV FIRST AM GOVT OB FD CL Z STCG
PAYABLE 12/29/20
0.0000 0.000000 0.87 0.00 0.00
12/30/2020 31846V567 CASH RECEIPT SHORT-TERM CAPITAL GAIN DIV FIRST AM GOVT OB FD CL Z STCG
PAYABLE 12/29/20
0.0000 0.000000 6.37 0.00 0.00
12/30/2020 912828S76 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.125% 7/31/21 0.0000 0.000000 -27,880.43 0.00 0.00
12/30/2020 912828S76 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.125% 7/31/21 0.0000 0.000000 -23,233.70 0.00 0.00
12/30/2020 912828S76 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.125% 7/31/21 0.0000 0.000000 -41,820.65 0.00 0.00
12/30/2020 912828S76 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.125% 7/31/21 0.0000 0.000000 -41,820.65 0.00 0.00
19 of 20
U.S. Bank
Transaction History
10/01/2020 Thru 12/31/2020
Entry Date CUSIP Id Explanation Units Price Net Cash Amt Cost Gain/Loss 12/30/2020 91282CBA8 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 0.125% 12/15/23 0.0000 0.000000 -334.82 0.00 0.00
12/31/2020 912796TY5 INTEREST EARNED ON U S TREASURY BILL 12/31/20 $1 PV ON 5000000.0000
SHARES DUE 12/31/2020 5,000,000 PAR VALUE AT 100 %
0.0000 0.000000 4,627.78 0.00 0.00
12/31/2020 9128287A2 INTEREST EARNED ON U S TREASURY NT 1.625% 6/30/21 $1 PV ON
19000000.0000 SHARES DUE 12/31/2020
0.0000 0.000000 154,375.00 0.00 0.00
12/31/2020 912828N30 INTEREST EARNED ON U S TREASURY NT 2.125% 12/31/22 $1 PV ON 5000000.0000
SHARES DUE 12/31/2020
0.0000 0.000000 53,125.00 0.00 0.00
12/31/2020 912828S27 INTEREST EARNED ON U S TREASURY NT 1.125% 6/30/21 $1 PV ON
27000000.0000 SHARES DUE 12/31/2020
0.0000 0.000000 151,875.00 0.00 0.00
12/31/2020 912828WR7 INTEREST EARNED ON U S TREASURY NT 2.125% 6/30/21 $1 PV ON 8000000.0000 SHARES DUE 12/31/2020 0.0000 0.000000 85,000.00 0.00 0.00
12/31/2020 912828XW5 INTEREST EARNED ON U S TREASURY NT 1.750% 6/30/22 $1 PV ON 5000000.0000 SHARES DUE 12/31/2020 0.0000 0.000000 43,750.00 0.00 0.00
12/31/2020 912828XX3 INTEREST EARNED ON U S TREASURY NT 2.000% 6/30/24 $1 PV ON 5000000.0000 SHARES DUE 12/31/2020 0.0000 0.000000 50,000.00 0.00 0.00
TOTAL OTHER TRANSACTIONS 58,136.0000 130,731,811.61 56,095.27 0.00
20 of 20
December 31, 2020
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.
Orange County Sanitation District
Executive Summary for Period Ending December 31, 2020
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, $31.0 million was contributed to the Long Term Operating Fund and $97.0
million was contributed to the Liquid Operating Monies.
Organizational Issues
N/A
Fixed Income Market Snapshot
U.S. Treasury yields rose steadily over the course of 4Q; the 10-year U.S. Treasury yield closed
the quarter at 0.93%, up 24 basis points from Sept. 30, but off sharply from the year-end level of
1.92%. TIPS (Bloomberg Barclays US TIPS: +1.6%) strongly outperformed nominal U.S.
Treasuries for the quarter as 10-year breakeven spreads widened from 163 bps to 199 bps. The
Bloomberg Barclays US Aggregate Bond Index gained 0.7%, bringing its 2020 gain to 7.5%.
Corporates strongly outperformed U.S. Treasuries for the quarter and the year (Bloomberg
Barclays US Treasury: -0.8%; +8.0%; Bloomberg Barclays US Corporate: +3.0%; +9.9%) in
December 31, 2020 September 30, 2020
Market Value Weight Net New Inv.Inv. Return Market Value Weight
Domestic Fixed IncomeLong Term Operating Fund*657,618,803 74.45%31,000,000 1,406,042 625,212,761 82.93%
Liquid Operating Monies*225,711,282 25.55%97,000,000 26,228 128,685,054 17.07%
Total Fund $883,330,085 100.0%$128,000,000 $1,432,270 $753,897,814 100.0%
Last Last Last
Last Last 3 5 7
Quarter Year Years Years Years
Domestic Fixed Income
Long Term Operating Fund^0.21%4.42%3.56%2.68%2.32%
Chandler 0.21%4.42%3.56%2.68%-
Blmbg Govt/Cred 1-5 Year Idx 0.33%4.71%3.69%2.77%2.32%
ML 1-5 Govt/Corp 0.37%4.65%3.69%2.79%2.36%
Liquid Operating Monies^0.02%0.84%1.71%1.30%0.97%
Chandler 0.02%0.84%1.71%1.30%-
Citigroup 3-Month Treasury Bill 0.02%0.58%1.56%1.16%0.84%
Total Fund 0.16%3.73%3.23%2.37%2.05%
Target*0.30%3.82%3.27%2.46%2.05%
2
Orange County Sanitation District
spite of record 2020 issuance. High yield corporates (Bloomberg Barclays High Yield: +6.5%;
+7.1%) outperformed investment grade for the quarter but trailed for the year. High yield default
rates (6.2% y-o-y as of December) continued to trend higher but are expected to peak far below
levels reached in the Global Financial Crisis. Separately, municipal bonds (Bloomberg Barclays
Muni Bond Index: +1.8%; +5.2%) outperformed U.S. Treasuries for the quarter but trailed for
the year.
Manager Performance
The Long Term Operating Fund generated a 0.21% return in the fourth quarter, which trailed
the 0.37% return of the ML U.S. 1-5 Corp/Gov Index. Over the trailing one-year period, the Long
Term Operating Fund gained 4.42%, which trailed the benchmark return of 4.65%. The
manager ranked in the bottom quartile among the Callan Short Term Fixed Income peer group
in the fourth quarter, but is above median over the trailing year. The fund ranks above median
over all trailing periods longer than one year.
Credit spreads tightened in the fourth quarter, particularly among lower-quality credit, which led
to modest underperformance for Chandler’s more conservatively positioned portfolio relative to
the benchmark. The fund’s out-of-benchmark exposure to asset-backed securities, continued to
outperform the overall index. Sector allocation remained relatively stable during the quarter. The
portfolio had less than 30% invested in credit (21%) and less than the permitted 20% invested
in the combination of asset-backed securities (4%), commercial mortgage backed securities
(0%), and CMOs (0%) as of December 30, 2021 (see page 20).
The Liquid Operating Portfolio declined 0.02% (after fees) in the fourth quarter, trailing the
Citigroup 3-Month Treasury Bill Index’s return of 0.02% by four basis points. Over the trailing
year, the fund gained 0.69%, which outpaced the benchmark by 11 basis points.
Cordially,
Alex Ford
Vice President
Table of Contents
December 31, 2020
Capital Market Review 1
Active Management Overview
Market Overview 7
Domestic Fixed Income 8
Asset Allocation
Investment Manager Asset Allocation 10
Investment Manager Returns 11
Asset Class Risk and Return 15
Manager Analysis
Chandler-Long Term Operating Fund 17
Chandler-Liquid Operating Money 21
Callan Research/Education 23
Definitions 26
Disclosures 3131
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
14.7%
13.7%
11.4%
16.3%
12.1%
19.9%
27.4%
31.4%
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
20.9%
21.0%
38.5%
2.8%
18.4%
17.1%
20.0%
20.0%
Source: S&P Dow Jones Indices
U.S. EQUITY
Record highs in 2020
The S&P 500 Index hit a record high in 4Q20. The Index was
up 12.1% for the quarter, bringing the 2020 gain to 18.4%.
–Since its March low, the S&P is up over 70%, with all sectors
posting increases greater than 40%.
–4Q winner: Energy (+28%), but down 34% for the year
–Top 2020 sector: Technology with 44% gain (+12% in 4Q)
–Pandemic has cast a pall over certain sectors while
rewarding others: online retail soared 69% in 2020, while
hotels/cruise lines, airlines, and retail REITs dropped ~30%.
–Apple, Microsoft, Amazon, Facebook, and Alphabet made
up 22% of S&P 500 market cap at year-end, and for 2020,
accounted for 12.1% of 18.4% Index return.
Anti-momentum rally
–In 4Q, value outperformed growth across the cap spectrum
driven by vaccine progress, political clarity, and further
stimulus. For the year, however, value trails growth by a
significant margin due to Tech’s outperformance.
–Fueled by the prospect of an economic recovery, small cap
outperformed large in 4Q but was even on the year. Small
value was the best performer for the quarter, but 2020 gain
is a mere 4.6%.
–4Q experienced a shift in YTD 2020 trends, attributed to
expectations of broader economic recovery from the vaccine
roll-out and the presidential election outcome.
–Cyclical sectors such as Energy, Financials, Industrials, and
Materials outperformed during the quarter.
–Although stocks with the highest P/E’s significantly
outperformed for the year, the trend shifted after the vaccine
announcement and stocks with zero earnings estimates or
P/E’s less than 10 shot up.
Capital Markets Overview December 31, 2020
Sources: FTSE Russell, S&P Dow Jones Indices
S&P Sector Returns, Quarter Ended December 31, 2020
Last Quarter
13.8%
8.0%6.4%
27.8%
23.2%
8.0%
11.8%
15.7%14.5%
4.9%6.5%
Services
Communication
Discretionary
Consumer
Staples
Consumer Energy Financials Health Care Industrials
Technology
Information Materials Real Estate Utilities
Capital Markets Overview (continued) December 31, 2020
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
16.0%
14.7%
14.0%
17.0%
15.8%
18.6%
17.5%
15.2%
16.9%
20.1%
15.3%
19.7%
11.2%
11.2%
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
7.8%
16.3%
15.9%
10.7%
7.6%
14.2%
12.8%
10.9%
-10.5%
6.6%
14.5%
18.3%
29.5%
1.4%
Source: MSCI
GLOBAL/GLOBAL EX-U.S. EQUITY
Vaccine rollouts extend and expand risk-on rally
–Prospects of global economic recovery propelled by COVID-
19 vaccination fueled double-digit returns broadly across
developed and emerging markets.
–Expectations of reverting back to normal economic activity
by late 2021 enabled risk assets to thrive.
–Emerging markets outperformed developed markets, led by
Latam—specifically Brazil.
–Small cap outperformed large as business confidence
improved with news of vaccination.
Market rotates to cyclicals
–Positive outlook on reflation trade stoked Energy, Materials,
and Financials to drive the market.
–Beta and volatility led factor performance due to market
rotation.
U.S. dollar vs. other currencies
–U.S. dollar continued to lose ground as appetite for risk
increased with the expectation that a path to global
economic recovery is on the horizon.
Growth vs. value
–Value topped growth as sentiment shifted to cyclical sectors.
4Q20 belonged to value; does it have staying power?
–COVID-19 benefited value as the quarter brought news of
successful vaccines.
–Financials, Travel, and Energy rebounded
–MSCI World Growth (+12.4%) trailed MSCI World Value
(+15.2%) over the three-month period.
–Even with this divergence of style in 4Q20, growth still
outpaced value globally by over 35% for the full year.
Potential tailwinds for value
–Higher interest rates on the heels of potentially higher
inflation with government stimulus and businesses reopening
–Continued rebound of discretionary spending in areas
neglected in 2020 as markets reopen: lodging, travel
The good news
–Recent dollar weakness supports emerging markets.
–Could continue in 2021—wider U.S. fiscal deficit plus
stronger emerging market currencies on the heels of higher
growth
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
0.7%
1.3%
0.2%
0.5%
1.7%
3.6%
6.5%
1.6%
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
7.5%
7.6%
3.3%
6.4%
16.1%
2.8%
7.1%
11.0%
0%
1%
2%
3%
0 5 10 15 20 25 30
Maturity (Years)
12/31/20 09/30/20 12/31/19
U.S. Treasury Yield Curves
U.S. FIXED INCOME
Treasury yields rose
–The 10-year U.S. Treasury yield closed 4Q20 at 0.93%, up
24 bps from 3Q20 but off from the year-end level of 1.92%.
–TIPS outperformed nominal U.S. Treasuries as 10-year
breakeven spreads widened from 163 bps to 199 bps.
–No rate hikes are expected until at least 2023.
Bloomberg Barclays Aggregate gained slightly
–Corporate credit outperformed treasuries as investors
continued to hunt for yield.
–Corporate credit ended the year up 9.9% despite record
issuance in 2020.
High yield bonds gained on the quarter as rally extended
–High yield bonds outperformed IG in 4Q, returning 6.5%, but
trailed IG for the year.
–Leveraged loans gained 3.8% as demand remained strong
to finish the year.
Munis boosted by favorable supply/demand dynamics
–Municipals outperformed Treasuries for the quarter, but
remained down for the year.
–Tax-exempt issuance was muted amid strong demand.
–Lower quality outperformed for the quarter; however, higher
quality outperformed for the year.
U.S. credit attractive to non-U.S. investors
–Central banks globally are adopting a “lower for longer”
mindset toward rates.
–89% of positive yields globally are in the U.S., spurring
demand for U.S. corporate credit.
–Lower LIBOR rates have decreased currency hedging costs;
combined with a steep Treasury curve, that makes U.S.
credit attractive to non-U.S. investors.
Implications of U.S. rates rising in 4Q
–U.S. Treasury rates rose in 4Q, most notably in the
intermediate and long portions of the yield curve.
–As Democrats won both seats in the Georgia run-off, greater
fiscal stimulus is likely. This may lead to further steepening
of the yield curve and increased inflation expectations.
–A rising rate environment opens opportunities for
floating-rate securities like leveraged loans, and makes
securities with shorter durations such as securitized credit
more attractive.
Capital Markets Overview (continued) December 31, 2020
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
3.3%
0.9%
7.7%
5.1%
5.8%
9.6%
7.7%
3.9%
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
9.2%
5.6%
7.0%
10.1%
5.3%
2.7%
4.0%
7.5%
23 bps
-5 bps
-3 bps
12 bps
1 bps
-5 5 15
U.S. Treasury
Germany
U.K.
Canada
Japan
3Q20 to 4Q20
Change in 10-Year Global Government Bond Yields
GLOBAL FIXED INCOME
Global fixed income rose amid monetary backdrop
–Low rates and asset purchase programs continued to prop
up the global bond market.
–Broad-based U.S. dollar weakness resulting from continued
confidence in risk assets dampened hedged returns as the
USD lost 4.27% versus the euro, 5.43% versus the British
pound, and 2.02% versus the yen.
Emerging market debt ended the year positive
–Emerging market debt indices gained in 4Q20, finishing the
year in positive territory amid a global search for yield and
renewed growth expectations.
–U.S. dollar-denominated index (EMBI Global Diversified)
underperformed local currency emerging market debt as
U.S. rates rose; returns were mixed across the 70+
constituents.
–Local currency index (GBI-EM Global Diversified) was up
significantly, with broad-based gains across constituents.
Capital Markets Overview (continued) December 31, 2020
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, 2020
Re
t
u
r
n
s
(5%)
0%
5%
10%
15%
20%
25%
30%
35%
40%
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
(62)
(24)
(49)
(88)
(93)
(57)
10th Percentile 19.33 35.17 22.50 1.73 9.87 2.92
25th Percentile 16.53 31.21 17.98 1.35 8.72 1.75
Median 13.06 28.49 16.00 1.11 6.80 1.25
75th Percentile 11.06 26.39 14.74 0.88 5.85 0.4290th Percentile 9.43 23.97 12.96 0.66 5.08 (0.07)
Index 12.15 31.37 16.05 0.67 4.82 1.15
Range of Separate Account Manager Returns by Asset Class
One Year Ended December 31, 2020
Re
t
u
r
n
s
(20%)
(10%)
0%
10%
20%
30%
40%
50%
60%
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
(53)(40)
(66)(94)(45)
(37)
10th Percentile 42.13 52.59 27.42 10.07 13.38 5.19
25th Percentile 34.66 33.38 19.38 9.41 12.90 2.78Median 19.74 15.20 11.45 8.82 10.24 0.49
75th Percentile 4.48 4.97 5.85 8.30 9.17 (2.79)
90th Percentile 0.82 (0.54)1.78 7.83 1.70 (6.53)
Index 18.40 19.96 7.82 7.51 10.78 1.60
7Orange County Sanitation District
Domestic Fixed Income
Active Management Overview
U.S. Treasury yields rose steadily over the course of 4Q; the 10-year U.S. Treasury yield closed the quarter at 0.93%, up 24
basis points from Sept. 30, but off sharply from the year-end level of 1.92%. TIPS (Bloomberg Barclays US TIPS: +1.6%)
strongly outperformed nominal U.S. Treasuries for the quarter as 10-year breakeven spreads widened from 163 bps to 199
bps. The Bloomberg Barclays US Aggregate Bond Index gained 0.7%, bringing its 2020 gain to 7.5%. Investment grade
corporates strongly outperformed U.S. Treasuries for the quarter and the year (Bloomberg Barclays US Treasury: -0.8%;
+8.0%; Bloomberg Barclays US Corporate: +3.0%; +9.9%) in spite of record 2020 issuance. High yield corporates
(Bloomberg Barclays High Yield: +6.5%; +7.1%) outperformed investment grade for the quarter but trailed for the year. High
yield default rates (6.2% y-o-y as of December) continued to trend higher but are expected to peak far below levels reached
in the Global Financial Crisis.
Separate Account Style Group Median Returns
for Quarter Ended December 31, 2020
0%
1%
2%
3%
4%
5%
6%
7%
8%
0.50
Defensive
0.80
Intermed
1.11
Core
Bond
2.06
Core Plus
2.16
Extended
Maturity
3.36
Bank
Loans
6.11
High Yield
Re
t
u
r
n
s
Blmbg Aggregate: 0.67%
Blmbg High Yield: 6.45%
Blmbg Long Gov/Cred: 1.68%
Separate Account Style Group Median Returns
for One Year Ended December 31, 2020
0%
5%
10%
15%
20%
25%
3.98
Defensive
7.12
Intermed
8.82
Core
Bond
9.16
Core Plus
17.55
Extended
Maturity
2.67
Bank
Loans
6.73
High Yield
Re
t
u
r
n
s
Blmbg Aggregate: 7.51%
Blmbg High Yield: 7.11%
Blmbg Long Gov/Cred: 16.12%
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, 2020, with
the distribution as of September 30, 2020. 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, 2020 September 30, 2020
Market Value Weight Net New Inv. Inv. Return Market Value Weight
Domestic Fixed Income
Long Term Operating Fund* 657,618,803 74.45% 31,000,000 1,406,042 625,212,761 82.93%
Liquid Operating Monies* 225,711,282 25.55% 97,000,000 26,228 128,685,054 17.07%
Total Fund $883,330,085 100.0% $128,000,000 $1,432,270 $753,897,814 100.0%
*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, 2020. 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, 2020
Last Last Last
Last Last 3 5 7
Quarter Year Years Years Years
Domestic Fixed Income
Long Term Operating Fund^ 0.21% 4.42% 3.56% 2.68% 2.32%
Chandler 0.21% 4.42% 3.56% 2.68% -
Blmbg Govt/Cred 1-5 Year Idx 0.33% 4.71% 3.69% 2.77% 2.32%
ML 1-5 Govt/Corp 0.37% 4.65% 3.69% 2.79% 2.36%
Liquid Operating Monies^ 0.02% 0.84% 1.71% 1.30% 0.97%
Chandler 0.02% 0.84% 1.71% 1.30% -
Citigroup 3-Month Treasury Bill 0.02% 0.58% 1.56% 1.16% 0.84%
Total Fund 0.16% 3.73% 3.23% 2.37% 2.05%
Target* 0.30% 3.82% 3.27% 2.46% 2.05%
* 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, 2020. 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, 2020
Last Last Last
10 15 25-1/4
Years Years Years
Domestic Fixed Income
Long Term Operating Fund^ 2.20% 3.25% 4.23%
Blmbg Govt/Cred 1-5 Year Idx 2.19% 3.13% 4.09%
ML 1-5 Govt/Corp 2.24% 3.16% 4.11%
Liquid Operating Monies^ 0.73% 1.38% 2.50%
Citigroup 3-Month Treasury Bill 0.60% 1.16% 2.21%
Total Fund 1.92% 2.89% 3.95%
Target*1.91% 2.76% 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.
2020 2019 2018 2017 2016
Domestic Fixed Income
Long Term Operating Fund^ 4.42% 4.70% 1.60% 1.18% 1.58%
Chandler 4.42% 4.70% 1.60% 1.18% 1.58%
Blmbg Govt/Cred 1-5 Year Idx 4.71% 5.01% 1.38% 1.27% 1.56%
ML 1-5 Govt/Corp 4.65% 5.08% 1.40% 1.28% 1.62%
Liquid Operating Monies^ 0.84% 2.39% 1.90% 0.91% 0.47%
Chandler 0.84% 2.39% 1.90% 0.91% 0.47%
Citigroup 3-Month Treasury Bill 0.58% 2.25% 1.86% 0.84% 0.27%
Total Fund 3.73% 4.26% 1.72% 1.02% 1.15%
Target* 3.82% 4.51% 1.49% 1.19% 1.35%
* 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.
2015 2014 2013 2012 2011
Domestic Fixed Income
Long Term Operating Fund^ 0.85% 1.98%(1.77%)3.06% 4.59%
Blmbg Govt/Cred 1-5 Year Idx 0.97% 1.42% 0.28% 2.24% 3.14%
ML 1-5 Govt/Corp 1.05% 1.51% 0.32% 2.47% 3.10%
Liquid Operating Monies^ 0.22% 0.09% 0.13% 0.17% 0.24%
Citigroup 3-Month Treasury Bill 0.03% 0.03% 0.05% 0.07% 0.08%
Total Fund 0.80% 1.73%(1.49%)2.70% 3.70%
Target* 0.85% 1.21% 0.26% 1.99% 2.49%
* 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%1.8%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
2.0%
2.2%
2.4%
2.6%
Total Fund
FTSE 3 Mo T-Bill
Total Fund Target
ML:Corp/Gov 1-5 Yr
Blmbg Gov/Cred 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%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
2.0%
2.2%
2.4%
Total Fund
Callan Money Market Funds
Callan Short Fixed Inc
Standard Deviation
Re
t
u
r
n
s
15Orange County Sanitation District
Manager Analysis
Long Term Operating Fund
Period Ended December 31, 2020
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 0.21% return
for the quarter placing it in the 87 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 0.15% for the quarter and
underperformed the ML:Corp/Gov 1-5 Yr for the year by
0.23%.
Quarterly Asset Growth
Beginning Market Value $625,212,761
Net New Investment $31,000,000
Investment Gains/(Losses) $1,406,042
Ending Market Value $657,618,803
Performance vs Callan Short Term Fixed Income (Gross)
0%
1%
2%
3%
4%
5%
6%
Last Quarter Last Last 3 Years Last 5 Years Last 6 Years Last 7 Years Last 10 Years Last 25-1/4
Year Years
B(70)A(87)(63)
B(25)A(35)(26)
B(25)
A(35)(25)
B(40)A(46)(38)B(37)
A(50)(35)B(36)
A(36)(35)A(41)B(42)(40)
A(15)B(31)(25)
10th Percentile 1.15 5.11 4.01 3.26 2.94 2.79 2.81 4.39
25th Percentile 0.75 4.69 3.69 3.06 2.73 2.58 2.58 4.11
Median 0.50 3.98 3.32 2.65 2.37 2.21 2.10 3.87
75th Percentile 0.30 3.54 3.18 2.42 2.15 1.99 1.84 3.60
90th Percentile 0.18 2.42 2.65 2.13 1.90 1.73 1.40 3.04
Long Term
Operating Fund A 0.21 4.42 3.56 2.68 2.38 2.32 2.20 4.23
Blmbg Govt/Cred
1-5 Year Idx B 0.33 4.71 3.69 2.77 2.47 2.32 2.19 4.09
ML:Corp/Gov 1-5 Yr 0.37 4.65 3.69 2.79 2.50 2.36 2.24 4.11
Relative Return vs ML:Corp/Gov 1-5 Yr
Re
l
a
t
i
v
e
R
e
t
u
r
n
s
(0.8%)
(0.6%)
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
0.6%
0.8%
2014 2015 2016 2017 2018 2019 2020
Long Term Operating Fund
Callan Short Term Fixed Income (Gross)
Annualized Seven Year Risk vs Return
0 1 2 3 4 5
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Long Term Operating Fund
ML:Corp/Gov 1-5 Yr
Blmbg Govt/Cred 1-5 Year Idx
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%
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
B(25)
A(35)26 B(20)A(34)19
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
10th Percentile 5.11 5.47 2.00 2.23 2.82 1.17 1.50 1.20 4.46 2.7225th Percentile 4.69 4.92 1.82 1.74 2.17 1.01 1.27 0.80 2.60 2.30
Median 3.98 4.52 1.69 1.31 1.56 0.91 1.11 0.65 1.81 1.85
75th Percentile 3.54 4.10 1.54 0.95 1.18 0.76 0.87 0.40 1.45 1.65
90th Percentile 2.42 3.59 1.33 0.66 1.04 0.64 0.73 0.29 0.92 1.44
Long Term
Operating Fund A 4.42 4.70 1.60 1.18 1.58 0.85 1.98 (1.77)3.06 4.59
Blmbg Govt/Cred
1-5 Year Idx B 4.71 5.01 1.38 1.27 1.56 0.97 1.42 0.28 2.24 3.14
ML:Corp/Gov
1-5 Yr 4.65 5.08 1.40 1.28 1.62 1.05 1.51 0.32 2.47 3.10
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
(5%)
(4%)
(3%)
(2%)
(1%)
0%
1%
2%
3%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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, 2020
(1.5)
(1.0)
(0.5)
0.0
0.5
1.0
1.5
2.0
Alpha Sharpe Excess Return
Ratio Ratio
A(80)
B(96)
A(57)B(68)
A(42)B(69)
10th Percentile 0.91 1.27 0.40
25th Percentile 0.68 1.14 0.14
Median 0.37 1.04 (0.15)
75th Percentile 0.16 0.85 (0.56)
90th Percentile 0.05 0.72 (0.79)
Long Term Operating Fund A 0.14 1.01 (0.09)
Blmbg Govt/Cred 1-5 Year Idx B (0.06)0.93 (0.36)
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, 2020
(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
(10)(8)(33)(21)
(84)
(68)
(47)
(28)
10th Percentile 2.41 3.11 1.59 3.09 0.18
25th Percentile 1.99 2.65 0.93 2.62 0.08
Median 1.85 2.19 0.65 2.11 0.02
75th Percentile 1.68 1.87 0.43 1.70 (0.00)
90th Percentile 1.02 1.19 0.30 1.17 (0.27)
Long Term
Operating Fund 2.44 2.50 - 1.80 -
ML:Corp/Gov 1-5 Yr 2.61 2.75 0.36 2.21 0.07
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, 2020
0%10%20%30%40%50%60%70%80%
US Trsy
34.2
20.6
63.0
Gov Related
31.9
50
%
Mg
r
M
V
50
%
Mg
r
M
V
2.3
10.6
Corp (incl 144A)
21.1
52.6
26.4
Other
7.4
ABS
3.5
15.4
Cash
1.6
1.0
CMBS
0.1
2.5
CMOs
0.1
0.8
Tax-Exempt US Muni
0.1
RMBS 4.9
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
A+
AA-
AA
AA+
AAA
Trsy
Weighted Average
Quality Rating
(10)
(11)
10th Percentile AA+
25th Percentile AA
Median AA
75th Percentile A+
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, 2020
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
34%
CMBS
0%
Gov Related
32%
CMOs
0%
Corp (incl 144A)
21%
Tax-Exempt US Muni
0%
Other
7%
Cash
2%
ABS
4%
ML:Corp/Gov 1-5 Yr
US Trsy
63%
Gov Related
11%
Corp (incl 144A)
26%
Duration Distribution
0%
10%
20%
30%
40%
50%
60%
70%
80%
<1
20.1
1.9
1-3
41.6
60.7
3-5
38.3 37.4
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:
2.44
2.61
Quality Distribution
0%
20%
40%
60%
80%
100%
AAA
11.5
70.0
AA
69.9
4.3
A
12.7 12.3
BBB
0.9
13.4
BB B CCC CC C N/R
5.0
Quality Rating
Pe
r
c
e
n
t
o
f
P
o
r
t
f
o
l
i
o
Weighted Average: Quality
Long Term Operating Fund:
ML:Corp/Gov 1-5 Yr:
AA+
AA
20Orange County Sanitation District
Chandler-Liquid Operating Money
Period Ended December 31, 2020
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 (0.02)%
return for the quarter placing it in the 96 percentile of the
Callan Money Market Funds group for the quarter and in the
24 percentile for the last year.
Liquid Operating Money Net’s portfolio underperformed the
Citigroup 3-Month Treasury Bill by 0.04% for the quarter and
outperformed the Citigroup 3-Month Treasury Bill for the
year by 0.10%.
Quarterly Asset Growth
Beginning Market Value $128,685,054
Net New Investment $97,000,000
Investment Gains/(Losses) $26,228
Ending Market Value $225,711,282
Performance vs Callan Money Market Funds (Net)
(0.5%)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Last Quarter Last Last 3 Years Last 5 Years Last 6 Years Last 7 Years Last 10 Years Last 25-1/4
Year Years
(96)(28)
(24)(26)
(26)(26)
(27)(27)
(26)(26)(26)(25)
(23)(21)
(12)
(23)
10th Percentile 0.34 1.70 2.14 1.86 1.59 1.38 1.11 2.47
25th Percentile 0.03 0.62 1.59 1.18 0.98 0.83 0.55 2.19
Median 0.00 0.34 1.27 0.89 0.75 0.64 0.44 2.05
75th Percentile 0.00 0.26 1.13 0.77 0.64 0.55 0.38 1.93
90th Percentile 0.00 0.18 0.93 0.61 0.51 0.44 0.30 1.81
Liquid Operating
Money Net (0.02)0.69 1.56 1.15 0.97 0.82 0.58 2.35
Citigroup 3-Month
Treasury Bill 0.02 0.58 1.56 1.16 0.97 0.84 0.60 2.21
Relative Returns vs
Citigroup 3-Month Treasury Bill
Re
l
a
t
i
v
e
R
e
t
u
r
n
s
(0.20%)
(0.10%)
0.00%
0.10%
0.20%
0.30%
0.40%
2014 2015 2016 2017 2018 2019 2020
Liquid Operating Money Net
Callan Money Market Funds (Net)
Annualized Seven Year Risk vs Return
0 1 2 3 4 5 6
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Citigroup 3-Month Treasury Bill
Liquid Operating Money Net
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%
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
2426
2827
2212
3530
3033 2236 9822 9820 4424 1315
10th Percentile 1.70 3.20 1.89 1.42 1.32 0.28 0.35 0.30 0.85 0.12
25th Percentile 0.62 2.32 1.72 0.91 0.40 0.06 0.03 0.04 0.06 0.04
Median 0.34 1.96 1.53 0.61 0.14 0.01 0.01 0.01 0.01 0.01
75th Percentile 0.26 1.76 1.30 0.42 0.04 0.01 0.01 0.01 0.01 0.0190th Percentile 0.18 1.50 1.04 0.23 0.01 0.00 0.00 0.00 0.00 0.00
Liquid Operating
Money Net 0.69 2.24 1.75 0.76 0.32 0.07 (0.06) (0.02)0.02 0.09
Citigroup 3-Month
Treasury Bill 0.58 2.25 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08
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
(1.4%)
(1.2%)
(1.0%)
(0.8%)
(0.6%)
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
0.6%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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, 2020
(3.5)
(3.0)
(2.5)
(2.0)
(1.5)
(1.0)
(0.5)
0.0
0.5
1.0
1.5
Alpha Sharpe Excess Return
Ratio Ratio
(30)(26)(26)
10th Percentile 1.00 0.44 0.54
25th Percentile 0.01 (0.09) (0.08)
Median (0.20) (0.60) (2.33)
75th Percentile (0.28) (0.89) (2.71)
90th Percentile (0.39) (1.40) (2.83)
Liquid Operating Money Net (0.06) (0.10) (0.12)
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/research-library to see all of our publications, and www.callan.
com/blog to view our blog. For more information contact Barb Gerraty at 415-274-3093 / institute@callan.com.
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Will Boring Still Be Beautiful? | A simple, “boring” glidepath beat a
diversified one over the last 10 years. Will that continue?
The Kids Are Alright | Private equity is doing quite well given the
disruptions caused by the COVID-19 pandemic.
DOL Issues Final Rule on Selecting Plan Investments |
The Department of Labor (DOL) issued its final rule providing
guidance to plan sponsors on the financial factors to consider
when evaluating plan investments, a follow-up to its proposed
environmental, social, and governance (ESG) rule released four
months ago. In the final rule, the DOL modified the ESG rule, most
notably removing references to ESG and instead focusing on pe-
cuniary versus non-pecuniary factors.
The Private Equity Playbook: Playing Offense | Investors should
maintain strong oversight of the in-place private equity program, par-
ticularly after periods of disruption.
Macroeconomic Alphabet Soup: V, W, L, U, or K? | While certain
sectors of the economy have rebounded more quickly than expect-
ed, the trajectory of the recovery is still unclear.
Quarterly Periodicals
Private Equity Trends, 3Q20 | A high-level summary of private
equity activity in the quarter through all the investment stages
Active vs. Passive Charts, 3Q20 | A comparison of active man-
agers alongside relevant benchmarks over the long term
Market Pulse Flipbook, 3Q20 | A quarterly market reference
guide covering trends in the U.S. economy, developments for insti-
tutional investors, and the latest data on the capital markets
Capital Markets Review, 3Q20 | Analysis and a broad overview
of the economy and public and private market activity each quar-
ter across a wide range of asset classes
Hedge Fund Quarterly, 3Q20 | Commentary on developments for
hedge funds and multi-asset class (MAC) strategies
Real Assets Reporter, 3Q20 | In this quarter’s edition, Munir Iman
provides analysis of the performance of real estate and other real
assets in 3Q20.
Education
4th Quarter 2020
Events
Miss out on a Callan conference or workshop? Event summa-
ries and speakers’ presentations are available on our website:
callan.com/research-library
Please mark your calendar and look forward to upcoming invitations:
March Workshop—Virtual
A Fresh Look at Fixed Income—Generating Yield in a Zero
Interest Rate Environment
March 25, 2021, at 9:00 am
2021 National Conference
Summer 2021
For more information about events, please contact Barb
Gerraty: 415-274-3093 / gerraty@callan.com
Education
Founded in 1994, the “Callan College” offers educational sessions
for industry professionals involved in the investment decision-mak-
ing process.
Introduction to Investments—Virtual
April 13-15, 2021
This program familiarizes institutional investor trustees and staff
and asset management advisers with basic investment theory,
terminology, and practices. It is held over three days with virtual
modules of 2.5-3 hours. This course is designed for individuals
with less than two years of experience with asset-management
oversight and/or support responsibilities. Tuition is $950 per per-
son and includes instruction and digital materials.
Additional information including registration can be found at:
callan.com/events/april-intro-college-virtual/
Introduction to Investments—In Person
July 14-15, 2021, in San Francisco
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 first evening
with the instructors.
Additional information including dates and registration can be
found at: callan.com/events/july-intro-college/
Unique pieces of research the
Institute generates each year50+
Total attendees of the “Callan
College” since 19943,700
Attendees (on average) of the
Institute’s annual National Conference525
Education: By the Numbers
@CallanLLC Callan
“Research is the foundation of all we do at Callan, and sharing our
best thinking with the investment community is our way of helping
to foster dialogue to raise the bar across the industry.”
Greg Allen, CEO and Chief Research Officer
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
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending December 31, 2020
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, 2020
1
SECTION ||||||||||||||Section 1 |Economic Update
2
Economic Update
Recent economic data suggests that the economy has lost momentum as virus cases have risen. We anticipated that
economicdatawould soften duringthe wintermonths, and believe the near-term outlookremains challengingas the labor
market remains under pressure and many regions have renewed business restrictions due to the virus. However, the
passage of a new $900 billionCOVID-19fiscal relief bill shouldhelpcushionthe economyoverthe nextfewmonths, andwe
believe the incoming Presidential administration will have a keen focus on getting the economy back on track. We also
remain very optimistic about progress on vaccines. A limited number of vaccine doses have already been distributed, and
we expect more widespread distribution in the second and third quarter of 2021. We believe the distribution of vaccines
and therapeutics will help fuel the economic recovery later this year. We also expect the Fed’s highly accommodative
monetary policy framework will continue to provide support for the financial markets.
The Federal Open Market Committee (FOMC) kept monetary policy unchanged at their December meeting as expected,
with the fed funds targetrate in arange of 0.0% to0.25%. The Fed intends to remain highly accommodative until theirgoals
of maximum employment and higher inflation are achieved. The Fed’s summary of economic projections continues to
signal that the target fed funds rate will remain unchanged until at least 2023, as policymakers do not expect inflation to
exceed 2.0% during that timeframe. Until the Fed has made substantial progress toward achieving their dual mandate of
maximum employment and price stability, they have set a floor for monthly asset purchases of at least $80 billion per
month of Treasuries and $40billion per month of agency mortgage-backed securities. Notably, the Fed's outlook for GDP
over the next few years was revised higher and the outlook for unemployment was revised lower compared with their
previousforecastsinSeptember,whichsuggestsincreasedoptimism.Nevertheless, the outlook remainsuncertain andFed
Chair Powell indicated that the Fed would increase policy accommodation further if progress toward their dual mandate
slows.
In 2020, the yield on 2-year Treasuries was down 145 basis points to 0.12% and the yield on 10-year Treasuries was down
about 100basis points to 0.91%. The yield curve steepened modestly in December and month-to-date the yield curve has
continued to steepen, likely due in part to favorable developments on the vaccine front. Month-to-date, the yield on 2-year
Treasuries is little changed but the yield on 10-year Treasuries is up about 20basis points. We believe the Treasury yield
curve is poised to steepen modestly further in 2021 as the economy reopens,drivenby anincrease inlonger-term ratesas
the front end of the curve is likely to remain anchored near 0.0%.
3
Source: US Department of Labor Source: US Department of Labor
Employment
U.S. nonfarm payrolls declined by 140,000 in December. It was the first monthlydecline in nonfarmpayrolls since April oflast yearand camein
well below expectations for a 50,000gain. The monthly decline was ledby the leisure and hospitality sector which experienced a 498,000 net
decline in payrolls in December, along with modest declines in government jobs and education and health services. The unemployment rate
was unchanged in December at 6.7% and has improved significantly from the peak of 14.8% last April. Nevertheless, more than 10.7million
people remainunemployed.Workerswhoclassifiedthemselves asemployed butabsent fromwork in December continued to understate the
unemployment rate by about 0.6%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and
employed parttime foreconomicreasons, remained high butdeclined to 11.7% in December from 12.0% in November. The labor participation
rate was unchanged at 61.5% in December and remains well below pre-pandemic levels.
-22,000
-18,000
-14,000
-10,000
-6,000
-2,000
2,000
6,000
10,000
MO
M
C
h
a
n
g
e
I
n
(
0
0
0
'
s
)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
28.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
4
Initial Claims for Unemployment
787 790 806 892 862 716 787 748 711 757 758 797 842 767
5,072 5,198 5,322 5,507 5,781 5,527 6,089 6,370 6,798 7,222 7,823 8,472 9,398
-
5,000
10,000
15,000
20,000
25,000
In
t
h
o
u
s
a
n
d
s
Initial Jobless Claims
Continuing Claims
Initial Claims For Unemployment October 02, 2020 -January 01, 2021
In the most recent week, the number of initial jobless claims decreased to 787,000 compared to 790,000 in the prior week. The level of
continuing unemployment claims (where the data is lagged by one week) decreasedto about5.1millionfrom roughly5.2millionin the prior
week. Although jobless claims have declined from the early stage of the pandemic, they have remained well above the 2019 average of 1.7
million. Given the resurgence of the virus and renewed lockdown measures,we believe the labor market is likely to remain under pressure
over the near term.
Source: US Department of Labor
5
Source: US Department of Labor Source: US Department of Commerce
Inflation
The Consumer Price Index (CPI) was up 1.2% year-over-year in November, unchanged from October. Core CPI (CPI less food and energy) was up
1.6% year-over-yearin November, also unchanged fromOctober. The Personal Consumption Expenditures (PCE) index was up 1.1% year-over-
yearinNovember,versusup1.2%year-over-yearin October.Core PCE,which is the Fed's primary inflation gauge, was up 1.4% year-over-year
in November, unchanged from October. Inflation remains below the Fed's target.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
6
Consumer spending trends softened in November. On a year-over-year basis, retail sales were up 4.1% in November versus 5.5% in October.
Onamonth-over-monthbasis,retail salesdeclined1.1%inNovember, with broad-based declines in many categories on a seasonally adjusted
basis. Excluding vehicles and gas, retail sales fell 0.8% in November, following a 0.1% decline in October. Notably, retail sales makes up roughly
one third of the personal consumption expenditures component of US gross domestic product (GDP), while services revenue comprises
roughly two thirds. Spending on services has been hit particularly hard by the pandemic and lagged the pick-up in overall third quarter GDP.
While retail sales remain higher on a year-over-year basis, we believe this has been partially boosted by the contraction in spending on
services. The Consumer Confidence index declinedto 88.6in Decemberfrom 92.9in November. The index is well below pre-pandemiclevels
at the start of this year.
Source: US Department of Commerce Source: The Conference Board
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
80
90
100
110
120
130
140
150
In
d
e
x
L
e
v
e
l
Consumer Confidence
Consumer
7
Source: The Conference Board Source: Federal Reserve Bank of Chicago
Economic Activity
The Conference Board’s Leading Economic Index (LEI) rose 0.6% in November (following a 0.8% increase in October) butremained down 2.2%
year-over-year. According to the Conference Board, a decelerating pace of improvement in the LEI in recent months suggests that economic
growth has moderated heading into 2021. Furthermore, the Conference Board warns of potential downside risks to economic growth from a
second wave of the virus and high unemployment. The Chicago Fed National Activity Index (CFNAI) declined to 0.27 in November from 1.01 in
October. On a3-month moving average basis, the CFNAI declined to 0.56in Novemberfrom 0.85in October. The index slipped on a one month
and 3-month basis, but a positive index reading corresponds to above trend growth.
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
Chicago Fed National Activity Index (CFNAI)
3
M
o
n
t
h
A
v
e
r
a
g
e
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Leading Economic Indicators (LEI)
MO
M
(
%
)
C
h
a
n
g
e
8
Source: US Department of Commerce Source: S&P
Housing
0
200
400
600
800
1000
1200
1400
1600
1800
2000
MO
M
C
h
a
n
g
e
(
I
n
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
S&P/Case-Shiller 20 City Composite Home Price Index
YO
Y
(
%
)
C
h
a
n
g
e
Total housingstarts increased 1.2% in Novemberto an annual pace of 1,547,000. Single family starts inched up 0.4% to a very strong annualized
rate of 1,186,000, while multi-family starts increased 4.0% to an annualized rate of 361,000. On a year-over-year basis, total housing starts were
up12.8%inNovember,drivenbygrowthinsingle-familystarts.Meanwhile, permits were up 6.2% on a month-over-month basis in November,
to an annualized rate of 1,639,000 (the strongest rate since 2006). According to the Case-Shiller 20-Cityhome price index, home prices were up
7.9% year-over-year in October versus up 6.6% year-over-year in September. The housing market has been an area of strength during the
pandemic. Very low mortgage rates, solid stock market performance, and a meaningful shift toward working from home are providing strong
tailwinds for the housing sector.
9
Source: Institute for Supply Management Source: Federal Reserve
Manufacturing
The Institute for Supply Management (ISM) manufacturing index increased to 60.7 in December from 57.5 in November. Readings above 50.0
are indicative of expansion in the manufacturing sector. We believe aweakeningUS dollarhas been supportive of the US manufacturing sector
throughout the pandemic. The Industrial Production index was down 5.5% year-over-year in November, versus down 5.0% in October. On a
month-over-month basis, the Industrial Production index increased 0.4%in November, following a 0.9% increase in October. Capacity
Utilization increased to 73.3% in November from 73.0% in October, but remains well below the long-run average of 79.8%. Overall
manufacturing conditions have improved since the deep contraction in activity earlier this year, but industrial production remains lower on a
year-over-year basis.
40
42
44
46
48
50
52
54
56
58
60
62
Institute of Supply Management Purchasing Manager
Index
EXPANDING
CONTRACTING
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
Industrial Production
YO
Y
(
%
)
C
h
a
n
g
e
10
Source: US Department of Commerce Source: US Department of Commerce
12/19 3/20 6/20 9/20
1.1% -4.8% -24.0% 25.4%
-0.6% -1.6% -8.8% 12.0%
1.5% 1.1% 0.6% -3.2%
0.3% 0.1% 1.2% -0.4%
0.2% 0.1% -0.4% -0.4%
2.4% -5.0% -31.4% 33.4%
Gross Private Domestic Investment
Personal Consumption Expenditures
Components of GDP
Federal Government Expenditures
State and Local (Consumption and
Gross Investment)
Net Exports and Imports
Total
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
Accordingtothe thirdestimate,real USgrossdomesticproduct(GDP) grew at an annualized rate of 33.4% in the third quarter(up slightly from
the advance and second estimates), following a 31.4% annualized decline in the second quarter. Third quarter GDP growth was by far the
largest annualized gain on record but followed the largest annualized decline in GDP on record in the second quarter. Personal consumption
expenditures rebounded in the third quarter and was by far the biggest contributor to third quarter GDP growth. The consensus estimate for
fourth quarter 2020 GDP growth is 4.6%. The consensus forecast for US gross domestic product growth in 2021 is 4.0%, following an expected
3.5% decline in 2020.
11
Federal Reserve
Source: Federal Reserve Source: Bloomberg
The Fed has taken a wide range ofaggressive actionsto helpstabilize andprovide liquidity to the financial markets. The Fed has lowered the
fed funds target rate to a range of 0.0%-0.25% and continues to purchase Treasury and agency mortgage-backed securities to support smooth
marketfunctioning. Earlierthis year, policymakers reinstated the Commercial Paper FundingFacility andMoney MarketMutual FundLiquidity
Facility.The Fedalso establishedthe PrimaryMarket Corporate Credit Facility,Secondary MarketCorporate CreditFacility, TermAsset-Backed
Securities Loan Facility, Paycheck Protection Program Liquidity Facility, Main Street Lending Facility, and Municipal Liquidity Facility. The Fed
has also provided short-term funding through large-scale repo operations and lowered the reserve requirement for depository institutions.
Notably, many of the Fed's lending facilities are set to expire at the end of this year, including the Fed’s corporate credit, asset-backed
securities, municipal lending, and Main StreetLendingprograms. The Fed will return the unused funds currently earmarked for those facilities
to the Treasury.
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
Effective Federal Funds Rate
Yi
e
l
d
(
%
)
3,500,000
4,000,000
4,500,000
5,000,000
5,500,000
6,000,000
6,500,000
7,000,000
7,500,000
8,000,000
Federal Reserve Balance Sheet Assets
In
$
m
i
l
l
i
o
n
s
12
Paycheck
Protection
Program
Small Business
Farmers/Ranchers
Payments to Individuals,
Unemployment
Assistance
K-12 Schools,
Higher Education
Vaccine Purchases,
Distribution, Testing
Rental Assistance
Food Stamps/Nutrition
Childcare Sector
Airlines, Mass Transit,
Hwys, Airports, Amtrak
Clean Energy
Broadband
Business
$337 Billion (37%)
Individuals
$286 Billion (32%)
$284 billion
$40 Billion
$13 Billion
$286 Billion
$82 Billion
$68 Billion
$25 Billion
$13 Billion
$10 Billion
$45 Billion
$35 Billion
$7 Billion
Phase 4
Fiscal Stimulus
$908 Billion
Schools
$82 Billion (9%)
Vaccination $68 Billion (7%)
Safety Net $48 Billion (5%)
Transportation $45 Billion (5%)
Other $42 Billion (5%)
$3.6 Trillion Stimulus And Counting
Source: U.S. Congress
Fiscal Package Amount
CARES Act $2.23 Trillion
Coronavirus Relief Bill $484 Billion
Phase 4 Stimulus $908 Billion
Total So Far $3.6 Trillion
13
Source: Bloomberg Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yi
e
l
d
(
%
)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
US Treasury Yield Curve
Dec-20
Sep-20
Dec-19
Yi
e
l
d
(
%
)
Bond Yields
Treasury yields were much lower on a year-over-year basis at 2020 year-end. The 3-month T-bill yield was down 149 basis points, the 2-year
Treasury yield was down 145 basis points, and the 10-Year Treasury yield was down 100 basis points, year-over-year. Yields declined
precipitously in March 2020, with the Fed cutting rates by a total of 150 basispoints anda flightto safe-havenassets drivingdown yieldsacross
the curve. The Fed has signaled plans to keep the front end of the Treasury yield curve anchored near zero for at least the next few years.
14
Section 2|SECTION ||||||||||||||Section 2 |Account Profile
15
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.
As of December 31, 2020
16
Compliance As of December 31, 2020
Category Standard Comment
Treasury Issues 10% minimum; 5 years max maturity Complies*
U.S. Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 5 years max maturity Complies
Supranational Obligations
"AA" rated or better by a NRSRO; 30% maximum; 5 years max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or
unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-
American Development Bank ("IADB")
Complies
Corporate Medium Term Notes "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. or any state and operating within the U.S.Complies
Municipal Securities "A" rated or higher by a NRSRO; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% maximum; 5% max issuer; 5 years max maturity Complies
Mortgage-Backed Securities/
Collateralized Mortgage Obligations/
Asset-Backed Securities
"AA" rated or better by a NRSRO; 20% maximum (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 5 years max maturity Complies*
Negotiable Certificates of Deposit (NCD) "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 highest short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies
Commercial Paper A-1 rated or better by a NRSRO; "A" rated or better long term debt issuer by a NRSRO; Issuer is a corporation organized and operating in the U.S. with assets >
$500 million; 25% maximum; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies
Mutual Fund & Money Market Mutual
Fund
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% maximum in Mutual Funds; 10%
per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of OCSD's surplus money Complies
Repurchase Agreements 102% collateralization Complies
Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies
Local Agency Investment Fund (LAIF)No more than the lesser of 15% of the portfolio or the statutory maximum invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF
shall be subject to investigation and due diligence prior to investing Complies
OCCIP 15% maximum; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP
shall be subject to investigation and due diligence prior to investing Complies
Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage
Investment Conduits) Complies
Avg Duration Not to exceed 60 months - (80% to 120% of the benchmark)Complies
Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies
Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual 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.
17
Portfolio Characteristics
Orange County Sanitation District Long Term
12/31/2020 9/30/2020
Benchmark* Portfolio Portfolio
Average Maturity (yrs)2.68 2.62 2.74
Average Modified Duration 2.59 2.44 2.52
Average Purchase Yield n/a 1.78% 1.97%
Average Market Yield 0.26% 0.22% 0.26%
Average Quality**AAA AA+/Aa1 AA/Aa1
Total Market Value 657,628,543 625,217,609
*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’srespectively.
Multiple securities were purchased across the Treasury, Agency, Supranational, Certificate of Deposit and Corporate sectors of
the allocation. The purchased securities ranged in maturity from February 2021 to December 2025. Two securities were sold,
several matured, and $31 million was contributed into the portfolio to facilitate the new holdings.
As of December 31, 2020
18
Orange County Sanitation District Long Term
Sector Distribution
ABS
3.5%
Agency
31.9%
CMO
0.1%
Corporate
21.1%
Money Market
Fund FI
1.6%
Mortgage Pass
Thru
0.1%
Municipal Bonds
0.1%
Supranational
6.7%
US Treasury
34.2%
Negotiable CD
0.8%
December 31, 2020 September 30, 2020
ABS
4.7%
Agency
34.3%
CMO
0.2%Corporate
21.8%
Money Market
Fund FI
0.2%
Mortgage Pass
Thru
0.2%
Municipal Bonds
0.3%
Supranational
5.9%
US Treasury
32.5%
As of December 31, 2020
The sector allocation was relatively stable. The Supranational exposure increased due to the Chandler team participating in a new
issue deal in the sector while the ABS allocation contracted due to the pay down of principal and interest during the quarter.
19
Issue Name Investment Type % Portfolio
Government of United States US Treasury 34.18%
Federal National Mortgage Association Agency 14.35%
Federal Home Loan Bank Agency 8.72%
Federal Home Loan Mortgage Corp Agency 6.68%
Intl Bank Recon and Development Supranational 3.58%
Inter-American Dev Bank Supranational 2.26%
Federal Farm Credit Bank Agency 2.16%
First American Govt Obligation Fund Class-Z Money Market Fund FI 1.58%
US Bancorp Corporate 1.50%
Chubb Corporation Corporate 1.32%
Toronto Dominion Holdings Corporate 1.32%
Royal Bank of Canada Corporate 1.30%
JP Morgan Chase & Co Corporate 1.22%
Apple Inc Corporate 1.11%
Bank of America Corp Corporate 1.10%
Charles Schwab Corp/The Corporate 1.09%
Honda ABS ABS 1.07%
Berkshire Hathaway Corporate 1.04%
Nissan ABS ABS 0.99%
PNC Financial Services Group Corporate 0.98%
ChevronTexaco Corp Corporate 0.95%
IBM Corp Corporate 0.92%
International Finance Corp Supranational 0.84%
Intel Corp Corporate 0.82%
Bank of New York Corporate 0.80%
Honeywell Corp Corporate 0.79%
Bank of Nova Scotia Houston Negotiable CD 0.76%
John Deere ABS ABS 0.68%
Honda Motor Corporation Corporate 0.67%
Wal-Mart Stores Corporate 0.63%
General Dynamics Corp Corporate 0.49%
Wells Fargo Corp Corporate 0.48%
Microsoft Corporate 0.47%
Oracle Corp Corporate 0.46%
Exxon Mobil Corp Corporate 0.46%
Toyota ABS ABS 0.45%
Morgan Stanley Corporate 0.45%
Merck & Company Corporate 0.32%
Issuers
Orange County Sanitation District Long Term – Account #10268
As of December 31, 2020
20
Issue Name Investment Type % Portfolio
Mercedes-Benz Auto Lease Trust ABS 0.32%
Deere & Company Corporate 0.21%
BlackRock Inc/New York Corporate 0.17%
Federal Home Loan Mortgage Corp CMO 0.10%
Federal National Mortgage Association Mortgage Pass Thru 0.09%
University of California Municipal Bonds 0.06%
Federal National Mortgage Association CMO 0.02%
AMRESCO Residental Securities Corp CMO 0.02%
GNMA Mortgage Pass Thru 0.01%
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, 2020
21
AAA AA A <A NR
12/31/20 11.5% 69.9% 12.7% 0.9% 5.0%
09/30/20 7.9% 72.5% 13.0% 1.0% 5.7%
Source: S&P Ratings
December 31, 2020 vs. September 30, 2020
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
AAA AA A <A NR
12/31/2020 9/30/2020
Quality Distribution
Orange County Sanitation District Long Term
As of December 31, 2020
22
AAA AA A <A NR
12/31/20 78.7% 5.7% 14.9% 0.0% 0.6%
09/30/20 77.5% 6.3% 15.3% 0.0% 0.9%
Source: Moody’s Ratings
December 31, 2020 vs. September 30, 2020
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
AAA AA A <A NR
12/31/2020 9/30/2020
Quality Distribution
Orange County Sanitation District Long Term
As of December 31, 2020
23
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
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, 2020
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
Portfolio 10.0% 3.4% 6.7% 19.4% 22.2% 22.4% 15.9% 0.0%
Benchmark* 0.3% 0.2% 1.8% 32.9% 28.8% 20.1% 16.0% 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, 2020
The duration of the portfolio contracted to 2.44 compared to 2.52 at the end of the prior quarter. The large cash contribution late
in the year contributed to the shortening of the duration of the portfolio. The Chandler team will be working to keep the duration
close to the benchmark duration in coming quarters.
24
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 0.21% 4.39% 4.52% 3.51%2.62% N/A 2.26%
ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index 0.15% 4.43% 4.52% 3.50% 2.56% N/A 2.22%
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
endingvalue;it includesinterestearnings,realizedand unrealizedgains and losses inthe portfolio.
Investment Performance
Orange County Sanitation District Long Term
As of December 31, 2020
25
Compliance As of December 31, 2020
Category Standard Comment
Treasury Issues 10% minimum; 1 year max maturity Complies
U.S. Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 1 year max maturity Complies
Supranational Obligations
"AA" rated or better by a NRSRO; 30% maximum; 1 year max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or
unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-
American Development Bank ("IADB")
Complies
Corporate Medium Term Notes "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. or any state and operating within the U.S.Complies
Municipal Securities "A" rated or higher by a NRSRO; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% maximum; 5% max issuer; 1 year max maturity Complies
Mortgage-Backed Securities/
Collateralized Mortgage Obligations/
Asset-Backed Securities
"AA" rated or better by a NRSRO; 20% maximum (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 1 year max maturity Complies
Negotiable Certificates of Deposit (NCD) "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 highest short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies
Commercial Paper A-1 rated or better by a NRSRO; "A" rated or better long term debt issuer by a NRSRO; Issuer is a corporation organized and operating in the U.S. with assets >
$500 million; 25% maximum; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies
Mutual Fund & Money Market Mutual
Fund
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% maximum in Mutual Funds;
10% per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of OCSD's surplus money Complies
Repurchase Agreements 102% collateralization Complies
Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies
Local Agency Investment Fund (LAIF)No more than the lesser of 15% of the portfolio or the statutory maximum invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF
shall be subject to investigation and due diligence prior to investing Complies
OCCIP 15% maximum; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP
shall be subject to investigation and due diligence prior to investing Complies
Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage
Investment Conduits) Complies
Avg Duration Not to exceed 180 days Complies
Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies
Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual 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
26
Portfolio Characteristics
Orange County Sanitation District Liquid
12/31/2020 9/30/2020
Benchmark* Portfolio Portfolio
Average Maturity (yrs)0.16 0.33 0.32
Average Modified Duration 0.15 0.33 0.32
Average Purchase Yield n/a 0.13% 0.17%
Average Market Yield 0.07% 0.14% 0.17%
Average Quality**AAA AAA/Aaa AAA/Aaa
Total Market Value 225,705,362 128,667,549
*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’srespectively.
Many securities were purchase across the Treasury, Agency, and Certificate of Deposit sectors to keep the portfolio positioned
consistent with the strategy and to spend down the $97 million contribution late in December. The purchased securities
ranged in maturity between January 2021 to July 2021. Multiple securities also matured during the quarter.
As of December 31, 2020
27
Orange County Sanitation District Liquid
Sector Distribution
Agency
8.6%
Corporate
3.2%
Money Market
Fund FI
4.7%
Negotiable CD
1.8%
Supranational
0.4%
US Treasury
81.2%
December 31, 2020 September 30, 2020
Agency
10.0%
Corporate
7.4%
Money Market
Fund FI
2.3%
Negotiable CD
1.2%
Supranational
0.8%
US Treasury
77.3%
Commercial
Paper
1.2%
As of December 31, 2020
The sector allocation was relatively stable. The Treasury allocation increased to 81.2% of the portfolio due to the large contribution
late in the year when liquidity in other investment vehicles was lacking.
28
Issue Name Investment Type % Portfolio
Government of United States US Treasury 81.24%
Federal Home Loan Bank Agency 8.64%
First American Govt Obligation Fund Class-Z Money Market Fund FI 4.70%
MUFG Bank Ltd/NY Negotiable CD 1.11%
Toronto Dominion Holdings Corporate 0.78%
Toyota Motor Corp Corporate 0.67%
Royal Bank of Canada Negotiable CD 0.67%
Charles Schwab Corp/The Corporate 0.62%
Apple Inc Corporate 0.52%
Intl Bank Recon and Development Supranational 0.45%
Kimberly-Clark Corporate 0.34%
Paccar Financial Corporate 0.27%
TOTAL 100.00%
Issuers
Orange County Sanitation District Liquid – Account #10282
As of December 31, 2020
29
AAA AA A <A NR
12/31/20 44.7% 53.4% 1.9% 0.0% 0.0%
09/30/20 83.9% 11.4% 4.7% 0.0% 0.0%
Source: S&P Ratings
December 31, 2020 vs. September 30, 2020
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
AAA AA A <A NR
12/31/2020 9/30/2020
Quality Distribution
Orange County Sanitation District Liquid
As of December 31, 2020
30
AAA AA A <A NR
12/31/20 96.8% 1.3% 1.9% 0.0% 0.0%
09/30/20 92.6% 2.7% 4.7% 0.0% 0.0%
Source: Moody’s Ratings
December 31, 2020 vs. September 30, 2020
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
AAA AA A <A NR
12/31/2020 9/30/2020
Quality Distribution
Orange County Sanitation District Liquid
As of December 31, 2020
31
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, 2020
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 1.5 1.5 - 2 2 - 2.5 2.5 - 3 3+
Portfolio 45.6% 27.4% 26.9% 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, 2020
The duration of the portfolio was stable ending the quarter at 0.33 compared to 0.32 at the end of September.
32
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
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 0.03% 0.87% 1.64% 1.73% 1.31% N/A 1.12%
ICE BAML 3-Month US Treasury Bill Index 0.03% 0.67% 1.47% 1.60% 1.20% N/A 0.99%
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
endingvalue;it includesinterestearnings,realizedand unrealizedgains and losses inthe portfolio.
Investment Performance
Orange County Sanitation District Liquid
As of December 31, 2020
33
Compliance As of December 31, 2020
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
OC^E Lehman Exposure
Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy
* Account holds $2 million face value (cusip 525ESC0Y6) and $600,000 face value (cusip 525ESC1B7) of defaulted Lehman Bros Holdings that were purchased by the previous manager. Complied at time of purchase.
34
Portfolio Characteristics
OC^E Lehman Exposure
12/31/2020
Portfolio
9/30/2020
Portfolio
Average Maturity (yrs)11.80 12.32
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 54,741 56,821
*Portfolio is S&P and Moody’s, respectively.
As of December 31, 2020
35
SECTION ||||||||||||||Section 3 |Consolidated Information
36
Portfolio Characteristics
Orange County Sanitation District Consolidated
12/31/2020 9/30/2020
Portfolio Portfolio
Average Maturity (yrs)2.03 2.33
Modified Duration 1.90 2.15
Average Purchase Yield 1.35% 1.65%
Average Market Yield 0.20% 0.24%
Average Quality*AA+/Aa1 AA+/Aa1
Total Market Value 883,388,646 753,941,979
* Portfolio is S&P and Moody’s respectively.
As of December 31, 2020
37
Orange County Sanitation District Consolidated
Sector Distribution
ABS
2.6%
Agency
26.0%
CMO
0.1%
Corporate
16.5%
Money Market
Fund FI
2.4%
Mortgage Pass
Thru
0.1%
Negotiable CD
1.0%
Supranational
5.1%
US Treasury
46.2%
December 31, 2020 September 30, 2020
ABS
3.9%
Agency
30.2%
CMO
0.1%
Corporate
19.4%
Money Market
Fund FI
0.5%
Mortgage Pass
Thru
0.1%
Municipal Bonds
0.2%
Negotiable CD
0.2%
Supranational
5.0%
US Treasury
40.1%
Commercial
Paper
0.2%
As of December 31, 2020
38
SECTION ||||||||||||||Section 4 |Portfolio Holdings
39
Holdings Report
Orange County Sanitation District Long Term - Account #10268
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
83162CLJ0 Small Business Administration 2001-20C 1
6.340% Due 03/01/2021
2,984.86 03/06/2001
6.34%
2,984.86
2,984.86
100.44
3.57%
2,998.01
63.08
0.00%
13.15
Aaa / AA+
AAA
0.16
0.17
43815NAB0 Honda Auto Receivables Trust 2019-3 A2
1.900% Due 04/15/2022
1,347,348.38 08/20/2019
1.92%
1,347,254.07
1,347,331.95
100.36
0.32%
1,352,166.83
1,137.76
0.21%
4,834.88
Aaa / AAA
NR
1.29
0.23
47788CAC6 John Deere Owner Trust 2018-A A3
2.660% Due 04/18/2022
165,799.57 02/21/2018
2.68%
165,787.65
165,795.84
100.25
0.44%
166,215.73
196.01
0.03%
419.89
Aaa / NR
AAA
1.30
0.12
477870AB5 John Deere Owner Trust 2019-B A2
2.280% Due 05/16/2022
646,522.38 07/16/2019
2.29%
646,519.92
646,521.18
100.20
0.30%
647,835.58
655.14
0.10%
1,314.40
Aaa / NR
AAA
1.37
0.11
43814UAG4 Honda Auto Receivables Trust 2018-2 A3
3.010% Due 05/18/2022
631,002.32 05/22/2018
3.03%
630,988.57
630,997.56
100.83
0.33%
636,262.99
685.86
0.10%
5,265.43
NR / AAA
AAA
1.38
0.31
43815HAC1 Honda Auto Receivables Trust 2018-3 A3
2.950% Due 08/22/2022
1,791,651.38 08/21/2018
2.98%
1,791,405.57
1,791,550.35
101.18
0.17%
1,812,873.53
1,468.16
0.28%
21,323.18
Aaa / NR
AAA
1.64
0.43
47788EAC2 John Deere Owner Trust 2018-B A3
3.080% Due 11/15/2022
2,145,869.81 07/18/2018
3.10%
2,145,707.16
2,145,799.23
101.01
0.20%
2,167,631.05
2,937.46
0.33%
21,831.82
Aaa / NR
AAA
1.87
0.35
58770FAC6 Mercedes Benz Auto Lease Trust 2020-A A3
1.840% Due 12/15/2022
2,050,000.00 01/21/2020
1.85%
2,049,729.81
2,049,816.70
101.40
0.26%
2,078,640.55
1,676.44
0.32%
28,823.85
Aaa / AAA
NR
1.96
0.88
65479GAD1 Nissan Auto Receivables Trust 2018-B A3
3.060% Due 03/15/2023
2,222,777.01 07/17/2018
3.08%
2,222,705.00
2,222,754.32
101.37
0.42%
2,253,306.85
3,022.98
0.34%
30,552.53
Aaa / AAA
NR
2.20
0.52
78445JAA5 SLM Student Loan Trust 2008-9 A
1.716% Due 04/25/2023
10,816.03 08/22/2008
1.78%
10,772.14
10,809.11
99.95
1.51%
10,810.95
35.07
0.00%
1.84
Baa3 / B
B
2.32
2.53
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
4,184,834.82
102.04
0.43%
4,270,353.08
3,589.80
0.65%
85,518.26
Aaa / AAA
NR
3.54
1.35
89237VAB5 Toyota Auto Receivables Trust 2020-C A3
0.440% Due 10/15/2024
2,960,000.00 07/21/2020
0.44%
2,959,772.08
2,959,795.45
100.35
0.23%
2,970,383.68
578.84
0.45%
10,588.23
Aaa / AAA
NR
3.79
1.66
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
3,235,000.00 09/22/2020
0.38%
3,234,524.78
3,234,563.79
100.17
0.29%
3,240,470.39
432.23
0.49%
5,906.60
NR / AAA
AAA
3.80
2.01
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
1,480,000.00 07/14/2020
0.52%
1,479,774.45
1,479,803.35
100.32
0.34%
1,484,758.20
335.47
0.23%
4,954.85
Aaa / NR
AAA
3.88
1.87
TOTAL ABS 22,874,771.74 1.78%
22,872,705.09
22,873,358.51 0.31%
23,094,707.42
16,814.30
3.51%
221,348.91
Aaa / AAA
Aaa
2.78
1.09
Agency
3137EAEL9 FHLMC Note
2.375% Due 02/16/2021
7,500,000.00 02/26/2018
2.45%
7,484,475.00
7,499,341.80
100.27
0.23%
7,520,085.00
66,796.88
1.15%
20,743.20
Aaa / AA+
AAA
0.13
0.12
As of December 31, 2020
40
Holdings Report
Orange County Sanitation District Long Term - Account #10268
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3130A7CV5 FHLB Note
1.375% Due 02/18/2021
5,365,000.00 02/17/2016
1.46%
5,343,325.40
5,364,430.55
100.16
0.18%
5,373,385.50
27,253.45
0.82%
8,954.95
Aaa / AA+
AAA
0.13
0.13
3135G0J20 FNMA Note
1.375% Due 02/26/2021
10,000,000.00 Various
1.28%
10,040,950.00
10,001,368.42
100.18
0.17%
10,018,430.00
47,743.06
1.53%
17,061.58
Aaa / AA+
AAA
0.16
0.15
313379RB7 FHLB Note
1.875% Due 06/11/2021
4,000,000.00 08/30/2017
1.67%
4,030,160.00
4,003,518.67
100.75
0.18%
4,030,096.00
4,166.67
0.61%
26,577.33
Aaa / AA+
AAA
0.44
0.44
3135G0U35 FNMA Note
2.750% Due 06/22/2021
7,500,000.00 06/28/2018
2.68%
7,515,225.00
7,502,404.68
101.24
0.14%
7,592,992.50
5,156.25
1.16%
90,587.82
Aaa / AA+
AAA
0.47
0.47
3135G0S38 FNMA Note
2.000% Due 01/05/2022
3,000,000.00 01/30/2017
2.04%
2,994,570.00
2,998,886.85
101.90
0.12%
3,057,090.00
29,333.33
0.47%
58,203.15
Aaa / AA+
AAA
1.01
1.00
3135G0T45 FNMA Note
1.875% Due 04/05/2022
5,000,000.00 05/05/2017
1.99%
4,972,500.00
4,992,960.12
102.21
0.12%
5,110,500.00
22,395.83
0.78%
117,539.88
Aaa / AA+
AAA
1.26
1.25
3133ELYR9 FFCB Note
0.250% Due 05/06/2022
8,850,000.00 04/30/2020
0.31%
8,838,760.50
8,842,455.68
100.19
0.11%
8,866,806.15
3,380.21
1.35%
24,350.47
Aaa / AA+
AAA
1.35
1.34
3135G0T94 FNMA Note
2.375% Due 01/19/2023
5,000,000.00 Various
2.78%
4,910,990.00
4,961,793.02
104.58
0.14%
5,229,005.00
53,437.50
0.80%
267,211.98
Aaa / AA+
AAA
2.05
1.99
313383QR5 FHLB Note
3.250% Due 06/09/2023
5,000,000.00 08/28/2018
2.87%
5,083,350.00
5,042,463.12
107.40
0.21%
5,370,180.00
9,930.56
0.82%
327,716.88
Aaa / AA+
NR
2.44
2.36
3137EAEN5 FHLMC Note
2.750% Due 06/19/2023
10,000,000.00 Various
2.84%
9,956,500.00
9,978,321.37
106.32
0.18%
10,631,710.00
9,166.66
1.62%
653,388.63
Aaa / AA+
AAA
2.47
2.40
3135G05G4 FNMA Note
0.250% Due 07/10/2023
6,775,000.00 07/08/2020
0.32%
6,760,433.75
6,762,761.69
100.24
0.16%
6,791,178.70
8,045.31
1.03%
28,417.01
Aaa / AA+
AAA
2.52
2.51
313383YJ4 FHLB Note
3.375% Due 09/08/2023
10,000,000.00 Various
2.88%
10,211,831.00
10,122,165.60
108.55
0.18%
10,855,290.01
105,937.50
1.67%
733,124.41
Aaa / AA+
NR
2.69
2.57
3130A0F70 FHLB Note
3.375% Due 12/08/2023
10,000,000.00 Various
2.79%
10,269,043.75
10,159,905.73
109.25
0.21%
10,925,240.00
21,562.51
1.66%
765,334.27
Aaa / AA+
AAA
2.94
2.82
3135G0V34 FNMA Note
2.500% Due 02/05/2024
5,000,000.00 02/27/2019
2.58%
4,980,850.00
4,987,998.06
107.11
0.20%
5,355,320.00
50,694.44
0.82%
367,321.94
Aaa / AA+
AAA
3.10
2.97
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
11,110,000.00 Various
1.96%
11,589,031.30
11,441,087.13
109.16
0.21%
12,127,353.81
15,083.37
1.85%
686,266.68
Aaa / AA+
NR
3.45
3.31
3133EKWV4 FFCB Note
1.850% Due 07/26/2024
5,000,000.00 08/13/2019
1.65%
5,048,280.00
5,034,768.01
105.60
0.27%
5,279,820.00
39,826.39
0.81%
245,051.99
Aaa / AA+
AAA
3.57
3.44
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,500,000.00 09/12/2019
1.73%
2,635,950.00
2,600,530.08
109.67
0.25%
2,741,707.50
21,562.50
0.42%
141,177.42
Aaa / AA+
AAA
3.70
3.51
3135G0X24 FNMA Note
1.625% Due 01/07/2025
10,000,000.00 Various
1.28%
10,157,936.40
10,132,949.01
105.38
0.28%
10,537,680.00
78,541.66
1.61%
404,730.99
Aaa / AA+
AAA
4.02
3.87
As of December 31, 2020
41
Holdings Report
Orange County Sanitation District Long Term - Account #10268
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
12,335,000.00 Various
1.20%
12,510,182.05
12,480,916.33
104.90
0.30%
12,939,760.38
71,440.21
1.98%
458,844.05
Aaa / NR
AAA
4.12
3.98
3130A4CH3 FHLB Note
2.375% Due 03/14/2025
5,225,000.00 03/19/2020
1.18%
5,526,848.25
5,479,249.10
108.27
0.39%
5,657,091.83
36,883.42
0.87%
177,842.73
Aaa / AA+
AAA
4.20
4.00
3135G03U5 FNMA Note
0.625% Due 04/22/2025
14,000,000.00 Various
0.63%
13,996,711.60
13,997,200.98
101.18
0.35%
14,164,570.00
16,770.84
2.16%
167,369.02
Aaa / AA+
AAA
4.31
4.25
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
9,905,000.00 06/17/2020
0.54%
9,884,496.65
9,886,699.86
100.53
0.38%
9,957,546.03
1,925.97
1.51%
70,846.17
Aaa / AA+
AAA
4.46
4.41
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
5,030,000.00 07/21/2020
0.48%
5,004,950.60
5,007,175.38
100.05
0.36%
5,032,655.84
8,278.54
0.77%
25,480.46
Aaa / AA+
AAA
4.56
4.51
3135G05X7 FNMA Note
0.375% Due 08/25/2025
7,945,000.00 08/25/2020
0.47%
7,907,817.40
7,910,406.32
99.98
0.38%
7,943,260.05
10,262.29
1.21%
32,853.73
Aaa / AA+
AAA
4.65
4.60
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
7,660,000.00 09/23/2020
0.44%
7,636,943.40
7,638,182.19
99.83
0.41%
7,647,253.76
7,660.00
1.16%
9,071.57
Aaa / AA+
AAA
4.73
4.68
3135G06G3 FNMA Note
0.500% Due 11/07/2025
8,255,000.00 11/09/2020
0.57%
8,225,447.10
8,226,258.55
100.42
0.41%
8,289,530.67
5,617.99
1.26%
63,272.12
Aaa / AA+
AAA
4.85
4.78
TOTAL Agency 201,955,000.00 1.56%
203,517,559.15
203,056,198.30 0.25%
209,045,538.73
778,853.34
31.91%
5,989,340.43
Aaa / AA+
Aaa
2.90
2.83
CMO
03215PFN4 AMRESCO Residential Securities 1999-1 A
1.095% Due 06/25/2029
119,021.64 05/20/2011
4.56%
89,377.81
105,126.23
96.12
1.73%
114,400.03
25.34
0.02%
9,273.80
NR / A+
BBB
8.49
6.94
3133TCE95 FHLMC FSPC E3 A
3.903% Due 08/15/2032
4,473.70 03/11/1998
3.86%
4,478.39
4,475.29
101.13
1.98%
4,524.42
14.55
0.00%
49.13
Aaa / AA+
AAA
11.63
2.60
31397QRE0 FNMA FNR 2011-3 FA
0.835% Due 02/25/2041
135,973.22 12/20/2010
0.83%
135,930.74
135,944.76
101.50
0.39%
138,007.38
18.92
0.02%
2,062.62
Aaa / AA+
AAA
20.17
3.47
31394JY35 FHLMC FSPC T-58 2A
6.500% Due 09/25/2043
561,133.95 06/09/2011
5.40%
635,484.20
613,483.69
118.24
1.81%
663,473.56
607.90
0.10%
49,989.87
Aaa / AA+
AAA
22.75
3.86
TOTAL CMO 820,602.51 4.60%
865,271.14
859,029.97 1.59%
920,405.39
666.71
0.14%
61,375.42
Aaa / AA+
Aaa
20.53
4.18
Corporate
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
4,000,656.77
100.12
0.29%
4,004,748.00
32,000.00
0.61%
4,091.23
Aa1 / AA+
NR
0.15
0.06
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
3,000,291.65
100.14
0.48%
3,004,302.00
22,220.00
0.46%
4,010.35
Aa1 / AA
NR
0.16
0.09
As of December 31, 2020
42
Holdings Report
Orange County Sanitation District Long Term - Account #10268
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
369550BE7 General Dynamics Corp Note
3.000% Due 05/11/2021
3,160,000.00 05/08/2018
3.24%
3,138,038.00
3,157,395.02
100.96
0.33%
3,190,440.28
13,166.67
0.49%
33,045.26
A2 / A
NR
0.36
0.36
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
2,498,911.53
100.54
0.21%
2,513,620.00
6,562.50
0.38%
14,708.47
Aa2 / AA
NR
0.37
0.29
61747WAL3 Morgan Stanley Note
5.500% Due 07/28/2021
2,800,000.00 06/06/2014
3.24%
3,200,848.00
2,832,018.58
102.94
0.38%
2,882,331.20
65,450.00
0.45%
50,312.62
A2 / BBB+
A
0.57
0.56
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
3,044,566.46
100.69
0.22%
3,065,946.56
18,747.89
0.47%
21,380.10
Aaa / AAA
AA+
0.60
0.52
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
2,976,410.29
101.01
0.28%
3,030,210.00
16,783.33
0.46%
53,799.71
A3 / A
A-
0.71
0.62
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
2,500,928.02
102.37
0.26%
2,559,257.50
26,000.00
0.39%
58,329.48
A1 / A
AA-
1.10
1.00
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
992,739.30
102.43
0.30%
1,024,297.00
9,770.83
0.16%
31,557.70
A2 / A
A+
1.13
1.03
084664BT7 Berkshire Hathaway Note
3.000% Due 05/15/2022
4,000,000.00 05/23/2017
2.30%
4,131,120.00
4,036,048.97
103.81
0.22%
4,152,544.00
15,333.33
0.63%
116,495.03
Aa2 / AA
A+
1.37
1.35
95000U2B8 Wells Fargo & Company Note
2.625% Due 07/22/2022
3,000,000.00 Various
2.99%
2,954,520.00
2,984,271.55
103.51
0.36%
3,105,357.00
34,781.26
0.48%
121,085.45
A2 / BBB+
A+
1.56
1.52
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
4,191,035.18
104.24
0.33%
4,345,832.30
19,310.58
0.66%
154,797.12
A3 / A
A
1.84
1.64
90331HNL3 US Bank NA Callable Note Cont 12/23/2022
2.850% Due 01/23/2023
2,000,000.00 01/29/2018
2.93%
1,992,640.00
1,996,955.60
105.19
0.22%
2,103,714.00
25,016.67
0.32%
106,758.40
A1 / AA-
AA-
2.06
1.92
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
6,738,479.46
104.76
0.24%
7,071,023.25
77,512.50
1.09%
332,543.79
A2 / A
A
2.07
1.93
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
2,496,023.58
105.19
0.34%
2,629,665.00
31,138.89
0.40%
133,641.42
A1 / A
AA-
2.08
1.93
44932HAH6 IBM Credit Corp Note
3.000% Due 02/06/2023
5,670,000.00 Various
3.26%
5,603,264.40
5,641,119.43
105.90
0.18%
6,004,660.42
68,512.50
0.92%
363,540.99
A2 / A
NR
2.10
2.03
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
1,971,147.51
105.31
0.28%
2,106,128.00
16,200.00
0.32%
134,980.49
A3 / A
A
2.20
2.13
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
2,473,450.64
105.02
0.28%
2,625,405.00
20,243.06
0.40%
151,954.36
Aa2 / AA
A+
2.20
1.98
As of December 31, 2020
43
Holdings Report
Orange County Sanitation District Long Term - Account #10268
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
58933YAF2 Merck & Co Note
2.800% Due 05/18/2023
2,000,000.00 10/26/2018
3.41%
1,948,640.00
1,973,191.38
106.05
0.25%
2,120,952.00
6,688.89
0.32%
147,760.62
A1 / AA-
A+
2.38
2.31
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
4,903,340.53
105.13
0.37%
5,256,725.00
16,125.00
0.80%
353,384.47
A2 / A-
AA-
2.38
2.16
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
4,996,745.55
107.35
0.36%
5,367,575.01
11,180.56
0.82%
370,829.46
A2 / A
A+
2.44
2.28
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
3,468,378.79
106.36
0.33%
3,722,470.50
2,171.65
0.57%
254,091.71
Aa2 / AA
NR
2.48
2.17
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
3,879,499.30
107.39
0.31%
4,166,902.72
1,832.22
0.63%
287,403.42
Aa2 / AA
AA
2.48
2.33
02665WCJ8 American Honda Finance Note
3.450% Due 07/14/2023
845,000.00 07/11/2018
3.49%
843,538.15
844,259.46
107.70
0.39%
910,091.20
13,523.52
0.14%
65,831.74
A3 / A-
NR
2.53
2.41
89114QC48 Toronto Dominion Bank Note
3.500% Due 07/19/2023
5,000,000.00 02/26/2019
3.04%
5,094,200.00
5,054,626.59
108.22
0.26%
5,410,915.00
78,750.00
0.83%
356,288.41
Aa1 / AA-
AA
2.55
2.43
02665WCQ2 American Honda Finance Note
3.625% Due 10/10/2023
2,000,000.00 Various
3.64%
1,998,320.00
1,999,055.49
108.80
0.43%
2,176,002.00
16,312.50
0.33%
176,946.51
A3 / A-
NR
2.78
2.65
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
1,250,135.52
109.17
0.33%
1,364,653.75
10,012.15
0.21%
114,518.23
A2 / A
A
2.78
2.65
06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023
3.550% Due 03/05/2024
6,675,000.00 Various
2.77%
6,770,625.75
6,736,763.94
106.83
0.40%
7,130,835.75
76,354.59
1.10%
394,071.81
A2 / A-
A+
3.18
2.09
09247XAL5 Blackrock Inc Note
3.500% Due 03/18/2024
1,000,000.00 05/09/2019
2.69%
1,036,330.00
1,024,042.21
109.84
0.41%
1,098,403.00
10,013.89
0.17%
74,360.79
Aa3 / AA-
NR
3.21
3.04
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
5,017,105.16
107.91
0.38%
5,395,365.00
19,965.28
0.82%
378,259.84
A1 / A+
A+
3.36
3.07
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
3,011,782.69
107.82
0.38%
3,234,747.00
11,875.00
0.49%
222,964.31
Aa1 / AA+
NR
3.36
3.07
89114QCA4 Toronto Dominion Bank Note
2.650% Due 06/12/2024
3,000,000.00 06/12/2019
2.65%
3,000,570.00
3,000,392.91
107.15
0.55%
3,214,563.00
4,195.83
0.49%
214,170.09
Aa3 / A
AA-
3.45
3.31
02665WCZ2 American Honda Finance Note
2.400% Due 06/27/2024
1,219,000.00 07/10/2019
2.49%
1,213,843.63
1,215,377.45
106.22
0.60%
1,294,819.36
325.07
0.20%
79,441.91
A3 / A-
NR
3.49
3.36
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
6,559,483.86
106.93
0.57%
6,950,762.00
75,968.75
1.07%
391,278.14
A2 / A
AA
3.54
3.37
46647PAU0 JP Morgan Chase & Co Callable Note 1X 7/23/2023
3.797% Due 07/23/2024
2,500,000.00 09/12/2019
2.11%
2,632,175.00
2,596,893.52
108.48
0.64%
2,711,887.50
41,661.53
0.42%
114,993.98
A2 / A-
AA-
3.56
3.32
90331HPL1 US Bank NA Callable Note Cont 12/21/2024
2.050% Due 01/21/2025
7,270,000.00 01/16/2020
2.10%
7,254,514.90
7,257,447.49
105.82
0.57%
7,693,273.94
66,237.78
1.18%
435,826.45
A1 / AA-
AA-
4.06
3.80
As of December 31, 2020
44
Holdings Report
Orange County Sanitation District Long Term - Account #10268
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
00440EAS6 Chubb INA Holdings Inc Note
3.150% Due 03/15/2025
2,000,000.00 10/28/2020
0.78%
2,203,740.00
2,195,702.67
110.38
0.64%
2,207,528.00
18,550.00
0.34%
11,825.33
A3 / A
A
4.21
3.94
438516CB0 Honeywell Intl Callable Note Cont 5/1/2025
1.350% Due 06/01/2025
5,000,000.00 06/23/2020
0.85%
5,119,000.00
5,106,233.20
103.61
0.51%
5,180,435.00
5,625.00
0.79%
74,201.80
A2 / A
A
4.42
4.21
78015K7H1 Royal Bank of Canada Note
1.150% Due 06/10/2025
1,500,000.00 07/14/2020
0.93%
1,515,480.00
1,514,018.48
102.19
0.65%
1,532,811.00
1,006.25
0.23%
18,792.52
A2 / A
AA
4.44
4.33
TOTAL Corporate 130,733,000.00 2.70%
131,456,830.50
131,136,925.73 0.37%
137,561,199.24
1,007,125.47
21.07%
6,424,273.51
A1 / A+
A+
2.40
2.20
Money Market Fund FI
31846V567 First American Govt Obligation MMKT Class-Z 10,413,934.72 Various
0.03%
10,413,934.72
10,413,934.72
1.00
0.03%
10,413,934.72
0.00
1.58%
0.00
Aaa / AAA
AAA
0.00
0.00
TOTAL Money Market Fund FI 10,413,934.72 0.03%
10,413,934.72
10,413,934.72 0.03%
10,413,934.72
0.00
1.58%
0.00
Aaa / AAA
Aaa
0.00
0.00
Mortgage Pass Thru
36225CAZ9 GNMA Pool# G2 80023
3.030% Due 12/20/2026
11,409.55 08/08/1997
2.92%
11,598.50
11,448.00
103.39
0.41%
11,796.72
28.81
0.00%
348.72
Aaa / AA+
AAA
5.97
2.47
36225CC20 GNMA Pool# G2 80088
1.670% Due 06/20/2027
8,992.74 08/11/1997
1.54%
9,189.46
9,035.39
101.86
1.30%
9,160.41
12.51
0.00%
125.02
Aaa / AA+
AAA
6.47
2.21
31348SWZ3 FHLMC FH 786064
2.257% Due 01/01/2028
1,579.26 02/18/2000
2.44%
1,540.80
1,569.60
99.93
2.19%
1,578.08
2.97
0.00%
8.48
Aaa / AA+
AAA
7.01
3.37
31371NUC7 FNMA FN 257179
4.500% Due 04/01/2028
10,705.20 12/05/2011
3.72%
11,321.80
10,979.28
108.30
0.91%
11,593.44
40.14
0.00%
614.16
Aaa / AA+
AAA
7.25
2.34
31417YAY3 FNMA Pool# FN MA0022
4.500% Due 04/01/2029
11,574.11 12/05/2011
3.76%
12,240.76
11,891.82
108.31
1.12%
12,535.95
43.40
0.00%
644.13
Aaa / AA+
AAA
8.25
2.50
3138EG6F6 FNMA FN AL0869
4.500% Due 06/01/2029
6,954.15 12/05/2011
3.77%
7,354.71
7,147.05
109.26
0.65%
7,597.91
6.08
0.00%
450.86
Aaa / AA+
AAA
8.42
2.44
36225CNM4 GNMA Pool# G2 80395
1.670% Due 04/20/2030
4,774.05 03/15/2000
1.73%
4,730.75
4,760.59
104.04
0.47%
4,966.71
6.64
0.00%
206.12
Aaa / AA+
AAA
9.31
2.86
36225CN28 GNMA Pool# G2 80408
1.670% Due 05/20/2030
35,807.33 03/15/2000
1.73%
35,443.65
35,693.57
104.04
0.48%
37,253.02
49.83
0.01%
1,559.45
Aaa / AA+
AAA
9.39
2.90
31403GXF4 FNMA Pool# FN 748678
5.000% Due 10/01/2033
1,318.11 06/10/2013
4.16%
1,416.97
1,380.45
112.89
0.74%
1,488.03
5.49
0.00%
107.58
Aaa / AA+
AAA
12.76
3.05
36225DCB8 GNMA Pool# G2 80965
1.620% Due 07/20/2034
31,941.85 07/19/2004
1.62%
31,921.90
31,932.81
104.39
0.26%
33,342.85
43.12
0.01%
1,410.04
Aaa / AA+
AAA
13.56
2.94
As of December 31, 2020
45
Holdings Report
Orange County Sanitation District Long Term - Account #10268
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
31406XWT5 FNMA Pool# FN 823358
3.640% Due 02/01/2035
91,103.52 01/11/2006
3.71%
90,391.78
90,758.12
104.40
0.97%
95,110.44
276.34
0.01%
4,352.32
Aaa / AA+
AAA
14.10
4.32
31406PQY8 FNMA Pool# FN 815971
5.000% Due 03/01/2035
105,426.67 06/10/2013
4.21%
113,333.69
110,603.92
116.26
0.47%
122,565.88
439.28
0.02%
11,961.96
Aaa / AA+
AAA
14.17
3.58
31407BXH7 FNMA Pool# FN 826080
5.000% Due 07/01/2035
13,805.58 06/10/2013
4.22%
14,840.99
14,488.97
116.27
0.28%
16,051.68
57.52
0.00%
1,562.71
Aaa / AA+
AAA
14.51
3.45
31376KT22 FNMA FN 357969
5.000% Due 09/01/2035
78,622.38 06/10/2013
4.22%
84,519.04
82,529.66
116.30
1.39%
91,436.65
76.44
0.01%
8,906.99
Aaa / AA+
AAA
14.68
4.45
31403DJZ3 FNMA Pool #745580
5.000% Due 06/01/2036
70,722.80 06/10/2013
4.26%
76,027.00
74,296.17
116.15
0.73%
82,142.41
294.68
0.01%
7,846.24
Aaa / AA+
AAA
15.43
3.76
31410F4V4 FNMA Pool# FN 888336
5.000% Due 07/01/2036
130,793.54 06/10/2013
4.25%
140,603.07
137,413.54
115.89
0.08%
151,573.36
544.97
0.02%
14,159.82
Aaa / AA+
AAA
15.51
3.25
TOTAL Mortgage Pass Thru 615,530.84 3.80%
646,474.87
635,928.94 0.63%
690,193.54
1,928.22
0.11%
54,264.60
Aaa / AA+
Aaa
13.81
3.58
Municipal Bonds
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
101.66
0.57%
406,632.00
2,573.44
0.06%
6,632.00
Aa3 / AA-
AA-
0.37
0.37
TOTAL Municipal Bonds 400,000.00 5.04%
400,000.00
400,000.00 0.57%
406,632.00
2,573.44
0.06%
6,632.00
Aa3 / AA-
AA-
0.37
0.37
Negotiable CD
06417MMB8 Bank of Nova Scotia Houston Yankee CD
0.280% Due 11/24/2021
5,000,000.00 11/24/2020
0.28%
5,000,000.00
5,000,000.00
100.00
0.28%
5,000,000.00
1,438.89
0.76%
0.00
P-1 / A-1
F-1+
0.90
0.90
TOTAL Negotiable CD 5,000,000.00 0.28%
5,000,000.00
5,000,000.00 0.28%
5,000,000.00
1,438.89
0.76%
0.00
Aaa / AA
Aaa
0.90
0.90
Supranational
45950KCM0 International Finance Corp Note
2.250% Due 01/25/2021
2,970,000.00 01/18/2018
2.35%
2,961,268.20
2,969,808.79
100.13
0.35%
2,973,760.02
28,957.50
0.46%
3,951.23
Aaa / AAA
NR
0.07
0.07
4581X0CS5 Inter-American Dev Bank Note
1.875% Due 03/15/2021
5,000,000.00 Various
1.69%
5,059,610.00
5,001,820.48
100.32
0.33%
5,015,855.00
27,604.17
0.77%
14,034.52
Aaa / AAA
AAA
0.20
0.21
45950KCJ7 International Finance Corp Note
1.125% Due 07/20/2021
2,500,000.00 11/09/2016
1.64%
2,441,600.00
2,493,181.55
100.51
0.20%
2,512,820.00
12,578.13
0.38%
19,638.45
Aaa / AAA
NR
0.55
0.55
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
2,999,228.05
101.94
0.27%
3,058,110.00
28,864.58
0.47%
58,881.95
Aaa / NR
AAA
1.05
1.03
As of December 31, 2020
46
Holdings Report
Orange County Sanitation District Long Term - Account #10268
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
459058FY4 Intl. Bank Recon & Development Note
2.000% Due 01/26/2022
10,000,000.00 Various
1.99%
10,006,350.00
10,001,024.42
101.91
0.21%
10,191,220.00
86,111.12
1.56%
190,195.58
Aaa / NR
AAA
1.07
1.05
4581X0CZ9 Inter-American Dev Bank Note
1.750% Due 09/14/2022
6,500,000.00 Various
2.65%
6,249,655.00
6,406,848.88
102.67
0.18%
6,673,842.50
33,809.02
1.02%
266,993.62
Aaa / AAA
AAA
1.70
1.68
459058JB0 Intl. Bank Recon & Development Note
0.625% Due 04/22/2025
6,245,000.00 04/15/2020
0.70%
6,220,831.85
6,224,193.68
100.97
0.40%
6,305,326.70
7,480.99
0.96%
81,133.02
Aaa / AAA
NR
4.31
4.24
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
6,920,000.00 10/21/2020
0.52%
6,912,180.40
6,912,458.75
100.19
0.46%
6,932,947.32
6,055.00
1.06%
20,488.57
Aaa / AAA
AAA
4.83
4.76
TOTAL Supranational 43,135,000.00 1.66%
42,847,805.45
43,008,564.60 0.30%
43,663,881.54
231,460.51
6.67%
655,316.94
Aaa / AAA
Aaa
2.03
2.00
US Treasury
9127963W7 US Treasury Bill
0.085% Due 02/04/2021
15,000,000.00 12/29/2020
0.09%
14,998,725.00
14,998,795.83
99.99
0.09%
14,998,795.83
0.00
2.28%
0.00
P-1 / A-1+
F-1+
0.10
0.10
912828T34 US Treasury Note
1.125% Due 09/30/2021
7,000,000.00 Various
1.88%
6,757,914.08
6,962,471.21
100.75
0.12%
7,052,773.00
20,120.19
1.08%
90,301.79
Aaa / AA+
AAA
0.75
0.74
912828T67 US Treasury Note
1.250% Due 10/31/2021
6,000,000.00 12/13/2016
1.92%
5,813,691.98
5,968,321.36
100.93
0.13%
6,055,782.00
12,845.30
0.92%
87,460.64
Aaa / AA+
AAA
0.83
0.83
912828U65 US Treasury Note
1.750% Due 11/30/2021
7,000,000.00 12/28/2016
2.06%
6,900,492.20
6,981,560.32
101.48
0.13%
7,103,362.00
10,769.23
1.08%
121,801.68
Aaa / AA+
AAA
0.92
0.91
912828V72 US Treasury Note
1.875% Due 01/31/2022
3,000,000.00 02/27/2017
1.84%
3,004,814.74
3,001,057.74
101.89
0.13%
3,056,718.00
23,539.40
0.47%
55,660.26
Aaa / AA+
AAA
1.08
1.07
912828J76 US Treasury Note
1.750% Due 03/31/2022
5,000,000.00 04/25/2017
1.85%
4,976,383.94
4,994,043.50
102.03
0.12%
5,101,560.00
22,355.77
0.78%
107,516.50
Aaa / AA+
AAA
1.25
1.23
912828XW5 US Treasury Note
1.750% Due 06/30/2022
5,000,000.00 07/25/2017
1.86%
4,973,454.25
4,991,962.54
102.43
0.13%
5,121,680.00
241.71
0.78%
129,717.46
Aaa / AA+
AAA
1.50
1.49
912828L24 US Treasury Note
1.875% Due 08/31/2022
6,000,000.00 09/27/2017
1.92%
5,987,832.60
5,995,892.32
102.90
0.13%
6,173,904.00
38,225.14
0.94%
178,011.68
Aaa / AA+
AAA
1.67
1.63
912828L57 US Treasury Note
1.750% Due 09/30/2022
16,000,000.00 Various
1.98%
15,822,656.25
15,938,448.94
102.82
0.13%
16,451,872.00
71,538.46
2.51%
513,423.06
Aaa / AA+
AAA
1.75
1.72
912828M80 US Treasury Note
2.000% Due 11/30/2022
8,000,000.00 12/22/2017
2.25%
7,907,500.00
7,964,130.56
103.58
0.13%
8,286,560.00
14,065.93
1.26%
322,429.44
Aaa / AA+
AAA
1.92
1.88
912828N30 US Treasury Note
2.125% Due 12/31/2022
5,000,000.00 01/24/2018
2.44%
4,926,562.50
4,970,274.33
103.98
0.13%
5,199,025.00
293.51
0.79%
228,750.67
Aaa / AA+
AAA
2.00
1.97
9128284D9 US Treasury Note
2.500% Due 03/31/2023
10,000,000.00 Various
2.75%
9,887,265.63
9,948,811.09
105.30
0.14%
10,529,690.00
63,873.63
1.61%
580,878.91
Aaa / AA+
AAA
2.25
2.19
As of December 31, 2020
47
Holdings Report
Orange County Sanitation District Long Term - Account #10268
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828R69 US Treasury Note
1.625% Due 05/31/2023
5,000,000.00 05/30/2018
2.67%
4,757,226.56
4,883,000.75
103.57
0.14%
5,178,320.00
7,142.86
0.79%
295,319.25
Aaa / AA+
AAA
2.41
2.37
912828U57 US Treasury Note
2.125% Due 11/30/2023
15,000,000.00 Various
2.53%
14,723,632.81
14,833,459.00
105.73
0.15%
15,859,575.00
28,021.98
2.42%
1,026,116.00
Aaa / AA+
AAA
2.92
2.84
91282CBA8 US Treasury Note
0.125% Due 12/15/2023
6,500,000.00 12/29/2020
0.17%
6,491,367.19
6,491,383.18
99.88
0.16%
6,492,382.00
379.46
0.99%
998.82
Aaa / AA+
AAA
2.96
2.95
912828V80 US Treasury Note
2.250% Due 01/31/2024
7,500,000.00 Various
2.27%
7,491,503.91
7,494,522.88
106.39
0.17%
7,979,295.00
70,618.20
1.22%
484,772.12
Aaa / AA+
AAA
3.08
2.97
912828W48 US Treasury Note
2.125% Due 02/29/2024
10,000,000.00 04/24/2019
2.32%
9,911,718.75
9,942,475.12
106.13
0.18%
10,613,280.00
72,203.04
1.62%
670,804.88
Aaa / AA+
AAA
3.16
3.06
912828WJ5 US Treasury Note
2.500% Due 05/15/2024
7,000,000.00 06/10/2019
1.91%
7,193,046.88
7,131,915.37
107.76
0.19%
7,543,046.00
22,720.99
1.15%
411,130.63
Aaa / AA+
AAA
3.37
3.25
912828XX3 US Treasury Note
2.000% Due 06/30/2024
5,000,000.00 07/12/2019
1.88%
5,028,710.94
5,020,218.08
106.25
0.21%
5,312,695.00
276.24
0.81%
292,476.92
Aaa / AA+
AAA
3.50
3.40
912828WU0 US Treasury Inflation Index Note
0.125% Due 07/15/2024
11,404,744.00 Various
0.22%
11,292,956.76
11,365,063.67
107.07
(1.80%)
12,210,797.13
6,585.59
1.86%
845,733.46
Aaa / AA+
AAA
3.54
3.56
912828YH7 US Treasury Note
1.500% Due 09/30/2024
14,000,000.00 Various
1.72%
13,859,296.88
13,889,843.08
104.71
0.24%
14,660,072.00
53,653.85
2.24%
770,228.92
Aaa / AA+
AAA
3.75
3.64
9128283J7 US Treasury Note
2.125% Due 11/30/2024
16,500,000.00 Various
1.76%
16,783,886.72
16,724,378.57
107.29
0.25%
17,703,345.00
30,824.18
2.70%
978,966.43
Aaa / AA+
AAA
3.92
3.77
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
12,000,000.00 Various
0.38%
11,998,515.63
11,998,665.33
100.36
0.29%
12,043,596.00
7,707.19
1.83%
44,930.67
Aaa / AA+
AAA
4.33
4.29
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
6,500,000.00 10/16/2020
0.32%
6,477,656.25
6,478,571.27
99.62
0.33%
6,475,371.50
4,151.79
0.99%
(3,199.77)
Aaa / AA+
AAA
4.75
4.71
91282CBC4 US Treasury Note
0.375% Due 12/31/2025
7,000,000.00 12/29/2020
0.38%
6,999,453.13
6,999,453.43
100.08
0.36%
7,005,467.00
72.51
1.07%
6,013.57
Aaa / AA+
AAA
5.00
4.95
TOTAL US Treasury 216,404,744.00 1.61%
214,966,265.58
215,968,719.47 0.07%
224,208,963.46
582,226.15
34.18%
8,240,243.99
Aaa / AA+
Aaa
2.63
2.58
TOTAL PORTFOLIO 632,352,583.81 1.80%
632,986,846.50
633,352,660.24 0.22%
655,005,456.04
2,623,087.03
100.00%
21,652,795.80
Aa1 / AA+
Aaa
2.62
2.44
TOTAL MARKET VALUEPLUS ACCRUALS 657,628,543.07
As of December 31, 2020
48
Holdings Report
Orange County Sanitation District Liquid - Account #10282
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Agency
313385AD8 FHLB Discount Note
0.160% Due 01/04/2021
1,500,000.00 04/30/2020
0.16%
1,498,340.00
1,499,980.00
100.00
0.16%
1,499,980.00
0.00
0.66%
0.00
P-1 / A-1+
F-1+
0.01
0.01
313385AX4 FHLB Discount Note
0.073% Due 01/22/2021
9,000,000.00 12/28/2020
0.07%
8,999,543.75
8,999,616.75
100.00
0.07%
8,999,616.75
0.00
3.99%
0.00
P-1 / A-1+
F-1+
0.06
0.06
313385BL9 FHLB Discount Note
0.085% Due 02/04/2021
9,000,000.00 12/29/2020
0.09%
8,999,213.75
8,999,277.50
99.99
0.09%
8,999,277.50
0.00
3.99%
0.00
P-1 / A-1+
F-1+
0.10
0.10
TOTAL Agency 19,500,000.00 0.09%
19,497,097.50
19,498,874.25 0.09%
19,498,874.25
0.00
8.64%
0.00
Aaa / AAA
Aaa
0.07
0.07
Corporate
89114QBX5 Toronto Dominion Bank Note
2.550% Due 01/25/2021
1,750,000.00 05/06/2020
0.56%
1,774,762.50
1,752,268.32
100.12
0.76%
1,752,080.75
19,337.50
0.78%
(187.57)
Aa1 / AA-
AA
0.07
0.07
494368BF9 Kimberly-Clark Note
3.875% Due 03/01/2021
750,000.00 05/14/2020
0.66%
768,877.50
753,880.74
100.53
0.66%
754,007.25
9,687.50
0.34%
126.51
A2 / A
NR
0.16
0.17
69371RN93 Paccar Financial Corp Note
2.800% Due 03/01/2021
600,000.00 09/08/2020
0.25%
607,086.00
602,488.54
100.34
0.74%
602,052.00
5,600.00
0.27%
(436.54)
A1 / A+
NR
0.16
0.17
037833AR1 Apple Inc Note
2.850% Due 05/06/2021
1,155,000.00 05/08/2020
0.44%
1,182,327.30
1,164,515.08
100.81
0.50%
1,164,387.84
5,029.06
0.52%
(127.24)
Aa1 / AA+
NR
0.35
0.35
89236TBJ3 Toyota Motor Credit Corp Note
2.750% Due 05/17/2021
1,500,000.00 09/28/2020
0.28%
1,523,295.00
1,513,834.59
100.90
0.35%
1,513,563.00
5,041.67
0.67%
(271.59)
A1 / A+
A+
0.38
0.38
808513AW5 Charles Schwab Corp Callable Note Cont 4/21/2021
3.250% Due 05/21/2021
1,385,000.00 05/26/2020
0.47%
1,419,472.65
1,396,560.95
100.90
0.31%
1,397,399.91
5,001.39
0.62%
838.96
A2 / A
A
0.39
0.31
TOTAL Corporate 7,140,000.00 0.45%
7,275,820.95
7,183,548.22 0.53%
7,183,490.75
49,697.12
3.20%
(57.47)
A1 / A+
A+
0.26
0.24
Money Market Fund FI
31846V567 First American Govt Obligation MMKT Class-Z 10,599,075.52 Various
0.03%
10,599,075.52
10,599,075.52
1.00
0.03%
10,599,075.52
0.00
4.70%
0.00
Aaa / AAA
AAA
0.00
0.00
TOTAL Money Market Fund FI 10,599,075.52 0.03%
10,599,075.52
10,599,075.52 0.03%
10,599,075.52
0.00
4.70%
0.00
Aaa / AAA
Aaa
0.00
0.00
Negotiable CD
78012UVJ1 Royal Bank of Canada Yankee CD
1.000% Due 02/19/2021
1,500,000.00 04/20/2020
1.00%
1,500,000.00
1,500,000.00
100.12
0.17%
1,501,732.50
10,625.00
0.67%
1,732.50
P-1 / A-1+
F-1+
0.14
0.14
As of December 31, 2020
49
Holdings Report
Orange County Sanitation District Liquid - Account #10282
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
55380TMD9 MUFG Bank Yankee CD
0.240% Due 04/21/2021
2,500,000.00 12/21/2020
0.24%
2,500,000.00
2,500,000.00
100.00
0.24%
2,500,000.00
183.33
1.11%
0.00
P-1 / A-1
F-1
0.30
0.30
TOTAL Negotiable CD 4,000,000.00 0.53%
4,000,000.00
4,000,000.00 0.21%
4,001,732.50
10,808.33
1.78%
1,732.50
Aaa / AA+
AA+
0.24
0.24
Supranational
459058FH1 Intl. Bank Recon & Development Note
1.375% Due 05/24/2021
1,000,000.00 06/19/2020
0.22%
1,010,570.00
1,004,511.97
100.45
0.24%
1,004,489.00
1,413.19
0.45%
(22.97)
Aaa / AAA
AAA
0.39
0.40
TOTAL Supranational 1,000,000.00 0.22%
1,010,570.00
1,004,511.97 0.24%
1,004,489.00
1,413.19
0.45%
(22.97)
Aaa / AAA
Aaa
0.39
0.40
US Treasury
912796UC1 US Treasury Bill
0.149% Due 01/28/2021
58,250,000.00 Various
0.15%
58,193,363.48
58,243,479.69
99.99
0.15%
58,243,479.69
0.00
25.81%
0.00
P-1 / A-1+
F-1+
0.08
0.08
912796XE4 US Treasury Bill
0.126% Due 02/25/2021
10,000,000.00 Various
0.13%
9,991,378.33
9,998,075.00
99.98
0.13%
9,998,075.00
0.00
4.43%
0.00
P-1 / A-1+
F-1+
0.15
0.15
912828WR7 US Treasury Note
2.125% Due 06/30/2021
8,000,000.00 Various
0.12%
8,118,398.44
8,079,193.78
100.99
0.14%
8,079,376.00
469.61
3.58%
182.22
Aaa / AA+
AAA
0.50
0.50
9128287A2 US Treasury Note
1.625% Due 06/30/2021
19,000,000.00 Various
0.10%
19,180,937.51
19,143,300.56
100.74
0.14%
19,141,018.00
852.91
8.48%
(2,282.56)
Aaa / AA+
AAA
0.50
0.50
912828S27 US Treasury Note
1.125% Due 06/30/2021
27,000,000.00 12/28/2020
0.09%
27,141,328.14
27,139,011.30
100.50
0.12%
27,135,000.00
839.10
12.02%
(4,011.30)
Aaa / AA+
AAA
0.50
0.50
912828WY2 US Treasury Note
2.250% Due 07/31/2021
8,000,000.00 Various
0.12%
8,144,296.88
8,098,575.69
101.23
0.15%
8,098,128.00
75,326.08
3.62%
(447.69)
Aaa / AA+
AAA
0.58
0.58
912828S76 US Treasury Note
1.125% Due 07/31/2021
43,000,000.00 Various
0.10%
43,267,968.77
43,256,528.08
100.59
0.12%
43,251,937.00
202,438.84
19.25%
(4,591.08)
Aaa / AA+
AAA
0.58
0.58
912828YC8 US Treasury Note
1.500% Due 08/31/2021
9,000,000.00 12/28/2020
0.09%
9,084,726.56
9,083,689.09
100.92
0.11%
9,082,971.00
45,870.17
4.04%
(718.09)
Aaa / AA+
AAA
0.67
0.66
TOTAL US Treasury 182,250,000.00 0.12%
183,122,398.11
183,041,853.19 0.14%
183,029,984.69
325,796.71
81.24%
(11,868.50)
Aaa / AAA
Aaa
0.38
0.38
TOTAL PORTFOLIO 224,489,075.52 0.13%
225,504,962.08
225,327,863.15 0.14%
225,317,646.71
387,715.35
100.00%
(10,216.44)
Aaa / AAA
Aaa
0.33
0.33
TOTAL MARKET VALUEPLUS ACCRUALS 225,705,362.06
As of December 31, 2020
50
Holdings Report
OCSE Lehman Exposure -Account #10284
CUSIP SecurityDescription Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
MarketValue
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 12/31/2020
60,641.49 11/21/2014
0.00%
57,842.64
57,842.64
0.42
0.00%
25,621.03
0.00
46.80%
(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
46.80%
(32,221.61)
NR / NR
NR
0.00
0.00
Corporate
525ESCIB7 Lehman Brothers Note-Defaulted
0.000% Due 01/24/2021
600,000.00 09/19/2008
0.00%
318,131.38
318,131.38
1.12
0.00%
6,720.00
0.00
12.28%
(311,411.38)
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%
1,025,037.05
1,025,037.05
1.12
0.00%
22,400.00
0.00
40.92%
(1,002,637.05)
NR / NR
NR
28.83
0.00
TOTAL Corporate 2,600,000.00 0.00%
1,343,168.43
1,343,168.43 0.00%
29,120.00
0.00
53.20%
(1,314,048.43)
NR / NR
NR
22.19
0.00
TOTAL PORTFOLIO 2,660,641.49 0.00%
1,401,011.07
1,401,011.07 0.00%
54,741.03
0.00
100.00%
(1,346,270.04)
NR / NR
NR
11.80
0.00
TOTAL MARKET VALUEPLUS ACCRUALS 54,741.03
As of December 31, 2020
51
SECTION ||||||||||||||Section 5 |Transactions
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
ACQUISITIONS
Purchase 10/19/2020 91282CAM3 6,500,000.00 US Treasury Note
0.25% Due: 09/30/2025
99.656 0.32% 6,477,656.25 848.21 6,478,504.46 0.00
Purchase 10/28/2020 459058JL8 6,920,000.00 Intl. Bank Recon & Development Note
0.5% Due: 10/28/2025
99.887 0.52% 6,912,180.40 0.00 6,912,180.40 0.00
Purchase 10/30/2020 00440EAS6 2,000,000.00 Chubb INA Holdings Inc Note
3.15% Due: 03/15/2025
110.187 0.78% 2,203,740.00 7,875.00 2,211,615.00 0.00
Purchase 11/12/2020 3135G06G3 8,255,000.00 FNMA Note
0.5% Due: 11/07/2025
99.642 0.57% 8,225,447.10 0.00 8,225,447.10 0.00
Purchase 11/25/2020 06417MMB8 5,000,000.00 Bank of Nova Scotia Houston Yankee CD
0.28% Due: 11/24/2021
100.000 0.28% 5,000,000.00 0.00 5,000,000.00 0.00
Purchase 12/30/2020 9127963W7 15,000,000.00 US Treasury Bill
0.085% Due: 02/04/2021
99.992 0.09% 14,998,725.00 0.00 14,998,725.00 0.00
Purchase 12/30/2020 91282CBA8 6,500,000.00 US Treasury Note
0.125% Due: 12/15/2023
99.867 0.17% 6,491,367.19 334.82 6,491,702.01 0.00
Purchase 12/31/2020 91282CBC4 7,000,000.00 US Treasury Note
0.375% Due: 12/31/2025
99.992 0.38% 6,999,453.13 0.00 6,999,453.13 0.00
Subtotal 57,175,000.00 57,308,569.07 9,058.03 57,317,627.10 0.00
Security
Contribution
10/31/2020 912828WU0 36,504.00 US Treasury Inflation Index Note
0.125% Due: 07/15/2024
100.000 36,504.00 13.39 36,517.39 0.00
Security
Contribution
11/30/2020 912828WU0 16,432.00 US Treasury Inflation Index Note
0.125% Due: 07/15/2024
100.000 16,432.00 7.70 16,439.70 0.00
September 30, 2020 through December 31, 2020
As of December 31, 2020
53
Transaction Ledger
Orange County Sanitation District Long Term - Account #10268
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Security
Contribution
12/31/2020 912828WU0 5,200.00 US Treasury Inflation Index Note
0.125% Due: 07/15/2024
100.000 5,200.00 2.99 5,202.99 0.00
Subtotal 58,136.00 58,136.00 24.08 58,160.08 0.00
TOTAL ACQUISITIONS 57,233,136.00 57,366,705.07 9,082.11 57,375,787.18 0.00
DISPOSITIONS
Sale 10/19/2020 912828N89 6,000,000.00 US Treasury Note
1.375% Due: 01/31/2021
100.355 1.71% 6,021,328.13 17,934.78 6,039,262.91 28,484.65
Sale 10/22/2020 912828L99 6,500,000.00 US Treasury Note
1.375% Due: 10/31/2020
100.035 1.77% 6,502,285.16 42,501.70 6,544,786.86 2,950.34
Sale 11/10/2020 3135G0F73 7,500,000.00 FNMA Note
1.5% Due: 11/30/2020
100.079 1.87% 7,505,925.00 50,000.00 7,555,925.00 7,352.99
Subtotal 20,000,000.00 20,029,538.29 110,436.48 20,139,974.77 38,787.98
Maturity 11/01/2020 64971M5E8 1,400,000.00 New York NY TE-REV
4.075% Due: 11/01/2020
100.000 4.08% 1,400,000.00 0.00 1,400,000.00 0.00
Maturity 11/17/2020 3137EAEK1 5,000,000.00 FHLMC Note
1.875% Due: 11/17/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Subtotal 6,400,000.00 6,400,000.00 0.00 6,400,000.00 0.00
TOTAL DISPOSITIONS 26,400,000.00 26,429,538.29 110,436.48 26,539,974.77 38,787.98
September 30, 2020 through December 31, 2020
As of December 31, 2020
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
ACQUISITIONS
Purchase 10/14/2020 912828WR7 5,000,000.00 US Treasury Note
2.125% Due: 06/30/2021
101.426 0.12% 5,071,289.06 30,604.62 5,101,893.68 0.00
Purchase 10/27/2020 9128287A2 5,000,000.00 US Treasury Note
1.625% Due: 06/30/2021
101.016 0.12% 5,050,781.25 26,273.78 5,077,055.03 0.00
Purchase 10/27/2020 912828S76 5,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.758 0.13% 5,037,890.63 13,451.09 5,051,341.72 0.00
Purchase 10/30/2020 9128287A2 4,000,000.00 US Treasury Note
1.625% Due: 06/30/2021
101.008 0.12% 4,040,312.50 21,548.91 4,061,861.41 0.00
Purchase 11/30/2020 9128287A2 5,000,000.00 US Treasury Note
1.625% Due: 06/30/2021
100.898 0.09% 5,044,921.88 33,780.57 5,078,702.45 0.00
Purchase 11/30/2020 9128287A2 5,000,000.00 US Treasury Note
1.625% Due: 06/30/2021
100.898 0.09% 5,044,921.88 33,780.57 5,078,702.45 0.00
Purchase 12/21/2020 55380TMD9 2,500,000.00 MUFG Bank Yankee CD
0.24% Due: 04/21/2021
100.000 0.24% 2,500,000.00 0.00 2,500,000.00 0.00
Purchase 12/28/2020 313385AX4 9,000,000.00 FHLB Discount Note
0.073% Due: 01/22/2021
99.995 0.07% 8,999,543.75 0.00 8,999,543.75 0.00
Purchase 12/29/2020 313385BL9 9,000,000.00 FHLB Discount Note
0.085% Due: 02/04/2021
99.991 0.09% 8,999,213.75 0.00 8,999,213.75 0.00
Purchase 12/29/2020 912828S27 9,000,000.00 US Treasury Note
1.125% Due: 06/30/2021
100.523 0.09% 9,047,109.38 50,074.73 9,097,184.11 0.00
Purchase 12/29/2020 912828S27 9,000,000.00 US Treasury Note
1.125% Due: 06/30/2021
100.523 0.09% 9,047,109.38 50,074.73 9,097,184.11 0.00
Purchase 12/29/2020 912828S27 9,000,000.00 US Treasury Note
1.125% Due: 06/30/2021
100.523 0.09% 9,047,109.38 50,074.73 9,097,184.11 0.00
Purchase 12/29/2020 912828S76 9,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.10% 9,054,492.19 41,545.52 9,096,037.71 0.00
Purchase 12/29/2020 912828YC8 9,000,000.00 US Treasury Note
1.5% Due: 08/31/2021
100.941 0.09% 9,084,726.56 44,751.38 9,129,477.94 0.00
Purchase 12/30/2020 912828S76 6,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.09% 6,036,328.13 27,880.43 6,064,208.56 0.00
Purchase 12/30/2020 912828S76 9,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.09% 9,054,492.19 41,820.65 9,096,312.84 0.00
September 30, 2020 through December 31, 2020
As of December 31, 2020
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
Purchase 12/30/2020 912828S76 9,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.09% 9,054,492.19 41,820.65 9,096,312.84 0.00
Purchase 12/30/2020 912828S76 5,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.09% 5,030,273.44 23,233.70 5,053,507.14 0.00
Subtotal 123,500,000.00 124,245,007.54 530,716.06 124,775,723.60 0.00
TOTAL ACQUISITIONS 123,500,000.00
124,245,007.5
4 530,716.06 124,775,723.60 0.00
DISPOSITIONS
Maturity 10/08/2020 912796TN9 5,000,000.00 US Treasury Bill
0.113% Due: 10/08/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 10/13/2020 313384K57 6,500,000.00 FHLB Discount Note
0.12% Due: 10/13/2020
100.000 6,500,000.00 0.00 6,500,000.00 0.00
Maturity 10/15/2020 46625HHU7 1,160,000.00 JP Morgan Chase Note
4.25% Due: 10/15/2020
100.000 1,160,000.00 0.00 1,160,000.00 0.00
Maturity 10/22/2020 9127962S7 5,000,000.00 US Treasury Bill
0.109% Due: 10/22/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 11/03/2020 00440EAT4 500,000.00 Chubb INA Holdings Inc Callable Note Cont
10/3/2020
2.3% Due: 11/03/2020
100.000 500,000.00 0.00 500,000.00 0.00
Maturity 11/05/2020 912796TP4 5,000,000.00 US Treasury Bill
0.1% Due: 11/05/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 11/23/2020 89233GLP9 1,500,000.00 Toyota Motor Credit Discount CP
0.26% Due: 11/23/2020
99.915 1,500,000.00 0.00 1,500,000.00 0.00
Maturity 11/24/2020 313384Q77 4,800,000.00 FHLB Discount Note
0.12% Due: 11/24/2020
100.000 4,800,000.00 0.00 4,800,000.00 0.00
Maturity 12/14/2020 92826CAB8 500,000.00 Visa Inc Callable Note Cont 11/14/2020
2.2% Due: 12/14/2020
100.000 500,000.00 0.00 500,000.00 0.00
September 30, 2020 through December 31, 2020
As of December 31, 2020
56
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 12/31/2020 912796TY5 5,000,000.00 US Treasury Bill
0.136% Due: 12/31/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Subtotal 34,960,000.00 34,960,000.00 0.00 34,960,000.00 0.00
TOTAL DISPOSITIONS 34,960,000.00 34,960,000.00 0.00 34,960,000.00 0.00
September 30, 2020 through December 31, 2020
As of December 31, 2020
57
Transaction Ledger
Orange County Sanitation District Consolidated - Account #10283
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/14/2020 912828WR7 5,000,000.00 US Treasury Note
2.125% Due: 06/30/2021
101.426 0.12% 5,071,289.06 30,604.62 5,101,893.68 0.00
Purchase 10/19/2020 91282CAM3 6,500,000.00 US Treasury Note
0.25% Due: 09/30/2025
99.656 0.32% 6,477,656.25 848.21 6,478,504.46 0.00
Purchase 10/27/2020 9128287A2 5,000,000.00 US Treasury Note
1.625% Due: 06/30/2021
101.016 0.12% 5,050,781.25 26,273.78 5,077,055.03 0.00
Purchase 10/27/2020 912828S76 5,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.758 0.13% 5,037,890.63 13,451.09 5,051,341.72 0.00
Purchase 10/28/2020 459058JL8 6,920,000.00 Intl. Bank Recon & Development Note
0.5% Due: 10/28/2025
99.887 0.52% 6,912,180.40 0.00 6,912,180.40 0.00
Purchase 10/30/2020 00440EAS6 2,000,000.00 Chubb INA Holdings Inc Note
3.15% Due: 03/15/2025
110.187 0.78% 2,203,740.00 7,875.00 2,211,615.00 0.00
Purchase 10/30/2020 9128287A2 4,000,000.00 US Treasury Note
1.625% Due: 06/30/2021
101.008 0.12% 4,040,312.50 21,548.91 4,061,861.41 0.00
Purchase 11/12/2020 3135G06G3 8,255,000.00 FNMA Note
0.5% Due: 11/07/2025
99.642 0.57% 8,225,447.10 0.00 8,225,447.10 0.00
Purchase 11/25/2020 06417MMB8 5,000,000.00 Bank of Nova Scotia Houston Yankee CD
0.28% Due: 11/24/2021
100.000 0.28% 5,000,000.00 0.00 5,000,000.00 0.00
Purchase 11/30/2020 9128287A2 5,000,000.00 US Treasury Note
1.625% Due: 06/30/2021
100.898 0.09% 5,044,921.88 33,780.57 5,078,702.45 0.00
Purchase 11/30/2020 9128287A2 5,000,000.00 US Treasury Note
1.625% Due: 06/30/2021
100.898 0.09% 5,044,921.88 33,780.57 5,078,702.45 0.00
Purchase 12/21/2020 55380TMD9 2,500,000.00 MUFG Bank Yankee CD
0.24% Due: 04/21/2021
100.000 0.24% 2,500,000.00 0.00 2,500,000.00 0.00
Purchase 12/28/2020 313385AX4 9,000,000.00 FHLB Discount Note
0.073% Due: 01/22/2021
99.995 0.07% 8,999,543.75 0.00 8,999,543.75 0.00
Purchase 12/29/2020 313385BL9 9,000,000.00 FHLB Discount Note
0.085% Due: 02/04/2021
99.991 0.09% 8,999,213.75 0.00 8,999,213.75 0.00
Purchase 12/29/2020 912828S27 9,000,000.00 US Treasury Note
1.125% Due: 06/30/2021
100.523 0.09% 9,047,109.38 50,074.73 9,097,184.11 0.00
Purchase 12/29/2020 912828S27 9,000,000.00 US Treasury Note
1.125% Due: 06/30/2021
100.523 0.09% 9,047,109.38 50,074.73 9,097,184.11 0.00
September 30, 2020 through December 31, 2020
As of December 31, 2020
58
Transaction Ledger
Orange County Sanitation District Consolidated - Account #10283
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Purchase 12/29/2020 912828S27 9,000,000.00 US Treasury Note
1.125% Due: 06/30/2021
100.523 0.09% 9,047,109.38 50,074.73 9,097,184.11 0.00
Purchase 12/29/2020 912828S76 9,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.10% 9,054,492.19 41,545.52 9,096,037.71 0.00
Purchase 12/29/2020 912828YC8 9,000,000.00 US Treasury Note
1.5% Due: 08/31/2021
100.941 0.09% 9,084,726.56 44,751.38 9,129,477.94 0.00
Purchase 12/30/2020 9127963W7 15,000,000.00 US Treasury Bill
0.085% Due: 02/04/2021
99.992 0.09% 14,998,725.00 0.00 14,998,725.00 0.00
Purchase 12/30/2020 912828S76 6,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.09% 6,036,328.13 27,880.43 6,064,208.56 0.00
Purchase 12/30/2020 912828S76 9,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.09% 9,054,492.19 41,820.65 9,096,312.84 0.00
Purchase 12/30/2020 912828S76 9,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.09% 9,054,492.19 41,820.65 9,096,312.84 0.00
Purchase 12/30/2020 912828S76 5,000,000.00 US Treasury Note
1.125% Due: 07/31/2021
100.605 0.09% 5,030,273.44 23,233.70 5,053,507.14 0.00
Purchase 12/30/2020 91282CBA8 6,500,000.00 US Treasury Note
0.125% Due: 12/15/2023
99.867 0.17% 6,491,367.19 334.82 6,491,702.01 0.00
Purchase 12/31/2020 91282CBC4 7,000,000.00 US Treasury Note
0.375% Due: 12/31/2025
99.992 0.38% 6,999,453.13 0.00 6,999,453.13 0.00
Subtotal 180,675,000.00 181,553,576.61 539,774.09 182,093,350.70 0.00
Security
Contribution
10/31/2020 912828WU0 36,504.00 US Treasury Inflation Index Note
0.125% Due: 07/15/2024
100.000 36,504.00 13.39 36,517.39 0.00
Security
Contribution
11/30/2020 912828WU0 16,432.00 US Treasury Inflation Index Note
0.125% Due: 07/15/2024
100.000 16,432.00 7.70 16,439.70 0.00
September 30, 2020 through December 31, 2020
As of December 31, 2020
59
Transaction Ledger
Orange County Sanitation District Consolidated - Account #10283
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Security
Contribution
12/31/2020 912828WU0 5,200.00 US Treasury Inflation Index Note
0.125% Due: 07/15/2024
100.000 5,200.00 2.99 5,202.99 0.00
Subtotal 58,136.00 58,136.00 24.08 58,160.08 0.00
TOTAL ACQUISITIONS 180,733,136.00
181,611,712.6
1 539,798.17 182,151,510.78 0.00
DISPOSITIONS
Sale 10/19/2020 912828N89 6,000,000.00 US Treasury Note
1.375% Due: 01/31/2021
100.355 1.71% 6,021,328.13 17,934.78 6,039,262.91 28,484.65
Sale 10/22/2020 912828L99 6,500,000.00 US Treasury Note
1.375% Due: 10/31/2020
100.035 1.77% 6,502,285.16 42,501.70 6,544,786.86 2,950.34
Sale 11/10/2020 3135G0F73 7,500,000.00 FNMA Note
1.5% Due: 11/30/2020
100.079 1.87% 7,505,925.00 50,000.00 7,555,925.00 7,352.99
Subtotal 20,000,000.00 20,029,538.29 110,436.48 20,139,974.77 38,787.98
Maturity 10/08/2020 912796TN9 5,000,000.00 US Treasury Bill
0.113% Due: 10/08/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 10/13/2020 313384K57 6,500,000.00 FHLB Discount Note
0.12% Due: 10/13/2020
100.000 6,500,000.00 0.00 6,500,000.00 0.00
Maturity 10/15/2020 46625HHU7 1,160,000.00 JP Morgan Chase Note
4.25% Due: 10/15/2020
100.000 1,160,000.00 0.00 1,160,000.00 0.00
Maturity 10/22/2020 9127962S7 5,000,000.00 US Treasury Bill
0.109% Due: 10/22/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 11/01/2020 64971M5E8 1,400,000.00 New York NY TE-REV
4.075% Due: 11/01/2020
100.000 4.08% 1,400,000.00 0.00 1,400,000.00 0.00
Maturity 11/03/2020 00440EAT4 500,000.00 Chubb INA Holdings Inc Callable Note Cont
10/3/2020
2.3% Due: 11/03/2020
100.000 500,000.00 0.00 500,000.00 0.00
September 30, 2020 through December 31, 2020
As of December 31, 2020
60
Transaction Ledger
Orange County Sanitation District Consolidated - Account #10283
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Maturity 11/05/2020 912796TP4 5,000,000.00 US Treasury Bill
0.1% Due: 11/05/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 11/17/2020 3137EAEK1 5,000,000.00 FHLMC Note
1.875% Due: 11/17/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 11/23/2020 89233GLP9 1,500,000.00 Toyota Motor Credit Discount CP
0.26% Due: 11/23/2020
99.915 1,500,000.00 0.00 1,500,000.00 0.00
Maturity 11/24/2020 313384Q77 4,800,000.00 FHLB Discount Note
0.12% Due: 11/24/2020
100.000 4,800,000.00 0.00 4,800,000.00 0.00
Maturity 12/14/2020 92826CAB8 500,000.00 Visa Inc Callable Note Cont 11/14/2020
2.2% Due: 12/14/2020
100.000 500,000.00 0.00 500,000.00 0.00
Maturity 12/31/2020 912796TY5 5,000,000.00 US Treasury Bill
0.136% Due: 12/31/2020
100.000 5,000,000.00 0.00 5,000,000.00 0.00
Subtotal 41,360,000.00 41,360,000.00 0.00 41,360,000.00 0.00
TOTAL DISPOSITIONS 61,360,000.00 61,389,538.29 110,436.48 61,499,974.77 38,787.98
Other Transactions
Cash Capital
Distribution
10/01/2020 525ESCIB7 0.00 Lehman Brothers Note-Defaulted
Due: 01/24/2021
0.000 472.22 0.00 472.22 0.00
Cash Capital
Distribution
10/02/2020 525ESC0Y6 0.00 Lehman Brothers Note-Defaulted
Due: 10/22/2049
0.000 1,568.51 0.00 1,568.51 0.00
Subtotal 0.00 2,040.73 0.00 2,040.73 0.00
TOTAL Other Transactions 0.00 2,040.73 0.00 2,040.73 0.00
September 30, 2020 through December 31, 2020
As of December 31, 2020
61
Transaction Ledger
OCSE Lehman Exposure -Account #10284
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Other Transactions
Cash Capital
Distribution
10/01/2020 525ESCIB7 0.00 Lehman Brothers Note-Defaulted
Due: 01/24/2021
0.000 472.22 0.00 472.22 0.00
Cash Capital
Distribution
10/02/2020 525ESC0Y6 0.00 Lehman Brothers Note-Defaulted
Due: 10/22/2049
0.000 1,568.51 0.00 1,568.51 0.00
Subtotal 0.00 2,040.73 0.00 2,040.73 0.00
TOTAL Other Transactions 0.00 2,040.73 0.00 2,040.73 0.00
September 30, 2020 through December 31, 2020
As of December 31, 2020
62
Important Disclosures
2020ChandlerAssetManagement,Inc,An IndependentRegisteredInvestmentAdviser.
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
Item5of ourFormADV 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,
contributionsor withdrawalsmay materiallyaltertheperformanceandresultsofyour 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
deductionof aninvestmentmanagementfee,theincurrenceofwhichwouldhave theeffectof decreasinghistoricalperformanceresults.Itis notpossibleto investdirectlyin 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 partysuppliers disclaim anyand
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 componentsthereof are provided on an "as is" basis andlicensee's use it at licensee's own risk.ICE data, its affiliates and their
respectivethirdparty do notsponsor,endorse,or recommendchandlerassetmanagement,or any of itsproductsor 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
substitutefortheexerciseoftheirownjudgment.
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
generalcoulddeclinedue toeconomicconditions,especiallyduring periodsofrisinginterestrates.
Ratingsinformationhave beenprovidedby Moody’s,S&P andFitchthroughdatafeedswe believetobe reliableas ofthe dateofthis statement,however wecannotguaranteeitsaccuracy.
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 paymentof bothprincipaland interestand carriesa AA+/Aaa/AAAby S&P,Moody’s andFitch respectively.
As of December 31, 2020
63
Benchmark Disclosures
ICE BAML 3-Month US Treasury Bill Index
The ICE BAML US 3-Month Treasury Bill Index is comprised of a single issuepurchased 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.
Pleasevisitwww.mlindex.ml.comformoreinformation)
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
moreinformation)
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
scheduleandaminimumamountoutstandingof$1billionforUSTreasuriesand$250millionforall othersecurities.(Index:BVA0.Pleasevisitwww.mlindex.ml.comformoreinformation)
As of December 31, 2020
64
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.
January 31, 2021
STAFF REPORT
Mid-Year Certificates of Participation (COP) Report
for the Period Ended December 31, 2020
Summary
The Orange County Sanitation District (Sanitation District) began issuing Certificates of Participation (COPs) in 1990. These COPs were a part of our long-term financing plan that included both variable interest rate and traditional fixed rate borrowing. Following are the current outstanding debt issues of the Sanitation District:
In May 2010, the Sanitation District issued $80 million of fixed rate BABs, Series 2010A at a true interest cost of 3.68 percent for the issue. In December 2010, the Sanitation District issued $157 million of fixed rate BABs, Series 2010C at a true interest cost of 4.11 percent for the issue.
In October 2011, the Sanitation District issued $147.595 million of fixed rate COPs, Series 2011A refunding a portion of the Series 2000 variable rate debt and a portion of the Series 2003 fixed rate debt. The true interest cost for the issue is 2.61 percent.
In March 2012, the Sanitation District issued $100.645 million of fixed rate COPs, Series 2012A refunding the Series 2003 fixed rate debt. The true interest cost for the issue is 3.54 percent. In August 2012, the Sanitation District 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 the Sanitation District.
In August 2014, the Sanitation District issued $85.09 million of fixed rate COPs, Series 2014A, refunding a portion of Series 2007B debt. The true interest cost for the issue is 2.34 percent.
In February 2015, the Sanitation District 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.
Mid-Year COP Report For the Period Ended December 31, 2020 Page 2 of 2
In March 2016, the Sanitation District issued $145.88 million of fixed rate CANs, Series 2016A, refunding $162.78 million of the Series 2009A fixed rate debt. The true interest cost for the issue is 3.02 percent.
In February 2017, the Sanitation District issued $66.37 million of fixed rate COPs, Series 2017A, refunding $91.885 million of the Series 2007A debt. The true interest cost for the issue is 2.55 percent.
In November 2018, the Sanitation District 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, "COP Rate History Report,” shows the various fixed interest rates of the Sanitation District’s ten debt issues.
Attachment
1. Graph - COP Rate History Report
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DATE
COP RATE HISTORY REPORT
DECEMBER 2020
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 2020-21 Mid-Year Financial Report
This Page Intentionally Left Blank
ORANGE COUNTY SANITATION DISTRICTFINANCIAL MANAGEMENT DIVISION
10844 Ellis Avenue
Fountain Valley, California 92708-7018
714.962.2411
www.ocsan.gov
12/31/20
ADMINISTRATION COMMITTEE
Agenda Report
Administration Building
10844 Ellis Avenue
Fountain Valley, CA 92708
(714) 593-7433
File #:2020-1366 Agenda Date:2/10/2021 Agenda Item No:4.
FROM:James D. Herberg, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
BUSINESS ANALYSIS SERVICES FOR RESOURCE PROTECTION DIVISION
GENERAL MANAGER'S RECOMMENDATION
RECOMMENDATION: Recommend to the Board of Directors to:
A. Award a Professional Consultant Services Agreement to EEC Environmental, Inc. for
Pretreatment Program Consulting Services, for the procurement of Business Analysis services
to document Resource Protection division business processes, Specification No. CS-2020-
1167BD, for a total amount not to exceed $385,625; and
B. Approve a contingency in the amount of $38,563 (10%).
BACKGROUND
Historically,the Pretreatment Program work process,documentation,and data management were
automated using computer applications developed in-house by the Orange County Sanitation
District’s (Sanitation District)Information Technology (IT)division.In 2016,the Sanitation District
implemented a vendor-customized commercial off-the-shelf (COTS)application based on the in-
house application.During this COTS implementation,hundreds of the Pretreatment Program
processes were automated,including management of over 200,000 data points each year.However,
the COTS application is not currently configured to support all of the needed work processes and
new regulatory requirements.Consequently,the automation has become outdated and difficult to
restore.
RELEVANT STANDARDS
·Comply with environmental permit requirements
·Ensure the public’s money is wisely spent
·Maintain a culture of improving efficiency to reduce the cost to provide the current service level
or standard
·Protect OC San assets
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File #:2020-1366 Agenda Date:2/10/2021 Agenda Item No:4.
PROBLEM
The Sanitation District has the need to document and update business processes to meet State and
Federal environmental regulations and electronic data submittal requirements,while maximizing
effective automation of the Pretreatment Program.The existing COTS application is out of date and
requires excessive staff time and effort.
PROPOSED SOLUTION
Procure the services of a consultant to gather information,research current regulations,and
document Pretreatment Program business processes to restore effective work process automation.
TIMING CONCERNS
Electronic data submittal requirements from the USEPA will become effective on 12/21/2025.The
proposed business analysis effort is the first step leading to the selection,development,and
implementation of a new automated application.
RAMIFICATIONS OF NOT TAKING ACTION
A decision not to award the Business Analysis services would result in continued lack of
documentation of business processes,potential compliance issues,and the inability to provide highly
automated software.
PRIOR COMMITTEE/BOARD ACTIONS
September 2013 -Approved a Professional Services Agreement with enfoTech &Consulting,Inc.,
Specification CS-2012-525BD,for Implementation of a Commercial-off-the-shelf Pretreatment
Information Management System,for an amount not to exceed $749,993;first year technical support
and maintenance for the amount of $65,266; and approved a contingency of $81,526 (10%).
ADDITIONAL INFORMATION
On July 13,2020,the Sanitation District issued a Request for Proposal (RFP)for Business Analysis
services;the RFP closed on September 15,2020.The Sanitation District received a single response
from EEC Environmental,Inc.A panel consisting of three Sanitation District staff reviewed and
ranked the proposal.Individual scoring was the chosen method of evaluation for this procurement.
Members of the team performed an independent review of the proposal and later met as a group with
the buyer to discuss their preliminary scores and discuss any questions/concerns they had.The
proposal was evaluated based on the following criteria:
CRITERION WEIGHT
1. Qualifications & Experience of Firm 25%
2. Proposed Staffing & Project Organization 20%
3. Work Plan 25%
4. Presentation/Interview 10%
5. Cost 20%
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File #:2020-1366 Agenda Date:2/10/2021 Agenda Item No:4.
CRITERION WEIGHT1. Qualifications & Experience of Firm 25%
2. Proposed Staffing & Project Organization 20%
3. Work Plan 25%
4. Presentation/Interview 10%
5. Cost 20%
The vendor was invited for an interview.The interview was conducted on October 8,2020.
Following the interview,the evaluation team scored the firm based on both the proposal and interview
using the evaluation criteria and weighting listed above.The proposal was accompanied by a sealed
cost proposal. The cost proposal was opened and negotiated.
Based on these results,staff recommends selection of EEC Environmental,Inc.for the procurement
of Business Analysis services to document Resource Protection division business processes for a
total amount not to exceed $385,625.The term of this Agreement will begin upon effective date of
Notice to Proceed.
CEQA
N/A
FINANCIAL CONSIDERATIONS
This request complies with authority levels of the Sanitation District's Purchasing Ordinance.This
item has been budgeted.(FY2020-21 and FY2021-22 Budget,Section 6,Page 36,Line item:
Professional & Contractual Services).
ATTACHMENT
The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda
package:
·Professional Consultant Services Agreement
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Orange County Sanitation District 1 of 10 Specification No. CS-2020-1167BD Version 080919
PROFESSIONAL CONSULTANT SERVICES AGREEMENT Pretreatment Program Consulting Services Specification No. CS-2020-1167BD
THIS AGREEMENT is made and entered into as of the date fully executed below, by and between
Orange County Sanitation District, with a principal place of business at 10844 Ellis Avenue, Fountain Valley, CA 92708 (hereinafter referred to as "OCSD") and EEC Environmental with a principal place of business at 1 City Boulevard West, Suite 1800, Orange, CA 92868 (hereinafter referred to as "Consultant") collectively referred to as the “Parties”. W I T N E S S E T H
WHEREAS, based on Consultant’s expertise and experience, OCSD desires to temporarily engage Consultant to provide Pretreatment Program Consulting Services "Services” as described in Exhibit “A”; and WHEREAS, Consultant submitted its Proposal, dated September 15, 2020; and WHEREAS, on February 24, 2021, the Board of Directors of OCSD, by minute order, authorized
execution of this Agreement between OCSD and Consultant; and WHEREAS, OCSD has chosen Consultant to conduct Services in accordance with Ordinance No.
OCSD-52. NOW, THEREFORE, in consideration of the mutual promises and mutual benefits exchanged
between the Parties, the Parties mutually agree as follows: 1. Introduction 1.1 This Agreement and all exhibits hereto (called the "Agreement") is made by OCSD and the Consultant. The terms and conditions herein exclusively govern the purchase of Services as described in Exhibit “A”. 1.2 Exhibits to this Agreement are incorporated by reference and made a part of this Agreement as though fully set forth at length herein. Exhibit “A” Scope of Work
Exhibit “B” Proposal submitted September 15, 2020 and Best and Final Offer submitted January 11, 2021 Exhibit “B-1” Sub-Milestone Costs submitted January 11, 2021
Exhibit “C” Acknowledgement of Insurance Requirements Exhibit “D” OCSD Contractor Safety Standards Exhibit “E” Human Resources Policies
1.3 In the event of any conflict or inconsistency between the provisions of this Agreement and any of the provisions of the exhibits hereto, the provisions of this Agreement shall in all respects govern and control. 1.4 This Agreement may not be modified, changed, or supplemented, nor may any obligations hereunder be waived or extensions of time for performance granted, except by written instrument signed by both Parties. 1.5 The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any section or provision hereof.
Orange County Sanitation District 2 of 10 Specification No. CS-2020-1167BD Version 080919
1.6 The term “days”, when used in the Agreement, shall mean calendar days, unless otherwise noted as workdays.
1.7 The term “workday”. Workdays are defined as all days that are not Saturday, Sunday, or OCSD observed holidays. OCSD review periods shall not include OCSD observed holidays.
1.8 OCSD holidays (non-working days) are as follows: New Year’s Day, Lincoln’s Birthday, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Veterans Day, Thanksgiving Day, Day after Thanksgiving, Christmas Eve, and Christmas Day. 1.9 Work Hours: All work with OCSD staff shall be scheduled Monday through Thursday, between the hours of 7:00 a.m. and 4:30 p.m. Pacific Time. OCSD will not pay for travel time. 1.10 Consultant shall provide OCSD with all required premiums and/or overtime work at no charge beyond the total amount of the Agreement.
1.11 Except as expressly provided otherwise, OCSD accepts no liability for any expenses, losses, or action incurred or undertaken by Consultant as a result of work performed in anticipation of purchases of said services by OCSD.
2. Scope of Work Subject to the terms of this Agreement, Consultant shall perform the Services identified in the Scope of Work, Exhibit “A”. Consultant warrants that all of its Services shall
be performed in a competent, professional, and satisfactory manner. 3. Modifications to Scope of Work Requests for modifications to the Scope of Work hereunder
can be made by OCSD at any time. All modifications must be made in writing and signed by both Parties. A review of the time required for the modification will be made by OCSD and the Agreement period adjusted accordingly. 4. Compensation Compensation to be paid by OCSD to Consultant for the Services provided under this Agreement shall be a total amount not to exceed Three Hundred Eighty-five Thousand, Six Hundred Twenty-five Dollars ($385,625.00). 5. California Department of Industrial Relations (DIR) Registration and Record of Wages 5.1 To the extent Consultant’s employees and/or subconsultants who will perform work for which Prevailing Wage Determinations have been issued by the DIR and as more specifically
defined under Labor Code Section 1720 et seq, Consultant and subconsultants shall comply with the registration requirements of Labor Code Section 1725.5. Pursuant to Labor Code Section 1771.4, the work is subject to compliance monitoring and enforcement by the DIR.
5.2 The Consultant and subconsultants shall maintain accurate payroll records and shall comply with all the provisions of Labor Code Section 1776, and shall submit payroll records to the
Labor Commissioner pursuant to Labor Code 1771.4(a)(3). Penalties for non-compliance with the requirements of Section 1776 may be deducted from progress payments per Section 1776. 5.3 Pursuant to Labor Code Section 1776, the Consultant and subconsultants shall furnish a copy of all certified payroll records to OCSD and/or general public upon request, provided the public request is made through OCSD, the Division of Apprenticeship Standards, or the Division of
Labor Standards Enforcement of the Department of Industrial Relations. 5.4 The Consultant and subconsultants shall comply with the job site notices posting requirements established by the Labor Commissioner per Title 8, California Code of Regulation Section 16461(e).
Orange County Sanitation District 3 of 10 Specification No. CS-2020-1167BD Version 080919
6. Payment and Invoicing 6.1 OCSD shall pay, net thirty (30) days, upon receipt and approval, by OCSD’s Project Manager
or designee, of itemized invoices submitted for Sub-milestones completed in accordance with Exhibit “A” and Exhibit “B-1”. OCSD, at its sole discretion, shall be the determining party as to whether the Sub-milestones have been satisfactorily completed.
6.2 Invoices shall be emailed by Consultant to OCSD Accounts Payable at APStaff@OCSD.com and “INVOICE” with the Purchase Order Number and CS-2020-1167BD shall be referenced in the subject line. 7. Audit Rights Consultant agrees that, during the term of this Agreement and for a period of three (3) years after its termination, OCSD shall have access to and the right to examine any directly pertinent books, documents, and records of Consultant relating to the invoices submitted by Consultant pursuant to this Agreement. 8. Commencement and Term The Services provided under this Agreement shall be completed within 730 calendar days from the effective date of the Notice to Proceed. 9. Extensions The term of this Agreement may be extended only by written instrument signed
by both Parties. 10. Performance Time is of the essence in the performance of the provisions hereof.
11. Termination 11.1 OCSD reserves the right to terminate this Agreement for its convenience, with or without
cause, in whole or in part, at any time, by written notice from OCSD. Upon receipt of a termination notice, Consultant shall immediately discontinue all work under this Agreement (unless the notice directs otherwise). OCSD shall thereafter, within thirty (30) days, pay Consultant for work performed (cost and fee) to the date of termination. Consultant expressly waives any claim to receive anticipated profits to be earned during the uncompleted portion of this Agreement. Such notice of termination shall terminate this Agreement and release OCSD from any further fee, cost or claim hereunder by Consultant other than for work performed to the date of termination. 11.2 OCSD reserves the right to terminate this Agreement immediately upon OCSD’s determination that Consultant is not complying with the Scope of Work requirements, if the
level of service is inadequate, or any other default of this Agreement. 11.3 OCSD may also immediately terminate for default of this Agreement in whole or in part by
written notice to Consultant:
• if Consultant becomes insolvent or files a petition under the Bankruptcy Act; or
• if Consultant sells its business; or
• if Consultant breaches any of the terms of this Agreement; or
• if total amount of compensation exceeds the amount authorized under this Agreement. 11.4 All OCSD property in the possession or control of Consultant shall be returned by Consultant to OCSD on demand, or at the termination of this Agreement, whichever occurs first. 12. Indemnification and Hold Harmless Provision Consultant shall assume all responsibility for damages to property and/or injuries to persons, including accidental death, which may arise out of or be caused by Consultant's services under this Agreement, or by its subconsultant(s) or by anyone directly or indirectly employed by Consultant, and whether such
Orange County Sanitation District 4 of 10 Specification No. CS-2020-1167BD Version 080919
damage or injury shall accrue or be discovered before or after the termination of the Agreement. Except as to the sole active negligence of or willful misconduct of OCSD,
Consultant shall indemnify, protect, defend and hold harmless OCSD, its elected and appointed officials, officers, agents and employees, from and against any and all claims, liabilities, damages or expenses of any nature, including attorneys' fees: (a) for injury to or
death of any person or damage to property or interference with the use of property, arising out of or in connection with Consultant's performance under the Agreement, and/or (b) on account of use of any copyrighted or uncopyrighted material, composition, or process, or any patented or unpatented invention, article or appliance, furnished or used under the Agreement, and/or (c) on account of any goods and services provided under this Agreement. This indemnification provision shall apply to any acts or omissions, willful misconduct, or negligent misconduct, whether active or passive, on the part of Consultant or anyone employed by or working under Consultant. To the maximum extent permitted by law, Consultant's duty to defend shall apply whether or not such claims, allegations, lawsuits, or proceedings have merit or are meritless, or which involve claims or allegations that any of the parties to be defended were actively, passively, or concurrently negligent, or which otherwise
assert that the parties to be defended are responsible, in whole or in part, for any loss, damage, or injury. Consultant agrees to provide this defense immediately upon written notice from OCSD, and with well qualified, adequately insured, and experienced legal counsel
acceptable to OCSD. This section shall survive the expiration or early termination of the Agreement.
13. Insurance Consultant and all subconsultants shall purchase and maintain, throughout the life of this Agreement and any periods of warranty or extensions, insurance in amounts equal to the requirements set forth in the signed Acknowledgement of Insurance Requirements,
Exhibit “C“. Consultant shall not commence work under this Agreement until all required insurance is obtained in a form acceptable to OCSD, nor shall Consultant allow any subconsultant to commence service pursuant to a subcontract until all insurance required of the subconsultant has been obtained. Failure to maintain required insurance coverage shall result in termination of this Agreement.
14. Key Personnel Personnel, as provided in Exhibit “B”, are considered “key” to the work under this Agreement and will be available for the term of the Agreement. No person designated as key under this Agreement shall be removed or replaced without prior written consent of OCSD. If OCSD asks Consultant to remove a person designated as key under this Agreement, Consultant agrees to do so immediately regardless of the reason, or the lack of reason, for
OCSD's request. Consultant shall assign only competent personnel to perform services pursuant to this Agreement.
15. Confidentiality and Non-Disclosure 15.1 Consultant acknowledges that in performing the Services hereunder, OCSD may have to disclose to Consultant orally and in writing certain confidential information that OCSD
considers proprietary and has developed at great expense and effort. 15.2 Consultant agrees to maintain in confidence and not disclose to any person, firm, or corporation, without OCSD's prior written consent, any trade secret or confidential information, knowledge or data relating to the products, process, or operation of OCSD.
15.3 Consultant further agrees to maintain in confidence and not to disclose to any person, firm, or corporation any data, information, technology, or material developed or obtained by Consultant during the term of this Agreement.
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15.4 Consultant agrees as follows:
• To use the confidential information only for the purposes described herein; to not reproduce the confidential information; to hold in confidence and protect the confidential information from dissemination to and use by anyone not a party to this Agreement; and to not use the confidential information to benefit itself or others.
• To restrict access to the confidential information to its Consultant or personnel of Consultant who (1) have a need to have such access and (2) have been advised of and have agreed in writing to treat such information in accordance with the terms of this Agreement.
• To return all confidential information in Consultant's possession upon termination of this Agreement or upon OCSD's request, whichever occurs first.
• To hold in confidence information and materials, if any, developed pursuant to the Services hereunder.
15.5 The provisions of this section shall survive termination or expiration of this Agreement and shall continue for so long as the material remains confidential.
16. Ownership of Documents All drawings, specifications, reports, records, documents, memoranda, correspondence, computations, and other materials prepared by Consultant, its employees, subconsultants, and agents in the performance of this Agreement shall be the property of OCSD and shall be promptly delivered to OCSD upon request of OCSD’s Project
Manager or designee, or upon the termination of this Agreement, and Consultant shall have no claim for further employment or additional compensation as a result of the exercise by OCSD of its full rights of ownership of the documents and materials hereunder. Any use of such completed documents for other projects and/or use of incomplete documents without specific written authorization by the Consultant will be at OCSD's sole risk and without liability to Consultant. Consultant shall ensure that all its subconsultants shall provide for assignment to OCSD of any documents or materials prepared by them.
17. Ownership of Intellectual Property 17.1 Consultant agrees that all designs, plans, reports, specifications, drawings, schematics, prototypes, models, inventions, and all other information and items made during the course of this Agreement and arising from the Services (hereinafter referred to as "New Developments") shall be and are assigned to OCSD as its sole and exclusive property. 17.2 Consultant agrees to promptly disclose to OCSD all such New Developments. Upon OCSD's request, Consultant agrees to assist OCSD, at OCSD's expense, to obtain patents or
copyrights for such New Developments, including the disclosure of all pertinent information and data with respect thereto, the execution of all applications, specifications, assignments, and all other instruments and papers which OCSD shall deem necessary to apply for and to assign or convey to OCSD, its successors and assigns, the sole and exclusive right, title and interest in such New Developments. Consultant agrees to obtain or has obtained written assurances from its employees and contract personnel of their agreement to the terms hereof with regard to New Developments and confidential information. 17.3 Consultant warrants that Consultant has good title to any New Developments, and the right to assign New Developments to OCSD free of any proprietary rights of any other party or any other encumbrance whatever.
17.4 The originals of all computations, drawings, designs, graphics, studies, reports, manuals, photographs, videotapes, data, computer files, and other documents prepared or caused to be prepared by Consultant or its subconsultants in connection with these Services shall be delivered to and shall become the exclusive property of OCSD. OCSD may utilize these
documents for OCSD applications on other projects or extensions of this project, at its own risk.
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18. No Solicitation of Employees 18.1 Consultant agrees that it shall not, during the term of this Agreement and for a period of one
(1) year immediately following termination of this Agreement, or any extension hereof, call on, solicit, or take away any of the employees whom Consultant became aware of as a result of Consultant's Services to OCSD.
18.2 Consultant acknowledges that OCSD’s employees are critical to its business and OCSD expends significant resources to hire, employ, and train employees. Should Consultant employ or otherwise engage OCSD’s employees during the term of this Agreement and for a period of one (1) year following termination of this Agreement, Consultant will pay OCSD fifty percent (50%) of the former employee’s most recent annual salary earned at OCSD to accurately reflect the reasonable value of OCSD’s time and costs. This payment is in addition to any other rights and remedies OCSD may have at law.
19. Independent Contractor Capacity 19.1 The relationship of Consultant to OCSD is that of an independent contractor and nothing herein shall be construed as creating an employment or agency relationship. 19.2 Consultant shall act independently and not as an officer or employee of OCSD. OCSD
assumes no liability for Consultant’s action and performance, nor assumes responsibility for taxes, funds, payments or other commitments, implied or expressed, by or for Consultant.
19.3 Consultant shall not be considered an agent of OCSD for any purpose whatsoever, nor shall Consultant have the right to, and shall not, commit OCSD to any agreement, contract or undertaking. Consultant shall not use OCSD’s name in its promotional material or for any
advertising or publicity purposes without expressed written consent. 19.4 Consultant shall not be entitled to any benefits accorded to those individuals listed on OCSD’s payroll as regular employees including, without limitation, worker's compensation, disability insurance, vacation, holiday or sick pay. Consultant shall be responsible for providing, at Consultant’s expense, disability, worker's compensation or other insurance as well as licenses and permits usual or necessary for conducting the Services hereunder. 19.5 Consultant shall be obligated to pay any and all applicable Federal, State and local payroll and other taxes incurred as a result of fees hereunder. Consultant hereby indemnifies OCSD for any claims, losses, costs, fees, liabilities, damages or penalties suffered by OCSD arising
out of Consultant's breach of this provision. 19.6 Consultant shall not be eligible to join or participate in any benefit plans offered to those
individuals listed on OCSD's payroll as regular employees. Consultant shall remain ineligible for such benefits or participation in such benefit plans even if a court later decides that OCSD misclassified Consultant for tax purposes.
20. Licenses, Permits Consultant represents and warrants to OCSD that it has obtained all licenses, permits, qualification and approvals of whatever nature that are legally required to engage in this work. Any and all fees required by Federal, State, County, City and/or municipal laws, codes and/or tariffs that pertain to work performed under the terms of this Agreement will be paid by Consultant.
21. Consultant's Representations In the performance of duties under this Agreement, Consultant shall adhere to the highest fiduciary standards, ethical practices and standards of care and competence for their trade/profession. Consultant agrees to comply with all applicable Federal, State and local laws and regulations.
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22. Familiarity with Work By executing this Agreement, Consultant warrants that: 1) it has investigated the work to be performed; 2) it has investigated the site of the work and is aware
of all conditions there; and 3) it understands the facilities, difficulties and restrictions of the work under this Agreement. Should Consultant discover any latent or unknown conditions materially differing from those inherent in the work or as represented by OCSD, it shall
immediately inform OCSD of this and shall not proceed, except at Consultant’s risk, until written instructions are received from OCSD.
23. Right to Review Services, Facilities, and Records 23.1 OCSD reserves the right to review any portion of the Services performed by Consultant under this Agreement, and Consultant agrees to cooperate to the fullest extent possible. 23.2 Consultant shall furnish to OCSD such reports, statistical data, and other information pertaining to Consultant's Services as shall be reasonably required by OCSD to carry out its rights and responsibilities under its agreements with its bondholders or noteholders and any other agreement relating to the development of the project(s) and in connection with the issuance of its official statements and other prospectuses with respect to the offering, sale, and issuance of its bonds and other obligations.
23.3 The right of OCSD to review or approve drawings, specifications, procedures, instructions, reports, test results, calculations, schedules, or other data that are developed by Consultant shall not relieve Consultant of any obligation set forth herein.
24. Force Majeure Neither party shall be liable for delays caused by accident, flood, acts of God, fire, labor trouble, war, acts of government or any other cause beyond its control, but said
party shall use reasonable efforts to minimize the extent of the delay. Work affected by a Force Majeure condition may be rescheduled by mutual consent or may be eliminated from the Agreement.
25. Severability If any section, subsection, or provision of this Agreement, or any agreement or instrument contemplated hereby, or the application of such section, subsection, or provision is held invalid, the remainder of this Agreement or instrument in the application of such section, subsection or provision to persons or circumstances other than those to which it is held invalid, shall not be affected thereby, unless the effect of such invalidity shall be to substantially frustrate the expectations of the Parties.
26. Waiver The waiver of either party of any breach or violation of, or default under, any provision of this Agreement, shall not be deemed a continuing waiver by such party of any other provision or of any subsequent breach or violation of this Agreement or default thereunder.
Any breach by Consultant to which OCSD does not object shall not operate as a waiver of OCSD’s rights to seek remedies available to it for any subsequent breach.
27. Remedies In addition to other remedies available in law or equity, if the Consultant fails to make delivery of the goods or Services or repudiates its obligations under this Agreement, or if OCSD rejects the goods or Services or revokes acceptance of the goods or Services, OCSD may (1) terminate the Agreement; (2) recover whatever amount of the purchase price OCSD has paid, and/or (3) “cover” by purchasing, or contracting to purchase, substitute goods or Services for those due from Consultant. In the event OCSD elects to “cover” as described in
(3), OCSD shall be entitled to recover from Consultant as damages the difference between the cost of the substitute goods or Services and the Agreement price, together with any incidental or consequential damages.
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28. Governing Law This Agreement shall be governed by and interpreted under the laws of the State of California and the Parties submit to jurisdiction in Orange County, in the event any
action is brought in connection with this Agreement or the performance thereof.
29. Environmental Compliance Consultant shall, at its own cost and expense, comply with all
Federal, State, and local environmental laws, regulations, and policies which apply to the Consultant, its sub-consultants, and the Services, including, but not limited to, all applicable Federal, State, and local air pollution control laws and regulations.
30. Attorney’s Fees If any action at law or inequity or if any proceeding in the form of an Alternative Dispute Resolution (ADR) is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which it may be entitled.
31. Dispute Resolution 31.1 In the event of a dispute as to the construction or interpretation of this Agreement, or any rights or obligations hereunder, the Parties shall first attempt, in good faith, to resolve the dispute by mediation. The Parties shall mutually select a mediator to facilitate the resolution of the dispute. If the Parties are unable to agree on a mediator, the mediation shall be
conducted in accordance with the Commercial Mediation Rules of the American Arbitration Agreement, through the alternate dispute resolution procedures of Judicial Arbitration through Mediation Services of Orange County ("JAMS"), or any similar organization or entity
conducting an alternate dispute resolution process. 31.2 In the event the Parties are unable to timely resolve the dispute through mediation, the issues
in dispute shall be submitted to arbitration pursuant to California Code of Civil Procedure, Part 3, Title 9, Sections 1280 et seq. For such purpose, an agreed arbitrator shall be selected, or in the absence of agreement, each party shall select an arbitrator, and those two (2) arbitrators shall select a third. Discovery may be conducted in connection with the arbitration proceeding pursuant to California Code of Civil Procedure Section 1283.05. The arbitrator, or three (3) arbitrators acting as a board, shall take such evidence and make such investigation as deemed appropriate and shall render a written decision on the matter in question. The arbitrator shall decide each and every dispute in accordance with the laws of the State of California. The arbitrator's decision and award shall be subject to review for errors of fact or law in the Superior Court for the County of Orange, with a right of appeal from any judgment issued therein.
32. Damage to OCSD's Property Any OCSD property damaged by Consultant will be subject to repair or replacement by Consultant at no cost to OCSD.
33. OCSD Contractor Safety Standards OCSD requires Consultant and its subconsultants to follow and ensure their employees follow all Federal, State and local regulations as well as
OCSD Contractor Safety Standards while working at OCSD locations. If during the course of the Agreement it is discovered that OCSD Contractor Safety Standards do not comply with Federal, State or local regulations, then the Consultant is required to follow the most stringent regulatory requirement at no additional cost to OCSD. Consultant and all of its employees and subconsultants, shall adhere to all applicable OCSD Contractor Safety Standards attached hereto in Exhibit “D” and the Human Resources Policies in Exhibit “E”.
34. Freight (F.O.B. Destination) Consultant assumes full responsibility for all transportation, transportation scheduling, packing, handling, insurance, and other services associated with delivery of all products deemed necessary under this Agreement.
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35. Assignments Consultant shall not delegate any duties nor assign any rights under this Agreement without the prior written consent of OCSD. Any such attempted delegation or
assignment shall be void. 36. Conflict of Interest and Reporting
36.1 Consultant shall at all times avoid conflicts of interest or appearance of conflicts of interest in performance of this Agreement. 36.2 Consultant affirms that to the best of its knowledge there exists no actual or potential conflict between Consultant’s families, business or financial interest or its Services under this Agreement, and in the event of change in either its private interests or Services under this Agreement, it will raise with OCSD any question regarding possible conflict of interest which may arise as a result of such change.
37. Third Party Rights Nothing in this Agreement shall be construed to give any rights or benefits to anyone other than OCSD and Consultant.
38. Non-Liability of OCSD Officers and Employees No officer or employee of OCSD shall be personally liable to Consultant, or any successor-in-interest, in the event of any default or
breach by OCSD or for any amount which may become due to Consultant or to its successor, or for breach of any obligation of the terms of this Agreement.
39. Authority to Execute The persons executing this Agreement on behalf of the Parties warrant that they are duly authorized to execute this Agreement and that by executing this Agreement, the Parties are formally bound.
40. Read and Understood By signing this Agreement, Consultant represents that it has read and understood the terms and conditions of the Agreement. 41. Entire Agreement This Agreement constitutes the entire agreement of the Parties and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations between the Parties with respect to the subject matter hereof. 42. Notices All notices under this Agreement must be in writing. Written notice shall be delivered by personal service or sent by registered or certified mail, postage prepaid, return receipt requested, or by any other overnight delivery service which delivers to the noticed destination
and provides proof of delivery to the sender. Any facsimile notice must be followed within three (3) days by written notice. Rejection or other refusal to accept or the inability to deliver because of changed address for which no notice was given as provided hereunder shall be
deemed to be receipt of the notice, demand or request sent. All notices shall be effective when first received at the following addresses:
OCSD: Jackie Lagade, Principal Buyer Orange County Sanitation District 10844 Ellis Avenue Fountain Valley, CA 92708-7018 Consultant: John Shaffer, CEO/Principal
EEC Environmental 1 City Boulevard West, Suite 1800 Orange, CA 92868
Each party shall provide the other party written notice of any change in address as soon as
practicable.
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IN WITNESS WHEREOF, intending to be legally bound, the Parties hereto have caused this Agreement to be signed by the duly authorized representatives.
ORANGE COUNTY SANITATION DISTRICT
Dated: _________________ By: ___________________________________ David John Shawver Chair, Board of Directors Dated: _________________ By: ___________________________________ Kelly A. Lore Clerk of the Board
Dated: _________________ By: ___________________________________ Ruth Zintzun Purchasing & Contracts Manager
EEC ENVIRONMENTAL Dated: _________________ By: ___________________________________ ______________________________________
Print Name and Title of Officer
______________________________________ IRS Employer’s I.D. Number
ADMINISTRATION COMMITTEE
Agenda Report
Administration Building
10844 Ellis Avenue
Fountain Valley, CA 92708
(714) 593-7433
File #:2021-1437 Agenda Date:2/10/2021 Agenda Item No:5.
FROM:James D. Herberg, General Manager
Originator: Lan C. Wiborg, Director of Environmental Services
SUBJECT:
PURCHASE OF AN IMAGING FLOWCYTOBOT (IFCB)
GENERAL MANAGER'S RECOMMENDATION
RECOMMENDATION:
Approve a sole source purchase order to McLane Research Laboratories,Inc.for an Imaging
FlowCytobot for an amount not to exceed $148,939 including estimated tax and shipping.
BACKGROUND
The Imaging FlowCytobot (IFCB)is needed for real-time sampling and analysis of plankton,including
harmful algal species,for our core and regional ocean monitoring studies as required by our ocean
discharge permit administered by the California Regional water Quality Control Board and the United
States Environmental Protection Agency.This request is for the purchase of new equipment to
enhance our understanding of harmful algal blooms (HABs)in our ocean discharge area and to
integrate it into a larger statewide sampling effort.
RELEVANT STANDARDS
·Ensure the public’s money is wisely spent
·Comply with environmental permit requirements
·Maintain a culture of improving efficiency to reduce the cost to provide the current service level
or standard
·Cultivate a highly qualified, well-trained, and diverse workforce
PROBLEM
The Orange County Sanitation District (Sanitation District)discharge of nutrients “shall not cause
objectionable aquatic growths”as defined in the California Ocean Plan.Previous studies have
shown that nutrients such as nitrogen and phosphorous in wastewater effluents can promote and
support the growth of phytoplankton that may cause harmful algal blooms,or HABs.The California
Ocean Protection Council (OPC)recently initiated a 5-year project to develop a statewide,real-time
HAB monitoring program that utilizes IFCB technology to sample and analyze marine phytoplankton.
Currently,the Sanitation District’s ocean monitoring program does not routinely sample forOrange County Sanitation District Printed on 2/3/2021Page 1 of 2
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File #:2021-1437 Agenda Date:2/10/2021 Agenda Item No:5.
Currently,the Sanitation District’s ocean monitoring program does not routinely sample for
phytoplankton.There is a notable gap in our understanding of this potential emerging threat to
Orange County’s coastal waters.
McLane Research Laboratories, Inc. is the only company that commercially produces the IFCB.
PROPOSED SOLUTION
Award a sole source purchase order to McLane Research Laboratories,Inc.for an Imaging
FlowCytobot (IFCB)in the amount not to exceed $148,939.The data generated from the IFCB at the
Newport Pier site will be integrated with comparable data from the statewide OPC HAB monitoring
program and will improve our understanding of the presence and potential causes of HABs in the
Sanitation District’s sampling area.
TIMING CONCERNS
There is an approximately 6-month delivery period for an IFCB.The initial statewide IFCB
deployments will begin in the Summer 2021.Integration into the larger monitoring program would be
delayed if the IFCB is not purchased in a timely manner.
RAMIFICATIONS OF NOT TAKING ACTION
Inability to comply with the requirements of our ocean discharge permit.
FINANCIAL CONSIDERATIONS
This request complies with authority levels of the Sanitation District’s Purchasing Ordinance (FY 2020
-2021 Budget: Section 8, Page 100).
The cost for the IFCB system has been budgeted as capital equipment for fiscal year 2020-2021.The
quoted amount of $135,300 includes the IFCB system,IFCB beads,and a one (1)year warranty.
Sales tax is estimated to be $11,839, and Shipping estimated at $1,800.00 for a total of $148,939.
Date of Approval Contract Amount Contingency
02/10/2021 NTE $148,939
ATTACHMENT
The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda
package:
N/A
Orange County Sanitation District Printed on 2/3/2021Page 2 of 2
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ADMINISTRATION COMMITTEE
Agenda Report
Administration Building
10844 Ellis Avenue
Fountain Valley, CA 92708
(714) 593-7433
File #:2021-1447 Agenda Date:2/10/2021 Agenda Item No:6.
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 YEAR 2021-22 BUDGET UPDATE
GENERAL MANAGER'S RECOMMENDATION
RECOMMENDATION:
Approve the FY 2021-22 budget assumptions and direct staff to incorporate these parameters in
preparing the FY 2021-22 budget update.
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 2020-21 and 2021-22 Budget
document (Section 3, Pages 1-8), and is available on the Sanitation District’s website.
ATTACHMENT
The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda
package:
·FY 2021-22 Preliminary Budget Assumptions
·Budget Calendar 2021-22
·Presentation
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FY 2021-22 Preliminary Budget Assumptions
1
Economic Assumptions
Inflation for Orange County in FY 2021-22 is projected to be 1.8 percent based on the 2020 forecasted percentage change in consumer price index (CPI) obtained from Chapman University.
Revenue Assumptions
After a one-year rate increase postponement, OC San will resume following the Board approved Sewer Service Fee Rate Schedule, the single-family residence (SFR) rate will
increase by $4 (1.2 percent) to $343 in FY 2021-22, 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 approved by the Board in March 2018 will increase by 7.5 percent for FY 2021-22. 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.
Due to recent enacted legislation, a follow-up to the rate study completed in 2017 for the CFCC methodology was completed in 2020 for cost recovery for Accessory Dwelling Units (ADU).
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 2021-22 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 OC San’s service area sphere is minimal; consequently, no
FY 2021-22 income from annexation fees is anticipated. Property tax revenues are preliminarily estimated to increase by approximately three percent
from FY 2020-21 to $102,034,000. 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 OC San’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 2021-22.
FY 2021-22 Preliminary Budget Assumptions
2
Operating Assumptions
Operating expenses are expected to approximate the adopted FY 2020-21 budget of $174 million.
Average daily flows are projected at 188 mgd for FY 2020-21 and 188 MGD for FY 2021-22. The FY 2020-21 flow projection of 188 mgd reflects an increase of 2 mgd from the actual for
the first 5 months of the current year and equals the final actual flow for FY 2019-20. Employee/Staffing Assumptions
Staffing level is expected to remain relatively flat. The total FY 2020-21 authorized staffing level is 639.00 FTEs, excluding Management Discretion positions. Vacant positions as of 12/31/2020 are budgeted at 50 percent of step 1 for the remainder of FY 2020-21 and at 100 percent of step 2 for FY 2021-22.
New positions will be projected at 100 percent of step 1 for FY 2021-22.
A 3.0 percent vacancy factor on authorized positions has been budgeted for FY 2021-22. The actual vacancy factor is currently running at 4.5 percent. This vacancy factor accounts for time spent for recruitment and turnover.
The Memorandums of Understanding (MOUs) for the Orange County Employees Association (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 Orange County Employees Retirement System (OCERS) Plan H are estimated at a rate of 13.22 percent of the employee’s base salary for FY 2021-22, down from 13.24 percent in FY 2020-21. The rates for Plan H include OC San’s pickup of 3.5 percent of employees’ required contributions. Employees enrolled in OCERS Plan B are estimated at a rate of 11.23 percent of the employee’s base salary for FY 2021-22, up from 11.11 percent in FY 2020-21. All employees hired on or after January 1, 2013 are enrolled in OCERS Plan U and are estimated at a rate of 9.88 percent for FY 2021-22, down from 10.02 percent in FY 2020-21. 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 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.
FY 2021-22 Preliminary Budget Assumptions
3
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.
Resource needs for strategic initiatives will be included in the budget.
Capital Improvement Program Assumptions
The 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 2021-22 is $241 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 Operations & Maintenance (O&M) repair costs for materials and services, if the net cash flow impact is a decrease.
For the first five months of FY 2020-21, $51.3 million of the $147.6 million CIP budget, approximately 34.8 percent, was expended.
Debt Financing
When required, OC San issues Certificates of Participation (COP) as needed to fund the CIP and to maintain reserves.
COP debt will only be used for CIP and capital expenses, not for operating expenses.
No additional new debt issuance is scheduled for FY 2021-22.
Capital financing plans no longer include future borrowings over the next ten years as the approved user fee schedule is considered sufficient.
Borrowing will be included 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.
There is consideration of refunding or paying off the callable 2011A issue, 2012 A/B issues and / or the 2018A maturing issue. 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
FY 2021-22 Preliminary Budget Assumptions
4
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 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 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 OC San 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 $100 million should such a catastrophic event occur. This criterion amount will assist OC San 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 $75 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 OC San 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 OC San policy will be maintained for future capital improvements and rate stabilization. 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.
FY 2021-22 Budget Update Manual
Tasks Responsibility Event/Due Date
PHASE I – BUDGET PREPARATION
Preliminary Budget Assumptions Identified Financial Planning 12/29/20
Preliminary Budget Assumptions & Draft Budget Calendar Presented to Managers Team (MT) Financial Management 1/11/21
Preliminary Budget Assumptions & Draft Budget Calendar Presented to Executive Management Team
(EMT) Financial Management 1/11/21
Capital Improvement Program (CIP) – Annual
Resource Forecast complete – review resources
Needed to complete active CIP projects.
Engineering Project
Management Office
(PMO)
1/21 /21
Preparation for Budget Kickoff / Training Session:
Salary and benefits download to Excel worksheets
Develop line item worksheets with mid-year actual expense
Prepare/update budget instruction manual
Financial Planning 1/21/21
Budget Kickoff / Training Session:
Distribute budget instruction manual update
Conduct budget training session
Review submission deadlines
Financial Planning 1/28/21
Operating Divisional Budgets: New Position and
Change to Existing Position Decision Packages Due to Human Resources (Laura Maravilla, Ext. 7007) with copies to Lina Hsiao
Divisional Budget Coordinators 2/5/21
Operating Budget: Promotional Items Request Forms and Conference Request Forms Due to Public Affairs (Jennifer Cabral, Ext. 7581)
Divisional Budget Coordinators 2/5/21
Capital Equipment Budget: Vehicle Capital Equipment
Decision Packages Due to Fleet Services (Bob Bell, Ext. 7214)
Divisional Budget Coordinators 2/5/21
Capital Equipment Budget: Computer Capital Equipment Decision Packages Due to Information Technology (Rob Michaels, Ext. 7260)
Divisional Budget Coordinators 2/5/21
Budget Assumptions Presented to Administration Committee Financial Management 2/10/21
Mid-Year Financial Report to Administration Committee Financial Management 2/10/21
Budget Calendar
Division Budget Packages Due to Financial Planning:
Projection of 2020-21 actual operating costs
Proposed operating costs for 2021-22
Operating Budget Expense Detail
Meetings, Memberships and Training Requests
Capital Equipment Decision Packages (other than computer and vehicle decision packages which were due on 2/5/21)
New program decision packages
(Financial Planning will compile and provide PDF
document to each division for printing and use during
the budget review process. Finance Planning will
update salary information into the Preliminary
Division Budget Document.)
Divisional Budget Coordinators
2/19/21
Mid-Year Financial Report to Board Financial Management 2/24/21
Complete the Compilation of the Preliminary Division Budget Update Packages Financial Planning 2/26/21
CIP – Project Budget Reviews Complete Engineering PMO 3/1/21
Department Budget Narrative – Updates of the
Budget Executive Summary Due to Financial Planning
Department Budget Coordinator 3/19/21
CIP – Validated CIP budgets delivered to IT/Finance Engineering PMO 3/29/21
PHASE II - BUDGET REVIEW
Divisional Budgets - Distribution of Preliminary Line Item Requested Budgets to Department Heads and Managers along with Analysis/Questions for Review Financial Planning 3/1/21
Operating Budget – Information on New Positions, Position Upgrades & Reclassifications Submitted to the General Manager Human Resources 3/5/21
Operating Budget – Division Budget Review Meetings with Finance and Division Representatives
Financial Planning & Division Representatives 3/8/21 – 3/12//21
Operating Budget - Completion of Preliminary Divisional Budgets and Compilation into Departmental Budgets Financial Planning 3/15/21
Operating Budget – Recommendations to General Manager Financial Planning 3/15/21
Final Operating Budget – General Manager Review of
Budget Recommendations
Financial Planning, General Manager, & Department Heads 3/22/21 – 3/26/21
FY 2021-22 Budget Update Manual
Capital Equipment Budget – Requests Reviewed & Approved
Financial Planning,
General Manager, & Department Heads 3/22/21 – 3/26/21
Operating Budget – Report of General Manager's Decisions on New Positions, Position Upgrades & Reclassifications Submitted to the Financial Planning General Manager 3/29/21
CIP – Approve Proposed CIP Budget EMT 3/22/21
CIP – Operations Committee information item – Review of Proposed Budget Engineering 5/7/21
PHASE III - BUDGET PRESENTATION
Operating Budget – Presentation of Preliminary Budget Update by Division/Department to EMT Financial Management 4/12/21
Operating Budget Update – Overview to Administration Committee Financial Management 4/14/21
CIP – Final CIP Budget Document Preparation and Incorporation into Final Budget Document Financial Planning 4/19/21
CIP – Review draft of Final Budget Document pages with Engineering Planning & PMO Financial Planning 4/19/21
CIP – Section 8 Executive Summary complete Engineering Planning 4/26/21
Initial – Proposed Budget finalized Financial Planning 4/28/21
General Manager’s Budget Message Completed General Manager/ Financial Management 5/10/21
Approval of General Manager’s Budget Message General Manager 5/13/21
Final - Proposed Budget to Printer Financial Planning 5/24/21
PHASE IV - BUDGET DELIBERATIONS
Final Draft - Proposed 2019-20 Budget Update Presented to Committees
Financial Management
Ops – 6/2/21
Admin – 6/9/21
Public Hearing & Board Adoption Board of Directors 6/23/21
PHASE V – DISTRIBUTION OF BUDGET
Final line item budget and equipment budgets posted in H:\ntglobal Financial Planning 7/5/21
2/2/2021
1
OC San FY 2021-22Budget Assumptions
Presented by:
Wally Ritchie,
Controller
Administration Committee
February 10, 2021
Economics
• Inflation for Orange County is projected to be approximately 1.8%.
Revenue
• After a one-year rate increase postponement, OC San will resume following the Board approved Sewer Service Fee Rate Schedule, the single-family residence (SFR) rate will increase by $4 (1.2 percent) to $343 in FY 2021-22.
Reserves
• Current reserve policy is unchanged.
Budget Development Assumptions
2
1
2
2/2/2021
2
Comparison - SFR Rates
LA
C
S
D
OR
A
Lo
m
a
IR
W
D
Fr
e
s
n
o
OC
S
D
Ea
s
t
Ba
y
MU
D
Un
i
o
n
Sa
n
i
t
a
r
y
Du
b
l
i
n
Sa
n
Ra
m
o
n
Sa
c
r
a
m
e
n
t
o
Ci
t
y
of
LA
Ce
n
t
r
a
l
Co
n
t
r
a
Co
s
t
a
Va
l
l
e
j
o
Sa
n
Di
e
g
o
Sa
n
Fr
a
n
c
i
s
c
o
$1,169
$715
$636
$598
$573
$469
$444
$439
$455
$430
$339
$313
$309
$296
$213
$- $200 $400 $600 $800 $1,000 $1,200
San Francisco
Vallejo Sanitation/Flood Control District
City of Los Angeles
Central Contra Costa Sanitary District
City of San Diego
Dublin San Ramon Services District
Sacramento County
East Bay MUD
Union Sanitary District
City of Hayward
OC San
Irvine Ranch Water District
City of Fresno
Oro Loma Sanitary District
Los Angeles County
Annual Single Family Residential Rates(July 2020)
3
• Average daily flows are projected to be
188 mgd for FY2021-22. This projection
reflects an expected increase of 3.9 mgd
from the actual for the first six months of
the current year.
• Operating expenses are expected to
approximate the previously adopted FY
2021-22 budget of $174 Million.
Operations
4
3
4
2/2/2021
3
• Staffing level is expected to remain
essentially flat. The current authorized
staffing level is 639 FTE.
• A 3% vacancy factor will be budgeted
for authorized positions.
• Salary adjustments will be based on
current MOUs.
• Moderate increases in benefits are
anticipated.
Staffing
5
• Cash flow assumptions are based on
the most recent validated CIP and the 2017 Facilities Master Plan.
• Baseline CIP is $241 million for
FY 2021-22.
Capital Improvement Program (CIP)
6
5
6
2/2/2021
4
• The District will issue debt in the form of
Certificates of Participation (COP) as the
chief mechanism for funding the CIP and
to maintain reserves if required.
• No additional “new money” debt
issuance is scheduled for FY 2021-22.
• Maturing or Callable Debt will be
reviewed for payoff or refinance.
Debt Financing
7
Budget Summary
Revenues FY 21-22 Ten Year Cash Flow
Fees and Charges $ 359M (73%) $ 3,734M (72%)
Property Taxes 102M (21%) 1,129M (22%)
Interest / Other 33M ( 6%) 292M ( 6%)
Total Revenues $ 494M $ 5,155M
Expenditures FY 21-22 Ten Year Cash Flow
Operating $ 174M (30%) $ 1,947M (35%)
CIP / RRR 241M (41%) 2,747M (50%)
Debt Service 67M (11%) 650M (12%)
Reduction of LT Liab. 102M (17%) 102M ( 2%)
Other 7M ( 1%) 36M ( 1%)
Total Outlays $ 591M $5,482M
Net Surplus (Deficit) $ (97M) $ (327)M
8
7
8
2/2/2021
5
• Budget Assumptions
February
• Review of Revenues
March
• Review of Expenditures
April
Budget - Key Meeting Dates
9
• Operations CommitteeBudget Overview
May, June
• Administration Committee
Budget Elements ReviewMay, June
• Board Meeting
FY 21-22 Budget Update Approval
June
Budget - Key Meeting Dates
10
9
10
2/2/2021
6
Questions
?
11
11
ADMINISTRATION COMMITTEE
Agenda Report
Administration Building
10844 Ellis Avenue
Fountain Valley, CA 92708
(714) 593-7433
File #:2020-1327 Agenda Date:2/10/2021 Agenda Item No:7.
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 (Chandler)serves as the Orange County Sanitation District’s
(Sanitation District)Investment Manager.Chandler’s Deputy Chief Investment Officer,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 OC San website (www.ocsan.gov)with the complete agenda
package:
·OC San Staff Presentation
·Chandler Presentation
Orange County Sanitation District Printed on 2/2/2021Page 1 of 1
powered by Legistar™
2/2/2021
1
OC San Reserves
& Investments
Presented by:
Wally Ritchie,
Controller
Administration Committee
February 10, 2021
1) Next Year's Dry Period (Cash Flow Reserve)
50% of the Operating Budget
2) Operating Contingencies 10% of Operating Budget
3) Next Year's Dry Period Debt Service
100% of August Certificates of Participation (COP)
Debt Service
4) Debt Service Reserve 10% of the Outstanding COPs
5) Capital Improvement Reserve
50% of average Capital Improvement Program (CIP)
for the next ten years
6) Operating & Capital Share of Catastrophe Funds
7) Replacement and Refurbishment 2% of the average CIP per year
Seven Reserve Criteria
2
1
2
2/2/2021
2
Next Year's Dry Period (Cash Flow Reserve) 50%
of the Operating Budget
Next Year's Dry Period Debt Service
100% of August COP Debt Service
Debt Service Reserve
10% of the Outstanding COPs
Non-Discretionary Criteria
3
Operating Contingencies
10% of the Operating Budget
Capital Improvement Reserve
50% of the average CIP for the next ten years
Operating & Capital Share of Catastrophe Funds
Replacement and Refurbishment
2% of the CIP Per Year
Discretionary Reserve Criteria
4
3
4
2/2/2021
3
First
• Provide safety of principal
Second
• Provide sufficient liquidity
Third
• Earn a commensurate rate of return consistent with the constraints imposed by the objectives listed above
Investment Objectives
5
The Orange County Sanitation District’s Investment Policy is consistent with California Government Code
•Long-Term
• Compares to the ICE BAML 1-5 Year
• Corporate Government Rated AAA – A Index
•Short-Term
• Compares to the 3-month T-Bill rate• Operates with a maximum maturity of 1-year
Portfolios - Long-Term and Short Term
6
5
6
2/2/2021
4
• Approximately $658 million
Long-Term Portfolio – Asset Allocation
Category Percent
US Treasury 34%
Agency 32%
US Corporate 21%
Supranational 7%
Asset Backed Sec 4%
Other 2%
Total 100%
7
• Approximately $226 million
Short-Term Portfolio – Asset Allocation
Category Percent
US Treasury 81%
Agency 9%
Money Market 4%
US Corporate 3%
Negotiable CDs 2%
Supranational 1%
Total 100%
8
7
8
2/2/2021
5
Questions
?
9
9
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending December 31, 2020
Orange County Sanitation District
SECTION 1 Firm Overview
SECTION 2 Economic Update
SECTION 3 Account Profile
Table of Contents As of December 31, 2020
1
SECTION |Section 1 |Firm Overview
2
Specializing in Investment Management for Public Agencies
California Based, Independent & Employee-Owned
•Fixed income specialist since 1988
•Founded by public investment professionals
•Serve institutions with public sector focus
•Headquartered in San Diego, CA
Custom Investment Programs
•Investment solutions based on your risk profile and
return goals
•Strategies for operating, short, and long term
reserves
•Direct contact with investment management team
Stable Team of Investment Professionals
•Team of investment professionals average over 25
years portfolio management experience
•Disciplined, repeatable investment philosophy and
process
•Proprietary investment analysis
“We believe if we do what is right for our clients, our own success will follow.”
Assets Under Management
$22.2 Billion
Corporate ≤1%
Non Profit1%
Healthcare
18%
Sub-advised 1%
Public 80%
Chandler Asset Management Assets as of December 31, 2020.3
Lasting Partnerships with Neighbors and Peers
Local Water District, Sanitation District,
and Utilities Clients
Client Name Managed
Since
Coachella Valley Water District 2019
East Orange County Water District 2016
Eastern Municipal Water District 2018
Elsinore Valley Municipal Water District 2017
Moulton Niguel Water District 1995
Orange County Sanitation District 2014
Rancho California Water District 1996
San Bernardino Municipal Water Department 2013
Temescal Valley Water District 2016
Three Valleys Municipal Water District 2009
Upper San Gabriel Mun. Water District 2014
Walnut Valley Water District 2009
West Valley Water District 2018
Western Municipal Water District 2001
Neighboring Public Agency Clients
Client Name Managed
Since
City of Brea 1996
California Insurance Pool Authority 2013
City of Buena Park 2005
City of Costa Mesa 2013
City of Fountain Valley 2015
City of La Habra 1999
City of Mission Viejo 1995
City of Newport Beach 1991
City of San Clemente 2013
City of San Juan Capistrano 2018
City of Westminster 2003
East Orange County Water District 2016
Moulton Niguel Water District 1995
Orange County Sanitation District 2014
Orange County Transportation Authority 2018
Transportation Corridor Agencies 2014
Chandler’s water agencyclients and sample Inland Empire area clients as ofDecember31,2020.Both listsonly include clients that have given permission to belisted.It is not known whether theclients
listedapprove or disapprove ofChandler Asset Management andthe advisory services provided.Includes discretionary and non-discretionary relationships.
4
Our Experienced Team is a Resource for the District
Investment Professionals Responsibility Industry Experience Firm Tenure
Martin Cassell, CFA
CEO, Chief Investment Officer Leads the investment team, firm oversight 1987 1991
William Dennehy II, CFA
Deputy Chief Investment Officer
Implements portfolio strategies, performs credit analysis, and serves as Co-Chair of
Credit Committee and Economic and Market Analysis Committee 1992 2011
Scott Prickett, CTP
Deputy Chief Investment Officer
Implements portfolio strategies, monitors alignment with client objectives, and
serves as Co-Chair of Economic and Market Analysis Committee 1987 2014
Jayson Schmitt, CFA
Deputy Chief Investment Officer
Implements portfolio strategies, performs credit analysis, and serves as Co-Chair of
Quantitative Analysis Committee and Sector Committee 1994 1995
Julie Hughes
Senior Portfolio Strategist
Implements portfolio strategies and monitors alignment with client objectives and
policies 1993 2014
Christopher McCarry, AIF
Senior Portfolio Strategist
Implements portfolio strategies and monitors alignment with client objectives and
policies 2001 2013
Carlos Oblites
Senior Portfolio Strategist
Implements portfolio strategies and monitors alignment with client objectives and
policies 1995 2017
Ted Piorkowski, CFA
Senior Portfolio Manager Implements portfolio strategies, performs credit analysis 1987 1999
Shelly Henbest, CFA
Senior Credit Analyst Research and credit analysis; Co-Chair of Credit Committee 2000 2009
Genny Lynkiewicz, CFA
Senior Portfolio Manager
Implements portfolio strategies, performs credit analysis, and serves as Co-Chair of
Sector Committee 2000 2015
Devin Weinstein, CFA
Portfolio Manager Implements portfolio strategies, performs credit analysis 2015 2018
Client Service and Operations Responsibility Industry Experience Firm Tenure
Nicole Dragoo, IACCP
COO, Chief Compliance Officer
Responsible for regulatory compliance, directly manages investment operations
and oversees firm’s administrative functions 2000 2001
Don Penner
Director of National Accounts Develops the firm’s sales, client service and marketing strategies 2001 2010
Ryan Tauber
Managing Director, Business Development Leads the marketing and relationship management team 1999 2020
Mia Corral Brown
Senior Relationship Manager Client service and relationship management 1997 2004
Jeannie Palmero
Senior Client Service Manager Client service and reporting 1994 2007 5
Section 2|SECTION |Section 2 |Economic Update
6
Economic Update
Recent economic data suggests that the economy has lost some momentum.We believe the near-term outlook remains
challenging as the labor market remains under pressure and many regions have ongoing business restrictions due to the
pandemic.However,the recent passage of a new $900 billion COVID-19 fiscal relief bill should help cushion the economy
over the next few months,and the Biden Presidential administrationis already laying the groundwork for another round of
fiscal stimulus.We also remain optimistic about progress on vaccines and expect more widespread distribution in the
second and third quarter of 2021.We believe the distribution of vaccines and therapeutics will help fuel the economic
recovery later this year.We also expect the Fed’s highly accommodative monetary policy framework will continue to
provide support for the financial markets.
The Federal Open Market Committee (FOMC)kept monetary policy unchanged at their January meeting as expected,with
the fed funds target rate in a range of 0.0%to 0.25%.The Fed also continues to purchase $80 billion of Treasuries permonth,
and $40 billion of agency mortgage-backed securities per month.The Fed intends to remain highly accommodative until
their goals of maximum employment and higher inflation are achieved.Fed Chair Powell said it would be premature to
begin talking abouttapering their asset purchases and said they will telegraph their plans well in advance of any changes in
monetary policy.Notably, Chair Powell also said that the Fed believes inflationwill pick up in the coming months, but the
increase is likely to be transient.As such,we expect the Fed to look through any near-term increase in inflation,even ifit
begins to exceed 2.0% this spring, and is likely to keep policy on hold for at least the next 6-12 months.
In 2020,the yield on 2-year Treasuries was down 145 basis points to 0.12%and the yield on 10-year Treasuries was down
about 100 basis points to 0.91%.The yield curve steepened modestly at year-end and continued to steepen in January,
likely due in part to favorable developments on the vaccine front.In January,the yield on 2-year Treasuries edged down
about one basis point while the yield on 10-year Treasuries increased 15 basis points.We believe the Treasury yield curve is
poised to steepen modestly further in 2021 as the economy reopens,driven by an increase in longer-term rates as the front
end of the curve is likely to remain anchored near 0.0%.
7
Paycheck
Protection
Program
Small Business
Farmers/Ranchers
Payments to Individuals,
Unemployment
Assistance
K-12 Schools,
Higher Education
Vaccine Purchases,
Distribution, Testing
Rental Assistance
Food Stamps/Nutrition
Childcare Sector
Airlines, Mass Transit,
Hwys, Airports, Amtrak
Clean Energy
Broadband
Business
$337 Billion (37%)
Individuals
$286 Billion (32%)
$284 billion
$40 Billion
$13 Billion
$286 Billion
$82 Billion
$68 Billion
$25 Billion
$13 Billion
$10 Billion
$45 Billion
$35 Billion
$7 Billion
Phase 4
Fiscal Stimulus
$908 Billion
Schools
$82 Billion (9%)
Vaccination $68 Billion (7%)
Safety Net $48 Billion (5%)
Transportation $45 Billion (5%)
Other $42 Billion (5%)
$3.6 Trillion Stimulus And Counting
Source: U.S. Congress
Fiscal Package Amount
CARES Act $2.23 Trillion
Coronavirus Relief Bill $484 Billion
Phase 4 Stimulus $908 Billion
Total So Far $3.6 Trillion
8
Federal Reserve
Source: Federal Reserve Source: Bloomberg
Last year,the Fed took a wide range of aggressive actions to help stabilize and provide liquidity to the financial markets.The Fed lowered the
fed funds target rate to a range of 0.0%-0.25%and continues to purchase Treasury and agency mortgage-backed securities to support smooth
market functioning.Last year,policymakers reinstated the Commercial Paper Funding Facility and Money Market Mutual Fund Liquidity
Facility.The Fed also established the Primary Market Corporate Credit Facility,Secondary Market Corporate Credit Facility,Term Asset-Backed
Securities Loan Facility,Paycheck Protection Program Liquidity Facility,Main Street Lending Facility,and Municipal Liquidity Facility.The Fed
has also provided short-term funding through large-scale repo operations and lowered the reserve requirement for depository institutions.
Notably, many of the Fed's lending facilities expired at the end of 2020,including the Fed’s corporate credit,asset-backed securities,municipal
lending, and Main Street Lending programs.
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
Effective Federal Funds Rate
Yi
e
l
d
(
%
)
3,500,000
4,000,000
4,500,000
5,000,000
5,500,000
6,000,000
6,500,000
7,000,000
7,500,000
8,000,000
Federal Reserve Balance Sheet Assets
In
$
m
i
l
l
i
o
n
s
9
Source: US Department of Labor Source: US Department of Labor
Employment
U.S.nonfarm payrolls declined by 140,000 in December.It was the first monthly decline in nonfarm payrolls since April of last yearand came in
well below expectations for a 50,000 gain.The monthly decline was led by the leisure and hospitality sector which experienced a 498,000 net
decline in payrolls in December,along with modest declines in government jobs and education and health services.The unemployment rate
was unchanged in December at 6.7%and has improved significantly from the peak of 14.8%last April.Nevertheless,more than 10.7 million
people remain unemployed.Workers who classified themselves as employed butabsent from work in December continued to understate the
unemployment rate by about 0.6%.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and
employed part time foreconomic reasons,remained high butdeclined to 11.7%in December from 12.0%in November.The labor participation
rate was unchanged at 61.5% in December and remains well below pre-pandemic levels.
-22,000
-18,000
-14,000
-10,000
-6,000
-2,000
2,000
6,000
10,000
MO
M
C
h
a
n
g
e
I
n
(
0
0
0
'
s
)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
28.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
10
Initial Claims for Unemployment
847 914 927 784 782 806 892 862 716 787 748 711 757 758
4,771 4,974 5,175 5,072 5,198 5,322 5,507 5,781 5,527 6,089 6,370 6,798 7,222
-
2,000
4,000
6,000
8,000
10,000
12,000
In
t
h
o
u
s
a
n
d
s
Initial Jobless Claims
Continuing Claims
Initial Claims For Unemployment October 23, 2020 -January 22, 2021
In the most recent week,the number of initial jobless claims decreased to 847,000 compared to 914,000 in the prior week.The level of
continuingunemployment claims (where the data is lagged by one week)also declined slightly to about 4.8 million from roughly 5.0 millionin
the prior week.Although continuing jobless claims are much lower than the peak of nearly 25 million last May,they remained well above the
2019 average of 1.7 million.
Source: US Department of Labor
11
Source: US Department of Labor Source: US Department of Commerce
Inflation
The Consumer Price Index (CPI)was up 1.4%year-over-year in December,versus up 1.2%year-over-year in November.Core CPI (CPI less food
and energy)was up 1.6%year-over-year in December,unchanged from November.The Personal Consumption Expenditures (PCE)index was
up 1.3%year-over-year in December,versus up 1.1%year-over-yearin November.Core PCE,which is the Fed's primary inflation gauge,was up
1.5% year-over-year in December, versus up 1.4% year-over-year in November. Inflation remains below the Fed's longer-run 2.0% target.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
12
Source: The Conference Board Source: Federal Reserve Bank of Chicago
Economic Activity
The Conference Board’s Leading Economic Index (LEI)rose 0.3%in December (following a 0.7%increase in November)but remained down
1.7%year-over-year.According to the Conference Board,a decelerating pace of improvement in the LEI in recent months suggests that
economic growth continues to moderate. However,the Conference Board expects the economy to gain momentum throughout the year.
Meanwhile,the Chicago Fed National Activity Index (CFNAI)increased to 0.52 in December from 0.31 in November.On a 3-month moving
average basis,the CFNAI edged up to 0.61 in December from 0.59 in November.The index improved on both a one month and 3-month basis,
and a positive index reading corresponds to above trend growth.
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
Chicago Fed National Activity Index (CFNAI)
3
M
o
n
t
h
A
v
e
r
a
g
e
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Leading Economic Indicators (LEI)
MO
M
(
%
)
C
h
a
n
g
e
13
Source: US Department of Commerce Source: US Department of Commerce
3/20 6/20 9/20 12/20
-4.8% -24.0% 25.4% 1.7%
-1.6% -8.8% 12.0% 4.1%
1.1% 0.6% -3.2% -1.5%
0.1% 1.2% -0.4% 0.0%
0.1% -0.4% -0.4% -0.2%
-5.0% -31.4% 33.4% 4.0%
Components of GDP
Federal Government Expenditures
State and Local (Consumption and
Gross Investment)
Net Exports and Imports
Total
Gross Private Domestic Investment
Personal Consumption Expenditures
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
According to the advance estimate,real US gross domestic product (GDP)grew at an annualized rate of 4.0%in the fourth quarter of 2020
(slightly below expectations of 4.2%),following 33.4%growth in the third quarter and a 31.4%annualized decline in the second quarter.
Personal consumption expenditures rose at an annual rate of 2.5%in the fourth quarter,falling short of the 3.1%consensus estimate.We
believe the resurgence of the virus in the fourth quarter and the delay in fiscal relief contributed to the slower than expected growth.The
consensus forecast for US gross domestic product growth in 2021 is 4.1%,following a 3.5%decline in 2020.The consensus estimate calls for GDP
growth to moderate in the current quarter to an annualized rate of 2.3%.GDP growth is expected to reaccelerate in the second and third
quarter of this year, as vaccine distribution becomes more widespread.
14
Source: Bloomberg Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yi
e
l
d
(
%
)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
US Treasury Yield Curve
Jan-21
Oct-20
Jan-20
Yi
e
l
d
(
%
)
Bond Yields
Treasury yields are much lower on a year-over-year basis.The 3-month T-bill yield was down 149 basis points,the 2-year Treasury yield was
down 120 basis points,and the 10-Year Treasury yield was down 44 basis points,year-over-year,at January month-end.Yields declined
precipitously in March 2020,with the Fed cutting rates by a total of 150 basis points and a flight to safe-haven assets driving down yields across
the curve. The Fed has signaled plans to keep the front end of the Treasury yield curve anchored near zero for at least the next few years.
15
SECTION |Section 3 |Account Profile
16
Compliance As of December 31, 2020
Category Standard Comment
Treasury Issues 10% minimum; 5 years max maturity Complies*
U.S. Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 5 years max maturity Complies
Supranational Obligations
"AA" rated or better by a NRSRO; 30% maximum; 5 years max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or
unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-
American Development Bank ("IADB")
Complies
Corporate Medium Term Notes "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. or any state and operating within the U.S.Complies
Municipal Securities "A" rated or higher by a NRSRO; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% maximum; 5% max issuer; 5 years max maturity Complies
Mortgage-Backed Securities/
Collateralized Mortgage Obligations/
Asset-Backed Securities
"AA" rated or better by a NRSRO; 20% maximum (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 5 years max maturity Complies*
Negotiable Certificates of Deposit (NCD)"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 highest short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies
Commercial Paper A-1 rated or better by a NRSRO; "A" rated or better long term debt issuer by a NRSRO; Issuer is a corporation organized and operating in the U.S. with assets >
$500 million; 25% maximum; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies
Mutual Fund & Money Market Mutual
Fund
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% maximum in Mutual Funds; 10%
per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of OCSD's surplus money Complies
Repurchase Agreements 102% collateralization Complies
Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies
Local Agency Investment Fund (LAIF)No more than the lesser of 15% of the portfolio or the statutory maximum invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF
shall be subject to investigation and due diligence prior to investing Complies
OCCIP 15% maximum; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP
shall be subject to investigation and due diligence prior to investing Complies
Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage
Investment Conduits) Complies
Avg Duration Not to exceed 60 months - (80% to 120% of the benchmark)Complies
Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies
Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual 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.
The Orange County Sanitation District’s Investment Policy is consistent with California Government Code.
17
Portfolio Characteristics
Orange County Sanitation District Long Term
12/31/2020 9/30/2020
Benchmark*Portfolio Portfolio
Average Maturity (yrs)2.68 2.62 2.74
Average Modified Duration 2.59 2.44 2.52
Average Purchase Yield n/a 1.78%1.97%
Average Market Yield 0.26%0.22%0.26%
Average Quality**AAA AA+/Aa1 AA/Aa1
Total Market Value 657,628,543 625,217,609
*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.
As of December 31, 2020
18
Orange County Sanitation District Long Term
Sector Distribution
ABS
3.5%
Agency
31.9%
CMO
0.1%
Corporate
21.1%
Money Market
Fund FI
1.6%
Mortgage Pass
Thru
0.1%
Municipal Bonds
0.1%
Supranational
6.7%
US Treasury34.2%
Negotiable CD
0.8%
December 31, 2020 September 30, 2020
ABS
4.7%
Agency
34.3%
CMO
0.2%Corporate
21.8%
Money Market
Fund FI
0.2%
Mortgage Pass
Thru
0.2%
Municipal Bonds
0.3%
Supranational
5.9%
US Treasury
32.5%
As of December 31, 2020
19
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
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, 2020
0 -0.25 0.25 -0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
Portfolio 10.0% 3.4% 6.7% 19.4% 22.2% 22.4% 15.9% 0.0%
Benchmark*0.3% 0.2% 1.8% 32.9% 28.8% 20.1% 16.0% 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, 2020
20
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 0.21%4.39%4.52%3.51%2.62%N/A 2.26%
ICE BAML 1-5 Yr US Corp/Govt Rated AAA-A Index 0.15%4.43%4.52%3.50%2.56%N/A 2.22%
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 includesinterestearnings,realized and unrealized gains and losses in the portfolio.
Investment Performance
Orange County Sanitation District Long Term
As of December 31, 2020
21
Compliance As of December 31, 2020
Category Standard Comment
Treasury Issues 10% minimum; 1 year max maturity Complies
U.S. Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 1 year max maturity Complies
Supranational Obligations
"AA" rated or better by a NRSRO; 30% maximum; 1 year max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or
unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-
American Development Bank ("IADB")
Complies
Corporate Medium Term Notes "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. or any state and operating within the U.S.Complies
Municipal Securities "A" rated or higher by a NRSRO; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% maximum; 5% max issuer; 1 year max maturity Complies
Mortgage-Backed Securities/
Collateralized Mortgage Obligations/
Asset-Backed Securities
"AA" rated or better by a NRSRO; 20% maximum (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 1 year max maturity Complies
Negotiable Certificates of Deposit (NCD)"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 highest short term rating by a NRSRO; 40% maximum; 5% max issuer; 180 days max maturity Complies
Commercial Paper A-1 rated or better by a NRSRO; "A" rated or better long term debt issuer by a NRSRO; Issuer is a corporation organized and operating in the U.S. with assets >
$500 million; 25% maximum; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies
Mutual Fund & Money Market Mutual
Fund
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% maximum in Mutual Funds;
10% per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds; 20% max of OCSD's surplus money Complies
Repurchase Agreements 102% collateralization Complies
Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies
Local Agency Investment Fund (LAIF)No more than the lesser of 15% of the portfolio or the statutory maximum invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF
shall be subject to investigation and due diligence prior to investing Complies
OCCIP 15% maximum; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP
shall be subject to investigation and due diligence prior to investing Complies
Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage
Investment Conduits) Complies
Avg Duration Not to exceed 180 days Complies
Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies
Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual 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
The Orange County Sanitation District’s Investment Policy is consistent with California Government Code.
22
Portfolio Characteristics
Orange County Sanitation District Liquid
12/31/2020 9/30/2020
Benchmark*Portfolio Portfolio
Average Maturity (yrs)0.16 0.33 0.32
Average Modified Duration 0.15 0.33 0.32
Average Purchase Yield n/a 0.13%0.17%
Average Market Yield 0.07%0.14%0.17%
Average Quality**AAA AAA/Aaa AAA/Aaa
Total Market Value 225,705,362 128,667,549
*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.
As of December 31, 2020
23
Orange County Sanitation District Liquid
Sector Distribution
Agency
8.6%
Corporate
3.2%
Money Market Fund FI
4.7%
Negotiable CD
1.8%
Supranational
0.4%
US Treasury
81.2%
December 31, 2020 September 30, 2020
Agency
10.0%
Corporate
7.4%
Money Market
Fund FI
2.3%
Negotiable CD1.2%
Supranational
0.8%
US Treasury
77.3%
Commercial
Paper
1.2%
As of December 31, 2020
24
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, 2020
0 -0.25 0.25 -0.50 0.50 - 1 1 -1.5 1.5 - 2 2 -2.5 2.5 - 3 3+
Portfolio 45.6% 27.4% 26.9% 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, 2020
25
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
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 0.03%0.87%1.64%1.73%1.31%N/A 1.12%
ICE BAML 3-Month US Treasury Bill Index 0.03%0.67%1.47%1.60%1.20%N/A 0.99%
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 includesinterestearnings,realized and unrealized gains and losses in the portfolio.
Investment Performance
Orange County Sanitation District Liquid
As of December 31, 2020
26
Important Disclosures
2020ChandlerAsset Management,Inc,An IndependentRegisteredInvestment 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 marketvalue,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 inItem5of our Form ADV Part 2A.
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 withdrawalsmay materiallyalter the performanceand 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 managementfee,theincurrence of whichwould have theeffect of decreasing historicalperformance results.It isnot possible to invest directlyin 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 andtheir respective third party suppliers disclaim anyand
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 includedin,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 theindexdataoranycomponentthereof,and the indices and index data and all components thereof are provided on an "as is"basis and licensee'suse it at licensee's own risk.ICE data,its affiliates and theirrespectivethirdpartydonotsponsor,endorse,or recommendchandlerassetmanagement,or any of itsproducts orservices.
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 tobe
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 offutureresults.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 asubstitutefortheexerciseoftheirownjudgment.
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 theborrowermaynotbe 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 declinedue toeconomic conditions,especiallyduring periods of rising interestrates.
Ratingsinformation have been providedby Moody’s,S&P andFitch through data feeds we believeto be reliable as of the date of this statement,howeverwe cannot guaranteeits 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 andtimelypaymentof both principal and interest and carries a AA+/Aaa/AAA by S&P,Moody’s andFitch respectively.
As of December 31, 2020
27
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 anewlyselected 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.Please visitwww.mlindex.ml.com formoreinformation)
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,includingUSTreasury,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&PandFitch).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 atpointofissuance,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
moreinformation)
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,USagency,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, qualifyingsecuritiesmust 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 minimumamountoutstandingof $1 billion forUS Treasuries and$250millionfor all othersecurities.(Index:BVA0.Pleasevisit www.mlindex.ml.comformoreinformation)
As of December 31, 2020
28
ORANGE COUNTY SANITATION DISTRICT
COMMON ACRONYMS
ACWA Association of California
Water Agencies LOS Level Of Service RFP Request For Proposal
APWA American Public Works
Association MGD Million Gallons Per Day RWQCB Regional Water Quality
Control Board
AQMD Air Quality Management
District MOU Memorandum of
Understanding SARFPA Santa Ana River Flood
Protection Agency
ASCE American Society of Civil Engineers NACWA National Association of Clean Water Agencies SARI Santa Ana River Interceptor
BOD Biochemical Oxygen Demand NEPA National Environmental Policy
Act SARWQCB Santa Ana Regional Water
Quality Control Board
CARB California Air Resources
Board NGOs Non-Governmental
Organizations SAWPA Santa Ana Watershed
Project Authority
CASA California Association of
Sanitation Agencies NPDES National Pollutant Discharge
Elimination System SCADA Supervisory Control And
Data Acquisition
CCTV Closed Circuit Television NWRI National Water Research
Institute SCAP
Southern California
Alliance of Publicly Owned Treatment Works
CEQA California Environmental
Quality Act O & M Operations & Maintenance SCAQMD South Coast Air Quality
Management District
CIP Capital Improvement
Program OCCOG Orange County Council of
Governments SOCWA South Orange County
Wastewater Authority
CRWQCB California Regional Water
Quality Control Board OCHCA Orange County Health Care
Agency SRF Clean Water State
Revolving Fund
CWA Clean Water Act OCSD Orange County Sanitation District SSMP Sewer System Management Plan
CWEA California Water Environment Association OCWD Orange County Water District SSO Sanitary Sewer Overflow
EIR Environmental Impact Report OOBS Ocean Outfall Booster Station SWRCB State Water Resources
Control Board
EMT Executive Management Team OSHA Occupational Safety and
Health Administration TDS Total Dissolved Solids
EPA US Environmental Protection Agency PCSA
Professional
Consultant/Construction
Services Agreement
TMDL Total Maximum Daily Load
FOG Fats, Oils, and Grease PDSA Professional Design Services
Agreement TSS Total Suspended Solids
gpd gallons per day PFAS
Per- and Polyfluoroalkyl
Substances WDR Waste Discharge
Requirements
GWRS Groundwater Replenishment
System PFOA Perfluorooctanoic Acid WEF Water Environment
Federation
ICS Incident Command System PFOS Perfluorooctanesulfonic Acid WERF Water Environment & Reuse Foundation
IERP Integrated Emergency
Response Plan POTW Publicly Owned Treatment
Works WIFIA Water Infrastructure
Finance and Innovation Act
JPA Joint Powers Authority ppm parts per million WIIN Water Infrastructure Improvements for the
Nation Act
LAFCO Local Agency Formation
Commission PSA Professional Services
Agreement WRDA Water Resources
Development Act
ORANGE COUNTY SANITATION DISTRICT
GLOSSARY OF TERMS
ACTIVATED SLUDGE PROCESS – A secondary biological wastewater treatment process where bacteria reproduce at a high rate with the introduction of excess air or oxygen and consume dissolved nutrients in the wastewater.
BENTHOS – The community of organisms, such as sea stars, worms, and shrimp, which live on, in, or near the seabed, also known as the benthic zone.
BIOCHEMICAL OXYGEN DEMAND (BOD) – The amount of oxygen used when organic matter undergoes decomposition by microorganisms. Testing for BOD is done to assess the amount of organic matter in water.
BIOGAS – A gas that is produced by the action of anaerobic bacteria on organic waste matter in a digester tank that can be used
as a fuel.
BIOSOLIDS – Biosolids are nutrient rich organic and highly treated solid materials produced by the wastewater treatment process. This high-quality product can be recycled as a soil amendment on farmland or further processed as an earth-like product for
commercial and home gardens to improve and maintain fertile soil and stimulate plant growth.
CAPITAL IMPROVEMENT PROGRAM (CIP) – Projects for repair, rehabilitation, and replacement of assets. Also includes treatment improvements, additional capacity, and projects for the support facilities.
COLIFORM BACTERIA – A group of bacteria found in the intestines of humans and other animals, but also occasionally found elsewhere, used as indicators of sewage pollution. E. coli are the most common bacteria in wastewater.
COLLECTIONS SYSTEM – In wastewater, it is the system of typically underground pipes that receive and convey sanitary wastewater or storm water.
CERTIFICATE OF PARTICIPATION (COP) – A type of financing where an investor purchases a share of the lease revenues of a program rather than the bond being secured by those revenues.
CONTAMINANTS OF POTENTIAL CONCERN (CPC) – Pharmaceuticals, hormones, and other organic wastewater contaminants.
DILUTION TO THRESHOLD (D/T) – The dilution at which the majority of people detect the odor becomes the D/T for that air sample.
GREENHOUSE GASES (GHG) – In the order of relative abundance water vapor, carbon dioxide, methane, nitrous oxide, and ozone gases that are considered the cause of global warming (“greenhouse effect”).
GROUNDWATER REPLENISHMENT SYSTEM (GWRS) – A joint water reclamation project that proactively responds to Southern California’s current and future water needs. This joint project between the Orange County Water District and OCSD provides 70
million gallons per day of drinking quality water to replenish the local groundwater supply.
LEVEL OF SERVICE (LOS) – Goals to support environmental and public expectations for performance.
N-NITROSODIMETHYLAMINE (NDMA) – A N-nitrosamine suspected cancer-causing agent. It has been found in the GWRS
process and is eliminated using hydrogen peroxide with extra ultra-violet treatment.
NATIONAL BIOSOLIDS PARTNERSHIP (NBP) – An alliance of the NACWA and WEF, with advisory support from the EPA. NBP is committed to developing and advancing environmentally sound and sustainable biosolids management practices that go beyond regulatory compliance and promote public participation to enhance the credibility of local agency biosolids programs and improved communications that lead to public acceptance.
PER- AND POLYFLUOROALKYL SUBSTANCES (PFAS) – A large group (over 6,000) of human-made compounds that are resistant to heat, water, and oil and used for a variety of applications including firefighting foam, stain and water-resistant clothing, cosmetics, and food packaging. Two PFAS compounds, perfluorooctanesulfonic acid (PFOS) and perfluorooctanoic acid (PFOA) have been the focus of increasing regulatory scrutiny in drinking water and may result in adverse health effects including developmental effects to fetuses during pregnancy, cancer, liver damage, immunosuppression, thyroid effects, and other effects.
PERFLUOROOCTANOIC ACID (PFOA) – An ingredient for several industrial applications including carpeting, upholstery, apparel, floor wax, textiles, sealants, food packaging, and cookware (Teflon).
PERFLUOROOCTANESULFONIC ACID (PFOS) – A key ingredient in Scotchgard, a fabric protector made by 3M, and used in numerous stain repellents.
PLUME – A visible or measurable concentration of discharge from a stationary source or fixed facility.
PUBLICLY OWNED TREATMENT WORKS (POTW) – A municipal wastewater treatment plant.
SANTA ANA RIVER INTERCEPTOR (SARI) LINE – A regional brine line designed to convey 30 million gallons per day of non-reclaimable wastewater from the upper Santa Ana River basin to the ocean for disposal, after treatment.
SANITARY SEWER – Separate sewer systems specifically for the carrying of domestic and industrial wastewater.
SOUTH COAST AIR QUALITY MANAGEMENT DISTRICT (SCAQMD) – Regional regulatory agency that develops plans and
regulations designed to achieve public health standards by reducing emissions from business and industry.
SECONDARY TREATMENT – Biological wastewater treatment, particularly the activated sludge process, where bacteria and other microorganisms consume dissolved nutrients in wastewater.
SLUDGE – Untreated solid material created by the treatment of wastewater.
TOTAL SUSPENDED SOLIDS (TSS) – The amount of solids floating and in suspension in wastewater.
ORANGE COUNTY SANITATION DISTRICT
GLOSSARY OF TERMS
TRICKLING FILTER – A biological secondary treatment process in which bacteria and other microorganisms, growing as slime on the surface of rocks or plastic media, consume nutrients in wastewater as it trickles over them.
URBAN RUNOFF – Water from city streets and domestic properties that carry pollutants into the storm drains, rivers, lakes, and oceans.
WASTEWATER – Any water that enters the sanitary sewer.
WATERSHED – A land area from which water drains to a particular water body. OCSD’s service area is in the Santa Ana River Watershed.