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Home My WebLink About02-14-2024 Administration Committee Meeting Complete Agenda Packet SPECIAL NOTICE PUBLIC ATTENDANCE & PARTICIPATION AT PUBLIC MEETINGS Administration Committee Meeting Wednesday, February 14, 2024 5:00 p.m. Your participation is always welcome. OC San offers several ways in which to interact during meetings. You will find information as to these opportunities below. IN-PERSON MEETING ATTENDANCE You may attend the meeting in-person at the following location: Orange County Sanitation District Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 ONLINE MEETING PARTICIPATION You may join the meeting live via Teams on your computer or similar device or web browser by using the link below: Click here to join the meeting We suggest testing joining a Teams meeting on your device prior to the commencement of the meeting. For recommendations, general guidance on using Teams, and instructions on joining a Teams meeting, please click here. Please mute yourself upon entry to the meeting. Please raise your hand if you wish to speak during the public comment section of the meeting. The Clerk of the Board will call upon you by using the name you joined with. Meeting attendees are not provided the ability to make a presentation during the meeting. Please contact the Clerk of the Board at least 48 hours prior to the meeting if you wish to present any items. Additionally, camera feeds may be controlled by the meeting moderator to avoid inappropriate content. HOW TO PARTICIPATE IN THE MEETING BY TELEPHONE To join the meeting from your phone: Dial (213) 279-1455 When prompted, enter the Phone Conference ID: 117 950 898# All meeting participants may be muted during the meeting to alleviate background noise. If you are muted, please use *6 to unmute. You may also mute yourself on your device. Please raise your hand to speak by use *5, during the public comment section of the meeting. The Clerk of the Board will call upon you by using the last 4 digits of your phone number as identification. NOTE: All attendees will be disconnected from the meeting at the beginning of Closed Session. If you would like to return to the Open Session portion of the meeting, please login or dial-in to the Teams meeting again and wait in the Lobby for admittance. WATCH THE MEETING ONLINE The meeting will be available for online viewing at: https://ocsd.legistar.com/Calendar.aspx SUBMIT A COMMENT You may submit your comments and questions in writing for consideration in advance of the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx or sending them to OCSanClerk@ocsan.gov with the subject line “PUBLIC COMMENT ITEM # (insert the item number relevant to your comment)” or “PUBLIC COMMENT NON-AGENDA ITEM”. You may also submit comments and questions for consideration during the meeting by using the eComment feature available online at: https://ocsd.legistar.com/Calendar.aspx. The eComment feature will be available for the duration of the meeting. All written public comments will be provided to the legislative body and may be read into the record or compiled as part of the record. For any questions and/or concerns, please contact the Clerk of the Board’s office at 714-593-7433. Thank you for your interest in OC San! February 6, 2024 NOTICE OF REGULAR MEETING ADMINISTRATION COMMITTEE ORANGE COUNTY SANITATION DISTRICT Wednesday, February 14, 2024 – 5:00 P.M. Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 ACCESSIBILITY FOR THE GENERAL PUBLIC Your participation is always welcome. Specific information as to how to participate in this meeting is detailed on the Special Notice attached to this agenda. In general, OC San offers several ways in which to interact during this meeting: you may participate in person, join the meeting live via Teams on your computer or similar device or web browser, join the meeting live via telephone, view the meeting online, and/or submit comments for consideration before or during the meeting. The Regular Meeting of the Administration Committee of the Orange County Sanitation District will be held at the above location and in the manner indicated on Wednesday, February 14, 2024 at 5:00 p.m. ADMINISTRATION COMMITTEE MEETING DATE BOARD MEETING DATE 02/14/24 02/28/24 03/13/24 03/27/24 04/10/24 04/24/24 05/08/24 05/22/24 06/12/24 06/26/24 07/17/24 * 07/24/24 AUGUST DARK 08/28/24 09/11/24 09/25/24 10/09/24 10/23/24 11/13/24 11/20/24 * 12/11/24 12/18/24 * JANUARY DARK 01/22/25 * 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 14, 2024 Time: 5:00 p.m. COMMITTEE MEMBERS (13) Christine Marick, Chair Glenn Grandis, Vice-Chair Brad Avery Pat Burns Rose Espinoza Farrah Khan Jordan Nefulda Andrew Nguyen Robbie Pitts David Shawver John Withers Chad Wanke (Board Chair) Ryan Gallagher (Board Vice-Chair) OTHERS Brad Hogin, General Counsel STAFF Rob Thompson, General Manager Lorenzo Tyner, Assistant General Manager Mike Dorman, Director of Engineering Laura Maravilla, Director of Human Resources Riaz Moinuddin, Director of Operations & Maintenance Wally Ritchie, Director of Finance Lan Wiborg, Director of Environmental Services Kelly Lore, Clerk of the Board ORANGE COUNTY SANITATION DISTRICT Effective 01/23/2024 BOARD OF DIRECTORS Complete Roster AGENCY/CITIES ACTIVE DIRECTOR ALTERNATE DIRECTOR Anaheim Stephen Faessel Carlos A. Leon Brea Christine Marick Cecilia Hupp Buena Park Joyce Ahn Art Brown Cypress Scott Minikus Bonnie Peat Fountain Valley Glenn Grandis Ted Bui Fullerton Bruce Whitaker Nick Dunlap Garden Grove Stephanie Klopfenstein John O’Neill Huntington Beach Pat Burns Gracey Van Der Mark Irvine Farrah N. Khan Kathleen Treseder La Habra Rose Espinoza Jose Medrano La Palma Debbie Baker Mark I. Waldman Los Alamitos Jordan Nefulda Shelley Hasselbrink Newport Beach Brad Avery Erik Weigand Orange Jon Dumitru John Gyllenhammer Placentia Chad Wanke Ward Smith Santa Ana Johnathan Ryan Hernandez Benjamin Vazquez Seal Beach Schelly Sustarsic Lisa Landau Stanton David Shawver Carol Warren Tustin Ryan Gallagher Austin Lumbard Villa Park Robbie Pitts Jordan Wu Sanitary/Water Districts Costa Mesa Sanitary District Bob Ooten Art Perry Midway City Sanitary District Andrew Nguyen Tyler Diep Irvine Ranch Water District John Withers Douglas Reinhart Yorba Linda Water District Phil Hawkins Tom Lindsey County Areas Board of Supervisors Doug Chaffee Donald P. Wagner ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 14, 2024 - 5:00 PM Board Room Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 ACCOMMODATIONS FOR THE DISABLED: If you require any special disability related accommodations, please contact the Orange County Sanitation District (OC San) Clerk of the Board’s office at (714) 593-7433 at least 72 hours prior to the scheduled meeting. Requests must specify the nature of the disability and the type of accommodation requested. AGENDA POSTING: In accordance with the requirements of California Government Code Section 54954.2, this agenda has been posted outside the main gate of the OC San's Administration Building located at 10844 Ellis Avenue, Fountain Valley, California, and on the OC San’s website at www.ocsan.gov not less than 72 hours prior to the meeting date and time above. All public records relating to each agenda item, including any public records distributed less than 72 hours prior to the meeting to all, or a majority of the Board of Directors, are available for public inspection in the office of the Clerk of the Board. AGENDA DESCRIPTION: The agenda provides a brief general description of each item of business to be considered or discussed. The recommended action does not indicate what action will be taken. The Board of Directors may take any action which is deemed appropriate. MEETING RECORDING: A recording of this meeting is available within 24 hours after adjournment of the meeting at https://ocsd.legistar.com/Calendar.aspx or by contacting the Clerk of the Board at (714) 593-7433. NOTICE TO DIRECTORS: To place items on the agenda for a Committee or Board Meeting, the item must be submitted in writing to the Clerk of the Board: Kelly A. Lore, MMC, (714) 593-7433 / klore@ocsan.gov at least 14 days before the meeting. FOR ANY QUESTIONS ON THE AGENDA, BOARD MEMBERS MAY CONTACT STAFF AT: General Manager: Rob Thompson, rthompson@ocsan.gov / (714) 593-7110 Asst. General Manager: Lorenzo Tyner, ltyner@ocsan.gov / (714) 593-7550 Director of Engineering: Mike Dorman, mdorman@ocsan.gov / (714) 593-7104 Director of Environmental Services: Lan Wiborg, lwiborg@ocsan.gov / (714) 593-7450 Director of Finance: Wally Ritchie, writchie@ocsan.gov / (714) 593-7570 Director of Human Resources: Laura Maravilla, lmaravilla@ocsan.gov / (714) 593-7007 Director of Operations & Maintenance: Riaz Moinuddin, rmoinuddin@ocsan.gov / (714) 593-7269 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 14, 2024 CALL TO ORDER PLEDGE OF ALLEGIANCE ROLL CALL AND DECLARATION OF QUORUM: Clerk of the Board PUBLIC COMMENTS: Your participation is always welcome. Specific information as to how to participate in a meeting is detailed in the Special Notice attached to this agenda. In general, OC San offers several ways in which to interact during meetings: you may participate in person, join the meeting live via Teams on your computer or similar device or web browser, join the meeting live via telephone, view the meeting online, and/or submit comments for consideration before or during the meeting. REPORTS: The 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. 1.2024-3463APPROVAL OF MINUTES RECOMMENDATION: Approve minutes of the Regular meeting of the Administration Committee held December 13, 2023. Originator:Kelly Lore Agenda Report 12-13-2023 Administration Committee Minutes Attachments: 2.2024-3453GENERAL MANAGER APPROVED PURCHASES AND ADDITIONS TO THE PRE-APPROVED OEM SOLE SOURCE LIST RECOMMENDATION: Recommend to the Board of Directors to: Receive and file Orange County Sanitation District purchases made under the General Manager’s authority for the period of October 1, 2023 to December 31, 2023. Originator:Wally Ritchie Agenda ReportAttachments: Page 1 of 3 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 14, 2024 NON-CONSENT: 3.2024-3459PURCHASE OF IT HARDWARE FOR ENTERPRISE SERVER REFRESH AND UPGRADE RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order to ePlus Technology, inc. for the purchase of IT Hardware for Enterprise Server Refresh and Upgrade, Specification No. E-2023-1435BD, for a total amount not to exceed $2,038,037 (plus applicable sales tax); and B. Approve a contingency in the amount of $203,804 (10%). Originator:Wally Ritchie Agenda ReportAttachments: 4.2024-3452MID-YEAR FINANCIAL REPORT FOR THE PERIOD ENDED DECEMBER 31, 2023 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, 2023. Originator:Wally Ritchie Agenda Report Mid-Year Financial Report for Period Ended 12/31/2023 Presentation - Mid-Year Financial Report Attachments: INFORMATION ITEMS: 5.2024-3467PROGRESSIVE DESIGN-BUILD DELIVERY RECOMMENDATION: Information Item. Originator:Mike Dorman Agenda Report Presentation - Progressive Design-Build Attachments: Page 2 of 3 ADMINISTRATION COMMITTEE Regular Meeting Agenda Wednesday, February 14, 2024 6.2024-3468CLASSIFICATION AND COMPENSATION COMPARISON AGENCIES RECOMMENDATION: Information Item. Originator:Laura Maravilla Agenda Report Presentation - Comparison Agencies Attachments: DEPARTMENT HEAD REPORTS: CLOSED SESSION: None. OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: At this time Directors may request staff to place an item on a future agenda. ADJOURNMENT: Adjourn the meeting until the Regular Meeting of the Administration Committee on March 13, 2024 at 5:00 p.m. Page 3 of 3 ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3463 Agenda Date:2/14/2024 Agenda Item No:1. FROM:Robert Thompson, 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 13, 2023. 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 22-37 ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·December 13, 2023 Administration Committee meeting minutes Orange County Sanitation District Printed on 2/6/2024Page 1 of 1 powered by Legistar™ Orange County Sanitation District Minutes for the ADMINISTRATION COMMITTEE Wednesday, December 13, 2023 5:00 PM Board Room Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 CALL TO ORDER A regular meeting of the Administration Committee of the Orange County Sanitation District was called to order by Committee Chairwoman Christine Marick on Wednesday, December 13, 2023 at 5:02 p.m. in the Administration Building of the Orange County Sanitation District. Committee Vice-Chairman Glenn Grandis led the pledge of allegiance. ROLL CALL AND DECLARATION OF QUORUM: Assistant Clerk of the Board Jackie Castro declared a quorum present as follows: PRESENT:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver and John Withers ABSENT:Rose Espinoza, Farrah Khan and Chad Wanke STAFF PRESENT: Rob Thompson, General Manager; Lorenzo Tyner, Assistant General Manager; Mike Dorman, Director of Engineering; Laura Maravilla, Director of Human Resources; Riaz Moinuddin, Director of Operations and Maintenance; Wally Ritchie, Director of Finance; Lan Wiborg, Director of Environmental Services; Jackie Castro, Assistant Clerk of the Board; Mo Abiodun; Jennifer Cabral; Rhea de Guzman; Thys DeVries; Brian Engeln; Al Garcia; Kelly Lore; Rob Michaels; and Ruth Zintzun were present in the Board Room. OTHERS PRESENT: Brad Hogin, General Counsel, and Bill Dennehy and Nicole Dragoo, Chandler Asset Management, Inc., were present in the Board Room. David Witthohn, Insight Investment, participated telephonically. PUBLIC COMMENTS: Ms. Castro advised the Committee that Bill Dennehy with Chandler Asset Management, Inc. would be providing a public comment prior to Item No. 6. REPORTS: Chair Marick and General Manager Rob Thompson did not provide a report. CONSENT CALENDAR: 1. APPROVAL OF MINUTES 2023-3332 Originator: Kelly Lore Page 1 of 5 OC ~SAN ORANGE COUNTY SANITATION DISTRICT ADMINISTRATION COMMITTEE Minutes December 13, 2023 MOVED, SECONDED, AND DULY CARRIED TO: Approve minutes of the Regular meeting of the Administration Committee held November 8, 2023. AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver and John Withers NOES:None ABSENT:Rose Espinoza, Farrah Khan and Chad Wanke ABSTENTIONS:None 2.UPDATE TO RECORDS MANAGEMENT PROGRAM PROCEDURES AND RECORDS RETENTION SCHEDULE RESOLUTION 2023-3336 Originator: Kelly Lore MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Adopt Resolution No. OC SAN 23-XX entitled: “A Resolution of the Board of Directors of the Orange County Sanitation District Adopting the Records Management Program Procedures and Records Retention Schedule, Authorizing Destruction of Obsolete Records, and Repealing Resolution No. OC SAN 23-08”. AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver and John Withers NOES:None ABSENT:Rose Espinoza, Farrah Khan and Chad Wanke ABSTENTIONS:None 3.BACKUP APPLIANCES FOR INDUSTRIAL CONTROL SYSTEM AND OFFICE NETWORKS 2023-3337 Originator: Wally Ritchie MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: A. Approve a Purchase Order Contract to Nth Generation Computing, Inc. for the purchase of Backup Appliances for Industrial Control System (ICS) and Office Networks, Specification No. E-2023-1428BD, for a total amount not to exceed $796,975 plus applicable sales tax; and B. Approve a contingency of $79,697 (10%). Page 2 of 5 ADMINISTRATION COMMITTEE Minutes December 13, 2023 AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver and John Withers NOES:None ABSENT:Rose Espinoza, Farrah Khan and Chad Wanke ABSTENTIONS:None 4. ADOPT ORANGE COUNTY SANITATION DISTRICT’S DEBT POLICY 2023-3236 Originator: Wally Ritchie MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Adopt Resolution No. OC SAN 23-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. OC SAN 21-21”. AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver and John Withers NOES:None ABSENT:Rose Espinoza, Farrah Khan and Chad Wanke ABSTENTIONS:None NON-CONSENT: 5. INVEST AND/OR REINVEST ORANGE COUNTY SANITATION 2023-3235 DISTRICT’S FUNDS AND ADOPT INVESTMENT POLICY STATEMENT Originator: Wally Ritchie Director of Finance Wally Ritchie provided a brief overview regarding OC San's Investment Policy Statement. MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Adopt Resolution No. OC SAN 23-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. OC SAN 22-36”. Page 3 of 5 ADMINISTRATION COMMITTEE Minutes December 13, 2023 AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver and John Withers NOES:None ABSENT:Rose Espinoza, Farrah Khan and Chad Wanke ABSTENTIONS:None 6.PROFESSIONAL CONSULTANT SERVICES AGREEMENT FOR INVESTMENT MANAGEMENT SERVICES 2023-3330 Originator: Lorenzo Tyner Mr. Dennehy, Chandler Asset Management, Inc., expressed his and Nicole Dragoo's gratitude for nine years of serving as OC San's investment advisors. He also assured the Board that if a change is made, they will work with staff to ensure everything goes smoothly. Assistant General Manager Lorenzo Tyner provided a brief overview regarding the Professional Consultant Services Agreement for Investment Management Services. MOVED, SECONDED, AND DULY CARRIED TO: Recommend to the Board of Directors to: Approve a Professional Consultant Services Agreement contract to Insight North America LLC to provide Investment Management Services, Specification No. CS-2023-1418BD, for five years, with two (2) optional two-year renewals. AYES:Brad Avery, Pat Burns, Ryan Gallagher, Glenn Grandis, Christine Marick, Jordan Nefulda, Andrew Nguyen, Robbie Pitts, David Shawver and John Withers NOES:None ABSENT:Rose Espinoza, Farrah Khan and Chad Wanke ABSTENTIONS:None INFORMATION ITEMS: None. DEPARTMENT HEAD REPORTS: None. CLOSED SESSION: None. Page 4 of 5 ADMINISTRATION COMMITTEE Minutes December 13, 2023 OTHER BUSINESS AND COMMUNICATIONS OR SUPPLEMENTAL AGENDA ITEMS, IF ANY: None. BOARD OF DIRECTORS INITIATED ITEMS FOR A FUTURE MEETING: None. ADJOURNMENT: Chair Marick declared the meeting adjourned at 5:20 p.m. to the next Regular Administration Committee meeting to be held on Wednesday, February 14, 2024 at 5:00 p.m. Submitted by: __________________ Jackie Castro, CMC Assistant Clerk of the Board Page 5 of 5 j l ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3453 Agenda Date:2/14/2024 Agenda Item No:2. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance 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: Receive and file Orange County Sanitation District purchases made under the General Manager’s authority for the period of October 1, 2023 to December 31, 2023. BACKGROUND Staff provides the Administration Committee and the Board of Directors quarterly reports of General Manager approved and executed purchases between $50,000 and $150,000;maintenance and repair Services Task Orders between $50,000 and $500,000;and additions to the pre-approved original equipment manufacturers (OEM) Sole Source List. There were no additions to the pre-approved OEM Sole Source List this quarter. RELEVANT STANDARDS ·Quarterly financial reporting ·Ensure the public’s money is wisely spent PRIOR COMMITTEE/BOARD ACTIONS December 2016 -Minute Order 12(b)authorized the General Manager to ratify additions or deletions to the OEM Sole Source list on the General Manager’s quarterly approved purchases agenda report. ADDITIONAL INFORMATION In accordance with Board purchasing policies,Ordinance No.OC SAN-61,the General Manager has authority to approve and execute purchases between $50,000 and $150,000.Below is a summary of General Manager approved purchases,in amounts exceeding $50,000,for the second quarter of fiscal year 2023-24: Orange County Sanitation District Printed on 2/6/2024Page 1 of 5 powered by Legistar™ File #:2024-3453 Agenda Date:2/14/2024 Agenda Item No:2. Vendor Name Amount Department Description/Discussion AUVESY-MDT $66,010.00 Engineering Two (2) Year Octoplant Subscription Including Installation and Training 12/29/23 - 12/28/25 Sole Source Justification 2776 Reason: OEM Equipment/Part/Service AVEVA SELECT CALIFORNIA $86,360.00 Administrative Services Annual PO for Wonderware Premium First Level Support Service 11/16/23 - 11/15/23 Board Approved OEM Sole Source List M.O. 8/28/19, Item 3(B) BEAMEX, INC $62,376.00 Operations & Maintenance Purchase of One (1) CENTRiCAL Calibration Bench with Modules, Hoses and Connector Set, and One (1) MC6-WS Workshop Calibrator/Communicator Board Approved OEM Sole Source List M.O. 8/28/18, Item 7 (B) BEAMEX, INC $63,280.00 Operations & Maintenance Purchase of One (1) MC6-EX Intrinsically Safe Calibrator/Communicator and One (1) ePG Electric Pressure Pump/Controller Board Approved OEM Sole Source List M.O. 8/28/18, Item 7(B) CARAHSOFT TECHNOLOGY CORPORATION $113,068.80 Administrative Services Annual PO for ServiceNow Software License 12/30/23 - 12/29/24 NASPO Cloud Solutions Contract # 7-17-70-40-05, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases CHARGIE LLC $143,225.00 Engineering Electric Vehicle Charging Stations and Network Specification No. S-2023-1384BD CORTECH ENGINEERING, INC., A DXP COMPANY $77,460.00 Operations & Maintenance Pretreatment Effluent Pumping System (PEPS) Pump #3 Service at Plant 1 Board Approved OEM Sole Source List M.O. 2/26/20, Item 13(B) CORTECH ENGINEERING, INC., A DXP COMPANY $64,789.00 Operations & Maintenance Purchase of One (1) Patterson MAA 12X10 Split Case Pump Board Approved OEM Sole Source List M.O. 2/26/20, Item 13(B) CORTECH ENGINEERING, INC., A DXP COMPANY $53,353.00 Administrative Services Stock Item Purchase of One (1) SEEPEX Coupling Rod, One (1) SEEPEX 60/500-6L Rotor, and One (1) SEEPEX 60/500-6L Stator Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) CORTECH ENGINEERING, INC., A DXP COMPANY $81,432.00 Administrative Services Stock Item Purchase of Two (2) SEEPEX 60/300-12T Rotors, Two (2) SEEPEX 60/300 -12T Stators Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) DEBRA L. REILLY, A PROFESSIONAL LAW CORP $55,000.00 Human Resources Annual PO for Confidential Professional Services 12/6/23 - 12/5/24 Control Number: 2023-1129 EADIE AND PAYNE, LLP $70,000.00 Administrative Services Blanket PO for On-Site Inventory Verification Services of Building and Equipment Assets 11/1/23 - 3/31/24 Specification No. JL- 100423 EJ USA, INC $56,905.00 Administrative Services Stock Item Purchase of Forty (40) 24-Inch Manhole Frames and Covers, Forty (40) 36- Inch Manhole Frames and Covers Specification No. E-2022-1367BD ENS RESOURCES INC $96,000.00 General Manager’s Office Blanket PO for Federal Legislative Advocacy Services 1/1/24 - 12/31/24 with 4 Optional 1- Year Renewal Periods Specification No. CS- 2023-1411BD EPLUS TECHNOLOGY, INC. $80,000.00 Administrative Services Blanket PO to Provide IT Consulting Services and Resources on a Time and Materials Basis GSA Contract # 47QTCA23D00CZ, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases EXLINE, INC.$104,219.05 Operations & Maintenance Installation of the Altronic NG1500 Ignition System on One (1) Cooper Bessemer LSV- 16 Cen Gen Engine at Plant 2 Board Approved OEM Sole Source List M.O. 5/26/21, Item 20(B) EZKEM CORPORATION $61,740.00 Environmental Services Purchase of One (1) FS3700 Main Chassis with 24 Channel Ismatec Pump Including FlowView Operating Software and Start Up Kit Informal Bid 131163-OR GEA MECHANICAL EQUIPMENT US, INC. $95,000.00 Operations & Maintenance On-call Maintenance Service Contract for P1 -101 GEA Westfalia Thickening and Dewatering Centrifuges 10/21/23 - 10/20/24 Board Approved OEM Sole Source List M.O. 9/23/20, Item 12(B) HAAKER EQUIPMENT CO $61,874.83 Operations & Maintenance Purchase of One (1) VA 507370 Omega Filter for Industrial Cleaning Truck Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) LEED ELECTRIC, INC. $75,926.00 Operations & Maintenance Grit Classifier Temporary Cable Installation at Plant 2 DIR Project ID 493856 Informal Bid 130444-OR NEUMERIC TECHNOLOGIES CORPORATION $138,997.00 Administrative Services Website Redesign Services Specification No. CS-2023-1395 NH&A, LLC $92,500.68 Administrative Services Annual PO for Fortinet Firewall Maintenance and Software Support 1/11/24 - 1/11/25 Informal Bid 130811-OR NIXON EGLI EQUIPT CO. OF SO CA INC. $111,036.64 Operations & Maintenance Purchase of Two (2) Felling Trailers Heavy Duty Dump Trailers (Arrow Board) Sourcewell Contract # 092922-FTS, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases QUINN POWER SYSTEMS $81,250.60 Operations & Maintenance Radiator Replacement in Power Building C Generator Room at Plant 2 Sourcewell Contract # 092222-CAT, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases SC FUELS $68,542.50 Operations & Maintenance Purchase of 1,750 Gallons (Bulk Oil) of Chevron 5200 Hdax Low Ash 40 for Plant 1 Specification No. JA-131370 SCHNEIDER ELECTRIC SYSTEMS USA INC $56,273.43 Operations & Maintenance Purchase of Three (3) IDP05ST22C01FDM1L1 Value Differential Pressure Transmitters, Fifteen (15) IGP05S- TB2C1FDM9L1 Value Gauge Pressure Transmitters, and Thirty (30) IGP05S- TB2D1FDM9L1 Value Gauge Pressure Transmitters Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) SDT NORTH AMERICA INC $75,000.00 Operations & Maintenance SDT Level I (2 Sessions) and SDT Level II (2 Sessions) On-site Training Board Approved OEM Sole Source List M.O. 5/22/19, Item 12(B) SEL ENGINEERING SERVICES, INC. $137,275.00 Engineering Professional Services Agreement (PSA) Sole Source for Headworks Rehabilitation at Plant 1 Project No. P1-105 THYSSENKRUPP ELEVATOR CORPORATION $95,000.00 Operations & Maintenance Annual Blanket PO for Preventative Maintenance and Repairs of 10 Elevators 11/1/23 - 10/31/24 Sourcewell Contract # 080420, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases TIANO CONSTRUCTION $99,000.00 Operations & Maintenance Convenience Blanket PO for Cleaning and Removing Debris from OC San Collection System Property and Easements 10/18/23 - 10/17/24 GM Article 2, Section 2.2 (b) (1) TOWNSEND PUBLIC AFFAIRS $78,000.00 General Manager’s Office Blanket PO for State Legislative Advocacy Services 1/1/24 - 12/31/24 with 4 Optional 1- Year Renewal Periods Specification No. CS- 2023-1410BD US BANK NATIONAL ASSOCIATION $72,000.00 General Manager’s Office Blanket PO for Travel Arrangements California’s State Travel MSA Contract # 5- 23-99-37-01, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases VEOLIA WTS SERVICES USA, INC. $95,940.44 Administrative Services Stock Item Purchase of One (1) VEOLIA TYPE IIIAS Drive Shaft Assembly Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) WATSONVILLE FORD $52,485.30 Operations & Maintenance Purchase of One (1) 2023 Ford F550 Super Duty (F5G) XL 2WD REG CAB 169IN WB 84IN CA Sourcewell Contract # 091521-NAF, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases WIDESPREAD INDUSTRIAL SUPPLIES, INC $149,819.58 Operations & Maintenance Purchase and Installation of Bolt Bins with Custom Metric and Standard Assortment Hardware for Plants Nos.1 and 2 BuyBoard Contract # 657-21, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases Orange County Sanitation District Printed on 2/6/2024Page 2 of 5 powered by Legistar™ File #:2024-3453 Agenda Date:2/14/2024 Agenda Item No:2. Vendor Name Amount Department Description/DiscussionAUVESY-MDT $66,010.00 Engineering Two (2) Year Octoplant SubscriptionIncluding Installation and Training 12/29/23 -12/28/25 Sole Source Justification 2776Reason: OEM Equipment/Part/ServiceAVEVA SELECTCALIFORNIA $86,360.00 AdministrativeServices Annual PO for Wonderware Premium FirstLevel Support Service 11/16/23 - 11/15/23Board Approved OEM Sole Source ListM.O. 8/28/19, Item 3(B)BEAMEX, INC $62,376.00 Operations &Maintenance Purchase of One (1) CENTRiCAL CalibrationBench with Modules, Hoses and ConnectorSet, and One (1) MC6-WS WorkshopCalibrator/Communicator Board ApprovedOEM Sole Source List M.O. 8/28/18, Item 7(B)BEAMEX, INC $63,280.00 Operations &Maintenance Purchase of One (1) MC6-EX IntrinsicallySafe Calibrator/Communicator and One (1)ePG Electric Pressure Pump/ControllerBoard Approved OEM Sole Source ListM.O. 8/28/18, Item 7(B)CARAHSOFTTECHNOLOGYCORPORATION $113,068.80 AdministrativeServices Annual PO for ServiceNow Software License12/30/23 - 12/29/24 NASPO Cloud SolutionsContract # 7-17-70-40-05, in Accordancewith Ordinance OC SAN-61 Section 2.03 (B)Cooperative PurchasesCHARGIE LLC $143,225.00 Engineering Electric Vehicle Charging Stations andNetwork Specification No. S-2023-1384BDCORTECHENGINEERING,INC., A DXPCOMPANY $77,460.00 Operations &Maintenance Pretreatment Effluent Pumping System(PEPS) Pump #3 Service at Plant 1 BoardApproved OEM Sole Source List M.O.2/26/20, Item 13(B)CORTECHENGINEERING,INC., A DXPCOMPANY $64,789.00 Operations &Maintenance Purchase of One (1) Patterson MAA 12X10Split Case Pump Board Approved OEM SoleSource List M.O. 2/26/20, Item 13(B)CORTECHENGINEERING,INC., A DXPCOMPANY $53,353.00 AdministrativeServices Stock Item Purchase of One (1) SEEPEXCoupling Rod, One (1) SEEPEX 60/500-6LRotor, and One (1) SEEPEX 60/500-6LStator Board Approved OEM Sole SourceList M.O. 12/14/16, Item 12(B)CORTECHENGINEERING,INC., A DXP COMPANY $81,432.00 AdministrativeServices Stock Item Purchase of Two (2) SEEPEX60/300-12T Rotors, Two (2) SEEPEX 60/300-12T Stators Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) DEBRA L. REILLY, A PROFESSIONAL LAW CORP $55,000.00 Human Resources Annual PO for Confidential Professional Services 12/6/23 - 12/5/24 Control Number: 2023-1129 EADIE AND PAYNE, LLP $70,000.00 Administrative Services Blanket PO for On-Site Inventory Verification Services of Building and Equipment Assets 11/1/23 - 3/31/24 Specification No. JL- 100423 EJ USA, INC $56,905.00 Administrative Services Stock Item Purchase of Forty (40) 24-Inch Manhole Frames and Covers, Forty (40) 36- Inch Manhole Frames and Covers Specification No. E-2022-1367BD ENS RESOURCES INC $96,000.00 General Manager’s Office Blanket PO for Federal Legislative Advocacy Services 1/1/24 - 12/31/24 with 4 Optional 1- Year Renewal Periods Specification No. CS- 2023-1411BD EPLUS TECHNOLOGY, INC. $80,000.00 Administrative Services Blanket PO to Provide IT Consulting Services and Resources on a Time and Materials Basis GSA Contract # 47QTCA23D00CZ, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases EXLINE, INC.$104,219.05 Operations & Maintenance Installation of the Altronic NG1500 Ignition System on One (1) Cooper Bessemer LSV- 16 Cen Gen Engine at Plant 2 Board Approved OEM Sole Source List M.O. 5/26/21, Item 20(B) EZKEM CORPORATION $61,740.00 Environmental Services Purchase of One (1) FS3700 Main Chassis with 24 Channel Ismatec Pump Including FlowView Operating Software and Start Up Kit Informal Bid 131163-OR GEA MECHANICAL EQUIPMENT US, INC. $95,000.00 Operations & Maintenance On-call Maintenance Service Contract for P1 -101 GEA Westfalia Thickening and Dewatering Centrifuges 10/21/23 - 10/20/24 Board Approved OEM Sole Source List M.O. 9/23/20, Item 12(B) HAAKER EQUIPMENT CO $61,874.83 Operations & Maintenance Purchase of One (1) VA 507370 Omega Filter for Industrial Cleaning Truck Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) LEED ELECTRIC, INC. $75,926.00 Operations & Maintenance Grit Classifier Temporary Cable Installation at Plant 2 DIR Project ID 493856 Informal Bid 130444-OR NEUMERIC TECHNOLOGIES CORPORATION $138,997.00 Administrative Services Website Redesign Services Specification No. CS-2023-1395 NH&A, LLC $92,500.68 Administrative Services Annual PO for Fortinet Firewall Maintenance and Software Support 1/11/24 - 1/11/25 Informal Bid 130811-OR NIXON EGLI EQUIPT CO. OF SO CA INC. $111,036.64 Operations & Maintenance Purchase of Two (2) Felling Trailers Heavy Duty Dump Trailers (Arrow Board) Sourcewell Contract # 092922-FTS, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases QUINN POWER SYSTEMS $81,250.60 Operations & Maintenance Radiator Replacement in Power Building C Generator Room at Plant 2 Sourcewell Contract # 092222-CAT, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases SC FUELS $68,542.50 Operations & Maintenance Purchase of 1,750 Gallons (Bulk Oil) of Chevron 5200 Hdax Low Ash 40 for Plant 1 Specification No. JA-131370 SCHNEIDER ELECTRIC SYSTEMS USA INC $56,273.43 Operations & Maintenance Purchase of Three (3) IDP05ST22C01FDM1L1 Value Differential Pressure Transmitters, Fifteen (15) IGP05S- TB2C1FDM9L1 Value Gauge Pressure Transmitters, and Thirty (30) IGP05S- TB2D1FDM9L1 Value Gauge Pressure Transmitters Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) SDT NORTH AMERICA INC $75,000.00 Operations & Maintenance SDT Level I (2 Sessions) and SDT Level II (2 Sessions) On-site Training Board Approved OEM Sole Source List M.O. 5/22/19, Item 12(B) SEL ENGINEERING SERVICES, INC. $137,275.00 Engineering Professional Services Agreement (PSA) Sole Source for Headworks Rehabilitation at Plant 1 Project No. P1-105 THYSSENKRUPP ELEVATOR CORPORATION $95,000.00 Operations & Maintenance Annual Blanket PO for Preventative Maintenance and Repairs of 10 Elevators 11/1/23 - 10/31/24 Sourcewell Contract # 080420, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases TIANO CONSTRUCTION $99,000.00 Operations & Maintenance Convenience Blanket PO for Cleaning and Removing Debris from OC San Collection System Property and Easements 10/18/23 - 10/17/24 GM Article 2, Section 2.2 (b) (1) TOWNSEND PUBLIC AFFAIRS $78,000.00 General Manager’s Office Blanket PO for State Legislative Advocacy Services 1/1/24 - 12/31/24 with 4 Optional 1- Year Renewal Periods Specification No. CS- 2023-1410BD US BANK NATIONAL ASSOCIATION $72,000.00 General Manager’s Office Blanket PO for Travel Arrangements California’s State Travel MSA Contract # 5- 23-99-37-01, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases VEOLIA WTS SERVICES USA, INC. $95,940.44 Administrative Services Stock Item Purchase of One (1) VEOLIA TYPE IIIAS Drive Shaft Assembly Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) WATSONVILLE FORD $52,485.30 Operations & Maintenance Purchase of One (1) 2023 Ford F550 Super Duty (F5G) XL 2WD REG CAB 169IN WB 84IN CA Sourcewell Contract # 091521-NAF, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases WIDESPREAD INDUSTRIAL SUPPLIES, INC $149,819.58 Operations & Maintenance Purchase and Installation of Bolt Bins with Custom Metric and Standard Assortment Hardware for Plants Nos.1 and 2 BuyBoard Contract # 657-21, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases Orange County Sanitation District Printed on 2/6/2024Page 3 of 5 powered by Legistar™ File #:2024-3453 Agenda Date:2/14/2024 Agenda Item No:2. Vendor Name Amount Department Description/DiscussionAUVESY-MDT $66,010.00 Engineering Two (2) Year Octoplant SubscriptionIncluding Installation and Training 12/29/23 -12/28/25 Sole Source Justification 2776Reason: OEM Equipment/Part/ServiceAVEVA SELECTCALIFORNIA $86,360.00 AdministrativeServices Annual PO for Wonderware Premium FirstLevel Support Service 11/16/23 - 11/15/23Board Approved OEM Sole Source ListM.O. 8/28/19, Item 3(B)BEAMEX, INC $62,376.00 Operations &Maintenance Purchase of One (1) CENTRiCAL CalibrationBench with Modules, Hoses and ConnectorSet, and One (1) MC6-WS WorkshopCalibrator/Communicator Board ApprovedOEM Sole Source List M.O. 8/28/18, Item 7(B)BEAMEX, INC $63,280.00 Operations &Maintenance Purchase of One (1) MC6-EX IntrinsicallySafe Calibrator/Communicator and One (1)ePG Electric Pressure Pump/ControllerBoard Approved OEM Sole Source ListM.O. 8/28/18, Item 7(B)CARAHSOFTTECHNOLOGYCORPORATION $113,068.80 AdministrativeServices Annual PO for ServiceNow Software License12/30/23 - 12/29/24 NASPO Cloud SolutionsContract # 7-17-70-40-05, in Accordancewith Ordinance OC SAN-61 Section 2.03 (B)Cooperative PurchasesCHARGIE LLC $143,225.00 Engineering Electric Vehicle Charging Stations andNetwork Specification No. S-2023-1384BDCORTECHENGINEERING,INC., A DXPCOMPANY $77,460.00 Operations &Maintenance Pretreatment Effluent Pumping System(PEPS) Pump #3 Service at Plant 1 BoardApproved OEM Sole Source List M.O.2/26/20, Item 13(B)CORTECHENGINEERING,INC., A DXPCOMPANY $64,789.00 Operations &Maintenance Purchase of One (1) Patterson MAA 12X10Split Case Pump Board Approved OEM SoleSource List M.O. 2/26/20, Item 13(B)CORTECHENGINEERING,INC., A DXPCOMPANY $53,353.00 AdministrativeServices Stock Item Purchase of One (1) SEEPEXCoupling Rod, One (1) SEEPEX 60/500-6LRotor, and One (1) SEEPEX 60/500-6LStator Board Approved OEM Sole SourceList M.O. 12/14/16, Item 12(B)CORTECHENGINEERING,INC., A DXPCOMPANY $81,432.00 AdministrativeServices Stock Item Purchase of Two (2) SEEPEX60/300-12T Rotors, Two (2) SEEPEX 60/300-12T Stators Board Approved OEM SoleSource List M.O. 12/14/16, Item 12(B)DEBRA L. REILLY, APROFESSIONALLAW CORP $55,000.00 HumanResources Annual PO for Confidential ProfessionalServices 12/6/23 - 12/5/24 Control Number:2023-1129EADIE AND PAYNE,LLP $70,000.00 AdministrativeServices Blanket PO for On-Site Inventory VerificationServices of Building and Equipment Assets11/1/23 - 3/31/24 Specification No. JL-100423EJ USA, INC $56,905.00 AdministrativeServices Stock Item Purchase of Forty (40) 24-InchManhole Frames and Covers, Forty (40) 36-Inch Manhole Frames and CoversSpecification No. E-2022-1367BDENS RESOURCESINC $96,000.00 GeneralManager’s Office Blanket PO for Federal Legislative AdvocacyServices 1/1/24 - 12/31/24 with 4 Optional 1-Year Renewal Periods Specification No. CS-2023-1411BDEPLUSTECHNOLOGY, INC.$80,000.00 AdministrativeServices Blanket PO to Provide IT ConsultingServices and Resources on a Time andMaterials Basis GSA Contract #47QTCA23D00CZ, in Accordance withOrdinance OC SAN-61 Section 2.03 (B)Cooperative PurchasesEXLINE, INC.$104,219.05 Operations &Maintenance Installation of the Altronic NG1500 IgnitionSystem on One (1) Cooper Bessemer LSV-16 Cen Gen Engine at Plant 2 BoardApproved OEM Sole Source List M.O.5/26/21, Item 20(B)EZKEMCORPORATION $61,740.00 EnvironmentalServices Purchase of One (1) FS3700 Main Chassiswith 24 Channel Ismatec Pump IncludingFlowView Operating Software and Start UpKit Informal Bid 131163-ORGEA MECHANICALEQUIPMENT US,INC.$95,000.00 Operations &Maintenance On-call Maintenance Service Contract for P1-101 GEA Westfalia Thickening andDewatering Centrifuges 10/21/23 - 10/20/24Board Approved OEM Sole Source ListM.O. 9/23/20, Item 12(B)HAAKEREQUIPMENT CO $61,874.83 Operations &Maintenance Purchase of One (1) VA 507370 OmegaFilter for Industrial Cleaning Truck BoardApproved OEM Sole Source List M.O.8/23/17, Item 9(B)LEED ELECTRIC,INC.$75,926.00 Operations &Maintenance Grit Classifier Temporary Cable Installationat Plant 2 DIR Project ID 493856 InformalBid 130444-ORNEUMERICTECHNOLOGIESCORPORATION$138,997.00 AdministrativeServices Website Redesign Services SpecificationNo. CS-2023-1395NH&A, LLC $92,500.68 AdministrativeServices Annual PO for Fortinet Firewall Maintenanceand Software Support 1/11/24 - 1/11/25Informal Bid 130811-ORNIXON EGLI EQUIPT CO. OF SO CA INC. $111,036.64 Operations & Maintenance Purchase of Two (2) Felling Trailers Heavy Duty Dump Trailers (Arrow Board) Sourcewell Contract # 092922-FTS, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases QUINN POWER SYSTEMS $81,250.60 Operations & Maintenance Radiator Replacement in Power Building C Generator Room at Plant 2 Sourcewell Contract # 092222-CAT, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases SC FUELS $68,542.50 Operations & Maintenance Purchase of 1,750 Gallons (Bulk Oil) of Chevron 5200 Hdax Low Ash 40 for Plant 1 Specification No. JA-131370 SCHNEIDER ELECTRIC SYSTEMS USA INC $56,273.43 Operations & Maintenance Purchase of Three (3) IDP05ST22C01FDM1L1 Value Differential Pressure Transmitters, Fifteen (15) IGP05S- TB2C1FDM9L1 Value Gauge Pressure Transmitters, and Thirty (30) IGP05S- TB2D1FDM9L1 Value Gauge Pressure Transmitters Board Approved OEM Sole Source List M.O. 12/14/16, Item 12(B) SDT NORTH AMERICA INC $75,000.00 Operations & Maintenance SDT Level I (2 Sessions) and SDT Level II (2 Sessions) On-site Training Board Approved OEM Sole Source List M.O. 5/22/19, Item 12(B) SEL ENGINEERING SERVICES, INC. $137,275.00 Engineering Professional Services Agreement (PSA) Sole Source for Headworks Rehabilitation at Plant 1 Project No. P1-105 THYSSENKRUPP ELEVATOR CORPORATION $95,000.00 Operations & Maintenance Annual Blanket PO for Preventative Maintenance and Repairs of 10 Elevators 11/1/23 - 10/31/24 Sourcewell Contract # 080420, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases TIANO CONSTRUCTION $99,000.00 Operations & Maintenance Convenience Blanket PO for Cleaning and Removing Debris from OC San Collection System Property and Easements 10/18/23 - 10/17/24 GM Article 2, Section 2.2 (b) (1) TOWNSEND PUBLIC AFFAIRS $78,000.00 General Manager’s Office Blanket PO for State Legislative Advocacy Services 1/1/24 - 12/31/24 with 4 Optional 1- Year Renewal Periods Specification No. CS- 2023-1410BD US BANK NATIONAL ASSOCIATION $72,000.00 General Manager’s Office Blanket PO for Travel Arrangements California’s State Travel MSA Contract # 5- 23-99-37-01, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases VEOLIA WTS SERVICES USA, INC. $95,940.44 Administrative Services Stock Item Purchase of One (1) VEOLIA TYPE IIIAS Drive Shaft Assembly Board Approved OEM Sole Source List M.O. 8/23/17, Item 9(B) WATSONVILLE FORD $52,485.30 Operations & Maintenance Purchase of One (1) 2023 Ford F550 Super Duty (F5G) XL 2WD REG CAB 169IN WB 84IN CA Sourcewell Contract # 091521-NAF, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases WIDESPREAD INDUSTRIAL SUPPLIES, INC $149,819.58 Operations & Maintenance Purchase and Installation of Bolt Bins with Custom Metric and Standard Assortment Hardware for Plants Nos.1 and 2 BuyBoard Contract # 657-21, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases Orange County Sanitation District Printed on 2/6/2024Page 4 of 5 powered by Legistar™ File #:2024-3453 Agenda Date:2/14/2024 Agenda Item No:2. Vendor Name Amount Department Description/DiscussionAUVESY-MDT $66,010.00 Engineering Two (2) Year Octoplant SubscriptionIncluding Installation and Training 12/29/23 -12/28/25 Sole Source Justification 2776Reason: OEM Equipment/Part/ServiceAVEVA SELECTCALIFORNIA $86,360.00 AdministrativeServices Annual PO for Wonderware Premium FirstLevel Support Service 11/16/23 - 11/15/23Board Approved OEM Sole Source ListM.O. 8/28/19, Item 3(B)BEAMEX, INC $62,376.00 Operations &Maintenance Purchase of One (1) CENTRiCAL CalibrationBench with Modules, Hoses and ConnectorSet, and One (1) MC6-WS WorkshopCalibrator/Communicator Board ApprovedOEM Sole Source List M.O. 8/28/18, Item 7(B)BEAMEX, INC $63,280.00 Operations &Maintenance Purchase of One (1) MC6-EX IntrinsicallySafe Calibrator/Communicator and One (1)ePG Electric Pressure Pump/ControllerBoard Approved OEM Sole Source ListM.O. 8/28/18, Item 7(B)CARAHSOFTTECHNOLOGYCORPORATION $113,068.80 AdministrativeServices Annual PO for ServiceNow Software License12/30/23 - 12/29/24 NASPO Cloud SolutionsContract # 7-17-70-40-05, in Accordancewith Ordinance OC SAN-61 Section 2.03 (B)Cooperative PurchasesCHARGIE LLC $143,225.00 Engineering Electric Vehicle Charging Stations andNetwork Specification No. S-2023-1384BDCORTECHENGINEERING,INC., A DXPCOMPANY $77,460.00 Operations &Maintenance Pretreatment Effluent Pumping System(PEPS) Pump #3 Service at Plant 1 BoardApproved OEM Sole Source List M.O.2/26/20, Item 13(B)CORTECHENGINEERING,INC., A DXPCOMPANY $64,789.00 Operations &Maintenance Purchase of One (1) Patterson MAA 12X10Split Case Pump Board Approved OEM SoleSource List M.O. 2/26/20, Item 13(B)CORTECHENGINEERING,INC., A DXPCOMPANY $53,353.00 AdministrativeServices Stock Item Purchase of One (1) SEEPEXCoupling Rod, One (1) SEEPEX 60/500-6LRotor, and One (1) SEEPEX 60/500-6LStator Board Approved OEM Sole SourceList M.O. 12/14/16, Item 12(B)CORTECHENGINEERING,INC., A DXPCOMPANY $81,432.00 AdministrativeServices Stock Item Purchase of Two (2) SEEPEX60/300-12T Rotors, Two (2) SEEPEX 60/300-12T Stators Board Approved OEM SoleSource List M.O. 12/14/16, Item 12(B)DEBRA L. REILLY, APROFESSIONALLAW CORP $55,000.00 HumanResources Annual PO for Confidential ProfessionalServices 12/6/23 - 12/5/24 Control Number:2023-1129EADIE AND PAYNE,LLP $70,000.00 AdministrativeServices Blanket PO for On-Site Inventory VerificationServices of Building and Equipment Assets11/1/23 - 3/31/24 Specification No. JL-100423EJ USA, INC $56,905.00 AdministrativeServices Stock Item Purchase of Forty (40) 24-InchManhole Frames and Covers, Forty (40) 36-Inch Manhole Frames and CoversSpecification No. E-2022-1367BDENS RESOURCESINC $96,000.00 GeneralManager’s Office Blanket PO for Federal Legislative AdvocacyServices 1/1/24 - 12/31/24 with 4 Optional 1-Year Renewal Periods Specification No. CS-2023-1411BDEPLUSTECHNOLOGY, INC.$80,000.00 AdministrativeServices Blanket PO to Provide IT ConsultingServices and Resources on a Time andMaterials Basis GSA Contract #47QTCA23D00CZ, in Accordance withOrdinance OC SAN-61 Section 2.03 (B)Cooperative PurchasesEXLINE, INC.$104,219.05 Operations &Maintenance Installation of the Altronic NG1500 IgnitionSystem on One (1) Cooper Bessemer LSV-16 Cen Gen Engine at Plant 2 BoardApproved OEM Sole Source List M.O.5/26/21, Item 20(B)EZKEMCORPORATION $61,740.00 EnvironmentalServices Purchase of One (1) FS3700 Main Chassiswith 24 Channel Ismatec Pump IncludingFlowView Operating Software and Start UpKit Informal Bid 131163-ORGEA MECHANICALEQUIPMENT US,INC.$95,000.00 Operations &Maintenance On-call Maintenance Service Contract for P1-101 GEA Westfalia Thickening andDewatering Centrifuges 10/21/23 - 10/20/24Board Approved OEM Sole Source ListM.O. 9/23/20, Item 12(B)HAAKEREQUIPMENT CO $61,874.83 Operations &Maintenance Purchase of One (1) VA 507370 OmegaFilter for Industrial Cleaning Truck BoardApproved OEM Sole Source List M.O.8/23/17, Item 9(B)LEED ELECTRIC,INC.$75,926.00 Operations &Maintenance Grit Classifier Temporary Cable Installationat Plant 2 DIR Project ID 493856 InformalBid 130444-ORNEUMERICTECHNOLOGIESCORPORATION$138,997.00 AdministrativeServices Website Redesign Services SpecificationNo. CS-2023-1395NH&A, LLC $92,500.68 AdministrativeServices Annual PO for Fortinet Firewall Maintenanceand Software Support 1/11/24 - 1/11/25Informal Bid 130811-ORNIXON EGLIEQUIPT CO. OF SOCA INC.$111,036.64 Operations &Maintenance Purchase of Two (2) Felling Trailers HeavyDuty Dump Trailers (Arrow Board)Sourcewell Contract # 092922-FTS, inAccordance with Ordinance OC SAN-61Section 2.03 (B) Cooperative PurchasesQUINN POWERSYSTEMS $81,250.60 Operations &Maintenance Radiator Replacement in Power Building CGenerator Room at Plant 2 SourcewellContract # 092222-CAT, in Accordance withOrdinance OC SAN-61 Section 2.03 (B)Cooperative PurchasesSC FUELS $68,542.50 Operations &Maintenance Purchase of 1,750 Gallons (Bulk Oil) ofChevron 5200 Hdax Low Ash 40 for Plant 1Specification No. JA-131370SCHNEIDERELECTRICSYSTEMS USA INC $56,273.43 Operations &Maintenance Purchase of Three (3)IDP05ST22C01FDM1L1 Value DifferentialPressure Transmitters, Fifteen (15) IGP05S-TB2C1FDM9L1 Value Gauge PressureTransmitters, and Thirty (30) IGP05S-TB2D1FDM9L1 Value Gauge PressureTransmitters Board Approved OEM SoleSource List M.O. 12/14/16, Item 12(B)SDT NORTHAMERICA INC $75,000.00 Operations &Maintenance SDT Level I (2 Sessions) and SDT Level II (2Sessions) On-site Training Board ApprovedOEM Sole Source List M.O. 5/22/19, Item12(B)SEL ENGINEERINGSERVICES, INC.$137,275.00 Engineering Professional Services Agreement (PSA)Sole Source for Headworks Rehabilitation atPlant 1 Project No. P1-105THYSSENKRUPPELEVATORCORPORATION$95,000.00 Operations &Maintenance Annual Blanket PO for PreventativeMaintenance and Repairs of 10 Elevators11/1/23 - 10/31/24 Sourcewell Contract #080420, in Accordance with Ordinance OCSAN-61 Section 2.03 (B) CooperativePurchasesTIANOCONSTRUCTION$99,000.00 Operations &Maintenance Convenience Blanket PO for Cleaning andRemoving Debris from OC San CollectionSystem Property and Easements 10/18/23 -10/17/24 GM Article 2, Section 2.2 (b) (1)TOWNSENDPUBLIC AFFAIRS $78,000.00 GeneralManager’s Office Blanket PO for State Legislative AdvocacyServices 1/1/24 - 12/31/24 with 4 Optional 1-Year Renewal Periods Specification No. CS-2023-1410BDUS BANKNATIONALASSOCIATION $72,000.00 GeneralManager’s Office Blanket PO for Travel ArrangementsCalifornia’s State Travel MSA Contract # 5-23-99-37-01, in Accordance with OrdinanceOC SAN-61 Section 2.03 (B) CooperativePurchasesVEOLIA WTSSERVICES USA,INC.$95,940.44 AdministrativeServices Stock Item Purchase of One (1) VEOLIATYPE IIIAS Drive Shaft Assembly BoardApproved OEM Sole Source List M.O.8/23/17, Item 9(B)WATSONVILLE FORD $52,485.30 Operations & Maintenance Purchase of One (1) 2023 Ford F550 Super Duty (F5G) XL 2WD REG CAB 169IN WB 84IN CA Sourcewell Contract # 091521-NAF, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases WIDESPREAD INDUSTRIAL SUPPLIES, INC $149,819.58 Operations & Maintenance Purchase and Installation of Bolt Bins with Custom Metric and Standard Assortment Hardware for Plants Nos.1 and 2 BuyBoard Contract # 657-21, in Accordance with Ordinance OC SAN-61 Section 2.03 (B) Cooperative Purchases Additionally,in accordance with Board purchasing policies,Ordinance No.OC SAN-61,the General Manager has authority to approve and execute maintenance and repair Services Task Orders between $50,000 and $500,000.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 2023-24: Vendor Name Amount Department Description/Discussion O'CONNELL ENGINEERING & CONSTRUCTION INC $193,000.00 Operations & Maintenance Laboratory Ventilation and Fume Extraction Replacement Specification No. TOB-2023- 1430 of Master Service Contract S-2021- 1234BD-5 ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: N/A Orange County Sanitation District Printed on 2/6/2024Page 5 of 5 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3459 Agenda Date:2/14/2024 Agenda Item No:3. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: PURCHASE OF IT HARDWARE FOR ENTERPRISE SERVER REFRESH AND UPGRADE GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Recommend to the Board of Directors to: A. Approve a Purchase Order to ePlus Technology, inc. for the purchase of IT Hardware for Enterprise Server Refresh and Upgrade, Specification No. E-2023-1435BD, for a total amount not to exceed $2,038,037 (plus applicable sales tax); and B. Approve a contingency in the amount of $203,804 (10%). BACKGROUND Orange County Sanitation District’s (OC San)current server infrastructure for the enterprise office computing environment at Plant Nos.1 and 2 has been in service for over six years.The equipment requires upgrading as it will reach end-of-life in 2024 and will no longer be supported.Additionally, the implementation of the new SCADA development environment,Project No.J-120,requires additional storage space and computing capacity.The recommended solution is to adopt the Nutanix hyper-converged infrastructure,which will provide greater capacity,efficiency,redundancy,and security.Nutanix has already been deployed for the Industrial Control System network (ICS)so it will simplify management,since both the office network and ICS network will be operating on the same solution. RELEVANT STANDARDS ·Protect OC San assets ·Ensure the public’s money is wisely spent ·24/7/365 treatment plant reliability ·Maintain a culture of improving efficiency to reduce the cost to provide the current service level or standard Orange County Sanitation District Printed on 2/6/2024Page 1 of 3 powered by Legistar™ File #:2024-3459 Agenda Date:2/14/2024 Agenda Item No:3. PROBLEM The enterprise office computing equipment is approaching its end-of-life.In addition,the new SCADA system development environment,implemented by Project No.J-120,requires more storage space and computing resources. PROPOSED SOLUTION Approve a Purchase Order Contract to ePlus Technology,inc.for the purchase of the IT Hardware For Enterprise Server Refresh and Upgrade, Specification No. E-2023-1435BD. TIMING CONCERNS Upgrading the IT infrastructure is imperative for the continued support of enterprise operations and future expansions. RAMIFICATIONS OF NOT TAKING ACTION A decision not to update OC San's enterprise office computing environment would impede organizational progress,reduce the IT environment stability and uptime,and have a negative impact on upcoming implementations. PRIOR COMMITTEE/BOARD ACTIONS N/A ADDITIONAL INFORMATION A Notice Inviting Bids was issued on November 17,2023 via PlanetBids.Bids were due on January 22,2024.OC San received five (5)bids which are valid for 180 calendar days from the bid opening date. The following is a list of the firms who submitted a bid. Company Name Bid Determination ePlus Technology, inc.$2,038,036.86 Responsive, Responsible SHI International Corp.$2,184,658.07 Responsive, Responsible Questivity, Inc.$2,387,894.24 Responsive, Responsible Axelliant LLC $2,411,107.49 Responsive, Responsible Netsync Networks $2,610,305.04 Responsive, Responsible All bids were found to be responsive and responsible.Based on these results,staff recommends approving the Purchase Order to ePlus Technology,inc.The term of this Purchase Order will begin upon effective date of the Notice to Proceed. CEQA N/A Orange County Sanitation District Printed on 2/6/2024Page 2 of 3 powered by Legistar™ File #:2024-3459 Agenda Date:2/14/2024 Agenda Item No:3. FINANCIAL CONSIDERATIONS This request complies with authority levels of OC San’s Purchasing Ordinance.This item has been budgeted (FY2022-23 & FY2023-24 Budget). 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 2/6/2024Page 3 of 3 powered by Legistar™ ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3452 Agenda Date:2/14/2024 Agenda Item No:4. FROM:Robert Thompson, General Manager Originator: Wally Ritchie, Director of Finance SUBJECT: MID-YEAR FINANCIAL REPORT FOR THE PERIOD ENDED DECEMBER 31, 2023 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, 2023. BACKGROUND Included in this report are the following mid-year financial reports for the period ended December 31, 2023: ·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 (OC San) for the period ended December 31, 2023. ·Mid-Year Treasurer’s Report This section reports on financial portfolio performance with respect to OC San’s funds.Both Long-Term and Liquid Operating Monies Portfolios are summarized.A performance summary table can be found on page 2 of this agenda report.The report also contains information on the U.S.and global economic outlook from OC San’s investment manager,Chandler Asset Management. ·Mid-Year Certificates of Participation (COP) Report The report includes a summary of each outstanding debt issuance and a chart illustrating the various fixed interest rates of OC San’s eight debt issues. RELEVANT STANDARDS ·Quarterly financial reporting Orange County Sanitation District Printed on 2/6/2024Page 1 of 3 powered by Legistar™ File #:2024-3452 Agenda Date:2/14/2024 Agenda Item No:4. ADDITIONAL INFORMATION The mid-year treasurer’s report contained within the Consolidated Financial Reports for the period ended December 31,2023,is being submitted in accordance with OC San’s investment policy that requires the report be submitted to the governing body following the end of each quarter and includes the following information: ·Performance results in comparison with the ICE BAML 3-month treasury bill index for the liquid operating portfolio;and the ICE BAML Corp./Govt.1-5 Year Bond index for the long-term portfolio as identified in the investment policy;and the time-weighted total rate of return for the portfolio for the prior three months,six months,nine months,twelve months,and since inception compared to the Benchmark returns for the same periods: Portfolio Performance Summary As of December 31, 2023 Liquid Operating Monies (%)Long-Term Operating Monies (%) Total Rate of Return Benchmark Total Rate of Return Benchmark 3 Months 1.38 1.37 3.17 3.23 6 Months 2.85 2.70 3.49 3.49 9 Months 3.98 3.90 3.05 2.76 12 Months 5.18 5.01 4.76 4.61 Annualized Since Inception 30 Nov 2014 1.46 1.37 1.38 1.26 ·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 $206.8 M $749.1 M Market Value $208.9 M $733.2 M ·Modified duration of the portfolio compared to the Benchmark: Liquid Operating Long-Term OC San Policy < 0.50 < 5.00 Benchmark 0.16 2.52 Portfolio 0.24 2.44 ·Dollar change in value of the portfolio for a one percent (1%) change in interest rates: Liquid Operating - $508,854 Long- Term - $17,903,418 ·None of the portfolios are currently invested in reverse repurchase agreements. Orange County Sanitation District Printed on 2/6/2024Page 2 of 3 powered by Legistar™ File #:2024-3452 Agenda Date:2/14/2024 Agenda Item No:4. ·The percent of the Liquid Operating Monies portfolio maturing within 90 days: 64.8% ·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 - 0.0% Long- Term - Percent of portfolio - 0.8% Cost Maturity Date Moody S&P Fitch AMRESCO Residential Securities 1999-1 A $76,215.34 6/25/2029 NR BB+A Virginia Electric Power Corp Callable $5,736,523.40 5/15/2027 A2 BBB+A ·All investments are in compliance with the investment policy and the California Government Code,except for the following Lehman Brother holdings that OC San is pursuing collection through the bankruptcy court: Lehman Brothers Note-Defaulted $600,000 par value purchased 9/19/2008 Lehman Brothers Note-Defaulted $2,000,000 par value purchased 9/18/2008 ·Sufficient funds are available for the OC San to meet its operating expenditure requirements for the next six months. CEQA N/A FINANCIAL CONSIDERATIONS N/A ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Mid-Year Consolidated Financial Report for the period ended December 31, 2023 ·Presentation Orange County Sanitation District Printed on 2/6/2024Page 3 of 3 powered by Legistar™ Orange County, California Mid-YearFinancialReport For the period ended December 31, 2023 Orange County Sanitation District 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 Treasurer’s Report ...................................................................................................................... 1 Certificates of Participation (COP) Report ................................................................................... 1 FY 2023-24 Mid-Year Financial Report This Page Intentionally Left Blank Executive Summary Page 1 Consolidated Financial Reports For the Mid-Year Ended December 31, 2023 Included in this consolidated report are the following quarterly financial reports for the period ended December 31, 2023:  Budget Review: The Consolidated Financial Reports Section 1 provides the Directors, staff, and the general public with a comprehensive overview of the financial results of the Orange County Sanitation District (OC San) through the mid-year ended December 31, 2023. Contained within the Budget Review Sections 2 through 5 is the budget-to-actual status of the Collection, Treatment and Disposal Operations, Capital Improvement Program, Debt Service, and Self-Insurance Program. Also included is a Capital Assets Schedule as of December 31, 2023. 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, 2023: a) Most major expense categories are anticipated to approximate budget. b) Total revenues are at 54.9 percent of the $522.5 million budget. Except for Intra District Sewer Use-IRWD, Capital Assessments-IRWD, Capital Facilities Capacity Charges, CIP Reimbursements, CNG Sales, Rents & Leases, Other Revenues, and Other Sales, most revenue sources are FY 2023-24 Mid-Year Financial Report Page 2 currently tracking close to or exceeding the proportionate budget through December 31. Overall, total revenues are projected to approximate budget at year-end. More detailed information on revenues is provided within Section 1 – Pages 3 through 5. 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 $106.6 million is currently tracking at 49.5 percent of the $215.4 million budget. In addition, net operating expenses have increased $8.1 million or 8.3 percent in comparison with the same period last year. Overall, staff expects the total operating costs to remain at or slightly below budget throughout the remainder of the year. More detailed information on operating expenses is provided within Section 1 – Pages 1 through 3. The total cost per million gallons is $3,149 based on flows of 184 million gallons per day. This is $41 per million gallons, or 1.3 percent less than the budgeted cost per million gallons per day. A further description of these costs and benchmarking with other agencies is contained within Section 1 – Pages 6 through 8. d) The total projected capital outlay cash flow of the Capital Improvement Program (CIP) for FY 2023-24 has been revised to $273.4 million, or 100.5 percent of the board approved cash outlay of $272.0 million. The actual cash outlay spending through the mid-year is $94.8 million, or 34.9 percent of the total budgeted outlay. More detailed information on the CIP budget review can be found in Section 1 – Page 9 and Section 3.  Treasurer’s Report This section reports on financial portfolio performance with respect to OC San’s funds. Both Long-Term and Liquid Operating Monies Portfolios are summarized. A performance summary table can be found on page 2 of this section. The report also contains information on the national economic outlook from OC San’s money manager, Chandler Asset Management (Chandler). Chandler notes the Long-Term Portfolio quarterly return of 317 basis points underperformed the ICE BofA 1-5 Year AAA-A US Corp & Govt Index return of 323 basis points, while the Liquid Operating Monies Portfolio quarterly return of 138 basis point outperformed the ICE BofA 3-Month US Treasury Bill Index return of 137 basis points. Chandler further notes that recent data has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market. Inflationary trends are subsiding, but core levels remain above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, Chandler believes the economy will gradually soften and the Fed will loosen monetary policy in 2024. Executive Summary Page 3 As expected at the December meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The new Summary of Economic Projections reflected Core PCE inflation reaching the target 2% level in 2026 without a significant increase in unemployment. Chandler believes the FOMC will loosen monetary policy in mid- 2024 as inflation and economic growth continue to moderate. Treasury yields declined across the yield curve in December as market participants priced in higher probabilities of Federal Reserve rate cuts in 2024. After reaching their peak in 2023, interest rates followed a more accommodative stance by the Federal Reserve later in the year, resulting in yield declines across the board and signaling a less restrictive monetary policy for 2024. By the end of December, the 2-year Treasury yield dropped 43 basis points to 4.25%, the 5- year Treasury yield fell 42 basis points to 3.85%, and the 10-year Treasury yield decreased by 45 basis points to 3.88%. Recent market activity emphasizes the significant influence of the Federal Reserve on interest rates. While many anticipate multiple rate cuts in 2024, some investors may have grown overly optimistic about the timing and extent of these cuts. Market participants will closely scrutinize Federal Reserve Chair Jerome Powell and the Federal Open Market Committee's policy announcement on January 31st, 2024, to ascertain the future path of monetary policy. At the end of December, the 2-year Treasury yield had declined by 18 basis points to 4.25%, while the 10-Year Treasury yield remained stable at 3.88% compared to the previous year. The spread between the 2-year and 10-year Treasury yields widened to -37 basis points by the end of December, up from -35 basis points at the close of November. For reference, the average historical spread since 2003 has been approximately +130 basis points. Furthermore, the inversion between 3-month and 10-year Treasuries deepened to -146 basis points in December, compared to -107 basis points in November. It's worth noting that the inversion of the yield curve is likely to persist until the Federal Reserve begins to cut rates, a probability that has increased in recent months. The Consumer Price Index (CPI) increased by 0.2% month-over-month and by 3.4% year-over-year in December, marking a slight uptick from the 3.1% year- over-year rate observed in November. The Core CPI, which excludes volatile food and energy components, rose by 0.3% month-over-month and by 3.9% year-over-year, showing a slight decrease compared to the November figure of 4.0%. In November, the Personal Consumption Expenditures (PCE) Index declined more than expected, with headline inflation dropping by 0.1% month- over-month and increasing by 2.6% year-over-year, down from the 2.9% increase seen in October. Core PCE, the Federal Reserve's preferred inflation gauge, saw a 0.1% month-over-month increase and a deceleration in year-over- year growth to 3.2% in November, down from the 3.4% year-over-year increase reported in October. While the inflation trend is moderating, it's important to note that inflation continues to exceed the Fed's 2% target. FY 2023-24 Mid-Year Financial Report Page 4 Economic Outlook Risk asset performance was remarkably strong in the fourth quarter driven by multiple catalysts in the Chandler team’s view. The totality of the change in interest rates and the corresponding tightening of financial conditions throughout the calendar year helped to change the trajectory of inflation metrics. The Federal Reserve took note; the last increase in the Fed Funds rate was 0.25% at the July 26th Federal Open Market Committee (FOMC) meeting bringing the Fed Funds target range to 5.25% to 5.50%. The FOMC is still preaching optionality, but instead of focusing on additional increases in the Fed Funds rate, the focus has pivoted to ‘how long’ to keep policy in a restrictive stance. As market participants became more confident the FOMC was done raising rates, risk asset performance accelerated, and market breadth improved, with credit spreads tightening and equity indices increasing in both November and December after languishing in October. An additional catalyst for interest rates dropping on a quarter-over-quarter basis was correlated with the United States Treasury updating their issuance needs in early November. Notably better than expected tax receipts reduced the forecasted funding needs and helped to dissipate growing concerns around an increased term premium in the Treasury curve due to elevated supply and deficit spending. However, we expect Treasury supply and deficit spending, with the deficit not improving despite above trend GDP growth in 2023, to be an ongoing issue for market participants. The overall economic backdrop remains sound with risks of a recession continuing to get pushed out linked to the strong employment backdrop and resilient consumer. The three-month moving average on payroll growth slowed to 165k, versus 221k as of September, however the unemployment rate remains consistent with full employment at 3.7%. Weekly jobless claims remain extremely low with the four-week moving average currently 208k; continuing jobless claims have ticked higher, to a current level of 1,834k, indicating to the Chandler team the ability to obtain a new job is normalizing, and supporting the recent trends in moderating inflation. The savings rate is also normalizing, coming in at 4.1% in November, just above the 4.0% level that has historically proved to be an inflection point. The current 36 month moving average, which we believe better accounts for the large transfer payments and elevated saving rate during the pandemic, is down to 6.5% versus 7.0% as of September 2023 and 9.9% as of December 2022. We believe the stabilizing savings rate and strong employment backdrop will continue to enable the consumer to navigate the higher interest rate environment. On a year-over-year basis, core CPI inflation closed the year at 3.9% in December, compared to 4.1% at the end of September and 5.7% as of December 2022. The Chandler team is forecasting core CPI inflation to continue to moderate, with the year-over-year number trending lower in the first quarter of 2024 partially linked to the base effects from the monthly core CPI prints in the first quarter of 2023 all above 0.3% per month. Core PCE inflation will be updated at the end of January, with the November reading down to 3.2%. The Executive Summary Page 5 progress on wage inflation appears to be stalling, with the Atlanta Fed Median Wage Growth holding steady at 5.2% year-over-year for the past four months and Average Hourly Earnings from the Bureau of Labor Statistics at 4.1% year- over-year as of December compared to 4.2% at the end of September and 4.8% as of December 2022. Elevated wage inflation will serve to lengthen the timeline on the Federal Reserve achieving its 2% inflation target and will continue to be closely monitored by market participants. The Chandler team is forecasting monetary policy to become more accommodative in 2024, via a reduction in the Fed Funds rate modestly lower from the current very restrictive stance, but we expect the pace and magnitude of the easing to be measured unless the wage and employment backdrop deteriorates meaningfully.  Certificates of Participation (COP) Report The report includes a summary of each outstanding debt issuance and a comparative chart illustrating the interest rates. FY 2023-24 Mid-Year Financial Report Page 6 This Page Intentionally Left Blank Consolidated Financial Reports Section 1 - Page 1 Mid-Year Financial Report December 31, 2023 The Financial Management Division is pleased to present the FY 2023-24 mid-year financial report. This report provides a comprehensive overview of the financial activities of the Orange County Sanitation District (OC San) and reports on the status of all capital projects in progress. A summary of the sections contained within this report is provided below. Operating Budget Review: This section reports on collection, treatment, and disposal net operating requirements. At December 31, 2023, 49.5 percent, or $106.6 million of the FY 2023-24 net operating budget of $215.4 million has been expended. Net operating expenses increased from the same period last year by $8.1 million, or 8.3 percent, mainly due to an increase of $4.0 million in Repairs and Maintenance, $2.0 million in Operating Materials and Supplies, $1.2 million in Salaries and Benefits, $936,000 in Contractual Services, $579,000 in Other Operating Supplies, $219,000 in Training and Meetings, $210,000 in Research and Monitoring, and $174,000 in Utilities, partially offset by a decrease of $436,000 in Professional Services, $296,000 in Administrative Expenses, $224,000 in Printing and Publication, and an increase of $244,000 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 through the remainder of the year. At December 31, 2023, 54.9 percent, or $286.8 million of the FY 2023-24 budgeted total revenues of $522.5 million has been recognized. Revenues increased from the same period last year by $34.8 million, or 13.8 percent, mainly due to an increase of $34.6 million in Interest Earnings, $8.9 million in Service Fees, $1.5 million in Other Revenues, and $929,000 in Capital Assessments-IRWD, partially offset by a decrease of $6.4 million in Property Taxes, $2.6 million in Capital Facilities Capacity Charges, $1.5 million in Intra District Sewer Use-IRWD, and $822,000 in CIP Reimbursements. These and other variances that factor into this net increase in revenues are discussed in more detail below. Overall, staff expects the total revenues to approximate budget at the end of the fiscal year. Significant operating results as of December 31, 2023, include the following:  Salaries, Wages and Benefits – Personnel costs of $55.9 million are on target at 48.0 percent of the budget through the mid-year of FY 2023-24. The budget is based on a 5 percent vacancy factor, and staffing is 42 full-time equivalents (FTEs), or 6.4 percent below the total 653 FTEs approved in the FY 2023-24 budget. Salary and benefit costs are $1.2 million, or 2.2 percent higher than the $54.8 million incurred in the same period last year, mainly due to an increase of $477,000 in Group Insurances, $394,000 in Salaries and Wages, $166,000 in Workers’ Compensation, and $128,000 in Employee Supplemental Benefits. Net operating FY 2023-24 Mid-Year Financial Report Section 1 - Page 2 personnel costs are expected to approximate budget throughout the remainder of the year.  Administrative Expenses – Administrative Expenses totaled $842,000, or 36.5 percent of the $2.3 million budget through December 31. These costs are $296,000, or 26.0 percent lower at December 31 in comparison with the prior year, mainly due to a decrease of $186,000 in Small Computer Items and $106,000 in Minor Furniture and Fixtures. It is anticipated that administrative costs will approximate or be below budget at year-end.  Printing and Publication Expenses – Printing and Publication Expenses totaled $139,000 or 38.4 percent of the $362,000 budget through December 31. These costs are $224,000, or 61.7 percent lower at December 31 in comparison with the prior year, primarily due to costs incurred in the prior year for Proposition 218 notifications, which are printed and mailed every five years for regional sewer service fees. Printing and publication costs are expected to approximate or be below budget at year-end.  Training and Meetings – Training and meetings of $327,000 is below target at 26.9 percent of the $1.2 million budget through December 31. This account is lower than the proportionate budget due to the timing and need for training throughout the year. These costs have increased over the same period last year by $219,000, or 201.9 percent, due to the lifting of COVID-19 pandemic restrictions. Total training and meeting costs are anticipated to be below budget at year- end.  Operating Materials and Supplies – Operating materials and supplies of $15.1 million is on target at 49.6 percent of the $30.5 million budget through December 31. Operating Materials and Supplies is higher than the prior year by $2.0 million, or 15.3 percent, mostly due to an increase of $2.0 million in Chemical Coagulants resulting from unit cost increases. Based on current processes, operating materials and supplies are anticipated to approximate budget at year-end.  Contractual Services – Contractual services is on target at $10.7 million, or 49.0 percent of the $21.8 million budget through December 31. Solids Removal costs, budgeted at $14.2 million, comprise the majority of this expense category at $7.1 million, or 50.4 percent of its budget at December 31. Contractual Services is higher by $936,000, or 9.6 percent over the same period last year, mainly due to an increase of $308,000 in Solids Removal, $199,000 in Oxygen, $177,000 in Janitorial, $114,000 in Other Contractual Services, $52,000 in Other Waste Disposal, and $45,000 in Temporary Services. County Service Fees totaled only $22,000, or 4.0 percent of the $534,000 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 $2.3 million, or 30.6 percent of the $7.6 million budget through December 31. Professional services Consolidated Financial Reports Section 1 - Page 3 costs, such as Audit and Accounting, Engineering, Environmental Scientific Consulting, Software Program 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 $436,000, or 15.8 percent lower at December 31 in comparison with the prior year, mainly due to a decrease of $421,000 in Other Professional Services, $189,000 in Software Program Consulting, and $143,000 in Engineering, partially offset by an increase of $152,000 in Legal, $90,000 in Environmental Scientific Consulting, and $46,000 in Audit and Accounting. It is anticipated that the costs for this category will be below budget at year-end.  Research and Monitoring – Research and monitoring costs totaled $918,000, or 51.7 percent of the $1.8 million budget through December 31. These costs are $210,000, or 29.6 percent higher at December 31 in comparison with the prior year, due to an increase of $199,000 in Environmental Monitoring and $33,000 in Air Quality Monitoring, offset by a decrease of $22,000 in Research. Total research and monitoring costs are anticipated to approximate budget at year-end.  Repairs and Maintenance – Repairs and maintenance costs totaled $19.0 million, or 53.6 percent of the $35.5 million budget through December 31. These costs are $4.0 million, or 26.9 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. It is anticipated that the costs for this category will approximate or be slightly above budget at year-end.  Utilities – Utilities costs totaled $8.0 million, or 65.7 percent of the $12.3 million budget through December 31. These costs are $174,000, or 2.2 percent higher at December 31 in comparison with the prior year, primarily due to an increase of $190,000 in Natural Gas and $100,000 in Water, partially offset by a decrease of $110,000 in Power. It is anticipated that the costs will be above budget at year- end.  Other Operating Supplies – Other operating supplies costs totaled $3.1 million, or 56.5 percent of the $5.5 million budget through December 31. Property and General Liability Insurance, budgeted at $3.2 million, comprise the majority of this expense category at $1.6 million. Overall, Other Operating Supplies is $579,000, or 22.9 percent higher at December 31 in comparison with the prior year, primarily due to an increase of $409,000 in Property and General Liability Insurance, $89,000 in Regulatory Operating Fees, and $55,000 in Miscellaneous Operating Expense. It is anticipated that other operating supplies costs will approximate or be slightly above budget at year-end.  Revenues – Service Fees and Property Taxes – Through December 31, revenues from Service Fees are at $176.7 million, or 55.4 percent of the $318.7 million budget and Property Taxes are at $57.8 million, or 49.9 percent of the $115.9 million budget. These items comprise the majority of OC San’s revenues and are mostly collected by the County through the property tax roll and distributed to OC FY 2023-24 Mid-Year Financial Report Section 1 - Page 4 San throughout the year based on a set distribution schedule that begins in November of each year. The increase of $8.9 million, or 5.3 percent in service fee revenue over the prior year is primarily due to an increase in rates and the timing of receipts. The property tax revenue decrease of $6.4 million, or 10.0 percent over the prior year is a result of the timing of redevelopment passthrough receipts, partially offset by the timing of secured tax receipts and the growth in assessed property values. These revenues are expected to approximate budget at year-end.  Revenues – Permit Fees – Permit Fees are at $7.9 million, or 49.0 percent of the $16.1 million budget. The revenues through the mid-year are lower than the same period last year by $170,000, or 2.1 percent, due to the fluctuation in the number of permittees from year to year as businesses establish or cease their operations and a decrease in operation and maintenance charges based on flows received from these customers. Permit Fees revenues are expected to approximate budget at year- end.  Revenues – Inter District Sewer Use – SAWPA and SBSD – Inter District Sewer Use-SAWPA and SBSD are at $1.8 million or 59.7 percent of the $2.9 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 $458,000, or 35.2 percent, due to an increase in operation and maintenance charges based on flows received from these agencies. These revenues are expected to approximate or be above budget at year-end.  Revenues – Intra District Sewer Use – IRWD – Intra District Sewer Use-IRWD are at negative $580,000, or -10.7 percent of the $5.4 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 lower than the same period last year by $1.5 million, or 166.5 percent, due to an increase of $1.4 million in interest income and $219,000 in property tax revenues allocated to IRWD, partially offset by an increase of $146,000 in operating and maintenance charges to IRWD. These revenues are expected to be below budget at year-end.  Revenues – Capital Assessments – IRWD – Capital Assessments-IRWD are at $2.5 million, or 35.5 percent of the $7.2 million budget. The revenues through the mid-year are higher than the same period last year by $929,000, or 57.8 percent, due to both an increase in joint capital costs and the percentage 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 $6.6 million, or 35.5 percent of the $18.5 million budget. The revenues through the mid-year are lower than the same period last year by $2.6 million, or 28.4 percent, due to a decrease in capacity charges collected from local agencies and charges assessed to industrial dischargers. These revenues are expected to approximate or be below budget at year-end. Consolidated Financial Reports Section 1 - Page 5  Revenues – Interest Earnings (Loss) – Interest Earnings are at $30.9 million, or 219.5 percent of the $14.1 million budget. The revenues through the mid-year are higher than the same period last year by $34.6 million, or 938.7 percent, due to the higher interest rates experienced in the current year and the prior year having a negative total rate of return on securities held in the long-term investment portfolio, which was largely comprised of unrealized losses. It is estimated that interest earnings will exceed budget at year-end.  Revenues – CIP Reimbursements – CIP Reimbursements are at $111,000, or 1.1 percent of the $10.2 million budget. This revenue is $822,000 or 88.1 percent lower than the same period last year and is proportionately low to the budget through the mid-year due to timing of reimbursements for construction projects, such as from Orange County Water District for J-117B Outfall Low Flow Pump Station and for P2-122 Headworks Modifications at Plant No. 2 for GWRS Final Expansion. These revenues are expected to be below budget at year-end.  Revenues – Wastehauler – Wastehauler revenues are at $400,000, or 53.3 percent of the $750,000 budget. This revenue is derived from fees charged to wastehaulers, allowing them to dump waste into OC San’s system. The revenues through the mid-year are lower than the same period last year by $116,000, or 22.5 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 $87,000, or 21.7 percent of the $400,000 budget. This revenue is derived from public sales at OC San’s Compressed Natural Gas (CNG) fueling station. The revenues through the mid-year are lower than the same period last year by $74,000, or 46.0 percent, due to a decrease in compressed natural gas sales and prices. These revenues are expected to be below budget at year-end.  Revenues – Rents & Leases – Rents & Leases revenues are at $196,000, or 32.6 percent of the $600,000 budget. The revenues through the mid-year are lower than the same period last year by $28,000, or 12.4 percent. These revenues are expected to be below budget at year-end.  Revenues – Other – Other revenues are at $2.3 million, or 19.5 percent of the $11.7 million budget. These revenues are $1.5 million, or 201.6 percent higher than the same period last year, primarily due to insurance proceeds for a machinery breakdown claim on Central Generation Engine #1. These revenues are expected to be below budget at year-end.  Revenues – Power Sales – Power Sales revenues are at $72,000, or 289.2% percent of the $25,000 budget. The revenues through the mid-year are higher than the same period last year by $11,000, or 18.2 percent, due to both an increase in the quantity of surplus generated energy exported to Southern California Edison and an increase in the buyback rate. FY 2023-24 Mid-Year Financial Report Section 1 - Page 6 Comparison of Mid-Year Cost per Million Gallon Results with Budget Last Five Years As demonstrated in the preceding graph for 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 4.8 percent lower and 1.1 percent higher than the annual budget. The FY 2023-24 mid-year cost per million gallons of $3,149 is 1.3 percent lower when compared with this year’s budget. The increase in cost per million gallons of $153 from the previous year is primarily due to an increase in operating expenses, which are 8.3 percent higher than the same period last year, partially offset by an increase in flows, which are 3.0 percent higher 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 $3,149 based on flows of 184 million gallons per day. This is $41 per million gallons, or 1.3 percent less than the budgeted cost per million gallons of $3,190. The lower cost per million gallons is due to net expenses being 1.1% lower than the proportionate budget through December 31, partially offset by flows of 184 million gallons per day being 0.6 percent lower than the budgeted flow of 185 million gallons per day, which has an inverse relationship to cost per unit of collection, treatment, and disposal. More detailed information on operating revenues, costs, and related information is provided within Section 2. $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 $3,200 $3,400 $3,600 19-20 20-21 21-22 22-23 23-24 $2 , 4 5 1 $2 , 5 4 0 $2 , 6 8 1 $2 , 9 7 9 $3 , 1 9 0 $2 , 3 3 4 $2 , 5 6 9 $2 , 6 9 5 $2 , 9 9 6 $3 , 1 4 9 Fiscal Year Budget Mid-Year Consolidated Financial Reports Section 1 - Page 7 Following are data tables showing the last five years of Single Family Residential User Fees (SFR) and the cost per million gallons (MG) to collect, treat, and dispose of wastewater for the Orange County Sanitation District and similar agencies. The agencies used in the tables were determined to be those that most closely resembled OC San in terms of services provided and treatment levels. The summaries demonstrate that OC San’s SFR and cost per MG are each one of the lowest in their respective groups. 2019 2020 2021 2022 2023 Agency SFR SFR SFR SFR SFR Notes San Francisco 1,076$ 1,169 1,270 1,270 1,337 Vallejo Sanitation/Flood Control District 656$ 715 747 769 885 City of San Diego 573$ 573 573 687 714 (1) Central Contra Costa Sanitary District 598$ 598 660 690 697 City of Los Angeles 597$ 636 636 636 636 (2) Union Sanitary District 421$ 421 524 530 570 (3) East Bay MUD 423$ 439 457 475 515 Dublin San Ramon Services District 447$ 469 486 496 495 City of Hayward 412$ 430 446 463 495 Sacramento County 444$ 444 444 444 444 Irvine Ranch Water District 313$ 313 313 357 399 (4) Oro Loma Sanitary District 275$ 296 318 342 368 Orange County Sanitation District 339$ 339 343 347 358 City of Fresno 309$ 309 309 309 309 (5) Los Angeles County 196$ 213 226 226 217 (6) Notes: (1) - Data represents the base sewer fee plus the average usage of 9 hundred cubic feet per month. (2) - Data is for the typical SFR customer rate using approximately 9 hundred cubic feet per month. (3) - Deferred rate increase for July 2020 incorporated into July 2021 rate. (4) - Data represents the usage of 10 hundred cubic feet per unit. (5) - Data represents the minimum SFR rate not including flow. (6) - Data represents the average service charge rates for the prior fiscal year. Benchmark Study Five-Year Single Family Residential Rate Rates as of July FY 2023-24 Mid-Year Financial Report Section 1 - Page 8 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 Agency Svc. Trt. Cost/MG Cost/MG Cost/MG Cost/MG Cost/MG Notes San Francisco B 2 5,995$ 7,573 9,456 7,152 N/A (1) Central Contra Costa Sanitary District B 3 3,980$ 5,284 6,513 6,353 7,043 (2) Union Sanitary District B 2 4,838$ 5,655 5,569 5,623 6,822 Vallejo Sanitation/Flood Control District B 2 6,137$ 8,682 9,108 9,595 6,280 (3) City of San Diego B 3 4,180$ 3,977 4,219 4,263 4,450 East Bay MUD T 2 2,710$ 3,122 4,052 3,674 3,959 (4) City of Los Angeles B 3 3,046$ 3,021 2,763 3,120 3,625 Dublin San Ramon Services District B 3 3,692$ 3,441 3,570 3,406 N/A Los Angeles County B 3 2,264$ 2,343 2,338 2,786 3,081 Orange County Sanitation District B 2 2,275$ 2,422 2,428 2,255 2,961 Sacramento County T 3 2,812$ 3,407 3,470 2,819 2,953 (5) City of Fresno B 3 1,945$ 1,993 2,100 2,235 2,454 Legend for Service Provided and Treatment Level: B - Agency operates both collection and treatment facilities T - Agency provides treatment services but not collection 2 - Secondary treatment 3 - Advanced secondary or secondary with some tertiary treatment Notes: (4) - FY21-22 operating expense decreased $6.7 million. (5) - FY21-22 operating expense decreased $20.8 million. N/A - Not currently available. Benchmark Study Five-Year Cost per MG (2) - 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. (1) - FY20-21 operating expense increased $29.9 million and average daily flow decreased 8.3MG per day. Combined stormwater/sewer system. (3) - In FY19-20, Agency updated FY18-19 Annual Comprehensive Financial Report (ACFR) treatment cost. In FY22-23, a decrease in treatment cost is reported in Agency's ACFR. Consolidated Financial Reports Section 1 - Page 9 Capital Outlay Review: As depicted by the preceding chart, Capital Outlays totaled $94.8 million, or 34.9 percent of the capital outlay cash flow budget for FY 2023-24 as of December 31, 2023. Costs are 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 No. 1, which has a budget of $62.7 million but actual costs of $23.4 million, Primary Treatment Rehabilitation at Plant No. 2, which has a budget of $23.9 million but actual costs of $3.5 million, and Process Control Systems Upgrades, which has a budget of $9.1 million but actual costs of $1.0 million. Overall, the capital outlay costs of the capital improvement program are expected to approximate $273.4 million, or 100.5 percent of the capital outlay cash flow budget at year-end. More detailed information on the capital improvement program is provided within Section 3. Capital Assets Schedule and Debt Service Budget Review: Section 4 is the Capital Assets Schedule and Debt Service Section. This section shows the cost value of OC San’s capital facilities at December 31, 2023, as well as the debt service costs resulting from the need to provide funding for the construction of capital facilities. Principal payments on debt issues are due in February, during the third quarter of each fiscal year. As of December 31, 2023, no principal payments have been made. Interest costs are expensed ratably throughout the fiscal year and are expected to approximate budget at year-end. $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 12/31/23 Actual Capital Outlay $94,797,047 Projected 2023-24 Capital Outlay $273,420,700 2023-24 Capital Outlay Cashflow Budget $271,974,831 FY 2023-24 Mid-Year Financial Report Section 1 - Page 10 Self-Insurance Budget Review: Section 5 is the Self-Insurance Section. Through December 31, the Self-Insurance Fund revenues totaled $2.1 million, or 50.4 percent of the budget, while expenses are at $3.4 million, or 81.5 percent of the budget. Separate fund accounting is used for recording the revenue and expenses incurred in managing these liability claims. The revenues to these funds represent charges to operating divisions. Expenses to these funds include actual claims paid, claims administration, and excess loss policies. Operating Budget Review $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 Ex e c u t i v e M a n a g e m e n t Hu m a n R e s o u r c e s Ad m i n i s t r a t i v e S e r v i c e s En v i o r n m e n t a l S e r v i c e s En g i n e e r i n g Op e r a t i o n s & M a i n t e n a n c e Cost per Million Gallons by Department Budget and Actual December 31, 2023 Budget Actual $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Sa l a r y & W a g e s Em p l o y e e B e n e f i t s Ad m i n i s t r a t i v e E x p e n s e s Pr i n t i n g & P u b l i c a t i o n Tr a i n i n g & M e e t i n g s Op e r a t i n g M a t e r i a l s & S u p p l i e s Co n t r a c t u a l S e r v i c e s Pr o f e s s i o n a l S e r v i c e s Re s e a r c h & M o n i t o r i n g Re p a i r s & M a i n t e n a n c e Ut i l i t i e s Ot h e r M a t e r i a l s , S u p p l i e s , & S v c s Collection, Treatment, & Disposal Expenses by Major Category Budget and Actual (in thousands) December 31, 2023 Budget Actual Section 2 - Page 1 Divisional Contributions to Cost Per Million Gallons For the Six Months Ended December 31, 2023 2023-24 12/31/21 12/31/22 Annual 12/31/23 Actual Actual Budget Actual Flow in Million Gallons 33,222.87 32,849.01 67,525.00 33,842.59 Flow in Million Gallons per Day 180.56 178.53 185.00 183.92 Executive Management Department General Management Administration 24.25$ 33.14$ 33.71$ 44.98$ Board Services 14.20 14.57 20.28 16.01 Public Affairs 16.94 25.87 23.06 20.21 Subtotal 55.39 73.58 77.05 81.20 Human Resources Department Human Resources 69.03 66.92 70.95 64.32 Risk Management / Safety / Security 59.21 69.58 80.68 62.57 Subtotal 128.24 136.50 151.63 126.89 Administrative Services Department Administrative Services 9.32 9.59 8.96 7.52 Consolidated Services 98.32 117.97 148.26 133.07 Financial Management 63.20 70.99 62.64 69.66 Contracts, Purchasing, & Materials Mgmt. 76.18 79.78 76.59 67.70 Information Technology 219.17 241.18 232.44 241.27 Subtotal 466.19 519.51 528.89 519.22 Environmental Services Department Environmental Services Administration 62.65 87.78 84.71 92.78 Resource Protection 83.62 88.01 114.18 90.09 Laboratory, Monitoring and Compliance 143.16 140.05 159.43 147.78 Subtotal 289.43 315.84 358.32 330.65 Engineering Department Engineering Administration 22.69 14.31 13.36 10.20 Planning 61.17 60.51 64.07 60.40 Project Management Office 69.64 68.75 67.42 68.24 Design 106.11 93.76 106.54 98.63 Construction Management 108.53 115.88 134.77 122.23 Subtotal 368.14 353.21 386.16 359.70 Operations & Maintenance Department Operations & Maintenance Administration 2.27 7.26 10.59 5.29 Collections Facilities O & M 226.93 306.43 286.64 253.69 Fleet Services 34.31 37.25 38.09 35.87 Plant No. 1 Operations 515.21 599.97 601.11 636.36 Plant No. 2 Operations 267.99 299.77 299.62 312.46 Plant No. 1 Maintenance 403.55 395.69 469.45 441.29 Plant No. 2 Maintenance 250.20 247.00 302.79 340.57 Subtotal 1,700.46 1,893.37 2,008.29 2,025.53 Total Operating Expenses 3,007.85 3,292.01 3,510.34 3,443.19 Cost Allocation (312.44) (296.13) (320.34) (294.66) Net Operating Requirements 2,695.41$ 2,995.88$ 3,190.00$ 3,148.53$ FY 2023-24 Mid-Year Financial Report Section 2 - Page 2 Comparison of Expenses by Department For the Six Months Ended December 31, 2023 2023-24 12/31/21 12/31/22 Year to Date Budget % Department and Division Actual Actual Budget 12/31/23 Realized Executive Management Department General Management Administration 805,787$ 1,088,562$ 2,276,310$ 1,522,211$ 66.87% Board Services 471,878 478,695 1,369,414 541,693 39.56% Public Affairs 562,728 849,909 1,557,232 684,068 43.93% Subtotal 1,840,393 2,417,166 5,202,956 2,747,972 52.82% Human Resources Department Human Resources 2,293,432 2,198,175 4,790,970 2,176,589 45.43% Risk Management / Safety / Security 1,967,054 2,285,561 5,448,050 2,117,445 38.87% Subtotal 4,260,486 4,483,736 10,239,020 4,294,034 41.94% Administrative Services Department Administrative Services 309,694 314,922 604,940 254,545 42.08% Consolidated Services 3,266,316 3,875,065 10,010,973 4,503,488 44.99% Financial Management 2,099,790 2,331,987 4,229,861 2,357,484 55.73% Contracts, Purchasing, & Materials Mgmt. 2,530,783 2,620,789 5,171,811 2,291,044 44.30% Information Technology 7,281,428 7,922,566 15,695,175 8,165,067 52.02% Subtotal 15,488,011 17,065,329 35,712,760 17,571,628 49.20% Environmental Services Department Environmental Services Administration 2,081,291 2,883,603 5,719,939 3,139,865 54.89% Resource Protection 2,777,956 2,890,944 7,710,253 3,048,906 39.54% Laboratory, Monitoring and Compliance 4,756,121 4,600,641 10,765,428 5,001,336 46.46% Subtotal 9,615,368 10,375,188 24,195,620 11,190,107 46.25% Engineering Department Engineering Administration 753,844 470,027 902,014 345,272 38.28% Planning 2,032,380 1,987,590 4,326,056 2,044,229 47.25% Project Management Office 2,313,491 2,258,387 4,552,810 2,309,505 50.73% Design 3,525,405 3,079,981 7,194,276 3,337,839 46.40% Construction Management 3,605,715 3,806,604 9,100,374 4,136,539 45.45% Subtotal 12,230,835 11,602,589 26,075,530 12,173,384 46.69% Operations & Maintenance Department Operations & Maintenance Administration 75,465 238,534 715,080 179,063 25.04% Collections Facilities O & M 7,539,114 10,065,882 19,355,501 8,585,379 44.36% Fleet Services 1,139,736 1,223,730 2,571,697 1,213,850 47.20% Plant No. 1 Operations 17,116,797 19,708,481 40,589,667 21,536,189 53.06% Plant No. 2 Operations 8,903,299 9,847,287 20,232,053 10,574,397 52.27% Plant No. 1 Maintenance 13,407,179 12,998,082 31,699,895 14,934,552 47.11% Plant No. 2 Maintenance 8,312,317 8,113,804 20,446,176 11,525,900 56.37% Subtotal 56,493,907 62,195,800 135,610,069 68,549,330 50.55% Total Operating Expenses 99,929,000 108,139,808 237,035,955 116,526,455 49.16% Cost Allocation (10,379,845) (9,728,222) (21,646,370) (9,971,977) 46.07% Net Operating Requirements 89,549,155$ 98,411,586$ 215,389,585$ 106,554,478$ 49.47% Operating Budget Review Section 2 - Page 3 Summary of Collection, Treatment, & Disposal Expenses by Major Category For the Six Months Ended December 31, 2023 Expense Expense Increase Increase Percent Budget Through Through (Decrease)(Decrease)Budget Remaining 2023-24 12/31/23 12/31/22 $%Realized Budget Salary & Wages 91,482,196$ 43,214,029 42,820,211 393,818$ 0.92%47.24%48,268,167$ Employee Benefits 25,105,380 12,733,152 11,943,776 789,376 6.61%50.72%12,372,228 Administrative Expenses 2,305,733 841,517 1,137,346 (295,829) -26.01%36.50%1,464,216 Printing & Publication 361,737 138,854 362,735 (223,881) -61.72%38.39%222,883 Training & Meetings 1,215,867 327,079 108,333 218,746 201.92%26.90%888,788 Operating Materials & Supplies 30,511,514 15,125,898 13,124,979 2,000,919 15.25%49.57%15,385,616 Contractual Services 21,796,564 10,689,720 9,753,637 936,083 9.60%49.04%11,106,844 Professional Services 7,583,166 2,316,782 2,752,519 (435,737) -15.83%30.55%5,266,384 Research & Monitoring 1,776,363 917,511 707,947 209,564 29.60%51.65%858,852 Repairs & Maintenance 35,500,413 19,026,341 14,992,381 4,033,960 26.91%53.59%16,474,072 Utilities 12,259,566 8,048,492 7,874,670 173,822 2.21%65.65%4,211,074 Other Materials, Supplies, and Services 7,137,456 3,147,080 2,561,274 585,806 22.87%44.09%3,990,376 Net Cost Allocation (21,646,370) (9,971,977) (9,728,222) (243,755) 2.51%46.07%(11,674,393) Net Operating Requirements 215,389,585 106,554,478 98,411,586 8,142,892 8.27%49.47%108,835,107 Gallonage Flow (MG)67,525.00 33,842.59 32,849.01 993.58 3.02% Gallonage Flow (MGD)185.00 183.92 178.53 5.39 3.02% Gallonage Flow ($'s /MG)$3,190.00 $3,148.53 $2,995.88 $152.65 5.10% Description FY 2023-24 Mid-Year Financial Report Section 2 - Page 4 Revenue Percent Revenue Increase Increase Budget Through Budget Remaining Through (Decrease)(Decrease) Description 2023-24 12/31/23 Realized Budget 12/31/22 $% Service Fees 318,695,340$ 176,690,046$ 55.44% 142,005,294$ 167,778,445$ 8,911,601$ 5.31% Permit Fees 16,147,299 7,916,418 49.03% 8,230,881 8,086,563 (170,145) -2.10% Inter District Sewer Use-SAWPA & SBSD 2,945,000 1,758,869 59.72% 1,186,131 1,301,242 457,627 35.17% Intra District Sewer Use-IRWD 5,410,605 (579,611) -10.71% 5,990,216 871,507 (1,451,118) -166.51% Capital Assessments-IRWD 7,153,000 2,538,412 35.49% 4,614,588 1,608,923 929,489 57.77% Capital Facilities Capacity Charges 18,533,000 6,572,880 35.47% 11,960,120 9,178,869 (2,605,989) -28.39% Property Taxes 115,850,120 57,830,565 49.92% 58,019,555 64,219,045 (6,388,480) -9.95% Interest Earnings (Loss) 14,083,000 30,912,888 219.50% (16,829,888) (3,686,049) 34,598,937 938.65% CIP Reimbursements 10,220,909 111,312 1.09% 10,109,597 933,668 (822,356) -88.08% Wastehauler 750,000 400,086 53.34% 349,914 516,375 (116,289) -22.52% CNG Sales 400,000 86,894 21.72% 313,106 160,935 (74,041) -46.01% Rents & Leases 600,000 195,633 32.61% 404,367 223,199 (27,566) -12.35% Other Revenues 11,677,396 2,278,714 19.51% 9,398,682 755,448 1,523,266 201.64% Power Sales 25,000 72,298 289.19% (47,298) 61,193 11,105 18.15% Other Sales 50,000 8,907 17.81% 41,093 34,609 (25,702) -74.26% Total Revenues 522,540,669$ 286,794,311$ 54.88% 235,746,358$ 252,043,972$ 34,750,339$ 13.79% Summary of Revenues For the Six Months Ended December 31, 2023 Operating Budget Review Section 2 - Page 5 FY 2023-24 Mid-Year Financial Report Summary of Collection, Treatment, & Disposal Expenses by Line Item For the Six Months Ended December 31, 2023 Expense Percent Expense Increase Budget Through Budget Remaining Through (Decrease) Description 2023-24 12/31/23 Expensed Budget 12/31/22 $ Salaries, Wages & Benefits Salaries & Wages 91,482,196$ 43,214,029$ 47.24% 48,268,167$ 42,820,211$ 393,818$ 0.92% Employee Benefits Retirement 11,709,180 5,881,592 50.23% 5,827,588 5,881,284 308 0.01% Group Insurances 10,975,600 5,470,186 49.84% 5,505,414 4,993,130 477,056 9.55% Tuition & Certification Reimb 95,700 41,271 43.13% 54,429 46,903 (5,632) -12.01% Edu. degrees, Cert. & Lic. 601,300 319,590 53.15% 281,710 322,249 (2,659) -0.83% Uniform Rental 300,000 140,618 46.87% 159,382 118,060 22,558 19.11% Workers' Compensation 850,500 425,248 50.00% 425,252 259,250 165,998 64.03% Unemployment Insurance 8,900 8,561 96.19% 339 4,458 4,103 92.04% Employee Supplemental Benefits 564,200 446,086 79.07% 118,114 318,442 127,644 40.08% Total Benefits 25,105,380 12,733,152 50.72% 12,372,228 11,943,776 789,376 6.61% Salaries, Wages & Benefits 116,587,576 55,947,181 47.99% 60,640,395 54,763,987 1,183,194 2.16% Matl, Supplies, & Services Administrative Expenses Memberships 665,560 436,413 65.57% 229,147 459,303 (22,890) -4.98% Office Exp - Supplies 60,789 27,816 45.76% 32,973 17,760 10,056 56.62% Postage 40,830 22,677 55.54% 18,153 13,234 9,443 71.35% Books & Publications 38,478 4,468 11.61% 34,010 5,908 (1,440) -24.37% Forms 626 972 155.27% (346) - 972 N/A Small Computer Items 1,247,250 312,648 25.07% 934,602 498,552 (185,904) -37.29% Minor Furniture & Fixtures 252,200 36,523 14.48% 215,677 142,589 (106,066) -74.39% Subtotal 2,305,733 841,517 36.50%1,464,216 1,137,346 (295,829) -26.01% Printing & Publication Repro-In-House 181,787 79,352 43.65% 102,435 73,535 5,817 7.91% Printing-Outside 29,400 7,163 24.36% 22,237 256,498 (249,335) -97.21% Notices & Ads 150,500 52,339 34.78% 98,161 32,702 19,637 60.05% Photo Processing 50 - 0.00% 50 - - N/A Subtotal 361,737 138,854 38.39%222,883 362,735 (223,881) -61.72% Training & Meetings Meetings 144,947 37,394 25.80% 107,553 11,195 26,199 234.02% Training 1,070,920 289,685 27.05% 781,235 97,138 192,547 198.22% Subtotal 1,215,867 327,079 26.90%888,788 108,333 218,746 201.92% Operating Mat'ls & Supplies Chemical Coagulants 15,559,900 8,628,653 55.45% 6,931,247 6,609,685 2,018,968 30.55% Odor & Corrosion Control 10,103,104 4,115,598 40.74% 5,987,506 4,186,563 (70,965) -1.70% Disinfection 439,100 283,569 64.58% 155,531 194,473 89,096 45.81% Chemicals - Misc & Cogen 600,000 219,698 36.62% 380,302 128,724 90,974 70.67% Gasoline, Diesel & Oil 831,810 355,152 42.70% 476,658 370,777 (15,625) -4.21% Tools 888,229 407,176 45.84% 481,053 561,032 (153,856) -27.42% Safety equipment/tools 937,714 527,810 56.29% 409,904 650,455 (122,645) -18.86% Solv, Paints & Jan. Supplies 134,064 64,496 48.11% 69,568 54,945 9,551 17.38% Lab Chemicals & Supplies 698,327 340,107 48.70% 358,220 278,584 61,523 22.08% Misc. Operating Supplies 242,766 171,992 70.85% 70,774 75,853 96,139 126.74% Property Tax Fees 76,500 11,647 15.22% 64,853 13,888 (2,241) -16.14% Subtotal 30,511,514 15,125,898 49.57%15,385,616 13,124,979 2,000,919 15.25% Contractual Services Solids Removal 14,150,000 7,127,956 50.37% 7,022,044 6,820,281 307,675 4.51% Other Waste Disposal 1,195,200 471,195 39.42% 724,005 418,835 52,360 12.50% Groundskeeping 200,000 117,228 58.61% 82,772 92,861 24,367 26.24% Janitorial 961,705 725,698 75.46% 236,007 549,110 176,588 32.16% Outside Lab Services 392,000 102,442 26.13% 289,558 78,129 24,313 31.12% Oxygen 740,000 643,861 87.01% 96,139 444,930 198,931 44.71% County Service Fee 534,345 21,569 4.04% 512,776 23,760 (2,191) -9.22% Temporary Services 578,400 196,606 33.99% 381,794 151,718 44,888 29.59% Security Services 2,342,414 853,133 36.42% 1,489,281 858,449 (5,316) -0.62% Other 702,500 430,032 61.21% 272,468 315,564 114,468 36.27% Subtotal 21,796,564 10,689,720 49.04%11,106,844 9,753,637 936,083 9.60% 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, 2023 Expense Expense Increase Increase Budget Through Remaining Through (Decrease)(Decrease) Description 2023-24 12/31/23 Expensed Budget 12/31/22 $% Continued: Professional Services Legal 1,437,000 804,792 56.01% 632,208 652,814 151,978 23.28% Audit & Accounting 273,570 103,619 37.88% 169,951 57,500 46,119 80.21% Engineering 1,740,000 636,765 36.60% 1,103,235 780,163 (143,398) -18.38% Enviro Scientific Consulting 870,000 115,846 13.32% 754,154 26,277 89,569 340.86% Software Prgm Consulting 723,000 237,444 32.84% 485,556 426,289 (188,845) -44.30% Energy Consulting 27,000 13,000 48.15% 14,000 13,500 (500) -3.70% Advocacy Efforts 205,000 108,900 53.12% 96,100 86,036 22,864 26.57% Industrial Hygiene Services 100,000 21,777 21.78% 78,223 13,942 7,835 56.20% Labor Negotiation Services 40,000 - 0.00% 40,000 - - N/A Other 2,167,596 274,639 12.67% 1,892,957 695,998 (421,359) -60.54% Subtotal 7,583,166 2,316,782 30.55% 5,266,384 2,752,519 (435,737) -15.83% Research & Monitoring Environmental Monitoring 960,000 319,270 33.26% 640,730 120,361 198,909 165.26% Air Quality Monitoring 220,000 45,878 20.85% 174,122 12,843 33,035 257.22% Research 596,363 552,363 92.62% 44,000 574,743 (22,380) -3.89% Subtotal 1,776,363 917,511 51.65% 858,852 707,947 209,564 29.60% Repairs & Maintenance Materials & Services 26,404,166 14,702,011 55.68% 11,702,155 10,948,692 3,753,319 34.28% Svc. Mtc. Agreements 9,096,247 4,324,330 47.54% 4,771,917 4,043,689 280,641 6.94% Subtotal 35,500,413 19,026,341 53.59% 16,474,072 14,992,381 4,033,960 26.91% Utilities Telephone 536,905 235,873 43.93% 301,032 247,113 (11,240) -4.55% Diesel For Generators 60,000 8,849 14.75% 51,151 4,202 4,647 110.59% Natural Gas 1,596,000 1,278,996 80.14% 317,004 1,088,650 190,346 17.48% Power 9,063,223 5,866,573 64.73% 3,196,650 5,976,109 (109,536) -1.83% Water 1,003,438 658,201 65.59% 345,237 558,596 99,605 17.83% Subtotal 12,259,566 8,048,492 65.65% 4,211,074 7,874,670 173,822 2.21% Other Operating Supplies Outside Equip Rental 75,000 25,422 33.90% 49,578 22,273 3,149 14.14% Insurance Premiums 51,000 49,251 96.57% 1,749 42,954 6,297 14.66% Prop & Gen Liab Insurance 3,243,000 1,621,500 50.00% 1,621,500 1,212,496 409,004 33.73% Freight 150,000 97,149 64.77% 52,851 81,331 15,818 19.45% Misc. Operating Expense 416,398 177,960 42.74% 238,438 122,706 55,254 45.03% Regulatory Operating Fees 1,571,000 1,138,622 72.48% 432,378 1,049,256 89,366 8.52% Subtotal 5,506,398 3,109,904 56.48% 2,396,494 2,531,016 578,888 22.87% General Mgr Contingency & Reappropriations 1,492,468 - 0.00% 1,492,468 - - N/A Other Non-Oper Expense 138,590 37,176 26.82% 101,414 30,258 6,918 22.86% Total Materials, Supplies & Services 120,448,379 60,579,274 50.29% 59,869,105 53,375,821 7,203,453 13.50% Total Expenditures 237,035,955 116,526,455 49.16% 120,509,500 108,139,808 8,386,647 7.76% Cost Allocation (21,646,370) (9,971,977) 46.07% (11,674,393) (9,728,222) (243,755) 2.51% Net Operating Requirements 215,389,585$ 106,554,478$ 49.47%108,835,107$ 98,411,586$ 8,142,892$ 8.27% Percent Budget Section 2 - Page 7 FY 2023-24 Mid-Year Financial Report Summary of Collection, Treatment, & Disposal Expenses by Process For the Six Months Ended December 31, 2023 Increase Increase Actual Actual (Decrease) (Decrease) 12/31/23 12/31/22 $ % Process: Preliminary Treatment 6,307,590$ 4,968,411$ 1,339,179$ 26.95% Primary Treatment 13,681,283 11,629,599 2,051,684 17.64% Secondary Treatment 7,161,914 6,545,433 616,481 9.42% Oxygen Generation Facility (Plant 2)1,276,926 1,079,828 197,098 18.25% Effluent Disposal 746,395 530,160 216,235 40.79% Solids Handling 30,846,069 25,723,410 5,122,659 19.91% Cogeneration 14,042,814 14,976,503 (933,689) -6.23% Utilities 2,931,687 2,184,052 747,635 34.23% Electrical Distribution 1,350,455 1,486,460 (136,005) -9.15% Miscellaneous Buildings 6,443,455 7,372,497 (929,042) -12.60% External Location 88,063 599,461 (511,398) -85.31% Nerissa Vessel 215,019 144,875 70,144 48.42% Laboratory 7,830,144 7,814,409 15,735 0.20% Collections 13,632,664 13,326,914 305,750 2.29% Net Operating Requirements 106,554,478$ 98,411,586$ 8,142,892$ 8.27% Section 2 - Page 8 Staffing Trends Full Time Equivalents (FTE) December 31, 2023 At December 31, 2023, the total head count was 627 employees, or a full time equivalency of 611. Operating Budget Review 450 500 550 600 650 700 750 6/30/20 6/30/21 6/30/22 6/30/23 12/31/23 606 619 595 583 611 34 20 44 64 42 Actual Vacant Budgeted FTE 640 639 639 647 653 Section 2 - Page 9 FY 2023-24 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, 2023 Capital Improvement Program Budget Review Total Capital Improvement Outlays by Project Driver - $94,797,047 Rehabilitation and Replacement: 72.4% Strategic Initiatives: 11.6% Additional Capacity: 3.7% Regulatory: 12.3% Total Capital Improvement Outlays by Process Area - $94,797,047 Collections Facilities: 11.6% Liquid Treatment: 41.5% Solids Handling & Digestion: 4.8% Utility Systems: 5.8% Support Facilities: 30.8% Other: 5.5% Section 3 - Page 1 FY 2023-24 Mid-Year Financial Report Summary of Capital Improvement Construction Requirements - Current Year For the Six Months Ended December 31, 2023 2023-24 2023-24 2023-24 Cashflow Actual at Projected Budget 12/31/2023 Outlay Collection System Improvement Projects Collections Facilities Santa Ana Trunk Sewer Rehabilitation 1,461,636$ 1,015,998$ 1,914,800$ Greenville-Sullivan Trunk Improvements 2,694,404 1,117,198 1,917,300 Taft Branch Capacity Improvements 1,024,536 458,015 659,600 Newhope-Placentia Trunk Replacement 282,746 5,203 5,300 Yorba Linda Dosing Station Installation 60,336 - - Knott - Miller Holder - Artesia Branch Rehabilitation 578,377 25,949 525,400 Westminster Blvd Force Main Replacement 2,443,226 1,294,375 1,910,300 Rehabilitation of Western Regional Sewers 6,263,898 3,316,398 11,686,000 Interstate 405 Widening Project Impacts on OC San Sewers 8,270 199 200 Seal Beach Pump Station Replacement 3,331,561 206,454 3,359,700 Bay Bridge Pump Station Replacement 3,223,088 205,489 1,056,200 Newport Beach Pump Station Pressurization Improvements 1,536,468 188,794 1,739,200 Fairview Trunk Sewer Rehabilitation 700,344 121,152 487,800 Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 3,935,030 509,534 9,886,100 MacArthur Force Main Improvement 4,262,293 109,169 3,284,400 North Trunk Improvements 192,195 - 66,200 Edinger Pumping Station Replacement 1,649,919 717,118 1,475,900 Small Construction Projects Program - Collections 6,335,471 808,100 5,769,800 Planning Studies Program - Collections 326,669 52,011 140,200 Sunflower and Red Hill Interceptor Repairs 455,611 848,980 897,600 Subtotal - Collections Facilities 40,766,078 11,000,136 46,782,000 Revenue Area 14 Bay Bridge Pumping Station Rehabilitation (3.62%) 121,058 7,718 39,700 Newport Beach Pump Station Pressurization Improve (0.27%) 4,160 511 4,800 Subtotal - Revenue Area 14 125,218 8,229 44,500 Total Collection System Improvement Projects 40,891,296 11,008,365 46,826,500 Section 3 - Page 2 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Six Months Ended December 31, 2023 2023-24 2023-24 2023-24 Cashflow Actual at Projected Budget 12/31/2023 Outlay Treatment & Disposal Projects Headworks Headworks Rehabilitation at Plant 1 62,666,216 23,416,208 64,270,300 Headworks Modifications at P2 for GWRS Final Expansion 1,191,660 136,279 233,900 Subtotal - Headworks 63,857,876 23,552,487 64,504,200 Primary Treatment Primary Sedimentation Basins 3-5 Replacement at Plant 1 4,151,660 1,359,927 3,163,500 Primary Sedimentation Basins 6-31 Reliability Improv at P1 5,255,177 1,609,884 3,767,100 Primary Treatment Rehabilitation at Plant 2 23,850,031 3,545,932 16,018,800 Subtotal - Primary Treatment 33,256,868 6,515,743 22,949,400 Secondary Treatment Activated Sludge-1 Aeration Basin & Blower Rehab at P1 4,163,277 1,462,683 4,429,500 Trickling Filter Rehab at P1 1,595,604 40,324 148,100 Return Activated Sludge Piping Replacement at Plant 2 545,456 9,443 586,200 Activated Sludge Aeration Basin Rehabilitation at Plant 2 1,500,998 47,019 763,200 Subtotal - Secondary Treatment 7,805,335 1,559,469 5,927,000 Solids Handling & Digestion Digester Ferric Chloride Piping Replacement at Plant 1 254,161 1,774 1,800 Interim Food Waste Receiving Facility 134,359 721 79,300 TPAD Digester Facility at Plant 2 9,776,359 3,434,556 10,768,500 Digesters Rehabilitation at Plant No. 2 1,420,571 1,096,837 1,897,100 Truck Loading Bay Odor Control Improvements at Plant 2 107,334 - 107,400 Subtotal - Solids Handling & Digestion 11,692,784 4,533,888 12,854,100 Ocean Outfall Systems Ocean Outfall System Rehabilitation 16,398,771 7,360,200 15,614,200 120-inch Ocean Outfall Rehabilitation 236,862 80,046 290,200 Sodium Bisulfite Station Rehabilitation at Plant 2 858,051 247,426 785,000 Emergency Overflow Pipes & Windwall Rehabilitation at P2 120,618 8,368 10,300 Subtotal - Ocean Outfall Systems 17,614,302 7,696,040 16,699,700 Capital Improvement Program Budget Review Section 3 - Page 3 (Continued) FY 2023-24 Mid-Year Financial Report Summary of Capital Improvement Construction Requirements - Current Year For the Six Months Ended December 31, 2023 2023-24 2023-24 2023-24 Cashflow Actual at Projected Budget 12/31/2023 Outlay Treatment & Disposal Projects (Continued) Utility Systems Electrical Power Distribution System Improvements 3,527,372 135,090 359,700 Digester Gas Facilities Rehabilitation 1,499,858 73,192 536,400 Central Generation Engine Overhauls at Plants 1 and 2 6,970,564 4,109,993 8,674,400 Uninterruptable Power Supply Improvements at Plant 1 4,934,135 1,191,380 4,050,700 Industrial Control System & IT Data Center Relocation at P1 271,002 - 48,200 Subtotal - Utility Systems 17,202,931 5,509,655 13,669,400 Information Management Systems Process Control Systems Upgrades 9,094,534 1,002,487 9,242,700 Project Management Information System 63,915 21,050 72,400 Information Technology Capital Program 978,213 503,132 1,073,700 EAM Software and Process Implementation 312,557 219,404 423,900 Subtotal - Information Management Systems 10,449,219 1,746,073 10,812,700 Strategic & Master Planning Planning Studies Program 4,200,778 1,293,098 4,420,400 Subtotal - Strategic & Master Planning 4,200,778 1,293,098 4,420,400 Water Management Projects GWRS Final Expansion Coordination 9,970 4,588 4,700 Subtotal - Water Management Projects 9,970 4,588 4,700 Research Research Program 2,844,280 848,002 3,877,400 Subtotal - Research 2,844,280 848,002 3,877,400 Section 3 - Page 4 (Continued) Summary of Capital Improvement Construction Requirements - Current Year For the Six Months Ended December 31, 2023 2023-24 2023-24 2023-24 Cashflow Actual at Projected Budget 12/31/2023 Outlay Treatment & Disposal Projects (Continued) Support Facilities Small Construction Projects Program 19,524,403 5,942,069 16,020,600 Operations & Maintenance Capital Program 1,407,031 962,263 2,285,600 Laboratory Rehabilitation at Plant 1 912,699 - - Headquarters Complex 35,088,202 21,176,180 39,325,100 South Perimeter Security & Utility Improvements at Plant 1 449,665 151,016 430,000 Support Buildings Seismic Improvements at Plant 1 1,158,413 173,647 708,600 Collections Yard Relocation 4,970,723 189,381 3,899,400 Operations and Maintenance Complex at Plant 2 2,872,768 611,199 3,316,000 Subtotal - Support Facilities 66,383,904 29,205,755 65,985,300 Others Capital Improvement Program Management Services 325,656 83,274 226,800 Subtotal - Others 325,656 83,274 226,800 Total Treatment and Disposal Projects 235,643,903 82,548,072 221,931,100 Capital Equipment Purchases 12,113,000 1,240,610 4,663,100 Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 288,648,199 94,797,047 273,420,700 Less: Savings and Deferrals (16,673,368) - - Net Collection, Treatment and Disposal Projects and Capital Equipment Purchases 271,974,831$ 94,797,047$ 273,420,700$ Capital Improvement Program Budget Review Section 3 - Page 5 FY 2023-24 Mid-Year Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Six Months Ended December 31, 2023 Current Total Approved June 30, 2023 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2024 Budget Collection System Improvement Projects Collections Facilities Santa Ana Trunk Sewer Rehabilitation 54,620,000$ 1,394,132$ 1,914,800$ 3,308,932$ 51,311,068$ Greenville-Sullivan Trunk Improvements 48,600,000 671,811 1,917,300 2,589,111 46,010,889 Taft Branch Capacity Improvements 27,300,000 2,266,166 659,600 2,925,766 24,374,234 Newhope-Placentia Trunk Replacement 112,000,000 109,304,113 5,300 109,309,413 2,690,587 Yorba Linda Dosing Station Installation 10,385,000 - - - 10,385,000 Santa Ana Canyon South River Trunk Rehabilitation 9,974,000 - - - 9,974,000 Knott - Miller Holder - Artesia Branch Rehabilitation 16,500,000 65,180 525,400 590,580 15,909,420 Westminster Blvd Force Main Replacement 43,900,000 41,723,251 1,910,300 43,633,551 266,449 Rehabilitation of Western Regional Sewers 94,000,000 37,559,948 11,686,000 49,245,948 44,754,052 Interstate 405 Widening Project Impacts on OC San Sewers 500,000 301,662 200 301,862 198,138 Seal Beach Pump Station Replacement 134,000,000 8,722,569 3,359,700 12,082,269 121,917,731 Los Alamitos Sub-Trunk Extension 119,522,000 - - - 119,522,000 Crystal Cove Pump Station Rehabilitation 14,431,000 - - - 14,431,000 Bay Bridge Pump Station Replacement 123,366,400 14,430,133 1,056,200 15,486,333 107,880,067 Newport Beach Pump Station Pressurization Improvements 2,692,710 797,155 1,739,200 2,536,355 156,355 Fairview Trunk Sewer Rehabilitation 19,300,000 597,725 487,800 1,085,525 18,214,475 MacArthur Pump Station Rehabilitation 9,858,000 - - - 9,858,000 Main Street Pump Station Rehabilitation 37,663,000 - - - 37,663,000 Gisler Red-Hill Interceptor & Baker Force Main Rehabilitation 55,500,000 2,561,012 9,886,100 12,447,112 43,052,888 MacArthur Force Main Improvement 8,150,000 896,978 3,284,400 4,181,378 3,968,622 North Trunk Improvements 13,997,000 - 66,200 66,200 13,930,800 Chapman-El Modena-Panorama Heights Trunk Sewer Rehab 12,776,000 - - - 12,776,000 Edinger Pumping Station Replacement 17,300,000 892,290 1,475,900 2,368,190 14,931,810 Slater Pump Station Rehabilitation 28,511,000 16,480 - 16,480 28,494,520 Bolsa Chica/Edinger/Springdale Trunk Sewer Rehab 17,500,000 - - - 17,500,000 Small Construction Projects Program - Collections 9,489,000 5,549,066 5,769,800 11,318,866 (1,829,866) Operations & Maintenance Capital Program - Collections 568,000 270,754 - 270,754 297,246 Planning Studies Program - Collections 1,371,000 543,187 140,200 683,387 687,613 Sunflower and Red Hill Interceptor Repairs 6,750,000 5,820,501 897,600 6,718,101 31,899 Subtotal - Collections Facilities 1,050,524,110 234,384,113 46,782,000 281,166,113 769,357,997 Revenue Area 14: Bay Bridge Pumping Station Rehabilitation (3.62%) 4,633,600 541,991 39,700 581,691 4,051,909 Newport Beach Pump Station Pressurization Improve (0.27%) 7,290 2,158 4,800 6,958 332 Subtotal - Revenue Area 14 4,640,890 544,149 44,500 588,649 4,052,241 Total Collection System Improvement Projects 1,055,165,000 234,928,262 46,826,500 281,754,762 773,410,238 Section 3 - Page 6 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Six Months Ended December 31, 2023 Current Total Approved June 30, 2023 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2024 Budget Treatment & Disposal Projects Headworks Headworks Rehabilitation at Plant 1 340,000,000 107,494,877 64,270,300 171,765,177 168,234,823 Headworks Modifications at P2 for GWRS Final Expansion 30,400,000 28,512,830 233,900 28,746,730 1,653,270 Subtotal - Headworks 370,400,000 136,007,707 64,504,200 200,511,907 169,888,093 Primary Treatment Primary Sedimentation Basins 3-5 Replacement at Plant 1 183,000,000 2,787,822 3,163,500 5,951,322 177,048,678 Primary Sedimentation Basins 6-31 Reliability Improv at P1 12,700,000 5,689,988 3,767,100 9,457,088 3,242,912 Primary Treatment Rehabilitation at Plant 2 188,000,000 78,884,288 16,018,800 94,903,088 93,096,912 B/C-Side Primary Clarifiers Rehabilitation at Plant 2 306,093,000 - - - 306,093,000 Subtotal - Primary Treatment 689,793,000 87,362,098 22,949,400 110,311,498 579,481,502 Secondary Treatment Activated Sludge-1 Aeration Basin & Blower Rehab at P1 280,000,000 1,879,104 4,429,500 6,308,604 273,691,396 Trickling Filter Rehab at P1 57,668,000 - 148,100 148,100 57,519,900 Return Activated Sludge Piping Replacement at Plant 2 10,000,000 9,413,864 586,200 10,000,064 (64) Activated Sludge Aeration Basin Rehabilitation at Plant 2 65,600,000 167,612 763,200 930,812 64,669,188 Subtotal - Secondary Treatment 413,268,000 11,460,580 5,927,000 17,387,580 395,880,420 Solids Handling & Digestion Digester Ferric Chloride Piping Replacement at Plant 1 1,260,000 950,436 1,800 952,236 307,764 Interim Food Waste Receiving Facility 6,300,000 1,351,536 79,300 1,430,836 4,869,164 TPAD Digester Facility at Plant 2 588,000,000 26,750,798 10,768,500 37,519,298 550,480,702 Digester P, Q, R, and S Replacement 187,318,000 - - - 187,318,000 Digesters Rehabilitation at Plant No. 2 45,000,000 1,525,991 1,897,100 3,423,091 41,576,909 Truck Loading Bay Odor Control Improvements at Plant 2 8,356,000 - 107,400 107,400 8,248,600 Subtotal - Solids Handling & Digestion 836,234,000 30,578,761 12,854,100 43,432,861 792,801,139 Ocean Outfall Systems Ocean Outfall System Rehabilitation 169,000,000 116,642,914 15,614,200 132,257,114 36,742,886 120-inch Ocean Outfall Rehabilitation 82,000,000 49,033 290,200 339,233 81,660,767 Sodium Bisulfite Station Rehabilitation at Plant 2 8,000,000 363,991 785,000 1,148,991 6,851,009 Emergency Overflow Pipes & Windwall Rehabilitation at P2 4,370,000 84,758 10,300 95,058 4,274,942 Subtotal - Ocean Outfall Systems 263,370,000 117,140,696 16,699,700 133,840,396 129,529,604 Capital Improvement Program Budget Review Section 3 - Page 7 (Continued) FY 2023-24 Mid-Year Financial Report Summary of Capital Improvement Construction Requirements - Project Life For the Six Months Ended December 31, 2023 Current Total Approved June 30, 2023 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2024 Budget Treatment & Disposal Projects (Continued) Utility Systems Electrical Power Distribution System Improvements 27,700,000 3,965,786 359,700 4,325,486 23,374,514 Digester Gas Facilities Rehabilitation 190,000,000 16,526,024 536,400 17,062,424 172,937,576 Natural Gas Pipelines Replacement at Plants 1 and 2 2,173,718 2,173,717 - 2,173,717 1 Central Generation Engine Overhauls at Plants 1 and 2 44,000,000 13,604,719 8,674,400 22,279,119 21,720,881 Power Building Structural Seismic Improv at Plants 1 & 2 29,834 29,833 - 29,833 1 Central Generation Facilities & OOBS Seismic Upgrades 17,489,000 - - - 17,489,000 Central Generation Rehabilitation at Plant 1 39,784,000 - - - 39,784,000 Uninterruptable Power Supply Improvements at Plant 1 9,600,000 2,631,532 4,050,700 6,682,232 2,917,768 12.47 kV Switchgear Replacement at CenGen at Plant 1 15,960,000 - - - 15,960,000 Industrial Control System & IT Data Center Relocation at P1 11,399,000 - 48,200 48,200 11,350,800 Central Generation Rehabilitation at Plant 2 45,989,000 - - - 45,989,000 Subtotal - Utility Systems 404,124,552 38,931,611 13,669,400 52,601,011 351,523,541 Information Management Systems Process Control Systems Upgrades 35,500,000 3,802,025 9,242,700 13,044,725 22,455,275 Project Management Information System 2,280,000 1,597,299 72,400 1,669,699 610,301 Information Technology Capital Program 10,000,000 3,054,878 1,073,700 4,128,578 5,871,422 EAM Software and Process Implementation 9,200,000 6,858,876 423,900 7,282,776 1,917,224 Subtotal - Information Management Systems 56,980,000 15,313,078 10,812,700 26,125,778 30,854,222 Strategic & Master Planning Planning Studies Program 27,281,000 8,159,295 4,420,400 12,579,695 14,701,305 Subtotal - Strategic & Master Planning 27,281,000 8,159,295 4,420,400 12,579,695 14,701,305 Water Management Projects GWRS Final Expansion Coordination 1,400,000 1,400,872 4,700 1,405,572 (5,572) Subtotal - Water Management Projects 1,400,000 1,400,872 4,700 1,405,572 (5,572) Research Research Program 10,000,000 3,603,878 3,877,400 7,481,278 2,518,722 Subtotal - Research 10,000,000 3,603,878 3,877,400 7,481,278 2,518,722 Section 3 - Page 8 (Continued) Summary of Capital Improvement Construction Requirements - Project Life For the Six Months Ended December 31, 2023 Current Total Approved June 30, 2023 Year Projected Remaining Project Accumulated Projected Cost at Future Budget Cost Cost June 30, 2024 Budget Treatment & Disposal Projects (Continued) Support Facilities Small Construction Projects Program 80,511,000 26,270,376 16,020,600 42,290,976 38,220,024 Operations & Maintenance Capital Program 15,054,000 2,480,330 2,285,600 4,765,930 10,288,070 Laboratory Rehabilitation at Plant 1 100,000,000 - - - 100,000,000 Headquarters Complex 169,500,000 127,057,922 39,325,100 166,383,022 3,116,978 South Perimeter Security & Utility Improvements at Plant 1 8,150,000 7,467,192 430,000 7,897,192 252,808 Support Buildings Seismic Improvements at Plant 1 23,730,000 996,729 708,600 1,705,329 22,024,671 Administrative Facilities & Power Building 3A Demolition 4,286,000 - - - 4,286,000 Collections Yard Relocation 8,800,000 270,765 3,899,400 4,170,165 4,629,835 Operations and Maintenance Complex at Plant 2 84,000,000 1,049,312 3,316,000 4,365,312 79,634,688 Subtotal - Support Facilities 494,031,000 165,592,626 65,985,300 231,577,926 262,453,074 Others Capital Improvement Program Management Services 1,500,000 665,392 226,800 892,192 607,808 Subtotal - Others 1,500,000 665,392 226,800 892,192 607,808 Total Treatment and Disposal Projects 3,568,381,552 616,216,594 221,931,100 838,147,694 2,730,233,858 Capital Equipment Purchases 13,113,000 - 4,663,100 4,663,100 8,449,900 Total Collection, Treatment and Disposal Projects and Capital Equipment Purchases 4,636,659,552$ $851,144,856 $273,420,700 $1,124,565,556 $3,512,093,996 Capital Improvement Program Budget Review Section 3 - Page 9 FY 2023-24 Mid-Year Financial Report This Page Intentionally Left Blank Section 3 - Page 10 Capital Assets Schedule & Debt Service Budget Review For the Six Months Ended December 31, 2023 Balance Year-to-Date Balance 07/01/23 Activity 12/31/23 CONSTRUCTION IN PROGRESS (CIP): Collection System 117,864,236$ 11,008,365$ 128,872,601$ Treatment Plant 519,540,659 83,788,682 603,329,341 Subtotal 637,404,895 94,797,047 732,201,942 PROPERTY, PLANT & EQUIPMENT (at cost): Land and Property Rights 58,153,170 - 58,153,170 Collection Lines and Pump Stations 981,437,263 - 981,437,263 Treatment Facilities 2,871,421,987 - 2,871,421,987 Effluent disposal facilities 96,972,016 - 96,972,016 Solids disposal facilities 3,463,236 - 3,463,236 General and administrative facilities 265,647,129 - 265,647,129 Lease right-to-use asset 86,747 - 86,747 Subscription right-to-use assets 1,708,027 - 1,708,027 Excess purchase price over book value on acquired assets 19,979,000 - 19,979,000 Subtotal 4,298,868,575 - 4,298,868,575 Total Property, Plant & Equipment & CIP 4,936,273,470$ 94,797,047$ 5,031,070,517$ 2023-24 Year-to-Date Remaining Budget Payments % of Budget Budget Principal Payments by Debt Issue: 2010A BABs -$ -$ --$ 2010C BABs - - -- 2014A COP 9,085,000 - 0.00%9,085,000 2015A COP - - -- 2016A COP 5,370,000 - 0.00%5,370,000 2017A COP - - -- 2021A COP 17,125,000 - 0.00%17,125,000 2022A COP - - -- Subtotal Principal Payments 31,580,000 - 0.00% 31,580,000 Interest Expense by Debt Issue: 2010A BABs 2,986,574 2,105,457 70.50%881,117 2010C BABs 6,724,010 4,740,242 70.50%1,983,768 2014A COP 1,959,000 979,500 50.00%979,500 2015A COP 6,375,500 3,187,750 50.00%3,187,750 2016A COP 6,026,050 3,013,025 50.00%3,013,025 2017A COP 3,290,750 1,645,375 50.00%1,645,375 2021A COP 5,588,500 2,794,250 50.00%2,794,250 2022A COP 4,081,000 2,040,500 50.00%2,040,500 Subtotal Interest Expense 37,031,384 20,506,099 55.37% 16,525,285 Total Debt Service 68,611,384$ 20,506,099$ 29.89% 48,105,285$ Capital Assets Schedule & Debt Service Budget Review Capital Assets Schedule Debt Service Budget Review Section 4 - Page 1 FY 2023-24 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, 2023 Actual Actual 2023-24 Through Through Budget 12/31/23 12/31/22 Revenues: In-Lieu Premiums 3,243,000$ 1,621,500$ 50.00%1,621,500$ 1,212,496$ 409,004$ Service Department Allocations 75,000 4,440 5.92%70,560 4,440 - Total Revenues 3,318,000 1,625,940 49.00%1,692,060 1,216,936 409,004 Expenses: Benefits/Claims 25,000 995,730 3982.92%(970,730) 40,000 955,730 Legal Services 30,000 - 0.00%30,000 - - Professional Services 20,000 13,615 68.08%6,385 5,472 8,143 Subtotal 75,000 1,009,345 1345.79%(934,345) 45,472 963,873 Policy Premium Expense 3,243,000 2,012,500 62.06%1,230,500 1,478,624 533,876 Total Expenses 3,318,000 3,021,845 91.07%296,155 1,524,096 1,497,749 Excess Revenue (Expense)- (1,395,905) 1,395,905$ (307,160) (1,088,745) Beginning Reserves 98,000,000 98,000,000 98,000,000 - Ending Reserves 98,000,000$ 96,604,095$ 97,692,840$ (1,088,745)$ 12/31/23 Budget (Decrease) Self Insurance Budget Review Percent of Budget Remaining Through 2023-24 Increase Section 5 - Page 1 FY 2023-24 Mid-Year Financial Report Workers' Compensation Fund Budget Review For the Six Months Ended December 31, 2023 Actual Actual 2023-24 Through Through Budget 12/31/23 12/31/23 12/31/22 Revenues: In-Lieu Premiums 850,500$ 425,250$ 50.00% 425,250$ 259,250$ 166,000$ Service Department Allocations - 49,398 N/A (49,398) 49,398 - Total Revenues 850,500 474,648 55.81%375,852 308,648 166,000 Expenses: Benefits/Claims 400,000 112,341 28.09% 287,659 508,878 (396,537) Legal Services 70,000 60,617 86.60% 9,383 73,685 (13,068) Professional Services 70,000 37,430 53.47% 32,570 40,624 (3,194) Subtotal 540,000 210,388 38.96%329,612 623,187 (412,799) Policy Premium Expense 310,500 163,349 52.61%147,151 154,691 8,658 Total Expenses 850,500 373,737 43.94%476,763 777,878 (404,141) Excess Revenue (Expense)- 100,911 (100,911)$ (469,230) 570,141 Beginning Reserves 2,000,000 2,000,000 2,000,000 - Ending Reserves 2,000,000$ 2,100,911$ 1,530,770$ 570,141$ Budget (Decrease) Percent of Budget Remaining Through 2023-24 Increase Section 5 - Page 2 January 31, 2024 STAFF REPORT Treasurer’s Report For the Mid-Year Ended December 31, 2023 SUMMARY Section 18.0 of the Orange County Sanitation District's (OC San) Investment Policy includes quarterly reporting requirements for OC San's two investment portfolios. These two funds, the "Liquid Operating Monies," and the "Long-Term Operating Monies" are managed by Chandler Asset Management (Chandler), OC San’s external money manager. The ongoing monitoring of OC San's investment program by staff and Callan LLC (Callan), OC San's independent investment advisor, indicates that OC San’s investments are in compliance with OC San's adopted Investment Policy and the California Government Code, and that overall performance has tracked with benchmark indices. In addition, sufficient liquidity and anticipated revenues are available for OC San to meet budgeted expenditures for the next six months. OC San’s portfolios do not include any reverse repurchase agreements or derivative securities. ADDITIONAL INFORMATION Performance Reports The Quarterly Strategy Review, prepared by Chandler, and the Investment Measurement Service Quarterly Review, prepared by Callan, are attached for reference. Also attached are Long-Term and Liquid Operating Monies Summary of Performance Data and Portfolio Statistics charts that depict the performance results, estimated yield and duration, credit quality, and sector diversification of OC San’s portfolios, as of December 31, 2023. The Liquid Operating Monies portfolio, with an average maturity of 91 days, consists entirely of high quality fixed income investments consistent with OC San’s investment policy. Portfolio Performance Summary The following table presents a performance summary of OC San’s portfolios as compared to their benchmarks as of December 31, 2023. Treasurer’s Report For the Mid-Year Ended December 31, 2023 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 23 161.5 724.5 30 Jun 23 198.9 721.6 30 Sep 23 141.3 714.0 31 Dec 23 208.9 733.2 Portfolio Performance Summary As of December 31, 2023 Liquid Operating Monies (%) Long-Term Operating Monies (%) Total Rate of Return Benchmark(1) Total Rate of Return Benchmark(1) 3 Months 1.38 1.37 3.17 3.23 6 Months 2.85 2.70 3.49 3.49 9 Months 3.98 3.90 3.05 2.76 12 Months 5.18 5.01 4.76 4.61 Annualized Since inception 30 Nov 2014 1.46 1.37 1.38 1.26 Market Value $208.9 M $733.2 M Average Quality “AAA”/”Aaa” “AA”/”Aa1” Current Yield (%) 3.8 2.6 Estimated Yield to Maturity (%) 5.3 4.4 Quarterly Deposits (Withdrawals) $65.5 M ($2.5 M) Estimated Annual Income $11.3 M $19.4 M Treasurer’s Report For the Mid-Year Ended December 31, 2023 Page 3 of 4 Orange County Sanitation District Investment Account Balances as of December 31, 2023 Investment Accounts Book Balances December 31, 2023 Estimated Yield (%) Chandler/U.S. Bank – Long-Term Portfolio Chandler/U.S. Bank – Short-Term Portfolio State of California LAIF PARS Section 115 Trust - Moderate PARS Section 115 Trust - Balanced Banc of California – General Banc of California – Sweep Banc of California – Workers’ Compensation Banc of California – Property, Liability Claim, Exp Union Bank – Mount Langley Union Bank – Bandilier BNY Mellon OCIP Reserve Petty Cash TOTAL Debt Service Reserves w/Trustees $733,303,258 208,922,016 31,741,653 9,910,267 4,994,548 5,000,000 1,329,314 94,866 50,000 394,706 227,200 250,000 1,500 $996,219,328 $52,487,646 4.44 5.31 3.93 4.77 4.92 0.45 0.02 0.45 0.45 0.66 0.16 0.00 0.00 4.58 5.26 Orange County Sanitation District Cost of Funds on Debt Issues as of December 31, 2023 Cost of Funds Issue Description Outstanding COP Balance Annual Interest Rate (%) 2010A Fixed 2010C Fixed 2014A Fixed 2015A Fixed 2016A Fixed 2017A Fixed 2021A Fixed 2022A Fixed TOTAL Weighted Avg. Cost of Funds 80,000,000 157,000,000 39,180,000 127,510,000 126,855,000 65,815,000 111,770,000 81,620,000 $789,750,000 3.68 4.11 2.34 3.30 3.02 2.55 1.06 1.59 2.85 Treasurer’s Report For the Mid-Year Ended December 31, 2023 Page 4 of 4 ATTACHMENTS 1. Chandler Quarterly Report 2. Summary of Performance Data and Portfolio Statistics – Liquid Operating Monies 3. Summary of Performance Data and Portfolio Statistics – Long Term Operating Monies 4. Investment Transactions and Balances in LAIF 5. Asset Summary by Asset Type – Liquid Operating Portfolio 6. Asset Summary by Asset Type – Long Term Portfolio 7. Asset Summary by Asset Type – Owner Controlled Insurance Program Escrow Account 8. Investment Listing (Yield Analysis Report) 9. Asset Detail – Consolidated 10. Chandler/U.S. Bank Custody Transaction History – Consolidated 11. Callan Quarterly Review 12. Chandler Quarterly Review 13. Rating Agency Comparisons 14. PARS Section 115 Trust Quarterly Review 1 December 31, 2023 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 Recent economic data has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market. Inflationary trends are subsiding, but core levels remain above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will loosen monetary policy in 2024. As expected at the December meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The new Summary of Economic Projections reflected Core PCE inflation reaching the target 2% level in 2026 without a significant increase in unemployment. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate. Treasury yields declined across the yield curve in December as market participants priced in higher probabilities of Federal Reserve rate cuts in 2024. After reaching their peak in 2023, interest rates followed a more accommodative stance by the Federal Reserve later in the year, resulting in yield declines across the board and signaling a less restrictive monetary policy for 2024. By the end of December, the 2-year Treasury yield dropped 43 basis points to 4.25%, the 5- year Treasury yield fell 42 basis points to 3.85%, and the 10-year Treasury yield decreased by 45 basis points to 3.88%. Recent market activity emphasizes the significant influence of the Federal Reserve on interest rates. While many anticipate multiple rate cuts in 2024, some investors may have grown overly optimistic about the timing and extent of these cuts. Market participants will closely scrutinize Federal Reserve Chair Jerome Powell and the Federal Open Market Committee's policy announcement on January 31st, 2024, to ascertain the future path of monetary policy. At the end of December, the 2-year Treasury yield had declined by 18 basis points to 4.25%, while the 10-Year Treasury yield remained stable at 3.88% compared to the previous year. The spread between the 2-year and 10-year Treasury yields widened to -37 basis points by the end of December, up from -35 basis points at the close of November. For reference, the average historical spread since 2003 has been approximately +130 basis points. Furthermore, the inversion between 3-month and 10-year Treasuries deepened to -146 basis points in December, compared to -107 basis points in November. It's worth noting that the inversion of the yield curve is likely to persist until the Federal Reserve begins to cut rates, a probability that has increased in recent months. 2 Consumer Prices The Consumer Price Index (CPI) increased by 0.2% month-over-month and by 3.4% year-over-year in December, marking a slight uptick from the 3.1% year-over-year rate observed in November. The Core CPI, which excludes volatile food and energy components, rose by 0.3% month-over-month and by 3.9% year-over-year, showing a slight decrease compared to the November figure of 4.0%. In November, the Personal Consumption Expenditures (PCE) Index declined more than expected, with headline inflation dropping by 0.1% month-over-month and increasing by 2.6% year-over-year, down from the 2.9% increase seen in October. Core PCE, the Federal Reserve's preferred inflation gauge, saw a 0.1% month-over- month increase and a deceleration in year-over-year growth to 3.2% in November, down from the 3.4% year-over-year increase reported in October. While the inflation trend is moderating, it's important to note that inflation continues to exceed the Fed's 2% target. Retail Sales Retail Sales rose 0.3% in November after a downwards revision to -0.2% in October, exceeding the -0.1% consensus forecast. On a year-over-year basis, Retail Sales growth accelerated to 4.1% in November from 2.2% in October buoyed by non-store retailers up 10.6%, as well as food services and drinking places up 11.3%. The Conference Board’s Consumer Confidence Index surged to 110.7 in December from 101.0 in November, far surpassing consensus expectations. Positive ratings of job availability and increased confidence in personal income prospects contributed to the substantial increase. While the consumer has been resilient, dwindling excess savings, rising credit card balances, and the resumption of student loan payments pose potential headwinds to future economic growth. Labor Market The U.S. economy added 216,000 jobs in December, exceeding consensus expectations of 175,000, and the last two months were revised down by 71,000 jobs. Leading sectors included government, leisure and hospitality, and healthcare. The trajectory of job creation is gradually moderating, with the three-month moving average payrolls at 165,000 and the six-month moving average at 193,000. The unemployment rate remained unchanged at 3.7%, and the labor participation rate decreased to 62.5% from 62.8%, falling well below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.1% from 7.0% last month. Average hourly earnings rose 4.1% year-over-year in December, increasing from a 4.0% gain last month. Employment remains strong by historical standards, but data are trending toward a less robust labor market outlook. Housing Starts Housing Starts increased sharply month-over-month in November by 14.8% to an annual rate of 1.560 million units. Starts were up 18% for single-family units and up 6.9% for multi-family. Total starts of new homes are up 9.3% year-over-year. The pick-up in growth can be partially attributed to lower costs of construction materials and homebuilders adjusting projects to accommodate the higher interest rate environment. According to Freddie Mac, average 30-year fixed rate mortgage rates declined to 6.49% as of December 21st, paralleling the drop in the 10-year US Treasury yield. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.9% year-over-year in October, accelerating from a 3.9% year-over-year gain in September. Tight inventories and higher mortgage rates continue to impact affordability. 3 TREASURY YIELDS 12/31/2023 09/30/2023 CHANGE 3 Month 5.34 5.45 (0.11) 2 Year 4.25 5.05 (0.80) 3 Year 4.01 4.80 (0.79) 5 Year 3.848 4.61 (0.76) 7 Year 3.882 4.62 (0.74) 10 Year 3.88 4.57 (0.69) 30 Year 4.029 4.70 (0.67) General Inflationary Trends Continue to Ease ECONOMIC INDICATOR Current Release Prior Release One Year Ago Trade Balance (63.21) $Bln NOV 23 (58.66) $Bln OCT 23 (63.82) $Bln NOV 22 Gross Domestic Product 4.90% SEP 23 2.10% JUN 23 2.70% SEP 22 Unemployment Rate 3.70% DEC 23 3.80% NOV 23 3.50% DEC 22 Prime Rate 8.50% DEC 23 8.50% NOV 23 7.50% DEC 22 Refinitiv/CoreCommodity CRB Index 263.83 DEC 23 273.64 NOV 23 276.01 DEC 22 Oil (West Texas Int.) $71.65 DEC 23 $75.96 NOV 23 $78.40 DEC 22 Consumer Price Index (y/o/y) 3.40% DEC 23 3.70% NOV 23 6.50% DEC 22 Producer Price Index (y/o/y) (0.20)% DEC 23 2.10% NOV 23 8.90% DEC 22 Euro/Dollar 1.10 DEC 23 1.09 NOV 23 1.07 DEC 22 Source: Bloomberg 4 Performance Attribution Long-Term Portfolio The OC Sanitation Long Term portfolio generated a total return of 3.16% during the quarter, underperforming the 3.23% return of the ICE Bank of America Merrill Lynch AAA-A US Corporate and Government Index by 7 basis points. Although the Chandler team continues to have a constructive outlook on the Asset Backed sector, on a quarter-over-quarter basis spreads in the out of benchmark allocation moderately detracted from the performance of the portfolio based on the attribution model. In aggregate, the security selection of the portfolio generated outperformance versus the overall sector allocation which detracted from the relative returns. The majority of the underperformance took place in the month of December, as higher risk security types outperformed in the last month of the year, with the OC Sanitation portfolio being positioned more conservatively with an up in quality bias. Multiple securities were purchased across the Treasury, Supranational, Asset Backed, and corporate sectors of the allocation to keep the portfolio positioned consistent with strategy targets. The purchased securities ranged in maturity from February 2024 to November 2028. Several securities were sold to facilitate the new holding in the portfolio. The portfolio also experienced large withdrawals and contributions during the quarter, with $32.5 million being withdrawn in October and $30 million being contributed in December. The sector allocation evolved linked to the aforementioned cash flows in and out of the portfolio. The two largest changes were the 4.9% increase in the Treasury allocation, to 40.7% of the portfolio, partially offset by the 2.0% decrease in the Agency allocation, to 13.4% of the portfolio. The Chandler team continues to find the relative value in the Agency market challenging leading to the lower overall weight compared to historical norms. The duration of the portfolio extended moderately, to 2.44 compared to 2.42 at the end of the prior quarter. The Chandler team is managing the duration of portfolio to be consistent with the benchmark to mitigate interest rate risk considering our internal view on the trajectory of monetary policy in 2024. Liquid Portfolio The Liquidity Portfolio generated a positive total return of 1.38 during the quarter, outperforming the 1.37% return of the ICE Bank of America 3-Month Treasury Bill Index by 1 basis point. Multiple securities were purchased in the Treasury, Commercial Paper, and corporate portions of the allocation to keep the portfolio fully invested consistent with the strategy. The purchased securities ranged in maturity from February 2024 to June 2024. The portfolio experienced heavy cash flows during the quarter, with $7.5mm withdrawn in October, $30mm contributed in November, and $43 million contributed in December. The sector allocation was stable despite the large cash flows in the portfolio. The Treasury allocation increased by 3.0%, to 93.6% of the portfolio, partially offset by the 2.5% decline in the Commercial Paper allocation, to 3.1% of the portfolio. The duration of the portfolio extended marginally, currently 0.24 versus the prior quarters 2.22. The portfolio continues to invest out to forecasted cash liquidity dates as communicated by staff. 5 Economic Outlook Risk asset performance was remarkably strong in the fourth quarter driven by multiple catalysts in the Chandler team’s view. The totality of the change in interest rates and the corresponding tightening of financial conditions throughout the calendar year helped to change the trajectory of inflation metrics. The Federal Reserve took note; the last increase in the Fed Funds rate was 0.25% at the July 26th Federal Open Market Committee (FOMC) meeting bringing the Fed Funds target range to 5.25% to 5.50%. The FOMC is still preaching optionality, but instead of focusing on additional increases in the Fed Funds rate, the focus has pivoted to ‘how long’ to keep policy in a restrictive stance. As market participants became more confident the FOMC was done raising rates, risk asset performance accelerated, and market breadth improved, with credit spreads tightening and equity indices increasing in both November and December after languishing in October. An additional catalyst for interest rates dropping on a quarter-over-quarter basis was correlated with the United States Treasury updating their issuance needs in early November. Notably better than expected tax receipts reduced the forecasted funding needs and helped to dissipate growing concerns around an increased term premium in the Treasury curve due to elevated supply and deficit spending. However, we expect Treasury supply and deficit spending, with the deficit not improving despite above trend GDP growth in 2023, to be an ongoing issue for market participants. The overall economic backdrop remains sound with risks of a recession continuing to get pushed out linked to the strong employment backdrop and resilient consumer. The three-month moving average on payroll growth slowed to 165k, versus 221k as of September, however the unemployment rate remains consistent with full employment at 3.7%. Weekly jobless claims remain extremely low with the four-week moving average currently 208k; continuing jobless claims have ticked higher, to a current level of 1,834k, indicating to the Chandler team the ability to obtain a new job is normalizing, and supporting the recent trends in moderating inflation. The savings rate is also normalizing, coming in at 4.1% in November, just above the 4.0% level that has historically proved to be an inflection point. The current 36 month moving average, which we believe better accounts for the large transfer payments and elevated saving rate during the pandemic, is down to 6.5% versus 7.0% as of September 2023 and 9.9% as of December 2022. We believe the stabilizing savings rate and strong employment backdrop will continue to enable the consumer to navigate the higher interest rate environment. On a year-over-year basis, core CPI inflation closed the year at 3.9% in December, compared to 4.1% at the end of September and 5.7% as of December 2022. The Chandler team is forecasting core CPI inflation to continue to moderate, with the year-over-year number trending lower in the first quarter of 2024 partially linked to the base effects from the monthly core CPI prints in the first quarter of 2023 all above 0.3% per month. Core PCE inflation will be updated at the end of January, with the November reading down to 3.2%. The progress on wage inflation appears to be stalling, with the Atlanta Fed Median Wage Growth holding steady at 5.2% year-over-year for the past four months and Average Hourly Earnings from the Bureau of Labor Statistics at 4.1% year-over-year as of December compared to 4.2% at the end of September and 4.8% as of December 2022. Elevated wage inflation will serve to lengthen the timeline on the Federal Reserve achieving its 2% inflation target and will continue to be closely monitored by market participants. The Chandler team is forecasting monetary policy to become more accommodative in 2024, via a reduction in the Fed Funds rate modestly lower from the current very restrictive stance, but we expect the pace and magnitude of the easing to be measured unless the wage and employment backdrop deteriorates meaningfully. 6 Strategy Strategy highlights for the Long-Term portfolio in coming months • Focus on keeping the barbell portfolio structure to take better advantage of Chandler’s outlook on the trajectory of monetary policy in 2024. Additionally, keep duration consistent with the benchmark. • Continue to seek opportunities to identify and purchase dislocated securities with attractive valuations. o Favor Supranational securities over bullet Agency notes given the current relative value differential at the margin. o Given late cycle dynamics, favor up in quality securities within the credit allocation. • Remain active in the new issue Asset Backed market where spreads are attractive on a risk adjusted basis. • Focus on risk management and optimizing the underlying mix of securities within the portfolio. Strategy highlights for the Liquidity portfolio in coming months • Focus on upcoming liquidity needs based on the cash flow forecast; ensure maturing securities offset cash flow needs. • Opportunistically add longer duration Corporate, Negotiable CD, and Commercial paper beyond the six-month maturity point to enhance the total return of the strategy. 7 Compliance Issues Category Standard Comment U.S. Treasuries 10% minimum; 5 years max maturity Complies Federal Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 5 years max maturity; Securities, obligations, participations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by the US Government , a federal agency, or a US Government-sponsored enterprise Complies Supranational Obligations "AA" rated or better by a NRSRO; 30% max; 5 years max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB") Complies Municipal Securities "A" rated or higher by a NRSRO; or as otherwise approved by the Board of Directors; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% max; 5% max issuer; 5 years max maturity Complies Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity; Issued by corporations organized and operating within the U.S. or issued by depository institutions licensed by the U.S. or any state and operating within the U.S. with AUM >$500 million Complies Non- Agency Asset-Backed Securities, Mortgage-Backed Securities, CMOs "AA" rating category or better by a NRSRO; 20% max(combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 5 years max maturity; Mortgage pass-through security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond Complies Negotiable Certificates of Deposit (NCD) "A" rating or better long term debt by a NRSRO; or highest short term rating for deposits by a NRSRO; or as otherwise approved by the Board of Directors; 30% max; 5% max issuer; 5 years max maturity; Negotiable certificates of deposit issued by a nationally or state-chartered bank or state of federal savings and loan association, as defined by Section 5102 of the California Financial Code Complies Certificates of Deposit 5% max issuer; 5 years max maturity; Secured (collateralized) time deposits issued by a nationally or state-chartered bank or state or federal savings and loan association, as defined by Section 5102 of the California Financial Code and having a net operating profit in the two most recently completed fiscal years; Collateral must comply with California Government Code Complies Banker’s Acceptances A-1 rated or highest short term rating by a NRSRO; 40% max; 5% max issuer; 180 days max maturity; Acceptance is eligible for purchase by the Federal Reserve System Complies Commercial Paper A-1 rated or better by a NRSRO; "A" long term debt rating or better by a NRSRO; Issued by a domestic corporation organized and operating in the U.S. with assets > $500 million; 40% max; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; or SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% max in Mutual Funds; 10% max per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds and are not subject to the 10% stipulation Complies Local Agency Investment Fund (LAIF)No more than the statutory maximum may be invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF shall be subject to investigation and due diligence prior to investing, and on a continual basis to a level of review pursuant to the policy Complies Orange County Treasurer's Money Market Commingled Investment Pool (OCCIP) 15% max; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP would be subject to investigation and due diligence prior to investing and on continual basis to a level of review pursuant to the policy Complies Repurchase Agreements 20% max; 102% collateralization Complies Reverse Repurchase Agreements 5% max, 90 days max maturity Complies Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage Investment Conduits) Complies Securities Downgrade If securities owned by the OCSD are downgraded below the quality required by the Investment Policy, it shall be OCSD’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio. If a decision is made to retain the downgraded securities in the portfolio, their presence in the portfolio will be monitored and reported quarterly to the OCSD General Manager, the Administration Committee and Board of Directors Complies Avg Duration Not to exceed 60 months - (80% to 120% of the benchmark)Complies Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual Funds); 20% max per issuer on Money Market Mutual Funds Complies Maximum Maturity 5 years max maturity Complies* Orange County Sanitation District Long Term Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy *The portfolio has sixteen (16) securities with maturities greater than 5 years including four (4) CMOs and sixteen (12) MBS. All securities were inherited from the previous manager and complied at time of purchase. 8 Category Standard Comment U.S. Treasuries 10% minimum; 1 year max maturity Complies Federal Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 1 year max maturity; Securities, obligations, participations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by the US Government , a federal agency, or a US Government-sponsored enterprise Complies Supranational Obligations "AA" rated or better by a NRSRO; 30% max; 1 year max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB") Complies Municipal Securities "A" rated or higher by a NRSRO; or as otherwise approved by the Board of Directors; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% max; 5% max issuer; 1 year max maturity Complies Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 1 year max maturity; Issued by corporations organized and operating within the U.S. or issued by depository institutions licensed by the U.S. or any state and operating within the U.S. with AUM >$500 million Complies Non- Agency Asset-Backed Securities, Mortgage-Backed Securities, CMOs "AA" rating category or better by a NRSRO; 20% max (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 1 year max maturity; Mortgage pass-through security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond Complies Negotiable Certificates of Deposit (NCD) "A" rating or better long term debt by a NRSRO; or highest short term rating for deposits by a NRSRO; or as otherwise approved by the Board of Directors; 30% max; 5% max issuer; 1 year max maturity; Negotiable certificates of deposit issued by a nationally or state-chartered bank or state of federal savings and loan association, as defined by Section 5102 of the California Financial Code Complies Certificates of Deposit 5% max issuer; 1 year max maturity; Secured (collateralized) time deposits issued by a nationally or state-chartered bank or state or federal savings and loan association, as defined by Section 5102 of the California Financial Code and having a net operating profit in the two most recently completed fiscal years; Collateral must comply with California Government Code Complies Banker’s Acceptances A-1 rated or highest short term rating by a NRSRO; 40% max; 5% max issuer; 180 days max maturity; Acceptance is eligible for purchase by the Federal Reserve System Complies Commercial Paper A-1 rated or better by a NRSRO; "A" long term debt rating or better by a NRSRO; Issued by a domestic corporation organized and operating in the U.S. with assets > $500 million; 40% max; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; or SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% max in Mutual Funds; 10% max per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds and are not subject to the 10% stipulation Complies * Local Agency Investment Fund (LAIF)No more than the statutory maximum may be invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF shall be subject to investigation and due diligence prior to investing, and on a continual basis to a level of review pursuant to the policy Complies Orange County Treasurer's Money Market Commingled Investment Pool (OCCIP) 15% max; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP would be subject to investigation and due diligence prior to investing and on continual basis to a level of review pursuant to the policy Complies Repurchase Agreements 20% max; 102% collateralization Complies Reverse Repurchase Agreements 5% max, 90 days max maturity Complies Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage Investment Conduits) Complies Securities Downgrade If securities owned by the OCSD are downgraded below the quality required by the Investment Policy, it shall be OCSD’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio. If a decision is made to retain the downgraded securities in the portfolio, their presence in the portfolio will be monitored and reported quarterly to the OCSD General Manager, the Administration Committee and Board of Directors Complies Avg Duration Not to exceed 180 days Complies Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual Funds); 20% max per issuer on Money Market Mutual Funds Complies Maximum Maturity 1 year max maturity Complies Orange County Sanitation District Liquid Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy 9 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 OCSD Lehman Exposure Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy * Account holds $2 million face value (cusip 525ESC0Y6) and $600,000 face value (cusip 525ESC1B7) of defaulted Lehman Bros Holdings that were purchased by the previous manager. Complied at time of purchase. OC SAN Lehman Exposure - Account #10284 10 Ratings 11 HISTORICAL YIELD CURVE ACCOUNT SUMMARY Beg. Values as of 11/30/23 End Values as of 12/31/23 Market Value 164,715,642 208,622,877 Accrued Interest 290,539 237,293 Total Market Value 165,006,181 208,860,170 Income Earned 589,274 825,565 Cont/WD 43,000,000 Par 166,774,850 210,946,356 Book Value 164,714,200 208,593,010 Cost Value 163,310,722 206,767,881 TOP ISSUERS Government of United States 93.6% Toyota Motor Corp 1.9% First American Govt Obligation 1.4% MUFG Bank Ltd/NY 1.2% Bank of America Corp 1.0% Honda Motor Corporation 0.5% Truist Financial Corporation 0.5% Total 100.0% PORTFOLIO CHARACTERISTICS Average Modified Duration 0.24 Average Coupon 3.80% Average Purchase YTM 5.42% Average Market YTM 5.31% Average S&P/Moody Rating AAA/Aaa Average Final Maturity 0.25 yrs Average Life 0.10 yrs CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION Portfolio Summary As of December 31, 2023 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 0.48% 1.38% 5.18% 5.18% 3.21% 2.15% 1.95% N/A 1.46% ICE BofA 3-Month US Treasury Bill Index 0.47% 1.37% 5.01% 5.01% 3.22% 2.15% 1.88% N/A 1.37% Execution Time: 1/3/2024 10:11:41 PMChandler Asset Management - CONFIDENTIAL ACCOUNT SUMMARY Beg. Values as of 11/30/23 End Values as of 12/31/23 Market Value 689,209,884 729,055,007 Accrued Interest 3,840,626 4,160,052 Total Market Value 693,050,509 733,215,059 Income Earned 1,479,527 1,549,500 Cont/WD 29,996,150 Par 720,812,560 751,478,433 Book Value 717,754,923 748,917,235 Cost Value 718,121,723 749,083,931 TOP ISSUERS Government of United States 40.7% Federal National Mortgage Assoc 5.9% Federal Home Loan Mortgage Corp 5.6% Intl Bank Recon and Development 4.1% Inter-American Dev Bank 3.4% Federal Home Loan Bank 3.4% John Deere ABS 1.6% Toronto Dominion Holdings 1.6% Total 66.4% PORTFOLIO CHARACTERISTICS Average Modified Duration 2.44 Average Coupon 2.56% Average Purchase YTM 2.64% Average Market YTM 4.44% Average S&P/Moody Rating AA/Aa1 Average Final Maturity 2.86 yrs Average Life 2.64 yrs CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION Portfolio Summary As of December 31, 2023 Orange County Sanitation District Long Term Account #10268 PERFORMANCE REVIEW Annualized TOTAL RATE OF RETURN 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS 11/30/2014 Orange County Sanitation District Long Term 1.45% 3.16% 4.76% 4.76% -0.13% -0.39% 1.54% N/A 1.38% ICE BofA 1-5 Year AAA-A US Corp & Govt Index 1.52% 3.23% 4.61% 4.61% -0.48% -0.65% 1.38% N/A 1.26% ICE BofA 1-5 Yr US Corp & Govt Index 1.57% 3.34% 4.89% 4.89% -0.46% -0.60% 1.55% N/A 1.40% Execution Time: 1/3/2024 10:09:42 PMChandler Asset Management - CONFIDENTIAL Par Value Book Value Market Value Rate Yield Balance 12/1/2024 $35,341,653 $35,341,653 $35,341,653 3.93 3.93 Deposits: 12/21/2024 21,900,000 21,900,000 21,900,000 3.93 3.93 Total Deposits 21,900,000 21,900,000 21,900,000 3.93 3.93 Quarterly Interest Distribution - - - 3.93 3.93 Withdrawals: 12/6/2024 (4,000,000) (4,000,000) (4,000,000) 3.93 3.93 12/12/2024 (2,900,000) (2,900,000) (2,900,000) 12/13/2024 (3,200,000) (3,200,000) (3,200,000) 12/20/2024 (7,500,000) (7,500,000) (7,500,000) 12/26/2024 (3,100,000) (3,100,000) (3,100,000) 3.93 3.93 12/28/2024 (4,800,000) (4,800,000) (4,800,000) Total Withdrawals (25,500,000) (25,500,000) (25,500,000) 3.93 3.93 Balance 12/31/2024 $31,741,653 $31,741,653 $31,741,653 3.93 3.93 Orange County Sanitation District Investment Transactions and Balances in the State of California Local Agency Investment Fund December 31, 2023 U.S. Bank Asset Summary - Liquid As of 12/31/2023 Industry Name Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss Cash Equivalents COMMERCIAL PAPER 6,500,000.0000 6,347,351.66 6,466,290.00 3.10 118,938.34 FIRST AMERICAN SHORT TERM FDS 2,779,355.8700 2,779,355.87 2,779,355.87 1.33 - U. S. GOVERNMENT 119,050,000.0000 116,809,081.93 117,411,144.00 56.31 602,062.07 Cash Equivalents Total 128,329,355.8700 125,935,789.46 126,656,789.87 60.74 721,000.41 Fixed Income CONSUMER DISCRETIONARY 1,017,000.0000 990,181.71 1,002,009.42 0.48 11,827.71 FINANCE 3,000,000.0000 2,952,220.00 2,973,330.00 1.43 21,110.00 U. S. GOVERNMENT 78,450,000.0000 76,739,689.48 77,873,646.00 37.35 1,133,956.52 Fixed Income Total 82,467,000.0000 80,682,091.19 81,848,985.42 39.26 1,166,894.23 Grand Total 210,796,355.8700 206,617,880.65 208,505,775.29 100.00 1,887,894.64 1 of 1 U.S. Bank Asset Summary - Long-Term As of 12/31/2023 Industry Name Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss Cash Equivalents FIRST AMERICAN SHORT TERM FDS 2,258,882.2600 2,258,882.26 2,258,882.26 0.31 - U. S. GOVERNMENT 7,500,000.0000 7,455,139.17 7,459,350.00 1.02 4,210.83 Cash Equivalents Total 9,758,882.2600 9,714,021.43 9,718,232.26 1.33 4,210.83 Fixed Income CONSUMER DISCRETIONARY 17,000,000.0000 17,069,872.85 16,450,530.00 2.26 (619,342.85) CONSUMER STAPLES 8,070,000.0000 8,060,858.95 7,868,141.55 1.08 (192,717.40) CONVERTIBLE BONDS 1,500,000.0000 1,480,320.00 1,554,480.00 0.21 74,160.00 FINANCE 101,515,000.0000 100,623,528.88 97,534,634.40 13.39 (3,088,894.48) FOREIGN FIXED INCOME 62,045,000.0000 60,949,704.45 59,242,936.50 8.13 (1,706,767.95) HEALTH CARE 16,000,000.0000 16,013,792.05 15,842,500.00 2.17 (171,292.05) INDUSTRIAL 3,485,000.0000 3,480,574.05 3,425,406.50 0.47 (55,167.55) INFORMATION TECHNOLOGY 10,000,000.0000 10,598,451.80 9,804,940.00 1.35 (793,511.80) MISCELLANEOUS 2,000,000.0000 1,016,024.26 - - (1,016,024.26) MTG RELATED SECURITY 91,373,782.0600 91,579,114.84 89,910,833.25 12.34 (1,668,281.59) PRIVATE PLACEMENTS 20,400,000.0000 20,261,550.90 19,214,310.40 2.64 (1,047,240.50) TELECOMMUNICATION SERVICES 5,000,000.0000 4,785,920.00 4,821,900.00 0.66 35,980.00 U. S. GOVERNMENT 284,752,260.7100 282,912,660.20 276,447,504.90 37.95 (6,465,155.30) U.S. GOVERNMENT TIPS 13,476,008.0000 13,331,288.09 13,244,894.46 1.82 (86,393.63) US AGY - LONG TERM ISSUES 101,325,000.0000 102,271,401.00 97,733,815.75 13.42 (4,537,585.25) UTILITY 5,735,000.0000 5,736,523.40 5,599,309.90 0.77 (137,213.50) Fixed Income Total 743,677,050.7700 740,171,585.72 718,696,137.61 98.67 (21,475,448.11) Grand Total 753,435,933.0300 749,885,607.15 728,414,369.87 100.00 (21,471,237.28) 1 of 1 The Bank of New York Mellon may utilize subsidiaries and affiliates to provide services and certain products to the Account. Subsidiaries and affiliates may be compensated for their services and products. The value of securities set forth on this Account Statement are determined by The Bank of New York Mellon for Corporate Trust on the basis of market prices and information obtained by The Bank of New York Mellon from unaffiliated third parties (including independent pricing vendors) ("third party pricing services"). The Bank of New York Mellon has not verified such market values or information and makes no assurances as to the accuracy or correctness of such market values or information or that the market values set forth on this Account Statement reflect the value of the securities that can be realized upon the sale of such securities. In addition, the market values for securities set forth in this Account Statement may differ from the market prices and information for the same securities used by other business units of The Bank of New York Mellon or its subsidiaries or affiliates based upon market prices and information received from other third party pricing services utilized by such other business units. Corporate Trust does not compare its market values with those used by, or reconcile different market values used by, other business units of The Bank of New York Mellon or its subsidiaries or its affiliates. The Bank of New York Mellon shall not be liable for any loss, damage or expense incurred as a result of or arising from or related to the market values or information provided by third party pricing services or the differences in market prices or information provided by other third party pricing services. No Transactions This Period Accrued Estimated Market Shares/Par Value Asset Description Market Price Market Value Cost Average Cost Income Income Yield Realized Transaction Date Transaction Description Income Principal Cost Gains/Losses Statement Period 12/01/2023 Through 12/31/2023 Statement of Assets Held by Asset Classification Statement of Transactions by Transaction Date Account 300282 Base Currency = USD OCSD LIBERTY MUTUAL CASH BALANCE 250,000.00 250,000.00 0.00000 0.00 0.00 0.00% Total Market Value Plus Total Accrued Income 250,000.00 Cumulative realized capital gain and loss position from 12/31/2022 for securities held in principal of account: Short Term: 0.00 * 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 250,000.00 250,000.00 0.00 0.00 0.00% ACCOUNT TOTALS 250,000.00 250,000.00 0.00 0.00 0.00% e 1 4 1 9 4 5 n 1 2 7 3 1 3 a 0 1 t D O M i W I s 1 , 1 2 0 , 6 5 0 U.S. Bank Investment Listing - Yield As of 12/31/2023 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 5.2114% 2,779,355.8700 1.00 2,779,355.87 2,779,355.87 Cash Equivalents 31846V567 FIRST AM GOVT OB FD CL Z 5.2114% 2,258,882.2600 1.00 2,258,882.26 2,258,882.26 Cash Equivalents 62479LBF1 MUFG BK LTD N Y BRH C P 2/15/24 0.0000% 2,500,000.0000 99.34 2,466,408.33 2,483,450.00 Cash Equivalents 89233GAX4 TOYOTA MTR CR CORP DISC C P 1/31/24 0.0000%4,000,000.0000 99.57 3,880,943.33 3,982,840.00 Cash Equivalents 912796ZW2 U S TREASURY BILL 6/20/24 5.1695% 20,000,000.0000 N/A N/A 97.62 19,489,539.78 19,523,200.00 Cash Equivalents 912797FH5 U S TREASURY BILL 5/16/24 5.1933% 17,300,000.0000 N/A N/A 98.08 16,863,162.07 16,968,359.00 Cash Equivalents 912797GM3 U S TREASURY BILL 2/08/24 5.2937% 7,500,000.0000 N/A N/A 99.46 7,455,139.17 7,459,350.00 Cash Equivalents 912797GP6 U S TREASURY BILL 2/29/24 5.3088% 36,750,000.0000 N/A N/A 99.15 36,089,867.68 36,438,360.00 Cash Equivalents 912797GY7 U S TREASURY BILL 3/28/24 5.2565% 10,000,000.0000 N/A N/A 98.76 9,867,746.67 9,875,900.00 Cash Equivalents 912797JH1 U S TREASURY BILL 3/12/24 5.2556% 7,500,000.0000 N/A N/A 98.99 7,387,322.29 7,424,175.00 Cash Equivalents 912797JK4 U S TREASURY BILL 3/26/24 5.2487% 7,500,000.0000 N/A N/A 98.79 7,372,238.44 7,408,950.00 Cash Equivalents 912797LL9 U S TREASURY BILL 3/21/24 5.2447% 20,000,000.0000 N/A N/A 98.86 19,739,205.00 19,772,200.00 Fixed Income 00440EAS6 ACE INA HOLDING 3.150% 3/15/25 3.2213% 2,000,000.0000 A3 A 97.79 2,203,740.00 1,955,760.00 Fixed Income 023135CF1 AMAZON COM 3.300% 4/13/27 3.3996% 2,000,000.0000 A1 AA 97.07 1,996,540.00 1,941,420.00 Fixed Income 023135CP9 AMAZON COM INC 4.550% 12/01/27 4.4814% 2,000,000.0000 A1 AA 101.53 2,028,800.00 2,030,600.00 Fixed Income 02582JJT8 AMERICAN EXPRESS 3.390% 5/17/27 3.4608%6,620,000.0000 N/A AAA 97.95 6,618,535.66 6,484,554.80 Fixed Income 02582JJV3 AMERICAN EXPRESS 3.750% 8/16/27 3.8150% 2,000,000.0000 AAA N/A 98.30 1,934,062.50 1,965,920.00 Fixed Income 02665WCZ2 AMERICAN HONDA MTN 2.400% 6/27/24 2.4359% 1,017,000.0000 A3 A- 98.53 990,181.71 1,002,009.42 Fixed Income 02665WEA5 AMERICAN HONDA MTN 1.500% 1/13/25 1.5548% 6,000,000.0000 A3 A- 96.48 5,979,632.85 5,788,680.00 Fixed Income 02665WEM9 AMERICAN HONDA MTN 5.125% 7/07/28 4.9835% 1,000,000.0000 A3 A- 102.84 988,260.00 1,028,390.00 Fixed Income 03215PFN4 AMRESCO 6.90779% 6/25/29 7.1707% 101,493.5900 N/A BB+ 96.33 76,215.34 97,772.83 Fixed Income 037833AZ3 APPLE INC 2.500% 2/09/25 2.5635% 2,000,000.0000 AAA AA+ 97.52 2,118,560.00 1,950,460.00 Fixed Income 05531FBH5 BB T CORPORATION MTN 2.500% 8/01/24 2.5482% 1,000,000.0000 A3 A- 98.11 972,700.00 981,090.00 Fixed Income 05592XAD2 BMW VEH OWNER TR 5.470% 2/25/28 5.4137% 1,415,000.0000 N/A AAA 101.04 1,414,749.26 1,429,716.00 Fixed Income 05593AAC3 BMW VEHICLE LEASE 5.160% 11/25/25 5.1665% 765,000.0000 AAA AAA 99.87 764,981.79 764,036.10 Fixed Income 05601XAC3 BMW VEHICLE LEASE 1.100% 3/25/25 1.1063% 624,007.4600 N/A AAA 99.43 623,914.17 620,469.34 Fixed Income 05602RAD3 BMW VEH OWNER TR 3.210% 8/25/26 3.2560%2,470,005.4300 AAA AAA 98.59 2,469,876.99 2,435,128.95 Fixed Income 06051GFF1 BANK OF AMERICA MTN 4.000% 4/01/24 4.0156% 2,000,000.0000 A1 A- 99.61 1,979,520.00 1,992,240.00 Fixed Income 06051GGF0 BANK OF AMERICA MTN 3.824% 1/20/28 3.9801% 6,275,000.0000 A1 A- 96.08 5,907,613.65 6,028,894.50 Fixed Income 06051GHY8 BANK OF AMERICAN MTN 2.015% 2/13/26 2.0969% 2,500,000.0000 A1 A- 96.09 2,583,450.00 2,402,300.00 Fixed Income 06051GJD2 BANK AMER CORP MTN 1.319% 6/19/26 1.4015% 2,250,000.0000 A1 A- 94.11 2,254,432.50 2,117,542.50 Fixed Income 06367WB85 BANK OF MONTREAL MTN 1.850% 5/01/25 1.9296% 3,000,000.0000 A2 A- 95.88 3,097,260.00 2,876,280.00 Fixed Income 06368FAC3 BANK OF MONTREAL MTN 1.250% 9/15/26 1.3722% 3,000,000.0000 A2 A- 91.09 2,994,647.40 2,732,790.00 Fixed Income 06406HCQ0 BANK OF NEW YORK MTN 3.950% 11/18/25 4.0207% 1,500,000.0000 A1 A 98.24 1,537,365.00 1,473,615.00 Fixed Income 06406RBG1 BANK NEW YORK MTN 3.992% 6/13/28 4.0923% 2,500,000.0000 A1 A 97.55 2,403,150.00 2,438,750.00 Fixed Income 084664CZ2 BERKSHIRE HATHAWAY 2.300% 3/15/27 2.4318% 6,875,000.0000 AA2 AA 94.58 6,873,693.75 6,502,375.00 Fixed Income 14913R2V8 CATERPILLAR FINL MTN 3.400% 5/13/25 3.4592% 3,485,000.0000 A2 A 98.29 3,480,574.05 3,425,406.50 Fixed Income 14913R3A3 CATERPILLAR FINL MTN 3.600% 8/12/27 3.6866% 3,250,000.0000 A2 A 97.65 3,213,062.50 3,173,690.00 Fixed Income 20030NCH2 COMCAST CORP 3.550% 5/01/28 3.6811% 5,000,000.0000 A3 A- 96.44 4,785,920.00 4,821,900.00 Fixed Income 24422EWK1 DEERE JOHN MTN 4.150% 9/15/27 4.1771% 2,000,000.0000 A2 A 99.35 1,972,620.00 1,987,040.00 Fixed Income 24422EWR6 DEERE JOHN MTN 4.750% 1/20/28 4.6727% 6,500,000.0000 A2 A 101.66 6,580,745.00 6,607,575.00 Fixed Income 3130A2UW4 F H L B DEB 2.875% 9/13/24 2.9159%2,500,000.0000 AAA AA+ 98.60 2,635,950.00 2,464,900.00 1 of 4 U.S. Bank Investment Listing - Yield As of 12/31/2023 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 3130A4CH3 F H L B DEB 2.375% 3/14/25 2.4377% 5,225,000.0000 AAA AA+ 97.43 5,526,848.25 5,090,613.00 Fixed Income 3130ATS57 F H L B DEB 4.500% 3/10/28 4.3960%7,500,000.0000 AAA AA+ 102.37 7,662,525.00 7,677,375.00 Fixed Income 3130ATUC9 F H L B DEB 4.500% 12/12/25 4.4894%7,000,000.0000 AAA AA+ 100.24 7,051,168.00 7,016,450.00 Fixed Income 3130AWMN7 F H L B DEB 4.375% 6/09/28 4.2964%2,500,000.0000 AAA AA+ 101.83 2,511,025.00 2,545,725.00 Fixed Income 3133EKWV4 F F C B DEB 1.850% 7/26/24 1.8838%5,000,000.0000 AAA AA+ 98.21 5,048,280.00 4,910,300.00 Fixed Income 3133TCE95 F H L M C MLTCL MTG 4.550% 8/15/32 4.7000% 2,306.3500 N/A N/A 96.81 2,308.78 2,232.72 Fixed Income 31348SWZ3 F H L M C #786064 6.262% 1/01/28 6.3382% 620.4900 N/A N/A 98.80 605.37 613.03 Fixed Income 3135G03U5 F N M A DEB 0.625% 4/22/25 0.6574%14,000,000.0000 AAA AA+ 95.08 13,996,711.60 13,310,920.00 Fixed Income 3135G04Z3 F N M A 0.500% 6/17/25 0.5299% 9,905,000.0000 AAA AA+ 94.36 9,884,496.65 9,346,754.20 Fixed Income 3135G05X7 F N M A 0.375% 8/25/25 0.4011% 7,945,000.0000 AAA AA+ 93.49 7,907,817.40 7,427,939.40 Fixed Income 3135G06G3 F N M A 0.500% 11/07/25 0.5368% 8,255,000.0000 AAA AA+ 93.15 8,225,447.10 7,689,119.75 Fixed Income 3135G0X24 F N M A 1.625% 1/07/25 1.6770% 5,000,000.0000 AAA AA+ 96.90 5,151,750.00 4,845,050.00 Fixed Income 31371NUC7 F N M A #257179 4.500% 4/01/28 4.5706% 3,877.5300 N/A N/A 98.46 4,100.87 3,817.66 Fixed Income 31376KT22 F N M A #357969 5.000% 9/01/35 4.9205% 35,073.8700 N/A N/A 101.62 37,704.41 35,640.31 Fixed Income 3137BFE98 F H L B GTD REMIC 3.171% 10/25/24 3.2256% 4,946,595.4500 N/A N/A 98.31 5,321,068.17 4,862,849.59 Fixed Income 3137BSRE5 F H L M C MLTCL MTG 3.120% 9/25/26 3.2325% 5,000,000.0000 N/A AAA 96.52 5,214,062.50 4,825,950.00 Fixed Income 3137EAEP0 F H L M C 1.500% 2/12/25 1.5537% 7,000,000.0000 AAA AA+ 96.54 7,179,290.00 6,757,870.00 Fixed Income 3137EAEU9 F H L M C M T N 0.375% 7/21/25 0.3991% 5,030,000.0000 AAA AA+ 93.97 5,004,950.60 4,726,841.90 Fixed Income 3137EAEX3 F H L M C M T N 0.375% 9/23/25 0.4018% 7,660,000.0000 AAA AA+ 93.33 7,636,943.40 7,149,307.80 Fixed Income 3137FETN0 F H L M C MLTCL MT 3.350% 1/25/28 3.4833% 5,440,000.0000 N/A N/A 96.17 5,228,350.00 5,231,756.80 Fixed Income 3137FG6X8 F H L M C MLTCL MT 3.850% 5/25/28 3.9328% 7,250,000.0000 N/A N/A 97.89 7,116,894.53 7,097,315.00 Fixed Income 3138EG6F6 F N M A #AL0869 4.500% 6/01/29 4.5393% 2,798.3400 N/A N/A 99.13 2,959.54 2,774.11 Fixed Income 31394JY35 F H L M C MLTCL MT 6.49999% 9/25/43 6.4111% 352,518.3700 N/A N/A 101.39 399,227.05 357,404.27 Fixed Income 31397QRE0 F N M A GTD REMIC 2.472% 2/25/41 6.1977% 67,730.8500 N/A N/A 98.94 67,709.72 67,011.55 Fixed Income 31403DJZ3 F N M A #745580 5.000% 6/01/36 4.9205% 37,032.7900 N/A N/A 101.62 39,810.27 37,630.87 Fixed Income 31403GXF4 F N M A #748678 5.000% 10/01/33 4.9735% 461.8800 N/A N/A 100.53 496.52 464.34 Fixed Income 31406PQY8 F N M A #815971 5.000% 3/01/35 4.9206% 50,727.1000 N/A N/A 101.61 54,531.63 51,545.84 Fixed Income 31406XWT5 F N M A #823358 5.194% 2/01/35 5.1919% 13,919.2400 N/A N/A 100.04 13,810.49 13,924.81 Fixed Income 31407BXH7 F N M A #826080 5.000% 7/01/35 4.9206% 7,155.7200 N/A N/A 101.61 7,692.38 7,271.21 Fixed Income 31410F4V4 F N M A #888336 5.000% 7/01/36 4.9205% 61,433.8200 N/A N/A 101.62 66,041.35 62,425.98 Fixed Income 31417YAY3 F N M A #MA0022 4.500% 4/01/29 4.5440% 4,676.2600 N/A N/A 99.03 4,945.60 4,630.95 Fixed Income 36225CAZ9 G N M A I I #080023 2.750% 12/20/26 2.7683% 3,953.6900 N/A N/A 99.34 4,019.01 3,927.56 Fixed Income 36225CC20 G N M A I I #080088 4.000% 6/20/27 4.0426% 3,761.5200 N/A N/A 98.95 3,843.82 3,721.87 Fixed Income 36225CN28 G N M A I I #080408 3.875% 5/20/30 3.9145% 19,090.3600 N/A N/A 98.99 18,896.45 18,897.74 Fixed Income 36225CNM4 G N M A I I #080395 3.875% 4/20/30 3.9154% 2,260.7100 N/A N/A 98.97 2,240.22 2,237.40 Fixed Income 36225DCB8 G N M A I I #080965 3.625% 7/20/34 3.6668% 16,980.5800 N/A N/A 98.86 16,969.97 16,787.17 Fixed Income 362554AC1 GM FIN CONS AUTO 0.680% 9/16/26 0.7036%1,228,341.7600 AAA AAA 96.65 1,228,310.44 1,187,167.74 Fixed Income 362585AC5 GM FIN CONS AUT 3.100% 2/16/27 3.1614%2,330,000.0000 AAA AAA 98.06 2,329,513.03 2,284,751.40 Fixed Income 36265MAC9 GM FIN AUTO LSNG TR 1.900% 3/20/25 1.9121%2,489,788.5400 AAA N/A 99.37 2,489,767.13 2,474,053.08 Fixed Income 36266FAC3 GM FIN AUTO LSNG 3.420% 6/20/25 3.4412% 2,602,209.9400 N/A AAA 99.38 2,601,938.53 2,586,154.30 Fixed Income 380146AC4 GM FIN CONS AUTO 1.260% 11/16/26 1.2980% 1,325,984.9000 N/A AAA 97.07 1,325,869.67 1,287,146.80 2 of 4 U.S. Bank Investment Listing - Yield As of 12/31/2023 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 40139LBD4 GUARDIAN LIFE MTN 1.250% 5/13/26 1.3608% 3,250,000.0000 AA1 AA+ 91.86 3,124,290.00 2,985,482.50 Fixed Income 43813GAC5 HONDA AUTO 0.270% 4/21/25 0.2733% 266,928.0700 AAA N/A 98.79 266,923.19 263,687.56 Fixed Income 43813KAC6 HONDA AUTO 0.370% 10/18/24 0.3710% 65,463.5700 N/A AAA 99.73 65,453.95 65,284.85 Fixed Income 43815BAC4 HONDA AUTO REC OWN 1.880% 5/15/26 1.9315%3,835,301.3100 AAA AAA 97.33 3,834,724.48 3,732,975.47 Fixed Income 43815GAC3 HONDA AUTO REC 0.880% 1/21/26 0.9069%1,595,104.6700 AAA N/A 97.04 1,594,768.43 1,547,809.82 Fixed Income 438516CB0 HONEYWELL 1.350% 6/01/25 1.4141% 5,000,000.0000 A2 A 95.47 5,119,000.00 4,773,250.00 Fixed Income 44891WAC3 HYUNDAI AUTO LEASE 1.160% 1/15/25 1.1676% 1,208,350.3400 AAA AAA 99.35 1,208,323.64 1,200,508.15 Fixed Income 448977AD0 HYUNDAI AUTO REC 2.220% 10/15/26 2.2717% 4,175,698.6500 N/A AAA 97.73 4,175,537.89 4,080,701.51 Fixed Income 44933LAC7 HYUNDAI AUTO REC 0.380% 9/15/25 0.3855% 607,324.5500 N/A AAA 98.59 607,260.67 598,730.91 Fixed Income 44934KAC8 HTUNDAI AUTO REC TR 0.380% 1/15/26 0.3885%2,792,162.1300 N/A AAA 97.82 2,791,545.89 2,731,404.68 Fixed Income 44935FAD6 HYUNDAI AUTO REC TR 0.740% 5/15/26 0.7607%1,104,822.5300 N/A AAA 97.29 1,104,575.93 1,074,826.60 Fixed Income 4581X0DC9 INTER AMER DEV BK 3.125% 9/18/28 3.2493%8,250,000.0000 AAA AAA 96.18 7,827,314.00 7,934,437.50 Fixed Income 4581X0DN5 INTER AMER BK M T N 0.625% 7/15/25 0.6633%5,050,000.0000 AAA AAA 94.23 5,071,967.50 4,758,413.00 Fixed Income 4581X0DV7 INTER AMER BK M T N 0.875% 4/20/26 0.9438%13,370,000.0000 AAA AAA 92.71 13,308,765.40 12,395,460.70 Fixed Income 459058JB0 INTL BK M T N 0.626% 4/22/25 0.6590%6,245,000.0000 AAA AAA 94.99 6,220,831.85 5,931,875.70 Fixed Income 459058JL8 INTL BK M T N 0.500% 10/28/25 0.5365%10,000,000.0000 AAA AAA 93.19 9,970,601.60 9,319,400.00 Fixed Income 459058KT9 INTL BK M T N 3.500% 7/12/28 3.5746%15,000,000.0000 AAA AAA 97.91 14,424,808.40 14,686,950.00 Fixed Income 45950KDD9 IFC M T N 4.500% 7/13/28 4.4078% 4,130,000.0000 AAA AAA 102.09 4,125,415.70 4,216,399.60 Fixed Income 46647PBH8 JPMORGAN CHASE CO 2.005% 3/13/26 2.0869% 3,500,000.0000 A1 A- 96.07 3,602,345.00 3,362,590.00 Fixed Income 46647PCB0 JPMORGAN CHASE CO SR 1.578% 4/22/27 1.7100% 5,000,000.0000 A1 A- 92.28 4,498,450.00 4,614,100.00 Fixed Income 47787JAC2 JOHN DEERE OWNER 2.320% 9/15/26 2.3730%2,543,575.3300 AAA N/A 97.77 2,543,012.69 2,486,751.86 Fixed Income 47788UAC6 JOHN DEERE OWNER 0.360% 9/15/25 0.3665% 655,253.6600 AAA N/A 98.22 655,127.72 643,616.35 Fixed Income 47789QAC4 JOHN DEERE OWN 0.520% 3/16/26 0.5345%1,718,242.1200 AAA N/A 97.29 1,718,088.85 1,671,712.12 Fixed Income 47800AAC4 JOHN DEERE OWNR TR 3.740% 2/16/27 3.8015% 3,140,000.0000 AAA N/A 98.38 3,139,700.13 3,089,226.20 Fixed Income 47800BAC2 JOHN DEERE OWNER 5.090% 6/15/27 5.0904%4,040,000.0000 AAA N/A 99.99 4,039,686.50 4,039,676.80 Fixed Income 525ESC0Y6 LEHMAN BRTH HLD ESC 0.0000% 2,000,000.0000 - 1,016,024.26 - Fixed Income 525ESCIB7 LEHMAN BRTH MTN ES 0.00001% 1/24/13 0.0100% 600,000.0000 N/A N/A 0.10 315,417.93 600.00 Fixed Income 58768PAC8 MERCEDES BENZ AUTO 5.210% 8/16/27 5.2028% 7,195,000.0000 AAA AAA 100.14 7,193,576.83 7,204,929.10 Fixed Income 58769KAD6 MERCEDES BENZ AUTO 0.400% 11/15/24 0.4008% 298,829.8800 N/A AAA 99.81 298,807.32 298,265.09 Fixed Income 58933YBH7 MERCK CO INC 4.050% 5/17/28 4.0679%7,000,000.0000 A1 A+ 99.56 6,994,864.00 6,969,270.00 Fixed Income 58989V2D5 MET TOWER MTN 1.250% 9/14/26 1.3742% 3,745,000.0000 AA3 AA- 90.96 3,741,554.60 3,406,452.00 Fixed Income 59217GER6 MET LIFE GLOB MTN 1.875% 1/11/27 2.0534% 5,920,000.0000 AA3 AA- 91.31 5,913,251.20 5,405,788.80 Fixed Income 61747YEA9 MORGAN STANLEY 0.790% 5/30/25 0.8081% 8,885,000.0000 A1 A- 97.76 8,889,710.25 8,685,798.30 Fixed Income 61747YEX9 MORGAN STANLEY 6.1039% 10/16/26 5.9960% 1,500,000.0000 A1 A- 101.80 1,498,185.00 1,526,985.00 Fixed Income 66815L2J7 NORTHWESTERN MTN 4.000% 7/01/25 4.0369% 7,485,000.0000 AAA AA+ 99.09 7,482,455.10 7,416,587.10 Fixed Income 747525AF0 QUALCOMM INC 3.450% 5/20/25 3.5139% 8,000,000.0000 A2 A 98.18 8,479,891.80 7,854,480.00 Fixed Income 78015K7H1 ROYAL BANK OF MTN 1.150% 6/10/25 1.2135% 4,000,000.0000 A1 A 94.77 4,013,620.00 3,790,680.00 Fixed Income 78016HZS2 ROYAL BK CDA MTN 5.200% 8/01/28 5.1019% 6,500,000.0000 A1 A 101.92 6,406,660.00 6,624,995.00 Fixed Income 79466LAG9 SALESFORCE COM INC 0.625% 7/15/24 0.6412% 1,350,000.0000 A2 A+ 97.48 1,349,311.50 1,315,966.50 Fixed Income 808513BY0 CHARLES SCHWAB CORP 2.450% 3/03/27 2.6319% 2,325,000.0000 A2 A- 93.09 2,322,489.00 2,164,296.00 Fixed Income 880591EZ1 T V A 3.875% 3/15/28 3.8924% 6,805,000.0000 AAA AA+ 99.55 6,848,198.00 6,774,649.70 Fixed Income 89114TZN5 TORONTO DOMINION MTN 1.950% 1/12/27 2.1108% 2,000,000.0000 A1 A 92.38 1,984,582.40 1,847,620.00 3 of 4 U.S. Bank Investment Listing - Yield As of 12/31/2023 Asset Category CUSIP Asset Short Name Yield Shares/Units Moody's S&P Rating Price Cost Basis Market Value Fixed Income 89114TZT2 TORONTO DOMINION MTN 2.800% 3/10/27 2.9655% 5,000,000.0000 A1 A 94.42 4,960,350.00 4,721,000.00 Fixed Income 89115A2M3 TORONTO MTN 5.156% 1/10/28 5.0794% 2,000,000.0000 A1 A 101.51 1,991,400.00 2,030,160.00 Fixed Income 89115A2U5 TORONTO DOMINION MTN 5.523% 7/17/28 5.3645% 3,000,000.0000 A1 A 102.95 2,993,970.00 3,088,620.00 Fixed Income 89236TJK2 TOYOTA MTR CR MTN 1.125% 6/18/26 1.2183% 7,285,000.0000 A1 A+ 92.34 7,281,794.60 6,726,969.00 Fixed Income 89236TJZ9 TOYOTA MOTOR MTN 3.050% 3/22/27 3.1828% 2,000,000.0000 A1 A+ 95.83 1,945,900.00 1,916,580.00 Fixed Income 89238LAC4 TOYOTA LEASE OWNER 1.960% 2/20/25 1.9747%3,714,179.4200 N/A AAA 99.26 3,713,594.81 3,686,620.21 Fixed Income 89239FAD4 TOYOTA AUTO REC TR 5.540% 8/15/28 5.4340% 2,375,000.0000 N/A AAA 101.95 2,374,743.98 2,421,336.25 Fixed Income 90331HPL1 US BANK NA MTN 2.050% 1/21/25 2.1214% 7,270,000.0000 A2 A+ 96.63 7,254,514.90 7,025,219.10 Fixed Income 912828WU0 U S TREASURY I P S 0.125% 7/15/24 0.1272% 13,476,008.0000 AAA N/A 98.29 13,331,288.09 13,244,894.46 Fixed Income 912828XT2 U S TREASURY NT 2.000% 5/31/24 2.0270% 23,450,000.0000 AAA N/A 98.67 22,955,509.77 23,137,646.00 Fixed Income 912828Z78 U S TREASURY NT 1.500% 1/31/27 1.6160% 18,500,000.0000 AAA N/A 92.82 17,870,410.15 17,172,440.00 Fixed Income 912828ZL7 U S TREASURY NT 0.375% 4/30/25 0.3963% 12,000,000.0000 AAA N/A 94.63 11,998,515.63 11,355,960.00 Fixed Income 91282CAM3 U S TREASURY NT 0.250% 9/30/25 0.2685% 6,500,000.0000 AAA N/A 93.13 6,477,656.25 6,053,125.00 Fixed Income 91282CBC4 U S TREASURY NT 0.375% 12/31/25 0.4046% 10,000,000.0000 AAA N/A 92.68 9,943,320.32 9,267,600.00 Fixed Income 91282CBH3 U S TREASURY NT 0.375% 1/31/26 0.4059% 18,000,000.0000 AAA N/A 92.39 17,781,875.00 16,630,380.00 Fixed Income 91282CBT7 U S TREASURY NT 0.750% 3/31/26 0.8084% 10,000,000.0000 AAA N/A 92.78 9,943,359.37 9,277,700.00 Fixed Income 91282CCF6 U S TREASURY NT 0.750% 5/31/26 0.8125% 7,500,000.0000 AAA N/A 92.31 7,443,750.00 6,923,175.00 Fixed Income 91282CCW9 U S TREASURY NT 0.750% 8/31/26 0.8181% 8,000,000.0000 AAA N/A 91.68 7,874,375.01 7,334,400.00 Fixed Income 91282CDG3 U S TREASURY NT 1.125% 10/31/26 1.2192% 19,250,000.0000 N/A N/A 92.28 19,119,013.68 17,763,322.50 Fixed Income 91282CDV0 U S TREASURY NT 0.875% 1/31/24 0.8781% 45,000,000.0000 AAA N/A 99.65 43,918,164.09 44,840,700.00 Fixed Income 91282CDZ1 U S TREASURY NT 1.500% 2/15/25 1.5543% 3,000,000.0000 AAA N/A 96.50 2,887,734.38 2,895,120.00 Fixed Income 91282CEN7 U S TREASURY NT 2.750% 4/30/27 2.8589% 17,000,000.0000 AAA N/A 96.19 16,417,148.43 16,352,470.00 Fixed Income 91282CEW7 U S TREASURY NT 3.250% 6/30/27 3.3257% 20,500,000.0000 AAA N/A 97.72 20,645,273.45 20,033,215.00 Fixed Income 91282CEX5 U S TREASURY NT 3.000% 6/30/24 3.0317% 10,000,000.0000 AAA N/A 98.95 9,866,015.62 9,895,300.00 Fixed Income 91282CFE6 U S TREASURY NT 3.125% 8/15/25 3.1885% 5,000,000.0000 AAA N/A 98.01 4,826,171.88 4,900,400.00 Fixed Income 91282CFM8 U S TREASURY NT 4.125% 9/30/27 4.0991% 14,500,000.0000 AAA N/A 100.63 14,620,742.19 14,591,785.00 Fixed Income 91282CFP1 U S TREASURY NT 4.250% 10/15/25 4.2580% 7,500,000.0000 AAA N/A 99.81 7,511,523.44 7,485,975.00 Fixed Income 91282CGC9 U S TREASURY NT 3.875% 12/31/27 3.8814% 15,000,000.0000 AAA N/A 99.84 15,076,054.69 14,975,400.00 Fixed Income 91282CGT2 U S TREASURY NT 3.625% 3/31/28 3.6649% 20,000,000.0000 AAA N/A 98.91 19,977,363.28 19,782,000.00 Fixed Income 91282CHE4 U S TREASURY NT 3.625% 5/31/28 3.6638% 12,500,000.0000 AAA N/A 98.94 12,265,527.35 12,367,625.00 Fixed Income 91282CHQ7 U S TREASURY NT 4.125% 7/31/28 4.0829% 22,500,000.0000 AAA N/A 101.03 22,135,937.51 22,731,975.00 Fixed Income 91282CJA0 U S TREASURY NT 4.625% 9/30/28 4.4808% 20,000,000.0000 AAA N/A 103.22 20,262,578.13 20,643,800.00 Fixed Income 91282CJN2 U S TREASURY NT 4.375% 11/30/28 4.2755% 17,500,000.0000 AAA N/A 102.33 17,832,089.84 17,907,400.00 Fixed Income 91324PEC2 UNITEDHEALTH 1.150% 5/15/26 1.2423% 4,000,000.0000 A2 A+ 92.57 3,904,703.05 3,702,880.00 Fixed Income 91324PEP3 UNITEDHEALTH 5.250% 2/15/28 5.0770% 5,000,000.0000 A2 A+ 103.41 5,114,225.00 5,170,350.00 Fixed Income 92348KAV5 VERIZON MASTER TR 3.720% 7/20/27 3.7236%2,750,000.0000 N/A AAA 99.90 2,749,879.00 2,747,305.00 Fixed Income 927804GH1 VIRGINIA ELEC PWR CO 3.750% 5/15/27 3.8409% 5,735,000.0000 A2 BBB+ 97.63 5,736,523.40 5,599,309.90 Fixed Income 931142ER0 WALMART INC 1.050% 9/17/26 1.1428% 1,725,000.0000 AA2 AA 91.88 1,721,739.75 1,584,947.25 Fixed Income 931142EX7 WALMART INC 3.950% 9/09/27 3.9721% 4,995,000.0000 AA2 AA 99.44 4,989,807.70 4,967,227.80 Other 06368LWU6 BANK MONTREAL MTN CV 5.717% 9/25/28 5.5166% 1,500,000.0000 A2 A- 103.63 1,480,320.00 1,554,480.00 Total Consolidated $ 936,920,145.16 4 of 4 U.S. Bank Asset Detail - Consolidated As of 12/31/2023 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 2,779,355.8700 2,779,355.87 2,779,355.87 0.30 - 31846V567 FIRST AM GOVT OB FD CL Z 1.00 2,258,882.2600 2,258,882.26 2,258,882.26 0.24 - 62479LBF1 MUFG BK LTD N Y BRH C P 2/15/24 99.34 2,500,000.0000 2,466,408.33 2,483,450.00 0.27 17,041.67 89233GAX4 TOYOTA MTR CR CORP DISC C P 1/31/24 99.57 4,000,000.0000 3,880,943.33 3,982,840.00 0.43 101,896.67 912797GM3 U S TREASURY BILL 2/08/24 99.46 7,500,000.0000 7,455,139.17 7,459,350.00 0.80 4,210.83 912797GP6 U S TREASURY BILL 2/29/24 99.15 36,750,000.0000 36,089,867.68 36,438,360.00 3.89 348,492.32 912797JH1 U S TREASURY BILL 3/12/24 98.99 7,500,000.0000 7,387,322.29 7,424,175.00 0.79 36,852.71 912797LL9 U S TREASURY BILL 3/21/24 98.86 20,000,000.0000 19,739,205.00 19,772,200.00 2.11 32,995.00 912797JK4 U S TREASURY BILL 3/26/24 98.79 7,500,000.0000 7,372,238.44 7,408,950.00 0.79 36,711.56 912797GY7 U S TREASURY BILL 3/28/24 98.76 10,000,000.0000 9,867,746.67 9,875,900.00 1.05 8,153.33 912797FH5 U S TREASURY BILL 5/16/24 98.08 17,300,000.0000 16,863,162.07 16,968,359.00 1.81 105,196.93 912796ZW2 U S TREASURY BILL 6/20/24 97.62 20,000,000.0000 19,489,539.78 19,523,200.00 2.08 33,660.22 Cash Equivalents Total 138,088,238.1300 135,649,810.89 136,375,022.13 14.56 725,211.24 Fixed Income 00440EAS6 ACE INA HOLDING 3.150% 3/15/25 97.79 2,000,000.0000 2,203,740.00 1,955,760.00 0.21 (247,980.00) 023135CF1 AMAZON COM 3.300% 4/13/27 97.07 2,000,000.0000 1,996,540.00 1,941,420.00 0.21 (55,120.00) 023135CP9 AMAZON COM INC 4.550% 12/01/27 101.53 2,000,000.0000 2,028,800.00 2,030,600.00 0.22 1,800.00 02582JJT8 AMERICAN EXPRESS 3.390% 5/17/27 97.95 6,620,000.0000 6,618,535.66 6,484,554.80 0.69 (133,980.86) 02582JJV3 AMERICAN EXPRESS 3.750% 8/16/27 98.30 2,000,000.0000 1,934,062.50 1,965,920.00 0.21 31,857.50 02665WEA5 AMERICAN HONDA MTN 1.500% 1/13/25 96.48 6,000,000.0000 5,979,632.85 5,788,680.00 0.62 (190,952.85) 02665WCZ2 AMERICAN HONDA MTN 2.400% 6/27/24 98.53 1,017,000.0000 990,181.71 1,002,009.42 0.11 11,827.71 02665WEM9 AMERICAN HONDA MTN 5.125% 7/07/28 102.84 1,000,000.0000 988,260.00 1,028,390.00 0.11 40,130.00 03215PFN4 AMRESCO 6.90779% 6/25/29 96.33 101,493.5900 76,215.34 97,772.83 0.01 21,557.49 037833AZ3 APPLE INC 2.500% 2/09/25 97.52 2,000,000.0000 2,118,560.00 1,950,460.00 0.21 (168,100.00) 06051GJD2 BANK AMER CORP MTN 1.319% 6/19/26 94.11 2,250,000.0000 2,254,432.50 2,117,542.50 0.23 (136,890.00) 06406RBG1 BANK NEW YORK MTN 3.992% 6/13/28 97.55 2,500,000.0000 2,403,150.00 2,438,750.00 0.26 35,600.00 06051GGF0 BANK OF AMERICA MTN 3.824% 1/20/28 96.08 6,275,000.0000 5,907,613.65 6,028,894.50 0.64 121,280.85 06051GFF1 BANK OF AMERICA MTN 4.000% 4/01/24 99.61 2,000,000.0000 1,979,520.00 1,992,240.00 0.21 12,720.00 06051GHY8 BANK OF AMERICAN MTN 2.015% 2/13/26 96.09 2,500,000.0000 2,583,450.00 2,402,300.00 0.26 (181,150.00) 06368FAC3 BANK OF MONTREAL MTN 1.250% 9/15/26 91.09 3,000,000.0000 2,994,647.40 2,732,790.00 0.29 (261,857.40) 06367WB85 BANK OF MONTREAL MTN 1.850% 5/01/25 95.88 3,000,000.0000 3,097,260.00 2,876,280.00 0.31 (220,980.00) 06368LWU6 BANK MONTREAL MTN CV 5.717% 9/25/28 103.63 1,500,000.0000 1,480,320.00 1,554,480.00 0.17 74,160.00 06406HCQ0 BANK OF NEW YORK MTN 3.950% 11/18/25 98.24 1,500,000.0000 1,537,365.00 1,473,615.00 0.16 (63,750.00) 05531FBH5 BB T CORPORATION MTN 2.500% 8/01/24 98.11 1,000,000.0000 972,700.00 981,090.00 0.10 8,390.00 084664CZ2 BERKSHIRE HATHAWAY 2.300% 3/15/27 94.58 6,875,000.0000 6,873,693.75 6,502,375.00 0.69 (371,318.75) 05602RAD3 BMW VEH OWNER TR 3.210% 8/25/26 98.59 2,470,005.4300 2,469,876.99 2,435,128.95 0.26 (34,748.04) 05592XAD2 BMW VEH OWNER TR 5.470% 2/25/28 101.04 1,415,000.0000 1,414,749.26 1,429,716.00 0.15 14,966.74 05601XAC3 BMW VEHICLE LEASE 1.100% 3/25/25 99.43 624,007.4600 623,914.17 620,469.34 0.07 (3,444.83) 05593AAC3 BMW VEHICLE LEASE 5.160% 11/25/25 99.87 765,000.0000 764,981.79 764,036.10 0.08 (945.69) 14913R2V8 CATERPILLAR FINL MTN 3.400% 5/13/25 98.29 3,485,000.0000 3,480,574.05 3,425,406.50 0.37 (55,167.55) 14913R3A3 CATERPILLAR FINL MTN 3.600% 8/12/27 97.65 3,250,000.0000 3,213,062.50 3,173,690.00 0.34 (39,372.50) 1 of 4 U.S. Bank Asset Detail - Consolidated As of 12/31/2023 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 808513BY0 CHARLES SCHWAB CORP 2.450% 3/03/27 93.09 2,325,000.0000 2,322,489.00 2,164,296.00 0.23 (158,193.00) 20030NCH2 COMCAST CORP 3.550% 5/01/28 96.44 5,000,000.0000 4,785,920.00 4,821,900.00 0.51 35,980.00 24422EWK1 DEERE JOHN MTN 4.150% 9/15/27 99.35 2,000,000.0000 1,972,620.00 1,987,040.00 0.21 14,420.00 24422EWR6 DEERE JOHN MTN 4.750% 1/20/28 101.66 6,500,000.0000 6,580,745.00 6,607,575.00 0.71 26,830.00 3133EKWV4 F F C B DEB 1.850% 7/26/24 98.21 5,000,000.0000 5,048,280.00 4,910,300.00 0.52 (137,980.00) 3130A4CH3 F H L B DEB 2.375% 3/14/25 97.43 5,225,000.0000 5,526,848.25 5,090,613.00 0.54 (436,235.25) 3130A2UW4 F H L B DEB 2.875% 9/13/24 98.60 2,500,000.0000 2,635,950.00 2,464,900.00 0.26 (171,050.00) 3130AWMN7 F H L B DEB 4.375% 6/09/28 101.83 2,500,000.0000 2,511,025.00 2,545,725.00 0.27 34,700.00 3130ATS57 F H L B DEB 4.500% 3/10/28 102.37 7,500,000.0000 7,662,525.00 7,677,375.00 0.82 14,850.00 3130ATUC9 F H L B DEB 4.500% 12/12/25 100.24 7,000,000.0000 7,051,168.00 7,016,450.00 0.75 (34,718.00) 3137BFE98 F H L B GTD REMIC 3.171% 10/25/24 98.31 4,946,595.4500 5,321,068.17 4,862,849.59 0.52 (458,218.58) 3137EAEP0 F H L M C 1.500% 2/12/25 96.54 7,000,000.0000 7,179,290.00 6,757,870.00 0.72 (421,420.00) 3137EAEU9 F H L M C M T N 0.375% 7/21/25 93.97 5,030,000.0000 5,004,950.60 4,726,841.90 0.50 (278,108.70) 3137EAEX3 F H L M C M T N 0.375% 9/23/25 93.33 7,660,000.0000 7,636,943.40 7,149,307.80 0.76 (487,635.60) 31348SWZ3 F H L M C #786064 6.262% 1/01/28 98.80 620.4900 605.37 613.03 0.00 7.66 3137FETN0 F H L M C MLTCL MT 3.350% 1/25/28 96.17 5,440,000.0000 5,228,350.00 5,231,756.80 0.56 3,406.80 3137FG6X8 F H L M C MLTCL MT 3.850% 5/25/28 97.89 7,250,000.0000 7,116,894.53 7,097,315.00 0.76 (19,579.53) 31394JY35 F H L M C MLTCL MT 6.49999% 9/25/43 101.39 352,518.3700 399,227.05 357,404.27 0.04 (41,822.78) 3137BSRE5 F H L M C MLTCL MTG 3.120% 9/25/26 96.52 5,000,000.0000 5,214,062.50 4,825,950.00 0.52 (388,112.50) 3133TCE95 F H L M C MLTCL MTG 4.550% 8/15/32 96.81 2,306.3500 2,308.78 2,232.72 0.00 (76.06) 3135G05X7 F N M A 0.375% 8/25/25 93.49 7,945,000.0000 7,907,817.40 7,427,939.40 0.79 (479,878.00) 3135G04Z3 F N M A 0.500% 6/17/25 94.36 9,905,000.0000 9,884,496.65 9,346,754.20 1.00 (537,742.45) 3135G06G3 F N M A 0.500% 11/07/25 93.15 8,255,000.0000 8,225,447.10 7,689,119.75 0.82 (536,327.35) 3135G0X24 F N M A 1.625% 1/07/25 96.90 5,000,000.0000 5,151,750.00 4,845,050.00 0.52 (306,700.00) 31371NUC7 F N M A #257179 4.500% 4/01/28 98.46 3,877.5300 4,100.87 3,817.66 0.00 (283.21) 31376KT22 F N M A #357969 5.000% 9/01/35 101.62 35,073.8700 37,704.41 35,640.31 0.00 (2,064.10) 31403DJZ3 F N M A #745580 5.000% 6/01/36 101.62 37,032.7900 39,810.27 37,630.87 0.00 (2,179.40) 31403GXF4 F N M A #748678 5.000% 10/01/33 100.53 461.8800 496.52 464.34 0.00 (32.18) 31406PQY8 F N M A #815971 5.000% 3/01/35 101.61 50,727.1000 54,531.63 51,545.84 0.01 (2,985.79) 31406XWT5 F N M A #823358 5.194% 2/01/35 100.04 13,919.2400 13,810.49 13,924.81 0.00 114.32 31407BXH7 F N M A #826080 5.000% 7/01/35 101.61 7,155.7200 7,692.38 7,271.21 0.00 (421.17) 31410F4V4 F N M A #888336 5.000% 7/01/36 101.62 61,433.8200 66,041.35 62,425.98 0.01 (3,615.37) 3138EG6F6 F N M A #AL0869 4.500% 6/01/29 99.13 2,798.3400 2,959.54 2,774.11 0.00 (185.43) 31417YAY3 F N M A #MA0022 4.500% 4/01/29 99.03 4,676.2600 4,945.60 4,630.95 0.00 (314.65) 3135G03U5 F N M A DEB 0.625% 4/22/25 95.08 14,000,000.0000 13,996,711.60 13,310,920.00 1.42 (685,791.60) 31397QRE0 F N M A GTD REMIC 2.472% 2/25/41 98.94 67,730.8500 67,709.72 67,011.55 0.01 (698.17) 36225CAZ9 G N M A I I #080023 2.750% 12/20/26 99.34 3,953.6900 4,019.01 3,927.56 0.00 (91.45) 36225CC20 G N M A I I #080088 4.000% 6/20/27 98.95 3,761.5200 3,843.82 3,721.87 0.00 (121.95) 36225CNM4 G N M A I I #080395 3.875% 4/20/30 98.97 2,260.7100 2,240.22 2,237.40 0.00 (2.82) 36225CN28 G N M A I I #080408 3.875% 5/20/30 98.99 19,090.3600 18,896.45 18,897.74 0.00 1.29 36225DCB8 G N M A I I #080965 3.625% 7/20/34 98.86 16,980.5800 16,969.97 16,787.17 0.00 (182.80) 36266FAC3 GM FIN AUTO LSNG 3.420% 6/20/25 99.38 2,602,209.9400 2,601,938.53 2,586,154.30 0.28 (15,784.23) 36265MAC9 GM FIN AUTO LSNG TR 1.900% 3/20/25 99.37 2,489,788.5400 2,489,767.13 2,474,053.08 0.26 (15,714.05) 2 of 4 U.S. Bank Asset Detail - Consolidated As of 12/31/2023 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 362585AC5 GM FIN CONS AUT 3.100% 2/16/27 98.06 2,330,000.0000 2,329,513.03 2,284,751.40 0.24 (44,761.63) 362554AC1 GM FIN CONS AUTO 0.680% 9/16/26 96.65 1,228,341.7600 1,228,310.44 1,187,167.74 0.13 (41,142.70) 380146AC4 GM FIN CONS AUTO 1.260% 11/16/26 97.07 1,325,984.9000 1,325,869.67 1,287,146.80 0.14 (38,722.87) 40139LBD4 GUARDIAN LIFE MTN 1.250% 5/13/26 91.86 3,250,000.0000 3,124,290.00 2,985,482.50 0.32 (138,807.50) 43813GAC5 HONDA AUTO 0.270% 4/21/25 98.79 266,928.0700 266,923.19 263,687.56 0.03 (3,235.63) 43813KAC6 HONDA AUTO 0.370% 10/18/24 99.73 65,463.5700 65,453.95 65,284.85 0.01 (169.10) 43815GAC3 HONDA AUTO REC 0.880% 1/21/26 97.04 1,595,104.6700 1,594,768.43 1,547,809.82 0.17 (46,958.61) 43815BAC4 HONDA AUTO REC OWN 1.880% 5/15/26 97.33 3,835,301.3100 3,834,724.48 3,732,975.47 0.40 (101,749.01) 438516CB0 HONEYWELL 1.350% 6/01/25 95.47 5,000,000.0000 5,119,000.00 4,773,250.00 0.51 (345,750.00) 44934KAC8 HTUNDAI AUTO REC TR 0.380% 1/15/26 97.82 2,792,162.1300 2,791,545.89 2,731,404.68 0.29 (60,141.21) 44891WAC3 HYUNDAI AUTO LEASE 1.160% 1/15/25 99.35 1,208,350.3400 1,208,323.64 1,200,508.15 0.13 (7,815.49) 44933LAC7 HYUNDAI AUTO REC 0.380% 9/15/25 98.59 607,324.5500 607,260.67 598,730.91 0.06 (8,529.76) 448977AD0 HYUNDAI AUTO REC 2.220% 10/15/26 97.73 4,175,698.6500 4,175,537.89 4,080,701.51 0.44 (94,836.38) 44935FAD6 HYUNDAI AUTO REC TR 0.740% 5/15/26 97.29 1,104,822.5300 1,104,575.93 1,074,826.60 0.11 (29,749.33) 45950KDD9 IFC M T N 4.500% 7/13/28 102.09 4,130,000.0000 4,125,415.70 4,216,399.60 0.45 90,983.90 4581X0DN5 INTER AMER BK M T N 0.625% 7/15/25 94.23 5,050,000.0000 5,071,967.50 4,758,413.00 0.51 (313,554.50) 4581X0DV7 INTER AMER BK M T N 0.875% 4/20/26 92.71 13,370,000.0000 13,308,765.40 12,395,460.70 1.32 (913,304.70) 4581X0DC9 INTER AMER DEV BK 3.125% 9/18/28 96.18 8,250,000.0000 7,827,314.00 7,934,437.50 0.85 107,123.50 459058JL8 INTL BK M T N 0.500% 10/28/25 93.19 10,000,000.0000 9,970,601.60 9,319,400.00 0.99 (651,201.60) 459058JB0 INTL BK M T N 0.626% 4/22/25 94.99 6,245,000.0000 6,220,831.85 5,931,875.70 0.63 (288,956.15) 459058KT9 INTL BK M T N 3.500% 7/12/28 97.91 15,000,000.0000 14,424,808.40 14,686,950.00 1.57 262,141.60 47789QAC4 JOHN DEERE OWN 0.520% 3/16/26 97.29 1,718,242.1200 1,718,088.85 1,671,712.12 0.18 (46,376.73) 47788UAC6 JOHN DEERE OWNER 0.360% 9/15/25 98.22 655,253.6600 655,127.72 643,616.35 0.07 (11,511.37) 47787JAC2 JOHN DEERE OWNER 2.320% 9/15/26 97.77 2,543,575.3300 2,543,012.69 2,486,751.86 0.27 (56,260.83) 47800BAC2 JOHN DEERE OWNER 5.090% 6/15/27 99.99 4,040,000.0000 4,039,686.50 4,039,676.80 0.43 (9.70) 47800AAC4 JOHN DEERE OWNR TR 3.740% 2/16/27 98.38 3,140,000.0000 3,139,700.13 3,089,226.20 0.33 (50,473.93) 46647PBH8 JPMORGAN CHASE CO 2.005% 3/13/26 96.07 3,500,000.0000 3,602,345.00 3,362,590.00 0.36 (239,755.00) 46647PCB0 JPMORGAN CHASE CO SR 1.578% 4/22/27 92.28 5,000,000.0000 4,498,450.00 4,614,100.00 0.49 115,650.00 525ESC0Y6 LEHMAN BRTH HLD ESC - 2,000,000.0000 1,016,024.26 - - (1,016,024.26) 525ESCIB7 LEHMAN BRTH MTN ES 0.00001% 1/24/13 0.10 600,000.0000 315,417.93 600.00 0.00 (314,817.93) 58769KAD6 MERCEDES BENZ AUTO 0.400% 11/15/24 99.81 298,829.8800 298,807.32 298,265.09 0.03 (542.23) 58768PAC8 MERCEDES BENZ AUTO 5.210% 8/16/27 100.14 7,195,000.0000 7,193,576.83 7,204,929.10 0.77 11,352.27 58933YBH7 MERCK CO INC 4.050% 5/17/28 99.56 7,000,000.0000 6,994,864.00 6,969,270.00 0.74 (25,594.00) 59217GER6 MET LIFE GLOB MTN 1.875% 1/11/27 91.31 5,920,000.0000 5,913,251.20 5,405,788.80 0.58 (507,462.40) 58989V2D5 MET TOWER MTN 1.250% 9/14/26 90.96 3,745,000.0000 3,741,554.60 3,406,452.00 0.36 (335,102.60) 61747YEA9 MORGAN STANLEY 0.790% 5/30/25 97.76 8,885,000.0000 8,889,710.25 8,685,798.30 0.93 (203,911.95) 61747YEX9 MORGAN STANLEY 6.1039% 10/16/26 101.80 1,500,000.0000 1,498,185.00 1,526,985.00 0.16 28,800.00 66815L2J7 NORTHWESTERN MTN 4.000% 7/01/25 99.09 7,485,000.0000 7,482,455.10 7,416,587.10 0.79 (65,868.00) 747525AF0 QUALCOMM INC 3.450% 5/20/25 98.18 8,000,000.0000 8,479,891.80 7,854,480.00 0.84 (625,411.80) 78015K7H1 ROYAL BANK OF MTN 1.150% 6/10/25 94.77 4,000,000.0000 4,013,620.00 3,790,680.00 0.40 (222,940.00) 78016HZS2 ROYAL BK CDA MTN 5.200% 8/01/28 101.92 6,500,000.0000 6,406,660.00 6,624,995.00 0.71 218,335.00 79466LAG9 SALESFORCE COM INC 0.625% 7/15/24 97.48 1,350,000.0000 1,349,311.50 1,315,966.50 0.14 (33,345.00) 880591EZ1 T V A 3.875% 3/15/28 99.55 6,805,000.0000 6,848,198.00 6,774,649.70 0.72 (73,548.30) 3 of 4 U.S. Bank Asset Detail - Consolidated As of 12/31/2023 CUSIP Asset Short Name Price Shares/Units Cost Basis Market Value Percent of Total Unrealized Gain/Loss 89114TZN5 TORONTO DOMINION MTN 1.950% 1/12/27 92.38 2,000,000.0000 1,984,582.40 1,847,620.00 0.20 (136,962.40) 89114TZT2 TORONTO DOMINION MTN 2.800% 3/10/27 94.42 5,000,000.0000 4,960,350.00 4,721,000.00 0.50 (239,350.00) 89115A2U5 TORONTO DOMINION MTN 5.523% 7/17/28 102.95 3,000,000.0000 2,993,970.00 3,088,620.00 0.33 94,650.00 89115A2M3 TORONTO MTN 5.156% 1/10/28 101.51 2,000,000.0000 1,991,400.00 2,030,160.00 0.22 38,760.00 89239FAD4 TOYOTA AUTO REC TR 5.540% 8/15/28 101.95 2,375,000.0000 2,374,743.98 2,421,336.25 0.26 46,592.27 89238LAC4 TOYOTA LEASE OWNER 1.960% 2/20/25 99.26 3,714,179.4200 3,713,594.81 3,686,620.21 0.39 (26,974.60) 89236TJZ9 TOYOTA MOTOR MTN 3.050% 3/22/27 95.83 2,000,000.0000 1,945,900.00 1,916,580.00 0.20 (29,320.00) 89236TJK2 TOYOTA MTR CR MTN 1.125% 6/18/26 92.34 7,285,000.0000 7,281,794.60 6,726,969.00 0.72 (554,825.60) 912828WU0 U S TREASURY I P S 0.125% 7/15/24 98.29 13,476,008.0000 13,331,288.09 13,244,894.46 1.41 (86,393.63) 91282CFE6 U S TREASURY NT 3.125% 8/15/25 98.01 5,000,000.0000 4,826,171.88 4,900,400.00 0.52 74,228.12 91282CAM3 U S TREASURY NT 0.250% 9/30/25 93.13 6,500,000.0000 6,477,656.25 6,053,125.00 0.65 (424,531.25) 91282CBH3 U S TREASURY NT 0.375% 1/31/26 92.39 18,000,000.0000 17,781,875.00 16,630,380.00 1.78 (1,151,495.00) 912828ZL7 U S TREASURY NT 0.375% 4/30/25 94.63 12,000,000.0000 11,998,515.63 11,355,960.00 1.21 (642,555.63) 91282CBC4 U S TREASURY NT 0.375% 12/31/25 92.68 10,000,000.0000 9,943,320.32 9,267,600.00 0.99 (675,720.32) 91282CBT7 U S TREASURY NT 0.750% 3/31/26 92.78 10,000,000.0000 9,943,359.37 9,277,700.00 0.99 (665,659.37) 91282CCF6 U S TREASURY NT 0.750% 5/31/26 92.31 7,500,000.0000 7,443,750.00 6,923,175.00 0.74 (520,575.00) 91282CCW9 U S TREASURY NT 0.750% 8/31/26 91.68 8,000,000.0000 7,874,375.01 7,334,400.00 0.78 (539,975.01) 91282CDV0 U S TREASURY NT 0.875% 1/31/24 99.65 45,000,000.0000 43,918,164.09 44,840,700.00 4.79 922,535.91 91282CDG3 U S TREASURY NT 1.125% 10/31/26 92.28 19,250,000.0000 19,119,013.68 17,763,322.50 1.90 (1,355,691.18) 912828Z78 U S TREASURY NT 1.500% 1/31/27 92.82 18,500,000.0000 17,870,410.15 17,172,440.00 1.83 (697,970.15) 91282CDZ1 U S TREASURY NT 1.500% 2/15/25 96.50 3,000,000.0000 2,887,734.38 2,895,120.00 0.31 7,385.62 912828XT2 U S TREASURY NT 2.000% 5/31/24 98.67 23,450,000.0000 22,955,509.77 23,137,646.00 2.47 182,136.23 91282CEN7 U S TREASURY NT 2.750% 4/30/27 96.19 17,000,000.0000 16,417,148.43 16,352,470.00 1.75 (64,678.43) 91282CEX5 U S TREASURY NT 3.000% 6/30/24 98.95 10,000,000.0000 9,866,015.62 9,895,300.00 1.06 29,284.38 91282CEW7 U S TREASURY NT 3.250% 6/30/27 97.72 20,500,000.0000 20,645,273.45 20,033,215.00 2.14 (612,058.45) 91282CGT2 U S TREASURY NT 3.625% 3/31/28 98.91 20,000,000.0000 19,977,363.28 19,782,000.00 2.11 (195,363.28) 91282CHE4 U S TREASURY NT 3.625% 5/31/28 98.94 12,500,000.0000 12,265,527.35 12,367,625.00 1.32 102,097.65 91282CGC9 U S TREASURY NT 3.875% 12/31/27 99.84 15,000,000.0000 15,076,054.69 14,975,400.00 1.60 (100,654.69) 91282CHQ7 U S TREASURY NT 4.125% 7/31/28 101.03 22,500,000.0000 22,135,937.51 22,731,975.00 2.43 596,037.49 91282CFM8 U S TREASURY NT 4.125% 9/30/27 100.63 14,500,000.0000 14,620,742.19 14,591,785.00 1.56 (28,957.19) 91282CFP1 U S TREASURY NT 4.250% 10/15/25 99.81 7,500,000.0000 7,511,523.44 7,485,975.00 0.80 (25,548.44) 91282CJN2 U S TREASURY NT 4.375% 11/30/28 102.33 17,500,000.0000 17,832,089.84 17,907,400.00 1.91 75,310.16 91282CJA0 U S TREASURY NT 4.625% 9/30/28 103.22 20,000,000.0000 20,262,578.13 20,643,800.00 2.20 381,221.87 91324PEC2 UNITEDHEALTH 1.150% 5/15/26 92.57 4,000,000.0000 3,904,703.05 3,702,880.00 0.40 (201,823.05) 91324PEP3 UNITEDHEALTH 5.250% 2/15/28 103.41 5,000,000.0000 5,114,225.00 5,170,350.00 0.55 56,125.00 90331HPL1 US BANK NA MTN 2.050% 1/21/25 96.63 7,270,000.0000 7,254,514.90 7,025,219.10 0.75 (229,295.80) 92348KAV5 VERIZON MASTER TR 3.720% 7/20/27 99.90 2,750,000.0000 2,749,879.00 2,747,305.00 0.29 (2,574.00) 927804GH1 VIRGINIA ELEC PWR CO 3.750% 5/15/27 97.63 5,735,000.0000 5,736,523.40 5,599,309.90 0.60 (137,213.50) 931142ER0 WALMART INC 1.050% 9/17/26 91.88 1,725,000.0000 1,721,739.75 1,584,947.25 0.17 (136,792.50) 931142EX7 WALMART INC 3.950% 9/09/27 99.44 4,995,000.0000 4,989,807.70 4,967,227.80 0.53 (22,579.90) Fixed Income Total 826,144,050.7700 820,853,676.91 800,545,123.03 85.44 (20,308,553.88) Grand Total 964,232,288.9000 956,503,487.80 936,920,145.16 100.00 (19,583,342.64) 4 of 4 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss Acquisitions PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/2/2023 31846V567 (21,532,400.25) 1.00 21,532,400.25 21,532,400.25 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/2/2023 31846V567 (40,000.00) 1.00 40,000.00 40,000.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/3/2023 31846V567 (10,209.81) 1.00 10,209.81 10,209.81 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/3/2023 31846V567 (9,457.61) 1.00 9,457.61 9,457.61 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/5/2023 31846V567 (333.05) 1.00 333.05 333.05 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/13/2023 31846V567 (33,000.00) 1.00 33,000.00 33,000.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/16/2023 31846V567 (379,051.47) 1.00 379,051.47 379,051.47 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/16/2023 31846V567 (1,606,087.99) 1.00 1,606,087.99 1,606,087.99 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/17/2023 31846V567 (10,000,000.00) 1.00 10,000,000.00 10,000,000.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/18/2023 31846V567 (110,745.76) 1.00 110,745.76 110,745.76 - PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 5/31/24 /BOFA SECURITIES, INC./XOFF 5,000,000 PAR VALUE AT 97.9023438 % 10/19/2023 912828XT2 (4,895,117.19) 0.98 5,000,000.00 4,895,117.19 - PURCHASED PAR VALUE OF U S TREASURY BILL 2/29/24 /BMO CAPITAL MARKETS CORP/BONDS/XOFF 5,000,000 PAR VALUE AT 98.0321542 % 10/19/2023 912797GP6 (4,901,607.71) 0.98 5,000,000.00 4,901,607.71 - PURCHASED PAR VALUE OF U S TREASURY NT 4.625% 9/30/28 /CITIGROUP GLOBAL MARKETS INC./XOFF 7,000,000 PAR VALUE AT 98.57031257 % 10/20/2023 91282CJA0 (6,899,921.88) 0.99 7,000,000.00 6,899,921.88 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/23/2023 31846V567 (102,715.63) 1.00 102,715.63 102,715.63 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/23/2023 31846V567 (189,546.25) 1.00 189,546.25 189,546.25 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/25/2023 31846V567 (448,474.54) 1.00 448,474.54 448,474.54 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/25/2023 31846V567 (31,058.48) 1.00 31,058.48 31,058.48 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/26/2023 31846V567 (4,053.11) 1.00 4,053.11 4,053.11 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/26/2023 31846V567 (35,000,000.00) 1.00 35,000,000.00 35,000,000.00 - PURCHASED PAR VALUE OF U S TREASURY BILL 2/29/24 /J.P. MORGAN SECURITIES LLC/XOFF 14,250,000 PAR VALUE AT 98.16302084 % 10/27/2023 912797GP6 (13,988,230.47) 0.98 14,250,000.00 13,988,230.47 - PURCHASED PAR VALUE OF U S TREASURY NT 2.000% 5/31/24 /J.P. MORGAN SECURITIES LLC/XOFF 14,250,000 PAR VALUE AT 98.00390625 % 10/27/2023 912828XT2 (13,965,556.64) 0.98 14,250,000.00 13,965,556.64 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/30/2023 31846V567 (25,000.00) 1.00 25,000.00 25,000.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 10/31/2023 31846V567 (4,244,791.93) 1.00 4,244,791.93 4,244,791.93 - PURCHASED PAR VALUE OF U S TREASURY NT 4.625% 9/30/28 /BMO CAPITAL MARKETS CORP/BONDS/XOFF 1,000,000 PAR VALUE AT 99.140625 % 10/31/2023 91282CJA0 (991,406.25) 0.99 1,000,000.00 991,406.25 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/1/2023 31846V567 (46,250.00) 1.00 46,250.00 46,250.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/1/2023 31846V567 (88,750.00) 1.00 88,750.00 88,750.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/2/2023 31846V567 (22,881.36) 1.00 22,881.36 22,881.36 - U.S. Bank Transaction History 10/01/23 - 12/31/23 1 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/2/2023 31846V567 (10,563.44) 1.00 10,563.44 10,563.44 - PURCHASED PAR VALUE OF BB T CORPORATION MTN 2.500% 8/01/24 /MARKETAXESS CORP/MTXX 1,000,000 PAR VALUE AT 97.27 % 11/6/2023 05531FBH5 (972,700.00) 0.97 1,000,000.00 972,700.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/7/2023 31846V567 (20,637.50) 1.00 20,637.50 20,637.50 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/9/2023 31846V567 (1,916,307.75) 1.00 1,916,307.75 1,916,307.75 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/9/2023 31846V567 (4,000,000.00) 1.00 4,000,000.00 4,000,000.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/13/2023 31846V567 (472,396.83) 1.00 472,396.83 472,396.83 - PURCHASED PAR VALUE OF BANK MONTREAL MTN CV 5.717% 9/25/28 /J.P. MORGAN SECURITIES LLC/MTXX 1,500,000 PAR VALUE AT 98.688 % 11/13/2023 06368LWU6 (1,480,320.00) 0.99 1,500,000.00 1,480,320.00 - PURCHASED PAR VALUE OF TOYOTA AUTO REC TR 5.890% 8/15/28 /J.P. MORGAN SECURITIES LLC/2,375,000 PAR VALUE AT 99.98922021 % 11/14/2023 89239FAD4 (2,374,743.98) 1.00 2,375,000.00 2,374,743.98 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/15/2023 31846V567 (33,384.94) 1.00 33,384.94 33,384.94 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/15/2023 31846V567 (1,975,164.57) 1.00 1,975,164.57 1,975,164.57 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/15/2023 31846V567 (15,028,762.50) 1.00 15,028,762.50 15,028,762.50 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/16/2023 31846V567 (170,754.98) 1.00 170,754.98 170,754.98 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/17/2023 31846V567 (141,750.00) 1.00 141,750.00 141,750.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/20/2023 31846V567 (2,029,937.65) 1.00 2,029,937.65 2,029,937.65 - PURCHASED PAR VALUE OF MUFG BK LTD N Y BRH C P 2/15/24 /USBNA/CP/2,500,000 PAR VALUE AT 98.6563332 % 11/20/2023 62479LBF1 (2,466,408.33) 0.99 2,500,000.00 2,466,408.33 - PURCHASED PAR VALUE OF U S TREASURY BILL 5/16/24 /BMO CAPITAL MARKETS CORP/BONDS/XOFF 10,000,000 PAR VALUE AT 97.4326219 % 11/20/2023 912797FH5 (9,743,262.19) 0.97 10,000,000.00 9,743,262.19 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/21/2023 31846V567 (186,487.29) 1.00 186,487.29 186,487.29 - PURCHASED PAR VALUE OF INTER AMER DEV BK 3.125% 9/18/28 /MIZUHO SECURITIES USA FXD INC/MTXX 4,050,000 PAR VALUE AT 93.708 % 11/24/2023 4581X0DC9 (3,795,174.00) 0.94 4,050,000.00 3,795,174.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/27/2023 31846V567 (81,912.86) 1.00 81,912.86 81,912.86 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/27/2023 31846V567 (441,175.15) 1.00 441,175.15 441,175.15 - PURCHASED PAR VALUE OF U S TREASURY BILL 5/16/24 /BOFA SECURITIES, INC./XOFF 7,300,000 PAR VALUE AT 97.53287507 % 11/28/2023 912797FH5 (7,119,899.88) 0.98 7,300,000.00 7,119,899.88 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/30/2023 31846V567 (254,687.50) 1.00 254,687.50 254,687.50 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/30/2023 31846V567 (5,249,695.39) 1.00 5,249,695.39 5,249,695.39 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 11/30/2023 31846V567 (234,500.00) 1.00 234,500.00 234,500.00 - PURCHASED PAR VALUE OF U S TREASURY NT 3.000% 6/30/24 /J.P. MORGAN SECURITIES LLC/XOFF 5,000,000 PAR VALUE AT 98.6601562 % 11/30/2023 91282CEX5 (4,933,007.81) 0.99 5,000,000.00 4,933,007.81 - 2 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 PURCHASED PAR VALUE OF U S TREASURY NT 3.000% 6/30/24 /J.P. MORGAN SECURITIES LLC/XOFF 5,000,000 PAR VALUE AT 98.6601562 % 11/30/2023 91282CEX5 (4,933,007.81) 0.99 5,000,000.00 4,933,007.81 - PURCHASED PAR VALUE OF U S TREASURY BILL 3/12/24 /NOMURA SECURITIES INTERNATIONA/XOFF 7,500,000 PAR VALUE AT 98.49763053 % 11/30/2023 912797JH1 (7,387,322.29) 0.98 7,500,000.00 7,387,322.29 - PURCHASED PAR VALUE OF U S TREASURY BILL 3/26/24 /BMO CAPITAL MARKETS CORP/BONDS/XOFF 7,500,000 PAR VALUE AT 98.29651253 % 11/30/2023 912797JK4 (7,372,238.44) 0.98 7,500,000.00 7,372,238.44 - PURCHASED PAR VALUE OF U S TREASURY NT 4.375% 11/30/28 /BMO CAPITAL MARKETS CORP/BONDS/XOFF 4,500,000 PAR VALUE AT 100.47265622 11/30/2023 91282CJN2 (4,521,269.53) 1.00 4,500,000.00 4,521,269.53 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/1/2023 31846V567 (79,250.00) 1.00 79,250.00 79,250.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/4/2023 31846V567 (11,744.75) 1.00 11,744.75 11,744.75 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/4/2023 31846V567 (30,928.18) 1.00 30,928.18 30,928.18 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/11/2023 31846V567 (44,965.28) 1.00 44,965.28 44,965.28 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/11/2023 31846V567 (23,000.00) 1.00 23,000.00 23,000.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/12/2023 31846V567 (157,500.00) 1.00 157,500.00 157,500.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/13/2023 31846V567 (49,900.00) 1.00 49,900.00 49,900.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/14/2023 31846V567 (57,500.00) 1.00 57,500.00 57,500.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/15/2023 31846V567 (1,803,098.04) 1.00 1,803,098.04 1,803,098.04 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/15/2023 31846V567 (11,343.88) 1.00 11,343.88 11,343.88 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/18/2023 31846V567 (268,490.79) 1.00 268,490.79 268,490.79 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/18/2023 31846V567 (1,054,320.07) 1.00 1,054,320.07 1,054,320.07 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/19/2023 31846V567 (1,626,409.64) 1.00 1,626,409.64 1,626,409.64 - PURCHASED PAR VALUE OF INTER AMER DEV BK 3.125% 9/18/28 /NOMURA SECURITIES INTERNATIONA/XOFF 1,400,000 PAR VALUE AT 95.947 % 12/19/2023 4581X0DC9 (1,343,258.00) 0.96 1,400,000.00 1,343,258.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/20/2023 31846V567 (360,637.13) 1.00 360,637.13 360,637.13 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/20/2023 31846V567 (211,406.53) 1.00 211,406.53 211,406.53 - PURCHASED PAR VALUE OF INTER AMER DEV BK 3.125% 9/18/28 /J.P. MORGAN SECURITIES LLC/XOFF 1,400,000 PAR VALUE AT 95.844 % 12/20/2023 4581X0DC9 (1,341,816.00) 0.96 1,400,000.00 1,341,816.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/21/2023 31846V567 (43,000,000.00) 1.00 43,000,000.00 43,000,000.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/21/2023 31846V567 (30,175,820.15) 1.00 30,175,820.15 30,175,820.15 - PURCHASED PAR VALUE OF U S TREASURY NT 4.625% 9/30/28 /J.P. MORGAN SECURITIES LLC/XOFF 12,000,000 PAR VALUE AT 103.09375 % 12/22/2023 91282CJA0 (12,371,250.00) 1.03 12,000,000.00 12,371,250.00 - PURCHASED PAR VALUE OF U S TREASURY BILL 6/20/24 /WELLS FARGO SECURITIES, LLC/XOFF 10,000,000 PAR VALUE AT 97.4472464 % 12/22/2023 912796ZW2 (9,744,724.64) 0.97 10,000,000.00 9,744,724.64 - 3 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 PURCHASED PAR VALUE OF U S TREASURY BILL 6/20/24 /GOLDMAN SACHS & CO. LLC/XOFF 10,000,000 PAR VALUE AT 97.4481514 % 12/22/2023 912796ZW2 (9,744,815.14) 0.97 10,000,000.00 9,744,815.14 - PURCHASED PAR VALUE OF U S TREASURY BILL 2/29/24 /MORGAN STANLEY & CO. LLC/XOFF 7,500,000 PAR VALUE AT 99.0018 % 12/22/2023 912797GP6 (7,425,135.00) 0.99 7,500,000.00 7,425,135.00 - PURCHASED PAR VALUE OF U S TREASURY BILL 3/21/24 /BMO CAPITAL MARKETS CORP/BONDS/XOFF 10,000,000 PAR VALUE AT 98.6963 % 12/22/2023 912797LL9 (9,869,630.00) 0.99 10,000,000.00 9,869,630.00 - PURCHASED PAR VALUE OF U S TREASURY BILL 3/21/24 /BMO CAPITAL MARKETS CORP/BONDS/XOFF 10,000,000 PAR VALUE AT 98.69575 % 12/22/2023 912797LL9 (9,869,575.00) 0.99 10,000,000.00 9,869,575.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/26/2023 31846V567 (126,955.39) 1.00 126,955.39 126,955.39 - PURCHASED PAR VALUE OF INTER AMER DEV BK 3.125% 9/18/28 /CITIGROUP GLOBAL MARKETS INC./MTXX 1,400,000 PAR VALUE AT 96.219 % 12/26/2023 4581X0DC9 (1,347,066.00) 0.96 1,400,000.00 1,347,066.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/27/2023 31846V567 (12,204.00) 1.00 12,204.00 12,204.00 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/28/2023 31846V567 (59,994.57) 1.00 59,994.57 59,994.57 - PURCHASED UNITS OF FIRST AM GOVT OB FD CL Z 12/28/2023 31846V567 (132,253.33) 1.00 132,253.33 132,253.33 - PURCHASED PAR VALUE OF U S TREASURY BILL 3/28/24 /BMO CAPITAL MARKETS CORP/BONDS/XOFF 10,000,000 PAR VALUE AT 98.6774667 % 12/28/2023 912797GY7 (9,867,746.67) 0.99 10,000,000.00 9,867,746.67 - PURCHASED PAR VALUE OF U S TREASURY NT 4.375% 11/30/28 /MORGAN STANLEY & CO. LLC/XOFF 10,500,000 PAR VALUE AT 102.4375 % 12/29/2023 91282CJN2 (10,755,937.50) 1.02 10,500,000.00 10,755,937.50 - PURCHASED PAR VALUE OF U S TREASURY BILL 2/08/24 /J.P. MORGAN SECURITIES LLC/XOFF 7,500,000 PAR VALUE AT 99.4018556 % 12/29/2023 912797GM3 (7,455,139.17) 0.99 7,500,000.00 7,455,139.17 - PURCHASED PAR VALUE OF U S TREASURY NT 4.375% 11/30/28 /TD SECURITIES (USA)/XOFF 2,500,000 PAR VALUE AT 102.1953124 % 12/29/2023 91282CJN2 (2,554,882.81) 1.02 2,500,000.00 2,554,882.81 - Total Acquisitions (381,902,817.65) 384,395,647.32 381,902,817.65 - Dispositions SOLD UNITS OF FIRST AM GOVT OB FD CL Z 10/2/2023 31846V567 25,000,000.00 1.00 (25,000,000.00) (25,000,000.00) - SOLD PAR VALUE OF BANK OF MONTREAL MTN 1.850% 5/01/25 /BMO CAPITAL MARKETS CORP/BONDS/MTXX 2,000,000 PAR VALUE AT 93.764 % 10/2/2023 06367WB85 1,875,280.00 0.94 (2,000,000.00) (2,064,840.00) (189,560.00) SOLD PAR VALUE OF F N M A 1.625% 1/07/25 /WELLS FARGO SECURITIES, LLC/MTXX 5,000,000 PAR VALUE AT 95.497 % 10/2/2023 3135G0X24 4,774,850.00 0.95 (5,000,000.00) (5,006,186.40) (231,336.40) SOLD PAR VALUE OF F H L M C 1.500% 2/12/25 /NOMURA SECURITIES INTERNATIONA/MTXX 5,335,000 PAR VALUE AT 95.083 % 10/2/2023 3137EAEP0 5,072,678.05 0.95 (5,335,000.00) (5,330,892.05) (258,214.00) SOLD PAR VALUE OF INTER AMER BK M T N 0.500% 9/23/24 /WELLS FARGO SECURITIES, LLC/MTXX 2,775,000 PAR VALUE AT 95.218 % 10/2/2023 4581X0DZ8 2,642,299.50 0.95 (2,775,000.00) (2,772,946.50) (130,647.00) 4 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 SOLD PAR VALUE OF INTL BK M T N 0.500% 10/28/25 /GOLDMAN SACHS & CO. LLC/MTXX 5,000,000 PAR VALUE AT 90.948 % 10/2/2023 459058JL8 4,547,400.00 0.91 (5,000,000.00) (4,994,350.00) (446,950.00) SOLD PAR VALUE OF APPLE INC 2.500% 2/09/25 /MARKETAXESS CORP/MTXX 1,922,000 PAR VALUE AT 96.19 % 10/2/2023 037833AZ3 1,848,771.80 0.96 (1,922,000.00) (2,035,936.16) (187,164.36) PAID DOWN PAR VALUE OF GM FIN CONS AUTO 0.680% 9/16/26 10/16/2023 362554AC1 84,329.42 11.12 (84,329.42) (84,327.27) 2.15 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.510% 11/15/24 10/16/2023 47787NAC3 26,304.00 35.66 (26,304.00) (26,299.99) 4.01 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.320% 9/15/26 10/16/2023 47787JAC2 48,730.97 19.25 (48,730.97) (48,720.19) 10.78 PAID DOWN PAR VALUE OF HYUNDAI AUTO LEASE 1.160% 1/15/25 10/16/2023 44891WAC3 328,375.01 - (328,375.01) (328,367.75) 7.26 PAID DOWN PAR VALUE OF HYUNDAI AUTO REC TR 0.740% 5/15/26 10/16/2023 44935FAD6 92,534.27 10.14 (92,534.27) (92,513.62) 20.65 PAID DOWN PAR VALUE OF HTUNDAI AUTO REC TR 0.380% 1/15/26 10/16/2023 44934KAC8 323,939.58 2.90 (323,939.58) (323,868.09) 71.49 PAID DOWN PAR VALUE OF HYUNDAI AUTO REC 0.380% 9/15/25 10/16/2023 44933LAC7 106,721.66 8.79 (106,721.66) (106,710.43) 11.23 PAID DOWN PAR VALUE OF GM FIN CONS AUTO 1.260% 11/16/26 10/16/2023 380146AC4 86,231.15 10.88 (86,231.15) (86,223.66) 7.49 PAID DOWN PAR VALUE OF JOHN DEERE OWN 0.520% 3/16/26 10/16/2023 47789QAC4 109,888.43 8.54 (109,888.43) (109,878.63) 9.80 PAID DOWN PAR VALUE OF F H L M C #786064 4.262% 1/01/28 SEPTEMBER FHLMC DUE 10/15/23 10/16/2023 31348SWZ3 11.47 - (11.47) (11.19) 0.28 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 0.400% 11/15/24 10/16/2023 58769KAD6 302,609.94 3.10 (302,609.94) (302,587.09) 22.85 PAID DOWN PAR VALUE OF TOYOTA AUTO RECV 0.43997% 10/15/24 CMO FINAL PAYDOWN 10/16/2023 89237VAB5 50,676.46 - (50,676.46) (50,672.56) 3.90 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.360% 9/15/25 10/16/2023 47788UAC6 101,665.68 9.23 (101,665.68) (101,646.14) 19.54 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.448% 8/15/32 10/16/2023 3133TCE95 52.30 - (52.30) (52.35) (0.05) MATURED PAR VALUE OF U S TREASURY BILL 10/17/23 10,000,000 PAR VALUE AT 100 % 10/17/2023 912797HB6 9,842,949.17 1.00 (10,000,000.00) (9,842,949.17) - PAID DOWN PAR VALUE OF HONDA AUTO 0.370% 10/18/24 10/18/2023 43813KAC6 110,627.23 - (110,627.23) (110,610.98) 16.25 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 10/19/2023 31846V567 9,835,249.49 1.00 (9,835,249.49) (9,835,249.49) - PAID DOWN PAR VALUE OF G N M A I I #080965 2.625% 7/20/34 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225DCB8 135.16 - (135.16) (135.08) 0.08 PAID DOWN PAR VALUE OF GM FIN AUTO LSNG TR 1.900% 3/20/25 10/20/2023 36265MAC9 490,189.30 - (490,189.30) (490,185.08) 4.22 PAID DOWN PAR VALUE OF TOYOTA LEASE OWNER 1.960% 2/20/25 10/20/2023 89238LAC4 690,084.64 - (690,084.64) (689,976.02) 108.62 PAID DOWN PAR VALUE OF TOYOTA LEASE OWNER 0.420% 10/21/24 10/20/2023 89239CAC3 328,542.24 - (328,542.24) (328,537.80) 4.44 SOLD PAR VALUE OF U S TREASURY NT 2.125% 11/30/24 /BOFA SECURITIES, INC./XOFF 5,000,000 PAR VALUE AT 96.46875 % 10/20/2023 9128283J7 4,823,437.50 0.96 (5,000,000.00) (5,085,937.50) (262,500.00) PAID DOWN PAR VALUE OF G N M A I I #080395 3.875% 4/20/30 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225CNM4 27.30 - (27.30) (27.05) 0.25 5 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 PAID DOWN PAR VALUE OF G N M A I I #080408 3.875% 5/20/30 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225CN28 225.82 - (225.82) (223.53) 2.29 PAID DOWN PAR VALUE OF G N M A I I #080088 4.000% 6/20/27 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225CC20 87.22 - (87.22) (89.13) (1.91) PAID DOWN PAR VALUE OF G N M A I I #080023 2.750% 12/20/26 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225CAZ9 118.20 - (118.20) (120.15) (1.95) SOLD UNITS OF FIRST AM GOVT OB FD CL Z 10/20/2023 31846V567 451,301.70 1.00 (451,301.70) (451,301.70) - PAID DOWN PAR VALUE OF HONDA AUTO REC 0.880% 1/21/26 10/23/2023 43815GAC3 125,703.73 - (125,703.73) (125,677.23) 26.50 PAID DOWN PAR VALUE OF HONDA AUTO 0.270% 4/21/25 10/23/2023 43813GAC5 62,271.37 - (62,271.37) (62,270.23) 1.14 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 6.49999% 9/25/43 10/25/2023 31394JY35 2,074.43 - (2,074.43) (2,349.29) (274.86) PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 10/25/2023 31397QRE0 878.23 417.93 (878.23) (877.96) 0.27 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31403DJZ3 377.76 - (377.76) (406.09) (28.33) PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31403GXF4 3.11 - (3.11) (3.34) (0.23) PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31406PQY8 425.50 - (425.50) (457.41) (31.91) PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 3138EG6F6 75.69 - (75.69) (80.05) (4.36) PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31407BXH7 114.12 - (114.12) (122.68) (8.56) PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31410F4V4 1,142.63 - (1,142.63) (1,228.33) (85.70) PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31417YAY3 104.45 - (104.45) (110.47) (6.02) PAID DOWN PAR VALUE OF F N M A #823358 3.957% 2/01/35 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31406XWT5 183.64 - (183.64) (182.21) 1.43 PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 1.100% 3/25/25 10/25/2023 05601XAC3 211,631.95 - (211,631.95) (211,600.31) 31.64 PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 0.330% 12/26/24 10/25/2023 09690AAC7 168,702.08 - (168,702.08) (168,684.67) 17.41 PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31376KT22 227.64 - (227.64) (244.71) (17.07) PAID DOWN PAR VALUE OF F H L B GTD REMIC 3.171% 10/25/24 10/25/2023 3137BFE98 11,447.60 10.07 (11,447.60) (12,314.22) (866.62) PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31371NUC7 99.27 - (99.27) (104.99) (5.72) 6 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 MATURED PAR VALUE OF U S TREASURY BILL 10/26/23 35,000,000 PAR VALUE AT 100 % 10/26/2023 912797FC6 34,150,752.37 1.00 (35,000,000.00) (34,150,752.37) - SOLD UNITS OF FIRST AM GOVT OB FD CL Z 10/27/2023 31846V567 28,069,811.70 1.00 (28,069,811.70) (28,069,811.70) - SOLD PAR VALUE OF U S TREASURY NT 2.125% 11/30/24 /J.P. MORGAN SECURITIES LLC/XOFF 3,000,000 PAR VALUE AT 96.59765633 % 10/31/2023 9128283J7 2,897,929.69 0.97 (3,000,000.00) (3,051,562.50) (153,632.81) SOLD PAR VALUE OF AMAZON COM INC 0.450% 5/12/24 /MORGAN STANLEY & CO. LLC/MTXX 2,000,000 PAR VALUE AT 97.339 % 10/31/2023 023135BW5 1,946,780.00 0.97 (2,000,000.00) (1,997,080.00) (50,300.00) SOLD UNITS OF FIRST AM GOVT OB FD CL Z 10/31/2023 31846V567 7,500,000.00 1.00 (7,500,000.00) (7,500,000.00) - SOLD UNITS OF FIRST AM GOVT OB FD CL Z 10/31/2023 31846V567 7,500,000.00 1.00 (7,500,000.00) (7,500,000.00) - SOLD UNITS OF FIRST AM GOVT OB FD CL Z 11/6/2023 31846V567 979,297.22 1.00 (979,297.22) (979,297.22) - MATURED PAR VALUE OF MUFG BANK LTD NY BRA C P 11/09/23 4,000,000 PAR VALUE AT 100 % 11/9/2023 62479MY98 3,923,194.44 1.00 (4,000,000.00) (3,923,194.44) - SOLD PAR VALUE OF U S TREASURY NT 1.500% 2/15/25 /J.P. MORGAN SECURITIES LLC/XOFF 2,000,000 PAR VALUE AT 95.464844 % 11/9/2023 91282CDZ1 1,909,296.88 0.95 (2,000,000.00) (1,925,156.25) (15,859.37) SOLD PAR VALUE OF BANK OF MONTREAL MTN 1.850% 5/01/25 /MARKETAXESS CORP/MTXX 2,000,000 PAR VALUE AT 94.168 % 11/13/2023 06367WB85 1,883,360.00 0.94 (2,000,000.00) (2,064,840.00) (181,480.00) SOLD UNITS OF FIRST AM GOVT OB FD CL Z 11/14/2023 31846V567 2,374,743.98 1.00 (2,374,743.98) (2,374,743.98) - PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.320% 9/15/26 11/15/2023 47787JAC2 270,397.42 - (270,397.42) (270,337.61) 59.81 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.471% 8/15/32 11/15/2023 3133TCE95 67.85 - (67.85) (67.92) (0.07) PAID DOWN PAR VALUE OF HYUNDAI AUTO REC TR 0.740% 5/15/26 11/15/2023 44935FAD6 89,019.09 - (89,019.09) (88,999.22) 19.87 PAID DOWN PAR VALUE OF HTUNDAI AUTO REC TR 0.380% 1/15/26 11/15/2023 44934KAC8 311,029.08 - (311,029.08) (310,960.44) 68.64 PAID DOWN PAR VALUE OF HYUNDAI AUTO REC 0.380% 9/15/25 11/15/2023 44933LAC7 101,456.75 - (101,456.75) (101,446.08) 10.67 PAID DOWN PAR VALUE OF F H L M C #786064 4.262% 1/01/28 OCTOBER FHLMC DUE 11/15/23 11/15/2023 31348SWZ3 11.51 - (11.51) (11.23) 0.28 PAID DOWN PAR VALUE OF HYUNDAI AUTO LEASE 1.160% 1/15/25 11/15/2023 44891WAC3 341,497.18 - (341,497.18) (341,489.63) 7.55 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 0.400% 11/15/24 11/15/2023 58769KAD6 349,090.85 - (349,090.85) (349,064.49) 26.36 PAID DOWN PAR VALUE OF JOHN DEERE OWN 0.520% 3/16/26 11/15/2023 47789QAC4 153,334.40 - (153,334.40) (153,320.72) 13.68 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.360% 9/15/25 11/15/2023 47788UAC6 145,342.11 - (145,342.11) (145,314.17) 27.94 MATURED PAR VALUE OF U S TREASURY NT 0.250% 11/15/23 15,010,000 PAR VALUE AT 100 % 11/15/2023 91282CAW1 15,010,000.00 1.00 (15,010,000.00) (14,635,788.29) 374,211.71 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.510% 11/15/24 CMO FINAL PAYDOWN 11/15/2023 47787NAC3 8,433.44 - (8,433.44) (8,432.16) 1.28 PAID DOWN PAR VALUE OF GM FIN CONS AUTO 0.680% 9/16/26 11/16/2023 362554AC1 80,321.73 - (80,321.73) (80,319.68) 2.05 PAID DOWN PAR VALUE OF GM FIN CONS AUTO 1.260% 11/16/26 11/16/2023 380146AC4 82,065.08 - (82,065.08) (82,057.95) 7.13 7 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 11/20/2023 31846V567 12,209,670.52 1.00 (12,209,670.52) (12,209,670.52) - PAID DOWN PAR VALUE OF G N M A I I #080408 3.875% 5/20/30 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225CN28 246.92 - (246.92) (244.41) 2.51 PAID DOWN PAR VALUE OF G N M A I I #080395 3.875% 4/20/30 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225CNM4 68.49 - (68.49) (67.87) 0.62 PAID DOWN PAR VALUE OF G N M A I I #080088 4.000% 6/20/27 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225CC20 83.85 - (83.85) (85.68) (1.83) PAID DOWN PAR VALUE OF G N M A I I #080965 3.625% 7/20/34 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225DCB8 153.19 - (153.19) (153.09) 0.10 PAID DOWN PAR VALUE OF GM FIN AUTO LSNG TR 1.900% 3/20/25 11/20/2023 36265MAC9 576,668.89 - (576,668.89) (576,663.93) 4.96 PAID DOWN PAR VALUE OF GM FIN AUTO LSNG 3.420% 6/20/25 11/20/2023 36266FAC3 55,202.07 - (55,202.07) (55,196.31) 5.76 PAID DOWN PAR VALUE OF HONDA AUTO 0.370% 10/18/24 11/20/2023 43813KAC6 106,472.33 - (106,472.33) (106,456.69) 15.64 PAID DOWN PAR VALUE OF TOYOTA LEASE OWNER 1.960% 2/20/25 11/20/2023 89238LAC4 730,966.75 - (730,966.75) (730,851.70) 115.05 PAID DOWN PAR VALUE OF TOYOTA LEASE OWNER 0.420% 10/21/24 11/20/2023 89239CAC3 360,492.76 - (360,492.76) (360,487.89) 4.87 PAID DOWN PAR VALUE OF G N M A I I #080023 2.750% 12/20/26 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225CAZ9 130.90 - (130.90) (133.06) (2.16) PAID DOWN PAR VALUE OF HONDA AUTO REC 0.880% 1/21/26 11/21/2023 43815GAC3 124,463.31 - (124,463.31) (124,437.07) 26.24 PAID DOWN PAR VALUE OF HONDA AUTO 0.270% 4/21/25 11/21/2023 43813GAC5 60,590.24 - (60,590.24) (60,589.13) 1.11 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 11/24/2023 31846V567 933,525.46 1.00 (933,525.46) (933,525.46) - SOLD PAR VALUE OF INTER AMER BK M T N 0.500% 9/23/24 /DAIWA CAPITAL MARKETS AMERICA/MTXX 3,000,000 PAR VALUE AT 96.077 % 11/24/2023 4581X0DZ8 2,882,310.00 0.96 (3,000,000.00) (2,997,780.00) (115,470.00) PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 OCTOBER FNMA DUE 11/25/23 11/27/2023 3138EG6F6 56.86 - (56.86) (60.14) (3.28) PAID DOWN PAR VALUE OF F H L M C MLTCL MT 6.49999% 9/25/43 11/27/2023 31394JY35 8,532.22 11.49 (8,532.22) (9,662.74) (1,130.52) PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 11/27/2023 31397QRE0 745.34 131.58 (745.34) (745.11) 0.23 PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 OCTOBER FNMA DUE 11/25/23 11/27/2023 31403DJZ3 471.36 - (471.36) (506.71) (35.35) PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 OCTOBER FNMA DUE 11/25/23 11/27/2023 31406PQY8 360.60 - (360.60) (387.65) (27.05) PAID DOWN PAR VALUE OF F N M A #823358 3.957% 2/01/35 OCTOBER FNMA DUE 11/25/23 11/27/2023 31406XWT5 181.72 - (181.72) (180.30) 1.42 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 OCTOBER FNMA DUE 11/25/23 11/27/2023 31407BXH7 53.10 - (53.10) (57.08) (3.98) 8 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 OCTOBER FNMA DUE 11/25/23 11/27/2023 31410F4V4 770.89 - (770.89) (828.71) (57.82) PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 OCTOBER FNMA DUE 11/25/23 11/27/2023 31403GXF4 3.12 - (3.12) (3.35) (0.23) PAID DOWN PAR VALUE OF F H L B GTD REMIC 3.171% 10/25/24 11/27/2023 3137BFE98 10,885.15 - (10,885.15) (11,709.19) (824.04) PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 1.100% 3/25/25 11/27/2023 05601XAC3 231,404.09 - (231,404.09) (231,369.50) 34.59 PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 0.330% 12/26/24 11/27/2023 09690AAC7 183,771.33 - (183,771.33) (183,752.36) 18.97 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 OCTOBER FNMA DUE 11/25/23 11/27/2023 31371NUC7 99.82 - (99.82) (105.57) (5.75) PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 OCTOBER FNMA DUE 11/25/23 11/27/2023 31376KT22 223.52 - (223.52) (240.28) (16.76) PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 OCTOBER FNMA DUE 11/25/23 11/27/2023 31417YAY3 153.91 - (153.91) (162.78) (8.87) SOLD UNITS OF FIRST AM GOVT OB FD CL Z 11/28/2023 31846V567 7,119,899.88 1.00 (7,119,899.88) (7,119,899.88) - SOLD UNITS OF FIRST AM GOVT OB FD CL Z 11/30/2023 31846V567 4,486,173.78 1.00 (4,486,173.78) (4,486,173.78) - PAID DOWN PAR VALUE OF HONDA AUTO REC OWN 1.880% 5/15/26 12/15/2023 43815BAC4 94,698.69 - (94,698.69) (94,684.45) 14.24 PAID DOWN PAR VALUE OF HYUNDAI AUTO REC 0.380% 9/15/25 12/15/2023 44933LAC7 96,833.48 - (96,833.48) (96,823.29) 10.19 PAID DOWN PAR VALUE OF HYUNDAI AUTO REC 2.220% 10/15/26 12/15/2023 448977AD0 124,301.35 - (124,301.35) (124,296.56) 4.79 PAID DOWN PAR VALUE OF HYUNDAI AUTO LEASE 1.160% 1/15/25 12/15/2023 44891WAC3 312,322.24 - (312,322.24) (312,315.34) 6.90 PAID DOWN PAR VALUE OF F H L M C #786064 4.262% 1/01/28 P & I DUE 12/15/23 12/15/2023 31348SWZ3 11.56 - (11.56) (11.28) 0.28 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 4.513% 8/15/32 12/15/2023 3133TCE95 38.65 - (38.65) (38.69) (0.04) PAID DOWN PAR VALUE OF HYUNDAI AUTO REC TR 0.740% 5/15/26 12/15/2023 44935FAD6 84,611.82 - (84,611.82) (84,592.93) 18.89 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 2.320% 9/15/26 12/15/2023 47787JAC2 147,296.28 - (147,296.28) (147,263.70) 32.58 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 0.360% 9/15/25 12/15/2023 47788UAC6 91,583.10 - (91,583.10) (91,565.50) 17.60 PAID DOWN PAR VALUE OF JOHN DEERE OWN 0.520% 3/16/26 12/15/2023 47789QAC4 100,577.98 - (100,577.98) (100,569.01) 8.97 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 0.400% 11/15/24 12/15/2023 58769KAD6 348,288.29 - (348,288.29) (348,262.00) 26.29 PAID DOWN PAR VALUE OF HTUNDAI AUTO REC TR 0.380% 1/15/26 12/15/2023 44934KAC8 295,478.43 - (295,478.43) (295,413.22) 65.21 SOLD PAR VALUE OF F H L B 2.875% 6/14/24 /PERSHING LLC/MTXX 1,000,000 PAR VALUE AT 98.826 % 12/18/2023 3130A1XJ2 988,260.00 0.99 (1,000,000.00) (1,043,230.00) (54,970.00) PAID DOWN PAR VALUE OF HONDA AUTO 0.370% 10/18/24 12/18/2023 43813KAC6 101,862.03 - (101,862.03) (101,847.06) 14.97 PAID DOWN PAR VALUE OF GM FIN CONS AUTO 1.260% 11/16/26 12/18/2023 380146AC4 81,188.98 - (81,188.98) (81,181.92) 7.06 PAID DOWN PAR VALUE OF GM FIN CONS AUTO 0.680% 9/16/26 12/18/2023 362554AC1 77,151.71 - (77,151.71) (77,149.74) 1.97 9 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 SOLD PAR VALUE OF F H L B 2.875% 6/14/24 /PNC BANK NA/PNC CAP MARKETS/MTXX 3,000,000 PAR VALUE AT 98.823 % 12/19/2023 3130A1XJ2 2,964,690.00 0.99 (3,000,000.00) (3,129,690.00) (165,000.00) PAID DOWN PAR VALUE OF GM FIN AUTO LSNG 3.420% 6/20/25 12/20/2023 36266FAC3 377,587.99 - (377,587.99) (377,548.61) 39.38 PAID DOWN PAR VALUE OF GM FIN AUTO LSNG TR 1.900% 3/20/25 12/20/2023 36265MAC9 581,723.62 - (581,723.62) (581,718.62) 5.00 PAID DOWN PAR VALUE OF G N M A I I #080965 3.625% 7/20/34 P & I DUE 12/20/23 12/20/2023 36225DCB8 124.41 - (124.41) (124.33) 0.08 PAID DOWN PAR VALUE OF G N M A I I #080395 3.875% 4/20/30 P & I DUE 12/20/23 12/20/2023 36225CNM4 26.49 - (26.49) (26.25) 0.24 PAID DOWN PAR VALUE OF G N M A I I #080408 3.875% 5/20/30 P & I DUE 12/20/23 12/20/2023 36225CN28 230.57 - (230.57) (228.23) 2.34 PAID DOWN PAR VALUE OF G N M A I I #080088 4.000% 6/20/27 P & I DUE 12/20/23 12/20/2023 36225CC20 87.12 - (87.12) (89.03) (1.91) PAID DOWN PAR VALUE OF G N M A I I #080023 2.750% 12/20/26 P & I DUE 12/20/23 12/20/2023 36225CAZ9 475.61 - (475.61) (483.47) (7.86) PAID DOWN PAR VALUE OF TOYOTA LEASE OWNER 1.960% 2/20/25 12/20/2023 89238LAC4 725,116.95 - (725,116.95) (725,002.82) 114.13 PAID DOWN PAR VALUE OF TOYOTA LEASE OWNER 0.420% 10/21/24 CMO FINAL PAYDOWN 12/20/2023 89239CAC3 210,317.90 - (210,317.90) (210,315.06) 2.84 PAID DOWN PAR VALUE OF HONDA AUTO 0.270% 4/21/25 12/21/2023 43813GAC5 56,914.12 - (56,914.12) (56,913.08) 1.04 PAID DOWN PAR VALUE OF HONDA AUTO REC 0.880% 1/21/26 12/21/2023 43815GAC3 117,577.20 0.74 (117,577.20) (117,552.42) 24.78 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 12/22/2023 31846V567 27,039,489.64 1.00 (27,039,489.64) (27,039,489.64) - SOLD UNITS OF FIRST AM GOVT OB FD CL Z 12/22/2023 31846V567 19,614,390.14 1.00 (19,614,390.14) (19,614,390.14) - SOLD UNITS OF FIRST AM GOVT OB FD CL Z 12/22/2023 31846V567 12,497,110.66 1.00 (12,497,110.66) (12,497,110.66) - PAID DOWN PAR VALUE OF F N M A #748678 5.000% 10/01/33 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31403GXF4 3.14 - (3.14) (3.38) (0.24) PAID DOWN PAR VALUE OF F N M A #745580 5.000% 6/01/36 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31403DJZ3 513.13 - (513.13) (551.61) (38.48) PAID DOWN PAR VALUE OF F H L M C MLTCL MT 6.49999% 9/25/43 12/26/2023 31394JY35 2,170.09 - (2,170.09) (2,457.63) (287.54) PAID DOWN PAR VALUE OF F N M A #815971 5.000% 3/01/35 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31406PQY8 2,305.67 - (2,305.67) (2,478.60) (172.93) PAID DOWN PAR VALUE OF F N M A GTD REMIC 2.472% 2/25/41 12/26/2023 31397QRE0 448.39 - (448.39) (448.25) 0.14 PAID DOWN PAR VALUE OF F N M A #826080 5.000% 7/01/35 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31407BXH7 59.89 - (59.89) (64.38) (4.49) PAID DOWN PAR VALUE OF F N M A #888336 5.000% 7/01/36 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31410F4V4 1,277.78 - (1,277.78) (1,373.61) (95.83) 10 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 PAID DOWN PAR VALUE OF F N M A #MA0022 4.500% 4/01/29 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31417YAY3 101.51 - (101.51) (107.36) (5.85) PAID DOWN PAR VALUE OF F N M A #823358 4.564% 2/01/35 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31406XWT5 180.88 - (180.88) (179.47) 1.41 PAID DOWN PAR VALUE OF F N M A #AL0869 4.500% 6/01/29 NOVEMBER FNMA DUE 12/25/23 12/26/2023 3138EG6F6 66.89 - (66.89) (70.74) (3.85) PAID DOWN PAR VALUE OF AMRESCO 3.94896% 6/25/29 12/26/2023 03215PFN4 1,900.50 - (1,900.50) (1,427.16) 473.34 PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 1.100% 3/25/25 12/26/2023 05601XAC3 227,055.96 - (227,055.96) (227,022.02) 33.94 PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 0.330% 12/26/24 CMO FINAL PAYDOWN 12/26/2023 09690AAC7 40,342.67 - (40,342.67) (40,338.51) 4.16 PAID DOWN PAR VALUE OF F N M A #257179 4.500% 4/01/28 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31371NUC7 99.36 - (99.36) (105.08) (5.72) PAID DOWN PAR VALUE OF F N M A #357969 5.000% 9/01/35 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31376KT22 222.07 - (222.07) (238.73) (16.66) PAID DOWN PAR VALUE OF F H L B GTD REMIC 3.171% 10/25/24 12/26/2023 3137BFE98 11,522.45 - (11,522.45) (12,394.74) (872.29) SOLD UNITS OF FIRST AM GOVT OB FD CL Z 12/26/2023 31846V567 1,112,288.96 1.00 (1,112,288.96) (1,112,288.96) - MATURED PAR VALUE OF U S TREASURY BILL 12/28/23 10,000,000 PAR VALUE AT 100 % 12/28/2023 912796ZN2 9,735,973.61 1.00 (10,000,000.00) (9,735,973.61) - PAID DOWN PAR VALUE OF BMW VEH OWNER TR 3.210% 8/25/26 12/28/2023 05602RAD3 59,994.57 0.36 (59,994.57) (59,991.45) 3.12 SOLD UNITS OF FIRST AM GOVT OB FD CL Z 12/29/2023 31846V567 10,018,688.31 1.00 (10,018,688.31) (10,018,688.31) - SOLD UNITS OF FIRST AM GOVT OB FD CL Z 12/29/2023 31846V567 10,792,336.07 1.00 (10,792,336.07) (10,792,336.07) - Total Dispositions 313,881,771.91 (317,203,558.90) (315,953,789.65) (2,072,017.74) Other INTEREST EARNED ON BANK OF AMERICA MTN 4.000% 4/01/24 $1 PV ON 2000000.0000 SHARES DUE 10/1/2023 10/2/2023 06051GFF1 40,000.00 - - - - RECEIVED ACCRUED INTEREST ON SALE OF APPLE INC 2.500% 2/09/25 10/2/2023 037833AZ3 7,074.03 - - - - RECEIVED ACCRUED INTEREST ON SALE OF BANK OF MONTREAL MTN 1.850% 5/01/25 10/2/2023 06367WB85 15,519.44 - - - - RECEIVED ACCRUED INTEREST ON SALE OF F N M A 1.625% 1/07/25 10/2/2023 3135G0X24 19,184.03 - - - - RECEIVED ACCRUED INTEREST ON SALE OF F H L M C 1.500% 2/12/25 10/2/2023 3137EAEP0 11,114.58 - - - - INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 9/30/2023 INTEREST FROM 9/1/23 TO 9/30/23 10/2/2023 31846V567 10,209.81 - - - - 11 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 9/30/2023 INTEREST FROM 9/1/23 TO 9/30/23 10/2/2023 31846V567 9,457.61 - - - - RECEIVED ACCRUED INTEREST ON SALE OF INTER AMER BK M T N 0.500% 9/23/24 10/2/2023 4581X0DZ8 346.88 - - - - RECEIVED ACCRUED INTEREST ON SALE OF INTL BK M T N 0.500% 10/2/2023 459058JL8 10,694.44 - - - - INTEREST EARNED ON U S TREASURY NT 0.250% 9/30/25 $1 PV ON 6500000.0000 SHARES DUE 9/30/2023 10/2/2023 91282CAM3 8,125.00 - - - - INTEREST EARNED ON U S TREASURY NT 0.750% 3/31/26 $1 PV ON 10000000.0000 SHARES DUE 9/30/2023 10/2/2023 91282CBT7 37,500.00 - - - - INTEREST EARNED ON U S TREASURY NT 4.125% 9/30/27 $1 PV ON 14500000.0000 SHARES DUE 9/30/2023 10/2/2023 91282CFM8 299,062.50 - - - - CASH DISBURSEMENT PAID TO ORANGE COUNTY SANITATION DISTRICT OUTGOING DOMESTIC WIRE LONG TERM PORTFOLIO WITHDRAWAL 10/2/2023 (25,000,000.00) - - - - INTEREST EARNED ON U S TREASURY NT 3.625% 3/31/28 $1 PV ON 20000000.0000 SHARES DUE 9/30/2023 10/2/2023 91282CGT2 362,500.00 - - - - Unknown LEHMAN BRTH MTN ES 0.00001% 1/24/13 PARTIAL LIQUIDATION PAID @0.128445/SHARE 10/5/2023 525ESCIB7 77.07 - - (77.07) - Unknown LEHMAN BRTH HLD ESC PARTIAL LIQUIDATING DISTRIBUTION PAID @ 0.12799 10/5/2023 525ESC0Y6 255.98 - - (255.98) - STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 27248.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 10/12/2023 912828WU0 - - - - - BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 27248.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 10/12/2023 912828WU0 - - - - - FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 27248.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 10/12/2023 912828WU0 - - - 27,248.00 - PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 27248.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 10/12/2023 912828WU0 - - 27,248.00 - - INTEREST EARNED ON AMAZON COM 3.300% 4/13/27 $1 PV ON 2000000.0000 SHARES DUE 10/13/2023 10/13/2023 023135CF1 33,000.00 - - - - INTEREST EARNED ON HYUNDAI AUTO LEASE 1.160% 1/15/25 $1 PV ON 2117.5300 SHARES DUE 10/15/2023 $0.00097/PV ON 2,190,544.77 PV DUE 10/16/2023 44891WAC3 2,117.53 - - - - INTEREST EARNED ON GM FIN CONS AUTO 0.680% 9/16/26 $1 PV ON 833.0900 SHARES DUE 10/16/2023 $0.00057/PV ON 1,470,144.62 PV DUE 10/16/2023 362554AC1 833.09 - - - - 12 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON GM FIN CONS AUT 3.100% 2/16/27 $1 PV ON 6019.1700 SHARES DUE 10/16/2023 $0.00258/PV ON 2,330,000.00 PV DUE 10/16/2023 362585AC5 6,019.17 - - - - INTEREST EARNED ON GM FIN CONS AUTO 1.260% 11/16/26 $1 PV ON 1654.2500 SHARES DUE 10/16/2023 $0.00105/PV ON 1,575,470.11 PV DUE 10/16/2023 380146AC4 1,654.25 - - - - INTEREST EARNED ON JOHN DEERE OWNER 0.510% 11/15/24 $1 PV ON 14.7600 SHARES DUE 10/15/2023 $0.00042/PV ON 34,737.44 PV DUE 10/16/2023 47787NAC3 14.76 - - - - INTEREST EARNED ON JOHN DEERE OWNER 2.320% 9/15/26 $1 PV ON 5819.3300 SHARES DUE 10/15/2023 $0.00193/PV ON 3,010,000.00 PV DUE 10/16/2023 47787JAC2 5,819.33 - - - - INTEREST EARNED ON HTUNDAI AUTO REC TR 0.380% 1/15/26 $1 PV ON 1178.8300 SHARES DUE 10/15/2023 $0.00032/PV ON 3,722,609.22 PV DUE 10/16/2023 44934KAC8 1,178.83 - - - - INTEREST EARNED ON HYUNDAI AUTO REC 0.380% 9/15/25 $1 PV ON 288.9100 SHARES DUE 10/15/2023 $0.00032/PV ON 912,336.44 PV DUE 10/16/2023 44933LAC7 288.91 - - - - INTEREST EARNED ON HYUNDAI AUTO REC 2.220% 10/15/26 $1 PV ON 7955.0000 SHARES DUE 10/15/2023 $0.00185/PV ON 4,300,000.00 PV DUE 10/16/2023 448977AD0 7,955.00 - - - - INTEREST EARNED ON HONDA AUTO REC OWN 1.880% 5/15/26 $1 PV ON 6157.0000 SHARES DUE 10/15/2023 $0.00157/PV ON 3,930,000.00 PV DUE 10/16/2023 43815BAC4 6,157.00 - - - - INTEREST EARNED ON HYUNDAI AUTO REC TR 0.740% 5/15/26 $1 PV ON 845.4400 SHARES DUE 10/15/2023 $0.00062/PV ON 1,370,987.71 PV DUE 10/16/2023 44935FAD6 845.44 - - - - INTEREST EARNED ON JOHN DEERE OWNR TR 3.740% 2/16/27 $1 PV ON 9786.3300 SHARES DUE 10/15/2023 $0.00312/PV ON 3,140,000.00 PV DUE 10/16/2023 47800AAC4 9,786.33 - - - - INTEREST EARNED ON JOHN DEERE OWNER 5.090% 6/15/27 $1 PV ON 17136.3300 SHARES DUE 10/15/2023 $0.00424/PV ON 4,040,000.00 PV DUE 10/16/2023 47800BAC2 17,136.33 - - - - INTEREST EARNED ON MERCEDES BENZ AUTO 5.210% 8/16/27 $1 PV ON 31238.2900 SHARES DUE 10/15/2023 $0.00434/PV ON 7,195,000.00 PV DUE 10/16/2023 58768PAC8 31,238.29 - - - - INTEREST EARNED ON MERCEDES BENZ AUTO 0.400% 11/15/24 $1 PV ON 432.9400 SHARES DUE 10/15/2023 $0.00033/PV ON 1,298,818.96 PV DUE 10/16/2023 58769KAD6 432.94 - - - - INTEREST EARNED ON MORGAN STANLEY 6.1039% 10/16/26 $1 PV ON 1500000.0000 SHARES DUE 10/16/2023 10/16/2023 61747YEX9 46,035.00 - - - - INTEREST EARNED ON TOYOTA AUTO RECV 0.43997% 10/15/24 $1 PV ON 18.5800 SHARES DUE 10/15/2023 $0.00037/PV ON 50,676.46 PV DUE 10/16/2023 89237VAB5 18.58 - - - - INTEREST EARNED ON U S TREASURY NT 4.250% 10/15/25 $1 PV ON 7500000.0000 SHARES DUE 10/15/2023 10/16/2023 91282CFP1 159,375.00 - - - - INTEREST EARNED ON F H L M C #786064 4.262% 1/01/28 $1 PV ON 2.3300 SHARES DUE 10/15/2023 AUGUST FHLMC DUE 10/15/23 10/16/2023 31348SWZ3 2.33 - - - - 13 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON JOHN DEERE OWNER 0.360% 9/15/25 $1 PV ON 298.1500 SHARES DUE 10/15/2023 $0.00030/PV ON 993,844.55 PV DUE 10/16/2023 47788UAC6 298.15 - - - - INTEREST EARNED ON JOHN DEERE OWN 0.520% 3/16/26 $1 PV ON 902.2200 SHARES DUE 10/15/2023 $0.00043/PV ON 2,082,042.93 PV DUE 10/16/2023 47789QAC4 902.22 - - - - INTEREST EARNED ON AMERICAN EXPRESS 3.390% 5/17/27 $1 PV ON 18701.5000 SHARES DUE 10/15/2023 $0.00283/PV ON 6,620,000.00 PV DUE 10/16/2023 02582JJT8 18,701.50 - - - - INTEREST EARNED ON AMERICAN EXPRESS 3.750% 8/16/27 $1 PV ON 6250.0000 SHARES DUE 10/15/2023 $0.00313/PV ON 2,000,000.00 PV DUE 10/16/2023 02582JJV3 6,250.00 - - - - INTEREST EARNED ON F H L M C MLTCL MTG 4.448% 8/15/32 $1 PV ON 9.1400 SHARES DUE 10/15/2023 $0.00371/PV ON 2,465.15 PV DUE 10/15/23 10/16/2023 3133TCE95 9.14 - - - - INTEREST EARNED ON U S TREASURY BILL 10/17/23 $1 PV ON 10000000.0000 SHARES DUE 10/17/2023 10,000,000 PAR VALUE AT 100 % 10/17/2023 912797HB6 157,050.83 - - - - INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 118.5300 SHARES DUE 10/18/2023 $0.00031/PV ON 384,425.16 PV DUE 10/18/2023 43813KAC6 118.53 - - - - PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 5/31/24 10/19/2023 912828XT2 (38,524.59) - - - - INTEREST EARNED ON GM FIN AUTO LSNG TR 1.900% 3/20/25 $1 PV ON 6552.4300 SHARES DUE 10/20/2023 $0.00158/PV ON 4,138,370.35 PV DUE 10/20/2023 36265MAC9 6,552.43 - - - - INTEREST EARNED ON GM FIN AUTO LSNG 3.420% 6/20/25 $1 PV ON 8649.7500 SHARES DUE 10/20/2023 $0.00285/PV ON 3,035,000.00 PV DUE 10/20/2023 36266FAC3 8,649.75 - - - - INTEREST EARNED ON INTER AMER BK M T N 0.875% 4/20/26 $1 PV ON 13370000.0000 SHARES DUE 10/20/2023 10/20/2023 4581X0DV7 58,493.75 - - - - INTEREST EARNED ON TOYOTA LEASE OWNER 1.960% 2/20/25 $1 PV ON 9571.9000 SHARES DUE 10/20/2023 $0.00163/PV ON 5,860,347.76 PV DUE 10/20/2023 89238LAC4 9,571.90 - - - - INTEREST EARNED ON TOYOTA LEASE OWNER 0.420% 10/21/24 $1 PV ON 314.7700 SHARES DUE 10/20/2023 $0.00035/PV ON 899,352.90 PV DUE 10/20/2023 89239CAC3 314.77 - - - - RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.125% 10/20/2023 9128283J7 41,222.68 - - - - PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 4.625% 9/30/28 10/20/2023 91282CJA0 (17,691.26) - - - - INTEREST EARNED ON VERIZON MASTER TR 3.720% 7/20/27 $1 PV ON 8525.0000 SHARES DUE 10/20/2023 $0.00310/PV ON 2,750,000.00 PV DUE 10/20/2023 92348KAV5 8,525.00 - - - - INTEREST EARNED ON G N M A I I #080395 3.875% 4/20/30 $1 PV ON 7.6900 SHARES DUE 10/20/2023 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225CNM4 7.69 - - - - 14 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON G N M A I I #080965 2.625% 7/20/34 $1 PV ON 38.0500 SHARES DUE 10/20/2023 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225DCB8 38.05 - - - - INTEREST EARNED ON G N M A I I #080088 4.000% 6/20/27 $1 PV ON 13.4000 SHARES DUE 10/20/2023 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225CC20 13.40 - - - - INTEREST EARNED ON G N M A I I #080023 2.750% 12/20/26 $1 PV ON 10.7200 SHARES DUE 10/20/2023 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225CAZ9 10.72 - - - - INTEREST EARNED ON G N M A I I #080408 3.875% 5/20/30 $1 PV ON 63.9200 SHARES DUE 10/20/2023 SEPTEMBER GNMA DUE 10/20/23 10/20/2023 36225CN28 63.92 - - - - INTEREST EARNED ON JPMORGAN CHASE CO SR 1.578% 4/22/27 $1 PV ON 5000000.0000 SHARES DUE 10/22/2023 10/23/2023 46647PCB0 39,450.00 - - - - INTEREST EARNED ON INTL BK M T N 0.626% 4/22/25 $1 PV ON 6245000.0000 SHARES DUE 10/22/2023 10/23/2023 459058JB0 19,546.85 - - - - INTEREST EARNED ON HONDA AUTO REC 0.880% 1/21/26 $1 PV ON 1439.4200 SHARES DUE 10/21/2023 $0.00073/PV ON 1,962,848.91 PV DUE 10/23/2023 43815GAC3 1,439.42 - - - - INTEREST EARNED ON HONDA AUTO 0.270% 4/21/25 $1 PV ON 100.5100 SHARES DUE 10/21/2023 $0.00023/PV ON 446,703.80 PV DUE 10/23/2023 43813GAC5 100.51 - - - - INTEREST EARNED ON F N M A DEB 0.625% 4/22/25 $1 PV ON 14000000.0000 SHARES DUE 10/22/2023 10/23/2023 3135G03U5 43,750.00 - - - - INTEREST EARNED ON F H L M C MLTCL MT 6.49999% 9/25/43 $1 PV ON 1978.6800 SHARES DUE 10/25/2023 $0.00542/PV ON 365,295.11 PV DUE 10/25/2023 31394JY35 1,978.68 - - - - INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 355.3800 SHARES DUE 10/25/2023 $0.00509/PV ON 69,802.81 PV DUE 10/25/2023 31397QRE0 355.38 - - - - INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 1.9600 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31403GXF4 1.96 - - - - INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 159.9800 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31403DJZ3 159.98 - - - - INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 11.2400 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 3138EG6F6 11.24 - - - - INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 224.2500 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31406PQY8 224.25 - - - - INTEREST EARNED ON BMW VEH OWNER TR 3.210% 8/25/26 $1 PV ON 6767.7500 SHARES DUE 10/25/2023 $0.00268/PV ON 2,530,000.00 PV DUE 10/25/2023 05602RAD3 6,767.75 - - - - INTEREST EARNED ON F N M A #823358 3.957% 2/01/35 $1 PV ON 47.7000 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31406XWT5 47.70 - - - - 15 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 30.7600 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31407BXH7 30.76 - - - - INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 269.2700 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31410F4V4 269.27 - - - - INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 18.8900 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31417YAY3 18.89 - - - - INTEREST EARNED ON F H L M C MLTCL MT 3.850% 5/25/28 $1 PV ON 23260.4100 SHARES DUE 10/25/2023 $0.00321/PV ON 7,250,000.00 PV DUE 10/25/2023 3137FG6X8 23,260.41 - - - - INTEREST EARNED ON BMW VEH OWNER TR 5.470% 2/25/28 $1 PV ON 6450.0400 SHARES DUE 10/25/2023 $0.00456/PV ON 1,415,000.00 PV DUE 10/25/2023 05592XAD2 6,450.04 - - - - INTEREST EARNED ON F H L M C MLTCL MTG 3.120% 9/25/26 $1 PV ON 13000.0000 SHARES DUE 10/25/2023 $0.00260/PV ON 5,000,000.00 PV DUE 10/25/2023 3137BSRE5 13,000.00 - - - - INTEREST EARNED ON AMRESCO 4.94202% 6/25/29 $1 PV ON 425.8100 SHARES DUE 10/25/2023 $0.00412/PV ON 103,394.09 PV DUE 10/25/23 10/25/2023 03215PFN4 425.81 - - - - INTEREST EARNED ON BMW VEHICLE LEASE 5.160% 11/25/25 $1 PV ON 3289.5000 SHARES DUE 10/25/2023 $0.00430/PV ON 765,000.00 PV DUE 10/25/2023 05593AAC3 3,289.50 - - - - INTEREST EARNED ON BMW VEHICLE LEASE 1.100% 3/25/25 $1 PV ON 1186.2600 SHARES DUE 10/25/2023 $0.00092/PV ON 1,294,099.46 PV DUE 10/25/2023 05601XAC3 1,186.26 - - - - INTEREST EARNED ON BMW VEHICLE LEASE 0.330% 12/26/24 $1 PV ON 108.0300 SHARES DUE 10/25/2023 $0.00028/PV ON 392,816.08 PV DUE 10/25/2023 09690AAC7 108.03 - - - - INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 15.6600 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31371NUC7 15.66 - - - - INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 148.9500 SHARES DUE 10/25/2023 SEPTEMBER FNMA DUE 10/25/23 10/25/2023 31376KT22 148.95 - - - - INTEREST EARNED ON F H L B GTD REMIC 3.171% 10/25/24 $1 PV ON 13160.8400 SHARES DUE 10/25/2023 $0.00264/PV ON 4,980,450.65 PV DUE 10/25/2023 3137BFE98 13,160.84 - - - - INTEREST EARNED ON F H L M C MLTCL MT 3.350% 1/25/28 $1 PV ON 15186.6700 SHARES DUE 10/25/2023 $0.00279/PV ON 5,440,000.00 PV DUE 10/25/2023 3137FETN0 15,186.67 - - - - INTEREST EARNED ON U S TREASURY BILL 10/26/23 $1 PV ON 35000000.0000 SHARES DUE 10/26/2023 35,000,000 PAR VALUE AT 100 % 10/26/2023 912797FC6 849,247.63 - - - - BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 10/27/2023 912828WU0 - - - - - STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 10/27/2023 912828WU0 - - - - - 16 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30160.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 10/27/2023 912828WU0 - - - 30,160.00 - PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 30160.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 10/27/2023 912828WU0 - - 30,160.00 - - PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.000% 5/31/24 10/27/2023 912828XT2 (116,024.59) - - - - INTEREST EARNED ON INTL BK M T N 0.500% 10/28/25 $1 PV ON 10000000.0000 SHARES DUE 10/28/2023 10/30/2023 459058JL8 25,000.00 - - - - INTEREST EARNED ON U S TREASURY NT 1.125% 10/31/26 $1 PV ON 19250000.0000 SHARES DUE 10/31/2023 10/31/2023 91282CDG3 108,281.25 - - - - INTEREST EARNED ON U S TREASURY NT 0.375% 4/30/25 $1 PV ON 12000000.0000 SHARES DUE 10/31/2023 10/31/2023 912828ZL7 22,500.00 - - - - INTEREST EARNED ON U S TREASURY NT 2.750% 4/30/27 $1 PV ON 17000000.0000 SHARES DUE 10/31/2023 10/31/2023 91282CEN7 233,750.00 - - - - RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.125% 10/31/2023 9128283J7 26,649.59 - - - - PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 4.625% 9/30/28 10/31/2023 91282CJA0 (3,917.35) - - - - RECEIVED ACCRUED INTEREST ON SALE OF AMAZON COM INC 0.450% 5/12/24 10/31/2023 023135BW5 4,225.00 - - - - CASH DISBURSEMENT PAID TO ORANGE COUNTY SANITATION DISTRICT OUTGOING DOMESTIC WIRE LIQUID OPERATING PORTFOLIO 10/31/2023 (7,500,000.00) - - - - CASH DISBURSEMENT PAID TO ORANGE COUNTY SANITATION DISTRICT OUTGOING DOMESTIC WIRE LONG-TERM PORTFOLIO WITHDRAWAL 10/31/2023 (7,500,000.00) - - - - INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 10/31/2023 INTEREST FROM 10/1/23 TO 10/31/23 11/1/2023 31846V567 22,881.36 - - - - INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 10/31/2023 INTEREST FROM 10/1/23 TO 10/31/23 11/1/2023 31846V567 10,563.44 - - - - INTEREST EARNED ON COMCAST CORP 3.550% 5/01/28 $1 PV ON 5000000.0000 SHARES DUE 11/1/2023 11/1/2023 20030NCH2 88,750.00 - - - - INTEREST EARNED ON BANK OF MONTREAL MTN 1.850% 5/01/25 $1 PV ON 5000000.0000 SHARES DUE 11/1/2023 11/1/2023 06367WB85 46,250.00 - - - - PAID ACCRUED INTEREST ON PURCHASE OF BB T CORPORATION MTN 2.500% 8/01/24 11/6/2023 05531FBH5 (6,597.22) - - - - 17 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON F N M A 0.500% 11/07/25 $1 PV ON 8255000.0000 SHARES DUE 11/7/2023 11/7/2023 3135G06G3 20,637.50 - - - - RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.500% 11/9/2023 91282CDZ1 7,010.87 - - - - INTEREST EARNED ON MUFG BANK LTD NY BRA C P 11/09/23 $1 PV ON 4000000.0000 SHARES DUE 11/9/2023 4,000,000 PAR VALUE AT 100 % 11/9/2023 62479MY98 76,805.56 - - - - STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17472.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11/13/2023 912828WU0 - - - - - INTEREST EARNED ON GUARDIAN LIFE MTN 1.250% 5/13/26 $1 PV ON 3250000.0000 SHARES DUE 11/13/2023 11/13/2023 40139LBD4 20,312.50 - - - - INTEREST EARNED ON CATERPILLAR FINL MTN 3.400% 5/13/25 $1 PV ON 3485000.0000 SHARES DUE 11/13/2023 11/13/2023 14913R2V8 59,245.00 - - - - PAID ACCRUED INTEREST ON PURCHASE OF BANK MONTREAL MTN CV 5.717% 9/25/28 11/13/2023 06368LWU6 (11,434.00) - - - - RECEIVED ACCRUED INTEREST ON SALE OF BANK OF MONTREAL MTN 1.850% 5/01/25 11/13/2023 06367WB85 1,233.33 - - - - BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17472.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11/13/2023 912828WU0 - - - - - FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17472.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11/13/2023 912828WU0 - - - 17,472.00 - PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 17472.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11/13/2023 912828WU0 - - 17,472.00 - - INTEREST EARNED ON JOHN DEERE OWNER 0.510% 11/15/24 $1 PV ON 3.5800 SHARES DUE 11/15/2023 $0.00043/PV ON 8,433.44 PV DUE 11/15/23 11/15/2023 47787NAC3 3.58 - - - - INTEREST EARNED ON JOHN DEERE OWNER 2.320% 9/15/26 $1 PV ON 5725.1200 SHARES DUE 11/15/2023 $0.00193/PV ON 2,961,269.03 PV DUE 11/15/23 11/15/2023 47787JAC2 5,725.12 - - - - INTEREST EARNED ON HYUNDAI AUTO REC TR 0.740% 5/15/26 $1 PV ON 788.3800 SHARES DUE 11/15/2023 $0.00062/PV ON 1,278,453.44 PV DUE 11/15/23 11/15/2023 44935FAD6 788.38 - - - - INTEREST EARNED ON HTUNDAI AUTO REC TR 0.380% 1/15/26 $1 PV ON 1076.2400 SHARES DUE 11/15/2023 $0.00032/PV ON 3,398,669.64 PV DUE 11/15/23 11/15/2023 44934KAC8 1,076.24 - - - - INTEREST EARNED ON HYUNDAI AUTO REC 0.380% 9/15/25 $1 PV ON 255.1100 SHARES DUE 11/15/2023 $0.00032/PV ON 805,614.78 PV DUE 11/15/2023 44933LAC7 255.11 - - - - 18 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON HYUNDAI AUTO REC 2.220% 10/15/26 $1 PV ON 7955.0000 SHARES DUE 11/15/2023 $0.00185/PV ON 4,300,000.00 PV DUE 11/15/23 11/15/2023 448977AD0 7,955.00 - - - - INTEREST EARNED ON HYUNDAI AUTO LEASE 1.160% 1/15/25 $1 PV ON 1800.1000 SHARES DUE 11/15/2023 $0.00097/PV ON 1,862,169.76 PV DUE 11/15/23 11/15/2023 44891WAC3 1,800.10 - - - - INTEREST EARNED ON F H L M C #786064 4.262% 1/01/28 $1 PV ON 2.2900 SHARES DUE 11/15/2023 SEPTEMBER FHLMC DUE 11/15/23 11/15/2023 31348SWZ3 2.29 - - - - INTEREST EARNED ON HONDA AUTO REC OWN 1.880% 5/15/26 $1 PV ON 6157.0000 SHARES DUE 11/15/2023 $0.00157/PV ON 3,930,000.00 PV DUE 11/15/23 11/15/2023 43815BAC4 6,157.00 - - - - INTEREST EARNED ON F H L M C MLTCL MTG 4.471% 8/15/32 $1 PV ON 8.9900 SHARES DUE 11/15/2023 $0.00373/PV ON 2,412.85 PV DUE 11/15/23 11/15/2023 3133TCE95 8.99 - - - - INTEREST EARNED ON VIRGINIA ELEC PWR CO 3.750% 5/15/27 $1 PV ON 5735000.0000 SHARES DUE 11/15/2023 11/15/2023 927804GH1 107,531.25 - - - - INTEREST EARNED ON AMERICAN EXPRESS 3.390% 5/17/27 $1 PV ON 18701.5000 SHARES DUE 11/15/2023 $0.00283/PV ON 6,620,000.00 PV DUE 11/15/23 11/15/2023 02582JJT8 18,701.50 - - - - INTEREST EARNED ON UNITEDHEALTH 1.150% 5/15/26 $1 PV ON 4000000.0000 SHARES DUE 11/15/2023 11/15/2023 91324PEC2 23,000.00 - - - - INTEREST EARNED ON MERCEDES BENZ AUTO 0.400% 11/15/24 $1 PV ON 332.0700 SHARES DUE 11/15/2023 $0.00033/PV ON 996,209.02 PV DUE 11/15/23 11/15/2023 58769KAD6 332.07 - - - - INTEREST EARNED ON MERCEDES BENZ AUTO 5.210% 8/16/27 $1 PV ON 31238.2900 SHARES DUE 11/15/2023 $0.00434/PV ON 7,195,000.00 PV DUE 11/15/23 11/15/2023 58768PAC8 31,238.29 - - - - INTEREST EARNED ON JOHN DEERE OWNER 5.090% 6/15/27 $1 PV ON 17136.3300 SHARES DUE 11/15/2023 $0.00424/PV ON 4,040,000.00 PV DUE 11/15/23 11/15/2023 47800BAC2 17,136.33 - - - - INTEREST EARNED ON JOHN DEERE OWNR TR 3.740% 2/16/27 $1 PV ON 9786.3300 SHARES DUE 11/15/2023 $0.00312/PV ON 3,140,000.00 PV DUE 11/15/23 11/15/2023 47800AAC4 9,786.33 - - - - INTEREST EARNED ON JOHN DEERE OWN 0.520% 3/16/26 $1 PV ON 854.6000 SHARES DUE 11/15/2023 $0.00043/PV ON 1,972,154.50 PV DUE 11/15/2023 47789QAC4 854.60 - - - - 19 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON AMERICAN EXPRESS 3.750% 8/16/27 $1 PV ON 6250.0000 SHARES DUE 11/15/2023 $0.00313/PV ON 2,000,000.00 PV DUE 11/15/23 11/15/2023 02582JJV3 6,250.00 - - - - INTEREST EARNED ON U S TREASURY NT 0.250% 11/15/23 $1 PV ON 15010000.0000 SHARES DUE 11/15/2023 11/15/2023 91282CAW1 18,762.50 - - - - INTEREST EARNED ON JOHN DEERE OWNER 0.360% 9/15/25 $1 PV ON 267.6500 SHARES DUE 11/15/2023 $0.00030/PV ON 892,178.87 PV DUE 11/15/23 11/15/2023 47788UAC6 267.65 - - - - INTEREST EARNED ON GM FIN CONS AUTO 1.260% 11/16/26 $1 PV ON 1563.7000 SHARES DUE 11/16/2023 $0.00105/PV ON 1,489,238.96 PV DUE 11/16/23 11/16/2023 380146AC4 1,563.70 - - - - INTEREST EARNED ON GM FIN CONS AUTO 0.680% 9/16/26 $1 PV ON 785.3000 SHARES DUE 11/16/2023 $0.00057/PV ON 1,385,815.20 PV DUE 11/16/2023 362554AC1 785.30 - - - - INTEREST EARNED ON GM FIN CONS AUT 3.100% 2/16/27 $1 PV ON 6019.1700 SHARES DUE 11/16/2023 $0.00258/PV ON 2,330,000.00 PV DUE 11/16/23 11/16/2023 362585AC5 6,019.17 - - - - INTEREST EARNED ON MERCK CO INC 4.050% 5/17/28 $1 PV ON 7000000.0000 SHARES DUE 11/17/2023 11/17/2023 58933YBH7 141,750.00 - - - - INTEREST EARNED ON G N M A I I #080088 4.000% 6/20/27 $1 PV ON 13.1100 SHARES DUE 11/20/2023 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225CC20 13.11 - - - - INTEREST EARNED ON G N M A I I #080408 3.875% 5/20/30 $1 PV ON 63.1900 SHARES DUE 11/20/2023 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225CN28 63.19 - - - - INTEREST EARNED ON G N M A I I #080395 3.875% 4/20/30 $1 PV ON 7.6100 SHARES DUE 11/20/2023 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225CNM4 7.61 - - - - INTEREST EARNED ON GM FIN AUTO LSNG TR 1.900% 3/20/25 $1 PV ON 5776.2900 SHARES DUE 11/20/2023 $0.00158/PV ON 3,648,181.05 PV DUE 11/20/23 11/20/2023 36265MAC9 5,776.29 - - - - INTEREST EARNED ON GM FIN AUTO LSNG 3.420% 6/20/25 $1 PV ON 8649.7500 SHARES DUE 11/20/2023 $0.00285/PV ON 3,035,000.00 PV DUE 11/20/23 11/20/2023 36266FAC3 8,649.75 - - - - INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 84.4200 SHARES DUE 11/18/2023 $0.00031/PV ON 273,797.93 PV DUE 11/20/2023 43813KAC6 84.42 - - - - INTEREST EARNED ON QUALCOMM INC 3.450% 5/20/25 $1 PV ON 8000000.0000 SHARES DUE 11/20/2023 11/20/2023 747525AF0 138,000.00 - - - - 20 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON G N M A I I #080965 3.625% 7/20/34 $1 PV ON 52.1300 SHARES DUE 11/20/2023 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225DCB8 52.13 - - - - INTEREST EARNED ON G N M A I I #080023 2.750% 12/20/26 $1 PV ON 10.4500 SHARES DUE 11/20/2023 OCTOBER GNMA DUE 11/20/23 11/20/2023 36225CAZ9 10.45 - - - - INTEREST EARNED ON TOYOTA LEASE OWNER 1.960% 2/20/25 $1 PV ON 8444.7700 SHARES DUE 11/20/2023 $0.00163/PV ON 5,170,263.12 PV DUE 11/20/23 11/20/2023 89238LAC4 8,444.77 - - - - INTEREST EARNED ON BANK OF NEW YORK MTN 3.950% 11/18/25 $1 PV ON 1500000.0000 SHARES DUE 11/18/2023 11/20/2023 06406HCQ0 29,625.00 - - - - INTEREST EARNED ON TOYOTA LEASE OWNER 0.420% 10/21/24 $1 PV ON 199.7800 SHARES DUE 11/20/2023 $0.00035/PV ON 570,810.66 PV DUE 11/20/23 11/20/2023 89239CAC3 199.78 - - - - INTEREST EARNED ON VERIZON MASTER TR 3.720% 7/20/27 $1 PV ON 8525.0000 SHARES DUE 11/20/2023 $0.00310/PV ON 2,750,000.00 PV DUE 11/20/23 11/20/2023 92348KAV5 8,525.00 - - - - INTEREST EARNED ON HONDA AUTO 0.270% 4/21/25 $1 PV ON 86.5000 SHARES DUE 11/21/2023 $0.00022/PV ON 384,432.43 PV DUE 11/21/23 11/21/2023 43813GAC5 86.50 - - - - INTEREST EARNED ON HONDA AUTO REC 0.880% 1/21/26 $1 PV ON 1347.2400 SHARES DUE 11/21/2023 $0.00073/PV ON 1,837,145.18 PV DUE 11/21/23 11/21/2023 43815GAC3 1,347.24 - - - - PAID ACCRUED INTEREST ON PURCHASE OF INTER AMER DEV BK 3.125% 9/18/28 11/24/2023 4581X0DC9 (23,203.13) - - - - RECEIVED ACCRUED INTEREST ON SALE OF INTER AMER BK M T N 0.500% 9/23/24 11/24/2023 4581X0DZ8 2,541.67 - - - - INTEREST EARNED ON F H L B GTD REMIC 3.171% 10/25/24 $1 PV ON 13130.5900 SHARES DUE 11/25/2023 $0.00264/PV ON 4,969,003.05 PV DUE 11/25/23 11/27/2023 3137BFE98 13,130.59 - - - - INTEREST EARNED ON F H L M C MLTCL MT 3.350% 1/25/28 $1 PV ON 15186.6700 SHARES DUE 11/25/2023 $0.00279/PV ON 5,440,000.00 PV DUE 11/25/23 11/27/2023 3137FETN0 15,186.67 - - - - INTEREST EARNED ON F H L M C MLTCL MT 3.850% 5/25/28 $1 PV ON 23260.4100 SHARES DUE 11/25/2023 $0.00321/PV ON 7,250,000.00 PV DUE 11/25/23 11/27/2023 3137FG6X8 23,260.41 - - - - 21 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 10.9600 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 3138EG6F6 10.96 - - - - INTEREST EARNED ON F H L M C MLTCL MT 6.49999% 9/25/43 $1 PV ON 1967.4400 SHARES DUE 11/25/2023 $0.00542/PV ON 363,220.68 PV DUE 11/25/23 11/27/2023 31394JY35 1,967.44 - - - - INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 351.2300 SHARES DUE 11/25/2023 $0.00510/PV ON 68,924.58 PV DUE 11/27/2023 31397QRE0 351.23 - - - - INTEREST EARNED ON F H L M C MLTCL MTG 3.120% 9/25/26 $1 PV ON 13000.0000 SHARES DUE 11/25/2023 $0.00260/PV ON 5,000,000.00 PV DUE 11/25/23 11/27/2023 3137BSRE5 13,000.00 - - - - INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 158.4100 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 31403DJZ3 158.41 - - - - INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 1.9500 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 31403GXF4 1.95 - - - - INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 222.4700 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 31406PQY8 222.47 - - - - INTEREST EARNED ON F N M A #823358 3.957% 2/01/35 $1 PV ON 47.0900 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 31406XWT5 47.09 - - - - INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 30.2900 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 31407BXH7 30.29 - - - - INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 264.5100 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 31410F4V4 264.51 - - - - INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 18.4900 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 31417YAY3 18.49 - - - - INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 148.0000 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 31376KT22 148.00 - - - - INTEREST EARNED ON BMW VEH OWNER TR 5.470% 2/25/28 $1 PV ON 1415000.0000 SHARES DUE 11/25/2023 11/27/2023 05592XAD2 6,450.04 - - - - INTEREST EARNED ON BMW VEHICLE LEASE 5.160% 11/25/25 $1 PV ON 3289.5000 SHARES DUE 11/25/2023 $0.00430/PV ON 765,000.00 PV DUE 11/25/23 11/27/2023 05593AAC3 3,289.50 - - - - INTEREST EARNED ON BMW VEHICLE LEASE 1.100% 3/25/25 $1 PV ON 992.2600 SHARES DUE 11/25/2023 $0.00092/PV ON 1,082,467.51 PV DUE 11/27/2023 05601XAC3 992.26 - - - - 22 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON BMW VEHICLE LEASE 0.330% 12/26/24 $1 PV ON 61.6300 SHARES DUE 11/25/2023 $0.00028/PV ON 224,114.00 PV DUE 11/27/2023 09690AAC7 61.63 - - - - INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 15.2900 SHARES DUE 11/25/2023 OCTOBER FNMA DUE 11/25/23 11/27/2023 31371NUC7 15.29 - - - - INTEREST EARNED ON BMW VEH OWNER TR 3.210% 8/25/26 $1 PV ON 6767.7500 SHARES DUE 11/25/2023 $0.00268/PV ON 2,530,000.00 PV DUE 11/25/23 11/27/2023 05602RAD3 6,767.75 - - - - BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 16744.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11/28/2023 912828WU0 - - - - - STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 16744.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11/28/2023 912828WU0 - - - - - FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 16744.00 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11/28/2023 912828WU0 - - - 16,744.00 - PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY 16744.0000 UNITS INCREASE TO ADJUST FOR CHANGE IN CPI 11/28/2023 912828WU0 - - 16,744.00 - - INTEREST EARNED ON MORGAN STANLEY 0.790% 5/30/25 $1 PV ON 8885000.0000 SHARES DUE 11/30/2023 11/30/2023 61747YEA9 35,095.75 - - - - INTEREST EARNED ON U S TREASURY NT 0.750% 5/31/26 $1 PV ON 7500000.0000 SHARES DUE 11/30/2023 11/30/2023 91282CCF6 28,125.00 - - - - INTEREST EARNED ON U S TREASURY NT 3.625% 5/31/28 $1 PV ON 12500000.0000 SHARES DUE 11/30/2023 11/30/2023 91282CHE4 226,562.50 - - - - CASH RECEIPT INCOMING WIRES WIRE REC'D 11/30/2023 11/30/2023 30,000,000.00 - - - - INTEREST EARNED ON U S TREASURY NT 2.000% 5/31/24 $1 PV ON 23450000.0000 SHARES DUE 11/30/2023 11/30/2023 912828XT2 234,500.00 - - - - PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 3.000% 11/30/2023 91282CEX5 (62,364.13) - - - - INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 11/30/2023 INTEREST FROM 11/1/23 TO 11/30/23 12/1/2023 31846V567 30,928.18 - - - - INTEREST EARNED ON FIRST AM GOVT OB FD CL Z UNIT ON 0.0000 SHARES DUE 11/30/2023 INTEREST FROM 11/1/23 TO 11/30/23 12/1/2023 31846V567 11,744.75 - - - - INTEREST EARNED ON AMAZON COM INC 4.550% 12/01/27 $1 PV ON 2000000.0000 SHARES DUE 12/1/2023 12/1/2023 023135CP9 45,500.00 - - - - INTEREST EARNED ON HONEYWELL 1.350% 6/01/25 $1 PV ON 5000000.0000 SHARES DUE 12/1/2023 12/1/2023 438516CB0 33,750.00 - - - - 23 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON ROYAL BANK OF MTN 1.150% 6/10/25 $1 PV ON 4000000.0000 SHARES DUE 12/10/2023 12/11/2023 78015K7H1 23,000.00 - - - - INTEREST EARNED ON F H L B DEB 4.375% 6/09/28 $1 PV ON 2500000.0000 SHARES DUE 12/9/2023 12/11/2023 3130AWMN7 44,965.28 - - - - INTEREST EARNED ON F H L B DEB 4.500% 12/12/25 $1 PV ON 7000000.0000 SHARES DUE 12/12/2023 12/12/2023 3130ATUC9 157,500.00 - - - - BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -1248.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 12/13/2023 912828WU0 - - - - - INTEREST EARNED ON BANK NEW YORK MTN 3.992% 6/13/28 $1 PV ON 2500000.0000 SHARES DUE 12/13/2023 12/13/2023 06406RBG1 49,900.00 - - - - STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -1248.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 12/13/2023 912828WU0 - - - - - FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -1248.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 12/13/2023 912828WU0 - - - (1,248.00) - PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -1248.0000 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 12/13/2023 912828WU0 - - (1,248.00) - - INTEREST EARNED ON F H L B 2.875% 6/14/24 $1 PV ON 4000000.0000 SHARES DUE 12/14/2023 12/14/2023 3130A1XJ2 57,500.00 - - - - INTEREST EARNED ON HYUNDAI AUTO REC 0.380% 9/15/25 $1 PV ON 222.9800 SHARES DUE 12/15/2023 $0.00032/PV ON 704,158.03 PV DUE 12/15/2023 44933LAC7 222.98 - - - - INTEREST EARNED ON HYUNDAI AUTO REC 2.220% 10/15/26 $1 PV ON 7955.0000 SHARES DUE 12/15/2023 $0.00185/PV ON 4,300,000.00 PV DUE 12/15/2023 448977AD0 7,955.00 - - - - INTEREST EARNED ON HYUNDAI AUTO LEASE 1.160% 1/15/25 $1 PV ON 1469.9800 SHARES DUE 12/15/2023 $0.00097/PV ON 1,520,672.58 PV DUE 12/15/2023 44891WAC3 1,469.98 - - - - INTEREST EARNED ON HYUNDAI AUTO REC TR 0.740% 5/15/26 $1 PV ON 733.4800 SHARES DUE 12/15/2023 $0.00062/PV ON 1,189,434.35 PV DUE 12/15/2023 44935FAD6 733.48 - - - - INTEREST EARNED ON HONDA AUTO REC OWN 1.880% 5/15/26 $1 PV ON 6157.0000 SHARES DUE 12/15/2023 $0.00157/PV ON 3,930,000.00 PV DUE 12/15/2023 43815BAC4 6,157.00 - - - - INTEREST EARNED ON F H L M C #786064 4.262% 1/01/28 $1 PV ON 2.2500 SHARES DUE 12/15/2023 P & I DUE 12/15/23 12/15/2023 31348SWZ3 2.25 - - - - INTEREST EARNED ON F H L M C MLTCL MTG 4.513% 8/15/32 $1 PV ON 8.8200 SHARES DUE 12/15/2023 $0.00376/PV ON 2,345.00 PV DUE 12/15/23 12/15/2023 3133TCE95 8.82 - - - - INTEREST EARNED ON HTUNDAI AUTO REC TR 0.380% 1/15/26 $1 PV ON 977.7500 SHARES DUE 12/15/2023 $0.00032/PV ON 3,087,640.56 PV DUE 12/15/2023 44934KAC8 977.75 - - - - 24 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON AMERICAN EXPRESS 3.750% 8/16/27 $1 PV ON 6250.0000 SHARES DUE 12/15/2023 $0.00313/PV ON 2,000,000.00 PV DUE 12/15/2023 02582JJV3 6,250.00 - - - - INTEREST EARNED ON JOHN DEERE OWNER 2.320% 9/15/26 $1 PV ON 5202.3500 SHARES DUE 12/15/2023 $0.00193/PV ON 2,690,871.61 PV DUE 12/15/2023 47787JAC2 5,202.35 - - - - INTEREST EARNED ON JOHN DEERE OWNER 0.360% 9/15/25 $1 PV ON 224.0500 SHARES DUE 12/15/2023 $0.00030/PV ON 746,836.76 PV DUE 12/15/2023 47788UAC6 224.05 - - - - INTEREST EARNED ON JOHN DEERE OWN 0.520% 3/16/26 $1 PV ON 788.1600 SHARES DUE 12/15/2023 $0.00043/PV ON 1,818,820.10 PV DUE 12/15/2023 47789QAC4 788.16 - - - - INTEREST EARNED ON JOHN DEERE OWNR TR 3.740% 2/16/27 $1 PV ON 9786.3300 SHARES DUE 12/15/2023 $0.00312/PV ON 3,140,000.00 PV DUE 12/15/2023 47800AAC4 9,786.33 - - - - INTEREST EARNED ON JOHN DEERE OWNER 5.090% 6/15/27 $1 PV ON 17136.3300 SHARES DUE 12/15/2023 $0.00424/PV ON 4,040,000.00 PV DUE 12/15/2023 47800BAC2 17,136.33 - - - - INTEREST EARNED ON MERCEDES BENZ AUTO 5.210% 8/16/27 $1 PV ON 31238.2900 SHARES DUE 12/15/2023 $0.00434/PV ON 7,195,000.00 PV DUE 12/15/2023 58768PAC8 31,238.29 - - - - INTEREST EARNED ON MERCEDES BENZ AUTO 0.400% 11/15/24 $1 PV ON 215.7100 SHARES DUE 12/15/2023 $0.00033/PV ON 647,118.17 PV DUE 12/15/2023 58769KAD6 215.71 - - - - INTEREST EARNED ON TOYOTA AUTO REC TR 5.540% 8/15/28 $1 PV ON 11330.0700 SHARES DUE 12/15/2023 $0.00477/PV ON 2,375,000.00 PV DUE 12/15/2023 89239FAD4 11,330.07 - - - - INTEREST EARNED ON AMERICAN EXPRESS 3.390% 5/17/27 $1 PV ON 18701.5000 SHARES DUE 12/15/2023 $0.00283/PV ON 6,620,000.00 PV DUE 12/15/2023 02582JJT8 18,701.50 - - - - RECEIVED ACCRUED INTEREST ON SALE OF F H L B 2.875% 6/14/24 12/18/2023 3130A1XJ2 319.44 - - - - INTEREST EARNED ON TOYOTA MTR CR MTN 1.125% 6/18/26 $1 PV ON 7285000.0000 SHARES DUE 12/18/2023 12/18/2023 89236TJK2 40,978.13 - - - - INTEREST EARNED ON HONDA AUTO 0.370% 10/18/24 $1 PV ON 51.5900 SHARES DUE 12/18/2023 $0.00031/PV ON 167,325.60 PV DUE 12/18/2023 43813KAC6 51.59 - - - - INTEREST EARNED ON GM FIN CONS AUTO 1.260% 11/16/26 $1 PV ON 1477.5300 SHARES DUE 12/16/2023 $0.00105/PV ON 1,407,173.88 PV DUE 12/18/2023 380146AC4 1,477.53 - - - - INTEREST EARNED ON GM FIN CONS AUT 3.100% 2/16/27 $1 PV ON 6019.1700 SHARES DUE 12/16/2023 $0.00258/PV ON 2,330,000.00 PV DUE 12/18/2023 362585AC5 6,019.17 - - - - INTEREST EARNED ON GM FIN CONS AUTO 0.680% 9/16/26 $1 PV ON 739.7800 SHARES DUE 12/16/2023 $0.00057/PV ON 1,305,493.47 PV DUE 12/18/2023 362554AC1 739.78 - - - - INTEREST EARNED ON F N M A 0.500% 6/17/25 $1 PV ON 9905000.0000 SHARES DUE 12/17/2023 12/18/2023 3135G04Z3 24,762.50 - - - - RECEIVED ACCRUED INTEREST ON SALE OF F H L B 2.875% 6/14/24 12/18/2023 3130A1XJ2 1,197.92 - - - - 25 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON BANK AMER CORP MTN 1.319% 6/19/26 $1 PV ON 2250000.0000 SHARES DUE 12/19/2023 12/19/2023 06051GJD2 14,838.75 - - - - PAID ACCRUED INTEREST ON PURCHASE OF INTER AMER DEV BK 3.125% 9/18/28 12/19/2023 4581X0DC9 (11,059.03) - - - - PAID ACCRUED INTEREST ON PURCHASE OF INTER AMER DEV BK 3.125% 9/18/28 12/19/2023 4581X0DC9 (11,180.56) - - - - INTEREST EARNED ON GM FIN AUTO LSNG 3.420% 6/20/25 $1 PV ON 8492.4300 SHARES DUE 12/20/2023 $0.00285/PV ON 2,979,797.93 PV DUE 12/20/2023 36266FAC3 8,492.43 - - - - INTEREST EARNED ON GM FIN AUTO LSNG TR 1.900% 3/20/25 $1 PV ON 4863.2400 SHARES DUE 12/20/2023 $0.00158/PV ON 3,071,512.16 PV DUE 12/20/2023 36265MAC9 4,863.24 - - - - INTEREST EARNED ON G N M A I I #080965 3.625% 7/20/34 $1 PV ON 51.6800 SHARES DUE 12/20/2023 P & I DUE 12/20/23 12/20/2023 36225DCB8 51.68 - - - - INTEREST EARNED ON G N M A I I #080395 3.875% 4/20/30 $1 PV ON 7.3800 SHARES DUE 12/20/2023 P & I DUE 12/20/23 12/20/2023 36225CNM4 7.38 - - - - INTEREST EARNED ON G N M A I I #080408 3.875% 5/20/30 $1 PV ON 62.3900 SHARES DUE 12/20/2023 P & I DUE 12/20/23 12/20/2023 36225CN28 62.39 - - - - INTEREST EARNED ON G N M A I I #080088 4.000% 6/20/27 $1 PV ON 12.8300 SHARES DUE 12/20/2023 P & I DUE 12/20/23 12/20/2023 36225CC20 12.83 - - - - INTEREST EARNED ON G N M A I I #080023 2.750% 12/20/26 $1 PV ON 10.1500 SHARES DUE 12/20/2023 P & I DUE 12/20/23 12/20/2023 36225CAZ9 10.15 - - - - INTEREST EARNED ON TOYOTA LEASE OWNER 0.420% 10/21/24 $1 PV ON 73.6100 SHARES DUE 12/20/2023 $0.00035/PV ON 210,317.90 PV DUE 12/20/2023 89239CAC3 73.61 - - - - INTEREST EARNED ON VERIZON MASTER TR 3.720% 7/20/27 $1 PV ON 8525.0000 SHARES DUE 12/20/2023 $0.00310/PV ON 2,750,000.00 PV DUE 12/20/2023 92348KAV5 8,525.00 - - - - INTEREST EARNED ON TOYOTA LEASE OWNER 1.960% 2/20/25 $1 PV ON 7250.8500 SHARES DUE 12/20/2023 $0.00163/PV ON 4,439,296.37 PV DUE 12/20/2023 89238LAC4 7,250.85 - - - - CASH RECEIPT INCOMING WIRES WIRE REC'D 12/21/2023 12/21/2023 43,000,000.00 - - - - CASH RECEIPT INCOMING WIRES WIRE REC'D 12/21/2023 12/21/2023 30,000,000.00 - - - - INTEREST EARNED ON HONDA AUTO 0.270% 4/21/25 $1 PV ON 72.8600 SHARES DUE 12/21/2023 $0.00022/PV ON 323,842.19 PV DUE 12/21/23 12/21/2023 43813GAC5 72.86 - - - - INTEREST EARNED ON HONDA AUTO REC 0.880% 1/21/26 $1 PV ON 1255.9700 SHARES DUE 12/21/2023 $0.00073/PV ON 1,712,681.87 PV DUE 12/21/2023 43815GAC3 1,255.97 - - - - PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 4.625% 9/30/28 12/22/2023 91282CJA0 (125,860.66) - - - - 26 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 PAID ACCRUED INTEREST ON PURCHASE OF INTER AMER DEV BK 3.125% 9/18/28 12/19/2023 4581X0DC9 (11,909.72) - - - - INTEREST EARNED ON F N M A #MA0022 4.500% 4/01/29 $1 PV ON 17.9200 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31417YAY3 17.92 - - - - INTEREST EARNED ON F N M A #748678 5.000% 10/01/33 $1 PV ON 1.9400 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31403GXF4 1.94 - - - - INTEREST EARNED ON F N M A #745580 5.000% 6/01/36 $1 PV ON 156.4400 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31403DJZ3 156.44 - - - - INTEREST EARNED ON F N M A GTD REMIC 2.472% 2/25/41 $1 PV ON 347.8600 SHARES DUE 12/25/2023 $0.00510/PV ON 68,179.24 PV DUE 12/26/2023 31397QRE0 347.86 - - - - INTEREST EARNED ON F H L M C MLTCL MT 6.49999% 9/25/43 $1 PV ON 1921.2300 SHARES DUE 12/25/2023 $0.00542/PV ON 354,688.46 PV DUE 12/26/2023 31394JY35 1,921.23 - - - - INTEREST EARNED ON F N M A #815971 5.000% 3/01/35 $1 PV ON 220.9700 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31406PQY8 220.97 - - - - INTEREST EARNED ON F N M A #826080 5.000% 7/01/35 $1 PV ON 30.0700 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31407BXH7 30.07 - - - - INTEREST EARNED ON F N M A #823358 4.564% 2/01/35 $1 PV ON 53.6300 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31406XWT5 53.63 - - - - INTEREST EARNED ON F N M A #AL0869 4.500% 6/01/29 $1 PV ON 10.7400 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 3138EG6F6 10.74 - - - - INTEREST EARNED ON F N M A #888336 5.000% 7/01/36 $1 PV ON 261.3000 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31410F4V4 261.30 - - - - INTEREST EARNED ON BMW VEHICLE LEASE 5.160% 11/25/25 $1 PV ON 3289.5000 SHARES DUE 12/25/2023 $0.00430/PV ON 765,000.00 PV DUE 12/26/2023 05593AAC3 3,289.50 - - - - INTEREST EARNED ON F H L M C MLTCL MT 3.350% 1/25/28 $1 PV ON 15186.6700 SHARES DUE 12/25/2023 $0.00279/PV ON 5,440,000.00 PV DUE 12/26/2023 3137FETN0 15,186.67 - - - - INTEREST EARNED ON AMRESCO 3.94896% 6/25/29 $1 PV ON 340.2500 SHARES DUE 12/25/2023 $0.00329/PV ON 103,394.09 PV DUE 12/25/23 12/26/2023 03215PFN4 340.25 - - - - INTEREST EARNED ON BMW VEH OWNER TR 5.470% 2/25/28 $1 PV ON 1415000.0000 SHARES DUE 12/25/2023 12/26/2023 05592XAD2 6,450.04 - - - - INTEREST EARNED ON F H L M C MLTCL MT 3.850% 5/25/28 $1 PV ON 23260.4100 SHARES DUE 12/25/2023 $0.00321/PV ON 7,250,000.00 PV DUE 12/26/2023 3137FG6X8 23,260.41 - - - - INTEREST EARNED ON BMW VEH OWNER TR 3.210% 8/25/26 $1 PV ON 6767.7500 SHARES DUE 12/25/2023 $0.00268/PV ON 2,530,000.00 PV DUE 12/26/2023 05602RAD3 6,767.75 - - - - 27 of 28 Transaction Type Entry Date CUSIP Id Net Cash Amt Price Units Cost Gain/Loss U.S. Bank Transaction History 10/01/23 - 12/31/23 INTEREST EARNED ON BMW VEHICLE LEASE 1.100% 3/25/25 $1 PV ON 780.1400 SHARES DUE 12/25/2023 $0.00092/PV ON 851,063.42 PV DUE 12/26/2023 05601XAC3 780.14 - - - - INTEREST EARNED ON F N M A #257179 4.500% 4/01/28 $1 PV ON 14.9100 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31371NUC7 14.91 - - - - INTEREST EARNED ON F N M A #357969 5.000% 9/01/35 $1 PV ON 147.0700 SHARES DUE 12/25/2023 NOVEMBER FNMA DUE 12/25/23 12/26/2023 31376KT22 147.07 - - - - INTEREST EARNED ON F H L B GTD REMIC 3.171% 10/25/24 $1 PV ON 13101.8300 SHARES DUE 12/25/2023 $0.00264/PV ON 4,958,117.90 PV DUE 12/26/2023 3137BFE98 13,101.83 - - - - INTEREST EARNED ON F H L M C MLTCL MTG 3.120% 9/25/26 $1 PV ON 13000.0000 SHARES DUE 12/25/2023 $0.00260/PV ON 5,000,000.00 PV DUE 12/26/2023 3137BSRE5 13,000.00 - - - - INTEREST EARNED ON BMW VEHICLE LEASE 0.330% 12/26/24 $1 PV ON 11.1000 SHARES DUE 12/25/2023 $0.00028/PV ON 40,342.67 PV DUE 12/26/2023 09690AAC7 11.10 - - - - STATE COST OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -2600.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 12/27/2023 912828WU0 - - - - - BOOK VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -2600.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 12/27/2023 912828WU0 - - - - - INTEREST EARNED ON AMERICAN HONDA MTN 2.400% 6/27/24 $1 PV ON 1017000.0000 SHARES DUE 12/27/2023 12/27/2023 02665WCZ2 12,204.00 - - - - FED BASIS OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -2600.00 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 12/27/2023 912828WU0 - - - (2,600.00) - PAR VALUE OF U S TREASURY I P S 0.125% 7/15/24 ADJUSTED BY -2600.0000 UNITS DECREASE TO ADJUST FOR CHANGE IN CPI 12/27/2023 912828WU0 - - (2,600.00) - - INTEREST EARNED ON U S TREASURY BILL 12/28/23 $1 PV ON 10000000.0000 SHARES DUE 12/28/2023 10,000,000 PAR VALUE AT 100 % 12/28/2023 912796ZN2 264,026.39 - - - - PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 4.375% 11/30/28 12/29/2023 91282CJN2 (8,666.33) - - - - PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 4.375% 11/30/28 12/29/2023 91282CJN2 (36,398.57) - - - - Total Other 68,083,409.87 87,776.00 87,442.95 - 28 of 28 December 31, 2023 Orange County Sanitation District Investment Measurement Service Quarterly Review Important Disclosures regarding the use of this document are included at the end of this document. These disclosures are an integral part of this document and should be considered by the user. Orange County Sanitation District Executive Summary for Period Ending December 31, 2023 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, $2.5 million was distributed from the Long Term Operating Fund and $65.5 million was added to the Liquid Operating Monies. Organizational Issues ⎯ N/A Fixed Income Market Snapshot ⎯ The 10-year U.S. Treasury yield was volatile in 2023 — ranging from an April low of 3.31% post the regional banking “crisis” to the October high of 4.99% and subsequently declining into year- end for a 3.88% close. Falling rates drove returns for the Bloomberg US Aggregate to +6.8% in 4Q and +5.5% in 2023, a sharp contrast to the -1.2% YTD print as of 9/30. Corporate credit strongly outperformed U.S. Treasuries in 4Q (excess returns of 203 bps) and for the year (455 bps). High yield (Bloomberg US High Yield) climbed 7.2% for the quarter and was up an equity-like 13.4% for the year. The yield curve remained inverted, but to a much lesser extent; 35 bps between the 2- year and 10-year U.S. Treasury yields versus more than 100 bps earlier in the year. The December 31, 2023 September 30, 2023 Market Value Weight Net New Inv.Inv. Return Market Value Weight Chandler Long Term Operating Fund 733,303,258 77.83%(2,500,000)21,761,843 714,041,415 83.48% Chandler Liquid Operating Monies 208,922,016 22.17%65,500,000 2,139,396 141,282,620 16.52% Total Fund $942,225,274 100.0%$63,000,000 $23,901,239 $855,324,035 100.0% Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund^3.17%4.94%(0.28%)1.63%1.56% Chandler 3.17%4.94%(0.28%)1.63%1.56% Blmbg Govt/Cred 1-5 Year Idx 3.44%4.89%(0.62%)1.54%1.48% ML 1-5 Govt/Corp 3.34%4.89%(0.60%)1.55%1.49% Liquid Operating Monies^1.41%5.16%2.18%1.95%1.79% Chandler 1.41%5.16%2.18%1.95%1.79% Citigroup 3-Month Treasury Bill 1.41%5.26%2.25%1.91%1.75% Total Fund 2.85%5.01%0.17%1.68%1.59% Target*2.95%4.97%(0.03%)1.63%1.55% 2 Orange County Sanitation District Bloomberg Municipal Bond Index soared 7.9% in 4Q, reversing its YTD 1.4% decline as of 9/30; the index was up 6.4% for the year. Investment Manager Performance ⎯ The Long Term Operating Fund grew 3.17% in the fourth quarter, slightly underperforming the ICE Corp/Gov 1-5 Year Index return of 3.34%. Over the trailing year, the portfolio appreciated 4.94%, in line with the 4.89% return of the benchmark. The fund ranks in the bottom quartile among peers over the trailing three-, five-, and seven-year periods. ⎯ The Long Term Operating Fund duration and allocation exposure remained relatively consistent from the third quarter to the fourth quarter. The Fund benefited from a slight decrease in duration as forecasts suggest that the Fed has ended the rate hiking cycle and may cut rates soon. The Fund’s allocation to US treasuries increased, while allocations to corporates, agencies, and asset-backed securities decreased. The portfolio had less than 30% invested in credit (25%) and less than the allowable 20% invested in the combination of asset-backed securities (9%), commercial mortgage-backed securities (0%), and CMOs (3%) as of December 31, 2023 (see page 20). ⎯ The Liquid Operating Portfolio returned 1.37% in the fourth quarter, performing similarly to the Citigroup 3-Month Treasury Bill Index’s return of 1.41%. Over the trailing year, the fund grew 5.00%, which trailed the index’s return of 5.26%. Please reach out to me should you have any questions or need any additional information. Cordially, Alexander Ford Vice President, Fund Sponsor Consulting Callan LLC Table of Contents December 31, 2023 Capital Market Review 1 Active Management Overview Market Overview 7 Domestic Fixed Income 8 Asset Allocation 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 12.1% 12.0% 14.2% 9.5% 11.7% 12.8% 13.4% 14.0% 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 26.0% 26.5% 42.7% 11.5% 26.3% 17.2% 17.4% 16.9% Source: S&P Dow Jones Indices S&P Sector Returns, Quarter Ended 12/31/23 Last Quarter 11.0%12.4% 5.5% -6.9% 14.0% 6.4% 13.1% 17.2% 9.7% 18.8% 8.6% Services Communication Discretionary Consumer Staples Consumer Energy Financials Health Care Industrials Technology Information Materials Real Estate Utilities U.S. EQUITY End-of-the-year rally –U.S. equity markets rebounded in the last two months of the year as the impact of possible rate cuts in 2024 started to get priced in. –The S&P 500 Index approached a record high as the year closed. Of note, 2023 was the first year since 2012 that the S&P failed to reach a high-water mark. That said, the index was up an impressive 11.7% in 4Q and 26.3% for the year. –The tech sector was the clear winner for the quarter and the year (+17.2%; +57.8%) while Energy (-6.9%; -1.3%) was the only sector to register both a 4Q and 2023 decline. –2023 saw the narrowest breadth of leadership (“the Magnificent Seven”) since 1987, with just 27% of stocks outperforming the S&P 500. Historically, such concentrated leadership has not been the sign of a healthy market. –Fourth quarter and 2023 returns for the bunch were impressive: Alphabet: +6.8%, +58.8%; Amazon: +19.5%, +80.9%; Apple: +12.6%, +49.0%; Meta: +17.9%; +194.1%; Microsoft: +19.3%, +58.2%; NVIDIA: +13.9%, +239.0%; Tesla: -0.7%, +101.7%. –The index would have been up only about 10% for the year without these stocks, and the equal-weighted S&P 500 returned 11.9% in 4Q and 13.9% in 2023. –However, gains started broadening out in the last two months of the year with the equal-weighted S&P index outperforming the capitalization-weighted version. –Smaller cap stocks also outperformed their large cap counterparts in 4Q23, further proof of the broadening out of returns. –For the full year, large cap stocks outperformed small cap stocks by almost 10 percentage points. –Growth vs. value performance was mixed across market capitalization during the quarter. Within large cap, growth outperformed value, while the opposite was true within small cap. Capital Markets Overview 4Q23 Sources: FTSE Russell, S&P Dow Jones Indices Capital Markets Overview (continued)4Q23 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 10.4% 11.0% 11.4% 9.8% 10.5% 10.1% 10.6% 12.3% 6.9% 11.4% 8.2% 7.9% -4.2% 4.0% 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 18.2% 22.2% 23.8% 15.6% 17.9% 15.7% 12.6% 21.7% 14.1% 6.4% 20.3% 9.8% -11.2% 11.6% Source: MSCI Global markets in the black for 4Q Broad market –Dovish signaling from central banks and dropping yields led to a broad market rally in 4Q23. –Global ex-U.S. small caps reclaimed some of their lagging performance in 4Q but ended the year as the worst- performing broad-based index, albeit up over 12%. Elevated borrowing costs and the persistent risk of a recession have kept investors away. –Japan’s low rates have benefited exporters, and the threat of being delisted spurred a stock buy-back spree. Coupled with an increased focus on governance, this spurred Japan to a multi-decade high. Emerging markets –Emerging markets underperformed developed markets. –India's rally couldn't overcome China's weakness, whose economic growth was near the government's target, but investor concerns around stimulus and a surprisingly sluggish reopening drove stocks lower. Growth vs. value –Energy, a volatile area in the market, pulled back value's rally after having a strong 3Q. Global ex-U.S. growth rallied on lowering yields but couldn't overcome earlier underperformance and ended the year behind its value peers in both emerging and developed markets. U.S. dollar vs. other currencies –The U.S. dollar weakened in 4Q as investors believed that U.S. interest rates would fall faster than much of the developed world. China: Danger or opportunity? Long-term growth potential –China has the second-largest GDP and the world’s largest population of consumers. Valuation ‒Valuations remain attractive on a forward P/E basis. Structural challenges ‒Inbound foreign direct investment (FDI) for China went negative for the first time as local markets remained weak and geopolitical tensions persisted. ‒China is run by an authoritarian regime that may act against investors’ best interests. Bloomberg Gov/Cr 1-3 Yr Bloomberg Interm Gov/Cr Bloomberg Aggregate Bloomberg Long Gov/Cr Bloomberg Universal CS Leveraged Loans Bloomberg High Yield Bloomberg TIPS U.S. Fixed Income: Quarterly Returns 2.7% 4.6% 6.8% 13.2% 6.8% 2.9% 7.2% 4.7% Bloomberg Gov/Cr 1-3 Yr Bloomberg Interm Gov/Cr Bloomberg Aggregate Bloomberg Long Gov/Cr Bloomberg Universal CS Leveraged Loans Bloomberg High Yield Bloomberg TIPS U.S. Fixed Income: One-Year Returns 4.6% 5.2% 5.5% 7.1% 6.2% 13.0% 13.4% 3.9% 3% 4% 5% 6% 0 5 10 15 20 25 30 Maturity (Years) 12/31/2023 09/30/2023 12/31/2022 U.S. Treasury Yield Curves U.S. FIXED INCOME Strong returns at end of year –Driven by falling rates and strong risk-on sentiment, the Agg returned 6.8%, the highest quarterly return since 2Q89 (when the 90-day T-bill was over 8% and inflation hit 14% earlier in the decade)! –10-year U.S. Treasury yield closed the year at 3.88% –A round trip from December 2022, masking significant volatility during the year –High was 4.98% in October and low was 3.30% in April –Corporates and mortgages outperformed Treasuries for the quarter and year. –High yield corporates soared as defaults remained low and the economy resilient. U.S. Treasury yield curve remained inverted, but less so –106 bps as of 6/30; 44 bps as of 9/30; 35 bps as of 12/31 Fed kept Fed Funds rate on hold and softened language –Pivoted from “higher for longer” to projected rate cuts in 2024 –Inflation over past six months below Fed’s 2% target –Core PCE Price Index was 1.9% annualized in November. –Markets expect six rate cuts in 2024 versus three in the Fed’s Summary of Economic Projections. Valuations –Investment grade and high yield corporate spreads now below 10-year averages MUNICIPAL BONDS Gains in 4Q and a superb November –November was the best month since August 1982. –Helped by falling yields, muted issuance, and strong demand –Reversed the -1.4% year-to-date return as of 9/30 BBBs performed best for quarter and year –AAA: +8.4%; +5.8% –AA: +7.6%; +5.9% –A: +8.0%; +7.3% –BBB: +9.2%; +8.9% Capital Markets Overview (continued)4Q23 Sources: Bloomberg, Credit Suisse Bloomberg Global Aggregate Bloomberg Global Agg (hdg) Bloomberg Global High Yield Bloomberg Global Agg ex US JPM EMBI Global Diversified JPM GBI-EM Global Diversified JPM EMBI Gl Div/JPM GBI-EM Gl Div JPM CEMBI Global Fixed Income: Quarterly Returns 8.1% 6.0% 8.6% 9.2% 9.2% 8.1% 8.6% 5.3% Bloomberg Global Aggregate Bloomberg Global Agg (hdg) Bloomberg Global High Yield Bloomberg Global Agg ex US JPM EMBI Global Diversified JPM GBI-EM Global Diversified JPM EMBI Gl Div/JPM GBI-EM Gl Div JPM CEMBI Global Fixed Income: One-Year Returns 5.7% 7.1% 14.0% 5.7% 11.1% 12.7% 11.9% 7.2% Change in 10-Year Global Government Bond Yields MUNICIPAL BONDS (continued) Valuations –Credit spreads close to historical averages –Mortgage spreads widened on interest rate volatility and slowing prepayments. Valuations vs. U.S. Treasuries richened –10-year AAA Muni/10-year U.S. Treasury yield ratio 59%, down from 75% as of 9/30 –Well below 10-year median of 87% –After-tax yields remain attractive at 5.4% (source: Morgan Stanley). Fundamentals for state, local governments remain sound –Upgrades exceeded downgrades in 2023. GLOBAL FIXED INCOME Falling rates bolstered 4Q returns globally –Central banks seen as moving closer to cutting rates as inflation moderated –Gains were broad-based across countries with the U.S. lagging other developed markets in unhedged terms. –Emerging markets also posted strong results with gains across most countries. U.S. dollar weakened –Major currencies rose compared to the dollar in 4Q. Emerging markets also posted strong results –Gains across most countries Capital Markets Overview (continued)4Q23 Sources: Bloomberg, JP Morgan -69 bps -32 bps -90 bps -92 bps -15 bps -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 U.S. Treasury Germany U.K. Canada Japan 3Q23 to 4Q23 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, 2023 Re t u r n s (10%) (5%) 0% 5% 10% 15% 20% 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 (57) (22) (41) (67) (57) (90) 10th Percentile 15.41 15.30 13.08 7.32 10.62 2.3725th Percentile 14.10 13.79 11.26 7.14 10.50 0.51 Median 12.14 12.51 10.07 6.95 10.22 (0.14) 75th Percentile 10.40 11.00 8.93 6.75 8.06 (0.94)90th Percentile 9.16 9.50 7.72 6.52 5.95 (3.06) Index 11.69 14.03 10.42 6.82 9.91 (3.02) Range of Separate Account Manager Returns by Asset Class One Year Ended December 31, 2023 Re t u r n s (30%) (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 vs S&P 500 Russell 2000 MSCI EAFE Blmbg Aggr Bd Citi Non-US Govt NCREIF Index (50) (56)(46) (86)(59) (63) 10th Percentile 44.61 23.32 22.05 6.83 9.45 7.62 25th Percentile 39.15 20.11 20.34 6.49 7.93 2.34Median 26.41 17.35 18.08 6.17 6.78 (5.53)75th Percentile 14.53 13.93 15.93 5.88 4.00 (10.70)90th Percentile 10.45 10.19 14.48 5.36 3.82 (15.62) Index 26.29 16.93 18.24 5.53 5.83 (7.94) 7Orange County Sanitation District Domestic Fixed Income Active Management Overview The 10-year U.S. Treasury yield was volatile in 2023. It began the year at 3.88%; the same place it closed at the end of 2022. During 2023, it hit an April low of 3.31% post the regional banking crisis and a high in October of 4.99%. Falling rates in November and December drove returns for the Bloomberg US Aggregate to a lofty +6.8% in 4Q and a solid +5.5% for the year. Corporate credit strongly outperformed U.S. Treasuries in 4Q (excess returns of 203 bps) and for the year (455 bps). High yield (Bloomberg US High Yield Corporate Index) climbed 7.2% for the quarter and was up an equity-like 13.4% for the year. Credit spreads for investment grade and high yield corporates ended the year below 10-year averages. Separate Account Style Group Median Returns for Quarter Ended December 31, 2023 0% 5% 10% 15% 20% 2.94 Defensive 4.83 Intermed 6.95 CoreBond 7.17 Core Plus 13.35 ExtendedMaturity 3.00 BankLoans 6.87 High Yield Re t u r n s Blmbg Aggregate: 6.82% Blmbg High Yield: 7.16% Blmbg Long Gov/Cred: 13.24% Separate Account Style Group Median Returns for One Year Ended December 31, 2023 0% 5% 10% 15% 20% 5.35 Defensive 5.74 Intermed 6.17 Core Bond 6.90 Core Plus 7.77 Extended Maturity 12.77 Bank Loans 13.06 High Yield Re t u r n s Blmbg Aggregate: 5.53% Blmbg High Yield: 13.44% Blmbg Long Gov/Cred: 7.13% 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, 2023, with the distribution as of September 30, 2023. 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, 2023 September 30, 2023 Market Value Weight Net New Inv. Inv. Return Market Value Weight Chandler Long Term Operating Fund 733,303,258 77.83%(2,500,000)21,761,843 714,041,415 83.48% Chandler Liquid Operating Monies 208,922,016 22.17% 65,500,000 2,139,396 141,282,620 16.52% Total Fund $942,225,274 100.0% $63,000,000 $23,901,239 $855,324,035 100.0% 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, 2023. 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, 2023 Last Last Last Last Last 3 5 7 Quarter Year Years Years Years Domestic Fixed Income Long Term Operating Fund^ 3.17% 4.94%(0.28%)1.63% 1.56% Chandler 3.17% 4.94%(0.28%)1.63% 1.56% Blmbg Govt/Cred 1-5 Year Idx 3.44% 4.89%(0.62%)1.54% 1.48% ML 1-5 Govt/Corp 3.34% 4.89%(0.60%)1.55% 1.49% Liquid Operating Monies^ 1.41% 5.16% 2.18% 1.95% 1.79% Chandler 1.41% 5.16% 2.18% 1.95% 1.79% Citigroup 3-Month Treasury Bill 1.41% 5.26% 2.25% 1.91% 1.75% Total Fund 2.85% 5.01% 0.17% 1.68% 1.59% Target* 2.95% 4.97%(0.03%)1.63% 1.55% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. 11Orange County Sanitation 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, 2023. 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, 2023 Last Last Last 10 15 28-1/4 Years Years Years Domestic Fixed Income Long Term Operating Fund^ 1.53% 2.06% 3.74% Blmbg Govt/Cred 1-5 Year Idx 1.43% 1.90% 3.58% ML 1-5 Govt/Corp 1.46% 1.96% 3.60% Liquid Operating Monies^ 1.33% 0.98% 2.47% Citigroup 3-Month Treasury Bill 1.26% 0.87% 2.22% Total Fund 1.48% 1.86% 3.55% Target*1.42% 1.75% 3.33% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. 12Orange County Sanitation 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. 2023 2022 2021 2020 2019 Domestic Fixed Income Long Term Operating Fund^ 4.94%(4.75%) (0.79%)4.42% 4.70% Chandler 4.94%(4.75%) (0.79%)4.42% 4.70% Blmbg Govt/Cred 1-5 Year Idx 4.89%(5.50%) (0.97%)4.71% 5.01% ML 1-5 Govt/Corp 4.89%(5.54%) (0.87%)4.65% 5.08% Liquid Operating Monies^ 5.16% 1.30% 0.15% 0.84% 2.39% Chandler 5.16% 1.30% 0.15% 0.84% 2.39% Citigroup 3-Month Treasury Bill 5.26% 1.50% 0.05% 0.58% 2.25% Total Fund 5.01%(3.70%) (0.61%)3.73% 4.26% Target* 4.97%(4.16%) (0.68%)3.82% 4.51% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. 13Orange County Sanitation 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. 2018 2017 2016 2015 2014 Domestic Fixed Income Long Term Operating Fund^ 1.60% 1.18% 1.58% 0.85% 1.98% Blmbg Govt/Cred 1-5 Year Idx 1.38% 1.27% 1.56% 0.97% 1.42% ML 1-5 Govt/Corp 1.40% 1.28% 1.62% 1.05% 1.51% Liquid Operating Monies^ 1.90% 0.91% 0.47% 0.22% 0.09% Citigroup 3-Month Treasury Bill 1.86% 0.84% 0.27% 0.03% 0.03% Total Fund 1.72% 1.02% 1.15% 0.80% 1.73% Target* 1.49% 1.19% 1.35% 0.85% 1.21% * Current Quarter Target = 80.0% ICE Corp/Gov 1-5 Yr and 20.0% FTSE 3 Mo T-Bill. ^Assets were transferred in kind to Chandler on 12/1/2014. Previous performance reflects PIMCO. 14Orange County Sanitation 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 0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%2.2%2.4%2.6%2.8%3.0% 1.45% 1.50% 1.55% 1.60% 1.65% 1.70% 1.75% 1.80% Total Fund Blmbg Gov/Cred 1-5 Yr FTSE 3 Mo T-Bill Total Fund Target ICE Corp/Gov 1-5 Yr Standard Deviation Re t u r n s Seven Year Annualized Risk vs Return Asset Classes vs Asset Class Median 0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%2.2%2.4% 1.55% 1.60% 1.65% 1.70% 1.75% 1.80% 1.85% 1.90% 1.95% Total FundCallan 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, 2023 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 3.17% return for the quarter placing it in the 23 percentile of the Callan Short Term Fixed Income group for the quarter and in the 81 percentile for the last year. Long Term Operating Fund’s portfolio underperformed the ICE Corp/Gov 1-5 Yr by 0.17% for the quarter and outperformed the ICE Corp/Gov 1-5 Yr for the year by 0.05%. Quarterly Asset Growth Beginning Market Value $714,041,415 Net New Investment $-2,500,000 Investment Gains/(Losses) $21,761,843 Ending Market Value $733,303,258 Performance vs Callan Short Term Fixed Income (Gross) (2%) (1%) 0% 1% 2% 3% 4% 5% 6% 7% 8% Last Quarter Last Last 3 Years Last 5 Years Last 9 Years Last 7 Years Last 10 Years Last 28-1/4 Year Years B(11)A(23)(15) A(81)B(87)(87) A(89)B(98)(97) A(88)B(91)(90)A(81)B(87)(84)A(86)B(92)(91)A(78)B(84)(81) A(27)B(49)(45) 10th Percentile 3.48 6.38 1.31 2.63 2.25 2.44 2.25 4.0125th Percentile 3.13 5.75 0.82 2.21 2.01 2.08 1.96 3.76Median 2.94 5.35 0.56 2.02 1.76 1.90 1.73 3.57 75th Percentile 2.77 5.05 0.18 1.75 1.61 1.71 1.57 3.37 90th Percentile 2.08 4.72 (0.32)1.56 1.40 1.50 1.37 3.04 Long TermOperating Fund A 3.17 4.94 (0.28)1.63 1.48 1.56 1.53 3.74 Blmbg Govt/Cred 1-5 Year Idx B 3.44 4.89 (0.62)1.54 1.43 1.48 1.43 3.58 ICE Corp/Gov 1-5 Yr 3.34 4.89 (0.60)1.55 1.46 1.49 1.46 3.60 Relative Return vs ICE Corp/Gov 1-5 Yr Re l a t i v e R e t u r n s (0.8%) (0.6%) (0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6% 0.8% 2017 2018 2019 2020 2021 2022 2023 Long Term Operating Fund Callan Short Term Fixed Income (Gross) Annualized Seven Year Risk vs Return 0 1 2 3 4 5 6 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Long Term Operating Fund ICE Corp/Gov 1-5 Yr Blmbg Govt/Cred 1-5 Year Idx Standard Deviation Re t u r n s 17Orange County Sanitation District 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) (8%)(6%) (4%) (2%) 0%2%4% 6% 8% 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 A(81)B(87)87 A(81)B(95)95 A(89)B(99)94 B(23)A(33)24 B(22)A(35)20 A(66)B(87)86 B(59)A(65)58 A(48)B(49)47 B(34)A(61)26 A(4)B(17)10 10th Percentile 6.38 (1.90)0.75 5.12 5.48 2.02 2.30 2.81 1.18 1.5025th Percentile 5.75 (2.89)0.14 4.55 4.96 1.83 1.76 2.19 1.05 1.28Median 5.35 (3.34) (0.22)3.98 4.53 1.69 1.34 1.55 0.90 1.1175th Percentile 5.05 (4.49) (0.45)3.56 4.06 1.53 0.95 1.16 0.76 0.87 90th Percentile 4.72 (4.93) (0.82)2.41 3.56 1.33 0.66 1.04 0.62 0.73 Long TermOperating Fund A 4.94 (4.75) (0.79)4.42 4.70 1.60 1.18 1.58 0.85 1.98Blmbg Govt/Cred 1-5 Year Idx B 4.89 (5.50) (0.97)4.71 5.01 1.38 1.27 1.56 0.97 1.42 ICE Corp/Gov1-5 Yr 4.89 (5.54) (0.87)4.65 5.08 1.40 1.28 1.62 1.05 1.51 Cumulative and Quarterly Relative Returns vs ICE Corp/Gov 1-5 Yr Qu a r t e r l y R e l a t i v e R e t u r n s Cu m u l a t i v e R e l a t i v e R e t u r n s (0.6%) (0.4%) (0.2%) 0.0% 0.2% 0.4% 0.6% 0.8% (3%) (2%) (1%) 0% 1% 2% 3% 4% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Long Term Operating Fund Blmbg Govt/Cred 1-5 Year Idx Callan Short Fixed Inc Risk Adjusted Return Measures vs ICE Corp/Gov 1-5 Yr Rankings Against Callan Short Term Fixed Income (Gross) Seven Years Ended December 31, 2023 (0.4) (0.2) 0.0 0.2 0.4 0.6 0.8 1.0 Alpha Sharpe Excess Return Ratio Ratio A(83)B(87)A(85)B(89) A(80) B(96) 10th Percentile 0.86 0.26 0.5725th Percentile 0.51 0.16 0.47 Median 0.33 0.07 0.35 75th Percentile 0.16 (0.01)0.24 90th Percentile (0.07) (0.11)0.01 Long Term Operating Fund A 0.04 (0.07)0.16 Blmbg Govt/Cred 1-5 Year Idx B (0.01) (0.09) (0.12) 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, 2023 (1) 0 1 2 3 4 5 6 7 Average Effective Coupon OA Duration Life Yield Rate Convexity (14)(9)(22)(20) (97) (92)(87) (11) 10th Percentile 2.55 3.09 6.21 4.82 0.0925th Percentile 2.01 2.55 5.39 4.24 0.06Median 1.83 2.08 5.11 3.86 0.03 75th Percentile 1.70 1.88 4.81 3.13 0.01 90th Percentile 1.14 1.53 4.57 2.69 (0.10) Long Term Operating Fund 2.44 2.64 - 2.56 - ICE Corp/Gov 1-5 Yr 2.58 2.78 4.45 2.82 0.09 Sector Allocation and Quality Ratings The first graph compares the manager’s sector allocation with the average allocation across all the members of the manager’s style. The second graph compares the manager’s weighted average quality rating with the range of quality ratings for the style. Sector Allocation December 31, 2023 0%10%20%30%40%50%60%70%80% US Trsy 40.733.1 63.8 Corp (incl 144A)25.1 50 % Mg r M V 50 % Mg r M V 43.528.1 Gov Related 13.40.8 8.1 ABS 9.2 17.9 Other 8.1 CMOs 3.10.3 Cash 0.40.6 CMBS 3.8 RMBS 0.1 Long Term Operating Fund Callan Short Term Fixed Income ICE Corp/Gov 1-5 Yr Quality Ratings vs Callan Short Term Fixed Income A- A A+ AA- AA AA+ AAA Trsy Weighted Average Quality Rating (65)(65) 10th Percentile AA25th Percentile AAMedian AA 75th Percentile A 90th Percentile A Long Term Operating Fund AA ICE Corp/Gov 1-5 Yr AA 19Orange County Sanitation District Long Term Operating Fund Portfolio Characteristics Summary As of December 31, 2023 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 41% Cash 0% Corp (incl 144A) 25% CMOs 3% Gov Related13% Other 8% ABS 9% ML:Corp/Gov 1-5 Yr US Trsy 64% Gov Related 8% Corp (incl 144A) 28% Duration Distribution 0% 10% 20% 30% 40% 50% 60% 70% 80% <1 5.2 2.1 1-3 45.5 62.4 3-5 49.3 35.6 5-7 0.0 0.0 7-10 0.0 0.0 >10 0.0 0.0 Years Duration Pe r c e n t o f P o r t f o l i o Weighted Average: Duration Long Term Operating Fund: ML:Corp/Gov 1-5 Yr: 2.44 2.58 Quality Distribution 0% 20% 40% 60% 80% 100% AAA 17.6 3.8 AA 58.5 69.5 A 19.0 13.3 BBB 0.8 13.4 BB 0.0 0.1 B 0.0 0.0 CCC 0.0 0.0 CC 0.0 0.0 C 0.0 0.0 N/R 4.1 0.0 Quality Rating Pe r c e n t o f P o r t f o l i o Weighted Average: Quality Long Term Operating Fund: ML:Corp/Gov 1-5 Yr: AA AA 20Orange County Sanitation District Chandler-Liquid Operating Money Period Ended December 31, 2023 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 1.37% return for the quarter placing it in the 44 percentile of the Callan Money Market Funds group for the quarter and in the 46 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 underperformed the Citigroup 3-Month Treasury Bill for the year by 0.26%. Quarterly Asset Growth Beginning Market Value $141,282,620 Net New Investment $65,500,000 Investment Gains/(Losses) $2,139,396 Ending Market Value $208,922,016 Performance vs Callan Money Market Funds (Net) 0% 1% 2% 3% 4% 5% 6% 7% Last Quarter Last Last 3 Years Last 5 Years Last 9 Years Last 7 Years Last 10 Years Last 28-1/4 Year Years (44)(38) (46)(30) (53)(12) (37)(27) (30)(25)(35)(27) (29)(23) (11)(19) 10th Percentile 2.04 6.20 2.28 2.21 1.81 2.03 1.67 2.3425th Percentile 1.70 5.48 2.15 1.93 1.39 1.78 1.23 2.17 Median 1.34 4.97 2.03 1.71 1.19 1.53 1.07 2.04 75th Percentile 1.27 4.75 1.90 1.60 1.09 1.40 0.98 1.95 90th Percentile 1.23 4.55 1.58 1.45 0.97 1.25 0.88 1.82 Liquid Operating Money Net 1.37 5.00 2.02 1.80 1.32 1.64 1.18 2.32 Citigroup 3-MonthTreasury Bill 1.41 5.26 2.25 1.91 1.39 1.75 1.26 2.22 Relative Returns vs Citigroup 3-Month Treasury Bill Re l a t i v e R e t u r n s (0.30%) (0.20%) (0.10%) 0.00% 0.10% 0.20% 0.30% 0.40% 2017 2018 2019 2020 2021 2022 2023 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% 3.0% 3.5% 4.0% 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) (2%) (1%)0%1% 2% 3% 4%5%6% 7% 8% 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 4630 6117 8822 2426 2827 2312 3530 2932 2236 9822 10th Percentile 6.20 1.57 0.19 1.70 3.20 1.89 1.42 1.32 0.28 0.3525th Percentile 5.48 1.43 0.03 0.62 2.32 1.72 0.91 0.39 0.06 0.03 Median 4.97 1.27 0.01 0.34 1.96 1.53 0.61 0.14 0.01 0.01 75th Percentile 4.75 0.38 0.01 0.27 1.76 1.31 0.42 0.05 0.01 0.0190th Percentile 4.55 (0.95) (0.03)0.19 1.50 1.07 0.23 0.01 0.00 0.00 Liquid Operating Money Net 5.00 1.14 (0.00)0.69 2.24 1.75 0.76 0.32 0.07 (0.06) Citigroup 3-MonthTreasury Bill 5.26 1.50 0.05 0.58 2.25 1.86 0.84 0.27 0.03 0.03 Cumulative and Quarterly Relative Returns vs Citigroup 3-Month Treasury Bill Qu a r t e r l y R e l a t i v e R e t u r n s Cu m u l a t i v e R e l a t i v e R e t u r n s (0.15%) (0.10%) (0.05%) 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% (1.4%) (1.2%) (1.0%) (0.8%) (0.6%) (0.4%) (0.2%) (0.0%) 0.2% 0.4% 0.6% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 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, 2023 (5) (4) (3) (2) (1) 0 1 Alpha Sharpe Excess Return Ratio Ratio (28)(35) (35) 10th Percentile 0.10 0.18 0.26 25th Percentile (0.05)0.05 0.05 Median (0.22) (0.25) (2.39) 75th Percentile (0.35) (0.41) (3.35)90th Percentile (0.50) (0.60) (3.66) Liquid Operating Money Net (0.08) (0.11) (0.72) 22Orange County Sanitation District Callan Research/Education Quarterly Highlights The Callan Institute provides research to update clients on the latest industry trends, carefully structured educational programs to enhance the knowledge of industry professionals, and events to enhance dialogue among investing professionals. Visit www.callan.com/ research-library to see all of our publications, and www.callan.com/blog to view our blog. For more information contact Barb Gerraty at 415- 274-3093 / institute@callan.com. New Research from Callan’s Experts 2023 Nuclear Decommissioning Funding Study | Callan’s annu- al study offers key insights into the status of nuclear decommission- ing funding to make peer comparisons more accurate and relevant. 2023 Investment Management Fee Study | The purpose of the study is to provide a detailed analysis on fee levels and trends across multiple asset classes and mandate sizes, for both active and passive management. 2023 Asset Manager ESG Study | Callan’s inaugural ESG Study analyzes responses to various environmental, social, and gover- nance questions in Callan’s manager database by irm size, asset class, country of domicile, and ownership structure. Webinar Replays Research Cafe: Oice-to-Residential Conversions | During this interview, Callan specialists Aaron Quach and Christine Mays of Callan’s Real Assets Consulting Group discuss ofice-to-residential conversions. Webinar: Callan’s Retirement Conundrum | During this discus- sion, representatives from Callan and October Three (a human re- source and actuarial consulting irm) discuss how a small provision in SECURE 2.0 has paved the way for cash-balance pension plans to meet retirement income needs. Blog Highlights How Your Public DB Plan’s Returns Compare | This 3Q23 update to our quarterly series of blog posts provides context for public de- ined beneit (DB) plans about their returns over time. ILS on Pace for Banner Year in 2023 | When reviewing hedge fund portfolios, those investing in insurance-linked securities (ILS) are inding that this oft-overlooked strategy is buoying performance. Quarterly Updates Private Equity Update, 3Q23 | A high-level summary of private eq- uity activity in the quarter through all the investment stages Active vs. Passive Charts, 3Q23 | A comparison of active manag- ers alongside relevant benchmarks over the long term Market Pulse, 3Q23 | A quarterly market reference guide covering trends in the U.S. economy, developments for institutional investors, and the latest data on the capital markets Capital Markets Review, 3Q23 | Analysis and a broad overview of the economy and public and private markets activity each quarter across a wide range of asset classes Hedge Fund Update, 3Q23 | Commentary on developments for hedge funds and multi-asset class (MAC) strategies Real Assets Update, 3Q23 | A summary of market activity for real assets and private real estate during the quarter Private Credit Update, 3Q23 | A review of performance and fund- raising activity for private credit during the quarter Callan Target Date Index™, 3Q23 | Tracks the performance and asset allocation of available target date mutual funds and CITs Callan DC Index™, 3Q23 | Provides underlying fund performance, asset allocation, and cash lows of more than 100 large deined con- tribution plans representing approximately $400 billion in assets Education 4th Quarter 2023 Events A complete list of all upcoming events can be found on our web- site: callan.com/events-education. Please mark your calendar and look forward to upcoming invitations: 2024 National Conference April 8-10, 2024 – San Francisco June Regional Workshops June 25, 2024 – Atlanta June 27, 2024 – San Francisco 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. Alternative Investments Feb. 21-22, 2024 – Virtual Alternative investments like private equity, hedge funds, and real estate can play a key role in any portfolio. In our “Callan College” on Alternatives, you will learn about the importance of allocations to alternatives, and how to consider integrating, evaluating, and monitoring them. Introduction to Investments March 19-21, 2024 – Virtual This program familiarizes institutional investor trustees and staff and asset management advisers with basic investment theory, terminology, and practices. This course is designed for individuals with less than two years of experience with asset-management oversight and/or support responsibilities. Our virtual sessions are held over two to three days with virtual modules of 2.5-3 hours, while in-person sessions run either a full day or one-and-a-half days. Virtual tuition is $950 per person and includes instruction and digital materials. In-person tuition is $2,350 per person and includes instruction, all materials, break- fast and lunch on each day, and dinner on the irst evening with the instructors. Additional information including registration can be found at: callan.com/events-education Unique pieces of research the Institute generates each year50+ Total attendees of the “Callan College” since 19944,845 Attendees (on average) of the Institute’s annual National Conference525 Education: By the Numbers @CallanLLC Callan “Research is the foundation of all we do at Callan, and sharing our best thinking with the investment community is our way of helping to foster dialogue to raise the bar across the industry.” Greg Allen, CEO and Chief Research Oficer Definitions Risk/Reward Statistics The risk statistics used in this report examine performance characteristics of a manager or a portfolio relative to a benchmark (market indicator) which assumes to represent overall movements in the asset class being considered. The main unit of analysis is the excess return, which is the portfolio return minus the return on a risk free asset (3 month T-Bill). Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk which was taken for that level of market exposure. Beta measures the sensitivity of rates of portfolio returns to movements in the market index. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If a beta of a portfolio is 1.5, a 1 percent increase in the return on the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true. Downside Risk stems from the desire to differentiate between "good risk" (upside volatility) and "bad risk" (downside volatility). Whereas standard deviation punishes both upside and downside volatility, downside risk measures only the standard deviation of returns below the target. Returns above the target are assigned a deviation of zero. Both the frequency and magnitude of underperformance affect the amount of downside risk. Excess Return Ratio is a measure of risk adjusted relative return. This ratio captures the amount of active management performance (value added relative to an index) per unit of active management risk (tracking error against the index.) It is calculated by dividing the manager’s annualized cumulative excess return relative to the index by the standard deviation of the individual quarterly excess returns. The Excess Return Ratio can be interpreted as the manager’s active risk/reward tradeoff for diverging from the index when the index is mandated to be the "riskless" market position. Information Ratio measures the manager’s market risk-adjusted excess return per unit of residual risk relative to a benchmark. It is computed by dividing alpha by the residual risk over a given time period. Assuming all other factors being equal, managers with lower residual risk achieve higher values in the information ratio. Managers with higher information ratios will add value relative to the benchmark more reliably and consistently. R-Squared indicates the extent to which the variability of the portfolio returns are explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An r-squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An r-squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An r-squared of zero indicates that no relationship exists between the portfolio’s return and the market. Relative Standard Deviation is a simple measure of a manager’s risk (volatility) relative to a benchmark. It is calculated by dividing the manager’s standard deviation of returns by the benchmark’s standard deviation of returns. A relative standard deviation of 1.20, for example, means the manager has exhibited 20% more risk than the benchmark over that time period. A ratio of .80 would imply 20% less risk. This ratio is especially useful when analyzing the risk of investment grade fixed-income products where actual historical durations are not available. By using this relative risk measure over rolling time periods one can illustrate the "implied" historical duration patterns of the portfolio versus the benchmark. Residual Portfolio Risk is the unsystematic risk of a fund, the portion of the total risk unique to the fund (manager) itself and not related to the overall market. This reflects the "bets" which the manager places in that particular asset market. These bets may reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce or eliminate the residual risk of that portfolio. 27 Risk/Reward Statistics Rising Declining Periods refer to the sub-asset class cycles vis-a-vis the broader asset class. This is determined by evaluating the cumulative relative sub-asset class index performance to that of the broader asset class index. For example, to determine the Growth Style cycle, the S&P 500 Growth Index (sub-asset class) performance is compared to that of the S&P 500 Index (broader asset class). Sharpe Ratio is a commonly used measure of risk-adjusted return. It is calculated by subtracting the "risk-free" return (usually 3 Month Treasury Bill) from the portfolio return and dividing the resulting "excess return" by the portfolio’s risk level (standard deviation). The result is a measure of return gained per unit of risk taken. Sortino Ratio is a downside risk-adjusted measure of value-added. It measures excess return over a benchmark divided by downside risk. The natural appeal is that it identifies value-added per unit of truly bad risk. The danger of interpretation, however, lies in these two areas: (1) the statistical significance of the denominator, and (2) its reliance on the persistence of skewness in return distributions. Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of the observations from their sample mean. Standard deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (ie. has a bell shaped curve distribution) then approximately 2/3 of the returns would occur within plus or minus one standard deviation from the sample mean. Total Portfolio Risk is a measure of the volatility of the quarterly excess returns of an asset. Total risk is composed of two measures of risk: market (non-diversifiable or systematic) risk and residual (diversifiable or unsystematic) risk. The purpose of portfolio diversification is to reduce the residual risk of the portfolio. Tracking Error is a statistical measure of a portfolio’s risk relative to an index. It reflects the standard deviation of a portfolio’s individual quarterly or monthly returns from the index’s returns. Typically, the lower the Tracking Error, the more "index-like" the portfolio. Treynor Ratio represents the portfolio’s average excess return over a specified period divided by the beta relative to its benchmark over that same period. This measure reflects the reward over the risk-free rate relative to the systematic risk assumed. Note: Alpha, Total Risk, and Residual Risk are annualized. 28 Fixed Income Portfolio Characteristics All Portfolio Characteristics are derived by first calculating the characteristics for each security, and then calculating the market value weighted average of these values for the portfolio. Allocation by Sector - Sector allocation is one of the tools which managers often use to add value without impacting the duration of the portfolio. The sector weights exhibit can be used to contrast a portfolio’s weights with those of the index to identify any significant sector bets. Average Coupon - The average coupon is the market value weighted average coupon of all securities in the portfolio. The total portfolio coupon payments per year are divided by the total portfolio par value. Average Moody’s Rating for Total Portfolio - A measure of the credit quality as determined by the individual security ratings. The ratings for each security, from Moody’s Investor Service, are compiled into a composite rating for the whole portfolio. Quality symbols range from Aaa+ (highest investment quality - lowest credit risk) to C (lowest investment quality - highest credit risk). Average Option Adjusted (Effective) Convexity - Convexity is a measure of the portfolio’s exposure to interest rate risk. It is a measure of how much the duration of the portfolio will change given a change in interest rates. Generally, securities with negative convexities are considered to be risky in that changes in interest rates will result in disadvantageous changes in duration. When a security’s duration changes it indicates that the stream of expected future cash-flows has changed, generally having a significant impact on the value of the security. The option adjusted convexity for each security in the portfolio is calculated using models developed by Lehman Brothers and Salomon Brothers which determine the expected stream of cash-flows for the security based on various interest rate scenarios. Expected cash-flows take into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Option Adjusted (Effective) Duration - Duration is one measure of the portfolio’s exposure to interest rate risk. Generally, the higher a portfolio’s duration, the more that its value will change in response to interest rate changes. The option adjusted duration for each security in the portfolio is calculated using models developed by Lehman Brothers and Salomon Brothers which determine the expected stream of cash-flows for the security based on various interest rate scenarios. Expected cash-flows take into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Price - The average price is equal to the portfolio market value divided by the number of securities in the portfolio. Portfolios with an average price above par will tend to generate more current income than those with an average price below par. Average Years to Expected Maturity - This is a measure of the market-value-weighted average of the years to expected maturity across all of the securities in the portfolio. Expected years to maturity takes into account any put or call options embedded in the security, any expected sinking-fund paydowns or any expected mortgage principal prepayments. Average Years to Stated Maturity - The average years to stated maturity is the market value weighted average time to stated maturity for all securities in the portfolio. This measure does not take into account imbedded options, sinking fund paydowns, or prepayments. Current Yield - The current yield is the current annual income generated by the total portfolio market value. It is equal to the total portfolio coupon payments per year divided by the current total portfolio market value. 29 Fixed Income Portfolio Characteristics Duration Dispersion - Duration dispersion is the market-value weighted standard deviation of the portfolio’s individual security durations around the total portfolio duration. The higher the dispersion, the more variable the security durations relative to the total portfolio duration ("barbellness"), and the smaller the dispersion, the more concentrated the holdings’ durations around the overall portfolio’s ("bulletness"). The purpose of this statistic is to gauge the "bulletness" or "barbellness" of a portfolio relative to its total duration and to that of its benchmark index. Effective Yield - The effective yield is the actual total annualized return that would be realized if all securities in the portfolio were held to their expected maturities. Effective yield is calculated as the internal rate of return, using the current market value and all expected future interest and principal cash flows. This measure incorporates sinking fund paydowns, expected mortgage principal prepayments, and the exercise of any "in-the-money" imbedded put or call options. Weighted Average Life - The weighted average life of a security is the weighted average time to payment of all remaining principal. It is calculated by multiplying each expected future principal payment amount by the time left to the payment. This amount is then divided by the total amount of principal remaining. Weighted average life is commonly used as a measure of the investment life for pass-through security types for comparison to non-pass-through securities. 30 Disclosures List of Callan’s Investment Manager Clients Confidential – For Callan Client Use Only Callan takes its fiduciary and disclosure responsibilities to clients very seriously. We recognize that there are numerous potential conflicts of interest encountered in the investment consulting industry, and that it is our responsibility to manage those conflicts effectively and in the best interest of our clients. At Callan, we employ a robust process to identify, manage, monitor, and disclose potential conflicts on an ongoing basis. The list below is an important component of our conflicts management and disclosure process. It identifies those investment managers that pay Callan fees for educational, consulting, software, database, or reporting products and services. We update the list quarterly because we believe that our fund sponsor clients should know the investment managers that do business with Callan, particularly those investment manager clients that the fund sponsor clients may be using or considering using. Please note that if an investment manager receives a product or service on a complimentary basis (e.g., attending an educational event), they are not included in the list below. Callan is committed to ensuring that we do not consider an investment manager’s business relationship with Callan, or lack thereof, in performing evaluations for or making suggestions or recommendations to its other clients. Please refer to Callan’s ADV Part 2A for a more detailed description of the services and products that Callan makes available to investment manager clients through our Institutional Consulting Group, Independent Adviser Group, and Fund Sponsor Consulting Group. Due to the complex corporate and organizational ownership structures of many investment management firms, parent and affiliate firm relationships are not indicated on our list. Fund sponsor clients may request a copy of the most currently available list at any time. Fund sponsor clients may also request specific information regarding the fees paid to Callan by particular fund manager clients. Per company policy, information requests regarding fees are handled exclusively by Callan’s Compliance department. Quarterly List as of December 31, 2023 December 31, 2023 Manager Name abrdn ABS Global Investments Acadian Asset Management LLC Adams Street Partners, LLC Aegon Asset Management AEW Capital Management, L.P. AllianceBernstein Allspring Global Investments, LLC Altrinsic Global Advisors, LLC American Century Investments Amundi US, Inc. Antares Capital LP Apollo Global Management, Inc. AQR Capital Management Ares Management LLC Ariel Investments, LLC Aristotle Capital Management, LLC Atlanta Capital Management Co., LLC Manager Name AXA Investment Managers Baillie Gifford International, LLC Baird Advisors Barings LLC Baron Capital Management, Inc. Barrow, Hanley, Mewhinney & Strauss, LLC Belle Haven Investments L.P. BentallGreenOak Beutel, Goodman & Company Ltd. BlackRock Blackstone Group (The) Blue Owl Capital, Inc. BNY Mellon Asset Management Boston Partners Brandes Investment Partners, L.P. Brandywine Global Investment Management, LLC Brookfield Asset Management Inc. Brown Brothers Harriman & Company December 31, 2023 2 Manager Name Brown Innvestment Advisory & Trust Company Capital Group CastleArk Management, LLC CIBC Asset Management Inc. ClearBridge Investments, LLC Cohen & Steers Capital Management, Inc. Columbia Threadneedle Investments NA Comvest Partners Covenant Capital Group CQS Credit Suisse Asset Management, LLC D.E. Shaw Investment Management, LLC DePrince, Race & Zollo, Inc. Diamond Hill Capital Management, Inc. Dimensional Fund Advisors L.P. Doubleline DWS EARNEST Partners, LLC Fayez Sarofim & Company Federated Hermes, Inc. Fidelity Institutional Asset Management Fiera Capital Corporation First Eagle Investment Management, LLC First Hawaiian Bank Wealth Management Division First Sentier Investors Fisher Investments Franklin Templeton Fred Alger Management, LLC GAM (USA) Inc. GlobeFlex Capital, L.P. GoldenTree Asset Management, LP Goldman Sachs Golub Capital Guggenheim Investments GW&K Investment Management Harbor Capital Advisors Harding Loevner LP Hardman Johnston Global Advisors LLC Heitman LLC Hotchkis & Wiley Capital Management, LLC Manager Name Impax Asset Management LLC Income Research + Management Insight Investment Intech Investment Management LLC Intercontinental Real Estate Corporation Invesco J.P. Morgan Janus Jennison Associates LLC Jobs Peak Advisors KeyCorp Kohlberg Kravis Roberts & Co. L.P. (KKR) Lazard Asset Management LGIM America Lincoln National Corporation Longview Partners Loomis, Sayles & Company, L.P. Lord, Abbett & Company LSV Asset Management MacKay Shields LLC Macquarie Asset Management (MAM) Manulife Investment Management Marathon Asset Management, L.P. MetLife Investment Management MFS Investment Management MidFirst Bank Mondrian Investment Partners Limited Montag & Caldwell, LLC Morgan Stanley Investment Management MUFG Union Bank, N.A. Natixis Investment Managers Neuberger Berman Newton Investment Management Northern Trust Asset Management Nuveen Oaktree Capital Management, L.P. P/E Investments Pacific Investment Management Company Pantheon Ventures Parametric Portfolio Associates LLC December 31, 2023 3 Manager Name Partners Group (USA) Inc. Pathway Capital Management, LP PFM Asset Management LLC PGIM DC Solutions PGIM Fixed Income PGIM Quantitative Solutions LLC Pictet Asset Management PineBridge Investments Polen Capital Management, LLC Pretium Partners, LLC Principal Asset Management Putnam Investments, LLC Raymond James Investment Management RBC Global Asset Management Regions Financial Corporation Robeco Institutional Asset Management, US Inc. Rockpoint S&P Dow Jones Indices Sands Capital Management Schroder Investment Management North America Inc. Segall Bryant & Hamill SLC Management Smith Graham & Co. Investment Advisors, L.P. State Street Global Advisors Manager Name Strategic Global Advisors, LLC T. Rowe Price Associates, Inc. TD Global Investment Solutions – TD Epoch The Carlyle Group The TCW Group, Inc. Thompson, Siegel & Walmsley LLC Top Tier Capital Partners Tri-Star Trust Bank Turning Rock Partners, L.P. UBS Asset Management VanEck Versus Capital Group Victory Capital Management Inc. Virtus Investment Partners, Inc. Vontobel Asset Management Voya Walter Scott & Partners Limited WCM Investment Management Wellington Management Company, LLP Western Asset Management Company LLC Westfield Capital Management Company, LP William Blair & Company LLC Xponance, Inc. Important Disclosures Information contained in this document may include confidential, trade secret and/or proprietary information of Callan and the client. It is incumbent upon the user to maintain such information in strict confidence. Neither this document nor any specific information contained herein is to be used other than by the intended recipient for its intended purpose. The content of this document is particular to the client and should not be relied upon by any other individual or entity. There can be no assurance that the performance of any account or investment will be comparable to the performance information presented in this document. Certain information herein has been compiled by Callan from a variety of sources believed to be reliable but for which Callan has not necessarily verified for accuracy or completeness. Information contained herein may not be current. Callan has no obligation to bring current the information contained herein. Callan’s performance measurement service reports returns for a portfolio and compares them against relevant benchmarks and peer groups, as appropriate; such service may also report on historical portfolio holdings, comparing them to holdings of relevant benchmarks and peer groups, as appropriate ("portfolio holdings analysis"). To the extent that Callan’s performance measurement service includes portfolio holdings analysis, Callan relies entirely on holdings data provided by third parties including custodian banks, record keepers and investment managers. Callan reports the performance and holdings data as received and does not attempt to audit or verify the holdings data. Callan is not responsible for the accuracy or completeness of the performance or holdings data received from third parties and such data may not have been verified for accuracy or completeness. Callan does not perform forward-looking risk analysis or guideline compliance analysis based on the performance or portfolio holdings data. In no event should performance measurement service provided by Callan be used in the calculation, deliberation, policy determination, or any other action of the client as it pertains to determining contribution or funding amounts, timing or activity, benefit payments or distribution amounts, timing or activity, or performance-based fee amounts, timing or activity. The content of this document may consist of statements of opinion, which are made as of the date they are expressed and are not statements of fact. The opinions expressed herein may change based upon changes in economic, market, financial and political conditions and other factors. Callan has no obligation to bring current the opinions expressed herein. The information contained herein may include forward-looking statements regarding future results. The forward-looking statements herein: (i) are best estimations consistent with the information available as of the date hereof and (ii) involve known and unknown risks and uncertainties. Actual results may vary, perhaps materially, from the future results projected in this document. Undue reliance should not be placed on forward-looking statements. Callan is not responsible for reviewing the risks of individual securities or the compliance/non-compliance of individual security holdings with a client’s investment policy guidelines. This document should not be construed as legal or tax advice on any matter. You should consult with legal and tax advisers before applying any of this information to your particular situation. Reference to, or inclusion in this document of, any product, service or entity should not necessarily be construed as recommendation, approval, or endorsement or such product, service or entity by Callan. This document is provided in connection with Callan’s consulting services and should not be viewed as an advertisement of Callan, or of the strategies or products discussed or referenced herein. The issues considered and risks highlighted herein are not comprehensive and other risks may exist that the user of this document may deem material regarding the enclosed information. Please see any applicable full performance report or annual communication for other important disclosures. Unless Callan has been specifically engaged to do so, Callan does not conduct background checks or in-depth due diligence of the operations of any investment manager search candidate or investment vehicle, as may be typically performed in an operational due diligence evaluation assignment and in no event does Callan conduct due diligence beyond what is described in its report to the client. Any decision made on the basis of this document is sole responsibility of the client, as the intended recipient, and it is incumbent upon the client to make an independent determination of the suitability and consequences of such a decision. Callan undertakes no obligation to update the information contained herein except as specifically requested by the client. Past performance is no guarantee of future results. CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending December 31, 2023 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, 2023 1 SECTION ||||||||||||||Section 1 |Economic Update 2 Economic Update Recent economic data has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market. Inflationary trends are subsiding, but core levels remain above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will loosen monetary policy in 2024. As expected at the December meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The new Summary of Economic Projections reflected Core PCE inflation reaching the target 2% level in 2026 without a significant increase in unemployment. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate. US Treasury rates fell steeply across the yield curve in December on decelerating inflation readings and a more dovish Federal Reserve outlook. The 2-year Treasury yield declined 43 basis points to 4.25%, the 5-year Treasury yield dropped 42 basis points to 3.85%, and the 10- year Treasury yield decreased 45 basis points to 3.88%. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -37 basis points at December month-end versus -35 basis points at November month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -55 basis points. The inversion between 3-month and 10-year Treasuries widened to - 146 basis points in December from -107 basis points in November. Interest rates peaked in 2023 followed by the Fed’s dovish pivot late in the year, resulting in a decline in yields across the curve and signaling less restrictive monetary policy in 2024. The shape of the yield curve indicates that the probability of recession persists. 3 Employment -400 -200 0 200 400 600 800 1,000 MO M C h a n g e I n T h o u s a n d s ( 0 0 0 ' s ) Nonfarm Payroll (000's) Non-farm Payroll (000's) 3-month average (000's) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) The U.S. economy added 216,000 jobs in December, exceeding consensus expectations of 175,000, and the last two months were revised down by 71,000 jobs. Leading sectors included government, leisure, hospitality, and healthcare. The trajectory of job creation is gradually moderating, with the three-month moving average payrolls at 165,000 and the six-month moving average at 193,000. The unemployment rate remained unchanged at 3.7%, and the labor participation rate decreased to 62.5% from 62.8%, falling well below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.1% from 7.0% last month. Average hourly earnings rose 4.1% year-over-year in December, increasing from a 4.0% gain last month. Employment remains strong by historical standards, but data are trending toward a less robust labor market outlook. Source: US Department of Labor Source: US Department of Labor 4 Inflation 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YO Y ( % ) C h a n g e 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change Fed Target YO Y ( % ) C h a n g e The Consumer Price Index (CPI) increased 0.1% month-over-month and 3.1% year-over-year in November, edging down from 3.2% year- over-year in October. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-over-month and 4.0% year- over-year, unchanged from October as expected. Shelter was the largest contributor to November's Core CPI monthly advance, accounting for 70% of the increase. The Personal Consumption Expenditures (PCE) Index eased more than expected in November, as headline inflation fell 0.1% month-over-month and rose 2.6% year-over-year, down from a 2.9% increase in October. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 0.1% month-over-month and decelerated to 3.2% year-over-year in November from a 3.4% year-over-year increase in October. The trend is moderating, but inflation remains above the Fed's 2% target. Source: US Department of Labor Source: US Department of Commerce 5 Federal Reserve Source: Federal Reserve Source: Bloomberg 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 Federal Reserve Balance Sheet Assets Recession In $ m i l l i o n s As expected at the December meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%. The Fed acknowledged inflation eased over the past year while remaining elevated. Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The Summary of Economic Projections reflected Core PCE inflation reaching the target 2% level in 2026 without a significant increase in unemployment. The median forecast for the federal funds rate declined to 4.6%, implying three quarter-point cuts next year, four in 2025 and three in 2026, placing the federal funds target rate around 2.9% at the end of the forecast horizon. The market interpreted the statement as dovish, with futures contracts pricing in rate cuts sooner and more aggressively than the Fed’s forecasts next year. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1.2T to approximately $7.8T. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Effective Federal Funds Rate Recession Yi e l d ( % ) 6 Consumer -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Retail Sales YOY % Change YO Y ( % ) C h a n g e Retail Sales rose 0.3% in November after a downwards revision to -0.2% in October, exceeding the -0.1% consensus forecast. On a year- over-year basis, Retail Sales growth accelerated to 4.1% in November from 2.2% in October buoyed by non-store retailers up 10.6%, as well as food services and drinking places up 11.3%. The Conference Board’s Consumer Confidence Index surged to 110.7 in December from 101.0 in November, far surpassing consensus expectations. Positive ratings of job availability and increased confidence in personal income prospects contributed to the substantial increase. While the consumer has been resilient, dwindling excess savings, rising credit card balances, and the resumption of student loan payments pose potential headwinds to future economic growth. 0 20 40 60 80 100 120 140 160 In d e x L e v e l Consumer Confidence Recession Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09) 7 Leading Indicators of Economic Activity -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Leading Economic Indicators (LEI) Recession YO Y ( % ) C h a n g e -1.00 -0.75 -0.50 -0.25 0.00 0.25 0.50 0.75 1.00 Chicago Fed National Activity Index (CFNAI) Recession 3 M o n t h A v e r a g e The Conference Board’s Leading Economic Index (LEI) fell 0.5% in November, marking the twentieth consecutive month-over-month decline. The index dropped 7.6% year-over-year. The Conference Board expects the consistent decline month-over-month to result in a slowdown in economic activity. The Chicago Fed National Activity Index (CFNAI) improved in November to 0.03 from a downwardly revised -0.66 in October. On a 3-month moving average basis, the CFNAI rose slightly to -0.20 in November from -0.26 in October, indicating a rate of growth below the historical average trend. Source: The Conference Board Source: Federal Reserve Bank of Chicago 8 Housing 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 In T h o u s a n d s o f U n i t s Annualized Housing Starts Multi Family Housing Starts Single Family Housing Starts Housing Starts increased sharply month-over-month in November by 14.8% to an annual rate of 1.560 million units. Starts were up 18% for single-family units and up 6.9% for multi-family. Total starts of new homes are up 9.3% year-over-year. The pick-up in growth can be partially attributed to lower costs of construction materials and homebuilders adjusting projects to accommodate the higher interest rate environment. According to Freddie Mac, average 30-year fixed rate mortgage rates declined to 6.49% as of December 21st, paralleling the drop in the 10-yearUS Treasury yield. According to the Case-Shiller20-City Home Price Index, housing prices rose 4.9% year-over-year in October, accelerating from a 3.9% year-over-year gain in September. Tight inventories and higher mortgage rates continue to impact affordability. Source: US Department of Commerce Source: S&P -20.0% -16.0% -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% S&P/Case-Shiller 20 City Composite Home Price Index Recession YO Y ( % ) C h a n g e 9 Survey Based Measures 40 45 50 55 60 65 70 Institute of Supply Management (ISM) Surveys ISM Manufacturing ISM Services EXPANDING CONTRACTING The Institute for Supply Management (ISM) Manufacturing index moved higher to 47.4 in December from 46.7 in November due to improved performance as suppliers are better able to meet lower demand levels. However, this marks the 14th consecutive month of contraction in factory activity below a reading of 50. The ISM Services Index unexpectedly declined to 50.6 in December from 52.7 in November, narrowly remaining in the expansion zone above 50. Notably, the employment component of the index plummeted by 7.4 points to 43.3, entering contractionary territory. This decline was primarily driven by increased layoffs and a softening in consumer demand. Source: Institute for Supply Management 10 Gross Domestic Product (GDP) Components of GDP 12/22 3/23 6/23 9/23 0.8% 2.5% 0.6% 2.1% 0.6% -1.7% 0.9% 1.7% 0.3% 0.6% 0.0% 0.0% 0.6% 0.3% 0.1% 0.5% 0.3% 0.5% 0.5% 0.5% 2.6% 2.3% 2.1% 4.9% Personal Consumption Expenditures Gross Private Domestic Investment Net Exports and Imports Federal Government Expenditures Total State and Local (Consumption and Gross Investment) -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 Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, third quarter GDP grew at an annualized rate of 4.9%, revised down from the second estimate of 5.2%, with the downward revisions driven primarily by personal consumption expenditures. The consensus estimate calls for a marked slowing to 1.2% in the fourth quarter and 2.4% for full year 2023. 11 Bond Yields Source: Bloomberg Source: Bloomberg 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Note Yields 2-Year 5-Year 10-Year Yi e l d ( % ) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Yield Curve Dec-23 Sep-23 Dec-22 Yi e l d ( % ) At the end of December, the 2-year Treasury yield was 18 basis points lower, and the 10-Year Treasury yield was flat, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -37 basis points at December month-end versus -35 basis points at November month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3- month and 10-year Treasuries widened to -146 basis points in December from -107 basis points in November. The shape of the yield curve indicates that the probability of recession persists. 12 Section 2|SECTION ||||||||||||||Section 2 |Account Profile 13 Objectives Chandler Asset Management Performance Objective Liquid Operating Monies – will be compared to the 3-month T-Bill rate and operate with a maximum maturity of one year. Long-Term Operating Monies – will be compared to the ICE BofA 1-5 Year Corporate Government Rated AAA – A Index. Investment Objectives The investment objectives of the Orange County Sanitation District are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide sufficient liquidity to meet all operating requirements; and third, to earn a commensurate rate of return consistent with the constraints imposed by the safety and liquidity objectives. Strategy In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code. As of December 31, 2023 14 Compliance As of December 31, 2023 Category Standard Comment U.S. Treasuries 10% minimum; 5 years max maturity Complies Federal Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 5 years max maturity; Securities, obligations, participations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by the US Government , a federal agency, or a US Government-sponsored enterprise Complies Supranational Obligations "AA" rated or better by a NRSRO; 30% max; 5 years max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB") Complies Municipal Securities "A" rated or higher by a NRSRO; or as otherwise approved by the Board of Directors; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% max; 5% max issuer; 5 years max maturity Complies Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity; Issued by corporations organized and operating within the U.S. or issued by depository institutions licensed by the U.S. or any state and operating within the U.S. with AUM >$500 million Complies Non- Agency Asset-Backed Securities, Mortgage-Backed Securities, CMOs "AA" rating category or better by a NRSRO; 20% max(combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 5 years max maturity; Mortgage pass-through security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond Complies Negotiable Certificates of Deposit (NCD) "A" rating or better long term debt by a NRSRO; or highest short term rating for deposits by a NRSRO; or as otherwise approved by the Board of Directors; 30% max; 5% max issuer; 5 years max maturity; Negotiable certificates of deposit issued by a nationally or state-chartered bank or state of federal savings and loan association, as defined by Section 5102 of the California Financial Code Complies Certificates of Deposit 5% max issuer; 5 years max maturity; Secured (collateralized) time deposits issued by a nationally or state-chartered bank or state or federal savings and loan association, as defined by Section 5102 of the California Financial Code and having a net operating profit in the two most recently completed fiscal years; Collateral must comply with California Government Code Complies Banker’s Acceptances A-1 rated or highest short term rating by a NRSRO; 40% max; 5% max issuer; 180 days max maturity; Acceptance is eligible for purchase by the Federal Reserve System Complies Commercial Paper A-1 rated or better by a NRSRO; "A" long term debt rating or better by a NRSRO; Issued by a domestic corporation organized and operating in the U.S. with assets > $500 million; 40% max; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies Orange County Sanitation District Long Term Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy 15 Compliance As of December 31, 2023 Category Standard Comment Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; or SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% max in Mutual Funds; 10% max per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds and are not subject to the 10% stipulation Complies Local Agency Investment Fund (LAIF)No more than the statutory maximum may be invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF shall be subject to investigation and due diligence prior to investing, and on a continual basis to a level of review pursuant to the policy Complies Orange County Treasurer's Money Market Commingled Investment Pool (OCCIP) 15% max; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP would be subject to investigation and due diligence prior to investing and on continual basis to a level of review pursuant to the policy Complies Repurchase Agreements 20% max; 102% collateralization Complies Reverse Repurchase Agreements 5% max, 90 days max maturity Complies Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage Investment Conduits) Complies Securities Downgrade If securities owned by the OCSD are downgraded below the quality required by the Investment Policy, it shall be OCSD’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio. If a decision is made to retain the downgraded securities in the portfolio, their presence in the portfolio will be monitored and reported quarterly to the OCSD General Manager, the Administration Committee and Board of Directors Complies Avg Duration Not to exceed 60 months - (80% to 120% of the benchmark)Complies Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual Funds); 20% max per issuer on Money Market Mutual Funds Complies Maximum Maturity 5 years max maturity Complies* Orange County Sanitation District Long Term Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy *The portfolio has sixteen (16) securities with maturities greater than 5 years including four (4) CMOs and sixteen (12) MBS. All securities were inherited from the previous manager and complied at time of purchase. 16 Portfolio Characteristics Orange County Sanitation District Long Term 12/31/23 09/30/23 Benchmark* Portfolio Portfolio Average Maturity (yrs)2.69 2.86 2.86 Average Modified Duration 2.52 2.44 2.42 Average Purchase Yield n/a 2.64% 2.41% Average Market Yield 4.34% 4.44% 5.21% Average Quality**AA AA/Aa1 AA/Aa1 Total Market Value 733,215,059 714,019,529 *ICE BofA 1-5 Year AAA-A US Corp & Govt Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively. As of December 31, 2023 Multiple securities were purchased across the Treasury, Supranational, Asset Backed, and corporate sectors of the allocation to keep the portfolio positioned consistent with strategy targets. The purchased securities ranged in maturity from February 2024 to November 2028. Several securities were sold to facilitate the new holding in the portfolio. The portfolio also experienced large withdrawals and contributions during the quarter, with $32.5 million being withdrawn in October and $30 million being contributed in December. 17 Orange County Sanitation District Long Term Sector Distribution ABS 9.2% Agency 13.4% CMO 3.1% Corporate 25.1% Money Market Fund 0.4% Mortgage Pass Thru 0.0% Supranational 8.1% US Treasury 40.7% December 31, 2023 September 30, 2023 ABS 10.7% Agency 15.4% CMO 3.1% Corporate 25.8%Money Market Fund 0.8% Mortgage Pass Thru 0.0% Supranational 8.4% US Treasury 35.8% As of December 31, 2023 The sector allocation evolved linked to the aforementioned cash flows in and out of the portfolio. The two largest changes were the 4.9% increase in the Treasury allocation, to 40.7% of the portfolio, partially offset by the 2.0% decrease in the Agency allocation, to 13.4% of the portfolio. The Chandler team continues to find the relative value in the Agency market challenging leading to the lower overall weight compared to historical norms. 18 Issue Name Investment Type % Portfolio Government of United States US Treasury 40.74% Federal National Mortgage Association Agency 5.82% Intl Bank Recon and Development Supranational 4.12% Inter-American Dev Bank Supranational 3.44% Federal Home Loan Bank Agency 3.41% Federal Home Loan Mortgage Corp CMO 3.06% Federal Home Loan Mortgage Corp Agency 2.55% John Deere ABS ABS 1.63% Toronto Dominion Holdings Corporate 1.62% Bank of America Corp Corporate 1.46% Royal Bank of Canada Corporate 1.44% Morgan Stanley Corporate 1.40% United Health Group Inc Corporate 1.22% Metlife Inc Corporate 1.21% Deere & Company Corporate 1.19% Toyota Motor Corp Corporate 1.18% Hyundai Auto Receivables ABS 1.16% American Express ABS ABS 1.15% JP Morgan Chase & Co Corporate 1.09% Qualcomm Inc Corporate 1.08% Northwestern Mutual Glbl Corporate 1.03% Mercedes-Benz ABS 0.98% Bank of Montreal Chicago Corporate 0.98% US Bancorp Corporate 0.97% Merck & Company Corporate 0.96% Honda Motor Corporation Corporate 0.94% Tennessee Valley Authority Agency 0.93% Caterpillar Inc Corporate 0.91% Wal-Mart Stores Corporate 0.90% Berkshire Hathaway Corporate 0.89% Dominion Resources Inc Corporate 0.77% Honda ABS ABS 0.77% GM Financial Automobile Leasing Trust ABS 0.69% Federal Farm Credit Bank Agency 0.68% Comcast Corp Corporate 0.66% Honeywell Corp Corporate 0.65% GM Financial Securitized Term Auto Trust ABS 0.65% International Finance Corp Supranational 0.59% Issuers Orange County Sanitation District Long Term – Account #10268 As of December 31, 2023 19 Issue Name Investment Type % Portfolio Amazon.com Inc Corporate 0.54% Bank of New York Corporate 0.54% BMW ABS ABS 0.53% Toyota Lease Owner Trust ABS 0.50% Guardian Life Global Funding Corporate 0.41% First American Govt Obligation Fund Class-Z Money Market Fund 0.40% Verizon Master Trust ABS 0.38% Toyota ABS ABS 0.33% Charles Schwab Corp/The Corporate 0.30% Chubb Corporation Corporate 0.27% Apple Inc Corporate 0.27% BMW Vehicle Lease Trust ABS 0.19% Salesforce.com Inc Corporate 0.18% Hyundai Auto Lease Securitization ABS 0.16% Mercedes-Benz Auto Lease Trust ABS 0.04% Federal National Mortgage Association Mortgage Pass Thru 0.03% AMRESCO Residental Securities Corp CMO 0.01% Federal National Mortgage Association CMO 0.01% GNMA Mortgage Pass Thru 0.01% 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, 2023 20 AAA AA A <A NR 12/31/23 17.6% 58.5% 19.0% 0.8% 4.2% 09/30/23 18.1% 57.0% 19.3% 0.8% 4.8% Source: S&P Ratings December 31, 2023 vs. September 30, 2023 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% AAA AA A <A NR 12/31/23 09/30/23 Quality Distribution Orange County Sanitation District Long Term As of December 31, 2023 21 AAA AA A <A NR 12/31/23 69.8% 3.4% 20.3% 0.0% 6.5% 09/30/23 68.7% 3.4% 20.9% 0.0% 7.1% Source: Moody’s Ratings December 31, 2023 vs. September 30, 2023 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% AAA AA A <A NR 12/31/23 09/30/23 Quality Distribution Orange County Sanitation District Long Term As of December 31, 2023 22 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Orange County Sanitation District Long Term ICE BofA 1-5 Year AAA-A US Corp & Govt Index Portfolio Compared to the Benchmark 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 2.6% 0.9% 8.6% 29.8% 19.0% 25.6% 13.5% 0.0% Benchmark* 0.1% 0.0% 1.6% 34.9% 27.4% 22.6% 13.5% 0.0% *ICE BofA 1-5 Year AAA-A US Corp & Govt Index Duration Distribution Orange County Sanitation District Long Term As of December 31, 2023 The duration of the portfolio extended moderately, to 2.44 compared to 2.42 at the end of the prior quarter. The Chandler team is managing the duration of portfolio to be consistent with the benchmark to mitigate interest rate risk considering our internal view on the trajectory of monetary policy in 2024. 23 -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Long Term ICE BofA 1-5 Year AAA-A US Corp & Govt Index Total Rate of Return Annualized Since Inception November 30, 2014 Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Long Term 3.17% 4.76% -0.12% -0.39% 1.55% N/A 1.38% ICE BofA 1-5 Year AAA-A US Corp & Govt Index 3.23% 4.61% -0.48% -0.65% 1.38% N/A 1.26% Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Investment Performance Orange County Sanitation District Long Term As of December 31, 2023 24 Compliance As of December 31, 2023 Category Standard Comment U.S. Treasuries 10% minimum; 1 year max maturity Complies Federal Agencies 20% max per agency of the U.S. Government, which does not provide the full faith and credit of the U.S. government; 1 year max maturity; Securities, obligations, participations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by the US Government , a federal agency, or a US Government-sponsored enterprise Complies Supranational Obligations "AA" rated or better by a NRSRO; 30% max; 1 year max maturity; U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB") Complies Municipal Securities "A" rated or higher by a NRSRO; or as otherwise approved by the Board of Directors; Taxable or tax-exempt municipal bonds issued by any of the 50 states; 10% max; 5% max issuer; 1 year max maturity Complies Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 1 year max maturity; Issued by corporations organized and operating within the U.S. or issued by depository institutions licensed by the U.S. or any state and operating within the U.S. with AUM >$500 million Complies Non- Agency Asset-Backed Securities, Mortgage-Backed Securities, CMOs "AA" rating category or better by a NRSRO; 20% max (combined MBS/CMO/ABS); 5% max issuer (except U.S. government or its agencies) ; 1 year max maturity; Mortgage pass-through security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond Complies Negotiable Certificates of Deposit (NCD) "A" rating or better long term debt by a NRSRO; or highest short term rating for deposits by a NRSRO; or as otherwise approved by the Board of Directors; 30% max; 5% max issuer; 1 year max maturity; Negotiable certificates of deposit issued by a nationally or state-chartered bank or state of federal savings and loan association, as defined by Section 5102 of the California Financial Code Complies Certificates of Deposit 5% max issuer; 1 year max maturity; Secured (collateralized) time deposits issued by a nationally or state-chartered bank or state or federal savings and loan association, as defined by Section 5102 of the California Financial Code and having a net operating profit in the two most recently completed fiscal years; Collateral must comply with California Government Code Complies Banker’s Acceptances A-1 rated or highest short term rating by a NRSRO; 40% max; 5% max issuer; 180 days max maturity; Acceptance is eligible for purchase by the Federal Reserve System Complies Commercial Paper A-1 rated or better by a NRSRO; "A" long term debt rating or better by a NRSRO; Issued by a domestic corporation organized and operating in the U.S. with assets > $500 million; 40% max; 5% max issuer; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity Complies Orange County Sanitation District Liquid Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy 25 Compliance As of December 31, 2023 Category Standard Comment Mutual Fund & Money Market Mutual Fund Highest rating or "AAA" rated by two NRSROs; or SEC registered adviser with AUM >$500 million and experience > than 5 years; 20% max in Mutual Funds; 10% max per one Mutual Fund; 20% max per issuer on Money Market Mutual Funds and are not subject to the 10% stipulation Complies * Local Agency Investment Fund (LAIF)No more than the statutory maximum may be invested in LAIF; Not used by investment adviser; Investment of OCSD funds in LAIF shall be subject to investigation and due diligence prior to investing, and on a continual basis to a level of review pursuant to the policy Complies Orange County Treasurer's Money Market Commingled Investment Pool (OCCIP) 15% max; Not used by investment adviser; Orange County Treasurer's Money Market Commingled Investment Pool; Investment of OCSD funds in OCCIP would be subject to investigation and due diligence prior to investing and on continual basis to a level of review pursuant to the policy Complies Repurchase Agreements 20% max; 102% collateralization Complies Reverse Repurchase Agreements 5% max, 90 days max maturity Complies Prohibited Mortgage Derivatives, which include interest-only payments (IOs) and principal-only payments (POs); Inverse floaters, and RE-REMICS (Real Estate Mortgage Investment Conduits) Complies Securities Downgrade If securities owned by the OCSD are downgraded below the quality required by the Investment Policy, it shall be OCSD’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio. If a decision is made to retain the downgraded securities in the portfolio, their presence in the portfolio will be monitored and reported quarterly to the OCSD General Manager, the Administration Committee and Board of Directors Complies Avg Duration Not to exceed 180 days Complies Max Per Holding 5% max of the total debt outstanding of any issuer per individual holding Complies Max Per Issuer 5% max per issuer (except Supranationals, U.S. Government, Agencies, Mutual Funds); 20% max per issuer on Money Market Mutual Funds Complies Maximum Maturity 1 year max maturity Complies Orange County Sanitation District Liquid Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy 26 Portfolio Characteristics Orange County Sanitation District Liquid 12/31/23 09/30/23 Benchmark* Portfolio Portfolio Average Maturity (yrs)0.17 0.25 0.23 Average Modified Duration 0.16 0.24 0.22 Average Purchase Yield n/a 5.42% 5.29% Average Market Yield 5.05% 5.31% 5.32% Average Quality**AA+ AAA/Aaa AAA/Aaa Total Market Value 208,860,170 141,277,854 *ICE BofA 3-Month US Treasury Bill Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively. As of December 31, 2023 Multiple securities were purchased in the Treasury, Commercial Paper, and corporate portions of the allocation to keep the portfolio fully invested consistent with the strategy. The purchased securities ranged in maturity from February 2024 to June 2024. The portfolio experienced heavy cash flows during the quarter, with $7.5mm withdrawn in October, $30mm contributed in November, and $43 million contributed in December. 27 Orange County Sanitation District Liquid Sector Distribution Commercial Paper 3.1% Corporate 1.9% Money Market Fund 1.4% US Treasury 93.6% December 31, 2023 September 30, 2023 Commercial Paper 5.6% Corporate 2.1% Money Market Fund 1.7% US Treasury 90.6% As of December 31, 2023 The sector allocation was stable despite the large cash flows in the portfolio. The Treasury allocation increased by 3.0%, to 93.6% of the portfolio, partially offset by the 2.5% decline in the Commercial Paper allocation, to 3.1% of the portfolio. 28 Issue Name Investment Type % Portfolio Government of United States US Treasury 93.58% Toyota Motor Corp Commercial Paper 1.91% First American Govt Obligation Fund Class-Z Money Market Fund 1.40% MUFG Bank Ltd/NY Commercial Paper 1.19% Bank of America Corp Corporate 0.96% Honda Motor Corporation Corporate 0.48% Truist Financial Corporation Corporate 0.47% TOTAL 100.00% Issuers Orange County Sanitation District Liquid – Account #10282 As of December 31, 2023 29 AAA AA A <A NR 12/31/23 59.5% 38.6% 1.9% 0.0% 0.0% 09/30/23 50.1% 47.7% 2.1% 0.0% 0.0% Source: S&P Ratings December 31, 2023 vs. September 30, 2023 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% AAA AA A <A NR 12/31/23 09/30/23 Quality Distribution Orange County Sanitation District Liquid As of December 31, 2023 30 AAA AA A <A NR 12/31/23 98.1% 0.0% 1.9% 0.0% 0.0% 09/30/23 97.9% 0.0% 2.1% 0.0% 0.0% Source: Moody’s Ratings December 31, 2023 vs. September 30, 2023 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% AAA AA A <A NR 12/31/23 09/30/23 Quality Distribution Orange County Sanitation District Liquid As of December 31, 2023 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 BofA 3-Month US Treasury Bill Index Portfolio Compared to the Benchmark 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 1.5 1.5 - 2 2 - 2.5 2.5 - 3 3+ Portfolio 65.7% 33.8% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% Benchmark* 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% *ICE BofA 3-Month US Treasury Bill Index Duration Distribution Orange County Sanitation District Liquid As of December 31, 2023 The duration of the portfolio extended marginally, currently 0.24 versus the prior quarters 2.22. The portfolio continues to invest out to forecasted cash liquidity dates as communicated by staff. 32 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Liquid ICE BofA 3-Month US Treasury Bill Index Total Rate of Return Annualized Since Inception November 30, 2014 Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception Orange County Sanitation District Liquid 1.38% 5.18% 3.21% 2.15% 1.95% N/A 1.46% ICE BofA 3-Month US Treasury Bill Index 1.37% 5.01% 3.22% 2.15% 1.88% N/A 1.37% Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Investment Performance Orange County Sanitation District Liquid As of December 31, 2023 33 Compliance As of December 31, 2023 Category Standard Comment Treasury Issues 5 years maximum maturity Complies Supranational "AA" or better by 1 of 3 NRSROs; 30% maximum; 5% max; 5 years maturity; Includes only: IADB, IBRD, and IFC per CGC Complies U.S. Agencies 20% max issuer; 5 years maximum maturity Complies U.S. Corporate (MTNs) "A" or better long term rating by 1 of 3 NRSROs; 30% maximum; 5% max issuer; 5 years max maturity Complies* Municipal Securities "A" or higher by 1 of 3 NRSROS; 10% maximum; 5% max issuer; 5 years maximum maturity Complies Asset Backed/ CMOs/ Mortgage-backed "AA" or better by 1 of 3 NRSROs; "A" or higher issuer rating by 1 of 3 NRSROs; 20% maximum; 5% max issuer (excluding MBS/govt agency); 5 years max maturity Complies Negotiable CDs "A" or better on its long term debt by 1 of 3 NRSROs ; "A1/P1" or highest short term ratings by 1 of 3 NRSROs; 30% maximum; 5% max issuer; 5 years max maturity Complies CDs/ TDS 5% max issuer; 5 years max maturity Complies Banker’s Acceptances A-1, or equivalent highest short term rating by 1 of 3 NRSROS; 40% maximum; 5% max issuer; 180 days max maturity Complies Commercial Paper A-1, or equivalent by 1 of 3 NRSROS; "A" or better by 1 of 3 NRSROs, if long term debt issued; 25% maximum; 5% max issuer; 270 days max maturity Complies Money Market Fund Highest rating by 2 of 3 NRSROs; 20% maximum; 10% max issuer Complies Repurchase Agreements 102% collateralization Complies Reverse Repurchase Agreements 5% maximum, 90 days max maturity Complies LAIF Not used by investment adviser Complies Avg Duration Not to exceed 60 months - (80% to 120% of the benchmark)Complies Maximum Maturity 5 years maximum maturity Complies OCSD Lehman Exposure Assets managed by Chandler Asset Management are in full compliance with state law and with the investment policy * Account holds $2 million face value (cusip 525ESC0Y6) and $600,000 face value (cusip 525ESC1B7) of defaulted Lehman Bros Holdings that were purchased by the previous manager. Complied at time of purchase. 34 Portfolio Characteristics OC SAN Lehman Exposure 12/31/23 Portfolio 09/30/23 Portfolio Average Maturity (yrs)1.83 2.66 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 28,251 29,551 *Portfolio is S&P and Moody’s, respectively. As of December 31, 2023 35 SECTION ||||||||||||||Section 3 |Consolidated Information 36 Portfolio Characteristics Orange County Sanitation District Consolidated 12/31/23 09/30/23 Portfolio Portfolio Average Maturity (yrs)2.28 2.42 Modified Duration 1.95 2.06 Average Purchase Yield 3.24% 2.86% Average Market Yield 4.63% 5.23% Average Quality*AA+/Aa1 AA+/Aa1 Total Market Value 942,103,480 855,326,935 * Portfolio is S&P and Moody’s respectively. As of December 31, 2023 37 Orange County Sanitation District Consolidated Sector Distribution ABS 7.1% Agency 10.4% CMO 2.4% Commercial Paper 0.7% Common Stock 0.0% Corporate 19.9% Money Market Fund 0.6% Mortgage Pass Thru 0.0% Supranational 6.3% US Treasury 52.5% December 31, 2023 September 30, 2023 ABS 9.0% Agency 12.8% CMO 2.6% Commercial Paper 0.9% Common Stock 0.0% Corporate 21.9%Money Market Fund 0.9% Mortgage Pass Thru 0.0% Supranational 7.0% US Treasury 44.8% As of December 31, 2023 38 SECTION ||||||||||||||Section 4 |Portfolio Holdings 39 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration ABS 43813KAC6 Honda Auto Receivables Trust 2020-3 A3 0.370% Due 10/18/2024 65,463.57 09/22/2020 0.38% 65,453.95 65,463.57 99.73 7.04% 65,285.11 8.75 0.01% (178.46) NR / AAA AAA 0.80 0.04 58769KAD6 Mercedes-Benz Auto Lease Trust 2021-B A3 0.400% Due 11/15/2024 298,829.88 06/22/2021 0.40% 298,807.32 298,829.54 99.81 6.17% 298,264.51 53.13 0.04% (565.03) NR / AAA AAA 0.88 0.03 44891WAC3 Hyundai Auto Lease Trust 2022-A A3 1.160% Due 01/15/2025 1,208,350.34 01/11/2022 1.16% 1,208,323.64 1,208,346.91 99.35 5.93% 1,200,509.35 622.97 0.16% (7,837.56) Aaa / AAA NR 1.04 0.13 89238LAC4 Toyota Lease Owner Trust 2022-A A3 1.960% Due 02/20/2025 3,714,179.42 02/23/2022 1.98% 3,713,594.81 3,714,060.83 99.26 5.68% 3,686,605.35 2,224.38 0.50% (27,455.48) NR / AAA AAA 1.14 0.20 36265MAC9 GM Financial Auto Lease Trust 2022-1 A3 1.900% Due 03/20/2025 2,489,788.54 02/15/2022 1.91% 2,489,767.13 2,489,785.55 99.37 5.69% 2,474,053.08 1,445.46 0.34% (15,732.47) Aaa / NR AAA 1.22 0.17 05601XAC3 BMW Vehicle Lease Trust 2022-1 A3 1.100% Due 03/25/2025 624,007.46 01/11/2022 1.11% 623,914.17 623,997.62 99.43 6.24% 620,466.22 114.40 0.08% (3,531.40) NR / AAA AAA 1.23 0.11 43813GAC5 Honda Auto Receivables Trust 2021-1 A3 0.270% Due 04/21/2025 266,928.07 02/17/2021 0.27% 266,923.19 266,927.72 98.79 6.20% 263,687.04 20.02 0.04% (3,240.68) Aaa / NR AAA 1.31 0.20 36266FAC3 GM Financial Auto Lease Trust 2022-2 A3 3.420% Due 06/20/2025 2,602,209.94 05/03/2022 3.45% 2,601,938.53 2,602,141.83 99.38 5.86% 2,586,146.50 2,719.31 0.35% (15,995.33) NR / AAA AAA 1.47 0.25 47788UAC6 John Deere Owner Trust 2021-A A3 0.360% Due 09/15/2025 655,253.66 03/02/2021 0.37% 655,127.72 655,226.08 98.22 5.62% 643,618.31 104.84 0.09% (11,607.77) Aaa / NR AAA 1.71 0.34 44933LAC7 Hyundai Auto Receivables Trust 2021-A A3 0.380% Due 09/15/2025 607,324.55 04/20/2021 0.38% 607,260.67 607,316.80 98.59 5.75% 598,731.51 102.57 0.08% (8,585.29) NR / AAA AAA 1.71 0.26 05593AAC3 BMW Vehicle Lease Trust 2023-1 A3 5.160% Due 11/25/2025 765,000.00 02/07/2023 5.22% 764,981.79 764,989.37 99.87 5.37% 764,033.81 657.90 0.10% (955.56) Aaa / AAA NR 1.90 0.80 44934KAC8 Hyundai Auto Receivables Trust 2021-B A3 0.380% Due 01/15/2026 2,792,162.13 07/20/2021 0.39% 2,791,545.89 2,792,023.27 97.82 5.84% 2,731,401.89 471.57 0.37% (60,621.38) NR / AAA AAA 2.04 0.40 43815GAC3 Honda Auto Receivables Trust 2021-4 A3 0.880% Due 01/21/2026 1,595,104.67 11/16/2021 0.89% 1,594,768.43 1,594,986.35 97.04 5.75% 1,547,816.20 389.91 0.21% (47,170.15) Aaa / NR AAA 2.06 0.61 47789QAC4 John Deere Owner Trust 2021-B A3 0.520% Due 03/16/2026 1,718,242.12 07/13/2021 0.52% 1,718,088.85 1,718,191.64 97.29 5.63% 1,671,706.97 397.10 0.23% (46,484.67) Aaa / NR AAA 2.21 0.53 44935FAD6 Hyundai Auto Receivables Trust 2021-C A3 0.740% Due 05/15/2026 1,104,822.53 11/09/2021 0.75% 1,104,575.93 1,104,741.40 97.28 5.70% 1,074,824.38 363.36 0.15% (29,917.02) NR / AAA AAA 2.37 0.55 43815BAC4 Honda Auto Receivables Trust 2022-1 A3 1.880% Due 05/15/2026 3,835,301.31 02/15/2022 1.89% 3,834,724.48 3,835,056.27 97.33 5.61% 3,732,979.27 3,204.61 0.51% (102,077.00) Aaa / AAA NR 2.37 0.71 05602RAD3 BMW Vehicle Owner Trust 2022-A A3 3.210% Due 08/25/2026 2,470,005.43 05/10/2022 3.23% 2,469,876.99 2,469,944.15 98.59 5.24% 2,435,138.83 1,321.45 0.33% (34,805.32) Aaa / AAA NR 2.65 0.70 As of December 31, 2023 40 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 362554AC1 GM Financial Securitized Term 2021-4 A3 0.680% Due 09/16/2026 1,228,341.76 10/13/2021 0.68% 1,228,310.44 1,228,330.66 96.65 5.81% 1,187,165.29 348.03 0.16% (41,165.37) Aaa / AAA NR 2.71 0.65 47787JAC2 John Deere Owner Trust 2022-A A3 2.320% Due 09/16/2026 2,543,575.33 03/10/2022 2.34% 2,543,012.69 2,543,301.27 97.77 5.39% 2,486,762.03 2,622.71 0.34% (56,539.24) Aaa / NR AAA 2.71 0.73 448977AD0 Hyundai Auto Receivables Trust 2022-A A3 2.220% Due 10/15/2026 4,175,698.65 03/09/2022 2.23% 4,175,537.89 4,175,626.73 97.72 5.40% 4,080,680.63 4,120.02 0.56% (94,946.10) NR / AAA AAA 2.79 0.72 380146AC4 GM Financial Auto Receivables 2022-1 A3 1.260% Due 11/16/2026 1,325,984.90 01/11/2022 1.27% 1,325,869.67 1,325,937.31 97.07 5.49% 1,287,145.49 696.14 0.18% (38,791.82) NR / AAA AAA 2.88 0.69 362585AC5 GM Financial Securitized ART 2022-2 A3 3.100% Due 02/16/2027 2,330,000.00 04/05/2022 3.13% 2,329,513.03 2,329,757.29 98.06 5.34% 2,284,753.73 3,009.58 0.31% (45,003.56) Aaa / AAA NR 3.13 0.88 47800AAC4 John Deere Owner Trust 2022-B A3 3.740% Due 02/16/2027 3,140,000.00 07/12/2022 3.77% 3,139,700.13 3,139,821.82 98.38 5.27% 3,089,210.50 5,219.38 0.42% (50,611.32) Aaa / NR AAA 3.13 1.08 02582JJT8 American Express Credit Trust 2022-2 A 3.390% Due 05/17/2027 6,620,000.00 05/17/2022 3.42% 6,618,535.66 6,619,326.43 97.95 4.99% 6,484,548.18 9,974.13 0.89% (134,778.25) NR / AAA AAA 3.38 1.30 47800BAC2 John Deere Owner Trust 2022-C A3 5.090% Due 06/15/2027 4,040,000.00 10/12/2022 5.15% 4,039,686.50 4,039,789.59 99.99 5.15% 4,039,684.88 9,139.38 0.55% (104.71) Aaa / NR AAA 3.46 1.30 92348KAV5 Verizon Master Trust 2022-5 A1A 3.720% Due 07/20/2027 2,750,000.00 08/02/2022 3.75% 2,749,879.00 2,749,939.68 99.90 4.58% 2,747,313.25 3,125.83 0.38% (2,626.43) NR / AAA AAA 3.55 0.62 02582JJV3 American Express Credit Trust 2022-3 A 3.750% Due 08/16/2027 2,000,000.00 10/28/2022 5.24% 1,934,062.50 1,950,151.25 98.30 4.90% 1,965,914.00 3,125.00 0.27% 15,762.75 Aaa / NR AAA 3.63 1.53 58768PAC8 Mercedes-Benz Auto Receivables 2022-1 A3 5.210% Due 08/16/2027 7,195,000.00 11/15/2022 5.28% 7,193,576.83 7,194,030.68 100.14 5.15% 7,204,929.10 16,660.42 0.98% 10,898.42 Aaa / AAA NR 3.63 1.18 05592XAD2 BMW Vehicle Owner Trust 2023-A A3 5.470% Due 02/25/2028 1,415,000.00 07/11/2023 5.54% 1,414,749.26 1,414,783.41 101.04 4.95% 1,429,710.34 1,290.01 0.20% 14,926.93 NR / AAA AAA 4.16 1.78 89239FAD4 Toyota Auto Receivables Owner 2023-D A3 5.540% Due 08/15/2028 2,375,000.00 11/07/2023 5.61% 2,374,743.98 2,374,753.37 101.95 3.86% 2,421,343.42 5,847.78 0.33% 46,590.05 NR / AAA AAA 4.63 1.11 TOTAL ABS 67,951,574.26 3.05% 67,876,851.07 67,897,578.39 5.32% 67,104,429.17 79,400.14 9.16% (793,149.22) Aaa / AAA AAA 2.77 0.82 Agency 3133EKWV4 FFCB Note 1.850% Due 07/26/2024 5,000,000.00 08/13/2019 1.65% 5,048,280.00 5,005,527.63 98.21 5.08% 4,910,275.00 39,826.39 0.68% (95,252.63) Aaa / AA+ AA+ 0.57 0.55 3130A2UW4 FHLB Note 2.875% Due 09/13/2024 2,500,000.00 09/12/2019 1.73% 2,635,950.00 2,519,049.37 98.60 4.93% 2,464,905.00 21,562.50 0.34% (54,144.37) Aaa / AA+ NR 0.70 0.68 3135G0X24 FNMA Note 1.625% Due 01/07/2025 5,000,000.00 Various 1.28% 5,078,968.20 5,016,856.53 96.90 4.78% 4,845,050.00 39,270.83 0.67% (171,806.53) Aaa / AA+ AA+ 1.02 0.98 As of December 31, 2023 41 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 3137EAEP0 FHLMC Note 1.500% Due 02/12/2025 7,000,000.00 Various 1.20% 7,099,414.22 7,022,478.33 96.54 4.72% 6,757,863.00 40,541.67 0.93% (264,615.33) Aaa / AA+ AA+ 1.12 1.08 3130A4CH3 FHLB Note 2.375% Due 03/14/2025 5,225,000.00 03/19/2020 1.18% 5,526,848.25 5,297,642.60 97.43 4.60% 5,090,586.88 36,883.42 0.70% (207,055.72) Aaa / AA+ NR 1.20 1.16 3135G03U5 FNMA Note 0.625% Due 04/22/2025 14,000,000.00 Various 0.63% 13,996,711.60 13,999,150.67 95.08 4.54% 13,310,920.00 16,770.84 1.82% (688,230.67) Aaa / AA+ AA+ 1.31 1.27 3135G04Z3 FNMA Note 0.500% Due 06/17/2025 9,905,000.00 06/17/2020 0.54% 9,884,496.65 9,899,008.62 94.36 4.53% 9,346,704.68 1,925.97 1.28% (552,303.94) Aaa / AA+ AA+ 1.46 1.42 3137EAEU9 FHLMC Note 0.375% Due 07/21/2025 5,030,000.00 07/21/2020 0.48% 5,004,950.60 5,022,213.26 93.97 4.43% 4,726,831.84 8,383.33 0.65% (295,381.42) Aaa / AA+ AA+ 1.56 1.52 3135G05X7 FNMA Note 0.375% Due 08/25/2025 7,945,000.00 08/25/2020 0.47% 7,907,817.40 7,932,728.11 93.49 4.51% 7,427,915.57 10,427.81 1.01% (504,812.54) Aaa / AA+ AA+ 1.65 1.61 3137EAEX3 FHLMC Note 0.375% Due 09/23/2025 7,660,000.00 09/23/2020 0.44% 7,636,943.40 7,652,023.73 93.33 4.43% 7,149,292.48 7,819.58 0.98% (502,731.25) Aaa / AA+ AA+ 1.73 1.68 3135G06G3 FNMA Note 0.500% Due 11/07/2025 8,255,000.00 11/09/2020 0.57% 8,225,447.10 8,244,029.24 93.15 4.40% 7,689,128.01 6,191.25 1.05% (554,901.23) Aaa / AA+ AA+ 1.85 1.80 3130ATUC9 FHLB Note 4.500% Due 12/12/2025 7,000,000.00 02/09/2023 4.22% 7,051,168.00 7,035,116.26 100.23 4.37% 7,016,429.01 16,625.01 0.96% (18,687.25) Aaa / AA+ NR 1.95 1.84 3130ATS57 FHLB Note 4.500% Due 03/10/2028 7,500,000.00 03/21/2023 4.01% 7,662,525.00 7,637,004.55 102.36 3.88% 7,677,352.50 104,062.50 1.06% 40,347.95 Aaa / AA+ NR 4.19 3.75 880591EZ1 Tennessee Valley Authority Note 3.875% Due 03/15/2028 6,805,000.00 Various 3.73% 6,848,198.00 6,842,176.87 99.55 3.99% 6,774,649.70 77,643.16 0.93% (67,527.17) Aaa / AA+ AA+ 4.21 3.80 3130AWMN7 FHLB Note 4.375% Due 06/09/2028 2,500,000.00 07/26/2023 4.27% 2,511,025.00 2,510,045.83 101.83 3.92% 2,545,732.50 6,684.03 0.35% 35,686.67 Aaa / AA+ NR 4.44 4.00 TOTAL Agency 101,325,000.00 1.56% 102,118,743.42 101,635,051.60 4.46% 97,733,636.17 434,618.29 13.39% (3,901,415.43) Aaa / AA+ AA+ 1.91 1.80 CMO 3137BFE98 FHLMC K041 A2 3.171% Due 10/25/2024 4,946,595.45 07/01/2021 0.72% 5,321,068.17 5,033,402.15 98.31 5.31% 4,862,844.64 13,071.38 0.67% (170,557.51) Aaa / AAA AAA 0.82 0.70 3137BSRE5 FHLMC K059 A2 3.120% Due 09/25/2026 5,000,000.00 02/18/2022 1.98% 5,214,062.50 5,126,361.74 96.52 4.48% 4,825,950.00 13,000.00 0.66% (300,411.74) NR / AAA AAA 2.74 2.48 3137FETN0 FHLMC K073 A2 3.350% Due 01/25/2028 5,440,000.00 05/24/2023 4.34% 5,228,350.00 5,255,226.19 96.17 4.38% 5,231,756.80 3,037.33 0.71% (23,469.39) NR / NR AAA 4.07 3.64 As of December 31, 2023 42 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 3137FG6X8 FHLMC K077 A2 3.850% Due 05/25/2028 7,250,000.00 05/24/2023 4.65% 7,116,894.53 7,132,674.32 97.89 4.36% 7,097,278.75 4,652.08 0.97% (35,395.57) NR / NR AAA 4.40 3.89 03215PFN4 AMRESCO Residential Securities 1999-1 A 6.397% Due 06/25/2029 101,493.59 05/20/2011 10.81% 76,215.34 93,833.98 96.33 7.71% 97,773.04 126.25 0.01% 3,939.06 NR / BB+ A 5.49 0.11 3133TCE95 FHLMC FSPC E3 A 4.578% Due 08/15/2032 2,306.35 03/11/1998 4.53% 2,308.78 2,306.96 96.81 5.83% 2,232.72 9.04 0.00% (74.24) Aaa / AA+ AAA 8.63 0.70 31397QRE0 FNMA FNR 2011-3 FA 6.137% Due 02/25/2041 67,730.85 12/20/2010 6.18% 67,709.72 67,718.80 98.94 6.47% 67,011.28 69.28 0.01% (707.52) Aaa / AA+ AAA 17.17 0.02 31394JY35 FHLMC FSPC T-58 2A 6.500% Due 09/25/2043 352,518.37 06/09/2011 5.40% 399,227.05 381,068.07 101.39 5.78% 357,405.68 381.89 0.05% (23,662.39) Aaa / AA+ AAA 19.75 2.27 TOTAL CMO 23,160,644.61 3.18% 23,425,836.09 23,092,592.21 4.64% 22,542,252.91 34,347.25 3.08% (550,339.30) Aaa / AAA AAA 3.48 2.79 Corporate 79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022 0.625% Due 07/15/2024 1,350,000.00 06/29/2021 0.64% 1,349,311.50 1,349,877.21 97.48 5.43% 1,315,969.20 3,890.63 0.18% (33,908.01) A2 / A+ NR 0.54 0.52 02665WEA5 American Honda Finance Note 1.500% Due 01/13/2025 6,000,000.00 Various 1.62% 5,979,632.85 5,992,829.56 96.48 5.04% 5,788,668.00 42,000.00 0.80% (204,161.56) A3 / A- A 1.04 1.00 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 7,266,728.38 96.63 5.37% 7,025,211.83 66,237.78 0.97% (241,516.55) A2 / A+ A+ 1.06 1.01 037833AZ3 Apple Inc Note 2.500% Due 02/09/2025 2,000,000.00 07/14/2021 0.81% 2,118,560.00 2,036,822.70 97.52 4.83% 1,950,466.00 19,722.22 0.27% (86,356.70) Aaa / AA+ NR 1.11 1.06 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 2,056,006.17 97.79 5.06% 1,955,750.00 18,550.00 0.27% (100,256.17) A3 / A A 1.21 1.15 06367WB85 Bank of Montreal Note 1.850% Due 05/01/2025 3,000,000.00 08/12/2021 0.96% 3,097,260.00 3,034,910.16 95.88 5.09% 2,876,265.00 9,250.00 0.39% (158,645.16) A2 / A- AA- 1.33 1.29 14913R2V8 Caterpillar Financial Service Note 3.400% Due 05/13/2025 3,485,000.00 05/10/2022 3.44% 3,480,574.05 3,482,988.94 98.29 4.70% 3,425,389.08 15,798.67 0.47% (57,599.86) A2 / A A+ 1.37 1.31 747525AF0 Qualcomm Inc Callable Note Cont 2/20/2025 3.450% Due 05/20/2025 8,000,000.00 Various 1.64% 8,479,891.80 8,194,645.06 98.18 4.82% 7,854,488.00 31,433.33 1.08% (340,157.06) A2 / A NR 1.39 1.33 61747YEA9 Morgan Stanley Callable Note Cont 5/30/2024 0.790% Due 05/30/2025 8,885,000.00 05/26/2021 0.77% 8,889,710.25 8,885,645.83 97.76 6.07% 8,685,824.97 6,044.28 1.19% (199,820.86) A1 / A- A+ 1.41 1.35 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 5,032,656.13 95.46 4.70% 4,773,240.00 5,625.00 0.65% (259,416.13) A2 / A A 1.42 1.37 As of December 31, 2023 43 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 78015K7H1 Royal Bank of Canada Note 1.150% Due 06/10/2025 4,000,000.00 Various 1.10% 4,013,620.00 4,002,775.99 94.77 4.95% 3,790,696.00 2,683.33 0.52% (212,079.99) A1 / A AA- 1.44 1.40 66815L2J7 Northwestern Mutual Glbl Note 4.000% Due 07/01/2025 7,485,000.00 06/27/2022 4.01% 7,482,455.10 7,483,729.87 99.09 4.64% 7,416,617.04 149,700.00 1.03% (67,112.83) Aaa / AA+ AAA 1.50 1.41 06406HCQ0 Bank of New York Callable Note Cont 10/18/2025 3.950% Due 11/18/2025 1,500,000.00 04/05/2022 3.20% 1,537,365.00 1,519,001.12 98.24 4.93% 1,473,616.50 7,077.08 0.20% (45,384.62) A1 / A AA- 1.88 1.78 06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025 2.015% Due 02/13/2026 2,500,000.00 03/04/2021 1.14% 2,583,450.00 2,523,735.08 96.09 5.66% 2,402,290.00 19,310.42 0.33% (121,445.08) A1 / A- AA- 2.12 1.07 46647PBH8 JP Morgan Chase & Co Callable Note Mthly 3/13/2025 2.005% Due 03/13/2026 3,500,000.00 Various 1.24% 3,602,345.00 3,530,964.36 96.07 5.41% 3,362,593.50 21,052.50 0.46% (168,370.86) A1 / A- AA- 2.20 1.16 40139LBD4 Guardian Life Glob Fun Note 1.250% Due 05/13/2026 3,250,000.00 02/09/2022 2.21% 3,124,290.00 3,180,098.11 91.86 4.94% 2,985,466.25 5,416.67 0.41% (194,631.86) Aa1 / AA+ NR 2.37 2.28 91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026 1.150% Due 05/15/2026 4,000,000.00 Various 1.74% 3,904,703.05 3,946,081.57 92.57 4.49% 3,702,888.00 5,877.77 0.51% (243,193.57) A2 / A+ A 2.37 2.29 89236TJK2 Toyota Motor Credit Corp Note 1.125% Due 06/18/2026 7,285,000.00 06/15/2021 1.13% 7,281,794.60 7,283,421.88 92.34 4.44% 6,726,932.58 2,959.53 0.92% (556,489.30) A1 / A+ A+ 2.47 2.38 06051GJD2 Bank of America Corp Callable Note Cont 6/19/2025 1.319% Due 06/19/2026 2,250,000.00 06/24/2021 1.27% 2,254,432.50 2,251,633.19 94.11 5.54% 2,117,544.75 989.25 0.29% (134,088.44) A1 / A- AA- 2.47 1.42 58989V2D5 Met Tower Global Funding Note 1.250% Due 09/14/2026 3,745,000.00 09/07/2021 1.27% 3,741,554.60 3,743,137.67 90.96 4.86% 3,406,466.98 13,913.72 0.47% (336,670.69) Aa3 / AA- AA- 2.71 2.59 06368FAC3 Bank of Montreal Note 1.250% Due 09/15/2026 3,000,000.00 Various 1.29% 2,994,647.40 2,997,103.85 91.09 4.80% 2,732,784.00 11,041.67 0.37% (264,319.85) A2 / A- AA- 2.71 2.59 931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026 1.050% Due 09/17/2026 1,725,000.00 09/08/2021 1.09% 1,721,739.75 1,723,232.39 91.88 4.25% 1,584,940.35 5,232.50 0.22% (138,292.04) Aa2 / AA AA 2.72 2.61 61747YEX9 Morgan Stanley Callable Note Cont 10/16/2025 6.138% Due 10/16/2026 1,500,000.00 10/19/2022 6.44% 1,498,185.00 1,498,729.75 101.80 5.06% 1,526,989.50 19,181.25 0.21% 28,259.75 A1 / A- A+ 2.79 1.67 59217GER6 Metlife Note 1.875% Due 01/11/2027 5,920,000.00 01/03/2022 1.90% 5,913,251.20 5,915,912.28 91.31 5.00% 5,405,759.20 52,416.67 0.74% (510,153.08) Aa3 / AA- AA- 3.03 2.85 89114TZN5 Toronto-Dominion Bank Note 1.950% Due 01/12/2027 2,000,000.00 01/25/2022 2.11% 1,984,582.40 1,990,575.77 92.38 4.68% 1,847,610.00 18,308.33 0.25% (142,965.77) A1 / A AA- 3.04 2.86 As of December 31, 2023 44 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027 2.450% Due 03/03/2027 2,325,000.00 03/01/2022 2.47% 2,322,489.00 2,323,408.97 93.09 4.83% 2,164,284.38 18,671.04 0.30% (159,124.59) A2 / A- A 3.17 2.97 89114TZT2 Toronto-Dominion Bank Note 2.800% Due 03/10/2027 5,000,000.00 03/09/2022 2.97% 4,960,350.00 4,974,710.90 94.42 4.70% 4,720,995.00 43,166.67 0.65% (253,715.90) A1 / A NR 3.19 2.97 084664CZ2 Berkshire Hathaway Callable Note Cont 2/15/2027 2.300% Due 03/15/2027 6,875,000.00 03/07/2022 2.30% 6,873,693.75 6,874,163.74 94.58 4.12% 6,502,354.38 46,559.03 0.89% (371,809.36) Aa2 / AA A+ 3.21 3.02 89236TJZ9 Toyota Motor Credit Corp Note 3.050% Due 03/22/2027 2,000,000.00 06/03/2022 3.67% 1,945,900.00 1,963,624.01 95.83 4.45% 1,916,580.00 16,775.00 0.26% (47,044.01) A1 / A+ A+ 3.22 3.00 023135CF1 Amazon.com Inc Callable Note Cont 3/13/2027 3.300% Due 04/13/2027 2,000,000.00 04/25/2022 3.34% 1,996,540.00 1,997,712.43 97.07 4.26% 1,941,412.00 14,300.00 0.27% (56,300.43) A1 / AA AA- 3.28 3.05 46647PCB0 JP Morgan Chase & Co Callable Note Cont 4/22/2026 1.578% Due 04/22/2027 5,000,000.00 08/23/2022 4.96% 4,498,450.00 4,644,108.85 92.28 5.16% 4,614,120.00 15,122.50 0.63% (29,988.85) A1 / A- AA- 3.31 2.21 927804GH1 Virginia Electric Power Corp Callable Note Cont. 4/15/2027 3.750% Due 05/15/2027 5,735,000.00 Various 3.74% 5,736,523.40 5,736,066.22 97.63 4.51% 5,599,309.90 27,480.21 0.77% (136,756.32) A2 / BBB+ A 3.37 3.11 14913R3A3 Caterpillar Financial Service Note 3.600% Due 08/12/2027 3,250,000.00 Various 3.85% 3,213,062.50 3,222,900.09 97.65 4.31% 3,173,680.25 45,175.00 0.44% (49,219.84) A2 / A A+ 3.62 3.30 931142EX7 Wal-Mart Stores Callable Note Cont 09/09/2027 3.950% Due 09/09/2027 4,995,000.00 Various 3.97% 4,989,807.70 4,991,169.76 99.44 4.11% 4,967,207.82 61,383.00 0.69% (23,961.94) Aa2 / AA AA 3.69 3.36 24422EWK1 John Deere Capital Corp Note 4.150% Due 09/15/2027 2,000,000.00 09/20/2022 4.46% 1,972,620.00 1,979,634.34 99.35 4.34% 1,987,046.00 24,438.89 0.27% 7,411.66 A2 / A A+ 3.71 3.36 023135CP9 Amazon.com Inc Callable Note Cont 11/1/2027 4.550% Due 12/01/2027 2,000,000.00 01/17/2023 4.21% 2,028,800.00 2,023,079.56 101.53 4.11% 2,030,606.00 7,583.33 0.28% 7,526.44 A1 / AA AA- 3.92 3.48 89115A2M3 Toronto-Dominion Bank Note 5.156% Due 01/10/2028 2,000,000.00 06/09/2023 5.26% 1,991,400.00 1,992,439.00 101.51 4.74% 2,030,166.00 48,982.00 0.28% 37,727.00 A1 / A AA- 4.03 3.52 24422EWR6 John Deere Capital Corp Note 4.750% Due 01/20/2028 6,500,000.00 Various 4.47% 6,580,745.00 6,565,664.16 101.65 4.30% 6,607,562.00 138,079.86 0.92% 41,897.84 A2 / A A+ 4.06 3.58 06051GGF0 Bank of America Corp Callable Note 1/20/2027 3.824% Due 01/20/2028 6,275,000.00 Various 5.88% 5,907,613.65 5,967,275.46 96.08 5.22% 6,028,907.05 107,313.66 0.84% 61,631.59 A1 / A- AA- 4.06 2.79 91324PEP3 United Health Group Inc Callable Note Cont 1/15/2028 5.250% Due 02/15/2028 5,000,000.00 Various 4.70% 5,114,225.00 5,097,612.17 103.41 4.32% 5,170,350.00 99,166.66 0.72% 72,737.83 A2 / A+ A 4.13 3.56 As of December 31, 2023 45 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 20030NCH2 Comcast Corp Callable Note Cont 2/1/2028 3.550% Due 05/01/2028 5,000,000.00 Various 4.53% 4,785,920.00 4,811,903.65 96.44 4.46% 4,821,890.00 29,583.33 0.66% 9,986.35 A3 / A- A- 4.34 3.94 58933YBH7 Merck & Co Callable Note Cont 4/17/2028 4.050% Due 05/17/2028 7,000,000.00 Various 4.07% 6,994,864.00 6,995,507.75 99.56 4.16% 6,969,235.00 34,650.00 0.96% (26,272.75) A1 / A+ NR 4.38 3.89 06406RBG1 Bank of NY Mellon Corp Callable Note Cont 6/13/2027 3.992% Due 06/13/2028 2,500,000.00 07/14/2023 5.39% 2,403,150.00 2,412,175.64 97.55 4.77% 2,438,740.00 4,990.00 0.33% 26,564.36 A1 / A AA- 4.45 3.18 02665WEM9 American Honda Finance Note 5.125% Due 07/07/2028 1,000,000.00 09/22/2023 5.40% 988,260.00 988,912.22 102.84 4.42% 1,028,388.00 24,770.83 0.14% 39,475.78 A3 / A- A 4.52 3.91 89115A2U5 Toronto-Dominion Bank Note 5.523% Due 07/17/2028 3,000,000.00 09/07/2023 5.57% 2,993,970.00 2,994,351.34 102.95 4.79% 3,088,623.00 75,481.00 0.43% 94,271.66 A1 / A AA- 4.55 3.90 78016HZS2 ROYAL BANK OF CANADA Note 5.200% Due 08/01/2028 6,500,000.00 09/07/2023 5.54% 6,406,660.00 6,412,513.35 101.92 4.73% 6,624,995.00 151,161.11 0.92% 212,481.65 A1 / A AA- 4.59 3.96 06368LWU6 Bank of Montreal Callable Note Cont 8/25/2028 5.717% Due 09/25/2028 1,500,000.00 11/09/2023 6.03% 1,480,320.00 1,480,862.36 103.63 4.83% 1,554,481.50 22,868.00 0.22% 73,619.14 A2 / A- AA- 4.74 4.01 TOTAL Corporate 188,105,000.00 2.93% 187,795,974.95 187,373,038.99 4.78% 182,115,400.01 1,611,413.72 25.06% (5,257,638.98) A1 / A A+ 2.79 2.45 Money Market Fund 31846V567 First American Govt Obligation MMKT Class-Z 2,901,382.26 Various 5.23% 2,901,382.26 2,901,382.26 1.00 5.23% 2,901,382.26 0.00 0.40% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund 2,901,382.26 5.23% 2,901,382.26 2,901,382.26 5.23% 2,901,382.26 0.00 0.40% 0.00 Aaa / AAA AAA 0.00 0.00 Mortgage Pass Thru 36225CAZ9 GNMA Pool# G2 80023 6.280% Due 12/20/2026 3,953.69 08/08/1997 6.18% 4,019.17 3,960.32 99.34 4.59% 3,927.54 20.69 0.00% (32.78) Aaa / AA+ AA+ 2.97 1.21 36225CC20 GNMA Pool# G2 80088 6.720% Due 06/20/2027 3,761.51 08/11/1997 6.58% 3,843.81 3,771.08 98.95 5.57% 3,721.88 21.06 0.00% (49.20) Aaa / AA+ AA+ 3.47 1.67 31348SWZ3 FHLMC FH 786064 7.507% Due 01/01/2028 620.48 02/18/2000 7.79% 605.36 618.31 98.80 6.94% 613.02 3.88 0.00% (5.29) Aaa / AA+ AA+ 4.01 0.92 31371NUC7 FNMA FN 257179 4.500% Due 04/01/2028 3,877.52 12/05/2011 3.72% 4,100.86 3,935.73 98.46 5.34% 3,817.66 14.54 0.00% (118.07) Aaa / AA+ AA+ 4.25 1.57 31417YAY3 FNMA Pool# FN MA0022 4.500% Due 04/01/2029 4,676.25 12/05/2011 3.76% 4,945.59 4,757.95 99.03 4.89% 4,630.95 17.54 0.00% (127.00) Aaa / AA+ AA+ 5.25 1.92 As of December 31, 2023 46 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 3138EG6F6 FNMA FN AL0869 4.500% Due 06/01/2029 2,798.34 12/05/2011 3.77% 2,959.54 2,848.31 99.13 4.83% 2,774.10 2.45 0.00% (74.21) Aaa / AA+ AA+ 5.42 1.95 36225CNM4 GNMA Pool# G2 80395 6.720% Due 04/20/2030 2,260.71 03/15/2000 6.87% 2,240.22 2,256.39 98.97 5.66% 2,237.41 12.66 0.00% (18.98) Aaa / AA+ AA+ 6.31 2.42 36225CN28 GNMA Pool# G2 80408 6.720% Due 05/20/2030 19,090.40 03/15/2000 6.88% 18,896.48 19,049.13 98.99 5.63% 18,897.84 106.91 0.00% (151.29) Aaa / AA+ AA+ 6.39 2.23 31403GXF4 FNMA Pool# FN 748678 5.000% Due 10/01/2033 461.88 06/10/2013 4.16% 496.52 478.59 100.53 4.80% 464.34 1.92 0.00% (14.25) Aaa / AA+ AA+ 9.76 3.41 36225DCB8 GNMA Pool# G2 80965 6.960% Due 07/20/2034 16,980.57 07/19/2004 7.03% 16,969.96 16,976.83 98.86 5.69% 16,787.14 98.49 0.00% (189.69) Aaa / AA+ AA+ 10.56 4.60 31406XWT5 FNMA Pool# FN 823358 7.108% Due 02/01/2035 13,919.24 01/11/2006 7.25% 13,810.49 13,877.70 100.04 6.81% 13,924.77 82.45 0.00% 47.07 Aaa / AA+ AA+ 11.10 0.92 31406PQY8 FNMA Pool# FN 815971 5.000% Due 03/01/2035 50,727.11 06/10/2013 4.21% 54,531.64 52,690.78 101.61 4.53% 51,545.95 211.36 0.01% (1,144.83) Aaa / AA+ AA+ 11.17 3.71 31407BXH7 FNMA Pool# FN 826080 5.000% Due 07/01/2035 7,155.73 06/10/2013 4.22% 7,692.39 7,436.67 101.61 4.53% 7,271.24 29.82 0.00% (165.43) Aaa / AA+ AA+ 11.51 3.70 31376KT22 FNMA FN 357969 5.000% Due 09/01/2035 35,073.86 06/10/2013 4.22% 37,704.40 36,460.56 101.62 4.54% 35,640.37 34.10 0.00% (820.19) Aaa / AA+ AA+ 11.68 3.81 31403DJZ3 FNMA Pool #745580 5.000% Due 06/01/2036 37,032.78 06/10/2013 4.26% 39,810.26 38,540.00 101.62 4.55% 37,630.86 154.30 0.01% (909.14) Aaa / AA+ AA+ 12.43 3.84 31410F4V4 FNMA Pool# FN 888336 5.000% Due 07/01/2036 61,433.84 06/10/2013 4.25% 66,041.38 63,941.70 101.61 4.54% 62,425.81 255.97 0.01% (1,515.89) Aaa / AA+ AA+ 12.51 3.78 TOTAL Mortgage Pass Thru 263,823.91 4.82% 278,668.07 271,600.05 4.86% 266,310.88 1,068.14 0.04% (5,289.17) Aaa / AA+ AA+ 10.81 3.40 Supranational 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 6,238,686.63 94.99 4.62% 5,931,888.19 7,480.99 0.81% (306,798.44) Aaa / AAA NR 1.31 1.27 4581X0DN5 Inter-American Dev Bank Note 0.625% Due 07/15/2025 5,050,000.00 01/13/2021 0.53% 5,071,967.50 5,057,505.34 94.23 4.55% 4,758,418.05 14,553.82 0.65% (299,087.29) Aaa / AAA NR 1.54 1.50 459058JL8 Intl. Bank Recon & Development Note 0.500% Due 10/28/2025 10,000,000.00 Various 0.55% 9,976,634.39 9,991,030.47 93.19 4.42% 9,319,380.01 8,750.01 1.27% (671,650.46) Aaa / AAA AAA 1.83 1.78 4581X0DV7 Inter-American Dev Bank Note 0.875% Due 04/20/2026 13,370,000.00 04/13/2021 0.97% 13,308,765.40 13,341,830.74 92.71 4.23% 12,395,500.81 23,072.53 1.69% (946,329.93) Aaa / AAA AAA 2.30 2.23 459058KT9 Intl. Bank Recon & Development Note 3.500% Due 07/12/2028 15,000,000.00 Various 4.38% 14,424,808.40 14,467,988.81 97.91 4.01% 14,686,980.00 246,458.33 2.04% 218,991.19 Aaa / AAA NR 4.53 4.07 As of December 31, 2023 47 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 45950KDD9 International Finance Corp Note 4.500% Due 07/13/2028 4,130,000.00 07/06/2023 4.53% 4,125,415.70 4,125,847.28 102.09 3.99% 4,216,378.95 86,730.00 0.59% 90,531.67 Aaa / AAA NR 4.54 3.99 4581X0DC9 Inter-American Dev Bank Note 3.125% Due 09/18/2028 8,250,000.00 Various 4.32% 7,827,314.00 7,833,827.55 96.18 4.02% 7,934,437.50 73,763.02 1.09% 100,609.95 Aaa / AAA NR 4.72 4.29 TOTAL Supranational 62,045,000.00 2.31% 60,955,737.24 61,056,716.82 4.22% 59,242,983.51 460,808.70 8.14% (1,813,733.31) Aaa / AAA AAA 3.11 2.87 US Treasury 912797GM3 US Treasury Bill 5.252% Due 02/08/2024 7,500,000.00 12/29/2023 5.36% 7,455,139.17 7,458,421.67 99.45 5.36% 7,458,421.67 0.00 1.02% 0.00 P-1 / A-1+ F-1+ 0.11 0.10 912828WU0 US Treasury Inflation Index Note 0.125% Due 07/15/2024 13,476,008.00 Various 0.21% 13,365,178.52 13,470,035.34 98.29 3.35% 13,244,921.40 7,781.71 1.81% (225,113.94) Aaa / AA+ AA+ 0.54 0.53 91282CDZ1 US Treasury Note 1.500% Due 02/15/2025 3,000,000.00 05/06/2022 2.92% 2,887,734.38 2,954,450.97 96.50 4.73% 2,895,117.00 16,997.28 0.40% (59,333.97) Aaa / AA+ AA+ 1.13 1.09 912828ZL7 US Treasury Note 0.375% Due 04/30/2025 12,000,000.00 Various 0.38% 11,998,515.63 11,999,590.31 94.63 4.57% 11,355,936.00 7,664.83 1.55% (643,654.31) Aaa / AA+ AA+ 1.33 1.30 91282CFE6 US Treasury Note 3.125% Due 08/15/2025 5,000,000.00 09/27/2022 4.42% 4,826,171.88 4,902,180.37 98.01 4.41% 4,900,390.00 59,018.34 0.68% (1,790.37) Aaa / AA+ AA+ 1.62 1.54 91282CAM3 US Treasury Note 0.250% Due 09/30/2025 6,500,000.00 10/16/2020 0.32% 6,477,656.25 6,492,111.06 93.13 4.38% 6,053,125.00 4,129.10 0.83% (438,986.06) Aaa / AA+ AA+ 1.75 1.71 91282CFP1 US Treasury Note 4.250% Due 10/15/2025 7,500,000.00 Various 4.19% 7,511,523.44 7,507,617.09 99.81 4.36% 7,485,937.50 67,930.33 1.03% (21,679.59) Aaa / AA+ AA+ 1.79 1.69 91282CBC4 US Treasury Note 0.375% Due 12/31/2025 10,000,000.00 Various 0.50% 9,943,320.32 9,976,244.92 92.68 4.23% 9,267,580.00 103.03 1.26% (708,664.92) Aaa / AA+ AA+ 2.00 1.95 91282CBH3 US Treasury Note 0.375% Due 01/31/2026 18,000,000.00 Various 0.63% 17,781,875.00 17,907,309.74 92.39 4.23% 16,630,308.00 28,247.28 2.27% (1,277,001.74) Aaa / AA+ AA+ 2.09 2.03 91282CBT7 US Treasury Note 0.750% Due 03/31/2026 10,000,000.00 Various 0.87% 9,943,359.37 9,974,507.47 92.78 4.15% 9,277,730.00 19,057.37 1.27% (696,777.47) Aaa / AA+ AA+ 2.25 2.18 91282CCF6 US Treasury Note 0.750% Due 05/31/2026 7,500,000.00 06/18/2021 0.91% 7,443,750.00 7,472,545.01 92.31 4.13% 6,923,145.00 4,918.03 0.94% (549,400.01) Aaa / AA+ AA+ 2.42 2.35 91282CCW9 US Treasury Note 0.750% Due 08/31/2026 8,000,000.00 Various 1.08% 7,874,375.01 7,931,167.27 91.68 4.08% 7,334,376.00 20,274.72 1.00% (596,791.27) Aaa / AA+ AA+ 2.67 2.58 91282CDG3 US Treasury Note 1.125% Due 10/31/2026 19,250,000.00 Various 1.27% 19,119,013.68 19,174,164.58 92.28 4.04% 17,763,380.25 36,887.03 2.43% (1,410,784.33) Aaa / AA+ AA+ 2.84 2.73 As of December 31, 2023 48 Holdings Report Orange County Sanitation District Long Term - Account #10268 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 912828Z78 US Treasury Note 1.500% Due 01/31/2027 18,500,000.00 Various 2.25% 17,870,410.15 18,095,666.52 92.82 4.00% 17,172,477.00 116,127.72 2.36% (923,189.52) Aaa / AA+ AA+ 3.09 2.94 91282CEN7 US Treasury Note 2.750% Due 04/30/2027 17,000,000.00 Various 3.54% 16,417,148.44 16,589,214.70 96.19 3.98% 16,352,538.00 79,629.12 2.24% (236,676.70) Aaa / AA+ AA+ 3.33 3.13 91282CEW7 US Treasury Note 3.250% Due 06/30/2027 20,500,000.00 Various 3.09% 20,645,273.45 20,603,761.01 97.72 3.95% 20,033,153.50 1,830.35 2.73% (570,607.51) Aaa / AA+ AA+ 3.50 3.27 91282CFM8 US Treasury Note 4.125% Due 09/30/2027 14,500,000.00 Various 3.93% 14,620,742.19 14,595,081.43 100.63 3.94% 14,591,756.00 151,982.58 2.01% (3,325.43) Aaa / AA+ AA+ 3.75 3.41 91282CGC9 US Treasury Note 3.875% Due 12/31/2027 15,000,000.00 Various 3.76% 15,076,054.69 15,061,418.09 99.84 3.92% 14,975,385.00 1,596.84 2.04% (86,033.09) Aaa / AA+ AA+ 4.00 3.67 91282CGT2 US Treasury Note 3.625% Due 03/31/2028 20,000,000.00 Various 3.65% 19,977,363.28 19,979,996.97 98.91 3.90% 19,782,040.00 184,221.30 2.72% (197,956.97) Aaa / AA+ AA+ 4.25 3.86 91282CHE4 US Treasury Note 3.625% Due 05/31/2028 12,500,000.00 Various 4.05% 12,265,527.35 12,289,181.78 98.94 3.89% 12,367,675.00 39,617.48 1.69% 78,493.22 Aaa / AA+ AA+ 4.42 4.03 91282CHQ7 US Treasury Note 4.125% Due 07/31/2028 22,500,000.00 Various 4.50% 22,135,937.51 22,158,620.54 101.03 3.88% 22,732,042.50 388,400.13 3.15% 573,421.96 Aaa / AA+ AA+ 4.59 4.08 91282CJA0 US Treasury Note 4.625% Due 09/30/2028 20,000,000.00 Various 4.31% 20,262,578.13 20,264,789.07 103.22 3.88% 20,643,760.00 235,040.98 2.85% 378,970.93 Aaa / AA+ AA+ 4.75 4.20 91282CJN2 US Treasury Note 4.375% Due 11/30/2028 17,500,000.00 Various 3.95% 17,832,089.84 17,831,198.69 102.33 3.85% 17,907,417.50 66,939.88 2.45% 76,218.81 Aaa / AA+ AA+ 4.92 4.38 TOTAL US Treasury 305,726,008.00 2.73% 303,730,737.68 304,689,274.60 4.04% 297,148,612.32 1,538,395.43 40.74% (7,540,662.28) Aaa / AA+ AA+ 3.17 2.92 TOTAL PORTFOLIO 751,478,433.04 2.64% 749,083,930.78 748,917,234.92 4.44% 729,055,007.23 4,160,051.67 100.00% (19,862,227.69 ) Aa1 / AA AA+ 2.86 2.44 TOTAL MARKET VALUE PLUS ACCRUALS 733,215,058.90 As of December 31, 2023 49 Holdings Report Orange County Sanitation District Liquid - Account #10282 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration Commercial Paper 89233GAX4 Toyota Motor Credit Discount CP 5.610% Due 01/31/2024 4,000,000.00 07/24/2023 5.85% 3,880,943.33 3,981,300.00 99.53 5.85% 3,981,300.00 0.00 1.91% 0.00 P-1 / A-1+ F-1 0.08 0.08 62479LBF1 MUFG Bank Ltd Discount CP 5.560% Due 02/15/2024 2,500,000.00 11/20/2023 5.71% 2,466,408.33 2,482,625.00 99.31 5.71% 2,482,625.00 0.00 1.19% 0.00 P-1 / A-1 NR 0.13 0.12 TOTAL Commercial Paper 6,500,000.00 5.80% 6,347,351.66 6,463,925.00 5.80% 6,463,925.00 0.00 3.09% 0.00 P-1 / A-1 F-1 0.10 0.10 Corporate 06051GFF1 Bank of America Corp Note 4.000% Due 04/01/2024 2,000,000.00 08/28/2023 5.79% 1,979,520.00 1,991,331.72 99.61 5.52% 1,992,240.00 20,000.00 0.96% 908.28 A1 / A- AA- 0.25 0.25 02665WCZ2 American Honda Finance Note 2.400% Due 06/27/2024 1,017,000.00 08/30/2023 5.72% 990,181.71 1,001,087.81 98.53 5.49% 1,002,011.45 271.20 0.48% 923.64 A3 / A- A 0.49 0.48 05531FBH5 Truist Financial Corporation Callable Note Cont 7/1/2024 2.500% Due 08/01/2024 1,000,000.00 11/02/2023 6.35% 972,700.00 978,383.27 98.11 5.84% 981,091.00 10,416.67 0.47% 2,707.73 A3 / A- A 0.59 0.56 TOTAL Corporate 4,017,000.00 5.91% 3,942,401.71 3,970,802.80 5.59% 3,975,342.45 30,687.87 1.92% 4,539.65 A2 / A- A+ 0.39 0.38 Money Market Fund 31846V567 First American Govt Obligation MMKT Class-Z 2,929,355.87 Various 5.23% 2,929,355.87 2,929,355.87 1.00 5.23% 2,929,355.87 0.00 1.40% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund 2,929,355.87 5.23% 2,929,355.87 2,929,355.87 5.23% 2,929,355.87 0.00 1.40% 0.00 Aaa / AAA AAA 0.00 0.00 US Treasury 91282CDV0 US Treasury Note 0.875% Due 01/31/2024 45,000,000.00 Various 5.41% 43,918,164.09 44,838,113.04 99.65 5.08% 44,840,565.00 164,775.78 21.55% 2,451.96 Aaa / AA+ AA+ 0.08 0.08 912797GP6 US Treasury Bill 5.280% Due 02/29/2024 36,750,000.00 Various 5.45% 36,089,867.68 36,431,976.68 99.13 5.45% 36,431,976.68 0.00 17.44% 0.00 P-1 / A-1+ F-1+ 0.16 0.16 912797JH1 US Treasury Bill 5.251% Due 03/12/2024 7,500,000.00 11/30/2023 5.41% 7,387,322.29 7,422,328.96 98.96 5.41% 7,422,328.96 0.00 3.55% 0.00 P-1 / A-1+ F-1+ 0.20 0.19 912797LL9 US Treasury Bill 5.216% Due 03/21/2024 20,000,000.00 Various 5.36% 19,739,205.00 19,768,182.23 98.84 5.36% 19,768,182.23 0.00 9.46% 0.00 P-1 / A-1+ F-1+ 0.22 0.22 912797JK4 US Treasury Bill 5.242% Due 03/26/2024 7,500,000.00 11/30/2023 5.41% 7,372,238.44 7,407,181.77 98.76 5.41% 7,407,181.77 0.00 3.55% 0.00 P-1 / A-1+ F-1+ 0.24 0.23 As of December 31, 2023 50 Holdings Report Orange County Sanitation District Liquid - Account #10282 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 912797GY7 US Treasury Bill 5.232% Due 03/28/2024 10,000,000.00 12/27/2023 5.38% 9,867,746.67 9,873,560.00 98.74 5.38% 9,873,560.00 0.00 4.73% 0.00 P-1 / A-1+ F-1+ 0.24 0.23 912797FH5 US Treasury Bill 5.206% Due 05/16/2024 17,300,000.00 Various 5.42% 16,863,162.07 16,959,760.67 98.03 5.42% 16,959,760.67 0.00 8.12% 0.00 P-1 / A-1+ F-1+ 0.38 0.37 912828XT2 US Treasury Note 2.000% Due 05/31/2024 23,450,000.00 Various 5.47% 22,955,509.77 23,123,936.72 98.67 5.27% 23,137,646.00 41,005.46 11.10% 13,709.28 Aaa / AA+ AA+ 0.42 0.41 912796ZW2 US Treasury Bill 5.076% Due 06/20/2024 20,000,000.00 Various 5.28% 19,489,539.78 19,517,742.00 97.59 5.28% 19,517,742.00 0.00 9.34% 0.00 P-1 / A-1+ F-1+ 0.47 0.46 91282CEX5 US Treasury Note 3.000% Due 06/30/2024 10,000,000.00 11/30/2023 5.36% 9,866,015.62 9,886,144.72 98.95 5.15% 9,895,310.00 824.18 4.74% 9,165.28 Aaa / AA+ AA+ 0.50 0.49 TOTAL US Treasury 197,500,000.00 5.40% 193,548,771.41 195,228,926.79 5.29% 195,254,253.31 206,605.42 93.58% 25,326.52 Aaa / AAA AAA 0.26 0.25 TOTAL PORTFOLIO 210,946,355.87 5.42% 206,767,880.65 208,593,010.46 5.31% 208,622,876.63 237,293.29 100.00% 29,866.17 Aaa / AAA AAA 0.25 0.24 TOTAL MARKET VALUE PLUS ACCRUALS 208,860,169.92 As of December 31, 2023 51 Holdings Report OC SAN Lehman Exposure - Account #10284 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration Common Stock SLHOPNTA4 Lehman Brothers, Inc Open Position Long Exposure 0.000% Due 12/31/2023 60,641.49 11/21/2014 0.00% 57,842.64 57,842.64 0.42 0.00% 25,651.35 0.00 90.80% (32,191.29) NR / NR NR 0.00 0.00 TOTAL Common Stock 60,641.49 0.00% 57,842.64 57,842.64 0.00% 25,651.35 0.00 90.80% (32,191.29) NR / NR NR 0.00 0.00 Corporate 525ESCIB7 Lehman Brothers Note-Defaulted 0.000% Due 01/24/2024 600,000.00 09/19/2008 0.00% 315,885.32 315,885.32 0.10 0.00% 600.00 0.00 2.12% (315,285.32) 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% 1,017,576.80 1,017,576.80 0.10 0.00% 2,000.00 0.00 7.08% (1,015,576.80) NR / NR NR 25.83 0.00 TOTAL Corporate 2,600,000.00 0.00% 1,333,462.12 1,333,462.12 0.00% 2,600.00 0.00 9.20% (1,330,862.12) NR / NR NR 19.88 0.00 TOTAL PORTFOLIO 2,660,641.49 0.00% 1,391,304.76 1,391,304.76 0.00% 28,251.35 0.00 100.00% (1,363,053.41) NR / NR NR 1.83 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 28,251.35 As of December 31, 2023 52 SECTION ||||||||||||||Section 5 |Transactions 53 Transaction Ledger Orange County Sanitation District Long Term - Account #10268 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/20/2023 91282CJA0 7,000,000.00 US Treasury Note 4.625% Due: 09/30/2028 98.570 4.95% 6,899,921.88 17,691.26 6,917,613.14 0.00 Purchase 10/31/2023 91282CJA0 1,000,000.00 US Treasury Note 4.625% Due: 09/30/2028 99.141 4.82% 991,406.25 3,917.35 995,323.60 0.00 Purchase 11/13/2023 06368LWU6 1,500,000.00 Bank of Montreal Callable Note Cont 8/25/2028 5.717% Due: 09/25/2028 98.688 6.03% 1,480,320.00 11,434.00 1,491,754.00 0.00 Purchase 11/14/2023 89239FAD4 2,375,000.00 Toyota Auto Receivables Owner 2023-D A3 5.54% Due: 08/15/2028 99.989 5.61% 2,374,743.98 0.00 2,374,743.98 0.00 Purchase 11/24/2023 4581X0DC9 4,050,000.00 Inter-American Dev Bank Note 3.125% Due: 09/18/2028 93.708 4.60% 3,795,174.00 23,203.13 3,818,377.13 0.00 Purchase 11/30/2023 91282CJN2 4,500,000.00 US Treasury Note 4.375% Due: 11/30/2028 100.473 4.27% 4,521,269.53 0.00 4,521,269.53 0.00 Purchase 12/19/2023 4581X0DC9 1,400,000.00 Inter-American Dev Bank Note 3.125% Due: 09/18/2028 95.947 4.07% 1,343,258.00 11,059.03 1,354,317.03 0.00 Purchase 12/20/2023 4581X0DC9 1,400,000.00 Inter-American Dev Bank Note 3.125% Due: 09/18/2028 95.844 4.10% 1,341,816.00 11,180.56 1,352,996.56 0.00 Purchase 12/22/2023 91282CJA0 12,000,000.00 US Treasury Note 4.625% Due: 09/30/2028 103.094 3.91% 12,371,250.00 125,860.66 12,497,110.66 0.00 Purchase 12/26/2023 4581X0DC9 1,400,000.00 Inter-American Dev Bank Note 3.125% Due: 09/18/2028 96.219 4.01% 1,347,066.00 11,909.72 1,358,975.72 0.00 Purchase 12/29/2023 912797GM3 7,500,000.00 US Treasury Bill 5.252% Due: 02/08/2024 99.402 5.36% 7,455,139.17 0.00 7,455,139.17 0.00 Purchase 12/29/2023 91282CJN2 10,500,000.00 US Treasury Note 4.375% Due: 11/30/2028 102.438 3.83% 10,755,937.50 36,398.57 10,792,336.07 0.00 Purchase 12/29/2023 91282CJN2 2,500,000.00 US Treasury Note 4.375% Due: 11/30/2028 102.195 3.88% 2,554,882.81 8,666.33 2,563,549.14 0.00 Subtotal 57,125,000.00 57,232,185.12 261,320.61 57,493,505.73 0.00 Security Contribution 10/31/2023 912828WU0 57,408.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 57,408.00 21.06 57,429.06 0.00 September 30, 2023 through December 31, 2023 As of December 31, 2023 54 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 11/30/2023 912828WU0 34,216.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 34,216.00 16.04 34,232.04 0.00 Subtotal 91,624.00 91,624.00 37.10 91,661.10 0.00 TOTAL ACQUISITIONS 57,216,624.00 57,323,809.12 261,357.71 57,585,166.83 0.00 DISPOSITIONS Sale 10/02/2023 037833AZ3 1,922,000.00 Apple Inc Note 2.5% Due: 02/09/2025 96.190 0.81% 1,848,771.80 7,074.03 1,855,845.83 -116,565.88 Sale 10/02/2023 06367WB85 2,000,000.00 Bank of Montreal Note 1.85% Due: 05/01/2025 93.764 0.96% 1,875,280.00 15,519.44 1,890,799.44 -152,351.23 Sale 10/02/2023 3135G0X24 5,000,000.00 FNMA Note 1.625% Due: 01/07/2025 95.497 1.33% 4,774,850.00 19,184.03 4,794,034.03 -246,130.02 Sale 10/02/2023 3137EAEP0 5,335,000.00 FHLMC Note 1.5% Due: 02/12/2025 95.083 1.20% 5,072,678.05 11,114.58 5,083,792.63 -283,274.68 Sale 10/02/2023 4581X0DZ8 2,775,000.00 Inter-American Dev Bank Note 0.5% Due: 09/23/2024 95.218 0.52% 2,642,299.50 346.88 2,642,646.38 -132,031.61 Sale 10/02/2023 459058JL8 5,000,000.00 Intl. Bank Recon & Development Note 0.5% Due: 10/28/2025 90.948 0.55% 4,547,400.00 10,694.44 4,558,094.44 -447,502.46 Sale 10/20/2023 9128283J7 5,000,000.00 US Treasury Note 2.125% Due: 11/30/2024 96.469 1.76% 4,823,437.50 41,222.68 4,864,660.18 -195,928.04 Sale 10/31/2023 023135BW5 2,000,000.00 Amazon.com Inc Note 0.45% Due: 05/12/2024 97.339 0.50% 1,946,780.00 4,225.00 1,951,005.00 -52,703.14 Sale 10/31/2023 9128283J7 3,000,000.00 US Treasury Note 2.125% Due: 11/30/2024 96.598 1.76% 2,897,929.69 26,649.59 2,924,579.28 -113,375.59 Sale 11/09/2023 91282CDZ1 2,000,000.00 US Treasury Note 1.5% Due: 02/15/2025 95.465 2.92% 1,909,296.88 7,010.87 1,916,307.75 -56,421.28 Sale 11/13/2023 06367WB85 2,000,000.00 Bank of Montreal Note 1.85% Due: 05/01/2025 94.168 0.96% 1,883,360.00 1,233.33 1,884,593.33 -142,259.94 September 30, 2023 through December 31, 2023 As of December 31, 2023 55 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 Sale 11/24/2023 4581X0DZ8 3,000,000.00 Inter-American Dev Bank Note 0.5% Due: 09/23/2024 96.077 0.52% 2,882,310.00 2,541.67 2,884,851.67 -117,074.23 Sale 12/18/2023 3130A1XJ2 1,000,000.00 FHLB Note 2.875% Due: 06/14/2024 98.826 1.96% 988,260.00 319.44 988,579.44 -15,973.61 Sale 12/19/2023 3130A1XJ2 3,000,000.00 FHLB Note 2.875% Due: 06/14/2024 98.823 1.96% 2,964,690.00 1,197.92 2,965,887.92 -47,939.87 Subtotal 43,032,000.00 41,057,343.42 148,333.90 41,205,677.32 -2,119,531.58 Security Withdrawal 12/29/2023 912828WU0 3,848.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 99.916 0.13% 3,848.00 2.18 3,850.18 1.73 Subtotal 3,848.00 3,848.00 2.18 3,850.18 1.73 TOTAL DISPOSITIONS 43,035,848.00 41,061,191.42 148,336.08 41,209,527.50 -2,119,529.85 September 30, 2023 through December 31, 2023 As of December 31, 2023 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 ACQUISITIONS Purchase 10/19/2023 912797GP6 5,000,000.00 US Treasury Bill 5.327% Due: 02/29/2024 98.032 5.51% 4,901,607.71 0.00 4,901,607.71 0.00 Purchase 10/19/2023 912828XT2 5,000,000.00 US Treasury Note 2% Due: 05/31/2024 97.902 5.51% 4,895,117.19 38,524.59 4,933,641.78 0.00 Purchase 10/27/2023 912797GP6 14,250,000.00 US Treasury Bill 5.29% Due: 02/29/2024 98.163 5.46% 13,988,230.47 0.00 13,988,230.47 0.00 Purchase 10/27/2023 912828XT2 14,250,000.00 US Treasury Note 2% Due: 05/31/2024 98.004 5.46% 13,965,556.64 116,024.59 14,081,581.23 0.00 Purchase 11/06/2023 05531FBH5 1,000,000.00 Truist Financial Corporation Callable Note Cont 7/1/2024 2.5% Due: 08/01/2024 97.270 6.35% 972,700.00 6,597.22 979,297.22 0.00 Purchase 11/20/2023 62479LBF1 2,500,000.00 MUFG Bank Ltd Discount CP 5.56% Due: 02/15/2024 98.656 5.71% 2,466,408.33 0.00 2,466,408.33 0.00 Purchase 11/20/2023 912797FH5 10,000,000.00 US Treasury Bill 5.192% Due: 05/16/2024 97.433 5.40% 9,743,262.19 0.00 9,743,262.19 0.00 Purchase 11/28/2023 912797FH5 7,300,000.00 US Treasury Bill 5.224% Due: 05/16/2024 97.533 5.43% 7,119,899.88 0.00 7,119,899.88 0.00 Purchase 11/30/2023 912797JH1 7,500,000.00 US Treasury Bill 5.251% Due: 03/12/2024 98.498 5.41% 7,387,322.29 0.00 7,387,322.29 0.00 Purchase 11/30/2023 912797JK4 7,500,000.00 US Treasury Bill 5.242% Due: 03/26/2024 98.297 5.41% 7,372,238.44 0.00 7,372,238.44 0.00 Purchase 11/30/2023 91282CEX5 5,000,000.00 US Treasury Note 3% Due: 06/30/2024 98.660 5.36% 4,933,007.81 62,364.13 4,995,371.94 0.00 Purchase 11/30/2023 91282CEX5 5,000,000.00 US Treasury Note 3% Due: 06/30/2024 98.660 5.36% 4,933,007.81 62,364.13 4,995,371.94 0.00 Purchase 12/22/2023 912796ZW2 10,000,000.00 US Treasury Bill 5.075% Due: 06/20/2024 97.448 5.28% 9,744,815.14 0.00 9,744,815.14 0.00 Purchase 12/22/2023 912796ZW2 10,000,000.00 US Treasury Bill 5.077% Due: 06/20/2024 97.447 5.28% 9,744,724.64 0.00 9,744,724.64 0.00 Purchase 12/22/2023 912797GP6 7,500,000.00 US Treasury Bill 5.208% Due: 02/29/2024 99.002 5.33% 7,425,135.00 0.00 7,425,135.00 0.00 September 30, 2023 through December 31, 2023 As of December 31, 2023 57 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 12/22/2023 912797LL9 10,000,000.00 US Treasury Bill 5.217% Due: 03/21/2024 98.696 5.36% 9,869,575.00 0.00 9,869,575.00 0.00 Purchase 12/22/2023 912797LL9 10,000,000.00 US Treasury Bill 5.215% Due: 03/21/2024 98.696 5.36% 9,869,630.00 0.00 9,869,630.00 0.00 Purchase 12/28/2023 912797GY7 10,000,000.00 US Treasury Bill 5.232% Due: 03/28/2024 98.677 5.38% 9,867,746.67 0.00 9,867,746.67 0.00 Subtotal 141,800,000.00 139,199,985.21 285,874.66 139,485,859.87 0.00 TOTAL ACQUISITIONS 141,800,000.00 139,199,985.21 285,874.66 139,485,859.87 0.00 DISPOSITIONS Maturity 10/17/2023 912797HB6 10,000,000.00 US Treasury Bill 5.187% Due: 10/17/2023 100.000 10,000,000.00 0.00 10,000,000.00 0.00 Maturity 10/26/2023 912797FC6 35,000,000.00 US Treasury Bill 4.814% Due: 10/26/2023 100.000 35,000,000.00 0.00 35,000,000.00 0.00 Maturity 11/09/2023 62479MY98 4,000,000.00 MUFG Bank Ltd/NY Discount CP 5.53% Due: 11/09/2023 98.080 4,000,000.00 0.00 4,000,000.00 0.00 Maturity 11/15/2023 91282CAW1 15,010,000.00 US Treasury Note 0.25% Due: 11/15/2023 100.000 15,010,000.00 0.00 15,010,000.00 0.00 Maturity 12/28/2023 912796ZN2 10,000,000.00 US Treasury Bill 5.223% Due: 12/28/2023 100.000 10,000,000.00 0.00 10,000,000.00 0.00 Subtotal 74,010,000.00 74,010,000.00 0.00 74,010,000.00 0.00 TOTAL DISPOSITIONS 74,010,000.00 74,010,000.00 0.00 74,010,000.00 0.00 September 30, 2023 through December 31, 2023 As of December 31, 2023 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 ACQUISITIONS Purchase 10/19/2023 912797GP6 5,000,000.00 US Treasury Bill 5.327% Due: 02/29/2024 98.032 5.51% 4,901,607.71 0.00 4,901,607.71 0.00 Purchase 10/19/2023 912828XT2 5,000,000.00 US Treasury Note 2% Due: 05/31/2024 97.902 5.51% 4,895,117.19 38,524.59 4,933,641.78 0.00 Purchase 10/20/2023 91282CJA0 7,000,000.00 US Treasury Note 4.625% Due: 09/30/2028 98.570 4.95% 6,899,921.88 17,691.26 6,917,613.14 0.00 Purchase 10/27/2023 912797GP6 14,250,000.00 US Treasury Bill 5.29% Due: 02/29/2024 98.163 5.46% 13,988,230.47 0.00 13,988,230.47 0.00 Purchase 10/27/2023 912828XT2 14,250,000.00 US Treasury Note 2% Due: 05/31/2024 98.004 5.46% 13,965,556.64 116,024.59 14,081,581.23 0.00 Purchase 10/31/2023 91282CJA0 1,000,000.00 US Treasury Note 4.625% Due: 09/30/2028 99.141 4.82% 991,406.25 3,917.35 995,323.60 0.00 Purchase 11/06/2023 05531FBH5 1,000,000.00 Truist Financial Corporation Callable Note Cont 7/1/2024 2.5% Due: 08/01/2024 97.270 6.35% 972,700.00 6,597.22 979,297.22 0.00 Purchase 11/13/2023 06368LWU6 1,500,000.00 Bank of Montreal Callable Note Cont 8/25/2028 5.717% Due: 09/25/2028 98.688 6.03% 1,480,320.00 11,434.00 1,491,754.00 0.00 Purchase 11/14/2023 89239FAD4 2,375,000.00 Toyota Auto Receivables Owner 2023-D A3 5.54% Due: 08/15/2028 99.989 5.61% 2,374,743.98 0.00 2,374,743.98 0.00 Purchase 11/20/2023 62479LBF1 2,500,000.00 MUFG Bank Ltd Discount CP 5.56% Due: 02/15/2024 98.656 5.71% 2,466,408.33 0.00 2,466,408.33 0.00 Purchase 11/20/2023 912797FH5 10,000,000.00 US Treasury Bill 5.192% Due: 05/16/2024 97.433 5.40% 9,743,262.19 0.00 9,743,262.19 0.00 Purchase 11/24/2023 4581X0DC9 4,050,000.00 Inter-American Dev Bank Note 3.125% Due: 09/18/2028 93.708 4.60% 3,795,174.00 23,203.13 3,818,377.13 0.00 Purchase 11/28/2023 912797FH5 7,300,000.00 US Treasury Bill 5.224% Due: 05/16/2024 97.533 5.43% 7,119,899.88 0.00 7,119,899.88 0.00 Purchase 11/30/2023 912797JH1 7,500,000.00 US Treasury Bill 5.251% Due: 03/12/2024 98.498 5.41% 7,387,322.29 0.00 7,387,322.29 0.00 Purchase 11/30/2023 912797JK4 7,500,000.00 US Treasury Bill 5.242% Due: 03/26/2024 98.297 5.41% 7,372,238.44 0.00 7,372,238.44 0.00 September 30, 2023 through December 31, 2023 As of December 31, 2023 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 Purchase 11/30/2023 91282CEX5 5,000,000.00 US Treasury Note 3% Due: 06/30/2024 98.660 5.36% 4,933,007.81 62,364.13 4,995,371.94 0.00 Purchase 11/30/2023 91282CEX5 5,000,000.00 US Treasury Note 3% Due: 06/30/2024 98.660 5.36% 4,933,007.81 62,364.13 4,995,371.94 0.00 Purchase 11/30/2023 91282CJN2 4,500,000.00 US Treasury Note 4.375% Due: 11/30/2028 100.473 4.27% 4,521,269.53 0.00 4,521,269.53 0.00 Purchase 12/19/2023 4581X0DC9 1,400,000.00 Inter-American Dev Bank Note 3.125% Due: 09/18/2028 95.947 4.07% 1,343,258.00 11,059.03 1,354,317.03 0.00 Purchase 12/20/2023 4581X0DC9 1,400,000.00 Inter-American Dev Bank Note 3.125% Due: 09/18/2028 95.844 4.10% 1,341,816.00 11,180.56 1,352,996.56 0.00 Purchase 12/22/2023 912796ZW2 10,000,000.00 US Treasury Bill 5.075% Due: 06/20/2024 97.448 5.28% 9,744,815.14 0.00 9,744,815.14 0.00 Purchase 12/22/2023 912796ZW2 10,000,000.00 US Treasury Bill 5.077% Due: 06/20/2024 97.447 5.28% 9,744,724.64 0.00 9,744,724.64 0.00 Purchase 12/22/2023 912797GP6 7,500,000.00 US Treasury Bill 5.208% Due: 02/29/2024 99.002 5.33% 7,425,135.00 0.00 7,425,135.00 0.00 Purchase 12/22/2023 912797LL9 10,000,000.00 US Treasury Bill 5.217% Due: 03/21/2024 98.696 5.36% 9,869,575.00 0.00 9,869,575.00 0.00 Purchase 12/22/2023 912797LL9 10,000,000.00 US Treasury Bill 5.215% Due: 03/21/2024 98.696 5.36% 9,869,630.00 0.00 9,869,630.00 0.00 Purchase 12/22/2023 91282CJA0 12,000,000.00 US Treasury Note 4.625% Due: 09/30/2028 103.094 3.91% 12,371,250.00 125,860.66 12,497,110.66 0.00 Purchase 12/26/2023 4581X0DC9 1,400,000.00 Inter-American Dev Bank Note 3.125% Due: 09/18/2028 96.219 4.01% 1,347,066.00 11,909.72 1,358,975.72 0.00 Purchase 12/28/2023 912797GY7 10,000,000.00 US Treasury Bill 5.232% Due: 03/28/2024 98.677 5.38% 9,867,746.67 0.00 9,867,746.67 0.00 Purchase 12/29/2023 912797GM3 7,500,000.00 US Treasury Bill 5.252% Due: 02/08/2024 99.402 5.36% 7,455,139.17 0.00 7,455,139.17 0.00 Purchase 12/29/2023 91282CJN2 10,500,000.00 US Treasury Note 4.375% Due: 11/30/2028 102.438 3.83% 10,755,937.50 36,398.57 10,792,336.07 0.00 September 30, 2023 through December 31, 2023 As of December 31, 2023 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 Purchase 12/29/2023 91282CJN2 2,500,000.00 US Treasury Note 4.375% Due: 11/30/2028 102.195 3.88% 2,554,882.81 8,666.33 2,563,549.14 0.00 Subtotal 198,925,000.00 196,432,170.33 547,195.27 196,979,365.60 0.00 Security Contribution 10/31/2023 912828WU0 57,408.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 57,408.00 21.06 57,429.06 0.00 Security Contribution 11/30/2023 912828WU0 34,216.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 100.000 34,216.00 16.04 34,232.04 0.00 Subtotal 91,624.00 91,624.00 37.10 91,661.10 0.00 TOTAL ACQUISITIONS 199,016,624.00 196,523,794.33 547,232.37 197,071,026.70 0.00 DISPOSITIONS Sale 10/02/2023 037833AZ3 1,922,000.00 Apple Inc Note 2.5% Due: 02/09/2025 96.190 0.81% 1,848,771.80 7,074.03 1,855,845.83 -116,565.88 Sale 10/02/2023 06367WB85 2,000,000.00 Bank of Montreal Note 1.85% Due: 05/01/2025 93.764 0.96% 1,875,280.00 15,519.44 1,890,799.44 -152,351.23 Sale 10/02/2023 3135G0X24 5,000,000.00 FNMA Note 1.625% Due: 01/07/2025 95.497 1.33% 4,774,850.00 19,184.03 4,794,034.03 -246,130.02 Sale 10/02/2023 3137EAEP0 5,335,000.00 FHLMC Note 1.5% Due: 02/12/2025 95.083 1.20% 5,072,678.05 11,114.58 5,083,792.63 -283,274.68 Sale 10/02/2023 4581X0DZ8 2,775,000.00 Inter-American Dev Bank Note 0.5% Due: 09/23/2024 95.218 0.52% 2,642,299.50 346.88 2,642,646.38 -132,031.61 Sale 10/02/2023 459058JL8 5,000,000.00 Intl. Bank Recon & Development Note 0.5% Due: 10/28/2025 90.948 0.55% 4,547,400.00 10,694.44 4,558,094.44 -447,502.46 Sale 10/20/2023 9128283J7 5,000,000.00 US Treasury Note 2.125% Due: 11/30/2024 96.469 1.76% 4,823,437.50 41,222.68 4,864,660.18 -195,928.04 Sale 10/31/2023 023135BW5 2,000,000.00 Amazon.com Inc Note 0.45% Due: 05/12/2024 97.339 0.50% 1,946,780.00 4,225.00 1,951,005.00 -52,703.14 September 30, 2023 through December 31, 2023 As of December 31, 2023 61 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 Sale 10/31/2023 9128283J7 3,000,000.00 US Treasury Note 2.125% Due: 11/30/2024 96.598 1.76% 2,897,929.69 26,649.59 2,924,579.28 -113,375.59 Sale 11/09/2023 91282CDZ1 2,000,000.00 US Treasury Note 1.5% Due: 02/15/2025 95.465 2.92% 1,909,296.88 7,010.87 1,916,307.75 -56,421.28 Sale 11/13/2023 06367WB85 2,000,000.00 Bank of Montreal Note 1.85% Due: 05/01/2025 94.168 0.96% 1,883,360.00 1,233.33 1,884,593.33 -142,259.94 Sale 11/24/2023 4581X0DZ8 3,000,000.00 Inter-American Dev Bank Note 0.5% Due: 09/23/2024 96.077 0.52% 2,882,310.00 2,541.67 2,884,851.67 -117,074.23 Sale 12/18/2023 3130A1XJ2 1,000,000.00 FHLB Note 2.875% Due: 06/14/2024 98.826 1.96% 988,260.00 319.44 988,579.44 -15,973.61 Sale 12/19/2023 3130A1XJ2 3,000,000.00 FHLB Note 2.875% Due: 06/14/2024 98.823 1.96% 2,964,690.00 1,197.92 2,965,887.92 -47,939.87 Subtotal 43,032,000.00 41,057,343.42 148,333.90 41,205,677.32 -2,119,531.58 Maturity 10/17/2023 912797HB6 10,000,000.00 US Treasury Bill 5.187% Due: 10/17/2023 100.000 10,000,000.00 0.00 10,000,000.00 0.00 Maturity 10/26/2023 912797FC6 35,000,000.00 US Treasury Bill 4.814% Due: 10/26/2023 100.000 35,000,000.00 0.00 35,000,000.00 0.00 Maturity 11/09/2023 62479MY98 4,000,000.00 MUFG Bank Ltd/NY Discount CP 5.53% Due: 11/09/2023 98.080 4,000,000.00 0.00 4,000,000.00 0.00 Maturity 11/15/2023 91282CAW1 15,010,000.00 US Treasury Note 0.25% Due: 11/15/2023 100.000 15,010,000.00 0.00 15,010,000.00 0.00 Maturity 12/28/2023 912796ZN2 10,000,000.00 US Treasury Bill 5.223% Due: 12/28/2023 100.000 10,000,000.00 0.00 10,000,000.00 0.00 Subtotal 74,010,000.00 74,010,000.00 0.00 74,010,000.00 0.00 September 30, 2023 through December 31, 2023 As of December 31, 2023 62 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 Withdrawal 12/29/2023 912828WU0 3,848.00 US Treasury Inflation Index Note 0.125% Due: 07/15/2024 99.916 0.13% 3,848.00 2.18 3,850.18 1.73 Subtotal 3,848.00 3,848.00 2.18 3,850.18 1.73 TOTAL DISPOSITIONS 117,045,848.00 115,071,191.42 148,336.08 115,219,527.50 -2,119,529.85 Other Transactions Cash Capital Distribution 10/05/2023 525ESC0Y6 0.00 Lehman Brothers Note-Defaulted Due: 10/22/2049 0.000 255.98 0.00 255.98 0.00 Cash Capital Distribution 10/05/2023 525ESCIB7 0.00 Lehman Brothers Note-Defaulted Due: 01/24/2024 0.000 77.07 0.00 77.07 0.00 Subtotal 0.00 333.05 0.00 333.05 0.00 TOTAL Other Transactions 0.00 333.05 0.00 333.05 0.00 September 30, 2023 through December 31, 2023 As of December 31, 2023 63 Transaction Ledger OC SAN 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 10/05/2023 525ESC0Y6 0.00 Lehman Brothers Note-Defaulted Due: 10/22/2049 0.000 255.98 0.00 255.98 0.00 Cash Capital Distribution 10/05/2023 525ESCIB7 0.00 Lehman Brothers Note-Defaulted Due: 01/24/2024 0.000 77.07 0.00 77.07 0.00 Subtotal 0.00 333.05 0.00 333.05 0.00 TOTAL Other Transactions 0.00 333.05 0.00 333.05 0.00 September 30, 2023 through December 31, 2023 As of December 31, 2023 64 Important Disclosures 2023Chandler Asset Management, Inc, An Independent Registered Investment Adviser. Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A. Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index. Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler assetmanagement, or any of its products or services. This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment. Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates. Ratings information have been provided by Moody’s,S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy. Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account. As of December 31, 2023 65 Benchmark Disclosures ICE BofA 3-Month US Treasury Bill Index The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. ICE BofA 1-5 Year AAA-A US Corp & Govt Index The ICE BofA 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250million for all other securities. ICE BofA 1-5 Yr US Corp & Govt Index The ICE BofA 1-5 Year US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250million for all other securities. As of December 31, 2023 66 Rating Agency Comparisons A summary of investment grade ratings are listed below. More complete descriptions of Moody's and Standard & Poor's ratings are included in the following pages. Quality/Grade Moody’s Standard & Poor’s Fitch Best Quality Aaa AAA AAA High Quality Aa1 Aa2 Aa3 AA+ AA AA- AA+ AA AA- Upper Medium Grade A1 A2 A3 A+ A A- A+ A A- Medium Grade Baa1 Baa2 Baa3 BBB+ BBB BBB- BBB+ BBB BBB1 Moody's - Investment Grade "Aaa" - Bonds rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk. Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues. "Aa" - Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in Aaa securities. "A" - Bonds which are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment sometime in the future. "Baa" - Bonds which are rated Baa are considered as medium grade obligations; i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well. Bonds in the Aa, A, and Baa are also assigned "1", "2", or "3" based on the strength of the issue within each category. Accordingly, "A1" would be the strongest group of A securities and "A3" would be the weakest A securities. Ba, B, Caa, Ca, and C - Bonds that possess one of these ratings provide questionable protection of interest and principal ("Ba" indicates some speculative elements; "B" indicates a general lack of characteristics of desirable investment; "Caa" represents a poor standing; "Ca" represents obligations which are speculative in a high degree; and “C” represents the lowest rated class of bonds). "Caa”, "Ca" and “C” bonds may be in default. Standard and Poor's - Investment Grade AAA - Debt rated "AAA" has the highest rating assigned by S&P. Capacity to pay interest and repay principal Is extremely strong. AA - Debt rated “AA” has a very strong capacity to pay interest and repay principal and differs from the highest rated issues only in small degree. A - Debt rated "A" has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories. BBB - Debt rated "BBB" is regarded as having an adequate capacity to pay interest and repay principal. Whereas it normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories. Standard and Poor's - Speculative Grade Rating Debt rated "BB", "B", "CCC", “CC" and "C" is regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal. "BB" indicates the least degree of speculation and "C" the highest. While such debt will likely have some quality and protective characteristics these are outweighed by major uncertainties or major exposures to adverse conditions. BB - Debt rated "BB" has less near-term vulnerability to default than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to inadequate capacity to meet timely interest and principal payments. The "BB" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "BBB" rating. B - Debt rated "B" has a greater vulnerability to default but currently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principal. The "B" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "BB" or "BB" rating. CCC - Debt rated "CCC" has a currently identifiable vulnerability to default, and is dependent upon favorable business, financial, and economic conditions to meet timely payment of interest and repayment of principal. In the event of adverse business, financial, or economic conditions, it is not likely to have the capacity to pay interest and repay principal. The "CCC" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "B" or "B" rating. CC - The rating "CC" typically is applied to debt subordinated to senior debt that is assigned an actual or implied "CCC" debt rating. C - The rating “C” typically is applied to debt subordinated to senior debt which is assigned an actual or implied “CCC” debt rating. The “C” rating may be used to cover a situation where a bankruptcy petition has been filed, but debt service payments are continued. Cl - The rating "Cl" is reserved for income bonds on which no interest is being paid. D - Debt rated “D” is in payment default. The "D" rating category is used when interest payments or principal payments are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The “D” rating also will be used upon the filing of a bankruptcy petition if debt service payments are jeopardized. Plus (+) or Minus (-) - The ratings from "AA" to "CCC" may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. NR - Indicates no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular type of obligation as a matter of policy. Orange County Sanitation District PARS 115 Trust Client Review January 18, 2023 ORANGE COUNTY SANITATION DISTRICT ▎2 Contacts Jennifer Meza, CEBS Senior Manager, Consulting (800) 540-6369 x141 jmeza@pars.org Keith Stribling, CFA Senior Portfolio Manager (714) 315-0685 james.stribling@usbank.com Ashley Baires Client Services Coordinator (800) 540-6369 x170 abaires@pars.org ORANGE COUNTY SANITATION DISTRICT ▎3 Pars 115 Trust Team Trust Administrator & Consultant 40 Years of Experience (1984-2024) 2,000+ Plans under Administration 1,000+ Public Agency Clients $7.0 B Assets under Administration 500 K+ Plan Participants Investment Manager •Investment sub-advisor to trustee U.S. Bank •Investment policy assistance •Uses open architecture •Active and passive platform options •Customized portfolios (with minimum asset level) 105 Years of Experience(1919-2024) $8.7 B Assets under Management Trustee •5th largest commercial bank and one of the nation’s largest trustees for Section 115 trusts •Safeguard plan assets •Oversight protection as plan fiduciary •Custodian of assets 161 Years of Experience(1863-2024) $9.5 T Assets under Trust Custody 500+ 115 Trust Clients •Serves as record-keeper, consultant, and central point of contact •Sub-trust accounting •Coordinates all agency services •Monitors plan compliance (IRS/GASB/State Government Code) •Processes contributions/disbursements •Hands-on, dedicated support teams ORANGE COUNTY SANITATION DISTRICT ▎4 Subaccounts OPEB and pension assets are individually sub-accounted, and can be divided by dept., bargaining group, or cost center. Assets in the PARS Section 115 Combination Trust can be used to address unfunded liabilities. Financial Stability Allows separate investment strategies for OPEB and pension subaccounts. Flexible Investing OPEB and pension assets aggregate and reach lower fees on tiered schedule sooner – saving money! Economies-of-ScaleAnytime Access Trust funds are available anytime; OPEB for OPEB and pension for pension. No set-up costs, no minimum annual contribution amounts, and no fees until assets are added. No Set Up Cost or Minimums Retiree Medical Benefits Prefund OPEB GASB 75 OPEB Reimburse agency; or Pay benefits provider Pension Rate Stabilization Program Prefund Pension (PRSP)GASB 68 Pension Reimburse agency; or Pay retirement system Assets can be used to:Assets can be used to: prefundeither or both General Fund PARS IRS-Approved Section 115 Trust ORANGE COUNTY SANITATION DISTRICT ▎5 Plan Type:IRC Section 115 Irrevocable Exclusive Benefit Trust Trustee Approach:Discretionary Plan Effective Date:November 17, 2021 Plan Administrator:General Manager Current “OC SAN A1” Investment Strategy:Moderate HighMark PLUS (Active) Strategy; Individual Account Current “OC SAN B1” Investment Strategy:Balanced HighMark PLUS (Active) Strategy; Individual Account Summary of Agency’s 115 Trust AS OF DECEMBER 31, 2023: OC SAN A1 OC SAN B1 TOTAL Initial Contribution:January 2022: $10,000,000 January 2022: $5,000,000 January 2022: $15,000,000 Additional Contributions:$0 $0 $0 Total Contributions:$10,000,000 $5,000,000 $15,000,000 Disbursements:$0 $0 $0 Net Investment Earnings:($89,733)($5,452)($95,185) Account Balance:$9,910,267 $4,994,548 $14,904,815 ORANGE COUNTY SANITATION DISTRICT ▎6 Summary of Agency’s 115 Trust HISTORY OF CONTRIBUTIONS, DISBURSEMENTS, AND TOTAL ASSETS AS OF DECEMBER 31, 2023: $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 Ja n - 2 2 Fe b - 2 2 Ma r - 2 2 Ap r - 2 2 Ma y - 2 2 Ju n - 2 2 Ju l - 2 2 Au g - 2 2 Se p - 2 2 Oc t - 2 2 No v - 2 2 De c - 2 2 Ja n - 2 3 Fe b - 2 3 Ma r - 2 3 Ap r - 2 3 Ma y - 2 3 Ju n - 2 3 Ju l - 2 3 Au g - 2 3 Se p - 2 3 Oc t - 2 3 No v - 2 3 De c - 2 3 Plan Month Ending Contributions Disbursements Total Assets Month Contributions Disbursements Total Assets Jan-22 $15,000,000 $0 $14,910,223 Feb-22 $0 $0 $14,649,008 Mar-22 $0 $0 $14,623,146 Apr-22 $0 $0 $13,784,198 May-22 $0 $0 $13,810,584 Jun-22 $0 $0 $13,070,591 Jul-22 $0 $0 $13,715,516 Aug-22 $0 $0 $13,339,975 Sep-22 $0 $0 $12,469,379 Oct-22 $0 $0 $12,861,764 Nov-22 $0 $0 $13,449,662 Dec-22 $0 $0 $13,082,100 Jan-23 $0 $0 $13,769,178 Feb-23 $0 $0 $13,434,801 Mar-23 $0 $0 $13,645,922 Apr-23 $0 $0 $13,737,708 May-23 $0 $0 $13,629,567 Jun-23 $0 $0 $14,073,051 Jul-23 $0 $0 $14,383,732 Aug-23 $0 $0 $14,121,531 Sep-23 $0 $0 $13,634,297 Oct-23 $0 $0 $13,312,592 Nov-23 $0 $0 $14,224,356 Dec-23 $0 $0 $14,904,815 ORANGE COUNTY SANITATION DISTRICT ▎7 2022 ACFR Valuation Date: June 30, 2021 2023 ACFR Measurement Date: June 30, 2023 Total Pension Liability $20.4 M $20.1 M Fiduciary Net Position (Asset)$0 $0 Net Pension Liability $20.4 M $20.1 M Funded Ratio 0.00%0.00% Service Cost $835 K $545 K (FY 21-22)(FY 22-23) Discount Rate 3.69%3.86% Pension Funding Status As of June 30, 2023, Orange County Sanitation District’s ARBA pension plan is funded as *: * Data from Agency’s Annual Comprehensive Financial Report for FYE 2022 and 2023. ORANGE COUNTY SANITATION DISTRICT ▎8 2022 ACFR Valuation Date: June 30, 2021 2023 ACFR Measurement Date: June 30, 2023 Approximate Total Pension Liability Proportionate Share for OCERS $146.8 M (8.72%) $10.5 M (.20%) Fiduciary Net Position (Asset)$178.7 M $10.6 M Proportionate Share of Unfunded Net Pension Liability ($31.9 M)($127 K) Funded Ratio 121.74%101.22% Employer Contribution Amount $8.5 M $8.8 M (FY 21-22)(FY 22-23) Discount Rate 7.00%7.00% Pension Funding Status As of June 30, 2023, Orange County Sanitation District’s OCERS pension plan is funded as *: * Data from Agency’s Annual Comprehensive Financial Report for FYE 2022 and 2023. ORANGE COUNTY SANITATION DISTRICT ▎9 HighMark Capital Management Investment Review PARS: OC Sanitation District January 18, 2024 Presented by Keith Stribling, CFA DISCUSSION HIGHLIGHTS –OC Sanitation District PARS: OC Sanitation District Investment objective -OC Sanitation District A1 Asset Allocation: PARS/Moderate Index PLUS (As of 12-31-2023) Allocation Target –49.44% stocks (40-60% range), 47.18% bonds (40-60% range), 3.37% cash (0-20% range) Large cap 26.34%, Mid-cap 5.37%, Small cap 6.71%, International 9.44%, REIT 1.58% Performance: OC Sanitation District A1 (as of 12-31-2023) gross of investment management fees, net of fund fees 3-month:9.26% 6-months:5.97% 1-year (YTD)14.01% Inception to date (1-1-22):.00% Investment objective-OC Sanitation District B1 Asset Allocation: PARS/Balanced (As of 12-31-2023) Allocation Target –59.22% stocks (50-70% range), 37.24% bonds (30-50% range), 3.54% cash (0-20% range) Large cap 31.80%, Mid-cap 6.50%, Small cap 7.94%, International 11.21%; REIT 1.76% Performance: OC Sanitation District B1 (as of 12-31-2023) gross of investment management fees, net of fund fees 3-month:9.75% 6-months:6.36% 1-year (YTD)15.47% Inception to date (1-1-22):.40% Asset Allocation: •Modestly underweight equities •Favoring value style over growth •Recently added to Mid-Cap stocks •Neutral duration fixed income •Added mortgages & eliminated high yield DISCUSSION HIGHLIGHTS –OC Sanitation District Economic Review Aggressive fiscal policy…supporting GDP, Employment & inflationary forces Monetary policy changing from inflationary to restrictive with rate hikes and a pullback on QE Rate hikes expected to curb inflation expectations…It appears the Fed done hiking Yield curve inverted implying a recession is in the offing…likely to flatten as recession fears ebb Regional banks under duress…creating tighter monetary conditions Risks: Inflation resurges…further policy mistake at the Fed; China slowing; Russian aggression in Ukraine PARS: OC Sanitation District PARS: OC Sanitation District ASSET ALLOCATION-OC Sanitation District A1 PARS: OC Sanitation District Ticker Investment Vehicle Weight Equity 49.44% Large Cap Core COFYX Columbia Contrarian Core Cl Y 5.05% VGIAX Vanguard Gro & Inc Admiral Shares 9.62% Large Cap Value DODGX Dodge & Cox Stock Fund 4.35% IVE iShares S&P 500 Value ETF 1.91% Large Cap Growth HNACX Harbor CP Appre Rtrmt Cl 2.72% IVW iShares S&P 500 Growth ETF 2.70% Mid Cap Growth IWR iShares Rusell Mid Cap ETF 5.37% Small Cap Value UBVFX Undiscovered Mgrs Behavrl R6 3.33% Small Cap Growth FGROX Emerald Growth Fund 3.38% International Core DFALX DFA Large Cap International Port 3.65% International Value DODFX Dodge & Cox International Stock Fund 1.23% International Growth MGRDX MFS International Growth Fund 1.24% Emerging Markets HHHFX Hartford Schrodr Mkts Eq 3.32% REIT VNQ Vanguard Index Tr Reit Viper Shs 1.58% Fixed Income 47.18% Intermediate-Term PTRQX Prudential Total Return BD 14.35% DBLFX Doubleline Core Fixed Inc Cl I 14.29% DODIX Dodge & Cox Income 14.36% Mortgage Backed MBB iShares MBB ETF 4.18% Cash 3.37% FGXXX First Amern Govt Oblig Fd CL X 3.37% TOTAL 100.00% PARS: OC Sanitation District PARS: OC Sanitation District ASSET ALLOCATION-OC Sanitation District B1 Ticker Investment Vehicle Weight Equity 59.22% Large Cap Core COFYX Columbia Contrarian Core Cl Y 6.14% VGIAX Vanguard Gro & Inc Admiral Shares 11.69% Large Cap Value DODGX Dodge & Cox Stock Fund 5.19% IVE iShares S&P 500 Value ETF 2.29% Large Cap Growth HNACX Harbor CP Appre Rtrmt Cl 3.25% IVW iShares S&P 500 Growth ETF 3.23% Mid Cap Growth IWR iShares Rusell Mid Cap ETF 6.50% Small Cap Value UBVFX Undiscovered Mgrs Behavrl R6 3.95% Small Cap Growth FGROX Emerald Growth Fund 4.00% International Core DFALX DFA Large Cap International Port 4.34% International Value DODFX Dodge & Cox International Stock Fund 1.43% International Growth MGRDX MFS International Growth Fund 1.43% Emerging Markets HHHFX Hartford Schrodr Mkts Eq 4.01% REIT VNQ Vanguard Index Tr Reit Viper Shs 1.76% Fixed Income 37.24% Intermediate-Term PTRQX Prudential Total Return BD 11.32% DBLFX Doubleline Core Fixed Inc Cl I 11.28% DODIX Dodge & Cox Income 11.33% Mortgage Backed MBB iShares MBB ETF 3.31% Cash 3.54% FGXXX First Amern Govt Oblig Fd CL X 3.54% PARS: OC Sanitation District 1-Month 3-Month Year-to-1-Year 3-Year 5-Year 10-Year Fund Name Return Return Date Return Return Return Return Columbia Contrarian Core Inst3 4.44 12.83 32.21 32.21 10.30 16.94 11.94 Vanguard Growth & Income Adm 4.21 11.53 24.76 24.76 10.12 15.39 11.90 Dodge & Cox Stock I 5.86 9.82 17.48 17.48 12.81 13.94 10.45iShares S&P 500 Value ETF 5.51 13.57 22.02 22.02 12.90 13.92 9.83Harbor Capital Appreciation Retirement 4.72 16.31 53.86 53.86 3.54 18.00 14.10iShares S&P 500 Growth ETF 3.70 10.05 29.80 29.80 6.43 16.02 13.15 S&P 500 TR USD 4.54 11.69 26.29 26.29 10.00 15.69 12.03 iShares Russell Mid-Cap ETF 7.72 12.78 17.07 17.07 5.76 12.50 9.26 Undiscovered Managers Behavioral Val R6 10.19 15.36 14.57 14.57 15.08 14.26 9.53 Emerald Growth Institutional 10.12 14.94 19.06 19.06 -2.21 10.82 8.58Russell 2000 TR USD 12.22 14.03 16.93 16.93 2.22 9.97 7.16 Dodge & Cox International Stock I 4.68 6.81 16.70 16.70 6.49 8.65 3.99 DFA Large Cap International I 5.24 10.29 17.87 17.87 4.96 8.82 4.54 MFS International Growth R6 4.99 10.87 14.96 14.96 2.32 9.57 6.47MSCI EAFE NR USD 5.31 10.42 18.24 18.24 4.02 8.16 4.28 Hartford Schroders Emerging Mkts Eq F 2.92 8.26 9.00 9.00 -6.90 4.09 2.97MSCI EM NR USD 3.91 7.86 9.83 9.83 -5.08 3.69 2.66 1-Month 3-Month Year-to-1-Year 3-Year 5-Year 10-Year Fund Name Return Return Date Return Return Return Return Vanguard Real Estate ETF 9.37 18.12 11.74 11.74 5.00 7.29 7.34 Dodge & Cox Income I 4.08 7.32 7.70 7.70 -1.65 2.70 2.79DoubleLine Core Fixed Income I 3.85 6.50 6.43 6.43 -2.55 1.08 2.14 PGIM Total Return Bond R6 4.03 7.16 7.78 7.78 -3.20 1.73 2.66 Bloomberg US Agg Bond TR USD 3.83 6.82 5.53 5.53 -3.31 1.10 1.81 iShares MBS ETF 4.19 7.33 4.99 4.99 -2.97 0.20 1.28 Source: SEI Investments, Morningstar Investments Returns less than one year are not annualized. Past performance is no indication of future results. The information presented has been obtained from sources believed to be accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value. INTERNATIONAL EQUITY FUNDS BOND FUNDS For Period Ending December 31, 2023 LARGE CAP EQUITY FUNDS MID CAP EQUITY FUNDS REAL ESTATE FUNDS SMALL CAP EQUITY FUNDS OC Sanitation District FY 2023-24 Mid-Year Financial Report This Page Intentionally Left Blank January 31, 2024 STAFF REPORT Certificates of Participation (COP) Report For the Mid-Year Ended December 31, 2023 Summary The Orange County Sanitation District (OC San) began issuing Certificates of Participation (COPs) in 1990. These COPs were a part of our long-term financing plan that included both variable interest rate and traditional fixed rate borrowing. There remains no variable interest rate COPs at OC San. Following are the current outstanding debt issues of OC San: In May 2010, OC San issued $80 million of fixed rate Build America Bonds (BABs), Series 2010A at a true interest cost of 3.68 percent for the issue. In December 2010, OC San issued $157 million of fixed rate BABs, Series 2010C at a true interest cost of 4.11 percent for the issue. In August 2014, OC San issued $85.09 million of fixed rate COPs, Series 2014A, refunding a portion of Series 2007B debt. The true interest cost for the issue is 2.34 percent. In February 2015, OC San issued $127.51 million of fixed rate COPs, Series 2015A, refunding $152.99 million of the Series 2007B debt. The true interest cost for the issue is 3.30 percent. In March 2016, OC San issued $145.88 million of fixed rate COPs, Series 2016A, refunding $162.78 million of the Series 2009A fixed rate debt. The true interest cost for the issue is 3.02 percent. In February 2017, OC San issued $66.37 million of fixed rate COPs, Series 2017A, refunding $91.885 million of the Series 2007A debt. The true interest cost for the issue is 2.55 percent. In July 2021, OC San issued $133.51 million of fixed rate COPs, Series 2021A, refunding $61.575 million of the Series 2011A fixed rate debt and $102.2 million of the Series 2018A fixed rate debt. The true interest cost for the issue is 1.06 percent. COP Report For the Mid-Year Ended December 31, 2023 Page 2 of 2 In February 2022, OC San issued $81.62 million of fixed rate COPs, Series 2022A, refunding $100.645 million of the Series 2012A fixed rate debt and $6.67 million of the Series 2012B fixed rate debt. The true interest cost for the issue is 1.59 percent. COP Rate Report The chart below shows the various fixed interest rates of OC San’s eight debt issues. Orange County Sanitation DistrictFinancial Management Division10844 Ellis Avenue Fountain Valley, California 92708-7018714.962.2411 | www.ocsan.gov 12/31/23 2/5/2024 1 Mid-Year Financial Report Presented by Ruth Zintzun, Finance and Procurement Manager Administration Committee February 14, 2024 v Orange CountySanitation District70thAnniversary 2 July December June FY 2023/24 Budget Effective Mid Year Financial Report End of FY 2023/24 1 2 2/5/2024 2 v Orange CountySanitation District70thAnniversary Fees and Charges $369 Property Taxes $116 Other $38 FY 2023/24 Budget (Millions) 3 Fees and Charges $195 Property Taxes $58 Other $34 Actuals through 12/31/2023 (Millions) 55% v Orange CountySanitation District70thAnniversary 4 FY 2023‐24 Budget (Millions) $215$0 $107 49.5% 3 4 2/5/2024 3 v Orange CountySanitation District70thAnniversary $‐ $5 $10 $15 $20 $25 $30 $35 Mi l l i o n s FY 2023/24 Budget Actuals through 12/31/2023 49% 5 Chemicals Utilities Repairs and Maintenance 66% 54% v Orange CountySanitation District70thAnniversary 6 Anticipated Spend $0 $50 $100 $150 $200 $250 $300 FY 2023/24 Budget Actuals through 12/31/2024 Mi l l i o n s 5 6 2/5/2024 4 v Orange CountySanitation District70thAnniversary 7 $‐ $100 $200 $300 $400 $500 $600 $700 20 2 3 ‐24 20 2 4 ‐25 20 2 5 ‐26 20 2 6 ‐27 20 2 7 ‐28 20 2 8 ‐29 20 2 9 ‐30 20 3 0 ‐31 20 3 1 ‐32 20 3 2 ‐33 20 3 3 ‐34 20 3 4 ‐35 20 3 5 ‐36 20 3 6 ‐37 20 3 7 ‐38 20 3 8 ‐39 20 3 9 ‐40 20 4 0 ‐41 20 4 1 ‐42 20 4 2 ‐43 20 4 3 ‐44 Mi l l i o n s v Orange CountySanitation District70thAnniversary •Continue to monitor monthly actuals •Make adjustments to operations where possible •Potential to bring contract amendments to Board for consideration •Incorporate in upcoming budget where applicable 8 7 8 2/5/2024 5 1954 - 2024 Orange County Sanitation District 70th Anniversary 9 9 ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3467 Agenda Date:2/14/2024 Agenda Item No:5. FROM:Robert Thompson, General Manager Originator: Mike Dorman, Director of Engineering SUBJECT: PROGRESSIVE DESIGN-BUILD DELIVERY GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Each month,staff provides an informational presentation on topics of interest to the Board of Directors. This month’s topic: Progressive Design-Build Delivery. RELEVANT STANDARDS ·Ensure the public’s money is wisely spent ·Sound engineering and accounting practices, complying with local, state, and federal laws ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Presentation Orange County Sanitation District Printed on 2/6/2024Page 1 of 1 powered by Legistar™ 2/5/2024 1 Progressive Design-Build Delivery Presented by Mike Dorman, Director of Engineering Administration Committee February 14, 2024 v Orange CountySanitation District70thAnniversary 1. Design‐Bid‐Build (Low Bid) Current Approach 2. Collaborative Design‐Build Delivery Methods •Fixed‐Price Design‐Build •OC San successfully executed Project No. 3‐58, Rehabilitation of Magnolia Trunk Sewer, to slip line an existing sewer (2007‐2012) •Progressive Design‐Build Senate Bill 706 Until January 1, 2029, can use progressive design‐build process for up to 15 public works projects in excess of $5,000,000 for each project. 2 1 2 2/5/2024 2 v Orange CountySanitation District70thAnniversary Off- ramp Consultant Selection Bid Construction/ Commissioning Phase Preliminary Design Phase Design-Bid-Build Progressive Design-Build Consultant PDSA WarrantyDesign Phase Consultant PCSA Contractor Agreement Design- Builder Selection Construction/ Commissioning Phase Preliminary Design Phase Design-Builder – Phase 1 Warranty 60% Design Phase Design-Builder – Phase 2 Final Design Phase AwardAward Award Outreach to Design-Builders Guaranteed Maximum Price (GMP) Award 3 v Orange CountySanitation District70thAnniversary Progressive Design‐BuildDesign‐Bid‐BuildDescription More limitedVaries with type and size of projectNumber of Bidders 15 projects, each >$5MNoneProcurement Restrictions Select most qualifiedMeet bid and contract requirementsContractor Qualifications Design‐Builder (including stakeholders)DesignerCollaboration Design and constructionLimited (value engineering)Innovation with Contractor Faster (6‐12 months)Schedule Reduced risks through collaborationSpecifically defined. Subject to interpretation.Risk Transfer to Contractor Train OC San staff. Identify champions.Staff Training Saves time with only one procurement and early work packages (6 - 12 months saving) 4 3 4 2/5/2024 3 v Orange CountySanitation District70thAnniversary Progressive Design‐BuildDesign‐Bid‐BuildDescription Costs Fair, open‐book price. Price certainty at GMP.Low bidConstruction Costs SubcontractorsContractor and SubcontractorsBidding Competition LowerHigherSoft Costs Contract Documents Design‐BuilderOC SanDesign Quality Ownership Design‐Builder provides required detail to construct More detail (contractor bids what is shown)Plans and Specs Detail OC San/Design‐BuilderOC SanConstructability Construction Management LowerHigherChange Orders Reduced claims exposureHigherClaims, Overhead, and Legal Costs Design‐BuilderOC San enforcesConstruction Quality Control 5 v Orange CountySanitation District70thAnniversary Long Outfall Scope: •Replace 47 manholes •Clean inside pipe •Replace flap gate •Add ballast rock Short Outfall Scope: •Condition assessment •Essential repairs •Port cleaning Why Progressive Design‐Build? •Can select most qualified contractor •Contractor/Designer can inspect, design, and correct short outfall repairs •Long outfall repairs are well defined •Means and methods drive costs Long Outfall: 120‐in pipe, 200‐ft deep, 500 diffusers 6 5 6 2/5/2024 4 v Orange CountySanitation District70thAnniversary Mt. Langley Headquarters Building Project Scope: •Existing Lab Building needs rehabilitation (36,000 sq ft to 56,000 sq ft) •Replace existing Lab Building Why Progressive Design‐Build? •Project is well defined through a feasibility study •Procurement type is common for buildings •Building construction is not OC San’s expertise 7 Orange CountySanitation District70thAnniversary •Hire Owner Advisor to help develop Request for Qualification (RFQ) and Request for Proposal (RFP) documents •Train OC San’s Progressive Design‐Build team •Develop criteria to select future Progressive Design‐Build projects •Issue RFQ and RFP for selected projects 8 7 8 2/5/2024 5 Questions? 1954 - 2024 Orange County Sanitation District 70th Anniversary 9 9 ADMINISTRATION COMMITTEE Agenda Report Administration Building 10844 Ellis Avenue Fountain Valley, CA 92708 (714) 593-7433 File #:2024-3468 Agenda Date:2/14/2024 Agenda Item No:6. FROM:Robert Thompson, General Manager Originator: Laura Maravilla, Director of Human Resources SUBJECT: CLASSIFICATION AND COMPENSATION COMPARISON AGENCIES GENERAL MANAGER'S RECOMMENDATION RECOMMENDATION: Information Item. BACKGROUND Each month,staff provides an informational presentation on topics of interest to the Board of Directors.This month’s topic:Orange County Sanitation District Classification and Compensation Comparison Agencies. RELEVANT STANDARDS ·Offer competitive compensation and benefits ·Negotiate fair and equitable labor agreements ·Maintain positive employer-employee relations ·Comply with applicable employment and labor laws (Fair Labor Standards Act,Americans with Disabilities Act, Equal Pay Act) ATTACHMENT The following attachment(s)may be viewed on-line at the OC San website (www.ocsan.gov)with the complete agenda package: ·Presentation Orange County Sanitation District Printed on 2/6/2024Page 1 of 1 powered by Legistar™ 2/5/2024 1 OC San Comparison Agencies Laura Maravilla, Director of Human Resources Administration Committee February 14, 2024 Orange CountySanitation District70thAnniversary •Class & Comp Definitions •Contractual Obligations •Purpose of Studies •Comparison Agencies •Next Steps 1 2 2/5/2024 2 v Orange CountySanitation District70thAnniversary 3 Definitions •Classification – description of the work and job requirements •Compensation –the value of that work in the labor market and to the organization v Orange CountySanitation District70thAnniversary 4 SPMT (301) Local 501 (211) OCEA (101) Unrepresented (42) MOU – Article 29 Requirement to meet and confer Classification studies Reopener language on the comparison agencies 3 4 2/5/2024 3 v Orange CountySanitation District70thAnniversary Purpose •Basis for HR decisions •Reflects current duties, programs and technology •Recognizes level/scope of work performed •Fair/competitive compensation 5 v Orange CountySanitation District70thAnniversary 6*Indicates OC San member agency. 5 6 2/5/2024 4 v Orange CountySanitation District70thAnniversary 7 Kickoff meeting with unions February 15 Direction from the Board at a future meeting Complete reopener by June 2024 Questions? 1954 - 2024 Orange County Sanitation District70thAnniversary 8 7 8 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.