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Home My WebLink About04.a. OPEB (Handout)PUBLIC AGENCY RETIREMENT SERVICES PARS TRUSTED SOLUTIONS. LASTING RESULTS.,- I � A i* AV CENTRAL CONTRA COSTA SANITARY DISTRICT PARS 115 Trust - OPEB Prefunding Program & Pension Rate Stabilization Plan Client Review February 27, 2024 PARS 115 TRUST TEAM A�BLIC NCY PARS • Serves as record -keeper, consultant, • Monitors plan compliance RERREMENT SERVICES and central point of contact (IRS/GASB/State Government Code) TRUSTED SOLUTIONS. LASTINO RESULTS. • Sub -trust accounting • Processes contributions/disbursements • Coordinates all agency services • Hands-on, dedicated support teams 40 29000+ 19000+ 500+ 500 K+ S7.2B Years of Experience Plans under Public Agency 115 Trust Clients Plan Participants Assets under (1984-2024) Administration Clients Administration embank. • 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 S9.5T Years of Experience Assets under (1863-2024) Administration PUBLIC PARS AGENCY RETIREMENT SERVICESVICES TRUSTED SOLUTIONS. LASTING RESULTS. pfml asset management • Investment sub -advisor to trustee U.S. Bank • Institutional asset management solutions • Fixed income and multi asset portfolios • Active and passive platform options • Customized portfolios (with minimum asset level) 43 $216.9 B Years of Experience Assets under Management (As of 9130123) & Advisement * Assets under management and advisement as of September 30, 2023 includes fixed income and multi asset class portfolios CENTRAL CONTRA COSTA SANITARY DISTRICT 1 2 SUMMARY OF AGENCY'S OPEB PLAN Plan Type: Trustee Approach: Plan Effective Date: Plan Administrator: Current Investment Strategy: AS OF JANURARY 31, 2024: Initial Contribution: Additional Contributions: Total Contributions: Disbursements: Total Investment Earnings: Account Balance: PUBu` PARS AGENCY RETIREMEM SERVICES TRUSTED SOLUTIONS. LASTING RESULTS. IRC Section 115 Irrevocable Exclusive Benefit Trust Discretionary November 6, 2008 Finance Manager Moderate Plus (Active) Strategy; Individual Account March 2009: $560,000 $45,698,700 $46,258,700 $567,499 $42,118,706 $85,635,427 CENTRAL CONTRA COSTA SANITARY DISTRICT 1 3 OPEB ACTUARIAL RESULTS • We have received the actuarial report by Foster & Foster dated August 23, 2023 with a valuation date as of July 1, 2022. In the table below, we have summarized the results. Actives 271 273 Retirees 278 275 Total 549 548 PUBLIC AGENCY RETIREMENT PARS SERVICES TRUSTED SOLUTIONS. LASTING RESULTS. CENTRAL CONTRA COSTA SANITARY DISTRICT 4 OPEB ACTUARIAL RESULTS Total OPEB Liability (TOL) $84,861,000 $81,190,218 Actuarial Accrued Liability (AAL) Fiduciary Net Position $69,623,000 $81,342,131 Actuarial Value of Assets * Net OPEB Liability (NOL) Unfunded Actuarial Accrued Liability $15,238,000 ($151,913) (UAAL) Funded Ratio (%) 82.0% 100.2% Service Cost $2,011,000 $2,215,263 for FY 2020-21 for FY 2022-23 Annual Benefit Payments $4,642,000 $4,075,640 (Pay -as -you -Go) for FY2020-21 for FY2022-23 *As of January 31, 2024, assets at $85,635,427 (approx.-105.48%funded). Rule of thumb: For every one percent increase in the discount rate, the unfunded liability is lowered by 10-12%. PUBLIC PARS AGENCY RETIREMENT SERVICES TRUSTED SOLUTIONS. LASTING RESULTS. CENTRAL CONTRA COSTA SANITARY DISTRICT 1 5 SUMMARY OF AGENCY'S PENSION PLAN Plan Type: Trustee Approach: Plan Effective Date: Plan Administrator: Current Investment Strategy: AS OF JANURARY 31, 2024: Initial Contribution: Additional Contributions: Total Contributions: Disbursements: Total Investment Earnings: Account Balance: PUBu` PARS AGENCY RETIREMEM SERVICES TRUSTED SOLUTIONS. LASTING RESULTS. IRC Section 115 Irrevocable Exclusive Benefit Trust Discretionary July 20, 2017 Finance Manager Moderately Conservative Plus (Active) Strategy; Individual Account August 2017: $3,359,000 $7,375,000 $10,734,000 $12,763,669 $2,397,607 $426,011 CENTRAL CONTRA COSTA SANITARY DISTRICT 1 6 PARS: Central Contra Costa Sanitary District OPEB and Pension Plan Fourth Quarter 2023 Presented by Andrew Brown, CFA JHIGHMARKO CAPITAL MANAGEMENT CENTRAL CONTRA COSTA SANITARY DISTRICT 1 7 pfm) asset For the Quarter Ended December 31, 2023 management QUARTERLY MARKET SUMMARY Multi -Asset Class Management Investment Strategy Overview U.S. Equities �--- �• Fed's guidance towards three rate cuts in 2024 and moderating inflation have led to recent rally in equities. Rising valuations are supported by Large -Caps • ' improving earnings growth expectations and expectation of economic soft -landing. We expect equities to do better this year, as long as risks of Mid -Caps 0 -- 0.0 recession remain low. Small -Caps Mid- and small -cap valuations are attractive and would be beneficiary of rate cuts as investor sentiment/earnings growth expectations improves. - • International equities continue to trade at a discount to U.S. equities but Non-U.S. Equities slowing economic growth in Europe and China is a headwind. Developed Markets - • EM equities trade at attractive valuations relative to developed market • equities. Negative investor sentiment and slower growth expectations Emerging Markets continue to weigh on Chinese equities. We remain positive on emerging _ • market equities outside of China. International Small -Caps International small -caps provide exposure to local revenue streams and are trading at attractive valuations. Fixed Income • The Fed's recent guidance points towards soft -landing scenario with three expected rate cuts in 2024. Yields at short -end of the curve look attractive Long -Duration, even as long-term yields fell back from the recent highs. We expect a Interest Rate -Sensitive • further fall in yields as inflation continues to moderate. Sectors Credit markets remain attractive due to strong corporate fundamentals. Credit -Sensitive Sectors • We continue to seek diversified credit exposure and are closely watching signs for any distress in the corporate credit space. Public REITs have recovered recently as interest rates have fallen from the recent highs. We expect this trend to continue helped by falling rates Diversifying and economic soft landing. Office properties make up a smaller portion of Listed Real Estate • - public real estate. Listed global infrastructure equities are expected to do better in an Listed Global Infrastructure • economic soft landing and falling rates scenario. Long-term tailwind of increased capital allocation to infrastructure projects is positive for these mature, stable cash flow businesses. Current outlook O Outlook one quarter ago The view expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution (December 31, 2023) and are subject to change. CENTRAL CONTRA COSTA SANITARY DISTRICT 1 8 pfm) asset management QUARTERLY MARKET SUMMARY Factors to Consider Over the Next 6-12 Months Monetary Policy: 0--*0 The Fed's recent pivot towards rate cutting in 2024 points towards soft -landing scenario, which is favorable to risk assets. The path of rate cuts will determine performance of risk assets. Globally, most major central banks have maintained a hawkish stance but are nearing the end of the rate hike cycle. Financial Conditions: • Fed pivot along with expectations of soft -landing in 2024 has led to loosening of financial conditions. • We continue to be focused on identifying pockets of stress within financial markets due to higher level of interest rates. Corporate Fundamentals: • Earnings growth expectations are improving while profit margins are stabilizing at pre -pandemic levels. • Falling interest rates from the recent highs along with continued but slower economic growth are tailwinds. Economic Growth: • U.S. economy is expected to avoid a recession in the near -term amidst continued strength within services activity, consumer spending, corporate balance sheets and labor markets. • Eurozone economic growth is slowing. Emerging economies outside of China are expected to grow. Consumer Spending (U.S.): • With inflation moderating, consumer confidence has improved and retail sales have held up. • Moderating inflation, low unemployment rate and rising real personal income may keep consumer spending while student loan repayments is a headwind. Valuations: • International equities look attractive relative to historical valuations but continued economic uncertainty is leading to increased volatility. • Credit markets look attractive on the back of strong corporate fundamentals, but pockets of vulnerabilities could appear as rates remain high. Inflation: For the Quarter Ended December 31, 2023 Multi -Asset Class Management 0— 4 = • Inflation is continuing to moderate and we expect inflation data to be supportive of rate cuts in 2024. • Upside surprise driven by services inflation or due to rising crude oil prices on goods inflation will be negative and could lead to renewed aggressive monetary policy. Labor Markets: • Labor markets remain relatively strong but showing signs of softening as economy continues to slow. • Improving labor force participation bodes well for lower wage growth and inflation. Political Risks: • Geopolitical risks continue to remain elevated. Tensions between the U.S. and China, the war between Russia and Ukraine, the Israel and Hamas conflict, China's moves in South China Sea and Taiwan Strait further add to risks. • Current outlook Outlook one quarter ago to Risk Assets Stance Unfavorable = Stance Favorable Negative --mob— Positiv- to Risk Assets Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg. The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution (December 31, 2023) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability. CENTRAL CONTRA COSTA SANITARY DISTRICT 1 9 CCCSD — OPEB Asset Allocation Total Assets: $85,481,871 Period Ending: 12-31-2023 4Q23 Return: 9.33% 1 Year Return: 13.27% Inception -to -Date Return: 8.10% Inception Date: 4-1-2009 Plan target rate of return: 5.75% Fixed Income $41,177,252 48.17 % Cash $1,976,806 2.31% Beginning Value 566,683.26 Contributions 109,249,303.32 Withdrawals -66,231,026.34 Gain (Loss) 16,509,754.16 Interest and Dividends 25,385,146.36 Net Accrued Income 187,078.04 Ending Market Value $85,666,938.80* Equity $42,327,814 49.52% * Ending Market Value differs from total market value on page 3 due to differences in reporting methodology. The above ending market value includes accruals. JHIGHMARK@ PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT CENTRAL CONTRA COSTA SANITARY DISTRICT 1 10 Asset Allocation — Central Contra Costa Sanitary District OPEB As of Fourth Quarter 2023 Equity 49.52% Range: 40 %-60% 42, 327, 814 Large Cap Core 9.17% IVV iShares Core S&P 500 ETF 7,837,431 7.24% VGIAX Vanguard Growth & Income Adm 6,185,250 Large Cap Value 5.22% IVE iShares S&P 500 Value ETF 4,462,191 Large Cap Growth 4.70% IVW iShares S&P 500 Growth ETF 4,014,996 Mid Cap Core 5.23% IWR iShares Russell Mid -Cap ETF 4,472,662 Small Cap Value 3.51% UBVFX Undiscovered Managers Behavioral Val R6 2,999,268 Small Cap Growth 3.53% FGROX Emerald Growth Institutional 3,019,002 International Core 4.57% VEA Vanguard FTSE Developed Markets ETF 3,902,988 International Value 1.01% DODFX Dodge & Cox International Stock 1 866,314 International Growth 1.04% MGRDX MFS International Growth R6 888,682 Emerging Markets 3.04% HHHFX Hartford Schroders Emerging Mkts Eq F 2,595,823 Real Estate 1.27% VNQ Vanguard Real Estate ETF 1,083,205 Fixed Income 48.17% Range: 40%-60% 41,177,252 31.16% Core Fixed Income Portfolio 26,640,283 Intermediate -Term 8.56% DODIX Dodge & Cox Income 1 7,315,105 8.45% PTRQX PGIM Total Return Bond R6 7,221,864 Cash 2.31 % Range: 0%-20% 2.31 % FG)= First Am Govt Ob Fd Cl X 1,976,806 1,976,806 TOTAL 100.00% $85,481,871 JHIGHMARKO CAPITAL MANAGEMENT PARS: Central Contra Costa Sanitary District CENTRAL CONTRA COSTA SANITARY DISTRICT 1 11 Selected Period Performance CCCSD -OPEB Period Ending: 12/31/2023 Year Inception to Date to Date 3 Months (1 Year) 1 Year 3 Years 5 Years 10 Years 04/01/2009 Cash Equivalents 1.35 5.01 5.01 2.15 1.77 1.16 .83 Lipper Money Market Funds Index 1.33 5.00 5.00 2.15 1.76 1.12 .77 Fixed Income ex Funds 6.71 5.59 5.59 -2.91 1.51 Total Fixed Income 6.94 6.38 6.38 -2.65 1.66 1.98 3.33 Bloomberg US Aggregate Bd Index 6.82 5.53 5.53 -3.31 1.10 1.81 2.72 Total Equities 11.89 21.16 21.16 6.53 12.83 9.04 12.80 Large Cap Funds 11.68 25.63 25.63 10.10 15.38 11.35 14.33 S&P 500 Composite Index 9 26.29 26.29 15.69 12.03 15.13 Mid Cap Funds 12.75 16.90 16.90 5.73 12.47 8.36 Russell Midcap Index 12.82 17.23 17.23 5.92 12.68 9.42 14.55 Small Cap Funds 15.24 17.13 17.13 2.95 11.19 8.69 14.55 Russell 2000 Index 14.03 16.93 16.93 2.22 9.97 7.16 12.74 International Equities 9.65 14.54 14.54 .12 7.24 4.03 7.64 MSCI EAFE Index 10.42 18.24 18.24 4.02 8.16 4.28 8.15 MSCI EMFree Index 7.86 9.83 9.83 -5.08 3.68 2.66 6.60 RR: REITS 18.23 11.79 11.79 5.04 6.88 Wilshire REIT Index 16.30 16.18 16.18 7.52 7.56 7.72 13.97 Total Managed Portfolio 9.33 13.27 13.27 2.13 7.31 5.61 8.10 CCCSD OPEB Benchmark 8.72 13.56 13.56 2.58 7.31 5.82 8.13 Account Inception: 4/2009 From April 1, 2009 to July 31, 2017, the portfolio was invested in account 6746030600, PARS/Central Contra Costa Sant PRHCP. The portfolio then moved to account 6746055900, PARS/CCCSD 115 - OPEB. CCCSD OPEB Benchmark consists of: 26.5% of S&P 500, 5% Russell Midcap, 7.5% Russell 2000, 1.75% Wilshire REIT, 3.25% MSCI EM Free, 6% MSCI EAFE, 33.5% BC Aggregate, 10% ML 1-3 Yr US Corp/Govt, 1.5% ML US High Yield Mstr II, and 5% Citigroup 1 Month T-Bill Indexes. Returns are gross -of -fees unless otherwise noted. Returns for periods over one year are annualized. The information presented has been obtained from sources believed to be accurate and reliable. Past performance is not indicative of future returns. Securities are not FDIC insured, have no bank guarantee, and may lose value. J HIGHMARK® PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT CENTRAL CONTRA COSTA SANITARY DISTRICT 1 12 Fixed Income Portfolio: Statistics As of Fourth Quarter 2023 CCCSD OPEB Weighted Average Maturity 1 9.24 years Effective Duration 1 6.22 years Average Coupon 1 4.67% Yield to Maturity 1 4.89% Average Quality I AA/AA- J HIGHMARK® PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT Source: BondEdge BC Aggregate Bond Index 8.41 years 6.20 years 3.36% 4.54% AA/AA- CENTRAL CONTRA COSTA SANITARY DISTRICT 1 13 Fixed Income Portfolio: Sectors As of Fourth Quarter 2023 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% ■ CCCSD OPEB ■ Barclays U.S. Aggregate Bond Index JHIGHMARK@ CAPITAL MANAGEMENT Source: Cash Treasury 0.1 % 23.2% 0.0% 41.5% Agency Credit MBS 0.0% 27.7% 38.7% 1.0% 28.8% 26.7% PARS: Central Contra Costa Sanitary District CMO 0.0% 0.0% AB 10.3% 0.5% CMBS 0.0% 1.7% CENTRAL CONTRA COSTA SANITARY DISTRICT 1 14 Fixed Income Portfolio: Effective Duration and Effective Maturity As of Fourth Quarter 2023 Effective Duration 30% 25% 20% 15% 10% 5% 0% 0-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 10+ Yrs. Yrs. ■ CCCSD OPEB 6.85% 12.89% 17.74% 26.06% 23.03% 13.42% BC Aggregate Bond Index 0.28% 23.29% 22.40% 19.54% 18.17% 16.31 % JHIGHMARK@ CAPITAL MANAGEMENT Effective Maturity 60% 50% 40% 30% 20% 10% 0% 7 0-1 Yr. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+ Yrs. ■ CCCSD OPEB 6.62% 10.86% 8.97% 3.59% 49.65% 20.32% BC Aggregate Bond Index 0.00% 21.81% 18.28% 13.20% 23.29% 23.42% PARS: Central Contra Costa Sanitary District Source: BondEdge CENTRAL CONTRA COSTA SANITARY DISTRICT 115 CCCSD — Pension Asset Allocation Total Assets: $174,500 Period Ending: 12-31-2023 4Q23 Return: 7.76% 1 Year Return: 10.25% Inception -to -Date Return: 3.69% Inception Date: 9-1-2017 Plan target rate of return: 5.14% Fixe $118,726% 68.04% Beginning Value Contributions Withdrawals Gain (Loss) Interest and Dividends Net Accrued Income Ending Market Value Cash Equity $4,153 $51,622 2.3807 nn 1-0 3,359,081.81 7,370,356.11 -12,944,605.11 1,451,996.89 937,670.64 202.09 $174,702.43* * Ending Market Value differs from total market value on page 9 due to differences in reporting methodology. The above ending market value includes accruals. JHIGHMARK@ PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT CENTRAL CONTRA COSTA SANITARY DISTRICT 1 16 Asset Allocation — Central Contra Costa Sanitary District Pension As of Fourth Quarter 2023 Equity 29.58% Range: 20 %-40 % 51,622 Large Cap Core 4.93% IVV iShares Core S&P 500 ETF 8,597 4.24% VGIAX Vanguard Growth & Income Adm 7,407 Large Cap Value 3.29% IVE iShares S&P 500 Value ETF 5,738 1.01 % DODFX Dodge & Cox International Stock 1 1,769 Large Cap Growth 3.01% IVW iShares S&P 500 Growth ETF 5,257 Mid Cap Core 3.03% IWR iShares Russell Mid -Cap ETF 5,286 Small Cap Value 2.01% UBVFX Undiscovered Managers Behavioral Val R6 3,507 Small Cap Growth 2.02% FGROX Emerald Growth Institutional 3,530 International Core 2.53% VEA Vanguard FTSE Developed Markets ETF 4,407 International Growth 1.01% MGRDX MFS International Growth R6 1,771 Emerging Markets 1.79% HHHFX Hartford Schroders Emerging Mkts Eq F 3,116 Real Estate 0.71% VNQ Vanguard Real Estate ETF 1,237 Fixed Income 68.04% Range: 50%-80% 118,726 Intermediate -Term 21.95% AGG iShares Core US Aggregate Bond ETF 38,311 21.18% DODIX Dodge & Cox Income 1 36,951 20.92% PTRQX PGIM Total Return Bond R6 36,502 Mortgage Backed Securities 3.99% MBB iShares MBS ETF 6,962 Cash 2.38% Range: 0%-20% 4,153 2.38% FGXXX First Am Govt Ob Fd Cl X 4,153 TOTAL 100.00% $174, 500 JHIGHMARK@ CAPITAL MANAGEMENT PARS: Central Contra Costa Sanitary District CENTRAL CONTRA COSTA SANITARY DISTRICT 117 Selected Period Performance PARS/CCCSD 115P -PENSION Account ******5901 Period Ending: 12/31/2023 Year Inception to Date to Date 3 Months (1 Year) 1 Year 3 Years 5 Years 09/01/2017 Cash Equivalents 1.33 4.99 4.99 2.14 1.77 1.72 Lipper Money Market Funds Index 1.33 5.00 5.00 2.15 , - Total Fixed Income 6.42 6.36 6.36 -3.16 1.32 1.05 Bloomberg US Aggregate Bd Index 6.82 5.53 5.53 .86 Total Equities 12.36 21.42 21.42 5.51 12.11 9.27 Large Cap Funds 12.31 26.03 26.03 9.01 14.68 12.01 S&P 500 Composite Index 11.69 26.29 26.29 10.00 15.69 12.90 Mid Cap Funds 13.04 17.45 17.45 4.99 11.98 9.13 Russell Midcap Index 12.82 17.23 17.23 5.92 12.68 9.73 Small Cap Funds 14.83 17.19 17.19 1.97 10.36 8.08 Russell 2000 Index 14.03 16.93 16.93 2.22 9.97 7.40 International Equities 10.69 15.16 15.16 .54 7.50 4.15 MSCI EAFE Index 10.42 18.24 18.24 4.02 8.16 5.02 MSCI EMFree Index 7.86 9.83 9.83 -5.08 3.68 1.45 RR: REITS 16.71 9.94 9.94 4.53 6.50 4.35 Wilshire RENT Index 16.30 16.18 16.18 7.52 7.56 5.36 Total Managed Portfolio 7.76 10.25 10.25 -.09 4.78 3.69 CCCSD Pension Benchmark 7.51 10.29 10.29 .66 4.94 3.96 Performance Inception: 09/2017 CCCSD Pension Benchmark consists of: 15.5% of S&P 500, 3% Russell Midcap, 4.5% Russell 2000, 1% Wilshire REIT, 2% MSCI EM Free, 4% MSCI EAFE, 49.25% BC Aggregate, 14% MIL 1-3 Yr US Corp/Govt, 1.75% ML US High Yield Mstr II, and 5% Citigroup 1 Month T-Bill Indexes. Returns are gross -of -fees unless otherwise noted. Returns for periods over one year are annualized. The information presented has been obtained from sources believed to be accurate and reliable. Past performance is not indicative of future returns. Securities are not FDIC insured, have no bank guarantee, and may lose value. JHIGHMARK@ PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT CENTRAL CONTRA COSTA SANITARY DISTRICT 1 18 CENTRAL CONTRA COSTA SANITARY DISTRICT December 31, 2023 3-Month YTD 1-Year 3-Year 5-Year 10-Year Fund Name Inception Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank iShares Core S&P 500 ETF (4/17) 11.68 46 26.26 26 26.26 26 9.97 27 15.65 21 11.99 10 iShares S&P 500 Value ETF (4/17) 13.57 4 22.02 6 22.02 6 12.90 11 13.92 14 9.83 15 Vanguard Growth & Income Adm (12/16) 11.53 55 24.76 44 24.76 44 10.12 23 15.39 31 11.90 14 iShares S&P 500 Growth ETF (4/17) 10.05 95 29.80 73 29.80 73 6.43 43 16.02 50 13.15 27 S&P 500 TR USD 11.69 -- 26.29 -- 26.29 -- 10.00 -- 15.69 -- 12.03 -- • CAP EQUITYFUNDS iShares Russell Mid -Cap ETF (3/16) 12.78 27 17.07 37 17.07 37 5.76 70 12.50 39 9.26 19 Russell Mid Cap TR USD 12.82 -- 17.23 -- 17.23 -- 5.92 -- 12.68 -- 9.42 -- SMALL CAP EQUITY Undiscovered Managers Behavioral Val R6 (9/16) 15.36 22 14.57 66 14.57 66 15.08 17 14.26 17 9.53 4 Russell 2000 Value TR USD 15.26 -- 14.65 -- 14.65 -- 7.94 -- 10.00 -- 6.76 -- Emerald Growth Institutional (1/22) 14.94 9 19.06 34 19.06 34 -2.21 53 10.82 48 8.58 38 Russell 2000 Growth TR USD 12.75 -- 18.66 -- 18.66 -- -3.50 -- 9.22 -- 7.16 INTERNATIONAL-- e Dodge & Cox International Stock 1 6.81 88 16.70 63 16.70 63 6.49 44 8.65 27 3.99 31 Vanguard FTSE Developed Markets ETF (9/18) 11.17 17 17.77 35 17.77 35 3.59 36 8.40 29 4.55 23 MFS International Growth R6 10.87 73 14.96 69 14.96 69 2.32 15 9.57 30 6.47 18 MSCI EAFE NR USD 10.42 -- 18.24 -- 18.24 -- 4.02 -- 8.16 -- 4.28 -- Hartford Schroders Emerging Mkts Eq F 8.26 38 9.00 71 9.00 71 -6.90 73 4.09 55 2.97 39 IMSCI EM NR USD 7.86 -- 9.83 -- 9.83 -- -5.08 -- 3.69 -- 2.66 Data Source: Morningstar, SEI Investments Returns less than one year are not annualized. Past performance is not indicative of future returns. The information presented has been obtained from sources believed accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value. JHIGHMARK@ CAPITAL MANAGEMENT PARS: Central Contra Costa Sanitary District CENTRAL CONTRA COSTA SANITARY DISTRICT 1 19 CENTRAL CONTRA COSTA SANITARY DISTRICT December 31, 2023 3-Month YTD 1-Year 3-Year 5-Year 10-Year Fund Name Inception Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Vanguard Real Estate ETF (4/17) 18.12 12 11.74 52 11.74 52 5.00 63 7.29 45 7.34 45 Wilshire REIT Index 16.30 -- 16.18 -- 16.18 -- 7.52 -- 7.56 -- 7.72 -- :• iShares Core US Aggregate Bond ETF (6/21) 6.69 51 5.59 52 5.59 52 -3.36 42 1.06 49 1.77 38 Dodge & Cox Income 1 7.32 21 7.70 8 7.70 8 -1.65 11 2.70 6 2.79 7 PGIM Total Return Bond R6 (5/16) 7.16 31 7.78 7 7.78 7 -3.20 56 1.73 38 2.66 10 Bloomberg US Agg Bond TR USD 6.82 -- 5.53 -- 5.53 -- -3.31 -- 1.10 -- 1.81 -- iShares MBS ETF (12/20) 7.33 11 4.99 19 4.99 19 -2.97 37 0.20 60 1.28 27 Data Source: Morningstar, SEI Investments Returns less than one year are not annualized. Past performance is not indicative of future returns. The information presented has been obtained from sources believed accurate and reliable. Securities are not FDIC insured, have no bank guarantee and may lose value. JHIGHMARK@ CAPITAL MANAGEMENT PARS: Central Contra Costa Sanitary District CENTRAL CONTRA COSTA SANITARY DISTRICT 1 2 0 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Account # CUSIP # and Name Ticker Asset Description and SEDOL 6746055900 : PARS/CCCSD 115P - OPEB CASH CASH Principal Cash CASH EQUIVALENTS SHORT TERM FDS-TAXABLE (ACM) 31846V336 FIRST AM GOVT OB FD CL X FGXXX CORPORATE OBLIGATIONS CORPORATE BONDS AND NOTES 00206RMT6 AT T INC 5.400% 2/15/34 031162DT4 AMGEN INC 5.650% 3/02/53 11135EAA2 BROADSTONE NET 2.600% 9/15/31 126650BRO CVS CAREMARK 6.125% 9/15/39 126650CZ1 CVS HEALTH CORP 5.050% 3/25/48 14040HCY9 CAPITAL ONE FINL 5.817% 2/01/34 17327CAR4 CITIGROUP INC SUB 6.174% 5/25/34 202795HG8 COMMONWEALTH EDISON 5.875% 2/01/33 209111EQ2 CONSOLIDATED EDISON 5.700% 12/01/36 285512AF6 ELECTRONIC ARTS INC 2.950% 2/15/51 29273VAU4 ENERGY TRANSFER L P 6.550% 12/01/33 29366WAD8 ENTERGY LLC 5.000% 9/01/33 29670GAE2 ESSENTIAL UTILS INC 3.351% 4115150 Page: 1 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As O£ 12/31/2023 Issue Date Moody Annual % Total Unrealized Maturitv Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss .71 .71 Total For Asset Type: CASH $0.71 $0.71 .00 % 0.052514 100.00 1,976,805.2100 1,976,805.21 1,976,805.21 .00 Total For Asset Type: SHORT TERM FDS-TAXABLE (ACM) $1,976,805.21 $19976,805.21 2.31% $0.00 06/02/2023 BAA2 0.054 103.133 165,000.0000 .00 170,169.45 170,169.45 02/15/2034 BBB 03/02/2023 BAA1 0.0565 105.209 65,000.0000 .00 68,385.85 68,385.85 03/02/2053 BBB+ 09/15/2021 BAA2 0.026 77.483 130,000.0000 .00 100,727.90 100,727.90 09/15/2031 BBB 09/11/2009 BAA2 0.06125 106.20 35,000.0000 .00 37,170.00 37,170.00 09/15/2039 BBB 03/09/2018 BAA2 0.0505 93.531 57,000.0000 .00 53,312.67 53,312.67 03/25/2048 BBB 02/01/2023 BAAI 0.05817 99.513 90,000.0000 .00 89,561.70 89,561.70 02/01/2034 BBB 05/25/2023 BAA2 0.06174 103.478 70,000.0000 .00 72,434.60 72,434.60 05/25/2034 BBB 01/22/2003 Al 0.05875 105.704 125,000.0000 .00 132,130.00 132,130.00 02/01/2033 A 12/01/2006 A3 0.057 103.429 80,000.0000 .00 82,743.20 82,743.20 12/01/2036 A- 02/11/2021 BAAI 0.0295 70.709 80,000.0000 .00 56,567.20 56,567.20 02/15/2051 BBB+ 10/13/2023 BAA3 0.0655 108.53 145,000.0000 .00 157,368.50 157,368.50 12/01/2033 BBB 05/12/2023 A2 0.05 100.612 105,000.0000 .00 105,642.60 105,642.60 09/01/2033 A 04/15/2020 BAA2 0.03351 70.711 175,000.0000 .00 123,744.25 123,744.25 04/15/2050 A - CENTRAL CONTRA COSTA SANITARY DISTRICT 21 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Page: 2 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As O£ 12/31/2023 Account # CUSIP # Issue Date Moody Annual % Total Unrealized and Name Ticker Asset Description and SEDOL Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 30225VAJ6 EXTRA SPACE STORAGE 5.700% 4/01/28 03/28/2023 BAA2 0.057 102.489 100,000.0000 .00 102,489.00 102,489.00 04/01/2028 BBB+ 303211,2C5 F G GLOBAL MTN 2.000% 9/20/28 09/22/2021 N/A 0.02 84.789 130,000.0000 .00 110,225.70 110,225.70 09/20/2028 A- 304071AA1 FAIRFAX US INC 4.875% 8/13/24 08/13/2014 BAA2 0.04875 99.801 115,000.0000 .00 114,771.15 114,771.15 08/13/2024 BBB 320517AD7 FIRST HORIZON NATL 4.000% 5/26/25 05/26/2020 BAA3 0.04 96.713 145,000.0000 .00 140,233.85 140,233.85 05/26/2025 N/A 36143L2130 GA GLOBAL MTN 1.000% 4/08/24 04/08/2021 A2 0.01 98.534 140,000.0000 .00 137,947.60 137,947.60 04/08/2024 A- 38141GYM0 GOLDMAN SACHS 1.948% 10/21/27 10/21/2021 A2 0.01948 91.482 80,000.0000 .00 73,185.60 73,185.60 10/21/2027 BBB+ 40139LBE2 GUARDIAN LIFE MTN 1.625% 9/16/28 09/16/2021 AAl 0.01625 87.371 110,000.0000 .00 96,108.10 96,108.10 09/16/2028 AA+ 41284VAC6 HARLEY DAVIDSON FINL 6.500% 3/10/28 03/10/2023 BAA3 0.065 103.803 120,000.0000 .00 124,563.60 124,563.60 03/10/2028 BBB- 45138LBJ1 IDAHO PWR CO 5.800% 4/01/54 09/11/2023 A2 0.058 106.814 135,000.0000 .00 144,198.90 144,198.90 04/01/2054 A- 55903VBE2 WARNERMEDIAHLDGS 5.141% 3/15/52 03/15/2023 BAA3 0.05141 85.836 165,000.0000 .00 141,629.40 141,629.40 03/15/2052 BBB- 571748BV3 MARSH MCLENNAN COS 5.700% 9/15/53 09/11/2023 A3 0.057 108.67 95,000.0000 .00 103,236.50 103,236.50 09/15/2053 A- 577081AW2 MATTELINC 5.450%11/01/41 11/08/2011 BAA3 0.0545 90.06 80,000.0000 .00 72,048.00 72,048.00 11/01/2041 BBB- 604074AA2 MINNESOTA LIFE INS 8.250% 9/15/25 09/15/1995 A2 0.0825 103.812 120,000.0000 .00 124,574.40 124,574.40 09/15/2025 A 620076BU2 MOTOROLA SOLUTIONS 2.750% 5/24/31 05/24/2021 BAA2 0.0275 85.47 150,000.0000 .00 128,205.00 128,205.00 05/24/2031 BBB- 641423CG1 NEVADA POWER CO 6.000% 3/15/54 09/13/2023 A2 0.06 109.707 65,000.0000 .00 71,309.55 71,309.55 03/15/2054 A 665859AX2 NORTHERN TR CORP 6.125% 11/02/32 11/02/2022 A2 0.06125 107.383 115,000.0000 .00 123,490.45 123,490.45 11/02/2032 A 677050AT3 OGLETHORPE POWER 6.200% 12/01/53 12/05/2023 BAAI 0.062 107.252 45,000.0000 .00 48,263.40 48,263.40 12/01/2053 BBB+ 68235PAL2 ONE GAS INC 1.100% 3/11/24 03/11/2021 A3 0.011 99.113 121,000.0000 .00 119,926.73 119,926.73 03/11/2024 A- 69047QAC6 OVINTIV INC 6.250% 7/15/33 05/31/2023 BAA3 0.0625 103.377 75,000.0000 .00 77,532.75 77,532.75 07/15/2033 BBB- 693475BC8 PNC FINL SVCS GROUP 3.400% 12/15/69 09/13/2021 BAA2 0.034 79.993 110,000.0000 .00 87,992.30 87,992.30 12/15/2069 BBB - CENTRAL CONTRA COSTA SANITARY DISTRICT 22 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Page: 3 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As O£ 12/31/2023 Account # CUSIP # Issue Date Moody Annual % Total Unrealized and Name Ticker Asset Description and SEDOL Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 69430M8 PACIFIC GAS ELEC CO 4.950% 7/01/50 07/01/2020 BAA3 0.0495 85.419 85,000.0000 .00 72,606.15 72,606.15 07/01/2050 BBB- 694476AF9 PACIFIC LIFECORP 5.400% 9/15/52 09/15/2022 A3 0.054 99.432 65,000.0000 .00 64,630.80 64,630.80 09/15/2052 A- 72650RBC5 PLAINS ALL AMER PIPE 4.300% 1/31/43 12/10/2012 BAA3 0.043 79.383 155,000.0000 .00 123,043.65 123,043.65 01/31/2043 BBB 74368CBV5 PROTECTIVE LIFE MTN 5.467% 12/08/28 12/08/2023 Al 0.05467 102.671 150,000.0000 150,000.00 154,006.50 4,006.50 12/08/2028 AA- 744448CY5 PUBLIC SERVICE CO 5.250% 4/01/53 04/03/2023 Al 0.0525 99.539 70,000.0000 .00 69,677.30 69,677.30 04/01/2053 A 74460WAHO PUBLIC STORAGE 5.350% 8/01/53 07/26/2023 A2 0.0535 104.405 75,000.0000 .00 78,303.75 78,303.75 08/01/2053 A 76209PAC7 RGA GLOBAL MTN 6.000% 11/21/28 11/21/2023 Al 0.06 103.681 125,000.0000 .00 129,601.25 129,601.25 11/21/2028 AA- 784710AC9 SSM HEALTH CARE CORP 4.894% 6/01/28 04/26/2023 N/A 0.04894 100.004 245,000.0000 .00 245,009.80 245,009.80 06/01/2028 A+ 80851302 SCHWAB CHARLES CORP 6.196% 11/17/29 11/17/2023 A2 0.06196 104.865 90,000.0000 .00 94,378.50 94,378.50 11/17/2029 A- 842400HX4 SOUTHERN CALIF 5.875% 12/01/53 05/22/2023 A2 0.05875 107.508 70,000.0000 .00 75,255.60 75,255.60 12/01/2053 A- 842434CX8 SOUTHERN CAGAS CO 6.350% 11/15/52 11/14/2022 AA3 0.0635 114.334 100,000.0000 .00 114,334.00 114,334.00 11/15/2052 A+ 852060AT9 SPRINT CAPITAL CORP 8.750% 3/15/32 03/14/2002 BAA2 0.0875 123.426 95,000.0000 .00 117,254.70 117,254.70 03/15/2032 BBB- 860630AD4 STIFEL FINANCIAL 4.250% 7/18/24 07/18/2014 N/A 0.0425 98.998 125,000.0000 .00 123,747.50 123,747.50 07/18/2024 BBB- 862121AA8 STORE CAPITAL CORP 4.500% 3/15/28 03/15/2018 BAA3 0.045 91.898 115,000.0000 .00 105,682.70 105,682.70 03/15/2028 BBB- 867229AD8 SUNCOR ENERGY INC 5.950%12/01/34 12/01/2003 BAAI 0.0595 104.654 95,000.0000 .00 99,421.30 99,421.30 12/01/2034 BBB 871829BS5 SYSCO CORP 5.750% 1/17/29 11/17/2023 BAAI 0.0575 104.168 95,000.0000 .00 98,959.60 98,959.60 01/17/2029 BBB 88732JAN8 TIME WARNER CABL 7.300% 7/01/38 06/19/2008 BAl 0.073 103.118 105,000.0000 .00 108,273.90 108,273.90 07/01/2038 BBB- 89566EAD0 TRISTATE GENERAT 6.000% 6/15/40 06/08/2010 A3 0.06 95.315 115,000.0000 .00 109,612.25 109,612.25 06/15/2040 BBB 89832QAC3 TRUIST FINL CORP 5.125% 12/31/99 12/16/2019 BAA2 0.05125 84.27 64,000.0000 .00 53,932.80 53,932.80 12/31/2099 BBB- 95000U2S1 WELLS FARGO CO MTN 2.393% 6/02/28 06/02/2020 Al 0.02393 91.593 110,000.0000 .00 100,752.30 100,752.30 06/02/2028 BBB+ CENTRAL CONTRA COSTA SANITARY DISTRICT 23 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Page: 4 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As O£ 12/31/2023 Account # CUSIP # Issue Date Moody Annual % Total Unrealized and Name Ticker Asset Description and SEDOL Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 96216613114 WEYERHAEUSER CO 7.375% 3/15/32 09/15/2002 BAA2 0.07375 116.046 105,000.0000 .00 121,848.30 121,848.30 03/15/2032 BBB 064058AL4 BANK OF NY CORP 3.750% 3/20/70 11/18/2021 BAAI 0.0375 86.433 105,000.0000 .00 90,754.65 90,754.65 BON5070 03/20/2070 BBB Total For Asset Type: CORPORATE BONDS AND NOTES $150,000.00 $5,742,977.20 6.72% $5,592,977.20 CORPORATE PAYDOWN SECURITIES 009090AA9 AIR CANADA 2015 1 A 3.600% 3/15/27 03/25/2015 N/A 0.036 94.016 112,050.0600 .00 105,344.98 105,344.98 03/15/2027 A+ 01166VAA7 ALASKA AIRLINES 4.800% 2/15/29 07/02/2020 N/A 0.048 97.17 99,428.5600 .00 96,614.73 96,614.73 02/15/2029 A+ 11043XAAI BRITISH AIR 19 1 AA 3.300% 6/15/34 07/25/2019 Al 0.033 88.862 92,029.9500 .00 81,779.65 81,779.65 06/15/2034 AA- 14687GAC9 CARVANAAUTO RECS TR 0.660% 6/12/28 09/09/2021 N/A 0.0066 93.304 40,276.1300 .00 37,579.24 37,579.24 06/12/2028 AA+ 22822RBDI CROWN CASTLE TOWERS 3.663% 5/15/45 05/15/2015 A2 0.03663 97.022 175,000.0000 .00 169,788.50 169,788.50 05/15/2045 N/A 233046AF8 DB MASTER 4.030% 11/20/47 10/23/2017 N/A 0.0403 94.794 174,362.5000 .00 165,285.19 165,285.19 11/20/2047 BBB 247361ZW1 DELTA AIR LINES 5.000%12/10/29 03/12/2020 A3 0.05 88.186 82,049.2900 .00 72,355.99 72,355.99 12/10/2029 BBB+ 26208QAG2 DRIVE AUTO 2.700% 5/17/27 01/22/2020 AAA 0.027 99.21 100,363.2600 .00 99,570.39 99,570.39 05/17/2027 AAA 30167LAG4 EXETER AUTOMOBILE 3.710% 3/17/25 04/24/2019 AAA 0.0371 99.90 13,470.5600 .00 13,457.09 13,457.09 03/17/2025 AAA 314353AAl FEDEX 2020 1 CLASS 1.875% 2/20/34 08/13/2020 AA3 0.01875 83.085 172,114.3700 .00 143,001.22 143,001.22 02/20/2034 AA- 43284BAA0 HILTON GRAND 3.540% 2/25/32 09/19/2018 N/A 0.0354 97.296 117,035.6300 .00 113,870.99 113,870.99 02/25/2032 AAA 55317WAB7 MMAF EQUIP FIN LLC 5.790% 11/13/26 07/21/2023 AAA 0.0579 100.332 105,000.0000 .00 105,348.60 105,348.60 11/13/2026 N/A 55400EAA7 MVW 2020 1 LLC 1.740% 10/20/37 07/22/2020 N/A 0.0174 93.561 76,414.7800 .00 71,494.43 71,494.43 10/20/2037 AAA 78403DAT7 SBA TOWER TRUST 1.631% 5115151 05/14/2021 A2 0.01631 89.286 140,000.0000 .00 125,000.40 125,000.40 0511512051 N/A 78436TAB2 SBNA AUTO LEASE 6.270% 4/20/26 10/25/2023 AAA 0.0627 100.69 265,000.0000 .00 266,828.50 266,828.50 04/20/2026 N/A 909319AA3 UNITED AIRLINES 4.300% 2/15/27 08/15/2013 N/A 0.043 96.902 69,156.4500 .00 67,013.98 67,013.98 02/15/2027 A- 90932QAA4 UNITED AIR 20142 3.750% 3/03/28 08/11/2014 N/A 0.0375 95.27 83,000.2100 .00 79,074.30 79,074.30 03/03/2028 A CENTRAL CONTRA COSTA SANITARY DISTRICT' 24 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Account # CUSIP # and Name Ticker Asset Description and SEDOL 11042AAA2 BRITISH AIRWAYS PL 3.95694% 6/20/24 BAP3924 22534GAC7 CREDIT ACCEPTANCE 2.390% 4/16/29 CA22329 17331KAB5 CTZNS AUTO RECV TR 6.130% 7/15/26 CAR6126 14161GBY5 CARDS H TR 0.602% 4/15/27 CIT0627 14043QAB8 CAPITAL ONE PRIME 2.710% 6/16/25 COP2725 30165JAD8 EXETER AUTOMOBILE 1.050% 5/15/26 EA00926 32113CBY5 FIRST NATIONAL 10.19367% 9/17/29 FN11029 32113CBV 1 FIRST NATL MSTR 8.24026% 4/16/29 FNM8229 380881FB3 GOLDEN CREDIT CARD 1.140% 8/15/28 GCC1628 362590AC5 GM FINCONS ATMB 0.45003% 4/16/25 GFC0425 361886CD4 GENERAL MOTORS 2.900% 4/15/26 GM22926 44933FAF3 HYUNDAI AUTO RECV 1.600% 12/15/26 HAR1626 63938PBU2 NAVISTAR FINL DL 6.180% 8/25/28 NFD7228 80286JAB1 SANTANDER REVOLVING 2.800% 1/26/32 SR22832 85208NAD2 SPRINT SPECTRUM 4.79064% 3/20/25 SS44725 90945CAAO UTD AUTO CR SEC TR 5.570% 7/10/25 UAC 1825 98163CAG5 WORLD OMNI AUTO 0.870% 10/15/26 WOA0726 FOREIGN OBLIGATIONS OTHER FOREIGN CORPORATE BONDS 064159VJ2 BANK OF NOVA SCOTIA 4.900% 9/04/68 Page: 5 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As O£ 12/31/2023 Issue Date Moody Annual % Total Unrealized Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 07/03/2013 AA3 0.039569 99.613 31,955.1200 .00 31,831.45 31,831.45 06/20/2024 A+ 02/20/2020 AAA 0.0239 0.00 .0100 .00 .00 .00 04/16/2029 N/R 06/29/2023 AAA 0.0613 100.196 143,881.6900 .00 144,163.70 144,163.70 07/15/2026 AAA 05/12/2021 AAA 0.00602 98.526 165,000.0000 .00 162,567.90 162,567.90 04/15/2027 N/A 05/04/2022 N/A 0.0271 99.645 18,432.2700 .00 18,366.84 18,366.84 06/16/2025 AAA 11/17/2021 AAA 0.0105 99.871 1,825.3200 .00 1,822.97 1,822.97 05/15/2026 AAA 09/22/2023 AAA 0.101937 102.21 175,000.0000 .00 178,867.50 178,867.50 09/17/2029 N/A 04/26/2023 AAA 0.082403 100.322 190,000.0000 .00 190,611.80 190,611.80 04/16/2029 N/A 09/01/2021 AAA 0.0114 91.175 250,000.0000 .00 227,937.50 227,937.50 08/15/2028 N/A 08/19/2020 AAA 0.0045 99.665 7,466.3700 .00 7,441.36 7,441.36 04/16/2025 N/A 05/22/2019 AAA 0.029 99.165 330,000.0000 .00 327,244.50 327,244.50 04/15/2026 AAA 07/22/2020 N/A 0.016 97.545 145,000.0000 .00 141,440.25 141,440.25 12/15/2026 AAA 09/20/2023 AAA 0.0618 100.965 115,000.0000 .00 116,109.75 116,109.75 08/25/2028 N/A 11/26/2019 AAA 0.028 96.855 230,000.0000 .00 222,766.50 222,766.50 01/26/2032 AA 03/21/2018 Al 0.047906 99.134 62,500.0000 .00 61,958.75 61,958.75 03/20/2025 N/A 01/31/2023 N/A 0.0557 99.943 17,812.0700 .00 17,801.92 17,801.92 07/10/2025 AAA 08/19/2020 N/A 0.0087 96.06 115,000.0000 .00 110,469.00 110,469.00 10/15/2026 AAA Total For Asset Type: CORPORATE PAYDOWN SECURITIES $0.00 $3,774,809.87 4.42 % $3,774,809.87 06/04/2020 BAA3 0.049 95.515 90,000.0000 .00 85,963.50 85,963.50 09/04/2068 BBB - CENTRAL CONTRA COSTA SANITARY DISTRICT 25 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Account # CUSIP # and Name Ticker Asset Description and SEDOL 286181AK8 ELEMENT FLEET 6.319% 12/04/28 55608JBQO MACQUARIE GROUP 6.255% 12/07/34 MUNICIPAL OBLIGATIONS MUNI BDS - SINKING FUNDS 6789084F8 OKLAHOMA DEV FIN 4.135% 12/01/33 MUNI BDS-FIXED NON TAXABLE 913366KVI UNIVCAREGTS 4.132% 5/15/32 MUNI BDS-FIXED TAXABLE 13032UD96 CALIFORNIA HEALTH 4.353% 6/01/41 23503CAN7 DALLAS FT WORTH TX 4.507% 11/01/51 MUTUAL FUNDS CLOSED END MUTUAL FUND EQUITY 464287408 ISHARES S P 500 VALUE ETF IVE 464287200 ISHARES CORE S P 500 ETF IVV 464287309 ISHARES S P 500 GROWTH ETF IVW 464287499 ISHARES RUSSELL MID CAP ETF IWR 921943858 VANGUARD FTSE DEVELOPED ETF VEA 922908553 VANGUARD REAL ESTATE ETF VNQ MUTUAL FUNDS - EQUITY 256206103 DODGE COX INTERNATIONAL STOCK FD I DODFX Page: 6 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As O£ 12/31/2023 Issue Date Moody Annual % Total Unrealized Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 12/04/2023 N/A 0.06319 103.277 105,000.0000 105,000.00 108,440.85 3,440.85 12/04/2028 BBB 12/07/2023 A2 0.06255 104.42 125,000.0000 125,000.00 130,525.00 5,525.00 12/07/2034 BBB+ Total For Asset Type: OTHER FOREIGN CORPORATE BONDS $230,000.00 $324,929.35 .38% $94,929.35 09/07/2022 N/A 0.04135 97.716 65,239.7500 .00 63,749.67 63,749.67 12/01/2033 AAA Total For Asset Type: MUNI BDS - SINKING FUNDS $0.00 $63,749.67 .07% $63,749.67 05/11/2022 AA3 0.04132 95.944 140,000.0000 .00 134,321.60 134,321.60 05/15/2032 AA - Total For Asset Type: MUNI BDS-FIXED NON TAXABLE $0.00 $134,321.60 .16% $134,321.60 04/07/2022 AA3 0.04353 90.605 135,000.0000 .00 122,316.75 122,316.75 06/01/2041 AA- 04/01/2022 Al 0.04507 93.35 150,000.0000 .00 140,025.00 140,025.00 11/01/2051 A+ Total For Asset Type: MUNI BDS-FIXED TAXABLE $0.00 $262,341.75 .31% $262,341.75 2.874 173.89 25,661.0000 .00 4,462,191.29 4,462,191.29 N/A 6.899 477.63 16,409.0000 .00 7,837,430.67 7,837,430.67 N/A 0.771 75.10 53,462.0000 .00 4,014,996.20 4,014,996.20 N/A 1.108 77.73 57,541.0000 .00 4,472,661.93 4,472,661.93 N/A 1.511 47.90 81,482.0000 .00 3,902,987.80 3,902,987.80 N/A 3.493 88.36 12,259.0000 .00 1,083,205.24 1,083,205.24 N/A Total For Asset Type: CLOSED END MUTUAL FUND EQUITY $0.00 $25,773,473.13 30.15% $25,773,473.13 1.125 49.16 17,622.3440 .00 866,314.43 866,314.43 N/A CENTRAL CONTRA COSTA SANITARY DISTRICT 26 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Account # CUSIP # and Name Ticker Asset Description and SEDOL 317609253 EMERALD GROWTH INSTITUTIONAL FGROX 41665X859 HARTFORD SCHRODERS EMERGING MARKETS HHHFX 552746356 MFS INTERNATIONAL GROWTH R6 MGRDX 904504479 UNDISCOVERED MGRS BEHAVIORAL VALUE UBVFX 921913208 VANGUARD GROWTH & INCOME ADM SHS#593 VGIAX MUTUAL FUNDS -FIXED TAXABLE 256210105 DODGE COX INCOME DODIX 74440B884 PGIM TOTAL RETURN BOND CL R6 PTRQX US TREAS & AGENCY OBLIGATIONS GNMA/FNMA/FHLMC POOLS 3138WHSTO F N M A #AS7729 3.000% 8/01/46 AS7729A 3138WMKF7 F N M A #AT0293 3.000% 3/01/43 AT0293A 3140EVUL9 F N M A #BC1486 3.000% 8/01/46 BC1486A 3140J9N72 F N M A #BM4913 3.000% 5/01 /46 BM4913A 3140QEBSO F N M A #CA6348 2.500% 7/01/50 CA6348A 3140QELU4 FNMA #CA6638 2.500% 8/01/50 CA6638A 3140QERX2 FNMA #CA6801 2.500% 8/01/50 CA6801A 3140QFA90 F N M A #CA7231 2.500% 10/01/50 CA7231A 3140QLTCO FNMA #CB1446 2.000% 8/01/36 CB1446A 3140QPA80 F N M A #CB3630 4.000% 5/01/52 CB3630A Page: 7 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As O£ 12/31/2023 Issue Date Moody Annual % Total Unrealized Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 0.00 24.54 123,023.7240 .00 3,019,002.19 3,019,002.19 N/A 0.237 15.61 166,292.3380 .00 2,595,823.40 2,595,823.40 N/A 0.618 40.23 22,090.0280 .00 888,681.83 888,681.83 N/A 1.45 79.92 37,528.3840 .00 2,999,268.45 2,999,268.45 N/A N/A 1.168 90.22 68,557.4160 .00 6,185,250.07 6,185,250.07 N/A Total For Asset Type: MUTUAL FUNDS - EQUITY $0.00 $16,554,340.36 19.37% $16,554,340.36 0.487 12.62 579,643.8050 .00 7,315,104.82 7,315,104.82 N/A 0.566 12.06 598,827.8980 .00 7,221,864.45 7,221,864.45 N/A Total For Asset Type: MUTUAL FUNDS -FIXED TAXABLE $0.00 $14,536,969.27 17.01% $14,536,969.27 07/01/2016 N/A 0.03 91.136 89,306.1700 .00 81,390.07 81,390.07 08/01/2046 N/A 03/01/2013 N/A 0.03 92.57 59,299.5700 .00 54,893.61 54,893.61 03/01/2043 N/A 08/01/2016 N/A 0.03 91.105 81,247.1400 .00 74,020.21 74,020.21 08/01/2046 N/A 11/01/2018 N/A 0.03 91.916 49,244.7700 .00 45,263.82 45,263.82 05/01/2046 N/A 06/01/2020 N/A 0.025 85.743 171,387.8300 .00 146,953.07 146,953.07 07/01/2050 N/A 07/01/2020 N/A 0.025 85.618 206,749.6800 .00 177,014.94 177,014.94 08/01/2050 N/A 08/01/2020 N/A 0.025 85.733 228,083.0200 .00 195,542.42 195,542.42 08/01/2050 N/A 09/01/2020 N/A 0.025 85.647 215,230.8300 .00 184,338.75 184,338.75 10/01/2050 N/A 08/01/2021 N/A 0.02 90.21 162,420.4500 .00 146,519.49 146,519.49 08/01/2036 N/A 04/01/2022 N/A 0.04 94.592 605,992.9200 .00 573,220.82 573,220.82 05/01/2052 N/A CENTRAL CONTRA COSTA SANITARY DISTRICT 27 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Page: 8 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As O£ 12/31/2023 Account # CUSIP # Issue Date Moody Annual % Total Unrealized and Name Ticker Asset Description and SEDOL Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 3140X63C3 FNMA#FM3494 2.500% 4/01/48 06/01/2020 N/A 0.025 87.05 93,252.2900 .00 81,176.12 81,176.12 FM3494A 04/01/2048 N/A 3140XJT94 FNMA#FS3275 3.000% 4/01/52 11/01/2022 N/A 0.03 88.44 430,570.3400 .00 380,796.41 380,796.41 FS3275A 04/01/2052 N/A 3140XJXY4 FNMA#FS3394 4.000%10/01/52 12/01/2022 N/A 0.04 94.548 340,328.4800 .00 321,773.77 321,773.77 FS3394A 10/01/2052 N/A 31335AQE1 F H L M C GD G60453 3.000% 1/01/46 02/01/2016 N/A 0.03 91.538 90,726.6600 .00 83,049.37 83,049.37 G60453F 01/01/2046 N/A 31418CA87 FNMA#MA2730 2.500% 7/01/46 07/01/2016 N/A 0.025 86.877 196,877.7100 .00 171,041.45 171,041.45 MA2730A 07/01/2046 N/A 31418CCR3 FNMA#MA2779 2.000% 9/01/26 09/01/2016 N/A 0.02 96.441 21,196.2200 .00 20,441.85 20,441.85 MA2779A 09/01/2026 N/A 31418CGDO F N M A #MA2895 3.000% 2/01/47 01/01/2017 N/A 0.03 90.612 54,403.0800 .00 49,295.72 49,295.72 MA2895A 02/01/2047 N/A 31418CS47 FNMA#MA3238 3.500% 1/01/48 12/01/2017 N/A 0.035 93.326 34,760.7500 .00 32,440.82 32,440.82 MA3238A 01/01/2048 N/A 31418CV27 FNMA#MA3332 3.500% 4/01/48 03/01/2018 N/A 0.035 93.326 43,887.1000 .00 40,958.07 40,958.07 MA3332A 04/01/2048 N/A 31418DSM5 F N M A #MA4123 2.000% 8/01/35 08/01/2020 N/A 0.02 90.271 148,804.6400 .00 134,327.44 134,327.44 MA4123A 08/01/2035 N/A 31418137E6 F N M A #MA4492 2.000% 11/01/51 11/01/2021 N/A 0.02 81.845 953,052.1300 .00 780,025.52 780,025.52 MA4492A 11/01/2051 N/A 31418ED80 FNMA#MA4626 4.000% 5/01/52 05/01/2022 N/A 0.04 94.592 431,953.3600 .00 408,593.32 408,593.32 MA4626A 05/01/2052 N/A 31418ES137 FNMA#MA5013 4.500% 4/01/38 04/01/2023 N/A 0.045 99.445 213,069.7500 .00 211,887.21 211,887.21 MA5013A 04/01/2038 N/A 3132HPRZ9 F H L M C GD Q13204 3.000% 11/01/42 11/01/2012 N/A 0.03 92.787 65,911.7100 .00 61,157.50 61,157.50 Q13204F 11/01/2042 N/A 3132QVJT9 F H L M C GD Q38373 3.500% 1/01/46 01/01/2016 N/A 0.035 93.455 48,146.5200 .00 44,995.33 44,995.33 Q38373F 01/01/2046 N/A 3133KYUQO F H L M C #R135091 2.500% 11/01/40 11/01/2020 N/A 0.025 89.03 249,540.8300 .00 222,166.20 222,166.20 RB5091F 11/01/2040 N/A 3132CWM50 F H L M C #S130380 3.500% 2/01/34 06/01/2020 N/A 0.035 98.175 60,441.3000 .00 59,338.25 59,338.25 SB038OF 02/01/2034 N/A 3132DPJZ2 F H L M C #SD2080 4.000% 12/01/52 12/01/2022 N/A 0.04 94.578 737,260.1700 .00 697,285.92 697,285.92 SD208OF 12/01/2052 N/A 3132DWD26 F H L M C #SD8221 3.500% 5/01/52 05/01/2022 N/A 0.035 91.721 560,179.5800 .00 513,802.31 513,802.31 SD8221F 05/01/2052 N/A 3132DWD34 F H L M C #SD8222 4.000% 5/01/52 05/01/2022 N/A 0.04 94.588 451,299.8600 .00 426,875.51 426,875.51 SD8222F 05/01/2052 N/A CENTRAL CONTRA COSTA SANITARY DISTRICT 28 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Account # CUSIP # and Name Ticker Asset Description and SEDOL 3132DWEB5 F H L M C #SD8230 4.500% 5/01/52 SD8230F 3132DWEJ8 F H L M C #SD8237 4.000% 7/01/52 SD8237F 3132DWERO F H L M C #SD8244 4.000% 9/01/52 SD8244F 3132DWE74 F H L M C #SD8258 5.000% 9/01/52 SD8258F 3132DWF57 F H L M C #SD8288 5.000% 12/01/52 SD8288F 3132DWGG2 F H L M C #SD8299 5.000% 2/01/53 SD8299F 3132DWHT3 F H L M C #SD8342 5.500% 6/01/53 SD8342F US TREASURY BONDS & NOTES 912810TR9 U S TREASURY BD 3.625% 5/15/53 912810TS7 U S TREASURY BD 3.875% 5/15/43 912810TT5 U S TREASURY BD 4.000% 8/15/53 91282CHC8 U S TREASURY NT 3.375% 5/15/33 91282CJJ1 U S TREASURY NT 4.750% 11/15/33 91282CJK8 U S TREASURY NT 4.625% 11/15/26 91282CJL6 U S TREASURY NT 4.875% 11/30/25 91282CHT1 U S TREASURY NT 3.875% 8/15/33 UST3833 Page: 9 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As O£ 12/31/2023 Issue Date Moody Annual % Total Unrealized Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 05/01/2022 N/A 0.045 96.966 372,657.5100 .00 361,351.08 361,351.08 05/01/2052 N/A 07/01/2022 N/A 0.04 94.586 200,599.6000 .00 189,739.14 189,739.14 07/01/2052 N/A 08/01/2022 N/A 0.04 94.583 1,003,127.2600 .00 948,787.86 948,787.86 09/01/2052 N/A 09/01/2022 N/A 0.05 98.931 325,610.7800 .00 322,130.00 322,130.00 09/01/2052 N/A 12/01/2022 N/A 0.05 98.968 755,482.1800 .00 747,685.60 747,685.60 12/01/2052 N/A 01/01/2023 N/A 0.05 98.931 858,243.9000 .00 849,069.27 849,069.27 02/01/2053 N/A 06/01/2023 N/A 0.055 100.404 383,409.7800 .00 384,958.76 384,958.76 06/01/2053 N/A Total For Asset Type: GNMA/FNMA/FHLMC POOLS $0.00 $10,224,306.99 11.96% $10,224,306.99 05/15/2023 AAA 0.03625 92.453 144,000.0000 .00 133,132.32 133,132.32 05/15/2053 N/A 05/15/2023 AAA 0.03875 95.328 1,415,000.0000 .00 1,348,891.20 1,348,891.20 05/15/2043 N/A 08/15/2023 AAA 0.04 101.078 261,000.0000 .00 263,813.58 263,813.58 08/15/2053 N/A 05/15/2023 AAA 0.03375 95.969 1,484,000.0000 .00 1,424,179.96 1,424,179.96 05/15/2033 N/A 11/15/2023 AAA 0.0475 104.984 1,203,000.0000 .00 1,262,957.52 1,262,957.52 11/15/2033 N/A 11/15/2023 AAA 0.04625 101.578 51,000.0000 .00 51,804.78 51,804.78 11/15/2026 N/A 11/30/2023 AAA 0.04875 101.035 870,000.0000 .00 879,004.50 879,004.50 11/30/2025 N/A 08/15/2023 AAA 0.03875 99.875 750,000.0000 .00 749,062.50 749,062.50 08/15/2033 N/A Total For Asset Type: US TREASURY BONDS & NOTES $0.00 $6,112,846.36 7.15% $6,112,846.36 CENTRAL CONTRA COSTA SANITARY DISTRICT 29 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, Ticker Symbol Account # CUSIP # Issue Date Moody Annual and Name Ticker Asset Description and SEDOL Maturitv Date S&P Inc/Unit Price Total Account Value for: ***** End Of Report ***** Page: 10 of 10 Print Date: 01/23/2024 at 9:39:14 pm Trade Dated As Of: 12/31 /2023 Total Unrealized Units Fed Cost Market Value Market Gain / Loss $2,356,805.92 $85,481,871.47 100.00 % $83,125,065.55 CENTRAL CONTRA COSTA SANITARY DISTRICT 1 3 0 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, CUSIP Account # CUSIP # Issue Date Moody Annual and Name Ticker Asset Description and SEDOL Maturity Date S&P Inc/Unit Price 6746055901 : PARS/CCCSD 115P - PENSION CASH EQUIVALENTS SHORT TERM FDS-TAXABLE (ACM) 31846V336 FIRST AM GOVT OB FD CL X 0.052514 100.00 FGXXX Total For Asset Type: SHORT TERM FDS-TAXABLE (ACM) MUTUAL FUNDS CLOSED END MUTUAL FUND EQUITY 464287200 ISHARES CORE S P 500 ETF 6.899 477.63 IV V N/A 464287309 ISHARES S P 500 GROWTH ETF 0.771 75.10 IV W N/A 464287408 ISHARES S P 500 VALUE ETF 2.874 173.89 IVE N/A 464287499 ISHARES RUSSELL MID CAP ETF 1.108 77.73 IWR N/A 921943858 VANGUARD FTSE DEVELOPED ETF 1.511 47.90 VEA N/A 922908553 VANGUARD REAL ESTATE ETF 3.493 88.36 VNQ N/A Total For Asset Type: CLOSED END MUTUAL FUND EQUITY CLOSED END MUTUAL FUND FIXED 464287226 ISHARES CORE U.S. AGGREGATE BOND ETF 3.108 99.25 AGG N/A 464288588 ISHARES MBS ETF 3.198 94.08 MBB N/A Total For Asset Type: CLOSED END MUTUAL FUND FIXED MUTUAL FUNDS -EQUITY 256206103 DODGE COX INTERNATIONAL STOCK FD I 1.125 49.16 DODFX N/A 317609253 EMERALD GROWTH INSTITUTIONAL 0.00 24.54 FGROX N/A 41665X859 HARTFORD SCHRODERS EMERGING MARKETS 0.237 15.61 HHHFX N/A 552746356 MFS INTERNATIONAL GROWTH R6 0.618 40.23 MGRDX N/A 904504479 UNDISCOVERED MGRS BEHAVIORAL VALUE 1.45 79.92 UBVFX N/A Page: 1 of 2 Print Date: 01/23/2024 at 9:44:25 pra Trade Dated As O£ 12/31/2023 % Total Unrealized Units Fed Cost Market Value Market Gain / Loss 4,152.8300 4,152.83 4,152.83 .00 $4,152.83 $4,152.83 2.38% $0.00 18.0000 .00 8,597.34 8,597.34 70.0000 .00 5,257.00 5,257.00 33.0000 .00 5,738.37 5,738.37 68.0000 .00 5,285.64 5,285.64 92.0000 .00 4,406.80 4,406.80 14.0000 .00 1,237.04 1,237.04 $0.00 $30,522.19 17.49% $30,522.19 386.0000 .00 38,310.50 38,310.50 74.0000 .00 6,961.92 6,961.92 $0.00 $45,272.42 25.94% $45,272.42 35.9860 .00 1,769.07 1,769.07 143.8480 .00 3,530.03 3,530.03 199.6080 .00 3,115.88 3,115.88 44.0220 .00 1,771.01 1,771.01 43.8770 .00 3,506.65 3,506.65 CENTRAL CONTRA COSTA SANITARY DISTRICT 31 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account, Asset Class, CUSIP Page: 2 of 2 Print Date: 01/23/2024 at 9:44:25 pra Trade Dated As O£ 12/31/2023 Account # CUSIP # Issue Date Moody Annual % Total Unrealized and Name Ticker Asset Description and SEDOL Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 921913208 VANGUARD GROWTH & INCOME ADM SHS#593 N/A 1.168 90.22 82.0960 .00 7,406.70 7,406.70 VGIAX N/A Total For Asset Type: MUTUAL FUNDS - EQUITY $0.00 $21,099.34 12.09% $21,099.34 MUTUAL FUNDS -FIXED TAXABLE 256210105 DODGE COX INCOME 0.487 12.62 2,928.0080 .00 36,951.46 36,951.46 DODIX N/A 74440B884 PGIM TOTAL RETURN BOND CL R6 0.566 12.06 3,026.7080 .00 36,502.10 36,502.10 PTRQX N/A Total For Asset Type: MUTUAL FUNDS -FIXED TAXABLE $0.00 $73,453.56 42.09 % $73,453.56 Total Account Value for: $4,152.83 $174,500.34 100.00% $170,347.51 ***** End Of Report ***** CENTRAL CONTRA COSTA SANITARY DISTRICT 3 2