HomeMy WebLinkAbout16.a. Committee Minutes - Finance 02-27-24Item 16.a.
March 21, 2024
T O: HO NO R A B L E B O A R D O F D I R E C TO R S
F RO M :K AT I E YO UNG, S E C R E TA RY O F T HE D I S T R I C T
S UB J E C T: F E B R UA RY 27, 2024 - F I NA NC E C O MMI T T E E - ME MB E R P I L E C K I A ND
ME MB E R HO C K E T T (A LT E R NAT E )
Attached are minutes of the above C ommittee meeting.
AT TAC HM E NT S :
D escription
1. F inance C ommittee minutes 02-27-24
2. I tem 3.a. (Handout 1)
3. I tem 3.a. (Handout 2)
4. I tem 4.a. (Handout)
March 21, 2024 Regular Board Meeting Agenda Packet - Page 117 of 195
Page 1 of 44
REGULAR MEETING OF THE
CENTRAL CONTRA COSTA
SANITARY DISTRICT
FINANCE COMMITTEE
M I N U T E S
Tuesday, February 27, 2024
2:30 p.m.
Committee:
Chair Tad Pilecki
Member Barbara Hockett
Guests: Andrew Brown, PFM Asset Management (PFMAM) (left after Item 4.a.)
Ashley Baires, Public Agency Retirement Services (PARS) (left after Item 4.a.)
James Ramsey, Eide Bailly (left after Item 3.f.)
Mindy Harris, NFP (left after Item 3.d.)
Nick Nelson, US Bank (left after Item 3.f.)
Nick Rosas, Eide Bailly (left after Item 3.f.)
Staff:
Katie Young, Secretary of the District
Greg Norby, Deputy General Manager – Operations (left during Item 3.d.)
Philip Leiber, Deputy General Manager – Administration
Kevin Mizuno, Finance Manager
Dana Lawson, Senior Engineer (left after Item 3.d.)
Thomas Brightbill, Senior Engineer
Christopher Thomas, Accounting Supervisor
Diana Diaz, Provisional Accounting Supervisor (left during Item 3.c.)
Shari Deutsch, Risk Management Administrator
Karen DeLong, Administrative Services Assistant
Stacey Durocher, Administrative Services Assistant
1. Call Meeting to Order
Chair Pilecki called the meeting to order at 2:30 p.m.
As requested by staff in advance of the meeting, Chair Pilecki announced that Item
4.a. would be heard as the first order of business, followed by Item 3.f.
2. Public Comments
None.
BOARD OF DIRECTORS:
MARIAH N. LAURITZEN
President
MICHAEL R. MCGILL
President Pro Tem
BARBARA D. HOCKETT
TAD J. PILECKI
FLORENCE T. WEDINGTON
PHONE: (925) 228-9500
FAX: (925) 372-0192
www.centralsan.org
March 21, 2024 Regular Board Meeting Agenda Packet - Page 118 of 195
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Finance Committee Minutes
February 27, 2024
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3. Items for Committee Recommendation to the Board
*a. Review and recommend approval of expenditures incurred January 12, 2024
through February 15, 2024
Item 3.a. and the balance of the agenda were heard at the conclusion of Item
3.d.
Staff responded to a list of questions posed in advance of the meeting by
Chair Pilecki. All staff responses were to his satisfaction.
Procurement-Card (P-card) Expenditures:
The Committee had no questions.
Chair Pilecki requested a closed session to discuss legal expenditures.
COMMITTEE ACTION: Recommended Board approval.
b. Receive Budget-to-Actual Expenditure overview through the month of
January 2024
Mr. Mizuno provided an overview of the presentation included in the agenda
materials.
Chair Pilecki expressed concern about the slow pace of capital spending to-
date and what impact this may have on the need for rate adjustments. Mr.
Leiber stated this will be addressed at the financial workshop.
COMMITTEE ACTION: Recommended Board receipt.
c. Receive Quarterly Financial Review for quarter ending December 31, 2023
Mr. Mizuno provided an overview of the presentation included in agenda
materials. He discussed in more detail some negative variances associated
with the Operating and Maintenance (O&M) fund and the Sewer
Construction Fund (SCF) emphasizing that he believes these are related to
timing matters and will recover by the close of the fiscal year.
O&M Fund
Total expenditures for the second quarter were $42.3 million, which is
approximately $2.8 million or 6.3 percent under the Fiscal Year (FY) 2023-24
year-to-date budget. The favorable expense variance can be attributed to
lower than projected year-to-date spending in several expenditure line
categories, namely salaries and wages, supplies and materials and other
purchased services for. A minor unfavorable year-to-date revenue variable of
$0.2 million or 0.6 percent was reported, which is attributable to the timing of
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Finance Committee Minutes
February 27, 2024
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sewer service charges and property tax receipts on the County tax roll, which
is expected to recover later in the fiscal year.
Sewer Construction Fund (SCF)
The total capital projects expenditures for SCF in the second quarter were
$34.8 million or 48.9 percent of the total adopted budget of $71.2 million.
Revenues were $38.4 million and were short of the year-to-date budget
amount of $39.7 million by $1.3 million or minus 3.3 percent, largely
attributable to timing issues, much like the O&M fund.
Mr. Mizuno also mentioned that this is the first-year capital, planning and
finance staff are attempting to utilize the new Oracle Enterprise Performance
Management (EPM) system to build the Capital Improvement Program (CIP).
Self-Insurance
A $450,000 negative variance was reported that was due to timing of lump
sum insurance payments at the start of the fiscal year, which is expected to
even out later in the fiscal year.
COMMITTEE ACTION: Recommended Board receipt.
*d. Review draft Position Paper to receive the 2023 Annual Deferred
Compensation Report encompassing Central San’s 457(b) Deferred
Compensation, 401(a) Money Purchase, and Health Reimbursement
Arrangement Plans
This item was heard immediately following Item 3.f.
Mr. Mizuno provided an overview of the presentation included in the agenda
materials. He discussed plan changes and the seven main areas of the
Deferred Compensation Plan Advisory Committee (DCAC) scope.
In relation to the rollout of the new WellCents employee financial planning
service program, Chair Pilecki asked if retirees were considered active
participants. Mr. Mizuno said no. Ms. Harris explained that retirees don’t
have the same benefits that are offered to active employees. Active
employees do not have the benefit of departing the plan or selecting a
different plan beyond what is offered by Central San as plan sponsor.
Chair Pilecki raised some concerns about there being no retirees on the
Committee. He also expressed concern about receiving several complaints
from retirees about not being informed of the upcoming changes to the plan.
A discussion ensued regarding the recordkeeper’s communication with the
retirees. Staff agreed and clarified that it was difficult to confirm what
occurred with the pre lineup transition communication as the plan’s
recordkeeper repeatedly confirmed notifications were sent to the retirees.
Chair Pilecki emphasized that even if the recordkeeper inadvertently did not
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Finance Committee Minutes
February 27, 2024
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send notifications to the retirees, the focus should be on improving the
communication going forward. Staff agreed and described website
improvements planned to help improve the transparency of DCAC activity
and plan changes.
Following this item, the agenda reverted to the original order hearing Item
3.a.
COMMITTEE ACTION: Recommended Board approval.
e. Review draft Position Paper and approve updated administrative overhead
and benefits rate of 163 percent for Fiscal Year (FY) 2024-25
Mr. Mizuno provided an overview of the presentation included in the agenda
materials. He stated that the proposed rate for FY 2024-25 is 163 percent,
reflecting a one percent decrease from the prior fiscal year.
In response to Chair Pilecki’s question regarding the increase in 2016-17,
Mr. Leiber stated that the higher than usual number was due to changes in
Unfunded Actuarial Accrued Liability (UAAL) funding.
The Committee had no further questions.
COMMITTEE ACTION: Recommended Board approval.
f. Review draft Position Paper to authorize the General Manager to execute a
contract with U.S. Bank for banking, investment safekeeping/custody, and
merchant card services for a five-year term.
This Item was heard immediately following Item 4.a.
Mr. Mizuno provided an overview of the Position Paper included in the
agenda materials. He stated that an Earnings Credit Rate (ECR) rate of 2.5
percent is a significant element that is expected to eliminate any commercial
banking fees that would otherwise be charged. Mr. Leiber clarified that
interest is not paid on the account, rather an earnings credit that is provided,
which is used as a credit against gross fees charged on the account.
In response to Member Hockett’s question regarding the cost of lending, Mr.
Nelson stated that the cost of funds influences how the ECR rate is set. He
emphasized that due to the longer 5-year proposed term of the contract, US
Bank can offer a very competitive ECR fixed rate for the duration of the
contract.
In response to Chair Pilecki’s question regarding the yearly cost to the
District, Mr. Mizuno stated that in terms of banking, the costs are comparable
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Finance Committee Minutes
February 27, 2024
Page 5
to the County, however there will be an additional cost for the investment
advisor services which is a separate item.
Mr. Leiber advised the Committee that the District may earn higher yields
that could offset portions of the cost for investment services as a result of
shifting to a more actively managed investment portfolio approach. Mr.
Leiber also added that the way the County is currently structured, the District
would have to do its banking and investment services with them or not at all.
However, the County may reconsider this rule and allow the District to do
banking elsewhere but continue to use their investment services. If that is
confirmed, it may be something for the District to consider when soliciting
proposals for investment advisory services.
Chair Pilecki asked staff to add information to the Position Paper regarding
the banking services costs and to clearly demonstrate that this contract is not
expected to result in a marginal cost to the District compared to the status
quo arrangement.
Mr. Leiber added that in addition to the internal efficiencies gained, and the
ability to do electronic bank reconciliations, another item to note is the ability
to change how the Board reviews District expenses pursuant to the new law
governing this process. He emphasized the earliest that such changes could
occur is once the District appoints a Treasurer in conjunction with its election
to leave the County Treasury Pool.
All questions posed by the Committee were answered satisfactorily.
Commencing this item, Item 3.d. was heard as the next order of business.
COMMITTEE ACTION: Recommended Board approval with the
recommended changes.
4. Other Items
a. Receive the Highmark Other Post-Employment Benefits (OPEB) and
Pension Prefunding Sub-trust Reports for the fourth quarter of calendar year
2023
This item was heard as the first item of business.
Ms. Baires provided a brief overview of the presentation included in the
agenda materials. She stated that based on the actuarial results provided by
Central San’s other post-employment benefit actuary Foster & Foster as of
July 1, 2022, the overall health of the plan looked positive.
Mr. Brown provided an overview of the presentation included in the agenda
materials. He discussed contributing factors of the current market summary.
March 21, 2024 Regular Board Meeting Agenda Packet - Page 122 of 195
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Finance Committee Minutes
February 27, 2024
Page 6
A brief discussion ensued regarding the political risk factors and the impact
that could have on the current summary.
The Committee had no further questions.
Immediately following this item, Item 3.f. was heard as the next order of
business.
COMMITTEE ACTION: Received the reports.
b. Review Risk Management Loss Control Report as of February 13, 2024
In response to Member Hockett’s question regarding the Kappel litigation,
Ms. Deutsch stated that the trial is moving forward and will start on March
11, 2024.
The Committee had no further questions.
COMMITTEE ACTION: Received the report.
5. Announcements
None.
6. Suggestions for Future Agenda Items
a. Receive list of upcoming agenda items and provide suggestions for any
other future agenda items
COMMITTEE ACTION: Received the list and provided input to staff.
7. Future Scheduled Meetings
Tuesday, March 19, 2024 at 2:30 p.m.
Tuesday, April 16, 2024 at 2:30 p.m.
Tuesday, May 14, 2024 at 2:30 p.m.
8. Adjournment – at 4:29 p.m.
*Attachments
March 21, 2024 Regular Board Meeting Agenda Packet - Page 123 of 195
Page 7 of 44
From:Katie Young
To:Stacey Durocher
Subject:FW: Expenditure Report Questions
Date:February 26, 2024 7:20:20 AM
Katie Young, CPMC, CMC
Secretary of the District
Central Contra Costa Sanitary District
5019 Imhoff Place, Martinez, CA 94553
Direct: (925) 229-7303
kyoung@centralsan.org
From: Tad Pilecki <tpilecki2@centralsan.org>
Sent: Monday, February 26, 2024 12:53 AM
To: Kevin Mizuno <kmizuno@centralsan.org>; Roger Bailey <rbailey@centralsan.org>; Philip Leiber
<pleiber@centralsan.org>; Greg Norby <gnorby@centralsan.org>
Cc: Katie Young <KYoung@centralsan.org>; Danea Gemmell <dgemmell@centralsan.org>; Shari
Deutsch <SDeutsch@centralsan.org>; Teji O'Malley <tomalley@centralsan.org>; Stephanie King
<SKing@centralsan.org>; Barbara Hockett <bhockett@centralsan.org>; 'Barbara Hockett'
<barbara.hockett@gmail.com>
Subject: Expenditure Report Questions
Hi Kevin,
Here are my questions on the expenditures for Tuesday’s Finance Committee Meeting:
1. Check # 100156, Page 1 of 69 or 5 of 196, Burke, Williams and Sorensen, $204,671.71, Why
are we so far behind in payments, three months and why is the check invoice in December
more than twice the other periods?
2. Check #100158, Page 1 of 69 or 5 of 196, Ridley Master, $19,115.45, What is this specifically
for? See also check 100161 on the next page.
3. Check #311478, page 13 of 69 or 17 of 196, Mark Hajjar, $8382.34, Background info for.
4. Check #311497, page 17 of 69 or 21 of 196, Matthew Mahoney, $1741.27 – Why is Matt’s
cost so high compared to other attendees? They all went to the same conference.
5. Check #311524, page 21 of 69 or 25 of 196, Contra Costa County – Office of the Sheriff –
Should we be displaying employees names? Same question for Check 311533 on the next
Item 3.a. (Handout)
March 21, 2024 Regular Board Meeting Agenda Packet - Page 124 of 195
Page 8 of 44
page.
P-card Questions
1. Page 81 of 196, Michael Allen, $6997.05, SCB Break Room, What is this for?
2. Page 82 of 196, Joshua Powell, $4853.78 and $4359.20, “brake room” , What is this for?
That’s all my questions. See you on Tuesday Afternoon.
Tad
March 21, 2024 Regular Board Meeting Agenda Packet - Page 125 of 195
Page 9 of 44
From:Katie Young
To:Stacey Durocher
Subject:FW: Expenditure Report Questions
Date:February 27, 2024 7:07:05 AM
From: Kevin Mizuno <kmizuno@centralsan.org>
Sent: Monday, February 26, 2024 6:00 PM
To: Tad Pilecki <tpilecki2@centralsan.org>; Roger Bailey <rbailey@centralsan.org>; Philip Leiber
<pleiber@centralsan.org>; Greg Norby <gnorby@centralsan.org>
Cc: Katie Young <KYoung@centralsan.org>; Danea Gemmell <dgemmell@centralsan.org>; Shari
Deutsch <SDeutsch@centralsan.org>; Teji O'Malley <tomalley@centralsan.org>; Stephanie King
<SKing@centralsan.org>; Barbara Hockett <bhockett@centralsan.org>; 'Barbara Hockett'
<barbara.hockett@gmail.com>
Subject: RE: Expenditure Report Questions
Good evening Member Pilecki,
Below are the responses we’ve gathered in red. Some were sent to you by staff directly, however
I’ve compiled the explanations into a single email for simplicity purposes. We can cover these in
greater detail in tomorrow’s Finance Committee meeting.
T. Kevin Mizuno, CPA
Finance Manager
Central Contra Costa Sanitary District
5019 Imhoff Place
Martinez, CA 94553
925-229-7119
From: Tad Pilecki <tpilecki2@centralsan.org>
Sent: Monday, February 26, 2024 12:53 AM
To: Kevin Mizuno <kmizuno@centralsan.org>; Roger Bailey <rbailey@centralsan.org>; Philip Leiber
<pleiber@centralsan.org>; Greg Norby <gnorby@centralsan.org>
Cc: Katie Young <KYoung@centralsan.org>; Danea Gemmell <dgemmell@centralsan.org>; Shari
Deutsch <SDeutsch@centralsan.org>; Teji O'Malley <tomalley@centralsan.org>; Stephanie King
<SKing@centralsan.org>; Barbara Hockett <bhockett@centralsan.org>; 'Barbara Hockett'
<barbara.hockett@gmail.com>
Subject: Expenditure Report Questions
Hi Kevin,
Here are my questions on the expenditures for Tuesday’s Finance Committee Meeting:
1. Check # 100156, Page 1 of 69 or 5 of 196, Burke, Williams and Sorensen, $204,671.71, Why
are we so far behind in payments, three months and why is the check invoice in December
more than twice the other periods?
Item 3.a. (Handout KM Response)
March 21, 2024 Regular Board Meeting Agenda Packet - Page 126 of 195
Page 10 of 44
This was a single invoice for a litigated matter which risk management staff can
discuss in closed session.
2. Check #100158, Page 1 of 69 or 5 of 196, Ridley Master, $19,115.45, What is this specifically
for? See also check 100161 on the next page.
These are legal expenses for the landslide on Chapel Drive, another litigated matter
which risk management staff can discuss in closed session.
3. Check #311478, page 13 of 69 or 17 of 196, Mark Hajjar, $8382.34, Background info for.
These are legal expenses for the landslide on Chapel Drive, another litigated matter.
Risk management staff can cover this in closed session if desired.
4. Check #311497, page 17 of 69 or 21 of 196, Matthew Mahoney, $1741.27 – Why is Matt’s
cost so high compared to other attendees? They all went to the same conference.
This payment pertains to a parcel that had a food-service tenant and was being billed at
a higher rate. The tenant moved out and Central San was not notified. The new tenant
was not food service and therefore the parcel was billed erroneously at a higher rate for
a few years. (It is a bit unusual for a space to go from “food service” to “not food
service.”)
Staff has spoken with the property owner and informed him Central San can only go
back 3 prior years and he was satisfied with that explanation.
5. Check #311524, page 21 of 69 or 25 of 196, Contra Costa County – Office of the Sheriff –
Should we be displaying employees names? Same question for Check 311533 on the next
page.
Employee names are always shown on payments made to or on behalf of employees
via the payables module (i.e., travel reimbursements, miscellaneous reimbursements,
p-card expense reports, etc.). Absent a policy, this has been considered public record
and disclosed as such. This practice can be revisited, however.
P-card Questions
1. Page 81 of 196, Michael Allen, $6997.05, SCB Break Room, What is this for?
The SCB third floor operators' break room has needed an overhaul due to aging
March 21, 2024 Regular Board Meeting Agenda Packet - Page 127 of 195
Page 11 of 44
conditions. Due to the small size and location of the work, it was not a ready fit for
traditional delivery of facility upgrades. The decision was made to purchase materials
directly via the p-cards with direct oversight of senior management, and then have in-
house staff who had the necessary trade skills to complete the work. This p-card
expense report covered several purchases, with the largest being for an above range
microwave, 30-inch 5 burner convection oven slide-in gas range, cabinets, and other
ancillary installation parts and equipment.
2. Page 82 of 196, Joshua Powell, $4853.78 and $4359.20, “brake room” , What is this for?
Same explanation as the above. Typo was not caught during Oracle review/approval
process, and thus appeared on the report. Staff has updated Oracle to fix the typo for future
reports this may appear on. This p-card expense report covered several purchases related to
the break room remodel, and was largely for cabinets, furniture, and other ancillary
installation parts and equipment.
That’s all my questions. See you on Tuesday Afternoon.
Tad
March 21, 2024 Regular Board Meeting Agenda Packet - Page 128 of 195
Page 12 of 44
Central Contra Costa Sanitary District
PARS 115 Trust – OPEB Prefunding Program &Pension Rate Stabilization Plan Client Review
February 27, 2024
Item 4.a. (Handout)
March 21, 2024 Regular Board Meeting Agenda Packet - Page 129 of 195
Page 13 of 44
Central Contra Costa Sanitary District ▎2
Pars 115 Trust Team
Trust Administrator & Consultant
40
Years of Experience
(1984-2024)
2,000+
Plans under
Administration
1,000+
Public Agency
Clients
$7.2 B
Assets under
Administration
Investment Manager
•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
Years of Experience
(As of 9/30/23)
$216.9 B *
Assets under Management
& Advisement
Trustee
•5th largest commercial bank and one of the
nation’s largest trustees for Section 115 trusts
•Safeguard plan assets
•Oversight protection as plan fiduciary
•Custodian of assets
161
Years of Experience
(1863-2024)
$9.5 T
Assets under
Administration
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
500 K+
Plan Participants
* Assets under management and advisement as of September 30, 2023 includes fixed
income and multi asset class portfolios
March 21, 2024 Regular Board Meeting Agenda Packet - Page 130 of 195
Page 14 of 44
Plan Type:IRC Section 115 Irrevocable Exclusive Benefit Trust
Trustee Approach:Discretionary
Plan Effective Date:November 6, 2008
Plan Administrator:Finance Manager
Current Investment Strategy:Moderate Plus (Active) Strategy; Individual Account
Summary of Agency’s opeb Plan
AS OF JANURARY 31, 2024:
Initial Contribution:
Additional Contributions:
Total Contributions:
Disbursements:
Total Investment Earnings:
Account Balance:
March 2009: $560,000
$45,698,700
$46,258,700
$567,499
$42,118,706
$85,635,427
Central Contra Costa Sanitary District ▎3
March 21, 2024 Regular Board Meeting Agenda Packet - Page 131 of 195
Page 15 of 44
Central Contra Costa Sanitary District ▎4
•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.
OPEB Actuarial Results
Demographic Study Valuation Date
July 1, 2020
Valuation Date
July 1, 2022
Actives 271 273
Retirees 278 275
Total 549 548
March 21, 2024 Regular Board Meeting Agenda Packet - Page 132 of 195
Page 16 of 44
Central Contra Costa Sanitary District ▎5
OPEB Actuarial Results
Valuation Date
July 1, 2020
Discount Rate: 5.75%
Valuation Date
July 1, 2022
Discount Rate: 5.25%
Total OPEB Liability (TOL)
Actuarial Accrued Liability (AAL)$84,861,000 $81,190,218
Fiduciary Net Position
Actuarial Value of Assets $69,623,000 $81,342,131*
Net OPEB Liability (NOL)
Unfunded Actuarial Accrued Liability
(UAAL)
$15,238,000 ($151,913)
Funded Ratio (%)82.0%100.2%
Service Cost $2,011,000
for FY 2020-21
$2,215,263
for FY 2022-23
Annual Benefit Payments
(Pay-as-you-Go)
$4,642,000
for FY 2020-21
$4,075,640
for FY 2022-23
*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%.
March 21, 2024 Regular Board Meeting Agenda Packet - Page 133 of 195
Page 17 of 44
Central Contra Costa Sanitary District ▎6
Plan Type:IRC Section 115 Irrevocable Exclusive Benefit Trust
Trustee Approach:Discretionary
Plan Effective Date:July 20, 2017
Plan Administrator:Finance Manager
Current Investment Strategy:Moderately Conservative Plus (Active) Strategy; Individual Account
Summary of Agency’s Pension Plan
AS OF JANURARY 31, 2024:
Initial Contribution:August 2017: $3,359,000
Additional Contributions:$7,375,000
Total Contributions:$10,734,000
Disbursements:$12,763,669
Total Investment Earnings:$2,397,607
Account Balance:$426,011
March 21, 2024 Regular Board Meeting Agenda Packet - Page 134 of 195
Page 18 of 44
PARS: Central Contra Costa Sanitary District
OPEB and Pension Plan
Fourth Quarter 2023
Presented by
Andrew Brown, CFA
Central Contra Costa Sanitary District ▎7March 21, 2024 Regular Board Meeting Agenda Packet - Page 135 of 195
Page 19 of 44
QUARTERLY MARKET SUMMARY
For the Quarter Ended December 31, 2023
Multi-Asset Class Management
CommentsOur Q1 2024 Investment OutlookAsset Class
•Fed’s guidance towards three rate cuts in 2024 and moderating inflation
have led to recent rally in equities. Rising valuations are supported by
improving earnings growth expectations and expectation of economic
soft-landing. We expect equities to do better this year, as long as risks of
recession remain low.
•Mid-and small-cap valuations are attractive and would be beneficiary of
rate cuts as investor sentiment/earnings growth expectations improves.
U.S. Equities
Large-Caps
Mid-Caps
Small-Caps
•International equities continue to trade at a discount to U.S. equities but
slowing economic growth in Europe and China is a headwind.
•EM equities trade at attractive valuations relative to developed market
equities. Negative investor sentiment and slower growth expectations
continue to weigh on Chinese equities. We remain positive on emerging
market equities outside of China.
•International small-caps provide exposure to local revenue streams and
are trading at attractive valuations.
Non-U.S. Equities
Developed Markets
Emerging Markets
International Small-Caps
•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
even as long-term yields fell back from the recent highs. We expect a
further fall in yields as inflation continues to moderate.
•Credit markets remain attractive due to strong corporate fundamentals.
We continue to seek diversified credit exposure and are closely watching
signs for any distress in the corporate credit space.
Fixed Income
Long-Duration,
Interest Rate-Sensitive
Sectors
Credit-Sensitive Sectors
•Public REITs have recovered recently as interest rates have fallen from
the recent highs. We expect this trend to continue helped by falling rates
and economic soft landing. Office properties make up a smaller portion of
public real estate.
•Listed global infrastructure equities are expected to do better in an
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.
Diversifying
Listed Real Estate
Listed Global Infrastructure
Current outlook Outlook one quarter ago PositiveSlightly
Positive
NeutralSlightly
Negative
Negative
Investment Strategy Overview
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 ▎8March 21, 2024 Regular Board Meeting Agenda Packet - Page 136 of 195
Page 20 of 44
QUARTERLY MARKET SUMMARY
For the Quarter Ended December 31, 2023
Multi-Asset Class Management
Inflation:
•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.
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.
Monetary Policy:
•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.
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.
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.
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.
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.
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.
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.
Stance Unfavorable
to Risk Assets
Stance Favorable
to Risk Assets Current outlook Outlook one quarter ago PositiveSlightly
Positive
NeutralSlightly
Negative
Negative
Factors to Consider Over the Next 6-12 Months
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 ▎9March 21, 2024 Regular Board Meeting Agenda Packet - Page 137 of 195
Page 21 of 44
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%
Investment Summary Since Inception
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*
* Ending Market Value differs from total market value on page 3 due to differences in reporting methodology. The above ending market value includes accruals.
Equity
$42,327,814
49.52%
Fixed Income
$41,177,252
48.17%
Cash
$1,976,806
2.31%
PARS: Central Contra Costa Sanitary District Central Contra Costa Sanitary District ▎10March 21, 2024 Regular Board Meeting Agenda Packet - Page 138 of 195
Page 22 of 44
Asset Allocation – Central Contra Costa Sanitary District OPEB
As of Fourth Quarter 2023
PARS: Central Contra Costa Sanitary District
Current Asset Allocation Investment Vehicle
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 I 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 I 7,315,105
8.45%PTRQX PGIM Total Return Bond R6 7,221,864
Cash 2.31%Range: 0%-20%1,976,806
2.31% FGXXX First Am Govt Ob Fd Cl X 1,976,806
TOTAL 100.00%$85,481,871
Central Contra Costa Sanitary District ▎11March 21, 2024 Regular Board Meeting Agenda Packet - Page 139 of 195
Page 23 of 44
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.
PARS: Central Contra Costa Sanitary District
3 Months
Year
to Date
(1 Year)1 Year 3 Years 5 Years 10 Years
Inception
to Date
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 11.69 26.29 26.29 10.00 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 EM Free 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
Selected Period Performance
CCCSD - OPEB
Period Ending: 12/31/2023
Central Contra Costa Sanitary District ▎12March 21, 2024 Regular Board Meeting Agenda Packet - Page 140 of 195
Page 24 of 44
Fixed Income Portfolio: Statistics
As of Fourth Quarter 2023
CCCSD
OPEB
BC Aggregate Bond
Index
Weighted Average Maturity 9.24 years 8.41 years
Effective Duration 6.22 years 6.20 years
Average Coupon 4.67%3.36%
Yield to Maturity 4.89%4.54%
Average Quality AA/AA-AA/AA-
Source: BondEdge
PARS: Central Contra Costa Sanitary District Central Contra Costa Sanitary District ▎13March 21, 2024 Regular Board Meeting Agenda Packet - Page 141 of 195
Page 25 of 44
Fixed Income Portfolio: Sectors
As of Fourth Quarter 2023
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
Cash Treasury Agency Credit MBS CMO ABS CMBS
CCCSD OPEB 0.1%23.2%0.0%27.7%38.7%0.0%10.3%0.0%
Barclays U.S. Aggregate Bond Index 0.0%41.5%1.0%28.8%26.7%0.0%0.5%1.7%
Source: BondEdge
PARS: Central Contra Costa Sanitary District Central Contra Costa Sanitary District ▎14March 21, 2024 Regular Board Meeting Agenda Packet - Page 142 of 195
Page 26 of 44
0%
5%
10%
15%
20%
25%
30%
0-1 Yrs.1-3 Yrs.3-5 Yrs.5-7 Yrs.7-10
Yrs.
10+
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%
0%
10%
20%
30%
40%
50%
60%
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%
Effective Duration
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of Fourth Quarter 2023
Effective Maturity
Source: BondEdge
PARS: Central Contra Costa Sanitary District Central Contra Costa Sanitary District ▎15March 21, 2024 Regular Board Meeting Agenda Packet - Page 143 of 195
Page 27 of 44
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%
Investment Summary Since Inception
Beginning Value 3,359,081.81
Contributions 7,370,356.11
Withdrawals -12,944,605.11
Gain (Loss) 1,451,996.89
Interest and Dividends 937,670.64
Net Accrued Income 202.09
___________________________________________________________________________________________________________________________________________________________________________________________________________Ending Market Value $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.
Equity
$51,622
29.58%
Fixed Income
$118,726%
68.04%
Cash
$4,153
2.38%
PARS: Central Contra Costa Sanitary District Central Contra Costa Sanitary District ▎16March 21, 2024 Regular Board Meeting Agenda Packet - Page 144 of 195
Page 28 of 44
Asset Allocation – Central Contra Costa Sanitary District Pension
As of Fourth Quarter 2023
PARS: Central Contra Costa Sanitary District
Current Asset Allocation Investment Vehicle
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 I 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 I 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
Central Contra Costa Sanitary District ▎17March 21, 2024 Regular Board Meeting Agenda Packet - Page 145 of 195
Page 29 of 44
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% ML 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.
PARS: Central Contra Costa Sanitary District
3 Months
Year
to Date
(1 Year)1 Year 3 Years 5 Years
Inception
to Date
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 1.76 1.69
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 -3.31 1.10 .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 EM Free 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 REIT 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
Selected Period Performance
PARS/CCCSD 115P - PENSION
Account ******5901
Period Ending: 12/31/2023
Central Contra Costa Sanitary District ▎18March 21, 2024 Regular Board Meeting Agenda Packet - Page 146 of 195
Page 30 of 44
PARS: Central Contra Costa Sanitary District
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 --
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 --
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 --
Dodge & Cox International Stock I 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
MSCI 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.
December 31, 2023
CENTRAL CONTRA COSTA SANITARY DISTRICT
LARGE CAP EQUITY FUNDS
MID CAP EQUITY FUNDS
INTERNATIONAL EQUITY FUNDS
SMALL CAP EQUITY FUNDS
Central Contra Costa Sanitary District ▎19March 21, 2024 Regular Board Meeting Agenda Packet - Page 147 of 195
Page 31 of 44
PARS: Central Contra Costa Sanitary District
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 I 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
REIT EQUITY FUNDS
BOND FUNDS
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.
December 31, 2023
CENTRAL CONTRA COSTA SANITARY DISTRICT
Central Contra Costa Sanitary District ▎20March 21, 2024 Regular Board Meeting Agenda Packet - Page 148 of 195
Page 32 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
1 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
6746055900 : PARS/CCCSD 115P - OPEB
CASH
CASH
.71 .71Principal Cash
$0.71 $0.71 .00%Total For Asset Type: CASH
CASH EQUIVALENTS
SHORT TERM FDS-TAXABLE (ACM)
31846V336 1,976,805.21 1,976,805.21 .00
FGXXX
FIRST AM GOVT OB FD CL X 1,976,805.2100 100.00 0.052514
$1,976,805.21 $1,976,805.21 $0.00 2.31%Total For Asset Type: SHORT TERM FDS-TAXABLE (ACM)
CORPORATE OBLIGATIONS
CORPORATE BONDS AND NOTES
00206RMT6 .00 170,169.45 170,169.45AT T INC 5.400% 2/15/34 06/02/2023
02/15/2034
165,000.0000BAA2
BBB
103.133 0.054
031162DT4 .00 68,385.85 68,385.85AMGEN INC 5.650% 3/02/53 03/02/2023
03/02/2053
65,000.0000BAA1
BBB+
105.209 0.0565
11135EAA2 .00 100,727.90 100,727.90BROADSTONE NET 2.600% 9/15/31 09/15/2021
09/15/2031
130,000.0000BAA2
BBB
77.483 0.026
126650BR0 .00 37,170.00 37,170.00CVS CAREMARK 6.125% 9/15/39 09/11/2009
09/15/2039
35,000.0000BAA2
BBB
106.20 0.06125
126650CZ1 .00 53,312.67 53,312.67CVS HEALTH CORP 5.050% 3/25/48 03/09/2018
03/25/2048
57,000.0000BAA2
BBB
93.531 0.0505
14040HCY9 .00 89,561.70 89,561.70CAPITAL ONE FINL 5.817% 2/01/34 02/01/2023
02/01/2034
90,000.0000BAA1
BBB
99.513 0.05817
17327CAR4 .00 72,434.60 72,434.60CITIGROUP INC SUB 6.174% 5/25/34 05/25/2023
05/25/2034
70,000.0000BAA2
BBB
103.478 0.06174
202795HG8 .00 132,130.00 132,130.00COMMONWEALTH EDISON 5.875% 2/01/33 01/22/2003
02/01/2033
125,000.0000A1
A
105.704 0.05875
209111EQ2 .00 82,743.20 82,743.20CONSOLIDATED EDISON 5.700% 12/01/36 12/01/2006
12/01/2036
80,000.0000A3
A-
103.429 0.057
285512AF6 .00 56,567.20 56,567.20ELECTRONIC ARTS INC 2.950% 2/15/51 02/11/2021
02/15/2051
80,000.0000BAA1
BBB+
70.709 0.0295
29273VAU4 .00 157,368.50 157,368.50ENERGY TRANSFER L P 6.550% 12/01/33 10/13/2023
12/01/2033
145,000.0000BAA3
BBB
108.53 0.0655
29366WAD8 .00 105,642.60 105,642.60ENTERGY LLC 5.000% 9/01/33 05/12/2023
09/01/2033
105,000.0000A2
A
100.612 0.05
29670GAE2 .00 123,744.25 123,744.25ESSENTIAL UTILS INC 3.351% 4/15/50 04/15/2020
04/15/2050
175,000.0000BAA2
A-
70.711 0.03351
Central Contra Costa Sanitary District ▎21March 21, 2024 Regular Board Meeting Agenda Packet - Page 149 of 195
Page 33 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
2 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
30225VAJ6 .00 102,489.00 102,489.00EXTRA SPACE STORAGE 5.700% 4/01/28 03/28/2023
04/01/2028
100,000.0000BAA2
BBB+
102.489 0.057
30321L2C5 .00 110,225.70 110,225.70F G GLOBAL MTN 2.000% 9/20/28 09/22/2021
09/20/2028
130,000.0000N/A
A-
84.789 0.02
304071AA1 .00 114,771.15 114,771.15FAIRFAX US INC 4.875% 8/13/24 08/13/2014
08/13/2024
115,000.0000BAA2
BBB
99.801 0.04875
320517AD7 .00 140,233.85 140,233.85FIRST HORIZON NATL 4.000% 5/26/25 05/26/2020
05/26/2025
145,000.0000BAA3
N/A
96.713 0.04
36143L2B0 .00 137,947.60 137,947.60GA GLOBAL MTN 1.000% 4/08/24 04/08/2021
04/08/2024
140,000.0000A2
A-
98.534 0.01
38141GYM0 .00 73,185.60 73,185.60GOLDMAN SACHS 1.948% 10/21/27 10/21/2021
10/21/2027
80,000.0000A2
BBB+
91.482 0.01948
40139LBE2 .00 96,108.10 96,108.10GUARDIAN LIFE MTN 1.625% 9/16/28 09/16/2021
09/16/2028
110,000.0000AA1
AA+
87.371 0.01625
41284VAC6 .00 124,563.60 124,563.60HARLEY DAVIDSON FINL 6.500% 3/10/28 03/10/2023
03/10/2028
120,000.0000BAA3
BBB-
103.803 0.065
45138LBJ1 .00 144,198.90 144,198.90IDAHO PWR CO 5.800% 4/01/54 09/11/2023
04/01/2054
135,000.0000A2
A-
106.814 0.058
55903VBE2 .00 141,629.40 141,629.40WARNERMEDIA HLDGS 5.141% 3/15/52 03/15/2023
03/15/2052
165,000.0000BAA3
BBB-
85.836 0.05141
571748BV3 .00 103,236.50 103,236.50MARSH MCLENNAN COS 5.700% 9/15/53 09/11/2023
09/15/2053
95,000.0000A3
A-
108.67 0.057
577081AW2 .00 72,048.00 72,048.00MATTEL INC 5.450% 11/01/41 11/08/2011
11/01/2041
80,000.0000BAA3
BBB-
90.06 0.0545
604074AA2 .00 124,574.40 124,574.40MINNESOTA LIFE INS 8.250% 9/15/25 09/15/1995
09/15/2025
120,000.0000A2
A
103.812 0.0825
620076BU2 .00 128,205.00 128,205.00MOTOROLA SOLUTIONS 2.750% 5/24/31 05/24/2021
05/24/2031
150,000.0000BAA2
BBB-
85.47 0.0275
641423CG1 .00 71,309.55 71,309.55NEVADA POWER CO 6.000% 3/15/54 09/13/2023
03/15/2054
65,000.0000A2
A
109.707 0.06
665859AX2 .00 123,490.45 123,490.45NORTHERN TR CORP 6.125% 11/02/32 11/02/2022
11/02/2032
115,000.0000A2
A
107.383 0.06125
677050AT3 .00 48,263.40 48,263.40OGLETHORPE POWER 6.200% 12/01/53 12/05/2023
12/01/2053
45,000.0000BAA1
BBB+
107.252 0.062
68235PAL2 .00 119,926.73 119,926.73ONE GAS INC 1.100% 3/11/24 03/11/2021
03/11/2024
121,000.0000A3
A-
99.113 0.011
69047QAC6 .00 77,532.75 77,532.75OVINTIV INC 6.250% 7/15/33 05/31/2023
07/15/2033
75,000.0000BAA3
BBB-
103.377 0.0625
693475BC8 .00 87,992.30 87,992.30PNC FINL SVCS GROUP 3.400% 12/15/69 09/13/2021
12/15/2069
110,000.0000BAA2
BBB-
79.993 0.034
Central Contra Costa Sanitary District ▎22March 21, 2024 Regular Board Meeting Agenda Packet - Page 150 of 195
Page 34 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
3 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
694308JN8 .00 72,606.15 72,606.15PACIFIC GAS ELEC CO 4.950% 7/01/50 07/01/2020
07/01/2050
85,000.0000BAA3
BBB-
85.419 0.0495
694476AF9 .00 64,630.80 64,630.80PACIFIC LIFECORP 5.400% 9/15/52 09/15/2022
09/15/2052
65,000.0000A3
A-
99.432 0.054
72650RBC5 .00 123,043.65 123,043.65PLAINS ALL AMER PIPE 4.300% 1/31/43 12/10/2012
01/31/2043
155,000.0000BAA3
BBB
79.383 0.043
74368CBV5 150,000.00 154,006.50 4,006.50PROTECTIVE LIFE MTN 5.467% 12/08/28 12/08/2023
12/08/2028
150,000.0000A1
AA-
102.671 0.05467
744448CY5 .00 69,677.30 69,677.30PUBLIC SERVICE CO 5.250% 4/01/53 04/03/2023
04/01/2053
70,000.0000A1
A
99.539 0.0525
74460WAH0 .00 78,303.75 78,303.75PUBLIC STORAGE 5.350% 8/01/53 07/26/2023
08/01/2053
75,000.0000A2
A
104.405 0.0535
76209PAC7 .00 129,601.25 129,601.25RGA GLOBAL MTN 6.000% 11/21/28 11/21/2023
11/21/2028
125,000.0000A1
AA-
103.681 0.06
784710AC9 .00 245,009.80 245,009.80SSM HEALTH CARE CORP 4.894% 6/01/28 04/26/2023
06/01/2028
245,000.0000N/A
A+
100.004 0.04894
808513CJ2 .00 94,378.50 94,378.50SCHWAB CHARLES CORP 6.196% 11/17/29 11/17/2023
11/17/2029
90,000.0000A2
A-
104.865 0.06196
842400HX4 .00 75,255.60 75,255.60SOUTHERN CALIF 5.875% 12/01/53 05/22/2023
12/01/2053
70,000.0000A2
A-
107.508 0.05875
842434CX8 .00 114,334.00 114,334.00SOUTHERN CA GAS CO 6.350% 11/15/52 11/14/2022
11/15/2052
100,000.0000AA3
A+
114.334 0.0635
852060AT9 .00 117,254.70 117,254.70SPRINT CAPITAL CORP 8.750% 3/15/32 03/14/2002
03/15/2032
95,000.0000BAA2
BBB-
123.426 0.0875
860630AD4 .00 123,747.50 123,747.50STIFEL FINANCIAL 4.250% 7/18/24 07/18/2014
07/18/2024
125,000.0000N/A
BBB-
98.998 0.0425
862121AA8 .00 105,682.70 105,682.70STORE CAPITAL CORP 4.500% 3/15/28 03/15/2018
03/15/2028
115,000.0000BAA3
BBB-
91.898 0.045
867229AD8 .00 99,421.30 99,421.30SUNCOR ENERGY INC 5.950% 12/01/34 12/01/2003
12/01/2034
95,000.0000BAA1
BBB
104.654 0.0595
871829BS5 .00 98,959.60 98,959.60SYSCO CORP 5.750% 1/17/29 11/17/2023
01/17/2029
95,000.0000BAA1
BBB
104.168 0.0575
88732JAN8 .00 108,273.90 108,273.90TIME WARNER CABL 7.300% 7/01/38 06/19/2008
07/01/2038
105,000.0000BA1
BBB-
103.118 0.073
89566EAD0 .00 109,612.25 109,612.25TRISTATE GENERAT 6.000% 6/15/40 06/08/2010
06/15/2040
115,000.0000A3
BBB
95.315 0.06
89832QAC3 .00 53,932.80 53,932.80TRUIST FINL CORP 5.125% 12/31/99 12/16/2019
12/31/2099
64,000.0000BAA2
BBB-
84.27 0.05125
95000U2S1 .00 100,752.30 100,752.30WELLS FARGO CO MTN 2.393% 6/02/28 06/02/2020
06/02/2028
110,000.0000A1
BBB+
91.593 0.02393
Central Contra Costa Sanitary District ▎23March 21, 2024 Regular Board Meeting Agenda Packet - Page 151 of 195
Page 35 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
4 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
962166BR4 .00 121,848.30 121,848.30WEYERHAEUSER CO 7.375% 3/15/32 09/15/2002
03/15/2032
105,000.0000BAA2
BBB
116.046 0.07375
064058AL4 .00 90,754.65 90,754.65
BON5070
BANK OF NY CORP 3.750% 3/20/70 11/18/2021
03/20/2070
105,000.0000BAA1
BBB
86.433 0.0375
$150,000.00 $5,742,977.20 $5,592,977.20 6.72%Total For Asset Type: CORPORATE BONDS AND NOTES
CORPORATE PAYDOWN SECURITIES
009090AA9 .00 105,344.98 105,344.98AIR CANADA 2015 1A 3.600% 3/15/27 03/25/2015
03/15/2027
112,050.0600N/A
A+
94.016 0.036
01166VAA7 .00 96,614.73 96,614.73ALASKA AIRLINES 4.800% 2/15/29 07/02/2020
02/15/2029
99,428.5600N/A
A+
97.17 0.048
11043XAA1 .00 81,779.65 81,779.65BRITISH AIR 19 1 AA 3.300% 6/15/34 07/25/2019
06/15/2034
92,029.9500A1
AA-
88.862 0.033
14687GAC9 .00 37,579.24 37,579.24CARVANA AUTO RECS TR 0.660% 6/12/28 09/09/2021
06/12/2028
40,276.1300N/A
AA+
93.304 0.0066
22822RBD1 .00 169,788.50 169,788.50CROWN CASTLE TOWERS 3.663% 5/15/45 05/15/2015
05/15/2045
175,000.0000A2
N/A
97.022 0.03663
233046AF8 .00 165,285.19 165,285.19DB MASTER 4.030% 11/20/47 10/23/2017
11/20/2047
174,362.5000N/A
BBB
94.794 0.0403
247361ZW1 .00 72,355.99 72,355.99DELTA AIR LINES 5.000% 12/10/29 03/12/2020
12/10/2029
82,049.2900A3
BBB+
88.186 0.05
26208QAG2 .00 99,570.39 99,570.39DRIVE AUTO 2.700% 5/17/27 01/22/2020
05/17/2027
100,363.2600AAA
AAA
99.21 0.027
30167LAG4 .00 13,457.09 13,457.09EXETER AUTOMOBILE 3.710% 3/17/25 04/24/2019
03/17/2025
13,470.5600AAA
AAA
99.90 0.0371
314353AA1 .00 143,001.22 143,001.22FEDEX 2020 1 CLASS 1.875% 2/20/34 08/13/2020
02/20/2034
172,114.3700AA3
AA-
83.085 0.01875
43284BAA0 .00 113,870.99 113,870.99HILTON GRAND 3.540% 2/25/32 09/19/2018
02/25/2032
117,035.6300N/A
AAA
97.296 0.0354
55317WAB7 .00 105,348.60 105,348.60MMAF EQUIP FIN LLC 5.790% 11/13/26 07/21/2023
11/13/2026
105,000.0000AAA
N/A
100.332 0.0579
55400EAA7 .00 71,494.43 71,494.43MVW 2020 1 LLC 1.740% 10/20/37 07/22/2020
10/20/2037
76,414.7800N/A
AAA
93.561 0.0174
78403DAT7 .00 125,000.40 125,000.40SBA TOWER TRUST 1.631% 5/15/51 05/14/2021
05/15/2051
140,000.0000A2
N/A
89.286 0.01631
78436TAB2 .00 266,828.50 266,828.50SBNA AUTO LEASE 6.270% 4/20/26 10/25/2023
04/20/2026
265,000.0000AAA
N/A
100.69 0.0627
909319AA3 .00 67,013.98 67,013.98UNITED AIRLINES 4.300% 2/15/27 08/15/2013
02/15/2027
69,156.4500N/A
A-
96.902 0.043
90932QAA4 .00 79,074.30 79,074.30UNITED AIR 2014 2 3.750% 3/03/28 08/11/2014
03/03/2028
83,000.2100N/A
A
95.27 0.0375
Central Contra Costa Sanitary District ▎24March 21, 2024 Regular Board Meeting Agenda Packet - Page 152 of 195
Page 36 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
5 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
11042AAA2 .00 31,831.45 31,831.45
BAP3924
BRITISH AIRWAYS PL 3.95694% 6/20/24 07/03/2013
06/20/2024
31,955.1200AA3
A+
99.613 0.039569
22534GAC7 .00 .00 .00
CA22329
CREDIT ACCEPTANCE 2.390% 4/16/29 02/20/2020
04/16/2029
.0100AAA
N/R
0.00 0.0239
17331KAB5 .00 144,163.70 144,163.70
CAR6126
CTZNS AUTO RECV TR 6.130% 7/15/26 06/29/2023
07/15/2026
143,881.6900AAA
AAA
100.196 0.0613
14161GBY5 .00 162,567.90 162,567.90
CIT0627
CARDS II TR 0.602% 4/15/27 05/12/2021
04/15/2027
165,000.0000AAA
N/A
98.526 0.00602
14043QAB8 .00 18,366.84 18,366.84
COP2725
CAPITAL ONE PRIME 2.710% 6/16/25 05/04/2022
06/16/2025
18,432.2700N/A
AAA
99.645 0.0271
30165JAD8 .00 1,822.97 1,822.97
EA00926
EXETER AUTOMOBILE 1.050% 5/15/26 11/17/2021
05/15/2026
1,825.3200AAA
AAA
99.871 0.0105
32113CBY5 .00 178,867.50 178,867.50
FN11029
FIRST NATIONAL 10.19367% 9/17/29 09/22/2023
09/17/2029
175,000.0000AAA
N/A
102.21 0.101937
32113CBV1 .00 190,611.80 190,611.80
FNM8229
FIRST NATL MSTR 8.24026% 4/16/29 04/26/2023
04/16/2029
190,000.0000AAA
N/A
100.322 0.082403
380881FB3 .00 227,937.50 227,937.50
GCC1628
GOLDEN CREDIT CARD 1.140% 8/15/28 09/01/2021
08/15/2028
250,000.0000AAA
N/A
91.175 0.0114
362590AC5 .00 7,441.36 7,441.36
GFC0425
GM FIN CONS ATMB 0.45003% 4/16/25 08/19/2020
04/16/2025
7,466.3700AAA
N/A
99.665 0.0045
361886CD4 .00 327,244.50 327,244.50
GM22926
GENERAL MOTORS 2.900% 4/15/26 05/22/2019
04/15/2026
330,000.0000AAA
AAA
99.165 0.029
44933FAF3 .00 141,440.25 141,440.25
HAR1626
HYUNDAI AUTO RECV 1.600% 12/15/26 07/22/2020
12/15/2026
145,000.0000N/A
AAA
97.545 0.016
63938PBU2 .00 116,109.75 116,109.75
NFD7228
NAVISTAR FINL DL 6.180% 8/25/28 09/20/2023
08/25/2028
115,000.0000AAA
N/A
100.965 0.0618
80286JAB1 .00 222,766.50 222,766.50
SR22832
SANTANDER REVOLVING 2.800% 1/26/32 11/26/2019
01/26/2032
230,000.0000AAA
AA
96.855 0.028
85208NAD2 .00 61,958.75 61,958.75
SS44725
SPRINT SPECTRUM 4.79064% 3/20/25 03/21/2018
03/20/2025
62,500.0000A1
N/A
99.134 0.047906
90945CAA0 .00 17,801.92 17,801.92
UAC1825
UTD AUTO CR SEC TR 5.570% 7/10/25 01/31/2023
07/10/2025
17,812.0700N/A
AAA
99.943 0.0557
98163CAG5 .00 110,469.00 110,469.00
WOA0726
WORLD OMNI AUTO 0.870% 10/15/26 08/19/2020
10/15/2026
115,000.0000N/A
AAA
96.06 0.0087
$0.00 $3,774,809.87 $3,774,809.87 4.42%Total For Asset Type: CORPORATE PAYDOWN SECURITIES
FOREIGN OBLIGATIONS
OTHER FOREIGN CORPORATE BONDS
064159VJ2 .00 85,963.50 85,963.50BANK OF NOVA SCOTIA 4.900% 9/04/68 06/04/2020
09/04/2068
90,000.0000BAA3
BBB-
95.515 0.049
Central Contra Costa Sanitary District ▎25March 21, 2024 Regular Board Meeting Agenda Packet - Page 153 of 195
Page 37 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
6 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
286181AK8 105,000.00 108,440.85 3,440.85ELEMENT FLEET 6.319% 12/04/28 12/04/2023
12/04/2028
105,000.0000N/A
BBB
103.277 0.06319
55608JBQ0 125,000.00 130,525.00 5,525.00MACQUARIE GROUP 6.255% 12/07/34 12/07/2023
12/07/2034
125,000.0000A2
BBB+
104.42 0.06255
$230,000.00 $324,929.35 $94,929.35 .38%Total For Asset Type: OTHER FOREIGN CORPORATE BONDS
MUNICIPAL OBLIGATIONS
MUNI BDS - SINKING FUNDS
6789084F8 .00 63,749.67 63,749.67OKLAHOMA DEV FIN 4.135% 12/01/33 09/07/2022
12/01/2033
65,239.7500N/A
AAA
97.716 0.04135
$0.00 $63,749.67 $63,749.67 .07%Total For Asset Type: MUNI BDS - SINKING FUNDS
MUNI BDS-FIXED NON TAXABLE
913366KV1 .00 134,321.60 134,321.60UNIV CA REGTS 4.132% 5/15/32 05/11/2022
05/15/2032
140,000.0000AA3
AA-
95.944 0.04132
$0.00 $134,321.60 $134,321.60 .16%Total For Asset Type: MUNI BDS-FIXED NON TAXABLE
MUNI BDS-FIXED TAXABLE
13032UD96 .00 122,316.75 122,316.75CALIFORNIA HEALTH 4.353% 6/01/41 04/07/2022
06/01/2041
135,000.0000AA3
AA-
90.605 0.04353
23503CAN7 .00 140,025.00 140,025.00DALLAS FT WORTH TX 4.507% 11/01/51 04/01/2022
11/01/2051
150,000.0000A1
A+
93.35 0.04507
$0.00 $262,341.75 $262,341.75 .31%Total For Asset Type: MUNI BDS-FIXED TAXABLE
MUTUAL FUNDS
CLOSED END MUTUAL FUND EQUITY
464287408 .00 4,462,191.29 4,462,191.29
IVE
ISHARES S P 500 VALUE ETF 25,661.0000
N/A
173.89 2.874
464287200 .00 7,837,430.67 7,837,430.67
IVV
ISHARES CORE S P 500 ETF 16,409.0000
N/A
477.63 6.899
464287309 .00 4,014,996.20 4,014,996.20
IVW
ISHARES S P 500 GROWTH ETF 53,462.0000
N/A
75.10 0.771
464287499 .00 4,472,661.93 4,472,661.93
IWR
ISHARES RUSSELL MID CAP ETF 57,541.0000
N/A
77.73 1.108
921943858 .00 3,902,987.80 3,902,987.80
VEA
VANGUARD FTSE DEVELOPED ETF 81,482.0000
N/A
47.90 1.511
922908553 .00 1,083,205.24 1,083,205.24
VNQ
VANGUARD REAL ESTATE ETF 12,259.0000
N/A
88.36 3.493
$0.00 $25,773,473.13 $25,773,473.13 30.15%Total For Asset Type: CLOSED END MUTUAL FUND EQUITY
MUTUAL FUNDS - EQUITY
256206103 .00 866,314.43 866,314.43
DODFX
DODGE COX INTERNATIONAL STOCK FD I 17,622.3440
N/A
49.16 1.125
Central Contra Costa Sanitary District ▎26March 21, 2024 Regular Board Meeting Agenda Packet - Page 154 of 195
Page 38 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
7 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
317609253 .00 3,019,002.19 3,019,002.19
FGROX
EMERALD GROWTH INSTITUTIONAL 123,023.7240
N/A
24.54 0.00
41665X859 .00 2,595,823.40 2,595,823.40
HHHFX
HARTFORD SCHRODERS EMERGING MARKETS 166,292.3380
N/A
15.61 0.237
552746356 .00 888,681.83 888,681.83
MGRDX
MFS INTERNATIONAL GROWTH R6 22,090.0280
N/A
40.23 0.618
904504479 .00 2,999,268.45 2,999,268.45
UBVFX
UNDISCOVERED MGRS BEHAVIORAL VALUE 37,528.3840
N/A
79.92 1.45
921913208 .00 6,185,250.07 6,185,250.07
VGIAX
VANGUARD GROWTH & INCOME ADM SHS#593 68,557.4160N/A
N/A
90.22 1.168
$0.00 $16,554,340.36 $16,554,340.36 19.37%Total For Asset Type: MUTUAL FUNDS - EQUITY
MUTUAL FUNDS-FIXED TAXABLE
256210105 .00 7,315,104.82 7,315,104.82
DODIX
DODGE COX INCOME 579,643.8050
N/A
12.62 0.487
74440B884 .00 7,221,864.45 7,221,864.45
PTRQX
PGIM TOTAL RETURN BOND CL R6 598,827.8980
N/A
12.06 0.566
$0.00 $14,536,969.27 $14,536,969.27 17.01%Total For Asset Type: MUTUAL FUNDS-FIXED TAXABLE
US TREAS & AGENCY OBLIGATIONS
GNMA/FNMA/FHLMC POOLS
3138WHST0 .00 81,390.07 81,390.07
AS7729A
F N M A #AS7729 3.000% 8/01/46 07/01/2016
08/01/2046
89,306.1700N/A
N/A
91.136 0.03
3138WMKF7 .00 54,893.61 54,893.61
AT0293A
F N M A #AT0293 3.000% 3/01/43 03/01/2013
03/01/2043
59,299.5700N/A
N/A
92.57 0.03
3140EVUL9 .00 74,020.21 74,020.21
BC1486A
F N M A #BC1486 3.000% 8/01/46 08/01/2016
08/01/2046
81,247.1400N/A
N/A
91.105 0.03
3140J9N72 .00 45,263.82 45,263.82
BM4913A
F N M A #BM4913 3.000% 5/01/46 11/01/2018
05/01/2046
49,244.7700N/A
N/A
91.916 0.03
3140QEBS0 .00 146,953.07 146,953.07
CA6348A
F N M A #CA6348 2.500% 7/01/50 06/01/2020
07/01/2050
171,387.8300N/A
N/A
85.743 0.025
3140QELU4 .00 177,014.94 177,014.94
CA6638A
F N M A #CA6638 2.500% 8/01/50 07/01/2020
08/01/2050
206,749.6800N/A
N/A
85.618 0.025
3140QERX2 .00 195,542.42 195,542.42
CA6801A
F N M A #CA6801 2.500% 8/01/50 08/01/2020
08/01/2050
228,083.0200N/A
N/A
85.733 0.025
3140QFA90 .00 184,338.75 184,338.75
CA7231A
F N M A #CA7231 2.500% 10/01/50 09/01/2020
10/01/2050
215,230.8300N/A
N/A
85.647 0.025
3140QLTC0 .00 146,519.49 146,519.49
CB1446A
F N M A #CB1446 2.000% 8/01/36 08/01/2021
08/01/2036
162,420.4500N/A
N/A
90.21 0.02
3140QPA80 .00 573,220.82 573,220.82
CB3630A
F N M A #CB3630 4.000% 5/01/52 04/01/2022
05/01/2052
605,992.9200N/A
N/A
94.592 0.04
Central Contra Costa Sanitary District ▎27March 21, 2024 Regular Board Meeting Agenda Packet - Page 155 of 195
Page 39 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
8 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
3140X63C3 .00 81,176.12 81,176.12
FM3494A
F N M A #FM3494 2.500% 4/01/48 06/01/2020
04/01/2048
93,252.2900N/A
N/A
87.05 0.025
3140XJT94 .00 380,796.41 380,796.41
FS3275A
F N M A #FS3275 3.000% 4/01/52 11/01/2022
04/01/2052
430,570.3400N/A
N/A
88.44 0.03
3140XJXY4 .00 321,773.77 321,773.77
FS3394A
F N M A #FS3394 4.000% 10/01/52 12/01/2022
10/01/2052
340,328.4800N/A
N/A
94.548 0.04
31335AQE1 .00 83,049.37 83,049.37
G60453F
F H L M C GD G60453 3.000% 1/01/46 02/01/2016
01/01/2046
90,726.6600N/A
N/A
91.538 0.03
31418CA87 .00 171,041.45 171,041.45
MA2730A
F N M A #MA2730 2.500% 7/01/46 07/01/2016
07/01/2046
196,877.7100N/A
N/A
86.877 0.025
31418CCR3 .00 20,441.85 20,441.85
MA2779A
F N M A #MA2779 2.000% 9/01/26 09/01/2016
09/01/2026
21,196.2200N/A
N/A
96.441 0.02
31418CGD0 .00 49,295.72 49,295.72
MA2895A
F N M A #MA2895 3.000% 2/01/47 01/01/2017
02/01/2047
54,403.0800N/A
N/A
90.612 0.03
31418CS47 .00 32,440.82 32,440.82
MA3238A
F N M A #MA3238 3.500% 1/01/48 12/01/2017
01/01/2048
34,760.7500N/A
N/A
93.326 0.035
31418CV27 .00 40,958.07 40,958.07
MA3332A
F N M A #MA3332 3.500% 4/01/48 03/01/2018
04/01/2048
43,887.1000N/A
N/A
93.326 0.035
31418DSM5 .00 134,327.44 134,327.44
MA4123A
F N M A #MA4123 2.000% 8/01/35 08/01/2020
08/01/2035
148,804.6400N/A
N/A
90.271 0.02
31418D7E6 .00 780,025.52 780,025.52
MA4492A
F N M A #MA4492 2.000% 11/01/51 11/01/2021
11/01/2051
953,052.1300N/A
N/A
81.845 0.02
31418ED80 .00 408,593.32 408,593.32
MA4626A
F N M A #MA4626 4.000% 5/01/52 05/01/2022
05/01/2052
431,953.3600N/A
N/A
94.592 0.04
31418ESB7 .00 211,887.21 211,887.21
MA5013A
F N M A #MA5013 4.500% 4/01/38 04/01/2023
04/01/2038
213,069.7500N/A
N/A
99.445 0.045
3132HPRZ9 .00 61,157.50 61,157.50
Q13204F
F H L M C GD Q13204 3.000% 11/01/42 11/01/2012
11/01/2042
65,911.7100N/A
N/A
92.787 0.03
3132QVJT9 .00 44,995.33 44,995.33
Q38373F
F H L M C GD Q38373 3.500% 1/01/46 01/01/2016
01/01/2046
48,146.5200N/A
N/A
93.455 0.035
3133KYUQ0 .00 222,166.20 222,166.20
RB5091F
F H L M C #RB5091 2.500% 11/01/40 11/01/2020
11/01/2040
249,540.8300N/A
N/A
89.03 0.025
3132CWM50 .00 59,338.25 59,338.25
SB0380F
F H L M C #SB0380 3.500% 2/01/34 06/01/2020
02/01/2034
60,441.3000N/A
N/A
98.175 0.035
3132DPJZ2 .00 697,285.92 697,285.92
SD2080F
F H L M C #SD2080 4.000% 12/01/52 12/01/2022
12/01/2052
737,260.1700N/A
N/A
94.578 0.04
3132DWD26 .00 513,802.31 513,802.31
SD8221F
F H L M C #SD8221 3.500% 5/01/52 05/01/2022
05/01/2052
560,179.5800N/A
N/A
91.721 0.035
3132DWD34 .00 426,875.51 426,875.51
SD8222F
F H L M C #SD8222 4.000% 5/01/52 05/01/2022
05/01/2052
451,299.8600N/A
N/A
94.588 0.04
Central Contra Costa Sanitary District ▎28March 21, 2024 Regular Board Meeting Agenda Packet - Page 156 of 195
Page 40 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
9 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
3132DWEB5 .00 361,351.08 361,351.08
SD8230F
F H L M C #SD8230 4.500% 5/01/52 05/01/2022
05/01/2052
372,657.5100N/A
N/A
96.966 0.045
3132DWEJ8 .00 189,739.14 189,739.14
SD8237F
F H L M C #SD8237 4.000% 7/01/52 07/01/2022
07/01/2052
200,599.6000N/A
N/A
94.586 0.04
3132DWER0 .00 948,787.86 948,787.86
SD8244F
F H L M C #SD8244 4.000% 9/01/52 08/01/2022
09/01/2052
1,003,127.2600N/A
N/A
94.583 0.04
3132DWE74 .00 322,130.00 322,130.00
SD8258F
F H L M C #SD8258 5.000% 9/01/52 09/01/2022
09/01/2052
325,610.7800N/A
N/A
98.931 0.05
3132DWF57 .00 747,685.60 747,685.60
SD8288F
F H L M C #SD8288 5.000% 12/01/52 12/01/2022
12/01/2052
755,482.1800N/A
N/A
98.968 0.05
3132DWGG2 .00 849,069.27 849,069.27
SD8299F
F H L M C #SD8299 5.000% 2/01/53 01/01/2023
02/01/2053
858,243.9000N/A
N/A
98.931 0.05
3132DWHT3 .00 384,958.76 384,958.76
SD8342F
F H L M C #SD8342 5.500% 6/01/53 06/01/2023
06/01/2053
383,409.7800N/A
N/A
100.404 0.055
$0.00 $10,224,306.99 $10,224,306.99 11.96%Total For Asset Type: GNMA/FNMA/FHLMC POOLS
US TREASURY BONDS & NOTES
912810TR9 .00 133,132.32 133,132.32U S TREASURY BD 3.625% 5/15/53 05/15/2023
05/15/2053
144,000.0000AAA
N/A
92.453 0.03625
912810TS7 .00 1,348,891.20 1,348,891.20U S TREASURY BD 3.875% 5/15/43 05/15/2023
05/15/2043
1,415,000.0000AAA
N/A
95.328 0.03875
912810TT5 .00 263,813.58 263,813.58U S TREASURY BD 4.000% 8/15/53 08/15/2023
08/15/2053
261,000.0000AAA
N/A
101.078 0.04
91282CHC8 .00 1,424,179.96 1,424,179.96U S TREASURY NT 3.375% 5/15/33 05/15/2023
05/15/2033
1,484,000.0000AAA
N/A
95.969 0.03375
91282CJJ1 .00 1,262,957.52 1,262,957.52U S TREASURY NT 4.750% 11/15/33 11/15/2023
11/15/2033
1,203,000.0000AAA
N/A
104.984 0.0475
91282CJK8 .00 51,804.78 51,804.78U S TREASURY NT 4.625% 11/15/26 11/15/2023
11/15/2026
51,000.0000AAA
N/A
101.578 0.04625
91282CJL6 .00 879,004.50 879,004.50U S TREASURY NT 4.875% 11/30/25 11/30/2023
11/30/2025
870,000.0000AAA
N/A
101.035 0.04875
91282CHT1 .00 749,062.50 749,062.50
UST3833
U S TREASURY NT 3.875% 8/15/33 08/15/2023
08/15/2033
750,000.0000AAA
N/A
99.875 0.03875
$0.00 $6,112,846.36 $6,112,846.36 7.15%Total For Asset Type: US TREASURY BONDS & NOTES
Central Contra Costa Sanitary District ▎29March 21, 2024 Regular Board Meeting Agenda Packet - Page 157 of 195
Page 41 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
10 of 10
01/23/2024 at 9:39:14 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, Ticker Symbol
$2,356,805.92 $85,481,871.47 $83,125,065.55 100.00%Total Account Value for:
* * * * * E n d O f R e p o r t * * * * *
Central Contra Costa Sanitary District ▎30March 21, 2024 Regular Board Meeting Agenda Packet - Page 158 of 195
Page 42 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
1 of 2
01/23/2024 at 9:44:25 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, CUSIP
6746055901 : PARS/CCCSD 115P - PENSION
CASH EQUIVALENTS
SHORT TERM FDS-TAXABLE (ACM)
31846V336 4,152.83 4,152.83 .00
FGXXX
FIRST AM GOVT OB FD CL X 4,152.8300 100.00 0.052514
$4,152.83 $4,152.83 $0.00 2.38%Total For Asset Type: SHORT TERM FDS-TAXABLE (ACM)
MUTUAL FUNDS
CLOSED END MUTUAL FUND EQUITY
464287200 .00 8,597.34 8,597.34
IVV
ISHARES CORE S P 500 ETF 18.0000
N/A
477.63 6.899
464287309 .00 5,257.00 5,257.00
IVW
ISHARES S P 500 GROWTH ETF 70.0000
N/A
75.10 0.771
464287408 .00 5,738.37 5,738.37
IVE
ISHARES S P 500 VALUE ETF 33.0000
N/A
173.89 2.874
464287499 .00 5,285.64 5,285.64
IWR
ISHARES RUSSELL MID CAP ETF 68.0000
N/A
77.73 1.108
921943858 .00 4,406.80 4,406.80
VEA
VANGUARD FTSE DEVELOPED ETF 92.0000
N/A
47.90 1.511
922908553 .00 1,237.04 1,237.04
VNQ
VANGUARD REAL ESTATE ETF 14.0000
N/A
88.36 3.493
$0.00 $30,522.19 $30,522.19 17.49%Total For Asset Type: CLOSED END MUTUAL FUND EQUITY
CLOSED END MUTUAL FUND FIXED
464287226 .00 38,310.50 38,310.50
AGG
ISHARES CORE U.S. AGGREGATE BOND ETF 386.0000
N/A
99.25 3.108
464288588 .00 6,961.92 6,961.92
MBB
ISHARES MBS ETF 74.0000
N/A
94.08 3.198
$0.00 $45,272.42 $45,272.42 25.94%Total For Asset Type: CLOSED END MUTUAL FUND FIXED
MUTUAL FUNDS - EQUITY
256206103 .00 1,769.07 1,769.07
DODFX
DODGE COX INTERNATIONAL STOCK FD I 35.9860
N/A
49.16 1.125
317609253 .00 3,530.03 3,530.03
FGROX
EMERALD GROWTH INSTITUTIONAL 143.8480
N/A
24.54 0.00
41665X859 .00 3,115.88 3,115.88
HHHFX
HARTFORD SCHRODERS EMERGING MARKETS 199.6080
N/A
15.61 0.237
552746356 .00 1,771.01 1,771.01
MGRDX
MFS INTERNATIONAL GROWTH R6 44.0220
N/A
40.23 0.618
904504479 .00 3,506.65 3,506.65
UBVFX
UNDISCOVERED MGRS BEHAVIORAL VALUE 43.8770
N/A
79.92 1.45
Central Contra Costa Sanitary District ▎31March 21, 2024 Regular Board Meeting Agenda Packet - Page 159 of 195
Page 43 of 44
and Name Ticker Fed Cost Market Value Gain / Loss
2 of 2
01/23/2024 at 9:44:25 pmPrint Date:
Page:
Asset Description and SEDOL
Issue Date
MarketInc/Unit Price Units
Account # CUSIP #
Maturity Date
Annual % Total Unrealized
12/31/2023Trade Dated As Of:
Holdings Report - Detail, With Totals
U.S. Bank Pivot
Moody
S&P
By Account, Asset Class, CUSIP
921913208 .00 7,406.70 7,406.70
VGIAX
VANGUARD GROWTH & INCOME ADM SHS#593 82.0960N/A
N/A
90.22 1.168
$0.00 $21,099.34 $21,099.34 12.09%Total For Asset Type: MUTUAL FUNDS - EQUITY
MUTUAL FUNDS-FIXED TAXABLE
256210105 .00 36,951.46 36,951.46
DODIX
DODGE COX INCOME 2,928.0080
N/A
12.62 0.487
74440B884 .00 36,502.10 36,502.10
PTRQX
PGIM TOTAL RETURN BOND CL R6 3,026.7080
N/A
12.06 0.566
$0.00 $73,453.56 $73,453.56 42.09%Total For Asset Type: MUTUAL FUNDS-FIXED TAXABLE
$4,152.83 $174,500.34 $170,347.51 100.00%Total Account Value for:
* * * * * E n d O f R e p o r t * * * * *
Central Contra Costa Sanitary District ▎32March 21, 2024 Regular Board Meeting Agenda Packet - Page 160 of 195
Page 44 of 44