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110ENTRAL SAN
REGULAR MEETING OF THE BOARD OF DIRECTORS:
MARIAHN LAURITZEN
CENTRAL CONTRA COSTA President
SANITARY DISTRICT MICHAEL R. MCGILL
President Pro Tent
FINANCE COMMITTEE BARBARA D. HOCKETT
TAD J PILECKI
FLORENCE T WEDINGTON
MINUTES
PHONE: (925) 228-9500
FAX.- (925) 372-0192
Tuesday, February 27, 2024 www.centralsan.org
2:30 p.m.
("nmmittP. P.
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
Call Meetina 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.
March 21, 2024 Regular Board Meeting Agenda Packet - Page 118 of 195
Page 3 of 44
Finance Committee Minutes
February 27, 2024
Page 2
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 LP -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
March 21, 2024 Regular Board Meeting Agenda Packet - Page 119 of 195
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Finance Committee Minutes
February 27, 2024
Page 3
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
March 21, 2024 Regular Board Meeting Agenda Packet - Page 120 of 195
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Finance Committee Minutes
February 27, 2024
Page 4
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.
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
March 21, 2024 Regular Board Meeting Agenda Packet - Page 121 of 195
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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
VGLT-
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 8 of 44
Item 3.a. (Handout)
From: Katie Youno
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
nf . f
CFNYST4LCONTRACOSTA SAWAAf Dis-Ric 1
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?
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
March 21, 2024 Regular Board Meeting Agenda Packet - Page 124 of 195
Page 9 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 10 of 44
Item 3.a. (Handout KM Response)
From: Katie Youna
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 <tailecki2(@centralsan.org>; Roger Bailey <rbailey(@centralsan.org>; Philip Leiber
<pleiber6Dcentralsan.org>; Greg Norby <gnorby(@centralsan.org>
Cc: Katie Young <KYoung(@centralsan.org>; Danea Gemmell <dgemmelIpcentralsan.org>; Shari
Deutsch <SDeutsch(@centralsan.org>; Teji O'Malley <tomalley(@centralsan.org>; Stephanie King
<SKing(@centralsan.org>; Barbara Hockett <bhocl<ett(@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.
J- Xevin -'Vlizuno, 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?
March 21, 2024 Regular Board Meeting Agenda Packet - Page 126 of 195
Page 11 of 44
This was a single invoice for a litigated matter which risk management staff can
discuss in closed session.
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 12 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
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. LASTINDRESULTS. • 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 syiyflaLALflIN1WRegular Board Meeting Agenda Packet - Page 130 of 195
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 sV9?S'!ciiN 4sRegular Board Meeting Agenda Packet - Page 131 of 195
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
Retirees
Total
PUBLIC PARS
AGENCY
RETIREMENT
SERVICES
271 273
278 275
549 548
reusrEo s9lrYALil" 4sRegular Board Meeting Agenda Packet - Page 132 of 195
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 S"ff&L!fl1N sRegular Board Meeting Agenda Packet -Page 133 of 195 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:
IRC Section 115 Irrevocable Exclusive Benefit Trust
Discretionary
July 20, 2017
Finance Manager
Moderately Conservative Plus (Active) Strategy; Individual Account
PUBu` PARS
AGENCY
RETIREMEM
SERVICES
TRUSTED sV9?S'!ciiN 4sRegular Board Meeting Agenda Packet - Page 134 of 195
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
JHIGHMARK@
CAPITAL a n A� E M E N T
CENTRAL CONTRA COSTA SANITARY DISTRICT 7
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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.
March 21, 2024 Regular Board Meeting Agenda Packet - Page 136 of 195 CENTRAL CONTRA COSTA SANITARY DISTRICT 1 8
pfm) asset
management
Monetary Policy:
= 0--*0
QUARTERLY MARKET SUMMARY
Factors to Consider Over the Next 6-12 Months
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
04
• 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.
March 21, 2024 Regular Board Meeting Agenda Packet - Page 137 of 195 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
JHIGHMARK@
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
HIGHMARK®
CAPITAL MANAGEMENT
Weighted Average Maturity
CCCSD BC Aggregate Bond
OPEB Index
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-
PARS: Central Contra Costa Sanitary District
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
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
60%
50%
40%
30%
20%
10%
0%
0-1 Yr.
■ CCCSD OPEB 6.62%
BC Aggregate Bond Index 0.00%
Effective Maturity
1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+ Yrs.
10.86% 8.97% 3.59% 49.65% 20.32%
21.81 % 18.28% 13.20% 23.29% 23.42%
PARS: Central Contra Costa Sanitary District
E70g,e __ _r , 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 1 17
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% 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.
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
--
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
•
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
EQUITY
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
_1__1 __ . - _r A-1 CENTRAL CONTRA COSTA SANITARY DISTRICT 119
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
_1__1 . . � _r A- CENTRAL CONTRA COSTA SANITARY DISTRICT 120
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 -
March 21, 2024 Regular Board Meeting Agenda Packet - Page 149 of 195 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 -
March 21, 2024 Regular Board Meeting Agenda Packet - Page 150 of 195
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+
March 21, 2024 Regular Board Meeting Agenda Packet - Page 151 of 195
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
March 21, 2024 Regular Board Meeting Agenda Packet - Page 152 of 195
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
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
FOREIGN OBLIGATIONS
OTHER FOREIGN CORPORATE BONDS
064159VJ2 BANK OF NOVA SCOTIA 4.900% 9/04/68 06/04/2020 BAA3 0.049 95.515 90,000.0000 .00 85,963.50 85,963.50
09/04/2068 BBB -
March 21, 2024 Regular Board Meeting Agenda Packet - Page 153 of 195 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
NA
March 21, 2024 Regular Board Meeting Agenda Packet - Page 154 of 195 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
March 21, 2024 Regular Board Meeting Agenda Packet - Page 155 of 195 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
March 21, 2024 Regular Board Meeting Agenda Packet - Page 156 of 195
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
March 21, 2024 Regular Board Meeting Agenda Packet - Page 157 of 195
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
March 21, 2024 Regular Board Meeting Agenda Packet - Page 158 of 195
CENTRAL CONTRA COSTA SANITARY DISTRICT 1 3 0
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, CUSIP
Account # CUSIP #
and Name Ticker Asset Description and SEDOL
6746055901 : PARS/CCCSD 115P - PENSION
CASH EQUIVALENTS
SHORT TERM FDS-TAXABLE (ACM)
31846V336 FIRST AM GOVT OB FD CL X
FGXXX
Page: 1 of 2
Print Date: 01/23/2024 at 9:44:25 pra
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
0.052514 100.00 4,152.8300 4,152.83 4,152.83 .00
Total For Asset Type: SHORT TERM FDS-TAXABLE (ACM) $4,152.83 $4,152.83 2.38% $0.00
MUTUAL FUNDS
CLOSED END MUTUAL
FUND EQUITY
464287200
ISHARES CORE S P 500 ETF
6.899
477.63
18.0000
.00
8,597.34
8,597.34
IV V
N/A
464287309
ISHARES S P 500 GROWTH ETF
0.771
75.10
70.0000
.00
5,257.00
5,257.00
IV W
N/A
464287408
ISHARES S P 500 VALUE ETF
2.874
173.89
33.0000
.00
5,738.37
5,738.37
IVE
N/A
464287499
ISHARES RUSSELL MID CAP ETF
1.108
77.73
68.0000
.00
5,285.64
5,285.64
IWR
N/A
921943858
VANGUARD FTSE DEVELOPED ETF
1.511
47.90
92.0000
.00
4,406.80
4,406.80
VEA
N/A
922908553
VANGUARD REAL ESTATE ETF
3.493
88.36
14.0000
.00
1,237.04
1,237.04
VNQ
N/A
Total For Asset
Type: CLOSED END
MUTUAL FUND EQUITY
$0.00
$30,522.19 17.49%
$30,522.19
CLOSED END MUTUAL
FUND FIXED
464287226
ISHARES CORE U.S. AGGREGATE BOND ETF
3.108
99.25
386.0000
.00
38,310.50
38,310.50
AGG
N/A
464288588
ISHARES MBS ETF
3.198
94.08
74.0000
.00
6,961.92
6,961.92
MBB
N/A
Total For Asset Type: CLOSED END
MUTUAL FUND FIXED
$0.00
$45,272.42 25.94%
$45,272.42
MUTUAL FUNDS
-EQUITY
256206103
DODGE COX INTERNATIONAL STOCK FD I
1.125
49.16
35.9860
.00
1,769.07
1,769.07
DODFX
N/A
317609253
EMERALD GROWTH INSTITUTIONAL
0.00
24.54
143.8480
.00
3,530.03
3,530.03
FGROX
N/A
41665X859
HARTFORD SCHRODERS EMERGING MARKETS
0.237
15.61
199.6080
.00
3,115.88
3,115.88
HHHFX
N/A
552746356
MFS INTERNATIONAL GROWTH R6
0.618
40.23
44.0220
.00
1,771.01
1,771.01
MGRDX
N/A
904504479
UNDISCOVERED MGRS BEHAVIORAL VALUE
1.45
79.92
43.8770
.00
3,506.65
3,506.65
UBVFX
N/A
March 21, 2024 Regular Board Meeting Agenda Packet - Page 159 of 195 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 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
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 *****
March 21, 2024 Regular Board Meeting Agenda Packet - Page 160 of 195 CENTRAL CONTRA COSTA SANITARY DISTRICT 32