HomeMy WebLinkAboutStaff Report 8877
City of Palo Alto (ID # 8877)
City Council Staff Report
Report Type: Informational Report Meeting Date: 2/12/2018
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Second Quarter,
Fiscal Year 2018
From: City Manager
Lead Department: Administrative Services
Review of Investment Policy for Possible Alignment with Soci al, Environment, and
Community Values
City staff is evaluating possible recommendations to the City Council for changes to the
Investment Policy and other financial practices to encourage investments that support sound
environmental, social, and governance (ESG) investing. This includes, encouraging investments
in entities that support community well-being through safe and environmentally sound
practices and fair labor practices and equality of rights. Also, administratively, staff doesn’t
invest in entities that manufacture tobacco products, firearms, or nuclear weapons and
production and/or drilling of fossil fuels. Staff will be looking at making a recommendation to
formalize this practice in the Investment Policy.
There have been community suggestions in this area that staff will also be evaluating. Included
among them is divesting the City’s $11 million investment in Tennessee Valley Authority (TVA)
bonds. TVA is a U.S. federally owned corporation created by congressional charter in 1933 to
provide navigation, flood control, electricity generation, fertilizer manufacturing, and economic
development to a region of the county that was greatly affected by the Great Depression. The
concern cited as to why the City should divest in TVA bonds is their use o f fossil fuels. During
the evaluation period, staff will suspend further TVA bond purchase but will retain the current
$11 million investment. These investments consist of 10 security purchases with staggered
maturities from April 2018 to November 2025. They are highly rated (implied triple A and AA+)
because they have the implied backing of the U.S. government so are very safe investments.
Since, due to a rising interest rate environment, selling these securities prior to maturity would
result in realizing significant principal loss while holding them to maturity would not, staff is
planning to, consistent with the Investment Policy, holding them to their date of maturity
pending further discussion with Council. Suspension of new TVA bond purchase won’t
materially impact the portfolio’s safety, diversification, and/or yield.
City of Palo Alto Page 2
To further diversify the portfolio and consistent with the community’s value, staff has begun
investing in municipal “green” or clean renewable energy bonds within the Investment Policy’s
guidelines. The first purchase, made in January 2018, was $1.7 million of Santa Cruz County
Capital Financing Authority’s taxable lease revenue bonds. This was a highly rated (AA+) and a
small bond issuance ($7.9 million) so staff was fortunate in being able find and purchases these
bonds. The bond proceeds were used for the installation of photovoltaic energy system at eight
County facilities which includes their main administrative and courts buildings. Staff will make
every effort to find and purchase additional “green” bonds. Finding highly rated (AA or better)
municipal “green” bonds will be challenging; though the number of such bond issuance has
grown it still represents a very small percentage of all municipal bond issuances. Additionally,
most “green” municipal bonds are self-labeled by the bond issuer versus being independently
certified so additional due diligence is required to insure the bonds truly support
environmentally friendly activities. The following chart and table reflects U.S. municipal bond
issuance trends; going from one municipal “green” bond issuance in 2013 to 50 in 2017 while,
in 2017, 14 California “green” bonds were issued but only four were independently certified as
such with the rest being self-labeled as “green” by the bond issuer.
Staff is also reviewing the City’s banking relationships for possible better alignment with the
City’s objectives. US Bank, the City’s primary bank, trustee and/or paying agent on City’s bond
issuances, and its wholly owned subsidiary (Elavon) processes credit card (acceptance)
payments, has been identified as investing in companies that are involved in oil-pipeline
projects, such as the Dakota Access pipeline, for example . Staff, also will be reviewing the City’s
relationship with Wells Fargo for lock box services (processing utility payments made via check),
JP Morgan Chase for credit card services used to pay for City’s purchase of goods and services,
and Union Bank for (investment) custodial services. Staff will provide information to Council
with the results of the review.
City of Palo Alto Page 3
Background
The purpose of this report is to inform Council of the City’s investment portfolio status as of the
end of the second quarter; ending December 31, 2017. The City’s investment policy requires
that staff report quarterly to Council on the City’s portfolio composition compared to Council -
adopted policy, portfolio performance, and other key investment and cash flow information.
Discussion
The City’s investment portfolio is detailed in Attachment B. It is grouped by investment type
and includes the investment issuer, date of maturity, current market value, the book and face
(par) value, and the weighted average maturity of each type of investment and of the entire
portfolio.
The par value of the City’s portfolio is $513.4 million; in comparison, last quarter it was $491.9
million. The growth in the portfolio of $21.5 million since the last quarter primarily results from
timing of cash flows. Contributing factors include not having to pay the bi -weekly pensions to
Public Employers’ Retirement System (PERS) because the annual employer contribution of
$22.1 million was partially paid in July 2017, property tax receipts, and receiving $4.2 million
from carbon allowance sales. By prepaying PERS instead of making payments with each payroll
period, the City expects savings of $0.8 million in PERS payments; however, the savings will be
offset by the loss of approximately $0.2 million in interest income. This results in net citywide
savings of $0.6 million. The saving is a consequence of PERS’ ability to earn interest earlier and
at a higher rate than the City could realize. Property taxes are primarily paid around
December/January and April/May.
The portfolio consists of $42.3 million in liquid accounts and $471.1 m illion in U. S. government
treasury investments, agency securities, bonds of State of California local government agencies,
bonds of some of the fifty United States, medium-term corporate notes, and certificates of
deposit. The $471.1 million includes $149.2 million in investments maturing in less than two
years, comprising 31.7 percent of the City’s investment in notes and securities. The investment
policy requires that at least $50 million be maintained in securities maturing in less than two
years.
The current market value of the portfolio is 99.09 percent of the book value. The market value
of securities fluctuates, depending on how interest rates perform. When interest rates
decrease, the market value of the securities in the City’s portfolio will likely increase; likewise,
when interest rates increase, the market value of the securities will likely decrease.
Understanding and showing market values is not only a reporting requirement, but essential to
knowing the principal risks in actively buying and selling securities. It is important to note,
however, that the City’s practice is to buy and hold investments until they mature so changes in
market price do not affect the City’s investment principal. The market valuation is provided by
Union Bank of California, which is the City’s safekeeping agent. The average life to maturity of
the investment portfolio is 3.68 years compared to 3.87 years last quarter.
City of Palo Alto Page 4
Investments Made During the Second Quarter
During the second quarter, $18.1 million of government agency securities with an average yield
of 2.5% percent matured. During the same period, government securities totaling $19.3 million
with an average yield of 2.4% percent were purchased. The expectation is interest rates and
City’s portfolio’s average yield will gradually rise. The City’s short-term money market and pool
account increased by $20.3 million compared to the first quarter. Investment staff continually
monitors the City’s short term cash flow needs and adjusts liquid funds to meet them.
Availability of Funds for the Next Six Months
Normally, the flow of revenues from the City’s utility billings and General Fund sources is
sufficient to provide funds for ongoing expenditures in those respective funds. Projections
indicate receipts will be $245.1 million and expenditures will be $239.1 million over the next six
months, indicating an overall growth in the portfolio of $6.0 million.
As of December 31, 2017, the City had $42.3 million deposited in the Local Agency Investment
Fund (LAIF) and a money market account that could be withdrawn on a daily basis. In addition,
investments totaling $47.5 million will mature between January 1, 2018 and June 30, 2018. On
the basis of the above projections, staff is confident that the City will have more t han sufficient
funds or liquidity to meet expenditure requirements for the next six months.
Compliance with City Investment Policy
During the second quarter, staff complied with all aspects of the investment policy. Attachment
C lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the second quarter was $2.5 million. As of December
31, 2017, the yield to maturity of the City’s portfolio was 1.99 percent. The rising interest rate
is expected to gradually increase the portfolio’s yields. The City’s portfolio yield of 1.99
percent compares to LAIF’s average yield for the quarter of 1.16 percent and an average yield
on the two-year and five-year Treasury bonds during the second quarter of approximately 1.53
percent and 2.07 percent, respectively.
Yield Trends
In December 2017, the Federal Open Market Committee (FOMC) increased, for a third time in
(calendar) 2017, the federal funds and discount rates to 1.50 and 2.0 percent, respectively.
Though inflation remains below the FOMC’s long -term goal of 2 percent, FOMC continue to
view risks to inflation due to strengthening consumer spending, improving labor market and
strengthening economic growth. They acknowledged hurricanes “disruptions and rebuilding”
has a short-term impact but won’t materially change the national economic outlook. Business
spending continues to pick up. The FOMC expects future rate increase to be gradual and
dependent on the economic outlook. Though the continued expectation is rates will rise,
City of Palo Alto Page 5
factors that could keep a lid on rate increases include: low inflation, weak wage growth, and
domestic and global economic weakness.
Funds Held by the City or Managed Under Contract
Attachment A is a consolidated report of all City investment funds, including those not held
directly in the investment portfolio. These include cash in the City’s regular bank account with
US Bank and Wells Fargo. (A description of the City’s banking relationships can be found in City
Council Staff Report ID # 7858.) The bond proceeds, reserves, and debt service payments being
held by the City’s fiscal agents are subject to the requirements of the underlying debt
indenture. The trustees for the bond funds are U.S. Bank and California Asset Management
Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market
mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in CAMP are
invested in banker’s acceptance notes, certificates of deposit, commercial paper, federal
agency securities, and repurchase agreements. The most recent data on funds held by the fiscal
agent is as of December 31, 2017.
Fiscal Impact
This is an information report and has no fiscal impact.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
Attachment A: Consolidated Report of Cash Management
Attachment B: Investment Portfolio
Attachment C: Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)518,376,240$ 513,716,258$
Other Funds Held by the City
Cash with Wells Fargo Bank 3,706,245 3,706,245
(includes general and imprest accounts)
Cash with US Bank 4,830,426 4,830,426
(includes general and imprest accounts)
Petty/Working Cash 12,578 12,578
Total - Other Funds Held By City 8,549,249 8,549,249
Funds Under Management of Third Party Trustees *
US Bank Trust Services **
2002 Downtown Parking Impvt. (Taxable) Certificates of Participation
Reserve Fund 237,603 237,603
2009 Water Revenue Bonds (Build America Bonds)
Project, Debt Service, Reserve, Cost of Issuance Funds 2,600,075 2,600,075
2010 General Obligation Bonds
Debt Service 30 30
2011 Utility Revenue Refunding Bonds
Debt Service, Reserve, and Cost of Issuance Funds 1,481,303 1,481,303
2012 University Ave. Parking Refunding Bonds
Cost of Issuance Fund 96 96
2013 General Obligation Bonds
Debt Service 12 12
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,571,490 2,571,490
2013 General Obligation (Library) Bond
Project Fund 615,112 615,112
Total Under Trustee Management 7,505,721 7,505,721
GRAND TOTAL 534,431,210$ 529,771,228$
* These funds are subject to the requirements of the underlying debt indenture.
** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities.
*** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit,
commercial paper, federal agency securities, and repurchase agreements.
Second Quarter, Fiscal Year 2017-18
(Unaudited)
(Debt Service Proceeds)
Attachment A
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
City of Palo Alto City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
December 31, 2017
Fund ALL - Portfolio Listings
Investments by Fund
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIPInvestment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Managed Pool Accounts
Fidelity Investments158 3,845,626.13SYS158 11.12007/01/2015 3,845,626.13 1.104 1.1203,845,626.13
Local Agency Investment Fund159 38,438,657.67SYS159 11.28007/01/2015 38,365,375.48 1.262 1.28038,438,657.67
Subtotal and Average 42,284,283.80 42,284,283.80 42,211,001.61 1.248 1.265 1
Negotiable CD's
Comenity Capital Bank1183 NCD 245,000.0020033ABE5 05/03/2018 1221.00005/03/2013 244,965.70 0.986 1.000245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 1,7332.45009/30/2015 244,965.70 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 1,7322.05009/29/2017 240,580.20 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 2,0532.40002/16/2016 242,797.45 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 1,1841.45009/30/2016 238,811.30 1.429 1.449245,000.00
American Eagle Bank1371 NCD 245,000.0002554BCE9 05/28/2019 5121.85008/26/2014 245,102.90 1.825 1.850245,000.00
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 1,3112.05004/04/2017 243,427.10 2.023 2.051245,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 2,3412.30005/30/2017 240,009.35 2.270 2.301245,000.00
American Express Centurion Bk1178 NCD 245,000.0002587DMV7 05/02/2018 1211.10005/02/2013 244,965.70 1.084 1.100245,000.00
American Express Centurion Bk1333 NCD 245,000.0002587CAC4 07/10/2019 5551.95007/10/2014 245,102.90 1.923 1.950245,000.00
Barclays Bank / Delaware1187 NCD 245,000.0006740AZB8 04/30/2018 1190.70005/07/2013 245,668.85 0.690 0.699245,000.00
Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 1,2041.90004/19/2017 242,572.05 1.875 1.901245,000.00
Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 1,3801.50010/12/2016 238,318.85 1.480 1.500245,000.00
Bank of Grove1821 NCD 245,000.0006246PBP9 12/29/2021 1,4582.00006/29/2017 242,464.25 1.974 2.001245,000.00
Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 7281.85012/29/2014 245,369.95 1.824 1.850245,000.00
Belmont Savings Bank1280 NCD 245,000.00080515AT6 11/13/2018 3161.55005/13/2014 245,242.55 1.528 1.550245,000.00
Bar Harbor Bank & Trust1377 NCD 245,000.00066851SG2 08/27/2019 6031.75008/27/2014 244,323.80 1.726 1.750245,000.00
Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 1,7332.50009/30/2015 245,252.35 2.467 2.501245,000.00
Texas Exchange Bank1796 NCD 245,000.0088241TBM1 05/20/2022 1,6002.25005/22/2017 243,848.50 2.220 2.251245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 1,0032.20009/30/2014 245,374.85 2.171 2.201245,000.00
Bank of Holland Michigan1302 NCD 245,000.00062649ZV3 05/21/2019 5051.70005/21/2014 245,492.45 1.677 1.701245,000.00
Frontier Bank Madison NE1498 NCD 245,000.0035907XCL9 11/22/2021 1,4212.00011/20/2015 242,623.50 1.974 2.001245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1,7192.25009/16/2015 242,888.10 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 1,7331.70009/30/2016 236,731.25 1.676 1.700245,000.00
BMO Harris Bank1783 NCD 245,000.0005581WNY7 10/28/2022 1,7612.25004/28/2017 242,552.45 2.220 2.251245,000.00
BMW Bank of North America1807 NCD 245,000.0005580AJK1 06/16/2020 8971.85006/16/2017 243,574.10 1.824 1.850245,000.00
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 2
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable CD's
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 1,3511.50009/12/2016 238,287.00 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 1,5632.00004/13/2017 241,601.85 1.973 2.001245,000.00
BankWest, Inc.1380 NCD 150,000.0006652CEY3 09/16/2019 6231.90009/15/2014 149,914.50 1.873 1.900150,000.00
Bofi Federal Bank1381 NCD 50,000.0009710LAF2 08/30/2022 1,7022.25008/25/2014 49,374.50 2.493 2.52749,418.52
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 1,6802.35008/25/2014 99,280.00 2.592 2.62898,843.37
Bofi Federal Bank1402 NCD 100,000.0009710LAF2 08/30/2022 1,7022.25010/21/2014 98,749.00 2.462 2.49698,962.20
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 1,0102.25010/07/2015 245,678.65 2.219 2.250245,000.00
Bridgewater Bank Bloom MN1393 NCD 245,000.00108622EA5 09/24/2019 6311.85009/24/2014 244,622.70 1.825 1.850245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 1,1361.55002/10/2016 240,244.55 1.530 1.551245,000.00
Worlds Foremost Bank1387 NCD 200,000.00981571AT9 09/04/2019 6112.10009/04/2014 200,248.00 2.072 2.101200,000.00
Campbell County Bank1307 NCD 245,000.00134204BZ8 05/30/2019 5141.65005/30/2014 245,512.05 1.628 1.650245,000.00
Cathay Bank1194 NCD 245,000.00149159HS7 04/30/2018 1191.00005/14/2013 244,750.10 0.987 1.000244,999.84
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 1,5712.05004/21/2017 242,035.50 2.023 2.051245,000.00
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 1,2001.50004/15/2016 239,494.85 1.479 1.500245,000.00
Celtic Bank1362 NCD 245,000.0015118RJW8 08/20/2019 5961.90008/20/2014 245,303.80 1.875 1.901245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 1,5071.70002/16/2016 239,183.70 1.678 1.701245,000.00
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 1,4911.90007/31/2017 241,256.40 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 1,8232.35012/29/2017 243,125.75 2.317 2.350245,000.00
Charter Bank Eau Claire1811 NCD 245,000.0016116PHU8 06/13/2022 1,6242.10006/13/2017 242,121.25 2.071 2.100245,000.00
CIBM Bank1809 NCD 245,000.0012545JAM7 06/16/2022 1,6272.10006/16/2017 242,094.30 2.072 2.101245,000.00
CIT Bank1175 NCD 245,000.0017284CCN2 04/24/2018 1131.20004/24/2013 244,818.70 1.183 1.200245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 1,3311.40008/24/2016 238,225.75 1.380 1.400245,000.00
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 1,8731.75002/19/2016 240,662.50 1.727 1.751250,000.00
Cumberland Federal Bank FSB1813 NCD 245,000.0023062KBH4 07/07/2022 1,6482.10007/07/2017 241,905.65 2.072 2.101245,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 1,7512.10010/18/2017 240,967.30 2.071 2.100245,000.00
Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 7592.05001/30/2014 245,107.80 2.021 2.050245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 1,5962.00005/15/2017 241,312.75 1.972 2.000245,000.00
Community State Bank1536 NCD 245,000.0020404YBQ7 02/24/2022 1,5151.95002/24/2016 241,540.60 1.924 1.951245,000.00
Country Bank of New York1799 NCD 245,000.0022230PBN9 05/26/2022 1,6062.10005/26/2017 242,263.35 2.072 2.101245,000.00
Capital One Bank USA NA1384 NCD 250,000.00140420NR7 09/04/2019 6111.80009/04/2014 250,265.00 1.775 1.800250,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 9542.30008/12/2015 246,119.65 2.268 2.300245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 1,2611.55006/16/2016 239,901.55 1.529 1.550245,000.00
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable CD's
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 1,1431.60002/17/2016 240,575.30 1.579 1.601245,000.00
Commerce Bank - Geneva1816 NCD 245,000.0020056QQK2 06/21/2021 1,2672.00006/21/2017 243,155.15 1.973 2.001245,000.00
Commercial Bank1369 NCD 245,000.0020143PDB3 05/20/2019 5041.85008/19/2014 245,122.50 1.824 1.850245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 1,6032.00005/22/2017 241,249.05 1.972 2.000245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 1,7152.25009/11/2015 242,919.95 2.224 2.255245,000.00
Cornerstone Bank1757 NCD 245,000.00219232CN3 03/10/2022 1,5292.10003/10/2017 242,875.85 2.072 2.101245,000.00
Discover Bank / Delaware1176 NCD 245,000.00254671NJ5 05/01/2018 1201.15005/01/2013 244,968.15 1.134 1.150245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 1,5272.05003/08/2017 242,407.90 2.021 2.050245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 9661.90008/24/2015 243,576.55 1.876 1.902245,000.00
TBK Bank SSB1812 NCD 245,000.0087219RBK9 06/23/2022 1,6342.10006/23/2017 242,015.90 2.072 2.101245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 9412.00007/30/2015 244,301.75 1.972 2.000245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 1,1422.20008/15/2014 250,027.50 2.169 2.200250,000.00
First Bank of Highland1330 NCD 245,000.00319141BV8 07/03/2019 5481.85007/03/2014 244,573.70 1.824 1.850245,000.00
First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 7792.00002/19/2014 244,806.45 1.972 2.000245,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 1,5572.10004/07/2017 242,650.45 2.072 2.101245,000.00
First Choice Bank / NJ1297 NCD 245,000.00319464AR4 05/28/2019 5121.70005/28/2014 245,514.50 1.677 1.701245,000.00
State Bank of Fenton (MI)1283 NCD 245,000.00856188AU1 02/15/2019 4101.65005/15/2014 244,664.35 1.630 1.653245,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 1,9981.80006/22/2016 236,743.50 1.776 1.800245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 1,5352.10010/19/2015 242,824.40 2.120 2.150244,517.85
Flushing Bank1413 NCD 245,000.0034387ABA6 12/10/2018 3431.80012/10/2014 244,914.25 1.776 1.801245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 1,6552.05007/14/2017 241,300.50 2.023 2.051245,000.00
First General Bank1222 NCD 245,000.00320337AR9 07/03/2018 1831.30007/03/2013 244,779.50 1.282 1.300245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 1,3832.45010/17/2014 248,895.50 2.416 2.449245,000.00
First Oklahoma Bank1838 NCD 245,000.00335857BF4 07/26/2022 1,6672.10007/26/2017 241,739.05 2.072 2.101245,000.00
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 1,4782.05001/18/2017 242,797.45 2.021 2.050245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 1,6752.35009/09/2014 239,347.20 2.665 2.703236,516.46
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 2,1112.25010/13/2017 240,570.40 2.220 2.251245,000.00
First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 1,1521.55002/26/2016 240,156.35 1.530 1.551245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 1,3682.00010/01/2015 242,807.25 1.972 1.999245,000.00
First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 1,3552.20009/17/2015 244,610.45 2.171 2.201245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 1,1622.50003/07/2014 247,241.75 2.465 2.500245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 1,4912.00004/04/2017 101,826.83 1.975 2.003103,000.00
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable CD's
First Merchants Bank1351 NCD 245,000.0032082BDH9 08/06/2019 5821.90008/06/2014 245,372.40 1.873 1.900245,000.00
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 1,5361.70003/17/2016 243,767.50 1.677 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 1,1521.55002/29/2016 243,054.70 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 1,3412.40009/03/2015 247,214.80 2.367 2.400245,000.00
First Savings Bank Northwest1335 NCD 245,000.0033621JAB4 07/18/2019 5631.80007/18/2014 244,669.25 1.776 1.801245,000.00
First National Bank of Elkhart1801 NCD 245,000.00321130AB2 05/31/2022 1,6112.10005/31/2017 242,202.10 2.072 2.101245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 1,7522.10004/19/2017 240,947.70 2.072 2.101245,000.00
First State Bank1366 NCD 245,000.0033648RAT6 08/20/2019 5961.85008/20/2014 245,343.00 1.825 1.851245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 1,5792.00006/30/2017 241,462.20 1.973 2.000245,000.00
First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 1,5632.35009/25/2015 248,084.32 2.321 2.353247,983.79
First State Community Bank1819 NCD 245,000.0033708UCF4 06/30/2022 1,6412.10006/30/2017 241,966.90 2.071 2.100245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 1,7392.10010/06/2017 241,065.30 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 1,5572.00004/07/2017 241,655.75 1.973 2.001245,000.00
Fox Chase Bank1305 NCD 245,000.0035137QAV6 06/06/2019 5211.70006/06/2014 245,499.80 1.677 1.700245,000.00
Gold Coast Bank1375 NCD 245,000.0038058KDA1 08/05/2019 5811.80009/04/2014 245,222.95 1.775 1.800245,000.00
GE Capital Bank1184 NCD 245,000.0036161TJR7 05/03/2018 1221.00005/03/2013 244,625.15 0.986 1.000245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 1,1762.65003/21/2014 248,383.45 2.613 2.650245,000.00
Goldman Sachs Bank USA1177 NCD 245,000.0038147JEC2 05/01/2018 1201.15005/01/2013 244,759.90 1.134 1.150245,000.00
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 1,6662.00010/25/2017 240,668.40 1.972 2.000245,000.00
Grant County Bank1864 NCD 175,000.0038762PCB6 10/18/2023 2,1162.20010/18/2017 171,372.25 2.170 2.201175,000.00
Happy State Bank1683 NCD 245,000.00411394AN9 09/16/2021 1,3541.50009/16/2016 238,326.20 1.500 1.520245,000.00
HSBC Bank1564 NCD 245,000.0040434AR84 10/07/2021 1,3752.00004/07/2016 242,621.05245,000.00
Dubuque Bank & Trust1372 NCD 245,000.00263849BD2 08/21/2019 5971.90008/21/2014 245,298.90 1.873 1.900245,000.00
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 1,7262.20003/24/2017 242,280.50 2.172 2.202245,000.00
International Bank1841 NCD 245,000.0045906ABP1 07/29/2022 1,6702.10007/31/2017 241,692.50 2.072 2.101245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 1,5622.15004/12/2017 243,108.60 2.121 2.151245,000.00
Interaudi Bank1808 NCD 245,000.0045842PAK7 06/10/2024 2,3522.50006/09/2017 242,900.35 2.465 2.500245,000.00
Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 9541.60002/12/2016 241,758.65 1.578 1.600245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 9672.00008/25/2015 246,102.50 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 1,3062.30007/31/2015 246,822.80 2.269 2.301245,000.00
Iowa State Bank1343 NCD 250,000.0046256YAB5 07/23/2019 5681.80007/23/2014 250,375.00 1.775 1.800250,000.00
JP Morgan Chase BAnk NA1200 NCD 245,000.0048124JD39 12/05/2018 3381.25006/05/2013 243,978.35 1.232 1.250245,000.00
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable CD's
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 2,3422.50005/31/2017 242,895.45 2.465 2.500245,000.00
Key Bank1785 NCD 245,000.0049306SYB6 05/18/2020 8681.75005/17/2017 243,128.20 1.726 1.750245,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 2,0861.80009/16/2016 234,979.50 1.775 1.800245,000.00
LCA Bank Corporation1306 NCD 245,000.00501798FJ6 05/30/2019 5141.65005/30/2014 245,512.05 1.627 1.650245,000.00
Leader Bank1364 NCD 245,000.0052168UCN0 08/22/2019 5982.00008/22/2014 245,117.60 1.973 2.001245,000.00
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 1,5021.70002/12/2016 245,592.90 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 1,3261.40008/19/2016 238,321.30 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 1,3452.25009/05/2014 245,051.45 2.219 2.250245,000.00
Machias Savings Bank1358 NCD 245,000.00554479DN2 08/28/2019 6041.80008/28/2014 245,362.60 1.776 1.801245,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 1,6392.05006/28/2017 241,445.05 2.023 2.051245,000.00
Mascoma Savings Bank1319 NCD 248,000.0057461PAG1 01/15/2019 3791.80006/20/2014 248,543.12 1.627 1.650248,371.47
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 1,4732.10001/13/2017 243,299.70 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 1,5922.10005/12/2017 242,373.60 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 1,6062.05005/26/2017 241,734.15 2.023 2.051245,000.00
Medallion Bank - Salt Lake1238 NCD 245,000.0058403BJ31 01/10/2019 3741.85001/10/2014 245,514.50 1.825 1.850245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 9621.90008/20/2015 243,593.70 1.876 1.902245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 1,5081.80002/17/2016 244,968.15 1.776 1.801245,000.00
Mid-Country Bank1810 NCD 245,000.0059565QCG8 06/14/2022 1,6252.05006/14/2017 241,587.15 2.023 2.051245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 1,6212.05006/12/2017 241,601.85 2.023 2.051245,000.00
Mifflinburg Bank & Trust Co.1321 NCD 132,000.00598580AB4 04/30/2019 4841.65006/20/2014 132,281.16 1.627 1.649132,000.00
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 1,0241.75010/21/2015 245,656.60 1.727 1.751245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 2,3132.35005/22/2017 240,881.55 2.317 2.349245,000.00
Mutual One Bank1407 NCD 250,000.0062847HAA7 11/21/2019 6891.85011/21/2014 250,492.50 1.825 1.850250,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 9761.90009/03/2015 246,146.60 1.873 1.900245,000.00
NBT Bank1322 NCD 156,000.00628779FJ4 06/06/2019 5211.80006/20/2014 156,294.84 1.775 1.799156,000.00
NBT Bank1373 NCD 94,000.00628779FN5 08/20/2019 5962.10008/20/2014 94,114.68 2.071 2.10094,000.00
Customers Bank1388 NCD 250,000.0023204HCA4 09/10/2019 6172.10009/10/2014 250,247.50 2.071 2.100250,000.00
NCB Savings Bank1344 NCD 245,000.00628825JL6 07/25/2019 5701.80007/25/2014 244,644.75 1.775 1.800245,000.00
National Bank Commerce1607 NCD 245,000.00633368DY8 05/11/2023 1,9561.80005/11/2016 239,732.50 1.776 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1,6982.25008/26/2015 247,944.90 2.220 2.251245,000.00
Lake Sunapee Bank FSB1309 NCD 245,000.00510868AG7 06/05/2019 5201.75006/05/2014 245,499.80 1.727 1.750245,000.00
Northern Bank & Trust MA1814 NCD 245,000.0066476QBX5 06/29/2022 1,6402.10006/29/2017 241,957.10 2.072 2.101245,000.00
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable CD's
Connectone Bank1355 NCD 245,000.0020786AAT2 08/13/2019 5891.85008/13/2014 245,357.70 1.824 1.850245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 8712.00005/21/2014 246,024.10 1.972 2.000245,000.00
Northfield Bank1365 NCD 245,000.0066612AAA6 08/12/2019 5881.85008/13/2014 245,279.30 1.824 1.850245,000.00
Northstar Bank1326 NCD 245,000.0066704MEG2 07/18/2019 5631.75007/18/2014 245,418.95 1.727 1.751245,000.00
National Bank of NY City1312 NCD 245,000.00634116CB1 06/18/2019 5331.65006/18/2014 245,441.00 1.627 1.650245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 1,1351.55002/09/2016 244,296.85 1.530 1.551245,000.00
Williamette Valley Bank1524 NCD 245,000.00969294BY2 02/06/2023 1,8622.10002/04/2016 245,323.40 2.072 2.101245,000.00
Orrstown Bank1465 NCD 245,000.00687377DR9 08/20/2020 9622.00008/20/2015 244,228.25 1.974 2.002245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 1,7322.05009/29/2017 240,580.20 2.022 2.051245,000.00
Peoples United Bank1378 NCD 245,000.0071270QGB6 08/27/2019 6031.95008/27/2014 245,281.75 1.923 1.950245,000.00
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 1,6062.10005/26/2017 242,246.20 2.072 2.101245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 1,8992.10007/19/2017 239,835.40 2.072 2.101245,000.00
Peapack-Gladstone Bank1275 NCD 245,000.00704692AK8 04/17/2019 4711.80004/17/2014 245,541.45 1.776 1.801245,000.00
Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 1,3272.50008/20/2014 238,536.90 2.467 2.501245,000.00
Prime Alliance Bank1331 NCD 245,000.0074160NED8 07/11/2019 5561.70007/11/2014 245,396.90 1.677 1.701245,000.00
Park National Bank1395 NCD 250,000.00700654AV8 03/26/2019 4492.10009/26/2014 249,902.50 2.070 2.099250,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 1,5162.10002/26/2015 248,452.05 2.072 2.101245,000.00
Peoples State Bank, WI1304 NCD 245,000.00712515GY5 05/23/2019 5071.70005/23/2014 245,485.10 1.676 1.700245,000.00
Private Bank & Trust Co.1293 NCD 245,000.0074267GUN5 11/21/2018 3241.65005/21/2014 245,242.55 1.627 1.650245,000.00
Ohio Valley Bank1338 NCD 250,000.00677721CE0 07/23/2019 5681.80007/23/2014 250,417.50 1.776 1.801250,000.00
RCB Bank1869 NCD 245,000.0074934YAG6 10/27/2022 1,7602.20010/27/2017 242,001.20 2.171 2.201245,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 1,2681.45006/22/2016 239,852.55 1.430 1.450245,000.00
Sallie Mae Bank1350 NCD 245,000.00795450SC0 07/30/2019 5752.05007/30/2014 245,389.55 2.021 2.050245,000.00
State Bank Definace1233 NCD 245,000.00855736CX0 07/19/2018 1991.65007/19/2013 245,343.00 1.628 1.650245,000.00
State Bank of India1390 NCD 245,000.00856284Z98 09/11/2019 6182.15009/11/2014 245,281.75 2.120 2.150245,000.00
State Bank of Texas1230 NCD 245,000.00856528CG7 07/17/2018 1971.60007/17/2013 245,039.20 1.578 1.600245,000.00
Security National Bank1499 NCD 245,000.00814414AC2 11/19/2021 1,4182.00011/19/2015 242,635.75 1.974 2.001245,000.00
Security State Bank1774 NCD 245,000.0081489TAS5 04/07/2022 1,5572.10004/07/2017 242,655.35 2.072 2.101245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 1,9881.80006/10/2016 236,814.55 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 1,3871.50010/19/2016 237,828.85 1.480 1.500245,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 1,7532.10010/20/2017 240,930.55 2.072 2.101245,000.00
Bell State Bank & Trust1223 NCD 245,000.0007815AAG2 06/28/2018 1781.30006/28/2013 244,777.05 1.282 1.300245,000.00
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable CD's
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 1,5692.00004/19/2017 241,550.40 1.973 2.001245,000.00
Sterns Bank NA1221 NCD 245,000.00857894NG0 06/28/2018 1781.30006/28/2013 244,789.30 1.282 1.300245,000.00
Stockman Bank1557 NCD 245,000.0086128QBX5 03/30/2023 1,9142.00003/30/2016 241,888.50 1.973 2.000245,000.00
Third Federal Savings and Loan1242 NCD 245,000.0088413QAF5 10/22/2018 2941.75001/22/2014 245,416.50 1.726 1.750245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 1,1972.40004/11/2014 248,437.35 2.367 2.400245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 1,9852.15006/09/2017 239,967.70 2.121 2.151245,000.00
Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 2,2332.65002/10/2017 245,338.10245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 1,6392.00006/28/2017 240,937.90 1.972 2.000245,000.00
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 1,4802.25006/15/2017 249,665.00 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 1,5202.05003/01/2017 242,464.25 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 2,1851.70006/24/2016 236,069.75 1.676 1.700245,000.00
United Bankers' Bank1379 NCD 245,000.00909557EA4 04/29/2019 4831.80008/29/2014 245,007.35 1.776 1.800245,000.00
United Community Bank1694 NCD 245,000.0090983WBD2 03/28/2022 1,5471.60009/29/2016 238,463.40 1.577 1.599245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 1,1521.60002/26/2016 244,331.15 1.579 1.601245,000.00
Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 7281.85012/29/2014 245,369.95 1.824 1.850245,000.00
Washington Trst Westerly1345 NCD 245,000.00940637GJ4 07/31/2019 5761.90007/31/2014 245,387.10 1.873 1.900245,000.00
Webster Bank NA1252 NCD 245,000.0094768NJM7 02/12/2019 4071.90002/12/2014 245,350.35 1.873 1.900245,000.00
Northwest Bank1308 NCD 245,000.0066736AAK5 05/29/2019 5131.65005/29/2014 245,514.50 1.628 1.650245,000.00
Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 8152.10009/26/2014 245,240.10 2.071 2.100245,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 1,5142.05002/23/2017 242,513.25 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 1,2761.60006/30/2016 239,823.15 1.578 1.600245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1,6702.35008/12/2015 247,555.35 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 1,5912.05008/11/2017 241,864.00 2.021 2.050245,000.00
Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 7081.90012/08/2014 249,530.00 1.873 1.899250,000.00
Subtotal and Average 50,309,613.50 50,316,000.00 49,963,386.10 1.867 1.893 1,159
Medium Term Notes
Apple, Inc.1342 MTN 2,000,000.00037833AQ3 05/06/2019 4902.10007/15/2014 2,004,600.00 1.982 2.0102,002,291.91
Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 7671.55008/13/2015 741,772.50 1.980 2.008743,128.55
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 8562.00011/05/2015 1,493,310.00 1.854 1.8791,504,034.73
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 1,1492.25002/23/2016 699,181.00 2.140 2.169701,637.63
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 1,2343.62507/11/2016 104,684.00 1.271 1.288107,636.89
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Medium Term Notes
Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 1,2343.62507/11/2016 990,310.64 1.271 1.2881,018,244.96
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 1,2343.62507/12/2016 1,570,260.00 1.238 1.2551,616,271.24
Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 1,2343.62501/11/2017 911,797.64 2.012 2.040915,463.51
Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 7031.87511/24/2014 1,992,700.00 1.874 1.9001,999,080.29
Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 7031.87512/08/2014 1,494,525.00 1.824 1.8501,500,682.99
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 1,1551.65006/07/2016 978,430.00 1.530 1.5511,002,930.28
Microsoft Corporation1448 MTN 2,000,000.00594918AY0 02/12/2020 7721.85002/12/2015 1,992,260.00 1.785 1.8102,001,588.72
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 1,0372.00011/05/2015 1,992,220.00 1.913 1.9402,003,183.09
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 1,0372.00001/07/2016 896,499.00 1.887 1.913902,098.16
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 1,4972.40012/11/2017 100,036.00 2.292 2.324100,293.03
Stanford University1336 MTN 300,000.00854403AC6 05/01/2019 4854.75007/10/2014 310,464.00 1.966 1.993310,462.42
Stanford University1347 MTN 150,000.00854403AC6 05/01/2019 4854.75007/24/2014 155,232.00 1.896 1.922155,376.73
Stanford University1349 MTN 225,000.00854403AC6 05/01/2019 4854.75007/25/2014 232,848.00 1.895 1.921233,069.79
Stanford University1419 MTN 105,000.00854403AC6 05/01/2019 4854.75012/11/2014 108,662.40 1.893 1.920108,781.59
Subtotal and Average 18,926,256.51 18,647,000.00 18,769,792.18 1.792 1.817 891
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1028 3,000,000.0031315PPC7 02/21/2019 4161.79002/21/2012 3,002,430.00 1.765 1.7903,000,000.00
Federal Agricultural Mortgage1031 2,000,000.0031315PQC6 09/06/2018 2481.55003/06/2012 1,999,700.00 1.528 1.5502,000,000.00
Federal Agricultural Mortgage1052 1,500,000.0031315PTW9 04/10/2019 4641.87004/10/2012 1,502,070.00 1.844 1.8701,500,000.00
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 1,4282.00011/29/2012 1,481,415.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 1,6462.20012/13/2012 1,496,160.00 1.930 1.9571,514,925.28
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 1,7852.00012/19/2012 740,482.50 2.081 2.110746,374.80
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 7251.48012/27/2012 1,488,510.00 1.395 1.4151,501,836.88
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 1,8212.18001/04/2013 1,489,410.00 2.165 2.1961,498,927.05
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 7284.50001/04/2013 777,888.00 1.514 1.535781,393.25
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 1,2473.84001/04/2013 529,170.00 1.946 1.973529,250.59
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 1,8212.18001/08/2013 1,489,410.00 2.195 2.2251,496,952.45
Federal Agricultural Mortgage1142 1,200,000.0031315PTW9 04/10/2019 4641.87001/09/2013 1,201,656.00 1.400 1.4201,206,563.84
Federal Agricultural Mortgage1143 451,000.0031315PPC7 02/21/2019 4161.79001/09/2013 451,365.31 1.372 1.392452,952.64
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 1,8212.18001/23/2013 1,489,410.00 2.111 2.1411,502,608.07
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 1,8212.18001/28/2013 2,576,679.30 2.199 2.2292,589,215.03
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1152 2,000,000.0031315PPF0 01/30/2019 3941.32002/11/2013 1,991,800.00 1.220 1.2372,001,723.26
Federal Agricultural Mortgage1155 1,500,000.0031315PPF0 01/30/2019 3941.32002/21/2013 1,493,850.00 1.262 1.2801,500,619.78
Federal Agricultural Mortgage1160 1,500,000.0031315PQM4 03/06/2018 640.94003/07/2013 1,499,280.00 0.925 0.9371,500,005.28
Federal Agricultural Mortgage1163 1,500,000.0031315PQM4 03/06/2018 640.94003/08/2013 1,499,280.00 0.987 1.0011,499,838.40
Federal Agricultural Mortgage1179 1,500,000.0031315PXM6 05/02/2018 1210.85005/02/2013 1,497,525.00 0.864 0.8771,499,867.10
Federal Agricultural Mortgage1186 1,450,000.0031315PXH7 01/09/2019 3732.10005/01/2013 1,456,104.50 1.055 1.0701,464,770.40
Federal Agricultural Mortgage1199 1,500,000.0031315PZZ5 03/09/2018 670.77005/15/2013 1,498,095.00 0.961 0.9751,499,433.53
Federal Agricultural Mortgage1209 1,500,000.0031315PZZ5 03/09/2018 670.77005/30/2013 1,498,095.00 1.151 1.1671,498,909.09
Federal Agricultural Mortgage1224 1,500,000.0031315PC98 06/12/2018 1621.18006/21/2013 1,497,915.00 1.549 1.5701,497,486.30
Federal Agricultural Mortgage1225 1,500,000.0031315PC98 06/12/2018 1621.18006/21/2013 1,497,915.00 1.575 1.5971,497,316.67
Federal Agricultural Mortgage1226 1,500,000.0031315PC98 06/12/2018 1621.18006/25/2013 1,497,915.00 1.783 1.8081,495,987.75
Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 7951.41001/15/2014 1,484,250.00 2.462 2.4961,467,231.31
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 9822.80001/15/2014 1,531,005.00 2.635 2.6721,504,688.37
Federal Agricultural Mortgage1256 1,500,000.0031315PXH7 01/09/2019 3732.10003/05/2014 1,506,315.00 1.702 1.7261,505,472.52
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 1,1634.16003/06/2014 319,128.00 2.574 2.609313,472.28
Federal Agricultural Mortgage1258 1,500,000.0031315P6P9 03/05/2024 2,2553.40003/07/2014 1,581,270.00 3.325 3.3721,502,178.88
Federal Agricultural Mortgage1259 1,500,000.0031315P6P9 03/05/2024 2,2553.40003/10/2014 1,581,270.00 3.424 3.4711,494,432.27
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 1,1802.50003/26/2014 1,519,185.00 2.495 2.5301,498,647.77
Federal Agricultural Mortgage1265 1,800,000.0031315PJ67 02/28/2019 4231.70003/28/2014 1,799,604.00 1.784 1.8091,797,830.89
Federal Agricultural Mortgage1271 1,000,000.0031315P4B2 01/30/2024 2,2203.46004/09/2014 1,057,530.00 3.297 3.3431,005,970.00
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 1,6462.20004/23/2014 1,246,800.00 2.889 2.9301,213,629.62
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 8231.47510/15/2014 495,120.00 1.857 1.882495,647.05
Federal Agricultural Mortgage1406 1,500,000.0031315PA58 11/20/2019 6881.31011/07/2014 1,484,790.00 1.854 1.8801,484,680.37
Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 6881.84011/20/2014 1,999,460.00 1.814 1.8402,000,000.00
Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 6881.84011/20/2014 1,499,595.00 1.848 1.8731,499,094.67
Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 7211.85012/23/2014 1,499,235.00 1.851 1.8761,499,246.47
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 1,2202.51001/09/2015 683,383.50 2.110 2.140682,766.36
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 2,2773.33001/09/2015 424,276.76 2.540 2.575420,818.60
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 1,9882.61001/22/2015 1,621,900.64 2.269 2.3011,628,411.56
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 1,9882.61002/09/2015 1,466,182.00 2.377 2.4101,464,212.52
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 1,5202.15003/05/2015 998,120.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1552 Call 1,500,000.003132X0EU1 01/27/2026 2,9482.93002/26/2016 1,458,915.00 2.831 2.8701,506,176.57
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1554 Call 1,500,000.003132X0EU1 01/27/2026 2,9482.93003/02/2016 1,458,915.00 2.878 2.9181,501,222.72
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 1,8492.13004/06/2016 989,970.00 1.839 1.8641,012,539.83
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 2,7724.35004/08/2016 534,335.46 2.296 2.328539,053.89
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 2,3123.30004/21/2016 1,566,270.00 2.084 2.1121,603,215.36
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 2,3123.30004/26/2016 1,566,270.00 2.159 2.1891,596,234.18
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 1,8212.18005/26/2016 496,470.00 1.844 1.870507,226.42
Federal Agricultural Mortgage1655 1,500,000.0031315PQT9 03/06/2020 7951.41007/01/2016 1,484,250.00 0.992 1.0051,512,943.61
Federal Agricultural Mortgage1663 510,000.0031315PQT9 03/06/2020 7951.41007/21/2016 504,645.00 1.135 1.150512,812.27
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1,6562.38007/25/2016 2,009,800.00 1.499 1.5202,074,343.20
Federal Agricultural Mortgage1681 1,750,000.003132X0BG5 06/15/2020 8961.75008/24/2016 1,740,532.50 1.136 1.1521,775,064.56
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 1,1201.55010/03/2016 1,477,230.00 1.256 1.2741,512,302.63
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 2,9554.81010/18/2016 1,745,640.00 2.131 2.1601,789,763.59
Federal Agricultural Mortgage1736 Call 1,000,000.003130H0BL6 01/01/2027 3,2873.20001/19/2017 995,750.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 1,5142.10002/23/2017 996,280.00 2.034 2.0631,001,446.41
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 1,5142.10003/02/2017 1,494,420.00 2.085 2.1141,499,125.29
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 1,5562.07504/06/2017 1,491,450.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 1,1481.90004/12/2017 994,710.00 1.781 1.8051,002,836.45
Federal Agricultural Mortgage1784 Call 1,500,000.003132X0QC8 02/23/2027 3,3403.25004/27/2017 1,500,090.00 3.200 3.2451,500,520.89
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 1,4632.10005/04/2017 997,390.00 1.938 1.9651,005,135.89
Federal Agricultural Mortgage1789 Call 1,000,000.003130H0BN2 05/01/2027 3,4073.20005/11/2017 988,710.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1792 Call 1,500,000.003132X0QC8 02/23/2027 3,3403.25005/09/2017 1,500,090.00 3.201 3.2451,500,000.00
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 1,6462.20006/14/2017 997,440.00 1.908 1.9341,011,343.92
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 1,6401.88006/29/2017 1,475,895.00 1.903 1.9301,496,790.97
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 1,6401.88006/29/2017 983,930.00 1.923 1.949997,016.59
Federal Agricultural Mortgage1850 Call 1,500,000.003130H0BR3 09/01/2027 3,5303.05009/28/2017 1,476,015.00 3.008 3.0501,500,000.00
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 2,4262.25010/06/2017 983,990.00 2.332 2.365992,969.82
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 1,8062.26012/12/2017 1,496,835.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage839 1,500,000.0031315PEY1 12/30/2019 7284.50012/30/2009 1,576,800.00 4.438 4.5001,500,000.00
Federal Agricultural Mortgage942 1,500,000.0031315PTU3 03/09/2021 1,1634.16003/09/2011 1,595,640.00 4.103 4.1601,500,000.00
Federal Farm Credit Bank1092 1,500,000.003133EAUF3 06/14/2019 5291.50006/14/2012 1,491,765.00 1.479 1.5001,500,000.00
Federal Farm Credit Bank1205 575,000.0031331JQM8 06/04/2018 1543.40005/23/2013 579,266.50 1.045 1.060580,554.14
Federal Farm Credit Bank1206 950,000.0031331YW63 06/12/2018 1624.90005/23/2013 964,050.50 1.045 1.060965,844.11
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 1,0022.87509/29/2010 1,021,830.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank918 2,000,000.0031331J5F6 12/16/2020 1,0803.62512/16/2010 2,087,120.00 3.575 3.6252,000,000.00
Federal Farm Credit Bank .1181 Call 1,500,000.003133EA4J4 10/11/2018 2831.15004/30/2013 1,493,295.00 1.137 1.1531,499,957.16
Federal Farm Credit Bank .1189 Call 1,500,000.003133ECMF8 04/24/2018 1130.98005/06/2013 1,497,360.00 0.986 1.0001,499,905.20
Federal Farm Credit Bank .1227 1,500,000.003133ECTM6 07/02/2018 1821.90007/02/2013 1,501,965.00 1.873 1.9001,500,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 1,9822.45001/09/2014 502,735.00 3.383 3.430477,413.89
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 2,0322.12501/27/2016 617,731.25 2.024 2.052627,340.03
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 1,5335.16003/17/2016 558,905.00 1.876 1.902564,402.81
Federal Farm Credit Bank .1565 Call 1,000,000.003133EFT98 03/28/2025 2,6432.62003/28/2016 986,780.00 2.596 2.632999,195.37
Federal Farm Credit Bank .1582 Call 1,500,000.003133EF3D7 04/21/2025 2,6672.54004/21/2016 1,465,455.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1584 Call 1,500,000.003133EF3D7 04/21/2025 2,6672.54004/21/2016 1,465,455.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1585 Call 1,500,000.003133EF4A2 04/19/2022 1,5691.92004/19/2016 1,474,545.00 1.893 1.9201,500,000.00
Federal Farm Credit Bank .1591 Call 1,500,000.003133EF2D8 04/13/2026 3,0242.64004/19/2016 1,471,935.00 2.603 2.6391,500,000.00
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 1,4221.61004/21/2016 244,947.50 1.558 1.580250,276.99
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 1,5931.87504/21/2016 985,070.00 1.578 1.6001,011,397.36
Federal Farm Credit Bank .1598 Call 1,000,000.003133EFX44 10/05/2022 1,7382.05004/22/2016 981,940.00 2.021 2.0491,000,000.00
Federal Farm Credit Bank .1603 Call 1,930,000.003133EFYV3 02/17/2026 2,9692.82004/26/2016 1,903,037.90 2.722 2.7601,938,156.50
Federal Farm Credit Bank .1606 Call 1,605,000.003133EFYF8 02/10/2025 2,5972.73004/28/2016 1,589,640.15 2.621 2.6571,612,273.97
Federal Farm Credit Bank .1609 Call 1,000,000.003133EF6T9 05/12/2025 2,6882.47005/12/2016 981,670.00 2.436 2.4701,000,000.00
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 2,5382.12505/13/2016 977,480.00 1.930 1.9561,010,704.35
Federal Farm Credit Bank .1623 Call 1,500,000.003133EGEB7 06/09/2026 3,0812.57006/09/2016 1,464,120.00 2.534 2.5701,500,000.00
Federal Farm Credit Bank .1630 Call 1,000,000.003133EF2D8 04/13/2026 3,0242.64006/13/2016 981,290.00 2.522 2.5571,005,980.85
Federal Farm Credit Bank .1634 Call 1,000,000.003133EF2D8 04/13/2026 3,0242.64006/16/2016 981,290.00 2.489 2.5241,008,430.87
Federal Farm Credit Bank .1638 Call 2,000,000.003133EGGR0 06/22/2026 3,0942.50006/22/2016 1,948,100.00 2.582 2.6182,000,000.00
Federal Farm Credit Bank .1641 Call 1,500,000.003133EGHN8 06/30/2025 2,7372.42006/30/2016 1,458,330.00 2.386 2.4201,500,000.00
Federal Farm Credit Bank .1647 Call 1,500,000.003133EGJH9 01/06/2025 2,5622.24007/06/2016 1,462,125.00 2.209 2.2401,500,000.00
Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 9171.00007/06/2016 1,462,380.00 0.986 1.0001,500,000.00
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 1,5335.16007/08/2016 558,905.00 1.215 1.232579,473.17
Federal Farm Credit Bank .1664 Call 1,500,000.003133EGFB6 06/16/2025 2,7232.36007/25/2016 1,457,835.00 2.309 2.3411,501,887.30
Federal Farm Credit Bank .1675 Call 1,500,000.003133EGQA6 11/08/2023 2,1371.85008/09/2016 1,425,810.00 1.859 1.8851,497,153.25
Federal Farm Credit Bank .1679 Call 1,350,000.003133EGQH1 08/10/2026 3,1432.14008/18/2016 1,277,451.00 2.110 2.1391,350,000.00
Federal Farm Credit Bank .1701 Call 1,625,000.003133EGXB6 10/05/2026 3,1992.14010/06/2016 1,531,042.50 2.154 2.1841,619,303.70
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 12
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Farm Credit Bank .1705 Call 1,000,000.003133EGYL3 10/17/2025 2,8462.09010/17/2016 950,790.00 2.061 2.0901,000,000.00
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 1,4505.05004/12/2017 554,180.00 1.884 1.910559,363.63
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 2,2752.30005/04/2017 895,563.00 2.274 2.306899,666.25
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 2,4712.91006/21/2017 514,095.00 2.143 2.172522,936.06
Federal Farm Credit Bank .1826 Call 1,000,000.003133EHGK3 04/24/2025 2,6702.85006/22/2017 995,410.00 2.798 2.8361,000,000.00
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 1,7712.93009/14/2017 457,820.45 1.870 1.896466,141.30
Federal Farm Credit Bank .1845 Call 506,000.003133EFYK7 02/08/2023 1,8642.29009/14/2017 501,066.50 2.260 2.291505,952.19
Federal Farm Credit Bank .1846 Call 1,500,000.003133EHZL0 09/20/2027 3,5492.92009/20/2017 1,487,790.00 2.880 2.9201,500,000.00
Federal Farm Credit Bank .1848 Call 1,000,000.003133EGCR4 06/01/2023 1,9772.07009/18/2017 977,190.00 2.135 2.165995,165.37
Federal Farm Credit Bank .1849 Call 1,000,000.003133EHTZ6 08/09/2027 3,5072.95009/18/2017 988,320.00 2.909 2.9491,000,000.00
Federal Farm Credit Bank .1859 Call 1,000,000.003133EHD59 04/10/2026 3,0212.90010/10/2017 994,660.00 2.860 2.9001,000,000.00
Federal Farm Credit Bank .1870 Call 1,000,000.003133EHG31 04/19/2027 3,3953.00010/19/2017 992,980.00 2.958 3.0001,000,000.00
Federal Farm Credit Bank .1871 Call 1,000,000.003133EHG72 10/18/2027 3,5773.08010/18/2017 989,080.00 3.037 3.0801,000,000.00
Federal Farm Credit Bank .1874 Call 1,500,000.003133EHJ20 10/23/2024 2,4872.68010/23/2017 1,489,320.00 2.643 2.6801,500,000.00
Federal Farm Credit Bank .1875 Call 675,000.003133EHZL0 09/20/2027 3,5492.92010/18/2017 669,505.50 2.958 3.000670,480.00
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 1,4081.70012/29/2017 589,092.00 2.161 2.191589,155.63
Federal Home Loan Bank1012 2,000,000.00313376BR5 12/14/2018 3471.75012/16/2011 1,997,820.00 1.725 1.7492,000,000.00
Federal Home Loan Bank1039 1,500,000.003133782M2 03/08/2019 4311.50003/08/2012 1,493,835.00 1.574 1.5961,498,386.04
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 1,5162.33003/20/2012 1,509,165.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1049 1,500,000.00313378VG3 05/22/2019 5061.85004/09/2012 1,499,895.00 1.824 1.8501,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 1,0522.00005/18/2012 1,996,300.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 7111.25011/30/2012 1,478,805.00 1.196 1.2121,501,040.65
Federal Home Loan Bank1126 Call 750,000.00313381DA0 12/05/2022 1,7992.19012/05/2012 737,340.00 2.165 2.195749,815.21
Federal Home Loan Bank1127 1,500,000.00313381GB5 11/30/2018 3331.00011/30/2012 1,489,110.00 0.986 1.0001,500,000.00
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 7111.25012/13/2012 1,478,805.00 1.232 1.2491,500,000.00
Federal Home Loan Bank1135 1,500,000.00313376BR5 12/14/2018 3471.75012/19/2012 1,498,365.00 1.075 1.0901,509,107.01
Federal Home Loan Bank1140 1,500,000.00313376BR5 12/14/2018 3471.75001/08/2013 1,498,365.00 1.117 1.1321,508,507.56
Federal Home Loan Bank1146 Call 212,500.00313381DA0 12/05/2022 1,7992.19001/25/2013 208,913.00 2.201 2.232212,101.79
Federal Home Loan Bank1154 1,500,000.003133XRFZ8 06/08/2018 1584.75002/21/2013 1,520,430.00 1.020 1.0351,523,586.06
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 1,4395.00002/25/2013 1,456,941.10 1.825 1.8501,465,003.97
Federal Home Loan Bank1157 2,000,000.003133XSR59 12/14/2018 3473.75002/25/2013 2,035,620.00 1.128 1.1442,047,897.51
Federal Home Loan Bank1168 530,000.003133XSR59 12/14/2018 3473.75003/11/2013 539,439.30 1.165 1.182542,499.05
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Home Loan Bank1182 Call 1,500,000.00313381C29 06/04/2018 1541.05004/30/2013 1,496,220.00 1.039 1.0541,499,974.97
Federal Home Loan Bank1204 Call 557,958.01313383EP2 06/20/2018 1701.25006/20/2013 556,445.94 1.232 1.250557,958.01
Federal Home Loan Bank1212 1,500,000.00313379DT3 06/08/2018 1581.25006/05/2013 1,497,885.00 1.222 1.2391,500,069.23
Federal Home Loan Bank1213 2,000,000.00313379DT3 06/08/2018 1581.25006/06/2013 1,997,180.00 1.191 1.2082,000,354.00
Federal Home Loan Bank1216 Call 1,500,000.00313382Y98 05/16/2018 1351.00006/12/2013 1,496,790.00 1.412 1.4321,497,659.95
Federal Home Loan Bank1217 Call 1,000,000.00313382FP3 03/20/2018 781.00006/12/2013 998,890.00 1.372 1.391999,172.29
Federal Home Loan Bank1228 1,500,000.00313373UU4 06/08/2018 1582.75007/01/2013 1,507,665.00 1.605 1.6271,507,028.42
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 1,0753.12501/09/2014 1,544,085.00 2.615 2.6511,518,962.60
Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 7362.22001/23/2014 1,507,485.00 2.194 2.2251,499,852.70
Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 8022.12502/24/2014 1,504,155.00 2.095 2.1241,500,000.00
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 1,1661.75003/13/2014 1,484,670.00 2.418 2.4511,469,246.50
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 9842.87504/02/2014 1,532,715.00 2.271 2.3031,521,363.84
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 1,0522.00004/08/2014 199,630.00 2.263 2.295198,430.56
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 1,0522.00004/09/2014 548,982.50 2.263 2.295545,682.22
Federal Home Loan Bank1278 325,000.003133XTYY6 06/14/2019 5294.37504/22/2014 336,651.25 1.889 1.916336,004.14
Federal Home Loan Bank1314 1,500,000.00313379EE5 06/14/2019 5291.62506/04/2014 1,494,030.00 1.700 1.7241,497,932.56
Federal Home Loan Bank1318 1,500,000.00313379EE5 06/14/2019 5291.62506/16/2014 1,494,030.00 1.774 1.7991,496,388.93
Federal Home Loan Bank1324 Call 1,250,000.003133836A4 05/22/2019 5060.80006/24/2014 1,228,212.50 1.766 1.7911,233,529.06
Federal Home Loan Bank1332 1,500,000.003130A2FH4 06/14/2019 5291.75007/02/2014 1,496,370.00 1.686 1.7101,500,827.64
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 1,4371.53004/08/2016 1,466,130.00 1.450 1.4701,503,371.63
Federal Home Loan Bank1583 Call 1,690,000.003130A7RS6 04/27/2026 3,0382.65004/27/2016 1,658,228.00 2.619 2.6551,689,296.77
Federal Home Loan Bank1587 Call 1,500,000.003130A7TA3 04/28/2023 1,9432.07004/28/2016 1,471,305.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 1,1661.75004/27/2016 989,780.00 1.490 1.5111,007,319.18
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 1,1341.75006/02/2016 494,815.00 1.476 1.496503,781.97
Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 1,0755.25006/02/2016 436,028.00 1.461 1.481442,776.89
Federal Home Loan Bank1628 Call 1,500,000.003130A8F99 06/15/2026 3,0872.58006/15/2016 1,455,915.00 2.544 2.5801,500,000.00
Federal Home Loan Bank1632 Call 2,000,000.003130A8J46 06/29/2026 3,1012.52006/29/2016 1,935,480.00 2.485 2.5202,000,000.00
Federal Home Loan Bank1633 Call 1,363,636.273130A8J79 12/27/2024 2,5522.35006/27/2016 1,314,245.36 2.317 2.3501,363,636.27
Federal Home Loan Bank1635 Call 1,500,000.003130A8JG9 06/22/2023 1,9982.07006/22/2016 1,469,880.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1637 Call 909,091.003130A8J79 12/27/2024 2,5522.35006/27/2016 876,163.72 2.317 2.350909,091.00
Federal Home Loan Bank1640 Call 1,500,000.003130A8JX2 06/29/2026 3,1012.54006/29/2016 1,461,720.00 2.505 2.5401,500,000.00
Federal Home Loan Bank1643 Call 1,500,000.003130A8HF3 09/23/2025 2,8222.44006/23/2016 1,455,555.00 2.430 2.4641,497,493.69
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Home Loan Bank1644 Call 1,500,000.003130A8HT3 12/29/2025 2,9192.47006/29/2016 1,500,030.00 2.451 2.4851,498,396.90
Federal Home Loan Bank1648 Call 1,500,000.003130A8J46 06/29/2026 3,1012.52006/29/2016 1,451,610.00 2.425 2.4591,500,382.25
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 1,4392.87506/28/2016 256,337.50 1.232 1.249265,434.88
Federal Home Loan Bank1651 Call 1,500,000.003130A8MQ3 10/12/2022 1,7451.87507/12/2016 1,460,235.00 1.849 1.8751,500,000.00
Federal Home Loan Bank1652 Call 980,000.003130A8F99 06/15/2026 3,0872.58006/29/2016 951,197.80 2.524 2.560981,449.13
Federal Home Loan Bank1661 Call 1,000,000.003130A8SJ3 11/01/2024 2,4962.15008/01/2016 965,410.00 2.120 2.1501,000,000.00
Federal Home Loan Bank1662 Call 1,500,000.003130A8R54 07/28/2023 2,0341.80007/28/2016 1,446,180.00 1.795 1.8201,498,436.21
Federal Home Loan Bank1667 Call 1,500,000.003130A8VP5 08/23/2024 2,4262.00008/23/2016 1,445,325.00 1.972 2.0001,500,000.00
Federal Home Loan Bank1668 Call 1,500,000.003130A8VN0 11/17/2023 2,1461.94008/17/2016 1,433,985.00 1.913 1.9401,500,000.00
Federal Home Loan Bank1690 Call 1,000,000.003130A94L2 09/02/2026 3,1662.12509/15/2016 942,670.00 2.129 2.158997,389.74
Federal Home Loan Bank1695 Call 1,500,000.003130A9N64 10/06/2026 3,2002.15010/06/2016 1,440,090.00 2.120 2.1501,500,000.00
Federal Home Loan Bank1697 Call 1,000,000.003130A9N64 10/06/2026 3,2002.15010/06/2016 960,060.00 2.131 2.161999,123.61
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 1,8622.13010/05/2016 497,660.00 1.578 1.600512,791.10
Federal Home Loan Bank1700 Call 1,500,000.003130A9P62 10/13/2026 3,2072.20010/13/2016 1,433,685.00 2.169 2.2001,500,000.00
Federal Home Loan Bank1702 Call 2,000,000.003130A9PT2 10/26/2026 3,2202.23010/26/2016 1,868,160.00 2.199 2.2302,000,000.00
Federal Home Loan Bank1706 Call 310,000.003130A9PT2 10/26/2026 3,2202.23010/26/2016 289,564.80 2.214 2.245309,633.64
Federal Home Loan Bank1707 Call 1,000,000.003130A9RH6 10/20/2026 3,2142.30010/20/2016 958,450.00 2.270 2.302999,823.94
Federal Home Loan Bank1709 Call 1,000,000.003130A9RH6 10/20/2026 3,2142.30010/20/2016 958,450.00 2.271 2.302999,779.93
Federal Home Loan Bank1713 Call 2,000,000.003130A9XC0 11/17/2026 3,2422.36011/17/2016 1,922,960.00 2.327 2.3602,000,000.00
Federal Home Loan Bank1716 Call 1,500,000.003130A9XC0 11/17/2026 3,2422.36011/17/2016 1,442,220.00 2.361 2.3931,496,005.00
Federal Home Loan Bank1717 Call 1,500,000.003130AA2Z0 11/23/2026 3,2482.69011/23/2016 1,459,665.00 2.653 2.6901,500,000.00
Federal Home Loan Bank1718 Call 205,000.003130AA2Z0 11/23/2026 3,2482.69011/23/2016 199,487.55 2.682 2.720204,522.28
Federal Home Loan Bank1719 Call 1,500,000.003130A7C29 02/24/2026 2,9762.75011/16/2016 1,477,320.00 2.712 2.7491,500,000.00
Federal Home Loan Bank1720 Call 1,500,000.003130AAAZ1 12/14/2026 3,2692.90012/14/2016 1,479,510.00 2.860 2.9001,500,000.00
Federal Home Loan Bank1724 Call 800,000.003130AAEX2 12/28/2021 1,4572.15012/28/2016 790,872.00 2.120 2.150800,000.00
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 1,4281.87512/16/2016 991,650.00 2.168 2.198988,015.81
Federal Home Loan Bank1741 Call 315,000.003130AAAZ1 12/14/2026 3,2692.90001/27/2017 310,697.10 3.008 3.050311,360.87
Federal Home Loan Bank1751 Call 325,000.003130A8HF3 09/23/2025 2,8222.44002/15/2017 315,370.25 2.836 2.875315,368.96
Federal Home Loan Bank1752 Call 250,000.003130A7C29 02/24/2026 2,9762.75002/15/2017 246,220.00 2.958 3.000245,565.29
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 1,4395.00003/10/2017 2,116,165.40 2.150 2.1802,110,593.16
Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 1,5302.25004/12/2017 1,001,490.00 1.903 1.9301,012,727.02
Federal Home Loan Bank1823 Call 1,500,000.003130ABJW7 06/27/2024 2,3692.55006/27/2017 1,484,010.00 2.515 2.5501,500,000.00
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Home Loan Bank1847 Call 500,000.003130A7TA3 04/28/2023 1,9432.07009/18/2017 490,435.00 2.131 2.161497,722.38
Federal Home Loan Bank1854 Call 1,500,000.003130ACH64 10/26/2022 1,7592.25010/26/2017 1,497,615.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1860 Call 500,000.003130AAWE4 03/08/2022 1,5272.22009/28/2017 497,250.00 2.116 2.146501,464.62
Federal Home Loan Bank1861 Call 800,000.003130ABAF3 05/11/2027 3,4173.00009/29/2017 789,960.00 2.958 2.999800,000.00
Federal Home Loan Bank1862 Call 1,000,000.003130ACK94 10/10/2024 2,4742.53010/10/2017 989,610.00 2.495 2.5301,000,000.00
Federal Home Loan Bank1873 Call 1,500,000.003130ACMH4 10/16/2024 2,4802.50010/16/2017 1,488,765.00 2.465 2.5001,500,000.00
Federal Home Loan Bank822 3,000,000.003133XUMS9 09/13/2019 6204.50008/12/2009 3,127,650.00 4.437 4.4993,000,000.00
Federal Home Loan Bank940 2,000,000.003133X0PF0 08/15/2018 2265.37502/17/2011 2,045,380.00 3.423 3.4702,020,706.30
Fed. Home Loan Mortgage Corp.1106 1,500,000.003134G3A91 08/22/2019 5981.40008/22/2012 1,486,050.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 7241.50009/26/2012 1,486,425.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1153 1,500,000.003137EADP1 03/07/2018 650.87502/11/2013 1,498,710.00 0.960 0.9731,499,736.72
Fed. Home Loan Mortgage Corp.1166 1,500,000.003137EADN6 01/12/2018 110.75003/15/2013 1,499,760.00 0.948 0.9621,499,905.26
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 1,4392.00004/10/2014 1,989,340.00 2.564 2.6001,957,347.74
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 1,4392.00004/22/2014 994,670.00 2.643 2.680975,895.59
Fed. Home Loan Mortgage Corp.1282 300,000.003134G3A91 08/22/2019 5981.40005/01/2014 297,210.00 1.914 1.941297,476.42
Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 8021.65005/02/2014 297,213.00 2.053 2.082297,325.73
Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 6891.45005/02/2014 297,186.00 1.938 1.965297,244.62
Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 8081.50005/06/2014 989,430.00 2.041 2.070988,156.52
Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 8721.50005/06/2014 988,170.00 2.091 2.120986,147.24
Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 7241.50005/13/2014 990,950.00 1.945 1.972991,164.11
Fed. Home Loan Mortgage Corp.1352 1,000,000.003134G43G1 05/07/2019 4911.20007/25/2014 991,280.00 1.765 1.790992,397.14
Fed. Home Loan Mortgage Corp.1678 Call 1,000,000.003134GAEF7 09/29/2021 1,3671.65009/29/2016 980,920.00 1.627 1.6501,000,000.00
Fed. Home Loan Mortgage Corp.1828 Call 1,500,000.003134GBNX6 05/28/2021 1,2432.00006/28/2017 1,492,110.00 1.969 1.9961,500,000.00
Fed. Home Loan Mortgage Corp.1835 Call 1,500,000.003134GBXU1 07/27/2022 1,6682.25007/27/2017 1,481,805.00 2.219 2.2501,500,000.00
Fed. Home Loan Mortgage Corp.1836 Call 1,000,000.003134GBXU1 07/27/2022 1,6682.25007/27/2017 987,870.00 2.219 2.2501,000,000.00
Fed. Home Loan Mortgage Corp.1837 Call 1,000,000.003134GBXU1 07/27/2022 1,6682.25007/27/2017 987,870.00 2.234 2.265999,314.17
Fed. Home Loan Mortgage Corp.1853 Call 660,000.003134GBK92 10/12/2022 1,7452.20010/12/2017 650,482.80 2.169 2.200660,000.00
Federal National Mortgage Asso1035 2,000,000.0031398ALG5 01/23/2018 224.37703/01/2012 2,003,580.00 1.388 1.4082,003,470.03
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 1,0192.35004/16/2012 2,012,960.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 8502.00004/30/2012 2,000,100.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 8502.05004/30/2012 1,502,505.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 1,0332.00004/30/2012 1,989,380.00 1.972 2.0002,000,000.00
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal National Mortgage Asso1149 1,500,000.003135G0TG8 02/08/2018 380.87501/31/2013 1,499,280.00 1.019 1.0341,499,761.66
Federal National Mortgage Asso1174 1,500,000.003135G0WJ8 05/21/2018 1400.87504/15/2013 1,496,070.00 0.905 0.9171,499,755.23
Federal National Mortgage Asso1190 Call 1,000,000.003135G0XD0 05/21/2018 1401.00005/21/2013 997,850.00 0.996 1.010999,961.11
Federal National Mortgage Asso1191 Call 2,000,000.003135G0XA6 05/21/2018 1401.03005/21/2013 1,995,940.00 1.015 1.0302,000,000.00
Federal National Mortgage Asso1197 1,500,000.003135G0WJ8 05/21/2018 1400.87505/21/2013 1,496,070.00 0.986 1.0001,499,290.43
Federal National Mortgage Asso1210 Call 1,500,000.003135G0XK4 05/25/2018 1441.05005/30/2013 1,496,940.00 1.035 1.0501,500,000.00
Federal National Mortgage Asso1214 Call 1,500,000.003135G0XD0 05/21/2018 1401.00006/07/2013 1,496,775.00 1.262 1.2791,498,422.65
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 9702.00004/08/2014 1,500,210.00 2.172 2.2021,492,504.19
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 1,2151.75004/16/2014 984,460.00 2.364 2.397980,269.02
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 1,1941.75005/02/2014 247,355.00 2.452 2.486244,494.49
Federal National Mortgage Asso1290 1,000,000.003136G0Y70 01/30/2019 3941.08005/05/2014 992,140.00 1.633 1.656994,036.09
Federal National Mortgage Asso1315 1,200,000.003136G0YK1 08/28/2019 6041.50006/05/2014 1,191,024.00 1.815 1.8401,193,570.28
Federal National Mortgage Asso1317 1,000,000.003136G02P5 04/29/2019 4831.20006/12/2014 991,450.00 1.765 1.790992,529.17
Federal National Mortgage Asso1546 Call 1,000,000.003136G3AN5 03/16/2021 1,1701.50003/16/2016 989,170.00 1.978 2.0061,000,000.00
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 1,2082.28006/30/2016 1,006,160.00 1.171 1.1871,035,057.04
Federal National Mortgage Asso1669 Call 1,350,000.003136G3XZ3 07/28/2021 1,3041.50007/28/2016 1,315,345.50 1.505 1.5261,348,793.44
Federal National Mortgage Asso1687 Call 1,050,000.003136G36A8 09/27/2024 2,4612.00009/27/2016 1,006,372.50 1.972 2.0001,050,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 3,0417.12511/10/2016 668,510.00 2.367 2.400675,102.98
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 1,6982.00012/29/2017 493,195.00 2.238 2.270494,065.09
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 1,1413.87512/14/2012 527,340.00 1.596 1.618532,871.55
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1,6871.87512/14/2012 994,163.20 1.893 1.9201,008,085.67
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 1,1413.87501/23/2013 1,582,020.00 1.647 1.6691,596,239.11
Tennessee Valley Authority1170 1,500,000.00880591EC2 04/01/2018 904.50003/25/2013 1,511,175.00 0.913 0.9261,513,066.30
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 1,1413.87503/12/2014 1,223,428.80 2.427 2.4611,206,808.54
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 2,8616.75011/20/2015 1,294,270.00 2.807 2.8461,264,651.61
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 2,4492.87501/15/2016 769,942.50 2.564 2.600762,296.31
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 2,8616.75004/18/2016 1,003,059.25 2.337 2.3701,011,738.10
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1,6871.87510/07/2016 1,466,636.80 1.538 1.5601,510,641.73
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 2,8616.75011/10/2016 1,617,837.50 2.317 2.3501,636,386.26
Subtotal and Average 335,721,807.69 332,982,185.28 332,940,203.14 2.035 2.063 1,522
Treasury Securities - Coupon
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Treasury Securities - Coupon
U.S. Treasury1201 TB 2,000,000.00912828UJ7 01/31/2018 300.87505/16/2013 1,999,440.00 0.779 0.7902,000,136.19
U.S. Treasury1237 TB 2,000,000.00912828SD3 01/31/2019 3951.25001/07/2014 1,987,500.00 1.682 1.7051,990,592.06
U.S. Treasury1284 TB 1,500,000.00912828TH3 07/31/2019 5760.87505/02/2014 1,477,380.00 1.726 1.7501,480,293.09
U.S. Treasury1285 TB 1,500,000.00912828TN0 08/31/2019 6071.00005/02/2014 1,478,790.00 1.755 1.7801,481,531.86
U.S. Treasury1289 TB 1,500,000.00912828SX9 05/31/2019 5151.12505/05/2014 1,485,000.00 1.692 1.7161,488,073.07
U.S. Treasury1299 TB 1,500,000.00912828SX9 05/31/2019 5151.12505/13/2014 1,485,000.00 1.654 1.6771,488,839.54
U.S. Treasury1316 TB 1,500,000.00912828TC4 06/30/2019 5451.00006/10/2014 1,481,310.00 1.687 1.7111,484,811.65
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 1,5191.75003/09/2017 1,477,035.00 2.071 2.1001,479,364.58
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 1,7331.75010/06/2017 1,469,940.00 1.914 1.9411,487,098.20
Subtotal and Average 14,380,740.24 14,500,000.00 14,341,395.00 1.632 1.654 679
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 1,3082.38110/30/2015 995,700.00 2.120 2.1501,007,736.26
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 1,6732.60805/09/2017 219,291.60 2.266 2.298222,906.70
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 2,7696.23802/24/2016 818,052.60 3.557 3.606852,502.30
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 1,3084.58402/24/2016 319,389.00 2.130 2.159324,449.39
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 1,3084.58403/04/2016 1,330,787.50 2.138 2.1681,351,393.17
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 1,3084.58402/17/2017 372,620.50 2.317 2.350376,454.42
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 3,1345.23409/27/2017 343,274.45 2.850 2.890358,794.24
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 1,3082.78101/27/2016 502,945.00 2.012 2.040512,493.62
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 1,6732.97111/30/2017 55,464.75 2.416 2.45056,232.49
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 2,9536.08006/28/2016 618,287.25 2.994 3.035637,822.55
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 1,7343.57005/17/2016 523,765.00 1.878 1.904537,181.69
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 1,8573.25006/27/2016 377,380.80 1.898 1.925387,978.72
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 2,5882.37507/29/2016 1,785,908.50 1.972 1.9991,869,364.13
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 1,7343.57009/26/2016 403,299.05 1.630 1.653418,294.57
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 2,8304.00004/10/2017 272,507.50 2.739 2.777270,982.15
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 3,1953.15010/19/2016 1,062,305.20 2.431 2.4651,100,202.52
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 1,4924.80009/21/2017 246,343.50 2.071 2.100248,580.16
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 2,0692.64002/14/2017 998,870.00 2.784 2.8231,001,540.60
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 1,7042.44012/11/2017 1,088,931.80 2.355 2.3881,092,466.73
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 1,5204.30009/16/2016 522,956.10 1.534 1.555538,087.14
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 18
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 1,5342.25003/22/2017 997,580.00 2.219 2.2501,000,000.00
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 1,3082.97307/24/2014 505,695.00 2.893 2.933503,609.14
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 3,4993.27209/28/2017 513,105.00 2.791 2.830518,360.08
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 2,0384.10310/26/2015 1,416,074.55 2.490 2.5251,441,172.34
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 1,2161.57003/09/2016 1,472,775.00 1.548 1.5691,500,000.00
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 1,9462.11009/13/2016 780,408.00 1.764 1.788812,864.32
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 1,9462.11001/31/2017 1,951,020.00 2.485 2.5201,959,739.73
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 2,2824.97106/30/2017 1,011,249.00 2.416 2.4501,029,929.86
State of Ohio1881 MUN 200,000.00677521GP5 11/01/2020 1,0353.62512/21/2017 208,250.00 2.179 2.210207,724.27
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 1,5812.50008/29/2016 573,841.80 1.528 1.550592,373.70
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 1,3082.44105/10/2013 2,002,300.00 2.031 2.0602,024,980.95
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 1,3082.44105/13/2013 1,802,070.00 2.031 2.0601,822,482.11
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 1,3082.44105/15/2013 1,992,288.50 2.051 2.0802,013,534.64
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 1,3082.44101/27/2015 200,230.00 2.041 2.070202,474.33
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 1,3082.44105/12/2016 1,001,150.00 1.528 1.5501,030,543.96
Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 9432.29109/02/2016 604,230.00 1.290 1.308614,803.44
Palo Alto Unified School Dist.1880 MUN 1,025,000.00697379UD5 08/01/2020 9432.29112/20/2017 1,032,226.25 1.923 1.9501,033,742.35
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 1,6264.95002/09/2015 392,497.20 2.416 2.450396,486.09
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 2,7225.45011/27/2015 1,162,210.00 3.067 3.1101,149,923.03
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 2,7222.29011/01/2016 2,027,578.10 2.219 2.2492,110,642.54
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 3,0872.39011/01/2016 234,474.80 2.376 2.410244,627.54
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 2,7222.29007/14/2017 221,540.60 2.682 2.720223,402.41
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 2,0382.50001/29/2015 568,858.20 2.663 2.700574,247.15
San Mateo Union High School Dt1516 MUN 245,000.00799017KT4 09/01/2019 6082.19301/08/2016 245,301.35 1.775 1.800246,545.01
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 1,3392.72001/19/2016 181,580.40 2.046 2.075183,996.43
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 3,1342.11608/25/2016 947,750.00 1.923 1.9501,012,883.64
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 2,7692.06608/25/2016 1,572,400.50 1.893 1.9201,666,690.37
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 2,7692.06608/25/2016 667,079.00 1.893 1.920707,080.76
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 1,3692.58910/14/2015 929,246.00 1.864 1.890942,699.62
State of Texas1586 MUN 1,000,000.00882722KA8 10/01/2023 2,0995.64304/19/2016 1,059,860.00 3.339 3.3851,113,850.00
State of Texas1592 MUN 235,000.00882722JZ5 10/01/2022 1,7345.50304/21/2016 248,658.20 3.047 3.090259,249.57
State of Texas1621 MUN 500,000.00882723A41 10/01/2020 1,0041.77706/07/2016 493,930.00 1.450 1.470504,070.85
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 19
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Texas1625 MUN 485,000.00882722KC4 10/01/2025 2,8305.91306/09/2016 516,641.40 3.831 3.885548,422.85
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 1,5513.67310/19/2016 115,364.70 1.825 1.850118,070.17
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 2,7693.83209/22/2017 259,615.00 2.747 2.785267,695.78
University of California1340 MUN 1,875,000.0091412GSB2 07/01/2019 5461.79607/14/2014 1,868,268.75 2.007 2.0351,868,631.51
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 8653.34807/31/2014 436,483.50 2.281 2.313434,709.43
University of California1368 MUN 250,000.0091412GGT6 05/15/2019 4993.04808/08/2014 253,832.50 1.982 2.010253,377.73
University of California1383 MUN 955,000.0091412GSB2 07/01/2019 5461.79608/27/2014 951,571.55 1.972 2.000952,220.42
University of California1414 MUN 750,000.0091412GSB2 07/01/2019 5461.79611/28/2014 747,307.50 1.923 1.950748,348.64
University of California1420 MUN 1,500,000.0091412GSB2 07/01/2019 5461.79612/12/2014 1,494,615.00 1.943 1.9701,496,268.76
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 8651.99510/08/2015 258,954.80 1.824 1.850260,852.25
State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 9123.28906/07/2016 769,882.50 1.430 1.450783,362.70
State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 2,3734.55401/04/2017 833,009.10 2.904 2.944841,798.09
State of Vermont1456 MUN 2,000,000.00924258TT3 08/15/2023 2,0524.25008/06/2015 2,040,440.00 3.275 3.3202,091,048.47
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1,6732.74008/08/2016 253,955.00 1.504 1.524263,250.33
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1,6734.63612/05/2016 565,264.00 2.465 2.500561,732.08
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 1,3084.58604/12/2017 1,614,585.00 2.081 2.1101,626,543.25
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 2,4044.66905/23/2017 541,672.25 2.416 2.450549,583.28
West Valley-Mission Community1479 MUN 250,000.0095640HBT4 08/01/2024 2,4046.09010/01/2015 265,197.50 4.030 4.086277,428.28
Subtotal and Average 56,753,537.80 54,655,000.00 55,662,197.60 2.247 2.278 1,777
Total Investments and Average 518,376,239.54 513,384,469.08 513,887,975.63 1.958 1.985 1,344
Portfolio CPA
AP
Run Date: 01/31/2018 - 15:38 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
1 General Investment Guidelines:
a) The max. stated final maturity of individual securities in the portfolio should be 10 years.Full Compliance
b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities
beyond 5 years. (See staff report for explanation of actual percentage limit overage)28.30%
c) The City shall maintain a minimum of one month's cash needs in short term investments.Full Compliance
d) At least $50 million shall be maintained in securities maturing in less than 2 years.
Plus two managed pool accounts which provide instant liquidity:
- Local Agency Investment Fund (LAIF) - maximum investment limit is $65 million $3.8 million
- Fidelity Investments
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a
reasonable time to the City Council and evaluate if there are risk of holding securities to maturity.99.13%
d) Commitments to purchase securities newly introduced on the market shall be made no more than three (3)
working days before pricing.Full Compliance
f) Whenever possible, the City will obtain three or more quotations on the purchase or sale of
comparable securities (excludes new issues, LAIF, City of Palo Alto bonds, money market
accounts, and mutual funds).Full Compliance
2 U.S. Government Securities:Full Compliance
a) There is no limit on purchase of these securities.
b) Securities will not exceed 10 years maturity.
3 U.S. Government Agency Securities:Full Compliance
a) There is no limit on purchase of these securities except for:
Callable and Multi-step-up securities provided that:
- The potential call dates are known at the time of purchase;Full Compliance
- the interest rates at which they "step-up" are known at the time of purchase; and Full Compliance
- the entire face value of the security is redeemed at the call date.Full Compliance
- No more than 25 percent of the par value of portfolio.24.54%
b) Securities will not exceed 10 years maturity.
4 Bonds of the State of California Local Government Agencies Full Compliance
a)Having at time of investment a minimum Double A (AA/AA2) rating as provided by a nationally 10.65%
recognized rating service (e.g., Moody’s and/or Standard and Poor’s).
b)May not exceed 20 percent of the par value of the portfolio.
5 Certificates of Deposit:Full Compliance
a) May not exceed 20 percent of the par value of the portfolio;
b) No more than 10 percent of the par value of the portfolio in collateralized CDs in any institution.
c) Purchase collateralized deposits only from federally insured large banks that are rated by
a nationally recognized rating agency (e.g. Moody's, Standard & Poor's, etc.).
d) For non-rated banks, deposit should be limited to amounts federally insured (FDIC)
e) Rollovers are not permitted without specific instruction from authorized City staff.
6 Banker's Acceptance Notes:None Held
a) No more than 30 percent of the par value of the portfolio.
b) Not to exceed 180 days maturity.
c) No more than $5 million with any one institution.
$149.2 million
$38.4 million
2.82%
Attachment C
Investment Policy Compliance
As of December 31, 2017
Investment Policy Requirements
Compliance
Check
Attachment C
Investment Policy Compliance
As of December 31, 2017
Investment Policy Requirements
Compliance
Check
7 Commercial Paper:None Held
a) No more than 15 percent of the par value of the portfolio.
b) Having highest letter or numerical rating from a nationally recognized rating service.
c) Not to exceed 270 days maturity.
d) No more than $3 million or 10 percent of the outstanding commercial paper of any one institution,
whichever is lesser.
8 Short-Term Repurchase Agreement (REPO):None Held
a) Not to exceed 1 year.
b) Market value of securities that underlay a repurchase agreement shall be valued at 102 percent or
greater of the funds borrowed against those securities.
9 Money Market Deposit Accounts Full Compliance
a) Liquid bank accounts which seek to maintain a net asset value of $1.00.
10 Mutual Funds:None Held
a) No more than 20 percent of the par value of the portfolio.
b) No more than 10 percent of the par value with any one institution.
11 Negotiable Certificates of Deposit (NCD):Full Compliance
a) No more than 10 percent of the par value of the portfolio.9.80%
b) No more than $5 million in any one institution.FDIC Insured
12 Medium-Term Corporate Notes:Full Compliance
a) No more than 10 percent of the par value of the portfolio.3.62%
b) Not to exceed 5 years maturity.
c) Securities eligible for investment shall have a minimum rating of AA from a nationally recognized
rating service.
d) No more than $5 million of the par value may be invested in securities of any single issuer, other
than the U.S. Government, its agencies and instrumentality.
e) If securities owned by the City are downgraded by either rating agencies to a level below AA it
shall be the City's policy to review the credit situation and make a determination as to whether
to sell or retain such securities.
13 Prohibited Investments:
a) Reverse Repurchase Agreements
b) Derivatives as defined in Appendix B of the Investment Policy
14 All securities shall be delivered to the City's safekeeping custodian, and held in the name of the
City, with the exception of :
- Certificates of Deposit, Mutual Funds, and LAIF
Full Compliance
None Held
Full Compliance