HomeMy WebLinkAboutStaff Report 9519
City of Palo Alto (ID # 9519)
City Council Staff Report
Report Type: Informational Report Meeting Date: 9/10/2018
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Fourth Quarter,
Fiscal Year 2018
From: City Manager
Lead Department: Administrative Services
Background
The purpose of this report is to inform Council of the City’s investment portfolio status as of the
end of the fourth quarter; ending June 30, 2018. 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.
Sale of Investments Prior to Maturity
Staff forecast both short-term and long-term cash needs and ladders the investments
accordingly so there is enough cash on hand or maturing investments to meet the forecasted
liquidity needs. In late fourth quarter (Q4) of Fiscal Year 2018, due to significant increased
infrastructure investments spending and electric utilities commodity purchases, staff needed to
sell investments prior to maturity. The regular warrant (Accounts Payable) payments in Q4
increased, over the prior year, by $16.3 million or 51.7 percent, attributable to payments for
infrastructure projects like the upgrade downtown improvements and sanitary sewer
rehabilitation, Fire Station 3 replacement, Page Mill Road Expressway intersection
improvement, water main replacement, Wastewater Treatment sludge dewatering and loadout
facility construction, Airport’s apron reconstruction, and capital contributions to Avenidas, Inc.
and Friends of the Palo Alto Jr. Museum. In addition, electric commodity purchases in Q4
increased by $8.4 million or 32.1 percent over the prior year. Since 2017 was a wet year the City
received more (cheaper) hydro power while in 2018 rain fall was normal -to-slightly-dry
resulting in less hydro power so there was a need to use (more expensive) electric power
sources. The electric volume usage was flat during this period. Though increases in these
expenditures were anticipated, the extraordinary magnitude of the increases occurring over a
very short period was greater than expected. As a result, a one -time sale of $12 million (par
value) in securities was done with the City Manager’s and the Acting Chief Financial Officers
approval in July 2018. Since all of these securities had a market value greater than the par
value, a principal gain of $248 thousand was realized.
City of Palo Alto Page 2
Additional security sales are not anticipated. In order to prevent this from happening again, the
cash on hand is being increased and deeper outreach to departments that manager major
capital projects are being made so unusual expenditure spikes can be anticipated in a timely
manner and addressed.
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 $522.3 million; in comparison, last quarter it was $531.4
million. The decline in the portfolio of $9.1 million since the last quarter results from timing of
cash flows, higher level of capital infrastructure spending, and higher electrical commodity
costs. Contributing factors include timing and seasonality of payroll periods, for example fourth
quarter had seven payrolls versus the six in the prior quarter. The higher outlay was partially
offset with not having to pay the bi-weekly pensions to the Public Employers’ Retirement
System (PERS) because the annual employer contribution of $22.1 million was paid in July 2017,
property tax receipts, and special assessments for University Avenue Parking and General
Obligation (Library) bonds. By prepaying PERS instead of making pa yments 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 $27.7 million in liquid accounts and $494.6 mil lion 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 $494.6 million includes $127.1 million in investments maturing in less than two
years, comprising 25.7 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 97.7 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
City of Palo Alto Page 3
Union Bank of California, which is the City’s safekeeping agent. The average life to maturity of
the investment portfolio is 3.83 years compared to 3.96 years last quarter.
Investments Made During the Fourth Quarter
During the fourth quarter, $32.0 million of government agency securities with an average yield
of 1.2% percent matured. During the same period, government securities totaling $3.7 million
with an average yield of 3.2% percent were purchased. The expectation is interest rates and
City’s portfolio’s average yield will continue to gradually rise. The City’s short-term money
market and pool account increased by $19.2 million compared to the third 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 $257.7 million and expenditures will be $265.0 million over the next six
months, indicating an overall decline in the portfolio of $7.3 million. The expected decline is
attributable to pre-paying a portion of the Fiscal Year 2019 Public Employer s’ Retirement
System’s (PERS) employer contribution of $25.9 million, representing the actuarial determined
contribution (ADC) payment for FY 2019. By prepaying PERS instead of making payments with
each payroll period, the City is expected to save $0.94 m illion in PERS payment; however, the
savings will be offset by the loss of approximately $0.27 million in interest income. This results
in net citywide savings of $0.67 million. The savings is a consequence of PERS’ ability to earn
interest earlier and at a higher rate than the City could realize. Without this prepayment, the
portfolio would have increased by $18.5 million.
As of June 30, 2018, the City had $27.7 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 $18.0 million will mature between July 1, 2018 and December 31, 2018.
As already mentioned, to due the extraordinary capital and electrical commodity costs, it was
necessary to sell $12 million in investment securities to meet July’s liquidity needs. On the
basis of the above projections and sale of the $12 million in investments, staff is confident that
the City will have more than sufficient funds or liquidity to meet expenditure requ irements for
the next six months.
Compliance with City Investment Policy
During the fourth 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 portf olio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the fourth quarter was $2.9 million. As of June 30, 2018,
the yield to maturity of the City’s portfolio was 2.20 percent. The rising interest rate is
City of Palo Alto Page 4
expected to gradually increase the portfolio’s yields. The City’s portfolio yield of 2.20 percent
compares to LAIF’s average yield for the quarter of 1.76 percent and an average yield on the
two-year and five-year Treasury bonds during the fourth quarter of approximately 2.48 percent
and 2.77 percent, respectively. For the past decade, the City’s portfolio yield has outperformed
the two and five year Treasury bond rates. With the recent rapid Treasury interest rate rise that
is no longer the case; this is an expected occurrence. As the City’s laddered portfolio
investments matures in the next year or two and is reinvested in higher yielding securities, the
City’s portfolio yield is expected to again outperform these Treasury interest rates.
Yield Trends
The Federal Open Market Committee (FOMC) raised the federal funds and discount rates to
1.75 and 2.50 percent in June 2018, respectively. In the last twelve month, both rates have
risen by 0.75 percent though at its August 2018 meeting the rates remained unchanged from
June. The FOMC has upgraded its assessment of the economy to “strong” versus “solid”.
Inflation and unemployment remains low. Business fixed investment spending has improved
strongly. The FOMC expects future rate increase to be gradual and dependent on the ec onomic
outlook. Though the continued expectation is rates will rise, factors that could keep a lid on rate
increases include: low inflation, weak wage growth, and domestic and global economic
uncertainties.
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 June 30, 2018.
Fiscal Impact
This is an information report with 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)526,839,894$ 514,920,282$
Other Funds Held by the City
Cash with Wells Fargo Bank 1,997,630 1,997,630
(includes general and imprest accounts)
Cash with US Bank 9,088,300 9,088,300
(includes general and imprest accounts)
Petty/Working Cash 12,578 12,578
Total - Other Funds Held By City 11,098,508 11,098,508
Funds Under Management of Third Party Trustees *
US Bank Trust Services **
1995 Utility Revenue Bonds
Debt Service Fund 18 18
1999 Utility Revenue Bonds
Debt Service Fund 220 220
2002 Downtown Parking Impvt. (Taxable) Certificates of Participation
Reserve Fund 297 297
2009 Water Revenue Bonds (Build America Bonds)
Project, Debt Service, Reserve, Cost of Issuance Funds 2,566,718 2,566,718
2011 Utility Revenue Refunding Bonds
Debt Service, Reserve, and Cost of Issuance Funds 1,444,687 1,444,687
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,593,674 2,593,674
2013 General Obligation (Library) Bond
Project Fund 620,375 620,375
Total Under Trustee Management 7,225,988 7,225,988
GRAND TOTAL 545,164,390$ 533,244,779$
* 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.
Fourth 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
June 30, 2018
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 3,005,251.35SYS158 11.78007/01/2015 3,005,251.35 1.755 1.7803,005,251.35
Local Agency Investment Fund159 24,693,234.38SYS159 11.90007/01/2015 24,632,439.66 1.873 1.90024,693,234.38
Subtotal and Average 27,698,485.73 27,698,485.73 27,637,691.01 1.861 1.887 1
Negotiable CD's
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 1,5522.45009/30/2015 237,990.55 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 1,5512.05009/29/2017 234,107.30 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 1,8722.40002/16/2016 234,496.85 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 1,0031.45009/30/2016 234,957.45 1.429 1.449245,000.00
American Eagle Bank1371 NCD 245,000.0002554BCE9 05/28/2019 3311.85008/26/2014 243,971.00 1.825 1.850245,000.00
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 1,1302.05004/04/2017 238,037.10 2.023 2.051245,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 2,1602.30005/30/2017 231,368.20 2.270 2.301245,000.00
American Express Centurion Bk1333 NCD 245,000.0002587CAC4 07/10/2019 3741.95007/10/2014 243,983.25 1.923 1.950245,000.00
Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 1,0231.90004/19/2017 237,995.45 1.875 1.901245,000.00
Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 1,1991.50010/12/2016 233,249.80 1.480 1.500245,000.00
Bank of Grove1821 NCD 245,000.0006246PBP9 12/29/2021 1,2772.00006/29/2017 236,358.85 1.974 2.001245,000.00
Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 5471.85012/29/2014 243,162.50 1.824 1.850245,000.00
Belmont Savings Bank1280 NCD 245,000.00080515AT6 11/13/2018 1351.55005/13/2014 244,747.65 1.528 1.550245,000.00
Bar Harbor Bank & Trust1377 NCD 245,000.00066851SG2 08/27/2019 4221.75008/27/2014 243,035.10 1.726 1.750245,000.00
Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 1,5522.50009/30/2015 238,470.75 2.467 2.501245,000.00
Texas Exchange Bank1796 NCD 245,000.0088241TBM1 05/20/2022 1,4192.25005/22/2017 237,302.10 2.220 2.251245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 8222.20009/30/2014 241,476.90 2.171 2.201245,000.00
Bank of Holland Michigan1302 NCD 245,000.00062649ZV3 05/21/2019 3241.70005/21/2014 244,247.85 1.677 1.701245,000.00
Frontier Bank Madison NE1498 NCD 245,000.0035907XCL9 11/22/2021 1,2402.00011/20/2015 236,726.35 1.974 2.001245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1,5382.25009/16/2015 236,184.90 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 1,5521.70009/30/2016 230,687.10 1.676 1.700245,000.00
BMO Harris Bank1783 NCD 245,000.0005581WNY7 10/28/2022 1,5802.25004/28/2017 235,800.25 2.220 2.251245,000.00
BMW Bank of North America1807 NCD 245,000.0005580AJK1 06/16/2020 7161.85006/16/2017 240,577.75 1.824 1.850245,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 1,1701.50009/12/2016 233,421.30 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 1,3822.00004/13/2017 235,396.00 1.973 2.001245,000.00
BankWest, Inc.1380 NCD 150,000.0006652CEY3 09/16/2019 4421.90009/15/2014 148,969.50 1.873 1.900150,000.00
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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
Bofi Federal Bank1381 NCD 50,000.0009710LAF2 08/30/2022 1,5212.25008/25/2014 48,041.50 2.493 2.52749,480.36
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 1,4992.35008/25/2014 96,576.00 2.592 2.62898,967.99
Bofi Federal Bank1402 NCD 100,000.0009710LAF2 08/30/2022 1,5212.25010/21/2014 96,083.00 2.462 2.49699,072.56
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 8292.25010/07/2015 241,704.75 2.219 2.250245,000.00
Bridgewater Bank Bloom MN1393 NCD 245,000.00108622EA5 09/24/2019 4501.85009/24/2014 243,108.60 1.825 1.850245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 9551.55002/10/2016 236,513.20 1.530 1.551245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 1,7563.00004/24/2018 242,037.95 2.958 3.000245,000.00
Worlds Foremost Bank1387 NCD 200,000.00981571AT9 09/04/2019 4302.10009/04/2014 198,930.00 2.072 2.101200,000.00
Campbell County Bank1307 NCD 245,000.00134204BZ8 05/30/2019 3331.65005/30/2014 244,225.80 1.628 1.650245,000.00
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 1,3902.05004/21/2017 235,758.60 2.023 2.051245,000.00
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 1,0191.50004/15/2016 235,442.55 1.479 1.500245,000.00
Celtic Bank1362 NCD 245,000.0015118RJW8 08/20/2019 4151.90008/20/2014 243,750.50 1.875 1.901245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 1,3261.70002/16/2016 233,411.50 1.678 1.701245,000.00
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 1,3101.90007/31/2017 235,251.45 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 1,6422.35012/29/2017 236,135.90 2.317 2.350245,000.00
Charter Bank Eau Claire1811 NCD 245,000.0016116PHU8 06/13/2022 1,4432.10006/13/2017 235,778.20 2.071 2.100245,000.00
CIBM Bank1809 NCD 245,000.0012545JAM7 06/16/2022 1,4462.10006/16/2017 235,724.30 2.072 2.101245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 1,1501.40008/24/2016 233,499.70 1.380 1.400245,000.00
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 1,6921.75002/19/2016 233,990.00 1.727 1.751250,000.00
Cumberland Federal Bank FSB1813 NCD 245,000.0023062KBH4 07/07/2022 1,4672.10007/07/2017 235,513.60 2.072 2.101245,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 1,5702.10010/18/2017 234,428.25 2.071 2.100245,000.00
Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 5782.05001/30/2014 242,785.20 2.021 2.050245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 1,4152.00005/15/2017 235,079.95 1.972 2.000245,000.00
Community State Bank1536 NCD 245,000.0020404YBQ7 02/24/2022 1,3341.95002/24/2016 235,449.90 1.924 1.951245,000.00
Country Bank of New York1799 NCD 245,000.0022230PBN9 05/26/2022 1,4252.10005/26/2017 235,900.70 2.072 2.101245,000.00
Capital One Bank USA NA1384 NCD 250,000.00140420NR7 09/04/2019 4301.80009/04/2014 248,627.50 1.775 1.800250,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 7732.30008/12/2015 242,317.25 2.268 2.300245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 1,0801.55006/16/2016 235,334.75 1.529 1.550245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 9621.60002/17/2016 236,741.05 1.579 1.601245,000.00
Commerce Bank - Geneva1816 NCD 245,000.0020056QQK2 06/21/2021 1,0862.00006/21/2017 238,061.60 1.973 2.001245,000.00
Commercial Bank1369 NCD 245,000.0020143PDB3 05/20/2019 3231.85008/19/2014 244,017.55 1.824 1.850245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 1,4222.00005/22/2017 235,011.35 1.972 2.000245,000.00
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 1,5342.25009/11/2015 236,224.10 2.224 2.255245,000.00
Cornerstone Bank1757 NCD 245,000.00219232CN3 03/10/2022 1,3482.10003/10/2017 236,572.00 2.072 2.101245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 1,3462.05003/08/2017 236,194.70 2.021 2.050245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 7851.90008/24/2015 240,193.10 1.876 1.902245,000.00
TBK Bank SSB1812 NCD 245,000.0087219RBK9 06/23/2022 1,4532.10006/23/2017 235,638.55 2.072 2.101245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 7602.00007/30/2015 240,915.85 1.972 2.000245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 9612.20008/15/2014 245,377.50 2.169 2.200250,000.00
First Bank of Highland1330 NCD 245,000.00319141BV8 07/03/2019 3671.85007/03/2014 243,476.10 1.824 1.850245,000.00
First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 5982.00002/19/2014 242,420.15 1.972 2.000245,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 1,3762.10004/07/2017 236,324.55 2.072 2.101245,000.00
First Choice Bank / NJ1297 NCD 245,000.00319464AR4 05/28/2019 3311.70005/28/2014 244,235.60 1.677 1.701245,000.00
State Bank of Fenton (MI)1283 NCD 245,000.00856188AU1 02/15/2019 2291.65005/15/2014 244,157.20 1.630 1.653245,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 1,8171.80006/22/2016 229,212.20 1.776 1.800245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 1,3542.10010/19/2015 236,513.20 2.120 2.150244,574.71
Flushing Bank1413 NCD 245,000.0034387ABA6 12/10/2018 1621.80012/10/2014 244,544.30 1.776 1.801245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 1,4742.05007/14/2017 234,952.55 2.023 2.051245,000.00
First General Bank1222 NCD 245,000.00320337AR9 07/03/2018 21.30007/03/2013 244,985.30 1.282 1.300245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 1,2022.45010/17/2014 242,334.40 2.416 2.449245,000.00
First Oklahoma Bank1838 NCD 245,000.00335857BF4 07/26/2022 1,4862.10007/26/2017 235,310.25 2.072 2.101245,000.00
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 1,2972.05001/18/2017 236,655.30 2.021 2.050245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 1,4942.35009/09/2014 232,768.80 2.665 2.703236,892.89
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 1,9302.25010/13/2017 232,355.55 2.220 2.251245,000.00
First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 9711.55002/26/2016 236,331.90 1.530 1.551245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 1,1872.00010/01/2015 237,179.60 1.972 1.999245,000.00
First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 1,1742.20009/17/2015 238,808.85 2.171 2.201245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 9812.50003/07/2014 242,207.00 2.465 2.500245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 1,3102.00004/04/2017 99,250.80 1.972 1.999103,000.00
First Merchants Bank1351 NCD 245,000.0032082BDH9 08/06/2019 4011.90008/06/2014 243,863.20 1.873 1.900245,000.00
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 1,3551.70003/17/2016 237,837.50 1.677 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 9711.55002/29/2016 238,725.55 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 1,1602.40009/03/2015 241,131.45 2.367 2.400245,000.00
First Savings Bank Northwest1335 NCD 245,000.0033621JAB4 07/18/2019 3821.80007/18/2014 243,461.40 1.776 1.801245,000.00
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 National Bank of Elkhart1801 NCD 245,000.00321130AB2 05/31/2022 1,4302.10005/31/2017 235,866.40 2.072 2.101245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 1,5712.10004/19/2017 234,396.40 2.072 2.101245,000.00
First State Bank1366 NCD 245,000.0033648RAT6 08/20/2019 4151.85008/20/2014 243,777.45 1.825 1.851245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 1,3982.00006/30/2017 235,244.10 1.973 2.000245,000.00
First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 1,3822.35009/25/2015 241,413.12 2.321 2.353247,985.67
First State Community Bank1819 NCD 245,000.0033708UCF4 06/30/2022 1,4602.10006/30/2017 235,628.75 2.071 2.100245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 1,5582.10010/06/2017 234,516.45 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 1,3762.00004/07/2017 235,452.35 1.973 2.001245,000.00
Fox Chase Bank1305 NCD 245,000.0035137QAV6 06/06/2019 3401.70006/06/2014 244,193.95 1.677 1.700245,000.00
Gulf Coast Bank & Trust1920 NCD 245,000.00402194FJ8 07/26/2024 2,2172.65001/26/2018 235,694.90 2.614 2.650245,000.00
Gold Coast Bank1375 NCD 245,000.0038058KDA1 08/05/2019 4001.80009/04/2014 243,762.75 1.775 1.800245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 9952.65003/21/2014 243,081.65 2.613 2.650245,000.00
Ally Bank1882 NCD 245,000.0002007GAF0 01/04/2021 9182.25001/04/2018 241,111.85 2.219 2.250245,000.00
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 1,4852.00010/25/2017 234,364.55 1.972 2.000245,000.00
Grant County Bank1864 NCD 175,000.0038762PCB6 10/18/2023 1,9352.20010/18/2017 165,544.75 2.170 2.201175,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 1,7733.15005/09/2018 243,574.10 3.106 3.150245,000.00
Happy State Bank1683 NCD 245,000.00411394AN9 09/16/2021 1,1731.50009/16/2016 233,421.30 1.500 1.520245,000.00
HSBC Bank1564 NCD 245,000.0040434AR84 10/07/2021 1,1942.00004/07/2016 237,010.55245,000.00
Dubuque Bank & Trust1372 NCD 245,000.00263849BD2 08/21/2019 4161.90008/21/2014 243,743.15 1.873 1.900245,000.00
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 1,5452.20003/24/2017 235,623.85 2.172 2.202245,000.00
International Bank1841 NCD 245,000.0045906ABP1 07/29/2022 1,4892.10007/31/2017 235,280.85 2.072 2.101245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 1,3812.15004/12/2017 236,716.55 2.121 2.151245,000.00
Interaudi Bank1808 NCD 245,000.0045842PAK7 06/10/2024 2,1712.50006/09/2017 233,989.70 2.465 2.500245,000.00
Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 7731.60002/12/2016 238,789.25 1.578 1.600245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 7862.00008/25/2015 242,229.05 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 1,1252.30007/31/2015 240,947.70 2.269 2.301245,000.00
Iowa State Bank1343 NCD 250,000.0046256YAB5 07/23/2019 3871.80007/23/2014 248,897.50 1.775 1.800250,000.00
JP Morgan Chase BAnk NA1200 NCD 245,000.0048124JD39 12/05/2018 1571.25006/05/2013 244,105.75 1.232 1.250245,000.00
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 2,1612.50005/31/2017 233,992.15 2.465 2.500245,000.00
Key Bank1785 NCD 245,000.0049306SYB6 05/18/2020 6871.75005/17/2017 240,447.90 1.726 1.750245,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 1,9051.80009/16/2016 227,379.60 1.775 1.800245,000.00
LCA Bank Corporation1306 NCD 245,000.00501798FJ6 05/30/2019 3331.65005/30/2014 244,220.90 1.627 1.650245,000.00
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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
Leader Bank1364 NCD 245,000.0052168UCN0 08/22/2019 4172.00008/22/2014 243,767.65 1.973 2.001245,000.00
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 1,3211.70002/12/2016 238,916.65 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 1,1451.40008/19/2016 233,575.65 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 1,1642.25009/05/2014 239,264.55 2.219 2.250245,000.00
Machias Savings Bank1358 NCD 245,000.00554479DN2 08/28/2019 4231.80008/28/2014 243,755.40 1.776 1.801245,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 1,4582.05006/28/2017 235,126.50 2.023 2.051245,000.00
Mascoma Savings Bank1319 NCD 248,000.0057461PAG1 01/15/2019 1981.80006/20/2014 247,747.04 1.627 1.650248,194.06
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 1,2922.10001/13/2017 237,062.00 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 1,4112.10005/12/2017 236,042.80 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 1,4252.05005/26/2017 235,432.75 2.023 2.051245,000.00
Medallion Bank - Salt Lake1238 NCD 245,000.0058403BJ31 01/10/2019 1931.85001/10/2014 244,755.00 1.825 1.850245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 7811.90008/20/2015 240,227.40 1.876 1.902245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 1,3271.80002/17/2016 238,385.00 1.776 1.801245,000.00
Mid-Country Bank1810 NCD 245,000.0059565QCG8 06/14/2022 1,4442.05006/14/2017 235,278.40 2.023 2.051245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 1,4402.05006/12/2017 235,290.65 2.023 2.051245,000.00
Mifflinburg Bank & Trust Co.1321 NCD 132,000.00598580AB4 04/30/2019 3031.65006/20/2014 131,647.56 1.627 1.649132,000.00
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 8431.75010/21/2015 241,584.70 1.727 1.751245,000.00
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 1,6552.65001/11/2018 239,139.60 2.613 2.650245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 2,1322.35005/22/2017 232,213.45 2.317 2.349245,000.00
Mutual One Bank1407 NCD 250,000.0062847HAA7 11/21/2019 5081.85011/21/2014 248,415.00 1.825 1.850250,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 7951.90009/03/2015 242,221.70 1.873 1.900245,000.00
NBT Bank1322 NCD 156,000.00628779FJ4 06/06/2019 3401.80006/20/2014 155,469.60 1.775 1.799156,000.00
NBT Bank1373 NCD 94,000.00628779FN5 08/20/2019 4152.10008/20/2014 93,521.54 2.071 2.10094,000.00
Customers Bank1388 NCD 250,000.0023204HCA4 09/10/2019 4362.10009/10/2014 248,590.00 2.071 2.100250,000.00
NCB Savings Bank1344 NCD 245,000.00628825JL6 07/25/2019 3891.80007/25/2014 243,419.75 1.775 1.800245,000.00
National Bank Commerce1607 NCD 245,000.00633368DY8 05/11/2023 1,7751.80005/11/2016 232,149.75 1.776 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1,5172.25008/26/2015 240,641.45 2.220 2.251245,000.00
Lake Sunapee Bank FSB1309 NCD 245,000.00510868AG7 06/05/2019 3391.75006/05/2014 244,198.85 1.727 1.750245,000.00
Northern Bank & Trust MA1814 NCD 245,000.0066476QBX5 06/29/2022 1,4592.10006/29/2017 235,574.85 2.072 2.101245,000.00
Connectone Bank1355 NCD 245,000.0020786AAT2 08/13/2019 4081.85008/13/2014 243,821.55 1.824 1.850245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 6902.00005/21/2014 242,706.80 1.972 2.000245,000.00
Northfield Bank1365 NCD 245,000.0066612AAA6 08/12/2019 4071.85008/13/2014 243,767.65 1.824 1.850245,000.00
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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
Northstar Bank1326 NCD 245,000.0066704MEG2 07/18/2019 3821.75007/18/2014 243,968.55 1.727 1.751245,000.00
National Bank of NY City1312 NCD 245,000.00634116CB1 06/18/2019 3521.65006/18/2014 244,105.75 1.627 1.650245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 9541.55002/09/2016 239,872.15 1.530 1.551245,000.00
Williamette Valley Bank1524 NCD 245,000.00969294BY2 02/06/2023 1,6812.10002/04/2016 237,875.40 2.072 2.101245,000.00
Orrstown Bank1465 NCD 245,000.00687377DR9 08/20/2020 7812.00008/20/2015 240,739.45 1.974 2.002245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 1,5512.05009/29/2017 234,107.30 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 1,6632.40001/19/2018 236,444.60 2.368 2.401245,000.00
Peoples United Bank1378 NCD 245,000.0071270QGB6 08/27/2019 4221.95008/27/2014 243,706.40 1.923 1.950245,000.00
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 1,4252.10005/26/2017 235,883.55 2.072 2.101245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 1,7182.10007/19/2017 232,696.10 2.072 2.101245,000.00
Peapack-Gladstone Bank1275 NCD 245,000.00704692AK8 04/17/2019 2901.80004/17/2014 244,404.65 1.776 1.801245,000.00
Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 1,1462.50008/20/2014 233,837.80 2.467 2.501245,000.00
Prime Alliance Bank1331 NCD 245,000.0074160NED8 07/11/2019 3751.70007/11/2014 243,983.25 1.677 1.701245,000.00
Park National Bank1395 NCD 250,000.00700654AV8 03/26/2019 2682.10009/26/2014 249,080.00 2.070 2.099250,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 1,3352.10002/26/2015 241,391.15 2.072 2.101245,000.00
Peoples State Bank, WI1304 NCD 245,000.00712515GY5 05/23/2019 3261.70005/23/2014 244,233.15 1.676 1.700245,000.00
Private Bank & Trust Co.1293 NCD 245,000.0074267GUN5 11/21/2018 1431.65005/21/2014 244,732.95 1.627 1.650245,000.00
Ohio Valley Bank1338 NCD 250,000.00677721CE0 07/23/2019 3871.80007/23/2014 248,920.00 1.776 1.801250,000.00
RCB Bank1869 NCD 245,000.0074934YAG6 10/27/2022 1,5792.20010/27/2017 235,293.10 2.171 2.201245,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 1,0871.45006/22/2016 235,234.30 1.430 1.450245,000.00
Sallie Mae Bank1350 NCD 245,000.00795450SC0 07/30/2019 3942.05007/30/2014 243,904.85 2.021 2.050245,000.00
State Bank Definace1233 NCD 245,000.00855736CX0 07/19/2018 181.65007/19/2013 244,987.75 1.628 1.650245,000.00
State Bank of India1390 NCD 245,000.00856284Z98 09/11/2019 4372.15009/11/2014 243,640.25 2.120 2.150245,000.00
State Bank of Texas1230 NCD 245,000.00856528CG7 07/17/2018 161.60007/17/2013 244,965.70 1.578 1.600245,000.00
Security National Bank1499 NCD 245,000.00814414AC2 11/19/2021 1,2372.00011/19/2015 236,763.10 1.974 2.001245,000.00
Security State Bank1774 NCD 245,000.0081489TAS5 04/07/2022 1,3762.10004/07/2017 236,329.45 2.072 2.101245,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 1,7792.95005/15/2018 241,329.90 2.911 2.951245,000.00
Summit Community Bank1888 NCD 245,000.0086604XMN3 01/26/2022 1,3052.25001/26/2018 238,191.45 2.220 2.251245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 1,8071.80006/10/2016 229,346.95 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 1,2061.50010/19/2016 232,789.20 1.480 1.500245,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 1,5722.10010/20/2017 234,359.65 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 1,3882.00004/19/2017 235,339.65 1.973 2.001245,000.00
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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
Stockman Bank1557 NCD 245,000.0086128QBX5 03/30/2023 1,7332.00003/30/2016 234,367.00 1.973 2.000245,000.00
Third Federal Savings and Loan1242 NCD 245,000.0088413QAF5 10/22/2018 1131.75001/22/2014 244,865.25 1.726 1.750245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 1,0162.40004/11/2014 242,964.05 2.367 2.400245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 1,8042.15006/09/2017 232,215.90 2.121 2.151245,000.00
Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 2,0522.65002/10/2017 236,611.20245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 1,4582.00006/28/2017 234,710.00 1.972 2.000245,000.00
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 1,2992.25006/15/2017 243,100.00 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 1,3392.05003/01/2017 236,258.40 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 2,0041.70006/24/2016 228,104.80 1.676 1.700245,000.00
United Bankers' Bank1379 NCD 245,000.00909557EA4 04/29/2019 3021.80008/29/2014 244,029.80 1.776 1.800245,000.00
United Community Bank1694 NCD 245,000.0090983WBD2 03/28/2022 1,3661.60009/29/2016 232,666.70 1.577 1.599245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 9711.60002/26/2016 239,793.75 1.579 1.601245,000.00
Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 5471.85012/29/2014 243,162.50 1.824 1.850245,000.00
Washington Trst Westerly1345 NCD 245,000.00940637GJ4 07/31/2019 3951.90007/31/2014 243,899.95 1.873 1.900245,000.00
Webster Bank NA1252 NCD 245,000.0094768NJM7 02/12/2019 2261.90002/12/2014 244,549.20 1.873 1.900245,000.00
Northwest Bank1308 NCD 245,000.0066736AAK5 05/29/2019 3321.65005/29/2014 244,230.70 1.628 1.650245,000.00
Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 6342.10009/26/2014 242,501.00 2.071 2.100245,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 1,3332.05002/23/2017 236,331.90 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 1,0951.60006/30/2016 235,160.80 1.578 1.600245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1,4892.35008/12/2015 240,386.65 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 1,4102.05008/11/2017 235,572.40 2.021 2.050245,000.00
Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 5271.90012/08/2014 247,602.50 1.873 1.899250,000.00
Subtotal and Average 49,820,168.24 49,826,000.00 48,555,784.91 1.936 1.963 1,055
Medium Term Notes
Apple, Inc.1342 MTN 2,000,000.00037833AQ3 05/06/2019 3092.10007/15/2014 1,993,880.00 1.982 2.0102,001,441.31
Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 5861.55008/13/2015 735,967.50 1.980 2.008744,764.61
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 6752.00011/05/2015 1,478,955.00 1.854 1.8791,503,175.26
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 9682.25002/23/2016 687,827.00 2.140 2.169701,377.23
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 1,0533.62507/11/2016 102,120.00 1.271 1.288106,508.28
Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 1,0533.62507/11/2016 966,055.20 1.271 1.2881,007,568.36
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 1,0533.62507/12/2016 1,531,800.00 1.238 1.2551,599,088.30
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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.1734 MTN 871,000.0002079KAA5 05/19/2021 1,0533.62501/11/2017 889,465.20 2.012 2.040908,892.55
Alphabet (Google) Inc.1895 MTN 1,000,000.0002079KAA5 05/19/2021 1,0533.62501/10/2018 1,021,200.00 2.189 2.2191,038,820.60
Alphabet (Google) Inc.1931 MTN 382,000.0002079KAA5 05/19/2021 1,0533.62502/14/2018 390,098.40 2.377 2.410394,786.38
Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 5221.87511/24/2014 1,981,340.00 1.874 1.9001,999,318.83
Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 5221.87512/08/2014 1,486,005.00 1.824 1.8501,500,505.85
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 9741.65006/07/2016 971,420.00 1.530 1.5511,002,467.61
Johnson & Johnson1900 MTN 500,000.00478160BS2 03/01/2021 9741.65001/12/2018 485,710.00 2.179 2.210492,820.60
Microsoft Corporation1448 MTN 2,000,000.00594918AY0 02/12/2020 5911.85002/12/2015 1,975,380.00 1.785 1.8102,001,212.94
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 8562.00011/05/2015 1,968,460.00 1.913 1.9402,002,622.47
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 8562.00001/07/2016 885,807.00 1.887 1.913901,728.62
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 1,3162.40012/11/2017 97,880.00 2.292 2.324100,257.27
Stanford University1336 MTN 300,000.00854403AC6 05/01/2019 3044.75007/10/2014 305,172.00 1.966 1.993306,539.01
Stanford University1347 MTN 150,000.00854403AC6 05/01/2019 3044.75007/24/2014 152,586.00 1.896 1.922153,360.45
Stanford University1349 MTN 225,000.00854403AC6 05/01/2019 3044.75007/25/2014 228,879.00 1.895 1.921230,043.62
Stanford University1419 MTN 105,000.00854403AC6 05/01/2019 3044.75012/11/2014 106,810.20 1.893 1.920107,363.50
Subtotal and Average 20,804,663.65 20,529,000.00 20,442,817.50 1.833 1.858 740
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1028 3,000,000.0031315PPC7 02/21/2019 2351.79002/21/2012 2,990,070.00 1.765 1.7903,000,000.00
Federal Agricultural Mortgage1031 2,000,000.0031315PQC6 09/06/2018 671.55003/06/2012 1,999,060.00 1.528 1.5502,000,000.00
Federal Agricultural Mortgage1052 1,500,000.0031315PTW9 04/10/2019 2831.87004/10/2012 1,494,840.00 1.844 1.8701,500,000.00
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 1,2472.00011/29/2012 1,461,915.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 1,4652.20012/13/2012 1,466,175.00 1.930 1.9571,513,271.00
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 1,6042.00012/19/2012 724,387.50 2.081 2.110746,745.56
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 5441.48012/27/2012 1,477,515.00 1.395 1.4151,501,375.10
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 1,6402.18001/04/2013 1,458,045.00 2.165 2.1961,499,034.58
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 5474.50001/04/2013 761,430.40 1.514 1.535771,030.55
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 1,0663.84001/04/2013 515,675.00 1.946 1.973524,970.02
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 1,6402.18001/08/2013 1,458,045.00 2.195 2.2251,497,257.89
Federal Agricultural Mortgage1142 1,200,000.0031315PTW9 04/10/2019 2831.87001/09/2013 1,195,872.00 1.400 1.4201,203,989.79
Federal Agricultural Mortgage1143 451,000.0031315PPC7 02/21/2019 2351.79001/09/2013 449,507.19 1.372 1.392452,095.38
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 1,6402.18001/23/2013 1,458,045.00 2.111 2.1411,502,346.68
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 Mortgage1147 2,595,000.0031315PUE7 12/27/2022 1,6402.18001/28/2013 2,522,417.85 2.199 2.2292,589,794.82
Federal Agricultural Mortgage1152 2,000,000.0031315PPF0 01/30/2019 2131.32002/11/2013 1,988,760.00 1.220 1.2372,000,925.86
Federal Agricultural Mortgage1155 1,500,000.0031315PPF0 01/30/2019 2131.32002/21/2013 1,491,570.00 1.262 1.2801,500,332.99
Federal Agricultural Mortgage1186 1,450,000.0031315PXH7 01/09/2019 1922.10005/01/2013 1,449,579.50 1.055 1.0701,457,545.75
Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 6141.41001/15/2014 1,471,950.00 2.462 2.4961,474,745.15
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 8012.80001/15/2014 1,504,755.00 2.635 2.6721,503,816.57
Federal Agricultural Mortgage1256 1,500,000.0031315PXH7 01/09/2019 1922.10003/05/2014 1,499,565.00 1.702 1.7261,502,795.75
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 9824.16003/06/2014 311,331.00 2.574 2.609311,359.90
Federal Agricultural Mortgage1258 1,500,000.0031315P6P9 03/05/2024 2,0743.40003/07/2014 1,541,115.00 3.325 3.3721,502,002.53
Federal Agricultural Mortgage1259 1,500,000.0031315P6P9 03/05/2024 2,0743.40003/10/2014 1,541,115.00 3.424 3.4711,494,882.89
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 9992.50003/26/2014 1,492,260.00 2.495 2.5301,498,856.70
Federal Agricultural Mortgage1265 1,800,000.0031315PJ67 02/28/2019 2421.70003/28/2014 1,792,728.00 1.784 1.8091,798,767.20
Federal Agricultural Mortgage1271 1,000,000.0031315P4B2 01/30/2024 2,0393.46004/09/2014 1,028,730.00 3.297 3.3431,005,479.09
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 1,4652.20004/23/2014 1,221,812.50 2.889 2.9301,217,660.82
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 6421.47510/15/2014 490,635.00 1.857 1.882496,611.99
Federal Agricultural Mortgage1406 1,500,000.0031315PA58 11/20/2019 5071.31011/07/2014 1,476,060.00 1.854 1.8801,488,741.54
Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 5071.84011/20/2014 1,982,400.00 1.814 1.8402,000,000.00
Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 5071.84011/20/2014 1,486,800.00 1.848 1.8731,499,334.67
Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 5401.85012/23/2014 1,485,765.00 1.851 1.8761,499,436.97
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 1,0392.51001/09/2015 671,388.75 2.110 2.140681,605.27
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 2,0963.33001/09/2015 414,225.24 2.540 2.575419,470.72
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 1,8072.61001/22/2015 1,583,661.28 2.269 2.3011,626,170.83
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 1,8072.61002/09/2015 1,431,614.00 2.377 2.4101,462,907.95
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 1,3392.15003/05/2015 978,640.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1552 Call 1,500,000.003132X0EU1 01/27/2026 2,7672.93002/26/2016 1,481,745.00 2.831 2.8701,505,793.99
Federal Agricultural Mortgage1554 Call 1,500,000.003132X0EU1 01/27/2026 2,7672.93003/02/2016 1,481,745.00 2.878 2.9181,501,146.98
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 1,6682.13004/06/2016 969,390.00 1.839 1.8641,011,301.67
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 2,5914.35004/08/2016 509,294.04 2.296 2.328534,769.33
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 2,1313.30004/21/2016 1,535,985.00 2.084 2.1121,595,066.78
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 2,1313.30004/26/2016 1,535,985.00 2.159 2.1891,588,636.74
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 1,6402.18005/26/2016 486,015.00 1.844 1.870506,502.17
Federal Agricultural Mortgage1655 1,500,000.0031315PQT9 03/06/2020 6141.41007/01/2016 1,471,950.00 0.992 1.0051,509,975.65
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 Mortgage1663 510,000.0031315PQT9 03/06/2020 6141.41007/21/2016 500,463.00 1.135 1.150512,167.42
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1,4752.38007/25/2016 1,967,940.00 1.499 1.5202,066,153.62
Federal Agricultural Mortgage1681 1,750,000.003132X0BG5 06/15/2020 7151.75008/24/2016 1,721,177.50 1.136 1.1521,769,960.92
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 9391.55010/03/2016 1,458,240.00 1.256 1.2741,510,296.77
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 2,7744.81010/18/2016 1,682,190.00 2.131 2.1601,771,852.38
Federal Agricultural Mortgage1736 Call 1,000,000.003130H0BL6 01/01/2027 3,1063.20001/19/2017 998,420.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 1,3332.10002/23/2017 977,060.00 2.034 2.0631,001,271.91
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 1,3332.10003/02/2017 1,465,590.00 2.085 2.1141,499,230.82
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 1,3752.07504/06/2017 1,462,710.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 9671.90004/12/2017 980,040.00 1.781 1.8051,002,385.03
Federal Agricultural Mortgage1784 Call 1,500,000.003132X0QC8 02/23/2027 3,1593.25004/27/2017 1,499,940.00 3.200 3.2451,500,492.41
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 1,2822.10005/04/2017 978,360.00 1.938 1.9651,004,494.79
Federal Agricultural Mortgage1789 Call 1,000,000.003130H0BN2 05/01/2027 3,2263.20005/11/2017 995,070.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1792 Call 1,500,000.003132X0QC8 02/23/2027 3,1593.25005/09/2017 1,499,940.00 3.201 3.2451,500,000.00
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 1,4652.20006/14/2017 977,450.00 1.908 1.9341,010,086.59
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 1,4591.88006/29/2017 1,448,280.00 1.903 1.9301,497,147.97
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 1,4591.88006/29/2017 965,520.00 1.923 1.949997,348.49
Federal Agricultural Mortgage1850 Call 1,500,000.003130H0BR3 09/01/2027 3,3493.05009/28/2017 1,469,550.00 3.008 3.0501,500,000.00
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 2,2452.25010/06/2017 965,840.00 2.332 2.365993,498.85
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 1,6252.26012/12/2017 1,463,895.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1889 2,000,000.003132X0D57 01/08/2021 9222.12001/08/2018 1,973,080.00 2.090 2.1202,000,000.00
Federal Agricultural Mortgage1891 Call 1,000,000.003132X0E49 01/10/2028 3,4803.28001/10/2018 992,690.00 3.235 3.2801,000,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 2,2232.62501/09/2018 987,500.00 2.546 2.5811,002,401.40
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 2,2232.62501/11/2018 1,481,250.00 2.623 2.6601,497,074.96
Federal Agricultural Mortgage1911 1,500,000.003132X0G21 02/03/2020 5822.10002/02/2018 1,489,830.00 2.093 2.1231,499,464.49
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 1,6742.50001/30/2018 1,969,860.00 2.472 2.5071,999,377.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 1,6742.50001/30/2018 1,477,395.00 2.481 2.5151,498,980.37
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 1,6742.50001/31/2018 1,969,860.00 2.556 2.5921,992,132.44
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 1,6682.13002/08/2018 1,066,329.00 2.578 2.6141,077,332.86
Federal Agricultural Mortgage1927 1,000,000.003132X0H79 02/22/2021 9672.35002/22/2018 991,430.00 2.327 2.360999,744.64
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 1,6972.60002/22/2018 1,483,365.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1930 1,000,000.003132X0G21 02/03/2020 5822.10002/09/2018 993,220.00 2.174 2.205998,374.38
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 Agricultural Mortgage1935 1,000,000.003132X0G21 02/03/2020 5822.10002/15/2018 993,220.00 2.238 2.269997,374.29
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 1,6962.77002/23/2018 1,494,405.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage839 1,500,000.0031315PEY1 12/30/2019 5474.50012/30/2009 1,543,440.00 4.438 4.5001,500,000.00
Federal Agricultural Mortgage942 1,500,000.0031315PTU3 03/09/2021 9824.16003/09/2011 1,556,655.00 4.103 4.1601,500,000.00
Federal Farm Credit Bank1092 1,500,000.003133EAUF3 06/14/2019 3481.50006/14/2012 1,487,475.00 1.479 1.5001,500,000.00
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 8212.87509/29/2010 1,005,060.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank918 2,000,000.0031331J5F6 12/16/2020 8993.62512/16/2010 2,044,860.00 3.575 3.6252,000,000.00
Federal Farm Credit Bank .1181 Call 1,500,000.003133EA4J4 10/11/2018 1021.15004/30/2013 1,496,670.00 1.137 1.1531,499,984.70
Federal Farm Credit Bank .1227 1,500,000.003133ECTM6 07/02/2018 11.90007/02/2013 1,500,000.00 1.873 1.9001,500,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 1,8012.45001/09/2014 490,940.00 3.383 3.430479,493.43
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 1,8512.12501/27/2016 603,512.50 2.024 2.052627,129.96
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 1,3525.16003/17/2016 542,220.00 1.876 1.902556,740.87
Federal Farm Credit Bank .1565 Call 1,000,000.003133EFT98 03/28/2025 2,4622.62003/28/2016 961,590.00 2.596 2.632999,250.93
Federal Farm Credit Bank .1582 Call 1,500,000.003133EF3D7 04/21/2025 2,4862.54004/21/2016 1,439,175.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1584 Call 1,500,000.003133EF3D7 04/21/2025 2,4862.54004/21/2016 1,439,175.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1585 Call 1,500,000.003133EF4A2 04/19/2022 1,3881.92004/19/2016 1,447,110.00 1.893 1.9201,500,000.00
Federal Farm Credit Bank .1591 Call 1,500,000.003133EF2D8 04/13/2026 2,8432.64004/19/2016 1,429,260.00 2.603 2.6391,500,000.00
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 1,2411.61004/21/2016 240,862.50 1.558 1.580250,241.42
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 1,4121.87504/21/2016 967,930.00 1.578 1.6001,010,092.32
Federal Farm Credit Bank .1598 Call 1,000,000.003133EFX44 10/05/2022 1,5572.05004/22/2016 964,910.00 2.021 2.0491,000,000.00
Federal Farm Credit Bank .1603 Call 1,930,000.003133EFYV3 02/17/2026 2,7882.82004/26/2016 1,850,329.60 2.722 2.7601,937,654.74
Federal Farm Credit Bank .1606 Call 1,605,000.003133EFYF8 02/10/2025 2,4162.73004/28/2016 1,566,255.30 2.621 2.6571,611,762.32
Federal Farm Credit Bank .1609 Call 1,000,000.003133EF6T9 05/12/2025 2,5072.47005/12/2016 953,280.00 2.436 2.4701,000,000.00
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 2,3572.12505/13/2016 949,890.00 1.930 1.9561,009,934.25
Federal Farm Credit Bank .1623 Call 1,500,000.003133EGEB7 06/09/2026 2,9002.57006/09/2016 1,418,910.00 2.534 2.5701,500,000.00
Federal Farm Credit Bank .1630 Call 1,000,000.003133EF2D8 04/13/2026 2,8432.64006/13/2016 952,840.00 2.522 2.5571,005,619.83
Federal Farm Credit Bank .1634 Call 1,000,000.003133EF2D8 04/13/2026 2,8432.64006/16/2016 952,840.00 2.489 2.5241,007,921.97
Federal Farm Credit Bank .1638 Call 2,000,000.003133EGGR0 06/22/2026 2,9132.50006/22/2016 1,900,540.00 2.582 2.6182,000,000.00
Federal Farm Credit Bank .1641 Call 1,500,000.003133EGHN8 06/30/2025 2,5562.42006/30/2016 1,421,535.00 2.386 2.4201,500,000.00
Federal Farm Credit Bank .1647 Call 1,500,000.003133EGJH9 01/06/2025 2,3812.24007/06/2016 1,418,340.00 2.209 2.2401,500,000.00
Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 7361.00007/06/2016 1,453,215.00 0.986 1.0001,500,000.00
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 1,3525.16007/08/2016 542,220.00 1.215 1.232570,018.33
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 .1664 Call 1,500,000.003133EGFB6 06/16/2025 2,5422.36007/25/2016 1,417,695.00 2.309 2.3411,501,760.78
Federal Farm Credit Bank .1675 Call 1,500,000.003133EGQA6 11/08/2023 1,9561.85008/09/2016 1,415,715.00 1.859 1.8851,497,396.44
Federal Farm Credit Bank .1679 Call 1,350,000.003133EGQH1 08/10/2026 2,9622.14008/18/2016 1,242,094.50 2.110 2.1391,350,000.00
Federal Farm Credit Bank .1701 Call 1,625,000.003133EGXB6 10/05/2026 3,0182.14010/06/2016 1,485,428.75 2.154 2.1841,619,628.79
Federal Farm Credit Bank .1705 Call 1,000,000.003133EGYL3 10/17/2025 2,6652.09010/17/2016 924,220.00 2.061 2.0901,000,000.00
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 1,2695.05004/12/2017 537,810.00 1.884 1.910551,891.28
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 2,0942.30005/04/2017 870,867.00 2.274 2.306899,693.02
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 2,2902.91006/21/2017 498,360.00 2.143 2.172521,241.28
Federal Farm Credit Bank .1826 Call 1,000,000.003133EHGK3 04/24/2025 2,4892.85006/22/2017 975,870.00 2.798 2.8361,000,000.00
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 1,5902.93009/14/2017 447,429.70 1.870 1.896463,961.78
Federal Farm Credit Bank .1845 Call 506,000.003133EFYK7 02/08/2023 1,6832.29009/14/2017 489,494.28 2.260 2.291505,956.87
Federal Farm Credit Bank .1846 Call 1,500,000.003133EHZL0 09/20/2027 3,3682.92009/20/2017 1,440,210.00 2.880 2.9201,500,000.00
Federal Farm Credit Bank .1848 Call 1,000,000.003133EGCR4 06/01/2023 1,7962.07009/18/2017 960,800.00 2.135 2.165995,611.64
Federal Farm Credit Bank .1849 Call 1,000,000.003133EHTZ6 08/09/2027 3,3262.95009/18/2017 959,480.00 2.909 2.9491,000,000.00
Federal Farm Credit Bank .1859 Call 1,000,000.003133EHD59 04/10/2026 2,8402.90010/10/2017 988,960.00 2.860 2.9001,000,000.00
Federal Farm Credit Bank .1870 Call 1,000,000.003133EHG31 04/19/2027 3,2143.00010/19/2017 958,880.00 2.958 3.0001,000,000.00
Federal Farm Credit Bank .1871 Call 1,000,000.003133EHG72 10/18/2027 3,3963.08010/18/2017 971,400.00 3.037 3.0801,000,000.00
Federal Farm Credit Bank .1874 Call 1,500,000.003133EHJ20 10/23/2024 2,3062.68010/23/2017 1,468,260.00 2.643 2.6801,500,000.00
Federal Farm Credit Bank .1875 Call 675,000.003133EHZL0 09/20/2027 3,3682.92010/18/2017 648,094.50 2.958 3.000670,712.52
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 1,2271.70012/29/2017 580,062.00 2.161 2.191590,561.96
Federal Farm Credit Bank .1887 Call 1,500,000.003133EH3K7 06/21/2027 3,2773.10001/03/2018 1,454,175.00 3.102 3.1461,494,668.79
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 1,6912.57002/16/2018 1,483,710.00 2.605 2.6421,495,349.53
Federal Farm Credit Bank .1954 Call 1,500,000.003133EJNJ4 05/07/2024 2,1373.47005/07/2018 1,500,195.00 3.422 3.4701,500,000.00
Federal Home Loan Bank1012 2,000,000.00313376BR5 12/14/2018 1661.75012/16/2011 1,995,920.00 1.725 1.7492,000,000.00
Federal Home Loan Bank1039 1,500,000.003133782M2 03/08/2019 2501.50003/08/2012 1,492,425.00 1.574 1.5961,499,066.40
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 1,3352.33003/20/2012 1,478,145.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1049 1,500,000.00313378VG3 05/22/2019 3251.85004/09/2012 1,493,115.00 1.824 1.8501,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 8712.00005/18/2012 1,972,060.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 5301.25011/30/2012 1,473,240.00 1.196 1.2121,500,773.82
Federal Home Loan Bank1126 Call 750,000.00313381DA0 12/05/2022 1,6182.19012/05/2012 726,120.00 2.165 2.195749,833.96
Federal Home Loan Bank1127 1,500,000.00313381GB5 11/30/2018 1521.00011/30/2012 1,493,100.00 0.986 1.0001,500,000.00
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 5301.25012/13/2012 1,473,240.00 1.232 1.2491,500,000.00
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 Bank1135 1,500,000.00313376BR5 12/14/2018 1661.75012/19/2012 1,496,940.00 1.075 1.0901,504,327.82
Federal Home Loan Bank1140 1,500,000.00313376BR5 12/14/2018 1661.75001/08/2013 1,496,940.00 1.117 1.1321,504,042.95
Federal Home Loan Bank1146 Call 212,500.00313381DA0 12/05/2022 1,6182.19001/25/2013 205,734.00 2.201 2.232212,142.19
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 1,2585.00002/25/2013 1,409,916.70 1.825 1.8501,445,975.98
Federal Home Loan Bank1157 2,000,000.003133XSR59 12/14/2018 1663.75002/25/2013 2,014,100.00 1.128 1.1442,022,761.79
Federal Home Loan Bank1168 530,000.003133XSR59 12/14/2018 1663.75003/11/2013 533,736.50 1.165 1.182535,939.78
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 8943.12501/09/2014 1,516,785.00 2.615 2.6511,515,742.54
Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 5552.22001/23/2014 1,493,115.00 2.194 2.2251,499,889.22
Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 6212.12502/24/2014 1,489,575.00 2.095 2.1241,500,000.00
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 9851.75003/13/2014 1,463,775.00 2.418 2.4511,474,055.91
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 8032.87504/02/2014 1,507,170.00 2.271 2.3031,517,399.42
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 8712.00004/08/2014 197,206.00 2.263 2.295198,702.98
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 8712.00004/09/2014 542,316.50 2.263 2.295546,431.69
Federal Home Loan Bank1278 325,000.003133XTYY6 06/14/2019 3484.37504/22/2014 330,684.25 1.889 1.916332,216.87
Federal Home Loan Bank1314 1,500,000.00313379EE5 06/14/2019 3481.62506/04/2014 1,489,110.00 1.700 1.7241,498,644.11
Federal Home Loan Bank1318 1,500,000.00313379EE5 06/14/2019 3481.62506/16/2014 1,489,110.00 1.774 1.7991,497,631.75
Federal Home Loan Bank1324 Call 1,250,000.003133836A4 05/22/2019 3250.80006/24/2014 1,232,725.00 1.766 1.7911,239,446.76
Federal Home Loan Bank1332 1,500,000.003130A2FH4 06/14/2019 3481.75007/02/2014 1,490,655.00 1.686 1.7101,500,542.79
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 1,2561.53004/08/2016 1,442,790.00 1.450 1.4701,502,943.33
Federal Home Loan Bank1583 Call 1,690,000.003130A7RS6 04/27/2026 2,8572.65004/27/2016 1,608,001.20 2.619 2.6551,689,339.02
Federal Home Loan Bank1587 Call 1,500,000.003130A7TA3 04/28/2023 1,7622.07004/28/2016 1,441,035.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 9851.75004/27/2016 975,850.00 1.490 1.5111,006,174.56
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 9531.75006/02/2016 489,340.00 1.476 1.496503,172.52
Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 8945.25006/02/2016 424,316.00 1.461 1.481435,512.89
Federal Home Loan Bank1628 Call 1,500,000.003130A8F99 06/15/2026 2,9062.58006/15/2016 1,422,030.00 2.544 2.5801,500,000.00
Federal Home Loan Bank1632 Call 2,000,000.003130A8J46 06/29/2026 2,9202.52006/29/2016 1,886,820.00 2.485 2.5202,000,000.00
Federal Home Loan Bank1633 Call 1,363,636.273130A8J79 12/27/2024 2,3712.35006/27/2016 1,292,331.73 2.317 2.3501,363,636.27
Federal Home Loan Bank1635 Call 1,500,000.003130A8JG9 06/22/2023 1,8172.07006/22/2016 1,438,785.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1637 Call 909,091.003130A8J79 12/27/2024 2,3712.35006/27/2016 861,554.63 2.317 2.350909,091.00
Federal Home Loan Bank1640 Call 1,500,000.003130A8JX2 06/29/2026 2,9202.54006/29/2016 1,415,460.00 2.505 2.5401,500,000.00
Federal Home Loan Bank1643 Call 1,500,000.003130A8HF3 09/23/2025 2,6412.44006/23/2016 1,417,605.00 2.430 2.4641,497,655.86
Federal Home Loan Bank1644 Call 1,500,000.003130A8HT3 12/29/2025 2,7382.47006/29/2016 1,500,015.00 2.451 2.4851,498,497.17
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 Bank1648 Call 1,500,000.003130A8J46 06/29/2026 2,9202.52006/29/2016 1,415,115.00 2.425 2.4591,500,359.75
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 1,2582.87506/28/2016 250,945.00 1.232 1.249263,476.97
Federal Home Loan Bank1651 Call 1,500,000.003130A8MQ3 10/12/2022 1,5641.87507/12/2016 1,432,740.00 1.849 1.8751,500,000.00
Federal Home Loan Bank1652 Call 980,000.003130A8F99 06/15/2026 2,9062.58006/29/2016 929,059.60 2.524 2.560981,363.44
Federal Home Loan Bank1661 Call 1,000,000.003130A8SJ3 11/01/2024 2,3152.15008/01/2016 943,570.00 2.120 2.1501,000,000.00
Federal Home Loan Bank1662 Call 1,500,000.003130A8R54 07/28/2023 1,8531.80007/28/2016 1,418,565.00 1.795 1.8201,498,576.46
Federal Home Loan Bank1667 Call 1,500,000.003130A8VP5 08/23/2024 2,2452.00008/23/2016 1,413,870.00 1.972 2.0001,500,000.00
Federal Home Loan Bank1668 Call 1,500,000.003130A8VN0 11/17/2023 1,9651.94008/17/2016 1,423,095.00 1.913 1.9401,500,000.00
Federal Home Loan Bank1690 Call 1,000,000.003130A94L2 09/02/2026 2,9852.12509/15/2016 918,930.00 2.129 2.158997,540.28
Federal Home Loan Bank1695 Call 1,500,000.003130A9N64 10/06/2026 3,0192.15010/06/2016 1,378,425.00 2.120 2.1501,500,000.00
Federal Home Loan Bank1697 Call 1,000,000.003130A9N64 10/06/2026 3,0192.15010/06/2016 918,950.00 2.131 2.161999,173.61
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 1,6812.13010/05/2016 485,320.00 1.578 1.600511,536.39
Federal Home Loan Bank1700 Call 1,500,000.003130A9P62 10/13/2026 3,0262.20010/13/2016 1,383,330.00 2.169 2.2001,500,000.00
Federal Home Loan Bank1702 Call 2,000,000.003130A9PT2 10/26/2026 3,0392.23010/26/2016 1,847,540.00 2.199 2.2302,000,000.00
Federal Home Loan Bank1706 Call 310,000.003130A9PT2 10/26/2026 3,0392.23010/26/2016 286,368.70 2.214 2.245309,654.41
Federal Home Loan Bank1707 Call 1,000,000.003130A9RH6 10/20/2026 3,0332.30010/20/2016 929,100.00 2.270 2.302999,833.94
Federal Home Loan Bank1709 Call 1,000,000.003130A9RH6 10/20/2026 3,0332.30010/20/2016 929,100.00 2.271 2.302999,792.43
Federal Home Loan Bank1713 Call 2,000,000.003130A9XC0 11/17/2026 3,0612.36011/17/2016 1,852,820.00 2.327 2.3602,000,000.00
Federal Home Loan Bank1716 Call 1,500,000.003130A9XC0 11/17/2026 3,0612.36011/17/2016 1,389,615.00 2.361 2.3931,496,230.00
Federal Home Loan Bank1717 Call 1,500,000.003130AA2Z0 11/23/2026 3,0672.69011/23/2016 1,411,560.00 2.653 2.6901,500,000.00
Federal Home Loan Bank1718 Call 205,000.003130AA2Z0 11/23/2026 3,0672.69011/23/2016 192,913.20 2.682 2.720204,549.13
Federal Home Loan Bank1719 Call 1,500,000.003130A7C29 02/24/2026 2,7952.75011/16/2016 1,431,915.00 2.712 2.7491,500,000.00
Federal Home Loan Bank1720 Call 1,500,000.003130AAAZ1 12/14/2026 3,0882.90012/14/2016 1,439,730.00 2.860 2.9001,500,000.00
Federal Home Loan Bank1724 Call 800,000.003130AAEX2 12/28/2021 1,2762.15012/28/2016 778,464.00 2.120 2.150800,000.00
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 1,2471.87512/16/2016 972,930.00 2.168 2.198989,547.88
Federal Home Loan Bank1741 Call 315,000.003130AAAZ1 12/14/2026 3,0882.90001/27/2017 302,343.30 3.008 3.050311,564.11
Federal Home Loan Bank1751 Call 325,000.003130A8HF3 09/23/2025 2,6412.44002/15/2017 307,147.75 2.836 2.875315,992.11
Federal Home Loan Bank1752 Call 250,000.003130A7C29 02/24/2026 2,7952.75002/15/2017 238,652.50 2.958 3.000245,837.45
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 1,2585.00003/10/2017 2,047,863.80 2.150 2.1802,085,147.94
Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 1,3492.25004/12/2017 982,090.00 1.903 1.9301,011,209.89
Federal Home Loan Bank1823 Call 1,500,000.003130ABJW7 06/27/2024 2,1882.55006/27/2017 1,444,230.00 2.515 2.5501,500,000.00
Federal Home Loan Bank1847 Call 500,000.003130A7TA3 04/28/2023 1,7622.07009/18/2017 480,345.00 2.131 2.161497,936.24
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 Bank1854 Call 1,500,000.003130ACH64 10/26/2022 1,5782.25010/26/2017 1,462,980.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1860 Call 500,000.003130AAWE4 03/08/2022 1,3462.22009/28/2017 489,110.00 2.116 2.146501,289.68
Federal Home Loan Bank1861 Call 800,000.003130ABAF3 05/11/2027 3,2363.00009/29/2017 781,080.00 2.958 2.999800,000.00
Federal Home Loan Bank1862 Call 1,000,000.003130ACK94 10/10/2024 2,2932.53010/10/2017 964,520.00 2.495 2.5301,000,000.00
Federal Home Loan Bank1873 Call 1,500,000.003130ACMH4 10/16/2024 2,2992.50010/16/2017 1,448,970.00 2.465 2.5001,500,000.00
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 1,9862.25001/03/2018 970,160.00 2.359 2.392992,813.64
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 1,8952.37501/09/2018 977,140.00 2.376 2.409998,344.97
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 1,6612.38001/18/2018 489,925.00 2.385 2.418499,181.55
Federal Home Loan Bank822 3,000,000.003133XUMS9 09/13/2019 4394.50008/12/2009 3,072,150.00 4.437 4.4993,000,000.00
Federal Home Loan Bank940 2,000,000.003133X0PF0 08/15/2018 455.37502/17/2011 2,007,960.00 3.423 3.4702,004,067.31
Fed. Home Loan Mortgage Corp.1106 1,500,000.003134G3A91 08/22/2019 4171.40008/22/2012 1,480,140.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 5431.50009/26/2012 1,475,760.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 1,2582.00004/10/2014 1,951,940.00 2.564 2.6001,962,758.17
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 1,2582.00004/22/2014 975,970.00 2.643 2.680978,953.23
Fed. Home Loan Mortgage Corp.1282 300,000.003134G3A91 08/22/2019 4171.40005/01/2014 296,028.00 1.914 1.941298,245.02
Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 6211.65005/02/2014 295,281.00 2.053 2.082297,933.52
Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 5081.45005/02/2014 295,620.00 1.938 1.965297,973.99
Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 6271.50005/06/2014 981,830.00 2.041 2.070990,827.98
Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 6911.50005/06/2014 980,240.00 2.091 2.120989,043.29
Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 5431.50005/13/2014 983,840.00 1.945 1.972993,388.53
Fed. Home Loan Mortgage Corp.1352 1,000,000.003134G43G1 05/07/2019 3101.20007/25/2014 990,430.00 1.765 1.790995,213.01
Fed. Home Loan Mortgage Corp.1678 Call 1,000,000.003134GAEF7 09/29/2021 1,1861.65009/29/2016 967,020.00 1.627 1.6501,000,000.00
Fed. Home Loan Mortgage Corp.1828 Call 1,500,000.003134GBNX6 05/28/2021 1,0622.00006/28/2017 1,471,440.00 1.969 1.9961,500,000.00
Fed. Home Loan Mortgage Corp.1835 Call 1,500,000.003134GBXU1 07/27/2022 1,4872.25007/27/2017 1,456,020.00 2.219 2.2501,500,000.00
Fed. Home Loan Mortgage Corp.1836 Call 1,000,000.003134GBXU1 07/27/2022 1,4872.25007/27/2017 970,680.00 2.219 2.2501,000,000.00
Fed. Home Loan Mortgage Corp.1837 Call 1,000,000.003134GBXU1 07/27/2022 1,4872.25007/27/2017 970,680.00 2.234 2.265999,389.17
Fed. Home Loan Mortgage Corp.1853 Call 660,000.003134GBK92 10/12/2022 1,5642.20010/12/2017 638,490.60 2.169 2.200660,000.00
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 8382.35004/16/2012 1,983,920.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 6692.00004/30/2012 1,980,200.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 6692.05004/30/2012 1,486,485.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 8522.00004/30/2012 1,970,700.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 7892.00004/08/2014 1,480,335.00 2.172 2.2021,493,914.06
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 Asso1276 1,000,000.003136G0U58 04/30/2021 1,0341.75004/16/2014 975,890.00 2.364 2.397983,231.14
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 1,0131.75005/02/2014 243,060.00 2.452 2.486245,335.74
Federal National Mortgage Asso1290 1,000,000.003136G0Y70 01/30/2019 2131.08005/05/2014 993,340.00 1.633 1.656996,795.74
Federal National Mortgage Asso1315 1,200,000.003136G0YK1 08/28/2019 4231.50006/05/2014 1,187,232.00 1.815 1.8401,195,508.89
Federal National Mortgage Asso1317 1,000,000.003136G02P5 04/29/2019 3021.20006/12/2014 990,690.00 1.765 1.790995,342.45
Federal National Mortgage Asso1546 Call 1,000,000.003136G3AN5 03/16/2021 9891.50003/16/2016 986,180.00 1.978 2.0061,000,000.00
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 1,0272.28006/30/2016 987,300.00 1.171 1.1871,029,763.19
Federal National Mortgage Asso1669 Call 1,350,000.003136G3XZ3 07/28/2021 1,1231.50007/28/2016 1,298,713.50 1.505 1.5261,348,962.19
Federal National Mortgage Asso1687 Call 1,050,000.003136G36A8 09/27/2024 2,2802.00009/27/2016 983,356.50 1.972 2.0001,050,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 2,8607.12511/10/2016 640,940.00 2.367 2.400664,593.30
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 1,5172.00012/29/2017 482,380.00 2.238 2.270494,702.87
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 1,5572.00001/09/2018 967,740.00 2.288 2.320987,141.74
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 1,5572.00001/19/2018 967,740.00 2.409 2.443982,257.88
Federal National Mortgage Asso1922 1,000,000.003136G0P62 10/15/2020 8371.50002/05/2018 975,860.00 2.268 2.300982,334.12
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 1,6632.37502/08/2018 1,472,880.00 2.574 2.6101,485,038.97
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 9603.87512/14/2012 514,815.00 1.596 1.618527,607.43
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1,5061.87512/14/2012 976,841.70 1.893 1.9201,008,292.75
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 9603.87501/23/2013 1,544,445.00 1.647 1.6691,580,827.15
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 9603.87503/12/2014 1,194,370.80 2.427 2.4611,199,312.51
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 2,6806.75011/20/2015 1,239,630.00 2.807 2.8461,247,758.95
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 2,2682.87501/15/2016 744,877.50 2.564 2.600761,379.44
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 2,6806.75004/18/2016 960,713.25 2.337 2.370996,627.15
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1,5061.87510/07/2016 1,441,083.30 1.538 1.5601,508,408.85
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 2,6806.75011/10/2016 1,549,537.50 2.317 2.3501,611,723.31
Subtotal and Average 323,278,677.07 320,999,227.27 315,599,125.39 2.201 2.232 1,560
Treasury Securities - Coupon
Federal Home Loan Bank1918 1,000,000.003130ADJH6 01/29/2020 5772.10001/29/2018 994,380.00 2.083 2.112999,815.40
U.S. Treasury1237 TB 2,000,000.00912828SD3 01/31/2019 2141.25001/07/2014 1,988,980.00 1.682 1.7051,994,903.04
U.S. Treasury1284 TB 1,500,000.00912828TH3 07/31/2019 3950.87505/02/2014 1,475,865.00 1.726 1.7501,486,485.72
U.S. Treasury1285 TB 1,500,000.00912828TN0 08/31/2019 4261.00005/02/2014 1,475,685.00 1.755 1.7801,487,038.83
U.S. Treasury1289 TB 1,500,000.00912828SX9 05/31/2019 3341.12505/05/2014 1,483,470.00 1.692 1.7161,492,264.87
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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. Treasury1299 TB 1,500,000.00912828SX9 05/31/2019 3341.12505/13/2014 1,483,470.00 1.654 1.6771,492,761.96
U.S. Treasury1316 TB 1,500,000.00912828TC4 06/30/2019 3641.00006/10/2014 1,480,080.00 1.687 1.7111,489,855.85
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 1,3381.75003/09/2017 1,451,430.00 2.071 2.1001,481,823.44
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 1,5521.75010/06/2017 1,442,760.00 1.914 1.9411,488,445.70
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 1,6751.75001/11/2018 1,437,360.00 2.308 2.3401,461,917.80
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 1,6442.12501/22/2018 1,462,320.00 2.387 2.4201,481,311.06
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 1,6751.75002/05/2018 1,437,360.00 2.560 2.5961,445,733.59
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 1,6751.75002/08/2018 958,240.00 2.487 2.521966,925.25
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 1,7031.50002/09/2018 946,680.00 2.534 2.570953,478.10
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 1,7031.50002/15/2018 946,680.00 2.601 2.638950,603.74
Subtotal and Average 20,673,364.35 21,000,000.00 20,464,760.00 2.029 2.057 978
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 1,1272.38110/30/2015 978,420.00 2.120 2.1501,006,656.78
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 1,4922.60805/09/2017 216,064.20 2.266 2.298222,589.61
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 1,4312.87501/26/2018 318,659.20 2.486 2.520324,186.78
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 2,5886.23802/24/2016 808,555.30 3.557 3.606844,494.74
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 1,1274.58402/24/2016 312,774.00 2.130 2.159321,066.10
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 1,1274.58403/04/2016 1,303,225.00 2.138 2.1681,337,362.46
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 1,1274.58402/17/2017 364,903.00 2.317 2.350372,793.68
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 2,9535.23409/27/2017 339,379.60 2.850 2.890355,660.60
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 1,1272.78101/27/2016 496,630.00 2.012 2.040510,750.33
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 1,4922.97111/30/2017 54,692.00 2.416 2.45056,098.04
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 1,4613.50005/03/2018 1,532,385.00 2.927 2.9671,529,790.12
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 2,7726.08006/28/2016 597,313.50 2.994 3.035630,843.83
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 2,9533.16002/14/2018 981,547.60 3.028 3.0701,001,323.39
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 2,5883.04002/14/2018 737,692.50 2.959 3.000751,880.46
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 1,5533.57005/17/2016 511,130.00 1.878 1.904533,267.83
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 1,6763.25006/27/2016 367,876.20 1.898 1.925385,718.52
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 2,4072.37507/29/2016 1,739,900.25 1.972 1.9991,866,232.54
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 1,5533.57009/26/2016 393,570.10 1.630 1.653414,789.88
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 2,6494.00004/10/2017 260,595.00 2.739 2.777269,628.47
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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 Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 3,0144.31001/26/2018 1,171,398.15 2.979 3.0201,196,841.73
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 3,0144.31003/19/2018 213,954.00 3.204 3.248215,162.80
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 3,0143.15010/19/2016 1,023,044.55 2.431 2.4651,097,048.09
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 1,3114.80009/21/2017 237,924.00 2.071 2.100245,692.79
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 1,5531.92103/20/2018 954,710.00 2.584 2.620972,148.56
State of Hawaii1946 MUN 355,000.00419791YP7 02/01/2022 1,3114.80003/21/2018 375,391.20 2.761 2.800378,945.18
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 1,5531.92103/29/2018 1,432,065.00 2.663 2.7001,453,519.88
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 1,8882.64002/14/2017 977,600.00 2.784 2.8231,001,404.67
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 1,5232.44012/11/2017 1,064,494.00 2.355 2.3881,092,202.44
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 3,2875.51603/29/2018 1,727,670.00 3.254 3.3001,755,893.88
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 1,3394.30009/16/2016 506,257.55 1.534 1.555531,716.68
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 1,3532.25003/22/2017 980,520.00 2.219 2.2501,000,000.00
State of Maryland1941 MUN 1,500,000.00574193PU6 03/15/2021 9882.48003/21/2018 1,487,310.00 2.406 2.4401,501,550.78
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 1,7044.40003/20/2018 1,347,814.40 2.633 2.6701,376,182.41
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 1,1272.97307/24/2014 497,830.00 2.893 2.933503,105.54
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 3,3183.27209/28/2017 493,405.00 2.791 2.830517,402.16
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 1,8574.10310/26/2015 1,396,249.80 2.490 2.5251,431,664.36
State of New Hampshire1948 MUN 1,500,000.00644682M37 06/01/2021 1,0663.50003/22/2018 1,529,100.00 2.544 2.5801,538,353.79
New York St Envrnmntl Facs1942 MUN 1,000,000.0064985HWN3 07/15/2020 7451.43103/15/2018 975,750.00 2.377 2.410980,688.81
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 1,4452.43802/15/2018 1,961,980.00 2.624 2.6611,983,365.59
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 1,0351.57003/09/2016 1,440,060.00 1.548 1.5691,500,000.00
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 1,7652.11009/13/2016 760,368.00 1.764 1.788811,658.29
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 1,7652.11001/31/2017 1,900,920.00 2.485 2.5201,963,514.13
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 2,1014.97106/30/2017 981,477.00 2.416 2.4501,019,535.48
State of Ohio1881 MUN 200,000.00677521GP5 11/01/2020 8543.62512/21/2017 203,522.00 2.179 2.210206,361.17
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 3,3183.18501/25/2018 193,052.00 3.279 3.325198,058.62
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 1,4002.50008/29/2016 560,880.00 1.528 1.550589,792.12
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 1,1272.44105/10/2013 1,965,520.00 2.031 2.0602,021,495.24
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 1,1272.44105/13/2013 1,768,968.00 2.031 2.0601,819,345.07
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 1,1272.44105/15/2013 1,955,692.40 2.051 2.0802,010,250.74
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 1,1272.44101/27/2015 196,552.00 2.041 2.070202,129.08
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 1,1272.44105/12/2016 982,760.00 1.528 1.5501,026,282.01
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
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
Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 7622.29109/02/2016 595,194.00 1.290 1.308611,938.25
Palo Alto Unified School Dist.1880 MUN 1,025,000.00697379UD5 08/01/2020 7622.29112/20/2017 1,016,789.75 1.923 1.9501,032,050.28
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 1,8572.50001/11/2018 1,314,312.20 2.436 2.4701,341,888.19
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 2,2232.68001/12/2018 1,425,018.40 2.643 2.6801,460,000.00
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 2,1622.50001/25/2018 444,967.80 2.968 3.010452,305.26
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 2,5272.75001/25/2018 447,999.60 3.008 3.050456,401.45
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 2,8923.00001/25/2018 455,782.50 3.107 3.150465,111.67
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 3,2573.12501/25/2018 268,091.60 3.209 3.253274,646.19
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 1,4454.95002/09/2015 387,054.00 2.416 2.450392,391.64
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 2,5415.45011/27/2015 1,136,670.00 3.067 3.1101,139,868.57
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 2,5412.29011/01/2016 1,990,930.05 2.219 2.2492,110,264.13
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 2,9062.39011/01/2016 227,372.25 2.376 2.410244,649.57
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 2,5412.29007/14/2017 217,536.30 2.682 2.720223,844.87
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 3,3493.25003/02/2018 666,087.20 3.451 3.499666,874.24
SF Bay Area Rapid Transit Dist1938 MUN 2,100,000.00797669XU7 07/01/2021 1,0962.38703/07/2018 2,057,139.00 2.494 2.5282,091,454.46
SF Bay Area Rapid Transit Dist1939 MUN 1,500,000.00797669XU7 07/01/2021 1,0962.38703/07/2018 1,469,385.00 2.497 2.5311,493,760.40
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 1,8572.50001/29/2015 556,927.60 2.663 2.700574,762.33
San Mateo Union High School Dt1516 MUN 245,000.00799017KT4 09/01/2019 4272.19301/08/2016 243,738.25 1.775 1.800246,081.51
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 1,1582.72001/19/2016 178,344.00 2.046 2.075183,451.46
San Mateo Union High School Dt1902 MUN 1,000,000.00799017UW6 09/01/2025 2,6192.69901/16/2018 975,410.00 2.786 2.825991,907.54
San Mateo Union High School Dt1940 MUN 1,000,000.00799017UW6 09/01/2025 2,6192.69903/09/2018 975,410.00 2.959 3.000980,793.76
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 3,3183.00002/15/2018 174,657.60 3.057 3.100178,589.03
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 2,9532.11608/25/2016 932,040.00 1.923 1.9501,012,133.14
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 2,5882.06608/25/2016 1,549,185.00 1.893 1.9201,665,599.38
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 2,5882.06608/25/2016 657,230.00 1.893 1.920706,617.92
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 1,1882.58910/14/2015 912,262.80 1.864 1.890939,673.00
State of Texas1586 MUN 1,000,000.00882722KA8 10/01/2023 1,9185.64304/19/2016 1,039,530.00 3.339 3.3851,103,950.00
State of Texas1592 MUN 235,000.00882722JZ5 10/01/2022 1,5535.50304/21/2016 243,887.70 3.047 3.090256,696.98
State of Texas1621 MUN 500,000.00882723A41 10/01/2020 8231.77706/07/2016 490,455.00 1.450 1.470503,330.69
State of Texas1625 MUN 485,000.00882722KC4 10/01/2025 2,6495.91306/09/2016 505,403.95 3.831 3.885544,331.05
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 1,3703.67310/19/2016 112,875.40 1.825 1.850117,120.73
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 2,5883.83209/22/2017 256,745.00 2.747 2.785266,529.03
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 2018
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 20
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
University of California1340 MUN 1,875,000.0091412GSB2 07/01/2019 3651.79607/14/2014 1,860,862.50 2.007 2.0351,870,754.34
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 6843.34807/31/2014 429,347.75 2.281 2.313432,662.95
University of California1368 MUN 250,000.0091412GGT6 05/15/2019 3183.04808/08/2014 251,120.00 1.982 2.010252,146.98
University of California1383 MUN 955,000.0091412GSB2 07/01/2019 3651.79608/27/2014 947,799.30 1.972 2.000953,146.95
University of California1414 MUN 750,000.0091412GSB2 07/01/2019 3651.79611/28/2014 744,345.00 1.923 1.950748,899.09
University of California1420 MUN 1,500,000.0091412GSB2 07/01/2019 3651.79612/12/2014 1,488,690.00 1.943 1.9701,497,512.51
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 6841.99510/08/2015 256,305.40 1.824 1.850260,672.62
State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 7313.28906/07/2016 759,127.50 1.430 1.450776,690.16
State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 2,1924.55401/04/2017 809,739.70 2.904 2.944836,275.16
State of Vermont1456 MUN 2,000,000.00924258TT3 08/15/2023 1,8714.25008/06/2015 2,017,520.00 3.275 3.3202,082,951.28
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1,4922.74008/08/2016 247,635.00 1.504 1.524261,816.79
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1,4924.63612/05/2016 547,347.15 2.465 2.500556,634.03
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 1,1274.58604/12/2017 1,574,760.00 2.081 2.1101,608,886.06
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 2,2234.66905/23/2017 522,238.30 2.416 2.450544,678.22
West Valley-Mission Community1479 MUN 250,000.0095640HBT4 08/01/2024 2,2236.09010/01/2015 259,282.50 4.030 4.086275,345.12
Subtotal and Average 84,564,535.23 82,290,000.00 82,220,103.55 2.412 2.445 1,701
Total Investments and Average 526,839,894.27 522,342,713.00 514,920,282.36 2.171 2.201 1,398
Portfolio CPA
AP
Run Date: 08/07/2018 - 18:54 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.28.70%
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 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.97.76%
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.22.57%
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 15.76%
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.
$127.1 million
$24.7 million
4.02%
Attachment C
Investment Policy Compliance
As of June 30, 2018
Investment Policy Requirements
Compliance
Check
Attachment C
Investment Policy Compliance
As of June 30, 2018
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.9.53%
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.3.92%
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