HomeMy WebLinkAboutStaff Report 9743
City of Palo Alto (ID # 9743)
City Council Staff Report
Report Type: Informational Report Meeting Date: 11/5/2018
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the First Quarter, Fiscal
Year 2019
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 first quarter ending September 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.
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 $511.2 million; in comparison, last quarter it was $522.3
million. The $11.1 million portfolio decline since the last quarter primarily results from the
prepayment of the City’s fiscal year 2019 Unfunded Accrued Liability (UAL) pension cost for
active employees to the Public Employers’ Retirement System (PERS) totaling $25.9 million. By
prepaying PERS instead of making payments with each payroll period, the City expects savings
of $937 thousand in PERS payments; however, this savings will be partially offset by the loss of
approximately $293 thousand in interest income in the City’s portfolio. The net citywide savings
of prepaying the UAL cost is $644 thousand. The saving is a consequence of PERS’ ability to earn
interest earlier and at a higher rate than the City ’s portfolio could realize. Without this
prepayment, the portfolio in the first quarter would have been higher by $14.8 million. In
addition, seasonality and the timing of remittances and expenditures affect cash flow. For
example, the first quarter has one less payroll compared to the prior quarter.
The portfolio consists of $35.3 million in liquid accounts and $475.9 million in U. S. government
treasury investments, agency securities, bonds of State of California local government agencies,
City of Palo Alto Page 2
bonds of some of the fifty United States, medium-term corporate notes, and certificates of
deposit. The $475.9 million includes $128.4 million in investments maturing in less than two
years, comprising 27.0 percent of the City’s investment in notes and securities. The investment
policy requires that at least $50 million be maintained in securities m aturing in less than two
years.
The current market value of the portfolio is 97.2 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 valu ation is provided by
Union Bank of California, which is the City’s safekeeping agent. The average life to maturity of
the investment portfolio is 3.60 years compared to 3.83 years last quarter.
Investments Made During the First Quarter
During the first quarter, $18.7 million of securities with an average yield of 3.3 percent
matured. No securities were purchased this quarter. Due to extraordinary expenditures, 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. A principal gain of $248 thousand was
realized on the securities sale.
The expectation is interest rates and City’s portfolio’s average yield will gradually rise . However,
in the first quarter, the maturity of securities with yields higher than the portfolio’s average
yield and no purchase of securities to replace them due to liquidity needs, resulted in a slight
average portfolio yield decrease. To address the need for liquidity in the first and second
quarter of the fiscal year, the City’s short-term money market and pool account increased by
$7.6 million compared to the fourth quarter of the prior fiscal year. 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. Projec tions
indicate receipts will be $273.3 million and expenditures will be $245.8 million over the next six
months, indicating an overall growth in the portfolio of $27.5 million.
As of September 30, 2018, the City had $35.3 million deposited in the Local Ag ency Investment
Fund (LAIF) and a money market account that could be withdrawn on a daily basis. In addition,
investments totaling $29.2 million will mature between October 1, 2018 and March 31, 2019.
Based on the above and staff’s revenue and expenditure forecast for the next six months, staff
City of Palo Alto Page 3
is confident that the City will have more than sufficient funds or liquidity to meet expenditure
requirements for the next six months.
Compliance with City Investment Policy
During the first quarter, staff complied with all aspects of the investment policy. Attachment C
lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the first quarter was $2.8 mi llion which is $0.2 million or
9.4 percent higher over the same period last year. As of September 30, 2018, the yield to
maturity of the City’s portfolio was 2.17 percent. In the first quarter, LAIF’s average yield was
2.0 percent while the average yield on the two-year and five-year Treasury bonds was
approximately 2.67 percent and 2.81 percent, respectively. The rising interest rate is expected
to gradually increase the portfolio’s yields. Historically, the City’s portfolio yield has
outperformed the two-year and five-year Treasury bond rates, however with the recent rapid
interest rate rise that is no longer the case; this is an expected occurrence. As the City’s
laddered portfolio investments mature in the next year or two, funds are expected to be
reinvested in higher yielding securities.
Yield Trends
The Federal Open Market Committee (FOMC) raised the federal funds and discount rates to 2.0
and 2.75 percent in September 2018, respectively. In the past year, both rates have risen by 1.0
percent. The FOMC restated its view of a robust economy and maintained a similar outlook
when they met in June 2018; this includes strengthening labor market with inflation and
unemployment remaining low. Business fixed investment spending has improved strongly. The
FOMC expects future rate increase to be gradual and dependent on the economic 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 econom ic
uncertainties. The FOMC next meetings are on November 8th and December 19th.
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 pa per, federal
agency securities, and repurchase agreements. The most recent data on funds held by the fiscal
agent is as of September 30, 2018.
City of Palo Alto Page 4
In January 2017, the City established a Section 115 irrevocable trust (Public Agencies Post-
Employment Benefits Trust) administered by Public Agency Retirement Services (PARS). This
fund it not governed by the City’s Investment Policy, however, is discussed in this report for
administrative ease. It is the City’s intent to prefund pension costs and begin to address the Net
Pension Liabilities (NPL) as calculated by Governmental Accounting Standards Board
Pronouncement No. 68 (GASB 68). The Section 115 Trust offered by PARS has five portfolios
from which to choose in making investments of City funds. The City has selected the
“Moderately Conservative” portfolio which is the second most conservative. Additional
information on this trust can be found in City Council Staff Report ID #7553. Through
September 30, 2018, principal investment contributions of $5.5 million have grown to $5.6
million. As of September 30, 2018 the one year yield was 2.52 percent.
Fiscal Impact
This is an information report.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
• Attachment A: Consolidated Report of Cash Management
• Attachment B: Investment Portfolio.
• Attachment C: Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)515,463,237$ 500,998,193$
Other Funds Held by the City
Cash with Wells Fargo Bank 152,406 152,406
(includes general and imprest accounts)
Cash with US Bank 2,499,661 2,499,661
(includes general and imprest accounts)
Petty/Working Cash 12,578 12,578
Total - Other Funds Held By City 2,664,645 2,664,645
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1995 Utility Revenue Bonds
Debt Service Fund 196 196
1999 Utility Revenue Bonds
Debt Service Fund 221 221
2002 Downtown Parking Impvt. (Taxable) Certificates of Participation
Reserve Fund 297 297
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,577,894 2,577,894
2010 General Obligation (Library) Bond
Debt Service and Escrow Fund 2,488,954 2,488,954
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 1,449,529 1,449,529
2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1,852,878 1,852,878
2013 General Obligation (Library) Bond
Escrow Funds 3,160,198 3,160,198
2018 Capital Improvement (Golf Course & 2002B COP Refinance)
(Taxable- Green Bond) Certificates of Participation
Cost of Issuance Fund 17,569 17,569
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,607,576 2,607,576
2013 General Obligation (Library) Bond
Reserve Fund 623,700 623,700
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 5,626,676 5,626,676
Total Under Trustee Management 20,405,687 20,405,687
GRAND TOTAL 538,533,569$ 524,068,525$
* 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.
**** PARS investments are in moderately conservative index plus funds
First Quarter, Fiscal Year 2018-19
(Unaudited)
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
September 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 3,019,007.27SYS158 11.97007/01/2015 3,019,007.27 1.943 1.9703,019,007.27
Local Agency Investment Fund159 32,303,033.71SYS159 12.09007/01/2015 32,233,013.78 2.061 2.09032,303,033.71
Subtotal and Average 35,322,040.98 35,322,040.98 35,252,021.05 2.051 2.080 1
Negotiable CD's
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 1,4602.45009/30/2015 238,022.40 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 1,4592.05009/29/2017 234,352.30 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 1,7802.40002/16/2016 234,766.35 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 9111.45009/30/2016 235,579.75 1.429 1.449245,000.00
American Eagle Bank1371 NCD 245,000.0002554BCE9 05/28/2019 2391.85008/26/2014 244,367.90 1.825 1.850245,000.00
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 1,0382.05004/04/2017 238,267.40 2.023 2.051245,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 2,0682.30005/30/2017 231,012.95 2.270 2.301245,000.00
American Express Centurion Bk1333 NCD 245,000.0002587CAC4 07/10/2019 2821.95007/10/2014 244,333.60 1.923 1.950245,000.00
Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 9311.90004/19/2017 238,338.45 1.875 1.901245,000.00
Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 1,1071.50010/12/2016 233,717.75 1.480 1.500245,000.00
Bank of Grove1821 NCD 245,000.0006246PBP9 12/29/2021 1,1852.00006/29/2017 236,552.40 1.974 2.001245,000.00
Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 4551.85012/29/2014 243,407.50 1.824 1.850245,000.00
Belmont Savings Bank1280 NCD 245,000.00080515AT6 11/13/2018 431.55005/13/2014 244,943.65 1.528 1.550245,000.00
Bar Harbor Bank & Trust1377 NCD 245,000.00066851SG2 08/27/2019 3301.75008/27/2014 243,461.40 1.726 1.750245,000.00
Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 1,4602.50009/30/2015 238,485.45 2.467 2.501245,000.00
Texas Exchange Bank1796 NCD 245,000.0088241TBM1 05/20/2022 1,3272.25005/22/2017 237,319.25 2.220 2.251245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 7302.20009/30/2014 241,628.80 2.171 2.201245,000.00
Bank of Holland Michigan1302 NCD 245,000.00062649ZV3 05/21/2019 2321.70005/21/2014 244,571.25 1.677 1.701245,000.00
Frontier Bank Madison NE1498 NCD 245,000.0035907XCL9 11/22/2021 1,1482.00011/20/2015 236,907.65 1.974 2.001245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1,4462.25009/16/2015 236,304.95 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 1,4601.70009/30/2016 231,123.20 1.676 1.700245,000.00
BMO Harris Bank1783 NCD 245,000.0005581WNY7 10/28/2022 1,4882.25004/28/2017 235,957.05 2.220 2.251245,000.00
BMW Bank of North America1807 NCD 245,000.0005580AJK1 06/16/2020 6241.85006/16/2017 241,133.90 1.824 1.850245,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 1,0781.50009/12/2016 233,938.25 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 1,2902.00004/13/2017 235,557.70 1.973 2.001245,000.00
BankWest, Inc.1380 NCD 150,000.0006652CEY3 09/16/2019 3501.90009/15/2014 149,155.50 1.873 1.900150,000.00
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 1,4292.25008/25/2014 48,077.50 2.493 2.52749,511.79
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 1,4072.35008/25/2014 96,601.00 2.592 2.62899,031.33
Bofi Federal Bank1402 NCD 100,000.0009710LAF2 08/30/2022 1,4292.25010/21/2014 96,155.00 2.462 2.49699,128.66
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 7372.25010/07/2015 241,839.50 2.219 2.250245,000.00
Bridgewater Bank Bloom MN1393 NCD 245,000.00108622EA5 09/24/2019 3581.85009/24/2014 243,427.10 1.825 1.850245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 8631.55002/10/2016 237,047.30 1.530 1.551245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 1,6643.00004/24/2018 242,050.20 2.958 3.000245,000.00
Worlds Foremost Bank1387 NCD 200,000.00981571AT9 09/04/2019 3382.10009/04/2014 199,146.00 2.072 2.101200,000.00
Campbell County Bank1307 NCD 245,000.00134204BZ8 05/30/2019 2411.65005/30/2014 244,554.10 1.628 1.650245,000.00
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 1,2982.05004/21/2017 235,893.35 2.023 2.051245,000.00
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 9271.50004/15/2016 236,030.55 1.479 1.500245,000.00
Celtic Bank1362 NCD 245,000.0015118RJW8 08/20/2019 3231.90008/20/2014 244,046.95 1.875 1.901245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 1,2341.70002/16/2016 233,747.15 1.678 1.701245,000.00
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 1,2181.90007/31/2017 235,479.30 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 1,5502.35012/29/2017 236,327.00 2.317 2.350245,000.00
Charter Bank Eau Claire1811 NCD 245,000.0016116PHU8 06/13/2022 1,3512.10006/13/2017 235,883.55 2.071 2.100245,000.00
CIBM Bank1809 NCD 245,000.0012545JAM7 06/16/2022 1,3542.10006/16/2017 235,827.20 2.072 2.101245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 1,0581.40008/24/2016 234,021.55 1.380 1.400245,000.00
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 1,6001.75002/19/2016 234,572.50 1.727 1.751250,000.00
Cumberland Federal Bank FSB1813 NCD 245,000.0023062KBH4 07/07/2022 1,3752.10007/07/2017 235,616.50 2.072 2.101245,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 1,4782.10010/18/2017 234,685.50 2.071 2.100245,000.00
Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 4862.05001/30/2014 243,069.40 2.021 2.050245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 1,3232.00005/15/2017 235,236.75 1.972 2.000245,000.00
Community State Bank1536 NCD 245,000.0020404YBQ7 02/24/2022 1,2421.95002/24/2016 235,643.45 1.924 1.951245,000.00
Country Bank of New York1799 NCD 245,000.0022230PBN9 05/26/2022 1,3332.10005/26/2017 235,998.70 2.072 2.101245,000.00
Capital One Bank USA NA1384 NCD 250,000.00140420NR7 09/04/2019 3381.80009/04/2014 248,910.00 1.775 1.800250,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 6812.30008/12/2015 242,518.15 2.268 2.300245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 9881.55006/16/2016 235,854.15 1.529 1.550245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 8701.60002/17/2016 237,248.20 1.579 1.601245,000.00
Commerce Bank - Geneva1816 NCD 245,000.0020056QQK2 06/21/2021 9942.00006/21/2017 238,355.60 1.973 2.001245,000.00
Commercial Bank1369 NCD 245,000.0020143PDB3 05/20/2019 2311.85008/19/2014 244,402.20 1.824 1.850245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 1,3302.00005/22/2017 235,168.15 1.972 2.000245,000.00
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 1,4422.25009/11/2015 236,339.25 2.224 2.255245,000.00
Cornerstone Bank1757 NCD 245,000.00219232CN3 03/10/2022 1,2562.10003/10/2017 236,684.70 2.072 2.101245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 1,2542.05003/08/2017 236,344.15 2.021 2.050245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 6931.90008/24/2015 240,604.70 1.876 1.902245,000.00
TBK Bank SSB1812 NCD 245,000.0087219RBK9 06/23/2022 1,3612.10006/23/2017 235,734.10 2.072 2.101245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 6682.00007/30/2015 241,312.75 1.972 2.000245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 8692.20008/15/2014 245,547.50 2.169 2.200250,000.00
First Bank of Highland1330 NCD 245,000.00319141BV8 07/03/2019 2751.85007/03/2014 243,953.85 1.824 1.850245,000.00
First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 5062.00002/19/2014 242,753.35 1.972 2.000245,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 1,2842.10004/07/2017 236,432.35 2.072 2.101245,000.00
First Choice Bank / NJ1297 NCD 245,000.00319464AR4 05/28/2019 2391.70005/28/2014 244,561.45 1.677 1.701245,000.00
State Bank of Fenton (MI)1283 NCD 245,000.00856188AU1 02/15/2019 1371.65005/15/2014 244,534.50 1.630 1.653245,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 1,7251.80006/22/2016 229,876.15 1.776 1.800245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 1,2622.10010/19/2015 236,625.90 2.120 2.150244,603.60
Flushing Bank1413 NCD 245,000.0034387ABA6 12/10/2018 701.80012/10/2014 244,821.15 1.776 1.801245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 1,3822.05007/14/2017 235,097.10 2.023 2.051245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 1,1102.45010/17/2014 242,153.10 2.416 2.449245,000.00
First Oklahoma Bank1838 NCD 245,000.00335857BF4 07/26/2022 1,3942.10007/26/2017 235,437.65 2.072 2.101245,000.00
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 1,2052.05001/18/2017 236,787.60 2.021 2.050245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 1,4022.35009/09/2014 232,761.60 2.665 2.703237,084.23
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 1,8382.25010/13/2017 232,536.85 2.220 2.251245,000.00
First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 8791.55002/26/2016 236,863.55 1.530 1.551245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 1,0952.00010/01/2015 237,375.60 1.972 1.999245,000.00
First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 1,0822.20009/17/2015 238,901.95 2.171 2.201245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 8892.50003/07/2014 242,214.35 2.465 2.500245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 1,2182.00004/04/2017 99,323.93 1.972 1.999103,000.00
First Merchants Bank1351 NCD 245,000.0032082BDH9 08/06/2019 3091.90008/06/2014 244,167.00 1.873 1.900245,000.00
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 1,2631.70003/17/2016 238,172.50 1.677 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 8791.55002/29/2016 239,044.05 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 1,0682.40009/03/2015 241,082.45 2.367 2.400245,000.00
First Savings Bank Northwest1335 NCD 245,000.0033621JAB4 07/18/2019 2901.80007/18/2014 243,914.65 1.776 1.801245,000.00
First National Bank of Elkhart1801 NCD 245,000.00321130AB2 05/31/2022 1,3382.10005/31/2017 235,954.60 2.072 2.101245,000.00
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 1,4792.10004/19/2017 234,636.50 2.072 2.101245,000.00
First State Bank1366 NCD 245,000.0033648RAT6 08/20/2019 3231.85008/20/2014 244,069.00 1.825 1.851245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 1,3062.00006/30/2017 235,403.35 1.973 2.000245,000.00
First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 1,2902.35009/25/2015 241,378.40 2.321 2.353247,986.63
First State Community Bank1819 NCD 245,000.0033708UCF4 06/30/2022 1,3682.10006/30/2017 235,716.95 2.071 2.100245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 1,4662.10010/06/2017 234,741.85 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 1,2842.00004/07/2017 235,616.50 1.973 2.001245,000.00
Fox Chase Bank1305 NCD 245,000.0035137QAV6 06/06/2019 2481.70006/06/2014 244,529.60 1.677 1.700245,000.00
Gulf Coast Bank & Trust1920 NCD 245,000.00402194FJ8 07/26/2024 2,1252.65001/26/2018 235,021.15 2.614 2.650245,000.00
Gold Coast Bank1375 NCD 245,000.0038058KDA1 08/05/2019 3081.80009/04/2014 244,098.40 1.775 1.800245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 9032.65003/21/2014 243,008.15 2.613 2.650245,000.00
Ally Bank1882 NCD 245,000.0002007GAF0 01/04/2021 8262.25001/04/2018 241,231.90 2.219 2.250245,000.00
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 1,3932.00010/25/2017 234,548.30 1.972 2.000245,000.00
Grant County Bank1864 NCD 175,000.0038762PCB6 10/18/2023 1,8432.20010/18/2017 165,681.25 2.170 2.201175,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 1,6813.15005/09/2018 243,525.10 3.106 3.150245,000.00
Happy State Bank1683 NCD 245,000.00411394AN9 09/16/2021 1,0811.50009/16/2016 233,916.20 1.500 1.520245,000.00
HSBC Bank1564 NCD 245,000.0040434AR84 10/07/2021 1,1022.00004/07/2016 237,226.15245,000.00
Dubuque Bank & Trust1372 NCD 245,000.00263849BD2 08/21/2019 3241.90008/21/2014 244,032.25 1.873 1.900245,000.00
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 1,4532.20003/24/2017 235,780.65 2.172 2.202245,000.00
International Bank1841 NCD 245,000.0045906ABP1 07/29/2022 1,3972.10007/31/2017 235,400.90 2.072 2.101245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 1,2892.15004/12/2017 236,797.40 2.121 2.151245,000.00
Interaudi Bank1808 NCD 245,000.0045842PAK7 06/10/2024 2,0792.50006/09/2017 233,499.70 2.465 2.500245,000.00
Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 6811.60002/12/2016 239,399.30 1.578 1.600245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 6942.00008/25/2015 242,403.00 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 1,0332.30007/31/2015 240,962.40 2.269 2.301245,000.00
Iowa State Bank1343 NCD 250,000.0046256YAB5 07/23/2019 2951.80007/23/2014 249,230.00 1.775 1.800250,000.00
JP Morgan Chase BAnk NA1200 NCD 245,000.0048124JD39 12/05/2018 651.25006/05/2013 244,639.85 1.232 1.250245,000.00
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 2,0692.50005/31/2017 233,529.10 2.465 2.500245,000.00
Key Bank1785 NCD 245,000.0049306SYB6 05/18/2020 5951.75005/17/2017 241,033.45 1.726 1.750245,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 1,8131.80009/16/2016 227,850.00 1.775 1.800245,000.00
LCA Bank Corporation1306 NCD 245,000.00501798FJ6 05/30/2019 2411.65005/30/2014 244,551.65 1.627 1.650245,000.00
Leader Bank1364 NCD 245,000.0052168UCN0 08/22/2019 3252.00008/22/2014 244,054.30 1.973 2.001245,000.00
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 1,2291.70002/12/2016 238,894.60 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 1,0531.40008/19/2016 234,119.55 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 1,0722.25009/05/2014 239,350.30 2.219 2.250245,000.00
Machias Savings Bank1358 NCD 245,000.00554479DN2 08/28/2019 3311.80008/28/2014 244,027.35 1.776 1.801245,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 1,3662.05006/28/2017 235,251.45 2.023 2.051245,000.00
Mascoma Savings Bank1319 NCD 248,000.0057461PAG1 01/15/2019 1061.80006/20/2014 247,885.92 1.627 1.650248,103.89
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 1,2002.10001/13/2017 237,184.50 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 1,3192.10005/12/2017 236,157.95 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 1,3332.05005/26/2017 235,560.15 2.023 2.051245,000.00
Medallion Bank - Salt Lake1238 NCD 245,000.0058403BJ31 01/10/2019 1011.85001/10/2014 244,889.75 1.825 1.850245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 6891.90008/20/2015 240,646.35 1.876 1.902245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 1,2351.80002/17/2016 238,397.25 1.776 1.801245,000.00
Mid-Country Bank1810 NCD 245,000.0059565QCG8 06/14/2022 1,3522.05006/14/2017 235,400.90 2.023 2.051245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 1,3482.05006/12/2017 235,418.05 2.023 2.051245,000.00
Mifflinburg Bank & Trust Co.1321 NCD 132,000.00598580AB4 04/30/2019 2111.65006/20/2014 131,808.60 1.627 1.649132,000.00
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 7511.75010/21/2015 241,712.10 1.727 1.751245,000.00
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 1,5632.65001/11/2018 239,176.35 2.613 2.650245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 2,0402.35005/22/2017 231,899.85 2.317 2.349245,000.00
Mutual One Bank1407 NCD 250,000.0062847HAA7 11/21/2019 4161.85011/21/2014 248,630.00 1.825 1.850250,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 7031.90009/03/2015 242,380.95 1.873 1.900245,000.00
NBT Bank1322 NCD 156,000.00628779FJ4 06/06/2019 2481.80006/20/2014 155,688.00 1.775 1.799156,000.00
NBT Bank1373 NCD 94,000.00628779FN5 08/20/2019 3232.10008/20/2014 93,632.46 2.071 2.10094,000.00
Customers Bank1388 NCD 250,000.0023204HCA4 09/10/2019 3442.10009/10/2014 248,860.00 2.071 2.100250,000.00
NCB Savings Bank1344 NCD 245,000.00628825JL6 07/25/2019 2971.80007/25/2014 243,853.40 1.775 1.800245,000.00
National Bank Commerce1607 NCD 245,000.00633368DY8 05/11/2023 1,6831.80005/11/2016 232,642.20 1.776 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1,4252.25008/26/2015 240,489.55 2.220 2.251245,000.00
Lake Sunapee Bank FSB1309 NCD 245,000.00510868AG7 06/05/2019 2471.75006/05/2014 244,532.05 1.727 1.750245,000.00
Northern Bank & Trust MA1814 NCD 245,000.0066476QBX5 06/29/2022 1,3672.10006/29/2017 235,675.30 2.072 2.101245,000.00
Connectone Bank1355 NCD 245,000.0020786AAT2 08/13/2019 3161.85008/13/2014 244,115.55 1.824 1.850245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 5982.00005/21/2014 242,998.35 1.972 2.000245,000.00
Northfield Bank1365 NCD 245,000.0066612AAA6 08/12/2019 3151.85008/13/2014 244,073.90 1.824 1.850245,000.00
Northstar Bank1326 NCD 245,000.0066704MEG2 07/18/2019 2901.75007/18/2014 244,304.20 1.727 1.751245,000.00
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
National Bank of NY City1312 NCD 245,000.00634116CB1 06/18/2019 2601.65006/18/2014 244,461.00 1.627 1.650245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 8621.55002/09/2016 240,100.00 1.530 1.551245,000.00
Williamette Valley Bank1524 NCD 245,000.00969294BY2 02/06/2023 1,5892.10002/04/2016 238,012.60 2.072 2.101245,000.00
Orrstown Bank1465 NCD 245,000.00687377DR9 08/20/2020 6892.00008/20/2015 241,102.05 1.974 2.002245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 1,4592.05009/29/2017 234,352.30 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 1,5712.40001/19/2018 236,638.15 2.368 2.401245,000.00
Peoples United Bank1378 NCD 245,000.0071270QGB6 08/27/2019 3301.95008/27/2014 243,985.70 1.923 1.950245,000.00
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 1,3332.10005/26/2017 235,984.00 2.072 2.101245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 1,6262.10007/19/2017 233,117.50 2.072 2.101245,000.00
Peapack-Gladstone Bank1275 NCD 245,000.00704692AK8 04/17/2019 1981.80004/17/2014 244,688.85 1.776 1.801245,000.00
Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 1,0542.50008/20/2014 234,349.85 2.467 2.501245,000.00
Prime Alliance Bank1331 NCD 245,000.0074160NED8 07/11/2019 2831.70007/11/2014 244,331.15 1.677 1.701245,000.00
Park National Bank1395 NCD 250,000.00700654AV8 03/26/2019 1762.10009/26/2014 249,477.50 2.070 2.099250,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 1,2432.10002/26/2015 241,200.05 2.072 2.101245,000.00
Peoples State Bank, WI1304 NCD 245,000.00712515GY5 05/23/2019 2341.70005/23/2014 244,561.45 1.676 1.700245,000.00
Private Bank & Trust Co.1293 NCD 245,000.0074267GUN5 11/21/2018 511.65005/21/2014 244,926.50 1.627 1.650245,000.00
Ohio Valley Bank1338 NCD 250,000.00677721CE0 07/23/2019 2951.80007/23/2014 249,255.00 1.776 1.801250,000.00
RCB Bank1869 NCD 245,000.0074934YAG6 10/27/2022 1,4872.20010/27/2017 235,486.65 2.171 2.201245,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 9951.45006/22/2016 235,758.60 1.430 1.450245,000.00
Sallie Mae Bank1350 NCD 245,000.00795450SC0 07/30/2019 3022.05007/30/2014 244,218.45 2.021 2.050245,000.00
State Bank of India1390 NCD 245,000.00856284Z98 09/11/2019 3452.15009/11/2014 243,897.50 2.120 2.150245,000.00
Security National Bank1499 NCD 245,000.00814414AC2 11/19/2021 1,1452.00011/19/2015 236,946.85 1.974 2.001245,000.00
Security State Bank1774 NCD 245,000.0081489TAS5 04/07/2022 1,2842.10004/07/2017 236,437.25 2.072 2.101245,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 1,6872.95005/15/2018 241,391.15 2.911 2.951245,000.00
Summit Community Bank1888 NCD 245,000.0086604XMN3 01/26/2022 1,2132.25001/26/2018 238,230.65 2.220 2.251245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 1,7151.80006/10/2016 229,996.20 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 1,1141.50010/19/2016 233,284.10 1.480 1.500245,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 1,4802.10010/20/2017 234,602.20 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 1,2962.00004/19/2017 235,498.90 1.973 2.001245,000.00
Stockman Bank1557 NCD 245,000.0086128QBX5 03/30/2023 1,6412.00003/30/2016 234,702.65 1.973 2.000245,000.00
Third Federal Savings and Loan1242 NCD 245,000.0088413QAF5 10/22/2018 211.75001/22/2014 244,990.20 1.726 1.750245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 9242.40004/11/2014 242,885.65 2.367 2.400245,000.00
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 1,7122.15006/09/2017 232,727.95 2.121 2.151245,000.00
Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 1,9602.65002/10/2017 236,312.30245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 1,3662.00006/28/2017 234,869.25 1.972 2.000245,000.00
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 1,2072.25006/15/2017 243,140.00 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 1,2472.05003/01/2017 236,407.85 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 1,9121.70006/24/2016 228,305.70 1.676 1.700245,000.00
United Bankers' Bank1379 NCD 245,000.00909557EA4 04/29/2019 2101.80008/29/2014 244,421.80 1.776 1.800245,000.00
United Community Bank1694 NCD 245,000.0090983WBD2 03/28/2022 1,2741.60009/29/2016 233,012.15 1.577 1.599245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 8791.60002/26/2016 240,016.70 1.579 1.601245,000.00
Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 4551.85012/29/2014 243,407.50 1.824 1.850245,000.00
Washington Trst Westerly1345 NCD 245,000.00940637GJ4 07/31/2019 3031.90007/31/2014 244,211.10 1.873 1.900245,000.00
Webster Bank NA1252 NCD 245,000.0094768NJM7 02/12/2019 1341.90002/12/2014 244,767.25 1.873 1.900245,000.00
Northwest Bank1308 NCD 245,000.0066736AAK5 05/29/2019 2401.65005/29/2014 244,556.55 1.628 1.650245,000.00
Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 5422.10009/26/2014 242,826.85 2.071 2.100245,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 1,2412.05002/23/2017 236,461.75 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 1,0031.60006/30/2016 235,680.20 1.578 1.600245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1,3972.35008/12/2015 240,224.95 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 1,3182.05008/11/2017 235,704.70 2.021 2.050245,000.00
Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 4351.90012/08/2014 247,952.50 1.873 1.899250,000.00
Subtotal and Average 49,085,450.13 49,091,000.00 47,865,601.96 1.942 1.969 978
Medium Term Notes
Apple, Inc.1342 MTN 2,000,000.00037833AQ3 05/06/2019 2172.10007/15/2014 1,994,920.00 1.982 2.0102,001,016.00
Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 4941.55008/13/2015 737,460.00 1.980 2.008745,582.64
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 5832.00011/05/2015 1,479,030.00 1.854 1.8791,502,745.53
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 8762.25002/23/2016 687,526.00 2.140 2.169701,247.03
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 9613.62507/11/2016 101,574.00 1.271 1.288105,943.98
Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 9613.62507/11/2016 960,890.04 1.271 1.2881,002,230.07
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 9613.62507/12/2016 1,523,610.00 1.238 1.2551,590,496.83
Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 9613.62501/11/2017 884,709.54 2.012 2.040905,607.07
Alphabet (Google) Inc.1895 MTN 1,000,000.0002079KAA5 05/19/2021 9613.62501/10/2018 1,015,740.00 2.189 2.2191,035,454.65
Alphabet (Google) Inc.1931 MTN 382,000.0002079KAA5 05/19/2021 9613.62502/14/2018 388,012.68 2.377 2.410393,677.73
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 4301.87511/24/2014 1,980,100.00 1.874 1.9001,999,438.10
Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 4301.87512/08/2014 1,485,075.00 1.824 1.8501,500,417.28
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 8821.65006/07/2016 968,500.00 1.530 1.5511,002,236.27
Johnson & Johnson1900 MTN 500,000.00478160BS2 03/01/2021 8821.65001/12/2018 484,250.00 2.179 2.210493,493.67
Microsoft Corporation1448 MTN 2,000,000.00594918AY0 02/12/2020 4991.85002/12/2015 1,974,480.00 1.785 1.8102,001,025.05
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 7642.00011/05/2015 1,964,600.00 1.913 1.9402,002,342.16
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 7642.00001/07/2016 884,070.00 1.887 1.913901,543.85
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 1,2242.40012/11/2017 97,684.00 2.292 2.324100,239.39
Stanford University1336 MTN 267,000.00854403AC6 05/01/2019 2124.75007/10/2014 270,217.35 1.966 1.993271,073.80
Subtotal and Average 20,255,811.10 20,016,000.00 19,882,448.61 1.831 1.857 659
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1028 3,000,000.0031315PPC7 02/21/2019 1431.79002/21/2012 2,995,740.00 1.765 1.7903,000,000.00
Federal Agricultural Mortgage1052 1,500,000.0031315PTW9 04/10/2019 1911.87004/10/2012 1,495,560.00 1.844 1.8701,500,000.00
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 1,1552.00011/29/2012 1,454,325.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 1,3732.20012/13/2012 1,458,750.00 1.930 1.9571,512,443.86
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 1,5122.00012/19/2012 720,772.50 2.081 2.110746,930.94
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 4521.48012/27/2012 1,479,510.00 1.395 1.4151,501,144.20
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 1,5482.18001/04/2013 1,450,545.00 2.165 2.1961,499,088.35
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 4554.50001/04/2013 757,071.80 1.514 1.535765,849.19
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 9743.84001/04/2013 512,550.00 1.946 1.973522,829.73
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 1,5482.18001/08/2013 1,450,545.00 2.195 2.2251,497,410.60
Federal Agricultural Mortgage1142 1,200,000.0031315PTW9 04/10/2019 1911.87001/09/2013 1,196,448.00 1.400 1.4201,202,702.76
Federal Agricultural Mortgage1143 451,000.0031315PPC7 02/21/2019 1431.79001/09/2013 450,359.58 1.372 1.392451,666.75
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 1,5482.18001/23/2013 1,450,545.00 2.111 2.1411,502,215.99
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 1,5482.18001/28/2013 2,509,442.85 2.199 2.2292,590,084.71
Federal Agricultural Mortgage1152 2,000,000.0031315PPF0 01/30/2019 1211.32002/11/2013 1,992,560.00 1.220 1.2372,000,527.17
Federal Agricultural Mortgage1155 1,500,000.0031315PPF0 01/30/2019 1211.32002/21/2013 1,494,420.00 1.262 1.2801,500,189.60
Federal Agricultural Mortgage1186 1,450,000.0031315PXH7 01/09/2019 1002.10005/01/2013 1,449,579.50 1.055 1.0701,453,933.42
Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 5221.41001/15/2014 1,474,230.00 2.462 2.4961,478,502.07
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 7092.80001/15/2014 1,501,875.00 2.635 2.6721,503,380.66
Federal Agricultural Mortgage1256 1,500,000.0031315PXH7 01/09/2019 1002.10003/05/2014 1,499,565.00 1.702 1.7261,501,457.36
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Mortgage1257 300,000.0031315PTU3 03/09/2021 8904.16003/06/2014 309,459.00 2.574 2.609310,303.71
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 9072.50003/26/2014 1,488,510.00 2.495 2.5301,498,961.16
Federal Agricultural Mortgage1265 1,800,000.0031315PJ67 02/28/2019 1501.70003/28/2014 1,795,050.00 1.784 1.8091,799,235.35
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 1,3732.20004/23/2014 1,215,625.00 2.889 2.9301,219,676.42
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 5501.47510/15/2014 491,345.00 1.857 1.882497,094.46
Federal Agricultural Mortgage1406 1,500,000.0031315PA58 11/20/2019 4151.31011/07/2014 1,478,490.00 1.854 1.8801,490,772.12
Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 4151.84011/20/2014 1,983,360.00 1.814 1.8402,000,000.00
Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 4151.84011/20/2014 1,487,520.00 1.848 1.8731,499,454.67
Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 4481.85012/23/2014 1,486,410.00 1.851 1.8761,499,532.22
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 9472.51001/09/2015 669,438.00 2.110 2.140681,024.73
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 2,0043.33001/09/2015 408,488.44 2.540 2.575418,796.77
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 1,7152.61001/22/2015 1,573,347.56 2.269 2.3011,625,050.46
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 1,7152.61002/09/2015 1,422,290.50 2.377 2.4101,462,255.67
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 1,2472.15003/05/2015 974,050.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1552 Call 1,500,000.003132X0EU1 01/27/2026 2,6752.93002/26/2016 1,462,620.00 2.831 2.8701,505,602.70
Federal Agricultural Mortgage1554 Call 1,500,000.003132X0EU1 01/27/2026 2,6752.93003/02/2016 1,462,620.00 2.878 2.9181,501,109.12
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 1,5762.13004/06/2016 964,260.00 1.839 1.8641,010,682.58
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 2,4994.35004/08/2016 506,848.20 2.296 2.328532,627.05
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 2,0393.30004/21/2016 1,514,055.00 2.084 2.1121,590,992.49
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 2,0393.30004/26/2016 1,514,055.00 2.159 2.1891,584,838.02
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 1,5482.18005/26/2016 483,515.00 1.844 1.870506,140.04
Federal Agricultural Mortgage1655 1,500,000.0031315PQT9 03/06/2020 5221.41007/01/2016 1,474,230.00 0.992 1.0051,508,491.67
Federal Agricultural Mortgage1663 510,000.0031315PQT9 03/06/2020 5221.41007/21/2016 501,238.20 1.135 1.150511,844.99
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1,3832.38007/25/2016 1,957,240.00 1.499 1.5202,062,058.83
Federal Agricultural Mortgage1681 1,750,000.003132X0BG5 06/15/2020 6231.75008/24/2016 1,722,700.00 1.136 1.1521,767,409.09
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 8471.55010/03/2016 1,458,510.00 1.256 1.2741,509,293.83
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 2,6824.81010/18/2016 1,651,635.00 2.131 2.1601,762,896.77
Federal Agricultural Mortgage1736 Call 1,000,000.003130H0BL6 01/01/2027 3,0143.20001/19/2017 983,940.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 1,2412.10002/23/2017 972,670.00 2.034 2.0631,001,184.66
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 1,2412.10003/02/2017 1,459,005.00 2.085 2.1141,499,283.58
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 1,2832.07504/06/2017 1,455,945.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 8751.90004/12/2017 979,200.00 1.781 1.8051,002,159.31
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Mortgage1784 Call 1,500,000.003132X0QC8 02/23/2027 3,0673.25004/27/2017 1,478,955.00 3.200 3.2451,500,478.17
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 1,1902.10005/04/2017 974,020.00 1.938 1.9651,004,174.25
Federal Agricultural Mortgage1789 Call 1,000,000.003130H0BN2 05/01/2027 3,1343.20005/11/2017 980,270.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1792 Call 1,500,000.003132X0QC8 02/23/2027 3,0673.25005/09/2017 1,478,955.00 3.201 3.2451,500,000.00
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 1,3732.20006/14/2017 972,500.00 1.908 1.9341,009,457.92
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 1,3671.88006/29/2017 1,442,010.00 1.903 1.9301,497,326.47
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 1,3671.88006/29/2017 961,340.00 1.923 1.949997,514.44
Federal Agricultural Mortgage1850 Call 1,500,000.003130H0BR3 09/01/2027 3,2573.05009/28/2017 1,447,275.00 3.008 3.0501,500,000.00
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 2,1532.25010/06/2017 952,470.00 2.332 2.365993,763.36
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 1,5332.26012/12/2017 1,455,795.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1889 2,000,000.003132X0D57 01/08/2021 8302.12001/08/2018 1,971,080.00 2.090 2.1202,000,000.00
Federal Agricultural Mortgage1891 Call 1,000,000.003132X0E49 01/10/2028 3,3883.28001/10/2018 976,960.00 3.235 3.2801,000,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 2,1312.62501/09/2018 973,090.00 2.546 2.5811,002,302.71
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 2,1312.62501/11/2018 1,459,635.00 2.623 2.6601,497,195.17
Federal Agricultural Mortgage1911 1,500,000.003132X0G21 02/03/2020 4902.10002/02/2018 1,489,710.00 2.093 2.1231,499,548.75
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 1,5822.50001/30/2018 1,957,940.00 2.472 2.5071,999,411.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 1,5822.50001/30/2018 1,468,455.00 2.481 2.5151,499,036.02
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 1,5822.50001/31/2018 1,957,940.00 2.556 2.5921,992,561.84
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 1,5762.13002/08/2018 1,060,686.00 2.578 2.6141,078,574.51
Federal Agricultural Mortgage1927 1,000,000.003132X0H79 02/22/2021 8752.35002/22/2018 989,530.00 2.327 2.360999,768.81
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 1,6052.60002/22/2018 1,473,840.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1930 1,000,000.003132X0G21 02/03/2020 4902.10002/09/2018 993,140.00 2.174 2.205998,630.16
Federal Agricultural Mortgage1935 1,000,000.003132X0G21 02/03/2020 4902.10002/15/2018 993,140.00 2.238 2.269997,787.43
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 1,6042.77002/23/2018 1,484,280.00 2.732 2.7701,500,000.00
Federal Farm Credit Bank1092 1,500,000.003133EAUF3 06/14/2019 2561.50006/14/2012 1,489,425.00 1.479 1.5001,500,000.00
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 7292.87509/29/2010 1,000,650.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank .1181 Call 1,500,000.003133EA4J4 10/11/2018 101.15004/30/2013 1,499,550.00 1.137 1.1531,499,998.47
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 1,7092.45001/09/2014 487,475.00 3.383 3.430480,533.20
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 1,7592.12501/27/2016 599,531.25 2.024 2.052627,024.92
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 1,2605.16003/17/2016 535,960.00 1.876 1.902552,909.91
Federal Farm Credit Bank .1565 Call 1,000,000.003133EFT98 03/28/2025 2,3702.62003/28/2016 956,450.00 2.596 2.632999,278.70
Federal Farm Credit Bank .1582 Call 1,500,000.003133EF3D7 04/21/2025 2,3942.54004/21/2016 1,416,930.00 2.505 2.5401,500,000.00
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Farm Credit Bank .1584 Call 1,500,000.003133EF3D7 04/21/2025 2,3942.54004/21/2016 1,416,930.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1585 Call 1,500,000.003133EF4A2 04/19/2022 1,2961.92004/19/2016 1,440,405.00 1.893 1.9201,500,000.00
Federal Farm Credit Bank .1591 Call 1,500,000.003133EF2D8 04/13/2026 2,7512.64004/19/2016 1,414,455.00 2.603 2.6391,500,000.00
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 1,1491.61004/21/2016 240,080.00 1.558 1.580250,223.64
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 1,3201.87504/21/2016 962,890.00 1.578 1.6001,009,439.80
Federal Farm Credit Bank .1598 Call 1,000,000.003133EFX44 10/05/2022 1,4652.05004/22/2016 959,180.00 2.021 2.0491,000,000.00
Federal Farm Credit Bank .1603 Call 1,930,000.003133EFYV3 02/17/2026 2,6962.82004/26/2016 1,823,367.50 2.722 2.7601,937,403.85
Federal Farm Credit Bank .1606 Call 1,605,000.003133EFYF8 02/10/2025 2,3242.73004/28/2016 1,549,274.40 2.621 2.6571,611,506.49
Federal Farm Credit Bank .1609 Call 1,000,000.003133EF6T9 05/12/2025 2,4152.47005/12/2016 942,800.00 2.436 2.4701,000,000.00
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 2,2652.12505/13/2016 942,700.00 1.930 1.9561,009,549.20
Federal Farm Credit Bank .1623 Call 1,500,000.003133EGEB7 06/09/2026 2,8082.57006/09/2016 1,393,860.00 2.534 2.5701,500,000.00
Federal Farm Credit Bank .1630 Call 1,000,000.003133EF2D8 04/13/2026 2,7512.64006/13/2016 942,970.00 2.522 2.5571,005,439.32
Federal Farm Credit Bank .1634 Call 1,000,000.003133EF2D8 04/13/2026 2,7512.64006/16/2016 942,970.00 2.489 2.5241,007,667.51
Federal Farm Credit Bank .1638 Call 2,000,000.003133EGGR0 06/22/2026 2,8212.50006/22/2016 1,855,380.00 2.582 2.6182,000,000.00
Federal Farm Credit Bank .1641 Call 1,500,000.003133EGHN8 06/30/2025 2,4642.42006/30/2016 1,407,990.00 2.386 2.4201,500,000.00
Federal Farm Credit Bank .1647 Call 1,500,000.003133EGJH9 01/06/2025 2,2892.24007/06/2016 1,403,460.00 2.209 2.2401,500,000.00
Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 6441.00007/06/2016 1,453,305.00 0.986 1.0001,500,000.00
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 1,2605.16007/08/2016 535,960.00 1.215 1.232565,290.91
Federal Farm Credit Bank .1664 Call 1,500,000.003133EGFB6 06/16/2025 2,4502.36007/25/2016 1,398,060.00 2.309 2.3411,501,697.52
Federal Farm Credit Bank .1675 Call 1,500,000.003133EGQA6 11/08/2023 1,8641.85008/09/2016 1,414,620.00 1.859 1.8851,497,518.04
Federal Farm Credit Bank .1679 Call 1,350,000.003133EGQH1 08/10/2026 2,8702.14008/18/2016 1,226,974.50 2.110 2.1391,350,000.00
Federal Farm Credit Bank .1701 Call 1,625,000.003133EGXB6 10/05/2026 2,9262.14010/06/2016 1,467,358.75 2.154 2.1841,619,791.33
Federal Farm Credit Bank .1705 Call 1,000,000.003133EGYL3 10/17/2025 2,5732.09010/17/2016 914,400.00 2.061 2.0901,000,000.00
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 1,1775.05004/12/2017 532,115.00 1.884 1.910548,155.11
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 2,0022.30005/04/2017 864,288.00 2.274 2.306899,706.41
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 2,1982.91006/21/2017 493,850.00 2.143 2.172520,393.89
Federal Farm Credit Bank .1826 Call 1,000,000.003133EHGK3 04/24/2025 2,3972.85006/22/2017 963,450.00 2.798 2.8361,000,000.00
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 1,4982.93009/14/2017 443,940.90 1.870 1.896462,872.03
Federal Farm Credit Bank .1845 Call 506,000.003133EFYK7 02/08/2023 1,5912.29009/14/2017 483,452.64 2.260 2.291505,959.21
Federal Farm Credit Bank .1846 Call 1,500,000.003133EHZL0 09/20/2027 3,2762.92009/20/2017 1,418,925.00 2.880 2.9201,500,000.00
Federal Farm Credit Bank .1848 Call 1,000,000.003133EGCR4 06/01/2023 1,7042.07009/18/2017 950,940.00 2.135 2.165995,834.78
Federal Farm Credit Bank .1849 Call 1,000,000.003133EHTZ6 08/09/2027 3,2342.95009/18/2017 947,630.00 2.909 2.9491,000,000.00
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 .1859 Call 1,000,000.003133EHD59 04/10/2026 2,7482.90010/10/2017 975,880.00 2.860 2.9001,000,000.00
Federal Farm Credit Bank .1870 Call 1,000,000.003133EHG31 04/19/2027 3,1223.00010/19/2017 949,290.00 2.958 3.0001,000,000.00
Federal Farm Credit Bank .1871 Call 1,000,000.003133EHG72 10/18/2027 3,3043.08010/18/2017 948,270.00 3.037 3.0801,000,000.00
Federal Farm Credit Bank .1874 Call 1,500,000.003133EHJ20 10/23/2024 2,2142.68010/23/2017 1,452,480.00 2.643 2.6801,500,000.00
Federal Farm Credit Bank .1875 Call 675,000.003133EHZL0 09/20/2027 3,2762.92010/18/2017 638,516.25 2.958 3.000670,828.79
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 1,1351.70012/29/2017 578,100.00 2.161 2.191591,265.12
Federal Farm Credit Bank .1887 Call 1,500,000.003133EH3K7 06/21/2027 3,1853.10001/03/2018 1,439,715.00 3.102 3.1461,494,817.34
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 1,5992.57002/16/2018 1,473,285.00 2.605 2.6421,495,600.91
Federal Farm Credit Bank .1954 Call 1,500,000.003133EJNJ4 05/07/2024 2,0453.47005/07/2018 1,485,870.00 3.422 3.4701,500,000.00
Federal Home Loan Bank1012 2,000,000.00313376BR5 12/14/2018 741.75012/16/2011 1,998,060.00 1.725 1.7492,000,000.00
Federal Home Loan Bank1039 1,500,000.003133782M2 03/08/2019 1581.50003/08/2012 1,494,465.00 1.574 1.5961,499,406.58
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 1,2432.33003/20/2012 1,470,480.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1049 1,500,000.00313378VG3 05/22/2019 2331.85004/09/2012 1,493,835.00 1.824 1.8501,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 7792.00005/18/2012 1,964,080.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 4381.25011/30/2012 1,474,200.00 1.196 1.2121,500,640.40
Federal Home Loan Bank1126 Call 750,000.00313381DA0 12/05/2022 1,5262.19012/05/2012 721,470.00 2.165 2.195749,843.33
Federal Home Loan Bank1127 1,500,000.00313381GB5 11/30/2018 601.00011/30/2012 1,497,060.00 0.986 1.0001,500,000.00
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 4381.25012/13/2012 1,474,200.00 1.232 1.2491,500,000.00
Federal Home Loan Bank1135 1,500,000.00313376BR5 12/14/2018 741.75012/19/2012 1,498,545.00 1.075 1.0901,501,938.23
Federal Home Loan Bank1140 1,500,000.00313376BR5 12/14/2018 741.75001/08/2013 1,498,545.00 1.117 1.1321,501,810.65
Federal Home Loan Bank1146 Call 212,500.00313381DA0 12/05/2022 1,5262.19001/25/2013 204,416.50 2.201 2.232212,162.40
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 1,1665.00002/25/2013 1,398,239.50 1.825 1.8501,436,461.99
Federal Home Loan Bank1157 2,000,000.003133XSR59 12/14/2018 743.75002/25/2013 2,006,100.00 1.128 1.1442,010,193.93
Federal Home Loan Bank1168 530,000.003133XSR59 12/14/2018 743.75003/11/2013 531,616.50 1.165 1.182532,660.15
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 8023.12501/09/2014 1,507,845.00 2.615 2.6511,514,132.50
Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 4632.22001/23/2014 1,490,220.00 2.194 2.2251,499,907.48
Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 5292.12502/24/2014 1,485,990.00 2.095 2.1241,500,000.00
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 8931.75003/13/2014 1,460,535.00 2.418 2.4511,476,460.62
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 7112.87504/02/2014 1,500,450.00 2.271 2.3031,515,417.21
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 7792.00004/08/2014 196,408.00 2.263 2.295198,839.19
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 7792.00004/09/2014 540,122.00 2.263 2.295546,806.42
Federal Home Loan Bank1278 325,000.003133XTYY6 06/14/2019 2564.37504/22/2014 329,163.25 1.889 1.916330,323.23
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Bank1314 1,500,000.00313379EE5 06/14/2019 2561.62506/04/2014 1,490,550.00 1.700 1.7241,498,999.88
Federal Home Loan Bank1318 1,500,000.00313379EE5 06/14/2019 2561.62506/16/2014 1,490,550.00 1.774 1.7991,498,253.15
Federal Home Loan Bank1324 Call 1,250,000.003133836A4 05/22/2019 2330.80006/24/2014 1,236,537.50 1.766 1.7911,242,405.61
Federal Home Loan Bank1332 1,500,000.003130A2FH4 06/14/2019 2561.75007/02/2014 1,491,690.00 1.686 1.7101,500,400.37
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 1,1641.53004/08/2016 1,437,555.00 1.450 1.4701,502,729.19
Federal Home Loan Bank1583 Call 1,690,000.003130A7RS6 04/27/2026 2,7652.65004/27/2016 1,588,228.20 2.619 2.6551,689,360.15
Federal Home Loan Bank1587 Call 1,500,000.003130A7TA3 04/28/2023 1,6702.07004/28/2016 1,430,925.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 8931.75004/27/2016 973,690.00 1.490 1.5111,005,602.26
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 8611.75006/02/2016 487,180.00 1.476 1.496502,867.79
Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 8025.25006/02/2016 420,036.00 1.461 1.481431,880.89
Federal Home Loan Bank1628 Call 1,500,000.003130A8F99 06/15/2026 2,8142.58006/15/2016 1,404,255.00 2.544 2.5801,500,000.00
Federal Home Loan Bank1632 Call 2,000,000.003130A8J46 06/29/2026 2,8282.52006/29/2016 1,854,520.00 2.485 2.5202,000,000.00
Federal Home Loan Bank1633 Call 1,363,636.273130A8J79 12/27/2024 2,2792.35006/27/2016 1,279,349.91 2.317 2.3501,363,636.27
Federal Home Loan Bank1635 Call 1,500,000.003130A8JG9 06/22/2023 1,7252.07006/22/2016 1,428,285.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1637 Call 909,091.003130A8J79 12/27/2024 2,2792.35006/27/2016 852,900.09 2.317 2.350909,091.00
Federal Home Loan Bank1640 Call 1,500,000.003130A8JX2 06/29/2026 2,8282.54006/29/2016 1,397,955.00 2.505 2.5401,500,000.00
Federal Home Loan Bank1643 Call 1,500,000.003130A8HF3 09/23/2025 2,5492.44006/23/2016 1,402,005.00 2.430 2.4641,497,736.94
Federal Home Loan Bank1644 Call 1,500,000.003130A8HT3 12/29/2025 2,6462.47006/29/2016 1,500,000.00 2.451 2.4851,498,547.30
Federal Home Loan Bank1648 Call 1,500,000.003130A8J46 06/29/2026 2,8282.52006/29/2016 1,390,890.00 2.425 2.4591,500,348.50
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 1,1662.87506/28/2016 249,747.50 1.232 1.249262,498.01
Federal Home Loan Bank1651 Call 1,500,000.003130A8MQ3 10/12/2022 1,4721.87507/12/2016 1,434,570.00 1.849 1.8751,500,000.00
Federal Home Loan Bank1652 Call 980,000.003130A8F99 06/15/2026 2,8142.58006/29/2016 917,446.60 2.524 2.560981,320.60
Federal Home Loan Bank1661 Call 1,000,000.003130A8SJ3 11/01/2024 2,2232.15008/01/2016 934,640.00 2.120 2.1501,000,000.00
Federal Home Loan Bank1662 Call 1,500,000.003130A8R54 07/28/2023 1,7611.80007/28/2016 1,415,940.00 1.795 1.8201,498,646.59
Federal Home Loan Bank1667 Call 1,500,000.003130A8VP5 08/23/2024 2,1532.00008/23/2016 1,400,925.00 1.972 2.0001,500,000.00
Federal Home Loan Bank1668 Call 1,500,000.003130A8VN0 11/17/2023 1,8731.94008/17/2016 1,415,055.00 1.913 1.9401,500,000.00
Federal Home Loan Bank1690 Call 1,000,000.003130A94L2 09/02/2026 2,8932.12509/15/2016 904,630.00 2.129 2.158997,615.56
Federal Home Loan Bank1695 Call 1,500,000.003130A9N64 10/06/2026 2,9272.15010/06/2016 1,361,370.00 2.120 2.1501,500,000.00
Federal Home Loan Bank1697 Call 1,000,000.003130A9N64 10/06/2026 2,9272.15010/06/2016 907,580.00 2.131 2.161999,198.61
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 1,5892.13010/05/2016 482,510.00 1.578 1.600510,909.03
Federal Home Loan Bank1700 Call 1,500,000.003130A9P62 10/13/2026 2,9342.20010/13/2016 1,374,360.00 2.169 2.2001,500,000.00
Federal Home Loan Bank1702 Call 2,000,000.003130A9PT2 10/26/2026 2,9472.23010/26/2016 1,824,140.00 2.199 2.2302,000,000.00
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Bank1706 Call 310,000.003130A9PT2 10/26/2026 2,9472.23010/26/2016 282,741.70 2.214 2.245309,664.80
Federal Home Loan Bank1707 Call 1,000,000.003130A9RH6 10/20/2026 2,9412.30010/20/2016 917,310.00 2.270 2.302999,838.94
Federal Home Loan Bank1709 Call 1,000,000.003130A9RH6 10/20/2026 2,9412.30010/20/2016 917,310.00 2.271 2.302999,798.68
Federal Home Loan Bank1713 Call 2,000,000.003130A9XC0 11/17/2026 2,9692.36011/17/2016 1,844,640.00 2.327 2.3602,000,000.00
Federal Home Loan Bank1716 Call 1,500,000.003130A9XC0 11/17/2026 2,9692.36011/17/2016 1,383,480.00 2.361 2.3931,496,342.50
Federal Home Loan Bank1717 Call 1,500,000.003130AA2Z0 11/23/2026 2,9752.69011/23/2016 1,393,275.00 2.653 2.6901,500,000.00
Federal Home Loan Bank1718 Call 205,000.003130AA2Z0 11/23/2026 2,9752.69011/23/2016 190,414.25 2.682 2.720204,562.56
Federal Home Loan Bank1719 Call 1,500,000.003130A7C29 02/24/2026 2,7032.75011/16/2016 1,418,190.00 2.712 2.7491,500,000.00
Federal Home Loan Bank1720 Call 1,500,000.003130AAAZ1 12/14/2026 2,9962.90012/14/2016 1,420,320.00 2.860 2.9001,500,000.00
Federal Home Loan Bank1724 Call 800,000.003130AAEX2 12/28/2021 1,1842.15012/28/2016 774,344.00 2.120 2.150800,000.00
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 1,1551.87512/16/2016 968,730.00 2.168 2.198990,313.92
Federal Home Loan Bank1741 Call 315,000.003130AAAZ1 12/14/2026 2,9962.90001/27/2017 298,267.20 3.008 3.050311,665.73
Federal Home Loan Bank1751 Call 325,000.003130A8HF3 09/23/2025 2,5492.44002/15/2017 303,767.75 2.836 2.875316,303.68
Federal Home Loan Bank1752 Call 250,000.003130A7C29 02/24/2026 2,7032.75002/15/2017 236,365.00 2.958 3.000245,973.53
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 1,1665.00003/10/2017 2,030,903.00 2.150 2.1802,072,425.33
Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 1,2572.25004/12/2017 977,370.00 1.903 1.9301,010,451.33
Federal Home Loan Bank1823 Call 1,500,000.003130ABJW7 06/27/2024 2,0962.55006/27/2017 1,444,740.00 2.515 2.5501,500,000.00
Federal Home Loan Bank1847 Call 500,000.003130A7TA3 04/28/2023 1,6702.07009/18/2017 476,975.00 2.131 2.161498,043.17
Federal Home Loan Bank1854 Call 1,500,000.003130ACH64 10/26/2022 1,4862.25010/26/2017 1,453,335.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1860 Call 500,000.003130AAWE4 03/08/2022 1,2542.22009/28/2017 486,470.00 2.116 2.146501,202.21
Federal Home Loan Bank1861 Call 800,000.003130ABAF3 05/11/2027 3,1443.00009/29/2017 769,728.00 2.958 2.999800,000.00
Federal Home Loan Bank1862 Call 1,000,000.003130ACK94 10/10/2024 2,2012.53010/10/2017 954,820.00 2.495 2.5301,000,000.00
Federal Home Loan Bank1873 Call 1,500,000.003130ACMH4 10/16/2024 2,2072.50010/16/2017 1,434,195.00 2.465 2.5001,500,000.00
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 1,8942.25001/03/2018 963,250.00 2.359 2.392993,144.13
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 1,8032.37501/09/2018 970,910.00 2.376 2.409998,424.75
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 1,5692.38001/18/2018 487,760.00 2.385 2.418499,226.57
Fed. Home Loan Mortgage Corp.1106 1,500,000.003134G3A91 08/22/2019 3251.40008/22/2012 1,483,980.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 4511.50009/26/2012 1,477,350.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 1,1662.00004/10/2014 1,933,300.00 2.564 2.6001,965,463.39
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 1,1662.00004/22/2014 966,650.00 2.643 2.680980,482.05
Fed. Home Loan Mortgage Corp.1282 300,000.003134G3A91 08/22/2019 3251.40005/01/2014 296,796.00 1.914 1.941298,629.32
Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 5291.65005/02/2014 295,215.00 2.053 2.082298,237.42
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 4161.45005/02/2014 295,680.00 1.938 1.965298,338.67
Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 5351.50005/06/2014 981,090.00 2.041 2.070992,163.71
Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 5991.50005/06/2014 979,650.00 2.091 2.120990,491.31
Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 4511.50005/13/2014 984,900.00 1.945 1.972994,500.74
Fed. Home Loan Mortgage Corp.1352 1,000,000.003134G43G1 05/07/2019 2181.20007/25/2014 992,200.00 1.765 1.790996,620.95
Fed. Home Loan Mortgage Corp.1678 Call 1,000,000.003134GAEF7 09/29/2021 1,0941.65009/29/2016 958,940.00 1.627 1.6501,000,000.00
Fed. Home Loan Mortgage Corp.1828 Call 1,500,000.003134GBNX6 05/28/2021 9702.00006/28/2017 1,464,915.00 1.969 1.9961,500,000.00
Fed. Home Loan Mortgage Corp.1835 Call 1,500,000.003134GBXU1 07/27/2022 1,3952.25007/27/2017 1,447,455.00 2.219 2.2501,500,000.00
Fed. Home Loan Mortgage Corp.1836 Call 1,000,000.003134GBXU1 07/27/2022 1,3952.25007/27/2017 964,970.00 2.219 2.2501,000,000.00
Fed. Home Loan Mortgage Corp.1837 Call 1,000,000.003134GBXU1 07/27/2022 1,3952.25007/27/2017 964,970.00 2.234 2.265999,426.67
Fed. Home Loan Mortgage Corp.1853 Call 660,000.003134GBK92 10/12/2022 1,4722.20010/12/2017 634,557.00 2.169 2.200660,000.00
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 7462.35004/16/2012 1,978,840.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 5772.00004/30/2012 1,973,740.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 5772.05004/30/2012 1,483,050.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 7602.00004/30/2012 1,961,700.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 6972.00004/08/2014 1,476,720.00 2.172 2.2021,494,619.00
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 9421.75004/16/2014 970,540.00 2.364 2.397984,712.19
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 9211.75005/02/2014 242,702.50 2.452 2.486245,756.36
Federal National Mortgage Asso1290 1,000,000.003136G0Y70 01/30/2019 1211.08005/05/2014 995,890.00 1.633 1.656998,175.57
Federal National Mortgage Asso1315 1,200,000.003136G0YK1 08/28/2019 3311.50006/05/2014 1,188,060.00 1.815 1.8401,196,478.19
Federal National Mortgage Asso1317 1,000,000.003136G02P5 04/29/2019 2101.20006/12/2014 992,940.00 1.765 1.790996,749.09
Federal National Mortgage Asso1546 Call 1,000,000.003136G3AN5 03/16/2021 8971.50003/16/2016 986,170.00 1.978 2.0061,000,000.00
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 9352.28006/30/2016 983,040.00 1.171 1.1871,027,116.27
Federal National Mortgage Asso1669 Call 1,350,000.003136G3XZ3 07/28/2021 1,0311.50007/28/2016 1,294,839.00 1.505 1.5261,349,046.56
Federal National Mortgage Asso1687 Call 1,050,000.003136G36A8 09/27/2024 2,1882.00009/27/2016 974,169.00 1.972 2.0001,050,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 2,7687.12511/10/2016 632,170.00 2.367 2.400659,338.46
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 1,4252.00012/29/2017 481,535.00 2.238 2.270495,021.76
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 1,4652.00001/09/2018 961,940.00 2.288 2.320987,896.13
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 1,4652.00001/19/2018 961,940.00 2.409 2.443983,298.81
Federal National Mortgage Asso1922 1,000,000.003136G0P62 10/15/2020 7451.50002/05/2018 973,090.00 2.268 2.300984,263.65
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 1,5712.37502/08/2018 1,462,305.00 2.574 2.6101,485,861.01
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 8683.87512/14/2012 510,905.00 1.596 1.618524,975.36
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1,4141.87512/14/2012 970,014.10 1.893 1.9201,008,396.29
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 8683.87501/23/2013 1,532,715.00 1.647 1.6691,573,121.18
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 8683.87503/12/2014 1,185,299.60 2.427 2.4611,195,564.49
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 2,5886.75011/20/2015 1,220,260.00 2.807 2.8461,239,312.62
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 2,1762.87501/15/2016 738,247.50 2.564 2.600760,921.00
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 2,5886.75004/18/2016 945,701.50 2.337 2.370989,071.68
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1,4141.87510/07/2016 1,431,010.90 1.538 1.5601,507,292.41
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 2,5886.75011/10/2016 1,525,325.00 2.317 2.3501,599,391.83
Subtotal and Average 305,644,535.26 303,499,227.27 295,943,588.87 2.133 2.163 1,512
Treasury Securities - Coupon
Federal Home Loan Bank1918 1,000,000.003130ADJH6 01/29/2020 4852.10001/29/2018 991,530.00 2.083 2.112999,844.65
U.S. Treasury1237 TB 2,000,000.00912828SD3 01/31/2019 1221.25001/07/2014 1,992,920.00 1.682 1.7051,997,094.26
U.S. Treasury1284 TB 1,500,000.00912828TH3 07/31/2019 3030.87505/02/2014 1,478,910.00 1.726 1.7501,489,633.35
U.S. Treasury1285 TB 1,500,000.00912828TN0 08/31/2019 3341.00005/02/2014 1,477,800.00 1.755 1.7801,489,837.96
U.S. Treasury1289 TB 1,500,000.00912828SX9 05/31/2019 2421.12505/05/2014 1,486,350.00 1.692 1.7161,494,395.50
U.S. Treasury1299 TB 1,500,000.00912828SX9 05/31/2019 2421.12505/13/2014 1,486,350.00 1.654 1.6771,494,755.67
U.S. Treasury1316 TB 1,500,000.00912828TC4 06/30/2019 2721.00006/10/2014 1,483,185.00 1.687 1.7111,492,419.76
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 1,2461.75003/09/2017 1,443,870.00 2.071 2.1001,483,073.25
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 1,4601.75010/06/2017 1,433,385.00 1.914 1.9411,489,130.62
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 1,5831.75001/11/2018 1,427,520.00 2.308 2.3401,464,009.47
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 1,5522.12501/22/2018 1,451,310.00 2.387 2.4201,482,356.92
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 1,5831.75002/05/2018 1,427,520.00 2.560 2.5961,448,714.19
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 1,5831.75002/08/2018 951,680.00 2.487 2.521968,741.90
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 1,6111.50002/09/2018 940,550.00 2.534 2.570955,991.32
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 1,6111.50002/15/2018 940,550.00 2.601 2.638953,272.24
Subtotal and Average 20,703,271.06 21,000,000.00 20,413,430.00 2.029 2.057 886
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 1,0352.38110/30/2015 978,510.00 2.120 2.1501,006,117.04
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 1,4002.60805/09/2017 214,590.20 2.266 2.298222,431.06
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 1,3392.87501/26/2018 316,300.80 2.486 2.520323,917.61
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 2,4966.23802/24/2016 807,292.40 3.557 3.606840,424.60
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Municipal Bonds
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 1,0354.58402/24/2016 309,741.00 2.130 2.159319,346.42
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 1,0354.58403/04/2016 1,290,587.50 2.138 2.1681,330,230.83
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 1,0354.58402/17/2017 361,364.50 2.317 2.350370,932.97
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 2,8615.23409/27/2017 334,286.10 2.850 2.890354,093.77
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 1,0352.78101/27/2016 493,560.00 2.012 2.040509,878.68
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 1,4002.97111/30/2017 54,282.80 2.416 2.45056,030.81
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 1,3693.50005/03/2018 1,511,310.00 2.927 2.9671,527,928.24
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 2,6806.08006/28/2016 588,897.75 2.994 3.035627,354.47
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 2,8613.16002/14/2018 969,060.35 3.028 3.0701,001,123.81
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 2,4963.04002/14/2018 729,592.50 2.959 3.000751,812.73
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 1,4613.57005/17/2016 507,065.00 1.878 1.904531,310.90
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 1,5843.25006/27/2016 365,416.10 1.898 1.925384,588.42
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 2,3152.37507/29/2016 1,713,802.75 1.972 1.9991,864,666.75
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 1,4613.57009/26/2016 390,440.05 1.630 1.653413,037.53
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 2,5574.00004/10/2017 257,300.00 2.739 2.777268,951.62
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 2,9224.31001/26/2018 1,154,338.05 2.979 3.0201,193,733.09
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 2,9224.31003/19/2018 210,838.00 3.204 3.248214,699.97
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 2,9223.15010/19/2016 1,010,002.95 2.431 2.4651,095,470.87
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 1,2194.80009/21/2017 235,390.50 2.071 2.100244,249.11
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 1,4611.92103/20/2018 949,450.00 2.584 2.620973,786.88
State of Hawaii1946 MUN 355,000.00419791YP7 02/01/2022 1,2194.80003/21/2018 371,393.90 2.761 2.800377,274.59
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 1,4611.92103/29/2018 1,424,175.00 2.663 2.7001,456,254.01
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 1,7962.64002/14/2017 973,350.00 2.784 2.8231,001,336.70
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 1,4312.44012/11/2017 1,060,984.20 2.355 2.3881,092,070.29
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 3,1955.51603/29/2018 1,702,425.00 3.254 3.3001,748,785.71
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 1,2474.30009/16/2016 499,821.60 1.534 1.555528,531.45
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 1,2612.25003/22/2017 963,280.00 2.219 2.2501,000,000.00
State of Maryland1941 MUN 1,500,000.00574193PU6 03/15/2021 8962.48003/21/2018 1,470,315.00 2.406 2.4401,501,407.49
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 1,6124.40003/20/2018 1,333,440.00 2.633 2.6701,371,029.78
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 1,0352.97307/24/2014 494,670.00 2.893 2.933502,853.74
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 3,2263.27209/28/2017 486,330.00 2.791 2.830516,923.20
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 1,7654.10310/26/2015 1,381,391.25 2.490 2.5251,426,910.38
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 New Hampshire1948 MUN 1,500,000.00644682M37 06/01/2021 9743.50003/22/2018 1,516,905.00 2.544 2.5801,535,066.32
New York St Envrnmntl Facs1942 MUN 1,000,000.0064985HWN3 07/15/2020 6531.43103/15/2018 974,330.00 2.377 2.410983,056.67
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 1,3532.43802/15/2018 1,949,020.00 2.624 2.6611,984,424.67
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 9431.57003/09/2016 1,435,860.00 1.548 1.5691,500,000.00
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 1,6732.11009/13/2016 755,616.00 1.764 1.788811,055.28
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 1,6732.11001/31/2017 1,889,040.00 2.485 2.5201,965,401.33
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 2,0094.97106/30/2017 969,291.00 2.416 2.4501,014,338.28
State of Ohio1881 MUN 200,000.00677521GP5 11/01/2020 7623.62512/21/2017 202,104.00 2.179 2.210205,679.61
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 3,2263.18501/25/2018 190,980.00 3.208 3.253198,111.75
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 1,3082.50008/29/2016 557,180.70 1.528 1.550588,501.33
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 1,0352.44105/10/2013 1,965,560.00 2.031 2.0602,019,752.38
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 1,0352.44105/13/2013 1,769,004.00 2.031 2.0601,817,776.55
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 1,0352.44105/15/2013 1,955,732.20 2.051 2.0802,008,608.79
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 1,0352.44101/27/2015 196,556.00 2.041 2.070201,956.45
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 1,0352.44105/12/2016 982,780.00 1.528 1.5501,024,151.04
Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 6702.29109/02/2016 593,064.00 1.290 1.308610,505.66
Palo Alto Unified School Dist.1880 MUN 1,025,000.00697379UD5 08/01/2020 6702.29112/20/2017 1,013,151.00 1.923 1.9501,031,204.25
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 1,7652.50001/11/2018 1,299,022.80 2.436 2.4701,341,795.33
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 2,1312.68001/12/2018 1,411,893.00 2.643 2.6801,460,000.00
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 2,0702.50001/25/2018 441,536.10 2.968 3.010452,841.65
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 2,4352.75001/25/2018 441,870.90 3.008 3.050456,712.24
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 2,8003.00001/25/2018 449,089.70 3.107 3.150465,266.04
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 3,1653.12501/25/2018 264,684.00 3.209 3.253274,796.29
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 1,3534.95002/09/2015 380,239.20 2.416 2.450390,344.42
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 2,4495.45011/27/2015 1,108,820.00 3.067 3.1101,134,841.35
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 2,4492.29011/01/2016 1,972,406.05 2.219 2.2492,110,074.92
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 2,8142.39011/01/2016 225,155.00 2.376 2.410244,660.58
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 2,4492.29007/14/2017 215,512.30 2.682 2.720224,066.10
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 3,2573.25003/02/2018 656,580.80 3.451 3.499667,234.81
SF Bay Area Rapid Transit Dist1938 MUN 2,100,000.00797669XU7 07/01/2021 1,0042.38703/07/2018 2,060,940.00 2.494 2.5282,092,171.78
SF Bay Area Rapid Transit Dist1939 MUN 1,500,000.00797669XU7 07/01/2021 1,0042.38703/07/2018 1,472,100.00 2.497 2.5311,494,284.16
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 1,7652.50001/29/2015 552,983.60 2.663 2.700575,019.92
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
San Mateo Union High School Dt1516 MUN 245,000.00799017KT4 09/01/2019 3352.19301/08/2016 243,601.05 1.775 1.800245,849.76
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 1,0662.72001/19/2016 177,256.80 2.046 2.075183,178.98
San Mateo Union High School Dt1902 MUN 1,000,000.00799017UW6 09/01/2025 2,5272.69901/16/2018 964,710.00 2.786 2.825992,189.84
San Mateo Union High School Dt1940 MUN 1,000,000.00799017UW6 09/01/2025 2,5272.69903/09/2018 964,710.00 2.959 3.000981,463.74
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 3,2263.00002/15/2018 172,198.80 3.057 3.100178,628.16
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 2,8612.11608/25/2016 921,230.00 1.923 1.9501,011,757.89
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 2,4962.06608/25/2016 1,533,988.50 1.893 1.9201,665,044.84
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 2,4962.06608/25/2016 650,783.00 1.893 1.920706,382.66
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 1,0962.58910/14/2015 908,610.40 1.864 1.890938,159.69
State of Texas1586 MUN 1,000,000.00882722KA8 10/01/2023 1,8265.64304/19/2016 1,027,330.00 3.339 3.3851,099,000.00
State of Texas1592 MUN 235,000.00882722JZ5 10/01/2022 1,4615.50304/21/2016 241,154.65 3.047 3.090255,420.69
State of Texas1621 MUN 500,000.00882723A41 10/01/2020 7311.77706/07/2016 489,105.00 1.450 1.470502,960.62
State of Texas1625 MUN 485,000.00882722KC4 10/01/2025 2,5575.91306/09/2016 499,283.25 3.831 3.885542,285.16
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 1,2783.67310/19/2016 112,269.30 1.825 1.850116,646.02
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 2,4963.83209/22/2017 254,642.50 2.747 2.785265,945.65
University of California1340 MUN 1,875,000.0091412GSB2 07/01/2019 2731.79607/14/2014 1,862,475.00 2.007 2.0351,871,815.75
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 5923.34807/31/2014 428,230.00 2.281 2.313431,639.71
University of California1368 MUN 250,000.0091412GGT6 05/15/2019 2263.04808/08/2014 250,670.00 1.982 2.010251,531.60
University of California1383 MUN 955,000.0091412GSB2 07/01/2019 2731.79608/27/2014 948,620.60 1.972 2.000953,610.21
University of California1414 MUN 750,000.0091412GSB2 07/01/2019 2731.79611/28/2014 744,990.00 1.923 1.950749,174.32
University of California1420 MUN 1,500,000.0091412GSB2 07/01/2019 2731.79612/12/2014 1,489,980.00 1.943 1.9701,498,134.38
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 5921.99510/08/2015 256,448.40 1.824 1.850260,582.80
State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 6393.28906/07/2016 754,807.50 1.430 1.450773,353.89
State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 2,1004.55401/04/2017 802,139.80 2.904 2.944833,513.69
State of Vermont1456 MUN 2,000,000.00924258TT3 08/15/2023 1,7794.25008/06/2015 2,025,560.00 3.275 3.3202,078,902.68
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1,4002.74008/08/2016 246,982.50 1.504 1.524261,088.14
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1,4004.63612/05/2016 543,803.95 2.465 2.500554,085.01
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 1,0354.58604/12/2017 1,564,050.00 2.081 2.1101,600,057.46
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 2,1314.66905/23/2017 520,851.20 2.416 2.450542,225.69
West Valley-Mission Community1479 MUN 250,000.0095640HBT4 08/01/2024 2,1316.09010/01/2015 256,617.50 4.030 4.086274,303.54
Subtotal and Average 84,452,128.04 82,290,000.00 81,641,102.30 2.412 2.445 1,609
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2018
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 20
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Total Investments and Average 515,463,236.57 511,218,268.25 500,998,192.79 2.139 2.169 1,315
Portfolio CPA
AP
Run Date: 10/21/2018 - 21:23 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.97.74%
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.
Attachment C
Investment Policy Compliance
As of September 30, 2018
Investment Policy Requirements
Compliance
Check
$127.1 million
$24.7 million
4.02%
Attachment C
Investment Policy Compliance
As of September 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