HomeMy WebLinkAboutStaff Report 8054
City of Palo Alto (ID # 8054)
City Council Staff Report
Report Type: Informational Report Meeting Date: 5/15/2017
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Third Quarter, Fiscal
Year 2017
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 third quarter, March 31, 2017. The City’s investment policy requires that staff report
quarterly to Council on the City’s portfolio composition compared to Council-adopted policy,
portfolio performance, and other key investment and cash flow information.
Discussion
The City’s investment portfolio is detailed in Attachment B. It is grouped by investment type
and includes the investment issuer, date of maturity, current market value, the book and face
(par) value, and the weighted average maturity of each type of investment and of the entire
portfolio.
The par value of the City’s portfolio is $511.8 million; in comparison, last quarter it was $498.8
million. The growth in the portfolio of $13.0 million since the last quarter primarily results from
timing of cash flows. Such factors as the timing and seasonality of payroll periods; property tax
and special assessments receipts (e.g. general obligation and parking assessment bonds); and
not having to pay the bi-weekly pensions to Public Employers’ Retirement System (PERS)
because the annual (Fiscal Year 2017) employer contribution of $30.8 million was fully paid in
July 2016, contributed to realize savings.
The portfolio consists of $36.0 million in liquid accounts and $475.8 million in U. S. government
treasury investments, agency securities, bonds of State of California local government agencies,
bonds of some of the fifty United States, medium-term corporate notes, and certificates of
deposit. The $475.8 million includes $127.7 million in investments maturing in less than two
years, comprising 26.8 percent of the City’s investment in notes and securities. The investment
policy requires that at least $50 million be maintained in securities maturing in less than two
years.
City of Palo Alto Page 2
The current market value of the portfolio is 99.5 percent of the book value. The market value
of securities fluctuates, depending on how interest rates perform. When interest rates
decrease, the market value of the securities in the City’s portfolio will likely increase; likewise,
when interest rates increase, the market value of the securities will likely decrease.
Understanding and showing market values is not only a reporting requirement, but essential to
knowing the principal risks in actively buying and selling securities. It is important to note,
however, that the City’s practice is to buy and hold investments until they mature so changes in
market price do not affect the City’s investment principal. The market valuation is provided by
Union Bank of California, which is the City’s safekeeping agent. The average life to maturity of
the investment portfolio is 3.86 years compared to 3.81 years last quarter.
Investments Made During the Third Quarter
During the third quarter, $18.5 million of government agency securities with an average yield of
2.0% percent matured. During the same period, government securities totaling $33.1 million
with an average yield of 2.4% percent were purchased. The expectation is interest rates and
City’s portfolio’s average yield will gradually rise. The City’s short-term money market and pool
account decreased by $1.6 million compared to the second quarter. Investment staff
continually monitors the City’s short term cash flow needs and adjusts liquid funds to meet
them.
Availability of Funds for the Next Six Months
Normally, the flow of revenues from the City’s utility billings and General Fund sources is
sufficient to provide funds for ongoing expenditures in those respective funds. Projections
indicate receipts will be $260.1 million and expenditures will be $277.4 million over the next six
months, indicating an overall decline in the portfolio of $17.3 million. The decline is attributable
to the expectation that the Fiscal Year 2018 bi-weekly pensions to Public Employers’ Retirement
System (PERS) being fully paid in July 2017. By prepaying PERS instead of making payments
with each payroll period, the City expects to realize savings.
As of March 31, 2017, the City had $36.0 million deposited in the Local Agency Investment Fund
(LAIF) and a money market account that could be withdrawn on a daily basis. In addition,
investments totaling $27.7 million will mature between April 1, 2017 and September 31, 2017.
On the basis of the above projections, staff 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 third 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.
City of Palo Alto Page 3
Investment Yields
Interest income on an accrual basis for the third quarter was $2.4 million; $0.1 million higher
than the last quarter. As of March 31, 2017, the yield to maturity of the City’s portfolio was
1.93 percent; same as the last quarter. The rising interest rate is expected to gradually increase
the portfolio’s yields. The City’s portfolio yield of 1.93 percent compares to LAIF’s average
yield for the quarter of 0.78 percent and an average yield on the two-year and five-year
Treasury bonds during the third quarter of approximately 1.22 percent and 1.94 percent,
respectively.
Yield Trends
In March 2017, the Federal Open Market Committee (FOMC) raised the federal funds and
discount rates by a quarter percent to 1.0 and 1.50 percent, respectively. FOMC’s March 2017
report is consistent with the prior several quarter reports, the FOMC continues to cite
strengthening consumer spending, improving labor market and moderate economic growth
with inflation rising but still remaining below the FOMC’s long-term goal of 2 percent. Business
spending has and continues to remain weak but is improving. The FOMC expects future rate
increase to be gradual and dependent on the economic outlook. Though the expectation is
rates will rise, factors that could keep a lid on rate increases include: low inflation, weak wage
growth, and domestic and global economic weakness.
Funds Held by the City or Managed Under Contract
Attachment A is a consolidated report of all City investment funds, including those not held
directly in the investment portfolio. These include cash in the City’s regular bank account with
US Bank and Wells Fargo. (A description of the City’s banking relationships can be found in City
Council Staff Report ID # 7858.) The bond proceeds, reserves, and debt service payments being
held by the City’s fiscal agents are subject to the requirements of the underlying debt
indenture. The trustees for the bond funds are U.S. Bank and California Asset Management
Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market
mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in CAMP are
invested in banker’s acceptance notes, certificates of deposit, commercial paper, federal
agency securities, and repurchase agreements. The most recent data on funds held by the fiscal
agent is as of March 31, 2017.
Fiscal Impact
This is an information report with no fiscal impact.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
Attachment A: Consolidated Report of Cash Management
Attachment B: Investment Portfolio
Attachment C: Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)517,240,313$ 514,673,438$
Other Funds Held by the City
Cash with Wells Fargo Bank 977,804 977,804
(includes general and imprest accounts)
Cash with US Bank 4,203,178 4,203,178
(includes general and imprest accounts)
Petty/Working Cash 12,678 12,678
Total - Other Funds Held By City 5,193,660 5,193,660
Funds Under Management of Third Party Trustees *
US Bank Trust Services **
2002 Downtown Parking Impvt. (Taxable) Certificates of Participation
Reserve Fund 237,331 237,331
2009 Water Revenue Bonds (Build America Bonds)
Project, Debt Service, Reserve, Cost of Issuance Funds 2,608,622 2,608,622
2010 General Obligation Bonds
Debt Service 3,718 3,718
2011 Utility Revenue Refunding Bonds
Debt Service, Reserve, and Cost of Issuance Funds 1,486,167 1,486,167
2013 General Obligation Bonds
Debt Service 19,215 19,215
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,549,955 2,549,955
2013 General Obligation (Library) Bond
Project Fund 714,431 714,431
Total Under Trustee Management 7,619,439 7,619,439
GRAND TOTAL 530,053,413$ 527,486,538$
* 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.
Third Quarter, Fiscal Year 2016-17
(Unaudited)
(Debt Service Proceeds)
Attachment A
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
City of Palo Alto City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
March 31, 2017
Fund ALL - Portfolio Listings
Investments by Fund
Par Value Days ToMaturityMaturityDateCurrentRateMarket ValueCUSIPInvestment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Managed Pool Accounts
Fidelity Investments158 3,821,479.05SYS158 10.01007/01/2015 3,821,479.05 0.009 0.0103,821,479.05
Local Agency Investment Fund159 32,226,165.97SYS159 10.85007/01/2015 32,199,610.03 0.838 0.85032,226,165.97
Subtotal and Average 36,047,645.02 36,047,645.02 36,021,089.08 0.751 0.761 1
Negotiable CD's
Comenity Capital Bank1183 NCD 245,000.0020033ABE5 05/03/2018 3971.00005/03/2013 245,583.10 0.986 1.000245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 2,0082.45009/30/2015 246,443.05 2.418 2.451245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 2,3282.40002/16/2016 243,819.10 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 1,4591.45009/30/2016 239,923.60 1.429 1.449245,000.00
American Eagle Bank1371 NCD 245,000.0002554BCE9 05/28/2019 7871.85008/26/2014 246,504.30 1.825 1.850245,000.00
American Express Centurion Bk1178 NCD 245,000.0002587DMV7 05/02/2018 3961.10005/02/2013 245,583.10 1.084 1.100245,000.00
American Express Centurion Bk1333 NCD 245,000.0002587CAC4 07/10/2019 8301.95007/10/2014 247,055.55 1.923 1.950245,000.00
Barclays Bank / Delaware1187 NCD 245,000.0006740AZB8 04/30/2018 3940.70005/07/2013 247,572.50 0.690 0.699245,000.00
Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 1,6551.50010/12/2016 238,539.35 1.480 1.500245,000.00
Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 1,0031.85012/29/2014 247,540.65 1.824 1.850245,000.00
Belmont Savings Bank1280 NCD 245,000.00080515AT6 11/13/2018 5911.55005/13/2014 246,474.90 1.528 1.550245,000.00
Bar Harbor Bank & Trust1377 NCD 245,000.00066851SG2 08/27/2019 8781.75008/27/2014 245,646.80 1.726 1.750245,000.00
Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 2,0082.50009/30/2015 245,330.75 2.467 2.501245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 1,2782.20009/30/2014 247,927.75 2.171 2.201245,000.00
Bank of Holland Michigan1302 NCD 245,000.00062649ZV3 05/21/2019 7801.70005/21/2014 247,082.50 1.677 1.701245,000.00
Frontier Bank Madison NE1498 NCD 245,000.0035907XCL9 11/22/2021 1,6962.00011/20/2015 243,422.20 1.974 2.001245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1,9942.25009/16/2015 243,997.95 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 2,0081.70009/30/2016 236,981.15 1.676 1.700245,000.00
BMW Bank of North America1202 NCD 245,000.0005568P3E5 05/24/2017 530.90005/24/2013 245,061.25 0.887 0.900245,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 1,6261.50009/12/2016 238,612.85 1.479 1.500245,000.00
BankWest, Inc.1380 NCD 150,000.0006652CEY3 09/16/2019 8981.90009/15/2014 150,907.50 1.873 1.900150,000.00
Bofi Federal Bank1381 NCD 50,000.0009710LAF2 08/30/2022 1,9772.25008/25/2014 49,817.00 2.493 2.52749,324.56
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 1,9552.35008/25/2014 100,160.00 2.592 2.62898,654.04
Bofi Federal Bank1402 NCD 100,000.0009710LAF2 08/30/2022 1,9772.25010/21/2014 99,634.00 2.462 2.49698,794.51
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 1,2852.25010/07/2015 248,314.85 2.219 2.250245,000.00
Bridgewater Bank Bloom MN1393 NCD 245,000.00108622EA5 09/24/2019 9061.85009/24/2014 246,171.10 1.825 1.850245,000.00
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 2
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Negotiable CD's
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 1,4111.55002/10/2016 241,680.25 1.530 1.551245,000.00
Worlds Foremost Bank1387 NCD 200,000.00981571AT9 09/04/2019 8862.10009/04/2014 201,696.00 2.072 2.101200,000.00
Campbell County Bank1307 NCD 245,000.00134204BZ8 05/30/2019 7891.65005/30/2014 247,133.95 1.628 1.650245,000.00
Cathay Bank1194 NCD 245,000.00149159HS7 04/30/2018 3941.00005/14/2013 244,879.95 0.987 1.000244,999.47
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 1,4751.50004/15/2016 240,705.15 1.479 1.500245,000.00
Celtic Bank1362 NCD 245,000.0015118RJW8 08/20/2019 8711.90008/20/2014 247,035.95 1.875 1.901245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 1,7821.70002/16/2016 239,088.15 1.678 1.701245,000.00
CIT Bank1175 NCD 245,000.0017284CCN2 04/24/2018 3881.20004/24/2013 245,078.40 1.183 1.200245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 1,6061.40008/24/2016 238,647.15 1.380 1.400245,000.00
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 2,1481.75002/19/2016 241,200.00 1.727 1.751250,000.00
Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 1,0342.05001/30/2014 247,217.25 2.021 2.050245,000.00
Community State Bank1536 NCD 245,000.0020404YBQ7 02/24/2022 1,7901.95002/24/2016 241,839.50 1.924 1.951245,000.00
Capital One Bank USA NA1384 NCD 250,000.00140420NR7 09/04/2019 8861.80009/04/2014 252,067.50 1.775 1.800250,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 1,2292.30008/12/2015 248,807.30 2.268 2.300245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 1,5361.55006/16/2016 240,977.10 1.529 1.550245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 1,4181.60002/17/2016 242,086.95 1.579 1.601245,000.00
Commercial Bank1369 NCD 245,000.0020143PDB3 05/20/2019 7791.85008/19/2014 246,511.65 1.824 1.850245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 1,9902.25009/11/2015 244,020.00 2.224 2.255245,000.00
Cornerstone Bank1757 NCD 245,000.00219232CN3 03/10/2022 1,8042.10003/10/2017 243,375.65 2.072 2.101245,000.00
Discover Bank / Delaware1176 NCD 245,000.00254671NJ5 05/01/2018 3951.15005/01/2013 245,583.10 1.134 1.150245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 1,8022.05003/08/2017 242,824.40 2.021 2.050245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 1,2411.90008/24/2015 245,585.55 1.876 1.902245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 1,2162.00007/30/2015 246,457.75 1.972 2.000245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 1,4172.20008/15/2014 252,625.00 2.169 2.200250,000.00
First Bank of Highland1330 NCD 245,000.00319141BV8 07/03/2019 8231.85007/03/2014 245,622.30 1.824 1.850245,000.00
First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 1,0542.00002/19/2014 246,844.85 1.972 2.000245,000.00
First Choice Bank / NJ1297 NCD 245,000.00319464AR4 05/28/2019 7871.70005/28/2014 247,133.95 1.677 1.701245,000.00
State Bank of Fenton (MI)1283 NCD 245,000.00856188AU1 02/15/2019 6851.65005/15/2014 245,637.00 1.630 1.653245,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 2,2731.80006/22/2016 237,164.90 1.776 1.800245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 1,8102.10010/19/2015 243,304.60 2.120 2.150244,431.47
Flushing Bank1413 NCD 245,000.0034387ABA6 12/10/2018 6181.80012/10/2014 245,970.20 1.776 1.801245,000.00
First General Bank1222 NCD 245,000.00320337AR9 07/03/2018 4581.30007/03/2013 245,306.25 1.282 1.300245,000.00
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Negotiable CD's
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 1,6582.45010/17/2014 251,098.05 2.416 2.449245,000.00
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 1,7532.05001/18/2017 244,742.75 2.021 2.050245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 1,9502.35009/09/2014 240,458.40 2.665 2.703235,944.54
First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 1,4271.55002/26/2016 241,574.90 1.530 1.551245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 1,6432.00010/01/2015 243,936.70 1.972 1.999245,000.00
First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 1,6302.20009/17/2015 245,122.50 2.171 2.201245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 1,4372.50003/07/2014 250,279.75 2.465 2.500245,000.00
First Merchants Bank1351 NCD 245,000.0032082BDH9 08/06/2019 8571.90008/06/2014 247,099.65 1.873 1.900245,000.00
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 1,8111.70003/17/2016 243,590.00 1.677 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 1,4271.55002/29/2016 245,151.90 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 1,6162.40009/03/2015 249,361.00 2.367 2.400245,000.00
First Savings Bank Northwest1335 NCD 245,000.0033621JAB4 07/18/2019 8381.80007/18/2014 245,095.55 1.776 1.801245,000.00
First State Bank1366 NCD 245,000.0033648RAT6 08/20/2019 8711.85008/20/2014 247,094.75 1.825 1.851245,000.00
First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 1,8382.35009/25/2015 249,009.36 2.321 2.353247,980.94
Fox Chase Bank1305 NCD 245,000.0035137QAV6 06/06/2019 7961.70006/06/2014 247,129.05 1.677 1.700245,000.00
Gulf Coast Bank & Trust1462 NCD 200,000.00402194ES9 05/20/2021 1,5102.00008/13/2015 200,124.00 1.972 1.999200,000.00
Gold Coast Bank1375 NCD 245,000.0038058KDA1 08/05/2019 8561.80009/04/2014 246,879.15 1.775 1.800245,000.00
GE Capital Bank1184 NCD 245,000.0036161TJR7 05/03/2018 3971.00005/03/2013 244,527.15 0.986 1.000245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 1,4512.65003/21/2014 251,661.55 2.613 2.650245,000.00
Goldman Sachs Bank USA1177 NCD 245,000.0038147JEC2 05/01/2018 3951.15005/01/2013 244,928.95 1.134 1.150245,000.00
Happy State Bank1683 NCD 245,000.00411394AN9 09/16/2021 1,6291.50009/16/2016 238,674.10 1.500 1.520245,000.00
HSBC Bank1564 NCD 245,000.0040434AR84 10/07/2021 1,6502.00004/07/2016 243,677.00 1.972 2.000245,000.00
Dubuque Bank & Trust1372 NCD 245,000.00263849BD2 08/21/2019 8721.90008/21/2014 247,033.50 1.873 1.900245,000.00
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 2,0012.20003/24/2017 243,329.10 2.172 2.202245,000.00
Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 1,2291.60002/12/2016 243,243.35 1.578 1.600245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 1,2422.00008/25/2015 248,817.10 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 1,5812.30007/31/2015 249,096.40 2.269 2.301245,000.00
Iowa State Bank1343 NCD 250,000.0046256YAB5 07/23/2019 8431.80007/23/2014 252,095.00 1.775 1.800250,000.00
JP Morgan Chase BAnk NA1200 NCD 245,000.0048124JD39 12/05/2018 6131.25006/05/2013 244,287.05 1.232 1.250245,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 2,3611.80009/16/2016 234,950.10 1.775 1.800245,000.00
LCA Bank Corporation1306 NCD 245,000.00501798FJ6 05/30/2019 7891.65005/30/2014 247,133.95 1.627 1.650245,000.00
Leader Bank1364 NCD 245,000.0052168UCN0 08/22/2019 8732.00008/22/2014 245,149.45 1.973 2.001245,000.00
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Negotiable CD's
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 1,7771.70002/12/2016 246,617.00 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 1,6011.40008/19/2016 238,796.60 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 1,6202.25009/05/2014 246,741.95 2.219 2.250245,000.00
Machias Savings Bank1358 NCD 245,000.00554479DN2 08/28/2019 8791.80008/28/2014 247,148.65 1.776 1.801245,000.00
Mascoma Savings Bank1319 NCD 248,000.0057461PAG1 01/15/2019 6541.80006/20/2014 250,125.36 1.627 1.650248,641.00
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 1,7482.10001/13/2017 243,961.20 2.072 2.101245,000.00
Medallion Bank - Salt Lake1238 NCD 245,000.0058403BJ31 01/10/2019 6491.85001/10/2014 247,065.35 1.825 1.850245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 1,2371.90008/20/2015 245,600.25 1.876 1.902245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 1,7831.80002/17/2016 245,867.30 1.776 1.801245,000.00
Mifflinburg Bank & Trust Co.1321 NCD 132,000.00598580AB4 04/30/2019 7591.65006/20/2014 133,122.00 1.627 1.649132,000.00
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 1,2991.75010/21/2015 248,332.00 1.727 1.751245,000.00
Mutual One Bank1407 NCD 250,000.0062847HAA7 11/21/2019 9641.85011/21/2014 252,625.00 1.825 1.850250,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 1,2511.90009/03/2015 248,895.50 1.873 1.900245,000.00
NBT Bank1322 NCD 156,000.00628779FJ4 06/06/2019 7961.80006/20/2014 157,318.20 1.775 1.799156,000.00
NBT Bank1373 NCD 94,000.00628779FN5 08/20/2019 8712.10008/20/2014 94,778.32 2.071 2.10094,000.00
Customers Bank1388 NCD 250,000.0023204HCA4 09/10/2019 8922.10009/10/2014 252,052.50 2.071 2.100250,000.00
NCB Savings Bank1344 NCD 245,000.00628825JL6 07/25/2019 8451.80007/25/2014 245,994.70 1.775 1.800245,000.00
National Bank Commerce1607 NCD 245,000.00633368DY8 05/11/2023 2,2311.80005/11/2016 240,661.05 1.776 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1,9732.25008/26/2015 249,757.90 2.220 2.251245,000.00
Lake Sunapee Bank FSB1309 NCD 245,000.00510868AG7 06/05/2019 7951.75006/05/2014 247,129.05 1.727 1.750245,000.00
Connectone Bank1355 NCD 245,000.0020786AAT2 08/13/2019 8641.85008/13/2014 247,097.20 1.824 1.850245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 1,1462.00005/21/2014 248,596.60 1.972 2.000245,000.00
Northfield Bank1365 NCD 245,000.0066612AAA6 08/12/2019 8631.85008/13/2014 246,982.05 1.824 1.850245,000.00
Northstar Bank1326 NCD 245,000.0066704MEG2 07/18/2019 8381.75007/18/2014 247,116.80 1.727 1.751245,000.00
National Bank of NY City1312 NCD 245,000.00634116CB1 06/18/2019 8081.65006/18/2014 247,072.70 1.627 1.650245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 1,4101.55002/09/2016 246,702.75 1.530 1.551245,000.00
Williamette Valley Bank1524 NCD 245,000.00969294BY2 02/06/2023 2,1372.10002/04/2016 247,325.05 2.072 2.101245,000.00
Orrstown Bank1465 NCD 245,000.00687377DR9 08/20/2020 1,2372.00008/20/2015 245,132.30 1.974 2.002245,000.00
Peoples United Bank1378 NCD 245,000.0071270QGB6 08/27/2019 8781.95008/27/2014 247,026.15 1.923 1.950245,000.00
Peapack-Gladstone Bank1275 NCD 245,000.00704692AK8 04/17/2019 7461.80004/17/2014 247,077.60 1.776 1.801245,000.00
Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 1,6022.50008/20/2014 239,039.15 2.467 2.501245,000.00
Prime Alliance Bank1331 NCD 245,000.0074160NED8 07/11/2019 8311.70007/11/2014 247,067.80 1.677 1.701245,000.00
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Negotiable CD's
Park National Bank1395 NCD 250,000.00700654AV8 03/26/2019 7242.10009/26/2014 251,052.50 2.070 2.099250,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 1,7912.10002/26/2015 249,936.75 2.072 2.101245,000.00
Peoples State Bank, WI1304 NCD 245,000.00712515GY5 05/23/2019 7821.70005/23/2014 247,075.15 1.676 1.700245,000.00
Private Bank & Trust Co.1293 NCD 245,000.0074267GUN5 11/21/2018 5991.65005/21/2014 246,496.95 1.627 1.650245,000.00
Ohio Valley Bank1338 NCD 250,000.00677721CE0 07/23/2019 8431.80007/23/2014 252,157.50 1.776 1.801250,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 1,5431.45006/22/2016 240,888.90 1.430 1.450245,000.00
Sallie Mae Bank1350 NCD 245,000.00795450SC0 07/30/2019 8502.05007/30/2014 247,097.20 2.021 2.050245,000.00
State Bank Definace1233 NCD 245,000.00855736CX0 07/19/2018 4741.65007/19/2013 246,643.95 1.628 1.650245,000.00
State Bank of India1390 NCD 245,000.00856284Z98 09/11/2019 8932.15009/11/2014 247,067.80 2.120 2.150245,000.00
State Bank of Texas1230 NCD 245,000.00856528CG7 07/17/2018 4721.60007/17/2013 245,078.40 1.578 1.600245,000.00
Security National Bank1499 NCD 245,000.00814414AC2 11/19/2021 1,6932.00011/19/2015 243,454.05 1.974 2.001245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 2,2631.80006/10/2016 237,270.25 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 1,6621.50010/19/2016 237,921.95 1.480 1.500245,000.00
Bell State Bank & Trust1223 NCD 245,000.0007815AAG2 06/28/2018 4531.30006/28/2013 245,289.10 1.282 1.300245,000.00
Sterns Bank NA1221 NCD 245,000.00857894NG0 06/28/2018 4531.30006/28/2013 245,318.50 1.282 1.300245,000.00
Stockman Bank1557 NCD 245,000.0086128QBX5 03/30/2023 2,1892.00003/30/2016 243,228.65 1.973 2.000245,000.00
Third Federal Savings and Loan1242 NCD 245,000.0088413QAF5 10/22/2018 5691.75001/22/2014 246,979.60 1.726 1.750245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 1,4722.40004/11/2014 251,651.75 2.367 2.400245,000.00
Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 2,5082.65002/10/2017 245,485.10 2.613 2.650245,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 1,7952.05003/01/2017 242,900.35 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 2,4601.70006/24/2016 235,868.85 1.676 1.700245,000.00
United Bankers' Bank1379 NCD 245,000.00909557EA4 04/29/2019 7581.80008/29/2014 246,276.45 1.776 1.800245,000.00
United Community Bank1694 NCD 245,000.0090983WBD2 03/28/2022 1,8221.60009/29/2016 238,198.80 1.577 1.599245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 1,4271.60002/26/2016 246,732.15 1.579 1.601245,000.00
Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 1,0031.85012/29/2014 247,540.65 1.824 1.850245,000.00
Washington Trst Westerly1345 NCD 245,000.00940637GJ4 07/31/2019 8511.90007/31/2014 247,102.10 1.873 1.900245,000.00
Webster Bank NA1252 NCD 245,000.0094768NJM7 02/12/2019 6821.90002/12/2014 246,768.90 1.873 1.900245,000.00
Northwest Bank1308 NCD 245,000.0066736AAK5 05/29/2019 7881.65005/29/2014 247,133.95 1.628 1.650245,000.00
Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 1,0902.10009/26/2014 247,491.65 2.071 2.100245,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 1,7892.05002/23/2017 242,968.95 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 1,5511.60006/30/2016 240,812.95 1.578 1.600245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1,9452.35008/12/2015 249,201.75 2.317 2.349245,000.00
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Negotiable CD's
Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 9831.90012/08/2014 251,350.00 1.873 1.899250,000.00
Subtotal and Average 36,995,770.53 37,003,000.00 37,023,833.34 1.816 1.842 1,240
Medium Term Notes
Apple, Inc.1342 MTN 2,000,000.00037833AQ3 05/06/2019 7652.10007/15/2014 2,021,720.00 1.982 2.0102,003,567.82
Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 1,0421.55008/13/2015 745,515.00 1.980 2.008740,674.46
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 1,1312.00011/05/2015 1,508,580.00 1.854 1.8791,505,323.94
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 1,4242.25002/23/2016 702,121.00 2.140 2.169702,028.23
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 1,5093.62507/11/2016 106,179.00 1.271 1.288109,329.79
Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 1,5093.62507/11/2016 1,004,453.34 1.271 1.2881,034,259.85
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 1,5093.62507/12/2016 1,592,685.00 1.238 1.2551,642,045.66
Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 1,5093.62501/11/2017 924,819.09 2.012 2.040925,319.95
Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 9781.87511/24/2014 2,013,980.00 1.874 1.9001,998,722.47
Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 9781.87512/08/2014 1,510,485.00 1.824 1.8501,500,948.71
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 1,4301.65006/07/2016 986,950.00 1.530 1.5511,003,624.30
Microsoft Corporation1448 MTN 2,000,000.00594918AV0 02/12/2020 1,0471.85002/12/2015 2,005,460.00 1.785 1.8102,002,152.39
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 1,3122.00011/05/2015 2,006,560.00 1.913 1.9402,004,024.03
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 1,3122.00001/07/2016 902,952.00 1.887 1.913902,652.47
Stanford University1336 MTN 300,000.00854403AC6 05/01/2019 7604.75007/10/2014 319,884.00 1.966 1.993316,347.53
Stanford University1347 MTN 150,000.00854403AC6 05/01/2019 7604.75007/24/2014 159,942.00 1.896 1.922158,401.14
Stanford University1349 MTN 225,000.00854403AC6 05/01/2019 7604.75007/25/2014 239,913.00 1.895 1.921237,609.05
Stanford University1419 MTN 105,000.00854403AC6 05/01/2019 7604.75012/11/2014 111,959.40 1.893 1.920110,908.74
Subtotal and Average 18,897,940.53 18,547,000.00 18,864,157.83 1.789 1.813 1,164
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1028 3,000,000.0031315PPC7 02/21/2019 6911.79002/21/2012 3,026,790.00 1.765 1.7903,000,000.00
Federal Agricultural Mortgage1031 2,000,000.0031315PQC6 09/06/2018 5231.55003/06/2012 2,012,160.00 1.528 1.5502,000,000.00
Federal Agricultural Mortgage1052 1,500,000.0031315PTW9 04/10/2019 7391.87004/10/2012 1,512,045.00 1.844 1.8701,500,000.00
Federal Agricultural Mortgage1055 1,500,000.0031315PTQ2 04/10/2017 91.26004/10/2012 1,500,240.00 1.242 1.2601,500,000.00
Federal Agricultural Mortgage1090 2,000,000.0031315PZQ5 06/05/2017 651.11006/05/2012 2,001,280.00 1.094 1.1102,000,000.00
Federal Agricultural Mortgage1096 2,000,000.0031315PZQ5 06/05/2017 651.11006/20/2012 2,001,280.00 0.998 1.0122,000,338.46
Federal Agricultural Mortgage1098 2,000,000.0031315PPK9 07/03/2017 931.02007/03/2012 2,000,280.00 1.006 1.0202,000,000.00
Federal Agricultural Mortgage1109 2,000,000.0031315PSX8 08/23/2017 1441.03008/23/2012 1,999,720.00 1.015 1.0302,000,000.00
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 1,7032.00011/29/2012 1,502,835.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 1,9212.20012/13/2012 1,490,475.00 1.930 1.9571,517,406.70
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 2,0602.00012/19/2012 741,585.00 2.081 2.110745,818.67
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 1,0001.48012/27/2012 1,493,490.00 1.395 1.4151,502,529.56
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 2,0962.18001/04/2013 1,493,310.00 2.165 2.1961,498,765.75
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 1,0034.50001/04/2013 798,963.20 1.514 1.535796,937.31
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 1,5223.84001/04/2013 535,315.00 1.946 1.973535,671.46
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 2,0962.18001/08/2013 1,493,310.00 2.195 2.2251,496,494.30
Federal Agricultural Mortgage1142 1,200,000.0031315PTW9 04/10/2019 7391.87001/09/2013 1,209,636.00 1.400 1.4201,210,424.93
Federal Agricultural Mortgage1143 451,000.0031315PPC7 02/21/2019 6911.79001/09/2013 455,027.43 1.372 1.392454,238.52
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 2,0962.18001/23/2013 1,493,310.00 2.111 2.1411,503,000.15
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 2,0962.18001/28/2013 2,583,426.30 2.199 2.2292,588,345.36
Federal Agricultural Mortgage1152 2,000,000.0031315PPF0 01/30/2019 6691.32002/11/2013 1,999,920.00 1.220 1.2372,002,919.35
Federal Agricultural Mortgage1155 1,500,000.0031315PPF0 01/30/2019 6691.32002/21/2013 1,499,940.00 1.262 1.2801,501,049.96
Federal Agricultural Mortgage1160 1,500,000.0031315PQM4 03/06/2018 3390.94003/07/2013 1,497,600.00 0.925 0.9371,500,027.21
Federal Agricultural Mortgage1163 1,500,000.0031315PQM4 03/06/2018 3390.94003/08/2013 1,497,600.00 0.987 1.0011,499,167.16
Federal Agricultural Mortgage1179 1,500,000.0031315PXM6 05/02/2018 3960.85005/02/2013 1,493,415.00 0.864 0.8771,499,570.55
Federal Agricultural Mortgage1186 1,450,000.0031315PXH7 01/09/2019 6482.10005/01/2013 1,470,488.50 1.055 1.0701,475,607.38
Federal Agricultural Mortgage1199 1,500,000.0031315PZZ5 03/09/2018 3420.77005/15/2013 1,495,215.00 0.961 0.9751,497,184.31
Federal Agricultural Mortgage1209 1,500,000.0031315PZZ5 03/09/2018 3420.77005/30/2013 1,495,215.00 1.151 1.1671,494,577.55
Federal Agricultural Mortgage1224 1,500,000.0031315PC98 06/12/2018 4371.18006/21/2013 1,498,230.00 1.549 1.5701,493,270.77
Federal Agricultural Mortgage1225 1,500,000.0031315PC98 06/12/2018 4371.18006/21/2013 1,498,230.00 1.575 1.5971,492,816.67
Federal Agricultural Mortgage1226 1,500,000.0031315PC98 06/12/2018 4371.18006/25/2013 1,498,230.00 1.783 1.8081,489,259.13
Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 1,0701.41001/15/2014 1,487,880.00 2.462 2.4961,455,960.55
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 1,2572.80001/15/2014 1,537,470.00 2.635 2.6721,505,996.08
Federal Agricultural Mortgage1256 1,500,000.0031315PXH7 01/09/2019 6482.10003/05/2014 1,521,195.00 1.702 1.7261,509,487.69
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 1,4384.16003/06/2014 323,496.00 2.574 2.609316,640.85
Federal Agricultural Mortgage1258 1,500,000.0031315P6P9 03/05/2024 2,5303.40003/07/2014 1,566,420.00 3.325 3.3721,502,443.40
Federal Agricultural Mortgage1259 1,500,000.0031315P6P9 03/05/2024 2,5303.40003/10/2014 1,566,420.00 3.424 3.4711,493,756.33
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 1,4552.50003/26/2014 1,526,805.00 2.495 2.5301,498,334.37
Federal Agricultural Mortgage1265 1,800,000.0031315PJ67 02/28/2019 6981.70003/28/2014 1,812,222.00 1.784 1.8091,796,426.44
Federal Agricultural Mortgage1271 1,000,000.0031315P4B2 01/30/2024 2,4953.46004/09/2014 1,047,550.00 3.297 3.3431,006,706.36
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 1,9212.20004/23/2014 1,242,062.50 2.889 2.9301,207,582.82
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 1,0981.47510/15/2014 497,575.00 1.857 1.882494,199.64
Federal Agricultural Mortgage1406 1,500,000.0031315PA58 11/20/2019 9631.31011/07/2014 1,490,475.00 1.854 1.8801,478,588.61
Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 9631.84011/20/2014 2,014,600.00 1.814 1.8402,000,000.00
Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 9631.84011/20/2014 1,510,950.00 1.848 1.8731,498,734.67
Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 9961.85012/23/2014 1,508,280.00 1.851 1.8761,498,960.72
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 1,4952.51001/09/2015 687,919.50 2.110 2.140684,507.98
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 2,5523.33001/09/2015 416,992.64 2.540 2.575422,840.43
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 2,2632.61001/22/2015 1,606,983.44 2.269 2.3011,631,772.66
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 2,2632.61002/09/2015 1,452,697.00 2.377 2.4101,466,169.36
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 1,7952.15003/05/2015 1,004,670.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1552 Call 1,500,000.003132X0EU1 01/27/2026 3,2232.93002/26/2016 1,457,040.00 2.831 2.8701,506,750.45
Federal Agricultural Mortgage1554 Call 1,500,000.003132X0EU1 01/27/2026 3,2232.93003/02/2016 1,457,040.00 2.878 2.9181,501,336.33
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 2,1242.13004/06/2016 986,990.00 1.839 1.8641,014,397.07
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 3,0474.35004/08/2016 529,050.36 2.296 2.328545,480.72
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 2,5873.30004/21/2016 1,556,040.00 2.084 2.1121,615,438.24
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 2,5873.30004/26/2016 1,556,040.00 2.159 2.1891,607,630.33
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 2,0962.18005/26/2016 497,770.00 1.844 1.870508,312.80
Federal Agricultural Mortgage1655 1,500,000.0031315PQT9 03/06/2020 1,0701.41007/01/2016 1,487,880.00 0.992 1.0051,517,395.56
Federal Agricultural Mortgage1663 510,000.0031315PQT9 03/06/2020 1,0701.41007/21/2016 505,879.20 1.135 1.150513,779.54
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1,9312.38007/25/2016 2,013,260.00 1.499 1.5202,086,627.57
Federal Agricultural Mortgage1681 1,750,000.003132X0BG5 06/15/2020 1,1711.75008/24/2016 1,750,647.50 1.136 1.1521,782,720.02
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 1,3951.55010/03/2016 1,478,970.00 1.256 1.2741,515,311.42
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 3,2304.81010/18/2016 1,716,315.00 2.131 2.1601,816,630.40
Federal Agricultural Mortgage1736 Call 1,000,000.003130H0BL6 01/01/2027 3,5623.20001/19/2017 998,760.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 1,7892.10002/23/2017 1,001,550.00 2.034 2.0631,001,708.16
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 1,7892.10003/02/2017 1,502,325.00 2.085 2.1141,498,967.00
Federal Agricultural Mortgage839 1,500,000.0031315PEY1 12/30/2019 1,0034.50012/30/2009 1,619,520.00 4.438 4.5001,500,000.00
Federal Agricultural Mortgage866 1,000,000.0031315PAT6 05/17/2017 463.75005/17/2010 1,003,940.00 3.698 3.7501,000,000.00
Federal Agricultural Mortgage923 1,500,000.0031315PNM7 12/28/2017 2713.15012/28/2010 1,523,655.00 3.106 3.1501,500,000.00
Federal Agricultural Mortgage942 1,500,000.0031315PTU3 03/09/2021 1,4384.16003/09/2011 1,617,480.00 4.103 4.1601,500,000.00
Federal Farm Credit Bank1092 1,500,000.003133EAUF3 06/14/2019 8041.50006/14/2012 1,500,315.00 1.479 1.5001,500,000.00
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Farm Credit Bank1205 575,000.0031331JQM8 06/04/2018 4293.40005/23/2013 590,047.75 1.045 1.060590,355.57
Federal Farm Credit Bank1206 950,000.0031331YW63 06/12/2018 4374.90005/23/2013 992,275.00 1.045 1.060992,414.98
Federal Farm Credit Bank722 2,000,000.0031331YCJ7 10/30/2017 2124.90010/30/2007 2,046,680.00 4.832 4.9002,000,000.00
Federal Farm Credit Bank725 2,000,000.0031331YHQ6 12/15/2017 2584.62512/12/2007 2,050,600.00 4.561 4.6242,000,000.00
Federal Farm Credit Bank870 1,000,000.0031331JQB2 06/02/2017 623.00006/02/2010 1,003,960.00 2.958 3.0001,000,000.00
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 1,2772.87509/29/2010 1,029,390.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank918 2,000,000.0031331J5F6 12/16/2020 1,3553.62512/16/2010 2,116,860.00 3.575 3.6252,000,000.00
Federal Farm Credit Bank959 1,500,000.0031331KQD5 06/27/2017 872.30006/27/2011 1,505,310.00 2.268 2.3001,500,000.00
Federal Farm Credit Bank .1181 Call 1,500,000.003133EA4J4 10/11/2018 5581.15004/30/2013 1,493,130.00 1.137 1.1531,499,915.86
Federal Farm Credit Bank .1189 Call 1,500,000.003133ECMF8 04/24/2018 3880.98005/06/2013 1,497,915.00 0.986 1.0001,499,678.69
Federal Farm Credit Bank .1227 1,500,000.003133ECTM6 07/02/2018 4571.90007/02/2013 1,514,160.00 1.873 1.9001,500,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 2,2572.45001/09/2014 500,485.00 3.383 3.430474,294.58
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 2,3072.12501/27/2016 615,756.25 2.024 2.052627,655.15
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 1,8085.16003/17/2016 573,360.00 1.876 1.902575,895.71
Federal Farm Credit Bank .1565 Call 1,000,000.003133EFT98 03/28/2025 2,9182.62003/28/2016 981,090.00 2.596 2.632999,112.04
Federal Farm Credit Bank .1582 Call 1,500,000.003133EF3D7 04/21/2025 2,9422.54004/21/2016 1,467,315.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1584 Call 1,500,000.003133EF3D7 04/21/2025 2,9422.54004/21/2016 1,467,315.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1585 Call 1,500,000.003133EF4A2 04/19/2022 1,8441.92004/19/2016 1,478,190.00 1.893 1.9201,500,000.00
Federal Farm Credit Bank .1591 Call 1,500,000.003133EF2D8 04/13/2026 3,2992.64004/19/2016 1,460,670.00 2.603 2.6391,500,000.00
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 1,6971.61004/21/2016 244,797.50 1.558 1.580250,330.33
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 1,8681.87504/21/2016 988,680.00 1.578 1.6001,013,354.92
Federal Farm Credit Bank .1598 Call 1,000,000.003133EFX44 10/05/2022 2,0132.05004/22/2016 989,520.00 2.021 2.0491,000,000.00
Federal Farm Credit Bank .1603 Call 1,930,000.003133EFYV3 02/17/2026 3,2442.82004/26/2016 1,907,245.30 2.722 2.7601,938,909.16
Federal Farm Credit Bank .1606 Call 1,605,000.003133EFYF8 02/10/2025 2,8722.73004/28/2016 1,600,794.90 2.621 2.6571,613,041.45
Federal Farm Credit Bank .1609 Call 1,000,000.003133EF6T9 05/12/2025 2,9632.47005/12/2016 977,740.00 2.436 2.4701,000,000.00
Federal Farm Credit Bank .1612 Call 1,000,000.003133EFWF0 01/26/2023 2,1262.34005/10/2016 997,840.00 2.191 2.2211,006,351.77
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 2,8132.12505/13/2016 959,160.00 1.930 1.9561,011,859.50
Federal Farm Credit Bank .1623 Call 1,500,000.003133EGEB7 06/09/2026 3,3562.57006/09/2016 1,456,665.00 2.534 2.5701,500,000.00
Federal Farm Credit Bank .1630 Call 1,000,000.003133EF2D8 04/13/2026 3,2992.64006/13/2016 973,780.00 2.522 2.5571,006,522.37
Federal Farm Credit Bank .1634 Call 1,000,000.003133EF2D8 04/13/2026 3,2992.64006/16/2016 973,780.00 2.489 2.5241,009,194.23
Federal Farm Credit Bank .1638 Call 2,000,000.003133EGGR0 06/22/2026 3,3692.50006/22/2016 1,923,080.00 2.582 2.6182,000,000.00
Federal Farm Credit Bank .1641 Call 1,500,000.003133EGHN8 06/30/2025 3,0122.42006/30/2016 1,460,835.00 2.386 2.4201,500,000.00
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Farm Credit Bank .1647 Call 1,500,000.003133EGJH9 01/06/2025 2,8372.24007/06/2016 1,442,310.00 2.209 2.2401,500,000.00
Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 1,1921.00007/06/2016 1,459,575.00 0.986 1.0001,500,000.00
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 1,8085.16007/08/2016 573,360.00 1.215 1.232593,655.43
Federal Farm Credit Bank .1664 Call 1,500,000.003133EGFB6 06/16/2025 2,9982.36007/25/2016 1,452,240.00 2.309 2.3411,502,077.09
Federal Farm Credit Bank .1675 Call 1,500,000.003133EGQA6 11/08/2023 2,4121.85008/09/2016 1,426,095.00 1.859 1.8851,496,788.45
Federal Farm Credit Bank .1679 Call 1,350,000.003133EGQH1 08/10/2026 3,4182.14008/18/2016 1,266,354.00 2.110 2.1391,350,000.00
Federal Farm Credit Bank .1701 Call 1,625,000.003133EGXB6 10/05/2026 3,4742.14010/06/2016 1,518,140.00 2.154 2.1841,618,816.06
Federal Farm Credit Bank .1705 Call 1,000,000.003133EGYL3 10/17/2025 3,1212.09010/17/2016 948,560.00 2.061 2.0901,000,000.00
Federal Farm Credit Bank .1733 Call 1,225,000.003133EFEQ6 09/28/2022 2,0062.42001/09/2017 1,223,909.75 2.397 2.4301,224,294.27
Federal Farm Credit Bank .1739 Call 1,500,000.003133EG3B9 01/05/2026 3,2013.23001/20/2017 1,500,135.00 3.181 3.2251,500,000.00
Federal Farm Credit Bank .1746 Call 1,500,000.003133EG6V2 02/09/2027 3,6013.23002/09/2017 1,500,075.00 3.185 3.2301,500,000.00
Federal Home Loan Bank1012 2,000,000.00313376BR5 12/14/2018 6221.75012/16/2011 2,016,740.00 1.725 1.7492,000,000.00
Federal Home Loan Bank1039 1,500,000.003133782M2 03/08/2019 7061.50003/08/2012 1,503,960.00 1.574 1.5961,497,365.51
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 1,7912.33003/20/2012 1,516,305.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1049 1,500,000.00313378VG3 05/22/2019 7811.85004/09/2012 1,511,415.00 1.824 1.8501,500,000.00
Federal Home Loan Bank1057 1,500,000.00313378ZW4 04/17/2017 161.05004/17/2012 1,500,225.00 1.035 1.0501,500,000.00
Federal Home Loan Bank1058 1,500,000.003133792L2 10/20/2017 2021.23004/20/2012 1,501,890.00 1.213 1.2301,500,000.00
Federal Home Loan Bank1068 1,500,000.00313379BL2 12/29/2017 2721.25004/30/2012 1,501,485.00 1.232 1.2501,500,000.00
Federal Home Loan Bank1070 1,500,000.00313379BG3 04/27/2017 261.07004/27/2012 1,500,510.00 1.055 1.0701,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 1,3272.00005/18/2012 2,002,880.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1089 2,000,000.00313379PD5 09/20/2017 1721.09006/07/2012 2,001,480.00 1.075 1.0902,000,000.00
Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 9861.25011/30/2012 1,486,455.00 1.196 1.2121,501,440.90
Federal Home Loan Bank1126 Call 750,000.00313381DA0 12/05/2022 2,0742.19012/05/2012 743,692.50 2.165 2.195749,787.08
Federal Home Loan Bank1127 1,500,000.00313381GB5 11/30/2018 6081.00011/30/2012 1,494,060.00 0.986 1.0001,500,000.00
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 9861.25012/13/2012 1,486,455.00 1.232 1.2491,500,000.00
Federal Home Loan Bank1135 1,500,000.00313376BR5 12/14/2018 6221.75012/19/2012 1,512,555.00 1.075 1.0901,516,275.79
Federal Home Loan Bank1140 1,500,000.00313376BR5 12/14/2018 6221.75001/08/2013 1,512,555.00 1.117 1.1321,515,204.47
Federal Home Loan Bank1146 Call 212,500.00313381DA0 12/05/2022 2,0742.19001/25/2013 210,712.88 2.201 2.232212,041.18
Federal Home Loan Bank1154 1,500,000.003133XRFZ8 06/08/2018 4334.75002/21/2013 1,562,805.00 1.020 1.0351,564,148.07
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 1,7145.00002/25/2013 1,490,197.45 1.825 1.8501,493,545.95
Federal Home Loan Bank1157 2,000,000.003133XSR59 12/14/2018 6223.75002/25/2013 2,081,220.00 1.128 1.1442,085,601.09
Federal Home Loan Bank1168 530,000.003133XSR59 12/14/2018 6223.75003/11/2013 551,523.30 1.165 1.182552,337.95
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Home Loan Bank1182 Call 1,500,000.00313381C29 06/04/2018 4291.05004/30/2013 1,490,175.00 1.039 1.0541,499,930.81
Federal Home Loan Bank1204 Call 557,958.01313383EP2 06/20/2018 4451.25006/20/2013 557,388.89 1.232 1.250557,958.01
Federal Home Loan Bank1212 1,500,000.00313379DT3 06/08/2018 4331.25006/05/2013 1,501,350.00 1.222 1.2391,500,188.28
Federal Home Loan Bank1213 2,000,000.00313379DT3 06/08/2018 4331.25006/06/2013 2,001,800.00 1.191 1.2082,000,962.79
Federal Home Loan Bank1216 Call 1,500,000.00313382Y98 05/16/2018 4101.00006/12/2013 1,494,420.00 1.412 1.4321,492,979.85
Federal Home Loan Bank1217 Call 1,000,000.00313382FP3 03/20/2018 3531.00006/12/2013 996,900.00 1.372 1.391996,343.42
Federal Home Loan Bank1228 1,500,000.00313373UU4 06/08/2018 4332.75007/01/2013 1,527,600.00 1.605 1.6271,519,115.52
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 1,3503.12501/09/2014 1,569,600.00 2.615 2.6511,523,792.70
Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 1,0112.22001/23/2014 1,526,685.00 2.194 2.2251,499,797.92
Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 1,0772.12502/24/2014 1,519,185.00 2.095 2.1241,500,000.00
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 1,4411.75003/13/2014 1,495,020.00 2.418 2.4511,462,032.39
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 1,2592.87504/02/2014 1,557,615.00 2.271 2.3031,527,310.48
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 1,3272.00004/08/2014 200,288.00 2.263 2.295198,021.93
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 1,3272.00004/09/2014 550,792.00 2.263 2.295544,558.01
Federal Home Loan Bank1278 325,000.003133XTYY6 06/14/2019 8044.37504/22/2014 346,167.25 1.889 1.916341,685.06
Federal Home Loan Bank1314 1,500,000.00313379EE5 06/14/2019 8041.62506/04/2014 1,506,615.00 1.700 1.7241,496,865.24
Federal Home Loan Bank1318 1,500,000.00313379EE5 06/14/2019 8041.62506/16/2014 1,506,615.00 1.774 1.7991,494,524.71
Federal Home Loan Bank1324 Call 1,250,000.003133836A4 05/22/2019 7810.80006/24/2014 1,231,137.50 1.766 1.7911,224,652.50
Federal Home Loan Bank1332 1,500,000.003130A2FH4 06/14/2019 8041.75007/02/2014 1,510,995.00 1.686 1.7101,501,254.92
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 1,7121.53004/08/2016 1,469,370.00 1.450 1.4701,504,014.07
Federal Home Loan Bank1583 Call 1,690,000.003130A7RS6 04/27/2026 3,3132.65004/27/2016 1,639,350.70 2.619 2.6551,689,233.40
Federal Home Loan Bank1587 Call 1,500,000.003130A7TA3 04/28/2023 2,2182.07004/28/2016 1,455,015.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 1,4411.75004/27/2016 996,680.00 1.490 1.5111,009,036.10
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 1,4091.75006/02/2016 495,900.00 1.476 1.496504,696.14
Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 1,3505.25006/02/2016 449,360.00 1.461 1.481453,672.89
Federal Home Loan Bank1628 Call 1,500,000.003130A8F99 06/15/2026 3,3622.58006/15/2016 1,439,205.00 2.544 2.5801,500,000.00
Federal Home Loan Bank1632 Call 2,000,000.003130A8J46 06/29/2026 3,3762.52006/29/2016 1,927,400.00 2.485 2.5202,000,000.00
Federal Home Loan Bank1633 Call 1,363,636.273130A8J79 12/27/2024 2,8272.35006/27/2016 1,312,472.64 2.317 2.3501,363,636.27
Federal Home Loan Bank1635 Call 1,500,000.003130A8JG9 06/22/2023 2,2732.07006/22/2016 1,466,115.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1637 Call 909,091.003130A8J79 12/27/2024 2,8272.35006/27/2016 874,981.91 2.317 2.350909,091.00
Federal Home Loan Bank1640 Call 1,500,000.003130A8JX2 06/29/2026 3,3762.54006/29/2016 1,446,045.00 2.505 2.5401,500,000.00
Federal Home Loan Bank1643 Call 1,500,000.003130A8HF3 09/23/2025 3,0972.44006/23/2016 1,455,390.00 2.430 2.4641,497,250.45
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 12
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Home Loan Bank1644 Call 1,500,000.003130A8HT3 12/29/2025 3,1942.47006/29/2016 1,500,135.00 2.451 2.4851,498,246.51
Federal Home Loan Bank1648 Call 1,500,000.003130A8J46 06/29/2026 3,3762.52006/29/2016 1,445,550.00 2.425 2.4591,500,416.00
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 1,7142.87506/28/2016 259,235.00 1.232 1.249268,371.75
Federal Home Loan Bank1651 Call 1,500,000.003130A8MQ3 10/12/2022 2,0201.87507/12/2016 1,476,300.00 1.849 1.8751,500,000.00
Federal Home Loan Bank1652 Call 980,000.003130A8F99 06/15/2026 3,3622.58006/29/2016 940,280.60 2.524 2.560981,577.67
Federal Home Loan Bank1661 Call 1,000,000.003130A8SJ3 11/01/2024 2,7712.15008/01/2016 967,580.00 2.120 2.1501,000,000.00
Federal Home Loan Bank1662 Call 1,500,000.003130A8R54 07/28/2023 2,3091.80007/28/2016 1,444,365.00 1.795 1.8201,498,225.84
Federal Home Loan Bank1667 Call 1,500,000.003130A8VP5 08/23/2024 2,7012.00008/23/2016 1,440,855.00 1.972 2.0001,500,000.00
Federal Home Loan Bank1668 Call 1,500,000.003130A8VN0 11/17/2023 2,4211.94008/17/2016 1,434,165.00 1.913 1.9401,500,000.00
Federal Home Loan Bank1690 Call 1,000,000.003130A94L2 09/02/2026 3,4412.12509/15/2016 937,940.00 2.129 2.158997,163.93
Federal Home Loan Bank1695 Call 1,500,000.003130A9N64 10/06/2026 3,4752.15010/06/2016 1,440,585.00 2.120 2.1501,500,000.00
Federal Home Loan Bank1697 Call 1,000,000.003130A9N64 10/06/2026 3,4752.15010/06/2016 960,390.00 2.131 2.161999,048.61
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 2,1372.13010/05/2016 494,485.00 1.578 1.600514,673.17
Federal Home Loan Bank1700 Call 1,500,000.003130A9P62 10/13/2026 3,4822.20010/13/2016 1,428,960.00 2.169 2.2001,500,000.00
Federal Home Loan Bank1702 Call 2,000,000.003130A9PT2 10/26/2026 3,4952.23010/26/2016 1,865,560.00 2.199 2.2302,000,000.00
Federal Home Loan Bank1706 Call 310,000.003130A9PT2 10/26/2026 3,4952.23010/26/2016 289,161.80 2.214 2.245309,602.49
Federal Home Loan Bank1707 Call 1,000,000.003130A9RH6 10/20/2026 3,4892.30010/20/2016 948,610.00 2.270 2.302999,808.94
Federal Home Loan Bank1709 Call 1,000,000.003130A9RH6 10/20/2026 3,4892.30010/20/2016 948,610.00 2.271 2.302999,761.18
Federal Home Loan Bank1713 Call 2,000,000.003130A9XC0 11/17/2026 3,5172.36011/17/2016 1,898,140.00 2.327 2.3602,000,000.00
Federal Home Loan Bank1716 Call 1,500,000.003130A9XC0 11/17/2026 3,5172.36011/17/2016 1,423,605.00 2.361 2.3931,495,667.50
Federal Home Loan Bank1717 Call 1,500,000.003130AA2Z0 11/23/2026 3,5232.69011/23/2016 1,461,975.00 2.653 2.6901,500,000.00
Federal Home Loan Bank1718 Call 205,000.003130AA2Z0 11/23/2026 3,5232.69011/23/2016 199,803.25 2.682 2.720204,482.00
Federal Home Loan Bank1719 Call 1,500,000.003130A7C29 02/24/2026 3,2512.75011/16/2016 1,473,495.00 2.712 2.7491,500,000.00
Federal Home Loan Bank1720 Call 1,500,000.003130AAAZ1 12/14/2026 3,5442.90012/14/2016 1,493,655.00 2.860 2.9001,500,000.00
Federal Home Loan Bank1722 Call 1,500,000.003130AACF3 12/30/2021 1,7342.15012/30/2016 1,490,970.00 2.120 2.1501,500,000.00
Federal Home Loan Bank1723 Call 1,500,000.003130AAD21 12/30/2021 1,7342.25012/30/2016 1,499,970.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1724 Call 800,000.003130AAEX2 12/28/2021 1,7322.15012/28/2016 796,920.00 2.120 2.150800,000.00
Federal Home Loan Bank1725 Call 550,000.003130AAEF1 12/23/2021 1,7272.15012/23/2016 549,059.50 2.120 2.150550,000.00
Federal Home Loan Bank1726 Call 1,500,000.003130AAGF9 12/30/2021 1,7342.25012/30/2016 1,500,000.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 1,7031.87512/16/2016 996,320.00 2.168 2.198985,717.71
Federal Home Loan Bank1741 Call 315,000.003130AAAZ1 12/14/2026 3,5442.90001/27/2017 313,667.55 3.008 3.050311,056.01
Federal Home Loan Bank1743 Call 1,620,000.003130AAD21 12/30/2021 1,7342.25001/31/2017 1,619,967.60 2.223 2.2541,619,687.17
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Home Loan Bank1751 Call 325,000.003130A8HF3 09/23/2025 3,0972.44002/15/2017 315,334.50 2.836 2.875314,434.25
Federal Home Loan Bank1752 Call 250,000.003130A7C29 02/24/2026 3,2512.75002/15/2017 245,582.50 2.958 3.000245,157.05
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 1,7145.00003/10/2017 2,164,469.30 2.150 2.1802,148,760.99
Federal Home Loan Bank822 3,000,000.003133XUMS9 09/13/2019 8954.50008/12/2009 3,216,600.00 4.437 4.4993,000,000.00
Federal Home Loan Bank940 2,000,000.003133X0PF0 08/15/2018 5015.37502/17/2011 2,113,380.00 3.423 3.4702,045,664.79
Federal Home Loan Bank992 2,000,000.00313371ZX7 12/08/2017 2512.62509/13/2011 2,021,380.00 1.526 1.5472,014,034.44
Fed. Home Loan Mortgage Corp.1036 1,500,000.003137EABA6 11/17/2017 2305.12503/01/2012 1,538,370.00 1.227 1.2441,535,159.71
Fed. Home Loan Mortgage Corp.1106 1,500,000.003134G3A91 08/22/2019 8731.40008/22/2012 1,497,330.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 9991.50009/26/2012 1,499,610.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1153 1,500,000.003137EADP1 03/07/2018 3400.87502/11/2013 1,496,610.00 0.960 0.9731,498,659.68
Fed. Home Loan Mortgage Corp.1166 1,500,000.003137EADN6 01/12/2018 2860.75003/15/2013 1,496,610.00 0.948 0.9621,497,579.71
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 1,7142.00004/10/2014 1,996,300.00 2.564 2.6001,949,232.09
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 1,7142.00004/22/2014 998,150.00 2.643 2.680971,309.13
Fed. Home Loan Mortgage Corp.1282 300,000.003134G3A91 08/22/2019 8731.40005/01/2014 299,466.00 1.914 1.941296,323.52
Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 1,0771.65005/02/2014 300,630.00 2.053 2.082296,414.05
Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 9641.45005/02/2014 299,307.00 1.938 1.965296,150.58
Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 1,0831.50005/06/2014 997,380.00 2.041 2.070984,149.32
Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 1,1471.50005/06/2014 996,900.00 2.091 2.120981,803.17
Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 9991.50005/13/2014 999,740.00 1.945 1.972987,827.48
Fed. Home Loan Mortgage Corp.1352 1,000,000.003134G43G1 05/07/2019 7661.20007/25/2014 995,400.00 1.765 1.790988,173.33
Fed. Home Loan Mortgage Corp.1678 Call 1,000,000.003134GAEF7 09/29/2021 1,6421.65009/29/2016 966,330.00 1.627 1.6501,000,000.00
Fed. Home Loan Mortgage Corp.1729 Call 1,500,000.003134GAC51 12/20/2021 1,7242.42012/20/2016 1,500,120.00 2.386 2.4201,500,000.00
Fed. Home Loan Mortgage Corp.1732 Call 1,500,000.003134GAG81 01/27/2022 1,7622.37501/27/2017 1,500,015.00 2.342 2.3751,500,000.00
Fed. Home Loan Mortgage Corp.1737 Call 1,500,000.003134GAT20 01/27/2022 1,7622.30001/30/2017 1,500,000.00 2.268 2.3001,500,000.00
Fed. Home Loan Mortgage Corp.1738 Call 1,000,000.003134GAR30 01/27/2022 1,7622.25001/27/2017 998,160.00 2.219 2.2501,000,000.00
Fed. Home Loan Mortgage Corp.1744 Call 1,000,000.003134GAZ80 02/24/2022 1,7902.30002/24/2017 1,000,030.00 2.268 2.3001,000,000.00
Fed. Home Loan Mortgage Corp.1747 Call 475,000.003134GAR30 01/27/2022 1,7622.25002/09/2017 474,126.00 2.222 2.253474,930.82
Fed. Home Loan Mortgage Corp.1750 Call 1,500,000.003134GA5D2 03/15/2022 1,8092.30003/15/2017 1,500,210.00 2.268 2.3001,500,000.00
Fed. Home Loan Mortgage Corp.1754 Call 1,500,000.003134GA5V2 03/14/2022 1,8082.37503/14/2017 1,500,360.00 2.342 2.3751,500,000.00
Fed. Home Loan Mortgage Corp.1759 Call 1,500,000.003134GBBF8 03/29/2022 1,8232.37503/29/2017 1,500,015.00 2.342 2.3751,500,000.00
Fed. Home Loan Mortgage Corp.1760 Call 1,500,000.003134GBBS0 03/30/2022 1,8242.40003/30/2017 1,500,600.00 2.367 2.4001,500,000.00
Fed. Home Loan Mortgage Corp.993 2,000,000.003137EAAY5 08/23/2017 1445.50009/13/2011 2,035,760.00 1.415 1.4352,030,632.19
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal National Mortgage Asso1022 2,000,000.0031398ADM1 06/12/2017 725.37501/25/2012 2,017,220.00 1.317 1.3362,015,321.63
Federal National Mortgage Asso1023 2,590,000.003136FPXN2 11/24/2017 2372.30001/25/2012 2,611,289.80 1.406 1.4262,604,007.17
Federal National Mortgage Asso1033 3,000,000.003135G0JA2 04/27/2017 261.12503/01/2012 3,000,720.00 1.134 1.1502,999,947.47
Federal National Mortgage Asso1035 2,000,000.0031398ALG5 01/23/2018 2974.37703/01/2012 2,052,400.00 1.388 1.4082,046,056.74
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 1,2942.35004/16/2012 2,044,440.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 1,1252.00004/30/2012 2,020,180.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 1,1252.05004/30/2012 1,517,265.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 1,3082.00004/30/2012 2,017,460.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1082 450,000.003136FPYB7 05/23/2017 522.05005/11/2012 450,751.50 1.070 1.085450,608.76
Federal National Mortgage Asso1118 500,000.003136FPXN2 11/24/2017 2372.30010/18/2012 504,110.00 0.927 0.940504,287.18
Federal National Mortgage Asso1149 1,500,000.003135G0TG8 02/08/2018 3130.87501/31/2013 1,497,165.00 1.019 1.0341,498,022.42
Federal National Mortgage Asso1174 1,500,000.003135G0WJ8 05/21/2018 4150.87504/15/2013 1,494,885.00 0.905 0.9171,499,283.17
Federal National Mortgage Asso1190 Call 1,000,000.003135G0XD0 05/21/2018 4151.00005/21/2013 998,000.00 0.996 1.010999,886.11
Federal National Mortgage Asso1191 Call 2,000,000.003135G0XA6 05/21/2018 4151.03005/21/2013 1,989,180.00 1.015 1.0302,000,000.00
Federal National Mortgage Asso1197 1,500,000.003135G0WJ8 05/21/2018 4150.87505/21/2013 1,494,885.00 0.986 1.0001,497,921.98
Federal National Mortgage Asso1210 Call 1,500,000.003135G0XK4 05/25/2018 4191.05005/30/2013 1,496,895.00 1.035 1.0501,500,000.00
Federal National Mortgage Asso1214 Call 1,500,000.003135G0XD0 05/21/2018 4151.00006/07/2013 1,497,000.00 1.262 1.2791,495,380.61
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 1,2452.00004/08/2014 1,513,035.00 2.172 2.2021,490,389.39
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 1,4901.75004/16/2014 995,700.00 2.364 2.397975,825.85
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 1,4691.75005/02/2014 246,752.50 2.452 2.486243,232.62
Federal National Mortgage Asso1290 1,000,000.003136G0Y70 01/30/2019 6691.08005/05/2014 995,170.00 1.633 1.656989,896.62
Federal National Mortgage Asso1315 1,200,000.003136G0YK1 08/28/2019 8791.50006/05/2014 1,197,228.00 1.815 1.8401,190,662.37
Federal National Mortgage Asso1317 1,000,000.003136G02P5 04/29/2019 7581.20006/12/2014 997,260.00 1.765 1.790988,309.25
Federal National Mortgage Asso1546 Call 1,000,000.003136G3AN5 03/16/2021 1,4451.50003/16/2016 994,400.00 1.978 2.0061,000,000.00
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 1,4832.28006/30/2016 1,007,870.00 1.171 1.1871,042,997.82
Federal National Mortgage Asso1669 Call 1,350,000.003136G3XZ3 07/28/2021 1,5791.50007/28/2016 1,317,033.00 1.505 1.5261,348,540.31
Federal National Mortgage Asso1687 Call 1,050,000.003136G36A8 09/27/2024 2,7362.00009/27/2016 1,005,669.00 1.972 2.0001,050,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 3,3167.12511/10/2016 671,835.00 2.367 2.400690,867.51
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 3,0442.06608/25/2016 664,790.00 1.893 1.920707,783.58
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 1,4163.87512/14/2012 537,480.00 1.596 1.618540,767.75
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1,9621.87512/14/2012 995,001.50 1.893 1.9201,007,775.06
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 1,4163.87501/23/2013 1,612,440.00 1.647 1.6691,619,357.05
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Tennessee Valley Authority1170 1,500,000.00880591EC2 04/01/2018 3654.50003/25/2013 1,549,260.00 0.913 0.9261,552,265.18
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 1,4163.87503/12/2014 1,246,953.60 2.427 2.4611,218,052.58
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 3,1366.75011/20/2015 1,306,150.00 2.807 2.8461,289,990.59
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 2,7242.87501/15/2016 773,445.00 2.564 2.600763,671.62
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 3,1366.75004/18/2016 1,012,266.25 2.337 2.3701,034,404.51
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1,9621.87510/07/2016 1,467,873.50 1.538 1.5601,513,991.05
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 3,1366.75011/10/2016 1,632,687.50 2.317 2.3501,673,380.69
Tennessee Valley Authority861 2,000,000.00880591EA6 07/18/2017 1085.50004/26/2010 2,026,760.00 3.602 3.6522,009,568.32
Tennessee Valley Authority954 2,000,000.00880591CU4 12/15/2017 2586.25005/23/2011 2,071,960.00 2.624 2.6612,046,184.56
Subtotal and Average 363,880,426.54 360,506,185.28 362,175,083.79 1.991 2.019 1,516
Treasury Securities - Coupon
U.S. Treasury1201 TB 2,000,000.00912828UJ7 01/31/2018 3050.87505/16/2013 1,997,180.00 0.779 0.7902,001,384.55
U.S. Treasury1237 TB 2,000,000.00912828SD3 01/31/2019 6701.25001/07/2014 2,000,620.00 1.682 1.7051,984,042.23
U.S. Treasury1284 TB 1,500,000.00912828TH3 07/31/2019 8510.87505/02/2014 1,484,115.00 1.726 1.7501,470,884.42
U.S. Treasury1285 TB 1,500,000.00912828TN0 08/31/2019 8821.00005/02/2014 1,486,755.00 1.755 1.7801,473,164.91
U.S. Treasury1289 TB 1,500,000.00912828SX9 05/31/2019 7901.12505/05/2014 1,494,495.00 1.692 1.7161,481,704.33
U.S. Treasury1299 TB 1,500,000.00912828SX9 05/31/2019 7901.12505/13/2014 1,494,495.00 1.654 1.6771,482,880.07
U.S. Treasury1316 TB 1,500,000.00912828TC4 06/30/2019 8201.00006/10/2014 1,489,455.00 1.687 1.7111,477,147.80
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 1,7941.75003/09/2017 1,486,755.00 2.071 2.1001,475,628.74
Subtotal and Average 12,846,837.05 13,000,000.00 12,933,870.00 1.598 1.621 832
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 1,5832.38110/30/2015 1,005,260.00 2.120 2.1501,009,355.48
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 3,0446.23802/24/2016 830,922.50 3.557 3.606864,668.47
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 1,5834.58402/24/2016 326,079.00 2.130 2.159329,589.74
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 1,5834.58403/04/2016 1,358,662.50 2.138 2.1681,372,710.54
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 1,5834.58402/17/2017 380,425.50 2.317 2.350382,016.32
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 1,5832.78101/27/2016 507,930.00 2.012 2.040515,108.57
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 3,2286.08006/28/2016 624,062.25 2.994 3.035648,290.62
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 2,0093.57005/17/2016 526,970.00 1.878 1.904543,052.48
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 2,1323.25006/27/2016 379,081.70 1.898 1.925391,369.02
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 2,8632.37507/29/2016 1,779,083.00 1.972 1.9991,874,061.51
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Municipal Bonds
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 2,0093.57009/26/2016 405,766.90 1.630 1.653423,551.61
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 3,4703.15010/19/2016 1,053,265.95 2.431 2.4651,104,934.16
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 2,3442.64002/14/2017 1,000,560.00 2.574 2.6101,001,744.51
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 1,7954.30009/16/2016 535,153.85 1.534 1.555547,642.82
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 1,8092.25003/22/2017 1,007,930.00 2.219 2.2501,000,000.00
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 1,5832.97307/24/2014 511,230.00 2.893 2.933504,364.54
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 2,3134.10310/26/2015 1,434,377.40 2.490 2.5251,455,434.29
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 1,4911.57003/09/2016 1,461,015.00 1.548 1.5691,500,000.00
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 2,2212.11009/13/2016 782,640.00 1.764 1.788814,673.37
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 2,2212.11001/31/2017 1,956,600.00 2.485 2.5201,954,078.13
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 1,8562.50008/29/2016 574,805.10 1.528 1.550596,246.07
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 1,5832.44105/10/2013 2,020,400.00 2.031 2.0602,030,209.52
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 1,5832.44105/13/2013 1,818,360.00 2.031 2.0601,827,187.67
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 1,5832.44105/15/2013 2,010,298.00 2.051 2.0802,018,460.50
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 1,5832.44101/27/2015 202,040.00 2.041 2.070202,992.22
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 1,5832.44105/12/2016 1,010,200.00 1.528 1.5501,036,936.88
Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 1,2182.29109/02/2016 607,734.00 1.290 1.308619,101.21
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 1,9014.95002/09/2015 398,937.60 2.416 2.450402,627.76
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 2,9975.45011/27/2015 1,180,200.00 3.067 3.1101,165,004.70
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 2,9972.29011/01/2016 1,977,879.05 2.219 2.2492,111,210.16
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 3,3622.39011/01/2016 228,869.20 2.376 2.410244,594.50
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 2,3132.50001/29/2015 566,341.00 2.663 2.700573,474.37
San Mateo Union High School Dt1516 MUN 245,000.00799017KT4 09/01/2019 8832.19301/08/2016 247,998.80 1.775 1.800247,240.27
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 1,6142.72001/19/2016 182,777.40 2.046 2.075184,813.88
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 3,4092.11608/25/2016 933,560.00 1.923 1.9501,014,009.40
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 3,0442.06608/25/2016 1,567,005.00 1.893 1.9201,668,347.01
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 1,6442.58910/14/2015 936,201.20 1.864 1.890947,239.54
State of Texas1586 MUN 1,000,000.00882722KA8 10/01/2023 2,3745.64304/19/2016 1,085,140.00 3.339 3.3851,128,700.00
State of Texas1592 MUN 235,000.00882722JZ5 10/01/2022 2,0095.50304/21/2016 254,812.85 3.047 3.090263,078.45
State of Texas1621 MUN 500,000.00882723A41 10/01/2020 1,2791.77706/07/2016 496,480.00 1.450 1.470505,181.08
State of Texas1625 MUN 485,000.00882722KC4 10/01/2025 3,1055.91306/09/2016 528,485.10 3.831 3.885554,560.55
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 1,8263.67310/19/2016 116,452.60 1.825 1.850119,494.31
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2017
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Municipal Bonds
University of California1340 MUN 1,875,000.0091412GSB2 07/01/2019 8211.79607/14/2014 1,885,106.25 2.007 2.0351,865,447.26
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 1,1403.34807/31/2014 438,812.50 2.281 2.313437,779.16
University of California1368 MUN 250,000.0091412GGT6 05/15/2019 7743.04808/08/2014 255,602.50 1.982 2.010255,223.86
University of California1383 MUN 955,000.0091412GSB2 07/01/2019 8211.79608/27/2014 960,147.45 1.972 2.000950,830.64
University of California1414 MUN 750,000.0091412GSB2 07/01/2019 8211.79611/28/2014 754,042.50 1.923 1.950747,522.96
University of California1420 MUN 1,500,000.0091412GSB2 07/01/2019 8211.79612/12/2014 1,508,085.00 1.943 1.9701,494,403.14
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 1,1401.99510/08/2015 259,105.60 1.824 1.850261,121.69
State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 1,1873.28906/07/2016 778,987.50 1.430 1.450793,371.52
State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 2,6484.55401/04/2017 848,755.60 2.904 2.944850,082.48
State of Vermont1456 MUN 2,000,000.00924258TT3 08/15/2023 2,3274.25008/06/2015 2,061,700.00 3.275 3.3202,103,194.27
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1,9482.74008/08/2016 252,155.00 1.504 1.524265,428.36
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1,9484.63612/05/2016 568,014.10 2.465 2.500569,379.14
West Valley-Mission Community1479 MUN 250,000.0095640HBT4 08/01/2024 2,6796.09010/01/2015 272,897.50 4.030 4.086280,553.02
Subtotal and Average 48,571,693.73 46,720,000.00 47,655,403.95 2.237 2.268 2,017
Total Investments and Average 517,240,313.40 511,823,830.30 514,673,437.99 1.898 1.925 1,408
Portfolio CPA
AP
Run Date: 05/01/2017 - 17:19 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.29.7%
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 $32.2 million
- Fidelity Investments
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a
reasonable time to the City Council and evaluate if there are risk of holding securities to maturity.99.5%
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.23.9%
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 9.1%
recognized rating service (e.g., Moody’s and/or Standard and Poor’s).
b)May not exceed 10 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 March 31, 2017
Investment Policy Requirements
Compliance
Check
$127.7 million
$3.8 million
2.5%
Attachment C
Investment Policy Compliance
As of March 31, 2017
Investment Policy Requirements
Compliance
Check
7 Commercial Paper:None Held
a) No more than 15 percent of the par value of the portfolio.
b) Having highest letter or numerical rating from a nationally recognized rating service.
c) Not to exceed 270 days maturity.
d) No more than $3 million or 10 percent of the outstanding commercial paper of any one institution,
whichever is lesser.
8 Short-Term Repurchase Agreement (REPO):None Held
a) Not to exceed 1 year.
b) Market value of securities that underlay a repurchase agreement shall be valued at 102 percent or
greater of the funds borrowed against those securities.
9 Money Market Deposit Accounts Full Compliance
a) Liquid bank accounts which seek to maintain a net asset value of $1.00.
10 Mutual Funds:None Held
a) No more than 20 percent of the par value of the portfolio.
b) No more than 10 percent of the par value with any one institution.
11 Negotiable Certificates of Deposit (NCD):Full Compliance
a) No more than 10 percent of the par value of the portfolio.7.2%
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.9.3%
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