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Home My WebLink AboutStaff Report 8333 City of Palo Alto (ID # 8333) City Council Staff Report Report Type: Informational Report Meeting Date: 8/14/2017 City of Palo Alto Page 1 Summary Title: Investment Activity Report Title: City of Palo Alto Investment Activity Report for the Fourth Quarter, Fiscal Year 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 fourth quarter; ending June 30, 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 $519.8 million; in comparison, last quarter it was $511.8 million and last year it was $523.3 million. The growth in the portfolio of $8.0 million since the last quarter primarily results from timing of cash flows. Such factors as the timing and seasonality of 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 $42.1 million in liquid accounts and $477.7 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 $477.7 million includes $134.8 million in investments maturing in less than two years, comprising 28.2 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 99.7 percent of the book value. The market value of securities fluctuates, depending on how interest rates perform. When interest rates decrease, the market value of the securities in the City’s portfolio will likely increase; likewise, when interest rates increase, the market value of the securities will likely decrease. Understanding and showing market values is not only a reporting requirement, but essential to knowing the principal risks in actively buying and selling securities. It is important to note, however, that the City’s practice is to buy and hold investments until they mature so changes in market price do not affect the City’s investment principal. The market valuation is provided by Union Bank of California, which is the City’s safekeeping agent. The average life to maturity of the investment portfolio is 3.81 years compared to 3.86 years last quarter and 3.63 years last year. Investments Made During the Fourth Quarter During the fourth quarter, $34.8 million of government agency securities with an average yield of 2.0% percent matured. During the same period, government securities totaling $36.8 million with an average yield of 2.3% percent were purchased. The expectation is interest rates and City’s portfolio’s average yield will gradually rise. The City’s short-term money market and pool account increased by $6.1 million compared to the third quarter. Investment staff continually monitors the City’s short term cash flow needs and adjusts liquid funds to meet them. Availability of Funds for the Next Six Months Normally, the flow of revenues from the City’s utility billings and General Fund sources is sufficient to provide funds for ongoing expenditures in those respective funds. Projections indicate receipts will be $230.0 million and expenditures will be $240.8 million over the next six months, indicating an overall decline in the portfolio of $10.8 million. The decline is attributable to pre-paying the Fiscal Year 2018 Public Employers’ Retirement System’s (PERS) annual Unfunded Accrued Liability (UAL) of $22.1 million. By prepaying PERS instead of making payments with each payroll period, the City is expected to save $0.8 million in PERS payment; however, the savings will be offset by the loss of approximately $0.2 million in interest income. This results in net citywide savings of $0.6 million. The saving is a consequence of PERS’ ability to earn interest earlier and at a higher rate than the City could realize. Without this pre- payment, the portfolio would have increased by $11.3 million. As of June 30, 2017, the City had $42.1 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 $27.1 million will mature between July 1, 2017 and December 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 which includes the PERS pre-payment and City’s contribution toward the purchase of Buena Vista Mobile Home Park. City of Palo Alto Page 3 Compliance with City Investment Policy During the fourth quarter, staff complied with all aspects of the investment policy. Attachment C lists the major restrictions in the City’s investment policy compared with the portfolio’s actual performance. Investment Yields Interest income on an accrual basis for the fourth quarter was $2.5 million; $0.1 million higher than the last quarter and the prior year fourth quarter. As of June 30, 2017, the yield to maturity of the City’s portfolio was 1.95 percent; last year the yield was 1.88 percent. The rising interest rate is expected to gradually increase the portfolio’s yields. The City’s portfolio yield of 1.95 percent compares to LAIF’s average yield for the quarter of 0.93 percent and an average yield on the two-year and five-year Treasury bonds during the fourth quarter of approximately 1.52 percent and 1.80 percent, respectively. Yield Trends In June 2017, the Federal Open Market Committee (FOMC) raised the federal funds and discount rates by a quarter percent to 1.25 and 1.75 percent, respectively. FOMC’s June 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 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 June 30, 2017. Fiscal Impact This is an information report. City of Palo Alto Page 4 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)525,396,743$ 523,653,227$ Other Funds Held by the City Cash with Wells Fargo Bank 991,932 991,932 (includes general and imprest accounts) Cash with US Bank 5,500,474 5,500,474 (includes general and imprest accounts) Petty/Working Cash 12,678 12,678 Total - Other Funds Held By City 6,505,084 6,505,084 Funds Under Management of Third Party Trustees * US Bank Trust Services ** 1995 Utility Revenue Bonds Debt Service Fund 11 11 1999 Utility Revenue Bonds Debt Service Fund 6 6 2002 Downtown Parking Impvt. (Taxable) Certificates of Participation Reserve Fund 237,441 237,441 2009 Water Revenue Bonds (Build America Bonds) Project, Debt Service, Reserve, Cost of Issuance Funds 2,594,927 2,594,927 2010 General Obligation Bonds Debt Service 3,720 3,720 2011 Utility Revenue Refunding Bonds Debt Service, Reserve, and Cost of Issuance Funds 1,478,366 1,478,366 2013 General Obligation Bonds Debt Service 19,215 19,215 California Asset Management Program (CAMP) *** 2012 University Ave. Parking Refunding Bonds Reserve Fund 2,556,288 2,556,288 2013 General Obligation (Library) Bond Project Fund 716,146 716,146 Total Under Trustee Management 7,606,120 7,606,120 GRAND TOTAL 539,507,947$ 537,764,431$ * These funds are subject to the requirements of the underlying debt indenture. ** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities. *** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit, commercial paper, federal agency securities, and repurchase agreements. Fourth Quarter, Fiscal Year 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 June 30, 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 3,827,726.32SYS158 10.01007/01/2015 3,827,726.32 0.009 0.0103,827,726.32 Local Agency Investment Fund159 38,245,388.90SYS159 11.01007/01/2015 38,204,874.45 0.996 1.01038,245,388.90 Subtotal and Average 42,073,115.22 42,073,115.22 42,032,600.77 0.906 0.919 1 Negotiable CD's Comenity Capital Bank1183 NCD 245,000.0020033ABE5 05/03/2018 3061.00005/03/2013 245,252.35 0.986 1.000245,000.00 American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 1,9172.45009/30/2015 245,877.10 2.418 2.451245,000.00 Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 2,2372.40002/16/2016 244,318.90 2.367 2.400245,000.00 American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 1,3681.45009/30/2016 240,394.00 1.429 1.449245,000.00 American Eagle Bank1371 NCD 245,000.0002554BCE9 05/28/2019 6961.85008/26/2014 246,327.90 1.825 1.850245,000.00 American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 1,4952.05004/04/2017 245,556.15 2.023 2.051245,000.00 American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 2,5252.30005/30/2017 240,714.95 2.270 2.301245,000.00 American Express Centurion Bk1178 NCD 245,000.0002587DMV7 05/02/2018 3051.10005/02/2013 245,257.25 1.084 1.100245,000.00 American Express Centurion Bk1333 NCD 245,000.0002587CAC4 07/10/2019 7391.95007/10/2014 246,798.30 1.923 1.950245,000.00 Barclays Bank / Delaware1187 NCD 245,000.0006740AZB8 04/30/2018 3030.70005/07/2013 246,989.40 0.690 0.699245,000.00 Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 1,3881.90004/19/2017 244,732.95 1.875 1.901245,000.00 Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 1,5641.50010/12/2016 239,485.05 1.480 1.500245,000.00 Bank of Grove1821 NCD 245,000.0006246PBP9 12/29/2021 1,6422.00006/29/2017 243,797.05 1.974 2.001245,000.00 Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 9121.85012/29/2014 247,312.80 1.824 1.850245,000.00 Belmont Savings Bank1280 NCD 245,000.00080515AT6 11/13/2018 5001.55005/13/2014 246,102.50 1.528 1.550245,000.00 Bar Harbor Bank & Trust1377 NCD 245,000.00066851SG2 08/27/2019 7871.75008/27/2014 245,548.80 1.726 1.750245,000.00 Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 1,9172.50009/30/2015 245,311.15 2.467 2.501245,000.00 Texas Exchange Bank1796 NCD 245,000.0088241TBM1 05/20/2022 1,7842.25005/22/2017 245,218.05 2.220 2.251245,000.00 Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 1,1872.20009/30/2014 247,807.70 2.171 2.201245,000.00 Bank of Holland Michigan1302 NCD 245,000.00062649ZV3 05/21/2019 6891.70005/21/2014 246,844.85 1.677 1.701245,000.00 Frontier Bank Madison NE1498 NCD 245,000.0035907XCL9 11/22/2021 1,6052.00011/20/2015 244,154.75 1.974 2.001245,000.00 Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1,9032.25009/16/2015 244,382.60 2.220 2.251245,000.00 Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 1,9171.70009/30/2016 237,647.55 1.676 1.700245,000.00 BMO Harris Bank1783 NCD 245,000.0005581WNY7 10/28/2022 1,9452.25004/28/2017 244,171.90 2.220 2.251245,000.00 BMW Bank of North America1807 NCD 245,000.0005580AJK1 06/16/2020 1,0811.85006/16/2017 245,443.45 1.824 1.850245,000.00 Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 1,5351.50009/12/2016 239,538.95 1.479 1.500245,000.00 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 1,7472.00004/13/2017 242,753.35 1.973 2.001245,000.00 BankWest, Inc.1380 NCD 150,000.0006652CEY3 09/16/2019 8071.90009/15/2014 150,801.00 1.873 1.900150,000.00 Bofi Federal Bank1381 NCD 50,000.0009710LAF2 08/30/2022 1,8862.25008/25/2014 49,650.50 2.493 2.52749,355.65 Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 1,8642.35008/25/2014 99,848.00 2.592 2.62898,716.70 Bofi Federal Bank1402 NCD 100,000.0009710LAF2 08/30/2022 1,8862.25010/21/2014 99,301.00 2.462 2.49698,850.00 Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 1,1942.25010/07/2015 248,177.65 2.219 2.250245,000.00 Bridgewater Bank Bloom MN1393 NCD 245,000.00108622EA5 09/24/2019 8151.85009/24/2014 246,031.45 1.825 1.850245,000.00 Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 1,3201.55002/10/2016 242,028.15 1.530 1.551245,000.00 Worlds Foremost Bank1387 NCD 200,000.00981571AT9 09/04/2019 7952.10009/04/2014 201,502.00 2.072 2.101200,000.00 Campbell County Bank1307 NCD 245,000.00134204BZ8 05/30/2019 6981.65005/30/2014 246,888.95 1.628 1.650245,000.00 Cathay Bank1194 NCD 245,000.00149159HS7 04/30/2018 3031.00005/14/2013 244,710.90 0.987 1.000244,999.59 Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 1,7552.05004/21/2017 243,228.65 2.023 2.051245,000.00 CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 1,3841.50004/15/2016 241,178.00 1.479 1.500245,000.00 Celtic Bank1362 NCD 245,000.0015118RJW8 08/20/2019 7801.90008/20/2014 246,798.30 1.875 1.901245,000.00 Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 1,6911.70002/16/2016 240,090.20 1.678 1.701245,000.00 Charter Bank Eau Claire1811 NCD 245,000.0016116PHU8 06/13/2022 1,8082.10006/13/2017 243,270.30 2.071 2.100245,000.00 CIBM Bank1809 NCD 245,000.0012545JAM7 06/16/2022 1,8112.10006/16/2017 243,238.45 2.072 2.101245,000.00 CIT Bank1175 NCD 245,000.0017284CCN2 04/24/2018 2971.20004/24/2013 244,867.70 1.183 1.200245,000.00 Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 1,5151.40008/24/2016 239,563.45 1.380 1.400245,000.00 Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 2,0571.75002/19/2016 241,842.50 1.727 1.751250,000.00 Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 9432.05001/30/2014 247,031.05 2.021 2.050245,000.00 City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 1,7802.00005/15/2017 242,403.00 1.972 2.000245,000.00 Community State Bank1536 NCD 245,000.0020404YBQ7 02/24/2022 1,6991.95002/24/2016 242,721.50 1.924 1.951245,000.00 Country Bank of New York1799 NCD 245,000.0022230PBN9 05/26/2022 1,7902.10005/26/2017 243,454.05 2.072 2.101245,000.00 Capital One Bank USA NA1384 NCD 250,000.00140420NR7 09/04/2019 7951.80009/04/2014 251,827.50 1.775 1.800250,000.00 Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 1,1382.30008/12/2015 248,594.15 2.268 2.300245,000.00 Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 1,4451.55006/16/2016 241,677.80 1.529 1.550245,000.00 Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 1,3271.60002/17/2016 242,412.80 1.579 1.601245,000.00 Commerce Bank - Geneva1816 NCD 245,000.0020056QQK2 06/21/2021 1,4512.00006/21/2017 245,389.55 1.973 2.001245,000.00 Commercial Bank1369 NCD 245,000.0020143PDB3 05/20/2019 6881.85008/19/2014 246,340.15 1.824 1.850245,000.00 Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 1,7872.00005/22/2017 242,327.05 1.972 2.000245,000.00 Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 1,8992.25009/11/2015 244,404.65 2.224 2.255245,000.00 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Cornerstone Bank1757 NCD 245,000.00219232CN3 03/10/2022 1,7132.10003/10/2017 244,201.30 2.072 2.101245,000.00 Discover Bank / Delaware1176 NCD 245,000.00254671NJ5 05/01/2018 3041.15005/01/2013 245,257.25 1.134 1.150245,000.00 Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 1,7112.05003/08/2017 243,669.65 2.021 2.050245,000.00 East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 1,1501.90008/24/2015 245,605.15 1.876 1.902245,000.00 TBK Bank SSB1812 NCD 245,000.0087219RBK9 06/23/2022 1,8182.10006/23/2017 243,147.80 2.072 2.101245,000.00 Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 1,1252.00007/30/2015 246,403.85 1.972 2.000245,000.00 Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 1,3262.20008/15/2014 252,622.50 2.169 2.200250,000.00 First Bank of Highland1330 NCD 245,000.00319141BV8 07/03/2019 7321.85007/03/2014 245,441.00 1.824 1.850245,000.00 First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 9632.00002/19/2014 246,695.40 1.972 2.000245,000.00 FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 1,7412.10004/07/2017 243,924.45 2.072 2.101245,000.00 First Choice Bank / NJ1297 NCD 245,000.00319464AR4 05/28/2019 6961.70005/28/2014 246,886.50 1.677 1.701245,000.00 State Bank of Fenton (MI)1283 NCD 245,000.00856188AU1 02/15/2019 5941.65005/15/2014 245,519.40 1.630 1.653245,000.00 First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 2,1821.80006/22/2016 237,836.20 1.776 1.800245,000.00 1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 1,7192.10010/19/2015 244,137.60 2.120 2.150244,460.06 Flushing Bank1413 NCD 245,000.0034387ABA6 12/10/2018 5271.80012/10/2014 245,703.15 1.776 1.801245,000.00 First General Bank1222 NCD 245,000.00320337AR9 07/03/2018 3671.30007/03/2013 244,995.10 1.282 1.300245,000.00 First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 1,5672.45010/17/2014 251,428.80 2.416 2.449245,000.00 Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 1,6622.05001/18/2017 242,858.70 2.021 2.050245,000.00 First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 1,8592.35009/09/2014 240,300.00 2.665 2.703236,133.80 First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 1,3361.55002/26/2016 241,937.50 1.530 1.551245,000.00 The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 1,5522.00010/01/2015 244,605.55 1.972 1.999245,000.00 First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 1,5392.20009/17/2015 245,137.20 2.171 2.201245,000.00 First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 1,3462.50003/07/2014 250,127.85 2.465 2.500245,000.00 Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 1,6752.00004/04/2017 102,361.40 1.975 2.003103,000.00 First Merchants Bank1351 NCD 245,000.0032082BDH9 08/06/2019 7661.90008/06/2014 246,847.30 1.873 1.900245,000.00 Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 1,7201.70003/17/2016 244,650.00 1.677 1.700250,000.00 Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 1,3361.55002/29/2016 245,301.35 1.528 1.550245,000.00 First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 1,5252.40009/03/2015 249,728.50 2.367 2.400245,000.00 First Savings Bank Northwest1335 NCD 245,000.0033621JAB4 07/18/2019 7471.80007/18/2014 245,095.55 1.776 1.801245,000.00 First National Bank of Elkhart1801 NCD 245,000.00321130AB2 05/31/2022 1,7952.10005/31/2017 243,390.35 2.072 2.101245,000.00 First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 1,9362.10004/19/2017 242,366.25 2.072 2.101245,000.00 First State Bank1366 NCD 245,000.0033648RAT6 08/20/2019 7801.85008/20/2014 246,852.20 1.825 1.851245,000.00 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 1,7632.00006/30/2017 242,584.30 1.973 2.000245,000.00 First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 1,7472.35009/25/2015 248,872.96 2.321 2.353247,981.89 First State Community Bank1819 NCD 245,000.0033708UCF4 06/30/2022 1,8252.10006/30/2017 243,081.65 2.071 2.100245,000.00 First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 1,7412.00004/07/2017 242,817.05 1.973 2.001245,000.00 Fox Chase Bank1305 NCD 245,000.0035137QAV6 06/06/2019 7051.70006/06/2014 246,876.70 1.677 1.700245,000.00 Gulf Coast Bank & Trust1462 NCD 200,000.00402194ES9 05/20/2021 1,4192.00008/13/2015 200,276.00 1.972 1.999200,000.00 Gold Coast Bank1375 NCD 245,000.0038058KDA1 08/05/2019 7651.80009/04/2014 246,651.30 1.775 1.800245,000.00 GE Capital Bank1184 NCD 245,000.0036161TJR7 05/03/2018 3061.00005/03/2013 244,426.70 0.986 1.000245,000.00 GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 1,3602.65003/21/2014 251,438.60 2.613 2.650245,000.00 Goldman Sachs Bank USA1177 NCD 245,000.0038147JEC2 05/01/2018 3041.15005/01/2013 244,745.20 1.134 1.150245,000.00 Happy State Bank1683 NCD 245,000.00411394AN9 09/16/2021 1,5381.50009/16/2016 239,597.75 1.500 1.520245,000.00 HSBC Bank1564 NCD 245,000.0040434AR84 10/07/2021 1,5592.00004/07/2016 244,355.65 1.972 2.000245,000.00 Dubuque Bank & Trust1372 NCD 245,000.00263849BD2 08/21/2019 7811.90008/21/2014 246,793.40 1.873 1.900245,000.00 Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 1,9102.20003/24/2017 243,738.25 2.172 2.202245,000.00 Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 1,7462.15004/12/2017 244,431.60 2.121 2.151245,000.00 Interaudi Bank1808 NCD 245,000.0045842PAK7 06/10/2024 2,5362.50006/09/2017 243,799.50 2.465 2.500245,000.00 Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 1,1381.60002/12/2016 243,419.75 1.578 1.600245,000.00 Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 1,1512.00008/25/2015 248,608.85 1.972 2.000245,000.00 Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 1,4902.30007/31/2015 249,451.65 2.269 2.301245,000.00 Iowa State Bank1343 NCD 250,000.0046256YAB5 07/23/2019 7521.80007/23/2014 251,837.50 1.775 1.800250,000.00 JP Morgan Chase BAnk NA1200 NCD 245,000.0048124JD39 12/05/2018 5221.25006/05/2013 244,252.75 1.232 1.250245,000.00 Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 2,5262.50005/31/2017 243,809.30 2.495 2.530245,000.00 Key Bank1785 NCD 245,000.0049306SYB6 05/18/2020 1,0521.75005/17/2017 244,838.30 1.726 1.750245,000.00 Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 2,2701.80009/16/2016 235,788.00 1.775 1.800245,000.00 LCA Bank Corporation1306 NCD 245,000.00501798FJ6 05/30/2019 6981.65005/30/2014 246,888.95 1.627 1.650245,000.00 Leader Bank1364 NCD 245,000.0052168UCN0 08/22/2019 7822.00008/22/2014 245,147.00 1.973 2.001245,000.00 Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 1,6861.70002/12/2016 247,280.95 1.678 1.701245,000.00 Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 1,5101.40008/19/2016 239,700.65 1.381 1.400245,000.00 Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 1,5292.25009/05/2014 247,246.65 2.219 2.250245,000.00 Machias Savings Bank1358 NCD 245,000.00554479DN2 08/28/2019 7881.80008/28/2014 246,903.65 1.776 1.801245,000.00 Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 1,8232.05006/28/2017 242,510.80 2.023 2.051245,000.00 Mascoma Savings Bank1319 NCD 248,000.0057461PAG1 01/15/2019 5631.80006/20/2014 249,758.32 1.627 1.650248,551.81 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 1,6572.10001/13/2017 244,713.35 2.072 2.101245,000.00 Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 1,7762.10005/12/2017 243,576.55 2.071 2.100245,000.00 Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 1,7902.05005/26/2017 242,863.60 2.023 2.051245,000.00 Medallion Bank - Salt Lake1238 NCD 245,000.0058403BJ31 01/10/2019 5581.85001/10/2014 246,697.85 1.825 1.850245,000.00 Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 1,1461.90008/20/2015 245,614.95 1.876 1.902245,000.00 Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 1,6921.80002/17/2016 246,568.00 1.776 1.801245,000.00 Mid-Country Bank1810 NCD 245,000.0059565QCG8 06/14/2022 1,8092.05006/14/2017 242,684.75 2.023 2.051245,000.00 Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 1,8052.05006/12/2017 242,704.35 2.023 2.051245,000.00 Mifflinburg Bank & Trust Co.1321 NCD 132,000.00598580AB4 04/30/2019 6681.65006/20/2014 133,000.56 1.627 1.649132,000.00 Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 1,2081.75010/21/2015 248,199.70 1.727 1.751245,000.00 Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 2,4972.35005/22/2017 241,717.00 2.317 2.349245,000.00 Mutual One Bank1407 NCD 250,000.0062847HAA7 11/21/2019 8731.85011/21/2014 252,372.50 1.825 1.850250,000.00 MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 1,1601.90009/03/2015 248,687.25 1.873 1.900245,000.00 NBT Bank1322 NCD 156,000.00628779FJ4 06/06/2019 7051.80006/20/2014 157,165.32 1.775 1.799156,000.00 NBT Bank1373 NCD 94,000.00628779FN5 08/20/2019 7802.10008/20/2014 94,686.20 2.071 2.10094,000.00 Customers Bank1388 NCD 250,000.0023204HCA4 09/10/2019 8012.10009/10/2014 251,817.50 2.071 2.100250,000.00 NCB Savings Bank1344 NCD 245,000.00628825JL6 07/25/2019 7541.80007/25/2014 245,852.60 1.775 1.800245,000.00 National Bank Commerce1607 NCD 245,000.00633368DY8 05/11/2023 2,1401.80005/11/2016 241,163.30 1.776 1.800245,000.00 Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1,8822.25008/26/2015 249,912.25 2.220 2.251245,000.00 Lake Sunapee Bank FSB1309 NCD 245,000.00510868AG7 06/05/2019 7041.75006/05/2014 246,876.70 1.727 1.750245,000.00 Northern Bank & Trust MA1814 NCD 245,000.0066476QBX5 06/29/2022 1,8242.10006/29/2017 243,079.20 2.072 2.101245,000.00 Connectone Bank1355 NCD 245,000.0020786AAT2 08/13/2019 7731.85008/13/2014 246,847.30 1.824 1.850245,000.00 Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 1,0552.00005/21/2014 248,361.40 1.972 2.000245,000.00 Northfield Bank1365 NCD 245,000.0066612AAA6 08/12/2019 7721.85008/13/2014 246,744.40 1.824 1.850245,000.00 Northstar Bank1326 NCD 245,000.0066704MEG2 07/18/2019 7471.75007/18/2014 246,857.10 1.727 1.751245,000.00 National Bank of NY City1312 NCD 245,000.00634116CB1 06/18/2019 7171.65006/18/2014 246,822.80 1.627 1.650245,000.00 Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 1,3191.55002/09/2016 246,746.85 1.530 1.551245,000.00 Williamette Valley Bank1524 NCD 245,000.00969294BY2 02/06/2023 2,0462.10002/04/2016 247,075.15 2.072 2.101245,000.00 Orrstown Bank1465 NCD 245,000.00687377DR9 08/20/2020 1,1462.00008/20/2015 245,134.75 1.974 2.002245,000.00 Peoples United Bank1378 NCD 245,000.0071270QGB6 08/27/2019 7871.95008/27/2014 246,790.95 1.923 1.950245,000.00 Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 1,7902.10005/26/2017 243,432.00 2.072 2.101245,000.00 Peapack-Gladstone Bank1275 NCD 245,000.00704692AK8 04/17/2019 6551.80004/17/2014 246,859.55 1.776 1.801245,000.00 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 1,5112.50008/20/2014 239,911.35 2.467 2.501245,000.00 Prime Alliance Bank1331 NCD 245,000.0074160NED8 07/11/2019 7401.70007/11/2014 246,808.10 1.677 1.701245,000.00 Park National Bank1395 NCD 250,000.00700654AV8 03/26/2019 6332.10009/26/2014 250,957.50 2.070 2.099250,000.00 Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 1,7002.10002/26/2015 250,461.05 2.072 2.101245,000.00 Peoples State Bank, WI1304 NCD 245,000.00712515GY5 05/23/2019 6911.70005/23/2014 246,844.85 1.676 1.700245,000.00 Private Bank & Trust Co.1293 NCD 245,000.0074267GUN5 11/21/2018 5081.65005/21/2014 246,134.35 1.627 1.650245,000.00 Ohio Valley Bank1338 NCD 250,000.00677721CE0 07/23/2019 7521.80007/23/2014 251,895.00 1.776 1.801250,000.00 Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 1,4521.45006/22/2016 241,623.90 1.430 1.450245,000.00 Sallie Mae Bank1350 NCD 245,000.00795450SC0 07/30/2019 7592.05007/30/2014 246,844.85 2.021 2.050245,000.00 State Bank Definace1233 NCD 245,000.00855736CX0 07/19/2018 3831.65007/19/2013 246,092.70 1.628 1.650245,000.00 State Bank of India1390 NCD 245,000.00856284Z98 09/11/2019 8022.15009/11/2014 246,832.60 2.120 2.150245,000.00 State Bank of Texas1230 NCD 245,000.00856528CG7 07/17/2018 3811.60007/17/2013 245,068.60 1.578 1.600245,000.00 Security National Bank1499 NCD 245,000.00814414AC2 11/19/2021 1,6022.00011/19/2015 244,181.70 1.974 2.001245,000.00 Security State Bank1774 NCD 245,000.0081489TAS5 04/07/2022 1,7412.10004/07/2017 243,931.80 2.072 2.101245,000.00 Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 2,1721.80006/10/2016 237,924.40 1.776 1.800245,000.00 Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 1,5711.50010/19/2016 238,904.40 1.480 1.500245,000.00 Bell State Bank & Trust1223 NCD 245,000.0007815AAG2 06/28/2018 3621.30006/28/2013 244,982.85 1.282 1.300245,000.00 Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 1,7532.00004/19/2017 242,689.65 1.973 2.001245,000.00 Sterns Bank NA1221 NCD 245,000.00857894NG0 06/28/2018 3621.30006/28/2013 245,007.35 1.282 1.300245,000.00 Stockman Bank1557 NCD 245,000.0086128QBX5 03/30/2023 2,0982.00003/30/2016 243,576.55 1.973 2.000245,000.00 Third Federal Savings and Loan1242 NCD 245,000.0088413QAF5 10/22/2018 4781.75001/22/2014 246,298.50 1.726 1.750245,000.00 Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 1,3812.40004/11/2014 251,494.95 2.367 2.400245,000.00 Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 2,1692.15006/09/2017 241,359.30 2.121 2.151245,000.00 Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 2,4172.65002/10/2017 245,443.45 2.613 2.650245,000.00 Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 1,8232.00006/28/2017 241,942.40 1.972 2.000245,000.00 UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 1,6642.25006/15/2017 251,270.00 2.219 2.249250,000.00 United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 1,7042.05003/01/2017 243,738.25 2.021 2.050245,000.00 Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 2,3691.70006/24/2016 236,790.05 1.676 1.700245,000.00 United Bankers' Bank1379 NCD 245,000.00909557EA4 04/29/2019 6671.80008/29/2014 246,146.60 1.776 1.800245,000.00 United Community Bank1694 NCD 245,000.0090983WBD2 03/28/2022 1,7311.60009/29/2016 239,267.00 1.577 1.599245,000.00 Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 1,3361.60002/26/2016 246,786.05 1.579 1.601245,000.00 Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 9121.85012/29/2014 247,312.80 1.824 1.850245,000.00 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Negotiable CD's Washington Trst Westerly1345 NCD 245,000.00940637GJ4 07/31/2019 7601.90007/31/2014 246,847.30 1.873 1.900245,000.00 Webster Bank NA1252 NCD 245,000.0094768NJM7 02/12/2019 5911.90002/12/2014 246,499.40 1.873 1.900245,000.00 Northwest Bank1308 NCD 245,000.0066736AAK5 05/29/2019 6971.65005/29/2014 246,886.50 1.628 1.650245,000.00 Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 9992.10009/26/2014 247,303.00 2.071 2.100245,000.00 Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 1,6982.05002/23/2017 243,797.05 2.021 2.050245,000.00 Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 1,4601.60006/30/2016 241,582.25 1.578 1.600245,000.00 Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1,8542.35008/12/2015 249,383.05 2.317 2.349245,000.00 Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 8921.90012/08/2014 250,807.50 1.873 1.899250,000.00 Subtotal and Average 46,414,049.50 46,421,000.00 46,389,559.31 1.873 1.899 1,292 Medium Term Notes Apple, Inc.1342 MTN 2,000,000.00037833AQ3 05/06/2019 6742.10007/15/2014 2,018,760.00 1.982 2.0102,003,142.52 Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 9511.55008/13/2015 746,310.00 1.980 2.008741,492.49 Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 1,0402.00011/05/2015 1,507,200.00 1.854 1.8791,504,894.20 Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 1,3332.25002/23/2016 704,641.00 2.140 2.169701,898.03 Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 1,4183.62507/11/2016 105,860.00 1.271 1.288108,765.49 Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 1,4183.62507/11/2016 1,001,435.60 1.271 1.2881,028,921.55 Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 1,4183.62507/12/2016 1,587,900.00 1.238 1.2551,633,454.18 Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 1,4183.62501/11/2017 922,040.60 2.012 2.040922,034.47 Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 8871.87511/24/2014 2,015,660.00 1.874 1.9001,998,841.74 Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 8871.87512/08/2014 1,511,745.00 1.824 1.8501,500,860.14 Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 1,3391.65006/07/2016 990,150.00 1.530 1.5511,003,392.96 Microsoft Corporation1448 MTN 2,000,000.00594918AV0 02/12/2020 9561.85002/12/2015 2,003,520.00 1.785 1.8102,001,964.50 Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 1,2212.00011/05/2015 2,007,200.00 1.913 1.9402,003,743.72 Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 1,2212.00001/07/2016 903,240.00 1.887 1.913902,467.70 Stanford University1336 MTN 300,000.00854403AC6 05/01/2019 6694.75007/10/2014 316,935.00 1.966 1.993314,385.83 Stanford University1347 MTN 150,000.00854403AC6 05/01/2019 6694.75007/24/2014 158,467.50 1.896 1.922157,393.00 Stanford University1349 MTN 225,000.00854403AC6 05/01/2019 6694.75007/25/2014 237,701.25 1.895 1.921236,095.96 Stanford University1419 MTN 105,000.00854403AC6 05/01/2019 6694.75012/11/2014 110,927.25 1.893 1.920110,199.69 Subtotal and Average 18,873,948.17 18,547,000.00 18,849,693.20 1.789 1.814 1,072 Federal Agency Issues - Coupon Federal Agricultural Mortgage1028 3,000,000.0031315PPC7 02/21/2019 6001.79002/21/2012 3,018,480.00 1.765 1.7903,000,000.00 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Mortgage1031 2,000,000.0031315PQC6 09/06/2018 4321.55003/06/2012 2,007,620.00 1.528 1.5502,000,000.00 Federal Agricultural Mortgage1052 1,500,000.0031315PTW9 04/10/2019 6481.87004/10/2012 1,507,590.00 1.844 1.8701,500,000.00 Federal Agricultural Mortgage1098 2,000,000.0031315PPK9 07/03/2017 21.02007/03/2012 2,000,000.00 1.006 1.0202,000,000.00 Federal Agricultural Mortgage1109 2,000,000.0031315PSX8 08/23/2017 531.03008/23/2012 2,000,060.00 1.015 1.0302,000,000.00 Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 1,6122.00011/29/2012 1,497,030.00 1.972 2.0001,500,000.00 Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 1,8302.20012/13/2012 1,510,020.00 1.930 1.9571,516,579.56 Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 1,9692.00012/19/2012 744,232.50 2.081 2.110746,004.05 Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 9091.48012/27/2012 1,494,690.00 1.395 1.4151,502,298.67 Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 2,0052.18001/04/2013 1,497,600.00 2.165 2.1961,498,819.51 Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 9124.50001/04/2013 794,190.20 1.514 1.535791,755.96 Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 1,4313.84001/04/2013 534,280.00 1.946 1.973533,531.17 Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 2,0052.18001/08/2013 1,497,600.00 2.195 2.2251,496,647.02 Federal Agricultural Mortgage1142 1,200,000.0031315PTW9 04/10/2019 6481.87001/09/2013 1,206,072.00 1.400 1.4201,209,137.90 Federal Agricultural Mortgage1143 451,000.0031315PPC7 02/21/2019 6001.79001/09/2013 453,778.16 1.372 1.392453,809.90 Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 2,0052.18001/23/2013 1,497,600.00 2.111 2.1411,502,869.46 Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 2,0052.18001/28/2013 2,590,848.00 2.199 2.2292,588,635.25 Federal Agricultural Mortgage1152 2,000,000.0031315PPF0 01/30/2019 5781.32002/11/2013 1,996,620.00 1.220 1.2372,002,520.65 Federal Agricultural Mortgage1155 1,500,000.0031315PPF0 01/30/2019 5781.32002/21/2013 1,497,465.00 1.262 1.2801,500,906.57 Federal Agricultural Mortgage1160 1,500,000.0031315PQM4 03/06/2018 2480.94003/07/2013 1,497,945.00 0.925 0.9371,500,019.90 Federal Agricultural Mortgage1163 1,500,000.0031315PQM4 03/06/2018 2480.94003/08/2013 1,497,945.00 0.987 1.0011,499,390.91 Federal Agricultural Mortgage1179 1,500,000.0031315PXM6 05/02/2018 3050.85005/02/2013 1,494,315.00 0.864 0.8771,499,669.40 Federal Agricultural Mortgage1186 1,450,000.0031315PXH7 01/09/2019 5572.10005/01/2013 1,465,399.00 1.055 1.0701,471,995.06 Federal Agricultural Mortgage1199 1,500,000.0031315PZZ5 03/09/2018 2510.77005/15/2013 1,496,175.00 0.961 0.9751,497,934.05 Federal Agricultural Mortgage1209 1,500,000.0031315PZZ5 03/09/2018 2510.77005/30/2013 1,496,175.00 1.151 1.1671,496,021.40 Federal Agricultural Mortgage1224 1,500,000.0031315PC98 06/12/2018 3461.18006/21/2013 1,497,675.00 1.549 1.5701,494,675.94 Federal Agricultural Mortgage1225 1,500,000.0031315PC98 06/12/2018 3461.18006/21/2013 1,497,675.00 1.575 1.5971,494,316.67 Federal Agricultural Mortgage1226 1,500,000.0031315PC98 06/12/2018 3461.18006/25/2013 1,497,675.00 1.783 1.8081,491,502.00 Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 9791.41001/15/2014 1,488,585.00 2.462 2.4961,459,717.47 Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 1,1662.80001/15/2014 1,534,980.00 2.635 2.6721,505,560.18 Federal Agricultural Mortgage1256 1,500,000.0031315PXH7 01/09/2019 5572.10003/05/2014 1,515,930.00 1.702 1.7261,508,149.30 Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 1,3474.16003/06/2014 322,830.00 2.574 2.609315,584.66 Federal Agricultural Mortgage1258 1,500,000.0031315P6P9 03/05/2024 2,4393.40003/07/2014 1,570,650.00 3.325 3.3721,502,355.23 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Agricultural Mortgage1259 1,500,000.0031315P6P9 03/05/2024 2,4393.40003/10/2014 1,570,650.00 3.424 3.4711,493,981.64 Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 1,3642.50003/26/2014 1,527,945.00 2.495 2.5301,498,438.84 Federal Agricultural Mortgage1265 1,800,000.0031315PJ67 02/28/2019 6071.70003/28/2014 1,807,722.00 1.784 1.8091,796,894.59 Federal Agricultural Mortgage1271 1,000,000.0031315P4B2 01/30/2024 2,4043.46004/09/2014 1,053,320.00 3.297 3.3431,006,460.91 Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 1,8302.20004/23/2014 1,258,350.00 2.889 2.9301,209,598.42 Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 1,0071.47510/15/2014 497,635.00 1.857 1.882494,682.11 Federal Agricultural Mortgage1406 1,500,000.0031315PA58 11/20/2019 8721.31011/07/2014 1,491,555.00 1.854 1.8801,480,619.20 Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 8721.84011/20/2014 2,013,600.00 1.814 1.8402,000,000.00 Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 8721.84011/20/2014 1,510,200.00 1.848 1.8731,498,854.67 Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 9051.85012/23/2014 1,507,215.00 1.851 1.8761,499,055.97 Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 1,4042.51001/09/2015 688,493.25 2.110 2.140683,927.44 Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 2,4613.33001/09/2015 419,283.32 2.540 2.575422,166.48 Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 2,1722.61001/22/2015 1,618,211.44 2.269 2.3011,630,652.30 Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 2,1722.61002/09/2015 1,462,847.00 2.377 2.4101,465,517.08 Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 1,7042.15003/05/2015 1,007,090.00 2.120 2.1501,000,000.00 Federal Agricultural Mortgage1552 Call 1,500,000.003132X0EU1 01/27/2026 3,1322.93002/26/2016 1,470,210.00 2.831 2.8701,506,559.15 Federal Agricultural Mortgage1554 Call 1,500,000.003132X0EU1 01/27/2026 3,1322.93003/02/2016 1,470,210.00 2.878 2.9181,501,298.46 Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 2,0332.13004/06/2016 997,580.00 1.839 1.8641,013,777.99 Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 2,9564.35004/08/2016 530,571.90 2.296 2.328543,338.44 Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 2,4963.30004/21/2016 1,562,790.00 2.084 2.1121,611,363.94 Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 2,4963.30004/26/2016 1,562,790.00 2.159 2.1891,603,831.61 Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 2,0052.18005/26/2016 499,200.00 1.844 1.870507,950.67 Federal Agricultural Mortgage1655 1,500,000.0031315PQT9 03/06/2020 9791.41007/01/2016 1,488,585.00 0.992 1.0051,515,911.58 Federal Agricultural Mortgage1663 510,000.0031315PQT9 03/06/2020 9791.41007/21/2016 506,118.90 1.135 1.150513,457.12 Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1,8402.38007/25/2016 2,015,740.00 1.499 1.5202,082,532.78 Federal Agricultural Mortgage1681 1,750,000.003132X0BG5 06/15/2020 1,0801.75008/24/2016 1,750,630.00 1.136 1.1521,780,168.20 Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 1,3041.55010/03/2016 1,482,795.00 1.256 1.2741,514,308.49 Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 3,1394.81010/18/2016 1,716,975.00 2.131 2.1601,807,674.80 Federal Agricultural Mortgage1736 Call 1,000,000.003130H0BL6 01/01/2027 3,4713.20001/19/2017 1,000,320.00 3.156 3.2001,000,000.00 Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 1,6982.10002/23/2017 1,004,220.00 2.034 2.0631,001,620.91 Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 1,6982.10003/02/2017 1,506,330.00 2.085 2.1141,499,019.77 Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 1,7402.07504/06/2017 1,503,885.00 2.046 2.0751,500,000.00 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 1,3321.90004/12/2017 1,001,320.00 1.781 1.8051,003,287.87 Federal Agricultural Mortgage1784 Call 1,500,000.003132X0QC8 02/23/2027 3,5243.25004/27/2017 1,501,815.00 3.200 3.2451,500,549.37 Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 1,6472.10005/04/2017 1,002,410.00 1.938 1.9651,005,776.99 Federal Agricultural Mortgage1789 Call 1,000,000.003130H0BN2 05/01/2027 3,5913.20005/11/2017 998,390.00 3.156 3.2001,000,000.00 Federal Agricultural Mortgage1792 Call 1,500,000.003132X0QC8 02/23/2027 3,5243.25005/09/2017 1,501,815.00 3.201 3.2451,500,000.00 Federal Agricultural Mortgage1794 Call 1,000,000.003132X0MM0 12/22/2026 3,4613.37505/10/2017 1,003,060.00 3.244 3.2891,006,896.88 Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 1,8302.20006/14/2017 1,006,680.00 1.908 1.9341,012,601.25 Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 1,8241.88006/29/2017 1,496,925.00 1.903 1.9301,496,433.97 Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 1,8241.88006/29/2017 997,950.00 1.923 1.949996,684.69 Federal Agricultural Mortgage839 1,500,000.0031315PEY1 12/30/2019 9124.50012/30/2009 1,609,845.00 4.438 4.5001,500,000.00 Federal Agricultural Mortgage923 1,500,000.0031315PNM7 12/28/2017 1803.15012/28/2010 1,515,405.00 3.106 3.1501,500,000.00 Federal Agricultural Mortgage942 1,500,000.0031315PTU3 03/09/2021 1,3474.16003/09/2011 1,614,150.00 4.103 4.1601,500,000.00 Federal Farm Credit Bank1092 1,500,000.003133EAUF3 06/14/2019 7131.50006/14/2012 1,499,250.00 1.479 1.5001,500,000.00 Federal Farm Credit Bank1205 575,000.0031331JQM8 06/04/2018 3383.40005/23/2013 586,367.75 1.045 1.060587,088.43 Federal Farm Credit Bank1206 950,000.0031331YW63 06/12/2018 3464.90005/23/2013 982,737.00 1.045 1.060983,558.02 Federal Farm Credit Bank722 2,000,000.0031331YCJ7 10/30/2017 1214.90010/30/2007 2,026,500.00 4.832 4.9002,000,000.00 Federal Farm Credit Bank725 2,000,000.0031331YHQ6 12/15/2017 1674.62512/12/2007 2,032,160.00 4.561 4.6242,000,000.00 Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 1,1862.87509/29/2010 1,028,250.00 2.835 2.8751,000,000.00 Federal Farm Credit Bank918 2,000,000.0031331J5F6 12/16/2020 1,2643.62512/16/2010 2,116,880.00 3.575 3.6252,000,000.00 Federal Farm Credit Bank .1181 Call 1,500,000.003133EA4J4 10/11/2018 4671.15004/30/2013 1,495,905.00 1.137 1.1531,499,929.63 Federal Farm Credit Bank .1189 Call 1,500,000.003133ECMF8 04/24/2018 2970.98005/06/2013 1,497,150.00 0.986 1.0001,499,754.19 Federal Farm Credit Bank .1227 1,500,000.003133ECTM6 07/02/2018 3661.90007/02/2013 1,510,425.00 1.873 1.9001,500,000.00 Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 2,1662.45001/09/2014 503,865.00 3.383 3.430475,334.35 Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 2,2162.12501/27/2016 620,243.75 2.024 2.052627,550.11 Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 1,7175.16003/17/2016 570,635.00 1.876 1.902572,064.74 Federal Farm Credit Bank .1565 Call 1,000,000.003133EFT98 03/28/2025 2,8272.62003/28/2016 987,080.00 2.596 2.632999,139.81 Federal Farm Credit Bank .1582 Call 1,500,000.003133EF3D7 04/21/2025 2,8512.54004/21/2016 1,475,820.00 2.505 2.5401,500,000.00 Federal Farm Credit Bank .1584 Call 1,500,000.003133EF3D7 04/21/2025 2,8512.54004/21/2016 1,475,820.00 2.505 2.5401,500,000.00 Federal Farm Credit Bank .1585 Call 1,500,000.003133EF4A2 04/19/2022 1,7531.92004/19/2016 1,487,925.00 1.893 1.9201,500,000.00 Federal Farm Credit Bank .1591 Call 1,500,000.003133EF2D8 04/13/2026 3,2082.64004/19/2016 1,468,125.00 2.603 2.6391,500,000.00 Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 1,6061.61004/21/2016 245,570.00 1.558 1.580250,312.55 Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 1,7771.87504/21/2016 991,460.00 1.578 1.6001,012,702.40 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Farm Credit Bank .1598 Call 1,000,000.003133EFX44 10/05/2022 1,9222.05004/22/2016 992,720.00 2.021 2.0491,000,000.00 Federal Farm Credit Bank .1603 Call 1,930,000.003133EFYV3 02/17/2026 3,1532.82004/26/2016 1,919,597.30 2.722 2.7601,938,658.27 Federal Farm Credit Bank .1606 Call 1,605,000.003133EFYF8 02/10/2025 2,7812.73004/28/2016 1,587,248.70 2.621 2.6571,612,785.62 Federal Farm Credit Bank .1609 Call 1,000,000.003133EF6T9 05/12/2025 2,8722.47005/12/2016 982,500.00 2.436 2.4701,000,000.00 Federal Farm Credit Bank .1612 Call 1,000,000.003133EFWF0 01/26/2023 2,0352.34005/10/2016 995,150.00 2.191 2.2211,006,078.90 Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 2,7222.12505/13/2016 965,720.00 1.930 1.9561,011,474.45 Federal Farm Credit Bank .1623 Call 1,500,000.003133EGEB7 06/09/2026 3,2652.57006/09/2016 1,463,565.00 2.534 2.5701,500,000.00 Federal Farm Credit Bank .1630 Call 1,000,000.003133EF2D8 04/13/2026 3,2082.64006/13/2016 978,750.00 2.522 2.5571,006,341.86 Federal Farm Credit Bank .1634 Call 1,000,000.003133EF2D8 04/13/2026 3,2082.64006/16/2016 978,750.00 2.489 2.5241,008,939.78 Federal Farm Credit Bank .1638 Call 2,000,000.003133EGGR0 06/22/2026 3,2782.50006/22/2016 1,950,420.00 2.582 2.6182,000,000.00 Federal Farm Credit Bank .1641 Call 1,500,000.003133EGHN8 06/30/2025 2,9212.42006/30/2016 1,463,370.00 2.386 2.4201,500,000.00 Federal Farm Credit Bank .1647 Call 1,500,000.003133EGJH9 01/06/2025 2,7462.24007/06/2016 1,451,940.00 2.209 2.2401,500,000.00 Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 1,1011.00007/06/2016 1,462,095.00 0.986 1.0001,500,000.00 Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 1,7175.16007/08/2016 570,635.00 1.215 1.232588,928.01 Federal Farm Credit Bank .1664 Call 1,500,000.003133EGFB6 06/16/2025 2,9072.36007/25/2016 1,468,755.00 2.309 2.3411,502,013.82 Federal Farm Credit Bank .1675 Call 1,500,000.003133EGQA6 11/08/2023 2,3211.85008/09/2016 1,437,570.00 1.859 1.8851,496,910.05 Federal Farm Credit Bank .1679 Call 1,350,000.003133EGQH1 08/10/2026 3,3272.14008/18/2016 1,276,641.00 2.110 2.1391,350,000.00 Federal Farm Credit Bank .1701 Call 1,625,000.003133EGXB6 10/05/2026 3,3832.14010/06/2016 1,531,968.75 2.154 2.1841,618,978.61 Federal Farm Credit Bank .1705 Call 1,000,000.003133EGYL3 10/17/2025 3,0302.09010/17/2016 956,820.00 2.061 2.0901,000,000.00 Federal Farm Credit Bank .1733 Call 1,225,000.003133EFEQ6 09/28/2022 1,9152.42001/09/2017 1,225,085.75 2.397 2.4301,224,326.40 Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 1,6345.05004/12/2017 565,320.00 1.884 1.910566,835.97 Federal Farm Credit Bank .1786 Call 300,000.003133EFRJ8 11/30/2023 2,3432.65005/03/2017 299,076.00 2.614 2.650299,985.37 Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 2,4592.30005/04/2017 896,256.00 2.274 2.306899,639.48 Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 2,6552.91006/21/2017 520,365.00 2.143 2.172524,630.85 Federal Farm Credit Bank .1825 Call 1,000,000.003133EGS71 09/06/2022 1,8932.29006/21/2017 994,060.00 2.258 2.2891,000,000.00 Federal Farm Credit Bank .1826 Call 1,000,000.003133EHGK3 04/24/2025 2,8542.85006/22/2017 992,780.00 2.798 2.8361,000,000.00 Federal Farm Credit Bank .1827 Call 1,000,000.003133EFWF0 01/26/2023 2,0352.34006/27/2017 995,150.00 2.307 2.3391,000,000.00 Federal Farm Credit Bank .1829 Call 1,100,000.003133EFVJ3 01/27/2025 2,7672.82006/28/2017 1,090,001.00 2.784 2.8231,099,725.30 Federal Home Loan Bank1012 2,000,000.00313376BR5 12/14/2018 5311.75012/16/2011 2,010,780.00 1.725 1.7492,000,000.00 Federal Home Loan Bank1039 1,500,000.003133782M2 03/08/2019 6151.50003/08/2012 1,501,845.00 1.574 1.5961,497,705.68 Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 1,7002.33003/20/2012 1,522,335.00 2.298 2.3301,500,000.00 Federal Home Loan Bank1049 1,500,000.00313378VG3 05/22/2019 6901.85004/09/2012 1,507,485.00 1.824 1.8501,500,000.00 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Bank1058 1,500,000.003133792L2 10/20/2017 1111.23004/20/2012 1,500,525.00 1.213 1.2301,500,000.00 Federal Home Loan Bank1068 1,500,000.00313379BL2 12/29/2017 1811.25004/30/2012 1,500,120.00 1.232 1.2501,500,000.00 Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 1,2362.00005/18/2012 2,005,900.00 1.972 2.0002,000,000.00 Federal Home Loan Bank1089 2,000,000.00313379PD5 09/20/2017 811.09006/07/2012 1,999,920.00 1.075 1.0902,000,000.00 Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 8951.25011/30/2012 1,491,150.00 1.196 1.2121,501,307.49 Federal Home Loan Bank1126 Call 750,000.00313381DA0 12/05/2022 1,9832.19012/05/2012 741,090.00 2.165 2.195749,796.46 Federal Home Loan Bank1127 1,500,000.00313381GB5 11/30/2018 5171.00011/30/2012 1,493,250.00 0.986 1.0001,500,000.00 Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 8951.25012/13/2012 1,491,150.00 1.232 1.2491,500,000.00 Federal Home Loan Bank1135 1,500,000.00313376BR5 12/14/2018 5311.75012/19/2012 1,508,085.00 1.075 1.0901,513,886.20 Federal Home Loan Bank1140 1,500,000.00313376BR5 12/14/2018 5311.75001/08/2013 1,508,085.00 1.117 1.1321,512,972.16 Federal Home Loan Bank1146 Call 212,500.00313381DA0 12/05/2022 1,9832.19001/25/2013 209,975.50 2.201 2.232212,061.38 Federal Home Loan Bank1154 1,500,000.003133XRFZ8 06/08/2018 3424.75002/21/2013 1,547,895.00 1.020 1.0351,550,627.40 Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 1,6235.00002/25/2013 1,485,029.50 1.825 1.8501,484,031.96 Federal Home Loan Bank1157 2,000,000.003133XSR59 12/14/2018 5313.75002/25/2013 2,067,180.00 1.128 1.1442,073,033.23 Federal Home Loan Bank1168 530,000.003133XSR59 12/14/2018 5313.75003/11/2013 547,802.70 1.165 1.182549,058.32 Federal Home Loan Bank1182 Call 1,500,000.00313381C29 06/04/2018 3381.05004/30/2013 1,496,250.00 1.039 1.0541,499,945.53 Federal Home Loan Bank1204 Call 557,958.01313383EP2 06/20/2018 3541.25006/20/2013 557,807.36 1.232 1.250557,958.01 Federal Home Loan Bank1212 1,500,000.00313379DT3 06/08/2018 3421.25006/05/2013 1,499,445.00 1.222 1.2391,500,148.59 Federal Home Loan Bank1213 2,000,000.00313379DT3 06/08/2018 3421.25006/06/2013 1,999,260.00 1.191 1.2082,000,759.86 Federal Home Loan Bank1216 Call 1,500,000.00313382Y98 05/16/2018 3191.00006/12/2013 1,496,160.00 1.412 1.4321,494,539.88 Federal Home Loan Bank1217 Call 1,000,000.00313382FP3 03/20/2018 2621.00006/12/2013 997,260.00 1.372 1.391997,286.38 Federal Home Loan Bank1228 1,500,000.00313373UU4 06/08/2018 3422.75007/01/2013 1,520,100.00 1.605 1.6271,515,086.49 Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 1,2593.12501/09/2014 1,569,360.00 2.615 2.6511,522,182.66 Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 9202.22001/23/2014 1,524,045.00 2.194 2.2251,499,816.18 Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 9862.12502/24/2014 1,517,205.00 2.095 2.1241,500,000.00 Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 1,3501.75003/13/2014 1,498,380.00 2.418 2.4511,464,437.10 Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 1,1682.87504/02/2014 1,554,495.00 2.271 2.3031,525,328.27 Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 1,2362.00004/08/2014 200,590.00 2.263 2.295198,158.14 Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 1,2362.00004/09/2014 551,622.50 2.263 2.295544,932.75 Federal Home Loan Bank1278 325,000.003133XTYY6 06/14/2019 7134.37504/22/2014 342,969.25 1.889 1.916339,791.42 Federal Home Loan Bank1314 1,500,000.00313379EE5 06/14/2019 7131.62506/04/2014 1,505,100.00 1.700 1.7241,497,221.01 Federal Home Loan Bank1318 1,500,000.00313379EE5 06/14/2019 7131.62506/16/2014 1,505,100.00 1.774 1.7991,495,146.11 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Bank1324 Call 1,250,000.003133836A4 05/22/2019 6900.80006/24/2014 1,231,162.50 1.766 1.7911,227,611.35 Federal Home Loan Bank1332 1,500,000.003130A2FH4 06/14/2019 7131.75007/02/2014 1,507,485.00 1.686 1.7101,501,112.49 Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 1,6211.53004/08/2016 1,476,090.00 1.450 1.4701,503,799.92 Federal Home Loan Bank1583 Call 1,690,000.003130A7RS6 04/27/2026 3,2222.65004/27/2016 1,657,383.00 2.619 2.6551,689,254.52 Federal Home Loan Bank1587 Call 1,500,000.003130A7TA3 04/28/2023 2,1272.07004/28/2016 1,481,760.00 2.041 2.0701,500,000.00 Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 1,3501.75004/27/2016 998,920.00 1.490 1.5111,008,463.79 Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 1,3181.75006/02/2016 497,030.00 1.476 1.496504,391.41 Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 1,2595.25006/02/2016 446,592.00 1.461 1.481450,040.89 Federal Home Loan Bank1628 Call 1,500,000.003130A8F99 06/15/2026 3,2712.58006/15/2016 1,461,300.00 2.544 2.5801,500,000.00 Federal Home Loan Bank1632 Call 2,000,000.003130A8J46 06/29/2026 3,2852.52006/29/2016 1,948,920.00 2.485 2.5202,000,000.00 Federal Home Loan Bank1633 Call 1,363,636.273130A8J79 12/27/2024 2,7362.35006/27/2016 1,321,227.18 2.317 2.3501,363,636.27 Federal Home Loan Bank1635 Call 1,500,000.003130A8JG9 06/22/2023 2,1822.07006/22/2016 1,481,820.00 2.041 2.0701,500,000.00 Federal Home Loan Bank1637 Call 909,091.003130A8J79 12/27/2024 2,7362.35006/27/2016 880,818.27 2.317 2.350909,091.00 Federal Home Loan Bank1640 Call 1,500,000.003130A8JX2 06/29/2026 3,2852.54006/29/2016 1,456,605.00 2.505 2.5401,500,000.00 Federal Home Loan Bank1643 Call 1,500,000.003130A8HF3 09/23/2025 3,0062.44006/23/2016 1,466,265.00 2.430 2.4641,497,331.53 Federal Home Loan Bank1644 Call 1,500,000.003130A8HT3 12/29/2025 3,1032.47006/29/2016 1,500,135.00 2.451 2.4851,498,296.64 Federal Home Loan Bank1648 Call 1,500,000.003130A8J46 06/29/2026 3,2852.52006/29/2016 1,461,690.00 2.425 2.4591,500,404.75 Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 1,6232.87506/28/2016 259,825.00 1.232 1.249267,392.79 Federal Home Loan Bank1651 Call 1,500,000.003130A8MQ3 10/12/2022 1,9291.87507/12/2016 1,478,205.00 1.849 1.8751,500,000.00 Federal Home Loan Bank1652 Call 980,000.003130A8F99 06/15/2026 3,2712.58006/29/2016 954,716.00 2.524 2.560981,534.83 Federal Home Loan Bank1661 Call 1,000,000.003130A8SJ3 11/01/2024 2,6802.15008/01/2016 972,870.00 2.120 2.1501,000,000.00 Federal Home Loan Bank1662 Call 1,500,000.003130A8R54 07/28/2023 2,2181.80007/28/2016 1,454,400.00 1.795 1.8201,498,295.96 Federal Home Loan Bank1667 Call 1,500,000.003130A8VP5 08/23/2024 2,6102.00008/23/2016 1,450,305.00 1.972 2.0001,500,000.00 Federal Home Loan Bank1668 Call 1,500,000.003130A8VN0 11/17/2023 2,3301.94008/17/2016 1,444,740.00 1.913 1.9401,500,000.00 Federal Home Loan Bank1690 Call 1,000,000.003130A94L2 09/02/2026 3,3502.12509/15/2016 943,090.00 2.129 2.158997,239.20 Federal Home Loan Bank1695 Call 1,500,000.003130A9N64 10/06/2026 3,3842.15010/06/2016 1,451,805.00 2.120 2.1501,500,000.00 Federal Home Loan Bank1697 Call 1,000,000.003130A9N64 10/06/2026 3,3842.15010/06/2016 967,870.00 2.131 2.161999,073.61 Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 2,0462.13010/05/2016 497,550.00 1.578 1.600514,045.81 Federal Home Loan Bank1700 Call 1,500,000.003130A9P62 10/13/2026 3,3912.20010/13/2016 1,443,435.00 2.169 2.2001,500,000.00 Federal Home Loan Bank1702 Call 2,000,000.003130A9PT2 10/26/2026 3,4042.23010/26/2016 1,881,060.00 2.199 2.2302,000,000.00 Federal Home Loan Bank1706 Call 310,000.003130A9PT2 10/26/2026 3,4042.23010/26/2016 291,564.30 2.214 2.245309,612.87 Federal Home Loan Bank1707 Call 1,000,000.003130A9RH6 10/20/2026 3,3982.30010/20/2016 957,440.00 2.270 2.302999,813.94 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Home Loan Bank1709 Call 1,000,000.003130A9RH6 10/20/2026 3,3982.30010/20/2016 957,440.00 2.271 2.302999,767.43 Federal Home Loan Bank1713 Call 2,000,000.003130A9XC0 11/17/2026 3,4262.36011/17/2016 1,915,020.00 2.327 2.3602,000,000.00 Federal Home Loan Bank1716 Call 1,500,000.003130A9XC0 11/17/2026 3,4262.36011/17/2016 1,436,265.00 2.361 2.3931,495,780.00 Federal Home Loan Bank1717 Call 1,500,000.003130AA2Z0 11/23/2026 3,4322.69011/23/2016 1,472,505.00 2.653 2.6901,500,000.00 Federal Home Loan Bank1718 Call 205,000.003130AA2Z0 11/23/2026 3,4322.69011/23/2016 201,242.35 2.682 2.720204,495.42 Federal Home Loan Bank1719 Call 1,500,000.003130A7C29 02/24/2026 3,1602.75011/16/2016 1,490,100.00 2.712 2.7491,500,000.00 Federal Home Loan Bank1720 Call 1,500,000.003130AAAZ1 12/14/2026 3,4532.90012/14/2016 1,474,185.00 2.860 2.9001,500,000.00 Federal Home Loan Bank1724 Call 800,000.003130AAEX2 12/28/2021 1,6412.15012/28/2016 799,120.00 2.120 2.150800,000.00 Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 1,6121.87512/16/2016 1,002,100.00 2.168 2.198986,483.74 Federal Home Loan Bank1741 Call 315,000.003130AAAZ1 12/14/2026 3,4532.90001/27/2017 309,578.85 3.008 3.050311,157.63 Federal Home Loan Bank1751 Call 325,000.003130A8HF3 09/23/2025 3,0062.44002/15/2017 317,690.75 2.836 2.875314,745.82 Federal Home Loan Bank1752 Call 250,000.003130A7C29 02/24/2026 3,1602.75002/15/2017 248,350.00 2.958 3.000245,293.13 Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 1,6235.00003/10/2017 2,156,963.00 2.150 2.1802,136,038.38 Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 1,7142.25004/12/2017 1,014,300.00 1.903 1.9301,014,244.15 Federal Home Loan Bank1823 Call 1,500,000.003130ABJW7 06/27/2024 2,5532.55006/27/2017 1,487,610.00 2.515 2.5501,500,000.00 Federal Home Loan Bank822 3,000,000.003133XUMS9 09/13/2019 8044.50008/12/2009 3,192,630.00 4.437 4.4993,000,000.00 Federal Home Loan Bank940 2,000,000.003133X0PF0 08/15/2018 4105.37502/17/2011 2,089,340.00 3.423 3.4702,037,345.29 Federal Home Loan Bank992 2,000,000.00313371ZX7 12/08/2017 1602.62509/13/2011 2,011,640.00 1.526 1.5472,008,920.68 Fed. Home Loan Mortgage Corp.1036 1,500,000.003137EABA6 11/17/2017 1395.12503/01/2012 1,522,350.00 1.227 1.2441,521,158.05 Fed. Home Loan Mortgage Corp.1106 1,500,000.003134G3A91 08/22/2019 7821.40008/22/2012 1,497,210.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 9081.50009/26/2012 1,492,125.00 1.479 1.5001,500,000.00 Fed. Home Loan Mortgage Corp.1153 1,500,000.003137EADP1 03/07/2018 2490.87502/11/2013 1,496,115.00 0.960 0.9731,499,018.69 Fed. Home Loan Mortgage Corp.1166 1,500,000.003137EADN6 01/12/2018 1950.75003/15/2013 1,496,520.00 0.948 0.9621,498,354.89 Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 1,6232.00004/10/2014 2,003,620.00 2.564 2.6001,951,937.30 Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 1,6232.00004/22/2014 1,001,810.00 2.643 2.680972,837.95 Fed. Home Loan Mortgage Corp.1282 300,000.003134G3A91 08/22/2019 7821.40005/01/2014 299,442.00 1.914 1.941296,707.82 Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 9861.65005/02/2014 300,021.00 2.053 2.082296,717.95 Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 8731.45005/02/2014 299,421.00 1.938 1.965296,515.26 Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 9921.50005/06/2014 996,680.00 2.041 2.070985,485.05 Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 1,0561.50005/06/2014 995,750.00 2.091 2.120983,251.19 Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 9081.50005/13/2014 994,750.00 1.945 1.972988,939.69 Fed. Home Loan Mortgage Corp.1352 1,000,000.003134G43G1 05/07/2019 6751.20007/25/2014 995,400.00 1.765 1.790989,581.27 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Fed. Home Loan Mortgage Corp.1678 Call 1,000,000.003134GAEF7 09/29/2021 1,5511.65009/29/2016 989,970.00 1.627 1.6501,000,000.00 Fed. Home Loan Mortgage Corp.1744 Call 1,000,000.003134GAZ80 02/24/2022 1,6992.30002/24/2017 1,000,080.00 2.268 2.3001,000,000.00 Fed. Home Loan Mortgage Corp.1750 Call 1,500,000.003134GA5D2 03/15/2022 1,7182.30003/15/2017 1,500,150.00 2.268 2.3001,500,000.00 Fed. Home Loan Mortgage Corp.1754 Call 1,500,000.003134GA5V2 03/14/2022 1,7172.37503/14/2017 1,500,315.00 2.342 2.3751,500,000.00 Fed. Home Loan Mortgage Corp.1759 Call 1,500,000.003134GBBF8 03/29/2022 1,7322.37503/29/2017 1,500,180.00 2.342 2.3751,500,000.00 Fed. Home Loan Mortgage Corp.1764 Call 1,500,000.003134GBCV2 04/21/2022 1,7552.50004/21/2017 1,500,105.00 2.465 2.5001,500,000.00 Fed. Home Loan Mortgage Corp.1828 Call 1,500,000.003134GBNX6 05/28/2021 1,4272.00006/28/2017 1,497,390.00 1.969 1.9961,500,000.00 Fed. Home Loan Mortgage Corp.993 2,000,000.003137EAAY5 08/23/2017 535.50009/13/2011 2,012,120.00 1.415 1.4352,011,217.42 Federal National Mortgage Asso1023 2,590,000.003136FPXN2 11/24/2017 1462.30001/25/2012 2,602,872.30 1.406 1.4262,598,596.68 Federal National Mortgage Asso1035 2,000,000.0031398ALG5 01/23/2018 2064.37703/01/2012 2,033,860.00 1.388 1.4082,031,861.17 Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 1,2032.35004/16/2012 2,039,580.00 2.317 2.3502,000,000.00 Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 1,0342.00004/30/2012 2,018,620.00 1.972 2.0002,000,000.00 Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 1,0342.05004/30/2012 1,516,920.00 2.021 2.0501,500,000.00 Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 1,2172.00004/30/2012 2,018,420.00 1.972 2.0002,000,000.00 Federal National Mortgage Asso1118 500,000.003136FPXN2 11/24/2017 1462.30010/18/2012 502,485.00 0.927 0.940502,631.19 Federal National Mortgage Asso1149 1,500,000.003135G0TG8 02/08/2018 2220.87501/31/2013 1,497,075.00 1.019 1.0341,498,602.17 Federal National Mortgage Asso1174 1,500,000.003135G0WJ8 05/21/2018 3240.87504/15/2013 1,494,870.00 0.905 0.9171,499,440.52 Federal National Mortgage Asso1190 Call 1,000,000.003135G0XD0 05/21/2018 3241.00005/21/2013 997,230.00 0.996 1.010999,911.11 Federal National Mortgage Asso1191 Call 2,000,000.003135G0XA6 05/21/2018 3241.03005/21/2013 1,995,140.00 1.015 1.0302,000,000.00 Federal National Mortgage Asso1197 1,500,000.003135G0WJ8 05/21/2018 3240.87505/21/2013 1,494,870.00 0.986 1.0001,498,378.13 Federal National Mortgage Asso1210 Call 1,500,000.003135G0XK4 05/25/2018 3281.05005/30/2013 1,496,085.00 1.035 1.0501,500,000.00 Federal National Mortgage Asso1214 Call 1,500,000.003135G0XD0 05/21/2018 3241.00006/07/2013 1,495,845.00 1.262 1.2791,496,394.62 Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 1,1542.00004/08/2014 1,515,225.00 2.172 2.2021,491,094.32 Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 1,3991.75004/16/2014 997,610.00 2.364 2.397977,306.91 Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 1,3781.75005/02/2014 247,457.50 2.452 2.486243,653.24 Federal National Mortgage Asso1290 1,000,000.003136G0Y70 01/30/2019 5781.08005/05/2014 995,110.00 1.633 1.656991,276.45 Federal National Mortgage Asso1315 1,200,000.003136G0YK1 08/28/2019 7881.50006/05/2014 1,197,828.00 1.815 1.8401,191,631.67 Federal National Mortgage Asso1317 1,000,000.003136G02P5 04/29/2019 6671.20006/12/2014 995,840.00 1.765 1.790989,715.89 Federal National Mortgage Asso1546 Call 1,000,000.003136G3AN5 03/16/2021 1,3541.50003/16/2016 996,220.00 1.978 2.0061,000,000.00 Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 1,3922.28006/30/2016 1,009,650.00 1.171 1.1871,040,350.89 Federal National Mortgage Asso1669 Call 1,350,000.003136G3XZ3 07/28/2021 1,4881.50007/28/2016 1,326,456.00 1.505 1.5261,348,624.69 Federal National Mortgage Asso1687 Call 1,050,000.003136G36A8 09/27/2024 2,6452.00009/27/2016 1,012,452.00 1.972 2.0001,050,000.00 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Federal Agency Issues - Coupon Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 3,2257.12511/10/2016 671,440.00 2.367 2.400685,612.66 State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 2,9532.06608/25/2016 670,824.00 1.893 1.920707,550.07 Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 1,3253.87512/14/2012 537,005.00 1.596 1.618538,135.68 Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1,8711.87512/14/2012 1,004,414.70 1.893 1.9201,007,878.59 Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 1,3253.87501/23/2013 1,611,015.00 1.647 1.6691,611,651.07 Tennessee Valley Authority1170 1,500,000.00880591EC2 04/01/2018 2744.50003/25/2013 1,535,040.00 0.913 0.9261,539,198.89 Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 1,3253.87503/12/2014 1,245,851.60 2.427 2.4611,214,304.56 Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 3,0456.75011/20/2015 1,310,330.00 2.807 2.8461,281,544.26 Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 2,6332.87501/15/2016 773,902.50 2.564 2.600763,213.19 Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 3,0456.75004/18/2016 1,015,505.75 2.337 2.3701,026,849.04 Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1,8711.87510/07/2016 1,481,760.30 1.538 1.5601,512,874.61 Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 3,0456.75011/10/2016 1,637,912.50 2.317 2.3501,661,049.21 Tennessee Valley Authority861 2,000,000.00880591EA6 07/18/2017 175.50004/26/2010 2,003,480.00 3.602 3.6522,001,520.20 Tennessee Valley Authority954 2,000,000.00880591CU4 12/15/2017 1676.25005/23/2011 2,045,040.00 2.624 2.6612,029,819.95 Subtotal and Average 352,944,317.45 349,711,185.28 351,794,716.83 2.024 2.052 1,532 Treasury Securities - Coupon U.S. Treasury1201 TB 2,000,000.00912828UJ7 01/31/2018 2140.87505/16/2013 1,996,500.00 0.779 0.7902,000,971.46 U.S. Treasury1237 TB 2,000,000.00912828SD3 01/31/2019 5791.25001/07/2014 1,996,480.00 1.682 1.7051,986,209.63 U.S. Treasury1284 TB 1,500,000.00912828TH3 07/31/2019 7600.87505/02/2014 1,484,070.00 1.726 1.7501,473,997.83 U.S. Treasury1285 TB 1,500,000.00912828TN0 08/31/2019 7911.00005/02/2014 1,486,935.00 1.755 1.7801,475,933.61 U.S. Treasury1289 TB 1,500,000.00912828SX9 05/31/2019 6991.12505/05/2014 1,493,025.00 1.692 1.7161,483,811.80 U.S. Treasury1299 TB 1,500,000.00912828SX9 05/31/2019 6991.12505/13/2014 1,493,025.00 1.654 1.6771,484,852.12 U.S. Treasury1316 TB 1,500,000.00912828TC4 06/30/2019 7291.00006/10/2014 1,488,870.00 1.687 1.7111,479,683.84 U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 1,7031.75003/09/2017 1,493,610.00 2.071 2.1001,476,864.97 Subtotal and Average 12,862,325.26 13,000,000.00 12,932,515.00 1.599 1.621 741 Municipal Bonds Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 1,4922.38110/30/2015 1,005,850.00 2.120 2.1501,008,815.74 Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 1,8572.60805/09/2017 221,702.80 2.266 2.298223,223.79 Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 2,9536.23802/24/2016 830,973.60 3.557 3.606860,642.57 Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 1,4924.58402/24/2016 325,392.00 2.130 2.159327,888.75 Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 1,4924.58403/04/2016 1,355,800.00 2.138 2.1681,365,656.43 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 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 Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 1,4924.58402/17/2017 379,624.00 2.317 2.350380,175.84 Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 1,4922.78101/27/2016 508,715.00 2.012 2.040514,236.92 Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 3,1376.08006/28/2016 628,792.50 2.994 3.035644,801.26 State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 1,9183.57005/17/2016 530,690.00 1.878 1.904541,095.55 State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 2,0413.25006/27/2016 381,768.10 1.898 1.925390,238.92 State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 2,7722.37507/29/2016 1,785,744.25 1.972 1.9991,872,495.71 State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 1,9183.57009/26/2016 408,631.30 1.630 1.653421,799.26 State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 3,0144.00004/10/2017 273,047.50 2.739 2.777272,335.84 State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 3,3793.15010/19/2016 1,060,894.45 2.431 2.4651,103,356.95 City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 2,2532.64002/14/2017 1,009,770.00 2.784 2.8231,001,676.54 State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 1,7044.30009/16/2016 532,719.15 1.534 1.555544,457.59 State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 1,7182.25003/22/2017 1,007,650.00 2.219 2.2501,000,000.00 Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 1,4922.97307/24/2014 511,835.00 2.893 2.933504,112.74 Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 2,2224.10310/26/2015 1,438,649.40 2.490 2.5251,450,680.31 State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 1,4001.57003/09/2016 1,464,945.00 1.548 1.5691,500,000.00 State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 2,1302.11009/13/2016 787,600.00 1.764 1.788814,070.35 State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 2,1302.11001/31/2017 1,969,000.00 2.485 2.5201,955,965.33 State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 2,4664.97106/30/2017 1,034,703.00 2.416 2.4501,040,324.25 State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 1,7652.50008/29/2016 576,805.80 1.528 1.550594,955.28 Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 1,4922.44105/10/2013 2,024,160.00 2.031 2.0602,028,466.67 Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 1,4922.44105/13/2013 1,821,744.00 2.031 2.0601,825,619.15 Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 1,4922.44105/15/2013 2,014,039.20 2.051 2.0802,016,818.55 Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 1,4922.44101/27/2015 202,416.00 2.041 2.070202,819.59 Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 1,4922.44105/12/2016 1,012,080.00 1.528 1.5501,034,805.91 Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 1,1272.29109/02/2016 607,434.00 1.290 1.308617,668.62 City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 1,8104.95002/09/2015 399,783.60 2.416 2.450400,580.54 City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 2,9065.45011/27/2015 1,176,310.00 3.067 3.1101,159,977.48 City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 2,9062.29011/01/2016 2,013,137.80 2.219 2.2492,111,020.95 City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 3,2712.39011/01/2016 232,480.50 2.376 2.410244,605.52 San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 2,2222.50001/29/2015 579,420.00 2.663 2.700573,731.97 San Mateo Union High School Dt1516 MUN 245,000.00799017KT4 09/01/2019 7922.19301/08/2016 247,440.20 1.775 1.800247,008.51 San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 1,5232.72001/19/2016 183,096.00 2.046 2.075184,541.39 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 FI (PRF_FI) 7.1.1 Report Ver. 7.3.3a June 30, 2017 Par Value Days To Maturity Maturity Date Current RateMarket Value Fund ALL - Portfolio Listings Investments by Fund Page 18 CUSIP Investment #Issuer Purchase Date Book Value YTM360 YTM365 Municipal Bonds State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 3,3182.11608/25/2016 943,030.00 1.923 1.9501,013,634.14 State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 2,9532.06608/25/2016 1,581,228.00 1.893 1.9201,667,796.60 State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 1,5532.58910/14/2015 937,894.00 1.864 1.890945,726.23 State of Texas1586 MUN 1,000,000.00882722KA8 10/01/2023 2,2835.64304/19/2016 1,079,020.00 3.339 3.3851,123,750.00 State of Texas1592 MUN 235,000.00882722JZ5 10/01/2022 1,9185.50304/21/2016 253,346.45 3.047 3.090261,802.16 State of Texas1621 MUN 500,000.00882723A41 10/01/2020 1,1881.77706/07/2016 497,575.00 1.450 1.470504,811.00 State of Texas1625 MUN 485,000.00882722KC4 10/01/2025 3,0145.91306/09/2016 525,298.65 3.831 3.885552,514.65 State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 1,7353.67310/19/2016 116,564.80 1.825 1.850119,019.60 University of California1340 MUN 1,875,000.0091412GSB2 07/01/2019 7301.79607/14/2014 1,877,381.25 2.007 2.0351,866,508.67 University of California1356 MUN 425,000.0091412GGU3 05/15/2020 1,0493.34807/31/2014 441,222.25 2.281 2.313436,755.92 University of California1368 MUN 250,000.0091412GGT6 05/15/2019 6833.04808/08/2014 256,045.00 1.982 2.010254,608.48 University of California1383 MUN 955,000.0091412GSB2 07/01/2019 7301.79608/27/2014 956,212.85 1.972 2.000951,293.90 University of California1414 MUN 750,000.0091412GSB2 07/01/2019 7301.79611/28/2014 750,952.50 1.923 1.950747,798.19 University of California1420 MUN 1,500,000.0091412GSB2 07/01/2019 7301.79612/12/2014 1,501,905.00 1.943 1.9701,495,025.02 University of California1481 MUN 260,000.0091412GQB4 05/15/2020 1,0491.99510/08/2015 260,195.00 1.824 1.850261,031.88 State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 1,0963.28906/07/2016 779,017.50 1.430 1.450790,035.25 State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 2,5574.55401/04/2017 844,566.80 2.904 2.944847,321.02 State of Vermont1456 MUN 2,000,000.00924258TT3 08/15/2023 2,2364.25008/06/2015 2,059,560.00 3.275 3.3202,099,145.67 State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1,8572.74008/08/2016 253,140.00 1.504 1.524264,707.63 State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1,8574.63612/05/2016 569,559.10 2.465 2.500566,830.12 State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 1,4924.58604/12/2017 1,638,060.00 2.081 2.1101,644,200.45 State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 2,5884.66905/23/2017 545,076.95 2.416 2.450554,488.34 West Valley-Mission Community1479 MUN 250,000.0095640HBT4 08/01/2024 2,5886.09010/01/2015 270,172.50 4.030 4.086279,511.44 Subtotal and Average 52,228,987.13 50,075,000.00 51,481,867.75 2.244 2.275 1,935 Total Investments and Average 525,396,742.73 519,827,300.50 523,480,952.86 1.924 1.951 1,392 Portfolio CPA AP Run Date: 07/24/2017 - 16:48 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.29.98% 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 $38.2 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.99.64% 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.22.89% 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 9.64% 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. $134.8 million $3.8 million 2.50% Attachment C Investment Policy Compliance As of June 30, 2017 Investment Policy Requirements Compliance Check Attachment C Investment Policy Compliance As of June 30, 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.8.93% 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.3.56% 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