HomeMy WebLinkAboutStaff Report 6543
City of Palo Alto (ID # 6543)
City Council Staff Report
Report Type: Informational Report Meeting Date: 2/1/2016
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Second Quarter,
Fiscal Year 2016
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 second quarter. 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 $478.3 million; in comparison, last quarter it was $485.8
million. The decline in the portfolio of $7.5 million since the last quarter primarily results from
the 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 bonds); and delayed
sales tax (“triple flip”) and in-lieu vehicle license fee tax payments (received in January and May
2015) affect cash receipts and flow.
The portfolio consists of $33.5 million in liquid accounts and $444.8 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 $444.8 million includes $109.9 million in investments maturing in less than two
years, comprising 24.7 percent of the City’s investment in notes and securities. The investment
policy requires that at least $50 million be maintained in securities maturing in less than two
years.
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 3.66 years compared to 3.53 years last quarter.
Investments Made During the Second Quarter
During the second quarter, $45.0 million of government agency securities with an average yield
of 2.6% percent matured. During the same period, government securities totaling $37.2 million
with an average yield of 2.7% percent were purchased. Despite the slight increase in interest
rates, the expectation is they will remain low with the portfolio yield hovering around the
current levels. The City’s short-term money market and pool account increased by $0.4 million
compared to the first quarter. Investment staff continually monitors the City’s short-term cash
flow needs and adjusts liquid funds to meet them.
Availability of Funds for the Next Six Months
Normally, the flow of revenues from the City’s utility billings and General Fund sources is
sufficient to provide funds for ongoing expenditures in those respective funds. Projections
indicate receipts will be $220.3 million and expenditures will be $203.8 million over the next six
months, indicating an overall growth in the portfolio of $16.5 million.
As of December 31, 2015, the City had $33.5 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 $17.0 million will mature between January 1, 2016 and June 30, 2016. 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 second quarter, staff complied with all aspects of the investment policy.
Attachment C lists the major restrictions in the City’s investment policy compared with the
portfolio’s actual performance.
Investment Yields
Interest income on an accrual basis for the second quarter was $2.4 million. As of December
31, 2015, the yield to maturity of the City’s portfolio was 1.92 percent. This compares to a yield
of 1.92 percent in the first quarter. Yields have risen slightly in the last quarter and are
expected to move gradually. The recent FOMC rate hike has had a small impact and higher
yields are dependent on the timing of future FOMC actions. The City’s portfolio yield of 1.92
City of Palo Alto Page 3
percent compares to LAIF’s average yield for the quarter of 0.38 percent and an average yield
on the two-year and five-year Treasury bonds during the second quarter of approximately 0.82
percent and 1.57 percent, respectively.
Yield Trends
After seven years, the Federal Open Market Committee (FOMC) has raised the federal funds
and discount rates by a quarter percent to 0.50 and 1.0 percent, respectively. The FOMC cited
considerable improvement in the labor market with the expectation that inflation will move
upward. The FOMC expects future rate increase to be gradual and dependent on the economic
outlook. Factors that could keep a lid on rate increases include: continued low crude oil prices,
dampened consumer spending, weak wage growth, 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. The bond proceeds, reserves, and debt service payments being held
by the City’s fiscal agents are subject to the requirements of the underlying debt indenture. The
trustees for the bond funds are U.S. Bank and California Asset Management Program (CAMP).
Bond funds with U.S. Bank are invested in federal agency and money market mutual funds that
consist exclusively of U.S. Treasury securities. Bond funds in CAMP are invested in banker’s
acceptance notes, certificates of deposit, commercial paper, federal agency securities, and
repurchase agreements. The most recent data on funds held by the fiscal agent is as of
December 31, 2015.
Fiscal Impact
This is an information report.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
Attachment A: Consolidated Report of Cash Management (PDF)
Attachment B: Investment Portfolio (PDF)
Attachment C: Investment Policy Compliance (PDF)
Book Value Market Value
City Investment Portfolio (see Attachment B)480,978,602$ 482,572,258$
Other Funds Held by the City
Cash with Wells Fargo Bank 2,584,757 2,584,757
(includes general and imprest accounts)
Cash with US Bank 11,392,030 11,392,030
(includes general and imprest accounts)
Petty/Working Cash 9,328 9,328
Total - Other Funds Held By City 13,986,115 13,986,115
Funds Under Management of Third Party Trustees *
US Bank Trust Services **
1995 Utility Revenue Bonds
Debt Service Fund 3 3
2002 Downtown Parking Impvt. (Taxable) Certificates of Participation
Reserve Fund 237,330 237,330
2009 Water Revenue Bonds (Build America Bonds)
Project, Debt Service, Reserve, Cost of Issuance Funds 2,638,651 2,638,651
2010 General Obligation Bonds
Debt Service 3 3
2011 Utility Revenue Refunding Bonds
Debt Service, Reserve, and Cost of Issuance Funds 1,500,277 1,500,277
2012 University Ave. Parking Refunding Bonds
Cost of Issuance Fund 13,960 13,960
2013 General Obligation Bonds
Debt Service 10,785 10,785
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,530,468 2,530,468
2013 General Obligation (Library) Bond
Project Fund 5,282,369 5,282,369
Total Under Trustee Management 12,213,844 12,213,844
GRAND TOTAL 507,178,561$ 508,772,217$
* These funds are subject to the requirements of the underlying debt indenture.
** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities.
*** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit,
commercial paper, federal agency securities, and repurchase agreements.
Second Quarter, Fiscal Year 2015-16
(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 AltoAdministration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
December 31, 2015
Fund ALL - Portfolio Listings
Investments by Fund
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIPInvestment #Issuer
Purchase
Date Book Value YTM360 YTM365
Managed Pool Accounts
Fidelity Investments158 3,808,474.33SYS158 10.01007/01/2011 3,808,474.33 0.009 0.0103,808,474.33
Local Agency Investment Fund159 29,711,359.75SYS159 10.42007/01/2011 29,729,027.49 0.414 0.42029,711,359.75
Subtotal and Average 33,519,834.08 33,519,834.08 33,537,501.82 0.368 0.373 1
Negotiable CD's
Comenity Capital Bank1183 NCD 245,000.0020033ABE5 05/03/2018 8531.00005/03/2013 243,679.45 0.986 1.000245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 2,4642.45009/30/2015 244,747.65 2.418 2.451245,000.00
American Eagle Bank1371 NCD 245,000.0002554BCE9 05/28/2019 1,2431.85008/26/2014 243,863.20 1.825 1.850245,000.00
American National Bank1443 NCD 245,000.0002771PMG9 10/27/2021 2,1262.05002/27/2015 238,713.30 2.022 2.050245,000.00
American Express Centurion Bk1178 NCD 245,000.0002587DMV7 05/02/2018 8521.10005/02/2013 243,694.15 1.084 1.100245,000.00
American Express Centurion Bk1333 NCD 245,000.0002587CAC4 07/10/2019 1,2861.95007/10/2014 244,446.30 1.923 1.950245,000.00
Barclays Bank / Delaware1187 NCD 245,000.0006740AZB8 04/30/2018 8500.70005/07/2013 245,903.32 0.690 0.699245,000.00
Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 1,4591.85012/29/2014 243,975.90 1.824 1.850245,000.00
Compass Bank1231 NCD 245,000.0020451PAW6 07/10/2018 9211.65007/10/2013 243,326.65 1.627 1.650245,000.00
Belmont Savings Bank1280 NCD 245,000.00080515AT6 11/13/2018 1,0471.55005/13/2014 244,539.40 1.528 1.550245,000.00
Bar Harbor Bank & Trust1377 NCD 245,000.00066851SG2 08/27/2019 1,3341.75008/27/2014 244,083.70 1.726 1.750245,000.00
Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 2,4642.50009/30/2015 242,285.40 2.467 2.501245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 1,7342.20009/30/2014 243,902.40 2.171 2.201245,000.00
Bank of Holland Michigan1302 NCD 245,000.00062649ZV3 05/21/2019 1,2361.70005/21/2014 244,791.75 1.677 1.701245,000.00
Frontier Bank Madison NE1498 NCD 245,000.00QJ6048350 11/22/2021 2,1522.00011/20/2015 243,221.30 1.974 2.001245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 2,4502.25009/16/2015 244,899.55 2.220 2.251245,000.00
BankNewport Bank1416 NCD 245,000.0006647JAB0 11/27/2019 1,4261.85012/04/2014 242,042.85 1.825 1.851245,000.00
BMW Bank of North America1202 NCD 245,000.0005568P3E5 05/24/2017 5090.90005/24/2013 245,242.55 0.887 0.900245,000.00
BankWest, Inc.1376 NCD 100,000.0006652CDG3 05/18/2022 2,3292.25008/19/2014 97,876.00 2.465 2.49998,559.30
BankWest, Inc.1380 NCD 150,000.0006652CEY3 09/16/2019 1,3541.90009/15/2014 149,398.50 1.873 1.900150,000.00
Bofi Federal Bank1381 NCD 50,000.0009710LAF2 08/30/2022 2,4332.25008/25/2014 48,767.00 2.493 2.52749,168.77
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 2,4112.35008/25/2014 98,184.00 2.592 2.62898,340.10
Bofi Federal Bank1402 NCD 100,000.0009710LAF2 08/30/2022 2,4332.25010/21/2014 97,534.00 2.462 2.49698,516.46
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 1,7412.25010/07/2015 243,858.30 2.219 2.250245,000.00
Bridgewater Bank Bloom MN1393 NCD 245,000.00108622EA5 09/24/2019 1,3621.85009/24/2014 243,951.40 1.825 1.850245,000.00
American State Bank1354 NCD 245,000.00029733BD3 08/08/2019 1,3151.85008/08/2014 243,017.95 1.825 1.851245,000.00
Worlds Foremost Bank1387 NCD 200,000.00981571AT9 09/04/2019 1,3422.10009/04/2014 199,276.00 2.072 2.101200,000.00
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 2
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Negotiable CD's
Campbell County Bank1307 NCD 245,000.00134204BZ8 05/30/2019 1,2451.65005/30/2014 244,811.35 1.628 1.650245,000.00
Cathay Bank1194 NCD 245,000.00149159HS7 04/30/2018 8501.00005/14/2013 243,760.30 0.987 1.000244,998.85
Celtic Bank1362 NCD 245,000.0015118RJW8 08/20/2019 1,3271.90008/20/2014 244,140.05 1.875 1.901245,000.00
Centrix Bank & Trust1220 NCD 245,000.0015640ABQ3 06/27/2018 9081.30006/27/2013 242,951.80 1.282 1.300245,000.00
CIT Bank1175 NCD 245,000.0017284CCN2 04/24/2018 8441.20004/24/2013 242,660.25 1.183 1.200245,000.00
Clinton Bank1341 NCD 245,000.00187337AA8 07/18/2019 1,2941.80007/18/2014 242,782.75 1.776 1.801245,000.00
Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 1,4902.05001/30/2014 245,127.40 2.021 2.050245,000.00
Capital One Bank USA NA1384 NCD 250,000.00140420NR7 09/04/2019 1,3421.80009/04/2014 249,005.00 1.775 1.800250,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 1,6852.30008/12/2015 244,750.10 2.268 2.300245,000.00
Commercial Bank1369 NCD 245,000.0020143PDB3 05/20/2019 1,2351.85008/19/2014 243,922.00 1.824 1.850245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 2,4462.25009/11/2015 244,924.05 2.224 2.255245,000.00
Discover Bank / Delaware1176 NCD 245,000.00254671NJ5 05/01/2018 8511.15005/01/2013 243,701.50 1.134 1.150245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 1,6971.90008/24/2015 245,002.45 1.876 1.902245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 1,6722.00007/30/2015 243,767.65 1.972 2.000245,000.00
Farmers & Merchants Bank1439 NCD 245,000.00308862DH1 08/19/2021 2,0572.15002/19/2015 240,509.15 2.120 2.150245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 1,8732.20008/15/2014 250,610.00 2.169 2.200250,000.00
First Bank of Highland1330 NCD 245,000.00319141BV8 07/03/2019 1,2791.85007/03/2014 242,601.45 1.824 1.850245,000.00
First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 1,5102.00002/19/2014 245,215.60 1.972 2.000245,000.00
First Choice Bank / NJ1297 NCD 245,000.00319464AR4 05/28/2019 1,2431.70005/28/2014 244,823.60 1.677 1.701245,000.00
Citizens Banking Company1385 NCD 245,000.00174414AR3 06/10/2019 1,2562.00009/10/2014 244,664.35 1.972 2.000245,000.00
State Bank of Fenton (MI)1283 NCD 245,000.00856188AU1 02/15/2019 1,1411.65005/15/2014 242,875.85 1.630 1.653245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 2,2662.10010/19/2015 238,225.75 2.121 2.151244,288.24
Flushing Bank1413 NCD 245,000.0034387ABA6 12/10/2018 1,0741.80012/10/2014 243,559.40 1.776 1.801245,000.00
First General Bank1222 NCD 245,000.00320337AR9 07/03/2018 9141.30007/03/2013 242,897.90 1.282 1.300245,000.00
First American Bank1458 NCD 245,000.0031849SJP4 08/22/2022 2,4252.45008/21/2015 241,856.65 2.416 2.450245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 2,1142.45010/17/2014 247,254.00 2.416 2.449245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 2,4062.35009/09/2014 235,737.60 2.665 2.703234,996.19
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 2,0992.00010/01/2015 244,174.35 1.972 1.999245,000.00
First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 2,0862.20009/17/2015 244,223.35 2.171 2.201245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 1,8932.50003/07/2014 247,636.20 2.465 2.500245,000.00
First Merchants Bank1351 NCD 245,000.0032082BDH9 08/06/2019 1,3131.90008/06/2014 244,331.15 1.873 1.900245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 2,0722.40009/03/2015 244,980.40 2.367 2.400245,000.00
First Savings Bank Northwest1335 NCD 245,000.0033621JAB4 07/18/2019 1,2941.80007/18/2014 242,787.65 1.776 1.801245,000.00
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Negotiable CD's
First State Bank1366 NCD 245,000.0033648RAT6 08/20/2019 1,3271.85008/20/2014 244,223.35 1.825 1.851245,000.00
First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 2,2942.35009/25/2015 244,386.64 2.321 2.353247,976.22
First National Bank & Trust1468 NCD 245,000.0031904JAA8 08/19/2020 1,6921.90008/25/2015 240,411.15 1.873 1.899245,000.00
Fox Chase Bank1305 NCD 245,000.0035137QAV6 06/06/2019 1,2521.70006/06/2014 244,762.35 1.677 1.700245,000.00
Gulf Coast Bank & Trust1462 NCD 200,000.00402194ES9 05/20/2021 1,9662.00008/13/2015 196,942.00 1.972 1.999200,000.00
Gold Coast Bank1375 NCD 245,000.0038058KDA1 08/05/2019 1,3121.80009/04/2014 243,997.95 1.775 1.800245,000.00
GE Capital Bank1184 NCD 245,000.0036161TJR7 05/03/2018 8531.00005/03/2013 241,469.55 0.986 1.000245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 1,9072.65003/21/2014 247,572.50 2.613 2.650245,000.00
Goldman Sachs Bank USA1177 NCD 245,000.0038147JEC2 05/01/2018 8511.15005/01/2013 242,319.70 1.134 1.150245,000.00
Grant County Bank1397 NCD 250,000.0038762PBA9 10/16/2020 1,7502.30010/17/2014 249,172.50 2.270 2.302250,000.00
Dubuque Bank & Trust1372 NCD 245,000.00263849BD2 08/21/2019 1,3281.90008/21/2014 244,132.70 1.873 1.900245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 1,6982.00008/25/2015 244,671.70 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 2,0372.30007/31/2015 244,527.15 2.269 2.301245,000.00
Iowa State Bank1343 NCD 250,000.0046256YAB5 07/23/2019 1,2991.80007/23/2014 249,335.00 1.775 1.800250,000.00
JP Morgan Chase BAnk NA1200 NCD 245,000.0048124JD39 12/05/2018 1,0691.25006/05/2013 240,702.70 1.232 1.250245,000.00
Kansas State Bank Manhattan1327 NCD 245,000.00485382DX0 07/18/2019 1,2941.85007/18/2014 243,189.45 1.825 1.851245,000.00
Lakeside Bank1374 NCD 245,000.0051210SKC0 08/20/2019 1,3272.00008/20/2014 244,171.90 1.973 2.001245,000.00
LCA Bank Corporation1306 NCD 245,000.00501798FJ6 05/30/2019 1,2451.65005/30/2014 244,811.35 1.627 1.650245,000.00
Leader Bank1364 NCD 245,000.0052168UCN0 08/22/2019 1,3292.00008/22/2014 244,164.55 1.973 2.001245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 2,0762.25009/05/2014 246,781.15 2.219 2.250245,000.00
Machias Savings Bank1358 NCD 245,000.00554479DN2 08/28/2019 1,3351.80008/28/2014 244,247.85 1.776 1.801245,000.00
Mascoma Savings Bank1319 NCD 248,000.0057461PAG1 01/15/2019 1,1101.80006/20/2014 248,347.20 1.627 1.650249,087.93
Medallion Bank - Salt Lake1238 NCD 245,000.0058403BJ31 01/10/2019 1,1051.85001/10/2014 245,298.90 1.825 1.850245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 1,6931.90008/20/2015 240,416.05 1.876 1.902245,000.00
Mifflinburg Bank & Trust Co.1321 NCD 132,000.00598580AB4 04/30/2019 1,2151.65006/20/2014 131,963.04 1.627 1.649132,000.00
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 1,7551.75010/21/2015 243,748.05 1.727 1.751245,000.00
MutualOne Bank1407 NCD 250,000.0062847HAA7 11/21/2019 1,4201.85011/21/2014 249,280.00 1.825 1.850250,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 1,7071.90009/03/2015 244,723.15 1.873 1.900245,000.00
NBT Bank1322 NCD 156,000.00628779FJ4 06/06/2019 1,2521.80006/20/2014 155,797.20 1.775 1.799156,000.00
NBT Bank1373 NCD 94,000.00628779FN5 08/20/2019 1,3272.10008/20/2014 93,671.00 2.071 2.10094,000.00
Customers Bank1388 NCD 250,000.0023204HCA4 09/10/2019 1,3482.10009/10/2014 248,962.50 2.071 2.100250,000.00
NCB Savings Bank1344 NCD 245,000.00628825JL6 07/25/2019 1,3011.80007/25/2014 244,835.85 1.775 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 2,4292.25008/26/2015 245,786.45 2.220 2.251245,000.00
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Negotiable CD's
Lake Sunapee Bank FSB1309 NCD 245,000.00510868AG7 06/05/2019 1,2511.75006/05/2014 244,769.70 1.727 1.750245,000.00
Connectone Bank1355 NCD 245,000.0020786AAT2 08/13/2019 1,3201.85008/13/2014 244,108.20 1.824 1.850245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 1,6022.00005/21/2014 244,816.25 1.972 2.000245,000.00
Northfield Bank1365 NCD 245,000.0066612AAA6 08/12/2019 1,3191.85008/13/2014 244,277.25 1.824 1.850245,000.00
Northstar Bank1326 NCD 245,000.0066704MEG2 07/18/2019 1,2941.75007/18/2014 244,468.35 1.727 1.751245,000.00
Naqtional Bank of NY City1312 NCD 245,000.00634116CB1 06/18/2019 1,2641.65006/18/2014 244,598.20 1.627 1.650245,000.00
Orrstown Bank1465 NCD 245,000.00687377DR9 08/20/2020 1,6932.00008/20/2015 244,654.55 1.974 2.002245,000.00
Peoples United Bank1378 NCD 245,000.0071270QGB6 08/27/2019 1,3341.95008/27/2014 244,086.15 1.923 1.950245,000.00
People's Bank1415 NCD 250,000.00710665CE8 12/12/2019 1,4411.85012/12/2014 246,837.50 1.825 1.851250,000.00
Peapack-Gladstone Bank1275 NCD 245,000.00704692AK8 04/17/2019 1,2021.80004/17/2014 245,014.70 1.776 1.801245,000.00
Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 2,0582.50008/20/2014 244,757.45 2.467 2.501245,000.00
Prime Alliance Bank1331 NCD 245,000.0074160NED8 07/11/2019 1,2871.70007/11/2014 244,434.05 1.677 1.701245,000.00
Park National Bank1395 NCD 250,000.00700654AV8 03/26/2019 1,1802.10009/26/2014 248,450.00 2.070 2.099250,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 2,2472.10002/26/2015 246,225.00 2.072 2.101245,000.00
Peoples State Bank, WI1304 NCD 245,000.00712515GY5 05/23/2019 1,2381.70005/23/2014 244,777.05 1.676 1.700245,000.00
Private Bank & Trust Co.1293 NCD 245,000.0074267GUN5 11/21/2018 1,0551.65005/21/2014 244,544.30 1.627 1.650245,000.00
Ohio Valley Bank1338 NCD 250,000.00677721CE0 07/23/2019 1,2991.80007/23/2014 249,420.00 1.776 1.801250,000.00
Safra National Bank1310 NCD 245,000.0078658QDG5 05/30/2019 1,2451.75005/30/2014 242,795.00 1.727 1.751245,000.00
Sallie Mae Bank1350 NCD 245,000.00795450SC0 07/30/2019 1,3062.05007/30/2014 244,382.60 2.021 2.050245,000.00
Sawyer Savings Bank1389 NCD 250,000.00805508AW8 03/18/2020 1,5382.00009/18/2014 247,525.00 1.973 2.000250,000.00
State Bank Definace1233 NCD 245,000.00855736CX0 07/19/2018 9301.65007/19/2013 245,428.75 1.628 1.650245,000.00
State Bank of India1390 NCD 245,000.00856284Z98 09/11/2019 1,3492.15009/11/2014 244,061.65 2.120 2.150245,000.00
State Bank of Texas1230 NCD 245,000.00856528CG7 07/17/2018 9281.60007/17/2013 244,269.90 1.578 1.600245,000.00
Security National Bank1499 NCD 245,000.008144114AC2 11/19/2021 2,1492.00011/19/2015 243,164.95 1.974 2.001245,000.00
First Source Bank1311 NCD 123,000.0033646CDU5 06/11/2019 1,2571.75006/11/2014 121,842.57 1.726 1.750123,000.00
First Source Bank1313 NCD 122,000.0033646CDU5 06/11/2019 1,2571.75006/11/2014 120,851.98 1.726 1.750122,000.00
Bell State Bank & Trust1223 NCD 245,000.0007815AAG2 06/28/2018 9091.30006/28/2013 242,890.55 1.282 1.300245,000.00
Sterns Bank NA1221 NCD 245,000.00857894NG0 06/28/2018 9091.30006/28/2013 242,942.00 1.282 1.300245,000.00
Sutton State Bank Ohio1484 NCD 245,000.00869478EU7 02/28/2022 2,2502.25010/19/2015 240,396.45 2.196 2.226245,000.00
Third Federal Savings and Loan1242 NCD 245,000.0088413QAF5 10/22/2018 1,0251.75001/22/2014 245,509.60 1.726 1.750245,000.00
Tioga State Bank1386 NCD 245,000.00887768BL2 09/12/2019 1,3501.85009/12/2014 242,723.95 1.825 1.850245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 1,9282.40004/11/2014 247,528.40 2.367 2.400245,000.00
Toyota Financial Savings Bank1320 NCD 100,000.0089235MFH9 03/21/2019 1,1751.85006/20/2014 99,627.00 1.816 1.841100,000.00
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Negotiable CD's
Toyota Financial Savings Bank1370 NCD 150,000.0089235MGW5 04/17/2019 1,2021.90008/11/2014 149,556.00 1.874 1.900149,996.84
United Bankers' Bank1379 NCD 245,000.00909557EA4 04/29/2019 1,2141.80008/29/2014 243,681.90 1.776 1.800245,000.00
Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 1,4591.85012/29/2014 243,975.90 1.824 1.850245,000.00
Washington Trst Westerly1345 NCD 245,000.00940637GJ4 07/31/2019 1,3071.90007/31/2014 244,375.25 1.873 1.900245,000.00
Webster Bank NA1252 NCD 245,000.0094768NJM7 02/12/2019 1,1381.90002/12/2014 244,737.85 1.873 1.900245,000.00
Webster Five Cents Savings1412 NCD 250,000.0094789PBH6 12/17/2019 1,4462.00012/17/2014 248,170.00 1.973 2.001250,000.00
Northwest Bank1308 NCD 245,000.0066736AAK5 05/29/2019 1,2441.65005/29/2014 244,818.70 1.628 1.650245,000.00
Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 1,5462.10009/26/2014 243,554.50 2.071 2.100245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 2,4012.35008/12/2015 245,200.90 2.317 2.349245,000.00
Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 1,4391.90012/08/2014 247,352.50 1.873 1.899250,000.00
Subtotal and Average 31,717,928.90 31,728,000.00 31,579,918.15 1.857 1.883 1,482
Medium Term Notes
Apple, Inc.1342 MTN 2,000,000.00037833AQ3 05/06/2019 1,2212.10007/15/2014 2,023,380.00 1.982 2.0102,005,694.34
Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 1,4981.55008/13/2015 737,475.00 1.980 2.008736,584.31
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 1,5872.00011/05/2015 1,498,440.00 1.854 1.8791,507,472.61
Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 1,4341.87511/24/2014 2,006,680.00 1.874 1.9001,998,126.12
Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 1,4341.87512/08/2014 1,505,010.00 1.824 1.8501,501,391.57
Microsoft Corporation1448 MTN 2,000,000.00594918AV0 02/12/2020 1,5031.85002/12/2015 2,003,860.00 1.785 1.8102,003,091.84
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 1,7682.00011/05/2015 2,000,560.00 1.914 1.9402,005,425.58
Stanford University1336 MTN 300,000.00854403AC6 05/01/2019 1,2164.75007/10/2014 326,169.00 1.966 1.993326,156.05
Stanford University1347 MTN 150,000.00854403AC6 05/01/2019 1,2164.75007/24/2014 163,084.50 1.896 1.922163,441.82
Stanford University1349 MTN 225,000.00854403AC6 05/01/2019 1,2164.75007/25/2014 244,626.75 1.895 1.921245,174.48
Stanford University1419 MTN 105,000.00854403AC6 05/01/2019 1,2164.75012/11/2014 114,159.15 1.893 1.920114,453.99
Subtotal and Average 12,607,012.71 12,530,000.00 12,623,444.40 1.885 1.911 1,471
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1028 3,000,000.0031315PPC7 02/21/2019 1,1471.79002/21/2012 3,006,030.00 1.765 1.7903,000,000.00
Federal Agricultural Mortgage1031 2,000,000.0031315PQC6 09/06/2018 9791.55003/06/2012 2,009,360.00 1.528 1.5502,000,000.00
Federal Agricultural Mortgage1052 1,500,000.0031315PTW9 04/10/2019 1,1951.87004/10/2012 1,505,895.00 1.844 1.8701,500,000.00
Federal Agricultural Mortgage1055 1,500,000.0031315PTQ2 04/10/2017 4651.26004/10/2012 1,503,525.00 1.242 1.2601,500,000.00
Federal Agricultural Mortgage1090 2,000,000.0031315PZQ5 06/05/2017 5211.11006/05/2012 1,996,900.00 1.094 1.1102,000,000.00
Federal Agricultural Mortgage1096 2,000,000.0031315PZQ5 06/05/2017 5211.11006/20/2012 1,996,900.00 0.998 1.0122,002,718.30
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1098 2,000,000.0031315PPK9 07/03/2017 5491.02007/03/2012 2,000,620.00 1.006 1.0202,000,000.00
Federal Agricultural Mortgage1109 2,000,000.0031315PSX8 08/23/2017 6001.03008/23/2012 1,998,480.00 1.015 1.0302,000,000.00
Federal Agricultural Mortgage1122 Call 1,000,000.0031315PNY1 11/21/2022 2,5162.19011/21/2012 1,003,650.00 2.163 2.193999,827.78
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 2,1592.00011/29/2012 1,507,950.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1124 Call 1,750,000.0031315PNY1 11/21/2022 2,5162.19011/21/2012 1,756,387.50 2.166 2.1961,749,397.22
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 2,3772.20012/13/2012 1,479,120.00 1.930 1.9571,521,542.40
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 2,5162.00012/19/2012 731,340.00 2.081 2.110744,891.77
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 1,4561.48012/27/2012 1,492,920.00 1.395 1.4151,503,684.02
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 2,5522.18001/04/2013 1,483,410.00 2.165 2.1961,498,496.91
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 1,4594.50001/04/2013 808,679.40 1.514 1.535822,844.08
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 1,9783.84001/04/2013 532,280.00 1.946 1.973546,372.89
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 2,5522.18001/08/2013 1,483,410.00 2.195 2.2251,495,730.72
Federal Agricultural Mortgage1142 1,200,000.0031315PTW9 04/10/2019 1,1951.87001/09/2013 1,204,716.00 1.400 1.4201,216,860.07
Federal Agricultural Mortgage1143 451,000.0031315PPC7 02/21/2019 1,1471.79001/09/2013 451,906.51 1.372 1.392456,381.66
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 2,5522.18001/23/2013 1,483,410.00 2.111 2.1411,503,653.62
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 2,5522.18001/28/2013 2,566,299.30 2.199 2.2292,586,895.89
Federal Agricultural Mortgage1152 2,000,000.0031315PPF0 01/30/2019 1,1251.32002/11/2013 1,981,480.00 1.220 1.2372,004,912.83
Federal Agricultural Mortgage1155 1,500,000.0031315PPF0 01/30/2019 1,1251.32002/21/2013 1,486,110.00 1.262 1.2801,501,766.93
Federal Agricultural Mortgage1160 1,500,000.0031315PQM4 03/06/2018 7950.94003/07/2013 1,492,740.00 0.925 0.9371,500,063.75
Federal Agricultural Mortgage1163 1,500,000.0031315PQM4 03/06/2018 7950.94003/08/2013 1,492,740.00 0.987 1.0011,498,048.41
Federal Agricultural Mortgage1179 1,500,000.0031315PXM6 05/02/2018 8520.85005/02/2013 1,487,535.00 0.864 0.8771,499,076.30
Federal Agricultural Mortgage1186 1,450,000.0031315PXH7 01/09/2019 1,1042.10005/01/2013 1,476,390.00 1.055 1.0701,493,669.02
Federal Agricultural Mortgage1199 1,500,000.0031315PZZ5 03/09/2018 7980.77005/15/2013 1,481,085.00 0.961 0.9751,493,435.61
Federal Agricultural Mortgage1209 1,500,000.0031315PZZ5 03/09/2018 7980.77005/30/2013 1,481,085.00 1.151 1.1671,487,358.31
Federal Agricultural Mortgage1224 1,500,000.0031315PC98 06/12/2018 8931.18006/21/2013 1,494,870.00 1.549 1.5701,486,244.89
Federal Agricultural Mortgage1225 1,500,000.0031315PC98 06/12/2018 8931.18006/21/2013 1,494,870.00 1.575 1.5971,485,316.67
Federal Agricultural Mortgage1226 1,500,000.0031315PC98 06/12/2018 8931.18006/25/2013 1,494,870.00 1.783 1.8081,478,044.76
Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 1,5261.41001/15/2014 1,471,410.00 2.462 2.4961,437,175.95
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 1,7132.80001/15/2014 1,556,490.00 2.635 2.6721,508,175.59
Federal Agricultural Mortgage1256 1,500,000.0031315PXH7 01/09/2019 1,1042.10003/05/2014 1,527,300.00 1.702 1.7261,516,179.63
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 1,8944.16003/06/2014 321,447.00 2.574 2.609321,921.79
Federal Agricultural Mortgage1258 1,500,000.0031315P6P9 03/05/2024 2,9863.40003/07/2014 1,560,285.00 3.325 3.3721,502,884.27
Federal Agricultural Mortgage1259 1,500,000.0031315P6P9 03/05/2024 2,9863.40003/10/2014 1,560,285.00 3.424 3.4711,492,629.76
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 1,9112.50003/26/2014 1,529,055.00 2.495 2.5301,497,812.05
Federal Agricultural Mortgage1265 1,800,000.0031315PJ67 02/28/2019 1,1541.70003/28/2014 1,802,502.00 1.784 1.8091,794,085.67
Federal Agricultural Mortgage1271 1,000,000.0031315P4B2 01/30/2024 2,9513.46004/09/2014 1,054,920.00 3.297 3.3431,007,933.64
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 2,3772.20004/23/2014 1,232,600.00 2.889 2.9301,197,504.82
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 1,5541.47510/15/2014 490,195.00 1.857 1.882491,787.30
Federal Agricultural Mortgage1406 Call 1,500,000.0031315PA58 11/20/2019 1,4191.31011/07/2014 1,483,200.00 1.854 1.8801,468,435.69
Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 1,4191.84011/20/2014 2,020,860.00 1.814 1.8402,000,000.00
Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 1,4191.84011/20/2014 1,515,645.00 1.848 1.8731,498,134.67
Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 1,4521.85012/23/2014 1,513,245.00 1.851 1.8761,498,484.47
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 1,9512.51001/09/2015 686,002.50 2.110 2.140687,410.69
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 3,0083.33001/09/2015 431,718.44 2.540 2.575426,210.14
Federal Agricultural Mortgage1430 Call 500,000.0031315PC23 01/24/2023 2,5802.30001/21/2015 490,020.00 2.605 2.641489,194.68
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 2,7192.61001/22/2015 1,600,808.04 2.269 2.3011,637,374.50
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 2,7192.61002/09/2015 1,447,114.50 2.377 2.4101,469,430.78
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 2,2512.15003/05/2015 986,140.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1470 Call 2,000,000.003132X0BX8 09/08/2025 3,5383.23009/08/2015 2,005,360.00 3.185 3.2302,000,000.00
Federal Agricultural Mortgage1488 Call 2,000,000.0031315PC23 01/24/2023 2,5802.30010/23/2015 1,960,080.00 2.398 2.4321,982,955.76
Federal Agricultural Mortgage1493 Call 1,000,000.003132X0CV1 10/28/2025 3,5882.98010/28/2015 984,490.00 2.956 2.997998,526.25
Federal Agricultural Mortgage1495 Call 1,500,000.003132X0CV1 10/28/2025 3,5882.98010/30/2015 1,476,735.00 2.985 3.0261,494,101.72
Federal Agricultural Mortgage1504 Call 1,500,000.003132X0BN0 07/15/2025 3,4833.20011/16/2015 1,508,400.00 3.047 3.0901,513,473.44
Federal Agricultural Mortgage839 1,500,000.0031315PEY1 12/30/2019 1,4594.50012/30/2009 1,639,215.00 4.438 4.5001,500,000.00
Federal Agricultural Mortgage840 2,000,000.0031315PGE3 01/19/2017 3844.12501/19/2010 2,057,460.00 4.068 4.1252,000,000.00
Federal Agricultural Mortgage866 1,000,000.0031315PAT6 05/17/2017 5023.75005/17/2010 1,034,050.00 3.698 3.7501,000,000.00
Federal Agricultural Mortgage923 1,500,000.0031315PNM7 12/28/2017 7273.15012/28/2010 1,555,665.00 3.106 3.1501,500,000.00
Federal Agricultural Mortgage936 1,500,000.0031315PRG6 01/31/2016 302.44002/03/2011 1,502,580.00 2.406 2.4401,500,000.00
Federal Agricultural Mortgage942 1,500,000.0031315PTU3 03/09/2021 1,8944.16003/09/2011 1,607,235.00 4.103 4.1601,500,000.00
Federal Agricultural Mortgage951 1,500,000.0031315PUN7 04/29/2016 1192.41004/29/2011 1,510,710.00 2.376 2.4101,500,000.00
Federal Agricultural Mortgage975 1,000,000.0031315PA25 07/27/2016 2082.00007/27/2011 1,006,930.00 2.063 2.092999,502.17
Federal Farm Credit Bank1006 2,000,000.0031331KK90 10/26/2016 2991.35010/26/2011 2,012,400.00 1.331 1.3502,000,000.00
Federal Farm Credit Bank1032 950,000.003133EAGE2 03/07/2016 660.75003/07/2012 951,054.50 0.739 0.750950,000.00
Federal Farm Credit Bank1046 1,000,000.003133EAJU3 03/28/2016 871.05003/28/2012 1,001,530.00 1.035 1.0501,000,000.00
Federal Farm Credit Bank1092 1,500,000.003133EAUF3 06/14/2019 1,2601.50006/14/2012 1,495,020.00 1.479 1.5001,500,000.00
Federal Farm Credit Bank1205 575,000.0031331JQM8 06/04/2018 8853.40005/23/2013 600,219.50 1.045 1.060606,691.29
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Farm Credit Bank1206 950,000.0031331YW63 06/12/2018 8934.90005/23/2013 1,032,004.00 1.045 1.0601,036,699.75
Federal Farm Credit Bank722 2,000,000.0031331YCJ7 10/30/2017 6684.90010/30/2007 2,141,720.00 4.832 4.9002,000,000.00
Federal Farm Credit Bank725 2,000,000.0031331YHQ6 12/15/2017 7144.62512/12/2007 2,133,280.00 4.561 4.6242,000,000.00
Federal Farm Credit Bank788 1,000,000.0031331GLT4 01/29/2016 283.75003/04/2009 1,002,310.00 3.698 3.7491,000,000.00
Federal Farm Credit Bank850 2,000,000.0031331JFZ1 03/08/2017 4323.37503/08/2010 2,058,240.00 3.328 3.3752,000,000.00
Federal Farm Credit Bank870 1,000,000.0031331JQB2 06/02/2017 5183.00006/02/2010 1,026,440.00 2.958 3.0001,000,000.00
Federal Farm Credit Bank872 2,000,000.0031331YEL0 11/15/2016 3195.00006/04/2010 2,070,700.00 3.027 3.0702,030,330.35
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 1,7332.87509/29/2010 1,040,300.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank910 2,000,000.0031331JX32 10/28/2016 3011.70010/28/2010 2,015,140.00 1.676 1.7002,000,000.00
Federal Farm Credit Bank918 2,000,000.0031331J5F6 12/16/2020 1,8113.62512/16/2010 2,148,020.00 3.575 3.6252,000,000.00
Federal Farm Credit Bank925 1,500,000.0031331JX32 10/28/2016 3011.70001/04/2011 1,511,355.00 2.576 2.6111,489,590.40
Federal Farm Credit Bank932 3,000,000.0031331J2M4 11/22/2016 3261.87501/14/2011 3,028,110.00 2.483 2.5182,984,093.14
Federal Farm Credit Bank937 2,000,000.0031331KBX7 02/10/2017 4062.87502/10/2011 2,043,020.00 2.835 2.8752,000,000.00
Federal Farm Credit Bank959 1,500,000.0031331KQD5 06/27/2017 5432.30006/27/2011 1,525,485.00 2.268 2.3001,500,000.00
Federal Farm Credit Bank .1100 Call 1,500,000.003133EAZN1 07/24/2020 1,6661.84007/24/2012 1,481,610.00 1.814 1.8401,500,000.00
Federal Farm Credit Bank .1117 Call 1,500,000.003133EA3N6 07/09/2020 1,6511.72010/09/2012 1,500,060.00 1.696 1.7201,500,000.00
Federal Farm Credit Bank .1181 Call 1,500,000.003133EA4J4 10/11/2018 1,0141.15004/30/2013 1,481,895.00 1.137 1.1531,499,847.02
Federal Farm Credit Bank .1189 Call 1,500,000.003133ECMF8 04/24/2018 8440.98005/06/2013 1,484,025.00 0.986 1.0001,499,301.17
Federal Farm Credit Bank .1227 1,500,000.003133ECTM6 07/02/2018 9131.90007/02/2013 1,521,555.00 1.873 1.9001,500,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 2,7132.45001/09/2014 498,945.00 3.383 3.430469,095.73
Federal Farm Credit Bank .1444 Call 1,000,000.003133EAVV7 06/27/2024 3,1002.70002/06/2015 981,800.00 2.713 2.750996,203.73
Federal Farm Credit Bank .1449 Call 1,500,000.003133EEQP8 11/19/2024 3,2452.93002/19/2015 1,493,115.00 2.890 2.9301,500,000.00
Federal Farm Credit Bank .1486 Call 650,000.003133ECHZ0 03/14/2022 2,2642.35010/19/2015 643,396.00 2.317 2.349650,000.00
Federal Farm Credit Bank .1491 Call 1,500,000.003133EFMS3 01/29/2024 2,9502.68010/29/2015 1,491,510.00 2.643 2.6801,500,000.00
Federal Farm Credit Bank .1492 Call 1,000,000.003133EFMS3 01/29/2024 2,9502.68010/29/2015 994,340.00 2.643 2.6801,000,000.00
Federal Farm Credit Bank .1500 Call 1,500,000.003133EEVP2 12/26/2024 3,2822.90011/09/2015 1,480,245.00 2.884 2.9241,497,047.46
Federal Farm Credit Bank .1503 Call 1,500,000.003133EEVP2 12/26/2024 3,2822.90011/16/2015 1,480,245.00 2.884 2.9241,497,041.16
Federal Farm Credit Bank .1505 Call 1,500,000.003133EFAV9 02/27/2024 2,9792.94011/17/2015 1,484,865.00 2.880 2.9201,500,000.00
Federal Farm Credit Bank .1506 Call 1,500,000.003133EE4B3 07/21/2025 3,4893.17011/18/2015 1,500,075.00 3.067 3.1101,507,333.33
Federal Farm Credit Bank .1511 Call 1,500,000.003133EFBU0 09/02/2025 3,5323.10012/16/2015 1,494,870.00 3.057 3.0991,500,000.00
Federal Farm Credit Bank .1512 Call 1,100,000.003133EFBU0 09/02/2025 3,5323.10012/24/2015 1,096,238.00 3.060 3.1021,099,725.55
Federal Home Loan Bank1012 2,000,000.00313376BR5 12/14/2018 1,0781.75012/16/2011 2,019,000.00 1.725 1.7492,000,000.00
Federal Home Loan Bank1017 2,000,000.00313376V36 01/25/2017 3901.00001/25/2012 2,001,020.00 0.986 1.0002,000,000.00
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Home Loan Bank1021 2,000,000.00313376VN2 12/22/2016 3561.10001/30/2012 2,006,040.00 1.084 1.1002,000,000.00
Federal Home Loan Bank1027 2,000,000.003133787M7 02/27/2017 4231.05002/21/2012 2,004,120.00 1.035 1.0492,000,000.00
Federal Home Loan Bank1038 1,500,000.003133782N0 03/10/2017 4340.87503/08/2012 1,498,935.00 0.999 1.0131,497,596.70
Federal Home Loan Bank1039 1,500,000.003133782M2 03/08/2019 1,1621.50003/08/2012 1,499,025.00 1.574 1.5961,495,664.61
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 2,2472.33003/20/2012 1,505,685.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1045 2,000,000.00313378QP9 03/28/2017 4521.26003/28/2012 2,008,780.00 1.242 1.2602,000,000.00
Federal Home Loan Bank1049 1,500,000.00313378VG3 05/22/2019 1,2371.85004/09/2012 1,513,875.00 1.824 1.8501,500,000.00
Federal Home Loan Bank1057 1,500,000.00313378ZW4 04/17/2017 4721.05004/17/2012 1,503,735.00 1.035 1.0501,500,000.00
Federal Home Loan Bank1058 1,500,000.003133792L2 10/20/2017 6581.23004/20/2012 1,503,405.00 1.213 1.2301,500,000.00
Federal Home Loan Bank1068 1,500,000.00313379BL2 12/29/2017 7281.25004/30/2012 1,500,000.00 1.232 1.2501,500,000.00
Federal Home Loan Bank1070 1,500,000.00313379BG3 04/27/2017 4821.07004/27/2012 1,501,950.00 1.055 1.0701,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 1,7832.00005/18/2012 1,985,860.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1089 2,000,000.00313379PD5 09/20/2017 6281.09006/07/2012 2,000,040.00 1.075 1.0902,000,000.00
Federal Home Loan Bank1101 Call 1,500,000.003133805L7 08/08/2022 2,4112.25008/08/2012 1,484,850.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1104 Call 1,500,000.003133807E1 08/15/2022 2,4182.29008/15/2012 1,456,845.00 2.258 2.2901,500,000.00
Federal Home Loan Bank1105 Call 1,500,000.00313380E86 11/30/2018 1,0641.33008/30/2012 1,488,135.00 1.311 1.3301,500,000.00
Federal Home Loan Bank1116 Call 1,500,000.00313380WT0 10/11/2022 2,4752.25010/11/2012 1,473,750.00 2.227 2.2581,499,237.50
Federal Home Loan Bank1121 Call 2,000,000.00313381AY1 11/21/2022 2,5162.25011/21/2012 1,955,800.00 2.224 2.2551,999,311.11
Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 1,4421.25011/30/2012 1,473,600.00 1.196 1.2121,502,107.99
Federal Home Loan Bank1126 Call 1,500,000.00313381DA0 12/05/2022 2,5302.19012/05/2012 1,466,790.00 2.165 2.1951,499,480.42
Federal Home Loan Bank1127 1,500,000.00313381GB5 11/30/2018 1,0641.00011/30/2012 1,480,695.00 0.986 1.0001,500,000.00
Federal Home Loan Bank1128 Call 2,000,000.00313381HW8 12/19/2022 2,5442.19012/19/2012 1,964,400.00 2.168 2.1981,998,955.00
Federal Home Loan Bank1129 Call 1,500,000.00313381HW8 12/19/2022 2,5442.19012/19/2012 1,473,300.00 2.176 2.2061,498,432.50
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 1,4421.25012/13/2012 1,473,600.00 1.232 1.2491,500,000.00
Federal Home Loan Bank1135 1,500,000.00313376BR5 12/14/2018 1,0781.75012/19/2012 1,514,250.00 1.075 1.0901,528,223.76
Federal Home Loan Bank1140 1,500,000.00313376BR5 12/14/2018 1,0781.75001/08/2013 1,514,250.00 1.117 1.1321,526,365.98
Federal Home Loan Bank1146 Call 425,000.00313381DA0 12/05/2022 2,5302.19001/25/2013 415,590.50 2.201 2.232423,880.33
Federal Home Loan Bank1154 1,500,000.003133XRFZ8 06/08/2018 8894.75002/21/2013 1,623,135.00 1.020 1.0351,631,751.43
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 2,1705.00002/25/2013 1,525,268.50 1.825 1.8501,541,115.92
Federal Home Loan Bank1157 2,000,000.003133XSR59 12/14/2018 1,0783.75002/25/2013 2,133,340.00 1.128 1.1442,148,440.39
Federal Home Loan Bank1168 530,000.003133XSR59 12/14/2018 1,0783.75003/11/2013 565,335.10 1.165 1.182568,736.12
Federal Home Loan Bank1182 Call 1,500,000.00313381C29 06/04/2018 8851.05004/30/2013 1,488,360.00 1.039 1.0541,499,857.20
Federal Home Loan Bank1185 Call 2,445,000.00313382LB7 03/28/2023 2,6432.45004/30/2013 2,445,122.25 2.415 2.4482,445,178.65
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Home Loan Bank1204 Call 557,958.01313383EP2 06/20/2018 9011.25006/20/2013 555,296.55 1.232 1.250557,958.01
Federal Home Loan Bank1212 1,500,000.00313379DT3 06/08/2018 8891.25006/05/2013 1,498,815.00 1.222 1.2391,500,386.70
Federal Home Loan Bank1213 2,000,000.00313379DT3 06/08/2018 8891.25006/06/2013 1,998,420.00 1.191 1.2082,001,977.44
Federal Home Loan Bank1216 Call 1,500,000.00313382Y98 05/16/2018 8661.00006/12/2013 1,482,675.00 1.412 1.4321,485,179.68
Federal Home Loan Bank1217 Call 1,000,000.00313382FP3 03/20/2018 8091.00006/12/2013 992,670.00 1.372 1.391991,628.64
Federal Home Loan Bank1228 1,500,000.00313373UU4 06/08/2018 8892.75007/01/2013 1,550,775.00 1.605 1.6271,539,260.68
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 1,8063.12501/09/2014 1,587,210.00 2.615 2.6511,531,842.86
Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 1,4672.22001/23/2014 1,536,375.00 2.194 2.2251,499,706.62
Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 1,5332.12502/24/2014 1,520,670.00 2.095 2.1241,500,000.00
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 1,8971.75003/13/2014 1,480,350.00 2.418 2.4511,450,008.87
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 1,7152.87504/02/2014 1,567,500.00 2.271 2.3031,537,221.54
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 1,7832.00004/08/2014 198,586.00 2.263 2.295197,340.88
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 1,7832.00004/09/2014 546,111.50 2.263 2.295542,684.34
Federal Home Loan Bank1278 325,000.003133XTYY6 06/14/2019 1,2604.37504/22/2014 355,342.00 1.889 1.916351,153.25
Federal Home Loan Bank1314 1,500,000.00313379EE5 06/14/2019 1,2601.62506/04/2014 1,504,800.00 1.700 1.7241,495,086.37
Federal Home Loan Bank1318 1,500,000.00313379EE5 06/14/2019 1,2601.62506/16/2014 1,504,800.00 1.774 1.7991,491,417.67
Federal Home Loan Bank1324 Call 1,250,000.003133836A4 05/22/2019 1,2370.80006/24/2014 1,221,775.00 1.766 1.7911,209,858.24
Federal Home Loan Bank1332 1,500,000.003130A2FH4 06/14/2019 1,2601.75007/02/2014 1,509,660.00 1.686 1.7101,501,967.04
Federal Home Loan Bank1353 Call 335,000.00313380WT0 10/11/2022 2,4752.25007/25/2014 329,137.50 2.801 2.840323,109.54
Federal Home Loan Bank1451 Call 1,500,000.003130A4F49 03/11/2025 3,3573.00003/11/2015 1,500,090.00 2.958 3.0001,500,000.00
Federal Home Loan Bank1453 Call 600,000.00313381HW8 12/19/2022 2,5442.19007/22/2015 589,320.00 2.505 2.540586,729.32
Federal Home Loan Bank1474 Call 700,000.003133824Y6 02/28/2025 3,3462.00009/04/2015 677,971.00 3.471 3.520689,488.04
Federal Home Loan Bank1490 Call 1,500,000.003130A6KZ9 10/08/2024 3,2032.80010/22/2015 1,494,615.00 2.792 2.8311,496,330.21
Federal Home Loan Bank1501 Call 1,500,000.003130A3VN1 01/21/2025 3,3083.00011/10/2015 1,498,365.00 2.992 3.0341,495,938.54
Federal Home Loan Bank1507 Call 2,000,000.003130A6SB4 11/26/2025 3,6172.25011/30/2015 1,989,280.00 3.101 3.1451,999,008.62
Federal Home Loan Bank1510 Call 1,500,000.003130A3DT8 10/29/2024 3,2243.08012/16/2015 1,494,465.00 3.040 3.0821,499,626.76
Federal Home Loan Bank822 3,000,000.003133XUMS9 09/13/2019 1,3514.50008/12/2009 3,301,260.00 4.437 4.4993,000,000.00
Federal Home Loan Bank832 3,000,000.003133XVRJ2 12/09/2016 3433.50011/19/2009 3,073,560.00 3.325 3.3723,003,173.43
Federal Home Loan Bank833 1,200,000.003133MJQF0 08/15/2016 2275.50011/19/2009 1,235,328.00 3.304 3.3501,214,257.70
Federal Home Loan Bank859 1,500,000.003133XEUG2 03/11/2016 704.87504/26/2010 1,512,675.00 3.227 3.2721,504,220.35
Federal Home Loan Bank860 1,500,000.003133XHVS8 12/09/2016 3435.00004/26/2010 1,558,635.00 3.430 3.4781,518,990.69
Federal Home Loan Bank911 1,500,000.00313371PV2 12/09/2016 3431.62511/09/2010 1,511,100.00 1.602 1.6241,500,000.00
Federal Home Loan Bank920 1,500,000.00313371PV2 12/09/2016 3431.62512/15/2010 1,511,100.00 2.550 2.5851,487,532.13
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Home Loan Bank924 1,500,000.003133MJQF0 08/15/2016 2275.50001/04/2011 1,544,160.00 2.516 2.5501,525,488.45
Federal Home Loan Bank926 1,500,000.00313371PV2 12/09/2016 3431.62501/04/2011 1,511,100.00 2.592 2.6291,486,981.19
Federal Home Loan Bank931 3,000,000.003133XFPR1 06/10/2016 1615.37501/14/2011 3,065,160.00 2.363 2.3963,036,809.40
Federal Home Loan Bank938 1,500,000.00313372Q56 02/26/2016 562.65002/18/2011 1,505,160.00 2.613 2.6491,500,000.00
Federal Home Loan Bank940 2,000,000.003133X0PF0 08/15/2018 9575.37502/17/2011 2,204,960.00 3.423 3.4702,087,262.27
Federal Home Loan Bank982 2,000,000.00313375KP1 03/15/2017 4391.50009/15/2011 2,017,860.00 1.479 1.5002,000,000.00
Federal Home Loan Bank985 2,000,000.00313375M87 10/14/2016 2871.27009/14/2011 2,003,200.00 1.252 1.2702,000,000.00
Federal Home Loan Bank990 2,000,000.00313370TW8 09/09/2016 2522.00009/13/2011 2,016,800.00 1.163 1.1802,010,939.06
Federal Home Loan Bank992 2,000,000.00313371ZX7 12/08/2017 7072.62509/13/2011 2,053,840.00 1.526 1.5472,039,603.26
Fed. Home Loan Mortgage Corp.1036 1,500,000.003137EABA6 11/17/2017 6865.12503/01/2012 1,610,790.00 1.227 1.2441,605,167.98
Fed. Home Loan Mortgage Corp.1106 1,500,000.003134G3A91 08/22/2019 1,3291.40008/22/2012 1,481,040.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 1,4551.50009/26/2012 1,485,450.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1153 1,500,000.003137EADP1 03/07/2018 7960.87502/11/2013 1,489,470.00 0.960 0.9731,496,864.61
Fed. Home Loan Mortgage Corp.1162 Call 1,500,000.003134G36X3 03/28/2018 8171.12503/28/2013 1,494,090.00 1.109 1.1251,500,000.00
Fed. Home Loan Mortgage Corp.1166 1,500,000.003137EADN6 01/12/2018 7420.75003/15/2013 1,487,925.00 0.948 0.9621,493,703.80
Fed. Home Loan Mortgage Corp.1180 Call 2,000,000.003134G44L9 05/22/2023 2,6982.40005/22/2013 1,957,980.00 2.367 2.4002,000,000.00
Fed. Home Loan Mortgage Corp.1203 Call 1,500,000.003134G46D5 06/12/2018 8931.20006/12/2013 1,492,875.00 1.183 1.2001,500,000.00
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 2,1702.00004/10/2014 1,989,960.00 2.564 2.6001,935,706.00
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 2,1702.00004/22/2014 994,980.00 2.643 2.680963,665.02
Fed. Home Loan Mortgage Corp.1282 300,000.003134G3A91 08/22/2019 1,3291.40005/01/2014 296,208.00 1.914 1.941294,402.01
Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 1,5331.65005/02/2014 298,875.00 2.053 2.082294,894.58
Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 1,4201.45005/02/2014 296,622.00 1.938 1.965294,327.16
Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 1,5391.50005/06/2014 990,670.00 2.041 2.070977,470.67
Fed. Home Loan Mortgage Corp.1292 Call 1,000,000.003134G44G0 05/22/2020 1,6031.50005/06/2014 985,140.00 2.091 2.120974,563.05
Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 1,4551.50005/13/2014 990,300.00 1.945 1.972982,266.44
Fed. Home Loan Mortgage Corp.1352 Call 1,000,000.003134G43G1 05/07/2019 1,2221.20007/25/2014 980,680.00 1.765 1.790981,133.64
Fed. Home Loan Mortgage Corp.927 1,500,000.003134A4ZT4 01/19/2016 184.75001/04/2011 1,502,805.00 2.215 2.2451,501,766.08
Fed. Home Loan Mortgage Corp.993 2,000,000.003137EAAY5 08/23/2017 6005.50009/13/2011 2,140,680.00 1.415 1.4352,127,706.02
Federal National Mortgage Asso1022 2,000,000.0031398ADM1 06/12/2017 5285.37501/25/2012 2,124,160.00 1.317 1.3362,112,430.56
Federal National Mortgage Asso1023 2,590,000.003136FPXN2 11/24/2017 6932.30001/25/2012 2,646,513.80 1.406 1.4262,631,059.66
Federal National Mortgage Asso1033 3,000,000.003135G0JA2 04/27/2017 4821.12503/01/2012 3,004,950.00 1.134 1.1502,999,038.25
Federal National Mortgage Asso1034 1,500,000.003135G0AL7 03/15/2016 742.25003/01/2012 1,505,355.00 0.856 0.8681,504,178.15
Federal National Mortgage Asso1035 2,000,000.0031398ALG5 01/23/2018 7534.37703/01/2012 2,125,760.00 1.388 1.4082,117,034.59
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 12
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 1,7502.35004/16/2012 2,033,860.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 1,5812.00004/30/2012 2,020,420.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 1,5812.05004/30/2012 1,509,390.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 1,7642.00004/30/2012 2,007,620.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1082 450,000.003136FPYB7 05/23/2017 5082.05005/11/2012 456,484.50 1.070 1.085455,876.89
Federal National Mortgage Asso1099 Call 1,500,000.003136G0UB5 02/15/2018 7761.15008/15/2012 1,496,760.00 1.134 1.1501,500,000.00
Federal National Mortgage Asso1110 Call 475,000.003136G0YX3 09/13/2022 2,4472.50009/13/2012 477,052.00 2.465 2.500475,000.00
Federal National Mortgage Asso1111 Call 2,000,000.003136G0YT2 09/06/2022 2,4402.35009/06/2012 1,952,100.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1118 500,000.003136FPXN2 11/24/2017 6932.30010/18/2012 510,910.00 0.927 0.940512,567.14
Federal National Mortgage Asso1119 Call 1,500,000.003136G02Z3 11/15/2022 2,5102.25011/15/2012 1,461,660.00 2.235 2.2661,498,453.75
Federal National Mortgage Asso1120 Call 1,000,000.003135G0RC9 10/25/2022 2,4892.20010/25/2012 989,660.00 2.196 2.226998,364.00
Federal National Mortgage Asso1148 Call 2,000,000.003135G0UJ0 02/22/2023 2,6092.50002/22/2013 1,984,400.00 2.465 2.5002,000,000.00
Federal National Mortgage Asso1149 1,500,000.003135G0TG8 02/08/2018 7690.87501/31/2013 1,490,160.00 1.019 1.0341,495,123.70
Federal National Mortgage Asso1151 Call 1,500,000.003136G1DT3 03/06/2023 2,6212.55003/06/2013 1,499,970.00 2.515 2.5501,500,000.00
Federal National Mortgage Asso1159 Call 1,500,000.003135G0VL4 03/20/2018 8091.12503/20/2013 1,490,070.00 1.109 1.1251,500,000.00
Federal National Mortgage Asso1161 Call 2,000,000.003136G1FS3 03/20/2023 2,6352.50003/20/2013 1,965,100.00 2.465 2.5002,000,000.00
Federal National Mortgage Asso1164 Call 2,000,000.003135G0UK7 02/28/2018 7891.20003/15/2013 1,996,160.00 1.183 1.1992,000,000.00
Federal National Mortgage Asso1169 Call 1,500,000.003136G1JG5 04/17/2023 2,6632.50004/17/2013 1,489,770.00 2.471 2.5051,499,452.92
Federal National Mortgage Asso1173 Call 2,000,000.003135G0TN3 01/23/2023 2,5792.33004/11/2013 1,990,620.00 2.326 2.3581,996,391.25
Federal National Mortgage Asso1174 1,500,000.003135G0WJ8 05/21/2018 8710.87504/15/2013 1,485,945.00 0.905 0.9171,498,496.41
Federal National Mortgage Asso1188 Call 1,500,000.003135G0TN3 01/23/2023 2,5792.33005/06/2013 1,492,965.00 2.312 2.3441,498,637.05
Federal National Mortgage Asso1190 Call 1,000,000.003135G0XD0 05/21/2018 8711.00005/21/2013 990,940.00 0.996 1.010999,761.11
Federal National Mortgage Asso1191 Call 2,000,000.003135G0XA6 05/21/2018 8711.03005/21/2013 1,987,340.00 1.015 1.0302,000,000.00
Federal National Mortgage Asso1197 1,500,000.003135G0WJ8 05/21/2018 8710.87505/21/2013 1,485,945.00 0.986 1.0001,495,641.23
Federal National Mortgage Asso1210 Call 1,500,000.003135G0XK4 05/25/2018 8751.05005/30/2013 1,487,685.00 1.035 1.0501,500,000.00
Federal National Mortgage Asso1214 Call 1,500,000.003135G0XD0 05/21/2018 8711.00006/07/2013 1,486,410.00 1.262 1.2791,490,310.54
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 1,7012.00004/08/2014 1,498,380.00 2.172 2.2021,486,864.72
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 1,9461.75004/16/2014 982,570.00 2.364 2.397968,420.56
Federal National Mortgage Asso1288 Call 250,000.003136G0M57 04/09/2021 1,9251.75005/02/2014 246,090.00 2.452 2.486241,129.49
Federal National Mortgage Asso1290 1,000,000.003136G0Y70 01/30/2019 1,1251.08005/05/2014 989,280.00 1.633 1.656982,997.50
Federal National Mortgage Asso1315 1,200,000.003136G0YK1 08/28/2019 1,3351.50006/05/2014 1,192,224.00 1.815 1.8401,185,815.85
Federal National Mortgage Asso1317 Call 1,000,000.003136G02P5 04/29/2019 1,2141.20006/12/2014 987,830.00 1.765 1.790981,276.04
Federal National Mortgage Asso1429 Call 2,000,000.003136G0S93 04/30/2021 1,9461.80001/15/2015 2,001,920.00 2.081 2.1101,969,160.44
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal National Mortgage Asso1446 Call 1,000,000.003133EAXY9 07/16/2024 3,1192.62502/09/2015 979,900.00 2.761 2.800986,928.76
Federal National Mortgage Asso1487 Call 1,000,000.003135G0SG9 12/14/2022 2,5392.36010/20/2015 992,530.00 2.327 2.3591,000,000.00
Federal National Mortgage Asso1502 Call 1,000,000.003136G13X5 12/27/2023 2,9172.25011/10/2015 972,740.00 2.569 2.605974,462.85
Federal National Mortgage Asso928 1,500,000.0031359MS61 07/15/2016 1965.37501/04/2011 1,537,845.00 2.422 2.4551,521,936.81
Federal National Mortgage Asso988 2,000,000.003135G0AL7 03/15/2016 742.25009/13/2011 2,007,140.00 1.029 1.0442,004,830.53
Federal National Mortgage Asso991 2,000,000.0031359M4D2 02/13/2017 4095.00009/13/2011 2,090,420.00 1.272 1.2902,079,773.29
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 1,8723.87512/14/2012 545,770.00 1.596 1.618553,928.07
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 2,4181.87512/14/2012 984,790.40 1.893 1.9201,007,257.36
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 1,8723.87501/23/2013 1,637,310.00 1.647 1.6691,657,886.94
Tennessee Valley Authority1170 1,500,000.00880591EC2 04/01/2018 8214.50003/25/2013 1,606,935.00 0.913 0.9261,617,596.66
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 1,8723.87503/12/2014 1,266,186.40 2.427 2.4611,236,792.65
Tennessee Valley Authority1508 Call 1,000,000.00880591CJ9 11/01/2025 3,5926.75011/20/2015 1,318,180.00 2.807 2.8461,332,222.23
Tennessee Valley Authority861 2,000,000.00880591EA6 07/18/2017 5645.50004/26/2010 2,133,000.00 3.602 3.6522,049,808.90
Tennessee Valley Authority954 2,000,000.00880591CU4 12/15/2017 7146.25005/23/2011 2,192,840.00 2.624 2.6612,128,007.59
Subtotal and Average 371,184,615.22 369,111,958.01 372,997,668.19 2.028 2.056 1,403
Treasury Securities - Coupon
U.S. Treasury1201 TB 2,000,000.00912828UJ7 01/31/2018 7610.87505/16/2013 1,990,000.00 0.779 0.7902,003,454.57
U.S. Treasury1237 TB 2,000,000.00912828SD3 01/31/2019 1,1261.25001/07/2014 1,993,280.00 1.682 1.7051,973,181.42
U.S. Treasury1284 TB 1,500,000.00912828TH3 07/31/2019 1,3070.87505/02/2014 1,466,130.00 1.726 1.7501,455,283.12
U.S. Treasury1285 TB 1,500,000.00912828TN0 08/31/2019 1,3381.00005/02/2014 1,470,405.00 1.755 1.7801,459,290.98
U.S. Treasury1289 TB 1,500,000.00912828SX9 05/31/2019 1,2461.12505/05/2014 1,483,245.00 1.692 1.7161,471,143.78
U.S. Treasury1299 TB 1,500,000.00912828SX9 05/31/2019 1,2461.12505/13/2014 1,483,245.00 1.654 1.6771,472,998.19
U.S. Treasury1316 TB 1,500,000.00912828TC4 06/30/2019 1,2761.00006/10/2014 1,475,220.00 1.687 1.7111,464,439.75
Subtotal and Average 11,299,791.81 11,500,000.00 11,361,525.00 1.536 1.557 1,162
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 2,0392.38110/30/2015 995,940.00 2.120 2.1501,012,054.18
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 2,0392.97307/24/2014 508,745.00 2.893 2.933505,623.55
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 2,7694.10310/26/2015 1,445,871.75 2.490 2.5251,479,204.22
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 2,0392.44105/10/2013 2,004,440.00 2.031 2.0602,038,923.81
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 2,0392.44105/13/2013 1,803,996.00 2.031 2.0601,835,030.26
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 2,0392.44105/15/2013 1,994,417.80 2.051 2.0802,026,670.26
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
December 31, 2015
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Municipal Bonds
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 2,0392.44101/27/2015 200,444.00 2.041 2.070203,855.36
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 2,3574.95002/09/2015 404,964.00 2.416 2.450412,863.89
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 3,4535.45011/27/2015 1,193,590.00 3.067 3.1101,190,140.83
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 2,7692.50001/29/2015 567,037.00 2.663 2.700572,186.42
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 2,1002.58910/14/2015 940,497.60 1.864 1.890954,806.08
University of California1340 MUN 1,875,000.0091412GSB2 07/01/2019 1,2771.79607/14/2014 1,876,256.25 2.007 2.0351,860,140.18
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 1,5963.34807/31/2014 444,261.00 2.281 2.313442,895.38
University of California1368 MUN 250,000.0091412GGT6 05/15/2019 1,2303.04808/08/2014 258,960.00 1.982 2.010258,300.73
University of California1383 MUN 955,000.0091412GSB2 07/01/2019 1,2771.79608/27/2014 955,639.85 1.972 2.000948,514.32
University of California1414 MUN 750,000.0091412GSB2 07/01/2019 1,2771.79611/28/2014 750,502.50 1.923 1.950746,146.82
University of California1420 MUN 1,500,000.0091412GSB2 07/01/2019 1,2771.79612/12/2014 1,501,005.00 1.943 1.9701,491,293.78
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 1,5961.99510/08/2015 259,682.80 1.824 1.850261,570.77
State of Vermont1456 MUN 2,000,000.00924258TT3 08/15/2023 2,7834.25008/06/2015 2,084,460.00 3.275 3.3202,123,437.26
West Valley-Mission Community1479 MUN 250,000.0095640HBT4 08/01/2024 3,1356.09010/01/2015 281,490.00 4.030 4.086285,760.92
Subtotal and Average 20,649,419.02 19,950,000.00 20,472,200.55 2.312 2.344 2,082
Total Investments and Average 480,978,601.74 478,339,792.09 482,572,258.11 1.898 1.924 1,335
Portfolio CPA
AP
Run Date: 01/18/2016 - 03:35 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
1 General Investment Guidelines:
a) The max. stated final maturity of individual securities in the portfolio should be 10 years.Full Compliance
b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities
beyond 5 years.28.6%
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$50 million $29.7 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.22.3%
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 4.2%
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 December 31, 2015
Investment Policy Requirements
Compliance
Check
$109.9 million
$3.8 million
2.4%
Attachment C
Investment Policy Compliance
As of December 31, 2015
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.6.6%
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.2.6%
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