HomeMy WebLinkAboutStaff Report 6867
City of Palo Alto (ID # 6867)
City Council Staff Report
Report Type: Informational Report Meeting Date: 5/2/2016
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Third Quarter, Fiscal
Year 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 third 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 $515.0 million; in comparison, last quarter it was $478.3
million. The growth in the portfolio of $36.7 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 payment
of the sales tax (“triple flip”) and in-lieu vehicle license fee tax payments (received in January
and May 2015) affect cash receipts and flow. In addition, there were one-time receipts such as
the cash security deposit on a power purchase agreement, legal settlement payments, a receipt
from NCPA based on excess general operating reserves, and the sale of cap and trade
allowances.
The portfolio consists of $62.5 million in liquid accounts and $452.5 million in U. S. government
treasury investments, agency securities, bonds of some State of California local government
agencies, bonds of some of the fifty United States, medium-term corporate notes, and
certificates of deposit. The $452.5 million includes $116.0 million in investments maturing in
less than two years, comprising 25.6 percent of the City’s investment in notes and securities.
City of Palo Alto Page 2
The investment policy requires that at least $50 million be maintained in securities maturing in
less than two years.
The current market value of the portfolio is 101.4 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 portfolio will 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 3.53 years compared to 3.66 years last quarter.
Investments Made During the Third Quarter
During the third quarter, $46.2 million of government agency securities with an average yield of
2.4% percent matured. During the same period, government securities totaling $55.4 million
with an average yield of 2.5% percent were purchased. The expectation is interest rates will
remain near historically low levels; the portfolio’s yield is expected to remain around the
current levels. The City’s short-term money market and pool account increased by $29.0
million compared to the second quarter. Investment staff continually monitors the City’s short-
term cash flow needs and adjusts liquid funds to meet them.
Availability of Funds for the Next Six Months
Normally, the flow of revenues from the City’s utility billings and General Fund sources is
sufficient to provide funds for ongoing expenditures in those respective funds. Projections
indicate receipts will be $227.6 million and expenditures will be $214.4 million over the next six
months, indicating an overall growth in the portfolio of $13.2 million.
As of March 31, 2016, the City had $62.5 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 $11.7 million will mature between April 1, 2016 and September 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 third quarter, staff complied with all aspects of the investment policy. Attachment C
lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the third quarter was $2.4 million. As of March 31,
2016, the yield to maturity of the City’s portfolio was 1.86 percent. This compares to a yield of
City of Palo Alto Page 3
1.92 percent in the second quarter; though the yield on new investments has risen in the last
two quarters, the continued (historical) low interest rate is expected to put downward pressure
on the portfolio yield. The City’s portfolio yield of 1.86 percent compares to LAIF’s average
yield for the quarter of 0.47 percent and an average yield on the two-year and five-year
Treasury bonds during the third quarter of approximately 0.83 percent and 1.37 percent,
respectively.
Yield Trends
After seven years, the Federal Open Market Committee (FOMC), raised the federal funds and
discount rates in December 2015 by a quarter percent to 0.50 and 1.0 percent, respectively. In
its March 2016 report, the FOMC cited continued improvement in the labor market and
moderate economic growth, however, inflation remains below the FOMC’s long-term goal of 2
percent. The FOMC expects future rate increase to be gradual and dependent on both
domestic and international market conditions. Factors such as continued low crude oil prices,
weak consumer spending, poor wage growth, and global economic softness continue to worry
the FOMC.
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 March
31, 2016.
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)517,891,452$ 525,114,821$
Other Funds Held by the City
Cash with Wells Fargo Bank 400,362 400,362
(includes general and imprest accounts)
Cash with US Bank 1,517,471 1,517,471
(includes general and imprest accounts)
Petty/Working Cash 12,678 12,678
Total - Other Funds Held By City 1,930,511 1,930,511
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 237,328 237,328
2009 Water Revenue Bonds (Build America Bonds)
Project, Debt Service, Reserve, Cost of Issuance Funds 2,646,604 2,646,604
2010 General Obligation Bonds
Debt Service 4 4
2011 Utility Revenue Refunding Bonds
Debt Service, Reserve, and Cost of Issuance Funds 1,504,808 1,504,808
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 2,533,243 2,533,243
2013 General Obligation (Library) Bond
Project Fund 2,588,105 2,588,105
Total Under Trustee Management 9,534,839 9,534,839
GRAND TOTAL 529,356,802$ 536,580,171$
* These funds are subject to the requirements of the underlying debt indenture.
** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities.
*** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit,
commercial paper, federal agency securities, and repurchase agreements.
Third Quarter, Fiscal Year 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 Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
March 31, 2016
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 3,509,776.86SYS158 10.01007/01/2015 3,509,776.86 0.009 0.0103,509,776.86
Local Agency Investment Fund159 59,039,803.17SYS159 10.42007/01/2015 58,991,801.63 0.414 0.42059,039,803.17
Subtotal and Average 62,549,580.03 62,549,580.03 62,501,578.49 0.392 0.397 1
Negotiable CD's
Comenity Capital Bank1183 NCD 245,000.0020033ABE5 05/03/2018 7621.00005/03/2013 246,171.10 0.986 1.000245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 2,3732.45009/30/2015 250,654.60 2.418 2.451245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 2,6932.40002/16/2016 248,768.10 2.367 2.400245,000.00
American Eagle Bank1371 NCD 245,000.0002554BCE9 05/28/2019 1,1521.85008/26/2014 248,263.40 1.825 1.850245,000.00
American Express Centurion Bk1178 NCD 245,000.0002587DMV7 05/02/2018 7611.10005/02/2013 246,168.65 1.084 1.100245,000.00
American Express Centurion Bk1333 NCD 245,000.0002587CAC4 07/10/2019 1,1951.95007/10/2014 248,949.40 1.923 1.950245,000.00
Barclays Bank / Delaware1187 NCD 245,000.0006740AZB8 04/30/2018 7590.70005/07/2013 247,099.41 0.690 0.699245,000.00
Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 1,3681.85012/29/2014 249,150.30 1.824 1.850245,000.00
Compass Bank1231 NCD 245,000.0020451PAW6 07/10/2018 8301.65007/10/2013 245,235.20 1.627 1.650245,000.00
Belmont Savings Bank1280 NCD 245,000.00080515AT6 11/13/2018 9561.55005/13/2014 248,099.25 1.528 1.550245,000.00
Bar Harbor Bank & Trust1377 NCD 245,000.00066851SG2 08/27/2019 1,2431.75008/27/2014 248,807.30 1.726 1.750245,000.00
Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 2,3732.50009/30/2015 245,345.45 2.467 2.501245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 1,6432.20009/30/2014 249,750.55 2.171 2.201245,000.00
Bank of Holland Michigan1302 NCD 245,000.00062649ZV3 05/21/2019 1,1451.70005/21/2014 249,128.25 1.677 1.701245,000.00
Frontier Bank Madison NE1498 NCD 245,000.00QJ6048350 11/22/2021 2,0612.00011/20/2015 244,404.65 1.974 2.001245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 2,3592.25009/16/2015 252,521.50 2.220 2.251245,000.00
BMW Bank of North America1202 NCD 245,000.0005568P3E5 05/24/2017 4180.90005/24/2013 246,068.20 0.887 0.900245,000.00
BankWest, Inc.1376 NCD 100,000.0006652CDG3 05/18/2022 2,2382.25008/19/2014 100,217.00 2.465 2.49998,615.59
BankWest, Inc.1380 NCD 150,000.0006652CEY3 09/16/2019 1,2631.90009/15/2014 152,328.00 1.873 1.900150,000.00
Bofi Federal Bank1381 NCD 50,000.0009710LAF2 08/30/2022 2,3422.25008/25/2014 50,061.50 2.493 2.52749,199.86
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 2,3202.35008/25/2014 100,171.00 2.592 2.62898,402.75
Bofi Federal Bank1402 NCD 100,000.0009710LAF2 08/30/2022 2,3422.25010/21/2014 100,123.00 2.462 2.49698,571.95
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 1,6502.25010/07/2015 249,706.45 2.219 2.250245,000.00
Bridgewater Bank Bloom MN1393 NCD 245,000.00108622EA5 09/24/2019 1,2711.85009/24/2014 248,775.45 1.825 1.850245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 1,7761.55002/10/2016 248,305.05 1.530 1.551245,000.00
Worlds Foremost Bank1387 NCD 200,000.00981571AT9 09/04/2019 1,2512.10009/04/2014 203,130.00 2.072 2.101200,000.00
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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
Campbell County Bank1307 NCD 245,000.00134204BZ8 05/30/2019 1,1541.65005/30/2014 249,182.15 1.628 1.650245,000.00
Cathay Bank1194 NCD 245,000.00149159HS7 04/30/2018 7591.00005/14/2013 246,225.00 0.987 1.000244,998.97
Celtic Bank1362 NCD 245,000.0015118RJW8 08/20/2019 1,2361.90008/20/2014 248,824.45 1.875 1.901245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 2,1471.70002/16/2016 248,077.20 1.678 1.701245,000.00
Centrix Bank & Trust1220 NCD 245,000.0015640ABQ3 06/27/2018 8171.30006/27/2013 245,818.30 1.282 1.300245,000.00
CIT Bank1175 NCD 245,000.0017284CCN2 04/24/2018 7531.20004/24/2013 245,183.75 1.183 1.200245,000.00
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 2,5131.75002/19/2016 251,812.50 1.727 1.751250,000.00
Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 1,3992.05001/30/2014 250,255.25 2.021 2.050245,000.00
Community State Bank1536 NCD 245,000.0020404YBQ7 02/24/2022 2,1551.95002/24/2016 246,425.90 1.924 1.951245,000.00
Capital One Bank USA NA1384 NCD 250,000.00140420NR7 09/04/2019 1,2511.80009/04/2014 253,840.00 1.775 1.800250,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 1,5942.30008/12/2015 250,380.20 2.268 2.300245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 1,7831.60002/17/2016 248,268.30 1.579 1.601245,000.00
Commercial Bank1369 NCD 245,000.0020143PDB3 05/20/2019 1,1441.85008/19/2014 248,290.35 1.824 1.850245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 2,3552.25009/11/2015 252,526.40 2.224 2.255245,000.00
Discover Bank / Delaware1176 NCD 245,000.00254671NJ5 05/01/2018 7601.15005/01/2013 246,168.65 1.134 1.150245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 1,6061.90008/24/2015 250,735.45 1.876 1.902245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 1,5812.00007/30/2015 249,417.35 1.972 2.000245,000.00
Farmers & Merchants Bank1439 NCD 245,000.00308862DH1 08/19/2021 1,9662.15002/19/2015 245,149.45 2.120 2.150245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 1,7822.20008/15/2014 256,940.00 2.169 2.200250,000.00
First Bank of Highland1330 NCD 245,000.00319141BV8 07/03/2019 1,1881.85007/03/2014 245,727.65 1.824 1.850245,000.00
First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 1,4192.00002/19/2014 250,367.95 1.972 2.000245,000.00
First Choice Bank / NJ1297 NCD 245,000.00319464AR4 05/28/2019 1,1521.70005/28/2014 249,184.60 1.677 1.701245,000.00
State Bank of Fenton (MI)1283 NCD 245,000.00856188AU1 02/15/2019 1,0501.65005/15/2014 246,969.80 1.630 1.653245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 2,1752.10010/19/2015 244,828.50 2.120 2.150244,316.83
Flushing Bank1413 NCD 245,000.0034387ABA6 12/10/2018 9831.80012/10/2014 247,327.50 1.776 1.801245,000.00
First General Bank1222 NCD 245,000.00320337AR9 07/03/2018 8231.30007/03/2013 245,806.05 1.282 1.300245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 2,0232.45010/17/2014 253,758.75 2.416 2.449245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 2,3152.35009/09/2014 241,305.60 2.665 2.703235,185.44
First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 1,7921.55002/26/2016 243,179.65 1.530 1.551245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 2,0082.00010/01/2015 250,794.25 1.972 1.999245,000.00
First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 1,9952.20009/17/2015 245,129.85 2.171 2.201245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 1,8022.50003/07/2014 253,785.70 2.465 2.500245,000.00
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Negotiable CD's
First Merchants Bank1351 NCD 245,000.0032082BDH9 08/06/2019 1,2221.90008/06/2014 248,942.05 1.873 1.900245,000.00
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 2,17603/17/2016 250,120.00 1.676 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 1,7921.55002/29/2016 245,671.30 1.525 1.546245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 1,9812.40009/03/2015 251,458.20 2.367 2.400245,000.00
First Savings Bank Northwest1335 NCD 245,000.0033621JAB4 07/18/2019 1,2031.80007/18/2014 245,107.80 1.776 1.801245,000.00
First State Bank1366 NCD 245,000.0033648RAT6 08/20/2019 1,2361.85008/20/2014 248,907.75 1.825 1.851245,000.00
First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 2,2032.35009/25/2015 249,148.24 2.321 2.353247,977.16
First National Bank & Trust1468 NCD 245,000.0031904JAA8 08/19/2020 1,6011.90008/25/2015 245,129.85 1.873 1.899245,000.00
Fox Chase Bank1305 NCD 245,000.0035137QAV6 06/06/2019 1,1611.70006/06/2014 249,157.65 1.677 1.700245,000.00
Gulf Coast Bank & Trust1462 NCD 200,000.00402194ES9 05/20/2021 1,8752.00008/13/2015 200,382.00 1.972 1.999200,000.00
Gold Coast Bank1375 NCD 245,000.0038058KDA1 08/05/2019 1,2211.80009/04/2014 248,640.70 1.775 1.800245,000.00
GE Capital Bank1184 NCD 245,000.0036161TJR7 05/03/2018 7621.00005/03/2013 244,159.65 0.986 1.000245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 1,8162.65003/21/2014 253,726.90 2.613 2.650245,000.00
Goldman Sachs Bank USA1177 NCD 245,000.0038147JEC2 05/01/2018 7601.15005/01/2013 244,916.70 1.134 1.150245,000.00
Dubuque Bank & Trust1372 NCD 245,000.00263849BD2 08/21/2019 1,2371.90008/21/2014 248,809.75 1.873 1.900245,000.00
Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 1,5941.60002/12/2016 247,295.65 1.578 1.600245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 1,6072.00008/25/2015 250,387.55 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 1,9462.30007/31/2015 251,004.95 2.269 2.301245,000.00
Iowa State Bank1343 NCD 250,000.0046256YAB5 07/23/2019 1,2081.80007/23/2014 253,997.50 1.775 1.800250,000.00
JP Morgan Chase BAnk NA1200 NCD 245,000.0048124JD39 12/05/2018 9781.25006/05/2013 244,632.50 1.232 1.250245,000.00
LCA Bank Corporation1306 NCD 245,000.00501798FJ6 05/30/2019 1,1541.65005/30/2014 249,169.90 1.627 1.650245,000.00
Leader Bank1364 NCD 245,000.0052168UCN0 08/22/2019 1,2382.00008/22/2014 246,310.75 1.973 2.001245,000.00
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 2,1421.70002/12/2016 248,939.60 1.678 1.701245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 1,9852.25009/05/2014 253,273.65 2.219 2.250245,000.00
Machias Savings Bank1358 NCD 245,000.00554479DN2 08/28/2019 1,2441.80008/28/2014 248,964.10 1.776 1.801245,000.00
Mascoma Savings Bank1319 NCD 248,000.0057461PAG1 01/15/2019 1,0191.80006/20/2014 252,213.52 1.627 1.650248,998.74
Medallion Bank - Salt Lake1238 NCD 245,000.0058403BJ31 01/10/2019 1,0141.85001/10/2014 249,101.30 1.825 1.850245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 1,6021.90008/20/2015 246,259.30 1.876 1.902245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 2,1481.80002/17/2016 248,062.50 1.776 1.801245,000.00
Mifflinburg Bank & Trust Co.1321 NCD 132,000.00598580AB4 04/30/2019 1,1241.65006/20/2014 134,253.24 1.627 1.649132,000.00
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 1,6641.75010/21/2015 249,733.40 1.727 1.751245,000.00
MutualOne Bank1407 NCD 250,000.0062847HAA7 11/21/2019 1,3291.85011/21/2014 254,400.00 1.825 1.850250,000.00
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 1,6161.90009/03/2015 250,485.55 1.873 1.900245,000.00
NBT Bank1322 NCD 156,000.00628779FJ4 06/06/2019 1,1611.80006/20/2014 158,586.48 1.775 1.799156,000.00
NBT Bank1373 NCD 94,000.00628779FN5 08/20/2019 1,2362.10008/20/2014 95,457.00 2.071 2.10094,000.00
Customers Bank1388 NCD 250,000.0023204HCA4 09/10/2019 1,2572.10009/10/2014 253,795.00 2.071 2.100250,000.00
NCB Savings Bank1344 NCD 245,000.00628825JL6 07/25/2019 1,2101.80007/25/2014 249,390.40 1.775 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 2,3382.25008/26/2015 253,300.60 2.220 2.251245,000.00
Lake Sunapee Bank FSB1309 NCD 245,000.00510868AG7 06/05/2019 1,1601.75006/05/2014 249,155.20 1.727 1.750245,000.00
Connectone Bank1355 NCD 245,000.0020786AAT2 08/13/2019 1,2291.85008/13/2014 248,922.45 1.824 1.850245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 1,5112.00005/21/2014 250,198.90 1.972 2.000245,000.00
Northfield Bank1365 NCD 245,000.0066612AAA6 08/12/2019 1,2281.85008/13/2014 248,760.75 1.824 1.850245,000.00
Northstar Bank1326 NCD 245,000.0066704MEG2 07/18/2019 1,2031.75007/18/2014 249,030.25 1.727 1.751245,000.00
Naqtional Bank of NY City1312 NCD 245,000.00634116CB1 06/18/2019 1,1731.65006/18/2014 249,040.05 1.627 1.650245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 1,7751.55002/09/2016 247,614.15 1.530 1.551245,000.00
Williamette Valley Bank1524 NCD 245,000.00969294BY2 02/06/2023 2,5022.10002/04/2016 250,100.90 2.072 2.101245,000.00
Orrstown Bank1465 NCD 245,000.00687377DR9 08/20/2020 1,6022.00008/20/2015 246,599.85 1.974 2.002245,000.00
Peoples United Bank1378 NCD 245,000.0071270QGB6 08/27/2019 1,2431.95008/27/2014 248,782.80 1.923 1.950245,000.00
People's Bank1415 NCD 250,000.00710665CE8 12/12/2019 1,3501.85012/12/2014 250,612.50 1.825 1.851250,000.00
Peapack-Gladstone Bank1275 NCD 245,000.00704692AK8 04/17/2019 1,1111.80004/17/2014 249,204.20 1.776 1.801245,000.00
Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 1,9672.50008/20/2014 245,614.95 2.467 2.501245,000.00
Prime Alliance Bank1331 NCD 245,000.0074160NED8 07/11/2019 1,1961.70007/11/2014 248,976.35 1.677 1.701245,000.00
Park National Bank1395 NCD 250,000.00700654AV8 03/26/2019 1,0892.10009/26/2014 252,715.00 2.070 2.099250,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 2,1562.10002/26/2015 252,984.55 2.072 2.101245,000.00
Peoples State Bank, WI1304 NCD 245,000.00712515GY5 05/23/2019 1,1471.70005/23/2014 249,108.65 1.676 1.700245,000.00
Private Bank & Trust Co.1293 NCD 245,000.0074267GUN5 11/21/2018 9641.65005/21/2014 248,143.35 1.627 1.650245,000.00
Ohio Valley Bank1338 NCD 250,000.00677721CE0 07/23/2019 1,2081.80007/23/2014 254,092.50 1.776 1.801250,000.00
Sallie Mae Bank1350 NCD 245,000.00795450SC0 07/30/2019 1,2152.05007/30/2014 248,954.30 2.021 2.050245,000.00
Sawyer Savings Bank1389 NCD 250,000.00805508AW8 03/18/2020 1,4472.00009/18/2014 250,130.00 1.973 2.000250,000.00
State Bank Definace1233 NCD 245,000.00855736CX0 07/19/2018 8391.65007/19/2013 248,211.95 1.628 1.650245,000.00
State Bank of India1390 NCD 245,000.00856284Z98 09/11/2019 1,2582.15009/11/2014 248,792.60 2.120 2.150245,000.00
State Bank of Texas1230 NCD 245,000.00856528CG7 07/17/2018 8371.60007/17/2013 245,088.20 1.578 1.600245,000.00
Security National Bank1499 NCD 245,000.008144114AC2 11/19/2021 2,0582.00011/19/2015 247,555.35 1.974 2.001245,000.00
Bell State Bank & Trust1223 NCD 245,000.0007815AAG2 06/28/2018 8181.30006/28/2013 245,759.50 1.282 1.300245,000.00
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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
Sterns Bank NA1221 NCD 245,000.00857894NG0 06/28/2018 8181.30006/28/2013 245,815.85 1.282 1.300245,000.00
Stockman Bank1557 NCD 245,000.0086128QBX5 03/30/2023 2,5542.00003/30/2016 245,796.25 1.973 2.000245,000.00
Sutton State Bank Ohio1484 NCD 245,000.00869478EU7 02/28/2022 2,1592.25010/19/2015 245,249.90 2.218 2.249245,000.00
Third Federal Savings and Loan1242 NCD 245,000.0088413QAF5 10/22/2018 9341.75001/22/2014 248,878.35 1.726 1.750245,000.00
Tioga State Bank1386 NCD 245,000.00887768BL2 09/12/2019 1,2591.85009/12/2014 245,347.90 1.825 1.850245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 1,8372.40004/11/2014 253,768.55 2.367 2.400245,000.00
United Bankers' Bank1379 NCD 245,000.00909557EA4 04/29/2019 1,1231.80008/29/2014 247,989.00 1.776 1.800245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 1,7921.60002/26/2016 247,643.55 1.579 1.601245,000.00
Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 1,3681.85012/29/2014 249,150.30 1.824 1.850245,000.00
Washington Trst Westerly1345 NCD 245,000.00940637GJ4 07/31/2019 1,2161.90007/31/2014 248,961.65 1.873 1.900245,000.00
Webster Bank NA1252 NCD 245,000.0094768NJM7 02/12/2019 1,0471.90002/12/2014 248,684.80 1.873 1.900245,000.00
Northwest Bank1308 NCD 245,000.0066736AAK5 05/29/2019 1,1531.65005/29/2014 249,184.60 1.628 1.650245,000.00
Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 1,4552.10009/26/2014 248,790.15 2.071 2.100245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 2,3102.35008/12/2015 252,550.90 2.317 2.349245,000.00
Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 1,3481.90012/08/2014 252,597.50 1.873 1.899250,000.00
Subtotal and Average 32,448,267.29 32,458,000.00 32,886,940.74 1.834 1.859 1,474
Medium Term Notes
Apple, Inc.1342 MTN 2,000,000.00037833AQ3 05/06/2019 1,1302.10007/15/2014 2,056,040.00 1.982 2.0102,005,269.04
Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 1,4071.55008/13/2015 755,400.00 1.980 2.008737,402.34
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 1,4962.00011/05/2015 1,528,245.00 1.854 1.8791,507,042.87
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 1,7892.25002/23/2016 713,174.00 2.141 2.171702,549.03
Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 1,3431.87511/24/2014 2,052,760.00 1.874 1.9001,998,245.39
Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 1,3431.87512/08/2014 1,539,570.00 1.824 1.8501,501,303.00
Microsoft Corporation1448 MTN 2,000,000.00594918AV0 02/12/2020 1,4121.85002/12/2015 2,043,460.00 1.785 1.8102,002,903.95
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 1,6772.00011/05/2015 2,049,100.00 1.914 1.9402,005,145.27
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 1,6772.00001/07/2016 922,095.00 1.887 1.913903,391.55
Stanford University1336 MTN 300,000.00854403AC6 05/01/2019 1,1254.75007/10/2014 331,221.00 1.966 1.993324,194.34
Stanford University1347 MTN 150,000.00854403AC6 05/01/2019 1,1254.75007/24/2014 165,610.50 1.896 1.922162,433.68
Stanford University1349 MTN 225,000.00854403AC6 05/01/2019 1,1254.75007/25/2014 248,415.75 1.895 1.921243,661.39
Stanford University1419 MTN 105,000.00854403AC6 05/01/2019 1,1254.75012/11/2014 115,927.35 1.893 1.920113,744.94
Subtotal and Average 14,207,286.79 14,130,000.00 14,521,018.60 1.898 1.924 1,419
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1028 3,000,000.0031315PPC7 02/21/2019 1,0561.79002/21/2012 3,051,690.00 1.765 1.7903,000,000.00
Federal Agricultural Mortgage1031 2,000,000.0031315PQC6 09/06/2018 8881.55003/06/2012 2,032,600.00 1.528 1.5502,000,000.00
Federal Agricultural Mortgage1052 1,500,000.0031315PTW9 04/10/2019 1,1041.87004/10/2012 1,529,925.00 1.844 1.8701,500,000.00
Federal Agricultural Mortgage1055 1,500,000.0031315PTQ2 04/10/2017 3741.26004/10/2012 1,507,065.00 1.242 1.2601,500,000.00
Federal Agricultural Mortgage1090 2,000,000.0031315PZQ5 06/05/2017 4301.11006/05/2012 2,005,580.00 1.094 1.1102,000,000.00
Federal Agricultural Mortgage1096 2,000,000.0031315PZQ5 06/05/2017 4301.11006/20/2012 2,005,580.00 0.998 1.0122,002,242.33
Federal Agricultural Mortgage1098 2,000,000.0031315PPK9 07/03/2017 4581.02007/03/2012 2,009,260.00 1.006 1.0202,000,000.00
Federal Agricultural Mortgage1109 2,000,000.0031315PSX8 08/23/2017 5091.03008/23/2012 2,008,540.00 1.015 1.0302,000,000.00
Federal Agricultural Mortgage1122 Call 1,000,000.0031315PNY1 11/21/2022 2,4252.19011/21/2012 1,002,100.00 2.163 2.193999,834.03
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 2,0682.00011/29/2012 1,504,590.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1124 Call 1,750,000.0031315PNY1 11/21/2022 2,4252.19011/21/2012 1,753,675.00 2.166 2.1961,749,419.10
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 2,2862.20012/13/2012 1,525,815.00 1.930 1.9571,520,715.26
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 2,4252.00012/19/2012 756,442.50 2.081 2.110745,077.15
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 1,3651.48012/27/2012 1,524,270.00 1.395 1.4151,503,453.13
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 2,4612.18001/04/2013 1,533,030.00 2.165 2.1961,498,550.68
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 1,3684.50001/04/2013 820,778.40 1.514 1.535817,662.72
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 1,8873.84001/04/2013 545,150.00 1.946 1.973544,232.61
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 2,4612.18001/08/2013 1,533,030.00 2.195 2.2251,495,883.44
Federal Agricultural Mortgage1142 1,200,000.0031315PTW9 04/10/2019 1,1041.87001/09/2013 1,223,940.00 1.400 1.4201,215,573.04
Federal Agricultural Mortgage1143 451,000.0031315PPC7 02/21/2019 1,0561.79001/09/2013 458,770.73 1.372 1.392455,953.04
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 2,4612.18001/23/2013 1,533,030.00 2.111 2.1411,503,522.93
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 2,4612.18001/28/2013 2,652,141.90 2.199 2.2292,587,185.79
Federal Agricultural Mortgage1152 2,000,000.0031315PPF0 01/30/2019 1,0341.32002/11/2013 2,018,340.00 1.220 1.2372,004,514.14
Federal Agricultural Mortgage1155 1,500,000.0031315PPF0 01/30/2019 1,0341.32002/21/2013 1,513,755.00 1.262 1.2801,501,623.54
Federal Agricultural Mortgage1160 1,500,000.0031315PQM4 03/06/2018 7040.94003/07/2013 1,501,560.00 0.925 0.9371,500,056.44
Federal Agricultural Mortgage1163 1,500,000.0031315PQM4 03/06/2018 7040.94003/08/2013 1,501,560.00 0.987 1.0011,498,272.16
Federal Agricultural Mortgage1179 1,500,000.0031315PXM6 05/02/2018 7610.85005/02/2013 1,499,565.00 0.864 0.8771,499,175.15
Federal Agricultural Mortgage1186 1,450,000.0031315PXH7 01/09/2019 1,0132.10005/01/2013 1,496,182.50 1.055 1.0701,490,056.69
Federal Agricultural Mortgage1199 1,500,000.0031315PZZ5 03/09/2018 7070.77005/15/2013 1,493,100.00 0.961 0.9751,494,185.35
Federal Agricultural Mortgage1209 1,500,000.0031315PZZ5 03/09/2018 7070.77005/30/2013 1,493,100.00 1.151 1.1671,488,802.16
Federal Agricultural Mortgage1224 1,500,000.0031315PC98 06/12/2018 8021.18006/21/2013 1,506,840.00 1.549 1.5701,487,650.07
Federal Agricultural Mortgage1225 1,500,000.0031315PC98 06/12/2018 8021.18006/21/2013 1,506,840.00 1.575 1.5971,486,816.67
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1226 1,500,000.0031315PC98 06/12/2018 8021.18006/25/2013 1,506,840.00 1.783 1.8081,480,287.63
Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 1,4351.41001/15/2014 1,500,855.00 2.462 2.4961,440,932.87
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 1,6222.80001/15/2014 1,590,390.00 2.635 2.6721,507,739.69
Federal Agricultural Mortgage1256 1,500,000.0031315PXH7 01/09/2019 1,0132.10003/05/2014 1,547,775.00 1.702 1.7261,514,841.24
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 1,8034.16003/06/2014 328,737.00 2.574 2.609320,865.60
Federal Agricultural Mortgage1258 1,500,000.0031315P6P9 03/05/2024 2,8953.40003/07/2014 1,613,760.00 3.325 3.3721,502,796.10
Federal Agricultural Mortgage1259 1,500,000.0031315P6P9 03/05/2024 2,8953.40003/10/2014 1,613,760.00 3.424 3.4711,492,855.08
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 1,8202.50003/26/2014 1,568,835.00 2.495 2.5301,497,916.52
Federal Agricultural Mortgage1265 1,800,000.0031315PJ67 02/28/2019 1,0631.70003/28/2014 1,830,330.00 1.784 1.8091,794,553.83
Federal Agricultural Mortgage1271 1,000,000.0031315P4B2 01/30/2024 2,8603.46004/09/2014 1,089,980.00 3.297 3.3431,007,688.18
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 2,2862.20004/23/2014 1,271,512.50 2.889 2.9301,199,520.42
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 1,4631.47510/15/2014 501,595.00 1.857 1.882492,269.77
Federal Agricultural Mortgage1406 1,500,000.0031315PA58 11/20/2019 1,3281.31011/07/2014 1,514,160.00 1.854 1.8801,470,466.27
Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 1,3281.84011/20/2014 2,056,380.00 1.814 1.8402,000,000.00
Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 1,3281.84011/20/2014 1,542,285.00 1.848 1.8731,498,254.67
Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 1,3611.85012/23/2014 1,543,335.00 1.851 1.8761,498,579.72
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 1,8602.51001/09/2015 704,166.75 2.110 2.140686,830.15
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 2,9173.33001/09/2015 446,286.68 2.540 2.575425,536.20
Federal Agricultural Mortgage1430 Call 500,000.0031315PC23 01/24/2023 2,4892.30001/21/2015 500,050.00 2.605 2.641489,577.09
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 2,6282.61001/22/2015 1,653,980.64 2.269 2.3011,636,254.13
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 2,6282.61002/09/2015 1,495,182.00 2.377 2.4101,468,778.49
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 2,1602.15003/05/2015 1,017,910.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1470 Call 2,000,000.003132X0BX8 09/08/2025 3,4473.23009/08/2015 2,007,700.00 3.185 3.2302,000,000.00
Federal Agricultural Mortgage1488 Call 2,000,000.0031315PC23 01/24/2023 2,4892.30010/23/2015 2,000,200.00 2.398 2.4321,983,558.98
Federal Agricultural Mortgage1493 Call 1,000,000.003132X0CV1 10/28/2025 3,4972.98010/28/2015 1,001,720.00 2.956 2.997998,563.75
Federal Agricultural Mortgage1495 Call 1,500,000.003132X0CV1 10/28/2025 3,4972.98010/30/2015 1,502,580.00 2.985 3.0261,494,251.81
Federal Agricultural Mortgage1504 Call 1,500,000.003132X0BN0 07/15/2025 3,3923.20011/16/2015 1,506,660.00 3.047 3.0901,513,120.32
Federal Agricultural Mortgage1552 Call 1,500,000.003132X0EU1 01/27/2026 3,5882.93002/26/2016 1,500,330.00 2.831 2.8701,507,515.61
Federal Agricultural Mortgage1554 Call 1,500,000.003132X0EU1 01/27/2026 3,5882.93003/02/2016 1,500,330.00 2.878 2.9181,501,487.80
Federal Agricultural Mortgage839 1,500,000.0031315PEY1 12/30/2019 1,3684.50012/30/2009 1,663,740.00 4.438 4.5001,500,000.00
Federal Agricultural Mortgage840 2,000,000.0031315PGE3 01/19/2017 2934.12501/19/2010 2,049,540.00 4.068 4.1252,000,000.00
Federal Agricultural Mortgage866 1,000,000.0031315PAT6 05/17/2017 4113.75005/17/2010 1,032,220.00 3.698 3.7501,000,000.00
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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 Mortgage923 1,500,000.0031315PNM7 12/28/2017 6363.15012/28/2010 1,558,305.00 3.106 3.1501,500,000.00
Federal Agricultural Mortgage942 1,500,000.0031315PTU3 03/09/2021 1,8034.16003/09/2011 1,643,685.00 4.103 4.1601,500,000.00
Federal Agricultural Mortgage951 1,500,000.0031315PUN7 04/29/2016 282.41004/29/2011 1,501,635.00 2.376 2.4101,500,000.00
Federal Agricultural Mortgage975 1,000,000.0031315PA25 07/27/2016 1172.00007/27/2011 1,005,620.00 2.063 2.092999,719.67
Federal Farm Credit Bank1006 2,000,000.0031331KK90 10/26/2016 2081.35010/26/2011 2,011,420.00 1.331 1.3502,000,000.00
Federal Farm Credit Bank1092 1,500,000.003133EAUF3 06/14/2019 1,1691.50006/14/2012 1,520,835.00 1.479 1.5001,500,000.00
Federal Farm Credit Bank1205 575,000.0031331JQM8 06/04/2018 7943.40005/23/2013 602,272.25 1.045 1.060603,424.15
Federal Farm Credit Bank1206 950,000.0031331YW63 06/12/2018 8024.90005/23/2013 1,029,002.00 1.045 1.0601,027,842.80
Federal Farm Credit Bank722 2,000,000.0031331YCJ7 10/30/2017 5774.90010/30/2007 2,134,800.00 4.832 4.9002,000,000.00
Federal Farm Credit Bank725 2,000,000.0031331YHQ6 12/15/2017 6234.62512/12/2007 2,129,340.00 4.561 4.6242,000,000.00
Federal Farm Credit Bank850 2,000,000.0031331JFZ1 03/08/2017 3413.37503/08/2010 2,053,980.00 3.328 3.3752,000,000.00
Federal Farm Credit Bank870 1,000,000.0031331JQB2 06/02/2017 4273.00006/02/2010 1,026,120.00 2.958 3.0001,000,000.00
Federal Farm Credit Bank872 2,000,000.0031331YEL0 11/15/2016 2285.00006/04/2010 2,055,460.00 3.027 3.0702,021,636.94
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 1,6422.87509/29/2010 1,063,300.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank910 2,000,000.0031331JX32 10/28/2016 2101.70010/28/2010 2,013,600.00 1.676 1.7002,000,000.00
Federal Farm Credit Bank918 2,000,000.0031331J5F6 12/16/2020 1,7203.62512/16/2010 2,199,840.00 3.575 3.6252,000,000.00
Federal Farm Credit Bank925 1,500,000.0031331JX32 10/28/2016 2101.70001/04/2011 1,510,200.00 2.576 2.6111,492,744.82
Federal Farm Credit Bank932 3,000,000.0031331J2M4 11/22/2016 2351.87501/14/2011 3,023,700.00 2.483 2.5182,988,553.01
Federal Farm Credit Bank937 2,000,000.0031331KBX7 02/10/2017 3152.87502/10/2011 2,037,740.00 2.835 2.8752,000,000.00
Federal Farm Credit Bank959 1,500,000.0031331KQD5 06/27/2017 4522.30006/27/2011 1,527,915.00 2.268 2.3001,500,000.00
Federal Farm Credit Bank .1117 Call 1,500,000.003133EA3N6 07/09/2020 1,5601.72010/09/2012 1,500,210.00 1.696 1.7201,500,000.00
Federal Farm Credit Bank .1181 Call 1,500,000.003133EA4J4 10/11/2018 9231.15004/30/2013 1,500,015.00 1.137 1.1531,499,860.79
Federal Farm Credit Bank .1189 Call 1,500,000.003133ECMF8 04/24/2018 7530.98005/06/2013 1,496,505.00 0.986 1.0001,499,376.68
Federal Farm Credit Bank .1227 1,500,000.003133ECTM6 07/02/2018 8221.90007/02/2013 1,533,105.00 1.873 1.9001,500,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 2,6222.45001/09/2014 520,920.00 3.383 3.430470,135.50
Federal Farm Credit Bank .1444 Call 1,000,000.003133EAVV7 06/27/2024 3,0092.70002/06/2015 1,000,030.00 2.713 2.750996,315.53
Federal Farm Credit Bank .1506 Call 1,500,000.003133EE4B3 07/21/2025 3,3983.17011/18/2015 1,503,360.00 3.067 3.1101,507,141.47
Federal Farm Credit Bank .1511 Call 1,500,000.003133EFBU0 09/02/2025 3,4413.10012/16/2015 1,502,790.00 3.057 3.0991,500,000.00
Federal Farm Credit Bank .1512 Call 1,100,000.003133EFBU0 09/02/2025 3,4413.10012/24/2015 1,102,046.00 3.060 3.1021,099,732.65
Federal Farm Credit Bank .1514 Call 2,000,000.003133EFUW5 01/05/2026 3,5663.12001/05/2016 2,000,340.00 3.084 3.1271,998,828.67
Federal Farm Credit Bank .1517 Call 1,000,000.003133EFUW5 01/05/2026 3,5663.12001/07/2016 1,000,170.00 3.077 3.1191,000,000.00
Federal Farm Credit Bank .1521 Call 1,000,000.003133EFUW5 01/05/2026 3,5663.12001/22/2016 1,000,170.00 3.030 3.0721,003,922.97
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Farm Credit Bank .1527 Call 2,000,000.003133EFYC5 11/05/2024 3,1402.73002/05/2016 2,000,060.00 2.692 2.7302,000,000.00
Federal Farm Credit Bank .1539 Call 1,500,000.003133EFZX8 08/17/2020 1,5991.70002/17/2016 1,492,680.00 1.676 1.7001,500,000.00
Federal Farm Credit Bank .1540 Call 1,500,000.003133ECH56 03/06/2023 2,5302.39002/12/2016 1,500,000.00 2.357 2.3891,500,000.00
Federal Farm Credit Bank .1542 Call 1,500,000.003133EFA98 02/18/2025 3,2452.80002/18/2016 1,500,090.00 2.761 2.8001,500,000.00
Federal Farm Credit Bank .1545 Call 1,800,000.003133EFA98 02/18/2025 3,2452.80002/19/2016 1,800,108.00 2.767 2.8061,799,111.67
Federal Farm Credit Bank .1553 Call 1,500,000.003133EFA98 02/18/2025 3,2452.80002/29/2016 1,500,090.00 2.757 2.7951,500,490.09
Federal Farm Credit Bank .1559 Call 1,250,000.003133EFA98 02/18/2025 3,2452.80003/09/2016 1,250,075.00 2.757 2.7951,250,000.00
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 2,1735.16003/17/2016 598,445.00 1.876 1.902591,219.57
Federal Farm Credit Bank .1565 Call 1,000,000.003133EFT98 03/28/2025 3,2832.62003/28/2016 1,001,410.00 2.596 2.632999,000.93
Federal Farm Credit Bank .1567 Call 1,500,000.003133EFS32 09/24/2025 3,4632.75003/24/2016 1,500,075.00 2.712 2.7501,500,000.00
Federal Farm Credit Bank .1569 Call 1,500,000.003133EFS32 09/24/2025 3,4632.75003/30/2016 1,500,075.00 2.711 2.7481,500,000.00
Federal Farm Credit Bank .1572 Call 1,500,000.003133EFU47 12/28/2023 2,8272.40003/30/2016 1,500,030.00 2.367 2.4001,500,000.00
Federal Farm Credit Bank .1578 Call 1,000,000.003133EFR90 12/28/2023 2,8272.44003/28/2016 1,000,210.00 2.406 2.4401,000,000.00
Federal Farm Credit Bank .1579 Call 2,000,000.003133EFS32 09/24/2025 3,4632.75003/24/2016 2,000,100.00 2.728 2.7661,997,205.73
Federal Home Loan Bank1012 2,000,000.00313376BR5 12/14/2018 9871.75012/16/2011 2,046,540.00 1.725 1.7492,000,000.00
Federal Home Loan Bank1017 2,000,000.00313376V36 01/25/2017 2991.00001/25/2012 2,005,780.00 0.986 1.0002,000,000.00
Federal Home Loan Bank1021 2,000,000.00313376VN2 12/22/2016 2651.10001/30/2012 2,007,040.00 1.084 1.1002,000,000.00
Federal Home Loan Bank1027 2,000,000.003133787M7 02/27/2017 3321.05002/21/2012 2,007,600.00 1.035 1.0492,000,000.00
Federal Home Loan Bank1038 1,500,000.003133782N0 03/10/2017 3430.87503/08/2012 1,503,105.00 0.999 1.0131,498,100.89
Federal Home Loan Bank1039 1,500,000.003133782M2 03/08/2019 1,0711.50003/08/2012 1,524,840.00 1.574 1.5961,496,004.79
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 2,1562.33003/20/2012 1,565,940.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1045 2,000,000.00313378QP9 03/28/2017 3611.26003/28/2012 2,013,620.00 1.242 1.2602,000,000.00
Federal Home Loan Bank1049 1,500,000.00313378VG3 05/22/2019 1,1461.85004/09/2012 1,539,135.00 1.824 1.8501,500,000.00
Federal Home Loan Bank1057 1,500,000.00313378ZW4 04/17/2017 3811.05004/17/2012 1,507,095.00 1.035 1.0501,500,000.00
Federal Home Loan Bank1058 1,500,000.003133792L2 10/20/2017 5671.23004/20/2012 1,511,385.00 1.213 1.2301,500,000.00
Federal Home Loan Bank1068 1,500,000.00313379BL2 12/29/2017 6371.25004/30/2012 1,509,045.00 1.232 1.2501,500,000.00
Federal Home Loan Bank1070 1,500,000.00313379BG3 04/27/2017 3911.07004/27/2012 1,507,200.00 1.055 1.0701,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 1,6922.00005/18/2012 2,054,800.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1089 2,000,000.00313379PD5 09/20/2017 5371.09006/07/2012 2,010,300.00 1.075 1.0902,000,000.00
Federal Home Loan Bank1101 Call 1,500,000.003133805L7 08/08/2022 2,3202.25008/08/2012 1,488,990.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1104 Call 1,500,000.003133807E1 08/15/2022 2,3272.29008/15/2012 1,500,000.00 2.258 2.2901,500,000.00
Federal Home Loan Bank1105 Call 1,500,000.00313380E86 11/30/2018 9731.33008/30/2012 1,500,045.00 1.311 1.3301,500,000.00
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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 Home Loan Bank1116 Call 1,500,000.00313380WT0 10/11/2022 2,3842.25010/11/2012 1,500,000.00 2.227 2.2581,499,265.63
Federal Home Loan Bank1121 Call 2,000,000.00313381AY1 11/21/2022 2,4252.25011/21/2012 2,000,000.00 2.224 2.2551,999,336.11
Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 1,3511.25011/30/2012 1,502,670.00 1.196 1.2121,501,974.57
Federal Home Loan Bank1126 Call 1,500,000.00313381DA0 12/05/2022 2,4392.19012/05/2012 1,500,015.00 2.165 2.1951,499,499.17
Federal Home Loan Bank1127 1,500,000.00313381GB5 11/30/2018 9731.00011/30/2012 1,503,165.00 0.986 1.0001,500,000.00
Federal Home Loan Bank1128 Call 2,000,000.00313381HW8 12/19/2022 2,4532.19012/19/2012 2,000,000.00 2.168 2.1981,998,992.50
Federal Home Loan Bank1129 Call 1,500,000.00313381HW8 12/19/2022 2,4532.19012/19/2012 1,500,000.00 2.176 2.2061,498,488.75
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 1,3511.25012/13/2012 1,502,670.00 1.232 1.2491,500,000.00
Federal Home Loan Bank1135 1,500,000.00313376BR5 12/14/2018 9871.75012/19/2012 1,534,905.00 1.075 1.0901,525,834.17
Federal Home Loan Bank1140 1,500,000.00313376BR5 12/14/2018 9871.75001/08/2013 1,534,905.00 1.117 1.1321,524,133.68
Federal Home Loan Bank1146 Call 425,000.00313381DA0 12/05/2022 2,4392.19001/25/2013 425,004.25 2.201 2.232423,920.74
Federal Home Loan Bank1154 1,500,000.003133XRFZ8 06/08/2018 7984.75002/21/2013 1,624,620.00 1.020 1.0351,618,230.76
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 2,0795.00002/25/2013 1,560,116.00 1.825 1.8501,531,601.93
Federal Home Loan Bank1157 2,000,000.003133XSR59 12/14/2018 9873.75002/25/2013 2,151,760.00 1.128 1.1442,135,872.53
Federal Home Loan Bank1168 530,000.003133XSR59 12/14/2018 9873.75003/11/2013 570,216.40 1.165 1.182565,456.49
Federal Home Loan Bank1182 Call 1,500,000.00313381C29 06/04/2018 7941.05004/30/2013 1,497,690.00 1.039 1.0541,499,871.92
Federal Home Loan Bank1185 Call 2,445,000.00313382LB7 03/28/2023 2,5522.45004/30/2013 2,445,073.35 2.415 2.4482,445,172.48
Federal Home Loan Bank1204 Call 557,958.01313383EP2 06/20/2018 8101.25006/20/2013 556,585.43 1.232 1.250557,958.01
Federal Home Loan Bank1212 1,500,000.00313379DT3 06/08/2018 7981.25006/05/2013 1,512,465.00 1.222 1.2391,500,347.01
Federal Home Loan Bank1213 2,000,000.00313379DT3 06/08/2018 7981.25006/06/2013 2,016,620.00 1.191 1.2082,001,774.51
Federal Home Loan Bank1216 Call 1,500,000.00313382Y98 05/16/2018 7751.00006/12/2013 1,495,365.00 1.412 1.4321,486,739.71
Federal Home Loan Bank1217 Call 1,000,000.00313382FP3 03/20/2018 7181.00006/12/2013 1,000,000.00 1.372 1.391992,571.59
Federal Home Loan Bank1228 1,500,000.00313373UU4 06/08/2018 7982.75007/01/2013 1,562,175.00 1.605 1.6271,535,231.65
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 1,7153.12501/09/2014 1,621,545.00 2.615 2.6511,530,232.83
Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 1,3762.22001/23/2014 1,559,970.00 2.194 2.2251,499,724.88
Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 1,4422.12502/24/2014 1,547,535.00 2.095 2.1241,500,000.00
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 1,8061.75003/13/2014 1,525,740.00 2.418 2.4511,452,413.57
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 1,6242.87504/02/2014 1,605,240.00 2.271 2.3031,535,239.33
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 1,6922.00004/08/2014 205,480.00 2.263 2.295197,477.09
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 1,6922.00004/09/2014 565,070.00 2.263 2.295543,059.07
Federal Home Loan Bank1278 325,000.003133XTYY6 06/14/2019 1,1694.37504/22/2014 358,982.00 1.889 1.916349,259.61
Federal Home Loan Bank1314 1,500,000.00313379EE5 06/14/2019 1,1691.62506/04/2014 1,529,820.00 1.700 1.7241,495,442.15
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment #Issuer
Purchase
Date Book Value YTM360 YTM365
Federal Agency Issues - Coupon
Federal Home Loan Bank1318 1,500,000.00313379EE5 06/14/2019 1,1691.62506/16/2014 1,529,820.00 1.774 1.7991,492,039.07
Federal Home Loan Bank1324 Call 1,250,000.003133836A4 05/22/2019 1,1460.80006/24/2014 1,244,250.00 1.766 1.7911,212,817.10
Federal Home Loan Bank1332 1,500,000.003130A2FH4 06/14/2019 1,1691.75007/02/2014 1,534,560.00 1.686 1.7101,501,824.61
Federal Home Loan Bank1353 Call 335,000.00313380WT0 10/11/2022 2,3842.25007/25/2014 335,000.00 2.801 2.840323,548.12
Federal Home Loan Bank1451 Call 1,500,000.003130A4F49 03/11/2025 3,2663.00003/11/2015 1,500,435.00 2.958 3.0001,500,000.00
Federal Home Loan Bank1453 Call 600,000.00313381HW8 12/19/2022 2,4532.19007/22/2015 600,000.00 2.505 2.540587,205.54
Federal Home Loan Bank1501 Call 750,000.003130A3VN1 01/21/2025 3,2173.00011/10/2015 741,607.50 2.992 3.034748,025.33
Federal Home Loan Bank1507 Call 2,000,000.003130A6SB4 11/26/2025 3,5262.25011/30/2015 2,000,720.00 3.101 3.1451,999,033.65
Federal Home Loan Bank1544 Call 500,000.00313381MM4 12/26/2025 3,5563.00002/19/2016 499,485.00 2.958 2.999500,000.00
Federal Home Loan Bank1570 Call 1,750,000.00313381HW8 12/19/2022 2,4532.19003/30/2016 1,750,000.00 2.159 2.1891,750,000.00
Federal Home Loan Bank822 3,000,000.003133XUMS9 09/13/2019 1,2604.50008/12/2009 3,352,020.00 4.437 4.4993,000,000.00
Federal Home Loan Bank832 3,000,000.003133XVRJ2 12/09/2016 2523.50011/19/2009 3,057,090.00 3.325 3.3723,002,328.44
Federal Home Loan Bank833 1,200,000.003133MJQF0 08/15/2016 1365.50011/19/2009 1,223,700.00 3.304 3.3501,208,529.16
Federal Home Loan Bank860 1,500,000.003133XHVS8 12/09/2016 2525.00004/26/2010 1,544,610.00 3.430 3.4781,513,934.00
Federal Home Loan Bank911 1,500,000.00313371PV2 12/09/2016 2521.62511/09/2010 1,510,290.00 1.602 1.6241,500,000.00
Federal Home Loan Bank920 1,500,000.00313371PV2 12/09/2016 2521.62512/15/2010 1,510,290.00 2.550 2.5851,490,851.98
Federal Home Loan Bank924 1,500,000.003133MJQF0 08/15/2016 1365.50001/04/2011 1,529,625.00 2.516 2.5501,515,247.56
Federal Home Loan Bank926 1,500,000.00313371PV2 12/09/2016 2521.62501/04/2011 1,510,290.00 2.592 2.6291,490,447.74
Federal Home Loan Bank931 3,000,000.003133XFPR1 06/10/2016 705.37501/14/2011 3,029,070.00 2.363 2.3963,015,973.89
Federal Home Loan Bank940 2,000,000.003133X0PF0 08/15/2018 8665.37502/17/2011 2,207,380.00 3.423 3.4702,078,942.77
Federal Home Loan Bank982 2,000,000.00313375KP1 03/15/2017 3481.50009/15/2011 2,021,480.00 1.479 1.5002,000,000.00
Federal Home Loan Bank985 2,000,000.00313375M87 10/14/2016 1961.27009/14/2011 2,006,940.00 1.252 1.2702,000,000.00
Federal Home Loan Bank990 2,000,000.00313370TW8 09/09/2016 1612.00009/13/2011 2,013,700.00 1.163 1.1802,006,969.24
Federal Home Loan Bank992 2,000,000.00313371ZX7 12/08/2017 6162.62509/13/2011 2,061,060.00 1.526 1.5472,034,489.50
Fed. Home Loan Mortgage Corp.1036 1,500,000.003137EABA6 11/17/2017 5955.12503/01/2012 1,605,405.00 1.227 1.2441,591,166.32
Fed. Home Loan Mortgage Corp.1106 1,500,000.003134G3A91 08/22/2019 1,2381.40008/22/2012 1,517,610.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 1,3641.50009/26/2012 1,520,070.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1153 1,500,000.003137EADP1 03/07/2018 7050.87502/11/2013 1,502,235.00 0.960 0.9731,497,223.62
Fed. Home Loan Mortgage Corp.1162 Call 1,500,000.003134G36X3 03/28/2018 7261.12503/28/2013 1,500,405.00 1.109 1.1251,500,000.00
Fed. Home Loan Mortgage Corp.1166 1,500,000.003137EADN6 01/12/2018 6510.75003/15/2013 1,499,475.00 0.948 0.9621,494,478.99
Fed. Home Loan Mortgage Corp.1180 Call 2,000,000.003134G44L9 05/22/2023 2,6072.40005/22/2013 2,000,440.00 2.367 2.4002,000,000.00
Fed. Home Loan Mortgage Corp.1203 Call 1,500,000.003134G46D5 06/12/2018 8021.20006/12/2013 1,500,435.00 1.183 1.2001,500,000.00
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 2,0792.00004/10/2014 2,049,580.00 2.564 2.6001,938,411.22
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 2,0792.00004/22/2014 1,024,790.00 2.643 2.680965,193.84
Fed. Home Loan Mortgage Corp.1282 300,000.003134G3A91 08/22/2019 1,2381.40005/01/2014 303,522.00 1.914 1.941294,786.31
Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 1,4421.65005/02/2014 305,199.00 2.053 2.082295,198.48
Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 1,3291.45005/02/2014 302,157.00 1.938 1.965294,691.85
Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 1,4481.50005/06/2014 1,010,220.00 2.041 2.070978,806.40
Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 1,5121.50005/06/2014 1,003,670.00 2.091 2.120976,011.07
Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 1,3641.50005/13/2014 1,013,380.00 1.945 1.972983,378.65
Fed. Home Loan Mortgage Corp.1352 1,000,000.003134G43G1 05/07/2019 1,1311.20007/25/2014 998,060.00 1.765 1.790982,541.58
Fed. Home Loan Mortgage Corp.1549 Call 1,500,000.003134G8MZ9 03/30/2021 1,8241.85003/30/2016 1,501,890.00 1.824 1.8501,500,000.00
Fed. Home Loan Mortgage Corp.1566 Call 1,500,000.003134G8UQ0 03/30/2021 1,8241.80003/30/2016 1,500,795.00 1.775 1.8001,500,000.00
Fed. Home Loan Mortgage Corp.1568 Call 1,000,000.003134G8N70 03/30/2021 1,8241.60003/30/2016 1,000,310.00 1.578 1.6001,000,000.00
Fed. Home Loan Mortgage Corp.993 2,000,000.003137EAAY5 08/23/2017 5095.50009/13/2011 2,132,740.00 1.415 1.4352,108,291.25
Federal National Mortgage Asso1022 2,000,000.0031398ADM1 06/12/2017 4375.37501/25/2012 2,112,080.00 1.317 1.3362,093,008.78
Federal National Mortgage Asso1023 2,590,000.003136FPXN2 11/24/2017 6022.30001/25/2012 2,652,393.10 1.406 1.4262,625,649.16
Federal National Mortgage Asso1033 3,000,000.003135G0JA2 04/27/2017 3911.12503/01/2012 3,014,070.00 1.134 1.1502,999,220.10
Federal National Mortgage Asso1035 2,000,000.0031398ALG5 01/23/2018 6624.37703/01/2012 2,126,820.00 1.388 1.4082,102,839.02
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 1,6592.35004/16/2012 2,085,520.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 1,4902.00004/30/2012 2,058,000.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 1,4902.05004/30/2012 1,548,585.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 1,6732.00004/30/2012 2,063,320.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1082 450,000.003136FPYB7 05/23/2017 4172.05005/11/2012 456,880.50 1.070 1.085454,823.26
Federal National Mortgage Asso1118 500,000.003136FPXN2 11/24/2017 6022.30010/18/2012 512,045.00 0.927 0.940510,911.15
Federal National Mortgage Asso1119 Call 1,500,000.003136G02Z3 11/15/2022 2,4192.25011/15/2012 1,499,985.00 2.235 2.2661,498,510.00
Federal National Mortgage Asso1120 Call 1,000,000.003135G0RC9 10/25/2022 2,3982.20010/25/2012 1,000,060.00 2.196 2.226998,424.00
Federal National Mortgage Asso1149 1,500,000.003135G0TG8 02/08/2018 6780.87501/31/2013 1,503,450.00 1.019 1.0341,495,703.44
Federal National Mortgage Asso1159 Call 1,500,000.003135G0VL4 03/20/2018 7181.12503/20/2013 1,500,405.00 1.109 1.1251,500,000.00
Federal National Mortgage Asso1169 Call 1,500,000.003136G1JG5 04/17/2023 2,5722.50004/17/2013 1,500,240.00 2.471 2.5051,499,471.67
Federal National Mortgage Asso1173 Call 2,000,000.003135G0TN3 01/23/2023 2,4882.33004/11/2013 2,000,120.00 2.326 2.3581,996,519.02
Federal National Mortgage Asso1174 1,500,000.003135G0WJ8 05/21/2018 7800.87504/15/2013 1,501,845.00 0.905 0.9171,498,653.76
Federal National Mortgage Asso1188 Call 1,500,000.003135G0TN3 01/23/2023 2,4882.33005/06/2013 1,500,090.00 2.312 2.3441,498,685.30
Federal National Mortgage Asso1190 Call 1,000,000.003135G0XD0 05/21/2018 7801.00005/21/2013 999,220.00 0.996 1.010999,786.11
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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 National Mortgage Asso1191 Call 2,000,000.003135G0XA6 05/21/2018 7801.03005/21/2013 2,000,000.00 1.015 1.0302,000,000.00
Federal National Mortgage Asso1197 1,500,000.003135G0WJ8 05/21/2018 7800.87505/21/2013 1,501,845.00 0.986 1.0001,496,097.38
Federal National Mortgage Asso1210 Call 1,500,000.003135G0XK4 05/25/2018 7841.05005/30/2013 1,500,120.00 1.035 1.0501,500,000.00
Federal National Mortgage Asso1214 Call 1,500,000.003135G0XD0 05/21/2018 7801.00006/07/2013 1,498,830.00 1.262 1.2791,491,324.55
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 1,6102.00004/08/2014 1,543,995.00 2.172 2.2021,487,569.65
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 1,8551.75004/16/2014 1,016,480.00 2.364 2.397969,901.62
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 1,8341.75005/02/2014 252,982.50 2.452 2.486241,550.12
Federal National Mortgage Asso1290 1,000,000.003136G0Y70 01/30/2019 1,0341.08005/05/2014 1,001,840.00 1.633 1.656984,377.33
Federal National Mortgage Asso1315 1,200,000.003136G0YK1 08/28/2019 1,2441.50006/05/2014 1,216,836.00 1.815 1.8401,186,785.15
Federal National Mortgage Asso1317 1,000,000.003136G02P5 04/29/2019 1,1231.20006/12/2014 1,005,310.00 1.765 1.790982,682.68
Federal National Mortgage Asso1429 Call 2,000,000.003136G0S93 04/30/2021 1,8551.80001/15/2015 1,999,980.00 2.081 2.1101,970,606.80
Federal National Mortgage Asso1446 Call 1,000,000.003133EAXY9 07/16/2024 3,0282.62502/09/2015 1,000,020.00 2.761 2.800987,311.33
Federal National Mortgage Asso1487 Call 1,000,000.003135G0SG9 12/14/2022 2,4482.36010/20/2015 1,001,970.00 2.327 2.3591,000,000.00
Federal National Mortgage Asso1502 Call 1,000,000.003136G13X5 12/27/2023 2,8262.25011/10/2015 1,000,250.00 2.569 2.605975,262.00
Federal National Mortgage Asso1526 625,000.003133EAA65 07/26/2023 2,6722.12501/27/2016 632,012.50 2.024 2.052628,075.31
Federal National Mortgage Asso1546 Call 1,000,000.003136G3AN5 03/16/2021 1,8101.50003/16/2016 999,210.00 1.978 2.0061,000,000.00
Federal National Mortgage Asso1560 Call 1,000,000.003136G03F6 11/15/2022 2,4192.25003/15/2016 1,000,180.00 2.243 2.275998,455.37
Federal National Mortgage Asso1561 Call 1,965,000.003133EA2F4 09/26/2022 2,3692.35003/16/2016 1,965,039.30 2.317 2.3491,965,000.00
Federal National Mortgage Asso1573 Call 1,000,000.003135G0SG9 12/14/2022 2,4482.36003/31/2016 1,001,970.00 2.295 2.3271,002,000.00
Federal National Mortgage Asso928 1,500,000.0031359MS61 07/15/2016 1055.37501/04/2011 1,521,810.00 2.422 2.4551,511,759.94
Federal National Mortgage Asso991 2,000,000.0031359M4D2 02/13/2017 3185.00009/13/2011 2,074,980.00 1.272 1.2902,061,913.60
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 1,7813.87512/14/2012 556,055.00 1.596 1.618551,296.00
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 2,3271.87512/14/2012 1,019,069.80 1.893 1.9201,007,360.90
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 1,7813.87501/23/2013 1,668,165.00 1.647 1.6691,650,180.96
Tennessee Valley Authority1170 1,500,000.00880591EC2 04/01/2018 7304.50003/25/2013 1,610,160.00 0.913 0.9261,604,530.37
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 1,7813.87503/12/2014 1,290,047.60 2.427 2.4611,233,044.64
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 3,5016.75011/20/2015 1,366,270.00 2.807 2.8461,323,775.90
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 3,0892.87501/15/2016 788,655.00 2.564 2.600765,505.37
Tennessee Valley Authority861 2,000,000.00880591EA6 07/18/2017 4735.50004/26/2010 2,120,920.00 3.602 3.6522,041,760.78
Tennessee Valley Authority954 2,000,000.00880591CU4 12/15/2017 6236.25005/23/2011 2,179,420.00 2.624 2.6612,111,642.98
Subtotal and Average 371,675,354.08 369,726,958.01 377,596,074.08 2.049 2.078 1,443
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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
Treasury Securities - Coupon
U.S. Treasury1201 TB 2,000,000.00912828UJ7 01/31/2018 6700.87505/16/2013 2,005,160.00 0.779 0.7902,003,041.47
U.S. Treasury1237 TB 2,000,000.00912828SD3 01/31/2019 1,0351.25001/07/2014 2,022,260.00 1.682 1.7051,975,348.82
U.S. Treasury1284 TB 1,500,000.00912828TH3 07/31/2019 1,2160.87505/02/2014 1,496,430.00 1.726 1.7501,458,396.53
U.S. Treasury1285 TB 1,500,000.00912828TN0 08/31/2019 1,2471.00005/02/2014 1,502,115.00 1.755 1.7801,462,059.68
U.S. Treasury1289 TB 1,500,000.00912828SX9 05/31/2019 1,1551.12505/05/2014 1,510,020.00 1.692 1.7161,473,251.26
U.S. Treasury1299 TB 1,500,000.00912828SX9 05/31/2019 1,1551.12505/13/2014 1,510,020.00 1.654 1.6771,474,970.24
U.S. Treasury1316 TB 1,500,000.00912828TC4 06/30/2019 1,1851.00006/10/2014 1,504,050.00 1.687 1.7111,466,975.79
Subtotal and Average 11,314,043.79 11,500,000.00 11,550,055.00 1.536 1.557 1,071
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 1,9482.38110/30/2015 1,026,810.00 2.120 2.1501,011,514.44
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 3,4096.23802/24/2016 866,437.00 3.557 3.606880,816.30
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 1,9484.58402/24/2016 337,917.00 2.130 2.159336,412.39
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 1,9484.58403/04/2016 1,407,987.50 2.138 2.1681,401,004.50
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 1,9482.78101/27/2016 523,485.00 2.012 2.040518,595.16
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 1,9482.97307/24/2014 522,295.00 2.893 2.933505,371.75
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 2,6784.10310/26/2015 1,494,986.40 2.490 2.5251,474,450.23
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 1,8561.57003/09/2016 1,502,895.00 1.548 1.5701,500,000.00
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 1,9482.44105/10/2013 2,065,980.00 2.031 2.0602,037,180.95
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 1,9482.44105/13/2013 1,859,382.00 2.031 2.0601,833,461.74
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 1,9482.44105/15/2013 2,055,650.10 2.051 2.0802,025,028.31
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 1,9482.44101/27/2015 206,598.00 2.041 2.070203,682.73
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 2,2664.95002/09/2015 415,537.20 2.416 2.450410,816.66
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 3,3625.45011/27/2015 1,239,850.00 3.067 3.1101,185,113.60
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 2,6782.50001/29/2015 588,160.60 2.663 2.700572,444.01
San Mateo Union High School Dt1516 MUN 245,000.00799017KT4 09/01/2019 1,2482.19301/08/2016 251,257.30 1.775 1.800248,167.27
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 1,9792.72001/19/2016 187,203.60 2.046 2.075185,903.81
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 2,0092.58910/14/2015 969,440.80 1.864 1.890953,292.77
University of California1340 MUN 1,875,000.0091412GSB2 07/01/2019 1,1861.79607/14/2014 1,904,512.50 2.007 2.0351,861,201.59
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 1,5053.34807/31/2014 451,996.00 2.281 2.313441,872.13
University of California1368 MUN 250,000.0091412GGT6 05/15/2019 1,1393.04808/08/2014 261,795.00 1.982 2.010257,685.36
University of California1383 MUN 955,000.0091412GSB2 07/01/2019 1,1861.79608/27/2014 970,031.70 1.972 2.000948,977.59
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2016
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
Municipal Bonds
University of California1414 MUN 750,000.0091412GSB2 07/01/2019 1,1861.79611/28/2014 761,805.00 1.923 1.950746,422.05
University of California1420 MUN 1,500,000.0091412GSB2 07/01/2019 1,1861.79612/12/2014 1,523,610.00 1.943 1.9701,491,915.65
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 1,5051.99510/08/2015 263,684.20 1.824 1.850261,480.95
State of Vermont1456 MUN 2,000,000.00924258TT3 08/15/2023 2,6924.25008/06/2015 2,115,740.00 3.275 3.3202,119,388.66
West Valley-Mission Community1479 MUN 250,000.0095640HBT4 08/01/2024 3,0446.09010/01/2015 284,107.50 4.030 4.086284,719.34
Subtotal and Average 25,696,919.94 24,655,000.00 26,059,154.40 2.285 2.316 2,020
Total Investments and Average 517,891,451.92 515,019,538.04 525,114,821.31 1.832 1.857 1,290
Portfolio CPA
AP
Run Date: 04/13/2016 - 19:51 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