HomeMy WebLinkAboutStaff Report 10080
City of Palo Alto (ID # 10080)
City Council Staff Report
Report Type: Informational Report Meeting Date: 5/6/2019
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 2019
From: City Manager
Lead Department: Administrative Services
Background
The City’s investment policy requires that staff report to Council quarterly on the City’s
portfolio composition and performance compared to the Council -adopted policy; discuss
overall compliance with the City’s Investment Policy; and provide recommendations, if any, for
policy changes. In addition, staff will also provide a detailed list of all securities and report on
the City’s ability to meet expenditure requirements over the next six months. This report is to
inform Council of the City’s investment portfolio performance as of the third quarter ending
March 31, 2019 and to disclose staff’s cash flow projections for the next six months.
Discussion
The City’s investment portfolio is summarized in Graph 1 and detailed in the Investments by
Fund report (Attachment B). The Investments by Fund report groups the portfolio’s securities
by investment type and includes details of 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.
City of Palo Alto Page 2
U.S. Treasury
3.3%
U.S. Agency
55.2%
U.S.
Municipal/State
19.7%
Negotiable CD
9.2%
U.S. Corporate
3.7%
Supranational
2.7%
Liquid Accts.
6.2%
Graph 1: Investments by Type -$540M (Par Value)
The par value of the City’s portfolio is $540.0 million; in comparison, last quarter it was $527.1
million. The $12.9 million portfolio growth since the last quarter primarily results from timing
of cash flows. Contributing factors include lower payroll costs in the third quarter due to an
extra pay period in the second quarter and higher revenue receipts in the second quarter, such
as property taxes and interest earnings.
The portfolio consists of $33.5 million in liquid accounts and $506.5 million in various
investment types as detailed in the below Table 1. The investment policy requires that at least
$50 million be maintained in securities maturing in less than two years. The portfolio includes
$135.6 million in investments maturing in less than two years, comprising 25.1 percent of the
City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of the
portfolio can be invested in securities with maturities beyond five years; actual at the end of
the second quarter is 29.3 percent of the portfolio.
City of Palo Alto Page 3
Table 1:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Portfolio
U.S. Treasury 7.5$ -$ 1.5$ 9.0$ -$ 18.0$ 3.3%
U.S. Agency Bonds 43.6 39.4 28.4 71.5 115.4 298.3 55.2%
U.S. Municipal/ State Bonds 5.6 6.8 26.4 27.3 40.0 106.1 19.7%
Negotiable Certificates of Deposits (NCD)11.8 6.1 10.6 19.8 1.5 49.8 9.2%
U.S. Corporate Bonds 8.3 6.5 5.0 - - 19.8 3.7%
Supranational Organizations Bonds - - 1.0 12.0 1.5 14.5 2.7%
Liquid Accounts (LAIF & Fidelity)33.5 - - - - 33.5 6.2%
Grand Total 110.3$ 58.8$ 72.9$ 139.6$ 158.4$ 540.0$ 100%
% of Portfolio 20.4%10.9%13.5%25.9%29.3%100.0%
* $27.4 million or 5.1 percent are in investments that support Environmental, Social, and Governace (ESG) Activities
(aka "Green" and Supranational Bonds)
Maturities - Par Value (millions)
Investment Type
The current market value of the portfolio is 99.4 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 securities will likely decrease.
Understanding and showing market values is not only a reporting requirement, but essential to
knowing the principal risks in actively buying and selling securities. It is important to note,
however, that the City’s practice is to buy and hold investments until they mature so changes in
market price do not affect the City’s investment principal. The market valu ation is provided by
Union Bank of California, which is the City’s safekeeping agent. The average life to maturity of
the investment portfolio is 3.63 years compared to 3.71 years last quarter.
Investments Made During the Third Quarter
During the third quarter, $22.4 million of securities with an average yield of 2.1 percent
matured. During the same period, per Table 2 below, government securities totaling $27.5
million with an average yield of 3.2 percent were purchased. The expectation is interest rates
and City’s portfolio’s average yield will continue to rise. The City’s short-term money market
and pool account increased by $7.9 million compared to the second quarter. Investment staff
continually monitors the City’s short-term cash flow needs and adjusts liquid funds to meet
them.
City of Palo Alto Page 4
Table 2:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Purchase
U.S. Agency Bonds -$ -$ -$ 1.2$ 10.0$ 11.2$ 40.7%
U.S. Municipal/ State Bonds - - 1.9 3.2$ 3.3 8.4 30.5%
Negotiable Certificates of Deposits (NCD)- - 0.2 0.5$ 0.2 0.9 3.3%
Supranational Organizations Bonds - - - 5.5$ 1.5 7.0 25.5%
Grand Total -$ -$ 2.1$ 10.4$ 15.0$ 27.5$ 100%
% of Purchase 0.0%0.0%7.6%37.8%54.6%100.0%
* $8.1 million or 29.4 percent are in investments that support Environmental, Social, and Governace (ESG) Activities
(aka "Green" and Supranational Bonds)
Investment Type
2019 Q3 Security Purchases - Par Value (millions)
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 $280.4 million and expenditures will be $271.3 million over the next six
months, indicating an overall growth in the portfolio of $9.1 million.
As of March 31, 2019, 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 $41.9 million will mature between April 1, 2019 and September 30, 2019.
Based on the above and staff’s revenue and expendi ture forecast for the next six months, 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 $3.2 million which is $0.43 million
or 15.5 percent higher over the same period last year. As of March 31, 2019, the yield to
maturity of the City’s portfolio was 2.36 percent. In the third quarter, LAIF’s average yield was
2.39 percent while the average yield on the two-year and five-year Treasury bonds was
approximately 2.49 percent and 2.47 percent, respectively. The rising interest rate is expected
to increase the portfolio’s yields. Historically, the City’s portfolio yield has outperformed the
two-year and five-year Treasury bond rates, however with the recent rapid interest rate rise
that is no longer the case; this is an expected occurrence. As the City’s laddered portfolio
City of Palo Alto Page 5
investments mature in the next year or two, funds are expected to be reinvested in higher
yielding securities. Graph 2 shows the City’s yields and interest earnings for the past 17 .5 years.
City’s portfolio duration is 3.63 years.
Yield Trends
The Federal Open Market Committee (FOMC) maintained the federal funds and discount rat es
to 2.25 and 3.0 percent in March 2019, respectively. In calendar year 2018, both rates have
risen by 0.75 percent. The FOMC views economic activity slowing down, job gains remaining
strong and low unemployment and inflation rate. The FOMC expects the federal funds rate to
remain the same to end of 2019 with rate increase beyond that being limited.
Funds Held by the City or Managed Under Contract
Attachment A is a consolidated report of all City investment funds, including those not held
directly in the investment portfolio. These include cash in the City’s regular bank account with
US Bank and Wells Fargo. A description of the City’s banking relationships can be found in City
Council Staff Report ID # 7858. The bond proceeds, reserves, and debt service payments being
held by the City’s fiscal agents are subject to the requirements of the underlying debt
indenture. The trustees for the bond funds are U.S. Bank and California Asset Management
Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market
City of Palo Alto Page 6
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, 2019.
In January 2017, the City established a Section 115 Irrevocable Trust (Public Agencies Post -
Employment Benefits Trust) administered by Public Agency Retirement Services (PARS). This
fund it not governed by the City’s Investment Policy, however, is discussed in this report for
administrative ease. It is the City’s intent to prefund pension costs and b egan to address the
Net Pension Liabilities (NPL) as calculated by Governmental Accounting Standards Board
Pronouncement No. 68 (GASB 68). The Section 115 Trust offered by PARS has five portfolios
from which to choose in making investments of City funds. The City has selected the
“Moderately Conservative” portfolio which is the second most conservative. Additional
information on this trust can be found in City Council Staff Report ID # 7553. Through March
31, 2019 principal investment contributions of $13.5 million have grown to $13.7 million. As of
March 31, 2019, the net return for one year has been 4.08 percent.
Fiscal Impact
This is an information report.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
• Attachment A: Consolidated Report of Cash Management
• Attachment B: Investment Portfolio
• Attachment C: Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)544,891,569$ 541,844,452$
Other Funds Held by the City
Cash with Wells Fargo Bank 185,382 185,382
(includes general and imprest accounts)
Cash with US Bank 5,015,508 5,015,508
(includes general and imprest accounts)
Petty/Working Cash 12,478 12,478
Total - Other Funds Held By City 5,213,368 5,213,368
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1995 Utility Revenue Bonds
Debt Service Fund 187 187
1999 Utility Revenue Bonds
Debt Service Fund 71 71
2007 Utility Revenue Bonds
Debt Service Fund 18 18
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,585,502 2,585,502
2010 General Obligation (Library) Bond
Debt Service and Escrow Funds 2,444,822 2,444,822
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 1,461,649 1,461,649
2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1,839,346 1,839,346
2013 General Obligation (Library) Bond
Escrow Funds 3,127,560 3,127,560
2018 Capital Improvement (Golf Course & 2002B COP Refinance)
(Taxable- Green Bond) Certificates of Participation
Debt Service and Cost of Issuance Funds 17,837 17,837
2019 California Avenue Parking Garage Certificates of Participation
(Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 42,020,625 42,020,625
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,640,148 2,640,148
2013 General Obligation (Library) Bond
Reserve Fund 584,316 584,316
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 13,720,836 13,720,836
Total Under Trustee Management 70,442,917 70,442,917
GRAND TOTAL 620,547,854$ 617,500,737$
* These funds are subject to the requirements of the underlying debt indenture.
** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities.
*** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit,
commercial paper, federal agency securities, and repurchase agreements.
**** PARS investments are in moderately conservative index plus funds
Third Quarter, Fiscal Year 2018-19
(Unaudited)
Attachment A
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
City of Palo Alto City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
March 31, 2019
Fund ALL - Portfolio Listings
Investments by Fund
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIPInvestment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
LAIF & Fidelity Cash Accounts
Fidelity Investments158 3,052,066.58SYS158 12.26007/01/2018 3,052,066.58 2.229 2.2603,052,066.58
Local Agency Investment Fund159 30,435,932.35SYS159 12.44007/01/2018 30,440,405.03 2.406 2.44030,435,932.35
Subtotal and Average 33,487,998.93 33,487,998.93 33,492,471.61 2.390 2.424 1
Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 1,6733.45010/30/2018 250,556.60 3.404 3.451245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 1,2782.45009/30/2015 242,013.45 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 1,2772.05009/29/2017 238,750.05 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 1,5982.40002/16/2016 239,894.20 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 7291.45009/30/2016 239,977.50 1.429 1.449245,000.00
American Eagle Bank1371 NCD 245,000.0002554BCE9 05/28/2019 571.85008/26/2014 244,826.05 1.825 1.850245,000.00
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 8562.05004/04/2017 242,180.05 2.023 2.051245,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 1,8862.30005/30/2017 237,125.70 2.270 2.301245,000.00
American Express Centurion Bk1333 NCD 245,000.0002587CAC4 07/10/2019 1001.95007/10/2014 244,737.85 1.923 1.950245,000.00
American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 1,7083.55012/04/2018 251,619.90 3.501 3.550245,000.00
Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 7491.90004/19/2017 242,214.35 1.875 1.901245,000.00
Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 9251.50010/12/2016 238,316.40 1.480 1.500245,000.00
Bank of Grove1821 NCD 245,000.0006246PBP9 12/29/2021 1,0032.00006/29/2017 240,607.15 1.974 2.001245,000.00
Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 2731.85012/29/2014 244,345.85 1.824 1.850245,000.00
Bar Harbor Bank & Trust1377 NCD 245,000.00066851SG2 08/27/2019 1481.75008/27/2014 244,360.55 1.726 1.750245,000.00
Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 1,2782.50009/30/2015 242,410.35 2.467 2.501245,000.00
Texas Exchange Bank1796 NCD 245,000.0088241TBM1 05/20/2022 1,1452.25005/22/2017 241,190.25 2.220 2.251245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 5482.20009/30/2014 244,039.60 2.171 2.201245,000.00
Bank of Holland Michigan1302 NCD 245,000.00062649ZV3 05/21/2019 501.70005/21/2014 244,892.20 1.677 1.701245,000.00
Frontier Bank Madison NE1498 NCD 245,000.0035907XCL9 11/22/2021 9662.00011/20/2015 240,964.85 1.974 2.001245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1,2642.25009/16/2015 240,465.05 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 1,2781.70009/30/2016 235,890.90 1.676 1.700245,000.00
BMO Harris Bank1783 NCD 245,000.0005581WNY7 10/28/2022 1,3062.25004/28/2017 240,222.50 2.220 2.251245,000.00
BMW Bank of North America1807 NCD 245,000.0005580AJK1 06/16/2020 4421.85006/16/2017 243,164.95 1.824 1.850245,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 8961.50009/12/2016 238,497.70 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 1,1082.00004/13/2017 239,607.55 1.973 2.001245,000.00
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
ATTACHMENT B
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 2
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
BankWest, Inc.1380 NCD 150,000.0006652CEY3 09/16/2019 1681.90009/15/2014 149,655.00 1.873 1.900150,000.00
Bofi Federal Bank1381 NCD 50,000.0009710LAF2 08/30/2022 1,2472.25008/25/2014 48,931.50 2.493 2.52749,573.97
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 1,2252.35008/25/2014 98,257.00 2.592 2.62899,156.63
Bofi Federal Bank1402 NCD 100,000.0009710LAF2 08/30/2022 1,2472.25010/21/2014 97,863.00 2.462 2.49699,239.63
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 5552.25010/07/2015 244,213.55 2.219 2.250245,000.00
Bridgewater Bank Bloom MN1393 NCD 245,000.00108622EA5 09/24/2019 1761.85009/24/2014 244,345.85 1.825 1.850245,000.00
Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 1,3393.25011/30/2018 248,515.75 3.207 3.252245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 6811.55002/10/2016 240,962.40 1.530 1.551245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 1,4823.00004/24/2018 246,073.10245,000.00
Worlds Foremost Bank1387 NCD 200,000.00981571AT9 09/04/2019 1562.10009/04/2014 199,666.00 2.072 2.101200,000.00
Campbell County Bank1307 NCD 245,000.00134204BZ8 05/30/2019 591.65005/30/2014 244,870.15 1.628 1.650245,000.00
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 1,1162.05004/21/2017 239,908.90 2.023 2.051245,000.00
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 7451.50004/15/2016 240,313.15 1.479 1.500245,000.00
Celtic Bank1362 NCD 245,000.0015118RJW8 08/20/2019 1411.90008/20/2014 244,625.15 1.875 1.901245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 1,0521.70002/16/2016 238,103.25 1.678 1.701245,000.00
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 1,0361.90007/31/2017 239,629.60 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 1,3682.35012/29/2017 240,663.50 2.317 2.350245,000.00
Charter Bank Eau Claire1811 NCD 245,000.0016116PHU8 06/13/2022 1,1692.10006/13/2017 239,943.20 2.071 2.100245,000.00
CIBM Bank1809 NCD 245,000.0012545JAM7 06/16/2022 1,1722.10006/16/2017 239,911.35 2.072 2.101245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 8761.40008/24/2016 238,607.95 1.380 1.400245,000.00
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 1,4181.75002/19/2016 239,747.50 1.727 1.751250,000.00
Cumberland Federal Bank FSB1813 NCD 245,000.0023062KBH4 07/07/2022 1,1932.10007/07/2017 239,761.90 2.072 2.101245,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 1,2962.10010/18/2017 239,051.40 2.071 2.100245,000.00
Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 3042.05001/30/2014 244,167.00 2.021 2.050245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 1,1412.00005/15/2017 239,365.00 1.972 2.000245,000.00
Community State Bank1536 NCD 245,000.0020404YBQ7 02/24/2022 1,0601.95002/24/2016 239,725.15 1.924 1.951245,000.00
Country Bank of New York1799 NCD 245,000.0022230PBN9 05/26/2022 1,1512.10005/26/2017 240,043.65 2.072 2.101245,000.00
Capital One Bank USA NA1384 NCD 250,000.00140420NR7 09/04/2019 1561.80009/04/2014 249,562.50 1.775 1.800250,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 4992.30008/12/2015 244,434.05 2.268 2.300245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 8061.55006/16/2016 240,178.40 1.529 1.550245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 6881.60002/17/2016 241,148.60 1.579 1.601245,000.00
Commerce Bank - Geneva1816 NCD 245,000.0020056QQK2 06/21/2021 8122.00006/21/2017 242,246.20 1.973 2.001245,000.00
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Commercial Bank1369 NCD 245,000.0020143PDB3 05/20/2019 491.85008/19/2014 244,855.45 1.824 1.850245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 1,1482.00005/22/2017 239,313.55 1.972 2.000245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 1,2602.25009/11/2015 240,492.00 2.224 2.255245,000.00
Cornerstone Bank1757 NCD 245,000.00219232CN3 03/10/2022 1,0742.10003/10/2017 240,602.25 2.072 2.101245,000.00
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 1,6673.35010/24/2018 249,473.70 3.304 3.350245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 1,0722.05003/08/2017 240,283.75 2.021 2.050245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 5111.90008/24/2015 243,074.30 1.876 1.902245,000.00
TBK Bank SSB1812 NCD 245,000.0087219RBK9 06/23/2022 1,1792.10006/23/2017 239,850.10 2.072 2.101245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 4862.00007/30/2015 243,481.00 1.972 2.000245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 6872.20008/15/2014 248,832.50 2.169 2.200250,000.00
First Bank of Highland1330 NCD 245,000.00319141BV8 07/03/2019 931.85007/03/2014 244,608.00 1.824 1.850245,000.00
First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 3242.00002/19/2014 243,988.15 1.972 2.000245,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 1,1022.10004/07/2017 240,359.70 2.072 2.101245,000.00
First Choice Bank / NJ1297 NCD 245,000.00319464AR4 05/28/2019 571.70005/28/2014 244,875.05 1.677 1.701245,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 1,5431.80006/22/2016 235,266.15 1.776 1.800245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 1,0802.10010/19/2015 240,541.00 2.120 2.150244,660.77
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 1,2002.05007/14/2017 239,313.55 2.023 2.051245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 9282.45010/17/2014 245,453.25 2.416 2.449245,000.00
First Oklahoma Bank1838 NCD 245,000.00335857BF4 07/26/2022 1,2122.10007/26/2017 239,629.60 2.072 2.101245,000.00
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 1,0232.05001/18/2017 240,766.40 2.021 2.050245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 1,2202.35009/09/2014 236,613.60 2.665 2.703237,462.74
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 1,6562.25010/13/2017 238,046.90 2.220 2.251245,000.00
First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 6971.55002/26/2016 240,876.65 1.530 1.551245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 9132.00010/01/2015 241,430.35 1.972 1.999245,000.00
First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 9002.20009/17/2015 242,716.60 2.171 2.201245,000.00
First National Bank2026 NCD 245,000.0032117BCS5 02/14/2024 1,7803.25002/14/2019 246,798.30 3.206 3.251245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 7072.50003/07/2014 245,220.50 2.465 2.500245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 1,0362.00004/04/2017 101,023.43 1.972 1.999103,000.00
First Merchants Bank1351 NCD 245,000.0032082BDH9 08/06/2019 1271.90008/06/2014 244,666.80 1.873 1.900245,000.00
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 1,0811.70003/17/2016 242,600.00 1.677 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 6971.55002/29/2016 242,635.75 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 8862.40009/03/2015 244,536.95 2.367 2.400245,000.00
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
First Savings Bank Northwest1335 NCD 245,000.0033621JAB4 07/18/2019 1081.80007/18/2014 244,581.05 1.776 1.801245,000.00
First National Bank of Elkhart1801 NCD 245,000.00321130AB2 05/31/2022 1,1562.10005/31/2017 239,916.25 2.072 2.101245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 1,2972.10004/19/2017 239,024.45 2.072 2.101245,000.00
First State Bank1366 NCD 245,000.0033648RAT6 08/20/2019 1411.85008/20/2014 244,634.95 1.825 1.851245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 1,1242.00006/30/2017 239,489.95 1.973 2.000245,000.00
First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 1,1082.35009/25/2015 245,088.48 2.321 2.353247,988.51
First State Community Bank1819 NCD 245,000.0033708UCF4 06/30/2022 1,1862.10006/30/2017 239,820.70 2.071 2.100245,000.00
First Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 1,6603.40010/17/2018 250,020.05 3.355 3.401245,000.00
Firstier Bank1994 NCD 245,000.0033766LAF5 12/11/2023 1,7153.55012/11/2018 245,607.60 3.503 3.551245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 1,2842.10010/06/2017 239,107.75 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 1,1022.00004/07/2017 239,649.20 1.973 2.001245,000.00
Fox Chase Bank1305 NCD 245,000.0035137QAV6 06/06/2019 661.70006/06/2014 244,853.00 1.677 1.700245,000.00
Gulf Coast Bank & Trust1920 NCD 245,000.00402194FJ8 07/26/2024 1,9432.65001/26/2018 240,908.50 2.614 2.650245,000.00
Gold Coast Bank1375 NCD 245,000.0038058KDA1 08/05/2019 1261.80009/04/2014 244,644.75 1.775 1.800245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 7212.65003/21/2014 245,943.25 2.613 2.650245,000.00
Ally Bank1882 NCD 245,000.0002007GAF0 01/04/2021 6442.25001/04/2018 244,120.45 2.219 2.250245,000.00
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 1,2112.00010/25/2017 238,845.60 1.972 2.000245,000.00
Grant County Bank1864 NCD 175,000.0038762PCB6 10/18/2023 1,6612.20010/18/2017 169,657.25 2.170 2.201175,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 1,4993.15005/09/2018 247,469.60 3.106 3.150245,000.00
Happy State Bank1683 NCD 245,000.00411394AN9 09/16/2021 8991.50009/16/2016 238,512.40 1.500 1.520245,000.00
HSBC Bank1564 NCD 245,000.0040434AR84 10/07/2021 9202.00004/07/2016 241,271.10245,000.00
Dubuque Bank & Trust1372 NCD 245,000.00263849BD2 08/21/2019 1421.90008/21/2014 244,612.90 1.873 1.900245,000.00
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 1,2712.20003/24/2017 240,011.80 2.172 2.202245,000.00
International Bank1841 NCD 245,000.0045906ABP1 07/29/2022 1,2152.10007/31/2017 239,509.55 2.072 2.101245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 1,1072.15004/12/2017 240,683.10 2.121 2.151245,000.00
Interaudi Bank1808 NCD 245,000.0045842PAK7 06/10/2024 1,8972.50006/09/2017 239,440.95 2.465 2.500245,000.00
Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 4991.60002/12/2016 242,126.15 1.578 1.600245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 5122.00008/25/2015 244,421.80 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 8512.30007/31/2015 244,436.50 2.269 2.301245,000.00
Iowa State Bank1343 NCD 250,000.0046256YAB5 07/23/2019 1131.80007/23/2014 249,695.00 1.775 1.800250,000.00
JP Morgan Chase BAnk NA2021 NCD 245,000.0048128HBS6 01/31/2025 2,1323.40001/31/2019 246,982.05 3.353 3.400245,000.00
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 1,8872.50005/31/2017 239,465.45 2.465 2.500245,000.00
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Keesler Federal Credit Union2027 NCD 245,000.0049254FAP1 08/30/2021 8823.05002/28/2019 247,721.95 3.008 3.050245,000.00
Key Bank1785 NCD 245,000.0049306SYB6 05/18/2020 4131.75005/17/2017 243,005.70 1.726 1.750245,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 1,6311.80009/16/2016 233,683.45 1.775 1.800245,000.00
LCA Bank Corporation1306 NCD 245,000.00501798FJ6 05/30/2019 591.65005/30/2014 244,865.25 1.627 1.650245,000.00
Leader Bank1364 NCD 245,000.0052168UCN0 08/22/2019 1432.00008/22/2014 244,627.60 1.973 2.001245,000.00
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 1,0471.70002/12/2016 242,594.10 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 8711.40008/19/2016 238,708.40 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 8902.25009/05/2014 243,071.85 2.219 2.250245,000.00
Machias Savings Bank1358 NCD 245,000.00554479DN2 08/28/2019 1491.80008/28/2014 244,620.25 1.776 1.801245,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 1,1842.05006/28/2017 239,431.15 2.023 2.051245,000.00
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 1,0182.10001/13/2017 241,126.55 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 1,1372.10005/12/2017 240,151.45 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 1,1512.05005/26/2017 239,661.45 2.023 2.051245,000.00
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 1,7383.30001/10/2019 248,986.15 3.254 3.299245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 5071.90008/20/2015 243,086.55 1.876 1.902245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 1,0531.80002/17/2016 242,145.75 1.776 1.801245,000.00
Mid-Country Bank1810 NCD 245,000.0059565QCG8 06/14/2022 1,1702.05006/14/2017 239,543.85 2.023 2.051245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 1,1662.05006/12/2017 239,556.10 2.023 2.051245,000.00
Mifflinburg Bank & Trust Co.1321 NCD 132,000.00598580AB4 04/30/2019 291.65006/20/2014 131,969.64 1.627 1.649132,000.00
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 5691.75010/21/2015 244,191.50 1.727 1.751245,000.00
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 1,3812.65001/11/2018 243,223.75 2.613 2.650245,000.00
Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 1,7103.55012/06/2018 251,624.80 3.501 3.550245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 1,8582.35005/22/2017 237,921.95 2.317 2.349245,000.00
Mutual One Bank1407 NCD 250,000.0062847HAA7 11/21/2019 2341.85011/21/2014 249,457.50 1.825 1.850250,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 5211.90009/03/2015 244,448.75 1.873 1.900245,000.00
NBT Bank1322 NCD 156,000.00628779FJ4 06/06/2019 661.80006/20/2014 155,898.60 1.775 1.799156,000.00
NBT Bank1373 NCD 94,000.00628779FN5 08/20/2019 1412.10008/20/2014 93,852.42 2.071 2.10094,000.00
Customers Bank1388 NCD 250,000.0023204HCA4 09/10/2019 1622.10009/10/2014 249,542.50 2.071 2.100250,000.00
NCB Savings Bank1344 NCD 245,000.00628825JL6 07/25/2019 1151.80007/25/2014 244,541.85 1.775 1.800245,000.00
National Bank Commerce1607 NCD 245,000.00633368DY8 05/11/2023 1,5011.80005/11/2016 237,664.70 1.776 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1,2432.25008/26/2015 244,169.45 2.220 2.251245,000.00
Lake Sunapee Bank FSB1309 NCD 245,000.00510868AG7 06/05/2019 651.75006/05/2014 244,855.45 1.727 1.750245,000.00
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Northern Bank & Trust MA1814 NCD 245,000.0066476QBX5 06/29/2022 1,1852.10006/29/2017 239,803.55 2.072 2.101245,000.00
Connectone Bank1355 NCD 245,000.0020786AAT2 08/13/2019 1341.85008/13/2014 244,647.20 1.824 1.850245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 4162.00005/21/2014 244,394.85 1.972 2.000245,000.00
Northfield Bank1365 NCD 245,000.0066612AAA6 08/12/2019 1331.85008/13/2014 244,627.60 1.824 1.850245,000.00
Northstar Bank1326 NCD 245,000.0066704MEG2 07/18/2019 1081.75007/18/2014 244,730.50 1.727 1.751245,000.00
National Bank of NY City1312 NCD 245,000.00634116CB1 06/18/2019 781.65006/18/2014 244,804.00 1.627 1.650245,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 1,7023.55011/28/2018 251,651.75 3.503 3.551245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 6801.55002/09/2016 243,412.40 1.530 1.551245,000.00
Williamette Valley Bank1524 NCD 245,000.00969294BY2 02/06/2023 1,4072.10002/04/2016 242,282.95 2.072 2.101245,000.00
Orrstown Bank1465 NCD 245,000.00687377DR9 08/20/2020 5072.00008/20/2015 243,424.65 1.974 2.002245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 1,2772.05009/29/2017 238,750.05 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 1,3892.40001/19/2018 240,977.10 2.368 2.401245,000.00
Peoples United Bank1378 NCD 245,000.0071270QGB6 08/27/2019 1481.95008/27/2014 244,595.75 1.923 1.950245,000.00
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 1,1512.10005/26/2017 240,031.40 2.072 2.101245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 1,4442.10007/19/2017 237,904.80 2.072 2.101245,000.00
Peapack-Gladstone Bank1275 NCD 245,000.00704692AK8 04/17/2019 161.80004/17/2014 244,965.70 1.776 1.801245,000.00
Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 8722.50008/20/2014 238,838.25 2.467 2.501245,000.00
Prime Alliance Bank1331 NCD 245,000.0074160NED8 07/11/2019 1011.70007/11/2014 244,742.75 1.677 1.701245,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 1,0612.10002/26/2015 244,559.00 2.072 2.101245,000.00
Providence Bank Columbia, MO1989 NCD 245,000.0074374MAM6 12/19/2023 1,7233.50012/19/2018 245,639.45 3.453 3.501245,000.00
Peoples State Bank, WI1304 NCD 245,000.00712515GY5 05/23/2019 521.70005/23/2014 244,882.40 1.676 1.700245,000.00
Ohio Valley Bank1338 NCD 250,000.00677721CE0 07/23/2019 1131.80007/23/2014 249,710.00 1.776 1.801250,000.00
RCB Bank1869 NCD 245,000.0074934YAG6 10/27/2022 1,3052.20010/27/2017 239,803.55 2.171 2.201245,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 8131.45006/22/2016 240,102.45 1.430 1.450245,000.00
Sallie Mae Bank1350 NCD 245,000.00795450SC0 07/30/2019 1202.05007/30/2014 244,686.40 2.021 2.050245,000.00
State Bank of India1390 NCD 245,000.00856284Z98 09/11/2019 1632.15009/11/2014 244,559.00 2.120 2.150245,000.00
Security National Bank1499 NCD 245,000.00814414AC2 11/19/2021 9632.00011/19/2015 240,999.15 1.974 2.001245,000.00
Security State Bank1774 NCD 245,000.0081489TAS5 04/07/2022 1,1022.10004/07/2017 240,364.60 2.072 2.101245,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 1,5052.95005/15/2018 245,580.65 2.911 2.951245,000.00
Summit Community Bank1888 NCD 245,000.0086604XMN3 01/26/2022 1,0312.25001/26/2018 242,008.55 2.220 2.251245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 1,5331.80006/10/2016 235,344.55 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 9321.50010/19/2016 237,931.75 1.480 1.500245,000.00
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 1,2982.10010/20/2017 239,004.85 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 1,1142.00004/19/2017 239,563.45 1.973 2.001245,000.00
Stockman Bank1557 NCD 245,000.0086128QBX5 03/30/2023 1,4592.00003/30/2016 239,406.65 1.973 2.000245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 7422.40004/11/2014 245,918.75 2.367 2.400245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 1,5302.15006/09/2017 237,806.80 2.121 2.151245,000.00
Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 1,7782.65002/10/2017 241,815.00245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 1,1842.00006/28/2017 239,073.45 1.972 2.000245,000.00
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 1,0252.25006/15/2017 246,997.50 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 1,0652.05003/01/2017 240,352.35 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 1,7301.70006/24/2016 234,337.60 1.676 1.700245,000.00
United Bankers' Bank1379 NCD 245,000.00909557EA4 04/29/2019 281.80008/29/2014 244,911.80 1.776 1.800245,000.00
United Community Bank1694 NCD 245,000.0090983WBD2 03/28/2022 1,0921.60009/29/2016 237,390.30 1.577 1.599245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 6971.60002/26/2016 243,424.65 1.579 1.601245,000.00
Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 2731.85012/29/2014 244,345.85 1.824 1.850245,000.00
Washington Trst Westerly1345 NCD 245,000.00940637GJ4 07/31/2019 1211.90007/31/2014 244,683.95 1.873 1.900245,000.00
Northwest Bank1308 NCD 245,000.0066736AAK5 05/29/2019 581.65005/29/2014 244,872.60 1.628 1.650245,000.00
Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 3602.10009/26/2014 244,078.80 2.071 2.100245,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 1,0592.05002/23/2017 240,423.40 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 8211.60006/30/2016 240,033.85 1.578 1.600245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1,2152.35008/12/2015 243,875.45 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 1,1362.05008/11/2017 239,766.80 2.021 2.050245,000.00
Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 2531.90012/08/2014 249,067.50 1.873 1.899250,000.00
Subtotal and Average 49,813,082.25 49,818,000.00 49,245,997.62 2.030 2.059 895
Corporate Medium Term Bonds
Apple, Inc.1342 MTN 2,000,000.00037833AQ3 05/06/2019 352.10007/15/2014 1,999,020.00 1.982 2.0102,000,165.40
Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 3121.55008/13/2015 744,202.50 1.980 2.008747,218.70
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 4012.00011/05/2015 1,492,815.00 1.854 1.8791,501,886.06
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 6942.25002/23/2016 697,480.00 2.140 2.169700,986.63
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 7793.62507/11/2016 102,532.00 1.271 1.288104,815.38
Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 7793.62507/11/2016 969,952.72 1.271 1.288991,553.47
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 7793.62507/12/2016 1,537,980.00 1.238 1.2551,573,313.89
Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 7793.62501/11/2017 893,053.72 2.012 2.040899,036.10
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Corporate Medium Term Bonds
Alphabet (Google) Inc.1895 MTN 1,000,000.0002079KAA5 05/19/2021 7793.62501/10/2018 1,025,320.00 2.189 2.2191,028,722.76
Alphabet (Google) Inc.1931 MTN 382,000.0002079KAA5 05/19/2021 7793.62502/14/2018 391,672.24 2.377 2.410391,460.44
Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 2481.87511/24/2014 1,989,360.00 1.874 1.9001,999,676.64
Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 2481.87512/08/2014 1,492,020.00 1.824 1.8501,500,240.13
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 7001.65006/07/2016 983,990.00 1.530 1.5511,001,773.59
Johnson & Johnson1900 MTN 500,000.00478160BS2 03/01/2021 7001.65001/12/2018 491,995.00 2.179 2.210494,839.81
Microsoft Corporation1448 MTN 2,000,000.00594918AY0 02/12/2020 3171.85002/12/2015 1,990,480.00 1.785 1.8102,000,649.27
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 5822.00011/05/2015 1,986,700.00 1.913 1.9402,001,781.54
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 5822.00001/07/2016 894,015.00 1.887 1.913901,174.31
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 1,0422.40012/11/2017 99,857.00 2.292 2.324100,203.63
Subtotal and Average 19,939,497.75 19,749,000.00 19,782,445.18 1.830 1.856 482
Federal Agency Bonds
Federal Agricultural Mortgage1052 1,500,000.0031315PTW9 04/10/2019 91.87004/10/2012 1,499,805.00 1.844 1.8701,500,000.00
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 9732.00011/29/2012 1,486,485.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 1,1912.20012/13/2012 1,493,805.00 1.930 1.9571,510,789.58
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 1,3302.00012/19/2012 740,745.00 2.081 2.110747,301.70
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 2701.48012/27/2012 1,489,950.00 1.395 1.4151,500,682.42
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 1,3662.18001/04/2013 1,490,295.00 2.165 2.1961,499,195.88
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 2734.50001/04/2013 751,455.20 1.514 1.535755,486.49
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 7923.84001/04/2013 515,535.00 1.946 1.973518,549.16
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 1,3662.18001/08/2013 1,490,295.00 2.195 2.2251,497,716.04
Federal Agricultural Mortgage1142 1,200,000.0031315PTW9 04/10/2019 91.87001/09/2013 1,199,844.00 1.400 1.4201,200,128.70
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 1,3662.18001/23/2013 1,490,295.00 2.111 2.1411,501,954.60
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 1,3662.18001/28/2013 2,578,210.35 2.199 2.2292,590,664.50
Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 3401.41001/15/2014 1,485,765.00 2.462 2.4961,486,015.91
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 5272.80001/15/2014 1,508,805.00 2.635 2.6721,502,508.86
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 7084.16003/06/2014 310,149.00 2.574 2.609308,191.33
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 7252.50003/26/2014 1,503,735.00 2.495 2.5301,499,170.09
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 1,1912.20004/23/2014 1,244,837.50 2.889 2.9301,223,707.62
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 3681.47510/15/2014 495,100.00 1.857 1.882498,059.40
Federal Agricultural Mortgage1406 1,500,000.0031315PA58 11/20/2019 2331.31011/07/2014 1,489,905.00 1.854 1.8801,494,833.29
Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 2331.84011/20/2014 1,993,200.00 1.814 1.8402,000,000.00
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 2331.84011/20/2014 1,494,900.00 1.848 1.8731,499,694.67
Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 2661.85012/23/2014 1,494,090.00 1.851 1.8761,499,722.72
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 7652.51001/09/2015 676,977.75 2.110 2.140679,863.65
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 1,8223.33001/09/2015 421,557.84 2.540 2.575417,448.89
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 1,5332.61001/22/2015 1,620,633.48 2.269 2.3011,622,809.72
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 1,5332.61002/09/2015 1,465,036.50 2.377 2.4101,460,951.10
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 1,0652.15003/05/2015 994,750.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1552 Call 1,500,000.003132X0EU1 01/27/2026 2,4932.93002/26/2016 1,501,155.00 2.831 2.8701,505,220.12
Federal Agricultural Mortgage1554 Call 1,500,000.003132X0EU1 01/27/2026 2,4932.93003/02/2016 1,501,155.00 2.878 2.9181,501,033.38
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 1,3942.13004/06/2016 992,770.00 1.839 1.8641,009,444.42
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 2,3174.35004/08/2016 524,419.38 2.296 2.328528,342.49
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 1,8573.30004/21/2016 1,563,585.00 2.084 2.1121,582,843.91
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 1,8573.30004/26/2016 1,563,585.00 2.159 2.1891,577,240.59
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 1,3662.18005/26/2016 496,765.00 1.844 1.870505,415.79
Federal Agricultural Mortgage1655 1,500,000.0031315PQT9 03/06/2020 3401.41007/01/2016 1,485,765.00 0.992 1.0051,505,523.71
Federal Agricultural Mortgage1663 510,000.0031315PQT9 03/06/2020 3401.41007/21/2016 505,160.10 1.135 1.150511,200.14
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1,2012.38007/25/2016 2,002,900.00 1.499 1.5202,053,869.25
Federal Agricultural Mortgage1681 1,750,000.003132X0BG5 06/15/2020 4411.75008/24/2016 1,737,400.00 1.136 1.1521,762,305.45
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 6651.55010/03/2016 1,478,115.00 1.256 1.2741,507,287.97
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 2,5004.81010/18/2016 1,710,090.00 2.131 2.1601,744,985.56
Federal Agricultural Mortgage1736 Call 1,000,000.003130H0BL6 01/01/2027 2,8323.20001/19/2017 1,000,980.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 1,0592.10002/23/2017 993,380.00 2.034 2.0631,001,010.16
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 1,0592.10003/02/2017 1,490,070.00 2.085 2.1141,499,389.11
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 1,1012.07504/06/2017 1,488,990.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 6931.90004/12/2017 991,340.00 1.781 1.8051,001,707.89
Federal Agricultural Mortgage1784 Call 1,500,000.003132X0QC8 02/23/2027 2,8853.25004/27/2017 1,502,550.00 3.200 3.2451,500,449.69
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 1,0082.10005/04/2017 993,570.00 1.938 1.9651,003,533.15
Federal Agricultural Mortgage1789 Call 1,000,000.003130H0BN2 05/01/2027 2,9523.20005/11/2017 1,000,280.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1792 Call 1,500,000.003132X0QC8 02/23/2027 2,8853.25005/09/2017 1,502,550.00 3.201 3.2451,500,000.00
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 1,1912.20006/14/2017 995,870.00 1.908 1.9341,008,200.59
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 1,1851.88006/29/2017 1,478,955.00 1.903 1.9301,497,683.47
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 1,1851.88006/29/2017 985,970.00 1.923 1.949997,846.34
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage1850 Call 1,500,000.003130H0BR3 09/01/2027 3,0753.05009/28/2017 1,501,050.00 3.008 3.0501,500,000.00
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 1,9712.25010/06/2017 986,610.00 2.332 2.365994,292.39
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 1,3512.26012/12/2017 1,494,765.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1889 2,000,000.003132X0D57 01/08/2021 6482.12001/08/2018 1,991,240.00 2.090 2.1202,000,000.00
Federal Agricultural Mortgage1891 Call 1,000,000.003132X0E49 01/10/2028 3,2063.28001/10/2018 1,000,880.00 3.235 3.2801,000,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 1,9492.62501/09/2018 1,009,550.00 2.546 2.5811,002,105.33
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 1,9492.62501/11/2018 1,514,325.00 2.623 2.6601,497,435.58
Federal Agricultural Mortgage1911 1,500,000.003132X0G21 02/03/2020 3082.10002/02/2018 1,496,040.00 2.093 2.1231,499,717.27
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 1,4002.50001/30/2018 2,012,500.00 2.472 2.5071,999,479.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 1,4002.50001/30/2018 1,509,375.00 2.481 2.5151,499,147.32
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 1,4002.50001/31/2018 2,012,500.00 2.556 2.5921,993,420.64
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 1,3942.13002/08/2018 1,092,047.00 2.578 2.6141,081,057.83
Federal Agricultural Mortgage1927 1,000,000.003132X0H79 02/22/2021 6932.35002/22/2018 999,630.00 2.327 2.360999,817.14
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 1,4232.60002/22/2018 1,514,865.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1930 1,000,000.003132X0G21 02/03/2020 3082.10002/09/2018 997,360.00 2.174 2.205999,141.72
Federal Agricultural Mortgage1935 1,000,000.003132X0G21 02/03/2020 3082.10002/15/2018 997,360.00 2.238 2.269998,613.70
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 1,4222.77002/23/2018 1,524,525.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1957 Call 1,000,000.003130H0CB7 10/01/2028 3,4714.00010/25/2018 1,003,160.00 3.945 4.0001,000,000.00
Federal Agricultural Mortgage1963 Call 1,500,000.003132X06X4 11/01/2023 1,6753.50011/01/2018 1,506,180.00 3.452 3.5001,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 1,7653.46012/14/2018 575,703.36 3.018 3.060558,735.88
Federal Agricultural Mortgage2020 Call 1,500,000.0031422BBN9 01/22/2029 3,5843.87501/22/2019 1,502,955.00 3.821 3.8751,500,000.00
Federal Farm Credit Bank1092 1,500,000.003133EAUF3 06/14/2019 741.50006/14/2012 1,497,405.00 1.479 1.5001,500,000.00
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 5472.87509/29/2010 1,007,950.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 1,5272.45001/09/2014 502,325.00 3.383 3.430482,612.74
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 1,5772.12501/27/2016 619,631.25 2.024 2.052626,814.84
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 1,0785.16003/17/2016 540,400.00 1.876 1.902545,247.97
Federal Farm Credit Bank .1565 Call 1,000,000.003133EFT98 03/28/2025 2,1882.62003/28/2016 989,200.00 2.596 2.632999,334.26
Federal Farm Credit Bank .1582 Call 1,500,000.003133EF3D7 04/21/2025 2,2122.54004/21/2016 1,482,510.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1584 Call 1,500,000.003133EF3D7 04/21/2025 2,2122.54004/21/2016 1,482,510.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1585 Call 1,500,000.003133EF4A2 04/19/2022 1,1141.92004/19/2016 1,482,765.00 1.893 1.9201,500,000.00
Federal Farm Credit Bank .1591 Call 1,500,000.003133EF2D8 04/13/2026 2,5692.64004/19/2016 1,470,390.00 2.603 2.6391,500,000.00
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 9671.61004/21/2016 245,422.50 1.558 1.580250,188.08
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 1,1381.87504/21/2016 986,880.00 1.578 1.6001,008,134.76
Federal Farm Credit Bank .1598 Call 1,000,000.003133EFX44 10/05/2022 1,2832.05004/22/2016 989,020.00 2.021 2.0491,000,000.00
Federal Farm Credit Bank .1603 Call 1,930,000.003133EFYV3 02/17/2026 2,5142.82004/26/2016 1,918,034.00 2.722 2.7601,936,902.09
Federal Farm Credit Bank .1606 Call 1,605,000.003133EFYF8 02/10/2025 2,1422.73004/28/2016 1,589,880.90 2.621 2.6571,610,994.84
Federal Farm Credit Bank .1609 Call 1,000,000.003133EF6T9 05/12/2025 2,2332.47005/12/2016 986,120.00 2.436 2.4701,000,000.00
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 2,0832.12505/13/2016 985,180.00 1.930 1.9561,008,779.11
Federal Farm Credit Bank .1623 Call 1,500,000.003133EGEB7 06/09/2026 2,6262.57006/09/2016 1,459,155.00 2.534 2.5701,500,000.00
Federal Farm Credit Bank .1630 Call 1,000,000.003133EF2D8 04/13/2026 2,5692.64006/13/2016 980,260.00 2.522 2.5571,005,078.31
Federal Farm Credit Bank .1634 Call 1,000,000.003133EF2D8 04/13/2026 2,5692.64006/16/2016 980,260.00 2.489 2.5241,007,158.61
Federal Farm Credit Bank .1638 Call 2,000,000.003133EGGR0 06/22/2026 2,6392.50006/22/2016 1,943,160.00 2.582 2.6182,000,000.00
Federal Farm Credit Bank .1641 Call 1,500,000.003133EGHN8 06/30/2025 2,2822.42006/30/2016 1,468,980.00 2.386 2.4201,500,000.00
Federal Farm Credit Bank .1647 Call 1,500,000.003133EGJH9 01/06/2025 2,1072.24007/06/2016 1,464,540.00 2.209 2.2401,500,000.00
Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 4621.00007/06/2016 1,474,635.00 0.986 1.0001,500,000.00
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 1,0785.16007/08/2016 540,400.00 1.215 1.232555,836.08
Federal Farm Credit Bank .1664 Call 1,500,000.003133EGFB6 06/16/2025 2,2682.36007/25/2016 1,464,780.00 2.309 2.3411,501,570.99
Federal Farm Credit Bank .1675 Call 1,500,000.003133EGQA6 11/08/2023 1,6821.85008/09/2016 1,468,050.00 1.859 1.8851,497,761.24
Federal Farm Credit Bank .1679 Call 1,350,000.003133EGQH1 08/10/2026 2,6882.14008/18/2016 1,310,998.50 2.110 2.1391,350,000.00
Federal Farm Credit Bank .1701 Call 1,625,000.003133EGXB6 10/05/2026 2,7442.14010/06/2016 1,575,177.50 2.154 2.1841,620,116.42
Federal Farm Credit Bank .1705 Call 1,000,000.003133EGYL3 10/17/2025 2,3912.09010/17/2016 975,140.00 2.061 2.0901,000,000.00
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 9955.05004/12/2017 535,735.00 1.884 1.910540,682.76
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 1,8202.30005/04/2017 897,975.00 2.274 2.306899,733.18
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 2,0162.91006/21/2017 513,615.00 2.143 2.172518,699.11
Federal Farm Credit Bank .1826 Call 1,000,000.003133EHGK3 04/24/2025 2,2152.85006/22/2017 1,000,000.00 2.798 2.8361,000,000.00
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 1,3162.93009/14/2017 454,269.35 1.870 1.896460,692.51
Federal Farm Credit Bank .1845 Call 506,000.003133EFYK7 02/08/2023 1,4092.29009/14/2017 501,182.88 2.260 2.291505,963.90
Federal Farm Credit Bank .1846 Call 1,500,000.003133EHZL0 09/20/2027 3,0942.92009/20/2017 1,489,125.00 2.880 2.9201,500,000.00
Federal Farm Credit Bank .1848 Call 1,000,000.003133EGCR4 06/01/2023 1,5222.07009/18/2017 989,640.00 2.135 2.165996,281.05
Federal Farm Credit Bank .1849 Call 1,000,000.003133EHTZ6 08/09/2027 3,0522.95009/18/2017 995,040.00 2.909 2.9491,000,000.00
Federal Farm Credit Bank .1859 Call 1,000,000.003133EHD59 04/10/2026 2,5662.90010/10/2017 994,170.00 2.860 2.9001,000,000.00
Federal Farm Credit Bank .1870 Call 1,000,000.003133EHG31 04/19/2027 2,9403.00010/19/2017 990,600.00 2.958 3.0001,000,000.00
Federal Farm Credit Bank .1871 Call 1,000,000.003133EHG72 10/18/2027 3,1223.08010/18/2017 997,050.00 3.037 3.0801,000,000.00
Federal Farm Credit Bank .1874 Call 1,500,000.003133EHJ20 10/23/2024 2,0322.68010/23/2017 1,500,000.00 2.643 2.6801,500,000.00
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 12
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Farm Credit Bank .1875 Call 675,000.003133EHZL0 09/20/2027 3,0942.92010/18/2017 670,106.25 2.958 3.000671,061.31
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 9531.70012/29/2017 590,502.00 2.161 2.191592,671.45
Federal Farm Credit Bank .1887 Call 1,500,000.003133EH3K7 06/21/2027 3,0033.10001/03/2018 1,491,885.00 3.102 3.1461,495,114.44
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 1,4172.57002/16/2018 1,513,440.00 2.605 2.6421,496,103.66
Federal Farm Credit Bank .1954 Call 1,500,000.003133EJNJ4 05/07/2024 1,8633.47005/07/2018 1,501,260.00 3.422 3.4701,500,000.00
Federal Farm Credit Bank .1977 Call 1,000,000.003133EJMY2 05/01/2028 3,3183.87511/08/2018 1,000,190.00 3.910 3.965993,233.89
Federal Farm Credit Bank .1997 Call 1,500,000.003133EJZ93 12/05/2028 3,5364.07012/10/2018 1,508,985.00 3.946 4.0011,508,183.03
Federal Farm Credit Bank .2004 1,500,000.003133EJ2R9 12/14/2020 6232.75012/20/2018 1,510,230.00 2.663 2.7001,501,223.42
Federal Farm Credit Bank .2009 Call 1,500,000.003133EJG78 10/16/2024 2,0253.64001/04/2019 1,505,625.00 3.496 3.5451,507,021.31
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 1,6202.15001/15/2019 496,075.00 2.656 2.693488,734.93
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 1,6832.13001/15/2019 644,046.00 2.662 2.699634,102.37
Federal Farm Credit Bank .2030 Call 1,500,000.003133EKBT2 02/28/2029 3,6213.62503/01/2019 1,500,645.00 3.604 3.6551,496,281.28
Federal Farm Credit Bank .2033 Call 1,000,000.003133EKEK8 03/26/2029 3,6473.52003/26/2019 1,000,360.00 3.471 3.5201,000,000.00
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 1,0612.33003/20/2012 1,501,485.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1049 1,500,000.00313378VG3 05/22/2019 511.85004/09/2012 1,498,815.00 1.824 1.8501,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 5972.00005/18/2012 1,986,800.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 2561.25011/30/2012 1,488,105.00 1.196 1.2121,500,373.57
Federal Home Loan Bank1126 Call 750,000.00313381DA0 12/05/2022 1,3442.19012/05/2012 744,255.00 2.165 2.195749,862.08
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 2561.25012/13/2012 1,488,105.00 1.232 1.2491,500,000.00
Federal Home Loan Bank1146 Call 212,500.00313381DA0 12/05/2022 1,3442.19001/25/2013 210,872.25 2.201 2.232212,202.80
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 9845.00002/25/2013 1,406,471.40 1.825 1.8501,417,434.00
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 6203.12501/09/2014 1,518,090.00 2.615 2.6511,510,912.44
Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 2812.22001/23/2014 1,497,060.00 2.194 2.2251,499,944.00
Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 3472.12502/24/2014 1,495,275.00 2.095 2.1241,500,000.00
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 7111.75003/13/2014 1,483,350.00 2.418 2.4511,481,270.03
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 5292.87504/02/2014 1,509,930.00 2.271 2.3031,511,452.78
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 5972.00004/08/2014 198,680.00 2.263 2.295199,111.61
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 5972.00004/09/2014 546,370.00 2.263 2.295547,555.89
Federal Home Loan Bank1278 325,000.003133XTYY6 06/14/2019 744.37504/22/2014 326,274.00 1.889 1.916326,535.95
Federal Home Loan Bank1314 1,500,000.00313379EE5 06/14/2019 741.62506/04/2014 1,497,630.00 1.700 1.7241,499,711.43
Federal Home Loan Bank1318 1,500,000.00313379EE5 06/14/2019 741.62506/16/2014 1,497,630.00 1.774 1.7991,499,495.97
Federal Home Loan Bank1324 Call 1,250,000.003133836A4 05/22/2019 510.80006/24/2014 1,247,175.00 1.766 1.7911,248,323.32
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Home Loan Bank1332 1,500,000.003130A2FH4 06/14/2019 741.75007/02/2014 1,498,020.00 1.686 1.7101,500,115.52
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 9821.53004/08/2016 1,469,685.00 1.450 1.4701,502,300.89
Federal Home Loan Bank1583 Call 1,690,000.003130A7RS6 04/27/2026 2,5832.65004/27/2016 1,667,083.60 2.619 2.6551,689,402.40
Federal Home Loan Bank1587 Call 1,500,000.003130A7TA3 04/28/2023 1,4882.07004/28/2016 1,482,525.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 7111.75004/27/2016 988,900.00 1.490 1.5111,004,457.64
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 6791.75006/02/2016 494,410.00 1.476 1.496502,258.34
Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 6205.25006/02/2016 418,888.00 1.461 1.481424,616.89
Federal Home Loan Bank1628 Call 1,500,000.003130A8F99 06/15/2026 2,6322.58006/15/2016 1,469,550.00 2.544 2.5801,500,000.00
Federal Home Loan Bank1632 Call 2,000,000.003130A8J46 06/29/2026 2,6462.52006/29/2016 1,958,800.00 2.485 2.5202,000,000.00
Federal Home Loan Bank1633 Call 1,363,636.273130A8J79 12/27/2024 2,0972.35006/27/2016 1,335,736.27 2.317 2.3501,363,636.27
Federal Home Loan Bank1635 Call 1,500,000.003130A8JG9 06/22/2023 1,5432.07006/22/2016 1,481,790.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1637 Call 909,091.003130A8J79 12/27/2024 2,0972.35006/27/2016 890,491.00 2.317 2.350909,091.00
Federal Home Loan Bank1640 Call 1,500,000.003130A8JX2 06/29/2026 2,6462.54006/29/2016 1,463,610.00 2.505 2.5401,500,000.00
Federal Home Loan Bank1643 Call 1,500,000.003130A8HF3 09/23/2025 2,3672.44006/23/2016 1,462,545.00 2.430 2.4641,497,899.10
Federal Home Loan Bank1644 Call 1,500,000.003130A8HT3 12/29/2025 2,4642.47006/29/2016 1,450,605.00 2.451 2.4851,498,647.56
Federal Home Loan Bank1648 Call 1,500,000.003130A8J46 06/29/2026 2,6462.52006/29/2016 1,469,100.00 2.425 2.4591,500,326.00
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 9842.87506/28/2016 253,407.50 1.232 1.249260,540.10
Federal Home Loan Bank1651 Call 1,500,000.003130A8MQ3 10/12/2022 1,2901.87507/12/2016 1,474,335.00 1.849 1.8751,500,000.00
Federal Home Loan Bank1652 Call 980,000.003130A8F99 06/15/2026 2,6322.58006/29/2016 960,106.00 2.524 2.560981,234.91
Federal Home Loan Bank1661 Call 1,000,000.003130A8SJ3 11/01/2024 2,0412.15008/01/2016 978,940.00 2.120 2.1501,000,000.00
Federal Home Loan Bank1662 Call 1,500,000.003130A8R54 07/28/2023 1,5791.80007/28/2016 1,444,410.00 1.795 1.8201,498,786.84
Federal Home Loan Bank1667 Call 1,500,000.003130A8VP5 08/23/2024 1,9712.00008/23/2016 1,451,790.00 1.972 2.0001,500,000.00
Federal Home Loan Bank1668 Call 1,500,000.003130A8VN0 11/17/2023 1,6911.94008/17/2016 1,473,150.00 1.913 1.9401,500,000.00
Federal Home Loan Bank1690 Call 1,000,000.003130A94L2 09/02/2026 2,7112.12509/15/2016 955,110.00 2.129 2.158997,766.10
Federal Home Loan Bank1695 Call 1,500,000.003130A9N64 10/06/2026 2,7452.15010/06/2016 1,437,660.00 2.120 2.1501,500,000.00
Federal Home Loan Bank1697 Call 1,000,000.003130A9N64 10/06/2026 2,7452.15010/06/2016 958,440.00 2.131 2.161999,248.61
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 1,4072.13010/05/2016 497,020.00 1.578 1.600509,654.32
Federal Home Loan Bank1700 Call 1,500,000.003130A9P62 10/13/2026 2,7522.20010/13/2016 1,438,815.00 2.169 2.2001,500,000.00
Federal Home Loan Bank1702 Call 2,000,000.003130A9PT2 10/26/2026 2,7652.23010/26/2016 1,916,220.00 2.199 2.2302,000,000.00
Federal Home Loan Bank1706 Call 310,000.003130A9PT2 10/26/2026 2,7652.23010/26/2016 297,014.10 2.214 2.245309,685.57
Federal Home Loan Bank1707 Call 1,000,000.003130A9RH6 10/20/2026 2,7592.30010/20/2016 963,130.00 2.270 2.302999,848.94
Federal Home Loan Bank1709 Call 1,000,000.003130A9RH6 10/20/2026 2,7592.30010/20/2016 963,130.00 2.271 2.302999,811.18
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Home Loan Bank1713 Call 2,000,000.003130A9XC0 11/17/2026 2,7872.36011/17/2016 1,941,520.00 2.327 2.3602,000,000.00
Federal Home Loan Bank1716 Call 1,500,000.003130A9XC0 11/17/2026 2,7872.36011/17/2016 1,456,140.00 2.361 2.3931,496,567.50
Federal Home Loan Bank1717 Call 1,500,000.003130AA2Z0 11/23/2026 2,7932.69011/23/2016 1,461,240.00 2.653 2.6901,500,000.00
Federal Home Loan Bank1718 Call 205,000.003130AA2Z0 11/23/2026 2,7932.69011/23/2016 199,702.80 2.682 2.720204,589.42
Federal Home Loan Bank1719 Call 1,500,000.003130A7C29 02/24/2026 2,5212.75011/16/2016 1,493,985.00 2.712 2.7491,500,000.00
Federal Home Loan Bank1720 Call 1,500,000.003130AAAZ1 12/14/2026 2,8142.90012/14/2016 1,489,095.00 2.860 2.9001,500,000.00
Federal Home Loan Bank1724 Call 800,000.003130AAEX2 12/28/2021 1,0022.15012/28/2016 794,760.00 2.120 2.150800,000.00
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 9731.87512/16/2016 989,360.00 2.168 2.198991,845.99
Federal Home Loan Bank1741 Call 315,000.003130AAAZ1 12/14/2026 2,8142.90001/27/2017 312,709.95 3.008 3.050311,868.97
Federal Home Loan Bank1751 Call 325,000.003130A8HF3 09/23/2025 2,3672.44002/15/2017 316,884.75 2.836 2.875316,926.82
Federal Home Loan Bank1752 Call 250,000.003130A7C29 02/24/2026 2,5212.75002/15/2017 248,997.50 2.958 3.000246,245.69
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 9845.00003/10/2017 2,042,859.60 2.150 2.1802,046,980.11
Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 1,0752.25004/12/2017 998,080.00 1.903 1.9301,008,934.20
Federal Home Loan Bank1823 Call 1,500,000.003130ABJW7 06/27/2024 1,9142.55006/27/2017 1,497,975.00 2.515 2.5501,500,000.00
Federal Home Loan Bank1847 Call 500,000.003130A7TA3 04/28/2023 1,4882.07009/18/2017 494,175.00 2.131 2.161498,257.03
Federal Home Loan Bank1854 Call 1,500,000.003130ACH64 10/26/2022 1,3042.25010/26/2017 1,492,125.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1860 Call 500,000.003130AAWE4 03/08/2022 1,0722.22009/28/2017 497,585.00 2.116 2.146501,027.27
Federal Home Loan Bank1861 Call 800,000.003130ABAF3 05/11/2027 2,9623.00009/29/2017 800,008.00 2.958 2.999800,000.00
Federal Home Loan Bank1862 Call 1,000,000.003130ACK94 10/10/2024 2,0192.53010/10/2017 994,070.00 2.495 2.5301,000,000.00
Federal Home Loan Bank1873 Call 1,500,000.003130ACMH4 10/16/2024 2,0252.50010/16/2017 1,493,625.00 2.465 2.5001,500,000.00
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 1,7122.25001/03/2018 996,640.00 2.359 2.392993,805.11
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 1,6212.37501/09/2018 1,002,360.00 2.376 2.409998,584.32
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 1,3872.38001/18/2018 501,575.00 2.385 2.418499,316.62
Federal Home Loan Bank1918 1,000,000.003130ADJH6 01/29/2020 3032.10001/29/2018 997,180.00 2.083 2.112999,903.15
Federal Home Loan Bank1971 Call 1,000,000.003130AELU2 07/16/2027 3,0283.84011/01/2018 1,000,990.00 3.847 3.900995,715.31
Federal Home Loan Bank1979 Call 1,500,000.003130AFFJ1 11/21/2028 3,5224.08011/21/2018 1,506,225.00 4.024 4.0801,500,000.00
Federal Home Loan Bank1996 Call 1,000,000.003130AFG84 11/29/2028 3,5303.87512/06/2018 1,014,860.00 3.823 3.876999,903.20
Fed. Home Loan Mortgage Corp.1106 1,500,000.003134G3A91 08/22/2019 1431.40008/22/2012 1,494,000.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 2691.50009/26/2012 1,488,945.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 9842.00004/10/2014 1,985,120.00 2.564 2.6001,970,873.83
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 9842.00004/22/2014 992,560.00 2.643 2.680983,539.69
Fed. Home Loan Mortgage Corp.1282 300,000.003134G3A91 08/22/2019 1431.40005/01/2014 298,800.00 1.914 1.941299,397.93
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 3471.65005/02/2014 297,798.00 2.053 2.082298,845.20
Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 2341.45005/02/2014 297,981.00 1.938 1.965299,068.03
Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 3531.50005/06/2014 991,120.00 2.041 2.070994,835.17
Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 4171.50005/06/2014 989,870.00 2.091 2.120993,387.36
Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 2691.50005/13/2014 992,630.00 1.945 1.972996,725.16
Fed. Home Loan Mortgage Corp.1352 1,000,000.003134G43G1 05/07/2019 361.20007/25/2014 998,760.00 1.765 1.790999,436.83
Fed. Home Loan Mortgage Corp.1678 Call 1,000,000.003134GAEF7 09/29/2021 9121.65009/29/2016 983,020.00 1.627 1.6501,000,000.00
Fed. Home Loan Mortgage Corp.1828 Call 1,500,000.003134GBNX6 05/28/2021 7882.00006/28/2017 1,488,195.00 1.969 1.9961,500,000.00
Fed. Home Loan Mortgage Corp.1835 Call 1,500,000.003134GBXU1 07/27/2022 1,2132.25007/27/2017 1,485,015.00 2.219 2.2501,500,000.00
Fed. Home Loan Mortgage Corp.1836 Call 1,000,000.003134GBXU1 07/27/2022 1,2132.25007/27/2017 990,010.00 2.219 2.2501,000,000.00
Fed. Home Loan Mortgage Corp.1837 Call 1,000,000.003134GBXU1 07/27/2022 1,2132.25007/27/2017 990,010.00 2.234 2.265999,501.67
Fed. Home Loan Mortgage Corp.1853 Call 660,000.003134GBK92 10/12/2022 1,2902.20010/12/2017 656,251.20 2.169 2.200660,000.00
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 5642.35004/16/2012 1,998,920.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 3952.00004/30/2012 1,990,520.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 3952.05004/30/2012 1,493,820.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 5782.00004/30/2012 1,987,940.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 5152.00004/08/2014 1,492,290.00 2.172 2.2021,496,028.87
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 7601.75004/16/2014 987,240.00 2.364 2.397987,674.31
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 7391.75005/02/2014 246,977.50 2.452 2.486246,597.61
Federal National Mortgage Asso1315 1,200,000.003136G0YK1 08/28/2019 1491.50006/05/2014 1,195,248.00 1.815 1.8401,198,416.80
Federal National Mortgage Asso1317 1,000,000.003136G02P5 04/29/2019 281.20006/12/2014 999,020.00 1.765 1.790999,562.38
Federal National Mortgage Asso1546 Call 1,000,000.003136G3AN5 03/16/2021 7151.75003/16/2016 997,690.00 1.578 1.6001,000,000.00
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 7532.28006/30/2016 998,420.00 1.171 1.1871,021,822.42
Federal National Mortgage Asso1669 Call 1,350,000.003136G3XZ3 07/28/2021 8491.50007/28/2016 1,326,267.00 1.505 1.5261,349,215.31
Federal National Mortgage Asso1687 Call 1,050,000.003136G36A8 09/27/2024 2,0062.00009/27/2016 1,030,302.00 1.972 2.0001,050,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 2,5867.12511/10/2016 649,470.00 2.367 2.400648,828.78
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 1,2432.00012/29/2017 495,015.00 2.238 2.270495,659.54
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 1,2832.00001/09/2018 990,570.00 2.288 2.320989,404.92
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 1,2832.00001/19/2018 990,570.00 2.409 2.443985,380.68
Federal National Mortgage Asso1922 1,000,000.003136G0P62 10/15/2020 5631.50002/05/2018 985,450.00 2.268 2.300988,122.70
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 1,3892.37502/08/2018 1,504,035.00 2.574 2.6101,487,505.08
Federal National Mortgage Asso1960 250,000.003136G33H6 08/24/2026 2,7022.10010/24/2018 242,605.00 3.603 3.653225,211.44
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 6863.87512/14/2012 513,490.00 1.596 1.618519,711.23
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1,2321.87512/14/2012 993,537.00 1.893 1.9201,008,603.37
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 6863.87501/23/2013 1,540,470.00 1.647 1.6691,557,709.22
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 6863.87503/12/2014 1,191,296.80 2.427 2.4611,188,068.46
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 2,4066.75011/20/2015 1,247,150.00 2.807 2.8461,222,419.97
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 1,9942.87501/15/2016 767,580.00 2.564 2.600760,004.12
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 2,4066.75004/18/2016 966,541.25 2.337 2.370973,960.74
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1,2321.87510/07/2016 1,465,713.00 1.538 1.5601,505,059.53
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 2,4066.75011/10/2016 1,558,937.50 2.317 2.3501,574,728.88
Subtotal and Average 299,094,549.27 297,217,227.27 296,737,749.56 2.277 2.308 1,527
Treasury Securities (Notes)
U.S. Treasury1284 TB 1,500,000.00912828TH3 07/31/2019 1210.87505/02/2014 1,491,975.00 1.726 1.7501,495,860.18
U.S. Treasury1285 TB 1,500,000.00912828TN0 08/31/2019 1521.00005/02/2014 1,490,805.00 1.755 1.7801,495,375.36
U.S. Treasury1289 TB 1,500,000.00912828SX9 05/31/2019 601.12505/05/2014 1,496,685.00 1.692 1.7161,498,610.46
U.S. Treasury1299 TB 1,500,000.00912828SX9 05/31/2019 601.12505/13/2014 1,496,685.00 1.654 1.6771,498,699.75
U.S. Treasury1316 TB 1,500,000.00912828TC4 06/30/2019 901.00006/10/2014 1,494,375.00 1.687 1.7111,497,491.83
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 1,0641.75003/09/2017 1,479,255.00 2.071 2.1001,485,545.70
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 1,2781.75010/06/2017 1,475,505.00 1.914 1.9411,490,485.57
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 1,4011.75001/11/2018 1,473,225.00 2.308 2.3401,468,147.36
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 1,3702.12501/22/2018 1,493,850.00 2.387 2.4201,484,425.89
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 1,4011.75002/05/2018 1,473,225.00 2.560 2.5961,454,610.60
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 1,4011.75002/08/2018 982,150.00 2.487 2.521972,335.69
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 1,4291.50002/09/2018 972,500.00 2.534 2.570960,963.13
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 1,4291.50002/15/2018 972,500.00 2.601 2.638958,551.23
Subtotal and Average 17,761,102.75 18,000,000.00 17,792,735.00 2.065 2.094 813
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 8532.38110/30/2015 998,530.00 2.120 2.1501,005,037.57
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 2,2533.36512/24/2018 522,240.70 3.175 3.220509,040.22
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 1,2182.60805/09/2017 220,475.20 2.266 2.298222,113.96
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 1,1572.87501/26/2018 324,080.00 2.486 2.520323,385.12
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 2,3146.23802/24/2016 819,746.20 3.557 3.606832,372.81
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 8534.58402/24/2016 312,771.00 2.130 2.159315,944.44
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 8534.58403/04/2016 1,303,212.50 2.138 2.1681,316,122.61
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 8534.58402/17/2017 364,899.50 2.317 2.350367,252.00
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 2,6795.23409/27/2017 348,233.75 2.850 2.890350,960.13
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 8532.78101/27/2016 502,295.00 2.012 2.040508,135.38
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 1,2182.97111/30/2017 55,682.00 2.416 2.45055,896.36
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 1,1873.50005/03/2018 1,549,740.00 2.927 2.9671,524,204.47
State of Delaware1970 MUN 500,000.002463804C0 10/01/2020 5494.60011/02/2018 504,935.00 3.668 3.719506,309.14
Federal Home Loan Bank2032 Call 1,095,000.003130AFYF8 03/06/2026 2,5313.35003/14/2019 1,095,295.65 3.301 3.3471,095,000.00
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 2,4986.08006/28/2016 606,900.00 2.994 3.035620,375.76
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 2,6793.16002/14/2018 1,018,561.60 3.028 3.0701,000,732.92
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 2,3143.04002/14/2018 763,567.50 2.959 3.000751,680.09
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 1,2793.57005/17/2016 516,840.00 1.878 1.904527,397.04
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 1,4023.25006/27/2016 374,172.45 1.898 1.925382,328.21
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 2,1332.37507/29/2016 1,798,738.25 1.972 1.9991,861,535.16
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 1,2793.57009/26/2016 397,966.80 1.630 1.653409,532.84
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 2,3754.00004/10/2017 267,487.50 2.739 2.777267,597.94
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 2,7404.31001/26/2018 1,197,886.20 2.979 3.0201,187,583.39
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 2,7404.31003/19/2018 218,792.00 3.204 3.248213,784.36
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 1,6443.74010/25/2018 410,478.90 3.093 3.136399,743.81
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 2,8632.72010/31/2018 344,694.00 3.412 3.460332,469.95
State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 3,1365.01411/30/2018 1,377,672.00 3.649 3.7001,314,346.36
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 2,7403.15010/19/2016 1,061,228.85 2.431 2.4651,092,316.44
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 1,0374.80009/21/2017 237,503.25 2.071 2.100241,361.74
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 1,2791.92103/20/2018 978,520.00 2.584 2.620977,063.52
State of Hawaii1946 MUN 355,000.00419791YP7 02/01/2022 1,0374.80003/21/2018 374,727.35 2.761 2.800373,933.40
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 1,2791.92103/29/2018 1,467,780.00 2.663 2.7001,461,722.26
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 2,1335.23010/25/2018 281,277.50 3.363 3.410273,701.80
State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 3,2285.48011/30/2018 588,880.00 3.687 3.739564,563.34
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 2,4985.33012/06/2018 916,456.00 3.304 3.350895,503.41
State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 1,2791.92101/17/2019 733,890.00 2.613 2.650731,872.15
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 1,6142.64002/14/2017 1,000,980.00 2.784 2.8231,001,200.76
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 18
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 1,2492.44012/11/2017 1,086,163.20 2.355 2.3881,091,806.00
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 2,7103.30011/02/2018 303,150.85 3.530 3.579289,688.46
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 2,7103.50001/07/2019 1,040,890.00 3.077 3.1191,024,867.65
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 3,0135.51603/29/2018 1,768,965.00 3.254 3.3001,734,569.39
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 3,0135.51610/29/2018 501,206.75 3.600 3.650480,628.76
Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 1,1875.18111/07/2018 323,940.00 3.166 3.210317,985.41
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 1,0654.30009/16/2016 506,572.80 1.534 1.555522,161.00
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 1,0792.25003/22/2017 991,790.00 2.219 2.2501,000,000.00
State of Maryland1941 MUN 1,500,000.00574193PU6 03/15/2021 7142.48003/21/2018 1,496,895.00 2.406 2.4401,501,120.89
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 1,4304.40003/20/2018 1,359,936.00 2.633 2.6701,360,724.52
State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 1,9494.20010/19/2018 1,820,299.00 3.413 3.4611,749,859.11
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 2,6013.85012/21/2018 853,140.75 3.452 3.500842,953.05
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 8532.97307/24/2014 503,215.00 2.893 2.933502,350.14
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 3,0443.27209/28/2017 512,425.00 2.791 2.830515,965.28
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 2,6793.17211/05/2018 122,696.40 3.452 3.500117,485.84
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 1,5834.10310/26/2015 1,419,238.50 2.490 2.5251,417,402.41
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 2,7713.75111/07/2018 1,586,355.00 3.378 3.4251,532,187.21
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 2,7713.75111/07/2018 528,785.00 3.402 3.450509,897.91
State of New Hampshire1948 MUN 1,500,000.00644682M37 06/01/2021 7923.50003/22/2018 1,533,615.00 2.544 2.5801,528,491.38
New York St Envrnmntl Facs1942 MUN 1,000,000.0064985HWN3 07/15/2020 4711.43103/15/2018 985,730.00 2.377 2.410987,792.38
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 1,9322.12001/04/2019 441,193.50 2.860 2.900432,958.67
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 1,1712.43802/15/2018 1,991,160.00 2.624 2.6611,986,519.80
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 1,4304.69001/22/2019 1,081,270.00 2.752 2.7911,069,784.99
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 1,4304.69002/08/2019 1,081,270.00 2.751 2.7901,069,873.55
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 7611.57003/09/2016 1,475,865.00 1.548 1.5691,500,000.00
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 1,4912.11009/13/2016 785,240.00 1.764 1.788809,849.25
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 1,4912.11001/31/2017 1,963,100.00 2.485 2.5201,969,175.73
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 1,8274.97106/30/2017 997,371.00 2.416 2.4501,003,943.89
State of Ohio1881 MUN 200,000.00677521GP5 11/01/2020 5803.62512/21/2017 203,746.00 2.179 2.210204,316.50
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 3,0443.12501/25/2018 199,672.00 3.208 3.253198,218.27
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 1,1262.50008/29/2016 569,903.10 1.528 1.550585,919.75
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 2,9835.89211/06/2018 593,050.00 3.516 3.565569,496.34
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 19
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 2,3142.87712/21/2018 302,193.00 3.156 3.200294,502.13
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 2,9835.89201/16/2019 527,814.50 3.537 3.587516,780.76
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 1,7053.43812/06/2018 688,321.55 3.205 3.250670,340.15
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 8532.44105/10/2013 2,002,000.00 2.031 2.0602,016,266.67
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 8532.44105/13/2013 1,801,800.00 2.031 2.0601,814,639.51
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 8532.44105/15/2013 1,991,990.00 2.051 2.0802,005,324.88
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 8532.44101/27/2015 200,200.00 2.041 2.070201,611.19
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 8532.44105/12/2016 1,001,000.00 1.528 1.5501,019,889.09
Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 4882.29109/02/2016 598,752.00 1.290 1.308607,640.48
Palo Alto Unified School Dist.1880 MUN 1,025,000.00697379UD5 08/01/2020 4882.29112/20/2017 1,022,868.00 1.923 1.9501,029,512.18
Rancho Water Dist. Fin. Auth.1992 MUN 430,000.00752111KB9 08/01/2026 2,6792.48911/30/2018 416,179.80 3.318 3.365405,819.95
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 1,5832.50001/11/2018 1,338,673.40 2.436 2.4701,341,609.61
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 1,9492.68001/12/2018 1,470,147.00 2.643 2.6801,460,000.00
Santa Clara Vly Transportation1964 MUN 1,400,000.0080168NEL9 04/01/2021 7314.64910/29/2018 1,457,848.00 3.008 3.0501,442,816.88
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 1,8882.50001/25/2018 460,266.30 2.968 3.010453,914.45
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 2,2532.75001/25/2018 462,940.05 3.008 3.050457,333.83
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 2,6183.00001/25/2018 472,298.30 3.107 3.150465,574.78
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 2,9833.00001/25/2018 279,624.80 3.205 3.250275,096.51
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 1,1714.95002/09/2015 384,771.60 2.416 2.450386,249.97
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 2,2675.45011/27/2015 1,138,870.00 3.067 3.1101,124,786.90
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 2,2672.29011/01/2016 2,052,753.90 2.219 2.2492,109,696.51
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 2,6322.39011/01/2016 237,946.45 2.376 2.410244,682.60
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 2,2672.29007/14/2017 224,291.40 2.682 2.720224,508.56
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 2,6325.60001/16/2019 1,650,991.40 3.304 3.3501,622,308.48
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 3,0753.25003/02/2018 687,208.00 3.451 3.499667,948.13
SF Bay Area Rapid Transit Dist1938 MUN 2,100,000.00797669XU7 07/01/2021 8222.38703/07/2018 2,094,687.00 2.494 2.5282,093,590.84
SF Bay Area Rapid Transit Dist1939 MUN 1,500,000.00797669XU7 07/01/2021 8222.38703/07/2018 1,496,205.00 2.497 2.5311,495,320.30
SF Bay Area Rapid Transit Dist2018 MUN 875,000.00797669XU7 07/01/2021 8222.38701/17/2019 872,786.25 2.544 2.579871,331.50
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 1,5522.62102/25/2019 200,628.00 2.672 2.710199,286.78
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 3,0753.72810/29/2018 329,801.85 3.676 3.727315,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 1,5832.50001/29/2015 573,312.60 2.663 2.700575,535.10
Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 1,2182.90802/19/2019 217,442.40 2.714 2.752216,069.81
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 20
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
San Mateo Union High School Dt1516 MUN 245,000.00799017KT4 09/01/2019 1532.19301/08/2016 244,524.70 1.775 1.800245,386.25
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 8842.72001/19/2016 181,006.20 2.046 2.075182,634.01
San Mateo Union High School Dt1902 MUN 1,000,000.00799017UW6 09/01/2025 2,3452.69901/16/2018 992,320.00 2.786 2.825992,754.43
San Mateo Union High School Dt1940 MUN 1,000,000.00799017UW6 09/01/2025 2,3452.69903/09/2018 992,320.00 2.959 3.000982,803.71
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 3,0443.00002/15/2018 181,942.20 3.057 3.100178,705.55
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 2,6792.11608/25/2016 954,290.00 1.923 1.9501,011,007.38
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 2,3142.06608/25/2016 1,591,672.50 1.893 1.9201,663,947.82
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 2,3142.06608/25/2016 675,255.00 1.893 1.920705,917.26
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 1,9493.72812/20/2018 216,652.20 2.860 2.900213,292.67
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 9142.58910/14/2015 925,437.20 1.864 1.890935,133.08
State of Texas1586 MUN 1,000,000.00882722KA8 10/01/2023 1,6445.64304/19/2016 1,015,150.00 3.339 3.3851,089,100.00
State of Texas1592 MUN 235,000.00882722JZ5 10/01/2022 1,2795.50304/21/2016 238,398.10 3.047 3.090252,868.10
State of Texas1621 MUN 500,000.00882723A41 10/01/2020 5491.77706/07/2016 495,015.00 1.450 1.470502,220.46
State of Texas1625 MUN 485,000.00882722KC4 10/01/2025 2,3755.91306/09/2016 492,992.80 3.831 3.885538,193.36
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 1,0963.67310/19/2016 113,677.30 1.825 1.850115,696.59
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 2,3143.83209/22/2017 260,192.50 2.747 2.785264,778.90
State of Texas2013 MUN 1,000,000.00882722VH1 04/01/2021 7313.52301/11/2019 1,019,720.00 3.503 3.5521,014,283.00
University of California1340 MUN 1,875,000.0091412GSB2 07/01/2019 911.79607/14/2014 1,871,718.75 2.007 2.0351,873,938.58
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 4103.34807/31/2014 429,152.25 2.281 2.313429,593.22
University of California1368 MUN 250,000.0091412GGT6 05/15/2019 443.04808/08/2014 250,152.50 1.982 2.010250,300.85
University of California1383 MUN 955,000.0091412GSB2 07/01/2019 911.79608/27/2014 953,328.75 1.972 2.000954,536.74
University of California1414 MUN 750,000.0091412GSB2 07/01/2019 911.79611/28/2014 748,687.50 1.923 1.950749,724.77
University of California1420 MUN 1,500,000.0091412GSB2 07/01/2019 911.79612/12/2014 1,497,375.00 1.943 1.9701,499,378.13
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 4101.99510/08/2015 258,681.80 1.824 1.850260,403.17
State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 4573.28906/07/2016 757,387.50 1.430 1.450766,681.35
State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 1,9184.55401/04/2017 814,490.60 2.904 2.944827,990.76
State of Utah1990 MUN 1,000,000.00917542QU9 07/01/2021 8223.36911/29/2018 1,019,020.00 2.959 3.0001,007,908.80
State of Vermont1456 MUN 2,000,000.00924258TT3 08/15/2023 1,5974.25008/06/2015 2,016,600.00 3.275 3.3202,070,805.48
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1,2182.74008/08/2016 251,747.50 1.504 1.524259,646.68
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1,2184.63612/05/2016 551,472.30 2.465 2.500548,986.96
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 8534.58604/12/2017 1,573,650.00 2.081 2.1101,582,400.26
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 1,9494.66905/23/2017 536,938.65 2.416 2.450537,320.63
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
March 31, 2019
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 21
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Wisconsin2000 MUN 500,000.0097705LA49 05/01/2022 1,1263.80012/19/2018 513,340.00 3.076 3.119509,872.77
West Valley-Mission Community1479 MUN 250,000.0095640HBT4 08/01/2024 1,9496.09010/01/2015 252,795.00 4.030 4.086272,220.38
Subtotal and Average 110,157,535.02 107,205,000.00 110,028,702.85 2.602 2.638 1,569
Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 1,2621.75011/09/2018 1,471,440.00 3.106 3.1501,432,194.13
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 1,3897.62511/08/2018 1,783,050.00 3.111 3.1551,736,800.85
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 1,6403.00011/27/2018 1,030,310.00 3.018 3.060997,490.49
Intl Bk Recon & Development1983 IBRD 1,000,000.0045905U6K5 11/15/2023 1,6893.00011/27/2018 1,004,530.00 3.404 3.4511,000,000.00
Intl Bk Recon & Development1998 IBRD 1,000,000.0045905UZT4 11/22/2021 9661.75012/12/2018 983,190.00 2.850 2.890971,317.48
Intl Bk Recon & Development2028 IBRD 1,500,000.0045905U2D5 02/15/2024 1,7812.50002/28/2019 1,490,850.00 2.990 3.0311,500,000.00
Intl Bk Recon & Development2031 IBRD 2,000,000.0045905U2L7 03/15/2024 1,8102.50003/22/2019 2,003,440.00 3.261 3.3062,000,000.00
International Finance Corp.1988 IFC 1,500,000.0045950VMW3 12/15/2023 1,7193.00012/06/2018 1,503,225.00 3.328 3.3741,500,000.00
International Finance Corp.2012 IFC 2,000,000.0045950VMY9 01/15/2024 1,7502.50001/23/2019 1,996,100.00 3.103 3.1472,000,000.00
International Finance Corp.2023 IFC 1,500,000.0045950VNC6 05/15/2024 1,8712.62502/15/2019 1,498,215.00 3.054 3.0971,500,000.00
Subtotal and Average 14,637,802.95 14,500,000.00 14,764,350.00 3.131 3.174 1,616
Total Investments and Average 544,891,568.92 539,977,226.20 541,844,451.82 2.327 2.359 1,325
Portfolio CPA
AP
Run Date: 04/18/2019 - 17:11 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
1 General Investment Guidelines:
a) The max. stated final maturity of individual securities in the portfolio should be 10 years.Full Compliance
b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities
beyond 5 years.29.3%
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 i $65 million $30.4 million
- Fidelity Investments $3.1 million
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.99.43%
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;
- the interest rates at which they "step-up" are known at the time of purchase; and
- the entire face value of the security is redeemed at the call date.
- No more than 25 percent of the par value of portfolio.24.35%
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
recognized rating service (e.g., Moody’s, Fitch, and/or Standard and Poor’s).
b)May not exceed 20 percent of the par value of the portfolio.19.65%
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, Fitch, and/or 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:Full Compliance
a) No more than 30 percent of the par value of the portfolio.None Held
b) Not to exceed 180 days maturity.
c) No more than $5 million with any one institution.
Attachment C
Investment Policy Compliance
As of March 31, 2019
Investment Policy Requirements
Compliance
Check / Actual
$135.6 million
3.33%
Attachment C
Investment Policy Compliance
As of March 31, 2019
Investment Policy Requirements
Compliance
Check / Actual
7 Commercial Paper:Full Compliance
a) No more than 15 percent of the par value of the portfolio.None Held
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):Full Compliance
a) Not to exceed 1 year.None Held
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:Full Compliance
a) No more than 20 percent of the par value of the portfolio.None Held
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 20 percent of the par value of the portfolio.9.22%
b) No more than $5 million in any one institution.Federally Insured
12 Medium-Term Corporate Notes:Full Compliance
a) No more than 10 percent of the par value of the portfolio.3.65%
b) Not to exceed 5 years maturity.
c) Securities eligible for investment shall have a minimum rating of AA or Aa2 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 Supranational Organizations Securities Full Compliance
a) No more than 20 percent of the par value of the portfolio.2.69%
b) No more than 10 percent in any one institution.
c) Securities eligible for investment shall have a minimum rating of AA or Aa2 from a nationally
recognized rating service.
14 Prohibited Investments:
a) Reverse Repurchase Agreements
b) Derivatives as defined in Appendix B of the Investment Policy
15 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