HomeMy WebLinkAboutStaff Report 10423
City of Palo Alto (ID # 10423)
City Council Staff Report
Report Type: Informational Report Meeting Date: 8/5/2019
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Fourth Quarter,
Fiscal Year 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 fourth quarter endin g
June 30, 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 grou ps 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
2.5%
U.S. Agency
52.9%
U.S.
Municipal/State
19.7%
Negotiable CD
8.7%
U.S. Corporate
3.7%
Supranational
3.4%
Liquid Accts.
9.1%
Graph 1: Investments by Type -$536.9M
(Par Value)
The par value of the City’s portfolio is $536.9 million; in comparison, last quarter it was $540.1
million and last year it was $522.3 million. The $3.2 million portfolio decline since the last
quarter primarily results from routine timing of cash f lows. Contributing factors include higher
payroll costs due to the current quarter having an extra pay period.
The portfolio consists of $48.9 million in liquid accounts and $488.0 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
$128.3 million in investments maturing in less than two years, comprising 23.9 percent of the
City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of the
portfolio can be invested in securities with maturities beyond five years; actual at the end of
the second quarter is 27.4 percent of the portfolio.
City of Palo Alto Page 3
Table 1:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Portfolio
U.S. Treasury 3.0$ -$ 1.5$ 9.0$ -$ 13.5$ 2.5%
U.S. Agency Bonds 36.6 37.5 30.0 72.0 108.0 284.1 52.9%
U.S. Municipal/ State Bonds 6.0 11.5 24.9 24.8 38.7 105.9 19.8%
Negotiable Certificates of Deposits (NCD)9.0 7.1 15.6 14.6 0.5 46.8 8.7%
U.S. Corporate Bonds 7.8 9.8 0.1 2.0 - 19.7 3.7%
Supranational Organizations Bonds - - 2.0 16.0 - 18.0 3.4%
Liquid Accounts (LAIF & Fidelity)48.9 - - - - 48.9 9.1%
Grand Total 111.3$ 65.9$ 74.1$ 138.4$ 147.2$ 536.9$ 100%
% of Portfolio 20.7%12.3%13.8%25.8%27.4%100.0%
* $29.9 million or 5.6 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 100.6 percent of the book value and last year it was
97.7 percent. The market value of securities fluctuates, depending on how interest rates
perform. When interest rates decrease, the market value of the securities in the City’s portfolio
will likely increase; likewise, when interest rates increase, the market value of the securities will
likely decrease. Understanding and showing market values is not only a reporting requirement,
but essential to knowing the principal risks in actively buying and selling securities. It is
important to note, however, that the City’s practice is to buy and hold investments until they
mature so changes in market price do not affect the City’s investment principal. The market
valuation is provided by Union Bank of California, which is the City’s safekeeping agent. The
average life to maturity of the investment portfolio is 3.45 years compared to 3.63 years last
quarter.
Investments Made During the Fourth Quarter
During the fourth quarter, $30.6 million of securities with an average yield of 2.1 percent
matured. During the same period, per Table 2 below, government securities totaling $12.2
million with an average yield of 2.8 percent were purchased. The expectation is the City’s
portfolio’s average yield will rise in the short-term but will gradually decline in a declining
interest rate environment. The City’s short-term money market and pool account increased by
$15.4 million compared to the third quarter. Investment staff continually monitors the City’s
short-term cash flow needs and adjusts liquid funds to meet them.
City of Palo Alto Page 4
Table 2:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Purchase
U.S. Agency Bonds -$ -$ -$ 2.5$ 3.2$ 5.7$ 46.7%
Negotiable Certificates of Deposits (NCD)- - - 1.0$ - 1.0 8.2%
U.S. Corporate Bonds - - - 2.0 - 2.0 16.4%
Supranational Organizations Bonds - - 1.0 2.5$ - 3.5 28.7%
Grand Total -$ -$ 1.0$ 8.0$ 3.2$ 12.2$ 100%
% of Purchase 0.0%0.0%8.2%65.6%26.3%100.1%
* $3.5 million or 28.7 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 expenditu res in those respective funds. Projections
indicate receipts will be $285.2 million and expenditures will be $306.0 million over the next six
months, indicating an overall decline in the portfolio of $20.8 million. The expected decline is
attributable to pre-paying a portion of the Fiscal Year 2020 Public Employers’ Retirement
System’s (PERS) employer contribution of $30.2 million, representing the City’s unfunded
accrued liability (UAL) lump-sum payment for FY 2020. By prepaying PERS instead of making
payments with each payroll period, the City is expected to save $1.1 million in pension expense
by pre-paying the UAL; however, the savings will be offset by the loss of approximately $0.7
million in interest income in the City’s investment portfolio. This result in net citywide savings
of $0.4 million as a consequence of PERS’ ability to earn interest earlier and at a higher rate
than the City could realize. Without this prepayment, the portfolio ’s expected to increase by
$9.5 million.
As of June 30, 2019, the City had $48.9 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 $36.9 million will mature between July 1, 2019 and December 31, 2019.
Based on the above and staff’s revenue and expenditure 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 fourth quarter, staff complied with all aspects of the investment policy. Attachment
C lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
City of Palo Alto Page 5
Investment Yields
Interest income on an accrual basis for the fourth quarter was $3.2 million which is $0.35
million or 12 percent higher over the same period last year. As of June 30, 2019, the yield to
maturity of the City’s portfolio was 2.38 percent and last year it was 2.20 percent. In the fourth
quarter, LAIF’s average yield was 2.44 percent while the average yield on the two-year and five-
year Treasury bonds was approximately 2.12 percent for both durations. Since December 2018,
Treasury bond yields have periodically inverted meaning yields on bonds with a shorter
duration are higher or the same than the yields on bonds that have a longer duration.
Historically, this is an indication of investors having little confidence in the near-term economy.
This is a market indicator that investors may think the economy is getting worse in the near-
term and/or believe a recession is coming; this results in short-term rates plummeting resulting
in a need to reinvest these investments in lower yielding securities when they mature.
The declining interest rate, over time, is expected to gradually decrease the portfolio’s yields.
Historically, the City’s portfolio yield has outperformed the two-year and five-year Treasury
bond rates and does so again, however with the rapid interest rate rise in FY 2 018 that wasn’t
the case until now; this is an expected occurrence. As the City’s laddered portfolio investments
mature in the next year or two, funds are expected to be reinvested in a mix of higher and
lower yielding securities compared to the yield on the matured investments. Graph 2 shows
the City’s yields and interest earnings for the past 18 years.
5.8%
4.2%City of Palo Alto4.4%
2.9%
1.9%
2 Yr. Treasury
5 Yr. Treasury
2.1%
LAIF
2.4%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
0%
1%
2%
3%
4%
5%
6%
Int. Earnings
(Millions)Yields
Fiscal Year Quarters
Graph 2: Yields and Interest Earnings
City’s portfolio duration is 3.45 years.
City of Palo Alto Page 6
Yield Trends
The Federal Open Market Committee (FOMC) maintained the federal funds and discount rates
to 2.25 and 3.0 percent in June 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 tame inflation rate. The market’s expectation is FOMC will raise
the federal funds rate in the near-term with the speed and extent of future rate increase(s)
being uncertain.
Funds Held by the City or Managed Under Contract
Attachment A is a consolidated report of all City investment funds, including th ose not held
directly in the investment portfolio. These include cash in the City’s regular bank account with
US Bank and Wells Fargo. A description of the City’s banking relationships can be found in City
Council Staff Report ID # 7858. The bond proceeds, reserves, and debt service payments being
held by the City’s fiscal agents are subject to the requirements of the underlying debt
indenture. The trustees for the bond funds are U.S. Bank and California Asset Management
Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market
mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in CAMP are
invested in banker’s acceptance notes, certificates of deposit, commercial paper, federal
agency securities, and repurchase agreements. The most recent data on funds held by the fiscal
agent is as of June 30, 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 began 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. As of June 30,
2019, the trust balance is $14 million and the net return for one year is 5.9 percent.
Fiscal Impact
This is an information report.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
• Attachment A: Consolidated Report of Cash Management
• Attachment B: Investment Portfolio
• Attachment C: Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)542,078,006$ 545,060,746$
Other Funds Held by the City
Cash with Wells Fargo Bank 1,610,480 1,610,480
(includes general and imprest accounts)
Cash with US Bank 3,145,706 3,145,706
(includes general and imprest accounts)
Petty/Working Cash 12,478 12,478
Total - Other Funds Held By City 4,768,664 4,768,664
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1995 Utility Revenue Bonds
Debt Service Fund 41 41
1999 Utility Revenue Bonds
Debt Service Fund 201 201
2007 Utility Revenue Bonds
Debt Service Fund 18 18
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,570,668 2,570,668
2010 General Obligation (Library) Bond
Debt Service and Escrow Funds 2,444,824 2,444,824
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 1,445,613 1,445,613
2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1,839,420 1,839,420
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 17,939 17,939
2019 California Avenue Parking Garage Certificates of Participation
(Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 42,166,613 42,166,613
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,656,745 2,656,745
2013 General Obligation (Library) Bond
Reserve Fund 587,989 587,989
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS)14,030,033 14,030,033
Total Under Trustee Management 70,887,664 70,887,664
GRAND TOTAL 617,734,334$ 620,717,074$
* 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
Attachment A
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
Fourth Quarter, Fiscal Year 2018-19
(Unaudited)
City of Palo Alto City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
June 30, 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 3,069,396.21SYS158 12.24007/01/2018 3,069,396.21 2.209 2.2403,069,396.21
Local Agency Investment Fund159 45,822,735.60SYS159 12.41007/01/2018 45,829,469.43 2.376 2.41045,822,735.60
Subtotal and Average 48,892,131.81 48,892,131.81 48,898,865.64 2.366 2.399 1
Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 1,5823.45010/30/2018 253,665.65 3.404 3.451245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 1,1872.45009/30/2015 245,874.65 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 1,1862.05009/29/2017 242,812.15 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 1,5072.40002/16/2016 243,417.30 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 6381.45009/30/2016 241,645.95 1.429 1.449245,000.00
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 7652.05004/04/2017 244,201.30 2.023 2.051245,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 1,7952.30005/30/2017 241,033.45 2.270 2.301245,000.00
American Express Centurion Bk1333 NCD 245,000.0002587CAC4 07/10/2019 91.95007/10/2014 244,975.50 1.923 1.950245,000.00
American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 1,6173.55012/04/2018 254,721.60 3.501 3.550245,000.00
Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 6581.90004/19/2017 243,708.85 1.875 1.901245,000.00
Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 8341.50010/12/2016 241,067.75 1.480 1.500245,000.00
Bank of Grove1821 NCD 245,000.0006246PBP9 12/29/2021 9122.00006/29/2017 243,610.85 1.974 2.001245,000.00
Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 1821.85012/29/2014 244,970.60 1.824 1.850245,000.00
Bar Harbor Bank & Trust1377 NCD 245,000.00066851SG2 08/27/2019 571.75008/27/2014 244,779.50 1.726 1.750245,000.00
Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 1,1872.50009/30/2015 245,034.30 2.467 2.501245,000.00
Texas Exchange Bank1796 NCD 245,000.0088241TBM1 05/20/2022 1,0542.25005/22/2017 244,968.15 2.220 2.251245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 4572.20009/30/2014 245,053.90 2.171 2.201245,000.00
Frontier Bank Madison NE1498 NCD 245,000.0035907XCL9 11/22/2021 8752.00011/20/2015 243,708.85 1.974 2.001245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1,1732.25009/16/2015 244,429.15 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 1,1871.70009/30/2016 240,119.60 1.676 1.700245,000.00
BMO Harris Bank1783 NCD 245,000.0005581WNY7 10/28/2022 1,2152.25004/28/2017 244,169.45 2.220 2.251245,000.00
BMW Bank of North America1807 NCD 245,000.0005580AJK1 06/16/2020 3511.85006/16/2017 244,233.15 1.824 1.850245,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 8051.50009/12/2016 241,075.10 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 1,0172.00004/13/2017 243,346.25 1.973 2.001245,000.00
BankWest, Inc.1380 NCD 150,000.0006652CEY3 09/16/2019 771.90009/15/2014 149,889.00 1.873 1.900150,000.00
Bofi Federal Bank1381 NCD 50,000.0009710LAF2 08/30/2022 1,1562.25008/25/2014 49,747.50 2.493 2.52749,605.06
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
Attachment B
June 30, 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
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 1,1342.35008/25/2014 99,871.00 2.592 2.62899,219.28
Bofi Federal Bank1402 NCD 100,000.0009710LAF2 08/30/2022 1,1562.25010/21/2014 99,495.00 2.462 2.49699,295.12
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 4642.25010/07/2015 245,203.35 2.219 2.250245,000.00
Bridgewater Bank Bloom MN1393 NCD 245,000.00108622EA5 09/24/2019 851.85009/24/2014 244,784.40 1.825 1.850245,000.00
Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 1,2483.25011/30/2018 251,962.90 3.207 3.252245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 5901.55002/10/2016 242,503.45 1.530 1.551245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 1,3913.00004/24/2018 249,451.65245,000.00
Worlds Foremost Bank1387 NCD 200,000.00981571AT9 09/04/2019 652.10009/04/2014 199,898.00 2.072 2.101200,000.00
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 1,0252.05004/21/2017 243,657.40 2.023 2.051245,000.00
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 6541.50004/15/2016 241,993.85 1.479 1.500245,000.00
Celtic Bank1362 NCD 245,000.0015118RJW8 08/20/2019 501.90008/20/2014 244,894.65 1.875 1.901245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 9611.70002/16/2016 241,616.55 1.678 1.701245,000.00
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 9451.90007/31/2017 242,917.50 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 1,2772.35012/29/2017 244,529.60 2.317 2.350245,000.00
Charter Bank Eau Claire1811 NCD 245,000.0016116PHU8 06/13/2022 1,0782.10006/13/2017 243,890.15 2.071 2.100245,000.00
CIBM Bank1809 NCD 245,000.0012545JAM7 06/16/2022 1,0812.10006/16/2017 243,882.80 2.072 2.101245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 7851.40008/24/2016 241,080.00 1.380 1.400245,000.00
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 1,3271.75002/19/2016 243,942.50 1.727 1.751250,000.00
Cumberland Federal Bank FSB1813 NCD 245,000.0023062KBH4 07/07/2022 1,1022.10007/07/2017 243,799.50 2.072 2.101245,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 1,2052.10010/18/2017 243,052.25 2.071 2.100245,000.00
Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 2132.05001/30/2014 244,872.60 2.021 2.050245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 1,0502.00005/15/2017 243,258.05 1.972 2.000245,000.00
Community State Bank1536 NCD 245,000.0020404YBQ7 02/24/2022 9691.95002/24/2016 243,162.50 1.924 1.951245,000.00
Country Bank of New York1799 NCD 245,000.0022230PBN9 05/26/2022 1,0602.10005/26/2017 243,926.90 2.072 2.101245,000.00
Capital One Bank USA NA1384 NCD 250,000.00140420NR7 09/04/2019 651.80009/04/2014 249,860.00 1.775 1.800250,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 4082.30008/12/2015 245,325.85 2.268 2.300245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 7151.55006/16/2016 242,165.35 1.529 1.550245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 5971.60002/17/2016 242,667.60 1.579 1.601245,000.00
Commerce Bank - Geneva1816 NCD 245,000.0020056QQK2 06/21/2021 7212.00006/21/2017 244,039.60 1.973 2.001245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 1,0572.00005/22/2017 243,238.45 1.972 2.000245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 1,1692.25009/11/2015 244,456.10 2.224 2.255245,000.00
Cornerstone Bank1757 NCD 245,000.00219232CN3 03/10/2022 9832.10003/10/2017 244,076.35 2.072 2.101245,000.00
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 1,5763.35010/24/2018 252,614.60 3.304 3.350245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 9812.05003/08/2017 243,757.85 2.021 2.050245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 4201.90008/24/2015 244,220.90 1.876 1.902245,000.00
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 1,3972.65004/30/2019 246,325.45 2.615 2.651245,000.00
TBK Bank SSB1812 NCD 245,000.0087219RBK9 06/23/2022 1,0882.10006/23/2017 243,863.20 2.072 2.101245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 3952.00007/30/2015 244,532.05 1.972 2.000245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 5962.20008/15/2014 250,030.00 2.169 2.200250,000.00
First Bank of Highland1330 NCD 245,000.00319141BV8 07/03/2019 21.85007/03/2014 244,982.85 1.824 1.850245,000.00
First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 2332.00002/19/2014 244,755.00 1.972 2.000245,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 1,0112.10004/07/2017 244,020.00 2.072 2.101245,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 1,4521.80006/22/2016 239,004.85 1.776 1.800245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 9892.10010/19/2015 244,064.10 2.120 2.150244,689.35
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 1,1092.05007/14/2017 243,383.00 2.023 2.051245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 8372.45010/17/2014 247,572.50 2.416 2.449245,000.00
First Oklahoma Bank1838 NCD 245,000.00335857BF4 07/26/2022 1,1212.10007/26/2017 243,669.65 2.072 2.101245,000.00
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 9322.05001/18/2017 243,873.00 2.021 2.050245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 1,1292.35009/09/2014 240,004.80 2.665 2.703237,651.99
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 1,5652.25010/13/2017 241,697.40 2.220 2.251245,000.00
First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 6061.55002/26/2016 242,432.40 1.530 1.551245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 8222.00010/01/2015 243,824.00 1.972 1.999245,000.00
First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 8092.20009/17/2015 244,919.15 2.171 2.201245,000.00
First National Bank2026 NCD 245,000.0032117BCS5 02/14/2024 1,6893.25002/14/2019 246,810.55 3.206 3.251245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 6162.50003/07/2014 246,239.70 2.465 2.500245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 9452.00004/04/2017 102,384.06 1.972 1.999103,000.00
First Merchants Bank1351 NCD 245,000.0032082BDH9 08/06/2019 361.90008/06/2014 244,924.05 1.873 1.900245,000.00
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 9901.70003/17/2016 246,412.50 1.677 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 6061.55002/29/2016 243,975.90 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 7952.40009/03/2015 246,487.15 2.367 2.400245,000.00
First Savings Bank Northwest1335 NCD 245,000.0033621JAB4 07/18/2019 171.80007/18/2014 244,936.30 1.776 1.801245,000.00
First National Bank of Elkhart1801 NCD 245,000.00321130AB2 05/31/2022 1,0652.10005/31/2017 243,917.10 2.072 2.101245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 1,2062.10004/19/2017 243,047.35 2.072 2.101245,000.00
First State Bank1366 NCD 245,000.0033648RAT6 08/20/2019 501.85008/20/2014 244,897.10 1.825 1.851245,000.00
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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 State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 1,0332.00006/30/2017 243,302.15 1.973 2.000245,000.00
First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 1,0172.35009/25/2015 247,987.60 2.321 2.353247,989.46
First State Community Bank1819 NCD 245,000.0033708UCF4 06/30/2022 1,0952.10006/30/2017 243,843.60 2.071 2.100245,000.00
First Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 1,5693.40010/17/2018 253,138.90 3.355 3.401245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 1,1932.10010/06/2017 243,142.90 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 1,0112.00004/07/2017 243,360.95 1.973 2.001245,000.00
Gulf Coast Bank & Trust1920 NCD 245,000.00402194FJ8 07/26/2024 1,8522.65001/26/2018 244,774.60 2.614 2.650245,000.00
Gold Coast Bank1375 NCD 245,000.0038058KDA1 08/05/2019 351.80009/04/2014 244,921.60 1.775 1.800245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 6302.65003/21/2014 246,884.05 2.613 2.650245,000.00
Ally Bank1882 NCD 245,000.0002007GAF0 01/04/2021 5532.25001/04/2018 245,220.50 2.219 2.250245,000.00
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 1,1202.00010/25/2017 242,942.00 1.972 2.000245,000.00
Grant County Bank1864 NCD 175,000.0038762PCB6 10/18/2023 1,5702.20010/18/2017 172,280.50 2.170 2.201175,000.00
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 1,7732.55005/08/2019 243,944.05 2.513 2.548245,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 1,4083.15005/09/2018 250,740.35 3.106 3.150245,000.00
Happy State Bank1683 NCD 245,000.00411394AN9 09/16/2021 8081.50009/16/2016 241,106.95 1.500 1.520245,000.00
HSBC Bank1564 NCD 245,000.0040434AR84 10/07/2021 8292.00004/07/2016 243,703.95245,000.00
Dubuque Bank & Trust1372 NCD 245,000.00263849BD2 08/21/2019 511.90008/21/2014 244,884.85 1.873 1.900245,000.00
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 1,1802.20003/24/2017 244,002.85 2.172 2.202245,000.00
International Bank1841 NCD 245,000.0045906ABP1 07/29/2022 1,1242.10007/31/2017 243,618.20 2.072 2.101245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 1,0162.15004/12/2017 244,340.95 2.121 2.151245,000.00
Interaudi Bank1808 NCD 245,000.0045842PAK7 06/10/2024 1,8062.50006/09/2017 243,277.65 2.465 2.500245,000.00
Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 4081.60002/12/2016 243,432.00 1.578 1.600245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 4212.00008/25/2015 245,335.65 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 7602.30007/31/2015 246,210.30 2.269 2.301245,000.00
Iowa State Bank1343 NCD 250,000.0046256YAB5 07/23/2019 221.80007/23/2014 249,950.00 1.775 1.800250,000.00
JP Morgan Chase BAnk NA2021 NCD 245,000.0048128HBS6 01/31/2025 2,0413.40001/31/2019 246,795.85 3.353 3.400245,000.00
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 1,7962.50005/31/2017 243,287.45 2.465 2.500245,000.00
Keesler Federal Credit Union2027 NCD 245,000.0049254FAP1 08/30/2021 7913.05002/28/2019 249,343.85 3.008 3.050245,000.00
Key Bank1785 NCD 245,000.0049306SYB6 05/18/2020 3221.75005/17/2017 244,071.45 1.726 1.750245,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 1,5401.80009/16/2016 237,515.25 1.775 1.800245,000.00
Leader Bank1364 NCD 245,000.0052168UCN0 08/22/2019 522.00008/22/2014 244,892.20 1.973 2.001245,000.00
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 9561.70002/12/2016 245,754.60 1.678 1.701245,000.00
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 7801.40008/19/2016 241,151.05 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 7992.25009/05/2014 245,181.30 2.219 2.250245,000.00
Machias Savings Bank1358 NCD 245,000.00554479DN2 08/28/2019 581.80008/28/2014 244,882.40 1.776 1.801245,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 1,0932.05006/28/2017 243,495.70 2.023 2.051245,000.00
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 9272.10001/13/2017 244,181.70 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 1,0462.10005/12/2017 243,946.50 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 1,0602.05005/26/2017 243,574.10 2.023 2.051245,000.00
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 1,6473.30001/10/2019 252,222.60 3.254 3.299245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 4161.90008/20/2015 244,228.25 1.876 1.902245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 9621.80002/17/2016 245,372.40 1.776 1.801245,000.00
Mid-Country Bank1810 NCD 245,000.0059565QCG8 06/14/2022 1,0792.05006/14/2017 243,537.35 2.023 2.051245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 1,0752.05006/12/2017 243,537.35 2.023 2.051245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 1,7612.60004/26/2019 244,544.30 2.567 2.602245,000.00
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 4781.75010/21/2015 245,210.70 1.727 1.751245,000.00
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 1,2902.65001/11/2018 246,918.35 2.613 2.650245,000.00
Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 1,6193.55012/06/2018 254,726.50 3.501 3.550245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 1,7672.35005/22/2017 241,741.50 2.317 2.349245,000.00
Mutual One Bank1407 NCD 250,000.0062847HAA7 11/21/2019 1431.85011/21/2014 249,942.50 1.825 1.850250,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 4301.90009/03/2015 245,369.95 1.873 1.900245,000.00
NBT Bank1373 NCD 94,000.00628779FN5 08/20/2019 502.10008/20/2014 93,955.82 2.071 2.10094,000.00
Customers Bank1388 NCD 250,000.0023204HCA4 09/10/2019 712.10009/10/2014 249,855.00 2.071 2.100250,000.00
NCB Savings Bank1344 NCD 245,000.00628825JL6 07/25/2019 241.80007/25/2014 244,911.80 1.775 1.800245,000.00
National Bank Commerce1607 NCD 245,000.00633368DY8 05/11/2023 1,4101.80005/11/2016 241,449.95 1.776 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1,1522.25008/26/2015 247,942.45 2.220 2.251245,000.00
Northern Bank & Trust MA1814 NCD 245,000.0066476QBX5 06/29/2022 1,0942.10006/29/2017 243,843.60 2.072 2.101245,000.00
Connectone Bank1355 NCD 245,000.0020786AAT2 08/13/2019 431.85008/13/2014 244,906.90 1.824 1.850245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 3252.00005/21/2014 245,178.85 1.972 2.000245,000.00
Northfield Bank1365 NCD 245,000.0066612AAA6 08/12/2019 421.85008/13/2014 244,902.00 1.824 1.850245,000.00
Northstar Bank1326 NCD 245,000.0066704MEG2 07/18/2019 171.75007/18/2014 244,963.25 1.727 1.751245,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 1,6113.55011/28/2018 254,741.20 3.503 3.551245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 5891.55002/09/2016 244,639.85 1.530 1.551245,000.00
Williamette Valley Bank1524 NCD 245,000.00969294BY2 02/06/2023 1,3162.10002/04/2016 245,058.80 2.072 2.101245,000.00
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
Orrstown Bank1465 NCD 245,000.00687377DR9 08/20/2020 4162.00008/20/2015 244,505.10 1.974 2.002245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 1,1862.05009/29/2017 242,812.15 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 1,2982.40001/19/2018 244,801.55 2.368 2.401245,000.00
Peoples United Bank1378 NCD 245,000.0071270QGB6 08/27/2019 571.95008/27/2014 244,867.70 1.923 1.950245,000.00
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 1,0602.10005/26/2017 243,919.55 2.072 2.101245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 1,3532.10007/19/2017 241,815.00 2.072 2.101245,000.00
Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 7812.50008/20/2014 241,244.15 2.467 2.501245,000.00
Prime Alliance Bank1331 NCD 245,000.0074160NED8 07/11/2019 101.70007/11/2014 244,975.50 1.677 1.701245,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 9702.10002/26/2015 247,663.15 2.072 2.101245,000.00
Ohio Valley Bank1338 NCD 250,000.00677721CE0 07/23/2019 221.80007/23/2014 249,955.00 1.776 1.801250,000.00
RCB Bank1869 NCD 245,000.0074934YAG6 10/27/2022 1,2142.20010/27/2017 243,775.00 2.171 2.201245,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 7221.45006/22/2016 242,133.50 1.430 1.450245,000.00
Sallie Mae Bank1350 NCD 245,000.00795450SC0 07/30/2019 292.05007/30/2014 244,938.75 2.021 2.050245,000.00
State Bank of India1390 NCD 245,000.00856284Z98 09/11/2019 722.15009/11/2014 244,862.80 2.120 2.150245,000.00
Security National Bank1499 NCD 245,000.00814414AC2 11/19/2021 8722.00011/19/2015 243,713.75 1.974 2.001245,000.00
Security State Bank1774 NCD 245,000.0081489TAS5 04/07/2022 1,0112.10004/07/2017 244,022.45 2.072 2.101245,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 1,4142.95005/15/2018 248,934.70 2.911 2.951245,000.00
Silvergate Bank2043 NCD 245,000.00828373GC8 05/15/2024 1,7802.75005/15/2019 245,619.85 2.715 2.753245,000.00
Summit Community Bank1888 NCD 245,000.0086604XMN3 01/26/2022 9402.25001/26/2018 245,078.40 2.220 2.251245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 1,4421.80006/10/2016 239,117.55 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 8411.50010/19/2016 240,754.15 1.480 1.500245,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 1,2072.10010/20/2017 243,035.10 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 1,0232.00004/19/2017 243,329.10 1.973 2.001245,000.00
Stockman Bank1557 NCD 245,000.0086128QBX5 03/30/2023 1,3682.00003/30/2016 243,194.35 1.973 2.000245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 6512.40004/11/2014 246,950.20 2.367 2.400245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 1,4392.15006/09/2017 241,459.75 2.121 2.151245,000.00
Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 1,6872.65002/10/2017 245,105.35245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 1,0932.00006/28/2017 243,142.90 1.972 2.000245,000.00
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 9342.25006/15/2017 250,085.00 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 9742.05003/01/2017 243,775.00 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 1,6391.70006/24/2016 238,186.55 1.676 1.700245,000.00
United Community Bank1694 NCD 245,000.0090983WBD2 03/28/2022 1,0011.60009/29/2016 241,234.35 1.577 1.599245,000.00
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 6061.60002/26/2016 244,664.35 1.579 1.601245,000.00
Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 1821.85012/29/2014 244,970.60 1.824 1.850245,000.00
Washington Trst Westerly1345 NCD 245,000.00940637GJ4 07/31/2019 301.90007/31/2014 244,936.30 1.873 1.900245,000.00
Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 2692.10009/26/2014 244,848.10 2.071 2.100245,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 9682.05002/23/2017 243,792.15 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 7301.60006/30/2016 242,101.65 1.578 1.600245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1,1242.35008/12/2015 247,663.15 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 1,0452.05008/11/2017 243,610.85 2.021 2.050245,000.00
Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 1621.90012/08/2014 249,740.00 1.873 1.899250,000.00
Subtotal and Average 46,830,450.26 46,835,000.00 46,730,770.13 2.051 2.080 876
Corporate Medium Term Bonds
Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 2211.55008/13/2015 746,880.00 1.980 2.008748,036.73
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 3102.00011/05/2015 1,498,215.00 1.854 1.8791,501,456.32
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 6032.25002/23/2016 702,499.00 2.140 2.169700,856.43
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 6883.62507/11/2016 103,002.00 1.271 1.288104,251.08
Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 6883.62507/11/2016 974,398.92 1.271 1.288986,215.17
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 6883.62507/12/2016 1,545,030.00 1.238 1.2551,564,722.42
Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 6883.62501/11/2017 897,147.42 2.012 2.040895,750.62
Alphabet (Google) Inc.1895 MTN 1,000,000.0002079KAA5 05/19/2021 6883.62501/10/2018 1,030,020.00 2.189 2.2191,025,356.81
Alphabet (Google) Inc.1931 MTN 382,000.0002079KAA5 05/19/2021 6883.62502/14/2018 393,467.64 2.377 2.410390,351.79
Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 1571.87511/24/2014 1,999,040.00 1.874 1.9001,999,795.91
Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 1571.87512/08/2014 1,499,280.00 1.824 1.8501,500,151.56
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 6091.65006/07/2016 994,230.00 1.530 1.5511,001,542.25
Johnson & Johnson1900 MTN 500,000.00478160BS2 03/01/2021 6091.65001/12/2018 497,115.00 2.179 2.210495,512.88
Microsoft Corporation1448 MTN 2,000,000.00594918AY0 02/12/2020 2261.85002/12/2015 1,996,080.00 1.785 1.8102,000,461.38
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 4912.00011/05/2015 1,999,200.00 1.913 1.9402,001,501.22
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 4912.00001/07/2016 899,640.00 1.887 1.913900,989.54
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 9512.40012/11/2017 101,050.00 2.292 2.324100,185.75
Stanford University2046 MTN 2,000,000.00525555AB4 02/01/2024 1,6766.87505/14/2019 2,431,940.00 2.367 2.4002,385,557.45
Subtotal and Average 20,302,695.31 19,749,000.00 20,308,234.98 1.879 1.905 586
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
Federal Agency Bonds
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 8822.00011/29/2012 1,500,960.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 1,1002.20012/13/2012 1,511,850.00 1.930 1.9571,509,962.44
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 1,2392.00012/19/2012 751,290.00 2.081 2.110747,487.08
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 1791.48012/27/2012 1,493,385.00 1.395 1.4151,500,451.52
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 1,2752.18001/04/2013 1,511,505.00 2.165 2.1961,499,249.65
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 1824.50001/04/2013 747,666.40 1.514 1.535750,305.14
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 7013.84001/04/2013 515,795.00 1.946 1.973516,408.87
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 1,2752.18001/08/2013 1,511,505.00 2.195 2.2251,497,868.75
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 1,2752.18001/23/2013 1,511,505.00 2.111 2.1411,501,823.91
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 1,2752.18001/28/2013 2,614,903.65 2.199 2.2292,590,954.39
Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 2491.41001/15/2014 1,490,460.00 2.462 2.4961,489,772.83
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 4362.80001/15/2014 1,508,955.00 2.635 2.6721,502,072.96
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 6174.16003/06/2014 309,738.00 2.574 2.609307,135.14
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 6342.50003/26/2014 1,508,100.00 2.495 2.5301,499,274.55
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 1,1002.20004/23/2014 1,259,875.00 2.889 2.9301,225,723.22
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 2771.47510/15/2014 496,770.00 1.857 1.882498,541.87
Federal Agricultural Mortgage1406 1,500,000.0031315PA58 11/20/2019 1421.31011/07/2014 1,495,650.00 1.854 1.8801,496,863.87
Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 1421.84011/20/2014 1,998,160.00 1.814 1.8402,000,000.00
Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 1421.84011/20/2014 1,498,620.00 1.848 1.8731,499,814.67
Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 1751.85012/23/2014 1,496,055.00 1.851 1.8761,499,817.97
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 6742.51001/09/2015 679,171.50 2.110 2.140679,283.11
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 1,7313.33001/09/2015 427,932.96 2.540 2.575416,774.95
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 1,4422.61001/22/2015 1,642,479.96 2.269 2.3011,621,689.36
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 1,4422.61002/09/2015 1,484,785.50 2.377 2.4101,460,298.82
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 9742.15003/05/2015 1,004,270.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1552 Call 1,500,000.003132X0EU1 01/27/2026 2,4022.93002/26/2016 1,500,690.00 2.831 2.8701,505,028.83
Federal Agricultural Mortgage1554 Call 1,500,000.003132X0EU1 01/27/2026 2,4022.93003/02/2016 1,500,690.00 2.878 2.9181,500,995.51
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 1,3032.13004/06/2016 1,005,920.00 1.839 1.8641,008,825.34
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 2,2264.35004/08/2016 533,961.00 2.296 2.328526,200.21
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 1,7663.30004/21/2016 1,588,170.00 2.084 2.1121,578,769.62
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 1,7663.30004/26/2016 1,588,170.00 2.159 2.1891,573,441.87
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 1,2752.18005/26/2016 503,835.00 1.844 1.870505,053.67
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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 Mortgage1655 1,500,000.0031315PQT9 03/06/2020 2491.41007/01/2016 1,490,460.00 0.992 1.0051,504,039.73
Federal Agricultural Mortgage1663 510,000.0031315PQT9 03/06/2020 2491.41007/21/2016 506,756.40 1.135 1.150510,877.71
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1,1102.38007/25/2016 2,026,440.00 1.499 1.5202,049,774.46
Federal Agricultural Mortgage1681 1,750,000.003132X0BG5 06/15/2020 3501.75008/24/2016 1,740,882.50 1.136 1.1521,759,753.63
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 5741.55010/03/2016 1,484,685.00 1.256 1.2741,506,285.04
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 2,4094.81010/18/2016 1,733,865.00 2.131 2.1601,736,029.96
Federal Agricultural Mortgage1736 Call 1,000,000.003130H0BL6 01/01/2027 2,7413.20001/19/2017 1,002,280.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 9682.10002/23/2017 1,002,880.00 2.034 2.0631,000,922.91
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 9682.10003/02/2017 1,504,320.00 2.085 2.1141,499,441.88
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 1,0102.07504/06/2017 1,504,365.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 6021.90004/12/2017 995,150.00 1.781 1.8051,001,482.18
Federal Agricultural Mortgage1784 Call 1,500,000.003132X0QC8 02/23/2027 2,7943.25004/27/2017 1,501,800.00 3.200 3.2451,500,435.45
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 9172.10005/04/2017 1,002,100.00 1.938 1.9651,003,212.60
Federal Agricultural Mortgage1789 Call 1,000,000.003130H0BN2 05/01/2027 2,8613.20005/11/2017 1,002,560.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1792 Call 1,500,000.003132X0QC8 02/23/2027 2,7943.25005/09/2017 1,501,800.00 3.201 3.2451,500,000.00
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 1,1002.20006/14/2017 1,007,900.00 1.908 1.9341,007,571.93
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 1,0941.88006/29/2017 1,497,915.00 1.903 1.9301,497,861.97
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 1,0941.88006/29/2017 998,610.00 1.923 1.949998,012.29
Federal Agricultural Mortgage1850 Call 1,500,000.003130H0BR3 09/01/2027 2,9843.05009/28/2017 1,501,425.00 3.008 3.0501,500,000.00
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 1,8802.25010/06/2017 1,014,430.00 2.332 2.365994,556.90
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 1,2602.26012/12/2017 1,515,435.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1889 2,000,000.003132X0D57 01/08/2021 5572.12001/08/2018 1,996,900.00 2.090 2.1202,000,000.00
Federal Agricultural Mortgage1891 Call 1,000,000.003132X0E49 01/10/2028 3,1153.28001/10/2018 1,000,180.00 3.235 3.2801,000,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 1,8582.62501/09/2018 1,025,510.00 2.546 2.5811,002,006.65
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 1,8582.62501/11/2018 1,538,265.00 2.623 2.6601,497,555.79
Federal Agricultural Mortgage1911 1,500,000.003132X0G21 02/03/2020 2172.10002/02/2018 1,497,615.00 2.093 2.1231,499,801.53
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 1,3092.50001/30/2018 2,037,320.00 2.472 2.5071,999,513.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 1,3092.50001/30/2018 1,527,990.00 2.481 2.5151,499,202.97
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 1,3092.50001/31/2018 2,037,320.00 2.556 2.5921,993,850.04
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 1,3032.13002/08/2018 1,106,512.00 2.578 2.6141,082,299.48
Federal Agricultural Mortgage1927 1,000,000.003132X0H79 02/22/2021 6022.35002/22/2018 1,002,380.00 2.327 2.360999,841.31
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 1,3322.60002/22/2018 1,533,585.00 2.564 2.6001,500,000.00
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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 Mortgage1930 1,000,000.003132X0G21 02/03/2020 2172.10002/09/2018 998,410.00 2.174 2.205999,397.50
Federal Agricultural Mortgage1935 1,000,000.003132X0G21 02/03/2020 2172.10002/15/2018 998,410.00 2.238 2.269999,026.84
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 1,3312.77002/23/2018 1,543,575.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1957 Call 1,000,000.003130H0CB7 10/01/2028 3,3804.00010/25/2018 1,002,550.00 3.945 4.0001,000,000.00
Federal Agricultural Mortgage1963 Call 1,500,000.003132X06X4 11/01/2023 1,5843.50011/01/2018 1,505,985.00 3.452 3.5001,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 1,6743.46012/14/2018 583,790.13 3.018 3.060558,232.01
Federal Agricultural Mortgage2020 Call 1,500,000.0031422BBN9 01/22/2029 3,4933.87501/22/2019 1,505,490.00 3.821 3.8751,500,000.00
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 1,7442.35004/09/2019 1,015,240.00 2.365 2.398997,833.41
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 1,9695.25004/08/2019 792,127.74 2.420 2.454772,814.17
Federal Agricultural Mortgage2037 Call 1,000,000.003130H0CD3 04/01/2029 3,5623.37504/18/2019 1,003,950.00 3.328 3.3751,000,000.00
Federal Agricultural Mortgage2044 Call 1,500,000.003130H0CE1 05/01/2029 3,5923.40005/02/2019 1,506,315.00 3.354 3.4011,500,000.00
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 4562.87509/29/2010 1,011,530.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 1,4362.45001/09/2014 510,170.00 3.383 3.430483,652.51
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 1,4862.12501/27/2016 629,950.00 2.024 2.052626,709.80
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 9875.16003/17/2016 543,980.00 1.876 1.902541,417.01
Federal Farm Credit Bank .1565 Call 1,000,000.003133EFT98 03/28/2025 2,0972.62003/28/2016 1,000,000.00 2.596 2.632999,362.04
Federal Farm Credit Bank .1582 Call 1,500,000.003133EF3D7 04/21/2025 2,1212.54004/21/2016 1,495,755.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1584 Call 1,500,000.003133EF3D7 04/21/2025 2,1212.54004/21/2016 1,495,755.00 2.505 2.5401,500,000.00
Federal Farm Credit Bank .1585 Call 1,500,000.003133EF4A2 04/19/2022 1,0231.92004/19/2016 1,499,745.00 1.893 1.9201,500,000.00
Federal Farm Credit Bank .1591 Call 1,500,000.003133EF2D8 04/13/2026 2,4782.64004/19/2016 1,499,745.00 2.603 2.6391,500,000.00
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 8761.61004/21/2016 248,855.00 1.558 1.580250,170.30
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 1,0471.87504/21/2016 1,001,610.00 1.578 1.6001,007,482.24
Federal Farm Credit Bank .1598 Call 1,000,000.003133EFX44 10/05/2022 1,1922.05004/22/2016 1,000,010.00 2.021 2.0491,000,000.00
Federal Farm Credit Bank .1603 Call 1,930,000.003133EFYV3 02/17/2026 2,4232.82004/26/2016 1,930,000.00 2.722 2.7601,936,651.20
Federal Farm Credit Bank .1606 Call 1,605,000.003133EFYF8 02/10/2025 2,0512.73004/28/2016 1,603,988.85 2.621 2.6571,610,739.02
Federal Farm Credit Bank .1609 Call 1,000,000.003133EF6T9 05/12/2025 2,1422.47005/12/2016 1,000,000.00 2.436 2.4701,000,000.00
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 1,9922.12505/13/2016 1,007,970.00 1.930 1.9561,008,394.06
Federal Farm Credit Bank .1623 Call 1,500,000.003133EGEB7 06/09/2026 2,5352.57006/09/2016 1,498,290.00 2.534 2.5701,500,000.00
Federal Farm Credit Bank .1630 Call 1,000,000.003133EF2D8 04/13/2026 2,4782.64006/13/2016 999,830.00 2.522 2.5571,004,897.80
Federal Farm Credit Bank .1634 Call 1,000,000.003133EF2D8 04/13/2026 2,4782.64006/16/2016 999,830.00 2.489 2.5241,006,904.16
Federal Farm Credit Bank .1638 Call 2,000,000.003133EGGR0 06/22/2026 2,5482.50006/22/2016 1,991,820.00 2.582 2.6182,000,000.00
Federal Farm Credit Bank .1641 Call 1,500,000.003133EGHN8 06/30/2025 2,1912.42006/30/2016 1,500,000.00 2.386 2.4201,500,000.00
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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 .1647 Call 1,500,000.003133EGJH9 01/06/2025 2,0162.24007/06/2016 1,500,000.00 2.209 2.2401,500,000.00
Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 3711.00007/06/2016 1,483,605.00 0.986 1.0001,500,000.00
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 9875.16007/08/2016 543,980.00 1.215 1.232551,108.66
Federal Farm Credit Bank .1664 Call 1,500,000.003133EGFB6 06/16/2025 2,1772.36007/25/2016 1,494,450.00 2.309 2.3411,501,507.73
Federal Farm Credit Bank .1675 Call 1,500,000.003133EGQA6 11/08/2023 1,5911.85008/09/2016 1,498,035.00 1.859 1.8851,497,882.84
Federal Farm Credit Bank .1679 Call 1,350,000.003133EGQH1 08/10/2026 2,5972.14008/18/2016 1,325,511.00 2.110 2.1391,350,000.00
Federal Farm Credit Bank .1701 Call 1,625,000.003133EGXB6 10/05/2026 2,6532.14010/06/2016 1,616,761.25 2.154 2.1841,620,278.97
Federal Farm Credit Bank .1705 Call 1,000,000.003133EGYL3 10/17/2025 2,3002.09010/17/2016 999,350.00 2.061 2.0901,000,000.00
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 9045.05004/12/2017 539,000.00 1.884 1.910536,946.59
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 1,7292.30005/04/2017 916,803.00 2.274 2.306899,746.56
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 1,9252.91006/21/2017 524,165.00 2.143 2.172517,851.71
Federal Farm Credit Bank .1826 Call 1,000,000.003133EHGK3 04/24/2025 2,1242.85006/22/2017 1,000,020.00 2.798 2.8361,000,000.00
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 1,2252.93009/14/2017 460,534.95 1.870 1.896459,602.75
Federal Farm Credit Bank .1845 Call 506,000.003133EFYK7 02/08/2023 1,3182.29009/14/2017 506,005.06 2.260 2.291505,966.24
Federal Farm Credit Bank .1846 Call 1,500,000.003133EHZL0 09/20/2027 3,0032.92009/20/2017 1,500,030.00 2.880 2.9201,500,000.00
Federal Farm Credit Bank .1848 Call 1,000,000.003133EGCR4 06/01/2023 1,4312.07009/18/2017 994,410.00 2.135 2.165996,504.19
Federal Farm Credit Bank .1849 Call 1,000,000.003133EHTZ6 08/09/2027 2,9612.95009/18/2017 1,000,000.00 2.909 2.9491,000,000.00
Federal Farm Credit Bank .1859 Call 1,000,000.003133EHD59 04/10/2026 2,4752.90010/10/2017 1,000,020.00 2.860 2.9001,000,000.00
Federal Farm Credit Bank .1870 Call 1,000,000.003133EHG31 04/19/2027 2,8493.00010/19/2017 1,000,020.00 2.958 3.0001,000,000.00
Federal Farm Credit Bank .1871 Call 1,000,000.003133EHG72 10/18/2027 3,0313.08010/18/2017 1,000,020.00 3.037 3.0801,000,000.00
Federal Farm Credit Bank .1874 Call 1,500,000.003133EHJ20 10/23/2024 1,9412.68010/23/2017 1,495,545.00 2.643 2.6801,500,000.00
Federal Farm Credit Bank .1875 Call 675,000.003133EHZL0 09/20/2027 3,0032.92010/18/2017 675,013.50 2.958 3.000671,177.57
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 8621.70012/29/2017 598,554.00 2.161 2.191593,374.62
Federal Farm Credit Bank .1887 Call 1,500,000.003133EH3K7 06/21/2027 2,9123.10001/03/2018 1,500,030.00 3.102 3.1461,495,262.98
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 1,3262.57002/16/2018 1,535,895.00 2.605 2.6421,496,355.04
Federal Farm Credit Bank .1997 Call 1,500,000.003133EJZ93 12/05/2028 3,4454.07012/10/2018 1,508,265.00 3.946 4.0011,507,971.64
Federal Farm Credit Bank .2004 1,500,000.003133EJ2R9 12/14/2020 5322.75012/20/2018 1,518,870.00 2.663 2.7001,501,043.80
Federal Farm Credit Bank .2009 Call 1,500,000.003133EJG78 10/16/2024 1,9343.64001/04/2019 1,504,095.00 3.496 3.5451,506,704.56
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 1,5292.15001/15/2019 504,370.00 2.656 2.693489,370.18
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 1,5922.13001/15/2019 656,903.00 2.662 2.699634,965.33
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 9702.33003/20/2012 1,521,765.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 5062.00005/18/2012 2,001,340.00 1.972 2.0002,000,000.00
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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 Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 1651.25011/30/2012 1,493,730.00 1.196 1.2121,500,240.15
Federal Home Loan Bank1126 Call 750,000.00313381DA0 12/05/2022 1,2532.19012/05/2012 747,285.00 2.165 2.195749,871.46
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 1651.25012/13/2012 1,493,730.00 1.232 1.2491,500,000.00
Federal Home Loan Bank1146 Call 212,500.00313381DA0 12/05/2022 1,2532.19001/25/2013 211,730.75 2.201 2.232212,223.00
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 8935.00002/25/2013 1,411,363.20 1.825 1.8501,407,920.01
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 5293.12501/09/2014 1,526,835.00 2.615 2.6511,509,302.41
Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 1902.22001/23/2014 1,500,180.00 2.194 2.2251,499,962.26
Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 2562.12502/24/2014 1,500,120.00 2.095 2.1241,500,000.00
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 6201.75003/13/2014 1,497,030.00 2.418 2.4511,483,674.73
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 4382.87504/02/2014 1,516,560.00 2.271 2.3031,509,470.57
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 5062.00004/08/2014 200,134.00 2.263 2.295199,247.82
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 5062.00004/09/2014 550,368.50 2.263 2.295547,930.63
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 8911.53004/08/2016 1,489,815.00 1.450 1.4701,502,086.74
Federal Home Loan Bank1583 Call 1,690,000.003130A7RS6 04/27/2026 2,4922.65004/27/2016 1,686,484.80 2.619 2.6551,689,423.52
Federal Home Loan Bank1587 Call 1,500,000.003130A7TA3 04/28/2023 1,3972.07004/28/2016 1,500,015.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 6201.75004/27/2016 998,020.00 1.490 1.5111,003,885.33
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 5881.75006/02/2016 498,870.00 1.476 1.496501,953.62
Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 5295.25006/02/2016 418,880.00 1.461 1.481420,984.89
Federal Home Loan Bank1628 Call 1,500,000.003130A8F99 06/15/2026 2,5412.58006/15/2016 1,500,015.00 2.544 2.5801,500,000.00
Federal Home Loan Bank1632 Call 2,000,000.003130A8J46 06/29/2026 2,5552.52006/29/2016 2,000,020.00 2.485 2.5202,000,000.00
Federal Home Loan Bank1633 Call 1,363,636.273130A8J79 12/27/2024 2,0062.35006/27/2016 1,363,636.27 2.317 2.3501,363,636.27
Federal Home Loan Bank1635 Call 1,500,000.003130A8JG9 06/22/2023 1,4522.07006/22/2016 1,493,415.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1637 Call 909,091.003130A8J79 12/27/2024 2,0062.35006/27/2016 909,091.00 2.317 2.350909,091.00
Federal Home Loan Bank1640 Call 1,500,000.003130A8JX2 06/29/2026 2,5552.54006/29/2016 1,500,000.00 2.505 2.5401,500,000.00
Federal Home Loan Bank1643 Call 1,500,000.003130A8HF3 09/23/2025 2,2762.44006/23/2016 1,494,300.00 2.430 2.4641,497,980.18
Federal Home Loan Bank1644 Call 1,500,000.003130A8HT3 12/29/2025 2,3732.47006/29/2016 1,500,000.00 2.451 2.4851,498,697.69
Federal Home Loan Bank1648 Call 1,500,000.003130A8J46 06/29/2026 2,5552.52006/29/2016 1,500,015.00 2.425 2.4591,500,314.75
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 8932.87506/28/2016 256,412.50 1.232 1.249259,561.14
Federal Home Loan Bank1651 Call 1,500,000.003130A8MQ3 10/12/2022 1,1991.87507/12/2016 1,500,000.00 1.849 1.8751,500,000.00
Federal Home Loan Bank1652 Call 980,000.003130A8F99 06/15/2026 2,5412.58006/29/2016 980,009.80 2.524 2.560981,192.06
Federal Home Loan Bank1661 Call 1,000,000.003130A8SJ3 11/01/2024 1,9502.15008/01/2016 1,000,000.00 2.120 2.1501,000,000.00
Federal Home Loan Bank1662 Call 1,500,000.003130A8R54 07/28/2023 1,4881.80007/28/2016 1,494,435.00 1.795 1.8201,498,856.96
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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 Bank1667 Call 1,500,000.003130A8VP5 08/23/2024 1,8802.00008/23/2016 1,484,100.00 1.972 2.0001,500,000.00
Federal Home Loan Bank1668 Call 1,500,000.003130A8VN0 11/17/2023 1,6001.94008/17/2016 1,500,000.00 1.913 1.9401,500,000.00
Federal Home Loan Bank1690 Call 1,000,000.003130A94L2 09/02/2026 2,6202.12509/15/2016 990,260.00 2.129 2.158997,841.37
Federal Home Loan Bank1695 Call 1,500,000.003130A9N64 10/06/2026 2,6542.15010/06/2016 1,480,950.00 2.120 2.1501,500,000.00
Federal Home Loan Bank1697 Call 1,000,000.003130A9N64 10/06/2026 2,6542.15010/06/2016 987,300.00 2.131 2.161999,273.61
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 1,3162.13010/05/2016 505,910.00 1.578 1.600509,026.96
Federal Home Loan Bank1700 Call 1,500,000.003130A9P62 10/13/2026 2,6612.20010/13/2016 1,483,440.00 2.169 2.2001,500,000.00
Federal Home Loan Bank1702 Call 2,000,000.003130A9PT2 10/26/2026 2,6742.23010/26/2016 1,971,540.00 2.199 2.2302,000,000.00
Federal Home Loan Bank1706 Call 310,000.003130A9PT2 10/26/2026 2,6742.23010/26/2016 305,588.70 2.214 2.245309,695.95
Federal Home Loan Bank1707 Call 1,000,000.003130A9RH6 10/20/2026 2,6682.30010/20/2016 989,210.00 2.270 2.302999,853.94
Federal Home Loan Bank1709 Call 1,000,000.003130A9RH6 10/20/2026 2,6682.30010/20/2016 989,210.00 2.271 2.302999,817.43
Federal Home Loan Bank1713 Call 2,000,000.003130A9XC0 11/17/2026 2,6962.36011/17/2016 1,996,260.00 2.327 2.3602,000,000.00
Federal Home Loan Bank1716 Call 1,500,000.003130A9XC0 11/17/2026 2,6962.36011/17/2016 1,497,195.00 2.361 2.3931,496,680.00
Federal Home Loan Bank1717 Call 1,500,000.003130AA2Z0 11/23/2026 2,7022.69011/23/2016 1,500,000.00 2.653 2.6901,500,000.00
Federal Home Loan Bank1718 Call 205,000.003130AA2Z0 11/23/2026 2,7022.69011/23/2016 205,000.00 2.682 2.720204,602.84
Federal Home Loan Bank1719 Call 1,500,000.003130A7C29 02/24/2026 2,4302.75011/16/2016 1,500,030.00 2.712 2.7491,500,000.00
Federal Home Loan Bank1720 Call 1,500,000.003130AAAZ1 12/14/2026 2,7232.90012/14/2016 1,500,030.00 2.860 2.9001,500,000.00
Federal Home Loan Bank1724 Call 800,000.003130AAEX2 12/28/2021 9112.15012/28/2016 800,008.00 2.120 2.150800,000.00
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 8821.87512/16/2016 1,002,110.00 2.168 2.198992,612.02
Federal Home Loan Bank1741 Call 315,000.003130AAAZ1 12/14/2026 2,7232.90001/27/2017 315,006.30 3.008 3.050311,970.59
Federal Home Loan Bank1751 Call 325,000.003130A8HF3 09/23/2025 2,2762.44002/15/2017 323,765.00 2.836 2.875317,238.40
Federal Home Loan Bank1752 Call 250,000.003130A7C29 02/24/2026 2,4302.75002/15/2017 250,005.00 2.958 3.000246,381.78
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 8935.00003/10/2017 2,049,964.80 2.150 2.1802,034,257.50
Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 9842.25004/12/2017 1,012,330.00 1.903 1.9301,008,175.64
Federal Home Loan Bank1823 Call 1,500,000.003130ABJW7 06/27/2024 1,8232.55006/27/2017 1,500,000.00 2.515 2.5501,500,000.00
Federal Home Loan Bank1847 Call 500,000.003130A7TA3 04/28/2023 1,3972.07009/18/2017 500,005.00 2.131 2.161498,363.96
Federal Home Loan Bank1854 Call 1,500,000.003130ACH64 10/26/2022 1,2132.25010/26/2017 1,500,360.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1860 Call 500,000.003130AAWE4 03/08/2022 9812.22009/28/2017 500,010.00 2.116 2.146500,939.80
Federal Home Loan Bank1861 Call 800,000.003130ABAF3 05/11/2027 2,8713.00009/29/2017 800,024.00 2.958 2.999800,000.00
Federal Home Loan Bank1862 Call 1,000,000.003130ACK94 10/10/2024 1,9282.53010/10/2017 1,000,920.00 2.495 2.5301,000,000.00
Federal Home Loan Bank1873 Call 1,500,000.003130ACMH4 10/16/2024 1,9342.50010/16/2017 1,507,245.00 2.465 2.5001,500,000.00
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 1,6212.25001/03/2018 1,016,580.00 2.359 2.392994,135.61
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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 Bank1896 1,000,000.003130A3DL5 09/08/2023 1,5302.37501/09/2018 1,021,540.00 2.376 2.409998,664.10
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 1,2962.38001/18/2018 510,295.00 2.385 2.418499,361.65
Federal Home Loan Bank1918 1,000,000.003130ADJH6 01/29/2020 2122.10001/29/2018 999,820.00 2.083 2.112999,932.40
Federal Home Loan Bank1971 Call 1,000,000.003130AELU2 07/16/2027 2,9373.84011/01/2018 1,000,270.00 3.847 3.900995,844.50
Federal Home Loan Bank1979 Call 1,500,000.003130AFFJ1 11/21/2028 3,4314.08011/21/2018 1,506,105.00 4.024 4.0801,500,000.00
Federal Home Loan Bank1996 Call 1,000,000.003130AFG84 11/29/2028 3,4393.87512/06/2018 1,023,010.00 3.823 3.876999,905.71
Fed. Home Loan Mortgage Corp.1106 1,500,000.003134G3A91 08/22/2019 521.40008/22/2012 1,498,170.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 1781.50009/26/2012 1,494,690.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 8932.00004/10/2014 2,005,200.00 2.564 2.6001,973,579.04
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 8932.00004/22/2014 1,002,600.00 2.643 2.680985,068.52
Fed. Home Loan Mortgage Corp.1282 300,000.003134G3A91 08/22/2019 521.40005/01/2014 299,634.00 1.914 1.941299,782.23
Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 2561.65005/02/2014 298,881.00 2.053 2.082299,149.10
Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 1431.45005/02/2014 299,154.00 1.938 1.965299,432.72
Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 2621.50005/06/2014 996,580.00 2.041 2.070996,170.90
Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 3261.50005/06/2014 994,960.00 2.091 2.120994,835.38
Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 1781.50005/13/2014 996,460.00 1.945 1.972997,837.37
Fed. Home Loan Mortgage Corp.1678 Call 1,000,000.003134GAEF7 09/29/2021 8211.65009/29/2016 995,360.00 1.627 1.6501,000,000.00
Fed. Home Loan Mortgage Corp.1828 Call 1,500,000.003134GBNX6 05/28/2021 6972.00006/28/2017 1,500,300.00 1.969 1.9961,500,000.00
Fed. Home Loan Mortgage Corp.1835 Call 1,500,000.003134GBXU1 07/27/2022 1,1222.25007/27/2017 1,500,210.00 2.219 2.2501,500,000.00
Fed. Home Loan Mortgage Corp.1836 Call 1,000,000.003134GBXU1 07/27/2022 1,1222.25007/27/2017 1,000,140.00 2.219 2.2501,000,000.00
Fed. Home Loan Mortgage Corp.1837 Call 1,000,000.003134GBXU1 07/27/2022 1,1222.25007/27/2017 1,000,140.00 2.234 2.265999,539.17
Fed. Home Loan Mortgage Corp.1853 Call 660,000.003134GBK92 10/12/2022 1,1992.20010/12/2017 660,066.00 2.169 2.200660,000.00
Fed. Home Loan Mortgage Corp.2036 Call 1,500,000.003134GTFQ1 04/30/2024 1,7652.85004/30/2019 1,502,460.00 2.810 2.8501,500,000.00
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 4732.35004/16/2012 2,010,980.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 3042.00004/30/2012 1,998,640.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 3042.05004/30/2012 1,499,340.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 4872.00004/30/2012 2,003,180.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 4242.00004/08/2014 1,500,975.00 2.172 2.2021,496,733.80
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 6691.75004/16/2014 997,640.00 2.364 2.397989,155.37
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 6481.75005/02/2014 249,417.50 2.452 2.486247,018.24
Federal National Mortgage Asso1315 1,200,000.003136G0YK1 08/28/2019 581.50006/05/2014 1,198,572.00 1.815 1.8401,199,386.11
Federal National Mortgage Asso1546 Call 1,000,000.003136G3AN5 03/16/2021 6241.75003/16/2016 998,670.00 1.578 1.6001,000,000.00
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 6622.28006/30/2016 1,007,160.00 1.171 1.1871,019,175.50
Federal National Mortgage Asso1669 Call 1,350,000.003136G3XZ3 07/28/2021 7581.50007/28/2016 1,343,007.00 1.505 1.5261,349,299.69
Federal National Mortgage Asso1687 Call 1,050,000.003136G36A8 09/27/2024 1,9152.00009/27/2016 1,050,273.00 1.972 2.0001,050,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 2,4957.12511/10/2016 663,240.00 2.367 2.400643,573.94
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 1,1522.00012/29/2017 503,305.00 2.238 2.270495,978.43
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 1,1922.00001/09/2018 1,007,000.00 2.288 2.320990,159.32
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 1,1922.00001/19/2018 1,007,000.00 2.409 2.443986,421.61
Federal National Mortgage Asso1922 1,000,000.003136G0P62 10/15/2020 4721.50002/05/2018 993,190.00 2.268 2.300990,052.22
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 1,2982.37502/08/2018 1,529,490.00 2.574 2.6101,488,327.11
Federal National Mortgage Asso1960 250,000.003136G33H6 08/24/2026 2,6112.10010/24/2018 249,997.50 3.603 3.653226,049.20
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 5953.87512/14/2012 515,870.00 1.596 1.618517,079.17
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1,1411.87512/14/2012 1,010,676.70 1.893 1.9201,008,706.91
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 5953.87501/23/2013 1,547,610.00 1.647 1.6691,550,003.24
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 5953.87503/12/2014 1,196,818.40 2.427 2.4611,184,320.45
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 2,3156.75011/20/2015 1,272,600.00 2.807 2.8461,213,973.64
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 1,9032.87501/15/2016 778,335.00 2.564 2.600759,545.69
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 2,3156.75004/18/2016 986,265.00 2.337 2.370966,405.27
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1,1411.87510/07/2016 1,490,998.30 1.538 1.5601,503,943.09
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 2,3156.75011/10/2016 1,590,750.00 2.317 2.3501,562,397.40
Subtotal and Average 285,996,708.38 284,120,227.27 286,884,405.37 2.294 2.326 1,504
Treasury Securities (Notes)
U.S. Treasury1284 TB 1,500,000.00912828TH3 07/31/2019 300.87505/02/2014 1,498,290.00 1.726 1.7501,498,973.60
U.S. Treasury1285 TB 1,500,000.00912828TN0 08/31/2019 611.00005/02/2014 1,496,805.00 1.755 1.7801,498,144.06
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 9731.75003/09/2017 1,500,945.00 2.071 2.1001,486,781.92
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 1,1871.75010/06/2017 1,501,050.00 1.914 1.9411,491,163.05
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 1,3101.75001/11/2018 1,501,050.00 2.308 2.3401,470,216.31
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 1,2792.12501/22/2018 1,520,445.00 2.387 2.4201,485,460.37
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 1,3101.75002/05/2018 1,501,050.00 2.560 2.5961,457,558.81
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 1,3101.75002/08/2018 1,000,700.00 2.487 2.521974,132.59
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 1,3381.50002/09/2018 991,990.00 2.534 2.570963,449.03
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 1,3381.50002/15/2018 991,990.00 2.601 2.638961,190.72
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
Subtotal and Average 13,287,070.46 13,500,000.00 13,504,315.00 2.197 2.227 973
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 7622.38110/30/2015 1,008,420.00 2.120 2.1501,004,497.83
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 2,1623.36512/24/2018 536,037.30 3.175 3.220508,876.43
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 1,1272.60805/09/2017 223,649.80 2.266 2.298221,955.42
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 1,0662.87501/26/2018 328,208.00 2.486 2.520323,118.87
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 2,2236.23802/24/2016 823,965.60 3.557 3.606828,346.91
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 7624.58402/24/2016 314,739.00 2.130 2.159314,243.45
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 7624.58403/04/2016 1,311,412.50 2.138 2.1681,309,068.50
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 7624.58402/17/2017 367,195.50 2.317 2.350365,411.52
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 2,5885.23409/27/2017 358,253.00 2.850 2.890349,393.31
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 7622.78101/27/2016 508,165.00 2.012 2.040507,263.73
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 1,1272.97111/30/2017 56,571.90 2.416 2.45055,829.13
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 1,0963.50005/03/2018 1,567,740.00 2.927 2.9671,522,342.59
State of Delaware1970 MUN 500,000.002463804C0 10/01/2020 4584.60011/02/2018 503,040.00 3.668 3.719505,257.62
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 2,4076.08006/28/2016 625,521.75 2.994 3.035616,886.40
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 2,5883.16002/14/2018 1,037,665.60 3.028 3.0701,000,537.48
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 2,2233.04002/14/2018 777,472.50 2.959 3.000751,613.77
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 1,1883.57005/17/2016 524,455.00 1.878 1.904525,440.10
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 1,3113.25006/27/2016 380,224.15 1.898 1.925381,198.11
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 2,0422.37507/29/2016 1,844,600.50 1.972 1.9991,859,969.37
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 1,1883.57009/26/2016 403,830.35 1.630 1.653407,780.49
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 2,2844.00004/10/2017 275,222.50 2.739 2.777266,921.09
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 2,6494.31001/26/2018 1,233,802.20 2.979 3.0201,184,508.54
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 2,6494.31003/19/2018 225,352.00 3.204 3.248213,326.56
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 1,5533.74010/25/2018 416,418.60 3.093 3.136399,202.48
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 2,7722.72010/31/2018 355,267.50 3.412 3.460333,029.42
State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 3,0455.01411/30/2018 1,414,200.00 3.649 3.7001,311,015.88
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 2,6493.15010/19/2016 1,089,328.90 2.431 2.4651,090,739.23
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 9464.80009/21/2017 239,233.50 2.071 2.100239,918.06
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 1,1881.92103/20/2018 994,210.00 2.584 2.620978,701.84
State of Hawaii1946 MUN 355,000.00419791YP7 02/01/2022 9464.80003/21/2018 377,457.30 2.761 2.800372,262.81
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 1,1881.92103/29/2018 1,491,315.00 2.663 2.7001,464,456.38
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 2,0425.23010/25/2018 286,467.50 3.363 3.410272,686.00
State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 3,1375.48011/30/2018 604,290.00 3.687 3.739562,736.08
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 2,4075.33012/06/2018 938,784.00 3.304 3.350892,009.38
State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 1,1881.92101/17/2019 745,657.50 2.613 2.650733,167.00
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 1,5232.64002/14/2017 1,016,930.00 2.784 2.8231,001,132.80
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 1,1582.44012/11/2017 1,099,363.10 2.355 2.3881,091,673.86
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 2,6193.30011/02/2018 311,183.70 3.530 3.579289,867.50
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 2,6193.50001/07/2019 1,067,920.00 3.077 3.1191,024,029.41
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 2,9225.51603/29/2018 1,820,025.00 3.254 3.3001,727,461.22
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 2,9225.51610/29/2018 515,673.75 3.600 3.650478,943.04
Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 1,0965.18111/07/2018 328,716.00 3.166 3.210316,601.92
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 9744.30009/16/2016 511,621.65 1.534 1.555518,975.77
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 9882.25003/22/2017 1,008,770.00 2.219 2.2501,000,000.00
State of Maryland1941 MUN 1,500,000.00574193PU6 03/15/2021 6232.48003/21/2018 1,514,745.00 2.406 2.4401,500,977.60
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 1,3394.40003/20/2018 1,378,713.60 2.633 2.6701,355,571.89
State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 1,8584.20010/19/2018 1,859,321.10 3.413 3.4611,747,064.25
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 2,5103.85012/21/2018 861,374.25 3.452 3.500842,322.88
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 7622.97307/24/2014 507,755.00 2.893 2.933502,098.34
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 2,9533.27209/28/2017 529,815.00 2.791 2.830515,486.33
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 2,5883.17211/05/2018 126,435.60 3.452 3.500117,571.55
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 1,4924.10310/26/2015 1,440,745.35 2.490 2.5251,412,648.42
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 2,6803.75111/07/2018 1,624,080.00 3.424 3.4721,531,142.59
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 2,6803.75111/07/2018 541,360.00 3.449 3.496509,576.68
State of New Hampshire1948 MUN 1,500,000.00644682M37 06/01/2021 7013.50003/22/2018 1,543,545.00 2.544 2.5801,525,203.92
New York St Envrnmntl Facs1942 MUN 1,000,000.0064985HWN3 07/15/2020 3801.43103/15/2018 993,090.00 2.377 2.410990,160.24
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 1,8412.12001/04/2019 451,557.00 2.860 2.900433,764.20
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 1,0802.43802/15/2018 2,019,640.00 2.624 2.6611,987,567.36
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 1,3394.69001/22/2019 1,092,810.00 2.752 2.7911,065,330.63
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 1,3394.69002/08/2019 1,092,810.00 2.751 2.7901,065,413.53
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 6701.57003/09/2016 1,491,615.00 1.548 1.5691,500,000.00
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 1,4002.11009/13/2016 800,272.00 1.764 1.788809,246.23
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 1,4002.11001/31/2017 2,000,680.00 2.485 2.5201,971,062.93
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 1,7364.97106/30/2017 1,013,076.00 2.416 2.450998,746.70
State of Ohio1881 MUN 200,000.00677521GP5 11/01/2020 4893.62512/21/2017 204,456.00 2.179 2.210203,634.95
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 2,9533.12501/25/2018 205,824.00 3.208 3.253198,271.54
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 1,0352.50008/29/2016 577,506.90 1.528 1.550584,628.96
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 2,8925.89211/06/2018 604,275.00 3.516 3.565567,368.90
State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 2,2232.87712/21/2018 307,422.00 3.156 3.200294,719.16
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 2,8925.89201/16/2019 537,804.75 3.537 3.587514,583.39
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 1,6143.43812/06/2018 700,790.30 3.205 3.250670,054.07
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 7622.44105/10/2013 2,021,320.00 2.031 2.0602,014,523.81
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 7622.44105/13/2013 1,819,188.00 2.031 2.0601,813,070.99
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 7622.44105/15/2013 2,011,213.40 2.051 2.0802,003,682.93
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 7622.44101/27/2015 202,132.00 2.041 2.070201,438.57
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 7622.44105/12/2016 1,010,660.00 1.528 1.5501,017,758.12
Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 3972.29109/02/2016 601,950.00 1.290 1.308606,207.89
Palo Alto Unified School Dist.1880 MUN 1,025,000.00697379UD5 08/01/2020 3972.29112/20/2017 1,028,331.25 1.923 1.9501,028,666.15
Rancho Water Dist. Fin. Auth.1992 MUN 430,000.00752111KB9 08/01/2026 2,5882.48911/30/2018 428,714.30 3.318 3.365406,644.27
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 1,4922.50001/11/2018 1,364,093.20 2.436 2.4701,341,516.75
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 1,8582.68001/12/2018 1,502,748.80 2.643 2.6801,460,000.00
Santa Clara Vly Transportation1964 MUN 1,400,000.0080168NEL9 04/01/2021 6404.64910/29/2018 1,461,432.00 3.008 3.0501,437,464.77
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 1,7972.50001/25/2018 470,589.30 2.968 3.010454,450.85
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 2,1622.75001/25/2018 474,713.85 3.008 3.050457,644.62
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 2,5273.00001/25/2018 485,542.90 3.107 3.150465,729.14
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 2,8923.00001/25/2018 288,240.40 3.205 3.250275,246.61
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 1,0804.95002/09/2015 388,116.00 2.416 2.450384,202.74
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 2,1765.45011/27/2015 1,174,200.00 3.067 3.1101,119,759.67
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 2,1762.29011/01/2016 2,118,556.20 2.219 2.2492,109,507.30
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 2,5412.39011/01/2016 246,594.95 2.376 2.410244,693.61
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 2,1762.29007/14/2017 231,481.20 2.682 2.720224,729.79
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 2,5415.60001/16/2019 1,708,501.40 3.304 3.3501,615,289.30
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 2,9843.25003/02/2018 708,356.00 3.451 3.499668,304.78
SF Bay Area Rapid Transit Dist1938 MUN 2,100,000.00797669XU7 07/01/2021 7312.38703/07/2018 2,112,075.00 2.494 2.5282,094,300.37
SF Bay Area Rapid Transit Dist1939 MUN 1,500,000.00797669XU7 07/01/2021 7312.38703/07/2018 1,508,625.00 2.497 2.5311,495,838.37
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
SF Bay Area Rapid Transit Dist2018 MUN 875,000.00797669XU7 07/01/2021 7312.38701/17/2019 880,031.25 2.544 2.579871,737.63
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 1,4612.62102/25/2019 203,548.00 2.672 2.710199,328.74
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 2,9843.72810/29/2018 338,344.65 3.676 3.727315,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 1,4922.50001/29/2015 585,655.00 2.663 2.700575,792.69
Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 1,1272.90802/19/2019 220,289.00 2.714 2.752215,989.57
San Mateo Union High School Dt1516 MUN 245,000.00799017KT4 09/01/2019 622.19301/08/2016 244,928.95 1.775 1.800245,154.50
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 7932.72001/19/2016 182,728.80 2.046 2.075182,361.53
San Mateo Union High School Dt1902 MUN 1,000,000.00799017UW6 09/01/2025 2,2542.69901/16/2018 1,028,950.00 2.786 2.825993,036.72
San Mateo Union High School Dt1940 MUN 1,000,000.00799017UW6 09/01/2025 2,2542.69903/09/2018 1,028,950.00 2.959 3.000983,473.70
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 2,9533.00002/15/2018 185,164.20 3.057 3.100178,744.25
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 2,5882.11608/25/2016 983,830.00 1.923 1.9501,010,632.13
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 2,2232.06608/25/2016 1,635,711.00 1.893 1.9201,663,399.31
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 2,2232.06608/25/2016 693,938.00 1.893 1.920705,684.56
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 1,8583.72812/20/2018 220,899.80 2.860 2.900212,903.95
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 8232.58910/14/2015 932,962.80 1.864 1.890933,619.77
State of Texas1586 MUN 1,000,000.00882722KA8 10/01/2023 1,5535.64304/19/2016 1,008,360.00 3.339 3.3851,084,150.00
State of Texas1592 MUN 235,000.00882722JZ5 10/01/2022 1,1885.50304/21/2016 236,884.70 3.047 3.090251,591.81
State of Texas1621 MUN 500,000.00882723A41 10/01/2020 4581.77706/07/2016 498,170.00 1.450 1.470501,850.39
State of Texas1625 MUN 485,000.00882722KC4 10/01/2025 2,2845.91306/09/2016 489,374.70 3.831 3.885536,147.46
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 1,0053.67310/19/2016 114,735.50 1.825 1.850115,221.87
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 2,2233.83209/22/2017 262,320.00 2.747 2.785264,195.52
State of Texas2013 MUN 1,000,000.00882722VH1 04/01/2021 6403.52301/11/2019 1,025,880.00 3.503 3.5521,012,497.62
University of California1340 MUN 1,875,000.0091412GSB2 07/01/2019 01.79607/14/2014 1,875,000.00 2.007 2.0351,875,000.00
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 3193.34807/31/2014 429,760.00 2.281 2.313428,569.98
University of California1383 MUN 955,000.0091412GSB2 07/01/2019 01.79608/27/2014 955,000.00 1.972 2.000955,000.00
University of California1414 MUN 750,000.0091412GSB2 07/01/2019 01.79611/28/2014 750,000.00 1.923 1.950750,000.00
University of California1420 MUN 1,500,000.0091412GSB2 07/01/2019 01.79612/12/2014 1,500,000.00 1.943 1.9701,500,000.00
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 3191.99510/08/2015 259,898.60 1.824 1.850260,313.36
State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 3663.28906/07/2016 758,820.00 1.430 1.450763,345.08
State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 1,8274.55401/04/2017 818,794.90 2.904 2.944825,229.30
State of Utah1990 MUN 1,000,000.00917542QU9 07/01/2021 7313.36911/29/2018 1,022,500.00 2.959 3.0001,007,030.04
State of Vermont1456 MUN 2,000,000.00924258TT3 08/15/2023 1,5064.25008/06/2015 2,005,280.00 3.275 3.3202,066,756.88
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
June 30, 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
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1,1272.74008/08/2016 256,032.50 1.504 1.524258,925.95
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1,1274.63612/05/2016 556,493.55 2.465 2.500546,437.94
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 7624.58604/12/2017 1,580,655.00 2.081 2.1101,573,571.66
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 1,8584.66905/23/2017 543,748.05 2.416 2.450534,868.10
State of Wisconsin2000 MUN 500,000.0097705LA49 05/01/2022 1,0353.80012/19/2018 518,210.00 3.076 3.119509,072.28
West Valley-Mission Community1479 MUN 250,000.0095640HBT4 08/01/2024 1,8586.09010/01/2015 250,740.00 4.030 4.086271,178.80
Subtotal and Average 108,655,099.03 105,860,000.00 110,339,860.10 2.597 2.633 1,471
Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 1,1711.75011/09/2018 1,497,780.00 3.106 3.1501,437,103.64
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 1,2987.62511/08/2018 1,796,505.00 3.111 3.1551,721,221.85
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 1,5493.00011/27/2018 1,048,140.00 3.018 3.060997,630.25
Intl Bk Recon & Development1983 IBRD 1,000,000.0045905U6K5 11/15/2023 1,5983.00011/27/2018 1,004,490.00 3.404 3.4511,000,000.00
Intl Bk Recon & Development1998 IBRD 1,000,000.0045905UZT4 11/22/2021 8751.75012/12/2018 995,860.00 2.850 2.890974,031.92
Intl Bk Recon & Development2028 IBRD 1,500,000.0045905U2D5 02/15/2024 1,6902.50002/28/2019 1,503,165.00 2.990 3.0311,500,000.00
Intl Bk Recon & Development2031 IBRD 2,000,000.0045905U2L7 03/15/2024 1,7192.50003/22/2019 2,009,140.00 3.261 3.3062,000,000.00
Intl Bk Recon & Development2039 IBRD 1,000,000.0045905U2W3 04/15/2024 1,7502.40004/30/2019 1,003,940.00 3.042 3.0841,000,000.00
Intl Bk Recon & Development2041 IBRD 1,000,000.0045905UZT4 11/22/2021 8751.75004/22/2019 995,860.00 2.416 2.450983,863.19
Intl Bk Recon & Development2045 IBRD 1,500,000.00459058GS6 05/15/2024 1,7802.88005/15/2019 1,535,490.00 2.840 2.8801,500,000.00
International Finance Corp.1988 IFC 1,500,000.0045950VMW3 12/15/2023 1,6283.00012/06/2018 1,500,960.00 3.328 3.3741,500,000.00
International Finance Corp.2012 IFC 2,000,000.0045950VMY9 01/15/2024 1,6592.50001/23/2019 2,001,360.00 3.103 3.1472,000,000.00
International Finance Corp.2023 IFC 1,500,000.0045950VNC6 02/15/2024 1,6902.62502/15/2019 1,501,605.00 3.054 3.0971,500,000.00
Subtotal and Average 18,113,850.85 18,000,000.00 18,394,295.00 3.063 3.106 1,516
Total Investments and Average 542,078,006.10 536,956,359.08 545,060,746.22 2.348 2.381 1,260
Portfolio CPA
AP
Run Date: 07/10/2019 - 13:33 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.27.4%
c)The City shall maintain a minimum of one month's cash needs in short term investments.Full Compliance
d) At least $50 million shall be maintained in securities maturing in less than 2 years.
Plus two managed pool accounts which provide instant liquidity:
- Local Agency Investment Fund (LAIF) - maximum investment limit is $65 million $45.8 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.100.55%
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.23.88%
b) Securities will not exceed 10 years maturity.
4 California State, California Local Government Agencies, and other United States State Bonds: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 30 percent of the par value of the portfolio.19.72%
5 Certificates of Deposit (CD):Full Compliance
a) May not exceed 20 percent of the par value of the portfolio;None Held
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).
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 (BA):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.
$128.3 million
2.51%
Attachment C
Investment Policy
Compliance As of
June 30, 2019
Investment Policy Requirements
Compliance
Check / Actual
Attachment C
Investment Policy Compliance
As of June 30, 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.8.72%
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.3.67%
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) Securities will not exceed 5 years maturity 3.35%
b) No more than 20 percent of the par value of the portfolio.
c) No more than 10 percent in any one institution.
d) 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 Local Agency Investment Fund (LAIF)
Full Compliance
None Held
Full Compliance