HomeMy WebLinkAboutStaff Report 10736
City of Palo Alto (ID # 10736)
City Council Staff Report
Report Type: Informational Report Meeting Date: 11/4/2019
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the First Quarter, Fiscal
Year 2020
From: City Manager
Lead Department: Administrative Services
Background
The City’s investment policy requires that staff r eport 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 provides 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 first quarter ending September
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 groups the portfolio’s securities
by investment type and includes details of the investment issuer, date of maturity, current
market value, the book and face (par) value, and the weighted average maturity of each type of
investment and of the entire portfolio.
City of Palo Alto Page 2
The par value of the City’s portfolio is $525.2 million; in comparison, last quarter it was $536.9
million. The $11.7 million portfolio decline since the last quarter results from the prepayment
of the City’s Fiscal Year 2020 Unfunded Accrued Liability (UAL) pension cost for active
employees to the Public Employers’ Retirement System (PERS) totaling $30.2 million. By
prepaying PERS instead of making payments with each payroll period, the City expects savings
of $1.077 million in PERS payments; however, this savings will be partially offset by the loss of
approximately $311 thousand in interest income in the City’s portfolio. The net citywide savings
of prepaying the UAL cost is $766 thousand. The saving is a consequence of PERS’ ability to earn
interest earlier and at a higher rate than the City’s portfolio could realize. Without this
prepayment, the portfolio in the first quarter would have been higher by $18.5 million. In
addition, seasonality and the timing of remittances and expenditures affect cash flow . For
example, the first quarter has one less payroll compared to the prior quarter. Contributing
factors include lower payroll costs due to the current quarter having an extra pay period.
The portfolio consists of $32.2 million in liquid accounts and $493.0 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
$133.0 million in investments maturing in less than two years, comprising 25.3 percent of the
City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of the
portfolio to be invested in securities with maturities beyond five years; actual at the end of the
second quarter is 28.0 percent of the portfolio.
City of Palo Alto Page 3
Table 1:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Portfolio
U.S. Treasury -$ -$ 3.0$ 7.5$ -$ 10.5$ 2.0%
U.S. Agency Bonds 40.6 31.9 39.9 66.6 102.7 281.7 53.6%
U.S. Municipal/ State Bonds 4.6 26.1 11.0 26.3 43.6 111.6 21.3%
Negotiable Certificates of Deposits (NCD)4.4 7.8 16.8 13.7 0.7 43.4 8.3%
U.S. Corporate Bonds 7.8 9.8 0.1 4.1 - 21.8 4.2%
Supranational Organizations Bonds - - 5.0 19.0 - 24.0 4.6%
Liquid Accounts (LAIF & Fidelity)32.2 - - - - 32.2 6.1%
Grand Total 89.6$ 75.6$ 75.8$ 137.2$ 147.0$ 525.2$ 100%
% of Portfolio 17.1%14.4%14.4%26.1%28.0%100.0%
* $39 million or 7.4 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 101.0 percent of the book value. The market value
of securities fluctuates, depending on how interest rates perform. When interest rates
decrease, the market value of the securities in the City’s portfolio will likely increase; likewise,
when interest rates increase, the market value of the securities will likely decrease.
Understanding and showing market values is not only a reporting requirement, but essential to
knowing the principal risks in actively buying and selling securities. It is important to note,
however, that the City’s practice is to buy and hold investments until they mature so changes in
market price do not affect the City’s investment principal. The average life to maturity of the
investment portfolio is 3.68 years compared to 3.45 years last quarter.
Investments Made During the First Quarter
During the first quarter, $63.2 million of securities with an average yield of 2.6 percent
matured. During the same period, per Table 2 below, government securities totaling $68.1
million with an average yield of 2.4 percent were purchased. The expectation is interest rates
and the City’s portfolio’s average yield will gradually decline. The City’s short -term money
market and pool account decreased by $16.7 million compared to the fourth quarter. Staff
continually monitors the City’s short-term cash flow needs and adjusts liquid funds to meet
them.
City of Palo Alto Page 4
Table 2:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Purchase
U.S. Agency Bonds -$ -$ -$ 1.0$ 41.6$ 42.6$ 62.6%
U.S. Municipal/ State Bonds 0.5 - - 2.6 10.2 13.3 19.5%
Negotiable Certificates of Deposits (NCD)- - 0.5 3.2 0.5 4.2 6.2%
U.S. Corporate Bonds - - - 2.0 - 2.0 2.9%
Supranational Organizations Bonds - - 1.5 4.5 - 6.0 8.8%
Grand Total 0.5$ -$ 2.0$ 13.3$ 52.3$ 68.1$ 100%
% of Purchase 0.7%0.0%2.9%19.5%76.9%100.0%
* $8.3 million or 12.2 percent are in investments that support Environmental, Social, and Governace (ESG) Activities
(aka "Green" and Supranational Bonds)
Investment Type
2019 Q1 Security Purchases - Par Value (millions)
Availability of Funds for the Next Six Months
Normally, the flow of revenues from the City’s utility billings and General Fund sources is
sufficient to provide funds for ongoing expenditures in those respective funds. Projections
indicate receipts will be $298.1 million and expenditures will be $289.3 million o ver the next six
months, indicating an overall growth in the portfolio of $8.8 million.
As of September 30, 2019, the City had $32.2 million deposited in the Local Agency Investment
Fund (LAIF) and a money market account that could be withdrawn on a dail y basis. In addition,
investments totaling $34.8 million will mature between October 1, 2019 and March 31, 2020.
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 first quarter, staff complied with all aspects of the investment policy. Attachment C
lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the first quarter was $3.1 million. As of September 30,
2019, the yield to maturity of the City’s portfolio was 2.35 percent. In the first quarter, LAIF’s
average yield was 2.33 percent while the average yield on the two -year and five-year Treasury
bonds was approximately 1.68 percent and 1.63 percent, respectively. As stated in the last
report, 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, the inverted yield curve has been an indication of investors having
little confidence in the near-term economy. Typically, investors purchase more long-term
City of Palo Alto Page 5
investments when they believe interest rates will continue to decline and the economy in the
near-term is a much risker investment environment.
The declining interest rate is expected to continue the gradual decrease in 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 2018 tha t wasn’t
the case until last quarter; 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%
2.3%
2 Yr. Treasury
1.7%
5 Yr. Treasury
1.6%
LAIF
2.3%
$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 3.68 years.
City of Palo Alto Page 6
Yield Trends
The Federal Open Market Committee (FOMC) cut the federal funds and discount rates to 1.75
and 2.50 percent in August/September 2019, respectively. This was the second rate cut in
calendar year 2019 while in calendar year 2018 the fed funds rate rose by 1.0 percent and the
discount rate rose by 0.75 percent. The FOMC views economic activity rising at a moderate
pace, job gains remaining stable, low unemployment , and inflation rate being tame around 2
percent. The market’s expectation is FOMC will continue to 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 those not held
directly in the investment portfolio. These include cash in the City’s regular bank acc ount 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 September 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 is not governed by the City’s Investment Policy; however, it 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. Through
September 30, 2019, principal investment contributions of $13.5 million have grown to $14.2
million. As of September 30, 2019, the net return for one year has been 7.1 percent.
Fiscal Impact
This is an information report.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
.
Attachments:
Attachment A Consolidated Report of Cash Management
City of Palo Alto Page 7
Attachment B Investment Portfolio
Attachment C Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)530,635,714$ 535,655,031$
Other Funds Held by the City
Cash with Wells Fargo Bank 1,307,985 1,307,985
(includes general and imprest accounts)
Cash with US Bank 2,932,829 2,932,829
(includes general and imprest accounts)
Petty/Working Cash 12,478 12,478
Total - Other Funds Held By City 4,253,291 4,253,291
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1995 Utility Revenue Bonds
Debt Service Fund 123 123
1999 Utility Revenue Bonds
Debt Service Fund 304 304
2007 Utility Revenue Bonds
Debt Service Fund 19 19
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,582,209 2,582,209
2010 General Obligation (Library) Bond
Debt Service and Escrow Funds 2,400,528 2,400,528
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 1,452,130 1,452,130
2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1,812,727 1,812,727
2013 General Obligation (Library) Bond
Escrow Funds 3,094,820 3,094,820
2018 Capital Improvement (Golf Course & 2002B COP Refinance)
(Taxable- Green Bond) Certificates of Participation
Debt Service and Cost of Issuance Funds 18,018 18,018
2019 California Avenue Parking Garage Certificates of Participation
(Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 42,352,841 42,352,841
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,672,228 2,672,228
2013 General Obligation (Library) Bond
Reserve Fund 591,416 591,416
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 14,247,284 14,247,284
Total Under Trustee Management 71,224,646 71,224,646
GRAND TOTAL 606,113,651$ 611,132,968$
* 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
First Quarter, Fiscal Year 2018-19
(Unaudited)
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
City of Palo Alto City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
September 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 3,085,531.71SYS158 12.00007/01/2018 3,085,531.71 1.972 2.0003,085,531.71
Local Agency Investment Fund159 29,161,423.81SYS159 12.25007/01/2018 29,209,330.69 2.219 2.25029,161,423.81
Subtotal and Average 32,246,955.52 32,246,955.52 32,294,862.40 2.196 2.226 1
Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 1,4903.45010/30/2018 260,334.55 3.404 3.451245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 1,0952.45009/30/2015 249,561.90 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 1,0942.05009/29/2017 246,700.30 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 1,4152.40002/16/2016 245,159.25 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 5461.45009/30/2016 243,552.05 1.429 1.449245,000.00
American Eagle Bank2124 NCD 249,000.0002554BCN9 05/23/2022 9652.10009/27/2019 250,879.95 1.869 1.895250,311.77
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 6732.05004/04/2017 246,109.85 2.023 2.051245,000.00
Anchor D Bank2115 NCD 245,000.00033034AJ8 09/30/2024 1,8261.95009/30/2019 245,007.35 1.923 1.950245,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 1,7032.30005/30/2017 249,194.40 2.270 2.301245,000.00
American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 1,5253.55012/04/2018 261,495.85 3.501 3.550245,000.00
Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 5661.90004/19/2017 245,374.85 1.875 1.901245,000.00
Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 7421.50010/12/2016 243,532.45 1.480 1.500245,000.00
Bank of Grove1821 NCD 245,000.0006246PBP9 12/29/2021 8202.00006/29/2017 245,014.70 1.974 2.001245,000.00
Bankers Bank of the West1421 NCD 245,000.0006610TDB8 12/30/2019 901.85012/29/2014 245,122.50 1.824 1.850245,000.00
Bank Champaign1477 NCD 245,000.0006607ABD2 09/30/2022 1,0952.50009/30/2015 245,115.15 2.467 2.501245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 3652.20009/30/2014 245,970.20 2.171 2.201245,000.00
Frontier Bank Madison NE1498 NCD 245,000.0035907XCL9 11/22/2021 7832.00011/20/2015 245,009.80 1.974 2.001245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1,0812.25009/16/2015 248,094.35 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 1,0951.70009/30/2016 244,198.85 1.676 1.700245,000.00
Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 1,7951.70008/30/2019 242,226.60 1.678 1.701245,000.00
BMO Harris Bank1783 NCD 245,000.0005581WNY7 10/28/2022 1,1232.25004/28/2017 245,029.40 2.220 2.251245,000.00
BMW Bank of North America1807 NCD 245,000.0005580AJK1 06/16/2020 2591.85006/16/2017 245,073.50 1.824 1.850245,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 7131.50009/12/2016 243,451.60 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 9252.00004/13/2017 246,176.00 1.973 2.001245,000.00
Bofi Federal Bank1381 NCD 50,000.0009710LAF2 08/30/2022 1,0642.25008/25/2014 50,011.50 2.493 2.52749,636.49
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 1,0422.35008/25/2014 100,039.00 2.592 2.62899,282.62
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
Attachment B
September 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 Bank1402 NCD 100,000.0009710LAF2 08/30/2022 1,0642.25010/21/2014 100,023.00 2.462 2.49699,351.22
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 3722.25010/07/2015 246,107.40 2.219 2.250245,000.00
Bridgewater Bank Bloom MN2099 NCD 245,000.00108622JA0 09/25/2023 1,4551.80009/25/2019 244,544.30 1.775 1.800245,000.00
Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 1,1563.25011/30/2018 255,784.90 3.207 3.252245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 4981.55002/10/2016 244,176.80 1.530 1.551245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 1,2993.00004/24/2018 254,822.05245,000.00
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 9332.05004/21/2017 246,489.60 2.023 2.051245,000.00
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 5621.50004/15/2016 243,887.70 1.479 1.500245,000.00
Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 1,7951.85008/30/2019 243,948.95 1.826 1.852245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 8691.70002/16/2016 244,404.65 1.678 1.701245,000.00
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 8531.90007/31/2017 245,536.55 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 1,1852.35012/29/2017 249,081.70 2.317 2.350245,000.00
Charter Bank Eau Claire1811 NCD 245,000.0016116PHU8 06/13/2022 9862.10006/13/2017 245,063.70 2.071 2.100245,000.00
CIBM Bank1809 NCD 245,000.0012545JAM7 06/16/2022 9892.10006/16/2017 245,100.45 2.072 2.101245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 6931.40008/24/2016 243,395.25 1.380 1.400245,000.00
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 1,2351.75002/19/2016 249,372.50 1.727 1.751250,000.00
CalPrivate Bank2052 NCD 245,000.0013135NAG5 08/16/2023 1,4152.20008/16/2019 245,343.00 2.171 2.201245,000.00
Cumberland Federal Bank FSB1813 NCD 245,000.0023062KBH4 07/07/2022 1,0102.10007/07/2017 245,044.10 2.072 2.101245,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 1,1132.10010/18/2017 247,070.25 2.071 2.100245,000.00
Enerbank USA1246 NCD 245,000.0029266NYZ4 01/30/2020 1212.05001/30/2014 245,139.65 2.021 2.050245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 9582.00005/15/2017 246,210.30 1.972 2.000245,000.00
Community State Bank1536 NCD 245,000.0020404YBQ7 02/24/2022 8771.95002/24/2016 245,004.90 1.924 1.951245,000.00
Country Bank of New York1799 NCD 245,000.0022230PBN9 05/26/2022 9682.10005/26/2017 245,029.40 2.072 2.101245,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 3162.30008/12/2015 246,053.50 2.268 2.300245,000.00
Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 1,8011.90009/05/2019 244,502.65 1.873 1.900245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 6231.55006/16/2016 244,176.80 1.529 1.550245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 5051.60002/17/2016 244,333.60 1.579 1.601245,000.00
Commerce Bank - Geneva1816 NCD 245,000.0020056QQK2 06/21/2021 6292.00006/21/2017 245,071.05 1.973 2.001245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 9652.00005/22/2017 246,217.65 1.972 2.000245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 1,0772.25009/11/2015 248,084.55 2.224 2.255245,000.00
Cornerstone Bank1757 NCD 245,000.00219232CN3 03/10/2022 8912.10003/10/2017 245,102.90 2.072 2.101245,000.00
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 1,4843.35010/24/2018 259,266.35 3.304 3.350245,000.00
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 8892.05003/08/2017 246,425.90 2.021 2.050245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 3281.90008/24/2015 245,218.05 1.876 1.902245,000.00
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 1,3052.65004/30/2019 251,923.70 2.615 2.651245,000.00
TBK Bank SSB1812 NCD 245,000.0087219RBK9 06/23/2022 9962.10006/23/2017 245,129.85 2.072 2.101245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 3032.00007/30/2015 245,401.80 1.972 2.000245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 5042.20008/15/2014 251,360.00 2.169 2.200250,000.00
First Business Bank1250 NCD 245,000.0031938QF25 02/19/2020 1412.00002/19/2014 245,129.85 1.972 2.000245,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 9192.10004/07/2017 246,771.35 2.072 2.101245,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 1,3601.80006/22/2016 245,534.10 1.776 1.800245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 8972.10010/19/2015 245,022.05 2.120 2.150244,718.25
First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 1,8001.75009/04/2019 242,780.30 1.727 1.751245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 1,0172.05007/14/2017 246,602.30 2.023 2.051245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 7452.45010/17/2014 249,361.00 2.416 2.449245,000.00
First Oklahoma Bank1838 NCD 245,000.00335857BF4 07/26/2022 1,0292.10007/26/2017 245,031.85 2.072 2.101245,000.00
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 8402.05001/18/2017 246,354.85 2.021 2.050245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 1,0372.35009/09/2014 240,372.00 2.665 2.703237,843.33
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 1,4732.25010/13/2017 248,775.45 2.220 2.251245,000.00
First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 5141.55002/26/2016 244,152.30 1.530 1.551245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 7302.00010/01/2015 245,962.85 1.972 1.999245,000.00
First Nat. Bank of Park Falls1473 NCD 245,000.0032114RAQ9 09/17/2021 7172.20009/17/2015 245,031.85 2.171 2.201245,000.00
First National Bank2026 NCD 245,000.0032117BCS5 02/14/2024 1,5973.25002/14/2019 246,288.70 3.206 3.251245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 5242.50003/07/2014 247,432.85 2.465 2.500245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 8532.00004/04/2017 103,461.44 1.972 1.999103,000.00
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 8981.70003/17/2016 249,367.50 1.677 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 5141.55002/29/2016 245,480.20 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 7032.40009/03/2015 248,241.35 2.367 2.400245,000.00
First United Bank & Trust2066 NCD 245,000.0033742CAM9 08/30/2024 1,7952.10008/30/2019 245,308.70 2.073 2.102245,000.00
First National Bank of Elkhart1801 NCD 245,000.00321130AB2 05/31/2022 9732.10005/31/2017 245,034.30 2.072 2.101245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 1,1142.10004/19/2017 247,075.15 2.072 2.101245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 9412.00006/30/2017 246,193.15 1.973 2.000245,000.00
First State Bank of Purdy1475 NCD 248,000.0033646TAE7 04/13/2022 9252.35009/25/2015 248,329.84 2.321 2.353247,990.41
First State Community Bank1819 NCD 245,000.0033708UCF4 06/30/2022 1,0032.10006/30/2017 245,095.55 2.071 2.100245,000.00
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 1,4773.40010/17/2018 259,751.45 3.355 3.401245,000.00
Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 1,7881.95008/23/2019 245,117.60 1.925 1.952245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 1,1012.10010/06/2017 247,065.35 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 9192.00004/07/2017 246,168.65 1.973 2.001245,000.00
Gulf Coast Bank & Trust1920 NCD 245,000.00402194FJ8 07/26/2024 1,7602.65001/26/2018 245,127.40 2.614 2.650245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 5382.65003/21/2014 248,033.10 2.613 2.650245,000.00
Ally Bank1882 NCD 245,000.0002007GAF0 01/04/2021 4612.25001/04/2018 246,372.00 2.219 2.250245,000.00
Flatwater Bank2107 NCD 245,000.0033885WAA8 09/30/2024 1,8261.90009/30/2019 244,421.80 1.873 1.900245,000.00
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 1,0282.00010/25/2017 246,278.90 1.972 2.000245,000.00
Grant County Bank1864 NCD 175,000.0038762PCB6 10/18/2023 1,4782.20010/18/2017 175,024.50 2.170 2.201175,000.00
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 1,6812.55005/08/2019 251,904.10 2.513 2.548245,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 1,3163.15005/09/2018 256,203.85 3.106 3.150245,000.00
Happy State Bank1683 NCD 245,000.00411394AN9 09/16/2021 7161.50009/16/2016 243,493.25 1.500 1.520245,000.00
HSBC Bank1564 NCD 245,000.0040434AR84 10/07/2021 7372.00004/07/2016 245,178.85245,000.00
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 1,0882.20003/24/2017 247,761.15 2.172 2.202245,000.00
International Bank1841 NCD 245,000.0045906ABP1 07/29/2022 1,0322.10007/31/2017 245,034.30 2.072 2.101245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 9242.15004/12/2017 247,082.50 2.121 2.151245,000.00
Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 3161.60002/12/2016 244,576.15 1.578 1.600245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 3292.00008/25/2015 246,100.05 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 6682.30007/31/2015 247,878.75 2.269 2.301245,000.00
JP Morgan Chase BAnk NA2021 NCD 245,000.0048128HBS6 01/31/2025 1,9493.40001/31/2019 246,225.00 3.353 3.400245,000.00
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 1,7042.50005/31/2017 251,379.80 2.465 2.500245,000.00
Keesler Federal Credit Union2027 NCD 245,000.0049254FAP1 08/30/2021 6993.05002/28/2019 250,764.85 3.008 3.050245,000.00
Key Bank1785 NCD 245,000.0049306SYB6 05/18/2020 2301.75005/17/2017 244,892.20 1.726 1.750245,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 1,4481.80009/16/2016 244,639.85 1.775 1.800245,000.00
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 8641.70002/12/2016 248,177.65 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 6881.40008/19/2016 243,456.50 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 7072.25009/05/2014 247,092.30 2.219 2.250245,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 1,0012.05006/28/2017 246,580.25 2.023 2.051245,000.00
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 8352.10001/13/2017 246,626.80 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 9542.10005/12/2017 246,825.25 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 9682.05005/26/2017 246,536.15 2.023 2.051245,000.00
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 1,5553.30001/10/2019 259,268.80 3.254 3.299245,000.00
Landmark Community Bank2123 NCD 249,000.0051507LBU7 06/27/2022 1,0002.35009/27/2019 252,600.54 1.868 1.894252,025.70
Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 1,7951.80008/30/2019 243,378.10 1.775 1.800245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 3241.90008/20/2015 245,213.15 1.876 1.902245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 8701.80002/17/2016 247,844.45 1.776 1.801245,000.00
Mid-Country Bank1810 NCD 245,000.0059565QCG8 06/14/2022 9872.05006/14/2017 245,036.75 2.023 2.051245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 9832.05006/12/2017 246,558.20 2.023 2.051245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 1,6692.60004/26/2019 252,428.40 2.567 2.602245,000.00
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 3861.75010/21/2015 246,158.85 1.727 1.751245,000.00
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 1,1982.65001/11/2018 251,433.70 2.613 2.650245,000.00
Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 1,5273.55012/06/2018 261,510.55 3.501 3.550245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 1,6752.35005/22/2017 249,745.65 2.317 2.349245,000.00
Mutual One Bank1407 NCD 250,000.0062847HAA7 11/21/2019 511.85011/21/2014 250,062.50 1.825 1.850250,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 3381.90009/03/2015 246,149.05 1.873 1.900245,000.00
National Bank Commerce1607 NCD 245,000.00633368DY8 05/11/2023 1,3181.80005/11/2016 245,053.90 1.776 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1,0602.25008/26/2015 251,203.40 2.220 2.251245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 2332.00005/21/2014 245,690.90 1.972 2.000245,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 1,5193.55011/28/2018 261,503.20 3.503 3.551245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 4971.55002/09/2016 245,989.80 1.530 1.551245,000.00
Williamette Valley Bank1524 NCD 245,000.00969294BY2 02/06/2023 1,2242.10002/04/2016 245,605.15 2.072 2.101245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 1,0942.05009/29/2017 246,700.30 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 1,2062.40001/19/2018 249,522.70 2.368 2.401245,000.00
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 9682.10005/26/2017 246,854.65 2.072 2.101245,000.00
Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 1,7812.00008/16/2019 245,710.50 1.972 2.000245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 1,2612.10007/19/2017 247,217.25 2.072 2.101245,000.00
Planters Bank1363 NCD 245,000.0072741PCU9 08/20/2021 6892.50008/20/2014 243,515.30 2.467 2.501245,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 8782.10002/26/2015 249,963.70 2.072 2.101245,000.00
RCB Bank1869 NCD 245,000.0074934YAG6 10/27/2022 1,1222.20010/27/2017 245,049.00 2.171 2.201245,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 6301.45006/22/2016 244,167.00 1.430 1.450245,000.00
Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 1,8141.90009/18/2019 244,458.55 1.873 1.900245,000.00
Security National Bank1499 NCD 245,000.00814414AC2 11/19/2021 7802.00011/19/2015 245,009.80 1.974 2.001245,000.00
Security State Bank1774 NCD 245,000.0081489TAS5 04/07/2022 9192.10004/07/2017 245,156.80 2.072 2.101245,000.00
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 1,3222.95005/15/2018 254,567.25 2.911 2.951245,000.00
Silvergate Bank2043 NCD 245,000.00828373GC8 05/15/2024 1,6882.75005/15/2019 245,249.90 2.715 2.753245,000.00
Summit Community Bank1888 NCD 245,000.0086604XMN3 01/26/2022 8482.25001/26/2018 247,484.30 2.220 2.251245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 1,3501.80006/10/2016 245,539.00 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 7491.50010/19/2016 243,270.30 1.480 1.500245,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 1,1152.10010/20/2017 247,080.05 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 9312.00004/19/2017 246,180.90 1.973 2.001245,000.00
SunTrust Bank2125 NCD 245,000.0086789VZY6 09/26/2024 1,8222.00009/30/2019 245,213.15 1.974 2.002245,000.00
Stockman Bank1557 NCD 245,000.0086128QBX5 03/30/2023 1,2762.00003/30/2016 245,071.05 1.973 2.000245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 5592.40004/11/2014 248,153.15 2.367 2.400245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 1,3472.15006/09/2017 247,724.40 2.121 2.151245,000.00
Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 1,5952.65002/10/2017 245,213.15245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 1,0012.00006/28/2017 246,247.05 1.972 2.000245,000.00
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 8422.25006/15/2017 252,517.50 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 8822.05003/01/2017 246,416.10 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 1,5471.70006/24/2016 245,759.50 1.676 1.700245,000.00
United Community Bank1694 NCD 245,000.0090983WBD2 03/28/2022 9091.60009/29/2016 244,189.05 1.577 1.599245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 5141.60002/26/2016 246,058.40 1.579 1.601245,000.00
Valley Central Savings Bank1422 NCD 245,000.0091944RAF5 12/30/2019 901.85012/29/2014 245,122.50 1.824 1.850245,000.00
Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 1,7882.05008/23/2019 246,261.75 2.024 2.052245,000.00
Western State Bank1392 NCD 245,000.0095960NJA6 03/26/2020 1772.10009/26/2014 245,311.15 2.071 2.100245,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 8762.05002/23/2017 246,406.30 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 6381.60006/30/2016 244,157.20 1.578 1.600245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1,0322.35008/12/2015 250,706.05 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 9532.05008/11/2017 246,516.55 2.021 2.050245,000.00
Zions First National Bank1417 NCD 250,000.0098970TU79 12/10/2019 701.90012/08/2014 249,990.00 1.873 1.899250,000.00
Subtotal and Average 43,439,159.79 43,439,000.00 43,764,412.77 2.062 2.091 990
Corporate Medium Term Bonds
Apple, Inc.1461 MTN 750,000.00037833AX8 02/07/2020 1291.55008/13/2015 748,897.50 1.980 2.008748,854.76
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 2182.00011/05/2015 1,500,780.00 1.854 1.8791,501,026.59
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 5112.25002/23/2016 703,185.00 2.140 2.169700,726.23
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 1,3102.40008/29/2019 559,058.50 1.726 1.750562,365.73
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Corporate Medium Term Bonds
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 5963.62507/11/2016 102,726.00 1.271 1.288103,686.77
Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 5963.62507/11/2016 971,787.96 1.271 1.288980,876.88
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 5963.62507/12/2016 1,540,890.00 1.238 1.2551,556,130.94
Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 5963.62501/11/2017 894,743.46 2.012 2.040892,465.14
Alphabet (Google) Inc.1895 MTN 1,000,000.0002079KAA5 05/19/2021 5963.62501/10/2018 1,027,260.00 2.189 2.2191,021,990.86
Alphabet (Google) Inc.1931 MTN 382,000.0002079KAA5 05/19/2021 5963.62502/14/2018 392,413.32 2.377 2.410389,243.15
Johnson & Johnson1411 MTN 2,000,000.00478160BM5 12/05/2019 651.87511/24/2014 2,000,240.00 1.874 1.9001,999,915.18
Johnson & Johnson1418 MTN 1,500,000.00478160BM5 12/05/2019 651.87512/08/2014 1,500,180.00 1.824 1.8501,500,062.98
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 5171.65006/07/2016 997,970.00 1.530 1.5511,001,310.92
Johnson & Johnson1900 MTN 500,000.00478160BS2 03/01/2021 5171.65001/12/2018 498,985.00 2.179 2.210496,185.95
Microsoft Corporation1448 MTN 2,000,000.00594918AY0 02/12/2020 1341.85002/12/2015 1,998,320.00 1.785 1.8102,000,273.49
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 3992.00011/05/2015 2,003,320.00 1.913 1.9402,001,220.91
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 3992.00001/07/2016 901,494.00 1.887 1.913900,804.77
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 8592.40012/11/2017 101,396.00 2.292 2.324100,167.87
Stanford University2046 MTN 2,000,000.00525555AB4 02/01/2024 1,5846.87505/14/2019 2,429,560.00 2.367 2.4002,364,527.05
Subtotal and Average 20,821,836.17 20,299,000.00 20,873,206.74 1.874 1.900 515
Federal Agency Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 1,6842.85008/06/2019 1,556,235.00 1.998 2.0251,552,268.22
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 7902.00011/29/2012 1,496,175.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 1,0082.20012/13/2012 1,518,525.00 1.930 1.9571,509,135.30
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 1,1472.00012/19/2012 756,420.00 2.081 2.110747,672.46
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 871.48012/27/2012 1,497,855.00 1.395 1.4151,500,220.63
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 1,1832.18001/04/2013 1,521,675.00 2.165 2.1961,499,303.42
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 904.50001/04/2013 744,477.00 1.514 1.535745,123.78
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 6093.84001/04/2013 516,410.00 1.946 1.973514,268.58
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 1,1832.18001/08/2013 1,521,675.00 2.195 2.2251,498,021.47
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 1,1832.18001/23/2013 1,521,675.00 2.111 2.1411,501,693.21
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 1,1832.18001/28/2013 2,632,497.75 2.199 2.2292,591,244.28
Federal Agricultural Mortgage1243 1,500,000.0031315PQT9 03/06/2020 1571.41001/15/2014 1,496,310.00 2.462 2.4961,493,529.75
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 3442.80001/15/2014 1,512,240.00 2.635 2.6721,501,637.06
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 5254.16003/06/2014 309,858.00 2.574 2.609306,078.95
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 5422.50003/26/2014 1,514,580.00 2.495 2.5301,499,379.02
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Mortgage1279 1,250,000.0031315PPX1 07/05/2022 1,0082.20004/23/2014 1,265,437.50 2.889 2.9301,227,738.82
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 1851.47510/15/2014 498,695.00 1.857 1.882499,024.34
Federal Agricultural Mortgage1406 1,500,000.0031315PA58 11/20/2019 501.31011/07/2014 1,499,010.00 1.854 1.8801,498,894.46
Federal Agricultural Mortgage1408 2,000,000.0031315PM22 11/20/2019 501.84011/20/2014 2,000,160.00 1.814 1.8402,000,000.00
Federal Agricultural Mortgage1410 1,500,000.0031315PM22 11/20/2019 501.84011/20/2014 1,500,120.00 1.848 1.8731,499,934.67
Federal Agricultural Mortgage1423 1,500,000.0031315PZ85 12/23/2019 831.85012/23/2014 1,499,205.00 1.851 1.8761,499,913.22
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 5822.51001/09/2015 682,155.00 2.110 2.140678,702.56
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 1,6393.33001/09/2015 431,884.08 2.540 2.575416,101.01
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 1,3502.61001/22/2015 1,654,830.76 2.269 2.3011,620,568.99
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 1,3502.61002/09/2015 1,495,950.50 2.377 2.4101,459,646.54
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 8822.15003/05/2015 1,008,880.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 1,2112.13004/06/2016 1,013,160.00 1.839 1.8641,008,206.26
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 2,1344.35004/08/2016 539,298.24 2.296 2.328524,057.93
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 1,6743.30004/21/2016 1,603,605.00 2.084 2.1121,574,695.33
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 1,6743.30004/26/2016 1,603,605.00 2.159 2.1891,569,643.15
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 1,1832.18005/26/2016 507,225.00 1.844 1.870504,691.54
Federal Agricultural Mortgage1655 1,500,000.0031315PQT9 03/06/2020 1571.41007/01/2016 1,496,310.00 0.992 1.0051,502,555.75
Federal Agricultural Mortgage1663 510,000.0031315PQT9 03/06/2020 1571.41007/21/2016 508,745.40 1.135 1.150510,555.29
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1,0182.38007/25/2016 2,034,840.00 1.499 1.5202,045,679.67
Federal Agricultural Mortgage1681 1,750,000.003132X0BG5 06/15/2020 2581.75008/24/2016 1,747,410.00 1.136 1.1521,757,201.81
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 4821.55010/03/2016 1,494,405.00 1.256 1.2741,505,282.11
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 2,3174.81010/18/2016 1,757,430.00 2.131 2.1601,727,074.35
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 8762.10002/23/2017 1,007,590.00 2.034 2.0631,000,835.66
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 8762.10003/02/2017 1,511,385.00 2.085 2.1141,499,494.64
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 9182.07504/06/2017 1,511,445.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 5101.90004/12/2017 1,000,870.00 1.781 1.8051,001,256.46
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 8252.10005/04/2017 1,006,860.00 1.938 1.9651,002,892.05
Federal Agricultural Mortgage1789 Call 1,000,000.003130H0BN2 05/01/2027 2,7693.20005/11/2017 1,000,920.00 3.156 3.2001,000,000.00
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 1,0082.20006/14/2017 1,012,350.00 1.908 1.9341,006,943.26
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 1,0021.88006/29/2017 1,505,550.00 1.903 1.9301,498,040.47
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 1,0021.88006/29/2017 1,003,700.00 1.923 1.949998,178.24
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 1,7882.25010/06/2017 1,024,410.00 2.332 2.365994,821.41
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 1,1682.26012/12/2017 1,525,125.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1889 2,000,000.003132X0D57 01/08/2021 4652.12001/08/2018 2,007,020.00 2.090 2.1202,000,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 1,7662.62501/09/2018 1,041,440.00 2.546 2.5811,001,907.96
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 1,7662.62501/11/2018 1,562,160.00 2.623 2.6601,497,675.99
Federal Agricultural Mortgage1911 1,500,000.003132X0G21 02/03/2020 1252.10002/02/2018 1,500,465.00 2.093 2.1231,499,885.78
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 1,2172.50001/30/2018 2,050,300.00 2.472 2.5071,999,547.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 1,2172.50001/30/2018 1,537,725.00 2.481 2.5151,499,258.62
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 1,2172.50001/31/2018 2,050,300.00 2.556 2.5921,994,279.44
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 1,2112.13002/08/2018 1,114,476.00 2.578 2.6141,083,541.14
Federal Agricultural Mortgage1927 1,000,000.003132X0H79 02/22/2021 5102.35002/22/2018 1,007,030.00 2.327 2.360999,865.47
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 1,2402.60002/22/2018 1,543,305.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1930 1,000,000.003132X0G21 02/03/2020 1252.10002/09/2018 1,000,310.00 2.174 2.205999,653.28
Federal Agricultural Mortgage1935 1,000,000.003132X0G21 02/03/2020 1252.10002/15/2018 1,000,310.00 2.238 2.269999,439.97
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 1,2392.77002/23/2018 1,551,630.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1957 Call 1,000,000.003130H0CB7 10/01/2028 3,2884.00010/25/2018 1,006,950.00 3.945 4.0001,000,000.00
Federal Agricultural Mortgage1963 Call 1,500,000.003132X06X4 11/01/2023 1,4923.50011/01/2018 1,501,815.00 3.452 3.5001,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 1,5823.46012/14/2018 588,582.90 3.018 3.060557,728.15
Federal Agricultural Mortgage2020 Call 1,500,000.0031422BBN9 01/22/2029 3,4013.87501/22/2019 1,504,500.00 3.821 3.8751,500,000.00
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 1,6522.35004/09/2019 1,027,050.00 2.365 2.398997,946.91
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 1,8775.25004/08/2019 793,260.00 2.420 2.454768,413.30
Federal Agricultural Mortgage2037 Call 1,000,000.003130H0CD3 04/01/2029 3,4703.37504/18/2019 1,004,290.00 3.328 3.3751,000,000.00
Federal Agricultural Mortgage2044 Call 1,500,000.003130H0CE1 05/01/2029 3,5003.40005/02/2019 1,507,290.00 3.354 3.4011,500,000.00
Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 2,1344.35009/09/2019 625,768.00 1.659 1.683631,237.11
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 3642.87509/29/2010 1,010,550.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 1,3442.45001/09/2014 514,980.00 3.383 3.430484,692.28
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 1,3942.12501/27/2016 636,962.50 2.024 2.052626,604.76
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 8955.16003/17/2016 541,815.00 1.876 1.902537,586.04
Federal Farm Credit Bank .1585 Call 1,500,000.003133EF4A2 04/19/2022 9311.92004/19/2016 1,500,015.00 1.893 1.9201,500,000.00
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 7841.61004/21/2016 249,335.00 1.558 1.580250,152.52
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 9551.87504/21/2016 1,005,800.00 1.578 1.6001,006,829.72
Federal Farm Credit Bank .1598 Call 1,000,000.003133EFX44 10/05/2022 1,1002.05004/22/2016 997,600.00 2.021 2.0491,000,000.00
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 1,9002.12505/13/2016 1,022,740.00 1.930 1.9561,008,009.01
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Farm Credit Bank .1638 Call 2,000,000.003133EGGR0 06/22/2026 2,4562.50006/22/2016 2,000,060.00 2.582 2.6182,000,000.00
Federal Farm Credit Bank .1647 Call 1,500,000.003133EGJH9 01/06/2025 1,9242.24007/06/2016 1,486,290.00 2.209 2.2401,500,000.00
Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 2791.00007/06/2016 1,490,775.00 0.986 1.0001,500,000.00
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 8955.16007/08/2016 541,815.00 1.215 1.232546,381.24
Federal Farm Credit Bank .1664 Call 1,500,000.003133EGFB6 06/16/2025 2,0852.36007/25/2016 1,499,070.00 2.309 2.3411,501,444.47
Federal Farm Credit Bank .1675 Call 1,500,000.003133EGQA6 11/08/2023 1,4991.85008/09/2016 1,500,000.00 1.859 1.8851,498,004.44
Federal Farm Credit Bank .1679 Call 1,350,000.003133EGQH1 08/10/2026 2,5052.14008/18/2016 1,338,727.50 2.110 2.1391,350,000.00
Federal Farm Credit Bank .1701 Call 1,625,000.003133EGXB6 10/05/2026 2,5612.14010/06/2016 1,625,048.75 2.154 2.1841,620,441.51
Federal Farm Credit Bank .1705 Call 1,000,000.003133EGYL3 10/17/2025 2,2082.09010/17/2016 1,000,020.00 2.061 2.0901,000,000.00
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 8125.05004/12/2017 536,045.00 1.884 1.910533,210.42
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 1,6372.30005/04/2017 926,046.00 2.274 2.306899,759.95
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 1,8332.91006/21/2017 530,050.00 2.143 2.172517,004.32
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 1,1332.93009/14/2017 462,719.90 1.870 1.896458,513.00
Federal Farm Credit Bank .1848 Call 1,000,000.003133EGCR4 06/01/2023 1,3392.07009/18/2017 999,360.00 2.135 2.165996,727.33
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 7701.70012/29/2017 599,496.00 2.161 2.191594,077.78
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 1,2342.57002/16/2018 1,546,995.00 2.605 2.6421,496,606.42
Federal Farm Credit Bank .1997 Call 1,500,000.003133EJZ93 12/05/2028 3,3534.07012/10/2018 1,504,305.00 3.946 4.0011,507,760.26
Federal Farm Credit Bank .2004 1,500,000.003133EJ2R9 12/14/2020 4402.75012/20/2018 1,516,140.00 2.663 2.7001,500,864.18
Federal Farm Credit Bank .2009 Call 1,500,000.003133EJG78 10/16/2024 1,8423.64001/04/2019 1,500,720.00 3.496 3.5451,506,387.81
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 1,4372.15001/15/2019 509,915.00 2.656 2.693490,005.43
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 1,5002.13001/15/2019 663,422.50 2.662 2.699635,828.29
Federal Farm Credit Bank .2048 Call 1,500,000.003133EKXB7 08/01/2028 3,2272.89008/01/2019 1,500,165.00 2.875 2.9151,497,055.56
Federal Farm Credit Bank .2050 Call 1,000,000.003133EKXS0 07/30/2029 3,5902.95007/31/2019 1,000,030.00 2.909 2.9501,000,000.00
Federal Farm Credit Bank .2051 Call 1,500,000.003133EKYK6 11/06/2025 2,2282.62008/06/2019 1,500,105.00 2.584 2.6201,500,000.00
Federal Farm Credit Bank .2056 Call 1,000,000.003133EKZF6 08/13/2029 3,6042.77008/13/2019 987,770.00 2.732 2.7701,000,000.00
Federal Farm Credit Bank .2057 Call 1,000,000.003133EKZR0 05/13/2024 1,6862.22008/13/2019 992,680.00 2.189 2.2201,000,000.00
Federal Farm Credit Bank .2060 Call 1,000,000.003133EKZX7 08/19/2027 2,8792.54008/19/2019 991,730.00 2.505 2.5401,000,000.00
Federal Farm Credit Bank .2064 Call 1,000,000.003133EKZE9 08/14/2028 3,2402.69008/14/2019 987,830.00 2.653 2.6901,000,000.00
Federal Farm Credit Bank .2065 Call 1,000,000.003133EKB88 08/19/2025 2,1492.37008/19/2019 993,610.00 2.337 2.3701,000,000.00
Federal Farm Credit Bank .2067 Call 1,500,000.003133EKYY6 02/12/2026 2,3262.55008/14/2019 1,496,880.00 2.514 2.5491,500,000.00
Federal Farm Credit Bank .2068 Call 1,500,000.003133EKYY6 02/12/2026 2,3262.55008/15/2019 1,496,880.00 2.515 2.5491,500,000.00
Federal Farm Credit Bank .2071 Call 1,500,000.003133EKD78 08/21/2026 2,5162.53008/21/2019 1,487,415.00 2.495 2.5301,500,000.00
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 .2072 Call 1,500,000.003133EKE36 02/22/2029 3,4322.73008/22/2019 1,483,275.00 2.692 2.7301,500,000.00
Federal Farm Credit Bank .2073 Call 1,500,000.003133EKXC5 07/29/2027 2,8582.78008/20/2019 1,500,345.00 2.735 2.7731,500,637.23
Federal Farm Credit Bank .2075 Call 1,500,000.003133EKE69 08/27/2029 3,6182.74008/27/2019 1,485,300.00 2.708 2.7451,499,257.08
Federal Farm Credit Bank .2080 Call 1,000,000.003133EKD94 02/22/2027 2,7012.57008/27/2019 988,880.00 2.544 2.580999,318.71
Federal Farm Credit Bank .2081 Call 1,000,000.003133EKD78 08/21/2026 2,5162.53008/27/2019 991,610.00 2.495 2.5291,000,000.00
Federal Farm Credit Bank .2088 Call 1,000,000.003133EKJ23 03/03/2026 2,3452.45009/03/2019 989,420.00 2.416 2.4501,000,000.00
Federal Farm Credit Bank .2092 Call 1,500,000.003133EKZX7 08/19/2027 2,8792.54009/04/2019 1,487,595.00 2.505 2.5391,500,000.00
Federal Farm Credit Bank .2093 Call 1,500,000.003133EGJL0 01/05/2028 3,0182.65009/05/2019 1,500,000.00 2.614 2.6501,499,925.65
Federal Farm Credit Bank .2118 Call 1,000,000.003133EKZW9 08/19/2027 2,8792.37009/18/2019 999,460.00 2.389 2.422996,267.10
Federal Farm Credit Bank .2122 Call 1,500,000.003133EKU61 03/30/2029 3,4682.67009/30/2019 1,498,530.00 2.633 2.6701,500,000.00
Federal Farm Credit Bank .2126 Call 1,500,000.003133EKU61 03/30/2029 3,4682.67009/30/2019 1,498,530.00 2.648 2.6841,498,125.55
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 8782.33003/20/2012 1,525,845.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 4142.00005/18/2012 2,003,400.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 731.25011/30/2012 1,497,900.00 1.196 1.2121,500,106.73
Federal Home Loan Bank1126 Call 750,000.00313381DA0 12/05/2022 1,1612.19012/05/2012 749,227.50 2.165 2.195749,880.83
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 731.25012/13/2012 1,497,900.00 1.232 1.2491,500,000.00
Federal Home Loan Bank1146 Call 212,500.00313381DA0 12/05/2022 1,1612.19001/25/2013 212,281.13 2.201 2.232212,243.21
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 8015.00002/25/2013 1,409,614.25 1.825 1.8501,398,406.01
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 4373.12501/09/2014 1,522,920.00 2.615 2.6511,507,692.38
Federal Home Loan Bank1248 1,500,000.003130A0J27 01/07/2020 982.22001/23/2014 1,501,440.00 2.194 2.2251,499,980.52
Federal Home Loan Bank1253 1,500,000.003130A12B3 03/13/2020 1642.12502/24/2014 1,501,395.00 2.095 2.1241,500,000.00
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 5281.75003/13/2014 1,499,895.00 2.418 2.4511,486,079.43
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 3462.87504/02/2014 1,514,205.00 2.271 2.3031,507,488.36
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 4142.00004/08/2014 200,340.00 2.263 2.295199,384.03
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 4142.00004/09/2014 550,935.00 2.263 2.295548,305.36
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 7991.53004/08/2016 1,494,660.00 1.450 1.4701,501,872.60
Federal Home Loan Bank1583 Call 1,690,000.003130A7RS6 04/27/2026 2,4002.65004/27/2016 1,690,016.90 2.619 2.6551,689,444.65
Federal Home Loan Bank1587 Call 1,500,000.003130A7TA3 04/28/2023 1,3052.07004/28/2016 1,499,055.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 5281.75004/27/2016 999,930.00 1.490 1.5111,003,313.03
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 4961.75006/02/2016 499,000.00 1.476 1.496501,648.90
Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 4375.25006/02/2016 415,960.00 1.461 1.481417,352.89
Federal Home Loan Bank1628 Call 1,500,000.003130A8F99 06/15/2026 2,4492.58006/15/2016 1,500,060.00 2.544 2.5801,500,000.00
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Bank1632 Call 2,000,000.003130A8J46 06/29/2026 2,4632.52006/29/2016 2,000,100.00 2.485 2.5202,000,000.00
Federal Home Loan Bank1633 Call 1,363,636.273130A8J79 12/27/2024 1,9142.35006/27/2016 1,363,649.91 2.317 2.3501,363,636.27
Federal Home Loan Bank1635 Call 1,500,000.003130A8JG9 06/22/2023 1,3602.07006/22/2016 1,499,940.00 2.041 2.0701,500,000.00
Federal Home Loan Bank1637 Call 909,091.003130A8J79 12/27/2024 1,9142.35006/27/2016 909,100.09 2.317 2.350909,091.00
Federal Home Loan Bank1640 Call 1,500,000.003130A8JX2 06/29/2026 2,4632.54006/29/2016 1,500,060.00 2.505 2.5401,500,000.00
Federal Home Loan Bank1643 Call 1,500,000.003130A8HF3 09/23/2025 2,1842.44006/23/2016 1,500,015.00 2.430 2.4641,498,061.26
Federal Home Loan Bank1644 Call 1,500,000.003130A8HT3 12/29/2025 2,2812.47006/29/2016 1,496,505.00 2.451 2.4851,498,747.82
Federal Home Loan Bank1648 Call 1,500,000.003130A8J46 06/29/2026 2,4632.52006/29/2016 1,500,075.00 2.425 2.4591,500,303.50
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 8012.87506/28/2016 256,440.00 1.232 1.249258,582.18
Federal Home Loan Bank1651 Call 1,500,000.003130A8MQ3 10/12/2022 1,1071.87507/12/2016 1,500,015.00 1.849 1.8751,500,000.00
Federal Home Loan Bank1652 Call 980,000.003130A8F99 06/15/2026 2,4492.58006/29/2016 980,039.20 2.524 2.560981,149.21
Federal Home Loan Bank1661 Call 1,000,000.003130A8SJ3 11/01/2024 1,8582.15008/01/2016 1,000,030.00 2.120 2.1501,000,000.00
Federal Home Loan Bank1662 Call 1,500,000.003130A8R54 07/28/2023 1,3961.80007/28/2016 1,492,980.00 1.795 1.8201,498,927.09
Federal Home Loan Bank1667 Call 1,500,000.003130A8VP5 08/23/2024 1,7882.00008/23/2016 1,500,315.00 1.972 2.0001,500,000.00
Federal Home Loan Bank1668 Call 1,500,000.003130A8VN0 11/17/2023 1,5081.94008/17/2016 1,500,045.00 1.913 1.9401,500,000.00
Federal Home Loan Bank1690 Call 1,000,000.003130A94L2 09/02/2026 2,5282.12509/15/2016 1,000,000.00 2.129 2.158997,916.64
Federal Home Loan Bank1695 Call 1,500,000.003130A9N64 10/06/2026 2,5622.15010/06/2016 1,500,030.00 2.120 2.1501,500,000.00
Federal Home Loan Bank1697 Call 1,000,000.003130A9N64 10/06/2026 2,5622.15010/06/2016 1,000,020.00 2.131 2.161999,298.61
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 1,2242.13010/05/2016 508,150.00 1.578 1.600508,399.61
Federal Home Loan Bank1700 Call 1,500,000.003130A9P62 10/13/2026 2,5692.20010/13/2016 1,483,080.00 2.169 2.2001,500,000.00
Federal Home Loan Bank1702 Call 2,000,000.003130A9PT2 10/26/2026 2,5822.23010/26/2016 1,995,560.00 2.199 2.2302,000,000.00
Federal Home Loan Bank1706 Call 310,000.003130A9PT2 10/26/2026 2,5822.23010/26/2016 309,311.80 2.214 2.245309,706.34
Federal Home Loan Bank1707 Call 1,000,000.003130A9RH6 10/20/2026 2,5762.30010/20/2016 1,000,020.00 2.270 2.302999,858.94
Federal Home Loan Bank1709 Call 1,000,000.003130A9RH6 10/20/2026 2,5762.30010/20/2016 1,000,020.00 2.271 2.302999,823.68
Federal Home Loan Bank1713 Call 2,000,000.003130A9XC0 11/17/2026 2,6042.36011/17/2016 2,000,060.00 2.327 2.3602,000,000.00
Federal Home Loan Bank1716 Call 1,500,000.003130A9XC0 11/17/2026 2,6042.36011/17/2016 1,500,045.00 2.361 2.3931,496,792.50
Federal Home Loan Bank1717 Call 1,500,000.003130AA2Z0 11/23/2026 2,6102.69011/23/2016 1,500,060.00 2.653 2.6901,500,000.00
Federal Home Loan Bank1718 Call 205,000.003130AA2Z0 11/23/2026 2,6102.69011/23/2016 205,008.20 2.682 2.720204,616.27
Federal Home Loan Bank1724 Call 800,000.003130AAEX2 12/28/2021 8192.15012/28/2016 800,016.00 2.120 2.150800,000.00
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 7901.87512/16/2016 1,004,070.00 2.168 2.198993,378.05
Federal Home Loan Bank1751 Call 325,000.003130A8HF3 09/23/2025 2,1842.44002/15/2017 325,003.25 2.836 2.875317,549.97
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 8015.00003/10/2017 2,047,424.50 2.150 2.1802,021,534.89
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Bank1780 1,000,000.00313378CR0 03/11/2022 8922.25004/12/2017 1,014,320.00 1.903 1.9301,007,417.07
Federal Home Loan Bank1823 Call 1,071,428.573130ABJW7 06/27/2024 1,7312.55006/27/2017 1,071,439.28 2.515 2.5501,071,428.57
Federal Home Loan Bank1847 Call 500,000.003130A7TA3 04/28/2023 1,3052.07009/18/2017 499,685.00 2.131 2.161498,470.89
Federal Home Loan Bank1854 Call 1,500,000.003130ACH64 10/26/2022 1,1212.25010/26/2017 1,493,100.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1860 Call 500,000.003130AAWE4 03/08/2022 8892.22009/28/2017 500,025.00 2.116 2.146500,852.33
Federal Home Loan Bank1862 Call 1,000,000.003130ACK94 10/10/2024 1,8362.53010/10/2017 1,000,140.00 2.495 2.5301,000,000.00
Federal Home Loan Bank1873 Call 1,500,000.003130ACMH4 10/16/2024 1,8422.50010/16/2017 1,508,910.00 2.465 2.5001,500,000.00
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 1,5292.25001/03/2018 1,023,690.00 2.359 2.392994,466.10
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 1,4382.37501/09/2018 1,028,850.00 2.376 2.409998,743.88
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 1,2042.38001/18/2018 512,590.00 2.385 2.418499,406.67
Federal Home Loan Bank1918 1,000,000.003130ADJH6 01/29/2020 1202.10001/29/2018 1,000,780.00 2.083 2.112999,961.65
Federal Home Loan Bank1979 Call 1,500,000.003130AFFJ1 11/21/2028 3,3394.08011/21/2018 1,502,880.00 4.024 4.0801,500,000.00
Federal Home Loan Bank1996 Call 1,000,000.003130AFG84 11/29/2028 3,3473.87512/06/2018 1,027,940.00 3.823 3.876999,908.21
Federal Home Loan Bank2062 Call 1,000,000.003130AGVP7 08/19/2027 2,8792.60008/19/2019 987,610.00 2.564 2.6001,000,000.00
Federal Home Loan Bank2070 Call 1,000,000.003130AGVP7 08/19/2027 2,8792.60008/19/2019 987,610.00 2.578 2.614998,965.31
Federal Home Loan Bank2078 Call 1,500,000.003130AGYA7 09/04/2029 3,6262.75009/04/2019 1,477,545.00 2.712 2.7501,500,000.00
Federal Home Loan Bank2079 Call 1,000,000.003130A8J53 06/27/2028 3,1922.78008/27/2019 987,360.00 2.742 2.780999,963.40
Federal Home Loan Bank2083 Call 1,000,000.003130AGYA7 09/04/2029 3,6262.75009/04/2019 985,030.00 2.712 2.7501,000,000.00
Federal Home Loan Bank2094 Call 1,000,000.003130A8HD8 06/27/2028 3,1922.68009/05/2019 989,870.00 2.629 2.6661,000,000.00
Federal Home Loan Bank2108 Call 1,500,000.003130AH2V4 09/17/2029 3,6392.70009/17/2019 1,498,575.00 2.663 2.7001,500,000.00
Federal Home Loan Bank2113 Call 1,000,000.003130AH2V4 09/17/2029 3,6392.70009/17/2019 999,050.00 2.702 2.740996,513.61
Federal Home Loan Bank2114 Call 2,000,000.003130AH3X9 09/24/2025 2,1852.45009/24/2019 1,998,420.00 2.416 2.4502,000,000.00
Federal Home Loan Bank2117 Call 1,500,000.003130AH4J9 09/27/2029 3,6492.75009/27/2019 1,500,495.00 2.712 2.7501,500,000.00
Fed. Home Loan Mortgage Corp.1113 1,500,000.003134G3L73 12/26/2019 861.50009/26/2012 1,498,590.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 8012.00004/10/2014 2,013,040.00 2.564 2.6001,976,284.26
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 8012.00004/22/2014 1,006,520.00 2.643 2.680986,597.34
Fed. Home Loan Mortgage Corp.1286 300,000.003134G35V8 03/13/2020 1641.65005/02/2014 299,661.00 2.053 2.082299,452.99
Fed. Home Loan Mortgage Corp.1287 300,000.003134G3U40 11/21/2019 511.45005/02/2014 299,793.00 1.938 1.965299,797.40
Fed. Home Loan Mortgage Corp.1291 1,000,000.003134G3K58 03/19/2020 1701.50005/06/2014 998,150.00 2.041 2.070997,506.64
Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 2341.50005/06/2014 997,580.00 2.091 2.120996,283.41
Fed. Home Loan Mortgage Corp.1301 1,000,000.003134G3L73 12/26/2019 861.50005/13/2014 999,060.00 1.945 1.972998,949.58
Fed. Home Loan Mortgage Corp.1678 Call 1,000,000.003134GAEF7 09/29/2021 7291.65009/29/2016 996,690.00 1.627 1.6501,000,000.00
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Fed. Home Loan Mortgage Corp.1828 Call 1,500,000.003134GBNX6 05/28/2021 6052.00006/28/2017 1,500,405.00 1.969 1.9961,500,000.00
Fed. Home Loan Mortgage Corp.1835 Call 1,500,000.003134GBXU1 07/27/2022 1,0302.25007/27/2017 1,500,345.00 2.219 2.2501,500,000.00
Fed. Home Loan Mortgage Corp.1836 Call 1,000,000.003134GBXU1 07/27/2022 1,0302.25007/27/2017 1,000,230.00 2.219 2.2501,000,000.00
Fed. Home Loan Mortgage Corp.1837 Call 1,000,000.003134GBXU1 07/27/2022 1,0302.25007/27/2017 1,000,230.00 2.234 2.265999,576.67
Fed. Home Loan Mortgage Corp.1853 Call 660,000.003134GBK92 10/12/2022 1,1072.20010/12/2017 660,085.80 2.169 2.200660,000.00
Fed. Home Loan Mortgage Corp.2036 Call 1,500,000.003134GTFQ1 04/30/2024 1,6732.85004/30/2019 1,500,840.00 2.810 2.8501,500,000.00
Fed. Home Loan Mortgage Corp.2112 Call 1,500,000.003134GTF73 07/25/2029 3,5852.82009/16/2019 1,500,150.00 2.781 2.8191,500,000.00
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 3812.35004/16/2012 2,010,240.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 2122.00004/30/2012 2,001,860.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 2122.05004/30/2012 1,500,525.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 3952.00004/30/2012 2,002,700.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 3322.00004/08/2014 1,500,225.00 2.172 2.2021,497,438.74
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 5771.75004/16/2014 1,000,910.00 2.364 2.397990,636.42
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 5561.75005/02/2014 249,867.50 2.452 2.486247,438.86
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 5702.28006/30/2016 1,007,610.00 1.171 1.1871,016,528.57
Federal National Mortgage Asso1669 Call 1,350,000.003136G3XZ3 07/28/2021 6661.50007/28/2016 1,342,156.50 1.505 1.5261,349,384.06
Federal National Mortgage Asso1687 Call 1,050,000.003136G36A8 09/27/2024 1,8232.00009/27/2016 1,042,912.50 1.972 2.0001,050,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 2,4037.12511/10/2016 667,930.00 2.367 2.400638,319.09
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 1,0602.00012/29/2017 503,930.00 2.238 2.270496,297.32
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 1,1002.00001/09/2018 1,010,160.00 2.288 2.320990,913.72
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 1,1002.00001/19/2018 1,010,160.00 2.409 2.443987,462.54
Federal National Mortgage Asso1922 1,000,000.003136G0P62 10/15/2020 3801.50002/05/2018 994,930.00 2.268 2.300991,981.75
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 1,2062.37502/08/2018 1,537,275.00 2.574 2.6101,489,149.14
Federal National Mortgage Asso1960 Call 250,000.003136G33H6 08/24/2026 2,5192.10010/24/2018 248,497.50 3.603 3.653226,886.97
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 5033.87512/14/2012 514,075.00 1.596 1.618514,447.11
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1,0491.87512/14/2012 1,015,110.60 1.893 1.9201,008,810.45
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 5033.87501/23/2013 1,542,225.00 1.647 1.6691,542,297.26
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 5033.87503/12/2014 1,192,654.00 2.427 2.4611,180,572.43
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 2,2236.75011/20/2015 1,284,180.00 2.807 2.8461,205,527.31
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 1,8112.87501/15/2016 792,405.00 2.564 2.600759,087.25
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 2,2236.75004/18/2016 995,239.50 2.337 2.370958,849.80
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1,0491.87510/07/2016 1,497,539.40 1.538 1.5601,502,826.65
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 2,2236.75011/10/2016 1,605,225.00 2.317 2.3501,550,065.92
Subtotal and Average 285,036,104.44 283,160,655.84 286,611,003.59 2.273 2.304 1,521
Treasury Securities (Notes)
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 8811.75003/09/2017 1,504,740.00 2.071 2.1001,488,031.73
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 1,0951.75010/06/2017 1,507,440.00 1.914 1.9411,491,847.97
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 1,2181.75001/11/2018 1,507,905.00 2.308 2.3401,472,307.98
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 1,1872.12501/22/2018 1,525,605.00 2.387 2.4201,486,506.22
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 1,2181.75002/05/2018 1,507,905.00 2.560 2.5961,460,539.41
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 1,2181.75002/08/2018 1,005,270.00 2.487 2.521975,949.23
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 1,2461.50002/09/2018 997,380.00 2.534 2.570965,962.25
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 1,2461.50002/15/2018 997,380.00 2.601 2.638963,859.22
Subtotal and Average 10,305,004.01 10,500,000.00 10,553,625.00 2.330 2.362 1,152
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 6702.38110/30/2015 1,009,470.00 2.120 2.1501,003,958.09
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 2,0703.36512/24/2018 541,708.45 3.175 3.220508,712.63
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 1,0352.60805/09/2017 224,213.00 2.266 2.298221,796.87
Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 1,7663.02608/16/2019 521,715.00 1.876 1.902525,792.94
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 9742.87501/26/2018 328,672.00 2.486 2.520322,849.70
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 2,1316.23802/24/2016 823,695.50 3.557 3.606824,276.78
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 6704.58402/24/2016 313,683.00 2.130 2.159312,523.77
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 6704.58403/04/2016 1,307,012.50 2.138 2.1681,301,936.87
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 6704.58402/17/2017 365,963.50 2.317 2.350363,550.81
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 2,4965.23409/27/2017 362,184.45 2.850 2.890347,826.48
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 6702.78101/27/2016 508,315.00 2.012 2.040506,392.09
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 1,0352.97111/30/2017 56,662.65 2.416 2.45055,761.91
Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 3,2272.21309/12/2019 394,660.00 2.071 2.100403,618.38
Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 3,5922.26309/20/2019 971,962.20 2.505 2.539966,293.86
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 1,0043.50005/03/2018 1,567,890.00 2.927 2.9671,520,480.71
State of Delaware1970 MUN 500,000.002463804C0 10/01/2020 3664.60011/02/2018 500,000.00 3.668 3.719504,206.10
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 2,3156.08006/28/2016 628,976.25 2.994 3.035613,397.05
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 2,4963.16002/14/2018 1,053,545.80 3.028 3.0701,000,342.04
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Municipal Bonds
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 2,1313.04002/14/2018 786,922.50 2.959 3.000751,547.45
Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 2,4963.16008/29/2019 386,476.60 1.913 1.940393,342.22
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 1,0963.57005/17/2016 523,145.00 1.878 1.904523,483.17
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 1,2193.25006/27/2016 381,176.80 1.898 1.925380,068.01
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 1,9502.37507/29/2016 1,858,543.50 1.972 1.9991,858,403.58
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 1,0963.57009/26/2016 402,821.65 1.630 1.653406,028.15
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 2,1924.00004/10/2017 277,175.00 2.739 2.777266,244.25
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 2,5574.31001/26/2018 1,250,019.15 2.979 3.0201,181,399.90
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 2,5574.31003/19/2018 228,314.00 3.204 3.248212,863.73
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 1,4613.74010/25/2018 418,122.90 3.093 3.136398,661.16
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 2,6802.72010/31/2018 361,714.50 3.412 3.460333,588.89
State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 2,9535.01411/30/2018 1,436,964.00 3.649 3.7001,307,685.41
State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 1,4613.72008/29/2019 1,599,840.00 1.749 1.7741,612,123.37
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 3,1662.26509/16/2019 1,346,654.35 2.318 2.3501,336,058.39
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 2,5573.15010/19/2016 1,103,979.80 2.431 2.4651,089,162.02
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 8544.80009/21/2017 238,592.25 2.071 2.100238,474.38
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 1,0961.92103/20/2018 1,000,840.00 2.584 2.620980,340.16
State of Hawaii1946 MUN 355,000.00419791YP7 02/01/2022 8544.80003/21/2018 376,445.55 2.761 2.800370,592.21
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 1,0961.92103/29/2018 1,501,260.00 2.663 2.7001,467,190.51
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 1,9505.23010/25/2018 288,177.50 3.363 3.410271,670.21
State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 3,0455.48011/30/2018 614,190.00 3.687 3.739560,908.82
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 2,3155.33012/06/2018 947,344.00 3.304 3.350888,515.36
State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 1,0961.92101/17/2019 750,630.00 2.613 2.650734,461.84
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 1,4312.64002/14/2017 1,029,670.00 2.784 2.8231,001,064.83
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 1,0662.44012/11/2017 1,108,922.40 2.355 2.3881,091,541.71
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 2,5273.30011/02/2018 319,063.15 3.530 3.579290,046.54
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 2,5273.50001/07/2019 1,094,410.00 3.077 3.1191,023,191.18
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 2,8305.51603/29/2018 1,856,940.00 3.254 3.3001,720,353.06
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 2,8305.51610/29/2018 526,133.00 3.600 3.650477,257.32
Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 1,0045.18111/07/2018 326,274.00 3.166 3.210315,218.42
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 8824.30009/16/2016 512,533.45 1.534 1.555515,790.54
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 8962.25003/22/2017 1,011,230.00 2.219 2.2501,000,000.00
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Maryland1941 MUN 1,500,000.00574193PU6 03/15/2021 5312.48003/21/2018 1,514,865.00 2.406 2.4401,500,834.30
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 1,2474.40003/20/2018 1,385,331.20 2.633 2.6701,350,419.26
State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 1,7664.20010/19/2018 1,869,697.70 3.413 3.4611,744,238.68
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 2,4183.85012/21/2018 863,997.75 3.452 3.500841,692.70
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 6702.97307/24/2014 507,955.00 2.893 2.933501,846.54
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 2,8613.27209/28/2017 539,675.00 2.791 2.830515,007.37
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 2,4963.17211/05/2018 128,330.40 3.452 3.500117,657.26
Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 2,8613.33008/29/2019 270,875.00 1.874 1.900275,881.31
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 1,4004.10310/26/2015 1,444,616.85 2.490 2.5251,407,894.44
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 2,5883.75111/07/2018 1,669,965.00 3.424 3.4721,530,073.52
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 2,5883.75111/07/2018 556,655.00 3.449 3.496509,247.93
State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 1,8882.98708/30/2019 792,022.50 1.745 1.770794,830.33
State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 1,8882.98709/04/2019 528,015.00 1.783 1.807528,930.05
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 2,2234.68109/09/2019 172,293.00 1.880 1.906173,771.70
City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 1,7662.20008/08/2019 597,546.60 1.968 1.996600,554.70
State of New Hampshire1948 MUN 1,500,000.00644682M37 06/01/2021 6093.50003/22/2018 1,542,825.00 2.544 2.5801,521,916.45
Northern CA Power Agency2058 MUN 500,000.00664845DF8 06/01/2020 2444.63008/08/2019 508,390.00 2.022 2.050508,473.72
New York St Envrnmntl Facs1942 MUN 1,000,000.0064985HWN3 07/15/2020 2881.43103/15/2018 995,020.00 2.377 2.410992,528.10
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 1,7492.12001/04/2019 456,043.50 2.860 2.900434,569.72
New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 2,3573.07009/09/2019 740,257.00 2.071 2.100740,760.15
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 9882.43802/15/2018 2,025,260.00 2.624 2.6611,988,626.44
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 1,2474.69001/22/2019 1,088,030.00 2.752 2.7911,060,876.27
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 1,2474.69002/08/2019 1,088,030.00 2.751 2.7901,060,953.52
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 5781.57003/09/2016 1,495,335.00 1.548 1.5691,500,000.00
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 1,3082.11009/13/2016 804,816.00 1.764 1.788808,643.22
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 1,3082.11001/31/2017 2,012,040.00 2.485 2.5201,972,950.13
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 1,6444.97106/30/2017 1,016,064.00 2.416 2.450993,549.50
State of Ohio1881 MUN 200,000.00677521GP5 11/01/2020 3973.62512/21/2017 203,828.00 2.179 2.210202,953.40
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 2,8613.12501/25/2018 208,788.00 3.208 3.253198,325.39
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 9432.50008/29/2016 578,823.60 1.528 1.550583,338.17
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 2,8005.89211/06/2018 608,235.00 3.516 3.565565,241.46
State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 2,1312.87712/21/2018 310,470.00 3.156 3.200294,936.18
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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 Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 2,8005.89201/16/2019 541,329.15 3.537 3.587512,386.02
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 1,5223.43812/06/2018 704,121.95 3.205 3.250669,767.99
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 6702.44105/10/2013 2,023,260.00 2.031 2.0602,012,780.95
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 6702.44105/13/2013 1,820,934.00 2.031 2.0601,811,502.47
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 6702.44105/15/2013 2,013,143.70 2.051 2.0802,002,040.98
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 6702.44101/27/2015 202,326.00 2.041 2.070201,265.94
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 6702.44105/12/2016 1,011,630.00 1.528 1.5501,015,627.14
Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 3052.29109/02/2016 602,040.00 1.290 1.308604,775.30
Palo Alto Unified School Dist.1880 MUN 1,025,000.00697379UD5 08/01/2020 3052.29112/20/2017 1,028,485.00 1.923 1.9501,027,820.11
Rancho Water Dist. Fin. Auth.1992 MUN 430,000.00752111KB9 08/01/2026 2,4962.48911/30/2018 445,213.40 3.318 3.365408,018.14
Rancho Water Dist. Fin. Auth.2054 MUN 1,675,000.00752111KA1 08/01/2025 2,1312.33908/08/2019 1,715,886.75 1.962 1.9901,706,075.18
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 1,4002.50001/11/2018 1,371,490.00 2.436 2.4701,341,423.88
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 1,7662.68001/12/2018 1,515,991.00 2.643 2.6801,460,000.00
Santa Clara Vly Transportation1964 MUN 1,400,000.0080168NEL9 04/01/2021 5484.64910/29/2018 1,458,016.00 3.008 3.0501,432,112.66
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 1,7052.50001/25/2018 474,811.50 2.968 3.010454,987.24
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 2,0702.75001/25/2018 480,531.00 3.008 3.050457,955.41
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 2,4353.00001/25/2018 492,879.60 3.107 3.150465,883.51
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 2,8003.00001/25/2018 293,675.20 3.205 3.250275,396.72
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 9884.95002/09/2015 387,151.20 2.416 2.450382,155.52
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 2,0845.45011/27/2015 1,181,940.00 3.067 3.1101,114,732.45
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 2,0842.29011/01/2016 2,146,258.00 2.219 2.2492,109,318.10
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 2,4492.39011/01/2016 250,630.10 2.376 2.410244,704.63
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 2,0842.29007/14/2017 234,508.00 2.682 2.720224,951.02
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 2,4495.60001/16/2019 1,725,058.60 3.304 3.3501,608,270.11
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 2,8923.25003/02/2018 726,668.40 3.451 3.499668,665.36
SF Bay Area Rapid Transit Dist1938 MUN 2,100,000.00797669XU7 07/01/2021 6392.38703/07/2018 2,114,889.00 2.494 2.5282,095,017.70
SF Bay Area Rapid Transit Dist1939 MUN 1,500,000.00797669XU7 07/01/2021 6392.38703/07/2018 1,510,635.00 2.497 2.5311,496,362.13
SF Bay Area Rapid Transit Dist2018 MUN 875,000.00797669XU7 07/01/2021 6392.38701/17/2019 881,203.75 2.544 2.579872,148.21
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 1,3692.62102/25/2019 204,588.00 2.672 2.710199,370.69
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 2,8923.72810/29/2018 345,996.00 3.676 3.727315,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 1,4002.50001/29/2015 589,106.00 2.663 2.700576,050.28
Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 1,0352.90802/19/2019 220,706.10 2.714 2.752215,909.34
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 3,2273.47209/05/2019 344,046.15 1.972 2.000352,343.48
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 7012.72001/19/2016 182,851.20 2.046 2.075182,089.04
San Mateo Union High School Dt1902 MUN 1,000,000.00799017UW6 09/01/2025 2,1622.69901/16/2018 1,035,940.00 2.786 2.825993,319.02
San Mateo Union High School Dt1940 MUN 1,000,000.00799017UW6 09/01/2025 2,1622.69903/09/2018 1,035,940.00 2.959 3.000984,143.68
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 2,8613.00002/15/2018 188,785.80 3.057 3.100178,783.37
Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 3,2582.19009/19/2019 133,998.30 2.157 2.187135,000.00
Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 2,8922.09009/19/2019 133,863.30 2.061 2.090135,000.00
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 2,4962.11608/25/2016 1,001,240.00 1.923 1.9501,010,256.88
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 2,1312.06608/25/2016 1,658,926.50 1.893 1.9201,662,844.78
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 2,1312.06608/25/2016 703,787.00 1.893 1.920705,449.30
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 1,7663.72812/20/2018 222,351.20 2.860 2.900212,515.23
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 7312.58910/14/2015 933,901.20 1.864 1.890932,106.46
State of Texas1586 MUN 1,000,000.00882722KA8 10/01/2023 1,4615.64304/19/2016 1,000,000.00 3.339 3.3851,079,200.00
State of Texas1592 MUN 235,000.00882722JZ5 10/01/2022 1,0965.50304/21/2016 235,000.00 3.047 3.090250,315.52
State of Texas1621 MUN 500,000.00882723A41 10/01/2020 3661.77706/07/2016 500,235.00 1.450 1.470501,480.31
State of Texas1625 MUN 485,000.00882722KC4 10/01/2025 2,1925.91306/09/2016 485,000.00 3.831 3.885534,101.56
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 9133.67310/19/2016 114,852.10 1.825 1.850114,747.16
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 2,1313.83209/22/2017 263,122.50 2.747 2.785263,612.14
State of Texas2013 MUN 1,000,000.00882722VH1 04/01/2021 5483.52301/11/2019 1,025,040.00 3.503 3.5521,010,712.25
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 2273.34807/31/2014 428,995.00 2.281 2.313427,546.74
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 2271.99510/08/2015 260,288.60 1.824 1.850260,223.54
University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 2,0533.05008/26/2019 1,578,465.00 1.930 1.9571,586,715.47
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 2,0533.05009/09/2019 1,052,310.00 1.797 1.8211,065,290.32
State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 2743.28906/07/2016 757,417.50 1.430 1.450760,008.81
State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 1,7354.55401/04/2017 819,811.30 2.904 2.944822,467.83
State of Utah1990 MUN 1,000,000.00917542QU9 07/01/2021 6393.36911/29/2018 1,024,050.00 2.959 3.0001,006,151.29
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1,0352.74008/08/2016 258,000.00 1.504 1.524258,197.30
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1,0354.63612/05/2016 558,852.25 2.465 2.500543,888.92
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 6704.58604/12/2017 1,579,845.00 2.081 2.1101,564,743.06
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 1,7664.66905/23/2017 553,768.15 2.416 2.450532,415.57
State of Wisconsin2000 MUN 500,000.0097705LA49 05/01/2022 9433.80012/19/2018 515,570.00 3.076 3.119508,271.78
Subtotal and Average 114,678,931.77 111,590,000.00 117,170,305.90 2.537 2.572 1,549
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 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
Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 1,0791.75011/09/2018 1,504,425.00 3.106 3.1501,442,013.16
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 1,2067.62511/08/2018 1,783,815.00 3.111 3.1551,705,642.85
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 1,4573.00011/27/2018 1,052,460.00 3.018 3.060997,770.02
Intl Bk Recon & Development1983 IBRD 1,000,000.0045905U6K5 11/15/2023 1,5063.00011/27/2018 1,001,600.00 3.404 3.4511,000,000.00
Intl Bk Recon & Development1998 IBRD 1,000,000.0045905UZT4 11/22/2021 7831.75012/12/2018 997,330.00 2.850 2.890976,746.35
Intl Bk Recon & Development2028 IBRD 1,500,000.0045905U2D5 02/15/2024 1,5982.50002/28/2019 1,506,975.00 2.990 3.0311,500,000.00
Intl Bk Recon & Development2031 IBRD 2,000,000.0045905U2L7 03/15/2024 1,6272.50003/22/2019 2,007,980.00 3.261 3.3062,000,000.00
Intl Bk Recon & Development2039 IBRD 1,000,000.0045905U2W3 04/15/2024 1,6582.40004/30/2019 1,003,840.00 3.000 3.0421,000,000.00
Intl Bk Recon & Development2041 IBRD 1,000,000.0045905UZT4 11/22/2021 7831.75004/22/2019 997,330.00 2.416 2.450985,549.97
Intl Bk Recon & Development2045 IBRD 1,500,000.00459058GS6 05/15/2024 1,6882.88005/15/2019 1,503,000.00 2.840 2.8801,500,000.00
Intl Bk Recon & Development2106 IFC 1,500,000.0045950VNF9 09/20/2024 1,8161.70009/20/2019 1,495,890.00 1.676 1.7001,500,000.00
Intl Bk Recon & Development2110 IBRD 1,500,000.0045905U4D3 09/19/2022 1,0842.08009/19/2019 1,500,000.00 2.051 2.0801,500,000.00
Intl Bk Recon & Development2111 IBRD 1,500,000.00459058HG1 09/23/2024 1,8192.20009/23/2019 1,499,130.00 2.169 2.2001,500,000.00
Intl Bk Recon & Development2116 IBRD 1,500,000.00459058HG1 09/23/2024 1,8192.20009/23/2019 1,499,130.00 2.169 2.2001,500,000.00
International Finance Corp.1988 IFC 1,500,000.0045950VMW3 12/15/2023 1,5363.00012/06/2018 1,515,705.00 3.328 3.3741,500,000.00
International Finance Corp.2012 IFC 2,000,000.0045950VMY9 01/15/2024 1,5672.50001/23/2019 2,009,720.00 3.103 3.1472,000,000.00
International Finance Corp.2023 IFC 1,500,000.0045950VNC6 02/15/2024 1,5982.62502/15/2019 1,509,285.00 3.054 3.0971,500,000.00
Subtotal and Average 24,107,722.35 24,000,000.00 24,387,615.00 2.801 2.840 1,476
Total Investments and Average 530,635,714.05 525,235,611.36 535,655,031.40 2.317 2.349 1,343
Portfolio CPA
AP
Run Date: 10/21/2019 - 17:40 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
1 General Investment Guidelines:
a) The max. stated final maturity of individual securities in the portfolio should be 10 years.Full Compliance
b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities
beyond 5 years.28.0%
c) The City shall maintain a minimum of one month's cash needs in short term investments.Full Compliance
d) At least $50 million shall be maintained in securities maturing in less than 2 years.
Plus two managed pool accounts which provide instant liquidity:
- Local Agency Investment Fund (LAIF) - maximum investment limit i $65 million $29.2 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.100.96%
d) Commitments to purchase securities newly introduced on the market shall be made no more than
three (3) working days before pricing.Full Compliance
f) Whenever possible, the City will obtain three or more quotations on the purchase or sale of
comparable securities (excludes new issues, LAIF, City of Palo Alto bonds, money market
accounts, and mutual funds).Full Compliance
2 U.S. Government Securities:Full Compliance
a) There is no limit on purchase of these securities.
b) Securities will not exceed 10 years maturity.
3 U.S. Government Agency Securities:Full Compliance
a) There is no limit on purchase of these securities except for:
Callable and Multi-step-up securities provided that:
- The potential call dates are known at the time of purchase;
- the interest rates at which they "step-up" are known at the time of purchase; and
- the entire face value of the security is redeemed at the call date.
- No more than 25 percent of the par value of portfolio.24.45%
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.21.25%
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.
$133 million
2.00%
Attachment C
Investment Policy Compliance
As of September 30, 2019
Investment Policy Requirements
Compliance
Check / Actual
Attachment C
Investment Policy Compliance
As of September 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.8.26%
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.4.15%
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 4.57%
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