HomeMy WebLinkAboutStaff Report 11007City of Palo Alto (ID # 11007)
City Council Staff Report
Report Type: Informational Report Meeting Date: 5/11/2020
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Third Quarter, Fiscal
Year 2020
From: City Manager
Lead Department: Administrative Services
Coronavirus Pandemic, Interest Rates and Investment Yields
The U.S. economy has lost jobs at a rate never seen before. As of the writing of this report there
have been around 26.5 million jobless claims and the U.S. unemployment rate is over 17
percent with a forecast of up to 30 million lost jobs and unemployment rate up to 23 percent.
This compares to a natural disaster on a national and global scale. Though the coronavirus
pandemic has negatively impacted U.S. Treasury and other City authorized investments (e.g.
municipal bonds, negotiable certificates of deposits, etc.) yields, the declining interest rate
trend, as shown in the below table, began over a year ago. Due to the City’s laddered portfolio
and prudent investments, the decline in the average of Palo Alto’s portfolio yield is significantly
less than the average two and five-year U.S. Treasury note declines. The City’s portfolio yield is
expected to further decline as maturing or called securities are reinvested in lower yielding
investments and more cash is retained to increase liquidity during this evolving crisis.
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Fiscal Year
Quarter
Avg. 2 yr.
Treasury
Note Rate
Chg. Over
Prior
Quarter
Avg. 5 yr.
Treasury
Note Rate
Chg. Over
Prior
Quarter
Palo Alto's
Avg.
Portfolio
Yield
Chg. Over
Prior
Quarter
FY 2019 Q1 2.66% 2.80% 2.17%
FY 2019 Q2 2.80% 0.14% 2.88% 0.08% 2.29% 0.12%
FY 2019 Q3 2.49% (0.31%) 2.47% (0.41%) 2.36% 0.07%
FY 2019 Q4 2.12% (0.37%) 2.12% (0.35%) 2.38% 0.02%
FY 2020 Q1 1.68% (0.44%) 1.63% (0.49%) 2.35% (0.03%)
FY 2020 Q2 1.59% (0.09%) 1.62% (0.01%) 2.11% (0.24%)
FY 2020 Q3 * 1.10% (0.49%) 1.16% (0.46%) 1.89% (0.22%)
Total Yield Decline (1.56%) (1.64%) (0.28%)
* Coronavirus Pandemic
U.S. Treasury Note and Palo Alto's Portfolio Yields
Background
The City’s investment policy requires that staff report to Council quarterly on the City’s
portfolio composition and performance compared to the Council-adopted policy; discuss
overall compliance with the City’s Investment Policy; and provide recommendations, if any, for
policy changes. In addition, staff 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 third quarter ending March 31,
2020 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.
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U.S. Treasury
1.9%
U.S. Agency
47.4%
U.S.
Municipal/State
29.2%
Negotiable CD
8.0%
U.S. Corporate
3.5%
Supranational
4.9%
Liquid Accts.
5.1%
Graph 1: Investments by Type -$544.5M
(Par Value)
The par value of the City’s portfolio is $544.5 million; in comparison, last quarter it was $535.3
million. The $9.2 million portfolio growth since the last quarter primarily results from timing
of cash flows. Contributing factors include lower payroll costs in the third quarter due to an
extra pay period in the second quarter, property taxes receipts and due to 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 in July resulting in
reduced bi-weekly payments for the second quarter totaling $6.2 million.
The portfolio consists of $27.6 million in liquid accounts and $516.9 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
$124.3 million in investments maturing in less than two years, comprising 22.8 percent of the
City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of the
portfolio to be invested in securities with maturities beyond five years; actual at the end of the
second quarter is 29.9 percent of the portfolio.
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Table 1:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Portfolio
U.S. Treasury -$ 1.5$ 9.0$ -$ -$ 10.5$ 1.9%
U.S. Agency Bonds 38.4 23.1 42.1 71.5 82.9 258.0 47.4%
U.S. Municipal/ State Bonds 10.2 24.1 16.2 28.7 79.8 159.0 29.3%
Negotiable Certificates of Deposits (NCD)5.9 8.9 11.6 16.9 0.2 43.5 8.0%
U.S. Corporate Bonds 6.6 5.6 - 6.9 - 19.1 3.5%
Supranational Organizations Bonds - - 3.0 23.8 - 26.8 4.9%
Liquid Accounts (LAIF & Fidelity) 27.6 - - - - 27.6 5.1%
Grand Total 88.7$ 63.2$ 81.9$ 147.8$ 162.9$ 544.5$ 100%
% of Portfolio 16.3% 11.6% 15.0% 27.1% 29.9% 100.0%
* $66.9 million or 12.3 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 102.0 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 market valuation is provided by
Union Bank of California, which is the City’s safekeeping agent. The average life to maturity of
the investment portfolio is 4.12 years compared to 3.81 years last quarter.
Investments Made During the Third Quarter
During the third quarter, $120.9 million of securities with an average yield of 2.4 percent
matured. During the same period, per Table 2 below, government securities totaling $142.8
million with an average yield of 1.9 percent were purchased. The expectation is interest rates
and the City’s portfolio’s average yield will decline. The City’s short-term money market and
pool account decreased by $12.7 million compared to the second quarter. Staff continually
monitors the City’s short-term cash flow needs and adjusts liquid funds to meet them.
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Table 2:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Purchase
U.S. Agency Bonds -$ -$ 1.5$ 42.4$ 62.4$ 106.3$ 74.4%
U.S. Municipal/ State Bonds 1.0 - 0.5 2.8 21.7 26.0 18.2%
Negotiable Certificates of Deposits (NCD)- - 0.7 4.7 0.2 5.6 3.9%
U.S. Corporate Bonds - 0.8 - 1.8 - 2.6 1.8%
Supranational Organizations Bonds - - - 2.3 - 2.3 1.6%
Grand Total 1.0$ 0.8$ 2.7$ 54.0$ 84.3$ 142.8$ 100%
% of Purchase 0.7% 0.6% 1.9% 37.8% 59.1% 100.1%
* $5.7 million or 4.1 percent are in investments that support Environmental, Social, and Governace (ESG) Activities
(aka "Green" and Supranational Bonds)
Investment Type
2019 Q3 Security Purchases - Par Value (millions)
Availability of Funds for the Next Six Months
Normally, the flow of revenues from the City’s utility billings and General Fund sources is
enough to provide funds for ongoing expenditures in those respective funds. Projections
indicate receipts will be $266.5 million and expenditures will be $304.9 million over the next six
months, indicating an overall decline in the portfolio of $38.4 million. Most of the expected
decline is attributable to pre-paying a portion of the Fiscal Year 2021 Public Employers’
Retirement System’s (PERS) employer contribution of $33.5 million, representing the City’s
unfunded accrued liability (UAL) lump-sum payment for FY 2021. By prepaying PERS instead of
making payments with each payroll period, the City is expected to save $1.2 million in pension
expense by pre-paying the UAL; however, the savings will be offset by the loss of approximately
$0.3 million in interest income in the City’s investment portfolio. This result in net citywide
savings of $0.9 million because of PERS’ expected ability to earn interest earlier and at a higher
rate than the City could realize. Without this prepayment, the portfolio’s expected to decrease
by $4.9 million. With the forecasted revenue losses due to the coronavirus, this decline may
appear small, but this forecast reflects the net declines in both revenues and expenditures and
reimbursement of $29.4 million for the California Avenue Parking Garage construction from the
2019 Certificate of Participation bonds.
As of March 31, 2020, the City had $27.6 million deposited in the Local Agency Investment Fund
(LAIF) and a money market account that could be withdrawn on a daily basis. In addition,
investments totaling $22.8 million will mature between April 1, 2020 and September 30, 2020.
In addition, a bond reimbursement receipt of $29.4 million is expected. 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 enough funds or liquidity to meet expenditure requirements for the next
six months.
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Compliance with City Investment Policy
During the third quarter, staff complied with all aspects of the investment policy. Attachment C
lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the third quarter was $3.1 million. As of March 31,
2020, the yield to maturity of the City’s portfolio was 2.17 percent. In the third quarter, LAIF’s
average yield was 1.89 percent while the average yield on the two-year and five-year Treasury
bonds was approximately 1.10 percent and 1.16 percent, respectively. As stated in the last two
reports, 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
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 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 that wasn’t
the case until the last year; 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, mostly in
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.
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5.79%
4.19%City of Palo Alto
4.41%
2.91%
1.93%
2.17%
2 Yr. Treasury
5 Yr. Treasury
1.2%
LAIF
1.89%
$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 4.12 years.
Yield Trends
The Federal Open Market Committee (FOMC) did its first emergency and unscheduled federal
fund rate cut, since 2008, by 0.50 percent (aka 50 basis points) to 1.0 percent in March 2020.
The below Table 3 shows this and past such rate cuts. The FOMC cited “the coronavirus poses
evolving risks to the economic activity” and has “harmed communities and disrupted economic
activity in many countries, including the United States.”. This was the fourth rate cut in calendar
year 2019 and 2020. In addition to the rate cut, the FOMC is prepared to further support the
flow of credit to households and businesses and continue to foster strong growth and price
stability (aka inflation) by increasing its holdings in Treasury and federal agency securities. The
FOMC expectation is future federal fund rate changes will be dependent on economic data,
including global developments and inflation movements.
Table 3: Emergency FOMC Rate Cuts (2001-2020)
# Date Size of Cut Event
1 Jan. 2001 0.50% Dotcom Bubble
2 Apr. 2001 0.50% Weak Economy
3 Sept. 2001 0.50% 9/11 Terrorist Attack
4 Aug. 2007 0.75% Housing Bubble
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5 Jan. 2008 0.50% Stock Market Crash
6 Oct. 2008 0.50% Lehman Collapse
7 Mar. 2020 0.50% Coronavirus Pandemic
Source: Piper Sandler and Federal Reserve
Funds Held by the City or Managed Under Contract
Attachment A is a consolidated report of all City investment funds, including those not held
directly in the investment portfolio. These include cash in the City’s regular bank account with
US Bank and Wells Fargo. A description of the City’s banking relationships can be found in City
Council Staff Report ID # 7858 . The bond proceeds, reserves, and debt service payments being
held by the City’s fiscal agents are subject to the requirements of the underlying debt
indenture. The trustees for the bond funds are U.S. Bank and California Asset Management
Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market
mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in CAMP are
invested in banker’s acceptance notes, certificates of deposit, commercial paper, federal
agency securities, and repurchase agreements. The most recent data on funds held by the fiscal
agent is as of March 31, 2020.
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
November 30, 2019, principal investment contributions of $17.73 million have grown to $17.79
million and the net return for one year has been 0.65 percent. For the third quarter (Jan. to
March 2020) this trust realized a $1.1 million loss.
Resource Impact
This is an information report and has no resource impact.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
x Attachmenta: Attachment A Consolidated Report of Cash Management
x Attachmentb: Attachment B Investment Portfolio
x Attachmentc: Attachment C Investment Policy Compliance
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Book Value Market Value
City Investment Portfolio (see Attachment B)552,114,888$ 562,906,658$
Other Funds Held by the City
Cash with Wells Fargo Bank 929,392 929,392
(includes general and imprest accounts)
Cash with US Bank 11,398,580 11,398,580
(includes general and imprest accounts)
Petty/Working Cash 12,478 12,478
Total - Other Funds Held By City 12,340,450 12,340,450
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1995 Utility Revenue Bonds
Debt Service Fund 3 3
1999 Utility Revenue Bonds
Debt Service Fund 61 61
2007 Utility Revenue Bonds
Debt Service Fund 14 14
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,597,367 2,597,367
2010 General Obligation (Library) Bond
Debt Service and Escrow Funds 2,355,180 2,355,180
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 1,460,498 1,460,498
2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1,785,985 1,785,985
2013 General Obligation (Library) Bond
Escrow Funds 3,061,560 3,061,560
2018 Capital Improvement (Golf Course & 2002B COP Refinance)
(Taxable- Green Bond) Certificates of Participation
Debt Service and Cost of Issuance Funds 18,205 18,205
2019 California Avenue Parking Garage Certificates of Participation
(Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 42,606,695 42,606,695
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,696,320 2,696,320
2013 General Obligation (Library) Bond
Reserve Fund 596,748 596,748
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) (As of Nov. 2019) 17,785,386 17,785,386
Total Under Trustee Management 74,964,022 74,964,022
GRAND TOTAL 639,419,359$ 650,211,129$
* 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
Attachm
Third Quarter, Fiscal Year 2019-20
(Unaudited)
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
a
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City of Palo Alto City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
March 31, 2020
Fund ALL - Portfolio Listings
Investments by Fund
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
LAIF & Fidelity Cash Accounts
Fidelity Investments158 3,107,525.08SYS158 10.26007/01/2018 3,107,525.08 0.256 0.2603,107,525.08
Local Agency Investment Fund159 24,470,317.84SYS159 11.73007/01/2018 24,513,637.59 1.706 1.73024,470,317.84
Subtotal and Average 27,577,842.92 27,577,842.92 27,621,162.67 1.543 1.564 1
Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 1,3073.45010/30/2018 261,841.30 3.404 3.451245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 9122.45009/30/2015 251,316.10 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 9112.05009/29/2017 248,907.75 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 1,2322.40002/16/2016 245,450.80 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 3631.45009/30/2016 245,369.95 1.429 1.449245,000.00
American Eagle Bank2124 NCD 249,000.0002554BCN9 05/23/2022 7822.10009/27/2019 252,871.95 1.869 1.895250,063.01
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 4902.05004/04/2017 247,499.00 2.023 2.051245,000.00
Anchor D Bank2115 NCD 245,000.00033034AJ8 09/30/2024 1,6431.95009/30/2019 245,200.90 1.923 1.950245,000.00
Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 1,8141.10003/20/2020 243,658.95 1.085 1.100249,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 1,5202.30005/30/2017 252,830.20 2.270 2.301245,000.00
American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 1,3423.55012/04/2018 263,061.40 3.501 3.550245,000.00
Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 3831.90004/19/2017 246,651.30 1.875 1.901245,000.00
Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 5591.50010/12/2016 245,387.10 1.480 1.500245,000.00
Texas Exchange Bank2158 NCD 245,000.0088241TFS4 12/06/2024 1,7102.00011/22/2019 245,149.45 1.974 2.001245,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 1822.20009/30/2014 246,403.85 2.171 2.201245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 8982.25009/16/2015 250,056.80 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 9121.70009/30/2016 246,803.20 1.676 1.700245,000.00
Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 1,6121.70008/30/2019 246,874.25 1.678 1.701245,000.00
BMO Harris Bank1783 NCD 245,000.0005581WNY7 10/28/2022 9402.25004/28/2017 245,232.75 2.220 2.251245,000.00
BMW Bank of North America1807 NCD 245,000.0005580AJK1 06/16/2020 761.85006/16/2017 245,453.25 1.824 1.850245,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 5301.50009/12/2016 245,614.95 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 7422.00004/13/2017 248,180.10 1.973 2.001245,000.00
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 8592.35008/25/2014 100,141.00 2.592 2.62899,408.61
Border State Bank2121 NCD 245,000.00099703FV7 10/11/2024 1,6541.95010/11/2019 245,281.75 1.923 1.950245,000.00
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 1892.25010/07/2015 246,511.65 2.219 2.250245,000.00
Bridgewater Bank Bloom MN2099 NCD 245,000.00108622JA0 09/25/2023 1,2721.80009/25/2019 245,139.65 1.775 1.800245,000.00
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
$WWDFKPHQW%b
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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
Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 9733.25011/30/2018 256,745.30 3.207 3.252245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 3151.55002/10/2016 245,793.80 1.530 1.551245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 1,1163.00004/24/2018 256,323.90245,000.00
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 7502.05004/21/2017 248,449.60 2.023 2.051245,000.00
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 3791.50004/15/2016 245,622.30 1.479 1.500245,000.00
Coastal Cummunity & Tech Credi2204 NCD 245,000.0019043TAD7 01/17/2023 1,0211.90001/16/2020 248,155.60 1.907 1.934244,771.97
Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 1,6121.85008/30/2019 248,444.70 1.826 1.852245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 6861.70002/16/2016 246,643.95 1.678 1.701245,000.00
Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 1,8211.00003/27/2020 242,431.38 1.189 1.206246,516.82
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 6701.90007/31/2017 247,511.25 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 1,0022.35012/29/2017 251,102.95 2.317 2.350245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 5101.40008/24/2016 245,543.90 1.380 1.400245,000.00
Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 1,7931.65002/27/2020 246,210.30 1.668 1.691244,519.12
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 1,0521.75002/19/2016 252,197.50 1.727 1.751250,000.00
CalPrivate Bank2052 NCD 245,000.0013135NAG5 08/16/2023 1,2322.20008/16/2019 245,127.40 2.171 2.201245,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 9302.10010/18/2017 249,248.30 2.071 2.100245,000.00
Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 1,7641.80001/29/2020 247,947.35 1.779 1.803245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 7752.00005/15/2017 248,273.20 1.972 2.000245,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 1332.30008/12/2015 246,156.40 2.268 2.300245,000.00
Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 1,6181.90009/05/2019 248,964.10 1.873 1.900245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 4401.55006/16/2016 245,967.75 1.529 1.550245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 3221.60002/17/2016 245,896.70 1.579 1.601245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 7822.00005/22/2017 248,292.80 1.972 2.000245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 8942.25009/11/2015 250,042.10 2.224 2.255245,000.00
Congressional Bank2251 NCD 245,000.0020726ABK3 02/28/2025 1,7941.75002/28/2020 245,722.75 1.777 1.802244,398.56
Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 1,8141.10003/20/2020 242,680.40 1.085 1.100248,000.00
Crescom Bank2249 NCD 245,000.00225862EV9 02/28/2025 1,7941.75002/28/2020 245,320.95 1.787 1.812244,278.28
Dairy State Bank2252 NCD 245,000.00233863AB5 02/28/2025 1,7941.70002/28/2020 245,301.35 1.748 1.773244,157.99
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 1,3013.35010/24/2018 260,873.55 3.304 3.350245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 7062.05003/08/2017 248,314.85 2.021 2.050245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 1451.90008/24/2015 245,850.15 1.876 1.902245,000.00
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 1,1222.65004/30/2019 253,815.10 2.615 2.651245,000.00
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 174
March 31, 2020
Par Value
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Date
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Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
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Negotiable Certificates of Deposits
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 1202.00007/30/2015 245,803.60 1.972 2.000245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 3212.20008/15/2014 252,225.00 2.169 2.200250,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 7362.10004/07/2017 248,648.05 2.072 2.101245,000.00
Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 1,8121.10003/18/2020 243,668.91 1.085 1.100249,000.00
First Community Bank2127 NCD 245,000.00319853AC1 10/25/2023 1,3021.95010/25/2019 245,164.15 1.924 1.951245,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 1,1771.80006/22/2016 248,390.80 1.776 1.800245,000.00
1st Financial Bank1485 NCD 245,000.0032022RFD4 03/16/2022 7142.10010/19/2015 245,147.00 2.120 2.150244,775.73
First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 1,6171.75009/04/2019 247,396.10 1.727 1.751245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 8342.05007/14/2017 248,704.40 2.023 2.051245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 5622.45010/17/2014 250,176.85 2.416 2.449245,000.00
First Oklahoma Bank1838 NCD 245,000.00335857BF4 07/26/2022 8462.10007/26/2017 245,188.65 2.072 2.101245,000.00
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 6572.05001/18/2017 248,128.65 2.021 2.050245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 8542.35009/09/2014 241,048.80 2.665 2.703238,223.92
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 1,2902.25010/13/2017 251,521.90 2.220 2.251245,000.00
First Nationnal Bank / KS1537 NCD 245,000.00334342BU5 02/26/2021 3311.55002/26/2016 245,100.45 1.530 1.551245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 5472.00010/01/2015 247,545.55 1.972 1.999245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 3412.50003/07/2014 247,957.15 2.465 2.500245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 6702.00004/04/2017 104,242.18 1.972 1.999103,000.00
Frontier Bank IA2274 NCD 249,000.00359067DE2 03/13/2025 1,8071.70003/13/2020 249,368.52 1.697 1.720248,753.59
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 7151.70003/17/2016 250,082.50 1.677 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 3311.55002/29/2016 246,675.80 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 5202.40009/03/2015 249,189.50 2.367 2.400245,000.00
First National Bank of Elkhart1801 NCD 245,000.00321130AB2 05/31/2022 7902.10005/31/2017 245,227.85 2.072 2.101245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 9312.10004/19/2017 249,260.55 2.072 2.101245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 7582.00006/30/2017 248,224.20 1.973 2.000245,000.00
First Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 1,2943.40010/17/2018 261,268.00 3.355 3.401245,000.00
Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 1,6051.95008/23/2019 249,481.05 1.925 1.952245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 9182.10010/06/2017 249,228.70 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 7362.00004/07/2017 248,160.50 1.973 2.001245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 3552.65003/21/2014 248,385.90 2.613 2.650245,000.00
Ally Bank1882 NCD 245,000.0002007GAF0 01/04/2021 2782.25001/04/2018 247,111.90 2.219 2.250245,000.00
Flatwater Bank2107 NCD 245,000.0033885WAA8 09/30/2024 1,6431.90009/30/2019 245,191.10 1.873 1.900245,000.00
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 175
March 31, 2020
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
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365
Negotiable Certificates of Deposits
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 8452.00010/25/2017 248,454.50 1.972 2.000245,000.00
Grant County Bank1864 NCD 175,000.0038762PCB6 10/18/2023 1,2952.20010/18/2017 175,103.25 2.170 2.201175,000.00
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 1,4982.55005/08/2019 255,184.65 2.513 2.548245,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 1,1333.15005/09/2018 257,570.95 3.106 3.150245,000.00
Great Southern Bank2250 NCD 245,000.0039120VSS4 08/21/2023 1,2371.70002/21/2020 245,659.05 1.734 1.758244,525.35
Happy State Bank1683 NCD 245,000.00411394AN9 09/16/2021 5331.50009/16/2016 245,061.25 1.500 1.520245,000.00
HSBC Bank1564 NCD 245,000.0040434AR84 10/07/2021 5542.00004/07/2016 245,049.00245,000.00
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 9052.20003/24/2017 249,792.20 2.172 2.202245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 7412.15004/12/2017 248,912.65 2.121 2.151245,000.00
Iroquois Federal Sav Loan Asso1535 NCD 245,000.0046355PBV9 08/12/2020 1331.60002/12/2016 245,193.55 1.578 1.600245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 1462.00008/25/2015 246,264.20 1.972 2.000245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 4852.30007/31/2015 248,780.35 2.269 2.301245,000.00
Iowa Trust & Savings Bank2270 NCD 245,000.00462595BE8 02/28/2025 1,7941.70002/28/2020 245,301.35 1.717 1.741244,518.85
JP Morgan Chase BAnk NA2218 NCD 245,000.0048128LD48 01/31/2030 3,5922.50001/31/2020 247,758.70 2.465 2.500245,000.00
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 1,5212.50005/31/2017 254,812.25 2.465 2.500245,000.00
Keesler Federal Credit Union2027 NCD 245,000.0049254FAP1 08/30/2021 5163.05002/28/2019 251,044.15 3.008 3.050245,000.00
Key Bank1785 NCD 245,000.0049306SYB6 05/18/2020 471.75005/17/2017 245,259.70 1.726 1.750245,000.00
Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 1,3083.35010/24/2019 264,194.40 2.210 2.241257,413.32
Kern Schools Fed. Credit Unio2160 NCD 250,000.0049228XAG5 12/04/2024 1,7082.10012/04/2019 250,507.50 2.073 2.102250,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 1,2651.80009/16/2016 245,438.55 1.775 1.800245,000.00
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 6811.70002/12/2016 249,647.65 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 5051.40008/19/2016 245,575.75 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 5242.25009/05/2014 248,339.35 2.219 2.250245,000.00
Bank Leumi USA NY2335 NCD 249,000.00063248KR8 03/31/2023 1,0941.45003/31/2020 249,000.00 1.430 1.449249,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 8182.05006/28/2017 248,655.40 2.023 2.051245,000.00
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 6522.10001/13/2017 248,332.00 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 7712.10005/12/2017 248,760.75 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 7852.05005/26/2017 248,562.30 2.023 2.051245,000.00
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 1,3723.30001/10/2019 261,216.55 3.254 3.299245,000.00
Landmark Community Bank2123 NCD 249,000.0051507LBU7 06/27/2022 8172.35009/27/2019 254,360.97 1.868 1.894251,471.99
Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 1,6121.80008/30/2019 247,913.05 1.775 1.800245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 1411.90008/20/2015 245,828.10 1.876 1.902245,000.00
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 176
March 31, 2020
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
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 6871.80002/17/2016 249,392.85 1.776 1.801245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 8002.05006/12/2017 248,606.40 2.023 2.051245,000.00
Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 1,6821.90011/08/2019 249,025.35 1.875 1.902245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 1,4862.60004/26/2019 255,603.60 2.567 2.602245,000.00
Mountain America FD Credit Uni2202 NCD 249,000.0062384RAC0 11/08/2022 9512.30001/08/2020 254,659.77 1.928 1.955251,173.52
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 2031.75010/21/2015 246,621.90 1.727 1.751245,000.00
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 1,0152.65001/11/2018 253,136.45 2.613 2.650245,000.00
Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 1,3443.55012/06/2018 263,085.90 3.501 3.550245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 1,4922.35005/22/2017 253,209.95 2.317 2.349245,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 1551.90009/03/2015 246,347.50 1.873 1.900245,000.00
National Bank Commerce1607 NCD 245,000.00633368DY8 05/11/2023 1,1351.80005/11/2016 245,330.75 1.776 1.800245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 8772.25008/26/2015 252,626.85 2.220 2.251245,000.00
Bank of Northern Michigan1298 NCD 245,000.0006414TNW9 05/21/2020 502.00005/21/2014 245,453.25 1.972 2.000245,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 1,3363.55011/28/2018 263,034.45 3.503 3.551245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 3141.55002/09/2016 246,950.20 1.530 1.551245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 9112.05009/29/2017 248,907.75 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 1,0232.40001/19/2018 251,521.90 2.368 2.401245,000.00
Pathfinder Bank2260 NCD 245,000.0070320KAE1 03/06/2025 1,8001.80003/06/2020 247,947.35 1.816 1.841244,516.98
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 7852.10005/26/2017 248,822.00 2.072 2.101245,000.00
Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 1,5982.00008/16/2019 249,990.65 1.972 2.000245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 1,0782.10007/19/2017 249,632.95 2.072 2.101245,000.00
Prime Alliance Bank2282 NCD 249,000.0074160NHB9 02/28/2025 1,7941.65003/04/2020 249,286.35 1.627 1.649249,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 6952.10002/26/2015 251,112.75 2.072 2.101245,000.00
Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 1,7341.85012/30/2019 248,493.70 1.824 1.850245,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 4471.45006/22/2016 245,977.55 1.430 1.450245,000.00
Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 1,6311.90009/18/2019 248,976.35 1.873 1.900245,000.00
Security National Bank1499 NCD 245,000.00814414AC2 11/19/2021 5972.00011/19/2015 245,367.50 1.974 2.001245,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 1,1392.95005/15/2018 256,174.45 2.911 2.951245,000.00
San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 1,8211.10003/27/2020 243,626.58 1.085 1.100249,000.00
Summit Community Bank1888 NCD 245,000.0086604XMN3 01/26/2022 6652.25001/26/2018 249,044.95 2.220 2.251245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 1,1671.80006/10/2016 248,373.65 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 5661.50010/19/2016 245,543.90 1.480 1.500245,000.00
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 177
March 31, 2020
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
Southwest 66 Credit Union Bank2286 NCD 249,000.0084475BAB1 03/24/2025 1,8181.30003/23/2020 246,031.92 1.282 1.300249,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 9322.10010/20/2017 249,267.90 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 7482.00004/19/2017 248,197.25 1.973 2.001245,000.00
SunTrust Bank2125 NCD 245,000.0086789VZY6 09/26/2024 1,6392.00009/30/2019 245,568.40 1.974 2.002245,000.00
ST Mary's Credit Union2261 NCD 249,000.0079257QAC0 02/27/2025 1,7931.75002/27/2020 249,732.06 1.777 1.802248,389.08
Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 1,4571.15003/31/2020 245,626.05 1.134 1.150249,000.00
Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 1,6991.95011/25/2019 249,574.15 1.923 1.950245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 3762.40004/11/2014 248,515.75 2.367 2.400245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 1,1642.15006/09/2017 250,272.40 2.121 2.151245,000.00
Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 1,4122.65002/10/2017 245,465.50245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 8182.00006/28/2017 248,378.55 1.972 2.000245,000.00
Texas Security Bank2177 NCD 245,000.0088269AAU2 12/20/2024 1,7241.95012/20/2019 245,521.85 1.995 2.023244,190.84
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 6592.25006/15/2017 254,097.50 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 6992.05003/01/2017 248,290.35 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 1,3641.70006/24/2016 249,133.15 1.676 1.700245,000.00
United Community Bank1694 NCD 245,000.0090983WBD2 03/28/2022 7261.60009/29/2016 245,137.20 1.577 1.599245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 3311.60002/26/2016 247,021.25 1.579 1.601245,000.00
USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 1,8251.15003/31/2020 244,806.84 1.154 1.170248,751.14
USF Federal Credit Union2193 NCD 245,000.0090353EAH6 12/30/2022 1,0031.95012/31/2019 248,466.75 1.975 2.003244,663.38
Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 1,3493.65010/18/2019 264,070.80 2.170 2.200257,543.92
Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 1,6052.05008/23/2019 250,522.30 2.024 2.052245,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 6932.05002/23/2017 248,256.05 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 4551.60006/30/2016 245,987.35 1.578 1.600245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 8492.35008/12/2015 252,141.75 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 7702.05008/11/2017 248,513.30 2.021 2.050245,000.00
Subtotal and Average 43,596,025.97 43,580,000.00 44,176,791.18 1.972 1.999 991
Corporate Medium Term Bonds
Apple, Inc.1497 MTN 1,500,000.00037833BD1 05/06/2020 352.00011/05/2015 1,500,285.00 1.854 1.8791,500,167.12
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 3282.25002/23/2016 707,056.00 2.140 2.169700,465.83
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 1,1272.40008/29/2019 573,402.50 1.726 1.750560,642.95
Apple, Inc.2323 MTN 750,000.00037833AY6 02/09/2022 6792.15003/19/2020 767,182.50 1.583 1.605757,433.96
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 4133.62507/11/2016 102,924.00 1.271 1.288102,558.17
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 178
March 31, 2020
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.1658 MTN 946,000.0038259PAB8 05/19/2021 4133.62507/11/2016 973,661.04 1.271 1.288970,200.28
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 4133.62507/12/2016 1,543,860.00 1.238 1.2551,538,948.00
Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 4133.62501/11/2017 896,468.04 2.012 2.040885,894.18
Alphabet (Google) Inc.1895 MTN 1,000,000.0002079KAA5 05/19/2021 4133.62501/10/2018 1,029,240.00 2.189 2.2191,015,258.96
Alphabet (Google) Inc.1931 MTN 382,000.0002079KAA5 05/19/2021 4133.62502/14/2018 393,169.68 2.377 2.410387,025.86
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 3341.65006/07/2016 1,003,790.00 1.530 1.5511,000,848.24
Johnson & Johnson1900 MTN 500,000.00478160BS2 03/01/2021 3341.65001/12/2018 501,895.00 2.179 2.210497,532.08
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 2162.00011/05/2015 2,004,400.00 1.913 1.9402,000,660.29
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 2162.00001/07/2016 901,980.00 1.887 1.913900,435.24
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 6762.40012/11/2017 102,786.00 2.292 2.324100,132.11
Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 1,4062.87501/22/2020 1,915,092.00 1.727 1.7511,871,840.92
Stanford University2046 MTN 2,000,000.00525555AB4 02/01/2024 1,4016.87505/14/2019 2,395,680.00 2.367 2.4002,322,466.23
Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 1,4016.87512/12/2019 1,197,840.00 1.934 1.9601,180,058.03
Subtotal and Average 18,292,568.45 17,599,000.00 18,510,711.76 1.860 1.886 666
Federal Agency Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 1,5012.85008/06/2019 1,593,870.00 1.998 2.0251,546,600.58
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 8252.20012/13/2012 1,550,730.00 1.930 1.9571,507,481.02
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 9642.00012/19/2012 774,817.50 2.081 2.110748,043.22
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 1,0002.18001/04/2013 1,558,320.00 2.165 2.1961,499,410.95
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 4263.84001/04/2013 520,395.00 1.946 1.973509,988.01
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 1,0002.18001/08/2013 1,558,320.00 2.195 2.2251,498,326.90
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 1,0002.18001/23/2013 1,558,320.00 2.111 2.1411,501,431.82
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 1,0002.18001/28/2013 2,695,893.60 2.199 2.2292,591,824.07
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 1612.80001/15/2014 1,518,315.00 2.635 2.6721,500,765.25
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 3424.16003/06/2014 311,154.00 2.574 2.609303,966.58
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 3592.50003/26/2014 1,534,155.00 2.495 2.5301,499,587.95
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 8252.20004/23/2014 1,292,275.00 2.889 2.9301,231,770.02
Federal Agricultural Mortgage1399 500,000.0031315PVF3 04/03/2020 21.47510/15/2014 500,050.00 1.857 1.882499,989.28
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 3992.51001/09/2015 691,024.50 2.110 2.140677,541.48
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 1,4563.33001/09/2015 441,608.36 2.540 2.575414,753.12
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 1,1672.61001/22/2015 1,694,850.56 2.269 2.3011,618,328.25
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 1,1672.61002/09/2015 1,532,128.00 2.377 2.4101,458,341.97
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 179
March 31, 2020
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
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365
Federal Agency Bonds
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 6992.15003/05/2015 1,028,620.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 1,0282.13004/06/2016 1,041,040.00 1.839 1.8641,006,968.10
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 1,9514.35004/08/2016 553,385.52 2.296 2.328519,773.37
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 1,4913.30004/21/2016 1,641,690.00 2.084 2.1121,566,546.75
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 1,4913.30004/26/2016 1,641,690.00 2.159 2.1891,562,045.72
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 1,0002.18005/26/2016 519,440.00 1.844 1.870503,967.29
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 8352.38007/25/2016 2,076,640.00 1.499 1.5202,037,490.08
Federal Agricultural Mortgage1681 1,750,000.003132X0BG5 06/15/2020 751.75008/24/2016 1,755,862.50 1.136 1.1521,752,098.16
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 2991.55010/03/2016 1,516,215.00 1.256 1.2741,503,276.24
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 2,1344.81010/18/2016 1,808,670.00 2.131 2.1601,709,163.14
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 6932.10002/23/2017 1,027,380.00 2.034 2.0631,000,661.16
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 6932.10003/02/2017 1,541,070.00 2.085 2.1141,499,600.17
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 7352.07504/06/2017 1,542,480.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 3271.90004/12/2017 1,015,000.00 1.781 1.8051,000,805.04
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 6422.10005/04/2017 1,025,680.00 1.938 1.9651,002,250.96
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 8252.20006/14/2017 1,033,820.00 1.908 1.9341,005,685.93
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 8191.88006/29/2017 1,539,870.00 1.903 1.9301,498,397.47
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 8191.88006/29/2017 1,026,580.00 1.923 1.949998,510.14
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 1,6052.25010/06/2017 1,054,210.00 2.332 2.365995,350.44
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 9852.26012/12/2017 1,560,840.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1889 2,000,000.003132X0D57 01/08/2021 2822.12001/08/2018 2,029,220.00 2.090 2.1202,000,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 1,5832.62501/09/2018 1,068,560.00 2.546 2.5811,001,710.58
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 1,5832.62501/11/2018 1,602,840.00 2.623 2.6601,497,916.41
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 1,0342.50001/30/2018 2,097,560.00 2.472 2.5071,999,615.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 1,0342.50001/30/2018 1,573,170.00 2.481 2.5151,499,369.92
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 1,0342.50001/31/2018 2,097,560.00 2.556 2.5921,995,138.24
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 1,0282.13002/08/2018 1,145,144.00 2.578 2.6141,086,024.46
Federal Agricultural Mortgage1927 1,000,000.003132X0H79 02/22/2021 3272.35002/22/2018 1,019,080.00 2.327 2.360999,913.81
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 1,0572.60002/22/2018 1,578,645.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 1,0562.77002/23/2018 1,585,095.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 1,3993.46012/14/2018 601,885.17 3.018 3.060556,720.41
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 1,4692.35004/09/2019 1,055,100.00 2.365 2.398998,173.91
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 180
March 31, 2020
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
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365
Federal Agency Bonds
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 1,6945.25004/08/2019 806,453.88 2.420 2.454759,611.57
Federal Agricultural Mortgage2037 Call 1,000,000.003130H0CD3 04/01/2029 3,2873.37504/18/2019 1,000,000.00 3.328 3.3751,000,000.00
Federal Agricultural Mortgage2044 Call 1,500,000.003130H0CE1 05/01/2029 3,3173.40005/02/2019 1,502,265.00 3.353 3.4001,500,000.00
Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 1,9514.35009/09/2019 642,114.00 1.659 1.683624,283.86
Federal Agricultural Mortgage2151 Call 1,500,000.003130H0CQ4 11/01/2029 3,5012.65011/15/2019 1,501,305.00 2.613 2.6501,500,000.00
Federal Agricultural Mortgage2174 Call 2,000,000.0031422BQN3 12/10/2029 3,5402.69012/10/2019 2,016,360.00 2.653 2.6902,000,000.00
Federal Agricultural Mortgage2186 Call 1,350,000.0031422BQN3 12/10/2029 3,5402.69012/13/2019 1,361,043.00 2.678 2.7151,347,119.17
Federal Agricultural Mortgage2194 Call 1,450,000.0031422BRN2 12/25/2029 3,5552.82012/30/2019 1,462,745.50 2.781 2.8201,450,000.00
Federal Agricultural Mortgage2209 Call 1,000,000.0031422BSR2 01/15/2030 3,5762.70001/15/2020 1,003,030.00 2.663 2.7001,000,000.00
Federal Agricultural Mortgage2240 Call 1,000,000.0031422BUA6 02/11/2025 1,7771.85002/11/2020 1,003,850.00 1.824 1.8501,000,000.00
Federal Agricultural Mortgage2242 Call 2,000,000.0031422BUC2 02/11/2030 3,6032.45002/11/2020 2,015,440.00 2.416 2.4502,000,000.00
Federal Agricultural Mortgage2299 Call 1,500,000.0031422BWD8 03/17/2023 1,0801.00003/17/2020 1,500,765.00 0.986 1.0001,500,000.00
Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 2,7882.85003/11/2020 1,764,434.64 1.050 1.0641,773,750.16
Federal Agricultural Mortgage2304 Call 2,000,000.0031422BWK2 03/18/2030 3,6381.75003/18/2020 2,003,960.00 1.726 1.7502,000,000.00
Federal Agricultural Mortgage2330 Call 2,000,000.0031422BWY2 03/24/2025 1,8181.40003/24/2020 2,002,660.00 1.380 1.4002,000,000.00
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 1812.87509/29/2010 1,013,060.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 1,1612.45001/09/2014 528,315.00 3.383 3.430486,771.82
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 1,2112.12501/27/2016 656,518.75 2.024 2.052626,394.68
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 7125.16003/17/2016 545,690.00 1.876 1.902529,924.11
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 6011.61004/21/2016 254,845.00 1.558 1.580250,116.96
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 7721.87504/21/2016 1,027,390.00 1.578 1.6001,005,524.67
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 1,7172.12505/13/2016 1,062,800.00 1.930 1.9561,007,238.91
Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 961.00007/06/2016 1,503,795.00 0.986 1.0001,500,000.00
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 7125.16007/08/2016 545,690.00 1.215 1.232536,926.40
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 6295.05004/12/2017 539,480.00 1.884 1.910525,738.08
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 1,4542.30005/04/2017 959,283.00 2.274 2.306899,786.72
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 1,6502.91006/21/2017 549,620.00 2.143 2.172515,309.54
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 9502.93009/14/2017 468,496.00 1.870 1.896456,333.48
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 5871.70012/29/2017 612,270.00 2.161 2.191595,484.12
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 1,0512.57002/16/2018 1,576,770.00 2.605 2.6421,497,109.17
Federal Farm Credit Bank .2004 1,500,000.003133EJ2R9 12/14/2020 2572.75012/20/2018 1,526,205.00 2.663 2.7001,500,504.94
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 1,2542.15001/15/2019 526,310.00 2.656 2.693491,275.92
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 181
March 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
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Investments by Fund Page 10
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
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Federal Agency Bonds
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 1,3172.13001/15/2019 685,061.00 2.662 2.699637,554.21
Federal Farm Credit Bank .2118 Call 1,000,000.003133EKZW9 08/19/2027 2,6962.37009/18/2019 1,004,010.00 2.389 2.422996,503.86
Federal Farm Credit Bank .2201 Call 1,000,000.003133ELGH1 07/09/2025 1,9252.08001/09/2020 1,000,020.00 2.051 2.0801,000,000.00
Federal Farm Credit Bank .2206 Call 1,500,000.003133ELHB3 01/14/2030 3,5752.65001/14/2020 1,500,600.00 2.613 2.6501,500,000.00
Federal Farm Credit Bank .2210 Call 1,500,000.003133ELJE5 04/21/2025 1,8462.03001/21/2020 1,500,105.00 2.002 2.0301,500,000.00
Federal Farm Credit Bank .2211 Call 1,500,000.003133ELJP0 07/23/2024 1,5741.97001/23/2020 1,500,870.00 1.943 1.9701,500,000.00
Federal Farm Credit Bank .2214 Call 1,500,000.003133ELJT2 04/23/2024 1,4831.94001/23/2020 1,500,795.00 1.913 1.9401,500,000.00
Federal Farm Credit Bank .2220 Call 1,500,000.003133ELLD4 02/04/2028 2,8652.31002/04/2020 1,500,120.00 2.278 2.3101,500,000.00
Federal Farm Credit Bank .2226 Call 1,000,000.003133ELJU9 01/27/2026 2,1271.98001/29/2020 1,022,920.00 1.955 1.982999,854.31
Federal Farm Credit Bank .2231 Call 1,000,000.003133ELLC6 08/04/2027 2,6812.22002/04/2020 1,001,470.00 2.196 2.227999,510.56
Federal Farm Credit Bank .2232 Call 1,000,000.003133ELLJ1 11/04/2025 2,0432.02002/04/2020 1,000,060.00 1.992 2.0201,000,000.00
Federal Farm Credit Bank .2233 Call 1,500,000.003133ELML5 02/06/2029 3,2332.40002/06/2020 1,501,200.00 2.367 2.4001,500,000.00
Federal Farm Credit Bank .2234 Call 1,000,000.003133ELLD4 02/04/2028 2,8652.31002/04/2020 1,000,080.00 2.278 2.3101,000,000.00
Federal Farm Credit Bank .2235 Call 1,000,000.003133ELMM3 08/06/2029 3,4142.44002/06/2020 1,000,870.00 2.406 2.4401,000,000.00
Federal Farm Credit Bank .2236 Call 1,500,000.003133ELMM3 08/06/2029 3,4142.44002/06/2020 1,501,305.00 2.406 2.4401,500,000.00
Federal Farm Credit Bank .2237 Call 1,500,000.003133ELMM3 08/06/2029 3,4142.44002/06/2020 1,501,305.00 2.406 2.4401,500,000.00
Federal Farm Credit Bank .2238 Call 1,500,000.003133ELMR2 02/11/2030 3,6032.45002/11/2020 1,501,350.00 2.416 2.4501,500,000.00
Federal Farm Credit Bank .2259 Call 1,350,000.003133EKVQ6 07/19/2024 1,5702.04002/19/2020 1,375,326.00 1.868 1.8941,358,056.90
Federal Farm Credit Bank .2262 Call 1,500,000.003133ELPD0 02/26/2029 3,2532.30002/26/2020 1,501,245.00 2.268 2.3001,500,000.00
Federal Farm Credit Bank .2263 Call 1,500,000.003133ELPC2 02/28/2028 2,8892.25002/28/2020 1,501,560.00 2.219 2.2501,500,000.00
Federal Farm Credit Bank .2268 Call 1,500,000.003133ELPN8 11/27/2029 3,5272.33002/27/2020 1,500,210.00 2.298 2.3301,500,000.00
Federal Farm Credit Bank .2269 Call 1,500,000.003133ELPM0 11/27/2028 3,1622.29002/27/2020 1,500,210.00 2.258 2.2901,500,000.00
Federal Farm Credit Bank .2272 Call 1,500,000.003133ELQF4 03/03/2025 1,7971.75003/03/2020 1,501,770.00 1.726 1.7501,500,000.00
Federal Farm Credit Bank .2273 Call 1,500,000.003133ELQS6 12/04/2028 3,1692.15003/04/2020 1,501,110.00 2.120 2.1501,500,000.00
Federal Farm Credit Bank .2275 Call 1,500,000.003133ELQU1 06/03/2024 1,5241.67003/03/2020 1,501,410.00 1.647 1.6701,500,000.00
Federal Farm Credit Bank .2276 Call 1,000,000.003133ELRE6 09/04/2026 2,3471.93003/04/2020 1,001,960.00 1.903 1.9301,000,000.00
Federal Farm Credit Bank .2277 Call 1,500,000.003133ELQK3 06/02/2027 2,6182.00003/02/2020 1,500,090.00 1.972 2.0001,500,000.00
Federal Farm Credit Bank .2278 Call 1,500,000.003133ELRD8 03/04/2026 2,1631.89003/04/2020 1,502,580.00 1.864 1.8901,500,000.00
Federal Farm Credit Bank .2279 Call 1,500,000.003133ELRE6 09/04/2026 2,3471.93003/04/2020 1,502,940.00 1.903 1.9301,500,000.00
Federal Farm Credit Bank .2280 Call 1,000,000.003133ELPS7 03/04/2030 3,6242.24003/04/2020 1,008,260.00 2.142 2.1721,005,980.80
Federal Farm Credit Bank .2288 Call 2,000,000.003133ELSJ4 09/10/2029 3,4491.90003/10/2020 2,000,420.00 1.873 1.9002,000,000.00
Federal Farm Credit Bank .2289 Call 1,500,000.003133ELSD7 03/11/2030 3,6311.85003/11/2020 1,489,845.00 1.824 1.8501,500,000.00
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 182
March 31, 2020
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 .2292 Call 1,500,000.003133ELSD7 03/11/2030 3,6311.85003/11/2020 1,489,845.00 1.824 1.8501,500,000.00
Federal Farm Credit Bank .2294 Call 1,800,000.003133ELRE6 09/04/2026 2,3471.93003/06/2020 1,803,528.00 1.886 1.9121,801,851.98
Federal Farm Credit Bank .2295 Call 1,500,000.003133ELTF1 09/16/2025 1,9941.33003/16/2020 1,500,900.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2300 Call 2,000,000.003133ELTE4 03/17/2025 1,8111.22003/17/2020 2,000,680.00 1.203 1.2202,000,000.00
Federal Farm Credit Bank .2302 Call 1,500,000.003133ELTE4 03/17/2025 1,8111.22003/17/2020 1,500,510.00 1.203 1.2201,500,000.00
Federal Farm Credit Bank .2303 Call 1,000,000.003133ELTF1 09/16/2025 1,9941.33003/16/2020 1,000,600.00 1.302 1.3201,000,496.21
Federal Farm Credit Bank .2318 Call 1,000,000.003133ELPN8 11/27/2029 3,5272.33003/16/2020 1,000,140.00 2.292 2.3241,000,497.85
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 6952.33003/20/2012 1,554,555.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 2312.00005/18/2012 2,021,440.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 6185.00002/25/2013 1,415,163.55 1.825 1.8501,379,378.02
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 2543.12501/09/2014 1,529,025.00 2.615 2.6511,504,472.31
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 3451.75003/13/2014 1,520,550.00 2.418 2.4511,490,888.84
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 1632.87504/02/2014 1,517,430.00 2.271 2.3031,503,523.93
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 2312.00004/08/2014 202,144.00 2.263 2.295199,656.45
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 2312.00004/09/2014 555,896.00 2.263 2.295549,054.83
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 6161.53004/08/2016 1,529,250.00 1.450 1.4701,501,444.30
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 3451.75004/27/2016 1,013,700.00 1.490 1.5111,002,168.41
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 3131.75006/02/2016 506,305.00 1.476 1.496501,039.45
Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 2545.25006/02/2016 413,872.00 1.461 1.481410,088.89
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 6182.87506/28/2016 260,442.50 1.232 1.249256,624.27
Federal Home Loan Bank1662 Call 1,500,000.003130A8R54 07/28/2023 1,2131.80007/28/2016 1,500,030.00 1.795 1.8201,499,067.34
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 1,0412.13010/05/2016 523,790.00 1.578 1.600507,144.89
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 6071.87512/16/2016 1,023,880.00 2.168 2.198994,910.12
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 6185.00003/10/2017 2,055,484.70 2.150 2.1801,996,089.66
Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 7092.25004/12/2017 1,036,370.00 1.903 1.9301,005,899.94
Federal Home Loan Bank1873 Call 1,500,000.003130ACMH4 10/16/2024 1,6592.50010/16/2017 1,514,445.00 2.465 2.5001,500,000.00
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 1,3462.25001/03/2018 1,069,140.00 2.359 2.392995,127.08
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 1,2552.37501/09/2018 1,063,940.00 2.376 2.409998,903.44
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 1,0212.38001/18/2018 527,040.00 2.385 2.418499,496.72
Federal Home Loan Bank1996 Call 1,000,000.003130AFG84 11/29/2028 3,1643.87512/06/2018 1,037,810.00 3.823 3.876999,913.22
Federal Home Loan Bank2062 Call 428,571.433130AGVP7 08/19/2027 2,6962.60008/19/2019 428,580.00 2.564 2.600428,571.43
Federal Home Loan Bank2070 Call 428,571.433130AGVP7 08/19/2027 2,6962.60008/19/2019 428,580.00 2.578 2.614428,156.12
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 183
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Federal Agency Bonds
Federal Home Loan Bank2108 Call 461,538.463130AH2V4 09/17/2029 3,4562.70009/17/2019 461,555.08 2.663 2.700461,538.46
Federal Home Loan Bank2113 Call 307,692.313130AH2V4 09/17/2029 3,4562.70009/17/2019 307,703.39 2.702 2.740306,673.42
Federal Home Loan Bank2117 Call 1,406,250.003130AH4J9 09/27/2029 3,4662.75009/27/2019 1,406,292.19 2.712 2.7501,406,250.00
Federal Home Loan Bank2141 Call 285,714.293130AGYN9 03/05/2029 3,2602.67010/23/2019 285,724.58 2.639 2.675285,578.12
Federal Home Loan Bank2143 Call 307,692.313130AH2V4 09/17/2029 3,4562.70010/25/2019 307,703.39 2.662 2.699307,692.31
Federal Home Loan Bank2147 Call 304,285.713130AGYN9 03/05/2029 3,2602.67010/31/2019 304,296.66 2.639 2.675304,140.35
Federal Home Loan Bank2190 Call 1,500,000.003130AHSD6 12/23/2024 1,7272.05012/23/2019 1,504,740.00 2.021 2.0501,500,000.00
Federal Home Loan Bank2197 Call 1,000,000.003130AHSD6 12/23/2024 1,7272.05012/23/2019 1,003,160.00 2.021 2.0501,000,000.00
Federal Home Loan Bank2228 Call 1,500,000.003130AHZ71 02/25/2030 3,6172.37502/25/2020 1,512,210.00 2.353 2.3861,498,515.00
Federal Home Loan Bank2243 Call 1,000,000.003130AHN74 12/17/2029 3,5472.60002/05/2020 1,007,930.00 2.506 2.5401,005,029.44
Federal Home Loan Bank2246 Call 1,000,000.003130AJ3X5 02/11/2025 1,7771.85002/11/2020 1,003,850.00 1.824 1.8501,000,000.00
Federal Home Loan Bank2258 Call 1,500,000.003130AJ6P9 02/21/2025 1,7871.95002/21/2020 1,503,810.00 1.923 1.9501,500,000.00
Federal Home Loan Bank2281 Call 1,500,000.003130AJCB3 09/18/2029 3,4572.00003/18/2020 1,502,790.00 1.972 2.0001,500,000.00
Federal Home Loan Bank2284 Call 1,500,000.003130AJCW7 06/12/2029 3,3591.85003/12/2020 1,500,615.00 1.824 1.8501,500,000.00
Federal Home Loan Bank2290 Call 1,000,000.003130AJCW7 06/12/2029 3,3591.85003/12/2020 1,000,410.00 1.824 1.8501,000,000.00
Federal Home Loan Bank2305 Call 2,000,000.003130AJE39 09/17/2026 2,3601.33003/17/2020 1,994,540.00 1.311 1.3302,000,000.00
Federal Home Loan Bank2317 Call 1,500,000.003130AJER6 03/26/2030 3,6461.85003/26/2020 1,500,360.00 1.824 1.8501,500,000.00
Federal Home Loan Bank2319 Call 2,000,000.003130AJEZ8 03/25/2030 3,6452.15003/25/2020 2,001,920.00 2.120 2.1502,000,000.00
Federal Home Loan Bank2321 Call 1,500,000.003130AJF46 03/25/2024 1,4541.25003/25/2020 1,500,525.00 1.232 1.2501,500,000.00
Federal Home Loan Bank2322 Call 1,500,000.003130AJF53 03/24/2025 1,8181.37503/24/2020 1,501,065.00 1.356 1.3751,500,000.00
Federal Home Loan Bank2328 Call 1,500,000.003130AJF95 03/24/2025 1,8181.30003/24/2020 1,498,605.00 1.282 1.3001,500,000.00
Federal Home Loan Bank2338 Call 1,000,000.003130AJG29 09/30/2024 1,6431.35003/30/2020 1,000,240.00 1.331 1.3501,000,000.00
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 6182.00004/10/2014 2,057,320.00 2.564 2.6001,981,694.70
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 6182.00004/22/2014 1,028,660.00 2.643 2.680989,654.98
Fed. Home Loan Mortgage Corp.1292 1,000,000.003134G44G0 05/22/2020 511.50005/06/2014 1,001,560.00 2.091 2.120999,179.45
Fed. Home Loan Mortgage Corp.2170 Call 1,500,000.003134GUWU0 12/12/2024 1,7162.00012/12/2019 1,504,050.00 1.972 2.0001,500,000.00
Fed. Home Loan Mortgage Corp.2183 Call 1,000,000.003134GUC65 06/19/2024 1,5402.00012/19/2019 1,002,960.00 1.972 2.0001,000,000.00
Fed. Home Loan Mortgage Corp.2187 Call 1,500,000.003134GUB66 12/23/2024 1,7272.05012/23/2019 1,504,590.00 2.021 2.0501,500,000.00
Fed. Home Loan Mortgage Corp.2191 Call 1,500,000.003134GUH52 12/30/2024 1,7342.10012/30/2019 1,503,300.00 2.071 2.1001,500,000.00
Fed. Home Loan Mortgage Corp.2203 Call 1,500,000.003134GUT34 01/27/2025 1,7622.04001/27/2020 1,501,380.00 2.012 2.0401,500,000.00
Fed. Home Loan Mortgage Corp.2205 Call 1,000,000.003134GUU32 10/09/2024 1,6522.00001/09/2020 1,000,300.00 1.972 2.0001,000,000.00
Fed. Home Loan Mortgage Corp.2207 Call 1,500,000.003134GUY79 01/17/2025 1,7522.10001/17/2020 1,500,795.00 2.071 2.1001,500,000.00
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
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Federal Agency Bonds
Fed. Home Loan Mortgage Corp.2241 Call 1,000,000.003134GVAR9 02/14/2025 1,7801.90002/14/2020 1,003,710.00 1.873 1.9001,000,000.00
Fed. Home Loan Mortgage Corp.2245 Call 1,000,000.003134GVAU2 02/12/2024 1,4121.80002/12/2020 1,003,970.00 1.775 1.8001,000,000.00
Fed. Home Loan Mortgage Corp.2247 Call 1,000,000.003134GVAT5 02/12/2025 1,7781.80002/12/2020 1,008,920.00 1.775 1.8001,000,000.00
Fed. Home Loan Mortgage Corp.2254 Call 1,500,000.003134GVBQ0 02/14/2025 1,7801.85002/14/2020 1,504,650.00 1.824 1.8501,500,000.00
Fed. Home Loan Mortgage Corp.2256 Call 1,000,000.003134GVCH9 02/14/2025 1,7801.87502/14/2020 1,003,760.00 1.849 1.8751,000,000.00
Fed. Home Loan Mortgage Corp.2257 Call 1,000,000.003134GVCN6 02/18/2025 1,7841.75002/18/2020 1,003,610.00 1.757 1.781998,535.83
Fed. Home Loan Mortgage Corp.2264 Call 1,000,000.003134GVDQ8 02/28/2025 1,7941.90002/28/2020 1,001,570.00 1.873 1.9001,000,000.00
Fed. Home Loan Mortgage Corp.2265 Call 1,500,000.003134GVDR6 02/26/2025 1,7922.00002/26/2020 1,501,170.00 1.967 1.9941,500,364.77
Fed. Home Loan Mortgage Corp.2271 Call 1,500,000.003134GVEH7 03/05/2025 1,7991.87503/05/2020 1,502,190.00 1.849 1.8751,500,000.00
Fed. Home Loan Mortgage Corp.2315 Call 1,000,000.003134GVGY8 03/17/2025 1,8111.15003/17/2020 1,001,560.00 1.134 1.1501,000,000.00
Fed. Home Loan Mortgage Corp.2326 Call 1,500,000.003134GVHE1 03/26/2025 1,8201.40003/30/2020 1,500,750.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2327 Call 1,000,000.003134GVHJ0 03/26/2025 1,8201.50003/30/2020 1,000,600.00 1.479 1.5001,000,000.00
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 1982.35004/16/2012 2,017,020.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1059 2,000,000.003136G0DU2 04/30/2020 292.00004/30/2012 2,002,940.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 1,500,000.003136G0EC1 04/30/2020 292.05004/30/2012 1,502,205.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 2122.00004/30/2012 2,014,420.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 1492.00004/08/2014 1,510,410.00 2.172 2.2021,498,848.61
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 3941.75004/16/2014 1,012,840.00 2.364 2.397993,598.54
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 3731.75005/02/2014 253,297.50 2.452 2.486248,280.11
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 3872.28006/30/2016 1,018,690.00 1.171 1.1871,011,234.72
Federal National Mortgage Asso1669 Call 1,350,000.003136G3XZ3 07/28/2021 4831.50007/28/2016 1,351,120.50 1.505 1.5261,349,552.81
Federal National Mortgage Asso1687 Call 1,050,000.003136G36A8 09/27/2024 1,6402.00009/27/2016 1,052,278.50 1.972 2.0001,050,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 2,2207.12511/10/2016 682,755.00 2.367 2.400627,809.41
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 8772.00012/29/2017 518,530.00 2.238 2.270496,935.10
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 9172.00001/09/2018 1,036,120.00 2.288 2.320992,422.51
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 9172.00001/19/2018 1,036,120.00 2.409 2.443989,544.41
Federal National Mortgage Asso1922 1,000,000.003136G0P62 10/15/2020 1971.50002/05/2018 1,003,070.00 2.268 2.300995,840.80
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 1,0232.37502/08/2018 1,580,850.00 2.574 2.6101,490,793.21
Federal National Mortgage Asso1960 Call 250,000.003136G33H6 08/24/2026 2,3362.10010/24/2018 250,465.00 3.603 3.653228,562.50
Federal National Mortgage Asso2314 1,000,000.003133EAG44 08/03/2026 2,3152.63003/13/2020 1,090,940.00 1.089 1.1041,093,105.60
San Mateo Union High School Dt2153 MUN 1,360,000.00799017WD6 09/01/2028 3,0752.23711/07/2019 1,376,048.00 2.447 2.4801,335,072.67
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 3203.87512/14/2012 513,720.00 1.596 1.618509,182.98
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 185
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Fund ALL - Portfolio Listings
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CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
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Federal Agency Bonds
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 8661.87512/14/2012 1,039,986.90 1.893 1.9201,009,017.53
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 3203.87501/23/2013 1,541,160.00 1.647 1.6691,526,885.30
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 3203.87503/12/2014 1,191,830.40 2.427 2.4611,173,076.41
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 2,0406.75011/20/2015 1,312,430.00 2.807 2.8461,188,634.66
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 1,6282.87501/15/2016 821,977.50 2.564 2.600758,170.37
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 2,0406.75004/18/2016 1,017,133.25 2.337 2.370943,738.86
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 8661.87510/07/2016 1,534,238.10 1.538 1.5601,500,593.77
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 2,0406.75011/10/2016 1,640,537.50 2.317 2.3501,525,402.97
Subtotal and Average 261,317,604.71 259,368,315.94 266,043,928.67 2.073 2.102 1,664
Treasury Securities (Notes)
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 6981.75003/09/2017 1,543,830.00 2.071 2.1001,490,517.76
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 9121.75010/06/2017 1,555,845.00 1.914 1.9411,493,210.36
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 1,0351.75001/11/2018 1,562,220.00 2.308 2.3401,476,468.61
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 1,0042.12501/22/2018 1,576,050.00 2.387 2.4201,488,586.56
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 1,0351.75002/05/2018 1,562,220.00 2.560 2.5961,466,468.22
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 1,0351.75002/08/2018 1,041,480.00 2.487 2.521979,562.77
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 1,0631.50002/09/2018 1,035,630.00 2.534 2.570970,961.38
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 1,0631.50002/15/2018 1,035,630.00 2.601 2.638969,167.22
Subtotal and Average 10,334,942.88 10,500,000.00 10,912,905.00 2.330 2.362 969
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 4872.38110/30/2015 1,015,170.00 2.120 2.1501,002,878.61
Acalanes Union High School Dis2334 MUN 485,000.00004284ZY4 08/01/2022 8522.90003/25/2020 502,857.70 1.677 1.700498,242.91
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 2,3134.00012/05/2019 324,698.50 2.139 2.168321,155.88
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 1,8873.36512/24/2018 538,779.45 3.175 3.220508,385.05
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 8522.60805/09/2017 226,630.80 2.266 2.298221,479.77
Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 1,5833.02608/16/2019 532,595.00 1.876 1.902523,124.71
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 7912.87501/26/2018 332,800.00 2.486 2.520322,314.29
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 1,9486.23802/24/2016 819,600.20 3.557 3.606816,180.74
Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 2,6782.38510/08/2019 2,050,420.00 2.342 2.3752,000,000.00
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 4874.58402/24/2016 312,555.00 2.130 2.159309,103.10
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 4874.58403/04/2016 1,302,312.50 2.138 2.1681,287,751.13
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 186
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Municipal Bonds
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 4874.58402/17/2017 364,647.50 2.317 2.350359,849.62
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 2,3135.23409/27/2017 365,188.70 2.850 2.890344,692.84
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 4872.78101/27/2016 510,350.00 2.012 2.040504,648.79
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 8522.97111/30/2017 57,127.40 2.416 2.45055,627.45
Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 3,0442.21309/12/2019 410,552.00 2.071 2.100403,413.57
Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 3,4092.26309/20/2019 1,013,136.30 2.505 2.539967,499.26
Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 3,4092.26302/07/2020 1,535,055.00 2.100 2.1301,516,770.47
Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 1,9481.91803/09/2020 324,057.60 1.128 1.143332,778.38
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 8213.50005/03/2018 1,548,300.00 2.927 2.9671,516,756.94
Federal Home Loan Bank2312 Call 1,500,000.003130AJEQ8 03/30/2027 2,5541.50003/30/2020 1,500,375.00 1.479 1.5001,500,000.00
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 2,1326.08006/28/2016 629,611.50 2.994 3.035606,418.33
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 2,3133.16002/14/2018 1,071,326.45 3.028 3.070999,951.16
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 1,9483.04002/14/2018 798,705.00 2.959 3.000751,414.81
Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 2,3133.16008/29/2019 392,999.15 1.913 1.940391,268.40
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 9133.57005/17/2016 523,410.00 1.878 1.904519,569.31
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 1,0363.25006/27/2016 383,118.60 1.898 1.925377,807.81
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 1,7672.37507/29/2016 1,887,670.50 1.972 1.9991,855,271.99
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 9133.57009/26/2016 403,025.70 1.630 1.653402,523.46
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 2,0094.00004/10/2017 279,190.00 2.739 2.777264,890.56
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 2,3744.31001/26/2018 1,264,637.40 2.979 3.0201,175,216.41
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 2,3744.31003/19/2018 230,984.00 3.204 3.248211,943.09
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 1,2783.74010/25/2018 418,193.10 3.093 3.136397,578.52
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 2,4972.72010/31/2018 372,113.00 3.412 3.460334,707.83
State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 2,7705.01411/30/2018 1,442,940.00 3.649 3.7001,301,024.45
State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 1,2783.72008/29/2019 1,603,725.00 1.749 1.7741,598,107.95
State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 2,3744.31001/31/2020 490,841.00 1.837 1.863488,271.73
State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 1,6443.82003/23/2020 1,091,680.00 1.889 1.9151,081,662.94
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 2,9832.26509/16/2019 1,377,670.05 2.318 2.3501,336,574.25
City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 2,9832.26510/02/2019 409,716.00 2.194 2.225401,176.38
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 2,3743.15010/19/2016 1,122,789.80 2.431 2.4651,086,007.59
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 6714.80009/21/2017 239,231.25 2.071 2.100235,587.01
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 9131.92103/20/2018 1,017,220.00 2.584 2.620983,616.80
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 187
March 31, 2020
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
State of Hawaii1946 MUN 355,000.00419791YP7 02/01/2022 6714.80003/21/2018 377,453.75 2.761 2.800367,251.02
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 9131.92103/29/2018 1,525,830.00 2.663 2.7001,472,658.75
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 1,7675.23010/25/2018 292,365.00 3.363 3.410269,638.63
State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 2,8625.48011/30/2018 626,570.00 3.687 3.739557,254.29
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 2,1325.33012/06/2018 959,424.00 3.304 3.350881,527.30
State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 9131.92101/17/2019 762,915.00 2.613 2.650737,051.54
State of Hawaii2331 MUN 1,000,000.00419792YK6 01/01/2021 2753.25003/23/2020 1,014,630.00 1.327 1.3461,014,069.54
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 1,2482.64002/14/2017 1,030,590.00 2.784 2.8231,000,928.89
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 8832.44012/11/2017 1,112,246.90 2.355 2.3881,091,277.42
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 2,3443.30011/02/2018 316,369.80 3.530 3.579290,404.62
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 2,3443.50001/07/2019 1,084,380.00 3.077 3.1191,021,514.71
City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 2,7093.40001/06/2020 910,450.80 2.360 2.393896,985.84
City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 3,4403.05001/22/2020 1,035,077.40 2.413 2.4461,034,590.09
City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 2,3443.15003/05/2020 1,064,710.00 1.519 1.5411,097,888.23
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 2,6475.51603/29/2018 1,851,015.00 3.254 3.3001,706,136.73
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 2,6475.51610/29/2018 524,454.25 3.600 3.650473,885.88
Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 8215.18111/07/2018 325,656.00 3.166 3.210312,451.44
State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 3,3174.91001/30/2020 298,625.00 2.331 2.363301,668.65
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 6994.30009/16/2016 514,725.65 1.534 1.555509,420.08
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 7132.25003/22/2017 1,018,280.00 2.219 2.2501,000,000.00
State of Maryland1941 MUN 1,500,000.00574193PU6 03/15/2021 3482.48003/21/2018 1,519,485.00 2.406 2.4401,500,547.71
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 1,0644.40003/20/2018 1,399,795.20 2.633 2.6701,340,114.00
State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 1,5834.20010/19/2018 1,886,885.00 3.413 3.4611,738,618.25
State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 1,9484.35012/16/2019 568,385.00 2.089 2.118555,798.52
State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 1,1704.45010/15/2019 1,096,620.00 1.893 1.9201,077,929.97
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 2,2353.85012/21/2018 865,829.25 3.452 3.500840,432.34
Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 2,6472.21410/08/2019 1,030,940.00 2.183 2.2141,000,000.00
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 4872.97307/24/2014 512,415.00 2.893 2.933501,342.94
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 2,6783.27209/28/2017 568,230.00 2.791 2.830514,049.45
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 2,3133.17211/05/2018 134,622.00 3.452 3.500117,828.68
Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 2,6783.33008/29/2019 285,312.50 1.874 1.900274,229.31
Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 1,9485.00003/06/2020 373,525.20 1.193 1.210370,474.77
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 188
March 31, 2020
Par Value
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Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
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365
Municipal Bonds
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 1,2174.10310/26/2015 1,460,663.55 2.490 2.5251,398,386.47
Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 3,4092.56902/04/2020 241,141.20 2.533 2.569230,000.00
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 2,4053.75111/07/2018 1,710,540.00 3.377 3.4241,527,942.75
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 2,4053.75111/07/2018 570,180.00 3.401 3.449508,592.69
State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 1,7052.98708/30/2019 811,215.00 1.745 1.770790,491.91
State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 1,7052.98709/04/2019 540,810.00 1.783 1.807526,130.37
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 2,0404.68109/09/2019 173,884.50 1.888 1.914171,817.86
State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 1,6754.51112/19/2019 283,335.00 2.079 2.108276,033.18
State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 1,3093.40803/20/2020 1,071,370.00 1.626 1.6491,060,852.15
City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 1,5832.20008/08/2019 608,702.85 1.968 1.996599,980.08
State of New Hampshire1948 MUN 1,500,000.00644682M37 06/01/2021 4263.50003/22/2018 1,541,025.00 2.544 2.5801,515,341.51
Northern CA Power Agency2058 MUN 500,000.00664845DF8 06/01/2020 614.63008/08/2019 502,865.00502,118.43
New York St Envrnmntl Facs1942 MUN 1,000,000.0064985HWN3 07/15/2020 1051.43103/15/2018 1,001,870.00 2.377 2.410997,263.81
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 1,5662.12001/04/2019 463,531.50 2.860 2.900436,180.77
New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 2,1743.07009/09/2019 763,462.00 2.071 2.100737,603.16
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 8052.43802/15/2018 2,053,040.00 2.624 2.6611,990,733.08
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 1,0644.69001/22/2019 1,097,340.00 2.752 2.7911,051,967.55
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 1,0644.69002/08/2019 1,097,340.00 2.751 2.7901,052,033.49
New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 1,7812.12010/31/2019 1,546,710.00 2.063 2.0911,502,030.22
New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 2,5112.36001/30/2020 604,394.80 1.933 1.960594,819.02
City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 3,5762.11003/09/2020 1,453,050.00 1.436 1.4561,589,024.23
City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 3,5762.11003/13/2020 1,453,050.00 1.638 1.6611,560,575.59
City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 3,5762.11003/16/2020 1,046,196.00 2.247 2.2791,063,965.45
City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 3,2112.07003/16/2020 1,477,575.00 2.151 2.1811,486,563.70
Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 2,6782.23711/22/2019 624,504.00 2.271 2.303597,334.26
Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 2,6782.23712/06/2019 291,435.20 2.327 2.360277,697.88
Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 3,4092.33712/11/2019 1,010,536.30 2.382 2.415963,707.02
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 3951.57003/09/2016 1,502,535.00 1.548 1.5691,500,000.00
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 1,1252.11009/13/2016 829,296.00 1.764 1.788807,437.19
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 1,1252.11001/31/2017 2,073,240.00 2.485 2.5201,976,724.53
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 1,4614.97106/30/2017 1,024,776.00 2.416 2.450983,155.11
State of Ohio1881 MUN 200,000.00677521GP5 11/01/2020 2143.62512/21/2017 203,178.00 2.179 2.210201,590.29
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 189
March 31, 2020
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 Ohio2308 MUN 500,000.00677521CT1 09/01/2026 2,3445.26203/13/2020 607,200.00 1.710 1.734606,609.28
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 2,6783.12501/25/2018 210,974.00 3.208 3.253198,432.50
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 7602.50008/29/2016 584,386.80 1.528 1.550580,756.59
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 2,6175.89211/06/2018 587,070.00 3.516 3.565560,986.58
State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 1,9482.87712/21/2018 312,690.00 3.156 3.200295,370.22
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 2,6175.89201/16/2019 522,492.30 3.537 3.587507,991.28
State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 1,4913.22701/30/2020 609,609.30 1.641 1.664604,960.84
State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 2,6175.89201/31/2020 581,199.30 2.583 2.619599,973.75
State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 2,6175.89202/24/2020 1,174,140.00 2.482 2.5171,219,718.99
State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 2,5863.08003/13/2020 377,604.50 1.302 1.320391,471.30
City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 1,8872.56310/23/2019 1,035,614.65 2.469 2.5031,017,853.37
City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 2,2522.66310/23/2019 592,580.20 2.611 2.647580,487.32
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 1,3393.43812/06/2018 699,294.05 3.205 3.250669,195.84
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 4872.44105/10/2013 2,029,260.00 2.031 2.0602,009,295.24
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 4872.44105/13/2013 1,826,334.00 2.031 2.0601,808,365.44
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 4872.44105/15/2013 2,019,113.70 2.051 2.0801,998,757.08
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 4872.44101/27/2015 202,926.00 2.041 2.070200,920.68
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 4872.44105/12/2016 1,014,630.00 1.528 1.5501,011,365.19
Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 1222.29109/02/2016 601,788.00 1.290 1.308601,910.12
Palo Alto Unified School Dist.1880 MUN 1,025,000.00697379UD5 08/01/2020 1222.29112/20/2017 1,028,054.50 1.923 1.9501,026,128.04
State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 1,7502.00012/20/2019 266,099.60 2.017 2.045259,467.02
State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 2,9223.25001/27/2020 1,658,580.00 2.077 2.1061,625,403.26
State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 2,9223.25002/06/2020 608,146.00 1.990 2.018599,721.95
Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 2,6782.28410/16/2019 1,041,960.00 2.252 2.2841,000,000.00
Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 2,3132.15902/13/2020 1,134,430.95 1.727 1.7511,121,628.26
San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 3,0442.59012/12/2019 1,539,735.00 2.554 2.5901,500,000.00
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 1,2172.50001/11/2018 1,390,879.80 2.436 2.4701,341,238.16
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 1,5832.68001/12/2018 1,538,460.40 2.643 2.6801,460,000.00
Santa Clara Vly Transportation1964 MUN 1,400,000.0080168NEL9 04/01/2021 3654.64910/29/2018 1,447,474.00 3.008 3.0501,421,408.44
Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 2,9832.43412/12/2019 1,595,912.05 2.416 2.4501,553,155.73
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 1,5222.50001/25/2018 482,749.05 2.968 3.010456,060.04
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 1,8872.75001/25/2018 488,208.15 3.008 3.050458,576.99
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 190
March 31, 2020
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 Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 2,2523.00001/25/2018 500,958.90 3.107 3.150466,192.25
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 2,6173.00001/25/2018 298,382.00 3.205 3.250275,696.93
Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 1,9171.73503/18/2020 398,872.00 1.381 1.400406,753.55
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 8054.95002/09/2015 387,180.00 2.416 2.450378,061.07
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 1,9015.45011/27/2015 1,169,730.00 3.067 3.1101,104,678.00
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 1,9012.29011/01/2016 2,127,334.05 2.219 2.2492,108,939.69
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 2,2662.39011/01/2016 248,410.40 2.376 2.410244,726.65
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 1,9012.29007/14/2017 232,440.30 2.682 2.720225,393.48
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 2,2665.60001/16/2019 1,703,247.40 3.304 3.3501,594,231.74
City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 3,3622.10010/31/2019 1,113,190.40 2.337 2.3691,095,216.18
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 2,7093.25003/02/2018 737,854.40 3.451 3.499669,382.59
San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 3,4403.64810/11/2019 385,364.00 2.398 2.431385,420.19
San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 2,7093.46803/13/2020 140,764.00 1.577 1.599146,907.52
SF Bay Area Rapid Transit Dist1938 MUN 2,100,000.00797669XU7 07/01/2021 4562.38703/07/2018 2,131,227.00 2.494 2.5282,096,444.55
SF Bay Area Rapid Transit Dist1939 MUN 1,500,000.00797669XU7 07/01/2021 4562.38703/07/2018 1,522,305.00 2.497 2.5311,497,403.96
SF Bay Area Rapid Transit Dist2018 MUN 875,000.00797669XU7 07/01/2021 4562.38701/17/2019 888,011.25 2.544 2.579872,964.92
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 1,1862.62102/25/2019 208,582.00 2.672 2.710199,454.60
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 2,7093.72810/29/2018 349,631.10 3.676 3.727315,000.00
San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 3,0442.35010/01/2019 512,605.00 2.317 2.350500,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 1,2172.50001/29/2015 597,800.20 2.663 2.700576,565.46
Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 8522.90802/19/2019 224,017.10 2.714 2.752215,748.86
Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 3,0443.47209/05/2019 353,511.90 1.972 2.000350,229.69
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 5182.72001/19/2016 183,510.00 2.046 2.075181,544.07
San Mateo Union High School Dt1902 MUN 1,000,000.00799017UW6 09/01/2025 1,9792.69901/16/2018 1,043,790.00 2.786 2.825993,883.61
San Mateo Union High School Dt1940 MUN 1,000,000.00799017UW6 09/01/2025 1,9792.69903/09/2018 1,043,790.00 2.959 3.000985,483.66
San Mateo Union High School Dt2178 MUN 1,565,000.00799017VM7 09/01/2028 3,0752.54212/11/2019 1,618,914.25 2.311 2.3431,588,453.02
Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 3,0442.71712/09/2019 1,200,416.00 2.462 2.4961,168,879.66
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 2,6783.00002/15/2018 192,299.40 3.057 3.100178,861.19
South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 3,4095.00012/12/2019 458,452.20 2.598 2.634441,732.17
South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 3,0445.00012/12/2019 305,790.00 2.549 2.584294,845.61
South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 2,6785.00012/12/2019 174,703.25 2.500 2.534168,700.46
South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 2,3135.00012/12/2019 462,567.30 2.378 2.411448,756.43
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 191
March 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 20
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 1,5831.96511/13/2019 1,790,819.55 1.938 1.9651,755,000.00
Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 3,0752.19009/19/2019 136,942.65 2.157 2.187135,000.00
Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 2,7092.09009/19/2019 136,680.75 2.061 2.090135,000.00
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 2,3132.11608/25/2016 1,013,460.00 1.923 1.9501,009,506.38
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 1,9482.06608/25/2016 1,665,625.50 1.893 1.9201,661,741.73
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 1,9482.06608/25/2016 706,629.00 1.893 1.920704,981.34
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 1,5833.72812/20/2018 226,287.20 2.860 2.900211,737.80
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 5482.58910/14/2015 947,250.40 1.864 1.890929,079.85
State of Texas1621 MUN 500,000.00882723A41 10/01/2020 1831.77706/07/2016 502,005.00 1.450 1.470500,740.15
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 7303.67310/19/2016 115,126.00 1.825 1.850113,797.72
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 1,9483.83209/22/2017 263,015.00 2.747 2.785262,445.39
State of Texas2013 MUN 1,000,000.00882722VH1 04/01/2021 3653.52301/11/2019 1,022,280.00 3.503 3.5521,007,141.50
State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 2,0093.05112/23/2019 1,626,270.00 1.975 2.0031,581,210.49
State of Texas2225 MUN 940,000.008827237T0 10/01/2029 3,4703.52101/30/2020 1,051,399.40 2.191 2.2211,043,896.87
State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 3,4703.52102/14/2020 1,414,915.15 2.192 2.2221,404,759.33
State of Texas2311 MUN 250,000.008827237N3 10/01/2024 1,6442.89903/16/2020 267,585.00 1.231 1.248267,998.35
University of California1356 MUN 425,000.0091412GGU3 05/15/2020 443.34807/31/2014 425,879.75 2.281 2.313425,500.25
University of California1481 MUN 260,000.0091412GQB4 05/15/2020 441.99510/08/2015 260,122.20 1.824 1.850260,043.91
University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 1,8703.05008/26/2019 1,602,525.00 1.930 1.9571,579,003.62
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 1,8703.05009/09/2019 1,068,350.00 1.797 1.8211,059,483.87
State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 913.28906/07/2016 752,910.00 1.430 1.450753,336.27
State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 1,5524.55401/04/2017 811,780.20 2.904 2.944816,944.90
State of Utah1990 MUN 1,000,000.00917542QU9 07/01/2021 4563.36911/29/2018 1,020,970.00 2.959 3.0001,004,393.78
State of Utah2306 MUN 1,500,000.00917542QV7 07/01/2025 1,9173.53903/13/2020 1,575,255.00 1.948 1.9751,616,327.12
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 8522.74008/08/2016 260,522.50 1.504 1.524256,747.93
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 8524.63612/05/2016 557,642.00 2.465 2.500538,790.88
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 4874.58604/12/2017 1,574,235.00 2.081 2.1101,547,085.86
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 1,5834.66905/23/2017 553,215.25 2.416 2.450527,510.51
State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 1,5834.66912/24/2019 570,325.00 1.978 2.005554,854.19
State of Wisconsin2000 MUN 500,000.0097705LA49 05/01/2022 7603.80012/19/2018 513,055.00 3.076 3.119506,670.79
Subtotal and Average 164,093,799.67 159,110,000.00 168,216,935.35 2.362 2.395 1,761
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 192
March 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 21
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 8961.75011/09/2018 1,544,895.00 3.106 3.1501,451,832.19
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 1,0237.62511/08/2018 1,792,740.00 3.111 3.1551,674,484.84
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 1,2743.00011/27/2018 1,079,440.00 3.018 3.060998,049.54
Intl Bk Recon & Development2028 IBRD 1,500,000.0045905U2D5 02/15/2024 1,4152.50002/28/2019 1,523,340.00 2.990 3.0311,500,000.00
Intl Bk Recon & Development2039 IBRD 1,000,000.0045905U2W3 04/15/2024 1,4752.40004/30/2019 1,000,790.00 3.000 3.0421,000,000.00
Intl Bk Recon & Development2106 IFC 1,500,000.0045950VNF9 09/20/2024 1,6331.70009/20/2019 1,523,190.00 1.676 1.7001,500,000.00
Intl Bk Recon & Development2111 IBRD 1,500,000.00459058HG1 09/23/2024 1,6362.20009/23/2019 1,510,125.00 2.169 2.2001,500,000.00
Intl Bk Recon & Development2116 IBRD 1,500,000.00459058HG1 09/23/2024 1,6362.20009/23/2019 1,510,125.00 2.169 2.2001,500,000.00
Intl Bk Recon & Development2154 IBRD 1,500,000.00459058HP1 11/13/2024 1,6872.05011/13/2019 1,511,550.00 2.021 2.0501,500,000.00
Intl Bk Recon & Development2156 IBRD 1,500,000.00459058HQ9 11/18/2024 1,6922.16011/18/2019 1,512,855.00 2.130 2.1601,500,000.00
Intl Bk Recon & Development2159 IBRD 1,500,000.00459058HQ9 11/18/2024 1,6922.16011/18/2019 1,512,855.00 2.130 2.1601,500,000.00
Intl Bk Recon & Development2168 IBRD 1,000,000.00459058HG1 09/23/2024 1,6362.20011/26/2019 1,006,750.00 2.118 2.1481,002,171.61
Intl Bk Recon & Development2185 IBRD 1,500,000.00459058HG1 09/23/2024 1,6362.20012/16/2019 1,510,125.00 2.136 2.1661,502,112.41
Intl Bk Recon & Development2199 IBRD 1,500,000.00459058HG1 09/23/2024 1,6362.20012/27/2019 1,510,125.00 2.147 2.1771,501,417.35
Intl Bk Recon & Development2336 IBRD 1,000,000.0045905U5S9 12/12/2024 1,7162.00003/25/2020 1,009,350.00 1.839 1.8641,006,035.38
International Finance Corp.1988 IFC 1,500,000.0045950VMW3 12/15/2023 1,3533.00012/06/2018 1,523,745.00 3.328 3.3741,500,000.00
International Finance Corp.2012 IFC 2,000,000.0045950VMY9 01/15/2024 1,3842.50001/23/2019 2,027,560.00 3.103 3.1472,000,000.00
International Finance Corp.2023 IFC 1,500,000.0045950VNC6 02/15/2024 1,4152.62502/15/2019 1,524,465.00 3.054 3.0971,500,000.00
International Finance Corp.2217 IFC 1,266,000.0045950VNR3 01/15/2025 1,7501.62501/27/2020 1,289,838.78 2.186 2.2161,266,000.00
Subtotal and Average 26,902,103.32 26,766,000.00 27,423,863.78 2.514 2.549 1,496
Total Investments and Average 552,114,887.92 544,501,158.86 562,906,298.41 2.144 2.174 1,502
Portfolio CPA
AP
Run Date: 04/13/2020 - 01:23 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
b
Packet Pg. 193
1 General Investment Guidelines:
a) The max. stated final maturity of individual securities in the portfolio should be 10 years.Full Compliance
b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities
beyond 5 years.29.9%
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 $24.5 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.101.96%
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.23.69%
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.29.20%
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.
Attachment C
Investment Policy Compliance
As of March 31, 2020
Investment Policy Requirements
Compliance
Check / Actual
$124.3 million
1.93%
c
Packet Pg. 194