HomeMy WebLinkAboutStaff Report 11030
City of Palo Alto (ID # 11030)
City Council Staff Report
Report Type: Informational Report Meeting Date: 8/17/2020
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Fourth Quarter,
Fiscal Year 2020
From: City Manager
Lead Department: Administrative Services
Background
The City’s investment policy requires that staff report to Council quarterly on the City’s
portfolio composition and performance compared to the Council -adopted policy; discuss
overall compliance with the City’s Investment Policy; and provide recommendations, if any, for
policy changes. In addition, staff 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 fourth quarter ending June 30,
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 p ortfolio’s securities
by investment type and includes details of the investment issuer, date of maturity, current
market value, the book and face (par) value, and the weighted average maturity of each type of
investment and of the entire portfolio.
City of Palo Alto Page 2
U.S. Treasury
1.9%
U.S. Agency
37.2%
U.S.
Municipal/State
28.8%
Negotiable CD
7.1%
U.S. Corporate
3.2%
Supranational
4.7%
Liquid Accts.
17.2%
Graph 1: Investments by Type -$554.3M
(Par Value)
The par value of the City’s portfolio is $554.3 million; in comparison, last quarter it was $544.5
million and last year it was $536.9 million. The $9.8 million portfolio growth since the last
quarter and $17.4 million growth since the same quarter of last year is due to timing of cash
flows but this year, due to COVID-19 impacts, the story is more complex. Compared to the same
quarter of last year, cash receipts are down by $17.6 million or 13.3 percent and cash
disbursements are down by $15.1 million or 11 .1 percent with the net cash receipt being down
by $2.7 million. Contributing factors to the portfolio growth include COP bonds reimbursement
of $29.6 million for the construction of the California Avenue Parking garage . Most of these
costs occurred in the prior quarters which is partially offset by items like extra payroll costs due
to an extra pay period in the fourth quarter.
The portfolio consists of $95.4 million in liquid accounts and $458.9 million in various
investment types as detailed in the following Table 1. The investment policy requires that at
least $50 million be maintained in securities maturing in less than two years. The portfolio
includes $126.8 million in investments maturing in less than two years, comprising 22.9 percent
of the City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of
the portfolio to be invested in securities with maturities beyond five years; the actual at the end
of the second quarter is 26.9 percent of the portfolio.
City of Palo Alto Page 3
Table 1:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Portfolio
U.S. Treasury -$ 1.5$ 9.0$ -$ -$ 10.5$ 1.9%
U.S. Agency Bonds 35.0 23.3 39.2 33.4 75.4 206.3 37.2%
U.S. Municipal/ State Bonds 18.0 21.2 14.6 32.6 73.1 159.5 28.9%
Negotiable Certificates of Deposits (NCD)6.1 10.9 8.4 13.0 0.7 39.1 7.1%
U.S. Corporate Bonds 9.9 0.9 0.6 6.3 - 17.7 3.2%
Supranational Organizations Bonds - - 3.0 22.8 - 25.8 4.7%
Liquid Accounts (LAIF & Fidelity)95.4 - - - - 95.4 17.2%
Grand Total 164.4$ 57.8$ 74.8$ 108.1$ 149.2$ 554.3$ 100%
% of Portfolio 29.7%10.4%13.5%19.5%26.9%100.0%
* $38.4 million or 6.9 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 102.7 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 3.54 years compared to 4.12 years last quarter.
Investments Made During the Fourth Quarter
During the fourth quarter, $99.1 million of securities with an average yield of 2.0 percent
matured. During the same period, per the following Table 2, government securities totaling
$41.1 million with an average yield of 1.5 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 increased by $67.8 million compared to the third quarter. Staff continually
monitors the City’s short-term cash flow needs and adjusts liquid funds to meet them.
City of Palo Alto Page 4
Table 2:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Purchase
U.S. Agency Bonds -$ -$ -$ -$ 38.3$ 38.3$ 93.2%
U.S. Municipal/ State Bonds 0.6 - - - 1.2 1.8 4.4%
Negotiable Certificates of Deposits (NCD)- - - 0.5 0.5 1.0 2.4%
Grand Total 0.6$ -$ -$ 0.5$ 40.0$ 41.1$ 100%
% of Purchase 1.5%0.0%0.0%1.2%97.4%100.1%
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 $259.5 million and expenditures will be $288.1 million over the next six
months, indicating an overall decline in the portfolio of $28.6 million. All 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 UAL
instead of making payments with each payroll period, the City is expected to save $1.2 mi llion
in pension expense; 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 is due to 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 increase by $4.9
million.
As of June 30, 2020, the City had $95.4 million deposited in the Local Agency Investment Fund
(LAIF) and a money market account that could be withdrawn daily. In addition, investments
totaling $27.9 million will mature between July 1, 2020 and December 31, 2020. Based on the
above and staff’s revenue and expenditure forecast for the next six months, staff is confiden t
that the City will have more than enough funds or liquidity to meet expenditure requirements
for the next six months.
Compliance with City Investment Policy
During the fourth quarter, staff complied with all aspects of the investment policy. Attachment
C lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the fourth quarter was $2.9 million which is $0.3 million
or 9.4 percent lower over the same period last year. As of June 30, 2020, the yield to maturity
City of Palo Alto Page 5
of the City’s portfolio was 1.96 percent and last year it was 2.38 percent. In the fourth quarter,
LAIF’s average yield was 1.41 percent while the average yield on the two-year and five-year
Treasury bonds was approximately 0.19 percent and 0.36 percent, respectively.
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 did so again starting a year ago; this is an expected occurrence during economic
downturns. 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 19+
years.
5.79%
4.19%City of Palo Alto
4.41%
2.91%
1.93%
1.96%
2 Yr. Treasury
0.19%
5 Yr. Treasury
0.36%
LAIF
1.41%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
0%
1%
2%
3%
4%
5%
6%
Int. Earnings
(Millions)Yields
Fiscal Year Quarters
Graph 2: Yields and Interest Earnings
City’s portfolio duration is 3.54 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), then again two weeks later by
0.75 percent to 0.25 percent in March 2020. Table 3 , below, shows this and past such rate cuts.
In its June 2020 statement, the FOMC cited that COVID-19 “has induced sharp declines on
economic activity and a surge in job losses” and will keep this target range until the economy
has weathered the current crisis. In addition to the rate cut, the FOMC is prepared to support
City of Palo Alto Page 6
the flow of credit to households and businesses 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
5 Jan. 2008 0.50% Stock Market Crash
6 Oct. 2008 0.50% Lehman Collapse
7 Mar. 3, 2020 0.50% Coronavirus Pandemic
8 Mar. 15, 2020 0.75% 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 underl ying debt
indenture. The trustees for the bond funds are U.S. Bank and California Asset Management
Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market
mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in CAMP are
invested in banker’s acceptance notes, certificates of deposit, commercial paper, federal
agency securities, and repurchase agreements. The most recent data on funds held by the fiscal
agent is as of June 30, 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 re port 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 June 30,
2020, principal investment contributions of $27.25 million have grown to $28.69 million and
the net return for one and three year has been 6.11 percent and 4.74 percent.
City of Palo Alto Page 7
Resource Impact
This is an information report.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
• Attachment A: Consolidated Report of Cash Management
• Attachment B: Investment Portfolio
• Attachment C: Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)561,518,261$ 576,605,447$
Other Funds Held by the City
Cash with Wells Fargo Bank 543,550 543,550
(includes general and imprest accounts)
Cash with US Bank 3,461,689 3,461,689
(includes general and imprest accounts)
Petty/Working Cash 12,478 12,478
Total - Other Funds Held By City 4,017,717 4,017,717
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1995 Utility Revenue Bonds
Debt Service Fund 5 5
1999 Utility Revenue Bonds
Debt Service Fund 2 2
2007 Utility Revenue Bonds
Debt Service Fund 15 15
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,598,261 2,598,261
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 1,461,037 1,461,037
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 17,994 17,994
2019 California Avenue Parking Garage Certificates of Participation
(Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 13,012,650 13,012,650
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,701,152 2,701,152
2013 General Obligation (Library) Bond
Reserve Fund 597,817 597,817
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) (As of Nov. 2019) 28,693,226 28,693,226
Total Under Trustee Management 56,284,884 56,284,884
GRAND TOTAL 621,820,862$ 636,908,048$
* 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
Fourth Quarter, Fiscal Year 2019-20
(Unaudited)
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
Attachment A
City of Palo Alto City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
June 30, 2020
Fund ALL - Portfolio Listings
Investments by Fund
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIPInvestment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
LAIF & Fidelity Cash Accounts
Fidelity Investments158 20,410,874.17SYS158 10.06007/01/2018 20,410,874.17 0.059 0.06020,410,874.17
Local Agency Investment Fund159 74,981,193.68SYS159 11.08007/01/2018 75,542,129.11 1.065 1.08074,981,193.68
Subtotal and Average 95,392,067.85 95,392,067.85 95,953,003.28 0.850 0.862 1
Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 1,2163.45010/30/2018 270,014.50 3.404 3.451245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 8212.45009/30/2015 257,137.30 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 8202.05009/29/2017 254,927.40 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 1,1412.40002/16/2016 245,712.95 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 2721.45009/30/2016 247,322.60 1.429 1.449245,000.00
American Eagle Bank2124 NCD 249,000.0002554BCN9 05/23/2022 6912.10009/27/2019 257,916.69 1.869 1.895249,939.31
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 3992.05004/04/2017 250,047.00 2.023 2.051245,000.00
Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 1,7231.10003/20/2020 254,575.11 1.085 1.100249,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 1,4292.30005/30/2017 262,637.55 2.270 2.301245,000.00
American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 1,2513.55012/04/2018 271,462.45 3.501 3.550245,000.00
Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 2921.90004/19/2017 248,459.40 1.875 1.901245,000.00
Bank of Wisconsin Dells1696 NCD 245,000.00065847DH5 10/12/2021 4681.50010/12/2016 245,962.85 1.480 1.500245,000.00
Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 1,8081.00006/02/2020 249,393.42 0.986 1.000249,000.00
Bank of Deerfield1396 NCD 245,000.00061785CM1 09/30/2020 912.20009/30/2014 246,271.55 2.171 2.201245,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 8072.25009/16/2015 255,870.65 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 8211.70009/30/2016 253,013.95 1.676 1.700245,000.00
Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 1,5211.70008/30/2019 257,178.95 1.678 1.701245,000.00
BMO Harris Bank1783 NCD 245,000.0005581WNY7 10/28/2022 8492.25004/28/2017 245,387.10 2.220 2.251245,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 4391.50009/12/2016 248,836.70 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 6512.00004/13/2017 252,849.80 1.973 2.001245,000.00
Bofi Federal Bank1382 NCD 100,000.0009710LAE5 08/08/2022 7682.35008/25/2014 100,228.00 2.592 2.62899,471.26
Banco Poplar North America1478 NCD 245,000.0005965GVP8 10/07/2020 982.25010/07/2015 246,433.25 2.219 2.250245,000.00
Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 8823.25011/30/2018 262,640.00 3.207 3.252245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 2241.55002/10/2016 247,126.60 1.530 1.551245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 1,0253.00004/24/2018 263,536.70245,000.00
Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 2,5151.15005/21/2020 255,628.38 1.134 1.150249,000.00
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B
June 30, 2020
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
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 6592.05004/21/2017 253,163.40 2.023 2.051245,000.00
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 2881.50004/15/2016 247,655.80 1.479 1.500245,000.00
Coastal Cummunity & Tech Credi2204 NCD 245,000.0019043TAD7 01/17/2023 9301.90001/16/2020 255,101.35 1.907 1.934244,792.30
Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 1,5211.85008/30/2019 258,695.50 1.826 1.852245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 5951.70002/16/2016 250,995.15 1.678 1.701245,000.00
Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 1,7301.00003/27/2020 253,384.89 1.189 1.206246,640.91
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 5791.90007/31/2017 251,624.80 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 9112.35012/29/2017 257,683.65 2.317 2.350245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 4191.40008/24/2016 248,613.75 1.380 1.400245,000.00
Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 1,7021.65002/27/2020 256,752.65 1.668 1.691244,543.52
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 9611.75002/19/2016 259,605.00 1.727 1.751250,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 8392.10010/18/2017 255,427.20 2.071 2.100245,000.00
Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 1,6731.80001/29/2020 258,428.45 1.779 1.803245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 6842.00005/15/2017 253,229.55 1.972 2.000245,000.00
Capital One Bank USA NA1457 NCD 245,000.0014042E5M8 08/12/2020 422.30008/12/2015 245,641.90 2.268 2.300245,000.00
Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 1,5271.90009/05/2019 259,202.65 1.873 1.900245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 3491.55006/16/2016 248,385.90 1.529 1.550245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 2311.60002/17/2016 247,268.70 1.579 1.601245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 6912.00005/22/2017 253,310.40 1.972 2.000245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 8032.25009/11/2015 255,821.65 2.224 2.255245,000.00
Congressional Bank2251 NCD 245,000.0020726ABK3 02/28/2025 1,7031.75002/28/2020 245,644.35 1.777 1.802244,429.07
Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 1,7231.10003/20/2020 253,552.72 1.085 1.100248,000.00
Dairy State Bank2252 NCD 245,000.00233863AB5 02/28/2025 1,7031.70002/28/2020 245,301.35 1.748 1.773244,200.70
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 1,2103.35010/24/2018 269,100.65 3.304 3.350245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 6152.05003/08/2017 252,673.40 2.021 2.050245,000.00
East Boston Savings Bank1463 NCD 245,000.0027113PAL5 08/24/2020 541.90008/24/2015 245,661.50 1.876 1.902245,000.00
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 1,0312.65004/30/2019 261,177.35 2.615 2.651245,000.00
Ever Bank1454 NCD 245,000.0029976DZK9 07/30/2020 292.00007/30/2015 245,384.65 1.972 2.000245,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 2302.20008/15/2014 253,247.50 2.169 2.200250,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 6452.10004/07/2017 253,214.85 2.072 2.101245,000.00
Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 1,7211.10003/18/2020 254,585.07 1.085 1.100249,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 1,0861.80006/22/2016 256,461.10 1.776 1.800245,000.00
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 1,5261.75009/04/2019 257,678.75 1.727 1.751245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 7432.05007/14/2017 254,128.70 2.023 2.051245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 4712.45010/17/2014 252,991.90 2.416 2.449245,000.00
First Oklahoma Bank1838 NCD 245,000.00335857BF4 07/26/2022 7552.10007/26/2017 245,350.35 2.072 2.101245,000.00
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 5662.05001/18/2017 252,048.65 2.021 2.050245,000.00
First National Bank of America1391 NCD 240,000.0032110YEF8 08/03/2022 7632.35009/09/2014 240,472.80 2.665 2.703238,413.17
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 1,1992.25010/13/2017 260,092.00 2.220 2.251245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 4562.00010/01/2015 250,583.55 1.972 1.999245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 2502.50003/07/2014 249,025.35 2.465 2.500245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 5792.00004/04/2017 105,948.89 1.972 1.999103,000.00
Frontier Bank IA2274 NCD 249,000.00359067DE2 03/13/2025 1,7161.70003/13/2020 249,473.10 1.697 1.720248,766.00
Community First Bank1555 NCD 250,000.0020369JAA9 03/17/2022 6241.70003/17/2016 250,187.50 1.677 1.700250,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 2401.55002/29/2016 247,984.10 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 4292.40009/03/2015 251,735.05 2.367 2.400245,000.00
First Savings Bank Northwest2337 NCD 249,000.0032022MBX5 04/15/2025 1,7491.50004/15/2020 249,144.42 1.480 1.500249,000.00
First National Bank of Elkhart1801 NCD 245,000.00321130AB2 05/31/2022 6992.10005/31/2017 245,404.25 2.072 2.101245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 8402.10004/19/2017 255,414.95 2.072 2.101245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 6672.00006/30/2017 253,045.80 1.973 2.000245,000.00
First Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 1,2033.40010/17/2018 269,362.80 3.355 3.401245,000.00
Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 1,5141.95008/23/2019 259,673.05 1.925 1.952245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 8272.10010/06/2017 255,277.75 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 6452.00004/07/2017 252,781.20 1.973 2.001245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 2642.65003/21/2014 249,517.80 2.613 2.650245,000.00
Ally Bank1882 NCD 245,000.0002007GAF0 01/04/2021 1872.25001/04/2018 247,658.25 2.219 2.250245,000.00
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 7542.00010/25/2017 253,993.95 1.972 2.000245,000.00
Grant County Bank1864 NCD 175,000.0038762PCB6 10/18/2023 1,2042.20010/18/2017 175,182.00 2.170 2.201175,000.00
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 1,4072.55005/08/2019 264,771.50 2.513 2.548245,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 1,0423.15005/09/2018 264,842.55 3.106 3.150245,000.00
Great Southern Bank2250 NCD 245,000.0039120VSS4 08/21/2023 1,1461.70002/21/2020 245,551.25 1.734 1.758244,560.27
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 8142.20003/24/2017 255,694.25 2.172 2.202245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 6502.15004/12/2017 253,491.70 2.121 2.151245,000.00
Investors Bank1460 NCD 245,000.0046176PEJ0 08/25/2020 552.00008/25/2015 245,837.90 1.972 2.000245,000.00
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
YTM
365
Negotiable Certificates of Deposits
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 3942.30007/31/2015 251,078.45 2.269 2.301245,000.00
Iowa Trust & Savings Bank2270 NCD 245,000.00462595BE8 02/28/2025 1,7031.70002/28/2020 245,301.35 1.717 1.741244,543.26
JP Morgan Chase BAnk NA2218 NCD 245,000.0048128LD48 01/31/2030 3,5012.50001/31/2020 248,371.20 2.465 2.500245,000.00
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 1,4302.50005/31/2017 264,536.30 2.465 2.500245,000.00
Keesler Federal Credit Union2027 NCD 245,000.0049254FAP1 08/30/2021 4253.05002/28/2019 253,224.65 3.008 3.050245,000.00
Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 1,2173.35010/24/2019 272,494.96 2.210 2.241256,758.42
Kern Schools Fed. Credit Unio2160 NCD 250,000.0049228XAG5 12/04/2024 1,6172.10012/04/2019 250,890.00 2.073 2.102250,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 1,1741.80009/16/2016 245,879.55 1.775 1.800245,000.00
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 5901.70002/12/2016 253,614.20 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 4141.40008/19/2016 248,594.15 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 4332.25009/05/2014 251,061.30 2.219 2.250245,000.00
Bank Leumi USA NY2335 NCD 249,000.00063248KR8 03/31/2023 1,0031.45003/31/2020 256,865.91 1.430 1.449249,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 7272.05006/28/2017 253,952.30 2.023 2.051245,000.00
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 5612.10001/13/2017 252,178.50 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 6802.10005/12/2017 253,675.45 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 6942.05005/26/2017 253,577.45 2.023 2.051245,000.00
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 1,2813.30001/10/2019 269,806.25 3.254 3.299245,000.00
Landmark Community Bank2123 NCD 249,000.0051507LBU7 06/27/2022 7262.35009/27/2019 259,572.54 1.868 1.894251,196.66
Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 1,5211.80008/30/2019 258,176.10 1.775 1.800245,000.00
Merrick Bank1464 NCD 245,000.0059013JHE2 08/20/2020 501.90008/20/2015 245,610.05 1.876 1.902245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 5961.80002/17/2016 253,432.90 1.776 1.801245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 7092.05006/12/2017 253,753.85 2.023 2.051245,000.00
Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 1,5911.90011/08/2019 259,364.35 1.875 1.902245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 1,3952.60004/26/2019 265,107.15 2.567 2.602245,000.00
Mountain America FD Credit Uni2202 NCD 249,000.0062384RAC0 11/08/2022 8602.30001/08/2020 260,961.96 1.928 1.955250,965.54
Marlin Business Bank1483 NCD 245,000.0057116AKU1 10/21/2020 1121.75010/21/2015 246,607.20 1.727 1.751245,000.00
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 9242.65001/11/2018 259,670.60 2.613 2.650245,000.00
Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 1,2533.55012/06/2018 271,499.20 3.501 3.550245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 1,4012.35005/22/2017 262,840.90 2.317 2.349245,000.00
MY Safra Bank FSB1467 NCD 245,000.0055406JAL6 09/03/2020 641.90009/03/2015 245,977.55 1.873 1.900245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 7862.25008/26/2015 258,068.30 2.220 2.251245,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 1,2453.55011/28/2018 271,313.00 3.503 3.551245,000.00
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 2231.55002/09/2016 247,942.45 1.530 1.551245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 8202.05009/29/2017 254,927.40 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 9322.40001/19/2018 258,234.90 2.368 2.401245,000.00
Pathfinder Bank2260 NCD 245,000.0070320KAE1 03/06/2025 1,7091.80003/06/2020 258,455.40 1.816 1.841244,541.40
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 6942.10005/26/2017 253,810.20 2.072 2.101245,000.00
Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 1,5072.00008/16/2019 260,148.35 1.972 2.000245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 9872.10007/19/2017 256,916.80 2.072 2.101245,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 6042.10002/26/2015 255,027.85 2.072 2.101245,000.00
Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 1,6431.85012/30/2019 258,977.25 1.824 1.850245,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 3561.45006/22/2016 248,452.05 1.430 1.450245,000.00
Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 1,5401.90009/18/2019 259,241.85 1.873 1.900245,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 1,0482.95005/15/2018 263,497.50 2.911 2.951245,000.00
San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 1,7301.10003/27/2020 254,547.72 1.085 1.100249,000.00
Summit Community Bank1888 NCD 245,000.0086604XMN3 01/26/2022 5742.25001/26/2018 252,915.95 2.220 2.251245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 1,0761.80006/10/2016 256,377.80 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 4751.50010/19/2016 249,057.20 1.480 1.500245,000.00
Southwest 66 Credit Union Bank2286 NCD 249,000.0084475BAB1 03/24/2025 1,7271.30003/23/2020 251,131.44 1.282 1.300249,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 8412.10010/20/2017 255,427.20 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 6572.00004/19/2017 252,918.40 1.973 2.001245,000.00
SunTrust Bank2125 NCD 245,000.0086789VZY6 09/26/2024 1,5482.00009/30/2019 246,082.90 1.974 2.002245,000.00
ST Mary's Credit Union2261 NCD 249,000.0079257QAC0 02/27/2025 1,7021.75002/27/2020 249,644.91 1.777 1.802248,420.09
Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 1,3661.15003/31/2020 255,713.04 1.134 1.150249,000.00
Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 1,6081.95011/25/2019 259,947.45 1.923 1.950245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 2852.40004/11/2014 249,821.60 2.367 2.400245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 1,0732.15006/09/2017 258,129.55 2.121 2.151245,000.00
Toyota Financial Savings Bank1740 NCD 245,000.0089235MHU8 02/12/2024 1,3212.65002/10/2017 245,668.85245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 7272.00006/28/2017 253,741.60 1.972 2.000245,000.00
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 5682.25006/15/2017 257,997.50 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 6082.05003/01/2017 252,590.10 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 1,2731.70006/24/2016 258,323.10 1.676 1.700245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 2401.60002/26/2016 248,182.55 1.579 1.601245,000.00
USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 1,7341.15003/31/2020 255,698.10 1.154 1.170248,763.55
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 1,2583.65010/18/2019 272,386.10 2.170 2.200256,697.74
Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 1,5142.05008/23/2019 260,677.55 2.024 2.052245,000.00
Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 1,9611.05005/13/2020 252,607.84 1.035 1.050248,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 6022.05002/23/2017 252,479.85 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 3641.60006/30/2016 248,523.10 1.578 1.600245,000.00
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 7582.35008/12/2015 257,399.45 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 6792.05008/11/2017 253,401.05 2.021 2.050245,000.00
Subtotal and Average 39,197,643.17 39,181,000.00 40,554,995.26 1.981 2.009 929
Corporate Medium Term Bonds
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 2372.25002/23/2016 707,686.00 2.140 2.169700,335.63
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 1,0362.40008/29/2019 581,388.50 1.726 1.750559,781.56
Apple, Inc.2323 MTN 750,000.00037833AY6 02/09/2022 5882.15003/19/2020 771,652.50 1.583 1.605756,432.37
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 3223.62507/11/2016 102,882.00 1.271 1.288101,993.87
Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 3223.62507/11/2016 973,263.72 1.271 1.288964,861.98
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 3223.62507/12/2016 1,543,230.00 1.238 1.2551,530,356.53
Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 3223.62501/11/2017 896,102.22 2.012 2.040882,608.70
Alphabet (Google) Inc.1895 MTN 1,000,000.0002079KAA5 05/19/2021 3223.62501/10/2018 1,028,820.00 2.189 2.2191,011,893.02
Alphabet (Google) Inc.1931 MTN 382,000.0002079KAA5 05/19/2021 3223.62502/14/2018 393,009.24 2.377 2.410385,917.21
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 2431.65006/07/2016 1,008,200.00 1.530 1.5511,000,616.90
Johnson & Johnson1900 MTN 500,000.00478160BS2 03/01/2021 2431.65001/12/2018 504,100.00 2.179 2.210498,205.15
Microsoft Corporation1496 MTN 2,000,000.00594918BG8 11/03/2020 1252.00011/05/2015 2,008,140.00 1.913 1.9402,000,379.98
Microsoft Corporation1515 MTN 900,000.00594918BG8 11/03/2020 1252.00001/07/2016 903,663.00 1.887 1.913900,250.47
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 5852.40012/11/2017 103,191.00 2.292 2.324100,114.23
Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 1,3152.87501/22/2020 1,939,014.00 1.727 1.7511,867,172.56
Stanford University2046 MTN 2,000,000.00525555AB4 02/01/2024 1,3106.87505/14/2019 2,397,980.00 2.367 2.4002,301,435.83
Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 1,3106.87512/12/2019 1,198,990.00 1.934 1.9601,168,315.11
Subtotal and Average 16,730,671.10 16,099,000.00 17,061,312.18 1.861 1.887 630
Federal Agency Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 1,4102.85008/06/2019 1,615,380.00 1.998 2.0251,543,766.76
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 7342.20012/13/2012 1,558,950.00 1.930 1.9571,506,653.88
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 8732.00012/19/2012 780,645.00 2.081 2.110748,228.60
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
Federal Agency Bonds
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 9092.18001/04/2013 1,569,630.00 2.165 2.1961,499,464.72
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 3353.84001/04/2013 515,855.00 1.946 1.973507,847.72
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 9092.18001/08/2013 1,569,630.00 2.195 2.2251,498,479.62
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 9092.18001/23/2013 1,569,630.00 2.111 2.1411,501,301.13
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 9092.18001/28/2013 2,715,459.90 2.199 2.2292,592,113.96
Federal Agricultural Mortgage1244 1,500,000.0031315P3G2 09/09/2020 702.80001/15/2014 1,509,345.00 2.635 2.6721,500,329.35
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 2514.16003/06/2014 308,325.00 2.574 2.609302,910.39
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 2682.50003/26/2014 1,526,040.00 2.495 2.5301,499,692.41
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 7342.20004/23/2014 1,299,125.00 2.889 2.9301,233,785.62
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 3082.51001/09/2015 687,696.75 2.110 2.140676,960.94
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 1,3653.33001/09/2015 448,565.24 2.540 2.575414,079.18
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 1,0762.61001/22/2015 1,710,682.04 2.269 2.3011,617,207.89
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 1,0762.61002/09/2015 1,546,439.50 2.377 2.4101,457,689.69
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 6082.15003/05/2015 1,029,730.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 9372.13004/06/2016 1,046,550.00 1.839 1.8641,006,349.02
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 1,8604.35004/08/2016 563,936.76 2.296 2.328517,631.09
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 1,4003.30004/21/2016 1,667,670.00 2.084 2.1121,562,472.46
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 1,4003.30004/26/2016 1,667,670.00 2.159 2.1891,558,247.00
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 9092.18005/26/2016 523,210.00 1.844 1.870503,605.16
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 7442.38007/25/2016 2,086,980.00 1.499 1.5202,033,395.29
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 2081.55010/03/2016 1,511,625.00 1.256 1.2741,502,273.31
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 2,0434.81010/18/2016 1,844,595.00 2.131 2.1601,700,207.53
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 6022.10002/23/2017 1,028,520.00 2.034 2.0631,000,573.91
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 6022.10003/02/2017 1,542,780.00 2.085 2.1141,499,652.93
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 6442.07504/06/2017 1,544,880.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 2361.90004/12/2017 1,011,080.00 1.781 1.8051,000,579.33
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 5512.10005/04/2017 1,026,410.00 1.938 1.9651,001,930.41
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 7342.20006/14/2017 1,039,300.00 1.908 1.9341,005,057.27
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 7281.88006/29/2017 1,548,960.00 1.903 1.9301,498,575.97
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 7281.88006/29/2017 1,032,640.00 1.923 1.949998,676.09
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 1,5142.25010/06/2017 1,076,510.00 2.332 2.365995,614.95
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 8942.26012/12/2017 1,571,535.00 2.229 2.2601,500,000.00
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage1889 2,000,000.003132X0D57 01/08/2021 1912.12001/08/2018 2,020,260.00 2.090 2.1202,000,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 1,4922.62501/09/2018 1,090,840.00 2.546 2.5811,001,611.90
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 1,4922.62501/11/2018 1,636,260.00 2.623 2.6601,498,036.62
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 9432.50001/30/2018 2,112,620.00 2.472 2.5071,999,649.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 9432.50001/30/2018 1,584,465.00 2.481 2.5151,499,425.57
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 9432.50001/31/2018 2,112,620.00 2.556 2.5921,995,567.64
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 9372.13002/08/2018 1,151,205.00 2.578 2.6141,087,266.11
Federal Agricultural Mortgage1927 1,000,000.003132X0H79 02/22/2021 2362.35002/22/2018 1,014,050.00 2.327 2.360999,937.97
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 9662.60002/22/2018 1,590,180.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 9652.77002/23/2018 1,596,795.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 1,3083.46012/14/2018 609,686.46 3.018 3.060556,216.54
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 1,3782.35004/09/2019 1,074,520.00 2.365 2.398998,287.41
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 1,6035.25004/08/2019 820,400.34 2.420 2.454755,210.71
Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 1,8604.35009/09/2019 654,357.00 1.659 1.683620,807.24
Federal Agricultural Mortgage2174 Call 2,000,000.0031422BQN3 12/10/2029 3,4492.69012/10/2019 2,010,960.00 2.653 2.6902,000,000.00
Federal Agricultural Mortgage2186 Call 1,350,000.0031422BQN3 12/10/2029 3,4492.69012/13/2019 1,357,398.00 2.678 2.7151,347,193.49
Federal Agricultural Mortgage2194 Call 1,450,000.0031422BRN2 12/25/2029 3,4642.82012/30/2019 1,458,888.50 2.781 2.8201,450,000.00
Federal Agricultural Mortgage2209 Call 1,000,000.0031422BSR2 01/15/2030 3,4852.70001/15/2020 1,000,430.00 2.663 2.7001,000,000.00
Federal Agricultural Mortgage2240 Call 1,000,000.0031422BUA6 02/11/2025 1,6861.85002/11/2020 1,001,340.00 1.824 1.8501,000,000.00
Federal Agricultural Mortgage2242 Call 2,000,000.0031422BUC2 02/11/2030 3,5122.45002/11/2020 2,011,640.00 2.416 2.4502,000,000.00
Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 2,6972.85003/11/2020 1,792,660.95 1.050 1.0641,767,044.37
Federal Agricultural Mortgage2304 Call 2,000,000.0031422BWK2 03/18/2030 3,5471.75003/18/2020 2,002,040.00 1.726 1.7502,000,000.00
Federal Agricultural Mortgage2330 Call 2,000,000.0031422BWY2 03/24/2025 1,7271.40003/24/2020 2,003,340.00 1.380 1.4002,000,000.00
Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 3,6031.50005/13/2020 1,995,760.00 1.479 1.5002,000,000.00
Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 3,6451.40006/24/2020 1,750,175.00 1.380 1.4001,750,000.00
Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 3,6451.40006/24/2020 2,000,200.00 1.380 1.4002,000,000.00
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 902.87509/29/2010 1,007,540.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 1,0702.45001/09/2014 531,205.00 3.383 3.430487,811.59
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 1,1202.12501/27/2016 659,506.25 2.024 2.052626,289.64
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 6215.16003/17/2016 541,975.00 1.876 1.902526,093.14
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 5101.61004/21/2016 254,897.50 1.558 1.580250,099.18
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 6811.87504/21/2016 1,030,250.00 1.578 1.6001,004,872.15
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
YTM
365
Federal Agency Bonds
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 1,6262.12505/13/2016 1,074,550.00 1.930 1.9561,006,853.86
Federal Farm Credit Bank .1650 1,500,000.003133EGKM6 07/06/2020 51.00007/06/2016 1,500,360.00 0.986 1.0001,500,000.00
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 6215.16007/08/2016 541,975.00 1.215 1.232532,198.98
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 5385.05004/12/2017 535,620.00 1.884 1.910522,001.90
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 1,3632.30005/04/2017 965,070.00 2.274 2.306899,800.11
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 1,5592.91006/21/2017 552,800.00 2.143 2.172514,462.15
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 8592.93009/14/2017 472,647.85 1.870 1.896455,243.72
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 4961.70012/29/2017 612,198.00 2.161 2.191596,187.28
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 9602.57002/16/2018 1,589,220.00 2.605 2.6421,497,360.55
Federal Farm Credit Bank .2004 1,500,000.003133EJ2R9 12/14/2020 1662.75012/20/2018 1,517,400.00 2.663 2.7001,500,325.32
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 1,1632.15001/15/2019 528,915.00 2.656 2.693491,911.17
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 1,2262.13001/15/2019 688,980.50 2.662 2.699638,417.17
Federal Farm Credit Bank .2118 Call 1,000,000.003133EKZW9 08/19/2027 2,6052.37009/18/2019 1,001,470.00 2.389 2.422996,622.24
Federal Farm Credit Bank .2226 Call 1,000,000.003133ELJU9 01/27/2026 2,0361.98001/29/2020 1,018,130.00 1.955 1.982999,860.57
Federal Farm Credit Bank .2259 Call 1,350,000.003133EKVQ6 07/19/2024 1,4792.04002/19/2020 1,371,910.50 1.868 1.8941,357,588.48
Federal Farm Credit Bank .2280 Call 1,000,000.003133ELPS7 03/04/2030 3,5332.24003/04/2020 1,005,720.00 2.142 2.1721,005,830.15
Federal Farm Credit Bank .2289 Call 1,500,000.003133ELSD7 03/11/2030 3,5401.85003/11/2020 1,509,990.00 1.824 1.8501,500,000.00
Federal Farm Credit Bank .2292 Call 1,500,000.003133ELSD7 03/11/2030 3,5401.85003/11/2020 1,509,990.00 1.824 1.8501,500,000.00
Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 2,2242.63003/13/2020 1,123,780.00 1.089 1.1041,089,433.60
Federal Farm Credit Bank .2344 Call 1,000,000.003133ELA79 08/26/2027 2,6121.12005/26/2020 1,000,010.00 1.104 1.1201,000,000.00
Federal Farm Credit Bank .2348 Call 1,000,000.003133ELB37 11/27/2028 3,0711.35005/27/2020 1,000,130.00 1.331 1.3501,000,000.00
Federal Farm Credit Bank .2349 Call 1,000,000.003133ELC44 06/01/2029 3,2571.37006/01/2020 1,000,520.00 1.351 1.3701,000,000.00
Federal Farm Credit Bank .2350 Call 1,000,000.003133ELB78 05/28/2030 3,6181.57005/28/2020 1,000,150.00 1.548 1.5701,000,000.00
Federal Farm Credit Bank .2351 Call 1,000,000.003133ELSD7 03/11/2030 3,5401.85005/20/2020 1,006,660.00 1.749 1.7731,006,740.81
Federal Farm Credit Bank .2352 Call 1,500,000.003133ELB78 05/28/2030 3,6181.57005/28/2020 1,500,225.00 1.548 1.5701,500,000.00
Federal Farm Credit Bank .2353 Call 1,250,000.003133ELC44 06/01/2029 3,2571.37006/01/2020 1,250,650.00 1.357 1.3751,249,380.79
Federal Farm Credit Bank .2354 Call 1,500,000.003133ELB78 05/28/2030 3,6181.57006/02/2020 1,500,225.00 1.553 1.5751,499,256.05
Federal Farm Credit Bank .2355 Call 1,500,000.003133ELB78 05/28/2030 3,6181.57006/03/2020 1,500,225.00 1.561 1.5831,498,139.60
Federal Farm Credit Bank .2356 Call 1,500,000.003133ELH49 06/11/2030 3,6321.55006/11/2020 1,500,075.00 1.528 1.5501,500,000.00
Federal Farm Credit Bank .2357 Call 1,000,000.003133ELC69 12/01/2027 2,7091.18006/03/2020 1,000,010.00 1.167 1.183999,752.59
Federal Farm Credit Bank .2359 Call 2,000,000.003133ELYW8 05/11/2029 3,2361.49006/04/2020 2,000,280.00 1.475 1.4951,999,008.39
Federal Farm Credit Bank .2360 Call 1,500,000.003133ELH49 06/11/2030 3,6321.55006/11/2020 1,500,075.00 1.560 1.5821,495,525.00
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Farm Credit Bank .2362 Call 1,500,000.003133ELH49 06/11/2030 3,6321.55006/11/2020 1,500,075.00 1.558 1.5801,495,875.54
Federal Farm Credit Bank .2363 Call 1,500,000.003133ELK60 06/17/2030 3,6381.58006/17/2020 1,500,015.00 1.558 1.5801,500,000.00
Federal Farm Credit Bank .2364 Call 2,000,000.003133ELH49 06/11/2030 3,6321.55006/17/2020 2,000,100.00 1.528 1.5492,000,000.00
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 6042.33003/20/2012 1,551,165.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 1402.00005/18/2012 2,013,620.00 1.972 2.0002,000,000.00
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 5275.00002/25/2013 1,404,840.80 1.825 1.8501,369,864.03
Federal Home Loan Bank1240 1,500,000.00313371U79 12/11/2020 1633.12501/09/2014 1,519,860.00 2.615 2.6511,502,862.28
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 2541.75003/13/2014 1,515,735.00 2.418 2.4511,493,293.55
Federal Home Loan Bank1267 1,500,000.00313370US5 09/11/2020 722.87504/02/2014 1,507,800.00 2.271 2.3031,501,541.72
Federal Home Loan Bank1270 200,000.00313379EC9 11/18/2020 1402.00004/08/2014 201,362.00 2.263 2.295199,792.66
Federal Home Loan Bank1272 550,000.00313379EC9 11/18/2020 1402.00004/09/2014 553,745.50 2.263 2.295549,429.57
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 5251.53004/08/2016 1,527,525.00 1.450 1.4701,501,230.16
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 2541.75004/27/2016 1,010,490.00 1.490 1.5111,001,596.10
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 2221.75006/02/2016 504,725.00 1.476 1.496500,734.72
Federal Home Loan Bank1620 400,000.003133XDVS7 12/11/2020 1635.25006/02/2016 409,072.00 1.461 1.481406,456.89
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 5272.87506/28/2016 259,440.00 1.232 1.249255,645.32
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 9502.13010/05/2016 524,115.00 1.578 1.600506,517.54
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 5161.87512/16/2016 1,024,270.00 2.168 2.198995,676.16
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 5275.00003/10/2017 2,040,491.20 2.150 2.1801,983,367.05
Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 6182.25004/12/2017 1,033,060.00 1.903 1.9301,005,141.38
Federal Home Loan Bank1873 Call 1,500,000.003130ACMH4 10/16/2024 1,5682.50010/16/2017 1,508,355.00 2.465 2.5001,500,000.00
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 1,2552.25001/03/2018 1,063,580.00 2.359 2.392995,457.57
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 1,1642.37501/09/2018 1,062,980.00 2.376 2.409998,983.23
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 9302.38001/18/2018 526,990.00 2.385 2.418499,541.75
Federal Home Loan Bank1996 Call 1,000,000.003130AFG84 11/29/2028 3,0733.87512/06/2018 1,032,980.00 3.823 3.876999,915.73
Federal Home Loan Bank2228 Call 1,500,000.003130AHZ71 02/25/2030 3,5262.37502/25/2020 1,509,480.00 2.353 2.3861,498,552.50
Federal Home Loan Bank2243 Call 1,000,000.003130AHN74 12/17/2029 3,4562.60002/05/2020 1,005,420.00 2.506 2.5401,004,899.96
Federal Home Loan Bank2246 Call 1,000,000.003130AJ3X5 02/11/2025 1,6861.85002/11/2020 1,001,340.00 1.824 1.8501,000,000.00
Federal Home Loan Bank2258 Call 1,500,000.003130AJ6P9 02/21/2025 1,6961.95002/21/2020 1,503,570.00 1.923 1.9501,500,000.00
Federal Home Loan Bank2281 Call 1,500,000.003130AJCB3 09/18/2029 3,3662.00003/18/2020 1,501,395.00 1.972 2.0001,500,000.00
Federal Home Loan Bank2284 Call 1,500,000.003130AJCW7 06/12/2029 3,2681.85003/12/2020 1,500,045.00 1.824 1.8501,500,000.00
Federal Home Loan Bank2290 Call 1,000,000.003130AJCW7 06/12/2029 3,2681.85003/12/2020 1,000,030.00 1.824 1.8501,000,000.00
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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 Home Loan Bank2305 Call 857,142.863130AJE39 09/17/2026 2,2691.33003/17/2020 857,151.43 1.311 1.330857,142.86
Federal Home Loan Bank2317 Call 1,500,000.003130AJER6 03/26/2030 3,5551.85003/26/2020 1,500,030.00 1.824 1.8501,500,000.00
Federal Home Loan Bank2319 Call 2,000,000.003130AJEZ8 03/25/2030 3,5542.15003/25/2020 2,001,120.00 2.120 2.1502,000,000.00
Federal Home Loan Bank2328 Call 1,500,000.003130AJF95 03/24/2025 1,7271.30003/24/2020 1,500,780.00 1.282 1.3001,500,000.00
Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 3,0721.32005/28/2020 1,500,060.00 1.301 1.3201,500,000.00
Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 3,2671.40006/11/2020 1,000,230.00 1.380 1.4001,000,000.00
Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 3,2671.40006/11/2020 1,000,230.00 1.427 1.447996,024.69
Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 3,2851.25006/29/2020 900,081.00 1.232 1.250900,000.00
Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 3,6451.36006/24/2020 1,497,975.00 1.341 1.3601,500,000.00
Federal Home Loan Bank2374 Call 1,500,000.003130AJSM2 12/29/2028 3,1031.25006/29/2020 1,494,870.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 5272.00004/10/2014 2,051,100.00 2.564 2.6001,984,399.91
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 5272.00004/22/2014 1,025,550.00 2.643 2.680991,183.80
Fed. Home Loan Mortgage Corp.2241 Call 1,000,000.003134GVAR9 02/14/2025 1,6891.90002/14/2020 1,001,360.00 1.873 1.9001,000,000.00
Fed. Home Loan Mortgage Corp.2245 Call 1,000,000.003134GVAU2 02/12/2024 1,3211.80002/12/2020 1,001,870.00 1.775 1.8001,000,000.00
Fed. Home Loan Mortgage Corp.2247 Call 1,000,000.003134GVAT5 02/12/2025 1,6871.80002/12/2020 1,006,980.00 1.775 1.8001,000,000.00
Fed. Home Loan Mortgage Corp.2254 Call 1,500,000.003134GVBQ0 02/14/2025 1,6891.85002/14/2020 1,501,740.00 1.824 1.8501,500,000.00
Fed. Home Loan Mortgage Corp.2256 Call 1,000,000.003134GVCH9 02/14/2025 1,6891.87502/14/2020 1,001,380.00 1.849 1.8751,000,000.00
Fed. Home Loan Mortgage Corp.2257 Call 1,000,000.003134GVCN6 02/18/2025 1,6931.75002/18/2020 1,001,410.00 1.757 1.781998,610.83
Fed. Home Loan Mortgage Corp.2315 Call 1,000,000.003134GVGY8 03/17/2025 1,7201.15003/17/2020 1,000,050.00 1.134 1.1501,000,000.00
Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 2,8781.20005/18/2020 452,656.75 1.183 1.200455,000.00
Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 3,6491.40006/30/2020 1,499,670.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 3,2851.25006/29/2020 1,496,415.00 1.232 1.2501,500,000.00
Federal National Mortgage Asso1048 2,000,000.003136G0AW1 10/16/2020 1072.35004/16/2012 2,012,740.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1066 2,000,000.003136G0FJ5 10/30/2020 1212.00004/30/2012 2,012,100.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1268 1,500,000.003136FTR43 08/28/2020 582.00004/08/2014 1,504,425.00 2.172 2.2021,499,553.54
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 3031.75004/16/2014 1,012,980.00 2.364 2.397995,079.60
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 2821.75005/02/2014 252,987.50 2.452 2.486248,700.74
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 2962.28006/30/2016 1,016,930.00 1.171 1.1871,008,587.80
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 2,1297.12511/10/2016 682,410.00 2.367 2.400622,554.57
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 7862.00012/29/2017 518,650.00 2.238 2.270497,254.00
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 8262.00001/09/2018 1,038,310.00 2.288 2.320993,176.91
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 8262.00001/19/2018 1,038,310.00 2.409 2.443990,585.34
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 12
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal National Mortgage Asso1922 1,000,000.003136G0P62 10/15/2020 1061.50002/05/2018 1,003,860.00 2.268 2.300997,770.33
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 9322.37502/08/2018 1,584,645.00 2.574 2.6101,491,615.25
San Mateo Union High School Dt2153 MUN 1,360,000.00799017WD6 09/01/2028 2,9842.23711/07/2019 1,393,904.80 2.447 2.4801,335,813.08
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 2293.87512/14/2012 511,330.00 1.596 1.618506,550.91
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 7751.87512/14/2012 1,040,845.40 1.893 1.9201,009,121.07
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 2293.87501/23/2013 1,533,990.00 1.647 1.6691,519,179.32
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 2293.87503/12/2014 1,186,285.60 2.427 2.4611,169,328.39
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 1,9496.75011/20/2015 1,321,200.00 2.807 2.8461,180,188.33
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 1,5372.87501/15/2016 827,220.00 2.564 2.600757,711.94
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 1,9496.75004/18/2016 1,023,930.00 2.337 2.370936,183.38
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 7751.87510/07/2016 1,535,504.60 1.538 1.5601,499,477.33
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 1,9496.75011/10/2016 1,651,500.00 2.317 2.3501,513,071.49
Subtotal and Average 210,278,915.19 208,450,142.86 215,468,845.62 1.995 2.022 1,701
Treasury Securities (Notes)
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 6071.75003/09/2017 1,539,090.00 2.071 2.1001,491,753.98
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 8211.75010/06/2017 1,553,145.00 1.914 1.9411,493,887.84
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 9441.75001/11/2018 1,560,645.00 2.308 2.3401,478,537.55
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 9132.12501/22/2018 1,573,065.00 2.387 2.4201,489,621.05
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 9441.75002/05/2018 1,560,645.00 2.560 2.5961,469,416.42
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 9441.75002/08/2018 1,040,430.00 2.487 2.521981,359.67
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 9721.50002/09/2018 1,035,230.00 2.534 2.570973,447.28
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 9721.50002/15/2018 1,035,230.00 2.601 2.638971,806.71
Subtotal and Average 10,349,830.50 10,500,000.00 10,897,480.00 2.330 2.363 878
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 3962.38110/30/2015 1,013,310.00 2.120 2.1501,002,338.87
Acalanes Union High School Dis2334 MUN 485,000.00004284ZY4 08/01/2022 7612.90003/25/2020 502,338.75 1.677 1.700496,824.02
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 2,2224.00012/05/2019 335,109.50 2.139 2.168319,926.04
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 1,7963.36512/24/2018 545,894.90 3.175 3.220508,221.25
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 7612.60805/09/2017 227,469.00 2.266 2.298221,321.23
Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 1,4923.02608/16/2019 540,070.00 1.876 1.902521,790.59
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 7002.87501/26/2018 332,131.20 2.486 2.520322,048.04
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Burlingame School District1548 MUN 730,000.00121457EQ4 08/01/2025 1,8576.23802/24/2016 814,395.30 3.557 3.606812,154.84
Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 2,5872.38510/08/2019 2,076,260.00 2.342 2.3752,000,000.00
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 3964.58402/24/2016 310,476.00 2.130 2.159307,402.11
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 3964.58403/04/2016 1,293,650.00 2.138 2.1681,280,697.01
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 3964.58402/17/2017 362,222.00 2.317 2.350358,009.14
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 2,2225.23409/27/2017 366,454.45 2.850 2.890343,126.02
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 3962.78101/27/2016 511,575.00 2.012 2.040503,777.14
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 7612.97111/30/2017 57,428.25 2.416 2.45055,560.22
Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 2,9532.21309/12/2019 415,716.00 2.071 2.100403,311.16
Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 3,3182.26309/20/2019 1,026,392.40 2.505 2.539968,101.96
Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 3,3182.26302/07/2020 1,555,140.00 2.100 2.1301,516,321.27
Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 1,8571.91803/09/2020 326,092.80 1.128 1.143332,179.39
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 7303.50005/03/2018 1,576,890.00 2.927 2.9671,514,895.06
Federal Home Loan Bank2312 Call 742,574.263130AJEQ8 03/30/2027 2,4631.50003/30/2020 742,589.11 1.479 1.500742,574.26
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 2,0416.08006/28/2016 635,544.00 2.994 3.035602,928.97
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 2,2223.16002/14/2018 1,079,266.55 3.028 3.070999,755.72
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 1,8573.04002/14/2018 801,847.50 2.959 3.000751,348.49
Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 2,2223.16008/29/2019 395,911.85 1.913 1.940390,231.49
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 8223.57005/17/2016 528,600.00 1.878 1.904517,612.38
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 9453.25006/27/2016 385,699.15 1.898 1.925376,677.71
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 1,6762.37507/29/2016 1,933,916.00 1.972 1.9991,853,706.20
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 8223.57009/26/2016 407,022.00 1.630 1.653400,771.11
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 1,9184.00004/10/2017 288,070.00 2.739 2.777264,213.72
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 2,2834.31001/26/2018 1,311,284.40 2.979 3.0201,172,141.56
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 2,2834.31003/19/2018 239,504.00 3.204 3.248211,485.29
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 1,1873.74010/25/2018 424,203.00 3.093 3.136397,037.19
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 2,4062.72010/31/2018 377,765.50 3.412 3.460335,267.30
State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 2,6795.01411/30/2018 1,532,856.00 3.649 3.7001,297,693.98
State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 1,1873.72008/29/2019 1,630,605.00 1.749 1.7741,591,100.24
State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 2,2834.31001/31/2020 508,946.00 1.837 1.863485,846.40
State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 1,5533.82003/23/2020 1,117,160.00 1.889 1.9151,077,142.67
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 2,8922.26509/16/2019 1,394,912.95 2.318 2.3501,336,832.18
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 2,8922.26510/02/2019 414,844.00 2.194 2.225401,140.37
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 2,2833.15010/19/2016 1,131,881.30 2.431 2.4651,084,430.37
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 5804.80009/21/2017 238,189.50 2.071 2.100234,143.33
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 8221.92103/20/2018 1,019,300.00 2.584 2.620985,255.12
State of Hawaii1946 MUN 355,000.00419791YP7 02/01/2022 5804.80003/21/2018 375,810.10 2.761 2.800365,580.43
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 8221.92103/29/2018 1,528,950.00 2.663 2.7001,475,392.88
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 1,6765.23010/25/2018 293,337.50 3.363 3.410268,622.84
State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 2,7715.48011/30/2018 632,735.00 3.687 3.739555,427.02
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 2,0415.33012/06/2018 965,048.00 3.304 3.350878,033.27
State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 8221.92101/17/2019 764,475.00 2.613 2.650738,346.38
State of Hawaii2331 MUN 1,000,000.00419792YK6 01/01/2021 1843.25003/23/2020 1,010,920.00 1.327 1.3461,009,413.80
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 1,1572.64002/14/2017 1,063,980.00 2.784 2.8231,000,860.92
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 7922.44012/11/2017 1,136,226.90 2.355 2.3881,091,145.27
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 2,2533.30011/02/2018 333,615.50 3.530 3.579290,583.66
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 2,2533.50001/07/2019 1,142,790.00 3.077 3.1191,020,676.47
City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 2,6183.40001/06/2020 958,683.60 2.360 2.393895,064.97
City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 3,3493.05001/22/2020 1,087,922.65 2.413 2.4461,033,273.54
City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 2,2533.15003/05/2020 1,121,990.00 1.519 1.5411,094,074.40
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 2,5565.51603/29/2018 1,900,875.00 3.254 3.3001,699,028.57
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 2,5565.51610/29/2018 538,581.25 3.600 3.650472,200.16
Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 7305.18111/07/2018 324,900.00 3.166 3.210311,067.95
State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 3,2264.91001/30/2020 313,107.50 2.331 2.363300,246.58
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 6084.30009/16/2016 511,835.05 1.534 1.555506,234.85
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 6222.25003/22/2017 1,017,970.00 2.219 2.2501,000,000.00
State of Maryland1941 MUN 1,500,000.00574193PU6 03/15/2021 2572.48003/21/2018 1,514,820.00 2.406 2.4401,500,404.41
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 9734.40003/20/2018 1,394,470.40 2.633 2.6701,334,961.37
State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 1,4924.20010/19/2018 1,885,144.30 3.413 3.4611,735,823.39
State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 1,8574.35012/16/2019 569,005.00 2.089 2.118553,182.96
State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 1,0794.45010/15/2019 1,084,940.00 1.893 1.9201,071,852.24
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 2,1443.85012/21/2018 873,716.25 3.452 3.500839,802.17
Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 2,5562.21410/08/2019 1,052,630.00 2.183 2.2141,000,000.00
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 3962.97307/24/2014 512,665.00 2.893 2.933501,091.14
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 2,5873.27209/28/2017 568,715.00 2.791 2.830513,570.49
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 2,2223.17211/05/2018 134,445.60 3.452 3.500117,914.39
Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 2,5873.33008/29/2019 285,337.50 1.874 1.900273,403.31
Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 1,8575.00003/06/2020 371,662.10 1.193 1.210367,640.01
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 1,1264.10310/26/2015 1,471,797.45 2.490 2.5251,393,632.48
Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 3,3182.56902/04/2020 249,336.10 2.533 2.569230,000.00
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 2,3143.75111/07/2018 1,720,215.00 3.377 3.4241,526,881.63
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 2,3143.75111/07/2018 573,405.00 3.401 3.449508,266.39
State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 1,6142.98708/30/2019 804,570.00 1.745 1.770788,322.70
State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 1,6142.98709/04/2019 536,380.00 1.783 1.807524,730.52
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 1,9494.68109/09/2019 175,018.50 1.888 1.914170,840.94
State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 1,5844.51112/19/2019 283,120.00 2.079 2.108274,613.18
State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 1,2183.40803/20/2020 1,074,530.00 1.626 1.6491,056,621.79
City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 1,4922.20008/08/2019 611,279.20 1.968 1.996599,692.77
State of New Hampshire1948 MUN 1,500,000.00644682M37 06/01/2021 3353.50003/22/2018 1,533,270.00 2.544 2.5801,512,054.05
New York St Envrnmntl Facs1942 MUN 1,000,000.0064985HWN3 07/15/2020 141.43103/15/2018 1,000,240.00 2.377 2.410999,631.67
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 1,4752.12001/04/2019 465,295.50 2.860 2.900436,986.30
New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 2,0833.07009/09/2019 758,317.00 2.071 2.100736,024.67
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 7142.43802/15/2018 2,051,400.00 2.624 2.6611,991,780.65
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 9734.69001/22/2019 1,080,530.00 2.752 2.7911,047,513.18
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 9734.69002/08/2019 1,080,530.00 2.751 2.7901,047,573.48
New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 1,6902.12010/31/2019 1,567,995.00 2.063 2.0911,501,926.05
New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 2,4202.36001/30/2020 619,034.00 1.933 1.960594,279.92
City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 3,4852.11003/09/2020 1,516,545.00 1.436 1.4561,586,750.63
City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 3,4852.11003/13/2020 1,516,545.00 1.638 1.6611,559,028.54
City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 3,4852.11003/16/2020 1,091,912.40 2.247 2.2791,064,374.96
City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 3,1202.07003/16/2020 1,524,045.00 2.151 2.1811,486,945.89
Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 2,5872.23711/22/2019 631,716.00 2.271 2.303597,425.14
Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 2,5872.23712/06/2019 294,800.80 2.327 2.360277,776.36
Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 3,3182.33712/11/2019 1,014,959.50 2.382 2.415963,875.58
Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 2,9532.28705/08/2020 1,244,569.95 1.849 1.8751,221,368.86
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 3041.57003/09/2016 1,514,040.00 1.548 1.5691,500,000.00
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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 Ohio1688 MUN 800,000.00677522JB1 05/01/2023 1,0342.11009/13/2016 833,744.00 1.764 1.788806,834.17
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 1,0342.11001/31/2017 2,084,360.00 2.485 2.5201,978,611.73
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 1,3704.97106/30/2017 996,075.00 2.416 2.450977,957.92
State of Ohio1881 MUN 200,000.00677521GP5 11/01/2020 1233.62512/21/2017 202,170.00 2.179 2.210200,908.74
State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 2,2535.26203/13/2020 612,400.00 1.710 1.734602,455.67
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 2,5873.12501/25/2018 212,522.00 3.208 3.253198,485.77
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 6692.50008/29/2016 591,044.40 1.528 1.550579,465.80
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 2,5265.89211/06/2018 625,055.00 3.516 3.565558,859.14
State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 1,8572.87712/21/2018 316,224.00 3.156 3.200295,587.24
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 2,5265.89201/16/2019 556,298.95 3.537 3.587505,793.91
State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 1,4003.22701/30/2020 623,597.10 1.641 1.664602,820.38
State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 2,5265.89201/31/2020 618,804.45 2.583 2.619596,311.87
State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 2,5265.89202/24/2020 1,250,110.00 2.482 2.5171,212,054.38
State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 2,4953.08003/13/2020 396,322.50 1.302 1.320390,011.95
City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 1,7962.56310/23/2019 1,041,481.35 2.469 2.5031,017,715.30
City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 2,1612.66310/23/2019 598,368.60 2.611 2.647580,467.56
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 1,2483.43812/06/2018 705,332.25 3.205 3.250668,909.76
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 3962.44105/10/2013 2,032,900.00 2.031 2.0602,007,552.38
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 3962.44105/13/2013 1,829,610.00 2.031 2.0601,806,796.92
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 3962.44105/15/2013 2,022,735.50 2.051 2.0801,997,115.13
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 3962.44101/27/2015 203,290.00 2.041 2.070200,748.05
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 3962.44105/12/2016 1,016,450.00 1.528 1.5501,009,234.22
Palo Alto Unified School Dist.1684 MUN 600,000.00697379UD5 08/01/2020 312.29109/02/2016 600,666.00 1.290 1.308600,477.53
Palo Alto Unified School Dist.1880 MUN 1,025,000.00697379UD5 08/01/2020 312.29112/20/2017 1,026,137.75 1.923 1.9501,025,282.01
State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 1,6592.00012/20/2019 267,592.00 2.231 2.262259,494.85
State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 2,8313.25001/27/2020 1,676,190.00 2.077 2.1061,621,484.41
State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 2,8313.25002/06/2020 614,603.00 1.990 2.018598,168.14
Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 2,5872.28410/16/2019 1,054,630.00 2.252 2.2841,000,000.00
Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 2,2222.15902/13/2020 1,145,326.20 1.727 1.7511,120,577.14
San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 2,9532.59012/12/2019 1,616,775.00 2.554 2.5901,500,000.00
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 1,1262.50001/11/2018 1,393,238.20 2.436 2.4701,341,145.30
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 1,4922.68001/12/2018 1,542,446.20 2.643 2.6801,460,000.00
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Santa Clara Vly Transportation1964 MUN 1,400,000.0080168NEL9 04/01/2021 2744.64910/29/2018 1,438,738.00 3.008 3.0501,416,056.33
Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 2,8922.43412/12/2019 1,629,686.65 2.416 2.4501,553,212.18
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 1,4312.50001/25/2018 481,939.95 2.968 3.010456,596.44
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 1,7962.75001/25/2018 487,413.00 3.008 3.050458,887.78
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 2,1613.00001/25/2018 503,393.50 3.107 3.150466,346.62
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 2,5263.00001/25/2018 301,114.80 3.205 3.250275,847.04
Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 1,8261.73503/18/2020 414,500.00 1.381 1.400406,431.95
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 7144.95002/09/2015 385,081.20 2.416 2.450376,013.84
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 1,8105.45011/27/2015 1,198,640.00 3.067 3.1101,099,650.77
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 1,8102.29011/01/2016 2,189,473.65 2.219 2.2492,108,750.48
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 2,1752.39011/01/2016 256,688.95 2.376 2.410244,737.66
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 1,8102.29007/14/2017 239,229.90 2.682 2.720225,614.71
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 2,1755.60001/16/2019 1,756,284.40 3.304 3.3501,587,212.56
City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 3,2712.10010/31/2019 1,169,683.20 2.337 2.3691,095,889.25
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 2,6183.25003/02/2018 735,705.60 3.451 3.499669,739.25
San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 3,3493.64810/11/2019 390,439.00 2.398 2.431384,483.21
San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 2,6183.46803/13/2020 142,530.70 1.577 1.599146,339.56
SF Bay Area Rapid Transit Dist1938 MUN 2,100,000.00797669XU7 07/01/2021 3652.38703/07/2018 2,133,453.00 2.494 2.5282,097,154.08
SF Bay Area Rapid Transit Dist1939 MUN 1,500,000.00797669XU7 07/01/2021 3652.38703/07/2018 1,523,895.00 2.497 2.5311,497,922.03
SF Bay Area Rapid Transit Dist2018 MUN 875,000.00797669XU7 07/01/2021 3652.38701/17/2019 888,938.75 2.544 2.579873,371.04
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 1,0952.62102/25/2019 209,550.00 2.672 2.710199,496.55
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 2,6183.72810/29/2018 362,861.10 3.676 3.727315,000.00
San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 2,9532.35010/01/2019 541,720.00 2.317 2.350500,000.00
San Jose Evergreen Cmnty Colll2339 MUN 575,000.00798189PS9 08/01/2020 311.81404/01/2020 575,603.75 1.676 1.700575,051.75
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 1,1262.50001/29/2015 598,942.80 2.663 2.700576,823.05
Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 7612.90802/19/2019 223,668.80 2.714 2.752215,668.63
Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 2,9533.47209/05/2019 356,958.00 1.972 2.000349,172.80
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 4272.72001/19/2016 183,099.60 2.046 2.075181,271.59
San Mateo Union High School Dt1902 MUN 1,000,000.00799017UW6 09/01/2025 1,8882.69901/16/2018 1,048,930.00 2.786 2.825994,165.90
San Mateo Union High School Dt1940 MUN 1,000,000.00799017UW6 09/01/2025 1,8882.69903/09/2018 1,048,930.00 2.959 3.000986,153.64
San Mateo Union High School Dt2178 MUN 1,565,000.00799017VM7 09/01/2028 2,9842.54212/11/2019 1,638,742.80 2.311 2.3431,587,756.40
Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 2,9532.71712/09/2019 1,231,592.50 2.462 2.4961,168,313.27
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 2,5873.00002/15/2018 194,439.60 3.057 3.100178,899.89
South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 3,3185.00012/12/2019 462,033.80 2.598 2.634439,810.78
South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 2,9535.00012/12/2019 307,992.50 2.549 2.584293,500.24
South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 2,5875.00012/12/2019 175,944.45 2.500 2.534167,892.49
South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 2,2225.00012/12/2019 464,330.10 2.378 2.411446,437.10
San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 1,4921.96511/13/2019 1,798,699.50 1.938 1.9651,755,000.00
Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 2,9842.19009/19/2019 138,713.85 2.157 2.187135,000.00
Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 2,6182.09009/19/2019 138,481.65 2.061 2.090135,000.00
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 2,2222.11608/25/2016 1,060,900.00 1.923 1.9501,009,131.12
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 1,8572.06608/25/2016 1,737,153.00 1.893 1.9201,661,193.22
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 1,8572.06608/25/2016 736,974.00 1.893 1.920704,748.64
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 1,4923.72812/20/2018 226,299.50 2.860 2.900211,349.08
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 4572.58910/14/2015 940,930.00 1.864 1.890927,566.54
State of Texas1621 MUN 500,000.00882723A41 10/01/2020 921.77706/07/2016 501,030.00 1.450 1.470500,370.08
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 6393.67310/19/2016 115,784.90 1.825 1.850113,323.01
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 1,8573.83209/22/2017 263,282.50 2.747 2.785261,862.01
State of Texas2013 MUN 1,000,000.00882722VH1 04/01/2021 2743.52301/11/2019 1,021,580.00 3.503 3.5521,005,356.12
State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 1,9183.05112/23/2019 1,671,315.00 1.975 2.0031,577,519.10
State of Texas2225 MUN 940,000.008827237T0 10/01/2029 3,3793.52101/30/2020 1,078,377.40 2.191 2.2211,041,162.74
State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 3,3793.52102/14/2020 1,451,220.65 2.192 2.2221,401,081.45
State of Texas2311 MUN 250,000.008827237N3 10/01/2024 1,5532.89903/16/2020 273,232.50 1.231 1.248266,998.44
University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 1,7793.05008/26/2019 1,647,345.00 1.930 1.9571,575,147.70
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 1,7793.05009/09/2019 1,098,230.00 1.797 1.8211,056,580.65
State of Utah1622 MUN 750,000.00917542QT2 07/01/2020 03.28906/07/2016 750,000.00 1.430 1.450750,000.00
State of Utah1731 MUN 770,000.00917542QR6 07/01/2024 1,4614.55401/04/2017 818,148.10 2.904 2.944814,183.44
State of Utah1990 MUN 1,000,000.00917542QU9 07/01/2021 3653.36911/29/2018 1,023,340.00 2.959 3.0001,003,515.02
State of Utah2306 MUN 1,500,000.00917542QV7 07/01/2025 1,8263.53903/13/2020 1,606,005.00 1.948 1.9751,610,787.74
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 7612.74008/08/2016 260,112.50 1.504 1.524256,027.20
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 7614.63612/05/2016 555,612.90 2.465 2.500536,241.85
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 3964.58604/12/2017 1,562,340.00 2.081 2.1101,538,257.26
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 1,4924.66905/23/2017 555,426.85 2.416 2.450525,057.98
State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 1,4924.66912/24/2019 572,605.00 1.978 2.005551,689.53
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
State of Wisconsin2000 MUN 500,000.0097705LA49 05/01/2022 6693.80012/19/2018 510,570.00 3.076 3.119505,870.30
Subtotal and Average 163,678,198.03 158,927,574.26 170,318,012.26 2.369 2.402 1,682
Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 8051.75011/09/2018 1,548,585.00 3.106 3.1501,456,741.71
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 9327.62511/08/2018 1,777,680.00 3.111 3.1551,658,905.84
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 1,1833.00011/27/2018 1,086,650.00 3.018 3.060998,189.30
Intl Bk Recon & Development2028 IBRD 1,500,000.0045905U2D5 02/15/2024 1,3242.50002/28/2019 1,517,715.00 2.990 3.0311,500,000.00
Intl Bk Recon & Development2106 IFC 1,500,000.0045950VNF9 09/20/2024 1,5421.70009/20/2019 1,521,840.00 1.676 1.7001,500,000.00
Intl Bk Recon & Development2111 IBRD 1,500,000.00459058HG1 09/23/2024 1,5452.20009/23/2019 1,505,265.00 2.169 2.2001,500,000.00
Intl Bk Recon & Development2116 IBRD 1,500,000.00459058HG1 09/23/2024 1,5452.20009/23/2019 1,505,265.00 2.169 2.2001,500,000.00
Intl Bk Recon & Development2154 IBRD 1,500,000.00459058HP1 11/13/2024 1,5962.05011/13/2019 1,507,500.00 2.021 2.0501,500,000.00
Intl Bk Recon & Development2156 IBRD 1,500,000.00459058HQ9 11/18/2024 1,6012.16011/18/2019 1,508,430.00 2.130 2.1601,500,000.00
Intl Bk Recon & Development2159 IBRD 1,500,000.00459058HQ9 11/18/2024 1,6012.16011/18/2019 1,508,430.00 2.130 2.1601,500,000.00
Intl Bk Recon & Development2168 IBRD 1,000,000.00459058HG1 09/23/2024 1,5452.20011/26/2019 1,003,510.00 2.118 2.1481,002,050.36
Intl Bk Recon & Development2185 IBRD 1,500,000.00459058HG1 09/23/2024 1,5452.20012/16/2019 1,505,265.00 2.136 2.1661,501,994.47
Intl Bk Recon & Development2199 IBRD 1,500,000.00459058HG1 09/23/2024 1,5452.20012/27/2019 1,505,265.00 2.147 2.1771,501,338.22
Intl Bk Recon & Development2336 IBRD 1,000,000.0045905U5S9 12/12/2024 1,6252.00003/25/2020 1,006,540.00 1.839 1.8641,005,715.32
International Finance Corp.1988 IFC 1,500,000.0045950VMW3 12/15/2023 1,2623.00012/06/2018 1,516,710.00 3.328 3.3741,500,000.00
International Finance Corp.2012 IFC 2,000,000.0045950VMY9 01/15/2024 1,2932.50001/23/2019 2,020,960.00 3.103 3.1472,000,000.00
International Finance Corp.2023 IFC 1,500,000.0045950VNC6 02/15/2024 1,3242.62502/15/2019 1,519,305.00 3.054 3.0971,500,000.00
International Finance Corp.2217 IFC 1,266,000.0045950VNR3 01/15/2025 1,6591.62501/27/2020 1,286,838.36 2.186 2.2161,266,000.00
Subtotal and Average 25,890,935.22 25,766,000.00 26,351,753.36 2.495 2.529 1,406
Total Investments and Average 561,518,261.06 554,315,784.97 576,605,401.96 1.934 1.960 1,292
Portfolio CPA
AP
Run Date: 07/13/2020 - 02:56 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
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.26.9%
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 $75 million
- Fidelity Investments $20.4 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.102.69%
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.15.17%
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.28.78%
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 June 30, 2020
Investment Policy Requirements
Compliance
Check / Actual
$126.8 million
1.89%
Attachment C
Investment Policy Compliance
As of June 30, 2020
Investment Policy Requirements
Compliance
Check / Actual
7 Commercial Paper:Full Compliance
a) No more than 15 percent of the par value of the portfolio.None Held
b) Having highest letter or numerical rating from a nationally recognized rating service.
c) Not to exceed 270 days maturity.
d) No more than $3 million or 10 percent of the outstanding commercial paper of any one institution,
whichever is lesser.
8 Short-Term Repurchase Agreement (REPO):Full Compliance
a) Not to exceed 1 year.None Held
b) Market value of securities that underlay a repurchase agreement shall be valued at 102 percent or
greater of the funds borrowed against those securities.
9 Money Market Deposit Accounts Full Compliance
a) Liquid bank accounts which seek to maintain a net asset value of $1.00.
10 Mutual Funds:Full Compliance
a) No more than 20 percent of the par value of the portfolio.None Held
b) No more than 10 percent of the par value with any one institution.
11 Negotiable Certificates of Deposit (NCD):Full Compliance
a) No more than 20 percent of the par value of the portfolio.7.07%
b) No more than $5 million in any one institution.Federally Insured
12 Medium-Term Corporate Notes:Full Compliance
a) No more than 10 percent of the par value of the portfolio.3.18%
b) Not to exceed 5 years maturity.
c) Securities eligible for investment shall have a minimum rating of AA or Aa2 from a nationally
recognized rating service.
d) No more than $5 million of the par value may be invested in securities of any single issuer, other
than the U.S. Government, its agencies and instrumentality.
e) If securities owned by the City are downgraded by either rating agencies to a level below AA it
shall be the City's policy to review the credit situation and make a determination as to whether
to sell or retain such securities.
13 Supranational Organizations Securities:Full Compliance
a) Securities will not exceed 5 years maturity 4.65%
b) No more than 20 percent of the par value of the portfolio.
c) No more than 10 percent in any one institution.
d) Securities eligible for investment shall have a minimum rating of AA or Aa2 from a nationally
recognized rating service.
14 Prohibited Investments:
a) Reverse Repurchase Agreements
b) Derivatives as defined in Appendix B of the Investment Policy
15 All securities shall be delivered to the City's safekeeping custodian, and held in the name of the
City, with the exception of :
- Certificates of Deposit, Mutual Funds, and Local Agency Investment Fund (LAIF)
Full Compliance
None Held
Full Compliance