HomeMy WebLinkAboutStaff Report 4175
City of Palo Alto (ID # 4175)
City Council Staff Report
Report Type: Informational Report Meeting Date: 10/21/2013
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the First Quarter, Fiscal
Year 2014
From: City Manager
Lead Department: Administrative Services
Background
The purpose of this report is to inform Council of the City’s investment portfolio status as of the
end of the first quarter. The City’s investment policy requires that staff report quarterly to
Council on the City’s portfolio composition compared to Council-adopted policy, portfolio
performance, and other key investment and cash flow information.
Discussion
The City’s investment portfolio is detailed in Attachment B. It is grouped by investment type
and includes 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.
The par value of the City’s portfolio is $473.2 million; in comparison, last quarter it was $482.4
million. The decline in the portfolio of $9.2 million since the last quarter primarily results from
the timing of cash flows. For example, one quarter of the City Sales tax receipts (“triple flip”)
and in-lieu vehicle license fee tax payments are received in January and May 2014 instead of on
a monthly basis. Seasonality and the timing of remittances and expenditures can significantly
affect cash flow.
The portfolio consists of $18.1 million in liquid accounts and $455.1 million in U. S. government
treasury investments, agency securities, bonds of State of California local Government agencies,
and certificates of deposit. The $455.1 million includes $103.5 million in investments maturing
in less than two years, comprising 22.8 percent of the City’s investment in notes and securities.
City of Palo Alto Page 2
The investment policy requires that at least $50 million be maintained in securities maturing in
less than two years.
The current market value of the portfolio is 100.2 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 securities in the City’s portfolio will increase. Likewise, when
interest rates increase, the market value of the securities will decrease. Understanding and
showing market values is not only a reporting requirement, but essential to knowing the
principal risks in actively buying and selling securities. It is important to note, however, that the
City’s practice is to buy and hold investments until they mature so changes in market price do
not affect the City’s investment principal. The market valuation is provided by Union Bank of
California, which is the City’s safekeeping agent. The average life to maturity of the investment
portfolio is 4.04 years compared to 4.18 years last quarter.
Investments Made During the First Quarter
During the first quarter, $17.5 million of government agency securities with an average yield of
3.8% percent matured. During the same period, government securities totaling $7.2 million
with an average yield of 1.9% percent were purchased. As higher yielding maturing investments
continue to be re-invested at lower interest rates and interest rates continue to remain at
historically low levels, the portfolio’s yield have and is expected to further decline. The City’s
short-term money market and pool account increased by $1.1 million compared to the fourth
quarter. Investment staff continually monitors the City’s short-term cash flow needs and
adjusts liquid funds to meet those needs.
Availability of Funds for the Next Six Months
Normally, the flow of revenues from the City’s utility billings and General Fund sources is
sufficient to provide funds for ongoing expenditures in those respective funds. Projections
indicate receipts will be $217.8 million and expenditures will be $206.2 million over the next six
months, indicating an overall growth in the portfolio of $11.6 million. Should the City’s cash
offer for the downtown Post Office be accepted, these projections and the portfolio balance
will change. As of September 30, 2013, the City had $18.1 million deposited in the Local Agency
Investment Fund (LAIF) and a money market account that could be withdrawn on a daily basis.
In addition, investments totaling $27.5 million will mature between October 1, 2013 and March
31, 2014. On the basis of the above projections, staff is confident that the City will have more
than sufficient funds or liquidity to meet expenditure requirements for the next six months.
City of Palo Alto Page 3
Compliance with City Investment Policy
During the first quarter, staff complied with all aspects of the investment policy. Attachment C
lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the first quarter was $2.7 million. As of September 30,
2013, the yield to maturity of the City’s portfolio was 2.22 percent. This compares to a yield of
2.29 percent in the fourth quarter of Fiscal Year 2013. The portfolio yield is expected to further
decrease in future quarters as staff continues to re-invest higher-yielding maturing securities at
lower interest rates. The City’s portfolio yield of 2.23 percent compares to LAIF’s average yield
for the quarter of 0.27 percent and an average yield on the two-year and five-year Treasury
bonds during the first quarter of approximately 0.35 percent and 1.50 percent, respectively.
Yield Trends
During the last 5 ½ years, the Federal Open Market Committee (FOMC) maintained the
historically low federal funds and discount rate at 0.25 and 0.75 percent, respectively. Prior to
the federal government shut down, FOMC outlook showed moderate improvement in
economic growth and the labor market, in household spending and business fixed investment
and continued strengthening in the housing sector. Inflation continues to remain low. However,
rising mortgage rates and fiscal policy were cited as restraining economic growth for the next
few months, at least. Though the impact of the federal government shut down and debt ceiling
fight is uncertain, it’s expected to have a negative impact on economic growth. The FOMC has
been telegraphing a change of course in its bond purchasing program that keeps long-term
interest rates low. For the moment it remains committed to a low rate environment given the
unemployment rate and anemic economic activity. Continuation of current FOMC monetary
policy, which is expected to be maintained under the new Chairperson, will continue to exert
downward pressure on the City’s portfolio yield.
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
Wells Fargo. The bond proceeds, reserves, and debt service payments being held by the City’s
fiscal agents are subject to the requirements of the underlying debt indenture. The trustees for
the bond funds are U.S. Bank and California Asset Management Program (CAMP). Bond funds
with U.S. Bank are invested in federal agency and money market mutual funds that consist
exclusively of U.S. Treasury securities. Bond funds in CAMP are invested in banker’s acceptance
notes, certificates of deposit, commercial paper, federal agency securities, and repurchase
City of Palo Alto Page 4
agreements. The most recent data on funds held by the fiscal agent is as of September 30,
2013.
Fiscal Impact
This is an information report.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
Attachment A: Consolidated Report of Cash Management (PDF)
Attachment B: Investment Portfolio (PDF)
Attachment C: Investment Policy Compliance (PDF)
Book Value Market Value
City Investment Portfolio (see Attachment B)479,386,422$ 480,415,849$
Other Funds Held by the City
Cash with Wells Fargo Bank 737,385 737,385
(includes general and imprest accounts)
Petty/Working Cash 12,328 12,328
Total - Other Funds Held By City 749,713 749,713
Funds Under Management of Third Party Trustees *
US Bank Trust Services **
2002 Downtown Parking Impvt. (Taxable) Certificates of Participation
Reserve Fund 237,953 237,953
2009 Water Revenue Bonds (Build America Bonds)
Project, Debt Service, Reserve, Cost of Issuance Funds 2,610,447 2,610,447
2011 Utility Revenue Refunding Bonds
Debt Service, Reserve, and Cost of Issuance Funds 1,497,617 1,497,617
2012 University Ave. Parking Refunding Bonds
Cost of Issuance Fund 16,627 16,627
2010 General Obligation Bonds
Debt Service 14 14
2013 General Obligation Bonds
Cost of Issuance Fund 61,207 61,207
California Asset Management Program (CAMP) ***
2010 General Obligation (Library) Bond
Project Fund 11,959,251 11,959,251
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,525,790 2,525,790
2013 General Obligation (Library) Bond
Project Fund 20,700,844 20,700,844
Total Under Trustee Management 39,609,750 39,609,750
GRAND TOTAL 519,745,885$ 520,775,312$
* 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.
First Quarter, Fiscal Year 2012-13
(Unaudited)
(Debt Service Proceeds)
Attachment A
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
City of Palo Alto City of Palo AltoAdministration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
September 30, 2013
Fund ALL - Portfolio Listings
Investments by Fund
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIPInvestment #Issuer
Purchase
Date Book Value YTM360 YTM365
Managed Pool Accounts
Fidelity Investments158 2,407,622.27SYS158 10.01007/01/2011 2,407,622.27 0.009 0.0102,407,622.27
Local Agency Investment Fund159 15,700,913.92SYS159 10.25007/01/2011 15,705,203.52 0.246 0.25015,700,913.92
Subtotal and Average 18,108,536.19 18,108,536.19 18,112,825.79 0.215 0.218 1
Negotiable CD's
Comenity Capital Bank1183 CD 245,000.0020033ABE5 05/03/2018 1,6751.00005/03/2013 238,661.85 0.986 1.000245,000.00
American Express Centurion Bk1178 CD 245,000.0002587DMV7 05/02/2018 1,6741.10005/02/2013 238,705.95 1.084 1.100245,000.00
Barclays Bank / Delaware1187 CD 245,000.0006740AZB8 04/30/2018 1,6720.70005/07/2013 236,555.59 1.049 1.064245,000.00
Compass Bank1231 CD 245,000.0020451PAW6 07/10/2018 1,7431.65007/10/2013 241,533.25 1.627 1.650245,000.00
Bank of the Valley1235 CD 215,000.0006543PBK0 08/09/2018 1,7731.65008/09/2013 213,596.05 1.627 1.650215,000.00
BMW Bank of North America1202 CD 245,000.0005568P3E5 05/24/2017 1,3310.90005/24/2013 241,535.70 0.887 0.900245,000.00
Bremer Bank NA1232 CD 245,000.0010701AAD0 07/19/2018 1,7521.65007/19/2013 242,508.35 1.628 1.650245,000.00
Cathay Bank1194 CD 245,000.00149159HS7 04/30/2018 1,6721.00005/14/2013 238,816.20 0.986 1.000244,997.74
Centrix Bank & Trust1220 CD 245,000.0015640ABQ3 06/27/2018 1,7301.30006/27/2013 237,309.45 1.282 1.300245,000.00
CIT Bank1175 CD 245,000.0017284CCN2 04/24/2018 1,6661.20004/24/2013 238,115.50 1.183 1.200245,000.00
Crescom Bank1234 CD 245,000.00225862BE0 07/24/2018 1,7571.65007/24/2013 241,329.90 1.627 1.650245,000.00
Discover Bank / Delaware1176 CD 245,000.00254671NJ5 05/01/2018 1,6731.15005/01/2013 238,735.35 1.134 1.150245,000.00
First General Bank1222 CD 245,000.00320337AR9 07/03/2018 1,7361.30007/03/2013 237,209.00 1.282 1.300245,000.00
GE Capital Bank1184 CD 245,000.0036161TJR7 05/03/2018 1,6751.00005/03/2013 238,142.45 0.986 1.000245,000.00
Goldman Sachs Bank USA / NY1177 CD 245,000.0038147JEC2 05/01/2018 1,6731.15005/01/2013 239,044.05 1.134 1.150245,000.00
JP Morgan Chase BAnk NA1200 CD 245,000.0048124JD39 12/05/2018 1,8911.25006/05/2013 237,248.20 1.232 1.250245,000.00
State Bank Definace1233 CD 245,000.00855736CX0 07/19/2018 1,7521.65007/19/2013 241,864.00 1.627 1.650245,000.00
State Bank of Texas1230 CD 245,000.00856528CG7 07/17/2018 1,7501.60007/17/2013 237,476.05 1.578 1.600245,000.00
Bell State Bank & Trust1223 CD 245,000.0007815AAG2 06/28/2018 1,7311.30006/28/2013 237,211.45 1.282 1.300245,000.00
Sterns Bank NA1221 CD 245,000.00857894NG0 06/28/2018 1,7311.30006/28/2013 237,292.30 1.282 1.300245,000.00
Subtotal and Average 4,869,997.74 4,870,000.00 4,752,890.64 1.274 1.291 1,702
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1028 3,000,000.0031315PPC7 02/21/2019 1,9691.79002/21/2012 2,956,290.00 1.765 1.7903,000,000.00
Federal Agricultural Mortgage1031 2,000,000.0031315PQC6 09/06/2018 1,8011.55003/06/2012 1,994,440.00 1.528 1.5502,000,000.00
Federal Agricultural Mortgage1052 1,500,000.0031315PTW9 04/10/2019 2,0171.87004/10/2012 1,482,375.00 1.844 1.8701,500,000.00
Federal Agricultural Mortgage1055 1,500,000.0031315PTQ2 04/10/2017 1,2871.26004/10/2012 1,505,985.00 1.242 1.2601,500,000.00
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2013
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 2
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Agricultural Mortgage1090 2,000,000.0031315PZQ5 06/05/2017 1,3431.11006/05/2012 1,999,480.00 1.094 1.1102,000,000.00
Federal Agricultural Mortgage1096 2,000,000.0031315PZQ5 06/05/2017 1,3431.11006/20/2012 1,999,480.00 0.998 1.0122,007,001.99
Federal Agricultural Mortgage1098 2,000,000.0031315PPK9 07/03/2017 1,3711.02007/03/2012 1,984,020.00 1.006 1.0202,000,000.00
Federal Agricultural Mortgage1109 2,000,000.0031315PSX8 08/23/2017 1,4221.03008/23/2012 1,986,060.00 1.015 1.0302,000,000.00
Federal Agricultural Mortgage1122 Call 1,000,000.0031315PNY1 11/21/2022 3,3382.19011/21/2012 913,440.00 2.163 2.193999,771.53
Federal Agricultural Mortgage1123 Call 1,500,000.0031315PQL6 11/29/2021 2,9812.00011/29/2012 1,401,015.00 1.972 2.0001,500,000.00
Federal Agricultural Mortgage1124 Call 1,750,000.0031315PNY1 11/21/2022 3,3382.19011/21/2012 1,598,520.00 2.166 2.1961,749,200.35
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 3,1992.20012/13/2012 1,379,985.00 1.930 1.9571,528,986.65
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 3,3382.00012/19/2012 682,207.50 2.081 2.110743,223.36
Federal Agricultural Mortgage1136 1,500,000.0031315PTY5 12/27/2019 2,2781.48012/27/2012 1,441,995.00 1.395 1.4151,505,762.06
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 3,3742.18001/04/2013 1,360,020.00 2.165 2.1961,498,013.01
Federal Agricultural Mortgage1138 740,000.0031315PEY1 12/30/2019 2,2814.50001/04/2013 820,156.80 1.514 1.535869,476.25
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 2,8003.84001/04/2013 525,855.00 1.946 1.973565,635.48
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 3,3742.18001/08/2013 1,360,020.00 2.195 2.2251,494,356.27
Federal Agricultural Mortgage1142 1,200,000.0031315PTW9 04/10/2019 2,0171.87001/09/2013 1,185,900.00 1.400 1.4201,228,443.32
Federal Agricultural Mortgage1143 451,000.0031315PPC7 02/21/2019 1,9691.79001/09/2013 444,428.93 1.372 1.392460,239.32
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 3,3742.18001/23/2013 1,360,020.00 2.111 2.1411,504,829.87
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 3,3742.18001/28/2013 2,352,834.60 2.199 2.2292,584,286.86
Federal Agricultural Mortgage1152 2,000,000.0031315PPF0 01/30/2019 1,9471.32002/11/2013 1,947,400.00 1.220 1.2372,008,501.11
Federal Agricultural Mortgage1155 1,500,000.0031315PPF0 01/30/2019 1,9471.32002/21/2013 1,460,550.00 1.262 1.2801,503,057.48
Federal Agricultural Mortgage1160 1,500,000.0031315PQM4 03/06/2018 1,6170.94003/07/2013 1,471,875.00 0.925 0.9371,500,129.53
Federal Agricultural Mortgage1163 1,500,000.0031315PQM4 03/06/2018 1,6170.94003/08/2013 1,471,875.00 0.987 1.0011,496,034.68
Federal Agricultural Mortgage1179 1,500,000.0031315PXM6 05/02/2018 1,6740.85005/02/2013 1,459,710.00 0.864 0.8771,498,186.65
Federal Agricultural Mortgage1186 1,450,000.0031315PXH7 01/09/2019 1,9262.10005/01/2013 1,466,356.00 1.055 1.0701,526,179.96
Federal Agricultural Mortgage1199 1,500,000.0031315PZZ5 03/09/2018 1,6200.77005/15/2013 1,451,880.00 0.961 0.9751,486,687.94
Federal Agricultural Mortgage1209 1,500,000.0031315PZZ5 03/09/2018 1,6200.77005/30/2013 1,451,880.00 1.151 1.1671,474,363.67
Federal Agricultural Mortgage1224 1,500,000.0031315PC98 06/12/2018 1,7151.18006/21/2013 1,477,395.00 1.549 1.5701,473,598.31
Federal Agricultural Mortgage1225 1,500,000.0031315PC98 06/12/2018 1,7151.18006/21/2013 1,477,395.00 1.575 1.5971,471,816.67
Federal Agricultural Mortgage1226 1,500,000.0031315PC98 06/12/2018 1,7151.18006/25/2013 1,477,395.00 1.783 1.8081,457,858.89
Federal Agricultural Mortgage820 2,000,000.0031315PLR8 08/11/2014 3143.25008/11/2009 2,052,920.00 3.205 3.2502,000,000.00
Federal Agricultural Mortgage838 2,000,000.0031315PES4 12/30/2014 4552.82012/30/2009 2,059,260.00 2.781 2.8202,000,000.00
Federal Agricultural Mortgage839 1,500,000.0031315PEY1 12/30/2019 2,2814.50012/30/2009 1,662,480.00 4.438 4.5001,500,000.00
Federal Agricultural Mortgage840 2,000,000.0031315PGE3 01/19/2017 1,2064.12501/19/2010 2,171,180.00 4.068 4.1252,000,000.00
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2013
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Agricultural Mortgage866 1,000,000.0031315PAT6 05/17/2017 1,3243.75005/17/2010 1,083,980.00 3.698 3.7501,000,000.00
Federal Agricultural Mortgage923 1,500,000.0031315PNM7 12/28/2017 1,5493.15012/28/2010 1,595,715.00 3.106 3.1501,500,000.00
Federal Agricultural Mortgage935 1,500,000.0031315PQN2 02/03/2014 1251.34002/03/2011 1,506,405.00 1.321 1.3401,500,000.00
Federal Agricultural Mortgage936 1,500,000.0031315PRG6 01/31/2016 8522.44002/03/2011 1,566,555.00 2.406 2.4401,500,000.00
Federal Agricultural Mortgage942 1,500,000.0031315PTU3 03/09/2021 2,7164.16003/09/2011 1,597,725.00 4.103 4.1601,500,000.00
Federal Agricultural Mortgage951 1,500,000.0031315PUN7 04/29/2016 9412.41004/29/2011 1,559,715.00 2.376 2.4101,500,000.00
Federal Agricultural Mortgage975 1,000,000.0031315PA25 07/27/2016 1,0302.00007/27/2011 1,033,890.00 2.063 2.092997,544.67
Federal Farm Credit Bank1002 2,000,000.0031331KF96 10/14/2014 3780.70010/14/2011 2,010,800.00 0.690 0.7002,000,000.00
Federal Farm Credit Bank1006 2,000,000.0031331KK90 10/26/2016 1,1211.35010/26/2011 2,034,660.00 1.331 1.3502,000,000.00
Federal Farm Credit Bank1032 950,000.003133EAGE2 03/07/2016 8880.75003/07/2012 954,408.00 0.739 0.750950,000.00
Federal Farm Credit Bank1046 1,000,000.003133EAJU3 03/28/2016 9091.05003/28/2012 1,012,680.00 1.035 1.0501,000,000.00
Federal Farm Credit Bank1088 2,000,000.003133EASF6 11/20/2014 4150.50005/29/2012 2,006,800.00 0.458 0.4652,000,789.54
Federal Farm Credit Bank1092 1,500,000.003133EAUF3 06/14/2019 2,0821.50006/14/2012 1,457,670.00 1.479 1.5001,500,000.00
Federal Farm Credit Bank1205 575,000.0031331JQM8 06/04/2018 1,7073.40005/23/2013 622,610.00 1.045 1.060636,095.58
Federal Farm Credit Bank1206 950,000.0031331YW63 06/12/2018 1,7154.90005/23/2013 1,086,971.00 1.045 1.0601,116,412.35
Federal Farm Credit Bank655 4,000,000.0031331V4E3 09/15/2014 3495.18010/12/2006 4,191,640.00 5.059 5.1304,001,538.57
Federal Farm Credit Bank657 2,039,000.0031331VWS1 04/17/2014 1985.20010/16/2006 2,095,582.25 5.100 5.1712,039,263.37
Federal Farm Credit Bank658 1,500,000.0031331S3H4 02/18/2014 1404.75010/16/2006 1,526,640.00 5.104 5.1751,497,997.48
Federal Farm Credit Bank659 3,000,000.0031331XBS0 11/25/2013 555.05010/25/2006 3,022,170.00 4.979 5.0483,000,000.00
Federal Farm Credit Bank660 2,000,000.0031331XCY6 05/06/2015 5825.05011/06/2006 2,151,080.00 4.980 5.0502,000,000.00
Federal Farm Credit Bank690 2,000,000.0031331XSR4 03/14/2014 1644.87503/27/2007 2,043,360.00 4.807 4.8742,000,000.00
Federal Farm Credit Bank703 2,000,000.0031331XC26 06/05/2014 2475.25006/05/2007 2,069,460.00 5.178 5.2502,000,000.00
Federal Farm Credit Bank705 2,000,000.0031331XD74 12/18/2013 785.33006/12/2007 2,022,440.00 5.257 5.3302,000,000.00
Federal Farm Credit Bank707 3,000,000.0031331XC26 06/05/2014 2475.25006/08/2007 3,104,190.00 5.409 5.4842,996,073.90
Federal Farm Credit Bank715 3,000,000.0031331XU75 08/13/2014 3165.30008/20/2007 3,128,010.00 5.128 5.1993,002,152.84
Federal Farm Credit Bank720 1,500,000.0031331X3H3 09/17/2014 3515.00009/17/2007 1,567,440.00 4.931 5.0001,500,000.00
Federal Farm Credit Bank721 1,500,000.0031331X5Y4 10/03/2014 3675.00010/03/2007 1,572,735.00 4.931 5.0001,500,000.00
Federal Farm Credit Bank722 2,000,000.0031331YCJ7 10/30/2017 1,4904.90010/30/2007 2,285,540.00 4.832 4.9002,000,000.00
Federal Farm Credit Bank725 2,000,000.0031331YHQ6 12/15/2017 1,5364.62512/12/2007 2,268,060.00 4.561 4.6242,000,000.00
Federal Farm Credit Bank742 2,000,000.0031331VCQ7 10/19/2015 7484.80001/30/2008 2,181,320.00 3.945 4.0002,027,947.87
Federal Farm Credit Bank744 1,000,000.0031331SKH5 01/22/2015 4784.50001/30/2008 1,055,630.00 3.820 3.8731,007,125.00
Federal Farm Credit Bank747 1,500,000.0031331YSV3 02/11/2015 4983.85002/11/2008 1,573,320.00 3.797 3.8501,500,000.00
Federal Farm Credit Bank788 1,000,000.0031331GLT4 01/29/2016 8503.75003/04/2009 1,074,580.00 3.698 3.7491,000,000.00
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2013
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Farm Credit Bank823 2,000,000.0031331GL80 09/22/2014 3563.00008/21/2009 2,055,420.00 2.959 3.0002,000,000.00
Federal Farm Credit Bank850 2,000,000.0031331JFZ1 03/08/2017 1,2543.37503/08/2010 2,162,380.00 3.328 3.3752,000,000.00
Federal Farm Credit Bank870 1,000,000.0031331JQB2 06/02/2017 1,3403.00006/02/2010 1,066,550.00 2.958 3.0001,000,000.00
Federal Farm Credit Bank872 2,000,000.0031331YEL0 11/15/2016 1,1415.00006/04/2010 2,242,940.00 3.027 3.0702,108,571.07
Federal Farm Credit Bank903 1,000,000.0031331JN90 09/29/2020 2,5552.87509/29/2010 1,017,540.00 2.835 2.8751,000,000.00
Federal Farm Credit Bank910 2,000,000.0031331JX32 10/28/2016 1,1231.70010/28/2010 2,055,780.00 1.676 1.7002,000,000.00
Federal Farm Credit Bank918 2,000,000.0031331J5F6 12/16/2020 2,6333.62512/16/2010 2,143,040.00 3.575 3.6252,000,000.00
Federal Farm Credit Bank925 1,500,000.0031331JX32 10/28/2016 1,1231.70001/04/2011 1,541,835.00 2.576 2.6111,461,200.58
Federal Farm Credit Bank932 3,000,000.0031331J2M4 11/22/2016 1,1481.87501/14/2011 3,098,340.00 2.483 2.5182,943,954.34
Federal Farm Credit Bank937 2,000,000.0031331KBX7 02/10/2017 1,2282.87502/10/2011 2,121,500.00 2.835 2.8752,000,000.00
Federal Farm Credit Bank959 1,500,000.0031331KQD5 06/27/2017 1,3652.30006/27/2011 1,553,460.00 2.268 2.3001,500,000.00
Federal Farm Credit Bank .1100 Call 1,500,000.003133EAZN1 07/24/2020 2,4881.84007/24/2012 1,443,915.00 1.814 1.8401,500,000.00
Federal Farm Credit Bank .1117 Call 1,500,000.003133EA3N6 07/09/2020 2,4731.72010/09/2012 1,426,635.00 1.696 1.7201,500,000.00
Federal Farm Credit Bank .1181 Call 1,500,000.003133EA4J4 10/11/2018 1,8361.15004/30/2013 1,454,115.00 1.137 1.1531,499,723.10
Federal Farm Credit Bank .1189 Call 1,500,000.003133ECMF8 04/24/2018 1,6660.98005/06/2013 1,464,465.00 0.986 1.0001,498,621.64
Federal Farm Credit Bank .1218 Call 1,500,000.003133ECSL9 06/19/2023 3,5483.05006/19/2013 1,443,150.00 3.028 3.0701,497,449.38
Federal Farm Credit Bank .1227 1,500,000.003133ECTM6 07/02/2018 1,7351.90007/02/2013 1,526,655.00 1.873 1.9001,500,000.00
Federal Farm Credit Bank .1229 Call 1,000,000.003133ECTX2 07/03/2023 3,5623.50007/03/2013 991,270.00 3.452 3.5001,000,000.00
Federal Home Loan Bank1012 2,000,000.00313376BR5 12/14/2018 1,9001.75012/16/2011 2,000,980.00 1.725 1.7492,000,000.00
Federal Home Loan Bank1017 2,000,000.00313376V36 01/25/2017 1,2121.00001/25/2012 2,004,520.00 0.986 1.0002,000,000.00
Federal Home Loan Bank1021 2,000,000.00313376VN2 12/22/2016 1,1781.10001/30/2012 2,013,700.00 1.084 1.1002,000,000.00
Federal Home Loan Bank1027 2,000,000.003133787M7 02/27/2017 1,2451.05002/21/2012 1,994,960.00 1.035 1.0492,000,000.00
Federal Home Loan Bank1038 1,500,000.003133782N0 03/10/2017 1,2560.87503/08/2012 1,494,135.00 0.999 1.0131,493,058.99
Federal Home Loan Bank1039 1,500,000.003133782M2 03/08/2019 1,9841.50003/08/2012 1,475,295.00 1.574 1.5961,492,603.01
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 3,0692.33003/20/2012 1,424,775.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1042 2,000,000.00313378LY5 07/30/2015 6670.60003/20/2012 2,007,340.00 0.591 0.6002,000,000.00
Federal Home Loan Bank1045 2,000,000.00313378QP9 03/28/2017 1,2741.26003/28/2012 2,016,740.00 1.242 1.2602,000,000.00
Federal Home Loan Bank1049 1,500,000.00313378VG3 05/22/2019 2,0591.85004/09/2012 1,494,435.00 1.824 1.8501,500,000.00
Federal Home Loan Bank1057 1,500,000.00313378ZW4 04/17/2017 1,2941.05004/17/2012 1,500,375.00 1.035 1.0501,500,000.00
Federal Home Loan Bank1058 1,500,000.003133792L2 10/20/2017 1,4801.23004/20/2012 1,496,400.00 1.213 1.2301,500,000.00
Federal Home Loan Bank1068 1,500,000.00313379BL2 12/29/2017 1,5501.25004/30/2012 1,492,980.00 1.232 1.2501,500,000.00
Federal Home Loan Bank1070 1,500,000.00313379BG3 04/27/2017 1,3041.07004/27/2012 1,495,470.00 1.055 1.0701,500,000.00
Federal Home Loan Bank1073 2,000,000.00313379EC9 11/18/2020 2,6052.00005/18/2012 1,919,000.00 1.972 2.0002,000,000.00
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2013
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Home Loan Bank1078 Call 2,000,000.00313379E96 05/23/2022 3,1562.60005/23/2012 1,919,240.00 2.564 2.6002,000,000.00
Federal Home Loan Bank1089 2,000,000.00313379PD5 09/20/2017 1,4501.09006/07/2012 1,987,160.00 1.075 1.0902,000,000.00
Federal Home Loan Bank1101 Call 1,500,000.003133805L7 08/08/2022 3,2332.25008/08/2012 1,400,595.00 2.219 2.2501,500,000.00
Federal Home Loan Bank1102 Call 750,000.003133802M8 07/30/2018 1,7631.37507/30/2012 734,850.00 1.356 1.375750,000.00
Federal Home Loan Bank1104 Call 1,500,000.003133807E1 08/15/2022 3,2402.29008/15/2012 1,396,755.00 2.258 2.2901,500,000.00
Federal Home Loan Bank1105 Call 1,500,000.00313380E86 11/30/2018 1,8861.33008/30/2012 1,465,995.00 1.311 1.3301,500,000.00
Federal Home Loan Bank1112 Call 333,333.34313380JH1 08/23/2022 3,2482.48008/23/2012 314,960.01 2.446 2.480333,333.34
Federal Home Loan Bank1116 Call 1,500,000.00313380WT0 10/11/2022 3,2972.25010/11/2012 1,389,330.00 2.227 2.2581,498,984.38
Federal Home Loan Bank1121 Call 2,000,000.00313381AY1 11/21/2022 3,3382.25011/21/2012 1,851,880.00 2.224 2.2551,999,086.11
Federal Home Loan Bank1125 1,500,000.00313381C94 12/13/2019 2,2641.25011/30/2012 1,421,295.00 1.196 1.2121,503,308.74
Federal Home Loan Bank1126 Call 1,500,000.00313381DA0 12/05/2022 3,3522.19012/05/2012 1,382,070.00 2.165 2.1951,499,311.67
Federal Home Loan Bank1127 1,500,000.00313381GB5 11/30/2018 1,8861.00011/30/2012 1,447,215.00 0.986 1.0001,500,000.00
Federal Home Loan Bank1128 Call 2,000,000.00313381HW8 12/19/2022 3,3662.19012/19/2012 1,842,500.00 2.168 2.1981,998,617.50
Federal Home Loan Bank1129 Call 1,500,000.00313381HW8 12/19/2022 3,3662.19012/19/2012 1,381,875.00 2.176 2.2061,497,926.25
Federal Home Loan Bank1131 1,500,000.00313381C94 12/13/2019 2,2641.25012/13/2012 1,421,295.00 1.232 1.2491,500,000.00
Federal Home Loan Bank1135 1,500,000.00313376BR5 12/14/2018 1,9001.75012/19/2012 1,500,735.00 1.075 1.0901,549,730.11
Federal Home Loan Bank1140 1,500,000.00313376BR5 12/14/2018 1,9001.75001/08/2013 1,500,735.00 1.117 1.1321,546,456.71
Federal Home Loan Bank1146 Call 425,000.00313381DA0 12/05/2022 3,3522.19001/25/2013 391,586.50 2.201 2.232423,516.69
Federal Home Loan Bank1150 Call 1,500,000.003133825Z2 02/22/2023 3,4312.50002/22/2013 1,382,415.00 2.465 2.5001,500,000.00
Federal Home Loan Bank1154 1,500,000.003133XRFZ8 06/08/2018 1,7114.75002/21/2013 1,716,030.00 1.020 1.0351,753,437.47
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 2,9925.00002/25/2013 1,508,620.60 1.825 1.8501,626,741.86
Federal Home Loan Bank1157 2,000,000.003133XSR59 12/14/2018 1,9003.75002/25/2013 2,200,160.00 1.128 1.1442,261,551.14
Federal Home Loan Bank1168 530,000.003133XSR59 12/14/2018 1,9003.75003/11/2013 583,042.40 1.165 1.182598,252.82
Federal Home Loan Bank1182 Call 1,500,000.00313381C29 06/04/2018 1,7071.05004/30/2013 1,464,660.00 1.039 1.0541,499,724.70
Federal Home Loan Bank1185 Call 2,445,000.00313382LB7 03/28/2023 3,4652.45004/30/2013 2,287,297.50 2.415 2.4482,445,234.15
Federal Home Loan Bank1196 Call 1,500,000.003133836L0 05/24/2018 1,6961.20005/28/2013 1,469,325.00 1.183 1.2001,500,000.00
Federal Home Loan Bank1198 Call 1,500,000.003133836L0 05/24/2018 1,6961.20005/28/2013 1,469,325.00 1.184 1.2011,499,930.14
Federal Home Loan Bank1204 Call 1,500,000.00313383EP2 06/20/2018 1,7231.25006/20/2013 1,473,285.00 1.232 1.2501,500,000.00
Federal Home Loan Bank1208 Call 2,000,000.00313383HX2 06/19/2018 1,7221.62506/19/2013 1,993,520.00 1.602 1.6252,000,000.00
Federal Home Loan Bank1212 1,500,000.00313379DT3 06/08/2018 1,7111.25006/05/2013 1,480,995.00 1.222 1.2391,500,743.85
Federal Home Loan Bank1213 2,000,000.00313379DT3 06/08/2018 1,7111.25006/06/2013 1,974,660.00 1.191 1.2082,003,803.80
Federal Home Loan Bank1216 Call 1,500,000.00313382Y98 05/16/2018 1,6881.00006/12/2013 1,455,915.00 1.412 1.4321,471,139.37
Federal Home Loan Bank1217 Call 1,000,000.00313382FP3 03/20/2018 1,6311.00006/12/2013 970,180.00 1.372 1.391983,142.03
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2013
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Home Loan Bank1228 1,500,000.00313373UU4 06/08/2018 1,7112.75007/01/2013 1,580,265.00 1.605 1.6271,575,521.97
Federal Home Loan Bank654 2,000,000.003133XHBL5 06/13/2014 2554.87510/12/2006 2,066,320.00 5.020 5.0891,997,498.25
Federal Home Loan Bank663 2,000,000.003133XHXW7 11/27/2013 574.87511/27/2006 2,014,940.00 4.808 4.8752,000,000.00
Federal Home Loan Bank667 2,000,000.003133XHW57 12/13/2013 734.87512/14/2006 2,019,180.00 4.806 4.8732,000,000.00
Federal Home Loan Bank710 2,500,000.003133XLDG5 06/13/2014 2555.37506/28/2007 2,591,275.00 5.300 5.3742,500,000.00
Federal Home Loan Bank713 3,000,000.003133XLDG5 06/13/2014 2555.37508/20/2007 3,109,530.00 5.099 5.1703,003,562.72
Federal Home Loan Bank730 2,000,000.003133XPBA1 03/13/2015 5283.50001/25/2008 2,092,920.00 3.451 3.4992,000,000.00
Federal Home Loan Bank741 3,000,000.003133XPBA1 03/13/2015 5283.50001/30/2008 3,139,380.00 3.869 3.9232,984,040.61
Federal Home Loan Bank777 3,000,000.003133XSP93 12/13/2013 733.12501/16/2009 3,018,270.00 2.794 2.8333,003,163.88
Federal Home Loan Bank789 2,000,000.003133XTCS3 03/13/2014 1633.00003/16/2009 2,026,240.00 2.958 2.9992,000,000.00
Federal Home Loan Bank793 3,000,000.003133XTFQ4 04/01/2014 1822.90004/01/2009 3,042,120.00 2.860 2.9003,000,000.00
Federal Home Loan Bank818 2,000,000.003133XTYD2 06/16/2015 6234.00006/16/2009 2,123,780.00 3.945 4.0002,000,000.00
Federal Home Loan Bank822 3,000,000.003133XUMS9 09/13/2019 2,1734.50008/12/2009 3,391,500.00 4.437 4.4993,000,000.00
Federal Home Loan Bank827 1,000,000.003133XUMR1 09/12/2014 3463.25010/21/2009 1,029,200.00 2.594 2.6311,005,459.23
Federal Home Loan Bank830 3,000,000.003133XDTL5 12/21/2015 8115.00010/21/2009 3,298,230.00 3.101 3.1453,111,573.57
Federal Home Loan Bank832 3,000,000.003133XVRJ2 12/09/2016 1,1653.50011/19/2009 3,233,190.00 3.325 3.3723,010,778.40
Federal Home Loan Bank833 1,200,000.003133MJQF0 08/15/2016 1,0495.50011/19/2009 1,362,300.00 3.304 3.3501,265,814.57
Federal Home Loan Bank847 2,000,000.003133XWX95 03/13/2015 5282.75002/19/2010 2,071,240.00 2.711 2.7492,000,000.00
Federal Home Loan Bank859 1,500,000.003133XEUG2 03/11/2016 8924.87504/26/2010 1,655,325.00 3.227 3.2721,553,055.89
Federal Home Loan Bank860 1,500,000.003133XHVS8 12/09/2016 1,1655.00004/26/2010 1,693,080.00 3.430 3.4781,564,500.93
Federal Home Loan Bank878 3,000,000.003133XVNU1 12/12/2014 4372.75006/23/2010 3,091,740.00 2.052 2.0813,022,828.26
Federal Home Loan Bank879 1,500,000.003133XUMR1 09/12/2014 3463.25006/23/2010 1,543,800.00 1.975 2.0031,516,900.71
Federal Home Loan Bank883 1,500,000.003133XWNB1 06/12/2015 6192.87506/29/2010 1,563,795.00 2.099 2.1281,517,934.20
Federal Home Loan Bank885 2,000,000.003133XBDM4 02/13/2015 5004.75006/29/2010 2,122,240.00 2.022 2.0512,070,027.21
Federal Home Loan Bank901 1,000,000.003133717D2 02/27/2014 1491.00009/27/2010 1,003,730.00 0.986 1.0001,000,000.00
Federal Home Loan Bank907 2,000,000.00313371FB7 08/28/2015 6961.35010/22/2010 2,035,300.00 1.331 1.3502,000,000.00
Federal Home Loan Bank911 1,500,000.00313371PV2 12/09/2016 1,1651.62511/09/2010 1,530,480.00 1.602 1.6241,500,000.00
Federal Home Loan Bank912 1,500,000.00313371PU4 12/13/2013 730.50011/09/2010 1,500,960.00 0.589 0.5971,500,000.00
Federal Home Loan Bank913 2,000,000.00313371VF0 12/11/2015 8011.62511/19/2010 2,046,540.00 1.602 1.6242,000,000.00
Federal Home Loan Bank914 2,000,000.00313371WB8 07/24/2014 2961.15011/24/2010 2,016,300.00 1.134 1.1502,000,000.00
Federal Home Loan Bank920 1,500,000.00313371PV2 12/09/2016 1,1651.62512/15/2010 1,530,480.00 2.550 2.5851,457,653.51
Federal Home Loan Bank921 1,500,000.00313371NW2 12/11/2015 8011.37512/15/2010 1,529,055.00 2.191 2.2211,473,739.98
Federal Home Loan Bank924 1,500,000.003133MJQF0 08/15/2016 1,0495.50001/04/2011 1,702,875.00 2.516 2.5501,617,656.51
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2013
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal Home Loan Bank926 1,500,000.00313371PV2 12/09/2016 1,1651.62501/04/2011 1,530,480.00 2.592 2.6291,455,782.27
Federal Home Loan Bank931 3,000,000.003133XFPR1 06/10/2016 9835.37501/14/2011 3,382,890.00 2.363 2.3963,224,328.98
Federal Home Loan Bank938 1,500,000.00313372Q56 02/26/2016 8782.65002/18/2011 1,573,680.00 2.613 2.6491,500,000.00
Federal Home Loan Bank940 2,000,000.003133X0PF0 08/15/2018 1,7795.37502/17/2011 2,352,300.00 3.423 3.4702,162,137.73
Federal Home Loan Bank947 1,500,000.00313373GQ9 10/29/2014 3931.75004/29/2011 1,525,170.00 1.726 1.7501,500,000.00
Federal Home Loan Bank982 2,000,000.00313375KP1 03/15/2017 1,2611.50009/15/2011 2,034,040.00 1.479 1.5002,000,000.00
Federal Home Loan Bank985 2,000,000.00313375M87 10/14/2016 1,1091.27009/14/2011 2,028,780.00 1.252 1.2702,000,000.00
Federal Home Loan Bank990 2,000,000.00313370TW8 09/09/2016 1,0742.00009/13/2011 2,074,140.00 1.163 1.1802,046,667.46
Federal Home Loan Bank992 2,000,000.00313371ZX7 12/08/2017 1,5292.62509/13/2011 2,104,120.00 1.526 1.5472,085,627.14
Federal Home Loan Bank - S & P792 2,000,000.003133XTFD3 03/27/2014 1772.85003/27/2009 2,026,980.00 2.810 2.8502,000,000.00
Fed. Home Loan Mortgage Corp.1007 Call 2,000,000.003134G23Y6 11/15/2016 1,1411.57011/15/2011 2,002,880.00 1.548 1.5702,000,000.00
Fed. Home Loan Mortgage Corp.1024 Call 2,000,000.003134G3MD9 11/14/2017 1,5051.50002/14/2012 2,007,020.00 1.479 1.5002,000,000.00
Fed. Home Loan Mortgage Corp.1025 Call 2,000,000.003134G3MF4 02/07/2019 1,9552.00002/07/2012 1,991,240.00 1.972 2.0002,000,000.00
Fed. Home Loan Mortgage Corp.1036 1,500,000.003137EABA6 11/17/2017 1,5085.12503/01/2012 1,731,495.00 1.227 1.2441,731,182.86
Fed. Home Loan Mortgage Corp.1097 Call 1,500,000.003134G3XT2 07/17/2017 1,3851.05007/17/2012 1,489,575.00 1.035 1.0501,500,000.00
Fed. Home Loan Mortgage Corp.1106 Call 1,500,000.003134G3A91 08/22/2019 2,1511.40008/22/2012 1,418,205.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.1113 Call 1,500,000.003134G3L73 12/26/2019 2,2771.50009/26/2012 1,447,860.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1153 1,500,000.003137EADP1 03/07/2018 1,6180.87502/11/2013 1,465,170.00 0.960 0.9731,493,633.48
Fed. Home Loan Mortgage Corp.1162 Call 1,500,000.003134G36X3 03/28/2018 1,6391.12503/28/2013 1,476,945.00 1.109 1.1251,500,000.00
Fed. Home Loan Mortgage Corp.1166 1,500,000.003137EADN6 01/12/2018 1,5640.75003/15/2013 1,461,660.00 0.948 0.9621,486,727.17
Fed. Home Loan Mortgage Corp.1171 Call 1,500,000.003134G37E4 04/17/2023 3,4852.50004/17/2013 1,397,865.00 2.471 2.5051,499,284.17
Fed. Home Loan Mortgage Corp.1172 Call 1,500,000.003134G37K0 04/17/2023 3,4852.50004/17/2013 1,400,730.00 2.476 2.5111,498,568.33
Fed. Home Loan Mortgage Corp.1180 Call 2,000,000.003134G44L9 05/22/2023 3,5202.40005/22/2013 1,837,520.00 2.367 2.4002,000,000.00
Fed. Home Loan Mortgage Corp.1203 Call 1,500,000.003134G46D5 06/12/2018 1,7151.20006/12/2013 1,466,970.00 1.183 1.2001,500,000.00
Fed. Home Loan Mortgage Corp.1207 Call 2,000,000.003134G46R4 06/25/2018 1,7281.30006/25/2013 1,966,020.00 1.282 1.3002,000,000.00
Fed. Home Loan Mortgage Corp.1211 Call 1,500,000.003134G47M4 06/26/2018 1,7291.50006/26/2013 1,482,120.00 1.486 1.5071,499,502.71
Fed. Home Loan Mortgage Corp.1215 Call 1,500,000.003134G47M4 06/26/2018 1,7291.50006/26/2013 1,482,120.00 1.479 1.5001,500,000.00
Fed. Home Loan Mortgage Corp.1219 Call 1,500,000.003134G4BD9 07/09/2018 1,7421.50007/09/2013 1,486,005.00 1.489 1.5101,499,284.17
Fed. Home Loan Mortgage Corp.714 2,000,000.003134A4UM4 01/15/2014 1064.50008/20/2007 2,025,400.00 5.033 5.1031,997,055.51
Fed. Home Loan Mortgage Corp.734 1,500,000.003128X6N85 01/31/2015 4874.30001/31/2008 1,580,775.00 4.241 4.3001,500,000.00
Fed. Home Loan Mortgage Corp.828 2,000,000.003128X33E1 01/26/2015 4825.05010/21/2009 2,126,620.00 2.713 2.7512,056,100.53
Fed. Home Loan Mortgage Corp.884 4,000,000.003128X2RA5 12/01/2015 7915.30006/29/2010 4,404,600.00 2.327 2.3604,237,825.51
Fed. Home Loan Mortgage Corp.890 4,000,000.003134A4VG6 11/17/2015 7774.75007/07/2010 4,363,840.00 2.135 2.1654,206,621.55
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2013
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Fed. Home Loan Mortgage Corp.927 1,500,000.003134A4ZT4 01/19/2016 8404.75001/04/2011 1,645,770.00 2.215 2.2451,581,239.80
Fed. Home Loan Mortgage Corp.993 2,000,000.003137EAAY5 08/23/2017 1,4225.50009/13/2011 2,332,220.00 1.415 1.4352,302,438.92
Federal National Mortgage Asso1022 2,000,000.0031398ADM1 06/12/2017 1,3505.37501/25/2012 2,307,380.00 1.317 1.3362,287,226.64
Federal National Mortgage Asso1023 2,590,000.003136FPXN2 11/24/2017 1,5152.30001/25/2012 2,691,320.80 1.406 1.4262,679,754.12
Federal National Mortgage Asso1033 3,000,000.003135G0JA2 04/27/2017 1,3041.12503/01/2012 3,010,350.00 1.134 1.1502,997,401.67
Federal National Mortgage Asso1034 1,500,000.003135G0AL7 03/15/2016 8962.25003/01/2012 1,560,120.00 0.856 0.8681,549,911.95
Federal National Mortgage Asso1035 2,000,000.0031398ALG5 01/23/2018 1,5754.37703/01/2012 2,249,140.00 1.388 1.4082,244,794.72
Federal National Mortgage Asso1047 Call 3,000,000.003136G0AX9 04/17/2019 2,0242.00004/17/2012 2,933,940.00 1.972 2.0003,000,000.00
Federal National Mortgage Asso1048 Call 2,000,000.003136G0AW1 10/16/2020 2,5722.35004/16/2012 1,989,960.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1054 Call 2,000,000.003136G0CY5 04/30/2019 2,0372.05004/30/2012 2,003,140.00 2.021 2.0502,000,000.00
Federal National Mortgage Asso1059 Call 2,000,000.003136G0DU2 04/30/2020 2,4032.00004/30/2012 1,959,000.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1061 Call 1,500,000.003136G0EC1 04/30/2020 2,4032.05004/30/2012 1,468,470.00 2.021 2.0501,500,000.00
Federal National Mortgage Asso1064 Call 1,500,000.003136G0GA3 05/16/2017 1,3231.20005/16/2012 1,502,520.00 1.183 1.2001,500,000.00
Federal National Mortgage Asso1066 Call 2,000,000.003136G0FJ5 10/30/2020 2,5862.00004/30/2012 1,917,940.00 1.972 2.0002,000,000.00
Federal National Mortgage Asso1082 450,000.003136FPYB7 05/23/2017 1,3302.05005/11/2012 465,358.50 1.070 1.085465,359.52
Federal National Mortgage Asso1094 Call 2,000,000.003136G0PB1 06/28/2017 1,3661.16006/28/2012 1,990,760.00 1.144 1.1602,000,000.00
Federal National Mortgage Asso1099 Call 1,500,000.003136G0UB5 02/15/2018 1,5981.15008/15/2012 1,476,390.00 1.134 1.1501,500,000.00
Federal National Mortgage Asso1110 Call 475,000.003136G0YX3 09/13/2022 3,2692.50009/13/2012 449,601.75 2.465 2.500475,000.00
Federal National Mortgage Asso1111 Call 2,000,000.003136G0YT2 09/06/2022 3,2622.35009/06/2012 1,870,060.00 2.317 2.3502,000,000.00
Federal National Mortgage Asso1114 Call 2,000,000.003136G0J36 10/11/2022 3,2972.50010/11/2012 1,864,180.00 2.465 2.5002,000,000.00
Federal National Mortgage Asso1115 Call 1,500,000.003136G0J36 10/11/2022 3,2972.50010/11/2012 1,398,135.00 2.465 2.5001,500,000.00
Federal National Mortgage Asso1118 500,000.003136FPXN2 11/24/2017 1,5152.30010/18/2012 519,560.00 0.927 0.940527,471.07
Federal National Mortgage Asso1119 Call 1,500,000.003136G02Z3 11/15/2022 3,3322.25011/15/2012 1,390,005.00 2.235 2.2661,497,947.50
Federal National Mortgage Asso1120 Call 1,000,000.003135G0RC9 10/25/2022 3,3112.20010/25/2012 924,100.00 2.196 2.226997,824.00
Federal National Mortgage Asso1148 Call 2,000,000.003135G0UJ0 02/22/2023 3,4312.50002/22/2013 1,843,500.00 2.465 2.5002,000,000.00
Federal National Mortgage Asso1149 1,500,000.003135G0TG8 02/08/2018 1,5910.87501/31/2013 1,466,460.00 1.019 1.0341,489,905.99
Federal National Mortgage Asso1151 Call 1,500,000.003136G1DT3 03/06/2023 3,4432.55003/06/2013 1,415,220.00 2.515 2.5501,500,000.00
Federal National Mortgage Asso1159 Call 1,500,000.003135G0VL4 03/20/2018 1,6311.12503/20/2013 1,476,810.00 1.109 1.1251,500,000.00
Federal National Mortgage Asso1161 Call 2,000,000.003136G1FS3 03/20/2023 3,4572.50003/20/2013 1,876,900.00 2.465 2.5002,000,000.00
Federal National Mortgage Asso1164 Call 2,000,000.003135G0UK7 02/28/2018 1,6111.20003/15/2013 1,964,420.00 1.183 1.1992,000,000.00
Federal National Mortgage Asso1169 Call 1,500,000.003136G1JG5 04/17/2023 3,4852.50004/17/2013 1,399,425.00 2.471 2.5051,499,284.17
Federal National Mortgage Asso1173 Call 2,000,000.003135G0TN3 01/23/2023 3,4012.33004/11/2013 1,828,340.00 2.326 2.3581,995,241.34
Federal National Mortgage Asso1174 1,500,000.003135G0WJ8 05/21/2018 1,6930.87504/15/2013 1,457,310.00 0.905 0.9171,497,080.23
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2013
Par Value Days ToMaturityMaturityDateCurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Federal Agency Issues - Coupon
Federal National Mortgage Asso1188 Call 1,500,000.003135G0TN3 01/23/2023 3,4012.33005/06/2013 1,371,255.00 2.312 2.3441,498,202.75
Federal National Mortgage Asso1190 Call 1,000,000.003135G0XD0 05/21/2018 1,6931.00005/21/2013 964,600.00 0.996 1.010999,536.11
Federal National Mortgage Asso1191 Call 2,000,000.003135G0XA6 05/21/2018 1,6931.03005/21/2013 1,946,600.00 1.015 1.0302,000,000.00
Federal National Mortgage Asso1197 1,500,000.003135G0WJ8 05/21/2018 1,6930.87505/21/2013 1,457,310.00 0.986 1.0001,491,535.88
Federal National Mortgage Asso1210 Call 1,500,000.003135G0XK4 05/25/2018 1,6971.05005/30/2013 1,459,590.00 1.035 1.0501,500,000.00
Federal National Mortgage Asso1214 Call 1,500,000.003135G0XD0 05/21/2018 1,6931.00006/07/2013 1,446,900.00 1.262 1.2791,481,184.42
Federal National Mortgage Asso743 3,000,000.00313586UB3 12/10/2015 80010.35001/30/2008 3,644,490.00 3.987 4.0433,352,122.61
Federal National Mortgage Asso829 2,000,000.0031359MXX6 03/02/2015 5175.00010/21/2009 2,134,220.00 2.736 2.7742,058,324.39
Federal National Mortgage Asso891 2,000,000.0031359MZC0 10/15/2015 7444.37507/07/2010 2,160,200.00 2.100 2.1292,086,138.65
Federal National Mortgage Asso928 1,500,000.0031359MS61 07/15/2016 1,0185.37501/04/2011 1,693,380.00 2.422 2.4551,613,528.65
Federal National Mortgage Asso988 2,000,000.003135G0AL7 03/15/2016 8962.25009/13/2011 2,080,160.00 1.029 1.0442,057,705.25
Federal National Mortgage Asso991 2,000,000.0031359M4D2 02/13/2017 1,2315.00009/13/2011 2,267,280.00 1.272 1.2902,240,510.52
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 2,6943.87512/14/2012 537,115.00 1.596 1.618577,616.64
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 3,2401.87512/14/2012 910,504.90 1.893 1.9201,006,325.51
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 2,6943.87501/23/2013 1,611,345.00 1.647 1.6691,727,240.75
Tennessee Valley Authority1170 1,500,000.00880591EC2 04/01/2018 1,6434.50003/25/2013 1,690,035.00 0.913 0.9261,735,193.32
Tennessee Valley Authority716 3,000,000.00880591DY5 06/15/2015 6224.37508/20/2007 3,202,650.00 5.163 5.2352,964,220.05
Tennessee Valley Authority861 2,000,000.00880591EA6 07/18/2017 1,3865.50004/26/2010 2,309,440.00 3.602 3.6522,122,241.95
Tennessee Valley Authority954 2,000,000.00880591CU4 12/15/2017 1,5366.25005/23/2011 2,380,780.00 2.624 2.6612,275,289.04
Subtotal and Average 446,454,575.42 440,473,333.34 448,013,913.04 2.300 2.332 1,518
Treasury Securities - Coupon
U.S. Treasury1201 TB 2,000,000.00912828UJ7 01/31/2018 1,5830.87505/16/2013 1,973,760.00 0.779 0.7902,007,186.05
U.S. Treasury939 2,000,000.00912828JW1 12/31/2013 911.50002/17/2011 2,007,180.00 1.292 1.3102,000,922.59
Subtotal and Average 4,008,108.64 4,000,000.00 3,980,940.00 1.036 1.050 838
Municipal Bonds
Palo Alto Unified School Dist.1192 MB 2,000,000.00697379UE3 08/01/2021 2,8612.44105/10/2013 1,919,120.00 2.031 2.0602,054,609.52
Palo Alto Unified School Dist.1193 MB 1,800,000.00697379UE3 08/01/2021 2,8612.44105/13/2013 1,727,208.00 2.031 2.0601,849,146.94
Palo Alto Unified School Dist.1195 MB 1,990,000.00697379UE3 08/01/2021 2,8612.44105/15/2013 1,909,524.40 2.051 2.0802,041,447.83
Subtotal and Average 5,945,204.29 5,790,000.00 5,555,852.40 2.039 2.067 2,861
Total Investments and Average 479,386,422.28 473,241,869.53 480,416,421.87 2.197 2.227 1,474
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
September 30, 2013
CurrentRateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment #Issuer
PurchaseDate Book Value YTM
360
YTM
365
Portfolio CPA
AP
Run Date: 10/14/2013 - 12:04 FI (PRF_FI) 7.1.1
Report Ver. 7.3.3a
1 General Investment Guidelines:
a) The max. stated final maturity of individual securities in the portfolio should be 10 years.Full Compliance
b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities
beyond 5 years.28.5%
c) The City shall maintain a minimum of one month's cash needs in short term investments.Full Compliance
d) At least $50 million shall be maintained in securities maturing in less than 2 years.
Plus two managed pool accounts which provide instant liquidity:
- Local Agency Investment Fund (LAIF) - maximum investment limit is$50 million
- Fidelity Investments
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a
reasonable time to the City Council and evaluate if there are risk of holding securities to maturity.100.2%
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;Full Compliance
- the interest rates at which they "step-up" are known at the time of purchase; and Full Compliance
- the entire face value of the security is redeemed at the call date.Full Compliance
- No more than 25 percent of the par value of portfolio.24.2%
b) Securities will not exceed 10 years maturity.
4 Bonds of the State of California Local Government Agencies Full Compliance
a)Having at time of investment a minimum Double A (AA/AA2) rating as provided by a nationally 1.2%
recognized rating service (e.g., Moody’s and/or Standard and Poor’s).
b)May not exceed 10 percent of the par value of the portfolio.
5 Certificates of Deposit:Full Compliance
a) May not exceed 20 percent of the par value of the portfolio;1.0%
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 All FDIC
a nationally recognized rating agency (e.g. Moody's, Standard & Poor's, etc.).Insured
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:None Held
a) No more than 30 percent of the par value of the portfolio.
b) Not to exceed 180 days maturity.
c) No more than $5 million with any one institution.
$103.5 million
$15.7 million
$2.4 million
0.8%
Attachment C
Investment Policy Compliance
As of September 30, 2013
Investment Policy Requirements
Compliance
Check
Attachment C
Investment Policy Compliance
As of September 30, 2013
Investment Policy Requirements
Compliance
Check
7 Commercial Paper:None Held
a) No more than 15 percent of the par value of the portfolio.
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):None Held
a) Not to exceed 1 year.
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:None Held
a) No more than 20 percent of the par value of the portfolio.
b) No more than 10 percent of the par value with any one institution.
11 Negotiable Certificates of Deposit (NCD):None Held
a) No more than 10 percent of the par value of the portfolio.
b) No more than $5 million in any one institution.
12 Medium-Term Corporate Notes:None Held
a) No more than 10 percent of the par value of the portfolio.
b) Not to exceed 5 years maturity.
c) Securities eligible for investment shall have a minimum rating of AA 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 Prohibited Investments:
a) Reverse Repurchase Agreements
b) Derivatives as defined in Appendix B of the Investment Policy
14 All securities shall be delivered to the City's safekeeping custodian, and held in the name of the
City, with the exception of :
- Certificates of Deposit, Mutual Funds, and LAIF
Full Compliance
None Held
Full Compliance