HomeMy WebLinkAboutStaff Report 11783
City of Palo Alto (ID # 11783)
City Council Staff Report
Report Type: Information Reports Meeting Date: 2/22/2021
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Second Quarter,
Fiscal Year 2021
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 second quarter ending
December 31, 2020 and to disclose staff’s cash flow projections for the next six months.
Discussion
The City’s investment portfolio is summarized in Graph 1 and detailed in the Investments by
Fund Report (Attachment B). The Investments by Fund Report groups th e portfolio’s securities
by investment type and includes details of the investment issuer, date of maturity, current
market value, the book and face (par) value, and the weighted average maturity of each type of
investment and of the entire portfolio.
City of Palo Alto Page 2
Due to rounding, the above graph’s percentage total is greater than 100 percent.
The par value of the City’s portfolio is $532.1 million; in comparison, last quarter it was $536.8
million. The $4.7 million portfolio decline since the last quarter results from timing of cash
flows, a large low-income housing payment, and impacts of COVID-19 reducing the monthly
receipts for various revenues.
Compared to the same quarter of last year, cash receipts are down by $13.3 million or 9.4
percent and cash disbursements are up by $1.2 million or 0.9 percent with the net cash receipt
being down by $14.5 million. If the $18.8 million payment for the Wilton Court 59-unit low-
income housing development is excluded, disbursement have gone down by $17.6 million. Also,
without the Wilton Court payment, the portfolio would have increased by $14.1 million.
The portfolio consists of $53.2 million in liquid accounts and $478.9 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 $135.2 million in investments maturing in less than two years, comprising 25.4 percent
of the City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of
the portfolio to be invested in securities with maturities beyond five years; actual at the end of
the second quarter is 27.4 percent of the portfolio.
City of Palo Alto Page 3
Table 1:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Portfolio
U.S. Treasury -$ 4.5$ 6.0$ -$ -$ 10.5$ 2.0%
U.S. Agency Bonds 27.2 34.0 21.9 73.1 78.3 234.5 44.1%
U.S. Municipal/ State Bonds 26.9 14.7 15.5 35.8 65.4 158.3 29.9%
Negotiable Certificates of Deposits (NCD)6.6 11.9 6.1 11.3 2.2 38.1 7.2%
U.S. Corporate Bonds 7.0 0.9 0.6 14.7 - 23.2 4.4%
Supranational Organizations Bonds - 1.5 2.5 10.3 - 14.3 2.7%
Liquid Accounts (LAIF & Fidelity)53.2 - - - - 53.2 10.0%
Grand Total 120.9$ 67.5$ 52.6$ 145.2$ 145.9$ 532.1$ 100%
% of Portfolio 22.7%12.7%9.9%27.3%27.4%100.0%
* $27.9 million or 5.2 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 102.8 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 3.90 years compared to 3.57 years last quarter.
Investments Made During the Second Quarter
During the second quarter, $36.5 million of securities with an average yield of 2.1 percent
matured. During the same period, per the following Table 2, securities totaling $53.6 million
with an average yield of 1.0 percent were purchased. The expectation is interest rates and the
City’s portfolio’s average yield will decline. The City’s short-term money market and pool
account decreased by $21.8 million compared to the first quarter of Fiscal Year 2020. Staff
continually monitors the City’s short-term cash flow needs and adjusts liquid funds to meet
them.
City of Palo Alto Page 4
Table 2:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Purchase
U.S. Agency Bonds -$ -$ -$ 12.3$ 30.2$ 42.5$ 79.3%
Negotiable Certificates of Deposits (NCD)- - - 2.0 1.7 3.7 6.9%
U.S. Corporate Bonds - - - 4.9 - 4.9 9.1%
Supranational Organizations Bonds - - - 2.5 - 2.5 4.7%
Grand Total -$ -$ -$ 21.7$ 31.9$ 53.6$ 100%
% of Purchase 0.0%0.0%0.0%40.5%59.6%100.1%
Investment Type
2021 Q2 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 $265.1 million and expenditures will be $246.5 million over the next six
months, indicating an overall growth in the portfolio of $18.6 million.
As of December 31, 2020, the City had $53.2 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 $24.0 million will mature between January 1, 2021 and June 30, 2021.
Based on the above and staff’s revenue and expenditure forecast for the next six months, staff
is confident that the City will have sufficient funds or liquidity to meet expenditure
requirements for the next six months.
Compliance with City Investment Policy
During the second 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 second quarter was $2.4 million. As of December
31, 2020, the yield to maturity of the City’s portfolio was 1.78 p ercent. In the second quarter,
LAIF’s average yield was 0.58 percent while the average yield on the two-year and five-year
Treasury bonds was approximately 0.15 percent and 0.37 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 under two years 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 p ast 19+ years.
City of Palo Alto Page 5
5.79%
4.19%City of Palo Alto
4.41%
2.91%
1.93%
1.78%
2 Yr. Treasury
0.15%
5-Yr. Treasury
0.37%
LAIF
0.58%
$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 3.90 years.
Yield Trends
The Federal Open Market Committee (FOMC), at its December 2020 meeting, held the federal
funds rate near zero (0 percent to 0.25 percent) and expects to leave rates unchanged for the
next three years (or until 2023). This isn’t unprecedent since after the 2008 crisis FOMC left
rates near zero for about seven years. Also, FOMC reiterated COVID-19 pandemic “is causing
tremendous human and economic hardship”. The expectation is there will be negative impacts
to economic activity, employment, and inflation in the short-term and pose a risk over the
medium term. The FOMC stated the economic path “will depend significantly on the course of
the virus”. The FOMC also made commitment to take actions that will “help foster” the smooth
functioning of markets and support flow to credit to households and businesses.
In March 2020, 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. The below Table 3 shows this and past such rate cuts. In addition, the FOMC put
trillions of dollars into the financial system through bond purchases and launched numerous
emergency lending facilities to keep businesses afloat which they continue to do.
City of Palo Alto Page 6
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 and ID # 11402. The bond proceeds, reserves, and debt service
payments being held by the City’s fiscal agents are subje ct to the requirements of the
underlying debt indenture. The trustees for the bond funds are U.S. Bank and California Asset
Management Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and
money market mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in
CAMP are invested in banker’s acceptance notes, certificates of deposit, commercial paper,
federal agency securities, and repurchase agreements. The most recent data on funds held by
the fiscal agent is as of December 31, 2020.
In January 2017, the City established a Section 115 Irrevocable Trust (Public Agencies Post -
Employment Benefits Trust) administered by Public Agency Retirement Services (PARS). This
fund is not governed by the City’s Investment Policy; however, it is discussed in this report for
administrative ease. It is the City’s intent to prefund pension costs and began to address the
Net Pension Liabilities (NPL) as calculated by Governmental Accounting Standards Board
Pronouncement No. 68 (GASB 68). The Section 115 Trust offered by PARS has five portfolios
from which to choose in making investments of City funds. The City has selected the
“Moderately Conservative” portfolio which is the second most conservative. Additional
information on this trust can be found in City Council Staff Report ID # 7553. Through
December 31, 2020, principal investment contributions of $28.5 million have grown to $32.2
million and the net return for one and three year has been 9.43 percent and 6.27 percent.
Fiscal Impact
This is an information report.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
•Attachment A Consolidated Report of Cash Management
Table 3: Emergency FOMC Rate Cuts (2001-2020)
# Date Size of Cut Event
City of Palo Alto Page 7
• Attachment B Investment Portfolio
• Attachment C Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)538,787,464$ 553,790,563$
Other Funds Held by the City
Cash with Wells Fargo Bank 384,132 384,132
(includes general and imprest accounts)
Cash with US Bank 1,403,756 1,403,756
(includes general and imprest accounts)
Petty/Working Cash 12,478 12,478
Total - Other Funds Held By City 1,800,366 1,800,366
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,566,462 2,566,462
2010 General Obligation (Library) Bond
Debt Service and Escrow Funds 3,028,383 3,028,383
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 1,336,682 1,336,682
2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1,759,107 1,759,107
2018 Capital Improvement (Golf Course & 2002B COP Refinance)
(Taxable- Green Bond) Certificates of Participation
Debt Service and Cost of Issuance Funds 17,995 17,995
2019 California Avenue Parking Garage Certificates of Participation
(Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 581,560 581,560
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,704,028 2,704,028
2013 General Obligation (Library) Bond
Reserve Fund 598,454 598,454
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS)32,152,082 32,152,082
Total Under Trustee Management 44,744,753 44,744,753
GRAND TOTAL 585,332,583$ 600,335,682$
* These funds are subject to the requirements of the underlying debt indenture.
** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities.
*** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit,
commercial paper, federal agency securities, and repurchase agreements.
**** PARS investments are in moderately conservative index plus funds
Attachment A
Second Quarter, Fiscal Year 2020-21
(Unaudited)
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
City of Palo Alto City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
December 31, 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 3,811,524.32SYS158 10.01007/01/2018 3,811,524.32 0.009 0.0103,811,524.32
Local Agency Investment Fund159 49,408,672.42SYS159 10.53007/01/2018 49,520,895.23 0.522 0.53049,408,672.42
Subtotal and Average 53,220,196.74 53,220,196.74 53,332,419.55 0.486 0.493 1
Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 1,0323.45010/30/2018 267,716.40 3.404 3.451245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 6372.45009/30/2015 255,108.70 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 6362.05009/29/2017 253,381.45 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 9572.40002/16/2016 245,727.65 2.367 2.400245,000.00
American City Bank1692 NCD 245,000.00025140BC7 03/30/2021 881.45009/30/2016 245,828.10 1.429 1.449245,000.00
American Eagle Bank2124 NCD 249,000.0002554BCN9 05/23/2022 5072.10009/27/2019 256,041.72 1.869 1.895249,689.19
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 2152.05004/04/2017 247,927.75 2.023 2.051245,000.00
Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 1,5391.10003/20/2020 256,975.47 1.085 1.100249,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 1,2452.30005/30/2017 262,250.45 2.270 2.301245,000.00
American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 1,0673.55012/04/2018 269,115.35 3.501 3.550245,000.00
Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 1,7920.45011/27/2020 248,860.56 0.493 0.500248,389.43
Bankers Bank1776 NCD 245,000.0006610RAM1 04/19/2021 1081.90004/19/2017 246,376.90 1.875 1.901245,000.00
Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 1,6691.05011/23/2020 256,340.52 0.542 0.549254,618.98
Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 1,6241.00006/02/2020 249,209.16 0.986 1.000249,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 6232.25009/16/2015 254,052.75 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 6371.70009/30/2016 251,894.30 1.676 1.700245,000.00
Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 1,3371.70008/30/2019 257,882.10 1.678 1.701245,000.00
BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 1,7840.50011/20/2020 249,520.41 0.493 0.500249,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 2551.50009/12/2016 247,450.00 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 4672.00004/13/2017 251,078.45 1.973 2.001245,000.00
Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 6983.25011/30/2018 259,785.75 3.207 3.252245,000.00
Business Bank1531 NCD 245,000.0012325EHA3 02/10/2021 401.55002/10/2016 245,406.70 1.530 1.551245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 8413.00004/24/2018 261,268.00245,000.00
Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 2,3311.15005/21/2020 257,615.40 1.134 1.150249,000.00
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 4752.05004/21/2017 251,340.60 2.023 2.051245,000.00
CBC National Bank1571 NCD 245,000.0012480LDV6 04/15/2021 1041.50004/15/2016 246,038.80 1.479 1.500245,000.00
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B
December 31, 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
First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 1,6920.45008/20/2020 248,438.96 0.444 0.450248,000.00
Coastal Cummunity & Tech Credi2204 NCD 245,000.0019043TAD7 01/17/2023 7461.90001/16/2020 253,989.05 1.907 1.934244,833.39
Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 1,3371.85008/30/2019 259,224.70 1.826 1.852245,000.00
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 4111.70002/16/2016 249,522.70 1.678 1.701245,000.00
Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 1,5461.00003/27/2020 255,927.18 1.189 1.206246,891.82
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 3951.90007/31/2017 249,892.65 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 7272.35012/29/2017 255,990.70 2.317 2.350245,000.00
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 2351.40008/24/2016 247,254.00 1.380 1.400245,000.00
Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 1,5181.65002/27/2020 258,401.50 1.668 1.691244,592.87
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 7771.75002/19/2016 258,720.00 1.727 1.751250,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 6552.10010/18/2017 253,842.05 2.071 2.100245,000.00
Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 1,4891.80001/29/2020 259,798.00 1.779 1.803245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 5002.00005/15/2017 251,499.85 1.972 2.000245,000.00
Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 1,3431.90009/05/2019 259,680.40 1.873 1.900245,000.00
Community Bank Pasadena1627 NCD 245,000.00203507BA5 06/15/2021 1651.55006/16/2016 246,751.75 1.529 1.550245,000.00
Commuincity Finl Svcs Bank1530 NCD 245,000.0020364ABA2 02/17/2021 471.60002/17/2016 245,494.90 1.579 1.601245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 5072.00005/22/2017 251,588.05 1.972 2.000245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 6192.25009/11/2015 253,996.40 2.224 2.255245,000.00
Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 1,5391.10003/20/2020 255,943.44 1.085 1.100248,000.00
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 1,0263.35010/24/2018 266,873.60 3.304 3.350245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 4312.05003/08/2017 250,764.85 2.021 2.050245,000.00
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 8472.65004/30/2019 259,369.25 2.615 2.651245,000.00
Exchange State Bank2383 NCD 250,000.00301485AM0 03/31/2025 1,5501.00007/08/2020 250,195.00 0.986 1.000250,000.00
Farmer's and Merchants Bank1360 NCD 250,000.00308702BQ1 02/16/2021 462.20008/15/2014 250,687.50 2.169 2.200250,000.00
Flagstar Bank FSB2414 NCD 249,000.0033847E4E4 09/30/2024 1,3680.40009/30/2020 250,212.63 0.394 0.400249,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 4612.10004/07/2017 251,313.65 2.072 2.101245,000.00
Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 1,5371.10003/18/2020 256,975.47 1.085 1.100249,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 9021.80006/22/2016 255,664.85 1.776 1.800245,000.00
1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 1,6910.45008/19/2020 248,443.92 0.444 0.450248,000.00
First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 1,3421.75009/04/2019 258,345.15 1.727 1.751245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 5592.05007/14/2017 252,418.60 2.023 2.051245,000.00
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 2872.45010/17/2014 250,137.65 2.416 2.449245,000.00
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 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 Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 2,1590.65011/30/2020 249,634.95 0.691 0.701248,263.91
Rollstone Bank & Trust2462 NCD 249,000.0077579AEE2 12/30/2027 2,5540.75012/30/2020 249,724.59 0.775 0.786248,377.99
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 3822.05001/18/2017 250,118.05 2.021 2.050245,000.00
First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 2,1900.60012/31/2020 250,028.37 0.625 0.633248,502.23
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 1,0152.25010/13/2017 259,173.25 2.220 2.251245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 2722.00010/01/2015 248,596.60 1.972 1.999245,000.00
First Premier Bank1255 NCD 245,000.0033610RNX7 03/08/2021 662.50003/07/2014 246,117.20 2.465 2.500245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 3952.00004/04/2017 105,168.15 1.972 1.999103,000.00
Farmer's & Merchant's SVG Bank1551 NCD 245,000.00308863AH2 02/26/2021 561.55002/29/2016 245,735.00 1.528 1.550245,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 2452.40009/03/2015 249,052.30 2.367 2.400245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 6562.10004/19/2017 253,856.75 2.072 2.101245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 4832.00006/30/2017 251,296.50 1.973 2.000245,000.00
First Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 1,0193.40010/17/2018 267,084.30 3.355 3.401245,000.00
Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 1,3301.95008/23/2019 260,047.90 1.925 1.952245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 6432.10010/06/2017 253,687.70 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 4612.00004/07/2017 251,002.50 1.973 2.001245,000.00
GE Capital Bank1262 NCD 245,000.0036157PXV6 03/22/2021 802.65003/21/2014 246,433.25 2.613 2.650245,000.00
Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 2,5240.80011/30/2020 250,802.76 0.825 0.836248,385.29
Ally Bank1882 NCD 245,000.0002007GAF0 01/04/2021 32.25001/04/2018 245,058.80 2.219 2.250245,000.00
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 5702.00010/25/2017 252,369.60 1.972 2.000245,000.00
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 1,2232.55005/08/2019 264,034.05 2.513 2.548245,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 8583.15005/09/2018 262,404.80 3.106 3.150245,000.00
Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 1,7530.35011/16/2020 206,099.55 0.527 0.535205,184.64
Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 1,8090.50012/14/2020 249,375.99 0.543 0.550248,383.63
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 6302.20003/24/2017 253,954.75 2.172 2.202245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 4662.15004/12/2017 251,539.05 2.121 2.151245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 2102.30007/31/2015 248,461.85 2.269 2.301245,000.00
Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 2,5200.75011/27/2020 249,283.86 0.790 0.801248,140.44
JP Morgan Chase BAnk NA2218 NCD 245,000.0048128LD48 01/31/2030 3,3172.50001/31/2020 245,448.35 2.465 2.500245,000.00
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 1,2462.50005/31/2017 263,918.90 2.465 2.500245,000.00
Keesler Federal Credit Union2027 NCD 245,000.0049254FAP1 08/30/2021 2413.05002/28/2019 249,914.70 3.008 3.050245,000.00
Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 1,0333.35010/24/2019 270,290.24 2.210 2.241255,434.22
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 9901.80009/16/2016 245,913.85 1.775 1.800245,000.00
Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 2,9110.85012/30/2020 249,953.67 0.889 0.901248,004.68
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 4061.70002/12/2016 251,308.75 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 2301.40008/19/2016 247,212.35 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 2492.25009/05/2014 248,697.05 2.219 2.250245,000.00
Bank Leumi USA NY2335 NCD 249,000.00063248KR8 03/31/2023 8191.45003/31/2020 256,422.69 1.430 1.449249,000.00
Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 1,6410.40008/31/2020 249,151.89 0.394 0.400249,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 5432.05006/28/2017 252,212.80 2.023 2.051245,000.00
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 3772.10001/13/2017 250,179.30 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 4962.10005/12/2017 251,781.60 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 5102.05005/26/2017 251,796.30 2.023 2.051245,000.00
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 1,0973.30001/10/2019 267,870.75 3.254 3.299245,000.00
Landmark Community Bank2123 NCD 249,000.0051507LBU7 06/27/2022 5422.35009/27/2019 257,431.14 1.868 1.894250,639.93
Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 1,3371.80008/30/2019 258,756.75 1.775 1.800245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 4121.80002/17/2016 251,213.20 1.776 1.801245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 5252.05006/12/2017 251,992.30 2.023 2.051245,000.00
Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 1,4071.90011/08/2019 260,207.15 1.875 1.902245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 1,2112.60004/26/2019 264,281.50 2.567 2.602245,000.00
Mountain America FD Credit Uni2202 NCD 249,000.0062384RAC0 11/08/2022 6762.30001/08/2020 259,176.63 1.928 1.955250,545.00
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 7402.65001/11/2018 257,646.90 2.613 2.650245,000.00
Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 1,0693.55012/06/2018 269,157.00 3.501 3.550245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 1,2172.35005/22/2017 262,326.40 2.317 2.349245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 6022.25008/26/2015 255,635.45 2.220 2.251245,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 1,0613.55011/28/2018 268,975.70 3.503 3.551245,000.00
Oostburg State Bank1532 NCD 245,000.00683430BU5 02/09/2021 391.55002/09/2016 245,543.90 1.530 1.551245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 6362.05009/29/2017 253,381.45 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 7482.40001/19/2018 256,522.35 2.368 2.401245,000.00
Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 1,7330.45009/30/2020 249,214.14 0.443 0.450249,000.00
Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 1,7470.50010/13/2020 249,326.19 0.533 0.540248,523.81
People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 3,2860.90012/30/2020 249,114.54 0.967 0.981247,258.06
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 5102.10005/26/2017 251,970.25 2.072 2.101245,000.00
Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 1,3232.00008/16/2019 260,430.10 1.972 2.000245,000.00
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 8032.10007/19/2017 255,674.65 2.072 2.101245,000.00
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 4202.10002/26/2015 252,372.05 2.072 2.101245,000.00
Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 1,4591.85012/30/2019 260,131.20 1.824 1.850245,000.00
Reliance Savings Bank1636 NCD 245,000.0075950XAD1 06/22/2021 1721.45006/22/2016 246,827.70 1.430 1.450245,000.00
Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 1,3561.90009/18/2019 259,785.75 1.873 1.900245,000.00
State Bank of Chilton2398 NCD 249,000.0085641PDV9 09/11/2025 1,7140.50009/11/2020 249,129.48 0.573 0.581248,065.09
State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 1,7070.50009/04/2020 249,933.75 0.493 0.500249,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 8642.95005/15/2018 261,361.10 2.911 2.951245,000.00
San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 1,5461.10003/27/2020 256,975.47 1.085 1.100249,000.00
Summit Community Bank1888 NCD 245,000.0086604XMN3 01/26/2022 3902.25001/26/2018 250,750.15 2.220 2.251245,000.00
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 8921.80006/10/2016 255,559.50 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 2911.50010/19/2016 247,761.15 1.480 1.500245,000.00
Southwest 66 Credit Union Bank2286 NCD 249,000.0084475BAB1 03/24/2025 1,5431.30003/23/2020 249,694.71 1.282 1.300249,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 6572.10010/20/2017 253,869.00 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 4732.00004/19/2017 251,156.85 1.973 2.001245,000.00
Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 1,1821.15003/31/2020 256,539.72 1.134 1.150249,000.00
Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 1,8170.45012/23/2020 248,387.46 0.483 0.490248,504.45
Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 1,4241.95011/25/2019 260,809.85 1.923 1.950245,000.00
Thomasville Natl Bank1266 NCD 245,000.00884693BJ0 04/12/2021 1012.40004/11/2014 246,808.10 2.367 2.400245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 8892.15006/09/2017 257,007.45 2.121 2.151245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 5432.00006/28/2017 252,041.30 1.972 2.000245,000.00
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 3842.25006/15/2017 255,777.50 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 4242.05003/01/2017 250,671.75 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 1,0891.70006/24/2016 257,945.80 1.676 1.700245,000.00
Unity Bank1529 NCD 245,000.0091330ABF3 02/26/2021 561.60002/26/2016 245,786.45 1.579 1.601245,000.00
USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 1,5501.15003/31/2020 258,026.25 1.154 1.170248,788.64
Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 1,0743.65010/18/2019 269,970.40 2.170 2.200254,986.78
Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 1,3302.05008/23/2019 260,937.25 2.024 2.052245,000.00
Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 1,7771.05005/13/2020 255,117.60 1.035 1.050248,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 4182.05002/23/2017 250,593.35 2.021 2.050245,000.00
Wells Fargo Bank1656 NCD 245,000.009497486H5 06/30/2021 1801.60006/30/2016 246,913.45 1.578 1.600245,000.00
Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 1,7920.50011/27/2020 249,181.77 0.515 0.522248,633.66
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 5742.35008/12/2015 254,976.40 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 4952.05008/11/2017 251,602.75 2.021 2.050245,000.00
Subtotal and Average 38,215,638.13 38,203,000.00 39,396,147.60 1.797 1.822 938
Corporate Medium Term Bonds
Apple, Inc.1543 MTN 700,000.00037833BS8 02/23/2021 532.25002/23/2016 700,833.00 2.140 2.169700,075.23
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 8522.40008/29/2019 576,928.00 1.726 1.750558,058.78
Apple, Inc.2323 MTN 750,000.00037833AY6 02/09/2022 4042.15003/19/2020 765,547.50 1.583 1.605754,429.21
Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 1,4732.75008/28/2020 1,627,455.00 0.620 0.6281,626,387.61
Alphabet (Google) Inc.1657 MTN 100,000.0002079KAA5 05/19/2021 1383.62507/11/2016 101,295.00 1.271 1.288100,865.26
Alphabet (Google) Inc.1658 MTN 946,000.0038259PAB8 05/19/2021 1383.62507/11/2016 958,250.70 1.271 1.288954,185.39
Alphabet (Google) Inc.1660 MTN 1,500,000.0002079KAA5 05/19/2021 1383.62507/12/2016 1,519,425.00 1.238 1.2551,513,173.59
Alphabet (Google) Inc.1734 MTN 871,000.0002079KAA5 05/19/2021 1383.62501/11/2017 882,279.45 2.012 2.040876,037.74
Alphabet (Google) Inc.1895 MTN 1,000,000.0002079KAA5 05/19/2021 1383.62501/10/2018 1,012,950.00 2.189 2.2191,005,161.12
Alphabet (Google) Inc.1931 MTN 382,000.0002079KAA5 05/19/2021 1383.62502/14/2018 386,946.90 2.377 2.410383,699.92
Johnson & Johnson1624 MTN 1,000,000.00478160BS2 03/01/2021 591.65006/07/2016 1,000,940.00 1.530 1.5511,000,154.23
Johnson & Johnson1900 MTN 500,000.00478160BS2 03/01/2021 591.65001/12/2018 500,470.00 2.179 2.210499,551.29
Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 1,7040.55012/23/2020 2,008,660.00 0.479 0.4862,005,885.27
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 4012.40012/11/2017 102,039.00 2.292 2.324100,078.47
Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 1,1312.87501/22/2020 1,933,470.00 1.727 1.7511,857,835.83
Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 1,7673.12511/18/2020 3,264,384.80 0.572 0.5803,256,373.66
Stanford University2046 MTN 2,000,000.00525555AB4 02/01/2024 1,1266.87505/14/2019 2,364,900.00 2.367 2.4002,259,375.01
Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 1,1266.87512/12/2019 1,182,450.00 1.934 1.9601,144,829.28
Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 1,5650.87307/01/2020 2,031,580.00 0.616 0.6252,020,526.96
Subtotal and Average 22,616,683.85 21,619,000.00 22,920,804.35 1.346 1.365 984
Federal Agency Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 1,2262.85008/06/2019 1,617,375.00 1.998 2.0251,538,099.13
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 5502.20012/13/2012 1,546,515.00 1.930 1.9571,504,999.60
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 6892.00012/19/2012 775,875.00 2.081 2.110748,599.36
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 7252.18001/04/2013 1,559,610.00 2.165 2.1961,499,572.25
Federal Agricultural Mortgage1139 500,000.0031315PWN5 06/01/2021 1513.84001/04/2013 507,695.00 1.946 1.973503,567.15
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 7252.18001/08/2013 1,559,610.00 2.195 2.2251,498,785.05
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 7252.18001/23/2013 1,559,610.00 2.111 2.1411,501,039.74
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 7252.18001/28/2013 2,698,125.30 2.199 2.2292,592,693.74
Federal Agricultural Mortgage1257 300,000.0031315PTU3 03/09/2021 674.16003/06/2014 302,280.00 2.574 2.609300,798.01
Federal Agricultural Mortgage1264 1,500,000.0031315PK40 03/26/2021 842.50003/26/2014 1,508,580.00 2.495 2.5301,499,901.34
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 5502.20004/23/2014 1,288,762.50 2.889 2.9301,237,816.82
Federal Agricultural Mortgage1427 675,000.0031315P2C2 05/05/2021 1242.51001/09/2015 680,575.50 2.110 2.140675,799.86
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 1,1813.33001/09/2015 443,741.48 2.540 2.575412,731.29
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 8922.61001/22/2015 1,697,834.00 2.269 2.3011,614,967.15
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 8922.61002/09/2015 1,534,825.00 2.377 2.4101,456,385.12
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 4242.15003/05/2015 1,023,470.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 7532.13004/06/2016 1,040,170.00 1.839 1.8641,005,110.86
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 1,6764.35004/08/2016 557,409.78 2.296 2.328513,346.53
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 1,2163.30004/21/2016 1,649,640.00 2.084 2.1121,554,323.88
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 1,2163.30004/26/2016 1,649,640.00 2.159 2.1891,550,649.57
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 7252.18005/26/2016 519,870.00 1.844 1.870502,880.91
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 5602.38007/25/2016 2,068,620.00 1.499 1.5202,025,205.71
Federal Agricultural Mortgage1698 1,500,000.003132X0EQ0 01/25/2021 241.55010/03/2016 1,501,395.00 1.256 1.2741,500,267.45
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 1,8594.81010/18/2016 1,822,980.00 2.131 2.1601,682,296.32
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 4182.10002/23/2017 1,022,450.00 2.034 2.0631,000,399.41
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 4182.10003/02/2017 1,533,675.00 2.085 2.1141,499,758.46
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 4602.07504/06/2017 1,536,645.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1781 1,000,000.003132X0QG9 02/22/2021 521.90004/12/2017 1,002,570.00 1.781 1.8051,000,127.90
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 3672.10005/04/2017 1,019,780.00 1.938 1.9651,001,289.32
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 5502.20006/14/2017 1,031,010.00 1.908 1.9341,003,799.93
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 5441.88006/29/2017 1,538,880.00 1.903 1.9301,498,932.97
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 5441.88006/29/2017 1,025,920.00 1.923 1.949999,007.99
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 1,3302.25010/06/2017 1,069,360.00 2.332 2.365996,143.98
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 7102.26012/12/2017 1,560,780.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1889 2,000,000.003132X0D57 01/08/2021 72.12001/08/2018 2,000,500.00 2.090 2.1202,000,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 1,3082.62501/09/2018 1,081,850.00 2.546 2.5811,001,414.52
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 1,3082.62501/11/2018 1,622,775.00 2.623 2.6601,498,277.03
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 7592.50001/30/2018 2,096,240.00 2.472 2.5071,999,717.04
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 7592.50001/30/2018 1,572,180.00 2.481 2.5151,499,536.87
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 7592.50001/31/2018 2,096,240.00 2.556 2.5921,996,426.44
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 7532.13002/08/2018 1,144,187.00 2.578 2.6141,089,749.43
Federal Agricultural Mortgage1927 1,000,000.003132X0H79 02/22/2021 522.35002/22/2018 1,003,110.00 2.327 2.360999,986.31
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 7822.60002/22/2018 1,577,340.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 7812.77002/23/2018 1,582,590.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 1,1243.46012/14/2018 602,955.72 3.018 3.060555,208.80
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 1,1942.35004/09/2019 1,067,360.00 2.365 2.398998,514.41
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 1,4195.25004/08/2019 805,477.56 2.420 2.454746,408.98
Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 1,6764.35009/09/2019 646,783.50 1.659 1.683613,853.99
Federal Agricultural Mortgage2242 Call 2,000,000.0031422BUC2 02/11/2030 3,3282.45002/11/2020 2,002,820.00 2.416 2.4502,000,000.00
Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 2,5132.85003/11/2020 1,788,911.04 1.050 1.0641,753,632.79
Federal Agricultural Mortgage2330 Call 2,000,000.0031422BWY2 03/24/2025 1,5431.40003/24/2020 2,003,320.00 1.380 1.4002,000,000.00
Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 3,4191.50005/13/2020 1,997,500.00 1.479 1.5002,000,000.00
Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 3,4611.40006/24/2020 1,738,537.50 1.380 1.4001,750,000.00
Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 3,4611.40006/24/2020 1,986,900.00 1.380 1.4002,000,000.00
Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 3,4751.40007/08/2020 1,498,215.00 1.380 1.4001,500,000.00
Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 3,5561.30010/08/2020 1,979,560.00 1.286 1.3042,000,000.00
Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 3,5801.28010/21/2020 1,974,400.00 1.262 1.2802,000,000.00
Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 3,5881.34010/29/2020 1,987,600.00 1.321 1.3402,000,000.00
Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 3,6101.15011/20/2020 1,499,475.00 1.134 1.1501,500,000.00
Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 3,6311.30012/11/2020 1,498,785.00 1.282 1.3001,500,000.00
Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 3,6361.45012/16/2020 2,000,100.00 1.430 1.4502,000,000.00
Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 3,6101.15012/09/2020 999,650.00 1.144 1.160999,006.14
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 8862.45001/09/2014 527,145.00 3.383 3.430489,891.13
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 9362.12501/27/2016 655,381.25 2.024 2.052626,079.57
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 4375.16003/17/2016 530,180.00 1.876 1.902518,431.21
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 3261.61004/21/2016 253,345.00 1.558 1.580250,063.62
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 4971.87504/21/2016 1,023,530.00 1.578 1.6001,003,567.11
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 1,4422.12505/13/2016 1,070,420.00 1.930 1.9561,006,083.77
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 4375.16007/08/2016 530,180.00 1.215 1.232522,744.14
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 3545.05004/12/2017 523,480.00 1.884 1.910514,529.56
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 1,1792.30005/04/2017 959,211.00 2.274 2.306899,826.88
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 1,3752.91006/21/2017 548,820.00 2.143 2.172512,767.36
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 6752.93009/14/2017 467,730.60 1.870 1.896453,064.21
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 3121.70012/29/2017 608,292.00 2.161 2.191597,593.61
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 7762.57002/16/2018 1,575,840.00 2.605 2.6421,497,863.30
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 9792.15001/15/2019 525,590.00 2.656 2.693493,181.67
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 1,0422.13001/15/2019 684,950.50 2.662 2.699640,143.09
Federal Farm Credit Bank .2226 Call 1,000,000.003133ELJU9 01/27/2026 1,8521.98001/29/2020 1,014,520.00 1.955 1.982999,873.08
Federal Farm Credit Bank .2259 Call 1,350,000.003133EKVQ6 07/19/2024 1,2952.04002/19/2020 1,360,381.50 1.868 1.8941,356,651.63
Federal Farm Credit Bank .2280 Call 1,000,000.003133ELPS7 03/04/2030 3,3492.24003/04/2020 1,001,940.00 2.142 2.1721,005,528.85
Federal Farm Credit Bank .2289 Call 1,500,000.003133ELSD7 03/11/2030 3,3561.85003/11/2020 1,502,445.00 1.824 1.8501,500,000.00
Federal Farm Credit Bank .2292 Call 1,500,000.003133ELSD7 03/11/2030 3,3561.85003/11/2020 1,502,445.00 1.824 1.8501,500,000.00
Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 2,0402.63003/13/2020 1,117,440.00 1.089 1.1041,082,089.60
Federal Farm Credit Bank .2351 Call 1,000,000.003133ELSD7 03/11/2030 3,3561.85005/20/2020 1,001,630.00 1.749 1.7731,006,393.15
Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 3,4681.33007/01/2020 1,495,560.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 3,4681.33007/01/2020 1,495,560.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 1,6840.57008/12/2020 1,499,250.00 0.587 0.5951,498,269.79
Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 1,6970.61009/03/2020 1,500,000.00 0.611 0.6201,499,299.39
Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 1,6970.61009/10/2020 1,500,000.00 0.611 0.6201,499,296.64
Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 1,7190.55009/22/2020 1,497,840.00 0.542 0.5491,500,000.00
Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 1,7320.53009/29/2020 1,500,270.00 0.522 0.5301,500,000.00
Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 1,7320.53009/29/2020 1,500,000.00 0.537 0.5451,498,932.50
Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 3,4611.25010/01/2020 1,987,820.00 1.246 1.2631,997,564.23
Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 3,5941.37011/04/2020 1,500,000.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 3,5941.37011/04/2020 1,500,000.00 1.351 1.3701,500,000.00
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 4202.33003/20/2012 1,537,890.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 3435.00002/25/2013 1,374,345.95 1.825 1.8501,350,836.04
Federal Home Loan Bank1261 1,500,000.00313382K69 03/12/2021 701.75003/13/2014 1,504,680.00 2.418 2.4511,498,102.96
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 3411.53004/08/2016 1,519,830.00 1.450 1.4701,500,801.86
Federal Home Loan Bank1605 1,000,000.00313382K69 03/12/2021 701.75004/27/2016 1,003,120.00 1.490 1.5111,000,451.49
Federal Home Loan Bank1619 500,000.003133827D9 02/08/2021 381.75006/02/2016 500,765.00 1.476 1.496500,125.28
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 3432.87506/28/2016 256,422.50 1.232 1.249253,687.40
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 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 Home Loan Bank1699 500,000.003133827E7 02/06/2023 7662.13010/05/2016 520,560.00 1.578 1.600505,262.82
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 3321.87512/16/2016 1,015,960.00 2.168 2.198997,208.23
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 3435.00003/10/2017 1,996,198.30 2.150 2.1801,957,921.83
Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 4342.25004/12/2017 1,025,320.00 1.903 1.9301,003,624.25
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 1,0712.25001/03/2018 1,060,300.00 2.359 2.392996,118.56
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 9802.37501/09/2018 1,058,450.00 2.376 2.409999,142.79
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 7462.38001/18/2018 522,735.00 2.385 2.418499,631.80
Federal Home Loan Bank1996 Call 1,000,000.003130AFG84 11/29/2028 2,8893.87512/06/2018 1,031,680.00 3.823 3.876999,920.73
Federal Home Loan Bank2228 Call 1,500,000.003130AHZ71 02/25/2030 3,3422.37502/25/2020 1,503,870.00 2.353 2.3861,498,627.50
Federal Home Loan Bank2317 Call 1,456,310.683130AJER6 03/26/2030 3,3711.85003/26/2020 1,456,367.48 1.824 1.8501,456,310.68
Federal Home Loan Bank2328 Call 1,500,000.003130AJF95 03/24/2025 1,5431.30003/24/2020 1,502,235.00 1.282 1.3001,500,000.00
Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 2,8881.32005/28/2020 1,500,000.00 1.301 1.3201,500,000.00
Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 3,0831.40006/11/2020 993,330.00 1.380 1.4001,000,000.00
Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 3,0831.40006/11/2020 993,330.00 1.427 1.447996,246.91
Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 3,1011.25006/29/2020 893,493.00 1.232 1.250900,000.00
Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 3,4611.36006/24/2020 1,473,240.00 1.341 1.3601,500,000.00
Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 3,4761.39007/09/2020 1,487,805.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 3,4761.39007/09/2020 1,487,805.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 3,4761.39007/09/2020 1,487,805.00 1.382 1.4011,498,428.83
Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 1,6990.60008/27/2020 1,494,855.00 0.611 0.6201,498,603.33
Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 1,6990.60008/27/2020 1,494,855.00 0.611 0.6201,498,603.33
Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 1,7320.57009/29/2020 1,495,515.00 0.582 0.5901,498,576.67
Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 1,6990.60009/16/2020 1,175,952.60 0.591 0.5991,180,000.00
Federal Home Loan Bank2419 Call 1,500,000.003130AKAZ91 09/29/2025 1,7320.52009/29/2020 1,497,855.00 0.512 0.5201,500,000.00
Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 3,4621.35011/04/2020 1,196,988.00 1.334 1.3531,199,622.31
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 3432.00004/10/2014 2,035,380.00 2.564 2.6001,989,810.35
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 3432.00004/22/2014 1,017,690.00 2.643 2.680994,241.44
Fed. Home Loan Mortgage Corp.2247 Call 1,000,000.003134GVAT5 02/12/2025 1,5031.80002/12/2020 1,001,140.00 1.775 1.8001,000,000.00
Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 2,6941.20005/18/2020 452,306.40 1.183 1.200455,000.00
Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 3,4651.40006/30/2020 1,500,030.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 3,1011.25006/29/2020 1,490,685.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 2,9191.20007/01/2020 1,490,430.00 1.183 1.1991,500,000.00
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 2,9291.20007/08/2020 1,500,180.00 1.183 1.2001,500,000.00
Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 3,4821.37507/15/2020 1,489,635.00 1.356 1.3751,500,000.00
Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 3,4961.35007/29/2020 1,486,260.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 3,4961.35007/29/2020 1,486,260.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 1,6910.62508/20/2020 1,000,070.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 1,7180.65009/15/2020 1,497,915.00 0.641 0.6501,500,000.00
Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 1,7120.65009/09/2020 1,445,798.99 0.641 0.6501,447,000.00
Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 1,7050.68009/04/2020 1,500,870.00 0.670 0.6791,500,000.00
Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 1,7260.62509/23/2020 1,500,030.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 1,7260.62509/23/2020 1,000,020.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2418 Call 1,500,000.003134GWVV5 10/15/2025 1,7480.50010/15/2020 1,495,425.00 0.493 0.5001,500,000.00
Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 1,7330.55009/30/2020 1,997,220.00 0.542 0.5502,000,000.00
Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 1,7330.55009/30/2020 1,497,915.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 1,7330.55009/30/2020 1,494,750.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 1,7480.55010/15/2020 1,503,045.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 1,7410.57010/08/2020 1,503,195.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 1,7610.53010/28/2020 1,495,665.00 0.522 0.5301,500,000.00
Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 3,5811.25010/22/2020 1,479,825.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 1,7620.57010/29/2020 1,499,085.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 3,5871.40010/28/2020 1,999,160.00 1.380 1.4002,000,000.00
Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 1,7620.61010/29/2020 1,498,395.00 0.601 0.6101,500,000.00
Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 3,5871.30010/28/2020 1,971,820.00 1.282 1.3002,000,000.00
Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 1,7610.60010/28/2020 751,897.50 0.591 0.600750,000.00
Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 1,7600.62510/27/2020 1,496,040.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 3,5951.40011/05/2020 1,492,515.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 3,5951.40011/05/2020 1,492,515.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso1276 1,000,000.003136G0U58 04/30/2021 1191.75004/16/2014 1,005,370.00 2.364 2.397998,041.71
Federal National Mortgage Asso1288 250,000.003136G0M57 04/09/2021 981.75005/02/2014 251,090.00 2.452 2.486249,541.99
Federal National Mortgage Asso1654 1,000,000.003136G0EG2 04/23/2021 1122.28006/30/2016 1,006,640.00 1.171 1.1871,003,293.95
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 1,9457.12511/10/2016 669,980.00 2.367 2.400612,044.89
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 6022.00012/29/2017 515,660.00 2.238 2.270497,891.78
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 6422.00001/09/2018 1,032,630.00 2.288 2.320994,685.70
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 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 Asso1904 1,000,000.003135G0T78 10/05/2022 6422.00001/19/2018 1,032,630.00 2.409 2.443992,667.21
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 7482.37502/08/2018 1,568,700.00 2.574 2.6101,493,259.32
Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 1,7000.62508/28/2020 998,750.00 0.616 0.6251,000,000.00
Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 1,6990.65008/27/2020 1,000,080.00 0.641 0.6501,000,000.00
Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 1,6990.65008/27/2020 1,500,120.00 0.641 0.6501,500,000.00
Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 1,6990.62508/27/2020 1,495,605.00 0.616 0.6251,500,000.00
Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 1,7250.51509/22/2020 1,494,765.00 0.507 0.5151,500,000.00
Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 1,7330.55009/30/2020 1,495,410.00 0.542 0.5501,500,000.00
Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 1,7280.60009/25/2020 1,494,960.00 0.591 0.6001,500,000.00
Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 3,5030.87512/07/2020 1,962,780.00 1.139 1.1551,949,292.34
Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 3,6431.40012/23/2020 1,494,675.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 1,8240.64012/30/2020 1,001,260.00 0.597 0.6051,001,689.06
San Mateo Union High School Dt2153 MUN 1,360,000.00799017WD6 09/01/2028 2,8002.23711/07/2019 1,431,726.40 2.447 2.4801,337,293.91
Tennessee Valley Authority1132 500,000.00880591EL2 02/15/2021 453.87512/14/2012 502,140.00 1.596 1.618501,286.79
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 5911.87512/14/2012 1,037,966.90 1.893 1.9201,009,328.14
Tennessee Valley Authority1145 1,500,000.00880591EL2 02/15/2021 453.87501/23/2013 1,506,420.00 1.647 1.6691,503,767.37
Tennessee Valley Authority1260 1,160,000.00880591EL2 02/15/2021 453.87503/12/2014 1,164,964.80 2.427 2.4611,161,832.36
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 1,7656.75011/20/2015 1,299,690.00 2.807 2.8461,163,295.67
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 1,3532.87501/15/2016 823,545.00 2.564 2.600756,795.06
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 1,7656.75004/18/2016 1,007,259.75 2.337 2.370921,072.44
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 5911.87510/07/2016 1,531,258.10 1.538 1.5601,497,244.45
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 1,7656.75011/10/2016 1,624,612.50 2.317 2.3501,488,408.54
Subtotal and Average 238,947,398.71 237,426,310.68 242,849,251.90 1.585 1.607 1,801
Treasury Securities (Notes)
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 4231.75003/09/2017 1,528,365.00 2.071 2.1001,494,253.60
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 6371.75010/06/2017 1,542,360.00 1.914 1.9411,495,257.67
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 7601.75001/11/2018 1,550,505.00 2.308 2.3401,482,720.91
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 7292.12501/22/2018 1,559,715.00 2.387 2.4201,491,712.75
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 7601.75002/05/2018 1,550,505.00 2.560 2.5961,475,377.63
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 7601.75002/08/2018 1,033,670.00 2.487 2.521984,992.95
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 7881.50002/09/2018 1,029,450.00 2.534 2.570978,473.72
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 7881.50002/15/2018 1,029,450.00 2.601 2.638977,143.72
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 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
Subtotal and Average 10,379,932.95 10,500,000.00 10,824,020.00 2.331 2.363 694
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 2122.38110/30/2015 1,011,120.00 2.120 2.1501,001,259.39
Acalanes Union High School Dis2334 MUN 485,000.00004284ZY4 08/01/2022 5772.90003/25/2020 503,570.65 1.677 1.700493,986.26
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 2,0384.00012/05/2019 338,021.10 2.139 2.168317,466.36
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 1,6123.36512/24/2018 560,752.00 3.175 3.220507,893.67
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 5772.60805/09/2017 227,242.40 2.266 2.298221,004.13
Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 1,3083.02608/16/2019 540,805.00 1.876 1.902519,122.35
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 5162.87501/26/2018 332,278.40 2.486 2.520321,509.70
Burlingame School District1548 MUN 585,000.00121457EQ4 08/01/2025 1,6736.23802/24/2016 667,637.10 3.557 3.606644,313.04
Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 2,4032.38510/08/2019 2,100,260.00 2.342 2.3752,000,000.00
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 2124.58402/24/2016 307,110.00 2.130 2.159303,962.74
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 2124.58403/04/2016 1,279,625.00 2.138 2.1681,266,433.76
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 2124.58402/17/2017 358,295.00 2.317 2.350354,287.72
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 2,0385.23409/27/2017 373,289.50 2.850 2.890339,992.37
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 2122.78101/27/2016 506,325.00 2.012 2.040502,033.85
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 5772.97111/30/2017 57,043.80 2.416 2.45055,425.77
Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 2,7692.21309/12/2019 424,604.00 2.071 2.100403,106.35
Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 3,1342.26309/20/2019 1,049,340.60 2.505 2.539969,307.36
Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 3,1342.26302/07/2020 1,589,910.00 2.100 2.1301,515,422.85
Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 1,6731.91803/09/2020 336,204.80 1.128 1.143330,981.42
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 5463.50005/03/2018 1,573,500.00 2.927 2.9671,511,171.30
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 1,8576.08006/28/2016 638,646.75 2.994 3.035595,950.26
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 2,0383.16002/14/2018 1,081,724.20 3.028 3.070999,364.84
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 1,6733.04002/14/2018 826,410.00 2.959 3.000751,215.85
Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 2,0383.16008/29/2019 396,813.40 1.913 1.940388,157.67
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 6383.57005/17/2016 529,010.00 1.878 1.904513,698.52
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 7613.25006/27/2016 387,067.90 1.898 1.925374,417.51
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 1,4922.37507/29/2016 1,963,225.50 1.972 1.9991,850,574.62
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 6383.57009/26/2016 407,337.70 1.630 1.653397,266.42
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 1,7344.00004/10/2017 291,075.00 2.739 2.777262,860.03
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 2,0994.31001/26/2018 1,318,544.25 2.979 3.0201,165,924.28
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 2,0994.31003/19/2018 240,830.00 3.204 3.248210,559.63
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 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
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 1,0033.74010/25/2018 426,519.60 3.093 3.136395,954.55
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 2,2222.72010/31/2018 388,283.00 3.412 3.460336,386.24
State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 2,4955.01411/30/2018 1,528,344.00 3.649 3.7001,291,033.02
State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 1,0033.72008/29/2019 1,639,650.00 1.749 1.7741,577,084.82
State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 2,0994.31001/31/2020 511,763.75 1.837 1.863480,942.44
State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 1,3693.82003/23/2020 1,126,690.00 1.889 1.9151,068,002.78
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 2,7082.26509/16/2019 1,440,616.05 2.318 2.3501,337,348.04
City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 2,7082.26510/02/2019 428,436.00 2.194 2.225401,068.34
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 2,0993.15010/19/2016 1,162,217.65 2.431 2.4651,081,275.94
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 3964.80009/21/2017 235,818.00 2.071 2.100231,255.96
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 6381.92103/20/2018 1,028,540.00 2.584 2.620988,531.76
State of Hawaii1946 MUN 355,000.00419791YP7 02/01/2022 3964.80003/21/2018 372,068.40 2.761 2.800362,239.24
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 6381.92103/29/2018 1,542,810.00 2.663 2.7001,480,861.13
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 1,4925.23010/25/2018 297,340.00 3.363 3.410266,591.26
State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 2,5875.48011/30/2018 646,780.00 3.687 3.739551,772.49
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 1,8575.33012/06/2018 982,816.00 3.304 3.350871,045.22
State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 6381.92101/17/2019 771,405.00 2.613 2.650740,936.08
State of Hawaii2331 MUN 1,000,000.00419792YK6 01/01/2021 03.25003/23/2020 1,000,000.00 1.327 1.3461,000,000.00
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 9732.64002/14/2017 1,060,200.00 2.784 2.8231,000,724.99
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 6082.44012/11/2017 1,127,681.30 2.355 2.3881,090,880.98
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 2,0693.30011/02/2018 335,087.55 3.530 3.579290,941.75
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 2,0693.50001/07/2019 1,146,920.00 3.077 3.1191,019,000.00
City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 2,4343.40001/06/2020 967,100.40 2.360 2.393891,223.23
City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 3,1653.05001/22/2020 1,089,764.60 2.413 2.4461,030,640.44
City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 2,0693.15003/05/2020 1,127,620.00 1.519 1.5411,086,446.75
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 2,3725.51603/29/2018 1,906,545.00 3.254 3.3001,684,812.24
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 2,3725.51610/29/2018 540,187.75 3.600 3.650468,828.72
Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 5465.18111/07/2018 320,796.00 3.166 3.210308,300.96
State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 3,0424.91001/30/2020 321,017.50 2.331 2.363297,402.43
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 4244.30009/16/2016 507,959.90 1.534 1.555499,864.40
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 4382.25003/22/2017 1,024,470.00 2.219 2.2501,000,000.00
State of Maryland1941 MUN 1,500,000.00574193PU6 03/15/2021 732.48003/21/2018 1,506,825.00 2.406 2.4401,500,117.82
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 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
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 7894.40003/20/2018 1,394,060.80 2.633 2.6701,324,656.12
State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 1,3084.20010/19/2018 1,924,757.90 3.413 3.4611,730,172.25
State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 1,6734.35012/16/2019 589,685.00 2.089 2.118547,951.85
State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 8954.45010/15/2019 1,095,810.00 1.893 1.9201,059,696.79
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 1,9603.85012/21/2018 858,165.00 3.452 3.500838,541.81
Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 2,3722.21410/08/2019 1,063,960.00 2.183 2.2141,000,000.00
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 2122.97307/24/2014 507,455.00 2.893 2.933500,587.53
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 2,4033.27209/28/2017 572,120.00 2.791 2.830512,612.57
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 2,0383.17211/05/2018 135,325.20 3.452 3.500118,085.81
Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 2,4033.33008/29/2019 286,980.00 1.874 1.900271,751.31
Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 1,6735.00003/06/2020 372,697.50 1.193 1.210361,970.50
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 9424.10310/26/2015 1,464,388.20 2.490 2.5251,384,124.51
Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 3,1342.56902/04/2020 252,335.30 2.533 2.569230,000.00
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 2,1303.75111/07/2018 1,762,560.00 3.377 3.4241,524,759.39
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 2,1303.75111/07/2018 587,520.00 3.401 3.449507,613.78
State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 1,4302.98708/30/2019 825,495.00 1.745 1.770783,984.28
State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 1,4302.98709/04/2019 550,330.00 1.783 1.807521,930.84
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 1,7654.68109/09/2019 180,009.00 1.888 1.914168,887.10
State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 1,4004.51112/19/2019 289,047.50 2.079 2.108271,773.20
State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 1,0343.40803/20/2020 1,087,320.00 1.626 1.6491,048,068.08
City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 1,3082.20008/08/2019 626,249.40 1.968 1.996599,118.14
State of New Hampshire1948 MUN 1,500,000.00644682M37 06/01/2021 1513.50003/22/2018 1,520,205.00 2.544 2.5801,505,479.11
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 1,2912.12001/04/2019 471,987.00 2.860 2.900438,597.35
New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 1,8993.07009/09/2019 775,467.00 2.071 2.100732,867.69
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 5302.43802/15/2018 2,057,140.00 2.624 2.6611,993,898.80
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 7894.69001/22/2019 1,085,150.00 2.752 2.7911,038,604.46
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 7894.69002/08/2019 1,085,150.00 2.751 2.7901,038,653.45
New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 1,5062.12010/31/2019 1,575,045.00 2.063 2.0911,501,717.70
New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 2,2362.36001/30/2020 615,896.20 1.933 1.960593,201.74
City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 3,3012.11003/09/2020 1,582,995.00 1.436 1.4561,582,203.42
City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 3,3012.11003/13/2020 1,582,995.00 1.638 1.6611,555,934.44
City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 3,3012.11003/16/2020 1,139,756.40 2.247 2.2791,065,193.98
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 2,9362.07003/16/2020 1,582,620.00 2.151 2.1811,487,710.29
Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 2,4032.23711/22/2019 639,642.00 2.271 2.303597,606.89
Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 2,4032.23712/06/2019 298,499.60 2.327 2.360277,933.33
Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 3,1342.33712/11/2019 1,032,283.70 2.382 2.415964,212.71
Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 2,7692.28705/08/2020 1,261,539.15 1.849 1.8751,219,119.24
State of Ohio1550 MUN 1,500,000.00677522HZ0 05/01/2021 1201.57003/09/2016 1,506,405.00 1.548 1.5691,500,000.00
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 8502.11009/13/2016 832,776.00 1.764 1.788805,628.14
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 8502.11001/31/2017 2,081,940.00 2.485 2.5201,982,386.13
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 1,1864.97106/30/2017 1,031,517.00 2.416 2.450967,563.53
State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 2,0695.26203/13/2020 621,710.00 1.710 1.734594,148.45
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 2,4033.12501/25/2018 219,994.00 3.208 3.253198,593.47
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 4852.50008/29/2016 586,917.60 1.528 1.550576,884.22
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 2,3425.89211/06/2018 627,250.00 3.516 3.565554,604.27
State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 1,6732.87712/21/2018 317,265.00 3.156 3.200296,021.28
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 2,3425.89201/16/2019 558,252.50 3.537 3.587501,399.17
State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 1,2163.22701/30/2020 622,348.80 1.641 1.664598,539.46
State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 2,3425.89201/31/2020 620,977.50 2.583 2.619588,988.12
State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 2,3425.89202/24/2020 1,254,500.00 2.482 2.5171,196,725.14
State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 2,3113.08003/13/2020 396,725.00 1.302 1.320387,061.17
State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 3,4381.67207/02/2020 364,634.70 1.433 1.452361,797.86
City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 1,6122.56310/23/2019 1,096,027.45 2.469 2.5031,017,439.17
City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 1,9772.66310/23/2019 633,887.80 2.611 2.647580,428.05
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 1,0643.43812/06/2018 720,826.75 3.205 3.250668,337.60
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 2122.44105/10/2013 2,023,280.00 2.031 2.0602,004,066.67
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 2122.44105/13/2013 1,820,952.00 2.031 2.0601,803,659.88
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 2122.44105/15/2013 2,013,163.60 2.051 2.0801,993,831.22
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 2122.44101/27/2015 202,328.00 2.041 2.070200,402.80
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 2122.44105/12/2016 1,011,640.00 1.528 1.5501,004,972.27
Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 3,4991.66008/06/2020 762,922.50 1.439 1.459763,416.13
State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 1,4752.00012/20/2019 273,299.00 2.231 2.262259,550.49
State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 2,6473.25001/27/2020 1,706,235.00 2.077 2.1061,613,646.71
State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 2,6473.25002/06/2020 625,619.50 1.990 2.018595,060.52
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 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
Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 2,4032.28410/16/2019 1,065,760.00 2.252 2.2841,000,000.00
Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 2,0382.15902/13/2020 1,151,283.00 1.727 1.7511,118,474.91
Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 3,1341.65307/21/2020 500,192.00 1.483 1.504495,818.80
San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 2,7692.59012/12/2019 1,635,090.00 2.554 2.5901,500,000.00
San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 3,1341.84807/07/2020 2,064,820.00 1.822 1.8482,000,000.00
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 9422.50001/11/2018 1,409,586.20 2.436 2.4701,340,959.57
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 1,3082.68001/12/2018 1,566,711.40 2.643 2.6801,460,000.00
Santa Clara Vly Transportation1964 MUN 1,400,000.0080168NEL9 04/01/2021 904.64910/29/2018 1,414,112.00 3.008 3.0501,405,352.11
Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 2,7082.43412/12/2019 1,672,651.30 2.416 2.4501,553,325.10
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 1,2472.50001/25/2018 493,839.30 2.968 3.010457,669.23
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 1,6122.75001/25/2018 505,882.80 3.008 3.050459,509.36
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 1,9773.00001/25/2018 522,005.50 3.107 3.150466,655.35
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 2,3423.00001/25/2018 303,861.60 3.205 3.250276,147.25
Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 1,6421.73503/18/2020 422,664.00 1.381 1.400405,788.75
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 5304.95002/09/2015 383,558.40 2.416 2.450371,919.40
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 1,6265.45011/27/2015 1,208,790.00 3.067 3.1101,089,596.32
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 1,6262.29011/01/2016 2,239,888.40 2.219 2.2492,108,372.07
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 1,9912.39011/01/2016 263,007.50 2.376 2.410244,759.69
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 1,6262.29007/14/2017 244,738.40 2.682 2.720226,057.18
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 1,9915.60001/16/2019 1,777,754.80 3.304 3.3501,573,174.19
City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 3,0872.10010/31/2019 1,178,217.60 2.337 2.3691,097,235.38
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 2,4343.25003/02/2018 745,565.60 3.451 3.499670,460.40
San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 3,1653.64810/11/2019 395,860.50 2.398 2.431382,588.64
San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 2,4343.46803/13/2020 144,310.40 1.577 1.599145,191.18
SF Bay Area Rapid Transit Dist1938 MUN 2,100,000.00797669XU7 07/01/2021 1812.38703/07/2018 2,122,659.00 2.494 2.5282,098,588.74
SF Bay Area Rapid Transit Dist1939 MUN 1,500,000.00797669XU7 07/01/2021 1812.38703/07/2018 1,516,185.00 2.497 2.5311,498,969.55
SF Bay Area Rapid Transit Dist2018 MUN 875,000.00797669XU7 07/01/2021 1812.38701/17/2019 884,441.25 2.544 2.579874,192.22
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 9112.62102/25/2019 210,974.00 2.672 2.710199,580.46
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 2,4343.72810/29/2018 361,182.15 3.676 3.727315,000.00
San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 2,7692.35010/01/2019 536,785.00 2.317 2.350500,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 9422.50001/29/2015 609,359.60 2.663 2.700577,338.23
Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 5772.90802/19/2019 224,053.65 2.714 2.752215,508.16
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 18
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 2,7693.47209/05/2019 369,003.60 1.972 2.000347,059.02
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 2432.72001/19/2016 182,723.40 2.046 2.075180,726.62
San Mateo Union High School Dt1902 MUN 1,000,000.00799017UW6 09/01/2025 1,7042.69901/16/2018 1,091,970.00 2.786 2.825994,730.49
San Mateo Union High School Dt1940 MUN 1,000,000.00799017UW6 09/01/2025 1,7042.69903/09/2018 1,091,970.00 2.959 3.000987,493.61
San Mateo Union High School Dt2178 MUN 1,565,000.00799017VM7 09/01/2028 2,8002.54212/11/2019 1,681,936.80 2.311 2.3431,586,363.15
Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 2,7692.71712/09/2019 1,258,836.00 2.462 2.4961,167,180.49
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 2,4033.00002/15/2018 196,142.40 3.057 3.100178,978.13
South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 3,1345.00012/12/2019 461,837.70 2.598 2.634435,967.98
South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 2,7695.00012/12/2019 308,270.00 2.549 2.584290,809.50
South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 2,4035.00012/12/2019 176,153.25 2.500 2.534166,276.55
South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 2,0385.00012/12/2019 462,189.00 2.378 2.411441,798.43
San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 1,3081.96511/13/2019 1,847,944.80 1.938 1.9651,755,000.00
Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 2,8002.19009/19/2019 140,271.75 2.157 2.187135,000.00
Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 2,4342.09009/19/2019 140,193.45 2.061 2.090135,000.00
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 2,0382.11608/25/2016 1,066,360.00 1.923 1.9501,008,380.62
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 1,6732.06608/25/2016 1,749,858.00 1.893 1.9201,660,084.14
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 1,6732.06608/25/2016 742,364.00 1.893 1.920704,278.12
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 1,3083.72812/20/2018 228,103.50 2.860 2.900210,571.64
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 2732.58910/14/2015 936,422.00 1.864 1.890924,539.92
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 4553.67310/19/2016 114,544.10 1.825 1.850112,373.58
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 1,6733.83209/22/2017 263,927.50 2.747 2.785260,695.25
State of Texas2013 MUN 1,000,000.00882722VH1 04/01/2021 903.52301/11/2019 1,007,720.00 3.503 3.5521,001,785.37
State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 1,7343.05112/23/2019 1,676,100.00 1.975 2.0031,570,136.33
State of Texas2225 MUN 940,000.008827237T0 10/01/2029 3,1953.52101/30/2020 1,077,587.80 2.191 2.2211,035,694.48
State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 3,1953.52102/14/2020 1,450,158.05 2.192 2.2221,393,725.70
State of Texas2311 MUN 250,000.008827237N3 10/01/2024 1,3692.89903/16/2020 273,332.50 1.231 1.248264,998.62
University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 1,5953.05008/26/2019 1,661,775.00 1.930 1.9571,567,435.85
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 1,5953.05009/09/2019 1,107,850.00 1.797 1.8211,050,774.19
State of Utah1731 MUN 610,000.00917542QR6 07/01/2024 1,2774.55401/04/2017 659,416.10 2.904 2.944640,627.16
State of Utah1990 MUN 1,000,000.00917542QU9 07/01/2021 1813.36911/29/2018 1,015,190.00 2.959 3.0001,001,757.51
State of Utah2306 MUN 1,500,000.00917542QV7 07/01/2025 1,6423.53903/13/2020 1,631,880.00 1.948 1.9751,599,708.96
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 5772.74008/08/2016 259,910.00 1.504 1.524254,569.90
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2020
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 19
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 5774.63612/05/2016 550,478.35 2.465 2.500531,143.81
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 2124.58604/12/2017 1,536,960.00 2.081 2.1101,520,600.06
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 1,3084.66905/23/2017 559,141.95 2.416 2.450520,152.92
State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 1,3084.66912/24/2019 576,435.00 1.978 2.005545,360.20
State of Wisconsin2000 MUN 500,000.0097705LA49 05/01/2022 4853.80012/19/2018 505,645.00 3.076 3.119504,269.31
Subtotal and Average 161,048,836.27 156,825,000.00 169,832,319.40 2.372 2.405 1,582
Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 6211.75011/09/2018 1,540,125.00 3.106 3.1501,466,560.74
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 7487.62511/08/2018 1,724,910.00 3.111 3.1551,627,747.83
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 9993.00011/27/2018 1,074,520.00 3.018 3.060998,468.83
Intl Bk Recon & Development2028 IBRD 1,500,000.0045905U2D5 02/15/2024 1,1402.50002/28/2019 1,503,420.00 2.990 3.0311,500,000.00
Intl Bk Recon & Development2106 IFC 1,500,000.0045950VNF9 09/20/2024 1,3581.70009/20/2019 1,511,985.00 1.676 1.7001,500,000.00
International Finance Corp.2012 IFC 2,000,000.0045950VMY9 01/15/2024 1,1092.50001/23/2019 2,001,140.00 3.103 3.1472,000,000.00
International Finance Corp.2023 IFC 1,500,000.0045950VNC6 02/15/2024 1,1402.62502/15/2019 1,503,540.00 3.054 3.0971,500,000.00
International Finance Corp.2217 IFC 1,266,000.0045950VNR3 01/15/2025 1,4751.62501/27/2020 1,279,280.34 2.186 2.2161,266,000.00
International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 1,7480.25010/30/2020 995,990.00 0.497 0.5041,000,000.00
International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 1,7790.25011/30/2020 1,500,690.00 0.683 0.6921,500,000.00
Subtotal and Average 14,358,777.40 14,266,000.00 14,635,600.34 2.418 2.451 1,189
Total Investments and Average 538,787,464.05 532,059,507.42 553,790,563.14 1.754 1.778 1,425
Portfolio CPA
AP
Run Date: 01/24/2021 - 00:58 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.27.4%
c)The City shall maintain a minimum of one month's cash needs in short term investments.Full Compliance
d)At least $50 million shall be maintained in securities maturing in less than 2 years.
Plus two managed pool accounts which provide instant liquidity:
-Local Agency Investment Fund (LAIF) - maximum investment limit i $75 million $49.4 million
-Fidelity Investments $3.8 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.102.78%
d) Commitments to purchase securities newly introduced on the market shall be made no more than
three (3) working days before pricing.Full Compliance
f) Whenever possible, the City will obtain three or more quotations on the purchase or sale of
comparable securities (excludes new issues, LAIF, City of Palo Alto bonds, money market
accounts, and mutual funds).Full Compliance
2 U.S. Government Securities:Full Compliance
a)There is no limit on purchase of these securities.
b)Securities will not exceed 10 years maturity.
3 U.S. Government Agency Securities:Full Compliance
a)There is no limit on purchase of these securities except for:
Callable and Multi-step-up securities provided that:
-The potential call dates are known at the time of purchase;
-the interest rates at which they "step-up" are known at the time of purchase; and
-the entire face value of the security is redeemed at the call date.
-No more than 25 percent of the par value of portfolio.23.68%
b) Securities will not exceed 10 years maturity.
4 California State, California Local Government Agencies, and other United States State Bonds:Full Compliance
a)Having at time of investment a minimum Double A (AA/Aa2) rating as provided by a nationally
recognized rating service (e.g., Moody’s, Fitch, and/or Standard and Poor’s).
b)May not exceed 30 percent of the par value of the portfolio.29.73%
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.
$135.2 million
1.97%
Attachment C
Investment Policy Compliance
As of December 31, 2020
Investment Policy Requirements
Compliance
Check / Actual
Attachment C
Investment Policy Compliance
As of December 31, 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.7.18%
b) No more than $5 million in any one institution.Federally Insured
12 Medium-Term Corporate Notes:Full Compliance
a) No more than 10 percent of the par value of the portfolio.4.34%
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 2.69%
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