HomeMy WebLinkAboutStaff Report 12391
City of Palo Alto (ID # 12391)
City Council Staff Report
Report Type: Informational Report Meeting Date: 8/9/2021
City of Palo Alto Page 1
Summary Title: Investment Activity Report
Title: City of Palo Alto Investment Activity Report for the Fourth Quarter,
Fiscal Year 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 fourth quarter ending June 30,
2021 and to disclose staff’s cash flow projections for the next six months.
Discussion
The City’s investment portfolio is summarized in Graph 1 and detailed in the Investments by
Fund Report (Attachment B). The Investments by Fund Report groups the portfolio’s securities
by investment type and includes details of the investment issuer, date of maturity, current
market value, the book and face (par) value, and the weighted average maturity of each type of
investment and of the entire portfolio.
City of Palo Alto Page 2
Due to rounding, the above graph's percentage total is less than 100 percent.
The par value of the City’s portfolio is $579.1 million; in comparison, last quarter it was $553.9
million. The $25.2 million portfolio growth since the last quarter results from timing of cash
flows, increased cash flow due to the rebound of the local economy, and federal aid.
Contributing factors include $11.2 million drawdown from bond construction funds for the past
expenditures for the Public Safety Building, property taxes receipts including Excess ERAF
(Educational Revenue Augmentation Funds) and bond assessments, and receipt of half, totaling
$6.9 million, of the City’s allocated aid from the U.S. Government’s American Rescue Plan Act
(ARPA); all of this is partially offset by an extra pay period cost in the fourth quarter compared
to the third quarter.
The portfolio consists of $71.9 million in liquid accounts and $507.2 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 $135.8 million in investments maturing in less than two years, comprising 23.5 percent
of the City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of
the portfolio to be invested in securities with maturities beyond five years; actual at the end of
the second quarter is 28.6 percent of the portfolio.
City of Palo Alto Page 3
Table 1:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Portfolio
U.S. Treasury 1.5$ 9.0$ -$ 3.0$ -$ 13.5$ 2.3%
U.S. Agency Bonds 23.3 39.2 9.6 73.9 96.8 242.8 41.9%
U.S. Municipal/ State Bonds 26.2 14.6 9.7 44.6 65.3 160.4 27.8%
Negotiable Certificates of Deposits (NCD)10.2 7.3 4.7 9.6 3.7 35.5 6.1%
U.S. Corporate Bonds 0.9 0.6 6.3 15.4 - 23.2 4.0%
Supranational Organizations Bonds - 3.0 1.0 27.8 - 31.8 5.5%
Liquid Accounts (LAIF & Fidelity)71.9 - - - - 71.9 12.4%
Grand Total 134.0$ 73.7$ 31.3$ 174.3$ 165.8$ 579.1$ 100%
% of Portfolio 23.1%12.7%5.4%30.1%28.6%100.0%
* $64.3 million or 11.1 percent are in investments that support Environmental, Social, and Governace (ESG) Activities
(aka "Green", local banks, and Supranational Bonds)
Maturities - Par Value (millions)
Investment Type
The current market value of the portfolio is 101.5 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 3.94 years compared to 4.10 years last quarter.
Investments Made During the Fourth Quarter
During the fourth quarter, $16.6 million of securities with an average yield of 2.1 percent
matured. During the same period, per the following Table 2, securities totaling $20.9 million
with an average yield of 1.2 percent were purchased. The expectation is interest rates and the
City’s portfolio’s average yield will further decline. The City’s short-term money market and
pool account increased by $21.0 million compared to the third quarter. Staff continually
monitors the City’s short-term cash flow needs and adjusts liquid funds to meet them. Liquidity
was increased in anticipation of making the prepayment of the City’s Fiscal Year 2022 Unfunded
Accrued Liability (UAL) pension cost of $38.3 million for active employees to the Public
Employers’ Retirement System (PERS) in July 2021.
City of Palo Alto Page 4
Table 2:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Purchase
U.S. Treasury -$ -$ -$ -$ -$ -$ 0.0%
U.S. Agency Bonds - - - 1.8 8.5 10.3 49.5%
U.S. Municipal/ State Bonds - - - 3.7 1.8 5.5 26.4%
Negotiable Certificates of Deposits (NCD)- - - - - - 0.0%
U.S. Corporate Bonds - - - - - - 0.0%
Supranational Organizations Bonds - - - 5.0 - 5.0 24.0%
Grand Total -$ -$ -$ 10.5$ 10.3$ 20.8$ 100%
% of Purchase 0.0%0.0%0.0%50.5%49.6%100.1%
* $5.6 million or 26.7 percent are in investments that support Environmental, Social, and Governace (ESG) Activities
(aka "Green", local banks, and Supranational Bonds)
Investment Type
2021 Q4 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 $278.1 million and expenditures will be $285.9 million over the next six
months, indicating an overall decline in the portfolio of $7.8 million.
The expected decline is attributable to pre-paying a portion of the Fiscal Year 2022 Public
Employers’ Retirement System’s (PERS) employer contribution of $38.3 million, representing
the City’s unfunded accrued liability (UAL) lump-sum payment for FY 2022. By prepaying PERS
instead of making payments with each payroll period, the City is expected to save $1.3 million
in pension expense by pre-paying the UAL; however, the savings will be offset by the loss of
approximately $0.2 million in interest income in the City’s investment portfolio. This result in
net citywide savings of $1.1 million because of PERS’ expected ability to earn interest earlier
and at a higher rate than the City could realize. Without this prepayment, the portfolio’s
expected increase would be $21 million.
As of June 30, 2021, the City had $71.9 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 $32.0 million will mature between April 1, 2021 and September 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 fourth quarter, staff complied with all aspects of the investment policy. Attachment
C lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
City of Palo Alto Page 5
Investment Yields
Interest income on an accrual basis for the fourth quarter was $2.3 million. As of June 30, 2021,
the yield to maturity of the City’s portfolio was 1.58 percent. In the fourth quarter, LAIF’s
average yield was 0.32 percent while the average yield on the two-year and five-year Treasury
bonds was approximately 0.17 percent and 0.84 percent, respectively. Though interest rates
have slowly began to rise, the decrease in the portfolio’s yields is expected to continue.
Historically, the City’s portfolio yield has outperformed the two-year and five-year Treasury
bond rates and did so again starting 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
past 19+ years.
5.79%
4.19%City of Palo Alto
4.41%
2.91%
1.93%1.58%
2 Yr. Treasury
0.17%
5-Yr. Treasury
0.84%
LAIF
0.32%
$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 3.94 years.
Yield Trends
The Federal Open Market Committee (FOMC), for the tenth consecutive meeting, held the
federal funds rate near zero (0 percent to 0.25 percent) at its June 2021 meeting and expects to
do increases by the end of 2023. While the policy substantially remained the same, their tone
reflected a change, they stated "Progress on vaccinations has reduced the spread of COVID-19
in the United States." and "Progress on vaccinations will likely continue to reduce the effects of
City of Palo Alto Page 6
the public health crisis on the economy." The FOMC acknowledged economic activity and
employment have strengthened. The FOMC is confident the recent inflation surge is transitory
and is committed to “promoting its maximum employment and price stability goals.” Due to the
resurgence of COVID-19 cases locally and Santa Clara County’s recent health and safety
guidance, staff will continue to monitor these trends, along with any impacts they may have on
the economy at a macro level.
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 subject to the requirements of the
underlying debt indenture. The trustees for the bond funds are U.S. Bank and California Asset
Management Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and
money market mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in
CAMP are invested in banker’s acceptance notes, certificates of deposit, commercial paper,
federal agency securities, and repurchase agreements. The most recent data on funds held by
the fiscal agent is as of June 30, 2021.
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 June 30,
2021, principal investment contributions of $32.3 million have grown to $37.1 million and the
net return for one and three year has been 11.55 percent and 7.82 percent.
Fiscal Impact
This is an information report.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
• Attachment A Consolidated Report of Cash Management
• Attachment B Investment Portfolio
• Attachment C Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)585,031,769$ 593,830,371$
Other Funds Held by the City
Cash with Wells Fargo Bank 905,971 905,971
(includes general and imprest accounts)
Cash with US Bank 2,252,201 2,252,201
(includes general and imprest accounts)
Petty/Working Cash 11,927 11,927
Total - Other Funds Held By City 3,170,099 3,170,099
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1995 Utility Revenue Bonds
Debt Service Fund 2 2
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,551,014 2,551,014
2010 General Obligation (Library) Bond
Debt Service and Escrow Funds 2,995,020 2,995,020
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 789,007 789,007
2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1,732,082 1,732,082
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 16,087 16,087
2021 Public Safety Building Certificates of Participation
Construction Debt Svc, Capitalized Interest, and Cost of Issua 95,542,577 95,542,577
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,705,329 2,705,329
2013 General Obligation (Library) Bond
Reserve Fund 598,742 598,742
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 37,089,037 37,089,037
Total Under Trustee Management 144,036,892 144,036,892
GRAND TOTAL 732,238,761$ 741,037,362$
* 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
Fourth 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 AltoAdministration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
June 30, 2021
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 4,511,715.72SYS158 10.01007/01/2018 4,511,715.72 0.009 0.0104,511,715.72
Local Agency Investment Fund159 67,388,099.81SYS159 10.30007/01/2018 67,473,672.79 0.295 0.30067,388,099.81
Subtotal and Average 71,899,815.53 71,899,815.53 71,985,388.51 0.278 0.282 1
Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 8513.45010/30/2018 263,237.80 3.404 3.451245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 4562.45009/30/2015 252,107.45 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 4552.05009/29/2017 250,872.65 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 7762.40002/16/2016 245,727.65 2.367 2.400245,000.00
American Eagle Bank2124 NCD 249,000.0002554BCN9 05/23/2022 3262.10009/27/2019 253,514.37 1.869 1.895249,443.15
American National Bank1766 NCD 245,000.0002772JAC4 08/04/2021 342.05004/04/2017 245,463.05 2.023 2.051245,000.00
Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 1,3581.10003/20/2020 255,254.88 1.085 1.100249,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 1,0642.30005/30/2017 259,214.90 2.270 2.301245,000.00
American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 8863.55012/04/2018 264,548.55 3.501 3.550245,000.00
Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 1,6110.45011/27/2020 247,010.49 0.493 0.500248,451.10
Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 1,4881.05011/23/2020 254,590.05 0.542 0.549254,009.61
Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 1,4431.00006/02/2020 249,209.16 0.986 1.000249,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 4422.25009/16/2015 251,308.75 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 4561.70009/30/2016 249,814.25 1.676 1.700245,000.00
Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 1,1561.70008/30/2019 255,532.55 1.678 1.701245,000.00
BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 1,6660.55001/22/2021 247,381.50 0.592 0.600248,432.05
BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 2,6751.00001/27/2021 244,687.32 1.019 1.034248,411.59
BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 1,6030.50011/20/2020 247,665.36 0.493 0.500249,000.00
Beneficial Bank1680 NCD 245,000.0008173QBR6 09/13/2021 741.50009/12/2016 245,725.20 1.479 1.500245,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 2862.00004/13/2017 248,731.35 1.973 2.001245,000.00
Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 5173.25011/30/2018 255,750.60 3.207 3.252245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 6603.00004/24/2018 257,465.60245,000.00
Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 2,1501.15005/21/2020 252,227.04 1.134 1.150249,000.00
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 2942.05004/21/2017 248,929.80 2.023 2.051245,000.00
First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 1,5110.45008/20/2020 247,293.20 0.444 0.450248,000.00
Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 1,1561.85008/30/2019 256,691.40 1.826 1.852245,000.00
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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
Central State Bank1538 NCD 245,000.0015524EAA2 02/16/2022 2301.70002/16/2016 247,533.30 1.678 1.701245,000.00
Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 1,3651.00003/27/2020 254,336.07 1.189 1.206247,138.64
First Iowa State Bank1840 NCD 245,000.00320636AC7 01/31/2022 2141.90007/31/2017 247,653.35 1.876 1.902245,000.00
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 5462.35012/29/2017 253,026.20 2.317 2.350245,000.00
Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 2,0720.65003/04/2021 245,389.50 0.691 0.701248,293.57
Citizens Deposit Bank1677 NCD 245,000.0017453FBP6 08/24/2021 541.40008/24/2016 245,524.30 1.380 1.400245,000.00
Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 1,3371.65002/27/2020 256,022.55 1.668 1.691244,641.42
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 5961.75002/19/2016 256,412.50 1.727 1.751250,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 4742.10010/18/2017 251,281.80 2.071 2.100245,000.00
Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 1,3081.80001/29/2020 257,210.80 1.779 1.803245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 3192.00005/15/2017 249,138.05 1.972 2.000245,000.00
Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 1,1621.90009/05/2019 257,112.80 1.873 1.900245,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 3262.00005/22/2017 249,221.35 1.972 2.000245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 4382.25009/11/2015 251,254.85 2.224 2.255245,000.00
Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 1,3581.10003/20/2020 254,229.76 1.085 1.100248,000.00
Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 3,1341.10001/29/2021 240,491.67 1.154 1.170247,575.54
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 8453.35010/24/2018 262,561.60 3.304 3.350245,000.00
Dollar Bank FSB1756 NCD 245,000.0025665QAV7 03/08/2022 2502.05003/08/2017 248,395.70 2.021 2.050245,000.00
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 6662.65004/30/2019 255,956.40 2.615 2.651245,000.00
Exchange State Bank2383 NCD 250,000.00301485AM0 03/31/2025 1,3691.00007/08/2020 250,197.50 0.986 1.000250,000.00
Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 2,7831.00002/12/2021 243,728.67 1.037 1.052248,051.38
Flagstar Bank FSB2414 NCD 249,000.0033847E4E4 09/30/2024 1,1870.40009/30/2020 249,410.85 0.394 0.400249,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 2802.10004/07/2017 248,846.50 2.072 2.101245,000.00
Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 1,3561.10003/18/2020 255,252.39 1.085 1.100249,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 7211.80006/22/2016 253,119.30 1.776 1.800245,000.00
1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 1,5100.45008/19/2020 247,303.12 0.444 0.450248,000.00
First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 1,1611.75009/04/2019 255,931.90 1.727 1.751245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 3782.05007/14/2017 249,963.70 2.023 2.051245,000.00
Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 1,6710.50001/27/2021 246,749.04 0.543 0.550248,430.34
First Eagle National Bank1400 NCD 245,000.0032008JAG8 10/15/2021 1062.45010/17/2014 246,923.25 2.416 2.449245,000.00
First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 1,9780.65011/30/2020 245,733.12 0.691 0.701248,325.62
Rollstone Bank & Trust2462 NCD 249,000.0077579AEE2 12/30/2027 2,3730.75012/30/2020 244,069.80 0.775 0.786248,422.07
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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
Farmers & Merchant Bank1735 NCD 245,000.0030781TBD9 01/18/2022 2012.05001/18/2017 247,692.55 2.021 2.050245,000.00
First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 2,0090.60012/31/2020 244,953.75 0.625 0.633248,543.37
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 8342.25010/13/2017 256,169.55 2.220 2.251245,000.00
The FNB of Mcgregor1480 NCD 245,000.0032112UBW0 09/30/2021 912.00010/01/2015 246,195.60 1.972 1.999245,000.00
Franklin Synergy Bank1771 NCD 103,000.0035471TCV2 01/31/2022 2142.00004/04/2017 104,176.26 1.972 1.999103,000.00
First Neighbor Bank, NA1469 NCD 245,000.0033581VAF6 09/03/2021 642.40009/03/2015 246,085.35 2.367 2.400245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 4752.10004/19/2017 251,269.55 2.072 2.101245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 3022.00006/30/2017 248,942.05 1.973 2.000245,000.00
First Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 8383.40010/17/2018 262,671.85 3.355 3.401245,000.00
Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 1,1491.95008/23/2019 257,399.45 1.925 1.952245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 4622.10010/06/2017 251,110.30 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 2802.00004/07/2017 248,657.85 1.973 2.001245,000.00
Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 2,3430.80011/30/2020 245,242.59 0.825 0.836248,429.38
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 3892.00010/25/2017 249,968.60 1.972 2.000245,000.00
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 1,0422.55005/08/2019 260,682.45 2.513 2.548245,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 6773.15005/09/2018 258,428.45 3.106 3.150245,000.00
Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 1,5720.35011/16/2020 204,898.95 0.527 0.535205,372.08
Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 1,6280.50012/14/2020 247,336.68 0.543 0.550248,445.30
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 4492.20003/24/2017 251,267.10 2.172 2.202245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 2852.15004/12/2017 249,008.20 2.121 2.151245,000.00
Inst. for Sav in Newburyport1455 NCD 245,000.0045780PAN5 07/30/2021 292.30007/31/2015 245,490.00 2.269 2.301245,000.00
Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 2,3390.75011/27/2020 244,530.45 0.790 0.801248,202.18
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 1,0652.50005/31/2017 260,635.90 2.465 2.500245,000.00
Keesler Federal Credit Union2027 NCD 245,000.0049254FAP1 08/30/2021 603.05002/28/2019 246,225.00 3.008 3.050245,000.00
Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 8523.35010/24/2019 265,883.28 2.210 2.241254,131.61
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 8091.80009/16/2016 245,911.40 1.775 1.800245,000.00
Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 2,7300.85012/30/2020 241,537.47 0.889 0.901248,066.57
Legends Bank1533 NCD 245,000.0052465JGM3 02/11/2022 2251.70002/12/2016 248,493.70 1.678 1.701245,000.00
Live Oak Banking Company1671 NCD 245,000.00538036CH5 08/19/2021 491.40008/19/2016 245,470.40 1.381 1.400245,000.00
Luana Savings Bank1367 NCD 245,000.00549103QA0 09/07/2021 682.25009/05/2014 246,033.90 2.219 2.250245,000.00
Bank Leumi USA NY2335 NCD 249,000.00063248KR8 03/31/2023 6381.45003/31/2020 254,485.47 1.430 1.449249,000.00
Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 1,4600.40008/31/2020 248,387.46 0.394 0.400249,000.00
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 3622.05006/28/2017 249,765.25 2.023 2.051245,000.00
MB Financial Bank NA1730 NCD 245,000.0055266CUF1 01/13/2022 1962.10001/13/2017 247,690.10 2.072 2.101245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 3152.10005/12/2017 249,341.40 2.071 2.100245,000.00
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 3292.05005/26/2017 249,370.80 2.023 2.051245,000.00
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 9163.30001/10/2019 263,561.20 3.254 3.299245,000.00
Landmark Community Bank2123 NCD 249,000.0051507LBU7 06/27/2022 3612.35009/27/2019 254,570.13 1.868 1.894250,092.28
Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 1,1561.80008/30/2019 256,296.95 1.775 1.800245,000.00
Merchants National Bank OH1534 NCD 245,000.00588806AV1 02/17/2022 2311.80002/17/2016 248,476.55 1.776 1.801245,000.00
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 3442.05006/12/2017 249,557.00 2.023 2.051245,000.00
Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 2,7691.00001/28/2021 243,833.25 1.024 1.039248,292.36
Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 1,2261.90011/08/2019 257,539.10 1.875 1.902245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 1,0302.60004/26/2019 260,863.75 2.567 2.602245,000.00
Mountain America FD Credit Uni2202 NCD 249,000.0062384RAC0 11/08/2022 4952.30001/08/2020 256,280.76 1.928 1.955250,131.33
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 5592.65001/11/2018 254,307.55 2.613 2.650245,000.00
Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 8883.55012/06/2018 264,590.20 3.501 3.550245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 1,0362.35005/22/2017 259,217.35 2.317 2.349245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 4212.25008/26/2015 252,335.30 2.220 2.251245,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 8803.55011/28/2018 264,367.25 3.503 3.551245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 4552.05009/29/2017 250,872.65 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 5672.40001/19/2018 253,484.35 2.368 2.401245,000.00
Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 1,5520.45009/30/2020 247,784.88 0.443 0.450249,000.00
Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 1,5660.50010/13/2020 248,138.46 0.533 0.540248,573.14
People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 3,1050.90012/30/2020 237,062.94 0.967 0.981247,354.01
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 3292.10005/26/2017 249,481.05 2.072 2.101245,000.00
Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 1,1422.00008/16/2019 257,727.75 1.972 2.000245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 6222.10007/19/2017 252,969.85 2.072 2.101245,000.00
Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 3,1611.00002/24/2021 237,999.18 1.055 1.070247,563.71
Providence Bank1445 NCD 245,000.00743738BQ8 02/25/2022 2392.10002/26/2015 249,194.40 2.072 2.101245,000.00
Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 1,2781.85012/30/2019 257,521.95 1.824 1.850245,000.00
Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 1,1751.90009/18/2019 257,205.90 1.873 1.900245,000.00
State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 1,5260.50009/04/2020 248,621.52 0.493 0.500249,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 6832.95005/15/2018 257,568.50 2.911 2.951245,000.00
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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
San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 1,3651.10003/27/2020 255,259.86 1.085 1.100249,000.00
Summit Community Bank1888 NCD 245,000.0086604XMN3 01/26/2022 2092.25001/26/2018 248,082.10 2.220 2.251245,000.00
Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 2,4220.80002/17/2021 244,209.24 0.861 0.873247,820.27
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 7111.80006/10/2016 253,023.75 1.776 1.800245,000.00
Bank of New England1704 NCD 245,000.00063847AW7 10/19/2021 1101.50010/19/2016 246,038.80 1.480 1.500245,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 4762.10010/20/2017 251,281.80 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 2922.00004/19/2017 248,804.85 1.973 2.001245,000.00
Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 1,0011.15003/31/2020 254,861.46 1.134 1.150249,000.00
Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 1,6360.45012/23/2020 246,385.50 0.483 0.490248,553.82
Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 1,2431.95011/25/2019 258,090.35 1.923 1.950245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 7082.15006/09/2017 254,172.80 2.121 2.151245,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 3622.00006/28/2017 249,681.95 1.972 2.000245,000.00
UBS Bank USA1815 NCD 250,000.0090348JBR0 01/20/2022 2032.25006/15/2017 253,052.50 2.219 2.249250,000.00
United Community Bank GA1749 NCD 245,000.0090984P5A9 03/01/2022 2432.05003/01/2017 248,300.15 2.021 2.050245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 9081.70006/24/2016 255,292.45 1.676 1.700245,000.00
USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 1,3691.15003/31/2020 249,236.55 1.154 1.170248,813.32
Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 8933.65010/18/2019 265,237.00 2.170 2.200253,303.72
Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 1,1492.05008/23/2019 258,166.30 2.024 2.052245,000.00
Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 1,5961.05005/13/2020 252,642.56 1.035 1.050248,000.00
Washington First Bank1745 NCD 245,000.00940727AH3 02/23/2022 2372.05002/23/2017 248,180.10 2.021 2.050245,000.00
Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 1,6110.50011/27/2020 247,563.27 0.515 0.522248,670.66
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 3932.35008/12/2015 251,764.45 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 3142.05008/11/2017 249,182.15 2.021 2.050245,000.00
Subtotal and Average 35,532,985.19 35,531,000.00 36,271,285.38 1.746 1.770 935
Corporate Medium Term Bonds
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 6712.40008/29/2019 570,834.00 1.726 1.750556,336.00
Apple, Inc.2323 MTN 750,000.00037833AY6 02/09/2022 2232.15003/19/2020 758,947.50 1.583 1.605752,426.05
Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 1,2922.75008/28/2020 1,603,575.00 0.620 0.6281,610,719.73
Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 1,6830.70002/08/2021 691,831.00 0.684 0.694700,185.32
Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 1,5060.45003/01/2021 198,044.00 0.668 0.678198,151.40
Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 1,5230.55012/23/2020 1,981,140.00 0.479 0.4862,005,254.71
Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 1,7042.45003/01/2021 2,131,740.00 0.812 0.8232,141,149.68
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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
Corporate Medium Term Bonds
Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 1,7042.45003/01/2021 1,065,870.00 0.812 0.8241,070,556.74
Microsoft Corporation1878 MTN 100,000.00594918BW3 02/06/2022 2202.40012/11/2017 101,181.00 2.292 2.324100,042.71
Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 9502.87501/22/2020 1,903,536.00 1.727 1.7511,848,499.11
Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 1,5863.12511/18/2020 3,185,603.20 0.572 0.5803,221,616.34
Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 1,5863.12503/01/2021 196,372.80 0.753 0.763197,131.61
Stanford University2046 MTN 2,000,000.00525555AB4 02/01/2024 9456.87505/14/2019 2,320,140.00 2.367 2.4002,175,253.39
Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 9456.87512/12/2019 1,160,070.00 1.934 1.9601,121,343.45
Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 1,3840.87307/01/2020 2,012,060.00 0.616 0.6252,018,133.92
Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 1,3840.87303/01/2021 3,018,090.00 0.638 0.6463,024,816.71
Subtotal and Average 22,741,616.87 21,700,000.00 22,899,034.50 1.022 1.036 1,315
Federal Agency Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 1,0452.85008/06/2019 1,591,920.00 1.998 2.0251,532,431.49
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 3692.20012/13/2012 1,531,350.00 1.930 1.9571,503,345.32
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 5082.00012/19/2012 768,900.00 2.081 2.110748,970.11
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 5442.18001/04/2013 1,544,250.00 2.165 2.1961,499,679.79
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 5442.18001/08/2013 1,544,250.00 2.195 2.2251,499,090.49
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 5442.18001/23/2013 1,544,250.00 2.111 2.1411,500,778.35
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 5442.18001/28/2013 2,671,552.50 2.199 2.2292,593,273.53
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 3692.20004/23/2014 1,276,125.00 2.889 2.9301,241,848.02
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 1,0003.33001/09/2015 436,077.60 2.540 2.575411,383.41
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 7112.61001/22/2015 1,677,286.76 2.269 2.3011,612,726.42
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 7112.61002/09/2015 1,516,250.50 2.377 2.4101,455,080.56
Federal Agricultural Mortgage1452 1,000,000.003130H0AJ2 03/01/2022 2432.15003/05/2015 1,013,770.00 2.120 2.1501,000,000.00
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 5722.13004/06/2016 1,030,040.00 1.839 1.8641,003,872.69
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 1,4954.35004/08/2016 542,796.36 2.296 2.328509,061.97
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 1,0353.30004/21/2016 1,619,595.00 2.084 2.1121,546,175.29
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 1,0353.30004/26/2016 1,619,595.00 2.159 2.1891,543,052.13
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 5442.18005/26/2016 514,750.00 1.844 1.870502,156.66
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 3792.38007/25/2016 2,046,620.00 1.499 1.5202,017,016.13
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 1,6784.81010/18/2016 1,767,525.00 2.131 2.1601,664,385.11
Federal Agricultural Mortgage1755 1,000,000.003132X0PX3 02/23/2022 2372.10002/23/2017 1,013,000.00 2.034 2.0631,000,224.91
Federal Agricultural Mortgage1758 1,500,000.003132X0PX3 02/23/2022 2372.10003/02/2017 1,519,500.00 2.085 2.1141,499,863.99
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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 Mortgage1769 1,500,000.003132X0RS2 04/06/2022 2792.07504/06/2017 1,522,725.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1788 1,000,000.003132X0NZ0 01/03/2022 1862.10005/04/2017 1,010,350.00 1.938 1.9651,000,648.22
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 3692.20006/14/2017 1,020,900.00 1.908 1.9341,002,542.60
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 3631.88006/29/2017 1,526,160.00 1.903 1.9301,499,289.97
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 3631.88006/29/2017 1,017,440.00 1.923 1.949999,339.89
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 1,1492.25010/06/2017 1,053,370.00 2.332 2.365996,673.01
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 5292.26012/12/2017 1,544,865.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 1,1272.62501/09/2018 1,064,210.00 2.546 2.5811,001,217.15
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 1,1272.62501/11/2018 1,596,315.00 2.623 2.6601,498,517.44
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 5782.50001/30/2018 2,072,320.00 2.472 2.5071,999,785.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 5782.50001/30/2018 1,554,240.00 2.481 2.5151,499,648.17
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 5782.50001/31/2018 2,072,320.00 2.556 2.5921,997,285.24
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 5722.13002/08/2018 1,133,044.00 2.578 2.6141,092,232.74
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 6012.60002/22/2018 1,558,575.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 6002.77002/23/2018 1,562,655.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 9433.46012/14/2018 592,854.12 3.018 3.060554,201.06
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 1,0132.35004/09/2019 1,052,320.00 2.365 2.398998,741.41
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 1,2385.25004/08/2019 783,774.78 2.420 2.454737,607.26
Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 1,4954.35009/09/2019 629,827.00 1.659 1.683606,900.74
Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 2,3322.85003/11/2020 1,744,524.03 1.050 1.0641,740,221.21
Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 3,2381.50005/13/2020 1,988,420.00 1.479 1.5002,000,000.00
Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 3,2801.40006/24/2020 1,723,960.00 1.380 1.4001,750,000.00
Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 3,2801.40006/24/2020 1,970,240.00 1.380 1.4002,000,000.00
Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 3,2941.40007/08/2020 1,477,245.00 1.380 1.4001,500,000.00
Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 3,3751.30010/08/2020 1,949,180.00 1.286 1.3042,000,000.00
Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 3,3991.28010/21/2020 1,944,600.00 1.262 1.2802,000,000.00
Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 3,4071.34010/29/2020 1,954,560.00 1.321 1.3402,000,000.00
Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 3,4291.15011/20/2020 1,471,425.00 1.134 1.1501,500,000.00
Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 3,4501.30012/11/2020 1,459,215.00 1.282 1.3001,500,000.00
Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 3,4551.45012/16/2020 1,971,600.00 1.430 1.4502,000,000.00
Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 3,4291.15012/09/2020 980,950.00 1.144 1.160999,056.41
Federal Agricultural Mortgage2471 1,500,000.0031422B6K1 01/15/2026 1,6590.48001/15/2021 1,476,690.00 0.493 0.5001,498,638.33
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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 Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 3,4851.29001/15/2021 1,456,635.00 1.319 1.3381,493,561.25
Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 3,4981.32001/28/2021 973,410.00 1.301 1.3201,000,000.00
Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 3,5261.53002/25/2021 1,487,790.00 1.509 1.5301,500,000.00
Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 3,5331.47003/04/2021 1,006,450.00 1.581 1.602988,157.80
Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 1,7300.83003/29/2021 1,497,390.00 0.828 0.8401,499,288.38
Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 1,7300.83003/31/2021 1,497,390.00 0.913 0.9261,493,303.29
Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 3,5672.07004/07/2021 1,501,740.00 2.074 2.1031,495,605.00
Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 2,4781.37504/15/2021 2,038,780.00 1.311 1.3302,005,799.51
Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 3,5891.66004/29/2021 1,533,540.00 1.627 1.6501,501,326.75
Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 1,7300.83005/20/2021 1,497,390.00 0.864 0.8761,496,802.35
Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 1,7300.83006/08/2021 254,556.30 0.820 0.831254,979.37
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 7052.45001/09/2014 521,095.00 3.383 3.430491,970.67
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 7552.12501/27/2016 648,656.25 2.024 2.052625,869.49
Federal Farm Credit Bank .1563 500,000.0031331XSS2 03/14/2022 2565.16003/17/2016 517,750.00 1.876 1.902510,769.27
Federal Farm Credit Bank .1593 250,000.003133EC4L5 11/23/2021 1451.61004/21/2016 251,522.50 1.558 1.580250,028.05
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 3161.87504/21/2016 1,015,200.00 1.578 1.6001,002,262.07
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 1,2612.12505/13/2016 1,053,150.00 1.930 1.9561,005,313.67
Federal Farm Credit Bank .1659 500,000.0031331XSS2 03/14/2022 2565.16007/08/2016 517,750.00 1.215 1.232513,289.30
Federal Farm Credit Bank .1782 500,000.0031331XHX3 12/21/2021 1735.05004/12/2017 511,890.00 1.884 1.910507,057.21
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 9982.30005/04/2017 946,197.00 2.274 2.306899,853.65
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 1,1942.91006/21/2017 538,500.00 2.143 2.172511,072.58
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 4942.93009/14/2017 461,780.95 1.870 1.896450,884.69
Federal Farm Credit Bank .1885 600,000.003133EC2B9 11/09/2021 1311.70012/29/2017 603,528.00 2.161 2.191598,999.94
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 5952.57002/16/2018 1,558,140.00 2.605 2.6421,498,366.05
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 7982.15001/15/2019 519,990.00 2.656 2.693494,452.17
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 8612.13001/15/2019 677,222.00 2.662 2.699641,869.01
Federal Farm Credit Bank .2226 Call 1,000,000.003133ELJU9 01/27/2026 1,6711.98001/29/2020 1,010,610.00 1.955 1.982999,885.59
Federal Farm Credit Bank .2259 Call 1,350,000.003133EKVQ6 07/19/2024 1,1142.04002/19/2020 1,351,255.50 1.868 1.8941,355,714.78
Federal Farm Credit Bank .2289 Call 1,500,000.003133ELSD7 03/11/2030 3,1751.85003/11/2020 1,500,045.00 1.824 1.8501,500,000.00
Federal Farm Credit Bank .2292 Call 1,500,000.003133ELSD7 03/11/2030 3,1751.85003/11/2020 1,500,045.00 1.824 1.8501,500,000.00
Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 1,8592.63003/13/2020 1,085,210.00 1.089 1.1041,074,745.60
Federal Farm Credit Bank .2351 Call 1,000,000.003133ELSD7 03/11/2030 3,1751.85005/20/2020 1,000,030.00 1.749 1.7731,006,045.48
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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 .2371 Call 1,500,000.003133ELQ31 07/01/2030 3,2871.33007/01/2020 1,468,770.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 3,2871.33007/01/2020 1,468,770.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 1,5030.57008/12/2020 1,473,450.00 0.587 0.5951,498,457.29
Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 1,5160.61009/03/2020 1,474,020.00 0.611 0.6201,499,374.72
Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 1,5160.61009/10/2020 1,474,020.00 0.611 0.6201,499,372.27
Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 1,5380.55009/22/2020 1,488,900.00 0.542 0.5491,500,000.00
Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 1,5510.53009/29/2020 1,485,240.00 0.522 0.5301,500,000.00
Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 1,5510.53009/29/2020 1,486,020.00 0.537 0.5451,499,045.00
Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 3,2801.25010/01/2020 1,942,140.00 1.246 1.2631,997,692.69
Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 3,4131.37011/04/2020 1,469,625.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 3,4131.37011/04/2020 1,469,625.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 3,4841.38001/14/2021 1,468,560.00 1.361 1.3801,500,000.00
Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 3,5191.42004/01/2021 1,475,175.00 1.834 1.8591,442,176.05
Federal Farm Credit Bank .2526 Call 1,000,000.003133EMUY6 04/01/2031 3,5612.09004/01/2021 1,000,010.00 2.077 2.106998,537.50
Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 3,5531.98005/27/2021 1,004,950.00 1.887 1.9131,005,833.38
Federal Home Loan Bank1041 1,500,000.00313378LA7 02/25/2022 2392.33003/20/2012 1,521,795.00 2.298 2.3301,500,000.00
Federal Home Loan Bank1156 1,315,000.003133XHRJ3 12/10/2021 1625.00002/25/2013 1,343,864.25 1.825 1.8501,331,808.06
Federal Home Loan Bank1577 1,500,000.003130A7Q73 12/08/2021 1601.53004/08/2016 1,509,615.00 1.450 1.4701,500,373.57
Federal Home Loan Bank1649 250,000.003130A0EN6 12/10/2021 1622.87506/28/2016 253,110.00 1.232 1.249251,729.49
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 5852.13010/05/2016 515,295.00 1.578 1.600504,008.11
Federal Home Loan Bank1727 1,000,000.003130AABG2 11/29/2021 1511.87512/16/2016 1,007,490.00 2.168 2.198998,740.30
Federal Home Loan Bank1763 1,910,000.003133XHRJ3 12/10/2021 1625.00003/10/2017 1,951,924.50 2.150 2.1801,932,476.61
Federal Home Loan Bank1780 1,000,000.00313378CR0 03/11/2022 2532.25004/12/2017 1,015,140.00 1.903 1.9301,002,107.12
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 8902.25001/03/2018 1,045,620.00 2.359 2.392996,779.54
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 7992.37501/09/2018 1,045,290.00 2.376 2.409999,302.35
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 5652.38001/18/2018 516,875.00 2.385 2.418499,721.85
Federal Home Loan Bank1996 Call 1,000,000.003130AFG84 11/29/2028 2,7083.87512/06/2018 1,014,810.00 3.823 3.876999,925.74
Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 2,7071.32005/28/2020 1,490,640.00 1.301 1.3201,500,000.00
Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 2,9021.40006/11/2020 986,150.00 1.380 1.4001,000,000.00
Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 2,9021.40006/11/2020 986,150.00 1.427 1.447996,469.14
Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 2,9201.25006/29/2020 884,466.00 1.232 1.250900,000.00
Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 3,2801.36006/24/2020 1,462,830.00 1.341 1.3601,500,000.00
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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 Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 3,2951.39007/09/2020 1,468,650.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 3,2951.39007/09/2020 1,468,650.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 3,2951.39007/09/2020 1,468,650.00 1.382 1.4011,498,511.33
Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 1,5180.60008/27/2020 1,486,440.00 0.611 0.6201,498,753.33
Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 1,5180.60008/27/2020 1,486,440.00 0.611 0.6201,498,753.33
Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 1,5510.57009/29/2020 1,486,650.00 0.582 0.5901,498,726.67
Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 1,5180.60009/16/2020 1,169,332.80 0.591 0.5991,180,000.00
Federal Home Loan Bank2419 Call 1,500,000.003130AKAZ91 09/29/2025 1,5510.52009/29/2020 1,477,140.00 0.512 0.5201,500,000.00
Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 3,2811.35011/04/2020 1,177,752.00 1.334 1.3531,199,642.22
Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 3,4791.40001/28/2021 1,469,100.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 3,4981.40001/28/2021 1,468,830.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 3,5111.35002/10/2021 1,465,740.00 1.331 1.3501,500,000.00
Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 3,5191.40002/18/2021 1,958,060.00 1.380 1.4002,000,000.00
Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 3,5271.50002/26/2021 1,475,445.00 1.479 1.5001,500,000.00
Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 3,5261.62502/25/2021 1,499,580.00 1.602 1.6251,500,000.00
Federal Home Loan Bank2512 Call 1,500,000.003130ALJH8 03/10/2031 3,5392.00003/10/2021 1,500,015.00 1.972 2.0001,500,000.00
Federal Home Loan Bank2520 Call 1,925,000.003130ALF33 03/16/2026 1,7190.75003/25/2021 1,913,681.00 0.853 0.8651,914,797.82
Fed. Home Loan Mortgage Corp.1273 2,000,000.003134G45T1 12/10/2021 1622.00004/10/2014 2,017,152.00 2.564 2.6001,995,220.78
Fed. Home Loan Mortgage Corp.1277 1,000,000.003134G45T1 12/10/2021 1622.00004/22/2014 1,008,576.00 2.643 2.680997,299.08
Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 2,5131.20005/18/2020 450,854.95 1.183 1.200455,000.00
Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 3,2841.40006/30/2020 1,470,270.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 2,9201.25006/29/2020 1,462,920.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 2,7381.20007/01/2020 1,477,200.00 1.183 1.1991,500,000.00
Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 2,7481.20007/08/2020 1,467,405.00 1.183 1.2001,500,000.00
Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 3,3011.37507/15/2020 1,467,825.00 1.356 1.3751,500,000.00
Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 3,3151.35007/29/2020 1,464,270.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 3,3151.35007/29/2020 1,464,270.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 1,5100.62508/20/2020 993,920.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 1,5370.65009/15/2020 1,490,670.00 0.641 0.6501,500,000.00
Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 1,5310.65009/09/2020 1,436,538.19 0.641 0.6501,447,000.00
Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 1,5240.68009/04/2020 1,494,975.00 0.670 0.6791,500,000.00
Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 1,5450.62509/23/2020 1,487,520.00 0.616 0.6251,500,000.00
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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.2410 Call 1,000,000.003134GWP75 09/23/2025 1,5450.62509/23/2020 991,680.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2418 Call 1,500,000.003134GWVV5 10/15/2025 1,5670.50010/15/2020 1,480,995.00 0.493 0.5001,500,000.00
Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 1,5520.55009/30/2020 1,979,280.00 0.542 0.5502,000,000.00
Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 1,5520.55009/30/2020 1,484,460.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 1,5520.55009/30/2020 1,484,460.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 1,5670.55010/15/2020 1,481,580.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 1,5600.57010/08/2020 1,483,035.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 1,5800.53010/28/2020 1,480,305.00 0.522 0.5301,500,000.00
Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 3,4001.25010/22/2020 1,452,225.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 1,5810.57010/29/2020 1,481,955.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 3,4061.40010/28/2020 1,955,020.00 1.380 1.4002,000,000.00
Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 1,5810.61010/29/2020 1,483,890.00 0.601 0.6101,500,000.00
Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 3,4061.30010/28/2020 1,933,060.00 1.282 1.3002,000,000.00
Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 1,5800.60010/28/2020 743,182.50 0.591 0.600750,000.00
Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 1,5790.62510/27/2020 1,485,195.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 3,4141.40011/05/2020 1,465,965.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 3,4141.40011/05/2020 1,465,965.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 1,7647.12511/10/2016 647,000.00 2.367 2.400601,535.21
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 4212.00012/29/2017 510,445.00 2.238 2.270498,529.56
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 4612.00001/09/2018 1,023,020.00 2.288 2.320996,194.49
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 4612.00001/19/2018 1,023,020.00 2.409 2.443994,749.07
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 5672.37502/08/2018 1,550,715.00 2.574 2.6101,494,903.39
Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 1,5190.62508/28/2020 993,490.00 0.616 0.6251,000,000.00
Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 1,5180.65008/27/2020 994,270.00 0.641 0.6501,000,000.00
Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 1,5180.65008/27/2020 1,491,795.00 0.641 0.6501,500,000.00
Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 1,5180.62508/27/2020 1,490,250.00 0.616 0.6251,500,000.00
Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 1,5440.51509/22/2020 1,482,345.00 0.507 0.5151,500,000.00
Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 1,5520.55009/30/2020 1,484,010.00 0.542 0.5501,500,000.00
Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 1,5470.60009/25/2020 1,487,640.00 0.591 0.6001,500,000.00
Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 3,3220.87512/07/2020 1,893,640.00 1.139 1.1551,951,934.89
Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 3,4621.40012/23/2020 1,479,690.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 1,6430.64012/30/2020 990,470.00 0.597 0.6051,001,520.06
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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
San Mateo Union High School Dt2153 MUN 1,360,000.00799017WD6 09/01/2028 2,6192.23711/07/2019 1,419,500.00 2.447 2.4801,338,774.74
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 4101.87512/14/2012 1,029,735.40 1.893 1.9201,009,535.22
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 1,5846.75011/20/2015 1,252,570.00 2.807 2.8461,146,403.02
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 1,1722.87501/15/2016 805,680.00 2.564 2.600755,878.19
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 1,5846.75004/18/2016 970,741.75 2.337 2.370905,961.50
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 4101.87510/07/2016 1,519,114.60 1.538 1.5601,495,011.57
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 1,5846.75011/10/2016 1,565,712.50 2.317 2.3501,463,745.59
Subtotal and Average 245,466,547.07 244,265,000.00 246,536,884.59 1.518 1.539 1,903
Treasury Securities (Notes)
U.S. Treasury1761 TB 1,500,000.00912828J43 02/28/2022 2421.75003/09/2017 1,516,755.00 2.071 2.1001,496,712.46
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 4561.75010/06/2017 1,530,180.00 1.914 1.9411,496,605.18
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 5791.75001/11/2018 1,536,735.00 2.308 2.3401,486,836.06
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 5482.12501/22/2018 1,543,590.00 2.387 2.4201,495,862.06
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 5791.75002/05/2018 1,536,735.00 2.560 2.5961,481,241.64
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 5791.75002/08/2018 1,024,490.00 2.487 2.521988,567.00
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 6071.50002/09/2018 1,021,520.00 2.534 2.570983,418.21
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 6071.50002/15/2018 1,021,520.00 2.601 2.638982,393.70
U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 1,6440.37502/26/2021 1,471,590.00 0.731 0.7421,475,708.02
U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 1,7030.50003/09/2021 1,477,260.00 0.819 0.8311,477,351.13
Subtotal and Average 13,364,695.46 13,500,000.00 13,680,375.00 1.987 2.015 769
Municipal Bonds
Acalanes Union High School Dis1494 MUN 1,000,000.00004284B38 08/01/2021 312.38110/30/2015 1,001,600.00 2.120 2.1501,000,179.91
Acalanes Union High School Dis2334 MUN 485,000.00004284ZY4 08/01/2022 3962.90003/25/2020 497,973.75 1.677 1.700491,148.49
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 1,8574.00012/05/2019 330,797.20 2.139 2.168315,006.69
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 1,4313.36512/24/2018 553,278.00 3.175 3.220507,566.08
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 3962.60805/09/2017 225,676.00 2.266 2.298220,687.04
Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 1,1273.02608/16/2019 536,075.00 1.876 1.902516,454.12
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 3352.87501/26/2018 327,651.20 2.486 2.520320,980.13
Burlingame School District1548 MUN 585,000.00121457EQ4 08/01/2025 1,4926.23802/24/2016 647,577.45 3.557 3.606637,896.03
Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 2,2222.38510/08/2019 2,080,320.00 2.342 2.3752,000,000.00
Carlsbad Unified School Dist .1547 MUN 300,000.00142665DH8 08/01/2021 314.58402/24/2016 301,011.00 2.130 2.159300,579.46
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Carlsbad Unified School Dist .1556 MUN 1,250,000.00142665DH8 08/01/2021 314.58403/04/2016 1,254,212.50 2.138 2.1681,252,403.05
Carlsbad Unified School Dist .1753 MUN 350,000.00142665DH8 08/01/2021 314.58402/17/2017 351,179.50 2.317 2.350350,626.98
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 1,8575.23409/27/2017 360,476.45 2.850 2.890336,858.73
Cerritos Community College Dis1523 MUN 500,000.00156792GV9 08/01/2021 312.78101/27/2016 501,010.00 2.012 2.040500,290.55
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 3962.97111/30/2017 56,562.00 2.416 2.45055,291.32
Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 2,5882.21309/12/2019 421,904.00 2.071 2.100402,901.53
Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 2,9532.26309/20/2019 1,044,865.80 2.505 2.539970,512.75
Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 2,9532.26302/07/2020 1,583,130.00 2.100 2.1301,514,524.43
Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 1,4921.91803/09/2020 334,467.20 1.128 1.143329,783.45
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 3653.50005/03/2018 1,550,220.00 2.927 2.9671,507,447.53
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 1,6766.08006/28/2016 619,437.00 2.994 3.035588,971.55
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 1,8573.16002/14/2018 1,090,231.45 3.028 3.070998,973.96
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 1,4923.04002/14/2018 810,405.00 2.959 3.000751,083.22
Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 1,8573.16008/29/2019 399,934.15 1.913 1.940386,083.85
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 4573.57005/17/2016 520,880.00 1.878 1.904509,784.66
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 5803.25006/27/2016 381,906.80 1.898 1.925372,157.31
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 1,3112.37507/29/2016 1,937,219.25 1.972 1.9991,847,443.03
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 4573.57009/26/2016 401,077.60 1.630 1.653393,761.73
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 1,5534.00004/10/2017 283,290.00 2.739 2.777261,506.34
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 1,9184.31001/26/2018 1,275,280.80 2.979 3.0201,159,808.37
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 1,9184.31003/19/2018 232,928.00 3.204 3.248209,649.05
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 8223.74010/25/2018 419,105.70 3.093 3.136394,871.90
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 2,0412.72010/31/2018 381,832.50 3.412 3.460337,505.18
State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 2,3145.01411/30/2018 1,466,784.00 3.649 3.7001,284,372.07
State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 8223.72008/29/2019 1,611,270.00 1.749 1.7741,563,069.40
State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 1,9184.31001/31/2020 494,972.00 1.837 1.863476,118.44
State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 1,1883.82003/23/2020 1,101,600.00 1.889 1.9151,059,011.91
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 2,5272.26509/16/2019 1,394,711.20 2.318 2.3501,337,863.91
City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 2,5272.26510/02/2019 414,784.00 2.194 2.225400,996.32
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 1,9183.15010/19/2016 1,136,625.60 2.431 2.4651,078,121.51
State of Hawaii1852 MUN 225,000.00419791YP7 02/01/2022 2154.80009/21/2017 231,007.50 2.071 2.100228,368.59
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 4571.92103/20/2018 1,020,980.00 2.584 2.620991,808.40
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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 Hawaii1946 MUN 355,000.00419791YP7 02/01/2022 2154.80003/21/2018 364,478.50 2.761 2.800358,898.05
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 4571.92103/29/2018 1,531,470.00 2.663 2.7001,486,329.38
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 1,3115.23010/25/2018 288,867.50 3.363 3.410264,559.67
State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 2,4065.48011/30/2018 626,790.00 3.687 3.739548,117.96
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 1,6765.33012/06/2018 953,000.00 3.304 3.350864,057.17
State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 4571.92101/17/2019 765,735.00 2.613 2.650743,525.77
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 7922.64002/14/2017 1,046,380.00 2.784 2.8231,000,589.05
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 4272.44012/11/2017 1,116,890.30 2.355 2.3881,090,616.68
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 1,8883.30011/02/2018 325,172.60 3.530 3.579291,299.83
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 1,8883.50001/07/2019 1,112,250.00 3.077 3.1191,017,323.53
City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 2,2533.40001/06/2020 937,734.00 2.360 2.393887,381.49
City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 2,9843.05001/22/2020 1,067,414.95 2.413 2.4461,028,007.34
City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 1,8883.15003/05/2020 1,094,800.00 1.519 1.5411,078,819.09
Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 3,3181.80601/28/2021 1,002,710.00 1.432 1.4521,029,940.36
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 2,1915.51603/29/2018 1,855,665.00 3.254 3.3001,670,595.92
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 2,1915.51610/29/2018 525,771.75 3.600 3.650465,457.28
Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 3655.18111/07/2018 314,697.00 3.166 3.210305,533.97
State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 2,8614.91001/30/2020 308,242.50 2.331 2.363294,558.29
State of Maryland1689 MUN 485,000.005741925C0 03/01/2022 2434.30009/16/2016 498,230.80 1.534 1.555493,493.94
State of Maryland1762 MUN 1,000,000.00574193NC8 03/15/2022 2572.25003/22/2017 1,015,050.00 2.219 2.2501,000,000.00
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 6084.40003/20/2018 1,367,808.00 2.633 2.6701,314,350.86
State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 1,1274.20010/19/2018 1,872,351.00 3.413 3.4611,724,613.25
State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 1,4924.35012/16/2019 571,555.00 2.089 2.118542,720.74
State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 7144.45010/15/2019 1,077,960.00 1.893 1.9201,047,541.33
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 1,7793.85012/21/2018 849,015.75 3.452 3.500837,281.46
Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 2,1912.21410/08/2019 1,050,650.00 2.183 2.2141,000,000.00
Mtn. View-Whisman School Dist.1348 MUN 500,000.0062451FFK1 08/01/2021 312.97307/24/2014 501,145.00 2.893 2.933500,083.93
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 2,2223.27209/28/2017 557,550.00 2.791 2.830511,654.66
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 1,8573.17211/05/2018 132,366.00 3.452 3.500118,257.23
Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 2,2223.33008/29/2019 279,620.00 1.874 1.900270,099.32
Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 1,4925.00003/06/2020 361,354.60 1.193 1.210356,300.99
Marin Community College Dist.2495 MUN 1,000,000.0056781RKH9 08/01/2030 3,3181.45102/25/2021 972,360.00 1.431 1.4511,000,000.00
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 3,3181.45102/25/2021 690,375.60 1.470 1.490707,607.20
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 7614.10310/26/2015 1,436,633.55 2.490 2.5251,374,616.54
Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 2,9532.56902/04/2020 249,720.20 2.533 2.569230,000.00
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 1,9493.75111/07/2018 1,704,420.00 3.377 3.4241,522,637.16
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 1,9493.75111/07/2018 568,140.00 3.401 3.449506,961.17
State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 1,2492.98708/30/2019 808,582.50 1.745 1.770779,645.86
State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 1,2492.98709/04/2019 539,055.00 1.783 1.807519,131.16
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 1,5844.68109/09/2019 174,228.00 1.888 1.914166,933.26
State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 1,2194.51112/19/2019 281,740.00 2.079 2.108268,933.22
State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 8533.40803/20/2020 1,069,480.00 1.626 1.6491,039,653.85
City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 1,1272.20008/08/2019 617,413.65 1.968 1.996598,543.52
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 1,1102.12001/04/2019 468,243.00 2.860 2.900440,208.40
New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 1,7183.07009/09/2019 762,125.00 2.071 2.100729,710.71
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 3492.43802/15/2018 2,039,380.00 2.624 2.6611,995,982.42
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 6084.69001/22/2019 1,071,330.00 2.752 2.7911,029,695.74
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 6084.69002/08/2019 1,071,330.00 2.751 2.7901,029,733.42
New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 1,3252.12010/31/2019 1,574,115.00 2.063 2.0911,501,509.35
New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 2,0552.36001/30/2020 618,541.00 1.933 1.960592,123.56
City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 3,1202.11003/09/2020 1,572,255.00 1.436 1.4561,577,656.21
City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 3,1202.11003/13/2020 1,572,255.00 1.638 1.6611,552,840.34
City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 3,1202.11003/16/2020 1,132,023.60 2.247 2.2791,066,013.00
City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 2,7552.07003/16/2020 1,562,820.00 2.151 2.1811,488,474.68
Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 2,2222.23711/22/2019 635,034.00 2.271 2.303597,788.65
Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 2,2222.23712/06/2019 296,349.20 2.327 2.360278,090.29
Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 2,9532.33712/11/2019 1,021,633.10 2.382 2.415964,549.83
Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 2,5882.28705/08/2020 1,254,144.75 1.849 1.8751,216,869.62
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 6692.11009/13/2016 826,576.00 1.764 1.788804,422.11
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 6692.11001/31/2017 2,066,440.00 2.485 2.5201,986,160.53
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 1,0054.97106/30/2017 1,009,593.00 2.416 2.450957,169.14
State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 1,8885.26203/13/2020 606,185.00 1.710 1.734585,841.24
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 2,2223.12501/25/2018 213,742.00 3.208 3.253198,699.41
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 3042.50008/29/2016 581,303.10 1.528 1.550574,302.63
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 2,1615.89211/06/2018 604,240.00 3.516 3.565550,349.39
State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 1,4922.87712/21/2018 315,804.00 3.156 3.200296,455.32
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 2,1615.89201/16/2019 537,773.60 3.537 3.587497,004.43
State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 1,0353.22701/30/2020 613,793.10 1.641 1.664594,258.54
State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 2,1615.89201/31/2020 598,197.60 2.583 2.619581,664.37
State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 2,1615.89202/24/2020 1,208,480.00 2.482 2.5171,181,395.91
State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 2,1303.08003/13/2020 387,299.50 1.302 1.320384,158.50
State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 3,2571.67207/02/2020 357,069.65 1.433 1.452361,436.91
City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 1,4312.56310/23/2019 1,072,733.20 2.469 2.5031,017,163.04
City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 1,7962.66310/23/2019 617,253.40 2.611 2.647580,388.54
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 8833.43812/06/2018 707,712.95 3.205 3.250667,765.44
Palo Alto Unified School Dist.1192 MUN 2,000,000.00697379UE3 08/01/2021 312.44105/10/2013 2,003,640.00 2.031 2.0602,000,580.95
Palo Alto Unified School Dist.1193 MUN 1,800,000.00697379UE3 08/01/2021 312.44105/13/2013 1,803,276.00 2.031 2.0601,800,522.84
Palo Alto Unified School Dist.1195 MUN 1,990,000.00697379UE3 08/01/2021 312.44105/15/2013 1,993,621.80 2.051 2.0801,990,547.32
Palo Alto Unified School Dist.1437 MUN 200,000.00697379UE3 08/01/2021 312.44101/27/2015 200,364.00 2.041 2.070200,057.54
Palo Alto Unified School Dist.1610 MUN 1,000,000.00697379UE3 08/01/2021 312.44105/12/2016 1,001,820.00 1.528 1.5501,000,710.32
Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 3,3181.66008/06/2020 744,855.00 1.439 1.459762,716.16
State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 1,2942.00012/20/2019 271,544.00 2.231 2.262259,606.14
State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 2,4663.25001/27/2020 1,682,895.00 2.077 2.1061,605,809.00
State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 2,4663.25002/06/2020 617,061.50 1.990 2.018591,952.89
Rancho Santiago Comm College D2522 MUN 450,000.00752147HH4 09/01/2024 1,1580.63403/29/2021 449,568.00 0.625 0.633450,000.00
Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 2,2222.28410/16/2019 1,052,120.00 2.252 2.2841,000,000.00
Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 1,8572.15902/13/2020 1,145,950.35 1.727 1.7511,116,372.68
Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 2,9531.65307/21/2020 488,593.70 1.483 1.504495,479.84
San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 2,5882.59012/12/2019 1,612,785.00 2.554 2.5901,500,000.00
San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 2,9531.84807/07/2020 2,032,700.00 1.822 1.8482,000,000.00
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 7612.50001/11/2018 1,393,305.20 2.436 2.4701,340,773.85
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 1,1272.68001/12/2018 1,540,781.80 2.643 2.6801,460,000.00
Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 2,5272.43412/12/2019 1,643,106.30 2.416 2.4501,553,438.01
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 1,0662.50001/25/2018 486,631.80 2.968 3.010458,742.03
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 1,4312.75001/25/2018 495,141.30 3.008 3.050460,130.94
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 1,7963.00001/25/2018 507,703.40 3.107 3.150467,272.83
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Santa Cruz County Capital Fin.1909 MUN 275,000.0080181PCW5 06/01/2027 2,1613.00001/25/2018 289,822.50 3.205 3.250271,805.76
San Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 1,8571.07406/09/2021 431,745.80 1.059 1.074430,000.00
San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 2,2221.37206/09/2021 439,702.35 1.353 1.372435,000.00
Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 1,4611.73503/18/2020 414,328.00 1.381 1.400405,145.56
Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 2,9222.10304/30/2021 259,712.50 1.658 1.681257,834.07
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 3494.95002/09/2015 375,786.00 2.416 2.450367,824.95
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 1,4455.45011/27/2015 1,173,170.00 3.067 3.1101,079,541.87
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 1,4452.29011/01/2016 2,211,365.65 2.219 2.2492,107,993.66
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 1,8102.39011/01/2016 258,279.00 2.376 2.410244,781.71
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 1,4452.29007/14/2017 241,621.90 2.682 2.720226,499.64
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 1,8105.60001/16/2019 1,714,451.20 3.304 3.3501,559,135.82
City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 2,9062.10010/31/2019 1,152,211.20 2.337 2.3691,098,581.51
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 2,2533.25003/02/2018 743,858.80 3.451 3.499671,169.80
San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 2,9843.64810/11/2019 396,392.50 2.398 2.431380,724.96
San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 2,2533.46803/13/2020 143,863.20 1.577 1.599144,061.51
SF Bay Area Rapid Transit Dist1938 MUN 2,100,000.00797669XU7 07/01/2021 02.38703/07/2018 2,100,000.00 2.494 2.5282,100,000.00
SF Bay Area Rapid Transit Dist1939 MUN 1,500,000.00797669XU7 07/01/2021 02.38703/07/2018 1,500,000.00 2.497 2.5311,500,000.00
SF Bay Area Rapid Transit Dist2018 MUN 875,000.00797669XU7 07/01/2021 02.38701/17/2019 875,000.00 2.544 2.579875,000.00
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 7302.62102/25/2019 208,724.00 2.672 2.710199,664.37
Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 2,9531.44503/09/2021 576,347.85 1.425 1.445585,000.00
Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 2,9531.44505/27/2021 492,605.00 1.461 1.481498,616.17
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 2,2533.72810/29/2018 356,416.20 3.676 3.727315,000.00
San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 2,5882.35010/01/2019 529,210.00 2.317 2.350500,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 7612.50001/29/2015 605,653.40 2.663 2.700577,853.41
San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 1,4920.55803/15/2021 988,720.00 0.739 0.750992,295.56
Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 3962.90802/19/2019 221,338.20 2.714 2.752215,347.69
Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 2,5883.47209/05/2019 356,400.45 1.972 2.000344,945.24
Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 3,3181.69601/22/2021 569,709.30 1.499 1.520578,455.75
Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 2,5881.49601/22/2021 599,520.00 1.085 1.100616,115.67
San Mateo Cnty Comm. College D2521 MUN 2,000,000.00799038NP5 09/01/2024 1,1580.50004/14/2021 1,992,820.00 0.444 0.4502,003,128.68
San Mateo Cnty Comm. College D2523 MUN 1,500,000.00799038NP5 09/01/2024 1,1580.50004/14/2021 1,494,615.00 0.444 0.4501,502,346.51
San Mateo Union High School Dt1518 MUN 180,000.00799017KV9 09/01/2021 622.72001/19/2016 180,754.20 2.046 2.075180,181.66
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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
San Mateo Union High School Dt1902 MUN 1,000,000.00799017UW6 09/01/2025 1,5232.69901/16/2018 1,067,960.00 2.786 2.825995,295.08
San Mateo Union High School Dt1940 MUN 1,000,000.00799017UW6 09/01/2025 1,5232.69903/09/2018 1,067,960.00 2.959 3.000988,833.58
San Mateo Union High School Dt2178 MUN 1,565,000.00799017VM7 09/01/2028 2,6192.54212/11/2019 1,665,660.80 2.311 2.3431,584,969.90
Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 2,5882.71712/09/2019 1,216,044.50 2.462 2.4961,166,047.71
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 2,2223.00002/15/2018 197,091.00 3.057 3.100179,055.10
South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 2,9535.00012/12/2019 463,369.50 2.598 2.634432,125.19
South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 2,5885.00012/12/2019 307,852.50 2.549 2.584288,118.77
South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 2,2225.00012/12/2019 175,632.70 2.500 2.534164,660.61
South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 1,8575.00012/12/2019 463,639.80 2.378 2.411437,159.77
San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 1,1271.96511/13/2019 1,819,478.70 1.938 1.9651,755,000.00
Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 2,6192.19009/19/2019 141,037.20 2.157 2.187135,000.00
Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 2,2532.09009/19/2019 140,794.20 2.061 2.090135,000.00
Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 2,9531.64402/08/2021 488,830.00 1.437 1.457507,072.45
Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 2,5881.50306/16/2021 249,582.50 1.482 1.503250,000.00
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 1,8572.11608/25/2016 1,054,030.00 1.923 1.9501,007,630.12
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 1,4922.06608/25/2016 1,731,658.50 1.893 1.9201,658,993.15
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 1,4922.06608/25/2016 734,643.00 1.893 1.920703,815.28
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 1,1273.72812/20/2018 224,436.05 2.860 2.900209,794.20
State of Texas1482 MUN 920,000.00882723PP8 10/01/2021 922.58910/14/2015 925,556.80 1.864 1.890921,513.31
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 2743.67310/19/2016 112,818.20 1.825 1.850111,424.15
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 1,4923.83209/22/2017 258,495.00 2.747 2.785259,528.50
State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 1,5533.05112/23/2019 1,637,790.00 1.975 2.0031,562,753.56
State of Texas2225 MUN 940,000.008827237T0 10/01/2029 3,0143.52101/30/2020 1,073,075.80 2.191 2.2211,030,226.23
State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 3,0143.52102/14/2020 1,444,086.05 2.192 2.2221,386,369.95
State of Texas2311 MUN 250,000.008827237N3 10/01/2024 1,1882.89903/16/2020 267,930.00 1.231 1.248262,998.81
State of Texas2541 MUN 245,000.008827235K1 10/01/2025 1,5532.92206/30/2021 266,408.10 0.641 0.650268,294.08
University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 1,4143.05008/26/2019 1,623,210.00 1.930 1.9571,559,724.00
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 1,4143.05009/09/2019 1,082,140.00 1.797 1.8211,044,967.74
State of Utah1731 MUN 610,000.00917542QR6 07/01/2024 1,0964.55401/04/2017 646,044.90 2.904 2.944636,251.85
State of Utah1990 MUN 1,000,000.00917542QU9 07/01/2021 03.36911/29/2018 1,000,000.00 2.959 3.0001,000,000.00
State of Utah2306 MUN 1,500,000.00917542QV7 07/01/2025 1,4613.53903/13/2020 1,600,860.00 1.948 1.9751,588,630.19
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 3962.74008/08/2016 256,890.00 1.504 1.524253,136.36
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2021
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 3964.63612/05/2016 539,900.25 2.465 2.500526,045.76
State of Washington1778 MUN 1,500,000.0093974CPG9 08/01/2021 314.58604/12/2017 1,505,385.00 2.081 2.1101,502,942.87
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 1,1274.66905/23/2017 545,047.85 2.416 2.450515,247.86
State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 1,1274.66912/24/2019 561,905.00 1.978 2.005539,030.87
Subtotal and Average 164,245,443.99 160,445,000.00 170,665,750.35 2.270 2.302 1,537
Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 4401.75011/09/2018 1,528,170.00 3.106 3.1501,476,379.77
Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 1,7540.87504/20/2021 1,999,820.00 0.910 0.9231,995,485.39
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 5677.62511/08/2018 1,670,535.00 3.111 3.1551,596,589.82
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 8183.00011/27/2018 1,058,290.00 3.018 3.060998,748.35
Intl Bk Recon & Development2106 IFC 1,500,000.0045950VNF9 09/20/2024 1,1771.70009/20/2019 1,503,180.00 1.676 1.7001,500,000.00
Intl Bk Recon & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 1,5800.50001/08/2021 1,481,535.00 0.480 0.4871,500,807.30
Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 1,6850.65002/10/2021 1,483,335.00 0.641 0.6501,500,000.00
Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 1,6930.60002/18/2021 1,476,945.00 0.591 0.6001,500,000.00
Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 1,5800.50002/18/2021 1,481,535.00 0.591 0.6001,493,611.23
Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 1,5800.50003/01/2021 1,481,535.00 0.787 0.7981,481,045.82
Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 1,6850.65005/26/2021 1,483,335.00 0.833 0.8451,486,809.77
International Finance Corp.2217 IFC 1,266,000.0045950VNR3 01/15/2025 1,2941.62501/27/2020 1,269,747.36 2.186 2.2161,266,000.00
International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 1,5670.25010/30/2020 981,600.00 0.497 0.5041,000,000.00
International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 1,5980.25011/30/2020 1,479,150.00 0.683 0.6921,500,000.00
International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 1,6590.58001/25/2021 1,473,510.00 0.501 0.5081,504,792.46
International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 1,6590.58002/11/2021 1,473,510.00 0.522 0.5301,503,343.53
International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 1,7010.50002/26/2021 1,480,035.00 0.616 0.6251,491,424.13
International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 1,7180.50003/15/2021 1,985,000.00 0.808 0.8192,000,000.00
International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 1,7260.75003/23/2021 1,501,350.00 0.746 0.7571,499,489.40
International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 1,7260.75003/23/2021 2,001,800.00 0.887 0.9001,986,138.16
International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 1,7790.50005/28/2021 1,497,735.00 1.006 1.0201,500,000.00
Subtotal and Average 31,780,665.13 31,766,000.00 31,791,652.36 1.118 1.133 1,495
Total Investments and Average 585,031,769.24 579,106,815.53 593,830,370.69 1.560 1.582 1,437
Portfolio CPA
AP
Run Date: 07/05/2021 - 01:53 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.28.6%
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 $67.4 million
- Fidelity Investments $4.5 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a
reasonable time to the City Council and evaluate if there are risk of holding securities to maturity.101.50%
d) Commitments to purchase securities newly introduced on the market shall be made no more than
three (3) working days before pricing.Full Compliance
f) Whenever possible, the City will obtain three or more quotations on the purchase or sale of
comparable securities (excludes new issues, LAIF, City of Palo Alto bonds, money market
accounts, and mutual funds).Full Compliance
2 U.S. Government Securities:Full Compliance
a) There is no limit on purchase of these securities.
b) Securities will not exceed 10 years maturity.
3 U.S. Government Agency Securities:Full Compliance
a) There is no limit on purchase of these securities except for:
Callable and Multi-step-up securities provided that:
- The potential call dates are known at the time of purchase;
- the interest rates at which they "step-up" are known at the time of purchase; and
- the entire face value of the security is redeemed at the call date.
- No more than 25 percent of the par value of portfolio.24.00%
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 40 percent of the par value of the portfolio.27.70%
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.
$135.8 million
2.33%
Attachment C
Investment Policy Compliance
As of June 30, 2021
Investment Policy Requirements
Compliance
Check / Actual
Attachment C
Investment Policy Compliance
As of June 30, 2021
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.6.13%
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.4.01%
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
b) No more than 20 percent of the par value of the portfolio.5.49%
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