HomeMy WebLinkAboutStaff Report 13624
City of Palo Alto (ID # 13624)
City Council Staff Report
Meeting Date: 5/2/2022 Report Type: Information Reports
City of Palo Alto Page 1
Title: Investment Activity Report for the Third Quarter, Fiscal Year 2022
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 third quarter ending March 31,
2022 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
The par value of the City’s portfolio is $575.9 million; in comparison, last quarter it was $553.8
million. The $22.1 million portfolio growth since the last quarter results from expected and
typical timing of cash flows. Contributing factors to these cashflow trends reflect variables
including the impact of an extra pay period in the second quarter reflecting lower payroll costs
in the third quarter and the receipt of annual property tax proceeds.
The portfolio consists of $28.9 million in liquid accounts and $547.0 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 $111.6 million in investments maturing in less than two years, comprising 19.4 percent
of the City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of
the portfolio to be invested in securities with maturities beyond five years. The actual at the
end of the second quarter is 29.4 percent of the portfolio.
City of Palo Alto Page 3
The current market value of the portfolio is 95.8 percent of the book value. The market value
of securities fluctuates, depending on how interest rates perform. When interest rates
decrease, the market value of the securities in the City’s portfolio will likely increase; likewise,
when interest rates increase, the market value of the securities will likely decrease.
Understanding and showing market values is not only a reporting requirement, but essential to
knowing the principal risks in actively buying and selling securities. It is important to note,
however, that the City’s practice is to buy and hold investments until they mature so changes in
market price do not affect the City’s investment principal. As a result, there’s no risk of
principal loss due to the declining market value. The market valuation is provided by U.S. Bank,
which is the City’s safekeeping agent. The average life to maturity of the investment portfolio is
4.12 years compared to 4.28 years last quarter.
City of Palo Alto Page 4
Investments Made During the Third Quarter
During the third quarter, $17.7 million of securities with an average yield of 2.0 percent
matured. During the same period, per the following Table 2, securities totaling $27.6 million
with an average yield of 2.0 percent were purchased. As expected, as interest rates slowly rose
on new investments, the City’s portfolio’s average yield plateaued in this and the prior few
quarters and the portfolio’s average yield is expected to eventually rise. In the prior two fiscal
years or during the height of the COVID-19 economic closures, the portfolio’s interest rate had
steadily declined. The City’s short-term money market and pool account increased by $12.2
million compared to the second quarter of Fiscal Year 2022. Staff continually monitors the City’s
short-term cash flow needs and adjusts liquid funds to meet them.
Availability of Funds for the Next Six Months
Typically, 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 that for the City’s cashflow, an overall decline in the portfolio of $30.2 million is
expected over the coming six months due to routine business needs. This reflects expected
receipts of $304.4 million and expenditures of $334.6 million over the next six months.
The expected decline in the portfolio is attributable to pre-paying a portion of the Fiscal Year
2023 Public Employers’ Retirement System’s (PERS) employer contribution of $43.1 million,
representing the City’s unfunded accrued liability (UAL) lump-sum prepayment for FY 2023. By
prepaying PERS instead of making payments with each payroll period, the City is expected to
save $1.4 million in pension expense; the savings will be offset by the loss of approximately
$0.4 million in interest income in the City’s investment portfolio. This results in net citywide
savings of $1.0 million because PERS has the ability to earn interest earlier and at a higher rate
than the City could realize.
City of Palo Alto Page 5
As of March 31, 2022, the City had $28.9 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 $31.9 million will mature between April 1, 2022 and September 31, 2022.
Based on the above and staff’s revenue and expenditure forecast for the next six months, staff
expect that the City will have sufficient funds to meet expenditure requirements for the next six
months.
Compliance with City Investment Policy
During the third quarter, staff complied with all aspects of the investment policy. Attachment C
lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the third quarter was $2.3 million; same as the prior
quarter. As of March 31, 2022, the yield to maturity of the City’s portfolio was 1.61 percent; in
the prior quarter it was similar or at 1.62 percent. In the third quarter, LAIF’s average yield was
0.29 percent while the average yield on the two-year and five-year Treasury bonds was
approximately 1.43 percent and 1.81 percent, respectively. In comparison, in the prior quarter
LAIF had 0.22 percent yield and the two-year and five-year Treasury bonds yields were
significantly lower at 0.53 percent and 1.18 percent.
Historically, the City’s portfolio yield has outperformed the two-year and five-year Treasury
bond rates and did so again starting over two years ago; this is an expected occurrence during
economic downturns. However, during economic recovery periods, interest rates rise and the
City’s portfolio yield is expected to be lower, as is the current financial environment. As the
City’s laddered portfolio investments mature in the next year or two, funds will continue to be
reinvested and trends will follow the economic patterns. Graph 2 shows the City’s yields and
interest earnings for the past 20+ years.
City of Palo Alto Page 6
5.88%
5.00%
4.17%
4.54%
City of Palo Alto
2.71%
1.80%1.93%
1.61%
1.41%
0.81%0.25%
2 Yr. Treasury 1.43%
4.39%
4.98%
1.10%
5-Yr. Treasury
2.88%
2.47%
0.27%
1.81%
1.44%
5.25%
0.23%
LAIF
0.29%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
Int. Earnings
(Millions)Yields
Fiscal Year Quarters
Graph 2: Yields and Interest Earnings
City’s portfolio duration is 4.12 years.
Yield Trends
In its March 16, 2022 meeting, the Federal Open Market Committee (FOMC), after 17
consecutive meetings, since March 2020, raised the federal funds rate by 0.25 percent (0.25
percent to 0.50 percent) after being near zero. In order to mitigate the elevated inflation rate,
the expectation is there will continue to be multiple federal funds rate interest rate increases in
2022 and 2023. FOMC’s inflation concern are “reflecting supply and demand imbalances related
to the pandemic, higher energy prices, and broader price pressures.” They stated, “The invasion
of Ukraine by Russia is causing tremendous human and economic hardship.” This has also
created further uncertainty for the U.S. economy and has put additional upward pressure on
inflation which may require more aggressive actions by the FOMC. The FOMC Gross Domestic
Product (GDP) outlook for this year is around 2.8 percent which is lower than their previous
expectation of around 4 percent. For unemployment, they expect the bottom for this year will
be around 3.5 percent, currently it’s 3.6 percent, and for this to stay there for the next few
years with longer-term outlook to be around 4 percent (Graph 3 below shows unemployment
rate trends).
City of Palo Alto Page 7
Graph 3: U.S. Unemployment Rate
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 March 31, 2022.
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 to
present the full picture of the City’s investments. 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 March 31, 2022, principal investment contributions of $34.8 million made over time
City of Palo Alto Page 8
since May 2017, have grown to $38.2 million and the net return for one and three years has
been -0.17 percent and 5.34 percent respectively.
Fiscal Impact
This is an information report discussing the previous three months and the information
presented does not result in a financial impact.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
Attachments:
• Attachment A Consolidated Report of Cash Management
• Attachment B Investment Portfolio
• Attachment C Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)582,263,760$ 558,001,622$
Other Funds Held by the City
Cash with Wells Fargo Bank 434,462 434,462
(includes general and imprest accounts)
Cash with US Bank 1,256,341 1,256,341
(includes general and imprest accounts)
Petty/Working Cash 11,927 11,927
Total - Other Funds Held By City 1,702,730 1,702,730
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,551,138 2,551,138
2010 General Obligation (Library) Bond
Debt Service and Escrow Funds 2,927,702 2,927,702
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 789,022 789,022
2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1,677,540 1,677,540
2018 Capital Improvement (Golf Course & 2002B COP Refinance)
(Taxable- Green Bond) Certificates of Participation
Debt Service and Cost of Issuance Funds 17,996 17,996
2019 California Avenue Parking Garage Certificates of Participation
(Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 5 5
2021 Public Safety Building Certificates of Participation
Construction Debt Svc, Capitalized Interest, and Cost of Issuan 62,332,352 62,332,352
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,706,849 2,706,849
2013 General Obligation (Library) Bond
Reserve Fund 599,078 599,078
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 38,213,070 38,213,070
Total Under Trustee Management 111,814,753 111,814,753
GRAND TOTAL 695,781,242$ 671,519,105$
* 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
Third Quarter, Fiscal Year 2021-22
(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
March 31, 2022
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 4,162,327.04SYS158 10.20007/01/2020 4,162,327.04 0.197 0.2004,162,327.04
Local Agency Investment Fund159 24,755,204.56SYS159 10.42007/01/2020 24,691,809.45 0.414 0.42024,755,204.56
Subtotal and Average 28,917,531.60 28,917,531.60 28,854,136.49 0.383 0.388 1
Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 5773.45010/30/2018 251,377.35 3.404 3.451245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 1822.45009/30/2015 246,940.40 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 1812.05009/29/2017 246,443.05 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 5022.40002/16/2016 245,646.80 2.367 2.400245,000.00
American Eagle Bank2124 NCD 249,000.0002554BCN9 05/23/2022 522.10009/27/2019 249,605.07 1.869 1.895249,070.69
Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 1,0841.10003/20/2020 238,766.10 1.085 1.100249,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 7902.30005/30/2017 245,546.35 2.270 2.301245,000.00
American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 6123.55012/04/2018 251,813.45 3.501 3.550245,000.00
Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 1,3370.45011/27/2020 230,459.46 0.493 0.500248,544.45
Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 1,2141.05011/23/2020 236,970.81 0.542 0.549253,087.14
Beal Bank - Plano, TX2668 NCD 249,000.0007371AYT4 02/24/2027 1,7902.05003/02/2022 242,207.28 2.053 2.081248,632.66
Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 1,1691.00006/02/2020 237,013.14 0.986 1.000249,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 1682.25009/16/2015 246,624.35 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 1821.70009/30/2016 246,021.65 1.676 1.700245,000.00
Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 8821.70008/30/2019 241,538.15 1.678 1.701245,000.00
BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 1,3920.55001/22/2021 230,621.31 0.592 0.600248,525.45
BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 2,4011.00001/27/2021 223,716.54 1.019 1.034248,471.86
BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 1,3290.50011/20/2020 231,104.37 0.493 0.500249,000.00
BankFirst1767 NCD 245,000.0006644QAA9 04/13/2022 122.00004/13/2017 245,137.20 1.973 2.001245,000.00
Beal Bank USA - Las Vegas, NV2669 NCD 249,000.0007371CH69 02/24/2027 1,7902.05003/02/2022 242,207.28 2.053 2.081248,632.66
Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 2433.25011/30/2018 248,785.25 3.207 3.252245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 3863.00004/24/2018 249,253.20245,000.00
Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 1,8761.15005/21/2020 231,017.22 1.134 1.150249,000.00
Commercial Bank - Alma1772 NCD 245,000.00201282HM5 04/21/2022 202.05004/21/2017 245,227.85 2.023 2.051245,000.00
First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 1,2370.45008/20/2020 230,957.44 0.444 0.450248,000.00
Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 8821.85008/30/2019 242,403.00 1.826 1.852245,000.00
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B
March 31, 2022
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 Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 1,0911.00003/27/2020 237,926.97 1.189 1.206247,512.27
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 2722.35012/29/2017 247,533.30 2.317 2.350245,000.00
Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 1,7980.65003/04/2021 226,059.63 0.691 0.701248,386.99
Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 1,0631.65002/27/2020 239,085.70 1.668 1.691244,714.90
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 3221.75002/19/2016 251,327.50 1.727 1.751250,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 2002.10010/18/2017 246,634.15 2.071 2.100245,000.00
Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 1,0341.80001/29/2020 240,465.05 1.779 1.803245,000.00
City National Bk of Metropolis1791 NCD 245,000.0017801GBQ1 05/16/2022 452.00005/15/2017 245,485.10 1.972 2.000245,000.00
Connexus Credit Union2643 NCD 249,000.0020825WAR1 12/23/2026 1,7271.25012/23/2021 233,661.60 1.273 1.291248,529.00
Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 8881.90009/05/2019 242,638.20 1.873 1.900245,000.00
Capital One Bank USA NA2609 NCD 249,000.0014042RQB0 11/17/2026 1,6911.10011/17/2021 232,473.87 1.084 1.100249,000.00
Commerce State Bank1797 NCD 245,000.0020070PJA6 05/23/2022 522.00005/22/2017 245,558.60 1.972 2.000245,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 1642.25009/11/2015 246,604.75 2.224 2.255245,000.00
Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 1,0841.10003/20/2020 237,807.20 1.085 1.100248,000.00
Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 2,8601.10001/29/2021 220,980.03 1.154 1.170247,700.08
Delta Natl Bank & TR2670 NCD 249,000.0024773RCR4 02/25/2027 1,7912.00003/09/2022 241,632.09 1.975 2.003249,000.00
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 5713.35010/24/2018 250,960.85 3.304 3.350245,000.00
Eaglemark Savings Bank2545 NCD 249,000.0027004PBV4 07/07/2026 1,5580.85007/07/2021 231,358.35 0.919 0.932248,150.18
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 3922.65004/30/2019 248,371.20 2.615 2.651245,000.00
Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 2,5091.00002/12/2021 222,558.69 1.037 1.052248,144.78
Flagstar Bank FSB2414 NCD 249,000.0033847E4E4 09/30/2024 9130.40009/30/2020 237,311.94 0.394 0.400249,000.00
FirstBank Puerto Rico1768 NCD 245,000.0033767A2C4 04/07/2022 62.10004/07/2017 245,078.40 2.072 2.101245,000.00
Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 1,0821.10003/18/2020 238,800.96 1.085 1.100249,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 4471.80006/22/2016 246,229.90 1.776 1.800245,000.00
1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 1,2360.45008/19/2020 230,972.32 0.444 0.450248,000.00
First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 8871.75009/04/2019 241,778.25 1.727 1.751245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 1042.05007/14/2017 246,082.90 2.023 2.051245,000.00
Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 1,3970.50001/27/2021 230,056.08 0.543 0.550248,523.75
First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 1,7040.65011/30/2020 227,337.00 0.691 0.701248,419.04
Farmers &Merchants Bank2644 NCD 249,000.00307811DM8 01/22/2030 2,8531.60001/14/2022 229,846.92 1.630 1.653248,030.17
First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 1,7350.60012/31/2020 226,378.35 0.625 0.633248,605.65
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 5602.25010/13/2017 246,881.60 2.220 2.251245,000.00
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Negotiable Certificates of Deposits
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 2012.10004/19/2017 246,643.95 2.072 2.101245,000.00
First State Bank - Dequeen1824 NCD 245,000.00336460CH1 04/29/2022 282.00006/30/2017 245,306.25 1.973 2.000245,000.00
First Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 5643.40010/17/2018 251,159.30 3.355 3.401245,000.00
First Community Credit Union2554 NCD 249,000.0031986JAD3 02/26/2027 1,7920.85007/28/2021 228,442.56 0.892 0.905248,343.49
Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 8751.95008/23/2019 243,040.00 1.925 1.952245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 1882.10010/06/2017 246,553.30 2.072 2.101245,000.00
First Western Bank & Trust1770 NCD 245,000.0033749VAM0 04/07/2022 62.00004/07/2017 245,073.50 1.973 2.001245,000.00
Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 2,0690.80011/30/2020 224,538.24 0.825 0.836248,496.11
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 1152.00010/25/2017 246,119.65 1.972 2.000245,000.00
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 7682.55005/08/2019 246,918.35 2.513 2.548245,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 4033.15005/09/2018 249,728.50 3.106 3.150245,000.00
Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 1,2980.35011/16/2020 191,427.39 0.527 0.535205,655.82
Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 1,3540.50012/14/2020 230,735.85 0.543 0.550248,538.66
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 1752.20003/24/2017 246,604.75 2.172 2.202245,000.00
Industrial & Com Bk of China1773 NCD 245,000.0045581EAC5 04/12/2022 112.15004/12/2017 245,139.65 2.121 2.151245,000.00
Inst. for Sav in Newburyport2556 NCD 249,000.0045780PAQ8 07/29/2026 1,5800.90007/29/2021 231,520.20 0.888 0.900249,000.00
Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 2,0650.75011/27/2020 223,933.17 0.790 0.801248,295.64
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 7912.50005/31/2017 246,577.80 2.465 2.500245,000.00
Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 5783.35010/24/2019 254,071.04 2.210 2.241252,159.71
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 5351.80009/16/2016 245,438.55 1.775 1.800245,000.00
Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 2,4560.85012/30/2020 220,798.26 0.889 0.901248,160.26
Live Oak Banking Company2599 NCD 249,000.00538036SS4 10/18/2027 2,0261.10010/18/2021 228,898.23 1.135 1.151248,309.26
Bank Leumi USA NY2335 NCD 249,000.00063248KR8 03/31/2023 3641.45003/31/2020 249,373.50249,000.00
Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 1,1860.40008/31/2020 232,227.36 0.394 0.400249,000.00
Marathon Savings Bank1818 NCD 245,000.0056585YAA8 06/28/2022 882.05006/28/2017 245,957.95 2.023 2.051245,000.00
Mercantile Bank of Michigan1793 NCD 245,000.0058740XZF0 05/12/2022 412.10005/12/2017 245,470.40 2.071 2.100245,000.00
Meritrust Federal Credit Union2672 NCD 249,000.0059001PAP4 03/10/2026 1,4390.55003/07/2022 233,171.07 1.904 1.930235,967.17
Mechanics Coop Bank1803 NCD 245,000.00583626AC0 05/26/2022 552.05005/26/2017 245,610.05 2.023 2.051245,000.00
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 6423.30001/10/2019 250,806.50 3.254 3.299245,000.00
Landmark Community Bank2123 NCD 249,000.0051507LBU7 06/27/2022 872.35009/27/2019 250,142.91 1.868 1.894249,263.24
Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 8821.80008/30/2019 242,118.80 1.775 1.800245,000.00
Merrick Bank2610 NCD 249,000.0059013KPS9 05/19/2026 1,5091.10011/19/2021 234,304.02 1.152 1.168248,313.51
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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
Mid-Missouri Bank1806 NCD 245,000.0059541KBL0 06/10/2022 702.05006/12/2017 245,771.75 2.023 2.051245,000.00
Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 2,4951.00001/28/2021 222,673.23 1.024 1.039248,362.38
Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 9521.90011/08/2019 242,015.90 1.875 1.902245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 7562.60004/26/2019 247,207.45 2.567 2.602245,000.00
Mountain America FD Credit Uni2202 NCD 249,000.0062384RAC0 11/08/2022 2212.30001/08/2020 251,101.56 1.928 1.955249,505.10
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 2852.65001/11/2018 248,126.20 2.613 2.650245,000.00
Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 6143.55012/06/2018 251,815.90 3.501 3.550245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 7622.35005/22/2017 245,938.35 2.317 2.349245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 1472.25008/26/2015 246,972.25 2.220 2.251245,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 6063.55011/28/2018 251,820.80 3.503 3.551245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 1812.05009/29/2017 246,443.05 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 2932.40001/19/2018 247,665.60 2.368 2.401245,000.00
Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 1,2780.45009/30/2020 231,358.35 0.443 0.450249,000.00
Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 1,2920.50010/13/2020 231,530.16 0.533 0.540248,647.83
People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 2,8310.90012/30/2020 217,760.46 0.967 0.981247,499.26
Ponce De Leon Federal Bank1795 NCD 245,000.00732333AH2 05/26/2022 552.10005/26/2017 245,629.65 2.072 2.101245,000.00
Pentagon Fed Cred Union2565 NCD 249,000.0070962LAE2 09/01/2026 1,6140.85009/01/2021 230,616.33 0.889 0.901248,449.77
Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 8682.00008/16/2019 243,383.00 1.972 2.000245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 3482.10007/19/2017 246,991.85 2.072 2.101245,000.00
Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 2,8871.00002/24/2021 219,110.04 1.055 1.070247,688.21
Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 1,0041.85012/30/2019 241,151.05 1.824 1.850245,000.00
Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 9011.90009/18/2019 242,518.15 1.873 1.900245,000.00
State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 1,2520.50009/04/2020 232,140.21 0.493 0.500249,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 4092.95005/15/2018 249,231.15 2.911 2.951245,000.00
San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 1,0911.10003/27/2020 238,644.09 1.085 1.100249,000.00
Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 2,1480.80002/17/2021 223,616.94 0.861 0.873247,953.73
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 4371.80006/10/2016 246,266.65 1.776 1.800245,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 2022.10010/20/2017 246,651.30 2.072 2.101245,000.00
Security Bank1777 NCD 245,000.00814107AQ1 04/19/2022 182.00004/19/2017 245,200.90 1.973 2.001245,000.00
Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 7271.15003/31/2020 244,296.39 1.134 1.150249,000.00
Synchrony Bank2563 NCD 249,000.0087165FZN7 08/20/2026 1,6020.90008/20/2021 231,335.94 0.887 0.900249,000.00
Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 1,3620.45012/23/2020 229,871.82 0.483 0.490248,628.55
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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
Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 9691.95011/25/2019 242,165.35 1.923 1.950245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 4342.15006/09/2017 247,001.65 2.121 2.151245,000.00
Toyota Financial Savings Bank2551 NCD 249,000.0089235MLC3 07/15/2026 1,5660.95007/15/2021 232,264.71 0.936 0.950249,000.00
Traverse City State Bank1820 NCD 245,000.00894333FF5 06/28/2022 882.00006/28/2017 245,935.90 1.972 2.000245,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 6341.70006/24/2016 245,164.15 1.676 1.700245,000.00
Greenstate Credit Union2552 NCD 249,000.0039573LBM9 07/21/2026 1,5720.95007/21/2021 232,122.78 0.937 0.950249,000.00
USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 1,0951.15003/31/2020 239,293.98 1.155 1.171248,850.68
USF Federal Credit Union2546 NCD 249,000.0090353EAR4 07/15/2031 3,3921.75007/15/2021 228,345.45 1.801 1.826247,381.09
Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 6193.65010/18/2019 252,254.45 2.170 2.200250,755.88
Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 8752.05008/23/2019 243,610.85 2.024 2.052245,000.00
Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 1,3221.05005/13/2020 234,957.68 1.035 1.050248,000.00
Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 1,3370.50011/27/2020 230,902.68 0.515 0.522248,726.67
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 1192.35008/12/2015 246,670.90 2.317 2.349245,000.00
Washington County Bank1842 NCD 245,000.0093754PAN7 05/11/2022 402.05008/11/2017 245,445.90 2.021 2.050245,000.00
Subtotal and Average 33,499,633.74 33,522,000.00 32,632,125.47 1.653 1.676 931
Corporate Medium Term Bonds
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 3972.40008/29/2019 552,970.00 1.726 1.750553,751.83
Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 1,0182.75008/28/2020 1,502,415.00 0.620 0.6281,587,217.90
Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 1,4090.70002/08/2021 651,910.00 0.684 0.694700,155.12
Apple, Inc.2667 MTN 750,000.00037833CJ7 02/09/2027 1,7753.35002/23/2022 765,885.00 2.115 2.145789,443.99
Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 1,2320.45003/01/2021 186,592.00 0.668 0.678198,487.74
Alphabet (Google) Inc.2675 MTN 1,000,000.0002079KAC1 08/15/2026 1,5971.99803/14/2022 974,630.00 2.197 2.228990,463.00
Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 1,2490.55012/23/2020 1,865,220.00 0.479 0.4862,004,308.86
Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 1,4302.45003/01/2021 1,989,260.00 0.812 0.8232,118,464.91
Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 1,4302.45003/01/2021 994,630.00 0.812 0.8241,059,217.27
Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 6762.87501/22/2020 1,822,986.00 1.727 1.7511,834,494.02
Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 1,3123.12511/18/2020 2,970,691.20 0.572 0.5803,169,480.35
Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 1,3123.12503/01/2021 183,124.80 0.753 0.763194,170.32
Stanford University2046 MTN 2,000,000.00525555AB4 02/01/2024 6716.87505/14/2019 2,147,960.00 2.367 2.4002,112,162.17
Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 6716.87512/12/2019 1,073,980.00 1.934 1.9601,086,114.71
Stanford University2648 MTN 1,500,000.0085440KAC8 06/01/2027 1,8871.28901/07/2022 1,378,740.00 1.479 1.5001,484,343.01
Stanford University2658 MTN 500,000.0085440KAC8 06/01/2027 1,8871.28902/01/2022 459,580.00 1.849 1.875485,654.57
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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
Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 1,1100.87307/01/2020 1,898,040.00 0.616 0.6252,014,544.36
Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 1,1100.87303/01/2021 2,847,060.00 0.638 0.6463,019,904.31
Subtotal and Average 25,402,378.44 24,600,000.00 24,265,674.00 1.119 1.135 1,188
Federal Agency Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 7712.85008/06/2019 1,512,360.00 1.998 2.0251,523,930.03
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 952.20012/13/2012 1,505,130.00 1.930 1.9571,500,863.90
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 2342.00012/19/2012 753,493.50 2.081 2.110749,526.25
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 2702.18001/04/2013 1,509,195.00 2.165 2.1961,499,841.09
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 2702.18001/08/2013 1,509,195.00 2.195 2.2251,499,548.64
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 2702.18001/23/2013 1,509,195.00 2.111 2.1411,500,386.27
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 2702.18001/28/2013 2,610,907.35 2.199 2.2292,594,143.21
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 952.20004/23/2014 1,254,275.00 2.889 2.9301,247,894.82
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 7263.33001/09/2015 412,423.40 2.540 2.575409,361.58
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 4372.61001/22/2015 1,616,382.88 2.269 2.3011,609,365.31
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 4372.61002/09/2015 1,461,194.00 2.377 2.4101,453,123.71
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 2982.13004/06/2016 1,004,740.00 1.839 1.8641,002,015.45
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 1,2214.35004/08/2016 501,648.42 2.296 2.328502,635.14
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 7613.30004/21/2016 1,529,580.00 2.084 2.1121,533,952.42
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 7613.30004/26/2016 1,529,580.00 2.159 2.1891,531,655.98
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 2702.18005/26/2016 503,065.00 1.844 1.870501,070.28
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 1052.38007/25/2016 2,008,620.00 1.499 1.5202,004,731.76
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 1,4044.81010/18/2016 1,624,320.00 2.131 2.1601,637,518.30
Federal Agricultural Mortgage1769 1,500,000.003132X0RS2 04/06/2022 52.07504/06/2017 1,500,270.00 2.046 2.0751,500,000.00
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 952.20006/14/2017 1,003,420.00 1.908 1.9341,000,656.61
Federal Agricultural Mortgage1830 1,500,000.003132X0UA7 06/29/2022 891.88006/29/2017 1,503,645.00 1.903 1.9301,499,825.47
Federal Agricultural Mortgage1831 1,000,000.003132X0UA7 06/29/2022 891.88006/29/2017 1,002,430.00 1.923 1.949999,837.74
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 8752.25010/06/2017 996,720.00 2.332 2.365997,466.55
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 2552.26012/12/2017 1,508,280.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 8532.62501/09/2018 1,005,550.00 2.546 2.5811,000,921.08
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 8532.62501/11/2018 1,508,325.00 2.623 2.6601,498,878.07
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 3042.50001/30/2018 2,015,420.00 2.472 2.5071,999,887.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 3042.50001/30/2018 1,511,565.00 2.481 2.5151,499,815.12
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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 Mortgage1921 2,000,000.003132X0G39 01/30/2023 3042.50001/31/2018 2,015,420.00 2.556 2.5921,998,573.44
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 2982.13002/08/2018 1,105,214.00 2.578 2.6141,095,957.72
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 3272.60002/22/2018 1,512,690.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 3262.77002/23/2018 1,514,940.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 6693.46012/14/2018 561,286.62 3.018 3.060552,689.45
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 7392.35004/09/2019 1,001,700.00 2.365 2.398999,081.91
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 9645.25004/08/2019 726,280.38 2.420 2.454724,404.66
Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 1,2214.35009/09/2019 582,081.50 1.659 1.683596,470.87
Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 2,0582.85003/11/2020 1,585,741.23 1.050 1.0641,720,103.83
Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 2,9641.50005/13/2020 1,834,680.00 1.479 1.5002,000,000.00
Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 3,0061.40006/24/2020 1,593,305.00 1.380 1.4001,750,000.00
Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 3,0061.40006/24/2020 1,820,920.00 1.380 1.4002,000,000.00
Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 3,0201.40007/08/2020 1,365,075.00 1.380 1.4001,500,000.00
Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 3,1011.30010/08/2020 1,802,420.00 1.286 1.3042,000,000.00
Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 3,1251.28010/21/2020 1,799,000.00 1.262 1.2802,000,000.00
Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 3,1331.34010/29/2020 1,805,600.00 1.321 1.3402,000,000.00
Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 3,1551.15011/20/2020 1,311,105.00 1.134 1.1501,500,000.00
Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 3,1761.30012/11/2020 1,350,240.00 1.282 1.3001,500,000.00
Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 3,1811.45012/16/2020 1,819,600.00 1.430 1.4502,000,000.00
Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 3,1551.15012/09/2020 874,070.00 1.144 1.160999,131.81
Federal Agricultural Mortgage2471 1,500,000.0031422B6K1 01/15/2026 1,3850.48001/15/2021 1,390,035.00 0.493 0.5001,498,863.33
Federal Agricultural Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 3,2111.29001/15/2021 1,345,695.00 1.319 1.3381,494,067.50
Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 3,2241.32001/28/2021 898,560.00 1.301 1.3201,000,000.00
Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 3,2521.53002/25/2021 1,364,955.00 1.509 1.5301,500,000.00
Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 3,2591.47003/04/2021 894,290.00 1.581 1.602989,075.80
Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 1,4560.83003/29/2021 1,403,850.00 0.828 0.8401,499,401.00
Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 1,4560.83003/31/2021 1,403,850.00 0.913 0.9261,494,363.14
Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 3,2932.07004/07/2021 1,408,725.00 2.074 2.1031,496,167.50
Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 2,2041.37504/15/2021 1,856,860.00 1.311 1.3302,005,158.28
Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 3,3151.66004/29/2021 1,360,575.00 1.627 1.6501,501,225.50
Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 1,4560.83005/20/2021 1,403,850.00 0.864 0.8761,497,308.42
Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 1,4560.83006/08/2021 238,654.50 0.820 0.831254,982.63
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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 Mortgage2593 1,000,000.0031422XNM0 10/05/2026 1,6481.05010/05/2021 937,000.00 1.035 1.0501,000,000.00
Federal Agricultural Mortgage2621 1,000,000.0031422XPS5 11/17/2026 1,6911.15011/17/2021 938,950.00 1.272 1.290993,724.73
Federal Agricultural Mortgage2625 1,000,000.0031422XQM7 12/01/2026 1,7051.32012/01/2021 945,630.00 1.301 1.3201,000,000.00
Federal Agricultural Mortgage2634 1,500,000.0031422XRK0 01/04/2027 1,7391.32001/04/2022 1,416,060.00 1.301 1.3201,500,000.00
Federal Agricultural Mortgage2640 Call 1,500,000.0031422XRY0 12/29/2031 3,5592.15012/29/2021 1,407,555.00 2.120 2.1501,500,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 4312.45001/09/2014 503,905.00 3.383 3.430495,089.98
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 4812.12501/27/2016 626,118.75 2.024 2.052625,554.37
Federal Farm Credit Bank .1596 1,000,000.003133ECPF5 05/13/2022 421.87504/21/2016 1,001,250.00 1.578 1.6001,000,304.51
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 9872.12505/13/2016 992,000.00 1.930 1.9561,004,158.52
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 7242.30005/04/2017 901,953.00 2.274 2.306899,893.81
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 9202.91006/21/2017 506,555.00 2.143 2.172508,530.41
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 2202.93009/14/2017 450,175.35 1.870 1.896447,615.42
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 3212.57002/16/2018 1,515,180.00 2.605 2.6421,499,120.18
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 5242.15001/15/2019 500,895.00 2.656 2.693496,357.91
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 5872.13001/15/2019 650,559.00 2.662 2.699644,457.88
Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 1,5852.63003/13/2020 1,003,700.00 1.089 1.1041,063,729.60
Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 3,0131.33007/01/2020 1,327,200.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 3,0131.33007/01/2020 1,327,200.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 1,2290.57008/12/2020 1,403,565.00 0.587 0.5951,498,738.54
Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 1,2420.61009/03/2020 1,397,865.00 0.611 0.6201,499,487.72
Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 1,2420.61009/10/2020 1,397,865.00 0.611 0.6201,499,485.71
Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 1,2640.55009/22/2020 1,400,985.00 0.542 0.5491,500,000.00
Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 1,2770.53009/29/2020 1,394,220.00 0.522 0.5301,500,000.00
Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 1,2770.53009/29/2020 1,394,190.00 0.537 0.5451,499,213.75
Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 3,0061.25010/01/2020 1,775,580.00 1.246 1.2631,997,885.38
Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 3,1391.37011/04/2020 1,315,830.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 3,1391.37011/04/2020 1,315,830.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 3,2101.38001/14/2021 1,355,385.00 1.361 1.3801,500,000.00
Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 3,2451.42004/01/2021 1,344,810.00 1.834 1.8591,446,679.22
Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 3,2791.98005/27/2021 935,410.00 1.887 1.9131,005,383.76
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 3112.13010/05/2016 502,410.00 1.578 1.600502,126.04
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 6162.25001/03/2018 999,770.00 2.359 2.392997,771.02
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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 Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 5252.37501/09/2018 1,003,550.00 2.376 2.409999,541.70
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 2912.38001/18/2018 503,630.00 2.385 2.418499,856.92
Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 2,4331.32005/28/2020 1,394,115.00 1.301 1.3201,500,000.00
Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 2,6281.40006/11/2020 924,930.00 1.380 1.4001,000,000.00
Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 2,6281.40006/11/2020 924,930.00 1.427 1.447996,802.47
Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 2,6461.25006/29/2020 822,357.00 1.232 1.250900,000.00
Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 3,0061.36006/24/2020 1,369,125.00 1.341 1.3601,500,000.00
Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 3,0211.39007/09/2020 1,337,595.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 3,0211.39007/09/2020 1,337,595.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 3,0211.39007/09/2020 1,337,595.00 1.382 1.4011,498,635.08
Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 1,2440.60008/27/2020 1,402,575.00 0.611 0.6201,498,978.33
Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 1,2440.60008/27/2020 1,402,575.00 0.611 0.6201,498,978.33
Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 1,2770.57009/29/2020 1,410,075.00 0.582 0.5901,498,951.67
Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 1,2440.60009/16/2020 1,103,359.00 0.591 0.5991,180,000.00
Federal Home Loan Bank2419 Call 1,500,000.003130AKAZ91 09/29/2025 1,2770.52009/29/2020 1,407,705.00 0.512 0.5201,500,000.00
Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 3,0071.35011/04/2020 1,094,364.00 1.334 1.3531,199,672.09
Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 3,2051.40001/28/2021 1,355,625.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 3,2241.40001/28/2021 1,354,710.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 3,2371.35002/10/2021 1,319,745.00 1.331 1.3501,500,000.00
Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 3,2451.40002/18/2021 1,804,900.00 1.380 1.4002,000,000.00
Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 3,2531.50002/26/2021 1,362,255.00 1.479 1.5001,500,000.00
Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 3,2521.62502/25/2021 1,377,510.00 1.602 1.6251,500,000.00
Federal Home Loan Bank2520 Call 1,925,000.003130ALF33 03/16/2026 1,4450.75003/25/2021 1,802,435.25 0.853 0.8651,916,422.95
Federal Home Loan Bank2607 Call 1,000,000.003130APPJ8 11/04/2031 3,5042.00011/04/2021 940,420.00 1.972 2.0001,000,000.00
Federal Home Loan Bank2613 Call 1,000,000.003130APV77 12/10/2026 1,7141.50012/10/2021 959,380.00 1.479 1.5001,000,000.00
Federal Home Loan Bank2616 Call 1,000,000.003130APW84 12/03/2026 1,7071.50012/03/2021 960,000.00 1.479 1.5001,000,000.00
Federal Home Loan Bank2618 Call 1,000,000.003130APXD2 12/17/2026 1,7211.55012/17/2021 961,260.00 1.528 1.5501,000,000.00
Federal Home Loan Bank2619 Call 1,000,000.003130APWY7 12/07/2026 1,7111.35012/07/2021 955,060.00 1.331 1.3501,000,000.00
Federal Home Loan Bank2620 Call 1,000,000.003130APXT7 12/17/2026 1,7211.60012/17/2021 957,220.00 1.578 1.6001,000,000.00
Federal Home Loan Bank2662 Call 1,000,000.003130AQX65 03/04/2027 1,7982.25003/04/2022 980,340.00 2.219 2.2501,000,000.00
Federal Home Loan Bank2663 Call 1,000,000.003130AQYA5 02/24/2027 1,7902.25002/28/2022 979,200.00 2.219 2.2501,000,000.00
Federal Home Loan Bank2664 Call 1,500,000.003130AQYG2 02/25/2027 1,7912.50002/28/2022 1,479,885.00 2.470 2.5041,500,000.00
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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 Bank2665 Call 1,000,000.003130AQZD8 02/25/2027 1,7912.62502/25/2022 987,150.00 2.589 2.6251,000,000.00
Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 2,2391.20005/18/2020 421,916.95 1.183 1.200455,000.00
Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 3,0101.40006/30/2020 1,373,535.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 2,6461.25006/29/2020 1,351,155.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 2,4641.20007/01/2020 1,376,625.00 1.183 1.1991,500,000.00
Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 2,4741.20007/08/2020 1,364,175.00 1.183 1.2001,500,000.00
Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 3,0271.37507/15/2020 1,370,190.00 1.356 1.3751,500,000.00
Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 3,0411.35007/29/2020 1,354,350.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 3,0411.35007/29/2020 1,354,350.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 1,2360.62508/20/2020 936,280.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 1,2630.65009/15/2020 1,402,125.00 0.641 0.6501,500,000.00
Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 1,2570.65009/09/2020 1,352,901.59 0.641 0.6501,447,000.00
Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 1,2500.68009/04/2020 1,413,420.00 0.670 0.6791,500,000.00
Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 1,2710.62509/23/2020 1,400,160.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 1,2710.62509/23/2020 933,440.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2418 Call 1,500,000.003134GWVV5 10/15/2025 1,2930.50010/15/2020 1,392,765.00 0.493 0.5001,500,000.00
Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 1,2780.55009/30/2020 1,861,160.00 0.542 0.5502,000,000.00
Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 1,2780.55009/30/2020 1,395,870.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 1,2780.55009/30/2020 1,395,870.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 1,2930.55010/15/2020 1,394,745.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 1,2860.57010/08/2020 1,396,200.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 1,3060.53010/28/2020 1,392,750.00 0.522 0.5301,500,000.00
Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 3,1261.25010/22/2020 1,354,845.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 1,3070.57010/29/2020 1,394,310.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 3,1321.40010/28/2020 1,826,540.00 1.380 1.4002,000,000.00
Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 1,3070.61010/29/2020 1,396,830.00 0.601 0.6101,500,000.00
Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 3,1321.30010/28/2020 1,811,000.00 1.282 1.3002,000,000.00
Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 1,3060.60010/28/2020 701,940.00 0.591 0.600750,000.00
Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 1,3050.62510/27/2020 1,405,260.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 3,1401.40011/05/2020 1,369,620.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 3,1401.40011/05/2020 1,369,620.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 1,4907.12511/10/2016 588,605.00 2.367 2.400585,770.68
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Federal Agency Bonds
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 1472.00012/29/2017 502,125.00 2.238 2.270499,486.23
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 1872.00001/09/2018 1,004,240.00 2.288 2.320998,457.68
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 1872.00001/19/2018 1,004,240.00 2.409 2.443997,871.87
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 2932.37502/08/2018 1,509,780.00 2.574 2.6101,497,369.49
Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 1,2450.62508/28/2020 933,620.00 0.616 0.6251,000,000.00
Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 1,2440.65008/27/2020 935,730.00 0.641 0.6501,000,000.00
Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 1,2440.65008/27/2020 1,408,515.00 0.641 0.6501,500,000.00
Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 1,2440.62508/27/2020 1,407,150.00 0.616 0.6251,500,000.00
Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 1,2700.51509/22/2020 1,400,160.00 0.507 0.5151,500,000.00
Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 1,2780.55009/30/2020 1,401,630.00 0.542 0.5501,500,000.00
Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 1,2730.60009/25/2020 1,404,735.00 0.591 0.6001,500,000.00
Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 3,0480.87512/07/2020 1,746,360.00 1.139 1.1551,955,898.72
Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 3,1881.40012/23/2020 1,356,450.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 1,3690.64012/30/2020 930,480.00 0.597 0.6051,001,266.56
San Mateo Foster City SCH Dist2153 MUN 1,360,000.00799017WD6 09/01/2028 2,3452.23711/07/2019 1,325,496.80 2.447 2.4801,340,995.99
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 1361.87512/14/2012 1,012,484.60 1.893 1.9201,009,845.84
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 1,3106.75011/20/2015 1,146,680.00 2.807 2.8461,121,064.03
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 8982.87501/15/2016 755,332.50 2.564 2.600754,502.87
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 1,3106.75004/18/2016 888,677.00 2.337 2.370883,295.09
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 1361.87510/07/2016 1,493,665.40 1.538 1.5601,491,662.25
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 1,3106.75011/10/2016 1,433,350.00 2.317 2.3501,426,751.16
Subtotal and Average 233,495,265.07 232,590,000.00 220,914,423.97 1.467 1.487 1,754
Treasury Securities (Notes)
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 1821.75010/06/2017 1,505,160.00 1.914 1.9411,498,645.05
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 3051.75001/11/2018 1,502,580.00 2.308 2.3401,493,065.63
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 2742.12501/22/2018 1,507,620.00 2.387 2.4201,498,976.88
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 3051.75002/05/2018 1,502,580.00 2.560 2.5961,490,118.65
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 3051.75002/08/2018 1,001,720.00 2.487 2.521993,977.43
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 3331.50002/09/2018 998,670.00 2.534 2.570990,903.23
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 3331.50002/15/2018 998,670.00 2.601 2.638990,341.19
U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 1,3700.37502/26/2021 1,385,100.00 0.731 0.7421,479,756.68
U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 1,4290.50003/09/2021 1,386,795.00 0.819 0.8311,480,995.17
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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
Treasury Securities (Notes)
U.S. Treasury2587 TB 1,500,000.0091282CCP4 07/31/2026 1,5820.62509/24/2021 1,384,095.00 0.888 0.9011,482,484.55
Subtotal and Average 13,399,264.46 13,500,000.00 13,172,990.00 1.857 1.883 675
Municipal Bonds
Acalanes Union High School Dis2334 MUN 485,000.00004284ZY4 08/01/2022 1222.90003/25/2020 488,157.35 1.677 1.700486,891.84
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 1,5834.00012/05/2019 306,489.40 2.139 2.168311,317.18
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 1,1573.36512/24/2018 514,544.50 3.175 3.220507,074.71
Alameda County Joint Pws Auth.2566 MUN 110,000.00010831DT9 06/01/2026 1,5223.39508/13/2021 112,470.60 0.925 0.938120,977.33
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 1222.60805/09/2017 221,216.60 2.266 2.298220,211.40
Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 8533.02608/16/2019 504,280.00 1.876 1.902512,451.76
State of Arkansas1913 MUN 320,000.00041042ZW5 06/01/2022 612.87501/26/2018 321,097.60 2.486 2.520320,178.47
Bay Area Toll Authority2558 MUN 1,750,000.00072024XC1 04/01/2026 1,4611.07907/26/2021 1,625,995.00 0.739 0.7501,772,582.79
Beverly Hills Public Fing Auth2612 MUN 350,000.00088006KA8 06/01/2026 1,5221.14711/15/2021 326,672.50 1.183 1.200349,249.08
Burlingame School District1548 MUN 470,000.00121457EQ4 08/01/2025 1,2186.23802/24/2016 499,854.40 3.557 3.606504,693.14
Burbank Unified School Distri.2570 MUN 1,000,000.0012082SDN1 08/01/2026 1,5831.36708/30/2021 940,410.00 0.947 0.9601,017,176.74
Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 1,9482.38510/08/2019 1,936,260.00 2.342 2.3752,000,000.00
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 1,5835.23409/27/2017 331,516.70 2.850 2.890332,158.26
CA Infrastructure -Econ Dev Bk2666 MUN 210,000.0013034AL73 10/01/2026 1,6441.03502/16/2022 195,444.90 2.224 2.254199,109.51
CA ST Dept of WTR Resources2633 MUN 180,000.0013067WRC8 12/01/2025 1,3400.79012/13/2021 168,309.00 1.301 1.320176,602.39
CA ST Dept of WTR Resources2645 MUN 300,000.0013067WRD6 12/01/2026 1,7050.92012/23/2021 276,195.00 1.430 1.450292,862.36
Chabot-Las Positas CCD2564 MUN 285,000.0015722TJR3 08/01/2026 1,5831.08008/16/2021 263,935.65 0.897 0.910287,047.40
Chabot-Las Positas CCD2589 MUN 125,000.0015722TJQ5 08/01/2025 1,2180.88009/29/2021 117,286.25 0.897 0.910124,876.27
City of Chula Vista2653 MUN 1,000,000.0017131RAU0 06/01/2026 1,5220.84001/10/2022 910,690.00 1.676 1.700965,607.21
Calleguas Municipal Water Dist2544 MUN 550,000.0013124MCE3 07/01/2029 2,6481.86507/01/2021 517,583.00 1.425 1.445565,760.59
Calleguas Municipal Water Dist2646 MUN 600,000.0013124MCB9 07/01/2026 1,5521.09712/27/2021 562,968.00 1.233 1.250596,212.68
City of Corona2601 MUN 500,000.0021969AAJ1 05/01/2030 2,9522.24210/14/2021 455,385.00 2.052 2.081505,929.70
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 1222.97111/30/2017 55,374.00 2.416 2.45055,089.64
Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 2,3142.21309/12/2019 382,188.00 2.071 2.100402,594.31
Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 2,6792.26309/20/2019 936,282.60 2.505 2.539972,320.85
Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 2,6792.26302/07/2020 1,418,610.00 2.100 2.1301,513,176.80
Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 1,2181.91803/09/2020 310,918.40 1.128 1.143327,986.49
Contra Costa Community College2555 MUN 1,000,000.00212204LM1 08/01/2026 1,5831.30008/02/2021 937,700.00 0.764 0.7751,022,268.37
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 913.50005/03/2018 1,510,200.00 2.927 2.9671,501,861.88
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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
Desert Community Clg Dist2611 MUN 200,000.00250375JX1 08/01/2027 1,9481.16911/12/2021 184,554.00 1.479 1.500196,626.25
Desert Sands Unif Sch District2635 MUN 880,000.00250433UA5 08/01/2026 1,5831.98212/16/2021 851,180.00 1.390 1.410901,033.11
Federal Home Loan Bank2659 Call 1,000,000.003130AQSM6 02/25/2027 1,7912.05002/25/2022 974,760.00 2.021 2.0501,000,000.00
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 1,4026.08006/28/2016 571,226.25 2.994 3.035578,503.48
Fremon Union High School Distr2595 MUN 235,000.00357172C52 08/01/2031 3,4092.02010/01/2021 215,476.20 1.825 1.851238,365.84
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 1,5833.16002/14/2018 1,010,253.35 3.028 3.070998,387.64
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 1,2183.04002/14/2018 755,002.50 2.959 3.000750,884.26
Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 1,5833.16008/29/2019 370,595.45 1.913 1.940382,973.12
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 1833.57005/17/2016 505,900.00 1.878 1.904503,913.86
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 3063.25006/27/2016 369,905.60 1.898 1.925368,767.00
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 1,0372.37507/29/2016 1,808,867.00 1.972 1.9991,842,745.65
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 1833.57009/26/2016 389,543.00 1.630 1.653388,504.69
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 1,2794.00004/10/2017 260,272.50 2.739 2.777259,475.81
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 1,6444.31001/26/2018 1,162,747.65 2.979 3.0201,150,550.03
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 1,6444.31003/19/2018 212,374.00 3.204 3.248208,270.62
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 5483.74010/25/2018 398,814.00 3.093 3.136393,247.94
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 1,7672.72010/31/2018 348,117.00 3.412 3.460339,183.59
State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 2,0405.01411/30/2018 1,331,376.00 3.649 3.7001,274,380.64
State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 5483.72008/29/2019 1,533,465.00 1.749 1.7741,542,046.26
State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 1,6444.31001/31/2020 451,294.75 1.837 1.863468,815.81
State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 9143.82003/23/2020 1,027,670.00 1.889 1.9151,045,401.42
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 2,2532.26509/16/2019 1,297,037.30 2.318 2.3501,338,637.70
City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 2,2532.26510/02/2019 385,736.00 2.194 2.225400,888.28
City of Glendora2590 MUN 1,365,000.00378612AJ4 06/01/2026 1,5222.10809/29/2021 1,328,240.55 1.075 1.0901,421,287.99
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 1,6443.15010/19/2016 1,056,620.40 2.431 2.4651,073,389.87
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 1831.92103/20/2018 1,003,050.00 2.584 2.620996,723.36
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 1831.92103/29/2018 1,504,575.00 2.663 2.7001,494,531.75
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 1,0375.23010/25/2018 267,075.00 3.363 3.410261,512.30
State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 2,1325.48011/30/2018 567,725.00 3.687 3.739542,636.17
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 1,4025.33012/06/2018 871,072.00 3.304 3.350853,575.08
State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 1831.92101/17/2019 752,287.50 2.613 2.650747,410.31
City of Huntington Beach2560 MUN 1,000,000.00446201AE5 06/15/2026 1,5361.34408/12/2021 932,260.00 0.909 0.9211,017,311.54
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
City of Huntington Beach2562 MUN 1,000,000.00446201AE5 06/15/2026 1,5361.34408/13/2021 932,260.00 0.927 0.9391,016,565.35
City of La Habra2660 MUN 500,000.00503433AK0 08/01/2031 3,4092.67302/07/2022 465,805.00 2.638 2.675499,901.58
Los Altos Elementary Sch Distr2681 MUN 500,000.00544290JH3 10/01/2024 9141.00003/24/2022 480,880.00 2.522 2.557481,230.98
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 5182.64002/14/2017 1,005,050.00 2.784 2.8231,000,385.15
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 1532.44012/11/2017 1,095,384.60 2.355 2.3881,090,220.24
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 1,6143.30011/02/2018 300,495.85 3.530 3.579291,836.95
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 1,6143.50001/07/2019 1,026,860.00 3.077 3.1191,014,808.82
City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 1,9793.40001/06/2020 863,578.80 2.360 2.393881,618.87
City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 2,7103.05001/22/2020 1,001,528.30 2.413 2.4461,024,057.68
City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 1,6143.15003/05/2020 1,012,450.00 1.519 1.5411,067,377.61
Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 3,0441.80601/28/2021 904,710.00 1.432 1.4521,027,467.89
Los Angeles Community College2592 MUN 250,000.0054438CYL0 08/01/2026 1,5831.17409/30/2021 233,832.50 1.064 1.078251,001.32
Los Angeles Community College2614 MUN 1,500,000.0054438CYL0 08/01/2026 1,5831.17411/15/2021 1,402,995.00 1.233 1.2501,495,198.58
Los Angeles Community College2642 MUN 275,000.0054438CYL0 08/01/2026 1,5831.17412/21/2021 257,215.75 1.282 1.300273,545.02
Los Angeles Cnty Met Tran Auth2641 MUN 1,000,000.005447122K7 06/01/2025 1,1575.13012/21/2021 1,071,010.00 1.085 1.1001,124,933.93
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 1,9175.51603/29/2018 1,677,960.00 3.254 3.3001,649,271.43
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 1,9175.51610/29/2018 475,422.00 3.600 3.650460,400.12
Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 915.18111/07/2018 303,261.00 3.166 3.210301,383.49
State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 2,5874.91001/30/2020 277,622.50 2.331 2.363290,292.07
State of Massachusetts2543 MUN 1,000,000.0057582PUT5 05/01/2029 2,5874.91007/01/2021 1,110,490.00 1.484 1.5051,227,067.55
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 3344.40003/20/2018 1,312,089.60 2.633 2.6701,298,892.97
State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 8534.20010/19/2018 1,755,115.70 3.413 3.4611,716,197.96
State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 1,2184.35012/16/2019 527,230.00 2.089 2.118534,874.07
State of Maryland2581 MUN 245,000.005741926N5 08/01/2025 1,2184.35009/23/2021 258,342.70 0.690 0.700274,355.52
State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 4404.45010/15/2019 1,029,330.00 1.893 1.9201,029,308.15
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 1,5053.85012/21/2018 826,518.00 3.452 3.500835,390.92
City of Manhattan Beach2647 MUN 650,000.00562784AM0 01/01/2032 3,5622.34101/05/2022 614,243.50 2.129 2.159659,326.49
Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 1,9172.21410/08/2019 961,700.00 2.183 2.2141,000,000.00
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 1,9483.27209/28/2017 511,405.00 2.791 2.830510,217.78
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 1,5833.17211/05/2018 121,897.20 3.452 3.500118,514.36
Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 1,9483.33008/29/2019 256,415.00 1.874 1.900267,621.32
Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 1,2185.00003/06/2020 332,233.20 1.193 1.210347,796.73
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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.2495 MUN 1,000,000.0056781RKH9 08/01/2030 3,0441.45102/25/2021 902,470.00 1.431 1.4511,000,000.00
Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 3,0441.45102/25/2021 640,753.70 1.470 1.490707,804.77
Marin Community College Dist.2568 MUN 1,000,000.0056781RKU0 08/01/2026 1,5830.89309/14/2021 923,560.00 0.880 0.8931,000,000.00
Marin Community College Dist.2588 MUN 285,000.0056781RKD8 08/01/2026 1,5830.67909/29/2021 260,746.50 1.025 1.040280,661.19
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 4874.10310/26/2015 1,372,593.60 2.490 2.5251,360,354.59
Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 2,6792.56902/04/2020 227,757.50 2.533 2.569230,000.00
Mt. San Antonio Community Coll2661 MUN 785,000.00623040KX9 08/01/2030 3,0442.64902/07/2022 775,038.35 2.173 2.203811,464.83
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 1,6753.75111/07/2018 1,569,390.00 3.377 3.4241,519,453.81
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 1,6753.75111/07/2018 523,130.00 3.401 3.449505,982.25
State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 9752.98708/30/2019 757,455.00 1.745 1.770773,138.23
State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 9752.98709/04/2019 504,970.00 1.783 1.807514,931.64
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 1,3104.68109/09/2019 160,449.00 1.888 1.914164,002.51
State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 9454.51112/19/2019 261,902.50 2.079 2.108264,673.24
State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 5793.40803/20/2020 1,018,290.00 1.626 1.6491,026,916.27
State of Mississippi2626 MUN 1,000,000.00605581QR1 10/01/2031 3,4702.11712/09/2021 930,350.00 1.992 2.0201,008,307.93
State of Mississippi2629 MUN 250,000.00605581LL9 11/01/2025 1,3103.64612/06/2021 258,640.00 1.080 1.095272,308.74
City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 8532.20008/08/2019 587,229.30 1.968 1.996597,681.58
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 8362.12001/04/2019 445,414.50 2.860 2.900442,624.97
New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 1,4443.07009/09/2019 701,897.00 2.071 2.100724,975.24
New York State Urban Dev Corp.2683 MUN 1,000,000.00650036AV8 03/15/2027 1,8091.49603/28/2022 927,130.00 2.777 2.816939,332.02
New York State Envrnmntl Corp1933 MUN 2,000,000.0064986DEE1 06/15/2022 752.43802/15/2018 2,007,180.00 2.624 2.6611,999,136.62
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 3344.69001/22/2019 1,025,660.00 2.752 2.7911,016,332.66
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 3344.69002/08/2019 1,025,660.00 2.751 2.7901,016,353.38
New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 1,0512.12010/31/2019 1,476,825.00 2.063 2.0911,501,196.83
New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 1,7812.36001/30/2020 567,211.00 1.933 1.960590,506.29
New York State Envrnmntl Corp2575 MUN 1,500,000.00649791PR5 02/15/2026 1,4162.26009/13/2021 1,471,095.00 0.794 0.8051,582,851.93
New York State Envrnmntl Corp2677 MUN 1,000,000.00649791PS3 02/15/2027 1,7812.36003/16/2022 977,950.00 2.325 2.3581,000,079.32
New York State Envrnmntl Corp2678 MUN 1,000,000.00649791PS3 02/15/2027 1,7812.36003/21/2022 977,950.00 2.367 2.400998,150.54
City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 2,8462.11003/09/2020 1,422,825.00 1.436 1.4561,570,835.40
City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 2,8462.11003/13/2020 1,422,825.00 1.638 1.6611,548,199.19
City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 2,8462.11003/16/2020 1,024,434.00 2.247 2.2791,067,241.52
City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 2,4812.07003/16/2020 1,431,240.00 2.151 2.1811,489,621.26
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
City of Oakland Pension2630 MUN 450,000.00672319CF5 12/15/2025 1,3544.67612/06/2021 476,392.50 1.562 1.584499,748.26
Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 1,9482.23711/22/2019 586,962.00 2.271 2.303598,061.28
Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 1,9482.23712/06/2019 273,915.60 2.327 2.360278,325.73
Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 2,6792.33712/11/2019 943,800.30 2.382 2.415965,055.52
Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 2,3142.28705/08/2020 1,156,654.80 1.849 1.8751,213,495.19
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 3952.11009/13/2016 801,696.00 1.764 1.788802,613.07
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 3952.11001/31/2017 2,004,240.00 2.485 2.5201,991,822.13
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 7314.97106/30/2017 940,977.00 2.416 2.450941,577.56
State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 1,6145.26203/13/2020 551,205.00 1.710 1.734573,380.41
Orange Cnty Water District2578 MUN 315,000.0068442CCY0 08/15/2025 1,2322.09509/16/2021 308,035.35 0.690 0.700329,590.75
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 1,9483.12501/25/2018 202,508.00 3.208 3.253198,859.79
State of Oregon1682 MUN 570,000.0068609BGH4 05/01/2022 302.50008/29/2016 570,809.40 1.528 1.550570,430.26
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 1,8875.89211/06/2018 554,800.00 3.516 3.565543,967.07
State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 1,2182.87712/21/2018 303,465.00 3.156 3.200297,106.39
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 1,8875.89201/16/2019 493,772.00 3.537 3.587490,412.32
State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 7613.22701/30/2020 578,544.30 1.641 1.664587,837.17
State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 1,8875.89201/31/2020 549,252.00 2.583 2.619570,678.75
State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 1,8875.89202/24/2020 1,109,600.00 2.482 2.5171,158,402.06
State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 1,8563.08003/13/2020 355,225.50 1.302 1.320379,764.40
State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 2,9831.67207/02/2020 321,885.60 1.433 1.452360,895.49
State of Oregon2542 MUN 870,000.0068608KA24 08/01/2030 3,0445.33207/01/2021 1,002,022.50 1.943 1.9701,092,099.83
State of Oregon2549 MUN 1,225,000.0068609TU30 08/01/2028 2,3141.48407/08/2021 1,130,074.75 1.134 1.1501,249,810.80
State of Oregon2584 MUN 265,000.0068609TT81 08/01/2025 1,2180.80309/24/2021 249,375.60 0.690 0.700265,894.16
State of Oregon2624 MUN 250,000.0068609TZT8 08/01/2026 1,5830.98411/19/2021 232,492.50 1.292 1.310246,584.04
State of Oregon2627 MUN 900,000.0068609T3M8 11/01/2031 3,5012.03711/26/2021 829,656.00 2.020 2.048899,061.99
City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 1,1572.56310/23/2019 1,004,565.80 2.469 2.5031,016,748.84
City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 1,5222.66310/23/2019 574,234.80 2.611 2.647580,329.27
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 6093.43812/06/2018 676,783.80 3.205 3.250666,907.20
Pasadena CA Public Finance Aut2573 MUN 120,000.0070227RBM1 05/01/2026 1,4911.98409/09/2021 116,020.80 0.903 0.915125,115.81
Pasadena CA Public Finance Aut2615 MUN 550,000.00702274CS8 12/01/2026 1,7053.50012/01/2021 568,727.50 1.380 1.400601,877.47
Polomar Community Clge Distri2582 MUN 1,000,000.00697511FU2 08/01/2026 1,5831.03110/13/2021 931,870.00 1.016 1.0311,000,000.00
Polomar Community Clge Distri2676 MUN 335,000.00697511FD0 08/01/2026 1,5831.19903/15/2022 314,983.75 2.288 2.320319,607.18
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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
Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 3,0441.66008/06/2020 672,262.50 1.439 1.459761,666.20
State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 1,0202.00012/20/2019 254,891.00 2.231 2.262259,689.61
State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 2,1923.25001/27/2020 1,536,840.00 2.077 2.1061,594,052.45
State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 2,1923.25002/06/2020 563,508.00 1.990 2.018587,291.46
Riverside Cmnty College Distt.2596 MUN 1,365,000.0076886PJP9 08/01/2026 1,5831.12410/04/2021 1,273,954.50 1.006 1.0201,370,982.42
Rancho Santiago Comm College D2522 MUN 450,000.00752147HH4 09/01/2024 8840.63403/29/2021 429,264.00 0.625 0.633450,000.00
Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 1,9482.28410/16/2019 977,660.00 2.252 2.2841,000,000.00
Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 1,5832.15902/13/2020 1,067,416.95 1.727 1.7511,113,219.33
City of Santa Ana2603 MUN 175,000.00801139AE6 08/01/2026 1,5831.17610/18/2021 161,194.25 1.223 1.240174,529.42
Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 2,6791.65307/21/2020 446,987.80 1.483 1.504494,971.40
San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 2,3142.59012/12/2019 1,480,065.00 2.554 2.5901,500,000.00
San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 2,6791.84807/07/2020 1,854,940.00 1.822 1.8482,000,000.00
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 4872.50001/11/2018 1,348,723.40 2.436 2.4701,340,495.26
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 8532.68001/12/2018 1,467,752.60 2.643 2.6801,460,000.00
Santa Clarita Community Colleg2557 MUN 1,250,000.00801686TF3 08/01/2026 1,5831.14608/02/2021 1,165,312.50 0.742 0.7521,271,006.67
Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 2,2532.43412/12/2019 1,528,067.40 2.416 2.4501,553,607.39
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 7922.50001/25/2018 463,163.25 2.968 3.010460,351.22
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 1,1572.75001/25/2018 462,684.30 3.008 3.050461,063.32
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 1,5223.00001/25/2018 470,756.70 3.107 3.150467,735.93
Santa Cruz County Capital Fin.1909 MUN 275,000.0080181PCW5 06/01/2027 1,8873.00001/25/2018 275,772.75 3.205 3.250272,248.04
Santa Cruz MET Transit Dist.2671 MUN 1,000,000.00801747AF3 08/01/2027 1,9482.47003/03/2022 977,100.00 2.030 2.0581,020,658.73
San Diego Unified Sch District2602 MUN 1,000,000.00797356DL3 07/01/2031 3,3781.98410/21/2021 910,640.00 1.824 1.8501,011,287.65
San Diego Unified Sch District2606 MUN 900,000.00797356DL3 07/01/2031 3,3781.98410/23/2021 819,576.00 2.024 2.053894,844.61
San Diego Unified Sch District2617 MUN 270,000.00797356DH2 07/01/2028 2,2831.59911/17/2021 250,352.10 1.712 1.736267,821.26
San Diego Community College Di2550 MUN 255,000.00797272QS3 08/01/2027 1,9482.40707/09/2021 249,979.05 1.007 1.021273,230.98
San Diego Community College Di2639 MUN 1,980,000.00797272RN3 08/01/2026 1,5831.44512/28/2021 1,873,674.00 1.193 1.2101,999,545.58
San Diego Community College Di2651 MUN 500,000.00797272RT0 08/01/2031 3,4092.11301/10/2022 464,530.00 2.120 2.150498,442.55
San Diego Regl Trans Commissio2632 MUN 200,000.00797400MR6 04/01/2026 1,4611.03612/08/2021 186,584.00 1.292 1.310197,873.90
San Diego Cnty Wtr Authority2580 MUN 875,000.00797412DN0 05/01/2026 1,4910.97109/17/2021 813,076.25 0.887 0.900877,473.56
San Diego Cnty Wtr Authority2600 MUN 210,000.00797412DM2 05/01/2025 1,1260.74310/08/2021 197,397.90 0.838 0.850209,318.69
San Diego Cnty Wtr Authority2604 MUN 250,000.00797412DN0 05/01/2026 1,4910.97110/20/2021 232,307.50 1.134 1.150248,222.21
San Diego Cnty Wtr Authority2623 MUN 750,000.00797412DN0 05/01/2026 1,4910.97111/19/2021 696,922.50 1.282 1.300740,234.41
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
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 Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 1,5831.07406/09/2021 400,953.50 1.059 1.074430,000.00
San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 1,9481.37206/09/2021 403,288.50 1.353 1.372435,000.00
San Dieguito Union High Sch Di2674 MUN 435,000.00797508HF8 08/01/2026 1,5831.86003/11/2022 419,466.15 2.070 2.099430,713.65
Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 1,1871.73503/18/2020 386,556.00 1.381 1.400404,180.77
Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 2,6482.10304/30/2021 238,035.00 1.658 1.681257,099.63
City & County of San Francisco1441 MUN 360,000.00797646NL6 06/15/2022 754.95002/09/2015 362,944.80 2.416 2.450361,683.27
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 1,1715.45011/27/2015 1,078,040.00 3.067 3.1101,064,460.20
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 1,1712.29011/01/2016 2,073,214.50 2.219 2.2492,107,426.04
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 1,5362.39011/01/2016 240,085.30 2.376 2.410244,814.75
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 1,1712.29007/14/2017 226,527.00 2.682 2.720227,163.33
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 1,5365.60001/16/2019 1,571,826.40 3.304 3.3501,538,078.27
City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 2,6322.10010/31/2019 1,072,769.60 2.337 2.3691,100,600.71
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 1,9793.25003/02/2018 671,472.80 3.451 3.499672,243.69
San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 2,7103.64810/11/2019 351,438.50 2.398 2.431377,903.70
San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 1,9793.46803/13/2020 129,755.60 1.577 1.599142,351.41
San Francisco Cmnty Facs Dist2571 MUN 300,000.0079772ECF4 09/01/2024 8843.10808/30/2021 299,355.00 0.741 0.752316,878.12
San Francisco Cmnty Facs Dist2608 MUN 575,000.0079772EDY2 09/01/2031 3,4402.59111/03/2021 525,699.50 2.305 2.337587,218.52
San Francisco Cmnty Facs Dist2628 MUN 1,295,000.0079772EDA4 09/01/2026 1,6142.23611/29/2021 1,231,350.75 1.425 1.4451,338,523.32
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 4562.62102/25/2019 201,510.00 2.672 2.710199,790.23
SF Bay Area Rapid Transit Dist2572 MUN 500,000.00797669ZJ0 07/01/2024 8221.97109/08/2021 492,735.00 0.419 0.425517,276.41
SF Bay Area Rapid Transit Dist2636 MUN 480,000.00797669ZR2 07/01/2031 3,3782.76812/16/2021 473,217.60 1.846 1.872516,268.32
SF Bay Area Rapid Transit Dist2638 MUN 600,000.00797669XW3 07/01/2023 4562.62112/20/2021 604,530.00 0.572 0.580615,215.06
Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 2,6791.44503/09/2021 536,626.35 1.425 1.445585,000.00
Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 2,6791.44505/27/2021 458,655.00 1.461 1.481498,744.57
City of San Jose2656 MUN 350,000.00798135E96 09/01/2026 1,6142.50001/28/2022 346,143.00 1.686 1.710361,692.22
San Jose Financing Authority2622 MUN 345,000.00798153NF5 06/01/2026 1,5221.31111/18/2021 324,210.30 1.459 1.480342,658.10
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 1,9793.72810/29/2018 326,428.20 3.676 3.727315,000.00
San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 2,3142.35010/01/2019 476,365.00 2.317 2.350500,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 4872.50001/29/2015 582,789.80 2.663 2.700578,626.18
San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 1,2180.55803/15/2021 929,960.00 0.739 0.750993,710.66
Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 1222.90802/19/2019 216,382.45 2.714 2.752215,106.98
Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 2,3143.47209/05/2019 324,037.35 1.972 2.000341,774.57
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 19
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 3,0441.69601/22/2021 513,205.20 1.499 1.520577,757.47
Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 2,3141.49601/22/2021 549,318.00 1.085 1.100614,409.45
Santa Monica-Malibu USD2561 MUN 650,000.00802498VW2 07/01/2026 1,5520.98908/12/2021 606,086.00 0.877 0.890652,668.58
Santa Monica-Malibu USD2637 MUN 215,000.00802498ZA6 08/01/2026 1,5830.84912/20/2021 199,016.90 1.193 1.210211,736.87
San Mateo Cnty Comm. College D2521 MUN 2,000,000.00799038NP5 09/01/2024 8840.50004/14/2021 1,906,140.00 0.444 0.4502,002,387.67
San Mateo Cnty Comm. College D2523 MUN 1,500,000.00799038NP5 09/01/2024 8840.50004/14/2021 1,429,605.00 0.444 0.4501,501,790.76
San Mateo Foster City SCH Dist1902 MUN 1,000,000.00799017UW6 09/01/2025 1,2492.69901/16/2018 1,002,620.00 2.786 2.825996,141.97
San Mateo Foster City SCH Dist1940 MUN 1,000,000.00799017UW6 09/01/2025 1,2492.69903/09/2018 1,002,620.00 2.959 3.000990,843.54
San Mateo Foster City SCH Dist2178 MUN 1,565,000.00799017VM7 09/01/2028 2,3452.54212/11/2019 1,553,231.20 2.311 2.3431,582,880.03
San Mateo Foster City SCH Dist2567 MUN 500,000.00799017XW3 09/01/2026 1,6140.92509/21/2021 465,190.00 0.912 0.925500,000.00
San Mateo Foster City SCH Dist2585 MUN 175,000.00799055QV3 08/01/2026 1,5831.79909/27/2021 169,153.25 0.897 0.910181,579.24
San Mateo Foster City SCH Dist2591 MUN 1,320,000.00799055ME5 08/01/2026 1,5836.00009/29/2021 1,452,396.00 2.297 2.3291,517,408.96
Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 2,3142.71712/09/2019 1,136,545.00 2.462 2.4961,164,348.54
Solano Cnty Community Clg Dist2579 MUN 750,000.0083412PHQ8 08/01/2026 1,5831.02510/06/2021 695,520.00 1.011 1.025750,000.00
Solano Cnty Community Clg Dist2583 MUN 200,000.0083412PGZ9 08/01/2026 1,5831.02510/06/2021 185,472.00 0.887 0.900201,055.59
Solano Cnty Community Clg Dist2594 MUN 390,000.0083412PHE5 08/01/2031 3,4091.86110/06/2021 351,709.80 1.948 1.975386,218.93
Solano Cnty Community Clg Dist2597 MUN 750,000.0083412PHU9 08/01/2030 3,0441.76110/06/2021 680,377.50 1.834 1.860744,309.45
Solano Cnty Community Clg Dist2598 MUN 825,000.0083412PHW5 08/01/2031 3,4091.86110/06/2021 744,001.50 1.879 1.905821,901.01
Solano Cnty Community Clg Dist2649 MUN 350,000.0083412PHB1 08/01/2028 2,3141.47901/07/2022 321,048.00 1.775 1.800343,312.87
Sonoma Cnty Jr. College Distr.2577 MUN 155,000.00835569GT5 08/01/2026 1,5832.44709/15/2021 153,651.50 0.843 0.855165,450.00
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 1,9483.00002/15/2018 181,432.80 3.057 3.100179,171.62
South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 2,6795.00012/12/2019 419,457.90 2.598 2.634426,360.99
South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 2,3145.00012/12/2019 280,275.00 2.549 2.584284,082.66
South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 1,9485.00012/12/2019 160,391.75 2.500 2.534162,236.70
South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 1,5835.00012/12/2019 424,858.20 2.378 2.411430,201.77
San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 8531.96511/13/2019 1,730,658.15 1.938 1.9651,755,000.00
San Ramon Vly Unif Sch Dist.2605 MUN 1,500,000.007994082K4 08/01/2030 3,0441.91411/03/2021 1,374,405.00 1.805 1.8301,509,634.69
Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 2,3452.19009/19/2019 130,659.75 2.157 2.187135,000.00
Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 1,9792.09009/19/2019 131,172.75 2.061 2.090135,000.00
Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 2,6791.64402/08/2021 459,030.00 1.437 1.457506,416.25
Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 2,3141.50306/16/2021 231,865.00 1.482 1.503250,000.00
Temecula Valley Unified School2569 MUN 355,000.0087970GPQ4 08/01/2026 1,5831.05108/27/2021 329,585.55 0.887 0.900357,266.40
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 20
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 1,5832.11608/25/2016 973,470.00 1.923 1.9501,006,504.36
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 1,2182.06608/25/2016 1,613,436.00 1.893 1.9201,657,341.59
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 1,2182.06608/25/2016 684,488.00 1.893 1.920703,114.62
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 8533.72812/20/2018 209,977.40 2.860 2.900208,628.04
State of Texas1708 MUN 110,000.00882722VJ7 04/01/2022 03.67310/19/2016 110,000.00 1.825 1.850110,000.00
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 1,2183.83209/22/2017 251,470.00 2.747 2.785257,778.37
State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 1,2793.05112/23/2019 1,523,070.00 1.975 2.0031,551,679.40
State of Texas2225 MUN 940,000.008827237T0 10/01/2029 2,7403.52101/30/2020 979,555.20 2.191 2.2211,022,023.84
State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 2,7403.52102/14/2020 1,318,231.20 2.192 2.2221,375,336.31
State of Texas2311 MUN 250,000.008827237N3 10/01/2024 9142.89903/16/2020 252,185.00 1.231 1.248259,999.08
State of Texas2541 MUN 245,000.008827235K1 10/01/2025 1,2792.92206/30/2021 247,719.50 0.641 0.650264,183.36
State of Texas2548 MUN 1,000,000.00882724RF6 10/01/2030 3,1052.42607/02/2021 969,410.00 1.480 1.5011,073,140.34
State of Texas2631 MUN 500,000.00882723A90 10/01/2025 1,2792.83112/07/2021 504,040.00 1.030 1.045530,555.46
University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 1,1403.05008/26/2019 1,506,000.00 1.930 1.9571,548,156.22
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 1,1403.05009/09/2019 1,004,000.00 1.797 1.8211,036,258.06
State of Utah1731 MUN 450,000.00917542QR6 07/01/2024 8224.55401/04/2017 461,268.00 2.904 2.944464,524.59
State of Utah2306 MUN 1,500,000.00917542QV7 07/01/2025 1,1873.53903/13/2020 1,521,765.00 1.948 1.9751,572,012.03
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 1222.74008/08/2016 251,605.00 1.504 1.524250,966.25
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 1224.63612/05/2016 521,365.40 2.465 2.500518,398.70
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 8534.66905/23/2017 507,334.25 2.416 2.450507,890.28
State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 8534.66912/24/2019 523,025.00 1.978 2.005529,536.87
State of Wisconsin2547 MUN 2,000,000.0097705MNU5 05/01/2031 3,3172.45107/02/2021 1,913,320.00 1.553 1.5752,146,877.42
State of Wisconsin2574 MUN 1,500,000.0097705MNP6 05/01/2026 1,4912.08909/09/2021 1,460,790.00 0.739 0.7501,580,445.57
State of Wisconsin2576 MUN 1,000,000.0097705MNP6 05/01/2026 1,4912.08909/13/2021 973,860.00 0.769 0.7801,052,384.17
Yosemite Community College Dis2657 MUN 1,000,000.00987388GX7 08/01/2027 1,9482.08202/17/2022 966,750.00 2.053 2.0821,000,000.00
Subtotal and Average 208,659,864.23 203,795,000.00 201,315,567.55 2.006 2.034 1,648
Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 1661.75011/09/2018 1,500,210.00 3.106 3.1501,491,108.32
Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 1,4800.87504/20/2021 1,865,600.00 0.910 0.9231,996,190.39
Inter-American Dev. Bank2586 IADB 2,000,000.0045818WDH6 06/17/2026 1,5380.80009/27/2021 1,876,260.00 0.914 0.9271,989,540.08
Inter-American Dev. Bank2652 IADB 1,000,000.004581X0EB0 01/13/2027 1,7481.50001/13/2022 955,560.00 1.504 1.525998,832.87
Inter-American Dev. Bank2655 IADB 1,000,000.004581X0EB0 01/13/2027 1,7481.50001/14/2022 955,560.00 1.518 1.540998,162.18
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2022
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 21
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Supranationals (World Bank) Bonds
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 2937.62511/08/2018 1,569,930.00 3.111 3.1551,549,852.81
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 5443.00011/27/2018 1,011,540.00 3.018 3.060999,167.64
Intl Bk Recon & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 1,3060.50001/08/2021 1,391,745.00 0.480 0.4871,500,667.31
Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 1,4110.65002/10/2021 1,400,355.00 0.641 0.6501,500,000.00
Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 1,4190.60002/18/2021 1,395,360.00 0.591 0.6001,500,000.00
Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 1,3060.50002/18/2021 1,391,745.00 0.591 0.6001,494,719.11
Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 1,3060.50003/01/2021 1,391,745.00 0.787 0.7981,484,332.67
Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 1,4110.65005/26/2021 1,400,355.00 0.833 0.8451,488,956.47
Intl Bk Recon & Development2553 IBRD 1,500,000.00459058JS3 02/10/2026 1,4110.65007/15/2021 1,400,355.00 0.839 0.8511,488,600.91
Intl Bk Recon & Development2559 IBRD 1,500,000.00459058JS3 02/10/2026 1,4110.65008/12/2021 1,400,355.00 0.871 0.8831,486,797.20
Intl Bk Recon & Development2650 IBRD 1,000,000.0045906M2L4 02/24/2026 1,4250.65001/07/2022 930,040.00 1.368 1.387972,166.44
Intl Bk Recon & Development2673 IBRD 1,000,000.0045906M2Z3 03/17/2025 1,0812.05003/17/2022 987,530.00 2.107 2.136997,532.41
International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 1,2930.25010/30/2020 927,600.00 0.497 0.5041,000,000.00
International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 1,3240.25011/30/2020 1,395,720.00 0.683 0.6921,500,000.00
International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 1,3850.58001/25/2021 1,394,055.00 0.501 0.5081,504,000.56
International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 1,3850.58002/11/2021 1,394,055.00 0.522 0.5301,502,791.05
International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 1,4270.50002/26/2021 1,392,690.00 0.616 0.6251,492,806.51
International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 1,4440.50003/15/2021 1,875,280.00 0.808 0.8192,000,000.00
International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 1,4520.75003/23/2021 1,408,980.00 0.746 0.7571,499,570.40
International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 1,4520.75003/23/2021 1,878,640.00 0.887 0.9001,988,337.16
International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 1,5050.50005/28/2021 1,430,010.00 1.006 1.0201,500,000.00
International Finance Corp.2654 IFC 1,000,000.0045950KCX6 10/08/2026 1,6510.75001/12/2022 925,430.00 1.518 1.540965,689.62
Subtotal and Average 38,889,822.11 39,000,000.00 36,846,705.00 1.091 1.106 1,311
Total Investments and Average 582,263,759.65 575,924,531.60 558,001,622.48 1.586 1.608 1,503
Portfolio CPA
AP
Run Date: 04/11/2022 - 10:06 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
1 General Investment Guidelines:Full Compliance
a) The max. stated final maturity of individual securities in the portfolio should be 10 years.
b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities 29.38%
beyond 5 years.
c) The City shall maintain a minimum of one month's cash needs in short term investments.
d) At least $50 million shall be maintained in securities maturing in less than 2 years.
Plus two managed pool accounts which provide instant liquidity:
- Local Agency Investment Fund (LAIF) - maximum investment limit is $75 million $24.8 million
- Fidelity Investments $4.2 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a 95.83%
reasonable time to the City Council and evaluate if there are risk of holding securities to maturity.
d) Commitments to purchase securities newly introduced on the market shall be made no more than
three (3) working days before pricing.
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).
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.24.67%
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.35.39%
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.
$111.6 million
2.34%
Attachment C
Investment Policy Compliance
As of March 31, 2022
Investment Policy Requirements
Compliance
Check / Actual
Attachment C
Investment Policy Compliance
As of March 31, 2022
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.5.82%
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.4.53%
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.6.77%
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