HomeMy WebLinkAboutStaff Report 13998
City of Palo Alto (ID # 13998)
City Council Staff Report
Meeting Date: 8/8/2022 Report Type: Information Reports
City of Palo Alto Page 1
Title: Investment Activity Report for the Fourth 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 fourth quarter ending June 30,
2022 and to disclose staff’s cash flow projections for the next six months. The report includes a
discussion of the sale of investments prior to maturity, which occurred in July 2022 to meet
higher than expected cash flow needs and resulted in a small principal gain of $3,519.
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 $584.7 million; in comparison, last quarter it was $575.9
million. The $8.8 million portfolio growth since the last quarter results from expected and
typical timing of cash flows. Contributing factors include the continued rebound of the local
economy, second year of pandemic federal aid of $6.9 million, and property tax receipts
including Excess ERAF (Educational Revenue Augmentation Funds) totaling $27.7 million. These
sources are partially offset by an extra pay period cost in the fourth quarter compared to the
third quarter and restoration of some City services.
The portfolio consists of $46.6 million in liquid accounts and $538.1 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 $107.5 million in investments maturing in less than two years, comprising 18.4 percent
of the City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of
the portfolio to be invested in securities with maturities beyond five years; actual at the end of
the second quarter is 28.0 percent of the portfolio.
City of Palo Alto Page 3
The current market value of the portfolio is 93.5 percent of the book value. The market value
of securities fluctuates, depending on how interest rates perform. When interest rates
decrease, the market value of the securities in the City’s portfolio will likely increase; likewise,
when interest rates increase, the market value of the securities will likely decrease.
Understanding and showing market values is not only a reporting requirement, but essential to
knowing the principal risks in actively buying and selling securities. It is important to note,
however, that the City’s practice is to buy and hold investments until they mature so changes in
market price do not affect the City’s investment principal. 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
3.85 years compared to 4.12 years last quarter.
The Investment Policy states “Should the ratio of the market value of the portfolio to the book
value of the portfolio fall below 95 percent, the Administrative Services Department will report
this fact to the City Council within a reasonable time frame and evaluate whether there is any
risk of holding any of the securities to maturity.” At the end of the fourth quarter, the market
value of the City’s investment portfolio fell to 93.5 percent. Interest rates are expected to
further increase causing market value of the portfolio to fluctuate. A key investment objective
in the City’s Investment Policy is safety, where investments are undertaken in a manner to
ensure the preservation of capital in the overall investment portfolio. This guided the City’s
practice is to buy and hold investments to mature; this minimizes the investment risk in this
fluctuating market. As of writing of this report (last week of July 2022), market value was 97.2
percent.
Investments Made During the Fourth Quarter
During the fourth quarter, $12.8 million of securities with an average yield of 2.1 percent
matured. During the same period, per the following Table 2, securities totaling $3.9 million
City of Palo Alto Page 4
with an average yield of 3.0 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 due to higher yielding
new investments. 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 $17.7 million compared to the third 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 $34.1 million is
expected over the coming six months due to routine business needs. This reflects expected
receipts of $290.7 million and expenditures of $324.8 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. This
has occurred for the past five years with this payment being the sixth. By prepaying PERS
instead of making payments with each payroll period, the City is expected to save $1.5 million
in pension expense; the savings will be offset by the loss of approximately $0.8 million in
interest income in the City’s investment portfolio, resulting in net citywide savings of $0.7
million.
As of June 30, 2022, the City had $46.6 million deposited in the Local Agency Investment Fund
(LAIF) and a money market account that could be withdrawn to satisfy daily liquid cash
City of Palo Alto Page 5
requirements. Table 1 cites that investments totaling $122.8 million will mature within 12
months; of that amount, $35.2 million will mature between July 1, 2022 and December 31,
2022. Staff expects that the City will have adequate funds to meet expenditure requirements
for the next six months.
Sale of Investments Prior to Maturity (July 2022)
As mentioned earlier in this report, a primary objective of the City’s Investment Policy is safety
with preservation of capital being the approach in the execution of investment activities. The
sale of securities is permitted in the Investment Policy (see p. 8) and was authorized by the
Director of Administrative Services to maintain required liquid cash for daily City operations.
Staff forecasts both short-term and long-term cash needs and ladders the investments
accordingly so there is adequate cash on hand combined with maturing investments to meet
the forecasted liquidity needs. In the latter part of the fourth quarter (Q4) of Fiscal Year 2022,
due to timing of capital expense and rise in utility commodity costs, there was a need to sell
investments prior to maturity to ensure sufficient liquid cash balances for potentially the higher
than capital costs in July 2022. As a result, a one-time sale of $10.7 million (par value) in
securities was completed in early July 2022 for a net principal gain of $3,519. These security
sales provided extra payment flexibility and lowered the July’s liquidity risk. Overall FY 2022
regular warrants (Accounts Payable) and purchase card payments increased by $74.4 million, or
28.9 percent, over the prior year. Going forward staff has adjusted cash projections to consider
the higher expenditure levels. As a result, future near-term security sales are not anticipated.
Revenues receipts remain within trend and are expected to keep up with the above higher
costs. In addition, investments that are scheduled to mature in August and September are
sufficient to maintain the City’s liquid cash requirements. Should the conservative outlook not
materialize, these funds can be reinvested in a few months in higher yielding securities since
the interest rates on new investments is expected to continue to rise in the coming months and
quarters as the federal government increase interest rates to address the elevated inflation
rate.
Compliance with City Investment Policy
During the fourth quarter, staff complied with all aspects of the investment policy. Attachment
C lists the major restrictions in the City’s investment policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the fourth quarter was $2.4 million; $0.1 million higher
than the prior quarter. As of June 30, 2022, the yield to maturity of the City’s portfolio was 1.62
percent; in the prior quarter it was similar or at 1.61 percent. In the fourth quarter, LAIF’s
average yield was 0.69 percent while the average yield on the two-year and five-year Treasury
bonds was approximately 2.72 percent and 2.95 percent, respectively. In comparison, in the
City of Palo Alto Page 6
prior quarter LAIF had 0.29 percent yield and the two-year and five-year Treasury bonds yields
were significantly lower at 1.43 percent and 1.81 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.
5.88%
5.00%
4.17%
4.54%
City of Palo Alto
2.71%
1.80%1.93%1.62%
1.41%
0.81%0.25%
2 Yr. Treasury
2.72%
4.39%
4.98%
1.10%
5-Yr. Treasury
2.88%
2.47%
0.27%
2.95%
1.44%
5.25%
0.23%
LAIF
0.69%
$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 3.85 years.
Yield Trends
The Federal Open Market Committee (FOMC), after 17 consecutive meetings, since March
2020, has raised the federal funds rate three times totaling 1.50 percent with the first occurring
on March 16, 2022. The third occurred on June 15, 2022 with the rate increase being 0.75
percent (1.50 percent to 1.75 percent). Prior to this the rate was near zero. In order to mitigate
the persistent elevated inflation rate, the expectation is FOMC will continue to do multiple
federal funds rate interest rate increases in the second half of 2022 and 2023. Consistent with
the prior quarter, job growth remains “robust” and unemployment rate remains low, however,
FOMC’s inflation concern are “reflecting supply and demand imbalances related to the
pandemic, higher energy prices, and broader price pressures.” In addition, they state
“lockdowns in China are likely to exacerbate supply chain disruptions.” The following Graph 3
City of Palo Alto Page 7
shows the U.S. inflation rate trend for FY 2022. The FOMC’s target rate, ideally, is to bring the
inflation rate to around 2 percent.
Graph 3: U.S. Inflation 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 June 30, 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 June 30, 2022, principal investment contributions of $38.3 million made over time
City of Palo Alto Page 8
since May 2017, have grown to $39.0 million and the net return for one and three years has
been -9.90 percent and 2.17 percent respectively.
Resource Impact
This is an information report discussing the previous three months and the information
presented does not result in a financial impact.
Environmental Review
This information report is not a project under the California Environmental Quality Act;
therefore, an environmental review is not required.
.
Attachments:
• Attachment A Consolidated Report of Cash Management
• Attachment B Investment Portfolio
• Attachment C Investment Policy Compliance
Book Value Market Value
City Investment Portfolio (see Attachment B)590,753,786$ 552,545,617$
Other Funds Held by the City
Cash with Wells Fargo Bank 217,733 217,733
(includes general and imprest accounts)
Cash with US Bank 2,255,286 2,255,286
(includes general and imprest accounts)
Petty/Working Cash 11,927 11,927
Total - Other Funds Held By City 2,484,946 2,484,946
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1999 Utility Revenue Bonds
Debt Service Fund 82 82
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,551,358 2,551,358
2010 & 2013 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 789,151 789,151
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 1 1
2021 Public Safety Building Certificates of Participation
Construction Debt Svc, Capitalized Interest, and Cost of Issuan 49,704,763 49,704,763
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,712,382 2,712,382
2013 General Obligation (Library) Bond
Reserve Fund 251,072 251,072
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 39,039,274 39,039,274
Total Under Trustee Management 99,653,325 99,653,325
GRAND TOTAL 692,892,057$ 654,683,888$
* These funds are subject to the requirements of the underlying debt indenture.
** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities.
*** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit,
commercial paper, federal agency securities, and repurchase agreements.
**** PARS investments are in moderately conservative index plus funds
Attachment A
Fourth Quarter, Fiscal Year 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
June 30, 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 3,717,486.48SYS158 11.23007/01/2020 3,717,486.48 1.213 1.2303,717,486.48
Local Agency Investment Fund159 42,921,049.99SYS159 10.94007/01/2020 42,438,340.03 0.927 0.94042,921,049.99
Subtotal and Average 46,638,536.47 46,638,536.47 46,155,826.51 0.950 0.963 1
Negotiable Certificates of Deposits
Comenity Capital Bank1959 NCD 245,000.0020033AM86 10/30/2023 4863.45010/30/2018 246,408.75 3.404 3.451245,000.00
American Federal Bank1476 NCD 245,000.0002600ADE4 09/30/2022 912.45009/30/2015 245,392.00 2.418 2.451245,000.00
Allegiance Bank - Texas1844 NCD 245,000.0001748DAW6 09/29/2022 902.05009/29/2017 245,149.45 2.022 2.051245,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 4112.40002/16/2016 243,586.35 2.367 2.400245,000.00
Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 9931.10003/20/2020 234,304.02 1.085 1.100249,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 6992.30005/30/2017 240,614.50 2.270 2.301245,000.00
American Express Centurion Bk1986 NCD 245,000.0002589AA28 12/04/2023 5213.55012/04/2018 246,697.85 3.501 3.550245,000.00
Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 1,2460.45011/27/2020 225,539.22 0.493 0.500248,575.46
Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 1,1231.05011/23/2020 231,953.46 0.542 0.549252,780.78
Beal Bank - Plano, TX2668 NCD 249,000.0007371AYT4 02/24/2027 1,6992.05003/02/2022 234,465.87 2.053 2.081248,651.33
Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 1,0781.00006/02/2020 232,262.22 0.986 1.000249,000.00
Bank West1472 NCD 245,000.00063615AX6 09/16/2022 772.25009/16/2015 245,232.75 2.220 2.251245,000.00
Apex Bank1693 NCD 245,000.0003753XAN0 09/30/2022 911.70009/30/2016 244,936.30 1.676 1.700245,000.00
Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 7911.70008/30/2019 236,719.00 1.678 1.701245,000.00
BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 1,3010.55001/22/2021 225,536.73 0.592 0.600248,556.48
BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 2,3101.00001/27/2021 213,629.55 1.019 1.034248,491.88
BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 1,2380.50011/20/2020 226,174.17 0.493 0.500249,000.00
Beal Bank USA - Las Vegas, NV2669 NCD 249,000.0007371CH69 02/24/2027 1,6992.05003/02/2022 234,465.87 2.053 2.081248,651.33
Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 1523.25011/30/2018 246,266.65 3.207 3.252245,000.00
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 2953.00004/24/2018 245,894.25245,000.00
Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 1,7851.15005/21/2020 223,375.41 1.134 1.150249,000.00
First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 1,1460.45008/20/2020 226,300.00 0.444 0.450248,000.00
Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 7911.85008/30/2019 237,488.30 1.826 1.852245,000.00
Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 1,0001.00003/27/2020 233,542.08 1.189 1.206247,636.36
Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 1812.35012/29/2017 245,306.25 2.317 2.350245,000.00
Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 1,7070.65003/04/2021 219,259.44 0.691 0.701248,418.02
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B
June 30, 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
Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 9721.65002/27/2020 234,322.90 1.668 1.691244,739.31
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 2311.75002/19/2016 249,172.50 1.727 1.751250,000.00
Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 1092.10010/18/2017 245,169.05 2.071 2.100245,000.00
Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 9431.80001/29/2020 235,567.50 1.779 1.803245,000.00
Connexus Credit Union2643 NCD 249,000.0020825WAR1 12/23/2026 1,6361.25012/23/2021 226,806.63 1.273 1.291248,553.82
Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 7971.90009/05/2019 237,725.95 1.873 1.900245,000.00
Capital One Bank USA NA2609 NCD 249,000.0014042RQB0 11/17/2026 1,6001.10011/17/2021 225,965.01 1.084 1.100249,000.00
Community State Bank, IA1471 NCD 245,000.0020404MAN1 09/12/2022 732.25009/11/2015 245,220.50 2.224 2.255245,000.00
Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 9931.10003/20/2020 233,363.04 1.085 1.100248,000.00
Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 2,7691.10001/29/2021 207,613.71 1.154 1.170247,741.44
Delta Natl Bank & TR2670 NCD 249,000.0024773RCR4 02/25/2027 1,7002.00003/09/2022 233,920.56 1.975 2.003249,000.00
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 4803.35010/24/2018 246,085.35 3.304 3.350245,000.00
Eaglemark Savings Bank2545 NCD 249,000.0027004PBV4 07/07/2026 1,4670.85007/07/2021 225,788.22 0.919 0.932248,199.82
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 3012.65004/30/2019 245,171.50 2.615 2.651245,000.00
Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 2,4181.00002/12/2021 211,886.55 1.037 1.052248,175.79
Flagstar Bank FSB2414 NCD 249,000.0033847E4E4 09/30/2024 8220.40009/30/2020 233,295.57 0.394 0.400249,000.00
Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 9911.10003/18/2020 234,336.39 1.085 1.100249,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 3561.80006/22/2016 242,812.15 1.776 1.800245,000.00
1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 1,1450.45008/19/2020 226,317.36 0.444 0.450248,000.00
First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 7961.75009/04/2019 236,939.50 1.727 1.751245,000.00
First Internet Bank1834 NCD 245,000.0032056GCQ1 07/14/2022 132.05007/14/2017 245,034.30 2.023 2.051245,000.00
Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 1,3060.50001/27/2021 224,971.50 0.543 0.550248,554.77
First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 1,6130.65011/30/2020 221,027.34 0.691 0.701248,450.06
Farmers &Merchants Bank2644 NCD 249,000.00307811DM8 01/22/2030 2,7621.60001/14/2022 216,034.89 1.630 1.653248,061.11
First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 1,6440.60012/31/2020 219,899.37 0.625 0.633248,626.33
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 4692.25010/13/2017 242,714.15 2.220 2.251245,000.00
First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 1102.10004/19/2017 245,171.50 2.072 2.101245,000.00
First Technology Federal Credi1955 NCD 245,000.0033715LCM0 10/17/2023 4733.40010/17/2018 246,261.75 3.355 3.401245,000.00
First Community Credit Union2554 NCD 249,000.0031986JAD3 02/26/2027 1,7010.85007/28/2021 221,532.81 0.892 0.905248,376.83
Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 7841.95008/23/2019 238,078.75 1.925 1.952245,000.00
First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 972.10010/06/2017 245,178.85 2.072 2.101245,000.00
Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 1,9780.80011/30/2020 216,201.72 0.825 0.836248,518.27
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
Great Plains Bank1865 NCD 245,000.0039115UBB8 07/25/2022 242.00010/25/2017 245,051.45 1.972 2.000245,000.00
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 6772.55005/08/2019 241,971.80 2.513 2.548245,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 3123.15005/09/2018 246,104.95 3.106 3.150245,000.00
Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 1,2070.35011/16/2020 187,486.11 0.491 0.498205,750.06
Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 1,2630.50012/14/2020 225,763.32 0.543 0.550248,569.67
Investors Community Bank1765 NCD 245,000.0046147USQ4 09/23/2022 842.20003/24/2017 245,227.85 2.172 2.202245,000.00
Inst. for Sav in Newburyport2556 NCD 249,000.0045780PAQ8 07/29/2026 1,4890.90007/29/2021 225,718.50 0.888 0.900249,000.00
Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 1,9740.75011/27/2020 215,653.92 0.790 0.801248,326.68
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 7002.50005/31/2017 241,521.00 2.465 2.500245,000.00
Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 4873.35010/24/2019 249,098.64 2.210 2.241251,504.81
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 4441.80009/16/2016 241,636.15 1.775 1.800245,000.00
Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 2,3650.85012/30/2020 210,527.01 0.889 0.901248,191.37
Live Oak Banking Company2599 NCD 249,000.00538036SS4 10/18/2027 1,9351.10010/18/2021 220,524.36 1.135 1.151248,340.28
Bank Leumi USA NY2335 NCD 249,000.00063248KR8 03/31/2023 2731.45003/31/2020 247,177.32249,000.00
Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 1,0950.40008/31/2020 227,705.52 0.394 0.400249,000.00
Meritrust Federal Credit Union2672 NCD 249,000.0059001PAP4 03/10/2026 1,3480.55003/07/2022 227,685.60 1.904 1.930236,791.35
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 5513.30001/10/2019 245,764.40 3.254 3.299245,000.00
Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 7911.80008/30/2019 237,280.05 1.775 1.800245,000.00
Merrick Bank2610 NCD 249,000.0059013KPS9 05/19/2026 1,4181.10011/19/2021 228,591.96 1.152 1.168248,354.90
Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 2,4041.00001/28/2021 212,053.38 1.024 1.039248,385.64
Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 8611.90011/08/2019 237,042.40 1.875 1.902245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 6652.60004/26/2019 242,302.55 2.567 2.602245,000.00
Mountain America FD Credit Uni2202 NCD 249,000.0062384RAC0 11/08/2022 1302.30001/08/2020 249,323.70 1.928 1.955249,297.12
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 1942.65001/11/2018 245,651.70 2.613 2.650245,000.00
Morgan Stanley Bank NA1993 NCD 245,000.0061760ASZ3 12/06/2023 5233.55012/06/2018 246,695.40 3.501 3.550245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 6712.35005/22/2017 241,155.95 2.317 2.349245,000.00
Nebraska State Bank & Trust1466 NCD 245,000.0063969ABL7 08/26/2022 562.25008/26/2015 245,345.45 2.220 2.251245,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 5153.55011/28/2018 246,707.65 3.503 3.551245,000.00
South Ottumwa Savings Bank1851 NCD 245,000.00839145AA7 09/29/2022 902.05009/29/2017 245,149.45 2.022 2.051245,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 2022.40001/19/2018 245,306.25 2.368 2.401245,000.00
Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 1,1870.45009/30/2020 226,639.80 0.443 0.450249,000.00
Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 1,2010.50010/13/2020 226,679.64 0.533 0.540248,672.63
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 2,7400.90012/30/2020 204,832.38 0.967 0.981247,547.50
Pentagon Fed Cred Union2565 NCD 249,000.0070962LAE2 09/01/2026 1,5230.85009/01/2021 224,680.17 0.889 0.901248,480.80
Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 7772.00008/16/2019 238,399.70 1.972 2.000245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 2572.10007/19/2017 244,539.40 2.072 2.101245,000.00
Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 2,7961.00002/24/2021 205,778.58 1.055 1.070247,729.55
Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 9131.85012/30/2019 236,189.80 1.824 1.850245,000.00
Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 8101.90009/18/2019 237,591.20 1.873 1.900245,000.00
State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 1,1610.50009/04/2020 227,454.03 0.493 0.500249,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 3182.95005/15/2018 245,644.35 2.911 2.951245,000.00
San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 1,0001.10003/27/2020 234,191.97 1.085 1.100249,000.00
Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 2,0570.80002/17/2021 214,916.88 0.861 0.873247,998.06
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 3461.80006/10/2016 242,981.20 1.776 1.800245,000.00
Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 1112.10010/20/2017 245,171.50 2.072 2.101245,000.00
Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 6361.15003/31/2020 240,399.54 1.134 1.150249,000.00
Synchrony Bank2563 NCD 249,000.0087165FZN7 08/20/2026 1,5110.90008/20/2021 225,494.40 0.887 0.900249,000.00
Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 1,2710.45012/23/2020 224,914.23 0.483 0.490248,653.36
Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 8781.95011/25/2019 237,167.35 1.923 1.950245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 3432.15006/09/2017 243,601.05 2.121 2.151245,000.00
Toyota Financial Savings Bank2551 NCD 249,000.0089235MLC3 07/15/2026 1,4750.95007/15/2021 226,582.53 0.936 0.950249,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 5431.70006/24/2016 240,974.65 1.676 1.700245,000.00
Greenstate Credit Union2552 NCD 249,000.0039573LBM9 07/21/2026 1,4810.95007/21/2021 226,336.02 0.937 0.950249,000.00
USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 1,0041.15003/31/2020 234,777.12 1.155 1.171248,863.09
USF Federal Credit Union2546 NCD 249,000.0090353EAR4 07/15/2031 3,3011.75007/15/2021 209,486.19 1.801 1.826247,424.52
Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 5283.65010/18/2019 247,043.30 2.170 2.200249,909.70
Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 7842.05008/23/2019 238,585.90 2.024 2.052245,000.00
Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 1,2311.05005/13/2020 229,700.08 1.035 1.050248,000.00
Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 1,2460.50011/27/2020 225,947.58 0.515 0.522248,745.28
Woodford State Bank1459 NCD 245,000.00979424AA6 07/29/2022 282.35008/12/2015 245,186.20 2.317 2.349245,000.00
Subtotal and Average 29,081,295.56 29,104,000.00 27,609,197.84 1.600 1.622 975
Corporate Medium Term Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 6802.85008/06/2019 1,489,170.00 1.998 2.0251,521,096.21
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 3062.40008/29/2019 546,821.00 1.726 1.750552,890.44
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
Corporate Medium Term Bonds
Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 9272.75008/28/2020 1,481,265.00 0.620 0.6281,579,383.95
Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 1,3180.70002/08/2021 637,308.00 0.684 0.694700,145.06
Apple, Inc.2667 MTN 750,000.00037833CJ7 02/09/2027 1,6843.35002/23/2022 745,162.50 2.115 2.145787,413.12
Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 1,1410.45003/01/2021 183,818.00 0.668 0.678198,599.85
Alphabet (Google) Inc.2675 MTN 1,000,000.0002079KAC1 08/15/2026 1,5061.99803/14/2022 946,870.00 2.197 2.228991,008.32
Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 1,1580.55012/23/2020 1,844,600.00 0.479 0.4862,003,993.58
Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 1,3392.45003/01/2021 1,945,220.00 0.812 0.8232,110,903.32
Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 1,3392.45003/01/2021 972,610.00 0.812 0.8241,055,437.44
Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 5852.87501/22/2020 1,794,132.00 1.727 1.7511,829,825.65
Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 1,2213.12511/18/2020 2,917,693.20 0.572 0.5803,152,101.69
Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 1,2213.12503/01/2021 179,857.80 0.753 0.763193,183.22
Stanford University2046 MTN 2,000,000.00525555AB4 02/01/2024 5806.87505/14/2019 2,111,820.00 2.367 2.4002,091,131.76
Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 5806.87512/12/2019 1,055,910.00 1.934 1.9601,074,371.79
Stanford University2648 MTN 1,500,000.0085440KAC8 06/01/2027 1,7961.28901/07/2022 1,346,205.00 1.479 1.5001,485,100.61
Stanford University2658 MTN 500,000.0085440KAC8 06/01/2027 1,7961.28902/01/2022 448,735.00 1.849 1.875486,348.70
Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 1,0190.87307/01/2020 1,877,880.00 0.616 0.6252,013,347.84
Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 1,0190.87303/01/2021 2,816,820.00 0.638 0.6463,018,266.85
Subtotal and Average 26,844,549.40 26,100,000.00 25,341,897.50 1.168 1.185 1,074
Federal Agency Bonds
Federal Agricultural Mortgage1130 1,500,000.0031315PPX1 07/05/2022 42.20012/13/2012 1,500,090.00 1.930 1.9571,500,036.76
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 1432.00012/19/2012 749,632.50 2.081 2.110749,711.63
Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 1792.18001/04/2013 1,498,935.00 2.165 2.1961,499,894.86
Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 1792.18001/08/2013 1,498,935.00 2.195 2.2251,499,701.35
Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 1792.18001/23/2013 1,498,935.00 2.111 2.1411,500,255.58
Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 1792.18001/28/2013 2,593,157.55 2.199 2.2292,594,433.10
Federal Agricultural Mortgage1279 1,250,000.0031315PPX1 07/05/2022 42.20004/23/2014 1,250,075.00 2.889 2.9301,249,910.42
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 6353.33001/09/2015 406,286.64 2.540 2.575408,687.64
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 3462.61001/22/2015 1,598,706.80 2.269 2.3011,608,244.95
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 3462.61002/09/2015 1,445,215.00 2.377 2.4101,452,471.43
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 2072.13004/06/2016 998,070.00 1.839 1.8641,001,396.37
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 1,1304.35004/08/2016 491,509.56 2.296 2.328500,492.86
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 6703.30004/21/2016 1,508,955.00 2.084 2.1121,529,878.13
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
Federal Agency Bonds
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 6703.30004/26/2016 1,508,955.00 2.159 2.1891,527,857.26
Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 1792.18005/26/2016 499,645.00 1.844 1.870500,708.16
Federal Agricultural Mortgage1665 2,000,000.003132X0BH3 07/15/2022 142.38007/25/2016 2,000,560.00 1.499 1.5202,000,636.97
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 1,3134.81010/18/2016 1,589,160.00 2.131 2.1601,628,562.69
Federal Agricultural Mortgage1817 1,000,000.0031315PPX1 07/05/2022 42.20006/14/2017 1,000,060.00 1.908 1.9341,000,027.94
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 7842.25010/06/2017 984,590.00 2.332 2.365997,731.06
Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 1642.26012/12/2017 1,497,285.00 2.229 2.2601,500,000.00
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 7622.62501/09/2018 992,640.00 2.546 2.5811,000,822.40
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 7622.62501/11/2018 1,488,960.00 2.623 2.6601,498,998.27
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 2132.50001/30/2018 1,997,120.00 2.472 2.5071,999,921.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 2132.50001/30/2018 1,497,840.00 2.481 2.5151,499,870.77
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 2132.50001/31/2018 1,997,120.00 2.556 2.5921,999,002.84
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 2072.13002/08/2018 1,097,877.00 2.578 2.6141,097,199.37
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 2362.60002/22/2018 1,499,880.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 2352.77002/23/2018 1,501,515.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 5783.46012/14/2018 553,046.13 3.018 3.060552,185.58
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 6482.35004/09/2019 988,980.00 2.365 2.398999,195.41
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 8735.25004/08/2019 712,293.24 2.420 2.454720,003.80
Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 1,1304.35009/09/2019 570,317.00 1.659 1.683592,994.25
Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 1,9672.85003/11/2020 1,536,615.84 1.050 1.0641,713,398.04
Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 2,8731.50005/13/2020 1,761,040.00 1.479 1.5002,000,000.00
Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 2,9151.40006/24/2020 1,526,682.50 1.380 1.4001,750,000.00
Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 2,9151.40006/24/2020 1,744,780.00 1.380 1.4002,000,000.00
Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 2,9291.40007/08/2020 1,307,505.00 1.380 1.4001,500,000.00
Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 3,0101.30010/08/2020 1,722,120.00 1.286 1.3042,000,000.00
Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 3,0341.28010/21/2020 1,717,280.00 1.262 1.2802,000,000.00
Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 3,0421.34010/29/2020 1,724,340.00 1.321 1.3402,000,000.00
Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 3,0641.15011/20/2020 1,238,910.00 1.134 1.1501,500,000.00
Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 3,0851.30012/11/2020 1,286,265.00 1.282 1.3001,500,000.00
Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 3,0901.45012/16/2020 1,738,720.00 1.430 1.4502,000,000.00
Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 3,0641.15012/09/2020 825,940.00 1.144 1.160999,156.94
Federal Agricultural Mortgage2471 1,500,000.0031422B6K1 01/15/2026 1,2940.48001/15/2021 1,370,085.00 0.493 0.5001,498,938.33
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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 Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 3,1201.29001/15/2021 1,282,200.00 1.319 1.3381,494,236.25
Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 3,1331.32001/28/2021 856,160.00 1.301 1.3201,000,000.00
Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 3,1611.53002/25/2021 1,302,870.00 1.509 1.5301,500,000.00
Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 3,1681.47003/04/2021 842,740.00 1.581 1.602989,381.80
Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 1,3650.83003/29/2021 1,381,080.00 0.828 0.8401,499,438.54
Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 1,3650.83003/31/2021 1,381,080.00 0.913 0.9261,494,716.43
Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 3,2022.07004/07/2021 1,352,175.00 2.074 2.1031,496,280.00
Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 2,1131.37504/15/2021 1,797,640.00 1.311 1.3302,004,944.54
Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 3,2241.66004/29/2021 1,280,415.00 1.627 1.6501,501,191.75
Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 1,3650.83005/20/2021 1,381,080.00 0.864 0.8761,497,477.12
Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 1,3650.83006/08/2021 234,783.60 0.820 0.831254,983.72
Federal Agricultural Mortgage2593 1,000,000.0031422XNM0 10/05/2026 1,5571.05010/05/2021 918,050.00 1.035 1.0501,000,000.00
Federal Agricultural Mortgage2621 1,000,000.0031422XPS5 11/17/2026 1,6001.15011/17/2021 919,050.00 1.272 1.290994,063.73
Federal Agricultural Mortgage2625 1,000,000.0031422XQM7 12/01/2026 1,6141.32012/01/2021 925,030.00 1.301 1.3201,000,000.00
Federal Agricultural Mortgage2634 1,500,000.0031422XRK0 01/04/2027 1,6481.32001/04/2022 1,384,335.00 1.301 1.3201,500,000.00
Federal Agricultural Mortgage2640 Call 1,500,000.0031422XRY0 12/29/2031 3,4682.15012/29/2021 1,347,150.00 2.120 2.1501,500,000.00
Federal Farm Credit Bank .1241 500,000.003133ECRH9 06/06/2023 3402.45001/09/2014 498,550.00 3.383 3.430496,129.75
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 3902.12501/27/2016 619,712.50 2.024 2.052625,449.33
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 8962.12505/13/2016 979,250.00 1.930 1.9561,003,773.48
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 6332.30005/04/2017 891,873.00 2.274 2.306899,907.19
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 8292.91006/21/2017 499,390.00 2.143 2.172507,683.02
Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 1292.93009/14/2017 446,504.10 1.870 1.896446,525.66
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 2302.57002/16/2018 1,498,740.00 2.605 2.6421,499,371.56
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 4332.15001/15/2019 495,550.00 2.656 2.693496,993.16
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 4962.13001/15/2019 641,699.50 2.662 2.699645,320.84
Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 1,4942.63003/13/2020 981,020.00 1.089 1.1041,060,057.60
Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 2,9221.33007/01/2020 1,267,830.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 2,9221.33007/01/2020 1,267,830.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 1,1380.57008/12/2020 1,383,795.00 0.587 0.5951,498,832.29
Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 1,1510.61009/03/2020 1,385,145.00 0.611 0.6201,499,525.39
Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 1,1510.61009/10/2020 1,385,145.00 0.611 0.6201,499,523.53
Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 1,1730.55009/22/2020 1,385,670.00 0.542 0.5491,500,000.00
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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 Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 1,1860.53009/29/2020 1,378,230.00 0.522 0.5301,500,000.00
Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 1,1860.53009/29/2020 1,362,750.00 0.537 0.5451,499,270.00
Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 2,9151.25010/01/2020 1,675,000.00 1.246 1.2631,997,949.61
Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 3,0481.37011/04/2020 1,244,325.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 3,0481.37011/04/2020 1,244,325.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 3,1191.38001/14/2021 1,293,270.00 1.361 1.3801,500,000.00
Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 3,1541.42004/01/2021 1,281,105.00 1.834 1.8591,448,180.27
Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 3,1881.98005/27/2021 870,980.00 1.887 1.9131,005,233.89
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 2202.13010/05/2016 498,550.00 1.578 1.600501,498.68
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 5252.25001/03/2018 988,280.00 2.359 2.392998,101.51
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 4342.37501/09/2018 993,860.00 2.376 2.409999,621.48
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 2002.38001/18/2018 499,690.00 2.385 2.418499,901.95
Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 2,3421.32005/28/2020 1,307,280.00 1.301 1.3201,500,000.00
Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 2,5371.40006/11/2020 858,550.00 1.380 1.4001,000,000.00
Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 2,5371.40006/11/2020 858,550.00 1.427 1.447996,913.58
Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 2,5551.25006/29/2020 764,208.00 1.232 1.250900,000.00
Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 2,9151.36006/24/2020 1,312,650.00 1.341 1.3601,500,000.00
Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 2,9301.39007/09/2020 1,280,220.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 2,9301.39007/09/2020 1,280,220.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 2,9301.39007/09/2020 1,280,220.00 1.382 1.4011,498,676.33
Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 1,1530.60008/27/2020 1,381,815.00 0.611 0.6201,499,053.33
Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 1,1530.60008/27/2020 1,381,815.00 0.611 0.6201,499,053.33
Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 1,1860.57009/29/2020 1,392,165.00 0.582 0.5901,499,026.67
Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 1,1530.60009/16/2020 1,087,027.80 0.591 0.5991,180,000.00
Federal Home Loan Bank2419 Call 1,500,000.003130AKAZ91 09/29/2025 1,1860.52009/29/2020 1,389,900.00 0.512 0.5201,500,000.00
Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 2,9161.35011/04/2020 1,003,104.00 1.334 1.3531,199,682.05
Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 3,1141.40001/28/2021 1,293,480.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 3,1331.40001/28/2021 1,292,070.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 3,1461.35002/10/2021 1,254,450.00 1.331 1.3501,500,000.00
Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 3,1541.40002/18/2021 1,720,600.00 1.380 1.4002,000,000.00
Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 3,1621.50002/26/2021 1,299,840.00 1.479 1.5001,500,000.00
Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 3,1611.62502/25/2021 1,317,150.00 1.602 1.6251,500,000.00
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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 Bank2520 Call 1,925,000.003130ALF33 03/16/2026 1,3540.75003/25/2021 1,775,273.50 0.853 0.8651,916,964.66
Federal Home Loan Bank2607 Call 1,000,000.003130APPJ8 11/04/2031 3,4132.00011/04/2021 901,150.00 1.972 2.0001,000,000.00
Federal Home Loan Bank2613 Call 1,000,000.003130APV77 12/10/2026 1,6231.50012/10/2021 942,190.00 1.479 1.5001,000,000.00
Federal Home Loan Bank2616 Call 1,000,000.003130APW84 12/03/2026 1,6161.50012/03/2021 942,790.00 1.479 1.5001,000,000.00
Federal Home Loan Bank2618 Call 1,000,000.003130APXD2 12/17/2026 1,6301.55012/17/2021 943,920.00 1.528 1.5501,000,000.00
Federal Home Loan Bank2619 Call 1,000,000.003130APWY7 12/07/2026 1,6201.35012/07/2021 937,190.00 1.331 1.3501,000,000.00
Federal Home Loan Bank2620 Call 1,000,000.003130APXT7 12/17/2026 1,6301.60012/17/2021 939,690.00 1.578 1.6001,000,000.00
Federal Home Loan Bank2659 Call 1,000,000.003130AQSM6 02/25/2027 1,7002.05002/25/2022 957,900.00 2.021 2.0501,000,000.00
Federal Home Loan Bank2662 Call 1,000,000.003130AQX65 03/04/2027 1,7072.25003/04/2022 964,070.00 2.219 2.2501,000,000.00
Federal Home Loan Bank2663 Call 1,000,000.003130AQYA5 02/24/2027 1,6992.25002/28/2022 962,350.00 2.219 2.2501,000,000.00
Federal Home Loan Bank2664 Call 1,500,000.003130AQYG2 02/25/2027 1,7002.50002/28/2022 1,457,100.00 2.470 2.5041,500,000.00
Federal Home Loan Bank2665 Call 1,000,000.003130AQZD8 02/25/2027 1,7002.62502/25/2022 972,110.00 2.589 2.6251,000,000.00
Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 2,1481.20005/18/2020 410,314.45 1.183 1.200455,000.00
Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 2,9191.40006/30/2020 1,267,515.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 2,5551.25006/29/2020 1,300,080.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 2,3731.20007/01/2020 1,332,585.00 1.183 1.1991,500,000.00
Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 2,3831.20007/08/2020 1,319,445.00 1.183 1.2001,500,000.00
Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 2,9361.37507/15/2020 1,263,255.00 1.356 1.3751,500,000.00
Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 2,9501.35007/29/2020 1,260,510.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 2,9501.35007/29/2020 1,260,510.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 1,1450.62508/20/2020 928,270.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 1,1720.65009/15/2020 1,391,085.00 0.641 0.6501,500,000.00
Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 1,1660.65009/09/2020 1,342,454.25 0.641 0.6501,447,000.00
Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 1,1590.68009/04/2020 1,393,530.00 0.670 0.6791,500,000.00
Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 1,1800.62509/23/2020 1,383,285.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 1,1800.62509/23/2020 922,190.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2418 Call 1,500,000.003134GWVV5 10/15/2025 1,2020.50010/15/2020 1,372,470.00 0.493 0.5001,500,000.00
Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 1,1870.55009/30/2020 1,837,860.00 0.542 0.5502,000,000.00
Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 1,1870.55009/30/2020 1,378,395.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 1,1870.55009/30/2020 1,379,115.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 1,2020.55010/15/2020 1,377,030.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 1,1950.57010/08/2020 1,378,725.00 0.562 0.5701,500,000.00
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 1,2150.53010/28/2020 1,374,585.00 0.522 0.5301,500,000.00
Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 3,0351.25010/22/2020 1,245,510.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 1,2160.57010/29/2020 1,376,655.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 3,0411.40010/28/2020 1,680,340.00 1.380 1.4002,000,000.00
Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 1,2160.61010/29/2020 1,378,680.00 0.601 0.6101,500,000.00
Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 3,0411.30010/28/2020 1,666,040.00 1.282 1.3002,000,000.00
Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 1,2150.60010/28/2020 692,250.00 0.591 0.600750,000.00
Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 1,2140.62510/27/2020 1,379,145.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 3,0491.40011/05/2020 1,259,235.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 3,0491.40011/05/2020 1,259,235.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 1,3997.12511/10/2016 571,980.00 2.367 2.400580,515.84
Federal National Mortgage Asso1883 500,000.003136G05L1 08/26/2022 562.00012/29/2017 500,280.00 2.238 2.270499,805.12
Federal National Mortgage Asso1894 1,000,000.003135G0T78 10/05/2022 962.00001/09/2018 999,530.00 2.288 2.320999,212.08
Federal National Mortgage Asso1904 1,000,000.003135G0T78 10/05/2022 962.00001/19/2018 999,530.00 2.409 2.443998,912.80
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 2022.37502/08/2018 1,499,115.00 2.574 2.6101,498,191.52
Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 1,1540.62508/28/2020 926,850.00 0.616 0.6251,000,000.00
Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 1,1530.65008/27/2020 927,750.00 0.641 0.6501,000,000.00
Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 1,1530.65008/27/2020 1,391,505.00 0.641 0.6501,500,000.00
Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 1,1530.62508/27/2020 1,390,380.00 0.616 0.6251,500,000.00
Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 1,1790.51509/22/2020 1,382,910.00 0.507 0.5151,500,000.00
Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 1,1870.55009/30/2020 1,383,810.00 0.542 0.5501,500,000.00
Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 1,1820.60009/25/2020 1,386,525.00 0.591 0.6001,500,000.00
Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 2,9570.87512/07/2020 1,654,700.00 1.139 1.1551,957,220.00
Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 3,0971.40012/23/2020 1,289,715.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 1,2780.64012/30/2020 912,810.00 0.597 0.6051,001,182.06
Tennessee Valley Authority1133 1,010,000.00880591EN8 08/15/2022 451.87512/14/2012 1,009,808.10 1.893 1.9201,009,949.38
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 1,2196.75011/20/2015 1,114,490.00 2.807 2.8461,112,617.70
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 8072.87501/15/2016 746,632.50 2.564 2.600754,044.44
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 1,2196.75004/18/2016 863,729.75 2.337 2.370875,739.62
Tennessee Valley Authority1703 1,490,000.00880591EN8 08/15/2022 451.87510/07/2016 1,489,716.90 1.538 1.5601,490,545.81
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 1,2196.75011/10/2016 1,393,112.50 2.317 2.3501,414,419.68
Subtotal and Average 226,561,616.27 225,730,000.00 208,156,764.21 1.451 1.471 1,704
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
Treasury Securities (Notes)
U.S. Treasury1866 TB 1,500,000.00912828L57 09/30/2022 911.75010/06/2017 1,499,760.00 1.914 1.9411,499,322.53
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 2141.75001/11/2018 1,492,800.00 2.308 2.3401,495,134.57
U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 1832.12501/22/2018 1,496,835.00 2.387 2.4201,500,011.37
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 2141.75002/05/2018 1,492,800.00 2.560 2.5961,493,066.86
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 2141.75002/08/2018 995,200.00 2.487 2.521995,774.33
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 2421.50002/09/2018 991,720.00 2.534 2.570993,389.14
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 2421.50002/15/2018 991,720.00 2.601 2.638992,980.68
U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 1,2790.37502/26/2021 1,367,055.00 0.731 0.7421,481,101.31
U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 1,3380.50003/09/2021 1,367,175.00 0.819 0.8311,482,205.41
U.S. Treasury2587 TB 1,500,000.0091282CCP4 07/31/2026 1,4910.62509/24/2021 1,360,320.00 0.888 0.9011,483,492.08
Subtotal and Average 13,416,478.28 13,500,000.00 13,055,385.00 1.857 1.883 583
Municipal Bonds
Acalanes Union High School Dis2334 MUN 485,000.00004284ZY4 08/01/2022 312.90003/25/2020 485,354.05 1.677 1.700485,472.96
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 1,4924.00012/05/2019 299,378.60 2.139 2.168310,087.34
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 1,0663.36512/24/2018 506,434.20 3.175 3.220506,910.91
Alameda County Joint Pws Auth.2566 MUN 110,000.00010831DT9 06/01/2026 1,4313.39508/13/2021 110,165.00 0.925 0.938120,321.00
Antelope Valley Community Coll1790 MUN 220,000.0003667PFL1 08/01/2022 312.60805/09/2017 220,079.20 2.266 2.298220,052.85
Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 7623.02608/16/2019 494,925.00 1.876 1.902511,117.65
Bay Area Toll Authority2558 MUN 1,750,000.00072024XC1 04/01/2026 1,3701.07907/26/2021 1,594,040.00 0.739 0.7501,771,171.36
Beverly Hills Public Fing Auth2612 MUN 350,000.00088006KA8 06/01/2026 1,4311.14711/15/2021 320,379.50 1.183 1.200349,294.14
Beverly Hills Public Fing Auth2680 MUN 490,000.00088006KB6 06/01/2027 1,7961.32704/01/2022 441,068.60 2.810 2.850456,100.69
Beverly Hills Unified Sch Dist2682 MUN 920,000.00088023PL4 08/01/2026 1,4922.70004/13/2022 894,286.00 2.644 2.681920,681.44
Burlingame School District1548 MUN 470,000.00121457EQ4 08/01/2025 1,1276.23802/24/2016 490,318.10 3.557 3.606502,101.12
Burbank Unified School Distri.2570 MUN 1,000,000.0012082SDN1 08/01/2026 1,4921.36708/30/2021 904,160.00 0.947 0.9601,016,185.77
Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 1,8572.38510/08/2019 1,883,920.00 2.342 2.3752,000,000.00
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 1,4925.23409/27/2017 325,605.80 2.850 2.890330,591.43
CA Infrastructure -Econ Dev Bk2666 MUN 210,000.0013034AL73 10/01/2026 1,5531.03502/16/2022 189,445.20 2.224 2.254199,714.54
CA ST Dept of WTR Resources2633 MUN 180,000.0013067WRC8 12/01/2025 1,2490.79012/13/2021 164,853.00 1.301 1.320176,834.04
CA ST Dept of WTR Resources2645 MUN 300,000.0013067WRD6 12/01/2026 1,6140.92012/23/2021 268,572.00 1.430 1.450293,244.74
Chabot-Las Positas CCD2564 MUN 285,000.0015722TJR3 08/01/2026 1,4921.08008/16/2021 256,839.15 0.897 0.910286,929.28
Chabot-Las Positas CCD2589 MUN 125,000.0015722TJQ5 08/01/2025 1,1270.88009/29/2021 115,143.75 0.897 0.910124,885.55
City of Chula Vista2653 MUN 1,000,000.0017131RAU0 06/01/2026 1,4310.84001/10/2022 896,770.00 1.676 1.700967,670.78
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
Municipal Bonds
Calleguas Municipal Water Dist2544 MUN 550,000.0013124MCE3 07/01/2029 2,5571.86507/01/2021 482,779.00 1.425 1.445565,217.12
Calleguas Municipal Water Dist2646 MUN 600,000.0013124MCB9 07/01/2026 1,4611.09712/27/2021 546,132.00 1.233 1.250596,435.47
City of Corona2601 MUN 500,000.0021969AAJ1 05/01/2030 2,8612.24210/14/2021 431,290.00 2.052 2.081505,746.31
Cerritos Community College Dis1876 MUN 55,000.00156792GW7 08/01/2022 312.97111/30/2017 55,034.10 2.416 2.45055,022.41
Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 2,2232.21309/12/2019 358,428.00 2.071 2.100402,491.90
Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 2,5882.26309/20/2019 871,130.70 2.505 2.539972,923.55
Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 2,5882.26302/07/2020 1,319,895.00 2.100 2.1301,512,727.59
Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 1,1271.91803/09/2020 301,936.00 1.128 1.143327,387.50
Contra Costa Community College2555 MUN 1,000,000.00212204LM1 08/01/2026 1,4921.30008/02/2021 900,260.00 0.764 0.7751,020,983.66
State of Delaware1952 MUN 1,500,000.002463807H6 07/01/2022 03.50005/03/2018 1,500,000.00 2.927 2.9671,500,000.00
Desert Community Clg Dist2611 MUN 200,000.00250375JX1 08/01/2027 1,8571.16911/12/2021 176,624.00 1.479 1.500196,784.39
Desert Sands Unif Sch District2635 MUN 880,000.00250433UA5 08/01/2026 1,4921.98212/16/2021 833,967.20 1.390 1.410899,819.66
Fremon Union High School Distr1646 MUN 525,000.00357172VA0 02/01/2026 1,3116.08006/28/2016 558,715.50 2.994 3.035575,014.12
Fremon Union High School Distr2595 MUN 235,000.00357172C52 08/01/2031 3,3182.02010/01/2021 200,708.80 1.825 1.851238,275.68
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 1,4923.16002/14/2018 980,721.75 3.028 3.070998,192.20
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 1,1273.04002/14/2018 742,050.00 2.959 3.000750,817.94
Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 1,4923.16008/29/2019 359,762.25 1.913 1.940381,936.21
State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 923.57005/17/2016 502,410.00 1.878 1.904501,956.93
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 2153.25006/27/2016 365,810.30 1.898 1.925367,636.90
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 9462.37507/29/2016 1,780,798.50 1.972 1.9991,841,179.86
State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 923.57009/26/2016 386,855.70 1.630 1.653386,752.35
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 1,1884.00004/10/2017 254,702.50 2.739 2.777258,798.97
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 1,5534.31001/26/2018 1,133,029.35 2.979 3.0201,147,475.18
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 1,5534.31003/19/2018 206,946.00 3.204 3.248207,812.82
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 4573.74010/25/2018 393,147.30 3.093 3.136392,706.61
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 1,6762.72010/31/2018 339,377.50 3.412 3.460339,743.06
State of Georgia1980 MUN 1,200,000.00373384PB6 11/01/2027 1,9495.01411/30/2018 1,286,556.00 3.649 3.7001,271,050.17
State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 4573.72008/29/2019 1,511,745.00 1.749 1.7741,535,038.55
State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 1,5534.31001/31/2020 439,760.25 1.837 1.863466,390.48
State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 8233.82003/23/2020 1,010,170.00 1.889 1.9151,040,881.14
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 2,1622.26509/16/2019 1,236,956.15 2.318 2.3501,338,895.63
City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 2,1622.26510/02/2019 367,868.00 2.194 2.225400,852.27
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
City of Glendora2590 MUN 1,365,000.00378612AJ4 06/01/2026 1,4312.10809/29/2021 1,290,771.30 1.075 1.0901,417,910.71
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 1,5533.15010/19/2016 1,033,034.75 2.431 2.4651,071,812.65
State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 921.92103/20/2018 1,000,000.00 2.584 2.620998,361.68
State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 921.92103/29/2018 1,500,000.00 2.663 2.7001,497,265.88
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 9465.23010/25/2018 261,135.00 3.363 3.410260,496.51
State of Hawaii1981 MUN 500,000.00419791YV4 02/01/2028 2,0415.48011/30/2018 544,940.00 3.687 3.739540,808.91
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 1,3115.33012/06/2018 850,704.00 3.304 3.350850,081.06
State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 921.92101/17/2019 750,000.00 2.613 2.650748,705.15
City of Huntington Beach2560 MUN 1,000,000.00446201AE5 06/15/2026 1,4451.34408/12/2021 896,690.00 0.909 0.9211,016,282.46
City of Huntington Beach2562 MUN 1,000,000.00446201AE5 06/15/2026 1,4451.34408/13/2021 896,690.00 0.927 0.9391,015,580.62
City of La Habra2660 MUN 500,000.00503433AK0 08/01/2031 3,3182.67302/07/2022 432,930.00 2.638 2.675499,904.22
Los Altos Elementary Sch Distr2681 MUN 500,000.00544290JH3 10/01/2024 8231.00003/24/2022 476,900.00 2.522 2.557483,107.88
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 4272.64002/14/2017 995,990.00 2.784 2.8231,000,317.18
City of Los Angeles1879 MUN 1,090,000.00544351KR9 09/01/2022 622.44012/11/2017 1,090,991.90 2.355 2.3881,090,088.10
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 1,5233.30011/02/2018 292,846.50 3.530 3.579292,015.99
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 1,5233.50001/07/2019 1,000,380.00 3.077 3.1191,013,970.59
City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 1,8883.40001/06/2020 831,314.40 2.360 2.393879,698.00
City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 2,6193.05001/22/2020 936,400.10 2.413 2.4461,022,741.13
City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 1,5233.15003/05/2020 986,950.00 1.519 1.5411,063,563.78
Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 2,9531.80601/28/2021 862,490.00 1.432 1.4521,026,646.74
Los Angeles Community College2592 MUN 250,000.0054438CYL0 08/01/2026 1,4921.17409/30/2021 227,420.00 1.064 1.078250,943.55
Los Angeles Community College2614 MUN 1,500,000.0054438CYL0 08/01/2026 1,4921.17411/15/2021 1,364,520.00 1.233 1.2501,495,475.59
Los Angeles Community College2642 MUN 275,000.0054438CYL0 08/01/2026 1,4921.17412/21/2021 250,162.00 1.282 1.300273,628.96
Los Angeles Cnty Met Tran Auth2641 MUN 1,000,000.005447122K7 06/01/2025 1,0665.13012/21/2021 1,049,110.00 1.085 1.1001,115,107.66
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 1,8265.51603/29/2018 1,618,365.00 3.254 3.3001,642,163.27
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 1,8265.51610/29/2018 458,536.75 3.600 3.650458,714.40
Los Angeles Dept. of WTR & PWR1975 MUN 300,000.00544525NW4 07/01/2022 05.18111/07/2018 300,000.00 3.166 3.210300,000.00
State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 2,4964.91001/30/2020 261,032.50 2.331 2.363288,869.99
State of Massachusetts2543 MUN 1,000,000.0057582PUT5 05/01/2029 2,4964.91007/01/2021 1,044,130.00 1.484 1.5051,219,053.40
State of Massachusetts2684 MUN 1,000,000.0057582PUS7 05/01/2027 1,7654.76004/05/2022 1,040,060.00 2.968 3.0101,077,871.19
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 2434.40003/20/2018 1,292,979.20 2.633 2.6701,293,740.34
State of Maryland1958 MUN 1,690,000.005741926L9 08/01/2024 7624.20010/19/2018 1,724,357.70 3.413 3.4611,713,403.10
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 1,1274.35012/16/2019 516,320.00 2.089 2.118532,258.52
State of Maryland2581 MUN 245,000.005741926N5 08/01/2025 1,1274.35009/23/2021 252,996.80 0.690 0.700272,153.85
State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 3494.45010/15/2019 1,012,700.00 1.893 1.9201,023,230.42
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 1,4143.85012/21/2018 825,635.25 3.452 3.500834,760.75
City of Manhattan Beach2647 MUN 650,000.00562784AM0 01/01/2032 3,4712.34101/05/2022 566,462.00 2.129 2.159659,087.35
Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 1,8262.21410/08/2019 940,770.00 2.183 2.2141,000,000.00
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 1,8573.27209/28/2017 492,485.00 2.791 2.830509,738.82
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 1,4923.17211/05/2018 118,484.40 3.452 3.500118,600.07
Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 1,8573.33008/29/2019 246,907.50 1.874 1.900266,795.32
Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 1,1275.00003/06/2020 324,210.40 1.193 1.210344,961.98
Marin Community College Dist.2495 MUN 1,000,000.0056781RKH9 08/01/2030 2,9531.45102/25/2021 832,710.00 1.431 1.4511,000,000.00
Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 2,9531.45102/25/2021 591,224.10 1.470 1.490707,870.63
Marin Community College Dist.2568 MUN 1,000,000.0056781RKU0 08/01/2026 1,4920.89309/14/2021 901,600.00 0.880 0.8931,000,000.00
Marin Community College Dist.2588 MUN 285,000.0056781RKD8 08/01/2026 1,4920.67909/29/2021 254,658.90 1.025 1.040280,911.51
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 3964.10310/26/2015 1,348,363.35 2.490 2.5251,355,600.60
Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 2,5882.56902/04/2020 211,825.40 2.533 2.569230,000.00
Mt. San Antonio Community Coll2661 MUN 785,000.00623040KX9 08/01/2030 2,9532.64902/07/2022 716,249.70 2.173 2.203810,670.89
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 1,5843.75111/07/2018 1,515,176.40 3.377 3.4241,518,392.69
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 1,5843.75111/07/2018 505,058.80 3.401 3.449505,655.95
State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 8842.98708/30/2019 745,147.50 1.745 1.770770,969.02
State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 8842.98709/04/2019 496,765.00 1.783 1.807513,531.80
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 1,2194.68109/09/2019 156,271.50 1.888 1.914163,025.59
State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 8544.51112/19/2019 256,950.00 2.079 2.108263,253.25
State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 4883.40803/20/2020 1,005,250.00 1.626 1.6491,022,685.90
State of Mississippi2626 MUN 1,000,000.00605581QR1 10/01/2031 3,3792.11712/09/2021 859,560.00 1.992 2.0201,008,089.30
State of Mississippi2629 MUN 250,000.00605581LL9 11/01/2025 1,2193.64612/06/2021 252,382.50 1.080 1.095270,752.31
City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 7622.20008/08/2019 580,969.90 1.968 1.996597,394.27
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 7452.12001/04/2019 437,935.50 2.860 2.900443,430.50
New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 1,3533.07009/09/2019 685,832.00 2.071 2.100723,396.75
New York State Urban Dev Corp.2683 MUN 1,000,000.00650036AV8 03/15/2027 1,7181.49603/28/2022 901,500.00 2.777 2.816942,392.62
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 2434.69001/22/2019 1,011,160.00 2.752 2.7911,011,878.30
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 2434.69002/08/2019 1,011,160.00 2.751 2.7901,011,893.37
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 9602.12010/31/2019 1,453,710.00 2.063 2.0911,501,092.66
New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 1,6902.36001/30/2020 550,536.00 1.933 1.960589,967.20
New York State Envrnmntl Corp2575 MUN 1,500,000.00649791PR5 02/15/2026 1,3252.26009/13/2021 1,440,390.00 0.794 0.8051,577,502.81
New York State Envrnmntl Corp2677 MUN 1,000,000.00649791PS3 02/15/2027 1,6902.36003/16/2022 949,200.00 2.325 2.3581,000,075.25
New York State Envrnmntl Corp2678 MUN 1,000,000.00649791PS3 02/15/2027 1,6902.36003/21/2022 949,200.00 2.367 2.400998,245.44
City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 2,7552.11003/09/2020 1,308,495.00 1.436 1.4561,568,561.79
City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 2,7552.11003/13/2020 1,308,495.00 1.638 1.6611,546,652.14
City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 2,7552.11003/16/2020 942,116.40 2.247 2.2791,067,651.03
City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 2,3902.07003/16/2020 1,332,735.00 2.151 2.1811,490,003.46
City of Oakland Pension2630 MUN 450,000.00672319CF5 12/15/2025 1,2634.67612/06/2021 461,956.50 1.562 1.584496,391.93
Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 1,8572.23711/22/2019 560,040.00 2.271 2.303598,152.16
Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 1,8572.23712/06/2019 261,352.00 2.327 2.360278,404.21
Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 2,5882.33712/11/2019 882,923.10 2.382 2.415965,224.08
Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 2,2232.28705/08/2020 1,091,752.35 1.849 1.8751,212,370.38
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 3042.11009/13/2016 793,840.00 1.764 1.788802,010.05
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 3042.11001/31/2017 1,984,600.00 2.485 2.5201,993,709.33
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 6404.97106/30/2017 925,101.00 2.416 2.450936,380.36
State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 1,5235.26203/13/2020 533,590.00 1.710 1.734569,226.80
Orange Cnty Water District2578 MUN 315,000.0068442CCY0 08/15/2025 1,1412.09509/16/2021 303,556.05 0.690 0.700328,509.06
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 1,8573.12501/25/2018 196,744.00 3.208 3.253198,913.05
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 1,7965.89211/06/2018 534,065.00 3.516 3.565541,839.63
State of Oregon2003 MUN 300,000.0068608USE7 08/01/2025 1,1272.87712/21/2018 300,066.00 3.156 3.200297,323.41
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 1,7965.89201/16/2019 475,317.85 3.537 3.587488,214.95
State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 6703.22701/30/2020 571,584.60 1.641 1.664585,696.71
State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 1,7965.89201/31/2020 528,724.35 2.583 2.619567,016.87
State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 1,7965.89202/24/2020 1,068,130.00 2.482 2.5171,150,737.45
State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 1,7653.08003/13/2020 345,341.50 1.302 1.320378,305.04
State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 2,8921.67207/02/2020 304,057.50 1.433 1.452360,715.01
State of Oregon2542 MUN 870,000.0068608KA24 08/01/2030 2,9535.33207/01/2021 947,551.80 1.943 1.9701,085,436.83
State of Oregon2549 MUN 1,225,000.0068609TU30 08/01/2028 2,2231.48407/08/2021 1,084,872.25 1.134 1.1501,248,831.43
State of Oregon2584 MUN 265,000.0068609TT81 08/01/2025 1,1270.80309/24/2021 246,296.30 0.690 0.700265,827.10
State of Oregon2624 MUN 250,000.0068609TZT8 08/01/2026 1,4920.98411/19/2021 228,670.00 1.292 1.310246,781.12
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
State of Oregon2627 MUN 900,000.0068609T3M8 11/01/2031 3,4102.03711/26/2021 772,308.00 2.020 2.048899,086.46
State of Oregon2679 MUN 1,000,000.0068607LXQ5 06/01/2027 1,7965.89204/01/2022 1,068,130.00 3.259 3.3041,116,030.16
City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 1,0662.56310/23/2019 990,538.50 2.469 2.5031,016,610.77
City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 1,4312.66310/23/2019 562,762.40 2.611 2.647580,309.51
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 5183.43812/06/2018 668,597.65 3.205 3.250666,621.12
Pasadena CA Public Finance Aut2573 MUN 120,000.0070227RBM1 05/01/2026 1,4001.98409/09/2021 112,796.40 0.903 0.915124,802.60
Pasadena CA Public Finance Aut2615 MUN 550,000.00702274CS8 12/01/2026 1,6143.50012/01/2021 554,757.50 1.380 1.400599,098.32
Polomar Community Clge Distri2582 MUN 1,000,000.00697511FU2 08/01/2026 1,4921.03110/13/2021 905,730.00 1.016 1.0311,000,000.00
Polomar Community Clge Distri2676 MUN 335,000.00697511FD0 08/01/2026 1,4921.19903/15/2022 305,533.40 2.288 2.320320,495.22
Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 2,9531.66008/06/2020 630,157.50 1.439 1.459761,316.22
State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 9292.00012/20/2019 251,888.00 2.231 2.262259,717.44
State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 2,1013.25001/27/2020 1,485,720.00 2.077 2.1061,590,133.59
State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 2,1013.25002/06/2020 544,764.00 1.990 2.018585,737.65
Riverside Cmnty College Distt.2596 MUN 1,365,000.0076886PJP9 08/01/2026 1,4921.12410/04/2021 1,236,239.55 1.006 1.0201,370,637.28
Rancho Santiago Comm College D2522 MUN 450,000.00752147HH4 09/01/2024 7930.63403/29/2021 423,027.00 0.625 0.633450,000.00
Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 1,8572.28410/16/2019 936,000.00 2.252 2.2841,000,000.00
Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 1,4922.15902/13/2020 1,038,060.00 1.727 1.7511,112,168.22
City of Santa Ana2603 MUN 175,000.00801139AE6 08/01/2026 1,4921.17610/18/2021 155,519.00 1.223 1.240174,556.57
Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 2,5881.65307/21/2020 425,741.40 1.483 1.504494,801.92
San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 2,2232.59012/12/2019 1,404,885.00 2.554 2.5901,500,000.00
San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 2,5881.84807/07/2020 1,752,320.00 1.822 1.8482,000,000.00
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 3962.50001/11/2018 1,334,171.00 2.436 2.4701,340,402.40
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 7622.68001/12/2018 1,445,531.40 2.643 2.6801,460,000.00
Santa Clarita Community Colleg2557 MUN 1,250,000.00801686TF3 08/01/2026 1,4921.14608/02/2021 1,141,575.00 0.742 0.7521,269,794.75
Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 2,1622.43412/12/2019 1,452,509.95 2.416 2.4501,553,663.84
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 7012.50001/25/2018 458,764.35 2.968 3.010460,887.62
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 1,0662.75001/25/2018 458,494.65 3.008 3.050461,374.11
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 1,4313.00001/25/2018 462,935.90 3.107 3.150467,890.30
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 1,7963.00001/25/2018 273,028.00 3.205 3.250277,286.40
Santa Cruz MET Transit Dist.2671 MUN 1,000,000.00801747AF3 08/01/2027 1,8572.47003/03/2022 938,330.00 2.030 2.0581,019,690.35
San Diego Unified Sch District2602 MUN 1,000,000.00797356DL3 07/01/2031 3,2871.98410/21/2021 853,060.00 1.824 1.8501,010,982.58
San Diego Unified Sch District2606 MUN 900,000.00797356DL3 07/01/2031 3,2871.98410/23/2021 767,754.00 2.024 2.053894,983.94
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
San Diego Unified Sch District2617 MUN 270,000.00797356DH2 07/01/2028 2,1921.59911/17/2021 239,954.40 1.712 1.736267,908.41
San Diego Community College Di2550 MUN 255,000.00797272QS3 08/01/2027 1,8572.40707/09/2021 240,230.40 1.007 1.021272,376.40
San Diego Community College Di2639 MUN 1,980,000.00797272RN3 08/01/2026 1,4921.44512/28/2021 1,829,143.80 1.193 1.2101,998,417.95
San Diego Community College Di2651 MUN 500,000.00797272RT0 08/01/2031 3,3182.11301/10/2022 424,015.00 2.120 2.150498,484.26
San Diego Regl Trans Commissio2632 MUN 200,000.00797400MR6 04/01/2026 1,3701.03612/08/2021 183,328.00 1.292 1.310198,006.32
San Diego Cnty Wtr Authority2580 MUN 875,000.00797412DN0 05/01/2026 1,4000.97109/17/2021 795,541.25 0.887 0.900877,322.12
San Diego Cnty Wtr Authority2600 MUN 210,000.00797412DM2 05/01/2025 1,0350.74310/08/2021 194,594.40 0.838 0.850209,373.93
San Diego Cnty Wtr Authority2604 MUN 250,000.00797412DN0 05/01/2026 1,4000.97110/20/2021 227,297.50 1.134 1.150248,331.05
San Diego Cnty Wtr Authority2623 MUN 750,000.00797412DN0 05/01/2026 1,4000.97111/19/2021 681,892.50 1.282 1.300740,832.30
San Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 1,4921.07406/09/2021 394,004.70 1.059 1.074430,000.00
San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 1,8571.37206/09/2021 392,913.75 1.353 1.372435,000.00
San Dieguito Union High Sch Di2674 MUN 435,000.00797508HF8 08/01/2026 1,4921.86003/11/2022 411,514.35 2.070 2.099430,960.94
Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 1,0961.73503/18/2020 380,264.00 1.381 1.400403,859.17
Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 2,5572.10304/30/2021 222,222.50 1.658 1.681256,854.81
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 1,0805.45011/27/2015 1,059,850.00 3.067 3.1101,059,432.97
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 1,0802.29011/01/2016 2,040,081.80 2.219 2.2492,107,236.83
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 1,4452.39011/01/2016 235,111.80 2.376 2.410244,825.76
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 1,0802.29007/14/2017 222,906.80 2.682 2.720227,384.56
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 1,4455.60001/16/2019 1,537,973.60 3.304 3.3501,531,059.09
City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 2,5412.10010/31/2019 1,020,331.20 2.337 2.3691,101,273.78
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 1,8883.25003/02/2018 655,479.20 3.451 3.499672,600.35
San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 2,6193.64810/11/2019 337,421.00 2.398 2.431376,966.71
San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 1,8883.46803/13/2020 126,089.60 1.577 1.599141,783.46
San Francisco Cmnty Facs Dist2571 MUN 300,000.0079772ECF4 09/01/2024 7933.10808/30/2021 295,752.00 0.741 0.752315,140.67
San Francisco Cmnty Facs Dist2608 MUN 575,000.0079772EDY2 09/01/2031 3,3492.59111/03/2021 498,979.25 2.305 2.337586,895.30
San Francisco Cmnty Facs Dist2628 MUN 1,295,000.0079772EDA4 09/01/2026 1,5232.23611/29/2021 1,208,338.60 1.425 1.4451,336,069.40
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 3652.62102/25/2019 199,340.00 2.672 2.710199,832.18
SF Bay Area Rapid Transit Dist2572 MUN 500,000.00797669ZJ0 07/01/2024 7311.97109/08/2021 488,020.00 0.419 0.425515,363.81
SF Bay Area Rapid Transit Dist2636 MUN 480,000.00797669ZR2 07/01/2031 3,2872.76812/16/2021 443,923.20 1.846 1.872515,291.28
SF Bay Area Rapid Transit Dist2638 MUN 600,000.00797669XW3 07/01/2023 3652.62112/20/2021 598,020.00 0.572 0.580612,172.05
Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 2,5881.44503/09/2021 515,472.75 1.425 1.445585,000.00
Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 2,5881.44505/27/2021 440,575.00 1.461 1.481498,787.36
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
City of San Jose2656 MUN 350,000.00798135E96 09/01/2026 1,5232.50001/28/2022 339,741.50 1.686 1.710361,030.40
San Jose Financing Authority2622 MUN 345,000.00798153NF5 06/01/2026 1,4311.31111/18/2021 314,888.40 1.459 1.480342,798.61
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 1,8883.72810/29/2018 317,491.65 3.676 3.727315,000.00
San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 2,2232.35010/01/2019 465,195.00 2.317 2.350500,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 3962.50001/29/2015 577,111.60 2.663 2.700578,883.77
San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 1,1270.55803/15/2021 920,930.00 0.739 0.750994,182.36
Santa Monica Cmnty College Dis2025 MUN 215,000.00802385QW7 08/01/2022 312.90802/19/2019 215,154.80 2.714 2.752215,026.75
Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 2,2233.47209/05/2019 309,307.95 1.972 2.000340,717.68
Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 2,9531.69601/22/2021 481,387.80 1.499 1.520577,525.57
Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 2,2231.49601/22/2021 525,426.00 1.085 1.100613,842.79
Santa Monica-Malibu USD2561 MUN 650,000.00802498VW2 07/01/2026 1,4610.98908/12/2021 589,160.00 0.877 0.890652,511.61
Santa Monica-Malibu USD2637 MUN 215,000.00802498ZA6 08/01/2026 1,4920.84912/20/2021 193,259.20 1.193 1.210211,925.12
San Mateo Cnty Comm. College D2521 MUN 2,000,000.00799038NP5 09/01/2024 7930.50004/14/2021 1,884,520.00 0.444 0.4502,002,140.67
San Mateo Cnty Comm. College D2523 MUN 1,500,000.00799038NP5 09/01/2024 7930.50004/14/2021 1,413,390.00 0.444 0.4501,501,605.51
San Mateo Foster City SCH Dist1902 MUN 1,000,000.00799017UW6 09/01/2025 1,1582.69901/16/2018 982,620.00 2.786 2.825996,424.26
San Mateo Foster City SCH Dist1940 MUN 1,000,000.00799017UW6 09/01/2025 1,1582.69903/09/2018 982,620.00 2.959 3.000991,513.52
San Mateo Foster City SCH Dist2153 MUN 1,360,000.00799017WD6 09/01/2028 2,2542.23711/07/2019 1,264,990.40 2.447 2.4801,341,727.27
San Mateo Foster City SCH Dist2178 MUN 1,565,000.00799017VM7 09/01/2028 2,2542.54212/11/2019 1,481,882.85 2.311 2.3431,582,183.40
San Mateo Foster City SCH Dist2567 MUN 500,000.00799017XW3 09/01/2026 1,5230.92509/21/2021 453,880.00 0.912 0.925500,000.00
San Mateo Foster City SCH Dist2585 MUN 175,000.00799055QV3 08/01/2026 1,4921.79909/27/2021 165,277.00 0.897 0.910181,199.67
San Mateo Foster City SCH Dist2591 MUN 1,320,000.00799055ME5 08/01/2026 1,4926.00009/29/2021 1,417,719.60 2.297 2.3291,506,019.98
Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 2,2232.71712/09/2019 1,090,349.50 2.462 2.4961,163,782.15
Solano Cnty Community Clg Dist2579 MUN 750,000.0083412PHQ8 08/01/2026 1,4921.02510/06/2021 679,657.50 1.011 1.025750,000.00
Solano Cnty Community Clg Dist2583 MUN 200,000.0083412PGZ9 08/01/2026 1,4921.02510/06/2021 181,242.00 0.887 0.900200,994.69
Solano Cnty Community Clg Dist2594 MUN 390,000.0083412PHE5 08/01/2031 3,3181.86110/06/2021 329,475.90 1.948 1.975386,320.21
Solano Cnty Community Clg Dist2597 MUN 750,000.0083412PHU9 08/01/2030 2,9531.76110/06/2021 643,342.50 1.834 1.860744,480.17
Solano Cnty Community Clg Dist2598 MUN 825,000.0083412PHW5 08/01/2031 3,3181.86110/06/2021 696,968.25 1.879 1.905821,984.01
Solano Cnty Community Clg Dist2649 MUN 350,000.0083412PHB1 08/01/2028 2,2231.47901/07/2022 308,458.50 1.775 1.800343,576.83
Sonoma Cnty Jr. College Distr.2577 MUN 155,000.00835569GT5 08/01/2026 1,4922.44709/15/2021 149,613.75 0.843 0.855164,847.12
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 1,8573.00002/15/2018 174,717.00 3.057 3.100179,210.32
South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 2,5885.00012/12/2019 396,921.20 2.598 2.634424,439.60
South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 2,2235.00012/12/2019 267,135.00 2.549 2.584282,737.29
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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
South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 1,8575.00012/12/2019 154,063.95 2.500 2.534161,428.73
South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 1,4925.00012/12/2019 411,602.10 2.378 2.411427,882.44
San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 7621.96511/13/2019 1,706,211.00 1.938 1.9651,755,000.00
San Ramon Vly Unif Sch Dist.2605 MUN 1,500,000.007994082K4 08/01/2030 2,9531.91411/03/2021 1,290,165.00 1.805 1.8301,509,345.65
Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 2,2542.19009/19/2019 123,877.35 2.157 2.187135,000.00
Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 1,8882.09009/19/2019 125,537.85 2.061 2.090135,000.00
Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 2,5881.64402/08/2021 435,780.00 1.437 1.457506,197.51
Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 2,2231.50306/16/2021 220,482.50 1.482 1.503250,000.00
Temecula Valley Unified School2569 MUN 355,000.0087970GPQ4 08/01/2026 1,4921.05108/27/2021 323,010.95 0.887 0.900357,135.64
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 1,4922.11608/25/2016 953,490.00 1.923 1.9501,006,129.11
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 1,1272.06608/25/2016 1,593,553.50 1.893 1.9201,656,793.08
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 1,1272.06608/25/2016 676,053.00 1.893 1.920702,881.91
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 7623.72812/20/2018 207,160.70 2.860 2.900208,239.32
State of Texas1855 MUN 250,000.00882723EN5 08/01/2025 1,1273.83209/22/2017 250,295.00 2.747 2.785257,194.99
State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 1,1883.05112/23/2019 1,489,440.00 1.975 2.0031,547,988.02
State of Texas2225 MUN 940,000.008827237T0 10/01/2029 2,6493.52101/30/2020 936,240.00 2.191 2.2211,019,289.72
State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 2,6493.52102/14/2020 1,259,940.00 2.192 2.2221,371,658.44
State of Texas2311 MUN 250,000.008827237N3 10/01/2024 8232.89903/16/2020 248,042.50 1.231 1.248258,999.17
State of Texas2541 MUN 245,000.008827235K1 10/01/2025 1,1882.92206/30/2021 242,312.35 0.641 0.650262,813.12
State of Texas2548 MUN 1,000,000.00882724RF6 10/01/2030 3,0142.42607/02/2021 912,830.00 1.480 1.5011,070,989.16
State of Texas2631 MUN 500,000.00882723A90 10/01/2025 1,1882.83112/07/2021 493,130.00 1.030 1.045528,372.93
University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 1,0493.05008/26/2019 1,480,410.00 1.930 1.9571,544,300.30
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 1,0493.05009/09/2019 986,940.00 1.797 1.8211,033,354.84
University of California2685 MUN 440,000.0091412HGF4 05/15/2027 1,7791.31604/05/2022 394,587.60 3.028 3.070405,438.57
State of Utah1731 MUN 450,000.00917542QR6 07/01/2024 7314.55401/04/2017 456,363.00 2.904 2.944462,910.75
State of Utah2306 MUN 1,500,000.00917542QV7 07/01/2025 1,0963.53903/13/2020 1,509,495.00 1.948 1.9751,566,472.64
State of Washington1672 MUN 250,000.0093974DHW1 08/01/2022 312.74008/08/2016 250,122.50 1.504 1.524250,245.52
State of Washington1721 MUN 515,000.0093974CPH7 08/01/2022 314.63612/05/2016 515,947.60 2.465 2.500515,849.67
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 7624.66905/23/2017 496,838.85 2.416 2.450505,437.75
State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 7624.66912/24/2019 512,205.00 1.978 2.005526,372.21
State of Wisconsin2547 MUN 2,000,000.0097705MNU5 05/01/2031 3,2262.45107/02/2021 1,812,620.00 1.553 1.5752,142,834.93
State of Wisconsin2574 MUN 1,500,000.0097705MNP6 05/01/2026 1,4002.08909/09/2021 1,438,815.00 0.739 0.7501,575,520.33
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 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 Wisconsin2576 MUN 1,000,000.0097705MNP6 05/01/2026 1,4002.08909/13/2021 959,210.00 0.769 0.7801,049,176.98
Yosemite Community College Dis2657 MUN 1,000,000.00987388GX7 08/01/2027 1,8572.08202/17/2022 940,460.00 2.053 2.0821,000,000.00
Subtotal and Average 209,322,603.30 204,650,000.00 196,072,145.60 2.021 2.049 1,590
Supranationals (World Bank) Bonds
Inter-American Dev. Bank1978 IADB 1,500,000.004581X0CZ9 09/14/2022 751.75011/09/2018 1,498,935.00 3.106 3.1501,496,017.84
Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 1,3890.87504/20/2021 1,836,760.00 0.910 0.9231,996,425.39
Inter-American Dev. Bank2586 IADB 2,000,000.0045818WDH6 06/17/2026 1,4470.80009/27/2021 1,839,380.00 0.914 0.9271,990,161.05
Inter-American Dev. Bank2652 IADB 1,000,000.004581X0EB0 01/13/2027 1,6571.50001/13/2022 930,610.00 1.504 1.525998,893.87
Inter-American Dev. Bank2655 IADB 1,000,000.004581X0EB0 01/13/2027 1,6571.50001/14/2022 930,610.00 1.518 1.540998,258.23
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 2027.62511/08/2018 1,539,030.00 3.111 3.1551,534,273.81
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 4533.00011/27/2018 999,760.00 3.018 3.060999,307.40
Intl Bk Recon & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 1,2150.50001/08/2021 1,375,455.00 0.480 0.4871,500,620.64
Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 1,3200.65002/10/2021 1,349,790.00 0.641 0.6501,500,000.00
Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 1,3280.60002/18/2021 1,371,570.00 0.591 0.6001,500,000.00
Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 1,2150.50002/18/2021 1,375,455.00 0.591 0.6001,495,088.40
Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 1,2150.50003/01/2021 1,375,455.00 0.787 0.7981,485,428.29
Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 1,3200.65005/26/2021 1,349,790.00 0.833 0.8451,489,672.03
Intl Bk Recon & Development2553 IBRD 1,500,000.00459058JS3 02/10/2026 1,3200.65007/15/2021 1,349,790.00 0.839 0.8511,489,339.51
Intl Bk Recon & Development2559 IBRD 1,500,000.00459058JS3 02/10/2026 1,3200.65008/12/2021 1,349,790.00 0.871 0.8831,487,652.68
Intl Bk Recon & Development2650 IBRD 1,000,000.0045906M2L4 02/24/2026 1,3340.65001/07/2022 914,600.00 1.368 1.387973,951.92
Intl Bk Recon & Development2673 IBRD 1,000,000.0045906M2Z3 03/17/2025 9902.05003/17/2022 975,660.00 2.107 2.136997,740.74
International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 1,2020.25010/30/2020 916,570.00 0.497 0.5041,000,000.00
International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 1,2330.25011/30/2020 1,380,300.00 0.683 0.6921,500,000.00
International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 1,2940.58001/25/2021 1,371,825.00 0.501 0.5081,503,736.59
International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 1,2940.58002/11/2021 1,371,825.00 0.522 0.5301,502,606.89
International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 1,3360.50002/26/2021 1,368,510.00 0.616 0.6251,493,267.30
International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 1,3530.50003/15/2021 1,846,940.00 0.808 0.8192,000,000.00
International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 1,3610.75003/23/2021 1,382,535.00 0.746 0.7571,499,597.40
International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 1,3610.75003/23/2021 1,843,380.00 0.887 0.9001,989,070.16
International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 1,4140.50005/28/2021 1,407,525.00 1.006 1.0201,500,000.00
International Finance Corp.2654 IFC 1,000,000.0045950KCX6 10/08/2026 1,5600.75001/12/2022 902,550.00 1.518 1.540967,587.55
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
June 30, 2022
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 21
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Subtotal and Average 38,888,697.69 39,000,000.00 36,154,400.00 1.091 1.106 1,220
Total Investments and Average 590,753,776.97 584,722,536.47 552,545,616.66 1.593 1.615 1,407
Portfolio CPA
AP
Run Date: 07/19/2022 - 16:21 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 28.03%
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 $42.9 million
- Fidelity Investments $3.7 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a 93.52%
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.24.30%
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.35.01%
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.
$107.5 million
2.31%
Attachment C
Investment Policy Compliance
As of June 30, 2022
Investment Policy Requirements
Compliance
Check / Actual
Attachment C
Investment Policy Compliance
As of June 30, 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.4.98%
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.4.46%
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.6.67%
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