HomeMy WebLinkAboutStaff Report 2212-0520CITY OF PALO ALTO
CITY COUNCIL
Special Meeting
Monday, May 08, 2023
Council Chambers & Hybrid
5:00 PM
Agenda Item
9.Investment Activity Report for the Third Quarter, Fiscal Year 2023
Item No. 9. Page 1 of 10
CITY COUNCIL
STAFF REPORT
From: City Manager
Report Type: Action
Lead Department: Administrative Services
Meeting Date: May 8, 2023
Report #: 2212-0520
TITLE
Investment Activity Report for the Third Quarter, Fiscal Year 2023
RECOMMENDATION
This is an informational report and no City Council action is required.
EXEUCTIVE SUMMARY
The City’s Investment Policy1 (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 reports on the City’s ability
to meet expenditure requirements over the next six months. This report is to inform Council of
the City’s investment portfolio performance as of the third quarter ending March 31, 2023 and
to disclose staff’s cash flow projections for the next six months. The portfolio details, activities,
and performance are discussed below, and additional information is provided in the attachments.
During the third quarter staff complied with all aspects of the Investment Policy. Staff expect that
the City will have sufficient funds or liquidity to meet expenditure requirements for the next six
months.
Given the recent news in the banking industry, the Analysis section of this report includes
information regarding the City’s banking relationships for its cash balances.
1 City of Palo Alto website, Administrative Services Department, Money Management & Treasury:
https://www.cityofpaloalto.org/files/assets/public/administrative-services/investment-policies/adopted-
investment-policy-2022-23.pdf
Item No. 9. Page 2 of 10
ANALYSIS
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.
Due to rounding, the above graph's percentage total is greater than 100 percent.
The par value of the City’s portfolio is $599.6 million; in comparison, last quarter it was $579.3
million. The $20.2 million portfolio growth since the last quarter results from timing of cash
flows from the prepayment of the City’s Fiscal Year 2023 Unfunded Accrued Liability (UAL)
pension cost for active employees to the Public Employers’ Retirement System (PERS) totaling
$43.1 million and additional major revenue receipt due to seasonality timing. By prepaying
PERS instead of making payments with each payroll period, the City expects savings of $1.5
million in PERS payments; however, this savings will be partially offset by the loss of
approximately $333 thousand in interest income in the City’s portfolio. The net citywide savings
of prepaying the UAL cost is $1.2 million. The saving is a consequence of PERS’ ability to earn
interest earlier and at a higher rate than the City’s portfolio could realize. Without this
prepayment, an additional $12 million in UAL payment would have been made in the second
Item No. 9. Page 3 of 10
quarter; this payment was made in first quarter’s prepayment. As far as additional major
revenue receipt due to seasonality timing, property taxes and related receipts don’t begin until
the second and third quarters and major revenues such as sales, transient occupancy and utility
user’s taxes are historically higher in the third quarter. For example, second quarter property
related (taxes and assessments) receipts were $19.8 million.
The portfolio consists of $34.5 million in liquid accounts and $565.1 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 $96.4 million in investments maturing in less than two years, comprising 16.1% of the
City’s investment portfolio. In addition, the Investment Policy allows up to 30% of the portfolio
to be invested in securities with maturities beyond five years; actual at the end of the second
quarter is 29.6% of the portfolio.
The current market value of the portfolio is 89.6% 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 is 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 3.80 years compared to 3.87 years last
quarter.
Item No. 9. Page 4 of 10
The Investment Policy states “Should the ratio of the market value of the portfolio to the book
value of the portfolio fall below 95%, 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.” In the prior three quarters the market value fell
below 95%; it was 93.5% in the fourth quarter of fiscal year 2022 (CMR 139982), 89.7% in the
first quarter of fiscal year 2023 (CMR 140013), and 90.7% in the second quarter of fiscal year
2023 (CMR 2301-08654). The market rate decreased an additional one percentage points _
this third quarter to 89.6% of book value. Though the total portfolio’s market value is below book
value, $61.8 million in par value of securities are at or above market value. Interest rates on new
investments have begun to decrease so the market value of the portfolio is expected to increase
in the coming quarters. To minimize risk of loss for investment principal due to lower market
values, the City’s investment practice is to buy and hold investments to maturity.
Investments Made During the Third Quarter
During the third quarter, $27.0 million of securities with an average yield of 2.5% matured.
During the same period, per the following Table 2, securities totaling $43.5 million with an
average yield of 4.7% were purchased. As expected, as interest rates rose on new investments,
the City’s portfolio’s average yield has begun to gradually rise. In the prior two fiscal years or
during the height of the COVID-19 economic closures, the portfolio’s interest rate had steadily
declined. The City’s short-term money market and pool account increased by $3.7 million
compared to the second quarter of Fiscal Year 2022. Staff continually monitors the City’s short -
term cash flow needs and adjusts liquid funds to meet them.
2 City Council, August 8, 2022 Item #9, CMR 13998: https://www.cityofpaloalto.org/files/assets/public/agendas -
minutes-reports/agendas-minutes/city-council-agendas-minutes/2022/20220808/20220808pccsm-amended-rev-
final1.pdf#page=134
3 City Council, November 7, 2022 Item #13, CMR 14001:
https://www.cityofpaloalto.org/files/assets/public/agendas-minutes-reports/agendas-minutes/city-council-
agendas-minutes/2022/20221107/20221107pccsm-amended-linked-q.a-2.pdf#page=188
Item No. 9. Page 5 of 10
Availability of Funds for the Next Six Months
Normally, the flow of revenues from the City’s utility billings and General Fund sources is enough
to provide funds for ongoing expenditures in those respective funds. Projections indicate that
for the City’s cashflow, an overall decline in the portfolio of $32.7 million is expected over the
coming six months due to routine business activities. This reflects expected receipts of $334.2
million and expenditures of $366.9 million over the next six months.
The expected decline in the portfolio is attributable to pre -paying a portion of the Fiscal Year
2024 Public Employers’ Retirement System’s (PERS) employer contribution of $41.6 million,
representing the City’s unfunded accrued liability (UAL) lump-sum prepayment for FY 2024. By
prepaying PERS instead of making payments with each payroll period, the City is expected to
save $1.4 million in pension expense; the savings will be offset by the loss of approximately
$0.8 million in interest income in the City’s investment portfolio. This results in net citywide
savings of $0.6 million because PERS has the ability to earn interest earlier and at a higher rate
than the City could realize.
As of March 31, 2023, the City had $34.4 million deposited in the Local Agency Investment Fund
(LAIF) and a money market account that could be withdrawn on a daily basis. In addition,
investments totaling $36.3 million will mature between April 1, 2023 and September 30, 2023.
Also, the City will soon receive $24 million in damages awarded through a lawsuit that established
that the Bureau of Reclamation overcharged the City for hydroelectric power for 28 years. The
U.S. Court of Appeals ordered the federal government to issue refunds to power purchasers to
compensate for the overcharges. Based on the above, staff expect that the City will have
sufficient funds or liquidity to meet expenditure requirements for the next six months.
Item No. 9. Page 6 of 10
Compliance with City Investment Policy
During the third quarter, staff complied with all aspects of the Investment Policy. Attachment C
lists the major restrictions in the City’s Investment Policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the third quarter was $3.1 million; $0.5 million higher
than the prior quarter due to new higher yielding investments in the portfolio. As of March 31,
2023, the yield to maturity of the City’s portfolio was 2.18%; in the prior quarter it was 1.97%. In
the third quarter, LAIF’s average yield was 2.63% while the average yield on the two -year and
five-year Treasury bonds was approximately 4.35% and 3.80%, respectively. In comparison, in the
prior quarter LAIF had 1.98% yield and the two-year and five-year Treasury bonds yields were
higher at 4.39% and 4.0%.
Historically, the City’s portfolio yield has outperformed the two-year and five-year Treasury bond
rates and did so again several 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, which 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 21 years.
City’s portfolio duration is 3.80 years.
Item No. 9. Page 7 of 10
Yield Trends
The Federal Open Market Committee (FOMC), since March 2020, has raised the federal funds
rate nine times totaling 4.75% with the first occurring on March 16, 2022. Prior to this the rate
was near zero. To mitigate the persistent elevated inflation rate from the peak of 9.1% in June
to a low 5% in April 2023 with a 2% target. The primary cause of declining inflation rate is falling
energy and transportation prices.
The expectation is FOMC will continue to do additional federal funds rate interest rate
increases in 2023 but at a slower pace. This is due to the inflation rate failing to come down as
quickly as the FOMC had hoped in the past few quarters. While the FOMC states “The U.S.
banking system is sound and resilient,” they are mindful that rising borrowing costs will elevate
stress to the banking system. Consistent with the prior four quarters, job growth remains
“robust” and unemployment rate remains low, however, FOMC’s are firmly focused on bringing
down inflation.
The following tables show the U.S. inflation and unemployment rates and the U.S. Gross
Domestic Product (GDP) past and recent trends.
Graph 3: U.S. Inflation Rate
The annual inflation rate in the U.S. slowed for the ninth consecutive period to 5% in March
2023, the lowest since May 2021 which is below market forecasts. Food prices grew at a slower
rate and energy cost fell while prices for used cars and trucks declined.
Item No. 9. Page 8 of 10
Graph 4: U.S. Unemployment Rate
The unemployment rate in the U.S. edged down to 3.5% in March 2023 which is slightly below
expectation.
Graph 5: U.S. Gross Domestic Product (GDP)
The Gross Domestic Product (GDP) in the United States expanded 0.90% in the fourth
(calendar) quarter of 2022 over the same quarter of the previous year.
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
Item No. 9. Page 9 of 10
Council Staff Report ID # 78584 and ID # 114025. The bond proceeds, reserves, and debt service
payments being held by the City’s fiscal agents are subject to the requirements of the underlying
debt indenture. The trustees for the bond funds are U.S. Bank and California Asset Management
Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market
mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in CAMP are invested
in banker’s acceptance notes, certificates of deposit, commercial paper, federal agency
securities, and repurchase agreements. The most recent data on funds held by the fiscal agent is
as of March 31, 2023.
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 # 75536. Through March 31,
2023, principal investment contributions of $45.3 million made over time since May 2017, has
slightly increased to $47.5 million or by $2.2 million and the net return for one and five years has
been -3.8% and 3.2% respectively. Since inception, $2.6 million net earnings have been realized
with $0.4 million in administrative expenses.
City’s Banking Relationships
Cash in bank balances (U.S. Bank and Wells Fargo) are maintained with a $3-5 million balance
range to cover recurring activity (A/P, payroll, investment purchases, etc.). These cash accounts
are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 each; balances
beyond the FDIC insured amounts are collateralized under California law. California law requires
banks to deposit securities as collateral with the State Treasurer valued at 110% of the amount
beyond the FDIC insurance for public deposits. Both U.S. Bank and Wells Fargo meet these
4 City Council, April 11, 2017, under “Additional Information”:
https://www.cityofpaloalto.org/files/assets/public/agendas-minutes-reports/reports/city-manager-reports-
cmrs/year-archive/2017/7858.pdf
5 City Council, September 21, 2020 Item #2:
https://www.cityofpaloalto.org/files/assets/public/agendas-minutes-reports/reports/city-manager-reports-
cmrs/year-archive/2020-2/id-11402.pdf
6 City Council, January 23, 2017 Item #5:
https://www.cityofpaloalto.org/files/assets/public/agendas-minutes-reports/reports/city-manager-reports-
cmrs/year-archive/2017/7553.pdf
Item No. 9. Page 10 of 10
requirements. LAIF, a State of California run program, and Fidelity’s Money Market Treasury
Portfolio mutual fund (triple A rated). Each of the City’s investments in negotiable certificate of
deposits (NCD) are under $250,000, therefore are fully FDIC or the credit union bank equivalent
insured.
FISCAL/RESOURCE IMPACT
This is an information report.
STAKEHOLDER ENGAGEMENT
Staff works internally and with external parties (U.S. Bank’s custodial, U.S. Bank’s bonds, Wells
Fargo and U.S. Bank’s banking, California Asset Management Program (CAMP), and Public
Agency Retirement Services (PARS)) statements to prepare this report.
ENVIRONMENTAL REVIEW
This Council informational report is not a project under California Environmental Quality Act
(CEQA) as defined in CEQA Guidelines, section 15378, because it has no potential for resulting in
either a direct or reasonably foreseeable indirect physical change in the
ATTACHMENTS
Attachment A: Consolidated Report of Cash Management
Attachment B: Investment Portfolio
Attachment C: Investment Policy Compliance
APPROVED BY:
Kiely Nose, Assistant City Manager
Book Value Market Value
City Investment Portfolio (see Attachment B)597,235,589$ 535,130,982$
Other Funds Held by the City
Cash with Wells Fargo Bank 594,155 594,155
(includes general and imprest accounts)
Cash with US Bank 1,460,024 1,460,024
Investment Custodial Cash with US Bank 1,014 1,014
Total - Other Funds Held By City 2,055,194 2,055,194
Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1999 Utility Revenue Bonds
Debt Service Fund 50 50
2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,476,962 2,476,962
2010 & 2013 General Obligation (Library) Bond
Debt Service and Escrow Funds 2,859,483 2,859,483
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 721,152 721,152
2013 General Obligation (Library) Bond
Escrow Funds 2,427,926 2,427,926
2018 Capital Improvement (Golf Course & 2002B COP Refinance)
(Taxable- Green Bond) Certificates of Participation
Debt Service and Cost of Issuance Funds 321 321
2019 California Avenue Parking Garage Certificates of Participation
(Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 1,349 1,349
2021 Public Safety Building Certificates of Participation
Construction Debt Svc, Capitalized Interest, and Cost of Issuan 19,067,214 19,067,214
2022A & B General Obligation (Library) Bond
Cost of Issuance Funds 4,344 4,344
California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,785,309 2,785,309
2013 General Obligation (Library) Bond
Reserve Fund 257,822 257,822
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 47,511,163 47,511,163
Total Under Trustee Management 78,113,095 78,113,095
GRAND TOTAL 677,403,877$ 615,299,271$
* These funds are subject to the requirements of the underlying debt indenture.
** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities.
*** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit,
commercial paper, federal agency securities, and repurchase agreements.
**** PARS investments are in moderately conservative index plus funds
Attachment A
Third Quarter, Fiscal Year 2022-23
(Unaudited)
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
City of Palo Alto City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
March 31, 2023
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 17,054,124.12SYS158 14.47007/01/2020 17,054,124.12 4.408 4.47017,054,124.12
Local Agency Investment Fund159 17,442,312.02SYS159 12.87007/01/2020 172,070.21 2.830 2.87017,442,312.02
Subtotal and Average 34,496,436.14 34,496,436.14 17,226,194.33 3.611 3.661 1
Negotiable Certificates of Deposits
Achieve Federal Credit Union2831 NCD 249,000.0000453NAA9 02/17/2026 1,0534.65002/17/2023 247,291.86 4.589 4.653249,000.00
Affinity Plus Fed Credit Union2773 NCD 249,000.0000833AAB6 12/27/2023 2705.10012/27/2022 248,910.36 5.029 5.099249,000.00
Alaska USA Federal CU2850 NCD 249,000.00011852AK6 03/22/2028 1,8174.85003/22/2023 249,024.90 4.789 4.855249,000.00
Alliant Credit Union2781 NCD 249,000.0001882MAB8 12/30/2027 1,7344.95012/30/2022 249,908.85 4.884 4.952249,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 1372.40002/16/2016 242,594.10 2.367 2.400245,000.00
Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 7191.10003/20/2020 230,999.79 1.085 1.100249,000.00
A+ Federal Creit Union2806 NCD 249,000.0000224TAL0 01/27/2025 6674.70001/27/2023 247,794.84 4.641 4.705249,000.00
Arsenal Credit Union2801 NCD 249,000.0004288LAA6 01/21/2025 6615.10001/20/2023 249,301.29 5.030 5.100249,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 4252.30005/30/2017 237,292.30 2.270 2.301245,000.00
Austin Telco Fed. Credit Union2732 NCD 249,000.00052392CC9 11/27/2026 1,3365.05011/28/2022 250,155.36 4.984 5.053249,000.00
American Express Centurion Bk2729 NCD 249,000.0002589AEG3 11/16/2027 1,6905.00011/16/2022 250,289.82 4.931 5.000249,000.00
Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 9720.45011/27/2020 221,306.22 0.493 0.500248,668.82
Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 8491.05011/23/2020 227,775.24 0.542 0.549251,858.31
Baxter Credit Union2730 NCD 249,000.0007181JAU8 11/23/2026 1,3325.00011/22/2022 249,737.04 4.940 5.009249,000.00
Beal Bank - Plano, TX2668 NCD 249,000.0007371AYT4 02/24/2027 1,4252.05003/02/2022 223,855.98 2.053 2.081248,707.56
Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 8041.00006/02/2020 228,589.47 0.986 1.000249,000.00
Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 5171.70008/30/2019 233,825.55 1.678 1.701245,000.00
BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 1,0270.55001/22/2021 220,663.80 0.592 0.600248,649.89
Blue Foundry Bank2755 NCD 249,000.0009549TAB1 03/19/2024 3534.70012/19/2022 248,026.41 4.633 4.697249,000.00
BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 2,0361.00001/27/2021 202,456.92 1.019 1.034248,552.15
BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 9640.50011/20/2020 222,083.10 0.493 0.500249,000.00
Beal Bank USA - Las Vegas, NV2669 NCD 249,000.0007371CH69 02/24/2027 1,4252.05003/02/2022 223,855.98 2.053 2.081248,707.56
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 213.00004/24/2018 244,681.50245,000.00
California Credit Union2772 NCD 249,000.00130162AN0 12/27/2023 2705.00012/27/2022 248,609.07 4.931 5.000249,000.00
Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 1,5111.15005/21/2020 214,003.05 1.134 1.150249,000.00
First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 8720.45008/20/2020 223,006.56 0.444 0.450248,000.00
Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 5171.85008/30/2019 234,325.35 1.826 1.852245,000.00
Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 7261.00003/27/2020 230,374.80 1.189 1.206248,010.00
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B
March 31, 2023
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
City Federal Credit Union2785 NCD 249,000.0017783PAH4 01/18/2024 2924.90001/18/2023 248,531.88 4.834 4.901249,000.00
Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 1,4330.65003/04/2021 211,132.08 0.691 0.701248,511.43
Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 6981.65002/27/2020 230,243.65 1.668 1.691244,812.80
Comerica Bank Texas2856 NCD 249,000.00200339FB0 09/30/2024 5485.25003/30/2023 249,786.84 5.179 5.251249,000.00
Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 6691.80001/29/2020 231,409.85 1.779 1.803245,000.00
Connexus Credit Union2643 NCD 249,000.0020825WAR1 12/23/2026 1,3621.25012/23/2021 217,972.11 1.273 1.291248,628.55
Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 5231.90009/05/2019 234,445.40 1.873 1.900245,000.00
Capital One Bank USA NA2609 NCD 249,000.0014042RQB0 11/17/2026 1,3261.10011/17/2021 217,792.83 1.084 1.100249,000.00
Communitywide Fed. Cr. Union2756 NCD 249,000.0020416TAW2 06/21/2024 4475.00012/21/2022 248,783.37 4.935 5.004249,000.00
Cooper Choice Network CU2834 NCD 249,000.0021686QAE9 02/23/2024 3285.10002/23/2023 248,945.22 5.029 5.099249,000.00
County Schools FCU2695 NCD 249,000.0022258JAB7 09/27/2027 1,6404.40009/30/2022 244,166.91 4.341 4.402249,000.00
Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 7191.10003/20/2020 230,072.08 1.085 1.100248,000.00
Cental Valley Community Bank2862 NCD 249,000.0015568PAK2 03/31/2027 1,4605.30003/31/2023 249,468.12 5.231 5.304249,000.00
Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 2,4951.10001/29/2021 194,802.66 1.154 1.170247,865.98
City National Bank2809 NCD 249,000.00178180GV1 01/27/2025 6674.50001/25/2023 246,930.81 4.438 4.500249,000.00
Decorah Bank Trust Company2690 NCD 249,000.00243594AR9 09/23/2027 1,6363.70009/23/2022 237,162.54 3.651 3.701249,000.00
Delta Natl Bank & TR2670 NCD 249,000.0024773RCR4 02/25/2027 1,4262.00003/09/2022 223,402.80 1.975 2.003249,000.00
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 2063.35010/24/2018 242,677.40 3.304 3.350245,000.00
The District Fed Cr Union2778 NCD 249,000.0088340AAA9 12/23/2024 6325.15012/22/2022 249,089.64 5.079 5.150249,000.00
Eagle Cmty Credit Union2770 NCD 249,000.0026948GAF1 12/26/2023 2695.00012/23/2022 248,728.59 4.932 5.000249,000.00
Eaglemark Savings Bank2545 NCD 249,000.0027004PBV4 07/07/2026 1,1930.85007/07/2021 218,816.22 0.919 0.932248,349.27
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 272.65004/30/2019 244,573.70 2.615 2.651245,000.00
Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 2,1441.00002/12/2021 200,171.10 1.037 1.052248,269.19
Flagstar Bank FSB2414 NCD 249,000.0033847E4E4 09/30/2024 5480.40009/30/2020 232,456.44 0.394 0.400249,000.00
Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 7171.10003/18/2020 231,044.61 1.085 1.100249,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 821.80006/22/2016 243,275.20 1.776 1.800245,000.00
1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 8710.45008/19/2020 223,033.84 0.444 0.450248,000.00
First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 5221.75009/04/2019 233,916.20 1.727 1.751245,000.00
Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 1,0320.50001/27/2021 220,098.57 0.543 0.550248,648.18
First Class Community CU2759 NCD 249,000.0031976UAA6 12/16/2024 6255.05012/16/2022 249,002.49 4.985 5.054249,000.00
First Source Federal Cr Union2812 NCD 249,000.0033651FAF6 01/31/2024 3054.85001/31/2023 248,422.32 4.781 4.847249,000.00
First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 1,3390.65011/30/2020 213,465.21 0.691 0.701248,543.48
Farmers &Merchants Bank2644 NCD 249,000.00307811DM8 01/22/2030 2,4881.60001/14/2022 202,197.96 1.630 1.653248,154.25
First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 1,3700.60012/31/2020 212,297.40 0.625 0.633248,688.61
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
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
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 1952.25010/13/2017 241,381.35 2.220 2.251245,000.00
Freedom Bank of Virginia2858 NCD 249,000.0035633MCZ3 03/30/2028 1,8255.40003/30/2023 249,442.47 5.326 5.400249,000.00
First Foundation Bank2861 NCD 249,000.0032026UG83 12/30/2024 6395.00003/31/2023 249,057.27 4.931 5.000249,000.00
First Technology Federal Credi2845 NCD 249,000.0033715LET3 09/24/2024 5425.35003/24/2023 250,127.97 5.300 5.374249,000.00
First Community Credit Union2554 NCD 249,000.0031986JAD3 02/26/2027 1,4270.85007/28/2021 213,071.79 0.892 0.905248,477.21
Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 5101.95008/23/2019 234,788.40 1.925 1.952245,000.00
Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 1,7040.80011/30/2020 206,777.07 0.825 0.836248,585.00
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 4032.55005/08/2019 238,316.40 2.513 2.548245,000.00
Grow Financial Fed CU2846 NCD 249,000.0039981MAC6 03/25/2024 3595.35003/24/2023 249,570.21 5.276 5.350249,000.00
Greenwood Muni Fed Cr Union2811 NCD 249,000.0039729LAC5 10/27/2023 2094.75001/27/2023 248,551.80 4.688 4.753249,000.00
Greenwood Credit Union2725 NCD 249,000.00397129AJ6 05/28/2024 4234.95011/28/2022 248,626.50 4.877 4.945249,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 383.15005/09/2018 244,517.35 3.106 3.150245,000.00
Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 9330.35011/16/2020 184,530.15 0.491 0.498206,033.81
Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 9890.50012/14/2020 221,413.29 0.543 0.550248,663.03
Harborstone Credit Union2776 NCD 249,000.0041166MAF2 03/27/2024 3615.10012/27/2022 248,975.10 5.027 5.097249,000.00
Healthcare Systems FCU2816 NCD 249,000.0042228LAM3 02/01/2027 1,4024.25001/30/2023 243,228.18 4.193 4.251249,000.00
IC Federal Credit Union2743 NCD 249,000.0044931EAD3 06/10/2024 4365.00012/09/2022 248,773.41 4.931 5.000249,000.00
INS Bank2757 NCD 249,000.0045776NFE1 12/14/2027 1,7184.90012/14/2022 248,820.72 4.835 4.902249,000.00
Insight Credit Union2836 NCD 249,000.0045791JAC0 02/27/2025 6985.10002/27/2023 249,321.21 5.036 5.105249,000.00
Interstate Credit Union2771 NCD 249,000.00460807AB6 12/26/2023 2695.00012/23/2022 248,728.59 4.932 5.000249,000.00
Inst. for Sav in Newburyport2556 NCD 249,000.0045780PAQ8 07/29/2026 1,2150.90007/29/2021 218,412.84 0.888 0.900249,000.00
Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 1,7000.75011/27/2020 206,331.36 0.790 0.801248,420.14
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 4262.50005/31/2017 237,831.30 2.465 2.500245,000.00
Kembra Financial Credit Union2731 NCD 249,000.0048836LAV4 11/25/2024 6045.15011/23/2022 249,082.17 5.083 5.154249,000.00
Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 2133.35010/24/2019 245,537.36 2.210 2.241249,532.90
Valley Strong Credit Union2748 NCD 249,000.00920133AJ4 12/13/2024 6225.10012/14/2022 249,089.64 5.038 5.108249,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 1701.80009/16/2016 241,371.55 1.775 1.800245,000.00
Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 2,0910.85012/30/2020 199,331.97 0.889 0.901248,285.05
Local Gov't Fed. Credit Union2823 NCD 249,000.0053955LAB3 02/12/2024 3174.90002/10/2023 248,516.94 4.830 4.897249,000.00
Liberty Federal Credit Union2741 NCD 249,000.0053052LAD1 12/05/2023 2485.00012/05/2022 248,798.31 4.931 5.000249,000.00
Liberty First Credit Union2803 NCD 249,000.00530520AC9 01/27/2026 1,0324.50001/27/2023 246,320.76 4.442 4.503249,000.00
Live Oak Banking Company2599 NCD 249,000.00538036SS4 10/18/2027 1,6611.10010/18/2021 210,683.88 1.135 1.151248,433.70
Loyola Univ Demployee FCU2777 NCD 249,000.0054912KAD1 06/23/2023 835.00012/23/2022 248,990.04 4.931 5.000249,000.00
Machias Savings Bank2819 NCD 249,000.00554479EK7 08/09/2024 4964.60002/09/2023 247,525.92 4.532 4.595249,000.00
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
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
Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 8210.40008/31/2020 224,986.44 0.394 0.400249,000.00
Meritrust Federal Credit Union2672 NCD 249,000.0059001PAP4 03/10/2026 1,0740.55003/07/2022 221,659.80 1.904 1.930239,272.93
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 2773.30001/10/2019 241,643.50 3.254 3.299245,000.00
Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 5171.80008/30/2019 234,222.45 1.775 1.800245,000.00
Merrick Bank2610 NCD 249,000.0059013KPS9 05/19/2026 1,1441.10011/19/2021 221,530.32 1.152 1.168248,479.56
Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 2,1301.00001/28/2021 200,405.16 1.024 1.039248,455.66
Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 5871.90011/08/2019 233,259.60 1.875 1.902245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 3912.60004/26/2019 238,627.55 2.567 2.602245,000.00
Mountain America FD Credit Uni2719 NCD 249,000.0062384RAR7 05/09/2025 7694.85011/09/2022 248,529.39 4.825 4.892248,790.04
Morgan Stanley Bank NA2815 NCD 249,000.0061690UY20 02/02/2026 1,0384.25002/02/2023 244,687.32 4.191 4.250249,000.00
Morgan Stanley Bank NA2849 NCD 249,000.0061768EQV8 03/24/2025 7235.25003/23/2023 250,381.95 5.178 5.250249,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 3972.35005/22/2017 237,890.10 2.317 2.349245,000.00
New Brunswick Postal FCU2760 NCD 249,000.00642858AA2 12/15/2025 9895.00012/14/2022 249,064.74 4.931 5.000249,000.00
Customers Bank2848 NCD 249,000.0023204HNL8 09/23/2024 5415.30003/22/2023 249,938.73 5.227 5.300249,000.00
Northeast Community Bank2854 NCD 249,000.00664122AS7 03/28/2028 1,8235.45003/28/2023 249,483.06 5.375 5.450249,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 2413.55011/28/2018 242,518.15 3.503 3.551245,000.00
Oklahomas Credit Union2751 NCD 249,000.0067886WAD9 12/16/2024 6255.00012/14/2022 249,014.94 4.938 5.006249,000.00
Oregon State Credit Union2765 NCD 249,000.0068609EAC5 03/21/2024 3555.05012/21/2022 248,850.60 4.978 5.047249,000.00
Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 9130.45009/30/2020 223,006.89 0.443 0.450249,000.00
Parkside Credit Union2825 NCD 249,000.0070146NAA5 02/21/2024 3265.00002/21/2023 248,728.59 4.930 4.999249,000.00
Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 9270.50010/13/2020 222,770.34 0.533 0.540248,747.32
People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 2,4660.90012/30/2020 192,491.94 0.967 0.981247,692.75
Ponce De Leon Federal Bank2686 NCD 249,000.00732329BD8 09/15/2027 1,6283.50009/15/2022 235,215.36 3.453 3.501249,000.00
Pentagon Fed Cred Union2565 NCD 249,000.0070962LAE2 09/01/2026 1,2490.85009/01/2021 217,257.48 0.889 0.901248,574.20
Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 5032.00008/16/2019 235,077.50 1.972 2.000245,000.00
Pacific Alliance Bank2852 NCD 249,000.00693963AE0 03/27/2025 7265.15003/27/2023 249,933.75 5.087 5.157249,000.00
People Bank / Coldwater OH2853 NCD 249,000.00710275AD0 03/30/2027 1,4594.80003/30/2023 247,944.24 4.735 4.800249,000.00
Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 2,5221.00002/24/2021 193,291.23 1.055 1.070247,854.05
People's Security Bank & Trust2863 NCD 249,000.00712303BF2 03/30/2028 1,8255.45003/30/2023 249,500.49 5.377 5.452249,000.00
Public Service Credit Union2796 NCD 249,000.00744562AS8 01/20/2028 1,7554.75001/20/2023 247,859.58 4.687 4.752249,000.00
Raiz Federal Credit Union2798 NCD 249,000.0075102EAC2 07/25/2024 4814.90001/25/2023 248,497.02 4.828 4.895249,000.00
Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 6391.85012/30/2019 232,233.05 1.824 1.850245,000.00
Rogue Credit Union2717 NCD 249,000.0077535MAC7 11/10/2025 9544.90011/09/2022 249,000.00 4.868 4.935248,783.46
Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 5361.90009/18/2019 234,210.20 1.873 1.900245,000.00
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Sawyer Savings Bank2710 NCD 249,000.00805508BT4 10/28/2027 1,6714.90010/28/2022 248,828.19 4.877 4.945248,544.27
State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 8870.50009/04/2020 223,975.50 0.493 0.500249,000.00
Charles Schwab Bank2799 NCD 249,000.0015987UAJ7 01/18/2024 2924.65001/19/2023 247,954.20 4.586 4.650249,000.00
Select Bank Forest VA2857 NCD 249,000.0081618LAE7 03/31/2028 1,8265.40003/31/2023 249,535.35 5.332 5.406249,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 442.95005/15/2018 244,397.30 2.911 2.951245,000.00
San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 7261.10003/27/2020 230,845.41 1.085 1.100249,000.00
Sharonview Fed Credit Union2718 NCD 249,000.00819866BR4 10/31/2025 9445.00010/31/2022 249,042.33 4.966 5.035248,785.53
Signature Federal Credit Union2804 NCD 249,000.0082671DAB3 01/31/2028 1,7664.40001/31/2023 244,102.17 4.341 4.401249,000.00
Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 1,7830.80002/17/2021 205,225.80 0.861 0.873248,131.52
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 721.80006/10/2016 243,498.15 1.776 1.800245,000.00
Space Age Federal Credit Union2807 NCD 249,000.0084611JAB9 01/26/2024 3005.05001/27/2023 248,825.70 4.985 5.054249,000.00
SPCO Credit Union2827 NCD 249,000.0078472EAC8 02/28/2028 1,7944.35002/27/2023 243,546.90 4.290 4.349249,000.00
First Source Bank2754 NCD 249,000.0033646CNJ9 06/16/2028 1,9035.05012/16/2022 248,977.59 4.980 5.050249,000.00
Southeast Bank2821 NCD 249,000.0084133PFL7 02/06/2025 6774.55002/06/2023 247,137.48 4.487 4.550249,000.00
ST Lawrence Federal CU2728 NCD 249,000.00791125AB3 11/22/2023 2354.95011/22/2022 248,758.47 4.881 4.949249,000.00
Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 3621.15003/31/2020 239,458.32 1.134 1.150249,000.00
Synchrony Bank2563 NCD 249,000.0087165FZN7 08/20/2026 1,2370.90008/20/2021 218,148.90 0.887 0.900249,000.00
Technology Credit Union2797 NCD 249,000.0087868YAH6 07/21/2025 8425.10001/19/2023 249,082.17 5.031 5.100249,000.00
Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 9970.45012/23/2020 220,494.48 0.483 0.490248,728.09
Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 6041.95011/25/2019 233,259.60 1.923 1.950245,000.00
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 692.15006/09/2017 243,679.45 2.121 2.151245,000.00
Toyota Financial Savings Bank2551 NCD 249,000.0089235MLC3 07/15/2026 1,2010.95007/15/2021 219,371.49 0.936 0.950249,000.00
Trustone Fin. Credit Union2745 NCD 249,000.0089841MAM9 12/14/2023 2575.00012/14/2022 248,768.43 4.931 5.000249,000.00
Ufirst Federal Credit Union2832 NCD 249,000.00902684AB5 08/25/2025 8774.85002/24/2023 248,549.31 4.787 4.854249,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 2691.70006/24/2016 239,350.30 1.676 1.700245,000.00
Umassfive College Fed Cr Union2742 NCD 249,000.0090407LAD5 03/08/2024 3424.95012/09/2022 248,133.48 4.879 4.947249,000.00
Uncle Credit Union2786 NCD 249,000.0090307LAA2 01/17/2024 2914.85001/17/2023 248,434.77 4.783 4.849249,000.00
United Heritage Credit Union2711 NCD 249,000.0091334AAC7 04/28/2025 7584.60010/28/2022 247,301.82 4.539 4.602249,000.00
Greenstate Credit Union2552 NCD 249,000.0039573LBM9 07/21/2026 1,2070.95007/21/2021 218,980.56 0.937 0.950249,000.00
USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 7301.15003/31/2020 231,231.36 1.155 1.171248,900.45
USF Federal Credit Union2546 NCD 249,000.0090353EAR4 07/15/2031 3,0271.75007/15/2021 195,375.36 1.801 1.826247,555.30
Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 2543.65010/18/2019 242,523.05 2.170 2.200247,361.86
Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 5102.05008/23/2019 235,116.70 2.024 2.052245,000.00
Washington State Emp CU2780 NCD 249,000.00939769AC9 12/29/2023 2725.00012/29/2022 248,728.59 4.931 4.999249,000.00
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 9571.05005/13/2020 224,683.04 1.035 1.050248,000.00
Wells Fargo Bank2843 NCD 249,000.00949764AF1 03/17/2025 7165.25003/17/2023 250,367.01 5.185 5.257249,000.00
Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 9720.50011/27/2020 221,622.45 0.515 0.522248,801.29
Workers Fed Credit Union2749 NCD 249,000.0098138MAX8 12/14/2027 1,7185.10012/14/2022 249,072.21 5.032 5.102249,000.00
West Town Bank and Trust2855 NCD 249,000.00956310BM7 03/28/2028 1,8235.45003/28/2023 249,602.58 5.381 5.456249,000.00
Subtotal and Average 41,874,515.15 41,898,000.00 39,854,596.25 3.003 3.044 904
Corporate Medium Term Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 4062.85008/06/2019 1,474,575.00 1.998 2.0251,512,594.75
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 322.40008/29/2019 548,988.00 1.726 1.750550,306.27
Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 6532.75008/28/2020 1,460,970.00 0.620 0.6281,555,882.13
Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 1,0440.70002/08/2021 636,895.00 0.684 0.694700,114.86
Apple, Inc.2667 MTN 750,000.00037833CJ7 02/09/2027 1,4103.35002/23/2022 732,345.00 2.115 2.145781,320.52
Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 8670.45003/01/2021 183,442.00 0.668 0.678198,936.18
Alphabet (Google) Inc.2675 MTN 1,000,000.0002079KAC1 08/15/2026 1,2321.99803/14/2022 936,670.00 2.197 2.228992,644.27
Alphabet (Google) Inc.2689 MTN 1,000,000.0002079KAJ6 08/15/2027 1,5970.80009/14/2022 876,920.00 3.442 3.489892,781.00
Alphabet (Google) Inc.2837 MTN 2,800,000.0002079KAJ6 08/15/2027 1,5970.80002/15/2023 2,455,376.00 3.964 4.0202,442,663.14
Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 8840.55012/23/2020 1,838,720.00 0.479 0.4862,003,047.73
Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 1,0652.45003/01/2021 1,921,520.00 0.812 0.8232,088,218.55
Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 1,0652.45003/01/2021 960,760.00 0.812 0.8241,044,097.96
Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 3112.87501/22/2020 1,773,180.00 1.727 1.7511,815,820.56
Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 9473.12511/18/2020 2,847,759.20 0.572 0.5803,099,965.70
Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 9473.12503/01/2021 175,546.80 0.753 0.763190,221.93
Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 3066.87512/12/2019 1,016,080.00 1.934 1.9601,039,143.05
Stanford University2648 MTN 1,500,000.0085440KAC8 06/01/2027 1,5221.28901/07/2022 1,339,485.00 1.479 1.5001,487,373.40
Stanford University2658 MTN 500,000.0085440KAC8 06/01/2027 1,5221.28902/01/2022 446,495.00 1.849 1.875488,431.10
Stanford University2709 MTN 1,530,000.0085440KAC8 06/01/2027 1,5221.28910/19/2022 1,366,274.70 4.487 4.5501,344,365.60
Stanford University2761 MTN 450,000.0085440KAC8 06/01/2027 1,5221.28912/12/2022 401,845.50 4.142 4.200400,702.91
Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 7450.87307/01/2020 1,865,540.00 0.616 0.6252,009,758.28
Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 7450.87303/01/2021 2,798,310.00 0.638 0.6463,013,354.45
Subtotal and Average 29,651,744.34 29,880,000.00 28,057,697.20 1.574 1.596 968
Federal Agency Bonds
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 3613.33001/09/2015 398,509.64 2.540 2.575406,665.82
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 722.61001/22/2015 1,597,632.12 2.269 2.3011,604,883.85
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
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 Mortgage1447 1,450,000.0031315PD89 06/12/2023 722.61002/09/2015 1,444,243.50 2.377 2.4101,450,514.58
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 8564.35004/08/2016 477,128.40 2.296 2.328494,066.02
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 3963.30004/21/2016 1,477,950.00 2.084 2.1121,517,655.26
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 3963.30004/26/2016 1,477,950.00 2.159 2.1891,516,461.11
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 1,0394.81010/18/2016 1,535,865.00 2.131 2.1601,601,695.87
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 5102.25010/06/2017 969,340.00 2.332 2.365998,524.60
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 4882.62501/09/2018 975,020.00 2.546 2.5811,000,526.33
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 4882.62501/11/2018 1,462,530.00 2.623 2.6601,499,358.89
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 3043.46012/14/2018 542,944.53 3.018 3.060550,673.97
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 3742.35004/09/2019 976,500.00 2.365 2.398999,535.91
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 5995.25004/08/2019 687,193.68 2.420 2.454706,801.21
Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 8564.35009/09/2019 553,630.00 1.659 1.683582,564.38
Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 1,6932.85003/11/2020 1,498,112.58 1.050 1.0641,693,280.67
Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 2,5991.50005/13/2020 1,668,180.00 1.479 1.5002,000,000.00
Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 2,6411.40006/24/2020 1,444,292.50 1.380 1.4001,750,000.00
Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 2,6411.40006/24/2020 1,650,620.00 1.380 1.4002,000,000.00
Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 2,6551.40007/08/2020 1,238,160.00 1.380 1.4001,500,000.00
Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 2,7361.30010/08/2020 1,632,060.00 1.286 1.3042,000,000.00
Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 2,7601.28010/21/2020 1,627,680.00 1.262 1.2802,000,000.00
Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 2,7681.34010/29/2020 1,634,100.00 1.321 1.3402,000,000.00
Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 2,7901.15011/20/2020 1,228,500.00 1.134 1.1501,500,000.00
Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 2,8111.30012/11/2020 1,215,540.00 1.282 1.3001,500,000.00
Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 2,8161.45012/16/2020 1,638,600.00 1.430 1.4502,000,000.00
Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 2,7901.15012/09/2020 819,000.00 1.144 1.160999,232.34
Federal Agricultural Mortgage2471 1,500,000.0031422B6K1 01/15/2026 1,0200.48001/15/2021 1,365,570.00 0.493 0.5001,499,163.33
Federal Agricultural Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 2,8461.29001/15/2021 1,211,595.00 1.319 1.3381,494,742.50
Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 2,8591.32001/28/2021 808,890.00 1.301 1.3201,000,000.00
Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 2,8871.53002/25/2021 1,230,735.00 1.509 1.5301,500,000.00
Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 2,8941.47003/04/2021 834,850.00 1.581 1.602990,299.80
Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 1,0910.83003/29/2021 1,372,920.00 0.828 0.8401,499,551.17
Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 1,0910.83003/31/2021 1,372,920.00 0.913 0.9261,495,776.28
Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 2,9282.07004/07/2021 1,277,805.00 2.074 2.1031,496,617.50
Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 1,8391.37504/15/2021 1,769,160.00 1.311 1.3302,004,303.32
Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 2,9501.66004/29/2021 1,236,015.00 1.627 1.6501,501,090.50
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 1,0910.83005/20/2021 1,372,920.00 0.864 0.8761,497,983.19
Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 1,0910.83006/08/2021 233,396.40 0.820 0.831254,986.99
Federal Agricultural Mortgage2593 1,000,000.0031422XNM0 10/05/2026 1,2831.05010/05/2021 909,670.00 1.035 1.0501,000,000.00
Federal Agricultural Mortgage2621 1,000,000.0031422XPS5 11/17/2026 1,3261.15011/17/2021 910,510.00 1.272 1.290995,080.73
Federal Agricultural Mortgage2625 1,000,000.0031422XQM7 12/01/2026 1,3401.32012/01/2021 915,500.00 1.301 1.3201,000,000.00
Federal Agricultural Mortgage2634 1,500,000.0031422XRK0 01/04/2027 1,3741.32001/04/2022 1,370,820.00 1.301 1.3201,500,000.00
Federal Agricultural Mortgage2640 Call 1,500,000.0031422XRY0 12/29/2031 3,1942.15012/29/2021 1,267,245.00 2.120 2.1501,500,000.00
Federal Agricultural Mortgage2714 1,500,000.0031422XN32 10/24/2023 2064.72010/24/2022 1,499,595.00 4.655 4.7201,500,000.00
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 1162.12501/27/2016 619,850.00 2.024 2.052625,134.22
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 6222.12505/13/2016 965,090.00 1.930 1.9561,002,618.33
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 3592.30005/04/2017 881,037.00 2.274 2.306899,947.35
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 5552.91006/21/2017 488,330.00 2.143 2.172505,140.84
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 1592.15001/15/2019 494,420.00 2.656 2.693498,898.90
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 2222.13001/15/2019 639,470.00 2.662 2.699647,909.72
Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 1,2202.63003/13/2020 960,500.00 1.089 1.1041,049,041.60
Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 2,6481.33007/01/2020 1,232,460.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 2,6481.33007/01/2020 1,232,460.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 8640.57008/12/2020 1,382,010.00 0.587 0.5951,499,113.54
Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 8770.61009/03/2020 1,381,950.00 0.611 0.6201,499,638.39
Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 8770.61009/10/2020 1,381,950.00 0.611 0.6201,499,636.97
Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 8990.55009/22/2020 1,377,315.00 0.542 0.5491,500,000.00
Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 9120.53009/29/2020 1,375,245.00 0.522 0.5301,500,000.00
Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 9120.53009/29/2020 1,375,245.00 0.537 0.5451,499,438.75
Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 2,6411.25010/01/2020 1,632,820.00 1.246 1.2631,998,142.31
Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 2,7741.37011/04/2020 1,223,700.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 2,7741.37011/04/2020 1,223,700.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 2,8451.38001/14/2021 1,220,025.00 1.361 1.3801,500,000.00
Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 2,8801.42004/01/2021 1,220,910.00 1.834 1.8591,452,683.43
Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 2,9141.98005/27/2021 846,920.00 1.887 1.9131,004,784.27
Federal Farm Credit Bank .2769 Call 1,500,000.003133EN4R8 12/21/2032 3,5526.08012/21/2022 1,496,205.00 5.996 6.0801,500,000.00
Federal Farm Credit Bank .2789 Call 1,500,000.003133EN5S5 01/10/2033 3,5725.90001/10/2023 1,495,965.00 5.819 5.9001,500,000.00
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 2512.25001/03/2018 982,870.00 2.359 2.392999,092.98
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 1602.37501/09/2018 989,950.00 2.376 2.409999,860.83
Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 2,0681.32005/28/2020 1,299,330.00 1.301 1.3201,500,000.00
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
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 Bank2358 Call 1,000,000.003130AJP78 06/11/2029 2,2631.40006/11/2020 850,730.00 1.380 1.4001,000,000.00
Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 2,2631.40006/11/2020 850,730.00 1.427 1.447997,246.91
Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 2,2811.25006/29/2020 757,791.00 1.232 1.250900,000.00
Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 2,6411.36006/24/2020 1,234,335.00 1.341 1.3601,500,000.00
Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 2,6561.39007/09/2020 1,237,080.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 2,6561.39007/09/2020 1,237,080.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 2,6561.39007/09/2020 1,237,080.00 1.382 1.4011,498,800.08
Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 8790.60008/27/2020 1,381,395.00 0.611 0.6201,499,278.33
Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 8790.60008/27/2020 1,381,395.00 0.611 0.6201,499,278.33
Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 9120.57009/29/2020 1,376,640.00 0.582 0.5901,499,251.67
Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 8790.60009/16/2020 1,086,697.40 0.591 0.5991,180,000.00
Federal Home Loan Bank2419 Call 1,500,000.003130AKAZ91 09/29/2025 9120.52009/29/2020 1,374,900.00 0.512 0.5201,500,000.00
Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 2,6421.35011/04/2020 986,688.00 1.334 1.3531,199,711.92
Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 2,8401.40001/28/2021 1,222,350.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 2,8591.40001/28/2021 1,220,805.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 2,8721.35002/10/2021 1,214,985.00 1.331 1.3501,500,000.00
Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 2,8801.40002/18/2021 1,625,420.00 1.380 1.4002,000,000.00
Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 2,8881.50002/26/2021 1,227,855.00 1.479 1.5001,500,000.00
Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 2,8871.62502/25/2021 1,239,585.00 1.602 1.6251,500,000.00
Federal Home Loan Bank2520 Call 1,925,000.003130ALF33 03/16/2026 1,0800.75003/25/2021 1,747,014.50 0.853 0.8651,918,589.78
Federal Home Loan Bank2607 Call 1,000,000.003130APPJ8 11/04/2031 3,1392.00011/04/2021 837,630.00 1.972 2.0001,000,000.00
Federal Home Loan Bank2613 Call 1,000,000.003130APV77 12/10/2026 1,3491.50012/10/2021 912,400.00 1.479 1.5001,000,000.00
Federal Home Loan Bank2616 Call 1,000,000.003130APW84 12/03/2026 1,3421.50012/03/2021 912,360.00 1.479 1.5001,000,000.00
Federal Home Loan Bank2618 Call 1,000,000.003130APXD2 12/17/2026 1,3561.55012/17/2021 913,200.00 1.528 1.5501,000,000.00
Federal Home Loan Bank2619 Call 1,000,000.003130APWY7 12/07/2026 1,3461.35012/07/2021 907,480.00 1.331 1.3501,000,000.00
Federal Home Loan Bank2620 Call 1,000,000.003130APXT7 12/17/2026 1,3561.60012/17/2021 914,790.00 1.578 1.6001,000,000.00
Federal Home Loan Bank2659 Call 1,000,000.003130AQSM6 02/25/2027 1,4262.05002/25/2022 927,990.00 2.021 2.0501,000,000.00
Federal Home Loan Bank2662 Call 1,000,000.003130AQX65 03/04/2027 1,4332.25003/04/2022 934,820.00 2.219 2.2501,000,000.00
Federal Home Loan Bank2663 Call 1,000,000.003130AQYA5 02/24/2027 1,4252.25002/28/2022 934,230.00 2.219 2.2501,000,000.00
Federal Home Loan Bank2664 Call 1,500,000.003130AQYG2 02/25/2027 1,4262.50002/28/2022 1,412,115.00 2.470 2.5041,500,000.00
Federal Home Loan Bank2665 Call 1,000,000.003130AQZD8 02/25/2027 1,4262.62502/25/2022 944,970.00 2.589 2.6251,000,000.00
Federal Home Loan Bank2703 1,500,000.003130ATKJ5 03/08/2024 3424.37510/14/2022 1,495,260.00 4.400 4.4611,498,853.60
Federal Home Loan Bank2737 1,500,000.003130ATYM3 11/22/2023 2354.87511/22/2022 1,501,620.00 4.838 4.9061,499,711.25
Federal Home Loan Bank2787 1,500,000.003130AUFY5 01/05/2024 2794.75001/05/2023 1,500,840.00 4.790 4.8561,498,824.08
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Home Loan Bank2794 Call 1,500,000.003130AUJJ4 01/27/2028 1,7625.55501/30/2023 1,494,525.00 5.479 5.5551,500,000.00
Federal Home Loan Bank2802 Call 1,500,000.003130AULM4 01/26/2033 3,5885.62001/26/2023 1,486,110.00 5.543 5.6201,500,000.00
Federal Home Loan Bank2824 1,000,000.003130AUU28 02/08/2024 3135.00002/08/2023 1,002,020.00 4.931 5.0001,000,000.00
Federal Home Loan Bank2844 500,000.003130AVCN0 03/13/2024 3475.37503/13/2023 502,995.00 5.311 5.385499,952.50
Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 1,8741.20005/18/2020 397,615.40 1.183 1.200455,000.00
Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 2,6451.40006/30/2020 1,237,545.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 2,2811.25006/29/2020 1,263,030.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 2,0991.20007/01/2020 1,285,500.00 1.183 1.1991,500,000.00
Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 2,1091.20007/08/2020 1,272,585.00 1.183 1.2001,500,000.00
Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 2,6621.37507/15/2020 1,235,280.00 1.356 1.3751,500,000.00
Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 2,6761.35007/29/2020 1,231,890.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 2,6761.35007/29/2020 1,231,890.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 8710.62508/20/2020 922,090.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 8980.65009/15/2020 1,380,870.00 0.641 0.6501,500,000.00
Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 8920.65009/09/2020 1,332,658.06 0.641 0.6501,447,000.00
Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 8850.68009/04/2020 1,383,225.00 0.670 0.6791,500,000.00
Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 9060.62509/23/2020 1,379,160.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 9060.62509/23/2020 919,440.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2418 Call 1,500,000.003134GWVV5 10/15/2025 9280.50010/15/2020 1,379,490.00 0.493 0.5001,500,000.00
Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 9130.55009/30/2020 1,834,480.00 0.542 0.5502,000,000.00
Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 9130.55009/30/2020 1,375,860.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 9130.55009/30/2020 1,375,860.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 9280.55010/15/2020 1,374,210.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 9210.57010/08/2020 1,375,605.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 9410.53010/28/2020 1,372,110.00 0.522 0.5301,500,000.00
Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 2,7611.25010/22/2020 1,217,820.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 9420.57010/29/2020 1,373,475.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 2,7671.40010/28/2020 1,641,400.00 1.380 1.4002,000,000.00
Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 9420.61010/29/2020 1,375,005.00 0.601 0.6101,500,000.00
Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 2,7671.30010/28/2020 1,629,200.00 1.282 1.3002,000,000.00
Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 9410.60010/28/2020 687,315.00 0.591 0.600750,000.00
Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 9400.62510/27/2020 1,375,635.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 2,7751.40011/05/2020 1,226,385.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 2,7751.40011/05/2020 1,226,385.00 1.380 1.4001,500,000.00
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 1,1257.12511/10/2016 545,815.00 2.367 2.400564,751.32
Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 8800.62508/28/2020 921,420.00 0.616 0.6251,000,000.00
Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 8790.65008/27/2020 922,060.00 0.641 0.6501,000,000.00
Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 8790.65008/27/2020 1,383,090.00 0.641 0.6501,500,000.00
Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 8790.62508/27/2020 1,382,235.00 0.616 0.6251,500,000.00
Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 9050.51509/22/2020 1,375,455.00 0.507 0.5151,500,000.00
Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 9130.55009/30/2020 1,375,890.00 0.542 0.5501,500,000.00
Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 9080.60009/25/2020 1,378,080.00 0.591 0.6001,500,000.00
Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 2,6830.87512/07/2020 1,632,640.00 1.139 1.1551,961,183.83
Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 2,8231.40012/23/2020 1,223,760.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 1,0040.64012/30/2020 911,280.00 0.597 0.6051,000,928.56
Federal National Mortgage Asso2808 1,500,000.003135G05G4 07/10/2023 1000.25001/20/2023 1,482,690.00 4.688 4.7531,481,830.59
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 9456.75011/20/2015 1,065,900.00 2.807 2.8461,087,278.72
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 5332.87501/15/2016 729,907.50 2.564 2.600752,669.12
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 9456.75004/18/2016 826,072.50 2.337 2.370853,073.20
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 9456.75011/10/2016 1,332,375.00 2.317 2.3501,377,425.26
Subtotal and Average 205,203,757.60 204,590,000.00 183,078,719.71 1.577 1.599 1,701
Treasury Securities (Notes)
U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 1,0050.37502/26/2021 1,367,220.00 0.731 0.7421,485,149.97
U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 1,0640.50003/09/2021 1,363,305.00 0.819 0.8311,485,849.44
U.S. Treasury2587 TB 1,500,000.0091282CCP4 07/31/2026 1,2170.62509/24/2021 1,353,045.00 0.888 0.9011,486,525.73
U.S. Treasury2701 TB 1,000,000.0091282CFN6 09/30/2024 5484.25010/07/2022 998,870.00 4.142 4.1991,000,709.60
U.S. Treasury2740 TB 1,500,000.0091282CER8 05/31/2024 4262.50011/23/2022 1,466,370.00 4.636 4.7001,463,255.70
Subtotal and Average 6,921,490.44 7,000,000.00 6,548,810.00 2.103 2.132 874
Municipal Bonds
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 1,2184.00012/05/2019 287,929.40 2.139 2.168306,397.83
County of Alameda2691 MUN 1,500,000.00010878BK1 08/01/2031 3,0443.69909/21/2022 1,428,030.00 4.281 4.3401,434,009.40
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 7923.36512/24/2018 495,430.25 3.175 3.220506,419.54
Alameda County Joint Pws Auth.2566 MUN 110,000.00010831DT9 06/01/2026 1,1573.39508/13/2021 106,931.00 0.925 0.938118,344.79
State of Alabama2835 MUN 1,000,000.00010411CT1 11/01/2026 1,3103.45002/15/2023 976,680.00 4.142 4.200975,310.40
Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 4883.02608/16/2019 490,245.00 1.876 1.902507,115.29
Antelope Valley Community Coll2694 MUN 1,080,000.0003667PHJ4 08/01/2029 2,3141.66109/23/2022 906,325.20 4.389 4.450917,100.47
Antelope Valley Community Coll2705 MUN 300,000.0003667PGA4 08/01/2031 3,0442.33810/17/2022 250,977.00 5.128 5.200243,138.43
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
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
Antelope Valley Community Coll2727 MUN 335,000.0003667PFZ0 08/01/2030 2,6792.21811/10/2022 284,224.05 5.640 5.719268,773.38
Antelope Valley Community Coll2784 MUN 675,000.0003667PHL9 08/01/2031 3,0441.86101/05/2023 542,767.50 4.911 4.980533,591.22
Bay Area Toll Authority2558 MUN 1,750,000.00072024XC1 04/01/2026 1,0961.07907/26/2021 1,591,485.00 0.739 0.7501,766,937.09
Berkeley Unified School Dist.2817 MUN 250,000.00084154G49 08/01/2031 3,0441.85601/26/2023 201,845.00 4.524 4.586203,336.05
Beverly Hills Public Fing Auth2612 MUN 350,000.00088006KA8 06/01/2026 1,1571.14711/15/2021 316,372.00 1.183 1.200349,429.30
Beverly Hills Public Fing Auth2680 MUN 490,000.00088006KB6 06/01/2027 1,5221.32704/01/2022 433,400.10 2.810 2.850461,271.77
Beverly Hills Unified Sch Dist2682 MUN 920,000.00088023PL4 08/01/2026 1,2182.70004/13/2022 872,049.60 2.644 2.681920,556.28
Burlingame School District1548 MUN 355,000.00121457EQ4 08/01/2025 8536.23802/24/2016 362,785.15 3.557 3.606373,351.68
City of Buena Park2734 MUN 685,000.00119174AJ9 07/01/2030 2,6481.88211/18/2022 565,488.05 5.076 5.147552,231.12
Burbank Unified School Distri.2570 MUN 1,000,000.0012082SDN1 08/01/2026 1,2181.36708/30/2021 910,850.00 0.947 0.9601,013,212.87
Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 1,5832.38510/08/2019 1,835,380.00 2.342 2.3752,000,000.00
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 1,2185.23409/27/2017 312,759.20 2.850 2.890325,890.97
CA Infrastructure -Econ Dev Bk2666 MUN 210,000.0013034AL73 10/01/2026 1,2791.03502/16/2022 188,136.90 2.224 2.254201,529.62
CA ST Dept of WTR Resources2633 MUN 180,000.0013067WRC8 12/01/2025 9750.79012/13/2021 164,361.60 1.301 1.320177,529.01
CA ST Dept of WTR Resources2645 MUN 300,000.0013067WRD6 12/01/2026 1,3400.92012/23/2021 266,904.00 1.430 1.450294,391.86
Chabot-Las Positas CCD2564 MUN 285,000.0015722TJR3 08/01/2026 1,2181.08008/16/2021 253,570.20 0.897 0.910286,574.92
Chabot-Las Positas CCD2589 MUN 125,000.0015722TJQ5 08/01/2025 8530.88009/29/2021 114,273.75 0.897 0.910124,913.39
Chabot-Las Positas CCD2764 MUN 770,000.0015722TJV4 08/01/2030 2,6791.79012/14/2022 629,906.20 5.069 5.140615,123.88
Chabot-Las Positas CCD2830 MUN 205,000.0015722TJS1 08/01/2027 1,5831.28702/13/2023 178,120.40 4.296 4.356180,464.10
Chabot-Las Positas CCD2842 MUN 1,000,000.0015722TJQ5 08/01/2025 8530.88003/07/2023 914,190.00 4.783 4.850913,530.56
Chaffey Community Clg District2698 MUN 300,000.00157432KL8 06/01/2030 2,6182.32910/06/2022 258,504.00 4.931 5.000252,756.50
Chaffey Community Clg District2712 MUN 500,000.00157432KK0 06/01/2029 2,2532.22910/21/2022 437,695.00 5.216 5.289421,231.97
City of Chula Vista2653 MUN 1,000,000.0017131RAU0 06/01/2026 1,1570.84001/10/2022 880,890.00 1.676 1.700973,861.48
Calleguas Municipal Water Dist2544 MUN 550,000.0013124MCE3 07/01/2029 2,2831.86507/01/2021 472,499.50 1.425 1.445563,586.72
Calleguas Municipal Water Dist2646 MUN 600,000.0013124MCB9 07/01/2026 1,1871.09712/27/2021 539,784.00 1.233 1.250597,103.82
Calleguas Municipal Water Dist2791 MUN 170,000.0013124MCB9 07/01/2026 1,1871.09701/09/2023 152,938.80 4.625 4.690151,876.59
Campbell Union High Sch Dist2753 MUN 500,000.00134159A77 08/01/2029 2,3141.47212/07/2022 415,445.00 4.714 4.780411,152.38
Corona-Norco Unified School Di2704 MUN 700,000.00219766QU9 09/01/2030 2,7102.11410/14/2022 581,826.00 5.178 5.250568,043.46
City of Corona2601 MUN 500,000.0021969AAJ1 05/01/2030 2,5872.24210/14/2021 418,605.00 2.052 2.081505,196.13
Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 1,9492.21309/12/2019 359,468.00 2.071 2.100402,184.68
Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 2,3142.26309/20/2019 874,288.80 2.505 2.539974,731.64
Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 2,3142.26302/07/2020 1,324,680.00 2.100 2.1301,511,379.96
Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 8531.91803/09/2020 301,974.40 1.128 1.143325,590.54
Contra Costa Community College2555 MUN 1,000,000.00212204LM1 08/01/2026 1,2181.30008/02/2021 905,900.00 0.764 0.7751,017,129.52
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Desert Community Clg Dist2611 MUN 200,000.00250375JX1 08/01/2027 1,5831.16911/12/2021 174,872.00 1.479 1.500197,258.82
Desert Community Clg Dist2738 MUN 200,000.00250375LA8 08/01/2027 1,5833.00011/23/2022 189,152.00 4.965 5.034184,461.00
Desert Sands Unif Sch District2635 MUN 880,000.00250433UA5 08/01/2026 1,2181.98212/16/2021 811,201.60 1.390 1.410896,179.32
City of El Segundo2696 MUN 935,000.00284035AK8 07/01/2031 3,0132.26709/29/2022 772,805.55 5.118 5.190755,599.52
Federal Farm Credit Bank .2829 500,000.003133EPAF2 02/08/2024 3134.75002/10/2023 499,775.00 4.833 4.900499,378.28
Federal Home Loan Bank2833 1,180,000.00313383YJ4 09/08/2023 1603.37502/14/2023 1,172,613.20 4.932 5.0011,171,826.76
Fremon Union High School Distr1646 MUN 510,000.00357172VA0 02/01/2026 1,0376.08006/28/2016 526,763.70 2.994 3.035548,416.16
Fremon Union High School Distr2595 MUN 235,000.00357172C52 08/01/2031 3,0442.02010/01/2021 192,222.95 1.825 1.851238,005.21
Foothill-De Anza Comm Clg Dist2699 MUN 1,230,000.00345102PF8 08/01/2024 4880.57510/06/2022 1,167,516.00 4.241 4.3001,171,825.32
Foothill-De Anza Comm Clg Dist2818 MUN 540,000.00345102PG6 08/01/2025 8530.90601/27/2023 498,441.60 4.172 4.230500,656.22
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 1,2183.16002/14/2018 955,667.65 3.028 3.070997,605.87
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 8533.04002/14/2018 724,845.00 2.959 3.000750,618.98
Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 1,2183.16008/29/2019 350,571.55 1.913 1.940378,825.47
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 6722.37507/29/2016 1,760,614.00 1.972 1.9991,836,482.48
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 9144.00004/10/2017 246,555.00 2.739 2.777256,768.44
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 1,2794.31001/26/2018 1,088,221.95 2.979 3.0201,138,216.85
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 1,2794.31003/19/2018 198,762.00 3.204 3.248206,434.38
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 1833.74010/25/2018 387,644.40 3.093 3.136391,082.65
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 1,4022.72010/31/2018 332,290.00 3.412 3.460341,421.46
State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 1833.72008/29/2019 1,490,805.00 1.749 1.7741,514,015.42
State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 1,2794.31001/31/2020 422,369.25 1.837 1.863459,087.84
State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 5493.82003/23/2020 985,480.00 1.889 1.9151,027,270.65
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 1,8882.26509/16/2019 1,199,928.30 2.318 2.3501,339,669.42
City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 1,8882.26510/02/2019 356,856.00 2.194 2.225400,744.24
City of Glendora2590 MUN 1,365,000.00378612AJ4 06/01/2026 1,1572.10809/29/2021 1,263,457.65 1.075 1.0901,407,778.87
Glendale Unified School Dist.2697 MUN 400,000.00378460ZC6 09/01/2031 3,0751.84209/30/2022 324,452.00 4.941 5.010314,824.07
Glendale Unified School Dist.2739 MUN 535,000.00378460A74 09/01/2027 1,6141.11311/25/2022 466,236.45 4.686 4.751458,848.22
Grossmont-Cuyamaca Cmnty Clg D2721 MUN 450,000.00399267HH9 08/01/2027 1,5831.48211/02/2022 400,041.00 5.227 5.300384,918.15
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 1,2793.15010/19/2016 1,007,850.25 2.431 2.4651,067,081.01
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 6725.23010/25/2018 252,907.50 3.363 3.410257,449.14
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 1,0375.33012/06/2018 820,080.00 3.304 3.350839,598.97
State of Hawaii2820 MUN 700,000.00419792F92 08/01/2025 8531.03301/30/2023 648,130.00 4.172 4.230650,936.91
City of Huntington Beach2560 MUN 1,000,000.00446201AE5 06/15/2026 1,1711.34408/12/2021 897,070.00 0.909 0.9211,013,195.19
City of Huntington Beach2562 MUN 1,000,000.00446201AE5 06/15/2026 1,1711.34408/13/2021 897,070.00 0.927 0.9391,012,626.43
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
City of Huntington Beach2790 MUN 805,000.00446216HN6 05/01/2029 2,2221.73101/09/2023 684,853.75 4.931 5.000669,124.04
City of Huntington Beach2840 MUN 175,000.00446201AE5 06/15/2026 1,1711.34403/03/2023 156,987.25 5.340 5.414154,330.02
Liberty Union High Sch Distr2768 MUN 530,000.00530319SP8 08/01/2028 1,9491.48412/15/2022 456,282.30 4.614 4.678451,394.67
City of La Habra2660 MUN 500,000.00503433AK0 08/01/2031 3,0442.67302/07/2022 426,215.00 2.638 2.675499,912.13
Los Altos Elementary Sch Distr2681 MUN 500,000.00544290JH3 10/01/2024 5491.00003/24/2022 473,450.00 2.522 2.557488,738.59
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 1532.64002/14/2017 989,320.00 2.784 2.8231,000,113.28
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 1,2493.30011/02/2018 285,565.90 3.530 3.579292,553.11
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 1,2493.50001/07/2019 974,300.00 3.077 3.1191,011,455.88
City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 1,6143.40001/06/2020 809,314.80 2.360 2.393873,935.39
City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 2,3453.05001/22/2020 914,503.55 2.413 2.4461,018,791.48
City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 1,2493.15003/05/2020 963,320.00 1.519 1.5411,052,122.30
City of Los Angeles2692 MUN 1,000,000.00544351QX0 09/01/2032 3,4414.40009/28/2022 981,750.00 4.346 4.406999,525.61
City of Los Angeles2783 MUN 300,000.00544351MR7 09/01/2025 8843.45012/23/2022 293,970.00 4.724 4.790290,970.15
City of Los Angeles2800 MUN 310,000.00544351KT5 09/01/2024 5192.84001/17/2023 302,715.00 4.290 4.350303,654.34
Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 2,6791.80601/28/2021 848,490.00 1.432 1.4521,024,174.27
Los Angeles Community College2592 MUN 250,000.0054438CYL0 08/01/2026 1,2181.17409/30/2021 225,655.00 1.064 1.078250,770.25
Los Angeles Community College2614 MUN 1,500,000.0054438CYL0 08/01/2026 1,2181.17411/15/2021 1,353,930.00 1.233 1.2501,496,306.60
Los Angeles Community College2642 MUN 275,000.0054438CYL0 08/01/2026 1,2181.17412/21/2021 248,220.50 1.282 1.300273,880.78
Los Angeles Cnty Met Tran Auth2641 MUN 1,000,000.005447122K7 06/01/2025 7925.13012/21/2021 1,007,610.00 1.085 1.1001,085,520.89
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 1,5525.51603/29/2018 1,564,050.00 3.254 3.3001,620,838.78
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 1,5525.51610/29/2018 443,147.50 3.600 3.650453,657.24
State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 2,2224.91001/30/2020 254,375.00 2.331 2.363284,603.78
State of Massachusetts2543 MUN 1,000,000.0057582PUT5 05/01/2029 2,2224.91007/01/2021 1,017,500.00 1.484 1.5051,195,010.96
State of Massachusetts2684 MUN 1,000,000.0057582PUS7 05/01/2027 1,4914.76004/05/2022 1,021,120.00 2.968 3.0101,065,787.73
State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 8534.35012/16/2019 498,310.00 2.089 2.118524,411.85
State of Maryland2581 MUN 245,000.005741926N5 08/01/2025 8534.35009/23/2021 244,171.90 0.690 0.700265,548.86
State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 754.45010/15/2019 999,390.00 1.893 1.9201,004,997.24
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 1,1403.85012/21/2018 808,599.00 3.452 3.500832,870.22
Milpitas Unified School Distr2746 MUN 630,000.00601670ML3 08/01/2028 1,9491.45112/02/2022 542,757.60 4.802 4.869530,595.35
City of Manhattan Beach2647 MUN 650,000.00562784AM0 01/01/2032 3,1972.34101/05/2022 538,395.00 2.129 2.159658,369.92
Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 1,5522.21410/08/2019 919,210.00 2.183 2.2141,000,000.00
Mtn. View-Whisman School Dist.2708 MUN 1,135,000.0062451FJE1 09/01/2026 1,2491.89310/19/2022 1,057,150.35 4.487 4.5501,041,458.63
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 1,5833.27209/28/2017 482,695.00 2.791 2.830508,301.95
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 1,2183.17211/05/2018 116,236.80 3.452 3.500118,857.20
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 1,5833.33008/29/2019 241,915.00 1.874 1.900264,317.32
Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 8535.00003/06/2020 314,863.90 1.193 1.210336,457.71
Marin Community College Dist.2495 MUN 1,000,000.0056781RKH9 08/01/2030 2,6791.45102/25/2021 816,130.00 1.431 1.4511,000,000.00
Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 2,6791.45102/25/2021 579,452.30 1.470 1.490708,068.20
Marin Community College Dist.2568 MUN 1,000,000.0056781RKU0 08/01/2026 1,2180.89309/14/2021 898,620.00 0.880 0.8931,000,000.00
Marin Community College Dist.2588 MUN 285,000.0056781RKD8 08/01/2026 1,2180.67909/29/2021 254,231.40 1.025 1.040281,662.46
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 1224.10310/26/2015 1,331,302.05 2.490 2.5251,341,338.65
Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 2,3142.56902/04/2020 206,466.40 2.533 2.569230,000.00
Mt. San Antonio Community Coll2661 MUN 785,000.00623040KX9 08/01/2030 2,6792.64902/07/2022 695,329.45 2.173 2.203808,289.05
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 1,3103.75111/07/2018 1,470,105.00 3.377 3.4241,515,209.34
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 1,3103.75111/07/2018 490,035.00 3.401 3.449504,677.04
State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 6102.98708/30/2019 729,885.00 1.745 1.770764,461.40
State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 6102.98709/04/2019 486,590.00 1.783 1.807509,332.27
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 9454.68109/09/2019 150,775.50 1.888 1.914160,094.83
State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 5804.51112/19/2019 249,237.50 2.079 2.108258,993.28
State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 2143.40803/20/2020 991,030.00 1.626 1.6491,009,948.33
State of Mississippi2626 MUN 1,000,000.00605581QR1 10/01/2031 3,1052.11712/09/2021 833,370.00 1.992 2.0201,007,433.41
State of Mississippi2629 MUN 250,000.00605581LL9 11/01/2025 9453.64612/06/2021 245,067.50 1.080 1.095266,083.04
State of Mississippi2713 MUN 1,000,000.00605581FF9 10/01/2032 3,4713.72910/21/2022 941,200.00 4.961 5.030908,557.99
City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 4882.20008/08/2019 574,026.25 1.968 1.996596,532.33
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 4712.12001/04/2019 435,528.00 2.860 2.900445,847.07
New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 1,0793.07009/09/2019 678,293.00 2.071 2.100718,661.27
New York State Urban Dev Corp.2683 MUN 1,000,000.00650036AV8 03/15/2027 1,4441.49603/28/2022 900,070.00 2.777 2.816951,574.44
New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 6862.12010/31/2019 1,432,575.00 2.063 2.0911,500,780.14
New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 1,4162.36001/30/2020 538,477.80 1.933 1.960588,349.92
New York State Envrnmntl Corp2575 MUN 1,500,000.00649791PR5 02/15/2026 1,0512.26009/13/2021 1,412,190.00 0.794 0.8051,561,455.45
New York State Envrnmntl Corp2677 MUN 1,000,000.00649791PS3 02/15/2027 1,4162.36003/16/2022 928,410.00 2.325 2.3581,000,063.04
New York State Envrnmntl Corp2678 MUN 1,000,000.00649791PS3 02/15/2027 1,4162.36003/21/2022 928,410.00 2.367 2.400998,530.14
City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 2,4812.11003/09/2020 1,287,930.00 1.436 1.4561,561,740.98
City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 2,4812.11003/13/2020 1,287,930.00 1.638 1.6611,542,010.99
City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 2,4812.11003/16/2020 927,309.60 2.247 2.2791,068,879.56
City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 2,1162.07003/16/2020 1,315,770.00 2.151 2.1811,491,150.05
City of Oakland Pension2630 MUN 450,000.00672319CF5 12/15/2025 9894.67612/06/2021 449,127.00 1.562 1.584486,322.94
Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 1,5832.23711/22/2019 550,050.00 2.271 2.303598,424.79
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
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
Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 1,5832.23712/06/2019 256,690.00 2.327 2.360278,639.66
Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 2,3142.33712/11/2019 859,061.10 2.382 2.415965,729.76
Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 1,9492.28705/08/2020 1,067,471.70 1.849 1.8751,208,995.95
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 302.11009/13/2016 798,392.00 1.764 1.788800,201.01
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 302.11001/31/2017 1,995,980.00 2.485 2.5201,999,370.93
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 3664.97106/30/2017 902,538.00 2.416 2.450920,788.78
State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 1,2495.26203/13/2020 518,030.00 1.710 1.734556,765.98
City of Ontario (Pub Fin Auth)2847 MUN 600,000.00683050BW7 08/01/2026 1,2181.44003/17/2023 544,722.00 4.339 4.400545,525.54
Orange Cnty Water District2578 MUN 315,000.0068442CCY0 08/15/2025 8672.09509/16/2021 298,393.20 0.690 0.700325,264.00
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 1,5833.12501/25/2018 194,184.00 3.208 3.253199,073.43
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 1,5225.89211/06/2018 522,605.00 3.516 3.565535,457.32
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 1,5225.89201/16/2019 465,118.45 3.537 3.587481,622.84
State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 3963.22701/30/2020 561,381.60 1.641 1.664579,275.33
State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 1,5225.89201/31/2020 517,378.95 2.583 2.619556,031.25
State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 1,5225.89202/24/2020 1,045,210.00 2.482 2.5171,127,743.60
State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 1,4913.08003/13/2020 333,903.50 1.302 1.320373,910.95
State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 2,6181.67207/02/2020 293,940.00 1.433 1.452360,173.59
State of Oregon2542 MUN 870,000.0068608KA24 08/01/2030 2,6795.33207/01/2021 912,595.20 1.943 1.9701,065,447.85
State of Oregon2549 MUN 1,225,000.0068609TU30 08/01/2028 1,9491.48407/08/2021 1,062,160.75 1.134 1.1501,245,893.31
State of Oregon2584 MUN 265,000.0068609TT81 08/01/2025 8530.80309/24/2021 244,417.45 0.690 0.700265,625.91
State of Oregon2624 MUN 250,000.0068609TZT8 08/01/2026 1,2180.98411/19/2021 225,065.00 1.292 1.310247,372.34
State of Oregon2627 MUN 900,000.0068609T3M8 11/01/2031 3,1362.03711/26/2021 741,618.00 2.020 2.048899,159.87
State of Oregon2679 MUN 1,000,000.0068607LXQ5 06/01/2027 1,5225.89204/01/2022 1,045,210.00 3.259 3.3041,098,330.65
Oxnard Union High School Distr2859 MUN 500,000.00692039QX1 08/01/2027 1,5831.51203/23/2023 441,800.00 4.458 4.520441,425.38
City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 7922.56310/23/2019 967,904.00 2.469 2.5031,016,196.57
City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 1,1572.66310/23/2019 545,501.60 2.611 2.647580,250.24
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 2443.43812/06/2018 658,895.30 3.205 3.250665,762.88
Pasadena CA Public Finance Aut2573 MUN 120,000.0070227RBM1 05/01/2026 1,1261.98409/09/2021 110,880.00 0.903 0.915123,862.96
Pasadena CA Public Finance Aut2615 MUN 550,000.00702274CS8 12/01/2026 1,3403.50012/01/2021 531,041.50 1.380 1.400590,760.87
Palo Alto Unified School Dist.2838 MUN 1,500,000.00697379TV7 07/01/2027 1,5525.86202/17/2023 1,585,729.20 4.698 4.7641,562,419.92
Palo Alto Unified School Dist.2839 MUN 1,500,000.00697379TV7 07/01/2027 1,5525.86202/21/2023 1,585,729.20 4.683 4.7481,563,339.08
Palo Alto Unified School Dist.2841 MUN 1,480,000.00697379TV7 07/01/2027 1,5525.86203/06/2023 1,564,586.14 4.941 5.0101,527,530.56
Polomar Community Clge Distri2582 MUN 1,000,000.00697511FU2 08/01/2026 1,2181.03110/13/2021 898,240.00 1.016 1.0311,000,000.00
Polomar Community Clge Distri2676 MUN 335,000.00697511FD0 08/01/2026 1,2181.19903/15/2022 302,632.30 2.288 2.320323,159.37
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 2,6791.66008/06/2020 611,040.00 1.439 1.459760,266.26
Redondo Beach Unified School D2763 MUN 715,000.00757710UE6 08/01/2030 2,6791.66012/14/2022 582,524.80 4.783 4.850576,566.84
City of Redondo Beach2724 MUN 725,000.00757696AX7 05/01/2031 2,9522.19111/07/2022 606,643.75 5.917 6.000552,033.66
State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 6552.00012/20/2019 247,821.60 2.231 2.262259,800.91
State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 1,8273.25001/27/2020 1,416,315.00 2.077 2.1061,578,377.04
State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 1,8273.25002/06/2020 519,315.50 1.990 2.018581,076.22
Riverside Cmnty College Distt.2596 MUN 1,365,000.0076886PJP9 08/01/2026 1,2181.12410/04/2021 1,220,187.15 1.006 1.0201,369,601.87
Riverside Cmnty College Distt.2733 MUN 560,000.0076886PJS3 08/01/2029 2,3141.78511/17/2022 473,502.40 5.022 5.092461,669.47
Rancho Santiago Comm College D2522 MUN 450,000.00752147HH4 09/01/2024 5190.63403/29/2021 424,422.00 0.625 0.633450,000.00
Rancho Santiago Comm College D2805 MUN 635,000.00752147HK7 09/01/2026 1,2490.95601/19/2023 563,759.35 4.164 4.222569,912.50
Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 1,5832.28410/16/2019 916,730.00 2.252 2.2841,000,000.00
Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 1,2182.15902/13/2020 1,018,196.70 1.727 1.7511,109,014.87
City of Santa Ana2603 MUN 175,000.00801139AE6 08/01/2026 1,2181.17610/18/2021 154,971.25 1.223 1.240174,638.02
City of Santa Ana2747 MUN 1,250,000.00801139AF3 08/01/2027 1,5831.46512/02/2022 1,083,562.50 5.178 5.2501,070,167.96
Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 2,3141.65307/21/2020 415,652.30 1.483 1.504494,293.49
San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 1,9492.59012/12/2019 1,384,185.00 2.554 2.5901,500,000.00
San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 2,3141.84807/07/2020 1,731,720.00 1.822 1.8482,000,000.00
San Bernardino Cmty College Di2723 MUN 500,000.00796720NF3 08/01/2031 3,0442.84011/04/2022 445,275.00 5.482 5.558411,224.98
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 1222.50001/11/2018 1,329,266.60 2.436 2.4701,340,123.82
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 4882.68001/12/2018 1,424,916.20 2.643 2.6801,460,000.00
Santa Clarita Community Colleg2557 MUN 1,250,000.00801686TF3 08/01/2026 1,2181.14608/02/2021 1,125,400.00 0.742 0.7521,266,158.98
Santa Clara Vly Transportation2750 MUN 455,000.0080168NHY8 04/01/2030 2,5571.62212/05/2022 372,381.10 5.030 5.100363,502.54
Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 1,8882.43412/12/2019 1,424,722.10 2.416 2.4501,553,833.21
Santa Clara Valley Water Dist.2793 MUN 1,000,000.0080168FPC4 06/01/2030 2,6181.63401/12/2023 831,980.00 4.418 4.480827,948.25
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 4272.50001/25/2018 452,096.25 2.968 3.010462,496.81
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 7922.75001/25/2018 445,181.70 3.008 3.050462,306.48
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 1,1573.00001/25/2018 446,641.00 3.107 3.150468,044.67
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 1,5223.00001/25/2018 262,539.20 3.205 3.250277,498.22
Santa Cruz MET Transit Dist.2671 MUN 1,000,000.00801747AF3 08/01/2027 1,5832.47003/03/2022 923,970.00 2.030 2.0581,016,785.22
San Diego Unified Sch District2602 MUN 1,000,000.00797356DL3 07/01/2031 3,0131.98410/21/2021 825,350.00 1.824 1.8501,010,067.36
San Diego Unified Sch District2606 MUN 900,000.00797356DL3 07/01/2031 3,0131.98410/23/2021 742,815.00 2.024 2.053895,401.95
San Diego Unified Sch District2617 MUN 270,000.00797356DH2 07/01/2028 1,9181.59911/17/2021 234,179.10 1.712 1.736268,169.86
San Diego Unified Sch District2693 MUN 260,000.00797356DF6 07/01/2026 1,1871.20109/23/2022 235,453.40 4.053 4.110237,438.13
San Diego Unified Sch District2767 MUN 1,000,000.00797356DH2 07/01/2028 1,9181.59912/16/2022 867,330.00 4.241 4.300875,004.21
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 18
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
San Diego Community College Di2550 MUN 255,000.00797272QS3 08/01/2027 1,5832.40707/09/2021 236,568.60 1.007 1.021269,812.67
San Diego Community College Di2639 MUN 1,980,000.00797272RN3 08/01/2026 1,2181.44512/28/2021 1,805,918.40 1.193 1.2101,995,035.06
San Diego Community College Di2651 MUN 500,000.00797272RT0 08/01/2031 3,0442.11301/10/2022 420,825.00 2.120 2.150498,609.42
San Diego Regl Trans Commissio2632 MUN 200,000.00797400MR6 04/01/2026 1,0961.03612/08/2021 181,226.00 1.292 1.310198,405.06
San Diego Cnty Wtr Authority2580 MUN 875,000.00797412DN0 05/01/2026 1,1260.97109/17/2021 790,650.00 0.887 0.900876,867.79
San Diego Cnty Wtr Authority2600 MUN 210,000.00797412DM2 05/01/2025 7610.74310/08/2021 194,850.60 0.838 0.850209,539.65
San Diego Cnty Wtr Authority2604 MUN 250,000.00797412DN0 05/01/2026 1,1260.97110/20/2021 225,900.00 1.134 1.150248,657.59
San Diego Cnty Wtr Authority2623 MUN 750,000.00797412DN0 05/01/2026 1,1260.97111/19/2021 677,700.00 1.282 1.300742,625.98
San Diego Cnty Wtr Authority2688 MUN 1,275,000.00797412DQ3 05/01/2028 1,8571.33109/12/2022 1,095,594.75 3.945 4.0001,121,470.08
San Diego Cnty Wtr Authority2716 MUN 225,000.00797412DR1 05/01/2029 2,2221.43110/24/2022 188,606.25 5.079 5.150182,220.82
San Diego Cnty Wtr Authority2722 MUN 320,000.00797412DS9 05/01/2030 2,5871.53111/03/2022 262,425.60 5.207 5.280250,564.39
City of San Diego Water Fin. A2788 MUN 505,000.0079730CJQ8 08/01/2031 3,0442.28301/06/2023 426,447.25 4.835 4.902415,867.91
San Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 1,2181.07406/09/2021 388,049.20 1.059 1.074430,000.00
San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 1,5831.37206/09/2021 386,423.55 1.353 1.372435,000.00
San Dieguito Union High Sch Di2674 MUN 435,000.00797508HF8 08/01/2026 1,2181.86003/11/2022 403,053.60 2.070 2.099431,702.81
Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 8221.73503/18/2020 319,136.00 1.381 1.400402,894.38
Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 2,2832.10304/30/2021 219,292.50 1.658 1.681256,120.37
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 8065.45011/27/2015 1,018,650.00 3.067 3.1101,044,351.30
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 8062.29011/01/2016 2,000,655.15 2.219 2.2492,106,669.22
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 1,1712.39011/01/2016 230,231.40 2.376 2.410244,858.80
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 8062.29007/14/2017 218,598.90 2.682 2.720228,048.25
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 1,1715.60001/16/2019 1,469,856.20 3.304 3.3501,510,001.54
City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 2,2672.10010/31/2019 990,382.40 2.337 2.3691,103,292.98
City & County of San Francisco2762 MUN 575,000.007976466F8 06/15/2032 3,3632.35012/14/2022 488,692.50 4.744 4.810471,461.96
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 1,6143.25003/02/2018 640,573.60 3.451 3.499673,674.24
San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 2,3453.64810/11/2019 328,303.50 2.398 2.431374,145.45
San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 1,6143.46803/13/2020 123,579.30 1.577 1.599140,073.36
San Francisco Cmnty Facs Dist2571 MUN 300,000.0079772ECF4 09/01/2024 5193.10808/30/2021 292,332.00 0.741 0.752309,909.21
San Francisco Cmnty Facs Dist2608 MUN 575,000.0079772EDY2 09/01/2031 3,0752.59111/03/2021 486,116.50 2.305 2.337585,922.08
San Francisco Cmnty Facs Dist2628 MUN 1,295,000.0079772EDA4 09/01/2026 1,2492.23611/29/2021 1,193,782.80 1.425 1.4451,328,680.68
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 912.62102/25/2019 198,678.00 2.672 2.710199,958.05
SF Bay Area Rapid Transit Dist2572 MUN 500,000.00797669ZJ0 07/01/2024 4571.97109/08/2021 483,245.00 0.419 0.425509,605.01
SF Bay Area Rapid Transit Dist2636 MUN 480,000.00797669ZR2 07/01/2031 3,0132.76812/16/2021 420,393.60 1.846 1.872512,349.45
SF Bay Area Rapid Transit Dist2638 MUN 600,000.00797669XW3 07/01/2023 912.62112/20/2021 596,034.00 0.572 0.580603,043.01
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
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
SF Bay Area Rapid Transit Dist2766 MUN 405,000.00797669ZR2 07/01/2031 3,0132.76812/15/2022 354,707.10 4.832 4.899347,346.39
Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 2,3141.44503/09/2021 486,421.65 1.425 1.445585,000.00
Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 2,3141.44505/27/2021 415,745.00 1.461 1.481498,915.76
Silicon Valley Clean Water2828 MUN 245,000.0082707BDP1 08/01/2027 1,5831.38002/10/2023 215,845.00 4.301 4.361216,530.73
San Juan Unified School Dist2707 MUN 545,000.00798306WQ5 08/01/2026 1,2181.20110/17/2022 487,682.35 4.586 4.650488,144.19
City of San Jose2656 MUN 350,000.00798135E96 09/01/2026 1,2492.50001/28/2022 329,812.00 1.686 1.710359,044.93
San Jose Financing Authority2622 MUN 345,000.00798153NF5 06/01/2026 1,1571.31111/18/2021 310,475.85 1.459 1.480343,220.15
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 1,6143.72810/29/2018 306,983.25 3.676 3.727315,000.00
San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 1,9492.35010/01/2019 451,050.00 2.317 2.350500,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 1222.50001/29/2015 575,539.80 2.663 2.700579,656.55
San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 8530.55803/15/2021 917,390.00 0.739 0.750995,597.46
San Jose Unified School Dist.2700 MUN 990,000.00798186P30 08/01/2028 1,9491.22410/07/2022 836,926.20 4.487 4.550837,200.73
San Jose Unified School Dist.2774 MUN 850,000.00798186P22 08/01/2027 1,5831.01412/21/2022 736,423.00 4.341 4.401738,168.67
Santa Maria JT Union High Sch2706 MUN 455,000.00802309NY6 08/01/2026 1,2181.50810/17/2022 412,448.40 4.586 4.650411,756.32
Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 1,9493.47209/05/2019 302,494.50 1.972 2.000337,547.00
Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 2,6791.69601/22/2021 474,490.80 1.499 1.520576,827.29
Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 1,9491.49601/22/2021 520,320.00 1.085 1.100612,136.57
Santa Monica Cmnty College Dis2810 MUN 850,000.00802385RS5 08/01/2027 1,5831.24401/23/2023 749,275.00 3.965 4.020757,342.90
Santa Monica-Malibu USD2561 MUN 650,000.00802498VW2 07/01/2026 1,1870.98908/12/2021 586,527.50 0.877 0.890652,040.68
Santa Monica-Malibu USD2637 MUN 215,000.00802498ZA6 08/01/2026 1,2180.84912/20/2021 192,538.95 1.193 1.210212,489.90
Santa Monica-Malibu USD2752 MUN 865,000.00802498WA9 07/01/2030 2,6481.51012/07/2022 711,004.05 4.862 4.930687,769.50
Santa Monica-Malibu USD2792 MUN 825,000.00802498ZF5 08/01/2031 3,0441.62401/09/2023 664,991.25 4.694 4.760649,597.83
San Mateo Cnty Comm. College D2521 MUN 2,000,000.00799038NP5 09/01/2024 5190.50004/14/2021 1,892,760.00 0.444 0.4502,001,399.67
San Mateo Cnty Comm. College D2523 MUN 1,500,000.00799038NP5 09/01/2024 5190.50004/14/2021 1,419,570.00 0.444 0.4501,501,049.75
San Mateo Foster City SCH Dist1902 MUN 1,000,000.00799017UW6 09/01/2025 8842.69901/16/2018 963,790.00 2.786 2.825997,271.15
San Mateo Foster City SCH Dist1940 MUN 1,000,000.00799017UW6 09/01/2025 8842.69903/09/2018 963,790.00 2.959 3.000993,523.48
San Mateo Foster City SCH Dist2153 MUN 1,360,000.00799017WD6 09/01/2028 1,9802.23711/07/2019 1,214,779.20 2.447 2.4801,343,948.54
San Mateo Foster City SCH Dist2178 MUN 1,565,000.00799017VM7 09/01/2028 1,9802.54212/11/2019 1,420,581.80 2.311 2.3431,580,093.53
San Mateo Foster City SCH Dist2567 MUN 500,000.00799017XW3 09/01/2026 1,2490.92509/21/2021 447,495.00 0.912 0.925500,000.00
San Mateo Foster City SCH Dist2585 MUN 175,000.00799055QV3 08/01/2026 1,2181.79909/27/2021 162,232.00 0.897 0.910180,060.95
San Mateo Foster City SCH Dist2591 MUN 1,260,000.00799055ME5 08/01/2026 1,2186.00009/29/2021 1,308,623.40 2.297 2.3291,404,950.63
San Mateo Foster City SCH Dist2782 MUN 425,000.00799017WE4 09/01/2029 2,3452.33712/22/2022 372,763.25 4.685 4.750369,171.88
Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 1,9492.71712/09/2019 1,058,264.50 2.462 2.4961,162,082.98
Solano Cnty Community Clg Dist2579 MUN 750,000.0083412PHQ8 08/01/2026 1,2181.02510/06/2021 674,190.00 1.011 1.025750,000.00
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
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
Solano Cnty Community Clg Dist2583 MUN 200,000.0083412PGZ9 08/01/2026 1,2181.02510/06/2021 179,784.00 0.887 0.900200,811.99
Solano Cnty Community Clg Dist2594 MUN 390,000.0083412PHE5 08/01/2031 3,0441.86110/06/2021 316,430.40 1.948 1.975386,624.05
Solano Cnty Community Clg Dist2597 MUN 750,000.0083412PHU9 08/01/2030 2,6791.76110/06/2021 620,662.50 1.834 1.860744,992.31
Solano Cnty Community Clg Dist2598 MUN 825,000.0083412PHW5 08/01/2031 3,0441.86110/06/2021 669,372.00 1.879 1.905822,233.04
Solano Cnty Community Clg Dist2649 MUN 350,000.0083412PHB1 08/01/2028 1,9491.47901/07/2022 301,724.50 1.775 1.800344,368.73
Solano Cnty Community Clg Dist2702 MUN 315,000.0083412PFT4 08/01/2031 3,0442.86710/11/2022 277,272.45 5.079 5.150267,287.93
Sonoma Cnty Jr. College Distr.2577 MUN 155,000.00835569GT5 08/01/2026 1,2182.44709/15/2021 145,492.30 0.843 0.855163,038.46
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 1,5833.00002/15/2018 170,371.80 3.057 3.100179,326.84
South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 2,3145.00012/12/2019 381,510.70 2.598 2.634418,675.40
South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 1,9495.00012/12/2019 257,087.50 2.549 2.584278,701.19
South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 1,5835.00012/12/2019 148,556.85 2.500 2.534159,004.82
South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 1,2185.00012/12/2019 397,129.20 2.378 2.411420,924.44
San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 4881.96511/13/2019 1,693,557.45 1.938 1.9651,755,000.00
San Ramon Vly Unif Sch Dist.2605 MUN 1,500,000.007994082K4 08/01/2030 2,6791.91411/03/2021 1,256,310.00 1.805 1.8301,508,478.53
San Ramon Vly Unif Sch Dist.2813 MUN 935,000.00799408Z93 08/01/2026 1,2181.03401/26/2023 843,987.10 4.044 4.100846,836.52
Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 1,9802.19009/19/2019 120,783.15 2.157 2.187135,000.00
Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 1,6142.09009/19/2019 122,769.00 2.061 2.090135,000.00
Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 2,3141.64402/08/2021 425,985.00 1.437 1.457505,541.30
Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 1,9491.50306/16/2021 214,912.50 1.482 1.503250,000.00
Temecula Valley Unified School2569 MUN 355,000.0087970GPQ4 08/01/2026 1,2181.05108/27/2021 317,561.70 0.887 0.900356,743.38
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 1,2182.11608/25/2016 935,380.00 1.923 1.9501,005,003.36
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 8532.06608/25/2016 1,568,094.00 1.893 1.9201,655,141.53
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 8532.06608/25/2016 665,252.00 1.893 1.920702,181.25
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 4883.72812/20/2018 202,712.20 2.860 2.900207,073.17
City of Torrance JT PWRS Fin A2795 MUN 445,000.00891371BB1 06/01/2032 3,3492.63701/12/2023 361,802.80 5.001 5.070366,772.71
Tustin Unif Sch Dist Facs Impt2715 MUN 650,000.00901072LD8 08/01/2027 1,5831.14510/24/2022 561,112.50 4.783 4.850557,806.91
Tustin Unif Sch Dist Facs Impt2720 MUN 295,000.00901072MB1 08/01/2031 3,0441.75410/31/2022 230,684.10 5.543 5.620220,721.81
Tustin Unif Sch Dist Facs Impt2758 MUN 205,000.00901072MB1 08/01/2031 3,0441.75412/09/2022 160,305.90 4.843 4.910161,481.64
Tustin Unif Sch Dist Facs Impt2814 MUN 500,000.00901072LX4 08/01/2027 1,5831.14501/26/2023 431,625.00 4.098 4.155441,084.80
State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 9143.05112/23/2019 1,453,035.00 1.975 2.0031,536,913.86
State of Texas2225 MUN 940,000.008827237T0 10/01/2029 2,3753.52101/30/2020 895,650.80 2.191 2.2211,011,087.33
State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 2,3753.52102/14/2020 1,205,317.30 2.192 2.2221,360,624.81
State of Texas2311 MUN 250,000.008827237N3 10/01/2024 5492.89903/16/2020 243,830.00 1.231 1.248255,999.45
State of Texas2541 MUN 245,000.008827235K1 10/01/2025 9142.92206/30/2021 236,591.60 0.641 0.650258,702.40
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 21
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Texas2548 MUN 1,000,000.00882724RF6 10/01/2030 2,7402.42607/02/2021 879,120.00 1.480 1.5011,064,535.60
State of Texas2631 MUN 500,000.00882723A90 10/01/2025 9142.83112/07/2021 481,775.00 1.030 1.045521,825.33
University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 7753.05008/26/2019 1,462,875.00 1.930 1.9571,532,732.52
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 7753.05009/09/2019 975,250.00 1.797 1.8211,024,645.16
University of California2685 MUN 440,000.0091412HGF4 05/15/2027 1,5051.31604/05/2022 391,595.60 3.028 3.070410,758.75
State of Utah1731 MUN 285,000.00917542QR6 07/01/2024 4574.55401/04/2017 284,156.40 2.904 2.944290,110.50
State of Utah2306 MUN 1,101,100.00917542QV7 07/01/2025 8223.53903/13/2020 1,088,822.74 1.948 1.9751,137,696.51
Vacaville Unified School Distr2726 MUN 250,000.00918608UR9 08/01/2030 2,6791.73911/10/2022 206,482.50 5.513 5.590193,288.89
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 4884.66905/23/2017 486,217.35 2.416 2.450498,080.16
State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 4884.66912/24/2019 501,255.00 1.978 2.005516,878.21
State of Wisconsin2547 MUN 2,000,000.0097705MNU5 05/01/2031 2,9522.45107/02/2021 1,739,400.00 1.553 1.5752,130,707.43
State of Wisconsin2574 MUN 1,500,000.0097705MNP6 05/01/2026 1,1262.08909/09/2021 1,406,130.00 0.739 0.7501,560,744.62
State of Wisconsin2576 MUN 1,000,000.0097705MNP6 05/01/2026 1,1262.08909/13/2021 937,420.00 0.769 0.7801,039,555.40
State of Wisconsin 22822 MUN 1,000,000.00977100AC0 05/01/2026 1,1265.70001/30/2023 1,023,420.00 5.039 5.1091,016,512.55
Yosemite Community College Dis2657 MUN 1,000,000.00987388GX7 08/01/2027 1,5832.08202/17/2022 908,340.00 2.053 2.0821,000,000.00
Yosemite Community College Dis2687 MUN 500,000.00987388GX7 08/01/2027 1,5832.08209/02/2022 454,170.00 3.846 3.900464,461.28
Subtotal and Average 235,335,812.28 237,201,100.00 219,703,284.38 2.465 2.499 1,517
Supranationals (World Bank) Bonds
Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 1,1150.87504/20/2021 1,826,980.00 0.910 0.9231,997,130.39
Inter-American Dev. Bank2586 IADB 2,000,000.0045818WDH6 06/17/2026 1,1730.80009/27/2021 1,811,960.00 0.914 0.9271,992,023.97
Inter-American Dev. Bank2652 IADB 1,000,000.004581X0EB0 01/13/2027 1,3831.50001/13/2022 917,500.00 1.504 1.525999,076.87
Inter-American Dev. Bank2655 IADB 1,000,000.004581X0EB0 01/13/2027 1,3831.50001/14/2022 917,500.00 1.518 1.540998,546.39
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 1793.00011/27/2018 991,170.00 3.018 3.060999,726.69
Intl Bk Recon & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 9410.50001/08/2021 1,374,540.00 0.480 0.4871,500,480.65
Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 1,0460.65002/10/2021 1,350,705.00 0.641 0.6501,500,000.00
Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 1,0540.60002/18/2021 1,274,385.00 0.591 0.6001,500,000.00
Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 9410.50002/18/2021 1,374,540.00 0.591 0.6001,496,196.28
Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 9410.50003/01/2021 1,374,540.00 0.787 0.7981,488,715.14
Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 1,0460.65005/26/2021 1,350,705.00 0.833 0.8451,491,818.72
Intl Bk Recon & Development2553 IBRD 1,500,000.00459058JS3 02/10/2026 1,0460.65007/15/2021 1,350,705.00 0.839 0.8511,491,555.32
Intl Bk Recon & Development2559 IBRD 1,500,000.00459058JS3 02/10/2026 1,0460.65008/12/2021 1,350,705.00 0.871 0.8831,490,219.09
Intl Bk Recon & Development2650 IBRD 1,000,000.0045906M2L4 02/24/2026 1,0600.65001/07/2022 907,790.00 1.368 1.387979,308.34
Intl Bk Recon & Development2673 IBRD 1,000,000.0045906M2Z3 03/17/2025 7162.05003/17/2022 958,740.00 2.107 2.136998,365.74
Intl Bk Recon & Development2735 IBRD 2,000,000.0045906M3K5 09/30/2027 1,6434.50011/22/2022 2,003,700.00 4.684 4.7491,980,086.67
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
March 31, 2023
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 22
CUSIP Investment #Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Supranationals (World Bank) Bonds
Intl Bk Recon & Development2736 IBRD 1,000,000.0045906M2L4 02/24/2026 1,0600.65011/23/2022 907,790.00 4.480 4.542896,234.42
Intl Bk Recon & Development2744 IBRD 1,500,000.0045906M3K5 09/30/2027 1,6434.50012/01/2022 1,502,775.00 4.681 4.7461,485,197.18
Intl Bk Recon & Development2775 IBRD 1,000,000.00459058JN4 11/24/2027 1,6980.75012/21/2022 873,500.00 3.807 3.860869,513.55
Intl Bk Recon & Development2779 IBRD 1,500,000.00459058JT1 02/10/2027 1,4110.85012/22/2022 1,333,740.00 4.241 4.3001,318,829.31
Intl Bk Recon & Development2826 IBRD 1,500,000.00459058JT1 02/10/2027 1,4110.85002/10/2023 1,333,740.00 4.310 4.3701,314,930.22
International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 9280.35010/30/2020 874,180.00 0.306 0.3101,000,000.00
International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 9590.25011/30/2020 1,385,025.00 0.683 0.6921,500,000.00
International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 1,0200.58001/25/2021 1,360,440.00 0.501 0.5081,502,944.69
International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 1,0200.58002/11/2021 1,360,440.00 0.522 0.5301,502,054.41
International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 1,0620.50002/26/2021 1,354,620.00 0.616 0.6251,494,649.68
International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 1,0790.50003/15/2021 1,778,420.00 0.808 0.8192,000,000.00
International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 1,0870.75003/23/2021 1,363,095.00 0.746 0.7571,499,678.40
International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 1,0870.75003/23/2021 1,817,460.00 0.887 0.9001,991,269.16
International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 1,1400.50005/28/2021 1,380,480.00 1.006 1.0201,500,000.00
International Finance Corp.2654 IFC 1,000,000.0045950KCX6 10/08/2026 1,2860.75001/12/2022 899,810.00 1.518 1.540973,281.35
Subtotal and Average 43,751,832.63 44,500,000.00 40,661,680.00 1.546 1.568 1,121
Total Investments and Average 597,235,588.58 599,565,536.14 535,130,981.87 2.148 2.178 1,386
Portfolio CPA
AP
Run Date: 04/25/2023 - 23:17 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
1 General Investment Guidelines:Full Compliance
a) The max. stated final maturity of individual securities in the portfolio should be 10 years.
b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities 29.6%
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 $17.4 million
- Fidelity Investments $17.1 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a 89.6%
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.24.70%
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.39.28%
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.
$96.4 million
1.17%
Attachment C
Investment Policy Compliance
As of March 31, 2023
Investment Policy Requirements
Compliance
Check / Actual
Attachment C
Investment Policy Compliance
As of March 31, 2023
Investment Policy Requirements
Compliance
Check / Actual
7 Commercial Paper:Full Compliance
a)No more than 15 percent of the par value of the portfolio.None Held
b) Having highest letter or numerical rating from a nationally recognized rating service.
c) Not to exceed 270 days maturity.
d)No more than $3 million or 10 percent of the outstanding commercial paper of any one institution,
whichever is lesser.
8 Short-Term Repurchase Agreement (REPO):Full Compliance
a) Not to exceed 1 year.None Held
b) Market value of securities that underlay a repurchase agreement shall be valued at 102 percent or
greater of the funds borrowed against those securities.
9 Money Market Deposit Accounts Full Compliance
a) Liquid bank accounts which seek to maintain a net asset value of $1.00.
10 Mutual Funds:Full Compliance
a)No more than 20 percent of the par value of the portfolio.None Held
b)No more than 10 percent of the par value with any one institution.
11 Negotiable Certificates of Deposit (NCD):Full Compliance
a)No more than 20 percent of the par value of the portfolio.6.99%
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.4.99%
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.7.42%
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