HomeMy WebLinkAboutStaff Report 2301-086510.Investment Activity Report for the Second Quarter, Fiscal Year 2023
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CITY COUNCIL
STAFF REPORT
From: City Manager
Report Type: ACTION ITEMS
Lead Department: Administrative Services
Meeting Date: February 13, 2023
TITLE
Investment Activity Report for the Second Quarter, Fiscal Year 2023
RECOMMENDATION
This is an informational report and no City Council action is required.
EXECUTIVE 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 second quarter ending December 31, 2022
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 second 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.
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.
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
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The par value of the City’s portfolio is $579.3 million; in comparison, last quarter it was $536.3
million. The $43.0 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,
additional major revenue receipt due to seasonality timing, and one less pay period costs in the
second quarter comparted to the first quarter. 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 $10.3 million in UAL payment
would have been made in the second 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 quarter and major revenues such as sales,
transient occupancy and utility user’s taxes are historically lower in the first quarter. For example,
second quarter property related (taxes and assessments) receipts was $19.7 million.
The portfolio consists of $30.7 million in liquid accounts and $548.6 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 $102.6 million
in investments maturing in less than two years, comprising 17.7% of the City’s investment
portfolio. In addition, the Investment Policy allows up to 30% of the portfolio to be invested in
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securities with maturities beyond five years; actual at the end of the second quarter is 29.3% of
the portfolio.
The current market value of the portfolio is 90.7% 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 3.87 years compared to 4.02 years last
quarter.
The Investment Policy states “Should the ratio of the market value of the portfolio to the book
value of the portfolio fall below 95%, 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 two quarters the market value fell below
95% to 93.5% in the fourth quarter of fiscal year 2022 (Staff Report 139982) and 89.7% in the
first quarter of fiscal year 2023 (Staff Report 140013). The market rate increased one
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
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percentage point this quarter to 90.7% of book value. Interest rates on new investments have
begun to decrease so the market value of the portfolio is expected 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 Second Quarter
During the second quarter, $17.6 million of securities with an average yield of 2.3% matured.
During the same period, per the following Table 2, securities totaling $48.6 million with an
average yield of 4.8% 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 $11.9 million
compared to the first quarter of Fiscal Year 2022. Staff continually monitors the City’s short-term
cash flow needs and adjusts liquid funds to meet them.
Availability of Funds for the Next Six Months
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 growth in the portfolio of $23.0 million is expected over the
coming six months due to routine business activities. This reflects expected receipts of $353.4
million and expenditures of $330.4 million over the next six months.
As of December 31, 2022, the City had $30.7 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 $36.3 million will mature between January 1, 2023 and June 30, 2023. Based
on the above, staff expect that the City will have sufficient funds or liquidity to meet expenditure
requirements for the next six months.
Table 2:
Up to 1
Year
1 to 2
Years
2 to 3
Years
3 to 5
Years
Over
5 Years
Portfolio
Total *
% of
Purchase
U.S. Treasury -$ 2.50$ -$ -$ -$ 2.50$ 5.1%
U.S. Agency Bonds 3.0 1.5 --1.5 6.0 12.3%
U.S. Municipal/ State Bonds -1.2 0.3 6.1 15.1 22.7 46.7%
Negotiable Certificates of Deposits (NCD)2.3 3.0 1.2 1.7 0.2 8.4 17.3%
U.S. Corporate Bonds ---2.0 -2.0 4.1%
Supranational Organizations Bonds ---7.0 -7.0 14.4%
Grand Total 5.3$ 8.2$ 1.5$ 16.8$ 16.8$ 48.6$ 100%
% of Purchase 10.9%16.9%3.1%34.5%34.6%100.0%
* $14.3 million or 29.4% are in investments that support Environmental, Social, and Governace (ESG) Activities
(aka "Green", local banks, and Supranational Bonds)
Investment Type
FY 2022 Q4 Security Purchases - Par Value (millions)
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Compliance with City Investment Policy
During the second quarter, staff complied with all aspects of the Investment Policy. Attachment
C lists the major restrictions in the City’s Investment Policy compared with the portfolio’s actual
performance.
Investment Yields
Interest income on an accrual basis for the second quarter was $2.6 million; $0.4 million higher
than the prior quarter due to new higher yielding investments in the portfolio. As of December
31, 2022, the yield to maturity of the City’s portfolio was 1.97%; in the prior quarter it was 1.66%.
In the second quarter, LAIF’s average yield was 1.98% while the average yield on the two-year
and five-year Treasury bonds was approximately 4.39% and 4.00%, respectively. In comparison,
in the prior quarter LAIF had 1.29% yield and the two-year and five-year Treasury bonds yields
were significantly lower at 3.38% and 3.23%.
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 3.87 years.
5.88%
5.00%
4.17%4.54%
City of Palo Alto
2.71%
1.80%1.93%1.66%
1.97%
1.41%
0.81%0.25%
2 Yr. Treasury
3.38%
4.39%4.43%4.39%
4.98%
1.10%
5-Yr. Treasury
2.88%
2.47%
0.27%
3.23%
4.00%
1.44%
5.25%
0.23%
LAIF
1.29%
1.98%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
Int. Earnings (Millions)Yields
Fiscal Year Quarters
Graph 2: Yields and Interest Earnings
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Yield Trends
The Federal Open Market Committee (FOMC), since March 2020, has raised the federal funds
rate seven times totaling 4.25% 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 6.5% in December 2022 with a 2% target. The primary cause to declining inflation
rate is declining demand for goods, falling energy and transportation prices, and rapidly
improving global supply chains. However, inflation remains elevated for housing, services,
apparel, and food and beverages.
The expectation is FOMC will continue to do additional federal funds rate interest rate
increases in 2023 with the outlook the FOMC rate could reach low 5%. This is due to the
inflation rate failing to come down as quickly as the FOMC had hoped in the past few quarters.
Consistent with the prior three quarters, job growth remains “robust” and unemployment rate
remains low, however, FOMC’s high inflation rate concern also continues. In addition, FOMC
continue to state “Russia's war against Ukraine is causing tremendous human and economic
hardship. The war and related events are contributing to creating additional upward pressure
on inflation and are weighing on global economic activity.”
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 US slowed for a sixth straight month to 6.5% in December of
2022, the lowest since October of 2021, in line with market forecasts but not in line with
FOMC’s goal.
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Graph 4: U.S. Unemployment Rate
The unemployment rate in the US dropped to 3.5% in December 2022, falling below market
expectations of 3.7% and matching the rates seen in September and July, which were the
lowest since February 2020.
Graph 5: U.S. Gross Domestic Product (GDP)
The Gross Domestic Product (GDP) in the United States expanded 1.90% in the third (calendar)
quarter of 2022 over the same quarter of the previous year.
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Funds Held by the City or Managed Under Contract
Attachment A is a consolidated report of all City investment funds, including those not held
directly in the investment portfolio. These include cash in the City’s regular bank account with
US Bank and Wells Fargo. A description of the City’s banking relationships can be found in Staff
Report 78584 and Staff Report 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 December 31, 2022.
In January 2017, the City established a Section 115 Irrevocable Trust (Public Agencies Post-
Employment Benefits Trust) administered by Public Agency Retirement Services (PARS). This
fund is not governed by the City’s Investment Policy; however, it is discussed in this report to
present the full picture of the City’s investments. It is the City’s intent to prefund pension costs
and began to address the Net Pension Liabilities (NPL) as calculated by Governmental Accounting
Standards Board Pronouncement No. 68 (GASB 68). The Section 115 Trust offered by PARS has
five portfolios from which to choose in making investments of City funds. The City has selected
the “Moderately Conservative” portfolio which is the second most conservative. Additional
information on this trust can be found in City Council Staff Report 75536. Through December 31,
2022, principal investment contributions of $43.3 million made over time since May 2017, has
slightly increased to $43.9 million or by $0.6 million and the net return for one and five years has
been -12.2% and 2.2% respectively. Calendar year 2022 has realized net earnings loss of $4.8
million which significantly offset the prior calendar years’ earning of $5.8 million for a net gain of
$1 million with the portfolio difference increase ($0.4 million) being the total administrative
expenses.
FISCAL/RESOURCE IMPACT
This is an information report.
4 City Council, April 11, 2017 Item under “Additional Information”:
https://www.cityofpaloalto.org/files/assets/public/agendas-minutes-reports/reports/city-manager-reports-
cmrs/year-archive/2017/7858.pdf
5 City Council, September 21, 2020 Item #2: https://www.cityofpaloalto.org/files/assets/public/agendas-minutes-
reports/reports/city-manager-reports-cmrs/year-archive/2020-2/id-11402.pdf
6 City Council, January 23, 2017 Item #5: https://www.cityofpaloalto.org/files/assets/public/agendas-minutes-
reports/reports/city-manager-reports-cmrs/year-archive/2017/7553.pdf
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STAKEHOLDER ENGAGEMENT
Staff works internally and with external parties (e.g. U.S. Bank’s custodial, U.S. Bank’s bonds,
Wells Fargo and U.S. Bank’s banking, California Asset Management Program (CAMP), and Public
Agency Retirement Services (PARS)) statements to prepare this report.
ENVIRONMENTAL REVIEW
This Council informational report is not a project under California Environmental Quality Act
(CEQA) as defined in CEQA Guidelines, section 15378, because it has no potential for resulting in
either a direct or reasonably foreseeable indirect physical change in the environment.
ATTACHMENTS
Attachment A Consolidated Report of Cash Management
Attachment B Investment Portfolio
Attachment C Investment Policy Compliance
APPROVED BY:
Kiely Nose, Assistant City Manager
Report #: 2301-0865
Book Value Market Value
City Investment Portfolio (see Attachment B)579,025,051$ 485,206,551$
Other Funds Held by the City
Cash with Wells Fargo Bank 1,412,380 1,412,380
(includes general and imprest accounts)
Cash with US Bank 3,896,619 3,896,619 (g p )
Total - Other Funds Held By City 5,308,999 5,308,999
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 2,454,794 2,454,794
2010 & 2013 General Obligation (Library) Bond
Debt Service and Escrow Funds 5,354,216 5,354,216
2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 714,698 714,698
2018 Capital Improvement (Golf Course & 2002B COP Refinance)
(Taxable- Green Bond) Certificates of Participation
Debt Service and Cost of Issuance Funds 319 319
2019 California Avenue Parking Garage Certificates of Participation
(Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 1,338 1,338
2021 Public Safety Building Certificates of Participation
Construction Debt Svc, Capitalized Interest, and Cost of Issuan 27,762,038 27,762,038
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 2,753,378 2,753,378
2013 General Obligation (Library) Bond
Reserve Fund 254,866 254,866
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 43,848,056 43,848,056
Total Under Trustee Management 83,148,097 83,148,097
GRAND TOTAL 667,482,147$ 573,663,647$
* These funds are subject to the requirements of the underlying debt indenture.
** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities.
*** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit,
commercial paper, federal agency securities, and repurchase agreements.
**** PARS investments are in moderately conservative index plus funds
Attachment A
Second Quarter, Fiscal Year 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 FloorPalo Alto, CA 94301
(650)329-2362
December 31, 2022
Fund ALL - Portfolio Listings
Investments by Fund
Par Value Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIPInvestment # Issuer
Purchase
Date Book Value YTM
360
YTM
365
LAIF & Fidelity Cash Accounts
Fidelity Investments158 17,963,406.15SYS158 14.14007/01/2020 17,963,406.15 4.083 4.14017,963,406.15
Local Agency Investment Fund159 12,783,258.42SYS159 12.29007/01/2020 12,537,320.83 2.258 2.29012,783,258.42
Subtotal and Average 30,746,664.57 30,746,664.57 30,500,726.98 3.325 3.371 1
Negotiable Certificates of Deposits
Affinity Plus Fed Credit Union2773 NCD 249,000.0000833AAB6 12/27/2023 3605.10012/27/2022 250,127.97 5.029 5.099249,000.00
Alliant Credit Union2781 NCD 249,000.0001882MAB8 12/30/2027 1,8244.95012/30/2022 252,886.89 4.884 4.952249,000.00
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 2272.40002/16/2016 241,925.25 2.367 2.400245,000.00
Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 8091.10003/20/2020 230,628.78 1.085 1.100249,000.00
American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 5152.30005/30/2017 237,201.65 2.270 2.301245,000.00
Austin Telco Fed. Credit Union2732 NCD 249,000.00052392CC9 11/27/2026 1,4265.05011/28/2022 253,130.91 4.984 5.053249,000.00
American Express Centurion Bk2729 NCD 249,000.0002589AEG3 11/16/2027 1,7805.00011/16/2022 253,312.68 4.931 5.000249,000.00
Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 1,0620.45011/27/2020 221,012.40 0.493 0.500248,638.15
Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 9391.05011/23/2020 227,613.39 0.542 0.549252,161.31
Baxter Credit Union2730 NCD 249,000.0007181JAU8 11/23/2026 1,4225.00011/22/2022 252,677.73 4.940 5.009249,000.00
Beal Bank - Plano, TX2668 NCD 249,000.0007371AYT4 02/24/2027 1,5152.05003/02/2022 225,307.65 2.053 2.081248,689.09
Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 8941.00006/02/2020 228,290.67 0.986 1.000249,000.00
Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 6071.70008/30/2019 233,558.50 1.678 1.701245,000.00
BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 1,1170.55001/22/2021 220,496.97 0.592 0.600248,619.20
Blue Foundry Bank2755 NCD 249,000.0009549TAB1 03/19/2024 4434.70012/19/2022 249,211.65 4.633 4.697249,000.00
BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 2,1261.00001/27/2021 203,425.53 1.019 1.034248,532.36
BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 1,0540.50011/20/2020 221,789.28 0.493 0.500249,000.00
Beal Bank USA - Las Vegas, NV2669 NCD 249,000.0007371CH69 02/24/2027 1,5152.05003/02/2022 225,307.65 2.053 2.081248,689.09
Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 1113.00004/24/2018 244,095.95245,000.00
California Credit Union2772 NCD 249,000.00130162AN0 12/27/2023 3605.00012/27/2022 249,873.99 4.931 5.000249,000.00
Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 1,6011.15005/21/2020 214,951.74 1.134 1.150249,000.00
First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 9620.45008/20/2020 222,537.84 0.444 0.450248,000.00
Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 6071.85008/30/2019 234,146.50 1.826 1.852245,000.00
Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 8161.00003/27/2020 229,949.01 1.189 1.206247,887.27
Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 1,5230.65003/04/2021 211,752.09 0.691 0.701248,480.75
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 2
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Negotiable Certificates of Deposits
Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 7881.65002/27/2020 230,177.50 1.668 1.691244,788.66
Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 471.75002/19/2016 249,225.00 1.727 1.751250,000.00
Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 7591.80001/29/2020 231,407.40 1.779 1.803245,000.00
Connexus Credit Union2643 NCD 249,000.0020825WAR1 12/23/2026 1,4521.25012/23/2021 218,803.77 1.273 1.291248,604.00
Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 6131.90009/05/2019 234,369.45 1.873 1.900245,000.00
Capital One Bank USA NA2609 NCD 249,000.0014042RQB0 11/17/2026 1,4161.10011/17/2021 218,442.72 1.084 1.100249,000.00
Communitywide Fed. Cr. Union2756 NCD 249,000.0020416TAW2 06/21/2024 5375.00012/21/2022 250,352.07 4.935 5.004249,000.00
County Schools FCU2695 NCD 249,000.0022258JAB7 09/27/2027 1,7304.40009/30/2022 246,910.89 4.341 4.402249,000.00
Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 8091.10003/20/2020 229,702.56 1.085 1.100248,000.00
Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 2,5851.10001/29/2021 196,403.73 1.154 1.170247,825.07
Decorah Bank Trust Company2690 NCD 249,000.00243594AR9 09/23/2027 1,7263.70009/23/2022 239,769.57 3.651 3.701249,000.00
Delta Natl Bank & TR2670 NCD 249,000.0024773RCR4 02/25/2027 1,5162.00003/09/2022 224,824.59 1.975 2.003249,000.00
Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 2963.35010/24/2018 242,601.45 3.304 3.350245,000.00
The District Fed Cr Union2778 NCD 249,000.0088340AAA9 12/23/2024 7225.15012/22/2022 250,053.27 5.079 5.150249,000.00
Eagle Cmty Credit Union2770 NCD 249,000.0026948GAF1 12/26/2023 3595.00012/23/2022 249,886.44 4.932 5.000249,000.00
Eaglemark Savings Bank2545 NCD 249,000.0027004PBV4 07/07/2026 1,2830.85007/07/2021 219,092.61 0.919 0.932248,300.18
Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 1172.65004/30/2019 243,782.35 2.615 2.651245,000.00
Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 2,2341.00002/12/2021 201,294.09 1.037 1.052248,238.51
Flagstar Bank FSB2414 NCD 249,000.0033847E4E4 09/30/2024 6380.40009/30/2020 231,570.00 0.394 0.400249,000.00
Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 8071.10003/18/2020 230,673.60 1.085 1.100249,000.00
First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 1721.80006/22/2016 242,256.00 1.776 1.800245,000.00
1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 9610.45008/19/2020 222,562.64 0.444 0.450248,000.00
First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 6121.75009/04/2019 233,683.45 1.727 1.751245,000.00
Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 1,1220.50001/27/2021 219,914.31 0.543 0.550248,617.50
First Class Community CU2759 NCD 249,000.0031976UAA6 12/16/2024 7155.05012/16/2022 249,878.97 4.985 5.054249,000.00
First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 1,4290.65011/30/2020 213,900.96 0.691 0.701248,512.80
Farmers &Merchants Bank2644 NCD 249,000.00307811DM8 01/22/2030 2,5781.60001/14/2022 204,075.42 1.630 1.653248,123.66
First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 1,4600.60012/31/2020 212,755.56 0.625 0.633248,668.15
FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 2852.25010/13/2017 240,612.05 2.220 2.251245,000.00
First Community Credit Union2554 NCD 249,000.0031986JAD3 02/26/2027 1,5170.85007/28/2021 213,793.89 0.892 0.905248,444.24
Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 6001.95008/23/2019 234,653.65 1.925 1.952245,000.00
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Negotiable Certificates of Deposits
Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 1,7940.80011/30/2020 207,424.47 0.825 0.836248,563.08
Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 4932.55005/08/2019 238,326.20 2.513 2.548245,000.00
Greenwood Credit Union2725 NCD 249,000.00397129AJ6 05/28/2024 5134.95011/28/2022 250,118.01 4.877 4.945249,000.00
Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 1283.15005/09/2018 244,091.05 3.106 3.150245,000.00
Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 1,0230.35011/16/2020 184,169.97 0.491 0.498205,940.61
Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 1,0790.50012/14/2020 221,164.29 0.543 0.550248,632.36
Harborstone Credit Union2776 NCD 249,000.0041166MAF2 03/27/2024 4515.10012/27/2022 250,419.30 5.027 5.097249,000.00
IC Federal Credit Union2743 NCD 249,000.0044931EAD3 06/10/2024 5265.00012/09/2022 250,322.19 4.931 5.000249,000.00
INS Bank2757 NCD 249,000.0045776NFE1 12/14/2027 1,8084.90012/14/2022 249,744.51 4.835 4.902249,000.00
Interstate Credit Union2771 NCD 249,000.00460807AB6 12/26/2023 3595.00012/23/2022 249,886.44 4.932 5.000249,000.00
Inst. for Sav in Newburyport2556 NCD 249,000.0045780PAQ8 07/29/2026 1,3050.90007/29/2021 218,756.46 0.888 0.900249,000.00
Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 1,7900.75011/27/2020 206,956.35 0.790 0.801248,389.44
Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 5162.50005/31/2017 237,860.70 2.465 2.500245,000.00
Kembra Financial Credit Union2731 NCD 249,000.0048836LAV4 11/25/2024 6945.15011/23/2022 249,931.26 5.083 5.154249,000.00
Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 3033.35010/24/2019 245,490.24 2.210 2.241250,180.61
Kern Schools Fed. Credit Unio2748 NCD 249,000.00920133AJ4 12/13/2024 7125.10012/14/2022 249,998.49 5.038 5.108249,000.00
Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 2601.80009/16/2016 240,300.90 1.775 1.800245,000.00
Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 2,1810.85012/30/2020 200,300.58 0.889 0.901248,254.28
Liberty Federal Credit Union2741 NCD 249,000.0053052LAD1 12/05/2023 3385.00012/05/2022 249,878.97 4.931 5.000249,000.00
Live Oak Banking Company2599 NCD 249,000.00538036SS4 10/18/2027 1,7511.10010/18/2021 211,535.46 1.135 1.151248,403.01
Loyola Univ Demployee FCU2777 NCD 249,000.0054912KAD1 06/23/2023 1735.00012/23/2022 249,878.97 4.931 5.000249,000.00
Bank Leumi USA NY2335 NCD 249,000.00063248KR8 03/31/2023 891.45003/31/2020 247,339.17249,000.00
Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 9110.40008/31/2020 224,391.33 0.394 0.400249,000.00
Meritrust Federal Credit Union2672 NCD 249,000.0059001PAP4 03/10/2026 1,1640.55003/07/2022 221,746.95 1.904 1.930238,457.81
Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 3673.30001/10/2019 241,773.35 3.254 3.299245,000.00
Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 6071.80008/30/2019 234,050.95 1.775 1.800245,000.00
Merrick Bank2610 NCD 249,000.0059013KPS9 05/19/2026 1,2341.10011/19/2021 221,851.53 1.152 1.168248,438.61
Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 2,2201.00001/28/2021 201,513.21 1.024 1.039248,432.66
Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 6771.90011/08/2019 233,217.95 1.875 1.902245,000.00
Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 4812.60004/26/2019 238,637.35 2.567 2.602245,000.00
Mountain America FD Credit Uni2719 NCD 249,000.0062384RAR7 05/09/2025 8594.85011/09/2022 250,439.22 4.825 4.892248,765.47
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Negotiable Certificates of Deposits
Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 102.65001/11/2018 244,884.85 2.613 2.650245,000.00
Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 4872.35005/22/2017 237,767.60 2.317 2.349245,000.00
New Brunswick Postal FCU2760 NCD 249,000.00642858AA2 12/15/2025 1,0795.00012/14/2022 250,177.77 4.931 5.000249,000.00
Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 3313.55011/28/2018 242,687.20 3.503 3.551245,000.00
Oklahomas Credit Union2751 NCD 249,000.0067886WAD9 12/16/2024 7155.00012/14/2022 249,893.91 4.938 5.006249,000.00
Oregon State Credit Union2765 NCD 249,000.0068609EAC5 03/21/2024 4455.05012/21/2022 250,252.47 4.978 5.047249,000.00
Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 182.40001/19/2018 244,781.95 2.368 2.401245,000.00
Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 1,0030.45009/30/2020 222,700.62 0.443 0.450249,000.00
Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 1,0170.50010/13/2020 222,426.72 0.533 0.540248,722.79
People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 2,5560.90012/30/2020 193,923.69 0.967 0.981247,645.04
Ponce De Leon Federal Bank2686 NCD 249,000.00732329BD8 09/15/2027 1,7183.50009/15/2022 237,456.36 3.453 3.501249,000.00
Pentagon Fed Cred Union2565 NCD 249,000.0070962LAE2 09/01/2026 1,3390.85009/01/2021 217,638.45 0.889 0.901248,543.52
Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 5932.00008/16/2019 234,962.35 1.972 2.000245,000.00
Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 732.10007/19/2017 244,010.20 2.072 2.101245,000.00
Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 2,6121.00002/24/2021 194,847.48 1.055 1.070247,813.16
Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 7291.85012/30/2019 232,198.75 1.824 1.850245,000.00
Rogue Credit Union2717 NCD 249,000.0077535MAC7 11/10/2025 1,0444.90011/09/2022 249,276.39 4.868 4.935248,763.03
Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 6261.90009/18/2019 234,153.85 1.873 1.900245,000.00
Sawyer Savings Bank2710 NCD 249,000.00805508BT4 10/28/2027 1,7614.90010/28/2022 249,612.54 4.877 4.945248,519.73
State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 9770.50009/04/2020 223,649.31 0.493 0.500249,000.00
Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 1342.95005/15/2018 243,865.65 2.911 2.951245,000.00
San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 8161.10003/27/2020 230,479.38 1.085 1.100249,000.00
Sharonview Fed Credit Union2718 NCD 249,000.00819866BR4 10/31/2025 1,0345.00010/31/2022 250,150.38 4.966 5.035248,765.09
Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 1,8730.80002/17/2021 205,825.89 0.861 0.873248,087.68
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 1621.80006/10/2016 242,432.40 1.776 1.800245,000.00
First Source Bank2754 NCD 249,000.0033646CNJ9 06/16/2028 1,9935.05012/16/2022 249,883.95 4.980 5.050249,000.00
ST Lawrence Federal CU2728 NCD 249,000.00791125AB3 11/22/2023 3254.95011/22/2022 249,761.94 4.881 4.949249,000.00
Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 4521.15003/31/2020 238,527.06 1.134 1.150249,000.00
Synchrony Bank2563 NCD 249,000.0087165FZN7 08/20/2026 1,3270.90008/20/2021 218,539.83 0.887 0.900249,000.00
Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 1,0870.45012/23/2020 220,228.05 0.483 0.490248,703.55
Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 6941.95011/25/2019 233,264.50 1.923 1.950245,000.00
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Negotiable Certificates of Deposits
Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 1592.15006/09/2017 242,755.80 2.121 2.151245,000.00
Toyota Financial Savings Bank2551 NCD 249,000.0089235MLC3 07/15/2026 1,2910.95007/15/2021 219,722.58 0.936 0.950249,000.00
Trustone Fin. Credit Union2745 NCD 249,000.0089841MAM9 12/14/2023 3475.00012/14/2022 249,881.46 4.931 5.000249,000.00
Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 3591.70006/24/2016 238,671.65 1.676 1.700245,000.00
Umassfive College Fed Cr Union2742 NCD 249,000.0090407LAD5 03/08/2024 4324.95012/09/2022 249,306.27 4.879 4.947249,000.00
United Heritage Credit Union2711 NCD 249,000.0091334AAC7 04/28/2025 8484.60010/28/2022 249,044.82 4.539 4.602249,000.00
Greenstate Credit Union2552 NCD 249,000.0039573LBM9 07/21/2026 1,2970.95007/21/2021 219,339.12 0.937 0.950249,000.00
USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 8201.15003/31/2020 230,925.09 1.155 1.171248,888.18
USF Federal Credit Union2546 NCD 249,000.0090353EAR4 07/15/2031 3,1171.75007/15/2021 197,875.32 1.801 1.826247,512.34
Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 3443.65010/18/2019 242,797.45 2.170 2.200248,198.75
Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 6002.05008/23/2019 235,043.20 2.024 2.052245,000.00
Washington State Emp CU2780 NCD 249,000.00939769AC9 12/29/2023 3625.00012/29/2022 249,886.44 4.931 4.999249,000.00
Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 1,0471.05005/13/2020 224,695.44 1.035 1.050248,000.00
Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 1,0620.50011/27/2020 221,358.51 0.515 0.522248,782.89
Workers Fed Credit Union2749 NCD 249,000.0098138MAX8 12/14/2027 1,8085.10012/14/2022 249,966.12 5.032 5.102249,000.00
Subtotal and Average 32,899,223.68 32,923,000.00 30,965,689.21 2.374 2.407 958
Corporate Medium Term Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 4962.85008/06/2019 1,460,370.00 1.998 2.0251,515,428.57
Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 1222.40008/29/2019 545,600.00 1.726 1.750551,167.66
Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 7432.75008/28/2020 1,444,350.00 0.620 0.6281,563,716.07
Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 1,1340.70002/08/2021 621,306.00 0.684 0.694700,124.92
Apple, Inc.2667 MTN 750,000.00037833CJ7 02/09/2027 1,5003.35002/23/2022 717,090.00 2.115 2.145783,351.38
Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 9570.45003/01/2021 180,546.00 0.668 0.678198,824.07
Alphabet (Google) Inc.2675 MTN 1,000,000.0002079KAC1 08/15/2026 1,3221.99803/14/2022 919,380.00 2.197 2.228992,098.96
Alphabet (Google) Inc.2689 MTN 1,000,000.0002079KAJ6 08/15/2027 1,6870.80009/14/2022 856,480.00 3.442 3.489886,650.31
Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 9740.55012/23/2020 1,806,180.00 0.479 0.4862,003,363.01
Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 1,1552.45003/01/2021 1,879,500.00 0.812 0.8232,095,780.14
Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 1,1552.45003/01/2021 939,750.00 0.812 0.8241,047,877.79
Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 4012.87501/22/2020 1,768,086.00 1.727 1.7511,820,488.93
Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 1,0373.12511/18/2020 2,820,778.40 0.572 0.5803,117,344.36
Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 1,0373.12503/01/2021 173,883.60 0.753 0.763191,209.03
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Corporate Medium Term Bonds
Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 3966.87512/12/2019 1,019,290.00 1.934 1.9601,050,885.96
Stanford University2648 MTN 1,500,000.0085440KAC8 06/01/2027 1,6121.28901/07/2022 1,302,195.00 1.479 1.5001,486,615.80
Stanford University2658 MTN 500,000.0085440KAC8 06/01/2027 1,6121.28902/01/2022 434,065.00 1.849 1.875487,736.97
Stanford University2709 MTN 1,530,000.0085440KAC8 06/01/2027 1,6121.28910/19/2022 1,328,238.90 4.487 4.5501,333,227.53
Stanford University2761 MTN 450,000.0085440KAC8 06/01/2027 1,6121.28912/12/2022 390,658.50 4.142 4.200397,745.09
Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 8350.87307/01/2020 1,839,420.00 0.616 0.6252,010,954.80
Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 8350.87303/01/2021 2,759,130.00 0.638 0.6463,014,991.91
Subtotal and Average 27,249,583.26 27,080,000.00 25,206,297.40 1.357 1.375 1,000
Federal Agency Bonds
Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 4513.33001/09/2015 396,780.52 2.540 2.575407,339.76
Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 1622.61001/22/2015 1,590,863.24 2.269 2.3011,606,004.21
Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 1622.61002/09/2015 1,438,124.50 2.377 2.4101,451,166.86
Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 232.13004/06/2016 998,810.00 1.839 1.8641,000,158.21
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 9464.35004/08/2016 474,388.68 2.296 2.328496,208.30
Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 4863.30004/21/2016 1,471,245.00 2.084 2.1121,521,729.55
Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 4863.30004/26/2016 1,471,245.00 2.159 2.1891,520,259.83
Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 1,1294.81010/18/2016 1,526,880.00 2.131 2.1601,610,651.48
Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 6002.25010/06/2017 961,780.00 2.332 2.365998,260.09
Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 5782.62501/09/2018 968,490.00 2.546 2.5811,000,625.02
Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 5782.62501/11/2018 1,452,735.00 2.623 2.6601,499,238.69
Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 292.50001/30/2018 1,997,260.00 2.472 2.5071,999,989.04
Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 292.50001/30/2018 1,497,945.00 2.481 2.5151,499,982.07
Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 292.50001/31/2018 1,997,260.00 2.556 2.5921,999,861.64
Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 232.13002/08/2018 1,098,691.00 2.578 2.6141,099,682.69
Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 522.60002/22/2018 1,496,550.00 2.564 2.6001,500,000.00
Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 512.77002/23/2018 1,496,955.00 2.732 2.7701,500,000.00
Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 3943.46012/14/2018 540,852.84 3.018 3.060551,177.84
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 4642.35004/09/2019 969,910.00 2.365 2.398999,422.41
Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 6895.25004/08/2019 686,258.04 2.420 2.454711,202.07
Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 9464.35009/09/2019 550,451.00 1.659 1.683586,041.00
Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 1,7832.85003/11/2020 1,475,518.98 1.050 1.0641,699,986.46
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 2,6891.50005/13/2020 1,642,200.00 1.479 1.5002,000,000.00
Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 2,7311.40006/24/2020 1,422,260.00 1.380 1.4001,750,000.00
Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 2,7311.40006/24/2020 1,625,440.00 1.380 1.4002,000,000.00
Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 2,7451.40007/08/2020 1,217,805.00 1.380 1.4001,500,000.00
Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 2,8261.30010/08/2020 1,601,500.00 1.286 1.3042,000,000.00
Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 2,8501.28010/21/2020 1,596,200.00 1.262 1.2802,000,000.00
Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 2,8581.34010/29/2020 1,602,680.00 1.321 1.3402,000,000.00
Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 2,8801.15011/20/2020 1,193,220.00 1.134 1.1501,500,000.00
Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 2,9011.30012/11/2020 1,194,330.00 1.282 1.3001,500,000.00
Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 2,9061.45012/16/2020 1,610,560.00 1.430 1.4502,000,000.00
Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 2,8801.15012/09/2020 795,480.00 1.144 1.160999,207.20
Federal Agricultural Mortgage2471 1,500,000.0031422B6K1 01/15/2026 1,1100.48001/15/2021 1,343,490.00 0.493 0.5001,499,088.33
Federal Agricultural Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 2,9361.29001/15/2021 1,171,395.00 1.319 1.3381,494,573.75
Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 2,9491.32001/28/2021 782,140.00 1.301 1.3201,000,000.00
Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 2,9771.53002/25/2021 1,192,365.00 1.509 1.5301,500,000.00
Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 2,9841.47003/04/2021 810,670.00 1.581 1.602989,993.80
Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 1,1810.83003/29/2021 1,350,210.00 0.828 0.8401,499,513.63
Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 1,1810.83003/31/2021 1,350,210.00 0.913 0.9261,495,423.00
Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 3,0182.07004/07/2021 1,244,940.00 2.074 2.1031,496,505.00
Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 1,9291.37504/15/2021 1,733,780.00 1.311 1.3302,004,517.06
Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 3,0401.66004/29/2021 1,199,355.00 1.627 1.6501,501,124.25
Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 1,1810.83005/20/2021 1,350,210.00 0.864 0.8761,497,814.50
Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 1,1810.83006/08/2021 229,535.70 0.820 0.831254,985.90
Federal Agricultural Mortgage2593 1,000,000.0031422XNM0 10/05/2026 1,3731.05010/05/2021 894,210.00 1.035 1.0501,000,000.00
Federal Agricultural Mortgage2621 1,000,000.0031422XPS5 11/17/2026 1,4161.15011/17/2021 895,130.00 1.272 1.290994,741.73
Federal Agricultural Mortgage2625 1,000,000.0031422XQM7 12/01/2026 1,4301.32012/01/2021 900,410.00 1.301 1.3201,000,000.00
Federal Agricultural Mortgage2634 1,500,000.0031422XRK0 01/04/2027 1,4641.32001/04/2022 1,348,005.00 1.301 1.3201,500,000.00
Federal Agricultural Mortgage2640 Call 1,500,000.0031422XRY0 12/29/2031 3,2842.15012/29/2021 1,232,760.00 2.120 2.1501,500,000.00
Federal Agricultural Mortgage2714 1,500,000.0031422XN32 10/24/2023 2964.72010/24/2022 1,499,400.00 4.655 4.7201,500,000.00
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 2062.12501/27/2016 616,156.25 2.024 2.052625,239.26
Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 7122.12505/13/2016 956,540.00 1.930 1.9561,003,003.38
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Federal Agency Bonds
Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 4492.30005/04/2017 875,511.00 2.274 2.306899,933.96
Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 6452.91006/21/2017 486,525.00 2.143 2.172505,988.23
Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 462.57002/16/2018 1,496,535.00 2.605 2.6421,499,874.31
Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 2492.15001/15/2019 491,385.00 2.656 2.693498,263.65
Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 3122.13001/15/2019 635,492.00 2.662 2.699647,046.76
Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 1,3102.63003/13/2020 961,430.00 1.089 1.1041,052,713.60
Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 2,7381.33007/01/2020 1,189,170.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 2,7381.33007/01/2020 1,189,170.00 1.311 1.3301,500,000.00
Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 9540.57008/12/2020 1,356,300.00 0.587 0.5951,499,019.79
Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 9670.61009/03/2020 1,351,545.00 0.611 0.6201,499,600.73
Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 9670.61009/10/2020 1,351,545.00 0.611 0.6201,499,599.16
Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 9890.55009/22/2020 1,351,740.00 0.542 0.5491,500,000.00
Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 1,0020.53009/29/2020 1,339,410.00 0.522 0.5301,500,000.00
Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 1,0020.53009/29/2020 1,338,255.00 0.537 0.5451,499,382.50
Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 2,7311.25010/01/2020 1,548,880.00 1.246 1.2631,998,078.08
Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 2,8641.37011/04/2020 1,186,845.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 2,8641.37011/04/2020 1,186,845.00 1.351 1.3701,500,000.00
Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 2,9351.38001/14/2021 1,164,120.00 1.361 1.3801,500,000.00
Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 2,9701.42004/01/2021 1,173,705.00 1.834 1.8591,451,182.38
Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 3,0041.98005/27/2021 819,010.00 1.887 1.9131,004,934.14
Federal Farm Credit Bank .2769 Call 1,500,000.003133EN4R8 12/21/2032 3,6426.08012/21/2022 1,492,080.00 5.996 6.0801,500,000.00
Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 362.13010/05/2016 498,990.00 1.578 1.600500,243.97
Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 3412.25001/03/2018 976,670.00 2.359 2.392998,762.49
Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 2502.37501/09/2018 983,420.00 2.376 2.409999,781.04
Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 162.38001/18/2018 499,635.00 2.385 2.418499,992.00
Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 2,1581.32005/28/2020 1,249,740.00 1.301 1.3201,500,000.00
Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 2,3531.40006/11/2020 826,380.00 1.380 1.4001,000,000.00
Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 2,3531.40006/11/2020 826,380.00 1.427 1.447997,135.80
Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 2,3711.25006/29/2020 736,011.00 1.232 1.250900,000.00
Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 2,7311.36006/24/2020 1,201,845.00 1.341 1.3601,500,000.00
Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 2,7461.39007/09/2020 1,202,685.00 1.370 1.3901,500,000.00
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Federal Agency Bonds
Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 2,7461.39007/09/2020 1,202,685.00 1.370 1.3901,500,000.00
Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 2,7461.39007/09/2020 1,202,685.00 1.382 1.4011,498,758.83
Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 9690.60008/27/2020 1,352,145.00 0.611 0.6201,499,203.33
Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 9690.60008/27/2020 1,352,145.00 0.611 0.6201,499,203.33
Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 1,0020.57009/29/2020 1,345,830.00 0.582 0.5901,499,176.67
Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 9690.60009/16/2020 1,063,687.40 0.591 0.5991,180,000.00
Federal Home Loan Bank2419 Call 1,500,000.003130AKAZ91 09/29/2025 1,0020.52009/29/2020 1,344,435.00 0.512 0.5201,500,000.00
Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 2,7321.35011/04/2020 960,804.00 1.334 1.3531,199,701.96
Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 2,9301.40001/28/2021 1,169,010.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 2,9491.40001/28/2021 1,194,960.00 1.380 1.4001,500,000.00
Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 2,9621.35002/10/2021 1,166,355.00 1.331 1.3501,500,000.00
Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 2,9701.40002/18/2021 1,590,600.00 1.380 1.4002,000,000.00
Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 2,9781.50002/26/2021 1,201,800.00 1.479 1.5001,500,000.00
Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 2,9771.62502/25/2021 1,213,725.00 1.602 1.6251,500,000.00
Federal Home Loan Bank2520 Call 1,925,000.003130ALF33 03/16/2026 1,1700.75003/25/2021 1,711,171.00 0.853 0.8651,918,048.07
Federal Home Loan Bank2607 Call 1,000,000.003130APPJ8 11/04/2031 3,2292.00011/04/2021 819,580.00 1.972 2.0001,000,000.00
Federal Home Loan Bank2613 Call 1,000,000.003130APV77 12/10/2026 1,4391.50012/10/2021 894,470.00 1.479 1.5001,000,000.00
Federal Home Loan Bank2616 Call 1,000,000.003130APW84 12/03/2026 1,4321.50012/03/2021 894,400.00 1.479 1.5001,000,000.00
Federal Home Loan Bank2618 Call 1,000,000.003130APXD2 12/17/2026 1,4461.55012/17/2021 895,250.00 1.528 1.5501,000,000.00
Federal Home Loan Bank2619 Call 1,000,000.003130APWY7 12/07/2026 1,4361.35012/07/2021 889,240.00 1.331 1.3501,000,000.00
Federal Home Loan Bank2620 Call 1,000,000.003130APXT7 12/17/2026 1,4461.60012/17/2021 901,320.00 1.578 1.6001,000,000.00
Federal Home Loan Bank2659 Call 1,000,000.003130AQSM6 02/25/2027 1,5162.05002/25/2022 908,110.00 2.021 2.0501,000,000.00
Federal Home Loan Bank2662 Call 1,000,000.003130AQX65 03/04/2027 1,5232.25003/04/2022 919,360.00 2.219 2.2501,000,000.00
Federal Home Loan Bank2663 Call 1,000,000.003130AQYA5 02/24/2027 1,5152.25002/28/2022 919,720.00 2.219 2.2501,000,000.00
Federal Home Loan Bank2664 Call 1,500,000.003130AQYG2 02/25/2027 1,5162.50002/28/2022 1,395,825.00 2.470 2.5041,500,000.00
Federal Home Loan Bank2665 Call 1,000,000.003130AQZD8 02/25/2027 1,5162.62502/25/2022 926,790.00 2.589 2.6251,000,000.00
Federal Home Loan Bank2703 1,500,000.003130ATKJ5 03/08/2024 4324.37510/14/2022 1,491,480.00 4.400 4.4611,498,547.44
Federal Home Loan Bank2737 1,500,000.003130ATYM3 11/22/2023 3254.87511/22/2022 1,500,450.00 4.838 4.9061,499,598.75
Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 1,9641.20005/18/2020 383,997.25 1.183 1.200455,000.00
Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 2,7351.40006/30/2020 1,204,560.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 2,3711.25006/29/2020 1,226,730.00 1.232 1.2501,500,000.00
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Federal Agency Bonds
Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 2,1891.20007/01/2020 1,238,055.00 1.183 1.1991,500,000.00
Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 2,1991.20007/08/2020 1,221,600.00 1.183 1.2001,500,000.00
Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 2,7521.37507/15/2020 1,201,710.00 1.356 1.3751,500,000.00
Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 2,7661.35007/29/2020 1,198,590.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 2,7661.35007/29/2020 1,198,590.00 1.331 1.3501,500,000.00
Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 9610.62508/20/2020 904,060.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 9880.65009/15/2020 1,354,035.00 0.641 0.6501,500,000.00
Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 9820.65009/09/2020 1,297,365.73 0.641 0.6501,447,000.00
Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 9750.68009/04/2020 1,354,515.00 0.670 0.6791,500,000.00
Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 9960.62509/23/2020 1,352,100.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 9960.62509/23/2020 901,400.00 0.616 0.6251,000,000.00
Fed. Home Loan Mortgage Corp.2418 Call 1,500,000.003134GWVV5 10/15/2025 1,0180.50010/15/2020 1,351,650.00 0.493 0.5001,500,000.00
Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 1,0030.55009/30/2020 1,797,360.00 0.542 0.5502,000,000.00
Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 1,0030.55009/30/2020 1,348,020.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 1,0030.55009/30/2020 1,348,020.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 1,0180.55010/15/2020 1,346,115.00 0.542 0.5501,500,000.00
Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 1,0110.57010/08/2020 1,347,780.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 1,0310.53010/28/2020 1,343,700.00 0.522 0.5301,500,000.00
Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 2,8511.25010/22/2020 1,183,800.00 1.232 1.2501,500,000.00
Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 1,0320.57010/29/2020 1,345,230.00 0.562 0.5701,500,000.00
Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 2,8571.40010/28/2020 1,594,520.00 1.380 1.4002,000,000.00
Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 1,0320.61010/29/2020 1,346,955.00 0.601 0.6101,500,000.00
Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 2,8571.30010/28/2020 1,583,020.00 1.282 1.3002,000,000.00
Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 1,0310.60010/28/2020 673,222.50 0.591 0.600750,000.00
Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 1,0300.62510/27/2020 1,342,635.00 0.616 0.6251,500,000.00
Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 2,8651.40011/05/2020 1,195,275.00 1.380 1.4001,500,000.00
Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 2,8651.40011/05/2020 1,195,275.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 1,2157.12511/10/2016 544,495.00 2.367 2.400570,006.16
Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 182.37502/08/2018 1,498,725.00 2.574 2.6101,499,835.59
Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 9700.62508/28/2020 902,290.00 0.616 0.6251,000,000.00
Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 9690.65008/27/2020 902,980.00 0.641 0.6501,000,000.00
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Federal Agency Bonds
Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 9690.65008/27/2020 1,357,965.00 0.641 0.6501,500,000.00
Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 9690.62508/27/2020 1,353,555.00 0.616 0.6251,500,000.00
Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 9950.51509/22/2020 1,346,370.00 0.507 0.5151,500,000.00
Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 1,0030.55009/30/2020 1,346,805.00 0.542 0.5501,500,000.00
Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 9980.60009/25/2020 1,349,235.00 0.591 0.6001,500,000.00
Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 2,7730.87512/07/2020 1,587,580.00 1.139 1.1551,959,862.55
Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 2,9131.40012/23/2020 1,190,490.00 1.380 1.4001,500,000.00
Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 1,0940.64012/30/2020 888,890.00 0.597 0.6051,001,013.06
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 1,0356.75011/20/2015 1,061,510.00 2.807 2.8461,095,725.05
Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 6232.87501/15/2016 726,900.00 2.564 2.600753,127.56
Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 1,0356.75004/18/2016 822,670.25 2.337 2.370860,628.67
Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 1,0356.75011/10/2016 1,326,887.50 2.317 2.3501,389,756.73
Subtotal and Average 210,890,444.35 210,190,000.00 185,164,100.38 1.484 1.505 1,673
Treasury Securities (Notes)
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 301.75001/11/2018 1,497,300.00 2.308 2.3401,499,317.93
U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 301.75002/05/2018 1,497,300.00 2.560 2.5961,499,028.06
U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 301.75002/08/2018 998,200.00 2.487 2.521999,407.62
U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 581.50002/09/2018 995,410.00 2.534 2.570998,415.58
U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 581.50002/15/2018 995,410.00 2.601 2.638998,317.68
U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 1,0950.37502/26/2021 1,340,565.00 0.731 0.7421,483,820.12
U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 1,1540.50003/09/2021 1,336,590.00 0.819 0.8311,484,652.50
U.S. Treasury2587 TB 1,500,000.0091282CCP4 07/31/2026 1,3070.62509/24/2021 1,325,445.00 0.888 0.9011,485,529.27
U.S. Treasury2701 TB 1,000,000.0091282CFN6 09/30/2024 6384.25010/07/2022 989,030.00 4.142 4.1991,000,826.14
U.S. Treasury2740 TB 1,500,000.0091282CER8 05/31/2024 5162.50011/23/2022 1,455,300.00 4.636 4.7001,455,492.82
Subtotal and Average 12,904,807.72 13,000,000.00 12,430,550.00 2.281 2.312 535
Municipal Bonds
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 1,3084.00012/05/2019 283,950.60 2.139 2.168307,627.67
County of Alameda2691 MUN 1,500,000.00010878BK1 08/01/2031 3,1343.69909/21/2022 1,383,570.00 4.281 4.3401,432,029.69
Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 8823.36512/24/2018 486,325.10 3.175 3.220506,583.33
Alameda County Joint Pws Auth.2566 MUN 110,000.00010831DT9 06/01/2026 1,2473.39508/13/2021 104,409.80 0.925 0.938118,993.91
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 12
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 5783.02608/16/2019 486,925.00 1.876 1.902508,449.41
Antelope Valley Community Coll2694 MUN 1,080,000.0003667PHJ4 08/01/2029 2,4041.66109/23/2022 873,709.20 4.389 4.450910,670.22
Antelope Valley Community Coll2705 MUN 300,000.0003667PGA4 08/01/2031 3,1342.33810/17/2022 241,440.00 5.128 5.200241,432.59
Antelope Valley Community Coll2727 MUN 335,000.0003667PFZ0 08/01/2030 2,7692.21811/10/2022 273,829.00 5.495 5.571274,113.04
Bay Area Toll Authority2558 MUN 1,750,000.00072024XC1 04/01/2026 1,1861.07907/26/2021 1,567,125.00 0.739 0.7501,768,348.52
Beverly Hills Public Fing Auth2612 MUN 350,000.00088006KA8 06/01/2026 1,2471.14711/15/2021 309,589.00 1.183 1.200349,384.25
Beverly Hills Public Fing Auth2680 MUN 490,000.00088006KB6 06/01/2027 1,6121.32704/01/2022 421,066.80 2.810 2.850459,548.08
Beverly Hills Unified Sch Dist2682 MUN 920,000.00088023PL4 08/01/2026 1,3082.70004/13/2022 857,982.80 2.644 2.681920,598.00
Burlingame School District1548 MUN 355,000.00121457EQ4 08/01/2025 9436.23802/24/2016 363,264.40 3.557 3.606375,287.96
City of Buena Park2734 MUN 685,000.00119174AJ9 07/01/2030 2,7381.88211/18/2022 544,054.40 5.076 5.147547,652.88
Burbank Unified School Distri.2570 MUN 1,000,000.0012082SDN1 08/01/2026 1,3081.36708/30/2021 886,340.00 0.947 0.9601,014,203.84
Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 1,6732.38510/08/2019 1,792,040.00 2.342 2.3752,000,000.00
Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 1,3085.23409/27/2017 309,559.75 2.850 2.890327,457.79
CA Infrastructure -Econ Dev Bk2666 MUN 210,000.0013034AL73 10/01/2026 1,3691.03502/16/2022 183,764.70 2.224 2.254200,924.59
CA ST Dept of WTR Resources2633 MUN 180,000.0013067WRC8 12/01/2025 1,0650.79012/13/2021 160,977.60 1.301 1.320177,297.35
CA ST Dept of WTR Resources2645 MUN 300,000.0013067WRD6 12/01/2026 1,4300.92012/23/2021 259,305.00 1.430 1.450294,009.48
Chabot-Las Positas CCD2564 MUN 285,000.0015722TJR3 08/01/2026 1,3081.08008/16/2021 249,868.05 0.897 0.910286,693.04
Chabot-Las Positas CCD2589 MUN 125,000.0015722TJQ5 08/01/2025 9430.88009/29/2021 113,065.00 0.897 0.910124,904.11
Chabot-Las Positas CCD2764 MUN 770,000.0015722TJV4 08/01/2030 2,7691.79012/14/2022 611,888.20 5.069 5.140609,844.01
Chaffey Community Clg District2698 MUN 300,000.00157432KL8 06/01/2030 2,7082.32910/06/2022 250,788.00 4.931 5.000251,108.47
Chaffey Community Clg District2712 MUN 500,000.00157432KK0 06/01/2029 2,3432.22910/21/2022 425,590.00 5.216 5.289418,038.68
City of Chula Vista2653 MUN 1,000,000.0017131RAU0 06/01/2026 1,2470.84001/10/2022 867,860.00 1.676 1.700971,797.91
Calleguas Municipal Water Dist2544 MUN 550,000.0013124MCE3 07/01/2029 2,3731.86507/01/2021 456,687.00 1.425 1.445564,130.19
Calleguas Municipal Water Dist2646 MUN 600,000.0013124MCB9 07/01/2026 1,2771.09712/27/2021 529,026.00 1.233 1.250596,881.03
Campbell Union High Sch Dist2753 MUN 500,000.00134159A77 08/01/2029 2,4041.47212/07/2022 405,410.00 4.714 4.780407,645.24
Corona-Norco Unified School Di2704 MUN 700,000.00219766QU9 09/01/2030 2,8002.11410/14/2022 563,486.00 5.178 5.250563,595.49
City of Corona2601 MUN 500,000.0021969AAJ1 05/01/2030 2,6772.24210/14/2021 409,970.00 2.052 2.081505,379.53
Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 2,0392.21309/12/2019 347,460.00 2.071 2.100402,287.09
Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 2,4042.26309/20/2019 840,925.80 2.505 2.539974,128.94
Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 2,4042.26302/07/2020 1,274,130.00 2.100 2.1301,511,829.17
Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 9431.91803/09/2020 298,150.40 1.128 1.143326,189.53
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Contra Costa Community College2555 MUN 1,000,000.00212204LM1 08/01/2026 1,3081.30008/02/2021 884,960.00 0.764 0.7751,018,414.23
Desert Community Clg Dist2611 MUN 200,000.00250375JX1 08/01/2027 1,6731.16911/12/2021 169,210.00 1.479 1.500197,100.68
Desert Community Clg Dist2738 MUN 200,000.00250375LA8 08/01/2027 1,6733.00011/23/2022 186,408.00 4.965 5.034183,564.51
Desert Sands Unif Sch District2635 MUN 880,000.00250433UA5 08/01/2026 1,3081.98212/16/2021 795,388.00 1.390 1.410897,392.76
City of El Segundo2696 MUN 935,000.00284035AK8 07/01/2031 3,1032.26709/29/2022 744,764.90 5.118 5.190750,163.14
Fremon Union High School Distr1646 MUN 510,000.00357172VA0 02/01/2026 1,1276.08006/28/2016 524,626.80 2.994 3.035551,805.82
Fremon Union High School Distr2595 MUN 235,000.00357172C52 08/01/2031 3,1342.02010/01/2021 185,697.00 1.825 1.851238,095.37
Foothill-De Anza Comm Clg Dist2699 MUN 1,230,000.00345102PF8 08/01/2024 5780.57510/06/2022 1,156,704.30 4.241 4.3001,160,917.57
Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 1,3083.16002/14/2018 941,240.15 3.028 3.070997,801.32
Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 9433.04002/14/2018 719,302.50 2.959 3.000750,685.30
Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 1,3083.16008/29/2019 345,279.05 1.913 1.940379,862.38
State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 313.25006/27/2016 364,667.85 1.898 1.925365,376.70
State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 7622.37507/29/2016 1,743,367.75 1.972 1.9991,838,048.27
State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 1,0044.00004/10/2017 245,852.50 2.739 2.777257,445.28
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 1,3694.31001/26/2018 1,081,334.40 2.979 3.0201,141,257.91
State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 1,3694.31003/19/2018 197,504.00 3.204 3.248206,887.15
State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 2733.74010/25/2018 388,139.70 3.093 3.136391,623.97
State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 1,4922.72010/31/2018 324,852.50 3.412 3.460340,861.99
State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 2733.72008/29/2019 1,492,635.00 1.749 1.7741,521,023.13
State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 1,3694.31001/31/2020 419,696.00 1.837 1.863461,486.52
State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 6393.82003/23/2020 986,490.00 1.889 1.9151,031,741.25
City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 1,9782.26509/16/2019 1,166,168.80 2.318 2.3501,339,411.49
City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 1,9782.26510/02/2019 346,816.00 2.194 2.225400,780.25
City of Glendora2590 MUN 1,365,000.00378612AJ4 06/01/2026 1,2472.10809/29/2021 1,242,122.70 1.075 1.0901,411,156.15
Glendale Unified School Dist.2697 MUN 400,000.00378460ZC6 09/01/2031 3,1651.84209/30/2022 313,244.00 4.941 5.010312,294.09
Glendale Unified School Dist.2739 MUN 535,000.00378460A74 09/01/2027 1,7041.11311/25/2022 454,300.60 4.686 4.751454,601.83
Grossmont-Cuyamaca Cmnty Clg D2721 MUN 450,000.00399267HH9 08/01/2027 1,6731.48211/02/2022 390,388.50 5.227 5.300381,163.43
State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 1,3693.15010/19/2016 992,175.25 2.431 2.4651,068,658.22
State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 7625.23010/25/2018 253,170.00 3.363 3.410258,464.93
State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 1,1275.33012/06/2018 816,872.00 3.304 3.350843,093.00
City of Huntington Beach2560 MUN 1,000,000.00446201AE5 06/15/2026 1,2611.34408/12/2021 883,610.00 0.909 0.9211,014,224.28
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
City of Huntington Beach2562 MUN 1,000,000.00446201AE5 06/15/2026 1,2611.34408/13/2021 883,610.00 0.927 0.9391,013,611.16
Liberty Union High Sch Distr2768 MUN 530,000.00530319SP8 08/01/2028 2,0391.48412/15/2022 442,216.10 4.614 4.678447,710.04
City of La Habra2660 MUN 500,000.00503433AK0 08/01/2031 3,1342.67302/07/2022 409,730.00 2.638 2.675499,909.49
Los Altos Elementary Sch Distr2681 MUN 500,000.00544290JH3 10/01/2024 6391.00003/24/2022 467,400.00 2.522 2.557486,861.69
City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 2432.64002/14/2017 988,910.00 2.784 2.8231,000,181.25
City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 1,3393.30011/02/2018 281,188.10 3.530 3.579292,374.07
City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 1,3393.50001/07/2019 959,830.00 3.077 3.1191,012,294.12
City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 1,7043.40001/06/2020 792,019.20 2.360 2.393875,856.26
City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 2,4353.05001/22/2020 874,295.85 2.413 2.4461,020,108.03
City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 1,3393.15003/05/2020 948,190.00 1.519 1.5411,055,936.13
City of Los Angeles2692 MUN 1,000,000.00544351QX0 09/01/2032 3,5314.40009/28/2022 951,100.00 4.346 4.406999,513.01
City of Los Angeles2783 MUN 300,000.00544351MR7 09/01/2025 9743.45012/23/2022 290,943.00 4.724 4.790290,036.03
Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 2,7691.80601/28/2021 819,110.00 1.432 1.4521,024,986.40
Los Angeles Community College2592 MUN 250,000.0054438CYL0 08/01/2026 1,3081.17409/30/2021 220,095.00 1.064 1.078250,828.02
Los Angeles Community College2614 MUN 1,500,000.0054438CYL0 08/01/2026 1,3081.17411/15/2021 1,320,570.00 1.233 1.2501,496,029.60
Los Angeles Community College2642 MUN 275,000.0054438CYL0 08/01/2026 1,3081.17412/21/2021 242,104.50 1.282 1.300273,796.84
Los Angeles Cnty Met Tran Auth2641 MUN 1,000,000.005447122K7 06/01/2025 8825.13012/21/2021 1,003,710.00 1.085 1.1001,095,239.17
Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 1,6425.51603/29/2018 1,534,305.00 3.254 3.3001,627,946.94
Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 1,6425.51610/29/2018 434,719.75 3.600 3.650455,342.96
State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 2,3124.91001/30/2020 249,502.50 2.331 2.363286,025.85
State of Massachusetts2543 MUN 1,000,000.0057582PUT5 05/01/2029 2,3124.91007/01/2021 998,010.00 1.484 1.5051,203,025.11
State of Massachusetts2684 MUN 1,000,000.0057582PUS7 05/01/2027 1,5814.76004/05/2022 999,390.00 2.968 3.0101,069,815.55
State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 594.40003/20/2018 1,280,051.20 2.633 2.6701,283,435.09
State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 9434.35012/16/2019 496,265.00 2.089 2.118527,027.41
State of Maryland2581 MUN 245,000.005741926N5 08/01/2025 9434.35009/23/2021 243,169.85 0.690 0.700267,750.53
State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 1654.45010/15/2019 999,840.00 1.893 1.9201,011,074.97
State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 1,2303.85012/21/2018 805,810.50 3.452 3.500833,500.39
Milpitas Unified School Distr2746 MUN 630,000.00601670ML3 08/01/2028 2,0391.45112/02/2022 526,024.80 4.802 4.869526,005.09
City of Manhattan Beach2647 MUN 650,000.00562784AM0 01/01/2032 3,2872.34101/05/2022 516,444.50 2.129 2.159658,609.07
Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 1,6422.21410/08/2019 897,800.00 2.183 2.2141,000,000.00
Mtn. View-Whisman School Dist.2708 MUN 1,135,000.0062451FJE1 09/01/2026 1,3391.89310/19/2022 1,037,015.45 4.487 4.5501,034,614.14
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 1,6733.27209/28/2017 469,010.00 2.791 2.830508,780.91
Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 1,3083.17211/05/2018 113,878.80 3.452 3.500118,771.49
Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 1,6733.33008/29/2019 235,095.00 1.874 1.900265,143.32
Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 9435.00003/06/2020 312,145.20 1.193 1.210339,292.47
Marin Community College Dist.2495 MUN 1,000,000.0056781RKH9 08/01/2030 2,7691.45102/25/2021 781,690.00 1.431 1.4511,000,000.00
Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 2,7691.45102/25/2021 554,999.90 1.470 1.490708,002.34
Marin Community College Dist.2568 MUN 1,000,000.0056781RKU0 08/01/2026 1,3080.89309/14/2021 874,870.00 0.880 0.8931,000,000.00
Marin Community College Dist.2588 MUN 285,000.0056781RKD8 08/01/2026 1,3080.67909/29/2021 247,354.35 1.025 1.040281,412.14
Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 2124.10310/26/2015 1,333,825.20 2.490 2.5251,346,092.63
Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 2,4042.56902/04/2020 202,084.90 2.533 2.569230,000.00
Mt. San Antonio Community Coll2661 MUN 785,000.00623040KX9 08/01/2030 2,7692.64902/07/2022 677,415.75 2.173 2.203809,083.00
State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 1,4003.75111/07/2018 1,452,405.00 3.377 3.4241,516,270.46
State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 1,4003.75111/07/2018 484,135.00 3.401 3.449505,003.34
State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 7002.98708/30/2019 727,627.50 1.745 1.770766,630.61
State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 7002.98709/04/2019 485,085.00 1.783 1.807510,732.11
State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 1,0354.68109/09/2019 150,075.00 1.888 1.914161,071.75
State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 6704.51112/19/2019 249,515.00 2.079 2.108260,413.27
State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 3043.40803/20/2020 989,220.00 1.626 1.6491,014,132.20
State of Mississippi2626 MUN 1,000,000.00605581QR1 10/01/2031 3,1952.11712/09/2021 811,610.00 1.992 2.0201,007,652.04
State of Mississippi2629 MUN 250,000.00605581LL9 11/01/2025 1,0353.64612/06/2021 243,352.50 1.080 1.095267,639.47
State of Mississippi2713 MUN 1,000,000.00605581FF9 10/01/2032 3,5613.72910/21/2022 921,620.00 4.961 5.030906,151.62
City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 5782.20008/08/2019 570,248.00 1.968 1.996596,819.64
New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 5612.12001/04/2019 432,918.00 2.860 2.900445,041.55
New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 1,1693.07009/09/2019 668,206.00 2.071 2.100720,239.76
New York State Urban Dev Corp.2683 MUN 1,000,000.00650036AV8 03/15/2027 1,5341.49603/28/2022 871,030.00 2.777 2.816948,513.83
New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 594.69001/22/2019 1,000,200.00 2.752 2.7911,002,969.57
New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 594.69002/08/2019 1,000,200.00 2.751 2.7901,002,973.34
New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 7762.12010/31/2019 1,424,985.00 2.063 2.0911,500,884.31
New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 1,5062.36001/30/2020 529,905.40 1.933 1.960588,889.01
New York State Envrnmntl Corp2575 MUN 1,500,000.00649791PR5 02/15/2026 1,1412.26009/13/2021 1,396,845.00 0.794 0.8051,566,804.57
New York State Envrnmntl Corp2677 MUN 1,000,000.00649791PS3 02/15/2027 1,5062.36003/16/2022 913,630.00 2.325 2.3581,000,067.11
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
New York State Envrnmntl Corp2678 MUN 1,000,000.00649791PS3 02/15/2027 1,5062.36003/21/2022 913,630.00 2.367 2.400998,435.24
City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 2,5712.11003/09/2020 1,250,040.00 1.436 1.4561,564,014.59
City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 2,5712.11003/13/2020 1,250,040.00 1.638 1.6611,543,558.04
City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 2,5712.11003/16/2020 900,028.80 2.247 2.2791,068,470.05
City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 2,2062.07003/16/2020 1,280,835.00 2.151 2.1811,490,767.85
City of Oakland Pension2630 MUN 450,000.00672319CF5 12/15/2025 1,0794.67612/06/2021 445,878.00 1.562 1.584489,679.27
Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 1,6732.23711/22/2019 542,178.00 2.271 2.303598,333.91
Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 1,6732.23712/06/2019 253,016.40 2.327 2.360278,561.18
Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 2,4042.33712/11/2019 838,681.40 2.382 2.415965,561.20
Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 2,0392.28705/08/2020 1,047,931.05 1.849 1.8751,210,120.76
State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 1202.11009/13/2016 794,568.00 1.764 1.788800,804.02
State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 1202.11001/31/2017 1,986,420.00 2.485 2.5201,997,483.73
State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 4564.97106/30/2017 904,860.00 2.416 2.450925,985.97
State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 1,3395.26203/13/2020 510,205.00 1.710 1.734560,919.59
Orange Cnty Water District2578 MUN 315,000.0068442CCY0 08/15/2025 9572.09509/16/2021 294,147.00 0.690 0.700326,345.69
Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 1,6733.12501/25/2018 191,436.00 3.208 3.253199,020.75
State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 1,6125.89211/06/2018 515,575.00 3.516 3.565537,584.76
State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 1,6125.89201/16/2019 458,861.75 3.537 3.587483,820.21
State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 4863.22701/30/2020 561,079.50 1.641 1.664581,415.79
State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 1,6125.89201/31/2020 510,419.25 2.583 2.619559,693.12
State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 1,6125.89202/24/2020 1,031,150.00 2.482 2.5171,135,408.22
State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 1,5813.08003/13/2020 329,413.00 1.302 1.320375,354.26
State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 2,7081.67207/02/2020 285,750.15 1.433 1.452360,354.06
State of Oregon2542 MUN 870,000.0068608KA24 08/01/2030 2,7695.33207/01/2021 898,866.60 1.943 1.9701,072,110.84
State of Oregon2549 MUN 1,225,000.0068609TU30 08/01/2028 2,0391.48407/08/2021 1,037,134.00 1.134 1.1501,246,872.68
State of Oregon2584 MUN 265,000.0068609TT81 08/01/2025 9430.80309/24/2021 241,306.35 0.690 0.700265,692.97
State of Oregon2624 MUN 250,000.0068609TZT8 08/01/2026 1,3080.98411/19/2021 220,970.00 1.292 1.310247,175.27
State of Oregon2627 MUN 900,000.0068609T3M8 11/01/2031 3,2262.03711/26/2021 718,605.00 2.020 2.048899,135.40
State of Oregon2679 MUN 1,000,000.0068607LXQ5 06/01/2027 1,6125.89204/01/2022 1,031,150.00 3.259 3.3041,104,230.48
City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 8822.56310/23/2019 959,966.70 2.469 2.5031,016,334.64
City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 1,2472.66310/23/2019 536,900.20 2.611 2.647580,270.00
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 3343.43812/06/2018 654,898.65 3.205 3.250666,048.96
Pasadena CA Public Finance Aut2573 MUN 120,000.0070227RBM1 05/01/2026 1,2161.98409/09/2021 109,004.40 0.903 0.915124,176.17
Pasadena CA Public Finance Aut2615 MUN 550,000.00702274CS8 12/01/2026 1,4303.50012/01/2021 525,816.50 1.380 1.400593,540.02
Polomar Community Clge Distri2582 MUN 1,000,000.00697511FU2 08/01/2026 1,3081.03110/13/2021 876,340.00 1.016 1.0311,000,000.00
Polomar Community Clge Distri2676 MUN 335,000.00697511FD0 08/01/2026 1,3081.19903/15/2022 295,403.00 2.288 2.320322,271.32
Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 2,7691.66008/06/2020 590,745.00 1.439 1.459760,616.24
Redondo Beach Unified School D2763 MUN 715,000.00757710UE6 08/01/2030 2,7691.66012/14/2022 563,176.90 4.783 4.850571,847.53
City of Redondo Beach2724 MUN 725,000.00757696AX7 05/01/2031 3,0422.19111/07/2022 574,635.00 5.917 6.000546,684.18
State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 7452.00012/20/2019 246,974.00 2.231 2.262259,773.08
State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 1,9173.25001/27/2020 1,397,220.00 2.077 2.1061,582,295.89
State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 1,9173.25002/06/2020 512,314.00 1.990 2.018582,630.03
Riverside Cmnty College Distt.2596 MUN 1,365,000.0076886PJP9 08/01/2026 1,3081.12410/04/2021 1,208,994.15 1.006 1.0201,369,947.01
Riverside Cmnty College Distt.2733 MUN 560,000.0076886PJS3 08/01/2029 2,4041.78511/17/2022 462,420.00 5.022 5.092457,788.01
Rancho Santiago Comm College D2522 MUN 450,000.00752147HH4 09/01/2024 6090.63403/29/2021 421,096.50 0.625 0.633450,000.00
Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 1,6732.28410/16/2019 894,970.00 2.252 2.2841,000,000.00
Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 1,3082.15902/13/2020 1,000,238.70 1.727 1.7511,110,065.99
City of Santa Ana2603 MUN 175,000.00801139AE6 08/01/2026 1,3081.17610/18/2021 152,694.50 1.223 1.240174,610.87
City of Santa Ana2747 MUN 1,250,000.00801139AF3 08/01/2027 1,6731.46512/02/2022 1,063,312.50 5.178 5.2501,059,793.03
Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 2,4041.65307/21/2020 401,329.60 1.483 1.504494,462.97
San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 2,0392.59012/12/2019 1,331,550.00 2.554 2.5901,500,000.00
San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 2,4041.84807/07/2020 1,654,500.00 1.822 1.8482,000,000.00
San Bernardino Cmty College Di2723 MUN 500,000.00796720NF3 08/01/2031 3,1342.84011/04/2022 424,270.00 5.482 5.558408,561.73
County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 2122.50001/11/2018 1,326,466.00 2.436 2.4701,340,216.68
County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 5782.68001/12/2018 1,418,536.00 2.643 2.6801,460,000.00
Santa Clarita Community Colleg2557 MUN 1,250,000.00801686TF3 08/01/2026 1,3081.14608/02/2021 1,102,737.50 0.742 0.7521,267,370.90
Santa Clara Vly Transportation2750 MUN 455,000.0080168NHY8 04/01/2030 2,6471.62212/05/2022 359,436.35 5.030 5.100360,234.77
Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 1,9782.43412/12/2019 1,380,964.40 2.416 2.4501,553,776.76
Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 5172.50001/25/2018 450,120.00 2.968 3.010461,960.41
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 8822.75001/25/2018 441,736.05 3.008 3.050461,995.69
Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 1,2473.00001/25/2018 439,971.70 3.107 3.150468,199.04
Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 1,6123.00001/25/2018 256,883.20 3.205 3.250277,586.61
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 18
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Santa Cruz MET Transit Dist.2671 MUN 1,000,000.00801747AF3 08/01/2027 1,6732.47003/03/2022 902,510.00 2.030 2.0581,017,753.59
San Diego Unified Sch District2602 MUN 1,000,000.00797356DL3 07/01/2031 3,1031.98410/21/2021 799,360.00 1.824 1.8501,010,372.44
San Diego Unified Sch District2606 MUN 900,000.00797356DL3 07/01/2031 3,1031.98410/23/2021 719,424.00 2.024 2.053895,262.61
San Diego Unified Sch District2617 MUN 270,000.00797356DH2 07/01/2028 2,0081.59911/17/2021 229,440.60 1.712 1.736268,082.71
San Diego Unified Sch District2693 MUN 260,000.00797356DF6 07/01/2026 1,2771.20109/23/2022 232,317.80 4.053 4.110235,702.60
San Diego Unified Sch District2767 MUN 1,000,000.00797356DH2 07/01/2028 2,0081.59912/16/2022 849,780.00 4.241 4.300869,052.03
San Diego Community College Di2550 MUN 255,000.00797272QS3 08/01/2027 1,6732.40707/09/2021 230,231.85 1.007 1.021270,667.25
San Diego Community College Di2639 MUN 1,980,000.00797272RN3 08/01/2026 1,3081.44512/28/2021 1,767,783.60 1.193 1.2101,996,162.69
San Diego Community College Di2651 MUN 500,000.00797272RT0 08/01/2031 3,1342.11301/10/2022 401,035.00 2.120 2.150498,567.70
San Diego Regl Trans Commissio2632 MUN 200,000.00797400MR6 04/01/2026 1,1861.03612/08/2021 178,788.00 1.292 1.310198,274.09
San Diego Cnty Wtr Authority2580 MUN 875,000.00797412DN0 05/01/2026 1,2160.97109/17/2021 773,150.00 0.887 0.900877,019.23
San Diego Cnty Wtr Authority2600 MUN 210,000.00797412DM2 05/01/2025 8510.74310/08/2021 191,572.50 0.838 0.850209,484.41
San Diego Cnty Wtr Authority2604 MUN 250,000.00797412DN0 05/01/2026 1,2160.97110/20/2021 220,900.00 1.134 1.150248,548.74
San Diego Cnty Wtr Authority2623 MUN 750,000.00797412DN0 05/01/2026 1,2160.97111/19/2021 662,700.00 1.282 1.300742,028.09
San Diego Cnty Wtr Authority2688 MUN 1,275,000.00797412DQ3 05/01/2028 1,9471.33109/12/2022 1,063,452.00 3.945 4.0001,113,919.43
San Diego Cnty Wtr Authority2716 MUN 225,000.00797412DR1 05/01/2029 2,3121.43110/24/2022 182,353.50 5.079 5.150180,462.77
San Diego Cnty Wtr Authority2722 MUN 320,000.00797412DS9 05/01/2030 2,6771.53111/03/2022 252,627.20 5.207 5.280248,113.72
San Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 1,3081.07406/09/2021 378,984.80 1.059 1.074430,000.00
San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 1,6731.37206/09/2021 374,939.55 1.353 1.372435,000.00
San Dieguito Union High Sch Di2674 MUN 435,000.00797508HF8 08/01/2026 1,3081.86003/11/2022 394,514.55 2.070 2.099431,455.52
Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 9121.73503/18/2020 373,476.00 1.381 1.400403,215.97
Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 2,3732.10304/30/2021 212,410.00 1.658 1.681256,365.18
City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 8965.45011/27/2015 1,018,460.00 3.067 3.1101,049,378.52
City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 8962.29011/01/2016 1,982,846.85 2.219 2.2492,106,858.42
City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 1,2612.39011/01/2016 227,335.50 2.376 2.410244,847.79
City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 8962.29007/14/2017 216,653.10 2.682 2.720227,827.02
City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 1,2615.60001/16/2019 1,459,802.60 3.304 3.3501,517,020.72
City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 2,3572.10010/31/2019 963,099.20 2.337 2.3691,102,619.92
City & County of San Francisco2762 MUN 575,000.007976466F8 06/15/2032 3,4532.35012/14/2022 471,925.50 4.744 4.810468,650.12
San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 1,7043.25003/02/2018 631,556.80 3.451 3.499673,321.50
San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 2,4353.64810/11/2019 320,505.50 2.398 2.431375,072.14
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 19
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 1,7043.46803/13/2020 121,903.60 1.577 1.599140,635.07
San Francisco Cmnty Facs Dist2571 MUN 300,000.0079772ECF4 09/01/2024 6093.10808/30/2021 292,059.00 0.741 0.752311,627.57
San Francisco Cmnty Facs Dist2608 MUN 575,000.0079772EDY2 09/01/2031 3,1652.59111/03/2021 468,901.00 2.305 2.337586,241.75
San Francisco Cmnty Facs Dist2628 MUN 1,295,000.0079772EDA4 09/01/2026 1,3392.23611/29/2021 1,181,221.30 1.425 1.4451,331,107.63
SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 1812.62102/25/2019 198,266.00 2.672 2.710199,916.09
SF Bay Area Rapid Transit Dist2572 MUN 500,000.00797669ZJ0 07/01/2024 5471.97109/08/2021 480,420.00 0.419 0.425511,496.59
SF Bay Area Rapid Transit Dist2636 MUN 480,000.00797669ZR2 07/01/2031 3,1032.76812/16/2021 403,603.20 1.846 1.872513,315.75
SF Bay Area Rapid Transit Dist2638 MUN 600,000.00797669XW3 07/01/2023 1812.62112/20/2021 594,798.00 0.572 0.580606,086.03
SF Bay Area Rapid Transit Dist2766 MUN 405,000.00797669ZR2 07/01/2031 3,1032.76812/15/2022 340,540.20 4.832 4.899345,624.24
Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 2,4041.44503/09/2021 469,210.95 1.425 1.445585,000.00
Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 2,4041.44505/27/2021 401,035.00 1.461 1.481498,872.96
San Juan Unified School Dist2707 MUN 545,000.00798306WQ5 08/01/2026 1,3081.20110/17/2022 478,809.75 4.586 4.650483,880.01
City of San Jose2656 MUN 350,000.00798135E96 09/01/2026 1,3392.50001/28/2022 319,235.00 1.686 1.710359,706.75
San Jose Financing Authority2622 MUN 345,000.00798153NF5 06/01/2026 1,2471.31111/18/2021 304,434.90 1.459 1.480343,079.64
San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 1,7043.72810/29/2018 300,075.30 3.676 3.727315,000.00
San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 2,0392.35010/01/2019 438,075.00 2.317 2.350500,000.00
San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 2122.50001/29/2015 574,107.20 2.663 2.700579,398.96
San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 9430.55803/15/2021 902,890.00 0.739 0.750995,125.76
San Jose Unified School Dist.2700 MUN 990,000.00798186P30 08/01/2028 2,0391.22410/07/2022 820,888.20 4.487 4.550830,038.27
San Jose Unified School Dist.2774 MUN 850,000.00798186P22 08/01/2027 1,6731.01412/21/2022 721,208.00 4.341 4.401731,716.87
Santa Maria JT Union High Sch2706 MUN 455,000.00802309NY6 08/01/2026 1,3081.50810/17/2022 406,005.60 4.586 4.650408,513.04
Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 2,0393.47209/05/2019 293,173.65 1.972 2.000338,603.90
Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 2,7691.69601/22/2021 452,733.90 1.499 1.520577,056.65
Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 2,0391.49601/22/2021 501,216.00 1.085 1.100612,697.00
Santa Monica-Malibu USD2561 MUN 650,000.00802498VW2 07/01/2026 1,2770.98908/12/2021 574,457.00 0.877 0.890652,197.66
Santa Monica-Malibu USD2637 MUN 215,000.00802498ZA6 08/01/2026 1,3080.84912/20/2021 187,400.45 1.193 1.210212,301.64
Santa Monica-Malibu USD2752 MUN 865,000.00802498WA9 07/01/2030 2,7381.51012/07/2022 674,397.25 4.862 4.930681,658.11
San Mateo Cnty Comm. College D2521 MUN 2,000,000.00799038NP5 09/01/2024 6090.50004/14/2021 1,867,020.00 0.444 0.4502,001,646.67
San Mateo Cnty Comm. College D2523 MUN 1,500,000.00799038NP5 09/01/2024 6090.50004/14/2021 1,400,265.00 0.444 0.4501,501,235.00
San Mateo Foster City SCH Dist1902 MUN 1,000,000.00799017UW6 09/01/2025 9742.69901/16/2018 952,930.00 2.786 2.825996,988.85
San Mateo Foster City SCH Dist1940 MUN 1,000,000.00799017UW6 09/01/2025 9742.69903/09/2018 952,930.00 2.959 3.000992,853.49
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 20
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
San Mateo Foster City SCH Dist2153 MUN 1,360,000.00799017WD6 09/01/2028 2,0702.23711/07/2019 1,184,288.00 2.447 2.4801,343,218.93
San Mateo Foster City SCH Dist2178 MUN 1,565,000.00799017VM7 09/01/2028 2,0702.54212/11/2019 1,386,151.80 2.311 2.3431,580,790.15
San Mateo Foster City SCH Dist2567 MUN 500,000.00799017XW3 09/01/2026 1,3390.92509/21/2021 437,585.00 0.912 0.925500,000.00
San Mateo Foster City SCH Dist2585 MUN 175,000.00799055QV3 08/01/2026 1,3081.79909/27/2021 158,473.00 0.897 0.910180,440.52
San Mateo Foster City SCH Dist2591 MUN 1,260,000.00799055ME5 08/01/2026 1,3086.00009/29/2021 1,298,026.80 2.297 2.3291,415,821.93
San Mateo Foster City SCH Dist2782 MUN 425,000.00799017WE4 09/01/2029 2,4352.33712/22/2022 362,457.00 4.685 4.750366,996.76
Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 2,0392.71712/09/2019 1,033,114.00 2.462 2.4961,162,649.37
Solano Cnty Community Clg Dist2579 MUN 750,000.0083412PHQ8 08/01/2026 1,3081.02510/06/2021 660,727.50 1.011 1.025750,000.00
Solano Cnty Community Clg Dist2583 MUN 200,000.0083412PGZ9 08/01/2026 1,3081.02510/06/2021 176,194.00 0.887 0.900200,872.89
Solano Cnty Community Clg Dist2594 MUN 390,000.0083412PHE5 08/01/2031 3,1341.86110/06/2021 305,077.50 1.948 1.975386,522.77
Solano Cnty Community Clg Dist2597 MUN 750,000.0083412PHU9 08/01/2030 2,7691.76110/06/2021 600,397.50 1.834 1.860744,821.60
Solano Cnty Community Clg Dist2598 MUN 825,000.0083412PHW5 08/01/2031 3,1341.86110/06/2021 645,356.25 1.879 1.905822,150.03
Solano Cnty Community Clg Dist2649 MUN 350,000.0083412PHB1 08/01/2028 2,0391.47901/07/2022 293,464.50 1.775 1.800344,104.77
Solano Cnty Community Clg Dist2702 MUN 315,000.0083412PFT4 08/01/2031 3,1342.86710/11/2022 268,272.90 5.079 5.150265,856.57
Sonoma Cnty Jr. College Distr.2577 MUN 155,000.00835569GT5 08/01/2026 1,3082.44709/15/2021 143,486.60 0.843 0.855163,641.35
South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 1,6733.00002/15/2018 167,724.00 3.057 3.100179,288.56
South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 2,4045.00012/12/2019 375,032.00 2.598 2.634420,596.80
South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 2,0395.00012/12/2019 253,430.00 2.549 2.584280,046.56
South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 1,6735.00012/12/2019 146,931.40 2.500 2.534159,812.79
South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 1,3085.00012/12/2019 394,781.40 2.378 2.411423,243.77
San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 5781.96511/13/2019 1,684,361.25 1.938 1.9651,755,000.00
San Ramon Vly Unif Sch Dist.2605 MUN 1,500,000.007994082K4 08/01/2030 2,7691.91411/03/2021 1,215,975.00 1.805 1.8301,508,767.57
Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 2,0702.19009/19/2019 117,288.00 2.157 2.187135,000.00
Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 1,7042.09009/19/2019 119,749.05 2.061 2.090135,000.00
Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 2,4041.64402/08/2021 411,620.00 1.437 1.457505,760.04
Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 2,0391.50306/16/2021 206,657.50 1.482 1.503250,000.00
Temecula Valley Unified School2569 MUN 355,000.0087970GPQ4 08/01/2026 1,3081.05108/27/2021 309,375.40 0.887 0.900356,874.14
State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 1,3082.11608/25/2016 924,590.00 1.923 1.9501,005,378.61
State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 9432.06608/25/2016 1,557,567.00 1.893 1.9201,655,684.01
State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 9432.06608/25/2016 660,786.00 1.893 1.920702,411.40
State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 5783.72812/20/2018 203,019.70 2.860 2.900207,461.89
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 21
CUSIP Investment #Issuer
Purchase
Date Book Value YTM
360
YTM
365
Municipal Bonds
Tustin Unif Sch Dist Facs Impt2715 MUN 650,000.00901072LD8 08/01/2027 1,6731.14510/24/2022 551,609.50 4.783 4.850552,488.08
Tustin Unif Sch Dist Facs Impt2720 MUN 295,000.00901072MB1 08/01/2031 3,1341.75410/31/2022 224,229.50 5.543 5.620218,493.46
Tustin Unif Sch Dist Facs Impt2758 MUN 205,000.00901072MB1 08/01/2031 3,1341.75412/09/2022 155,820.50 4.843 4.910160,176.08
State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 1,0043.05112/23/2019 1,447,860.00 1.975 2.0031,540,605.25
State of Texas2225 MUN 940,000.008827237T0 10/01/2029 2,4653.52101/30/2020 878,712.00 2.191 2.2211,013,821.46
State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 2,4653.52102/14/2020 1,182,522.00 2.192 2.2221,364,302.68
State of Texas2311 MUN 250,000.008827237N3 10/01/2024 6392.89903/16/2020 243,670.00 1.231 1.248256,999.36
State of Texas2541 MUN 245,000.008827235K1 10/01/2025 1,0042.92206/30/2021 235,677.75 0.641 0.650260,072.64
State of Texas2548 MUN 1,000,000.00882724RF6 10/01/2030 2,8302.42607/02/2021 851,200.00 1.480 1.5011,066,686.78
State of Texas2631 MUN 500,000.00882723A90 10/01/2025 1,0042.83112/07/2021 479,810.00 1.030 1.045524,007.86
University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 8653.05008/26/2019 1,446,015.00 1.930 1.9571,536,588.45
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 8653.05009/09/2019 964,010.00 1.797 1.8211,027,548.39
University of California2685 MUN 440,000.0091412HGF4 05/15/2027 1,5951.31604/05/2022 379,478.00 3.028 3.070408,985.36
State of Utah1731 MUN 285,000.00917542QR6 07/01/2024 5474.55401/04/2017 283,857.15 2.904 2.944291,132.60
State of Utah2306 MUN 1,101,100.00917542QV7 07/01/2025 9123.53903/13/2020 1,080,057.98 1.948 1.9751,141,762.79
Vacaville Unified School Distr2726 MUN 250,000.00918608UR9 08/01/2030 2,7691.73911/10/2022 198,555.00 5.513 5.590191,355.56
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 5784.66905/23/2017 487,037.00 2.416 2.450500,532.69
State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 5784.66912/24/2019 502,100.00 1.978 2.005520,042.88
State of Wisconsin2547 MUN 2,000,000.0097705MNU5 05/01/2031 3,0422.45107/02/2021 1,664,840.00 1.553 1.5752,134,749.93
State of Wisconsin2574 MUN 1,500,000.0097705MNP6 05/01/2026 1,2162.08909/09/2021 1,380,705.00 0.739 0.7501,565,669.86
State of Wisconsin2576 MUN 1,000,000.0097705MNP6 05/01/2026 1,2162.08909/13/2021 920,470.00 0.769 0.7801,042,762.59
Yosemite Community College Dis2657 MUN 1,000,000.00987388GX7 08/01/2027 1,6732.08202/17/2022 890,040.00 2.053 2.0821,000,000.00
Yosemite Community College Dis2687 MUN 500,000.00987388GX7 08/01/2027 1,6732.08209/02/2022 445,020.00 3.846 3.900462,410.97
Subtotal and Average 220,433,497.02 220,816,100.00 200,862,272.28 2.285 2.317 1,580
Supranationals (World Bank) Bonds
Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 1,2050.87504/20/2021 1,789,400.00 0.910 0.9231,996,895.39
Inter-American Dev. Bank2586 IADB 2,000,000.0045818WDH6 06/17/2026 1,2630.80009/27/2021 1,777,360.00 0.914 0.9271,991,403.00
Inter-American Dev. Bank2652 IADB 1,000,000.004581X0EB0 01/13/2027 1,4731.50001/13/2022 899,910.00 1.504 1.525999,015.87
Inter-American Dev. Bank2655 IADB 1,000,000.004581X0EB0 01/13/2027 1,4731.50001/14/2022 899,910.00 1.518 1.540998,450.34
Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 187.62511/08/2018 1,501,875.00 3.111 3.1551,503,115.80
Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 2693.00011/27/2018 985,970.00 3.018 3.060999,586.92
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
December 31, 2022
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 & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 1,0310.50001/08/2021 1,347,570.00 0.480 0.4871,500,527.31
Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 1,1360.65002/10/2021 1,301,895.00 0.641 0.6501,500,000.00
Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 1,1440.60002/18/2021 1,332,360.00 0.591 0.6001,500,000.00
Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 1,0310.50002/18/2021 1,347,570.00 0.591 0.6001,495,826.99
Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 1,0310.50003/01/2021 1,347,570.00 0.787 0.7981,487,619.53
Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 1,1360.65005/26/2021 1,301,895.00 0.833 0.8451,491,103.16
Intl Bk Recon & Development2553 IBRD 1,500,000.00459058JS3 02/10/2026 1,1360.65007/15/2021 1,301,895.00 0.839 0.8511,490,816.72
Intl Bk Recon & Development2559 IBRD 1,500,000.00459058JS3 02/10/2026 1,1360.65008/12/2021 1,301,895.00 0.871 0.8831,489,363.62
Intl Bk Recon & Development2650 IBRD 1,000,000.0045906M2L4 02/24/2026 1,1500.65001/07/2022 889,230.00 1.368 1.387977,522.86
Intl Bk Recon & Development2673 IBRD 1,000,000.0045906M2Z3 03/17/2025 8062.05003/17/2022 947,230.00 2.107 2.136998,157.41
Intl Bk Recon & Development2735 IBRD 2,000,000.0045906M3K5 09/30/2027 1,7334.50011/22/2022 1,979,720.00 4.684 4.7491,978,979.69
Intl Bk Recon & Development2736 IBRD 1,000,000.0045906M2L4 02/24/2026 1,1500.65011/23/2022 889,230.00 4.480 4.542887,280.53
Intl Bk Recon & Development2744 IBRD 1,500,000.0045906M3K5 09/30/2027 1,7334.50012/01/2022 1,484,790.00 4.681 4.7461,484,374.30
Intl Bk Recon & Development2775 IBRD 1,000,000.00459058JN4 11/24/2027 1,7880.75012/21/2022 849,690.00 3.807 3.860862,493.95
Intl Bk Recon & Development2779 IBRD 1,500,000.00459058JT1 02/10/2027 1,5010.85012/22/2022 1,302,615.00 4.241 4.3001,307,090.39
International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 1,0180.35010/30/2020 897,830.00 0.306 0.3101,000,000.00
International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 1,0490.25011/30/2020 1,356,285.00 0.683 0.6921,500,000.00
International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 1,1100.58001/25/2021 1,336,830.00 0.501 0.5081,503,208.66
International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 1,1100.58002/11/2021 1,336,830.00 0.522 0.5301,502,238.57
International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 1,1520.50002/26/2021 1,327,035.00 0.616 0.6251,494,188.89
International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 1,1690.50003/15/2021 1,798,400.00 0.808 0.8192,000,000.00
International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 1,1770.75003/23/2021 1,334,820.00 0.746 0.7571,499,651.40
International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 1,1770.75003/23/2021 1,779,760.00 0.887 0.9001,990,536.16
International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 1,2300.50005/28/2021 1,350,360.00 1.006 1.0201,500,000.00
International Finance Corp.2654 IFC 1,000,000.0045950KCX6 10/08/2026 1,3760.75001/12/2022 876,460.00 1.518 1.540971,383.42
Subtotal and Average 43,900,830.88 44,500,000.00 40,174,190.00 1.515 1.536 1,162
Total Investments and Average 579,025,051.48 579,255,764.57 525,303,826.25 1.951 1.979 1,413
Portfolio CPA
AP
Run Date: 01/23/2023 - 03:12 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 29.33%
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 $18 million
- Fidelity Investments $12.8 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a 83.80%
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.24.79%
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.38.11%
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.
Attachment C
Investment Policy Compliance
As of December 31, 2022
Investment Policy Requirements
Compliance
Check / Actual
$102.6 million
2.24%
Attachment C
Investment Policy Compliance
As of December 31, 2022
Investment Policy Requirements
Compliance
Check / Actual
7 Commercial Paper:Full Compliance
a) No more than 15 percent of the par value of the portfolio.None Held
b) Having highest letter or numerical rating from a nationally recognized rating service.
c) Not to exceed 270 days maturity.
d) No more than $3 million or 10 percent of the outstanding commercial paper of any one institution,
whichever is lesser.
8 Short-Term Repurchase Agreement (REPO):Full Compliance
a) Not to exceed 1 year.None Held
b) Market value of securities that underlay a repurchase agreement shall be valued at 102 percent or
greater of the funds borrowed against those securities.
9 Money Market Deposit Accounts Full Compliance
a) Liquid bank accounts which seek to maintain a net asset value of $1.00.
10 Mutual Funds:Full Compliance
a) No more than 20 percent of the par value of the portfolio.None Held
b) No more than 10 percent of the par value with any one institution.
11 Negotiable Certificates of Deposit (NCD):Full Compliance
a) No more than 20 percent of the par value of the portfolio.5.68%
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.4.68%
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.7.68%
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