Dear City Council Members
Justin Hess, City Manager
Courtney Padgett, Assistant City Manager
Jennifer Becker, Financial Services Director
Joe Lillio, CFO Burbank Water & Power
This report fulfills City, Youth Endowment Services Fund, Parking Authority, Public Financing Authority, Successor Agency to the Redevelopment Agency and Housing Authority resolutions.
CITY PORTFOLIO OVERVIEW
The City must maintain $124 million in liquidity at all times (maturities within one year plus real estate taxes due from the County in April and December) to meet our projected budgeted expenditures. We currently have $288 million in liquidity, wi th $37 million in our account at the Morgan Stanley Institutional Liquidity Fund – Government P ortfolio, $133 million in our account at the California Asset Management Program, $67 million in investments maturing within a year and $51 million in real estate taxes due in April and December.
The City Investment Pool ended June at $648 million, up from May’s balance of $646 million. Market value came in at 97.4% in June, up from 97.1% in May. The weighted average yield of the portfolio at cost at the end of the month is 3.58% and the total rate of return at book value fiscal year-to-date is 3.36%.
Credit News
On August 2, S&P’s placed Intel on negative credit watch, while keeping its rating at A-, stating that “the CreditWatch negative placement follows Intel's weaker-than-expected second-quarter financial performance and also reflects expected challenging business conditions in the second half of 2024. The company has outlined significant cost reductions by 2025; it plans to realign its headcount, reduce operating expenses, and make capital reductions amid weaker market demand. Intel will also suspend its dividend (annualized at about $2.2 billion) starting in the fourth quarter to preserve liquidity and support the investments needed to execute its strategy. While these cost-cutting measures, including significant capital expenditure reductions, could alleviate some near-term cash- flow-generation challenges, it is unclear whether these steps will be sufficient to maintain its business competitiveness and enable healthy growth.” On August 8, Moody’s downgraded Intel’s rating from A3 to Baa1, and changed its outlook from stable to negative, stating that it “reflects our expectations for Intel's significantly weaker profitability over the next 12 to 18 months resulting from a combination of higher costs related to product and manufacturing process technology transitions, unfavorable product mix, a weaker-than-expected demand in nearly all of its product segments, and continued market share losses. Concurrent with its 2Q '24 earnings, Intel announced a substantial cost restructuring, reductions in capital expenditures for 2024 and 2025, and plans to CITY OF BURBANK – OFFICE OF THE CITY TREASURER
275 East Olive Avenue,
PO Box 7145, Burbank, CA 91510-7145
(818)238 -5880
City of Burbank Investment Portfolio Report for June 2024 Dated August 13, 2024
ATTACHMENT 1
suspend its remaining common dividends. These actions will collectively yield more than $12 billion in cash savings in 2025, align the company's cost structure with its lowered near-to-medium term growth prospects, and mitigate the impact on financial leverage from lower revenues and profitability. The negative outlook considers elevated execution risk through 2027 when Intel expects its foundry segment to generate break-even operating profits and in the interim, there is limited visibility into gross margins of Intel's product group.” MARKET
OUTLOOK
The labor market is showing signs of slowing down, with the US economy only adding 114,000 jobs in July, less than forecasted, and one of the smallest gains in 43 months. Job gains were also concentrated in just a few sectors, with most industries showing flat numbers as employers are reluctant to hire. In certain sectors such as information technology, job losses continue as businesses take the opportunity to cut costs. H owever, overall layoffs throughout the economy remain low, and initial jobless claims remain lower than expected. The unemployment rate now stands at 4.3%, the highest since October 2021. However, this growth is primarily due to an increase in the number of people looking for work. The labor force participation rate has also climbed, with 84% of those in their prime working years now active in the labor market.
GDP growth for Q2 2024 was solid at 2.8% annualized. The Fed’s preferred inflation gauge, the Personal C onsumption Index also continues to moderate, coming in at 2.5% in June. However, businesses are reporting that consumers have become cautious and have begun cutting back as they are increasingly weighed down by the significant price increases of recent years. Credit card delinquencies and household debt have increased. Personal saving as a percentage of disposable personal income decreased to 3.4% in June. Although businesses report that consumers are still spending, people are now looking for ways to economize – eating out less, trading down to lower cost items, and shopping around more. Given worries of an economic downturn, investors now widely expect the Fed to cut rates in their upcoming September meeting, possibly even 50 bps. Last month, Fed Chair Powell reiterated the need for more data that inflation has been eradicated, saying “if we do get the data that we hope, then a reduction in our policy rate could be on the table at the September meeting.” He
also said, “it’s going to be inflation data, it’s going to be the employment data, it’s going to be the balance of risks as we see it — it’s going to be the totality of all of that. I can imagine a scenario in which there would be everywhere from zero cuts to several cuts, depending on the way the economy evolves.”
Krystle Ang Palmer
City Treasurer
CC: Konstantine Anthony, Council Member/Liaison to Treasurer’s Office Zizette Mullins, Council Member/Liaison to Treasurer’s Office Darin Guggenheimer, Treasurer’s Oversight Review Committee Member Norelyn Kurasz, Treasurer’s Oversight Review Committee Member Richard Martin, Treasurer’s Oversight Review Committee Member S
cott Rife, Treasurer’s Oversight Review Committee Member
Asset Category | Policy Maximum
Face Amount/Shares
Market Value
Book Value
% of Portfolio MV
YTM @ Cost
Days To Maturity
CD | Negotiable | 30 %
55,125,000 54,829,973 55,125,000 8.47
4.48 851
Joint Powers Authority Pool | 25 %
132,987,326 132,987,326 132,987,326 20.53
5.43 1
Medium Term Note | 30 %
104,698,000 100,790,420 103,236,002 15.56 3.20 890
Money Market | 20 %
36,533,009 36,533,009 36,533,009 5.64
5.21 1
Municipal Bonds | 30 %
75,365,000 71,186,131 73,335,984 10.99 3.35 1,001
Supranational Obligations | 15 %
30,000,000 28,487,670 29,836,890 4.40
2.38 1,061
US Agency | 90 %
211,100,000 199,967,009 210,757,132 30.87
2.38 887
US Treasury | No Limit
24,000,000 22,917,510 23,491,423 3.54
3.27 555
Total / Average
669,808,335 647,699,048 665,302,766
100.00
3.58 669
INVESTMENT POLICY COMPLIANCE
I certify that the City's Investment Portfolio is in full compliance with the City's Investment Policy and California Government Code Section 53601, and I believe the Investment Pool contains sufficient cash flow from liquid and maturing securities, bank deposits, and income to meet the City's expenditure requirement for the next six months.
CITY OF BURBANK
OFFICE OF THE CITY TREASURER
Investment Report | June 2024
Date
Krystle Ang Palmer, City Treasurer
LAIF | Successor Agency
LAIF | Housing Authority
3,596,000
600,000
Total
3,582,752 3,596,000
597,790 600,000
674,004,335 651,879,590 669,498,766
8/13/24
Asset Category Allocation
Asset Category | Policy Maximum
Market Value
5/31/2024
% of Portfolio
5/31/2024
Market Value
6/30/2024
% of Portfolio
6/30/2024
CD | Negotiable | 30 %
55,421,073
8.58 54,829,973
8.47 Joint Powers Authority Pool | 25 %
127,407,612
19.73 132,987,326
20.53 Medium Term Note | 30 %
100,488,863
15.56 100,790,420
15.56 Money Market | 20 %
34,363,653
5.32 36,533,009
5.64 Municipal Bonds | 30 %
68,853,122
10.66 71,186,131
10.99 Supranational Obligations | 15 %
31,316,880
4.85 28,487,670
4.40 US Agency | 90 %
202,201,900
31.31 199,967,009
30.87 US Treasury | No Limit
25,829,010
4.00 22,917,510
3.54 Total / Average
645,882,113
100.00
647,699,048
100.00
Portfolio Holdings as of 5/31/2024
Portfolio Holdings as of 6/30/2024
Begin Date: 5/31/2024, End Date: 6/30/2024
Monthly Treasurer's Report
Distribution by Asset Category - Market Value
City of Burbank
Maturity Range Allocation
Maturity Range
Market Value
5/31/2024
% of Portfolio
5/31/2024
Market Value
6/30/2024
% of Portfolio
6/30/2024
0-1 Month
172,438,966
26.70 173,007,813
26.71 1-3 Months
10,170,850
1.57 11,448,883
1.77 3-6 Months
7,653,022
1.18 5,630,809
0.87 6-9 Months
12,332,249
1.91 20,082,992
3.10 9-12 Months
27,921,301
4.32 26,800,412
4.14 1-2 Years
100,537,602
15.57 97,261,063
15.02 2-3 Years
195,434,706
30.26 193,372,335
29.86 3-4 Years
53,311,737
8.25 55,572,821
8.58 4-5 Years
66,081,680
10.23 64,521,920
9.96 Total / Average
645,882,113
100.00
647,699,048
100.00
Portfolio Holdings
Begin Date: 5/31/2024, End Date: 6/30/2024
Monthly Treasurer's Report
Distribution by Maturity Range - Market Value
City of Burbank
198,071 2,341,203 620,995
- 20 205,442
Joint Powers Authority Pool | 25 % 579,715 4,487,326 0 243,546 2,638,181 2,749,482
Money Market Fund | 20 % 169,356 1,808,883 3,166,125 137,600 1,490,175 1,484,769
57,944 475,924 323, 209
389,561 5,061,307 3,657,112
45,014 547,619 470,403
1,820,807
YTM@Cost 3.58% TRR@BV 3.36% TRR@BV 2.59%
18,850,639 12,677,536
US Treasury | No Limit
Supranational Obligations | 15 %
Asset Category Allocation
Asset Category | Policy Maximum June 2024 | MTD June 2024 | Fiscal YTD US Agency | 90 %
Medium Term Note | 30 %
Municipal Bonds | 30 %
LAIF Per Account | 75M
June 2023 | Fiscal YTD
CD | Negotiable | 30 %
Income Summary
Begin Date: 5/31/2024, End Date: 06/30/2024
City of Burbank
Monthly Treasurer's Report
The chart to the left shows relevant rates (Money
Market Fund, the 12-month moving average of the
-22-year treasury, and the portfolio's current yield)
as of June 30, 2024, as well as current treasury
yields and those from a year ago.
KEY
City of Burbank
Credit Ratings | Medium Term Notes
End Date: 6/30/24 Monthly Treasurer's Report
"Watch" implies an imminent but not inevitable action.
+ | Positive Watch - | Negative Watch
"Outlook" implies entity is being monitored.
Neg | Negative Outlook
Issuer Moody's S & P
3,000,000 07/08/2024 Aa2 AA
3,000,000 08/30/2024 A2
2,000,000 08/15/2024 A2 A
1,036,000 09/06/2024 A1 A+
2,000,000 12/01/2024 A
3,000,000 01/23/2025 A-
A1
A1
Face Amount/Shares Maturity Date
3,000,000 02/01/2025 A+
4,883,000 03/03/2025 A+
A1
Aa3
1,000,000 03/13/2025 A
2,000,000 03/22/2025 A+
A1
A1
2,000,000 03/25/2025 Baa1 A-
3,000,000 08/18/2025 A1 A
3 ,674,000 05/20/2025 A2 A
(-)
3,000,000 07/16/2026 Aa3 AA+
3,000,000 01/15/2026 Aaa AA+
1,995,000 07/
16/2026 A1 A+
3,000,000 08/12/2026
Aa3 AA-
1 ,228
,000 09/ 14/2026 Aa3 AA-
3,000,000 07/01/2026 Aaa AAA
A
2 A
3,000,000 01/08/2027 A2 A
3,000,000 0
9/01/2026
2,000
,000 01/11/2027 Aaa AA+
3,000,000 01/15/2027 A2 A
2 ,000,000 01/
11/2027 Aa3 AA-
2,000,000 01/14/2027 Aa3 AA-
3,000,000 03/ 15/2027 Aa2 AA
3,000,000 06
/03 /2027 A1 AA
(Neg)
A-
(Neg)
2,000,000 04/20/2028 A1 A+
3,000,000 05/30/2028 Aaa AA+
(Neg)
3,000,000 05/15/2028 Aa3 AA-
(Neg)
(
Neg)
(Neg)
2,000,000 09/ 08/2028 A1 A+
3,000,000 09/ 15/2028 A2 A
Walmart Inc
Honeywell International
Walt Disney Company
Coca-Cola Co
Estee Lauder Co Inc
JP Morgan Chase & Co
Adobe Inc
Mastercard Inc
John Deere Capital Corp
Unilever Capital Corp
Intel Corp
Qualcomm Inc
State Street Corp
New York Life Global
Mass Institute of Tech
Mars Inc
Massmutual Global Funding
BMW US Capital
Pricoa Global Funding
Met Tower Global Funding
Caterpillar Financial Services
Met Life Global
Northwest Mutual Global
Nestle Holdings
Target Corp
Berkshire Hathaway
Amazon
Mars Inc
Meta Platforms INC
National Securites Clearing
Unilever Capital Corp
Toyota Motor Credit Corp
Home Depot
Guardian Life Global Funding
2,000,000 09/11/2028 A1 A+
3 ,000,000 10/02/2028 Aa1 AA+
(Neg)
KEY
End Date: 6/30/24
"Watch" implies an imminent but not inevitable action.
+ | Positive Watch - | Negative Watch
"Outlook" implies entity is being monitored.
Neg | Negative Outlook
Issuer Moody's S & P Face Amount/Shares Maturity Date
3,000,000 03/08/2029 Aa2 AA
3,000,000 04/18/2029 A1 A
Toyota Motor Credit Corp
Roche Holdings INC
Nestle Capital Corp
John Deere Capital Corp
Kimberly-Clark Corp
2,000,000 03/12/2029 Aa3 AA-
3,000,000 04/25/2029 A2 A
2,882,000 01/05/2029 A1 A+
Issuer Face Amount/Shares Moody's S & P
KEY
Credit Ratings | Municipal Bonds
End Date: 6/30/24Monthly Treasurer's Report
Maturity Date
City of Burbank
"Watch" implies an imminent but not inevitable action.
+ | Positive Watch - | Negative Watch
"Outlook" implies entity is being monitored.
Neg | Negative Outlook Pos | Positive Outlook
1,235,000 08/01/2024 NR AA-
1,000,000 10/01/2024 NR AA-
3,000,000 06/01/2025 AAA AAA
06/01/2025 Aa3 AA-1,000,000
500,000 10/01/2025 NR AAA
1,430,000 12/15/2025 Aa1 AA+
1,100,000 05/01/2026 Aa1 AAA
750,000 03/15/2026 NR AA+
Poway Unif SD
South Gate Utility Authority
Ca State Health Facilities
Florida State Board Pub Edu
CA Infrastructure & Econ Dev
Oakland California Pension
New York State Dormitory Authority
NY Housing Development
NY
C Transitional Finance Authority
Univ of California Revenues
Beverly Hills Public Financing Authority
CA State Health Facilities
Maryland State
Burbank Unified School District
Hawaii State
San Francisco Redev Agency
1,800,000 06/01/2026 NR AA+
1,900,000 05/15/2026 Aa2 AA
3,000,000 08 /01/2026 NR AA
1,000,000 06/01/2026 Aa3 AA-
3,000,000 06/01/2026 Aaa AAA
3,000,000 08/01/2026 Aa2 AA+
770,000 05/01/2026 Aa2 AA+
620,000 08/01/2026 Aa2 NR
Santa Monica-Malibu Unified
Massachusetts School Building Authority
Tennessee State School Bond Authority
CA State University Revenue
Utah State Transit Authority
New York State
1,800,000 08 /15/2026 Aa2 AA+
810,000 08 /01/2026 Aa1 AA+
3,000,000 02/15/2027 Aa1 AA+
3 ,000,000 09 /15/2026 Aa1 AA+
1,855,000 12/1 5/2026 Aa2 AA+
1,040,000 11/01/2026 Aa2 AA -
2,365,000 03/15/2027 NR AA+
2,000,000 03/15/2027 Aa1 NR
1,
125,000 03/15/2027 Aa1 NR
NY Urban Development
NY Urban Development
NY Dormitory Authority
750,000 04/01/2027 Aa2 AAA
895,000 04/01/202 7 NR AA+
3,000,000 05/15/2027 Aa2 AA
Aa1 AA+ 1,525,000 05/ 01/2027
815
,000 04/27/2027 Aa3 AA
Aa1 AA+ 1,475,000 05/ 01/2027
Bay Area Toll Authority
Oregon State Lottery Revenue
West Hollywood CA Lease Revenue
Wisconsin State
Wisconsin State
University of California Revenues
Issuer Face Amount/Shares Moody's S & P
KEY
Maturity Date
"Watch" implies an imminent but not inevitable action.
+ | Positive Watch - | Negative Watch
"Outlook" implies entity is being monitored.
Neg | Negative Outlook Pos | Positive Outlook
1,255,000 06/01/2027 Aa3 AA-
2,000,000 07/15/2027 Aa1 NR
2,520,000 08/01/2027 Aa2 NR
4,000,000 05/01/2028 Aa1 AAA
1,000,000 05/15/2028 Aa3 AA-
325,000 06/01/2028 Aa2 AA
3,150,000 06/15/2028 Aa3 AA-
400,000 08/01/2028 Aa1 AA
CA State Health Facilities
Massachusetts State Special Obligation San
Diego Public Financing
NVC Transitional Finance Authority
Revenue
450,000 05/15/2028 Aa2 AA
900,000 04/01/2029 Aa3 AA+
General Obligation Unltd
University of California Revenues
State of Maine
State of Connecticut
Santa Barbara USD
CA State Public Works Board
Oregon State Lottery
State of Oregon
University of California Rev
enues
810,000 04/01/2028 Aa2 AAA
1,000,000 05/01/2029 Aa1 AA+
4,330,000 05/15/2029 Aa3 AA-
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 CD | Negotiable | 30 %
A+ Federal Credit Union 4.55 4/28/2028 00224TAP1 0.04 4/28/2023 4/28/2028 1,398 4.550 245,000.00 245,000.00 243,816.65 NCUA Insured NCUA Insured Access of Louis FCU 4.9 5/5/2025 00436NAC7 0.04 5/5/2023 5/5/2025 309 4.900 245,000.00 245,000.00 244,331.15 NCUA Insured NCUA Insured Advantage Federal Credit 5.3 12/31/2025 00790JAD4 0.04 8/31/2023 12/31/2025 549 5.300 245,000.00 245,000.00 245,940.80 NCUA Insured NCUA Insured Advia Credit Union 5 9/27/2028 00782JAC6 0.04 9/27/2023 9/27/2028 1,550 5.000 245,000.00 245,000.00 248,618.65 NCUA Insured NCUA Insured Affinity Bank 4.9 3/17/2028 00833JAQ4 0.04 3/17/2023 3/17/2028 1,356 4.900 245,000.00 245,000.00 246,548.40 FDIC Insured FDIC Insured Affinity Federal Credit Union 5.05 12/16/2024 00832KBG3 0.04 12/16/2022 12/16/2024 169 5.050 245,000.00 245,000.00 244,657.00 NCUA Insured NCUA Insured Alabama Credit Union 4.9 11/22/2024 01025RAD1 0.04 11/22/2022 11/22/2024 145 4.900 245,000.00 245,000.00 244,546.75 NCUA Insured NCUA Insured Alaska USA Federal Credit Union 4.9 1/30/2025 011852AB6 0.04 1/30/2023 1/30/2025 214 4.900 245,000.00 245,000.00 244,453.65 NCUA Insured NCUA Insured All In Federal Credit Union 4.6 2/17/2028 01664MAE6 0.04 2/17/2023 2/17/2028 1,327 4.600 245,000.00 245,000.00 243,917.10 NCUA Insured NCUA Insured Alliant Credit Union 5 1/30/2026 01882MAE2 0.04 1/30/2023 1/30/2026 579 5.000 245,000.00 245,000.00 245,002.45 NCUA Insured NCUA Insured Altra Federal Credit Union 5.1 6/9/2025 02208XAE3 0.04 6/9/2023 6/9/2025 344 5.100 245,000.00 245,000.00 244,750.10 FDIC Insured FDIC Insured Amerant Bank NA 4.65 9/8/2028 02357QCF2 0.04 9/8/2023 9/8/2028 1,531 4.650 245,000.00 245,000.00 245,247.45 FDIC Insured FDIC Insured American Express National Bank 2 3/9/2027 02589ABQ4 0.04 3/9/2022 3/9/2027 982 2.000 245,000.00 245,000.00 227,281.60 FDIC Insured FDIC Insured American First Credit Union 4.25 4/27/2028 02616ABY4 0.04 4/27/2023 4/27/2028 1,397 4.250 245,000.00 245,000.00 241,239.25 NCUA Insured NCUA Insured AmeriCU Credit Union 5.7 10/14/2025 03065QAR9 0.04 10/12/2023 10/14/2025 471 5.700 245,000.00 245,000.00 246,827.70 NCUA Insured NCUA Insured Arize Federal Credit Union 5.6 9/29/2025 04046AAA3 0.04 9/29/2023 9/29/2025 456 5.600 245,000.00 245,000.00 246,394.05 NCUA Insured NCUA Insured Asian Bank 4.2 3/14/2029 04518XAH7 0.04 3/14/2024 3/14/2029 1,718 4.200 245,000.00 245,000.00 241,214.75 FDIC Insured FDIC Insured Atlantic Union Bank 5.05 7/17/2025 04911LAN3 0.04 7/17/2023 7/17/2025 382 5.050 245,000.00 245,000.00 244,593.30 FDIC Insured FDIC Insured Auburn University Credit Union 4.9 5/22/2025 05059MAA8 0.04 5/22/2023 5/22/2025 326 4.900 245,000.00 245,000.00 244,314.00 NCUA Insured NCUA Insured Austin Telco FCU 5.05 11/27/2026 052392CC9 0.04 11/28/2022 11/27/2026 880 5.050 245,000.00 245,000.00 245,962.85 NCUA Insured NCUA Insured Balboa Thrift & Loan 2.1 7/19/2024 05765LAZ0 0.04 7/19/2019 7/19/2024 19 2.100 245,000.00 245,000.00 244,539.40 FDIC Insured FDIC Insured Bank Five Nine 4.65 3/20/2028 062119BK7 0.04 3/20/2023 3/20/2028 1,359 4.650 245,000.00 245,000.00 244,478.15 FDIC Insured FDIC Insured Bank Hapoalim B.M. NY 4.6 5/21/2029 06251A6Z8 0.04 5/21/2024 5/21/2029 1,786 4.600 245,000.00 245,000.00 245,607.60 FDIC Insured FDIC Insured Bank of New York Mellon NA 4.5 9/7/2028 05584CJJ6 0.04 9/7/2023 9/7/2028 1,530 4.500 245,000.00 245,000.00 243,718.65 FDIC Insured FDIC Insured Bank of Perry County 4.25 5/31/2028 06425KCT4 0.04 5/31/2023 5/31/2028 1,431 4.250 245,000.00 245,000.00 248,447.15 FDIC Insured FDIC Insured Bank of the Sierra 4.5 8/18/2028 064860MJ5 0.04 8/18/2023 8/18/2028 1,510 4.500 245,000.00 245,000.00 243,728.45 FDIC Insured FDIC Insured Bankers Bank Madison WI 4.25 11/24/2027 06610RBZ1 0.04 5/24/2023 11/24/2027 1,242 4.250 245,000.00 245,000.00 240,879.10 FDIC Insured FDIC Insured Bankwell Bank 5.05 7/14/2025 06654BFH9 0.04 7/14/2023 7/14/2025 379 5.050 245,000.00 245,000.00 244,590.85 FDIC Insured FDIC Insured Barclays Bank 1.95 2/23/2027 06740KNY9 0.04 2/23/2022 2/23/2027 968 1.950 245,000.00 245,000.00 227,298.75 FDIC Insured FDIC Insured Baxter Credit Union 5 11/30/2026 07181JAV6 0.04 11/28/2022 11/30/2026 883 5.000 245,000.00 245,000.00 245,717.85 NCUA Insured NCUA Insured Beal Bank 2.05 2/24/2027 07371CH69 0.04 3/2/2022 2/24/2027 969 2.050 245,000.00 245,000.00 227,818.15 FDIC Insured FDIC Insured Beal Bank 2.05 2/24/2027 07371AYT4 0.04 3/2/2022 2/24/2027 969 2.050 245,000.00 245,000.00 227,818.15 FDIC Insured FDIC Insured BMO Harris Bank NA 4.5 5/16/2028 05600XQE3 0.04 5/16/2023 5/16/2028 1,416 4.500 245,000.00 245,000.00 243,343.80 FDIC Insured FDIC Insured BMW Bank of North America 2.75 4/22/2026 05580AM92 0.04 4/22/2022 4/22/2026 661 2.750 245,000.00 245,000.00 235,714.50 FDIC Insured FDIC Insured Brentwood Bank 5 7/28/2025 107219BM8 0.04 7/28/2023 7/28/2025 393 5.000 245,000.00 245,000.00 244,554.10 FDIC Insured FDIC Insured Bridgewater Bank Bloom MN 4.8 3/29/2028 108622NK3 0.04 3/29/2023 3/29/2028 1,368 4.800 245,000.00 245,000.00 245,752.15 FDIC Insured FDIC Insured Business First Bank 4.75 5/12/2025 098079AM8 0.04 5/10/2023 5/12/2025 316 4.750 245,000.00 245,000.00 244,012.65 FDIC Insured FDIC Insured California Credit Union 5.4 7/21/2025 130162AW0 0.04 7/19/2023 7/21/2025 386 5.400 245,000.00 245,000.00 245,504.70 NCUA Insured FDIC Insured Canton Co-Operative Bank 5 7/21/2025 138138AB8 0.04 7/21/2023 7/21/2025 386 5.000 245,000.00 245,000.00 244,544.30 FDIC Insured FDIC Insured Capital On Bank USA NA 2.25 7/31/2024 14042TBK2 0.04 7/31/2019 7/31/2024 31 2.250 245,000.00 245,000.00 244,277.25 FDIC Insured FDIC Insured City of Burbank
Portfolio Position Detail Report
Monthly Treasurer's Report
6/30/2024
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Capital One 2.8 4/20/2027 14042RQS3 0.04 4/20/2022 4/20/2027 1,024 2.800 245,000.00 245,000.00 231,679.35 FDIC Insured FDIC Insured Carter Federal CU 5 6/2/2025 14622LAL6 0.04 5/31/2023 6/2/2025 337 5.000 245,000.00 245,000.00 244,559.00 NCUA Insured NCUA Insured Celtic Bank 4.4 4/19/2028 15118RG50 0.04 4/19/2023 4/19/2028 1,389 4.400 245,000.00 245,000.00 242,496.10 FDIC Insured FDIC Insured Central Bank 4 5/12/2028 152577BN1 0.04 5/12/2023 5/12/2028 1,412 4.000 245,000.00 245,000.00 239,117.55 FDIC Insured FDIC Insured Central State Bank Iowa 4.4 6/21/2028 15523RDT0 0.04 6/21/2023 6/21/2028 1,452 4.400 245,000.00 245,000.00 249,586.40 FDIC Insured FDIC Insured Centris Federal Credit Union 5 5/24/2025 15643VAB8 0.04 5/24/2023 5/24/2025 328 5.000 245,000.00 245,000.00 244,529.60 NCUA Insured NCUA Insured Charles Schwab Bank5.4 9/23/2024 15987UAV0 0.04 3/17/2023 9/23/2024 85 5.400 245,000.00 245,000.00 244,799.10 FDIC Insured FDIC Insured Chartway Fed Credit Union 5.25 7/14/2025 16141BAF8 0.04 7/12/2023 7/14/2025 379 5.250 245,000.00 245,000.00 245,161.70 NCUA Insured NCUA Insured CIBC Bank USA 4.75 3/24/2028 12547CAT5 0.04 3/24/2023 3/24/2028 1,363 4.750 245,000.00 245,000.00 245,188.65 FDIC Insured FDIC Insured Citizens State Bank of La Crosse 4.7 3/24/2028 176688DA4 0.04 3/24/2023 3/24/2028 1,363 4.700 245,000.00 245,000.00 244,916.70 FDIC Insured FDIC Insured City Bank & Trust 4.7 5/12/2025 17764PAM6 0.04 5/12/2023 5/12/2025 316 4.700 245,000.00 245,000.00 243,765.20 FDIC Insured FDIC Insured City National Bank Beverly Hills 4.9 11/24/2025 178180GS8 0.04 11/23/2022 11/24/2025 512 4.900 245,000.00 245,000.00 244,426.70 NCUA Insured NCUA Insured Claremont Savings Bank 5.05 7/28/2025 180227AN0 0.04 7/26/2023 7/28/2025 393 5.050 245,000.00 245,000.00 244,710.90 FDIC Insured FDIC Insured Clearpath Federal Credit Union 5.5 6/6/2025 18507MAC5 0.04 12/8/2023 6/6/2025 341 5.500 245,000.00 245,000.00 245,678.65 NCUA Insured NCUA Insured Clearview Credit Union 5.5 9/8/2025 18508CAA0 0.04 9/8/2023 9/8/2025 435 5.500 245,000.00 245,000.00 246,031.45 NCUA Insured NCUA Insured CME Federal Credit Union 5.5 9/12/2025 12574EAC4 0.04 9/12/2023 9/12/2025 439 5.500 245,000.00 245,000.00 246,051.05 NCUA Insured NCUA Insured CMTY Bank & Trust Waco TX 4.75 5/30/2025 20347MAP6 0.04 5/31/2023 5/30/2025 334 4.750 245,000.00 245,000.00 243,838.70 FDIC Insured FDIC Insured Comenity Capital Bank 2.65 4/14/2027 20033A3A2 0.04 4/14/2022 4/14/2027 1,018 2.650 245,000.00 245,000.00 230,760.60 FDIC Insured FDIC Insured Commercial Bank Harrogate 5.05 7/18/2025 20143PEU0 0.04 7/18/2023 7/18/2025 383 5.050 245,000.00 245,000.00 244,666.80 FDIC Insured FDIC Insured Community First Bank 4.75 5/19/2025 20368TDK3 0.04 5/19/2023 5/19/2025 323 4.750 245,000.00 245,000.00 243,995.50 FDIC Insured FDIC Insured Communitywide FCU 5.25 8/29/2025 20416TBD3 0.04 8/31/2023 8/29/2025 425 5.250 245,000.00 245,000.00 245,320.95 NCUA Insured NCUA Insured Connex Credit Union 3.5 8/29/2025 208212AY6 0.04 8/31/2022 8/29/2025 425 3.500 245,000.00 245,000.00 240,467.50 NCUA Insured NCUA Insured Connexus Credit Union 5.15 6/23/2025 20825WBR0 0.04 6/21/2023 6/23/2025 358 5.150 245,000.00 245,000.00 244,909.35 NCUA Insured NCUA Insured Consumers Federal Credit Union 5.1 10/16/2028 21056RAA7 0.04 10/16/2023 10/16/2028 1,569 5.100 245,000.00 245,000.00 249,691.75 NCUA Insured NCUA Insured Cornerstone Bank 4.8 5/16/2025 219232CU7 0.04 5/16/2023 5/16/2025 320 4.800 245,000.00 245,000.00 244,108.20 FDIC Insured FDIC Insured Cross River Bank 4.85 5/19/2025 227563CJ0 0.04 5/19/2023 5/19/2025 323 4.850 245,000.00 245,000.00 244,066.55 FDIC Insured FDIC Insured Customers Bank 4.45 5/31/2028 23204HNZ7 0.04 5/31/2023 5/31/2028 1,431 4.450 245,000.00 245,000.00 248,314.85 FDIC Insured FDIC Insured CY Fair Federal Credit Union 4.5 5/12/2028 23248UAB3 0.04 5/12/2023 5/12/2028 1,412 4.500 245,000.00 245,000.00 243,449.15 NCUA Insured NCUA Insured Delta National Bank and Trust NY 2 2/25/2027 24773RCR4 0.04 3/9/2022 2/25/2027 970 2.000 245,000.00 245,000.00 227,497.20 FDIC Insured FDIC Insured Department of Commerce 5 7/26/2028 24951TAZ8 0.04 7/26/2023 7/26/2028 1,487 5.000 245,000.00 245,000.00 248,275.65 FDIC Insured FDIC Insured Direct Federal Credit Union 5.6 11/20/2025 25460FEH5 0.04 11/20/2023 11/20/2025 508 5.600 245,000.00 245,000.00 246,741.95 NCUA Insured NCUA Insured Discover Bank 4.45 10/18/2027 254673W51 0.04 10/18/2022 10/18/2027 1,205 4.450 245,000.00 245,000.00 242,229.05 FDIC Insured FDIC Insured Dort Financial Credit 4.35 5/24/2028 25844MAW8 0.04 5/24/2023 5/24/2028 1,424 4.350 245,000.00 245,000.00 242,192.30 NCUA Insured NCUA Insured Eaglebank 4.8 5/19/2025 27002YFW1 0.04 5/19/2023 5/19/2025 323 4.800 245,000.00 245,000.00 244,103.30 FDIC Insured FDIC Insured Eaglemark Savings Bank 2 3/9/2027 27004PCN1 0.04 3/9/2022 3/9/2027 982 2.000 245,000.00 245,000.00 227,281.60 FDIC Insured FDIC Insured Empower Federal Credit Union 5.1 9/29/2028 291916AB0 0.04 9/29/2023 9/29/2028 1,552 5.100 245,000.00 245,000.00 249,574.15 NCUA Insured NCUA Insured Encompass Niagara Credit Union 5 6/13/2025 29259RAK3 0.04 6/13/2023 6/13/2025 348 5.000 245,000.00 245,000.00 244,524.70 NCUA Insured NCUA Insured Enterprise Bank PA 4.25 5/19/2028 29367RMN3 0.04 5/19/2023 5/19/2028 1,419 4.250 245,000.00 245,000.00 241,305.40 FDIC Insured FDIC Insured Essential Federal Credit 5.5 9/22/2025 29669XAR9 0.04 9/20/2023 9/22/2025 449 5.500 245,000.00 245,000.00 246,134.35 NCUA Insured NCUA Insured Farmers Insurance Group 5.25 7/21/2025 30960QAP2 0.04 7/21/2023 7/21/2025 386 5.250 245,000.00 245,000.00 245,178.85 FDIC Insured FDIC Insured Federal Savings Bank 4.5 6/28/2028 313812EG0 0.04 6/28/2023 6/28/2028 1,459 4.500 245,000.00 245,000.00 249,508.00 FDIC Insured FDIC Insured First Bank Elk River 4.4 6/30/2028 31911KAK4 0.04 6/30/2023 6/30/2028 1,461 4.400 245,000.00 245,000.00 248,302.60 FDIC Insured FDIC Insured First Central Credit Union 5.6 10/14/2025 31944KAA7 0.04 10/11/2023 10/14/2025 471 5.600 245,000.00 245,000.00 246,521.45 NCUA Insured NCUA Insured First Choice FCU 5 5/27/2025 31949HAA9 0.04 5/25/2023 5/27/2025 331 5.000 245,000.00 245,000.00 244,529.60 NCUA Insured NCUA Insured First Family Federal Credit Union 4.85 1/17/2025 32014RAA5 0.04 1/19/2023 1/17/2025 201 4.850 245,000.00 245,000.00 244,429.15 NCUA Insured NCUA Insured First Financial 4.45 2/8/2028 32024DAC0 0.04 2/8/2023 2/8/2028 1,318 4.450 245,000.00 245,000.00 242,660.25 FDIC Insured FDIC Insured First Foundation Bank 4.7 5/12/2025 32026UM52 0.04 5/12/2023 5/12/2025 316 4.700 245,000.00 245,000.00 243,765.20 FDIC Insured FDIC Insured First Guaranty Bank 4.5 8/4/2028 320437AD8 0.04 8/4/2023 8/4/2028 1,496 4.500 245,000.00 245,000.00 243,755.40 FDIC Insured FDIC Insured First National Bank of America 4.5 7/21/2028 32110YC45 0.04 7/21/2023 7/21/2028 1,482 4.500 245,000.00 245,000.00 250,833.45 FDIC Insured FDIC Insured First National Bank of America Michigan 4.6 9/22/2 32114VCM7 0.04 9/22/2023 9/22/2028 1,545 4.600 245,000.00 245,000.00 244,828.50 FDIC Insured FDIC Insured
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 First Peoples Bank Georgia 4.75 5/19/2025 33609PAZ3 0.04 5/19/2023 5/19/2025 323 4.750 245,000.00 245,000.00 243,995.50 FDIC Insured FDIC Insured First Western Bank & Trust 4.75 5/12/2025 33749VBP2 0.04 5/10/2023 5/12/2025 316 4.750 245,000.00 245,000.00 244,012.65 FDIC Insured FDIC Insured Flagler Bank Corp 4.9 5/27/2025 338386AB1 0.04 5/26/2023 5/27/2025 331 4.900 245,000.00 245,000.00 244,309.10 FDIC Insured FDIC Insured Flagstar Bank N.A. 5.25 4/24/2025 33847GAK8 0.04 3/30/2023 4/24/2025 298 5.250 245,000.00 245,000.00 244,906.90 FDIC Insured FDIC Insured Floridacentral Credit Union 5.35 8/25/2025 340577AA3 0.04 8/25/2023 8/25/2025 421 5.350 245,000.00 245,000.00 245,553.70 NCUA Insured NCUA Insured FNCB Bank 4 5/8/2028 30257YBT8 0.04 5/8/2023 5/8/2028 1,408 4.000 245,000.00 245,000.00 239,034.25 FDIC Insured FDIC Insured Freedom Northwest CU 5.5 8/30/2028 356436AN5 0.04 8/30/2023 8/30/2028 1,522 5.500 245,000.00 245,000.00 246,499.40 NCUA Insured NCUA Insured Genoa Banking Company 4.05 5/19/2028 372348DB5 0.04 5/19/2023 5/19/2028 1,419 4.050 245,000.00 245,000.00 239,563.45 FDIC Insured FDIC Insured Gesa Credit Union 5.5 7/31/2025 37424PAG9 0.04 7/31/2023 7/31/2025 396 5.500 245,000.00 245,000.00 245,852.60 NCUA Insured NCUA Insured Grand River Bank MI 5 7/18/2025 38644ACQ0 0.04 7/18/2023 7/18/2025 383 5.000 245,000.00 245,000.00 244,541.85 FDIC Insured FDIC Insured Great Lakes Credit Union 5 6/16/2025 390602AA8 0.04 6/16/2023 6/16/2025 351 5.000 245,000.00 245,000.00 244,524.70 NCUA Insured NCUA Insured Greensboro Municipal FCU 4.9 5/19/2025 39552MAA9 0.04 5/17/2023 5/19/2025 323 4.900 245,000.00 245,000.00 244,318.90 NCUA Insured NCUA Insured Greenstate Credit Union 0.95 7/21/2026 39573LBM9 0.04 7/21/2021 7/21/2026 751 0.950 245,000.00 245,000.00 226,174.20 NCUA Insured NCUA Insured Guardian Credit Union 5.1 9/29/2028 40135GAA6 0.04 9/29/2023 9/29/2028 1,552 5.100 245,000.00 245,000.00 249,537.40 NCUA Insured NCUA Insured Hapo Community Credit Union 5.5 9/29/2025 41138NAC2 0.04 9/29/2023 9/29/2025 456 5.500 245,000.00 245,000.00 246,136.80 NCUA Insured NCUA Insured Heritage Community Credit Union 5.25 11/15/2028 42728MAC8 0.04 11/15/2023 11/15/2028 1,599 5.250 245,000.00 245,000.00 251,321.00 NCUA Insured NCUA Insured Home Federal Savings Bank MN 5 7/21/2025 43708WKF0 0.04 7/19/2023 7/21/2025 386 5.000 245,000.00 245,000.00 244,507.55 FDIC Insured FDIC Insured Home Loan Investment Bank 5.25 3/28/2025 43719LAJ4 0.04 3/29/2023 3/28/2025 271 5.250 245,000.00 245,000.00 245,031.85 FDIC Insured FDIC Insured Honolulu Fire Dept FCU 5 12/22/2025 438649AL9 0.04 6/22/2023 12/22/2025 540 5.000 245,000.00 245,000.00 244,850.55 NCUA Insured NCUA Insured Hope Federal Credit Union 5.5 9/25/2025 43942MAA0 0.04 9/25/2023 9/25/2025 452 5.500 245,000.00 245,000.00 246,114.75 NCUA Insured NCUA Insured Hughes Federal CU 5.25 6/30/2025 444425AA0 0.04 6/29/2023 6/30/2025 365 5.250 245,000.00 245,000.00 245,122.50 NCUA Insured NCUA Insured Idaho First Bank 4.2 5/30/2028 451245AT1 0.04 5/30/2023 5/30/2028 1,430 4.200 245,000.00 245,000.00 248,471.65 FDIC Insured FDIC Insured Iowa State Bank 2.1 7/10/2024 46256YBB4 0.04 7/10/2019 7/10/2024 10 2.100 245,000.00 245,000.00 244,708.45 FDIC Insured FDIC Insured John Marshall Bank 4.7 7/14/2025 47804GKT9 0.04 5/12/2023 7/14/2025 379 4.700 245,000.00 245,000.00 243,794.60 FDIC Insured FDIC Insured Jovia Financial Credit Union 5.2 11/30/2027 48115LAK0 0.04 11/30/2023 11/30/2027 1,248 5.200 245,000.00 245,000.00 248,189.90 NCUA Insured NCUA Insured Keypoint Credit Union 5 6/23/2025 49332PAB6 0.04 12/21/2022 6/23/2025 358 5.000 245,000.00 245,000.00 244,556.55 NCUA Insured NCUA Insured Knoxville TVA Employee Credit Union 1.95 11/26/202 499724AK8 0.04 11/26/2019 11/26/2024 149 1.950 245,000.00 245,000.00 241,604.30 NCUA Insured NCUA Insured Kodabank 4.5 7/21/2028 50007DAD1 0.04 7/21/2023 7/21/2028 1,482 4.500 245,000.00 245,000.00 250,554.15 FDIC Insured FDIC Insured Lafayette Federal Credit Union 3.25 5/25/2027 50625LBJ1 0.04 5/25/2022 5/25/2027 1,059 3.250 245,000.00 245,000.00 234,195.50 NCUA Insured NCUA Insured LCA Bank Corp 4.25 5/26/2028 501798TY8 0.04 5/26/2023 5/26/2028 1,426 4.250 245,000.00 245,000.00 242,094.30 FDIC Insured FDIC Insured Leaders Credit Union 5 3/30/2028 52171MAG0 0.04 3/30/2023 3/30/2028 1,369 5.000 245,000.00 245,000.00 247,501.45 NCUA Insured NCUA Insured Liberty First Credit Union 4.35 1/27/2028 530520AD7 0.04 1/27/2023 1/27/2028 1,306 4.350 245,000.00 245,000.00 241,837.05 NCUA Insured NCUA Insured Lincoln Park Community 5 8/28/2028 534574AC2 0.04 8/28/2023 8/28/2028 1,520 5.000 245,000.00 245,000.00 248,454.50 FDIC Insured FDIC Insured Lincoln Savings Bank 5.05 10/21/2025 534732BQ4 0.04 7/21/2023 10/21/2025 478 5.050 245,000.00 245,000.00 244,853.00 FDIC Insured FDIC Insured Live Oak Banking Co 1.85 11/27/2024 538036GU2 0.04 11/27/2019 11/27/2024 150 1.850 245,000.00 245,000.00 241,481.80 FDIC Insured FDIC Insured Lookout Federal Credit Union 5.1 7/21/2025 54342MAA3 0.04 7/21/2023 7/21/2025 386 5.100 245,000.00 245,000.00 244,799.10 NCUA Insured NCUA Insured Magnificent Financial CU 5 5/30/2025 55955TAA3 0.04 5/30/2023 5/30/2025 334 5.000 245,000.00 245,000.00 244,492.85 NCUA Insured NCUA Insured Maine Savings FCU 1.9 11/8/2024 560507AN5 0.04 11/8/2019 11/8/2024 131 1.900 245,000.00 245,000.00 241,962.00 FDIC Insured FDIC Insured Manufacturers & Traders Trust Co 4.9 12/9/2024 564759RJ9 0.04 12/7/2022 12/9/2024 162 4.900 245,000.00 245,000.00 244,490.40 FDIC Insured FDIC Insured Mauch Chunk Trust Co 4.2 3/20/2029 577234CX3 0.04 3/20/2024 3/20/2029 1,724 4.200 245,000.00 245,000.00 241,327.45 FDIC Insured FDIC Insured Medallion Bank Utah 5.25 3/28/2025 58404DRU7 0.04 3/28/2023 3/28/2025 271 5.250 245,000.00 245,000.00 245,002.45 FDIC Insured FDIC Insured Member's First Credit Union 5.6 4/6/2026 58588NAA5 0.04 10/4/2023 4/6/2026 645 5.600 245,000.00 245,000.00 247,736.65 NCUA Insured NCUA Insured Members Trust of SW FCU 4.15 2/20/2029 585899AH0 0.04 2/20/2024 2/20/2029 1,696 4.150 245,000.00 245,000.00 240,768.85 NCUA Insured NCUA Insured Meritrust Federal Credit Union 4.9 5/24/2025 59001PAT6 0.04 5/24/2023 5/24/2025 328 4.900 245,000.00 245,000.00 245,387.10 NCUA Insured NCUA Insured Merrick Bank 2.2 7/31/2024 59013KBV7 0.04 7/31/2019 7/31/2024 31 2.200 245,000.00 245,000.00 244,331.15 FDIC Insured FDIC Insured Metro Credit Union 1.7 2/18/2027 59161YAP1 0.04 2/18/2022 2/18/2027 963 1.700 245,000.00 245,000.00 225,720.95 FDIC Insured FDIC Insured MidFlorida Credit Union 5.5 7/26/2028-25 59741QAA0 0.04 7/26/2023 7/26/2028 1,487 5.500 245,000.00 245,000.00 247,224.60 NCUA Insured NCUA Insured Morgan Stanley Bank 4.7 6/12/2029 61690DSJ8 0.04 6/12/2024 6/12/2029 1,808 4.700 245,000.00 245,000.00 246,815.45 FDIC Insured FDIC Insured Morgan Stanley Private Bank 4.65 5/22/2029 61768E4B6 0.04 5/22/2024 5/22/2029 1,787 4.650 245,000.00 245,000.00 246,144.15 FDIC Insured FDIC Insured Morgantown Bank & Trust 4.15 3/22/2029 617504AF2 0.04 3/22/2024 3/22/2029 1,726 4.150 245,000.00 245,000.00 240,810.50 FDIC Insured FDIC Insured
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Morton Lane FCU 5.4 3/16/2026 61934MAD6 0.04 9/15/2023 3/16/2026 624 5.400 245,000.00 245,000.00 246,673.35 NCUA Insured NCUA Insured Mountain America Federal Credit Union 4.7 4/28/202 62384RAT3 0.04 4/28/2023 4/28/2026 667 4.700 245,000.00 245,000.00 244,017.55 NCUA Insured NCUA Insured Mutual First Federal CU 5.2 8/4/2025 62825MAA2 0.04 8/3/2023 8/4/2025 400 5.200 245,000.00 245,000.00 245,120.05 NCUA Insured NCUA Insured MVB Bank INC 5.3 3/24/2025 62847NDN3 0.04 3/24/2023 3/24/2025 267 5.300 245,000.00 245,000.00 245,085.75 FDIC Insured FDIC Insured My Safra Bank FSB 4.4 5/18/2028 55406JBS0 0.04 5/18/2023 5/18/2028 1,418 4.400 245,000.00 245,000.00 242,493.65 FDIC Insured FDIC Insured Naheola Credit Union 2.05 1/10/2025 629801AA9 0.04 1/10/2020 1/10/2025 194 2.050 245,000.00 245,000.00 240,781.10 NCUA Insured NCUA Insured Neighbors Federal Credit 4.9 7/26/2028 64017ABA1 0.04 7/26/2023 7/26/2028 1,487 4.900 245,000.00 245,000.00 248,275.65 NCUA Insured NCUA Insured Nicolet National Bank 4.85 12/1/2025 654062LN6 0.04 5/30/2023 12/1/2025 519 4.850 245,000.00 245,000.00 244,287.05 FDIC Insured FDIC Insured Northern Bank & Trust MA 5 7/21/2025 66476QDZ8 0.04 7/19/2023 7/21/2025 386 5.000 245,000.00 245,000.00 244,507.55 FDIC Insured FDIC Insured Nova UA 5.4 11/28/2025 66989WAA3 0.04 11/30/2023 11/28/2025 516 5.400 245,000.00 245,000.00 246,286.25 FDIC Insured FDIC Insured Numerica Credit Union 3.1 5/13/2027 67054NAW3 0.04 5/13/2022 5/13/2027 1,047 3.100 245,000.00 245,000.00 233,328.20 NCUA Insured FDIC Insured Old Missouri Bank 4.6 9/27/2028 68002LCV8 0.04 9/27/2023 9/27/2028 1,550 4.600 245,000.00 245,000.00 244,845.65 FDIC Insured FDIC Insured Onpath Federal Credit Union 4.85 7/31/2028 68283MAP1 0.04 7/31/2023 7/31/2028 1,492 4.850 245,000.00 245,000.00 246,960.00 NCUA Insured NCUA Insured Oregon Community Credit Union 5.15 6/23/2025 68584JAE9 0.04 6/21/2023 6/23/2025 358 5.150 245,000.00 245,000.00 244,909.35 NCUA Insured NCUA Insured Pacific Premier Bank 5.35 9/23/2024 69478QGY0 0.04 3/22/2023 9/23/2024 85 5.350 245,000.00 245,000.00 244,948.55 FDIC Insured FDIC Insured Pacific Western Bank 5.5 9/20/2024 69506YXQ7 0.04 3/20/2023 9/20/2024 82 5.500 245,000.00 245,000.00 244,887.30 FDIC Insured FDIC Insured Park St Bank Duluth 4.45 7/19/2028 70086VAU5 0.04 7/19/2023 7/19/2028 1,480 4.450 245,000.00 245,000.00 248,978.80 FDIC Insured FDIC Insured Parkway Bank & Trust Co 4.95 6/16/2025 70153RLV8 0.04 6/15/2023 6/16/2025 351 4.950 245,000.00 245,000.00 244,441.40 FDIC Insured FDIC Insured Partners Bank California 5.05 3/17/2025 70212YBN1 0.04 3/17/2023 3/17/2025 260 5.050 245,000.00 245,000.00 244,483.05 FDIC Insured FDIC Insured Pentucket Bank 4.8 5/27/2025 70969PAG1 0.04 5/26/2023 5/27/2025 331 4.800 245,000.00 245,000.00 244,118.00 FDIC Insured FDIC Insured Pima Federal Credit 5 8/17/2027 722000AB2 0.04 8/17/2023 8/17/2027 1,143 5.000 245,000.00 245,000.00 246,078.00 NCUA Insured NCUA Insured Pitney Bowes Bank INC 4.35 4/13/2028 724468AC7 0.04 4/14/2023 4/13/2028 1,383 4.350 245,000.00 245,000.00 242,042.85 FDIC Insured FDIC Insured Popular Bank 4.85 5/22/2025 73317ACD2 0.04 5/24/2023 5/22/2025 326 4.850 245,000.00 245,000.00 244,105.75 FDIC Insured FDIC Insured Providence Bank 4.4 8/21/2028 743738CV6 0.04 8/21/2023 8/21/2028 1,513 4.400 245,000.00 245,000.00 242,878.30 FDIC Insured FDIC Insured Queensborough Natl Bank 4.85 6/2/2025 74824XDK9 0.04 6/2/2023 6/2/2025 337 4.850 245,000.00 245,000.00 244,193.95 FDIC Insured FDIC Insured Railroad Employees Credit Union 5.1 9/29/2028 75076MAA0 0.04 9/29/2023 9/29/2028 1,552 5.100 245,000.00 245,000.00 249,488.40 NCUA Insured NCUA Insured Raiz Federal Credit Union 4.7 7/25/2025 75102EAB4 0.04 1/25/2023 7/25/2025 390 4.700 245,000.00 245,000.00 243,782.35 NCUA Insured NCUA Insured Raymond James Bank NA 1.8 11/8/2024 75472RAK7 0.04 11/8/2019 11/8/2024 131 1.800 245,000.00 245,000.00 241,783.15 FDIC Insured FDIC Insured Red Crown Federal Credit Union 5.1 10/13/2028 756558AC6 0.04 10/13/2023 10/13/2028 1,566 5.100 245,000.00 245,000.00 249,659.90 NCUA Insured NCUA Insured Regional Federal Credit 5.45 8/25/2025 75904AAA4 0.04 8/24/2023 8/25/2025 421 5.450 245,000.00 245,000.00 245,864.85 NCUA Insured NCUA Insured Resource One Credit Union 1.9 11/27/2024 76124YAB2 0.04 11/27/2019 11/27/2024 150 1.900 245,000.00 245,000.00 241,533.25 NCUA Insured NCUA Insured RIA Federal Credit Union 5.4 11/10/2025 749622BM7 0.04 12/8/2023 11/10/2025 498 5.400 245,000.00 245,000.00 246,068.20 NCUA Insured NCUA Insured Riverfront FCU 5.15 6/12/2025 76870LAC4 0.04 6/12/2023 6/12/2025 347 5.150 245,000.00 245,000.00 244,865.25 NCUA Insured NCUA Insured Rockland Federal Credit Union 5.75 10/20/2025 77357DAA6 0.04 10/18/2023 10/20/2025 477 5.750 245,000.00 245,000.00 246,729.70 NCUA Insured NCUA Insured Sallie Mae Bank Salt Lake 1 7/14/2026 7954507A7 0.04 7/14/2021 7/14/2026 744 1.000 245,000.00 245,000.00 226,720.55 FDIC Insured FDIC Insured San Francisco Credit Union 4.35 2/3/2028 79772FAG1 0.04 2/3/2023 2/3/2028 1,313 4.350 245,000.00 245,000.00 241,834.60 NCUA Insured NCUA Insured SCE Federal Credit Union 4.25 3/14/2029 78413RAQ0 0.04 3/14/2024 3/14/2029 1,718 4.250 245,000.00 245,000.00 241,834.60 NCUA Insured NCUA Insured Sec State Bank Warroad MN 4.3 5/31/2028 81501JAE2 0.04 5/31/2023 5/31/2028 1,431 4.300 245,000.00 245,000.00 248,442.25 FDIC Insured FDIC Insured Self Help FCU 4.1 5/26/2028 81632NBB0 0.04 5/26/2023 5/26/2028 1,426 4.100 245,000.00 245,000.00 239,930.95 NCUA Insured NCUA Insured Signature Federal Credit Union 4.4 1/31/2028 82671DAB3 0.04 1/31/2023 1/31/2028 1,310 4.400 245,000.00 245,000.00 242,229.05 NCUA Insured NCUA Insured Southcoast Federal Credit Union 4.2 12/28/2028 84130LAB6 0.04 12/28/2023 12/28/2028 1,642 4.200 245,000.00 245,000.00 241,192.70 NCUA Insured NCUA Insured Southern Bank Poplar Bluff MO 4.2 5/17/2028 843383CS7 0.04 5/17/2023 5/17/2028 1,417 4.200 245,000.00 245,000.00 240,864.40 FDIC Insured FDIC Insured Southwest Financial Federal Credit 5.3 8/18/2025 84485EAK3 0.04 8/16/2023 8/18/2025 414 5.300 245,000.00 245,000.00 245,411.60 NCUA Insured NCUA Insured Space Coast Credit Union 5.45 8/29/2025 84614AAH2 0.04 8/29/2023 8/29/2025 425 5.450 245,000.00 245,000.00 245,810.95 NCUA Insured NCUA Insured Spokane Teachers Credit Union 5 11/24/2025 849061AA4 0.04 11/23/2022 11/24/2025 512 5.000 245,000.00 245,000.00 244,808.90 NCUA Insured NCUA Insured St Louis Bank MO 4.45 6/30/2028 85231WAW1 0.04 6/30/2023 6/30/2028 1,461 4.450 245,000.00 245,000.00 250,309.15 FDIC Insured FDIC Insured Star Bank NA Bertha MN 4.6 9/29/2028 85508VAN9 0.04 9/29/2023 9/29/2028 1,552 4.600 245,000.00 245,000.00 244,710.90 FDIC Insured FDIC Insured State Bank Of India 1.65 1/21/2027 856285E31 0.04 1/21/2022 1/21/2027 935 1.650 245,000.00 245,000.00 226,130.10 FDIC Insured FDIC Insured State Exchange Bank Lamont Oklahoma 4.25 4/20/2028 856786AQ1 0.04 4/20/2023 4/20/2028 1,390 4.250 245,000.00 245,000.00 241,219.65 FDIC Insured FDIC Insured Summit National Bank WY 4.5 8/10/2028 86616RAG0 0.04 8/10/2023 8/10/2028 1,502 4.500 245,000.00 245,000.00 246,531.25 FDIC Insured FDIC Insured
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Synchrony Bank 3.2 5/20/2027 87165EW45 0.04 5/20/2022 5/20/2027 1,054 3.200 245,000.00 245,000.00 233,894.15 FDIC Insured FDIC Insured Tab Bank INC 4.75 5/12/2025 89388CGP7 0.04 5/10/2023 5/12/2025 316 4.750 245,000.00 245,000.00 244,012.65 FDIC Insured FDIC Insured Technology Credit Union 5 4/14/2026 87868YAM5 0.04 4/14/2023 4/14/2026 653 5.000 245,000.00 245,000.00 245,245.00 NCUA Insured NCUA Insured Texas Trust Credit Union 5 8/9/2027 88283MCB8 0.04 8/9/2023 8/9/2027 1,135 5.000 245,000.00 245,000.00 246,043.70 NCUA Insured NCUA Insured Third Fed Sav&Ln Clevlnd 1.95 11/25/2024 88413QCK2 0.04 11/25/2019 11/25/2024 148 1.950 245,000.00 245,000.00 241,538.15 FDIC Insured FDIC Insured Thread Bank Rogersville 4.4 6/16/2028 88553LAP4 0.04 6/16/2023 6/16/2028 1,447 4.400 245,000.00 245,000.00 249,387.95 FDIC Insured FDIC Insured Toyota Financial SGS BK 0.95 7/15/2026 89235MLC37 0.04 7/15/2021 7/15/2026 745 0.950 245,000.00 245,000.00 226,463.30 FDIC Insured FDIC Insured Triad Bank 4.5 9/12/2028 89579NCM3 0.04 9/12/2023 9/12/2028 1,535 4.500 245,000.00 245,000.00 243,860.75 FDIC Insured FDIC Insured Triad Business Bank 5 7/21/2025 89580DAY8 0.04 7/21/2023 7/21/2025 386 5.000 245,000.00 245,000.00 244,544.30 FDIC Insured FDIC Insured True Sky Federal Credit Union 4.55 5/17/2029 89786MAJ3 0.04 5/17/2024 5/17/2029 1,782 4.550 245,000.00 245,000.00 245,193.55 NCUA Insured NCUA Insured Trugrocer Federal CU 4.85 6/20/2028 89788RAA9 0.04 6/20/2023 6/20/2028 1,451 4.850 245,000.00 245,000.00 246,737.05 NCUA Insured NCUA Insured Trustar Bank 4.75 11/22/2028 89839KAD7 0.04 11/22/2023 11/22/2028 1,606 4.750 245,000.00 245,000.00 246,499.40 FDIC Insured FDIC Insured TTCU Federal Credit Union 5 7/26/2028 89854LAD5 0.04 7/26/2023 7/26/2028 1,487 5.000 245,000.00 245,000.00 248,275.65 NCUA Insured NCUA Insured Tucson Federal Credit 4.95 8/8/2028 898812AB8 0.04 8/8/2023 8/8/2028 1,500 4.950 245,000.00 245,000.00 247,886.10 NCUA Insured NCUA Insured UBS Bank USA 0.95 8/11/2026 90348JR93 0.04 8/11/2021 8/11/2026 772 0.950 245,000.00 245,000.00 225,671.95 FDIC Insured FDIC Insured Ukranian Federal Credit 4.8 5/8/2025 90372WAA8 0.04 5/8/2023 5/8/2025 312 4.800 245,000.00 245,000.00 244,120.45 NCUA Insured NCUA Insured United Fidelity BK FSB 4.5 6/29/2028 910286GN7 0.04 6/29/2023 6/29/2028 1,460 4.500 245,000.00 245,000.00 249,113.55 FDIC Insured FDIC Insured United Roosevelt Savings 4.8 5/19/2025 91139LAG1 0.04 5/19/2023 5/19/2025 323 4.800 245,000.00 245,000.00 244,103.30 FDIC Insured FDIC Insured United Teletech Finance Credit Union 5 10/16/2028 913065AB4 0.04 10/16/2023 10/16/2028 1,569 5.000 245,000.00 245,000.00 248,724.00 NCUA Insured NCUA Insured University Bank NA 4.85 4/3/2028 914098DQ8 0.04 4/3/2023 4/3/2028 1,373 4.850 245,000.00 245,000.00 246,234.80 FDIC Insured FDIC Insured University Credit Union 5.15 3/17/2025 914242AB8 0.04 3/17/2023 3/17/2025 260 5.150 245,000.00 245,000.00 244,811.35 NCUA Insured NCUA Insured University of Illinois Community CU 5.25 8/25/2025 914359AA2 0.04 8/23/2023 8/25/2025 421 5.250 245,000.00 245,000.00 245,316.05 NCUA Insured NCUA Insured Univest Bank & Trust Co 4.35 5/12/2028 91527PBY2 0.04 5/12/2023 5/12/2028 1,412 4.350 245,000.00 245,000.00 242,150.65 FDIC Insured FDIC Insured US Alliance FCU 4.55 5/26/2028 90352RDB8 0.04 5/26/2023 5/26/2028 1,426 4.550 245,000.00 245,000.00 243,948.95 NCUA Insured NCUA Insured Utah Community Federal Credit Union 4.7 10/28/2025 917352AD8 0.04 4/28/2023 10/28/2025 485 4.700 245,000.00 245,000.00 243,767.65 NCUA Insured NCUA Insured Utah First Fed Credit 4.75 7/14/2028 91739JAA3 0.04 7/14/2023 7/14/2028 1,475 4.750 245,000.00 245,000.00 251,252.40 NCUA Insured NCUA Insured Valleystar Credit Union 4.85 8/30/2028 92023CAG8 0.04 8/30/2023 8/30/2028 1,522 4.850 245,000.00 245,000.00 251,938.40 NCUA Insured NCUA Insured Veridian Credit Union 5.3 8/18/2025 92348DAD1 0.04 8/18/2023 8/18/2025 414 5.300 245,000.00 245,000.00 245,411.60 NCUA Insured NCUA Insured Viriva Credit Union 1.85 11/27/2024 92823NAA9 0.04 11/27/2019 11/27/2024 150 1.850 245,000.00 245,000.00 241,481.80 FDIC Insured FDIC Insured Vision Bank 4.05 5/12/2028 92834ABT2 0.04 5/12/2023 5/12/2028 1,412 4.050 245,000.00 245,000.00 239,551.20 FDIC Insured FDIC Insured Visions Federal Credit Union 5.65 9/29/2025 92838DAD8 0.04 9/29/2023 9/29/2025 456 5.650 245,000.00 245,000.00 246,543.50 NCUA Insured NCUA Insured Vystar Credit Union 4.45 10/7/2027 92891CCR1 0.04 10/7/2022 10/7/2027 1,194 4.450 245,000.00 245,000.00 242,290.30 FDIC Insured FDIC Insured Wells Fargo Bank 4.85 11/29/2024 9497633X2 0.04 11/28/2022 11/29/2024 152 4.850 245,000.00 245,000.00 244,510.00 NCUA Insured NCUA Insured Westreet Federal CU 5 5/19/2025 961442AE0 0.04 5/18/2023 5/19/2025 323 5.000 245,000.00 245,000.00 244,529.60 NCUA Insured NCUA Insured Workers Federal Credit Union 5.2 10/30/2028 98138MCA6 0.04 10/30/2023 10/30/2028 1,583 5.200 245,000.00 245,000.00 250,752.60 NCUA Insured NCUA Insured Sub Total / Average CD | Negotiable | 30 % 8.23 851 4.478 55,125,000.00 55,125,000.00 54,829,973.45 Joint Powers Authority Pool | 25 %
California Asset Management Trust LGIP CAMP 19.85 7/5/2023 N/A 1 5.430 132,987,326.35 132,987,326.35 132,987,326.35 NR S&P-AAA Sub Total / Average Joint Powers Authority Pool | 25 % 19.85 1 5.430 132,987,326.35 132,987,326.35 132,987,326.35 Medium Term Note | 30 %
Adobe Inc 3.25 2/1/2025-24 00724FAC5 0.45 3/20/2020 2/1/2025 216 2.649 3,000,000.00 3,081,780.00 2,960,520.00 Moodys-A1 S&P-A+ Amazon 1.2 6/3/2027-27 023135BR6 0.45 6/8/2022 6/3/2027 1,068 3.530 3,000,000.00 2,682,967.17 2,708,190.00 Moodys-A1 S&P-AA Berkshire Hathaway 2.3 3/15/2027-27 084664CZ2 0.45 3/15/2022 3/15/2027 988 2.300 3,000,000.00 3,000,000.00 2,812,110.00 Moodys-Aa2 S&P-AA Blackrock Funding INC 4.7 3/14/2029-29 09290DAA9 0.45 4/12/2024 3/14/2029 1,718 5.000 3,000,000.00 2,961,030.00 2,987,010.00 Moodys-Aa3 S&P-AA- BMW US Capital LLC 1.25 8/12/2026-26 05565EBW4 0.45 2/14/2022 8/12/2026 773 2.300 3,000,000.00 2,866,200.00 2,763,480.00 Moodys-A2 S&P-A Caterpillar Financial Services 1.7 1/8/2027 14913R2U0 0.45 3/11/2022 1/8/2027 922 2.430 3,000,000.00 2,900,826.00 2,769,990.00 Moodys-A2 S&P-A Coca-Cola Co 1.75 9/6/2024 191216CL2 0.15 3/25/2020
9/6/2024 68 2.592 1,036,000.00 999,574.24 1,028,571.88 Moodys-A1 S&P-A+ Estee Lauder Co Inc 2 12/1/2024 29736RAN0 0.30 3/20/2020 12/1/2024 154 2.537 2,000,000.00 1,952,680.00 1,969,600.00 Moodys-A1 S&P-A Guardian Life Global Funding 5.737 10/2/2028 40139LBH5 0.45 10/5/2023 10/2/2028 1,555 5.807 3,000,000.00 2,991,000.00 3,078,900.00 Moodys-Aa1 S&P-AA+
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Home Depot Inc 1.5 9/15/2028-28 437076CH3 0.45 9/29/2023 9/15/2028 1,538 5.200 3,000,000.00 2,520,000.00 2,631,690.00 Moodys-A2 S&P-A Honeywell International 2.3 8/15/2024 438516BW5 0.30 3/25/2020 8/15/2024 46 2.430 2,000,000.00 1,989,214.00 1,991,820.00 Moodys-A2 S&P-A Intel Corp 3.4 3/25/2025-25 458140BP4 0.30 2/8/2021 3/25/2025 268 0.760 2,000,000.00 2,214,260.00 1,970,420.00 Moodys-Baa1 S&P-A- John Deere Capital Corp 3.35 4/18/2029 24422EWE5 0.45 4/18/2024 4/18/2029 1,753 5.115 3,000,000.00 2,768,970.00 2,809,710.00 Moodys-A1 S&P-A John Deere Capital Corp 3.45 3/13/2025 24422EUE7 0.15 3/20/2020 3/13/2025 256 2.801 1,000,000.00 1,029,970.00 986,640.00 Moodys-A1 S&P-A JP Morgan Chase & Co 3.125 1/23/2025-24 46625HKC3 0.45 3/19/2020 1/23/2025 207 2.815 3,000,000.00 3,041,760.00 2,959,050.00 Moodys-A1 S&P-A- Kimberly-Clark Corp 3.2 4/25/2029-29 494368BZ5 0.45 4/29/2024 4/25/2029 1,760 5.152 3,000,000.00 2,745,210.00 2,795,880.00 Moodys-A2 S&P-A Mars INC 0.875 7/16/2026-26 571676AJ4 0.30 8/11/2021 7/16/2026 746 1.110 1,995,000.00 1,972,516.35 1,833,205.50 Moodys-A1 S&P-A+ Mars Inc 4.55 4/20/2028-28 571676AT2 0.30 8/21/2023 4/20/2028 1,390 5.240 2,000,000.00 1,943,400.00 1,972,440.00 Moodys-A1 S&P-A+ Mass Institute of Tech 3.308 7/1/2026-14 575718AD3 0.45 1/21/2022 7/1/2026 731 1.780 3,000,000.00 3,195,000.00 2,901,000.00 Moodys-Aaa S&P-AAA Massmutual Global Funding 1.2 7/16/2026 57629WDE7 0.45 7/16/2021 7/16/2026 746 1.180 3,000,000.00 3,002,880.00 2,767,200.00 Moodys-Aa3 S&P-AA+ Mastercard Inc 2 3/3/2025 57636QAN4 0.73 3/26/2020 3/3/2025 246 2.500 4,883,000.00 4,770,251.53 4,775,818.15 Moodys-Aa3 S&P-A+ Met Life Global 1.875 1/11/2027 59217GER6 0.30 2/8/2022 1/11/2027 925 2.350 2,000,000.00 1,956,047.61 1,845,500.00 Moodys-Aa3 S&P-AA- Met Tower Global Funding 1.25 9/14/2026 58989V2D5 0.18 10/25/2021 9/14/2026 806 1.530 1,228,000.00 1,211,866.41 1,125,781.28 Moodys-Aa3 S&P-AA- Meta Platforms INC 4.6 5/15/2028-28 30303M8L9 0.45 10/4/2023 5/15/2028 1,415 5.220 3,000,000.00 2,924,400.00 2,987,460.00 Moodys-Aa3 S&P-AA- National Securities Clearing 5 5/30/2028-28 637639AK1 0.45 8/21/2023 5/30/2028 1,430 5.323 3,000,000.00 2,959,380.00 2,993,130.00 Moodys-Aaa S&P-AA+ Nestle Capital Corp 4.65 3/12/2029 64105MAA9 0.30 4/15/2024 3/12/2029 1,716 5.091 2,000,000.00 1,962,020.00 1,981,220.00 Moodys-Aa3 S&P-AA- Nestle Holdings Inc 1.15 1/14/2027-26 641062AV6 0.30 2/8/2022 1/14/2027 928 2.230 2,000,000.00 1,899,620.00 1,817,660.00 Moodys-Aa3 S&P-AA- New York Life Global FDG 0.85 1/15/2026 64952WDW0 0.45 7/1/2021 1/15/2026 564 1.100 3,000,000.00 2,966,880.00 2,807,370.00 Moodys-Aaa S&P-AA+ Northwest Mutual Global 1.75 1/11/2027 66815L2F5 0.30 2/14/2022 1/11/2027 925 2.300 2,000,000.00 1,949,204.75 1,845,480.00 Moodys-Aaa S&P-AA+ Pricoa Global Funding 1.2 9/1/2026 74153WCP2 0.30 9/23/2021 9/1/2026 793 1.180 2,000,000.00 2,001,900.00 1,835,680.00 Moodys-Aa3 S&P-AA- Pricoa Global Funding 1.2 9/1/2026 74153WCP2 0.15 10/4/2021 9/1/2026 793 1.300 1,000,000.00 995,256.00 917,840.00 Moodys-Aa3 S&P-AA- Qualcomm Inc 3.45 5/20/2025-25 747525AF0 0.15 3/11/2022 5/20/2025 324 2.477 974,000.00 1,002,879.10 958,016.66 Moodys-A2 S&P-A Qualcomm Inc 3.45 5/20/2025-25 747525AF0 0.40 3/11/2022 5/20/2025 324 2.477 2,700,000.00 2,780,055.00 2,655,693.00 Moodys-A2 S&P-A Roche Holdings INC 4.79 3/8/2029 771196CJ9 0.45 4/17/2024 3/8/2029 1,712 5.133 3,000,000.00 2,955,780.00 2,992,950.00 Moodys-Aa2 S&P-AA State Street Corp 3.55 8/18/2025 857477AT0 0.45 3/11/2022 8/18/2025 414 2.560 3,000,000.00 3,097,050.00 2,942,250.00 Moodys-A1 S&P-A Target Corp 1.95 1/15/2027-22 87612EBM7 0.45 1/31/2022 1/15/2027 929 1.950 3,000,000.00 3,000,000.00 2,791,800.00 Moodys-A2 S&P-A Toyota Motor Credit Corp 4.65 1/5/2029 89236TLL7 0.43 4/10/2024 1/5/2029 1,650 4.975 2,882,000.00 2,842,689.52 2,846,753.14 Moodys-A1 S&P-A+ Toyota Motor Credit Corp 5.25 9/11/2028-23 89236TLB9 0.30 10/5/2023 9/11/2028 1,534 5.550 2,000,000.00 1,974,330.00 2,022,880.00 Moodys-A1 S&P-A+ Unilever Capital Corp 3.375 3/22/2025-25 904764BB2 0.07 3/24/2020 3/22/2025 265 2.798 500,000.00 513,360.00 492,570.00 Moodys-A1 S&P-A+ Unilever Capital Corp 3.375 3/22/2025-25 904764BB2 0.22 3/24/2020 3/22/2025 265 2.752 1,500,000.00 1,543,305.00 1,477,710.00 Moodys-A1 S&P-A+ Unilever Capital Corp 4.875 9/8/2028-28 904764BS5 0.30 9/25/2023 9/8/2028 1,531 5.210 2,000,000.00 1,971,020.00 2,001,300.00 Moodys-A1 S&P-A+ Walmart Inc 2.85 7/8/2024 931142EL3 0.45 3/24/2020 7/8/2024 8 2.667 3,000,000.00 3,022,020.00 2,998,230.00 Moodys-Aa2 S&P-AA Walt Disney Company 1.75 8/30/2024 254687FK7 0.45 9/12/2019 8/30/2024 61 2.016 3,000,000.00 2,962,530.00 2,979,900.00 Moodys-A2 S&P-A- Sub Total / Average Medium Term Note | 30 % 15.63 890 3.204 104,698,000.00 103,121,082.68 100,790,419.61 Money Market | 20 %
Morgan Stanley Institutional Liquidity Fund - Gov. 61747C319 5.45 7/29/2022 N/A 1 5.210 36,533,008.61 36,533,008.61 36,533,008.61 Moodys-Aaa S&P-AAA Sub Total / Average Money Market | 20 % 5.45 1 5.210 36,533,008.61 36,533,008.61 36,533,008.61 Municipal Bonds | 30 %
Bay Area Toll Authority 1.433 4/1/2027-21 072024XD9 0.12 6/16/2022 4/1/2027 1,005 4.200 815,000.00 718,023.15 744,095.00 Moodys-Aa3 S&P-AA Beverly Hills Public Financing Authority 1.147 6/1 088006KA8 0.27 3/14/2022 6/1/2026 701 2.280 1,800,000.00 1,718,478.00 1,665,126.00 NR S&P-AA+ Burbank CA Unified School District 1.367 8/1/2026 12082SDN1 0.09 11/10/2022 8/1/2026 762 5.050 620,000.00 543,324.60 576,290.00 Moodys-Aa2 None CA St Public Wks Brd Lease Revenue 4.879 4/1/2029 13068XLL1 0.13 4/17/2024 4/1/2029 1,736 5.031 900,000.00 894,078.00 895,860.00 Moodys-Aa3 S&P-A+ Ca State Health Facilities0.952 6/1/2025-20 13032UXM5 0.15 11/4/2020 6/1/2025 336 0.952 1,000,000.00 1,000,000.00 960,800.00 Moodys-Aa3 S&P-AA- Ca State Health Facilities Financing Authority 1.3 13032UXP8 0.19 6/7/2022 6/1/2027 1,066 3.620 1,255,000.00 1,127,178.25 1,135,260.45 Moodys-Aa3 S&P-AA- Ca State Health Facilities Financing Authority 3.0 13032UC30 0.15 4/7/2022 6/1/2026 701 3.044 1,000,000.00 1,000,000.00 962,700.00 Moodys-Aa3 S&P-AA- Ca State Infrastructure & Econ Dev Bank Revenu 13034AL65 0.07 12/17/2020 10/1/2025 458 0.765 500,000.00 500,000.00 473,700.00 NR S&P-AAA CA State University Revenue 1.138 11/1/2026-20 13077DMM1 0.07 6/14/2022 11/1/2026 854 3.900 500,000.00 444,875.00 458,215.00 Moodys-Aa2 S&P-AA- CA State University Revenue 1.142 11/1/2026-21 13077DQE5 0.08 6/16/2022 11/1/2026 854 4.171 540,000.00 475,200.00 494,920.80 Moodys-Aa2 S&P-AA-
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Colorado State Housing and Finance Authority 4.761 19648GJD5 0.40 6/18/2024 5/1/2029 1,766 4.838 2,665,000.00 2,656,365.40 2,659,163.65 Moodys-Aaa S&P-AAA Florida State Board of Public Education 0.55 6/1/2 34153QUD6 0.45 10/26/2020 6/1/2025 336 0.620 3,000,000.00 2,990,490.00 2,874,150.00 Moodys-Aaa S&P-AAA General Obligation Unltd 4.506 5/15/2028-23 20772KTK5 0.15 6/22/2023 5/15/2028 1,415 4.506 1,000,000.00 1,000,000.00 991,920.00 Moodys-Aa3 S&P-AA- Hawaii State 1.283 8/1/2026-21 419792G26 0.45 6/15/2022 8/1/2026 762 3.624 3,000,000.00 2,732,940.00 2,784,210.00 Moodys-Aa2 S&P-AA+ Maryland State 3.15 6/1/2026 574193VR6 0.45 6/22/2022 6/1/2026 701 3.351 3,000,000.00 2,977,950.00 2,906,730.00 Moodys-Aaa S&P-AAA Massachusetts State School Building Authority 1.13 576000ZF3 0.27 4/25/2022 8/15/2026 776 3.300 1,800,000.00 1,644,678.00 1,665,882.00 Moodys-Aa2 S&P-AA+ Massachusetts State Special Obligation Revenue 3.6 576004HD0 0.30 8/30/2022 7/15/2027 1,110 3.680 2,000,000.00 2,000,000.00 1,935,740.00 Moodys-Aa1 NR New York State 2.36 2/15/2027-19 649791PS3 0.45 5/4/2022 2/15/2027 960 3.309 3,000,000.00 2,874,990.00 2,820,960.00 Moodys-Aa1 S&P-AA+ New York State Dormitory Authority 1.187 3/15/2026 64990FD50 0.11 6/23/2021 3/15/2026 623 1.187 750,000.00 750,000.00 702,082.50 NR S&P-AA+ New York Urban Development 2.35 3/15/2027-19 64985TBB6 0.30 4/22/2022 3/15/2027 988 3.500 2,000,000.00 1,897,260.00 1,874,780.00 Moodys-Aa1 NR New York Urban Development 3.15 3/15/2027-17 6500357E2 0.17 4/6/2022 3/15/2027 988 3.120 1,125,000.00 1,126,518.75 1,079,865.00 Moodys-Aa1 NR NY Dormitory Authority 1.538 3/15/2027-21 64990FD68 0.35 3/18/2022 3/15/2027 988 2.740 2,365,000.00 2,233,198.55 2,165,985.25 NR S&P-AA+ NY Housing Development 1.161 5/1/2026 64972EVX4 0.11 6/9/2022 5/1/2026 670 3.662 770,000.00 700,700.00 715,922.90 Moodys-Aa2 S&P-AA+ NYC Transitional Finance Authority 2.11 5/1/2026 64971XLR7 0.16 6/24/2021 5/1/2026 670 1.100 1,100,000.00 1,152,349.00 1,041,942.00 Moodys-Aa1 S&P-AAA NYC Transitional Finance Authority Revenue 1.55 5/ 64971XSY5 0.60 5/3/2023 5/1/2028 1,401 4.330 4,000,000.00 3,505,320.00 3,540,800.00 Moodys-Aa1 S&P-AAA Oakland California Pension 4.676 12/15/2025-24 672319CF5 0.21 1/27/2021 12/15/2025 533 1.168 1,430,000.00 1,667,380.00 1,419,260.70 Moodys-Aa1 S&P-AA+ Oregon State Lottery 4.982 4/1/2029-24 68607V5P6 0.12 5/1/2024 4/1/2029 1,736 4.982 810,000.00 810,000.00 815,256.90 Moodys-Aa2 S&P-AAA Oregon State Lottery Revenue 3.321 4/1/2027-22 68607V3L7 0.11 5/4/2022 4/1/2027 1,005 3.321 750,000.00 750,000.00 719,130.00 Moodys-Aa2 S&P-AAA Poway Unif SD 2.042 8/1/2024 738850SX5 0.18 10/16/2019 8/1/2024 32 2.042 1,235,000.00 1,235,000.00 1,231,257.95 NR S&P-AA- San Diego Public Facilities Financing Authority 2. 79730CJL9 0.38 8/26/2022 8/1/2027 1,127 3.737 2,520,000.00 2,324,851.20 2,322,507.60 Moodys-Aa2 NR San Francisco Redev Agy Successor Agy 1.861 8/1/20 79770GJC1 0.45 12/17/2021 8/1/2026 762 1.550 3,000,000.00 3,041,430.00 2,808,720.00 NR S&P-AA Santa Barbara Unified School District 1.603 8/1/20 801315LK6 0.06 9/29/2023 8/1/2028 1,493 5.240 400,000.00 338,512.00 355,920.00 Moodys-Aa1 S&P-AA Santa Monica-Malibu Unified School District 0.849 802498ZA6 0.12 4/20/2022 8/1/2026 762 3.039 810,000.00 739,287.00 746,949.60 Moodys-Aa1 S&P-AA+ South Gate Utility Authority 2.224 10/1/2024 83789TBQ1 0.15 12/18/2019 10/1/2024 93 2.224 1,000,000.00 1,000,000.00 991,620.00 NR S&P-AA- State of Connecticut 3.875 6/15/2028-22 20772KQL6 0.47 9/19/2023 6/15/2028 1,446 4.870 3,150,000.00 3,018,582.00 3,054,177.00 Moodys-Aa3 S&P-AA- State of Maine 4.75 6/1/2028 56052AJ49 0.05 6/22/2023 6/1/2028 1,432 4.641 325,000.00 326,553.50 325,422.50 Moodys-Aa1 S&P-AA State of Oregon 4.912 5/1/2029-24 68609UJS5 0.15 5/14/2024 5/1/2029 1,766 4.912 1,000,000.00 1,000,000.00 1,013,510.00 Moodys-Aa1 S&P-AA+ Tennessee State School Bond Authority 1.515 9/15/2 8805573E1 0.45 5/9/2022 9/15/2026 807 3.450 3,000,000.00 2,766,420.00 2,783,250.00 Moodys-Aa1 S&P-AA+ Univ of California Revenues 3.309 5/15/2026-21 91412GXC4 0.28 1/28/2022 5/15/2026 684 1.830 1,900,000.00 2,015,577.00 1,842,411.00 Moodys-Aa2 S&P-AA University of California CA Revenues 1.316 5/15/20 91412HGF4 0.45 5/16/2022 5/15/2027 1,049 3.600 3,000,000.00 2,689,140.00 2,724,360.00 Moodys-Aa2 S&P-AA University of California Revenues 1.372 5/15/2028- 91412HJP9 0.07 10/4/2023 5/15/2028 1,415 5.200 450,000.00 380,128.50 397,435.50 Moodys-Aa2 S&P-AA University of California Revenues 3.909 5/15/2029- 91412GXU4 0.65 5/17/2024 5/15/2029 1,780 4.618 4,330,000.00 4,194,427.70 4,175,635.50 Moodys-Aa3 S&P-AA- Utah State Transit Authority 1.411 12/15/2026-21 917567GA1 0.13 5/4/2022 12/15/2026 898 3.550 890,000.00 809,624.10 820,108.30 Moodys-Aa2 S&P-AA+ Utah State Transit Authority 1.411 12/15/2026-21 917567GA1 0.14 5/20/2022 12/15/2026 898 3.750 965,000.00 871,009.00 889,218.55 Moodys-Aa2 S&P-AA+ West Hollywood CA Lease Revenue 1.95 4/1/2027-20 95332RDK2 0.13 5/25/2022 4/1/2027 1,005 3.800 895,000.00 822,263.35 827,821.30 NR S&P-AA+ Wisconsin State 2.141 5/1/2027-27 97705MZM0 0.23 1/30/2023 5/1/2027 1,035 3.777 1,525,000.00 1,427,814.94 1,423,602.75 Moodys-Aa1 S&P-AA+ Wisconsin State 2.141 5/1/2027-27 97705MZD0 0.22 1/30/2023 5/1/2027 1,035 3.777 1,475,000.00 1,381,001.33 1,371,455.00 Moodys-Aa1 S&P-AA+ Sub Total / Average Municipal Bonds | 30 % 11.25 1,001 3.354 75,365,000.00 72,272,918.32 71,186,130.70 Supranational Obligations | 15 %
IADB 0.875 4/20/2026 4581X0DV7 0.45 4/20/2021 4/20/2026 659 0.940 3,000,000.00 2,990,490.00 2,794,470.00 Moodys-Aaa S&P-AAA IBRD Supranational 0.6 2/18/2026-22 45905U5Y6 0.45 2/18/2021 2/18/2026 598 0.600 3,000,000.00 3,000,000.00 2,801,820.00 Moodys-Aaa S&P-AAA IBRD Supranational 0.65 2/10/2026-21 459058JS3 0.45 2/10/2021 2/10/2026 590 0.650 3,000,000.00 3,000,000.00 2,798,580.00 Moodys-Aaa S&P-AAA Inter-American Devel BK 1.5 1/13/2027 4581X0EB0 0.45 1/13/2022 1/13/2027 927 1.530 3,000,000.00 2,995,680.00 2,774,100.00 Moodys-Aaa S&P-AAA Inter-American Development Bank 4.125 1/29/2029 45818WEZ5 0.45 2/7/2024 1/29/2029 1,674 4.200 3,000,000.00 2,989,950.00 2,955,630.00 Moodys-Aaa S&P-AAA Inter-American Development Bank 4.125 2/15/2029 4581XOEN4 0.45 2/26/2024 2/15/2029 1,691 4.430 3,000,000.00 2,959,441.67 2,957,940.00 Moodys-Aaa S&P-AAA Intl Bk Recon & Develop 0.875 7/15/2026 459058JX2 0.45 11/16/2021 7/15/2026 745 1.200 3,000,000.00 2,955,888.00 2,776,020.00 Moodys-Aaa S&P-AAA Intl Bk Recon & Develop 4 9/9/2027-24 45906M3G4 0.45 9/9/2022 9/9/2027 1,166 4.000 3,000,000.00 3,000,000.00 2,891,850.00 Moodys-Aaa S&P-AAA Intl Finance Corp 0.75 10/8/2026 45950KCX6 0.45 1/12/2022 10/8/2026 830 1.550 3,000,000.00 2,890,732.98 2,747,040.00 Moodys-Aaa S&P-AAA Intl Finance Corp 4.375 3/27/2029 45950VSZ0 0.45 4/12/2024 3/27/2029 1,731 4.683 3,000,000.00 2,959,500.00 2,990,220.00 Moodys-Aaa S&P-AAA
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Sub Total / Average Supranational Obligations | 15 % 4.48 1,061 2.378 30,000,000.00 29,741,682.65 28,487,670.00 US Agency | 90 %
FFCB 1.54 11/30/2026-22 3133ENFN5 0.45 11/30/2021 11/30/2026 883 1.540 3,000,000.00 3,000,000.00 2,775,810.00 Moodys-Aaa S&P-AA+ FFCB 1.78 1/26/2027-23 3133ENLZ1 0.45 1/26/2022 1/26/2027 940 1.780 3,000,000.00 3,000,000.00 2,787,330.00 Moodys-Aaa S&P-AA+ FFCB 4.67 5/30/2028 3133EPLE3 0.45 5/30/2023 5/30/2028 1,430 4.670 3,000,000.00 3,000,000.00 2,973,510.00 Moodys-Aaa S&P-AA+ FFCB 5.33 12/20/2027-23 3133EN4K3 0.45 12/20/2022 12/20/2027 1,268 5.330 3,000,000.00 3,000,000.00 2,987,910.00 Moodys-Aaa S&P-AA+ FFCB 5.5 12/20/2027-23 3133EN4L1 0.45 12/20/2022 12/20/2027 1,268 5.523 3,000,000.00 2,997,000.00 2,984,730.00 Moodys-Aaa S&P-AA+ FHLB 0.54 10/29/2025-21 3130AKCT1 0.45 11/6/2020 10/29/2025 486 0.571 3,000,000.00 2,995,500.00 2,828,040.00 Moodys-Aaa S&P-AA+ FHLB 0.6 1/28/2026-21 3130AKPC4 0.45 1/28/2021 1/28/2026 577 0.600 3,000,000.00 3,000,000.00 2,799,840.00 Moodys-Aaa S&P-AA+ FHLB 0.625 1/22/2026-21 3130AKQ74 0.45 1/22/2021 1/22/2026 571 0.625 3,000,000.00 3,000,000.00 2,802,750.00 Moodys-Aaa S&P-AA+ FHLB 0.65 2/26/2026-21 3130AKZ25 0.45 2/26/2021 2/26/2026 606 0.650 3,000,000.00 3,000,000.00 2,795,670.00 Moodys-Aaa S&P-AA+ FHLB 0.72 7/14/2025-23 3130AN4N7 0.15 3/3/2023 7/14/2025 379 5.102 1,000,000.00 903,560.00 955,430.00 Moodys-Aaa S&P-AA+ FHLB 0.75 2/24/2026-21 3130ALCV4 0.45 2/24/2021 2/24/2026 604 0.750 3,000,000.00 3,000,000.00 2,800,230.00 Moodys-Aaa S&P-AA+ FHLB 0.8 3/16/2026-21 3130ALDN1 0.45 3/16/2021 3/16/2026 624 0.800 3,000,000.00 3,000,000.00 2,798,760.00 Moodys-Aaa S&P-AA+ FHLB 0.85 5/27/2026-22 3130AMLF7 0.45 5/27/2021 5/27/2026 696 0.850 3,000,000.00 3,000,000.00 2,784,030.00 Moodys-Aaa S&P-AA+ FHLB 0.875 3/23/2026-21 3130ALGC2 0.45 3/23/2021 3/23/2026 631 0.875 3,000,000.00 3,000,000.00 2,800,320.00 Moodys-Aaa S&P-AA+ FHLB 0.9 8/26/2026-22 3130ANLZ1 0.45 8/26/2021 8/26/2026 787 0.900 3,000,000.00 3,000,000.00 2,760,360.00 Moodys-Aaa S&P-AA+ FHLB 0.92 9/30/2026-22 3130AP2P9 0.45 9/30/2021 9/30/2026 822 0.920 3,000,000.00 3,000,000.00 2,751,180.00 Moodys-Aaa S&P-AA+ FHLB 1 10/14/2026-22 3130AP6U4 0.45 10/14/2021 10/14/2026 836 1.000 3,000,000.00 3,000,000.00 2,750,190.00 Moodys-Aaa S&P-AA+ FHLB 1.01 9/23/2026-22 3130ANW71 0.45 9/23/2021 9/23/2026 815 1.010 3,000,000.00 3,000,000.00 2,758,920.00 Moodys-Aaa S&P-AA+ FHLB 1.05 6/26/2026-21 3130AMWT5 0.45 6/30/2021 6/26/2026 726 1.064 3,000,000.00 2,997,900.00 2,783,070.00 Moodys-Aaa S&P-AA+ FHLB 1.08 10/14/2026-22 3130AP6Z3 0.45 10/14/2021 10/14/2026 836 1.080 3,000,000.00 3,000,000.00 2,755,320.00 Moodys-Aaa S&P-AA+ FHLB 1.1 10/13/2026-22 3130APB87 0.45 10/14/2021 10/13/2026 835 1.167 3,000,000.00 2,990,250.00 2,756,910.00 Moodys-Aaa S&P-AA+ FHLB 1.1 10/21/2026-22 3130APAY1 0.33 10/21/2021 10/21/2026 843 1.121 2,200,000.00 2,197,800.00 2,020,194.00 Moodys-Aaa S&P-AA+ FHLB 1.125 7/15/2026-21 3130AMYP1 0.45 7/15/2021 7/15/2026 745 1.125 3,000,000.00 3,000,000.00 2,783,430.00 Moodys-Aaa S&P-AA+ FHLB 1.15 10/26/2026-21 3130AP4H5 0.45 10/26/2021 10/26/2026 848 1.150 3,000,000.00 3,000,000.00 2,759,280.00 Moodys-Aaa S&P-AA+ FHLB 1.4 11/16/2026-22 3130APL37 0.45 11/16/2021 11/16/2026 869 1.400 3,000,000.00 3,000,000.00 2,767,380.00 Moodys-Aaa S&P-AA+ FHLB 1.45 11/23/2026-21 3130APPW9 0.45 11/23/2021 11/23/2026 876 1.450 3,000,000.00 3,000,000.00 2,768,910.00 Moodys-Aaa S&P-AA+ FHLB 1.5 11/23/2026-21 3130APVJ1 0.45 11/23/2021 11/23/2026 876 1.500 3,000,000.00 3,000,000.00 2,779,110.00 Moodys-Aaa S&P-AA+ FHLB 1.5 11/23/2026-21 3130APQB4 0.45 11/23/2021 11/23/2026 876 1.500 3,000,000.00 3,000,000.00 2,776,770.00 Moodys-Aaa S&P-AA+ FHLB 1.55 12/22/2026-22 3130AQ5C3 0.45 12/22/2021 12/22/2026 905 1.550 3,000,000.00 3,000,000.00 2,774,040.00 Moodys-Aaa S&P-AA+ FHLB 1.6 12/17/2026-22 3130APXT7 0.45 12/17/2021 12/17/2026 900 1.600 3,000,000.00 3,000,000.00 2,778,720.00 Moodys-Aaa S&P-AA+ FHLB 1.61 12/30/2026-22 3130AQ5P4 0.45 12/30/2021 12/30/2026 913 1.610 3,000,000.00 3,000,000.00 2,772,030.00 Moodys-Aaa S&P-AA+ FHLB 1.625 12/30/2026-22 3130AQAB9 0.45 12/30/2021 12/30/2026 913 1.625 3,000,000.00 3,000,000.00 2,777,460.00 Moodys-Aaa S&P-AA+ FHLB 1.8 1/14/2027 3130AQBS1 0.45 1/14/2022 1/14/2027 928 1.800 3,000,000.00 3,000,000.00 2,795,700.00 Moodys-Aaa S&P-AA+ FHLB 1.85 2/17/2027-22 3130AQNS8 0.45 2/17/2022 2/17/2027 962 1.850 3,000,000.00 3,000,000.00 2,792,340.00 Moodys-Aaa S&P-AA+ FHLB 1.9 2/17/2027-22 3130AQPE7 0.45 2/17/2022 2/17/2027 962 1.900 3,000,000.00 3,000,000.00 2,796,030.00 Moodys-Aaa S&P-AA+ FHLB 1.9 2/23/2027-23 3130AQTC7 0.45 2/23/2022 2/23/2027 968 1.900 3,000,000.00 3,000,000.00 2,794,710.00 Moodys-Aaa S&P-AA+ FHLB 2 2/25/2027-22 3130AQRH8 0.45 2/25/2022 2/25/2027 970 2.000 3,000,000.00 3,000,000.00 2,801,670.00 Moodys-Aaa S&P-AA+ FHLB 2 2/25/2027-22 3130AQRQ8 0.45 2/25/2022 2/25/2027 970 2.000 3,000,000.00 3,000,000.00 2,801,670.00 Moodys-Aaa S&P-AA+ FHLB 2.05 2/25/2027-22 3130AQUY7 0.45 2/25/2022 2/25/2027 970 2.050 3,000,000.00 3,000,000.00 2,800,800.00 Moodys-Aaa S&P-AA+ FHLB 2.14 2/25/2027-22 3130AQW58 0.36 2/25/2022 2/25/2027 970 2.203 2,400,000.00 2,392,800.00 2,245,920.00 Moodys-Aaa S&P-AA+ FHLB 2.2 3/29/2027-23 3130ARB34 0.45 3/29/2022 3/29/2027 1,002 2.200 3,000,000.00 3,000,000.00 2,805,840.00 Moodys-Aaa S&P-AA+ FHLB 2.2 3/4/2027-22 3130AQVH3 0.45 3/4/2022 3/4/2027 977 2.200 3,000,000.00 3,000,000.00 2,810,340.00 Moodys-Aaa S&P-AA+ FHLB 2.25 3/4/2027-22 3130AQX65 0.45 3/4/2022 3/4/2027 977 2.250 3,000,000.00 3,000,000.00 2,814,000.00 Moodys-Aaa S&P-AA+ FHLB 2.3 3/29/2027-23 3130ARBF7 0.45 3/29/2022 3/29/2027 1,002 2.300 3,000,000.00 3,000,000.00 2,815,050.00 Moodys-Aaa S&P-AA+ FHLB 2.5 2/25/2027-22 3130AQYG2 0.45 2/28/2022 2/25/2027 970 2.500 3,000,000.00 3,000,000.00 2,833,290.00 Moodys-Aaa S&P-AA+ FHLB 2.5 3/10/2027-22 3130AQYY3 0.45 3/10/2022 3/10/2027 983 2.500 3,000,000.00 3,000,000.00 2,834,100.00 Moodys-Aaa S&P-AA+ FHLB 2.6 3/25/2027-22 3130AR7E5 0.45 3/25/2022 3/25/2027 998 2.600 3,000,000.00 3,000,000.00 2,838,900.00 Moodys-Aaa S&P-AA+ FHLB 2.75 3/25/2027-22 3130ARAB7 0.45 3/30/2022 3/25/2027 998 2.750 3,000,000.00 3,000,000.00 2,849,220.00 Moodys-Aaa S&P-AA+
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 FHLB 2.75 3/8/2027-22 3130AQZT3 0.45 3/8/2022 3/8/2027 981 2.750 3,000,000.00 3,000,000.00 2,854,770.00 Moodys-Aaa S&P-AA+ FHLB 3 3/25/2027-22 3130ARDV0 0.45 4/8/2022 3/25/2027 998 3.000 3,000,000.00 3,000,000.00 2,867,250.00 Moodys-Aaa S&P-AA+ FHLB 3 4/20/2026-22 3130ARGN5 0.45 6/2/2022 4/20/2026 659 3.304 3,000,000.00 2,967,000.00 2,904,270.00 Moodys-Aaa S&P-AA+ FHLB 3 4/21/2027-22 3130ARGE5 0.45 4/21/2022 4/21/2027 1,025 3.000 3,000,000.00 3,000,000.00 2,865,750.00 Moodys-Aaa S&P-AA+ FHLB 3.5 4/28/2027-22 3130ARPB1 0.45 4/28/2022 4/28/2027 1,032 3.500 3,000,000.00 3,000,000.00 2,905,620.00 Moodys-Aaa S&P-AA+ FHLB 3.75 5/26/2027-23 3130ARYT2 0.45 5/26/2022 5/26/2027 1,060 3.750 3,000,000.00 3,000,000.00 2,923,500.00 Moodys-Aaa S&P-AA+ FHLB 5 9/14/2027 3130AT3P0 0.45 9/28/2022 9/14/2027 1,171 5.000 3,000,000.00 3,000,000.00 2,997,240.00 Moodys-Aaa S&P-AA+ FHLB 5.25 4/21/2028-23 3130AVNP3 0.37 5/18/2023 4/21/2028 1,391 5.296 2,500,000.00 2,495,000.00 2,501,825.00 Moodys-Aaa S&P-AA+ FHLB 5.55 3/8/2028-24 3130AV3V2 0.45 3/8/2023 3/8/2028 1,347 5.550 3,000,000.00 3,000,000.00 2,993,640.00 Moodys-Aaa S&P-AA+ FHLB 5.65 4/28/2028-23 3130AVSD5 0.45 4/28/2023 4/28/2028 1,398 5.650 3,000,000.00 3,000,000.00 2,995,800.00 Moodys-Aaa S&P-AA+ FHLB Step 8/12/2025-23 3130AKV78 0.15 3/3/2023 8/12/2025 408 5.102 1,000,000.00 901,205.00 956,710.00 Moodys-Aaa S&P-AA+ FHLMC 0.375 9/23/2025 3137EAEX3 0.45 2/16/2022 9/23/2025 450 1.885 3,000,000.00 2,842,922.59 2,835,360.00 Moodys-Aaa S&P-AA+ FHLMC 0.625 10/27/2025-21 3134GW3X2 0.45 10/27/2020 10/27/2025 484 0.625 3,000,000.00 3,000,000.00 2,832,870.00 Moodys-Aaa S&P-AA+ FHLMC 0.65 11/26/2025-21 3134GXFA7 0.45 11/30/2020 11/26/2025 514 0.650 3,000,000.00 3,000,000.00 2,823,420.00 Moodys-Aaa S&P-AA+ FHLMC 0.7 6/10/2025-23 3134GVB56 0.15 3/3/2023 6/10/2025 345 5.102 1,000,000.00 906,770.00 958,080.00 Moodys-Aaa S&P-AAA FHLMC 4 5/17/2027-22 3134GXSH8 0.45 5/17/2022 5/17/2027 1,051 4.000 3,000,000.00 3,000,000.00 2,943,030.00 Moodys-Aaa S&P-AA+ FHLMC 4.375 2/9/2029-24 3134H1SK0 0.45 2/12/2024 2/9/2029 1,685 4.523 3,000,000.00 2,980,290.00 2,988,360.00 Moodys-Aaa S&P-AA+ FHLMC 5.15 2/14/2025-24 3134GYJ29 0.45 2/14/2023 2/14/2025 229 5.150 3,000,000.00 3,000,000.00 2,996,220.00 Moodys-Aaa S&P-AA+ FHLMC 5.375 5/1/2025-23 3134GYQP0 0.45 5/1/2023 5/1/2025 305 5.375 3,000,000.00 3,000,000.00 2,993,010.00 Moodys-Aaa S&P-AA+ FHLMC 5.5 11/17/2025-23 3134GYQY1 0.45 5/17/2023 11/17/2025 505 5.500 3,000,000.00 3,000,000.00 2,999,370.00 Moodys-Aaa S&P-AA+ FNMA 0.375 8/25/2025 3135GO5X7 0.45 3/15/2022 8/25/2025 421 2.050 3,000,000.00 2,833,704.00 2,844,300.00 Moodys-Aaa S&P-AA+ FNMA 0.56 11/17/2025-22 3135GA2Z3 0.45 11/17/2020 11/17/2025 505 0.560 3,000,000.00 3,000,000.00 2,821,440.00 Moodys-Aaa S&P-AA+ FNMA 0.65 11/18/2025-22 3135GA4P3 0.45 11/18/2020 11/18/2025 506 0.650 3,000,000.00 3,000,000.00 2,826,120.00 Moodys-Aaa S&P-AA+ FNMA 4.5 4/10/2029-25 3135GAQY0 0.45 4/10/2024 4/10/2029 1,745 4.716 3,000,000.00 2,971,500.00 2,975,850.00 Moodys-Aaa S&P-AA+ FNMA 4.75 5/15/2029-25 3135GAS36 0.45 5/15/2024 5/15/2029 1,780 4.978 3,000,000.00 2,970,000.00 2,985,990.00 Moodys-Aaa S&P-AA+ Sub Total / Average US Agency | 90 % 31.52 887 2.377 211,100,000.00 210,343,201.59 199,967,009.00 US Treasury | No Limit
T-Note 0.25 7/31/2025 91282CAB7 0.45 3/29/2022 7/31/2025 396 2.605 3,000,000.00 2,775,234.38 2,848,950.00 Moodys-Aaa S&P-AA+ T-Note 0.5 5/31/2027 912828ZS2 0.45 6/14/2022 5/31/2027 1,065 3.277 3,000,000.00 2,621,250.00 2,673,180.00 Moodys-Aaa S&P-AA+ T-Note 1.5 8/15/2026 9128282A7 0.45 6/15/2022 8/15/2026 776 3.603 3,000,000.00 2,757,773.44 2,807,340.00 Moodys-Aaa S&P-AA+ T-Note 2 8/15/2025 912828K74 0.45 4/7/2022 8/15/2025 411 2.752 3,000,000.00 2,928,046.88 2,900,730.00 Moodys-Aaa S&P-AA+ T-Note 2.375 5/15/2027 912828X88 0.45 6/13/2022 5/15/2027 1,049 3.099 3,000,000.00 2,901,562.50 2,825,400.00 Moodys-Aaa S&P-AA+ T-Note 2.75 6/30/2025 912828XZ8 0.45 3/22/2022 6/30/2025 365 2.351 3,000,000.00 3,037,500.00 2,931,360.00 Moodys-Aaa S&P-AA+ T-Note 2.875 6/15/2025 91282CEU1 0.45 8/23/2022 6/15/2025 350 3.400 3,000,000.00 2,957,988.27 2,936,460.00 Moodys-Aaa S&P-AA+ T-Note 3 7/31/2024 91282CFA4 0.45 6/1/2023 7/31/2024 31 5.066 3,000,000.00 2,930,562.93 2,994,090.00 Moodys-Aaa S&P-AA+ Sub Total / Average US Treasury | No Limit 3.58 555 3.269 24,000,000.00 22,909,918.40 22,917,510.00 Total / Average 100 669 3.582 669,808,334.96 663,034,138.60 647,699,047.72