City of Anaheim OFFICE OF THE CITY TREASURER

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1 City of Anaheim OFFICE OF THE CITY TREASURER DATE: AUGUST 18, 2015 FROM: OFFICE OF THE CITY TREASURER COUNCIL AGENDA REPORT SUBJECT: INVESTMENT PORTFOLIO REPORT JULY 2015 ATTACHMENT (Y/N): YES ITEM # RECOMMENDATION: That the City Council, by Motion, approve the Investment Portfolio Report for July DISCUSSION: This is the investment report for the City s general pool for the month ending July 31, The report is provided to ensure that the City Council is informed as to the investment activities and fulfills the reporting requirements of the City s adopted investment policy. COMPLIANCE: All investment transactions were executed in accordance with the California Government Code and the City s Investment Policy. There is sufficient liquidity to meet the City s anticipated expenditure requirements for the next six months. INVESTMENT SUMMARY: The following table shows summary investment information for the month ending July 31, 2015: Short-term Portfolio Long-term Portfolio Total Portfolio Values Portfolio Balance (Market Value) $ 94,884,427 $ 315,241,764 $ 410,126,191 Effective Yield 0.24 % 1.24 % 1.01 % Avg. Weighted Maturity 23 Days 2.0 Years 1.6 Years Net Earnings $ 22,852 $ 320,697 $ 343,549 Benchmark* 0.03 % 0.67 % 0.53 % * Benchmark value is the Interpolated Treasury Yield to the Portfolio s Average Weighted Maturity INVESTMENT ACTIVITIES 201 S. Anaheim Blvd. Suite #901 Anaheim, CA Tel: (714) Fax: (714) The City Treasurer s Investment Portfolio has a current credit rating of AAf from Standard and Poor s (S&P). This rating was effective August 8, 2011, as a result of the action of S&P downgrading the debt issues of the United States Treasury and Federal Agencies from a credit rating of AAA to AA+. The credit rating reflects the investment holdings of the City s Investment Portfolio (approximately 55% of funds in Federal Agency issues) and not the management of the investment fund.

2 August 18, 2015 Page 2 of 6 This credit rating is for the City s investment portfolio and does NOT reflect the credit rating of the City s bond issues. On August 11, 2008, the City of Anaheim s Investment Policy was recognized and certified by the Association of Professional Treasurers of the United States and Canada (APT US&C) as meeting all standards and criteria established by the APT US&C. INVESTMENT ENVIRONMENT: The month of July 2015 showed mixed signs of financial stability in the U.S economy. The first quarter 2015 Gross Domestic Product (GDP) values was revised downward to a minus -0.07% from an initial weak level of 0.2%, well below market expectations of 1.2% to 1.5%. Internationally, Europe continues to struggle with a recessionary economy, with Greece playing a financial game of chicken with the IMF and China continues to show slowing economic growth. Crude oil prices continue to hold in the range of $47 to $60 per barrel for the past six months. Slow growth in developing countries, notably in China and India, have shown a similar decline in demand for oil. We anticipate the price of oil to continue to trade in a range of $40 to $65 per barrel. The following graph shows the price of the benchmark West Texas Intermediate Crude (light) for the past twelve months. $ $90.00 $95.96 $91.16 Crude Oil - West Texas Intermediate August 31, 2014 to July 31, 2015 $80.00 $80.54 $70.00 $60.00 $50.00 $40.00 $66.15 $59.63 $60.30 $59.47 $53.27 $48.24 $49.76 $47.60 $47.12 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Source: Bloomberg Financial Systems Interest rates in July 2015 showed a flattening yield curve, with short terms rates moving slightly higher and longer term interest rates moving lower. The three month TBill closed July at 0.06% versus the June 2015 close of 0.01%. The five year TNote closed the month at 1.53%, down twelve basis points (0.12%) from the prior month and the benchmark ten year TNote closed July at 2.18% compared to the June 2015 level of 2.35%. The Federal Reserve at their July 29, 2015 Federal Open Market Committee (FOMC) meeting kept the benchmark Federal Funds rate at 0.00% to 0.25%. The chart below shows the interest rates for U.S. Treasury issues for the month ending June 2015: 2.50% 2.25% 2.00% Treasury Yield Curve 3 Month TBills to 10 Year Tbonds July 31, % 2.18% 1.75% 1.50% 1.53% 1.25% 1.00% 0.97% 0.75% 0.66% 0.50% 0.31% 0.25% 0.08% 0.06% 0.15% 0.00% Fed Funds 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr Source: Bloomberg Financial Systems

3 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 City Treasurer s Investment Report July 2015 August 18, 2015 Page 3 of 6 A key economic indicator watched by investors and the news media is the national unemployment rate, which tends to show the overall health of the national economy. For the month of July 2015, the national unemployment rate was reported at 5.3%, unchanged from the June value. The twelve month moving average is at 5.6%, which is significantly lower from the December 2013 average level of 7.4%. The unemployment rate is considered a lagging economic indicator and does not reflect immediate or current financial and economic events. The chart below shows the national unemployment rate for the past twelve months: 7.50 U.S. Unemployment Rate August 2014 to July Source: U.S. Bureau of Labor Statistics A more accurate gauge of the employment sector and the improving economy is the amount of jobs being created. The Bureau of Labor Statistics publishes monthly the value of US Employees on nonfarm payrolls, which is an indication of how the corporate or business sector is hiring. For the month of July 2015, the nonfarm payroll number was reported to be 215,000 new jobs created. For comparison, the June 2015 value was revised slightly upward to 231,000 new jobs from the previous reported value of 223,000. The annual (twelve month average) value with the revised values shows approximately 242,000 monthly new jobs are being created, which is above the value of 165,000 new monthly jobs that economists have said are needed to show sustained economic growth. It should be noted the nonfarm payroll values are subject to seasonal variations and revisions, making an analysis of a distinct trend in this indicator difficult at times. The chart below shows the nonfarm payroll values for the past two years: Nonfarm Payroll August 2013 to July Source: U.S. Bureau of Labor Statistics Change in Nonfarm Payrolls (000's) Another economic factor we watch is the monthly Retail Sales (less Autos), which measures the level of consumer spending and provides an indication of the underlying vitality of the overall national economy. The July 2015 retail sales (less autos) values were not available at the time this report was prepared. For June 2015, the annualized retail sales value was released at $350.3 billion, a monthly decrease of $0.2 billion or minus 0.1% from the May 2015

4 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 City Treasurer s Investment Report July 2015 August 18, 2015 Page 4 of 6 revised value of $350.5 billion. The modest decline is due to revisions by the Bureau of Labor Statistics of recent past months of consumer activity and is not evidence of a weakening economic condition. The retail sales values do show continued consumer spending but at small incremental increases. Some of the anemic growth may be due to the severe winter weather over the eastern half of the United States. The annualized increase, year to year, showed a percentage increase of 0.1%. The incremental increase confirms the economy continues to expand, however, the recent value indicates a potentially slower pace than was earlier predicted. It is estimated that consumer spending accounts for nearly seventy percent of economic activity, so an increase in retail sales can indicate expanding economic activity. The chart below shows the monthly increase in consumer spending for the past twenty four months: Retail Sales (Less Autos) in $ billions July 31, 2013 to June 30, 2015 Source: Census Bureau, US Government INVESTMENT PERFORMANCE: The City s investment portfolio remains strongly diversified and invested in high credit quality issues of U.S. Treasuries, Federal Agencies, Medium Term Corporate Notes and high grade commercial paper. Investments in money market accounts are restricted to U.S. Treasury and Federal Agencies only and a review of the State of California Local Agency Investment Fund (LAIF) shows high levels of liquidity and safe investments. The City s investment strategy continues to focus on safety and providing liquidity for the City s operational requirements. For July 31, 2015, the City Treasurer s Investment Portfolio performance was: Amount of Funds (Market Value) Maturity Effective Yield Interpolated Yield Total Return Monthly Total Return Annual Short-Term Portfolio $ 94,884, days 0.24 % 0.03 % Long-Term Portfolio $ 315,241, years 1.24 % 0.67 % Total Portfolio $ 410,126, years 1.01 % 0.53 % As a credit rated investment portfolio of AA by Standard and Poor s, we are recognized as a permitted investment for future bond funds issued by the City. Please note the use of interpolated yield values and total return values are guidelines and not used in the performance evaluation of the portfolio. The investment of public funds is exposed to a large range of variable factors, such as increases or decreases in revenues and expenditures as well as seasonal timing, which can affect the cash flow of the City.

5 August 18, 2015 Page 5 of 6 The City s investment portfolio continues to provide above market rates of return on funds invested as shown in the following graph which shows the City s net overall performance to a market indicator for the past twelve months: 1.50% Portfolio Yield Actual Yield to Interpolated Yield August 31, 2014 to July 31, % 1.00% 1.09% 1.12% 1.12% 1.07% 1.06% 1.01% 1.02% 1.00% 0.98% 0.96% 0.98% 1.01% 0.75% 0.50% 0.47% 0.54% 0.40% 0.57% 0.38% 0.56% 0.52% 0.48% 0.53% 0.51% 0.53% 0.28% 0.25% 0.00% Portfolio Yield Inter- polated Yield Curve Source: Treasurer s Office, Anaheim The interpolated yield curve value of 0.53% reflects current market interest rates comparable to the City s Investment Portfolio average weighted maturity of 1.6 years as of July 31, As shown, the City s Investment Portfolio interest earnings were 1.01% for July; approximate dollar earnings for the month of $162,000 over market interest rates. Cumulative earnings for the City portfolio earnings over market interest rates for the past twelve months are approximately $2,203,000. A complete listing of the portfolio holdings and investment activity for the City of Anaheim s Investment Portfolio for the month of July 2015 is on the following pages. IMPACT ON BUDGET: There is no budgetary impact. Interest income is allocated in various funds based on the performance of the Investment Portfolio. Respectfully submitted, Henry W. Stern, CTP City Treasurer Attachment 1. City Treasurer s Investment Report

6 Page 1 of 10 Balances, Yields and Average Maturities July 31, 2015 Description Par Value Book Value Market Value Yield to Maturity Percent of Average Weighted Maturity Total Funds Days Years Short-Term Portfolio Money Market Funds $1,779,801 $1,779,801 $1,779, % 0.43% L.A.I.F. (State of California $49,464,224 $49,464,224 $49,464, % 12.06% subtotal: Cash and Overnight Investments $51,244,025 $51,244,025 $51,244, % Commercial Paper $43,650,000 $43,640,402 $43,640, % 10.64% Medium Term Corporate Notes $0 $0 $0 0.00% 0.00% U.S. Federal Agencies $0 $0 $0 0.00% 0.00% U.S. Treasury $0 $0 $0 0.00% 0.00% subtotal: Pooled Investments $43,650,000 $43,640,402 $43,640, % 10.64% Total Short-Term Portfolio: $94,894,025 $94,884,427 $94,884, % 23.14% Long -Term Portfolio Commercial Paper $0 $0 $0 0.00% 0.00% Medium Term Corporate Notes $90,549,000 $90,577,723 $90,909, % 22.17% U.S. Federal Agencies $223,604,000 $223,517,171 $224,332, % 54.70% U.S. Treasury $0 $0 $0 0.00% 0.00% Total Long-Term Portfolio: $314,153,000 $314,094,893 $315,241, % 76.86% Total Cash and Pooled Investments $409,047,025 $408,979,320 $410,126, % %

7 Page 2 of 10 City of Anaheim Investment Portfolio Asset Allocation July 31, 2015 $ 410,126,191 Med Term Corp $90,909,220 M.M.K.T. $1,779,801 Comml Paper $43,640,402 L.A.I.F. $49,464,224 Federal Agencies $224,332,544 M.M.K.T. Comml Paper L.A.I.F. Federal Agencies Med Term Corp

8 Page 3 of 10 Liquidity Schedule July 31, 2015 Availability Market Value Cumulative Balances % of Total Assets Money Market Funds Immediate $1,779,801 $1,779, % L.A.I.F. (State of California) Immediate $49,464,224 $51,244, % Pooled Investment Maturities: < 30 Days $8,999,352 $60,243, % Total Cash and Pooled Investments: $410,126, to 90 Days $50,629,221 $110,872, % 91 to 180 Days $10,051,700 $120,924, % 181 to 365 Days $27,642,356 $148,566, % 1 to 2 years $71,443,540 $220,010, % 2 to 3 years $154,535,012 $374,545, % 3 to 4 years $30,526,550 $405,071, % 4 to 5 years $5,054,435 $410,126, % $175,000,000 $150,000,000 City of Anaheim Portfolio Liquidity Schedule $125,000,000 $100,000,000 $75,000,000 $50,000,000 $25,000,000 $0

9 Page 4 of 10 Summary and Comparison of Yields and Balances July 31, 2015 Description Current Month Prior Month Yield to Maturity (at market): July 31, 2015 June 30, 2015 Money Market Funds (US Treasuries) 0.01% 0.01% L.A.I.F. (State of California) 0.31% 0.29% U.S. Treasuries 0.00% 0.00% Federal Agency Bonds 1.13% 1.13% Commercial Paper 0.17% 0.14% Medium Term Corporate Notes 1.49% 1.50% Total Portfolio Yield 1.01% 0.98% Weighted Average Maturity (Days) Weighted Average Maturity (Years) Balances (at Market Value) Money Market Funds (US Gov Sec) $1,779,801 $1,470,272 L.A.I.F. (State of California) $49,464,224 $70,418,928 U.S. Treasuries $0 $0 Federal Agencies $224,332,544 $224,207,370 Commercial Paper $43,640,402 $43,641,359 Medium Term Corporate Notes $90,909,220 $96,891,843 Total Portfolio: $410,126,191 $436,629,771 Current Month Fiscal Year to Earnings: July 31, 2015 Date Earnings Total Interest Earnings for Month: $331, $331, Total Adjustments from Premiums and Discounts $11, $11, Total Capital Gains or Losses $0.00 $0.00 Total Earnings for Month $343, $343,549.44

10 Page 5 of 10 City of Anaheim Investment Portfolio Summary Month / Yr Core Portfolio Reserve Portfolio Portfolio Balance (market value) Portfolio Yield Avg Wgt Mat.- Days Avg Wgt Mat. - Yrs Inter - polated Yld Curve Difference: City Yield / Interpolated Jun-09 $92,988,732 $316,049,180 $409,037, % % 1.14% Jun-10 $127,268,510 $256,712,953 $383,981, % % 1.42% Jun-11 $180,459,755 $261,836,213 $442,295, % % 1.17% Jun-12 $161,711,522 $259,031,847 $420,743, % % 1.11% Jun-13 $141,655,794 $299,138,984 $440,794, % % 0.67% Jun-14 $111,173,014 $314,857,777 $426,030, % % 0.66% Jul-14 $69,683,869 $314,097,185 $383,781, % % 0.61% Aug-14 $87,206,623 $314,488,367 $401,694, % % 0.62% Sep-14 $85,922,588 $288,483,282 $374,405, % % 0.58% Oct-14 $87,236,868 $288,483,282 $375,720, % % 0.72% Nov-14 $92,143,137 $276,651,682 $368,794, % % 0.79% Dec-14 $95,608,216 $280,667,666 $376,275, % % 0.49% Jan-15 $100,473,571 $302,164,053 $402,637, % % 0.63% Feb-15 $98,185,410 $305,947,454 $404,132, % % 0.46% Mar-15 $97,617,849 $311,677,658 $409,295, % % 0.48% Apr-15 $109,019,960 $311,572,994 $420,592, % % 0.50% May-15 $124,201,985 $311,389,067 $435,591, % % 0.43% Jun-15 $115,530,559 $321,099,213 $436,629, % % 0.46% Jul-15 $94,884,427 $315,241,764 $410,126, % % 0.48% Note: Portfolio balances from June 2011 through March 2015 reflect additional funds from 2011A Electric Bonds

11 Page 6 of 10 CITY OF ANAHEIM Short-Term Portfolio July 31, 2015 CUSIP Security # Issuer Security Type S & P Rating Par Value Book Value Market Value Purchase Date Maturity Date Stated Rate SYS LAIF MMKT AA+ 24,218, ,218, ,218, /1/ % SYS LAIF MMKT AA+ 25,246, ,246, ,246, /1/ % SYS FIDELITY GOVERNMENT MMKT MMKT AAA 310, , , /2/ % SYS GOLDMAN SACHS PRIME MMKT AAA 1,469, ,469, ,469, /2/ % 59157UVA METROPOLITAN LIFE CP A1 / P1 4,000, ,999, ,999, /24/ /10/ % 64105HVQ Nestle Capital CP A1 / P1 5,000, ,999, ,999, /27/ /24/ % 19121BW COCA COLA CP A1 / P1 4,000, ,999, ,999, /14/ /09/ % 59157UWR METROPOLITAN LIFE CP A1 / P1 10,000, ,997, ,997, /24/ /25/ % 89233HWR TOYOTA MOTOR CREDIT CP A1 / P1 10,000, ,997, ,997, /23/ /25/ % 89233HWV TOYOTA MOTOR CREDIT CP A1 / P1 5,000, ,998, ,998, /20/ /29/ % 19121BX COCA COLA CP A1 / P1 5,650, ,648, ,648, /20/ /08/ % Total Short-Term Portfolio: 94,894, ,884, ,884, % CITY OF ANAHEIM Long-Term Portfolio July 31, 2015 CUSIP Security # Issuer Security Type S & P Rating Par Value Book Value Market Value Purchase Date Maturity Date Stated Rate AG Microsoft Corp MTN AAA 5,000, ,000, ,009, /09/ /25/ % 31398A4K FED NATL MORTGAGE ASSN Agy AA+ 3,000, ,999, ,010, /11/ /15/ % 46623EJR JP Morgan MTN A 5,000, ,000, ,004, /19/ /15/ % CX Walmart MTN AA+ 2,956, ,952, ,963, /18/ /25/ % 31331J3T FEDERAL FARM CREDIT BANK Agy AA+ 5,000, ,991, ,025, /07/ /01/ % 31331J3T FEDERAL FARM CREDIT BANK Agy AA+ 5,000, ,992, ,025, /24/ /01/ % 38143USC Goldman Sachs Group MTN A- 5,000, ,999, ,069, /08/ /07/ % AY Johnson & Johnson MTN AAA 3,000, ,998, ,038, /20/ /15/ % 89236TAL TOYOTA MOTOR CRE MTN AA- 3,000, ,999, ,004, /17/ /17/ % AC CHEVRON MTN AA 2,000, ,000, ,004, /24/ /24/ % 3130A0JL FEDERAL HOME LOAN BANKS Agy AA+ 4,500, ,499, ,504, /30/ /27/ % 3135G0XP FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,995, ,997, /22/ /05/ % 94974BFL WELLS FARGO CO MTN A+ 5,000, ,024, ,022, /29/ /20/ % 36962G5H GENERAL ELEC CAP CORP MTN AA+ 5,000, ,998, ,148, /17/ /17/ % 3133EA5V FEDERAL FARM CREDIT BANK Agy AA+ 5,000, ,997, ,998, /24/ /24/ % 3135G0WY FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,000, ,001, /22/ /14/ % AZ Royal Dutch Shell MTN AA 6,228, ,234, ,235, /24/ /15/ % 3134G3Z FED HOME LOAN MORT CORP Agy AA+ 10,000, ,000, ,005, /12/ /05/ % 3136G04R FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,000, ,001, /13/ /21/ % 3137EADT FED HOME LOAN MORT CORP Agy AA+ 10,000, ,999, ,033, /29/ /22/ % 64952WBR New York Life MTN AA+ 5,000, ,009, ,006, /13/ /01/ % N FEDERAL HOME LOAN BANKS Agy AA+ 5,000, ,007, ,012, /19/ /10/ % 30231GAA Exxon Mobil MTN AAA 5,000, ,000, ,003, /20/ /15/ % 3135G0ZB FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,006, ,003, /29/ /20/ %

12 Page 7 of 10 CITY OF ANAHEIM Long-Term Portfolio July 31, 2015 CUSIP Security # Issuer Security Type S & P Rating Par Value Book Value Market Value Purchase Date Maturity Date Stated Rate 94974BFW WELLS FARGO CO MTN A+ 5,000, ,001, ,991, /03/ /02/ % 3137EADL FED HOME LOAN MORT CORP Agy AA+ 7,012, ,990, ,035, /31/ /29/ % 3135G0PU FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,000, ,005, /14/ /11/ % 3130A4TR FEDERAL HOME LOAN BANKS Agy AA+ 5,000, ,001, ,007, /30/ /16/ % 3135G0QD FED NATL MORTGAGE ASSN Agy AA+ 6,995, ,995, ,001, /22/ /16/ % 3135G0PQ FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,959, ,006, /25/ /26/ % 3135G0QW FED NATL MORTGAGE ASSN Agy AA+ 2,035, ,035, ,033, /08/ /08/ % 3135G0QW FED NATL MORTGAGE ASSN Agy AA+ 3,600, ,600, ,597, /08/ /08/ % 3136G1L FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,001, ,996, /16/ /08/ % AL CHEVRON MTN AA 5,000, ,015, ,009, /29/ /15/ % AP Microsoft Corp MTN AAA 2,220, ,200, ,219, /28/ /15/ % BL Johnson & Johnson MTN AAA 5,145, ,147, ,154, /12/ /21/ % BL Johnson & Johnson MTN AAA 5,000, ,002, ,009, /13/ /21/ % 3133EEFE FEDERAL FARM CREDIT BANK Agy AA+ 5,000, ,998, ,035, /18/ /18/ % 3137EADN FED HOME LOAN MORT CORP Agy AA+ 7,000, ,970, ,974, /30/ /12/ % 94974BFG WELLS FARGO CO MTN A+ 5,000, ,001, ,002, /15/ /16/ % 3133ECE FEDERAL FARM CREDIT BANK Agy AA+ 8,930, ,930, ,923, /30/ /30/ % 3135G0TM FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,000, ,988, /30/ /30/ % 3135G0TV FED NATL MORTGAGE ASSN Agy AA+ 10,000, ,000, ,016, /30/ /30/ % 3135G0TV FED NATL MORTGAGE ASSN Agy AA+ 6,250, ,250, ,260, /30/ /30/ % 02666QM American Honda MTN A+ 3,000, ,999, ,008, /19/ /16/ % 3137EADP FED HOME LOAN MORT CORP Agy AA+ 1,600, ,584, ,595, /14/ /07/ % 3137EADP FED HOME LOAN MORT CORP Agy AA+ 5,000, ,953, ,986, /15/ /07/ % A FEDERAL HOME LOAN BANKS Agy AA+ 10,000, ,029, ,074, /19/ /09/ % BA COCA COLA MTN AA 5,000, ,992, ,982, /15/ /01/ % 3134G42R FED HOME LOAN MORT CORP Agy AA+ 5,000, ,000, ,985, /22/ /25/ % 3133ECBY FEDERAL FARM CREDIT BANK Agy AA+ 5,375, ,374, ,352, /16/ /26/ % 3135G0WJ FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,984, ,977, /22/ /21/ % 3135G0WJ FED NATL MORTGAGE ASSN Agy AA+ 7,307, ,180, ,274, /25/ /21/ % AE CHEVRON MTN AA 3,000, ,000, ,017, /24/ /24/ % 3135G0YT FED NATL MORTGAGE ASSN Agy AA+ 10,000, ,994, ,143, /25/ /27/ % 3135G0ZA FED NATL MORTGAGE ASSN Agy AA+ 10,000, ,085, ,196, /14/ /19/ % QK FEDERAL HOME LOAN BANKS Agy AA+ 10,000, ,107, ,186, /15/ /08/ % 3135G0ZY FED NATL MORTGAGE ASSN Agy AA+ 5,000, ,000, ,054, /12/ /26/ % Total Long-Term Portfolio: 314,153, ,094, ,241, % Total Portfolio Listings: 409,047, ,979, ,126, %

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