City of Anaheim OFFICE OF THE CITY TREASURER

Transcription

1 City of Anaheim OFFICE OF THE CITY TREASURER DATE: JUNE 10, 2014 FROM: OFFICE OF THE CITY TREASURER COUNCIL AGENDA REPORT SUBJECT: INVESTMENT PORTFOLIO REPORT APRIL 2014 ATTACHMENT (Y/N): YES ITEM # RECOMMENDATION: That the City Council, by Motion, approve the Investment Portfolio Report for April DISCUSSION: This is the investment report for the City s general pool for the month ending April 30, 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 April 30, 2014: Short-term Portfolio Long-term Portfolio Total Portfolio Values Portfolio Balance (Market Value) * $ 119,066,392 $ 307,618,205 $ 426,684,596 Effective Yield 0.20 % 1.36 % 1.04 % Avg. Weighted Maturity 3 Days 2.6 Years 1.9 Years Net Earnings $ 13,192 $ 362,893 $ 376,085 Benchmark** 0.01 % 0.63 % 0.32 % * Portfolio balance includes approximately $14.6 million of the 2011A Electric Bond project funds (April 2014) ** 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 49% of funds in Federal Agency issues) and not the management of the investment fund.

2 June 10, 2014 Page 2 of 5 It should be pointed out the downgrade in credit rating is the sole action of Standard and Poor s, since the other two major national credit firms of Moody s Investor Services and Fitch Ratings have maintained the AAA credit rating on all U.S. Treasury and Federal Agency debt issues. Even with the credit downgrade to the investment portfolio, the investment portfolio is still eligible and qualifies as a permitted investment for City bond funds (i.e., project or acquisition funds). 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 April 2014 saw interest rates moving slightly lower from the March 2014 yields. Tensions in the Crimea region between Russia and Ukraine continue to place the European markets in stress, with economic sanctions directed against Russia and the International Monetary Fund (IMF), lender to sovereign financial systems, attempting to prop up the Ukrainian economy with additional funds. The passage of time from the cessation or seizure of Crimea by Russia has provided some stabilization of interest rates. The U.S. Treasury 3 month bill closed April at 0.03%, unchanged from March with the two year U.S. Treasury 2 year Note closing April at 0.41%, down one basis point (0.01%) from its March 2014 close. The longer maturities moved lower, with the 5 year U.S. TNote closing April at 1.68% compared to the March value of 1.72% and the benchmark 10 year U.S. Treasury Note closing at 2.65%, down 0.08% from the March 2014 level of 2.72%. The lower yields are surprising in lieu of the Federal Reserve action to tapering the purchases of long term securities from approximately $85 billion per month to the current level of $45 billion per month and further actions to reduce future purchases by $10 billion per month. The Federal Reserve has indicated the total purchases of longterm securities could end by the fourth quarter of The Federal Reserve continues to monitor the economic data to maintain the modest growth and sustain the overall recovery from the Great Recession of The April 30, 2014 Federal Open Market Committee (FOMC) meeting continues to keep the benchmark Federal Funds rate at 0 to 0.25% with the language assessment remaining to a focus on Growth. The Federal Reserve lowered the Federal Funds rate to this historically low level at their December 2008 FOMC meeting. The Federal Funds rate is the interest rate that banks lend to each other to maintain their capital values and positions. The chart below shows the interest rates for U.S. Treasury issues for the month ending April 2014: 3.00% 2.75% 2.50% 2.25% 2.00% 1.75% 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% 0.00% 0.08% 0.03% 0.04% 0.10% Source: Bloomberg Financial Systems Treasury Yield Curve 3 Month TBills to 10 Year Tbonds April 30, % 0.85% 1.68% 2.23% 2.65% Fed Funds 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr

3 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 June 10, 2014 Page 3 of 5 A key economic indicator watched by investors is the national unemployment rate, which tends to show the overall health of the national economy. For the month of April 2014, the national unemployment rate was reported at 6.3%, down significantly from the 6.7% value of March The twelve month average is at 7.0%, which is significantly lower from the December 2011 level of 8.5%, however, economists are divided as to whether the reduction in unemployment is the result of people being employed or are simply not looking any longer, which removes them from the unemployed survey. The unemployment rate is considered a lagging economic indicator and does not reflect immediate or current financial and economic events. The unemployment rate does indicate the level of idle workers as a percentage of the overall labor force. The chart below shows the national unemployment rate for the past twelve months: 9.00 U.S. Unemployment Rate May 2013 to April 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 April 2014, the nonfarm payroll number was reported to be 288,000 new jobs created, somewhat higher than expectations. For comparison, the March 2014 value was revised upward to 203,000 new jobs from the previous reported value of 192,000. The annual (twelve month average) value with the revised values shows approximately 197,000 monthly new jobs are being created, which is above the minimum value of 180,000 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: 350 Nonfarm Payroll May 2012 to April Source: U.S. Bureau of Labor Statistics Change in Nonfarm Payrolls (000's)

4 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 June 10, 2014 Page 4 of 5 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 month of April 2014 value showed an annualized retail sales value of $347.5 billion, down slightly from the March 2014 value of $347.6 billion, for a month over month percentage change of 0.0%. The annualized increase, year to year, showed a percentage increase of 2.7%. The small increase in reported values may have been impacted by the severe weather that most of the nation was experiencing during the month. It is estimated that consumer spending accounts for over sixty five 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 May 2012 to April 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 April 30, 2014, 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 $ 119,066,392 3 days 0.20 % 0.01 % Long-Term Portfolio $ 307,618, years 1.36 % 0.63 % Total Portfolio $ 426,684, years 1.04 % 0.32 % The portfolio balance includes a deposit for the acquisition funds of the 2011A Electric Bonds of $14,582,911 as of the April 30, 2014 bond fund report balance. As a credit rated investment portfolio of AA, we are recognized as a permitted investment by the bond indenture of the above bonds. These funds enjoy the advantage of superior market rates of return in a historically low interest rate environment. 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 June 10, 2014 Page 5 of 5 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: 1.40% Portfolio Yield Actual Yield to Interpolated Yield May 31, 2013 to April 30, % 1.00% 1.00% 1.00% 1.05% 1.02% 1.05% 1.07% 1.08% 1.01% 0.98% 1.02% 1.10% 1.04% 0.80% 0.60% 0.40% 0.20% 0.29% 0.33% 0.29% 0.32% 0.27% 0.26% 0.24% 0.28% 0.22% 0.21% 0.31% 0.32% 0.00% Portfolio Yield Inter- polated Yld Curve Source: Treasurer s Office, Anaheim The interpolated yield curve value of 0.32% reflects the current market interest rates comparable to the City s Investment Portfolio average weighted maturity of 1.9 years as of April 30, As shown, the City s Investment Portfolio interest earnings were 1.04% for April, a monthly approximate dollar earnings of $254,000 over market interest rates. Cumulative earnings for the City portfolio earnings over market interest rates for the past twelve months are approximately $3,214,000. A complete listing of the portfolio holdings and investment activity for the City of Anaheim s Investment Portfolio for the month of April 2014 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 11 Balances, Yields and Average Maturities April 30, 2014 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 $10,795,215 $10,795,215 $10,795, % 2.53% L.A.I.F. (State of California $92,271,959 $92,271,959 $92,271, % 21.63% subtotal: Cash and Overnight Investments $103,067,174 $103,067,174 $103,067, % Commercial Paper $16,000,000 $15,999,218 $15,999, % 3.75% 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 $16,000,000 $15,999,218 $15,999, % 3.75% Total Short-Term Portfolio: $119,067,174 $119,066,392 $119,066, % 27.91% Long -Term Portfolio Commercial Paper $0 $0 $0 0.00% Medium Term Corporate Notes $97,404,000 $97,750,358 $98,778, % 23.15% U.S. Federal Agencies $209,229,000 $208,960,388 $208,839, % 48.94% U.S. Treasury $0 $0 $0 0.00% 0.00% Total Long-Term Portfolio: $306,633,000 $306,710,746 $307,618, % 72.09% Total Cash and Pooled Investments $425,700,174 $425,777,138 $426,684, % %

7 Page 2 of 11 City of Anaheim Investment Portfolio Asset Allocation April 30, 2014 $ 426,684,596 Med Term Corp $98,778,834 M.M.K.T. $10,795,215 Comml Paper $24,995,883 L.A.I.F. $92,271,959 Federal Agencies $208,839,371 M.M.K.T. Comml Paper L.A.I.F. Federal Agencies Med Term Corp

8 Page 3 of 11 Liquidity Schedule April 30, 2014 Availability Market Value Cumulative Balances % of Total Assets Money Market Funds Immediate $10,795,215 $10,795, % L.A.I.F. (State of California) Immediate $92,271,959 $103,067, % Pooled Investment Maturities: < 30 Days $24,004,940 $127,072, % Total Cash and Pooled Investments: $426,684, to 90 Days $0 $127,072, % 91 to 180 Days $8,038,136 $135,110, % 181 to 365 Days $36,501,015 $171,611, % 1 to 2 years $44,742,448 $216,353, % 2 to 3 years $89,399,095 $305,752, % 3 to 4 years $85,842,291 $391,595, % 4 to 5 years $35,089,498 $426,684, % $120,000,000 City of Anaheim Portfolio Liquidity Schedule $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0

9 Page 4 of 11 Summary and Comparison of Yields and Balances April 30, 2014 Description Current Month Prior Month Yield to Maturity (at market): April 30, 2014 March 31, 2014 Money Market Funds (US Treasuries) 0.01% 0.01% L.A.I.F. (State of California) 0.23% 0.23% U.S. Treasuries 0.00% 0.00% Federal Agency Bonds 1.28% 1.33% Commercial Paper 0.13% 0.11% Medium Term Corporate Notes 1.53% 1.53% Total Portfolio Yield 1.04% 1.02% Weighted Average Maturity (Days) Weighted Average Maturity (Years) Balances (at Market Value) Money Market Funds (US Gov Sec) $10,795,215 $11,970,942 L.A.I.F. (State of California) $92,271,959 $53,352,034 U.S. Treasuries $0 $0 Federal Agencies $208,839,371 $223,349,624 Commercial Paper $15,999,218 $34,996,679 Medium Term Corporate Notes $98,778,834 $98,705,739 Total Portfolio: $426,684,596 $422,375,018 Current Month Fiscal Year to Earnings: April 30, 2014 Date Earnings Total Interest Earnings for Month: $381, $3,689, Total Adjustments from Premiums and Discounts -$5, $34, Total Capital Gains or Losses $0.00 $7, Total Earnings for Month $376, $3,662,539.91

10 Page 5 of 11 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% Dec-12 $97,621,426 $285,055,252 $382,676, % % 1.16% Jan-13 $105,033,351 $291,834,246 $396,867, % % 0.93% Feb-13 $128,239,171 $286,885,162 $415,124, % % 0.85% Mar-13 $125,785,560 $286,780,703 $412,566, % % 0.85% Apr-13 $145,789,032 $279,600,648 $425,389, % % 0.79% May-13 $142,296,123 $296,152,869 $438,448, % % 0.71% Jun-13 $141,655,794 $299,138,984 $440,794, % % 0.67% Jul-13 $124,516,874 $299,599,908 $424,116, % % 0.76% Aug-13 $139,344,652 $293,752,142 $433,096, % % 0.70% Sep-13 $123,651,911 $294,704,136 $418,356, % % 0.78% Oct-13 $117,872,756 $295,174,674 $413,047, % % 0.81% Nov-13 $113,839,617 $290,231,135 $404,070, % % 0.84% Dec-13 $124,147,728 $295,558,379 $419,706, % % 0.73% Jan-14 $140,354,792 $290,840,980 $431,195, % % 0.76% Feb-14 $131,552,682 $300,973,013 $432,525, % % 0.81% Mar-14 $100,319,655 $322,055,363 $422,375, % % 0.79% Apr-14 $119,066,392 $307,618,205 $426,684, % % 0.72% Note: April 2014 balance reflects acquisition funds from 2011A Electric Bonds, approximately $14.6 million (April 2014) Portfolio balances from June 2011 through April 2014 reflect additional funds from 2011A Electric Bonds

11 Page 6 of 11 CITY OF ANAHEIM Short-Term Portfolio: April 30, 2014 CUSIP Security # Issuer Security Type S & P Rating Par Value Book Value Market Value Purchase Date SYS LAIF MMKT AA+ 47,024, ,024, ,024, /1/ % SYS LAIF MMKT AA+ 45,247, ,247, ,247, /1/ % SYS FIDELITY GOVERNMENT MMKT MMKT AAA 4,990, ,990, ,990, /2/ % SYS GOLDMAN SACHS PRIME MMKT AAA 5,804, ,804, ,804, /2/ % 59157UE METROPOLITAN LIFE CP A1/P1 5,000, ,999, ,999, /31/ /05/ % 19121BEG COCA COLA CP A1/P1 6,000, ,999, ,999, /30/ /16/ % 19121BEP COCA COLA CP A1/P1 5,000, ,999, ,999, /10/ /23/ % CITY OF ANAHEIM Maturity Date Total Short-Term Portfolio: 119,067, ,066, ,066, % Long-Term Portfolio: April 30, 2014 CUSIP Security # Issuer Security Type S & P Rating Par Value Book Value Market Value Purchase Date 31398AXJ FED NATL MORTGAGE ASSN Fed Agy AA+ 5,000, ,000, ,004, /30/ /15/ % AX Johnson & Johnson MTN AAA 3,000, ,999, ,001, /20/ /15/ % JS FEDERAL HOME LOAN BANKS Fed Agy AA+ 8,000, ,994, ,038, /23/ /12/ % 31331KHW FEDERAL FARM CREDIT BANK Fed Agy AA+ 5,000, ,006, ,040, /16/ /19/ % 31398AZV FED NATL MORTGAGE ASSN Fed Agy AA+ 8,000, ,002, ,112, /30/ /20/ % W FEDERAL HOME LOAN BANKS Fed Agy AA+ 5,000, ,986, ,034, /24/ /12/ % 36962G5M GENERAL ELEC CAP CORP MTN AA+ 5,000, ,011, ,064, /18/ /09/ % 46625HHP JP Morgan MTN A 6,000, ,053, ,137, /18/ /20/ % 3133XWX FEDERAL HOME LOAN BANKS Fed Agy AA+ 2,000, ,000, ,045, /19/ /13/ % 31331KFS FEDERAL FARM CREDIT BANK Fed Agy AA+ 5,000, ,995, ,066, /24/ /24/ % 94974BFE WELLS FARGO CO MTN A+ 1,000, , ,011, /27/ /01/ % 36962G5Z GE CAPITAL SERVICES MTN AA+ 5,000, ,998, ,066, /02/ /02/ % AG Microsoft Corp MTN AAA 5,000, ,000, ,090, /09/ /25/ % 31398A4K FED NATL MORTGAGE ASSN Fed Agy AA+ 3,000, ,999, ,071, /11/ /15/ % 46623EJR JP Morgan MTN A 5,000, ,000, ,023, /19/ /15/ % CX Walmart MTN AA 2,956, ,935, ,002, /18/ /25/ % 31331J3T FEDERAL FARM CREDIT BANK Fed Agy AA+ 5,000, ,959, ,111, /07/ /01/ % 31331J3T FEDERAL FARM CREDIT BANK Fed Agy AA+ 5,000, ,963, ,111, /24/ /01/ % 00206RBL ATT CORP MTN A- 7,000, ,000, ,025, /16/ /01/ % 38143USC Goldman Sachs Group MTN A- 5,000, ,996, ,227, /08/ /07/ % AY Johnson & Johnson MTN AAA 3,000, ,996, ,092, /20/ /15/ % AY Johnson & Johnson MTN AAA 10,000, ,314, ,308, /17/ /15/ % 89236TAL TOYOTA MOTOR CRE MTN AA- 3,000, ,999, ,014, /17/ /17/ % AC CHEVRON MTN AA 2,000, ,000, ,012, /24/ /24/ % 3130A0JL FEDERAL HOME LOAN BANKS Fed Agy AA+ 4,500, ,499, ,501, /30/ /27/ % 3135G0XP FED NATL MORTGAGE ASSN Fed Agy AA+ 5,000, ,990, ,989, /22/ /05/ % 36962G5H GENERAL ELEC CAP CORP MTN AA+ 5,000, ,997, ,287, /17/ /17/ % 3133EA5V FEDERAL FARM CREDIT BANK Fed Agy AA+ 5,000, ,995, ,993, /24/ /24/ % Maturity Date Stated Rate Stated Rate

12 Page 7 of 11 CITY OF ANAHEIM Long-Term Portfolio: April 30, 2014 CUSIP Security # Issuer Security Type S & P Rating Par Value Book Value Market Value Purchase Date Maturity Date Stated Rate 3135G0WY FED NATL MORTGAGE ASSN Fed Agy AA+ 5,000, ,999, ,979, /22/ /14/ % AZ Royal Dutch Shell MTN AA 6,228, ,240, ,250, /24/ /15/ % 3134G3Z FED HOME LOAN MORT CORP Fed Agy AA+ 10,000, ,000, ,972, /12/ /05/ % 3136G04R FED NATL MORTGAGE ASSN Fed Agy AA+ 5,000, ,000, ,982, /13/ /21/ % 3137EADT FED HOME LOAN MORT CORP Fed Agy AA+ 10,000, ,999, ,006, /29/ /22/ % 64952WBR New York Life MTN AA+ 5,000, ,017, ,000, /13/ /01/ % N FEDERAL HOME LOAN BANKS Fed Agy AA+ 5,000, ,013, ,006, /19/ /10/ % 30231GAA Exxon Mobil MTN AAA 5,000, ,000, ,002, /20/ /15/ % 3137EADL FED HOME LOAN MORT CORP Fed Agy AA+ 7,012, ,977, ,983, /31/ /29/ % 3135G0PU FED NATL MORTGAGE ASSN Fed Agy AA+ 5,000, ,000, ,937, /14/ /11/ % 3135G0QD FED NATL MORTGAGE ASSN Fed Agy AA+ 6,995, ,995, ,929, /22/ /16/ % 3135G0PQ FED NATL MORTGAGE ASSN Fed Agy AA+ 5,000, ,936, ,943, /25/ /26/ % 3135G0QW FED NATL MORTGAGE ASSN Fed Agy AA+ 2,035, ,035, ,014, /08/ /08/ % 3135G0QW FED NATL MORTGAGE ASSN Fed Agy AA+ 3,600, ,600, ,564, /08/ /08/ % AP Microsoft Corp MTN AAA 2,220, ,190, ,197, /28/ /15/ % 94974BFG WELLS FARGO CO MTN A+ 5,000, ,002, ,964, /15/ /16/ % 3133ECE FEDERAL FARM CREDIT BANK Fed Agy AA+ 8,930, ,930, ,820, /30/ /30/ % 3135G0TM FED NATL MORTGAGE ASSN Fed Agy AA+ 5,000, ,000, ,956, /30/ /30/ % 3135G0TV FED NATL MORTGAGE ASSN Fed Agy AA+ 10,000, ,000, ,877, /30/ /30/ % 3135G0TV FED NATL MORTGAGE ASSN Fed Agy AA+ 6,250, ,250, ,173, /30/ /30/ % 02666QM American Honda MTN A+ 3,000, ,998, ,991, /19/ /16/ % 3137EADP FED HOME LOAN MORT CORP Fed Agy AA+ 1,600, ,576, ,569, /14/ /07/ % A FEDERAL HOME LOAN BANKS Fed Agy AA+ 10,000, ,043, ,995, /19/ /09/ % 3134G42R FED HOME LOAN MORT CORP Fed Agy AA+ 5,000, ,000, ,921, /22/ /25/ % 3135G0WJ FED NATL MORTGAGE ASSN Fed Agy AA+ 5,000, ,977, ,881, /22/ /21/ % 3135G0WJ FED NATL MORTGAGE ASSN Fed Agy AA+ 7,307, ,123, ,133, /25/ /21/ % AE CHEVRON MTN AA 3,000, ,000, ,006, /24/ /24/ % 3135G0YT FED NATL MORTGAGE ASSN Fed Agy AA+ 10,000, ,992, ,989, /25/ /27/ % 3135G0ZA FED NATL MORTGAGE ASSN Fed Agy AA+ 10,000, ,115, ,077, /14/ /19/ % Total Long-Term Portfolio: 306,633, ,710, ,618, % Total Portfolio Listing: 425,700, ,777, ,684, %

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