HomeMy WebLinkAboutInvestment Report September 30, 2016 """"""" ""'""' Treasurer —Tax Collector Peggy Moak, Treasurer-Tax Collector
,25 County Center DriveSuite 125
T: 530.538.7701 buttecountv.net/tttc
Oroville, California 95965-3384 F: 530.538.7648
TREASURER--TAX CC>LLECTdR
July 15, 2016
Butte County Board of Supervisors
Butte County Chief Administrative Officer
Investment Pool Oversight Committee
The attached investment report for June 30, 2016 is submitted in accordance with the Butte County
Statement of Investment Policy dated July 1, 2015. All investments are in compliance with this
policy.
The Investment Report demonstrates that sufficient liquidity is available to meet anticipated
expenditures during the next six months.
The Local Agency Investment Fund (LAIF) is used as a benchmark for portfolio performance. A look
at the 5 year moving average for the Butte County Treasury apportioned yields vs. LAIF
apportioned yields demonstrates that, over time, a medium term, laddered portfolio will generally
outperform a shorter term investment strategy, which LAIF usually mirrors. The 5 year moving
average for Butte County's FY 14/15 and FY 15/16 performance compared to LAIF shows margins
of 1.092% and 0.865%, respectively. Using $350,000,000 as a baseline portfolio (actively invested
balance), this translates to enhanced earnings averaging $3,027,500 per year for the past five
years.
Investments are marked to market monthly based on a current market price determined by U.S.
Bancorp Investments. Copies of statements reflecting investment and cash management
transactions are provided to the Board of Supervisors monthly and are available upon request.
Quarterly Investment Reports are made available on the Treasurer-Tax Collector website at
http://www.buttecounty.net/ttc.
Respectfully,
Peggy Moak
Butte County Treasurer-Tax Collector
cc: Butte County Auditor-Controller Butte-Glenn Community College
Butte County Board of Supervisors Chico Unified and Gridley Unified School Districts
Butte County District Attorney Jessee, Meegan—Butte County Deputy Administrative Officer
Butte County Schools-JPA Liu Annie—Butte County Manager, Gov't.Accounting
Butte County Sheriff Childs, Heather—Butte County Internal Auditor
Butte County Superintendent of Schools
Butte County Special Districts(Quarterly)
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
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September 30,2016
YIELD TO WEIGHTEDAVERAGE
ACTIVELY MANAGED PORTFOLIO: MATURITY MATURITY(DAYS)* PAR VALUE FAIRVALUE COSTCARRIED
LOCAL AGENCY INVESTMENT FUND(LAIF) 0.634% 1 38,048,229.51 38,048,229.51 38,048,229.51
CALTRUST SHORT TERM 0.799% 1 4,557.85 4,557.85 4,554.91
CAMP SHORT TERM 0.640% 1 20,048,971.66 20,048,971.66 20,048,971.66
BANK MONEY MARKET(COLLATERALIZED) 0.620% 1 1,003,740.68 1,003,740.68 1,003,740.68
U.S.TREASURY NOTES** 1.407/ 1,307 9,000,000.00 9,145,939.00 9,007,053.07
MUNICIPAL BONDS** 1.652% 1,208 35,570,000.00 36,110,802.70 35,806,346.50
CORPORATE NOTES** 1.563% 996 50,987,000.00 51,815,700.29 51,496,351.43
NEGOTIABLE CDS** 1.696% 1,248 5,500,000.00 5,498,454.94 5,498,234.28
CERTIFICATES OF DEPOSIT(COLLATERALIZED) 1.100% 206 500,000.00 500,000.00 500,000.00
FEDERAL AGENCY NOTES** 1.236% 934 188,715,000.00 189,606,923.62 188,579,434.24
TOTAL ACTIVELY MANAGED PORTFOLIO: 1.237% 827 349,377,499.70 351,783,320.25 349,992,916.28
INVESTMENT OF NOTE/BOND PROCEEDS AND OPERATING CASH
SCHOOL BOND PROCEEDS(see page 2for details) 2,583,188.70 2,583,188.70 2,583,188.70
OPERATING ACCOUNTS
U.S.BANK CHECKING ACCOUNT DEPOSITS 18,352,802.19 18,352,802.19 18,352,802.19
OPERATING CASH 28,296.28 28,296.28 28,296.28
OTHER 214.86 214.86 214.86
TOTAL TREASURER'S FUND LEDGER BALANCE: 370,342,001.73 372,747,822.28 370,957,418.31
INVESTMENTS UNDER MANAGEMENT OF TRUSTEES(seepage 3for details) 3,896,173.17 3,896,173.17 3,919,575.39
PAR VALUE FAIR VALUE COSTCARRIED
TOTAL CASH AND INVESTMENTS: 374,238,174.90 376,643,995.45 374,876,993.70
SIX MONTH LIQUIDITY PROJECTIONS
Estimated Cash Receipts for Next Six Months 481,371,617
Estimated Disbursements for Next Six Months -465,605,592
Estimated Net Cash Flow for Next Six Months*** 15,766,025 (A1)
Prudent Reserve -30,000,000 (A2)
Securities Maturing 13,250,000 (B)
Local Agency Investment Fund/Cal Trust/MMF/CAMP 59,105,497 (C)
Total Liquidity for Next Six Months 58,121,522 (A1+A2+B+C)
Estimated Cash Available for Long Term Investment -30,000,000
Remaining Available Liquidity 28,121,522
Total Par Value of actively managed investments maturing in less than 12 months: 90,355,500
Total Par Value of actively managed investments maturing in more than 12 months: 259,022,000
* Actual Weighted Average Maturity will be shorter,and actual dollar amount of investments maturing in less than 12 months will be higher than stated,due to call features on investments.
** See page 5 for detailed list of investments.
*** Includes TRAN(Tax and Revenue Anticipation Notes)receipts and disbursements,if applicable.
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BUTTE COUNTY TREASURER'S INVESTMENT REPORT
INVESTMENT OF SCHOOL BOND PROCEEDS
September 30, 2016
INVESTMENT MATURITY ANNUAL PAR FAIR COST
BOND/NOTE DESCRIPTION TYPE DATE DESCRIPTION YIELD" VALUE VALUE CARRIED
BONDS-LOCAL AGENCY INVESTMENT FUND(LAIF)
Chico Unified Measure E Series LAIF 0.634% 2,583,188.70 2,583,188.70 2,583,188.70
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 2,583,188.70 2,583,188.70 2,583,188.70
*Yields quoted above are a snapshot per investment type. Actual yields earned on school bonds are calculated by the Treasurer's office and are a composite of investment earnings less Treasury costs.
2
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
DEPOSITS AND INVESTMENTS UNDER MANAGEMENT OF TRUSTEES/FISCAL AGENTS
September 30, 2016
INVESTMENT MATURITY ANNUAL PAR FAIR COST
FINANCING PROGRAM TYPE DATE DESCRIPTION YIELD VALUE VALUE CARRIED
2004 PENSION OBLIGATION BONDS
WELLS FARGO BANK,TRUSTEE
Series A Bond Fund#XXXX1106 Money Market HERITAGE MM#3106 0.170% 1,950,495.29 1,950,495.29 1,950,495.29
Int.Rate Stabilization Fund#XXXX1109 Money Market HERITAGE MM#3106 0.170% 1,007.85 1,007.85 1,007.85
Pooled Agency Funds Local Agency Investment Fund 0.634% 1,639.67 1,639.67 1,639.67
Principal Account Fund#XXXX1140 Cash Cash 0.000% 11.54 11.54 11.54
Interest Account Fund#XXXX1141 Cash Cash 0.000% 56.77 56.77 56.77
Surplus Account Fund#XXXX1142 Cash Cash 0.000% 624.20 624.20 624.20
Series B Interest Fund#XXXX1301 Money Market HERITAGE MM#3106 0.170% 15,249.69 15,249.69 15,249.69
Series B Bond Fund#XXXX1305 Money Market HERITAGE MM#3106 0.170% 966,300.18 966,300.18 966,300.18
Series B Interest Fund#XXXX1307 Money Market HERITAGE MM#3106 0.170% 18.98 18.98 18.98
SUBTOTAL 2,935,404.17 2,935,404.17 2,935,404.17
DEPOSITS WITH FISCAL AGENTS
Discovery Benefits
Plan Year Cash Balance 1/01/15-12/31/15* NA 6,597.78 6,597.78 **30,000.00
York Risk Services Group-Claim Administrators
Umpqua Bank#XXXXX2601 Commercial Bank Business Checking NA 954,171.22 954,171.22 954,171.22
SUBTOTAL 960,769.00 960,769.00 984,171.22
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 3,896,173.17 3,896,173.17 3,919,575.39
*Represents the most current data available(source:Auditor-Controller)
**Benefits can be paid in advance of receipt of offsetting payroll deductions
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BUTTE COUNTY TREASURER'S INVESTMENT REPORT
ACTIVELY MANAGED PORTFOLIO"AT-A-GLANCE"
September 30,2016
INVESTMENTS BY TYPE* INVESTMENTS BY MATURITY&YIELD*
Local Agency Investment Fund/CalTrust/MMF/CAMP -AIF/CT/MMF/CAMP $ 59,105,500
Federal Home Loan Bank FHLB $ 40,200,000 LAI F/CALTRUST/MM F/CAM P(1 day) 0.634% $ 59,105,500
Federal Home Loan Mortgage Corp FHLMC $ 23,000,000 01-12 months 0.991% $ 31,250,000
Federal National Mortgage Assn FNMA $ 34,250,000 13-36 months 1.382% $ 126,265,000
Federal Farm Credit Bank FFCB $ 33,000,000 37-60 months 1.609% $ 132,757,000
Federal Agricultural Mortgage Corp FAMCA $ 32,265,000 TOTAL PAR VALUE $ 349,377,500
Corporate Notes CORP $ 50,987,000
U.S.Treasury Notes UST $ 9,000,000 *Investments managed by Trustees&School Bond Proceeds not included.
Tennessee Valley Authority TVA $ 5,000,000 Final maturity dates are used,probable call dates are not considered.
Supranational SUPRA $ 21,000,000 Amounts quoted at Par Value.
Certificates of Deposit(Collateralized/Negotiable) CDs $ 6,000,000
Municipal Bonds MUNI $ 35,570,000
$ 349,377,500
10%
zi
6%
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Illllllllllll���((� rrr� ��
15%
LAiF/CAC(RUST/MMF/CAMP(1 day)
LAiF/CI'/MMP/CAMP '1-I1-8 a`i-LMC FNMA 01.-:1.2 monthf,
`FCO FAMCA e CORP e UST :1.:3-:36 months
TVA a SUPRA CDs MUNI
37-60 months
Butte County Pooled Treasury Portfolio Balance"
Net of Tax and Revenue Anticipation Notes(TRAN) and Bond Proceeds
$500,000,000
$475,000,000 5„ 2016
$450,000,000 2015
M
$425,000,000 .... uu 2014
., pllllllll 2013
$400,000,000 .. .... lulu yul
mz
$375,000,000
uu w n
u 04
$350,000,000 WW mi niiiii II iuO NN �, nwl wmnwmix6P' I
-.4—z0l0
I
$325,000,000 �. .. sw�*o .... .... .... .... . n������,2007
ddM' i ry Po �M Pd
uA a MM
moo4 ,i mom
$300,000,000 w� 1111 .. .. r .... w"�„ d'nw .. .... 2007
$275,000,000 .. .... .... .. .. .... .. " w„, G �u„wwu ,�����„ Ilu� iw P„ ""m w�m,
.....zoos
$250,000,000
.... .... .. ....II. .... .... .... .... IL... .... .... .... ...
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC II
** This chart does not include deposits from TRAN,Bond Proceeds,or Investments under Management of Trustees.
It is intended to demonstrate cash flowtrends and establish a baseline for the portfolio,enabling medium term investments.
4
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
MANAGED PORTFOLIO-DETAILS OF SECURITIES HELD
September 30,2016
Credit Rating Purchase M..nty Yield to
Secunty Descnotion S&P M Fitch Date Date Ma[unty l%d Par Value Fair Value Cost Caenen'
36157PSP5 GE CAPITAL RETAIL BANK NR NR NR 10/11/2013 10/11/2016 1200 250000.00 250,174.48 250000.00
880591DSS TENNESSEE VALLEY AUTHORITY AA+ Aan AAA 1/27/2012 12/15/2016 0970 5000,00000 5,046,34000 5039,10256
31315PY89 FARMER MAC NR NR NR 1/30/2012 1/6/2017 1.150 3000,00000 300778500 300176376
3137EADCO FREDDIE MAC AA+ Aen AAA 2/14/2013 3/8/2017 0753 5000,00000 501186500 500529232
57582PII MASSACHUSETTS ST GO LTD TXBL AA+ Ani AA+ 4/8/2013 4/1/2017 0780 2000,00000 2,002,32000 2002,16050
89236TBH7 TOYOTA MOTOR CREDIT CORP AA- Aa3 A 3/13/2015 5/16/2017 1000 4500,00000 450439200 450346552
45905URF3 INTL BK DECOR&DEVELOP AAA Ann NR 2/19/2015 7/17/2017 0890 3000,00000 300927600 3000,22735
313OA3TKO FEDERAL HOME LOAN BANK AA+ Ann NR 12/31/2014 9/22/2017 1070 5000,00000 5018,29000 499903493
3133EEQX1 FEDERAL FARM CREDIT BANK AA+ Ann AAA 2/25/2015 9/25/2017 1000 3000,00000 300986000 3000,00000
313381820 FEDERAL HOME LOAN BANK AA+ Ann NR 12/19/2012 12/8/2017 0857 5000,00000 5002,17500 499379430
3133ECB45 FEDERAL FARM CREDIT BANK AA+ Ann AAA 12/26/2012 12/26/2017 0910 10000,00000 9,999,68000 9998,76389
31315PTSS FARMER MAC NR NR NR 1/11/2013 12/27/2017 0903 426500000 426671027 426484024
3137EADN6 FHLMC 75 01/18 AA+ Ann AAA 1/14/2013 1/12/2018 0920 5000,00000 4998,22500 498938521
3134G34K3 FEDERAL HOME LOAN MTG CORP AA+ Ann AAA 1/30/2013 1/30/2018 1000 5000,00000 5000,13500 5000,00000
3135GOUE1 FEDERAL NATL MORTGAGE ASSN AA+ Ann AAA 2/14/2013 2/14/2018 1000 10000,00000 10,017,79000 10000,00000
48124JSZ2 JP MORGAN CHASE BANK NA NR NR NR 2/20/2013 2/20/2018 1.125 250000.00 250000.00 250000.00
31315Pp M4 FARMER MAC NR NR NR 39/2013 3/6/2018 0940 10000,00000 10010,37000 999997137
31315PZZ5 FARMER MAC NR NR NR 5/15/2013 3/9/2018 0976 5000,00000 4988,46500 498555336
64952WBZ5 NEW YORK LIFE GLOBAL FDG AA+ Ann AAA 4/27/2015 4/27/2018 1230 5000,00000 5,005,23000 500539796
02006Lp N6 ALLY BANK NR NR NR 4/3/2015 4/3/2018 1.150 250000.00 250000.00 250000.00
3133ECNY6 FEDERAL FARM CREDIT BANK AA+ Ann AAA 5//2013 5//2018 0986 5000,00000 499449500 4997,195.14
3134G45W4 FEDERAL HOME LOAN MTG CORP AA+ Ann AAA 5/29/2013 5/29/2018 1000 5000,00000 5,012,22000 5000,00000
17275RAU6 CISCO SYSTEMS INC AA- Al NR 11/12/2015 6/15/2018 1365 5000,00000 504280500 5023757.13
89236TCPS TOYOTA MOTOR CREDIT CORP AA- An3 A 9/1/2015 7/13/2018 1600 5000,00000 503130500 499583586
38147J3EO GOLDMAN SACHS BANK USA NR NR NR /27/2014 /27/2018 1650 250000.00 250000.00 250000.00
02587CAY6 AMERICAN EXPRESS BKFSB NR NR NR /2/2014 /2/2018 1600 250000.00 250000.00 250000.00
795450R109 SALLIE MAE BANK/SALT LIKE NR NR NR 11/25/2013 11/2/2018 2050 250000.00 250000.00 250000.00
686184WJ7 ORIENTAL BANK NR NR NR 12/16/2015 12/17/2018 1750 250000.00 250000.00 250000.00
89236TBBO TOYOTA MOTOR CREDIT CORP AA- An3 A 9/1/2015 1/17/2019 1875 5000,00000 509336500 502486956
650035KSO NEW YORK ST URBAN DEV CORP REV AAA Ani AA+ 12/1/2014 3/15/2019 1980 5000,00000 5090,35000 5001,12888
13063CKL3 CALIFORN IA ST GO UNLTD TXBL AA- An3 AA- 11/24/2014 5/1/2019 1900 3000,00000 3,059,01000 302587345
3133EFD20 FEDERAL FARM CREDIT BANK AA+ Ann AAA 2/23/2016 5/23/2019 1266 5000,00000 4,997,68000 499796581
59491 SACS MICROSOFT CORP AAA Ann AA+ 9/2/2015 6/1/2019 1580 2500,00000 2700,53250 2888,99773
313379EE5 FEDERAL HOME LOAN BANK AA+ Ann NR 6/16/2014 6/14/2019 1785 5000,00000 5,083,68000 497938192
91412GSB2 UN IV OF CALIFORN IA CA REV TXBL AA Ant AA /24/2015 7/1/2019 1698 5000,00000 506620000 501295494
31315PII FEDERALAGRIC MTG CORP NR NR NR 7/17/2014 7/17/2019 1813 5000,00000 5102,94000 4988,96194
459058EV1 INTL BK DECOR&DEVELOP AAA Ann AAA 1/2/2016 7/26/2019 1392 5000,00000 5,037,43000 4980,51490
31315PTD1 FARMER MAC NR NR NR /25/2014 /23/2019 1765 5000,00000 509231500 4,977,192 49
68389XAX3 ORACLE CORP AA- Al A+ 1/6/2015 1//2019 1845 4,162,00000 4270,36599 4210,81755
3133EEBN9 FEDERAL FARM CREDIT BANK AA+ Ann AAA 11/12/2014 11/12/2019 1800 5000,00000 511949500 5000,00000
02587DXE3 AMERICAN EXPR CENTURION NR NR NR 1/3/2015 1/3/2020 1950 250000.00 250000.00 250000.00
3136G2CPO FEDERAL NATL MORTGAGE ASSN AA+ Aaa AAA 1/30/2015 1/30/2020 1700 4250,00000 426488775 4250,00000
882806EM0 TEXAS ST TECH UNN REV AA+ Ani AA+ 11/6/2015 2/15/2020 1790 2570,00000 263453270 2,596,05052
91282SJ84 USTREASURY NOTE AA+ Ann AAA 4//2015 3/31/2020 1330 5000,00000 507187500 500754138
13063CSp4 CALIFORNIA ST GO UNLTD TXBL AA- An3 AA- 4/29/2015 4/1/2020 1680 5000,00000 5,091,40000 5020,05192
71270QII PEOPLES UNITED BANK NA NR NR NR 4/15/2015 4/15/2020 1800 250000.00 250000.00 250000.00
037833BD1 APPLEINC AA+ Ani NR 5/21/2015 5/6/2020 1892 9,825,00000 10058,28480 986120994
3136G2HF7 FEDERAL NATL MORTGAGE ASSN AA+ Ann AAA 5/19/2015 5/19/2020 1600 5000,00000 5010,87500 5000,00000
912828XE5 USTREASURY NOTE AA+ Ann AAA 6/1/2015 5/31/2020 1503 4000,00000 407408400 399954203
140420RXO CAPITAL ONE BANK USA NA NR NR NR 6/1/2015 6/1/2020 2008 250000.00 249077.72 249077.72
313383HUS FEDERAL HOME LOAN BANK AA+ Ann NR 6/5/2015 6/12/2020 1780 5000,00000 511783500 499489662
313383HUS FEDERAL HOME LOAN BANK AA+ Ann NR 7/2/2015 6/12/2020 1808 5000,00000 511783500 4990,06880
3133834H1 FILLS 1.37508/20 AA+ Ann NR 7/23/2015 6/12/2020 1795 5200,00000 525380160 5122,99722
8821172X1 TEXAS ST A&M UNN REV AAA Ann AAA /1/2015 7/1/2020 1963 3000,00000 3058,19000 297723169
459058FI00 INTL BK DECOR&DEVELOP AAA Ann AAA /23/2016 /1/2020 1.140 5000,00000 5000,14500 4997,12858
05580ACW2 BMW BANK NORTH AMERICA NR NR NR 9/1/2015 9/1/2020 2200 250000.00 250000.00 250000.00
20033AII COMENITY CAPITAL BANK NR NR NR 9/21/2015 9/21/2020 2250 250000.00 250000.00 250000.00
254672V72 DISCOVER BANK NR NR NR 1/21/2015 1/21/2020 2200 250000.00 250000.00 250000.00
14042RBL4 CAPITAL ONE NA NR NR NR 11/13/2015 1/2/2020 2277 250000.00 249743.24 249743.24
594918BGS MICROSOFT CORP AAA Ann AA+ /22/2016 11/3/2020 1382 5000,00000 5,117,08000 512224382
949MTWGS WELLS FARGO BANK NA NR NR NR 12/3/2015 12/3/2020 1500 250000.00 250000.00 250000.00
29268NX93 ENERBANK USA NR NR NR 1/2/2016 1/2/2021 1903 250000.00 249459.50 249459.50
313OA7CV5 FEDERAL HOME LOAN BANK AA+ Ann NR 49/2016 2/1/2021 1315 5000,00000 504178500 501285383
3136G2Z26 FNMA STEP UP AA+ Ann AAA 2/26/2016 2/26/2021 1000 5000,00000 5,001,63000 5000,00000
3136G3AV7 FNMA STEP UP AA+ NR AAA 3/1/2016 3/1/2021 1000 5000,00000 500239500 5000,00000
13063CP87 CALIFORNIA ST GO UNLTD AA- An3 AA- 6/13/2016 4/1/2021 1430 5000,00000 5024,15000 501509375
3134GSY29 FREDDIE MAC AA+ NR AAA 4/2/2016 4/2/2021 1326 3000,00000 3000,36300 299588250
459058FDO INTL BK DECOR&DEV STEP-IP NR NR NR 4/2/2016 4/2/2021 1250 3000,00000 3000,00000 3000,00000
128829AC2 CALDWELL BK&TRUST CO NR NR NR 5/13/2016 5/13/2021 1400 250000.00 250000.00 250000.00
91412GF59 UN IV OF CALIFORN IA CA REV TXBL AA Ant AA /5/2016 5/15/2021 1417 5000,00000 5,085,65000 510399988
459058FH1 INTL BK DECOR&DEVELOP AAA Ann AAA 6/13/2016 5/24/2021 1412 5000,00000 5,016,74000 499188888
3136G31I FEDERAL NATL MORTGAGE ASSN AA+ Ann AAA 5/25/2016 5/25/2021 1375 5000,00000 501576500 5000,00000
27113PBEO EAST BOSTON SAVINGS BANK NR NR NR 6/23/2016 6/23/2021 1500 250000.00 250000.00 250000.00
3133EGKA2 FEDERAL FARM CREDIT BANK AA+ Ann AAA 7/6/2016 7/6/2021 1500 5000,00000 496173500 5000,00000
3130ASQS5 FEDERAL HOME LOAN BANK AA+ Ann NR 7/14/2016 7/14/2021 1201 5000,00000 4,974,51000 4982387.11
584038452 MEDALLION BANK UTAH NR NR NR 7/2/2016 7/26/2021 1400 250000.00 250000.00 250000.00
9596ONJNS WESTERN STATE BANK NR NR NR 7/29/2016 7/29/2021 1400 250000.00 250000.00 250000.00
5949188P8 MICROSOFT CORP AAA Ann AA+ /19/2016 //2021 1541 5000,00000 4,991,34000 5,002,09868
74267GV[06 PRIVATEBANK&TRUST CO NR NR NR 8/30/2016 8/30/2021 1500 250000.00 250000.00 250000.00
08173p8R6 BENEFICIAL BANK NR NR NR 9/16/2016 9/13/2021 1500 250000.00 250000.00 250000.00
-Effective Duration:2.295 1.358 289,772,000.00 292,177,820.55 290,214,843.52
Source: U.S.Bank Safekeeping
`Values may differ fmm Treasurer's Gast Cerner nue to accretion method variation.
H BonEnge P.dfdia-Analysis
Notes: Fntln.l Agricultural Mortgage Corporation securities ere issued by.U S.Government K—y.nd ere not ratan.
Negefiable CDs ere nd an,but ere FDIC insuretl.
5