county of san diego treasurer investment report wam wac ytm share book price value accr int worst...

County of San Diego Treasurer Investment Report

MONTH ENDING February 28, 2015

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Table of Contents

3 Summary Portfolio Statistics as of February 28, 2015 4 Investment Inventory with Market Value 12 Purchases/Sales/Maturities 17 Cash Flow Analysis 18 Participant Cash Balances 19 Pooled Money Fund Participants 20 Pooled Money Fund – Asset Allocation 21 Pooled Money Fund Assets – Credit Quality 22 Investment Policy Compliance Standards

DISCLAIMER:

The information provided, including all charts, tables, graphs and numerical representations, are provided to readers solely as a general overview of the economic and market conditions which the Treasurer utilizes in making investment decisions.

Note:

All Investments held during the month of February 2015 were in compliance with the Investment Policy dated January 1, 2015. The projected cash flows indicate sufficient liquidity to meet all scheduled expenditures for the next 6 months.

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Summary Portfolio Statistics County of San Diego Pooled Money Fund

as of February 28, 2015 Percent of Current Par/ Current Market Market Current Yield to UnrealizedPortfolio WAM WAC YTM Share Book Price Value Accr Int Worst Gain/Loss

Certificates of Deposit 0.99 121 121 0.24 69,363,000 69,363,000 1.000 69,363,000 1,954 0.24 $0Commercial Paper 30.24 80 80 0.21 2,128,000,000 2,126,838,113 1.000 2,127,091,890 0 0.21 $253,777Fannie Mae 12.64 927 823 1.00 889,613,000 888,785,024 0.999 888,718,615 2,676,520 1.00 ($66,409)Federal Farm Credit Bank Notes 1.63 1,159 402 1.37 115,000,000 115,000,000 1.001 115,146,500 323,722 1.37 $146,500Federal Home Loan Bank Notes 11.37 657 339 0.86 798,105,000 799,348,846 1.003 800,507,029 2,238,680 0.81 $1,158,183Federal Home Loan Mortgage Corp 6.81 953 516 0.95 476,000,000 478,622,004 1.007 479,378,400 1,206,100 0.87 $756,396Money Market Funds 1.53 1 1 0.22 108,205,000 108,205,000 1.001 108,345,140 17,530 0.22 $140,140Negotiable CD 29.01 99 99 0.23 2,040,000,000 2,040,004,020 1.000 2,040,000,000 1,367,744 0.23 ($4,020)Repurchase Agreements 0.03 1 0.00 2,203,446 2,203,446 1.000 2,203,446 (1) 0.00 $0U.S. Treasury Notes 5.75 981 981 1.11 402,000,000 404,700,982 1.011 406,287,400 1,209,557 1.11 $1,586,418Totals for February 2015 100.00 386 284 0.51 7,028,489,446 7,033,070,435 1.001 7,037,041,420 9,041,806 0.50 3,970,985

Totals for January 2015 100.00 378 276 0.50 7,283,542,949 7,288,655,188 1.002 7,298,738,606 8,263,738 0.49 10,083,418

Change From Prior Month 8 8 0.01 (255,053,503) (255,584,753) (0.001) (261,697,186) 778,068 0.01 (6,112,433)

Portfolio Effective Duration 0.81 years

Fiscal Year Calendar YearFebruary To Date To DateReturn Annualized Return Annualized Return Annualized

Book Value 0.044% 0.571% 0.319% 0.479% 0.085% 0.524%Market Value 0.042% 0.548% 0.318% 0.477% 0.083% 0.513%

NoteYield to maturity (YTM) is the estimated rate of return on a bond given its purchase price, assuming all coupon payments are made on a timely basis and reinvested at this same rate of return to the maturity date.Yield to call (YTC) is the estimated rate of return on a bond given its purchase price, assuming all coupon payments are made on a timely basis and reinvested at this same rate of return to the call date.Yield to worst (YTW) is the lesser of yield to maturity or yield to call, reflecting the optionality of the bond issuer.Yields for the portfolio are aggregated based on the book value of each security.

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Investment Inventory with Market Value San Diego Pooled Money Fund

as of February 28, 2015 Issuer Purchase Maturity Coupon YTM Par Value Current Book Market Value Current Unrealized

Date Date Accr Int Gain/Loss

Certificates of DepositCDARS Regent Bank 9/18/2014 3/19/2015 0.12 0.12 2,813,500.00 2,813,500.00 2,813,500.00 101.75 0.00Torrey Pines Bank 3/29/2014 3/29/2015 0.40 0.40 20,000,000.00 20,000,000.00 20,000,000.00 219.18 0.00CA Bank and Trust 5/8/2014 5/8/2015 0.15 0.15 100,000.00 100,000.00 100,000.00 9.58 0.00Pacific Western Bank SD 5/12/2014 5/12/2015 0.15 0.15 100,000.00 100,000.00 100,000.00 7.09 0.00CA Bank and Trust 11/17/2014 5/18/2015 0.16 0.16 10,000,000.00 10,000,000.00 10,000,000.00 622.22 0.00Regents Bank 11/28/2014 5/28/2015 0.20 0.20 250,000.00 250,000.00 250,000.00 1.37 0.00American West Bank 6/20/2014 6/20/2015 0.30 0.30 250,000.00 250,000.00 250,000.00 18.49 0.00Vibra Bank 12/26/2014 6/25/2015 0.25 0.25 5,000,000.00 5,000,000.00 5,000,000.00 34.72 0.00CA Bank and Trust 1/20/2015 7/20/2015 0.10 0.10 10,000,000.00 10,000,000.00 10,000,000.00 305.55 0.00Vibra Bank 2/12/2015 8/12/2015 0.40 0.40 250,000.00 250,000.00 250,000.00 47.22 0.00East West Bank 2/15/2015 8/14/2015 0.30 0.30 250,000.00 250,000.00 250,000.00 29.17 0.00Torrey Pines Bank 9/5/2014 9/4/2015 0.30 0.30 99,500.00 99,500.00 99,500.00 19.63 0.00CDARS SD Private Bank 10/23/2014 10/22/2015 0.25 0.25 5,000,000.00 5,000,000.00 5,000,000.00 34.25 0.00Comerica Bank 1/26/2015 10/23/2015 0.20 0.20 15,000,000.00 15,000,000.00 15,000,000.00 493.15 0.00SD Private Bank 10/24/2014 10/24/2015 0.30 0.30 250,000.00 250,000.00 250,000.00 10.27 0.00Certificates of Deposit Subtotal 0.24 0.24 69,363,000.00 69,363,000.00 69,363,000.00 1,953.64 0.00

Commercial PaperMitsubishi UFJ Financial Group, Inc. 8/27/2014 3/2/2015 0.22 0.22 20,000,000.00 19,999,877.78 20,000,000.00 0.00 122.22ING (US) Funding LLC 11/25/2014 3/2/2015 0.20 0.20 50,000,000.00 49,999,722.22 50,000,000.00 0.00 277.78Natixis US Finance Co. 2/27/2015 3/2/2015 0.05 0.05 245,000,000.00 244,999,659.72 245,000,000.00 0.00 340.28UBS Finance 8/25/2014 3/3/2015 0.24 0.24 25,000,000.00 24,999,666.67 25,000,000.00 0.00 333.33ING (US) Funding LLC 11/25/2014 3/4/2015 0.20 0.20 50,000,000.00 49,999,166.67 50,000,000.00 0.00 833.33ING (US) Funding LLC 12/8/2014 3/9/2015 0.20 0.20 50,000,000.00 49,997,777.78 50,000,000.00 0.00 2,222.22ING (US) Funding LLC 12/8/2014 3/10/2015 0.20 0.20 50,000,000.00 49,997,500.00 50,000,000.00 0.00 2,500.00Abbey National 1/12/2015 3/16/2015 0.16 0.16 60,000,000.00 59,996,125.00 60,000,000.00 0.00 3,875.00Abbey National 1/16/2015 3/16/2015 0.15 0.15 25,000,000.00 24,998,437.50 25,000,000.00 0.00 1,562.50General Elec Capital Corp. 9/25/2014 3/24/2015 0.20 0.20 50,000,000.00 49,993,611.11 50,000,000.00 0.00 6,388.89Fortis/BNP Paribas Bank 2/6/2015 4/7/2015 0.16 0.16 25,000,000.00 24,995,888.89 25,000,000.00 0.00 4,111.11Fortis/BNP Paribas Bank 2/11/2015 4/13/2015 0.18 0.18 32,000,000.00 31,993,120.00 32,000,000.00 0.00 6,880.00Fortis/BNP Paribas Bank 2/20/2015 4/20/2015 0.19 0.19 50,000,000.00 49,986,805.56 50,000,000.00 0.00 13,194.44

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Investment Inventory with Market Value Issuer Purchase Maturity Coupon YTM Par Value Current Book Market Value Current Unrealized

Date Date Accr Int Gain/LossFortis/BNP Paribas Bank 2/24/2015 4/24/2015 0.19 0.19 50,000,000.00 49,985,750.00 50,000,000.00 0.00 14,250.00Fortis/BNP Paribas Bank 2/24/2015 4/27/2015 0.19 0.19 25,000,000.00 24,992,479.16 25,000,000.00 0.00 7,520.84Fortis/BNP Paribas Bank 2/27/2015 5/1/2015 0.19 0.19 100,000,000.00 99,967,805.56 100,000,000.00 0.00 32,194.44General Elec Capital Corp. 9/12/2014 5/6/2015 0.24 0.24 50,000,000.00 49,978,000.00 50,000,000.00 0.00 22,000.00Toyota Motor Credit Corp. 10/23/2014 5/6/2015 0.21 0.21 25,000,000.00 24,990,375.00 25,000,000.00 0.00 9,625.00UBS Finance 12/11/2014 5/15/2015 0.28 0.28 26,000,000.00 25,985,104.17 26,000,000.00 0.00 14,895.83ING (US) Funding LLC 2/13/2015 5/15/2015 0.23 0.23 35,000,000.00 34,983,229.17 35,000,000.00 0.00 16,770.83General Elec Capital Corp. 9/11/2014 5/22/2015 0.23 0.23 50,000,000.00 49,973,805.56 50,000,000.00 0.00 26,194.44ING (US) Funding LLC 2/23/2015 5/22/2015 0.24 0.24 75,000,000.00 74,959,000.00 75,000,000.00 0.00 41,000.00General Elec Capital Corp. 9/11/2014 5/29/2015 0.23 0.23 50,000,000.00 49,971,569.44 50,000,000.00 0.00 28,430.56General Elec Capital Corp. 10/8/2014 6/1/2015 0.24 0.24 50,000,000.00 49,969,333.33 50,000,000.00 0.00 30,666.67Mitsubishi UFJ Financial Group, Inc. 12/8/2014 6/1/2015 0.23 0.23 85,000,000.00 84,950,038.89 85,000,000.00 0.00 49,961.11General Elec Capital Corp. 10/8/2014 6/3/2015 0.24 0.24 50,000,000.00 49,968,666.67 50,000,000.00 0.00 31,333.33Wells Fargo Bank NA 11/19/2014 6/30/2015 0.23 0.23 65,000,000.00 64,949,751.39 65,000,000.00 0.00 50,248.61UBS Finance 1/27/2015 6/30/2015 0.27 0.27 50,000,000.00 49,955,465.27 50,000,000.00 0.00 44,534.73UBS Finance 10/8/2014 7/2/2015 0.28 0.28 75,000,000.00 74,928,250.00 75,000,000.00 0.00 71,750.00General Elec Capital Corp. 12/9/2014 7/2/2015 0.25 0.25 65,000,000.00 64,944,479.17 64,750,973.22 0.00 -193,505.95Toyota Motor Credit Corp. 12/9/2014 7/2/2015 0.25 0.25 55,000,000.00 54,953,020.83 54,789,285.03 0.00 -163,735.80Toyota Motor Credit Corp. 2/26/2015 7/13/2015 0.18 0.18 35,000,000.00 34,976,550.00 35,000,000.00 0.00 23,450.00Toyota Motor Credit Corp. 2/4/2015 8/3/2015 0.25 0.25 35,000,000.00 34,962,326.39 35,000,000.00 0.00 37,673.61Toyota Motor Credit Corp. 2/6/2015 8/3/2015 0.24 0.24 25,000,000.00 24,974,166.66 25,000,000.00 0.00 25,833.34Toyota Motor Credit Corp. 2/18/2015 8/3/2015 0.23 0.23 50,000,000.00 49,950,486.11 50,000,000.00 0.00 49,513.89Toyota Motor Credit Corp. 11/20/2014 8/14/2015 0.26 0.26 50,000,000.00 49,940,055.55 50,000,000.00 0.00 59,944.45Toyota Motor Credit Corp. 2/23/2015 8/14/2015 0.23 0.23 45,000,000.00 44,952,275.00 45,000,000.00 0.00 47,725.00Rabobank Nederland 2/25/2015 8/31/2015 0.29 0.29 100,000,000.00 99,855,125.00 100,000,000.00 0.00 144,875.00UBS Finance 12/12/2014 9/4/2015 0.35 0.35 75,000,000.00 74,863,645.84 74,551,631.96 0.00 -312,013.88Commercial Paper Subtotal 0.21 0.21 2,128,000,000.00 2,126,838,113.06 2,127,091,890.21 0.00 253,777.15

FNMAFed National Mortg Assoc 8/13/2010 4/15/2015 5.00 1.57 20,000,000.00 20,080,602.14 20,116,000.00 377,777.78 35,397.86Fed National Mortg Assoc 6/10/2013 7/5/2016 0.38 0.63 50,000,000.00 49,830,490.50 49,930,000.00 29,166.67 99,509.50Fed National Mortg Assoc 2/26/2014 7/5/2016 0.38 0.45 15,000,000.00 14,985,120.85 14,979,000.00 8,750.00 -6,120.85Fed National Mortg Assoc 5/22/2013 8/22/2016 0.50 0.50 25,000,000.00 25,000,000.00 24,952,500.00 34,375.00 -47,500.00

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Date Date Accr Int Gain/LossFed National Mortg Assoc 10/6/2011 9/28/2016 1.25 1.28 20,000,000.00 19,989,621.88 20,220,000.00 106,250.00 230,378.12Fed National Mortg Assoc 5/14/2013 11/14/2016 0.55 0.56 25,000,000.00 24,997,567.46 24,952,500.00 40,868.06 -45,067.46Fed National Mortg Assoc 5/28/2013 11/14/2016 0.55 0.57 3,500,000.00 3,498,708.57 3,493,350.00 5,721.53 -5,358.57Fed National Mortg Assoc 5/28/2013 11/14/2016 0.55 0.57 7,513,000.00 7,510,227.85 7,498,725.30 12,281.67 -11,502.55Fed National Mortg Assoc 11/15/2011 11/15/2016 1.38 1.29 15,000,000.00 15,021,269.98 15,189,000.00 60,729.17 167,730.02Fed National Mortg Assoc 1/17/2012 11/15/2016 1.38 1.10 20,000,000.00 20,090,368.93 20,252,000.00 80,972.22 161,631.07Fed National Mortg Assoc 3/14/2013 3/14/2017 0.75 0.75 25,000,000.00 25,000,000.00 24,990,000.00 86,979.17 -10,000.00Fed National Mortg Assoc 3/10/2014 4/20/2017 0.75 0.86 50,000,000.00 49,880,187.05 49,985,000.00 136,458.33 104,812.95Fed National Mortg Assoc 7/17/2013 7/17/2017 1.00 1.01 20,000,000.00 19,993,936.67 20,036,000.00 24,444.44 42,063.33Fed National Mortg Assoc 11/5/2014 8/9/2017 1.05 1.05 20,000,000.00 19,998,233.40 19,966,000.00 12,833.33 -32,233.40Fed National Mortg Assoc 11/27/2013 10/26/2017 0.88 1.07 40,000,000.00 39,796,664.30 39,932,000.00 121,527.78 135,335.70Fed National Mortg Assoc 11/22/2014 11/22/2017 1.00 1.20 31,845,000.00 31,671,444.75 31,845,000.00 87,573.75 173,555.25Fed National Mortg Assoc 11/28/2014 11/28/2017 1.20 1.21 50,000,000.00 49,986,291.67 49,920,000.00 155,000.00 -66,291.67Fed National Mortg Assoc 11/29/2012 11/29/2017 1.00 1.00 31,755,000.00 31,755,000.00 31,529,539.50 81,151.67 -225,460.50Fed National Mortg Assoc 12/18/2014 12/18/2017 0.85 0.85 60,000,000.00 60,000,000.00 59,970,000.00 103,416.67 -30,000.00Fed National Mortg Assoc 12/27/2012 12/27/2017 0.88 0.91 35,000,000.00 34,965,427.78 34,730,500.00 54,444.44 -234,927.78Fed National Mortg Assoc 12/27/2012 12/27/2017 0.75 0.75 25,000,000.00 25,000,000.00 24,985,000.00 33,333.33 -15,000.00Fed National Mortg Assoc 2/21/2015 2/21/2018 1.00 1.00 50,000,000.00 50,000,000.00 50,020,000.00 13,888.89 20,000.00Fed National Mortg Assoc 3/28/2013 3/28/2018 0.80 0.81 50,000,000.00 49,984,625.00 49,660,000.00 170,000.00 -324,625.00Fed National Mortg Assoc 4/30/2013 4/30/2018 1.00 1.01 50,000,000.00 49,988,926.39 49,505,000.00 168,055.56 -483,926.39Fed National Mortg Assoc 4/30/2013 4/30/2018 1.00 1.00 50,000,000.00 50,000,000.00 49,505,000.00 168,055.56 -495,000.00Fed National Mortg Assoc 5/16/2013 4/30/2018 1.00 1.07 25,000,000.00 24,949,721.83 24,752,500.00 84,027.78 -197,221.83Fed National Mortg Assoc 1/22/2014 5/21/2018 0.88 1.53 15,000,000.00 14,694,746.63 14,847,000.00 36,458.33 152,253.37Fed National Mortg Assoc 1/21/2014 9/18/2018 1.88 1.65 30,000,000.00 30,226,387.66 30,630,000.00 254,687.50 403,612.34Fed National Mortg Assoc 1/21/2014 11/27/2018 1.63 1.73 30,000,000.00 29,889,452.23 30,327,000.00 127,291.67 437,547.77FNMA Subtotal 1.03 1.00 889,613,000.00 888,785,023.52 888,718,614.80 2,676,520.30 -66,408.72

FFCBFederal Farm Credit Bank 12/4/2013 12/4/2017 1.20 1.20 50,000,000.00 50,000,000.00 50,005,000.00 145,000.00 5,000.00Federal Farm Credit Bank 2/20/2015 2/20/2018 1.11 1.11 20,000,000.00 20,000,000.00 20,004,000.00 6,783.33 4,000.00Federal Farm Credit Bank 5/21/2014 5/21/2018 1.42 1.42 25,000,000.00 25,000,000.00 25,057,500.00 98,611.11 57,500.00Federal Farm Credit Bank 6/24/2014 6/24/2019 1.97 1.97 20,000,000.00 20,000,000.00 20,080,000.00 73,327.78 80,000.00FFCB Subtotal 1.37 1.37 115,000,000.00 115,000,000.00 115,146,500.00 323,722.22 146,500.00

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FHLBFederal Home Loan Bank 7/13/2010 6/12/2015 2.88 2.09 22,685,000.00 22,731,989.37 22,857,406.00 143,120.30 125,416.63Federal Home Loan Bank 1/21/2014 6/12/2015 0.50 0.20 2,315,000.00 2,316,619.44 2,318,760.09 1,326.48 2,140.65Federal Home Loan Bank 10/8/2010 9/11/2015 1.75 1.40 15,000,000.00 15,026,426.40 15,124,500.00 123,958.33 98,073.60Federal Home Loan Bank 10/8/2010 9/28/2015 1.63 1.40 15,000,000.00 15,018,429.96 15,111,000.00 103,593.75 92,570.04Federal Home Loan Bank 11/28/2014 11/27/2015 0.20 0.20 100,000,000.00 100,000,000.00 99,930,000.01 51,666.66 -69,999.99Federal Home Loan Bank 12/1/2014 12/1/2015 0.13 0.22 50,000,000.00 49,965,200.00 49,940,000.00 15,625.00 -25,200.00Federal Home Loan Bank 12/9/2014 12/9/2015 0.21 0.21 25,000,000.00 25,000,000.00 24,985,000.00 11,958.33 -15,000.00Federal Home Loan Bank 2/26/2014 12/11/2015 1.38 0.30 25,000,000.00 25,208,480.62 25,220,000.00 76,388.89 11,519.38Federal Home Loan Bank 6/13/2011 3/11/2016 3.13 1.72 25,000,000.00 25,345,665.68 25,710,000.00 368,923.61 364,334.32Federal Home Loan Bank 8/10/2011 6/10/2016 2.13 1.48 15,000,000.00 15,117,796.81 15,327,000.00 71,718.75 209,203.19Federal Home Loan Bank 3/24/2014 6/24/2016 0.55 0.57 50,000,000.00 49,985,401.23 49,965,000.00 119,930.56 -20,401.23Federal Home Loan Bank 6/19/2013 12/19/2016 0.75 0.75 25,000,000.00 25,000,000.00 24,960,000.00 37,500.00 -40,000.00Federal Home Loan Bank 11/15/2013 12/28/2016 0.63 0.72 50,000,000.00 49,916,339.27 49,985,000.00 54,687.50 68,660.73Federal Home Loan Bank 3/27/2014 3/27/2017 1.00 1.00 75,000,000.00 75,000,000.00 75,045,000.00 320,833.33 45,000.00Federal Home Loan Bank 12/30/2014 3/30/2017 1.00 1.00 33,105,000.00 33,105,000.00 33,124,863.00 56,094.58 19,863.00Federal Home Loan Bank 3/26/2014 6/26/2017 1.05 1.05 50,000,000.00 50,000,000.00 50,030,000.00 94,791.67 30,000.00Federal Home Loan Bank 12/29/2014 6/29/2017 1.00 1.00 15,000,000.00 15,000,000.00 14,977,500.00 25,833.33 -22,500.00Federal Home Loan Bank 9/20/2012 9/8/2017 0.75 0.86 35,000,000.00 34,906,078.83 34,786,500.00 126,145.83 -119,578.83Federal Home Loan Bank 12/29/2014 12/29/2017 1.25 1.25 25,000,000.00 25,000,000.00 25,052,500.00 53,819.44 52,500.00Federal Home Loan Bank 9/29/2014 12/29/2017 1.00 1.00 25,000,000.00 25,000,000.00 25,015,000.00 105,555.56 15,000.00Federal Home Loan Bank 1/12/2015 1/12/2018 1.30 1.30 25,000,000.00 25,000,000.00 25,140,000.00 44,236.11 140,000.00Federal Home Loan Bank 1/12/2015 1/12/2018 1.30 1.30 25,000,000.00 25,000,000.00 25,140,000.00 44,236.11 140,000.00Federal Home Loan Bank 6/20/2014 6/20/2018 0.85 0.85 50,000,000.00 50,000,000.00 50,010,000.00 83,819.44 10,000.00Federal Home Loan Bank 1/9/2015 12/13/2019 2.38 1.61 20,000,000.00 20,705,418.17 20,752,000.00 102,916.67 46,581.83FHLB Subtotal 0.98 0.86 798,105,000.00 799,348,845.78 800,507,029.10 2,238,680.23 1,158,183.32

FHLMCFed Home Loan Mortg Corp. 8/30/2013 9/18/2015 0.42 0.50 26,000,000.00 25,988,687.18 26,036,400.00 49,443.33 47,712.82Fed Home Loan Mortg Corp. 12/16/2011 1/19/2016 4.75 0.95 15,000,000.00 15,492,932.38 15,592,500.00 83,125.00 99,567.62Fed Home Loan Mortg Corp. 12/24/2014 6/24/2016 0.50 0.50 25,000,000.00 25,000,000.00 25,002,500.00 23,263.89 2,500.00Fed Home Loan Mortg Corp. 10/18/2012 11/1/2016 0.63 0.64 50,000,000.00 49,990,502.41 49,975,000.00 104,166.67 -15,502.41

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Date Date Accr Int Gain/LossFed Home Loan Mortg Corp. 5/29/2013 11/25/2016 0.63 0.63 25,000,000.00 25,000,000.00 24,857,500.00 41,666.67 -142,500.00Fed Home Loan Mortg Corp. 2/26/2014 2/22/2017 0.88 0.73 25,000,000.00 25,071,033.92 25,102,500.00 5,468.75 31,466.08Fed Home Loan Mortg Corp. 1/9/2015 5/12/2017 1.25 0.81 10,000,000.00 10,094,675.10 10,103,000.00 37,847.22 8,324.90Fed Home Loan Mortg Corp. 12/15/2014 6/15/2017 1.01 1.01 25,000,000.00 25,000,000.00 25,047,500.00 53,305.56 47,500.00Fed Home Loan Mortg Corp. 2/26/2014 6/29/2017 1.00 0.91 30,000,000.00 30,060,812.47 30,135,000.00 51,666.67 74,187.53Fed Home Loan Mortg Corp. 12/30/2014 6/30/2017 1.05 1.05 25,000,000.00 25,000,000.00 25,057,500.00 44,479.17 57,500.00Fed Home Loan Mortg Corp. 7/25/2012 7/25/2017 1.00 1.00 20,000,000.00 19,999,040.00 20,030,000.00 20,000.00 30,960.00Fed Home Loan Mortg Corp. 12/19/2014 12/19/2017 0.75 0.75 50,000,000.00 50,000,000.00 50,015,000.00 75,000.00 15,000.00Fed Home Loan Mortg Corp. 2/26/2014 3/7/2018 0.88 1.27 30,000,000.00 29,650,848.38 29,829,000.00 126,875.00 178,151.62Fed Home Loan Mortg Corp. 2/27/2014 6/13/2018 4.88 1.30 25,000,000.00 27,843,948.58 27,945,000.00 264,062.50 101,051.42Fed Home Loan Mortg Corp. 3/18/2014 2/19/2019 1.75 1.72 20,000,000.00 20,015,108.54 19,970,000.00 11,666.67 -45,108.54Fed Home Loan Mortg Corp. 11/21/2014 10/2/2019 1.25 1.79 25,000,000.00 24,414,415.38 24,645,000.00 129,340.28 230,584.62Fed Home Loan Mortg Corp. 12/30/2014 12/30/2019 1.00 1.00 50,000,000.00 50,000,000.00 50,035,000.00 84,722.22 35,000.00FHLMC Subtotal 1.24 0.95 476,000,000.00 478,622,004.34 479,378,400.00 1,206,099.60 756,395.66

Money Market FundsBlack Rock 2/28/2015 3/1/2015 0.02 0.02 28,300,000.00 28,300,000.00 28,300,000.00 661.88 0.00Morgan Stanley 2/28/2015 3/1/2015 0.30 0.30 5,125,000.00 5,125,000.00 5,125,000.00 1,175.27 0.00Morgan Stanley 2/28/2015 3/1/2015 0.01 0.01 780,000.00 780,000.00 780,000.00 178.87 0.00Caltrust 2/28/2015 3/1/2015 0.53 0.53 35,000,000.00 35,000,000.00 35,140,140.00 13,227.38 140,140.00Fidelity 2/28/2015 3/1/2015 0.09 0.09 39,000,000.00 39,000,000.00 39,000,000.00 2,286.37 0.00Money Market Funds Subtotal 0.22 0.22 108,205,000.00 108,205,000.00 108,345,140.00 17,529.77 140,140.00

Negotiable CDBank of Nova Scotia 8/5/2014 3/13/2015 0.23 0.23 35,000,000.00 35,000,000.00 35,000,000.00 46,511.11 0.00Mitsubishi UFJ Financial Group, Inc. 8/5/2014 3/13/2015 0.22 0.22 75,000,000.00 75,000,000.00 75,000,000.00 95,333.33 0.00Bank of Montreal 9/15/2014 3/27/2015 0.20 0.20 50,000,000.00 50,000,000.00 50,000,000.00 46,388.89 0.00Svenska Hndl NY 9/23/2014 3/31/2015 0.22 0.22 40,000,000.00 40,000,000.00 40,000,000.00 38,866.67 0.00Toronto Domin NY 8/12/2014 4/7/2015 0.21 0.21 30,000,000.00 30,000,000.00 30,000,000.00 35,175.00 0.00Bank of Nova Scotia 9/15/2014 4/29/2015 0.25 0.25 25,000,000.00 25,000,000.00 25,000,000.00 28,993.05 0.00Wells Fargo Bank NA 7/14/2014 4/30/2015 0.22 0.22 100,000,000.00 100,000,000.00 100,000,000.00 140,555.55 0.00Mitsubishi UFJ Financial Group, Inc. 9/26/2014 5/4/2015 0.24 0.24 25,000,000.00 25,000,000.00 25,000,000.00 26,000.00 0.00UBS Finance 9/26/2014 5/6/2015 0.26 0.26 25,000,000.00 25,000,000.00 25,000,000.00 28,166.66 0.00

9


Date Date Accr Int Gain/LossToronto Domin NY 10/23/2014 5/6/2015 0.19 0.19 45,000,000.00 45,000,000.00 45,000,000.00 30,637.50 0.00UBS Finance 10/29/2014 5/7/2015 0.24 0.24 25,000,000.00 25,000,000.00 25,000,000.00 20,500.00 0.00Bank of Montreal 11/3/2014 5/7/2015 0.20 0.20 50,000,000.00 50,000,000.00 50,000,000.00 32,777.78 0.00Svenska Hndl NY 9/25/2014 5/8/2015 0.25 0.25 50,000,000.00 50,000,000.00 50,000,000.00 53,423.61 0.00Bank of Montreal 11/3/2014 5/11/2015 0.20 0.20 50,000,000.00 50,000,000.00 50,000,000.00 32,777.78 0.00Mitsubishi UFJ Financial Group, Inc. 2/26/2015 5/15/2015 0.17 0.17 30,000,000.00 30,000,000.00 30,000,000.00 425.00 0.00Rabobank Nederland 10/22/2014 5/22/2015 0.22 0.22 50,000,000.00 50,000,000.00 50,000,000.00 38,819.45 0.00Svenska Hndl NY 11/21/2014 5/22/2015 0.23 0.22 35,000,000.00 35,000,398.17 35,000,000.00 21,875.00 -398.17Svenska Hndl NY 12/8/2014 6/1/2015 0.23 0.22 75,000,000.00 75,000,957.31 75,000,000.00 38,906.25 -957.31Svenska Hndl NY 12/5/2014 6/3/2015 0.24 0.23 100,000,000.00 100,001,304.06 100,000,000.00 56,138.89 -1,304.06Bank of Montreal 12/8/2014 6/8/2015 0.23 0.23 50,000,000.00 50,000,000.00 50,000,000.00 26,513.89 0.00Canadian Imp BK Comm NY 9/17/2014 6/15/2015 0.25 0.25 55,000,000.00 55,000,000.00 55,000,000.00 63,020.83 0.00Bank of Montreal 12/8/2014 6/15/2015 0.23 0.23 50,000,000.00 50,000,000.00 50,000,000.00 26,513.89 0.00Toronto Domin NY 9/17/2014 6/17/2015 0.28 0.28 25,000,000.00 25,000,000.00 25,000,000.00 32,083.33 0.00Svenska Hndl NY 12/16/2014 6/18/2015 0.26 0.25 45,000,000.00 45,001,360.79 45,000,000.00 23,906.25 -1,360.79Bank of Nova Scotia 9/17/2014 6/19/2015 0.26 0.26 45,000,000.00 45,000,000.00 45,000,000.00 53,625.00 0.00Rabobank Nederland 10/22/2014 6/29/2015 0.23 0.23 45,000,000.00 45,000,000.00 45,000,000.00 36,562.50 0.00Canadian Imp BK Comm NY 10/3/2014 6/30/2015 0.25 0.25 50,000,000.00 50,000,000.00 50,000,000.00 51,736.11 0.00Bank of Nova Scotia 1/28/2015 6/30/2015 0.20 0.20 50,000,000.00 50,000,000.00 50,000,000.00 8,888.89 0.00Bank of Nova Scotia 1/29/2015 7/1/2015 0.19 0.19 25,000,000.00 25,000,000.00 25,000,000.00 4,090.28 0.00Toronto Domin NY 2/18/2015 7/1/2015 0.15 0.15 75,000,000.00 75,000,000.00 75,000,000.00 3,437.50 0.00Toronto Domin NY 10/29/2014 7/2/2015 0.23 0.23 70,000,000.00 70,000,000.00 70,000,000.00 55,008.34 0.00Bank of Montreal 11/4/2014 7/2/2015 0.21 0.21 50,000,000.00 50,000,000.00 50,000,000.00 34,125.00 0.00Royal Bank of Canada 12/9/2014 7/2/2015 0.23 0.23 65,000,000.00 65,000,000.00 65,000,000.00 34,052.78 0.00Bank of Nova Scotia 1/26/2015 7/2/2015 0.21 0.21 100,000,000.00 100,000,000.00 100,000,000.00 19,833.33 0.00Toronto Domin NY 12/12/2014 7/13/2015 0.25 0.25 15,000,000.00 15,000,000.00 15,000,000.00 8,229.17 0.00Mitsubishi UFJ Financial Group, Inc. 2/17/2015 7/17/2015 0.25 0.25 50,000,000.00 50,000,000.00 50,000,000.00 4,166.67 0.00Mitsubishi UFJ Financial Group, Inc. 2/17/2015 7/31/2015 0.25 0.25 50,000,000.00 50,000,000.00 50,000,000.00 4,166.67 0.00Royal Bank of Canada 2/19/2015 7/31/2015 0.23 0.23 75,000,000.00 75,000,000.00 75,000,000.00 4,791.67 0.00Wells Fargo Bank NA 1/16/2015 8/3/2015 0.26 0.26 50,000,000.00 50,000,000.00 50,000,000.00 16,611.11 0.00Wells Fargo Bank NA 2/6/2015 8/10/2015 0.25 0.25 25,000,000.00 25,000,000.00 25,000,000.00 3,993.06 0.00Bank of Nova Scotia 12/8/2014 9/1/2015 0.29 0.29 60,000,000.00 60,000,000.00 60,000,000.00 40,116.67 0.00Negotiable CD Subtotal 0.23 0.23 2,040,000,000.00 2,040,004,020.33 2,040,000,000.00 1,367,744.46 -4,020.33

10



Repurchase AgreementsWells Fargo Bank NA 2/28/2015 3/1/2015 0.01 0.01 2,203,446.02 2,203,446.02 2,203,446.02 -1.23 0.00Repurchase Agreements Subtotal 0.00 0.00 2,203,446.02 2,203,446.02 2,203,446.02 -1.23 0.00

US Treasury NotesU.S. Treasury Securities 11/8/2013 3/31/2015 2.50 0.20 15,000,000.00 15,028,304.93 15,025,500.00 156,593.41 -2,804.93U.S. Treasury Securities 7/14/2010 6/30/2015 1.88 1.90 15,000,000.00 14,998,826.19 15,088,500.00 46,616.02 89,673.81U.S. Treasury Securities 10/23/2013 8/31/2015 1.25 0.28 10,000,000.00 10,048,360.18 10,056,000.00 339.67 7,639.82U.S. Treasury Securities 4/12/2011 11/30/2015 1.38 2.17 10,000,000.00 9,943,607.87 10,088,000.00 34,375.00 144,392.13U.S. Treasury Securities 2/12/2014 11/30/2015 1.38 0.30 10,000,000.00 10,080,599.75 10,088,000.00 34,375.00 7,400.25U.S. Treasury Securities 9/22/2011 2/29/2016 2.13 0.71 10,000,000.00 10,139,323.72 10,183,000.00 577.45 43,676.28U.S. Treasury Securities 4/5/2013 5/31/2016 1.75 0.35 15,000,000.00 15,260,102.84 15,256,500.00 65,625.00 -3,602.84U.S. Treasury Securities 9/22/2011 8/31/2016 1.00 0.86 10,000,000.00 10,020,910.66 10,080,000.00 271.74 59,089.34U.S. Treasury Securities 12/12/2011 11/30/2016 0.88 0.87 12,000,000.00 12,000,495.88 12,068,400.00 26,250.00 67,904.12U.S. Treasury Securities 12/24/2014 1/31/2017 0.88 0.79 15,000,000.00 15,023,535.03 15,078,000.00 10,514.50 54,464.97U.S. Treasury Securities 3/12/2012 2/28/2017 0.88 0.90 15,000,000.00 14,991,511.34 15,072,000.00 356.66 80,488.66U.S. Treasury Securities 6/8/2012 5/15/2017 4.50 0.73 15,000,000.00 16,222,596.64 16,240,500.00 197,651.93 17,903.36U.S. Treasury Securities 10/12/2012 7/31/2017 0.50 0.66 15,000,000.00 14,943,923.14 14,889,000.00 6,008.29 -54,923.14U.S. Treasury Securities 12/24/2014 8/31/2017 1.88 1.05 15,000,000.00 15,302,439.32 15,385,500.00 764.27 83,060.68U.S. Treasury Securities 6/7/2013 10/31/2017 1.88 0.87 15,000,000.00 15,393,538.89 15,382,500.00 94,008.98 -11,038.89U.S. Treasury Securities 1/7/2013 12/31/2017 0.75 0.81 15,000,000.00 14,973,970.03 14,910,000.00 18,646.41 -63,970.03U.S. Treasury Securities 12/24/2014 1/31/2018 2.63 1.22 15,000,000.00 15,601,488.61 15,702,000.00 31,543.51 100,511.39U.S. Treasury Securities 6/7/2013 2/28/2018 0.75 0.96 15,000,000.00 14,908,236.49 14,880,000.00 305.71 -28,236.49U.S. Treasury Securities 6/7/2013 5/31/2018 1.00 1.01 15,000,000.00 14,996,558.78 14,944,500.00 37,500.00 -52,058.78U.S. Treasury Securities 2/12/2014 7/31/2018 1.38 1.36 15,000,000.00 15,007,626.54 15,103,500.00 16,522.79 95,873.46U.S. Treasury Securities 11/13/2013 8/31/2018 1.50 1.38 15,000,000.00 15,058,601.44 15,154,500.00 611.41 95,898.56U.S. Treasury Securities 12/5/2013 11/30/2018 1.25 1.45 10,000,000.00 9,928,293.18 9,995,000.00 31,250.00 66,706.82U.S. Treasury Securities 2/20/2014 1/31/2019 1.25 1.52 15,000,000.00 14,849,935.11 14,964,000.00 15,020.72 114,064.89U.S. Treasury Securities 4/17/2014 3/31/2019 1.63 1.65 15,000,000.00 14,983,580.15 15,162,000.00 101,785.71 178,419.85U.S. Treasury Securities 6/16/2014 5/31/2019 1.50 1.70 15,000,000.00 14,876,907.80 15,069,000.00 56,250.00 192,092.20U.S. Treasury Securities 8/21/2014 7/31/2019 1.63 1.63 15,000,000.00 14,993,716.67 15,126,000.00 19,526.93 132,283.33U.S. Treasury Securities 10/24/2014 9/30/2019 1.75 1.50 15,000,000.00 15,164,383.76 15,192,000.00 109,615.38 27,616.24

Issuer Purchase Maturity Coupon YTM Par Value Current Book Market Value Current UnrealizedDate Date Accr Int Gain/Loss

U.S. Treasury Securities 12/8/2014 11/30/2019 1.50 1.68 15,000,000.00 14,874,182.97 15,012,000.00 56,250.00 137,817.03U.S. Treasury Securities 1/9/2015 12/31/2019 1.63 1.50 15,000,000.00 15,085,423.69 15,091,500.00 40,400.55 6,076.31U.S. Treasury Notes Subtotal 1.57 1.11 402,000,000.00 404,700,981.59 406,287,399.99 1,209,557.05 1,586,418.40

Grand Total 0.57 0.51 7,028,489,446.02 7,033,070,434.65 7,037,041,420.13 9,041,806.03 3,970,985.48

11

Investment Inventory with Market Value

• Note: Market Value source is Citigroup Inc.

12

Purchases/Sales/Maturities Deal Instrument Issuer Coupon Transaction Settlement Settlement

Number Type Type Amount Date1106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 1,424,434.70 2/2/20152365 Money Market Funds Black Rock 0.01 Maturity 14,650,000.00 2/2/20152367 Money Market Funds Morgan Stanley 0.06 Maturity 25,000,000.00 2/2/20152414 Negotiable CD Toronto Domin NY 0.18 Maturity 50,000,000.00 2/2/20152513 Money Market Funds Fidelity 0.00 Maturity 25,000,000.00 2/2/20152578 Commercial Paper Mitsubishi UFJ Financial Group, Inc. 0.16 Maturity 85,000,000.00 2/2/20152710 Commercial Paper Natixis US Finance Co. 0.12 Purchase (19,999,933.33) 2/2/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 2,691,232.51 2/3/20152365 Money Market Funds Black Rock 0.01 Maturity 7,750,000.00 2/3/20152367 Money Market Funds Morgan Stanley 0.06 Maturity 25,000,000.00 2/3/20152513 Money Market Funds Fidelity 0.00 Maturity 25,000,000.00 2/3/20152710 Commercial Paper Natixis US Finance Co. 0.12 Maturity 20,000,000.00 2/3/20152711 Commercial Paper Natixis US Finance Co. 0.12 Purchase (59,999,800.00) 2/3/20152712 Commercial Paper Deutsche Bank Securities Inc. 0.12 Purchase (19,999,933.33) 2/3/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 221,582.51 2/4/20152365 Money Market Funds Black Rock 0.01 Maturity 20,375,000.00 2/4/20152367 Money Market Funds Morgan Stanley 0.06 Maturity 25,000,000.00 2/4/20152513 Money Market Funds Fidelity 0.00 Maturity 25,000,000.00 2/4/20152711 Commercial Paper Natixis US Finance Co. 0.12 Maturity 60,000,000.00 2/4/20152712 Commercial Paper Deutsche Bank Securities Inc. 0.12 Maturity 20,000,000.00 2/4/20152713 Commercial Paper Natixis US Finance Co. 0.12 Purchase (99,999,666.67) 2/4/20152714 Commercial Paper Toyota Motor Credit Corp. 0.25 Purchase (34,956,250.00) 2/4/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (5,184,534.18) 2/5/20152365 Money Market Funds Black Rock 0.01 Maturity 7,450,000.00 2/5/20152713 Commercial Paper Natixis US Finance Co. 0.12 Maturity 100,000,000.00 2/5/20152715 Commercial Paper Natixis US Finance Co. 0.12 Purchase (124,999,583.33) 2/5/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 3,279,888.97 2/6/20152365 Money Market Funds Black Rock 0.01 Maturity 20,150,000.00 2/6/20152424 Negotiable CD Wells Fargo Bank NA 0.21 Maturity 100,000,000.00 2/6/20152715 Commercial Paper Natixis US Finance Co. 0.12 Maturity 125,000,000.00 2/6/20152716 Commercial Paper Natixis US Finance Co. 0.12 Purchase (174,997,666.67) 2/6/20152717 Commercial Paper Toyota Motor Credit Corp. 0.24 Purchase (24,970,333.33) 2/6/20152718 Commercial Paper Fortis/BNP Paribas Bank 0.16 Purchase (24,993,333.33) 2/6/2015

13


Number Type Type Amount Date2719 Negotiable CD Wells Fargo Bank NA 0.25 Purchase (25,000,000.00) 2/6/2015115 FHLMC Fed Home Loan Mortg Corp. 2.88 Maturity 20,000,000.00 2/9/2015

1106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (414,320.76) 2/9/20152380 Negotiable CD Canadian Imp BK Comm NY 0.22 Maturity 100,000,000.00 2/9/20152404 Negotiable CD Canadian Imp BK Comm NY 0.22 Maturity 50,000,000.00 2/9/20152720 Commercial Paper Natixis US Finance Co. 0.13 Purchase (124,999,548.61) 2/9/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 1,845,504.00 2/10/20152365 Money Market Funds Black Rock 0.01 Purchase (14,500,000.00) 2/10/20152633 Commercial Paper Fortis/BNP Paribas Bank 0.21 Maturity 20,000,000.00 2/10/20152637 Commercial Paper Fortis/BNP Paribas Bank 0.21 Maturity 32,000,000.00 2/10/20152679 Commercial Paper Fortis/BNP Paribas Bank 0.12 Maturity 15,000,000.00 2/10/20152716 Commercial Paper Natixis US Finance Co. 0.12 Maturity 175,000,000.00 2/10/20152720 Commercial Paper Natixis US Finance Co. 0.13 Maturity 125,000,000.00 2/10/20152721 Commercial Paper Natixis US Finance Co. 0.13 Purchase (339,998,772.22) 2/10/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 410,281.57 2/11/20152367 Money Market Funds Morgan Stanley 0.06 Purchase (8,300,000.00) 2/11/20152721 Commercial Paper Natixis US Finance Co. 0.13 Maturity 340,000,000.00 2/11/20152722 Commercial Paper Natixis US Finance Co. 0.13 Purchase (274,999,006.94) 2/11/20152723 Commercial Paper Fortis/BNP Paribas Bank 0.18 Purchase (31,990,240.00) 2/11/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 625,199.79 2/12/20152367 Money Market Funds Morgan Stanley 0.06 Purchase (8,400,000.00) 2/12/20152442 FDIC CD ACT-360 Vibra Bank 0.40 Maturity 250,000.00 2/12/20152722 Commercial Paper Natixis US Finance Co. 0.13 Maturity 275,000,000.00 2/12/20152724 Commercial Paper Natixis US Finance Co. 0.13 Purchase (259,999,061.11) 2/12/20152751 FDIC CD ACT-360 Vibra Bank 0.40 Purchase (250,000.00) 2/12/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (244,466.87) 2/13/20152367 Money Market Funds Morgan Stanley 0.06 Purchase (13,000,000.00) 2/13/20152392 Negotiable CD Toronto Domin NY 0.20 Maturity 50,000,000.00 2/13/20152445 Commercial Paper Mitsubishi UFJ Financial Group, Inc. 0.21 Maturity 50,000,000.00 2/13/20152576 Commercial Paper ING (US) Funding LLC 0.19 Maturity 65,000,000.00 2/13/20152724 Commercial Paper Natixis US Finance Co. 0.13 Maturity 260,000,000.00 2/13/20152725 Commercial Paper Natixis US Finance Co. 0.13 Purchase (339,995,088.89) 2/13/20152726 Commercial Paper ING (US) Funding LLC 0.23 Purchase (34,979,651.39) 2/13/2015

14


Number Type Type Amount Date2455 FDIC CD ACT-360 East West Bank 0.30 Maturity 250,000.00 2/16/20152752 FDIC CD ACT-360 East West Bank 0.30 Purchase (250,000.00) 2/16/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (2,540,930.18) 2/17/20152365 Money Market Funds Black Rock 0.01 Purchase (20,200,000.00) 2/17/20152446 Negotiable CD UBS Finance 0.25 Maturity 25,000,000.00 2/17/20152581 Commercial Paper ING (US) Funding LLC 0.19 Maturity 50,000,000.00 2/17/20152584 Commercial Paper ING (US) Funding LLC 0.19 Maturity 50,000,000.00 2/17/20152725 Commercial Paper Natixis US Finance Co. 0.13 Maturity 340,000,000.00 2/17/20152727 Commercial Paper Natixis US Finance Co. 0.13 Purchase (309,998,880.56) 2/17/20152728 Negotiable CD Mitsubishi UFJ Financial Group, Inc. 0.25 Purchase (50,000,000.00) 2/17/20152729 Negotiable CD Mitsubishi UFJ Financial Group, Inc. 0.25 Purchase (50,000,000.00) 2/17/20152730 Commercial Paper Natixis US Finance Co. 0.13 Purchase (19,999,783.33) 2/17/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 279,906.47 2/18/20152367 Money Market Funds Morgan Stanley 0.06 Maturity 10,200,000.00 2/18/20152642 Commercial Paper Fortis/BNP Paribas Bank 0.21 Maturity 75,000,000.00 2/18/20152727 Commercial Paper Natixis US Finance Co. 0.13 Maturity 310,000,000.00 2/18/20152731 Commercial Paper Natixis US Finance Co. 0.13 Purchase (299,998,916.67) 2/18/20152732 Commercial Paper Toyota Motor Credit Corp. 0.23 Purchase (49,946,972.22) 2/18/20152733 Negotiable CD Toronto Domin NY 0.15 Purchase (75,000,000.00) 2/18/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 2,852,010.14 2/19/20152367 Money Market Funds Morgan Stanley 0.06 Maturity 10,800,000.00 2/19/20152453 Commercial Paper Toyota Motor Credit Corp. 0.22 Maturity 50,000,000.00 2/19/20152731 Commercial Paper Natixis US Finance Co. 0.13 Maturity 300,000,000.00 2/19/20152734 Commercial Paper Natixis US Finance Co. 0.13 Purchase (299,998,916.67) 2/19/20152735 Negotiable CD Royal Bank of Canada 0.23 Purchase (75,000,000.00) 2/19/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 586,160.43 2/20/20152365 Money Market Funds Black Rock 0.01 Maturity 24,800,000.00 2/20/20152590 Commercial Paper Abbey National 0.23 Maturity 80,000,000.00 2/20/20152730 Commercial Paper Natixis US Finance Co. 0.13 Maturity 20,000,000.00 2/20/20152734 Commercial Paper Natixis US Finance Co. 0.13 Maturity 300,000,000.00 2/20/20152736 Commercial Paper Natixis US Finance Co. 0.13 Purchase (319,996,533.33) 2/20/20152737 Commercial Paper Fortis/BNP Paribas Bank 0.19 Purchase (49,984,430.56) 2/20/20152738 FFCB Federal Farm Credit Bank 1.11 Purchase (20,000,000.00) 2/20/2015

15


Number Type Type Amount Date1106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (4,075,019.47) 2/23/20151497 FNMA CALLABLE PREM Fed National Mortg Assoc 0.83 Maturity 50,000,000.00 2/23/20152352 Commercial Paper Union Bank of California 0.22 Maturity 25,000,000.00 2/23/20152365 Money Market Funds Black Rock 0.01 Maturity 17,000,000.00 2/23/20152367 Money Market Funds Morgan Stanley 0.06 Maturity 23,000,000.00 2/23/20152459 Negotiable CD Canadian Imp BK Comm NY 0.20 Maturity 50,000,000.00 2/23/20152649 Commercial Paper Fortis/BNP Paribas Bank 0.23 Maturity 50,000,000.00 2/23/20152736 Commercial Paper Natixis US Finance Co. 0.13 Maturity 320,000,000.00 2/23/20152739 Commercial Paper Natixis US Finance Co. 0.12 Purchase (334,998,883.33) 2/23/20152740 Commercial Paper Toyota Motor Credit Corp. 0.23 Purchase (44,950,550.00) 2/23/20152741 Commercial Paper ING (US) Funding LLC 0.24 Purchase (74,956,000.00) 2/23/20152750 FNMA CALLABLE PREM Fed National Mortg Assoc 1.00 Purchase (50,000,000.00) 2/23/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 2,864,501.43 2/24/20152413 Commercial Paper Toyota Motor Credit Corp. 0.23 Maturity 50,000,000.00 2/24/20152513 Money Market Funds Fidelity 0.00 Maturity 4,100,000.00 2/24/20152739 Commercial Paper Natixis US Finance Co. 0.12 Maturity 335,000,000.00 2/24/20152742 Commercial Paper Natixis US Finance Co. 0.12 Purchase (319,998,933.33) 2/24/20152743 Commercial Paper Fortis/BNP Paribas Bank 0.19 Purchase (49,984,430.56) 2/24/20152744 Commercial Paper Fortis/BNP Paribas Bank 0.19 Purchase (24,991,819.44) 2/24/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (4,731,209.28) 2/25/20152742 Commercial Paper Natixis US Finance Co. 0.12 Maturity 320,000,000.00 2/25/20152745 Commercial Paper Rabobank Nederland 0.29 Purchase (99,851,958.33) 2/25/20152746 Commercial Paper Natixis US Finance Co. 0.12 Purchase (214,999,283.33) 2/25/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (778,977.99) 2/26/20152357 Commercial Paper Rabobank Nederland 0.22 Maturity 35,000,000.00 2/26/20152492 Negotiable CD Svenska Hndl NY 0.20 Maturity 40,000,000.00 2/26/20152654 Commercial Paper Fortis/BNP Paribas Bank 0.23 Maturity 25,000,000.00 2/26/20152746 Commercial Paper Natixis US Finance Co. 0.12 Maturity 215,000,000.00 2/26/20152747 Commercial Paper Natixis US Finance Co. 0.12 Purchase (289,999,033.33) 2/26/20152748 Commercial Paper Toyota Motor Credit Corp. 0.18 Purchase (34,976,025.00) 2/26/20152749 Negotiable CD Mitsubishi UFJ Financial Group, Inc. 0.17 Purchase (30,000,000.00) 2/26/20151106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 4,517,259.30 2/27/20152513 Money Market Funds Fidelity 0.00 Purchase (14,450,000.00) 2/27/2015

16


Number Type Type Amount Date2747 Commercial Paper Natixis US Finance Co. 0.12 Maturity 290,000,000.00 2/27/20152753 Commercial Paper Natixis US Finance Co. 0.05 Purchase (244,998,979.17) 2/27/20152754 Commercial Paper Fortis/BNP Paribas Bank 0.19 Purchase (99,966,750.00) 2/27/2015

Grand Total 225,578,554.78

17

Cash Flow Analysis San Diego Pooled Money Fund as of February 28, 2015

($000)

Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15Beginning Pool Book Balance 7,288,543 7,033,070 7,114,159 7,829,411 7,119,820 6,471,270 5,836,003

MAIN CASH FLOW ITEMSINFLOWS: Reverse Repos 0 0 0 0 0 0 0 Interest Income On Pool 2,130 3,000 3,000 2,000 1,250 4,000 3,000 Taxes Collected 165,243 500,000 1,300,800 60,000 67,700 50,000 60,000 School Deposits 335,640 400,100 221,000 467,150 355,000 850,000 360,000 County Deposits 296,671 194,395 253,137 238,687 263,000 275,000 280,000 Retirement 0 0 0 0 0 0 0 Voluntaries 1,525 0 12,000 5,113 0 7,500 0 Maturities/Sales Outside Pool 12,474 0 0 0 0 0 0

813,683 1,097,495 1,789,937 772,950 686,950 1,186,500 703,000

OUTFLOWS: Schools 665,652 651,000 560,000 769,581 845,000 970,000 950,000 County 306,318 281,334 305,000 291,000 292,000 405,250 290,000 Retirement 9,952 8,500 7,000 10,960 9,000 407,000 10,500 Voluntaries 32,404 50,572 27,685 50,000 24,500 30,000 45,000 Tax Apportionment 28,106 25,000 175,000 361,000 165,000 9,517 14,000 Reverse Repos 0 0 0 0 0 0 0 Purchases/ Purchases Outside of Pool 500 0 0 0 0 0 0

1,042,932 1,016,406 1,074,685 1,482,541 1,335,500 1,821,767 1,309,500

TOTAL (229,249) 81,089 715,252 (709,591) (648,550) (635,267) (606,500)

PROJECTED/ACTUAL MONTH END POOL BALANCE 7,033,070 7,114,159 7,829,411 7,119,820 6,471,270 5,836,003 5,229,503

LIQUIDITY PROJECTIONS

Maturities 645,000 325,000 761,200 1,010,250 805,000 390,000 Sales/Calls 0 0 0 0 0 0 Investments Purchased 190,000 50,000 56,200 70,250 50,000 35,000

455,000 275,000 705,000 940,000 755,000 355,000

Net Main Cash Flow (see above) (229,249) 81,089 715,252 (709,591) (648,550) (635,267) (606,500)

PROJECTED/ACTUAL MONTH END LIQUIDITY 110,408 646,497 1,636,749 1,632,158 1,923,608 2,043,341 1,791,841

Note: The above is not meant to be a complete Cash Flow Statement. The data represents a subset of the main cash flow items and does not include accrued interest or other adjustment items.

INCREASE / DECREASE DUE TO INVESTMENT ACTIVITY

18

Participant Cash Balances San Diego Pooled Money Fund

as of February 28, 2015 ($000)

FMV FMV FMV % of FMV FMV FMV % ofPARTICIPANT 12/31/14 01/31/15 02/28/15 Total PARTICIPANT 12/31/14 01/31/15 02/28/15 Total

COUNTY 1,795,968$ 836,530$ 930,189$ 13.22% Metropolitan Transit System 3,858 3,670 3,218 0.05%COUNTY - SPECIAL TRUST FUNDS 1,785,394 1,890,762 1,814,392 25.78% Majestic Pines CSD 0 0 0 0.00%NON-COUNTY INVESTMENT FUNDS 211,376 196,809 192,125 2.73% Mission Resource Conservation District 426 430 429 0.01%SCHOOLS - (K THRU 12) 2,783,105 2,992,736 2,801,730 39.81% North County Cemetery District 1,253 1,265 1,288 0.02%

North County Cemetry Perpetual 1,342 1,352 1,360 0.02%COMMUNITY COLLEGES North County Cemetery 1,371 1,399 1,356 0.02%San Diego 310,067 325,335 289,003 4.11% North County Dispatch 3,480 3,161 3,729 0.05%Grossmont 110,494 120,182 111,719 1.59% North County Fire 2,736 2,234 2,226 0.03%Mira Costa 21,645 29,715 36,676 0.52% Otay Water District Investment 12,247 13,227 11,201 0.16%Palomar 106,422 115,271 107,748 1.53% Palomar Resource Conservation District 0 0 0 0.00%Southwestern 114,484 119,626 110,281 1.57% Pine Valley FPD 551 565 568 0.01% Total Community Colleges 663,112 710,129 655,427 9.32% Pomerado Cem Perpetual 0 0 0 0.00%

Pomerado Cemetery District 1,645 1,708 1,693 0.02%SDCERA 621 7,221 3,871 0.06% Ramona Cemetery District 601 602 581 0.01%SANCAL 15,691 14,178 12,881 0.18% Ramona Cemetery Perpetual 359 359 358 0.01%MTDB 707 707 3,897 0.06% Rancho Santa Fe FPD 12,018 13,179 12,675 0.18%SANDAG 164,904 154,774 144,619 2.06% Rincon del Diablo Municipal Water District 2,994 2,991 2,981 0.04%

San Diego Housing Commission 10,001 9,989 9,957 0.14%CITIES San Diego Rural Fire 250 669 38 0.00%Chula Vista 39,304 39,258 39,132 0.56% San Dieguito River -54 -13 -43 0.00%Del Mar 3,032 3,028 3,019 0.04% San Marcos FPD 1 1 1 0.00%Encinitas 2 2 2 0.00% San Miguel FPD 7,940 9,882 10,063 0.14%Lemon Grove 7,082 7,074 7,051 0.10% San Ysidro Sanitation 13 13 13 0.00%National City 5,030 5,024 5,008 0.07% Santa Fe Irrigation District 4,924 4,918 4,902 0.07%

SDC Regional Airport Authority 311,035 296,706 285,148 4.05%INDEPENDENT AGENCIES So County OPS Center 0 0 0 0.00%Alpine FPD 1,103 1,539 1,505 0.02% Spring Valley/Casa de Oro 0 0 0 0.00%Bonita Sunnyside FPD 5,064 5,108 5,158 0.07% Upper San Luis Rey Reservoir 23 24 24 0.00%Borrego Springs FPD 941 1,220 1,256 0.02% Vallecitos Water District 5,083 5,077 5,061 0.07%Deer Springs FPD 7,942 9,224 8,570 0.12% Valley Center FPD 3,517 4,034 3,771 0.05%Fallbrook Public UTL 14 14 14 0.00% Valley Cntr Cemetery 36 41 41 0.00%Grossmont Healthcare District 998 997 994 0.01% Valley Ctr Cem Perpetual 235 236 236 0.00%Public Agency Self Insurance System 3,830 3,825 3,813 0.05% Valley Ctr Water District 17,830 18,155 17,882 0.25%Julian-Cuyamaca FPD 162 140 151 0.00% Vista FPD 2,152 2,153 2,146 0.03%Lake Cuyamaca Rec & Park 178 478 404 0.01% Total Independent Agencies 683,354 671,772 643,179 9.14%Lakeside Fire 7,047 8,075 7,187 0.10%Leucadia Water District 11,367 11,354 11,317 0.16%Lower Sweetwater FPD 468 507 429 0.01% Pooled Money Fund Total 7,922,309$ 7,298,739$ 7,037,042$ 100.00%

19

Pooled Money Fund Participants

San Diego Pooled Money Fund as of February 28, 2015

County Funds39.00%

Non County Funds2.73%

Voluntary Depositors9.14%

Schools39.81%

Community Colleges9.32%

County Funds Non County Funds Voluntary Depositors Schools Community Colleges

Pooled Money Fund - Asset Allocation San Diego Pooled Money Fund

as of February 28, 2015

20

FDIC CDs0.99%

Commercial Paper30.24%

Federal Agency32.45%

Money Market Funds1.53%

Negotiable CD29.01%

Repurchase Agreements0.03%

U.S. Treasury Notes5.75%

FDIC CDs Commercial Paper Federal Agency Money Market Funds Negotiable CD Repurchase Agreements U.S. Treasury Notes

21

Pooled Money Fund Assets - Credit Quality San Diego Pooled Money Fund

as of February 28, 2015

AAA, 1.63%AA+, 38.14%

AA, 0.50%

A-‐1+, 23.52%

A-‐1 , 36.21%

AAA AA+ AA A-‐1+ A-‐1

22

Investment Policy Compliance Standards San Diego Pooled Money Fund

as of February 28, 2015 Category Standard Comment

Treasury Issues No Limit Complies - 5.7%

Agency Issues 35% per issuer Complies - 32.3%

Local Agency Obligations 10% per issuer; 15% max.; SP-1/A or MIG1/A or F1/A minimum rating Complies

Banker’s Acceptances 5% per issuer; 40% max.; A-1 or P-1 or F1 minimum rating Complies

Commercial Paper 5% per issuer maximum; 40% max.; A-1 or P-1 or F1 minimum rating

Complies - 30.1%

Medium Term Notes 5% per issuer; 30% max.; A-1/A or P-1/A or F1/ A minimum rating Complies

Negotiable Certificates of Deposit 5% per issuer; 30% max.; A-1/A or P-1/A or F1/ A minimum rating Complies - 29.3%

Repurchase Agreements 1-year maximum maturity; 10% per issuer>6 days; 15% per issuer <6 days; 40% maximum Complies - 0.0%

Reverse Repurchase Agreements 92-day maximum maturity; 10% per issuer; 20% maximum combined with Securities Lending N/A

Collateralized Certificates of Deposit 1-year maximum maturity; 10% max.; 110% collateral required Complies - 1.0%

Covered Call Option/ Put Option 90-day maximum maturity;10% maximum N/A

Money Market Mutual Funds 10% per fund; 15% maximum; AAAm, or Aaa-mf, or AAAmmf minimum rating Complies - 1.0%

Investment Trust of California - Cal Trust 2.5% maximum Complies - 0.5%

Pass-Through Securities Non-mortgaged backed; 5% per issuer; 20% max.; A-rated issuer; A-1/AA or P-1/Aa or F1/AA minimum issue rating

Complies

Maximum Maturity 5 years Complies

Illiquidity Limitations 20% maximum for combined categories for Local Agency Obligations and Collateralized CDs Complies

Maximum Issuer Exposure 5% per any single issuer involved in more than one of the above categories (does not include repurchase agreements)

Complies*

Maturity Policy - Portfolio Structure Minimum 25% ≤ 90 days; and minimum 50% ≤1 year; maximum effective duration for portfolio 1.5 years Complies

Prohibited Securities Inverse floaters; Ranges notes, Interest-only strips from mortgaged backed securities; Zero interest accrual securities

Complies

Credit Rating Policy - monitoring ratings Overall credit rating of AAAf/S1, by Standard & Poors Complies

Securities Lending 92-day maximum maturity; 5% per loan; 10% per counterparty; 20% maximum combined with Reverse Repurchase Agreements

N/A

* Complied at time of purchase; Porftolio outflows increased concentration in General Electric Co. @ 5.2%

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