City of Los Angeles Office of Finance

Transcription

1 City of Los Angeles Office of Finance INVESTMENT REPORT January 31, 2014 Antoinette Christovale City Treasurer Tom Juarez Chief Investment Officer 200 N. Spring Street Room 220, City Hall Los Angeles, CA (213)

2 ANTOINETTE CHRISTOVALE DIRECTOR of FINANCE CITY TREASURER CITY OF LOS ANGELES CALIFORNIA OFFICE OF FINANCE 200 N. SPRING ST. ROOM 220 CITY HALL LOS ANGELES, CA (213) ERIC GARCETTI MAYOR Honorable Members of City Council of the City of Los Angeles Honorable Members: This is the Investment Report for the month ending January 31, It is provided to ensure the City Council is informed of the Department s activities. It satisfies the recommended reporting requirements of the City of Los Angeles Administrative Code, Chapter 5.1, Article 1, Section 20.90, which addresses the City Council s request for monthly financial information. INVESTMENT ENVIRONMENT 1 The U.S. economy (as measured by the Gross Domestic Product-GDP) grew at an annual rate of 3.2% for the fourth quarter of 2013, which is 1.7% higher than was estimated the previous month. The current anticipated growth rate for all of 2014 is 2.8%, which is 0.2% higher than last month's 2014 full-year forecast. The U.S. unemployment rate for January 2014 was 6.6%, which was lower than last month s rate of 6.7%. The Consumer Price Index (CPI) increased 1.6% for the twelve months ending January Prices are higher, in part, due to higher education and wage costs. U.S. consumer spending, as measured by Retail Sales, increased 2.6% over the past twelve months. 1 Source: Bloomberg Finance L.P.

3 Page 3 The Federal Reserve held the Fed Funds rate within the range of 0.0% and 0.25% at its January 29, 2014 meeting. The Federal Reserve stated, The Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in February, the Committee will add to its holdings of agency mortgage-backed securities at a rate of $30 billion per month rather than $35 billion per month, and will add to its holdings of longerterm Treasury securities at a pace of $35 billion per month rather than $40 billion per month. CURRENT AND FORWARD INTEREST RATES The current U.S. Treasury yield curve is a normal, upwardly sloping curve giving longer term investors more yield as they realize more interest rate risk than shorter term investors. Forward yield curves, which are based upon the current rates, indicate rising short-term and longterm rates in the future. COMPLIANCE Investment transactions were executed in accordance with the California State Government Code and the City s Investment Policy. The City Treasurer believes the General Pool contains sufficient cash flow liquidity to meet the next six months of expected expenditures. REVIEW AND MONITORING FTN Financial Main Street Advisors, the City s investment advisor, currently monitors the Department s investment activities.

4 Page 4 PORTFOLIO CHARACTERISTICS The Office of Finance invests primarily in a variety of fixed income securities in accordance with current policy and guidelines. The following table summarizes the key characteristics of the City s investment portfolios as of January 31, Portfolio Funds Amount of Funds at Market Value Effective Yield Average Weighted Maturity Average Credit Rating Core Portfolio $1,377,970, % 46 Days AA+ Reserve Portfolio $6,223,372, % 2.8 Years AA+ Total Investment Pool $7,601,343, % 2.3 Years AA+ NOTE: Effective yield is a snapshot of how much an investment would yield assuming that when interest is received it is immediately reinvested. It does not include capital gains or losses in its computation. The effective yield of the Core Portfolio excludes that of cash (bank balances). The Average Credit Rating is a weighted average rating using both Standard & Poor s and Moody s, and is expressed in terms of a Standard & Poor s rating. INVESTMENT PERFORMANCE 2 Core Portfolio Reserve Portfolio Combined Portfolio Market Value $1,377,970,904 $6,223,372,707 $7,601,343,611 Total Rate of Return 0.02% 0.46% n/a Benchmark Total Rate of Return 0.01% 0.46% n/a Variance 0.01% 0.00% n/a The City measures investment performance on a total return basis to an established industry recognized benchmark*. The above table summarizes the January 31, 2014 portfolio total rate of return for the City s General Pool. Additional investment information may be found on page 6 through 31 of this report. *The benchmark index for the Reserve Portfolio was changed August 1, This index, which was created in 2013 by Bank of America Merrill Lynch, more closely matches the California State Code and the City s Investment policy in specific regard to corporate medium term notes as compared to the previously used index. 2 Performance is measured as mandated by the Global Investment Performance Standards, which is published by the CFA Institute and is widely accepted as the source of industry standard performance metrics. Section 2.A.1 states that total return, including realized and unrealized gains and losses must be used.

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6 Page 6 GENERAL PORTFOLIO ASSET HOLDINGS January 31, 2014 Description Par Value Market Value Percent of Total Average Days Weighted Years Bank Deposits* $53,696,237 $53,696, % BNYM Sweep Account $0 $0 0.00% L.A.I.F. (State of California) $0 $0 0.00% Subtotal: Cash & Overnight Inv. $53,696,237 $53,696, % CDARS $7,000,000 $7,000, % Commercial Paper $1,054,258,000 $1,054,210, % Negotiable Cert. of Deposit $0 $0 0.00% Corporate Notes $190,450,000 $192,429, % U.S. Federal Agencies $70,000,000 $70,635, % U.S. Treasuries $0 $0 0.00% Subtotal: Pooled Investments $1,321,708,000 $1,324,274, % Total Short-Term Core Portfolio: $1,375,404,237 $1,377,970, % Money Market Funds $0 $0 0.00% Commercial Paper $0 $0 0.00% Negotiable Cert. of Deposit $0 $0 0.00% Corporate Notes $1,217,079,000 $1,395,300, % 1, U.S. Federal Agencies $854,000,000 $856,085, % 1, U.S. Treasuries $4,037,000,000 $3,971,986, % Total Long-Term Reserve Portfolio $6,108,079,000 $6,223,372, % 1, Total Cash & Pooled Investments $7,483,483,237 $7,601,343, % *Collected Balance for Wells Fargo Active Accounts Figures may not total due to rounding

7 Page 7 Description LIQUIDITY SCHEDULE January 31, 2014 Availability Market Value Cumulative Percent of Total Funds L.A.I.F. State of California $0 $0 0% BNYM Sweep Account $0 $0 0% Bank Deposits* $53,696,237 $53,696,237.71% Subtotal $53,696,237.71% Pooled Investments Maturing: Total Cash and Pooled Investments <30 days $951,219,663 $1,004,915, % 31 to 90 days $173,292,950 $1,178,208, % 91 to 180 days $72,240,256 $1,250,449, % 181 to 365 days $127,521,798 $1,377,970, % 1 to 2 years $1,958,427,870 $3,336,398, % 2 to 3 years $1,834,247,648 $5,170,646, % 3 to 4 years $1,395,251,983 $6,565,898, % 4 to 5 years $1,035,445,205 $7,601,343, % $7,601,343,611 *Collected Balance for Wells Fargo Active Accounts. Figures may not total due to rounding

8 Page 8 RESERVE PORTFOLIO SECTOR ALLOCATION January 31, 2014 Sector Allocation Chart - Highlights the portfolio differences versus the benchmark with respect to the percentage of assets in each sector. FIN Financial Services IND Industrial UTIL Utilities AGY- Government Agencies TSY Treasury Notes and Bonds MER 1-5 G/C Merrill Lynch 1-5 year Government and U.S. Corporate A-AAA Index

9 Page 9 RESERVE CREDIT RATINGS and DURATION January 31, 2014 Credit Ratings Chart Highlights the portfolio differences versus the benchmark with respect to percentage of assets in each of the Moody s Credit Ratings allocations. Contribution to Duration Chart Highlights the portfolio differences versus the benchmark based on the contribution to the overall portfolio duration. This measure explains the sensitivity of each sector to changes in interest rates.

10 Page 10 INVESTMENT PERFORMANCE January 31, Month 3 Months FYTD 1 Year 3 Years 5 Years Core Portfolio 0.02% 0.04% 0.11% 0.20% 0.22% 0.31% 3 Month Treasury Bill Index* 0.01% 0.03% 0.06% 0.12% 0.11% 0.14% Variance 0.01% 0.01% 0.05% 0.08% 0.11% 0.17% 1 Month 3 Months FYTD 1 Year 3 Years 5 Years Reserve Portfolio 0.46% 0.19% 1.06% 0.64% 1.67% 2.60% 1-5 Year Govt/Corp Index** 0.46% 0.15% 1.05% 0.62% 1.75% 2.60% Variance 0.00% 0.04% 0.01% 0.02% -0.08% 0.00% 1Y, 3Y, 5Y returns are annualized rates of return *Core Benchmark: Merrill Lynch 3 Month Treasury Bill Index (G0O1). **Reserve Benchmark: Merrill Lynch 1-5 Year Government and U.S. Corporate A-AAA Index (BU10) August 2013 and forward Merrill Lynch 1-5 Year Government and Corporate A-AAA Index (BV10) Prior to August 2013

11 Page 11 SECURITIES LENDING INFORMATION January 31, 2014 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly* $81 $19 $19 $30 $36 $44 $33 FYTD* $81 $100 $119 $149 $185 $229 $262 *Amounts in Thousands Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly* $546 $373 $543 $762 $840 $881 $441 *Amounts in Millions Bank of New York Mellon is the securities lending agent for the City.

12 Page 12 Portfolio: Core Pricing Date: 1/31/2014 Wells Fargo Bank Bank 53,696,237 53,696,237 53,696, BNP Paribas /3/2014 CP A-1 P N1B36 24,000,000 23,999,093 23,999, BNP Paribas /3/2014 CP A-1 P N1B36 25,000,000 24,999,826 24,999, Societe Generale /4/2014 CP A-1 P SB44 40,000,000 39,998,444 39,999, Bank of Tokyo-Mitsubishi /5/2014 CP A-1 P CB59 25,004,000 25,000,222 25,003, Exxon Mobil /5/2014 CP A-1+ P BB55 37,000,000 36,998,150 36,999, Toronto Dominion /5/2014 CP A-1+ P FB58 40,000,000 39,996,889 39,999, Toronto Dominion /5/2014 CP A-1+ P FB58 50,000,000 49,994,125 49,999, Bank of Tokyo-Mitsubishi /6/2014 CP A-1 P CB67 55,000,000 54,995,417 54,998, BNP Paribas /7/2014 CP A-1 P N1B77 30,000,000 29,999,000 29,999, General Electric /10/2014 CP A-1+ P MBA0 50,000,000 49,999,000 49,999, Union Bank /11/2014 CP A-1 P NBB0 35,000,000 34,999,456 34,998, BNP Paribas /12/2014 CP A-1 P N1BC6 37,000,000 36,998,243 36,998, BNP Paribas /13/2014 CP A-1 P N1BD4 25,000,000 24,998,125 24,999, Societe Generale /13/2014 CP A-1 P SBD4 35,000,000 34,998,323 34,998, Bank of Tokyo-Mitsubishi /14/2014 CP A-1 P CBE0 30,000,000 29,998,133 29,998, Bank of Tokyo-Mitsubishi /18/2014 CP A-1 P CBJ9 19,000,000 18,998,417 18,998, Exxon Mobil /19/2014 CP A-1+ P BBK2 55,000,000 54,996,975 54,997, Toyota /19/2014 CP A-1+ P HBK9 25,000,000 24,997,000 24,999, Bank of Tokyo-Mitsubishi /20/2014 CP A-1 P CBL4 49,000,000 48,996,570 48,996, Honda /27/2014 CP A-1 P KBT3 45,250,000 45,246,393 45,247, Honda /27/2014 CP A-1 P KBT3 50,000,000 49,996,014 49,997, BNP Paribas /27/2014 CP A-1 P N1BT9 30,000,000 29,997,000 29,997, BNP Paribas /27/2014 CP A-1 P N1BT9 40,004,000 39,999,722 40,000, Exxon Mobil /27/2014 CP A-1+ P BBT3 100,000,000 99,993,167 99,992, Exxon Mobil /4/2014 CP A-1+ P BC47 25,000,000 24,998,667 24,998, Deutsche Bank /5/2014 CP A-1 P KC54 60,000,000 59,990,133 59,992, Exxon Mobil /6/2014 CP A-1+ P BC62 18,000,000 17,998,980 17,999, Cisco Systems /14/2014 Corp AA- A RAJ1 20,000,000 19,992,052 20,030, , FHLMC Note /23/2014 Agy AA+ Aaa 3137EACB3 50,000,000 50,136,951 50,272, , IBM /12/2014 Corp AA- Aa GW5 20,000,000 19,993,733 20,057,600 54, Manufacturers Bank /15/2014 CDARS 1,000,000 1,000,000 1,000, Bank of New York Mellon /15/2014 Corp A+ A HBL2 15,900,000 16,334,258 16,080, , Johnson & Johnson /15/2014 Corp AAA Aaa AX2 10,000,000 9,996,082 10,023,300 25, Texas Instrument /15/2014 Corp A+ A AQ7 10,000,000 9,995,802 10,029,500 29, Google /19/2014 Corp AA Aa PAA0 5,000,000 4,999,617 5,016,450 12,

13 Page 13 Portfolio: Core (Cont.) Caterpillar /27/2014 Corp A A BU4 10,000,000 9,997,467 10,033,100 24, FNMA Note /16/2014 Agy AA+ Aaa 31398AYY2 20,000,000 20,301,895 20,363, , Honda /19/2014 Corp A+ A QJ53 30,000,000 29,995,396 30,309, , PACCAR /29/2014 Corp A+ A RK39 10,000,000 9,996,300 10,084,300 52, US Bancorp /30/2014 Corp A+ A HKP7 10,000,000 10,192,015 10,348, , John Deere /2/2014 Corp A A ERK7 10,000,000 9,995,700 10,074,400 20, Blackrock /10/2014 Corp A+ A XAD3 10,000,000 10,001,937 10,264,500 49, Blackrock /10/2014 Corp A+ A XAD3 14,550,000 14,540,655 14,934,848 72, California United Bank /11/2014 CDARS 1,000,000 1,000,000 1,000, Proamerica Bank /11/2014 CDARS 5,000,000 5,000,000 5,000,000 2, General Dynamics /15/2015 Corp A A AS7 15,000,000 14,993,159 15,142,050 9, ,375,404,237 1,376,340,738 1,377,970,904 1,515, Portfolio: Reserve Pricing Date: 1/31/2014 FHLMC Note /9/2015 Agy AA+ Aaa 3137EACH0 25,000,000 26,303,750 25,688, , Wells Fargo /9/2015 Corp A+ A VAA6 15,000,000 15,606,900 15,633, , AT&T /13/2015 Corp A- A RBB7 10,000,000 9,992,900 10,023,800 40, Wells Fargo /13/2015 Corp A+ A BFA3 20,000,000 19,943,200 20,161, , US Treasury Note /15/2015 Tsy AA+ Aaa SE1 50,000,000 50,011,719 50,049,000 57, Toyota /17/2015 Corp AA- Aa P5Z5 20,000,000 19,970,000 20,147,600 91, US Treasury Note /28/2015 Tsy AA+ Aaa MR8 25,000,000 26,340,820 25,587, , US Treasury Note /28/2015 Tsy AA+ Aaa MR8 55,000,000 57,979,883 56,291, , Pepsico /5/2015 Corp A- A BX5 5,000,000 4,997,800 5,021,100 15, Coca Cola /13/2015 Corp AA- Aa AX8 20,000,000 19,977,600 20,108,200 57, JP Morgan /20/2015 Corp A A EJP5 20,000,000 19,986,000 20,260, , US Treasury Note /31/2015 Tsy AA+ Aaa MW7 80,000,000 84,800,000 82,144, , US Treasury Note /15/2015 Tsy AA+ Aaa SP6 30,000,000 30,093,750 30,072,600 33, US Treasury Note /30/2015 Tsy AA+ Aaa MZ0 10,000,000 10,013,281 10,287,500 64, US Treasury Note /30/2015 Tsy AA+ Aaa MZ0 25,000,000 25,080,078 25,718, , US Treasury Note /30/2015 Tsy AA+ Aaa MZ0 60,000,000 63,937,500 61,725, , McDonald's /29/2015 Corp A A MEP5 7,000,000 6,980,750 7,045,080 9, US Treasury Note /31/2015 Tsy AA+ Aaa NF3 20,000,000 20,026,563 20,510,200 73, US Treasury Note /31/2015 Tsy AA+ Aaa NF3 25,000,000 25,993,164 25,637,750 91,

14 Page 14 Portfolio: Reserve (Cont.) US Treasury Note /31/2015 Tsy AA+ Aaa NF3 50,000,000 52,185,547 51,275, , Blackrock /1/2015 Corp A+ A XAK7 5,000,000 4,994,250 5,066,900 11, PACCAR /5/2015 Corp A+ A RK62 4,000,000 3,996,120 4,035,640 6, TVA Note /15/2015 Agy AA+ Aaa DY5 25,000,000 27,916,000 26,407, , Toyota /17/2015 Corp AA- Aa P4B9 15,000,000 14,981,400 15,555,150 58, General Electric /29/2015 Corp AA+ A G4L5 10,000,000 9,985,900 10,409,400 31, John Deere /29/2015 Corp A A ERS0 8,000,000 7,997,840 8,062,480 6, US Treasury Note /30/2015 Tsy AA+ Aaa NL0 40,000,000 41,709,375 40,936,000 66, US Treasury Note /30/2015 Tsy AA+ Aaa NL0 60,000,000 60,178,125 61,404,000 99, US Treasury Note /30/2015 Tsy AA+ Aaa VH0 15,000,000 15,039,255 15,038,100 4, Wells Fargo /1/2015 Corp A+ A BFE5 10,000,000 10,179,100 10,134,800 12, Wells Fargo /1/2015 Corp A+ A BFE5 20,000,000 19,960,800 20,269,600 25, Wal-Mart /8/2015 Corp AA Aa CT8 10,000,000 9,969,500 10,267,000 14, Ebay /15/2015 Corp A A AD5 1,000,000 1,000,000 1,004, US Bancorp /27/2015 Corp A+ A HGX2 3,000,000 2,997,060 3,084, US Bancorp /27/2015 Corp A+ A HGX2 10,000,000 9,911,700 10,280,800 2, US Treasury Note /31/2015 Tsy AA+ Aaa NP1 5,000,000 5,054,102 5,113, US Treasury Note /31/2015 Tsy AA+ Aaa NP1 15,000,000 15,226,172 15,340, US Treasury Note /31/2015 Tsy AA+ Aaa NP1 20,000,000 20,748,438 20,453, US Treasury Note /31/2015 Tsy AA+ Aaa NP1 50,000,000 51,822,266 51,134,500 2, AT&T /15/2015 Corp A- A RAV4 5,000,000 4,984,700 5,135,800 57, US Treasury Note /31/2015 Tsy AA+ Aaa NV8 10,000,000 10,259,375 10,158,600 53, US Treasury Note /31/2015 Tsy AA+ Aaa NV8 25,000,000 25,582,031 25,396, , US Treasury Note /31/2015 Tsy AA+ Aaa NV8 50,000,000 49,781,250 50,793, , US Treasury Note /31/2015 Tsy AA+ Aaa VU1 50,000,000 49,984,375 50,105,500 79, Microsoft Corp /25/2015 Corp AAA Aaa AG9 10,000,000 9,956,100 10,206,600 56, FNMA Note /28/2015 Agy AA+ Aaa 3135G0NV1 20,000,000 20,069,560 20,060,800 34, FNMA Note /28/2015 Agy AA+ Aaa 3135G0NV1 25,000,000 24,978,500 25,076,000 42, US Treasury Note /30/2015 Tsy AA+ Aaa NZ9 50,000,000 51,238,281 50,812, , US Treasury Note /30/2015 Tsy AA+ Aaa NZ9 50,000,000 50,863,281 50,812, , US Treasury Note /30/2015 Tsy AA+ Aaa NZ9 50,000,000 50,863,281 50,812, , Ebay /15/2015 Corp A A AB9 5,000,000 4,981,500 5,096,500 23, JP Morgan /15/2015 Corp A A EJR1 20,000,000 19,991,800 20,085,600 64, United Health Group /15/2015 Corp A A PBX9 5,000,000 4,998,850 5,024,450 12, US Treasury Note /15/2015 Tsy AA+ Aaa TT7 65,000,000 64,875,586 64,979,850 48, US Treasury Note /31/2015 Tsy AA+ Aaa PE4 30,000,000 30,714,844 30,505,200 96, US Treasury Note /31/2015 Tsy AA+ Aaa PE4 50,000,000 50,976,563 50,842, ,

15 Page 15 Portfolio: Reserve (Cont.) US Treasury Note /31/2015 Tsy AA+ Aaa WB2 80,000,000 79,906,250 79,968,800 51, Colgate-Palmolive /1/2015 Corp AA- Aa QDQ0 10,000,000 9,924,800 10,149,600 34, General Electric /9/2015 Corp AA+ A G4T8 15,000,000 14,988,750 15,441,000 76, Coca Cola /15/2015 Corp AA- Aa AP5 5,000,000 4,988,500 5,096,450 15, Southern Company /15/2015 Corp A A JZ5 5,000,000 4,996,450 5,004,900 6, Proctor & Gamble /15/2015 Corp AA- Aa DS5 5,000,000 4,959,100 5,120,300 19, FFCB Note /16/2015 Agy AA+ Aaa 31331J2S1 7,000,000 6,987,540 7,148,470 21, FFCB Note /16/2015 Agy AA+ Aaa 31331J2S1 10,000,000 9,982,200 10,212,100 31, Goldman Sachs /23/2015 Corp A- Baa EB32 20,000,000 20,111,200 20,228,000 60, US Treasury Note /30/2015 Tsy AA+ Aaa PJ3 55,000,000 54,821,680 56,074, , US Treasury Note /30/2015 Tsy AA+ Aaa PJ3 85,000,000 87,476,953 86,660, , Charles Schwab /4/2015 Corp A A AH8 5,000,000 5,000,000 5,006,350 6, FHLB Note /11/2015 Agy AA+ Aaa C28 30,000,000 30,144,690 31,101,900 98, US Treasury Note /31/2015 Tsy AA+ Aaa PM6 90,000,000 90,101,953 93,079, , Toyota /11/2016 Corp AA- Aa P4R4 15,000,000 14,979,150 15,636,450 23, US Treasury Note /31/2016 Tsy AA+ Aaa PS3 30,000,000 31,524,609 30,989,100 1, US Treasury Note /31/2016 Tsy AA+ Aaa PS3 37,000,000 37,059,258 38,219,890 2, Microsoft Corp /8/2016 Corp AAA Aaa AK0 5,000,000 4,987,650 5,196,550 60, Praxair /21/2016 Corp A A PBE3 20,275,000 20,262,430 20,303,993 67, FHLMC Note /24/2016 Agy AA+ Aaa 3134G3LN8 25,000,000 25,057,500 25,013, , FHLB Note /26/2016 Agy AA+ Aaa Q56 25,000,000 25,034,750 26,130, , JP Morgan /26/2016 Corp A A EJU4 15,000,000 14,981,850 15,041,250 72, US Treasury Note /29/2016 Tsy AA+ Aaa QJ2 30,000,000 30,236,719 31,087, , FHLB Note /11/2016 Agy AA+ Aaa 3133XXP43 25,000,000 26,660,000 26,393, , Medtronic /15/2016 Corp AA- A AU0 15,000,000 14,932,350 15,600, , US Treasury Note /31/2016 Tsy AA+ Aaa KT6 20,000,000 20,964,844 20,850, , US Treasury Note /31/2016 Tsy AA+ Aaa QA1 35,000,000 36,983,789 36,389, , Caterpillar /1/2016 Corp A A L4S7 5,000,000 4,991,150 5,207,150 44, Caterpillar /1/2016 Corp A A L4S7 10,000,000 9,977,700 10,414,300 88, US Treasury Note /30/2016 Tsy AA+ Aaa QF0 20,000,000 20,966,406 20,700, , US Treasury Note /30/2016 Tsy AA+ Aaa QF0 25,000,000 25,234,375 25,875, , US Treasury Note /30/2016 Tsy AA+ Aaa QF0 50,000,000 50,787,109 51,750, , US Treasury Note /30/2016 Tsy AA+ Aaa QF0 75,000,000 75,041,016 77,625, , Apple /3/2016 Corp AA+ Aa AH3 5,000,000 4,990,950 4,984,450 5, General Electric /9/2016 Corp AA+ A G5C4 35,000,000 34,932,100 36,634, , Pepsico /10/2016 Corp A- A BT4 10,000,000 9,990,700 10,377,600 56, Univ. of California /15/2016 Agy AA Aa GPX7 2,500,000 2,500,000 2,506,525 3,

16 Page 16 Portfolio: Reserve (Cont.) Johnson & Johnson /15/2016 Corp AAA Aaa AY0 15,000,000 14,954,250 15,559,950 68, Texas Instrument /16/2016 Corp A+ A AR5 5,000,000 4,994,650 5,192,650 25, Toyota /17/2016 Corp AA- Aa TAL9 10,000,000 9,995,900 10,031,700 16, Merck & Co /18/2016 Corp AA A YAD7 10,000,000 9,997,300 10,009,100 14, Google /19/2016 Corp AA Aa PAC6 5,000,000 4,972,700 5,183,550 21, FHLMC Note /27/2016 Agy AA+ Aaa 3137EACT4 25,000,000 25,702,075 26,180, , US Treasury Note /31/2016 Tsy AA+ Aaa QP8 25,000,000 26,043,945 25,748,000 75, US Treasury Note /31/2016 Tsy AA+ Aaa QP8 35,000,000 36,084,180 36,047, , US Treasury Note /31/2016 Tsy AA+ Aaa QP8 50,000,000 50,169,922 51,496, , Baxter International /1/2016 Corp A A BH1 5,000,000 4,995,200 5,016,100 7, John Deere /7/2016 Corp A A ERC5 15,000,000 14,970,450 15,531,450 50, US Treasury Note /30/2016 Tsy AA+ Aaa QR4 20,000,000 20,663,281 20,484,400 26, US Treasury Note /30/2016 Tsy AA+ Aaa QR4 85,000,000 85,524,609 87,058, , General Dynamics /15/2016 Corp A A AQ1 10,000,000 9,987,700 10,365,200 10, IBM /22/2016 Corp AA- Aa GX3 8,000,000 7,954,240 8,243,920 3, American Express /29/2016 Corp A- A2 0258M0DG1 10,000,000 9,997,700 10,088, US Treasury Note /31/2016 Tsy AA+ Aaa QX1 25,000,000 25,923,828 25,609,500 1, US Treasury Note /31/2016 Tsy AA+ Aaa QX1 30,000,000 30,168,750 30,731,400 1, US Treasury Note /31/2016 Tsy AA+ Aaa QX1 35,000,000 35,954,297 35,853,300 1, US Treasury Note /31/2016 Tsy AA+ Aaa QX1 40,000,000 40,985,938 40,975,200 1, Daimler Finance /1/2016 Corp A- A AZ7 5,000,000 4,994,750 5,037,950 36, Air Products & Chemicals /2/2016 Corp A A AQ9 3,000,000 2,984,130 3,076,650 29, FHLMC Note /25/2016 Agy AA+ Aaa 3137EACW7 50,000,000 52,382,000 51,746, , US Treasury Note /31/2016 Tsy AA+ Aaa RF9 60,000,000 60,581,250 60,679, , US Treasury Note /31/2016 Tsy AA+ Aaa RF9 85,000,000 85,229,102 85,963, , Honda /20/2016 Corp A+ A QJ61 25,000,000 24,998,750 26,106, , FNMA Note /28/2016 Agy AA+ Aaa 3135G0CM3 50,000,000 51,088,550 50,791, , M /29/2016 Corp AA- Aa YAD3 5,000,000 4,957,800 5,081,850 23, US Treasury Note /30/2016 Tsy AA+ Aaa RJ1 100,000, ,765, ,086, , US Treasury Note /31/2016 Tsy AA+ Aaa RM4 20,000,000 20,130,469 20,203,200 51, US Treasury Note /31/2016 Tsy AA+ Aaa RM4 30,000,000 30,455,859 30,304,800 77, US Treasury Note /31/2016 Tsy AA+ Aaa RM4 30,000,000 30,208,594 30,304,800 77, US Treasury Note /31/2016 Tsy AA+ Aaa RM4 35,000,000 34,953,516 35,355,600 89, Becton Dickinson /8/2016 Corp A A BB4 8,000,000 7,997,360 8,206,960 32, US Bancorp /15/2016 Corp A+ A HHB9 5,000,000 4,987,200 5,169,800 23, Caterpillar /25/2016 Corp A A L5W7 10,000,000 9,992,100 10,016,600 18, US Treasury Note /30/2016 Tsy AA+ Aaa MA5 65,000,000 70,664,648 68,818, ,

17 Page 17 Portfolio: Reserve (Cont.) US Treasury Note /31/2016 Tsy AA+ Aaa RX0 10,000,000 9,980,859 10,054,700 7, US Treasury Note /31/2016 Tsy AA+ Aaa RX0 35,000,000 35,537,305 35,191,450 27, US Treasury Note /31/2016 Tsy AA+ Aaa RX0 35,000,000 35,550,977 35,191,450 27, Pfizer /15/2017 Corp AA A DD2 20,000,000 19,968,000 19,994,000 8, FNMA Note /30/2017 Agy AA+ Aaa 3135G0GY3 30,000,000 30,497,520 30,416,700 1, FNMA Note /30/2017 Agy AA+ Aaa 3135G0GY3 80,000,000 81,599,920 81,111,200 2, Manufactures & Traders Trust /30/2017 Corp A A HAD2 10,000,000 9,999,100 9,991, Berkshire Hathaway /31/2017 Corp AA Aa BD9 25,000,000 24,998,750 25,660,000 1, US Treasury Note /31/2017 Tsy AA+ Aaa SC5 10,000,000 9,972,266 10,044, US Treasury Note /31/2017 Tsy AA+ Aaa SC5 35,000,000 35,560,547 35,155, IBM /6/2017 Corp AA- Aa HC8 7,000,000 6,968,990 7,061,950 42, AT&T /15/2017 Corp A- A RBC5 10,000,000 9,988,000 10,079,800 73, Walt Disney /15/2017 Corp A A PCS3 10,000,000 9,904,000 10,043,100 51, FHLMC Note /22/2017 Agy AA+ Aaa 3137EADT3 25,000,000 24,959,750 25,046,750 6, US Treasury Note /28/2017 Tsy AA+ Aaa SJ0 40,000,000 39,996,875 40,137, , US Treasury Note /28/2017 Tsy AA+ Aaa MS6 50,000,000 55,162,109 53,390, , FHLMC Note /8/2017 Agy AA+ Aaa 3137EADC0 25,000,000 24,881,250 25,150,000 99, John Deere /15/2017 Corp A A ERN1 20,000,000 19,994,200 20,176, , PACCAR /15/2017 Corp A+ A RK54 10,000,000 9,998,100 10,018,000 60, Philip Morris /20/2017 Corp A A AN9 8,754,000 8,946,150 8,894,677 51, US Treasury Note /31/2017 Tsy AA+ Aaa SM3 15,000,000 15,260,156 15,093,750 51, US Treasury Note /31/2017 Tsy AA+ Aaa SM3 25,000,000 24,995,117 25,156,250 85, US Treasury Note /31/2017 Tsy AA+ Aaa SM3 40,000,000 40,401,563 40,250, , US Treasury Note /31/2017 Tsy AA+ Aaa SM3 60,000,000 60,930,469 60,375, , FNMA Note /27/2017 Agy AA+ Aaa 3135G0JA2 40,000,000 40,834,000 40,276, , General Electric /27/2017 Corp AA+ A G5W0 10,000,000 9,986,900 10,314,900 60, FHLMC Note /12/2017 Agy AA+ Aaa 3137EADF3 50,000,000 51,124,300 50,547, , Univ. of California /15/2017 Agy AA Aa GPY5 2,500,000 2,500,000 2,492,625 5, Altera /15/2017 Corp A- Baa AD2 8,050,000 8,077,934 8,098,542 29, Berkshire Hathaway /15/2017 Corp AA Aa BS9 3,000,000 2,997,690 3,050,070 10, Berkshire Hathaway /15/2017 Corp AA Aa BS9 10,000,000 10,183,900 10,166,900 33, US Bancorp /15/2017 Corp A+ A HHD5 10,000,000 9,981,300 10,146,800 34, Toyota /22/2017 Corp AA- Aa P6D3 10,000,000 9,963,400 10,183,700 33, AT&T /1/2017 Corp A- A RBF8 15,000,000 14,970,900 15,130,650 42, Uniteted Tech /1/2017 Corp A A BU2 3,000,000 2,997,420 3,063,330 9, FHLB Note /21/2017 Agy AA+ Aaa DD8 12,000,000 11,960,640 12,035,040 13, Caterpillar /26/2017 Corp A A BZ3 3,000,000 2,996,400 3,025,800 4,

18 Page 18 Portfolio: Reserve (Cont.) US Treasury Note /30/2017 Tsy AA+ Aaa TB6 25,000,000 24,591,797 24,863,250 16, US Treasury Note /30/2017 Tsy AA+ Aaa TB6 50,000,000 50,046,875 49,726,500 33, Ebay /15/2017 Corp A A AG8 3,000,000 2,998,290 3,000,990 1, FHLMC Note /28/2017 Agy AA+ Aaa 3137EADJ5 10,000,000 9,974,800 9,992, US Treasury Note /31/2017 Tsy AA+ Aaa NR7 50,000,000 53,923,828 52,437,500 3, BB&T /15/2017 Corp A- A FAL7 5,000,000 4,990,900 5,018,350 36, US Treasury Note /31/2017 Tsy AA+ Aaa NW6 125,000, ,416, ,906, , FHLMC Note /29/2017 Agy AA+ Aaa 3137EADL0 50,000,000 50,461,000 49,655, , US Treasury Note /30/2017 Tsy AA+ Aaa PA2 35,000,000 37,147,852 36,072, , US Treasury Note /30/2017 Tsy AA+ Aaa PA2 75,000,000 79,066,406 77,297, , United Parcel /1/2017 Corp A+ Aa AP1 2,000,000 1,996,700 1,996,060 7, NYSE Euronext /5/2017 Corp A A AB7 7,000,000 6,976,830 7,106,750 45, Toyota /5/2017 Corp AA- Aa P6S0 7,000,000 6,995,942 6,967,450 28, Oracle /15/2017 Corp A+ A XAN5 15,000,000 14,974,050 14,935,050 53, FNMA Note /26/2017 Agy AA+ Aaa 3135G0PQ0 15,000,000 14,999,250 14,837,850 34, US Treasury Note /31/2017 Tsy AA+ Aaa PF1 75,000,000 77,689,453 77,297, , Caterpillar /6/2017 Corp A A L5J6 5,000,000 4,993,250 63,773,400 14, US Treasury Note /30/2017 Tsy AA+ Aaa PK0 115,000, ,204,492 4,972, , National Oilwell Varco /1/2017 Corp A A AL5 3,000,000 2,997, ,031,250 6, Chevron /5/2017 Corp AA Aa AA8 7,000,000 7,000,000 2,975,550 12, Costco /15/2017 Corp A+ A KAE5 16,000,000 15,996,800 6,933,220 23, Intel /15/2017 Corp A+ A AL4 15,000,000 14,984,100 15,817,120 25, Sherwin-Williams /15/2017 Corp A A AP1 15,000,000 14,980,350 14,966,100 25, FNMA Note /20/2017 Agy AA+ Aaa 3135G0RT2 25,000,000 24,888,750 14,804,400 24, US Treasury Note /31/2017 Tsy AA+ Aaa PN4 60,000,000 63,820,320 24,664, , BB&T /12/2018 Corp A- A FAM5 12,000,000 11,985,120 11,842,560 9, JP Morgan /25/2018 Corp A A HJG6 25,000,000 24,983,250 24,955,500 7, IBM /8/2018 Corp AA- Aa HK0 10,000,000 9,954,200 9,889,000 60, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 100,000, ,789, ,305,000 1,169, FHLMC Note /7/2018 Agy AA+ Aaa 3137EADP1 25,000,000 24,945,000 24,532,000 87, Coca Cola /1/2018 Corp AA- Aa BA7 5,000,000 4,989,200 4,922,450 19, Medtronic /1/2018 Corp AA- A BA3 5,000,000 4,992,500 4,959,550 22, Stryker /1/2018 Corp A+ A AD3 20,000,000 19,913,000 19,714,600 86, Microsoft Corp /1/2018 Corp AAA Aaa AS3 5,000,000 4,996,850 4,916,600 12, Texas Instrument /1/2018 Corp A+ A AV6 10,000,000 9,907,000 9,764,400 25, Apple /3/2018 Corp AA+ Aa AJ9 10,000,000 9,963,100 9,748,000 24, Univ. of California /15/2018 Agy AA Aa GPZ2 5,000,000 5,000,000 4,941,150 13,

19 Page 19 Portfolio: Reserve (Cont.) JP Morgan /15/2018 Corp A A HJL5 15,000,000 14,975,700 14,790,600 51, State Street /15/2018 Corp A+ A AK9 6,000,000 5,994,240 5,868,240 17, Merck & Co /18/2018 Corp AA A YAG0 5,000,000 4,988,450 4,938,750 13, US Treasury Note /31/2018 Tsy AA+ Aaa VE7 40,000,000 39,151,563 39,525,200 69, Baxter International /15/2018 Corp A A BJ7 5,000,000 4,999,500 5,011,100 11, Pfizer /15/2018 Corp AA A DG5 5,000,000 4,997,100 4,981,800 9, Wisconsin Electric Power /15/2018 Corp A- A CF3 10,000,000 10,000,000 9,963,700 21, BB&T /19/2018 Corp A- A FAN3 5,000,000 4,992,700 5,012,900 11, Chevron /24/2018 Corp AA Aa AE0 10,000,000 10,000,000 10,050,300 17, US Treasury Note /30/2018 Tsy AA+ Aaa VK3 40,000,000 40,262,500 40,103,200 48, US Treasury Note /30/2018 Tsy AA+ Aaa VK3 100,000,000 99,777, ,258, , Goldman Sachs /19/2018 Corp A- Baa MAA3 10,000,000 9,991,700 10,219,900 9, Charles Schwab /25/2018 Corp A A AJ4 5,000,000 4,998,600 5,053,050 1, US Treasury Note /31/2018 Tsy AA+ Aaa QY9 100,000, ,031, ,031,000 6, Daimler Finance /1/2018 Corp A- A BA1 5,000,000 4,987,600 5,061,450 59, US Treasury Note /31/2018 Tsy AA+ Aaa RE2 125,000, ,423, ,683, , Home Depot /10/2018 Corp A A BB7 5,000,000 4,992,950 5,110,950 44, FNMA Note /18/2018 Agy AA+ Aaa 3135G0YM9 10,000,000 9,982,700 10,144,800 69, FNMA Note /18/2018 Agy AA+ Aaa 3135G0YM9 25,000,000 25,022,500 25,362, , US Treasury Note /30/2018 Tsy AA+ Aaa RH5 75,000,000 75,263,672 74,889, , Honda /10/2018 Corp A+ A WAC5 5,000,000 4,980,700 5,068,800 32, TVA Note /15/2018 Agy AA+ Aaa EQ1 20,000,000 19,904,800 20,129, , BB&T /15/2018 Corp A A NAD7 5,000,000 4,999,000 5,048,800 39, Intercontinental Exg /15/2018 Corp A A FAB0 3,000,000 2,997,330 3,055,140 23, Coca Cola /1/2018 Corp AA- Aa BF6 22,000,000 21,968,540 21,963,260 90, Monsanto /15/2018 Corp A+ A WAM3 7,000,000 6,990,270 7,000,980 30, US Bancorp /15/2018 Corp A+ A HHE3 5,000,000 4,993,800 5,014,150 22, FNMA Note /27/2018 Agy AA+ Aaa 3135G0YT4 35,000,000 34,865,950 34,955, , AT&T /27/2018 Corp A- A RCA8 10,000,000 10,000,000 10,080,900 42, Johnson & Johnson /5/2018 Corp AAA Aaa BG8 10,000,000 9,978,000 10,061,800 25, Microsoft Corp /6/2018 Corp AAA Aaa AV6 15,000,000 14,913,450 14,957,100 37, John Deere /13/2018 Corp A A ESF7 6,000,000 5,987,220 6,020,280 15, Wells Fargo /15/2019 Corp A+ A BFQ8 15,000,000 14,967,150 15,023,250 14, Toyota /17/2019 Corp AA- Aa TBB0 15,000,000 14,987,250 15,093,900 12, Manufactures & Traders Trust /30/2019 Corp A A HAE0 6,000,000 5,989,860 6,032,

20 Page 20 Portfolio: Reserve (Cont.) US Treasury Note /31/2019 Tsy AA+ Aaa B33 25,000,000 24,998,048 24,988,250 1, FNMA Note /19/2019 Agy AA+ Aaa 3135G0ZA4 25,000,000 24,879,500 25,199,250 23, ,108,079,000 6,226,263,491 6,223,372,707 23,028, Portfolio: Wastewater 208 Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf 2,870 2,870 2, FNMA DN /3/2014 Agy A-1+ P SQ7 8,500,000 8,494,052 8,500, FHLB DN /4/2014 Agy A-1+ P SR8 12,285,000 12,284,376 12,285, BNP Paribas /4/2014 CP A-1 P N1B44 11,000,000 10,999,850 10,999, Toronto Dominion /4/2014 CP A-1+ P FB41 10,402,000 10,399,400 10,401, Union Bank /4/2014 CP A-1 P NB46 5,000,000 4,999,961 4,999, Toronto Dominion /11/2014 CP A-1+ P FBB5 8,261,000 8,257,868 8,260, US Treasury Bill /13/2014 Tsy A-1+ P BY4 7,905,000 7,903,979 7,905, General Electric /25/2014 CP A-1+ P JBR3 8,811,000 8,808,920 8,810, Wells Fargo /25/2014 CP A-1 P F1BR0 10,405,000 10,400,832 10,404, FNMA DN /3/2014 Agy A-1+ P TU7 8,500,000 8,492,718 8,499, Coca Cola /4/2014 CP A-1+ P BC49 16,448,000 16,443,842 16,447, Coca Cola /11/2014 CP A-1+ P BCB3 6,001,000 5,999,400 6,000, FNMA Note /13/2014 Agy AA+ Aaa 31398AVZ2 2,593,000 2,606,245 2,600,675 27, FHLB DN /18/2014 Agy A-1+ P UK0 8,420,000 8,418,617 8,419, Exxon Mobil /25/2014 CP A-1+ P BCR6 8,321,000 8,319,863 8,319, FFCB Note /26/2014 Agy AA+ Aaa 31331GRH4 12,065,000 11,939,041 12,101, , US Treasury Bill /27/2014 Tsy A-1+ P CE7 23,018,000 23,012,118 23,015, US Treasury Bill /3/2014 Tsy A-1+ P BA6 8,500,000 8,493,574 8,499, FHLB DN /8/2014 Agy A-1+ P VG8 8,377,000 8,375,083 8,376, Toyota /15/2014 CP A-1+ P HDF8 8,322,000 8,319,943 8,320, Exxon Mobil /22/2014 CP A-1+ P BDN4 7,199,000 7,197,852 7,196, US Treasury Bill /1/2014 Tsy A-1+ P BE8 8,500,000 8,492,240 8,499, Toyota /28/2014 CP A-1+ P HEU4 4,989,000 4,985,472 4,986, US Treasury Bill /29/2014 Tsy A-1+ P BJ7 2,000,000 1,999,790 1,999, US Treasury Bill /29/2014 Tsy A-1+ P BJ7 23,759,000 23,733,573 23,756, FHLB DN /2/2014 Agy A-1+ P XP6 4,209,000 4,206,966 4,208, FHLB DN /2/2014 Agy A-1+ P XP6 8,322,000 8,320,169 8,320,

21 Page 21 Portfolio: Wastewater (Cont.) FHLB DN /2/2014 Agy A-1+ P XP6 10,405,000 10,400,029 10,403, FHLB DN /2/2014 Agy A-1+ P XP6 10,405,000 10,400,469 10,403, FHLB DN /2/2014 Agy A-1+ P XP6 10,815,000 10,811,783 10,813, FNMA DN /2/2014 Agy A-1+ P XP3 5,303,000 5,300,172 5,302, General Electric /2/2014 CP A-1+ P JF24 6,792,000 6,788,698 6,788, General Electric /2/2014 CP A-1+ P JF24 12,018,000 12,010,689 12,012, FHLB Note /20/2015 Agy AA+ Aaa YP4 8,950,000 8,955,191 8,956,981 10, FNMA Note /30/2016 Agy AA+ Aaa 3135G0VA8 15,000,000 14,979,942 15,022,500 25, FNMA Note /30/2017 Agy AA+ Aaa 3135G0GY3 23,000 23,185 23, FNMA Note /30/2017 Agy AA+ Aaa 3135G0GY3 165, , , US Treasury Note /31/2017 Tsy AA+ Aaa SM3 16,328,000 16,435,153 16,430,050 55, FNMA Note /12/2017 Agy AA+ Aaa 31398ADM1 76,000 92,489 87, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 11,000 11,935 11, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 334, , ,059 3, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 334, , ,059 3, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 358, , ,572 4, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 391, , ,653 4, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 490, , ,895 5, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 506, , ,903 5, FHLMC Note /7/2018 Agy AA+ Aaa 3137EADP1 10,141,000 9,980,640 9,951,160 35, US Treasury Note /31/2018 Tsy AA+ Aaa QB9 360, , ,383 3, US Treasury Note /31/2018 Tsy AA+ Aaa RE2 359, , ,964 2, US Treasury Note /31/2018 Tsy AA+ Aaa RE2 435, , ,379 2, US Treasury Note /31/2018 Tsy AA+ Aaa RP7 502, , ,645 2, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 40,000 41,105 39, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 90,000 92,486 89, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 165, , , US Treasury Note /30/2018 Tsy AA+ Aaa RT9 353, , , US Treasury Note /30/2018 Tsy AA+ Aaa RT9 355, , , US Treasury Note /30/2018 Tsy AA+ Aaa RT9 358, , , US Treasury Note /30/2018 Tsy AA+ Aaa RT9 375, , , US Treasury Note /30/2018 Tsy AA+ Aaa RT9 423, , ,579 1, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 525, , ,236 1, US Treasury Note /28/2019 Tsy AA+ Aaa SH4 3,560,000 3,542,756 3,531,093 20, FHLMC Note /27/2019 Agy AA+ Aaa 3137EACA5 89,000 91,181 97,799 1, FHLMC Note /27/2019 Agy AA+ Aaa 3137EACA5 155, , ,325 2, FHLMC Note /27/2019 Agy AA+ Aaa 3137EACA5 344, , ,011 4,

22 Page 22 Portfolio: Wastewater (Cont.) FHLMC Note /27/2019 Agy AA+ Aaa 3137EACA5 373, , ,879 4, FHLMC Note /2/2019 Agy AA+ Aaa 3137EADM8 13,394,000 13,280,285 12,874,581 55, US Treasury Note /29/2020 Tsy AA+ Aaa UQ1 5,000,000 4,818,164 4,814,450 26, US Treasury Note /15/2020 Tsy AA+ Aaa NT3 173, , ,596 2, US Treasury Note /15/2020 Tsy AA+ Aaa NT3 369, , ,070 4, US Treasury Note /15/2020 Tsy AA+ Aaa NT3 12,207,000 12,150,257 12,672, , ,963, ,582, ,956, , Portfolio: Harbor Emergency FD 751 Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf FNMA DN /12/2014 Agy A-1+ P SZ7 7,079,000 7,075,390 7,078, US Treasury Bill /20/2014 Tsy A-1+ P CD9 37,438,000 37,432,133 37,435, US Treasury Bill /15/2014 Tsy A-1+ P CM9 2,958,000 2,956,611 2,957, ,475,170 47,464,304 47,472, Portfolio: Harbor Foods Restoration 70L Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf FNMA DN /12/2014 Agy A-1+ P SZ7 559, , , , , , Portfolio: MICLA 2006-A POL HQ FD 26-A Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf 18,776 18,776 18, ,776 18,776 18,

23 Page 23 Portfolio: MICLA SER 2010A-D Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf 2,124,664 2,124,664 2,124, ,124,664 2,124,664 2,124, Portfolio: MICLA 20K CONST Fund Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf 491, , , , , , Portfolio: QUAL ENER CON 2011A-26M Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf 3,938,181 3,938,181 3,938, ,938,181 3,938,181 3,938, Portfolio: SOL Waste REV 2013A-55L Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf Toyota /4/2014 CP A-1+ P HB45 3,500,000 3,498,408 3,499, FHLB DN /4/2014 Agy A-1+ P TV8 4,500,000 4,497,191 4,499, FHLB DN /1/2014 Agy A-1+ P UZ7 6,500,000 6,495,002 6,499, FHLB DN /1/2014 Agy A-1+ P WF9 6,000,000 5,994,248 5,999, FNMA DN /4/2014 Agy A-1+ P XR9 6,000,000 5,994,075 5,998, FHLMC DN /1/2014 Agy A-1+ P YU9 6,025,000 6,018,373 6,023, FNMA DN /1/2014 Agy A-1+ P A37 5,500,000 5,492,789 5,498, FNMA DN /2/2014 Agy A-1+ P E33 10,000,000 9,984,558 9,995, FHLMC DN /3/2014 Agy A-1+ P E49 13,072,000 13,051,753 13,065, US Treasury Bill /18/2014 Tsy A-1+ P CB3 20,000 19,977 19, ,117,746 61,047,119 61,101,

24 Page 24 Portfolio: Batiquitos LT 72W Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf FHLB DN /18/2014 Agy A-1+ P ZM1 6,007,000 6,004,921 6,005, ,007,691 6,005,612 6,006, LADWP PWR SYS 2013 B-J6H Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf 4,500 4,500 4, FHLMC DN /26/2014 Agy A-1+ P TP6 148,390, ,268, ,388, ,394, ,273, ,393, Portfolio: LADWP WSRB SYS 2013 C-M1B Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf FHLB DN /26/2014 Agy A-1+ P TP1 45,080,000 45,074,284 45,079, Coca Cola /20/2014 CP A-1+ P BCL1 21,000,000 20,993,263 20,998, US Treasury Bill /20/2014 Tsy A-1+ P CD9 24,090,000 24,086,698 24,088, US Treasury Bill /24/2014 Tsy A-1+ P CJ6 45,095,000 45,080,970 45,091, FHLB DN /30/2014 Agy A-1+ P XL5 45,107,000 45,080,096 45,099, FHLB DN /13/2014 Agy A-1+ P YA8 24,113,000 24,102,183 24,108, Wells Fargo /13/2014 CP A-1 P F1FD7 21,000,000 20,977,833 20,980, US Treasury Bill /24/2014 Tsy A-1+ P BT5 45,105,000 45,080,254 45,092, FHLMC DN /29/2014 Agy A-1+ P D73 45,123,000 45,079,494 45,104, FNMA DN /25/2014 Agy A-1+ P H22 36,275,000 36,233,526 36,256, ,988, ,789, ,901,

25 Page 25 Portfolio: TRAN DBT SVC FD - P15 Pricing Date: 1/31/2014 Bank of New York Mellon-Sweep /1/2014 MMF AAAm Aaa-mf 4,045 4,045 4, US Treasury Bill /1/2014 Tsy A-1+ P BE8 69,323,000 69,318,234 69,319, US Treasury Bill /1/2014 Tsy A-1+ P BE8 200,000, ,989, ,990, ,327, ,311, ,313,

26 Page 26 MONTHLY TRANSACTIONS Portfolio: Core Issuer Side Type Cusip Trade Date Settlement Date Maturity Date Par Value Bank of Tokyo-Mitsubishi Buy CP 06538CB59 1/2/2014 1/2/2014 2/5/ ,004,000 Toyota Buy CP 89233HBK9 1/2/2014 1/2/2014 2/19/ ,000,000 Bank of Tokyo-Mitsubishi Buy CP 06538CAT8 1/2/2014 1/2/2014 1/27/ ,002,000 Bank of Tokyo-Mitsubishi Buy CP 06538CAN1 1/2/2014 1/2/2014 1/22/ ,004,000 Bank of Tokyo-Mitsubishi Buy CP 06538CAD3 1/2/2014 1/2/2014 1/13/ ,002,000 Deutsche Bank Buy CP 25153KA31 1/2/2014 1/2/2014 1/3/ ,000,000 FNMA Buy Discount RN5 1/2/2014 1/2/2014 1/8/ ,000,000 Deutsche Bank Buy CP 25153KA31 1/2/2014 1/2/2014 1/3/ ,000,000 General Electric Buy CP 36960MAP8 1/3/2014 1/3/2014 1/23/ ,580,000 BNP Paribas Buy CP 0556N1A86 1/3/2014 1/3/2014 1/8/ ,000,000 Societe Generale Buy CP 83365SAQ6 1/3/2014 1/3/2014 1/24/ ,000,000 Exxon Mobil Buy CP 30229BB55 1/6/2014 1/6/2014 2/5/ ,000,000 Bank of Tokyo-Mitsubishi Buy CP 06538CAM3 1/6/2014 1/6/2014 1/21/ ,000,000 Societe Generale Buy CP 83365SAE3 1/7/2014 1/7/2014 1/14/ ,000,000 BNP Paribas Buy CP 0556N1AA1 1/7/2014 1/7/2014 1/10/ ,000,000 Bank of Tokyo-Mitsubishi Buy CP 06538CAG6 1/8/2014 1/8/2014 1/16/ ,000,000 BNP Paribas Buy CP 0556N1AA1 1/8/2014 1/8/2014 1/10/ ,000,000 BNP Paribas Buy CP 0556N1AD5 1/9/2014 1/9/2014 1/13/ ,000,000 Societe Generale Buy CP 83365SAA1 1/9/2014 1/9/2014 1/10/ ,000,000 Bank of Tokyo-Mitsubishi Buy CP 06538CAH4 1/10/2014 1/10/2014 1/17/ ,000,000 BNP Paribas Buy CP 0556N1AG8 1/10/2014 1/10/2014 1/16/ ,000,000 BNP Paribas Buy CP 0556N1AF0 1/10/2014 1/10/2014 1/15/ ,000,000 BNP Paribas Buy CP 0556N1AF0 1/13/2014 1/13/2014 1/15/ ,000,000 Deutsche Bank Buy CP 25153KAE7 1/13/2014 1/13/2014 1/14/ ,000,000 Societe Generale Buy CP 83365SAW3 1/14/2014 1/14/2014 1/30/ ,000,000 Union Bank Buy CP 90526NAQ8 1/14/2014 1/14/2014 1/24/ ,000,000 Deutsche Bank Buy CP 25153KAF4 1/14/2014 1/14/2014 1/15/ ,000,000 BNP Paribas Buy CP 0556N1AU7 1/15/2014 1/15/2014 1/28/ ,000,000 BNP Paribas Buy CP 0556N1AM5 1/15/2014 1/15/2014 1/21/ ,000,000 Societe Generale Buy CP 83365SB44 1/15/2014 1/15/2014 2/4/ ,000,000 Union Bank Buy CP 90526NAH8 1/15/2014 1/15/2014 1/17/ ,000,000 General Dynamics Transfer-in Note AS7 1/15/2014 1/15/2014 1/15/ ,000,000 Bank of Tokyo-Mitsubishi Buy CP 06538CAX9 1/16/2014 1/16/2014 1/31/ ,000,000 Bank of Tokyo-Mitsubishi Buy CP 06538CAQ4 1/16/2014 1/16/2014 1/24/ ,000,000 Bank of Tokyo-Mitsubishi Buy CP 06538CAX9 1/17/2014 1/17/2014 1/31/ ,000,000 BNP Paribas Buy CP 0556N1B36 1/17/2014 1/17/2014 2/3/ ,000,000