City of Los Angeles Office of Finance

Transcription

1 City of Los Angeles Office of Finance INVESTMENT REPORT April 30, 2013 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) ANTONIO R. VILLARAIGOSA MAYOR Honorable Members of City Council of the City of Los Angeles Honorable Members: This is the Investment Report for the month ending April 30, 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) is expected to grow at an annual rate of 1.75% for the second quarter of 2013, which is lower than the previously estimated rate of 1.8%. The current anticipated growth rate for all of 2013 is 2.0%, which is higher than last month's 2013 full-year forecast. The U.S. unemployment rate for April 2013 was 7.5%, which decreased.1 percentage point from March s rate. The Consumer Price Index (CPI) increased 1.1% for the twelve months ending April Prices are higher, in part, due to higher education and shelter costs. U.S. consumer spending, as measured by Retail Sales, increased 3.7% 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 March 20, 2013 meeting. The Federal Reserve stated, Labor market conditions have shown signs of improvement in recent months but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy has become somewhat more restrictive. 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 long-term 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 April 30, Portfolio Funds Amount of Funds at Market Value Effective Yield Average Weighted Maturity Average Credit Rating Core Portfolio $1,173,510, % 66 Days AA+ Reserve Portfolio $6,253,494, % 2.8 Years AA+ Total Investment Pool $7,427,004, % 2.4 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 $1,173,510,485 $6,253,494,166 $7,427,004,651 Total Rate of Return 0.01% 0.24% n/a Benchmark Total Rate of Return 0.01% 0.26% n/a Variance 0.00% -0.02% n/a The City measures investment performance on a total return basis to an established industry recognized benchmark. The above table summarizes the April 30, 2013 portfolio total rate of return for the City s General Pool. Additional investment information may be found on page 6 through 29 of this report. 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 April 30, 2013 Description Par Value Market Value Percent of Total Average Days Weighted Years Bank Deposits* $79,629,752 $79,629, % Money Market Funds $0 $0 0.00% L.A.I.F. (State of California) $0 $0 0.00% Subtotal: Cash & Overnight Inv. $79,629,752 $79,629, % BNY Sweep Account $0 $0 0.00% CDARS $6,000,000 $6,000, % Commercial Paper $548,552,000 $548,513, % Negotiable Cert. of Deposit $0 $0 0.00% Corporate Notes $211,035,000 $213,169, % U.S. Federal Agencies $323,802,000 $326,197, % U.S. Treasuries $0 $0 0.00% Subtotal: Pooled Investments $1,089,389,000 $1,093,880, % Total Short-Term Core Portfolio: $1,169,018,752 $1,173,510, % Money Market Funds $0 $0 0.00% Commercial Paper $0 $0 0.00% Negotiable Cert. of Deposit $0 $0 0.00% Corporate Notes $1,167,529,000 $1,194,849, % 1, U.S. Federal Agencies $1,144,455,000 $1,176,470, % 1, U.S. Treasuries $3,735,500,000 $3,882,173, % Total Long-Term Reserve Portfolio $6,047,484,000 $6,253,494, % 1, Total Cash & Pooled Investments $7,216,502,752 $7,427,004, % *Collected Balance for Wells Fargo Active Accounts

7 Page 7 Description LIQUIDITY SCHEDULE April 30, 2013 Availability Market Value Cumulative Percent of Total Funds Money Market Funds $0 $0 0.00% L.A.I.F. State of California $0 $0 0.00% Bank Deposits* $79,629,752 $79,629, % Pooled Investments Maturing: <30 days $718,901,749 $798,531, % 31 to 90 days $69,252,783 $867,784, % 91 to 180 days $132,174,227 $999,958, % 181 to 365 days $173,551,975 $1,173,510, % 1 to 2 years $1,976,572,353 $3,150,082, % 2 to 3 years $1,565,364,105 $4,715,446, % 3 to 4 years $1,617,688,207 $6,333,135, % 4 to 5 years $1,093,869,501 $7,427,004, % Total Cash and Pooled Investments $7,427,004,651 *Collected Balance for Wells Fargo Active Accounts.

8 Page 8 RESERVE PORTFOLIO SECTOR ALLOCATION April 30, 2013 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 FOR Foreign and Sovereign Issues TSY Treasury Notes and Bonds MER 1-5 G/C Merrill Lynch 1-5 year Government and Corporate A-AAA Index

9 Page 9 RESERVE CREDIT RATINGS and DURATION April 30, 2013 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 April 30, Month 3 Months FYTD 1 Year 3 Years 5 Years Core Portfolio 0.01% 0.05% 0.21% 0.25% 0.22% 0.68% 3 Month Treasury Bill Index* 0.01% 0.03% 0.11% 0.13% 0.12% 0.33% Variance 0.00% 0.02% 0.10% 0.12% 0.10% 0.35% 1 Month 3 Months FYTD 1 Year 3 Years 5 Years Reserve Portfolio 0.24% 0.53% 1.16% 1.27% 2.52% 3.37% 1-5 Year Govt/Corp Index** 0.26% 0.57% 1.44% 1.60% 2.57% 3.21% Variance -0.02% -0.04% -0.28% -0.33% -0.05% 0.16% 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 Corporate A-AAA Index (BV10)

11 Page 11 SECURITIES LENDING INFORMATION April 30, 2013 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly* $2.7 $11.6 $8.7 $6.3 FYTD* $2.7 $14.3 $23.0 $29.3 *Amounts in Thousands Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly* $107 $167 $126 $107 *Amounts in Millions Bank of New York Mellon is the securities lending agent for the City.

12 Page 12 Portfolio: Core Pricing Date: 4/30/2013 Wells Fargo Bank Bank 2,695,972 2,695,972 2,695, Wells Fargo Bank Bank 76,933,779 76,933,779 76,933, JPMorgan Chase /1/2013 Corp A A HHB9 10,000,000 10,225,572 10,000, , Bank of Nova Scotia /1/2013 CP A-1 P JS12 15,000,000 14,999,833 14,999, Bank of Nova Scotia /1/2013 CP A-1 P JS12 90,000,000 89,996,400 89,997, Bank Tokyo-Mitsubishi /1/2013 CP A-1 P BS12 20,001,000 20,000,289 20,000, BNP Paribas /1/2013 CP A-1 P N0S14 20,000,000 19,999,878 19,999, Bank Tokyo-Mitsubishi /2/2013 CP A-1 P BS20 25,000,000 24,999,222 24,999, BNP Paribas /2/2013 CP A-1 P N0S22 22,000,000 21,999,853 21,999, Bank Tokyo-Mitsubishi /3/2013 CP A-1 P BS38 25,000,000 24,999,111 24,999, Jackson National Life /8/2013 Corp AA A LSB8 11,500,000 11,487,433 11,508, , General Electric /10/2013 CP A-1+ P HSA6 25,000,000 24,998,688 24,998, Rockwell Collins /10/2013 CP A-1 P LSA6 13,340,000 13,339,533 13,339, General Electric /14/2013 CP A-1+ P HSE8 35,000,000 34,997,813 34,997, Exxon Mobil /15/2013 CP A-1+ P ASF7 65,000,000 64,996,244 64,994, General Electric /16/2013 CP A-1+ P HSG3 25,000,000 24,998,313 24,997, FHLB DN /24/2013 Agy A-1+ P FZ4 21,000,000 20,999,271 20,999, FHLB DN /24/2013 Agy A-1+ P FZ4 97,802,000 97,799,473 97,801, General Electric /24/2013 CP A-1+ P HSQ1 32,207,000 32,204,504 32,203, General Electric /24/2013 CP A-1+ P HSQ1 50,000,000 49,996,125 49,994, Toronto Dominion /24/2013 CP A-1+ P ESQ7 46,004,000 45,999,553 45,998, FHLMC Note /29/2013 Agy AA+ Aaa 3137EABJ7 30,000,000 30,509,320 30,079, , Toyota /30/2013 CP A-1+ P GSW7 40,000,000 39,994,989 39,994, FHLB Note /14/2013 Agy AA+ Aaa 3133XRFL9 10,000,000 10,001,414 10,049, , Praxair /14/2013 Corp A A PAX2 20,000,000 19,992,976 20,042, , FHLMC Note /28/2013 Agy AA+ Aaa 3137EABM0 30,000,000 30,375,512 30,176, , Dupont /15/2013 Corp A A BU2 8,900,000 8,907,499 8,984, , TVA Note /1/2013 Agy AA+ Aaa DW9 10,000,000 10,055,596 10,110, , TVA Note /1/2013 Agy AA+ Aaa DW9 25,000,000 25,149,900 25,277, , CME Group /1/2013 Corp AA- Aa QAA3 5,000,000 5,005,157 5,059,950 67, CME Group /1/2013 Corp AA- Aa QAA3 5,000,000 5,004,849 5,059,950 67, Walgreens /1/2013 Corp BBB Baa AD1 5,000,000 5,070,648 5,052,700 60, Walgreens /1/2013 Corp BBB Baa AD1 6,935,000 7,030,331 7,008,095 84, M Company /15/2013 Corp AA- Aa EAE5 10,300,000 10,424,634 10,418,862 95, FNMA Note /20/2013 Agy AA+ Aaa 31398AX31 25,000,000 24,998,314 25,084,000 61, *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

13 Page 13 US Bancorp /13/2013 Corp A+ A HGY0 12,000,000 11,994,840 12,037,080 22, Microsoft /27/2013 Corp AAA Aaa AF1 12,000,000 11,993,400 12,030,840 9, Wal-mart /25/2013 Corp AA Aa CW1 15,000,000 14,982,850 15,034,950 1, Southern Company /1/2013 Corp A A JM4 9,150,000 9,208,939 9,394, , Coca-Cola /15/2013 Corp AA- Aa AN0 15,000,000 14,997,650 15,039,000 51, California United Bank /12/2013 CDARS 1,000,000 1,000,000 1,000,000 1, Proamerica Bank /12/2013 CDARS 5,000,000 5,000,000 5,000,000 7, FHLB Note /13/2013 Agy AA+ Aaa 3133XSP93 25,000,000 25,050,535 25,460, , Occidental Petroleum /13/2013 Corp A A CA1 10,000,000 9,996,022 10,072,500 55, Walt Disney /15/2013 Corp A A AW6 10,000,000 10,090,974 10,261, , Goldman Sachs /15/2014 Corp A- A UAB7 19,000,000 19,563,402 19,601, , JPMorgan Chase /24/2014 Corp A A EJE0 6,250,000 6,245,384 6,327,813 34, Cisco Systems /14/2014 Corp A+ A RAJ1 20,000,000 19,992,052 20,235,200 42, FHLMC Note /23/2014 Agy AA+ Aaa 3137EACB3 50,000,000 50,136,951 51,159,000 27, ,169,018,752 1,171,440,998 1,173,510,485 3,956, Portfolio: Reserve Pricing Date: 4/30/2013 IBM /12/2014 Corp AA- Aa GW5 20,000,000 19,981,200 20,202, , FNMA Note /15/2014 Agy AA+ Aaa 31398AXJ6 50,000,000 51,568,500 51,211, , Bank of New York Mellon /15/2014 Corp A+ Aa HBL2 15,900,000 17,216,043 16,545, , Johnson & Johnson /15/2014 Corp AAA Aaa AX2 10,000,000 9,988,300 10,096,800 55, Texas Instruments /15/2014 Corp A+ A AQ7 10,000,000 9,987,500 10,112,800 63, US Treasury Note /15/2014 Tsy AA+ Aaa QM5 20,000,000 20,291,406 20,176,600 92, Google /19/2014 Corp AA Aa PAA0 5,000,000 4,998,850 5,049,950 28, Caterpillar /27/2014 Corp A A BU4 10,000,000 9,992,400 10,108,100 58, FHLB Note /28/2014 Agy AA+ Aaa JR4 10,000,000 9,986,700 10,129,500 58, FHLB Note /28/2014 Agy AA+ Aaa JR4 20,000,000 19,973,400 20,259, , US Treasury Note /31/2014 Tsy AA+ Aaa KV1 10,000,000 10,012,891 10,226,563 93, US Treasury Note /31/2014 Tsy AA+ Aaa KV1 25,000,000 25,002,930 25,566, , US Treasury Note /31/2014 Tsy AA+ Aaa KV1 150,000, ,484, ,398,438 1,409, US Treasury Note /30/2014 Tsy AA+ Aaa KY5 10,000,000 10,135,156 10,286,700 87, US Treasury Note /30/2014 Tsy AA+ Aaa KY5 30,000,000 30,416,016 30,860, , US Treasury Note /30/2014 Tsy AA+ Aaa KY5 40,000,000 41,729,688 41,146, , Target /18/2014 Corp A+ A EAW6 3,000,000 2,999,460 3,031,260 9, *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

14 Page 14 US Treasury Note /31/2014 Tsy AA+ Aaa LC2 25,000,000 25,191,406 25,768, , US Treasury Note /31/2014 Tsy AA+ Aaa LC2 40,000,000 41,807,813 41,229, , Procter & Gamble /15/2014 Corp AA- Aa DU0 7,000,000 6,971,230 7,034,860 10, PepsiCo /25/2014 Corp A- Aa BV9 6,000,000 5,976,540 6,030,480 8, FHLMC Note /27/2014 Agy AA+ Aaa 3137EACV9 25,000,000 24,967,000 25,283,000 44, US Treasury Note /31/2014 Tsy AA+ Aaa LK4 10,000,000 10,497,656 10,292,600 40, US Treasury Note /31/2014 Tsy AA+ Aaa LK4 35,000,000 34,961,719 36,024, , US Treasury Note /31/2014 Tsy AA+ Aaa LK4 40,000,000 39,923,438 41,170, , FNMA Note /16/2014 Agy AA+ Aaa 31398AYY2 40,000,000 42,488,960 41,567, , Honda /19/2014 Corp A+ A QJ53 30,000,000 29,986,200 30,504,900 64, FFCB Note /22/2014 Agy AA+ Aaa 31331GL80 40,000,000 40,758,800 41,578, , PACCAR /29/2014 Corp A+ A RK39 10,000,000 9,988,900 10,160,938 13, US Treasury Note /30/2014 Tsy AA+ Aaa LQ1 100,000, ,574, ,102, , FNMA Note /15/2014 Agy AA+ Aaa 31359MWJ8 40,000,000 45,099,160 42,562,000 82, US Bancorp /30/2014 Corp A+ A HKP7 10,000,000 10,850,200 10,624,800 1, US Treasury Note /31/2014 Tsy AA+ Aaa LS7 10,000,000 10,502,734 10,326, US Treasury Note /31/2014 Tsy AA+ Aaa LS7 23,500,000 24,679,590 24,267,422 1, US Treasury Note /31/2014 Tsy AA+ Aaa LS7 100,000, ,992, ,265,625 6, FFCB Note /19/2014 Agy AA+ Aaa 31331KHW3 30,000,000 29,982,600 30,662, , US Treasury Note /30/2014 Tsy AA+ Aaa LZ1 25,000,000 24,845,703 25,764, , US Treasury Note /30/2014 Tsy AA+ Aaa LZ1 30,000,000 30,843,750 30,917, , US Treasury Note /30/2014 Tsy AA+ Aaa LZ1 30,000,000 30,834,375 30,917, , US Treasury Note /30/2014 Tsy AA+ Aaa LZ1 40,000,000 40,246,875 41,223, , Walt Disney /1/2014 Corp A A PCQ7 20,000,000 19,934,600 20,167,800 72, John Deere /2/2014 Corp A A ERK7 10,000,000 9,987,100 10,138,400 51, BlackRock /10/2014 Corp A+ A XAD3 10,000,000 10,009,400 10,491, , BlackRock /10/2014 Corp A+ A XAD3 14,550,000 14,504,313 15,264, , FHLB Note /12/2014 Agy AA+ Aaa 3133XVNU1 9,355,000 9,461,460 9,738,181 99, FHLB Note /12/2014 Agy AA+ Aaa 3133XVNU1 21,770,000 22,011,212 22,661, , US Treasury Note /31/2014 Tsy AA+ Aaa ME7 25,000,000 24,902,344 26,007, , US Treasury Note /31/2014 Tsy AA+ Aaa ME7 35,000,000 35,470,313 36,410, , US Treasury Note /31/2014 Tsy AA+ Aaa ME7 45,000,000 47,687,695 46,814, , General Dynamics /15/2015 Corp A A AS7 15,000,000 14,976,000 15,231,900 60, US Treasury Note /31/2015 Tsy AA+ Aaa MH0 5,000,000 5,175,586 5,178,500 27, US Treasury Note /31/2015 Tsy AA+ Aaa MH0 15,000,000 14,841,797 15,535,500 83, US Treasury Note /31/2015 Tsy AA+ Aaa MH0 25,000,000 25,924,805 25,892, , US Treasury Note /31/2015 Tsy AA+ Aaa MH0 55,000,000 55,023,633 56,963, , FHLMC Note /9/2015 Agy AA+ Aaa 3137EACH0 25,000,000 26,303,750 26,160, , *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

15 Page 15 Wells Fargo /9/2015 Corp A+ A VAA6 15,000,000 15,606,900 16,031, , AT&T /13/2015 Corp A- A RBB7 10,000,000 9,992,900 10,041,300 18, Wells Fargo /13/2015 Corp A+ A BFA3 20,000,000 19,943,200 20,239,800 54, Toyota /17/2015 Corp AA- Aa P5Z5 20,000,000 19,970,000 20,209,800 41, US Treasury Note /28/2015 Tsy AA+ Aaa MR8 25,000,000 26,340,820 25,986, , US Treasury Note /28/2015 Tsy AA+ Aaa MR8 55,000,000 57,979,883 57,169, , PepsiCo /5/2015 Corp A- Aa BX5 5,000,000 4,997,800 5,021,875 5, Coca-Cola /13/2015 Corp AA- Aa AX8 20,000,000 19,977,600 20,144,200 20, JPMorgan Chase /20/2015 Corp A A EJP5 20,000,000 19,986,000 20,453,000 42, US Treasury Note /31/2015 Tsy AA+ Aaa MW7 80,000,000 84,800,000 83,493, , US Treasury Note /15/2015 Tsy AA+ Aaa SP6 30,000,000 30,093,750 30,091,500 4, US Treasury Note /30/2015 Tsy AA+ Aaa MZ0 10,000,000 10,013,281 10,452, US Treasury Note /30/2015 Tsy AA+ Aaa MZ0 25,000,000 25,080,078 26,130,750 1, US Treasury Note /30/2015 Tsy AA+ Aaa MZ0 60,000,000 63,937,500 62,713,800 4, McDonald's /29/2015 Corp A A MEP5 7,000,000 6,980,750 7,047,460 22, US Treasury Note /31/2015 Tsy AA+ Aaa NF3 20,000,000 20,026,563 20,786, , US Treasury Note /31/2015 Tsy AA+ Aaa NF3 25,000,000 25,993,164 25,982, , US Treasury Note /31/2015 Tsy AA+ Aaa NF3 50,000,000 52,185,547 51,965, , BlackRock /1/2015 Corp A+ A XAK7 5,000,000 4,994,250 5,086,050 28, United Technologies /1/2015 Corp A A BY4 3,000,000 2,998,320 3,045,780 15, PACCAR /5/2015 Corp A+ A RK62 4,000,000 3,996,120 4,039,720 17, TVA Note /15/2015 Agy AA+ Aaa DY5 25,000,000 27,916,000 27,119, , Toyota /17/2015 Corp AA- Aa P4B9 15,000,000 14,981,400 15,817, , Caterpillar /26/2015 Corp A A BY6 5,000,000 4,998,950 5,048,950 16, General Electric /29/2015 Corp AA+ A G4L5 10,000,000 9,985,900 10,568, , John Deere /29/2015 Corp A A ERS0 8,000,000 7,997,840 8,075,200 25, US Treasury Note /30/2015 Tsy AA+ Aaa NL0 40,000,000 41,709,375 41,422, , US Treasury Note /30/2015 Tsy AA+ Aaa NL0 60,000,000 60,178,125 62,133, , Wells Fargo /1/2015 Corp A+ A BFE5 10,000,000 10,179,100 10,175,400 50, Wells Fargo /1/2015 Corp A+ A BFE5 20,000,000 19,960,800 20,350, , Wal-mart /8/2015 Corp AA Aa CT8 10,000,000 9,969,500 10,398,800 70, EBAY /15/2015 Corp A A AD5 1,000,000 1,000,000 1,003,250 2, US Bancorp /27/2015 Corp A+ A HGX2 3,000,000 2,997,060 3,124,219 19, US Bancorp /27/2015 Corp A+ A HGX2 10,000,000 9,911,700 10,414,063 63, US Treasury Note /31/2015 Tsy AA+ Aaa NP1 5,000,000 5,054,102 5,168,750 21, US Treasury Note /31/2015 Tsy AA+ Aaa NP1 15,000,000 15,226,172 15,506,250 65, US Treasury Note /31/2015 Tsy AA+ Aaa NP1 20,000,000 20,748,438 20,675,000 87, US Treasury Note /31/2015 Tsy AA+ Aaa NP1 50,000,000 51,822,266 51,687, , *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

16 Page 16 AT&T /15/2015 Corp A- A RAV4 5,000,000 4,984,700 5,194,100 26, US Treasury Note /31/2015 Tsy AA+ Aaa NV8 10,000,000 10,259,375 10,233,600 21, US Treasury Note /31/2015 Tsy AA+ Aaa NV8 25,000,000 25,582,031 25,584,000 52, US Treasury Note /31/2015 Tsy AA+ Aaa NV8 50,000,000 49,781,250 51,168, , Honda /21/2015 Corp A+ A QG64 3,000,000 2,997,210 3,125,880 8, Microsoft /25/2015 Corp AAA Aaa AG9 10,000,000 9,956,100 10,288,900 16, FNMA Note /28/2015 Agy AA+ Aaa 3135G0NV1 20,000,000 20,069,560 20,073,800 9, FNMA Note /28/2015 Agy AA+ Aaa 3135G0NV1 25,000,000 24,978,500 25,092,250 11, US Treasury Note /30/2015 Tsy AA+ Aaa NZ9 50,000,000 51,238,281 51,203,125 52, EBAY /15/2015 Corp A A AB9 5,000,000 4,981,500 5,126,800 3, JPMorgan Chase /15/2015 Corp A A EJR1 20,000,000 19,991,800 20,081,600 9, UnitedHealth /15/2015 Corp A A PBX9 5,000,000 4,998,850 5,035,100 1, US Treasury Note /31/2015 Tsy AA+ Aaa PE4 30,000,000 30,714,844 30,731,250 1, Colgate Palmolive /1/2015 Corp AA- Aa QDQ0 10,000,000 9,924,800 10,193,750 68, Caterpillar /6/2015 Corp A A L5H0 5,000,000 4,995,400 5,007,350 17, General Electric /9/2015 Corp AA+ A G4T8 15,000,000 14,988,750 15,525, , Coca-Cola /15/2015 Corp AA- Aa AP5 5,000,000 4,988,500 5,123,050 34, Procter & Gamble /15/2015 Corp AA- Aa DS5 5,000,000 4,959,100 5,159,450 41, Southern Company /15/2015 Corp A A JZ5 5,000,000 4,996,450 5,001,750 14, FFCB Note /16/2015 Agy AA+ Aaa 31331J2S1 7,000,000 6,987,540 7,210,210 48, FFCB Note /16/2015 Agy AA+ Aaa 31331J2S1 10,000,000 9,982,200 10,300,300 68, Goldman Sachs /23/2015 Corp A- A EB32 20,000,000 20,111,200 20,271, , US Treasury Note /30/2015 Tsy AA+ Aaa PJ3 55,000,000 54,821,680 56,546, , US Treasury Note /30/2015 Tsy AA+ Aaa PJ3 85,000,000 87,476,953 87,390, , Charles Schwab /4/2015 Corp A A AH8 5,000,000 5,000,000 5,028,050 17, Costco /7/2015 Corp A+ A KAD7 10,000,000 9,988,100 10,048,700 26, FHLB Note /11/2015 Agy AA+ Aaa C28 30,000,000 30,144,690 31,562, , US Treasury Note /31/2015 Tsy AA+ Aaa PM6 90,000,000 90,101,953 94,394, , Toyota /11/2016 Corp AA- Aa P4R4 15,000,000 14,979,150 15,846, , US Treasury Note /31/2016 Tsy AA+ Aaa PS3 30,000,000 31,524,609 31,401, , US Treasury Note /31/2016 Tsy AA+ Aaa PS3 37,000,000 37,059,258 38,728, , Microsoft /8/2016 Corp AAA Aaa AK0 5,000,000 4,987,650 5,263,100 28, Praxair /21/2016 Corp A A PBE3 20,275,000 20,262,430 20,388,540 29, FHLMC Note /24/2016 Agy AA+ Aaa 3134G3LN8 25,000,000 25,057,500 25,163,000 46, FHLB Note /26/2016 Agy AA+ Aaa Q56 25,000,000 25,034,750 26,585, , JPMorgan Chase /26/2016 Corp A A EJU4 15,000,000 14,981,850 15,065,100 30, US Treasury Note /29/2016 Tsy AA+ Aaa QJ2 30,000,000 30,236,719 31,544, , FHLB Note /11/2016 Agy AA+ Aaa 3133XXP43 25,000,000 26,660,000 26,944, , *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

17 Page 17 Medtronic /15/2016 Corp A+ A AU0 15,000,000 14,932,350 15,792,600 50, FNMA Note /30/2016 Agy AA+ Aaa 3135G0VA8 20,000,000 19,977,200 20,050,200 8, US Treasury Note /31/2016 Tsy AA+ Aaa QA1 35,000,000 36,983,789 36,979,688 66, Caterpillar /1/2016 Corp A A L4S7 5,000,000 4,991,150 5,271,875 11, Caterpillar /1/2016 Corp A A L4S7 10,000,000 9,977,700 10,543,750 22, US Treasury Note /30/2016 Tsy AA+ Aaa QF0 20,000,000 20,966,406 21,000,000 1, US Treasury Note /30/2016 Tsy AA+ Aaa QF0 25,000,000 25,234,375 26,250,000 1, US Treasury Note /30/2016 Tsy AA+ Aaa QF0 50,000,000 50,787,109 52,500,000 2, US Treasury Note /30/2016 Tsy AA+ Aaa QF0 75,000,000 75,041,016 78,750,000 4, Apple /3/2016 Corp AA+ Aa AH3 5,000,000 4,990,950 4,990, General Electric /9/2016 Corp AA+ A G5C4 35,000,000 34,932,100 36,982, , PepsiCo /10/2016 Corp A- Aa BT4 10,000,000 9,990,700 10,512, , University of California /15/2016 Agy AA Aa GPX7 2,500,000 2,500,000 2,498,425 2, Johnson & Johnson /15/2016 Corp AAA Aaa AY0 15,000,000 14,954,250 15,721, , Texas Instruments /16/2016 Corp A+ A AR5 5,000,000 4,994,650 5,240,625 54, Google /19/2016 Corp AA Aa PAC6 5,000,000 4,972,700 5,236,200 47, FHLMC Note /27/2016 Agy AA+ Aaa 3137EACT4 25,000,000 25,702,075 26,572, , US Treasury Note /31/2016 Tsy AA+ Aaa QP8 25,000,000 26,043,945 26,082, , US Treasury Note /31/2016 Tsy AA+ Aaa QP8 50,000,000 50,169,922 52,164, , John Deere /7/2016 Corp A A ERC5 15,000,000 14,970,450 15,659, , FNMA Note /28/2016 Agy AA+ Aaa 3136FRTR4 19,330,000 19,330,000 19,384, , US Treasury Note /30/2016 Tsy AA+ Aaa QR4 20,000,000 20,663,281 20,728, , US Treasury Note /30/2016 Tsy AA+ Aaa QR4 85,000,000 85,524,609 88,094, , General Dynamics /15/2016 Corp A A AQ1 10,000,000 9,987,700 10,483,700 66, IBM /22/2016 Corp AA- Aa GX3 8,000,000 7,954,240 8,302,720 42, US Treasury Note /31/2016 Tsy AA+ Aaa QX1 25,000,000 25,923,828 25,921,875 93, US Treasury Note /31/2016 Tsy AA+ Aaa QX1 30,000,000 30,168,750 31,106, , US Treasury Note /31/2016 Tsy AA+ Aaa QX1 35,000,000 35,954,297 36,290, , Air Products /2/2016 Corp A A AQ9 3,000,000 2,984,130 3,114,375 14, FHLMC Note /25/2016 Agy AA+ Aaa 3137EACW7 50,000,000 52,382,000 52,513, , US Treasury Note /31/2016 Tsy AA+ Aaa RF9 85,000,000 85,229,102 86,759, , Honda /20/2016 Corp A+ A QJ61 25,000,000 24,998,750 26,310,750 74, FNMA Note /28/2016 Agy AA+ Aaa 3135G0CM3 20,000,000 19,971,100 20,512,500 22, FNMA Note /28/2016 Agy AA+ Aaa 3135G0CM3 50,000,000 51,088,550 51,281,250 57, M Company /29/2016 Corp AA- Aa YAD3 5,000,000 4,957,800 5,129,050 6, US Treasury Note /30/2016 Tsy AA+ Aaa RJ1 100,000, ,765, ,086,000 84, US Treasury Note /31/2016 Tsy AA+ Aaa RM4 30,000,000 30,455,859 30,625, US Treasury Note /31/2016 Tsy AA+ Aaa RM4 35,000,000 34,953,516 35,730, *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

18 Page 18 Becton Dickinson /8/2016 Corp A A BB4 8,000,000 7,997,360 8,224,000 67, US Bancorp /15/2016 Corp A+ A HHB9 5,000,000 4,987,200 5,237,900 50, US Treasury Note /30/2016 Tsy AA+ Aaa MA5 65,000,000 70,664,648 70,382, , US Treasury Note /31/2016 Tsy AA+ Aaa RX0 35,000,000 35,537,305 35,565, , US Treasury Note /31/2016 Tsy AA+ Aaa RX0 35,000,000 35,550,977 35,565, , FNMA Note /30/2017 Agy AA+ Aaa 3135G0GY3 30,000,000 30,497,520 30,788,400 94, FNMA Note /30/2017 Agy AA+ Aaa 3135G0GY3 80,000,000 81,599,920 82,102, , Berkshire Hathaway /31/2017 Corp AA+ Aa BD9 25,000,000 24,998,750 25,891, , US Treasury Note /31/2017 Tsy AA+ Aaa SC5 35,000,000 35,560,547 35,555,100 76, IBM /6/2017 Corp AA- Aa HC8 7,000,000 6,968,990 7,096,040 20, AT&T /15/2017 Corp A- A RBC5 10,000,000 9,988,000 10,170,600 33, Walt Disney /15/2017 Corp A A PCS3 10,000,000 9,904,000 10,073,000 23, US Treasury Note /28/2017 Tsy AA+ Aaa SJ0 40,000,000 39,996,875 40,631,250 58, US Treasury Note /28/2017 Tsy AA+ Aaa MS6 50,000,000 55,162,109 54,828, , FHLMC Note /8/2017 Agy AA+ Aaa 3137EADC0 50,000,000 49,762,500 50,818,500 73, FNMA Note /14/2017 Agy AA+ Aaa 3135G0VM2 25,000,000 24,968,750 25,102,500 24, John Deere /15/2017 Corp A A ERN1 20,000,000 19,994,200 20,365,400 35, PACCAR /15/2017 Corp A+ A RK54 10,000,000 9,998,100 10,223,900 20, Philip Morris /20/2017 Corp A A AN9 8,754,000 8,946,150 8,969,086 16, US Treasury Note /31/2017 Tsy AA+ Aaa SM3 15,000,000 15,260,156 15,304,688 12, US Treasury Note /31/2017 Tsy AA+ Aaa SM3 25,000,000 24,995,117 25,507,813 21, US Treasury Note /31/2017 Tsy AA+ Aaa SM3 40,000,000 40,401,563 40,812,500 33, US Treasury Note /31/2017 Tsy AA+ Aaa SM3 60,000,000 60,930,469 61,218,750 50, FNMA Note /27/2017 Agy AA+ Aaa 3135G0JA2 40,000,000 40,834,000 40,812,000 5, General Electric /27/2017 Corp AA+ A G5W0 10,000,000 9,986,900 10,403,600 2, FHLMC Note /12/2017 Agy AA+ Aaa 3137EADF3 50,000,000 51,124,300 51,316, , University of California /15/2017 Agy AA Aa GPY5 2,500,000 2,500,000 2,504,025 3, Altera /15/2017 Corp A- A AD2 8,050,000 8,077,934 8,230,884 64, Berkshire Hathaway /15/2017 Corp AA+ Aa BS9 3,000,000 2,997,690 3,068,820 22, Berkshire Hathaway /15/2017 Corp AA+ Aa BS9 10,000,000 10,183,900 10,229,400 73, US Bancorp /15/2017 Corp A+ A HHD5 10,000,000 9,981,300 10,240,200 76, Toyota /22/2017 Corp AA- Aa P6D3 10,000,000 9,963,400 10,277,800 77, AT&T /1/2017 Corp A- A RBF8 15,000,000 14,970,900 15,250, , United Technologies /1/2017 Corp A A BU2 3,000,000 2,997,420 3,098,340 22, FHLB Note /21/2017 Agy AA+ Aaa DD8 12,000,000 11,960,640 12,203,040 43, Caterpillar /26/2017 Corp A A BZ3 3,000,000 2,996,400 3,061,020 15, US Treasury Note /30/2017 Tsy AA+ Aaa TB6 50,000,000 50,046,875 50,468, , EBAY /15/2017 Corp A A AG8 3,000,000 2,998,290 3,042,090 11, *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

19 Page 19 FHLMC Note /28/2017 Agy AA+ Aaa 3137EADJ5 10,000,000 9,974,800 10,142,600 25, US Treasury Note /31/2017 Tsy AA+ Aaa NR7 50,000,000 53,923,828 53,890, , BB&T /15/2017 Corp A- A FAL7 5,000,000 4,990,900 5,067,650 16, US Treasury Note /31/2017 Tsy AA+ Aaa NW6 125,000, ,416, ,177, , Honda /11/2017 Corp A+ A QL50 3,000,000 2,990,790 3,037,050 6, FHLMC Note /29/2017 Agy AA+ Aaa 3137EADL0 50,000,000 50,461,000 50,607,000 44, US Treasury Note /30/2017 Tsy AA+ Aaa PA2 35,000,000 37,147,852 37,012,500 55, US Treasury Note /30/2017 Tsy AA+ Aaa PA2 75,000,000 79,066,406 79,312, , United Parcel Service /1/2017 Corp A+ Aa AP1 2,000,000 1,996,700 2,019,580 1, NYSE Euronext /5/2017 Corp A A AB7 7,000,000 6,976,830 7,186,130 10, Toyota /5/2017 Corp AA- Aa P6S0 7,000,000 6,995,942 7,024,640 6, Oracle /15/2017 Corp A+ A XAN5 15,000,000 14,974,050 15,092,250 8, FNMA Note /26/2017 Agy AA+ Aaa 3135G0PQ0 15,000,000 14,999,250 15,100,781 1, Caterpillar /6/2017 Corp A A L5J6 5,000,000 4,993,250 5,037,750 30, US Treasury Note /30/2017 Tsy AA+ Aaa PK0 115,000, ,204, ,696,875 1,080, National Oilwell Varco /1/2017 Corp A- A AL5 3,000,000 2,997,090 3,041,719 18, Chevron /5/2017 Corp AA Aa AA8 7,000,000 7,000,000 7,032,620 31, Costco /15/2017 Corp A+ A KAE5 16,000,000 15,996,800 16,105,920 72, Intel /15/2017 Corp A+ A AL4 15,000,000 14,984,100 15,102,000 78, Sherwin-Williams /15/2017 Corp A A AP1 15,000,000 14,980,350 15,156,150 81, FNMA Note /20/2017 Agy AA+ Aaa 3135G0RT2 25,000,000 24,888,750 25,164,750 79, BB&T /12/2018 Corp A- A FAM5 12,000,000 11,985,120 12,049,080 77, Wells Fargo /16/2018 Corp A+ A BFG0 15,000,000 15,036,150 15,055,650 78, JPMorgan Chase /25/2018 Corp A A HJG6 25,000,000 24,983,250 25,320, , IBM /8/2018 Corp AA- Aa HK0 10,000,000 9,954,200 10,135,600 28, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 100,000, ,789, ,148, , FHLB Note /7/2018 Agy AA+ Aaa 3137EADP1 25,000,000 24,945,000 25,095,750 32, Coca-Cola /1/2018 Corp AA- Aa BA7 5,000,000 4,989,200 5,012,350 8, Medtronic /1/2018 Corp A+ A BA3 5,000,000 4,992,500 5,023,000 6, Stryker /1/2018 Corp A+ A AD3 20,000,000 19,913,000 20,020,800 26, Microsoft /1/2018 Corp AAA Aaa AS3 5,000,000 4,996,850 5,010, Apple /3/2018 Corp AA+ Aa AJ9 10,000,000 9,963,100 9,963, University of California /15/2018 Agy AA Aa GPZ2 5,000,000 5,000,000 5,015,950 8, FNMA Note /21/2018 Agy AA+ Aaa 3135G0WJ8 35,000,000 34,925,100 35,019,600 13, ,047,484,000 6,189,396,094 6,253,494,166 26,929, *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

20 Page 20 Portfolio: Wastewater Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf FNMA DN /7/2013 Agy A-1+ P FG3 7,996,000 7,994,134 7,996, General Electric /14/2013 CP A-1+ P HSE8 8,001,000 7,999,444 8,000, Toronto Dominion /21/2013 CP A-1+ P ESM6 8,000,000 7,997,431 7,999, US Treasury Bill /23/2013 Tsy A-1+ P AH2 14,242,000 14,238,677 14,241, FHLB DN /3/2013 Agy A-1+ P GK6 5,420,000 5,416,893 5,419, FHLB DN /3/2013 Agy A-1+ P GK6 10,000,000 9,993,428 9,999, FHLB DN /3/2013 Agy A-1+ P GK6 10,675,000 10,668,293 10,674, FHLB DN /3/2013 Agy A-1+ P GK6 15,893,000 15,884,948 15,892, FHLMC DN /3/2013 Agy A-1+ P GK1 1,710,000 1,708,667 1,709, FHLMC DN /3/2013 Agy A-1+ P GK1 5,592,000 5,588,260 5,591, FHLMC DN /3/2013 Agy A-1+ P GK1 11,008,000 10,999,516 11,007, FNMA DN /3/2013 Agy A-1+ P GK3 1,066,000 1,065,741 1,065, FNMA DN /3/2013 Agy A-1+ P GK3 2,300,000 2,299,125 2,299, FNMA DN /3/2013 Agy A-1+ P GK3 9,326,000 9,322,759 9,325, FNMA DN /3/2013 Agy A-1+ P GK3 11,005,000 11,000,965 11,004, Nestle /3/2013 CP A-1+ P GT38 18,841,000 18,829,570 18,838, Toyota /3/2013 CP A-1+ P GT30 8,807,000 8,799,250 8,805, Toyota /3/2013 CP A-1+ P GT30 11,000,000 10,995,038 10,998, FHLB DN /4/2013 Agy A-1+ P GL4 7,983,000 7,981,696 7,982, FHLB DN /4/2013 Agy A-1+ P GL4 11,003,000 11,001,096 11,002, PACCAR /4/2013 CP A-1 P AT44 3,825,000 3,823,598 3,824, FHLB DN /11/2013 Agy A-1+ P GT7 3,000,000 2,999,717 2,999, FHLB DN /11/2013 Agy A-1+ P GT7 5,688,000 5,687,071 5,687, FHLB Note /14/2013 Agy AA+ Aaa 3133XRFL9 24,700,000 24,340,121 24,822, , Toyota /18/2013 CP A-1+ P GTJ5 8,805,000 8,802,026 8,803, Coca-Cola /25/2013 CP A-1+ P ATR2 11,004,000 10,999,892 11,001, Nestle /25/2013 CP A-1+ P GTR5 3,000,000 2,999,056 2,999, FAMCA DN /2/2013 Agy 31315LHQ4 6,105,000 6,103,611 6,104, FNMA DN /2/2013 Agy A-1+ P HQ9 11,002,000 11,000,496 11,001, Toyota /2/2013 CP A-1+ P GU20 5,807,000 5,805,103 5,805, FHLB DN /9/2013 Agy A-1+ P HX7 8,001,000 7,999,933 8,000, Nestle /16/2013 CP A-1+ P GUG7 8,002,000 7,999,428 7,999, FHLB DN /23/2013 Agy A-1+ P JM9 6,749,000 6,748,081 6,748, Coca-Cola /23/2013 CP A-1+ P AUP4 3,001,000 3,000,040 2,999, *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

21 Page 21 General Electric /30/2013 CP A-1+ P HUW5 2,690,000 2,689,252 2,688, General Electric /30/2013 CP A-1+ P HUW5 5,967,000 5,965,213 5,964, General Electric /30/2013 CP A-1+ P HUW5 8,771,000 8,768,427 8,767, FHLB Note /16/2013 Agy AA+ Aaa 3133X1BV8 5,000,000 5,005,040 5,082,250 28, FHLMC Note /27/2013 Agy AA+ Aaa 3137EABS7 8,775,000 8,934,556 8,918,559 34, FFCB Note /7/2013 Agy AA+ Aaa 31331GCS6 20,000,000 20,096,320 20,325,600 51, FHLB Note /18/2013 Agy AA+ Aaa 3133XSAE8 20,000,000 19,836,940 20,322,800 26, FNMA Note /13/2014 Agy AA+ Aaa 31398AVZ2 2,593,000 2,606,245 2,651,368 9, FFCB Note /26/2014 Agy AA+ Aaa 31331GRH4 12,065,000 11,939,041 12,280,602 31, FNMA Note /30/2017 Agy AA+ Aaa 3135G0GY3 23,000 23,185 23, FNMA Note /30/2017 Agy AA+ Aaa 3135G0GY3 165, , , FNMA Note /12/2017 Agy AA+ Aaa 31398ADM1 76,000 92,489 90,726 1, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 11,000 11,935 12, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 334, , ,894 1, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 334, , ,894 1, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 358, , ,330 1, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 391, , ,679 1, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 490, , ,725 2, US Treasury Note /28/2018 Tsy AA+ Aaa PY0 506, , ,349 2, US Treasury Note /31/2018 Tsy AA+ Aaa QB9 360, , , US Treasury Note /31/2018 Tsy AA+ Aaa RE2 359, , , US Treasury Note /31/2018 Tsy AA+ Aaa RE2 435, , ,300 1, US Treasury Note /31/2018 Tsy AA+ Aaa RP7 502, , , US Treasury Note /30/2018 Tsy AA+ Aaa RT9 40,000 41,105 41, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 90,000 92,486 92, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 165, , , US Treasury Note /30/2018 Tsy AA+ Aaa RT9 353, , ,362 2, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 355, , ,427 2, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 358, , ,523 2, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 375, , ,070 2, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 423, , ,615 2, US Treasury Note /30/2018 Tsy AA+ Aaa RT9 525, , ,898 3, FHLMC Note /27/2019 Agy AA+ Aaa 3137EACA5 89,000 91, , FHLMC Note /27/2019 Agy AA+ Aaa 3137EACA5 155, , , FHLMC Note /27/2019 Agy AA+ Aaa 3137EACA5 344, , ,317 1, FHLMC Note /27/2019 Agy AA+ Aaa 3137EACA5 373, , ,811 1, FHLMC Note /2/2019 Agy AA+ Aaa 3137EADM8 13,394,000 13,280,285 13,451,728 13, US Treasury Note /15/2020 Tsy AA+ Aaa NT3 173, , , *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

22 Page 22 US Treasury Note /15/2020 Tsy AA+ Aaa NT3 369, , ,081 2, US Treasury Note /15/2020 Tsy AA+ Aaa NT3 12,207,000 12,150,257 13,466,762 66, ,550, ,185, ,760, , Portfolio: Harbor Emergency Fund Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf US Treasury Bill /23/2013 Tsy A-1+ P AH2 2,954,000 2,952,014 2,953, FHLB DN /16/2013 Agy A-1+ P KM7 7,076,000 7,071,277 7,074, US Treasury Bill /19/2013 Tsy A-1+ P K1 37,432,000 37,413,242 37,421, ,462,899 47,437,432 47,451, Portfolio: Harbor Restoration Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf FHLB DN /16/2013 Agy A-1+ P KM7 559, , , , , , Portfolio: J5Y-LA LADWP Pwr Sys Rev Bd 2012 B Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf 1,387 1,387 1, US Treasury Bill /2/2013 Tsy A-1+ P L0 33,778,000 33,751,400 33,778, FHLMC DN /23/2013 Agy A-1+ P FY2 86,597,000 86,511,534 86,596, General Electric /23/2013 CP A-1+ P HSP3 39,000,000 38,947,675 38,995, Toyota /23/2013 CP A-1+ P GSP2 39,000,000 38,931,750 38,995, ,376, ,143, ,367, *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

23 Page 23 Portfolio: TRAN Note Proceeds Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf US Treasury Bill /27/2013 Tsy A-1+ P W6 627, , , , , , Portfolio: MICLA Lease Rev 2006A-Police Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf 4,440,249 4,440,249 4,440, ,440,249 4,440,249 4,440, Portfolio: MICLA-Lease Rev 2010B Acq Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf US Treasury Bill /23/2013 Tsy A-1+ P AH2 2,869,000 2,868,900 2,868, ,869,250 2,869,150 2,869, Portfolio: DWP M9U Pricing Date: 4/30/2013 FHLMC DN /28/2013 Agy A-1+ P GD7 65,031,000 65,000,201 65,029, FHLMC DN /29/2013 Agy A-1+ P GE5 12,619,000 12,601,540 12,618, FNMA DN /20/2013 Agy A-1+ P HC0 30,025,000 29,999,229 30,023, ,675, ,600, ,672, *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

24 Page 24 Portfolio: MICLA-Lease Rev 2010C Con Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf US Treasury Bill /16/2013 Tsy A-1+ P AG4 491, , , , , , Portfolio: Qualified Energy Conservation Bonds Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf US Treasury Bill /16/2013 Tsy A-1+ P AG4 1,907,000 1,906,942 1,906, FNMA Note /9/2013 Agy AA+ Aaa 3135G0BR3 2,025,000 2,027,471 2,027,147 2, ,932,914 3,935,327 3,935,023 2, Portfolio: Batiquitos Long Term Inv Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf 1,060 1,060 1, US Treasury Bill /25/2013 Tsy A-1+ P A3 6,002,000 5,999,009 6,001, ,003,060 6,000,069 6,002, Portfolio: TRAN Debt Service Fund Pricing Date: 4/30/2013 Bank of New York Mellon-Sweep /1/2013 MMF AAAm Aaa-mf 153, , , FHLB DN /30/2013 Agy A-1+ P GF7 55,281,000 55,279,388 55,279, US Treasury Bill /30/2013 Tsy A-1+ P R7 200,000, ,994, ,996, ,434, ,426, ,429, *MV w/o Accrued includes the Bank of New York Mellon accrued interest for treasury bills, discount notes, and commercial paper. Original Cost does not include accrued interest.

25 Page 25 MONTHLY TRANSACTIONS Portfolio: Core Issuer Side Sector CUSIP Trade Date Settlement Date Maturity Date Par Value Bank of Nova Scotia Buy CP 06416JR54 4/1/13 4/1/13 4/5/13 33,706,000 Bank of Nova Scotia Buy CP 06416JR47 4/1/13 4/1/13 4/4/13 25,000,000 General Electric Buy CP 36959HR82 4/2/13 4/2/13 4/8/13 23,801,000 General Electric Buy CP 36959HRP4 4/3/13 4/3/13 4/23/13 49,413,000 General Electric Buy CP 36959HRP4 4/4/13 4/4/13 4/23/13 31,002,000 Bank of Tokyo-Mitsubishi Buy CP 06538BRC9 4/5/13 4/5/13 4/12/13 58,002,000 Bank of Nova Scotia Buy CP 06416JRB1 4/8/13 4/8/13 4/11/13 14,000,000 Deutsche Bank Buy CP 25153JRA0 4/9/13 4/9/13 4/10/13 27,550,000 Bank of Nova Scotia Buy CP 06416JRG0 4/10/13 4/10/13 4/16/13 25,000,000 Bank of Nova Scotia Buy CP 06416JRF2 4/10/13 4/10/13 4/15/13 20,000,000 Toyota Buy CP 89233GRF5 4/11/13 4/11/13 4/15/13 45,740,000 Bank of Tokyo-Mitsubishi Buy CP 06538BRQ8 4/12/13 4/12/13 4/24/13 27,097,000 Bank of Tokyo-Mitsubishi Buy CP 06538BRP0 4/12/13 4/12/13 4/23/13 50,000,000 Bank of Nova Scotia Buy CP 06416JRJ4 4/15/13 4/15/13 4/18/13 22,347,000 Bank of Nova Scotia Buy CP 06416JRJ4 4/16/13 4/16/13 4/18/13 33,000,000 Bank of Nova Scotia Buy CP 06416JRK1 4/17/13 4/17/13 4/19/13 34,000,000 Deutsche Bank Buy CP 25153JRK8 4/18/13 4/18/13 4/19/13 15,395,000 BNP Paribas Buy CP 0556N0RS6 4/19/13 4/19/13 4/26/13 15,400,000 Deutsche Bank Buy CP 25153JRN2 4/19/13 4/19/13 4/22/13 25,000,000 Bank of Nova Scotia Buy CP 06416JRR6 4/19/13 4/19/13 4/25/13 55,000,000 Honda Buy CP 02665JRQ5 4/19/13 4/19/13 4/24/13 40,000,000 Bank of Nova Scotia Buy CP 06416JS12 4/19/13 4/19/13 5/1/13 90,000,000 Toyota Motor Buy CP 89233GSW7 4/19/13 4/19/13 5/30/13 40,000,000 General Electric Buy CP 36959HSG3 4/19/13 4/19/13 5/16/13 25,000,000 General Electric Buy CP 36959HSA6 4/19/13 4/19/13 5/10/13 25,000,000 General Electric Buy CP 36959HSE8 4/19/13 4/19/13 5/14/13 35,000,000 Exxon Mobil Buy CP 30229ASF7 4/19/13 4/19/13 5/15/13 65,000,000 US Treasury Bill Buy Tsy AB5 4/22/13 4/22/13 4/25/13 50,000,000 US Treasury Bill Buy Tsy AB5 4/23/13 4/23/13 4/25/13 65,000,000 Bank of Tokyo-Mitsubishi Buy CP 06538BS12 4/23/13 4/23/13 5/1/13 20,001,000 General Electric Buy CP 36959HSQ1 4/23/13 4/23/13 5/24/13 32,207,000 General Electric Buy CP 36959HSQ1 4/23/13 4/23/13 5/24/13 50,000,000 FHLB DN Buy Agy FZ4 4/23/13 4/23/13 5/24/13 97,802,000 FHLMC Note Transfer In Agy 3137EACB3 4/23/13 4/23/13 4/23/14 50,000,000