Presentation to the City of Los Angeles Treasurer on the City's General Pool Investments. January 31, 2018

Presentation to the City of Los Angeles Treasurer on the City's General Pool Investments January 31, 2018

Economic Update: Overall Economy 6 5 U.S. GDP (Quarter over Quarter Annualized)* 4.6 4.6 5.2 4 3.9 4.0 Percent 3 2 1 2.7 2.5 2.9 0.8 2.7 1.9 0.5 2.8 0.8 3.1 2.0 3.2 2.7 1.6 0.5 0.6 2.2 2.8 1.8 1.2 3.1 3.2 2.6 2.7 2.7 2.7 2.5 0 0.1-1 -2-1.5-0.9-3 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 * Real Rate (Inflation Adjusted) Data Source: Bloomberg Estimate: Bloomberg's Survey of Economists As of: 1/31/2018 January 31, 2018 2

Economic Update: Employment Monthly Non-Farm Payrolls Unemployment Rates 400 350 11 10 California LA Area U.S.A 300 9 Thousands 250 200 150 Percent 8 7 6 100 5 50 4 0 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 *Los Angeles area unemployment is not seasonally adjusted. 12 Month Average Monthly Job Change: 176,167 Data Source: Bloomberg January 31, 2018 3

Economic Update: Consumer Activity 4.5 U.S. Retail Sales* YOY % Change $500 Total Monthly U.S. Retail Sales 4 $490 Percent 3.5 3 2.5 2 1.5 1 0.5 Billions $480 $470 $460 $450 $440 $430 $420 $410 0 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 $400 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 *Inflation Adjusted Data Source: Bloomberg January 31, 2018 4

Economic Update: Inflation 3.0 CPI and CPIX* YOY % Change Sector YOY % Price Changes Energy 5.7 2.5 Shelter 3.1 2.0 Wages 2.9 Percent 1.5 1.0 0.5 CPI CPIX Services CPI Education Food 2.3 2.1 2.0 1.6 0.0 Apparel -0.7-0.5 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 *CPIX: Consumer Price Index, excluding food and energy Communication -5.7-7 -5-3 -1 1 3 5 7 Percent Data Source: Bloomberg January 31, 2018 5

Economic Update: Dollar and Commodities Index Value 106 104 102 100 98 96 94 92 90 88 86 84 82 80 78 76 74 72 70 Dollar Index Gold-Per Ounce $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 Gold and Oil Gold Oil Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 Oil-Per Barrel Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Data Source: Bloomberg January 31, 2018 6

Economic Update: Sector Returns YTD As of: 1/31/18 10 8.6 8.8 8 6.9 6 4 3.8 3.8 4.4 4.5 5.2 5.6 5.7 Percent 2 0-2 -2.2-1.1-0.9-0.3-0.2 0.1 1.2 2.2 2.5-4 -4.3-3.3-6 Data Source: Bloomberg January 31, 2018 7

Economic Update: S&P 500 Returns As of: 1/31/18 10 YTD S&P 500 Major Sector Returns 9.2 8 6.6 6.6 7.0 6 5.4 Percent 4 2 1.6 2.6 3.6 4.0 0-2 -4-3.1 Data Source: Bloomberg January 31, 2018 8

Economic Update: Yield Curve FYTD Percent 3.1 2.9 2.7 2.5 2.3 2.1 1.9 1.7 1.5 1.3 1.1 0.9 U.S. Treasury Yield Curve 6/30/17 1/31/18 3M6M 1Y 2Y 3Y 5Y 10Y 30Y Maturity 6/30/17 1/31/18 Change 3M 1.01 1.46 0.45 6M 1.13 1.65 0.52 1Y 1.23 1.89 0.66 2Y 1.38 2.14 0.76 3Y 1.55 2.29 0.74 5Y 1.89 2.52 0.63 10Y 2.31 2.71 0.40 30Y 2.84 2.94 0.10 Data Source: Bloomberg Figures may not total due to rounding January 31, 2018 9

Economic Update: Interest Rates Percent 2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00-0.20 U.S. Treasury Yields: 3M and 1Y 1Y 3M Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Percent U.S. Treasury Yields: 2Y and 5Y 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 5Y 0.25 2Y 0.00 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Data Source: Bloomberg January 31, 2018 10

Economic Update: Agency and Corporate Spreads 30 Spread*: 1-5 Yr Agency vs Treasury 225 Spread*: 1-5 Yr Corporate vs Treasury 25 200 Basis Point Spread 20 15 10 5 0 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 8 Basis Point Spread 175 150 125 100 75 50 25 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 45 *BofA/Merrill Index (option adjusted spread vs. Treasury) Agency (GVP0) *BofA/Merrill Index (option adjusted spread vs. Treasury) Corporate A-AAA (CV10) Data Source: Bloomberg January 31, 2018 11

Summary Portfolio Characteristics Market Value Book Value Los Angeles Core Core Benchmark * Los Angeles Reserve Reserve Benchmark # $2,368,919,991 -- $6,861,684,748 -- $2,367,701,031 -- $6,984,160,373 -- Total General Portfolio $9,230,604,739 $9,351,861,404 Variance $1,218,960 -- ($122,475,625) -- ($121,256,665) Mkt Value % of Total 25.7% -- 74.3% -- 100% Average Maturity (Yrs)** 0.21 0.24 2.75 2.75 2.10 Effective Duration** Weighted Purchase Yield## 0.19 0.23 2.63 2.62 1.58% -- 1.68% -- 2.01 1.66% *Core Benchmark: 3 Month T-Bill (G0O1 ICE BofAML Index) #Reserve Benchmark: 1-5 Year Govt/Corp A-AAA (BU10 ICE BofAML Index) **Average Maturity after rebalancing for the indexes--portfolios based upon trade date holdings, Core Average Maturity includes checking ## Weighted Purchase Yield for Core does not include checking January 31, 2018 12

Total General Portfolio: Maturity Distribution 25% 20% 15% 10% 1/31/18 12/31/17 5% 0% 0-.25.25 to.5.5 to 1 1 to 2 2 to 3 3 to 4 4 to 5+ Years 0-.25.25 to.5.5 to 1 1 to 2 2 to 3 3 to 4 4 to 5+ 1/31/18 21.3% 0.8% 3.6% 23.6% 21.5% 16.8% 12.4% 12/31/17 22.7% 0.9% 2.8% 23.2% 21.1% 15.8% 13.5% Variance -1.4% -0.1% 0.8% 0.4% 0.4% 1.0% -1.1% January 31, 2018 13

Sector Allocations: Total General Portfolio Sector 1/31/2018 12/31/2017 Variance Bank Deposits 1.1% 0.9% 0.2% January 31, 2018 Bank Dep 1.1% CDARS 0.0% 0.0% 0.0% Commercial Paper Corporate Notes 19.4% 15.3% 18.8% 0.6% 15.1% 0.2% CP 19.4% ABS 0.9% 0.9% 0.0% MMFs Negotiable CDs 0.1% 0.0% 0.1% 0.0% 0.0% 0.0% Tsy 55.5% CORP 15.3% Agencies* 7.8% 9.4% -1.6% Treasuries 55.5% 54.9% 0.7% Total 100.0% 100.0% Agy 7.8% ABS 0.9% MMF 0.1% *Includes Supranational and Municipal Securities Figures may not total due to rounding January 31, 2018 14

Sector Allocations: Core Portfolio Core Portfolio January 31, 2018 Sector 1/31/2018 12/31/2017 Variance Bank Deposits 4.1% 3.4% 0.7% CDARS 0.0% 0.0% 0.0% Corp 7.9% MMF 0.3% Agy 4.7% Tsy 7.6% Bank Dep 4.1% Commercial Paper 75.5% 71.4% 4.1% Corporate Notes 7.9% 9.1% -1.2% MMFs 0.3% 0.3% 0.0% Negotiable CDs 0.0% Agencies* 4.7% Treasuries 7.6% Total 100.0% 0.0% 0.0% 9.3% -4.6% 6.6% 1.0% 100.0% CP 75.5% *Includes Supranational and Municipal Securities Figures may not total due to rounding January 31, 2018 15

Sector Allocations: Purchase Yield vs. Weighted Average Maturity Core Portfolio 1.9% 1.8% Corp Sector WAM (Yrs.) Purchase Yield % of Portfolio* Negotiable CDs 0.00 0.00 0.0% Corporate Notes 0.52 1.75% 8.2% Commercial Paper 0.11 1.62% 78.7% Money Market 0.00 0.94% 0.3% Agencies** 0.53 1.50% 4.9% Treasuries 0.89 1.12% 7.9% Total 0.22 1.58% 100.0% *Based on Market Value **Includes Supranational Securities Purchase Yield 1.7% 1.6% 1.5% 1.4% 1.3% 1.2% 1.1% 1.0% CP Agy Tsy MMF Bubble size = Sector's % of Portfolio 0.9% -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 WAM Years Figures may not total due to rounding Does not include Checking and BNYM Sweep, CDARS included with CP January 31, 2018 16

Sector Allocations: Reserve Portfolio Reserve Portfolio January 31, 2018 Sector 1/31/2018 12/31/2017 Variance Treasuries 72.1% 72.1% 0.0% Agencies* 8.8% 9.4% -0.6% Corp 17.8% ABS 1.2% Corporate Notes 17.8% 17.3% 0.6% ABS 1.2% 1.2% 0.0% Total 100.0% 100.0% Tsy 72.1% Agy 8.8% *Includes Supranational and Municipal Securities Figures may not total due to rounding January 31, 2018 17

Sector Allocations: Purchase Yield vs. Weighted Average Maturity Reserve Portfolio 2.30% 2.20% Bubble size = Sector's % of Portfolio Corp Sector WAM (Yrs.) Purchase Yield % of Portfolio* 2.10% Treasuries 2.74 1.55% 72.1% 2.00% Agencies** Corporate Notes 2.69 ABS 3.98 1.71% 8.8% 2.71 2.19% 17.8% 1.78% 1.2% Purchase Yield 1.90% 1.80% 1.70% Agy ABS Total 2.75 1.68% 100.0% 1.60% *Based on Market Value **Includes Supranational and Municipal Securities 1.50% Tsy 1.40% 0.0 1.0 2.0 3.0 4.0 5.0 WAM Years Figures may not total due to rounding January 31, 2018 18

Core and Reserve Market Values Month End Market Values $3.5 Core* $7.5 Reserve Billions $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 Jul-06 Feb-07 Sep-07 Apr-08 Nov-08 Jun-09 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 Feb-14 Sep-14 Apr-15 Nov-15 Jun-16 Jan-17 Aug-17 Billions $7.0 $6.5 $6.0 $5.5 $5.0 $4.5 $4.0 $3.5 $3.0 Jul-06 Feb-07 Sep-07 Apr-08 Nov-08 Jun-09 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13 Feb-14 Sep-14 Apr-15 Nov-15 Jun-16 Jan-17 Aug-17 *Core's market value includes checking accounts January 31, 2018 19

Total General Portfolio: Market Value Total General Portfolio Market Value $10.5 $9.5 $8.5 Billions $7.5 $6.5 $5.5 $4.5 Jul-06 Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 January 31, 2018 20

Total General Portfolio: % of Portfolio: Core vs Reserve % of Total General Portfolio: Core vs Reserve 100% 90% 80% 70% 60% 50% 40% Reserve Core 30% 20% 10% 0% Jul-06 Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 January 31, 2018 21

Portfolio Compliance with Code, Policy, and Guidelines Maturity Limitations* Sector Government Securities Commercial Paper Negotiable Certificates of Deposit CRA Certificates of Deposit Repurchase Agreements Reverse Repo/Securities Lending Corporate Notes Mortgage Backed Securities/CMOs Asset Backed Securities Banker's Acceptances Limit 5 Years 270 Days 180 Days 1 Year 32 Days 92 Days 5 Years 5 Years 5 Years 180 Days Compliance Complies Complies Complies-none in portfolio Complies-none in portfolio Complies-none in portfolio Complies Complies Complies-none in portfolio Complies Complies-none in portfolio Supranational Obligations 5 Years Complies *The City's Investment Policy and Investment guidelines allow for purchases of securities with longer maturities than those listed above for funds with longer investment/cash flow horizons. January 31, 2018 22

Portfolio Compliance with Code, Policy, and Guidelines Percentage Allocation Limitations Sector Government Securities Commercial Paper Negotiable Certificates of Deposit CRA Certificates of Deposit Repurchase Agreements Reverse Repo/Securities Lending Corporate Notes Mortgage Backed Securities/CMOs Asset Backed Securities Banker's Acceptances State/Local Agency Securities Mutual Funds/Money Market Funds LAIF State Pool Limit 100% 40% 180 Days 1 Year 15% 5% Reverse Repo/20% Revs. Repo +Sec Lending 30% 20% Combined with ABS 20% Combined with MBS 30% 10% 20% $65 Million Per Account Compliance Complies Complies Complies Complies-none in portfolio Complies Complies Complies Complies-none in portfolio Complies Complies-none in portfolio Complies Complies Complies-none in portfolio Supranational Obligations 30% Complies January 31, 2018 23

Portfolio Compliance with Code, Policy, and Guidelines Issuer and Transaction Limitations -- Approved Issuers Item Limit Compliance Government Issuer 100% Complies Non-Governmental Issuer 5% Complies Single Transaction $200 Million w/o Treasurer's Written Approval Complies Dealers From Approved List Complies Commercial Paper From Approved List Complies Corporate Notes From Approved List Complies Supranational Obligations From Approved List Complies January 31, 2018 24

Portfolio Compliance with Code, Policy, and Guidelines Portfolio Maturity Limitations and Duration Ranges Core Portfolio Item Limit Compliance Maturity Limitation One Year Complies Reserve Portfolio Item Limit Compliance Effective Duration 1-5 Govt/Corp Index +/-.10 Complies: 2.63 vs 2.62 January 31, 2018 25

Portfolio Statistics: Yield and Duration Purchase Yield: Core vs Benchmark* Purchase Yield: Reserve vs Benchmark* 6% 5% Core Benchmark 5% 4% Reserve Benchmark Percent 4% 3% 2% Percent 3% 2% 1% 1% 0% Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14 Jul-15 Jan-17 *Benchmark: 3 Month T-Bill (3 Month Moving Average) 0% Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14 Jul-15 Jan-17 *Benchmark: 1-5 Year Govt/Corp A-AAA (24 Month Moving Average), changed 8/1/13 Duration 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 Core Duration Core Benchmark 0.05 Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14 Jul-15 Jan-17 Duration at month-end, after index rebalancing for the next month. Core duration does not include checking accounts. Duration 2.8 2.7 2.6 2.5 2.4 2.3 Reserve Duration Reserve Benchmark 2.2 Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14 Jul-15 Jan-17 January 31, 2018 26

Portfolio Statistics: Historical Purchase Yields Percent 5.50% 5.25% Reserve 5.00% Total Portfolio 4.75% 4.50% Core 4.25% 4.00% 3.75% 3.50% 3.25% 3.00% 2.75% 2.50% 2.25% 2.00% 1.75% 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% 0.00% Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 January 31, 2018 27

Purchase Yield Per 3-Month Maturity Intervals Core Portfolio 2.1% Months Purchase Yield % of Portfolio* 2.0% Bubble Size = Maturity's % of Portfolio 1.92% 0 to 3 1.61% 82.13% 3 to 6 1.78% 3.30% 1.9% 1.8% 1.78% 6 to 9 1.92% 2.43% 9 to 12 1.30% 12.14% Total 1.58% 100.00% Purchase Yield 1.7% 1.6% 1.61% 1.5% 1.4% 1.30% 1.3% *Based on Par Value 1.2% 0.00 0.25 0.50 0.75 1.00 Years January 31, 2018 28

Purchase Yield Per 6-Month Maturity Intervals Reserve Portfolio 2.4% Years Purchase Yield % of Portfolio* Bubble Size = Maturity's % of Portfolio.5 to 1.0 0.00 0.00% 2.2% 2.23% 1.0 to 1.5 1.47% 15.74% 1.5 to 2.0 1.57% 15.06% 2.0% 1.98% 2.0 to 2.5 1.62% 17.32% 2.5 to 3.0 1.64% 10.51% 3.0 to 3.5 1.53% 13.26% 3.5 to 4.0 1.81% 9.98% 4.0 to 4.5 1.98% 12.13% 4.5 to 5.0+ 2.23% 5.99% Purchase Yield 1.8% 1.6% 1.4% 1.47% 1.57% 1.62% 1.64% 1.53% 1.81% Total 1.68% 100.00% *Based on Par Value 1.2% 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 Years January 31, 2018 29

Purchase Yield Per 6-Month Maturity Intervals Total General Portfolio Years Purchase Yield % of Portfolio* 2.4% 0 to 0.5 1.62% 21.25% 0.5 to 1.0 1.39% 3.08% 2.2% 2.23% 1.0 to 1.5 1.48% 12.37% 1.5 to 2.0 1.57% 11.32% 2.0% 1.98% 2.0 to 2.5 1.62% 13.02% 2.5 to 3.0 1.64% 7.90% 3.0 to 3.5 3.5 to 4.0 1.53% 1.81% 9.96% 7.50% 4.0 to 4.5 1.98% 9.12% Purchase Yield 1.8% 1.6% 1.62% 1.48% 1.57% 1.62% 1.64% 1.53% 1.81% 4.5 to 5+ 2.23% 4.50% 1.4% 1.39% Bubble Size = Maturity's % of Portfolio Total 1.66% 100.00% *Based on Par Value 1.2% -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Years January 31, 2018 30

Portfolio Statistics: Historical Effective Duration 3.0 2.5 2.0 Duration 1.5 1.0 Reserve Total Portfolio Core 0.5 0.0 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 January 31, 2018 31

Total General Portfolio Statistics: Sector Allocation History 70% 60% 50% 40% 30% 20% 10% Tsy Agy Corp CP Bank/Sweep ABS MBS Neg. CDS CDARS 0% Jul-06 Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Sector Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Tsy 53.7% 55.2% 52.3% 47.7% 51.4% 55.7% 57.0% 56.9% 56.8% 57.6% 54.9% 55.5% Agy 10.4% 8.7% 8.4% 10.5% 16.4% 12.0% 10.5% 9.4% 9.5% 10.7% 9.4% 7.8% Corp 15.3% 16.2% 15.7% 15.4% 15.7% 17.0% 16.9% 16.4% 16.9% 16.9% 15.1% 15.3% CP 19.3% 18.7% 22.0% 24.9% 12.9% 13.2% 13.6% 14.9% 13.2% 12.6% 18.8% 19.4% Neg. CDs 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ABS 0.0% 0.1% 0.4% 0.5% 0.8% 0.8% 0.8% 1.0% 1.0% 1.0% 0.9% 0.9% Bank 1.2% 1.0% 1.2% 1.1% 3.0% 1.3% 1.1% 1.4% 2.6% 1.3% 1.0% 1.1% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Figures may not total due to rounding January 31, 2018 32

Book Return: Core Portfolio Percent Variance 1.60% 1.50% 1.40% 1.30% 1.20% 1.10% Performance Variance: Core vs Benchmark Core Benchmark July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Return Core Portfolio Custom Benchmark* Variance July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 1.18% 1.24% 1.23% 1.29% 1.33% 1.41% 1.54% 1.15% 1.16% 1.16% 1.17% 1.25% 1.43% 1.51% 0.03% 0.08% 0.07% 0.12% 0.08% -0.02% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% Percent Variance 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% Fiscal YTD Core Portfolio Custom Benchmark* Variance Performance Variance: Core vs Benchmark FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 1.01% 1.27% 0.56% 0.41% 0.64% 0.78% 1.33% 0.28% 0.19% 0.13% 0.15% 0.33% 0.73% 1.26% 0.73% 1.08% 0.43% 0.26% 0.31% 0.05% 0.07% *Core Benchmark: 70% monthly average of 60 Day A1/P1 Bloomberg CP Index (DCBP060Y) and 30% monthly moving average of 30 Day Agy (AGDN030Y). Average builds from beginning of fiscal year. Figures may not total due to rounding January 31, 2018 33

Book Return: Reserve Portfolio 1.65% Performance Variance: Reserve vs Benchmark Percent Variance 1.55% 1.45% 1.35% 1.25% 1.15% Reserve Benchmark July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Return Reserve Portfolio Custom Benchmark* Variance 1.0% July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 1.56% 1.61% 1.61% 1.51% 1.53% 1.56% 1.57% 1.22% 1.24% 1.25% 1.30% 1.33% 1.36% 1.41% 0.34% 0.37% 0.36% 0.21% 0.20% 0.20% 0.16% 0.00% 0.00% 0.00% 0.00% 0.00% Performance Variance: Reserve vs Benchmark Percent Variance 0.8% 0.6% 0.4% 0.2% 0.0% Fiscal YTD Reserve Portfolio Custom Benchmark* Variance FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 1.91% 1.55% 1.52% 1.41% 1.43% 1.42% 1.57% 0.96% 0.66% 0.59% 0.76% 0.94% 1.08% 1.30% 0.95% 0.89% 0.93% 0.65% 0.49% 0.34% 0.27% *Reserve Benchmark: 24 month moving average of the ICE BofAML 1-5 year U.S. Government and U.S. Corporate A-AAA Index (BU10). Average builds from beginning of fiscal year. Figures may not total due to rounding January 31, 2018 34

Book Return: Combined Portfolios 1.65% Performance Variance: Combined vs Benchmark Percent Variance 1.55% 1.45% 1.35% 1.25% 1.15% Combined Benchmark July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Return Combined Portfolio Custom Benchmark* Variance 1.0% July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 1.47% 1.54% 1.52% 1.47% 1.49% 1.57% 1.21% 1.22% 1.23% 1.27% 1.31% 1.43% 0.26% 0.32% 0.29% 0.20% 0.18% 0.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Performance Variance: Combined vs Benchmark Percent Variance 0.8% 0.6% 0.4% 0.2% 0.0% Fiscal YTD Combined Portfolio Custom Benchmark* Variance FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 1.76% 1.51% 1.36% 1.19% 1.40% 1.29% 1.52% 0.83% 0.57% 0.50% 0.64% 0.82% 1.00% 1.30% 0.93% 0.94% 0.86% 0.55% 0.58% 0.29% 0.22% *Combined Benchmark: 80% of the Reserve Portfolio Benchmark and 20% of the Core Portfolio Benchmark. Average builds from beginning of fiscal year. Figures may not total due to rounding January 31, 2018 35

Portfolio Statistics: Monthly Total Return 0.16% Core vs Benchmark 0.05% Reserve vs Benchmark 0.14% -0.05% Percent Variance 0.12% 0.10% 0.08% 0.06% 0.04% Percent Variance -0.15% -0.25% -0.35% -0.45% 0.02% -0.55% 0.00% Core Benchmark -0.65% Reserve Benchmark Monthly Performance Core Benchmark Variance Reserve Benchmark Variance 0.14% 0.12% 0.02% Monthly Performance -0.54% -0.55% 0.01% *Core Benchmark: 3 Month T-Bill (G0O1 ICE BofAML Index) *Reserve Benchmark: 1-5 Year Govt/U.S. Corp A-AAA (BU10 ICE BofAML Index) Attribution of Sub-Sector Returns Sector Core Benchmark Treasury 0.09% 0.12% Attribution of Sub-Sector Weighted Returns Variance Agency 0.14% 0.00% Treasury -0.58% 0.72-0.57% 0.81 0.04% Corporate 0.14% 0.00% Agy/Muni -0.42% 0.09-0.36% 0.05-0.02% Corp/ABS -0.47% 0.19-0.48% 0.14-0.02% Sector Reserve Return Reserve Weight Bechmark Return Benchmark Weight Benchmark Sector Returns are calculated by FTN Financial Main Street using the subsector returns of the BU10 index. Figures may not total due to rounding. Weighted January 31, 2018 36

Total Return Performance: Core vs. Benchmark 1.20% 1.00% Core Index 1.12% 0.93% 0.80% 0.75% 0.67% 0.64% 0.64% 0.60% 0.45% 0.45% 0.40% 0.34% 0.31% 0.29% 0.36% 0.20% 0.14% 0.12% 0.00% 1 Month 3 Months FYTD 1 Year 3 Years 5 Years 10 Years Year Portfolio Core Benchmark Variance Core Total Return 1 Month 3 Months FYTD 1 Year 3 Years 5 Years 10 Years 0.14% 0.34% 0.75% 1.12% 0.64% 0.45% 0.64% 0.12% 0.31% 0.67% 0.93% 0.45% 0.29% 0.36% 0.02% 0.03% 0.08% 0.19% 0.19% 0.16% 0.28% *Core Benchmark: 3 Month T-Bill (G0O1) January 31, 2018 37

Total Return Performance: Reserve vs. Benchmark 2.50% 2.00% Reserve Index 2.08% 1.96% 1.50% 1.00% 0.84% 0.82% 0.50% 0.57% 0.53% 0.15% 0.13% 0.00% -0.50% -0.54% -0.55% -0.54% -0.54% -1.00% -0.82% -0.82% 1 Month 3 Months FYTD 1 Year 3 Years 5 Years 10 Years Year Portfolio Reserve Benchmark Variance Reserve Total Return 1 Month 3 Months FYTD 1 Year 3 Years 5 Years 10 Years -0.54% -0.82% -0.54% 0.15% 0.57% 0.84% 2.08% -0.55% -0.82% -0.54% 0.13% 0.53% 0.82% 1.96% 0.01% 0.00% 0.00% 0.02% 0.04% 0.02% 0.12% *Reserve Benchmark: 1-5 Year Govt/Corp A-AAA (BU10), changed 8/1/13 January 31, 2018 38

Portfolio Statistics: Historical Total Return 0.25% Performance Variance: Core vs 3 Mon T-bill 0.20% Percent Variance 0.15% 0.10% 0.05% 0.00% FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FYTD 18 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FYTD 18 Avg Core Portfolio 0.22% 0.21% 0.23% 0.16% 0.15% 0.40% 0.70% 0.75% 0.35% Benchmark* 0.19% 0.04% 0.13% 0.07% 0.00% 0.19% 0.49% 0.67% 0.22% Variance 0.03% 0.17% 0.10% 0.06% 0.03% 0.17% 0.21% 0.08% 0.13% *Core Benchmark: 3 Month T-Bill (G0O1) Figures may not total due to rounding January 31, 2018 39

Portfolio Statistics: Historical Total Return Percent Variance Performance Variance: Reserve vs 1-5Yr Govt/Corp 0.10% 0.05% 0.00% -0.05% -0.10% -0.15% -0.20% -0.25% -0.30% FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FYTD 18 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FYTD 18 Avg Reserve Portfolio 2.56% 2.38% 0.15% 1.55% 1.38% 2.56% -0.25% -0.54% 1.22% Benchmark* 2.67% 2.36% 0.39% 1.53% 1.39% 2.51% -0.30% -0.54% 1.25% Variance -0.11% 0.02% -0.24% 0.02% -0.01% 0.05% 0.05% 0.00% -0.03% *Reserve Benchmark: 1-5 Year Govt/Corp A-AAA (BU10), changed 8/1/13 Figures may not total due to rounding January 31, 2018 40

Portfolio Statistics: Monthly & FYTD Total Return Core vs 3 Month T-Bill Index Monthly Performance Comparison FYTD Performance Variance 0.16% Core 0.09% 0.14% Benchmark 0.08% 0.12% 0.07% 0.10% 0.08% 0.06% 0.04% 0.06% 0.05% 0.04% 0.03% 0.02% 0.02% 0.01% 0.00% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0.00% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Performance Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Core 0.10% 0.11% 0.10% 0.10% 0.10% 0.10% 0.14% Benchmark 0.09% 0.09% 0.09% 0.09% 0.08% 0.11% 0.12% Variance 0.01% 0.02% 0.01% 0.01% 0.02% -0.01% 0.02% Fiscal YTD Performance Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Core 0.10% 0.21% 0.31% 0.41% 0.51% 0.61% 0.75% Benchmark 0.09% 0.18% 0.27% 0.36% 0.44% 0.55% 0.67% Variance 0.01% 0.03% 0.04% 0.05% 0.07% 0.06% 0.08% January 31, 2018 41

Portfolio Statistics: Monthly & FYTD Total Return Reserve vs 1-5 Year Government/Corporate Index Monthly Performance Comparison FYTD Performance Variance 0.40% 0.30% 0.02% 0.20% 0.10% 0.01% 0.00% 0.00% -0.10% -0.20% -0.01% -0.30% -0.40% -0.50% Reserve Benchmark -0.02% -0.60% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.03% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Performance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve 0.31% 0.33% -0.29% -0.07% -0.30% 0.02% -0.54% Benchmark 0.31% 0.34% -0.30% -0.07% -0.28% 0.01% -0.55% Variance 0.00% -0.01% 0.01% 0.00% -0.02% 0.01% 0.01% Fiscal YTD Performance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve 0.31% 0.64% 0.35% 0.28% -0.02% 0.00% -0.54% Benchmark 0.31% 0.65% 0.35% 0.28% 0.00% 0.01% -0.54% Variance 0.00% -0.01% 0.00% 0.00% -0.02% -0.01% 0.00% January 31, 2018 42

Portfolio Attribution: Reserve Treasury vs. Benchmark Treasury Treasury Sector Total Returns Monthly Performance Comparison FYTD Performance Variance 0.40% 0.04% 0.30% 0.20% 0.02% 0.10% 0.00% 0.00% -0.10% -0.20% Reserve Tsy Benchmark Tsy -0.02% -0.04% -0.30% -0.40% -0.06% -0.50% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.08% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Variance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve 0.20% 0.24% -0.24% -0.08% -0.21% 0.00% -0.42% Benchmark 0.23% 0.28% -0.28% -0.07% -0.23% -0.01% -0.46% Mon. Var. -0.03% -0.04% 0.04% -0.01% 0.02% 0.01% 0.04% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FYTD Var. -0.03% -0.07% -0.03% -0.04% -0.02% -0.01% 0.03% *Total returns are based upon sub-sector weighted returns Figures may not total due to rounding Fiscal YTD Variance* January 31, 2018 43

Portfolio Attribution: Reserve Agency vs. Benchmark Agency Agency Sector Total Returns Monthly Performance Comparison FYTD Performance Variance 0.05% 0.04% 0.03% 0.05% 0.04% 0.02% 0.03% 0.01% 0.00% -0.01% 0.02% 0.01% -0.02% -0.03% -0.04% Reserve Agy Benchmark Agy 0.00% -0.01% -0.05% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.02% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Variance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve 0.03% 0.03% -0.03% 0.00% -0.02% 0.00% -0.04% Benchmark 0.01% 0.01% -0.01% 0.00% -0.01% 0.00% -0.02% Mon. Var. 0.02% 0.02% -0.02% 0.00% -0.01% 0.00% -0.02% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FYTD Var. 0.02% 0.04% 0.02% 0.02% 0.01% 0.01% -0.01% *Total returns are based upon sub-sector weighted returns Note: Includes U.S. Agencies, Supranationals, and Municipal Securities Figures may not total due to rounding Fiscal YTD Variance* January 31, 2018 44

Portfolio Attribution: Reserve Corporate vs. Benchmark Corporate Corporate Sector Total Returns Monthly Performance Comparison FYTD Performance Variance 0.10% 0.08% 0.06% 0.04% 0.03% 0.04% 0.02% 0.02% 0.00% -0.02% 0.01% 0.00% -0.04% -0.06% -0.08% Reserve Corp Benchmark Corp -0.01% -0.02% -0.10% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.03% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Variance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve 0.08% 0.06% -0.02% 0.00% -0.06% 0.02% -0.09% Benchmark 0.07% 0.04% -0.02% 0.01% -0.04% 0.02% -0.07% Mon. Var. 0.01% 0.02% 0.00% -0.01% -0.02% 0.00% -0.02% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FYTD Var. 0.01% 0.03% 0.03% 0.02% 0.00% 0.00% -0.02% *Total returns are based upon sub-sector weighted returns Note: Includes Corporate Bonds and Asset-Backed Securities Figures may not total due to rounding Fiscal YTD Variance* January 31, 2018 45

Index Performance: BofA/Merrill 1-5 Yr Govt/Corp (A-AAA) Monthly Price Return vs Interest Return Monthly Total Return 50 Price Return 40 25 Interest Return 30 20 Basis Points 0-25 -50 Basis Points 10 0-10 -20-30 -75-40 -50-100 -60 Component Total Return Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Interest 16.2 17.4 17.1 17.4 16.8 17.3 17.3 16.9 17.4 17.0 17.5 17.7 Price 2.7-12.0 15.0 6.6-29.9 13.4 16.6-47.2-24.6-45.5-16.1-72.4 Total 18.9 5.4 32.1 24.0-13.1 30.7 33.9-30.3-7.2-28.5 1.4-54.7 January 31, 2018 46

Index Performance: BofA/Merrill 1-5 Yr Sector Total Returns 75 Index Sector Total Returns 50 Tsy Agy Corp Govt/Corp Index Basis Points 25 0-25 -50-75 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Sector Total Returns (Basis Points) Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 AVG Index 19 5 32 32-13 31 34-30 -7-29 1-55 2 Treasury 15 5 31 22-15 28 34-34 -9-28 -1-57 -1 Agency 17 5 23 21-6 26 26-19 -4-23 2-36 3 Corporate 43 6 42 37-3 49 33-14 5-30 13-48 11 January 31, 2018 47

Reserve vs Index: Sector Allocations % of Portfolio/Index Percent 82% 80% 78% 76% 74% 72% 70% 68% 66% 64% Treasury Allocations: Reserve vs Index Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Index Reserve Dec-17 Jan-18 Percent 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% Corporate Allocations: Reserve vs Index Index Reserve Percent 12% 11% 10% 9% 8% 7% 6% 5% 4% Agency Allocations: Reserve vs Index Index Reserve Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Nov-17 Dec-17 Jan-18 January 31, 2018 48

Effective Duration Allocations: Reserve vs. Benchmark 20% 18% 16% 16.0% 17.0% 16.0% 16.1% 17.2% 15.2% Index Reserve 14% 13.5% 13.2% 12.5% 12% 10% 10.8% 10.0% 10.6% 9.8% 10.0% 8% 7.9% 6% 4% 4.0% 2% 0% 0.0% 0.0% 0.0% 0.0% 0-.50.50-1.00 1.00-1.50 1.50-2.00 2.00-2.50 2.50-3.00 3.00-3.50 3.50-4.00 4.00-4.50 4.50-5.00+ Duration Buckets* *Calculated using market values January 31, 2018 49

Effective Duration Allocations: Reserve Tsy vs. Benchmark Tsy 14% 12% 10% 12.9% 12.2% 13.1% 10.3% 11.0% 11.9% 10.5% 12.2% 9.6% Index Treasury Reserve Treasury 8% 8.8% 8.1% 8.7% 8.1% 8.1% 6% 4.7% 4% 3.1% 2% 0% 0.0% 0.0% 0.0% 0.0% 0-.50.50-1.00 1.00-1.50 1.50-2.00 2.00-2.50 2.50-3.00 3.00-3.50 3.50-4.00 4.00-4.50 4.50-5.00+ Duration Buckets* *Calculated using market values January 31, 2018 50

Effective Duration Allocations: Reserve Agy vs. Benchmark Agy 4.0% 3.5% Index Agency Reserve Agency 3.0% 2.5% 2.0% 2.2% 1.9% 1.5% 1.0% 0.5% 0.0% 1.0% 1.1% 1.4% 0.6% 0.8% 0.6% 0.8% 0.8% 1.0% 0.0% 0.0% 0.0% 0.0% 0.3% 0.4% 0.1% 0.2% 0.4% 0-.50.50-1.00 1.00-1.50 1.50-2.00 2.00-2.50 2.50-3.00 3.00-3.50 3.50-4.00 4.00-4.50 4.50-5.00+ Duration Buckets* *Calculated using market values January 31, 2018 51

Effective Duration Allocations: Reserve Corp vs. Benchmark Corp 6% 5% Index Corporate Reserve Corporate 4% 3.7% 3.6% 3.3% 3% 2% 2.1% 1.6% 1.9% 1.9% 2.4% 1.7% 1.5% 2.1% 1.6% 2.2% 1.7% 1.1% 1% 0.5% 0% 0.0% 0.0% 0.0% 0.0% 0-.50.50-1.00 1.00-1.50 1.50-2.00 2.00-2.50 2.50-3.00 3.00-3.50 3.50-4.00 4.00-4.50 4.50-5.00+ Duration Buckets* *Calculated using market values January 31, 2018 52

Total General Portfolio: Credit Quality S&P Moody's S&P Moody's Issuer Market Value % of Port LT Rating LT Rating Issuer Market Value % of Port LT Rating LT Rating U.S. Treasury $5,127,088,700 55.54% AA+ Aaa Capital One Cards ABS $21,025,480 0.23% AAA NR Bank Tokyo-Mitsubishi $358,046,512 3.88% A A1 Stryker $19,982,800 0.22% A Baa1 FNMA $335,504,500 3.63% AA+ Aaa Wells Fargo & Co $19,898,300 0.22% A A2 Toronto Dominion $269,249,105 2.92% AA- Aa2 Qualcomm $19,849,800 0.22% A A1 Mizuho Bank $221,879,552 2.40% A A1 Berkshire Hathaway $19,827,400 0.21% AA Aa2 Toyota $202,753,604 2.20% AA- Aa3 Costco $19,701,000 0.21% A+ A1 Exxon Mobil $163,806,403 1.77% AA+ Aaa Mastercard $17,665,920 0.19% A A2 BNP Paribas $138,549,514 1.50% A Aa3 Siemens Capital $16,963,804 0.18% A+ A1 Apple $100,235,804 1.09% AA+ Aa1 Oracle $14,993,700 0.16% AA- A1 Wells Fargo Bank* $96,996,650 1.05% NR NR Bank of America NA $14,990,250 0.16% A+ Aa3 Intercontinental Exg $91,136,721 0.99% A A2 Gilead Sciences $14,971,350 0.16% A A3 United Parcel $88,796,491 0.96% A+ A1 Precision Castparts $14,951,850 0.16% AA- A2 Microsoft $87,844,317 0.95% AAA Aaa FAMCA $14,896,050 0.16% NR NR Walt Disney $84,505,299 0.92% A+ A2 3M Company $14,867,100 0.16% AA- A1 PNC Bank $84,261,550 0.91% A A2 Georgia Power Company $14,833,950 0.16% A- A3 FHLMC $83,848,600 0.91% AA+ Aaa IFC $14,823,300 0.16% AAA Aaa FHLB $80,316,500 0.87% AA+ Aaa Intel $14,786,700 0.16% A+ A1 US Bank $79,421,300 0.86% AA- A1 Procter & Gamble $14,701,400 0.16% AA- Aa3 State of California $78,825,435 0.85% AA- Aa3 Amex Cards ABS $11,916,360 0.13% AAA NR BMW $76,779,382 0.83% A+ A1 Public Service Electric $11,916,000 0.13% A Aa3 Pfizer $71,874,592 0.78% AA A1 Chase Cards ABS $11,859,360 0.13% AAA NR American Honda $64,392,475 0.70% A+ A2 BB&T Corp $10,016,700 0.11% A- A2 Philip Morris $58,822,800 0.64% A A2 State Street $10,007,100 0.11% A A1 IBRD $58,705,650 0.64% AAA Aaa Charles Schwab $9,999,400 0.11% A A2 Pepsico $54,185,050 0.59% A+ A1 Wisconsin Electric Power $9,991,400 0.11% A- A2 IADB $48,936,500 0.53% AAA Aaa Home Depot $9,968,000 0.11% A A2 Chevron $39,741,800 0.43% AA- Aa2 Visa $9,934,800 0.11% A+ A1 Bank of New York Mellon $39,727,000 0.43% A A1 American Express $9,925,400 0.11% A- A2 IBM $39,677,250 0.43% A+ A1 US Bancorp $9,916,500 0.11% A+ A1 Citibank Credit Card ABS $39,599,200 0.43% AAA NR Citibank $9,900,000 0.11% A+ A1 Caterpillar $39,406,550 0.43% A A3 JPMorgan Chase Bank $9,876,900 0.11% A+ Aa3 General Electric $37,774,978 0.41% A A2 United Tech $9,749,100 0.11% A- A3 JPMorgan Chase & Co $34,836,850 0.38% A- A3 UnitedHealth Group $9,011,730 0.10% A+ A3 Honeywell $34,125,400 0.37% A A2 ING $7,314,411 0.08% A+ Aa3 Coca Cola $31,751,120 0.34% AA- Aa3 Dreyfus Cash Mgmt $7,279,575 0.08% AAAm Aaa-mf Morgan Stanley $30,127,057 0.33% BBB+ A3 Target $7,006,370 0.08% A A2 M&T Trust $29,913,000 0.32% A A3 Danaher $4,989,450 0.05% A A2 Johnson & Johnson $29,592,300 0.32% AAA Aaa Eli Lilly $4,985,400 0.05% AA- A2 Goldman Sachs $26,808,196 0.29% BBB+ A3 Automatic Data Processing $4,982,600 0.05% AA Aa3 Cisco $24,932,000 0.27% AA- A1 Public Storage $4,863,900 0.05% A A2 Branch Banking and Trust $24,810,500 0.27% A A1 Total $9,230,604,739 100.00% John Deere $21,877,920 0.24% A A2 *Checking Account January 31, 2018 53

Total General Portfolio Transactions 70 60 50 40 30 20 10 Total Monthly Transactions Buys* Sells** 0 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 *Buys: Core-Includes transfers from Reserve **Sells: Core-Includes calls, Reserve-Includes calls and transfers to Core Core Transactions Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Buys 47 27 30 46 53 49 33 35 26 37 46 41 Sells/Calls 0 0 0 0 0 0 0 0 0 0 1 0 Total 47 27 30 46 53 49 33 35 26 37 47 41 Reserve Transactions Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Buys 10 9 13 13 12 6 6 9 10 8 6 9 Sells/Calls 12 7 9 16 15 7 4 11 9 9 8 6 Total 22 16 22 29 27 13 10 20 19 17 14 15 Total Transactions Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Buys 57 36 43 59 65 55 39 44 36 45 52 50 Sells/Calls 12 7 9 16 15 7 4 11 9 9 9 6 Total 69 43 52 75 80 62 43 55 45 54 61 56 January 31, 2018 54

Portfolio Transactions: Reserve Portfolio Trade Date Issuer Type Maturity Date Par Amount Action* 1/8/18 Wells Fargo & Co Corp 1/15/19 15,000,000 Sell 1/9/18 M&T Trust Corp 1/30/19 6,000,000 Sell 1/17/18 PNC Bank Corp 1/22/21 10,000,000 Buy 1/17/18 FNMA Note Agy 2/19/19 25,000,000 Sell 1/18/18 US Bank Corp 1/23/20 20,000,000 Buy 1/18/18 US Bank Corp 1/23/23 20,000,000 Buy 1/19/18 FNMA Note Agy 1/19/23 15,000,000 Buy 1/19/18 FNMA Note Agy 1/19/23 10,000,000 Buy 1/22/18 M&T Trust Corp 1/25/21 20,000,000 Buy 1/29/18 FNMA Note Agy 1/28/19 35,000,000 Transfer 1/31/18 U.S. Treasury Note Tsy 1/31/20 20,000,000 Buy 1/31/18 U.S. Treasury Note Tsy 7/31/21 45,000,000 Buy 1/31/18 U.S. Treasury Note Tsy 1/31/23 50,000,000 Buy 1/31/18 U.S. Treasury Note Tsy 1/31/19 25,000,000 Sell 1/31/18 U.S. Treasury Note Tsy 1/31/19 50,000,000 Transfer *"Transfer" is from Reserve to Core January 31, 2018 55

Portfolio Transactions: Core Portfolio Trade Date Issuer Type Maturity Date Par Amount Action* 1/2/18 Siemens Capital CP 3/22/18 17,000,000 Buy 1/3/18 General Electric CP 3/29/18 37,872,000 Buy 1/4/18 Bank Toyko-Mitsubishi CP 1/12/18 22,880,000 Buy 1/5/18 Bank Toyko-Mitsubishi CP 1/12/18 18,812,000 Buy 1/5/18 Mizuho Bank CP 3/19/18 20,000,000 Buy 1/5/18 Mizuho Bank CP 3/12/18 20,000,000 Buy 1/8/18 Bank Toyko-Mitsubishi CP 4/10/18 25,000,000 Buy 1/8/18 Bank Toyko-Mitsubishi CP 4/11/18 23,949,000 Buy 1/9/18 Bank Toyko-Mitsubishi CP 2/1/18 6,000,000 Buy 1/10/18 BNP Paribas CP 4/16/18 31,825,000 Buy 1/10/18 BNP Paribas CP 1/12/18 40,000,000 Buy 1/11/18 Bank Toyko-Mitsubishi CP 3/1/18 23,011,000 Buy 1/12/18 Exxon Mobil CP 2/1/18 6,385,000 Buy 1/16/18 Microsoft CP 2/1/18 46,404,000 Buy 1/18/18 Intercontinental Exg CP 2/1/18 12,707,000 Buy 1/19/18 Toyota CP 3/1/18 68,284,000 Buy 1/19/18 Bank Toyko-Mitsubishi CP 2/14/18 45,000,000 Buy 1/19/18 BNP Paribas CP 1/23/18 25,000,000 Buy 1/19/18 BNP Paribas CP 1/22/18 10,000,000 Buy 1/19/18 Exxon Mobil CP 4/11/18 53,000,000 Buy 1/19/18 BMW CP 4/11/18 27,000,000 Buy 1/19/18 Intercontinental Exg CP 4/11/18 20,000,000 Buy 1/19/18 American Honda CP 4/11/18 30,000,000 Buy 1/19/18 Exxon Mobil CP 4/2/18 75,000,000 Buy 1/19/18 BMW CP 4/2/18 50,000,000 Buy 1/22/18 Intercontinental Exg CP 2/1/18 24,578,000 Buy 1/23/18 Archer Daniels CP 1/25/18 35,000,000 Buy 1/23/18 Intercontinental Exg CP 2/12/18 13,689,000 Buy 1/24/18 Toronto Dominion CP 4/9/18 20,000,000 Buy 1/24/18 Toronto Dominion CP 4/10/18 12,172,000 Buy 1/25/18 BNP Paribas CP 2/1/18 33,821,000 Buy 1/26/18 Mizuho Bank CP 4/12/18 33,120,000 Buy *"Transfer" is from Reserve to Core January 31, 2018 56

Portfolio Transactions: Core Portfolio (continued) Trade Date Issuer Type Maturity Date Par Amount Action* 1/28/19 FNMA Note Agy 1/28/19 35,000,000 Transfer 2/2/18 BNP Paribas CP 2/2/18 33,020,000 Buy 2/1/18 BNP Paribas CP 2/1/18 40,000,000 Buy 3/13/18 Bank Toyko-Mitsubishi CP 3/13/18 20,688,000 Buy 2/1/18 FHLB DN Agy 2/1/18 16,000,000 Buy 4/25/18 Bank Toyko-Mitsubishi CP 4/25/18 34,000,000 Buy 4/24/18 Bank Toyko-Mitsubishi CP 4/24/18 40,000,000 Buy 3/5/18 Bank Toyko-Mitsubishi CP 3/5/18 25,000,000 Buy 1/31/19 U.S. Treasury Note Tsy 1/31/19 50,000,000 Transfer *"Transfer" is from Reserve to Core January 31, 2018 57