County of San Diego Treasurer Investment Report

MONTH ENDING July 31, 2014

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Table of Contents

3 Summary Portfolio Statistics as of July 31, 2014 4 Investment Inventory with Market Value 11 Purchases/Sales/Maturities 16 Cash Flow Analysis 17 Participant Cash Balances 18 Pooled Money Fund Participants 19 Pooled Money Fund – Asset Allocation 20 Pooled Money Fund Assets – Credit Quality 21 Investment Policy Compliance Standards

DISCLAIMER:

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

Note:

All Investments held during the month of July 2014 were in compliance with the Investment Policy dated January 1, 2014. The projected cash flows indicate sufficient liquidity to meet all scheduled expenditures for the next 6 months.

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Summary Portfolio Statistics County of San Diego Pooled Money Fund

as of July 31, 2014 Percent of Current Par/ Current Market Market Current Yield to UnrealizedPortfolio WAM WAC YTM Share Book Price Value Accr Int Worst Gain/Loss

Certificates of Deposit 0.96 177 177 0.24 64,363,000 64,363,000 1.000 64,363,000 2,501 0.24 $0Commercial Paper 25.45 72 72 0.16 1,708,000,000 1,707,306,577 0.999 1,706,875,600 0 0.16 ($430,977)Fannie Mae 15.12 971 764 0.86 1,014,613,000 1,014,685,385 0.996 1,010,853,795 3,110,541 0.84 ($3,831,590)Federal Farm Credit Bank Notes 2.01 1,160 172 1.25 135,000,000 135,000,588 1.000 135,010,600 251,456 1.25 $10,012Federal Home Loan Bank Notes 11.23 538 262 0.67 752,550,000 753,677,371 1.002 754,409,173 2,246,590 0.61 $731,802Federal Home Loan Mortgage Corp 7.65 710 562 0.73 508,816,000 513,055,561 1.008 512,644,653 1,600,020 0.73 ($410,908)Money Market Funds 2.42 1 1 0.10 162,500,000 162,500,000 1.001 162,640,140 13,448 0.10 $140,140Negotiable CD 28.75 93 93 0.19 1,929,000,000 1,929,015,864 1.000 1,929,015,825 901,662 0.19 ($39)Repurchase Agreements 0.01 1 0.02 530,164 530,164 1.000 530,164 0 0.02 $0U.S. Treasury Notes 6.40 784 784 0.87 427,000,000 429,688,197 1.005 429,017,500 1,327,674 0.87 ($670,697)Totals for July 2014 100.00 382 280 0.44 6,702,372,164 6,709,822,707 1.000 6,705,360,450 9,453,892 0.44 (4,462,257)

Totals for June 2014 100.00 366 264 0.43 7,253,026,527 7,261,566,614 1.001 7,262,364,905 9,510,734 0.42 798,291

Change From Prior Month 16 16 0.01 (550,654,363) (551,743,907) (0.001) (557,004,455) (56,842) 0.02 (5,260,548)

Portfolio Effective Duration 0.85 years

Fiscal Year Calendar YearJuly To Date To Date

Return Annualized Return Annualized Return AnnualizedBook Value 0.039% 0.454% 0.039% 0.454% 0.254% 0.438%

Market Value 0.039% 0.455% 0.039% 0.455% 0.254% 0.438%

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

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Investment Inventory with Market Value San Diego Pooled Money Fund

as of July 31, 2014 Issuer Purchase Maturity Coupon YTM Par Value Current Book Market Value Current Unrealized

Date Date Accr Int Gain/Loss

Certificates of DepositVibra Bank 2/12/2014 8/12/2014 0.55 0.55 250,000.00 250,000.00 250,000.00 76.39 0.00Metro United Bank 2/18/2014 8/18/2014 0.35 0.35 250,000.00 250,000.00 250,000.00 34.03 0.00Torrey Pines Bank 9/6/2013 9/5/2014 0.25 0.25 99,500.00 99,500.00 99,500.00 17.72 0.00CDARS Regent Bank 3/20/2014 9/18/2014 0.12 0.12 2,813,500.00 2,813,500.00 2,813,500.00 111.00 0.00Coronado First Bank 10/24/2013 10/24/2014 0.30 0.30 250,000.00 250,000.00 250,000.00 16.44 0.00CA Bank and Trust 5/19/2014 11/17/2014 0.10 0.10 10,000,000.00 10,000,000.00 10,000,000.00 333.33 0.00Regents Bank 5/28/2014 11/28/2014 0.20 0.20 250,000.00 250,000.00 250,000.00 5.48 0.00Vibra Bank 6/26/2014 12/26/2014 0.25 0.25 5,000,000.00 5,000,000.00 5,000,000.00 205.48 0.00CA Bank and Trust 7/21/2014 1/20/2015 0.10 0.10 10,000,000.00 10,000,000.00 10,000,000.00 277.78 0.00Comerica Bank 1/24/2014 1/26/2015 0.22 0.22 15,000,000.00 15,000,000.00 15,000,000.00 723.29 0.00Torrey Pines Bank 3/29/2014 3/29/2015 0.40 0.40 20,000,000.00 20,000,000.00 20,000,000.00 657.54 0.00CA Bank and Trust 5/8/2014 5/8/2015 0.15 0.15 100,000.00 100,000.00 100,000.00 9.58 0.00Pacific Western Bank SD 5/12/2014 5/12/2015 0.15 0.15 100,000.00 100,000.00 100,000.00 8.34 0.00American West Bank 6/20/2014 6/20/2015 0.30 0.30 250,000.00 250,000.00 250,000.00 24.66 0.00Certificates of Deposit Subtotal 0.24 0.24 64,363,000.00 64,363,000.00 64,363,000.00 2,501.06 0.00

Commercial PaperToyota Motor Credit Corp. 4/14/2014 8/1/2014 0.14 0.14 50,000,000.00 50,000,000.00 49,978,800.00 0.00 -21,200.00Natixis US Finance Co 7/30/2014 8/1/2014 0.09 0.09 325,000,000.00 325,000,000.00 324,998,375.00 0.00 -1,625.00Toyota Motor Credit Corp. 6/18/2014 8/8/2014 0.07 0.07 80,000,000.00 79,998,911.11 79,992,080.00 0.00 -6,831.11General Elec Capital Corp. 6/18/2014 8/11/2014 0.06 0.06 26,000,000.00 25,999,566.67 25,997,660.00 0.00 -1,906.67Toyota Motor Credit Corp. 3/28/2014 8/15/2014 0.17 0.17 50,000,000.00 49,996,694.44 49,966,950.00 0.00 -29,744.44Mitsubishi UFJ Financial Group, Inc 7/16/2014 8/15/2014 0.08 0.08 45,000,000.00 44,998,600.00 44,996,985.00 0.00 -1,615.00Societe Generale N.A. 6/13/2014 9/12/2014 0.14 0.14 50,000,000.00 49,991,833.34 49,982,300.00 0.00 -9,533.34Societe Generale N.A. 6/18/2014 9/16/2014 0.14 0.14 30,000,000.00 29,994,633.33 29,989,500.00 0.00 -5,133.33Societe Generale N.A. 6/24/2014 9/22/2014 0.14 0.14 50,000,000.00 49,989,888.89 49,982,500.00 0.00 -7,388.89Societe Generale N.A. 6/27/2014 9/30/2014 0.15 0.15 50,000,000.00 49,987,916.67 49,980,850.00 0.00 -7,066.67Rabobank Nederland 1/24/2014 10/3/2014 0.23 0.23 27,000,000.00 26,989,132.50 26,956,530.00 0.00 -32,602.50UBS Finance 4/4/2014 10/3/2014 0.20 0.20 100,000,000.00 99,965,875.00 99,901,400.00 0.00 -64,475.00ING (US) Funding LLC 7/11/2014 10/9/2014 0.20 0.20 50,000,000.00 49,980,833.33 49,975,000.00 0.00 -5,833.33ING (US) Funding LLC 7/11/2014 10/10/2014 0.20 0.20 50,000,000.00 49,980,555.55 49,974,700.00 0.00 -5,855.55

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

Date Date Accr Int Gain/LossING (US) Funding LLC 7/16/2014 10/14/2014 0.20 0.20 50,000,000.00 49,979,444.44 49,975,000.00 0.00 -4,444.44Rabobank Nederland 4/17/2014 10/16/2014 0.21 0.21 25,000,000.00 24,988,916.67 24,973,450.00 0.00 -15,466.67ING (US) Funding LLC 7/22/2014 10/20/2014 0.20 0.20 75,000,000.00 74,966,666.67 74,962,500.00 0.00 -4,166.67Union Bank of California 2/27/2014 11/5/2014 0.24 0.24 15,000,000.00 14,990,400.00 14,974,905.00 0.00 -15,495.00UBS Finance 4/17/2014 11/7/2014 0.22 0.22 50,000,000.00 49,970,055.56 49,937,650.00 0.00 -32,405.56Toyota Motor Credit Corp. 5/12/2014 11/10/2014 0.20 0.20 50,000,000.00 49,971,944.44 49,949,450.00 0.00 -22,494.44Rabobank Nederland 4/15/2014 11/17/2014 0.22 0.22 50,000,000.00 49,967,000.00 49,934,000.00 0.00 -33,000.00Union Bank of California 4/17/2014 11/21/2014 0.22 0.22 30,000,000.00 29,979,466.66 29,960,040.00 0.00 -19,426.66Rabobank Nederland 5/13/2014 12/19/2014 0.21 0.21 50,000,000.00 49,959,166.66 49,939,700.00 0.00 -19,466.66Rabobank Nederland 6/4/2014 12/19/2014 0.21 0.21 75,000,000.00 74,938,750.00 74,909,550.00 0.00 -29,200.00UBS Finance 6/6/2014 12/19/2014 0.20 0.20 45,000,000.00 44,965,000.00 44,950,995.00 0.00 -14,005.00UBS Finance 7/14/2014 1/21/2015 0.21 0.21 50,000,000.00 49,949,541.67 49,944,300.00 0.00 -5,241.67Toyota Motor Credit Corp. 7/29/2014 1/26/2015 0.21 0.21 50,000,000.00 49,948,083.33 49,947,200.00 0.00 -883.33Union Bank of California 6/24/2014 2/23/2015 0.22 0.22 25,000,000.00 24,968,527.78 24,962,725.00 0.00 -5,802.78Toyota Motor Credit Corp. 7/29/2014 2/24/2015 0.23 0.23 50,000,000.00 49,933,875.00 49,932,900.00 0.00 -975.00Rabobank Nederland 6/26/2014 2/26/2015 0.22 0.22 35,000,000.00 34,955,297.22 34,947,605.00 0.00 -7,692.22Commercial Paper Subtotal 0.16 0.16 1,708,000,000.00 1,707,306,576.93 1,706,875,600.00 0.00 -430,976.93

FNMAFed National Mortg Assoc 8/28/2013 8/28/2014 0.88 0.17 50,000,000.00 50,026,325.00 50,028,500.00 185,937.50 2,175.00Fed National Mortg Assoc 4/12/2013 10/15/2014 4.63 0.22 50,000,000.00 50,451,468.14 50,466,000.00 680,902.78 14,531.86Fed National Mortg Assoc 11/7/2012 10/30/2014 0.63 0.30 25,000,000.00 25,020,127.98 25,033,250.00 39,496.53 13,122.02Fed National Mortg Assoc 11/18/2010 11/20/2014 2.63 1.23 20,000,000.00 20,081,938.97 20,153,800.00 103,541.67 71,861.03Fed National Mortg Assoc 8/13/2010 4/15/2015 5.00 1.57 20,000,000.00 20,465,294.17 20,678,600.00 294,444.44 213,305.83Fed National Mortg Assoc 5/28/2013 4/29/2016 0.50 0.51 25,000,000.00 24,997,759.28 24,954,250.00 31,944.44 -43,509.28Fed National Mortg Assoc 6/10/2013 7/5/2016 0.38 0.63 50,000,000.00 49,756,942.99 49,832,500.00 13,541.67 75,557.01Fed National Mortg Assoc 2/26/2014 7/5/2016 0.38 0.45 15,000,000.00 14,978,665.02 14,949,750.00 4,062.50 -28,915.02Fed National Mortg Assoc 5/22/2013 8/22/2016 0.50 0.50 25,000,000.00 25,000,000.00 24,874,500.00 23,958.33 -125,500.00Fed National Mortg Assoc 10/6/2011 9/28/2016 1.25 1.28 20,000,000.00 19,985,778.13 20,239,600.00 85,416.67 253,821.87Fed National Mortg Assoc 5/14/2013 11/14/2016 0.55 0.56 25,000,000.00 24,996,734.13 24,856,250.00 29,409.72 -140,484.13Fed National Mortg Assoc 5/28/2013 11/14/2016 0.55 0.57 3,500,000.00 3,498,266.15 3,479,875.00 4,117.36 -18,391.15Fed National Mortg Assoc 5/28/2013 11/14/2016 0.55 0.57 7,513,000.00 7,509,278.17 7,469,800.25 8,838.21 -39,477.92Fed National Mortg Assoc 11/15/2011 11/15/2016 1.38 1.29 15,000,000.00 15,028,544.73 15,208,050.00 43,541.67 179,505.27

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

Date Date Accr Int Gain/LossFed National Mortg Assoc 1/17/2012 11/15/2016 1.38 1.10 20,000,000.00 20,121,276.87 20,277,400.00 58,055.56 156,123.13Fed National Mortg Assoc 3/14/2013 3/14/2017 0.75 0.75 25,000,000.00 25,000,000.00 24,923,750.00 71,354.17 -76,250.00Fed National Mortg Assoc 3/10/2014 4/20/2017 0.75 0.86 50,000,000.00 49,847,468.30 49,676,500.00 105,208.33 -170,968.30Fed National Mortg Assoc 7/17/2013 7/17/2017 1.00 1.01 20,000,000.00 19,992,449.17 20,131,400.00 7,777.78 138,950.83Fed National Mortg Assoc 11/27/2013 10/26/2017 0.88 1.07 40,000,000.00 39,751,951.74 39,370,800.00 92,361.11 -381,151.74Fed National Mortg Assoc 11/21/2013 11/21/2017 1.75 1.44 25,000,000.00 25,091,284.72 25,110,500.00 85,069.44 19,215.28Fed National Mortg Assoc 11/29/2013 11/22/2017 0.50 0.65 31,845,000.00 31,686,197.23 31,755,515.55 30,518.13 69,318.32Fed National Mortg Assoc 11/29/2012 11/29/2017 1.00 1.00 31,755,000.00 31,755,000.00 31,403,154.60 54,689.17 -351,845.40Fed National Mortg Assoc 12/18/2012 12/18/2017 0.75 0.75 60,000,000.00 60,000,000.00 59,694,600.00 53,750.00 -305,400.00Fed National Mortg Assoc 12/27/2012 12/27/2017 0.88 0.91 35,000,000.00 34,958,281.94 34,616,400.00 28,923.61 -341,881.94Fed National Mortg Assoc 12/27/2012 12/27/2017 0.75 0.75 25,000,000.00 25,000,000.00 24,894,250.00 17,708.33 -105,750.00Fed National Mortg Assoc 2/21/2013 2/21/2018 0.83 0.83 50,000,000.00 50,000,000.00 49,742,000.00 183,333.33 -258,000.00Fed National Mortg Assoc 3/28/2013 3/28/2018 0.80 0.81 50,000,000.00 49,981,708.33 49,648,000.00 136,666.67 -333,708.33Fed National Mortg Assoc 4/30/2013 4/30/2018 1.00 1.01 50,000,000.00 49,986,884.72 48,991,000.00 126,388.89 -995,884.72Fed National Mortg Assoc 4/30/2013 4/30/2018 1.00 1.00 50,000,000.00 50,000,000.00 48,991,000.00 126,388.89 -1,009,000.00Fed National Mortg Assoc 5/16/2013 4/30/2018 1.00 1.07 25,000,000.00 24,940,451.93 24,495,500.00 63,194.44 -444,951.93Fed National Mortg Assoc 1/22/2014 5/21/2018 0.88 1.53 15,000,000.00 14,639,485.25 14,740,200.00 25,520.83 100,714.75Fed National Mortg Assoc 1/21/2014 9/18/2018 1.88 1.65 30,000,000.00 30,263,616.64 30,262,500.00 207,812.50 -1,116.64Fed National Mortg Assoc 1/21/2014 11/27/2018 1.63 1.73 30,000,000.00 29,872,204.81 29,904,600.00 86,666.67 32,395.19FNMA Subtotal 1.19 0.86 1,014,613,000.00 1,014,685,384.51 1,010,853,795.40 3,110,541.34 -3,831,589.11

FFCBFederal Farm Credit Bank 7/9/2013 8/21/2014 0.30 0.21 25,000,000.00 25,001,281.09 25,003,000.00 33,333.33 1,718.91Federal Farm Credit Bank 12/4/2013 12/4/2017 1.20 1.20 50,000,000.00 50,000,000.00 50,010,500.00 95,000.00 10,500.00Federal Farm Credit Bank 5/21/2014 5/21/2018 1.42 1.42 25,000,000.00 25,000,000.00 24,961,500.00 69,027.78 -38,500.00Federal Farm Credit Bank 1/21/2014 1/14/2019 1.92 1.92 15,000,000.00 14,999,307.37 15,074,400.00 13,600.00 75,092.63Federal Farm Credit Bank 6/24/2014 6/24/2019 1.97 1.97 20,000,000.00 20,000,000.00 19,961,200.00 40,494.44 -38,800.00FFCB Subtotal 1.27 1.25 135,000,000.00 135,000,588.46 135,010,600.00 251,455.55 10,011.54

FHLBFederal Home Loan Bank 8/9/2013 8/12/2014 0.17 0.18 50,000,000.00 49,999,893.94 50,001,000.00 39,902.78 1,106.06Federal Home Loan Bank 4/16/2013 8/13/2014 5.50 0.21 30,000,000.00 30,052,845.28 30,054,000.00 770,000.00 1,154.72Federal Home Loan Bank 8/28/2013 8/15/2014 0.13 0.17 25,000,000.00 24,999,536.02 24,999,550.01 14,322.91 13.99

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

Date Date Accr Int Gain/LossFederal Home Loan Bank 9/11/2013 9/11/2014 0.17 0.18 50,000,000.00 49,999,311.11 49,999,300.00 33,055.56 -11.11Federal Home Loan Bank 9/12/2013 9/11/2014 0.17 0.19 53,200,000.00 53,198,814.48 53,198,829.60 35,171.11 15.12Federal Home Loan Bank 4/12/2013 9/12/2014 0.21 0.21 25,000,000.00 24,999,997.99 25,004,000.00 20,270.83 4,002.01Federal Home Loan Bank 8/28/2013 9/22/2014 0.22 0.18 39,350,000.00 39,352,351.78 39,358,263.50 31,020.92 5,911.72Federal Home Loan Bank 4/12/2013 9/26/2014 0.24 0.22 25,000,000.00 25,000,944.66 25,006,500.00 20,833.33 5,555.34Federal Home Loan Bank 7/13/2010 6/12/2015 2.88 2.09 22,685,000.00 22,829,690.03 23,219,912.30 88,770.82 390,222.27Federal Home Loan Bank 1/21/2014 6/12/2015 0.50 0.20 2,315,000.00 2,319,986.58 2,321,667.20 1,575.49 1,680.62Federal Home Loan Bank 10/8/2010 9/11/2015 1.75 1.40 15,000,000.00 15,055,634.52 15,252,150.00 102,083.33 196,515.48Federal Home Loan Bank 10/8/2010 9/28/2015 1.63 1.40 15,000,000.00 15,037,127.02 15,236,700.00 83,281.25 199,572.98Federal Home Loan Bank 2/26/2014 12/11/2015 1.38 0.30 25,000,000.00 25,364,841.09 25,351,000.00 47,743.06 -13,841.09Federal Home Loan Bank 6/13/2011 3/11/2016 3.13 1.72 25,000,000.00 25,541,854.30 26,062,000.00 303,819.44 520,145.70Federal Home Loan Bank 8/10/2011 6/10/2016 2.13 1.48 15,000,000.00 15,171,690.78 15,429,900.00 45,156.25 258,209.22Federal Home Loan Bank 3/24/2014 6/24/2016 0.55 0.57 50,000,000.00 49,978,919.75 49,903,000.00 97,013.89 -75,919.75Federal Home Loan Bank 6/19/2013 12/19/2016 0.75 0.75 25,000,000.00 25,000,000.00 24,957,000.00 21,875.00 -43,000.00Federal Home Loan Bank 11/15/2013 12/28/2016 0.63 0.72 50,000,000.00 49,889,598.40 49,877,000.00 28,645.83 -12,598.40Federal Home Loan Bank 3/27/2014 3/27/2017 1.00 1.00 75,000,000.00 75,000,000.00 75,052,500.00 258,333.33 52,500.00Federal Home Loan Bank 3/26/2014 6/26/2017 1.05 1.05 50,000,000.00 50,000,000.00 49,982,500.00 51,041.67 -17,500.00Federal Home Loan Bank 9/20/2012 9/8/2017 0.75 0.86 35,000,000.00 34,884,333.03 34,633,900.00 104,270.83 -250,433.03Federal Home Loan Bank 6/20/2014 6/20/2018 0.85 0.85 50,000,000.00 50,000,000.00 49,508,500.00 48,402.78 -491,500.00FHLB Subtotal 1.00 0.67 752,550,000.00 753,677,370.76 754,409,172.61 2,246,590.41 731,801.85

FHLMCFed Home Loan Mortg Corp. 7/9/2013 8/20/2014 1.00 0.20 22,816,000.00 22,825,585.11 22,825,582.72 102,038.22 -2.39Fed Home Loan Mortg Corp. 8/28/2013 8/27/2014 1.00 0.17 50,000,000.00 50,029,849.30 50,033,500.00 213,888.89 3,650.70Fed Home Loan Mortg Corp. 4/12/2013 11/6/2014 2.65 0.24 25,000,000.00 25,158,585.99 25,170,000.00 156,423.61 11,414.01Fed Home Loan Mortg Corp. 10/6/2011 11/25/2014 0.75 0.76 50,000,000.00 49,998,283.44 50,102,000.00 68,750.00 103,716.56Fed Home Loan Mortg Corp. 8/13/2010 2/9/2015 2.88 1.51 20,000,000.00 20,137,347.03 20,288,600.00 274,722.22 151,252.97Fed Home Loan Mortg Corp. 8/30/2013 9/18/2015 0.42 0.50 26,000,000.00 25,976,627.83 26,042,120.00 40,343.33 65,492.17Fed Home Loan Mortg Corp. 12/16/2011 1/19/2016 4.75 0.95 15,000,000.00 15,818,453.77 15,966,600.00 23,750.00 148,146.23Fed Home Loan Mortg Corp. 12/24/2013 6/24/2016 0.25 0.25 25,000,000.00 25,000,000.00 24,991,500.00 6,423.61 -8,500.00Fed Home Loan Mortg Corp. 10/18/2012 11/1/2016 0.63 0.64 50,000,000.00 49,987,178.25 49,883,000.00 78,125.00 -104,178.25Fed Home Loan Mortg Corp. 5/29/2013 11/25/2016 0.63 0.63 25,000,000.00 25,000,000.00 24,781,250.00 28,645.83 -218,750.00Fed Home Loan Mortg Corp. 2/26/2014 2/22/2017 0.88 0.73 25,000,000.00 25,092,014.41 24,961,750.00 115,451.39 -130,264.41

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

Date Date Accr Int Gain/LossFed Home Loan Mortg Corp. 2/26/2014 6/29/2017 1.00 0.91 30,000,000.00 30,076,051.87 29,921,100.00 26,666.67 -154,951.87Fed Home Loan Mortg Corp. 7/25/2012 7/25/2017 1.00 1.00 20,000,000.00 19,998,806.67 19,938,600.00 3,333.33 -60,206.67Fed Home Loan Mortg Corp. 12/19/2013 12/19/2017 0.63 0.63 50,000,000.00 50,000,000.00 50,029,000.00 36,458.33 29,000.00Fed Home Loan Mortg Corp. 2/26/2014 3/7/2018 0.88 1.27 30,000,000.00 29,583,332.87 29,496,000.00 105,000.00 -87,332.87Fed Home Loan Mortg Corp. 2/27/2014 6/13/2018 4.88 1.30 25,000,000.00 28,349,218.63 28,246,250.00 162,500.00 -102,968.63Fed Home Loan Mortg Corp. 3/18/2014 2/19/2019 1.75 1.72 20,000,000.00 20,024,225.76 19,967,800.00 157,500.00 -56,425.76FHLMC Subtotal 1.32 0.73 508,816,000.00 513,055,560.93 512,644,652.72 1,600,020.43 -410,908.21

Money Market FundsBlack Rock 7/31/2014 8/1/2014 0.01 0.01 73,200,000.00 73,200,000.00 73,200,000.00 426.17 0.00Morgan Stanley 7/31/2014 8/1/2014 0.04 0.04 7,100,000.00 7,100,000.00 7,100,000.00 561.76 0.00Morgan Stanley 7/31/2014 8/1/2014 0.04 0.04 47,200,000.00 47,200,000.00 47,200,000.00 911.82 0.00Caltrust 7/31/2014 8/1/2014 0.38 0.38 35,000,000.00 35,000,000.00 35,140,140.00 11,548.16 140,140.00Money Market Funds Subtotal 0.10 0.10 162,500,000.00 162,500,000.00 162,640,140.00 13,447.91 140,140.00

Negotiable CDToronto Domin Ny 1/29/2014 8/1/2014 0.20 0.20 80,000,000.00 80,000,000.00 80,000,000.00 0.00 0.00Svenska Hndl NY 1/30/2014 8/1/2014 0.21 0.20 70,000,000.00 70,000,000.00 70,000,000.00 0.00 0.00Bank of Montreal 4/7/2014 8/4/2014 0.20 0.17 70,000,000.00 70,000,174.55 70,000,140.00 69,611.11 -34.55Svenska Hndl NY 4/8/2014 8/5/2014 0.16 0.16 100,000,000.00 100,000,000.00 100,000,000.00 51,111.11 0.00Bank of Montreal 2/27/2014 8/14/2014 0.21 0.19 45,000,000.00 45,000,324.48 45,000,315.00 44,100.00 -9.48Bank of Nova Scotia 4/7/2014 8/29/2014 0.17 0.17 75,000,000.00 75,000,000.00 75,000,000.00 41,083.33 0.00Svenska Hndl NY 4/7/2014 8/29/2014 0.20 0.19 15,000,000.00 15,000,116.11 15,000,120.00 12,833.34 3.89Union Bank of California 1/23/2014 9/2/2014 0.23 0.23 30,000,000.00 30,000,000.00 30,000,000.00 36,416.67 0.00Bank of Montreal 4/3/2014 9/2/2014 0.17 0.17 100,000,000.00 100,000,000.00 100,000,000.00 56,666.67 0.00Bank of Montreal 3/12/2014 9/12/2014 0.21 0.21 50,000,000.00 50,000,000.00 50,000,000.00 41,416.67 0.00Bank of Montreal 3/12/2014 9/15/2014 0.21 0.21 50,000,000.00 50,000,000.00 50,000,000.00 41,416.67 0.00Union Bank of Switzerland 3/18/2014 9/15/2014 0.21 0.21 20,000,000.00 20,000,000.00 20,000,000.00 15,488.89 0.00Royal Bank of Canada 3/20/2014 9/19/2014 0.18 0.17 49,000,000.00 49,000,000.00 49,000,000.00 32,156.25 0.00Toronto Domin Ny 4/4/2014 9/30/2014 0.17 0.17 100,000,000.00 100,000,000.00 100,000,000.00 56,194.45 0.00Canadian Imp BK Comm NY 4/8/2014 9/30/2014 0.17 0.16 50,000,000.00 50,000,832.63 50,000,850.00 27,152.77 17.37BB&T Capital Markets 6/25/2014 9/30/2014 0.14 0.14 50,000,000.00 50,000,000.00 50,000,000.00 7,194.44 0.00Rabobank Nederland 4/8/2014 10/15/2014 0.22 0.22 100,000,000.00 100,000,000.00 100,000,000.00 70,277.78 0.00

9

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

Date Date Accr Int Gain/LossSvenska Hndl NY 4/24/2014 10/24/2014 0.21 0.20 100,000,000.00 100,001,165.48 100,001,200.00 56,375.00 34.52Union Bank of California 4/7/2014 11/3/2014 0.22 0.22 75,000,000.00 75,000,000.00 75,000,000.00 53,166.67 0.00Wells Fargo Bank NA 5/5/2014 11/3/2014 0.21 0.21 50,000,000.00 50,000,000.00 50,000,000.00 25,666.67 0.00Wells Fargo Bank NA 5/29/2014 11/26/2014 0.21 0.21 50,000,000.00 50,000,000.00 50,000,000.00 18,666.67 0.00Bank of Nova Scotia 6/11/2014 1/2/2015 0.20 0.20 50,000,000.00 50,000,000.00 50,000,000.00 14,166.67 0.00Bank of Nova Scotia 6/19/2014 1/6/2015 0.21 0.21 50,000,000.00 50,000,000.00 50,000,000.00 12,541.67 0.00Toronto Domin Ny 6/19/2014 1/16/2015 0.21 0.21 50,000,000.00 50,000,000.00 50,000,000.00 12,541.67 0.00Bank of Nova Scotia 7/10/2014 1/16/2015 0.20 0.20 100,000,000.00 100,000,000.00 100,000,000.00 12,222.22 0.00Toronto Domin Ny 7/29/2014 2/2/2015 0.18 0.18 50,000,000.00 50,000,000.00 50,000,000.00 750.00 0.00Canadian Imp BK Comm NY 7/10/2014 2/9/2015 0.22 0.20 100,000,000.00 100,010,613.63 100,008,800.00 51,333.33 -1,813.63Canadian Imp BK Comm NY 7/24/2014 2/9/2015 0.22 0.21 50,000,000.00 50,002,637.58 50,004,400.00 25,666.66 1,762.42Toronto Domin Ny 7/16/2014 2/13/2015 0.20 0.20 50,000,000.00 50,000,000.00 50,000,000.00 4,444.44 0.00Wells Fargo Bank NA 7/14/2014 4/30/2015 0.22 0.22 100,000,000.00 100,000,000.00 100,000,000.00 11,000.00 0.00Negotiable CD Subtotal 0.20 0.19 1,929,000,000.00 1,929,015,864.46 1,929,015,825.00 901,661.82 -39.46

Repurchase AgreementsWells Fargo Bank NA 7/31/2014 8/1/2014 0.02 0.02 530,163.56 530,163.56 530,163.56 0.29 0.00Repurchase Agreements Subtotal 0.02 0.02 530,163.56 530,163.56 530,163.56 0.29 0.00

US Treasury NotesU.S. Treasury Securities 9/3/2009 8/31/2014 2.38 2.26 20,000,000.00 20,001,748.49 20,036,800.00 198,777.17 35,051.51U.S. Treasury Securities 10/23/2013 11/30/2014 2.13 0.14 15,000,000.00 15,098,342.99 15,102,000.00 53,995.90 3,657.01U.S. Treasury Securities 1/22/2014 12/15/2014 0.25 0.13 30,000,000.00 30,013,646.79 30,019,800.00 9,631.15 6,153.21U.S. Treasury Securities 1/22/2014 1/15/2015 0.25 0.13 25,000,000.00 25,014,121.97 25,019,500.00 2,887.23 5,378.03U.S. Treasury Securities 10/12/2010 1/31/2015 2.25 0.90 10,000,000.00 10,065,982.08 10,108,200.00 611.41 42,217.92U.S. Treasury Securities 5/15/2014 2/28/2015 0.25 0.08 30,000,000.00 30,029,945.67 30,029,400.00 31,385.87 -545.67U.S. Treasury Securities 11/8/2013 3/31/2015 2.50 0.20 15,000,000.00 15,228,326.47 15,239,700.00 126,024.59 11,373.53U.S. Treasury Securities 7/14/2010 6/30/2015 1.88 1.90 15,000,000.00 14,996,769.58 15,238,500.00 24,456.52 241,730.42U.S. Treasury Securities 10/23/2013 8/31/2015 1.25 0.28 10,000,000.00 10,104,384.00 10,117,200.00 52,309.78 12,816.00U.S. Treasury Securities 4/12/2011 11/30/2015 1.38 2.17 10,000,000.00 9,899,976.00 10,149,200.00 23,292.35 249,224.00U.S. Treasury Securities 2/12/2014 11/30/2015 1.38 0.30 10,000,000.00 10,142,961.60 10,149,200.00 23,292.35 6,238.40U.S. Treasury Securities 9/22/2011 2/29/2016 2.13 0.71 10,000,000.00 10,220,245.99 10,280,100.00 88,926.63 59,854.01U.S. Treasury Securities 4/5/2013 5/31/2016 1.75 0.35 15,000,000.00 15,380,763.24 15,350,400.00 44,467.21 -30,363.24

10

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

Date Date Accr Int Gain/LossU.S. Treasury Securities 9/22/2011 8/31/2016 1.00 0.86 10,000,000.00 10,028,985.46 10,084,400.00 41,847.83 55,414.54U.S. Treasury Securities 12/12/2011 11/30/2016 0.88 0.87 12,000,000.00 12,000,660.14 12,045,000.00 17,786.89 44,339.86U.S. Treasury Securities 3/12/2012 2/28/2017 0.88 0.90 15,000,000.00 14,989,046.13 15,008,250.00 54,925.27 19,203.87U.S. Treasury Securities 6/8/2012 5/15/2017 4.50 0.73 15,000,000.00 16,544,172.93 16,476,600.00 143,070.65 -67,572.93U.S. Treasury Securities 10/12/2012 7/31/2017 0.50 0.66 15,000,000.00 14,930,459.62 14,759,700.00 203.80 -170,759.62U.S. Treasury Securities 6/7/2013 10/31/2017 1.88 0.87 15,000,000.00 15,479,108.37 15,334,050.00 71,076.77 -145,058.37U.S. Treasury Securities 1/7/2013 12/31/2017 0.75 0.81 15,000,000.00 14,968,643.43 14,746,950.00 9,782.61 -221,693.43U.S. Treasury Securities 6/7/2013 2/28/2018 0.75 0.96 15,000,000.00 14,890,470.40 14,691,750.00 47,078.80 -198,720.40U.S. Treasury Securities 6/7/2013 5/31/2018 1.00 1.01 15,000,000.00 14,995,944.18 14,752,800.00 25,409.84 -243,144.18U.S. Treasury Securities 2/12/2014 7/31/2018 1.38 1.36 15,000,000.00 15,008,922.07 14,929,650.00 560.46 -79,272.07U.S. Treasury Securities 11/13/2013 8/31/2018 1.50 1.38 15,000,000.00 15,068,314.90 14,984,700.00 94,157.61 -83,614.90U.S. Treasury Securities 12/5/2013 11/30/2018 1.25 1.45 10,000,000.00 9,917,196.94 9,847,700.00 21,174.86 -69,496.94U.S. Treasury Securities 2/20/2014 1/31/2019 1.25 1.52 15,000,000.00 14,827,718.80 14,740,950.00 509.51 -86,768.80U.S. Treasury Securities 4/17/2014 3/31/2019 1.63 1.65 15,000,000.00 14,981,245.47 14,944,950.00 81,915.98 -36,295.47U.S. Treasury Securities 6/16/2014 5/31/2019 1.50 1.70 15,000,000.00 14,860,093.66 14,830,049.99 38,114.76 -30,043.67U.S. Treasury Notes Subtotal 1.35 0.87 427,000,000.00 429,688,197.37 429,017,499.99 1,327,673.80 -670,697.38

Grand Total 0.61 0.44 6,702,372,163.56 6,709,822,706.98 6,705,360,449.28 9,453,892.61 -4,462,257.70

• Note: Market Value source is Bank of New York Mellon

11

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

Number Type Type Amount Date1106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (170,344.45) 7/1/20141469 Money Market Funds Caltrust 0.31 Maturity 35,000,000.00 7/1/20141758 Money Market Funds Black Rock 0.01 Maturity 220,000,000.00 7/1/20141759 Money Market Funds Morgan Stanley 0.01 Maturity 39,300,000.00 7/1/20141913 Money Market Funds Morgan Stanley 0.06 Maturity 257,300,000.00 7/1/20142126 Negotiable CD Bank of Nova Scotia 0.19 Maturity 85,000,000.00 7/1/20142362 Commercial Paper General Elec Capital Corp. 0.05 Maturity 10,000,000.00 7/1/20142363 Commercial Paper Deutsche Bank Securities Inc. 0.10 Purchase (49,999,861.11) 7/1/20142364 Commercial Paper Deutsche Bank Securities Inc. 0.10 Purchase (29,999,916.67) 7/1/20142365 Money Market Funds Black Rock 0.01 Maturity 75,000,000.00 7/1/20142365 Money Market Funds Black Rock 0.01 Purchase (220,000,000.00) 7/1/20142366 Money Market Funds Morgan Stanley 0.01 Purchase (46,800,000.00) 7/1/20142367 Money Market Funds Morgan Stanley 0.06 Maturity 75,000,000.00 7/1/20142367 Money Market Funds Morgan Stanley 0.06 Purchase (257,300,000.00) 7/1/20142368 Money Market Funds Caltrust 0.31 Purchase (35,000,000.00) 7/1/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (184,592.55) 7/2/20141596 FHLB Federal Home Loan Bank 0.40 Maturity 50,000,000.00 7/2/20142223 Commercial Paper ING (US) Funding LLC 0.19 Maturity 50,000,000.00 7/2/20142363 Commercial Paper Deutsche Bank Securities Inc. 0.10 Maturity 50,000,000.00 7/2/20142364 Commercial Paper Deutsche Bank Securities Inc. 0.10 Maturity 30,000,000.00 7/2/20142365 Money Market Funds Black Rock 0.01 Maturity 75,000,000.00 7/2/20142366 Money Market Funds Morgan Stanley 0.01 Maturity 10,000,000.00 7/2/20142367 Money Market Funds Morgan Stanley 0.06 Maturity 75,000,000.00 7/2/20142371 Commercial Paper Natixis US Finance Co 0.10 Purchase (319,999,111.11) 7/2/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 855,129.41 7/3/20142136 Negotiable CD Union Bank of California 0.19 Maturity 50,000,000.00 7/3/20142224 Negotiable CD Toronto Domin NY 0.15 Maturity 100,000,000.00 7/3/20142229 Commercial Paper Societe Generale N.A. 0.18 Maturity 100,000,000.00 7/3/20142236 Commercial Paper Societe Generale N.A. 0.16 Maturity 75,000,000.00 7/3/20142251 Negotiable CD Union Bank of California 0.13 Maturity 50,000,000.00 7/3/20142278 Commercial Paper Fortis/BNP Paribas Bank 0.16 Maturity 50,000,000.00 7/3/20142365 Money Market Funds Black Rock 0.01 Purchase (37,800,000.00) 7/3/20142367 Money Market Funds Morgan Stanley 0.06 Maturity 75,000,000.00 7/3/2014

12

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

Number Type Type Amount Date2371 Commercial Paper Natixis US Finance Co 0.10 Maturity 320,000,000.00 7/3/20142372 Commercial Paper Natixis US Finance Co 0.10 Purchase (249,997,222.22) 7/3/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (1,518,382.52) 7/7/20142183 Negotiable CD Svenska Hndl NY 0.22 Maturity 75,000,000.00 7/7/20142365 Money Market Funds Black Rock 0.01 Maturity 40,000,000.00 7/7/20142372 Commercial Paper Natixis US Finance Co 0.10 Maturity 250,000,000.00 7/7/20142373 Commercial Paper Natixis US Finance Co 0.10 Purchase (319,999,111.11) 7/7/20142374 Commercial Paper Deutsche Bank Securities Inc. 0.09 Purchase (49,999,875.00) 7/7/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (2,583,386.21) 7/8/20142365 Money Market Funds Black Rock 0.01 Maturity 31,500,000.00 7/8/20142373 Commercial Paper Natixis US Finance Co 0.10 Maturity 320,000,000.00 7/8/20142374 Commercial Paper Deutsche Bank Securities Inc. 0.09 Maturity 50,000,000.00 7/8/20142375 Commercial Paper Natixis US Finance Co 0.10 Purchase (314,999,125.00) 7/8/20142376 Commercial Paper Deutsche Bank Securities Inc. 0.09 Purchase (74,999,812.50) 7/8/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 278,510.68 7/9/20142366 Money Market Funds Morgan Stanley 0.01 Maturity 24,600,000.00 7/9/20142375 Commercial Paper Natixis US Finance Co 0.10 Maturity 315,000,000.00 7/9/20142376 Commercial Paper Deutsche Bank Securities Inc. 0.09 Maturity 75,000,000.00 7/9/20142377 Commercial Paper Natixis US Finance Co 0.10 Purchase (314,999,125.00) 7/9/20142378 Commercial Paper Deutsche Bank Securities Inc. 0.09 Purchase (64,999,837.50) 7/9/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 2,030,569.83 7/10/20141777 FHLB Federal Home Loan Bank 0.19 Maturity 50,000,000.00 7/10/20142262 Commercial Paper ING (US) Funding LLC 0.19 Maturity 50,000,000.00 7/10/20142367 Money Market Funds Morgan Stanley 0.06 Maturity 19,350,000.00 7/10/20142377 Commercial Paper Natixis US Finance Co 0.10 Maturity 315,000,000.00 7/10/20142378 Commercial Paper Deutsche Bank Securities Inc. 0.09 Maturity 65,000,000.00 7/10/20142379 Commercial Paper Natixis US Finance Co 0.10 Purchase (279,999,222.22) 7/10/20142380 Negotiable CD Canadian Imp BK Comm NY 0.22 Purchase (100,049,718.67) 7/10/20142381 Negotiable CD Bank of Nova Scotia 0.20 Purchase (100,000,000.00) 7/10/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (1,106,214.17) 7/11/20141778 FHLB Federal Home Loan Bank 0.19 Maturity 75,000,000.00 7/11/20142367 Money Market Funds Morgan Stanley 0.06 Maturity 11,500,000.00 7/11/20142379 Commercial Paper Natixis US Finance Co 0.10 Maturity 280,000,000.00 7/11/2014

13

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

Number Type Type Amount Date2382 Commercial Paper Natixis US Finance Co 0.10 Purchase (239,998,000.00) 7/11/20142383 Commercial Paper ING (US) Funding LLC 0.20 Purchase (49,975,000.00) 7/11/20142384 Commercial Paper ING (US) Funding LLC 0.20 Purchase (49,974,722.22) 7/11/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 2,562,303.90 7/14/20142365 Money Market Funds Black Rock 0.01 Purchase (6,700,000.00) 7/14/20142382 Commercial Paper Natixis US Finance Co 0.10 Maturity 240,000,000.00 7/14/20142385 Commercial Paper Natixis US Finance Co 0.10 Purchase (299,999,166.67) 7/14/20142386 Commercial Paper UBS Finance 0.21 Purchase (49,944,291.67) 7/14/20142387 Negotiable CD Wells Fargo Bank NA 0.22 Purchase (100,000,000.00) 7/14/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (36,634.98) 7/15/20141755 FHLMC Fed Home Loan Mortg Corp. 5.00 Maturity 13,102,000.00 7/15/20142137 Commercial Paper Toyota Motor Credit Corp. 0.19 Maturity 25,000,000.00 7/15/20142365 Money Market Funds Black Rock 0.01 Purchase (17,500,000.00) 7/15/20142385 Commercial Paper Natixis US Finance Co 0.10 Maturity 300,000,000.00 7/15/20142388 Commercial Paper Natixis US Finance Co 0.10 Purchase (299,999,166.67) 7/15/20142389 Commercial Paper Deutsche Bank Securities Inc. 0.09 Purchase (49,999,875.00) 7/15/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (2,132,000.12) 7/16/20142260 Commercial Paper ING (US) Funding LLC 0.19 Maturity 50,000,000.00 7/16/20142365 Money Market Funds Black Rock 0.01 Maturity 20,000,000.00 7/16/20142366 Money Market Funds Morgan Stanley 0.01 Maturity 500,000.00 7/16/20142388 Commercial Paper Natixis US Finance Co 0.10 Maturity 300,000,000.00 7/16/20142389 Commercial Paper Deutsche Bank Securities Inc. 0.09 Maturity 50,000,000.00 7/16/20142390 Commercial Paper Natixis US Finance Co 0.10 Purchase (259,999,277.78) 7/16/20142391 Commercial Paper ING (US) Funding LLC 0.20 Purchase (49,975,000.00) 7/16/20142392 Negotiable CD Toronto Domin NY 0.20 Purchase (50,000,000.00) 7/16/20142393 Commercial Paper Mitsubishi UFJ Financial Group, Inc 0.08 Purchase (44,997,000.00) 7/16/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 2,465,222.33 7/17/20141784 FHLB Federal Home Loan Bank 0.19 Maturity 50,000,000.00 7/17/20142104 FHLMC CALLABLE PREM Fed Home Loan Mortg Corp. 1.25 Call 14,175,000.00 7/17/20142367 Money Market Funds Morgan Stanley 0.06 Purchase (25,600,000.00) 7/17/20142390 Commercial Paper Natixis US Finance Co 0.10 Maturity 260,000,000.00 7/17/20142394 Commercial Paper Natixis US Finance Co 0.10 Purchase (299,999,166.67) 7/17/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 72,918.03 7/18/2014

14

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

Number Type Type Amount Date2365 Money Market Funds Black Rock 0.01 Maturity 20,000,000.00 7/18/20142366 Money Market Funds Morgan Stanley 0.01 Maturity 4,600,000.00 7/18/20142394 Commercial Paper Natixis US Finance Co 0.10 Maturity 300,000,000.00 7/18/20142395 Commercial Paper Natixis US Finance Co 0.10 Purchase (249,997,916.67) 7/18/20142396 Commercial Paper Natixis US Finance Co 0.10 Purchase (19,999,833.33) 7/18/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (441,502.17) 7/21/20142121 Coll CD 30-360 CA Bank and Trust 0.10 Maturity 10,000,000.00 7/21/20142367 Money Market Funds Morgan Stanley 0.06 Maturity 9,200,000.00 7/21/20142395 Commercial Paper Natixis US Finance Co 0.10 Maturity 250,000,000.00 7/21/20142396 Commercial Paper Natixis US Finance Co 0.10 Maturity 20,000,000.00 7/21/20142397 Commercial Paper Natixis US Finance Co 0.10 Purchase (249,999,305.56) 7/21/20142405 Coll CD 30-360 CA Bank and Trust 0.10 Purchase (10,000,000.00) 7/21/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (11,341,438.07) 7/22/20142270 Negotiable CD BB&T Capital Markets 0.12 Maturity 50,000,000.00 7/22/20142367 Money Market Funds Morgan Stanley 0.06 Maturity 5,650,000.00 7/22/20142397 Commercial Paper Natixis US Finance Co 0.10 Maturity 250,000,000.00 7/22/20142398 Commercial Paper Natixis US Finance Co 0.10 Purchase (219,999,388.89) 7/22/20142399 Commercial Paper ING (US) Funding LLC 0.20 Purchase (74,962,500.00) 7/22/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 9,364,394.69 7/23/20142398 Commercial Paper Natixis US Finance Co 0.10 Maturity 220,000,000.00 7/23/20142400 Commercial Paper Natixis US Finance Co 0.10 Purchase (214,999,402.78) 7/23/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (5,106.29) 7/24/20142273 Negotiable CD BB&T Capital Markets 0.14 Maturity 50,000,000.00 7/24/20142365 Money Market Funds Black Rock 0.01 Purchase (12,100,000.00) 7/24/20142400 Commercial Paper Natixis US Finance Co 0.10 Maturity 215,000,000.00 7/24/20142403 Commercial Paper Natixis US Finance Co 0.10 Purchase (264,999,263.89) 7/24/20142404 Negotiable CD Canadian Imp BK Comm NY 0.22 Purchase (50,025,969.70) 7/24/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 1,056,613.89 7/25/20141795 FHLMC CALL EURO PREM Fed Home Loan Mortg Corp. 1.00 Call 50,000,000.00 7/25/20141812 FHLB Federal Home Loan Bank 0.13 Maturity 50,000,000.00 7/25/20141813 FHLB Federal Home Loan Bank 0.19 Maturity 51,000,000.00 7/25/20142365 Money Market Funds Black Rock 0.01 Maturity 1,000,000.00 7/25/20142403 Commercial Paper Natixis US Finance Co 0.10 Maturity 265,000,000.00 7/25/2014

15

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

Number Type Type Amount Date2406 Commercial Paper Natixis US Finance Co 0.09 Purchase (299,997,750.00) 7/25/20142407 Commercial Paper Deutsche Bank Securities Inc. 0.09 Purchase (169,998,725.00) 7/25/201477 FHLMC Fed Home Loan Mortg Corp. 3.00 Maturity 15,000,000.00 7/28/2014114 FHLMC Fed Home Loan Mortg Corp. 3.00 Maturity 20,000,000.00 7/28/2014

1106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (3,938,924.50) 7/28/20141774 FHLMC Fed Home Loan Mortg Corp. 3.00 Maturity 23,000,000.00 7/28/20142314 Negotiable CD Svenska Hndl NY 0.13 Maturity 25,000,000.00 7/28/20142406 Commercial Paper Natixis US Finance Co 0.09 Maturity 300,000,000.00 7/28/20142407 Commercial Paper Deutsche Bank Securities Inc. 0.09 Maturity 170,000,000.00 7/28/20142408 Commercial Paper Natixis US Finance Co 0.09 Purchase (299,999,250.00) 7/28/20142409 Commercial Paper Deutsche Bank Securities Inc. 0.09 Purchase (249,999,375.00) 7/28/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (371,717.94) 7/29/20142408 Commercial Paper Natixis US Finance Co 0.09 Maturity 300,000,000.00 7/29/20142409 Commercial Paper Deutsche Bank Securities Inc. 0.09 Maturity 250,000,000.00 7/29/20142410 Commercial Paper Deutsche Bank Securities Inc. 0.09 Purchase (199,999,500.00) 7/29/20142411 Commercial Paper Natixis US Finance Co 0.09 Purchase (324,999,187.50) 7/29/20142412 Commercial Paper Toyota Motor Credit Corp. 0.21 Purchase (49,947,208.33) 7/29/20142413 Commercial Paper Toyota Motor Credit Corp. 0.23 Purchase (49,932,916.67) 7/29/20142414 Negotiable CD Toronto Domin NY 0.18 Purchase (50,000,000.00) 7/29/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Purchase (1,762,911.85) 7/30/20142365 Money Market Funds Black Rock 0.01 Purchase (20,400,000.00) 7/30/20142410 Commercial Paper Deutsche Bank Securities Inc. 0.09 Maturity 200,000,000.00 7/30/20142411 Commercial Paper Natixis US Finance Co 0.09 Maturity 325,000,000.00 7/30/20142415 Commercial Paper Deutsche Bank Securities Inc. 0.09 Purchase (199,999,500.00) 7/30/20142416 Commercial Paper Natixis US Finance Co 0.09 Purchase (324,998,375.00) 7/30/20141106 Repurchase Agreements Wells Fargo Bank NA 0.02 Maturity 7,184,856.39 7/31/20142365 Money Market Funds Black Rock 0.01 Purchase (21,200,000.00) 7/31/20142367 Money Market Funds Morgan Stanley 0.06 Purchase (35,000,000.00) 7/31/20142415 Commercial Paper Deutsche Bank Securities Inc. 0.09 Maturity 200,000,000.00 7/31/2014

Grand Total 550,896,390.22

16

Cash Flow Analysis San Diego Pooled Money Fund as of July 31, 2014

($000)

Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15Beginning Pool Book Balance 7,255,509 6,709,823 6,248,464 6,071,645 6,147,701 6,394,286 7,491,422

MAIN CASH FLOW ITEMSINFLOWS: Reverse Repos 0 0 0 0 0 0 0 Interest Income On Pool 4,450 2,095 3,000 2,350 3,000 3,150 3,400 Taxes Collected 51,358 60,000 30,000 370,500 620,000 1,726,000 155,250 School Deposits 900,649 555,000 477,000 295,000 300,000 375,000 295,000 County Deposits 295,350 225,000 177,781 258,500 309,685 265,986 205,170 Retirement 0 0 15,000 0 0 0 0 Voluntaries 44,108 0 5,000 0 5,000 0 8,000 Maturities/Sales Outside Pool 11,866 0 0 0 10,900 0 0

1,307,781 842,095 707,781 926,350 1,248,585 2,370,136 666,820

OUTFLOWS: Schools 983,710 928,254 592,400 555,000 650,000 635,000 515,000 County 418,477 315,000 240,700 274,180 285,000 286,000 355,000 Retirement 409,600 10,500 7,000 7,500 7,000 7,000 11,500 Voluntaries 37,567 25,700 34,000 1,114 25,000 50,000 27,000 Tax Apportionment 7,564 14,000 10,500 12,500 35,000 295,000 490,000 Reverse Repos 0 0 0 0 0 0 0 Purchases/ Purchases Outside of Pool 10,000 10,000 0 0 0 0 0

1,866,918 1,303,454 884,600 850,294 1,002,000 1,273,000 1,398,500

TOTAL (559,137) (461,359) (176,819) 76,056 246,585 1,097,136 (731,680)

PROJECTED/ACTUAL MONTH END POOL BALANCE 6,709,823 6,248,464 6,071,645 6,147,701 6,394,286 7,491,422 6,759,742

LIQUIDITY PROJECTIONS

Maturities 913,816 894,262 552,250 400,000 220,000 400,000 Sales/Calls 0 0 0 0 0 0 Investments Purchased 45,000 70,000 52,250 35,000 45,000 50,000

958,816 964,262 604,500 435,000 265,000 450,000

Net Main Cash Flow (see above) (559,137) (461,359) (176,819) 76,056 246,585 1,097,136 (731,680)

PROJECTED/ACTUAL MONTH END LIQUIDITY 163,030 660,487 1,447,930 2,128,486 2,810,071 4,172,207 3,890,527

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

INCREASE / DECREASE DUE TO INVESTMENT ACTIVITY

17

Participant Cash Balances San Diego Pooled Money Fund

as of July 31, 2014 ($000)

FMV FMV FMV % of FMV FMV FMV % ofPARTICIPANT 05/31/14 06/30/14 07/31/14 Total PARTICIPANT 05/31/14 06/30/14 07/31/14 Total

COUNTY 1,000,845$ 684,874$ 727,561$ 10.85% Metropolitan Transit System 4,425 3,982 3,859 0COUNTY - SPECIAL TRUST FUNDS 1,893,275 1,983,100 1,451,960 21.65% Majestic Pines CSD 0 0 0 0NON-COUNTY INVESTMENT FUNDS 304,393 245,116 238,922 3.56% Mission Resource Conservation District 425 425 426 0SCHOOLS - (K THRU 12) 3,183,936 2,935,419 2,866,451 42.76% North County Cemetery District 1,161 1,197 1,230 0

North County Cemetry Perpetual 1,268 1,278 1,288 0COMMUNITY COLLEGES North County Cemetery 1,679 1,662 1,466 0San Diego 425,516 399,106 395,355 5.90% North County Dispatch 3,072 2,839 2,451 0Grossmont 117,370 116,196 123,249 1.84% North County Fire 2,948 1,873 2,512 0Mira Costa 36,082 26,789 21,716 0.32% Otay Water District Investment 21,140 17,143 15,192 0Palomar 120,564 120,564 121,552 1.81% Palomar Resource Conservation District 0 0 0 0Southwestern 146,110 144,050 147,751 2.20% Pine Valley FPD 523 497 483 0 Total Community Colleges 845,643 806,705 809,624 12.07% Pomerado Cem Perpetual 0 0 0 0

Pomerado Cemetery District 1,699 1,711 1,641 0SDCERA 629 763 920 0.01% Ramona Cemetery District 614 597 568 0SANCAL 34,049 33,455 52,594 0.78% Ramona Cemetery Perpetual 351 350 351 0MTDB 703 703 705 0.01% Rancho Santa Fe FPD 13,910 13,455 11,942 0SANDAG 57,793 57,701 57,821 0.86% Rincon del Diablo Municipal Water District 0 2,484 2,487 0

San Diego Housing Commission 9,959 9,949 9,969 0CITIES San Diego Rural Fire 352 36 45 0Chula Vista 39,139 39,099 39,180 0.58% San Dieguito River -30 -108 62 0Del Mar 3,019 3,016 3,022 0.05% San Marcos FPD 1 1 1 0Encinitas 2 2 2 0.00% San Miguel FPD 9,859 6,578 7,023 0National City 5,009 5,004 5,015 0.07% San Ysidro Sanitation 13 13 13 0

Santa Fe Irrigation District 4,903 4,898 4,908 0INDEPENDENT AGENCIES SDC Regional Airport Authority 332,711 326,410 316,598 0Alpine FPD 1,530 1,383 1,036 0.02% So County OPS Center 0 0 0 0Bonita Sunnyside FPD 4,835 5,075 4,745 0.07% Spring Valley/Casa de Oro 0 0 0 0Borrego Springs FPD 1,533 1,071 1,016 0.02% Upper San Luis Rey Reservoir 20 20 20 0Deer Springs FPD 7,589 7,630 6,778 0.10% Vallecitos Water District 5,062 5,057 5,067 0Fallbrook Public Utl 14 14 14 0.00% Valley Center FPD 4,630 4,559 4,141 0Grossmont Healthcare District 995 994 995 0.01% Valley Cntr Cemetery 49 50 45 0Public Agency Self Insurance System 4,213 4,020 4,028 0.06% Valley Ctr Cem Perpetual 230 232 232 0Julian-Cuyamaca FPD 174 186 188 0.00% Valley Ctr Water District 17,701 17,289 17,050 0Lake Cuyamaca Rec & Park 396 383 318 0.00% Vista FPD 2,127 2,125 2,138 0Lakeside Fire 8,700 8,295 7,477 0.11% Total Independent Agencies 622,885 607,151 610,843 9.11%Leucadia Water District 11,320 11,308 11,331 0.17%Lower Sweetwater FPD 442 448 447 0.01% Pooled Money Fund Total 7,850,976$ 7,262,365$ 6,705,360$ 100.00%

18

Pooled Money Fund Participants

San Diego Pooled Money Fund as of July 31, 2014

County  Funds32.50%

Non  County  Funds3.56%

Voluntary  Depositors9.11%

Schools42.76%

Community  Colleges12.07%

County  Funds Non  County  Funds Voluntary  Depositors Schools Community  Colleges

Pooled Money Fund - Asset Allocation San Diego Pooled Money Fund

as of July 31, 2014

19

FDIC  CDs0.96%

Commercial  Paper25.45%

Federal  Agency36.01%

Money  Market  Funds2.42%

Negotiable  CD28.75%

Repurchase  Agreements0.01%

U.S.  Treasury  Notes6.40%

Bank  Notes FDIC  CDs Commercial  Paper Federal  Agency

Money  Market  Funds Negotiable  CD Repurchase  Agreements U.S.  Treasury  Notes

20

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

as of July 31, 2014

AAA,  1.77%AA+,  39.17%

AA,  0.52%

A-­‐1+,  24.89%

A-­‐1  ,  33.65%

AAA AA+ AA A-­‐1+ A-­‐1

21

Investment Policy Compliance Standards San Diego Pooled Money Fund

as of July 31, 2014 Category Standard Comment

Treasury Issues No Limit Complies - 6.4%

Agency Issues 35% per issuer Complies - 36.0%

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

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

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

Complies - 25.4%

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

Negotiable Certificates of Deposit 5% per issuer; 30% max.; A-1/A or P-1/A or F1/ A minimum rating Complies - 28.7%

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

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

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

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

Money Market Mutual Funds 10% per fund; 15% maximum; AAAm, or Aaa-mf, or AAAmmf minimum rating Complies - 1.9%

Investment Trust of California - Cal Trust 2.5% maximum Complies - 0.6%

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

Complies

Maximum Maturity 5 years Complies

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

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

Complies

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

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

Complies

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

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

N/A