county of santa clara finance agency administration...treasury retains all ownership rights to...

County of Santa Clara

Finance Agency Administration

Board of Supervisors: Mike Wasserman, Dave Cortese, Ken Yeager, S. Joseph Simitian of 2 County Executive: Jeffrey V. Smith

67502 DATE: June 4, 2013

TO: Board of Supervisors

FROM: Vinod Sharma, Finance Agency Director

SUBJECT: County of Santa Clara Quarterly Investment Review as of March 31, 2013 RECOMMENDED ACTION

Accept and authorize filing of Detailed Investment Portfolio Listing for period ending March 31, 2013.

REASONS FOR RECOMMENDATION

The Santa Clara County Treasury Investment Portfolio Report as of March 31, 2013, is submitted for your review and acceptance in compliance with the State of California Government Codes 783 and 784, Statutes of 1995 and in compliance with County policy.

CHILD IMPACT

The recommended action will have no/neutral impact on children and youth.

SENIOR IMPACT

The recommended action will have no/neutral impact on seniors.

SUSTAINABILITY IMPLICATIONS

The recommended action will have no/neutral sustainability implications.

BACKGROUND

Each quarter, an investment report is submitted to the Board of Supervisors that provides a management summary with a clear status of the current investment portfolio, quarterly transactions, investment philosophy, and market actions and trends. Preparation of the report is required by both the Board's Policy Manual and the County's investment policy. All investment activities during the reporting period were conducted under the guidance of the investment policy. The Board reviewed and approved the most recent proposed changes to the policy at its April 10, 2012, meeting.

Securities Lending Disclosure

Securities lending is a transaction in which the County Treasury lends securities it owns to a counterparty/borrower (a financial institution) in exchange for a pledge of cash collateral.

Board of Supervisors: Mike Wasserman, Dave Cortese, Ken Yeager, S. Joseph Simitian of 2 County Executive: Jeffrey V. Smith Agenda Date: June 4, 2013

The cash collateral is held by our custodial bank and invested in money market funds to earn incremental income to offset custody banking and investment research fees. The County Treasury retains all ownership rights to coupon interest earned by securities while out on loan to the counter-party/borrower. The borrower is obliged to return the securities, either on demand from the County or at the end of any agreed upon term.

As of March 31, 2013, there were no outstanding securities on loan.

ATTACHMENTS:

County of Santa Clara Investment Report for the quarter ending March 31, 2013 (PDF)

Cash and Investment Internal Audit Report as of March 31 2013pdf (PDF)

Quarterly Investment Report

March 31, 2013

Quarterly Investment Review Table of ContentsPage

Quarterly Investment ReportTable of Contents

Summary of Cost Values versus Market Values and Yields 1Portfolio Strategy, Compliance, Review and Monitoring 2Commingled Pool: Allocation by Security Types 3Commingled Pool: Allocation by Ratings 4Commingled Pool: Holdings by Issuer 5Commingled Pool: Historical Month End Book Values 6Commingled Pool: Distribution by Maturity 7Commingled Pool: Yield to Maturity and Weighted Average Maturity 8Retiree Health Fund: Month End Cost and Market Values 9Retiree Health Fund: Historical Quarter End Market Values 10Retiree Health Fund: Portfolio Component (Securities) and Benchmark Returns 11Retiree Health Fund: Historical Quarterly Total Return Comparison 12Approved Issuers and Broker/Dealers 13Commingled Pool: Compliance with Investment Policy 14Holdings Report: Commingled Pool 15Holdings Report: Retiree Health Fixed Income 23Holdings Report: Retiree Health Equity 28Holdings Report: Mountain View-Los Altos 29Holdings Report: Palo Alto Unified 30Holdings Report: Park Charter Fund 31Holdings Report: San Jose-Evergreen 32Holdings Report: West Valley Mission-CCD Building Fund 33Investment Purchases Report 34Investment Maturity Report 41Investment Sales/Call Report 48

Board of Supervisors: Mike Wasserman, George Shirakawa, Dave Cortese, Ken Yeager, S. Joseph Simitian

County Executive: Jeffrey V. Smith

Commingled Investment PoolRetiree Health Fixed Income*Retiree Health Equity*Mountain View-Los Altos***Palo Alto Unified***Park Charter FundSan Jose-Evergreen***West Valley Mission CCD - Building Fund***Medical Malpractice Insurance Fund (1)

Total

Commingled Investment PoolRetiree Health Fixed IncomeWeighted Yield

Summary of Yields** for Select Santa Clara County Investment Funds

0.04%0.07%0.11%0.12%0.02%1.08%

$4,898,812,054 0.46%$22,212,516

$2,169,837$25,094,156$19,682,304$48,651,401$14,009,245

$10,214

FundJan 31 Feb 28 Mar 31

2013

3.16%0.84%

2012

0.62%2.87%0.68%

0.59%2.83%0.67% 0.55%

Mar 310.75%0.49%

2.65%

$27,232

March 31, 2013

$4,606,048,311Cost Value Market Value

$4,618,128,743VarianceFund$12,080,432 0.26%

% Variance

5.00%$7,367,462$2,550,184

$777$1,480

21.82%

$23,111

Santa Clara County Commingled Pool and Segregated Investments

$151,624$4,876,599,538

$154,614,140$14,239,906

$2,008,662$2,171,317

$25,121,388$19,705,415$48,661,615$14,160,869

$147,246,678$11,689,722

$2,007,884

*These accounts reflect two components of the Retiree Health Fund. The third component is included in the Commingled Pool. **Yield to maturity (YTM) is the rate of return paid on a bond, note, or other fixed income security if the investor buys and holds it to its maturity date and if the coupon interest paid over the life of the bond is reinvested at the same rate as the coupon rate. The calculation for YTM is based on the coupon rate, length of time to maturity, and market price at time of purchase. Yield is a snapshot measure of the yield of the portfolio on the day it was measured based on the current portfolio holdings on that day. This is not a measure of total return, and is not intended to be, since it does not factor in unrealized capital gains and losses and reinvestment rates are dependent upon interest rate changes ***Individual securities within municipal security accounts are from time to time purchased at a premium price. The purpose of the price premium is to adjust the bond's price higher as an offset to the bond's above market coupon. With the passage of time, the price of the security approaches par because that is what the holder will receive at maturity. At this time, because of the premium, and not necessarily due to a decline in value, the security's cost will exceed its market value.

(1) Managed by Chandler Asset Management, Inc.

1

Portfolio Strategy

Yield and Weighted Average Maturity

Compliance

Review and Monitoring

Additional Information

Santa Clara County Commingled Pool and Segregated Investments

Portfolio Strategy, Compliance, Review and MonitoringMarch 31, 2013

Most investment decisions are based on the cash needs of the pool participants. Adequate liquidity is a paramount consideration in the investment of funds. Therefore to meet the large funding needs of our pool participants, most investments are short-term. Rates are at historic lows and the yield curve offers very little incentive to invest in longer term securities. The Feds have indicated that they will maintain short rates at these historic lows until there is a significant improvement in the economy. Although not robust there are signs that the economy is slowly improving leading to the question- when will the Feds increase rates. In anticipation that this may occur in 2014 we have shortened the average life of the portfolio to allow for participation in a rising rate environment. We will seek to find some securities in the one to two year range that offer value to enhance the yield of the program.

The market values of securities were taken from pricing services provided by the Bank of New York Mellon, Bloomberg Analytics, dealer quotes, and an independent pricing service.

The yield of the Commingled Pool is 0.49% and the weighted average life is 349 days.

Investment transactions were executed in accordance with the California State Government Code and the County's Investment Policy, as indicated in the attached report from the County Internal Audit Division. The County Treasurer believes the Commingled Pool contains sufficient cash flow liquidity to meet the next six months of expected expenditures.

Incoming cash flows and maturing securities are adequate to meet expected cash needs of the pool participants for the next six months.

FTN Financial Main Street Advisors, the County’s investment advisor, currently monitors the Treasury Department’s investment activities.

Securities are purchased with the expectation that they will be held to maturity, so unrealized gains or losses are not reflected in the yield calculations.

2

Sector % ChngFederal AgenciesCorporate BondsRepurchase AgreementsCommercial PaperAsset-Backed SecuritiesMunicipal SecuritiesU.S. TreasuriesNegotiable CDsLAIFMoney Market FundsNCUA Corporate Bonds**Mortgage-Backed SecuritiesTotal

SectorFederal AgenciesCorporate BondsRepurchase AgreementsCommercial PaperAsset-Backed SecuritiesMunicipal SecuritiesU.S. TreasuriesNegotiable CDsLAIFMoney Market FundsNCUA Corporate Bonds**Mortgage-Backed Securities * Amounts are in base upon book value

Total **Bonds are guaranteed by the NCUA (National Credit Union Association)4,606,048,311 4,617,225,963

274,426,174 13,724,219 4,996,172 4,993,050

982,258 1,562,950

194,993,088 55,134,570 55,002,321 55,008,896 40,000,000 40,000,000

294,957,034 229,744,642 69,772,449 83,237,351 72,363,904 75,081,194

3,127,177,394 3,455,150,993 246,377,518 303,588,095 225,000,000 300,000,000

0.02% 0.03% 0.0%100.00% 100.00%

3/31/2013 12/31/2012

5.96% 0.30% 5.7%0.11% 0.11% 0.0%

-1.2%4.88% 6.50% -1.6%

1.19% 1.19% 0.0%0.87% 0.87% 0.0%

1.57% 1.63% -0.1%4.23% 1.19% 3.0%

Santa Clara County Commingled Pool

Allocation by Security Types

March 31, 20133/31/2013 12/31/2012

67.89% 74.83% -6.9%

6.40% 4.98% 1.4%1.51% 1.80% -0.3%

5.35% 6.58%

Agy 67.9%

Corp 5.3%

Repo 4.9% CP 6.4%

ABS 1.5% Muni 1.6% Tsy 4.2%

CDs 1.2% LAIF 0.9%

MMF 6.0%

NCUA 0.1%

MBS 0.0%

3

*Not Rated securities are issued by Farmer Mac, a U.S. Federal Agency

**Repurchase Agreements are not rated, but are collateralized by U.S. Treasury securities

***LAIF is not rated, but is comprised of State Code allowable securities

Amounts are based on book values

- 40,000,000

27,240,136 24,989,413

131,467,624 87,892,096

8,134,422


Allocation by RatingsMarch 31, 2013

979,900,558 Portfolio %Portfolio $Moody's Rating

P-1

225,000,000 59,988,366

4,606,048,311

21.3%65.6%0.6%0.5%2.9%1.9%0.2%0.0%0.9%4.9%1.3%

100.0%

3,021,435,696 Aaa Aa1 Aa2 Aa3 A1

Total

A2 A3

LAIF*** Repo**

Not Rated*

P-1 21.3%

Aaa 65.6%

Aa1 0.6%

Aa2 0.5%

Aa3 2.9% A1 1.9%

A2 0.2%

LAIF*** 0.9% Repo** 4.9% Not Rated* 1.3%

4

Amounts are based upon book values

March 31, 2013

Holdings by Issuer - Percent of Commingled Pool


0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.3% 0.3% 0.3% 0.4% 0.4% 0.5% 0.5% 0.8% 0.8% 0.8% 0.9% 0.9%

1.1% 1.3%

1.6% 1.7% 1.9%

2.3% 6.0%

6.8% 9.1%

17.5% 19.6%

22.7%

0% 5% 10% 15% 20% 25%

Honda-ABSSan Bernardino Cnty

Colorado St HsgNCUA

Toronto DominionMercedes-ABS

St of Cal Pollution CntrlIBM

GoogleB of A-ABS

Cook CountyColgate-Palmolive

Chase-ABSUniv Cal Rev

Metropolitan LifeSt of California

RBCJohnson & Johnson

Volkswagen-ABSBank of NY

WalmartLAIF

General ElectricFAMCA

Bank of Nova ScotiaRabobank

Toyota Motor CreditUS Bank

Dreyfus MMFFFCB

U.S. TsyFHLB

FNMAFHLMC

5

Amounts in billions

$4.179 $3.935$3.736

Jul Aug Sep Oct Nov Mar Apr May Jun$4.384 $3.536

$3.833$3.637$3.536 $3.515 $3.485 $3.662 $4.600

$3.695$4.032

$3.408 $3.687 $4.463

$4.040 $4.926 $4.525$3.551 $3.712 $4.339

$4.002 $3.937 $4.606FY 2013

$3.541$3.230$3.801$3.527

FY 2010FY 2011

$3.307

FY 2012

$3.373 $3.307 $3.307 $3.408 $4.175$3.032

$3.555 $3.805 $4.567 $4.097$3.143 $2.898 $3.227 $3.943


Historical Month End Book ValuesMarch 31, 2013

Fiscal Year Dec Jan Feb

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

Billi

ons

6

*Amounts are based on book value

Overnight 314,426,174

Overnight 6.83%

3Yr-4Yr 117,173,664 25,323,590

Maturity Amount*

4,606,048,311

1-30 Days 707,024,779

100.00%


Distribution by MaturityMarch 31, 2013

Maturity Amount*

3Yr-4Yr 2.54%4Yr-5Yr 0.55%

1-30 Days 15.35%31-90 Days 17.05%

91-365 Days 16.69%1Yr-2Yr 30.24%2Yr-3Yr

31-90 Days 785,146,916 91-365 Days 768,547,842

10.76%

1Yr-2Yr 1,392,759,147 2Yr-3Yr 495,646,199

4Yr-5Yr

$0

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

$1,400,000,000

$1,600,000,000

Overnight 1-30 Days 31-90 Days 91-365 Days 1Yr-2Yr 2Yr-3Yr 3Yr-4Yr 4Yr-5Yr

Distribution By Maturity Dollars

0%

5%

10%

15%

20%

25%

30%

35%

Overnight 1-30 Days 31-90 Days 91-365 Days 1Yr-2Yr 2Yr-3Yr 3Yr-4Yr 4Yr-5Yr

Distribution By Maturity Percentages

7


Yield to Maturity and Weighted Average MaturityMarch 30, 2013

Item Apr-12 May-12 Jun-12 Jul-12 Aug-12 Mar-13Dec-12 Jan-13 Feb-13SCC YTM 0.65% 0.69% 0.76% 0.80% 0.77% 0.71%

Sep-12 Oct-12 Nov-120.58% 0.62% 0.59% 0.49%

LAIF YTM 0.37% 0.36% 0.36% 0.36% 0.38% 0.29%0.33% 0.30% 0.29%0.79% 0.79%

0.25%SCC WAM 389 405 472 473

0.35% 0.34% 0.32%0.13% 0.13% 0.15% 0.13%

257 213242 229 228 208 226 217LAIF WAM 221 224 270 243

6 Mon T-Bill 0.15% 0.12% 0.15% 0.13% 0.11% 0.11% 0.12% 0.10%0.21%0.25% 0.23% 0.24%

478 475 421 3492Yr T-Note 0.26% 0.26% 0.30% 0.21%

460 466 468 4560.22% 0.23% 0.28%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

0.90%Yield to Maturity

Santa ClaraLAIF6 Mon2Yr

150

200

250

300

350

400

450

500

550

Days

Weighted Average Maturity Santa ClaraLAIF

8

Fixed Income

Equity

Commingled Pool

Santa Clara County Retiree Health Fund

Month End Cost and Market ValuesMarch 31, 2013

Segment Cost Value Market Value Variance

Total Fund

147,246,678

11,689,722

154,614,140 7,367,462

14,239,906 2,550,184

4,472,324

163,408,724 173,338,087 9,929,363

11,717 4,484,041

$0 $20 $40 $60 $80 $100 $120 $140 $160 $180

CommingledPool

Equity

Fixed Income

Millions

Cost Value vs Market Value Market ValueCost Value

9

161.938 175.019 174.139 173.338Mar-13Jun-12 Sep-12 Dec-12

$Millions 153.185 156.707 156.707 164.572 162.824 173.310 174.911 171.882Sep-11 Dec-11 Mar-12


Historical Quarter End Market ValuesMarch 31, 2013

Quarter Jun-10 Sep-10 Dec-10 Mar-11 Jun-11

$145

$150

$155

$160

$165

$170

$175

$180

Mill

ions

10

Fixed Income (1)

Retiree Health Fund (2)

BofA/ML US Domestic Master, A rated and above (3)

Commingled (2)Benchmark (4)

Blended Fixed Income ReturnBlended Benchmark

Equity (6)

Vanguard S&P 500 Index InstitutionalS&P 500 Index

Total Retiree Health FundBlended Benchmark

Total Retiree Health vs Blended Benchmark Variance

1. Treasury contracted the Bank of New York Mellon (BNYM) to provide custodial banking services including performance measurement starting on February 1, 2008. Return calculations are availableafter this date. The fixed income returns provided by BONY are GIPS (Global Investment Performance Standards) compliant and are consistent with industry standards. Given the difference in computationmethodology, prior returns will not be combined with current returns.

2. Retiree Health & Commingled yield respectively:

3. The selection of this benchmark is intended to reflect a target mix of a portfolio emulating longer duration liabilities.

4. Bank of America Merrill US Treasury Bills, 0-3 Mo = 30%, Bank of America Merrill Govt/Corp 1-3 yr AA rated & above = 70%

5. The individual fund total returns for the equity portfolio are calculated by BNYM. They are time weighted returns that appropriately weight deposits and withdrawals. Returns are GIPS compliant andare consistent with industry standards. Index returns assume that there are no new investments or withdrawals.

6. The current equity holdings represent the residual left after other holdings were liquidated and the proceeds transferred to the California Employer's Retiree Benefit Trust, an investment trust managed by CalPERS. The trust was established to contain employer contributions to fund future health and other post-employment benefit costs for retirees.

97.1% 90.1% 0.04% 3.17%-0.14% 3.38%


Portfolio Component (Securities) and Benchmark ReturnsMarch 31, 2013

% of Fixed Inc % of Portfolio QTR Return 1 Year Return (1)

100.0%

2.65% 0.49%

% of Equity100.0%

0.63%0.10% 0.57%

2.9% 2.7% 0.10%

-0.13%92.8% 0.04%

3.30%3.10%

1 Year Return (1)

13.96%

100.0% 0.80% 3.87%

10.61%7.2% 10.61% 13.95%

% of Portfolio QTR Return

0.63% 4.06%

0.16% -0.19%

11

Retiree Health Fixed IncomeFixed Income BenchmarkRetiree Health EquityEquity BenchmarkRetiree Health Total PortfolioTotal Portfolio BenchmarkTotal Portfolio Variance

Mar-13Dec-12Sep-12Jun-12Mar-12Dec-11


Historical Quarterly Total Return ComparisonMarch 31, 2013

3.72%3.60%

-11.43%-11.43%2.92%2.81%

Sep-11Jun-11Mar-11Dec-10Sep-10Jun-10

2.23% -1.43% 0.28% 2.30% 4.15%2.32% -1.66% 0.30% 2.03% 4.00%

11.29% 10.76%

0.88% -0.02% 2.13% 1.20% -0.04% -0.14%0.01% 1.95% 1.21% -0.16% 0.04%0.96%

5.92% 0.10% -13.87%11.29% 10.75% 5.91% 0.10% -13.87%

1.54%11.82%11.81%

12.59% -2.75% 6.35% -0.38% 10.61%12.58% -2.75% 6.35% -0.39% 10.61%

2.67% -0.56% 0.67% 2.10% 2.90%2.90% -0.77% 0.68% 1.85% 2.77%

0.17%-0.13% 0.07% 0.02% -0.16% 0.01% -0.18%

Component

0.11% 0.23% -0.21% 0.01% -0.25%1.47% 0.90% 1.76% 1.58% 0.01% 0.63%

0.92% 1.60% 1.59% -0.17% 0.80%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%Quarterly Total Returns Retiree Health

Benchmark

-0.30%

-0.20%

-0.10%

0.00%

0.10%

0.20%

0.30%Quarterly Variance: Retiree Health vs Benchmark

12

Commercial Paper Issuers Corporate Bond Issuers Asset-Backed Securities Issuers Broker/DealersBank of Nova Scotia NY Bank of New York Mellon Corp Bank of America Auto Trust Barclays Capital, Inc

Barclay's US Funding LLC Colgate-Palmolive Co Chase Issuance Trust BNP Paribas Securities Corp

BNP Paribas Finance Inc General Electric Capital Corp Honda Auto Receivables Owner Trust Cantor Fitzgerald & Co

Deutsche Bank Financial LLC General Electric Co Mercedes-Benz Auto Receivables Trust Citigroup Global Markets Inc

General Electric Capital Corp Google Inc Volkswagen Auto Loan Enhanced Trust Daiwa Capital Markets America Inc

General Electric Co IBM Corp Deutsche Bank Securities Inc

JP Morgan Chase & Company Johnson & Johnson Goldman, Sachs & Co

Rabobank USA Finance Corp Met Life Global Funding I Jefferies & Co

Toyota Motor Credit Corp Toyota Motor Credit Corp JP Morgan Securities, Inc

US Bancorp US Bancorp Merrill Lynch & Co Inc

Wal-Mart Stores Inc Wal-Mart Stores Inc Mizuho Securities USA, Inc

Wells Fargo & Co Morgan Stanley & Co Inc

Nomura Securities International, Inc

RBC Capital Markets

Certificates of Deposit Issuers Municipal Bond Issuers RBS Securities, Inc

Rabobank Nederland NV NY State of California UBS Securities LLC

Royal Bank of Canada NY California Pollution Control Financing Authority

Cook County IL

Colorado St. Housing & Finance Authority

San Bernardio County SF Mtg Revenue

University of California Revenue

Santa Clara County

Approved Issuers and Broker/DealersMarch 31, 2013

13


Compliance with Investment PolicyMarch 31, 2013

MaturityIn Compliance

YesParametersItem/Sector

Weighted Average Maturity (WAM) must be less than 18 monthsInterest Periods Securities must pay interest within one year of the initial investment and at least semiannually in subsequent years

YesInvestment Swaps Similar duration swaps, so as not to affect cash flow needs, should have minimum 5 basis point gain

No sector limit, no issuer limit, max maturity 5 years

LAIF

U.S. Treasuries

YesU.S. Federal Agencies

No sector limit, no issuer limit, State's deposit limit $50 millionYesNo sector limit, no issuer limit, max maturity 5 years

Securities LendingSector limit 20%, max maturity 92 days for loans and reinvestment, loan counterparty must be a primary dealer, loaned

securities must be owned for at least 30 daysYes, None in

Portfolio

Sector limit 10%, no issuer limit, State of CA, local CA agencies, and other municipal securities of the other 49 states, if long-term rated then by at least two: A- (S&P/Fitch)/A3 (Moody's), if short-term rated then by at least two: SP-1 (S&P), MIG-1

(Moody's), F-1 (Fitch), revenue based bonds payable solely out of the States' or local agencies' revenuesMunicipal Securities

Yes

Sector limit 40%, issuer limit 10%, max maturity 270 days, rated by at least two: A-1 (S&P), P-1 (Moody's), F-1 (Fitch), issued by domestic corporation w/ at least $500 million of assets, and rated by at least two: AA- (S&P/Fitch)/A3 (Moody's) long term

debtCommercial Paper Yes

Money Market Funds Sector limit 20%, issuer limit 10%, rated by at least two: AAA (S&P/Fitch)/Aaa (Moody's), MMF has at least $500 mil managed YesCorporate Bonds Yes

No sector limit, no Issuer limit, max maturity 92 days, treasury and agency collateral at 102% of investment, if maturity exceeds 15 days, must be collateralized by securities with 5 year or less maturities

Sector limit 30%, issuer limit 3%, max maturity 5 years, AA- (S&P/Fitch)/Aa3 (Moody's), issued by domestic corps/depositories

Bankers' Acceptances

YesYes

Repurchase Agreements

Yes

Yes

Yes

Yes

Yes, None in Portfolio

Sector limit 20% in aggregate with ABS, no issuer limit, max maturity 5 years, collateralized by pools of conforming residential mortgage loans insured by FHLMC/FNMA and residential mortgages guaranteed by FHA (GNMA)

Mortgage-Backed Securities

Sector limit 20% in aggregate with ABS, no issuer limit, max maturity 5 years, collateralized by pools of loans such as installment/receivables, security must be rated by at least two: AA- (S&P/Fitch), Aa3 (Moody's), issuer rated by at least two: A-

(S&P/Fitch), A3 (Moody's)Asset-Backed Securities

Sector limit 40%, issuer limit 6%, max maturity 180 days, rated by at least two: A-1 (S&P), P-1 (Moody's), F-1 (Fitch), issued by U.S. or foreign banks

Sector limit 30%, issuer limit 2.25%, max maturity 5 years, if under 1 year rated by at least two: A-1 (S&P), P-1 (Moody's), F-1 (Fitch), if greater than 1 year rated by at least two: AA- (S&P/Fitch)/Aa3 (Moody's), issued by national/state chartered banks

Negotiable Certificates of Deposit

14

SANTA CLARA COUNTY INVESTMENTS

March 31, 2013

Fund C - COMMINGLED POOLInvestments by Fund

Par ValueDays ToMaturity

MaturityDate

CurrentRateMarket ValueCUSIP Investment # Issuer

PurchaseDate Book Value

YTM360

YTM365

Local Agency Investment Fund

LOCAL AGENCY INVEST FUND8506 40,000,000.00SYS8506 10.27007/01/2012 40,045,089.24 0.266 0.27040,000,000.00

Subtotal and Average 40,000,000.00 40,000,000.00 40,045,089.24 0.266 0.270 1

Negotiable CDs

RABOBANK33821 30,000,000.0021684BAM6 06/10/2013 700.31012/10/2012 30,008,610.00 0.265 0.26930,002,320.90ROYAL BANK OF CANADA32176 25,000,000.0078009NCV6 06/20/2014 4451.10012/21/2011 25,148,925.00 1.084 1.10025,000,000.00


Mortgage Backed Securities (MBS)

FHLMC30100 969,681.9931398JNB5 08/15/2014 5011.85011/02/2010 971,887.05 0.968 0.982982,257.55

Subtotal and Average 982,257.55 969,681.99 971,887.05 0.969 0.982 501

Repurchase Agreements

U.S. TREASURY NOTES34129 125,000,000.00SYS34129 04/02/2013 10.14003/28/2013 125,000,000.00 0.140 0.141125,000,000.00U.S. TREASURY NOTES34130 100,000,000.00SYS34130 04/02/2013 10.15003/28/2013 100,000,000.00 0.150 0.152100,000,000.00


Federal Agency Bonds

FARMER MAC30297 35,000,000.0031315PLT4 12/06/2013 2491.25012/06/2010 35,237,335.00 1.279 1.29734,989,043.06FARMER MAC31449 25,000,000.0031315PVUO 05/10/2013 390.76005/10/2011 25,011,925.00 0.774 0.78524,999,322.92FFCB NOTES29448 35,000,000.0031331JPK3 06/25/2013 851.37505/25/2010 35,110,740.00 1.458 1.47934,991,736.22FFCB NOTES31109 10,000,000.0031331KET3 09/23/2013 1750.98003/23/2011 10,040,630.00 1.019 1.0349,997,458.22FFCB NOTES32782 10,000,000.003133EARQ3 06/23/2015 8130.50005/23/2012 10,032,630.00 0.592 0.6009,977,746.31FFCB NOTES33563 25,000,000.003133EAW20 06/19/2014 4440.23009/19/2012 25,003,900.00 0.268 0.27124,987,311.90FFCB NOTES33610 15,000,000.003133EAZ68 09/25/2015 9070.40009/25/2012 15,004,020.00 0.409 0.41514,994,412.50FFCB NOTES33725 20,000,000.003133EA4S4 10/16/2014 5630.25011/02/2012 19,997,740.00 0.305 0.31019,981,552.56FFCB NOTES33726 20,000,000.003133EA6W3 11/05/2014 5830.27011/05/2012 20,001,600.00 0.305 0.31019,987,244.44FFCB NOTES33735 10,000,000.003133EA7L6 11/09/2015 9520.40011/09/2012 10,000,760.00 0.407 0.4139,996,612.78FFCB NOTES33784 10,000,000.003133EC5Q3 03/16/2015 7140.33012/03/2012 10,002,890.00 0.325 0.33010,000,000.00FFCB NOTES33787 10,000,000.003133EC5Q3 03/16/2015 7140.33012/03/2012 10,002,890.00 0.325 0.33010,000,000.00FFCB NOTES33822 20,000,000.003133EC7H1 08/17/2015 8680.34012/17/2012 19,983,760.00 0.359 0.36419,988,586.67

Portfolio SCL2AP

Run Date: 05/17/2013 - 14:24 FI (PRF_FI) 7.1.1Report Ver. 7.3.5

15

March 31, 2013


MaturityDate

CurrentRateMarket Value

Fund C - COMMINGLED POOLInvestments by Fund Page 2

CUSIP Investment # IssuerPurchase

Date Book ValueYTM360

YTM365


FFCB NOTES33835 21,000,000.003133EAHP6 03/16/2015 7140.52012/12/2012 21,084,126.00 0.313 0.31821,082,573.34FFCB NOTES33843 47,500,000.003133EC5T7 06/04/2014 4290.25012/12/2012 47,521,137.50 0.239 0.24347,503,776.79FFCB NOTES33864 35,000,000.003133EC5U4 07/07/2014 4620.25012/18/2012 35,011,935.00 0.248 0.25134,999,143.47FHLB NOTES28136 16,775,000.003133XUMR1 09/12/2014 5293.25012/04/2009 17,503,236.30 2.393 2.42716,962,360.83FHLB NOTES29065 25,000,000.003133XXYX9 06/21/2013 811.87504/08/2010 25,099,875.00 1.939 1.96524,995,143.10FHLB NOTES29066 5,000,000.003133XXYX9 06/21/2013 811.87504/08/2010 5,019,975.00 1.939 1.9654,999,028.62FHLB NOTES31408 25,000,000.0031339X2M5 06/14/2013 743.87505/03/2011 25,194,925.00 0.722 0.73225,157,753.38FHLB NOTES32143 20,000,000.003133XXYX9 06/21/2013 811.87512/09/2011 20,079,900.00 0.243 0.24720,072,173.91FHLB NOTES32147 35,000,000.00313376D77 05/14/2013 430.35012/12/2011 35,009,625.00 0.283 0.28735,002,586.72FHLB NOTES32179 20,000,000.00313376KJ3 06/21/2013 810.40012/21/2011 20,010,920.00 0.386 0.39120,000,355.56FHLB NOTES32291 20,000,000.003133783D1 02/13/2014 3180.30002/13/2012 20,020,900.00 0.347 0.35219,990,986.67FHLB NOTES32889 35,000,000.00313379R92 03/06/2014 3390.29006/06/2012 35,033,215.00 0.292 0.29634,998,326.25FHLB NOTES33523 20,000,000.003133X7FK5 06/18/2014 4435.25009/13/2012 21,234,200.00 0.400 0.40621,206,120.00FHLB NOTES33542 30,000,000.00313380QV2 06/14/2013 740.18009/14/2012 30,003,120.00 0.184 0.18629,999,594.44FHLB NOTES33591 20,000,000.00313376UF0 01/29/2014 3030.37509/21/2012 20,032,460.00 0.249 0.25220,020,151.64FHLB NOTES33621 20,000,000.00313379SK6 07/02/2014 4570.40009/26/2012 20,043,520.00 0.300 0.30520,023,684.59FHLB NOTES33733 15,000,000.003133XSAE8 10/18/2013 2003.62511/06/2012 15,285,870.00 0.214 0.21715,279,256.14FHLB NOTES33785 25,000,000.00313381FC4 06/05/2013 650.16012/05/2012 25,001,375.00 0.167 0.17024,999,555.56FHLB NOTES33836 35,000,000.00313373JR4 05/28/2014 4221.37512/12/2012 35,472,360.00 0.228 0.23235,462,267.49FHLB NOTES33858 12,000,000.00313379SK6 07/02/2014 4570.40012/14/2012 12,026,112.00 0.250 0.25312,021,919.57FHLB NOTES33859 27,540,000.003133X7FK5 06/18/2014 4435.25012/14/2012 29,239,493.40 0.250 0.25429,205,871.31FHLB NOTES33860 15,425,000.003133XWE70 06/13/2014 4382.50012/14/2012 15,848,277.43 0.250 0.25415,839,651.47FHLB NOTES33865 25,000,000.00313381KG9 06/17/2013 770.14012/18/2012 25,000,550.00 0.136 0.13725,000,106.15FHLB NOTES33872 20,000,000.00313381M85 02/26/2014 3310.17012/27/2012 19,998,180.00 0.167 0.17020,000,000.00FHLB NOTES33890 25,000,000.00313379DD8 06/21/2017 1,5421.00012/31/2012 25,240,575.00 0.678 0.68825,323,590.06FHLMC NOTES29892 25,000,000.003128X9C73 02/19/2014 3242.17509/10/2010 25,442,750.00 1.219 1.23625,202,182.81FHLMC NOTES29957 6,769,000.003128X23A1 04/02/2014 3664.50009/30/2010 7,057,014.18 1.068 1.0836,995,972.94FHLMC NOTES30053 20,000,000.003128X9C73 02/19/2014 3242.17510/22/2010 20,354,200.00 0.794 0.80620,238,141.35FHLMC NOTES30273 9,102,000.003128X33E1 01/26/2015 6655.05012/02/2010 9,888,867.90 1.499 1.5209,666,376.70FHLMC NOTES30285 1,255,000.003128X33E1 01/26/2015 6655.05012/03/2010 1,363,494.75 1.512 1.5331,332,500.49FHLMC NOTES31947 20,000,000.003134G2B50 09/03/2013 1550.38009/01/2011 20,019,500.00 0.388 0.39319,998,308.32FHLMC NOTES32003 20,000,000.003134G2UA8 08/20/2014 5061.00009/29/2011 20,206,140.00 0.888 0.90120,092,322.19

Portfolio SCL2AP


16

March 31, 2013


MaturityDate





YTM365


FHLMC NOTES32004 30,000,000.003134G2UA8 08/20/2014 5061.00009/29/2011 30,309,210.00 0.869 0.88130,144,321.73FHLMC NOTES32007 15,000,000.003134G2UA8 08/20/2014 5061.00009/30/2011 15,154,605.00 0.640 0.64915,071,971.15FHLMC NOTES32008 35,000,000.003134G2U42 10/15/2013 1970.37509/30/2011 35,042,455.00 0.513 0.52134,979,676.19FHLMC NOTES32019 25,000,000.003137EACY3 11/25/2014 6030.75010/06/2011 25,205,275.00 0.750 0.76124,995,527.90FHLMC NOTES32030 30,000,000.003134G23H3 10/15/2013 1970.50010/21/2011 30,056,790.00 0.505 0.51229,998,043.70FHLMC NOTES32087 20,000,000.003137EACH0 02/09/2015 6792.87511/17/2011 20,954,360.00 0.790 0.80120,758,139.76FHLMC NOTES32095 20,000,000.003137EACZ0 11/27/2013 2400.37511/18/2011 20,027,080.00 0.567 0.57519,973,907.27FHLMC NOTES32117 35,000,000.003134G2UA8 08/20/2014 5061.00011/29/2011 35,360,745.00 0.736 0.74635,121,418.25FHLMC NOTES32127 25,000,000.003134G2UA8 08/20/2014 5061.00012/01/2011 25,257,675.00 0.679 0.68925,106,528.09FHLMC NOTES32132 30,000,000.003134G3BF6 12/23/2013 2660.62512/06/2011 30,093,360.00 0.507 0.51430,023,889.28FHLMC NOTES32142 20,000,000.003134G2U42 10/15/2013 1970.37512/09/2011 20,024,260.00 0.376 0.38219,999,242.64FHLMC NOTES32169 25,000,000.003134A4UU6 07/15/2014 4705.00012/19/2011 26,541,800.00 0.578 0.58726,409,161.99FHLMC NOTES32171 8,980,000.003128X23A1 04/02/2014 3664.50012/19/2011 9,362,090.02 0.542 0.5499,332,971.94FHLMC NOTES32292 35,000,000.003134G3MR8 02/13/2015 6830.55002/13/2012 35,101,395.00 0.519 0.52635,015,244.44FHLMC NOTES32303 15,000,000.003134G3NS5 03/21/2014 3540.30002/17/2012 15,022,320.00 0.399 0.40514,984,744.36FHLMC NOTES32319 10,000,000.003134G3PE4 02/24/2016 1,0590.85002/24/2012 10,044,690.00 0.838 0.85010,000,000.00FHLMC NOTES32320 30,000,000.003134G3PE4 02/24/2016 1,0590.85002/24/2012 30,134,070.00 0.838 0.85030,000,000.00FHLMC NOTES32326 10,000,000.003134G3JR2 01/09/2014 2830.45002/28/2012 10,021,420.00 0.379 0.38410,005,013.11FHLMC NOTES32365 15,000,000.003134G3RK8 03/14/2016 1,0781.00003/14/2012 15,101,910.00 0.986 1.00015,000,000.00FHLMC NOTES33442 20,000,000.003134G3H78 12/05/2014 6130.35008/30/2012 20,021,300.00 0.360 0.36519,994,960.49FHLMC NOTES33444 10,000,000.003134G3YW4 08/28/2014 5140.37508/30/2012 10,017,830.00 0.335 0.33910,004,942.90FHLMC NOTES33445 10,573,000.003134G2UA8 08/20/2014 5061.00008/30/2012 10,681,975.91 0.335 0.34010,669,304.24FHLMC NOTES33454 10,000,000.003134G3J76 09/04/2015 8860.45008/30/2012 10,014,220.00 0.439 0.44510,001,046.96FHLMC NOTES33552 10,000,000.003134G3J76 09/04/2015 8860.45009/17/2012 10,014,220.00 0.535 0.54310,002,454.55FHLMC NOTES33564 20,000,000.003137EABS7 09/27/2013 1794.12509/19/2012 20,395,780.00 0.209 0.21220,381,939.13FHLMC NOTES33600 10,000,000.003134G3JR2 01/09/2014 2830.45009/24/2012 10,021,420.00 0.254 0.25810,014,766.88FHLMC NOTES33611 15,575,000.003137EACL1 10/28/2013 2100.87509/25/2012 15,639,558.38 0.229 0.23215,632,400.77FHLMC NOTES33721 20,000,000.003137EACW7 08/25/2016 1,2422.00011/01/2012 20,990,560.00 0.602 0.61020,932,164.19FHLMC NOTES33756 20,000,000.003134G3W71 11/26/2014 6040.35011/26/2012 20,004,180.00 0.345 0.35020,000,000.00FHLMC NOTES33778 10,788,000.003134G3JR2 01/09/2014 2830.45011/27/2012 10,811,107.90 0.235 0.23910,805,531.84FHLMC NOTES33793 18,000,000.003134G3Y61 12/10/2014 6180.37512/10/2012 18,009,072.00 0.355 0.35918,004,567.50FHLMC NOTES33833 50,000,000.003137EACU1 07/30/2014 4851.00012/11/2012 50,526,300.00 0.235 0.23850,505,430.39

Portfolio SCL2AP


17

March 31, 2013


MaturityDate





YTM365


FHLMC NOTES33834 40,000,000.003134G3MR8 02/13/2015 6830.55012/11/2012 40,115,880.00 0.410 0.41540,099,682.86FHLMC NOTES33842 50,000,000.003134G3Y61 12/10/2014 6180.37512/12/2012 50,025,200.00 0.330 0.33450,033,927.58FHLMC NOTES33846 25,000,000.003134A4UM4 01/15/2014 2894.50012/13/2012 25,853,625.00 0.200 0.20325,846,022.96FHLMC NOTES33847 25,000,000.003134G3Z60 06/19/2015 8090.42012/19/2012 25,005,625.00 0.386 0.39125,015,516.67FHLMC NOTES33861 40,000,000.003134G3Z60 06/19/2015 8090.42012/19/2012 40,009,000.00 0.394 0.39940,017,733.33FHLMC NOTES33870 35,000,000.003134G3LA6 02/27/2014 3320.37512/18/2012 35,061,985.00 0.200 0.20335,054,257.34FNMA NOTES29930 25,000,000.003136FPGF8 03/23/2015 7211.75009/23/2010 25,677,000.00 1.726 1.75025,000,000.00FNMA NOTES29997 20,000,000.0031398A4H2 10/08/2013 1901.12510/08/2010 20,102,560.00 1.109 1.12520,000,000.00FNMA NOTES30108 25,000,000.0031398A4M1 10/26/2015 9381.62511/03/2010 25,779,625.00 1.359 1.37825,152,808.14FNMA NOTES30999 25,000,000.0031359MWJ8 10/15/2014 5624.62503/08/2011 26,678,475.00 1.688 1.71126,082,371.63FNMA NOTES31030 12,325,000.0031359MSL8 07/17/2013 1074.37503/11/2011 12,480,344.30 1.010 1.02412,444,804.24FNMA NOTES31032 25,000,000.0031398A2M3 09/30/2013 1821.12503/11/2011 25,123,450.00 1.125 1.14124,998,003.54FNMA NOTES31053 20,000,000.0031398A3R1 03/21/2014 3541.35003/15/2011 20,189,620.00 1.241 1.25920,017,274.40FNMA NOTES31065 20,000,000.0031398A2S0 09/23/2013 1751.00003/16/2011 20,081,260.00 0.986 1.00019,999,962.07FNMA NOTES31366 20,000,000.0031398AJ94 05/07/2013 361.75004/28/2011 20,033,120.00 0.759 0.77020,019,407.41FNMA NOTES31485 25,000,000.003135G0BJ1 06/27/2014 4521.12505/16/2011 25,285,750.00 1.154 1.17124,986,074.93FNMA NOTES31996 35,000,000.003135G0DW0 10/30/2014 5770.62509/27/2011 35,196,035.00 0.632 0.64134,991,232.39FNMA NOTES32082 20,000,000.0031398A5W8 12/18/2013 2610.75011/15/2011 20,087,700.00 0.522 0.52920,031,194.95FNMA NOTES32088 30,000,000.003135G0FY4 12/19/2014 6270.75011/17/2011 30,238,290.00 0.740 0.75129,999,499.82FNMA NOTES32161 35,000,000.003135G0BY8 08/28/2014 5140.87512/15/2011 35,309,260.00 0.646 0.65535,107,053.60FNMA NOTES32182 50,000,000.003135G0GM9 12/23/2014 6310.82512/23/2011 50,153,700.00 0.792 0.80350,018,717.59FNMA NOTES32183 8,900,000.003135G0GM9 12/23/2014 6310.82512/23/2011 8,927,358.60 0.813 0.8258,900,000.00FNMA NOTES32190 16,525,000.003136FTWW5 12/29/2016 1,3681.25012/29/2011 16,779,683.30 1.253 1.27016,512,624.61FNMA NOTES32277 20,000,000.003135G0ES8 11/15/2016 1,3241.37502/06/2012 20,597,200.00 0.941 0.95420,297,211.87FNMA NOTES32308 15,000,000.0031359M4D2 02/13/2017 1,4145.00002/22/2012 17,521,260.00 1.132 1.14717,165,527.64FNMA NOTES32898 17,500,000.003135G0LL5 12/04/2014 6120.55006/07/2012 17,509,415.00 0.542 0.54917,500,000.00FNMA NOTES33443 10,000,000.003135G0NV1 09/28/2015 9100.50008/30/2012 10,024,780.00 0.460 0.46610,008,257.58FNMA NOTES33524 25,000,000.003135G0BJ1 06/27/2014 4521.12509/13/2012 25,285,750.00 0.468 0.47525,260,224.38FNMA NOTES33714 20,000,000.003135G0ES8 11/15/2016 1,3241.37510/29/2012 20,597,200.00 0.654 0.66320,507,628.57FNMA NOTES33722 20,000,000.003135G0NV1 09/28/2015 9100.50011/01/2012 20,049,560.00 0.429 0.43520,031,699.14FNMA NOTES33730 30,000,000.003135G0RS4 11/06/2015 9490.50011/06/2012 30,018,870.00 0.493 0.50030,000,000.00FNMA NOTES33777 20,000,000.003135G0KM4 05/27/2015 7860.50011/27/2012 20,066,220.00 0.361 0.36620,057,337.78

Portfolio SCL2AP


18

March 31, 2013


MaturityDate





YTM365


FNMA NOTES33815 30,000,000.003135G0BR3 08/09/2013 1300.50012/07/2012 30,040,050.00 0.174 0.17630,034,433.06FNMA NOTES33839 10,000,000.003135G0SE4 06/05/2015 7950.42012/12/2012 9,998,480.00 0.390 0.39510,005,267.64FNMA NOTES33844 50,000,000.0031398AXJ6 05/15/2014 4092.50012/12/2012 51,290,000.00 0.234 0.23751,266,339.18FNMA NOTES33845 14,950,000.003135G0MQ3 01/26/2015 6650.50012/13/2012 14,957,250.75 0.408 0.41414,973,100.98FNMA NOTES33856 25,000,000.003135G0SE4 06/05/2015 7950.42012/14/2012 24,996,200.00 0.392 0.39725,012,098.77FNMA NOTES33857 25,000,000.0031398AXJ6 05/15/2014 4092.50012/14/2012 25,645,000.00 0.254 0.25725,627,544.03FNMA NOTES33866 25,000,000.0031359MWJ8 10/15/2014 5624.62512/18/2012 26,678,475.00 0.265 0.26826,670,643.07FNMA NOTES33867 25,000,000.003135G0SE4 06/05/2015 7950.42012/18/2012 24,996,200.00 0.396 0.40125,009,943.63FNMA NOTES33891 30,000,000.003135G0SE4 06/05/2015 7950.42012/31/2012 29,995,440.00 0.397 0.40330,010,764.30FNMA NOTES34040 30,000,000.003135G0LG6 05/29/2015 7880.65003/08/2013 30,016,860.00 0.593 0.60130,030,965.57

Subtotal and Average 2,692,229,278.33 2,671,482,000.00 2,701,220,440.62 0.584 0.592 508

US Treasury Notes

U.S. TREASURY NOTES33794 15,000,000.00912828TA8 06/30/2014 4550.25011/29/2012 15,010,545.00 0.239 0.24215,001,383.74


Corporate Bonds

BANK OF NEW YORK25730 4,000,000.0006406HBK4 08/27/2013 1485.12508/27/2008 4,076,036.00 5.134 5.2063,998,854.71BANK OF NEW YORK31862 35,000,000.0006406HBW8 07/28/2014 4830.58307/28/2011 35,054,495.00 0.640 0.64935,000,000.00COLGATE-PALMOLIVE CO30101 15,000,000.0019416QDQ0 11/01/2015 9441.37511/03/2010 15,286,830.00 1.510 1.53114,941,655.17GENERAL ELECTRIC30190 5,000,000.0036962G4T8 11/09/2015 9522.25011/09/2010 5,170,965.00 2.234 2.2654,998,045.83GENERAL ELECTRIC31433 16,970,000.0036962G3T 05/01/2013 304.80005/06/2011 17,032,296.87 1.287 1.30517,018,631.51GENERAL ELECTRIC31441 20,000,000.0036962G4Q4 09/16/2013 1681.87505/09/2011 20,126,280.00 1.531 1.55320,028,831.17GENERAL ELECTRIC33948 10,905,000.0036962G2U5 08/08/2013 1290.44306/25/2010 10,909,231.14 1.615 1.63710,863,056.79GOOGLE INC31519 10,000,000.0038259PAA0 05/19/2014 4131.25005/19/2011 10,108,460.00 1.240 1.2579,999,131.11IBM32953 8,500,000.00459200GZ8 10/31/2014 5780.87506/12/2012 8,567,881.00 0.636 0.6458,530,495.88JOHNSON & JOHNSON31531 30,000,000.00478160AX2 05/15/2014 4091.20005/20/2011 30,302,100.00 1.223 1.24029,986,808.93JOHNSON & JOHNSON32141 5,000,000.00478160AX2 05/15/2014 4091.20012/09/2011 5,050,350.00 0.634 0.6435,030,922.60MET LIFE GLOBAL FUNDING31219 20,000,000.00592179JG1 04/10/2013 95.12504/12/2011 20,018,820.00 1.607 1.63020,017,125.07TORONTO DOMINION31852 5,000,000.0089114QAD0 07/26/2013 1160.49407/27/2011 5,003,525.00 0.585 0.5935,000,000.00TOYOTA MOTOR CREDIT32239 11,000,000.0089233P5V4 01/17/2014 2910.73001/20/2012 11,038,049.00 0.799 0.81011,000,000.00TOYOTA MOTOR CREDIT32302 25,000,000.0089233P5Z5 02/17/2015 6871.00002/17/2012 25,211,100.00 1.036 1.05024,976,527.78

Portfolio SCL2AP


19

March 31, 2013


MaturityDate





YTM365

Corporate Bonds

U S BANK30099 10,000,000.0091159HGZ7 10/30/2013 2121.12511/02/2010 10,039,490.00 1.159 1.1759,997,150.00WALMART30060 15,000,000.00931142CW1 10/25/2013 2070.75010/25/2010 15,036,465.00 0.854 0.86614,990,281.67


Corporate Bonds - NCUA Guaranteed

NCUA GUARANTEED NOTE31686 5,000,000.0062889KAB7 06/12/2015 8021.40006/16/2011 5,112,250.00 1.416 1.4354,996,171.69


Asset Backed Securities (ABS)

BANK OF AMERICA AUTO TRUST32522 11,500,000.0006052YAC3 09/15/2013 1670.78004/18/2012 11,540,928.50 0.781 0.79211,499,866.87CHASE ISSUANCE TRUST (ABS)33757 15,000,000.00161571FR0 10/15/2015 9270.54011/21/2012 14,975,955.00 0.548 0.55514,996,835.23HONDA AUTO RECEIVABLES OWNER T32317 2,000,000.0043813UAC4 03/15/2015 7130.77002/23/2012 2,006,786.00 0.770 0.7801,999,923.33MERCEDES -BENZ AUTO REC TRUST31830 5,875,675.68587728AC0 03/16/2015 7140.85007/20/2011 5,887,338.90 0.841 0.8535,875,585.03VOLKSWAGEN AUTO LOAN ENHANCED31149 21,401,531.4092867DAC4 06/20/2015 8101.22003/30/2011 21,489,213.47 1.205 1.22221,400,344.54VOLKSWAGEN AUTO LOAN ENHANCED32251 14,000,000.0092867GAC7 06/22/2015 8120.85001/26/2012 14,066,528.00 0.840 0.85213,999,893.90


Municipal Bonds

CALIFORNIA ST32486 3,100,000.0013063A5B6 04/01/2014 3655.25004/16/2012 3,244,305.00 1.055 1.0703,227,873.02CALIFORNIA ST32542 19,250,000.0013063BFQ0 03/01/2017 1,4305.75004/23/2012 22,570,432.50 2.190 2.22121,758,507.37CALIFORNIA ST POLL CONTROL FI32033 7,710,000.00130534XG0 06/01/2014 4265.90010/24/2011 8,208,143.10 1.085 1.1008,134,421.92COOK COUNTY32318 12,835,000.00213185DU2 11/15/2013 2282.50302/24/2012 13,008,272.50 0.384 0.39013,002,965.30COLORADO ST HSG & FIN AUTH32073 4,000,000.00196479UG2 05/01/2014 3951.13911/10/2011 4,012,120.00 1.125 1.1414,000,000.00SAN BERNARDINO CNTY CA SF32364 3,040,000.00796842BB7 09/01/2014 5188.30003/14/2012 3,185,068.80 0.700 0.7103,240,136.19UNIVERSITY CALIFORNIA REVS31851 19,000,000.0091412GFC4 07/01/2013 910.88707/27/2011 19,021,090.00 0.874 0.88719,000,000.00


Commercial Paper, Discount Notes

BANK OF NOVA SCOTIA33782 25,000,000.0006416JSX2 05/31/2013 600.23011/27/2012 24,992,267.50 0.231 0.23424,990,462.18BANK OF NOVA SCOTIA34127 50,000,000.0006416JRS4 04/26/2013 250.12003/27/2013 49,995,660.00 0.120 0.12149,995,880.11RABOBANK33764 25,000,000.0074977KSL4 05/20/2013 490.29011/19/2012 24,994,467.50 0.290 0.29424,990,181.11RABOBANK33786 25,000,000.0074977KSX8 05/31/2013 600.29011/28/2012 24,993,275.00 0.292 0.29624,987,973.84

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YTM365

Commercial Paper, Discount Notes

TOYOTA MOTOR CREDIT34014 25,000,000.0089233GSX5 05/31/2013 600.15003/05/2013 24,993,645.00 0.150 0.15224,993,819.52TOYOTA MOTOR CREDIT34047 25,000,000.0089233GRC2 04/12/2013 110.12003/11/2013 24,998,000.00 0.120 0.12124,999,093.60U S BANK34126 95,000,000.009033E0R24 04/02/2013 10.06003/27/2013 94,998,413.50 0.060 0.06094,999,843.43WALMART34093 25,000,000.0093114ER58 04/05/2013 40.08003/20/2013 24,999,777.50 0.080 0.08124,999,780.23


Federal Agency, Discount Notes

FFCB DISCOUNT NOTE34131 25,000,000.00313313DV7 04/02/2013 10.01003/28/2013 24,999,975.00 0.010 0.01024,999,993.03FHLB DISCOUNT NOTE32780 20,000,000.00313385FW1 05/21/2013 5005/22/2012 19,998,620.00 0.213 0.21619,994,111.74FHLB DISCOUNT NOTE33760 15,000,000.00313385FH4 05/08/2013 370.16511/15/2012 14,999,235.00 0.165 0.16714,997,469.54FHLB DISCOUNT NOTE33819 20,000,000.00313385GP5 06/07/2013 670.14012/07/2012 19,998,140.00 0.140 0.14219,994,844.96FHLB DISCOUNT NOTE33820 25,000,000.00313385DX1 04/04/2013 30.12012/10/2012 24,999,950.00 0.120 0.12124,999,752.73FHLB DISCOUNT NOTE33828 25,000,000.00313385DW3 04/03/2013 20.12012/11/2012 24,999,975.00 0.121 0.12324,999,832.86FHLB DISCOUNT NOTE34015 25,000,000.00313385FV3 05/20/2013 490.10003/05/2013 24,998,300.00 0.101 0.10224,996,569.41FHLB DISCOUNT NOTE34029 25,000,000.00313589FA6 05/01/2013 300.07003/07/2013 24,998,950.00 0.070 0.07124,998,529.73FHLB DISCOUNT NOTE34038 30,000,000.00313385FK7 05/10/2013 3903/08/2013 29,998,380.00 0.106 0.10729,996,559.70FHLB DISCOUNT NOTE34048 25,000,000.00313385FY7 05/23/2013 520.10503/13/2013 24,998,200.00 0.106 0.10724,996,177.44FHLB DISCOUNT NOTE34056 25,000,000.00313385FH4 05/08/2013 370.07003/12/2013 24,998,725.00 0.070 0.07124,998,186.72FHLB DISCOUNT NOTE34082 25,000,000.00313385EN2 04/19/2013 180.04003/19/2013 24,999,750.00 0.040 0.04124,999,498.67FHLB DISCOUNT NOTE34103 25,000,000.00313385EV4 04/26/2013 250.04003/21/2013 24,999,650.00 0.040 0.04124,999,303.70FHLB DISCOUNT NOTE34128 25,000,000.00313385GG5 05/31/2013 6003/27/2013 24,997,925.00 0.060 0.06024,997,527.71FHLMC DISCOUNT NOTE33761 10,000,000.00313397HA2 06/18/2013 780.17011/16/2012 9,998,920.00 0.171 0.1739,996,326.49FHLMC DISCOUNT NOTE33807 15,000,000.00313397FS5 05/17/2013 460.14012/04/2012 14,999,040.00 0.140 0.14214,997,330.95FHLMC DISCOUNT NOTE33814 15,000,000.00313397GT2 06/11/2013 710.14012/06/2012 14,998,515.00 0.141 0.14314,995,856.92FHLMC DISCOUNT NOTE34104 20,000,000.00313397GG0 05/31/2013 600.08003/21/2013 19,998,340.00 0.081 0.08219,997,326.30FNMA DISCOUNT NOTE33755 15,000,000.00313589GK3 06/03/2013 630.16011/15/2012 14,998,680.00 0.161 0.16314,995,815.32FNMA DISCOUNT NOTE34057 25,000,000.00313589FS7 05/17/2013 460.09003/12/2013 24,998,400.00 0.091 0.09224,997,101.52


Treasury Bills

U S TREASURY BILL34039 30,000,000.009127956R7 05/30/2013 5903/08/2013 29,996,940.00 0.081 0.08229,996,034.50U S TREASURY BILL34123 100,000,000.00912796AA7 04/18/2013 170.05203/26/2013 99,998,300.00 0.053 0.05399,997,514.42

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YTM365

Treasury Bills

U S TREASURY BILL34132 50,000,000.009127956L0 05/02/2013 3103/28/2013 49,997,850.00 0.043 0.04349,998,155.15


Money Market

BLACKROCK33650 0.00SYS33650 10.04009/30/2012 0.00 0.039 0.0400.00DREYFUS CASH MANAGEMENT23519 274,426,173.87SYS23519 10.05002/01/2008 274,426,173.87 0.049 0.050274,426,173.87JP MORGAN US GOVT MMF33702 0.00SYS33702 10.01010/23/2012 0.00 0.009 0.0100.00MORGAN STANLEY PRIME INST #83033655 0.00SYS33655 10.05009/30/2012 0.00 0.049 0.0500.00


Total Investments and Average 4,606,048,310.53 4,581,965,062.94 4,618,128,742.56 0.482 0.488 349

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Fund CP - RETIREE HEALTHInvestments by Fund Page 9



YTM365


FHLMC 15 YR MBS31530 1,871,493.103128PUDN9 02/01/2026 4,6894.00005/20/2011 1,989,028.54 2.788 2.8271,950,154.30FHLMC 30 YR MBS13758 610,558.9631297QSX8 06/01/2035 8,0965.00005/12/2005 658,996.67 5.131 5.203604,167.17FHLMC 30 YR MBS13785 167,993.5231296SMB9 01/01/2034 7,5805.50005/12/2005 185,251.79 5.126 5.197169,804.70FHLMC 30 YR MBS13786 167,993.5131296SMB9 01/01/2034 7,5805.50005/12/2005 185,251.78 5.126 5.197169,804.69FHLMC 30 YR MBS13787 138,378.2931292H7J7 03/01/2034 7,6395.50005/12/2005 150,907.65 5.130 5.201139,870.18FHRR R005 AB15906 0.0031396HAN9 12/15/2018 2,0845.50002/17/2006 0.00 5.667 5.7450.00FNMA 15 YR MBS13695 205,794.6231406E2D5 03/01/2035 8,0044.50005/12/2005 221,887.34 5.018 5.088198,463.19FNMA 15 YR MBS13722 4,752.8131404WC79 07/01/2019 2,2825.00005/17/2005 5,135.03 4.748 4.8144,781.03FNMA 15 YR MBS13723 24,979.3931405HA24 07/01/2019 2,2825.00005/17/2005 26,988.24 4.902 4.97025,127.70FNMA 15 YR MBS13724 24,190.9131405FKM3 08/01/2019 2,3135.00005/17/2005 26,136.35 4.902 4.97024,334.54FNMA 15 YR MBS13725 4,900.9031402VHF0 09/01/2018 1,9795.00005/17/2005 5,334.85 4.902 4.9704,930.00FNMA 15 YR MBS13726 50,690.1931405FJR4 06/01/2019 2,2525.00005/17/2005 54,766.71 4.902 4.97050,991.16FNMA 15 YR MBS13727 64,784.8831405UEY1 01/01/2020 2,4665.00005/17/2005 69,994.89 4.902 4.97065,169.54FNMA 15 YR MBS13728 3,434.0331402VAT7 09/01/2018 1,9795.00005/17/2005 3,714.49 4.902 4.9703,454.42FNMA 15 YR MBS13729 31,373.1331402DEK2 12/01/2018 2,0705.00005/17/2005 33,935.38 4.902 4.97031,559.41FNMA 15 YR MBS13730 124,414.0131404WBY1 07/01/2019 2,2825.00005/17/2005 134,419.41 4.902 4.970125,152.72FNMA 15 YR MBS13731 27,939.8731405TLN0 11/01/2019 2,4055.00005/17/2005 30,186.80 4.902 4.97028,105.76FNMA 15 YR MBS13732 60,931.9031403V2Y4 02/01/2019 2,1325.00005/17/2005 65,832.06 4.902 4.97061,293.68FNMA 15 YR MBS14624 496,263.2931407RZ49 10/01/2020 2,7405.50009/19/2005 543,403.60 5.319 5.393506,033.47FNMA 15 YR MBS14625 7,257.8031402RJC4 06/01/2020 2,6186.00009/19/2005 7,630.19 5.740 5.8197,482.34FNMA 15 YR MBS14626 480,205.7231371MDH7 07/01/2020 2,6484.50009/19/2005 517,550.70 4.726 4.792473,377.80FNMA 30 YR MBS13675 22,944.0031405EB61 08/01/2034 7,7926.50005/12/2005 27,129.50 6.159 6.24523,879.68FNMA 30 YR MBS13676 54,276.3931405SUJ1 03/01/2035 8,0046.50005/12/2005 62,530.87 4.756 4.82356,489.85FNMA 30 YR MBS13677 989.1331379YSC8 08/01/2028 5,6016.50005/12/2005 1,159.13 4.756 4.8231,029.47FNMA 30 YR MBS13678 83,246.4031377Z3U4 02/01/2028 5,4196.50005/12/2005 93,584.34 4.756 4.82386,641.29FNMA 30 YR MBS13696 1,071,036.7131406YGL8 05/01/2035 8,0655.50005/12/2005 1,174,916.11 5.373 5.4481,081,245.03FNMA 30 YR MBS14585 459,558.2731402RDG1 04/01/2035 8,0356.00009/14/2005 517,222.71 5.792 5.872469,539.30FNMA 30 YR MBS20674 397,596.8031411WWN3 05/01/2037 8,7965.50005/14/2007 433,674.57 5.730 5.810393,185.96FNMA 30 YR MBS20675 591,292.5931407JFT4 10/01/2036 8,5846.50005/14/2007 657,594.55 5.844 5.925603,488.00FNMA 30 YR MBS20676 1,151,461.4531409HDV3 05/01/2036 8,4316.50005/14/2007 1,371,038.83 5.777 5.8571,175,210.34FNMA 30 YR MBS20677 29,564.6831407JFT4 10/01/2036 8,5846.50005/14/2007 32,879.78 5.844 5.92530,174.45FNMA 30 YR MBS20678 4,551.8831407FGG9 07/01/2035 8,1264.50005/14/2007 4,916.36 5.551 5.6284,280.19

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FNMA 30 YR MBS20679 7,834.4831407G6Z6 08/01/2035 8,1574.50005/14/2007 8,447.12 5.548 5.6257,366.86FNMA 30 YR MBS20680 149,507.1031407YRS0 10/01/2035 8,2184.50005/14/2007 161,198.25 5.541 5.618140,583.40FNMA 30 YR MBS20681 12,833.2631371MJ65 10/01/2035 8,2184.50005/14/2007 13,836.79 5.541 5.61812,067.27FNMA 30 YR MBS20682 14,912.2931407MZK4 09/01/2035 8,1884.50005/14/2007 16,078.40 5.544 5.62114,022.21FNMA 30 YR MBS20683 208,782.1431403CZL8 12/01/2035 8,2794.50005/14/2007 225,108.48 5.533 5.609196,320.46FNMA 30 YR MBS20754 816,760.0731409BDG9 03/01/2021 2,8915.50005/17/2007 894,344.54 5.413 5.488818,419.12FNMA 30 YR MBS20755 298,840.4231410WDM7 04/01/2022 3,2875.00005/17/2007 322,686.46 5.349 5.424294,591.28FNMA 30 YR MBS31514 469,964.1631410KH56 05/01/2038 9,1616.00005/19/2011 515,398.92 2.625 2.662518,576.08FNMA 30 YR MBS31515 2,765,049.4131412RBJ5 02/01/2040 9,8024.00005/19/2011 2,949,184.56 3.752 3.8042,788,379.51FNMA 30 YR MBS31516 740,964.9531416X5D8 05/01/2041 10,2574.50005/19/2011 799,833.11 3.584 3.634770,603.55FNMA 30 YR MBS31517 2,158,963.5936241KXL7 12/15/2038 9,3895.00005/19/2011 2,348,277.71 2.917 2.9572,339,439.45FNMA 30 YR MBS31518 2,024,207.8631412MSA7 05/01/2038 9,1615.50005/19/2011 2,207,883.63 2.752 2.7902,195,632.96FNMA 30 YR MBS31529 2,658,636.2831402RSN0 10/01/2035 8,2185.00005/20/2011 2,886,849.15 3.116 3.1602,836,432.58FNMA NOTES32485 2,420,568.143138E82E1 03/01/2042 10,5613.50004/16/2012 2,566,709.94 2.715 2.7532,510,204.81GNMA 30YR14347 423,469.5936292CCK8 08/15/2035 8,1715.00008/18/2005 462,719.93 5.023 5.093421,683.06GNMA 30YR14348 229,260.6636225B6K9 05/15/2034 7,7146.50008/18/2005 266,852.08 6.134 6.220239,577.39GNMA 30 YR31541 4,412,667.413620AMVL3 02/15/2041 10,1824.50005/23/2011 4,913,367.04 3.285 3.3314,669,153.71

Subtotal and Average 29,342,275.06 28,248,070.94 30,851,775.33 3.792 3.845 8,399


FHLB NOTES28187 4,000,000.003133XMFY2 09/30/2022 3,4695.37512/11/2009 5,136,324.00 4.374 4.4354,270,018.66FHLMC NOTES26120 2,000,000.003137EAAS8 04/18/2017 1,4785.00010/17/2008 2,341,834.00 4.904 4.9732,001,761.16FNMA NOTES14207 600,000.0031359MGK3 11/15/2030 6,4376.62507/28/2005 893,342.40 4.815 4.882705,134.72FNMA NOTES14209 200,000.0031359MGK3 11/15/2030 6,4376.62507/28/2005 297,780.80 4.817 4.884234,997.54HOUSING URBAN DEV32091 1,000,000.00911759LC0 08/01/2014 4870.67011/17/2011 1,004,964.00 0.660 0.6701,000,000.00HOUSING URBAN DEV32092 1,000,000.00911759LB2 08/01/2013 1220.43011/17/2011 1,001,016.00 0.424 0.4301,000,000.00


US Treasury Notes

US TREASURY13674 5,070,000.00912828DM9 02/15/2015 6854.00005/12/2005 5,424,900.00 4.118 4.1755,056,380.53US TREASURY13784 1,300,000.00912810FP8 02/15/2031 6,5295.37505/24/2005 1,808,422.20 4.316 4.3761,438,293.15US TREASURY14770 2,500,000.00912828DV9 05/15/2015 7744.12510/13/2005 2,703,125.00 4.441 4.5032,483,850.82

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YTM365

US Treasury Notes

US TREASURY15505 2,000,000.00912828EE6 08/15/2015 8664.25012/30/2005 2,187,032.00 4.336 4.3971,994,341.13U.S. TREASURY NOTES17481 2,800,000.00912828FF2 05/15/2016 1,1405.12508/03/2006 3,209,718.40 4.895 4.9632,811,027.50U.S. TREASURY NOTES19461 975,000.00912810FT0 02/15/2036 8,3554.50002/23/2007 1,238,402.10 4.784 4.851933,329.90U.S. TREASURY NOTES22427 1,000,000.00912828HA1 08/15/2017 1,5974.75011/01/2007 1,178,125.00 4.405 4.4661,009,911.45U.S. TREASURY NOTES26085 2,000,000.00912828JH4 08/15/2018 1,9624.00010/10/2008 2,334,843.75 3.703 3.7542,021,824.25U.S. TREASURY NOTES26520 1,500,000.00912828JR2 11/15/2018 2,0543.75001/12/2009 1,736,250.00 2.418 2.4521,596,709.88U.S. TREASURY NOTES27768 695,000.00912828LJ7 08/15/2019 2,3273.62509/04/2009 804,896.88 3.298 3.344705,505.88U.S. TREASURY NOTES28890 500,000.00912828MR8 02/28/2015 6982.37503/17/2010 520,254.00 2.350 2.383499,924.64U.S. TREASURY NOTES32056 2,500,000.00912828RM4 10/31/2016 1,3091.00011/02/2011 2,546,290.00 0.911 0.9242,506,584.23U.S. TREASURY NOTES32065 14,450,000.00912828RL6 10/15/2014 5620.50011/04/2011 14,510,964.55 0.372 0.37714,477,123.13U.S. TREASURY NOTES32097 950,000.00912828KJ8 03/31/2014 3641.75011/21/2011 964,880.80 0.287 0.291963,178.36U.S. TREASURY NOTES32140 1,000,000.00912828RL6 10/15/2014 5620.50012/08/2011 1,004,219.00 0.392 0.3971,001,559.05U.S. TREASURY NOTES32814 937,000.00912828SV3 05/15/2022 3,3311.75005/23/2012 939,708.87 1.764 1.789933,921.89U.S. TREASURY NOTES33352 8,000,000.00912828TG5 07/31/2017 1,5820.50008/14/2012 7,954,375.00 0.694 0.7037,930,700.19U.S. TREASURY NOTES33800 6,500,000.00912828RS1 11/30/2013 2430.25011/30/2012 6,504,316.00 0.196 0.1996,502,197.51U.S. TREASURY NOTES33801 1,820,000.00912810QY7 11/15/2042 10,8202.75011/30/2012 1,686,912.50 2.761 2.8001,801,953.16U.S. TREASURY NOTES33804 1,500,000.00912828TJ9 08/15/2022 3,4231.62512/04/2012 1,480,663.50 1.564 1.5861,504,984.42


Corporate Bonds

BOEING CAPITAL CORP27989 1,000,000.00097014AL8 10/27/2019 2,4004.70010/27/2009 1,171,743.00 4.644 4.708999,533.37BELL SOUTH14246 1,000,000.00079860AD4 10/15/2031 6,7716.87508/03/2005 1,207,091.00 5.670 5.7491,107,115.15BANK OF NEW YORK31859 2,000,000.0006406HBX6 07/28/2016 1,2142.30007/28/2011 2,095,112.00 2.286 2.3181,998,869.50CATERPILLAR32829 1,000,000.0014912L5F4 06/01/2022 3,3482.85005/30/2012 1,024,434.00 2.829 2.868998,497.08CITICORP13836 1,290,000.00172967CC3 10/31/2033 7,5186.00006/01/2005 1,438,571.88 5.315 5.3881,372,504.35DUPONT EI NEMOUR29929 1,000,000.00263534CD9 01/15/2016 1,0191.95009/23/2010 1,033,717.00 2.096 2.125994,995.75JOHN DEERE CAPITAL CORP32323 1,000,000.0024422ERM3 03/15/2022 3,2702.75002/27/2012 1,015,987.00 2.731 2.769998,440.57EBAY INC30076 1,000,000.00278642AA1 10/15/2013 1970.87510/28/2010 1,003,014.00 2.504 2.538999,623.64GENERAL ELECTRIC14236 1,100,000.0036962GP65 03/04/2015 7024.87508/02/2005 1,186,610.70 4.683 4.7491,102,113.33GENERAL ELECTRIC22800 500,000.00369604BC6 12/06/2017 1,7105.25012/06/2007 585,694.50 5.281 5.355498,116.08GENERAL ELECTRIC32595 1,000,000.0036962G5W0 04/27/2017 1,4872.30004/27/2012 1,034,850.00 2.296 2.327998,933.08HSBC FIN CORP14371 1,000,000.0040429CCS9 06/30/2015 8205.00008/22/2005 1,081,094.00 5.016 5.085998,426.69

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YTM365

Corporate Bonds

IBM13835 1,224,000.00459200AS0 01/15/2028 5,4026.50006/01/2005 1,640,000.88 5.137 5.2091,360,284.78IBM26100 1,000,000.00459200GN5 10/15/2013 1976.50010/15/2008 1,032,690.00 6.493 6.584999,619.54JPMORGAN24543 1,000,000.0046625HHB9 05/01/2013 304.75004/28/2008 1,003,473.00 4.755 4.821999,947.25JPMORGAN33380 1,000,000.0048126EAA5 08/15/2017 1,5972.00008/20/2012 1,018,284.00 2.010 2.037998,430.38LEHMAN BROTHERS18995 901,329.06525ESC2W8 02/06/2020 2,5025.25001/12/2007 241,105.52 5.200 5.272900,828.40MCDONALD'S CORP32813 500,000.0058013MEQ3 05/29/2019 2,2491.87505/29/2012 509,353.50 1.994 2.022495,797.24MORGAN STANLEY29744 1,000,000.006174467N3 07/24/2015 8444.00007/26/2010 1,055,419.00 4.021 4.077998,401.64NORTHERN TRUST CORP30119 1,000,000.00665859AL8 11/04/2020 2,7743.45011/04/2010 1,084,772.00 3.416 3.463999,111.77PUBLIC SERVICE ELECTRIC14509 1,200,000.0074456QAP1 07/01/2035 8,1265.25009/07/2005 1,423,474.80 5.058 5.1291,216,387.14TORONTO DOMINION31849 1,000,000.0089114QAD0 07/26/2013 1160.49407/27/2011 1,000,705.00 0.585 0.5931,000,000.00TARGET CORP31817 1,000,000.0087612EAW6 07/18/2014 4731.12507/18/2011 1,010,419.00 1.115 1.131999,922.17UNITED PARCEL SERVICE30145 1,000,000.00911312AM8 01/15/2021 2,8463.12511/12/2010 1,067,368.00 3.158 3.202994,871.20U S BANK31549 1,000,000.0091159HHA1 05/24/2021 2,9754.12505/24/2011 1,119,871.00 4.114 4.171996,895.91UNITED TECHNOLOGIES32849 1,000,000.00913017BV0 06/01/2022 3,3483.10006/01/2012 1,048,081.00 3.066 3.109999,294.17VERIZON COMMUNICATIONS24258 1,000,000.0092343VAM6 04/15/2018 1,8406.10004/04/2008 1,206,828.00 6.722 6.815997,382.74WELLS FARGO22824 1,000,000.00949746NX5 12/11/2017 1,7155.62512/10/2007 1,182,838.00 5.602 5.680998,047.65WALMART14427 1,000,000.00931142BY8 07/01/2015 8214.50008/29/2005 1,088,547.00 4.677 4.742995,664.14WALMART23426 1,000,000.00931142CJ0 02/15/2018 1,7815.80001/30/2008 1,218,660.00 5.133 5.2051,022,343.49


Corporate Bonds - NCUA Guaranteed

NCUA GUARANTEED NOTE30346 1,152,986.9262888WAC0 12/08/2020 2,8082.40012/09/2010 1,191,842.58 2.394 2.4271,150,800.41


Asset Backed Securities (ABS)

CHASE ISSUANCE TRUST (ABS)33271 1,000,000.00161571FK5 08/16/2021 3,0591.58007/26/2012 996,441.00 1.587 1.609999,890.51CHASE ISSUANCE TRUST (ABS)33272 1,000,000.00161571FK5 08/16/2021 3,0591.58007/26/2012 996,441.00 1.587 1.609999,890.51


Municipal Bonds

COLORADO ST HSG & FIN AUTH32074 2,000,000.00196479UG2 05/01/2014 3951.13911/10/2011 2,006,060.00 1.125 1.1412,000,000.00


Portfolio SCL2AP


26

March 31, 2013


MaturityDate





YTM365

Money Market

BLACKROCK33656 0.00SYS33656 10.04009/30/2012 0.00 0.039 0.0400.00DREYFUS CASH MANAGEMENT FUND13571 14,328,210.44SYS13571 10.05012/31/2004 14,328,210.44 0.049 0.05014,328,210.44


Total Investments and Average 147,246,678.28 145,241,597.36 154,614,139.88 2.610 2.646 3,055

Portfolio SCL2AP


27

March 31, 2013


MaturityDate


Fund CT - RETIREE HEALTH EQUITYInvestments by Fund Page 14



YTM365

Passbook/Checking Accounts

VANGUARD8738 11,689,722.00SYS8738 12.73007/01/2012 14,239,906.04 2.692 2.73011,689,722.00


Total Investments and Average 11,689,722.00 11,689,722.00 14,239,906.04 2.693 2.730 1

Portfolio SCL2AP


28

March 31, 2013


MaturityDate


Fund MVLA - MOUNTAIN VIEW-LOS ALTOSInvestments by Fund Page 15



YTM365

Municipal Bonds

ALASKA ST32335 60,000.00011770V43 08/01/2015 8523.00003/05/2012 63,654.00 0.420 0.42663,573.63BEVERLY HILLS CA PUBLIC FING A32454 5,000.00088013DK0 06/01/2013 614.00004/11/2012 5,029.95 0.247 0.2515,031.18CALIFORNIA ST32348 10,000.0013063BRL8 02/01/2014 3065.00003/08/2012 10,400.20 0.621 0.63010,361.36CALIFORNIA ST32557 25,000.0013063BWR9 04/01/2014 3654.00004/24/2012 25,951.00 0.671 0.68025,823.04CALIFORNIA HSG FIN AGY31539 295,000.00130333BD8 08/01/2013 1221.20005/19/2011 294,967.55 1.183 1.200295,000.00CALIFORNIA ST HLTH FACS FING A32379 25,000.0013033LWT0 08/15/2014 5014.00003/21/2012 26,144.50 0.602 0.61026,152.67LOS ANGELES CALIF DEPT WTR & P31757 100,000.00544495WS9 07/01/2013 914.00006/30/2011 100,925.00 0.716 0.726100,855.67NEW MEXICO ST SEVERANCE TAX33018 50,000.00647310P96 07/01/2013 913.00006/21/2012 50,321.50 0.275 0.27950,338.40OREGON ST32417 25,000.0068608UMP8 11/01/2013 2145.00004/04/2012 25,695.50 0.346 0.35025,675.56PENNSYLVANIA ST32583 100,000.0070914PRZ7 06/01/2014 4264.00004/26/2012 104,309.00 0.414 0.420104,153.27SAN BERNARDINO CNTY CA SF33175 25,000.00796813BG7 06/28/2013 882.00007/02/2012 25,109.25 0.207 0.21025,107.89SAN FRANCISCO CITY & CNTY CA32345 70,000.00797646QR0 06/15/2016 1,1715.00003/08/2012 79,627.10 1.084 1.09979,683.61WASHINGTON ST32356 75,000.0093974CR36 02/01/2016 1,0365.00003/09/2012 84,351.00 0.710 0.72083,951.92


Money Market - Tax Exempt

BLACKROCK TAX FREE INST33614 1,112,176.17SYS33614 10.01009/25/2012 1,112,176.17 0.009 0.0101,112,176.17



Portfolio SCL2AP


29

March 31, 2013


MaturityDate


Fund PA - PALO ALTO UNIFIEDInvestments by Fund Page 16



YTM365

Municipal Bonds

ALASKA ST32336 200,000.00011770V43 08/01/2015 8523.00003/05/2012 212,180.00 0.420 0.426211,912.10BEVERLY HILLS CA PUBLIC FING A32447 5,000.00088013DL8 06/01/2014 4264.00004/11/2012 5,212.15 0.385 0.3905,209.48BEVERLY HILLS CA PUBLIC FING A32455 15,000.00088013DK0 06/01/2013 614.00004/11/2012 15,089.85 0.247 0.25115,093.53CALIFORNIA ST32349 20,000.0013063BRL8 02/01/2014 3065.00003/08/2012 20,800.40 0.621 0.63020,722.72CALIFORNIA ST32558 40,000.0013063BWR9 04/01/2014 3654.00004/24/2012 41,521.60 0.670 0.68041,316.87CALIFORNIA ST HLTH FACS FING A32378 75,000.0013033LWT0 08/15/2014 5014.00003/21/2012 78,433.50 0.602 0.61078,458.00LOS ANGELES CALIF DEPT WTR & P31758 150,000.00544495WS9 07/01/2013 914.00006/30/2011 151,387.50 0.716 0.726151,283.51NEW MEXICO ST SEVERANCE TAX33019 100,000.00647310P96 07/01/2013 913.00006/21/2012 100,643.00 0.275 0.279100,676.80OREGON ST32418 50,000.0068608UMP8 11/01/2013 2145.00004/04/2012 51,391.00 0.346 0.35151,351.11PENNSYLVANIA ST32584 100,000.0070914PRZ7 06/01/2014 4264.00004/26/2012 104,309.00 0.414 0.420104,153.27SAN FRANCISCO CITY & CNTY CA32346 135,000.00797646QR0 06/15/2016 1,1715.00003/08/2012 153,566.55 1.084 1.099153,675.54WASHINGTON ST32357 150,000.0093974CR36 02/01/2016 1,0365.00003/09/2012 168,702.00 0.710 0.720167,903.84






Portfolio SCL2AP


30

March 31, 2013


MaturityDate


Fund PCF - PARK CHARTER FUNDInvestments by Fund Page 17



YTM365


FHLMC NOTES33525 3,000,000.003134G3SB7 04/28/2014 3920.37509/13/2012 3,005,607.00 0.268 0.2723,003,310.34FHLMC NOTES33530 4,200,000.003134G3YW4 08/28/2014 5140.37509/13/2012 4,207,488.60 0.287 0.2914,204,893.09


US Treasury Notes

U.S. TREASURY NOTES33527 6,000,000.00912828QH6 02/15/2014 3201.25009/13/2012 6,056,952.00 0.216 0.2196,053,942.31U.S. TREASURY NOTES33529 4,000,000.00912828SM3 03/31/2017 1,4601.00009/13/2012 4,069,687.50 0.603 0.6114,061,016.57U.S. TREASURY NOTES33531 7,000,000.00912828KT6 03/31/2016 1,0952.37509/13/2012 7,417,816.00 0.413 0.4187,407,156.89


Money Market

DREYFUS CASH MANAGEMENT FUND33657 363,836.92SYS33657 10.05009/30/2012 363,836.92 0.049 0.050363,836.92



Portfolio SCL2AP


31

March 31, 2013


MaturityDate


Fund SJE - SAN JOSE- EVERGREENInvestments by Fund Page 18



YTM365

Municipal Bonds

ALASKA ST32337 740,000.00011770V43 08/01/2015 8523.00003/05/2012 785,066.00 0.420 0.426784,074.79BEVERLY HILLS CA PUBLIC FING A32448 20,000.00088013DL8 06/01/2014 4264.00004/11/2012 20,848.60 0.385 0.39020,837.93BEVERLY HILLS CA PUBLIC FING A32456 55,000.00088013DK0 06/01/2013 614.00004/11/2012 55,329.45 0.247 0.25155,342.96CALIFORNIA ST32350 1,000,000.0013063BRL8 02/01/2014 3065.00003/08/2012 1,040,020.00 0.621 0.6301,036,136.16FLORIDA STATE BOARD EDUCATION32650 1,125,000.0034153PJX7 06/01/2014 4264.00005/04/2012 1,174,016.25 0.414 0.4201,171,731.33IDAHO ST33179 500,000.00451434BS2 06/28/2013 882.00007/02/2012 502,195.00 0.197 0.200502,170.11METROPOLITAN WATER DISTRICT33072 500,000.0059266THW4 07/01/2016 1,1875.00006/28/2012 571,970.00 0.724 0.734569,659.22NEW MEXICO ST SEVERANCE TAX33020 675,000.00647310P96 07/01/2013 913.00006/21/2012 679,340.25 0.275 0.279679,568.38OREGON ST32420 500,000.0068608UMS2 11/01/2016 1,3105.00004/04/2012 577,175.00 1.045 1.060568,725.59PENNSYLVANIA ST32585 800,000.0070914PRZ7 06/01/2014 4264.00004/26/2012 834,472.00 0.414 0.420833,226.17SAN BERNARDINO CNTY CA SF33181 500,000.00796813BG7 06/28/2013 882.00007/02/2012 502,185.00 0.207 0.210502,157.89WASHINGTON ST32358 775,000.0093974CR36 02/01/2016 1,0365.00003/09/2012 871,627.00 0.710 0.720867,503.16






Portfolio SCL2AP


32

March 31, 2013


MaturityDate


Fund WVM - WEST VALLEY MISSION-CCDInvestments by Fund Page 19



YTM365

Municipal Bonds

BEVERLY HILLS CA PUBLIC FING A32449 110,000.00088013DL8 06/01/2014 4264.00004/11/2012 114,667.30 0.385 0.390114,608.60BEVERLY HILLS CA PUBLIC FING A32457 315,000.00088013DK0 06/01/2013 614.00004/11/2012 316,886.85 0.247 0.251316,964.22CALIFORNIA ST32351 220,000.0013063BRL8 02/01/2014 3065.00003/08/2012 228,804.40 0.621 0.630227,949.96CALIFORNIA ST32559 900,000.0013063BWR9 04/01/2014 3654.00004/24/2012 934,236.00 0.671 0.680929,629.50DISTRICT COULUMBIA REV29064 500,000.002548396J7 04/01/2014 3653.00004/07/2010 509,770.00 1.598 1.620506,650.27IDAHO ST33177 1,000,000.00451434BS2 06/28/2013 882.00007/02/2012 1,004,390.00 0.197 0.2001,004,340.22LOS ANGELES CALIF DEPT WTR & P31759 1,750,000.00544495WS9 07/01/2013 914.00006/30/2011 1,766,187.50 0.716 0.7261,764,974.29NEW MEXICO ST SEVERANCE TAX33021 675,000.00647310P96 07/01/2013 913.00006/21/2012 679,340.25 0.275 0.279679,568.38OREGON ST32419 1,225,000.0068608UMP8 11/01/2013 2145.00004/04/2012 1,259,079.50 0.346 0.3511,258,102.22SAN BERNARDINO CNTY CA SF33174 975,000.00796813BG7 06/28/2013 882.00007/02/2012 979,260.75 0.207 0.210979,207.89SAN FRANCISCO CITY & CNTY CA32347 3,700,000.00797646QR0 06/15/2016 1,1715.00003/08/2012 4,208,861.00 1.084 1.0994,211,848.18WASHINGTON ST32360 4,000,000.0093974CM98 02/01/2014 3063.00003/09/2012 4,092,240.00 0.296 0.3004,089,665.69






Portfolio SCL2AP


33

SANTA CLARA COUNTY INVESTMENTS SelectedPurchases Report

Sorted by Fund - Purchase DateJanuary 1, 2013 - March 31, 2013

OriginalPar Value

EndingBook Value

Sec.TypeFund

MaturityYTM

Accrued Interestat PurchasePayment Periods DateCUSIP Investment # Issuer

PurchaseDate

PrincipalPurchased

Rate atPurchase

Undefined Fund

100,000,000.00 0.200 01/03/2013 0.00100,000,000.0001/02/2013 0.20001/03 - At MaturityUSTN33892SYS33892 RPAC200,000,000.00 0.200 01/03/2013 0.00200,000,000.0001/02/2013 0.20001/03 - At MaturityUSTN33893SYS33893 RPAC150,000,000.00 0.160 01/04/2013 0.00150,000,000.0001/03/2013 0.16001/04 - At MaturityUSTN33894SYS33894 RPAC100,000,000.00 0.100 01/04/2013 0.00100,000,000.0001/03/2013 0.10001/04 - At MaturityUSTN33895SYS33895 RPAC100,000,000.00 0.120 01/07/2013 0.00100,000,000.0001/04/2013 0.12001/07 - At MaturityFNMA33897SYS33897 RPAC100,000,000.00 0.150 01/07/2013 0.00100,000,000.0001/04/2013 0.15001/07 - At MaturityUSTN33896SYS33896 RPAC125,000,000.00 0.130 01/08/2013 0.00125,000,000.0001/07/2013 0.13001/08 - At MaturityUSTN33898SYS33898 RPAC100,000,000.00 0.100 01/08/2013 0.00100,000,000.0001/07/2013 0.10001/08 - At MaturityUSTN33899SYS33899 RPAC100,000,000.00 0.120 01/09/2013 0.00100,000,000.0001/08/2013 0.12001/09 - At MaturityUSTN33900SYS33900 RPAC100,000,000.00 0.100 01/09/2013 0.00100,000,000.0001/08/2013 0.10001/09 - At MaturityUSTN33901SYS33901 RPAC100,000,000.00 0.100 01/10/2013 0.00100,000,000.0001/09/2013 0.10001/10 - At MaturityUSTN33902SYS33902 RPAC100,000,000.00 0.070 01/10/2013 0.00100,000,000.0001/09/2013 0.07001/10 - At MaturityUSTN33903SYS33903 RPAC100,000,000.00 0.060 01/11/2013 0.00100,000,000.0001/10/2013 0.06001/11 - At MaturityUSTN33904SYS33904 RPAC

50,000,000.00 0.100 01/14/2013 0.0050,000,000.0001/11/2013 0.10001/14 - At MaturityUSTN33905SYS33905 RPAC100,000,000.00 0.090 01/14/2013 0.00100,000,000.0001/11/2013 0.09001/14 - At MaturityUSTN33906SYS33906 RPAC




50,000,000.00 0.120 01/18/2013 0.0049,999,833.3301/17/2013 0.12001/18 - At MaturityRABO3391574977KNJ4 ACPC50,000,000.00 0.080 01/18/2013 0.0049,999,888.8901/17/2013 0.08001/18 - At MaturityUSB339149033E0NJ1 ACPC

150,000,000.00 0.100 01/18/2013 0.00150,000,000.0001/17/2013 0.10001/18 - At MaturityUSTN33913SYS33913 RPAC100,000,000.00 0.080 01/22/2013 0.0099,999,111.1101/18/2013 0.08001/22 - At MaturityUSB339179033E0NN2 ACPC200,000,000.00 0.080 01/22/2013 0.00200,000,000.0001/18/2013 0.08001/22 - At MaturityUSTN33916SYS33916 RPAC

75,000,000.00 0.080 01/23/2013 0.0074,999,833.3301/22/2013 0.08001/23 - At MaturityUSB339199033E0NP7 ACPC200,000,000.00 0.060 01/23/2013 0.00200,000,000.0001/22/2013 0.06001/23 - At MaturityUSTN33918SYS33918 RPAC200,000,000.00 0.040 01/24/2013 0.00200,000,000.0001/23/2013 0.04001/24 - At MaturityUSTN33920SYS33920 RPAC

75,000,000.00 0.040 01/24/2013 0.0075,000,000.0001/23/2013 0.04001/24 - At MaturityUSTN33921SYS33921 RPAC75,000,000.00 0.080 01/25/2013 0.0074,999,833.3301/24/2013 0.08001/25 - At MaturityUSB339259033E0NR3 ACPC

Portfolio SCL2APData Updated: ~REPORT~: 05/13/2013 11:53

Run Date: 05/13/2013 - 11:53 PU (PRF_PU) 7.1.1Report Ver. 7.3.5

34

OriginalPar Value

EndingBook Value

Sec.Type

Page 2

FundMaturity

YTMAccrued Interest

at PurchasePayment Periods

January 1, 2013 - March 31, 2013Purchases Report

SANTA CLARA COUNTY INVESTMENTS Selected

DateCUSIP Investment # IssuerPurchase

DatePrincipal

PurchasedRate at

Purchase

Undefined Fund


75,000,000.00 0.080 01/28/2013 0.0074,999,500.0001/25/2013 0.08001/28 - At MaturityUSB339279033E0NU6 ACPC200,000,000.00 0.130 01/28/2013 0.00200,000,000.0001/25/2013 0.13001/28 - At MaturityUSTN33926SYS33926 RPAC

75,000,000.00 0.100 01/29/2013 0.0074,999,791.6701/28/2013 0.10001/29 - At MaturityUSB339299033E0NV4 ACPC200,000,000.00 0.090 01/29/2013 0.00200,000,000.0001/28/2013 0.09001/29 - At MaturityUSTN33928SYS33928 RPAC

25,000,000.00 0.070 02/05/2013 0.0024,999,611.1101/28/2013 0.07002/05 - At MaturityWALL3393093114EP50 ACPC75,000,000.00 0.100 01/30/2013 0.0074,999,791.6701/29/2013 0.10001/30 - At MaturityUSB339329033E0NW2 ACPC

200,000,000.00 0.020 01/30/2013 0.00200,000,000.0001/29/2013 0.02001/30 - At MaturityUSTN33931SYS33931 RPAC100,000,000.00 0.100 01/31/2013 0.0099,999,722.2201/30/2013 0.10001/31 - At MaturityUSB339359033E0NX0 ACPC200,000,000.00 0.050 01/31/2013 0.00200,000,000.0001/30/2013 0.05001/31 - At MaturityUSTN33933SYS33933 RPAC


50,000,000.00 0.100 02/04/2013 0.0049,999,583.3302/01/2013 0.10002/04 - At MaturityUSB339389033E0P42 ACPC150,000,000.00 0.130 02/04/2013 0.00150,000,000.0002/01/2013 0.13002/04 - At MaturityUSTN33937SYS33937 RPAC150,000,000.00 0.090 02/05/2013 0.00150,000,000.0002/04/2013 0.09002/05 - At MaturityUSTN33939SYS33939 RPAC200,000,000.00 0.050 02/06/2013 0.00200,000,000.0002/05/2013 0.05002/06 - At MaturityUSTN33940SYS33940 RPAC

75,000,000.00 0.100 02/07/2013 0.0074,999,791.6702/06/2013 0.10002/07 - At MaturityUSB339429033E0P75 ACPC200,000,000.00 0.050 02/07/2013 0.00200,000,000.0002/06/2013 0.05002/07 - At MaturityUSTN33941SYS33941 RPAC

50,000,000.00 0.100 02/08/2013 0.0049,999,861.1102/07/2013 0.10002/08 - At MaturityRABO3394574977KP86 ACPC50,000,000.00 0.100 02/08/2013 0.0049,999,861.1102/07/2013 0.10002/08 - At MaturityUSB339449033R0P83 ACPC

200,000,000.00 0.060 02/08/2013 0.00200,000,000.0002/07/2013 0.06002/08 - At MaturityUSTN33943SYS33943 RPAC75,000,000.00 0.100 02/11/2013 0.0074,999,375.0002/08/2013 0.10002/11 - At MaturityUSB339479033E0PB6 ACPC

200,000,000.00 0.110 02/11/2013 0.00200,000,000.0002/08/2013 0.11002/11 - At MaturityUSTN33946SYS33946 RPAC75,000,000.00 0.100 02/13/2013 0.0074,999,583.3302/11/2013 0.10002/13 - At MaturityUSB339509033E0PD2 ACPC

200,000,000.00 0.060 02/12/2013 0.00200,000,000.0002/11/2013 0.06002/12 - At MaturityUSTN33949SYS33949 RPAC75,000,000.00 0.090 02/13/2013 0.0074,999,812.5002/12/2013 0.09002/13 - At MaturityRABO3395274977KPD5 ACPC

200,000,000.00 0.060 02/13/2013 0.00200,000,000.0002/12/2013 0.06002/13 - At MaturityUSTN33951SYS33951 RPAC75,000,000.00 0.100 02/14/2013 0.0074,999,791.6702/13/2013 0.10002/14 - At MaturityUSB339559033E0PE0 ACPC


50,000,000.00 0.110 02/15/2013 0.0049,999,847.2202/14/2013 0.11002/15 - At MaturityRABO3395974977KPF0 ACPC50,000,000.00 0.100 02/15/2013 0.0049,999,861.1102/14/2013 0.10002/15 - At MaturityUSB339589033E0PF7 ACPC




35

OriginalPar Value

EndingBook Value

Sec.Type

Page 3

FundMaturity

YTMAccrued Interest





DatePrincipal

PurchasedRate at

Purchase

Undefined Fund

50,000,000.00 0.120 02/22/2013 0.0049,998,833.3302/15/2013 0.12002/22 - At MaturityBNS3396406416JPN7 ACPC50,000,000.00 0.130 02/19/2013 0.0049,999,277.7802/15/2013 0.13002/19 - At MaturityRABO3396374977KPK9 ACPC50,000,000.00 0.100 02/19/2013 0.0049,999,444.4402/15/2013 0.10002/19 - At MaturityUSB339629033E0PK6 ACPC


50,000,000.00 0.130 02/20/2013 0.0049,999,819.4402/19/2013 0.13002/20 - At MaturityRABO3396874977KPL7 ACPC25,000,000.00 0.100 02/20/2013 0.0024,999,930.5602/19/2013 0.10002/20 - At MaturityUSB339679033E0PL4 ACPC


50,000,000.00 0.120 02/21/2013 0.0049,999,833.3302/20/2013 0.12002/21 - At MaturityRABO3397374977KPM5 ACPC50,000,000.00 0.100 02/21/2013 0.0049,999,861.1102/20/2013 0.10002/21 - At MaturityUSB339729033E0PM2 ACPC


50,000,000.00 0.120 02/22/2013 0.0049,999,833.3302/21/2013 0.12002/22 - At MaturityRABO3397774977KPN3 ACPC50,000,000.00 0.100 02/22/2013 0.0049,999,861.1102/21/2013 0.10002/22 - At MaturityUSB339769033E0PN0 ACPC


50,000,000.00 0.120 02/25/2013 0.0049,999,500.0002/22/2013 0.12002/25 - At MaturityRABO3398174977KPR41 ACPC50,000,000.00 0.100 02/25/2013 0.0049,999,583.3302/22/2013 0.10002/25 - At MaturityUSB339809033E0PR1 ACPC


50,000,000.00 0.130 02/26/2013 0.0049,999,819.4402/25/2013 0.13002/26 - At MaturityRABO3398574977KPS21 ACPC50,000,000.00 0.100 02/26/2013 0.0049,999,861.1102/25/2013 0.10002/26 - At MaturityUSB339849033E0PS9 ACPC


50,000,000.00 0.100 02/27/2013 0.0049,999,861.1102/26/2013 0.10002/27 - At MaturityNABNY3398963253JPT1 ACPC75,000,000.00 0.100 02/27/2013 0.0074,999,791.6702/26/2013 0.10002/27 - At MaturityUSB339889033E0PT7 ACPC


75,000,000.00 0.100 02/28/2013 0.0074,999,791.6702/27/2013 0.10002/28 - At MaturityRABO3399374977KPU7 ACPC75,000,000.00 0.100 02/28/2013 0.0074,999,791.6702/27/2013 0.10002/28 - At MaturityUSB339929033E0PU4 ACPC


25,000,000.00 0.070 03/01/2013 0.0024,999,951.3902/28/2013 0.07003/01 - At MaturityTOYO3399789233GQ17 ACPC75,000,000.00 0.080 03/01/2013 0.0074,999,833.3302/28/2013 0.08003/01 - At MaturityUSB339969033E0Q17 ACPC



36

OriginalPar Value

EndingBook Value

Sec.Type

Page 4

FundMaturity

YTMAccrued Interest





DatePrincipal

PurchasedRate at

Purchase

Undefined Fund


50,000,000.00 0.150 03/01/2013 0.0050,000,000.0002/28/2013 0.15003/01 - At MaturityUSTN33998SYS33998 RPAC50,000,000.00 0.120 03/04/2013 0.0049,999,500.0003/01/2013 0.12003/04 - At MaturityRABO3400274977KQ44 ACPC25,000,000.00 0.080 03/05/2013 0.0024,999,777.7803/01/2013 0.08003/05 - At MaturityTOYO3400389233GQ58 ACPC50,000,000.00 0.080 03/04/2013 0.0049,999,666.6703/01/2013 0.08003/04 - At MaturityUSB340019033E0Q41 ACPC


50,000,000.00 03/05/2013 0.0049,999,819.4403/04/2013 0.13003/05 - At MaturityRABO3400774977KQ5 ACPC25,000,000.00 03/05/2013 0.0024,999,944.4403/04/2013 0.08003/05 - At MaturityUSB340069033E0Q5 ACPC


50,000,000.00 0.120 03/12/2013 0.0049,998,833.5003/05/2013 0.12003/12 - At MaturityBNS3401306416JQC0 ACPC25,000,000.00 0.100 05/20/2013 24,996,569.4124,994,722.2203/05/2013 0.10105/20 - At MaturityFHDN34015313385FV3 AFDC25,000,000.00 0.070 03/06/2013 0.0024,999,951.3903/05/2013 0.07003/06 - At MaturityTOYO3401289233GQ66 ACPC25,000,000.00 0.150 05/31/2013 24,993,819.5224,990,937.5003/05/2013 0.15005/31 - At MaturityTOYO3401489233GSX5 ACPC


25,000,000.00 0.050 03/07/2013 0.0024,999,965.2803/06/2013 0.05103/07 - At MaturityFHDN34022313313CT3 AFDC25,000,000.00 0.050 03/07/2013 0.0024,999,965.2503/06/2013 0.05103/07 - At MaturityFHDN34023313385CT1 AFDC50,000,000.00 0.130 03/07/2013 0.0049,999,819.4403/06/2013 0.13003/07 - At MaturityRABO3402074977KQ77 ACPC75,000,000.00 0.080 03/07/2013 0.0074,999,833.3303/06/2013 0.08003/07 - At MaturityUSB340219033E0Q74 ACPC


25,000,000.00 0.070 05/01/2013 24,998,529.7324,997,326.3903/07/2013 0.07105/01 - At MaturityFHDN34029313589FA6 AFDC25,000,000.00 0.030 03/15/2013 0.0024,999,833.3303/07/2013 0.03003/15 - At MaturityFHLB34030313385D86 AFDC50,000,000.00 0.130 03/08/2013 0.0049,999,819.4403/07/2013 03/08 - At MaturityRABO3402874977KQ85 ACPC50,000,000.00 0.070 03/08/2013 0.0049,999,902.7803/07/2013 0.07003/08 - At MaturityTOYO3402789233GQ82 ACPC

100,000,000.00 0.080 03/08/2013 0.0099,999,777.7803/07/2013 0.08003/08 - At MaturityUSB340259033E0Q82 ACPC100,000,000.00 0.140 03/08/2013 0.00100,000,000.0003/07/2013 0.14003/08 - At MaturityUSTN34024SYS34024 RPAC250,000,000.00 0.160 03/08/2013 0.00250,000,000.0003/07/2013 0.16003/08 - At MaturityUSTN34026912828SC5 RPAC

30,000,000.00 05/10/2013 29,996,559.7029,994,487.5003/08/2013 0.10605/10 - At MaturityFHDN34038313385FK7 AFDC30,000,000.00 0.650 05/29/2015 30,030,965.5730,031,881.00 53,625.0003/08/2013 0.60205/29 - 11/29FNMA340403135G0LG6 FACC50,000,000.00 0.070 03/11/2013 0.0049,999,708.3303/08/2013 0.07003/11 - At MaturityTOYO3403389233GQB5 ACPC30,000,000.00 0.060 03/11/2013 0.0029,999,850.0003/08/2013 0.06103/11 - At MaturityUBS34035313385CX2 AFDC



37

OriginalPar Value

EndingBook Value

Sec.Type

Page 5

FundMaturity

YTMAccrued Interest





DatePrincipal

PurchasedRate at

Purchase

Undefined Fund

25,000,000.00 0.060 03/11/2013 0.0024,999,875.0003/08/2013 0.06103/11 - At MaturityUBS34036313385CX2 AFDC25,000,000.00 0.060 03/11/2013 0.0024,999,875.0003/08/2013 0.06103/11 - At MaturityUBS34037313385CX2 AFDC75,000,000.00 0.080 03/11/2013 0.0074,999,500.0003/08/2013 0.08003/11 - At MaturityUSB340349033E0QB5 ACPC30,000,000.00 05/30/2013 29,996,034.5029,994,466.8003/08/2013 0.08105/30 - At MaturityUSTB340399127956R7 ATDC


50,000,000.00 0.120 03/12/2013 0.0049,999,833.3303/11/2013 0.12003/12 - At MaturityRABO3404474977KQC6 ACPC25,000,000.00 0.120 04/12/2013 24,999,093.6024,997,333.3303/11/2013 0.12004/12 - At MaturityTOYO3404789233GRC2 ACPC25,000,000.00 03/12/2013 0.0024,999,951.3903/11/2013 0.07003/12 - At MaturityTOYO3405089233GQC3 ACPC75,000,000.00 0.080 03/12/2013 0.0074,999,833.3303/11/2013 0.08003/12 - At MaturityUSB340439033E0QC3 ACPC


25,000,000.00 0.080 03/18/2013 0.0024,999,611.1103/11/2013 0.08003/18 - At MaturityWALL3404693114EQJ9 ACPC25,000,000.00 0.070 05/08/2013 24,998,186.7224,997,229.2503/12/2013 0.07105/08 - At MaturityFHDN34056313385FH4 AFDC25,000,000.00 0.090 05/17/2013 24,997,101.5224,995,875.0003/12/2013 0.09105/17 - At MaturityFNMAD34057313589FS7 AFDC50,000,000.00 0.110 03/13/2013 0.0049,999,847.2203/12/2013 0.11003/13 - At MaturityRABO3405474977KQD4 ACPC25,000,000.00 0.070 03/13/2013 0.0024,999,951.3903/12/2013 0.07003/13 - At MaturityTOYO3405589233GQD1 ACPC75,000,000.00 0.080 03/13/2013 0.0074,999,833.3303/12/2013 0.08003/13 - At MaturityUSB340539033E0QD1 ACPC


25,000,000.00 0.105 05/23/2013 24,996,177.4424,994,822.9203/13/2013 0.10605/23 - At MaturityFHDN34048313385FY7 AFDC25,000,000.00 0.070 03/14/2013 0.0024,999,951.3903/13/2013 0.07003/14 - At MaturityTOYOTA3406189233GQE9 ACPC75,000,000.00 0.080 03/14/2013 0.0074,999,833.3303/13/2013 0.08003/14 - At MaturityUSB340609033E0QE9 ACPC


50,000,000.00 0.110 03/15/2013 0.0049,999,847.2203/14/2013 0.11003/15 - At MaturityRABO3406474977KQF9 ACPC75,000,000.00 0.050 03/15/2013 0.0074,999,895.8303/14/2013 0.05003/15 - At MaturityUSB340659033E0QF6 ACPC


50,000,000.00 0.130 03/18/2013 0.0049,999,458.3303/15/2013 0.13003/18 - At MaturityRABO3406974977KQJ1 ACPC25,000,000.00 0.070 03/18/2013 0.0024,999,854.1703/15/2013 0.07003/18 - At MaturityTOYO3406889233GQJ8 ACPC75,000,000.00 0.050 03/18/2013 0.0074,999,687.5003/15/2013 0.05003/18 - At MaturityUSB340709033E0QJ8 ACPC


25,000,000.00 0.040 03/19/2013 0.0024,999,972.2203/18/2013 0.04103/19 - At MaturityFHDN34075313385DF0 AFDC



38

OriginalPar Value

EndingBook Value

Sec.Type

Page 6

FundMaturity

YTMAccrued Interest





DatePrincipal

PurchasedRate at

Purchase

Undefined Fund

16,598,000.00 0.050 03/21/2013 0.0016,597,930.7903/18/2013 0.05103/21 - At MaturityFMCDN34076313397DH1 AFDC50,000,000.00 0.140 03/19/2013 0.0049,999,805.5603/18/2013 0.14003/19 - At MaturityRABO3407474977KQK8 ACPC75,000,000.00 0.080 03/19/2013 0.0074,999,833.3303/18/2013 0.08003/19 - At MaturityUSB340739033R0QK5 ACPC


50,000,000.00 0.120 03/26/2013 0.0049,998,833.3303/19/2013 0.12003/26 - At MaturityBNS3408006416JQS5 ACPC30,000,000.00 0.020 03/20/2013 0.0029,999,983.2003/19/2013 0.02003/20 - At MaturityFHDN34081313385DG8 AFDC25,000,000.00 0.040 04/19/2013 24,999,498.6724,999,138.8903/19/2013 0.04104/19 - At MaturityFHDN34082313385EN2 AFDC30,000,000.00 0.020 03/20/2013 0.0029,999,983.2003/19/2013 0.02003/20 - At MaturityFHDN34084313385DG8 AFDC25,000,000.00 0.020 03/20/2013 0.0024,999,986.0003/19/2013 0.02003/20 - At MaturityFHDN34085313385DG8 AFDC20,000,000.00 0.020 03/20/2013 0.0019,999,988.8903/19/2013 0.02003/20 - At MaturityFHDN34086313385DG8 AFDC50,000,000.00 0.140 03/20/2013 0.0049,999,805.5603/19/2013 0.14003/20 - At MaturityRABO3408374977KQL6 ACPC75,000,000.00 0.050 03/20/2013 0.0074,999,895.8303/19/2013 0.05003/20 - At MaturityUSB340799033E0QL3 ACPC


30,000,000.00 0.040 03/21/2013 0.0029,999,966.7003/20/2013 0.04103/21 - At MaturityFCDN34092313313DH8 AFDC20,000,000.00 0.040 03/21/2013 0.0019,999,977.7803/20/2013 0.04103/21 - At MaturityFHDN34091313385DH6 AFDC20,000,000.00 0.040 03/21/2013 0.0019,999,977.7803/20/2013 0.04103/21 - At MaturityFHDN34094313385DH6 AFDC50,000,000.00 0.130 03/21/2013 0.0049,999,819.4403/20/2013 0.13003/21 - At MaturityRABO3409074977KQM4 ACPC75,000,000.00 0.050 03/21/2013 0.0074,999,895.8303/20/2013 0.05003/21 - At MaturityUSB340899033E0QM1 ACPC


25,000,000.00 0.080 04/05/2013 24,999,780.2324,999,111.0003/20/2013 0.08004/05 - At MaturityWALL3409393114ER58 ACPC25,000,000.00 0.050 03/22/2013 0.0024,999,965.2503/21/2013 0.05103/22 - At MaturityFCDN34098313313DJ4 AFDC50,000,000.00 0.050 03/22/2013 0.0049,999,930.5603/21/2013 0.05103/22 - At MaturityFHDN34099313385DJ2 AFDC50,000,000.00 0.050 03/22/2013 0.0049,999,930.5003/21/2013 0.05103/22 - At MaturityFHDN34100313385DJ2 AFDC25,000,000.00 0.050 03/22/2013 0.0024,999,965.2803/21/2013 0.05103/22 - At MaturityFHDN34101313385DJ2 AFDC10,000,000.00 0.050 03/22/2013 0.009,999,986.1003/21/2013 0.05103/22 - At MaturityFHDN34102313385DJ2 AFDC25,000,000.00 0.040 04/26/2013 24,999,303.7024,999,000.0003/21/2013 0.04104/26 - At MaturityFHDN34103313385EV4 AFDC20,000,000.00 0.080 05/31/2013 19,997,326.3019,996,844.4403/21/2013 0.08105/31 - At MaturityFMCDN34104313397GG0 AFDC50,000,000.00 0.130 03/22/2013 0.0049,999,819.4403/21/2013 0.13003/22 - At MaturityRABO3409774977KQN2 ACPC


50,000,000.00 0.020 03/25/2013 0.0049,999,916.5003/22/2013 0.02003/25 - At MaturityFHDN34109313385DM5 AFDC50,000,000.00 0.020 03/25/2013 0.0049,999,916.5003/22/2013 0.02003/25 - At MaturityFHDN34110313385DM5 AFDC



39

OriginalPar Value

EndingBook Value

Sec.Type

Page 7

FundMaturity

YTMAccrued Interest





DatePrincipal

PurchasedRate at

Purchase

Undefined Fund

50,000,000.00 0.130 03/25/2013 0.0049,999,458.3303/22/2013 0.13003/25 - At MaturityRABO3410874977KQR3 ACPC50,000,000.00 0.050 03/25/2013 0.0049,999,791.6703/22/2013 0.05003/25 - At MaturityUSB341079033E0QR0 ACPC


50,000,000.00 0.029 03/26/2013 0.0049,999,960.0003/25/2013 0.02903/26 - At MaturityFHLBD34115313385DN3 AFDC50,000,000.00 0.030 03/26/2013 0.0049,999,958.5003/25/2013 0.03003/26 - At MaturityFHLBD34116313385DN3 AFDC35,000,000.00 0.030 03/26/2013 0.0034,999,970.9503/25/2013 0.03003/26 - At MaturityFHLBD34117313385DN3 AFDC75,000,000.00 0.130 03/26/2013 0.0074,999,729.1703/25/2013 0.13003/26 - At MaturityRABO3411374977KQ51 ACPC

100,000,000.00 0.045 03/28/2013 0.0099,999,625.0003/25/2013 0.04603/28 - At MaturityTB34118912795Z61 ATDC90,000,000.00 0.050 03/26/2013 0.0089,999,875.0003/25/2013 0.05003/26 - At MaturityUSB341149033E0Q58 ACPC


75,000,000.00 0.120 03/27/2013 0.0074,999,750.0003/26/2013 0.12003/27 - At MaturityRABO3412174977KQT9 ACPC90,000,000.00 0.050 03/27/2013 0.0089,999,875.0003/26/2013 0.05003/27 - At MaturityUSB341229033E0QT6 ACPC

100,000,000.00 0.052 04/18/2013 99,997,514.4299,996,646.0003/26/2013 0.05304/18 - At MaturityUSTB34123912796AA7 ATDC250,000,000.00 0.100 03/27/2013 0.00250,000,000.0003/26/2013 0.10003/27 - At MaturityUSTN34119SYS34119 RPAC100,000,000.00 0.090 03/27/2013 0.00100,000,000.0003/26/2013 0.09003/27 - At MaturityUSTN34120SYS34120 RPAC

50,000,000.00 0.120 04/26/2013 49,995,880.1149,995,000.0003/27/2013 0.12004/26 - At MaturityBNS3412706416JRS4 ACPC25,000,000.00 05/31/2013 24,997,527.7124,997,291.6703/27/2013 0.06005/31 - At MaturityFHDN34128313385GG5 AFDC95,000,000.00 0.060 04/02/2013 94,999,843.4394,999,050.0003/27/2013 0.06004/02 - At MaturityUSB341269033E0R24 ACPC


25,000,000.00 0.010 04/02/2013 24,999,993.0324,999,965.2503/28/2013 0.01004/02 - At MaturityFCDN34131313313DV7 AFDC50,000,000.00 05/02/2013 49,998,155.1549,997,934.0303/28/2013 0.04305/02 - At MaturityUSTB341329127956L0 ATDC

125,000,000.00 0.140 04/02/2013 125,000,000.00125,000,000.0003/28/2013 0.14004/02 - At MaturityUSTN34129SYS34129 RPAC100,000,000.00 0.150 04/02/2013 100,000,000.00100,000,000.0003/28/2013 0.15004/02 - At MaturityUSTN34130SYS34130 RPAC

Subtotal 929,987,860.4623,401,543,513.29 53,625.0023,401,598,000.00

23,401,543,513.29Total Purchases 23,401,598,000.00 53,625.00 929,987,860.46



40

SANTA CLARA COUNTY INVESTMENTS SelectedMaturity Report

Sorted by Maturity DateAmounts due during January 1, 2013 - March 31, 2013

Rateat MaturityPar Value

Sec.TypeFund

MaturityDate

MaturityProceedsInterest Income

NetCUSIP Investment # Issuer

PurchaseDate

Book Valueat Maturity

20,000,000.00 0.090 20,000,000.000.0009/25/2012FHDN33601313385AB2 AFDC 01/02/2013 0.0020,000,000.0010,000,000.00 0.090 10,000,000.000.0009/28/2012FHDN33628313385AB2 AFDC 01/02/2013 0.0010,000,000.00

100,000,000.00 0.140 100,000,777.78777.7812/31/2012USTN33888SYS33888 RPAC 01/02/2013 777.78100,000,000.00200,000,000.00 0.200 200,002,222.222,222.2212/31/2012USTN33889SYS33889 RPAC 01/02/2013 2,222.22200,000,000.00100,000,000.00 0.200 100,000,555.56555.5601/02/2013USTN33892SYS33892 RPAC 01/03/2013 555.56100,000,000.00200,000,000.00 0.200 200,001,111.111,111.1101/02/2013USTN33893SYS33893 RPAC 01/03/2013 1,111.11200,000,000.00

25,000,000.00 0.135 25,000,000.000.0012/04/2012SCOTIA3380880927UN43 ACPC 01/04/2013 0.0025,000,000.00150,000,000.00 0.160 150,000,666.67666.6701/03/2013USTN33894SYS33894 RPAC 01/04/2013 666.67150,000,000.00100,000,000.00 0.100 100,000,277.78277.7801/03/2013USTN33895SYS33895 RPAC 01/04/2013 277.78100,000,000.00100,000,000.00 0.120 100,001,000.001,000.0001/04/2013FNMA33897SYS33897 RPAC 01/07/2013 1,000.00100,000,000.00100,000,000.00 0.150 100,001,250.001,250.0001/04/2013USTN33896SYS33896 RPAC 01/07/2013 1,250.00100,000,000.00125,000,000.00 0.130 125,000,451.39451.3901/07/2013USTN33898SYS33898 RPAC 01/08/2013 451.39125,000,000.00100,000,000.00 0.100 100,000,277.78277.7801/07/2013USTN33899SYS33899 RPAC 01/08/2013 277.78100,000,000.00100,000,000.00 0.120 100,000,333.33333.3301/08/2013USTN33900SYS33900 RPAC 01/09/2013 333.33100,000,000.00100,000,000.00 0.100 100,000,277.78277.7801/08/2013USTN33901SYS33901 RPAC 01/09/2013 277.78100,000,000.00100,000,000.00 0.100 100,000,277.78277.7801/09/2013USTN33902SYS33902 RPAC 01/10/2013 277.78100,000,000.00100,000,000.00 0.070 100,000,194.44194.4401/09/2013USTN33903SYS33903 RPAC 01/10/2013 194.44100,000,000.00

25,000,000.00 0.050 25,000,000.000.0012/14/2012FHDN33855313385AL0 AFDC 01/11/2013 0.0025,000,000.0010,000,000.00 0.100 10,000,000.000.0011/08/2012FNMAD33742313589AL7 AFDC 01/11/2013 0.0010,000,000.0050,000,000.00 0.090 50,000,000.000.0012/14/2012USB338549033E0NB8 ACPC 01/11/2013 0.0050,000,000.00

100,000,000.00 0.060 100,000,166.67166.6701/10/2013USTN33904SYS33904 RPAC 01/11/2013 166.67100,000,000.0050,000,000.00 0.050 50,000,000.000.0012/13/2012FNMAD33851313589AP8 AFDC 01/14/2013 0.0050,000,000.0050,000,000.00 0.100 50,000,416.67416.6701/11/2013USTN33905SYS33905 RPAC 01/14/2013 416.6750,000,000.00

100,000,000.00 0.090 100,000,750.00750.0001/11/2013USTN33906SYS33906 RPAC 01/14/2013 750.00100,000,000.0075,000,000.00 0.120 75,000,250.00250.0001/14/2013USTN33907SYS33907 RPAC 01/15/2013 250.0075,000,000.00



100,000,000.00 0.130 100,000,361.11361.1101/16/2013USTN33912SYS33912 RPAC 01/17/2013 361.11100,000,000.0050,000,000.00 0.120 50,000,000.000.0001/17/2013RABO3391574977KNJ4 ACPC 01/18/2013 0.0050,000,000.0050,000,000.00 0.080 50,000,000.000.0001/17/2013USB339149033E0NJ1 ACPC 01/18/2013 0.0050,000,000.00

150,000,000.00 0.100 150,000,416.67416.6701/17/2013USTN33913SYS33913 RPAC 01/18/2013 416.67150,000,000.00100,000,000.00 0.080 100,000,000.000.0001/18/2013USB339179033E0NN2 ACPC 01/22/2013 0.00100,000,000.00200,000,000.00 0.080 200,001,777.781,777.7801/18/2013USTN33916SYS33916 RPAC 01/22/2013 1,777.78200,000,000.00


Run Date: 05/13/2013 - 12:08 MA (PRF_MA) 7.1.1Report Ver. 7.3.5

41


Sec.Type

Page 2

FundMaturity

DateMaturity

ProceedsInterest IncomeNet

Amounts due during January 1, 2013 - March 31, 2013Maturity Report



DateBook Valueat Maturity

25,000,000.00 0.220 25,000,000.000.0011/14/2012TOYO3375289233GNP7 ACPC 01/23/2013 0.0025,000,000.0075,000,000.00 0.080 75,000,000.000.0001/22/2013USB339199033E0NP7 ACPC 01/23/2013 0.0075,000,000.00


75,000,000.00 0.040 75,000,083.3383.3301/23/2013USTN33921SYS33921 RPAC 01/24/2013 83.3375,000,000.0025,000,000.00 0.100 25,000,000.000.0012/19/2012WMTPP3387393114ENQ6 ACPC 01/24/2013 0.0025,000,000.0075,000,000.00 0.080 75,000,000.000.0001/24/2013USB339259033E0NR3 ACPC 01/25/2013 0.0075,000,000.00


75,000,000.00 0.080 75,000,000.000.0001/25/2013USB339279033E0NU6 ACPC 01/28/2013 0.0075,000,000.00200,000,000.00 0.130 200,002,166.672,166.6701/25/2013USTN33926SYS33926 RPAC 01/28/2013 2,166.67200,000,000.00

75,000,000.00 0.100 75,000,000.000.0001/28/2013USB339299033E0NV4 ACPC 01/29/2013 0.0075,000,000.00200,000,000.00 0.090 200,000,500.00500.0001/28/2013USTN33928SYS33928 RPAC 01/29/2013 500.00200,000,000.00

75,000,000.00 0.100 75,000,000.000.0001/29/2013USB339329033E0NW2 ACPC 01/30/2013 0.0075,000,000.00200,000,000.00 0.020 200,000,111.11111.1101/29/2013USTN33931SYS33931 RPAC 01/30/2013 111.11200,000,000.00100,000,000.00 0.100 100,000,000.000.0001/30/2013USB339359033E0NX0 ACPC 01/31/2013 0.00100,000,000.00200,000,000.00 0.050 200,000,277.78277.7801/30/2013USTN33933SYS33933 RPAC 01/31/2013 277.78200,000,000.00

75,000,000.00 0.050 75,000,104.17104.1701/30/2013USTN33934SYS33934 RPAC 01/31/2013 104.1775,000,000.00

355,000.00 0.900 356,597.501,597.5005/19/2011CASHSG31540130333BC0 MUNWVM 02/01/2013 1,597.50355,000.00200,000,000.00 0.140 200,000,777.78777.7801/31/2013USTN33936SYS33936 RPAC 02/01/2013 777.78200,000,000.00

50,000,000.00 0.100 50,000,000.000.0002/01/2013USB339389033E0P42 ACPC 02/04/2013 0.0050,000,000.00150,000,000.00 0.130 150,001,625.001,625.0002/01/2013USTN33937SYS33937 RPAC 02/04/2013 1,625.00150,000,000.00

15,000,000.00 0.110 15,000,000.000.0011/19/2012FMCDN33768313397BM2 AFDC 02/05/2013 0.0015,000,000.00150,000,000.00 0.090 150,000,375.00375.0002/04/2013USTN33939SYS33939 RPAC 02/05/2013 375.00150,000,000.00

25,000,000.00 0.070 25,000,000.000.0001/28/2013WALL3393093114EP50 ACPC 02/05/2013 0.0025,000,000.00200,000,000.00 0.050 200,000,277.78277.7802/05/2013USTN33940SYS33940 RPAC 02/06/2013 277.78200,000,000.00

75,000,000.00 0.100 75,000,000.000.0002/06/2013USB339429033E0P75 ACPC 02/07/2013 0.0075,000,000.00200,000,000.00 0.050 200,000,277.78277.7802/06/2013USTN33941SYS33941 RPAC 02/07/2013 277.78200,000,000.00

50,000,000.00 0.100 50,000,000.000.0002/07/2013RABO3394574977KP86 ACPC 02/08/2013 0.0050,000,000.0050,000,000.00 0.100 50,000,000.000.0002/07/2013USB339449033R0P83 ACPC 02/08/2013 0.0050,000,000.00

200,000,000.00 0.060 200,000,333.33333.3302/07/2013USTN33943SYS33943 RPAC 02/08/2013 333.33200,000,000.0015,000,000.00 0.740 15,027,750.0027,750.0008/27/2010BRK29842084670AY4 MC1C V02/11/2013 27,750.0015,000,000.0075,000,000.00 0.100 75,000,000.000.0002/08/2013USB339479033E0PB6 ACPC 02/11/2013 0.0075,000,000.00

200,000,000.00 0.110 200,001,833.331,833.3302/08/2013USTN33946SYS33946 RPAC 02/11/2013 1,833.33200,000,000.00200,000,000.00 0.060 200,000,333.33333.3302/11/2013USTN33949SYS33949 RPAC 02/12/2013 333.33200,000,000.00

75,000,000.00 0.090 75,000,000.000.0002/12/2013RABO3395274977KPD5 ACPC 02/13/2013 0.0075,000,000.0030,000,000.00 0.600 30,000,000.000.0005/24/2012TOYO3279289233GPD2 ACPC 02/13/2013 0.0030,000,000.0075,000,000.00 0.100 75,000,000.000.0002/11/2013USB339509033E0PD2 ACPC 02/13/2013 0.0075,000,000.00



V - Security with variable rate change.

42


Sec.Type

Page 3

FundMaturity

DateMaturity






200,000,000.00 0.060 200,000,333.33333.3302/12/2013USTN33951SYS33951 RPAC 02/13/2013 333.33200,000,000.0075,000,000.00 0.100 75,000,000.000.0002/13/2013USB339559033E0PE0 ACPC 02/14/2013 0.0075,000,000.00


50,000,000.00 0.110 50,000,000.000.0002/14/2013RABO3395974977KPF0 ACPC 02/15/2013 0.0050,000,000.0050,000,000.00 0.100 50,000,000.000.0002/14/2013USB339589033E0PF7 ACPC 02/15/2013 0.0050,000,000.00


50,000,000.00 0.130 50,000,000.000.0002/15/2013RABO3396374977KPK9 ACPC 02/19/2013 0.0050,000,000.0050,000,000.00 0.100 50,000,000.000.0002/15/2013USB339629033E0PK6 ACPC 02/19/2013 0.0050,000,000.00

200,000,000.00 0.170 200,003,777.783,777.7802/15/2013USTN33960SYS33960 RPAC 02/19/2013 3,777.78200,000,000.00100,000,000.00 0.150 100,001,666.671,666.6702/15/2013USTN33961SYS33961 RPAC 02/19/2013 1,666.67100,000,000.00

50,000,000.00 0.130 50,000,000.000.0002/19/2013RABO3396874977KPL7 ACPC 02/20/2013 0.0050,000,000.0025,000,000.00 0.100 25,000,000.000.0002/19/2013USB339679033E0PL4 ACPC 02/20/2013 0.0025,000,000.00


50,000,000.00 0.120 50,000,000.000.0002/20/2013RABO3397374977KPM5 ACPC 02/21/2013 0.0050,000,000.0050,000,000.00 0.100 50,000,000.000.0002/20/2013USB339729033E0PM2 ACPC 02/21/2013 0.0050,000,000.00


50,000,000.00 0.120 50,000,000.000.0002/15/2013BNS3396406416JPN7 ACPC 02/22/2013 0.0050,000,000.0050,000,000.00 0.120 50,000,000.000.0002/21/2013RABO3397774977KPN3 ACPC 02/22/2013 0.0050,000,000.0050,000,000.00 0.100 50,000,000.000.0002/21/2013USB339769033E0PN0 ACPC 02/22/2013 0.0050,000,000.00


50,000,000.00 0.120 50,000,000.000.0002/22/2013RABO3398174977KPR41 ACPC 02/25/2013 0.0050,000,000.0050,000,000.00 0.100 50,000,000.000.0002/22/2013USB339809033E0PR1 ACPC 02/25/2013 0.0050,000,000.00


30,000,000.00 0.750 30,112,500.00112,500.0001/18/2011FNMA306193135G0AK9 FACC 02/26/2013 112,500.0030,000,000.0050,000,000.00 0.130 50,000,000.000.0002/25/2013RABO3398574977KPS21 ACPC 02/26/2013 0.0050,000,000.0050,000,000.00 0.100 50,000,000.000.0002/25/2013USB339849033E0PS9 ACPC 02/26/2013 0.0050,000,000.00


50,000,000.00 0.100 50,000,000.000.0002/26/2013NABNY3398963253JPT1 ACPC 02/27/2013 0.0050,000,000.0075,000,000.00 0.100 75,000,000.000.0002/26/2013USB339889033E0PT7 ACPC 02/27/2013 0.0075,000,000.00


75,000,000.00 0.100 75,000,000.000.0002/27/2013RABO3399374977KPU7 ACPC 02/28/2013 0.0075,000,000.00



43


Sec.Type

Page 4

FundMaturity

DateMaturity






75,000,000.00 0.100 75,000,000.000.0002/27/2013USB339929033E0PU4 ACPC 02/28/2013 0.0075,000,000.0040,000,000.00 0.625 40,125,000.00125,000.0006/04/2012USTN32860912828QK9 TRCC 02/28/2013 125,000.0040,000,000.00


25,000,000.00 0.070 25,000,000.000.0002/28/2013TOYO3399789233GQ17 ACPC 03/01/2013 0.0025,000,000.0075,000,000.00 0.080 75,000,000.000.0002/28/2013USB339969033E0Q17 ACPC 03/01/2013 0.0075,000,000.00


50,000,000.00 0.150 50,000,208.33208.3302/28/2013USTN33998SYS33998 RPAC 03/01/2013 208.3350,000,000.0050,000,000.00 0.120 50,000,000.000.0003/01/2013RABO3400274977KQ44 ACPC 03/04/2013 0.0050,000,000.0050,000,000.00 0.080 50,000,000.000.0003/01/2013USB340019033E0Q41 ACPC 03/04/2013 0.0050,000,000.00


50,000,000.00 50,000,000.000.0003/04/2013RABO3400774977KQ5 ACPC 03/05/2013 0.0050,000,000.0025,000,000.00 0.080 25,000,000.000.0003/01/2013TOYO3400389233GQ58 ACPC 03/05/2013 0.0025,000,000.0025,000,000.00 25,000,000.000.0003/04/2013USB340069033E0Q5 ACPC 03/05/2013 0.0025,000,000.00


25,000,000.00 0.070 25,000,000.000.0003/05/2013TOYO3401289233GQ66 ACPC 03/06/2013 0.0025,000,000.00200,000,000.00 0.140 200,000,777.78777.7803/05/2013USTN34010SYS34010 RPAC 03/06/2013 777.78200,000,000.00100,000,000.00 0.120 100,000,333.33333.3303/05/2013USTN34011SYS34011 RPAC 03/06/2013 333.33100,000,000.00

25,000,000.00 0.050 25,000,000.000.0003/06/2013FHDN34022313313CT3 AFDC 03/07/2013 0.0025,000,000.0025,000,000.00 0.050 25,000,000.000.0003/06/2013FHDN34023313385CT1 AFDC 03/07/2013 0.0025,000,000.0050,000,000.00 0.130 50,000,000.000.0003/06/2013RABO3402074977KQ77 ACPC 03/07/2013 0.0050,000,000.0075,000,000.00 0.080 75,000,000.000.0003/06/2013USB340219033E0Q74 ACPC 03/07/2013 0.0075,000,000.00


50,000,000.00 0.130 50,000,000.000.0003/07/2013RABO3402874977KQ85 ACPC 03/08/2013 0.0050,000,000.0050,000,000.00 0.070 50,000,000.000.0003/07/2013TOYO3402789233GQ82 ACPC 03/08/2013 0.0050,000,000.00

100,000,000.00 0.080 100,000,000.000.0003/07/2013USB340259033E0Q82 ACPC 03/08/2013 0.00100,000,000.00100,000,000.00 0.140 100,000,388.89388.8903/07/2013USTN34024SYS34024 RPAC 03/08/2013 388.89100,000,000.00250,000,000.00 0.160 250,001,111.111,111.1103/07/2013USTN34026912828SC5 RPAC 03/08/2013 1,111.11250,000,000.00

25,000,000.00 4.000 25,500,000.00500,000.0003/11/2008FNMA238973136F9CB7 FACC 03/11/2013 500,000.0025,000,000.0050,000,000.00 0.070 50,000,000.000.0003/08/2013TOYO3403389233GQB5 ACPC 03/11/2013 0.0050,000,000.0030,000,000.00 0.060 30,000,000.000.0003/08/2013UBS34035313385CX2 AFDC 03/11/2013 0.0030,000,000.0025,000,000.00 0.060 25,000,000.000.0003/08/2013UBS34036313385CX2 AFDC 03/11/2013 0.0025,000,000.0025,000,000.00 0.060 25,000,000.000.0003/08/2013UBS34037313385CX2 AFDC 03/11/2013 0.0025,000,000.0075,000,000.00 0.080 75,000,000.000.0003/08/2013USB340349033E0QB5 ACPC 03/11/2013 0.0075,000,000.00



44


Sec.Type

Page 5

FundMaturity

DateMaturity







50,000,000.00 0.120 50,000,000.000.0003/05/2013BNS3401306416JQC0 ACPC 03/12/2013 0.0050,000,000.0050,000,000.00 0.120 50,000,000.000.0003/11/2013RABO3404474977KQC6 ACPC 03/12/2013 0.0050,000,000.0025,000,000.00 25,000,000.000.0003/11/2013TOYO3405089233GQC3 ACPC 03/12/2013 0.0025,000,000.0075,000,000.00 0.080 75,000,000.000.0003/11/2013USB340439033E0QC3 ACPC 03/12/2013 0.0075,000,000.00


50,000,000.00 0.110 50,000,000.000.0003/12/2013RABO3405474977KQD4 ACPC 03/13/2013 0.0050,000,000.0025,000,000.00 0.070 25,000,000.000.0003/12/2013TOYO3405589233GQD1 ACPC 03/13/2013 0.0025,000,000.0075,000,000.00 0.080 75,000,000.000.0003/12/2013USB340539033E0QD1 ACPC 03/13/2013 0.0075,000,000.00


25,000,000.00 0.070 25,000,000.000.0003/13/2013TOYOTA3406189233GQE9 ACPC 03/14/2013 0.0025,000,000.0075,000,000.00 0.080 75,000,000.000.0003/13/2013USB340609033E0QE9 ACPC 03/14/2013 0.0075,000,000.00


25,000,000.00 0.030 25,000,000.000.0003/07/2013FHLB34030313385D86 AFDC 03/15/2013 0.0025,000,000.0025,000,000.00 4.375 25,546,875.00546,875.0004/12/2011FNMA3122031359MRG0 FACC 03/15/2013 546,875.0025,000,000.0050,000,000.00 0.110 50,000,000.000.0003/14/2013RABO3406474977KQF9 ACPC 03/15/2013 0.0050,000,000.0075,000,000.00 0.050 75,000,000.000.0003/14/2013USB340659033E0QF6 ACPC 03/15/2013 0.0075,000,000.00


50,000,000.00 0.130 50,000,000.000.0003/15/2013RABO3406974977KQJ1 ACPC 03/18/2013 0.0050,000,000.0025,000,000.00 0.070 25,000,000.000.0003/15/2013TOYO3406889233GQJ8 ACPC 03/18/2013 0.0025,000,000.0075,000,000.00 0.050 75,000,000.000.0003/15/2013USB340709033E0QJ8 ACPC 03/18/2013 0.0075,000,000.00


25,000,000.00 0.080 25,000,000.000.0003/11/2013WALL3404693114EQJ9 ACPC 03/18/2013 0.0025,000,000.0025,000,000.00 0.040 25,000,000.000.0003/18/2013FHDN34075313385DF0 AFDC 03/19/2013 0.0025,000,000.0050,000,000.00 0.140 50,000,000.000.0003/18/2013RABO3407474977KQK8 ACPC 03/19/2013 0.0050,000,000.0075,000,000.00 0.080 75,000,000.000.0003/18/2013USB340739033R0QK5 ACPC 03/19/2013 0.0075,000,000.00


30,000,000.00 0.020 30,000,000.000.0003/19/2013FHDN34081313385DG8 AFDC 03/20/2013 0.0030,000,000.0030,000,000.00 0.020 30,000,000.000.0003/19/2013FHDN34084313385DG8 AFDC 03/20/2013 0.0030,000,000.0025,000,000.00 0.020 25,000,000.000.0003/19/2013FHDN34085313385DG8 AFDC 03/20/2013 0.0025,000,000.0020,000,000.00 0.020 20,000,000.000.0003/19/2013FHDN34086313385DG8 AFDC 03/20/2013 0.0020,000,000.0050,000,000.00 0.140 50,000,000.000.0003/19/2013RABO3408374977KQL6 ACPC 03/20/2013 0.0050,000,000.00



45


Sec.Type

Page 6

FundMaturity

DateMaturity






75,000,000.00 0.050 75,000,000.000.0003/19/2013USB340799033E0QL3 ACPC 03/20/2013 0.0075,000,000.00250,000,000.00 0.110 250,000,763.89763.8903/19/2013USTN34077SYS34077 RPAC 03/20/2013 763.89250,000,000.00200,000,000.00 0.100 200,000,555.56555.5603/19/2013USTN34078SYS34078 RPAC 03/20/2013 555.56200,000,000.00

30,000,000.00 0.040 30,000,000.000.0003/20/2013FCDN34092313313DH8 AFDC 03/21/2013 0.0030,000,000.0020,000,000.00 0.040 20,000,000.000.0003/20/2013FHDN34091313385DH6 AFDC 03/21/2013 0.0020,000,000.0020,000,000.00 0.040 20,000,000.000.0003/20/2013FHDN34094313385DH6 AFDC 03/21/2013 0.0020,000,000.0016,598,000.00 0.050 16,598,000.000.0003/18/2013FMCDN34076313397DH1 AFDC 03/21/2013 0.0016,598,000.0050,000,000.00 0.130 50,000,000.000.0003/20/2013RABO3409074977KQM4 ACPC 03/21/2013 0.0050,000,000.0075,000,000.00 0.050 75,000,000.000.0003/20/2013USB340899033E0QM1 ACPC 03/21/2013 0.0075,000,000.00


25,000,000.00 0.050 25,000,000.000.0003/21/2013FCDN34098313313DJ4 AFDC 03/22/2013 0.0025,000,000.0050,000,000.00 0.050 50,000,000.000.0003/21/2013FHDN34099313385DJ2 AFDC 03/22/2013 0.0050,000,000.0050,000,000.00 0.050 50,000,000.000.0003/21/2013FHDN34100313385DJ2 AFDC 03/22/2013 0.0050,000,000.0025,000,000.00 0.050 25,000,000.000.0003/21/2013FHDN34101313385DJ2 AFDC 03/22/2013 0.0025,000,000.0010,000,000.00 0.050 10,000,000.000.0003/21/2013FHDN34102313385DJ2 AFDC 03/22/2013 0.0010,000,000.0050,000,000.00 0.130 50,000,000.000.0003/21/2013RABO3409774977KQN2 ACPC 03/22/2013 0.0050,000,000.00


50,000,000.00 0.020 50,000,000.000.0003/22/2013FHDN34109313385DM5 AFDC 03/25/2013 0.0050,000,000.0050,000,000.00 0.020 50,000,000.000.0003/22/2013FHDN34110313385DM5 AFDC 03/25/2013 0.0050,000,000.0050,000,000.00 0.130 50,000,000.000.0003/22/2013RABO3410874977KQR3 ACPC 03/25/2013 0.0050,000,000.0050,000,000.00 0.050 50,000,000.000.0003/22/2013USB341079033E0QR0 ACPC 03/25/2013 0.0050,000,000.00


50,000,000.00 0.120 50,000,000.000.0003/19/2013BNS3408006416JQS5 ACPC 03/26/2013 0.0050,000,000.0050,000,000.00 0.029 50,000,000.000.0003/25/2013FHLBD34115313385DN3 AFDC 03/26/2013 0.0050,000,000.0050,000,000.00 0.030 50,000,000.000.0003/25/2013FHLBD34116313385DN3 AFDC 03/26/2013 0.0050,000,000.0035,000,000.00 0.030 35,000,000.000.0003/25/2013FHLBD34117313385DN3 AFDC 03/26/2013 0.0035,000,000.0075,000,000.00 0.130 75,000,000.000.0003/25/2013RABO3411374977KQ51 ACPC 03/26/2013 0.0075,000,000.0090,000,000.00 0.050 90,000,000.000.0003/25/2013USB341149033E0Q58 ACPC 03/26/2013 0.0090,000,000.00


75,000,000.00 0.120 75,000,000.000.0003/26/2013RABO3412174977KQT9 ACPC 03/27/2013 0.0075,000,000.0090,000,000.00 0.050 90,000,000.000.0003/26/2013USB341229033E0QT6 ACPC 03/27/2013 0.0090,000,000.00

250,000,000.00 0.100 250,000,694.44694.4403/26/2013USTN34119SYS34119 RPAC 03/27/2013 694.44250,000,000.00100,000,000.00 0.090 100,000,250.00250.0003/26/2013USTN34120SYS34120 RPAC 03/27/2013 250.00100,000,000.00100,000,000.00 0.045 100,000,000.000.0003/25/2013TB34118912795Z61 ATDC 03/28/2013 0.00100,000,000.00250,000,000.00 0.080 250,000,555.56555.5603/27/2013USTN34124SYS34124 RPAC 03/28/2013 555.56250,000,000.00



46


Sec.Type

Page 7

FundMaturity

DateMaturity






100,000,000.00 0.070 100,000,194.44194.4403/27/2013USTN34125SYS34125 RPAC 03/28/2013 194.44100,000,000.00

23,193,352,660.02Total Maturities 23,191,953,000.00 1,399,660.0223,191,953,000.00 1,399,660.02



47

SANTA CLARA COUNTY INVESTMENTS SelectedSales/Call Report

Sorted by Fund - Maturity DateJanuary 1, 2013 - March 31, 2013

Redem. Date RedemptionPrincipal

RedemptionInterest

Book Valueat Redem.

TotalAmount Net IncomeFund Matur. Date

Rate atRedem.

ParValueSec. TypeCUSIP Investment #

Issuer PurchaseDate

Undefined Fund

40,000,000.00 39,999,315.56 40,010,400.00 27,466.6732427313378WU1 01/22/2013 40,037,866.67 38,551.11C FHLBFAC 04/09/2013

04/09/2012 0.240Sale

20,000,000.00 19,996,972.18 20,004,116.00 8,555.5632426313376XG5 01/17/2013 20,012,671.56 15,699.38C FHLBFAC 04/30/2013

04/09/2012 0.200Sale

20,000,000.00 19,997,253.33 20,004,116.00 8,555.5532466313376XG5 01/17/2013 20,012,671.55 15,418.22C FHLBFAC 04/30/2013

04/12/2012 0.200Sale

25,000,000.00 24,985,366.85 24,986,500.00 0.0033827313397HL8 01/17/2013 24,986,500.00 1,133.15C FMCDNAFD 06/28/2013

12/10/2012Sale

15,000,000.00 14,986,558.49 14,988,694.50 0.0033783313397KB6 01/17/2013 14,988,694.50 2,136.01C FMCDNAFD 08/06/2013

11/27/2012 0.160Sale

20,000,000.00 20,000,000.00 20,005,800.00 13,888.89335533133EAV21 01/22/2013 20,019,688.89 19,688.89C FFCBFAC 09/17/2013

09/17/2012 0.200Sale

25,000,000.00 24,973,276.05 24,974,122.50 0.0033837313589MK6 01/17/2013 24,974,122.50 846.45C FNMADAFD 10/01/2013

12/12/2012 0.150Sale

10,000,000.00 10,000,000.00 10,001,900.00 3,444.45337533133EC3J1 01/22/2013 10,005,344.45 5,344.45C FFCBFAC 11/20/2013

11/20/2012 0.200Sale

10,000,000.00 10,000,000.00 10,001,900.00 3,444.44337543133EC3J1 01/22/2013 10,005,344.44 5,344.44C FFCBFAC 11/20/2013

11/20/2012 0.200Sale

15,000,000.00 15,000,000.00 15,002,400.00 4,083.33337883133EC5H3 01/22/2013 15,006,483.33 6,483.33C FFCBFAC 12/03/2013

12/03/2012 0.200Sale

20,000,000.00 20,000,000.00 20,065,600.00 14,604.723293759217GAS8 01/18/2013 20,080,204.72 80,204.72C MET LIMC1 12/12/2013

06/12/2012 0.711 VSale

20,000,000.00 19,997,226.32 20,299,400.00 13,333.333057359217GAE9 01/22/2013 20,312,733.33 315,507.01C MET LIMC1 01/10/2014

01/11/2011 2.000Sale

920,000.00 984,130.33 920,000.00 164,340.0032364796842BB7 03/01/2013 1,084,340.00 100,209.67C SBDSFHMUN 09/01/2014

03/14/2012 8.300Sale

5,500,000.00 5,499,168.83 5,530,937.50 317.783283036162RAC2 01/23/2013 5,531,255.28 32,086.45C GEESTMC2 12/21/2014

05/30/2012 1.040Sale

20,000,000.00 19,984,973.28 19,985,200.00 138.8933823313381H24 01/17/2013 19,985,338.89 365.61C FHLBFAC 01/16/2015

12/10/2012 0.250Sale

20,000,000.00 19,984,933.42 19,985,200.00 138.8933838313381H24 01/17/2013 19,985,338.89 405.47C FHLBFAC 01/16/2015

12/12/2012 0.250Sale

732,725.76 732,713.24 732,725.76 5,649.9131830587728AC0 01/15/2013 738,375.67 5,662.43C MBARTMC2 03/16/2015

07/20/2011 0.850Sale


Run Date: 05/13/2013 - 12:05 SA (PRF_SA) 7.1.1Report Ver. 7.3.5


48

Redem. Date

Page 2

RedemptionPrincipal

RedemptionInterest

Book Valueat Redem.


Rate atRedem.

ParValueSec. Type

January 1, 2013 - March 31, 2013Sales/Call Report


CUSIP Investment #Issuer Purchase

Date

Undefined Fund

727,711.04 727,699.08 727,711.04 5,130.9031830587728AC0 02/15/2013 732,841.94 5,142.86C MBARTMC2 03/16/2015

07/20/2011 0.850Sale

640,229.44 640,219.34 640,229.44 4,615.4331830587728AC0 03/15/2013 644,844.87 4,625.53C MBARTMC2 03/16/2015

07/20/2011 0.850Sale

2,007,950.10 2,007,828.85 2,007,950.10 27,724.023114992867DAC4 01/20/2013 2,035,674.12 27,845.27C VALETMC2 06/20/2015

03/30/2011 1.220 VSale

1,967,420.70 1,967,306.00 1,967,420.70 25,682.613114992867DAC4 02/20/2013 1,993,103.31 25,797.31C VALETMC2 06/20/2015

03/30/2011 1.220 VSale

1,892,631.60 1,892,525.20 1,892,631.60 23,682.393114992867DAC4 03/20/2013 1,916,313.99 23,788.79C VALETMC2 06/20/2015

03/30/2011 1.220 VSale

35,000,000.00 35,076,665.37 35,091,700.00 13,611.11338713135G0LN1 01/30/2013 35,105,311.11 28,645.74C FNMAFAC 07/02/2015

12/19/2012 0.500Sale

40,000,000.00 40,042,304.51 40,044,000.00 29,333.33338293135G0RY1 01/22/2013 40,073,333.33 31,028.82C FNMAFAC 11/25/2015

12/11/2012 0.480Sale

40,000,000.00 39,968,422.22 40,610,000.00 26,388.89321893136FTXU8 01/18/2013 40,636,388.89 667,966.67C FNMAFAC 12/29/2016

12/29/2011 1.250Sale

25,000,000.00 25,100,602.93 25,131,500.00 92,361.11337093137EADL0 02/12/2013 25,223,861.11 123,258.18C FHLMCFAC 09/29/2017

10/26/2012 1.000Sale

25,000,000.00 24,924,240.56 24,969,000.00 64,409.72337103135G0PQ0 02/12/2013 25,033,409.72 109,169.16C FNMAFAC 10/26/2017

10/26/2012 0.875Sale

Subtotal 459,469,701.94 460,581,155.14 580,901.92459,388,668.64 461,162,057.06 1,692,355.12

RETIREE HEALTH

1,000,000.00 998,462.01 1,022,600.00 686.1132330141781BA1 03/14/2013 1,023,286.11 24,824.10CP CARGILMC1 03/01/2017

03/01/2012 1.900Sale

15,387.82 15,357.74 15,387.82 2,408.993034662888WAC0 01/06/2013 17,796.81 2,439.07CP NCUAMC4 12/08/2020

12/09/2010 2.400Sale

17,740.78 17,706.47 17,740.78 2,378.213034662888WAC0 02/06/2013 20,118.99 2,412.52CP NCUAMC4 12/08/2020

12/09/2010 2.400Sale

18,378.52 18,343.37 18,378.52 0.003034662888WAC0 03/07/2013 18,378.52 35.15CP NCUAMC4 12/08/2020

12/09/2010 2.400Sale

500,000.00 489,281.09 627,343.75 7,553.5228215912810QD3 03/20/2013 634,897.27 145,616.18CP TRSYTRC 11/15/2039

12/14/2009 4.375Sale

1,700,000.00 1,529,495.78 1,941,187.50 5,823.2031156912810QK7 03/19/2013 1,947,010.70 417,514.92CP USTNTRC 08/15/2040

03/31/2011 3.875Sale

2,600,000.00 2,912,568.63 2,955,468.75 11,042.8232064912810QS0 03/28/2013 2,966,511.57 53,942.94CP USTNTRC 08/15/2041

11/04/2011 3.750Sale

Subtotal 5,981,215.09 6,598,107.12 29,892.855,851,507.12 6,627,999.97 646,784.88




49

Redem. Date

Page 3

RedemptionPrincipal

RedemptionInterest

Book Valueat Redem.


Rate atRedem.

ParValueSec. Type

January 1, 2013 - March 31, 2013Sales/Call Report


CUSIP Investment #Issuer Purchase

Date

MOUNTAIN VIEW-LOS ALTOS

5,000.00 5,000.00 5,000.00 1,800.0031539130333BD8 02/01/2013 6,800.00 1,800.00MVLA CASHSGMUN 08/01/2013

05/19/2011 1.200Sale

Subtotal 5,000.00 5,000.00 1,800.005,000.00 6,800.00 1,800.00

WEST VALLEY MISSION-CCD

5,000.00 5,000.00 5,000.00 18.7531540130333BC0 01/01/2013 5,018.75 18.75WVM CASHSGMUN 02/01/2013

05/19/2011 0.900Call

Subtotal 5,000.00 5,000.00 18.755,000.00 5,018.75 18.75

467,189,262.26Total Sales 465,250,175.76 612,613.52465,460,917.03 467,801,875.78 2,340,958.75



50

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