m 2016 · dow closed at 17,685 and the s&p 500 at 2,059 reflecting quarterly gains of 1.5% and...

Ken Miller

OKlahOMa State treaSurer

MOnthly inveStMent

PerfOrMance rePOrt

March 2016

OklahOma State treaSurer

Ken MillerState treaSurer

2300 n. lincoln Blvd., rooM 217oKlahoMa city, oK 73105

[email protected] • (405) 521-3191

May 5, 2016

To the People of Oklahoma:

I am pleased to issue the March monthly investment performance report for the Office of the State Treasurer. I trust you will find it thorough and in keeping with my commitment to provide full and complete disclosure of all activities within my office. As always, my staff and I are available to answer any questions you might have.

Market ConditionsTreasury yields fell during the quarter with the 10-year Treasury benchmark ending at 1.76%, falling from a high of 2.24% on January 4. The yield on the 2-year tumbled by 31 basis points during the quarter to 0.72% and the 30-year ended March at 2.61%, reflecting a drop of 38 basis points from the quarterly high. Several factors contributed to the over-all decline in the Treasury markets such as investor’s flight to safety and the Federal Reserves’ cut of its projection for rate increases and dovish comments by several Federal Reserve officials.

The Dow Jones Industrial Average and the S&P 500 ended then quarter with slight gains. The stock market began the year with its worst performance since 2009, but rallied in March helping to end the quarter in the black. The Dow closed at 17,685 and the S&P 500 at 2,059 reflecting quarterly gains of 1.5% and 0.8%, respectively. The Nasdaq was down 2.8% for the quarter and ended the month at 4,869.

On March 16 the Federal Open Market Committee agreed to not raise the federal funds rate and the monetary policy remained accommodative. The Committee stated “inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but to rise to 2% over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further.”

Economic DevelopmentsThere was no change to the reported unemployment rate of 4.9% for February. The job numbers for the previous month were upwardly revised by 21,000 to 172,000 and 242,000 jobs were reported in February. Up from 62.7% last month, the participation rate increased to 62.9% and the underemployment rate decreased from 9.9% to 9.7%. Wage growth declined with average hourly earnings falling 0.1% month-over-month, but average hourly earnings increased by 2.2% year-over-year.

The Labor Department reported the consumer price index (CPI) rose 0.3% in February, excluding the food and energy segments, reflecting the same rate of gain as the previous month. With the largest gain since May 2012, core CPI increased 2.3% though February after increasing 2.2% in January. The February producer price index (PPI) dropped 0.2% month-over-month and remained unchanged at 0% growth, after stripping out food and energy. According to the Labor Department, it was the first time since January 2015 the year-on-year PPI did not decline. The Institute of Supply Management (ISM) index came in at 49.5%, rising from 48.2% the month before. The recent decline in the index was attributed to the strong dollar, weak exports and fewer orders from the anemic U.S. energy industry.

Retails sales declined 0.1% in February and previous months sales were revised from a positive 0.2% to a decrease of 0.4%. Spending was negative at furniture and home furnishing outfits, electronics and appliance

shops and general merchandise retailers. The areas of downward adjustment in January sales were to electronics and appliances, building materials, personal-care items and department-store merchandise.

The sale of previously owned homes decreased to a seasonally-adjusted annual rate of 5.08 million in February, which reflected a drop of 39,000 from the previous month. Existing home sales were still up 2.2% from February 2015. The National Association of Realtors said median existing-home prices were $210,800 which increased 4.4% from the year before. On the average, it took 59 days for a home to be sold and 35% of homes were on the market for less than a month.

The Bureau of Economic Analysis reported the third estimate for the gross domestic product (GDP) was 1.4% for the fourth quarter of 2015 and personal consumption increased by 2.4%. The revised GDP estimate indicated that general economic growth in the U.S. had remained relatively unchanged. Import price data revealed that U.S. import prices fell in February by 0.3%. This was the eighth straight month in which import prices declined.

Portfolio Commentary: Performance, Diversification, and StrategyYield on the Treasurer’s portfolio was 1.81% in March and the weighted average maturity was 865 days. The year-to-date monthly average investable base was $3.67 billion. Portfolio diversification continues to be sound. U.S. Treasury Inflation-Protected Securities represented 1% of holdings, and U.S. government sponsored enterprises accounted for approximately 39% of the portfolio. Mortgage-backed securities were 40%, municipal bonds were 2% and Certificates of Deposit represented 3% of assets. Money market mutual funds were 9% and OK Invest, which is comprised of various State agency funds, represented 3% of the total portfolio. State Bond Issues (at 2%) and foreign bonds (at less than 1%) made up the balance of funds invested. In keeping with the State’s statutory investment objectives, the portfolio strategy continues to seek safety, liquidity, and return on investment, in that order. Laddered bond maturities and a buy-and-hold strategy were utilized. Market observation for investment opportunities were considered in order to maximize income within investment parameters and the current low interest rate environment.

CollateralizationAll funds under the control of this office requiring collateralization were secured at rates ranging from 102% to 110%, depending on the type of investment.

Payments, Fees, and CommissionsAll securities were purchased or sold on a net basis utilizing competitive bidding where practicable, with no additional fees or commissions known to the State Treasurer. Bank fees and mutual fund operating expenses are detailed in the attached pages, as is the earnings split between the Treasurer and the master custodian bank on securities lending income.

Total Funds InvestedFunds available for investment, at cost basis, include the State Treasurer’s investments at $3,452,764,946 and State Agency balances in OK Invest at $2,402,412,816 for a total of $5,855,177,762.

Best regards,

KEN MILLERSTATE TREASURER

cc: The Honorable Mary Fallin, GovernorThe Honorable Brian Bingman, President Pro TemporeThe Honorable Jeff Hickman, Speaker of the HouseThe Honorable Scott Pruitt, Attorney GeneralThe Honorable Gary Jones, State Auditor and InspectorMembers: Cash Management and Investment Oversight Commission

Position Report

Weighted Average Maturity

Yield at Purchase Cost Basis

Percent of Portfolio *Market Value

GENERAL REVENUE

U.S. TREASURIES AND AGENCIES Treasury TIPS 394 1.35% 42,217,532$ 1.22% 50,458,824$ Agencies 399 0.80% 1,343,875,786 38.92% 1,341,126,912 Mortgage Backed 1682 3.11% 1,387,566,608 40.19% 1,798,718,142

1041 1.97% 2,773,659,926 80.33% 3,190,303,878

CERTIFICATES OF DEPOSIT 60 0.55% 108,647,429 3.15% 108,647,429

OK INVEST 1 1.84% 114,792,274 3.32% 114,792,274 1 1.84% 114,792,274 3.32% 114,792,274

MONEY MARKET MUTUAL FUNDS 1 0.25% 319,566,277 9.26% 319,566,277

STATE BOND ISSUES 43 3.22% 51,000,000 1.48% 51,000,000 (Private Placement)

MUNICIPAL BOND ISSUES 1266 4.38% 56,783,464 1.64% 60,362,993

FOREIGN BONDS 670 1.47% 28,315,575 0.82% 28,315,411

LINK DEPOSIT

Total Investment Portfolio 865 1.81% 3,452,764,946$ 100% 3,872,988,263$

*J. P. Morgan Chase Co. furnished market value data related to Securities. Other investments including Certificates of Deposit,

Money Market Mutual Funds, and State Bond Issues were valued at 100% of purchase price.

March 31, 2016

Office of the State TreasurerMonthly Report

March 2016Page 1

Portfolio CompositionMarch 31, 2016

Principal Percent

U.S. Treasury Bonds/Notes - 0.00%

U.S. Treasury TIPS 42,217,532 1.22%

U.S. Agencies 1,343,875,786 38.92%

Mortgage Backed 1,387,566,608 40.19%

Certificates of Deposit 108,647,429 3.15%

OK Invest 114,792,274 3.32%

Money Market Mutual Funds* 319,566,277 9.26%

State Bond Issues** 51,000,000 1.48%

Municipal Bond Issues 56,783,464 1.64%

Foreign Bonds 28,315,575 0.82%

TOTAL 3,452,764,946$ 100.00%

* JPMorgan - U.S. Government Capitial Class - Fund 3164 44,249,228

Goldman Sachs - FS Government Institutional - Fund 465 116,020,874

Invesco - Government and Agency Portfolio 159,296,175

** OSLA 2001A-4 11,000,000

** OIFA Refund Bonds 40,000,000

Treasury TIPS/Notes

Money Market Mutual Funds*

Certificates of Deposit

Mortgage Backed

State Bond Issues**

U.S. Agencies

Municipal Bond Issues

OK Invest

Foreign Bonds


March 2016Page 2

Transactions by Broker

Broker Tax ID# City State Purchases Sales(Cost) (Cost)

Wells Fargo 23-2384840 Oklahoma City OK 130,372,660

Total Securities -$ 130,372,660$

Certificates of Deposit 70,654,000

TOTAL 70,654,000$ $ 130,372,660

March 31, 2016


March 2016Page 3

Transaction by Security Type

Security Purchases Sales(Cost) (Cost)

U.S. Agencies 130,372,660

Mortgaged Backed Securities

Municipal Bonds

0 130,372,660

Certificates of Deposit 70,654,000

TOTAL 70,654,000 $ 130,372,660

March 31, 2016


March 2016Page 4

Earnings by Security Type

Interest Earned Net of

Amortization*

Realized Gain

(Loss) Total

Earnings

Weighted Average

Yield

U.S. Treasury Notes/Bonds/Tips 56,840$ $ - 56,840$ 1.35%U.S. Agencies 1,107,232 1,107,232 0.81%Mortgage Backed 4,456,813 4,456,813 3.03%

5,620,885 - 5,620,885 1.86%

Certificates of Deposit 55,687 - 55,687 0.54%

OK Invest 106,896 - 106,896 1.81%

Money Market Mutual Funds 37,276 - 37,276 0.25%

State Bond Issues 338,047 - 338,047 2.42%

Municipal Bond Issues 249,856 249,856 4.39%

Foreign Bonds 39,573 - 39,573 1.47%

Securities Lending Income - - - 0.00%

TOTAL 6,448,221$ $ - 6,448,221$ 1.79%

*Includes accrued interest

March 31, 2016


March 2016Page 5

Comparison of Actual Earnings to Estimated EarningsFiscal Year to Date

Revenues Actual

Revenues Estimate Variance Percent

Investable Base Actual

Investable Base Estimate Variance Percent

Securities 33,181,294 34,072,405 (891,111) -2.62% 3,146,923,461 3,431,072,417 (284,148,956) -8.28%

Certificates of Deposit 221,429 206,127 15,302 7.42% 107,608,607 103,540,000 4,068,607 3.93%

OK Invest 1,558,169 1,683,000 (124,831) -7.42% 66,244,243 71,000,000 (4,755,757) -6.70%

Money Market Mutual 102,155 88,020 14,135 16.06% 209,859,680 303,218,093 (93,358,413) -30.79%

Foreign Bonds 356,301 362,109 (5,808) -1.60% 23,167,717 31,000,000 (7,832,283) -25.27%

State Bonds 769,527 1,024,861 (255,334) -24.91% 58,269,534 54,400,000 3,869,534 7.11%

Municipal Bonds 3,087,253 3,146,318 (59,065) -1.88% 60,891,077 55,372,200 5,518,877 9.97%.

39,276,128 40,582,840 (1,306,712) -3.22% 3,672,964,319 4,049,602,710 (376,638,391) -9.30%

In December 2014, the Treasurer estimated earnings to the Board of Equalization for Fiscal Year 2016. The amount estimated was $53,000,000. Year-to-date actual earnings are recorded on a cash basis of accounting.

March 31, 2016


March 2016Page 6

Explanation of Performance ComparisonMarch 31, 2016

The following page presents market rates of return on the Securities portion of the General Accountand of the State's aggregated State Agency Accounts. The figures, which are dollar- and time-weighted, where appropriate, are calculated using the percentage change in market value (inclusive of accrued income) from the end of the prior month to the end of the reporting month. To ensure theintegrity of the data, this information is provided by the Treasurer's custodian bank acting in itscapacity as an external third party. As such, performance measurement is presently confined to those investments which are custodied at J. P. Morgan Chase & Co.

The Treasurer's office is trying to develop a method to report rates of return on all investmentinstruments in the State's portfolio. This is in an effort to report return data in a manner recommended on September 15, 1994, by the Working Group of the Cash Management and Investment Oversight Commission. However, there are technical and conceptual challenges toexpanding performance measurement to other portions of the portfolio. Attempting to applymarket-base pricing calculations to instruments which do not trade, such as Certificates ofDeposit, presents difficulty which is both conceptual and technical in nature.

Benchmark data is also provided on the following page.


March 2016Page 7

Performance Comparison*March 31, 2016

Month** Fiscal YearTo Date**

Securities: General Revenue Account 0.13% 1.01%

Securities: Agency-directed 6.08% 1.58%

Benchmark: ML 1 year US Treasury Note Index 0.11% 0.28%

* Analysis by J. P. Morgan Chase Co.

** Represents dollar- and time-weighted rates of return


March 2016Page 8

$3,000,000

$3,100,000

$3,200,000

$3,300,000

$3,400,000

$3,500,000

$3,600,000

$3,700,000

$3,800,000

$3,900,000

$4,000,000

$4,100,000

$4,200,000

$4,300,000

(in

000

's)

Monthly Investable BaseMarch 2016

FY11 FY12 FY13 FY14 FY15 FY16

3,672,964,319

Office of the State TreasurerMonthlyReport

March 2016Page 9

Banking, Custody and Other Fees

DEPOSITORY BANK TAX ID # CITY STATE AMOUNTArmstrong Bank 73-0496410 Vian/Muskogee OK 26.43 Arvest Bank 73-1291209 Bartlesville OK 116.36 BancFirst 73-1332918 OKC OK 12,623.96 Central National Bank 73-0177591 Alva OK 57.41 Central National Bank 73-0783952 Enid OK 51.37 Federal Reserve Bank 44-0545874 KS OK 1,485.42 First Fidelity Bank, NA 73-1100200 OKC-Moore OK 212.27 First National Bank 73-0188428 Clinton OK 141.92 Frazier Bank 73-0125373 Altus OK 5.61 First United Bank 73-0222372 Durant OK 20.18 Intrust Bank 48-0477525 Wichita KS 130.53 Mabrey Bank 73-0183780 Bixby OK 15.02 JP Morgan/Chase, Oklahoma, NA 73-0777610 OKC OK 37,137.92 The Bank N.A. 73-0344910 McAlester OK 8.40

TOTAL 52,032.80$

Bank service charges include actual amounts invoiced as of the report date. There has been no accrual madefor de minimis bank service charges owed in active bank accounts.

The State Treasurer participates in the following money market mutual funds. The fund managers are compensated for certain operating expenses by deducting a fee from the gross interest earnings.

Fund Manager TIN Fee (Annualized basis) AmountInvesco 76-0574220 0.12% 16,247.89$ Bond Logistix LLC 51-0404065 0.035% 4,738.79$ JP Morgan Securities 23-2694160 0.14% 3,056.17$ Goldman Sachs 06-1287410 0.11% 10,119.37$ BOSC, Inc. 73-1275307 0.07% 6,439.60$

NOTE: Pursuant to Oklahoma State Statute Title 62, Section 89.7, all known fees are to be reported. The

money market mutual fund fees reported above are shown at the contracted rate. Due to the current lowinterest rate environment, a portion of these fees have been voluntarily waived by the provider.An adjustment to actual fees will be presented in the Annual Report.

The State Treasurer participates in a Securities Lending Program with J. P. Morgan Chase & Co. actingas lending agent. J. P. Morgan retains 15% of the revenues generated as compensation for services.Its share for the month was $8,136.26. Pursuant to Oklahoma State Statute Title 62 Section 90, the StateTreasurer retains the first $450,000 of securities lending revenues in a revolving fund. These funds areused to pay custody and other banking fees. Any revenue not needed for this purpose is deposited tothe General Fund.

March 31, 2016


March 2016Page 10

Transactions by BrokerState Agency Directed

March 31, 2016

Broker Tax ID# City State Purchases Sales(Cost) (Cost)

No Activity $ -

TOTAL -$ $ -


March 2016Page 11

Transactions by Security TypeState Agency Directed

March 31, 2016

Security Purchases Sales(Cost) (Cost)

No Activity $

TOTAL -$ $ -


March 2016Page 12

Agency Directed InvestmentsPosition Report - Securities

March 31, 2016

FUND/ AGENCY SECURITY INTEREST YIELD DAYS TO PAR COST MARKET

AGENCY TYPE RATE MATURITY VALUE

1420A Langston University Mutual Fund 686,746.66$ 686,746.66$ 1,448,412.91$

1150A University of Science and Arts U.S. Treasury Notes/Bonds 7.25 6.82 45 170,000.00 177,942.19 171,394.51

WAM = 7 177,942.19 171,394.51

711-420 Langston University Mutual Fund 422,147.00 422,147.00 522,442.07

1,278,893.66$ 1,286,835.85$ 2,142,249.49$


March 2016Page 13

Agency Directed InvestmentsPosition Report - OK Invest

March 31, 2016ACCOUNT FUND/ AGENCY INTEREST DAYS TO COST/MARKET

AGENCY RATE MATURITY VALUE2118506 1185F Corportation Commission 1.8375 1 18,278,609.302137001 1370A OIFA 1.8375 1 35,575,607.582139101 1391A Multiple Injury Trust Fund 1.8375 1 7,445,781.452141001 1410A Commissioners of the Land Office 1.8375 1 72,137,689.802142001 1420A Langston University 1.8375 1 21,407,705.892143500 1435 Oklahoma Lottery Commission 1.8375 1 10,625,942.452143501 1435A Oklahoma Lottery Commission 1.8375 1 3,259,172.312147704 1477D Oklahoma Bureau of Narcotics 1.8375 1 7,380,538.682151500 1515 OPERS 1.8375 1 761,924.162151501 1515A OPERS 1.8375 1 6,578,457.702151502 1515B OPERS 1.8375 1 9,088.822151503 1515C OPERS 1.8375 1 158,450.902151504 1515D OPERS 1.8375 1 3,139,560.992151505 1515E OPERS 1.8375 1 35,873.022151506 1515F OPERS 1.8375 1 14,204.862151507 1515G OPERS 1.8375 1 287.502151508 1515H OPERS 1.8375 1 62.502151510 1515J OPERS 1.8375 1 759,947.652153001 1530A Panhandle State University 1.8375 1 5,159,112.742155701 1557A OK Police Pension 1.8375 1 32,676,334.992169502 1695B Tax Commission 1.8375 1 164,086,894.692169520 1695T Tax Commission 1.8375 1 181,112.102169521 1695U Tax Commission 1.8375 1 12,643,185.192174007 1740G State Treasurer 1.8375 1 880,707.472174010 1740J State Treasurer 1.8375 1 0.072174013 1740M State Treasurer 1.8375 1 0.092183006 1830F DHS - CSED 1.8375 1 25,507,412.917200039 200039 Oklahoma Boll Weevil Eradication 1.8375 1 1,446,165.577200320 200320 Department of Wildlife 1.8375 1 2,548,342.037200359 200359 OERB 1.8375 1 17,135,614.737200370 200370 OIFA 1.8375 1 576,896.807200391 200391 Multiple Injury Trust Fund 1.8375 1 133,631.637200410 200410 Commissioners of the Land Office 1.8375 1 9,382,975.437200435 200435 Oklahoma Lottery Commission 1.8375 1 15,120,411.857200515 200515 OPERS 1.8375 1 561,011.547200557 200557 Oklahoma Police Pension 1.8375 1 22.717200588 200588 Real Estate Commission 1.8375 1 409,906.777200830 200830 Department of Human Services 1.8375 1 234,396.667201825 201825 University Hospitals Authority 1.8375 1 56,864,901.117205090 205090 OMES Risk Management Division/DSC 1.8375 1 50,339,296.197205204 205204 JM Davis Arms & Historical Museum 1.8375 1 3,154.977205270 205270 State Election Board 1.8375 1 229,633.537205320 205320 Department of Wildlife 1.8375 1 893,662.697205359 205359 Sustaining OK Energy Resources 1.8375 1 2,523,941.837205435 205435 Oklahoma Lottery Commission 1.8375 1 181,769.497205444 205444 Oklahoma LP Gas Research 1.8375 1 118.727205515 205515 OPERS 1.8375 1 24,010.577205563 205563 OK Bd for Private Vocational Schools 1.8375 1 428,860.197205630 205630 Oklahoma Department of Securities 1.8375 1 437,701.747205807 205807 Oklahoma Health Care Authority 1.8375 1 6,646,900.467210270 210270 State Election Board 1.8375 1 6,894,731.727210320 210320 Department of Wildlife 1.8375 1 2,622,872.717210350 210350 Oklahoma Historical Society 1.8375 1 26.347210400 210400 Office of Juvenile Affairs 1.8375 74,527.497210410 210410 Commissioners of the Land Office 1.8375 1 23,330,746.097210588 210588 Real Estate Commission 1.8375 1 302,755.867215320 215320 Department of Wildlife 1.8375 1 2,522,069.737215444 215444 Oklahoma LP Gas Research 1.8375 1 246.767215566 215566 Tourism & Recreation Department 1.8375 1 12,697,680.367215585 215585 Department of Public Safety 1.8375 1 2,624,893.127215670 215670 JD McCarty Center 1.8375 1 277,709.657216805 216805 Department of Rehabilitation Services 1.8375 1 652,484.577220090 220090 OSF Building Project Fund 1.8375 1 0.427220320 220320 Dept of Wildlife Conservation 1.8375 1 4,115,228.537220585 220585 Department of Public Safety 1.8375 1 1,776,423.717225040 225040 Department of Agriculture 1.8375 1 858,527.477225830 225830 Department of Human Services 1.8375 1 284,561.647230220 230220 Oklahoma Crime Victims Compensation 1.8375 1 2,820,132.98

Note: Rate is net of 1.25 bps management fee


March 2016



AGENCY RATE MATURITY VALUE7230345 230345 Department of Transportation 1.8375 1 6,817,764.257230566 230566 Tourism & Recreation Department 1.8375 1 1,186,093.517230695 230695 Tax Commission 1.8375 1 2,924,530.007230807 230807 Health Care Authority 1.8375 1 140,233.827235605 235605 Regents for Higher Education 1.8375 1 792,612.417235695 235695 OTC Ad Valorem Admin Protest 1.8375 1 211,941.607240807 240807 Health Care Authority 1.8375 1 12,842,653.607244090 244090 OMES Dept of Central Services 1.8375 1 1,642,159.727245807 245807 Health Care Authority 1.8375 1 5,908,760.217255090 255090 Department of Central Services 1.8375 1 953,060.867255585 255585 Oklahoma Dept of Public Safety 1.8375 1 67,741.627260090 260090 OMES Risk Management Division 1.8375 1 6,209,908.537260452 260452 OK Board of Mental Health 1.8375 1 918,311.227275740 275740 OST - SEED 1.8375 1 54,563.757280090 280090 OMES DCS Property Distribution 1.8375 1 1,665,385.737285345 285345 Department of Transportation 1.8375 1 215,341,464.747295090 295090 Emergency & Transportation 1.8375 1 25,354.897296150 296150 University of Science & Arts 1.8375 1 37.437303000 303000 Tobacco Litigation Escrow Fund 1.8375 1 27,165.287360566 360566 Tourism & Recreation Department 1.8375 1 9,258,810.207405220 405200 District Attorneys Council 1.8375 1 6,716,825.327410645 410645 Oklahoma Conservation Commission 1.8375 1 (106.51)7415400 415400 Office of Juvenile Affairs 1.8375 1 254,365.457416000 416000 OSF - Oil Overcharge 1.8375 1 263,989.267416160 416160 Department of Commerce 1.8375 1 2,416,953.247419105 419105 OCIA 1.8375 1 85,400.007426000 426000 OSF - Oil Overcharge 1.8375 1 2,205,765.127426160 426160 Department of Commerce 1.8375 1 7,672,925.937429105 429105 OCIA 1.8375 1 879,300.007430010 430010 Oklahoma State University 1.8375 1 3,150,503.087430011 430011 Oklahoma State University 1.8375 1 620,745.347430012 430012 Oklahoma State University 1.8375 1 982,634.847430013 430013 Oklahoma State University 1.8375 1 1,542,953.347430014 430014 Oklahoma State University 1.8375 1 1,939,677.977430015 430015 Oklahoma State University 1.8375 1 3,660,100.097430016 430016 Oklahoma State University 1.8375 1 148,411.327430420 430420 Langston University 1.8375 1 208,294.867430461 430461 Rogers State College 1.8375 1 1,102,495.777430505 430505 Northwestern Oklahoma State University 1.8375 1 366,108.737430665 430665 Southwestern Oklahoma State University 1.8375 1 2,309,300.407430760 430760 University of Oklahoma 1.8375 1 19,308,395.017430770 430770 OUHSC 1.8375 1 52,905,560.877430773 430773 Oklahoma State University 1.8375 1 2,078,156.957432105 432105 OCIA 2009A Construction Fund 1.8375 1 184,317.717433105 433105 OCIA 1.8375 1 3,002.387434105 434105 OCIA 1.8375 1 46,574.757436000 436000 OSF - Oil Overcharge 1.8375 1 2,419.207440105 440105 OCIA Operations & Maintenance 1.8375 1 3,702.017442105 442105 OCIA 1.8375 1 298,961.217444835 444835 Water Resources Board 1.8375 1 6,067,358.427445835 445835 Water Resources Board 1.8375 1 1,927,682.397448105 448105 OCIA 1.8375 1 45,141,235.727455105 455105 OCIA 1.8375 1 990,854.177455160 455160 Department of Commerce 1.8375 1 568,876.397460100 460100 Cameron University 1.8375 1 615,025.147460760 460760 University of Oklahoma 1.8375 1 152,794.647462105 462105 OCIA 1.8375 490,291.677470230 470230 East Central University 1.8375 1 66.907471835 471835 Water Resources Board 1.8375 1 603,574.037472835 472835 Water Resources Board 1.8375 1 6,189,604.257473835 473835 Water Resources Board 1.8375 1 22,148,208.437475120 475120 University of Central Oklahoma 1.8375 1 2,926.567475750 475750 Tulsa Community College 1.8375 1 5,426.877475770 475770 OUHSC 1.8375 1 0.377476760 476760 University of Oklahoma 1.8375 1 247,846,080.237477120 477120 University of Central Oklahoma 1.8375 1 75,169.687480230 480230 East Central University 1.8375 1 409.397481230 481230 East Central University 1.8375 1 24.16



March 2016



AGENCY RATE MATURITY VALUE7481633 481633 Oklahoma City Community College 1.8375 1 24.317482105 485105 OCIA 1.8375 1 1,246,293.757483633 843633 OCCC 2010 Bond 1.8375 1 7,120.757485014 485014 OKLAHOMA STATE UNIVERSITY 1.8375 1 15,740.617486010 486010 OKLAHOMA STATE UNIVERSITY 1.8375 1 4,650,507.917487105 487105 OCIA 1.8375 1 12,628.727488105 488105 OCIA 1.8375 1 139,777.977489105 489105 OCIA 1.8375 1 352,412.42

7514410 514410 Commissioners of the Land Office 1.8375 1 0.257515410 515410 Commissioners of the Land Office 1.8375 1 1,246,278.137516410 516410 Commissioners of the Land Office 1.8375 1 3,032,878.937600010 600010 Oklahoma State University 1.8375 1 8,911,790.367600120 600120 University of Central Oklahoma 1.8375 1 3,886,643.067600150 600150 University of Science & Arts 1.8375 1 886,362.177600230 600230 East Central University 1.8375 1 1,229,817.697600420 600420 Langston University 1.8375 1 775,364.647600485 600485 Northeastern State University 1.8375 1 2,136,775.307600490 600490 Northern Oklahoma College 1.8375 1 621,106.797600505 600505 Northwestern Oklahoma State University 1.8375 1 1,278,244.997600530 600530 Panhandle State University 1.8375 1 420,654.407600660 600660 Southeastern Oklahoma State Unversity 1.8375 1 155,550.767600665 600665 Southwestern Oklahoma State University 1.8375 1 2,175,967.687600760 600760 University of Oklahoma 1.8375 1 4,873,639.727650010 650010 Oklahoma State University 1.8375 1 3,230,974.157650120 650120 University of Central Oklahoma 1.8375 1 1,218,475.787650150 650150 University of Science & Arts 1.8375 1 1,319,194.257650230 650230 East Central University 1.8375 1 1,874,196.847650420 650420 Langston University 1.8375 1 1,834,343.437650485 650485 Northeastern State University 1.8375 1 1,009,489.127650490 650490 Northern Oklahoma College 1.8375 1 1,517,747.327650505 650505 Northwestern Oklahoma State University 1.8375 1 757,281.037650530 650530 Panhandle State University 1.8375 1 239,012.957650660 650660 Southeastern Oklahoma State Unversity 1.8375 1 91,160.017650665 650665 Southwestern Oklahoma State University 1.8375 1 585,065.257650760 650760 University of Oklahoma 1.8375 1 4,425,509.947700040 700040 Department of Agriculture 1.8375 1 10,104,023.747700041 700041 Western Oklahoma State College 1.8375 873,386.207700131 700131 Department of Corrections 1.8375 1 16,921,561.797700240 700240 Eastern Oklahoma State College 1.8375 1 668,093.797700461 700461 Rogers State College 1.8375 1 8,595,493.597700490 700490 Northern Oklahoma College 1.8375 1 3,763,983.037700606 700606 Ardmore Higher Education Center 1.8375 1 340,770.147700633 700633 Oklahoma City Community College 1.8375 1 4,942,593.337700660 700660 Southeastern Oklahoma State University 1.8375 1 1,887,106.387700760 700760 University of Oklahoma 1.8375 1 170,665,447.247700830 700830 Department of Human Services 1.8375 1 1,746,771.277701010 701010 Oklahoma State University 1.8375 1 6,072,156.477701091 701091 GO Bonds of 1992 - Admin Fund 1.8375 1 1,774.147701150 701150 University of Science & Arts 1.8375 1 3,551,104.257701165 701165 Connors State College 1.8375 1 (49,351.54)7701400 701400 Office of Juvenile Affairs 1.8375 1 430,357.607701480 701480 Northeasten Oklahoma A&M College 1.8375 1 1,335,422.397701605 701605 Regents for Higher Education 1.8375 1 37,749,202.497701650 701650 Department of Veteran Affairs 1.8375 1 494,336.897701750 701750 Tulsa Community College 1.8375 1 1,444,778.607701770 701770 OUHSC 1.8375 1 410,955,910.067701805 701805 Department of Rehabilitation Services 1.8375 1 197,037.997701865 701865 Workers Compensation Commission 1.8375 1 6,826,417.097702120 702120 University of Central Oklahoma 1.8375 1 33,540,905.877702650 702650 Department of Veteran Affairs 1.8375 1 523,687.747703650 703650 Department of Veteran Affairs 1.8375 1 249,169.127704650 704650 Department of Veteran Affairs 1.8375 1 387,582.407704865 704865 Workers Compensation Commission 1.8375 1 53,123.447705505 705505 Northwestern Oklahoma State University 1.8375 1 1,312,259.637705650 705650 Department of Veteran Affairs 1.8375 1 236,583.617705865 705865 Workers Compensation Commission 1.8375 1 722,198.477706605 706605 Regents for Higher Education 1.8375 1 1,321.627706650 706650 Department of Veteran Affairs 1.8375 1 168,821.01



March 2016



AGENCY RATE MATURITY VALUE7707605 707605 Regents for Higher Education 1.8375 1 6,169,613.597707650 707650 Department of Veteran Affairs 1.8375 1 247,757.317708108 708108 Carl Albert State College 1.8375 1 5,361,304.427708605 708605 Regents for Higher Education 1.8375 1 118,466.457709605 709605 Regents for Higher Education 1.8375 1 13,545.997710350 710350 Oklahoma Historical Society 1.8375 1 1,168,290.067710452 710452 Oklahoma Department of Mental Health 1.8375 1 916,065.757710605 710605 Regents for Higher Education 1.8375 1 2,097,295.197711185 711185 Corporation Commission 1.8375 1 69,695,965.797711420 711420 Langston University 1.8375 1 100,653.037711452 711452 Griffin Memorial Hospital Rep Payee 1.8375 1 20,124.837711605 711605 Regents for Higher Education 1.8375 1 856,868.627712605 712605 Regents for Higher Education 1.8375 1 159,026.017713605 713605 Regents for Higher Education 1.8375 1 2,363,532.927714605 714605 Regents for Higher Education 1.8375 1 13,073,696.807715605 715605 Regents for Higher Education 1.8375 1 444,009.867718605 718605 Regents for Higher Education 1.8375 1 7,413,207.237719605 719605 Regents for Higher Education 1.8375 1 32,034.607723623 723623 Seminole State College 1.8375 1 517,117.287725100 725100 Cameron University 1.8375 1 3,086,246.837730230 730230 East Central University 1.8375 1 5,051,224.517730830 730830 Department of Human Services 1.8375 1 187,035.807740605 740605 Regents for Higher Education 1.8375 1 13,765,857.427741241 741241 Redlands Community College 1.8375 1 464,624.487745605 745605 Regents for Higher Education 1.8375 1 54,658.757747470 747470 Murray State College 1.8375 1 4,902,291.217750350 750350 Oklahoma Historical Society 1.8375 1 519,931.167750531 750531 Rose State College 1.8375 1 9,524,231.237751485 751485 Northeastern State University 1.8375 1 14,003,453.397752485 752485 Northeastern State University 1.8375 1 2,566,120.007765665 765665 Southwestern Oklahoma State University 1.8375 1 6,108,829.217805370 805370 OIFA 1.8375 1 14,063.447823740 823740 OCIA 2008B Reserve Fund 1.8375 1 488,247.807831740 831740 OCIA 2003E Sinking Fund 1.8375 1 2,622.377835740 835740 OCIA 2005D Sinking Fund 1.8375 1 295,614.767837740 837740 OCIA 2006 Sinking Fund 1.8375 1 1,051,372.427842740 842740 OCIA 2006D Sinking Fund 1.8375 1 8.127843740 843740 OCIA 2006C Sinking Fund 1.8375 1 977,200.827845740 845740 OCIA 2008A Sinking Fund 1.8375 1 1,325,460.907846740 846740 OCIA 2008B Sinking Fund 1.8375 1 479,944.557847740 847740 OSF Building Project Fund 1.8375 1 3,465,653.097848740 848740 OSF Building Project Fund 1.8375 1 130,788.327849740 849740 OCIA 2009A Sinking Fund 1.8375 1 1,374,498.917850740 850740 OCIA 1.8375 1 7,519,742.377851740 851740 OCIA 1.8375 1 1,533,226.127852740 852740 Oklahoma 2010A GO Sinking Fund 1.8375 1 18,509,640.977853740 853740 Oklahoma 2010b GO Sinking Fund 1.8375 1 14,763.637854740 854740 OCIA Endowed Chair Fund 2010 1.8375 1 5,765,221.017855740 855740 OCIA 201A Higher Ed Projects Refunding 1.8375 1 14,845,100.067857740 857740 OCIA 2010A Highway Capital Improvements 1.8375 1 10,036,030.887858740 858740 OCIA 2010b Highway Capital Improvements 1.8375 1 1,863,111.747860740 860740 OCIA 2012 State Highway 1.8375 1 3,001,467.797862740 862740 OCIA 2013 1.8375 1 1,779,938.357864740 864740 OK Bldg Bonds refunding 2013 1.8375 1 342,329.087910467 910467 OSF Escrow Fund 1.8375 1 165,048.257920605 920605 Regents for Higher Education 1.8375 1 5,702,070.65

TOTAL 2,402,412,815.93



March 2016

m 2016 · dow closed at 17,685 and the s&p 500 at 2,059 reflecting quarterly gains of 1.5% and...

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