monthly summary report for june 2014...june 2014 monthly summary report 4 tm the nearer term is most...

Monthly Summary Report for June 2014Including Fund B

State Board of Administration

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June 2014Monthly Summary Report2

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FLORIDA PRIME

Disclosure of Material Impacts........................ 2Market Conditions............................................. 3Investment Strategy......................................... 4Cash Flows.......................................................... 5Detailed Fee Disclosure..................................... 5Fund Performance............................................. 6Inventory of Holdings........................................ 7Participant Concentration................................ 12Compliance......................................................... 13Trading Activity.................................................. 14

FUND B

Portfolio Commentary.......................................20Legal Issue..........................................................20Disclosure of Material Impacts........................20Return of Fund B Principal............................... 21Distributions/Distribution Detail..................... 21Inventory of Holdings........................................ 22Compliance......................................................... 23Trading Activity................................................. 23

CONTENTS INTRODUCTION

This report is prepared for stakeholders in Florida PRIME and Fund B in accordance with Section 218.409(6)(a), Florida Statutes. The statute requires:

(1) Reporting of any material impacts on the funds and any actions or escalations taken by staff to address such impacts;

(2) Presentation of a management summary that provides an analysis of the status of the current investment portfolio and the individual transactions executed over the last month; and

(3) Preparation of the management summary “in a manner that will allow anyone to ascertain whether the investment ac-tivities during the reporting period have conformed to invest-ment policies.”

This report, which covers the period from June 1, 2014 through June 30, 2014, has been prepared by the SBA with input from Federated Investment Counseling (“Federated”), investment advisor for Florida PRIME and Apollo Global Management, the collateral manager for Fund B, in a format intended to comply with the statute.

During the reporting period, Florida PRIME and Fund B were in material compliance with investment policy. Details are available in the PRIME policy compliance table and the Fund B compliance narrative in the body of this report. This report also includes details on market conditions; fees; fund hold-ings, transactions and performance; and client composition.

DISCLOSURE OF MATERIAL IMPACTSThere were no developments during June 2014 that had a material impact on the liquidity or operation of Florida PRIME.

Past performance is no guarantee of future results.

Views are as of the issue date and are sub-ject to change based on market conditions and other factors. These views should not be construed as a recommendation for any specific security.

An investment in money market funds is nei-ther insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Although money market funds seek to pre-serve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.

https: / /www.sbaf la.com/pr ime 3

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June Market ConditionsWhen the pace of change is glacial, every inch counts. You could apply that to a pair of aspects of the Federal Reserve this past month: its filling of governor posts and its overnight trading.

After months of waiting, the Senate finally confirmed Lael Brainard and Jerome Powell to the Fed’s board of governors, and also approved Stanley Fischer as vice chair. Two open seats remain, leaving only five active governors. While we would rather see seven, it was hard to imagine a Fed with only three governors (even though all the regional Fed president posts are filled) working in such a crucial time for the economy.

The three additions did not alter the central bank’s policy decisions following the Federal Open Market Committee (FOMC) meeting mid-month. The Fed continued to taper its Treasury and asset-backed purchases by another $10 billion to $35 billion. The additions will play a major role after this latest round of quantitative easing (QE) ends. The bigger issue is when the Fed decides to raise its benchmark federal funds rate and by how much. The consensus indicates a slow rise starting in spring of 2015. However, Chair Janet Yellen reiterated that any move will be data dependent on the economy’s health, and she thinks that is still under the weather.

This results in continued paltry interest rates for some time. Even a tiny bump in rates is positive, and we have seen that through the New York Fed’s Overnight Fixed-Rate Reverse Repo facility, which uses Treasuries as collateral. It is extremely risk-free, and offers only five basis points. It is heartening to see other counterparties offering a few basis points higher to take some of that business.

The FOMC recently asked its members to anonymously predict when they think the fed funds rate will rise and to what percent. These projections are indicated by points on a timeline/rate grid—the dot chart, as it is affectionately known. The placement of the points was ever so slightly hawkish than the last chart, especially in the short term. It was not that the members altered the time frame when they think rates will rise, but rather that several indicated they expected more of a rise in those times.

PORTFOLIO MANAGER COMMENTARYPORTFOLIO COMPOSITIONJUNE 30, 2014

Florida PRIME Assets

Credit Quality Composition

Effective Maturity Schedule

Portfolio Composition

$ 7,191,418,576


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The nearer term is most impactful to cash management, of course; obviously it helps us the earlier we get an uptick. The dot projections essentially reflect each member’s assessment of the economy, which continued to strengthen this past month, especially in jobs, manufacturing and consumer sentiment, with a healthy increase in inflation coming at the end.

Portfolio StrategyThe size of the Pool’s assets vacillates month to month because of the nature of tax cycles and seasonal considerations. In June, the assets continued the seasonal outflow pattern and ended the month at $7.2 billion, down $346 million for the month. From an investment standpoint, the portfolio composition looks a lot different at the end of June versus May. This is due to quarter end pressures that exist in the overnight securities and repurchase agreement market and is not a reflection of a change in investment strategy. On the last day of June, the composition of the portfolio is skewed toward overnight repurchase agreements and money-market funds to a larger percentage than normal, up 4% and 8% respectively.

The portfolio was invested at 35% for banks, a decrease of 2% from the end of May; 19% for variable rate notes, up 2%; 15% for commercial paper, a drop of 11%; 16% for repo, up 4%; and, 15% for money market investments, an increase of 8%.

The portfolio’s yield fell a basis point on a gross basis to 18 basis points. Weighted Average Maturity (WAM) was 40 days, 7 days longer than May’s close, and Weighted Average Life (WAL) was 79 days, 14 days longer. Maturities were longer in part because we purchased floating rate paper in the 9- to 12-month area, both bank and corporate names. We also focused our banking trades in the 3- to 4-month part of the curve, where the yield curve offered the best value for the names approved.

PORTFOLIO MANAGER COMMENTARY (CON’T.)JUNE 30, 2014

Top Holdings and Average Maturity

1. Sumitomo Mitsui Financial Group, Inc. 4.9%

2. Wells Fargo & Co. 4.9%

3. Mitsubishi UFJ Financial Group, Inc. 4.8%

4. Svenska Handelsbanken, Stockholm 4.8%

5. BNP Paribas SA 4.7%

6. ING Groep N.V. 4.6%

7. Dreyfus Government Cash Management Fund 4.4%

8. Credit Suisse Group AG 4.2%

9. Royal Bank of Canada, Montreal 4.1%

10. Federated Prime Obligations Fund 3.8%

Average Effective Maturity (WAM)

Weighted Average Life (Spread WAM)

Percentages based on total value of investments

40.2 Days

79.5 Days

Accessible inone business

day

Accessible infive business

days

33.5% 45.8%

Highly Liquid Holdings (% at month end)


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FLORIDA PRIME SUMMARY OF CASH FLOWS

June 2014Opening Balance (06/01/14) 7,536,932,472$

Participant Deposits 1,117,319,638

Transfers from Fund B 25,700,000

Gross Earnings 1,146,900

Participant Withdrawals (1,489,496,879)

Fees (183,555)

Closing Balance (06/30/14) 7,191,418,576$

Net Change over Month (345,513,896)

June 2014 AmountBasis Point Equivalent*

SBA Client Service, Account Mgt. & Fiduciary Oversight Fee 59,346.44$ 0.97$ Federated Investment Management Fee 102,111.63 1.66

BNY Mellon Custodial Fee** 8,046.81 0.13 Bank of America Transfer Agent Fee 4,988.12 0.08 S&P Rating Maintenance Fee 3,287.67 0.05 Audit/External Review Fees 5,774.05 0.09

Total Fees 183,554.72$ 2.99

FLORIDA PRIME DETAILED FEE DISCLOSURE

As shown in the table above, Florida PRIME experienced a net outflow of $345.5 million during June 2014.

This change in value consisted of positive flows of $1.12 billion in participant deposits, $25.7 million in transfers from Fund B and $1.1 million in earnings. Negative flows consisted of $1.49 billion in participant withdrawals and about $184,000 in fees.

Overall, the fund ended the month with a closing balance of $7.19 billion.

*The basis point equivalent is an annualized rate based on the dollar amount of fees charged for the month times 12, divided by an average of the fund’s beginning and ending total value (amortized cost) for the month which was $7,364,175,524. **All custodian banking fees are allocated based on both market value (size) and level of service accurately passing through all charges to pool partici-pants. Charges will fluctuate month-to-month.

Valuations based on amortized cost

SBA Releases Results of the Annual Particpant Satisfaction Surveyand

The 2014 Best Practices and 2014 Statutory Compliance Review Available Online

Read more under the Latest News sections of the PRIME websitehttps://www.sbafla.com/PRIME


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FUND PERFORMANCE THROUGH JUNE 30, 2014

NOTES TO PERFORMANCE TABLE

1Net of fees. Participant yield is calculated on a 365-day basis and includes adjust-ments for expenses and other accounting items to reflect realized earnings by par-ticipants.

2The net-of-fee benchmark is the S&P AAA/AA Rated GIP All 30-Day Net Index for all time periods.

Net asset value includes investments at market value, plus all cash, accrued inter-est receivable and payables.

NOTES TO CHART

The 7-Day “SEC” Yield in the chart is cal-culated in accordance with the yield meth-odology set forth by SEC rule 2a-7 for money market funds.

The 7-day yield = net income earned over a 7-day period / average units outstanding over the period / 7 times 365.

Note that unlike other performance mea-sures, the SEC yield does not include real-ized gains and losses from sales of securi-ties.

Net Participant

Yield1

Net-of-Fee

Benchmark2Above (Below)

Benchmark1 mo 0.16% 0.05% 0.11%

3 mos 0.16% 0.05% 0.11%12 mos 0.17% 0.05% 0.12%

3 yrs 0.23% 0.07% 0.16%5 yrs 0.26% 0.11% 0.14%

10 yrs 1.86% 1.70% 0.16%Since 1.96 2.98% 2.77% 0.21%

$7,191.5 mNet asset value at month end:

Florida PRIME Participant Performance Data

Florida PRIME 7-Day “SEC” Yields During the Month

ABOUT ANNUALIZED YIELDS

Performance data in the table and chart is annu-alized, meaning that the amounts are based on yields for the periods indicated, converted to their equivalent if obtained for a 12-month period.

For example, ignoring the effects of compounding,

an investment that earns 0.10% over a 1-month pe-riod yields 1.20% on an annualized basis. Likewise, an investment that earns a total of 3.60% over three years yields 1.20% on an annualized basis, ignoring compounding.

For performance comparisons to other short-term investment op-tions, see www.sbafla.com/prime and click on “Pool Performance.”

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7-Day "SEC" Yield


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Security Name Security Classification Cpn/Dis Maturity Rate Reset Par Current

Yield Amort Cost (2) Mkt Value (1) Unrealized Gain/Loss

Australia & New Zealand Banking Group, Melbourne, Nov 04, 2014

VARIABLE RATE COMMER-CIAL PAPER - 4-2 0.43 11/4/2014 7/4/2014 60,000,000 0.16 $60,000,000 $60,000,240 $240

BNP Paribas SA CDYAN CERTIFICATE OF DEPOSIT - YANKEE 0.11 7/7/2014 340,000,000 0.11 $340,000,000 $340,000,000 $0

Bank of America N A. BNOTE BANK NOTE 0 21 7/28/2014 200,000,000 0 21 $200,000,000 $200,007,760 $7,760Bank of America N A. Triparty Repo Overnight Fixed

REPO TR PARTY OVER-NIGHT FIXED 0.10 7/1/2014 750,000,000 0.10 $750,000,000 $750,000,000 $0

Bank of Montreal, Apr 01, 2015 VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0 23 4/1/2015 7/1/2014 20,000,000 0 23 $20,000,000 $19,997,020 -$2,980

Bank of Montreal, Dec 08, 2014 VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0.18 12/8/2014 7/8/2014 50,000,000 0.18 $49,995,835 $49,995,525 -$310

Bank of Montreal, Feb 20, 2015 VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0 23 2/20/2015 8/20/2014 50,000,000 0 23 $50,000,000 $49,996,600 -$3,400

Bank of Montreal, Mar 11, 2015 VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0 23 3/11/2015 7/11/2014 100,000,000 0 24 $100,000,000 $99,986,400 -$13,600

Bank of Nova Scotia, Tor, .24% CALLABLE CERTIFICATE OF DEPOSIT 0 24 10/20/2014 125,000,000 0 24 $125,000,000 $125,023,275 $23,275

Bank of Nova Scotia, Tor, .25% CALLABLE CERTIFICATE OF DEPOSIT 0 25 3/12/2015 75,000,000 0 25 $75,000,000 $75,000,000 $0

Bank of Tokyo-Mitsubishi Ltd. CDYAN CERTIFICATE OF DEPOSIT - YANKEE 0.14 7/11/2014 25,000,000 0.14 $25,000,000 $25,000,000 $0



Barclays Bank PLC, Sr. Unsecd. Note, 5.200%, 07/10/2014 CORPORATE BOND 5 20 7/10/2014 400,000 0 26 $400,548 $400,360 -$188

Barclays US Funding Corp. CP COMMERCIAL PAPER 7/2/2014 100,000,000 0 20 $99,998,889 $99,999,440 $551

Barton Capital LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2) 9/17/2014 20,000,000 0 20 $19,991,222 $19,993,460 $2,238

Bedford Row Funding Corp. CPABS4-2

COMMERCIAL PAPER - ABS- 4(2) 6/17/2015 20,000,000 0 30 $19,941,333 $19,951,020 $9,687

Canadian Imperial Bank of Com-merce, Dec 24, 2014

VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0 31 12/24/2014 7/24/2014 225,000,000 0 32 $225,000,000 $225,009,000 $9,000

Chase Bank USA, N.A. CD CERTIFICATE OF DEPOSIT 0 30 5/15/2015 50,000,000 0 30 $50,000,000 $50,008,790 $8,790Credit Agricole Corporate and Invest-ment Bank CDYAN

CERTIFICATE OF DEPOSIT - YANKEE 0 21 8/15/2014 25,000,000 0 21 $25,000,000 $25,001,595 $1,595

Credit Agricole Corporate and Invest-ment Bank CDYAN


Credit Agricole Corporate and Invest-ment Bank CDYAN

CERTIFICATE OF DEPOSIT - YANKEE 0 23 9/9/2014 75,000,000 0 23 $75,000,000 $75,000,000 $0

Credit Suisse, Zurich CDYAN CERTIFICATE OF DEPOSIT - YANKEE 0 22 9/18/2014 75,000,000 0 22 $75,000,000 $75,000,000 $0

Credit Suisse, Zurich CDYAN CERTIFICATE OF DEPOSIT - YANKEE 0.15 7/31/2014 80,000,000 0.15 $80,000,000 $80,000,000 $0

Credit Suisse, Zurich, .23% CALLABLE CERTIFICATE OF DEPOSIT 0 23 8/19/2014 100,000,000 0 23 $100,000,000 $100,004,160 $4,160

Credit Suisse, Zurich, .23% CALLABLE CERTIFICATE OF DEPOSIT 0 23 9/3/2014 50,000,000 0 23 $50,000,000 $50,000,000 $0

INVENTORY OF HOLDINGS JUNE 30, 2014

See notes at end of table.


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INVENTORY OF HOLDINGS (CONTINUED)JUNE 30, 2014



DZ Bank AG Deutsche Zentral-Genossenschaftbank CDEUR

CERTIFICATE OF DEPOSIT - EURO 0 00 10/6/2014 150,000,000 0 26 $149,893,928 $149,866,868 -$27,059

Deutsche Bank AG, Aug 28, 2014 VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0.48 8/28/2014 7/1/2014 100,000,000 0 23 $100,000,000 $99,987,000 -$13,000

Deutsche Bank Securities, Inc. REP3P

REPO TR PARTY OVER-NIGHT FIXED 0.15 7/1/2014 400,000,000 0.15 $400,000,000 $400,000,000 $0

Dreyfus Government Cash Manage-ment Fund OVNMF OVERNIGHT MUTUAL FUND 0 01 7/1/2014 317,087,279 0 01 $317,087,279 $317,087,279 $0

Fairway Finance Co. LLC, Aug 04, 2014

VARIABLE RATE COMMER-CIAL PAPER-ABS-4(2) 0.18 8/4/2014 7/3/2014 30,000,000 0.17 $30,000,000 $29,999,730 -$270

Federated Prime Cash Obligations Fund, Class IS

MUTUAL FUND MONEY MARKET 0 03 7/1/2014 7/1/2014 250,639,063 0 02 $250,639,063 $250,639,063 $0

Federated Prime Obligations Fund, Class IS

MUTUAL FUND MONEY MARKET 0 03 7/1/2014 7/1/2014 276,010,948 0 02 $276,010,948 $276,010,948 $0

General Electric Capital Corp., Jul 02, 2015

VARIABLE MEDIUM TERM NOTE 1 26 7/2/2015 7/2/2014 500,000 0 25 $505,120 $504,878 -$243

General Electric Capital Corp., Jul 02, 2015


General Electric Capital Corp., Series MTN, 3 500%, 06/29/2015 CORPORATE BOND 3 50 6/29/2015 4,701,000 0 34 $4,848,614 $4,848,306 -$308

General Electric Capital Corp., Series MTN, 3 500%, 06/29/2015 CORPORATE BOND 3 50 6/29/2015 1,546,000 0 36 $1,594,268 $1,594,444 $176

General Electric Capital Corp., Sr. Unsecd. Note, 1.625%, 7/02/2015 CORPORATE BOND 1 63 7/2/2015 35,859,000 0 34 $36,320,012 $36,315,091 -$4,921

General Electric Capital Corp., Sr. Unsecd. Note, 1.625%, 7/02/2015 CORPORATE BOND 1 63 7/2/2015 18,000,000 0 34 $18,231,347 $18,228,942 -$2,405

General Electric Capital Corp., Sr. Unsecd. Note, 1.625%, 7/02/2015 CORPORATE BOND 1 63 7/2/2015 1,929,000 0 34 $1,953,796 $1,953,535 -$261

General Electric Capital Corp., Sr. Unsecd. Note, 2.150%, 01/09/2015 CORPORATE BOND 2.15 1/9/2015 25,000,000 0 30 $25,243,953 $25,246,250 $2,297

General Electric Capital Corp., Sr. Unsecd. Note, 2.150%, 01/09/2015 CORPORATE BOND 2.15 1/9/2015 275,000 0 31 $277,666 $277,709 $43

General Electric Capital Corp., Sr. Unsecd. Note, Series A, 01/09/2015 CORPORATE NOTE 0 62 1/9/2015 7/9/2014 33,000,000 0 25 $33,068,094 $33,065,208 -$2,886

General Electric Capital Corp., Sr. Unsecd. Note, Series A, 3.750%, 11/14/2014

CORPORATE BOND 3.75 11/14/2014 4,625,000 0 28 $4,685,014 $4,685,074 $60


CORPORATE BOND 3.75 11/14/2014 550,000 0 29 $557,137 $557,144 $7


CORPORATE BOND 3.75 11/14/2014 4,200,000 0 30 $4,254,034 $4,254,554 $520


CORPORATE BOND 3.75 11/14/2014 1,280,000 0 39 $1,296,083 $1,296,626 $543

General Electric Capital Corp., Sr. Unsecd. Note, Series MTN, 2.375%, 06/30/2015

CORPORATE BOND 2 38 6/30/2015 1,500,000 0 34 $1,530,408 $1,531,049 $641



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General Electric Capital Corp., Sr. Unsecd. Note, Series MTN, 2 375%, 06/30/2015

CORPORATE BOND 2.38 6/30/2015 4,788,000 0.34 $4,884,703 $4,887,107 $2,404

General Electric Capital Corp., Sr. Unsecd. Note, Series MTN, 2 375%, 06/30/2015

CORPORATE BOND 2.38 6/30/2015 7,500,000 0.35 $7,651,487 $7,655,243 $3,755

General Electric Capital Corp., Sr. Unsecured, Apr 13, 2015

VARIABLE MEDIUM TERM NOTE 0.73 4/13/2015 7/14/2014 1,233,000 0.23 $1,237,912 $1,237,325 -$586

General Electric Capital Corp., Sr. Unsecured, Apr 13, 2015

VARIABLE MEDIUM TERM NOTE 0.73 4/13/2015 7/14/2014 500,000 0.25 $501,897 $501,754 -$143

General Electric Capital, 4.75%, 9/15/2014 CORPORATE BOND 4.75 9/15/2014 5,000,000 0.28 $5,047,005 $5,045,830 -$1,175

General Electric Capital, 4.75%, 9/15/2014 CORPORATE BOND 4.75 9/15/2014 275,000 0.38 $277,526 $277,521 -$5

General Electric Capital, 4.75%, 9/15/2014 CORPORATE BOND 4.75 9/15/2014 6,000,000 0.40 $6,054,851 $6,054,996 $145

General Electric Capital, 4.75%, 9/15/2014 CORPORATE BOND 4.75 9/15/2014 8,653,000 0.41 $8,731,914 $8,732,313 $400

General Electric Capital, Floating Rate Note - Sr. Note, Series MTNA, 9/15/2014

CORPORATE BOND 0.49 9/15/2014 9/15/2014 404,000 0.24 $404,230 $404,005 -$225

General Electric Capital, Floating Rate Note - Sr. Note, Series MTNA, 9/15/2014

CORPORATE BOND 0.49 9/15/2014 9/15/2014 4,861,000 0.25 $4,863,752 $4,861,058 -$2,694

General Electric Capital, Note, Series MTN, 4.875%, 3/04/2015 CORPORATE BOND 4.88 3/4/2015 9,500,000 0.30 $9,795,041 $9,797,198 $2,157


General Electric Capital, Note, Series MTN, 4.875%, 3/04/2015 CORPORATE BOND 4.88 3/4/2015 597,000 0.32 $615,456 $615,677 $220

General Electric Capital, Note, Series MTN, 4.875%, 3/04/2015 CORPORATE BOND 4.88 3/4/2015 450,000 0.32 $463,815 $464,078 $262


General Electric Capital, Sr. Unsecd. Note, Series MTN, 7/10/2015 CORPORATE BOND 0.61 7/10/2015 7/10/2014 1,750,000 0.23 $1,757,015 $1,755,892 -$1,122

General Electric Capital, Sr. Unsecd. Note, Series MTN, 7/10/2015 CORPORATE BOND 0.61 7/10/2015 7/10/2014 375,000 0.26 $376,386 $376,263 -$123

Gotham Funding Corp. CPABS4-2 COMMERCIAL PAPER - ABS- 4(2) 7/2/2014 50,000,000 0.16 $49,999,556 $49,999,640 $84

Gotham Funding Corp. CPABS4-2 COMMERCIAL PAPER - ABS- 4(2) 7/8/2014 157,770,000 0.15 $157,764,741 $157,765,330 $589

HSBC USA, Inc. CP COMMERCIAL PAPER 9/5/2014 75,000,000 0.24 $74,966,500 $74,978,693 $12,193HSBC USA, Inc. CP COMMERCIAL PAPER 11/24/2014 5,000,000 0.23 $4,995,406 $4,995,978 $572ICICI Bank Ltd., Hong Kong (Series B) CPLOC COMMERCIAL PAPER - LOC 9/24/2014 25,000,000 0.28 $24,983,278 $24,973,903 -$9,375

NG (U.S.) Funding LLC CP COMMERCIAL PAPER 7/3/2014 50,000,000 0.21 $49,999,146 $49,999,585 $439NG (U.S.) Funding LLC CP COMMERCIAL PAPER 7/24/2014 147,000,000 0.21 $146,979,420 $146,987,946 $8,526



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ING (U.S.) Funding LLC CP COMMERCIAL PAPER 7/25/2014 75,000,000 0.21 $74,989,063 $74,993,543 $4,480ING (U.S.) Funding LLC CP COMMERCIAL PAPER 10/2/2014 60,000,000 0.21 $59,967,100 $59,969,448 $2,348J.P. Morgan Securities LLC CP4-2 COMMERCIAL PAPER - 4-2 7/16/2014 10,000,000 0.28 $9,998,756 $9,999,243 $487J.P. Morgan Securities LLC CP4-2 COMMERCIAL PAPER - 4-2 7/29/2014 26,000,000 0.25 $25,994,764 $25,996,251 $1,487J.P. Morgan Securities LLC CP4-2 COMMERCIAL PAPER - 4-2 9/3/2014 40,000,000 0.23 $39,983,389 $39,987,024 $3,635J.P. Morgan Securities LLC CP4-2 COMMERCIAL PAPER - 4-2 12/3/2014 20,000,000 0.23 $19,980,067 $19,982,494 $2,427J.P. Morgan Securities LLC CP4-2 COMMERCIAL PAPER - 4-2 2/27/2015 25,000,000 0.34 $24,944,542 $24,963,083 $18,541JPMorgan Chase Bank, N A. CD CERT FICATE OF DEPOSIT 0.42 7/30/2014 50,000,000 0.43 $50,000,000 $50,009,970 $9,970JPMorgan Chase Bank, N A., Aug 07, 2015

VARIABLE RATE BANK NOTE 0.35 8/7/2015 9/8/2014 15,000,000 0.36 $15,000,000 $15,000,345 $345

LMA-Americas LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2) 9/10/2014 70,000,000 0.23 $69,967,800 $69,973,680 $5,880

Mizuho Bank Ltd. CDYAN CERT FICATE OF DEPOSIT - YANKEE 0.20 9/15/2014 11,200,000 0.20 $11,199,999 $11,199,999 -$0

Mizuho Bank Ltd. CDYAN CERT FICATE OF DEPOSIT - YANKEE 0.20 9/12/2014 115,000,000 0.20 $115,000,000 $115,000,000 $0

Mullenix-St. Charles Properties, L P., Times Centre Apartments Project Series 2004, Jan 01, 2028

VARIABLE RATE DEMAND NOTE 0.14 1/1/2028 7/3/2014 13,500,000 0.14 $13,500,000 $13,500,000 $0

New York State HFA, (West 38th Street LLC), (Series 2009A: 320 West 38th Street), 05/01/2042

MUNICIPAL VARIABLE RATE DEMAND NOTE 0.10 5/1/2042 7/2/2014 15,000,000 0.10 $15,000,000 $15,000,000 $0

Ontario, Province of, Sr. Unsecd. Note, Series MTN, 04/01/2015 CORPORATE NOTE 0.38 4/1/2015 7/2/2014 14,000,000 0.24 $14,016,393 $14,014,420 -$1,973

PNC Bank, N.A., Jul 20, 2015 VARIABLE RATE BANK NOTE 0.47 7/20/2015 7/21/2014 70,000,000 0.47 $70,000,000 $69,963,740 -$36,260

Royal Bank of Canada, Montreal, Aug 04, 2015

VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0.32 8/4/2015 7/4/2014 160,000,000 0.32 $160,000,000 $160,014,880 $14,880

Royal Bank of Canada, Montreal, Jan 06, 2015


Royal Bank of Canada, Montreal, Jan 06, 2015

VARIABLE MEDIUM TERM NOTE 0.46 1/6/2015 7/7/2014 55,000,000 0.47 $55,066,598 $55,065,065 -$1,533

Royal Bank of Canada, Montreal, Jul 01, 2014

VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0.28 7/1/2014 7/2/2014 30,000,000 0.29 $30,000,000 $30,000,000 $0

Royal Bank of Canada, Montreal, Mar 27, 2015

VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0.23 3/27/2015 7/28/2014 25,000,000 0.23 $25,000,000 $24,998,150 -$1,850

Royal Bank of Canada, Montreal, Sr. Unsecured, Apr 29, 2015


Royal Bank of Canada, Montreal, Sr. Unsecured, Apr 29, 2015


St. Andrew United Methodist Church, Series 2004, Jul 01, 2029

VARIABLE RATE DEMAND NOTE 0.12 7/1/2029 7/3/2014 8,780,000 0.12 $8,780,000 $8,780,000 $0

Starbird Funding Corp. CPABS4-2 COMMERCIAL PAPER - ABS- 4(2) 7/7/2014 30,000,000 0.10 $29,999,417 $29,999,241 -$176

Starbird Funding Corp. CPABS4-2 COMMERCIAL PAPER - ABS- 4(2) 9/2/2014 75,000,000 0.22 $74,970,667 $74,975,603 $4,936

Sumitomo Mitsui Banking Corp. CDYAN

CERT FICATE OF DEPOSIT - YANKEE 0.22 9/12/2014 40,000,000 0.22 $40,000,000 $39,999,172 -$828


CERT FICATE OF DEPOSIT - YANKEE 0.23 10/2/2014 165,000,000 0.23 $165,000,000 $164,995,661 -$4,340




TM

Notes: The data included in this report is unaudited. Amounts above are the value of investments. Income accruals, payables and uninvested cash are not included. Amortizations/accretions are reported with a one-day lag in the above valuations. 1 Market values of the portfolio securities are provided by the custodian, BNY Mellon. The portfolio manager, Federated Investment Counseling, is the source for other data shown above.

2 Amortized cost is calculated using a straight line method.











Svenska Handelsbanken, Stockholm TDCAY T ME DEPOSIT - CAYMAN 0 02 7/1/2014 350,000,000 0 02 $350,000,000 $350,000,000 $0

Toronto Dominion Bank CDYAN CERTIFICATE OF DEPOSIT - YANKEE 0 30 1/27/2015 25,000,000 0 30 $25,000,000 $25,016,065 $16,065



Toronto Dominion Bank, Apr 15, 2015 VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0 23 4/15/2015 7/15/2014 25,000,000 0 23 $25,000,000 $24,996,050 -$3,950

Toronto Dominion Bank, Feb 06, 2015

VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0 22 2/6/2015 8/6/2014 25,000,000 0 23 $25,000,000 $24,997,050 -$2,950

Toronto Dominion Bank, Sr. Unse-cured, MTN, May 01, 2015

VARIABLE MEDIUM TERM NOTE 0.40 5/1/2015 8/7/2014 29,580,000 0 23 $29,626,084 $29,620,406 -$5,678

Toronto Dominion Bank, Sr. Unse-cured, MTN, May 01, 2015

VARIABLE MEDIUM TERM NOTE 0.40 5/1/2015 8/7/2014 1,000,000 0 25 $1,001,374 $1,001,366 -$8

Toyota Motor Credit Corp., Apr 08, 2015


Toyota Motor Credit Corp., Sr. Unse-cured, Jan 15, 2015

VARIABLE MEDIUM TERM NOTE 0 33 1/15/2015 7/15/2014 1,000,000 0 23 $1,000,570 $1,000,440 -$130

Toyota Motor Credit Corp., Sr. Unse-cured, Jan 23, 2015

VARIABLE MEDIUM TERM NOTE 0.40 1/23/2015 7/23/2014 800,000 0 23 $800,800 $800,873 $73

U.S. Treasury Bill 08/14/2014 US TREASURY BILL 0 00 8/14/2014 34,500,000 0.11 $34,495,256 $34,499,069 $3,812Wells Fargo & Co., Sr. Unsecd. Note, 3.750%, 10/01/2014 CORPORATE BOND 3.75 10/1/2014 494,000 0 25 $498,353 $497,873 -$480

Wells Fargo & Co., Sr. Unsecd. Note, 3.750%, 10/01/2014 CORPORATE BOND 3.75 10/1/2014 813,000 0 26 $820,179 $820,000 -$179

Wells Fargo & Co., Sr. Unsecd. Note, 3.750%, 10/01/2014 CORPORATE BOND 3.75 10/1/2014 500,000 0 26 $504,404 $504,305 -$99

Wells Fargo & Co., Sr. Unsecd. Note, 3.750%, 10/01/2014 CORPORATE BOND 3.75 10/1/2014 5,000,000 0 30 $5,043,567 $5,043,050 -$517

Wells Fargo & Co., Sr. Unsecd. Note, 3.750%, 10/01/2014 CORPORATE BOND 3.75 10/1/2014 20,055,000 0 31 $20,229,470 $20,227,674 -$1,796

Wells Fargo Bank, N.A., Dec 02, 2014

VARIABLE RATE CERTIFI-CATE OF DEPOSIT 0 23 12/2/2014 9/2/2014 100,000,000 0 23 $100,000,000 $100,003,500 $3,500

Wells Fargo Bank, N.A., Jul 20, 2015 VARIABLE RATE BANK NOTE 0 32 7/20/2015 9/22/2014 100,000,000 0 33 $100,000,000 $100,018,400 $18,400

Wells Fargo Bank, N.A., Jul 22, 2015 VARIABLE MEDIUM TERM NOTE 0 37 7/22/2015 9/22/2014 50,000,000 0 37 $50,000,000 $50,000,550 $550

Wells Fargo Bank, N.A., Sr. Unse-cured, Jul 20, 2015

VARIABLE MEDIUM TERM NOTE 0 51 7/20/2015 7/21/2014 12,500,000 0 25 $12,535,506 $12,531,375 -$4,131

Total Value of Investments 7,235,699,289 $7,238,271,313 $7,238,347,730 $76,417



TM

PARTICIPANT CONCENTRATION DATA - JUNE 30, 2014

Participant BalanceShare of Total

Fund

Share of Participant

Count Participant BalanceShare of Total

Fund

Share of Participant

Count

All Participants 100.0% 100.0% Colleges & Universities 6.4% 4.9%

Top 10 36.9% 1.2% Top 10 5.6% 1.2%

$100 million or more 47.6% 1.9% $100 million or more 2.8% 0.1%$10 million up to $100 million 43.3% 11.3% $10 million up to $100 million 2.8% 1.0%$1 million up to $10 million 8.2% 17.9% $1 million up to $10 million 0.7% 1.3%Under $1 million 0.9% 69.0% Under $1 million 0.01% 2.4%

Counties 29.5% 6.4% Constitutional Officers 3.6% 8.4%

Top 10 22.6% 1.2% Top 10 2.1% 1.2%


Municipalities 14.9% 26.6% Special Districts 18.7% 40.7%

Top 10 8.4% 1.2% Top 10 13.5% 1.2%


School Boards 19.7% 10.4% Other 7.2% 2.7%

Top 10 15.7% 1.2% Top 10 6.3% 1.2%


Total Active Participant Count: 862Total Fund Value: $7,191,418,576

Counties29.5%

Cities14.9%School

Boards19.7%

Colleges6.4%Const.

Off icers3.6%

Special Dist.18.7%

Other7.2%

Participant Dollars

Counties6.4%

Cities26.6%

School Boards10.4%Colleges

4.9%

Const. Off icers

8.4%

Special Dist.40.7%

Other2.7%

Active Participant Count


TM

FLORIDA PRIME COMPLIANCE WITH INVESTMENT POLICY - JUNE 2014

Test by Source Pass/Fail

Florida PRIME's Investment Policy

Securities must be USD denominated. Pass

Ratings requirements

The Pool must purchase exclusively first-tier securities. Securities purchased with short-term ratings by an NRSRO, or comparable in quality and security to other obligations of the issuer that have received short-term ratings from an NRSRO, are eligible if they are in one of the two highest rating categories.

Pass

Securities purchased that do not have short-term ratings must have a long-term rating in one of the three highest long-term rating categories. Pass

Commercial Paper must be rated by at least one short-term NRSRO. Pass

Repurchase Agreement Counterparties must be rated by S&P Pass

S&P Weighted Average Life - maximum 90 days 1 Pass

Maturity

Securities, excluding Government floating rate notes/variable rate notes, purchased did not have a maturity in excess of 397 days. Pass

Government floating rate notes/variable rate notes purchased did not have a maturity in excess of 762 days. Pass

The Pool must maintain a Spread WAM of 120 days or less. Pass

Issuer Diversification

First-tier issuers (limit does not apply to cash, cash items, U.S. Government securities refunded securities and repo collateralized by these

securities) are limited, at the time of purchase, to 5% of the Pool's total assets. 2Pass

Demand Feature and Guarantor Diversification

First-tier securities issued by or subject to demand features and guarantees of a non-controlled person, at time of purchase, are limited to 10% with respect to 75% of the Pool's total assets.

Pass

First-tier securities issued by or subject to demand features and guarantees of a control person, at time of purchase, are limited to 10% with respect to the Pool's total assets.

Pass

Money Market Mutual Funds

The account, at time of purchase, will not have exposure to any one Money Market Mutual Fund in excess of 10% of the Pool's total assets. Pass

Concentration Tests

The account, at time of purchase, will not have exposure to an industry sector, excluding the financial services industry, in excess of 25% of the Pool's total assets.

Pass

The account, at time of purchase, will not have exposure to any single Government Agency in excess of 33.33% of the Pool's total assets. Pass

The account, at time of purchase, will not have exposure to illiquid securities in excess of 5% of the Pool's total assets. Pass

The account, at time of purchase, will invest at least 10% of the Pool's total assets in securities accessible within one business day. Pass

The account, at time of purchase, will invest at least 30% of the Pool's total assets in securities accessible within five business days. 3 Pass

S&P Requirements

The Pool must maintain a Dollar Weighted Average Maturity of 60 days or less. Pass

The account, at time of purchase, will invest at least 50% of the Pool's total assets in Securities in Highest Rating Category (A-1+ or equivalent) . Pass

1 The fund may use floating rate government securities to extend the limit up to 120 days2 This limitation applies at time of trade. Under Rule 2a-7, a fund is not required to liquidate positions if the exposure in excess of the specified percentage is caused by 3 This limitation applies at time of trade. Under Rule 2a-7, a fund is not required to take immediate corrective measures if asset movements cause the exposure to be below the specified percentage.

As investment manager, Federated monitors compliance daily on Florida PRIME to ensure that investment practices comply with the requirements of the Investment Policy Statement (IPS). Federated provides a monthly compliance report to the SBA and is required to notify the Investment Oversight Group (IOG) of compliance exceptions within 24 hours of identification. The IOG meets monthly and on an ad hoc basis to review compliance exceptions, to document responses to exceptions, and to formally escalate recommendations for approval by the Executive Director & CIO. The IOG also reviews the Federated compliance report each month, as well as, the results of independent compliance testing conducted by SBA Risk Management and Compliance. Minutes from the IOG meetings are posted to the Florida PRIME website.

In addition to the compliance testing performed by Federated, the SBA conducts independent testing on Florida PRIME using a risk-based approach. Under this approach, each IPS parameter is ranked as "High" or "Low" with respect to the level of risk associated with a potential guideline breach. IPS parameters with risk rankings of "High" are subject to independent verification by SBA Risk Management and Compliance. These rankings, along with the frequency for testing, are reviewed and approved by the IOG on an annual basis or more often if market conditions dictate. Additionally, any parameter reported in "Fail" status on the Federated compliance report, regardless of risk ranking, is also independently verified and escalated accordingly. The results of independent testing are currently reported monthly to the IOG.


TM

TRADING ACTIVITY FOR JUNE 2014

Security Maturity Trade Settle Par or Principal Traded Settlement RealizedDescription Date Date Date Shares Interest Amount Gain(Loss)

BUYSALPINE SECURITIZATICPABS4 06/19/14 06/18/14 06/18/14 50,000,000 49,999,861 0 49,999,861 0ALPINE SECURITIZATICPABS4 06/19/14 06/18/14 06/18/14 50,000,000 49,999,861 0 49,999,861 0ALPINE SECURITIZATICPABS4 06/19/14 06/18/14 06/18/14 50,000,000 49,999,861 0 49,999,861 0BNP PARIBAS FINANCE, INC, 06/30/14 06/27/14 06/27/14 50,000,000 49,999,667 0 49,999,667 0BNP PARIBAS FINANCE, INC, 06/30/14 06/27/14 06/27/14 50,000,000 49,999,667 0 49,999,667 0BNP PARIBAS FINANCE, INC, 06/30/14 06/27/14 06/27/14 50,000,000 49,999,667 0 49,999,667 0BNP PARIBAS FINANCE, INC, 06/30/14 06/27/14 06/27/14 50,000,000 49,999,667 0 49,999,667 0BNP PARIBAS FINANCE, INC, 06/30/14 06/27/14 06/27/14 50,000,000 49,999,667 0 49,999,667 0BNP PARIBAS SACDYAN 07/07/14 06/30/14 06/30/14 50,000,000 50,000,000 0 50,000,000 0BNP PARIBAS SACDYAN 07/07/14 06/30/14 06/30/14 50,000,000 50,000,000 0 50,000,000 0BNP PARIBAS SACDYAN 07/07/14 06/30/14 06/30/14 50,000,000 50,000,000 0 50,000,000 0BNP PARIBAS SACDYAN 07/07/14 06/30/14 06/30/14 50,000,000 50,000,000 0 50,000,000 0BNP PARIBAS SACDYAN 07/07/14 06/30/14 06/30/14 50,000,000 50,000,000 0 50,000,000 0BNP PARIBAS SACDYAN 07/07/14 06/30/14 06/30/14 50,000,000 50,000,000 0 50,000,000 0BNP PARIBAS SACDYAN 07/07/14 06/30/14 06/30/14 40,000,000 40,000,000 0 40,000,000 0BANK OF MONTREAL/CHICAGO L 12/08/14 06/18/14 06/18/14 50,000,000 49,995,525 3,033 49,998,558 0BANK OF MONTREAL (CCDYAN 06/26/14 06/19/14 06/19/14 50,000,000 50,000,000 0 50,000,000 0BANK OF MONTREAL (CCDYAN 06/26/14 06/19/14 06/19/14 50,000,000 50,000,000 0 50,000,000 0BANK OF NOVA SCOTIA/HOUSTON 03/12/15 06/11/14 06/12/14 50,000,000 50,000,000 0 50,000,000 0BANK OF NOVA SCOTIA/HOUSTON 03/12/15 06/11/14 06/12/14 25,000,000 25,000,000 0 25,000,000 0BANK OF TOKYO-MITSUBISHI UFJ LTD/NEW YORK NY 06/10/14 06/03/14 06/03/14 33,000,000 33,000,000 0 33,000,000 0

BANK OF TOKYO-MITSUCDYAN 06/12/14 06/05/14 06/05/14 20,000,000 20,000,000 0 20,000,000 0BANK OF TOKYO-MITSUCDYAN 06/18/14 06/11/14 06/11/14 50,000,000 50,000,000 0 50,000,000 0BANK OF TOKYO-MITSUCDYAN 06/18/14 06/11/14 06/11/14 50,000,000 50,000,000 0 50,000,000 0BANK OF TOKYO-MITSUCDYAN 07/11/14 06/11/14 06/11/14 25,000,000 25,000,000 0 25,000,000 0BANK OF TOKYO-MITSUCDYAN 07/02/14 06/18/14 06/18/14 50,000,000 50,000,000 0 50,000,000 0BANK OF TOKYO-MITSUCDYAN 07/02/14 06/18/14 06/18/14 50,000,000 50,000,000 0 50,000,000 0BANK OF TOKYO-MITSUCDYAN 06/26/14 06/19/14 06/19/14 10,000,000 10,000,000 0 10,000,000 0BANK OF TOKYO-MITSUCDYAN 07/07/14 06/30/14 06/30/14 18,000,000 18,000,000 0 18,000,000 0BARCLAYS US FUNDINGCP 06/03/14 06/02/14 06/02/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/03/14 06/02/14 06/02/14 25,000,000 24,999,938 0 24,999,938 0BARCLAYS US FUNDINGCP 06/04/14 06/03/14 06/03/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/04/14 06/03/14 06/03/14 25,000,000 24,999,938 0 24,999,938 0BARCLAYS US FUNDINGCP 06/05/14 06/04/14 06/04/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/05/14 06/04/14 06/04/14 20,000,000 19,999,950 0 19,999,950 0BARCLAYS US FUNDINGCP 06/06/14 06/05/14 06/05/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/06/14 06/05/14 06/05/14 20,000,000 19,999,950 0 19,999,950 0BARCLAYS US FUNDINGCP 06/09/14 06/06/14 06/06/14 50,000,000 49,999,625 0 49,999,625 0BARCLAYS US FUNDINGCP 06/09/14 06/06/14 06/06/14 15,000,000 14,999,888 0 14,999,888 0BARCLAYS US FUNDINGCP 06/10/14 06/09/14 06/09/14 20,000,000 19,999,950 0 19,999,950 0BARCLAYS US FUNDINGCP 06/10/14 06/09/14 06/09/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/11/14 06/10/14 06/10/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/11/14 06/10/14 06/10/14 15,000,000 14,999,963 0 14,999,963 0BARCLAYS US FUNDINGCP 06/12/14 06/11/14 06/11/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/12/14 06/11/14 06/11/14 15,000,000 14,999,963 0 14,999,963 0BARCLAYS US FUNDINGCP 06/13/14 06/12/14 06/12/14 50,000,000 49,999,861 0 49,999,861 0BARCLAYS US FUNDINGCP 06/13/14 06/12/14 06/12/14 15,000,000 14,999,958 0 14,999,958 0BARCLAYS US FUNDINGCP 06/16/14 06/13/14 06/13/14 50,000,000 49,999,625 0 49,999,625 0BARCLAYS US FUNDINGCP 06/16/14 06/13/14 06/13/14 5,000,000 4,999,963 0 4,999,963 0BARCLAYS US FUNDINGCP 06/17/14 06/16/14 06/16/14 50,000,000 49,999,861 0 49,999,861 0BARCLAYS US FUNDINGCP 06/17/14 06/16/14 06/16/14 5,000,000 4,999,986 0 4,999,986 0BARCLAYS US FUNDINGCP 06/18/14 06/17/14 06/17/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/18/14 06/17/14 06/17/14 5,000,000 4,999,988 0 4,999,988 0BARCLAYS US FUNDINGCP 06/19/14 06/18/14 06/18/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/20/14 06/19/14 06/19/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/23/14 06/20/14 06/20/14 50,000,000 49,999,625 0 49,999,625 0BARCLAYS US FUNDINGCP 06/24/14 06/23/14 06/23/14 5,000,000 4,999,988 0 4,999,988 0BARCLAYS US FUNDINGCP 06/24/14 06/23/14 06/23/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/25/14 06/24/14 06/24/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/25/14 06/24/14 06/24/14 5,000,000 4,999,988 0 4,999,988 0BARCLAYS US FUNDINGCP 06/26/14 06/25/14 06/25/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/26/14 06/25/14 06/25/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/27/14 06/26/14 06/26/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/27/14 06/26/14 06/26/14 50,000,000 49,999,875 0 49,999,875 0BARCLAYS US FUNDINGCP 06/30/14 06/27/14 06/27/14 50,000,000 49,999,583 0 49,999,583 0BARCLAYS US FUNDINGCP 06/30/14 06/27/14 06/27/14 50,000,000 49,999,583 0 49,999,583 0BARCLAYS US FUNDINGCP 06/30/14 06/27/14 06/27/14 50,000,000 49,999,583 0 49,999,583 0


TM

TRADING ACTIVITY FOR JUNE 2014 (CONTINUED)


BARTON CAPITAL LLCCPABS4- 09/17/14 06/25/14 06/25/14 20,000,000 19,990,667 0 19,990,667 0BEDFORD ROW FUNDINGCPABS4 06/17/15 06/26/14 06/26/14 20,000,000 19,940,667 0 19,940,667 0DZ BANK AG DEUTSCHECDEUR 10/06/14 06/03/14 06/05/14 150,000,000 149,866,868 0 149,866,868 0CREDIT AGRICOLE CORCDYAN 09/09/14 06/04/14 06/04/14 50,000,000 50,000,000 0 50,000,000 0CREDIT AGRICOLE CORCDYAN 09/09/14 06/04/14 06/04/14 25,000,000 25,000,000 0 25,000,000 0CREDIT SUISSE, ZURICH 09/03/14 06/05/14 06/05/14 50,000,000 50,000,000 0 50,000,000 0CREDIT SUISSE, ZURICDYAN 09/18/14 06/18/14 06/18/14 25,000,000 25,000,000 0 25,000,000 0CREDIT SUISSE, ZURICDYAN 09/18/14 06/18/14 06/18/14 50,000,000 50,000,000 0 50,000,000 0CREDIT SUISSE, ZURICDYAN 07/31/14 06/27/14 06/27/14 50,000,000 50,000,000 0 50,000,000 0CREDIT SUISSE, ZURICDYAN 07/31/14 06/27/14 06/27/14 30,000,000 30,000,000 0 30,000,000 0DEUTSCHE BANK AGCDYAN 06/10/14 06/03/14 06/03/14 50,000,000 50,000,000 0 50,000,000 0DEUTSCHE BANK AGCDYAN 06/10/14 06/03/14 06/03/14 50,000,000 50,000,000 0 50,000,000 0DEUTSCHE BANK AGCDYAN 06/10/14 06/03/14 06/03/14 50,000,000 50,000,000 0 50,000,000 0DEUTSCHE BANK AGCDYAN 06/17/14 06/10/14 06/10/14 50,000,000 50,000,000 0 50,000,000 0DEUTSCHE BANK AGCDYAN 06/17/14 06/10/14 06/10/14 50,000,000 50,000,000 0 50,000,000 0DEUTSCHE BANK AGCDYAN 06/17/14 06/10/14 06/10/14 50,000,000 50,000,000 0 50,000,000 0DEUTSCHE BANK AGCDYAN 06/24/14 06/17/14 06/17/14 50,000,000 50,000,000 0 50,000,000 0DEUTSCHE BANK AGCDYAN 06/24/14 06/17/14 06/17/14 50,000,000 50,000,000 0 50,000,000 0DEUTSCHE BANK AGCDYAN 06/24/14 06/17/14 06/17/14 50,000,000 50,000,000 0 50,000,000 0DEUTSCHE BANK AGCDYAN 06/30/14 06/23/14 06/23/14 5,000,000 5,000,000 0 5,000,000 0GENERAL ELECTRIC CAPITAL CORP 06/29/15 06/12/14 06/17/14 4,701,000 4,853,886 76,783 4,930,669 0GENERAL ELECTRIC CAPITAL CORP 06/29/15 06/17/14 06/20/14 1,546,000 1,595,594 25,702 1,621,296 0GENERAL ELECTRIC CAPITAL CORP 06/30/15 06/16/14 06/19/14 7,500,000 7,656,053 83,620 7,739,672 0GENERAL ELECTRIC CAPITAL CORP 06/30/15 06/26/14 07/01/14 4,788,000 4,884,703 316 4,885,019 0GENERAL ELECTRIC CAPITAL CORP 04/13/15 06/12/14 06/17/14 1,233,000 1,238,134 1,594 1,239,728 0GENERAL ELECTRIC CAPITAL CORP 07/02/15 06/02/14 06/05/14 35,859,000 36,351,416 247,651 36,599,067 0GENERAL ELECTRIC CAPITAL CORP 07/02/15 06/02/14 06/05/14 1,929,000 1,955,485 13,322 1,968,807 0GENERAL ELECTRIC CAPITAL CORP 07/02/15 06/09/14 06/12/14 18,000,000 18,242,694 130,000 18,372,694 0GENERAL ELECTRIC CAPITAL CORP 07/02/15 06/11/14 06/16/14 400,000 404,246 1,051 405,297 0GENERAL ELECTRIC CAPITAL CORP 07/02/15 06/27/14 07/02/14 500,000 505,120 0 505,120 0GENERAL ELECTRIC CAPITAL CORP 07/10/15 06/10/14 06/13/14 1,500,000 1,506,285 1,619 1,507,904 0GENERAL ELECTRIC CAPITAL CORP 07/10/15 06/11/14 06/16/14 375,000 376,438 424 376,861 0GENERAL ELECTRIC CAPITAL CORP 07/10/15 06/11/14 06/16/14 250,000 251,040 283 251,322 0GOTHAM FUNDING CORPCPABS4 07/08/14 06/03/14 06/03/14 50,000,000 49,992,709 0 49,992,709 0GOTHAM FUNDING CORPCPABS4 07/08/14 06/03/14 06/03/14 50,000,000 49,992,709 0 49,992,709 0GOTHAM FUNDING CORPCPABS4 07/08/14 06/03/14 06/03/14 50,000,000 49,992,709 0 49,992,709 0GOTHAM FUNDING CORPCPABS4 07/08/14 06/03/14 06/03/14 7,770,000 7,768,867 0 7,768,867 0ING (U,S,) FUND NG CP 10/02/14 06/24/14 06/24/14 50,000,000 49,970,833 0 49,970,833 0ING (U,S,) FUND NG CP 10/02/14 06/24/14 06/24/14 10,000,000 9,994,167 0 9,994,167 0J,P, MORGAN SECURITCP4-2 02/27/15 06/02/14 06/02/14 25,000,000 24,938,125 0 24,938,125 0LLOYDS TSB BANK PLCCP 06/10/14 06/03/14 06/03/14 50,000,000 49,999,222 0 49,999,222 0LLOYDS TSB BANK PLCCP 06/10/14 06/03/14 06/03/14 50,000,000 49,999,222 0 49,999,222 0LLOYDS TSB BANK PLCCP 06/10/14 06/03/14 06/03/14 50,000,000 49,999,222 0 49,999,222 0LMA-AMERICAS LLCCPABS4-2 09/10/14 06/06/14 06/06/14 20,000,000 19,987,733 0 19,987,733 0LMA-AMERICAS LLCCPABS4-2 09/10/14 06/06/14 06/06/14 50,000,000 49,969,333 0 49,969,333 0COUNTY OF LOS ANGELES CA 06/30/14 06/20/14 06/20/14 30,000,000 30,015,600 581,667 30,597,267 0MIZUHO BANK LTD,CDYAN 06/09/14 06/02/14 06/02/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/09/14 06/02/14 06/02/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/09/14 06/02/14 06/02/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 09/15/14 06/30/14 06/30/14 11,200,000 11,199,999 1,742 11,201,741 0MIZUHO BANK LTD,CDYAN 06/10/14 06/03/14 06/03/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/10/14 06/03/14 06/03/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 09/12/14 06/06/14 06/06/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 09/12/14 06/06/14 06/06/14 15,000,000 15,000,000 0 15,000,000 0MIZUHO BANK LTD,CDYAN 09/12/14 06/06/14 06/06/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/16/14 06/09/14 06/09/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/16/14 06/09/14 06/09/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/16/14 06/09/14 06/09/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/17/14 06/10/14 06/10/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/17/14 06/10/14 06/10/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/23/14 06/16/14 06/16/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/23/14 06/16/14 06/16/14 40,000,000 40,000,000 0 40,000,000 0MIZUHO BANK LTD,CDYAN 06/23/14 06/16/14 06/16/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/24/14 06/17/14 06/17/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/24/14 06/17/14 06/17/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/30/14 06/23/14 06/23/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/30/14 06/23/14 06/23/14 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD,CDYAN 06/30/14 06/23/14 06/23/14 40,000,000 40,000,000 0 40,000,000 0


TM



PNC BANK, N,A,, JUL 20, 07/20/15 06/18/14 06/20/14 50,000,000 50,000,000 0 50,000,000 0PNC BANK, N,A,, JUL 20, 07/20/15 06/18/14 06/20/14 20,000,000 20,000,000 0 20,000,000 0ROYAL BANK OF CANADA 04/29/15 06/30/14 07/03/14 1,800,000 1,803,245 1,419 1,804,664 0STARBIRD FUNDING COCPABS4 06/25/14 06/24/14 06/24/14 50,000,000 49,999,861 0 49,999,861 0STARBIRD FUNDING COCPABS4 06/25/14 06/24/14 06/24/14 30,000,000 29,999,917 0 29,999,917 0STARBIRD FUNDING COCPABS4 06/25/14 06/24/14 06/24/14 50,000,000 49,999,861 0 49,999,861 0STARBIRD FUNDING COCPABS4 07/07/14 06/30/14 06/30/14 30,000,000 29,999,417 0 29,999,417 0STARBIRD FUNDING COCPABS4 09/02/14 06/03/14 06/03/14 25,000,000 24,986,097 0 24,986,097 0STARBIRD FUNDING COCPABS4 09/02/14 06/04/14 06/04/14 50,000,000 49,972,500 0 49,972,500 0SUMITOMO MITSUI BANCDYAN 10/15/14 06/05/14 06/05/14 30,000,000 30,000,000 0 30,000,000 0SUMITOMO MITSUI BANCDYAN 10/09/14 06/10/14 06/10/14 20,000,000 20,000,000 0 20,000,000 0SUMITOMO MITSUI BANCDYAN 10/09/14 06/10/14 06/10/14 50,000,000 50,000,000 0 50,000,000 0TORONTO-DOM NION BANK/THE 05/01/15 06/06/14 06/11/14 25,880,000 25,922,831 10,136 25,932,968 0TORONTO-DOM NION BANK/THE 05/01/15 06/06/14 06/11/14 3,700,000 3,706,124 1,449 3,707,573 0TOTAL CAPITAL S,A,CP4-2 06/16/14 06/13/14 06/13/14 50,000,000 49,999,625 0 49,999,625 0TOTAL CAPITAL S,A,CP4-2 06/16/14 06/13/14 06/13/14 50,000,000 49,999,625 0 49,999,625 0TOTAL CAPITAL S,A,CP4-2 06/16/14 06/13/14 06/13/14 50,000,000 49,999,625 0 49,999,625 0TOTAL CAPITAL S,A,CP4-2 06/16/14 06/13/14 06/13/14 50,000,000 49,999,625 0 49,999,625 0TOTAL CAPITAL S,A,CP4-2 06/16/14 06/13/14 06/13/14 50,000,000 49,999,625 0 49,999,625 0TOTAL CAPITAL S,A,CP4-2 06/16/14 06/13/14 06/13/14 50,000,000 49,999,625 0 49,999,625 0TOTAL CAPITAL S,A,CP4-2 06/26/14 06/25/14 06/25/14 50,000,000 49,999,889 0 49,999,889 0TOTAL CAPITAL S,A,CP4-2 06/26/14 06/25/14 06/25/14 50,000,000 49,999,889 0 49,999,889 0TOTAL CAPITAL S,A,CP4-2 06/26/14 06/25/14 06/25/14 50,000,000 49,999,889 0 49,999,889 0TOTAL CAPITAL S,A,CP4-2 06/26/14 06/25/14 06/25/14 20,000,000 19,999,956 0 19,999,956 0TOTAL CAPITAL S,A,CP4-2 06/30/14 06/27/14 06/27/14 50,000,000 49,999,667 0 49,999,667 0TOTAL CAPITAL S,A,CP4-2 06/30/14 06/27/14 06/27/14 50,000,000 49,999,667 0 49,999,667 0TOTAL CAPITAL S,A,CP4-2 06/30/14 06/27/14 06/27/14 50,000,000 49,999,667 0 49,999,667 0TOYOTA MOTOR CREDIT CORP 01/23/15 06/30/14 07/03/14 800,000 800,800 625 801,425 0TOYOTA MOTOR CREDIT CORP 04/08/15 06/30/14 07/03/14 500,000 500,589 453 501,042 0TOYOTA MOTOR CREDIT CORP 01/15/15 06/30/14 07/03/14 1,000,000 1,000,570 716 1,001,286 0WELLS FARGO & CO 10/01/14 06/23/14 06/26/14 813,000 820,488 7,198 827,686 0WELLS FARGO BANK NA 07/20/15 06/23/14 06/26/14 12,500,000 12,535,875 11,462 12,547,337 0WELLS FARGO BANK NA 07/20/18 06/27/14 07/02/14 50,000,000 50,000,000 4,620 50,004,620 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/03/14 06/03/14 3,437,925 3,437,925 0 3,437,925 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/06/14 06/06/14 4,358,831 4,358,831 0 4,358,831 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/10/14 06/10/14 4,879,842 4,879,842 0 4,879,842 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/12/14 06/12/14 3,865,270 3,865,270 0 3,865,270 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/17/14 06/17/14 2,869,502 2,869,502 0 2,869,502 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/19/14 06/19/14 502,740 502,740 0 502,740 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/20/14 06/20/14 641,138 641,138 0 641,138 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/24/14 06/24/14 118,041 118,041 0 118,041 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/25/14 06/25/14 1,226,486 1,226,486 0 1,226,486 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/27/14 06/27/14 622,905 622,905 0 622,905 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/30/14 06/30/14 314,346,917 314,346,917 0 314,346,917 0FEDERATED PR ME CASH OBLIGATIONS FUND 10/01/40 06/01/14 06/01/14 3,652 3,652 0 3,652 0FEDERATED PR ME OBLIGATIONS FUND 10/01/40 06/01/14 06/01/14 4,777 4,777 0 4,777 0DEUTSCHE BANK 06/03/14 06/02/14 06/02/14 550,000,000 550,000,000 0 550,000,000 0BANK OF AMERICA TRIPARTY 06/03/14 06/02/14 06/02/14 285,000,000 285,000,000 0 285,000,000 0DEUTSCHE BANK 06/04/14 06/03/14 06/03/14 550,000,000 550,000,000 0 550,000,000 0BANK OF AMERICA TRIPARTY 06/04/14 06/03/14 06/03/14 330,000,000 330,000,000 0 330,000,000 0DEUTSCHE BANK 06/05/14 06/04/14 06/04/14 550,000,000 550,000,000 0 550,000,000 0BANK OF AMERICA TRIPARTY 06/05/14 06/04/14 06/04/14 250,000,000 250,000,000 0 250,000,000 0DEUTSCHE BANK 06/06/14 06/05/14 06/05/14 300,000,000 300,000,000 0 300,000,000 0BANK OF AMERICA TRIPARTY 06/06/14 06/05/14 06/05/14 240,000,000 240,000,000 0 240,000,000 0DEUTSCHE BANK 06/09/14 06/06/14 06/06/14 250,000,000 250,000,000 0 250,000,000 0BANK OF AMERICA TRIPARTY 06/09/14 06/06/14 06/06/14 245,000,000 245,000,000 0 245,000,000 0DEUTSCHE BANK 06/10/14 06/09/14 06/09/14 360,000,000 360,000,000 0 360,000,000 0BANK OF AMERICA TRIPARTY 06/10/14 06/09/14 06/09/14 120,000,000 120,000,000 0 120,000,000 0DEUTSCHE BANK 06/11/14 06/10/14 06/10/14 480,000,000 480,000,000 0 480,000,000 0BANK OF AMERICA TRIPARTY 06/11/14 06/10/14 06/10/14 250,000,000 250,000,000 0 250,000,000 0DEUTSCHE BANK 06/12/14 06/11/14 06/11/14 485,000,000 485,000,000 0 485,000,000 0BANK OF AMERICA TRIPARTY 06/12/14 06/11/14 06/11/14 175,000,000 175,000,000 0 175,000,000 0DEUTSCHE BANK 06/13/14 06/12/14 06/12/14 650,000,000 650,000,000 0 650,000,000 0BANK OF AMERICA TRIPARTY 06/13/14 06/12/14 06/12/14 60,000,000 60,000,000 0 60,000,000 0DEUTSCHE BANK 06/16/14 06/13/14 06/13/14 200,000,000 200,000,000 0 200,000,000 0BANK OF AMERICA TRIPARTY 06/16/14 06/13/14 06/13/14 220,000,000 220,000,000 0 220,000,000 0DEUTSCHE BANK 06/17/14 06/16/14 06/16/14 600,000,000 600,000,000 0 600,000,000 0BANK OF AMERICA TRIPARTY 06/17/14 06/16/14 06/16/14 220,000,000 220,000,000 0 220,000,000 0


TM



DEUTSCHE BANK 06/18/14 06/17/14 06/17/14 700,000,000 700,000,000 0 700,000,000 0BANK OF AMERICA TR PARTY 06/18/14 06/17/14 06/17/14 355,000,000 355,000,000 0 355,000,000 0DEUTSCHE BANK 06/19/14 06/18/14 06/18/14 650,000,000 650,000,000 0 650,000,000 0BANK OF AMERICA TR PARTY 06/19/14 06/18/14 06/18/14 285,000,000 285,000,000 0 285,000,000 0DEUTSCHE BANK 06/20/14 06/19/14 06/19/14 675,000,000 675,000,000 0 675,000,000 0BANK OF AMERICA TR PARTY 06/20/14 06/19/14 06/19/14 305,000,000 305,000,000 0 305,000,000 0DEUTSCHE BANK 06/23/14 06/20/14 06/20/14 650,000,000 650,000,000 0 650,000,000 0BANK OF AMERICA TR PARTY 06/23/14 06/20/14 06/20/14 245,000,000 245,000,000 0 245,000,000 0DEUTSCHE BANK 06/24/14 06/23/14 06/23/14 750,000,000 750,000,000 0 750,000,000 0BANK OF AMERICA TR PARTY 06/24/14 06/23/14 06/23/14 300,000,000 300,000,000 0 300,000,000 0DEUTSCHE BANK 06/25/14 06/24/14 06/24/14 750,000,000 750,000,000 0 750,000,000 0BANK OF AMERICA TR PARTY 06/25/14 06/24/14 06/24/14 340,000,000 340,000,000 0 340,000,000 0DEUTSCHE BANK 06/26/14 06/25/14 06/25/14 900,000,000 900,000,000 0 900,000,000 0BANK OF AMERICA TR PARTY 06/26/14 06/25/14 06/25/14 260,000,000 260,000,000 0 260,000,000 0DEUTSCHE BANK 06/27/14 06/26/14 06/26/14 1,000,000,000 1,000,000,000 0 1,000,000,000 0BANK OF AMERICA TR PARTY 06/27/14 06/26/14 06/26/14 515,000,000 515,000,000 0 515,000,000 0DEUTSCHE BANK 06/30/14 06/27/14 06/27/14 750,000,000 750,000,000 0 750,000,000 0BANK OF AMERICA TR PARTY 06/30/14 06/27/14 06/27/14 215,000,000 215,000,000 0 215,000,000 0DEUTSCHE BANK 07/01/14 06/30/14 06/30/14 400,000,000 400,000,000 0 400,000,000 0BANK OF AMERICA TR PARTY 07/01/14 06/30/14 06/30/14 750,000,000 750,000,000 0 750,000,000 0SVENSKA HANDELSBANKTDCAY 0 07 20140603 06/03/14 06/02/14 06/02/14 375,000,000 375,000,000 0 375,000,000 0SVENSKA HANDELSBANKTDCAY 0 07 20140604 06/04/14 06/03/14 06/03/14 375,000,000 375,000,000 0 375,000,000 0SVENSKA HANDELSBANKTDCAY 0 07 20140605 06/05/14 06/04/14 06/04/14 370,000,000 370,000,000 0 370,000,000 0SVENSKA HANDELSBANKTDCAY 0 08 20140606 06/06/14 06/05/14 06/05/14 370,000,000 370,000,000 0 370,000,000 0SVENSKA HANDELSBANKTDCAY 0 08 20140609 06/09/14 06/06/14 06/06/14 365,000,000 365,000,000 0 365,000,000 0SVENSKA HANDELSBANKTDCAY 0 08 20140610 06/10/14 06/09/14 06/09/14 370,000,000 370,000,000 0 370,000,000 0SVENSKA HANDELSBANKTDCAY 0 08 20140611 06/11/14 06/10/14 06/10/14 365,000,000 365,000,000 0 365,000,000 0SVENSKA HANDELSBANKTDCAY 0 08 20140612 06/12/14 06/11/14 06/11/14 365,000,000 365,000,000 0 365,000,000 0SVENSKA HANDELSBANKTDCAY 0 08 20140613 06/13/14 06/12/14 06/12/14 365,000,000 365,000,000 0 365,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140616 06/16/14 06/13/14 06/13/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140617 06/17/14 06/16/14 06/16/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140618 06/18/14 06/17/14 06/17/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140619 06/19/14 06/18/14 06/18/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140620 06/20/14 06/19/14 06/19/14 350,000,000 350,000,000 0 350,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140623 06/23/14 06/20/14 06/20/14 350,000,000 350,000,000 0 350,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140624 06/24/14 06/23/14 06/23/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140625 06/25/14 06/24/14 06/24/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140626 06/26/14 06/25/14 06/25/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140627 06/27/14 06/26/14 06/26/14 350,000,000 350,000,000 0 350,000,000 0SVENSKA HANDELSBANKTDCAY 0 09 20140630 06/30/14 06/27/14 06/27/14 350,000,000 350,000,000 0 350,000,000 0SVENSKA HANDELSBANKTDCAY 0 02 20140701 07/01/14 06/30/14 06/30/14 350,000,000 350,000,000 0 350,000,000 0Total Buys 32,347,422,025 32,348,350,512 1,206,885 32,349,557,398 0MaturitiesALP NE SECURITIZATICPABS4 06/19/14 06/19/14 06/19/14 150,000,000 150,000,000 0 150,000,000 0BNP PARIBAS FINANCE, INC, 06/02/14 06/02/14 06/02/14 25,000,000 25,000,000 0 25,000,000 0BNP PARIBAS FINANCE, INC, 06/30/14 06/30/14 06/30/14 250,000,000 250,000,000 0 250,000,000 0BNP PARIBAS SACDYAN 06/12/14 06/12/14 06/12/14 300,000,000 300,000,000 0 300,000,000 0BANK OF MONTREAL (CCDYAN 06/26/14 06/26/14 06/26/14 100,000,000 100,000,000 0 100,000,000 0BANK OF TOKYO-MITSUCDYAN 06/11/14 06/11/14 06/11/14 100,000,000 100,000,000 0 100,000,000 0BANK OF TOKYO-MITSUBISHI UFJ LTD/NEW YORK NY 06/03/14 06/03/14 06/03/14 200,000,000 200,000,000 0 200,000,000 0

BANK OF TOKYO-MITSUCDYAN 06/05/14 06/05/14 06/05/14 25,000,000 25,000,000 0 25,000,000 0BANK OF TOKYO-MITSUBISHI UFJ LTD/NEW YORK NY 06/10/14 06/10/14 06/10/14 33,000,000 33,000,000 0 33,000,000 0

BANK OF TOKYO-MITSUCDYAN 06/12/14 06/12/14 06/12/14 20,000,000 20,000,000 0 20,000,000 0BANK OF TOKYO-MITSUCDYAN 06/18/14 06/18/14 06/18/14 100,000,000 100,000,000 0 100,000,000 0BANK OF TOKYO-MITSUCDYAN 06/26/14 06/26/14 06/26/14 10,000,000 10,000,000 0 10,000,000 0BARCLAYS US FUNDINGCP 06/02/14 06/02/14 06/02/14 80,000,000 80,000,000 0 80,000,000 0BARCLAYS US FUNDINGCP 06/03/14 06/03/14 06/03/14 75,000,000 75,000,000 0 75,000,000 0BARCLAYS US FUNDINGCP 06/04/14 06/04/14 06/04/14 75,000,000 75,000,000 0 75,000,000 0BARCLAYS US FUNDINGCP 06/05/14 06/05/14 06/05/14 70,000,000 70,000,000 0 70,000,000 0BARCLAYS US FUNDINGCP 06/06/14 06/06/14 06/06/14 70,000,000 70,000,000 0 70,000,000 0BARCLAYS US FUNDINGCP 06/09/14 06/09/14 06/09/14 65,000,000 65,000,000 0 65,000,000 0BARCLAYS US FUNDINGCP 06/10/14 06/10/14 06/10/14 70,000,000 70,000,000 0 70,000,000 0BARCLAYS US FUNDINGCP 06/11/14 06/11/14 06/11/14 65,000,000 65,000,000 0 65,000,000 0BARCLAYS US FUNDINGCP 06/12/14 06/12/14 06/12/14 65,000,000 65,000,000 0 65,000,000 0BARCLAYS US FUNDINGCP 06/13/14 06/13/14 06/13/14 65,000,000 65,000,000 0 65,000,000 0BARCLAYS US FUNDINGCP 06/16/14 06/16/14 06/16/14 55,000,000 55,000,000 0 55,000,000 0BARCLAYS US FUNDINGCP 06/17/14 06/17/14 06/17/14 55,000,000 55,000,000 0 55,000,000 0


TM



BARCLAYS US FUND NGCP 06/18/14 06/18/14 06/18/14 55,000,000 55,000,000 0 55,000,000 0BARCLAYS US FUND NGCP 06/19/14 06/19/14 06/19/14 50,000,000 50,000,000 0 50,000,000 0BARCLAYS US FUND NGCP 06/20/14 06/20/14 06/20/14 50,000,000 50,000,000 0 50,000,000 0BARCLAYS US FUND NGCP 06/23/14 06/23/14 06/23/14 50,000,000 50,000,000 0 50,000,000 0BARCLAYS US FUND NGCP 06/24/14 06/24/14 06/24/14 55,000,000 55,000,000 0 55,000,000 0BARCLAYS US FUND NGCP 06/25/14 06/25/14 06/25/14 255,000,000 255,000,000 0 255,000,000 0BARCLAYS US FUND NGCP 06/26/14 06/26/14 06/26/14 100,000,000 100,000,000 0 100,000,000 0BARCLAYS US FUND NGCP 06/27/14 06/27/14 06/27/14 100,000,000 100,000,000 0 100,000,000 0BARCLAYS US FUND NGCP 06/30/14 06/30/14 06/30/14 150,000,000 150,000,000 0 150,000,000 0CAISSE DES DEPOTS ECP 06/18/14 06/18/14 06/18/14 100,000,000 100,000,000 0 100,000,000 0COMMONWEALTH BANK OCP4-2 06/16/14 06/16/14 06/16/14 75,000,000 75,000,000 0 75,000,000 0RABOBANK NEDERLAND,CDYAN 06/03/14 06/03/14 06/03/14 150,000,000 150,000,000 0 150,000,000 0RABOBANK NEDERLAND,CDYAN 06/25/14 06/25/14 06/25/14 50,000,000 50,000,000 0 50,000,000 0RABOBANK NEDERLAND,CDYAN 06/23/14 06/23/14 06/23/14 150,000,000 150,000,000 0 150,000,000 0CREDIT AGRICOLE CORCDYAN 06/02/14 06/02/14 06/02/14 75,000,000 75,000,000 0 75,000,000 0CREDIT AGRICOLE CORCDYAN 06/06/14 06/06/14 06/06/14 25,000,000 25,000,000 0 25,000,000 0DEUTSCHE BANK AGCDYAN 06/10/14 06/10/14 06/10/14 150,000,000 150,000,000 0 150,000,000 0DEUTSCHE BANK AGCDYAN 06/17/14 06/17/14 06/17/14 150,000,000 150,000,000 0 150,000,000 0DEUTSCHE BANK AGCDYAN 06/24/14 06/24/14 06/24/14 150,000,000 150,000,000 0 150,000,000 0DEUTSCHE BANK AGCDYAN 06/30/14 06/30/14 06/30/14 5,000,000 5,000,000 0 5,000,000 0FAIRWAY FINANCE CO,CPABS4 06/17/14 06/17/14 06/17/14 25,000,000 25,000,000 0 25,000,000 0GENERAL ELECTRIC CAPITAL CORP 06/20/14 06/20/14 06/20/14 1,000,000 1,000,000 0 1,000,000 0GENERAL ELECTRIC CAPITAL CORP 06/04/14 06/04/14 06/04/14 12,845,000 12,845,000 0 12,845,000 0GENERAL ELECTRIC CAPITAL CORP 06/02/14 06/02/14 06/02/14 12,500,000 12,500,000 0 12,500,000 0GENERAL ELECTRIC CAPITAL CORP 06/09/14 06/09/14 06/09/14 22,340,000 22,340,000 0 22,340,000 0HSBC USA, INC,CP 06/04/14 06/04/14 06/04/14 65,000,000 65,000,000 0 65,000,000 0HSBC USA, INC,CP 06/10/14 06/10/14 06/10/14 5,000,000 5,000,000 0 5,000,000 0J,P, MORGAN SECURITCP4-2 06/16/14 06/16/14 06/16/14 40,000,000 40,000,000 0 40,000,000 0J,P, MORGAN SECURITCP4-2 06/18/14 06/18/14 06/18/14 50,000,000 50,000,000 0 50,000,000 0J,P, MORGAN SECURITCP4-2 06/12/14 06/12/14 06/12/14 30,000,000 30,000,000 0 30,000,000 0JPMORGAN CHASE BANK NA 06/06/14 06/06/14 06/06/14 20,000,000 20,000,000 0 20,000,000 0LLOYDS TSB BANK PLCCP 06/03/14 06/03/14 06/03/14 380,000,000 380,000,000 0 380,000,000 0LLOYDS TSB BANK PLCCP 06/10/14 06/10/14 06/10/14 150,000,000 150,000,000 0 150,000,000 0LMA-AMERICAS LLCCPABS4-2 06/06/14 06/06/14 06/06/14 45,000,000 45,000,000 0 45,000,000 0COUNTY OF LOS ANGELES CA 06/30/14 06/30/14 06/30/14 30,000,000 30,000,000 0 30,000,000 0MANHATTAN ASSET FUNCPABS4 06/10/14 06/10/14 06/10/14 76,000,000 76,000,000 0 76,000,000 0MIZUHO BANK LTD,CDYAN 06/09/14 06/09/14 06/09/14 150,000,000 150,000,000 0 150,000,000 0MIZUHO BANK LTD,CDYAN 06/10/14 06/10/14 06/10/14 100,000,000 100,000,000 0 100,000,000 0MIZUHO BANK LTD,CDYAN 06/16/14 06/16/14 06/16/14 150,000,000 150,000,000 0 150,000,000 0MIZUHO BANK LTD,CDYAN 06/17/14 06/17/14 06/17/14 100,000,000 100,000,000 0 100,000,000 0MIZUHO BANK LTD,CDYAN 06/23/14 06/23/14 06/23/14 140,000,000 140,000,000 0 140,000,000 0MIZUHO BANK LTD,CDYAN 06/24/14 06/24/14 06/24/14 100,000,000 100,000,000 0 100,000,000 0MIZUHO BANK LTD,CDYAN 06/30/14 06/30/14 06/30/14 140,000,000 140,000,000 0 140,000,000 0STARBIRD FUNDING COCPABS4 06/25/14 06/25/14 06/25/14 130,000,000 130,000,000 0 130,000,000 0SUMITOMO MITSUI BANCDYAN 06/05/14 06/05/14 06/05/14 45,000,000 45,000,000 0 45,000,000 0SUMITOMO MITSUI BANCDYAN 06/18/14 06/18/14 06/18/14 10,000,000 10,000,000 0 10,000,000 0TORONTO DOMINION BACDYAN 06/09/14 06/09/14 06/09/14 50,000,000 50,000,000 0 50,000,000 0TORONTO-DOM NION BANK/NY 06/17/14 06/17/14 06/17/14 100,000,000 100,000,000 0 100,000,000 0TOTAL CAPITAL S,A,CP4-2 06/16/14 06/16/14 06/16/14 300,000,000 300,000,000 0 300,000,000 0TOTAL CAPITAL S,A,CP4-2 06/26/14 06/26/14 06/26/14 170,000,000 170,000,000 0 170,000,000 0TOTAL CAPITAL S,A,CP4-2 06/30/14 06/30/14 06/30/14 150,000,000 150,000,000 0 150,000,000 0DEUTSCHE BANK 06/02/14 06/02/14 06/02/14 750,000,000 750,000,000 0 750,000,000 0BANK OF AMERICA TRIPARTY 06/02/14 06/02/14 06/02/14 145,000,000 145,000,000 0 145,000,000 0DEUTSCHE BANK 06/03/14 06/03/14 06/03/14 550,000,000 550,000,000 0 550,000,000 0BANK OF AMERICA TRIPARTY 06/03/14 06/03/14 06/03/14 285,000,000 285,000,000 0 285,000,000 0DEUTSCHE BANK 06/04/14 06/04/14 06/04/14 550,000,000 550,000,000 0 550,000,000 0BANK OF AMERICA TRIPARTY 06/04/14 06/04/14 06/04/14 330,000,000 330,000,000 0 330,000,000 0DEUTSCHE BANK 06/05/14 06/05/14 06/05/14 550,000,000 550,000,000 0 550,000,000 0BANK OF AMERICA TRIPARTY 06/05/14 06/05/14 06/05/14 250,000,000 250,000,000 0 250,000,000 0DEUTSCHE BANK 06/06/14 06/06/14 06/06/14 300,000,000 300,000,000 0 300,000,000 0BANK OF AMERICA TRIPARTY 06/06/14 06/06/14 06/06/14 240,000,000 240,000,000 0 240,000,000 0DEUTSCHE BANK 06/09/14 06/09/14 06/09/14 250,000,000 250,000,000 0 250,000,000 0BANK OF AMERICA TRIPARTY 06/09/14 06/09/14 06/09/14 245,000,000 245,000,000 0 245,000,000 0DEUTSCHE BANK 06/10/14 06/10/14 06/10/14 360,000,000 360,000,000 0 360,000,000 0BANK OF AMERICA TRIPARTY 06/10/14 06/10/14 06/10/14 120,000,000 120,000,000 0 120,000,000 0DEUTSCHE BANK 06/11/14 06/11/14 06/11/14 480,000,000 480,000,000 0 480,000,000 0BANK OF AMERICA TRIPARTY 06/11/14 06/11/14 06/11/14 250,000,000 250,000,000 0 250,000,000 0


TM



DEUTSCHE BANK 06/12/14 06/12/14 06/12/14 485,000,000 485,000,000 0 485,000,000 0BANK OF AMERICA TRIPARTY 06/12/14 06/12/14 06/12/14 175,000,000 175,000,000 0 175,000,000 0DEUTSCHE BANK 06/13/14 06/13/14 06/13/14 650,000,000 650,000,000 0 650,000,000 0BANK OF AMERICA TRIPARTY 06/13/14 06/13/14 06/13/14 60,000,000 60,000,000 0 60,000,000 0DEUTSCHE BANK 06/16/14 06/16/14 06/16/14 200,000,000 200,000,000 0 200,000,000 0BANK OF AMERICA TRIPARTY 06/16/14 06/16/14 06/16/14 220,000,000 220,000,000 0 220,000,000 0DEUTSCHE BANK 06/17/14 06/17/14 06/17/14 600,000,000 600,000,000 0 600,000,000 0BANK OF AMERICA TRIPARTY 06/17/14 06/17/14 06/17/14 220,000,000 220,000,000 0 220,000,000 0DEUTSCHE BANK 06/18/14 06/18/14 06/18/14 700,000,000 700,000,000 0 700,000,000 0BANK OF AMERICA TRIPARTY 06/18/14 06/18/14 06/18/14 355,000,000 355,000,000 0 355,000,000 0DEUTSCHE BANK 06/19/14 06/19/14 06/19/14 650,000,000 650,000,000 0 650,000,000 0BANK OF AMERICA TRIPARTY 06/19/14 06/19/14 06/19/14 285,000,000 285,000,000 0 285,000,000 0DEUTSCHE BANK 06/20/14 06/20/14 06/20/14 675,000,000 675,000,000 0 675,000,000 0BANK OF AMERICA TRIPARTY 06/20/14 06/20/14 06/20/14 305,000,000 305,000,000 0 305,000,000 0DEUTSCHE BANK 06/23/14 06/23/14 06/23/14 650,000,000 650,000,000 0 650,000,000 0BANK OF AMERICA TRIPARTY 06/23/14 06/23/14 06/23/14 245,000,000 245,000,000 0 245,000,000 0DEUTSCHE BANK 06/24/14 06/24/14 06/24/14 750,000,000 750,000,000 0 750,000,000 0BANK OF AMERICA TRIPARTY 06/24/14 06/24/14 06/24/14 300,000,000 300,000,000 0 300,000,000 0DEUTSCHE BANK 06/25/14 06/25/14 06/25/14 750,000,000 750,000,000 0 750,000,000 0BANK OF AMERICA TRIPARTY 06/25/14 06/25/14 06/25/14 340,000,000 340,000,000 0 340,000,000 0DEUTSCHE BANK 06/26/14 06/26/14 06/26/14 900,000,000 900,000,000 0 900,000,000 0BANK OF AMERICA TRIPARTY 06/26/14 06/26/14 06/26/14 260,000,000 260,000,000 0 260,000,000 0DEUTSCHE BANK 06/27/14 06/27/14 06/27/14 1,000,000,000 1,000,000,000 0 1,000,000,000 0BANK OF AMERICA TRIPARTY 06/27/14 06/27/14 06/27/14 515,000,000 515,000,000 0 515,000,000 0DEUTSCHE BANK 06/30/14 06/30/14 06/30/14 750,000,000 750,000,000 0 750,000,000 0BANK OF AMERICA TRIPARTY 06/30/14 06/30/14 06/30/14 215,000,000 215,000,000 0 215,000,000 0SVENSKA HANDELSBANKTDCAY 0.06 20140602 06/02/14 06/02/14 06/02/14 380,000,000 380,000,000 0 380,000,000 0SVENSKA HANDELSBANKTDCAY 0.07 20140603 06/03/14 06/03/14 06/03/14 375,000,000 375,000,000 0 375,000,000 0SVENSKA HANDELSBANKTDCAY 0.07 20140604 06/04/14 06/04/14 06/04/14 375,000,000 375,000,000 0 375,000,000 0SVENSKA HANDELSBANKTDCAY 0.07 20140605 06/05/14 06/05/14 06/05/14 370,000,000 370,000,000 0 370,000,000 0SVENSKA HANDELSBANKTDCAY 0.08 20140606 06/06/14 06/06/14 06/06/14 370,000,000 370,000,000 0 370,000,000 0SVENSKA HANDELSBANKTDCAY 0.08 20140609 06/09/14 06/09/14 06/09/14 365,000,000 365,000,000 0 365,000,000 0SVENSKA HANDELSBANKTDCAY 0.08 20140610 06/10/14 06/10/14 06/10/14 370,000,000 370,000,000 0 370,000,000 0SVENSKA HANDELSBANKTDCAY 0.08 20140611 06/11/14 06/11/14 06/11/14 365,000,000 365,000,000 0 365,000,000 0SVENSKA HANDELSBANKTDCAY 0.08 20140612 06/12/14 06/12/14 06/12/14 365,000,000 365,000,000 0 365,000,000 0SVENSKA HANDELSBANKTDCAY 0.08 20140613 06/13/14 06/13/14 06/13/14 365,000,000 365,000,000 0 365,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140616 06/16/14 06/16/14 06/16/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140617 06/17/14 06/17/14 06/17/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140618 06/18/14 06/18/14 06/18/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140619 06/19/14 06/19/14 06/19/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140620 06/20/14 06/20/14 06/20/14 350,000,000 350,000,000 0 350,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140623 06/23/14 06/23/14 06/23/14 350,000,000 350,000,000 0 350,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140624 06/24/14 06/24/14 06/24/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140625 06/25/14 06/25/14 06/25/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140626 06/26/14 06/26/14 06/26/14 355,000,000 355,000,000 0 355,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140627 06/27/14 06/27/14 06/27/14 350,000,000 350,000,000 0 350,000,000 0SVENSKA HANDELSBANKTDCAY 0.09 20140630 06/30/14 06/30/14 06/30/14 350,000,000 350,000,000 0 350,000,000 0Total Maturities 32,362,685,000 32,362,685,000 0 32,362,685,000 0SellsCREDIT SUISSE, ZURICH 07/18/14 06/17/14 06/17/14 150,000,000 150,000,000 84,333 150,084,333 0DEUTSCHE BANK AG/NEW YORK NY 07/28/14 06/26/14 06/26/14 100,000,000 100,000,000 38,194 100,038,194 0CITY OF NEW YORK NY 08/01/27 06/27/14 07/07/14 10,100,000 10,100,000 83 10,100,083 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/02/14 06/02/14 791,410 791,410 0 791,410 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/04/14 06/04/14 601,180 601,180 0 601,180 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/05/14 06/05/14 1,405,386 1,405,386 0 1,405,386 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/09/14 06/09/14 1,073,949 1,073,949 0 1,073,949 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/09/14 06/09/14 2,893,390 2,893,390 0 2,893,390 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/11/14 06/11/14 544,535 544,535 0 544,535 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/11/14 06/11/14 4,358,831 4,358,831 0 4,358,831 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/11/14 06/11/14 1,742,768 1,742,768 0 1,742,768 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/13/14 06/13/14 3,137,074 3,137,074 0 3,137,074 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/13/14 06/13/14 637,142 637,142 0 637,142 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/16/14 06/16/14 159,482 159,482 0 159,482 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/18/14 06/18/14 474,689 474,689 0 474,689 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/23/14 06/23/14 639,920 639,920 0 639,920 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/26/14 06/26/14 1,954,037 1,954,037 0 1,954,037 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/26/14 06/26/14 2,869,502 2,869,502 0 2,869,502 0DREYFUS GOVT CASH MGMT FUND 06/01/18 06/26/14 06/26/14 370,947 370,947 0 370,947 0Total Sells 283,754,243 283,754,243 122,611 283,876,854 0

20

COMMENTARY ON PORTFOLIO MANAGEMENT All cash from paydowns on securities in Fund B are invested in AAAm-rated money market funds pending monthly distribution to participant accounts in Florida PRIME. This month, $25.70 million in liquid assets were transferred from Fund B to Florida PRIME, consisting of principal paydowns, income and/or asset sales (divestment) from the securities in the Fund.

The investment team continually analyzes the bonds in each portfolio, comparing estimated defaults and estimated cumulative net losses to an historical loss-timing curve. Many different factors in the domestic and global economies can affect both the securities and the underlying bonds. Some of the factors will contribute positively while others could have adverse consequences. The SBA and Apollo Global Management’s investment team will continue to employ prudent risk mitigation strategies in order to maximize the present value of distributions from Fund B with a primary focus on the restoration of principal.

LEGAL ISSUEAs an ongoing legal matter, the SBA asserts Lehman Brothers (which is now in liquidation) sold the SBA certain unregistered secured notes that were not exempt from registration under the Securities Act of 1933. The Lehman Trustee recently provided a formal objection to the SBA’s general creditor claim on behalf of Fund B. The SBA has responded to that objection asserting the validity of its claim. The parties have scheduled a mediation for August 20, 2014. Notwithstanding the SBA’s claim, the secured notes sold by Lehman Brothers were secured by certain collateral. Fund B has been receiving and is expected to continue receiving monetary distributions of principal and interest from that underlying collateral.

The SBA will promptly disclose any future developments as they become matters of public record.

DISCLOSURE OF MATERIAL IMPACTSThere were no developments during June 2014 that had a material impact on the liquidity or operation of Fund B.

INVESTMENT OBJECTIVEFund B’s primary objective is to maximize the present value of distributions from the Fund.

COMPOSITIONFund B principally consists of Segregated Securities, which are securities originally purchased for the LGIP that (1) defaulted in the payment of principal and interest; (2) were extended; (3) were restructured or otherwise subject to workout; (4) experienced elevated market illiquidity; or (5) did not meet the criteria of the nationally recognized statistical rating organization (NRSRO) that provides Florida PRIME’s AAAm rating.

DISTRIBUTIONSParticipants in Fund B will receive periodic distributions to the extent that Fund B receives proceeds deemed material by the SBA from (1) the natural maturities of securities, coupon interest collections, or collateral interest and principal paydowns; or (2) the sale of securities, collateral liquidation, or other restructure and workout activities undertaken.

ACCOUNTINGFund B is accounted for as a fluctuating NAV pool, not a 2a-7-like money market fund. That is, accounting valuations reflect estimates of the market value of securities rather than their amortized cost.

STATUS OF INVESTMENTSFlorida East and West: Restructured from KKR and receiving principal and interest.Florida Funding I: Restructured from Ottimo (Issuer Entity). Underlying assets sold and position closed in May 2014.Florida Funding II: Restructured from Axon and receiving principal and interest.

FUND B FACTS

21

FUND B

June 2014Monthly Summary Report

FUND B DISTRIBUTIONS

RETURN OF FUND B PRINCIPAL

FUND B MONTHLY DISTRIBUTION DETAIL

June 2014 Distribution Detail Fund BIncluding Receipts by Source Participant For the period 4/7/14 - 6/6/14 Allocation Expense Allocation

Beginning Balance -$ 17,677.08$

Receipts:

Florida East 7,580,093.39$

Florida West 8,834,255.68$

Florida Funding I 8,293,661.04$

Florida Funding II 995,510.36$ Overnight Investments 50.48$

Total Receipts 25,703,570.95$

Distributions:

Allocation to/from Expense Reserve (3,570.95)$ 3,570.95$ Expenses Paid (1,052.10)$

Participant Distribution (25,700,000.00)$

Ending Balance -$ 20,195.93$

The first table below details the SBA’s progress in returning principal to investors in Fund B. Through the end of June 2014, investors cumulatively received distributions from Fund B totaling $1.98 billion or 98.5% of their original balances. The securities remaining in Fund B are legacy items from the four issuers whose financial circumstances gave rise to the November 2007 run (as well as overnight instruments temporarily holding fund earnings). As of June 30, 2014, their remaining amortized cost was $153.5 million, or

399.13% more than remaining participant positions in Fund B. Conversely, the current estimated liquidation (market) value of these securities is pegged at$56.84 million or 184.87% of remaining participant positions.

It is important to note that due to the lack of an actively traded market for Fund B securities, their “market value” is an estimate of current liquidation value that has been determined through a collaborative process among various pricing experts and sources in the marketplace. See footnote 1 on page 22.

FUND B DISTRIBUTIONS TO PARTICIPANTS

Distributions to Participants

Cumulative Distributions Participant Principal

Proportion of Original Principal Returned

12/05/07 $ $ 2,009,451,941$ 0.0%

CY 2008 1,421,900,000$ 1,421,900,000$ 587,551,941$ 70.8%

CY 2009 89,100,000$ 1,511,000,000$ 498,451,941$ 75.2%

CY 2010 135,100,000$ 1,646,100,000$ 363,351,941$ 81.9%

CY 2011 57,425,000$ 1,703,525,000$ 305,926,941$ 84.8%

CY 2012 58,915,000$ 1,762,440,000$ 247,011,941$ 87.7%

CY 2013 152,330,000$ 1,914,770,000$ 94,681,941$ 95.3%

01/07/14 3,900,000$ 1,918,670,000$ 90,781,941$ 95.5%

02/06/14 2,960,000$ 1,921,630,000$ 87,821,941$ 95.6%

03/07/14 2,735,000$ 1,924,365,000$ 85,086,941$ 95.8%

04/04/14 2,185,000$ 1,926,550,000$ 82,901,941$ 95.9%

05/06/14 26,455,000$ 1,953,005,000$ 56,446,941$ 97.2%

06/06/14 25,700,000$ 1,978,705,000$ 30,746,941$ 98.5%

22

INVENTORY OF HOLDINGS - AS OF JUNE 30, 2014

Notes:1 Due to the lack of an actively traded market for Fund B securities, the “market value” is an estimate of current liquidation value that has been determined through a collaborative process among various pricing experts and sources in the mar-ketplace. Although the estimate represents an attempt to reasonably reflect the stressed market conditions that currently exist, the amount actually realized if the securities were liquidated at this time could be more or less than the estimate. Moreover, these estimates of current market value are not predictive of the ultimate amount likely to be realized from these securities. Fund B’s investment objective is to maximize the present value of distributions to participants. If, in the judgment of the portfolio manager, fair value exceeds liquidation value at points in the future, then complete or partial liquidations of securities could be deferred for an extended period of time; e.g., a four- to five-year horizon for complete termination or self-liquidation of Fund B.

2 Amortized cost is calculated using a straight line method.

Security Name TypeRate Reset

Par Current Yield Amort Cost 2 Mkt Value 1 Unrealized Gain (Loss)

Dreyfus Government Cash Management Fund OVNMF

OVERNIGHT MUTUAL FUND

5,673,501 0.00 $ 5,673,501 $ 5,673,501 $ -

Florida East Funding LLC

VARIABLE RATE TERM NOTE

06/26/14 17,347,264 0.50 $ 17,347,264 $ 5,202,492 $ (12,144,772)

Florida West Funding LLC

VARIABLE RATE TERM NOTE

06/26/14 70,637,301 0.50 $ 70,637,301 $ 14,580,802 $ (56,056,499)

Florida Funding II LLC VARIABLE RATE COMMERCIAL PAPER

06/29/14 59,814,408 0.29 $ 59,809,638 $ 31,385,824 $ (28,423,814)

Total Value of Investments 153,472,473 $153,467,703 $56,842,618 ($96,625,085)

The securities held in Fund B result from workouts of the LGIP’s original holdings from 3 issuers – Axon, KKR Atlantic, and KKR Pacific. The purpose of Fund B is to maximize the present value of distributions to participants through a prudent workout with an ultimate goal of liquidation. As a result, the maturity dates of each holding in Fund B will be dependent on the maturity date or earlier liquidation, if prudent, of the collateral securities underlying each of these holdings and will be contingent upon future market conditions and other factors.

Florida Funding I was restructured from Ottimo (Issuer Entity). The underlying assets were sold and the position closed in May2014.

The collateral manager, Apollo Global Management, is the source for data shown above other than market value. See note 1.

The amounts shown above are the value of investments. Income accruals, payables and uninvested cash are not included. The data is unaudited.

23

FUND B

June 2014Monthly Summary Report

COMPLIANCE AND TRADING ACTIVITY

COMPLIANCE WITH INVESTMENT POLICY - JUNE 2014

TRADING ACTIVITY - JUNE 2014

Investment Policy Statement Compliance is conducted on Fund B by SBA Risk Management and Com-pliance and reported on a monthly basis to the Investment Oversight Group. Portfolio activity is re-viewed to ensure that transactions and holdings are in compliance with guideline requirements and with those stipulated in the respective Investment Management Agreements with Apollo Global Management, the collateral manager for the four special purpose entities held in Fund B (Florida East Funding LLC, Florida West Funding LLC, Florida Funding I LLC, and Florida Funding II LLC). Since the principal hold-ings in the fund are the notes issued by these special purpose entities, and no deposits or withdraw-als are permitted by participants, transactions are typically limited to 1) the receipt cash flows from the underlying note collateral, 2) the investment of these cash flows in AAAm money market funds, and 3) periodic distributions to participants. Apollo Global Management can also sell, exchange, or restruc-ture the notes, consistent with the objective of maximizing the present value of cash flows from the col-lateral. For the month of June 2014, Fund B was in compliance with its Investment Policy Statement.

Security Description Trade Date Settlement

Date Par or Shares Principal

Traded Interest

Settlement Amount

Realized Gain (Loss)

Buys $ $ $ $

DREYFUS GOVERNMENT CASH MANAGEMENT

06/03/14 06/03/14 50 50 0 50 0


06/30/14 06/30/14 5,653,994 5,653,994 0 5,653,994 0

Total Buys 5,654,045 5,654,045 0 5,654,045 0

Sells

FLOR DA EAST FUND NG LLC

06/30/14 06/30/14 424,550 424,550 0 424,550 0

FLOR DA WEST FUNDING LLC

06/30/14 06/30/14 1,614,729 1,614,729 0 1,614,729 0

FLOR DA FUND NG II 06/30/14 06/30/14 3,567,810 3,567,810 0 3,567,810 284


06/02/14 06/02/14 173 173 0 173 0


06/06/14 06/06/14 25,700,000 25,700,000 0 25,700,000 0


06/18/14 06/18/14 690 690 0 690 0

Total Sells 31,307,951 31,307,951 0 31,307,951 284

Note: In the Trading Activity table above, the gain reflected on the sales from Florida Funding II is an accounting gain. The original Axon Financial Funding LLC security was purchased at a discount and was deemed “in default” prior to the original maturity date. At the point of becoming “in default,” amortization of the discount was terminated thus leaving the cost of the security less than par. Any principal payment received at par will result in recognition of a gain, calculated as Proceeds less Cost Basis of the par value being sold.

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monthly summary report for june 2014...june 2014 monthly summary report 4 tm the nearer term is most...

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