HomeMy WebLinkAboutAgreement A-15-613 with Investment and Reporting Services.pdfAgreement No. 15-613
1 AGREEMENT
2 (INVESTMENT ADVISORY AND REPORTING SERVICES)
3 This agreement is dated December ....§!!L, 2015, for reference purposes only and is
4 between the County of Fresno, a political subdivision of the State of California ("COUNTY''), and
5 FTN Financial Main Street Advisors LLC, a Nevada limited liability corporation authorized to do
6 business in California, whose address is 10655 Park Run Drive, Suite 120, Las Vegas, NV 89144
7 ("CONTRACTOR").
8
9 A.
Recitals
The COUNTY Board of Supervisors ("Board") has delegated to the COUNTY
10 Audltor-Controllerffreasurer-Tax Collector ("Treasurer") authority to invest and reinvest the funds
11 of the County of Fresno Treasury Investment Pool ("Pool"). The Board has renewed that
12 delegation annually.
13 B. Public monies of the COUNTY and certain other public agencies that are not
14 required for immediate needs are invested in securities as provided in the Treasurer's Treasury
15 Investment Policy ("Investment Policy"). California State law requires the Treasurer to invest with
16 the care, skill, prudence, and diligence under the circumstances then prevailing, including but not
17 limited to, the general economic conditions and anticipated needs of the COUNTY and those other
18 agencies, that a prudent person acting in a like capacity and familiarity with those matters would
19 use in the conduct of funds of a like character and with like aims, to safeguard the principal and
20 maintain the liquidity needs of the COUNTY and those other agencies. (Cal Gov. Code,
21 § 53600.3.)
22 c. In connection with that fiduciary responsibility, the Treasurer requests advisory
23 services in relation to all aspects of Investing and maintaining the Pool, as well as analytical
24 reporting for the Pool, which includes verification of compliance with California State law and the
25 Investment Policy. For that reason, the COUNTY on June 26, 2015, issued Request for Proposal
26 No. 946-5361 for Advisory and Reporting Services for the County of Fresno Treasury Investment
27 Pool, and on July 24, 2015, issued Addendum No. 1 to that Request for Proposal (collectively,
28 "RFP"). A copy of the RFP is attached as exhibit C to this agreement.
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1 The parties are signing this agreement on the date stated in the introductory paragraph.
2 CONT
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FOR ACCOUNTING USE ONLY:
ORG No.: 0410 04-CO
Account No.: 7ZGS
Requisition No.: /5 -I ,3
FCMC 06/11
-10-
DATE:
ATIEST:
BERNICE E. SEIDEL, Clerk
Board of SupeNisors
By~~ b"I.Sbcrp
Deputy
t,ee ombu 8'1 MIS
RE~IEWED 'hRECOMMENDED FOR APPROVAL
JJu.L' ~
Department Head's Signature
AP~fQVED ASCO ACCOUNTING FORM
-1/vU" ~~
Auditor-ControllerfTreasurer-Tax Collector
APPROVED AS TO LEGAL FORM
Exhibit A
SCOPE OF WORK
The words “COUNTY,” “CONTRACTOR,” “Investment Policy,” “Pool,” and “Response” have the
same meanings in this exhibit as they do in the body of the agreement to which this exhibit is
attached.
The CONTRACTOR understands and acknowledges that the COUNTY has relied on
representations and statements of fact in the Response, including but not limited to those
appearing in the “Scope of Work” on pages 19 through 26 of the Response. CONTRACTOR
expressly warrants that those representations and statements of fact are true and that the
COUNTY may rely on them.
A. Advisory Services:
1. Recommendations for portfolio strategies and optimizations.
CONTRACTOR shall convey recommendations for portfolio strategies and
optimizations to the COUNTY’s investment team (as identified by the COUNTY).
CONTRACTOR shall discuss the two primary risks of the portfolio: interest rate
risk and credit risk. CONTRACTOR shall utilize its analysts, strategists, and
economists to develop prudent strategies to enhance returns as market
conditions change. CONTRACTOR shall monitor cash flow needs, sector
relationships (i.e., agency yields versus corporate yields), and expected interest
rate changes to position the portfolio to improve performance. CONTRACTOR
shall run portfolio simulations to show how the portfolio most likely would perform
in various interest rate and credit environments.
2. Monitor and report on regulatory changes. CONTRACTOR shall monitor and
report to the COUNTY on regulatory changes relevant to the matters covered by
this agreement by working with various governmental industry groups, including
but not limited to the California State Treasurer’s California Debt and Investment
Advisory Commission (CDIAC).
3. Monitor and report on economic outlook and events. CONTRACTOR shall
monitor and report to the COUNTY regarding the economic outlook for and
events affecting the COUNTY. CONTRACTOR shall include the COUNTY’s
investment team in CONTRACTOR’s distribution lists for daily, weekly, monthly,
quarterly, and annual reports in substantially the form as the samples provided in
Appendix 2 to the Response. CONTRACTOR shall send a “Daily Chart” with
economic and market information, as well as a “Weekly Market Dashboard” in
substantially the form as the samples provided in Appendix 2 to the Response.
CONTRACTOR shall include the COUNTY’s investment team in its monthly
conference call, usually occurring on “Employment Fridays” after the economic
data is released. In addition, CONTRACTOR shall have conference calls at least
monthly with the COUNTY’s investment team to discuss the economy and
markets as specifically relevant to the COUNTY.
4. Credit and risk analysis. CONTRACTOR shall provide credit and risk analysis
by utilizing a robust proprietary credit analysis and monitoring process to
evaluate the wherewithal of an entity to repay its principal and interest
Exhibit A
obligations. CONTRACTOR shall provide credit strategy reports for approved
issuers in substantially the form as the sample provided in Appendix 2 to the
Response. CONTRACTOR shall evaluate companies individually, then within
their industry sector, and then at the macroeconomic level to assess
creditworthiness. The credit review process shall include analyzing the following:
general current and forecasted economic conditions; specific industry trends;
current and forecasted earnings reports; financial statements; price and volatility
trends of issuer’s fixed income and equity securities; credit default swaps (debt
insurance); news alerts, stories and releases; rating agency actions and
outlooks.
5. Assistance with cashflow development and optimization. CONTRACTOR
shall provide assistance with cash flow development and optimization.
CONTRACTOR shall work with COUNTY to develop a cash flow model or to fine
tune the COUNTY’s current cash flow model. CONTRACTOR shall evaluate the
COUNTY’s cash flow model and, if needed, offer suggestions on enhancement.
6. Monitor and report on Pool compliance with the California Government
Code and the Investment Policy. CONTRACTOR shall monitor and report to
COUNTY on Pool compliance with the California Government Code and the
Investment Policy by receiving daily transactions from the COUNTY and inputting
that information into CONTRACTOR’s specific compliance matrix for the
COUNTY. The compliance matrix shall be programmed with the COUNTY’s
specific guidelines.
7. Assistance with new and existing technology. CONTRACTOR shall provide
assistance with new and existing technology by first evaluating the COUNTY’s
current technology and systems, and then providing a cost/benefit analysis of
current and proposed technology changes.
8. Custom analytical tools. CONTRACTOR shall evaluate the COUNTY’s needs
and use, as appropriate, custom analytical tools (such as SymPro, Bloomberg,
Yield Book, proprietary Excel Linked Bloomberg worksheets, and the Credit
Strategies model) to enhance CONTRACTOR’s analysis and reporting to
COUNTY.
9. Assistance in working with Broker/Dealers. CONTRACTOR shall assist
COUNTY in working with broker/dealers by helping with the COUNTY’s
broker/dealer approval process and the annual review process required by the
Investment Policy.
10. Recommendations regarding the Investment Policy. CONTRACTOR shall
provide annual recommendations regarding the Investment Policy, no later than
October 1 of each year during the term of the agreement.
11. Assistance with benchmarking development and review. CONTRACTOR
shall provide assistance with benchmarking development review.
CONTRACTOR shall meet with COUNTY staff to further analyze cash flow,
portfolio turnover, and long-term sector allocation to develop the benchmarks.
CONTRACTOR shall then create a custom benchmark to compare the
Exhibit A
performance of the COUNTY’s portfolios to the benchmark to measure the
generation of a market rate of return.
B. Reporting Services:
1. Daily (compliance, markets, trends, strategies, etc.). CONTRACTOR shall
provide COUNTY with daily reporting services, including a Daily Portfolio Update
that includes holdings, prices, ratings, yields, and compliance, and that is in
substantially the form as the sample provided in Appendix 2 of the Response.
CONTRACTOR shall provide daily economic analysis, market trends, and
strategies to COUNTY’s investment team. CONTRACTOR shall be available to
further discuss strategy and markets.
2. Weekly (market information and outlook, portfolio analysis, etc.).
CONTRACTOR shall provide COUNTY with weekly reporting services including
a Weekly Market Dashboard, FTN Financial Economics Weekly, and FTN
Financial Fixed Income Weekly in substantially the form as the samples provided
in Appendix 2 of the Response. CONTRACTOR shall also provide a Weekly
Portfolio Update, similar to the Daily Portfolio Update, but displaying any trades
that were made that week.
3. Monthly (credit analysis, portfolio performance, strategy review, etc.).
CONTRACTOR shall provide COUNTY with monthly reporting services including
a monthly conference call to discuss the markets, economy, and the County’s
portfolio, with special attention to the two primary portfolio risks, namely interest
rate risk and credit risk; asset allocation; cash flow, and non-government issuers.
CONTRACTOR shall also provide a full monthly report in substantially the form
as the sample provided in Appendix 2 of the Response.
4. Quarterly (more in-depth reviews of Credit, Strategy, Portfolio, etc.).
CONTRACTOR shall provide more in-depth quarterly reviews of credit, strategy,
portfolio, etc., which reviews shall be similar to the full monthly report mentioned
above, but will also include a more in-depth credit review of the County’s non-
government issuers, analyzing the portfolio bond by bond, sector by sector, and
then at the portfolio level.
C. Comprehensive Quarterly Report:
1. Evaluate and value all securities quarterly. For purposes of the
comprehensive quarterly report, CONTRACTOR shall evaluate and value all
securities quarterly by using its analytical systems, specifically by reviewing each
security’s return, earnings, amortization, credit ratings changes, and other
important factors.
2. Evaluate portfolio for compliance with Investment Policy and California
Government Code. For purposes of the comprehensive quarterly report,
CONTRACTOR shall evaluate the COUNTY’s portfolio for compliance with the
Exhibit A
Investment Policy and California Government Code by presenting the information
in a table as shown in the County’s current quarterly report, and also graphically.
3. Provide market analysis and portfolio analytics. For purposes of the
comprehensive quarterly report, CONTRACTOR shall provide market analysis
and portfolio analytics that analyze the portfolio bond by bond, sector by sector,
and then at the portfolio level, as well as a shock analysis to show how potential
interest changes will change the value of the portfolio.
4. Customize report for distribution to Fresno County Treasury Oversight
Committee, the Board of Supervisors, and participants of the Pool.
CONTRACTOR shall provide customized quarterly reports for distribution to the
Fresno County Treasury Committee, the Board of Supervisors, and participants
of the Pool (which include the COUNTY and certain other public agencies).
5. Provide bound hard copies and an electronic version of the report (the
report should be completed within 5 days of receiving final information
from the County). CONTRACTOR shall provide bound hard copies and an
electronic version of the quarterly report within 5 days of receiving final
information from the County.
D. Meetings:
1. Attendance in-person or via tele-conferencing, at the County’s annual
Treasury Oversight Committee meeting. CONTRACTOR shall attend the
COUNTY’s annual Treasury Oversight Committee meeting, either in person or by
teleconference, as requested by the COUNTY.
2. Annual portfolio review. After the conclusion of each COUNTY fiscal year
during the term of this agreement, CONTRACTOR shall conduct an annual
portfolio review to discuss all aspects of the investment program.
Exhibit B
SELF-DEALING TRANSACTION DISCLOSURE FORM
(1) Company Board Member Information:
Name: Date:
Job Title:
(2) Company/Agency Name and Address:
(3) Disclosure (Please describe the nature of the self -dealing transaction you are a party to)
(4) Explain why this self-dealing transaction is consistent with the requirements of Corporations
Code 5233 (a)
(5) Authorized Signature
Signature: Date:
PD-040 (05/2015)
COUNTY OF FRESNO
REQUEST FOR PROPOSAL
NUMBER: 946-5361
ADVISORY & REPORTING SERVICES FOR THE
COUNTY OF FRESNO TREASURY INVESTMENT POOL
Issue Date: June 26, 2015
Closing Date: AUGUST 5, 2015
Proposal will be considered LATE when the official Purchasing time clock reads 2:00 P.M.
Questions regarding this RFP should be directed to: Nick Chin,
phone (559) 600-7113 or e-mail nchin@co.fresno.ca.us.
Check County of Fresno Purchasing’s Open Solicitations
website at https://www2.co.fresno.ca.us/0440/Bids/BidsHome.aspx
for RFP documents and changes.
Please submit all Proposals to:
County of Fresno - Purchasing
4525 E. Hamilton Avenue, 2nd Floor
Fresno, CA 93702-4599
BIDDER TO COMPLETE
UNDERSIGNED AGREES TO FURNISH THE COMMODITY OR SERVICE STIPULATED IN THE ATTACHED PROPOSAL
SCHEDULE AT THE PRICES AND TERMS STATED, SUBJECT TO THE “COUNTY OF FRESNO PURCHASING STANDARD
INSTRUCTIONS AND CONDITIONS FOR REQUEST FOR PROPOSALS (RFP’S)” ATTACHED.
COMPANY
ADDRESS
CITY STATE ZIP CODE
( ) ( )
TELEPHONE NUMBER FACSIMILE NUMBER E-MAIL ADDRESS
SIGNED BY
PRINT NAME TITLE
Exhibit C
Proposal No. 946-5361
1A
CCOOUUNNTTYY OOFF FFRREESSNNOO PPUURRCCHHAASSIINNGG
STANDARD INSTRUCTIONS AND CONDITIONS FOR
REQUESTS FOR PROPOSALS (RFP'S) AND REQUESTS FOR QUOTATIONS (RFQ'S)
Note: the reference to “bids” in the following paragraphs applies to RFP's and RFQ's
GENERAL CONDITIONS
By submitting a bid the bidder agrees to the following conditions. These conditions will apply to all subsequent purchases based on this bid.
1. BID PREPARATION:
A) All prices and notations must be typed or written in ink. No erasures
permitted. Errors may be crossed out, initialed and corrections printed
in ink by person signing bid.
B) Brand Names: Brand names and numbers when given are for
reference. Equal items will be considered, provided the offer clearly
describes the article and how it differs from that specified. In the
absence of such information it shall be understood the offering is
exactly as specified.
C) State brand or make of each item. If bidding on other than specified,
state make, model and brand being bid and attach supporting
literature/specifications to the bid.
D) Bid on each item separately. Prices should be stated in units specified
herein. All applicable charges must be quoted; charges on invoice not
quoted herein will be disallowed.
E) Time of delivery is a part of the consideration and must be stated in
definite terms and must be adhered to. F.O.B. Point shall be
destination or freight charges must be stated.
F) All bids must be dated and signed with the firm’s name and by an
authorized officer or employee.
G) Unless otherwise noted, prices shall be firm for one hundred eighty
(180) days after closing date of bid.
2. SUBMITTING BIDS:
A) Each bid must be submitted on forms provided in a sealed
envelope/package with bid number and closing date and time on the
outside of the envelope/package.
B) Interpretation: Should any discrepancies or omissions be found in the
bid specifications or doubt as to their meaning, the bidder shall notify
the Buyer in writing at once. The County shall not be held responsible
for verbal interpretations. Questions regarding the bid must be
received by Purchasing stated within this document. All addenda
issued shall be in writing, duly issued by Purchasing and incorporated
into the contract.
C) ISSUING AGENT/AUTHORIZED CONTACT: This RFP/RFQ has been
issued by County of Fresno, Purchasing. Purchasing shall be the
vendor’s sole point of contact with regard to the RFP/RFQ, its content,
and all issues concerning it.
All communication regarding this RFP/RFQ shall be directed to an
authorized representative of County Purchasing. The specific buyer
managing this RFP/RFQ is identified on the cover page, along with his
or her telephone number, and he or she should be the primary point of
contact for discussions or information pertaining to the RFP/RFQ.
Contact with any other County representative, including elected
officials, for the purpose of discussing this RFP/RFQ, its content, or
any other issue concerning it, is prohibited unless authorized by
Purchasing. Violation of this clause, by the vendor having unauthorized
contact (verbally or in writing) with such other County representatives,
may constitute grounds for rejection by Purchasing of the vendor’s
quotation.
The above stated restriction on vendor contact with County
representatives shall apply until the County has awarded a purchase
order or contract to a vendor or vendors, except as follows. First, in the
event that a vendor initiates a formal protest against the RFP/RFQ,
such vendor may contact the appropriate individual, or individuals who
are managing that protest as outlined in the County’s established
protest procedures. All such contact must be in accordance with the
sequence set forth under the protest procedures. Second, in the event
a public hearing is scheduled before the Board of Supervisors to hear
testimony prior to its approval of a purchase order or contract, any
vendor may address the Board.
D) Bids received after the closing time will NOT be considered.
E) Bidders are to bid what is specified or requested first. If unable to or
unwilling to, bidder may bid alternative or option, indicating all
advantages, disadvantages and their associated cost.
3. FAILURE TO BID:
A) If not bidding, return bid sheet and state reason for no bid or your
name may be removed from mailing list.
4. TAXES, CHARGES AND EXTRAS:
A) County of Fresno is subject to California sales and/or use tax
(8.225%). Please indicate as a separate line item if applicable.
B) DO NOT include Federal Excise Tax. County is exempt under
Registration No. 94-73-03401-K.
C) County is exempt from Federal Transportation Tax. Exemption
certificate is not required where shipping papers show consignee as
County of Fresno.
D) Charges for transportation, containers, packing, etc. will not be paid
unless specified in bid.
5. W-9 – REQUEST FOR TAXPAYER IDENTIFICATION NUMBER AND
CERTIFICATION & CALIFORNIA FORM 590 WITHHOLDING EXEMPTION
CERTIFICATE:
Upon award of bid, the vendor shall submit to County Purchasing, a
completed IRS Form W-9 - Request for Taxpayer Identification Number and
Exhibit C
Proposal No. 946-5361
1B
Certification and a California Form 590 Withholding Exemption Certificate if
not currently a County of Fresno approved vendor.
6. AWARDS:
A) Award(s) will be made to the most responsive responsible bidder;
however, the Fresno County Local Vendor Preference and/or the
Disabled Veteran Business Enterprise Preference shall take
precedence when applicable. Said Preferences apply only to Request
for Quotations for materials, equipment and/or supplies only (no
services); the preference do not apply to Request for Proposals. RFQ
evaluations will include such things as life-cycle cost, availability,
delivery costs and whose product and/or service is deemed to be in the
best interest of the County. The County shall be the sole judge in
making such determination.
B) Unless bidder gives notice of all-or-none award in bid, County may
accept any item, group of items or on the basis of total bid.
C) The County reserves the right to reject any and all bids and to waive
informalities or irregularities in bids.
D) Award Notices are tentative: Acceptance of an offer made in response
to this RFP/RFQ shall occur only upon execution of an agreement by
both parties or issuance of a valid written Purchase Order by Fresno
County Purchasing.
E) After award, all bids shall be open to public inspection. The County
assumes no responsibility for the confidentiality of information offered
in a bid.
7. TIE BIDS:
All other factors being equal, the contract shall be awarded to the Fresno
County vendor or, if neither or both are Fresno County vendors, it may be
awarded by the flip of a coin in the presence of witnesses or the entire bid
may be rejected and re-bid. If the General Requirements of the RFQ state
that they are applicable, the provisions of the Fresno County Local Vendor
Preference shall take priority over this paragraph.
8. PATENT INDEMNITY:
The vendor shall hold the County, its officers, agents and employees,
harmless from liability of any nature or kind, including costs and expenses,
for infringement or use of any copyrighted or un-copyrighted composition,
secret process, patented or unpatented invention, article or appliance
furnished or used in connection with this bid.
9. SAMPLES:
Samples, when required, must be furnished and delivered free and, if not
destroyed by tests, will upon written request (within thirty (30) days of bid
closing date) be returned at the bidder's expense. In the absence of such
notification, County shall have the right to dispose of the samples in
whatever manner it deems appropriate.
10. RIGHTS AND REMEDIES OF COUNTY FOR DEFAULT:
A) In case of default by vendor, the County may procure the articles or
service from another source and may recover the cost difference and
related expenses occasioned thereby from any unpaid balance due the
vendor or by proceeding against performance bond of the vendor, if
any, or by suit against the vendor. The prices paid by the County shall
be considered the prevailing market price at the time such purchase is
made.
B) Articles or services, which upon delivery inspection do not meet
specifications, will be rejected and the vendor will be considered in
default. Vendor shall reimburse County for expenses related to delivery
of non-specified goods or services.
C) Regardless of F.O.B. point, vendor agrees to bear all risks of loss,
injury or destruction to goods and materials ordered herein which occur
prior to delivery and such loss, injury or destruction shall not release
vendor from any obligation hereunder.
11. DISCOUNTS:
Terms of less than fifteen (15) days for cash payment will be considered as
net in evaluating this bid. A discount for payment within fifteen (15) days or
more will be considered in determining the award of bid. Discount period will
commence either the later of delivery or receipt of invoice by the County.
Standard terms are Net forty-five (45) days.
12. SPECIAL CONDITIONS IN BID SCHEDULE SUPERSEDE GENERAL
CONDITIONS:
The “General Conditions” provisions of this RFP/RFQ shall be superseded if
in conflict with any other section of this bid, to the extent of any such conflict.
13. SPECIAL REQUIREMENT:
With the invoice or within twenty-five (25) days of delivery, the seller must
provide to the County a Material Safety Data Sheet for each product, which
contains any substance on “The List of 800 Hazardous Substances”,
published by the State Director of Industrial Relations. (See Hazardous
Substances Information and Training Act, California State Labor Code
Sections 6360 through 6399.7.)
14. RECYCLED PRODUCTS/MATERIALS:
Vendors are encouraged to provide and quote (with documentation) recycled
or recyclable products/materials which meet stated specifications.
15. YEAR COMPLIANCE WARRANTY:
Vendor warrants that any product furnished pursuant to this Agreement/order
shall support a four-digit year format and be able to accurately process date
and time data from, into and between the twentieth and twenty-first
centuries, as well as leap year calculations. "Product" shall include, without
limitation, any piece or component of equipment, hardware, firmware,
middleware, custom or commercial software, or internal components or
subroutines therein. This warranty shall survive termination or expiration of
this Agreement.
In the event of any decrease in product functionality or accuracy related to
time and/or date data related codes and/or internal subroutines that impede
the product from operating correctly using dates beyond December 31, 1999,
vendor shall restore or repair the product to the same level of functionality as
warranted herein, so as to minimize interruption to County's ongoing
business process, time being of the essence. In the event that such warranty
compliance requires the acquisition of additional programs, the expense for
any such associated or additional acquisitions, which may be required,
including, without limitation, data conversion tools, shall be borne exclusively
by vendor. Nothing in this warranty shall be construed to limit any rights or
remedies the County may otherwise have under this Agreement with respect
to defects other than year performance.
16. PARTICIPATION:
Bidder may agree to extend the terms of the resulting contract to other
political subdivision, municipalities and tax-supported agencies.
Such participating Governmental bodies shall make purchases in their own
name, make payment directly to bidder, and be liable directly to the bidder,
holding the County of Fresno harmless.
Exhibit C
Proposal No. 946-5361
1C
17. CONFIDENTIALITY:
All services performed by vendor shall be in strict conformance with all
applicable Federal, State of California and/or local laws and regulations
relating to confidentiality, including but not limited to, California Civil Code,
California Welfare and Institutions Code, Health and Safety Code, California
Code of Regulations, Code of Federal Regulations.
Vendor shall submit to County’s monitoring of said compliance.
Vendor may be a business associate of County, as that term is defined in the
“Privacy Rule” enacted by the Health Insurance Portability and Accountability
Act of 1996 (HIPAA). As a HIPAA Business Associate, vendor may use or
disclose protected health information (“PHI”) to perform functions, activities
or services for or on behalf of County as specified by the County, provided
that such use or disclosure shall not violate HIPAA and its implementing
regulations. The uses and disclosures if PHI may not be more expansive
than those applicable to County, as the “Covered Entity” under HIPAA’s
Privacy Rule, except as authorized for management, administrative or legal
responsibilities of the Business Associate.
Vendor shall not use or further disclose PHI other than as permitted or
required by the County, or as required by law without written notice to the
County.
Vendor shall ensure that any agent, including any subcontractor, to which
vendor provides PHI received from, or created or received by the vendor on
behalf of County, shall comply with the same restrictions and conditions with
respect to such information.
18. APPEALS:
Appeals must be submitted in writing within seven (7) working days after
notification of proposed recommendations for award. A “Notice of Award” is
not an indication of County’s acceptance of an offer made in response to this
RFP/RFQ. Appeals should be submitted to County of Fresno Purchasing,
4525 E. Hamilton Avenue, Fresno, California 93702-4599. Appeals should
address only areas regarding RFP contradictions, procurement errors,
quotation rating discrepancies, legality of procurement context, conflict of
interest, and inappropriate or unfair competitive procurement grievance
regarding the RFP/RFQ process.
Purchasing will provide a written response to the complainant within seven
(7) working days unless the complainant is notified more time is required.
If the protesting bidder is not satisfied with the decision of Purchasing,
he/she shall have the right to appeal to the Purchasing Agent/CAO within
seven (7) working days after Purchasing’s notification; except if, notified to
appeal directly to the Board of Supervisors at the scheduled date and time.
If the protesting bidder is not satisfied with Purchasing Agent/CAO’s
decision, the final appeal is with the Board of Supervisors.
19. OBLIGATIONS OF CONTRACTOR:
A) CONTRACTOR shall perform as required by the ensuing contract.
CONTRACTOR also warrants on behalf of itself and all subcontractors
engaged for the performance of the ensuing contract that only persons
authorized to work in the United States pursuant to the Immigration
Reform and Control Act of 1986 and other applicable laws shall be
employed in the performance of the work hereunder.
B) CONTRACTOR shall obey all Federal, State, local and special district
laws, ordinances and regulations.
20. AUDITS & RETENTION:
The Contractor shall maintain in good and legible condition all books,
documents, papers, data files and other records related to its performance
under this contract. Such records shall be complete and available to Fresno
County, the State of California, the federal government or their duly
authorized representatives for the purpose of audit, examination, or copying
during the term of the contract and for a period of at least three (3) years
following the County's final payment under the contract or until conclusion of
any pending matter (e.g., litigation or audit), whichever is later. Such records
must be retained in the manner described above until all pending matters are
closed.
21. DISCLOSURE – CRIMINAL HISTORY & CIVIL ACTIONS:
Applies to Request for Proposal (RFP); does not apply to Request for
Quotation (RFQ) unless specifically stated elsewhere in the RFQ document.
In their proposal, the bidder is required to disclose if any of the following
conditions apply to them, their owners, officers, corporate managers and
partners (hereinafter collectively referred to as “Bidder”):
Within the three-year period preceding the proposal, they have been
convicted of, or had a civil judgment rendered against them for:
o fraud or a criminal offense in connection with obtaining,
attempting to obtain, or performing a public (federal, state,
or local) transaction or contract under a public transaction;
o violation of a federal or state antitrust statute;
o embezzlement, theft, forgery, bribery, falsification, or
destruction of records; or
o false statements or receipt of stolen property
Within a three-year period preceding their proposal, they have had a public
transaction (federal, state, or local) terminated for cause or default.
22. DATA SECURITY:
Individuals and/or agencies that enter into a contractual relationship with the
COUNTY for the purpose of providing services must employ adequate
controls and data security measures, both internally and externally to ensure
and protect the confidential information and/or data provided to contractor by
the COUNTY, preventing the potential loss, misappropriation or inadvertent
access, viewing, use or disclosure of COUNTY data including sensitive or
personal client information; abuse of COUNTY resources; and/or disruption
to COUNTY operations.
Individuals and/or agencies may not connect to or use COUNTY
networks/systems via personally owned mobile, wireless or handheld
devices unless authorized by COUNTY for telecommuting purposes and
provide a secure connection; up to date virus protection and mobile devices
must have the remote wipe feature enabled. Computers or computer
peripherals including mobile storage devices may not be used (COUNTY or
Contractor device) or brought in for use into the COUNTY’s system(s)
without prior authorization from COUNTY’s Chief Information Officer and/or
designee(s).
No storage of COUNTY’s private, confidential or sensitive data on any hard-
disk drive, portable storage device or remote storage installation unless
encrypted according to advance encryption standards (AES of 128 bit or
higher).
The COUNTY will immediately be notified of any violations, breaches or
potential breaches of security related to COUNTY’s confidential information,
Exhibit C
Proposal No. 946-5361
1D
data and/or data processing equipment which stores or processes COUNTY
data, internally or externally.
COUNTY shall provide oversight to Contractor’s response to all incidents
arising from a possible breach of security related to COUNTY’s confidential
client information. Contractor will be responsible to issue any notification to
affected individuals as required by law or as deemed necessary by COUNTY
in its sole discretion. Contractor will be responsible for all costs incurred as
a result of providing the required notification.
23. PURCHASING LOCATION & HOURS:
Fresno County Purchasing is located at 4525 E. Hamilton Avenue (second
floor), Fresno, CA 93702. Non-holiday hours of operation are Monday
through Friday, 8:00 A.M. to 12:00 Noon and 1:00 P.M. to 5:00 P.M. PST;
Purchasing is closed daily from 12:00 Noon to 1:00 P.M. The following
holiday office closure schedule is observed:
January 1* New Year's Day
Third Monday in January Martin Luther King, Jr.’s Birthday
Third Monday in February Washington - Lincoln Day
March 31* Cesar Chavez’ Birthday
Last Monday in May Memorial Day
July 4* Independence Day
First Monday in September Labor Day
November 11* Veteran's Day
Fourth Thursday in November Thanksgiving Day
Friday following Thanksgiving
December 25* Christmas
* When this date falls on a Saturday, the holiday is observed the
preceding Friday. If the date falls on a Sunday, the holiday is observed
the following Monday.
24. FRESNO COUNTY BOARD OF SUPERVISORS ADMINISTRATIVE
POLICIES:
ADMINISTRATIVE POLICY NUMBER 5
Contract Salary Limitation Fresno
County Administrative Policy No. 5 provides that in contracts with non-
profit organizations that primarily serve Fresno County and professional
service contracts where Fresno County is the sole client, the contractors
must agree to the following contract language: “The contractor agrees to limit
administrative cost to a maximum of 15% of the total program budget and to
limit employee benefits to a maximum of 20% of total salaries for those
employees working under this agreement during the term of the agreement.
Failure to conform to this provision will be grounds for contract termination at
the option of the County of Fresno.” Any bidder that wishes an exemption
from this contract requirements must set forth the request for exemption, as
well as a complete explanation of why the exemption should be granted, in
the bidder’s response to the RFP. Only the Board of Supervisors can
approve such exemption.
Policy Statement: Contractors shall be limited to a maximum 15%
administrative cost as compared to the total program budget and employee
benefits shall be limited to a maximum of 20% of salaries.
The following language will be included in each applicable contract:
"The contractor agrees to limit administrative cost to a maximum of 15% of
the total program budget and to limit employee benefits to a maximum of
20% of total salaries for those employees working under this agreement
during the term of this agreement. Failure to conform to this provision will be
grounds for contract termination at the option of the County of Fresno."
The above provision shall be applied to renewal or multi-year contracts with
non-profit organizations which primarily serve Fresno County and
professional services contracts where
Fresno County is the sole client, such as:
Community based organization service contracts related to social
services, health services, or probation services.
Cultural art program contracts.
Professional services contracts.
This policy will not apply to contracts between the County and the Federal or
State governments; or one-time contracts. The Board of Supervisors will
consider exemptions to this policy only upon the recommendation of the
County Administrative Office.
Management Responsibility: It shall be the responsibility of any County
official authorized by the Board of Supervisors to execute contracts or enter
into agreements on behalf of the County to review all applicable contracts to
insure that this policy is fully enforced.
It shall be the responsibility of the County Administrative Officer to review
requests for exemptions to this policy and to make recommendations to the
Board of Supervisors on such requests for exemption.
ADMINISTRATIVE POLICY NUMBER 34
Competitive Bids and Requests for Proposals
Fresno County Administrative Policy No. 34 provides that no person, firm
or subsidiary thereof who has been awarded a consulting services contract
by the County, may submit a bid for, or be awarded a contract for, the
provision of services, procurement of goods or supplies, or any other related
action which is required, suggested, or otherwise deemed appropriate in the
end product of the consulting services contract. Any bidder that wishes an
exemption from this contract limitation must set forth the request for
exemption, as well as a complete explanation of why the exemption should
be granted, in the bidder’s response to the RFP. Only the Board of
Supervisors, on a four-fifths (4/5) vote finding that such waiver is in the best
interests of the County, can waive this policy.
Definitions: Purchasing Authority and Responsibility – In accordance with
the State of California Government Code Section 25500 et seq., and the
Fresno County Ordinance Code Chapter 2.56, the Board of Supervisors has
established a County Purchasing Agent. The Board has designated the
County Administrative Officer as the Purchasing Agent. Unless otherwise
restricted, all necessary authority and responsibility has been delegated to
the Purchasing Agent to satisfy the acquisition requirements of the County.
The Purchasing Agent may defer day-to-day acquisition management to the
Purchasing Manager as appropriate.
Policy Statement: Competitive bids or requests for proposals shall be
secured for all contracts for goods or services which are proposed to be
acquired by the County except when in unusual or extraordinary
circumstances, a department head, requests an exception to competitive
bidding. All such requests must be documented by the department head
including a detailed description of the facts justifying the exception. The
Exhibit C
Proposal No. 946-5361
1E
request must receive concurrence of the procurement authority who will sign
that particular contract i.e. the Board of Supervisors or Purchasing
Agent/Purchasing Manager. The following circumstances are examples
which constitute “Suspension of Competition”:
In an emergency when goods or services are immediately necessary
for the preservation of the public health, welfare, or safety, or for the
protection of County property.
When the contract is with a federal, state, or local governmental
agency.
When the department head, with the concurrence of the Purchasing
Agent, finds that the cost of preparing and administering a competitive
bidding process in a particular case will equal or exceed the estimated
contract amount or $1,000 whichever is more.
When a contract provides only for payment of per diem and travel
expenses and there is to be no payment for services rendered.
When obtaining the services of expert witnesses for litigation or special
counsel to assist the County.
When in unusual or extraordinary circumstances, the Board of
Supervisors or the Purchasing Agent/Purchasing Manager determines
that the best interests of the County would be served by not securing
competitive bids or issuing a request for proposal.
Contracts for services should not usually cover a period of more than one
year although a longer period may be approved in unusual circumstances.
Multiple year contracts must include provisions for early termination and
must be contingent on available funding. Unless exempted as provided for
above, no contract for service shall extend, either by original contract or by
extension, beyond three years unless competitive bids have been sought or
a Request for Proposal has been processed.
During any competitive bidding procedure, all bids shall be opened publicly
and the dollar amount of each bid shall be read aloud. Under no
circumstance shall a bid which is received at the designated place of
opening after the closing time be opened or considered.
Contracts for goods or services shall not be effective until approved by the
Board of Supervisors or, if appropriate, the Purchasing Agent/Purchasing
Manager. Contractors and vendors shall be advised by the responsible
department head that performance under the contract may not commence
prior to such approval.
Medical Professional Contracts
The competitive recruitment process, annual performance evaluation, and
periodic salary surveys are equivalent to competitive bids for independent
physicians contracting with the County on a fee for service basis.
A salary survey for physician services shall be conducted every two years.
Contracts for physician services shall not extend, either by original contract
or by extension, beyond five years unless competitive bids have been sought
or unless exempted as provided above.
Contracts for Legal Services
The competitive recruitment process, annual performance evaluation, and
periodic salary surveys are equivalent to competitive bids for independent
law firms and attorneys contracting with the County on a fee for service
basis.
A salary survey for legal services shall be conducted every two years.
The selection of and contracting with firms to provide legal services shall be
coordinated through the County Counsel's Office. The County Counsel shall
assist in securing a law firm with the requisite legal expertise and price
structure that would provide the best service to the County. County Counsel
shall be involved throughout the process of selecting a firm, developing a
contract, and monitoring the billing and services provided throughout the
contract period.
Prohibited Bids Concerning End Product of Consulting Contracts
No person, firm, or subsidiary thereof who has been awarded a consulting
services contract by the County, shall be awarded a contract for the
provision of services, procurement of goods or supplies, or any other related
action which is required, suggested, or otherwise deemed appropriate in the
end product of the consulting services contract. This policy may be waived
by the Board of Supervisors on a four-fifths (4/5) vote finding that such
waiver is in the best interests of the County.
Management Responsibility: The County Administrative Officer is
responsible for preparing and issuing written procedures to assure
compliance with this policy by all County officials and departments.
ADMINISTRATIVE POLICY NUMBER 71
Prohibiting the Use of Public Funds for Political Advocacy
Fresno County Administrative Policy No. 71 provides that no County
assets, including money, shall be used for political campaigns of any type.
Political campaigns are defined as political advocacy for or opposition to a
matter or person that has qualified for the ballot. No contract entered into by
the County shall provide for use of County monies for political campaigns.
Policy Statement: Government assets, including money, grant funds, paid
staff time, equipment and supplies, facilities or any other government asset
shall not be used for political campaigns of any type. Political campaigns are
defined as political advocacy for or opposition to a matter or person that has
qualified for the ballot.
Management Responsibility: Department Heads shall be held responsible
for ensuring that government assets within their control are not used to
advocate for or against any matter or person that has qualified for the ballot.
This section does not prohibit the expenditure of government assets to
create and provide informational or educational materials regarding a matter
that has qualified for the ballot. Such information or educational materials
shall provide a fair, accurate and impartial presentation of relevant
information relating to the matter that has qualified for the ballot. However,
government assets shall not be expended to create and provide such
informational or educational materials in the 90 days prior to the election
unless specifically authorized by the Board of Supervisors or required by the
Public Records Act or other law.
Exhibit C
Proposal No. 946-5361 Page 2
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TABLE OF CONTENTS
PAGE
OVERVIEW ..................................................................................................................... 3
KEY DATES .................................................................................................................... 3
TRADE SECRET ACKNOWLEDGEMENT ..................................................................... 4
DISCLOSURE – CRIMINAL HISTORY & CIVIL ACTIONS ............................................. 6
REFERENCE LIST .......................................................................................................... 9
PARTICIPATION ........................................................................................................... 10
GENERAL REQUIREMENTS ....................................................................................... 11
SPECIFIC BIDDING INSTRUCTIONS AND REQUIREMENTS .................................... 18
SCOPE OF WORK ........................................................................................................ 21
COST PROPOSAL ........................................................................................................ 22
PROPOSAL CONTENT REQUIREMENTS .................................................................. 23
AWARD CRITERIA ....................................................................................................... 26
CHECK LIST ................................................................................................................. 27
EXHIBITS ...................................................................................................................... 28
Exhibit C
Proposal No. 946-5361 Page 3
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OVERVIEW
The County of Fresno on behalf of the Department of Auditor-Controller/Treasurer-Tax Collector
is requesting proposals from qualified firms interested in providing advisory and reporting
services for the County of Fresno Treasury Investment Pool (POOL). The County is interested
in advisory services in relation to all aspects of investing and maintaining the POOL and
analytical reporting for the treasury pool which includes verification of compliance with State
statutes and the County’s Investment Policy.
The Department of Auditor-Controller/Treasurer-Tax Collector has been delegated the fiduciary
responsibility to operate the POOL from the County of Fresno Board of Supervisors. The POOL
is approximately $2.5 billion, which is primarily invested in U.S. Treasuries, Government
Agencies and U.S. Corporate bonds (See Exhibit “A”). The POOL is managed in compliance
with California Government Codes and the County of Fresno Treasury Investment Policy with
the objectives of Legality, Safety, Liquidity, Return on Investment and Local Community
Reinvestment.
It is the County’s intent to contract with the successful bidder for a term of three (3) years with
the option to mutually extend for two (2) additional, one (1) year periods based on satisfactory
performance of the terms and conditions of the contract.
KEY DATES
RFP Issue Date: June 26, 2015
Vendor Conference: July 15, 2015 at 10:00A.M.
Vendors are to contact Nick Chin at
(559) 600-7113 if planning to attend
vendor conference.
County of Fresno Purchasing
4525 E. Hamilton Avenue, 2nd Floor
Fresno, CA 93702
Deadline for Written Requests for
Interpretations or Corrections of RFP:
July 22, 2015 at 10:00A.M.
E-Mail: nchin@co.fresno.ca.us
RFP Closing Date: August 5, 2015 at 2:00 P.M.
County of Fresno Purchasing
4525 E. Hamilton Avenue, 2nd Floor
Fresno, CA 93702
Exhibit C
Proposal No. 946-5361 Page 4
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TRADE SECRET ACKNOWLEDGEMENT
All proposals received by the County shall be considered "Public Record" as defined by Section
6252 of the California Government Code. This definition reads as follows:
"...Public records" includes any writing containing information relating to the conduct of the
public's business prepared, owned, used or retained by any state or local agency regardless
of physical form or characteristics "Public records" in the custody of, or maintained by, the
Governor's office means any writing prepared on or after January 6, 1975."
Each proposal submitted is Public record and is therefore subject to inspection by the public per
Section 6253 of the California Government Code. This section states that "every person has a
right to inspect any public record".
The County will not exclude any proposal or portion of a proposal from treatment as a public
record except in the instance that it is submitted as a trade secret as defined by the California
Government Code. Information submitted as proprietary, confidential or under any other such
terms that might suggest restricted public access will not be excluded from treatment as public
record.
"Trade secrets" as defined by Section 6254.7 of the California Government Code are deemed
not to be public record. This section defines trade secrets as:
"...Trade secrets," as used in this section, may include, but are not limited to, any
formula, plan, pattern, process, tool, mechanism, compound, procedure, production data
or compilation of information that is not patented, which is known only to certain
individuals within a commercial concern who are using it to fabricate, produce, or
compound an article of trade or a service having commercial value and which gives its
user an opportunity to obtain a business advantage over competitors who do not know
or use it."
Information identified by bidder as "trade secret" will be reviewed by County of Fresno's legal
counsel to determine conformance or non-conformance to this definition. Such material should
be submitted in a separate binder marked "Trade Secret". Examples of material not considered
to be trade secrets are pricing, cover letter, promotional materials, etc.
INFORMATION THAT IS PROPERLY IDENTIFIED AS TRADE SECRET AND CONFORMS
TO THE ABOVE DEFINITION WILL NOT BECOME PUBLIC RECORD. COUNTY WILL
SAFEGUARD THIS INFORMATION IN AN APPROPRIATE MANNER.
Information identified by bidder as trade secret and determined not to be in conformance with
the California Government Code definition shall be excluded from the proposal. Such
information will be returned to the bidder at bidder's expense upon written request.
Trade secrets must be submitted in a separate binder that is plainly marked "Trade Secrets."
The County shall not in any way be liable or responsible for the disclosure of any proposals or
portions thereof, if they are not (1) submitted in a separate binder that is plainly marked "Trade
Secret" on the outside; and (2) if disclosure is required or allowed under the provision of law or
by order of Court.
Vendors are advised that the County does not wish to receive trade secrets and that vendors
are not to supply trade secrets unless they are absolutely necessary.
Exhibit C
Proposal No. 946-5361 Page 5
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TRADE SECRET ACKNOWLEDGEMENT
I have read and understand the above "Trade Secret Acknowledgement."
I understand that the County of Fresno has no responsibility for protecting information submitted
as a trade secret if it is not delivered in a separate binder plainly marked "Trade Secret." I also
understand that all information my company submits, except for that information submitted in a
separate binder plainly marked “Trade Secret,” are public records subject to inspection by the
public. This is true no matter whether my company identified the information as proprietary,
confidential or under any other such terms that might suggest restricted public access.
Enter company name on appropriate line:
Has submitted information identified as Trade
Secrets in a separate marked binder.** (Company Name)
Has not submitted information identified as Trade
Secrets. Information submitted as proprietary
confidential or under any other such terms that
might suggest restricted public access will not be
excluded from treatment as public record.
(Company Name)
ACKNOWLEDGED BY:
( )
Signature Telephone
Print Name and Title Date
Address
City State Zip
**Bidders brief statement that clearly sets out the reasons for confidentiality in conforming with
the California Government Code definition.
Exhibit C
Proposal No. 946-5361 Page 6
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DISCLOSURE – CRIMINAL HISTORY &
CIVIL ACTIONS
In their proposal, the bidder is required to disclose if any of the following conditions apply to
them, their owners, officers, corporate managers and partners (hereinafter collectively referred
to as “Bidder”):
Within the three-year period preceding the proposal, they have been convicted of, or had
a civil judgment rendered against them for:
o fraud or a criminal offense in connection with obtaining, attempting to obtain, or
performing a public (federal, state, or local) transaction or contract under a public
transaction;
o violation of a federal or state antitrust statute;
o embezzlement, theft, forgery, bribery, falsification, or destruction of records; or
o false statements or receipt of stolen property
Within a three-year period preceding their proposal, they have had a public transaction
(federal, state, or local) terminated for cause or default.
Disclosure of the above information will not automatically eliminate a Bidder from consideration.
The information will be considered as part of the determination of whether to award the contract
and any additional information or explanation that a Bidder elects to submit with the disclosed
information will be considered. If it is later determined that the Bidder failed to disclose required
information, any contract awarded to such Bidder may be immediately voided and terminated for
material failure to comply with the terms and conditions of the award.
Any Bidder who is awarded a contract must sign an appropriate Certification Regarding
Debarment, Suspension, and Other Responsibility Matters. Additionally, the Bidder awarded
the contract must immediately advise the County in writing if, during the term of the agreement:
(1) Bidder becomes suspended, debarred, excluded or ineligible for participation in federal or
state funded programs or from receiving federal funds as listed in the excluded parties list
system (http://www.epls.gov); or (2) any of the above listed conditions become applicable to
Bidder. The Bidder will indemnify, defend and hold the County harmless for any loss or damage
resulting from a conviction, debarment, exclusion, ineligibility or other matter listed in the signed
Certification Regarding Debarment, Suspension, and Other Responsibility Matters.
Exhibit C
Proposal No. 946-5361 Page 7
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CERTIFICATION REGARDING DEBARMENT, SUSPENSION, AND OTHER
RESPONSIBILITY MATTERS--PRIMARY COVERED TRANSACTIONS
INSTRUCTIONS FOR CERTIFICATION
1. By signing and submitting this proposal, the prospective primary participant is providing
the certification set out below.
2. The inability of a person to provide the certification required below will not necessarily
result in denial of participation in this covered transaction. The prospective participant
shall submit an explanation of why it cannot provide the certification set out below. The
certification or explanation will be considered in connection with the department or
agency's determination whether to enter into this transaction. However, failure of the
prospective primary participant to furnish a certification or an explanation shall disqualify
such person from participation in this transaction.
3. The certification in this clause is a material representation of fact upon which reliance
was placed when the department or agency determined to enter into this transaction. If
it is later determined that the prospective primary participant knowingly rendered an
erroneous certification, in addition to other remedies available to the Federal
Government, the department or agency may terminate this transaction for cause or
default.
4. The prospective primary participant shall provide immediate written notice to the
department or agency to which this proposal is submitted if at any time the prospective
primary participant learns that its certification was erroneous when submitted or has
become erroneous by reason of changed circumstances.
5. The terms covered transaction, debarred, suspended, ineligible, participant, person,
primary covered transaction, principal, proposal, and voluntarily excluded, as used in this
clause, have the meanings set out in the Definitions and Coverage sections of the rules
implementing Executive Order 12549. You may contact the department or agency to
which this proposal is being submitted for assistance in obtaining a copy of those
regulations.
6. Nothing contained in the foregoing shall be construed to require establishment of a
system of records in order to render in good faith the certification required by this clause.
The knowledge and information of a participant is not required to exceed that which is
normally possessed by a prudent person in the ordinary course of business dealings.
Exhibit C
Proposal No. 946-5361 Page 8
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CERTIFICATION
(1) The prospective primary participant certifies to the best of its knowledge and belief, that it, its
owners, officers, corporate managers and partners:
(a) Are not presently debarred, suspended, proposed for debarment, declared ineligible, or
voluntarily excluded by any Federal department or agency;
(b) Have not within a three-year period preceding this proposal been convicted of or had a
civil judgment rendered against them for commission of fraud or a criminal offense in
connection with obtaining, attempting to obtain, or performing a public (Federal, State or
local) transaction or contract under a public transaction; violation of Federal or State
antitrust statutes or commission of embezzlement, theft, forgery, bribery, falsification or
destruction of records, making false statements, or receiving stolen property;
(c) Have not within a three-year period preceding this application/proposal had one or more
public transactions (Federal, State or local) terminated for cause or default.
(2) Where the prospective primary participant is unable to certify to any of the statements in this
certification, such prospective participant shall attach an explanation to this proposal.
Signature: Date:
(Printed Name & Title) (Name of Agency or Company)
Exhibit C
Proposal No. 946-5361 Page 9
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VENDOR MUST COMPLETE AND RETURN WITH REQUEST FOR PROPOSAL
Firm:
REFERENCE LIST
Provide a list of at least five (5) customers for whom you have recently provided similar
services. Be sure to include all requested information.
Reference Name: Contact:
Address:
City: State: Zip:
Phone No.: ( ) Date:
Service Provided:
Reference Name: Contact:
Address:
City: State: Zip:
Phone No.: ( ) Date:
Service Provided:
Reference Name: Contact:
Address:
City: State: Zip:
Phone No.: ( ) Date:
Service Provided:
Reference Name: Contact:
Address:
City: State: Zip:
Phone No.: ( ) Date:
Service Provided:
Reference Name: Contact:
Address:
City: State: Zip:
Phone No.: ( ) Date:
Service Provided:
Failure to provide a list of at least five (5) customers may be cause for rejection of
this RFP.
Exhibit C
Proposal No. 946-5361 Page 10
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PARTICIPATION
The County of Fresno is a member of the Central Valley Purchasing Group. This group consists
of Fresno, Kern, Kings, and Tulare Counties and all governmental, tax supported agencies
within these counties.
Whenever possible, these and other tax supported agencies co-op (piggyback) on contracts put
in place by one of the other agencies.
Any agency choosing to avail itself of this opportunity, will make purchases in their own name,
make payment directly to the contractor, be liable to the contractor and vice versa, per the terms
of the original contract, all the while holding the County of Fresno harmless. If awarded this
contract, please indicate whether you would extend the same terms and conditions to all tax
supported agencies within this group as you are proposing to extend to Fresno County.
Yes, we will extend contract terms and conditions to all qualified agencies within the
Central Valley Purchasing Group and other tax supported agencies.
No, we will not extend contract terms to any agency other than the County of Fresno.
(Authorized Signature)
Title
* Note: This form/information is not rated or ranked in evaluating proposal.
Exhibit C
Proposal No. 946-5361 Page 11
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GENERAL REQUIREMENTS
DEFINITIONS: The terms Bidder, Proposer, Contractor and Vendor are all used
interchangeably and refer to that person, partnership, corporation, organization, agency, etc.
which is offering the proposal.
RFP CLARIFICATION AND REVISIONS: Any revisions to the RFP will be issued and
distributed as written addenda.
FIRM PROPOSAL: All proposals shall remain firm for at least one hundred eighty (180) days.
PROPOSAL PREPARATION: Proposals should be submitted in the formats shown under
"PROPOSAL CONTENT REQUIREMENTS" section of this RFP.
County of Fresno will not be held liable or any cost incurred by bidders responding to RFP.
Bidders are to bid what is specified or requested first. If unable to or unwilling to, bidder may
bid alternative or option, indicating all advantages, disadvantages and their associated cost.
SUPPORTIVE MATERIAL: Additional material may be submitted with the proposal as
appendices. Any additional descriptive material that is used in support of any information in
your proposal must be referenced by the appropriate paragraph(s) and page number(s).
Bidders are asked to submit their proposals in a binder (one that allows for easy removal of
pages) with index tabs separating the sections identified in the Table of Contents. Pages must
be numbered on the bottom of each page.
Any proposal attachments, documents, letters and materials submitted by the vendor shall be
binding and included as a part of the final contract should your bid be selected.
TAXES: The quoted amount must include all applicable taxes. If taxes are not specifically
identified in the proposal it will be assumed that they are included in the total quoted.
SALES TAX: Fresno County pays California State Sales Tax in the amount of 8.225%
regardless of vendor's place of doing business.
RETENTION: County of Fresno reserves the right to retain all proposals, excluding proprietary
documentation submitted per the instructions of this RFP, regardless of which response is
selected.
ORAL PRESENTATIONS: Each finalist may be required to make an oral presentation in Fresno
County and answer questions from County personnel.
AWARD/REJECTION: The award will be made to the vendor offering the overall proposal
deemed to be to the best advantage of the County. The County shall be the sole judge in
making such determination. The County reserves the right to reject any and all proposals. The
lowest bidders are not arbitrarily the vendors whose proposals will be selected. Award Notices
are tentative: Acceptance of an offer made in response to this RFP shall occur only upon
execution of an agreement by both parties or issuance of a valid written Purchase Order by
Fresno County Purchasing.
Exhibit C
Proposal No. 946-5361 Page 12
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County Purchasing will chair or co-chair all award, evaluation and contract negotiation
committees.
Award may require approval by the County of Fresno Board of Supervisors.
WAIVERS: The County reserves the right to waive any informalities or irregularities and any
technical or clerical errors in any quote as the interest of the County may require.
TERMINATION: The County reserves the right to terminate any resulting contract upon written
notice.
MINOR DEVIATIONS: The County reserves the right to negotiate minor deviations from the
prescribed terms, conditions and requirements with the selected vendor.
PROPOSAL REJECTION: Failure to respond to all questions or not to supply the requested
information could result in rejection of your proposal.
ASSIGNMENTS: The ensuing proposed contract will provide that the vendor may not assign
any payment or portions of payments without prior written consent of the County of Fresno.
BIDDERS LIABILITIES: County of Fresno will not be held liable for any cost incurred by
vendors in responding to the RFP.
CONFIDENTIALITY: Bidders shall not disclose information about the County's business or
business practices and safeguard confidential data which vendor staff may have access to in
the course of system implementation.
DISPUTE RESOLUTION: The ensuing contract shall be governed by the laws of the State of
California.
Any claim which cannot be amicably settled without court action will be litigated in the U. S.
District Court for the Eastern District of California in Fresno, CA or in a state court for Fresno
County.
NEWS RELEASE: Vendors shall not issue any news releases or otherwise release information
to any third party about this RFP or the vendor's quotation without prior written approval from
the County of Fresno.
BACKGROUND REVIEW: The County reserves the right to conduct a background inquiry of
each proposer/bidder which may include collection of appropriate criminal history information,
contractual and business associations and practices, employment histories and reputation in the
business community. By submitting a proposal/bid to the County, the vendor consents to such
an inquiry and agrees to make available to the County such books and records the County
deems necessary to conduct the inquiry.
PERFORMANCE BOND: The successful bidders may be required to furnish a faithful
performance bond. Bidders are to quote a separate price for a performance bond.
ACQUISITIONS: The County reserves the right to obtain the whole system/services/goods as
proposed or only a portion of the system/services/goods, or to make no acquisition at all.
Exhibit C
Proposal No. 946-5361 Page 13
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OWNERSHIP: The successful vendor will be required to provide to the County of Fresno
documented proof of ownership by the vendor, or its designated subcontractor, upon request of
the proposed programs/services/goods.
EXCEPTIONS: Identify with explanation, any terms, conditions, or stipulations of the RFP with
which you CAN NOT or WILL NOT comply.
ADDENDA: In the event that it becomes necessary to revise any part of this RFP, addenda will
be provided to all agencies and organizations that receive the basic RFP.
SUBCONTRACTORS: If a subcontractor is proposed, complete identification of the
subcontractor and his tasks should be provided. The primary contractor is not relieved of any
responsibility by virtue of using a subcontractor.
CONFLICT OF INTEREST: The County shall not contract with, and shall reject any bid or
proposal submitted by the persons or entities specified below, unless the Board of Supervisors
finds that special circumstances exist which justify the approval of such contract:
1. Employees of the County or public agencies for which the Board of Supervisors is the
governing body.
2. Profit-making firms or businesses in which employees described in Subsection (1) serve as
officers, principals, partners or major shareholders.
3. Persons who, within the immediately preceding twelve (12) months, came within the
provisions of Subsection (1), and who were employees in positions of substantial
responsibility in the area of service to be performed by the contract, or participated in any
way in developing the contract or its service specifications.
4. Profit-making firms or businesses in which the former employees described in Subsection
(3) serve as officers, principals, partners or major shareholders.
5. No County employee, whose position in the County enables him to influence the selection of
a contractor for this RFP, or any competing RFP, and no spouse or economic dependent of
such employee, shall be employees in any capacity by a bidder, or have any other direct or
indirect financial interest in the selection of a contractor.
6. In addition, no County employee will be employed by the selected vendor to fulfill the
vendor’s contractual obligations to the County.
ORDINANCE 3.08.130 – POST-SEPARATION EMPLOYMENT PROHIBITED
No officer or employee of the County who separates from County service shall for a period of
one year after separation enter into any employment, contract, or other compensation
arrangement with any County consultant, vendor, or other County provider of goods, materials,
or services, where the officer or employee participated in any part of the decision making
process that led to the County relationship with the consultant, vendor or other County provider
of goods, materials or services.
Pursuant to Government Code section 25132(a), a violation of the ordinance may be enjoined
by an injunction in a civil lawsuit, or prosecuted as a criminal misdemeanor.
EVALUATION CRITERIA: Respondents will be evaluated on the basis of their responses to all
questions and requirements in this RFP and product cost. The County shall be the sole judge in
the ranking process and reserves the right to reject any or all bids. False, incomplete or
Exhibit C
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unresponsive statements in connection with this proposal may be sufficient cause for its
rejection.
SELECTION PROCESS: All proposals will be evaluated by a team consisting of representatives
from appropriate County Department(s), and Purchasing. It will be their responsibility to make
the final recommendations. Purchasing will chair or co-chair the evaluation or evaluation
process.
Organizations that submit a proposal may be required to make an oral presentation to the
Selection Committee. These presentations provide an opportunity for the individual, agency, or
organization to clarify its proposal to ensure thorough, mutual understanding.
INDEPENDENT CONTRACTOR: In performance of the work, duties, and obligations assumed
by Contractor under any ensuing Agreement, it is mutually understood and agreed that
Contractor, including any and all of Contractor's officers, agents, and employees will at all times
be acting and performing as an independent contractor, and shall act in an independent
capacity and not as an officer, agent, servant, employee, joint venture, partner, or associate of
the County. Furthermore, County shall have no right to control, supervise, or direct the manner
or method by which Contractor shall perform its work and function. However, County shall
retain the right to administer this Agreement so as to verify that Contractor is performing its
obligations in accordance with the terms and conditions thereof. Contractor and County shall
comply with all applicable provisions of law and the rules and regulations, if any, of
governmental authorities having jurisdiction over matters the subject thereof.
Because of its status as an independent contractor, Contractor shall have absolutely no right to
employment rights and benefits available to County employees. Contractor shall be solely liable
and responsible for providing to, or on behalf of, its employees all legally required employee
benefits. In addition, Contractor shall be solely responsible and save County harmless from all
matters relating to payment of Contractor's employees, including compliance with Social
Security, withholding, and all other regulations governing such matters. It is acknowledged that
during the term of the Agreement, Contractor may be providing services to others unrelated to
the COUNTY or to the Agreement.
HOLD HARMLESS CLAUSE: Contractor agrees to indemnify, save, hold harmless and at
County's request, defend the County, its officers, agents and employees, from any and all costs
and expenses, damages, liabilities, claims and losses occurring or resulting to County in
connection with the performance, or failure to perform, by Contractor, its officers, agents or
employees under this Agreement and from any and all costs and expenses, damages, liabilities,
claims and losses occurring or resulting to any person, firm or corporation who may be injured
or damaged by the performance, or failure to perform, of Contractor, its officers, agents or
employees under this Agreement.
SELF-DEALING TRANSACTION DISCLOSURE: Contractor agrees that when operating as a
corporation (a for-profit or non-profit corporation), or if during the term of the agreement the
Contractor changes its status to operate as a corporation, members of the Contractor’s Board of
Directors shall disclose any self-dealing transactions that they are a party to while Contractor is
providing goods or performing services under the agreement with the County. A self-dealing
transaction shall mean a transaction to which the Contractor is a party and in which one or more
of its directors has a material financial interest. Members of the Board of Directors shall
disclose any self-dealing transactions that they are a party to by completing and signing a
Fresno County Self-Dealing Transaction Disclosure Form and submitting it to the County prior to
commencing with the self-dealing transaction or immediately thereafter.
Exhibit C
Proposal No. 946-5361 Page 15
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PRICE RESPONSIBILITY: The selected vendor will be required to assume full responsibility for
all services and activities offered in the proposal, whether or not they are provided directly.
Further, the County of Fresno will consider the selected vendor to be the sole point of contact
with regard to contractual matters, including payment of any and all charges resulting from the
contract. The contractor may not subcontract or transfer the contract, or any right or obligation
arising out of the contract, without first having obtained the express written consent of the
County.
ADDRESSES AND TELEPHONE NUMBERS: The vendor will provide the business address
and mailing address, if different, as well as the telephone number of the individual signing the
contract.
ASSURANCES: Any contract awarded under this RFP must be carried out in full compliance
with The Civil Rights Act of 1964, The Americans With Disabilities Act of 1990, their subsequent
amendments, and any and all other laws protecting the rights of individuals and agencies. The
County of Fresno has a zero tolerance for discrimination, implied or expressed, and wants to
ensure that policy continues under this RFP. The contractor must also guarantee that services,
or workmanship, provided will be performed in compliance with all applicable local, state, or
federal laws and regulations pertinent to the types of services, or project, of the nature required
under this RFP. In addition, the contractor may be required to provide evidence substantiating
that their employees have the necessary skills and training to perform the required services or
work.
INSURANCE: Without limiting the COUNTY's right to obtain indemnification from
CONTRACTOR or any third parties, CONTRACTOR, at its sole expense, shall maintain in full
force and effect, the following insurance policies or a program of self-insurance, including but
not limited to, an insurance pooling arrangement or Joint Powers Agreement (JPA) throughout
the term of the Agreement:
A. Commercial General Liability
Commercial General Liability Insurance with limits of not less than One Million Dollars
($1,000,000) per occurrence and an annual aggregate of Two Million Dollars ($2,000,000).
This policy shall be issued on a per occurrence basis. COUNTY may require specific
coverages including completed operations, products liability, contractual liability, Explosion-
Collapse-Underground, fire legal liability or any other liability insurance deemed necessary
because of the nature of this contract.
B. Automobile Liability
Comprehensive Automobile Liability Insurance with limits for bodily injury of not less than
Two Hundred Fifty Thousand Dollars ($250,000.00) per person, Five Hundred Thousand
Dollars ($500,000.00) per accident and for property damages of not less than Fifty
Thousand Dollars ($50,000.00), or such coverage with a combined single limit of Five
Hundred Thousand Dollars ($500,000.00). Coverage should include owned and non-owned
vehicles used in connection with this Agreement.
C. Professional Liability
If CONTRACTOR employs licensed professional staff, (e.g., Ph.D., R.N., L.C.S.W.,
M.F.C.C.) in providing services, Professional Liability Insurance with limits of not less than
One Million Dollars ($1,000,000.00) per occurrence, Three Million Dollars ($3,000,000.00)
annual aggregate.
Exhibit C
Proposal No. 946-5361 Page 16
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This coverage shall be issued on a per claim basis. Contractor agrees that it shall maintain,
at its sole expense, in full force and effect for a period of three (3) years following the
termination of this Agreement, one or more policies of professional liability insurance with
limits of coverage as specified herein.
D. Worker's Compensation
A policy of Worker's Compensation insurance as may be required by the California Labor
Code.
Contractor shall obtain endorsements to the Commercial General Liability insurance naming the
County of Fresno, its officers, agents, and employees, individually and collectively, as additional
insured, but only insofar as the operations under this Agreement are concerned. Such coverage
for additional insured shall apply as primary insurance and any other insurance, or
self-insurance, maintained by County, its officers, agents and employees shall be excess only
and not contributing with insurance provided under Contractor's policies herein. This insurance
shall not be cancelled or changed without a minimum of thirty (30) days advance written notice
given to County.
Within thirty (30) days from the date Contractor executes this Agreement, Contractor shall
provide certificates of insurance and endorsement as stated above for all of the foregoing
policies, as required herein, to the County of Fresno, Auditor-Controller / Treasurer-Tax
Collector, 2281 Tulare Street, Room 105, Fresno, CA 93721, stating that such insurance
coverage have been obtained and are in full force; that the County of Fresno, its officers, agents
and employees will not be responsible for any premiums on the policies; that such Commercial
General Liability insurance names the County of Fresno, its officers, agents and employees,
individually and collectively, as additional insured, but only insofar as the operations under this
Agreement are concerned; that such coverage for additional insured shall apply as primary
insurance and any other insurance, or self-insurance, maintained by County, its officers, agents
and employees, shall be excess only and not contributing with insurance provided under
Contractor's policies herein; and that this insurance shall not be cancelled or changed without a
minimum of thirty (30) days advance, written notice given to County.
In the event Contractor fails to keep in effect at all times insurance coverage as herein provided,
the County may, in addition to other remedies it may have, suspend or terminate this Agreement
upon the occurrence of such event.
All policies shall be with admitted insurers licensed to do business in the State of California.
Insurance purchased shall be purchased from companies possessing a current A.M. Best, Inc.
rating of A FSC VII or better.
AUDIT AND RETENTION: The Contractor shall maintain in good and legible condition all
books, documents, papers, data files and other records related to its performance under this
contract. Such records shall be complete and available to Fresno County, the State of
California, the federal government or their duly authorized representatives for the purpose of
audit, examination, or copying during the term of the contract and for a period of at least three
years following the County's final payment under the contract or until conclusion of any pending
matter (e.g., litigation or audit), whichever is later. Such records must be retained in the manner
described above until all pending matters are closed.
DEFAULT: In case of default by the selected bidder, the County may procure materials and
services from another source and may recover the loss occasioned thereby from any unpaid
balance due the selected bidder, or by any other legal means available to the County.
Exhibit C
Proposal No. 946-5361 Page 17
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BREACH OF CONTRACT: In the event of breach of contract by either party, the other party
shall be relieved of its obligations under this agreement and may pursue any legal remedies.
CONFIDENTIALITY
All services performed by vendor shall be in strict conformance with all applicable Federal, State
of California and/or local laws and regulations relating to confidentiality, including but not limited
to, California Civil Code, California Welfare and Institutions Code, Health and Safety Code,
California Code of Regulations, Code of Federal Regulations.
Vendor shall submit to County’s monitoring of said compliance.
Vendor may be a Business associate of County, as that term is defined in the “Privacy Rule”
enacted by the Health Insurance Portability and Accountability Act of 1996 (HIPAA). As a
HIPAA Business Associate, vendor may use or disclose protected health information (“PHI”) to
perform functions, activities or services for or on behalf of County, as specified by the County,
provided that such use or disclosure shall not violate HIPAA and its implementing regulations.
The uses and disclosures of PHI may not be more expansive than those applicable to County,
as the “Covered Entity” under HIPAA’s Privacy Rule, except as authorized for management,
administrative or legal responsibilities of the Business Associate.
Vendor shall not use or further disclose PHI other than as permitted or required by the County,
or as required by law without written notice to the County.
Vendor shall ensure that any agent, including any subcontractor, to which vendor provides PHI
received from, or created or received by the vendor on behalf of County, shall comply with the
same restrictions and conditions with respect to such information.
APPEALS
Appeals must be submitted in writing within *seven (7) working days after notification of
proposed recommendations for award. A “Notice of Award” is not an indication of County’s
acceptance of an offer made in response to this RFP. Appeals shall be submitted to County of
Fresno Purchasing, 4525 E. Hamilton Avenue 2nd Floor, Fresno, California 93702-4599.
Appeals should address only areas regarding RFP contradictions, procurement errors, proposal
rating discrepancies, legality of procurement context, conflict of interest, and inappropriate or
unfair competitive procurement grievance regarding the RFP process.
Purchasing will provide a written response to the complainant within *seven (7) working days
unless the complainant is notified more time is required.
If the protesting bidder is not satisfied with the decision of Purchasing, he/she shall have the
right to appeal to the Purchasing Agent/CAO within seven (7) working days after Purchasing’s
notification; except, if notified to appeal directly to the Board of Supervisors at the scheduled
date and time.
If the protesting bidder is not satisfied with Purchasing Agent/CAO’s decision, the final appeal is
with the Board of Supervisors.
*The seven (7) working day period shall commence and be computed by excluding the first day and including the last
day upon the date that the notification is issued by the County.
RIGHTS OF OWNERSHIP
The County shall maintain all rights of ownership and use to all materials designed, created or
constructed associated with this service/project/program.
Exhibit C
Proposal No. 946-5361 Page 18
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SPECIFIC BIDDING INSTRUCTIONS AND
REQUIREMENTS
ISSUING AGENT: This RFP has been issued by County of Fresno, Purchasing. Purchasing
shall be the vendor’s sole point of contact with regard to the RFP, its content, and all issues
concerning it.
AUTHORIZED CONTACT: All communication regarding this RFP shall be directed to an
authorized representative of County Purchasing. The specific buyer managing this RFP is
identified on the cover page, along with his or her telephone number, and he or she should be
the primary point of contact for discussions or information pertaining to the RFP. Contact with
any other County representative, including elected officials, for the purpose of discussing this
RFP, it content, or any other issue concerning it, is prohibited unless authorized by Purchasing.
Violation of this clause, by the vendor having unauthorized contact (verbally or in writing) with
such other County representatives, may constitute grounds for rejection by Purchasing of the
vendor’s quotation.
The above stated restriction on vendor contact with County representatives shall apply until the
County has awarded a purchase order or contract to a vendor or vendors, except as follows.
First, in the event that a vendor initiates a formal protest against the RFP, such vendor may
contact the appropriate individual, or individuals who are managing that protest as outlined in
the County’s established protest procedures. All such contact must be in accordance with the
sequence set forth under the protest procedures. Second, in the event a public hearing is
scheduled before the Board of Supervisors to hear testimony prior to its approval of a purchase
order or contract, any vendor may address the Board.
VENDOR CONFERENCE: On July 15, 2015 at 10:00A.M., a vendor's conference will be
held in which the scope of the project and proposal requirements will be explained. The
meeting will be held at the office of County of Fresno Purchasing, 4525 E. Hamilton
(between Cedar and Maple), 2nd Floor, Fresno, California. Addendum will be prepared and
distributed to all bidders only if necessary to clarify substantive items raised during the bidders'
conference.
Bidders are to contact Nick Chin at County of Fresno Purchasing, (559) 600-7113, if they are
planning to attend the conference.
NUMBER OF COPIES: Submit one (1) original, with two (2) *reproducible compact discs
and five (5) copies of your proposal no later than the proposal closing date and time as stated
on the front of this document to County of Fresno Purchasing. Each copy to be identical to the
original, include all supporting documentation (e.g. literature, brochures, reports, schedules
etc.). The cover page of each quotation is to be appropriately marked “Original” or “Copy”.
*Bidder shall submit two (2) reproducible compact discs (e.g.: PDF file) containing the
complete proposal excluding trade secrets. Compact discs should accompany the
original binder and should be either attached to the inside cover of the binder or inserted
in an attached sleeve or envelope in the front of the binder to insure the discs are not
misplaced.
INTERPRETATION OF RFP: Vendors must make careful examination of the requirements,
specifications and conditions expressed in the RFP and fully inform themselves as to the quality
and character of services required. If any person planning to submit a proposal finds
Exhibit C
Proposal No. 946-5361 Page 19
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discrepancies in or omissions from the RFP or has any doubt as to the true meaning or
interpretation, correction thereof may be requested at the scheduled Vendor Conference (see
above). Any change in the RFP will be made only by written addendum, duly issued by the
County. The County will not be responsible for any other explanations or interpretations.
Questions may be submitted subsequent to the Vendor Conference, subject to the following
conditions:
a. Such questions are submitted in writing to the County Purchasing not later than July 22,
2015 at 10:00 a.m. Questions must be directed to the attention of Nick Chin, Purchasing
Analyst.
b. Such questions are submitted with the understanding that County can respond only to
questions it considers material in nature.
c. Questions shall be e-mailed to nchin@co.fresno.ca.us.
NOTE: The bidder is encouraged to submit all questions at the Vendor Conference. Time
limitations can prevent a response to questions submitted after the conference.
SELECTION COMMITTEE: All proposals will be evaluated by a team co-chaired by Purchasing.
All proposals will be evaluated by a review committee that may consist of County of Fresno
Purchasing, department staff, community representatives from advisory boards and other
members as appropriate.
The proposals will be evaluated in a multi-stage selection process. Some bids may be
eliminated or set aside after an initial review. If a proposal does not respond adequately to the
RFP or the bidder is deemed unsuitable or incapable of delivering services, the proposal may
be eliminated from consideration. It will be the selection committee’s responsibility to make the
final recommendation to the Department Head.
CONTRACT TERM: It is County's intent to contract with the successful bidder for a term of
three (3) years with the option to renew for up to two (2) additional one (1) year periods based
on mutual written consent. County will retain the right to terminate the Agreement upon giving
thirty (30) days advance written notification to the Contractor.
PAYMENT: The County of Fresno, if appropriate, may use Procurement Card to place and
make payment for orders under the ensuing contract.
AUDITED FINANCIAL STATEMENTS: Copies of the audited Financial Statements for the last
three (3) years for the business, agency or program that will be providing the service(s)
proposed. If audited statements are not available, compiled or reviewed statements will be
accepted with copies of three years of corresponding federal tax returns. This information is to
be provided after the RFP closes, if requested. Do not provide with your proposal.
CONTRACT NEGOTIATION: The County will prepare and negotiate its own contract with the
selected vendor, giving due consideration to standard contracts and associated legal
documents submitted as a part of bidder’s response to the RFP. The tentative award of the
contract is based on successful negotiation pending formal recommendation of award. Bidder
is to include in response the names and titles of officials authorized to conduct such
negotiations.
Exhibit C
Proposal No. 946-5361 Page 20
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NOTICES: All notices, payments, invoices, insurance and endorsement certificates, etc. need to
be submitted as follows: referencing contract/purchase order number, department, position, title
and address of administering official.
EPAYMENT OPTION: The County of Fresno provides an Epay Program which involves
payment of invoices by a secure Visa account number assigned to the supplier after award of
contract. Notification of payments and required invoice information are issued to the supplier's
designated Accounts Receivable contact by e-mail remittance advice at time of payment. To
learn more about the benefits of an Epay Program, how it works, and obtain answers to
frequently asked questions, click or copy and paste the following URL into your browser:
www.bankofamerica.com/epayablesvendors or call Fresno County Accounts Payable, 559-600-
3609.
LOCAL VENDOR PREFERENCE: The Local Vendor Preference does not apply to this
Request for Proposal.
Exhibit C
Proposal No. 946-5361 Page 21
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SCOPE OF WORK
The County of Fresno on behalf of the Department of Auditor-Controller/Treasurer-Tax Collector
is requesting proposals from qualified vendors to provide the following:
A. Advisory Services:
1. Recommendations for portfolio strategies and optimizations
2. Monitor and report on regulatory changes
3. Monitor and report on economic outlook and events
4. Credit and risk analysis
5. Assistance with cashflow development and optimization
6. Monitor and report on POOL compliance with government code and the Treasury
Investment policy
7. Assistance with new and existing technology
8. Custom analytical tools
9. Assistance in working with Broker/Dealer’s
10. Recommendations regarding the Treasury Investment Policy ( See Exhibit “B”)
11. Assistance with benchmarking development and review
B. Reporting Services:
1. Daily (compliance, markets, trends, strategies, etc.)
2. Weekly (market information and outlook, portfolio analysis, etc.)
3. Monthly (credit analysis, portfolio performance, strategy review, etc.)
4. Quarterly (more in-depth reviews of Credit, Strategy, Portfolio, etc.)
C. Comprehensive Quarterly Report – (See Exhibit “C”)
1. Evaluate and value all securities quarterly
2. Evaluate portfolio for compliance with Treasurer’s Investment Policy and California
Government Code
3. Provide market analysis and portfolio analytics
4. Customize report for distribution to Fresno County Treasury Oversight Committee, the
Board of Supervisors, and participants of the POOL
5. Provide bound hard copies and an electronic version of the report (the report should be
completed within 5 days of receiving final information from the County)
D. Meetings
1. Attendance in-person or via tele-conferencing, at the County’s annual Treasury
Oversight Committee meeting
2. Annual portfolio review
Exhibit C
Proposal No. 946-5361 Page 22
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COST PROPOSAL
Submit cost proposals on an annual basis. Please include details and rates/fees for all
services, materials, equipment, meetings, etc. to be provided or optional under your proposal.
Services Annual cost
Advisory and Reporting $
Quarterly Reporting $
Meetings – On-site $
Meetings – Tele-conference $
Annual Portfolio Review $
Miscellaneous $
Exhibit C
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PROPOSAL CONTENT REQUIREMENTS
It is important that the vendor submit his/her proposal in accordance with the format and
instructions provided under this section. Doing so will facilitate the evaluation of the
proposal. It will limit the possibility of a poor rating due to the omission or mis-
categorization of the requested information. Responding in the requested format will
enhance the evaluation team’s item by item comparison of each proposal item. The
vendor’s proposal may be placed at a disadvantage if submitted in a format other than
that identified below.
Bidders are requested to submit their proposals in a binder (one that allows for easy removal of
pages) with index tabs separating the sections identified. Each page should be numbered.
Each binder is to be clearly marked on the cover with the proposal name, number,
closing date, “Original” or “Copy”, and bidder’s name.
Merely offering to meet the specifications is insufficient and will not be accepted. Each bidder
shall submit a complete proposal with all information requested. Supportive material may be
attached as appendices. All pages, including the appendices, must be numbered.
Vendors are instructed not to submit confidential, proprietary and related information
within the request for proposal. If you are submitting trade secrets, it must be submitted
in a separate binder clearly marked “TRADE SECRETS”, see Trade Secret
Acknowledgement section.
The content and sequence of the proposals will be as follows:
I. RFP PAGE 1 AND ADDENDUM(S) PAGE 1 (IF APPLICABLE) completed and signed by
participating individual or agency.
II. COVER LETTER: A one-page cover letter and introduction including the company name
and address of the bidder and the name, address and telephone number of the person
or persons to be used for contact and who will be authorized to make representations for
the bidder.
A. Whether the bidder is an individual, partnership or corporation shall also be stated. It
will be signed by the individual, partner, or an officer or agent of the corporation
authorized to bind the corporation, depending upon the legal nature of the bidder. A
corporation submitting a proposal may be required before the contract is finally
awarded to furnish a certificate as to its corporate existence, and satisfactory
evidence as to the officer or officers authorized to execute the contract on behalf of
the corporation.
III. TABLE OF CONTENTS
IV. CONFLICT OF INTEREST STATEMENT: The Contractor may become involved in
situations where conflict of interest could occur due to individual or organizational
activities that occur within the County. In this section the bidder should address the
potential, if any, for conflict of interest and indicate plans, if applicable, to address
potential conflict of interest. This section will be reviewed by County Counsel for
compliance with conflict of interest as part of the review process. The Contractor shall
comply with all federal, state and local conflict of interest laws, statutes and regulations.
Exhibit C
Proposal No. 946-5361 Page 24
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V. TRADE SECRET:
A. Sign where required.
VI. CERTIFICATION – DISCLOSURE – CRIMINAL HISTORY & CIVIL ACTIONS
VII. REFERENCES
VIII. PARTICIPATION
IX. EXCEPTIONS: This portion of the proposal will note any exceptions to the requirements
and conditions taken by the bidder. If exceptions are not noted, the County will assume
that the bidder's proposals meet those requirements. The exceptions shall be noted as
follows:
A. Exceptions to General Conditions.
B. Exceptions to General Requirements.
C. Exceptions to Specific Terms and Conditions.
D. Exceptions to Scope of Work.
E. Exceptions to Proposal Content Requirements.
F. Exceptions to any other part of this RFP.
X. VENDOR COMPANY DATA: This section should include:
A. A narrative which demonstrates the vendor’s basic familiarity or experience with
problems associated with this service/project.
B. Descriptions of any similar or related contracts under which the bidder has provided
services.
C. Descriptions of the qualifications of the individual(s) providing the services. Please
acknowledge that your entity is registered with the SEC as an investment advisor
under the Investment Advisor Act of 1940 and provide the IARD number for the firm
and the CRD number for the firm’s employees the will have primary contact with
County.
D. Any material (including letters of support or endorsement) indicative of the bidder's
capability.
E. A brief description of the bidder's current operations, and ability to provide the
services. Please provide an organization chart and describe ownership structure
(e.g. company, parent company, affiliates, etc.).
F. Explain how the team dedicated to the County’s account would be organized,
including:
1. Lead person
2. Backup, and
3. Support services
G. Copies of the audited Financial Statements for the last three (3) years for the agency
or program that will be providing the service(s) proposed. If audited statements are
not available, compiled or reviewed statements will be accepted with copies of three
years of corresponding federal tax returns. This information is to be provided after
the RFP closes, if requested. Do not provide with your proposal.
Exhibit C
Proposal No. 946-5361 Page 25
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H. Describe all contracts that have been terminated before completion within the last
five (5) years:
1. Agency contract with
2. Date of original contract
3. Reason for termination
4. Contact person and telephone number for agency
I. Describe all lawsuit(s) or legal action(s) that are currently pending; and any
lawsuit(s) or legal action(s) that have been resolved within the last five (5) years:
1. Location filed, name of court and docket number
2. Nature of the lawsuit or legal action
J. Describe any payment problems that you have had with the County within the past
three (3) years:
1. Funding source
2. Date(s) and amount(s)
3. Resolution
4. Impact to financial viability of organization.
XI. SCOPE OF WORK:
A. Bidders are to use this section to describe the essence of their proposal.
B. This section should be formatted as follows:
1. A general discussion of your understanding of the project, the Scope of Work
proposed and a summary of the features of your proposal.
2. A detailed description of your proposal as it relates to each item listed under the
"Scope of Work" section of this RFP. Bidder's response should be stated in the
same order as are the "Scope of Work" items. Each description should begin
with a restatement of the "Scope of Work" item that it is addressing. Bidders
must explain their approach and method of satisfying each of the listed items.
C. When reports or other documentation are to be a part of the proposal a sample of
each must be submitted. Reports should be referenced in this section and submitted
in a separate section entitled "REPORTS."
D. A complete description of any alternative solutions or approaches to accomplishing
the desired results.
XII. COST PROPOSAL: Quotations may be prepared in any manner to best demonstrate the
worthiness of your proposal. Include details and rates/fees for all services, materials,
equipment, etc. to be provided or optional under the proposal.
XIII. CHECK LIST
Exhibit C
Proposal No. 946-5361 Page 26
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AWARD CRITERIA
In evaluating the responses, the review committee will consider the following criteria:
PROPOSAL EFFECTIVENESS
A. Understanding of the RFP objectives.
B. Presentation and content of the proposal including; recommendations, options,
deliverables and corresponding timelines.
COST
A. Total Proposed Cost as submitted under the "COST PROPOSAL" section.
CAPABILITY AND QUALIFICATIONS
A. Do the service descriptions address all the areas identified in the RFP? Will the
proposal satisfy the County’s needs and to what degree?
B. Does the bidder demonstrate knowledge of the issues associated with providing the
services proposed and knowledge of laws, regulations and statues required to provide
this service?
C. What level of experience does the bidder demonstrate in providing the specified
services?
D. How acceptable are any exceptions and/or deviations from services requested in the
RFP?
E. Reference checks – How are the assessments from the client references? Are/were the
services provided to the clients comparable to services requested in the RFP?
MANAGEMENT PLAN
A. Is the bidder’s organizational plan and management structure adequate and appropriate
for overseeing the proposed services?
B. Will the appropriate level of staff be assigned by the bidder to the project?
Following the review of all proposals, one or more firms may be invited to participate in an oral
interview.
It is understood that the firm selected will perform all services referenced in this Request for
Proposal.
Exhibit C
Proposal No. 946-5361 Page 27
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CHECK LIST
This Checklist is provided to assist vendors in the preparation of their RFP response. Included
in this list, are important requirements and is the responsibility of the bidder to submit with the
RFP package in order to make the RFP compliant. Because this checklist is just a guideline,
the bidder must read and comply with the RFP in its entirety.
Check off each of the following:
1. The Request for Proposal (RFP) has been signed and completed.
2. Addenda, if any, have been completed, signed and included in the bid package.
3. One (1) original plus five (5) copies of the RFP have been provided.
4. Two (2) reproducible compact discs of the RFP have been provided.
5. The completed Trade Secret Form as provided with this RFP (Confidential/Trade
Secret Information, if provided must be in a separate binder).
6. The completed Criminal History Disclosure Form as provided with this RFP.
7. The completed Participation Form as provided with this RFP.
8. The completed Reference List as provided with this RFP.
9. Conflict of Interest statement.
10. Investment Advisor Registration with SEC, IARD number for firm, and CRD number
of employees that will have contact with the County.
11. Indicate all of bidder exceptions to the County’s requirements, conditions and
specifications as stated within this RFP.
12. Lastly, on the LOWER LEFT HAND CORNER of the sealed envelope, box, etc.
transmitting your bid include the following information:
County of Fresno RFP No. 946-5361
Closing Date: August 5, 2015
Closing Time: 2:00 P.M.
Commodity or Service: Advisory & Reporting Services for the County of
Fresno Treasury Investment Pool
Return Checklist with your RFP response.
Exhibit C
Proposal No. 946-5361 Page 28
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EXHIBITS
A. Portfolio Management - Summary 2015
B. Investment Policy
C. Compliance Review
Exhibit C
RFP 946-5361Exhibit APage 1Exhibit C
RFP 946-5361Exhibit APage 2Exhibit C
RFP 946-5361Exhibit APage 3Exhibit C
RFP 946-5361Exhibit APage 4Exhibit C
RFP 946-5361Exhibit APage 5Exhibit C
RFP 946-5361Exhibit APage 6Exhibit C
RFP 946-5361Exhibit APage 7Exhibit C
RFP 946-5361Exhibit APage 8Exhibit C
RFP 946-5361Exhibit APage 9Exhibit C
RFP 946-5361Exhibit APage 10Exhibit C
RFP 946-5361Exhibit APage 11Exhibit C
Vicki Crow C.P.A.
Auditor-Controller/Treasurer-Tax Collector
County of Fresno Treasury Investment Pool
INVESTMENT POLICY
Established: 1984
Current Revision: December 4, 2012
(559) 600-3496
Room 105
Hall of Records
2281 Tulare Street
Fresno, California 93721
RFP 946-5361 Exhibit B Page 1Exhibit C
COUNTY OF FRESNO
AUDITOR-CONTROLLERITREASURER-TAX COLLECTOR
TREASURY INVESTMENT POOL
INVESTMENT POLICY
TABLE OF CONTENTS
Page
1.0 PURPOSE. .............................................. ...................... ........... ........... ........... ..... 4
2.0 SCOPE ................................................................................................................ 4
3.0 OBJECTIVE ....................................................................................................... 4
3.1 LEGALITY
3.2 SAFETY
3.3 LIQUIDITY
3.4 RETURN ON INVESTMENT
3.5 LOCAL COMMUNITY REINVESTMENT
4.0 DELEGATION OF AUTHORITy..................................................................... 5
5.0 ETHICS AND CONFLICT OF INTEREST ...................................................... 5
6.0 PRlTDENCE ............ ......... ............. ......... ........... ...................... ........................... 6
7.0 BORROWING FOR PURPOSES OF MAKING INVESTMENTS ................... 6
8.0 AUTHORIZED INVESTMENTS AND LIMITS .............................................. 6
8.1 UNITED STATES TREASURY BILLS, NOTES,
CERTIFICATES OF INDEBTEDNESS
8.2 FEDERAL AGENCY SECURITIES
8.3 BANKERS ACCEPTANCES
8.4 COMMERCIAL PAPER
8.5 NEGOTIABLE CERTIFICATES OF DEPOSIT
8.6 NON-NEGOTIABLE TIME CERTIFICATES OF DEPOSIT
8.6.1 CERTIFICA TES OF DEPOSIT USING A PRIVATE SECTOR
ENTITY THAT ASSISTS IN THE PLACEMENT OF CERTIFICATES
OF DEPOSIT (PRIVATE PLACEMENT)
8.7 REPURCHASE AGREEMENTS
8.8 MEDIUM-TERM NOTES
8.9 LOCAL AGENCY INVESTMENT FUND
8.10 MUTUAL FUNDS
8.11 MORTGAGE-BACKED SECURITIES
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RFP 946-5361 Exhibit B Page 2Exhibit C
8.12 BOND PROCEEDS
8.13 EXTERNAL INVESTMENT MANAGERS
8.14 STATE OF CALIFORNIA DEBT
9.0 SELECTION OF INVESTMENTS ..................................................................... 11
10.0 DIVERSIFICATION .......................................................................................... 11
11.0 MAXIMUM MATURITIES ................................................................................ 11
12.0 SELLING SECURITIES PRIOR TO MATURITY ............................................ 12
13.0 AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS ................... 12
14.0 CONFIRMATION ............................................................................................... 13
15.0 SAFEKEEPING AND CUSTODy .................................................................... 13
16.0 PERFORMANCE STANDARDS ...................................................................... 13
16.1 MARKET YIELD BENCHMARK
17.0 ADMINISTRATIVE COST OF INVESTING .................................................... 13
18.0 CREDIT OF INTEREST EARNINGS ............................................................... 13
19.0 LOCAL AGENCY DEPOSIT OF EXCESS FUNDS ......................................... 14
20.0 WITHDRA W AL OF FUNDS FROM THE TREASURY POOL ....................... 14
21.0 REPORTING ...................................................................................................... 15
22.0 INTERNAL CONTROL ...................................................................................... 15
23.0 INVESTMENT POLICY REVIEW .................................................................... 15
24.0 DISASTERIBUSINESS CONTINUITY PLAN ................................................. 16
APPENDIX A ...................................................................................................... 17
APPENDIX B ............................................................................. 19
APPENDIX C ............................................................................. 21
3
RFP 946-5361 Exhibit B Page 3Exhibit C
COUNTY OF FRESNO
AUDITOR-CONTROLLERITREASURER-TAX COLLECTOR
TREASURY INVESTMENT POOL
INVESTMENT POLICY
1.0 Purpose
The Auditor-ControllerlTreasurer-Tax Collector's policy is to invest public
funds in a manner which will provide a market average rate of return
consistent with the objectives included herein while meeting the daily cash
flow demands of the County Treasury, and conform to all state laws governing
the investment of public funds.
Investments differing from this policy shall be made only in circumstances
where market timing or economic trends indicate such investments are
beneficial. Such investments will require written approval by the Auditor-
Controller/Treasurer-Tax Collector.
2.0 Scope
This investment policy applies to all financial assets deposited and retained in
the County of Fresno Treasury Investment Pool.
3.0 Objective
The primary objectives, in priority order, of the County of Fresno's investment
activities shall be the following:
3.1 Legality. Investments shall only be made in securities legally permissible
by the California Government Code, Sections 53635,53635.2 et. seq. In
recognition of a rapidly changing and expanding marketplace, new concepts or
securities shall be reviewed for compliance and possible consideration.
Legality issues shall be resolved with County Counsel.
3.2 Safety. Investments shall be undertaken in a manner that seeks to ensure
preservation of capital in the overall portfolio. To attain this objective,
diversification is required. Investments should be made in securities of high
quality to avoid credit risk and loss of principal.
4
RFP 946-5361 Exhibit B Page 4Exhibit C
3.3 Liguidity. The investment portfolio should remain sufficiently liquid to
enable the Treasury Investment Pool to meet all operating requirements which
might be reasonably anticipated or respond to opportunities for investments
arising from changing market conditions.
3.4 Return on Investment. The investment portfolio shall be designed with the
objective of attaining the highest interest revenue, taking into consideration the
objectives of this policy and the cash flow characteristics of the portfolio.
3.5 Local Community Reinvestment. When in the best interest of the
investment portfolio, and within the confines of other objectives enumerated
herein, the investment portfolio may invest in local investment opportunities.
4.0 Delegation of Authority
5.0
Authority to manage the County of Fresno Treasury Investment Pool is derived
from Government Code Section 53607. Management responsibility for the
investment program, in accordance with this provision, has been delegated to
the Auditor-ControllerlTreasurer-Tax Collector. This delegation is included in
the Ordinance Code of the County of Fresno, Section 2.20.080 and is subject to
annual renewal. The Auditor-Controller/Treasurer-Tax Collector shall
establish written procedures for the operation of the investment program
consistent with this investment policy. Such procedures shall include explicit
delegation of authority to persons responsible for investment transactions (GC
53607).
No person may engage in an investment transaction except as provided under
the terms of this policy and the procedures established by the Auditor-
ControllerlTreasurer-Tax Collector. The Auditor-Controller/Treasurer-Tax
Collector shall be responsible for all transactions undertaken and shall
establish a system of controls to regulate the activities of subordinate staff.
The County of Fresno Treasury Oversight Committee shall annually review
and monitor the Investment Policy. The County of Fresno Treasury Oversight
Committee shall also cause an annual audit to determine the Auditor-
Controller/ Treasurer-Tax Collector's compliance with the Investment Policy.
The cost of the audit shall be considered an Administrative cost of investing.
Audit Reports are available to participants of the pool upon request (GC
27133, GC 27134 and GC 27135).
Ethics and Conflict of Interest
The Auditor-Controller/Treasurer-Tax Collector, the County of Fresno
Treasury Oversight Committee and staff involved in the investment process
shall refrain from personal business activity that could conflict with proper
5
RFP 946-5361 Exhibit B Page 5Exhibit C
execution of the investment program, or which could impair their ability to
make impartial investment decisions.
Receipt of honoraria, gifts and gratuities from advisors, brokers, dealers,
bankers or other persons with whom the County Treasury conducts business
by any member of the County of Fresno Treasury Oversight Committee shall
require the completion of an annual Statement of Economic Interests by each
member to be filed with the member's respective agency. This policy sets a
$420 per current filing limit on the amount of honoraria, gifts and gratuities
that a committee member may receive from a single source in calendar year.
6.0 Prudence
Investments shall be made with judgment and care, under the circumstances
then prevailing, which persons of prudence, discretion and intelligence
exercise in the management of their own affairs, and not for speculation, but
for investment, considering the probable safety of their capital as well as the
probable income to be derived.
6.1 The standard of prudence to be used by investment officials shall be the
"prudent investor" standard and shall be applied in the context of managing an
overall portfolio. Investment officers acting in accordance with the investment
policy and exercising due diligence shall be relieved of personal responsibility
for an individual security's credit risk of market price changes, provided
deviations from expectations are reported in a timely fashion and appropriate
action is taken to control adverse developments.
7.0 Borrowing for Purposes of Making Investments
The Fresno County Auditor-ControllerlTreasurer-Tax Collector is prohibited
from the practice of borrowing for the sole purpose of making investments.
8.0 Authorized Investments and Limits
The following securities are authorized investments for the County of Fresno
Treasury Investment Pool. Securities shall be valued at amortized cost when
determining their percentage to the money in the County of Fresno Treasury
Investment Pool. Additions or deviations from this list, in addition to being
permissible under the Government Code, require approval by the Auditor-
Controller/ Treasurer-Tax Collector. Investments not expressly authorized by
law are prohibited. Attachment A summarizes the authorized investments and
applicable limits (CDIAC Local Agency Investment Guidelines).
The Auditor-ControllerlTreasurer-Tax Collector interprets the authorized
investment limits to be based upon the portfolio allocation at the time a
security is purchased. The portfolio allocation may temporarily fall outside of
these limits due to maturities and fluctuations in the size of the pool after the
purchase of a security. Additionally, the applicable credit ratings are
interpreted to be based upon the rating at the time the security is purchased.
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8.1 United States Treasury Bills, Notes, Certificates ofIndebtedness, or those
for which the full faith and credit of the United States are pledged for the
payment of principal and interest.
8.2 Obligations issued by Federal Farm Credit Banks, Federal Home Loan
Banks, the Federal Home Loan Mortgage Company, or in obligations,
participations, or other instruments of or issued by, or fully guaranteed as to
principal and interest by, the Federal National Mortgage Association; or in
obligations, participations, or other instruments of or issued by a federal
agency or a United States Government-sponsored enterprise
8.3 Bills of Exchange or Time Drafts drawn on and accepted by a commercial
bank, otherwise known as Bankers Acceptances, both domestic and foreign,
which are eligible for purchase by the Federal Reserve System. Any
investment in Bankers Acceptances shall be restricted to the top 150 world
banks as determined by their total assets and limited to those institutions in this
group whose short term debt (commercial paper) is of prime quality of the
highest ranking or of the highest letter and numerical rating as provided for by
a nationally recognized statistical-rating service.
Purchases of Bankers Acceptances may not exceed 180 days maturity or 40
percent of the money in the Treasury Investment Pool.
8.4 Commercial Paper of prime quality of the highest ranking or of the highest
letter and numerical rating as provided for by Moody's Investors Service, Inc.,
or Standard and Poor's (P-l; A-I). Eligible paper is further limited to issuing
corporations that are organized and operating within the United States and
having total assets in excess of five hundred million dollars and having an "A"
or higher rating for the issuer's other outstanding debentures by Standard and
Poor's, or its equivalent or better ranking by a nationally recognized statistical-
rating service.
Investments in Commercial Paper may not exceed 270 days maturity and is
limited to 10 percent of the assets held by the Treasury Investment Pool in any
single issuer (GC 53635 (a)(2)). Investments may not exceed 40 percent of the
money in the Treasury Investment Pool in accordance with Section 53635 of
the California Government Code.
8.5 Negotiable Certificates of Deposit issued by a nationally or state-chartered
bank, savings association, federal association, or state-licensed branch of a
foreign bank. Any investment is to be restricted to the top 150 world banks as
determined by their total assets and limited to those institutions in this group
whose short term debt (commercial paper) is of prime quality of the highest
ranking or of the highest letter and numerical rating as provided for by
Moody's Investors Service, Inc. or Standard and Poor's (P-I; A-I). As an
alternative to the credit guidelines above, banks, savings associations or federal
associations having a four star rating or higher rating as provided for by Bauer
7
RFP 946-5361 Exhibit B Page 7Exhibit C
Financial, Inc. or a comparable rating service, shall be considered eligible
institutions for these investments.
Investments in Negotiable Certificates of Deposit (in combination with section
8.6.1) may not exceed 30 percent of the money in the Treasury Investment
Pool. No more than 5 percent of the money shall be invested in anyone
institution.
8.6 Non-negotiable Time Certificates of Deposit issued by a nationally or
state-chartered bank, savings association or federal association (GC 53601
(n)). Unless fully covered by FDIC insurance, including the interest earned,
these investments require full collateralization with government securities
totaling 110 percent or mortgages totaling 150 percent of the principal amount
(GC 53652). Any investment is to be restricted to those institutions whose
short term rating is of prime quality of the highest ranking as provided for by
Moody's Investors Service, Inc. or Standard and Poor's (P-l; A-I). As an
alternative to the credit guidelines above, banks, savings associations or federal
associations having a four star rating or higher as provided for by Bauer
Financial, Inc. or a comparable rating service, shall be considered eligible
institutions for these investments. Any investment will require the approval
and execution of a Contract for Deposit by the Auditor-ControllerlTreasurer-
Tax Collector.
Investments in Non-negotiable Time Certificates of Deposit may not exceed 50
percent of the money in the Treasury Investment Pool. No more than 15
percent of the money shall be invested in anyone institution.
8.6.1 Investments in certificates of deposit at a commercial bank, savings
bank, savings and loan association, or credit union that uses a private sector
entity that assists in the placement of certificates of deposit. Investments will
be made in compliance with Government Code section 53635.8. Investments
shall be initially placed with a nationally or state-chartered commercial bank,
savings bank, savings and loan association or a credit union in this state, which
shall be known as the selected depository institution. Any investment will
require the approval and execution of a Deposit Placement Agreement by the
Auditor-ControllerlTreasurer-Tax Collector. Combined purchases under
sections 8.5 and 8.6.1 shall not exceed 30% of the portfolio. Additionally,
purchases under 8.6.1 shall not exceed 15% of the portfolio.
8.7 Investments in Repurchase Agreements representing United States
Treasury Securities, United States Agency discount and coupon securities,
domestic and foreign Banker's Acceptances, commercial paper, and domestic
bank/savings associations or federal associations Negotiable Certificates of
Deposit.
8
RFP 946-5361 Exhibit B Page 8Exhibit C
Investments shall be made only after the execution of a Repurchase and
Custody Agreement (Tri-Party Agreement) between the County or the
investment manager (if under contract), the dealer and the Custodian.
Investments will consist of overnight Repurchase Agreements, which includes
weekend placements and maturities; however, securities with longer maturities
may be used as collateral for these Agreements. (GC 53635.2)
Excluding circumstances of market-timing and known cash demands,
investments in Repurchase Agreements shall be limited to not more than 15
percent of the money in the Treasury Investment Pool. The market value of
securities that underlay a repurchase agreement shall be valued at 102 percent
or greater of the funds borrowed against these securities. Any exceptions to
the maturity or investment amount provisions will require written approval by
the Auditor-ControllerlTreasurer-Tax Collector.
8.8 Medium-term Notes with a maximum remaining maturity of five years or
less issued by corporations organized and operating within the United States or
by depository institutions licensed by the United States or any state and
operating within the United States. Notes eligible for investment shall be rated
in a rating category of "A" or higher, by Standard and Poor's Corporation, or
its equivalent or better by a nationally recognized rating service
Investments in Medium-term Notes may not exceed 30 percent of the money in
the Treasury Investment Pool.
8.9 Investment of funds in the Local Agency Investment Fund (LAIF-
California) created by law, which the State Treasurer invests through the
Pooled Money Investment Account. Money invested in LAIF is available for
overnight liquidity; however, it is also subject to a limited number of
transactions per month. Money shall be placed in LAIF as alternative liquid
investments under the guidelines of this policy pertaining to yield. Investment
of funds in the LAIF is limited to $50,000,000. An exception to this dollar
limit is available for bond and note proceeds. The Auditor-Controller/
Treasurer-Tax Collector may invest any portion of debt proceeds in the LAIF.
8.10 Shares of beneficial interest issued by diversified management
companies, otherwise known as Mutual Funds, investing in the securities and
obligations as authorized by the California Government Code, Sections 53601
et. seq.
To be eligible for investment, these companies shall either: (1) attain the
highest ranking or the highest letter and numerical rating provided by two of
the largest nationally recognized rating services, or (2) have an investment
adviser registered with the Securities and Exchange Commission with at least
five years experience investing in the securities authorized by the code sections
noted above and with assets under management in excess of$500,000,000.
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RFP 946-5361 Exhibit B Page 9Exhibit C
Shares of beneficial interest issued by diversified management companies that
are money market funds registered with the Securities and Exchange
Commission under the Investment Company Act of 1940. To be eligible for
investment, these companies shall either: (1) attain the highest ranking or the
highest letter and numerical rating provided by not less than two nationally
recognized statistical rating organizations, or (2) retain an investment adviser
registered or exempt from registration with the Securities and Exchange
Commission with not less than five years' experience managing money market
mutual funds with assets under management in excess of $500,000,000
(GC 53601).
Investment in Mutual Funds shall not include the payment of any commission
that these companies may charge and may not exceed 20 percent of the surplus
funds in the Treasury Investment Pool. Only 10 percent of the surplus funds
may be invested in anyone mutual fund (GC 53601, 53635.2).
8.11 Any mortgage pass-through security, collateralized mortgage obligation,
mortgage-backed or other pay-through bond of a maximum of five years
maturity. Securities eligible for investment shall be issued by an issuer having
an "A" or higher rating for the issuer's debt as provided by a nationally
recognized rating service and rated "AA" or its equivalent or better by a
nationally recognized rating service.
Investments in these securities may not exceed 10 percent of the surplus funds
in the Treasury Investment Pool.
8.12 Bond proceeds may be invested in accordance with the Government
Code provisions, or they may be invested in alternative vehicles if authorized
by bond documents (GC Section 53635.2 and CDIAC Local Agency
Investment Guidelines).
8.13 External Investment Managers. The Auditor-ControllerlTreasurer-Tax
Collector may contract with external investment managers to provide
investment management services. These managers may be hired to invest
funds not needed for liquidity and to increase the rate of return of the pool by
employing an active investment strategy. The external investment manager is
allowed to make specific investment decisions within the framework of this
investment policy.
External investment managers are required to provide timely transaction
documentation and investment reports to ensure that the manager's actions
comply with the requirements of the law and this investment policy. External
investment managers shall remit, at least quarterly, the interest earnings to the
Pool to allow these earnings to be apportioned to the pool participants.
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Selection of External Investment Managers is subject to section 13.0 of this
investment policy. Additionally, after selection, the manager's performance
shall be reviewed against the agreed upon benchmark.
8.14 Registered state warrants or treasury notes or bonds of the State of
California, including bonds payable solely out of the revenues from a revenue-
producing property owned, controlled, or operated by the state or by a
department, board, agency, or authority of the state.
Investments in these securities may not exceed 10 percent of the surplus funds
in the Treasury Investment Pool.
9.0 Selection of Investments
Investments, with the exception of California registered state warrants in
section 8.14, above, shall only be made following a minimum of three
competitive comparisons with offerings documented and retained for each type
of investment.
10.0 Diversification
The Treasury Investment Pool shall be diversified by security type and
institution.
11.0 Maximum Maturities
To the extent possible, investments shall be made to match anticipated cash
requirements. Unless matched to a specific cash flow, normal investments will
be in securities such that the average weighted maturity of the Treasury
Investment Pool shall not exceed 3.5 years. Proceeds of sales or funds set
aside for the repayment of any notes issued for temporary borrowing purposes
shall not be invested for a term that exceeds the term of the notes.
12.0 Selling Securities Prior to Maturity
Securities purchased shall normally be held until maturity. Occasionally,
opportunities will exist to sell securities prior to maturity and purchase other
securities (swap/trade). These transactions shall only be considered if the
proposed swap/trade enhances the yield over the life of the new security on a
total return basis.
Additionally, securities that are no longer in compliance with this investment
policy may be sold prior to maturity. Securities may also be sold in order to
maintain the liquidity of the pool.
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13.0 Authorized Financial Dealers and Institutions
The Auditor-Controller/Treasurer-Tax Collector shall maintain a list of
financial institutions authorized to provide investment services. In addition, a
list shall also be maintained of approved security broker/dealers selected by
credit worthiness, who maintain an office in the State of California. These
may include "primary" dealers or regional dealers that qualify under Securities
and Exchange Commission Rule 15C3-1 (uniform net capital rule). No public
deposit shall be made except in a qualified public depository as established by
state laws.
All financial institutions and broker/dealers who desire to become qualified
bidders for investment transactions must supply the following: audited
financial statements, proof of Financial Industry Regulatory Authority
membership, trading resolution, proof of state registration, completed
broker/dealer questionnaire, certification of having read County's Investment
Policy, and if applicable, depository contracts. Broker/dealers are evaluated
and selected based upon criteria that include: organization experience and
credibility, individual broker/dealer, compliance, product inventory, and
economic research.
An annual review of the financial conditions and registrations of selected
brokers shall be conducted by the Auditor-Controller/Treasurer-Tax Collector.
A current audited financial statement is required to be on file for each
authorized financial institution and broker/dealer.
Investment managers are evaluated and selected based upon criteria that
include: organization experience and credibility, staff experience, compliance,
and performance.
The selection of any broker, brokerage firm, dealer or securities firm that has,
within any consecutive 48 month period following January I, 1996, made a
political contribution in an amount exceeding the limitations contained in Rule
0-37 of the Municipal Securities Rulemaking Board, to the Auditor-
Controller/ Treasurer-Tax Collector or member of the Board of Supervisors or
any candidate for those offices shall be prohibited. The County will, to the
best of its ability, monitor and comply with this requirement.
14.0 Confirmation
Receipts for confirmation of purchase of authorized securities should include
the following information: trade date, par value, maturity, rate, price, yield,
settlement date, description of securities purchased, agency's name, net amount
due, and third party custodian information. Confirmation of all investment
12
RFP 946-5361 Exhibit B Page 12Exhibit C
transactions should be received by the Auditor-Controller/Treasurer-Tax
Collector within five business days of the transaction.
15.0 Safekeeping and Custody
Investments, excluding Non-negotiable Time Certificates of Deposit,
Repurchase Agreements and investments that are under the management of
contracted parties, shall be held in custody with the Service Bank or its
correspondent or other institutions approved by the Auditor-
Controller/Treasurer-Tax Collector. Investments in Repurchase Agreements
shall be held in custody by the Custodian to the Tri-Party Agreement.
16.0 Performance Standards
The investment portfolio shall be designed to obtain a market average rate of
return during budgetary and economic cycles, taking into account investment
risk constraints and cash flow needs.
16.1 Market yield benchmark. The investment strategy is passive. Given this
strategy, the basis used by the Auditor-Controller/Treasurer-Tax Collector to
determine whether market yields are being achieved shall be the one-year U.S.
Treasury note rate.
17.0 Administrative Cost of Investing
The Auditor-Controller/Treasurer-Tax Collector may deduct actual
administrative costs associated with investing, depositing, banking, auditing,
reporting, or otherwise handling or managing of funds. The administrative
costs shall be segregated and deducted from the interest earnings of the
Treasury Pool each quarter prior to the distribution of interest earnings.
18.0 Credit of Interest Earnings
Interest shall be credited based on the average daily cash balance of money
on deposit in the County Treasury for the calendar quarter and shall be paid
quarterly.
19.0 Local Agency Deposit of Excess Funds
The County Auditor-Controller/Treasurer-Tax Collector is authorized to
accept deposits of excess funds from local agencies within Fresno County
13
RFP 946-5361 Exhibit B Page 13Exhibit C
pursuant to Resolution 98-354 and in accordance with Government Code
section 53684.
20.0 Withdrawal of Funds from the Treasury Pool
The withdrawal of funds by any depositor/participant in the County of Fresno
Treasury Investment Pool shall not adversely affect the interests ofthe other
depositors/participants in the County of Fresno Treasury Investment Pool. All
withdrawals that are not considered as funds being utilized for operations shall
be presented to the Auditor-Controller/Treasurer-Tax Collector for review and
approval. The Auditor-Controller/ Treasurer-Tax Collector shall perform an
assessment of the effect of a proposed withdrawal on the stability and
predictability of the investments in the Treasury Investment Pool as is required
by Government Code Sections 27136 and 27l33. Prior to the approving a
withdrawal, the Auditor-Controller/ Treasurer-Tax Collector shall find that the
proposed withdrawal will not adversely affect the interests of the other
depositors in the Treasury Investment Pool. All requests for withdrawals shall
be considered in order of receipt and shall in no way affect the ability of the
Auditor-Controller/Treasurer-Tax Collector to meet the pool's expenditure
requirements.
If the assessment of the effect of the proposed withdrawal does not negatively
impact the stability and predictability of the investments and the interests
of other depositors, the Auditor-ControllerlTreasurer-Tax Collector may
authorize a total or partial withdrawal of funds from the Treasury Pool. A
total withdrawal of funds from the County of Fresno Treasury Investment
Pool by a participant requires a 30 day written notice to the Auditor-
Controller/Treasurer-Tax Collector. Withdrawals involving less than the
participant's total funds (other than for operational needs) are subject to the
following constraints:
•
•
•
•
each withdrawal shall be limited to a maximum of $5,000,000
no more than two withdrawals of a non-operational purpose are
allowed per 30 day period
at least ten days must lapse before the second withdrawal in any 30
day period will be considered by the Auditor-Controller/Treasurer-
Tax Collector
each withdrawal shall be submitted to the Auditor-
Controller/Treasurer-Tax Collector by 9:00 a.m. on the day of
withdrawal.
14
RFP 946-5361 Exhibit B Page 14Exhibit C
The Auditor-Controller/Treasurer-Tax Collector shall be notified of normal
operating expenditures or disbursements in excess of $1 ,000,000 as early as
possible, preferably three business days in advance of disbursement, in order to
adjust the cash position to meet disbursement requirements.
21.0 Reporting
The Auditor-Controller/Treasurer-Tax Collector shall provide the Board of
Supervisors with a monthly inventory report and a monthly transaction report
of the Treasury Investment Pool. The Auditor~Controllerl Treasurer-Tax
Collector shall provide a quarterly investment report to the Board of
Supervisors, the County Administrative Officer and the County of Fresno
Treasury Oversight Committee. The quarterly report shall be submitted within
30 days following the end of the quarter covered by the report. Monthly
inventory reports and quarterly investment reports are available to participants
of the pool upon request (GC 53646).
The Auditor-Controller/Treasurer-Tax Collector shall provide the California
Debt and Investment Advisory Commission, no later than 60 days after the
close of the second and fourth quarters of each calendar year, quarterly reports
pursuant to Government Code Sections 8855 and 53646. The Auditor-
Controller/Treasurer~ Tax Collector shall provide the California Debt and
Investment Advisory Commission, no later than 60 days after the close of
the second quarter of each calendar year and 60 days after the subsequent
amendment thereto, the statement of investment policy pursuant to
Government Code Section 53646.
22.0 Internal Control
As part ofthe County of Fresno's annual independent audit, the investment
program shall be reviewed for appropriate internal controls that provide
assurance of compliance with policies and procedures.
23.0 Investment Policy Review
The investment policy shall be reviewed on an annual basis by the Auditor-
Controller/Treasurer~ Tax Collector and the investment policy shall be rendered
annually to the Board of Supervisors and the County of Fresno Treasury
Oversight Committee, which consists of the following members:
• The County Auditor-Controller/Treasurer~ Tax Collector
• A representative appointed by the County Board of Supervisors
• The County Superintendent of Schools or designee
• A representative selected by a majority of the presiding officers of the
governing bodies of the school districts and community college districts
in the County
15
RFP 946-5361 Exhibit B Page 15Exhibit C
• A representative selected by a majority of the presiding officers of the
legislative bodies of the special districts in the County that are required
or authorized to deposit funds in the County treasury
The Board of Supervisors shall accept and approve the investment policy and
any changes thereto at a public meeting (GC 27133) (GC 53646).
24.0 DisasterlBusiness Continuity Plan
Approved
The County of Fresno Treasurer's banking and investment functions are
critical to the function of County of Fresno Treasurer Treasury Investment
Pool and therefore must have a continuity plan to guide operations in the event
of a disaster or business interruption.
The objective of the DisasterlBusiness Continuity Plan is to protect and
account for all funds on deposit with the county treasurer and to be able to
continue banking and investment functions for all participants in the event of
an occurrence; i.e. earthquake, fire, flood, or some other event, which disrupts
normal operations. The Plan provides for the ability to perform banking and
investment functions at an off-site location under less than optimal conditions.
Vicki Crow, C.P.A.
Auditor-Controller/Treasurer-Tax Collector
16
RFP 946-5361 Exhibit B Page 16Exhibit C
APPENDIX A
Government Investment Investment
Code Policy Policy Term
Permitted InvestmentslDeposits Limits % Limits % Limit Rating
Securities of the U.S. Government No Limit No Limit 5 years N/A
Securities issued by United States No Limit No Limit 5 years N/A
Government Sponsored Enterprises
Bankers Acceptances (1) 40% 40% 180 days N/A
Commercial Paper 40% 40% 270 days P-l,A-I
Negotiable Certificates of Deposit (2) 30% 30% 13 months P-l,or A-lor 4 Star
Non-negotiable Certificates of Deposit (2) No Limit 50% 13 months P-l or A-lor 4 Star
Account Registry Service Deposits (2) 30% 15% 13 months N/A
Repurchase Agreements No Limit 15% OvernightIW eekend N/A
Medium Term Notes 30% 30% 5 years A
LAIF (3) No Limit $50,000,000 5 years N/A
Mutual Funds (4) 20% 20% 5 years AAA,Aaa
Mortgage-Backed Securities 20% 10% 5 years AA
State of California Debt No Limit 10% 5 years N/A
17
RFP 946-5361 Exhibit B Page 17Exhibit C
APPENDIX A
(Continued)
(I) Investment policy limits any investment in bankers acceptances to the top 150 world banks as detennined by their total assets and limited to
those institutions in this group whose short tenn debt is of prime quality and of the highest ranking as provided for by Moody's or Standard
and Poor's (P-1, A-I).
(2) Banks, savings associations or federal associations having a "4 Star" or higher rating as provided by Bauer Financial, Inc. or a comparable
rating service. For negotiable certificates of deposit, no more than 5 percent of the money shall be invested in anyone institution. Negotiable
certificates of deposit and account registry service deposits combined shall not exceed 30% of the portfolio. For non-negotiable certificates of
deposit, no more than 15 percent of the money shall be invested in anyone institution.
(3) LAIF Board of Directors limits the investment to $50,000,000, excluding bond and note proceeds. Government Code does not place a
percentage limit on the amount of money that may be invested in LAIF.
(4) Diversified management companies investing in the securities and obligations as authorized by California Government Code, Sections 5360 I,
et seq., shall either (1) attain the highest ranking or the highest letter and numerical rating provided by two of the largest nationally recognized
rating services, or (2) have an investment adviser registered with the SEC with at least five years experience investing in the securities
authorized by code sections noted in the policy and with assets under management in excess of $500,000,000.
Diversified management companies issuing shares of beneficial interest that are money market funds registered with the Securities and
Exchange Commission (SEC) under the Investment Act of 1940 shall either (1) attain the highest ranking or the highest letter and numerical
rating provided by not less than two nationally recognized statistical rating organizations, or (2) retain an investment adviser registered or
exempt from registration with the SEC with not less than five years experience managing money market mutual funds with assets under
management in excess of $500,000,000. Only 10 percent of the money may be invested in anyone mutual fund.
18
RFP 946-5361 Exhibit B Page 18Exhibit C
APPENDIXB
RATING SUMMARY
RATING SERVICE RATING CATEGORY RATING DEFINITION
Moody's
Moody's Modifiers
Moody's Commercial Paper
Standard & Poors
Standard & Poors -Modifiers
Aaa
Aa
A
Baa
Ba
B
Caa
Ca
C
1,2,and 3
Prime-l
Prime-2
Prime-3
Not Prime
AAA
AA
A
BBB
BB
B
CCC
CC
C
CI
D
(+) or (-)
Standard & Poors -Commercial A-I
A-2
A-3
B
C
D
Best Quality
High Quality
Upper-medium grade
Medium grade obligations
Judged to have speculative elements
Lack characteristics of desirable investment
Investment in poor standing
Speculative in a high degree
Poor prospect of attaining investment standing
Rankings within rating category
Superior ability for repayment
Strong ability for repayment
Acceptable ability for repayment
Do not fall in top 3 rating categories
Highest Rating
Strong capacity for repayment
Strong capacity for repayment but less than AA category
Adequate capacity for repayment .
Speculative
Greater vulnerability to default than BB category
Identifiable vulnerability to default
Subordinated debt of issues ranked in CCC category
Subordinated debt of issues ranked in CCC category
Income bonds where no interest is paid
Default
Rankings within rating category
Highest degree of safety
Timely repayment characteristics is satisfactory
Adequate capacity for repayment
Speculative
Doubtful repayment
Default
19
RFP 946-5361 Exhibit B Page 19Exhibit C
RATING SERVICE
Fitch
Fitch Modifiers
APPENDIXB
(Continued)
RATING SUMMARY
RATING CATEGORY
AAA
AA
A
BBB
BB
B
CCC,CC,C
DDD,DD,D
"+" or "-
RATING DEFINITION
Highest credit quality
Very high credit quality
High credit quality
Good credit quality
Speculative
High speculative
High default risk
Default
Relative status within rating categories
Fitch Commercial Paper FI
F2
F3
B
C
D
Highest credit quality
Good credit quality
Bauer 5 Star
4 Star
3 Y2 Star
3 Star
2 Star
1 Star
Zero
20
F air credit quality
Speculative
High default risk
Default
Superior
Excellent
Good
Adequate
Problematic
Troubled
Our lowest star rating
RFP 946-5361 Exhibit B Page 20Exhibit C
APPENDIXC
Glossary of Cash Management Terms
The following is a glossary of key investing terms, many of which appear in County of
Fresno Treasury Investment Policy. This glossary has been adapted from the Government
Finance Officer's Association (GFOA) sample investment policy.
Accrued Interest -The accumulated interest due on a bond as of the last interest payment
made by the issuer.
Agency - A debt security issued by a federal or federally sponsored agency. Federal
agencies are backed by the full faith and credit of the U.S. Government. Federally
sponsored agencies (FSAs) are backed by each particular agency with a market
perception that there is an implicit government guarantee. An example of federal agency
is the Government National Mortgage Association (GNMA). An example ofa FSA is
the Federal National Mortgage Association (FNMA).
Amortization -The systematic reduction of the amount owed on a debt issue through
periodic payments of principal.
Average Life -The average length of time that an issue of serial bonds and/or term bonds
with a mandatory sinking fund feature is expected to be outstanding.
Bankers' Acceptance A draft or bill or exchange accepted by a bank or trust company.
The accepting institution, as well as the issuer, guarantees payment of the bill.
Basis Point - A unit of measurement used in the valuation of fixed-income securities
equal to 11100 of 1 percent of yield, e.g., "114" of 1 percent is equal to 25 basis points.
Bid -The indicated price at which a buyer is willing to purchase a security or commodity.
Book Value -The value at which a security is carried on the inventory lists or other
financial records of an investor. The book value may differ significantly from the
security's current value in the market.
Callable Bond - A bond issue in which all or part of its outstanding principal amount may
be redeemed before maturity by the issuer under specified conditions.
Call Price -The price at which an issuer may redeem a bond prior to maturity. The price
is usually at a slight premium to the bond's original issue price to compensate the holder
for loss of income and ownership.
Call Risk -The risk to a bondholder that a bond may be redeemed prior to maturity.
Cash Sale/Purchase - A transaction which calls for delivery and payment of securities on
the same day that the transaction is initiated.
21
RFP 946-5361 Exhibit B Page 21Exhibit C
APPENDIXC
(Continued)
Certificate of Deposit - A short-term, secured deposit in a financial institution that
usually returns principal and interest to the lender at the end of the loan period.
Certificate of Deposit Account Registry System (CDARS) - A private CD placement
service that allows local agencies to purchase more than $100,000 in CDs from a single
financial institution (must be a participating institution of CDARS) while still
maintaining FDIC insurance coverage. CDARS facilitates the trading of deposits
between the California institution and other participating institutions in amounts that are
less than $100,000 each, so that FDIC coverage is maintained.
Collateralization -Process by which a borrower pledges securities, property, or other
deposits for the purpose of securing the repayment of a loan and/or security.
Commercial Paper -An unsecured short-term promissory note issued, with maturities
ranging from 1 to 270 days.
Convexity -A measure of a bond's price sensitivity to changing interest rates. A high
convexity indicates greater sensitivity of a bond's price to interest rate changes.
Coupon Rate -The annual rate of interest received by an investor from the issuer of
certain types of fixed-income securities. Also known as the "interest rate."
Credit Quality -The measurement of the financial strength of a bond issuer. This
measurement helps an investor to understand an issuer's ability to make timely interest
payments and repay the loan principal upon maturity. Generally, the higher the credit
quality of a bond issuer, the lower the interest rate paid by the issuer because the risk of
default is lower. Credit quality ratings are provided by nationally recognized rating
agencIes.
Credit Risk -The risk to an investor that an issuer will default in the payment of interest
and/or principal on a security.
Current Yield (Current Return) - A yield calculation determined by dividing the annual
interest received on a security by the current market price of that security.
Delivery Versus Payment (DVP) -A type of securities transaction in which the purchaser
pays for the securities when they are delivered either to the purchaser or hislher
custodian.
Discount -The amount by which the par value of a security exceeds the price paid for the
security.
Diversification - A process of investing assets among a range of security types by sector,
maturity, and quality rating.
Fair Value -The amount at which an investment could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale.
22
RFP 946-5361 Exhibit B Page 22Exhibit C
APPENDIX C
(Continued)
Federal Funds (Fed Funds) -Funds placed in Federal Reserve banks by depository
institutions in excess of current reserve requirements. These depository institutions may
lend fed funds to each other overnight or on a longer basis. They may also transfer funds
among each other on a same-day basis through the Federal Reserve banking system. Fed
funds are considered to be immediately available funds.
Federal Funds Rate -Interest rate charged by one institution lending federal funds to the
other.
Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for
all securities firms in the United States.
Government Securities -An obligation of the U.S. government, backed by the full faith
and credit of the government. These securities are regarded as the highest quality of
investment securities available in the U.S. securities market. See "Treasury Bills, Notes,
and Bonds.1I
Interest Rate -See "Coupon Rate."
Interest Rate Risk -The risk associated with declines or rises in interest rates which cause
in investment in a fixed-income security to increase or decrease in value.
Inverted Yield Curve -A chart formation that illustrates long-term securities having
lower yields than short-term securities. This configuration usually occurs during periods
of high inflation coupled with low levels of confidence in the economy and a restrictive
monetary policy.
Investment Company Act of 1940-Federal legislation which sets the standards by which
investment companies, such as mutual funds, are regulated in the areas of advertising,
promotion, performance reporting requirements, and securities valuations.
Investment Policy -A concise and clear statement of the objectives and parameters
formulated by an investor or investment manager for a portfolio of investment securities.
Investment-grade Obligations -An investment instrument suitable for purchase by
institutional investors under the prudent person rule. Investment-grade is restricted to
those obligations rated BBB or higher by a rating agency.
Liquidity -An asset that can be converted easily and quickly into cash without significant
loss of value.
Local Agency Investment Fund - A voluntary investment fund open to government
entities and certain non-profit organizations in California that is managed by the State
Treasurer's Office.
Local Government Investment Pool (LGIP) -An investment by local governments in
which their money is pooled as a method for managing local funds.
Mark-to-market -The process whereby the book value or collateral value of a security is
adjusted to reflect its current market value.
23
RFP 946-5361 Exhibit B Page 23Exhibit C
APPENDIXC
(Continued)
Market Risk -The risk that the value of a security will rise or decline as a result of
changes in market conditions.
Market Value -Current market price of a security.
Maturity -The date on which payment of a financial obligation is due. The final stated
maturity is the date on which the issuer must retire a bond and pay the face value to the
bondholder. See "Weighted Average Maturity."
Medium-Term Note Corporate or depository institution debt securities meeting certain
minimum quality standards (as specified in California Government Code) with a
remaining maturity of five years or less.
Money Market Mutual Fund -Mutual funds that invest solely in money market
instruments (short-term debt instruments, such as Treasury bills, commercial paper,
bankers' acceptances, repos and federal funds).
Mortgage Backed Securities -Mortgage-backed securities (MBS) are created when a
purchaser of residential real estate mortgages creates a pool of mortgages and markets
undivided interest or participations in the pooL MBS owners receive a prorate share of
the interest and principal passed through from the pool of mortgages. Most MBS are
issued and/or guaranteed by federal agencies and instrumentalities.
Mortgage Pass-through Obligations -Securities that are created when residential
mortgages are pooled together and undivided interests or participations in the stream of
revenues associated with the mortgages are sold.
Mutual Fund -An investment company that pools money and can invest in a variety of
securities, including fixed-income securities and money market instruments. Mutual
funds are regulated by the Investment Company Act of 1940 and must abide by the
following Securities and Exchange Commission (SEC) disclosure guidelines:
1. Report standardized performance calculations.
2. Disseminate timely and accurate information regarding the fund's holdings,
performance, management and general investment policy.
3. Have the fund's investment policies and activities supervised by a board of
trustees, which are independent of the adviser, administrator or other vendor of
the fund.
4. Maintain the daily liquidity of the fund's shares.
5. Value their portfolios on a daily basis.
6. Have all individuals who sell SEC-registered products licensed with a self-
regulating organization (SRO) such as the National Association of Securities
Dealers (NASD).
7. Have an investment policy governed by a prospectus which is updated and filed
by the SEC annually.
24
RFP 946-5361 Exhibit B Page 24Exhibit C
APPENDIXC
(Continued)
Negotiable Certificates of Deposit -Short-term debt instrument that usually pays interest
and is issued by a bank, savings or federal association, or state or federal credit union, or
state-licensed branch of a foreign bank. Negotiable CDs are traded in a secondary market
and are payable upon order to the bearer or initial depositor (investor).
Net Asset Value -The market value of one share of an investment company, such as a
mutual fund. This figure is calculated by totaling a fund's assets which includes
securities, cash, and any accrued earnings, subtracting this from the fund's liabilities and
dividing this total by the number of shares outstanding. This is calculated once a day
based on the closing price for each security in the fund's portfolio. (See below.) [(Total
assets) -(Liabilities)]/(Number of shares outstanding)
Nominal Yield -The stated rate of interest that a bond pays its current owner, based on
par value of the security. It is also known as the "coupon," "coupon rate,1I or "interest
rate."
Non-negotiable Certificates of Deposit -CDs that carry a penalty if redeemed prior to
maturity. Non-negotiable CDs issued by banks and savings and loans are insured by the
Federal Deposit Insurance Corporation up to $100,000, including principal and interest.
Amounts deposited above this amount may be secured with other forms of collateral.
Offer -An indicated price at which market participants are willing to sell a security or
commodity. Also referred to as the "Ask price."
Par -Face value or principal value of a bond, typically $1,000 per bond.
Positive Yield Curve - A chart formation that illustrates short-term securities having
lower yields than long-term securities.
Premium -The amount by which the price paid for a security exceeds the security's par
value.
Principal -The face value or par value of a debt instrument. Also may refer to the amount
of capital invested in a given security.
Prospectus - A legal document that must be provided to any prospective purchaser of a
new securities offering registered with the SEC. This can include information on the
issuer, the issuer's business, the proposed use of proceeds, the experience of the issuer's
management, and certain certified financial statements.
Prudent Person Rule -An investment standard outlining the fiduciary responsibilities of
public funds investors relating to investment practices.
25
RFP 946-5361 Exhibit B Page 25Exhibit C
APPENDIXC
(Continued)
Regular Way Delivery -Securities settlement that calls for delivery and payment on the
third business day following the trade date (T +3); payment on a T + 1 basis is currently
under consideration. Mutual funds are settled on a same day basis; government securities
are settled on the next business day.
Reinvestment Risk -The risk that a fixed-income investor will be unable to reinvest
income proceeds from a security holding at the same rate of return currently generated by
that holding.
Repurchase Agreement (repo or RP) -An agreement of one party to sell securities at a
specified price to a second party and a simultaneous agreement of the first party to
repurchase the securities at a specified price or at a specified later date.
Reverse Repurchase Agreement (Reverse Repo) -An agreement of one party to purchase
securities at a specified price from a second party and a simultaneous agreement by the
first party to resell the securities at a specified price to the second party on demand or at a
specified date.
Rule 2a-7 of the Investment Company Act -Applies to all money market mutual funds
and mandates such funds to maintain certain standards, including a 13-month maturity
limit and a 90-day average maturity on investments, to help maintain a constant net asset
value of one dollar ($1.00).
Safekeeping -Holding of assets (e.g., securities) by a financial institution.
Swap -Trading one asset for another.
Term Bond -Bonds comprising a large part or all of a particular issue which come due in
a single maturity. The issuer usually agrees to make periodic payments into a sinking
fund for mandatory redemption of term bonds before maturity.
Total Return -The sum of all investment income plus changes in the capital value of the
portfolio. For mutual funds, return on an investment is composed of share price
appreciation plus any realized dividends or capital gains. This is calculated by taking the
following components during a certain time period. (Price Appreciation) + (Dividends
paid) + (Capital gains)::;: Total Return
Treasury Bills -Short-term U.S. government non-interest bearing debt securities with
maturities of no longer than one year and issued in minimum denominations of $10,000.
Auctions of three-and six-month bills are weekly, while auctions of one-year bills are
monthly. The yields on these bills are monitored closely in the money markets for signs
of interest rate trends.
26
RFP 946-5361 Exhibit B Page 26Exhibit C
APPENDIXC
(Continued)
Treasury Notes -Intermediate U.S. government debt securities with maturities of one to
10 years and issued in denominations ranging from $1,000 to $1 million or more.
Treasury Bonds -Long-term U.S. government debt securities with maturities often years
or longer and issued in minimum denominations of$I,OOO. Currently, the longest
outstanding maturity for such securities is 30 years.
Uniform Net Capital Rule -SEC Rule ISC3-1 outlining capital requirements for
broker/dealers.
Volatility -A degree of fluctuation in the price and valuation of securities.
Weighted Average Maturity (W AM) -The average maturity of all the securities that
comprise a portfolio. According to SEC rule 2a-7, the W AM for SEC registered money
market mutual funds may not exceed 90 days and no one security may have a maturity
that exceeds 397 days.
When Issued (WI) -A conditional transaction in which an authorized new security has
not been issued. All "when issued" transactions are settled when the actual security is
issued.
Yield -The current rate of return on an investment security generally expressed as a
percentage of the security's current price.
Yield-to-call (YTC) -The rate of return an investor earns from a bond assuming the bond
is redeemed (called) prior to its nominal maturity date.
Yield Curve -A graphic representation that depicts the relationship at a given point
in time between yields and maturity for bonds that are identical in every way except
maturity. A normal yield curve may be alternatively referred to as a positive yield curve.
Yield-to-maturity -The rate of return yielded by a debt security held to maturity when
both interest payments and the investor's potential capital gain or loss are included in the
calculation of return.
Zero-coupon Securities -Security that is issued at a discount and makes no periodic
interest payments. The rate of return consists of a gradual accretion of the principal of
the security and is payable at par upon maturity.
27
RFP 946-5361 Exhibit B Page 27Exhibit C
Compliance Review of Treasurer’s
Investment Pool for the County of Fresno
Quarterly Report
1Q 2015
Exhibit C
Fresno Quarterly Compliance Review – 1Q 2015
Table of Contents
Section Number
Executive Summary 1
Compliance Review 2
Appendix 3
A. Portfolio Breakdowns
B. Checklists & Pricing Sources
C. Portfolio Appraisal
D. Glossary & Rating Summary
PCA and LDZ Group have been diligent and prudent in the preparation of this report. In doing
so, we have relied on numerous sources that we feel are known and reliable.
Exhibit C
Fresno Quarterly Compliance Review – 1Q 2015
0.0%
2.0%
4.0%
6.0%03/31/15 12/31/14
April 25, 2015
I. Executive Summary
Introduction
This is the Compliance Review of the County of Fresno Treasurer’s Investment Pool
Portfolio for the period ending March 31, 2015, pursuant to California Government
Code 53646. The report has two primary objectives: (1) to provide information
regarding portfolio holdings as to compliance with California Government Code
Sections 53601 and 53635, as well as the County Treasurer’s Statement of Investment
Policy, and (2) to detail portfolio characteristics of the portfolio’s investment holdings.
Quarterly Overview of Markets
U.S. Treasury rates decreased during the most recent quarter. The Federal Reserve
decided at the March 2015 Federal Open Market Committee that the target range of
0.00%-0.25% for the Federal Funds rate remains appropriate. The Committee anticipates
that it will be appropriate to raise the target range for the federal funds rate when it has
seen further improvement in the labor market and is reasonably confident that inflation
will move back to its 2% objective over the medium term.
Treasury Yield Curve Changes
Source: U.S. Treasury Department
Money-Market Statistics (all data in %)
Yields 12/31/14 3/31/15
National Rate on Non-Jumbo Deposits--90-Day 0.08 0.08
National Rate on Non-Jumbo Deposit--180-Day 0.12 0.12
Commercial Paper (nonfinancial)--30-Day 0.08 0.06
1 Year Treasury Bills 0.25 0.26
Quarterly Returns
Citigroup 3-month Treasury Bills 0.00 0.01
Barclays Capital US Treasuries 1-3 Years 0.19 0.54
Source: Federal Reserve, Federal Reserve Bank of St. Louis, MPI, Barclays Capital
Exhibit C
Fresno Quarterly Compliance Review – 1Q 2015
As indicated on the previous page, during the first quarter of 2015, Treasury yields
decreased on average. The yield on 1-year Treasury Bills increased 1 basis point to
0.26%, and the yield on 30-year Treasury Bonds decreased 21 basis points to 2.54%. The
spread between the 1-year Treasury and the 30-year Treasury ended the quarter at
2.28%, a decrease of 22 basis points compared to last quarter.
Exhibit C
Fresno Quarterly Compliance Review – 1Q 2015
Portfolio Position
The County of Fresno Investment Policy (revised December 2012) Section 11.0
recommends a portfolio of securities with a weighted average maturity not to exceed
3.5 years. Keeping the portfolio within this maturity range minimizes its exposure to
potential interest rate shifts that can occur in the mid-maturity sectors of the yield curve.
As of 3/31/15, the portfolio maintained a weighted maturity of 2.2 years and was
oriented towards high quality securities, with approximately 79.6% of the portfolio’s
assets invested in virtually risk-free instruments.
Compliance with California Government Codes 53601 & 53635:
The Investment Portfolio is compliant with the California Government Codes 53601 &
53635.
Compliance with Treasury Investment Pool Statement of Investment Policy:
The Statement of Investment Policy is more stringent than the California Government
Code. As of 3/31/15, the Treasurer’s Investment Pool portfolio complied with its
Statement of Investment Policy.
Please refer to the next section of the report for a more detailed evaluation of the
portfolio in relation to the California Government Code and the Treasurer’s Investment
Pool Statement of Investment Policy.
Portfolio Characteristics
The Treasury Pool’s portfolio characteristics are indicative of a plan exhibiting a high
degree of quality with short-term maturities.
As of 3/31/15, the portfolio had a market value of $2.61 billion with an average
dollar-weighted quality of “AA+”.
Approximately 79.6% of the portfolio’s assets are invested in securities with
virtually no credit risk (i.e. U.S. Treasury, U.S. Agencies, and Cash).
The dollar weighted average life of the pool is 2.2 years.
8.8% of the portfolio at cost matures within 30 days, 13.1% matures between 1
and 12 months, 40.8% between 1 and 3 years, and 37.3% matures between 3
and 5 years.
Based on its relative high quality and near-term liquidity, and assuming no significant
changes to pool funding policies, the Treasury Investment Pool is adequately positioned
to meet its expenditure requirements over the next six months.
Exhibit C
LDZ
PENSION REPORTS
II. Compliance Review
COUNTY OF FRESNO
TREASURY INVESTMENT POOL POLICY SUMMARY
As of March 31, 2015 (last Policy revision December 4, 2012)
AUTHORIZED INVESTMENTS DIVERSIFICATION PURCHASE RESTRICTIONS MATURITY CREDIT QUALITY
(S&P/MOODYS/BAUER)
8.1 US Treasury bills, notes, bonds or other
certificates of indebtedness No Limit None 5 years NA
8.2 Notes, participations or obligations issued
by the agencies of the Federal Government No Limit None 5 years NA
8.3 Bankers Acceptances 40% Issue is eligible for purchase by Federal Reserve.
Issuer is among 150 largest banks based on total asset size. 180 days CP rate:
A-1 or P-1
8.4 Commercial Paper 40% US organized and operating corporation with total assets of $500mm.
10% of issuer’s CP / 10% in any one issuer. 270 days A-1 or P-1
Debt rate: A
8.5 Negotiable CD’s 30%
combined 8.5 and 8.6.1
Issued by national- or state-chartered bank or savings association, or a state-
licensed branch of a foreign bank that is among 150 largest banks based on total
asset size and has CP rate of P-1 or A-1 OR issuer meets rating requirements.
/ 5% in any one issuer.
13 months
CP rate:
A-1 or P-1
Or Bauer: 4 star
8.6 Non-negotiable CD’s 50%
Issued by national- or state-chartered bank or savings association. / Full FDIC
insurance OR full collateralization of: 110% govt. securities or 150% mortgages
meeting GC 53601. / Contract for Deposit in place. / 15% in any one issuer.
13 months
CP rate:
A-1 or P-1
Or Bauer: 4 star
8.6.1 Placement CD’s
15% (30% of 50%);
30%
combined 8.5 and 8.6.1
Issued by with national- or state-chartered bank or savings association or credit
union that uses a placement entity. / In compliance GC 53635.8. / Deposit
Placement Agreement in place.
NA
8.7 Repurchase Agreements 15% Tri-party agreement in place. / 102% collateralization of: US Treasuries or Agencies,
BA’s, CP, Negotiable CD’s meeting GC 53601.
Overnight or
weekend NA
8.8 Medium-Term Notes 30% US organized and operating corporation or US- or state-licensed depository
institution. 5 years A
8.9 Local Agency Investment Fund-CA $50,000,000 None 5 years NA
8.10 Mutual Funds and Money Market Funds 20%
Fund invests in GC 53601 approved securities; adviser is registered with SEC, has 5
years experience investing according to GC 53601, and has $500mm under
management OR fund meets rating requirements.
Money market registered with SEC under ICA of 1940; SEC-registered or -exempt
adviser with 5 years experience managing money market mutual funds in excess of
$500mm OR fund meets rating requirements.
Investment does not include payment of commission. / 10% in any one fund.
5 years AAA and Aaa
8.11 ABS / MBS or other mortgage-backed
pass thru securities 10% None 5 years AA or Aa
Corp: A
8.12 Money Held From Pledged Assets No Limit Invest according to statutory provision OR according to entity providing for issuance NA NA
8.13 External Managers Funds Not Needed
for Liquidity Invests per policy NA NA
8.14 State of California Debt 10%
Registered state warrants or CA treasury notes, bonds including bonds payable
solely out of the revenues from a revenue-producing property owned, controlled or
operated by the state or by a department, board, agency or authority of the state.
5 years NA
Exhibit C
LDZ
PENSION REPORTS
CALIFORNIA GOVERNMENT CODE & COUNTY INVESTMENT POLICY
AUTHORIZED INVESTMENTS
Government Code Fresno County Investment Policy Actual Portfolio
CA Code
53601
Policy
Investment Category
Maximum
Maturity
Authorized
Limit
%
Quality
S&P/Moodys/
Bauer
Maximum
Maturity
Authorized
Limit
%
Quality
S&P/Moodys/
Bauer
Allocation
at cost
(a) LOCAL AGENCY BOND 5 YEARS NO LIMIT NA --- --- --- ---
(b) 8.1 US TREASURY 5 YEARS NO LIMIT NA 5 YEARS --- NA 1.7%
(c) (e) 8.14 STATE OF CALIFORNIA DEBT 5 YEARS NO LIMIT NA 5 YEARS 10% NA 0.4%
(d) 49 STATE WARRANT 5 YEARS NO LIMIT NA --- --- --- ---
(e) CA LOCAL AGENCY BOND 5 YEARS NO LIMIT NA --- --- --- ---
(f) 8.2 US AGENCY 5 YEARS NO LIMIT NA 5 YEARS --- NA 71.0%
(g) 8.3 BANKERS ACCEPTANCE 180 DAYS 40% NA 180 DAYS 40% CP: A-1 or P-1 ---
(h) and
53635 8.4 COMMERCIAL PAPER 270 DAYS 40% PRIME 270 DAYS 40% A-1 or P-1
Debt: A or A ---
(i) 8.5 NEGOTIABLE CD 5 YEARS
30%
w/ NonNeg
Placement CD
NA 13 MONTHS
30%
w/ NonNeg
Placement CD
CP: A-1 or P-1
Or Bauer 4 star ---
(n) 8.6 NON-NEGOTIABLE CD: SECURED 5 YEARS NO LIMIT NA 13 MONTHS 50% CP: A-1 or P-1
Or Bauer 4 star ---
53635.8 8.6.1 NON-NEGOTIABLE CD: PLACEMENT 30%
w/ Neg CD NA 15% (30% of 50%);
30% w/ Neg CD NA ---
(j) 8.7 REPURCHASE AGREEMENT 1 YEAR NO LIMIT NA OVERNIGHT or
WEEKEND 15% NA ---
(j) REVERSE REPURCHASE AGREEMENT 92 DAYS 20% NA --- --- --- ---
(k) 8.8 MEDIUM TERM NOTE 5 YEARS 30% A 5 YEARS 30% A or A 17.8%
16429.1-b 8.9 LOCAL AGENCY INVESTMENT FUND 5 YEARS NO LIMIT NA 5 YEARS $50,000,000 NA 1.9%
(l) 8.10 MUTUAL OR MONEY MARKET FUND 5 YEARS* 20% AAA 5 YEARS 20% AAA and Aaa 0.0%
(m) 8.12 PLEDGED ASSET Stat. Prov. NO LIMIT NA Stat. Prov. N/A NA ---
(o) 8.11 ABS / MBS 5 YEARS 20% AA 5 YEARS 10% AA or Aa
Corp: A or A 0.3%
CASH NA --- NA --- --- --- 6.8%
*Mutual Funds maturity may be interpreted as weighted average maturity.
Exhibit C
CALIFORNIA CODE - COMPLIANCE
Compliance Category
California Quality Maturity %Limit
Code-53601 Investment Category Yes/No Yes/No Yes/No Comments
Section (a) Local Agency Bonds Yes Yes Yes None
Section (b) U.S. Treasury Yes Yes Yes None
Section (c) California State Warrants Yes Yes Yes None
Section (d) Other 49 State Warrants Yes Yes Yes None
Section (e) California Local Agency Debt Yes Yes Yes None
Section (f) U.S. Agencies Yes Yes Yes None
Section (g) Bankers Acceptances Yes Yes Yes None
Section (h)
and
Code 53635
Commercial Paper Yes Yes Yes None
Section (i) Certificates and Time Deposits Yes Yes Yes None
Section (j) Repurchase Agreements Yes Yes Yes None
Section (k) Medium Term Notes Yes Yes Yes None
Section (l) Mutual or Money Market Funds Yes Yes Yes None
Section (m) Pledged Assets Yes Yes Yes None
Section (n) Secured Deposits Yes Yes Yes None
Section (o) ABS / MBS Yes Yes Yes None
Exhibit C
FRESNO POLICY - COMPLIANCE
Compliance Category
California Quality Maturity %Limit
Code-53601 Investment Category Yes/No Yes/No Yes/No Comments
Section (a) Local Agency Bonds N/A N/A N/A None
Section (b) U.S. Treasury Yes Yes Yes None
Section (c) California State Warrants Yes Yes Yes None
Section (d) Other 49 State Warrants N/A N/A N/A None
Section (e) California Local Agency Debt N/A N/A N/A None
Section (f) U.S. Agencies Yes Yes Yes None
Section (g) Bankers Acceptances Yes Yes Yes None
Section (h)
and
Code 53635
Commercial Paper Yes Yes Yes None
Section (i) Certificate and Time Deposits Yes Yes Yes None
Section (j) Repurchase Agreements Yes Yes Yes None
Section (k) Medium Term Notes Yes Yes Yes None
Section (l) Mutual or Money Market Funds Yes Yes Yes None
Section (m) Pledged Assets Yes Yes Yes None
Section (n) Secured Deposits Yes Yes Yes None
Section (o) ABS / MBS Yes Yes Yes None
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
LDZ
PENSION REPORTS
Portfolio Breakdown by Investment Type
(valued at amortized cost)
8.8 Corporate (k)
17.8%
8.9 LAIF
1.9%
8.10 Mutual / MM (l)
0.0%
8.2 US Agency (f)
71.1%
Cash
6.8%
8.11 ABS / MBS (o)
0.3%
8.14 California ( c) ( e)
0.4%
8.1 US Treasury (b)
1.7%
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
LDZ
PENSION REPORTS
Portfolio Breakdown by Maturity Date
(valued at amortized cost)
4 - 5 Years
14.2%
3 - 4 Years
23.1%
1 - 2 Years
21.3%
1 - 12 Months
13.1%
2 - 3 Years
19.5%
Less Than 1 Month
8.8%
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
LDZ
PENSION REPORTS
Portfolio Breakdown by Quality
(valued at amortized cost)
Not Rated, Cash
8.8%S&P BBB
0.0%
S&P AA
8.2%
S&P A
9.9%
S&P AA+ (Gov)
72.7%
S&P AAA
0.4%
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
LDZ
PENSION REPORTS
Pricing Sources
I. Custodied Assets
Union Bank of California, N.A. Updated 4/7/14.
Union Bank Custody Pricing Methodology and Pricing Sources
Pricing is reviewed on an ongoing basis to assure that prices are received for all assets for which we provide custody. The system has built-
in thresholds for price variance. Items that exceed the thresholds are reviewed daily. Reports are automatically generated to indicate
potentially unreasonable pricing moves. These movements are then investigated and validated on a daily basis.
Union Bank utilizes the following pricing service and frequencies:
Asset Type Domestic Assets Primary
Pricing Source(s)
Global Assets Primary Pricing
Source(s)
Frequency
U.S. Common & Preferred Stock Interactive Data Interactive Data Daily
U.S. Corporate Bonds Interactive Data Interactive Data Daily
U.S. Treasuries & Federal Agencies Interactive Data Interactive Data Monthly
Non-U.S. Common & Preferred Stock Interactive Data Interactive Data Daily into GlobalPlus,
Monthly into SEI
Non-U.S. Corporate Bonds Interactive Data Interactive Data Monthly
Private Placements Investment Manager Investment Manager As Requested
Asset- and Mortgage-Backed Securities Interactive Data Interactive Data Monthly
Futures Investment Manager or
Outside Source
Investment Manager or
Outside Source Daily
Options Interactive Data Interactive Data Daily
Forwards Investment Manager Investment Manager Monthly
Swaps Investment Manager Investment Manager Monthly
Structured Derivatives Investment Manager Investment Manager Monthly
Warrants Interactive Data Not Applicable Daily
Certificates of Deposit Interactive Data Interactive Data Monthly
Collateralized Mortgage Obligations and
Collateralized Bond Obligations Interactive Data Interactive Data Monthly
Commingled Funds Investment Manager or
Fund Accountant
Investment Manager or
Fund Accountant Monthly
Commercial Mortgage-Backed Securities Interactive Data Interactive Data Monthly
Eurobonds Not Applicable Not Applicable Monthly
Euro CDs Not Applicable Not Applicable Monthly
Non-U.S. Government Bonds Interactive Data Interactive Data Monthly
Non-US. Corporate Bonds Interactive Data Interactive Data Monthly
GICs Investment Manager Not Applicable Monthly
Mutual Funds Interactive Data Not Applicable Daily
Right Offerings Interactive Data Not Applicable Daily
OTC Issues Interactive Data Not Applicable Daily
Real Estate Appraisals Appraisals Minimum every three years
II. Non-custodied Assets
Bank of the West: Checking account: bank-issued statement provided by the County of Fresno.
Bank of the West: Money market account: bank-issued statement provided by the County of Fresno.
BlackRock Liquidity Funds/T Fund: Updated 1/20/15; Prospectus 2/28/14. Blackrock uses BNYMellon for accounting.
BNYMellon uses IDC as their pricing source for the BlackRock Liquidity funds.
County of Fresno: Cash held in vault, drawer allotments, overages/shortages, BofA and P.D.C. as reported by the County of
Fresno.
Local Agency Investment Fund: LAIF statement provided by the County of Fresno.
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.1 US Treasury (b)
912828PS3 USTN 01/31/16 2.00% 200 AA+ 101.46 203 0.0% 203 0.0% 0 0.2% 0.42%
912828PS3 USTN 01/31/16 2.00% 650 AA+ 101.46 659 0.0% 658 0.0% 1 0.2% 0.45%
912828KS8 USTN 02/29/16 2.63% 200 AA+ 102.14 204 0.0% 204 0.0% 0 0.1% 0.43%
912828KS8 USTN 02/29/16 2.63% 650 AA+ 102.14 664 0.0% 663 0.0% 1 0.2% 0.46%
912828QR4 USTN 06/30/16 1.50% 200 AA+ 101.39 203 0.0% 202 0.0% 1 0.3% 0.59%
912828QR4 USTN 06/30/16 1.50% 675 AA+ 101.39 684 0.0% 681 0.0% 4 0.5% 0.82%
912828SY7 USTN 05/31/17 0.63% 675 AA+ 100.01 675 0.0% 669 0.0% 6 0.9% 1.03%
912828SY7 USTN 05/31/17 0.63% 3,105 AA+ 100.01 3,105 0.1% 3,103 0.1% 2 0.1% 0.66%
912828TW0 UNITED STATES TREAS 10/31/17 0.75%1,000 AA+ 99.99 1,000 0.0% 1,001 0.0% -1 -0.1% 0.73%
912828UA6 UNITED STATES TREAS 11/30/17 0.63% 550 AA+ 99.58 548 0.0% 548 0.0% -1 -0.1% 0.75%
912828UJ7 USTN 01/31/18 0.88% 1,100 AA+ 100.09 1,101 0.0% 1,100 0.0% 1 0.1% 0.88%
912828UZ1 UNITED STATES TREAS 04/30/18 0.63% 650 AA+ 99.09 644 0.0% 643 0.0% 1 0.2% 1.01%
912828VQ0 USTN 07/31/18 1.38% 490 AA+ 101.16 496 0.0% 490 0.0% 6 1.2% 1.38%
912828VQ0 USTN 07/31/18 1.38% 650 AA+ 101.16 658 0.0% 646 0.0% 12 1.8% 1.58%
912828RE2 USTN 08/31/18 1.50% 650 AA+ 101.54 660 0.0% 649 0.0% 11 1.7% 1.55%
912828WD8 USTN 10/31/18 1.25% 650 AA+ 100.54 654 0.0% 642 0.0% 12 1.8% 1.61%
912828A75 USTN 12/31/18 1.50% 650 AA+ 101.33 659 0.0% 646 0.0% 13 2.0% 1.67%
912828B33 USTN 01/31/19 1.50% 20,000 AA+ 101.30 20,260 0.8% 20,011 0.8% 249 1.2% 1.48%
912828SD3 USTN 01/31/19 1.25% 10,000 AA+ 100.38 10,038 0.4% 9,911 0.4% 127 1.3% 1.49%
912828C24 USTN 02/28/19 1.50% 1,000 AA+ 101.23 1,012 0.0% 992 0.0% 21 2.1% 1.73%
09/01/18 1.34% 43,745 AA+ 100.87 44,126 1.7% 43,660 1.7% 467 1.1% 1.33%
8.2 US Agency (f)
3136FPXM4 FNMA 05/12/15 1.38% 6,550 AA+ 100.14 6,559 0.3% 6,548 0.3% 11 0.2% 1.61%
3133XRM56 FHLB 06/12/15 4.88% 10,000 AA+ 100.94 10,094 0.4% 10,070 0.4% 24 0.2% 1.20%
3133XRM56 FHLB 06/12/15 4.88% 15,000 AA+ 100.94 15,141 0.6% 15,105 0.6% 36 0.2% 1.20%
3133XWNB1 FHLB 06/12/15 2.88% 14,165 AA+ 100.54 14,241 0.5% 14,197 0.5% 44 0.3% 1.67%
3133XWNB1 FHLB 06/12/15 2.88% 15,000 AA+ 100.54 15,081 0.6% 15,032 0.6% 49 0.3% 1.74%
3133XWNB1 FHLB 06/12/15 2.88% 15,000 AA+ 100.54 15,081 0.6% 15,024 0.6% 57 0.4% 2.03%
3133XWNB1 FHLB 06/12/15 2.88% 18,335 AA+ 100.54 18,434 0.7% 18,381 0.7% 53 0.3% 1.56%
3133XWNB1 FHLB 06/12/15 2.88% 20,000 AA+ 100.54 20,108 0.8% 20,028 0.8% 80 0.4% 2.13%
3133XWNB1 FHLB 06/12/15 2.88% 20,000 AA+ 100.54 20,108 0.8% 20,029 0.8% 79 0.4% 2.10%
3133XWNB1 FHLB 06/12/15 2.88% 20,000 AA+ 100.54 20,108 0.8% 20,028 0.8% 80 0.4% 2.12%
3133XWNB1 FHLB 06/12/15 2.88% 30,000 AA+ 100.54 30,162 1.2% 30,094 1.2% 68 0.2% 1.24%
3134A4VC5 FHLMC 07/17/15 4.38% 10,000 AA+101.24 10,124 0.4%10,075 0.4% 49 0.5% 1.71%
31398AU34 FNMA 07/28/15 2.38% 3,800 AA+ 100.72 3,827 0.1% 3,821 0.1% 6 0.2% 0.63%
31398AU34 FNMA 07/28/15 2.38% 20,000 AA+ 100.72 20,144 0.8% 20,042 0.8% 102 0.5% 1.70%
31398AZ54 FNMA 08/04/15 2.15% 10,000 AA+ 100.67 10,067 0.4% 10,042 0.4% 25 0.3% 0.91%
313370NE4 FHLB 08/20/15 1.63% 10,000 AA+ 100.55 10,055 0.4% 9,980 0.4% 75 0.7% 2.17%
3134G3ZA1 FHLMC 08/28/15 0.50% 1,500 AA+ 100.14 1,502 0.1% 1,500 0.1% 2 0.1% 0.46%
3136FPAS6 FNMA 02/25/16 2.15% 5,450 AA+ 101.67 5,541 0.2% 5,464 0.2% 77 1.4% 1.85%
3136FPCF2 FNMA 02/25/16 2.00% 5,000 AA+ 101.50 5,075 0.2% 5,000 0.2% 75 1.5% 1.99%
3136FPCF2 FNMA 02/25/16 2.00% 20,000 AA+ 101.50 20,300 0.8% 20,141 0.8% 159 0.8% 1.19%
313375RN9 FHLB 03/11/16 1.00% 1,000 AA+ 100.57 1,006 0.0% 1,005 0.0% 1 0.1% 0.50%
31359MH89 FNMA 03/15/16 5.00% 225 AA+ 104.40 235 0.0% 234 0.0% 1 0.5% 0.89%
31359MH89 FNMA 03/15/16 5.00% 375 AA+ 104.40 392 0.0% 389 0.0% 2 0.6% 0.96%
3137EAAD1 FHLMC 04/18/16 5.25% 575 AA+ 105.08 604 0.0% 600 0.0% 4 0.7% 0.97%
313373K50 FHLB 05/10/16 2.40% 8,000 AA+ 102.14 8,171 0.3% 8,103 0.3% 68 0.8% 1.20%
3137EACT4 FHLMC 05/27/16 2.50% 650 AA+ 102.38 665 0.0% 661 0.0% 4 0.6% 0.96%
3137EACT4 FHLMC 05/27/16 2.50% 10,000 AA+ 102.38 10,238 0.4% 10,073 0.4% 165 1.6% 1.83%
3137EACT4 FHLMC 05/27/16 2.50% 10,000 AA+ 102.38 10,238 0.4% 10,083 0.4% 155 1.5% 1.75%
3137EACT4 FHLMC 05/27/16 2.50% 20,000 AA+ 102.38 20,476 0.8% 20,129 0.8% 347 1.7% 1.91%
3137EACT4 FHLMC 05/27/16 2.50% 25,000 AA+ 102.38 25,595 1.0% 25,176 1.0% 419 1.7% 1.86%
31331KNM8 FFCB 06/10/16 1.88% 4,115 AA+ 101.74 4,187 0.2% 4,116 0.2% 71 1.7% 1.86%
31331KNM8 FFCB 06/10/16 1.88% 10,000 AA+ 101.74 10,174 0.4% 10,012 0.4% 162 1.6% 1.77%
313373SZ6 FHLB 06/10/16 2.13% 2,345 AA+ 102.03 2,393 0.1% 2,370 0.1% 23 1.0% 1.21%
313373SZ6 FHLB 06/10/16 2.13% 14,370 AA+ 102.03 14,662 0.6% 14,521 0.6% 140 1.0% 1.21%
313373SZ6 FHLB 06/10/16 2.13% 24,600 AA+ 102.03 25,099 1.0% 24,688 1.0% 412 1.7% 1.81%
313373SZ6 FHLB 06/10/16 2.13% 25,000 AA+ 102.03 25,508 1.0% 25,083 1.0% 425 1.7% 1.83%
313373SZ6 FHLB 06/10/16 2.13% 30,000 AA+ 102.03 30,609 1.2% 30,075 1.2% 534 1.8% 1.91%
313373SZ6 FHLB 06/10/16 2.13% 30,000 AA+ 102.03 30,609 1.2% 30,050 1.2% 559 1.9% 1.98%
313373SZ6 FHLB 06/10/16 2.13% 50,000 AA+ 102.03 51,015 2.0% 50,091 1.9% 924 1.8% 1.96%
3133XFPR1 FHLB 06/10/16 5.38% 4,310 AA+ 105.89 4,564 0.2% 4,516 0.2% 48 1.1% 1.23%
3135G0XP3 FNMA 07/05/16 0.38% 700 AA+ 99.94 700 0.0% 697 0.0% 3 0.4% 0.78%
31359MS61 FNMA 07/15/16 5.38% 575 AA+ 106.31 611 0.0% 607 0.0% 5 0.8% 1.00%
31359MS61 FNMA 07/15/16 5.38% 25,000 AA+ 106.31 26,578 1.0% 26,379 1.0% 198 0.8% 0.99%
3137EAAG4 FHLMC 07/18/16 5.50% 20,000 AA+106.48 21,296 0.8%21,028 0.8% 268 1.3% 1.39%
3137EACW7 FHLMC 08/25/16 2.00% 675 AA+ 102.13 689 0.0% 684 0.0% 5 0.8% 1.03%
3137EACW7 FHLMC 08/25/16 2.00% 20,000 AA+102.13 20,426 0.8%20,204 0.8% 222 1.1% 1.25%
3137EACW7 FHLMC 08/25/16 2.00% 20,000 AA+102.13 20,426 0.8%20,206 0.8% 220 1.1% 1.24%
3137EACW7 FHLMC 08/25/16 2.00% 20,000 AA+102.13 20,426 0.8%20,153 0.8% 273 1.4% 1.43%
3135G0YE7 FNMA 08/26/16 0.63% 500 AA+ 100.27 501 0.0% 498 0.0% 3 0.6% 0.89%
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.2 US Agency (f) continued
3136FPDR5 FNMA 09/15/16 2.17% 11,500 AA+ 102.40 11,776 0.5% 11,639 0.5% 137 1.2% 1.31%
3135G0CM3 FNMA 09/28/16 1.25% 700 AA+ 101.12 708 0.0% 702 0.0% 6 0.8% 1.05%
3135G0CM3 FNMA 09/28/16 1.25% 30,000 AA+ 101.12 30,336 1.2% 29,914 1.2% 422 1.4% 1.45%
3137EAAJ8 FHLMC 10/18/16 5.13% 575 AA+ 107.20 616 0.0% 610 0.0% 6 1.0% 1.07%
3135G0ES8 FNMA 11/15/16 1.38% 700 AA+ 101.39 710 0.0% 703 0.0% 7 0.9% 1.08%
31359M2D4 FNMA 12/15/16 4.88% 575 AA+ 107.26 617 0.0% 611 0.0% 6 0.9% 1.08%
3135G0GY3 FNMA 01/30/17 1.25% 700 AA+ 101.15 708 0.0% 701 0.0% 7 1.0% 1.15%
3135G0GY3 FNMA 01/30/17 1.25% 3,750 AA+ 101.15 3,793 0.1% 3,757 0.1%37 1.0% 1.15%
3135G0GY3 FNMA 01/30/17 1.25% 20,000 AA+ 101.15 20,230 0.8% 19,998 0.8%232 1.2% 1.26%
3135G0GY3 FNMA 01/30/17 1.25% 50,000 AA+ 101.15 50,575 1.9% 50,021 1.9%554 1.1% 1.23%
3137EAAM1 FHLMC 02/16/17 5.00% 575 AA+ 108.11 622 0.0% 615 0.0% 6 1.1% 1.16%
3137EADC0 FHLMC 03/08/17 1.00% 700 AA+ 100.71 705 0.0% 698 0.0% 7 1.0% 1.18%
3135G0JA2 FNMA 04/27/17 1.13% 675 AA+ 100.91 681 0.0% 677 0.0% 5 0.7% 1.01%
3137EADF3 FHLMC 05/12/17 1.25% 675 AA+ 101.19 683 0.0% 678 0.0% 5 0.7% 1.04%
3137EADF3 FHLMC 05/12/17 1.25% 20,000 AA+101.19 20,238 0.8%20,156 0.8% 82 0.4% 0.87%
313379FW4 FHLB 06/09/17 1.00% 30,000 AA+ 100.60 30,180 1.2% 30,063 1.2% 117 0.4% 0.90%
31398ADM1 FNMA 06/12/17 5.38% 555 AA+ 110.06 611 0.0% 607 0.0% 4 0.6% 0.98%
3137EADH9 FHLMC 06/29/17 1.00% 30,000 AA+100.56 30,168 1.2%30,112 1.2% 56 0.2% 0.83%
3137EADH9 FHLMC 06/29/17 1.00% 50,000 AA+ 100.56 50,280 1.9% 50,361 2.0% -81 -0.2% 0.67%
3137EADH9 FHLMC 06/29/17 1.00% 50,000 AA+100.56 50,280 1.9%50,281 1.9% -1 0.0% 0.74%
3137EADH9 FHLMC 06/29/17 1.00% 50,000 AA+100.56 50,280 1.9%50,260 1.9% 20 0.0% 0.76%
3137EADJ5 FHLMC 07/28/17 1.00% 675 AA+ 100.75 680 0.0% 678 0.0% 3 0.4% 0.83%
3137EADJ5 FHLMC 07/28/17 1.00% 25,000 AA+ 100.75 25,188 1.0% 25,046 1.0% 141 0.6% 0.92%
3137EADJ5 FHLMC 07/28/17 1.00% 30,000 AA+ 100.75 30,225 1.2% 30,145 1.2% 80 0.3% 0.79%
3134G3B90 FHLMC 08/15/17 0.88% 50,000 AA+99.89 49,945 1.9%49,947 1.9% -2 0.0% 0.92%
3135G0MZ3 FNMA 08/28/17 0.88% 175 AA+ 100.13 175 0.0% 175 0.0% 0 0.0% 0.83%
3135G0MZ3 FNMA 08/28/17 0.88% 500 AA+ 100.13 501 0.0% 500 0.0% 0 0.0% 0.83%
3135G0MZ3 FNMA 08/28/17 0.88% 950 AA+ 100.13 951 0.0% 951 0.0% 0 0.0% 0.81%
3135G0MZ3 FNMA 08/28/17 0.88%30,000 AA+ 100.13 30,039 1.2% 30,013 1.2%26 0.1% 0.86%
3137EADL0 FHLMC 09/29/17 1.00% 175 AA+ 100.31 176 0.0% 176 0.0% 0 -0.1% 0.84%
3137EADL0 FHLMC 09/29/17 1.00% 500 AA+ 100.31 502 0.0% 501 0.0% 0 0.1% 0.90%
3137EADL0 FHLMC 09/29/17 1.00% 1,000 AA+100.31 1,003 0.0%1,006 0.0% -3 -0.3% 0.76%
3135G0PQ0 FNMA 10/26/17 0.88% 700 AA+ 100.12 701 0.0% 700 0.0% 0 0.0% 0.85%
3137EABA6 FHLMC 11/17/17 5.13% 550 AA+ 111.11 611 0.0% 612 0.0% -1 -0.1% 0.76%
3135G0RT2 FNMA 12/20/17 0.88% 675 AA+ 100.01 675 0.0% 675 0.0% 0 0.0% 0.88%
3137EADN6 FHLMC 01/12/18 0.75% 675 AA+ 99.82 674 0.0% 672 0.0% 1 0.2% 0.89%
3137EADN6 FHLMC 01/12/18 0.75% 20,000 AA+99.82 19,964 0.8%19,625 0.8% 339 1.7% 1.45%
3135G0TG8 FNMA 02/08/18 0.88% 500 AA+ 99.94 500 0.0% 500 0.0% 0 0.0% 0.89%
3135G0TG8 FNMA 02/08/18 0.88% 675 AA+ 99.94 675 0.0% 673 0.0% 1 0.2% 0.97%
3135G0TG8 FNMA 02/08/18 0.88% 20,000 AA+ 99.94 19,988 0.8% 19,716 0.8%272 1.4% 1.39%
3137EADP1 FHLMC 03/07/18 0.88% 675 AA+ 99.84 674 0.0% 673 0.0% 1 0.1% 0.97%
3137EADP1 FHLMC 03/07/18 0.88% 1,000 AA+ 99.84 998 0.0% 999 0.0% -1 -0.1% 0.90%
3135G0WJ8 FNMA 05/21/18 0.88% 500 AA+ 99.76 499 0.0% 487 0.0% 12 2.4% 1.75%
3135G0WJ8 FNMA 05/21/18 0.88% 675 AA+ 99.76 673 0.0% 668 0.0% 5 0.7% 1.20%
3135G0WJ8 FNMA 05/21/18 0.88% 800 AA+ 99.76 798 0.0% 792 0.0% 6 0.8% 1.21%
3135G0WJ8 FNMA 05/21/18 0.88% 20,000 AA+ 99.76 19,952 0.8% 19,575 0.8% 377 1.9% 1.58%
3135G0WJ8 FNMA 05/21/18 0.88% 30,000 AA+ 99.76 29,928 1.1% 29,481 1.1% 447 1.5% 1.45%
3135G0WJ8 FNMA 05/21/18 0.88% 40,000 AA+ 99.76 39,904 1.5% 39,338 1.5% 566 1.4% 1.42%
31331KNA4 FFCB 06/08/18 2.58% 1,000 AA+ 104.34 1,043 0.0% 1,034 0.0% 9 0.9% 1.48%
313373UU4 FHLB 06/08/18 2.75% 3,940 AA+ 105.26 4,147 0.2% 4,101 0.2% 46 1.1% 1.42%
313373UU4 FHLB 06/08/18 2.75% 30,000 AA+105.26 31,578 1.2%31,052 1.2% 526 1.7% 1.60%
313373UU4 FHLB 06/08/18 2.75% 50,000 AA+105.26 52,630 2.0%51,689 2.0% 941 1.8% 1.64%
313373UU4 FHLB 06/08/18 2.75% 61,150 AA+ 105.26 64,366 2.5% 63,289 2.5% 1,077 1.7% 1.60%
313379DT3 FHLB 06/08/18 1.25% 6,135 AA+100.52 6,167 0.2%6,103 0.2% 64 1.1% 1.42%
3133XRFZ8 FHLB 06/08/18 4.75% 2,000 AA+ 111.56 2,231 0.1% 2,201 0.1% 30 1.4% 1.48%
3137EABP3 FHLMC 06/13/18 4.88% 575 AA+ 112.21 645 0.0% 638 0.0% 7 1.1% 1.33%
3135G0YM9 FNMA 09/18/18 1.88% 165 AA+ 102.51 169 0.0% 167 0.0% 2 1.1% 1.46%
3135G0YM9 FNMA 09/18/18 1.88% 600 AA+ 102.51 615 0.0% 605 0.0%10 1.7% 1.64%
3135G0YM9 FNMA 09/18/18 1.88% 1,000 AA+ 102.51 1,025 0.0% 1,012 0.0% 13 1.3% 1.50%
3135G0YT4 FNMA 11/27/18 1.63% 600 AA+ 101.59 610 0.0% 599 0.0%10 1.7% 1.66%
3135G0YT4 FNMA 11/27/18 1.63% 600 AA+ 101.59 610 0.0% 597 0.0%12 2.1% 1.76%
313376BR5 FHLB 12/14/18 1.75% 40,000 AA+ 102.05 40,820 1.6% 39,892 1.5% 928 2.3% 1.83%
3136FTZZ5 FNMA 01/30/19 1.75%10,000 AA+ 102.01 10,201 0.4% 10,059 0.4% 142 1.4% 1.59%
3135G0ZA4 FNMA 02/19/19 1.88% 600 AA+ 102.31 614 0.0% 600 0.0% 13 2.2% 1.85%
3135G0ZA4 FNMA 02/19/19 1.88% 5,000 AA+ 102.31 5,116 0.2% 5,025 0.2% 90 1.8% 1.74%
3135G0ZA4 FNMA 02/19/19 1.88% 10,000 AA+ 102.31 10,231 0.4% 10,054 0.4% 177 1.8% 1.73%
3135G0ZA4 FNMA 02/19/19 1.88% 10,000 AA+ 102.31 10,231 0.4% 10,077 0.4% 154 1.5% 1.67%
3135G0ZA4 FNMA 02/19/19 1.88% 25,000 AA+ 102.31 25,578 1.0% 25,189 1.0% 388 1.5% 1.67%
3133EDLR1 FFCB 05/15/19 1.65% 5,000 AA+ 101.58 5,079 0.2% 5,006 0.2% 73 1.4% 1.62%
3133X72S2 FHLB 05/15/19 5.38% 10,000 AA+ 116.53 11,653 0.4% 11,486 0.4% 167 1.5% 1.71%
3133X72S2 FHLB 05/15/19 5.38% 20,500 AA+ 116.53 23,889 0.9% 23,606 0.9% 283 1.2% 1.68%
3130A2FH4 FHLB 06/14/19 1.75% 10,000 AA+ 101.67 10,167 0.4% 9,961 0.4% 206 2.1% 1.85%
3130A2FH4 FHLB 06/14/19 1.75% 20,000 AA+ 101.67 20,334 0.8% 20,007 0.8% 327 1.6% 1.74%
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.2 US Agency (f) continued
313379EE5 FHLB 06/14/19 1.63% 5,000 AA+ 101.25 5,063 0.2% 4,953 0.2% 109 2.2% 1.86%
313379EE5 FHLB 06/14/19 1.63% 10,000 AA+101.25 10,125 0.4%9,911 0.4% 214 2.2% 1.85%
3135G0ZE6 FNMA 06/20/19 1.75% 5,000 AA+ 101.65 5,083 0.2% 4,979 0.2% 104 2.1% 1.86%
3135G0ZE6 FNMA 06/20/19 1.75% 10,000 AA+ 101.65 10,165 0.4% 10,061 0.4% 104 1.0% 1.60%
3135G0ZE6 FNMA 06/20/19 1.75% 26,000 AA+ 101.65 26,429 1.0% 26,095 1.0% 334 1.3% 1.66%
3135G0ZE6 FNMA 06/20/19 1.75% 30,000 AA+ 101.65 30,495 1.2% 29,883 1.2% 612 2.0% 1.85%
3137EADK2 FHLMC 08/01/19 1.25% 15,000 AA+99.84 14,976 0.6%14,754 0.6% 222 1.5% 1.64%
3137EADK2 FHLMC 08/01/19 1.25% 20,000 AA+99.84 19,968 0.8%19,676 0.8% 292 1.5% 1.64%
3137EADM8 FHLMC 10/02/19 1.25% 10,000 AA+99.17 9,917 0.4% 9,812 0.4% 105 1.1% 1.75%
3137EADM8 FHLMC 10/02/19 1.25% 20,000 AA+99.17 19,834 0.8%19,623 0.8% 211 1.1% 1.75%
3137EADM8 FHLMC 10/02/19 1.25% 20,000 AA+99.17 19,834 0.8%19,625 0.8% 209 1.1% 1.75%
3135G0A78 FNMA 01/21/20 1.63% 20,000 AA+ 100.69 20,138 0.8% 19,968 0.8% 170 0.9% 1.70%
3135G0A78 FNMA 01/21/20 1.63% 30,000 AA+ 100.69 30,207 1.2% 29,974 1.2% 233 0.8% 1.69%
07/12/17 1.98% 1,820,760 AA+ 101.78 1,853,220 71.1% 1,833,886 71.0% 19,335 1.1% 1.43%
8.8 Corporate Note (k)
354613AF8 FRANKLIN RES 05/20/15 3.13% 670 AA- 100.32 672 0.0% 672 0.0% 0 0.0% 0.78%
14912L5D9 CATERPILLAR 05/29/15 1.10% 600 A 100.15 601 0.0% 600 0.0% 0 0.1% 0.60%
09247XAK7 BLACKROCK SR 06/01/15 1.38% 675 AA- 100.15 676 0.0% 676 0.0% 0 0.0% 0.55%
46625HHR4 JPMORGAN CHASE 06/24/15 3.40% 10,000 A 100.65 10,065 0.4% 10,054 0.4% 11 0.1% 1.03%
36962G5F7 GECC 06/30/15 2.38% 20,000 AA+ 100.48 20,096 0.8% 20,072 0.8% 24 0.1% 0.89%
94974BFE5 WELLS FARGO 07/01/15 1.50% 700 A+ 100.26 702 0.0% 701 0.0% 1 0.1% 0.80%
94974BFE5 WELLS FARGO 07/01/15 1.50% 5,000 A+ 100.26 5,013 0.2% 5,009 0.2% 4 0.1% 0.81%
36962G4F8 GECC ST 09/21/15 4.38% 2,240 AA+ 101.87 2,282 0.1% 2,275 0.1% 7 0.3% 1.03%
594918AG9 MICROSOFT 09/25/15 1.63% 800 AAA 100.62 805 0.0% 804 0.0% 1 0.2% 0.68%
369604BE2 GENERAL ELECTRIC 10/09/15 0.85% 750 AA+ 100.32 752 0.0% 751 0.0% 2 0.2% 0.64%
637432ML6 NATL RURAL UTILS 11/01/15 1.90%250 A 100.83 252 0.0% 252 0.0% 0 0.1% 0.60%
14912L5H0 CATERPILLAR FINL 11/06/15 0.70% 725 A 100.21 727 0.0% 725 0.0% 2 0.2% 0.75%
084664BN0 BERKSHIRE HATHAWAY 12/15/15 2.45% 800 AA 101.40 811 0.0% 811 0.0% 1 0.1% 0.57%
459200GU9 INTL BUSINESS 01/05/16 2.00% 750 AA- 101.23 759 0.0% 757 0.0% 2 0.3% 0.75%
06406HBS7 BANK NEW YORK G 01/15/16 2.50% 80 A+ 101.54 81 0.0% 81 0.0% 0 0.2% 0.84%
06406HBS7 BANK NEW YORK G 01/15/16 2.50% 90 A+ 101.54 91 0.0% 91 0.0% 0 0.2% 0.72%
06406HBS7 BANK NEW YORK G 01/15/16 2.50% 600 A+ 101.54 609 0.0% 608 0.0% 1 0.1% 0.71%
58933YAB1 MERCK 01/15/16 2.25% 800 AA 101.42 811 0.0% 810 0.0% 1 0.1% 0.60%
00206RBR2 AT&T 02/12/16 0.90% 770 BBB+100.16 771 0.0% 771 0.0% 1 0.1% 0.80%
14912L5N7 CATERPILLAR FINL 02/26/16 0.70% 9,610 A 100.20 9,629 0.4% 9,634 0.4% -5 -0.1% 0.42%
46623EJU4 JPMORGAN CHASE 02/26/16 1.13% 1,649 A 100.24 1,653 0.1% 1,653 0.1% 0 0.0% 0.83%
46623EJU4 JPMORGAN CHASE 02/26/16 1.13% 5,000 A 100.24 5,012 0.2% 5,011 0.2% 1 0.0% 0.88%
713448CE6 PEPSICO 02/26/16 0.70% 700 A- 100.19 701 0.0% 701 0.0% 1 0.1% 0.60%
437076AP7 HOME DEPOT 03/01/16 5.40% 700 A 104.40 731 0.0% 731 0.0% -1 -0.1% 0.49%
037833AH3 APPLE 05/03/16 0.45% 625 AA+ 100.02 625 0.0% 625 0.0% 1 0.1% 0.51%
36962G5C4 GE CAP 05/09/16 2.95% 750 AA+ 102.52 769 0.0% 763 0.0% 6 0.8% 1.38%
69371RL46 PACCAR FINANCIAL 05/16/16 0.75%750 A+ 100.26 752 0.0% 750 0.0% 2 0.3% 0.77%
949746QU8 WELLS FARGO 06/15/16 3.68% 10,000 A+ 103.55 10,355 0.4% 10,310 0.4% 45 0.4% 1.05%
166764AC4 CHEVRON 06/24/16 0.89% 160 AA 100.45 161 0.0% 160 0.0% 1 0.5% 0.89%
0258M0DG1 AMERICAN EXP CR 07/29/16 1.30% 500 A- 100.57 503 0.0% 500 0.0% 3 0.6% 1.31%
084664BX8 BERKSHIRE HATHAWAY 08/15/16 0.95% 150 AA 100.45 151 0.0% 150 0.0% 1 0.5% 0.99%
084664BX8 BERKSHIRE HATHAWAY 08/15/16 0.95% 225 AA 100.45 226 0.0% 225 0.0% 1 0.5% 1.02%
084664BX8 BERKSHIRE HATHAWAY 08/15/16 0.95% 375 AA 100.45 377 0.0% 375 0.0% 2 0.5% 0.97%
191216AU4 COCA COLA 09/01/16 1.80% 756 AA 101.71 769 0.0% 765 0.0% 4 0.5% 0.92%
89233P5E2 TOYOTA MOTOR CR 09/15/16 2.00% 800 AA- 101.95 816 0.0% 809 0.0% 6 0.8% 1.18%
24422ESD2 DEERE JOHN CAP 10/11/16 1.05% 700 A 100.53 704 0.0% 700 0.0% 4 0.6% 1.09%
69349LAP3 PNC BANK NA 11/01/16 1.15% 610 A 100.45 613 0.0% 610 0.0% 3 0.5% 1.19%
06050TLR1 BOFA NA 11/14/16 1.13% 500 A 100.10 501 0.0% 500 0.0% 1 0.1% 1.15%
69353RCG1 PNC BANK NA 01/27/17 1.13% 250 A 100.34 251 0.0% 250 0.0% 1 0.4% 1.18%
90331HMC4 US BK NA CINCINNATI 01/30/17 1.10% 300 AA- 100.31 301 0.0% 301 0.0% 0 0.1% 1.00%
084670BD9 BERKSHIRE HATHAWAY 01/31/17 1.90% 21,000 AA 101.99 21,418 0.8%21,301 0.8% 117 0.5% 1.10%
46623EJY6 JPMORGAN CHASE 02/15/17 1.35% 750 A 100.39 753 0.0% 750 0.0% 3 0.4% 1.37%
46623EJY6 JPMORGAN CHASE 02/15/17 1.35% 5,000 A 100.39 5,020 0.2% 5,015 0.2% 5 0.1% 1.19%
17275RAT9 CISCO SYS SR 03/03/17 1.10% 750 AA- 100.65 755 0.0% 750 0.0% 5 0.7% 1.10%
24422ERN1 DEERE JOHN CAP 03/15/17 1.40% 1,001 A 101.01 1,011 0.0% 1,007 0.0% 4 0.4% 1.08%
07330NAH8 BRANCH BKG & TRUST 04/03/17 1.00% 700 A 99.91 699 0.0% 699 0.0% 1 0.1% 1.09%
36962G7J7 GECC 05/15/17 1.25% 2,040 AA+ 100.52 2,051 0.1% 2,050 0.1% 0 0.0% 1.10%
14912L5E7 CATERPILLAR FINL SVC 06/01/17 1.63% 5,000 A 101.35 5,068 0.2% 5,084 0.2% -16 -0.3% 1.02%
94974BFW5 WELLS FARGO 06/02/17 1.15% 1,635 A+ 99.97 1,635 0.1% 1,640 0.1% -6 -0.4% 1.12%
929903DT6 WELLS FARGO 06/15/17 5.75% 1,870 A+ 109.99 2,057 0.1% 2,078 0.1% -21 -1.0% 1.15%
064058AA8 BANK NEW YORK SR 06/20/17 1.97% 2,385 A+ 101.87 2,430 0.1% 2,438 0.1% -8 -0.3% 1.12%
064058AA8 BANK NEW YORK SR 06/20/17 1.97% 5,000 A+ 101.87 5,094 0.2% 5,076 0.2%18 0.3% 1.27%
89233P6S0 TOYOTA MOTOR CR 10/05/17 1.25% 5,000 AA- 100.30 5,015 0.2% 4,921 0.2% 94 1.9% 1.91%
36962G6K5 GECC 11/20/17 1.60% 5,000 AA+ 100.95 5,048 0.2% 5,004 0.2% 43 0.9% 1.57%
94974BFG0 WELLS FARGO 01/16/18 1.50% 5,000 A+ 100.48 5,024 0.2% 4,941 0.2% 83 1.7% 1.94%
94974BFG0 WELLS FARGO 01/16/18 1.50%10,000 A+ 100.48 10,048 0.4% 9,860 0.4% 188 1.9% 2.03%
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.8 Corporate Note (k) continued
92976WBH8 WELLS FARGO 02/01/18 5.75% 7,000 A+ 111.82 7,827 0.3% 7,771 0.3% 56 0.7% 1.68%
92976WBH8 WELLS FARGO 02/01/18 5.75% 10,000 A+ 111.82 11,182 0.4% 11,101 0.4% 81 0.7% 1.69%
084670BH0 BERKSHIRE HATHAWAY 02/09/18 1.55% 10,000 AA 101.22 10,122 0.4%9,920 0.4% 202 2.0% 1.84%
24422ESB6 DEERE JOHN CAP 03/12/18 1.30% 1,925 A 100.33 1,931 0.1% 1,893 0.1% 39 2.0% 1.90%
36962G3U6 GECC 05/01/18 5.63% 5,000 AA+ 112.28 5,614 0.2% 5,505 0.2% 109 2.0% 2.16%
36962G3U6 GECC 05/01/18 5.63% 10,000 AA+ 112.28 11,228 0.4% 10,863 0.4% 365 3.4% 2.63%
36962G3U6 GECC 05/01/18 5.63% 10,000 AA+ 112.28 11,228 0.4% 11,129 0.4% 99 0.9% 1.80%
037833AJ9 APPLE 05/03/18 1.00% 6,265 AA+99.42 6,229 0.2% 6,103 0.2% 125 2.1% 1.88%
037833AJ9 APPLE 05/03/18 1.00% 6,579 AA+99.42 6,541 0.3% 6,415 0.2% 126 2.0% 1.85%
037833AJ9 APPLE 05/03/18 1.00% 7,000 AA+99.42 6,959 0.3% 6,775 0.3% 184 2.7% 2.10%
037833AJ9 APPLE 05/03/18 1.00% 10,000 AA+99.42 9,942 0.4% 9,638 0.4% 304 3.1% 2.24%
037833AJ9 APPLE 05/03/18 1.00% 11,000 AA+99.42 10,936 0.4%10,756 0.4% 180 1.7% 1.75%
084664BE0 BERKSHIRE HATHAWAY 05/15/18 5.40% 5,124 AA 112.60 5,770 0.2%5,621 0.2% 149 2.7% 2.12%
166764AE0 CHEVRON 06/24/18 1.72% 3,320 AA 101.27 3,362 0.1% 3,284 0.1% 78 2.4% 2.07%
166764AE0 CHEVRON 06/24/18 1.72% 10,000 AA 101.27 10,127 0.4% 9,970 0.4% 157 1.6% 1.82%
166764AE0 CHEVRON 06/24/18 1.72% 10,000 AA 101.27 10,127 0.4% 10,033 0.4% 94 0.9% 1.61%
06406HCL1 BANK NEW YORK BK 08/01/18 2.10% 5,000 A+ 101.83 5,092 0.2% 4,984 0.2% 107 2.2% 2.20%
06406HCL1 BANK NEW YORK BK 08/01/18 2.10% 10,000 A+ 101.83 10,183 0.4% 10,070 0.4% 113 1.1% 1.88%
084664BY6 BERKSHIRE HATHAWAY 08/15/18 2.00% 1,000 AA 102.55 1,026 0.0% 992 0.0%34 3.4% 2.27%
084664BY6 BERKSHIRE HATHAWAY 08/15/18 2.00% 10,000 AA 102.55 10,255 0.4%10,012 0.4% 243 2.4% 1.96%
14912L5T4 CATERPLR FINL 09/06/18 2.45% 2,500 A 103.07 2,577 0.1%2,534 0.1% 43 1.7% 2.03%
14912L5T4 CATERPLR FINL 09/06/18 2.45% 5,000 A 103.07 5,154 0.2%4,991 0.2% 163 3.3% 2.51%
14912L5T4 CATERPLR FINL 09/06/18 2.45% 7,675 A 103.07 7,911 0.3%7,820 0.3% 91 1.2% 1.87%
24422EQV4 DEERE JOHN CAP 09/10/18 5.75% 3,500 A 114.17 3,996 0.2% 3,862 0.1% 134 3.5% 2.53%
24422ESF7 DEERE JOHN CAP 12/13/18 1.95% 20,000 A 101.80 20,360 0.8% 19,928 0.8% 432 2.2% 2.05%
94974BFQ8 WELLS FARGO 01/15/19 2.15% 15,000 A+ 101.56 15,234 0.6% 14,959 0.6% 275 1.8% 2.23%
46625HJR2 JPMORGAN CHASE 01/28/19 2.35% 5,000 A 101.64 5,082 0.2% 4,998 0.2% 84 1.7% 2.36%
46625HJR2 JPMORGAN CHASE 01/28/19 2.35% 5,000 A 101.64 5,082 0.2% 5,021 0.2% 61 1.2% 2.23%
46625HJR2 JPMORGAN CHASE 01/28/19 2.35% 10,000 A 101.64 10,164 0.4% 10,048 0.4% 116 1.2% 2.22%
24422ESK6 DEERE JOHN 03/04/19 1.95% 10,000 A 100.99 10,099 0.4% 10,009 0.4% 90 0.9% 1.93%
46625HHL7 JPMORGAN CHASE 04/23/19 6.30% 6,740 A 116.16 7,829 0.3% 7,770 0.3% 59 0.8% 2.30%
06406HCU1 BANK NEW YORK 05/15/19 2.20% 2,500 A+ 101.60 2,540 0.1% 2,498 0.1%42 1.7% 2.22%
06406HCU1 BANK NEW YORK 05/15/19 2.20% 5,000 A+ 101.60 5,080 0.2% 4,999 0.2%81 1.6% 2.21%
89236TBP9 TOYOTA MOTOR CR 07/18/19 2.13% 10,000 AA- 101.60 10,160 0.4% 9,970 0.4% 190 1.9% 2.20%
084670BL1 BERKSHIRE HATHAWAY 08/14/19 2.10% 10,000 AA 102.32 10,232 0.4%9,969 0.4% 263 2.6% 2.18%
06406HCW7 BANK NEW YORK 09/11/19 2.30% 8,501 A+ 101.78 8,652 0.3% 8,461 0.3%191 2.3% 2.41%
36962G7M0 GE CAP 01/09/20 2.20% 10,350 AA+ 101.10 10,464 0.4% 10,491 0.4% -27 -0.3% 1.97%
46625HKA7 JPMORGAN CHASE 01/23/20 2.25% 10,000 A 100.21 10,021 0.4% 9,982 0.4% 39 0.4% 2.35%
06406HCZ0 BANK NEW YORK MELLON 02/24/20 2.15% 3,000 A+ 100.82 3,025 0.1% 3,011 0.1% 14 0.5% 2.09%
01/31/18 2.46% 452,520 A+ 102.68 464,639 17.8% 458,812 17.8% 5,828 1.3% 1.72%
8.9 LAIF
LAIF 04/01/15 0.28% 50,000 NR 100.00 50,000 1.9% 50,000 1.9% 0 0.0% 0.28%
8.10 Mutual and Money Market Funds (l)
09248U718 BLACKROCK TFUND INSTL #60 04/01/15 0.01% 408 AAA 100.00 408 0.0% 408 0.0% 0 0.0% 0.01%
8.11 ABS / MBS (o)
65476VAC3 NISSAN 2013-A A-3 04/15/16 0.61% 522 AAA* 99.98 522 0.0% 522 0.0% 0 0.0% 0.61%
44614AAC7 HUNT 2012-1 A3 09/15/16 0.81% 65 AAA 100.02 65 0.0% 65 0.0% 0 -0.1% 0.72%
34530HAB6 FORD0 2014-A A2 11/15/16 0.48% 222 AAA 99.99 222 0.0% 223 0.0% 0 0.0% 0.46%
06052YAD1 BAAT 2012-1 A4 12/15/16 1.03% 190 AAA 100.19 190 0.0% 191 0.0% 0 -0.2% 0.80%
06052YAD1 BAAT 2012-1 A4 12/15/16 1.03% 686 AAA 100.19 687 0.0% 689 0.0% -2 -0.2% 0.77%
12617AAE7 AEPTC 2001-1 A5 01/15/17 6.25% 256 AAA 103.21 264 0.0% 269 0.0% -4 -1.5% 3.35%
02006JAB4 ALLYA 2013-1 A3 05/15/17 0.63% 364 AAA 100.05 364 0.0% 364 0.0% 0 0.1% 0.64%
161571FL3 CIT 2012-5A A 08/15/17 0.59% 575 AAA 100.05 575 0.0% 576 0.0% 0 0.0% 0.55%
90327BAD4 UAOT 2012-1A-4 08/15/17 0.57% 600 AAA 100.00 600 0.0% 600 0.0% 0 0.1% 0.60%
14313LAC0 CARMX 2013-1 A3 10/16/17 0.60% 480 AAA 99.99 480 0.0% 480 0.0% 0 0.0% 0.58%
65477LAC4 NAROT 2013-B A3 11/15/17 0.84% 500 AAA*100.20 501 0.0% 500 0.0% 1 0.2% 0.85%
43813JAC9 HAROT 2014-1 A3 11/21/17 0.67% 850 AAA* 99.88 849 0.0% 850 0.0% -1 -0.1% 0.67%
05578XAC2 BMWOT 2013-A A3 11/27/17 0.67% 481 AAA*100.06 482 0.0% 481 0.0% 0 0.1% 0.67%
69361YAH6 PEGTF 2001-1 A8 12/15/17 6.89% 286 AAA 102.38 293 0.0% 308 0.0% -15 -4.8% 3.82%
83190CAD1 SAUT 2014-1US A-3A 02/14/18 0.95% 800 AAA* 99.81 798 0.0% 800 0.0% -1 -0.2% 0.95%
15200WAA3 CNP 2012-1 A1 04/15/18 0.90% 304 AAA 100.12 304 0.0% 305 0.0% -1 -0.3% 0.76%
92867PAC7 VAE 2013-2 A-3 04/20/18 0.70% 500 AAA 99.89 499 0.0% 500 0.0% 0 -0.1% 0.71%
17305EFE0 CCCIT 2013-A6 A6 09/07/18 1.32% 800 AAA 100.74 806 0.0% 800 0.0% 6 0.7% 1.32%
09/14/17 1.19% 8,481 AAA 100.25 8,503 0.3% 8,520 0.3% -17 -0.2% 0.95%
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.14 State of California Debt (c,e)
13063CKL3 STATE OF CALIFORNIA 05/01/19 2.25% 10,000 A+101.40 10,140 0.4%10,045 0.4% 95 0.9% 2.13%
Cash
VAULT 04/01/15 0.00% 579 NR 100.00 579 0.0% 579 0.0% 0 0.0% 0.00%
BANK OT WEST SERVICE BANK 04/01/15 0.36% 50,707 NR 100.00 50,707 1.9% 50,707 2.0% 0 0.0% 0.36%
BANK OF THE WEST 04/01/15 0.28% 125,021 NR 100.00 125,021 4.8% 125,021 4.8% 0 0.0% 0.28%
04/01/15 0.30% 176,306 NR 100.00 176,306 6.8% 176,306 6.8% 0 0.0% 0.30%
PORTFOLIO TOTAL 06/15/17 1.91% 2,562,220 101.76 2,607,343 100.0% 2,581,636 100.0% 25,707 1.0% 1.38%
*Moodys
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
Less than 1 Month
09248U718 BLACKROCK TFUND INSTL #60 04/01/15 0.01% 408 AAA 100.00 408 0.0% 408 0.0% 0 0.0% 0.01%
VAULT 04/01/15 0.00% 579 NR 100.00 579 0.0% 579 0.0% 0 0.0% 0.00%
LAIF 04/01/15 0.28% 50,000 NR 100.00 50,000 1.9% 50,000 1.9% 0 0.0% 0.28%
BANK OT WEST SERVICE BANK 04/01/15 0.36% 50,707 NR 100.00 50,707 1.9% 50,707 2.0% 0 0.0% 0.36%
BANK OF THE WEST 04/01/15 0.28% 125,021 NR 100.00 125,021 4.8% 125,021 4.8% 0 0.0% 0.28%
04/01/15 0.30% 226,714 100.00 226,714 8.7% 226,714 8.8% 0 0.0% 0.30%
1 - 12 Months
3136FPXM4 FNMA 05/12/15 1.38% 6,550 AA+ 100.14 6,559 0.3% 6,548 0.3% 11 0.2% 1.61%
354613AF8 FRANKLIN RES 05/20/15 3.13% 670 AA- 100.32 672 0.0% 672 0.0% 0 0.0% 0.78%
14912L5D9 CATERPILLAR 05/29/15 1.10% 600 A 100.15 601 0.0% 600 0.0% 0 0.1% 0.60%
09247XAK7 BLACKROCK SR 06/01/15 1.38% 675 AA- 100.15 676 0.0% 676 0.0% 0 0.0% 0.55%
3133XRM56 FHLB 06/12/15 4.88% 10,000 AA+ 100.94 10,094 0.4% 10,070 0.4% 24 0.2% 1.20%
3133XRM56 FHLB 06/12/15 4.88% 15,000 AA+ 100.94 15,141 0.6% 15,105 0.6% 36 0.2% 1.20%
3133XWNB1 FHLB 06/12/15 2.88% 14,165 AA+ 100.54 14,241 0.5% 14,197 0.5% 44 0.3% 1.67%
3133XWNB1 FHLB 06/12/15 2.88% 15,000 AA+ 100.54 15,081 0.6% 15,032 0.6% 49 0.3% 1.74%
3133XWNB1 FHLB 06/12/15 2.88% 15,000 AA+ 100.54 15,081 0.6% 15,024 0.6% 57 0.4% 2.03%
3133XWNB1 FHLB 06/12/15 2.88% 18,335 AA+ 100.54 18,434 0.7% 18,381 0.7% 53 0.3% 1.56%
3133XWNB1 FHLB 06/12/15 2.88% 20,000 AA+ 100.54 20,108 0.8% 20,028 0.8% 80 0.4% 2.13%
3133XWNB1 FHLB 06/12/15 2.88% 20,000 AA+ 100.54 20,108 0.8% 20,029 0.8% 79 0.4% 2.10%
3133XWNB1 FHLB 06/12/15 2.88% 20,000 AA+ 100.54 20,108 0.8% 20,028 0.8% 80 0.4% 2.12%
3133XWNB1 FHLB 06/12/15 2.88% 30,000 AA+ 100.54 30,162 1.2% 30,094 1.2% 68 0.2% 1.24%
46625HHR4 JPMORGAN CHASE 06/24/15 3.40% 10,000 A 100.65 10,065 0.4% 10,054 0.4% 11 0.1% 1.03%
36962G5F7 GECC 06/30/15 2.38% 20,000 AA+ 100.48 20,096 0.8% 20,072 0.8% 24 0.1% 0.89%
94974BFE5 WELLS FARGO 07/01/15 1.50% 700 A+ 100.26 702 0.0% 701 0.0% 1 0.1% 0.80%
94974BFE5 WELLS FARGO 07/01/15 1.50% 5,000 A+ 100.26 5,013 0.2% 5,009 0.2% 4 0.1% 0.81%
3134A4VC5 FHLMC 07/17/15 4.38% 10,000 AA+ 101.24 10,124 0.4% 10,075 0.4% 49 0.5% 1.71%
31398AU34 FNMA 07/28/15 2.38% 3,800 AA+ 100.72 3,827 0.1% 3,821 0.1% 6 0.2% 0.63%
31398AU34 FNMA 07/28/15 2.38% 20,000 AA+ 100.72 20,144 0.8% 20,042 0.8% 102 0.5% 1.70%
31398AZ54 FNMA 08/04/15 2.15% 10,000 AA+ 100.67 10,067 0.4% 10,042 0.4% 25 0.3% 0.91%
313370NE4 FHLB 08/20/15 1.63% 10,000 AA+ 100.55 10,055 0.4% 9,980 0.4% 75 0.7% 2.17%
3134G3ZA1 FHLMC 08/28/15 0.50% 1,500 AA+ 100.14 1,502 0.1% 1,500 0.1% 2 0.1% 0.46%
36962G4F8 GECC ST 09/21/15 4.38% 2,240 AA+ 101.87 2,282 0.1% 2,275 0.1% 7 0.3% 1.03%
594918AG9 MICROSOFT 09/25/15 1.63% 800 AAA 100.62 805 0.0% 804 0.0% 1 0.2% 0.68%
369604BE2 GENERAL ELECTRIC 10/09/15 0.85% 750 AA+ 100.32 752 0.0% 751 0.0% 2 0.2% 0.64%
637432ML6 NATL RURAL UTILS 11/01/15 1.90% 250 A 100.83 252 0.0% 252 0.0% 0 0.1% 0.60%
14912L5H0 CATERPILLAR FINL 11/06/15 0.70% 725 A 100.21 727 0.0% 725 0.0% 2 0.2% 0.75%
084664BN0 BERKSHIRE HATHAWAY 12/15/15 2.45% 800 AA 101.40 811 0.0% 811 0.0% 1 0.1% 0.57%
459200GU9 INTL BUSINESS 01/05/16 2.00% 750 AA- 101.23 759 0.0% 757 0.0% 2 0.3% 0.75%
06406HBS7 BANK NEW YORK G 01/15/16 2.50% 80 A+ 101.54 81 0.0% 81 0.0% 0 0.2% 0.84%
06406HBS7 BANK NEW YORK G 01/15/16 2.50% 90 A+ 101.54 91 0.0% 91 0.0% 0 0.2% 0.72%
06406HBS7 BANK NEW YORK G 01/15/16 2.50% 600 A+ 101.54 609 0.0% 608 0.0% 1 0.1% 0.71%
58933YAB1 MERCK 01/15/16 2.25% 800 AA 101.42 811 0.0% 810 0.0% 1 0.1% 0.60%
912828PS3 USTN 01/31/16 2.00% 200 AA+ 101.46 203 0.0% 203 0.0% 0 0.2% 0.42%
912828PS3 USTN 01/31/16 2.00% 650 AA+ 101.46 659 0.0% 658 0.0% 1 0.2% 0.45%
00206RBR2 AT&T 02/12/16 0.90% 770 BBB+ 100.16 771 0.0% 771 0.0% 1 0.1% 0.80%
3136FPAS6 FNMA 02/25/16 2.15% 5,450 AA+ 101.67 5,541 0.2% 5,464 0.2% 77 1.4% 1.85%
3136FPCF2 FNMA 02/25/16 2.00% 5,000 AA+ 101.50 5,075 0.2% 5,000 0.2% 75 1.5% 1.99%
3136FPCF2 FNMA 02/25/16 2.00% 20,000 AA+ 101.50 20,300 0.8% 20,141 0.8% 159 0.8% 1.19%
14912L5N7 CATERPILLAR FINL 02/26/16 0.70% 9,610 A 100.20 9,629 0.4% 9,634 0.4% -5 -0.1% 0.42%
46623EJU4 JPMORGAN CHASE 02/26/16 1.13% 1,649 A 100.24 1,653 0.1% 1,653 0.1% 0 0.0% 0.83%
46623EJU4 JPMORGAN CHASE 02/26/16 1.13% 5,000 A 100.24 5,012 0.2% 5,011 0.2% 1 0.0% 0.88%
713448CE6 PEPSICO 02/26/16 0.70% 700 A- 100.19 701 0.0% 701 0.0% 1 0.1% 0.60%
912828KS8 USTN 02/29/16 2.63% 200 AA+ 102.14 204 0.0% 204 0.0% 0 0.1% 0.43%
912828KS8 USTN 02/29/16 2.63% 650 AA+ 102.14 664 0.0% 663 0.0% 1 0.2% 0.46%
437076AP7 HOME DEPOT 03/01/16 5.40% 700 A 104.40 731 0.0% 731 0.0% -1 -0.1% 0.49%
313375RN9 FHLB 03/11/16 1.00% 1,000 AA+ 100.57 1,006 0.0% 1,005 0.0% 1 0.1% 0.50%
31359MH89 FNMA 03/15/16 5.00% 225 AA+ 104.40 235 0.0% 234 0.0% 1 0.5% 0.89%
31359MH89 FNMA 03/15/16 5.00% 375 AA+ 104.40 392 0.0% 389 0.0% 2 0.6% 0.96%
08/03/15 2.70% 337,059 100.70 339,420 13.0% 338,209 13.1% 1,211 0.4% 1.41%
Holdings Report by Maturity Date
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
1- 2 Years
65476VAC3 NISSAN 2013-A A-3 04/15/16 0.61% 522 AAA*99.98 522 0.0% 522 0.0% 0 0.0% 0.61%
3137EAAD1 FHLMC 04/18/16 5.25% 575 AA+ 105.08 604 0.0% 600 0.0% 4 0.7% 0.97%
037833AH3 APPLE 05/03/16 0.45% 625 AA+ 100.02 625 0.0% 625 0.0% 1 0.1% 0.51%
36962G5C4 GE CAP 05/09/16 2.95% 750 AA+ 102.52 769 0.0% 763 0.0% 6 0.8% 1.38%
313373K50 FHLB 05/10/16 2.40% 8,000 AA+ 102.14 8,171 0.3% 8,103 0.3% 68 0.8% 1.20%
69371RL46 PACCAR FINANCIAL 05/16/16 0.75% 750 A+ 100.26 752 0.0% 750 0.0% 2 0.3% 0.77%
3137EACT4 FHLMC 05/27/16 2.50% 650 AA+ 102.38 665 0.0% 661 0.0% 4 0.6% 0.96%
3137EACT4 FHLMC 05/27/16 2.50% 10,000 AA+ 102.38 10,238 0.4% 10,073 0.4% 165 1.6% 1.83%
3137EACT4 FHLMC 05/27/16 2.50% 10,000 AA+ 102.38 10,238 0.4% 10,083 0.4% 155 1.5% 1.75%
3137EACT4 FHLMC 05/27/16 2.50% 20,000 AA+ 102.38 20,476 0.8% 20,129 0.8% 347 1.7% 1.91%
3137EACT4 FHLMC 05/27/16 2.50% 25,000 AA+ 102.38 25,595 1.0% 25,176 1.0% 419 1.7% 1.86%
31331KNM8 FFCB 06/10/16 1.88% 4,115 AA+ 101.74 4,187 0.2% 4,116 0.2% 71 1.7% 1.86%
31331KNM8 FFCB 06/10/16 1.88% 10,000 AA+ 101.74 10,174 0.4% 10,012 0.4% 162 1.6% 1.77%
313373SZ6 FHLB 06/10/16 2.13% 2,345 AA+ 102.03 2,393 0.1% 2,370 0.1% 23 1.0% 1.21%
313373SZ6 FHLB 06/10/16 2.13% 14,370 AA+ 102.03 14,662 0.6% 14,521 0.6% 140 1.0% 1.21%
313373SZ6 FHLB 06/10/16 2.13% 24,600 AA+ 102.03 25,099 1.0% 24,688 1.0% 412 1.7% 1.81%
313373SZ6 FHLB 06/10/16 2.13% 25,000 AA+ 102.03 25,508 1.0% 25,083 1.0% 425 1.7% 1.83%
313373SZ6 FHLB 06/10/16 2.13% 30,000 AA+ 102.03 30,609 1.2% 30,075 1.2% 534 1.8% 1.91%
313373SZ6 FHLB 06/10/16 2.13% 30,000 AA+ 102.03 30,609 1.2% 30,050 1.2% 559 1.9% 1.98%
313373SZ6 FHLB 06/10/16 2.13% 50,000 AA+ 102.03 51,015 2.0% 50,091 1.9% 924 1.8% 1.96%
3133XFPR1 FHLB 06/10/16 5.38% 4,310 AA+ 105.89 4,564 0.2% 4,516 0.2% 48 1.1% 1.23%
949746QU8 WELLS FARGO 06/15/16 3.68% 10,000 A+ 103.55 10,355 0.4% 10,310 0.4% 45 0.4% 1.05%
166764AC4 CHEVRON 06/24/16 0.89% 160 AA 100.45 161 0.0% 160 0.0% 1 0.5% 0.89%
912828QR4 USTN 06/30/16 1.50% 200 AA+ 101.39 203 0.0% 202 0.0% 1 0.3% 0.59%
912828QR4 USTN 06/30/16 1.50% 675 AA+ 101.39 684 0.0% 681 0.0% 4 0.5% 0.82%
3135G0XP3 FNMA 07/05/16 0.38% 700 AA+ 99.94 700 0.0% 697 0.0% 3 0.4% 0.78%
31359MS61 FNMA 07/15/16 5.38% 575 AA+ 106.31 611 0.0% 607 0.0% 5 0.8% 1.00%
31359MS61 FNMA 07/15/16 5.38% 25,000 AA+ 106.31 26,578 1.0% 26,379 1.0% 198 0.8% 0.99%
3137EAAG4 FHLMC 07/18/16 5.50% 20,000 AA+ 106.48 21,296 0.8% 21,028 0.8% 268 1.3% 1.39%
0258M0DG1 AMERICAN EXP CR 07/29/16 1.30% 500 A- 100.57 503 0.0% 500 0.0% 3 0.6% 1.31%
084664BX8 BERKSHIRE HATHAWAY 08/15/16 0.95% 150 AA 100.45 151 0.0% 150 0.0% 1 0.5% 0.99%
084664BX8 BERKSHIRE HATHAWAY 08/15/16 0.95% 225 AA 100.45 226 0.0% 225 0.0% 1 0.5% 1.02%
084664BX8 BERKSHIRE HATHAWAY 08/15/16 0.95% 375 AA 100.45 377 0.0% 375 0.0% 2 0.5% 0.97%
3137EACW7 FHLMC 08/25/16 2.00% 675 AA+ 102.13 689 0.0% 684 0.0% 5 0.8% 1.03%
3137EACW7 FHLMC 08/25/16 2.00% 20,000 AA+ 102.13 20,426 0.8% 20,204 0.8% 222 1.1% 1.25%
3137EACW7 FHLMC 08/25/16 2.00% 20,000 AA+ 102.13 20,426 0.8% 20,206 0.8% 220 1.1% 1.24%
3137EACW7 FHLMC 08/25/16 2.00% 20,000 AA+ 102.13 20,426 0.8% 20,153 0.8% 273 1.4% 1.43%
3135G0YE7 FNMA 08/26/16 0.63% 500 AA+ 100.27 501 0.0% 498 0.0% 3 0.6% 0.89%
191216AU4 COCA COLA 09/01/16 1.80% 756 AA 101.71 769 0.0% 765 0.0% 4 0.5% 0.92%
3136FPDR5 FNMA 09/15/16 2.17% 11,500 AA+ 102.40 11,776 0.5% 11,639 0.5% 137 1.2% 1.31%
44614AAC7 HUNT 2012-1 A3 09/15/16 0.81% 65 AAA 100.02 65 0.0% 65 0.0% 0 -0.1% 0.72%
89233P5E2 TOYOTA MOTOR CR 09/15/16 2.00% 800 AA- 101.95 816 0.0% 809 0.0% 6 0.8% 1.18%
3135G0CM3 FNMA 09/28/16 1.25% 700 AA+ 101.12 708 0.0% 702 0.0% 6 0.8% 1.05%
3135G0CM3 FNMA 09/28/16 1.25% 30,000 AA+ 101.12 30,336 1.2% 29,914 1.2% 422 1.4% 1.45%
24422ESD2 DEERE JOHN CAP 10/11/16 1.05% 700 A 100.53 704 0.0% 700 0.0% 4 0.6% 1.09%
3137EAAJ8 FHLMC 10/18/16 5.13% 575 AA+ 107.20 616 0.0% 610 0.0% 6 1.0% 1.07%
69349LAP3 PNC BANK NA 11/01/16 1.15% 610 A 100.45 613 0.0% 610 0.0% 3 0.5% 1.19%
06050TLR1 BOFA NA 11/14/16 1.13% 500 A 100.10 501 0.0% 500 0.0% 1 0.1% 1.15%
3135G0ES8 FNMA 11/15/16 1.38% 700 AA+ 101.39 710 0.0% 703 0.0% 7 0.9% 1.08%
34530HAB6 FORD0 2014-A A2 11/15/16 0.48% 222 AAA 99.99 222 0.0% 223 0.0% 0 0.0% 0.46%
06052YAD1 BAAT 2012-1 A4 12/15/16 1.03% 190 AAA 100.19 190 0.0% 191 0.0% 0 -0.2% 0.80%
06052YAD1 BAAT 2012-1 A4 12/15/16 1.03% 686 AAA 100.19 687 0.0% 689 0.0% -2 -0.2% 0.77%
31359M2D4 FNMA 12/15/16 4.88% 575 AA+ 107.26 617 0.0% 611 0.0% 6 0.9% 1.08%
12617AAE7 AEPTC 2001-1 A5 01/15/17 6.25% 256 AAA 103.21 264 0.0% 269 0.0% -4 -1.5% 3.35%
69353RCG1 PNC BANK NA 01/27/17 1.13% 250 A 100.34 251 0.0% 250 0.0% 1 0.4% 1.18%
3135G0GY3 FNMA 01/30/17 1.25% 700 AA+ 101.15 708 0.0% 701 0.0% 7 1.0% 1.15%
3135G0GY3 FNMA 01/30/17 1.25% 3,750 AA+ 101.15 3,793 0.1% 3,757 0.1% 37 1.0% 1.15%
3135G0GY3 FNMA 01/30/17 1.25% 20,000 AA+ 101.15 20,230 0.8% 19,998 0.8% 232 1.2% 1.26%
3135G0GY3 FNMA 01/30/17 1.25% 50,000 AA+ 101.15 50,575 1.9% 50,021 1.9% 554 1.1% 1.23%
90331HMC4 US BK NA CINCINNATI 01/30/17 1.10% 300 AA- 100.31 301 0.0% 301 0.0% 0 0.1% 1.00%
084670BD9 BERKSHIRE HATHAWAY 01/31/17 1.90% 21,000 AA 101.99 21,418 0.8% 21,301 0.8% 117 0.5% 1.10%
46623EJY6 JPMORGAN CHASE 02/15/17 1.35% 750 A 100.39 753 0.0% 750 0.0% 3 0.4% 1.37%
46623EJY6 JPMORGAN CHASE 02/15/17 1.35% 5,000 A 100.39 5,020 0.2% 5,015 0.2% 5 0.1% 1.19%
3137EAAM1 FHLMC 02/16/17 5.00% 575 AA+ 108.11 622 0.0% 615 0.0% 6 1.1% 1.16%
17275RAT9 CISCO SYS SR 03/03/17 1.10% 750 AA- 100.65 755 0.0% 750 0.0% 5 0.7% 1.10%
Holdings Report by Maturity Date
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
1- 2 Years continued
3137EADC0 FHLMC 03/08/17 1.00% 700 AA+ 100.71 705 0.0% 698 0.0% 7 1.0% 1.18%
24422ERN1 DEERE JOHN CAP 03/15/17 1.40% 1,001 A 101.01 1,011 0.0% 1,007 0.0% 4 0.4% 1.08%
08/13/16 2.31% 544,958 102.31 557,521 21.4% 550,224 21.3% 7,296 1.3% 1.48%
2 - 3 Years
07330NAH8 BRANCH BKG & TRUST 04/03/17 1.00% 700 A 99.91 699 0.0% 699 0.0% 1 0.1% 1.09%
3135G0JA2 FNMA 04/27/17 1.13% 675 AA+ 100.91 681 0.0% 677 0.0% 5 0.7% 1.01%
3137EADF3 FHLMC 05/12/17 1.25% 675 AA+ 101.19 683 0.0% 678 0.0% 5 0.7% 1.04%
3137EADF3 FHLMC 05/12/17 1.25% 20,000 AA+ 101.19 20,238 0.8% 20,156 0.8% 82 0.4% 0.87%
02006JAB4 ALLYA 2013-1 A3 05/15/17 0.63% 364 AAA 100.05 364 0.0% 364 0.0% 0 0.1% 0.64%
36962G7J7 GECC 05/15/17 1.25% 2,040 AA+ 100.52 2,051 0.1% 2,050 0.1% 0 0.0% 1.10%
912828SY7 USTN 05/31/17 0.63% 675 AA+ 100.01 675 0.0% 669 0.0% 6 0.9% 1.03%
912828SY7 USTN 05/31/17 0.63% 3,105 AA+ 100.01 3,105 0.1% 3,103 0.1% 2 0.1% 0.66%
14912L5E7 CATERPILLAR FINL SVC 06/01/17 1.63% 5,000 A 101.35 5,068 0.2% 5,084 0.2% -16 -0.3% 1.02%
94974BFW5 WELLS FARGO 06/02/17 1.15% 1,635 A+ 99.97 1,635 0.1% 1,640 0.1% -6 -0.4% 1.12%
313379FW4 FHLB 06/09/17 1.00% 30,000 AA+ 100.60 30,180 1.2% 30,063 1.2% 117 0.4% 0.90%
31398ADM1 FNMA 06/12/17 5.38% 555 AA+ 110.06 611 0.0% 607 0.0% 4 0.6% 0.98%
929903DT6 WELLS FARGO 06/15/17 5.75% 1,870 A+ 109.99 2,057 0.1% 2,078 0.1% -21 -1.0% 1.15%
064058AA8 BANK NEW YORK SR 06/20/17 1.97% 2,385 A+ 101.87 2,430 0.1% 2,438 0.1% -8 -0.3% 1.12%
064058AA8 BANK NEW YORK SR 06/20/17 1.97% 5,000 A+ 101.87 5,094 0.2% 5,076 0.2% 18 0.3% 1.27%
3137EADH9 FHLMC 06/29/17 1.00% 30,000 AA+ 100.56 30,168 1.2% 30,112 1.2% 56 0.2% 0.83%
3137EADH9 FHLMC 06/29/17 1.00% 50,000 AA+ 100.56 50,280 1.9% 50,361 2.0% -81 -0.2% 0.67%
3137EADH9 FHLMC 06/29/17 1.00% 50,000 AA+ 100.56 50,280 1.9% 50,281 1.9% -1 0.0% 0.74%
3137EADH9 FHLMC 06/29/17 1.00% 50,000 AA+ 100.56 50,280 1.9% 50,260 1.9% 20 0.0% 0.76%
3137EADJ5 FHLMC 07/28/17 1.00% 675 AA+ 100.75 680 0.0% 678 0.0% 3 0.4% 0.83%
3137EADJ5 FHLMC 07/28/17 1.00% 25,000 AA+ 100.75 25,188 1.0% 25,046 1.0% 141 0.6% 0.92%
3137EADJ5 FHLMC 07/28/17 1.00% 30,000 AA+ 100.75 30,225 1.2% 30,145 1.2% 80 0.3% 0.79%
161571FL3 CIT 2012-5A A 08/15/17 0.59% 575 AAA 100.05 575 0.0% 576 0.0% 0 0.0% 0.55%
3134G3B90 FHLMC 08/15/17 0.88% 50,000 AA+ 99.89 49,945 1.9% 49,947 1.9% -2 0.0% 0.92%
90327BAD4 UAOT 2012-1A-4 08/15/17 0.57% 600 AAA 100.00 600 0.0% 600 0.0% 0 0.1% 0.60%
3135G0MZ3 FNMA 08/28/17 0.88% 175 AA+ 100.13 175 0.0% 175 0.0% 0 0.0% 0.83%
3135G0MZ3 FNMA 08/28/17 0.88% 500 AA+ 100.13 501 0.0% 500 0.0% 0 0.0% 0.83%
3135G0MZ3 FNMA 08/28/17 0.88% 950 AA+ 100.13 951 0.0% 951 0.0% 0 0.0% 0.81%
3135G0MZ3 FNMA 08/28/17 0.88% 30,000 AA+ 100.13 30,039 1.2% 30,013 1.2% 26 0.1% 0.86%
3137EADL0 FHLMC 09/29/17 1.00% 175 AA+ 100.31 176 0.0% 176 0.0% 0 -0.1% 0.84%
3137EADL0 FHLMC 09/29/17 1.00% 500 AA+ 100.31 502 0.0% 501 0.0% 0 0.1% 0.90%
3137EADL0 FHLMC 09/29/17 1.00% 1,000 AA+ 100.31 1,003 0.0% 1,006 0.0% -3 -0.3% 0.76%
89233P6S0 TOYOTA MOTOR CR 10/05/17 1.25% 5,000 AA- 100.30 5,015 0.2% 4,921 0.2% 94 1.9% 1.91%
14313LAC0 CARMX 2013-1 A3 10/16/17 0.60% 480 AAA 99.99 480 0.0% 480 0.0% 0 0.0% 0.58%
3135G0PQ0 FNMA 10/26/17 0.88% 700 AA+ 100.12 701 0.0% 700 0.0% 0 0.0% 0.85%
912828TW0 UNITED STATES TREAS 10/31/17 0.75%1,000 AA+ 99.99 1,000 0.0% 1,001 0.0% -1 -0.1% 0.73%
65477LAC4 NAROT 2013-B A3 11/15/17 0.84%500 AAA* 100.20 501 0.0% 500 0.0% 1 0.2% 0.85%
3137EABA6 FHLMC 11/17/17 5.13% 550 AA+ 111.11 611 0.0% 612 0.0% -1 -0.1% 0.76%
36962G6K5 GECC 11/20/17 1.60% 5,000 AA+ 100.95 5,048 0.2% 5,004 0.2% 43 0.9% 1.57%
43813JAC9 HAROT 2014-1 A3 11/21/17 0.67%850 AAA* 99.88 849 0.0% 850 0.0% -1 -0.1% 0.67%
05578XAC2 BMWOT 2013-A A3 11/27/17 0.67%481 AAA* 100.06 482 0.0% 481 0.0% 0 0.1% 0.67%
912828UA6 UNITED STATES TREAS 11/30/17 0.63% 550 AA+ 99.58 548 0.0% 548 0.0% -1 -0.1% 0.75%
69361YAH6 PEGTF 2001-1 A8 12/15/17 6.89% 286 AAA 102.38 293 0.0% 308 0.0% -15 -4.8% 3.82%
3135G0RT2 FNMA 12/20/17 0.88% 675 AA+ 100.01 675 0.0% 675 0.0% 0 0.0% 0.88%
3137EADN6 FHLMC 01/12/18 0.75% 675 AA+ 99.82 674 0.0% 672 0.0% 1 0.2% 0.89%
3137EADN6 FHLMC 01/12/18 0.75% 20,000 AA+ 99.82 19,964 0.8% 19,625 0.8% 339 1.7% 1.45%
94974BFG0 WELLS FARGO 01/16/18 1.50% 5,000 A+ 100.48 5,024 0.2% 4,941 0.2% 83 1.7% 1.94%
94974BFG0 WELLS FARGO 01/16/18 1.50% 10,000 A+ 100.48 10,048 0.4% 9,860 0.4% 188 1.9% 2.03%
912828UJ7 USTN 01/31/18 0.88% 1,100 AA+ 100.09 1,101 0.0% 1,100 0.0% 1 0.1% 0.88%
92976WBH8 WELLS FARGO 02/01/18 5.75% 7,000 A+ 111.82 7,827 0.3% 7,771 0.3% 56 0.7% 1.68%
92976WBH8 WELLS FARGO 02/01/18 5.75% 10,000 A+ 111.82 11,182 0.4% 11,101 0.4% 81 0.7% 1.69%
3135G0TG8 FNMA 02/08/18 0.88% 500 AA+ 99.94 500 0.0% 500 0.0% 0 0.0% 0.89%
3135G0TG8 FNMA 02/08/18 0.88% 675 AA+ 99.94 675 0.0% 673 0.0% 1 0.2% 0.97%
3135G0TG8 FNMA 02/08/18 0.88% 20,000 AA+ 99.94 19,988 0.8% 19,716 0.8% 272 1.4% 1.39%
084670BH0 BERKSHIRE HATHAWAY 02/09/18 1.55% 10,000 AA 101.22 10,122 0.4% 9,920 0.4% 202 2.0% 1.84%
83190CAD1 SAUT 2014-1US A-3A 02/14/18 0.95%800 AAA* 99.81 798 0.0% 800 0.0% -1 -0.2% 0.95%
3137EADP1 FHLMC 03/07/18 0.88% 675 AA+ 99.84 674 0.0% 673 0.0% 1 0.1% 0.97%
3137EADP1 FHLMC 03/07/18 0.88% 1,000 AA+ 99.84 998 0.0% 999 0.0% -1 -0.1% 0.90%
Holdings Report by Maturity Date
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
2 - 3 Years continued
24422ESB6 DEERE JOHN CAP 03/12/18 1.30% 1,925 A 100.33 1,931 0.1% 1,893 0.1% 39 2.0% 1.90%
08/18/17 1.24% 500,251 100.92 504,845 19.4% 503,034 19.5% 1,811 0.4% 0.98%
3 - 4 Years
15200WAA3 CNP 2012-1 A1 04/15/18 0.90% 304 AAA 100.12 304 0.0% 305 0.0% -1 -0.3% 0.76%
92867PAC7 VAE 2013-2 A-3 04/20/18 0.70% 500 AAA 99.89 499 0.0% 500 0.0% 0 -0.1% 0.71%
912828UZ1 UNITED STATES TREAS 04/30/18 0.63% 650 AA+ 99.09 644 0.0% 643 0.0% 1 0.2% 1.01%
36962G3U6 GECC 05/01/18 5.63% 5,000 AA+ 112.28 5,614 0.2% 5,505 0.2% 109 2.0% 2.16%
36962G3U6 GECC 05/01/18 5.63% 10,000 AA+ 112.28 11,228 0.4% 10,863 0.4% 365 3.4% 2.63%
36962G3U6 GECC 05/01/18 5.63% 10,000 AA+ 112.28 11,228 0.4% 11,129 0.4% 99 0.9% 1.80%
037833AJ9 APPLE 05/03/18 1.00% 6,265 AA+ 99.42 6,229 0.2% 6,103 0.2% 125 2.1% 1.88%
037833AJ9 APPLE 05/03/18 1.00% 6,579 AA+ 99.42 6,541 0.3% 6,415 0.2% 126 2.0% 1.85%
037833AJ9 APPLE 05/03/18 1.00% 7,000 AA+ 99.42 6,959 0.3% 6,775 0.3% 184 2.7% 2.10%
037833AJ9 APPLE 05/03/18 1.00% 10,000 AA+ 99.42 9,942 0.4% 9,638 0.4% 304 3.1% 2.24%
037833AJ9 APPLE 05/03/18 1.00% 11,000 AA+ 99.42 10,936 0.4% 10,756 0.4% 180 1.7% 1.75%
084664BE0 BERKSHIRE HATHAWAY 05/15/18 5.40% 5,124 AA 112.60 5,770 0.2% 5,621 0.2% 149 2.7% 2.12%
3135G0WJ8 FNMA 05/21/18 0.88% 500 AA+ 99.76 499 0.0% 487 0.0% 12 2.4% 1.75%
3135G0WJ8 FNMA 05/21/18 0.88% 675 AA+ 99.76 673 0.0% 668 0.0% 5 0.7% 1.20%
3135G0WJ8 FNMA 05/21/18 0.88% 800 AA+ 99.76 798 0.0% 792 0.0% 6 0.8% 1.21%
3135G0WJ8 FNMA 05/21/18 0.88% 20,000 AA+ 99.76 19,952 0.8% 19,575 0.8% 377 1.9% 1.58%
3135G0WJ8 FNMA 05/21/18 0.88% 30,000 AA+ 99.76 29,928 1.1% 29,481 1.1% 447 1.5% 1.45%
3135G0WJ8 FNMA 05/21/18 0.88% 40,000 AA+ 99.76 39,904 1.5% 39,338 1.5% 566 1.4% 1.42%
31331KNA4 FFCB 06/08/18 2.58% 1,000 AA+ 104.34 1,043 0.0% 1,034 0.0% 9 0.9% 1.48%
313373UU4 FHLB 06/08/18 2.75% 3,940 AA+ 105.26 4,147 0.2% 4,101 0.2% 46 1.1% 1.42%
313373UU4 FHLB 06/08/18 2.75% 30,000 AA+ 105.26 31,578 1.2% 31,052 1.2% 526 1.7% 1.60%
313373UU4 FHLB 06/08/18 2.75% 50,000 AA+ 105.26 52,630 2.0% 51,689 2.0% 941 1.8% 1.64%
313373UU4 FHLB 06/08/18 2.75% 61,150 AA+ 105.26 64,366 2.5% 63,289 2.5% 1,077 1.7% 1.60%
313379DT3 FHLB 06/08/18 1.25% 6,135 AA+ 100.52 6,167 0.2% 6,103 0.2% 64 1.1% 1.42%
3133XRFZ8 FHLB 06/08/18 4.75% 2,000 AA+ 111.56 2,231 0.1% 2,201 0.1% 30 1.4% 1.48%
3137EABP3 FHLMC 06/13/18 4.88% 575 AA+ 112.21 645 0.0% 638 0.0% 7 1.1% 1.33%
166764AE0 CHEVRON 06/24/18 1.72% 3,320 AA 101.27 3,362 0.1% 3,284 0.1% 78 2.4% 2.07%
166764AE0 CHEVRON 06/24/18 1.72% 10,000 AA 101.27 10,127 0.4% 9,970 0.4% 157 1.6% 1.82%
166764AE0 CHEVRON 06/24/18 1.72% 10,000 AA 101.27 10,127 0.4% 10,033 0.4% 94 0.9% 1.61%
912828VQ0 USTN 07/31/18 1.38% 490 AA+ 101.16 496 0.0% 490 0.0% 6 1.2% 1.38%
912828VQ0 USTN 07/31/18 1.38% 650 AA+ 101.16 658 0.0% 646 0.0% 12 1.8% 1.58%
06406HCL1 BANK NEW YORK BK 08/01/18 2.10% 5,000 A+ 101.83 5,092 0.2% 4,984 0.2% 107 2.2% 2.20%
06406HCL1 BANK NEW YORK BK 08/01/18 2.10% 10,000 A+ 101.83 10,183 0.4% 10,070 0.4% 113 1.1% 1.88%
084664BY6 BERKSHIRE HATHAWAY 08/15/18 2.00% 1,000 AA 102.55 1,026 0.0% 992 0.0% 34 3.4% 2.27%
084664BY6 BERKSHIRE HATHAWAY 08/15/18 2.00% 10,000 AA 102.55 10,255 0.4% 10,012 0.4% 243 2.4% 1.96%
912828RE2 USTN 08/31/18 1.50% 650 AA+ 101.54 660 0.0% 649 0.0% 11 1.7% 1.55%
14912L5T4 CATERPLR FINL 09/06/18 2.45% 2,500 A 103.07 2,577 0.1% 2,534 0.1% 43 1.7% 2.03%
14912L5T4 CATERPLR FINL 09/06/18 2.45% 5,000 A 103.07 5,154 0.2% 4,991 0.2% 163 3.3% 2.51%
14912L5T4 CATERPLR FINL 09/06/18 2.45% 7,675 A 103.07 7,911 0.3% 7,820 0.3% 91 1.2% 1.87%
17305EFE0 CCCIT 2013-A6 A6 09/07/18 1.32% 800 AAA 100.74 806 0.0% 800 0.0% 6 0.7% 1.32%
24422EQV4 DEERE JOHN CAP 09/10/18 5.75% 3,500 A 114.17 3,996 0.2% 3,862 0.1% 134 3.5% 2.53%
3135G0YM9 FNMA 09/18/18 1.88% 165 AA+ 102.51 169 0.0% 167 0.0% 2 1.1% 1.46%
3135G0YM9 FNMA 09/18/18 1.88% 600 AA+ 102.51 615 0.0% 605 0.0% 10 1.7% 1.64%
3135G0YM9 FNMA 09/18/18 1.88% 1,000 AA+ 102.51 1,025 0.0% 1,012 0.0% 13 1.3% 1.50%
912828WD8 USTN 10/31/18 1.25% 650 AA+ 100.54 654 0.0% 642 0.0% 12 1.8% 1.61%
3135G0YT4 FNMA 11/27/18 1.63% 600 AA+ 101.59 610 0.0% 599 0.0% 10 1.7% 1.66%
3135G0YT4 FNMA 11/27/18 1.63% 600 AA+ 101.59 610 0.0% 597 0.0% 12 2.1% 1.76%
24422ESF7 DEERE JOHN CAP 12/13/18 1.95% 20,000 A 101.80 20,360 0.8% 19,928 0.8% 432 2.2% 2.05%
313376BR5 FHLB 12/14/18 1.75% 40,000 AA+ 102.05 40,820 1.6% 39,892 1.5% 928 2.3% 1.83%
912828A75 USTN 12/31/18 1.50% 650 AA+ 101.33 659 0.0% 646 0.0% 13 2.0% 1.67%
94974BFQ8 WELLS FARGO 01/15/19 2.15% 15,000 A+ 101.56 15,234 0.6% 14,959 0.6% 275 1.8% 2.23%
46625HJR2 JPMORGAN CHASE 01/28/19 2.35% 5,000 A 101.64 5,082 0.2% 4,998 0.2% 84 1.7% 2.36%
46625HJR2 JPMORGAN CHASE 01/28/19 2.35% 5,000 A 101.64 5,082 0.2% 5,021 0.2% 61 1.2% 2.23%
46625HJR2 JPMORGAN CHASE 01/28/19 2.35% 10,000 A 101.64 10,164 0.4% 10,048 0.4% 116 1.2% 2.22%
3136FTZZ5 FNMA 01/30/19 1.75% 10,000 AA+ 102.01 10,201 0.4% 10,059 0.4% 142 1.4% 1.59%
912828B33 USTN 01/31/19 1.50% 20,000 AA+ 101.30 20,260 0.8% 20,011 0.8% 249 1.2% 1.48%
912828SD3 USTN 01/31/19 1.25% 10,000 AA+ 100.38 10,038 0.4% 9,911 0.4% 127 1.3% 1.49%
3135G0ZA4 FNMA 02/19/19 1.88% 600 AA+ 102.31 614 0.0% 600 0.0% 13 2.2% 1.85%
3135G0ZA4 FNMA 02/19/19 1.88% 5,000 AA+ 102.31 5,116 0.2% 5,025 0.2% 90 1.8% 1.74%
Holdings Report by Maturity Date
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
3 - 4 Years continued
3135G0ZA4 FNMA 02/19/19 1.88% 10,000 AA+ 102.31 10,231 0.4% 10,054 0.4% 177 1.8% 1.73%
3135G0ZA4 FNMA 02/19/19 1.88% 10,000 AA+ 102.31 10,231 0.4% 10,077 0.4% 154 1.5% 1.67%
3135G0ZA4 FNMA 02/19/19 1.88% 25,000 AA+ 102.31 25,578 1.0% 25,189 1.0% 388 1.5% 1.67%
912828C24 USTN 02/28/19 1.50% 1,000 AA+ 101.23 1,012 0.0% 992 0.0% 21 2.1% 1.73%
24422ESK6 DEERE JOHN 03/04/19 1.95% 10,000 A 100.99 10,099 0.4% 10,009 0.4% 90 0.9% 1.93%
08/22/18 2.13% 590,647 102.83 607,346 23.3% 596,879 23.1% 10,467 1.8% 1.74%
4 - 5 Years
46625HHL7 JPMORGAN CHASE 04/23/19 6.30% 6,740 A 116.16 7,829 0.3% 7,770 0.3% 59 0.8% 2.30%
13063CKL3 STATE OF CALIFORNIA 05/01/19 2.25% 10,000 A+ 101.40 10,140 0.4% 10,045 0.4% 95 0.9% 2.13%
06406HCU1 BANK NEW YORK 05/15/19 2.20% 2,500 A+ 101.60 2,540 0.1% 2,498 0.1% 42 1.7% 2.22%
06406HCU1 BANK NEW YORK 05/15/19 2.20% 5,000 A+ 101.60 5,080 0.2% 4,999 0.2% 81 1.6% 2.21%
3133EDLR1 FFCB 05/15/19 1.65% 5,000 AA+ 101.58 5,079 0.2% 5,006 0.2% 73 1.4% 1.62%
3133X72S2 FHLB 05/15/19 5.38% 10,000 AA+ 116.53 11,653 0.4% 11,486 0.4% 167 1.5% 1.71%
3133X72S2 FHLB 05/15/19 5.38% 20,500 AA+ 116.53 23,889 0.9% 23,606 0.9% 283 1.2% 1.68%
3130A2FH4 FHLB 06/14/19 1.75% 10,000 AA+ 101.67 10,167 0.4% 9,961 0.4% 206 2.1% 1.85%
3130A2FH4 FHLB 06/14/19 1.75% 20,000 AA+ 101.67 20,334 0.8% 20,007 0.8% 327 1.6% 1.74%
313379EE5 FHLB 06/14/19 1.63% 5,000 AA+ 101.25 5,063 0.2% 4,953 0.2% 109 2.2% 1.86%
313379EE5 FHLB 06/14/19 1.63% 10,000 AA+ 101.25 10,125 0.4% 9,911 0.4% 214 2.2% 1.85%
3135G0ZE6 FNMA 06/20/19 1.75% 5,000 AA+ 101.65 5,083 0.2% 4,979 0.2% 104 2.1% 1.86%
3135G0ZE6 FNMA 06/20/19 1.75% 10,000 AA+ 101.65 10,165 0.4% 10,061 0.4% 104 1.0% 1.60%
3135G0ZE6 FNMA 06/20/19 1.75% 26,000 AA+ 101.65 26,429 1.0% 26,095 1.0% 334 1.3% 1.66%
3135G0ZE6 FNMA 06/20/19 1.75% 30,000 AA+ 101.65 30,495 1.2% 29,883 1.2% 612 2.0% 1.85%
89236TBP9 TOYOTA MOTOR CR 07/18/19 2.13% 10,000 AA- 101.60 10,160 0.4% 9,970 0.4% 190 1.9% 2.20%
3137EADK2 FHLMC 08/01/19 1.25% 15,000 AA+ 99.84 14,976 0.6% 14,754 0.6% 222 1.5% 1.64%
3137EADK2 FHLMC 08/01/19 1.25% 20,000 AA+ 99.84 19,968 0.8% 19,676 0.8% 292 1.5% 1.64%
084670BL1 BERKSHIRE HATHAWAY 08/14/19 2.10% 10,000 AA 102.32 10,232 0.4% 9,969 0.4% 263 2.6% 2.18%
06406HCW7 BANK NEW YORK 09/11/19 2.30% 8,501 A+ 101.78 8,652 0.3% 8,461 0.3% 191 2.3% 2.41%
3137EADM8 FHLMC 10/02/19 1.25% 10,000 AA+ 99.17 9,917 0.4% 9,812 0.4% 105 1.1% 1.75%
3137EADM8 FHLMC 10/02/19 1.25% 20,000 AA+ 99.17 19,834 0.8% 19,623 0.8% 211 1.1% 1.75%
3137EADM8 FHLMC 10/02/19 1.25% 20,000 AA+ 99.17 19,834 0.8% 19,625 0.8% 209 1.1% 1.75%
36962G7M0 GE CAP 01/09/20 2.20% 10,350 AA+ 101.10 10,464 0.4% 10,491 0.4% -27 -0.3% 1.97%
3135G0A78 FNMA 01/21/20 1.63% 20,000 AA+ 100.69 20,138 0.8% 19,968 0.8% 170 0.9% 1.70%
3135G0A78 FNMA 01/21/20 1.63% 30,000 AA+ 100.69 30,207 1.2% 29,974 1.2% 233 0.8% 1.69%
46625HKA7 JPMORGAN CHASE 01/23/20 2.25% 10,000 A 100.21 10,021 0.4% 9,982 0.4% 39 0.4% 2.35%
06406HCZ0 BANK NEW YORK MELLON 02/24/20 2.15% 3,000 A+ 100.82 3,025 0.1% 3,011 0.1% 14 0.5% 2.09%
08/16/19 2.14% 362,591 102.46 371,498 14.2% 366,576 14.2% 4,922 1.3% 1.83%
PORTFOLIO TOTAL 06/15/17 1.91% 2,562,220 101.76 2,607,343 100.0% 2,581,636 100.0% 25,707 1.0% 1.38%
*Moodys
Holdings Report by Maturity Date
Exhibit C
Fresno Quarterly Compliance Review – 1Q 2015
GLOSSARY OF TERMS
Average Maturity - The weighted average time to principal repayment. Useful as an
approximation of a single maturity where the mean or average maturity is used to describe the
life of the instrument.
Bankers Acceptance - Money market instrument created from transactions involving foreign
trade. In its simplest form, a bankers acceptance is a check, drawn on bank by an importer or
exporter of goods.
Basis Point - 1/100th of 1%.
Certificate of Deposit - A short term money market instrument representing a receipt from a bank
for a deposit at a specified rate of interest for a specified period of time.
Coupon Rate - The annual interest paid of a fixed-income instrument.
Commercial Paper - Money Market instrument representing a short-term promissory note of a
large corporation at a specified rate of return for a specified period of time.
Current Yield - A bond’s coupon expressed as a percentage of the bond’s market price.
Discount Rate - The interest rate used to translate a future value into a present value.
Duration - Often times referred to as Macaulay’s duration is a fixed income measure of price
sensitivity to changes in yields. It is calculated by taking a weighted average of the time periods
to receipt of the present value of the cash flows from a fixed income instrument.
Federal Home Loan Mortgage Corporation - Also known as “FHLMC” and Freddie Mac. FHLMC is
a Private Corporation authorized by Congress, which sells notes, participation certificates and
other mortgage obligations backed by mortgage pools.
Federal National Mortgage Association - Also known as “FNMA” and Fannie Mae. A private
corporation which buys and sells residential mortgages insured by FHA or guaranteed by VA.
FNMA also issues notes, participation certificates and other mortgage obligations backed by
mortgage pools.
Government National Mortgage Corporation - Also known as “GNMA” and Ginnie Mae. A
wholly-owned U.S. government corporation. GNMA issues and guarantees mortgage-backed
securities which are backed by the full faith and credit of the United States Government.
Repurchase Agreement - Short term collateralized loan at a specified rate for a specified period,
used by large investors as an alternative for cash investments.
Yield to Maturity - The internal rate of return of a standard bond held to maturity.
Exhibit C
Fresno Quarterly Compliance Review – 1Q 2015
RATING SUMMARY
RATING SERVICE RATING CATEGORY RATING DEFINITION
Bauer Financial 5-Star Superior: These institutions are on Bauer Financial’s
Recommended Report
4 -Star Excellent: These institutions are on Bauer Financial’s
Recommended Report
3 ½ - Star
Good
3-Star Adequate
2-Star Problematic
1-Star Troubled
0-Star Lowest rating
Moody’s Aaa Best Quality
Aa High Quality
A Upper-medium grade
Baa Medium grade obligations
Ba Judged to have speculative elements
B Lack characteristics of desirable investment
Caa Investment in poor standing
Ca Speculative in a high degree
C Poor prospect of attaining investment standing
Moody’s - Modifiers 1,2,and 3 Rankings within rating category
Moody’s - Commercial Paper Prime-1 Superior ability for repayment
Prime-2 Strong ability for repayment
Prime-3 Acceptable ability for repayment
Not Prime Do not fall in top 3 rating categories
Standard & Poor’s AAA Highest rating
AA Strong capacity for repayment
A Strong capacity for repayment but less than AA category
BBB Adequate capacity for repayment
BB Speculative
B Greater vulnerability to default than BB category
CCC Identifiable vulnerability to default
CC Subordinated debt of issues ranked in CCC category
C Subordinated debt of issues ranked in CCC category
C1 Income bonds where no interest is paid
D Default
Standard & Poor’s - Modifiers (+) or (-) Rankings within rating category
Standard & Poor’s -
Commercial Paper
A-1 Highest degree of safety
A-2 Timely repayment characteristics is satisfactory
A-3 Adequate capacity for repayment
B Speculative
C Doubtful repayment
D Default
Exhibit C
Fresno Quarterly Compliance Review – 1Q 2015
DISCLOSURES: This document is provided for informational purposes only. It does not constitute an offer of securities of
any of the issuers that may be described herein. Information contained herein may have been provided by third parties,
including investment firms providing information on returns and assets under management, and may not have been
independently verified. The past performance information contained in this report is not necessarily indicative of future
results and there is no assurance that the investment in question will achieve comparable results or that the Firm will be
able to implement its investment strategy or achieve its investment objectives. The actual realized value of currently
unrealized investments (if any) will depend on a variety of factors, including future operating results, the value of the
assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale,
all of which may differ from the assumptions and circumstances on which any current unrealized valuations are based.
Neither PCA nor PCA’s officers, employees or agents, make any representation or warranty, express or implied, in relation
to the accuracy or completeness of the information contained in this document or any oral information provided in
connection herewith, or any data subsequently generated herefrom, and accept no responsibility, obligation or liability
(whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. PCA and PCA’s officers,
employees and agents expressly disclaim any and all liability that may be based on this document and any errors
therein or omissions therefrom. Neither PCA nor any of PCA’s officers, employees or agents, make any representation of
warranty, express or implied, that any transaction has been or may be effected on the terms or in the manner stated in
this document, or as to the achievement or reasonableness of future projections, management targets, estimates,
prospects or returns, if any. Any views or terms contained herein are preliminary only, and are based on financial,
economic, market and other conditions prevailing as of the date of this document and are therefore subject to change.
The information contained in this report may include forward-looking statements. Forward-looking statements include a
number of risks, uncertainties and other factors beyond the control of the Firm, which may result in material differences in
actual results, performance or other expectations. The opinions, estimates and analyses reflect PCA’s current judgment,
which may change in the future.
Any tables, graphs or charts relating to past performance included in this report are intended only to illustrate investment
performance for the historical periods shown. Such tables, graphs and charts are not intended to predict future
performance and should not be used as the basis for an investment decision.
All trademarks or product names mentioned herein are the property of their respective owners. Indices are unmanaged
and one cannot invest directly in an index. The index data provided is on an “as is” basis. In no event shall the index
providers or its affiliates have any liability of any kind in connection with the index data or the portfolio described herein.
Copying or redistributing the index data is strictly prohibited.
The Russell indices are either registered trademarks or tradenames of Frank Russell Company in the U.S. and/or other
countries.
The MSCI indices are trademarks and service marks of MSCI or its subsidiaries.
Standard and Poor’s (S&P) is a division of The McGraw-Hill Companies, Inc. S&P indices, including the S&P 500, are a
registered trademark of The McGraw-Hill Companies, Inc.
CBOE, not S&P, calculates and disseminates the BXM Index. The CBOE has a business relationship with Standard & Poor's
on the BXM. CBOE and Chicago Board Options Exchange are registered trademarks of the CBOE, and SPX, and CBOE
S&P 500 BuyWrite Index BXM are servicemarks of the CBOE. The methodology of the CBOE S&P 500 BuyWrite Index is
owned by CBOE and may be covered by one or more patents or pending patent applications.
FTSE is a trademark of the London Stock Exchange Group companies and is used by FTSE under license. All rights in the
FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. No further distribution of FTSE data is permitted with FTSE’s
express written consent.
The Barclays Capital indices (formerly known as the Lehman indices) are trademarks of Barclays Capital, Inc.
The Citigroup indices are trademarks of Citicorp or its affiliates.
The Merrill Lynch indices are trademarks of Merrill Lynch & Co. or its affiliates.
Exhibit C
County of Fresno Treasury Investment Pool
As of March 31, 2015
LDZ
PENSION REPORTS
Portfolio Statistics
March
2015
December
2014
September
2014
June
2014
March
2014
Market Value $(000) 2,607,343 2,747,939 2,364,621 2,249,586 2,456,732
Amortized Cost Value $(000) 2,581,636 2,734,749 2,353,240 2,229,170 2,443,414
Unrealized Gain/Loss % on cost 1.0 0.5 0.5 0.9 0.5
Yield weighted on cost value 1.38 1.33 1.35 1.37 1.34
Years to Maturity weighted on cost value 2.2 2.2 2.3 2.6 2.6
COMPLIANCE WITH CALIFORNIA GOVERNMENT CODE AND COUNTY INVESTMENT POLICY
The County’s Investment Portfolio is in compliance with California Government Codes 53601 & 53635.
The County’s Treasury Investment Pool Statement of Investment Policy is more stringent than the
California Government Codes. As of 3/31/15, the Treasurer’s Investment Pool portfolio complied with
its Statement of Investment Policy.
SUMMARY OF PORTFOLIO
Holdings in the County’s Treasury Pool represent a portfolio of assets with a high degree of quality. As
of 3/31/2015, the portfolio had a market value of $2.61 billion with an average dollar-weighted
quality of “AA+”. Approximately 79.6% of the portfolio’s assets are invested in securities with virtually
no credit risk (i.e. U.S. Treasury, U.S. Agencies, and Cash). The dollar weighted average life of the
pool is 2.2 years; 8.8% of the portfolio at cost matures within 30 days, 13.1% matures between 1 and
12 months, 40.8% between 1 and 3 years, and 37.3% matures between 3 and 5 years.
THE COUNTY OF FRESNO TREASURY INVESTMENT POOL HAS AN AVERAGE
DOLLAR-WEIGHTED QUALITY RATING OF “AA+.”
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
LDZ
PENSION REPORTS
Portfolio Holdings Breakdown
Breakdown of Portfolio by Type
(Valued at Amortized Cost)
$(000) %
8.1 US Treasury (b) 43,660 1.7
8.2 US Agency (f) 1,833,885 71.1
8.8 Corporate Note (k) 458,812 17.8
8.9 LAIF 50,000 1.9
8.10 Mutual / MM Funds (l) 408 0.0
8.11 ABS / MBS (o) 8,520 0.3
8.14 California (c) (e) 10,045 0.4
Cash 176,306 6.8
2,581,636 100.0
Breakdown of Portfolio by Maturity
(Valued at Amortized Cost)
$(000) %
Less than 1 month 226,714 8.8
1 – 12 months 338,209 13.1
1 – 2 years 550,224 21.3
2 – 3 years 503,034 19.5
3 – 4 years 596,879 23.1
4 – 5 years 366,576 14.2
2,581,636 100.0
Breakdown of Portfolio by Quality
(Valued at Amortized Cost)
$(000) %
S&P AAA 9,731 0.4
S&P AA+ (Government) 1,877,543 72.7
S&P AA 212,468 8.2
S&P A 254,813 9.9
S&P BBB 771 0.0
Not Rated & Cash 226,306 8.8
2,581,636 100.0
Portfolio Type
1.7%
71.1%
17.8%
1.9%0.0%0.3%0.4%
6.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Treasury Agency Corporate LAIF Mutual/MM ABS / MBS California Cash
Portfolio Maturity
8.8%13.1%
21.3%19.5%23.1%
14.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Less 1 mo 1 - 12 mo 1 - 2 yr 2 - 3 yr 3 - 4 yr 4 - 5 yr
Portfolio Quality
0.4%
72.7%
8.2%9.9%
0.0%
8.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
AAA AA+ (Gov)AA A BBB NR
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.1 US Treasury (b)
912828PS3 USTN 01/31/16 2.00% 200 AA+ 101.46 203 0.0% 203 0.0% 0 0.2% 0.42%
912828PS3 USTN 01/31/16 2.00% 650 AA+ 101.46 659 0.0% 658 0.0% 1 0.2% 0.45%
912828KS8 USTN 02/29/16 2.63% 200 AA+ 102.14 204 0.0% 204 0.0% 0 0.1% 0.43%
912828KS8 USTN 02/29/16 2.63% 650 AA+ 102.14 664 0.0% 663 0.0% 1 0.2% 0.46%
912828QR4 USTN 06/30/16 1.50% 200 AA+ 101.39 203 0.0% 202 0.0% 1 0.3% 0.59%
912828QR4 USTN 06/30/16 1.50% 675 AA+ 101.39 684 0.0% 681 0.0% 4 0.5% 0.82%
912828SY7 USTN 05/31/17 0.63% 675 AA+ 100.01 675 0.0% 669 0.0% 6 0.9% 1.03%
912828SY7 USTN 05/31/17 0.63% 3,105 AA+ 100.01 3,105 0.1% 3,103 0.1% 2 0.1% 0.66%
912828TW0 UNITED STATES TREAS 10/31/17 0.75%1,000 AA+ 99.99 1,000 0.0% 1,001 0.0% -1 -0.1% 0.73%
912828UA6 UNITED STATES TREAS 11/30/17 0.63% 550 AA+ 99.58 548 0.0% 548 0.0% -1 -0.1% 0.75%
912828UJ7 USTN 01/31/18 0.88% 1,100 AA+ 100.09 1,101 0.0% 1,100 0.0% 1 0.1% 0.88%
912828UZ1 UNITED STATES TREAS 04/30/18 0.63% 650 AA+ 99.09 644 0.0% 643 0.0% 1 0.2% 1.01%
912828VQ0 USTN 07/31/18 1.38% 490 AA+ 101.16 496 0.0% 490 0.0% 6 1.2% 1.38%
912828VQ0 USTN 07/31/18 1.38% 650 AA+ 101.16 658 0.0% 646 0.0% 12 1.8% 1.58%
912828RE2 USTN 08/31/18 1.50% 650 AA+ 101.54 660 0.0% 649 0.0% 11 1.7% 1.55%
912828WD8 USTN 10/31/18 1.25% 650 AA+ 100.54 654 0.0% 642 0.0% 12 1.8% 1.61%
912828A75 USTN 12/31/18 1.50% 650 AA+ 101.33 659 0.0% 646 0.0% 13 2.0% 1.67%
912828B33 USTN 01/31/19 1.50% 20,000 AA+ 101.30 20,260 0.8% 20,011 0.8% 249 1.2% 1.48%
912828SD3 USTN 01/31/19 1.25% 10,000 AA+ 100.38 10,038 0.4% 9,911 0.4% 127 1.3% 1.49%
912828C24 USTN 02/28/19 1.50% 1,000 AA+ 101.23 1,012 0.0% 992 0.0% 21 2.1% 1.73%
09/01/18 1.34% 43,745 AA+ 100.87 44,126 1.7% 43,660 1.7% 467 1.1% 1.33%
8.2 US Agency (f)
3136FPXM4 FNMA 05/12/15 1.38% 6,550 AA+ 100.14 6,559 0.3% 6,548 0.3% 11 0.2% 1.61%
3133XRM56 FHLB 06/12/15 4.88% 10,000 AA+ 100.94 10,094 0.4% 10,070 0.4% 24 0.2% 1.20%
3133XRM56 FHLB 06/12/15 4.88% 15,000 AA+ 100.94 15,141 0.6% 15,105 0.6% 36 0.2% 1.20%
3133XWNB1 FHLB 06/12/15 2.88% 14,165 AA+ 100.54 14,241 0.5% 14,197 0.5% 44 0.3% 1.67%
3133XWNB1 FHLB 06/12/15 2.88% 15,000 AA+ 100.54 15,081 0.6% 15,032 0.6% 49 0.3% 1.74%
3133XWNB1 FHLB 06/12/15 2.88% 15,000 AA+ 100.54 15,081 0.6% 15,024 0.6% 57 0.4% 2.03%
3133XWNB1 FHLB 06/12/15 2.88% 18,335 AA+ 100.54 18,434 0.7% 18,381 0.7% 53 0.3% 1.56%
3133XWNB1 FHLB 06/12/15 2.88% 20,000 AA+ 100.54 20,108 0.8% 20,028 0.8% 80 0.4% 2.13%
3133XWNB1 FHLB 06/12/15 2.88% 20,000 AA+ 100.54 20,108 0.8% 20,029 0.8% 79 0.4% 2.10%
3133XWNB1 FHLB 06/12/15 2.88% 20,000 AA+ 100.54 20,108 0.8% 20,028 0.8% 80 0.4% 2.12%
3133XWNB1 FHLB 06/12/15 2.88% 30,000 AA+ 100.54 30,162 1.2% 30,094 1.2% 68 0.2% 1.24%
3134A4VC5 FHLMC 07/17/15 4.38% 10,000 AA+101.24 10,124 0.4%10,075 0.4% 49 0.5% 1.71%
31398AU34 FNMA 07/28/15 2.38% 3,800 AA+ 100.72 3,827 0.1% 3,821 0.1% 6 0.2% 0.63%
31398AU34 FNMA 07/28/15 2.38% 20,000 AA+ 100.72 20,144 0.8% 20,042 0.8% 102 0.5% 1.70%
31398AZ54 FNMA 08/04/15 2.15% 10,000 AA+ 100.67 10,067 0.4% 10,042 0.4% 25 0.3% 0.91%
313370NE4 FHLB 08/20/15 1.63% 10,000 AA+ 100.55 10,055 0.4% 9,980 0.4% 75 0.7% 2.17%
3134G3ZA1 FHLMC 08/28/15 0.50% 1,500 AA+ 100.14 1,502 0.1% 1,500 0.1% 2 0.1% 0.46%
3136FPAS6 FNMA 02/25/16 2.15% 5,450 AA+ 101.67 5,541 0.2% 5,464 0.2% 77 1.4% 1.85%
3136FPCF2 FNMA 02/25/16 2.00% 5,000 AA+ 101.50 5,075 0.2% 5,000 0.2% 75 1.5% 1.99%
3136FPCF2 FNMA 02/25/16 2.00% 20,000 AA+ 101.50 20,300 0.8% 20,141 0.8% 159 0.8% 1.19%
313375RN9 FHLB 03/11/16 1.00% 1,000 AA+ 100.57 1,006 0.0% 1,005 0.0% 1 0.1% 0.50%
31359MH89 FNMA 03/15/16 5.00% 225 AA+ 104.40 235 0.0% 234 0.0% 1 0.5% 0.89%
31359MH89 FNMA 03/15/16 5.00% 375 AA+ 104.40 392 0.0% 389 0.0% 2 0.6% 0.96%
3137EAAD1 FHLMC 04/18/16 5.25% 575 AA+ 105.08 604 0.0% 600 0.0% 4 0.7% 0.97%
313373K50 FHLB 05/10/16 2.40% 8,000 AA+ 102.14 8,171 0.3% 8,103 0.3% 68 0.8% 1.20%
3137EACT4 FHLMC 05/27/16 2.50% 650 AA+ 102.38 665 0.0% 661 0.0% 4 0.6% 0.96%
3137EACT4 FHLMC 05/27/16 2.50% 10,000 AA+ 102.38 10,238 0.4% 10,073 0.4% 165 1.6% 1.83%
3137EACT4 FHLMC 05/27/16 2.50% 10,000 AA+ 102.38 10,238 0.4% 10,083 0.4% 155 1.5% 1.75%
3137EACT4 FHLMC 05/27/16 2.50% 20,000 AA+ 102.38 20,476 0.8% 20,129 0.8% 347 1.7% 1.91%
3137EACT4 FHLMC 05/27/16 2.50% 25,000 AA+ 102.38 25,595 1.0% 25,176 1.0% 419 1.7% 1.86%
31331KNM8 FFCB 06/10/16 1.88% 4,115 AA+ 101.74 4,187 0.2% 4,116 0.2% 71 1.7% 1.86%
31331KNM8 FFCB 06/10/16 1.88% 10,000 AA+ 101.74 10,174 0.4% 10,012 0.4% 162 1.6% 1.77%
313373SZ6 FHLB 06/10/16 2.13% 2,345 AA+ 102.03 2,393 0.1% 2,370 0.1% 23 1.0% 1.21%
313373SZ6 FHLB 06/10/16 2.13%14,370 AA+ 102.03 14,662 0.6% 14,521 0.6% 140 1.0% 1.21%
313373SZ6 FHLB 06/10/16 2.13% 24,600 AA+ 102.03 25,099 1.0% 24,688 1.0% 412 1.7% 1.81%
313373SZ6 FHLB 06/10/16 2.13% 25,000 AA+ 102.03 25,508 1.0% 25,083 1.0% 425 1.7% 1.83%
313373SZ6 FHLB 06/10/16 2.13% 30,000 AA+ 102.03 30,609 1.2% 30,075 1.2% 534 1.8% 1.91%
313373SZ6 FHLB 06/10/16 2.13% 30,000 AA+ 102.03 30,609 1.2% 30,050 1.2% 559 1.9% 1.98%
313373SZ6 FHLB 06/10/16 2.13% 50,000 AA+ 102.03 51,015 2.0% 50,091 1.9% 924 1.8% 1.96%
3133XFPR1 FHLB 06/10/16 5.38% 4,310 AA+ 105.89 4,564 0.2% 4,516 0.2% 48 1.1% 1.23%
3135G0XP3 FNMA 07/05/16 0.38% 700 AA+ 99.94 700 0.0% 697 0.0% 3 0.4% 0.78%
31359MS61 FNMA 07/15/16 5.38% 575 AA+ 106.31 611 0.0% 607 0.0% 5 0.8% 1.00%
31359MS61 FNMA 07/15/16 5.38% 25,000 AA+ 106.31 26,578 1.0% 26,379 1.0% 198 0.8% 0.99%
3137EAAG4 FHLMC 07/18/16 5.50% 20,000 AA+106.48 21,296 0.8%21,028 0.8% 268 1.3% 1.39%
3137EACW7 FHLMC 08/25/16 2.00% 675 AA+ 102.13 689 0.0% 684 0.0% 5 0.8% 1.03%
3137EACW7 FHLMC 08/25/16 2.00% 20,000 AA+102.13 20,426 0.8%20,204 0.8% 222 1.1% 1.25%
3137EACW7 FHLMC 08/25/16 2.00% 20,000 AA+102.13 20,426 0.8%20,206 0.8% 220 1.1% 1.24%
3137EACW7 FHLMC 08/25/16 2.00% 20,000 AA+102.13 20,426 0.8%20,153 0.8% 273 1.4% 1.43%
3135G0YE7 FNMA 08/26/16 0.63% 500 AA+ 100.27 501 0.0% 498 0.0% 3 0.6% 0.89%
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.2 US Agency (f) continued
3136FPDR5 FNMA 09/15/16 2.17% 11,500 AA+ 102.40 11,776 0.5% 11,639 0.5% 137 1.2% 1.31%
3135G0CM3 FNMA 09/28/16 1.25% 700 AA+ 101.12 708 0.0% 702 0.0% 6 0.8% 1.05%
3135G0CM3 FNMA 09/28/16 1.25% 30,000 AA+ 101.12 30,336 1.2% 29,914 1.2% 422 1.4% 1.45%
3137EAAJ8 FHLMC 10/18/16 5.13% 575 AA+ 107.20 616 0.0% 610 0.0% 6 1.0% 1.07%
3135G0ES8 FNMA 11/15/16 1.38% 700 AA+ 101.39 710 0.0% 703 0.0% 7 0.9% 1.08%
31359M2D4 FNMA 12/15/16 4.88% 575 AA+ 107.26 617 0.0% 611 0.0% 6 0.9% 1.08%
3135G0GY3 FNMA 01/30/17 1.25% 700 AA+ 101.15 708 0.0% 701 0.0% 7 1.0% 1.15%
3135G0GY3 FNMA 01/30/17 1.25% 3,750 AA+ 101.15 3,793 0.1% 3,757 0.1%37 1.0% 1.15%
3135G0GY3 FNMA 01/30/17 1.25% 20,000 AA+ 101.15 20,230 0.8% 19,998 0.8%232 1.2% 1.26%
3135G0GY3 FNMA 01/30/17 1.25% 50,000 AA+ 101.15 50,575 1.9% 50,021 1.9%554 1.1% 1.23%
3137EAAM1 FHLMC 02/16/17 5.00% 575 AA+ 108.11 622 0.0% 615 0.0% 6 1.1% 1.16%
3137EADC0 FHLMC 03/08/17 1.00% 700 AA+ 100.71 705 0.0% 698 0.0% 7 1.0% 1.18%
3135G0JA2 FNMA 04/27/17 1.13% 675 AA+ 100.91 681 0.0% 677 0.0% 5 0.7% 1.01%
3137EADF3 FHLMC 05/12/17 1.25% 675 AA+ 101.19 683 0.0% 678 0.0% 5 0.7% 1.04%
3137EADF3 FHLMC 05/12/17 1.25% 20,000 AA+101.19 20,238 0.8%20,156 0.8% 82 0.4% 0.87%
313379FW4 FHLB 06/09/17 1.00% 30,000 AA+ 100.60 30,180 1.2% 30,063 1.2% 117 0.4% 0.90%
31398ADM1 FNMA 06/12/17 5.38% 555 AA+ 110.06 611 0.0% 607 0.0% 4 0.6% 0.98%
3137EADH9 FHLMC 06/29/17 1.00% 30,000 AA+100.56 30,168 1.2%30,112 1.2% 56 0.2% 0.83%
3137EADH9 FHLMC 06/29/17 1.00% 50,000 AA+ 100.56 50,280 1.9% 50,361 2.0% -81 -0.2% 0.67%
3137EADH9 FHLMC 06/29/17 1.00% 50,000 AA+100.56 50,280 1.9%50,281 1.9% -1 0.0% 0.74%
3137EADH9 FHLMC 06/29/17 1.00% 50,000 AA+100.56 50,280 1.9%50,260 1.9% 20 0.0% 0.76%
3137EADJ5 FHLMC 07/28/17 1.00% 675 AA+ 100.75 680 0.0% 678 0.0% 3 0.4% 0.83%
3137EADJ5 FHLMC 07/28/17 1.00% 25,000 AA+ 100.75 25,188 1.0% 25,046 1.0% 141 0.6% 0.92%
3137EADJ5 FHLMC 07/28/17 1.00% 30,000 AA+ 100.75 30,225 1.2% 30,145 1.2% 80 0.3% 0.79%
3134G3B90 FHLMC 08/15/17 0.88% 50,000 AA+99.89 49,945 1.9%49,947 1.9% -2 0.0% 0.92%
3135G0MZ3 FNMA 08/28/17 0.88% 175 AA+ 100.13 175 0.0% 175 0.0% 0 0.0% 0.83%
3135G0MZ3 FNMA 08/28/17 0.88% 500 AA+ 100.13 501 0.0% 500 0.0% 0 0.0% 0.83%
3135G0MZ3 FNMA 08/28/17 0.88% 950 AA+ 100.13 951 0.0% 951 0.0% 0 0.0% 0.81%
3135G0MZ3 FNMA 08/28/17 0.88%30,000 AA+ 100.13 30,039 1.2% 30,013 1.2%26 0.1% 0.86%
3137EADL0 FHLMC 09/29/17 1.00% 175 AA+ 100.31 176 0.0% 176 0.0% 0 -0.1% 0.84%
3137EADL0 FHLMC 09/29/17 1.00% 500 AA+ 100.31 502 0.0% 501 0.0% 0 0.1% 0.90%
3137EADL0 FHLMC 09/29/17 1.00% 1,000 AA+100.31 1,003 0.0%1,006 0.0% -3 -0.3% 0.76%
3135G0PQ0 FNMA 10/26/17 0.88% 700 AA+ 100.12 701 0.0% 700 0.0% 0 0.0% 0.85%
3137EABA6 FHLMC 11/17/17 5.13% 550 AA+ 111.11 611 0.0% 612 0.0% -1 -0.1% 0.76%
3135G0RT2 FNMA 12/20/17 0.88% 675 AA+ 100.01 675 0.0%675 0.0% 0 0.0% 0.88%
3137EADN6 FHLMC 01/12/18 0.75% 675 AA+ 99.82 674 0.0% 672 0.0% 1 0.2% 0.89%
3137EADN6 FHLMC 01/12/18 0.75% 20,000 AA+99.82 19,964 0.8%19,625 0.8% 339 1.7% 1.45%
3135G0TG8 FNMA 02/08/18 0.88% 500 AA+ 99.94 500 0.0% 500 0.0% 0 0.0% 0.89%
3135G0TG8 FNMA 02/08/18 0.88% 675 AA+ 99.94 675 0.0% 673 0.0% 1 0.2% 0.97%
3135G0TG8 FNMA 02/08/18 0.88% 20,000 AA+ 99.94 19,988 0.8% 19,716 0.8%272 1.4% 1.39%
3137EADP1 FHLMC 03/07/18 0.88% 675 AA+ 99.84 674 0.0% 673 0.0% 1 0.1% 0.97%
3137EADP1 FHLMC 03/07/18 0.88% 1,000 AA+ 99.84 998 0.0% 999 0.0% -1 -0.1% 0.90%
3135G0WJ8 FNMA 05/21/18 0.88% 500 AA+ 99.76 499 0.0% 487 0.0% 12 2.4% 1.75%
3135G0WJ8 FNMA 05/21/18 0.88% 675 AA+ 99.76 673 0.0% 668 0.0% 5 0.7% 1.20%
3135G0WJ8 FNMA 05/21/18 0.88% 800 AA+ 99.76 798 0.0% 792 0.0% 6 0.8% 1.21%
3135G0WJ8 FNMA 05/21/18 0.88% 20,000 AA+ 99.76 19,952 0.8% 19,575 0.8% 377 1.9% 1.58%
3135G0WJ8 FNMA 05/21/18 0.88% 30,000 AA+ 99.76 29,928 1.1% 29,481 1.1% 447 1.5% 1.45%
3135G0WJ8 FNMA 05/21/18 0.88% 40,000 AA+ 99.76 39,904 1.5% 39,338 1.5% 566 1.4% 1.42%
31331KNA4 FFCB 06/08/18 2.58% 1,000 AA+ 104.34 1,043 0.0% 1,034 0.0% 9 0.9% 1.48%
313373UU4 FHLB 06/08/18 2.75% 3,940 AA+ 105.26 4,147 0.2% 4,101 0.2% 46 1.1% 1.42%
313373UU4 FHLB 06/08/18 2.75% 30,000 AA+105.26 31,578 1.2%31,052 1.2% 526 1.7% 1.60%
313373UU4 FHLB 06/08/18 2.75% 50,000 AA+105.26 52,630 2.0%51,689 2.0% 941 1.8% 1.64%
313373UU4 FHLB 06/08/18 2.75% 61,150 AA+ 105.26 64,366 2.5% 63,289 2.5% 1,077 1.7% 1.60%
313379DT3 FHLB 06/08/18 1.25% 6,135 AA+100.52 6,167 0.2%6,103 0.2% 64 1.1% 1.42%
3133XRFZ8 FHLB 06/08/18 4.75% 2,000 AA+ 111.56 2,231 0.1% 2,201 0.1% 30 1.4% 1.48%
3137EABP3 FHLMC 06/13/18 4.88% 575 AA+ 112.21 645 0.0% 638 0.0% 7 1.1% 1.33%
3135G0YM9 FNMA 09/18/18 1.88% 165 AA+ 102.51 169 0.0% 167 0.0% 2 1.1% 1.46%
3135G0YM9 FNMA 09/18/18 1.88% 600 AA+ 102.51 615 0.0% 605 0.0%10 1.7% 1.64%
3135G0YM9 FNMA 09/18/18 1.88% 1,000 AA+ 102.51 1,025 0.0% 1,012 0.0% 13 1.3% 1.50%
3135G0YT4 FNMA 11/27/18 1.63% 600 AA+ 101.59 610 0.0% 599 0.0%10 1.7% 1.66%
3135G0YT4 FNMA 11/27/18 1.63% 600 AA+ 101.59 610 0.0% 597 0.0%12 2.1% 1.76%
313376BR5 FHLB 12/14/18 1.75% 40,000 AA+ 102.05 40,820 1.6% 39,892 1.5% 928 2.3% 1.83%
3136FTZZ5 FNMA 01/30/19 1.75%10,000 AA+ 102.01 10,201 0.4% 10,059 0.4% 142 1.4% 1.59%
3135G0ZA4 FNMA 02/19/19 1.88% 600 AA+ 102.31 614 0.0% 600 0.0% 13 2.2% 1.85%
3135G0ZA4 FNMA 02/19/19 1.88% 5,000 AA+ 102.31 5,116 0.2% 5,025 0.2% 90 1.8% 1.74%
3135G0ZA4 FNMA 02/19/19 1.88% 10,000 AA+ 102.31 10,231 0.4% 10,054 0.4% 177 1.8% 1.73%
3135G0ZA4 FNMA 02/19/19 1.88% 10,000 AA+ 102.31 10,231 0.4% 10,077 0.4% 154 1.5% 1.67%
3135G0ZA4 FNMA 02/19/19 1.88% 25,000 AA+ 102.31 25,578 1.0% 25,189 1.0% 388 1.5% 1.67%
3133EDLR1 FFCB 05/15/19 1.65% 5,000 AA+ 101.58 5,079 0.2% 5,006 0.2% 73 1.4% 1.62%
3133X72S2 FHLB 05/15/19 5.38% 10,000 AA+ 116.53 11,653 0.4% 11,486 0.4% 167 1.5% 1.71%
3133X72S2 FHLB 05/15/19 5.38% 20,500 AA+ 116.53 23,889 0.9% 23,606 0.9% 283 1.2% 1.68%
3130A2FH4 FHLB 06/14/19 1.75% 10,000 AA+ 101.67 10,167 0.4% 9,961 0.4% 206 2.1% 1.85%
3130A2FH4 FHLB 06/14/19 1.75% 20,000 AA+ 101.67 20,334 0.8% 20,007 0.8% 327 1.6% 1.74%
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.2 US Agency (f) continued
313379EE5 FHLB 06/14/19 1.63% 5,000 AA+ 101.25 5,063 0.2% 4,953 0.2% 109 2.2% 1.86%
313379EE5 FHLB 06/14/19 1.63% 10,000 AA+101.25 10,125 0.4%9,911 0.4% 214 2.2% 1.85%
3135G0ZE6 FNMA 06/20/19 1.75% 5,000 AA+ 101.65 5,083 0.2% 4,979 0.2% 104 2.1% 1.86%
3135G0ZE6 FNMA 06/20/19 1.75% 10,000 AA+ 101.65 10,165 0.4% 10,061 0.4% 104 1.0% 1.60%
3135G0ZE6 FNMA 06/20/19 1.75% 26,000 AA+ 101.65 26,429 1.0% 26,095 1.0% 334 1.3% 1.66%
3135G0ZE6 FNMA 06/20/19 1.75% 30,000 AA+ 101.65 30,495 1.2% 29,883 1.2% 612 2.0% 1.85%
3137EADK2 FHLMC 08/01/19 1.25% 15,000 AA+99.84 14,976 0.6%14,754 0.6% 222 1.5% 1.64%
3137EADK2 FHLMC 08/01/19 1.25% 20,000 AA+99.84 19,968 0.8%19,676 0.8% 292 1.5% 1.64%
3137EADM8 FHLMC 10/02/19 1.25% 10,000 AA+99.17 9,917 0.4% 9,812 0.4% 105 1.1% 1.75%
3137EADM8 FHLMC 10/02/19 1.25% 20,000 AA+99.17 19,834 0.8%19,623 0.8% 211 1.1% 1.75%
3137EADM8 FHLMC 10/02/19 1.25% 20,000 AA+99.17 19,834 0.8%19,625 0.8% 209 1.1% 1.75%
3135G0A78 FNMA 01/21/20 1.63% 20,000 AA+ 100.69 20,138 0.8% 19,968 0.8% 170 0.9% 1.70%
3135G0A78 FNMA 01/21/20 1.63% 30,000 AA+ 100.69 30,207 1.2% 29,974 1.2% 233 0.8% 1.69%
07/12/17 1.98% 1,820,760 AA+ 101.78 1,853,220 71.1% 1,833,886 71.0% 19,335 1.1% 1.43%
8.8 Corporate Note (k)
354613AF8 FRANKLIN RES 05/20/15 3.13% 670 AA- 100.32 672 0.0% 672 0.0% 0 0.0% 0.78%
14912L5D9 CATERPILLAR 05/29/15 1.10% 600 A 100.15 601 0.0% 600 0.0% 0 0.1% 0.60%
09247XAK7 BLACKROCK SR 06/01/15 1.38% 675 AA- 100.15 676 0.0% 676 0.0% 0 0.0% 0.55%
46625HHR4 JPMORGAN CHASE 06/24/15 3.40% 10,000 A 100.65 10,065 0.4% 10,054 0.4% 11 0.1% 1.03%
36962G5F7 GECC 06/30/15 2.38% 20,000 AA+ 100.48 20,096 0.8% 20,072 0.8% 24 0.1% 0.89%
94974BFE5 WELLS FARGO 07/01/15 1.50% 700 A+ 100.26 702 0.0% 701 0.0% 1 0.1% 0.80%
94974BFE5 WELLS FARGO 07/01/15 1.50% 5,000 A+ 100.26 5,013 0.2% 5,009 0.2% 4 0.1% 0.81%
36962G4F8 GECC ST 09/21/15 4.38% 2,240 AA+ 101.87 2,282 0.1% 2,275 0.1% 7 0.3% 1.03%
594918AG9 MICROSOFT 09/25/15 1.63% 800 AAA 100.62 805 0.0% 804 0.0% 1 0.2% 0.68%
369604BE2 GENERAL ELECTRIC 10/09/15 0.85% 750 AA+ 100.32 752 0.0% 751 0.0% 2 0.2% 0.64%
637432ML6 NATL RURAL UTILS 11/01/15 1.90%250 A 100.83 252 0.0% 252 0.0% 0 0.1% 0.60%
14912L5H0 CATERPILLAR FINL 11/06/15 0.70% 725 A 100.21 727 0.0% 725 0.0% 2 0.2% 0.75%
084664BN0 BERKSHIRE HATHAWAY 12/15/15 2.45% 800 AA 101.40 811 0.0% 811 0.0% 1 0.1% 0.57%
459200GU9 INTL BUSINESS 01/05/16 2.00% 750 AA- 101.23 759 0.0% 757 0.0% 2 0.3% 0.75%
06406HBS7 BANK NEW YORK G 01/15/16 2.50% 80 A+ 101.54 81 0.0% 81 0.0% 0 0.2% 0.84%
06406HBS7 BANK NEW YORK G 01/15/16 2.50% 90 A+ 101.54 91 0.0% 91 0.0% 0 0.2% 0.72%
06406HBS7 BANK NEW YORK G 01/15/16 2.50% 600 A+ 101.54 609 0.0% 608 0.0% 1 0.1% 0.71%
58933YAB1 MERCK 01/15/16 2.25% 800 AA 101.42 811 0.0% 810 0.0% 1 0.1% 0.60%
00206RBR2 AT&T 02/12/16 0.90% 770 BBB+100.16 771 0.0% 771 0.0% 1 0.1% 0.80%
14912L5N7 CATERPILLAR FINL 02/26/16 0.70% 9,610 A 100.20 9,629 0.4% 9,634 0.4% -5 -0.1% 0.42%
46623EJU4 JPMORGAN CHASE 02/26/16 1.13% 1,649 A 100.24 1,653 0.1% 1,653 0.1% 0 0.0% 0.83%
46623EJU4 JPMORGAN CHASE 02/26/16 1.13% 5,000 A 100.24 5,012 0.2% 5,011 0.2% 1 0.0% 0.88%
713448CE6 PEPSICO 02/26/16 0.70% 700 A- 100.19 701 0.0% 701 0.0% 1 0.1% 0.60%
437076AP7 HOME DEPOT 03/01/16 5.40% 700 A 104.40 731 0.0% 731 0.0% -1 -0.1% 0.49%
037833AH3 APPLE 05/03/16 0.45% 625 AA+ 100.02 625 0.0% 625 0.0% 1 0.1% 0.51%
36962G5C4 GE CAP 05/09/16 2.95% 750 AA+ 102.52 769 0.0% 763 0.0% 6 0.8% 1.38%
69371RL46 PACCAR FINANCIAL 05/16/16 0.75%750 A+ 100.26 752 0.0% 750 0.0% 2 0.3% 0.77%
949746QU8 WELLS FARGO 06/15/16 3.68% 10,000 A+ 103.55 10,355 0.4% 10,310 0.4% 45 0.4% 1.05%
166764AC4 CHEVRON 06/24/16 0.89% 160 AA 100.45 161 0.0% 160 0.0% 1 0.5% 0.89%
0258M0DG1 AMERICAN EXP CR 07/29/16 1.30% 500 A- 100.57 503 0.0% 500 0.0% 3 0.6% 1.31%
084664BX8 BERKSHIRE HATHAWAY 08/15/16 0.95% 150 AA 100.45 151 0.0% 150 0.0% 1 0.5% 0.99%
084664BX8 BERKSHIRE HATHAWAY 08/15/16 0.95% 225 AA 100.45 226 0.0% 225 0.0% 1 0.5% 1.02%
084664BX8 BERKSHIRE HATHAWAY 08/15/16 0.95% 375 AA 100.45 377 0.0% 375 0.0% 2 0.5% 0.97%
191216AU4 COCA COLA 09/01/16 1.80% 756 AA 101.71 769 0.0% 765 0.0% 4 0.5% 0.92%
89233P5E2 TOYOTA MOTOR CR 09/15/16 2.00% 800 AA- 101.95 816 0.0% 809 0.0% 6 0.8% 1.18%
24422ESD2 DEERE JOHN CAP 10/11/16 1.05% 700 A 100.53 704 0.0% 700 0.0% 4 0.6% 1.09%
69349LAP3 PNC BANK NA 11/01/16 1.15% 610 A 100.45 613 0.0% 610 0.0% 3 0.5% 1.19%
06050TLR1 BOFA NA 11/14/16 1.13% 500 A 100.10 501 0.0% 500 0.0% 1 0.1% 1.15%
69353RCG1 PNC BANK NA 01/27/17 1.13% 250 A 100.34 251 0.0% 250 0.0% 1 0.4% 1.18%
90331HMC4 US BK NA CINCINNATI 01/30/17 1.10% 300 AA- 100.31 301 0.0% 301 0.0% 0 0.1% 1.00%
084670BD9 BERKSHIRE HATHAWAY 01/31/17 1.90% 21,000 AA 101.99 21,418 0.8%21,301 0.8% 117 0.5% 1.10%
46623EJY6 JPMORGAN CHASE 02/15/17 1.35% 750 A 100.39 753 0.0% 750 0.0% 3 0.4% 1.37%
46623EJY6 JPMORGAN CHASE 02/15/17 1.35% 5,000 A 100.39 5,020 0.2% 5,015 0.2% 5 0.1% 1.19%
17275RAT9 CISCO SYS SR 03/03/17 1.10% 750 AA- 100.65 755 0.0% 750 0.0% 5 0.7% 1.10%
24422ERN1 DEERE JOHN CAP 03/15/17 1.40% 1,001 A 101.01 1,011 0.0% 1,007 0.0% 4 0.4% 1.08%
07330NAH8 BRANCH BKG & TRUST 04/03/17 1.00% 700 A 99.91 699 0.0% 699 0.0% 1 0.1% 1.09%
36962G7J7 GECC 05/15/17 1.25% 2,040 AA+ 100.52 2,051 0.1% 2,050 0.1% 0 0.0% 1.10%
14912L5E7 CATERPILLAR FINL SVC 06/01/17 1.63% 5,000 A 101.35 5,068 0.2% 5,084 0.2% -16 -0.3% 1.02%
94974BFW5 WELLS FARGO 06/02/17 1.15% 1,635 A+ 99.97 1,635 0.1% 1,640 0.1% -6 -0.4% 1.12%
929903DT6 WELLS FARGO 06/15/17 5.75% 1,870 A+ 109.99 2,057 0.1% 2,078 0.1% -21 -1.0% 1.15%
064058AA8 BANK NEW YORK SR 06/20/17 1.97% 2,385 A+ 101.87 2,430 0.1% 2,438 0.1% -8 -0.3% 1.12%
064058AA8 BANK NEW YORK SR 06/20/17 1.97% 5,000 A+ 101.87 5,094 0.2% 5,076 0.2%18 0.3% 1.27%
89233P6S0 TOYOTA MOTOR CR 10/05/17 1.25% 5,000 AA- 100.30 5,015 0.2% 4,921 0.2% 94 1.9% 1.91%
36962G6K5 GECC 11/20/17 1.60% 5,000 AA+ 100.95 5,048 0.2% 5,004 0.2% 43 0.9% 1.57%
94974BFG0 WELLS FARGO 01/16/18 1.50% 5,000 A+ 100.48 5,024 0.2% 4,941 0.2% 83 1.7% 1.94%
94974BFG0 WELLS FARGO 01/16/18 1.50% 10,000 A+ 100.48 10,048 0.4% 9,860 0.4% 188 1.9% 2.03%
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.8 Corporate Note (k) continued
92976WBH8 WELLS FARGO 02/01/18 5.75% 7,000 A+ 111.82 7,827 0.3% 7,771 0.3% 56 0.7% 1.68%
92976WBH8 WELLS FARGO 02/01/18 5.75% 10,000 A+ 111.82 11,182 0.4% 11,101 0.4% 81 0.7% 1.69%
084670BH0 BERKSHIRE HATHAWAY 02/09/18 1.55% 10,000 AA 101.22 10,122 0.4%9,920 0.4% 202 2.0% 1.84%
24422ESB6 DEERE JOHN CAP 03/12/18 1.30% 1,925 A 100.33 1,931 0.1% 1,893 0.1% 39 2.0% 1.90%
36962G3U6 GECC 05/01/18 5.63% 5,000 AA+ 112.28 5,614 0.2% 5,505 0.2% 109 2.0% 2.16%
36962G3U6 GECC 05/01/18 5.63% 10,000 AA+ 112.28 11,228 0.4% 10,863 0.4% 365 3.4% 2.63%
36962G3U6 GECC 05/01/18 5.63% 10,000 AA+ 112.28 11,228 0.4% 11,129 0.4% 99 0.9% 1.80%
037833AJ9 APPLE 05/03/18 1.00% 6,265 AA+99.42 6,229 0.2% 6,103 0.2% 125 2.1% 1.88%
037833AJ9 APPLE 05/03/18 1.00% 6,579 AA+99.42 6,541 0.3% 6,415 0.2% 126 2.0% 1.85%
037833AJ9 APPLE 05/03/18 1.00% 7,000 AA+99.42 6,959 0.3% 6,775 0.3% 184 2.7% 2.10%
037833AJ9 APPLE 05/03/18 1.00% 10,000 AA+99.42 9,942 0.4% 9,638 0.4% 304 3.1% 2.24%
037833AJ9 APPLE 05/03/18 1.00% 11,000 AA+99.42 10,936 0.4%10,756 0.4% 180 1.7% 1.75%
084664BE0 BERKSHIRE HATHAWAY 05/15/18 5.40% 5,124 AA 112.60 5,770 0.2%5,621 0.2% 149 2.7% 2.12%
166764AE0 CHEVRON 06/24/18 1.72% 3,320 AA 101.27 3,362 0.1% 3,284 0.1% 78 2.4% 2.07%
166764AE0 CHEVRON 06/24/18 1.72% 10,000 AA 101.27 10,127 0.4% 9,970 0.4% 157 1.6% 1.82%
166764AE0 CHEVRON 06/24/18 1.72% 10,000 AA 101.27 10,127 0.4% 10,033 0.4% 94 0.9% 1.61%
06406HCL1 BANK NEW YORK BK 08/01/18 2.10% 5,000 A+ 101.83 5,092 0.2% 4,984 0.2% 107 2.2% 2.20%
06406HCL1 BANK NEW YORK BK 08/01/18 2.10% 10,000 A+ 101.83 10,183 0.4% 10,070 0.4% 113 1.1% 1.88%
084664BY6 BERKSHIRE HATHAWAY 08/15/18 2.00% 1,000 AA 102.55 1,026 0.0% 992 0.0%34 3.4% 2.27%
084664BY6 BERKSHIRE HATHAWAY 08/15/18 2.00% 10,000 AA 102.55 10,255 0.4%10,012 0.4% 243 2.4% 1.96%
14912L5T4 CATERPLR FINL 09/06/18 2.45% 2,500 A 103.07 2,577 0.1%2,534 0.1% 43 1.7% 2.03%
14912L5T4 CATERPLR FINL 09/06/18 2.45% 5,000 A 103.07 5,154 0.2%4,991 0.2% 163 3.3% 2.51%
14912L5T4 CATERPLR FINL 09/06/18 2.45% 7,675 A 103.07 7,911 0.3%7,820 0.3% 91 1.2% 1.87%
24422EQV4 DEERE JOHN CAP 09/10/18 5.75% 3,500 A 114.17 3,996 0.2% 3,862 0.1% 134 3.5% 2.53%
24422ESF7 DEERE JOHN CAP 12/13/18 1.95% 20,000 A 101.80 20,360 0.8% 19,928 0.8% 432 2.2% 2.05%
94974BFQ8 WELLS FARGO 01/15/19 2.15% 15,000 A+ 101.56 15,234 0.6% 14,959 0.6% 275 1.8% 2.23%
46625HJR2 JPMORGAN CHASE 01/28/19 2.35% 5,000 A 101.64 5,082 0.2% 4,998 0.2% 84 1.7% 2.36%
46625HJR2 JPMORGAN CHASE 01/28/19 2.35% 5,000 A 101.64 5,082 0.2% 5,021 0.2% 61 1.2% 2.23%
46625HJR2 JPMORGAN CHASE 01/28/19 2.35% 10,000 A 101.64 10,164 0.4% 10,048 0.4% 116 1.2% 2.22%
24422ESK6 DEERE JOHN 03/04/19 1.95% 10,000 A 100.99 10,099 0.4% 10,009 0.4% 90 0.9% 1.93%
46625HHL7 JPMORGAN CHASE 04/23/19 6.30% 6,740 A 116.16 7,829 0.3% 7,770 0.3% 59 0.8% 2.30%
06406HCU1 BANK NEW YORK 05/15/19 2.20% 2,500 A+ 101.60 2,540 0.1% 2,498 0.1%42 1.7% 2.22%
06406HCU1 BANK NEW YORK 05/15/19 2.20% 5,000 A+ 101.60 5,080 0.2% 4,999 0.2%81 1.6% 2.21%
89236TBP9 TOYOTA MOTOR CR 07/18/19 2.13% 10,000 AA- 101.60 10,160 0.4% 9,970 0.4% 190 1.9% 2.20%
084670BL1 BERKSHIRE HATHAWAY 08/14/19 2.10% 10,000 AA 102.32 10,232 0.4%9,969 0.4% 263 2.6% 2.18%
06406HCW7 BANK NEW YORK 09/11/19 2.30% 8,501 A+ 101.78 8,652 0.3% 8,461 0.3%191 2.3% 2.41%
36962G7M0 GE CAP 01/09/20 2.20% 10,350 AA+ 101.10 10,464 0.4% 10,491 0.4% -27 -0.3% 1.97%
46625HKA7 JPMORGAN CHASE 01/23/20 2.25% 10,000 A 100.21 10,021 0.4% 9,982 0.4% 39 0.4% 2.35%
06406HCZ0 BANK NEW YORK MELLON 02/24/20 2.15% 3,000 A+ 100.82 3,025 0.1% 3,011 0.1% 14 0.5% 2.09%
01/31/18 2.46% 452,520 A+ 102.68 464,639 17.8% 458,812 17.8% 5,828 1.3% 1.72%
8.9 LAIF
LAIF 04/01/15 0.28% 50,000 NR 100.00 50,000 1.9% 50,000 1.9% 0 0.0% 0.28%
8.10 Mutual and Money Market Funds (l)
09248U718 BLACKROCK TFUND INSTL #60 04/01/15 0.01% 408 AAA 100.00 408 0.0% 408 0.0% 0 0.0% 0.01%
8.11 ABS / MBS (o)
65476VAC3 NISSAN 2013-A A-3 04/15/16 0.61% 522 AAA* 99.98 522 0.0% 522 0.0% 0 0.0% 0.61%
44614AAC7 HUNT 2012-1 A3 09/15/16 0.81% 65 AAA 100.02 65 0.0% 65 0.0% 0 -0.1% 0.72%
34530HAB6 FORD0 2014-A A2 11/15/16 0.48% 222 AAA 99.99 222 0.0% 223 0.0% 0 0.0% 0.46%
06052YAD1 BAAT 2012-1 A4 12/15/16 1.03% 190 AAA 100.19 190 0.0% 191 0.0% 0 -0.2% 0.80%
06052YAD1 BAAT 2012-1 A4 12/15/16 1.03% 686 AAA 100.19 687 0.0% 689 0.0% -2 -0.2% 0.77%
12617AAE7 AEPTC 2001-1 A5 01/15/17 6.25% 256 AAA 103.21 264 0.0% 269 0.0% -4 -1.5% 3.35%
02006JAB4 ALLYA 2013-1 A3 05/15/17 0.63% 364 AAA 100.05 364 0.0% 364 0.0% 0 0.1% 0.64%
161571FL3 CIT 2012-5A A 08/15/17 0.59% 575 AAA 100.05 575 0.0% 576 0.0% 0 0.0% 0.55%
90327BAD4 UAOT 2012-1A-4 08/15/17 0.57% 600 AAA 100.00 600 0.0% 600 0.0% 0 0.1% 0.60%
14313LAC0 CARMX 2013-1 A3 10/16/17 0.60% 480 AAA 99.99 480 0.0% 480 0.0% 0 0.0% 0.58%
65477LAC4 NAROT 2013-B A3 11/15/17 0.84% 500 AAA*100.20 501 0.0% 500 0.0% 1 0.2% 0.85%
43813JAC9 HAROT 2014-1 A3 11/21/17 0.67% 850 AAA* 99.88 849 0.0% 850 0.0% -1 -0.1% 0.67%
05578XAC2 BMWOT 2013-A A3 11/27/17 0.67% 481 AAA*100.06 482 0.0% 481 0.0% 0 0.1% 0.67%
69361YAH6 PEGTF 2001-1 A8 12/15/17 6.89% 286 AAA 102.38 293 0.0% 308 0.0% -15 -4.8% 3.82%
83190CAD1 SAUT 2014-1US A-3A 02/14/18 0.95% 800 AAA* 99.81 798 0.0% 800 0.0% -1 -0.2% 0.95%
15200WAA3 CNP 2012-1 A1 04/15/18 0.90% 304 AAA 100.12 304 0.0% 305 0.0% -1 -0.3% 0.76%
92867PAC7 VAE 2013-2 A-3 04/20/18 0.70% 500 AAA 99.89 499 0.0% 500 0.0% 0 -0.1% 0.71%
17305EFE0 CCCIT 2013-A6 A6 09/07/18 1.32% 800 AAA 100.74 806 0.0% 800 0.0% 6 0.7% 1.32%
09/14/17 1.19% 8,481 AAA 100.25 8,503 0.3% 8,520 0.3% -17 -0.2% 0.95%
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
Market Percent Amortized Percent Unrealized Unrealized
Par Value S&P Market Value Portfolio Cost Value Portfolio Gain/Loss Gain/Loss
Cusip Issuer Maturity Coupon ($000) Rating Price ($000) (Market) ($000) (Cost) ($000) (Percent) Yield
8.14 State of California Debt (c,e)
13063CKL3 STATE OF CALIFORNIA 05/01/19 2.25% 10,000 A+101.40 10,140 0.4%10,045 0.4% 95 0.9% 2.13%
Cash
VAULT 04/01/15 0.00% 579 NR 100.00 579 0.0% 579 0.0% 0 0.0% 0.00%
BANK OT WEST SERVICE BANK 04/01/15 0.36% 50,707 NR 100.00 50,707 1.9% 50,707 2.0% 0 0.0% 0.36%
BANK OF THE WEST 04/01/15 0.28% 125,021 NR 100.00 125,021 4.8% 125,021 4.8% 0 0.0% 0.28%
04/01/15 0.30% 176,306 NR 100.00 176,306 6.8% 176,306 6.8% 0 0.0% 0.30%
PORTFOLIO TOTAL 06/15/17 1.91% 2,562,220 101.76 2,607,343 100.0% 2,581,636 100.0% 25,707 1.0% 1.38%
*Moodys
Holdings Report by Investment Type
Exhibit C
County of Fresno Treasury Investment Pool
as of March 31, 2015
LDZ
PENSION REPORTS
California Government Code and County Investment Policy
Authorized Investments
Fresno’s Policy Government Code Fresno’s Holding
Investment Type Maximum
Maturity
Authorized
% Limit Quality Code
53601
Maximum
Maturity
Authorized
% Limit Quality Maturity Holdings % Quality
US Treasury 8.1 5 years No Limit NA B 5 years No Limit NA 3.4 years 1.7% SP AA+
Moodys Aaa
US Agency 8.2 5 years No Limit NA F 5 years No Limit NA 2.3 years 71.0% SP AA+
Moodys Aaa
Bankers Acceptance 8.3 180 days 40% Top 150 Banks
CP: Prime G 180 days 40% NA --- --- ---
Commercial Paper 8.4 270 days 40% A-1 or P-1
Debt: A
H and
GC53635 270 days 40% Prime --- --- ---
Negotiable CD 8.5 13 months
30%
Combined
8.5 and 8.6.1
CP: A-1
or P-1;
or Bauer 4 star I 5 years
30%
combined
8.5 and 8.6.1
NA --- --- ---
Non-Negotiable Secured CD 8.6 13 months 50%
CP: A-1
or P-1;
or Bauer 4 star N 5 years No Limit NA --- --- ---
Non-Negotiable Placement CD 8.6.1
15%; 30%
combined 8.5
and 8.6.1
NA GC
53635.8 5 years
30%
combined 8.5
and 8.6.1
NA --- --- ---
Repurchase Agreement 8.7 Overnight;
Overweekend 15% NA J 1 year No Limit NA --- --- ---
Corporate Note 8.8 5 years 30% A K 5 years 30% A 2.8 years 17.8% A+
LAIF 8.9 5 years $50 mil NA 16429.1
(B) 5 years No Limit NA 1 day 1.9%/$50m NA
Mutual & Money Market Funds 8.10 5 years 20% AAA &
Aaa L 20% Highest
by 2 firms
--- --- ---
Mutual Fund Assets Per Code Per Code 5 years Per Code 1 day 0.0 AAA
ABS / MBS 8.11 5 years 10% AA or Aa
Corp: A O 5 years 20% AA 2.5 years 0.3% AAA
Money Held from Pledged Assets 8.12 Per Code
or Provision No Limit NA M Per Code
or Provision No Limit NA --- --- ---
External Managers 8.13 Per Code Per Code --- --- ---
State of California Debt 8.14 5 years 10% NA C, E 5 years No Limit NA 4.1 years 0.4% A+
Cash 1 day 6.8% NA
Notes: Fresno Investment Policy dated December 4, 2012. Other Code and Policy investment restrictions may apply.
Projection of Future Cash Flows
($ millions)
Month
Monthly
Receipts (1)
Monthly
Disbursements (1)
Difference
Required
Investment
Maturities
Balance
Actual
Investment
Maturities (3)
Available
To Invest
> 6 Months (4)
Beginning Balance (2) 225.7
04/15 621.5 330.9 290.6 -- 516.3 --
05/15 333.3 409.2 -75.9 -- 440.4 7.8
06/15 411.6 535.2 -123.6 -- 316.8 208.2
07/15 364.4 483.9 -119.5 -- 197.3 39.5
08/15 283.4 352.7 -69.3 -- 128.0 21.5
09/15 361.2 412.3 -51.1 -- 76.9 3.0
Sum 2,375.4 2,524.2 -148.8 -- 280.0 280.0
0% 100% 100%
Notes: 1. Monthly Receipts and Disbursements amounts: are estimates based upon historical cash flows and may change as actual cash flow
information becomes available. Provided by Fresno.
2. Beginning balance: is taken from LAIF; Bank of the West MM, and Bank of the West Service Bank.
3. Actual Investment Maturities: exclude vault.
4. Available to Invest > 6 Months: is calculated as Actual Investment Maturities less Required Investment Maturities.
Exhibit C
G:\PUBLIC\RFP\FY 2014-15\946-5361 ADVISORY & REPORTING SERVICES FOR COF POOL\946-5361 ADD 1.DOC (04/2015)
COUNTY OF FRESNO
ADDENDUM NUMBER: ONE (1)
RFP NUMBER: 946-5361
ADVISORY & REPORTING SERVICES FOR THE COUNTY
OF FRESNO TREASURY INVESTMENT POOL
July 24, 2015
PPUURRCCHHAASSIINNGG UUSSEE G:\PUBLIC\RFP\FY 2014-15\946-5361 ADVISORY & REPORTING
SERVICES FOR COF POOL\946-5361 ADD 1.DOC ssj
IMPORTANT: SUBMIT PROPOSAL IN SEALED PACKAGE WITH PROPOSAL NUMBER, CLOSING DATE AND BUYER’S NAME
MARKED CLEARLY ON THE OUTSIDE TO:
COUNTY OF FRESNO, Purchasing
4525 EAST HAMILTON AVENUE, 2nd Floor
FRESNO, CA 93702-4599
CLOSING DATE OF PROPOSAL WILL BE AT 2:00 P.M., ON AUGUST 5, 2015.
PROPOSALS WILL BE CONSIDERED LATE WHEN THE OFFICIAL PURCHASING TIME CLOCK READS 2:00 P.M.
All proposal information will be available for review after contract award.
Clarification of specifications is to be directed to: Nick Chin, phone (559) 600-7113,
e-mail nchin@co.fresno.ca.us.
NOTE THE FOLLOWING AND ATTACHED ADDITIONS, DELETIONS AND/OR CHANGES TO THE
REQUIREMENTS OF REQUEST FOR PROPOSAL NUMBER: 946-5361 AND INCLUDE THEM IN YOUR
RESPONSE. PLEASE SIGN AND RETURN THIS ADDENDUM WITH YOUR PROPOSAL.
Replace “COST PROPOSAL” in RFP with the “REVISED COST PROPOSAL” attached as part
of this Addendum.
ACKNOWLEDGMENT OF ADDENDUM NUMBER ONE (1) TO RFP 946-5361
COMPANY NAME:
(PRINT)
SIGNATURE:
NAME & TITLE:
(PRINT)
Exhibit C
ADDENDUM NO. One (1) Page 2
REQUEST FOR PROPOSAL NUMBER: 946-5361
July 24, 2015
G:\PUBLIC\RFP\FY 2014-15\946-5361 ADVISORY & REPORTING SERVICES FOR COF POOL\946-5361 ADD 1.DOC
QUESTIONS AND ANSWERS
Q1. Does the scope of service allow for a manager to have discretion to make trades
as they see fit within guidelines or if final decision on each trade is to remain with
the County?
A1. The services being requested do not allow an advisor to make trades on behalf of the
County.
Q2. On page 22 of the RFP it states: “Please include details and rates/fees for all
services, materials, equipment, meetings, etc. to be provided or optional under
your proposal.” Could you please elaborate what is meant by “or optional under
your proposal”?
A2. The “optional under your proposal” language was added to accommodate any firms that
may have additional services available that may be of use to the County, but not
included in the primary services proposed in this RFP. (I.e. maybe the firm has a
proprietary cash-flow system available at an additional cost)
Q3. The Contract Term on page 19 states that the contract is intended for a three year
term and there are two optional on year periods. Should our firm’s cost proposal
cover only three years or all five?
A3. The cost proposal should cover all five years. The County Board of Supervisors prefers
to see the entire cost of the proposal. Proposals should be submitted in accordance with
the revised cost proposal attached in this Addendum.
Q4. Is it fair to say that the selected firm is an extension of staff?
A4. No, it is better to see this as an additional resource for the County investment group.
Q5. Are the advisory services just for the investment side or will they include cash-
flow?
A5. The proposed scope of services includes cash-flow assistance.
Q6. Has the County ever used an external portfolio manager?
A6. In the past the County used two external managers that managed (full discretion)
approximately $50 million each. We discontinued this practice in 2014.
Q7. Why did the County issue this RFP, including reporting, if the County already has
a firm that does the quarterly reporting function?
A7. The County prefers to go out with an RFP for services about every 5 years and most
firms that provide Advisory services seem to offer portfolio reporting as well, so we
combined these functions in the one RFP.
Exhibit C
ADDENDUM NO. One (1) Page 3
REQUEST FOR PROPOSAL NUMBER: 946-5361
July 24, 2015
G:\PUBLIC\RFP\FY 2014-15\946-5361 ADVISORY & REPORTING SERVICES FOR COF POOL\946-5361 ADD 1.DOC
Q8. What does the County envision for daily and weekly reporting?
A8. The County is looking for daily and weekly reporting that would at least cover portfolio
compliance and statistics, updates on market changes, economic updates, updates on
any changes or concerns with portfolio holdings, ideas for optimization and strategy, etc.
Q9. On page 19 of the RFP, it states: “Payment: The County of Fresno, if appropriate,
may use Procurement Card to place and make payment for orders under the
ensuing contract.” Is this a requirement?
A9. The Procurement Card method of payment would be optional, not a requirement for the
selected firm.
Q10. Is the County issuing the RFP due to contract expiration with the current service
provider?
A10. No
Q11. On page 22 of the RFP Cost Proposal, will the County require a breakdown of cost
for each service, or would it be acceptable to submit an all-inclusive cost
proposal?
A11. Please submit your proposals with a breakdown of costs for each service. Proposals
should be submitted in accordance with the revised cost proposal attached in this
Addendum.
Q12. Would the County be able to provide the current cost it is paying for these
services?
A12. Currently the County is paying $25,000.00 annually for quarterly compliance reporting
and attendance at annual meetings, which is only a portion of the scope of services
being requested in this RFP.
Exhibit C
ADDENDUM NO. One (1) Page 4
REQUEST FOR PROPOSAL NUMBER: 946-5361
July 24, 2015
G:\PUBLIC\RFP\FY 2014-15\946-5361 ADVISORY & REPORTING SERVICES FOR COF POOL\946-5361 ADD 1.DOC
REVISED COST PROPOSAL
Submit cost proposals on an annual basis. Please include details and rates/fees for all services,
materials, equipment, meetings, etc. to be provided or optional under your proposal.
Services Year One Year Two Year Three Year Four Year Five
Advisory and Reporting
Quarterly Reporting
Meetings: On-site
Meetings: Tele-conference
Annual Portfolio Review
Miscellaneous/Optional:
Total Annual Cost
Exhibit C
COUNTY OF FRESNO
REQUEST FOR PROPOSAL
NUMBER: 946-5361
ADVISORY & REPORTING SERVICES FOR THE
COUNTY OF FRESNO TREASURY INVESTMENT POOL
Issue Date: June 26, 2015
Closing Date: AUGUST 5, 2015
Proposal will be considered LATE when the official Purchasing time clock reads 2:00 P.M.
Questions regarding this RFP should be directed to: Nick Chin,
phone (559) 600-7113 or e-mail nchin@co.fresno.ca.us.
Check County of Fresno Purchasing’s Open Solicitations website
at https://www2.co.fresno.ca.us/0440/Bids/BidsHome.aspx for RFP
documents and changes.
Please submit all Proposals to:
County of Fresno - Purchasing
4525 E. Hamilton Avenue, 2nd Floor
Fresno, CA 93702-4599
BIDDER TO COMPLETE
UNDERSIGNED AGREES TO FURNISH THE COMMODITY OR SERVICE STIPULATED IN THE ATTACHED PROPOSAL
SCHEDULE AT THE PRICES AND TERMS STATED, SUBJECT TO THE “COUNTY OF FRESNO PURCHASING STANDARD
INSTRUCTIONS AND CONDITIONS FOR REQUEST FOR PROPOSALS (RFP’S)” ATTACHED.
FTN Financial Main Street Advisors, LLC
COMPANY
10655 Park Run Drive, Suite 120
ADDRESS
Las Vegas Nevada 89144
CITY STATE ZIP CODE
(702) 575-6666 (702) 575-6670 rick.phillips@ftnmainstreet.com
TELEPHONE NUMBER FACSIMILE NUMBER E-MAIL ADDRESS
SIGNED BY
Richard Phillips President
PRINT NAME TITLE
PD-040 (05/2015)
1
Exhibit D
COUNTY OF FRESNO
ADDENDUM NUMBER: ONE (1)
RFP NUMBER: 946-5361
ADVISORY & REPORTING SERVICES FOR THE COUNTY
OF FRESNO TREASURY INVESTMENT POOL
July 24, 2015
PPUURRCCHHAASSIINNGG UUSSEE G:\PUBLIC\RFP\FY 2014-15\946-5361 ADVISORY & REPORTING
ssj SERVICES FOR COF POOL\946-5361 ADD 1.DOC
IMPORTANT: SUBMIT PROPOSAL IN SEALED PACKAGE WITH PROPOSAL NUMBER, CLOSING DATE AND BUYER’S NAME
MARKED CLEARLY ON THE OUTSIDE TO:
COUNTY OF FRESNO, Purchasing
4525 EAST HAMILTON AVENUE, 2nd Floor
FRESNO, CA 93702-4599
CLOSING DATE OF PROPOSAL WILL BE AT 2:00 P.M., ON AUGUST 5, 2015. PROPOSALS
WILL BE CONSIDERED LATE WHEN THE OFFICIAL PURCHASING TIME CLOCK READS 2:00 P.M. All proposal
information will be available for review after contract award.
Clarification of specifications is to be directed to: Nick Chin, phone (559) 600-7113,
e-mail nchin@co.fresno.ca.us.
NOTE THE FOLLOWING AND ATTACHE D ADDITIONS, DELETIONS AND/OR CHANGES TO THE
REQUIREMENTS OF REQUEST FOR PROPOSAL NUMBER: 946-5361 AND INCLUDE THEM IN YOUR
RESPONSE. PLEAS E SIGN AND RETURN THIS ADDENDUM WITH YOUR PROPOSAL.
Replace “COST PROPOSAL” in RFP w ith the “REVISED COST PROPOSAL” attached as part
of this Addendum.
ACKNOWLEDGMENT OF ADDENDUM NUMBER ONE (1) TO RFP 946-5361
COMPANY NAME: FTN Financial Main Street Advisors
(PRINT)
SIGNATURE:
NAME & TITLE: Richard Phillips, President
(PRINT)
G:\PUBLIC\RFP\FY 2014-15\946-5361 ADVISORY & REPORTING SERVICES FOR COF POOL\946-5361 ADD 1.DOC (04/2015)
2
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
August 3, 2015
Nick Chin
County of Fresno – Purchasing
4525 E. Hamilton Avenue, 2nd Floor
Fresno, CA 93702-4599
Dear Mr. Chin,
On behalf of FTN Financial Main Street Advisors, LLC (herein, “FTN Main Street”), we would like to thank
the County of Fresno (herein, “County”) for the opportunity to submit this RFP response for Advisory
and Reporting Services for the County of Fresno Treasury Investment Pool. Our firm is uniquely
qualified to provide excellent, customized service and expertise to assist the County in achieving its
investment goals and objectives. FTN Main Street was formed and is structured to become an
additional resource for the County’s investment, as we fully understand that prudent investment of tax
payer funds is of paramount importance.
FTN Main Street directly manages approximately $6 billion of municipal operating and bond proceeds
portfolios; and also provides investment portfolio advisory and reporting services for approximately $20
billion in assets to municipal entities, including the County of Santa Clara, the City of Los Angeles, and
the State of Idaho.
We recognize the primary importance of the investment program's adherence to the principals of
safety, liquidity, and yield – but also realize the income derived from the County’s portfolio is substantial
to the budgeting process. Government investment portfolios are one of the only places revenue can be
generated without charging fees or taxes to its citizens.
In these challenging economic times, we feel our competitive fee will provide great value in assisting the
County in meeting its stewardship to provide exceptional services to its citizens.
Thank you for your consideration. We welcome the opportunity to further present our expertise, and
will provide the County with any additional information that may be needed. If you have any questions
about the enclosed proposal, please feel free to contact us.
Sincerely,
Rick Phillips
President & Chief Investment Officer
10655 Park Run Drive, Suite 120
Las Vegas, NV 89144
702-575-6666
3
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
III. Table of Contents
Page
I. RFP Page 1 and Addendum(s) Page 1 (If applicable) 1
II. Cover Letter 3
III. Table of Contents 4
IV. Conflict of Interest Statement 5
V. Trade Secret 6
VI. Certification-Disclosure-Criminal History & Civil Actions 8
VII. References 11
VIII. Participation 12
IX. Exceptions 13
X. Vendor Company Data 14
XI. Scope of Work 19
XII. Cost Proposal 27
XIII. Check List 28
Appendices
Appendix 1: Letter of Recommendation 29
Appendix 2: Reports
Daily Economic/Market Chart 32
Weekly Market Dashboard 34
Credit Strategy Report 36
Daily Portfolio Update 61
FTN Financial Economics Weekly 72
FTN Financial Fixed Income Weekly 86
Weekly Portfolio Update 101
Customized Reports
Monthly Investment/Economic Report 109
Quarterly Board of Supervisors Report 187
Monthly LAIF Analysis 201
Monthly Corporate Spread Analysis 209
4
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
IV. CONFLICT OF INTEREST STATEMENT: The Contractor may become involved in situations where
conflict of interest could occur due to individual or organizational activities that occur within
the County. In this section the bidder should address the potential, if any, for conflict of
interest and indicate plans, if applicable, to address potential conflict of interest. This section
will be reviewed by County Counsel for compliance with conflict of interest as part of the
review process. The Contractor shall comply with all federal, state and local conflict of interest
laws, statutes and regulations.
FTN Main Street does not foresee any situations where a conflict of interest would occur due to
individual or organizational activities that occur within the County, due to policies and
procedures that are in place at the firm.
FTN Main Street has a policy statement per SEC rule 206(4)-5, prohibiting political and other
contributions by our investment officers or covered associates to state and local officials or
candidates in order to gain an advantage in being selected to manage assets of government
entities.
In addition, FTN Main Street agrees to comply with all federal, state, and local conflict of interest
laws, statutes, and regulations.
5
Exhibit D
TRADE SECRET ACKNOWLEDGEMENT
All proposals received by the County shall be considered "Public Record" as defined by Section
6252 of the California Government Code. This definition reads as follows:
"...Public records" includes any writing containing information relating to the conduct of the
public's business prepared, owned, used or retained by any state or local agency regardless
of physical form or characteristics "Public records" in the custody of, or maintained by, the
Governor's office means any writing prepared on or after January 6, 1975."
Each proposal submitted is Public record and is therefore subject to inspection by the public per
Section 6253 of the California Government Code. This section states that "every person has a
right to inspect any public record".
The County will not exclude any proposal or portion of a proposal from treatment as a public
record except in the instance that it is submitted as a trade secret as defined by the California
Government Code. Information submitted as proprietary, confidential or under any other such
terms that might suggest restricted public access will not be excluded from treatment as public
record.
"Trade secrets" as defined by Section 6254.7 of the California Government Code are deemed
not to be public record. This section defines trade secrets as:
"...Trade secrets," as used in this section, may include, but are not limited to, any formula,
plan, pattern, process, tool, mechanism, compound, procedure, production data or
compilation of information that is not patented, which is known only to certain individuals
within a commercial concern who are using it to fabricate, produce, or compound an
article of trade or a service having commercial value and which gives its user an
opportunity to obtain a business advantage over competitors who do not know
or use it."
Information identified by bidder as "trade secret" will be reviewed by County of Fresno's legal
counsel to determine conformance or non-conformance to this definition. Such material should
be submitted in a separate binder marked "Trade Secret". Examples of material not considered
to be trade secrets are pricing, cover letter, promotional materials, etc.
INFORMATION THAT IS PROPERLY IDENTIFIED AS TRADE SECRET AND CONFORMS
TO THE ABOVE DEFINITION WILL NOT BECOME PUBLIC RECORD. COUNTY WILL
SAFEGUARD THIS INFORMATION IN AN APPROPRIATE MANNER.
Information identified by bidder as trade secret and determined not to be in conformance with
the California Government Code definition shall be excluded from the proposal. Such
information will be returned to the bidder at bidder's expense upon written request.
Trade secrets must be submitted in a separate binder that is plainly marked "Trade Secrets."
The County shall not in any way be liable or responsible for the disclosure of any proposals or
portions thereof, if they are not (1) submitted in a separate binder that is plainly marked "Trade
Secret" on the outside; and (2) if disclosure is required or allowed under the provision of law or
by order of Court.
Vendors are advised that the County does not wish to receive trade secrets and that vendors
are not to supply trade secrets unless they are absolutely necessary.
6
Exhibit D
TRADE SECRET ACKNOWLEDGEMENT
I have read and understand the above "Trade Secret Acknowledgement."
I understand that the County of Fresno has no responsibility for protecting information submitted
as a trade secret if it is not delivered in a separate binder plainly marked "Trade Secret." I also
understand that all information my company submits, except for that information submitted in a
separate binder plainly marked “Trade Secret,” are public records subject to inspection by the
public. This is true no matter whether my company identified the information as proprietary,
confidential or under any other such terms that might suggest restricted public access.
Enter company name on appropriate line:
(Company Name)
Has submitted information identified as Trade
Secrets in a separate marked binder.**
FTN Financial Main Street Advisors
(Company Name)
ACKNOWLEDGED BY:
Has not submitted information identified as Trade
Secrets. Information submitted as proprietary
confidential or under any other such terms that
might suggest restricted public access will not be
excluded from treatment as public record.
(702) 575-6666
Signature Telephone
Richard Phillips, President July 29, 2015
Print Name and Title Date
10655 Park Run Drive, Suite 120
Address
Las Vegas Nevada 89144
City State Zip
**Bidders brief statement that clearly sets out the reasons for confidentiality in conforming with
the California Government Code definition.
7
Exhibit D
DISCLOSURE – CRIMINAL HISTORY &
CIVIL ACTIONS
In their proposal, the bidder is required to disclose if any of the following conditions apply to
them, their owners, officers, corporate managers and partners (hereinafter collectively referred
to as “Bidder”):
• Within the three-year period preceding the proposal, they have been convicted of, or had
a civil judgment rendered against them for:
o fraud or a criminal offense in connection with obtaining, attempting to obtain, or
performing a public (federal, state, or local) transaction or contract under a public
transaction;
o violation of a federal or state antitrust statute;
o embezzlement, theft, forgery, bribery, falsification, or destruction of records; or
o false statements or receipt of stolen property
• Within a three-year period preceding their proposal, they have had a public transaction
(federal, state, or local) terminated for cause or default.
Disclosure of the above information will not automatically eliminate a Bidder from consideration.
The information will be considered as part of the determination of whether to award the contract
and any additional information or explanation that a Bidder elects to submit with the disclosed
information will be considered. If it is later determined that the Bidder failed to disclose required
information, any contract awarded to such Bidder may be immediately voided and terminated for
material failure to comply with the terms and conditions of the award.
Any Bidder who is awarded a contract must sign an appropriate Certification Regarding
Debarment, Suspension, and Other Responsibility Matters. Additionally, the Bidder awarded
the contract must immediately advise the County in writing if, during the term of the agreement:
(1) Bidder becomes suspended, debarred, excluded or ineligible for participation in federal or
state funded programs or from receiving federal funds as listed in the excluded parties list
system (http://www.epls.gov); or (2) any of the above listed conditions become applicable to
Bidder. The Bidder will indemnify, defend and hold the County harmless for any loss or damage
resulting from a conviction, debarment, exclusion, ineligibility or other matter listed in the signed
Certification Regarding Debarment, Suspension, and Other Responsibility Matters.
8
Exhibit D
CERTIFICATION REGARDING DEBARMENT, SUSPENSION, AND OTHER
RESPONSIBILITY MATTERS--PRIMARY COVERED TRANSACTIONS
INSTRUCTIONS FOR CERTIFICATION
1. By signing and submitting this proposal, the prospective primary participant is providing
the certification set out below.
2. The inability of a person to provide the certification required below will not necessarily
result in denial of participation in this covered transaction. The prospective participant
shall submit an explanation of why it cannot provide the certification set out below. The
certification or explanation will be considered in connection with the department or
agency's determination whether to enter into this transaction. However, failure of the
prospective primary participant to furnish a certification or an explanation shall disqualify
such person from participation in this transaction.
3. The certification in this clause is a material representation of fact upon which reliance
was placed when the department or agency determined to enter into this transaction. If
it is later determined that the prospective primary participant knowingly rendered an
erroneous certification, in addition to other remedies available to the Federal
Government, the department or agency may terminate this transaction for cause or
default.
4. The prospective primary participant shall provide immediate written notice to the
department or agency to which this proposal is submitted if at any time the prospective
primary participant learns that its certification was erroneous when submitted or has
become erroneous by reason of changed circumstances.
5. The terms covered transaction, debarred, suspended, ineligible, participant, person,
primary covered transaction, principal, proposal, and voluntarily excluded, as used in this
clause, have the meanings set out in the Definitions and Coverage sections of the rules
implementing Executive Order 12549. You may contact the department or agency to
which this proposal is being submitted for assistance in obtaining a copy of those
regulations.
6. Nothing contained in the foregoing shall be construed to require establishment of a
system of records in order to render in good faith the certification required by this clause.
The knowledge and information of a participant is not required to exceed that which is
normally possessed by a prudent person in the ordinary course of business dealings.
9
Exhibit D
CERTIFICATION
(1) The prospective primary participant certifies to the best of its knowledge and belief, that it, its
owners, officers, corporate managers and partners:
(a) Are not presently debarred, suspended, proposed for debarment, declared ineligible, or
voluntarily excluded by any Federal department or agency;
(b) Have not within a three-year period preceding this proposal been convicted of or had a civil
judgment rendered against them for commission of fraud or a criminal offense in connection
with obtaining, attempting to obtain, or performing a public (Federal, State or local)
transaction or contract under a public transaction; violation of Federal or State antitrust
statutes or commission of embezzlement, theft, forgery, bribery, falsification or destruction
of records, making false statements, or receiving stolen property;
(c) Have not within a three-year period preceding this application/proposal had one or more
public transactions (Federal, State or local) terminated for cause or default.
(2) Where the prospective primary participant is unable to certify to any of the statements in this
certification, such prospective participant shall attach an explanation to this proposal.
Signature: Date:
July 29, 2015 Richard Phillips FTN Financial Main Street Advisors
(Printed Name & Title) (Name of Agency or Company)
10
Exhibit D
Proposal No. 946-5361 Page 9
VENDOR MUST COMPLETE AND RETURN WITH REQUEST FOR PROPOSAL
Firm: FTN Financial Main Street Advisors
REFERENCE LIST
Provide a list of at least five (5) customers for whom you have recently provided similar
services. Be sure to include all requested information.
Reference Name: City of Los Angeles Contact: Tom Juarez
Address: 200 N. Spring Street, Room 201
City: Los Angeles State: CA Zip: 90012
Phone No.: (213) 978-4039 Date: May 2011 to present
Service Provided: Provides technical and strategic advice to the City’s staff in managing the City’s portfolio. Produces weekly and
monthly reports and presentations. Assists with credit analysis of commerical paper and medium term notes. Coordinates an
annual review of the investment policy. Monitors compliance with State Code and the investment policy. Assists with assessing
appropriate benchmarks and analyzes performance against benchmarks. Serves as a backup discretionary investment manager
in case of emergency situations.
Reference Name: County of Santa Clara Contact: Emily Harrison
Address: 70 West Hedding Street, 2nd Floor
City: San Jose State: CA Zip: 95110-1705
Phone No.: (408) 299-5201 Date: May 2013 to present
Service Provided: Provides technical and strategic advice to the County’s staff in managing the County’s portfolio. Produces
daily, weekly, and monthly reports and presentations. Assists with credit analysis of commericial paper and medium term notes.
Coordinates an annual review of the investment policy. Monitors compliance with State Code and the investment policy. Assists
with assessing appropriate benchmarks and analyzes performance against benchmarks.
Reference Name: City of Redondo Beach Contact: Steven Diels
Address: 415 Diamond Street
City: Redondo Beach State: CA Zip: 90277
Phone No.: (310) 318-0652 Date: February 2013 to present
Service Provided: Provides technical and strategic advice to the City’s staff in managing the City’s portfolio. Produces daily,
weekly, and monthly reports and presentations. Assists with credit analysis of commercial paper and medium term notes.
Coordinates an annual review of the investment policy. Monitors compliance with State Code and the investment policy. Assists
with assessing appropriate benchmarks and analyzes performance against benchmarks. Executes trades on behalf of the City.
Reference Name: City of San Ramon Contact: Candace Daniels
Address: 2226 Camino Ramon
City: San Ramon State: CA Zip: 94583
Phone No.: (925) 973-2515 Date: January 2010 to present
Service Provided: Manages and directs the investments of the City’s assets available for investing on a discretionary basis.
Provides cash management analysis. Produces reports and records the activity, transactions, performance, and other aspects of
the City’s cash management and investment program.
Reference Name: State of Idaho Contact: Paul Stewart
Address: 700 W. Jefferson Street, Suite 126
City: Boise State: ID Zip: 83702
Phone No.: (208) 332-2938 Date: February 2014 to present
Service Provided: Provides technical and strategic advice to the State’s staff in managing the State’s portfolio. Develops quarterly
reports tracking the portfolio’s performance and attribution analysis against the benchmark and peers. Tracks, maintains, and
evaluates the existing benchmark with the State’s objectives and constraints. Performs annual reviews of investment policy and
statement of understanding. Participates in semi-annual reviews, which include presenting the market outlook, credit analysis,
portfolio management recommendations, portfolio performance reporting, compliance, and regulatory analysis and updates.
Failure to provide a list of at least five (5) customers may be cause for rejection of
this RFP. 11
Exhibit D
Proposal No. 946-5361 Page 10
PARTICIPATION
The County of Fresno is a member of the Central Valley Purchasing Group. This group consists
of Fresno, Kern, Kings, and Tulare Counties and all governmental, tax supported agencies
within these counties.
Whenever possible, these and other tax supported agencies co-op (piggyback) on contracts put
in place by one of the other agencies.
Any agency choosing to avail itself of this opportunity, will make purchases in their own name,
make payment directly to the contractor, be liable to the contractor and vice versa, per the terms
of the original contract, all the while holding the County of Fresno harmless. If awarded this
contract, please indicate whether you would extend the same terms and conditions to all tax
supported agencies within this group as you are proposing to extend to Fresno County.
Yes, we will extend contract terms and conditions to all qualified agencies within the
Central Valley Purchasing Group and other tax supported agencies.
No, we will not extend contract terms to any agency other than the County of Fresno.
(Authorized Signature)
President, FTN Financial Main Street Advisors
Title
* Note: This form/information is not rated or ranked in evaluating proposal.
G:\Public\RFP\FY 2014-15\946-5361 Advisory & Reporting Services for CoF POOL\946-5361 Advisory & Reporting Services for
CoF POOL.doc
X
12
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
IX. EXCEPTIONS: This portion of the proposal will note any exceptions to the requirements and
conditions taken by the bidder. If exceptions are not noted, the County will assume that the
bidder's proposals meet those requirements. The exceptions shall be noted as follows:
A. Exceptions to General Conditions.
B. Exceptions to General Requirements.
C. Exceptions to Specific Terms and Conditions.
D. Exceptions to Scope of Work.
E. Exceptions to Proposal Content Requirements.
F. Exceptions to any other part of this RFP.
FTN Main Street does not have any exceptions to the requirements and conditions taken by the
bidder.
13
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
X. VENDOR COMPANY DATA: This section should include:
A. A narrative which demonstrates the vendor’s basic familiarity or experience with problems
associated with this service/project.
FTN Main Street specializes in the services requested by the County, and has the extensive
experience and ability needed to provide those services. Currently, we provide similar
services to the County of Santa Clara, the City of Los Angeles, and the State of Idaho. FTN
Main Street also manages municipal operating and bond proceeds portfolios of
approximately $6 billion. We don’t foresee any problems associated with the project, since
FTN Main Street provides all the services mentioned in the Scope of Work to current
clients.
B. Descriptions of any similar or related contracts under which the bidder has provided
services.
FTN Main Street’s only business is providing discretionary and non-discretionary investment
management/advisory services to municipalities and municipal related entities. As
mentioned above, we provide the same services to other large California municipalities.
C. Descriptions of the qualifications of the individual(s) providing the services. Please
acknowledge that your entity is registered with the SEC as an investment advisor under the
Investment Advisor Act of 1940 and provide the IARD number for the firm and the CRD
number for the firm’s employees the will have primary contact with County.
FTN Main Street’s two principals (Rick Phillips and Tonya Dazzio) have been in your shoes,
with a combined 31 years of experience working for municipalities. Additionally, they both
have over 25 years of experience individually in municipal cash and investment
management.
The following three individuals will be the key individuals in providing the County’s Scope of
Work. Additional support and resources will be provided by other individuals mentioned
later in our response.
Rick Phillips, CCM – President and Chief Investment Officer
Rick Phillips is President, Founder, and Chief Investment Officer of FTN Main Street and has
overseen the day-to-day investment program at the firm since its inception in 2004. Prior to
starting Main Street, Rick was the Chief Investment Officer for Clark County, Nevada from
1998 to 2004. Rick was also the Investment Officer for the City of Las Vegas from 1989 to
1998.
Rick has over 25 years of experience in municipal cash and investment management. He is
also the founder of the Government Investment Officers Association (GIOA), a national
organization which has more than 700 government investment officers and corporate
affiliates as members.
Additionally, Rick is recognized as an expert in the public investment field and has spoken at
numerous governmental educational conferences in California and other surrounding states,
including the California Municipal Treasurers Association (CMTA), California Debt and
14
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Investment Advisory Commission (CDIAC), California Society of Municipal Finance Officers
(CSMFO), and the Government Finance Officers Association GFOA).
Rick received a bachelor’s degree in Finance from Brigham Young University, and a MBA
from the University of Utah.
Tonya Dazzio, CCM - Chief Compliance Officer and Chief Operating Officer
Tonya Dazzio is FTN Main Street’s Chief Compliance Officer and Chief Operating Officer and
serves as the operational manager to clients. She is responsible for coordinating client
services, evaluating each client’s overall investment program, and monitoring compliance.
Prior to joining FTN Main Street, Tonya was the Senior Investment Officer for Clark County,
Nevada from 1998 to 2005. She also managed investments, treasury services, accounting
and auditing for the Clark County School District from 1990 to 1998.
Tonya has over 25 years of experience working in municipal cash and investment
management. She is also a founder of the Government Investment Officers Association.
Tonya received a bachelor’s degree in Business Administration from the University of
Nevada, Las Vegas.
Greg Balls – Portfolio Manager and Analyst
Greg Balls is a Portfolio Manager and Analyst at FTN Financial Main Street Advisors, with
over seven years of experience in the industry. He assists with implementing investment
strategy and with publishing economic and market updates. Before joining the firm, Greg
was a portfolio manager for the State of Florida, where he managed the Short Duration
portfolio, and assisted with managing the Liquidity portfolio. He also managed portfolios for
municipalities, corporations, trusts, and high net-worth individuals at Cantango Capital
Advisors, a subsidiary of Zions Bancorp. Prior to his employment at Cantango, Greg worked
in the Capital Markets Department at Zions Bank, where he specialized in buying and selling
fixed income securities for institutional clients. Greg is a 2016 Level II candidate in the CFA
Program.
Greg received a dual bachelor’s degree in Finance and Economics from Utah State
University.
SEC Registration
FTN MAIN STREET is registered with the SEC as an investment advisor under the Investment
Advisor Act of 1940. Our IARD number for the firm is 133719. Our CRD numbers for the
firm’s employees who will have primary contact with the County are:
Richard Phillips: 1600180
Tonya Dazzio: 4952833
Greg Balls: 5553911
D. Any material (including letters of support or endorsement) indicative of the bidder's
capability.
15
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Please see a letter of recommendation from the City of Los Angeles in Appendix 1.
E. A brief description of the bidder's current operations, and ability to provide the services.
Please provide an organization chart and describe ownership structure (e.g. company,
parent company, affiliates, etc.).
Our firm was founded in 2004 by its principals, Rick Phillips (President and Chief Investment
Officer) and Tonya Dazzio (Chief Operating and Compliance Officer), who have a combined
total of over 31 years as employees of municipalities. The firm was acquired by First
Tennessee Bank National Association on February 1, 2012; and the name was changed from
Main Street Capital Advisors, LLC to FTN Financial Main Street Advisors, LLC (“FTN Main
Street”, herein), with Rick Phillips and Tonya Dazzio remaining in their respective positions.
FTN Main Street is a registered investment advisor with the Securities and Exchange
Commission, with its chief business of providing discretionary and non-discretionary
investment management/advisory services to municipalities. FTN Main Street provides
investment portfolio consulting services totaling over $14 billion for California
municipalities; and also directly manages approximately $6 billion of municipal operating
and bond proceeds portfolios. FTN Main Street’s office is located in Las Vegas, Nevada, but
we will also draw upon the resources of our FTN Financial team members in New York City,
Memphis, Chicago, and Los Angeles.
Our parent company, First Horizon National, has over 4,300 employees and is
headquartered in Memphis, Tennessee. Our affiliated company, FTN Financial, has over 500
employees at twenty seven locations throughout the United States. FTN Financial Portfolio
Advisory, a division of FTN Financial, provides investment advisory services to banks and
credit unions with over $25 billion under management, and has been providing those
services for over fourteen years.
16
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
F. Explain how the team dedicated to the County’s account would be organized, including:
1. Lead person
2. Backup, and
3. Support services
Listed below is an organizational chart showing the areas of responsibility of the key personnel
who would be provide services to the County.
The lead person for the County’s team would be Rick Phillips (President and CIO), with Greg Balls
(Portfolio Manager and Investment Analyst) as the back-up. Tonya Dazzio (COO & CCO) would be
responsible for reporting and quality control, with additional support services from Jason Ransom
(Operations Analyst). Other support services will be supplied as needed from our economic,
credit, and investment strategists located in FTN Financial’s Memphis, New York, Chicago and Los
Angeles offices.
G. Copies of the audited Financial Statements for the last three (3) years for the agency or
program that will be providing the service(s) proposed. If audited statements are not
available, compiled or reviewed statements will be accepted with copies of three years of
corresponding federal tax returns. This information is to be provided after the RFP closes,
if requested. Do not provide with your proposal.
FTN Main Street will provide copies of its audited Financial Statements for the last three (3)
years (if requested) after the RFP closes.
Rick Phillips
Chief Investment
Officer
Investment Advisory Investment & Credit
Strategy Economics Accounting &
Compliance
Jim Vogel, CFA
Executive Vice
President
Investment Strategies
Chris Low
Chief Economist
Tonya Dazzio
Chief Operating &
Compliance Officer
Greg Balls
Portfolio Manager &
Analyst
Tom Hudson
Vice President
Head Trader
Daniel Bruzzo, CFA
Senior Vice President
Credit Strategies
Steve Twersky, CPA
Senior Vice President
Portfolio Strategies
Jay Morelock
Economic Analyst
Jason Ransom
Operations Analyst
Julie Wicklund,
CFA/CPA
Senior Vice President
Sophia Kearney-
Lederman
Economic Analyst
Fresno County
FTN Team Leader: Rick Phillips
17
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
H. Describe all contracts that have been terminated before completion within the last five (5)
years:
1. Agency contract with
2. Date of original contract
3. Reason for termination
4. Contact person and telephone number for agency
FTN Main Street has not had any contracts that have been terminated before completion
within the last five (5) years.
I. Describe all lawsuit(s) or legal action(s) that are currently pending; and any lawsuit(s) or
legal action(s) that have been resolved within the last five (5) years:
1. Location filed, name of court and docket number
2. Nature of the lawsuit or legal action
FTN Main Street does not have any lawsuit(s) or legal action(s) currently pending, nor any
lawsuit(s) or legal action(s) that have been resolved within the last five (5) years.
J. Describe any payment problems that you have had with the County within the past three
(3) years:
1. Funding source
2. Date(s) and amount(s)
3. Resolution
4. Impact to financial viability of organization.
FTN Main Street has not had any payment problems with the County within the past three
(3) years.
18
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
XI. SCOPE OF WORK:
A. Bidders are to use this section to describe the essence of their proposal.
B. This section should be formatted as follows:
1. A general discussion of your understanding of the project, the Scope of Work proposed
and a summary of the features of your proposal.
FTN Main Street has an in-depth understanding of the project. As mentioned
previously, we do very similar Scopes of Work for the City of Los Angeles, Santa Clara
County, and the State of Idaho. Below, we have detailed how we will accomplish each
Scope of Work items in the RFP. In summary, what we will provide includes strategy
and advice, credit analysis, economic analysis, asset allocation recommendations,
customized reporting, and compliance verification.
2. A detailed description of your proposal as it relates to each item listed under the
"Scope of Work" section of this RFP. Bidder's response should be stated in the same
order as are the "Scope of Work" items. Each description should begin with a
restatement of the "Scope of Work" item that it is addressing. Bidders must explain
their approach and method of satisfying each of the listed items.
Scope of Work
A. Advisory Services:
1. Recommendations for portfolio strategies and optimizations
FTN Main Street’s recommendations for portfolio strategies and optimizations
will be conveyed to the County’s investment team during weekly, monthly, or
quarterly discussions. We will discuss the two primary risks of the portfolio:
interest rate risk and credit risk. FTN Main Street will utilize our analysts,
strategists, and economists to develop prudent strategies to enhance returns as
market conditions change. We will monitor cash flow needs, sector
relationships (i.e., agency yields versus corporate yields), and expected interest
rate changes to position the portfolio to improve performance. Utilizing
Bloomberg and Yield Book, we will run portfolio simulations to show how the
portfolio most likely would perform in various interest rate and credit
environments. We know the County generally uses a passive management
style, but sometimes market movements create opportunities to rebalance to
portfolio to enhance returns. These recommendations will be conveyed as we
see them benefiting the County’s portfolio.
2. Monitor and report on regulatory changes
FTN Main Street will provide monitoring and reporting on regulatory changes by
working with various governmental and industry groups. FTN Main Street has a
close working relationship with the California State Treasurer’s California Debt
and Investment Advisory Commission (CDIAC) and discusses with CDIAC
19
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
proposed changes to California State Code and other important investment
related matters. Rick Phillips has also presented at CDIAC’s conferences and
webinars concerning regulatory changes. FTN Main Street also worked with the
Securities and Exchange Commission in 2014 in regard to the Municipal Advisor
Rule. We have also worked with other industry groups concerning changes in
repurchase agreements and money market funds. Lastly, as founders of the
Government Investment Officers (GIOA), Rick Phillips and Tonya Dazzio
frequently ask industry experts to present at the annual GIOA conference and
submit newsletter articles related to current and upcoming regulatory topics.
3. Monitor and report on economic outlook and events
FTN Main Street will monitor and report on the economic outlook and events to
the County. FTN Main Street interacts daily with FTN Financial’s economic team
in New York. FTN Financial’s Chief Economist, Chris Low, is a frequent speaker
at numerous industry conferences and is a guest on many of the financial news
outlets. The County’s investment team will be added to the daily, weekly,
monthly, quarterly, and annual distribution lists of reports (see Appendix 2 for
samples of these reports). Additionally, FTN Main Street’s team will send a Daily
Chart with economic and market information, as well as a Weekly Market
Dashboard (see Appendix 2 for a sample of these reports). Also, our economic
team provides a monthly conference call, usually on “Employment Fridays”,
after the economic data is released. We will invite the County’s investment
team to participate on those calls. Lastly, we plan to have at least monthly
conference calls with the investment team to discuss the economy and markets.
4. Credit and risk analysis
FTN Main Street will provide credit and risk analysis by utilizing a robust
proprietary credit analysis and monitoring process to evaluate the wherewithal
of an entity to repay its principal and interest obligations. Our Credit Strategies
Group in New York has developed an in-house credit strategy report for
approved issuers (see Appendix 2). Companies are evaluated individually, then
within their industry sector, and then at the macroeconomic level to assess
creditworthiness. The credit review process includes analyzing the following:
General Current and Forecasted Economic Conditions
Specific Industry Trends
Current and Forecasted Earnings Reports
Financial Statements
Price and Volatility Trends of Issuer’s Fixed Income and Equity Securities
Credit Default Swaps (debt insurance)
News Alerts, Stories, and Releases
Rating Agency Actions and Outlooks
We also subscribe to various rating research from Morningstar, Reuters,
Standard and Poor’s, Moody’s, Credit Sights, and Bloomberg.
20
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
5. Assistance with cash flow development and optimization
FTN Main Street will provide assistance with cash flow development and
optimization. We work will all clients to assist them in developing cash flow
models or fine tuning current models. We will evaluate the County’s cash flow
model and if needed, offer suggestions on enhancement.
The most important objective of cash management is to utilize cash efficiently
and effectively as possible, and in a way to achieve the County’s strategic
objectives of providing safety, liquidity, and income. The bulk of a municipality’s
cash flows are derived from just a few outflow line items such as payroll, debt
service, retirement funding, and accounts payable; and inflow items such as
taxes and fees. Having these “big rock” cash flow items accurately forecasted
will allow the Investment Officer to have more freedom to extend the target
duration and most likely earn a higher income over the long term.
Our view of the best practices of cash management consists of:
1. Funds management
• Monitoring the daily cash position.
• Controlling cash balances on deposit at financial institutions.
• Moving funds from concentration accounts to where they are needed
and can be invested to earn interest income once banking fees are
covered by compensating balances.
2. Banking system administration
• Managing bank relationships, including compensation for banking
services.
• Conducting analytical reviews and feasibility studies of banking services.
3. Liquidity management
• Primary liquidity needs (maturities of 60 days or less).
• Secondary liquidity needs (61-365 day maturities).
4. Forecasting
• Projecting future cash shortages and surpluses.
• Monitoring the accuracy of prior projections.
5. Systems Design, Implementation, and Evaluation
• Analysis, design, implementation, and ongoing evaluation of cash
management systems.
6. Monitor and report on Pool compliance with government code and the
Treasury Investment policy
FTN Main Street will monitor and report on Pool compliance with government
code and the Treasury Investment policy by receiving daily transactions from
the County and inputting that information into our specific compliance matrix
21
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
for the County. The compliance matrix will be programed with the County
specific guidelines and will alert us if there are any noncompliance issues.
7. Assistance with new and existing technology
FTN Main Street will provide assistance with new and existing technology by
first evaluating the County’s current technology and systems. We will provide a
cost benefit analysis of current and proposed technology changes. FTN Main
Street utilizes two of the County’s systems, SymPro and Bloomberg, and can
provide knowledgeable insight on possibly enhancing the use of those systems.
FTN Financial also has other systems and technology the County may find useful
to improve processes.
8. Custom analytical tools
FTN Main Street uses custom analytical tools such as SymPro, Bloomberg, Yield
Book, proprietary Excel Linked Bloomberg worksheets, and the Credit Strategies
model to enhance analysis and reporting. We will evaluate the County’s needs
to utilize these systems to improve the investment program.
9. Assistance in working with Broker/Dealer’s
FTN Main Street will provide assistance in working with Broker/Dealers by
helping with the County’s broker/dealer approval process and the annual review
process mentioned in the County’s Investment Policy. With FTN Main Street’s
utilization of over 30 broker/dealers, we are probably reviewing many of the
same County approved broker/dealers. Our review process is similar to the
County’s process mentioned in the Investment Policy.
10. Recommendations regarding the Treasury Investment Policy ( See Exhibit “B”)
FTN Main Street will provide recommendations regarding the Treasury
Investment Policy. The Investment Policy is the foundation of a County’s
investment program. We review all of our clients’ policies on an annual basis
and offer suggested language due to regulatory or legislative changes. We
recently assisted the City of Los Angeles with changes to permitted investments
in regard to Supranationals, which were approved by the California Legislature
and the Governor in 2014.
11. Assistance with benchmarking development and review
FTN Main Street will provide assistance with benchmarking development
review. Rick Phillips has spoken frequently on the topic of benchmarking at
industry conferences. Similar to most (if not all) municipalities, the County’s
Investment Policy states that one of the priorities is to “obtain a market average
rate of return”. Thus, benchmarking a portfolio on an “apples-to apples” basis is
important. A benchmark should have the “persistent and prominent
characteristics of a portfolio” (CFA Institute).
22
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
FTN Main Street would meet with the County’s staff to further analyze cash
flow, portfolio turnover, and long-term sector allocation to develop the
benchmarks. We would then create a custom benchmark to compare the
performance of the County’s portfolios to the benchmark to measure the
generation of a market rate of return.
There are two types of fixed income portfolio benchmarks: Book Return and
Total Return. Book Return measures the coupons received, the amortization of
discounts/premiums, and realized capital gains. Total Return captures all of the
Book Return components, but also calculates the volatile unrealized
gains/losses, primarily due to changes in interest rates.
FTN Main Street has vast experience with developing custom benchmarks for
public operating portfolios. In fact, that was one of the main subjects of Rick
Phillips’ presentation at the Government Investment Officers Association annual
conference in March 2015. In talking with many municipal investment officers,
the vast majority of state and local government portfolios are managed on a
Book Return. This is primarily due to the budget process of most entities, which
desires a relatively uniform generation of earnings and the general buy and hold
nature of most municipal portfolios. Book Return is the preferred method to
adhere to the primary tenet of the Investment Policy—Safety of Principal. Book
Return also is substantially more congruent with the County’s budgeting of
realized interest income and not the volatile GASB 31 marked-to-market
component of the financial reports.
Wall Street’s active trading managers and some other investment advisors
generally measure performance on a Total Return basis versus a benchmark as
the primary method. Total Return benchmarks are substantially more volatile
than Book Return benchmarks. This volatility is primarily due to the Total
Return index rebalancing each month and many times “selling” securities from
the index at losses. Most municipalities generally don’t sell securities with
losses, thus comparing the portfolio’s performance to a Total Return index
usually generates an apples-to-oranges comparison.
Note the volatile performance on the graph (next page) of the Total Return
index versus the more consistent returns of the Book Return. The Total Return
method takes no “thought” in regard to realizing gains and losses. At month-
end, the Total Return index theoretically “sells” bonds that roll out of the index
and “buys” bonds that roll into the index. A portfolio manager might state: “I
outperformed the index this year. The index had a 2% loss and our portfolio
only had a 1% loss.” Generally, this is not acceptable for state and local
government’s operating/capital portfolios.
23
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
B. Reporting Services:
1. Daily (compliance, markets, trends, strategies, etc.)
FTN Main Street will provide the County with daily reporting services, including
a Daily Portfolio Update. This update includes holdings, prices, ratings, yields,
and compliance (see Appendix 2 for an example). As mentioned earlier, we will
also provide the County’s investment team economic analysis, market trends,
and strategy on a daily basis; and our team will also be available to discuss
strategy and the markets.
2. Weekly (market information and outlook, portfolio analysis, etc.)
The weekly reporting services FTN Main Street will provide the County will
include a Weekly Market Dashboard, FTN Financial Economics Weekly, and FTN
Financial Fixed Income Weekly (see Appendix 2 for examples). These
publications will provide the County with valuable insights on the markets and
ways to prudently enhance the returns of the portfolio. We will also provide a
Weekly Portfolio Update, which will be similar to the Daily Portfolio Update, but
will display any trades which were made that week.
3. Monthly (credit analysis, portfolio performance, strategy review, etc.)
The monthly reporting services FTN Main Street will provide the County will
include a monthly conference call to discuss the markets, economy, and the
County’s portfolio. We will discuss the two primary portfolio risks: interest rate
risk and credit risk. Also we will discuss asset allocation, cash flow, and non-
government issuers. We provide a full report on a monthly basis that displays
24
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
portfolio information, as well as economic and market information (see
Appendix 2 for an example).
4. Quarterly (more in-depth reviews of Credit, Strategy, Portfolio, etc.)
FTN Main Street will provide more in-depth reviews of credit, strategy,
portfolio, etc., on a quarterly basis. This review will be similar to the full
monthly report mentioned above, but will also include a more in-depth credit
review of the County’s non-government issuers. As mentioned previously, we
will use our various analytical tools to analyze the portfolio bond by bond,
sector by sector, then at the portfolio level.
C. Comprehensive Quarterly Report – (See Exhibit “C”)
1. Evaluate and value all securities quarterly
FTN Main Street will evaluate and value all securities quarterly by using our
analytical systems. This evaluation is done by reviewing each security’s return,
earnings, amortization, credit ratings changes, and other important factors.
2. Evaluate portfolio for compliance with Treasurer’s Investment Policy and
California Government Code
FTN Main Street will evaluate the County portfolio for compliance with the
Treasurer’s Investment Policy and California Government Code in the quarterly
report by presenting the information in a table as shown in the County’s current
Quarterly Report, and also graphically.
3. Provide market analysis and portfolio analytics
Market analysis and portfolio analytics will be provided in the comprehensive
quarterly report. As mentioned previously, we will use our various analytical
tools to analyze the portfolio bond by bond, sector by sector, then at the
portfolio level. This will include a shock analysis to show how potential interest
changes will change the value of the portfolio; somewhat of a GASB 31 view of
the portfolio.
4. Customize report for distribution to Fresno County Treasury Oversight
Committee, the Board of Supervisors, and participants of the Pool
FTN Main Street will provide customized reports for distribution to the Fresno
County Treasury Committee, the Board of Supervisors, and participants of the
Pool. For example, pursuant to the County of Santa Clara’s request, we provide
three different reports for three different groups. We pride ourselves on
customizing client reports to specific needs (see Appendix 2 for examples).
5. Provide bound hard copies and an electronic version of the report (the report
should be completed within 5 days of receiving final information from the
County)
25
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
FTN Main Street will provide bound hard copies and an electronic version of the
report within 5 days of receiving final information from the County.
We have reviewed the County’s current Quarterly Report provided in the RFP.
We will discuss with the County aspects you like about the report and ask if
there is additional information or analysis you would prefer included. We will
also offer suggestions to enhance the report.
D. Meetings
1. Attendance in-person or via teleconferencing, at the County’s annual Treasury
Oversight Committee meeting
FTN Main Street will attend the County’s annual Treasury Oversight Committee
meeting either in person or via teleconferencing, depending on what the County
prefers. We currently perform this function for many of our clients.
2. Annual portfolio review
After the County’s fiscal year concludes, FTN Main Street will conduct an annual
portfolio review to discuss all aspects of the investment program.
C. When reports or other documentation are to be a part of the proposal a sample of each
must be submitted. Reports should be referenced in this section and submitted in a
separate section entitled "REPORTS."
FTN Main Street’s sample reports referenced in this section are included in Appendix 2.
D. A complete description of any alternative solutions or approaches to accomplishing the
desired results.
We feel the County’s Scope of Work is extremely comprehensive and will accomplish what is
needed from an advisor to the internally managed portfolio. We know the County has a
skilled investment team in place and we feel we will complement the investment program in
meeting its primary objectives legality, of safety, liquidity, and return.
One additional service we suggest the County include in the Scope of Work is for the advisor
to be a backup portfolio manager only in the case of an emergency caused by a natural
disaster, etc. The City of Los Angeles utilizes us in this capacity as part of our contract with
them, and we feel it is a prudent business continuity plan.
26
Exhibit D
ADDENDUM NO. One (1) Page 4
REQUEST FOR PROPOSAL NUMBER: 946-5361
July 24, 2015
REVISED COST PROPOSAL
Submit cost proposals on an annual basis. Please include details and rates/fees for all services,
materials, equipment, meetings, etc. to be provided or optional under your proposal.
Services Year One Year Two Year Three Year Four Year Five
Advisory and Reporting $38,000 $38,000 $38,000 $40,000 $40,000
Quarterly Reporting $8,000 $8,000 $8,000 $8,000 $8,000
Meetings: On-site $2,000 $2,000 $2,000 $3,000 $3,000
Meetings: Tele-conference $8,000 $8,000 $8,000 $8,000 $8,000
Annual Portfolio Review $4,000 $4,000 $4,000 $5,000 $5,000
Miscellaneous/Optional: $0 $0 $0 $0 $0
Total Annual Cost $60,000 $60,000 $60,000 $64,000 $64,000
G:\PUBLIC\RFP\FY 2014-15\946-5361 ADVISORY & REPORTING SERVICES FOR COF POOL\946-5361 ADD 1.DOC
27
Exhibit D
Proposal No. 946-5361 Page 27
CHECK LIST
This Checklist is provided to assist vendors in the preparation of their RFP response. Included
in this list, are important requirements and is the responsibility of the bidder to submit with the
RFP package in order to make the RFP compliant. Because this checklist is just a guideline,
the bidder must read and comply with the RFP in its entirety.
Check off each of the following:
1. X The Request for Proposal (RFP) has been signed and completed.
2. X Addenda, if any, have been completed, signed and included in the bid package.
3. X One (1) original plus five (5) copies of the RFP have been provided.
4. X Two (2) reproducible compact discs of the RFP have been provided.
5. X The completed Trade Secret Form as provided with this RFP (Confidential/Trade
Secret Information, if provided must be in a separate binder).
6. X The completed Criminal History Disclosure Form as provided with this RFP.
7. X The completed Participation Form as provided with this RFP.
8. X The completed Reference List as provided with this RFP.
9. X Conflict of Interest statement.
10. X Investment Advisor Registration with SEC, IARD number for firm, and CRD number
of employees that will have contact with the County.
11. X Indicate all of bidder exceptions to the County’s requirements, conditions and
specifications as stated within this RFP.
12. X Lastly, on the LOWER LEFT HAND CORNER of the sealed envelope, box, etc.
transmitting your bid include the following information:
County of Fresno RFP No. 946-5361
Closing Date: August 5, 2015
Closing Time: 2:00 P.M.
Commodity or Service: Ad visory & Reporting Services for the County of
Fresno Treasury Investment Pool
Return Checklist w ith your RFP response.
G:\Public\RFP\FY 2014-15\946-5361 Advisory & Reporting Services for CoF POOL\946-5361 Advisory & Reporting Services for
CoF POOL.doc
28
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Appendix 1
Letter of Recommendation
29
Exhibit D
30
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Appendix 2
REPORTS
31
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Daily Economic/Market Chart
(Daily Email from Our Economic Team in New York)
32
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
33
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Weekly Market Dashboard
34
Exhibit D
Country 7/17/15 7/24/15 Change
Australia 2.95%2.82%(0.13%)
Portugal 2.63%2.50%(0.13%)
United States 2.35%2.26%(0.08%)
Great Britain 2.08%1.93%(0.14%)
Spain 1.93%1.90%(0.03%)
Italy 1.92%1.87%(0.05%)
Canada 1.56%1.48%(0.08%)
France 1.07%0.97%(0.11%)
Germany 0.79%0.69%(0.10%)
Japan 0.42%0.41%(0.01%)
Switzerland 0.05%(0.06%)(0.11%)
Sector Yield WTD Return YTD Return Ticker
20+YR Tsy 2.55%2.25%(2.38%)TLT
7-10YR Tsy 1.84%0.70%0.78%IEF
Municipals 2.56%0.38%0.15%MUB
Aggregate 2.38%0.30%0.18%AGG
3-7YR Tsy 1.32%0.24%1.35%IEI
MBS 1.94%0.18%0.57%MBB
Floating RN 0.55%(0.02%)0.43%FLOT
1-3YR Tsy 0.53%(0.02%)0.65%SHY
1-3YR Corp 1.19%(0.05%)0.47%CSJ
Short TIPS 0.74%(0.11%)0.56%STIP
High Yield 5.43%(1.62%)(0.05%)HYG
Fixed Income Exchange Traded Funds (ETFs) (Sort is WTD)
10 Year Government Bond Yields (sort is current Yld)
Friday, July 24, 2015
Weekly Market Dashboard
Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, a nd it may be incomplete or condensed. This is for informational purposes only and is not intended as an
offer or solicitation with respect to any particular security, investment strategy, or investment product. All herein listed securities are subject to availability and change in price. Past performance is not indicative of future results.
Ratings on all securities are subject to change. FTN Financial Group, FTN Financial Capital Markets, and FTN Financial Portf olio Advisors are divisions of First Tennessee Bank National Association (FTB). FTN Financial Securities Corp
(FFSC), FTN Financial Main Street Advisors, LLC, and FTN Financial Capital Assets Corporation are wholly owned subsidiaries o f FTB. FFSC is a member of FINRA and SIPC —http://www.sipc.org/. FTN Financial Group, through FTB or its
affiliates, offers investment products and services. FTN Financial is not registered as a Municipal Advisor. This message is intended only for the use of the individual or entity to which it is addressed and may contain information that is
privileged, confidential and exempt from disclosure under applicable law. If the reader of this message is not the intended r ecipient, employee or agent responsible to deliver it to the intended recipient, you are hereby notified that
reading, disseminating, distributing or copying this communication is strictly prohibited.
Data Sources: Bloomberg, Calculations by FTN Main Street
14
-181
-68
-119
-163
-250
-200
-150
-100
-50
0
50
100
M T W T FIndex Points Dow Jones Industrial Avg Daily Change
-4.4%
-3.2%
-2.9%
-2.3%
-2.2%
-2.2%
-6%-5%-4%-3%-2%-1%0%1%
Emerging Mkts
Russell 2000
Dow
NASDAQ
S&P 500
International
Equity Weekly Changes
-5.0%
-0.1%
2.1%
2.5%
6.8%
8.2%
-10%-5%0%5%10%15%
Emerging Mkts
Dow
S&P 500
Russell 2000
International
NASDAQ
Equity Year-To-Date Total Returns
2.35%
2.37%
2.33%
2.32%
2.27%
2.26%
2.24%
2.26%
2.28%
2.30%
2.32%
2.34%
2.36%
2.38%
2.40%
F M T W T F
10 Year T-Note Yield
0.67%
0.71%
0.68%
0.71%
0.69%
0.68%
0.64%
0.66%
0.68%
0.70%
0.72%
0.74%
F M T W T F
2 Year T-Note Yield
1.67%
1.71%
1.65%
1.67%
1.63%
1.62%
1.60%
1.62%
1.64%
1.66%
1.68%
1.70%
1.72%
1.74%
1.76%
F M T W T F
5 Year T-Note Yield
-6.6%
-5.7%
-3.1%
-3.1%
-1.0%
-8%-6%-4%-2%0%2%
Corn
Oil
Natural Gas
Gold
Gasoline
Commodities Weekly Change
0.04%
0.06%
0.08%
0.10%
0.12%
0.14%
0.16%
M T W T F
Overnight Avg Repurchase Agreement Yield
(Govt Collateral)
0
2
4
6
8
10
12
14
M T W T FBasis Points Agency Bullet Offer Spread to Matching Tsy
5YR
3Yr
2YR
0.16%
0.18%
0.20%
0.22%
0.24%
0.26%
0.28%
0.30%
M T W T F
LIBOR (London Interbank Offered Rate)
3 Month
1 Month
73
85
104
0 25 50 75 100 125
Industrial
Utility
Finance
Basis Points
5YR Corporate Bond (A Rated) Sector Spreads
to 5YR Treasury
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
1 Mon 2 Mon 3 Mon 4 Mon 5 Mon 6 MonPercent Maturity
Money Market Instruments Yields
T-Bills
Agency
Fed Funds
CD (A1/P1)
CP (A1/P1)
72
50
55
60
65
70
75
80
U.S. Investment Grade 5YR Corporate Bonds
Credit Default Swaps (CDS)
35
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Credit Strategy Report
36
Exhibit D
Descriptive Information Last 4 Qtrs2014 2013 2012 2011Relative Credit Performance - Last 4 Qtrs CUSIP084664BE0IssuerBerkshire Hathaway Finance CorpTickerBRK SectorFinancialSubgroupProperty & Casualty InsurancePeer GroupProperty & Casualty Insurance Maturity05/15/2018Issue Date12/01/2008Coupon5.400CurrencyUSD AmtOutstanding$1,249,080,000 All Pricing as of:06/17/2015All Financials as of:06/17/2015Key Credit MetricsPct Ranking vs Peer Group0% 550% 380% 140% 3100% 180% 1100% 1100% 1100% 1100% 1RankvsPeersTotal Debt/ Total Equity (x)0.33 0.33 0.32 0.33 0.36ACL Risk Based Capital Ratio (%)481.86 481.86 490.10 490.16 469.58Bonds: Bonds Rated 3 to 6/ Bonds (%)2.31 2.31 3.42 19.30 20.58Combined Ratio (%)93.53 93.53 91.58 95.30 99.23Cash & Short-Term Investments/ Liabilities (%) 29.86 29.86 23.47 20.36 17.62ROAA3.99 3.99 4.40 3.70 2.81Liabilities/Capital & Surplus (%)85.12 85.12 73.95 78.74 83.34Total Revenue ($000)194,673,000 194,673,000 182,150,000 162,463,000 143,688,000Total Assets ($000)526,186,000 526,186,000 484,931,000 427,452,000 392,647,000Financials ($000)Total Expenses166,568,000 166,568,000 153,354,000 140,227,000 128,374,000Net Income20,170,000 20,170,000 19,845,000 15,312,000 10,746,000EBIT31,358,000 31,358,000 31,597,000 24,980,000 17,978,000Pre-Tax Operating Income13,788,967 13,788,967 11,232,303 10,039,864 8,830,785Net Investment Income15,052,493 15,052,493 8,656,841 8,434,153 8,439,359Cash63,269,000 63,269,000 48,186,000 46,992,000 37,299,000Investments179,090,000 179,090,000 176,920,000 140,287,001 125,172,000Capital & Surplus130,806,352 130,806,352 107,445,422 96,189,584 95,766,089Total Debt80,209,000 80,209,000 72,224,000 62,736,000 60,384,000ROAE (%)8.57 8.57 9.60 8.37 6.50Investment Yield (%)4.50 4.50 6.45 5.34 3.47 Market Monitor - Debt Performance OAS(bps)Diff(bps)SDSDs +/-Issuer 5-yr OAS59Peer Group Avg133 -74 49.1 -1.52Issuer Rank Avg78 -19 27.0 -0.72IG Index Avg130 -71 115.4 -0.62 CDS(bps)Diff(bps)SDSDs +/-5-yr CDS63Peer Group Avg72 -10 55.3 -0.18Issuer Rank Avg19 43IG Index Avg81 -18 78.4 -0.23Market Monitor - Equity PerformanceEquity1Yr(%)Diff.SharpeDiff.Issuer Eqy11.800.89Peer Group Avg16.38 -4.58 1.08 -0.20Issuer Rank Avg12.46 -0.67 0.65 0.24IG Index Avg6.92 4.88 0.42 0.47S&P Index10.47 1.32 0.89 0.00Historical Transition Last 4 Qtrs 2014 2013 2012HighInvest.Grade LowInvest.Grade5-yr Issuer OAS vs Peer GroupLow: +59Hi: +240-1 SD: 84+1 SD: 182OASAvg: +133Sample PortfolioMemphis , TN Reference111890Disclaimer: All company financials and calculations as of 6/17/2015 available data. All pricing presented as of 6/17/2015 for comparison purposes. Please see our Appendixdocument; full disclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utilityoperating companies. Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.37Exhibit D
This review of selected corporate securities(y) is not intended to replace due diligence required to make an assessment of creditworthiness. The views expressed here reflect FTN Financial’s current assessmentof the subject securities or issuers. This material is for institutional investors only; it is not intended for use by persons who are not institutional investors under applicable regulatory rules.The information in this material does not, and is not intended to, predict or project future operating performance, change in ownership, or events outside standard credit metrics that could significantly impact thecredit quality of the security’s issuer, and should not be interpreted as such. Rather, it is designed to give a snapshot assessment of the issuer’s perceived credit quality, utilizing current financial metrics andprevious ability to deal with economic downturns.This material was produced by an FTN Financial Strategist and is not considered research and is not a product of any research department. Strategists may provide information to investors as well as to FTNFinancial's trading desk. The trading desk may trade as principal in the products discussed in this material. The trading desk may have accumulated positions in the securities or credit instruments that relate tothe credit discussed herein. Strategists receive compensation which may be based in part on the quality of their analysis, FTN Financial revenues, trading revenues, and competitive factors.Any ratings as listed have been obtained from sources we believe to be current, but FTN Financial does not independently verify or guarantee their accuracy or completeness. Ratings on all securities are subjectto change due to reasons that may or may not affect the creditworthiness of the subject securities or issuers.Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. Opinions, historical price(s) or value(s) are asof the date and, if applicable, time, indicated. FTN Financial does not accept any responsibility to update any opinions or other information contained in this communication. FTN Financial is not providinginvestment advice through this material. This is for analysis purposes only and is not intended as an offer or solicitation of any product. Securities, financial instruments, products or strategies mentioned in thismaterial may not be suitable for all investors. Before acting on any information in this material you should consider whether it is suitable for your particular circumstances.FTN Financial (FTN) is not registered as a municipal advisor with the SEC or MSRB. FTN is not acting as your advisor and does not owe a fiduciary duty under the securities laws to you, any municipal entity, orany obligated person with respect to, among other things, the information and material contained in this communication. Instead, FTN is acting for its own interests. You should discuss any information or materialcontained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material.FTN Financial Group, FTN Financial Capital Markets, and FTN Financial Portfolio Advisors are divisions of First Tennessee Bank National Association (FTB). FTN Financial Securities Corp (FFSC), FTNFinancial Main Street Advisors, LLC and FTN Financial Capital Assets Corporation are wholly owned subsidiaries of FTB. FFSC is a member of FINRA and SIPC— http://www.sipc.org/. FTN Financial Group,through FTB or its affiliates, offers investment products and services.Sample PortfolioMemphis , TN Reference111890Disclaimer: All company financials and calculations as of 6/17/2015 available data. All pricing presented as of 6/17/2015 for comparison purposes. Please see our Appendixdocument; full disclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utilityoperating companies. Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.38Exhibit D
Sector Summary - Bank - DomesticCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)FITB 41 3 14JPM 90 1 10FNFG 7 5 7BAC 52 3 7PNC 76 2 7MTB 45 3 -3CMA 28 4 -7SIVB 69 2 -7RF 34 4 -7FHN 0 5 -7Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)ZION 214 18529HBAN 111 9318COF 119 10613PBCT 194 18113BK 85 7312RF 115 144-29STT 73 90-17ASB 131 147-16USB 58 69-11NTRS 68 78-10Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)GS Goldman Sachs Group Inc96961109 110 5-yr -1COF Capital One961001119 106 5-yr 13WFC Wells Fargo & Co9393184 78 5-yr6JPM JPMorgan Chase & Co8979196 95 5-yr1AXP American Express Co8689183 79 5-yr4USB US Bancorp8282158 69 5-yr -11STT State Street Corp7982273 90 5-yr -17PNC PNC Financial Services Group I7568284 89 5-yr -5BK Bank of New York Co Inc/The7268285 73 5-yr 12SIVB SVB Financial Group68752169 173 10-yr -4C Citigroup Inc62622108 106 5-yr2DFS Discover Financial62652152 150 5-yr *2BBT BB&T Corp5858390 81 5-yr9MS Morgan Stanley51553111 116 5-yr *-5BAC Bank of America Corp51443105 97 5-yr *8NTRS Northern Trust Corp4851368 78 5-yr -10MTB M&T Bank Corp4448387 76 5-yr 11FITB Fifth Third Bancorp41273101 96 5-yr5KEY Keycorp3434486 81 5-yr5RF Regions Financial Corp34414115 144 3-yr -29STI SunTrust Banks Inc3127497 95 5-yr2CMA Comerica Inc2734494 97 5-yr *-3UNBC MUFG Americas Holdings Corp2024490 86 5-yr4ZION Zions Bancorporation20204214 185 10-yr 29CYN City National Corp/CA1713590 97 5-yr -7HBAN Huntington Bancshares Inc/OH13175111 93 5-yr 18PBCT People's United Financial10105194 181 10-yr 13FNFG First Niagara Financial Group605311 311 5-yr0ASB Associated Banc-Corp335131 147 5-yr -16FHN First Horizon National Corp065151 143 5-yr8* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.39Exhibit D
Sector Summary - ConsumerCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)TGT 66 2 22HAS 37 4 14JWN 48 3 13BG 57 3 13AMBEV 87 1 11HEIANA 44 3 -10MAT 28 4 -10INGR 31 4 -12DPS 31 4 -12TAP 19 5 -12Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)AVP 704 64856HOT 196 15937TSCOLN 370 33337CPB 131 10328ENR 266 24026SPLS 216 276-60SIGMA 159 208-49BBY 266 307-41NWL 119 140-21KSS 151 169-18Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)NKE Nike Inc100100166 52 10-yr 14CVS CVS Corp9898191 69 5-yr 22SBUX Starbucks Corp9797192 79 10-yr 13NESNVX Nestle SA9694148 44 5-yr4TJX TJX Cos Inc95961101 87 5-yr 14COST Costco Wholesale Corp9494145 46 5-yr -1WMT Wal-Mart Stores Inc9290163 48 5-yr 15BBY Best Buy Co92871266 307 5-yr -41PG Procter & Gamble Co9190138 37 5-yr1GPS The Gap868415-yrHOG Harley-Davidson8690179 76 5-yr3EL Estee Lauder Cos Inc/The8690184 94 10-yr -10AMBEV Companhia de Bebidas das Americas867515-yrADM Archer-Daniels Co8487183 85 5-yr -2LUV Southwest Airlines Co8482194 101 5-yr -7MCD McDonald's Corp8386185 73 5-yr *12HD Home Depot Inc8282154 47 5-yr7PEP PepsiCo Inc8084155 55 5-yr *0DG Dollar General80751199 188 10-yr 11UNANA Unilever NV7881260 53 5-yr7LOW Lowe's Cos Inc7774279 62 5-yr 17WOWAU Woolworths Ltd76802101 97 5-yr4KO Coca-Cola Co/The7478250 50 5-yr0SPLS Staples Inc74752216 276 10-yr -60WESAU Wesfarmers Ltd7273287 74 3-yr 13AHNA Ahold Finance USA LLC72712226 239 30-yr -13BFB Brown-Forman71712104 98 10-yr 6IFF Intl. Flavors & Fragrances70642163 154 10-yr 9M Macy's Inc65562141 133 10-yr 8TGT Target Corp6543253 54 5-yr -1ABIBB Anheuser-Busch InBev6564280 80 5-yr0ORLY O'Reilly Automotive Inc65612156 140 10-yr 16SNA Snap-On Inc6261280 67 3-yr 13CTAS Cintas Corp62642106 116 10-yr -10DELH Delhaize Group62612280 286 30-yr -6* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.40Exhibit D
Sector Summary - Consumer CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)KSS Kohl's Corp56513151 169 10-yr -18BATSLN British American Tobacco PLC56643133 122 10-yr 11SYY Sysco Corp5664380 73 5-yr7BG Bunge Ltd56433156 145 5-yr 11CL Colgate-Palmolive Co5664347 43 5-yr4TSN Tyson Foods Inc54603107 92 5-yr 15LO Lorillard Inc54513171 158 5-yr 13KR Kroger Co/The52513111 102 5-yr9SABLN SABMiller PLC5258391 101 3-yr -10JWN Nordstrom Inc4734383 89 5-yr -6MO Altria Group Inc47433135 117 5-yr 18SJM JM Smucker Co47563106 96 5-yr 10H Hyatt Hotels47543167 143 10-yr 24HEIANA Heineken NV44543108 109 10-yr -1SWY Safeway Inc443735-yrMDLZ Mondelez International Inc44343112 89 5-yr 23YUM YUM! BRANDS INC42433149 129 5-yr 20DGELN Diageo PLC4237391 74 5-yr 17AAP Advance Auto Parts Inc41373168 165 5-yr3HSY Hershey Co/The3843474 83 10-yr -9TSCOLN Tesco PLC38344370 333 30-yr 37HAS Hasbro36224231 237 30-yr -6IMTLN Imperial Tobacco Group LLC36324187 163 10-yr 24DPS Dr Pepper Snapple3143495 101 5-yr -6CCL Carnival Corp3132496 109 3-yr -13INGR Ingredion Inc.31434261 246 30-yr 15RAI Reynolds American31284139 137 5-yr *2WHR Whirlpool Corp31374112 101 5-yr 11CLX Clorox Co30224150 138 10-yr 12LEG Leggett & Platt Inc27204151 149 10-yr 2MAT Mattel Inc.27374114 124 5-yr -10KOF Coca-Cola Femsa SAB de CV2517499 99 5-yr0RIFP Pernod-Ricard SA25244149 141 10-yr 8PM Philip Morris International2324482 85 5-yr -3GIS General Mills Inc2324474 76 5-yr -2* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.41Exhibit D
Sector Summary - Consumer CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)AZO Autozone21244105 83 5-yr *22KMB Kimberly-Clark Corp2130459 50 5-yr9SUNTOR Beam Suntory1820593 90 5-yr3TAP Molson Coors18315226 231 30-yr -5CPB Campbell Soup Co17175131 103 5-yr 28CCE Coca-Cola Enterprises Inc1614585 92 5-yr -7KRFT Kraft Foods Group Inc15115133 115 5-yr 18BIMBOA Grupo Bimbo SAB de CV14155138 129 5-yr9HOT Starwood Hotels13115196 159 10-yr 37NWL Newell Rubbermaid Inc11135119 140 5-yr -21MAR Marriott International1185112 97 5-yr 15DRI Darden Restaurants845246 240 10-yr 6CCLAU Coca-Cola Amatil LTD865350 350 10-yr 0ENR Energizer Holdings Inc.6155266 240 10-yr 26K Kellogg Co685106 98 5-yr8CAG ConAgra Foods Inc475199 180 5-yr 19WYN Wyndham Worldwide455212 188 10-yr 24QANAU Qantas Airlines3255-yrIGT International Game Technology235360 346 10-yr 14SIGMA Sigma Alimentos105159 208 5-yr -49AVP Avon Products Inc005704 648 5-yr 56* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.42Exhibit D
Sector Summary - EnergyCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)SWN 48 3 14SEP 44 3 14ETP 51 3 11NOV 89 1 10PAA 54 3 8APC 40 4 -11WFT 13 5 -13DVN 49 3 -16DO 25 4 -19BGGRP 37 4 -32Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)ENBL 212 18428EQT 216 19917SE 189 17613BWP 287 27710WPLAU 160 15010RIG 649 894-245NE 250 437-187DCPMID 304 464-160NBR 253 385-132WFT 316 435-119Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)CVX Chevron Corp100100157 49 5-yr8XOM Exxon Mobil Corp9898150 40 5-yr 10RDSALN Royal Dutch Shell PLC9696155 57 5-yr *-2VLO Valero Energy Corp92921128 137 5-yr -9CNOOC CNOOC LTD92951126 128 5-yr *-2SLB Schlumberger LTD9293197 99 10-yr -2PSX Phillips 6690881214 210 30-yr 4NOV National Oilwell Varco88791120 120 10-yr 0HAL Halliburton Co8782196 97 5-yr -1TOTAL Total Capital SA8588157 64 5-yr -7BHI Baker Hughes Inc8487188 91 3-yr -3MPC Marathon Petroleum Corp82761155 154 10-yr 1COP ConocoPhillips7985286 78 5-yr8BPLN BP PLC7984284 86 5-yr -2WPLAU Woodside Finance77772160 150 5-yr 10SUCN Petro-Canada76712130 152 10-yr -22OXY Occidental Petroleum Corp7480285 83 5-yr2HSECN Husky Oil LTD73732174 181 5-yr -7HES Hess Corp71732145 173 5-yr -28CNQCN Canadian Natural Resources69682181 192 10-yr -11MUR Murphy Oil Corp68612287 308 10-yr -21PXD Pioneer Natural Resources66602178 192 5-yr -14MRO Marathon Oil Corp65652123 119 5-yr *4CVECN Cenovus Energy63552146 176 5-yr -30ECACN EnCana Corp58583153 191 5-yr -38APA Apache Corp58613124 115 5-yr9NBL Noble Energy58523158 177 5-yr -19EPD Enterprise Products Oper.57533106 112 5-yr -6EOG EOG Resources Inc5555373 78 5-yr -5PAA Plains All American Pipeline53463123 126 5-yr -3EQT Equitable Resources50423216 199 5-yr 17ETP Energy Transfer Partners LP50393180 176 5-yr4DVN Devon Energy Corp49653100 94 3-yr6SWN Southwestern Energy47333190 211 5-yr -21CAM Cooper Cameron Corp46473201 200 10-yr 1* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.43Exhibit D
Sector Summary - Energy CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)SEP Spectra Energy Partners LP44303166 156 10-yr 10STLNO Statoil ASA4149367 58 5-yr9SXL Sunoco Logistics41363179 175 5-yr4APC Anadarko Petroleum Corp39504137 133 5-yr4BGGRP BG Energy Capital PLC36684186 207 30-yr -21WMB Williams Cos Inc36304270 315 10-yr -45KMI Kinder Morgan Inc31264148 168 5-yr -20COSCN Canadian Oil Sands Ltd31394393 459 5-yr -66TRPCN TransCanada PipeLines Ltd31264100 116 5-yr -16ENBCN Enbridge Inc.30384211 209 10-yr 2NE Noble Corp plc25204250 437 5-yr -187OKS Oneok Partners LP25344170 230 5-yr -60DO Diamond Offshore Drilling25444135 185 5-yr -50ETE Energy Transfer Equity LP22174295 340 10-yr -45MMP Magellan Midstream22204120 130 5-yr -10NBR Nabors15125253 385 5-yr -132WPZ Willaims Partners15175155 184 5-yr -29RIG Transocean Inc15235649 894 5-yr -245EEP Enbridge Energy1595177 178 5-yr -1DPM DCP Midstream Operating14125281 367 10-yr -86WFT Weatherford Intl.12255316 435 5-yr -119SE Spectra Energy Corp1195189 176 5-yr 13ENBL Enable Midstream Partners LP9125212 184 5-yr 28BPL Buckeye Partners775224 247 5-yr -23ESV ENSCO INTL645209 268 5-yr -59BWP Boardwalk Pipeline405287 277 5-yr 10OKE Oneok Inc335302 360 10-yr -58DCPMID DCP Midstream LLC145304 464 5-yr -160RDC Rowan Cos015288 371 5-yr -83* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.44Exhibit D
Sector Summary - IndustrialCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)SON 25 4 13TXT 47 3 9HUWHY 86 1 9PKG 44 3 9RKT 56 3 9SWK 39 4 -9WM 14 5 -13NSC 45 3 -14BALN 11 5 -16TYC 31 4 -20Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)TYC 186 14541COL 111 7041IP 166 13531LLL 190 16030BMS 154 12826CMI 92 145-53EMBRBZ 272 313-41CELARA 201 225-24ETN 109 130-21WM 90 99-9Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)MMM 3M Co100100138 42 5-yr -4FDX FedEx Corp9896191 77 5-yr 14HON Honeywell International Inc9696151 54 5-yr -3DHR Danaher Corp9595190 67 5-yr 23CMI Cummins Inc9393192 145 10-yr -53GD General Dynamics Corp9292190 77 10-yr 13EMR Emerson Electric Co8989177 71 5-yr6UNP Union Pacific Corp8990159 59 5-yr *0HUWHY Hutchinson Whampoa85761108 106 5-yr2CAT Caterpillar Inc8587182 72 5-yr 10DE Deere & Co8481166 53 5-yr 13ROK Rockwell Automation Inc7979269 52 5-yr 17GE General Electric Co7981267 63 5-yr4UTX United Technologies Corp7981263 66 5-yr -3RTN Raytheon Co7881275 65 5-yr 10BA Boeing Co7573249 51 5-yr -2PH Parker Hannifin Corp7576298 99 10-yr -1NOC Northrop Grumman Corp73752106 107 5-yr -1SIEGR Siemens AG7168271 66 5-yr *5BNSF Burlington Northern7067274 70 5-yr4ITW Illinois Tool Works Inc6870267 53 5-yr 14CNRCN Canadian National Railway Co6764281 66 5-yr 15LMT Lockheed Martin Corp6571274 79 5-yr -5UPS United Parcel Service Inc/Geor6264262 53 5-yr9ROP Roper Industries62622149 135 5-yr 14CRHID CRH America60572134 125 5-yr9PHG Koninklijke Philips Electronics596035-yrDOV Dover Corp5748368 59 3-yr9RKT Rock-Tenn Company56463149 150 5-yr -1JBHT JB Hunt Transportation Services5351397 92 5-yr5ETN Eaton Corp53563109 130 5-yr -21CSX CSX Corp4651391 79 5-yr 12XYL Xylem Inc46393162 162 5-yr0HOLNVX Holcim LTD46393143 131 5-yr 12TXT Textron Inc46373165 154 5-yr 11* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.45Exhibit D
Sector Summary - Industrial CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)NSC Norfolk Southern Corp4559398 87 5-yr 11PKG Packaging Corporation of America43343175 168 10-yr 7SWK Stanley Works/The3948498 95 5-yr3COL Rockwell Collins Inc39294111 70 5-yr 41CP Canadian Pacific RR39394112 108 5-yr4TRN Trinity Industries32394286 260 10-yr 26UFS Domtar Corporation32324354 331 30-yr 23IR Ingersoll-Rand Co Ltd32394116 115 5-yr1IP International Paper Co32234166 135 5-yr 31TYC Tyco International Ltd31514186 145 5-yr 41JOY Joy Global Inc29344276 256 30-yr 20SON Sonoco Products Co25124231 213 30-yr 18KSU Kansas City Southern25174140 131 5-yr9WY Weyerhaeuser Co25294148 146 5-yr2LLL L-3 Communications21254190 160 5-yr 30CNW Con-Way Inc21174189 180 3-yr9EMBRBZ Embraer20204272 313 10-yr -41MLM Martin Marietta Materials17205183 184 10-yr -1CELARA Celulosa Arauco1795201 225 5-yr -24RSG Republic Srvices14155114 108 5-yr6WM Waste Management1426590 99 5-yr -9BALN BAE Systems10265134 121 5-yr 13BMS Bemis Co10105154 128 5-yr 26MWV MeadWestvaco Corp9125163 166 5-yr -3PENSKE Penske Truck Leasing Co765146 138 5-yr8R Ryder System Inc665111 99 5-yr *12SGCLN Stagecoach Group Plc4455-yrAIOAU ASCIANO Finance LTD335195 195 10-yr 0PCL Plum Creek Timber Co115173 172 10-yr 1HTHROW Heathrow Funding Ltd0055-yr* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.46Exhibit D
Sector Summary - TMTCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)TRICN 39 4 28SNI 60 2 24XLS 36 4 17CSC 55 3 17DTV 55 3 14VIA 9 5 -14KOREAT 13 5 -14APH 39 4 -15ARW 39 4 -18BRCD 32 4 -24Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)VOD 149 10247TWC 166 12244TELEFO 152 11438TITIM 240 20535MSI 209 17534OIBRBZ 579 711-132LDOS 279 353-74XLS 200 245-45A 135 174-39IM 237 268-31Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)GOOG Google Inc10098184 80 10-yr 4AAPL Apple Inc9896152 47 5-yr *5TAISEM Tsmc Global Ltd96961115 101 3-yr 14SAMSNG Samsung Electronics Co Ltd96981127 116 30-yr 11INTC Intel Corp9594192 84 10-yr 8QCOM Qualcomm Inc9495175 69 5-yr *6MSFT Microsoft Corp9393132 35 5-yr -3DIS Walt Disney Co/The9290169 63 5-yr6ORCL Oracle Corp9191161 60 5-yr1GLW Corning Inc9091192 108 5-yr -16TXN Texas Instruments Inc8987159 47 5-yr *12CSCO Cisco Systems Inc8887174 71 5-yr *3EMC EMC Corp/MA8586182 77 5-yr5FOXA Twenty-First Century Fox Inc85851107 110 5-yr -3TENCNT Tencent Holdings Ltd85871135 130 5-yr5BABA Alibaba Group Holding Ltd84831119 123 5-yr -4AMAT Applied Materials Inc83821218 214 30-yr 4EBAY eBay Inc8178192 101 5-yr -9HPQ Hewlett-Packard Co81841149 140 5-yr9BIDU Baidu Inc80801133 133 5-yr0IBM International Business Machine7881260 54 5-yr6BRCM Broadcom Corp78792140 117 10-yr 23AMZN Amazon.com Inc7766289 85 5-yr4ADI Analog Devices Inc73762137 144 10-yr -7CA CA Inc73662136 134 5-yr2TLSAU Telstra Corp Ltd73772112 112 10-yr *0ADENVX Adecco SA707025-yrSTX Seagate Technology PLC70642249 239 10-yr 10NTAP NetApp Inc70702187 169 10-yr 18SYMC Symantec Corp67752178 162 5-yr 16CMCSA Comcast Corp6766282 75 5-yr7SKM SK Telecom Co Ltd6770284 90 3-yr -6TEL TE Connectivity Ltd66662100 93 5-yr7A Agilent Technologies Inc65632135 174 5-yr -39AVT Avnet Inc63652196 183 5-yr 13* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.47Exhibit D
Sector Summary - TMT CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)LRCX Lam Research Corp63702133 122 5-yr 11XLNX Xilinx Inc61602103 92 5-yr 11VIVFP Vivendi SA615625-yrSNI Scripps Networks Interactive I60362145 138 5-yr *7LGELEC LG Electronics Inc595435-yrCSC Computer Sciences Corp55383199 229 10-yr -30DTV DIRECTV55413133 138 5-yr -5WPPLN WPP PLC55503149 153 10-yr -4AMXLMM America Movil SAB de CV5561399 108 5-yr -9BR Broadridge Financial Solutions Inc52613148 141 5-yr7TWX Time Warner Inc52443126 99 5-yr 27ALTR Altera Corp52503125 150 10-yr -25XRX Xerox Corp46503130 130 5-yr0VOD Vodafone Group PLC46443149 102 5-yr 47T AT&T Inc46563123 100 5-yr *23IM Ingram Micro Inc46413237 268 10-yr -31MXIM Maxim Integrated Products46543160 160 10-yr 0BRITEL BT Group PLC3838498 83 5-yr 15HRS Harris Corp38414140 108 5-yr *32APH Amphenol Corp38534100 117 5-yr -17ADBE Adobe Systems Inc3844493 82 5-yr 11ARW Arrow Electronics Inc38564202 184 5-yr 18TRICN Woodbridge Co Ltd/The38104116 108 5-yr8VZ Verizon Communications Inc38444112 100 5-yr 12ECL Ecolab Inc3838496 77 5-yr 19RICOH Ricoh Co Ltd36444548 545 10-yr 3XLS Exelis Inc36194200 245 5-yr -45BCECN BCE Inc35374172 166 10-yr 6TELEFO Telefonica SA32294152 114 5-yr 38BRCD Brocade Communications Systems Inc32564288 287 10-yr 1OMC Omnicom Group Inc32354137 109 5-yr 28SKYLN British Sky Broadcasting Group31294120 104 5-yr 16REEDLN Reed Elsevier PLC29294140 132 5-yr8CBS CBS Corp29294115 113 5-yr2CTL CenturyLink Inc26264355 323 5-yr 32* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.48Exhibit D
Sector Summary - TMT CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)FISV Fiserv Inc26194120 116 5-yr *4ADSK Autodesk Inc26254178 179 10-yr -1FIS Fidelity National Information Services21294184 166 10-yr 18VRSK Verisk Analytics Inc21104166 153 5-yr 13TCN TELUS Corp21194252 249 30-yr 3VIEFP Veolia Environnement SA21104234 255 30-yr -21DISCA Discovery Communications Inc19155130 140 5-yr -10LXK Lexmark International Inc19225198 228 5-yr -30AVY Avery Dennison Corp15155167 184 5-yr -17TITIM Telecom Italia SpA15295240 205 5-yr 35IPG Interpublic Group of Cos Inc/T15265180 161 10-yr 19TELVIS Grupo Televisa SAB15145177 176 10-yr 1PSON Pearson Plc14155184 162 10-yr 22KOREAT KT Corp12265108 108 5-yr0TWC Time Warner Cable Inc12185166 122 5-yr 44JBL Jabil Circuit Inc1185223 248 10-yr -25JNPR Juniper Networks Inc9105141 169 5-yr -28VIA Viacom Inc9225130 116 5-yr 14RCICN Rogers Communications Inc755157 144 10-yr 13SJRCN Shaw Communications Inc755200 184 10-yr 16WU Western Union655143 137 5-yr6KPN Koninklijke KPN NV545248 244 30-yr 4LDOS Leidos Inc435279 353 5-yr -74OIBRBZ Oi SA395579 711 5-yr -132KLAC KLA-Tencor Corp225132 130 5-yr2PBI Pitney Bowes Inc105155 162 5-yr -7MSI Motorola Solutions Inc015209 175 10-yr 34* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.49Exhibit D
Sector Summary - UtilityCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)DUK6 51 3 19AES1 16 5 14PPL 47 3 13PPL5 79 2 12NI 29 4 11GAS 53 3 -11D2 69 2 -11BRKHEC6 62 2 -11POR 16 5 -14FE10 22 4 -18Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)BRKHEC2 203 14162CNL 139 9841ED2 212 17537NEE2 161 12635POR 132 9735ETR4 209 284-75PPL5 436 510-74TACN 251 317-66DUK6 201 241-40AES1 416 454-38Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)EXC3 Exelon Generation Co LLC1011011256 248 30-yr 8EIX1 Southern California Edison Co1009815-yrNEE1 Florida Power & Light Co10010015-yrEIX Edison International9897181 86 5-yr -5PEG Public Service Enterprise Group9898160 63 5-yr -3EXC Exelon Corp97911109 111 5-yr *-2CMS1 Consumers Energy Co97921128 121 30-yr 7PCG PG&E Corp9594190 94 5-yr -4PEG2 Public Service Electric & Gas Co9597185 95 10-yr *-10PCG1 Pacific Gas & Electric Co94981153 144 30-yr 9DUK4 Duke Energy Carolinas LLC949515-yrSRE2 Southern California Gas Co93951125 113 30-yr 12CNP2 CenterPoint Energy Resources Corp92921191 171 30-yr 20PEG1 PSEG Power LLC92951264 250 30-yr 14NEE2 NextEra Energy Capital Holdings Inc91851161 126 10-yr 35DTE1 DTE Electric Co90911121 110 30-yr 11SO1 Alabama Power Co909015-yrEXC1 Baltimore Gas & Electric Co89821175 161 30-yr 14EXC4 Peco Energy Inc.88791124 128 30-yr -4DUK5 Duke Energy Indiana Inc87831146 131 30-yr 15DTE DTE Energy Co8785198 74 5-yr 24XEL3 Public Service Co of Colorado85871122 118 30-yr 4AES4 Dayton Power & Light858515-yrED1 Consolidated Edison Co of New York Inc85871154 139 30-yr 15XEL2 Northern States Power Co/MN82851122 108 30-yr 14SO2 Georgia Power Co82871164 141 30-yr 23SRE1 San Diego Gas & Electric Co82791131 122 30-yr 9NFG National Fuel Gas Co82821209 207 5-yr2DUK3 Duke Energy Florida Inc81901128 121 30-yr 7DUK2 Duke Energy Progress Inc79762131 123 30-yr 8PPL5 PPL Energy Supply LLC79672436 510 30-yr -74ES2 NSTAR Electric Co79762136 123 30-yr 13PNW1 Arizona Public Service Co77792144 130 30-yr 14ED Consolidated Edison Inc7775276 81 5-yr -5AEE Ameren Corp7570287 77 5-yr 10* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.50Exhibit D
Sector Summary - Utility CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)ATO Atmos Energy Corp75652138 104 5-yr 34ETR Entergy Corp7583292 99 5-yr -7PNW Pinnacle West Capital Corp7570291 78 5-yr 13XEL Xcel Energy Inc73702105 92 5-yr 13TE1 Tampa Electric Co737325-yrOGE OGE Corp7276283 80 5-yr3AEP American Electric Power Co Inc72672108 94 5-yr 14AEE2 Union Electric Co687025-yrD2 Virginia Electric & Power Co6879295 88 10-yr *7OGE1 Oklahoma Gas & Electric Co687625-yrSO Southern Co/The6873296 83 5-yr *13WEC Wisconsin Energy Corp6867290 81 5-yr *9FE11 Ohio Edison Co67652185 182 30-yr 3ETR2 Entergy Gulf States Inc66702135 125 10-yr 10DUK Duke Energy Corp6667274 65 5-yr9LNT Alliant Energy Corp6556279 90 5-yr -11BRKHEC6 PacifiCorp62732141 129 30-yr 12AEE1 Ameren Illinois Co62642134 123 30-yr 11SRE Sempra Energy6256296 81 5-yr 15LNT2 Wisconsin Power & Light Co62652165 161 30-yr 4EXC2 Commonwealth Edison Co625925-yrOGS ONE Gas Inc6050283 69 5-yr 14ETR6 System Energy Resources Inc60612176 173 10-yr 3ETR3 Entergy Louisiana Holdings Inc60502163 172 30-yr -9CMS CMS Energy Corp5554394 90 5-yr4NEE NextEra Energy55543103 89 5-yr 14ONCRTX1 Oncor Electric Delivery Co LLC55593130 129 30-yr 1AEP5 Ohio Power Co55503178 166 30-yr 12ONCRTX Oncor Electric Delivery Co5559381 86 5-yr -5CNP Centerpoint Energy Inc55613131 103 5-yr 28CNL Cleco Corp55563139 98 3-yr 41D1 Dominion Gas Holdings LLC5462381 88 5-yr -7GAS AGL Resources52633120 120 5-yr0TEG Integrys Energy52453127 110 30-yr 17DUK6 Duke Energy Ohio Inc51323201 241 30-yr -40* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.51Exhibit D
Sector Summary - Utility CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)XEL1 Northern States Power Co/WI51453150 182 30-yr -32XEL4 Southwestern Public Service Co50503141 127 30-yr 14BRKHEC2 Northern Natural Gas Co47563203 141 30-yr 62PPL PPL Corp47343136 134 10-yr 2PPL1 PPL Electric Utilities Corp47543136 129 30-yr 7DUK1 Progress Energy Inc47503175 158 30-yr 17FE9 Trans-Allegheny Interstate Line Co47433153 149 10-yr 4ES1 Connecticut Light & Power Co/The44453133 126 30-yr *7BRKHEC1 Mid American Energy Inc44443135 127 30-yr 8AES3 Indianapolis Power & Light Company44483121 114 30-yr 7PPL4 Louisville Gas & Electric Co44483152 131 30-yr 21ETR1 Entergy Arkansas Inc4245389 106 5-yr -17CNP1 CenterPoint Energy Houston Electric LLC42443131 125 30-yr 6LNT1 Interstate Power & Light Co40323139 126 30-yr 13SO3 Gulf Power Co40483130 104 30-yr 26POM3 Potomac Electric Power Co40303165 152 30-yr 13BRKHEC3 NV Energy Inc40343144 164 5-yr -20BRKHEC Berkshire Hathaway Energy3734491 91 5-yr0PPL3 Kentucky Utilities Co37404147 126 30-yr 21BRKHEC7 Berkshire Hathaway Energy Co37344163 157 30-yr 6SCG SCANA Corp37274195 189 5-yr6FE3 FirstEnergy Solutions Corp36404388 405 30-yr -17TEG1 Wisconsin Public Service Corp35404123 122 30-yr 1ES3 Public Service Co of New Hampshire3330489 86 5-yr3AEP3 Indiana Michigan Power Co33344179 178 30-yr 1ETR4 Entergy Mississippi Inc33404209 284 30-yr -75WEC1 Wisconsin Electric Power Co3234489 83 10-yr *6PSD1 Puget Sound Energy Inc323445-yrFE1 American Transmission Systems Inc29274182 180 30-yr 2NI NiSource Inc29184126 111 5-yr 15PPL2 LG&E and KU Energy LLC29274127 122 5-yr5POM Pepco Holdings Inc29254103 87 10-yr 16WR Westar Energy25274101 101 5-yr0AVA Avista2525453 73 3-yr -20SCG1 South Carolina Electric & Gas Co253445-yr* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.52Exhibit D
Sector Summary - Utility CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)BRKHEC4 Nevada Power Co25254157 148 30-yr 9AEP2 Appalachian Power Co252045-yrPOM2 Delmarva Power & Light Co24234150 137 30-yr *13D Dominion Resources Inc2425496 97 5-yr -1IDA IDACORP Inc22244124 115 30-yr 9PNM1 Texas-New Mexico Power Co222245-yrFE10 West Penn Power Co2240490 87 3-yr3FE FirstEnergy Corp21224160 181 5-yr -21FE12 Potomac Edison Co201445-yrGXP Great Plains Enegry1720591 80 5-yr 11TE TECO Energy17205135 126 5-yr9PSD Puget Energy Inc17185141 128 5-yr 13AEP6 Public Service Co of Oklahoma1775208 197 30-yr 11POR Portland Electric Company16305132 97 5-yr 35AES1 DPL Inc1625416 454 5-yr -38SO5 Southern Power Co15175203 177 30-yr 26BRKHEC5 Sierra Pacific Power Co1595185 166 30-yr 19ED2 Orange & Rockland Utilities Inc13145212 175 30-yr 37AEP7 Southwestern Electric Power Co13105186 175 30-yr 11FE4 Jersey Central Power & Light Co12135235 239 30-yr -4FE6 Monongahela Power Co121055-yrPNM PNM Resources Inc9105125 161 3-yr -36TACN TransAlta Corp9175251 317 10-yr -66PNY Piedmont Natural Gas9145144 122 30-yr 22POM1 Atlantic City Electric Co9105213 232 30-yr -19GXP1 Kansas City Power & Light Co7755-yrEE El Paso Electric7145191 209 30-yr -18ETR5 Entergy Texas Inc695106 97 5-yr9AES2 IPALCO Enterprises Inc675177 188 3-yr -11SO4 Mississippi Power Co525203 172 30-yr 31FE5 Metropolitan Edison Co565171 151 10-yr 20FE7 Pennsylvania Electric Co445257 243 30-yr 14AEP1 AEP Texas Central Co335186 200 30-yr -14AEP4 Kentucky Power Co2555-yrES4 Western Massachusetts Electric Co25588 95 5-yr -7* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.53Exhibit D
Sector Summary - Utility CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)FE8 Toledo Edison Co/The105208 218 30-yr -10ITC ITC Holdings Corp005158 138 10-yr 20FE2 Cleveland Electric Illuminating Co/The0055-yr* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.54Exhibit D
Sector Summary - Health CareCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)GSK 77 2 60SYK 74 2 17ABBV 23 4 17AMGN 69 2 17BMY 57 3 17TEVA 63 2 -14LH 6 5 -17AZN 40 3 -23BDX 9 5 -29ZMH 34 4 -43Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)BAX 114 7638CAH 106 8224TEVA 110 8921BDX 119 100*19ZMH 127 10819BMY 48 59-11DGX 119 126-7ABC 108 115-7ROSW 62 66-4JNJ 33 36-3Changes are from last quarterly data update* indicates new issue <3 months, OAS chg from Issue Date CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)JNJ Johnson & Johnson100100133 36 5-yr -3GILD Gilead Sciences9797170 64 5-yr6NOVNVX Novartis AG9494156 53 5-yr3SANFP Sanofi SA9188181 73 5-yr8PFE Pfizer Inc8885157 53 5-yr4MRK Merck & Co Inc8591150 47 5-yr3ROSW Roche8282162 66 5-yr -4ABT Abbott Laboratories8074160 55 5-yr5GSK GlaxoSmithKline PLC7717298 95 10-yr 3SYK Stryker Corp7457286 81 5-yr5AMGN Amgen Inc6851292 81 5-yr *11CAH Cardinal Health Inc68652106 82 5-yr 24CELG Celgene Corp6271289 91 5-yr -2TEVA Teva Pharmaceuticals62772110 89 5-yr 21ESRX Express Scripts Inc57573103 98 5-yr5BMY Bristol-Myers Squibb Co5740348 59 5-yr -11LLY Eli Lilly & Co5465362 48 5-yr 14MDT Medtronic5148383 70 5-yr 13MCK McKesson Corp48513120 107 5-yr 13MJN Mead Johnson45453121 118 5-yr3STJ St. Jude Medical42343129 121 10-yr 8AZN AstraZeneca4062355 51 5-yr4BAX Baxter International Inc34404114 76 5-yr 38ZMH Zimmer Holdings34774127 108 5-yr 19TMO Thermo Fisher Scientific31284120 115 5-yr5BCR Bard (CR) Inc2825480 82 3-yr -2ABBV AbbVie Inc2254112 102 5-yr *10ABC AmerisourceBergen Corp22284108 115 5-yr -7HSP Hospira Inc20204143 130 10-yr 13DGX Quest Diagnostics17115119 126 5-yr -7ZTS Zoetis Inc14115175 156 10-yr 19MYL Mylan Inc1125148 144 5-yr4BDX Becton Dickinson & Co8375119 100 5-yr *19LH Laboratory Corp5225126 119 5-yr7ACT Actavis PLC255138 132 5-yr6* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.55Exhibit D
Sector Summary - Life & Health InsuranceCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)PL 22 4 11UNM 11 5 6PFG 33 4 -6SLFCN 50 3 -6RGA 6 5 -11TMK 11 5 -11Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)AET 137 11027CI 109 9019LNC 143 12518PL 157 14314TMK 151 13813MFCCN 194 332-138GNW 411 510-99HUM 107 117-10AFL 72 82-10RGA 141 146-5Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)UNH UnitedHealth Group Inc100100164 60 5-yr4AFL AFLAC9494172 82 5-yr -10MFCCN Manulife Financial Corp88881194 332 10-yr -138MET Metlife Inc83831100 90 5-yr 10LNC Lincoln National Corp77772143 125 5-yr 18PRU Prudential Financial Inc72722105 106 5-yr -1AET Aetna Inc66662137 110 5-yr 27HUM Humana Inc61612107 117 5-yr -10AMP Ameriprise Financial Inc5050381 79 5-yr2SLFCN SunLife Financial505535-yrSYA Symetra Financial Corp44443206 195 10-yr 11CI Cigna Corp33334109 90 5-yr 19PFG Principal Financial Group33384135 127 10-yr *8GNW Genworth27274411 510 5-yr -99PL Protective Life Corp22114157 143 5-yr 14TMK Torchmark Corp11225151 138 5-yr 13UNM Unum Group1155158 152 10-yr 6RGA Reinsurance Group of America5165141 146 5-yr -5PRI Primerica Inc005167 159 10-yr 8* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.56Exhibit D
Sector Summary - MaterialsCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)GFISJ 18 5 13ARG 31 4 13NEM 56 3 13VAL 28 4 8DOW 85 1 8PPG 56 3 -8FCX 10 5 -10BAYNGR 72 2 -13CF 41 3 -15RPM 10 5 -23Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)CLF 1941 1356585VAL 186 15927MOS 174 15222AGUCN 148 12820LYB 133 11320DSM 527 616-89FCX 187 247-60POT 93 117-24ABXCN 218 240-22RIOLN 91 111-20Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)RIOLN Rio Tinto PLC100100191 111 5-yr -20BHP BHP Billiton Ltd9794184 80 5-yr4LYB Lyondellbasell Industries92941133 113 5-yr 20PCP Precision Castparts Corp92921103 95 10-yr 8BASGR BASF87871492 494 30-yr -2MOS Mosaic87891174 152 10-yr 22DOW Dow Chemical Co/The84761118 105 5-yr 13DD Du Pont82821100 87 5-yr 13NUE Nucor Corp79742164 152 10-yr 12MON Monsanto Co7671290 70 5-yr 20POT Potash Corp of Saskatchewan7169293 117 5-yr -24BAYNGR Bayer AG7184280 73 5-yr7AALLN Anglo American Plc69762198 200 5-yr *-2SCCO Southern Copper Corp66612162 172 5-yr -10PPG PPG Industries Inc5664385 78 5-yr7PX Praxair Inc5658377 74 5-yr3NEM Newmont Mining56433156 166 5-yr -10SHW Sherwin-Williams Co/The5664361 55 3-yr6AKZANA Akzo Nobel NV535135-yrRS Reliance Steel46383267 258 10-yr 9APD Air Products & Chemicals Inc4646392 82 5-yr 10GLENLN Glencore Finance Europe46463169 151 5-yr *18TCKBCN Teck Resources Ltd.43513236 247 5-yr -11CF CF Industries Holdings Inc41563151 147 5-yr4DSM Koninklijke DSM35354527 616 5-yr -89AGUCN Agrium Inc35414148 128 5-yr 20CBT Cabot Corp33304165 152 10-yr 13ARG Airgas30174118 99 5-yr 19VAL Valspar28204186 159 5-yr 27NOBLSP Noble Group Ltd25204484 493 5-yr -9ABXCN Barrick Gold Corp23204218 240 5-yr -22EMN Eastman Chemical Co20124123 109 5-yr 14GFISJ Gold Fields Ltd1755175 182 5-yr -7CYT Cytec Industries15155195 175 10-yr 20FCX Freeport-McMorRan10205187 247 5-yr -60* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.57Exhibit D
Sector Summary - Non-Bank FinanceCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)RJF 42 3 21CME 79 2 11ICE 74 2 11MMC 63 2 5BX 100 1 5JNS 32 4 -5EFX 37 4 -5AMTD 58 3 -16SCHW 63 2 -16NDAQ 11 5 -21Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)RJF 178 15028WSH 224 20618SYF 145 13015MA 61 4615ICE 131 11714JEF 205 244-39LAZ 151 167-16EFX 135 148-13SCHW 63 69-6Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)BX Blackstone100941112 105 5-yr7BEN Franklin Resources9494192 85 5-yr7MA MasterCard Inc.8989161 46 5-yr 15BLK Blackrock8478178 76 5-yr2CME CME Group Inc78682103 100 10-yr 3ICE Intercontinental Exchange73632131 117 10-yr 14MMC Marsh & McLennan Cos Inc6357293 82 5-yr 11SCHW Charles Schwab Corp/The6378263 69 5-yr -6AMTD TD Ameritrade5773393 80 5-yr 13AON AON Corp52523145 133 10-yr 12SYF Synchrony Financial47473145 130 5-yr 15RJF Raymond James Financial42213178 150 5-yr 28EFX Equifax Inc36424135 148 10-yr -13JNS Janus Capital Group313645-yrEV Eaton Vance15105152 140 10-yr 12LAZ Lazard Ltd15215151 167 5-yr -16LM Legg Mason15155124 118 5-yr6NDAQ NASDAQ OMX Group10315157 149 5-yr8WSH Willis Group555224 206 10-yr 18JEF Jefferies Group LLC005205 244 5-yr -39Corporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.58Exhibit D
Sector Summary - Property & Casualty InsuranceCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)THG 240 20931ENH 301 27922AIZ 190 17218AHL 221 20813CB 65 5213AIG 92 108-16CNAFNL 136 144-8AWH 157 164-7FFHCN 319 324-5TRV 70 75-5Changes are from last quarterly data update CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)BRK Berkshire Hathaway Inc100100158 46 5-yr 12CB Chubb Corp9595165 52 3-yr 13TRV Travelers Cos Inc/The9090170 75 5-yr -5ALL Allstate Corp/The8181199 99 10-yr 0PRE Partnerre Finance81811137 129 5-yr8PGR PROGRESSIVE CORP77772148 136 30-yr 12XL XL Capital Ltd7272287 88 5-yr -1RE Everest Re Group Ltd68682214 218 30-yr -4AHL Aspen Insurance Holdings Ltd63632221 208 10-yr 13FFHCN Fairfax Financial54543319 324 10-yr -5ACE ACE Ltd54543100 99 5-yr1AIZ Assurant Inc.50503190 172 10-yr 18AIG American International Group Inc4545392 108 5-yr -16HIG Hartford Financial Services Gr40403121 119 5-yr2AWH Allied World Assurance Co36364157 164 5-yr -7Y Transatlantic Holdings31314164 163 10-yr 1MKL Markel Corp27274163 155 5-yr8WRB W.R. Berkely22224150 145 5-yr5AXS Axis Capital18185163 158 5-yr5AFG American Financial Group Inc.995185 174 5-yr 11CNAFNL CNA Financial Corp995136 144 5-yr -8ENH Endurance Specialty Holdings Ltd445301 279 30-yr 22THG Hanover Insurance Group005240 209 5-yr 31Corporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.59Exhibit D
Sector Summary - REITsCCR Movers Ticker % Rank CCRΔ in % Rank(+/-)VTR 55 3 18EQR 59 3 14BXP 27 4 14CPT 77 2 14DRE 14 5 5REG 18 5 -5HPT 50 3 -5FRT 9 5 -9KIM 59 3 -14HCP 36 4 -59Changes are from last recorded LTM periodOAS Spread Movers Ticker Current Prior Change (bps)HPT 249 23019NNN 165 15213PLD 130 11812KIM 133 12112WFDAU 122 11111DLR 145 179-34REG 143 162-19WRI 178 195*-17BDN 192 203-11BAMACN 199 208-9Changes are from last quarterly data update* indicates new issue <3 months, OAS chg from Issue Date CCR % Rank CCR OAS Spread Maturity BpsTicker IssuerCurrent Previous Score Current Previous Indicator Chg (+/-)BAMACN Brookfield Asset Management1001001199 208 10-yr -9PLD Prologis95901130 118 5-yr 12AVB AvalonBay Communities Inc90861118 112 5-yr6WFDAU Westfield Corp86811122 111 5-yr 11SPG Simon Property Group Inc8177179 83 5-yr -4CPT Camden Property Trust77632155 149 10-yr 6KIM Kimco Realty Corp59723133 121 5-yr 12NNN Commercial net lease Realty59633165 152 10-yr 13HCN Health Care REIT59593141 139 5-yr2EQR Equity Residential5945392 85 5-yr7VTR Ventas Inc54363120 114 5-yr6HPT Hospitality Properties50543249 230 10-yr 19O Realty Income Corp.45503130 126 5-yr4DLR Digital Realty Corp40363145 179 5-yr -34HCP Health Care Property Investors36954131 130 5-yr1WRI Weingarten Realty Investors31314178 195 10-yr *-17BXP Boston Properties Inc2713498 92 5-yr6LPT Liberty Property Trust18225184 174 10-yr 10REG Regency Centers18225143 162 5-yr -19DRE Duke Realty Corp1395142 147 5-yr -5FRT Federal Realty investment Trust9185133 126 10-yr 7BDN Brandywine445192 203 10-yr -11CLI Mack-Cali Realty Corp005225 228 5-yr -3* indicates new issue <3 months, OAS chg from Issue DateCorporate Credit Review (CCR) – Sector Summary Disclaimer: All company financials and calculations as of 6/17/20156/17/20156/17/20156/17/2015 available data. All pricing presented as of 6/17/20156/17/20156/17/20156/17/2015 for comparison purposes. Please see our Appendix document; fulldisclaimer on last page of Report. All information in this report, including price studies, relates to underlying Parent Company Senior Unsecured Debt, except for Utility operating companies.Reference CUSIPs may be associated with different collateral, subsidiary, or structural seniority within the Issuer's capital structure.60Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Daily Portfolio Update
61
Exhibit D
County of Santa Clara - Commingled Pool (sorted by Maturity) As of :
CUSIP Ticker Issuer Sector Strct.CPN Mat Yrs
Par
$Mil
Mkt
$Mil
Cumltv
$
Cumltv
%Next Call
Days
to Call S&P Mdy Fitch
Issue
Size $B
Eff
Dur
Conv
x
MKT
YTM
Bk
Yld
Mkt
Prc
Orig Bk
Price
Amotz
Cost
Amtz P/L
$000
DICXX Dreyfus CM (Prime)MMF Bullet 0.04 7/31/15 0.00 243.1 243.1 243 4.7%AAA Aaa AAA 0.00 0.00 0.04 0.04 100 100 100 $0
MVRXX Morgan Stanley Govt MMF Bullet 0.04 7/31/15 0.00 125.0 125.0 368 7.1%AAA Aaa AAA 0.00 0.00 0.04 0.04 100 100 100 $1
MISXX Morgan Stanley Trsy MMF Bullet 0.03 7/31/15 0.00 25.0 25.0 393 7.5%AAA Aaa AAA 0.00 0.00 0.03 0.03 100 100 100 $1
BPIXX BlackRock Prime MMF Bullet 0.14 7/31/15 0.00 175.0 175.0 568 10.9%AAA Aaa AAA 0.00 0.00 0.14 0.14 100 100 100 $1
LAIF LAIF LAIF Bullet 0.33 7/31/15 0.00 40.0 40.0 608 11.7%NR NR NR 0.00 0.00 0.33 0.33 100 100 100 $0
REPO Deutsche Bank REPO Bullet 0.000 7/31/15 0.00 0.0 0.0 608 11.7%NR NR NR 0.00 0.00 0.00 0.11 100 100 100 $0
REPO Barclays REPO Bullet 0.000 7/31/15 0.00 0.0 0.0 608 11.7%NR NR NR 0.00 0.00 0.00 0.10 100 100 100 $0
9033E1V35 USBKMN US Bank CP Bullet 0.000 8/3/15 0.01 100.0 100.0 708 13.6%A-1+P-1 F1+0.01 0.00 0.10 0.10 100.00 100.00 100.00 $1
313384KC2 FHDN FHLB AGY Bullet 0.000 8/7/15 0.02 25.0 25.0 733 14.1%A-1+P-1 F1+14.263 0.02 0.00 0.07 0.05 100.00 99.99 100.00 $0
313384KJ7 FHDN FHLB AGY Bullet 0.000 8/13/15 0.04 50.0 50.0 783 15.0%A-1+P-1 F1+1.712 0.04 0.00 0.06 0.04 100.00 99.99 100.00 $0
3133EC7H1 FFCB FFCB AGY Bullet 0.340 8/17/15 0.05 20.0 20.0 803 15.4%AA+Aaa AAA 0.200 0.04 0.00 0.05 0.19 100.02 100.11 100.00 $4
3133EDC59 FFCB FFCB AGY Bullet 0.250 8/19/15 0.05 50.0 50.0 853 16.4%AA+Aaa AAA 0.175 0.04 0.00 0.05 0.30 100.01 99.92 100.00 $5
3133EDC59 FFCB FFCB AGY Bullet 0.250 8/19/15 0.05 20.0 20.0 873 16.8%AA+Aaa AAA 0.175 0.04 0.00 0.05 0.33 100.01 99.87 100.00 $2
313383V81 FHLB FHLB AGY Bullet 0.375 8/28/15 0.08 30.0 30.0 903 17.3%AA+Aaa AAA 3.000 0.07 0.00 0.10 0.29 100.02 100.16 100.01 $4
313383V81 FHLB FHLB AGY Bullet 0.375 8/28/15 0.08 18.6 18.6 922 17.7%AA+Aaa AAA 3.000 0.07 0.00 0.10 0.28 100.02 100.17 100.01 $2
3134G3J76 FHLMC FHLMC AGY Bullet 0.450 9/4/15 0.10 10.0 10.0 932 17.9%AA+Aaa AAA 1.000 0.09 0.00 0.08 0.45 100.03 100.01 100.00 $3
3134G3J76 FHLMC FHLMC AGY Bullet 0.450 9/4/15 0.10 10.0 10.0 942 18.1%AA+Aaa AAA 1.000 0.09 0.00 0.08 0.54 100.03 100.03 100.00 $3
3133EAZ68 FFCB FFCB AGY Bullet 0.400 9/25/15 0.15 15.0 15.0 957 18.4%AA+Aaa AAA 0.104 0.14 0.00 0.08 0.42 99.95 99.96 100.00 ($7)
3135G0NV1 FNMA FNMA AGY Bullet 0.500 9/28/15 0.16 10.0 10.0 967 18.6%AA+Aaa AAA 5.000 0.15 0.00 0.08 0.47 100.06 100.10 100.01 $5
3135G0NV1 FNMA FNMA AGY Bullet 0.500 9/28/15 0.16 20.0 20.0 987 18.9%AA+Aaa AAA 5.000 0.15 0.00 0.08 0.44 100.06 100.19 100.01 $10
3130A1NW4 FHLB FHLB AGY Bullet 0.250 10/15/15 0.21 30.0 30.0 1,017 19.5%AA+Aaa AAA 0.250 0.20 0.00 0.22 0.26 100.01 99.99 100.00 $2
912828TT7 T US Treasury Tsy Bullet 0.250 10/15/15 0.21 25.0 25.0 1,042 20.0%AA+Aaa AAA 32.000 0.20 0.00 0.03 0.21 100.04 100.06 100.01 $9
06417F6H8 BNS Bk of Nova Scotia CD Bullet 0.650 10/22/15 0.23 15.0 15.0 1,057 20.3%A-1 P-1 F1+0.14 0.00 0.65 0.65 100.00 100.00 100.00 $0
931142CX9 WMT Walmart CORP Bullet 1.500 10/25/15 0.24 5.5 5.5 1,062 20.4%AA Aa2 NR 1.250 0.22 0.00 0.32 0.29 100.26 101.15 100.29 ($1)
31398A4M1 FNMA FNMA AGY Bullet 1.625 10/26/15 0.24 25.0 24.9 1,087 20.9%AA+Aaa AAA 6.500 0.23 0.00 3.45 1.38 99.58 101.18 100.06 ($119)
3130A1P69 FHLB FHLB AGY Bullet 0.230 10/30/15 0.25 20.0 20.0 1,107 21.3%AA+Aaa AAA 0.250 0.24 0.00 0.12 0.23 100.03 100.00 100.00 $5
19416QDQ0 CL Colgate-Palmolive CORP Bullet 1.375 11/1/15 0.25 15.0 15.0 1,122 21.5%AA-Aa3 AA-0.188 0.24 0.00 0.69 1.53 100.16 99.25 99.96 $30
3133EDGC0 FFCB FFCB AGY Bullet 0.250 11/4/15 0.26 20.1 20.1 1,142 21.9%AA+Aaa AAA 0.170 0.25 0.00 0.39 0.25 99.96 100.00 100.00 ($7)
3133EDET5 FFCB FFCB AGY Bullet 0.310 11/5/15 0.27 25.0 25.0 1,167 22.4%AA+Aaa AAA 0.275 0.26 0.00 0.12 0.26 100.05 100.09 100.01 $8
3133EDET5 FFCB FFCB AGY Bullet 0.310 11/5/15 0.27 20.0 20.0 1,187 22.8%AA+Aaa AAA 0.275 0.26 0.00 0.12 0.23 100.05 100.12 100.02 $6
3133EA7L6 FFCB FFCB AGY Bullet 0.400 11/9/15 0.28 10.0 10.0 1,197 23.0%AA+Aaa AAA 0.073 0.27 0.00 0.40 0.41 100.00 99.96 100.00 $0
36962G4T8 GE GE CORP Bullet 2.250 11/9/15 0.28 5.0 5.0 1,202 23.1%AA+A1 NR 2.000 0.26 0.00 0.56 2.27 100.44 99.93 100.00 $22
43814JAA2 HAROT Honda-ABS ABS PayDn 0.220 12/15/15 0.38 0.995 1.0 1,203 23.1%NR P-1 NR 0.021 0.03 0.00 0.22 0.22 99.99 100.00 100.00 ($0)
3133EEEC0 FFCB FFCB AGY Bullet 0.220 1/4/16 0.43 10.0 10.0 1,213 23.3%AA+Aaa AAA 0.070 0.42 0.00 0.43 0.23 99.91 99.99 100.00 ($8)
3133EEEC0 FFCB FFCB AGY Bullet 0.220 1/4/16 0.43 10.5 10.5 1,224 23.5%AA+Aaa AAA 0.070 0.42 0.00 0.43 0.24 99.91 99.98 99.99 ($8)
3130A3PB4 FHLB FHLB AGY Bullet 0.230 1/4/16 0.43 50.0 50.0 1,274 24.5%AA+Aaa AAA 0.250 0.42 0.00 0.30 0.26 99.97 99.96 99.99 ($7)
3130A3PB4 FHLB FHLB AGY Bullet 0.230 1/4/16 0.43 10.0 10.0 1,284 24.6%AA+Aaa AAA 0.250 0.42 0.00 0.30 0.26 99.97 99.96 99.99 ($1)
3130A3PB4 FHLB FHLB AGY Bullet 0.230 1/4/16 0.43 25.0 25.0 1,309 25.1%AA+Aaa AAA 0.250 0.42 0.00 0.30 0.26 99.97 99.97 99.99 ($3)
3130A3P81 FHLB FHLB AGY Bullet 0.250 1/29/16 0.50 15.0 15.0 1,324 25.4%AA+Aaa AAA 0.207 0.49 0.00 0.13 0.25 100.06 100.00 100.00 $9
3130A3P81 FHLB FHLB AGY Bullet 0.250 1/29/16 0.50 10.0 10.0 1,334 25.6%AA+Aaa AAA 0.207 0.49 0.00 0.13 0.25 100.06 100.00 100.00 $6
3130A3P81 FHLB FHLB AGY Bullet 0.250 1/29/16 0.50 25.0 25.0 1,359 26.1%AA+Aaa AAA 0.207 0.49 0.00 0.13 0.25 100.06 100.00 100.00 $14
3130A3P81 FHLB FHLB AGY Bullet 0.250 1/29/16 0.50 25.0 25.0 1,384 26.6%AA+Aaa AAA 0.207 0.49 0.00 0.13 0.25 100.06 100.00 100.00 $14
78009NTJ5 RY Royal Bank of Canada CD FRN 0.292 2/12/16 0.54 15.0 15.0 1,399 26.9%A-1+P-1 F1+0.41 0.00 0.29 0.29 100.00 100.00 100.00 ($0)
3130A0SD3 FHLB FHLB AGY Bullet 0.375 2/19/16 0.56 10.0 10.0 1,409 27.0%AA+Aaa AAA 3.000 0.54 0.01 0.29 0.45 100.05 99.85 99.96 $9
3130A3GV0 FHLB FHLB AGY Bullet 0.290 2/25/16 0.57 10.0 10.0 1,419 27.2%AA+Aaa AAA 0.040 0.56 0.01 0.37 0.29 99.95 100.00 100.00 ($5)
3133EDMC3 FFCB FFCB AGY Bullet 0.250 2/26/16 0.58 20.0 20.0 1,439 27.6%AA+Aaa AAA 0.207 0.56 0.01 0.44 0.40 99.89 99.76 99.91 ($4)
3130A3FM1 FHLB FHLB AGY Bullet 0.300 3/1/16 0.59 10.0 10.0 1,449 27.8%AA+Aaa AAA 0.250 0.58 0.01 0.25 0.30 100.03 100.00 100.00 $3
7/31/2015
Mkt Price Source: Bloomberg. Some securities' prices are not provide by Bloomberg (CP, CD), those prices are set at 100.Page 1
62
Exhibit D
County of Santa Clara - Commingled Pool (sorted by Maturity) As of :
CUSIP Ticker Issuer Sector Strct.CPN Mat Yrs
Par
$Mil
Mkt
$Mil
Cumltv
$
Cumltv
%Next Call
Days
to Call S&P Mdy Fitch
Issue
Size $B
Eff
Dur
Conv
x
MKT
YTM
Bk
Yld
Mkt
Prc
Orig Bk
Price
Amotz
Cost
Amtz P/L
$000
7/31/2015
3130A3FM1 FHLB FHLB AGY Bullet 0.300 3/1/16 0.59 10.0 10.0 1,459 28.0%AA+Aaa AAA 0.250 0.58 0.01 0.25 0.30 100.03 100.00 100.00 $3
3130A2Y75 FHLB FHLB AGY Bullet 0.400 3/10/16 0.61 30.0 30.0 1,489 28.6%AA+Aaa AAA 0.125 0.60 0.01 0.37 0.38 100.02 100.02 100.01 $2
313375RN9 FHLB FHLB AGY Bullet 1.000 3/11/16 0.61 15.0 15.1 1,504 28.9%AA+Aaa AAA 1.965 0.60 0.01 0.43 0.39 100.34 101.16 100.37 ($5)
931142DE0 WMT Walmart CORP Bullet 0.600 4/11/16 0.70 2.0 2.0 1,506 28.9%AA Aa2 AA 1.000 0.68 0.01 0.48 0.62 100.08 99.93 99.98 $2
931142DE0 WMT Walmart CORP Bullet 0.600 4/11/16 0.70 8.0 8.0 1,514 29.1%AA Aa2 AA 1.000 0.68 0.01 0.48 0.47 100.08 100.27 100.09 ($1)
90331HMF7 USB US Bank CORP FRN 0.415 4/22/16 0.73 10.0 10.0 1,524 29.3%AA-A1 NR 1.250 0.22 0.00 0.43 0.42 99.99 100.05 100.03 ($4)
3137EADQ9 FHLMC FHLMC AGY Bullet 0.500 5/13/16 0.79 25.0 25.0 1,549 29.7%AA+Aaa AAA 3.500 0.78 0.01 0.34 0.73 100.13 99.40 99.82 $76
3137EADQ9 FHLMC FHLMC AGY Bullet 0.500 5/13/16 0.79 50.0 50.1 1,599 30.7%AA+Aaa AAA 3.500 0.78 0.01 0.34 0.46 100.13 100.09 100.03 $49
3137EADQ9 FHLMC FHLMC AGY Bullet 0.500 5/13/16 0.79 44.4 44.5 1,643 31.5%AA+Aaa AAA 3.500 0.78 0.01 0.34 0.48 100.13 100.05 100.02 $49
3137EADQ9 FHLMC FHLMC AGY Bullet 0.500 5/13/16 0.79 25.0 25.0 1,668 32.0%AA+Aaa AAA 3.500 0.78 0.01 0.34 0.46 100.13 100.09 100.03 $25
3137EADQ9 FHLMC FHLMC AGY Bullet 0.500 5/13/16 0.79 20.0 20.0 1,688 32.4%AA+Aaa AAA 3.500 0.78 0.01 0.34 0.51 100.13 99.98 99.99 $27
313312XF2 FCDN FFCB AGY Bullet 0.000 5/24/16 0.82 20.0 19.9 1,708 32.8%A-1+P-1 F1+0.100 0.81 0.01 0.34 0.34 99.73 99.69 99.72 $2
3133EECW8 FFCB FFCB AGY Bullet 0.375 5/25/16 0.82 10.0 10.0 1,718 33.0%AA+Aaa AAA 0.125 0.81 0.01 0.31 0.38 100.05 100.00 100.00 $5
3133EECW8 FFCB FFCB AGY Bullet 0.375 5/25/16 0.82 10.0 10.0 1,728 33.2%AA+Aaa AAA 0.125 0.81 0.01 0.31 0.38 100.05 100.00 100.00 $5
3130A22N5 FHLB FHLB AGY Bullet 0.420 6/6/16 0.85 10.0 10.0 1,738 33.4%AA+Aaa AAA 0.250 0.84 0.01 0.41 0.43 100.01 99.97 99.99 $2
3130A22N5 FHLB FHLB AGY Bullet 0.420 6/6/16 0.85 25.0 25.0 1,763 33.8%AA+Aaa AAA 0.250 0.84 0.01 0.41 0.47 100.01 99.91 99.96 $13
3130A22N5 FHLB FHLB AGY Bullet 0.420 6/6/16 0.85 20.0 20.0 1,783 34.2%AA+Aaa AAA 0.250 0.84 0.01 0.41 0.51 100.01 99.83 99.92 $18
3130A22N5 FHLB FHLB AGY Bullet 0.420 6/6/16 0.85 30.0 30.0 1,813 34.8%AA+Aaa AAA 0.250 0.84 0.01 0.41 0.42 100.01 100.00 100.00 $4
313373SZ6 FHLB FHLB AGY Bullet 2.125 6/10/16 0.86 22.4 22.7 1,836 35.2%AA+Aaa AAA 2.821 0.85 0.01 0.27 0.55 101.58 104.02 101.35 $52
313373SZ6 FHLB FHLB AGY Bullet 2.125 6/10/16 0.86 25.0 25.4 1,861 35.7%AA+Aaa AAA 2.821 0.85 0.01 0.27 0.49 101.58 104.16 101.40 $44
313373SZ6 FHLB FHLB AGY Bullet 2.125 6/10/16 0.86 50.0 50.8 1,911 36.7%AA+Aaa AAA 2.821 0.85 0.01 0.27 0.48 101.58 104.14 101.41 $87
313373SZ6 FHLB FHLB AGY Bullet 2.125 6/10/16 0.86 15.0 15.2 1,926 37.0%AA+Aaa AAA 2.821 0.85 0.01 0.27 0.51 101.58 103.98 101.38 $29
3130A2C61 FHLB FHLB AGY Bullet 0.375 6/10/16 0.86 5.0 5.0 1,931 37.1%AA+Aaa AAA 0.901 0.85 0.01 0.37 0.45 100.01 99.86 99.94 $3
3130A2C61 FHLB FHLB AGY Bullet 0.375 6/10/16 0.86 5.0 5.0 1,936 37.2%AA+Aaa AAA 0.901 0.85 0.01 0.37 0.47 100.01 99.82 99.92 $4
3130A2C61 FHLB FHLB AGY Bullet 0.375 6/10/16 0.86 14.0 14.0 1,950 37.4%AA+Aaa AAA 0.901 0.85 0.01 0.37 0.48 100.01 99.85 99.91 $13
3130A2C61 FHLB FHLB AGY Bullet 0.375 6/10/16 0.86 25.0 25.0 1,975 37.9%AA+Aaa AAA 0.901 0.85 0.01 0.37 0.43 100.01 99.92 99.96 $13
58768EAC3 MBALT Mercedes-ABS ABS PayDn 0.480 6/15/16 0.88 1.605 1.6 1,976 37.9%AAA Aaa NR 0.093 0.07 0.00 0.51 0.48 100.00 100.00 100.00 ($0)
912828VG2 T US Treasury Tsy Bullet 0.500 6/15/16 0.88 50.0 50.1 2,026 38.9%AA+Aaa AAA 32.000 0.87 0.01 0.28 0.47 100.19 100.08 100.03 $81
912828VG2 T US Treasury Tsy Bullet 0.500 6/15/16 0.88 50.0 50.1 2,076 39.9%AA+Aaa AAA 32.000 0.87 0.01 0.28 0.50 100.19 100.00 100.00 $96
166764AC4 CVX Chevron CORP Bullet 0.889 6/24/16 0.90 5.0 5.0 2,081 39.9%AA Aa1 NR 0.750 0.88 0.01 0.59 0.89 100.27 100.00 100.00 $13
3133834R9 FHLB FHLB AGY Bullet 0.375 6/24/16 0.90 15.0 15.0 2,096 40.2%AA+Aaa AAA 3.000 0.89 0.01 0.37 0.43 100.01 99.82 99.95 $9
3133834R9 FHLB FHLB AGY Bullet 0.375 6/24/16 0.90 25.0 25.0 2,121 40.7%AA+Aaa AAA 3.000 0.89 0.01 0.37 0.71 100.01 99.09 99.70 $76
3133834R9 FHLB FHLB AGY Bullet 0.375 6/24/16 0.90 35.0 35.0 2,156 41.4%AA+Aaa AAA 3.000 0.89 0.01 0.37 0.46 100.01 99.74 99.93 $29
3130A3P32 FHLB FHLB AGY Bullet 0.430 7/1/16 0.92 10.0 10.0 2,166 41.6%AA+Aaa AAA 0.150 0.91 0.01 0.45 0.43 99.98 100.00 100.00 ($2)
3130A3P32 FHLB FHLB AGY Bullet 0.430 7/1/16 0.92 15.0 15.0 2,181 41.9%AA+Aaa AAA 0.150 0.91 0.01 0.45 0.43 99.98 100.00 100.00 ($3)
3130A3P32 FHLB FHLB AGY Bullet 0.430 7/1/16 0.92 25.0 25.0 2,206 42.3%AA+Aaa AAA 0.150 0.91 0.01 0.45 0.49 99.98 99.91 99.95 $8
3135G0XP3 FNMA FNMA AGY Bullet 0.375 7/5/16 0.93 20.0 20.0 2,226 42.7%AA+Aaa AAA 3.000 0.92 0.01 0.30 0.49 100.07 99.65 99.90 $35
3135G0XP3 FNMA FNMA AGY Bullet 0.375 7/5/16 0.93 15.0 15.0 2,241 43.0%AA+Aaa AAA 3.000 0.92 0.01 0.30 0.52 100.07 99.64 99.87 $30
3135G0XP3 FNMA FNMA AGY Bullet 0.375 7/5/16 0.93 25.0 25.0 2,266 43.5%AA+Aaa AAA 3.000 0.92 0.01 0.30 0.50 100.07 99.67 99.88 $46
3135G0XP3 FNMA FNMA AGY Bullet 0.375 7/5/16 0.93 30.0 30.0 2,296 44.1%AA+Aaa AAA 3.000 0.92 0.01 0.30 0.53 100.07 99.60 99.85 $65
3135G0XP3 FNMA FNMA AGY Bullet 0.375 7/5/16 0.93 25.0 25.0 2,321 44.6%AA+Aaa AAA 3.000 0.92 0.01 0.30 0.57 100.07 99.50 99.82 $62
3135G0XP3 FNMA FNMA AGY Bullet 0.375 7/5/16 0.93 35.0 35.0 2,356 45.2%AA+Aaa AAA 3.000 0.92 0.01 0.30 0.53 100.07 99.62 99.86 $73
912828VL1 T US Treasury Tsy Bullet 0.625 7/15/16 0.96 35.0 35.1 2,391 45.9%AA+Aaa AAA 32.000 0.95 0.01 0.34 0.51 100.27 100.19 100.08 $66
084664BX8 BRK Berkshire Hathaway CORP Bullet 0.950 8/15/16 1.04 10.0 10.0 2,401 46.1%AA Aa2 A+1.000 1.02 0.02 0.66 0.97 100.30 99.95 99.98 $32
89231MAB1 TAOT Toyota-ABS ABS PayDn 0.410 8/15/16 1.04 1.6 1.6 2,403 46.1%AAA Aaa NR 0.128 0.10 0.00 0.54 0.41 99.99 100.00 100.00 ($0)
89231MAB1 TAOT Toyota-ABS ABS PayDn 0.410 8/15/16 1.04 0.7 0.7 2,403 46.1%AAA Aaa NR 0.128 0.10 0.00 0.54 0.36 99.99 100.05 100.02 ($0)
Mkt Price Source: Bloomberg. Some securities' prices are not provide by Bloomberg (CP, CD), those prices are set at 100.Page 2
63
Exhibit D
County of Santa Clara - Commingled Pool (sorted by Maturity) As of :
CUSIP Ticker Issuer Sector Strct.CPN Mat Yrs
Par
$Mil
Mkt
$Mil
Cumltv
$
Cumltv
%Next Call
Days
to Call S&P Mdy Fitch
Issue
Size $B
Eff
Dur
Conv
x
MKT
YTM
Bk
Yld
Mkt
Prc
Orig Bk
Price
Amotz
Cost
Amtz P/L
$000
7/31/2015
89231MAB1 TAOT Toyota-ABS ABS PayDn 0.410 8/15/16 1.04 3.4 3.4 2,407 46.2%AAA Aaa NR 0.128 0.10 0.00 0.54 0.36 99.99 100.04 100.02 ($1)
3135G0XC2 FNMA FNMA AGY Call 0.500 8/22/16 1.06 50.0 49.8 2,457 47.2%8/22/15 22 AA+Aaa AAA 0.500 0.83 -0.91 0.87 0.72 99.61 99.30 99.77 ($78)
92867GAC7 VALET Volkswagen-ABS ABS PayDn 0.850 8/22/16 1.06 0.059 0.1 2,457 47.2%AAA NR AAA 0.002 0.10 0.01 0.84 0.85 100.01 100.00 100.00 $0
3137EACW7 FHLMC FHLMC AGY Bullet 2.000 8/25/16 1.07 20.0 20.2 2,477 47.5%AA+Aaa AAA 5.000 1.04 0.02 0.84 0.61 101.23 105.23 101.47 ($48)
3135G0YE7 FNMA FNMA AGY Bullet 0.625 8/26/16 1.07 25.0 25.1 2,502 48.0%AA+Aaa AAA 3.000 1.06 0.02 0.43 0.73 100.20 99.69 99.89 $79
3135G0YE7 FNMA FNMA AGY Bullet 0.625 8/26/16 1.07 25.0 25.1 2,527 48.5%AA+Aaa AAA 3.000 1.06 0.02 0.43 0.58 100.20 100.12 100.05 $39
3135G0VX8 FNMA FNMA AGY Bullet 0.625 9/26/16 1.16 50.0 50.0 2,577 49.5%AA+Aaa AAA 0.250 1.14 0.02 0.56 0.96 100.08 98.94 99.62 $228
3135G0VX8 FNMA FNMA AGY Bullet 0.625 9/26/16 1.16 50.0 50.0 2,627 50.4%AA+Aaa AAA 0.250 1.14 0.02 0.56 0.90 100.08 99.14 99.69 $194
3130A1CD8 FHLB FHLB AGY Call 1.125 9/28/16 1.16 25.0 25.0 2,652 50.9%9/28/15 59 AA+Aaa AAA 1.000 0.16 -0.74 1.02 0.79 100.12 100.83 100.38 ($65)
3137EADS5 FHLMC FHLMC AGY Bullet 0.875 10/14/16 1.21 10.0 10.0 2,662 51.1%AA+Aaa AAA 4.500 1.19 0.02 0.52 0.83 100.42 100.13 100.05 $37
3130A3CE2 FHLB FHLB AGY Bullet 0.625 10/14/16 1.21 20.0 20.0 2,682 51.5%AA+Aaa AAA 0.500 1.19 0.02 0.50 0.53 100.15 100.18 100.11 $8
3130A3CE2 FHLB FHLB AGY Bullet 0.625 10/14/16 1.21 10.0 10.0 2,692 51.7%AA+Aaa AAA 0.500 1.19 0.02 0.50 0.57 100.15 100.10 100.06 $9
3130A3CE2 FHLB FHLB AGY Bullet 0.625 10/14/16 1.21 10.0 10.0 2,702 51.9%AA+Aaa AAA 0.500 1.19 0.02 0.50 0.59 100.15 100.06 100.04 $11
3130A3CE2 FHLB FHLB AGY Bullet 0.625 10/14/16 1.21 15.0 15.0 2,717 52.2%AA+Aaa AAA 0.500 1.19 0.02 0.50 0.59 100.15 100.06 100.04 $17
3133EDXG2 FFCB FFCB AGY Call 0.670 10/14/16 1.21 10.0 10.0 2,727 52.3%10/14/15 75 AA+Aaa AAA 0.100 0.73 -1.77 0.75 0.62 99.91 100.09 100.06 ($15)
3133EDXG2 FFCB FFCB AGY Call 0.670 10/14/16 1.21 8.0 8.0 2,735 52.5%10/14/15 75 AA+Aaa AAA 0.100 0.73 -1.77 0.75 0.06 99.91 100.09 100.06 ($12)
3130A3M35 FHLB FHLB AGY Bullet 0.520 10/14/16 1.21 10.0 10.0 2,745 52.7%AA+Aaa AAA 0.100 1.19 0.02 0.56 0.51 99.95 100.02 100.02 ($6)
3130A3BP8 FHLB FHLB AGY Call 0.750 10/28/16 1.25 40.0 40.1 2,785 53.5%10/28/15 89 AA+Aaa AAA 0.250 0.43 -1.65 0.64 0.62 100.13 100.26 100.16 ($11)
3130A3BP8 FHLB FHLB AGY Call 0.750 10/28/16 1.25 19.4 19.5 2,804 53.8%10/28/15 89 AA+Aaa AAA 0.250 0.43 -1.65 0.64 0.75 100.13 100.00 100.00 $26
13063CFD7 CAS St of California MUNI Bullet 1.250 11/1/16 1.26 12.5 12.6 2,817 54.1%AA-Aa3 A+0.100 1.23 0.02 0.73 1.09 100.64 100.47 100.20 $56
13063CFD7 CAS St of California MUNI Bullet 1.250 11/1/16 1.26 5.0 5.0 2,822 54.2%AA-Aa3 A+0.100 1.23 0.02 0.73 0.91 100.64 100.99 100.42 $11
13063CPM6 CAS St of California MUNI Bullet 0.750 11/1/16 1.26 15.0 15.0 2,837 54.5%AA-Aa3 A+0.135 1.23 0.02 0.82 0.65 99.91 100.18 100.12 ($32)
3135G0WY5 FNMA FNMA AGY Bullet 0.550 11/14/16 1.29 40.0 40.0 2,877 55.2%AA+Aaa AAA 0.250 1.27 0.02 0.55 0.56 100.00 99.96 99.99 $6
3135G0ES8 FNMA FNMA AGY Bullet 1.375 11/15/16 1.30 20.0 20.2 2,897 55.6%AA+Aaa AAA 4.075 1.27 0.02 0.49 0.95 101.13 101.96 100.53 $119
3135G0ES8 FNMA FNMA AGY Bullet 1.375 11/15/16 1.30 20.0 20.2 2,917 56.0%AA+Aaa AAA 4.075 1.27 0.02 0.49 0.66 101.13 102.83 100.91 $44
3134G5RD9 FHLMC FHLMC AGY Call 0.650 11/25/16 1.32 14.2 14.2 2,931 56.3%11/25/15 117 AA+Aaa AAA 0.250 0.97 -1.99 0.62 0.65 100.04 100.00 100.00 $5
478160BF0 JNJ Johnson & Johnson CORP Bullet 0.700 11/28/16 1.33 30.0 30.0 2,961 56.8%AAA Aaa AAA 0.400 1.30 0.02 0.74 0.74 99.95 99.88 99.95 $1
3134G5P74 FHLMC FHLMC AGY Call 0.670 11/28/16 1.33 10.0 10.0 2,971 57.0%8/28/15 28 AA+Aaa AAA 0.025 0.54 -1.78 0.64 0.67 100.03 100.00 100.00 $4
43814JAB0 HAROT Honda-ABS ABS PayDn 0.580 1/17/17 1.47 10.000 10.0 2,981 57.2%NR Aaa AAA 0.249 0.39 0.00 0.58 0.58 100.00 100.00 100.00 $0
3133EEUT5 FFCB FFCB AGY Bullet 0.700 1/23/17 1.48 12.2 12.2 2,993 57.5%AA+Aaa AAA 0.080 1.46 0.03 0.63 0.53 100.10 100.29 100.24 ($18)
3130A3UU6 FHLB FHLB AGY Call 0.875 1/27/17 1.50 35.0 35.1 3,028 58.1%1/27/16 180 AA+Aaa AAA 0.250 0.96 -1.86 0.71 0.88 100.25 100.00 100.00 $88
3130A3UU6 FHLB FHLB AGY Call 0.875 1/27/17 1.50 15.0 15.0 3,043 58.4%1/27/16 180 AA+Aaa AAA 0.250 0.96 -1.86 0.71 0.84 100.25 100.06 100.05 $31
3135G0GY3 FNMA FNMA AGY Bullet 1.250 1/30/17 1.50 30.0 30.2 3,073 59.0%AA+Aaa AAA 5.000 1.48 0.03 0.84 0.80 100.61 101.40 100.67 ($17)
31359M4D2 FNMA FNMA AGY Bullet 5.000 2/13/17 1.54 15.0 16.0 3,088 59.3%AA+Aaa AAA 4.000 1.46 0.03 0.58 1.15 106.71 118.58 105.75 $144
89190AAB6 TAOT Toyota-Auto ABS PayDn 0.510 2/15/17 1.55 4.1 4.1 3,092 59.4%AAA Aaa NR 0.286 0.31 0.00 0.57 1.36 99.98 99.99 100.00 ($1)
3137EADT3 FHLMC FHLMC AGY Bullet 0.875 2/22/17 1.57 15.0 15.1 3,107 59.6%AA+Aaa AAA 5.500 1.54 0.03 0.60 0.71 100.42 100.36 100.25 $25
3133EEFZ8 FFCB FFCB AGY Bullet 0.700 2/23/17 1.57 20.0 20.0 3,127 60.0%AA+Aaa AAA 0.100 1.54 0.03 0.60 0.70 100.16 100.00 100.00 $32
3133EEFZ8 FFCB FFCB AGY Bullet 0.700 2/23/17 1.57 30.0 30.0 3,157 60.6%AA+Aaa AAA 0.100 1.54 0.03 0.60 0.75 100.16 99.89 99.92 $71
13063BFQ0 CAS St of California MUNI Bullet 5.750 3/1/17 1.59 19.3 20.4 3,176 61.0%AA-Aa3 A+0.301 1.49 0.03 1.84 2.22 106.04 116.16 105.26 $149
3137EADC0 FHLMC FHLMC AGY Bullet 1.000 3/8/17 1.61 16.9 17.0 3,193 61.3%AA+Aaa AAA 6.500 1.58 0.03 0.62 0.77 100.61 100.51 100.36 $41
3137EADC0 FHLMC FHLMC AGY Bullet 1.000 3/8/17 1.61 16.9 17.0 3,210 61.6%AA+Aaa AAA 6.500 1.58 0.03 0.62 0.89 100.61 100.25 100.18 $72
3130A4KD3 FHLB FHLB AGY Bullet 0.750 3/9/17 1.61 10.0 10.0 3,220 61.8%AA+Aaa AAA 0.250 1.59 0.03 0.70 0.57 100.09 100.34 100.29 ($20)
3133782N0 FHLB FHLB AGY Bullet 0.875 3/10/17 1.61 25.0 25.1 3,245 62.3%AA+Aaa AAA 1.409 1.59 0.03 0.63 0.82 100.39 100.13 100.09 $74
3133782N0 FHLB FHLB AGY Bullet 0.875 3/10/17 1.61 35.0 35.1 3,280 63.0%AA+Aaa AAA 1.409 1.59 0.03 0.63 0.75 100.39 100.27 100.20 $66
30231GAA0 XOM Exxon Mobil CORP Bullet 0.921 3/15/17 1.62 10.0 10.0 3,290 63.2%AAA Aaa NR 1.500 1.60 0.03 0.69 0.92 100.37 100.00 100.00 $37
92867RAB5 VALET Volkswagen-ABS ABS PayDn 0.420 3/20/17 1.64 11.748 11.7 3,302 63.4%NR Aaa AAA 0.182 0.27 0.00 0.41 0.42 99.95 100.00 100.00 ($6)
Mkt Price Source: Bloomberg. Some securities' prices are not provide by Bloomberg (CP, CD), those prices are set at 100.Page 3
64
Exhibit D
County of Santa Clara - Commingled Pool (sorted by Maturity) As of :
CUSIP Ticker Issuer Sector Strct.CPN Mat Yrs
Par
$Mil
Mkt
$Mil
Cumltv
$
Cumltv
%Next Call
Days
to Call S&P Mdy Fitch
Issue
Size $B
Eff
Dur
Conv
x
MKT
YTM
Bk
Yld
Mkt
Prc
Orig Bk
Price
Amotz
Cost
Amtz P/L
$000
7/31/2015
3130A4MW9 FHLB FHLB AGY Call 0.900 3/30/17 1.67 23.6 23.5 3,326 63.8%9/30/15 61 AA+Aaa AAA 0.100 1.39 -2.03 1.05 0.90 99.75 100.00 100.00 ($59)
3135G0ZB2 FNMA FNMA AGY Bullet 0.750 4/20/17 1.72 10.0 10.0 3,336 64.0%AA+Aaa AAA 3.000 1.70 0.04 0.67 0.86 100.14 99.65 99.81 $33
931142DN0 WMT Walmart CORP Bullet 1.000 4/21/17 1.73 10.0 10.0 3,346 64.2%AA Aa2 NR 0.500 1.70 0.04 0.91 1.01 100.15 99.99 99.99 $16
931142DN0 WMT Walmart CORP Bullet 1.000 4/21/17 1.73 9.0 9.0 3,355 64.4%AA Aa2 NR 0.500 1.70 0.04 0.91 0.93 100.15 100.19 100.12 $3
09658UAB5 BMWOT BMW-ABS ABS PayDn 0.530 4/25/17 1.74 7.2 7.2 3,362 64.5%NR Aaa AAA 0.226 0.31 0.00 0.61 0.47 99.98 100.00 100.00 ($2)
3134G6VU4 FHLMC FHLMC AGY Call 0.750 4/28/17 1.75 25.0 25.0 3,387 65.0%10/28/15 89 AA+Aaa AAA 0.250 0.93 -2.40 0.77 0.75 99.97 100.00 100.00 ($7)
3134G6UZ4 FHLMC FHLMC AGY Call 0.750 4/28/17 1.75 20.0 20.0 3,407 65.4%10/28/15 89 AA+Aaa AAA 0.250 0.78 -2.30 0.68 0.70 100.12 100.03 100.02 $20
037833BB5 AAPL Apple CORP Bullet 0.900 5/12/17 1.78 3.0 3.0 3,410 65.5%AA+Aa1 NR 0.750 1.76 0.04 0.95 0.94 99.91 99.31 99.38 $16
3136FPYB7 FNMA FNMA AGY Bullet 2.050 5/23/17 1.81 4.6 4.7 3,414 65.5%AA+Aaa AAA 0.077 1.77 0.04 0.87 0.74 102.10 102.41 102.36 ($12)
3130A1NN4 FHLB FHLB AGY Bullet 0.875 5/24/17 1.82 15.0 15.0 3,429 65.8%AA+Aaa AAA 3.000 1.79 0.04 0.70 0.94 100.31 99.81 99.89 $64
3130A3SL9 FHLB FHLB AGY Bullet 0.950 6/15/17 1.88 10.0 10.1 3,439 66.0%AA+Aaa AAA 0.075 1.85 0.04 0.63 0.92 100.58 100.07 100.05 $53
92867VAB6 VWALT Volkswagen-ABS ABS PayDn 0.870 6/20/17 1.89 12.000 12.0 3,451 66.3%NR Aaa AAA 0.225 0.57 0.01 0.84 0.98 99.89 100.00 100.00 ($13)
313379DD8 FHLB FHLB AGY Bullet 1.000 6/21/17 1.89 25.0 25.1 3,476 66.7%AA+Aaa AAA 3.000 1.86 0.04 0.88 0.69 100.23 101.37 100.58 ($89)
3134G64W0 FHLMC FHLMC AGY Call 0.900 6/23/17 1.90 10.0 10.0 3,486 66.9%12/23/15 145 AA+Aaa AAA 0.250 1.26 -2.36 0.84 0.91 100.12 99.99 99.99 $13
3134G64W0 FHLMC FHLMC AGY Call 0.900 6/23/17 1.90 10.0 10.0 3,496 67.1%12/23/15 145 AA+Aaa AAA 0.250 1.26 -2.36 0.84 0.81 100.12 100.04 100.04 $8
3134G66C2 FHLMC FHLMC AGY Call 0.820 6/23/17 1.90 15.0 15.0 3,511 67.4%9/23/15 54 AA+Aaa AAA 0.250 0.74 -2.70 0.79 0.90 100.07 99.85 99.86 $31
3137EADH9 FHLMC FHLMC AGY Bullet 1.000 6/29/17 1.92 25.0 25.1 3,536 67.9%AA+Aaa AAA 4.000 1.89 0.05 0.71 0.90 100.55 100.24 100.18 $92
3134G5VV4 FHLMC FHLMC AGY Call 1.050 6/30/17 1.92 10.0 10.0 3,546 68.1%12/30/15 152 AA+Aaa AAA 0.105 1.09 -2.24 0.93 1.05 100.23 100.00 100.00 $23
3130A4MS8 FHLB FHLB AGY Call 1.000 6/30/17 1.92 6.9 6.9 3,553 68.2%3/30/16 243 AA+Aaa AAA 0.015 1.58 -1.92 0.95 1.00 100.09 100.00 100.00 $6
3130A3P40 FHLB FHLB AGY Bullet 0.875 7/3/17 1.93 25.0 25.0 3,578 68.7%AA+Aaa AAA 0.050 1.90 0.05 0.82 0.93 100.11 99.87 99.91 $51
477877AB0 JDOT John Deere-ABS ABS PayDn 0.540 7/17/17 1.96 6.9 6.9 3,585 68.8%NR Aaa AAA 0.171 0.33 0.00 0.55 0.38 100.00 99.99 99.99 $0
3133EDQM7 FFCB FFCB AGY Bullet 1.000 7/17/17 1.96 15.0 15.1 3,600 69.1%AA+Aaa AAA 0.130 1.94 0.05 0.79 0.96 100.40 100.12 100.09 $47
89236WAB4 TAOT Toyota-Auto ABS PayDn 0.710 7/17/17 1.96 9.5 9.5 3,610 69.3%AAA Aaa NR 0.445 0.68 0.01 0.69 0.71 100.02 100.00 100.00 $2
45905URF3 IBRD IBRD SUPRA Bullet 0.900 7/17/17 1.96 12.5 12.5 3,622 69.5%AAA Aaa AAA 0.025 1.93 0.05 0.86 0.78 100.08 100.27 100.23 ($20)
3134G3ZH6 FHLMC FHLMC AGY Bullet 1.000 7/25/17 1.99 10.0 10.0 3,632 69.7%AA+Aaa AAA 0.443 1.96 0.05 0.81 0.75 100.38 100.55 100.48 ($11)
3137EADJ5 FHLMC FHLMC AGY Bullet 1.000 7/28/17 1.99 25.0 25.1 3,657 70.2%AA+Aaa AAA 4.500 1.97 0.05 0.73 1.00 100.54 100.00 100.00 $135
3134G6SN4 FHLMC FHLMC AGY Call 0.850 7/28/17 1.99 10.3 10.2 3,667 70.4%10/28/15 89 AA+Aaa AAA 0.025 1.38 -2.71 0.88 0.85 99.95 100.00 100.00 ($5)
3130A5XK0 FHLB FHLB AGY Call 0.800 7/28/17 1.99 25.0 25.0 3,692 70.9%7/28/16 363 AA+Aaa AAA 0.295 1.85 -1.19 0.80 0.80 100.00 100.00 100.00 $0
3130A3RW6 FHLB FHLB AGY Bullet 1.000 8/15/17 2.04 25.0 25.1 3,717 71.4%AA+Aaa AAA 0.070 2.00 0.05 0.89 0.95 100.21 100.13 100.10 $29
3130A3SZ8 FHLB FHLB AGY Bullet 0.950 8/15/17 2.04 17.0 17.0 3,734 71.7%AA+Aaa AAA 0.110 2.01 0.05 0.89 0.98 100.13 99.92 99.94 $32
3134G3B90 FHLMC FHLMC AGY Bullet 0.875 8/15/17 2.04 15.0 14.7 3,749 72.0%AA+Aaa AAA 0.225 2.01 0.05 1.77 0.85 98.21 100.06 100.05 ($276)
3134G7PH8 FHLMC FHLMC AGY Call 1.000 8/25/17 2.07 20.5 20.4 3,770 72.4%11/25/15 117 AA+Aaa AAA 0.285 1.04 -2.54 1.01 1.00 99.97 100.00 100.00 ($6)
3135G0MZ3 FNMA FNMA AGY Bullet 0.875 8/28/17 2.08 10.0 10.0 3,780 72.6%AA+Aaa AAA 4.500 2.04 0.05 0.77 0.77 100.22 100.25 100.22 ($1)
3130A62S5 FHLB FHLB AGY Bullet 0.750 8/28/17 2.08 25.0 25.0 3,805 73.0%AA+Aaa AAA 3.000 2.05 0.05 0.78 0.86 99.95 99.78 99.78 $42
3134G6FY4 FHLMC FHLMC AGY Call 0.750 9/11/17 2.12 15.0 15.0 3,820 73.3%3/11/16 224 AA+Aaa AAA 0.250 0.75 -1.84 1.35 0.40 100.22 100.22 100.22 ($1)
3130A4HT2 FHLB FHLB AGY Call 1.750 9/18/17 2.14 10.0 10.1 3,830 73.5%3/18/16 231 AA+Aaa AAA 0.250 0.81 -1.64 1.33 0.45 100.88 100.99 100.93 ($5)
3135G0PP2 FNMA FNMA AGY Bullet 1.000 9/20/17 2.14 16.4 16.4 3,846 73.8%AA+Aaa AAA 1.500 2.10 0.05 1.04 0.92 99.91 100.19 100.16 ($42)
3133EEQX1 FFCB FFCB AGY Bullet 1.000 9/25/17 2.16 10.0 10.0 3,856 74.0%AA+Aaa AAA 0.500 2.11 0.06 1.15 0.92 99.68 100.20 100.16 ($49)
3133EEQX1 FFCB FFCB AGY Bullet 1.000 9/25/17 2.16 15.0 15.0 3,871 74.3%AA+Aaa AAA 0.500 2.11 0.06 1.15 0.97 99.68 100.07 100.06 ($57)
3133EEQX1 FFCB FFCB AGY Bullet 1.000 9/25/17 2.16 20.0 19.9 3,891 74.7%AA+Aaa AAA 0.500 2.11 0.06 1.15 0.89 99.68 100.26 100.23 ($110)
3133EEQX1 FFCB FFCB AGY Bullet 1.000 9/25/17 2.16 10.0 10.0 3,901 74.9%AA+Aaa AAA 0.500 2.11 0.06 1.15 0.76 99.68 100.57 100.50 ($83)
3134G3M31 FHLMC FHLMC AGY Bullet 1.000 9/27/17 2.16 20.0 20.0 3,921 75.3%AA+Aaa AAA 0.934 2.12 0.06 0.93 0.90 100.15 100.25 100.22 ($13)
3133ECBX1 FFCB FFCB AGY Bullet 0.820 9/28/17 2.16 5.0 5.0 3,926 75.4%AA+Aaa AAA 0.050 2.13 0.06 1.07 0.80 99.47 100.05 100.05 ($29)
161571FR0 CHAIT Chase-CC ABS PayDn 0.540 10/16/17 2.21 15.0 15.0 3,941 75.7%AAA NR AAA 1.600 0.20 0.00 0.49 0.55 100.01 99.98 99.99 $3
161571FR0 CHAIT Chase-CC ABS PayDn 0.540 10/16/17 2.21 15.0 15.0 3,956 75.9%AAA NR AAA 1.600 0.20 0.00 0.49 0.54 100.01 100.00 100.00 $1
13063CFC9 CAS St of California MUNI Bullet 1.750 11/1/17 2.26 10.0 10.1 3,966 76.1%AA-Aa3 A+0.086 2.20 0.06 1.21 1.51 101.18 100.92 100.53 $65
Mkt Price Source: Bloomberg. Some securities' prices are not provide by Bloomberg (CP, CD), those prices are set at 100.Page 4
65
Exhibit D
County of Santa Clara - Commingled Pool (sorted by Maturity) As of :
CUSIP Ticker Issuer Sector Strct.CPN Mat Yrs
Par
$Mil
Mkt
$Mil
Cumltv
$
Cumltv
%Next Call
Days
to Call S&P Mdy Fitch
Issue
Size $B
Eff
Dur
Conv
x
MKT
YTM
Bk
Yld
Mkt
Prc
Orig Bk
Price
Amotz
Cost
Amtz P/L
$000
7/31/2015
13063CFC9 CAS St of California MUNI Bullet 1.750 11/1/17 2.26 9.1 9.2 3,975 76.3%AA-Aa3 A+0.086 2.20 0.06 1.21 1.70 101.18 100.18 100.10 $98
13063CPN4 CAS St of California MUNI Bullet 1.250 11/1/17 2.26 12.5 12.5 3,988 76.5%AA-Aa3 A+0.135 2.21 0.06 1.04 1.25 100.46 99.99 99.99 $58
166764AL4 CVX Chevron CORP Bullet 1.345 11/15/17 2.30 30.0 30.1 4,018 77.1%AA Aa1 NR 1.100 2.24 0.06 1.25 1.35 100.20 100.00 100.00 $61
89237CAB7 TAOT Toyota-Auto ABS PayDn 0.770 11/15/17 2.30 10.0 10.0 4,028 77.3%AAA Aaa NR 0.120 0.93 0.01 0.78 0.78 99.99 99.99 99.99 ($0)
65473DAB8 NALT Nissan-Auto ABS PayDn 0.990 11/15/17 2.30 3.0 3.0 4,031 77.4%NR Aaa AAA 0.135 1.05 0.02 0.93 1.00 100.07 100.00 100.00 $2
478160BL7 JNJ Johnson & Johnson CORP Bullet 1.125 11/21/17 2.31 30.0 30.2 4,061 78.0%AAA Aaa AAA 0.700 2.27 0.06 0.84 1.15 100.64 99.92 99.94 $211
36164EAB1 GEET GE-ABS ABS PayDn 0.890 11/24/17 2.32 5.5 5.5 4,066 78.1%NR Aaa AAA 0.171 0.65 0.01 0.83 0.89 100.05 99.99 99.99 $3
166764AA8 CVX Chevron CORP Bullet 1.104 12/5/17 2.35 10.0 10.0 4,076 78.2%AA Aa1 NR 2.000 2.31 0.06 1.25 1.22 99.66 99.63 99.74 ($8)
89231MAC9 TAOT Toyota-Auto ABS PayDn 0.670 12/15/17 2.38 8.0 8.0 4,084 78.4%AAA Aaa NR 0.480 0.76 0.01 0.77 1.36 99.93 99.98 99.99 ($5)
3133EEFE5 FFCB FFCB AGY Bullet 1.125 12/18/17 2.39 10.0 10.0 4,094 78.6%AA+Aaa AAA 0.750 2.34 0.07 0.98 1.09 100.34 100.10 100.08 $27
3133EEFE5 FFCB FFCB AGY Bullet 1.125 12/18/17 2.39 10.0 10.0 4,104 78.8%AA+Aaa AAA 0.750 2.34 0.07 0.98 1.13 100.34 100.00 100.00 $34
3130A4WB4 FHLB FHLB AGY Bullet 0.875 1/8/18 2.44 20.0 19.9 4,124 79.2%AA+Aaa AAA 0.050 2.40 0.07 1.03 0.88 99.63 100.00 100.00 ($74)
3137EADN6 FHLMC FHLMC AGY Bullet 0.750 1/12/18 2.45 10.0 10.0 4,134 79.4%AA+Aaa AAA 5.500 2.42 0.07 0.94 1.27 99.55 98.21 98.75 $80
3137EADN6 FHLMC FHLMC AGY Bullet 0.750 1/12/18 2.45 10.0 10.0 4,144 79.6%AA+Aaa AAA 5.500 2.42 0.07 0.94 0.93 99.55 99.49 99.56 ($1)
3137EADN6 FHLMC FHLMC AGY Bullet 0.750 1/12/18 2.45 10.0 10.0 4,154 79.7%AA+Aaa AAA 5.500 2.42 0.07 0.94 0.91 99.55 99.56 99.61 ($6)
3137EADN6 FHLMC FHLMC AGY Bullet 0.750 1/12/18 2.45 5.0 5.0 4,159 79.8%AA+Aaa AAA 5.500 2.42 0.07 0.94 0.93 99.55 99.52 99.57 ($1)
3135G0B77 FNMA FNMA AGY Call 2.000 1/30/18 2.50 15.0 15.2 4,174 80.1%1/30/17 549 AA+Aaa AAA 0.250 2.05 -0.70 1.36 1.19 101.55 102.38 101.98 ($64)
459200HZ7 IBM IBM CORP Bullet 1.125 2/6/18 2.52 10.0 9.9 4,184 80.3%AA-Aa3 NR 1.500 2.46 0.07 1.36 1.23 99.43 99.70 99.74 ($31)
459200HK0 IBM IBM CORP Bullet 1.250 2/8/18 2.53 10.0 10.0 4,194 80.5%AA-Aa3 NR 1.000 2.46 0.07 1.38 1.30 99.68 99.84 99.87 ($19)
47787UAB9 JDOT John Deere-ABS ABS PayDn 0.870 2/15/18 2.55 13.0 13.0 4,207 80.8%NR Aaa AAA 0.295 0.83 0.01 0.97 0.88 99.92 99.92 99.93 ($1)
3135G0VC4 FNMA FNMA AGY Bullet 1.130 2/28/18 2.58 10.0 10.0 4,217 81.0%AA+Aaa AAA 0.250 2.52 0.08 1.02 1.19 100.27 99.82 99.86 $41
3135G0VC4 FNMA FNMA AGY Bullet 1.130 2/28/18 2.58 6.0 6.0 4,223 81.1%AA+Aaa AAA 0.250 2.52 0.08 1.02 1.16 100.27 99.89 99.91 $21
166764AV2 CVX Chevron CORP Bullet 1.365 3/2/18 2.59 10.0 10.0 4,233 81.3%AA Aa1 NR 1.750 2.52 0.08 1.37 1.37 99.99 100.00 100.00 ($1)
30231GAL6 XOM Exxon Mobil CORP Bullet 1.305 3/6/18 2.60 50.0 50.1 4,283 82.2%AAA Aaa NR 1.600 2.54 0.08 1.24 1.31 100.16 100.00 100.00 $81
313378A43 FHLB FHLB AGY Bullet 1.375 3/9/18 2.61 10.0 10.1 4,293 82.4%AA+Aaa AAA 2.320 2.55 0.08 1.03 0.93 100.88 101.24 101.13 ($25)
313378A43 FHLB FHLB AGY Bullet 1.375 3/9/18 2.61 5.0 5.0 4,298 82.5%AA+Aaa AAA 2.320 2.55 0.08 1.03 1.14 100.88 100.63 100.61 $14
313378A43 FHLB FHLB AGY Bullet 1.375 3/9/18 2.61 5.0 5.0 4,303 82.6%AA+Aaa AAA 2.320 2.55 0.08 1.03 1.05 100.88 100.88 100.84 $2
3134G6HR7 FHLMC FHLMC AGY Call 1.250 3/16/18 2.63 5.0 5.0 4,308 82.7%9/16/15 47 AA+Aaa AAA 0.025 0.42 -2.69 1.21 1.26 100.11 99.97 99.97 $7
3134G7CQ2 FHLMC FHLMC AGY Call 1.250 3/22/18 2.64 2.2 2.2 4,310 82.7%12/22/15 144 AA+Aaa AAA 0.025 1.46 -2.80 1.26 1.26 99.97 99.97 99.97 ($0)
3130A4QS4 FHLB FHLB AGY Call 1.250 4/13/18 2.70 5.0 5.0 4,315 82.8%4/13/16 257 AA+Aaa AAA 0.015 2.15 -2.08 1.26 1.25 99.98 100.00 100.00 ($1)
3136G2GD3 FNMA FNMA AGY Call 1.050 4/13/18 2.70 30.0 29.9 4,345 83.4%4/13/16 257 AA+Aaa AAA 0.450 2.33 -1.67 1.18 1.08 99.67 99.90 99.91 ($73)
3133XQSE3 FHLB FHLB AGY Bullet 4.110 4/18/18 2.72 5.0 5.4 4,350 83.5%AA+Aaa AAA 0.500 2.57 0.08 0.99 1.06 108.31 108.26 108.14 $8
3134G6NT6 FHLMC FHLMC AGY Call 1.200 4/20/18 2.72 25.0 24.8 4,375 84.0%10/20/15 81 AA+Aaa AAA 0.055 2.25 -2.20 1.44 1.20 99.38 100.00 100.00 ($156)
3134G6TQ6 FHLMC FHLMC AGY Call 1.250 4/20/18 2.72 35.0 35.0 4,410 84.7%10/20/15 81 AA+Aaa AAA 1.250 1.13 -3.01 1.23 1.25 100.06 100.00 100.00 $21
3130A4YH9 FHLB FHLB AGY Call 1.100 4/20/18 2.72 10.0 10.0 4,420 84.9%4/20/16 264 AA+Aaa AAA 0.250 2.27 -1.92 1.15 1.10 99.88 100.00 100.00 ($13)
3130A4GJ5 FHLB FHLB AGY Bullet 1.125 4/25/18 2.74 32.0 32.1 4,452 85.5%AA+Aaa AAA 3.000 2.68 0.09 0.95 1.19 100.47 99.95 99.96 $162
3130A4Y55 FHLB FHLB AGY Call 1.125 4/27/18 2.74 30.0 29.9 4,482 86.0%4/27/16 271 AA+Aaa AAA 0.250 2.32 -1.83 1.20 1.13 99.81 100.00 100.00 ($58)
3130A4Y55 FHLB FHLB AGY Call 1.125 4/27/18 2.74 10.0 10.0 4,492 86.2%4/27/16 271 AA+Aaa AAA 0.250 2.32 -1.83 1.20 1.13 99.81 100.00 100.00 ($19)
3133EEE71 FFCB FFCB AGY Bullet 0.920 5/1/18 2.75 5.0 5.0 4,497 86.3%AA+Aaa AAA 0.130 2.71 0.09 1.09 0.92 99.55 100.00 100.00 ($23)
3133EEE71 FFCB FFCB AGY Bullet 0.920 5/1/18 2.75 5.0 5.0 4,502 86.4%AA+Aaa AAA 0.130 2.71 0.09 1.09 0.92 99.55 100.00 100.00 ($23)
3133EEJ50 FFCB FFCB AGY Bullet 1.030 5/11/18 2.78 5.0 5.0 4,507 86.5%AA+Aaa AAA 0.450 2.73 0.09 1.04 1.10 99.98 99.80 99.82 $8
02587UAB6 AMXCA AMXCA-ABS ABS PayDn 0.590 5/15/18 2.79 6.8 6.8 4,514 86.7%AAA NR AAA 0.600 0.20 0.00 0.51 0.52 100.02 100.07 100.05 ($2)
3136G2KD8 FNMA FNMA AGY Call 1.150 5/18/18 2.80 13.9 13.9 4,528 86.9%5/18/16 292 AA+Aaa AAA 0.100 2.36 -1.76 1.20 1.20 99.87 99.87 99.87 ($1)
3135G0XA6 FNMA FNMA AGY Call 1.030 5/21/18 2.81 10.5 10.4 4,539 87.1%8/21/15 21 AA+Aaa AAA 0.250 2.08 -2.34 1.29 1.60 99.29 97.39 98.46 $87
3135G0WJ8 FNMA FNMA AGY Bullet 0.875 5/21/18 2.81 15.0 14.9 4,554 87.4%AA+Aaa AAA 6.500 2.77 0.09 1.00 1.04 99.66 99.50 99.55 $15
3134G6L76 FHLMC FHLMC AGY Call 1.250 5/25/18 2.82 5.0 5.0 4,559 87.5%5/25/16 299 AA+Aaa AAA 0.025 2.31 -1.84 1.25 1.25 100.00 100.00 100.00 $0
Mkt Price Source: Bloomberg. Some securities' prices are not provide by Bloomberg (CP, CD), those prices are set at 100.Page 5
66
Exhibit D
County of Santa Clara - Commingled Pool (sorted by Maturity) As of :
CUSIP Ticker Issuer Sector Strct.CPN Mat Yrs
Par
$Mil
Mkt
$Mil
Cumltv
$
Cumltv
%Next Call
Days
to Call S&P Mdy Fitch
Issue
Size $B
Eff
Dur
Conv
x
MKT
YTM
Bk
Yld
Mkt
Prc
Orig Bk
Price
Amotz
Cost
Amtz P/L
$000
7/31/2015
3136G2K71 FNMA FNMA AGY Call 1.250 5/25/18 2.82 9.7 9.7 4,568 87.7%5/25/16 299 AA+Aaa AAA 0.100 2.28 -1.90 1.23 1.19 100.06 100.06 100.05 $0
313379DT3 FHLB FHLB AGY Bullet 1.250 6/8/18 2.86 20.0 20.1 4,588 88.1%AA+Aaa AAA 1.572 2.80 0.09 1.07 1.01 100.51 100.75 100.68 ($35)
313379DT3 FHLB FHLB AGY Bullet 1.250 6/8/18 2.86 5.0 5.0 4,593 88.2%AA+Aaa AAA 1.572 2.80 0.09 1.07 1.11 100.51 100.42 100.39 $6
3133XRFZ8 FHLB FHLB AGY Bullet 4.750 6/8/18 2.86 5.0 5.5 4,598 88.3%AA+Aaa AAA 0.620 2.68 0.09 0.88 1.15 110.87 100.00 100.00 $544
3130A4Y71 FHLB FHLB AGY Bullet 1.000 6/15/18 2.88 26.5 26.3 4,625 88.8%AA+Aaa AAA 0.060 2.82 0.09 1.24 0.99 99.33 100.02 100.01 ($182)
459058EJ8 IBRD IBRD SUPRA Bullet 1.000 6/15/18 2.88 25.0 25.0 4,650 89.3%AAA Aaa AAA 5.000 2.82 0.09 1.06 1.06 99.83 99.83 99.84 ($2)
3134G67C1 FHLMC FHLMC AGY Call 1.200 6/22/18 2.90 10.0 10.0 4,660 89.5%6/22/17 692 AA+Aaa AAA 0.050 2.77 -0.18 1.22 1.24 99.94 99.88 99.88 $6
3134G6PR8 FHLMC FHLMC AGY Call 1.200 6/28/18 2.91 25.0 25.0 4,685 89.9%9/30/15 61 AA+Aaa AAA 0.250 1.59 -3.76 1.22 1.20 99.94 100.00 100.00 ($14)
3130A4UP5 FHLB FHLB AGY Bullet 1.050 6/29/18 2.92 25.0 24.9 4,710 90.4%AA+Aaa AAA 0.050 2.86 0.10 1.20 0.99 99.57 100.19 100.17 ($150)
3134G6TF0 FHLMC FHLMC AGY Bullet 0.930 6/29/18 2.92 25.0 24.8 4,735 90.9%AA+Aaa AAA 0.075 2.87 0.10 1.20 0.93 99.22 99.99 99.99 ($192)
3134G6V26 FHLMC FHLB AGY Call 1.250 6/29/18 2.92 6.4 6.4 4,741 91.0%6/29/16 334 AA+Aaa AAA 0.125 2.44 -1.66 1.25 1.25 100.00 100.00 100.00 $0
3136G2KZ9 FNMA FNMA AGY Call 1.200 6/29/18 2.92 5.3 5.3 4,747 91.1%6/29/16 334 AA+Aaa AAA 0.015 2.46 -1.64 1.21 1.21 99.98 99.98 99.98 ($0)
912828VK3 T US Treasury Tsy Bullet 1.375 6/30/18 2.92 25.0 25.3 4,772 91.6%AA+Aaa AAA 35.000 2.86 0.10 0.95 0.91 101.22 101.47 101.34 ($30)
3130A4WA6 FHLB FHLB AGY Bullet 1.000 7/6/18 2.93 25.0 24.9 4,797 92.1%AA+Aaa AAA 0.050 2.88 0.10 1.21 1.00 99.41 100.00 100.00 ($148)
3130A4WA6 FHLB FHLB AGY Bullet 1.000 7/6/18 2.93 12.0 11.9 4,809 92.3%AA+Aaa AAA 0.050 2.88 0.10 1.21 1.01 99.41 99.97 99.97 ($67)
3130A57J2 FHLB FHLB AGY Bullet 1.000 7/6/18 2.93 10.0 9.9 4,819 92.5%AA+Aaa AAA 0.050 2.88 0.10 1.26 1.01 99.24 99.96 99.97 ($72)
3130A4NY4 FHLB FHLB AGY Call 1.400 7/9/18 2.94 7.5 7.5 4,826 92.6%10/9/15 70 AA+Aaa AAA 0.015 1.29 -3.41 1.38 1.40 100.05 100.00 100.00 $4
3130A4RJ3 FHLB FHLB AGY Call 1.200 7/13/18 2.95 10.6 10.6 4,837 92.8%4/13/16 257 AA+Aaa AAA 0.050 2.47 -1.90 1.30 1.20 99.71 100.00 100.00 ($31)
3134G6TW3 FHLMC FHLMC AGY Call 1.150 7/27/18 2.99 10.0 10.0 4,847 93.0%4/27/16 271 AA+Aaa AAA 0.075 2.56 -1.71 1.28 1.15 99.61 100.00 100.00 ($39)
3134G6TW3 FHLMC FHLMC AGY Call 1.150 7/27/18 2.99 15.0 14.9 4,862 93.3%4/27/16 271 AA+Aaa AAA 0.075 2.56 -1.71 1.28 1.15 99.61 100.00 100.00 ($59)
3134G6TW3 FHLMC FHLMC AGY Call 1.150 7/27/18 2.99 12.5 12.5 4,874 93.6%4/27/16 271 AA+Aaa AAA 0.075 2.56 -1.71 1.28 1.16 99.61 99.98 99.98 ($47)
3134G7GW5 FHLMC FHLMC AGY Call 1.250 7/27/18 2.99 5.8 5.7 4,880 93.7%1/27/16 180 AA+Aaa AAA 0.065 2.16 -2.73 1.27 1.27 99.94 99.94 99.94 ($0)
78009NVR4 RY Royal Bank of Canada CD Bullet 0.650 7/30/18 3.00 20.0 20.0 4,900 94.1%AA-Aa3 AA 2.91 0.10 1.67 1.69 100.06 100.00 100.00 $12
912828VQ0 T US Treasury Tsy Bullet 1.375 7/31/18 3.00 15.0 15.2 4,915 94.3%AA+Aaa AAA 35.000 2.94 0.10 0.99 0.93 101.14 101.43 101.31 ($25)
3130A57G8 FHLB FHLB AGY Bullet 1.050 8/7/18 3.02 15.0 14.9 4,930 94.6%AA+Aaa AAA 0.050 2.96 0.10 1.23 1.08 99.48 100.03 100.03 ($82)
3135G0C27 FNMA FNMA AGY Call 1.350 8/13/18 3.04 10.0 10.0 4,940 94.8%8/13/15 13 AA+Aaa AAA 0.250 1.09 -3.95 1.36 1.35 99.98 99.99 99.99 ($1)
3130A4YA4 FHLB FHLB AGY Bullet 1.050 8/15/18 3.04 16.9 16.8 4,957 95.2%AA+Aaa AAA 0.050 2.98 0.10 1.24 1.04 99.44 100.03 100.03 ($100)
3136G2JB4 FNMA FNMA AGY Call 1.200 8/27/18 3.08 7.5 7.4 4,964 95.3%5/27/16 301 AA+Aaa AAA 0.030 2.60 -1.15 1.45 1.20 99.25 100.00 100.00 ($56)
3135G0YM9 FNMA FNMA AGY Bullet 1.875 9/18/18 3.14 25.0 25.6 4,989 95.8%AA+Aaa AAA 4.000 3.03 0.11 1.12 1.02 102.30 102.88 102.61 ($78)
43813XAD6 HAROT Honda-ABS ABS PayDn 0.740 10/15/18 3.21 5.050 5.1 4,994 95.9%NR Aaa AAA 0.164 0.23 0.00 0.74 0.48 100.05 100.36 100.17 ($6)
3130A4PZ9 FHLB FHLB AGY Call 1.450 10/15/18 3.21 5.0 5.0 4,999 96.0%4/15/16 259 AA+Aaa AAA 0.025 2.45 -2.22 1.47 1.45 99.92 100.00 100.00 ($4)
92867RAC3 VALET Volkswagen-ABS ABS PayDn 0.910 10/22/18 3.23 10.000 10.0 5,009 96.2%NR Aaa AAA 0.418 1.26 0.02 0.91 0.92 99.93 99.98 99.99 ($6)
3134G6UE1 FHLMC FHLMC AGY Call 1.250 10/29/18 3.25 10.0 10.0 5,019 96.4%4/29/16 273 AA+Aaa AAA 0.050 2.73 -1.82 1.38 1.25 99.59 100.00 100.00 ($41)
3130A4Z88 FHLB FHLB AGY Call 1.220 10/29/18 3.25 10.0 9.9 5,029 96.5%4/29/16 273 AA+Aaa AAA 0.015 2.80 -1.62 1.41 1.22 99.42 100.00 100.00 ($58)
3130A5SS9 FHLB FHLB AGY Call 1.450 1/22/19 3.48 7.325 7.3 5,037 96.7%7/22/16 357 AA+Aaa AAA 0.030 2.84 -1.76 1.45 1.45 100.00 100.00 100.00 $0
3136FTZZ5 FNMA FNMA AGY Bullet 1.750 1/30/19 3.50 7.4 7.5 5,044 96.8%AA+Aaa AAA 0.250 3.40 0.13 1.41 1.42 101.16 101.16 101.13 $2
43813NAC0 HAROT Honda-ABS ABS PayDn 1.040 2/21/19 3.56 7.000 7.0 5,051 97.0%AAA NR AAA 0.458 1.84 0.05 1.04 1.05 99.84 99.98 99.99 ($10)
313378QK0 FHLB FHLB AGY Bullet 1.875 3/8/19 3.61 10.0 10.2 5,061 97.2%AA+Aaa AAA 0.986 3.47 0.14 1.39 1.21 101.69 102.51 102.32 ($63)
3130A4NZ1 FHLB FHLB AGY Call 1.600 3/29/19 3.66 7.5 7.5 5,069 97.3%3/29/16 242 AA+Aaa AAA 0.015 2.61 -2.67 1.60 1.60 100.01 99.99 99.99 $2
3133EEWG1 FFCB FFCB AGY Bullet 1.300 4/1/19 3.67 10.0 9.9 5,078 97.5%AA+Aaa AAA 0.075 3.57 0.15 1.37 1.37 99.77 99.72 99.74 $2
3134G6UW1 FHLMC FHLMC AGY Call 1.400 4/29/19 3.75 6.1 6.1 5,085 97.6%4/29/16 273 AA+Aaa AAA 0.025 3.10 -1.93 1.56 1.40 99.41 100.00 100.00 ($36)
91412GWV3 UNVHGR Univ.of California MUNI Bullet 2.003 5/15/19 3.79 0.3 0.3 5,085 97.6%AA Aa2 AA 0.003 3.63 0.15 1.79 2.00 100.78 100.00 100.00 $2
47787UAD5 JDOT John Deere-ABS ABS PayDn 1.320 6/17/19 3.88 6.0 6.0 5,091 97.7%NR Aaa AAA 0.250 1.88 0.05 1.19 1.33 100.26 99.99 99.99 $16
313383VN8 FHLB FHLB AGY Bullet 2.000 9/13/19 4.12 9.5 9.6 5,100 97.9%AA+Aaa AAA 1.141 3.94 0.18 1.52 1.34 101.91 102.83 102.63 ($68)
313383VN8 FHLB FHLB AGY Bullet 2.000 9/13/19 4.12 25.2 25.6 5,125 98.4%AA+Aaa AAA 1.141 3.94 0.18 1.52 1.35 101.91 102.78 102.58 ($169)
3137EADM8 FHLMC FHLMC AGY Bullet 1.250 10/2/19 4.18 30.0 29.7 5,155 99.0%AA+Aaa AAA 6.000 4.06 0.18 1.48 1.31 99.09 99.72 99.74 ($194)
Mkt Price Source: Bloomberg. Some securities' prices are not provide by Bloomberg (CP, CD), those prices are set at 100.Page 6
67
Exhibit D
County of Santa Clara - Commingled Pool (sorted by Maturity) As of :
CUSIP Ticker Issuer Sector Strct.CPN Mat Yrs
Par
$Mil
Mkt
$Mil
Cumltv
$
Cumltv
%Next Call
Days
to Call S&P Mdy Fitch
Issue
Size $B
Eff
Dur
Conv
x
MKT
YTM
Bk
Yld
Mkt
Prc
Orig Bk
Price
Amotz
Cost
Amtz P/L
$000
7/31/2015
3130A3XL3 FHLB FHLB AGY Call 1.500 2/10/20 4.53 7.25 7.2 5,163 99.1%2/10/17 560 AA+Aaa AAA 0.075 3.97 -0.82 1.62 1.65 99.50 99.35 99.36 $10
3135G0UU5 FNMA FNMA AGY Bullet 1.750 3/6/20 4.60 7.0 7.0 5,170 99.2%AA+Aaa AAA 0.250 4.41 0.22 1.70 1.49 100.23 101.20 101.13 ($63)
3135G0UU5 FNMA FNMA AGY Bullet 1.750 3/6/20 4.60 14.6 14.6 5,184 99.5%AA+Aaa AAA 0.250 4.41 0.22 1.70 1.49 100.23 101.22 101.15 ($134)
161571GY4 CHAIT Chase-ABS ABS PayDn 1.360 4/15/20 4.71 25.0 24.9 5,209 100.0%NR NR AAA 1.100 2.77 0.09 1.23 1.37 99.79 99.98 99.98 ($48)
Forward Settlement Pending Call 0.76 1.38 5,209 5,218 1.19 -0.28 0.63 0.67 100.17 100.31 100.15 $1,258
Needs Update Callable Within 10 Days 1.78 0.69
0.65 0.33
Index Eligible Holdings 61.9%
71.2%
BAML 1-3 Govt
3,226.71 % of Total
Latest LAIF WAM & Rate
Agency Holdings >=$250MM 2,605.58 % of AGY Total
Mkt Price Source: Bloomberg. Some securities' prices are not provide by Bloomberg (CP, CD), those prices are set at 100.Page 7
68
Exhibit D
Issuer $Mil % Total
FHLB $1,655.4 31.8%
FNMA $787.8 15.1%
FHLMC $774.6 14.9%
FFCB $440.8 8.5%
Dreyfus Prime MMF $243.1 4.7%
US Treasury $200.0 3.8%
BlackRock Prime MMF $175.0 3.4%
MS Govt MMF $150.0 2.9%
US Bank $110.0 2.1%
St of California $83.3 1.6%
Johnson & Johnson $60.0 1.2%
Exxon Mobil $60.0 1.2%
Chase ABS $55.0 1.1%
Chevron $55.0 1.1%
LAIF $40.0 0.8%
IBRD $37.5 0.7%
Toyota ABS $37.3 0.7%
Royal Bank of Canada $35.0 0.7%
Walmart $34.5 0.7%
Volkswagon ABS $33.8 0.6%
John Deere ABS $25.9 0.5%
Honda ABS $23.0 0.4%
IBM $20.0 0.4%
Bk of Nova Scotia $15.0 0.3%
Colgate-Palmolive $15.0 0.3%
Berkshire Hathaway $10.0 0.2%
BMY ABS $7.2 0.1%
American Express ABS $6.8 0.1%
GE ABS $5.5 0.1%
Moody's Rtg Amount Percent GE $5.0 0.1%
P-1 $226.0 4.3%Apple $3.0 0.1%
Aaa $4,618.4 88.7%Nissan ABS $3.0 0.1%
Aa1 $58.0 1.1%Mercedes ABS $1.6 0.0%
Aa2 $44.7 0.9%Univ. of California $0.3 0.0%
Aa3 $138.3 2.7%Deutsche Bk Repo $0.0 0.0%
A1 $15.0 0.3%Barclays Repo $0.0 0.0%
A2 $0.0 0.0%
A3 $0.0 0.0%
NR $108.9 2.1%-100 -50 -25 +25 +50 +100
Total $5,209.3 100.0%Total $5,209.3 100.0%$54.7 $27.0 $13.4 ($15.5)($30.9)($61.9)
Redlines represent maximum limits
Data Sources: Bloomberg, LAIF -- Calculations by FTN Main Street MMF & Repo $568.1
County of Santa Clara - Commingled Pool
Moody's Ratings Information
7/31/2015
Instantaneous Rate Shock Analysis - $/BP ($Mil)45.9% 25.0% 22.8% 4.1% 2.3% 54.8% 20.6% 21.7% 1.9% 1.0% 0%
10%
20%
30%
40%
50%
60%
70%
0-1Y 1-2Y 2-3Y 3-4Y 4-5Y
Maturity and Effective Duration
Mat
Eff Dur
31.8%
15.1%
14.9%
8.5%
4.7%
3.8%
3.4%
2.9%
2.1%
1.6%
1.2%
1.2%
1.1%
1.1%
0.8%
0.7%
0.7%
0.7%
0.7%
0.6%
0.5%
0.4%
0.4%
0.3%
0.3%
0.2%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
0%10%20%30%40%50%
FHLB
FNMA
FHLMC
FFCB
Dreyfus Prime MMF
US Treasury
BlackRock Prime MMF
MS Govt MMF
US Bank
St of California
Johnson & Johnson
Exxon Mobil
Chase ABS
Chevron
LAIF
IBRD
Toyota ABS
Royal Bank of Canada
Walmart
Volkswagon ABS
John Deere ABS
Honda ABS
IBM
Bk of Nova Scotia
Colgate-Palmolive
Berkshire Hathaway
BMY ABS
American Express ABS
GE ABS
GE
Apple
Nissan ABS
Mercedes ABS
Univ. of California
Deutsche Bk Repo
Barclays Repo
1.38 0.0
0.5
1.0
1.5
2.0
2.5
Yrs WAM
70.2%
3.8% 1.9% 1.0%
5.2%
0.0%
3.8% 1.6% 0.7% 0.8% 0.0%
10.9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
AGY TSY CP CD CORP REPO ABS MUNI SUPRA LAIF MBS MMF
Sector Allocations/Investment Policy Limits
80.1%
15.6%
3.8%
0.5%
0%25%50%75%100%
Bult
Call
PayDn
FRN
Structures 67 0
10
20
30
40
50
60
70
Basis Points Book Yield
608
314
65 120 95
1
181
55 65 20
204
428
$0
$200
$400
$600
$800
Jul-15Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16Millions Maturity Par Amounts by Month (12 Months)
69
Exhibit D
County of Santa Clara - Commingled Pool
608 314 65 120 95 1 181 55 65 20 204 428 235 136 125 152 167 0 102 84 168 81 23 124 139 112 121 30 110 38 70 49 87 182 76 203 143 49 25 40 0 0 15 7 18 16 0 6 0 0 35 30 0 0 0 7 22 25 0 0 0 0 $0
$100
$200
$300
$400
$500
$600
$700
Jul-15Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16Jul-16Aug-16Sep-16Oct-16Nov-16Dec-16Jan-17Feb-17Mar-17Apr-17May-17Jun-17Jul-17Aug-17Sep-17Oct-17Nov-17Dec-17Jan-18Feb-18Mar-18Apr-18May-18Jun-18Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18Jan-19Feb-19Mar-19Apr-19May-19Jun-19Jul-19Aug-19Sep-19Oct-19Nov-19Dec-19Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Millions Maturity Par Amounts by Month
7/31/2015
70
Exhibit D
County of Santa Clara - Commingled Pool
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
0.60
0.65
0.70
Percent Book Yield & Market Yield
Book Yld
Market Yld
36
38
40
42
44
46
48
50
52
54
56
Percent Percent of Portfolio 1 Year and Under
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
1.5
Years Weighted Average Maturity &
Effective Duration
WAM
Eff Dur
0
2
4
6
8
10
12
14
Percent Non-Agency Sector Percentages
CP Corp
Tsy ABS
CD Repo
MMF
0
10
20
30
40
50
60
70
80
90
100
Percent Bullets and Callables
Callables Bullets
60
62
64
66
68
70
72
74
76
78
Percent Agency Sector Percentage
7/31/2015
71
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
FTN Financial Economic Weekly
72
Exhibit D
FTNFINANCIAL.COM | 800.456.5460
ECONOMIC WEEKLY
JULY 31, 2015
Modest Rebound in Q2 Paves Way
foR fed to KeeP ditheRing
Real GDP grew at a 2.3% annual rate in the first quarter, little better than the
average growth rate of the prior three years. After a revised 0.6% Q1, growth
averaged just 1.5% in the first half. The FOMC is likely to conclude recent
acceleration is more important than the flat longer term trend. What they
should be looking at, however, is the economy’s lack of breadth, which
has left it unusually reliant on consumers for growth. Business investment
ground to a halt in Q1 and fell outright in Q2. The Fed’s new conundrum:
How long can consumers carry this economy on their own?
Consumers Are Key to Growth Again
Consumers accounted for half of the economy’s growth in all but two of
the past seven quarters. From the Fed’s perspective, their increasingly
prominent place in GDP is a mixed blessing. Since 2010, the FOMC
has alternated between hoping consumption would rebound and
being perplexed by its failure to happen. They will be pleased by the
acceleration in consumer spending to 2.9%, but are well aware it still has
a long way to go before it is as strong as in previous cycles.
Since the fourth quarter of 2013, with the exceptions of the first quarters
of this year and last, consumption accounted for more than half the growth
every quarter. Consumption rose 2.9% in Q2, almost twice the first quarter’s
growth rate, but less than any of the last three quarters in 2014. Still, the
CONSENSUS
PRIOR HIGH LOW MEDIAN FTNTHIS WEEK’S NUMBERS
Disclosures are on the last page of this report.
ECONOMICS
Chris Low, Chief Economist
212.418.7909
chris.low@ftnfinancial.com
Jay Morelock, Economist
212.418.5038
jay.morelock@ftnfinancial.com
Sophia Kearney-Lederman, Economic Analyst
212.418.7966
sophia.kearney-lederman@ftnfinancial.com
CONTENTS
Modest Rebound in Q2
Paves Way for Fed to Keep
Dithering
pg 1
‘Transitory’ is a Relative
Word
pg 7
Previews
pg 11
Monday, August 3 Personal Income - Jun 0.5%0.5%0.0%0.3%0.3%
Personal Spending - Jun 0.9%0.4%0.0%0.2%0.1%
PCE Deflator (MoM) - Jun 0.3%0.3%0.2%0.2%0.2%
PCE Deflator (YoY) - Jun 0.2%0.3%0.2%0.2%0.2%
PCE Core (MoM) - Jun 0.1%0.2%0.1%0.1%0.1%
PCE Core (YoY) - Jun 1.2%1.3%1.2%1.2%1.2%
ISM Manufacturing - Jul 53.5 54.5 52.0 53.5 53.5
Tuesday, August 4 Factory Orders - Jun -1.0%3.0%1.3%1.7%1.5%
Wednesday, August 5 ADP Employment - Jul 237K 240K 195K 215K 200K
Trade Balance - Jun -$41.87B -$40.00B -$46.70B -$42.65B -$42.00B
ISM Non-Manufacturing - Jul 56.0 57.5 55.0 56.2 56.2
Friday, August 7 Change in Nonfarm Payrolls - Jul 223K 280K 140K 225K 208K
Unemployment Rate - Jul 5.3%5.6%5.2%5.3%5.3%
Average Hourly Earnings (MoM) - Jul 0.0%0.3%0.1%0.2%0.2%
Average Weekly Hours All Employees - Jul 34.5 34.6 34.5 34.5 34.5
73
Exhibit D
Page 2 of 13
ECONOMIC WEEKLY | JULY 31, 2015
year-on-year rate of consumption growth at 3.1% was just above 3%, and has been above 3% for four
consecutive quarters. The last time consumption grew this fast was in 2006.
In the second quarter, nondurable goods spending grew at a 3.6% rate, the most in two-and-a-half years.
Food and beverage spending was strong after falling four consecutive quarters through Q1-15, spending
on apparel rebounded after a very soft first quarter. Gasoline spending, which rose when gas prices fell in
Q4 and Q1, was about unchanged in real terms when gas prices rebounded a bit in Q2.
Stepping back from the quarter to look at year-on-year trends, durable goods spending has slowed to
the middle of its post-recession range because car sales are strong, but they are not growing very fast
anymore. Nondurable goods spending is accelerating higher, primarily reflecting strong gasoline sales.
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
Consumption Growth Surged Last Year,
Remains Short of Prior Cycles
Real Personal Consumption Expenditures
(SAAR Chn.2009$), Yr/Yr%
Source:Bureau of Economic Analysis
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15
GDP and Sector Contributions
Consumption Res Investment Bus. Fixed Invest Inventories
Net exports Government GDP Final Sales
Source: Bureau of Economic Analysis and FTN Financial
74
Exhibit D
Page 3 of 13
ECONOMIC WEEKLY | JULY 31, 2015
And, service spending has soared to its fastest rate of growth since 2006, reflecting faster spending on
healthcare, transportation and food service & accommodations. With the exception of healthcare, all of
these categories have seen big price declines in the past year.1
Service spending is booming, but it too is slowing down. An unprecedented surge in healthcare
consumption after the ACA became law is starting to subside. Consumption is not likely to be as strong in
2015 as in 2014, which means growth will slow unless the economy can find another source of spending.
Business Fixed Investment: The Economy’s Achilles Heel
From the Fed’s point of view, weak business investment is a double-edged sword. On the one hand,
it’s a reason not to tighten, because, after all, it is a big, interest-sensitive segment of the economy
that is not growing. On the other hand, investment is the primary source of productivity and the
collapse of productivity growth to zero in recent quarters is the reason we need 2% job growth to
support a measly 2% GDP growth. On balance, weak business investment will be a wash in terms of
influencing the FOMC in September.
The 0.6% drop in business fixed investment in Q2 marked the third negative quarter since the Great
Recession. Intellectual property growth was the weakest in a year, but with a 5.5% gain, at least it was
growing. Structures spending fell 1.6%, the fourth decline in five quarters, and equipment spending fell
for the second time in three quarters.
There was another huge drop in mining exploration, shafts and wells. New underlying detail reveals
the first quarter weakness in this category was not caused by the drop in the rig count but by weakness
in mining outside the oil and gas industry. In Q2, mining was weak again, and this time oil and gas
investment plunged, too. The result was a 68.2% drop in mining structures investment at an annual rate,
a slightly bigger drop than the biggest during the Great Recession.
1 See Jim Vogel’s The Weekly Report for more on inflation trends.
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
2005 2008 2011 2014
Mining Investment Surprised
with a Bigger Q2 Drop than Q1’s
Real Private Investment: Mining
Exploration/Shafts/Wells, %
Change Annualized
Source:Bureau of Economic Analysis
75
Exhibit D
Page 4 of 13
ECONOMIC WEEKLY | JULY 31, 2015
Weakness in equipment investment was evident in multiple categories:
Information processing -13.8%
Transportation -5.93% (Mostly a 56% drop in railroad equipment)
Furniture and fixtures -2.0%
Farm equipment -2.8%
Mining and oilfield equipment -25.7%
Service industry machinery -10.1%
The drop would have been bigger if not for a 172% rise in electrical equipment orders, the biggest
increase since 1988 and the third biggest increase in 50 years.2 It’s not clear what caused this jump. GE
reported strong Q2 orders for power generating equipment, but the durable orders and shipments data
showed no such increase.
Business investment is suffering because companies are fighting to maintain EPS growth even as
revenues are eaten away by the strong dollar and slow global economy. The latest durable orders
report found signs of life in equipment orders, but then so did the previous two before it was revised
away. If business spending really is recovering, the recovery is at a very early stage.
Inventories are a Threat to Future Growth
Inventories exploded in the first half. For now, the Fed is not likely to notice the inventory build. They
rarely do. Or perhaps if they do, they don’t talk about it because inventories are even more transitory
than changes in the dollar. But super-strong inventory growth in the first half is not a recipe for strong
GDP growth in the second half. Those banking on 3% second-half growth should bear in mind that
last year’s strong growth followed a Q1 inventory collapse.
As a percent of GDP, the inventory build in the first two quarters of this year was the biggest since the first
quarter of 1999. In the second quarter of 1999, when inventory growth slowed to a more typical pace, it
cut 1.68 percentage points from GDP. Given the recent trend in final sales (they averaged 2.2% in the past
4 quarters) a loss of nearly 2% from GDP would sting.
2 This is a small category. The increase amounted to about $1bn at an annual rate. Total business equipment investment fell about
$9bn.
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
Inventory Growth as % of GDP
2 Qtr Average
Source: Bureau of Economic Analysis
76
Exhibit D
Page 5 of 13
ECONOMIC WEEKLY | JULY 31, 2015
The inventory increase was broad based between manufacturing and wholesale trade. Retail inventories
are not nearly as bloated. There’s no underlying industry detail in the GDP inventory accounts yet, but
the durable goods report showed manufacturing shipments running ahead of manufacturing orders in the
past few months, a rare condition that has in the past always presaged a shipments drop unless orders
quickly recovery.
There’s no indication of a slowdown in inventory accumulation, but inventories are reported with a long
lag. We don’t even have June data yet. What we do know is inventory corrections happen eventually. If
the correction comes quickly, it will limit second half growth. If it comes late, it could result in recession.
Foreign Trade
The FOMC is watching foreign economies and is cognizant of the risk a widening trade deficit poses
to manufacturing. But the two biggest threats to foreign trade—the strong dollar and low oil price—
have been dismissed as transitory by the FOMC.
The fact these “transitory” problems trace back to the month the Fed made clear it would raise rates
in 2015 and Draghi made clear the ECB would ease is no coincidence. We expect foreign trade will
continue to weigh on growth as the lead-up to liftoff gives way to actual tightening. This is not a
reason to avoid tightening altogether, however, because calling off normalization would fully reverse
the process. Rather, it is a good reason to tighten slowly.
The trade deficit spiked in the first quarter and improved only a little in the second. Jay Morelock’s
article looks at the underlying deterioration in nonpetroleum trade that has been going on for years and
concludes there’s a bigger threat to growth than the strong dollar, though the dollar has certainly done its
share of damage since December.
With oil production likely to fall in the second half and heavy equipment orders suffering from the global
mining recession, export growth will be difficult this year. Imports are another story, however. The strong
dollar means foreign-made goods are effectively on sale from U.S. consumers’ points of view. Trade is
likely to continue to weigh on growth into 2016 at least.
-900.0
-800.0
-700.0
-600.0
-500.0
-400.0
-300.0
-200.0
-100.0
0.0
2000 2003 2006 2009 2012 2015Bil.Chn. 2009$The Trade Deficit Is Widening in 2015
Real Net Exports Goods & Services
Source:Bureau of Economic Analysis
77
Exhibit D
Page 6 of 13
ECONOMIC WEEKLY | JULY 31, 2015
Inflation Still not Cooperating
Inflation could be a real problem for the Fed this year, but not in the way it usually is. Many Fed
officials won’t care core inflation has fallen below the Fed’s target. Their faith in the tight-labor-
market theory of inflation will be enough for them to call a turn before it happens. But some will
want to see evidence inflation really is rising at least in the core before they vote to hike rates. If
Yellen cannot win their support, she will have to choose between initiating liftoff despite dissent, or
waiting for the core to stop falling, which could take as long as 18 months judging from prior periods
of sustained commodity price weakness.
Economists at one firm recently wrote about the “inflation paradox” posing the latest challenge to the
Fed. Core inflation is accelerating, they wrote, while headline inflation is close to zero. On top of that,
commodity prices are tumbling again, suggesting headline inflation will be negative by year end.
The Q2 GDP release suggests the paradox is resolved, though not in the way the Fed wants to see. As
the below chart shows, despite some much publicized pressure on rents that is flowing into the owners’
equivalent rent, the core PCE is clearly trending downward.
Bottom line: The economy accelerated in Q2, but there is more than enough trouble beneath the headline
to keep a central banker up at night.
The economy is being carried by consumers, whose spending is slowing as the initial burst of
healthcare activity from the ACA starts to fade.
Companies have reduced investment to less than zero in a desperate attempt to salvage profit
margins in the face of weak global growth and a strong dollar. They should be able to grow
investment again when the dollar stops rising, but if rate hikes are really going to happen., that
could take more than a year.
The trade deficit would have been rising for years now if not for petroleum exports from the
shale boom. Now, with $40 oil, the underlying trend is showing through.
Inflation is the furthest from the Fed’s 2% target than at any other time since 2009.
Maybe IMF Director Lagarde is right and the Yellen Fed should hold off on normalization until next year.
The Fed won’t, but the line to say “I told you so” is getting longer.
– Chris Low, Chief Economist
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
2.0%
2.2%
2.4%
2000 2002 2004 2006 2008 2010 2012 2014
Core Inflation Clearly Trending Lower
PCE less food & energy,
Yr/Yr %
Source:Bureau of Economic Analysis
78
Exhibit D
Page 7 of 13
ECONOMIC WEEKLY | JULY 31, 2015
‘tRansitoRy’ is a Relative WoRd
In Brief: Dismissing the consequences of lower energy prices and a strong dollar as ‘transitory’
leaves the Fed overestimating the ability for inflation to return to 2%. Lower prices are just beginning
to work their way through the economy. A widening US trade balance, oil economics that favor
buyers, and the Fed’s itchy trigger finger should keep a lid on prices for years.
Since April, FOMC statements have repeated “the Committee expects inflation to rise gradually toward
2 percent over the medium term as the labor market improves further and the transitory effects of earlier
declines in energy and import prices dissipate.” The labor market has improved, and further advancement
is likely given the consistent growth over the past five years. Assuming the price effects of lower energy
and imports are transitory, though, may prove problematic for the Fed’s medium term forecast. Of the
17 FOMC participants, the lowest estimate for PCE inflation at the end of 2016 is 1.5%, with the majority
estimating a range between 1.7–2.0%. With inflation currently at 0.2%, and having averaged 1.1% since
the start of 2013, these estimates look optimistic, especially when considering the forecast for rate hikes.
Just Getting Started
Several knock-on effects of the rout in oil prices since last summer are just beginning to affect markets.
On Wednesday, the US Energy Information Administration (EIA) reported that last week US oil production
fell by 145,000 barrels a day, the largest one-week drop since October 2013. At 9.4 million barrels a day,
however, production in the US still sits near all-time highs. While production numbers will eventually fall
to reconcile price declines, there has yet to be a meaningful pullback. As seen in the chart on the next
page, the number of oil rigs has dropped about 60% since October, indicating a reversal in plans for
future production.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
2013 2014 2015 2016 2017 Longer Run
PCE Inflation (Yr/Yr)
Fed Funds Rate
FOMC PCE Inflation Forecast*
Median Target Fed Funds Rate**
Source:Federal Reserve & BEA *Inflation is the average of the central tendency of the FOMC’s June '15 PCE forecast.
** Median fed funds rate from the June '15 dot plot.
79
Exhibit D
Page 8 of 13
ECONOMIC WEEKLY | JULY 31, 2015
The Achilles-heel of the shale revolution is the short shelf life of tight oil formations. Production from
shale wells decline 60-70% in the first year alone, and are usually exhausted by year three. Therefore,
when the existing wells dry up, production will likely follow the rig count, as new drilling has slowed to a
crawl. While the manufacturing sector has weighed heavily on industrial production over the past year,
mining has remained elevated on the back of oil and gas extraction. This won’t last much longer. Support
activities for mining, a subsector group primarily engaged in drilling oil and gas wells for others, whose
services include exploration, excavation, surveying, and treating wells, has already turned decidedly
negative since the start of 2015 (see chart below). In other words, those responsible for supporting the
industry have been rocked; extraction cannot be too far behind.
4000
5000
6000
7000
8000
9000
10000
11000
-200
0
200
400
600
800
1,000
1,200
1,400
1,600
'88 '91 '94 '97 '00 '03 '06 '09 '12 '15 1000 Barrels/DayRigsOil Production Near High Despite Falling Rig Count
US Crude Oil Rig Count, left
US Crude Output, right
Source: Baker Hughes Inc. & U.S. DOE
50
60
70
80
90
100
110
120
130
140
150
2012 2013 2014 2015Index 2012=100Mining
Oil and gas extraction
Mining excluding oil and gas
Coal mining
Support activities for mining
Source:Federal Reserve Board *Dashed lines show sub-categories within
So Far, the Drop in Mining Production Has Little to Do with Oil
80
Exhibit D
Page 9 of 13
ECONOMIC WEEKLY | JULY 31, 2015
According to the International Energy Agency, non-OPEC supply growth is expected to “grind to a halt in
2016” as lower oil prices and spending cuts take a toll. If the US were a closed economy, the inevitable
fall in oil and gas production would raise prices until equilibrium was found. However, OPEC is forecast to
increase production by 1 million barrels per day in 2016, handling the majority of the expected 1.2 million
barrel increase in demand. With the global supply glut and growing competition for exports, low cost
production in the Middle East will fill the gap left from US frackers.
The China Question
Coinciding with the drop in oil prices last year, the dollar began its ascent. An appreciating dollar makes
our imports cheaper and exports more expensive. Having been remarkably steady from 2010 to 2014, the
trade balance has widened dramatically in 2015 as domestic export and manufacturing sectors struggle to
compete with cheaper foreign goods. As seen in the chart below, however, the US nonpetroleum trade
balance has been widening for years. The shale boom reduced the need for oil imports, decreasing the
petroleum deficit and masking the underlying deterioration. But with the oil export trend likely to reverse,
petroleum will add further pressure on the trade balance.
The importance of the US-China relationship on the trade balance cannot be overemphasized. Year
to date, the US trade deficit to China was -$139 billion, more than the deficit to the next ten countries
combined. The recent widening of the overall deficit is predominately due to trade imbalances with
China. Unlike in 2008 when both imports and exports to China fell during the global recession, this has
been a one-sided affair. US exports to China peaked in Q4 2013, while imports are still growing.
-70000
-65000
-60000
-55000
-50000
-45000
-40000
-35000
-30000
-25000
-20000
2010 2011 2012 2013 2014 2015Customs Value. SA, Mil.Chn.2009$Trade Balance
Trade Balance: Nonpetroleum
Source:Census Bureau
Excluding Oil, the Trade Deficit Has Deteriorated for Years
81
Exhibit D
Page 10 of 13
ECONOMIC WEEKLY | JULY 31, 2015
Adding to the potential for the trend to deteriorate, it looks like China, suffering from a weakening
economy, capital outflows and a nasty stock market correction, is finally ready to weaken its currency
to boost exports. China’s State Council last week announced its intention to widen the currency trading
band to 3% against the dollar, from 2% currently. Activity has recently ramped up in the yuan options
market, where investors are taking positions to protect against a potential weakening of the currency over
the next three to six months. While loosening the trading band by one percent will not cause a dramatic
shift in the exchange value, it adds further downward pressure on inflation as the dollar strengthens and
goods from our biggest trading partner become cheaper in the domestic economy.
Bottom Line: If the dollar weakens and oil prices recover, inflation may climb back toward to the Fed’s
goal of 2% by the end of 2016, proving their ‘transitory’ thesis correct. Unfortunately for the Fed, the
likelihood of those two market events coinciding with rate hikes is slim. As central banks around the world
continue unprecedentedly easy monetary policy, if the Fed goes forward with forecasted rate hikes the
dollar will only strengthen further. Achieving 2% inflation in this environment borders on an economic
impossibility.
– Jay Morelock, Economist
50000
60000
70000
80000
90000
100000
110000
120000
130000
9000
14000
19000
24000
29000
34000
39000
44000
49000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 SA, Mil. $SA, Mil. $US Trade With China
US Exports to China (left)
US Imports from China (right)
Source:Census Bureau
82
Exhibit D
Page 11 of 13
ECONOMIC WEEKLY | JULY 31, 2015
PRevieWs
Durable goods orders rose 3.4% in June, with orders for nondefense capital goods ex-aircraft up for the
first time since March (+0.9%). After downward revisions to April and May, however, the question remains
if this strength too will be revised away. The July FOMC meeting concluded on Wednesday with few
changes, barring the addition of an ambiguous “some” to describe necessary data improvement that
serves only to further strengthen the Fed’s steadfast adherence to dependency when it comes to the
labor market. Q2 GDP grew 2.3% at an annual rate, with Q1 revised up from -0.2% to 0.6% (the report
included annual revisions 2012-2014).
Data in the remaining six weeks leading to the September Fed meeting is critical, and next week will be a
busy one. The highlights are personal income and consumption, the ISM indices, and on Friday, the July
payroll report.
Personal Income and Consumption
Personal income likely rose 0.3% in July. We expect personal consumption rose 0.1% in July.
Income rose 0.5% in May, matching April’s gain. Consumption jumped 0.9% in May, the largest monthly
increase since August 2009. The savings rate fell from 5.4% to 5.1%.
Retail sales disappointed in June, falling 0.3% with May sales revised down two tenths to 0.8%. Sales ex-
autos and gas were similarly revised down in May and fell 0.2% in June.
The Conference Board’s consumer confidence index was revised down in June from 101.4 to 99.8, and fell
even further in July to 90.9 suggesting consumers are uncertain and more hesitant to spend that initially
expected.
ISM Indices
We expect the ISM manufacturing index was unchanged at 53.5 in July. The ISM nonmanufacturing index
likely rose to 56.2.
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
Income and Consumption
Month-Over-Month % Change
Consumption
Income
Source: Bureau of Economic Analysis
83
Exhibit D
Page 12 of 13
ECONOMIC WEEKLY | JULY 31, 2015
The ISM manufacturing index rose above expectations to a five-month high of 53.5 in June. The non-
manufacturing index rose to 56.0 in June.
Regional manufacturing indices improved in July for the most part. The Chicago PMI jumped from 49.4
to 54.7 in July. The Empire manufacturing index rose from -1.98 to 3.86, the Dallas Fed manufacturing
index from -7.0 to -4.6, and the Kansas City index from -9 to -7. The Richmond Fed index jumped from an
upwardly revised 7 to 13 in July, while the Philly Fed index fell from 15.2 to 5.7.
Payrolls
We expect nonfarm payrolls rose 208K in July. The unemployment rate likely remained unchanged at
5.3%. Average hourly earnings likely rose 0.2% in July and average weekly hours we expect remained at
34.5.
-50k
0k
50k
100k
150k
200k
250k
300k
350k
400k
450k
500k
2014-Apr 2014-Jul 2014-Oct 2015-Jan 2015-Apr 2015-Jul
Nonfarm Payrolls
Change, 000s
Goods producing
Pvt svce producing
Government
Payrolls
12-mo average
Source: Bureau of Labor Statistics and FTN Financial
30
35
40
45
50
55
60
65
2007 2009 2011 2013 2015
ISM Manufacturing & Non-Manufacturing Indices
contraction < 50 < growth
Recession
Non-Manufacturing PMI
Manufacturing
50-Line
Source: Institute for Supply Management, NBER
84
Exhibit D
Page 13 of 13
ECONOMIC WEEKLY | JULY 31, 2015
June’s employment report was weaker-than-expected but not to the point of disappointment, especially
not for the Fed who characterized the labor market as continuing to improve “with solid job gains and
declining unemployment” in the June FOMC statement. Payrolls rose 223k in June, though May and April
were revised down. Labor force participation fell to 62.6%, an 30+year low, while the unemployment rate
fell to 5.3%.
We expect goods producing payrolls likely rose 6k in July. We expect construction hiring, which was flat
in June, to add 10k. Mining and natural resource payrolls likely fell again. We forecast that private service-
providing employment rose 200k in July, a reversion toward the mean after two months of above-trend
hiring. Retail trade is likely to have softened slightly, adding 25k jobs. Professional and business services
hiring likely remained robust, led by steady temporary help services hiring.
– Sophia Kearney-Lederman, Economic Analyst
Although this information has been obtained from sources we believe to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. This is for informational purposes only and is not intended as an offer or solicitation
with respect to the purchase or sale of any security. All herein listed securities are subject to availability and change in price. Past performance is not indicative of future results. Changes in any assumptions may have a material effect on
projected results. Ratings on all securities are subject to change.
FTN Financial Group, FTN Financial Capital Markets, and FTN Financial Portfolio Advisors are divisions of First Tennessee Bank National Association (FTB). FTN Financial Securities Corp (FFSC), FTN Financial Main Street Advisors, LLC, and
FTN Financial Capital Assets Corporation are wholly owned subsidiaries of FTB. FFSC is a member of FINRA and SIPC—http://www.sipc.org/. FTN Financial Group, through FTB or its affiliates, offers investment products and services. FTN
Financial is not registered as a Municipal Advisor.
85
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
FTN Financial Fixed Income Weekly
86
Exhibit D
THE WEEKLY REPORT
Fixed Income Strategies
Jim Vogel, CFA
901.435.8056
jim.vogel@ftnfi nancial.com
Disclosures are on the last page of this report.
JULY 31, 2015
CONTENTS
0
50
100
150
200
250
300
350
400
June Aug Oct Dec Feb Apr June Aug Oct Dec Feb Apr June
FTNFINANCIAL.COM | 800.456.5460
INTEREST RATES AND DERIVATIVES P. 2
Several charts to show the impact ECI had in
a busy week for Treasuries. More important, a
summary of the arguments why rates will likely
ignore slow growth in personnel costs once
August heats up.
INFLATION LAB P. 5
Rates have fallen along with oil in July, and
now infl ation expectations imply only a modest
rebound over the next year. Where investors once
brimmed with confi dence oil could be at $70 by
year end, the pendulum has swung to $58-$62
by next summer. Maybe. So, CPI could surprise
to the low end for July and complicate the Fed’s
explanation of why it insists on raising rates due
to transitorily lower energy costs. While focus
is correctly on oil, we also note large declines
this year in lumber, steel rebar in Asia, and a
host of industrial commodities. Last month we
concluded bond investors were too buoyant about
future infl ation. This month…too depressed.
Staying even keeled is most diffi cult.
GSE COMMENTARY P. 12
So much debate about GSE reform centers on
what went wrong with the old model. It doesn’t
hurt, however, to see what’s not working in the
new model – at least in student loans. The size
of the two loan pools is vastly different, but the
traps for equity investors that are required to
make GSE reform work could be much the same. Source: Bureau of Labor Statistics and FTN Financial
One of this year’s most unsuccessful fi xed income trades has been to buy into a month-
ending rally. Yet, big volume trading did precisely that to conclude July. Wherever
individual economic data may print, broad investor sentiment eventually anchors with the
Fed’s intention to raise rates this year. Th e better buying opportunities for Treasuries and
high-grade sectors in 2015 have been when that sentiment gets carried to extremes and
term premiums rise quickly. Th ey have fallen sharply in the latter part of July.
Several points in August could easily reduce the low Employment Cost Index during the
second quarter to a bad memory:
August 3 ISM-manufacturing. Incorrectly, consistently sends rates higher.
August 7 Payrolls. ECI won’t be revised for three months. Th e BLS fi nds
labor market alternations almost every month. See discussion of
the chart.
August 13 Retail Sales. Th e fi rst important look at the third quarter, with Q2
GDP fi gures suggesting big upward revisions for the June.
August 19 CPI. See the discussion starting on page 5.
August 19 FOMC Minutes. Perhaps the most important minutes of 2H 2015.
What did the Fed discuss/disagree about the meeting before its
make or break decision in September?
Th e chart reminds how volatile monthly payroll data have been. Th e red trendline, however,
is what the FOMC keeps returning to as it discusses labor market progress. Th at trend
could even fl atten some, as far as policy is concerned. Early forecasts for payrolls suggest
gains comparable to June’s. Th at would easily suffi ce to keep the Fed aimed at its target.
Nonfarm Payroll Trends
2-Yr Trend
4-Mo Avg
87
Exhibit D
July 31, 2015 Page 2 of 14
Source: CBOT
Fed Funds Futures for Avg
Eff ective Fed Funds
February 2016 (After Jan FOMC)
THE WEEKLY REPORT | INTEREST RATES AND DERIVATIVES
Bonds Will Look Past Low ECI
Interest rates behaved in good order the last week of July until the quarterly Employment Cost Index caught
economists and traders off guard. Yields tested the bottom of the July range — with no help from Greece! — and
confi dence in Fed policy tightening plummeted.
After GDP on July 30, the market expected fed funds (eff ective) to be trading close to 50bp in February next
year, implying roughly a 50/50 chance of two rate increases this year. After ECI, the same indicator fell to the
lowest since July 14. Th is is by no means a perfect indicator, but it certainly captures ECI’s impact.
Here’s Chief Economist Chris Low’s bottom line take on the number:
Th e ECI collapse to an all-time low would be worrisome if not for other measures of compensation,
average hourly earnings, for instance, showing wage growth. Th e ECI moved the market, because Yellen
says wage infl ation would be another good reason to raise rates (though she also has said a lack of wage
infl ation is not an excuse to wait). But the FOMC is tracking half a dozen wage measures, not just
the ECI.
As outlined on the cover, early August will bring a fresh set of data to the bond market and guidance
from the July minutes. Fixed income investors need to focus past low ECI, possibly expect revisions in
the report, and prepare for what is likely to be a volatile September. Chances are less than 1 in 5 that
ECI will be meaningful by the middle of August.
0.25
0.30
0.35
0.40
0.45
0.50
7/1 7/4 7/7 7/10 7/13 7/16 7/19 7/22 7/25 7/28 7/31
88
Exhibit D
July 31, 2015 Page 3 of 14
10-Yr UST Yield with Volume
Totals from Corresponding
Futures Trading
June 23 to July 31
30-Minute Intervals
THE WEEKLY REPORT | INTEREST RATES AND DERIVATIVES
10-Yr UST also react to lower/fl atter EU rates
Unlike other large moves during sleepy summer trading, the ECI rally brought large volume. Th e biggest buyers
in futures were smaller accounts likely caught off sides. Larger lot players sold into the move. All that activity,
however, barely shows up on this volume chart since June 23. All it did, as indicated by the red arrow, was increase
volume at the lower end of the range and even then not my much.
Th e red rectangle, on the other hand highlights a range from 2.255%-2.345% where investors have been far
more comfortable putting money to work in recent weeks. Th at covers the period post Greek negotiations and
during the oil decline. We expect rates to retrace the rally back into that range as soon as August 3 or August 4.
0 250000 500000 750000 1000000
2.190
2.210
2.230
2.250
2.270
2.290
2.310
2.330
2.350
2.370
2.390
2.410
2.430
2.450
2.470
Source: CBOT, FTN Financial
German 10-Yr Government
Yields
December 1 to Present
Daily
Source: FTN Financial
Many will remember that EU rates were supposed to move back toward 2015 highs once the tensions of the
Greek crisis were resolved. Th e subsequent change in direction caught many off guard, tightening the squeeze
on investors who were short global bonds.
0.00
0.20
0.40
0.60
0.80
1.00
12/1 12/27 1/22 2/17 3/15 4/10 5/6 6/1 6/27 7/23
89
Exhibit D
July 31, 2015 Page 4 of 14
THE WEEKLY REPORT | INTEREST RATES AND DERIVATIVES
Th e table breaks the changes in the 10-yr yields in the second half of July into four components:
Real interest rates
Infl ation breakevens
UST/bund spreads
German yields
Since As of
15-Jul 31-Jul
10-yr rates @ 15-Jul 2.317 Lo Hi
Real interest rates (TIPS)-0.037 0.460 0.304 0.608
Inflation breakevens -0.125 1.745 1.731 1.943
UST/German sprd 0.035 1.560 1.470 1.639
10-yr German yields -0.183 0.644 0.487 0.981
31-Jul 2.205
2-mo
Range
Th e biggest mover was infl ation breakevens on lower oil and the big decline in German yields with only a slight
spread widening. Real rates remain high, illustrating expectations of Fed policy tightening.
90
Exhibit D
July 31, 2015 Page 5 of 14
THE WEEKLY REPORT | INFLATION LAB
West Texas Intermediate Price
Changes
Year over Year
Monthly Averages
Source: New York Mercantile Exchange, FTN Financial
Infl ation Implications of July Oil Decline
Intermediate infl ation expectations have collapsed 25bp this month on lower oil and commodity prices. Concerns
about China’s economic growth have not yet eroded the risk premium in the forward infl ation curve, however.
Headline CPI for July could surprise many with a signifi cantly negative print. In contrast to the
comparably steep month over month oil price decline to start this year, other price components are
much lower this summer and won’t cushion the blow the way they did in January. August’s oil prices
will appear in CPI the day before the September FOMC, but July’s CPI will leave an impression on
August trading.
Th e implied oil price recovery in 2-yr to 5-yr Treasuries may now be too slow, only looking at WTI crude
in the low $60s next summer. Th at contrasts with June’s assumption in the $70 range for mid- 2016.
Oil futures trade around $54 for 12-month delivery.
Lower oil has not changed 5x5 forward infl ation noticeably. Th e expectations curve is steep, possibly
creating further fl attening potential on the 5s/10s curve if oil remains below $55 into year-end.
Fed confi dence in the return of 2% PCE infl ation remains undaunted. Th is summer’s commodity
surprise will widen the gap on the timing of infl ation’s return between central bank forecasts and global
markets. Nominal rate target communication will remain confused well into 2016.
A chart of the year-over-year change in oil prices illustrates the sudden change in the psychological infl uence of
infl ation’s bellwether commodity. Th e 1-month change scales as dramatically as January.
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15
A key diff erence: January was the culmination of an ‘out-of-the-blue’ decline in oil prices. Reputable
projections called for potential lows at $30/barrel prices in 1H 2015. Th is summer is surprising, but
not anywhere on the same scale. In summary: Infl ation expectations are over reacting to oil’s decline,
aggravated by global fi nancial market concerns about sputtering growth outside the US.
Summary of rate implications:
A successful return of oil to $55/barrel will convince many large investors to sell Treasuries at current
levels (10s at 2.20% as of publication). Th e impact of a $5/barrel price hike could bring a 10-20bp
correction, all other economic data remaining the same.
Oil price stability — wherever it settles — should steepen the yield curve from 5s to 10s. If nothing else,
reduced volatility will allow the infl ation term premium to increase 5-7bp at the long end of the curve.
Continued trading below $52/barrel and/or fl at oil futures curve, will cause many to conclude the Fed
won’t increase rates in September.
91
Exhibit D
July 31, 2015 Page 6 of 14
Change in CPI Energy vs Change
in Oil Prices
June 2014 to June 2015
THE WEEKLY REPORT | INFLATION LAB
CPI tracks about 50% of oil price moves
Although markets tend to trade infl ation derivatives as straight pass-throughs of abrupt oil price changes, CPI
mechanics are more complicated. Th e relationship between changes in oil and changes in the CPI energy
component the last year is tight, but nowhere near 1-for-1. More like 1-for-2. Th e main reason: Fuel costs only
make up 53% of the ‘energy’ category.
y = 0.463x + 0.0437
R² = 0.967
-0.25
-0.20
-0.15
-0.10
-0.05
0.00
0.05
0.10
-0.60 -0.50 -0.40 -0.30 -0.20 -0.10 0.00 0.10Change in CPI EnergyChange in Oil Prices (Mo Avg)
Source: BLS, NYME, FTN Financial
Another way of expressing the tie between two — the 22% decline in average oil prices from June to July
translates to a possible 7% decline in the energy component of CPI on a linked-month basis, possibly with
spillover into August depending on CPI survey schedules. Th at’s the potential source of a negative July
CPI print versus expectations of TIPS traders for a small positive fi gure when it’s reported on August 19.
Source: FTN Financial
Expected Annual
Infl ation, Derived from
CPI Infl ation Swaps
As of July 31
Annual Changes from July/July
Implied oil price ranges can be seen in the forward CPI market. Th is chart looks at annualized infl ation expectations
for the next 8 years, computing CPI infl ation from July to July each year.
0.90
1.63
1.89 1.90 2.03 2.12
2.25 2.31
0.00
0.50
1.00
1.50
2.00
2.50
2016 2017 2018 2019 2020 2021 2022 2023
92
Exhibit D
July 31, 2015 Page 7 of 14
THE WEEKLY REPORT | INFLATION LAB
Th ose forwards produce escalating bands for oil the next 3 years.1
1 Calculations assume a range of non-energy price changes as well. In recent years, increases in one part of the CPI price bucket are off set
by below-average infl ation in others. See page 10.
Implied Implied
Annual CPI WTI Range
Jul-16 1.00% $58-$62
Jul-17 1.65% $62-$65
Jul-18 1.90% $70-$75
Jul-19 1.90% $78-$85
Infl ation compensation steepens on economic optimism
Oil changes hit shorter infl ation expectations the hardest. It’s one reason why the Fed is so ready to dismiss the
market’s view of infl ation in favor of consumer and economist surveys. Th e latter are much calmer, although not
more reliable over time. Just calmer.
1.00
1.20
1.40
1.60
1.80
2.00
2.20
9/1 10/6 11/10 12/15 1/19 2/23 3/30 5/4 6/8 7/13
3-Yr CPI Infl ation Expectations
Derived from CPI Infl ation Swaps
September 1 - July 30
Daily
Source: FTN Financial
Although 5x5 CPI forwards — the 5-yr CPI average starting in 2020 — has declined with oil this summer, it
remains within the band begun after the OPEC Th anksgiving Day meeting that maintained current production
levels despite the obvious supply imbalances.
5x5 CPI Forwards
Derived from CPI Infl ation Swaps
2014 to March 26
Daily
Source: FTN Financial
2.00
2.10
2.20
2.30
2.40
2.50
2.60
2.70
2.80
2.90
9/1 10/13 11/24 1/5 2/16 3/30 5/11 6/22
93
Exhibit D
July 31, 2015 Page 8 of 14
THE WEEKLY REPORT | INFLATION LAB
Th e last chart in this section illustrates the importance of the economic outlook in addition to oil to the upward
profi le of annual infl ation over time. To smooth results, these data switch to Treasury infl ation breakevens to
spread the 30-yr infl ation outlook vs a 3-yr horizon. Note how the steepening coincided with better economic
prospects in mid-June and then accelerated with lower oil.
0.00
0.20
0.40
0.60
0.80
1.00
1.20
12/22 1/13 2/4 2/26 3/20 4/11 5/3 5/25 6/16 7/8
UST Infl ation Breakeven Curve
30-Yr Minus 3-Yr Breakevens
December 22 to July 30
Constant Maturity Basis
Daily
Source: FTN Financial
Infl ation ‘premium’ remains volatile
Within the customary description of the term premium across the UST curve — expressed as a single number —
it actually has three main components. One of them directly relates to forward infl ation risk. FTN’s preferred
measure of the 10-yr infl ation premium is the residual from our successful, long-term fair value look at CPI
expectations vs a 3-factor model.
Th e sharp drop in the infl ation term premium came with i) continued low oil despite the end to daily Greek
turmoil; ii) the ratchet of WTI crude through $50 that has held; and iii) the delayed but larger decline in Brent
crude prices.
-0.25
-0.20
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
10/1 10/2511/1812/12 1/5 1/29 2/22 3/18 4/11 5/5 5/29 6/22 7/16Inflation Term Premium10-Yr Infl ation “Premium”
Residual of FTN’s Fair Value, 3-Factor
Model of 10-Yr CPI Derivatives
October 1 - July 30
Daily
Source: FTN Financial
94
Exhibit D
July 31, 2015 Page 9 of 14
THE WEEKLY REPORT | INFLATION LAB
FTN’s view of the infl ation premium in 10s fi ts closely with the NY Fed’s calculation of the total term premium
for that maturity; it’s simply noisier.
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
-0.25
-0.20
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
10/1 10/2511/1812/12 1/5 1/29 2/22 3/18 4/11 5/5 5/29 6/22 7/16 10-Yr UST Term PremiumInflation Term PremiumUST Infl ation Breakeven Curve
30-Yr Minus 3-Yr Breakevens
December 22 to July 30
Constant Maturity Basis
Daily
Source: FTN Financial, NY Federal Reserve
Infl aƟ on Premium (LeŌ )
Term Premium (Right)
Other commodities support low infl ation
Th is analysis might not be necessary if the only market in distress this summer was oil. Unfortunately, oil has
plenty of company among industrial metals and even grains. Th e chart looks a commodity price declines since
the beginning of the year — four months before the commodity peak in mid-May.
-25%
-20%
-15%
-10%
-5%
0%
WTI Aluminum Copper Rebar Lumber Corn Wheat Cattle Hogs
Year-to-Date Commodity Price
Changes
Source: CME, NYME, LME, CBOT, Shanghai Futures Exchange
95
Exhibit D
July 31, 2015 Page 10 of 14
THE WEEKLY REPORT | INFLATION LAB
Individual CPI components defy single trend
Th e analytical bias at the Fed and among bond investors focuses on price components that are rising. Th at follows
the theory that infl ation in one part of the economy begets price pressures elsewhere. A series of matched charts
doesn’t fi nd that so far in the fi rst half of 2015.
Medical and educational expenses have the same weight inside CPI. Th is is the YOY comparison, on the same
axis, for the two.
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Jan-2014 Apr-2014 Jul-2014 Oct-2014 Jan-2015 Apr-2015
Medical and Education Infl ation
Year-over-Year, Seasonally Adjusted
Source: BLS
EducaƟ on
Medical
Th e economic calculation of owners’ equivalent rent has a 24% weighting while out-of-pocket housing costs — ex
energy — are at 14%. OER is keeping CPI stable, but actual operating costs are tame.
2.00
2.20
2.40
2.60
2.80
3.00
3.20
3.40
Jan-2014 Apr-2014 Jul-2014 Oct-2014 Jan-2015 Apr-2015
Housing Infl ation
Year-over-Year, Seasonally Adjusted
Source: BLS
Housing less fuel + OER
OER
96
Exhibit D
July 31, 2015 Page 11 of 14
THE WEEKLY REPORT | INFLATION LAB
For food and beverages, the chart reports the annualized rate (seasonally adjusted) of the trailing 6 months to
capture the volatility of the series — and the downward pressure this summer relative to the rising trend into 2015.
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Jan-2014 Apr-2014 Jul-2014 Oct-2014 Jan-2015 Apr-2015
Food CPI, Trailing 6 Months
Seasonally Adjusted
2014 - June 2015
Source: BLS
97
Exhibit D
July 31, 2015 Page 12 of 14
THE WEEKLY REPORT | GSE COMMENTARY
Public Securities/Private Capital Confl ict with Policy in GSE Reform
It’s unanimous and universal. Everyone wants GSE reform that puts private capital at risk in housing fi nance
in front of any role played by the federal government. Th is summer’s mini-tempest in the student loan market,
however, highlights serious risks to capital in that position.
“Everyone” may not include those who would have to raise equity to leverage the $8+ trillion senior-lien housing
fi nance sector. Any intersection of private fi nance with government policy will confront unforeseen liabilities
— possibly years after capital commitments are locked in — whenever regulators or legislators change the rules.
Anything that reminds investors of that dynamic will slow GSE reform.
Here’s this summer’s story from the small, but still quite visible market for asset-backed securities in the student loan market.
Rating agencies are debating whether older pools of guaranteed loans should still be AAA if newly stretched out
repayment plans for student debts might result in some tranches not receiving suffi cient principal fl ows to pay off
at stated maturity. Th e pooler/servicer spun off from Sallie Mae last year and now styled Navient has strategies
in place to address the issue, but investors (and likely some hedge funds) are betting it may not have suffi cient
resources to plug the dike. Two agencies have said they hope to deliver new ratings guidance this fall. Moody’s
has invited comments on selected changes by the fi rst week in September.
A brief timeline:
Late last decade, student loan abs are popular while other ABS disappear from the new issue market.
Investors fi nd appeal of the govt-gtd market.
2012: Th e Dept of Education allows extended prepayment plans for qualifi ed borrowers.
2015: Increasing popularity of those prepayment plans indicates even the most conservative prepayment
estimates from seven years ago could fail to meet stated maturity deadlines.
June: Rating agencies downgrade outlook for more than 100 student loan ABS.
July: Intensely negative market reaction for Navient securities.
Although reactions in credit default swap pricing for a sub-investment grade fi nancial institution tend to be volatile,
this chart is extreme even allowing for the circumstances. It resembles the trajectories seen as the fi nancial crisis
swept through 2007-2008.
200
250
300
350
400
450
500
550
1/5 2/2 3/2 3/30 4/27 5/25 6/22 7/20
Credit Default Spreads for Navient
2015 Year to Date
Source: CMA
For emphasis, note the underlying loans are still government guaranteed. Asset quality is not in question.
It’s a rule change that aff ected cash fl ows against payment assumptions used to securitizations that stretch
back to the middle of the last decade. For the asset-backed securities — the private capital supplying
the liquidity to the market — prices have behaved better than expected. For the equity capital that
enables the necessary leverage? A rocky ride that won’t end even if this particular issue is resolved.
98
Exhibit D
July 31, 2015 Page 13 of 14
THE WEEKLY REPORT | GSE COMMENTARY
While Navient’s stock price struggles — eliminating $2.6 billion this year in shareholder value — other fi rms
in its market niche enjoy 2015 value increases of 25%-30%. Navient is an operation, by the way, with positive
earnings and operating cash fl ow.
10
15
20
25
12/31 1/28 2/25 3/25 4/22 5/20 6/17 7/15
Navient Stock Price
2015 Year to Date
Source: NYSE
Th e short-term answer for investors in the asset-backeds in question, supported by federally guaranteed assets, is
for the sponsor to buy out the slower paying loans. Former students are taking advantage of a form of ‘amnesty’
started in 2012 to stretch out their principal payments. Extended repayment was determined based on broad
public policy concerns about $1.2 trillion student loans. It’s not clear whether anyone gave thought at the
time to potential impact on private partners (Sallie Mae was once a full fl edged GSE that surrendered its direct
government ties more than a decade ago).
Just like the GSEs have always had an option to repurchase loans, Navient started buybacks last year. Where
reality meets GSE reform assumptions is the ability of a securitization sponsor to fi nance suffi cient loan
repurchases, if necessary, to maintain its access to the debt markets. Another core tenet of GSE reform is
that strong sponsor balance sheets or access to government sponsored funding is a relic that should be discarded.
Th is commentary doesn’t address student loan policy or Navient or any of its securities, including the stock. Th e
lesson that is likely to be learned by the private sector — but not policy makers — is that equity behind any
untested GSE reform will require expected returns higher than a ‘utility’ to compensate for the tangible risk
of unforeseeable changes to government policy. Th e housing fi nance market still represents roughly 20% of all
outstanding public/private net debt in this country. Th e federal government would be remiss if it didn’t maintain
an interest in its operation and impact on the economy.
In considering the odds of the passage and success of GSE reform, FTN typically gives sponsors the
benefi t of the doubt when it comes to whether someone somewhere will want to capitalize the new
system. Actually, we question that assumption as well, but that’s a diff erent question. Th e success of
GSE reform beyond its immediate merits rises from a system that balances borrowing costs with return
on sponsor capital. Washington thinks it knows how to harmonize the two. Right now, Navient
shareholders would strenuously disagree.
Market skepticism about the risks in juggling the changes in student loan policy — and more are on the drawing
board for this fall — also goes to competing legislative proposals already under discussion in Congress. Rep John
Delaney (D-MD), for example, wants to recapitalize GSE replacements with 5% equity, not the 10% bipartisan
eff orts have pointed to the last several years. Rep Delaney has the winning actuarial argument, but actuarial
analysis can’t stand up to the type of run that aggressive investors will launch against housing fi nance
ownership interests during the next down cycle. At stake won’t be several hundred billion in private funding
for student loans, but mortgages likely to total $10 trillion by the time GSE reform is launched.
99
Exhibit D
July 31, 2015 Page 14 of 14
THE WEEKLY REPORT | GSE COMMENTARY
Summary
Sallie Mae was supposed to be the ‘no-brainer’ conversion from government-sponsored enterprise to solely private
corporation when it embarked on that process in 1997. It even completed the process well ahead of schedule in
2004. Th e turning point came in 2010 when Congress elected to de-privatize the majority of student loans and
fi nance them directly through the Treasury’s balance sheet. Th e total is almost $1.1 trillion.
Th e issue for equity investors eyeing GSE reform is the long payout in terms of earnings and market appreciation.
Th e so-called ‘utility’ model that would generate the lowest possible cost of capital in the government’s
implementation of reform is that utility capital — once committed — is ‘trapped.’ Th at’s a loaded term, but it
refl ects the economic concept of a utility and the reality for the fi nancial industry that continually has to meet
elevating capital standards.
This material was produced by an FTN Financial Strategist and is not considered research and is not a product of any research department. Strategists may provide information to investors as
well as to FTN Financial’s trading desk. The trading desk may trade as principal in the products discussed in this material. Strategists may have consulted with the trading desk while preparing
this material and the trading desk may have accumulated positions in the securities or related derivatives products that are the subject of this material. Strategists receive compensation which
may be based in part on the quality of their analysis, FTN Financial revenues, trading revenues, and competitive factors.
Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. Ratings on all securities
are subject to change. Opinions, historical price(s) or value(s) are as of the date and, if applicable, time, indicated. FTN Financial does not accept any responsibility to update any opinions
or other information contained in this communication. FTN Financial is not providing investment advice through this material. This is for information purposes only and is not intended as an
offer or solicitation of any product. Securities, fi nancial instruments, products or strategies mentioned in this material may not be suitable for all investors. Before acting on any information in
this material you should consider whether it is suitable for your particular circumstances. Further information on any of the securities or fi nancial instruments mentioned in this material may
be obtained upon request.
FTN Financial Group, FTN Financial Capital Markets, and FTN Financial Portfolio Advisors are divisions of First Tennessee Bank National Association (FTB). FTN Financial Securities Corp (FFSC),
FTN Financial Main Street Advisors, LLC and FTN Financial Capital Assets Corporation are wholly owned subsidiaries of FTB. FFSC is a member of FINRA and SIPC—http://www.sipc.org/. FTN
Financial Group, through FTB or its affi liates, offers investment products and services. FTN Financial is not registered as a Municipal Advisor.
100
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Weekly Portfolio Update
101
Exhibit D
CUSIP Ticker Issuer Sector
Sub
Sector CPN Mat
Days to
Mat
Yrs to
Mat Call Date
To
Call Eff Dur Cnvx
Par
$Mil Bk $Mil
Mkt
$Mil
Amtz
$Mil DES Moodys S&P Bk Yld
MKT
YTM Mkt Prc*
O BK
Price
Amtz Bk
Price
Amtz P/L
$000 Trans Date Stl Date Owned
MS Govt MVRXX MS MMF MMF MMF 0.04 08/03/15 0 0.00 0.00 0.00 96.0 96.0 96.0 96.0 MMF Aaa AAA 0.04 0.04 100.000 100.000 100.000 $0.0
Forward Setl MVRXX MS MMF MMF MMF 0.04 08/03/15 0 0.00 0.00 0.00 0.0 0.0 0.0 0.0 MMF Aaa AAA 0.04 0.04 100.000 100.000 100.000 $0.0
313384KA6 FHLBDN FHLB AGY AGY 0.00 8/5/15 2 0.01 0.01 0.00 5 5.0 5.0 5.0 Disco P-1 A-1+0.09 0.06 100.000 99.978 100.000 $0.0 5/8/15 5/8/15 0.2
313384KA6 FHLBDN FHLB AGY AGY 0.00 8/5/15 2 0.01 0.01 0.00 10 10.0 10.0 10.0 Disco P-1 A-1+0.09 0.06 100.000 99.977 99.999 $0.0 5/7/15 5/7/15 0.2
06538CVA6 BTMUFJ Bk of Tokyo CP FIN 0.00 8/10/15 7 0.02 0.02 0.00 15 15.0 15.0 15.0 CP P-1 A-1 0.12 0.12 99.998 99.998 99.998 $0.0 8/3/15 8/3/15 0.0
89113ECB0 TDNY Toronto Dom CD FIN 0.26 8/11/15 8 0.02 0.00 0.00 15 15.0 15.0 15.0 CD P-1 A-1+0.26 0.26 100.000 100.000 100.000 $0.0 1/30/15 1/30/15 0.5
3130A2UC8 FHLB FHLB AGY AGY 0.13 8/14/15 11 0.03 0.03 0.00 5 5.0 5.0 5.0 Bullet Aaa AA+0.14 0.20 99.998 99.992 99.999 ($0.1)3/9/15 3/9/15 0.4
313384KK4 FHLBDN FHLB AGY AGY 0.00 8/14/15 11 0.03 0.03 0.00 5 5.0 5.0 5.0 Disco P-1 A-1+0.13 0.07 99.999 99.949 99.996 $0.1 3/26/15 3/26/15 0.4
3133EC7H1 FFCB FFCB AGY AGY 0.34 8/17/15 14 0.04 0.04 0.00 1.915 1.9 1.9 1.9 Bullet Aaa AA+0.13 0.23 100.004 100.076 100.008 ($0.1)4/8/15 4/8/15 0.3
03948HVL2 ADMPP Archer Daniels CP IND 0.00 8/20/15 17 0.05 0.04 0.00 10.911 10.9 10.9 10.9 CP P-1 A-1 0.11 0.11 99.994 99.994 99.994 $0.0 8/3/15 8/3/15 0.0
29101BVL3 EMRPP Emerson CP IND 0.00 8/20/15 17 0.05 0.04 0.00 10 10.0 10.0 10.0 CP P-1 A-1 0.11 0.11 99.995 99.978 99.995 $0.0 6/9/15 6/9/15 0.2
19121BVM8 KOPP Coca-Cola CP IND 0.00 8/21/15 18 0.05 0.05 0.00 3.465 3.5 3.5 3.5 CP P-1 A-1+0.15 0.15 99.992 99.941 99.992 $0.0 4/1/15 4/1/15 0.3
313383V81 FHLB FHLB AGY AGY 0.38 8/28/15 25 0.07 0.07 0.00 2.04 2.0 2.0 2.0 Bullet Aaa AA+0.16 0.67 99.980 100.090 100.014 ($0.7)3/24/15 3/24/15 0.4
3134G3J76 FHLMC FHLMC AGY AGY 0.45 9/4/15 32 0.09 0.08 0.00 1.035 1.0 1.0 1.0 Bullet Aaa AA+0.18 0.68 99.981 100.159 100.023 ($0.4)1/30/15 1/30/15 0.5
3137EACM9 FHLMC FHLMC AGY AGY 1.75 9/10/15 38 0.10 0.10 0.00 1.84 1.9 1.8 1.8 Bullet Aaa AA+0.18 0.67 100.107 100.691 100.161 ($1.0)3/31/15 3/31/15 0.3
3130A45M0 FHLB FHLB AGY AGY 0.13 9/11/15 39 0.11 0.10 0.00 3.02 3.0 3.0 3.0 Bullet Aaa AA+0.18 0.20 99.993 99.976 99.995 ($0.1)3/17/15 3/17/15 0.4
36959JWF6 GECC GE CP FIN 0.00 9/15/15 43 0.12 0.11 0.00 10 10.0 10.0 10.0 CP P-1 A-1+0.12 0.12 99.916 99.911 99.916 $0.0 7/30/15 7/31/15 0.0
19121BWH8 KOPP Coca-Cola CP IND 0.00 9/17/15 45 0.12 0.11 0.00 10 10.0 10.0 10.0 CP P-1 A-1+0.26 0.26 99.969 99.867 99.969 $0.0 3/10/15 3/10/15 0.4
3130A33A0 FHLB FHLB AGY AGY 0.20 9/18/15 46 0.13 0.12 0.00 3.5 3.5 3.5 3.5 Bullet Aaa AA+0.18 0.20 100.000 100.012 100.002 ($0.1)1/30/15 1/30/15 0.5
3130A2W44 FHLB FHLB AGY AGY 0.20 9/18/15 46 0.13 0.12 0.00 5 5.0 5.0 5.0 Bullet Aaa AA+0.19 0.11 100.011 100.005 100.001 $0.5 4/2/15 4/2/15 0.3
3134G36F2 FHLMC FHLMC AGY AGY 0.42 9/18/15 46 0.13 0.12 0.00 5 5.0 5.0 5.0 Bullet Aaa AA+0.17 0.12 100.037 100.113 100.032 $0.3 4/6/15 4/6/15 0.3
3130A2XA9 FHLB FHLB AGY AGY 0.19 9/29/15 57 0.16 0.15 0.00 1.32 1.3 1.3 1.3 Bullet Aaa AA+0.18 0.21 99.997 100.005 100.001 ($0.1)1/30/15 1/30/15 0.5
36959JX16 GECC GE CP FIN 0.00 10/1/15 59 0.16 0.14 0.00 0.359 0.4 0.4 0.4 CP P-1 A-1+0.28 0.28 99.954 99.911 99.954 $0.0 6/8/15 6/8/15 0.2
3133EDNL2 FFCB FFCB AGY AGY 0.24 10/19/15 77 0.21 0.21 0.00 2.505 2.5 2.5 2.5 Bullet Aaa AA+0.20 0.39 99.968 100.027 100.008 ($1.0)1/28/15 1/28/15 0.5
3135G0QB2 FNMA FNMA AGY AGY 0.50 10/22/15 80 0.22 0.22 0.00 1 1.0 1.0 1.0 Bullet Aaa AA+0.21 0.45 100.010 100.209 100.063 ($0.5)1/28/15 1/28/15 0.5
31398A4M1 FNMA FNMA AGY AGY 1.63 10/26/15 84 0.23 0.23 0.00 1.689 1.7 1.7 1.7 Bullet Aaa AA+0.19 0.68 100.215 101.050 100.332 ($2.0)2/2/15 2/2/15 0.5
3130A3Z31 FHLB FHLB AGY AGY 0.18 10/27/15 85 0.23 0.23 0.00 10 10.0 10.0 10.0 Bullet Aaa AA+0.20 0.26 99.982 99.984 99.995 ($1.3)1/30/15 1/30/15 0.5
3130A3HV9 FHLB FHLB AGY AGY 0.13 11/18/15 107 0.29 0.29 0.00 5.63 5.6 5.6 5.6 Bullet Aaa AA+0.22 0.16 99.989 99.932 99.972 $0.9 2/27/15 2/27/15 0.4
3130A23R5 FHLB FHLB AGY AGY 0.22 11/23/15 112 0.31 0.30 0.00 10 10.0 10.0 10.0 Bullet Aaa AA+0.22 0.29 99.978 100.002 100.001 ($2.3)1/29/15 1/29/15 0.5
36959JZ48 GECC GE CP FIN 0.00 12/4/15 123 0.34 0.29 0.00 2.48 2.5 2.5 2.5 CP P-1 A-1+0.34 0.34 99.887 99.780 99.887 $0.0 4/7/15 4/7/15 0.3
36959JZJ5 GECC GE CP FIN 0.00 12/18/15 137 0.38 0.33 0.00 0.15 0.1 0.1 0.1 CP P-1 A-1+0.25 0.25 99.905 99.866 99.905 $0.0 6/8/15 6/8/15 0.2
3130A3C44 FHLB FHLB AGY AGY 0.20 12/18/15 137 0.38 0.37 0.00 5 5.0 5.0 5.0 Bullet Aaa AA+0.25 0.29 99.967 99.967 99.983 ($0.8)3/23/15 3/23/15 0.4
36959JZM8 GECC GE CP FIN 0.00 12/21/15 140 0.38 0.34 0.00 1 1.0 1.0 1.0 CP P-1 A-1+0.25 0.25 99.903 99.864 99.903 $0.0 6/8/15 6/8/15 0.2
3135G0SB0 FNMA FNMA AGY AGY 0.38 12/21/15 140 0.38 0.38 0.00 4.04 4.0 4.0 4.0 Bullet Aaa AA+0.25 0.70 99.877 100.091 100.046 ($6.8)3/19/15 3/19/15 0.4
36959JZQ9 GECC GE CP FIN 0.00 12/24/15 143 0.39 0.34 0.00 2.35 2.3 2.3 2.3 CP P-1 A-1+0.34 0.34 99.869 99.762 99.869 $0.0 4/8/15 4/8/15 0.3
89233GAN6 TOYCC Toyota CP IND 0.00 1/22/16 172 0.47 0.40 0.00 5 5.0 5.0 5.0 CP P-1 A-1 0.32 0.32 99.847 99.823 99.847 $0.0 7/6/15 7/7/15 0.1
94988EHE1 WFFB Wells Fargo CD FIN 0.34 1/22/16 172 0.47 0.00 0.00 10 10.0 10.0 10.0 CD P-1 A-1+0.34 0.34 100.000 100.000 100.000 $0.0 7/15/15 7/15/15 0.1
3130A4BZ4 FHLB FHLB AGY AGY 0.33 2/18/16 199 0.55 0.54 0.01 7 7.0 7.0 7.0 Bullet Aaa AA+0.31 0.63 99.839 100.021 100.011 ($12.1)2/24/15 2/24/15 0.4
3130A4C26 FHLB FHLB AGY AGY 0.34 3/14/16 224 0.61 0.61 0.01 5 5.0 5.0 5.0 Bullet Aaa AA+0.32 0.36 99.985 100.021 100.012 ($1.4)2/26/15 2/26/15 0.4
3130A4EJ7 FHLB FHLB AGY AGY 0.31 3/22/16 232 0.64 0.63 0.01 5 5.0 5.0 5.0 Bullet Aaa AA+0.32 0.30 100.006 99.991 99.995 $0.6 2/25/15 2/25/15 0.4
3134G4SE9 FHLMC FHLMC AGY AGY 0.38 3/30/16 240 0.66 0.66 0.01 10 10.0 10.0 10.0 Bullet Aaa AA+0.32 0.27 100.068 100.062 100.037 $3.1 2/27/15 2/27/15 0.4
3133ED6D9 FFCB FFCB AGY AGY 0.50 5/4/16 275 0.75 0.75 0.01 5.286 5.3 5.3 5.3 Bullet Aaa AA+0.36 0.44 100.048 100.163 100.104 ($3.0)3/2/15 3/2/15 0.4
459200HL8 IBM IBM CORP CORP 0.45 5/6/16 277 0.76 0.75 0.01 5 5.0 5.0 5.0 Bullet Aa3 AA-0.46 0.50 99.964 99.994 99.995 ($1.5)7/2/15 7/6/15 0.1
3134G5RF4 FHLMC FHLMC AGY AGY 0.40 5/27/16 298 0.82 0.81 0.01 1 1.0 1.0 1.0 Bullet Aaa AA+0.40 0.34 100.050 100.000 100.000 $0.5 2/27/15 2/27/15 0.4
31315KXV7 FAMCDN Farmer Mac AGY AGY 0.00 6/7/16 309 0.85 0.73 0.01 18 17.9 18.0 17.9 Disco NR NR 0.35 0.32 99.739 99.655 99.708 $5.6 6/8/15 6/8/15 0.2
36962G6Z2 GE GE CORP IND 1.50 7/12/16 344 0.94 0.93 0.01 5 5.0 5.0 5.0 Bullet A1 AA+0.70 0.66 100.784 100.863 100.822 ($1.9)7/14/15 7/17/15 0.0
3130A46Y3 FHLB FHLB AGY AGY 0.53 8/11/16 374 1.02 1.02 0.02 10 10.0 10.0 10.0 Bullet Aaa AA+0.51 0.59 99.938 100.029 100.020 ($8.2)2/19/15 2/19/15 0.5
3133EDUM2 FFCB FFCB AGY AGY 0.64 9/9/16 403 1.10 9/9/15 37 1.09 -1.82 10 10.0 10.0 10.0 Call-C Aaa AA+0.61 0.68 99.953 100.040 100.028 ($7.5)2/20/15 2/20/15 0.4
89233P5E2 TOYOTA Toyota CORP IND 2.00 9/15/16 409 1.12 1.09 0.02 5 5.1 5.1 5.1 Bullet Aa3 AA-0.70 0.80 101.318 101.534 101.442 ($6.2)7/2/15 7/8/15 0.1
458140AH3 INTC Intel CORP IND 1.95 10/1/16 425 1.16 1.14 0.02 5 5.1 5.1 5.1 Bullet A1 A+0.71 0.78 101.334 101.441 101.428 ($4.7)7/27/15 7/30/15 0.0
742718ED7 PG P&G CORP IND 0.75 11/4/16 459 1.26 1.24 0.02 3.426 3.4 3.4 3.4 Bullet Aa3 AA-0.70 0.74 100.018 100.239 100.226 ($7.1)7/2/15 7/8/15 0.1
912828H29 T Tsy Tsy Tsy 0.63 12/31/16 516 1.41 1.40 0.03 10 10.0 10.0 10.0 Bullet Aaa AA+0.49 0.49 100.195 100.207 100.196 ($0.1)7/2/15 7/6/15 0.1
3130A3UR3 FHLB FHLB AGY AGY 0.75 1/6/17 522 1.43 1.42 0.03 2 2.0 2.0 2.0 Bullet Aaa AA+0.70 0.76 99.988 100.088 100.066 ($1.6)2/6/15 2/6/15 0.5
3134G6W41 FHLMC FHLMC AGY AGY 0.80 5/25/17 661 1.81 11/25/15 114 0.31 -2.45 5 5.0 5.0 5.0 Call-1X Aaa AA+0.80 0.80 99.998 100.000 100.000 ($0.1)5/27/15 5/29/15 0.2
3130A5V71 FHLB FHLB AGY AGY 0.875 7/28/17 725 1.99 7/28/16 360 0.98 -1.19 5 5.0 5.0 5.0 Call-1X Aaa AA+0.88 0.88 99.990 100.000 100.000 ($0.5)7/1/15 7/28/15 0.0
Pending Settlement *Market Prices for CP/CD are Amortize to Par WAM 134 0.37 0.31 -0.09 398.0 398.2 398.1 398.2 0.244 0.271 100.02 100.04 100.04 ($61.6)0.21
Possible call w/in 10 days Pending call Limit 150 Book Yield Below Avg Portfolio's Yield NAV 0.99982 *Market Prices for CP/CD are Amortize to Par
90 Day and Less Amt (50%)235.6 Var Var 16 Overnight Amt (5-10%)96.0
% of Pool Under 90 Days 59.2%36.6 % of Pool Overnight 24.1%
Month Month CKNG MMF CP Corp CD Agy Tsy Repo Total
1 Aug-15 96.0 39.376 0 15 28.955 0 0 179.4
2 Sep-15 20 0 0 20.715 0 0 40.72
3 Oct-15 0.359 0 0 15.194 0 0 15.55
4 Nov-15 0 0 0 15.63 0 0 15.63
5 Dec-15 5.98 0 0 9.04 0 0 15.02
6 Jan-16 5 0 10 0 0 0 15
7 Feb-16 0 0 0 7 0 0 7
8 Mar-16 0 0 0 20 0 0 20
9 Apr-16 0 0 0 0 0 0 0
10 May-16 0 5 0 6.286 0 0 11.29
11 Jun-16 0 0 0 18 0 0 18
12 Jul-16 0 5 0 0 0 0 5
13 Aug-16 0 0 0 10 0 0 10
14 Sep-16 0 5 0 10 0 0 15
15 Oct-16 0 5 0 0 0 0 5
16 Nov-16 0 3.426 0 0 0 0 3.426
17 Dec-16 0 0 0 0 10 0 10
18 Jan-17 0 0 0 2 0 0 2
19 Feb-17 0 0 0 0 0 0 0
20 Mar-17 0 0 0 0 0 0 0
21 Apr-17 0 0 0 0 0 0 0
22 May-17 0 0 0 5 0 0 5
23 Jun-17 0 0 0 0 0 0 0
24 Jul-17 0 0 0 5 0 0 5
25 Aug-17 0 0 0 0 0 0 0
Totals 0 96.045 70.715 23.426 25 172.82 10 0 398
State of Nevada LGIP As of :8/3/2015
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
170
180
190
Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16Jul-16Aug-16Sep-16Oct-16Nov-16Dec-16Jan-17Feb-17Mar-17Apr-17May-17Jun-17Jul-17Aug-17$Millions Maturity Buckets Tsy
Repo
CD
Corp
Agy
CP
MMF
CKNG
102
Exhibit D
8/3/2015 Issuer Par $Mil % Total
FHLB $104.5 26.6%
MS MMF $96.0 24.4%
FHLMC $23.9 6.1%
FFCB $19.7 5.0%
Farmer Mac $18.0 4.6%
Toronto Dom CD $15.0 3.8%
Bk of Tokyo CP $15.0 3.8%
Coca-Cola CP $13.5 3.4%
Treasury $10.0 2.5%
Walmart CP $0.0 0.0%
Emerson CP $10.0 2.5%
Wells Fargo CD $10.0 2.5%
Archer Daniels CP $10.9 2.8%
FNMA $6.7 1.7%
GE CP $16.3 4.2%
Toyota CP $5.0 1.3%
Toyota Corp $5.0 1.3%
IBM Corp $5.0 1.3%
GE Corp $5.0 1.3%
P&G Corp $3.4 0.9%
Total $393.0 100.0%
Rating Amt %
P-1 $115.7 29.1%
P-2 $0.0 0.0%
Aaa $240.9 60.5%
Aa1 $0.0 0.0%
Aa2 $0.0 0.0%
Aa3 $13.4 3.4%
A1 $10.0 2.5%
A2 $0.0 0.0%
A3 $0.0 0.0%
NR CKNG $0.0 0.0%
NR $18.0 4.5%
Total $398.0 100.0%
Data Sources: Bloomberg -- Calculations by FTN Main Street 8/3/2015
State of Nevada LGIP
Moody's Ratings Information
26.6%
24.4%
6.1%
5.0%
4.6%
3.8%
3.8%
3.4%
2.5%
0.0%
2.5%
2.5%
2.8%
1.7%
4.2%
1.3%
1.3%
1.3%
1.3%
0.9%
0%5%10%15%20%25%30%
FHLB
MS MMF
FHLMC
FFCB
Farmer Mac
Toronto Dom CD
Bk of Tokyo CP
Coca-Cola CP
Treasury
Walmart CP
Emerson CP
Wells Fargo CD
Archer Daniels CP
FNMA
GE CP
Toyota CP
Toyota Corp
IBM Corp
GE Corp
P&G Corp
0.0%
17.8%
43.4%
6.3%
24.1%
5.9%
0.0%
2.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
CKNG CP AGY CD MMF CORP REPO TSY
Sector Allocations
95.0%
5.0%
0.0%
0%25%50%75%100%
Bullet
Call
FRN
Structures
29.1%
0.0%
60.5%
0.0%
0.0%
3.4%
2.5%
0.0%
0.0%
0.0%
4.5%
P-1
P-2
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
NR CKNG
NR
0%20%40%60%80%100%
3% 0%
24%
0% 0%
15% 14%
0%
44%
0%
10%
20%
30%
40%
50%
Sub-Sector
103
Exhibit D
Data Sources: Bloomberg -- Calculations by FTN Main Street
State of Nevada LGIP
8/3/2015
14
16
18
20
22
24
26
7/1/157/16/157/31/158/15/158/30/159/14/159/29/1510/14/1510/29/1511/13/1511/28/1512/13/1512/28/151/12/161/27/162/11/162/26/163/12/163/27/164/11/164/26/165/11/165/26/166/10/166/25/16Basis Points Book Yield
40
45
50
55
60
65
70
7/1/157/16/157/31/158/15/158/30/159/14/159/29/1510/14/1510/29/1511/13/1511/28/1512/13/1512/28/151/12/161/27/162/11/162/26/163/12/163/27/164/11/164/26/165/11/165/26/166/10/166/25/16Percent % of LGIP Under 90 Days (at least 50%)
80
90
100
110
120
130
140
150
7/1/157/16/157/31/158/15/158/30/159/14/159/29/1510/14/1510/29/1511/13/1511/28/1512/13/1512/28/151/12/161/27/162/11/162/26/163/12/163/27/164/11/164/26/165/11/165/26/166/10/166/25/16Days Weighted Average Maturity
0
5
10
15
20
25
30
7/1/157/16/157/31/158/15/158/30/159/14/159/29/1510/14/1510/29/1511/13/1511/28/1512/13/1512/28/151/12/161/27/162/11/162/26/163/12/163/27/164/11/164/26/165/11/165/26/166/10/166/25/16Percent Non-Agy Sector Percentages
Corp Tsy CD
Repo CP MMF
0
10
20
30
40
50
60
7/1/157/16/157/31/158/15/158/30/159/14/159/29/1510/14/1510/29/1511/13/1511/28/1512/13/1512/28/151/12/161/27/162/11/162/26/163/12/163/27/164/11/164/26/165/11/165/26/166/10/166/25/16Percent Agency Sector Percentage
$380
$385
$390
$395
$400
$405
$410
$415
$420
$425
$430
$435
$440
7/1/157/16/157/31/158/15/158/30/159/14/159/29/1510/14/1510/29/1511/13/1511/28/1512/13/1512/28/151/12/161/27/162/11/162/26/163/12/163/27/164/11/164/26/165/11/165/26/166/10/166/25/16Millions Par Value
0.9995
0.9996
0.9997
0.9998
0.9999
1.0000
1.0001
1.0002
1.0003
1.0004
1.0005
7/1/157/16/157/31/158/15/158/30/159/14/159/29/1510/14/1510/29/1511/13/1511/28/1512/13/1512/28/151/12/161/27/162/11/162/26/163/12/163/27/164/11/164/26/165/11/165/26/166/10/166/25/16Net Asset Value
0
2
4
6
8
10
12
14
16
18
20
7/1/157/16/157/31/158/15/158/30/159/14/159/29/1510/14/1510/29/1511/13/1511/28/1512/13/1512/28/151/12/161/27/162/11/162/26/163/12/163/27/164/11/164/26/165/11/165/26/166/10/166/25/16Percent Finance - Industrial - Utility
Fin Ind Util
0
5
10
15
20
25
30
35
40
7/1/157/16/157/31/158/15/158/30/159/14/159/29/1510/14/1510/29/1511/13/1511/28/1512/13/1512/28/151/12/161/27/162/11/162/26/163/12/163/27/164/11/164/26/165/11/165/26/166/10/166/25/16Percent % of LGIP Overnight Target (at least 5%-10%)
104
Exhibit D
Purchase YTM Per 3-Month Maturity Intervals
*Based on Market Value
0-3 0.11%59.21%
8/3/2015 State of Nevada LGIP
Months Purchase Yield % of Portfolio*
3-6 0.28%11.47%
6-9 0.32%6.78%
9-12 0.42%8.61%
12-15 0.61%7.54%
15-18 0.56%3.88%
18-21 0.00%0.00%
21-24 0.84%2.51%
Total #DIV/0!100.00%
0.11%
0.28%
0.32%
0.42%
0.61%
0.56%
0.84%
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
0.6%
0.7%
0.8%
0.9%
1.0%Purchase Yield Maturity Intervals (Years)
Bubble Size = Maturity's % of Portfolio
Perentages = YTM%
0.25 0.50 0.75 1.00 0.00 1.25 1.50 1.75 2.00
105
Exhibit D
Parameter Actual Limit Variance Available
WAM 134 150 16
Liqudity #1 59.2%50%9.2%$36.6
Liqudity #2 24.1%5%19.1%$76.1
CP 17.8%20%2.2%$8.9
CD 6.3%20%13.7%$54.6
Corp 5.9%20%14.1%$56.2
Repo 0.0%40%40.0%$159.2
Callables 5.0%20%15.0%$59.6
CP Issuers $ Mil % of Total % Var*Available
Bk of Tokyo CP $15.000 3.77%1.23%$4.9
Coca-Cola CP $13.465 3.38%1.62%$6.4
Emerson CP $10.000 2.51%2.49%$9.9
Archer Daniels CP $10.911 2.74%2.26%$9.0
GE CP $16.339 4.11%0.89%$3.6
Toyota CP $5.000 1.26%3.74%$14.9
Total $70.715 17.77%2.23%$8.9
CD Issuers $ Mil % of Total % Var*Available
Toronto Dom CD $15.000 3.77%1.23%$4.9
Wells Fargo CD $10.000 2.51%2.49%$9.9
Total $25.000 6.28%13.72%$54.6
Corp Issuers $ Mil % of Total % Var*Available
IBM Corp $5.000 1.26%3.74%$14.9
Toyota Corp $5.000 1.26%3.74%$14.9
GE Corp $5.000 1.26%3.74%$14.9
Intel Corp $5.000 1.26%3.74%$14.9
P&G Corp $3.426 0.86%4.14%$16.5
Total $23.426 5.89%14.11%$56.2
*%Var = % Available of a Single Issuer's Per Sector 5% Maximum
State of Nevada LGIP Compliance Matrix
8/3/2015
Not Greater Than 40%
Not Greater Than 20%
Details
Less Than 150 Days
50% Par Less Than 90 Days
5% to 10% Next Business Day
Not Greater Than 20%
Not Greater Than 20%
Not Greater Than 20%
106
Exhibit D
Trade Date Settle Date Type Security CUSIP Maturity Buy/Sell Par Price Yield Principal Accrued Total Broker
7/27/15 7/27/15 CP BTMUFJ .12 06538CV32 8/3/15 BUY 15,000,000 99.9977 0.12 14,999,650.00 0.00 14,999,650.00 JP Morgan
7/27/15 7/30/15 Corp INTC 1.95 458140AH3 10/1/16 BUY 5,000,000 101.4410 0.71 5,072,050.00 32,229.17 5,104,279.17 KeyBanc
7/30/15 7/31/15 CP GECC .12 36959JWF6 9/15/15 BUY 10,000,000 99.9847 0.12 9,998,466.67 0.00 9,998,466.67 Wells Fargo
State of Nevada LGIP Weekly Trade Blotter
8/3/2015
107
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Customized Reports
108
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Monthly Investment/Economic Update
109
Exhibit D
Client Management Team
Rick Phillips
President & Chief Investment Officer
702-575-6666
rick.phillips@ftnmainstreet.com
Tonya Dazzio
Chief Operating & Compliance Officer
702-575-6592
tonya.dazzio@ftnmainstreet.com
Greg Balls
Portfolio Manager & Analyst
702-575-6655
greg.balls@ftnmainstreet.com
County of Santa Clara
10655 Park Run Drive Suite 120 | Summerlin, NV 89144 | Phone 888.278.7350 | www.FTNMainStreet.com
Commingled Pool
June 2015
Monthly Internal Investment Report
110
Exhibit D
Portfolio Summary
FHLB
FNMA
Market Value FHLMC
Book Value FFCB
Variance BLACKROCK
DREYFUS CASH MANAGEMENT
Par Value U.S. TREASURY
U S BANK
Net Asset Value MORGAN STANLEY GOVT INSTL 830
MORGAN STANLEY TRSY INSTL 830
Puchase Yield CALIFORNIA ST
EXXON MOBIL CORP
Years to Maturity JOHNSON & JOHNSON
CHASE ISSUANCE TRUST (ABS)
Effective Duration CHEVRON CORP.
*Book Value is being amortized
1.0%
6/30/2015
SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY (MOODY'S)
County of Santa Clara
ACCOUNT SUMMARY MONTH-END PORTFOLIO BOOK YIELD TOP ISSUERS
Issuer % Portfolio
29.8%
15.5%
15.1%
10.4%
4.4%
4.2%
3.5%
1.9%
1.8%
1.8%
1.5%
1.1%
1.1%
1.0%
6/30/15 5/31/15
$5,693,275,417 $6,070,418,084
$5,690,386,161 $6,065,209,581
$2,889,256 $5,208,504
$5,682,448,683 $6,057,051,678
$100.051 $100.086
0.62% 0.61%
1.28 1.29
1.12 1.11
Agy 70.7%
Corp 4.8%
0.0%
Repo 0.0%
CP 1.8%
ABS 3.7%
Muni 1.5%
Tsy 3.5%
CDs 0.5%
LAIF 0.7%
MMF 12.2%
MBS 0.0%
Supras
0.7% 47.6%
25.9%
19.3%
5.2%
2.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0-1Y 1-2Y 2-3Y 3-4Y 4-5Y 5+Y
1.22%
0.70%
0.00%
0.00%
0.00%
0.26%
2.10%
0.79%
1.02%
87.83%
6.08%
0%25%50%75%100%
NR
NR-LAIF
NR-REPO
A3
A2
A1
Aa3
Aa2
Aa1
Aaa
P-1
0.40%
0.45%
0.50%
0.55%
0.60%
0.65%
0.70%Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15NR: Not Rated
111
Exhibit D
Investment Policy Compliance
Issuer Limits No more than 5% of the portfolio shall be invested in aggregate of any single institution of the following types:
BAs, CP, Negotiable CDs, and Corporate Notes Yes
Securities Lending 20% limit, max maturity 92 days for loans and reinvestment, loan counterparty must be a primary dealer,
loaned securities must be owned for at least 30 days
Asset-Backed Securities 20% limit, 20% in agg. w/ MBS, no issuer limit, max maturity 5 years, collateralized by installment/receivables,
rated by two: AA-, Aa3, A- issuer rated by at least two: A-, A3, A-
Bankers' Acceptances 40% limit, issuer limit 5%, max maturity 180 days, rated by two: A-1, P-1, F-1, issued by commercial banks
Corporate Bonds 30% limit, 5% per issuer, max maturity 5 years, AA- (S&P/Fitch)/Aa3 (Moody's), issued by domestic
corporations or depositories
LAIF No sector limit, no issuer limit, California State's deposit limit $50 million
Repurchase Agreements No limit, no Issuer limit, max maturity 92 days, treasury/agency collateral at 102% of investment, if maturity
exceeds 15 days, must be collateralized by securities with 5 years or less maturities
Municipal Securities 10% limit, no issuer limit, max maturity 5 years, State of CA (warrants, COP, lease rev) and local CA agy, rev
bonds 49 states/local, if long-term rated by 2: A-, A3, A-, if short-term rated by two: SP-1, MIG-1, F-1
Mortgage-Backed Securities 20% limit, 20% in agg. w/ ABS, no issuer limit, max maturity 5 years, collateralized by pools of conforming
residential mort. loans by FHLMC/FNMA and residential mort. by FHA (GNMA)
Money Market Funds 20% limit, 10% per issuer, rated by two AAA-m, Aaa-mf, AAA-m MMF has at least $500 mil managed
6/30/2015 County of Santa Clara
Item / Sector Parameters In Compliance
Maturity Weighted Average Maturity (WAM) must be less than 24 months
Negotiable Certificates of Deposit 30% limit, 5% per issuer, max maturity 5 years, rated by two A-1/AA-, P-1/Aa3, F-1/AA-, national/state
chartered banks
Supranational Debt Obligations 10% limit, max maturity 5 years, issued or unconditionally guaranteed by the IBRD, rated by at least two: AAA
(S&P/Fitch), Aa (Moody's)
U.S. Treasuries No sector limit, no issuer limit, max maturity 5 years
U.S. Federal Agencies No sector limit, no issuer limit, max maturity 5 years
Interest Periods Securities must pay interest w/in 1 year of the initial investment and at least semiannually thereafter
Investment Swaps Similar maturity swaps, so as not to affect cash flow needs, should have minimum 5 basis point gain
Commercial Paper 40% limit, 5% per issuer, max maturity 270 days, rated by two A-1/AA-, P-1/Aa3, F-1/AA-, domestic
corporation with at least $500 million of assets
1.3Yes
3.5%Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
70.7%
0.7%
1.8%
4.8%
12.2%
0.5%
1.5%
0.0%
3.7%
0.0%
0.0%
0.7%
0.0%
Yrs
112
Exhibit D
Book Yield per WAM per Percent of Portfolio
6/30/2015 County of Santa Clara
Agy
Tsy
LAIF
CP
MMF
ABS/MBS
MUNI
CDs
Corp
Supras
-0.40%
-0.20%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
-0.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50Book Yield Weighted Average Maturity - Years
Agy
Tsy
LAIF
CP
MMF
Repo
ABS/MBS
MUNI
CDs
Corp
Supras
Bubble Size = Percent of Portfolio
113
Exhibit D
Month End Historical Book Values
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Fiscal Year 2010 $3.541 $3.373 $3.307 $3.307 $3.408 $4.175 $3.307 $3.408 $3.687 $4.463 $4.384 $3.536
Fiscal Year 2011 $3.230 $3.032 $3.143 $2.898 $3.227 $3.943 $3.695 $3.551 $3.712 $4.339 $4.179 $3.935
Fiscal Year 2012 $3.801 $3.736 $3.637 $3.555 $3.805 $4.567 $4.097 $4.040 $4.032 $4.926 $4.525 $3.833
Fiscal Year 2013 $3.508 $3.517 $3.515 $3.469 $3.645 $4.600 $3.918 $3.982 $4.606 $5.286 $4.952 $4.521
Fiscal Year 2014 $4.133 $4.052 $3.975 $3.758 $4.271 $5.419 $5.019 $4.470 $4.567 $5.635 $5.351 $5.108
Fiscal Year 2015 $4.267 $4.194 $4.096 $4.051 $4.247 $5.639 $5.045 $5.086 $5.420 $6.284 $6.065 $5.690
Figures in Billions
County of Santa Clara6/30/2015
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
$5.5
$6.0
$6.5
Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15Billions Month End
Average
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
$5.5
$6.0
$6.5
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunBillions FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
114
Exhibit D
Average Weighted Maturity and Book Yield
County of Santa Clara6/30/2015
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
1.5
Years Average Weighted Maturity History
0.2%
0.3%
0.4%
0.5%
0.6%
0.7%
0.8%
0.9%
Month-End Book Yield vs 1-3 Year Agency Index (24 month moving avg)
Portfolio
Index
115
Exhibit D
Next Twelve Months Maturities
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
$1,225.6 $213.6 $65.0 $150.5 $95.1 $0.0 $180.5 $55.0 $65.0 $20.0 $204.4 $426.3
Par Value in Millions
6/30/2015 County of Santa Clara
Maturities
$1,225.6
$213.6
$65.0
$150.5
$95.1
$0.0
$180.5
$55.0 $65.0
$20.0
$204.4
$426.3
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16Millions 116
Exhibit D
Historical Sector Allocation
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
Agency 74.9% 72.3% 73.3% 70.9% 73.4% 74.1% 75.3% 72.6% 70.8% 71.0% 71.5% 70.7%
Corporate 3.1% 3.6% 3.7% 3.5% 4.9% 3.7% 4.2% 4.2% 5.1% 4.4% 4.6% 4.8%
Commercial Paper 2.3% 1.8% 4.8% 5.0% 2.4% 4.0% 2.5% 3.9% 3.7% 5.3% 3.1% 1.8%
Repo 3.5% 3.6% 0.0% 0.0% 0.0% 0.0% 4.8% 2.0% 0.9% 1.6% 1.7% 0.0%
MMF 0.5% 2.8% 3.3% 5.1% 2.4% 4.4% 0.2% 4.4% 6.6% 3.0% 6.9% 12.2%
Certificates of Dep 4.7% 4.8% 3.7% 3.8% 4.4% 4.4% 2.8% 3.1% 3.0% 5.1% 2.4% 0.5%
Treasury 4.3% 4.4% 4.5% 4.6% 4.4% 3.3% 3.7% 3.6% 3.4% 3.6% 3.3% 3.5%
Municipal 1.4% 1.4% 1.4% 1.4% 1.7% 1.5% 1.7% 1.7% 1.6% 1.4% 1.4% 1.5%
LAIF 0.9% 1.0% 1.0% 1.0% 0.9% 0.7% 0.8% 0.8% 0.7% 0.6% 0.7% 0.7%
ABS 4.4% 4.3% 4.3% 4.7% 5.5% 3.9% 4.0% 3.7% 4.2% 3.4% 3.8% 3.6%
MBS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Supra 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 0.6% 0.7%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Sector
6/30/2015 County of Santa Clara
0%
10%
20%
30%
40%
50%
60%
70%
80%
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
AGY
CORP
CP
REPO
MMF
CDs
TSY
MUNI
LAIF
ABS
MBS
Supra
117
Exhibit D
Issuer Allocation
6/30/2015 County of Santa Clara
0.0%
0.0%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.2%
0.3%
0.3%
0.3%
0.4%
0.4%
0.5%
0.6%
0.6%
0.7%
0.7%
0.7%
1.0%
1.0%
1.1%
1.1%
1.5%
1.8%
1.8%
1.9%
3.5%
4.2%
4.4%
10.4%
15.1%
15.5%
29.8%
0%5%10%15%20%25%30%35%
UNIVERSITY CALIFORNIA REVS
MERCEDES-BENZ AUTO LEASE TRUST
APPLE INC
NISSAN AUTO LEASE TRUST
GENERAL ELECTRIC
GE EQUIP TRANSPORTATION LLC
AMERICAN EXPRESS
BMW VEHICLE OWNER TRUST
BERKSHIRE HATHWY
COLGATE-PALMOLIVE CO
BANK OF NOVA SCOTIA HOUSTON
ROYAL BANK OF CANADA
IBM
HONDA AUTO RECEIVABLES OWNER T
JOHN DEERE OWNER TRUST
WALMART
VOLKSWAGEN AUTO LOAN ENHANCED
INTL BANK RECON & DEVELOP
TOYOTA AUTO REC OWNER TRUST
LOCAL AGENCY INVEST FUND
CHEVRON CORP.
CHASE ISSUANCE TRUST (ABS)
JOHNSON & JOHNSON
EXXON MOBIL CORP
CALIFORNIA ST
MORGAN STANLEY TRSY INSTL 8304
MORGAN STANLEY GOVT INSTL 8302
U S BANK
U.S. TREASURY
DREYFUS CASH MANAGEMENT
BLACKROCK
FFCB
FHLMC
FNMA
FHLB
118
Exhibit D
Historical Earnings and Performance
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$2.4 $4.7 $6.8 $8.9 $10.8 $12.6 $15.8 $17.8 $19.6 $21.5 $23.4 $25.2
$1.8 $3.5 $5.0 $6.8 $8.7 $10.5 $12.5 $14.2 $16.1 $18.0 $20.0 $21.9
$1.8 $3.5 $5.2 $6.9 $8.5 $10.4 $12.6 $14.7 $17.8 $20.6 $23.7 $26.8
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
0.46%0.47%0.47%0.48%0.48%0.47%0.47%0.48%0.51%0.52%0.52%0.54%
Custom Benchmark*0.31%0.31%0.32%0.33%0.35%0.37%0.37%0.39%0.40%0.41%0.42%0.47%
0.15%0.16%0.15%0.15%0.13%0.10%0.10%0.09%0.11%0.11%0.10%0.07%
*Benchmark: 40% Agy 1-3Y, 30% Agy Discount Note 180D, 10% Corp AA-AAA 1-3Y, 10% CP 1D, 5% Repo 1D, 5% MMF
County of Santa Clara
Variance
Effective Rate of Rtn
Fiscal YTD
FY 2013
6/30/2015
Fiscal YTD
FY 2014
FY 2015
$0
$5
$10
$15
$20
$25
$30
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunMillions Fiscal Year-to-Date Earnings
0.20%
0.25%
0.30%
0.35%
0.40%
0.45%
0.50%
0.55%
0.60%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Effective Rate of Return vs Benchmark
CSC Pool
Benchmark
119
Exhibit D
Investment Activity
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
205 202 199 195 229 296 264 262 283 332 325 299
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
53 55 55 38 54 95 40 65 109 139 70 93
62 63 62 46 24 32 76 71 92 93 78 119
115 118 117 84 78 127 116 136 201 232 148 212
6/30/2015 County of Santa Clara
Number of Purchases
Total Transactions
Number of Positions
Number of Redemptions
100
150
200
250
300
350
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15Positions Number of Positions at Month End
0
20
40
60
80
100
120
140
160
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15Number of Transactions Purchases and Redemptions* (Excluding LAIF & MMF) Purchases
Redemptions
*Redemptions include maturities, calls, and sells (excluding paydowns)
120
Exhibit D
Dealer Transactions (Buys & Sells)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Total
Deutsche Bank 22 21 20 20 16 16 16 20 22 20 19 23 235
Barclays 22 21 20 20 23 29 21 29 185
US Bank*2 5 8 5 1 1 1 18 31 25 16 21 134
B of A ML 1 3 1 4 2 2 2 1 2 13 1 32
Wells Fargo 2 1 4 4 4 9 3 27
Citigroup 1 2 6 6 6 1 2 1 25
Incapital 3 13 3 1 20
UBS 1 1 1 2 2 2 2 3 3 1 18
BNP 4 4 4 2 1 1 16
Key Bank 1 2 2 2 1 2 2 1 3 16
RBC 2 1 4 4 4 1 16
JP Morgan 1 1 1 1 1 2 2 3 3 15
Morgan Stanley 1 3 3 3 2 1 1 14
Mizuho 4 1 7 12
GE Capital*2 1 5 3 11
Jefferies 2 2 2 2 1 1 1 11
FTN Financial 1 2 2 2 1 8
BMO 5 1 6
Brean 5 1 6
Scotia Bank 2 2 2 6
Toyota Motor Credit 1 1 1 1 2 6
Daiwa 1 3 4
Piper Jaffray 1 1 1 1 4
Raymond James 1 1 1 1 4
Cantor 1 1
Suntrust 1 1
Vining Sparks 1 1
Goldman Sachs 0
Nomura 0
53 55 55 38 54 54 54 65 105 139 70 92 834
*Direct Issuers
Total
Dealer
6/30/2015 County of Santa Clara
0
0
1
1
1
4
4
4
6
6
6
6
8
11
11
12
14
15
16
16
16
18
20
25
27
32
134
185
235
0 100 200 300
Nomura
Goldman Sachs
Vining Sparks
Suntrust
Cantor
Raymond James
Piper Jaffray
Daiwa
Toyota Motor…
Scotia Bank
Brean
BMO
FTN Financial
Jefferies
GE Capital*
Mizuho
Morgan Stanley
JP Morgan
RBC
Key Bank
BNP
UBS
Incapital
Citigroup
Wells Fargo
B of A ML
US Bank
Barclays
Deutsche Bank
Fiscal Year-to-Date Transactions
121
Exhibit D
COMMINGLED POOL
Portfolio Management
June 30, 2015
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value
YTMDays to
Maturity
Negotiable CDs 30,000,000.00 1700.53 0.47130,019,740.0030,000,000.00
Federal Agency Bonds 2,857,635,595.54 48550.22 0.6302,859,034,601.402,851,204,000.00
Federal Agency Bonds - CALLABLE 954,392,953.84 74416.77 0.966954,809,810.37954,540,000.00
US Treasury Notes 200,595,579.81 4783.53 0.547200,716,390.00200,000,000.00
Corporate Bonds 272,416,936.14 6974.79 1.110272,738,512.79272,490,000.00
Asset Backed Securities (ABS)177,471,275.58 9643.12 0.799177,394,484.57177,459,655.26
Asset Backed Securities 30,447,804.60 1110.54 0.54730,451,818.1630,447,983.48
Municipal Bonds 84,732,991.41 6571.49 1.41585,381,800.2083,535,000.00
Commercial Paper, Discount Notes 100,000,000.00 01.76 0.10099,999,694.00100,000,000.00
Federal Agency, Discount Notes 213,461,156.33 593.75 0.079213,482,846.76213,530,000.00
Local Agency Investment Fund 40,000,000.00 10.70 0.26040,000,000.0040,000,000.00
Money Market 691,742,043.84 112.16 0.071691,742,043.84691,742,043.84
Supranationals 37,489,823.79 9690.66 0.96137,503,675.0037,500,000.00
5,690,386,160.88 100.00%Investments 5,693,275,417.095,682,448,682.58 469 0.624
Cash and Accrued Interest
5,690,974,741.57Total Cash and Investments
588,580.69Subtotal
588,580.69
5,693,863,997.785,682,448,682.58
588,580.69
588,580.69
469 0.624
Accrued Interest at Purchase
Current Year
June 30
2,991,031.00
Fiscal Year To Date
26,767,561.29 26,767,561.29
Fiscal Year Ending
Average Daily Balance
Effective Rate of Return
5,948,183,001.86 5,001,703,678.09
0.54%0.61%
Total Earnings Month Ending
__________________________________________________ ____________________
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Reporting period 06/01/2015-06/30/2015
Run Date: 07/08/2015 - 12:05 PM (PRF_PM1) 7.3.0
Report Ver. 7.3.5
122
Exhibit D
YTM
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Negotiable CDs
0.650BANK OF NOVA SCOTIA HOUSTON34596 15,000,000.00 15,000,000.00 10/22/20150.65010/22/2013 15,022,155.00 A-106417F6H8 113
0.292ROYAL BANK OF CANADA35643 15,000,000.00 15,000,000.00 02/12/20160.29202/12/2015 14,997,585.00 A-1+78009NTJ5 226
30,000,000.0030,019,740.0030,000,000.0065,333,333.61Subtotal and Average 0.471 170
Repurchase Agreements
411,666,666.67Subtotal and Average
Federal Agency Bonds
0.415FFCB NOTES33610 15,000,000.00 14,999,475.00 09/25/20150.40009/25/2012 15,009,780.00 AA+3133EAZ68 86
0.413FFCB NOTES33735 10,000,000.00 9,999,537.78 11/09/20150.40011/09/2012 10,008,140.00 AA+3133EA7L6 131
0.364FFCB NOTES33822 20,000,000.00 19,999,386.67 08/17/20150.34012/17/2012 20,002,700.00 AA+3133EC7H1 47
0.275FFCB NOTES34628 50,000,000.00 50,000,415.16 07/13/20150.30011/06/2013 50,003,650.00 AA+3133ECX74 12
0.265FFCB NOTES34719 30,000,000.00 29,999,701.05 07/09/20150.22012/09/2013 30,000,390.00 AA+3133EDBE1 8
0.282FFCB NOTES34722 50,000,000.00 49,999,311.07 07/09/20150.22012/10/2013 50,000,650.00 AA+3133EDBE1 8
0.298FFCB NOTES34758 50,000,000.00 49,996,800.00 08/19/20150.25012/19/2013 50,008,400.00 AA+3133EDC59 49
0.326FFCB NOTES34759 20,000,000.00 19,997,984.00 08/19/20150.25012/19/2013 20,003,360.00 AA+3133EDC59 49
0.231FFCB NOTES35006 20,000,000.00 20,005,408.51 11/05/20150.31004/11/2014 20,000,100.00 AA+3133EDET5 127
0.255FFCB NOTES35021 25,000,000.00 25,004,722.22 11/05/20150.31004/17/2014 25,000,125.00 AA+3133EDET5 127
0.250FFCB NOTES35048 20,108,000.00 20,108,000.00 11/04/20150.25004/25/2014 20,113,670.46 AA+3133EDGC0 126
0.401FFCB NOTES35208 20,000,000.00 19,980,383.30 02/26/20160.25007/09/2014 19,999,620.00 AA+3133EDMC3 240
0.375FFCB NOTES35448 10,000,000.00 10,000,000.00 05/25/20160.37511/25/2014 10,025,590.00 AA+3133EECW8 329
0.375FFCB NOTES35449 10,000,000.00 10,000,000.00 05/25/20160.37511/25/2014 10,025,590.00 AA+3133EECW8 329
0.229FFCB NOTES35475 10,000,000.00 9,999,530.77 01/04/20160.22012/04/2014 10,000,320.00 AA+3133EEEC0 187
0.243FFCB NOTES35481 10,500,000.00 10,498,765.10 01/04/20160.22012/05/2014 10,500,336.00 AA+3133EEEC0 187
0.955FFCB NOTES35497 15,000,000.00 15,013,549.63 07/17/20171.00012/10/2014 15,076,425.00 AA+3133EDQM7 747
1.092FFCB NOTES35527 10,000,000.00 10,007,884.44 12/18/20171.12512/18/2014 10,039,770.00 AA+3133EEFE5 901
1.125FFCB NOTES35529 10,000,000.00 10,000,000.00 12/18/20171.12512/18/2014 10,039,770.00 AA+3133EEFE5 901
0.700FFCB NOTES35536 20,000,000.00 20,000,000.00 02/23/20170.70012/23/2014 20,008,740.00 AA+3133EEFZ8 603
0.750FFCB NOTES35537 30,000,000.00 29,975,636.92 02/23/20170.70012/23/2014 30,013,110.00 AA+3133EEFZ8 603
0.923FFCB NOTES35678 10,000,000.00 10,017,055.44 09/25/20171.00002/26/2015 10,035,050.00 AA+3133EEQX1 817
0.971FFCB NOTES35683 15,000,000.00 15,009,486.85 09/25/20171.00002/27/2015 15,052,575.00 AA+3133EEQX1 817
0.893FFCB NOTES35757 20,000,000.00 20,047,085.31 09/25/20171.00003/24/2015 20,070,100.00 AA+3133EEQX1 817
1.372FFCB NOTES35799 9,950,000.00 9,923,946.55 04/01/20191.30004/01/2015 9,897,454.05 AA+3133EEWG1 1,370
0.763FFCB NOTES35872 10,000,000.00 10,052,410.92 09/25/20171.00004/16/2015 10,035,050.00 AA+3133EEQX1 817
0.535FFCB NOTES35877 12,195,000.00 12,226,250.65 01/23/20170.70004/17/2015 12,210,390.09 AA+3133EEUT5 572
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.5
123
Exhibit D
YTM
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Federal Agency Bonds
0.798FFCB NOTES35892 5,000,000.00 5,002,392.47 09/28/20170.82004/21/2015 4,993,455.00 AA+3133ECBX1 820
0.920FFCB NOTES35940 5,000,000.00 5,000,000.00 05/01/20180.92005/01/2015 4,985,420.00 AA+3133EEE71 1,035
0.920FFCB NOTES35941 5,000,000.00 5,000,000.00 05/01/20180.92005/01/2015 4,985,420.00 AA+3133EEE71 1,035
1.097FFCB NOTES35965 5,000,000.00 4,990,572.64 05/11/20181.03005/11/2015 4,999,035.00 AA+3133EEJ50 1,045
0.688FHLB NOTES33890 25,000,000.00 25,151,150.62 06/21/20171.00012/31/2012 25,130,650.00 AA+313379DD8 721
0.432FHLB NOTES34257 15,000,000.00 14,991,661.79 06/24/20160.37505/10/2013 14,998,980.00 AA+3133834R9 359
0.459FHLB NOTES34261 35,000,000.00 34,971,454.55 06/24/20160.37505/13/2013 34,997,620.00 AA+3133834R9 359
0.708FHLB NOTES34533 25,000,000.00 24,919,185.31 06/24/20160.37509/17/2013 24,998,300.00 AA+3133834R9 359
0.550FHLB NOTES34652 22,355,000.00 22,683,749.59 06/10/20162.12511/14/2013 22,717,911.07 AA+313373SZ6 345
0.486FHLB NOTES34663 25,000,000.00 25,382,893.32 06/10/20162.12511/19/2013 25,405,850.00 AA+313373SZ6 345
0.285FHLB NOTES34668 30,000,000.00 30,004,241.44 08/28/20150.37511/21/2013 30,012,870.00 AA+313383V81 58
0.277FHLB NOTES34671 18,605,000.00 18,607,884.65 08/28/20150.37511/22/2013 18,612,981.55 AA+313383V81 58
0.483FHLB NOTES34682 50,000,000.00 50,767,386.21 06/10/20162.12511/26/2013 50,811,700.00 AA+313373SZ6 345
0.507FHLB NOTES34749 15,000,000.00 15,226,803.53 06/10/20162.12512/17/2013 15,243,510.00 AA+313373SZ6 345
0.454FHLB NOTES34848 10,000,000.00 9,995,348.19 02/19/20160.38001/24/2014 10,005,720.00 AA+3130A0SD3 233
0.192FHLB NOTES34998 20,000,000.00 20,001,361.19 07/29/20150.28004/10/2014 20,002,600.00 AA+3130A0QG8 28
0.938FHLB NOTES35004 15,000,000.00 14,982,392.83 05/24/20170.87504/11/2014 15,047,940.00 AA+3130A1NN4 693
0.387FHLB NOTES35020 15,000,000.00 15,063,596.49 03/11/20161.00004/17/2014 15,064,740.00 AA+313375RN9 254
0.260FHLB NOTES35031 30,000,000.00 29,999,135.28 10/15/20150.25004/21/2014 29,989,380.00 AA+3130A1NW4 106
0.233FHLB NOTES35063 20,000,000.00 19,999,798.10 10/30/20150.23004/30/2014 19,974,980.00 AA+3130A1P69 121
0.434FHLB NOTES35097 10,000,000.00 9,998,727.27 06/06/20160.42005/19/2014 9,999,560.00 AA+3130A22N5 341
0.446FHLB NOTES35136 5,000,000.00 4,996,675.55 06/10/20160.37506/06/2014 5,000,425.00 AA+3130A2C61 345
0.467FHLB NOTES35193 25,000,000.00 24,989,170.26 06/06/20160.42006/30/2014 24,998,900.00 AA+3130A22N5 341
0.468FHLB NOTES35195 5,000,000.00 4,995,641.43 06/10/20160.37506/30/2014 5,000,425.00 AA+3130A2C61 345
0.510FHLB NOTES35206 20,000,000.00 19,983,323.14 06/06/20160.42007/09/2014 19,999,120.00 AA+3130A22N5 341
0.422FHLB NOTES35397 30,000,000.00 29,999,476.56 06/06/20160.42010/30/2014 29,998,680.00 AA+3130A22N5 341
0.534FHLB NOTES35398 20,000,000.00 20,023,281.53 10/14/20160.62510/30/2014 20,026,780.00 AA+3130A3CE2 471
0.571FHLB NOTES35402 10,000,000.00 10,006,875.85 10/14/20160.62510/31/2014 10,013,390.00 AA+3130A3CE2 471
0.300FHLB NOTES35404 10,000,000.00 10,000,000.00 03/01/20160.30011/04/2014 9,999,390.00 AA+3130A3FM1 244
0.300FHLB NOTES35405 10,000,000.00 10,000,000.00 03/01/20160.30011/04/2014 9,999,390.00 AA+3130A3FM1 244
0.592FHLB NOTES35407 10,000,000.00 10,004,178.94 10/14/20160.62511/06/2014 10,013,390.00 AA+3130A3CE2 471
0.592FHLB NOTES35408 15,000,000.00 15,006,268.41 10/14/20160.62511/06/2014 15,020,085.00 AA+3130A3CE2 471
0.290FHLB NOTES35416 10,000,000.00 10,000,000.00 02/25/20160.29011/10/2014 10,000,170.00 AA+3130A3GV0 239
0.507FHLB NOTES35466 10,000,000.00 10,001,653.57 10/14/20160.52012/02/2014 10,003,250.00 AA+3130A3M35 471
0.428FHLB NOTES35482 15,000,000.00 15,000,286.22 07/01/20160.43012/05/2014 15,015,480.00 AA+3130A3P32 366
0.430FHLB NOTES35483 10,000,000.00 10,000,000.00 07/01/20160.43012/05/2014 10,010,320.00 AA+3130A3P32 366
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
124
Exhibit D
YTM
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Federal Agency Bonds
0.486FHLB NOTES35488 25,000,000.00 24,986,067.62 07/01/20160.43012/09/2014 25,025,800.00 AA+3130A3P32 366
0.264FHLB NOTES35496 50,000,000.00 49,991,421.88 01/04/20160.23012/10/2014 50,002,700.00 AA+3130A3PB4 187
0.925FHLB NOTES35505 25,000,000.00 24,975,293.82 07/03/20170.87512/11/2014 25,032,900.00 AA+3130A3P40 733
0.264FHLB NOTES35506 10,000,000.00 9,998,279.90 01/04/20160.23012/11/2014 10,000,540.00 AA+3130A3PB4 187
0.477FHLB NOTES35512 13,975,000.00 13,961,615.17 06/10/20160.37512/12/2014 13,976,187.88 AA+3130A2C61 345
0.818FHLB NOTES35516 25,000,000.00 25,023,792.61 03/10/20170.87512/15/2014 25,084,800.00 AA+3133782N0 618
0.751FHLB NOTES35517 35,000,000.00 35,072,550.43 03/10/20170.87512/15/2014 35,118,720.00 AA+3133782N0 618
0.427FHLB NOTES35520 25,000,000.00 24,987,779.49 06/10/20160.37512/16/2014 25,002,125.00 AA+3130A2C61 345
0.951FHLB NOTES35528 25,000,000.00 25,025,546.50 08/15/20171.00012/18/2014 25,100,225.00 AA+3130A3RW6 776
0.264FHLB NOTES35530 25,000,000.00 24,995,741.36 01/04/20160.23012/18/2014 25,001,350.00 AA+3130A3PB4 187
0.980FHLB NOTES35531 17,000,000.00 16,989,373.45 08/15/20170.95012/18/2014 17,071,230.00 AA+3130A3SZ8 776
0.250FHLB NOTES35541 15,000,000.00 15,000,000.00 01/29/20160.25012/29/2014 15,002,505.00 AA+3130A3P81 212
0.250FHLB NOTES35542 10,000,000.00 10,000,000.00 01/29/20160.25012/29/2014 10,001,670.00 AA+3130A3P81 212
0.250FHLB NOTES35543 25,000,000.00 25,000,000.00 01/29/20160.25012/29/2014 25,004,175.00 AA+3130A3P81 212
0.250FHLB NOTES35544 25,000,000.00 25,000,000.00 01/29/20160.25012/29/2014 25,004,175.00 AA+3130A3P81 212
0.380FHLB NOTES35548 30,000,000.00 30,004,117.19 03/10/20160.40012/30/2014 30,011,670.00 AA+3130A2Y75 253
0.920FHLB NOTES35549 10,000,000.00 10,005,727.46 06/15/20170.95012/30/2014 10,062,130.00 AA+3130A3SL9 715
1.140FHLB NOTES35684 20,000,000.00 19,991,802.46 04/25/20181.12502/27/2015 20,045,780.00 AA+3130A4GJ5 1,029
1.140FHLB NOTES35685 12,000,000.00 11,995,081.48 04/25/20181.12502/27/2015 12,027,468.00 AA+3130A4GJ5 1,029
1.000FHLB NOTES35803 25,000,000.00 25,000,000.00 07/06/20181.00004/06/2015 24,934,000.00 AA+3130A4WA6 1,101
0.875FHLB NOTES35815 20,000,000.00 20,000,000.00 01/08/20180.87504/08/2015 19,960,800.00 AA+3130A4WB4 922
0.990FHLB NOTES35816 25,000,000.00 25,044,104.22 06/29/20181.05004/08/2015 24,916,750.00 AA+3130A4UP5 1,094
1.340FHLB NOTES35826 9,460,000.00 9,713,676.61 09/13/20192.00004/09/2015 9,635,719.50 AA+313383VN8 1,535
1.351FHLB NOTES35827 25,155,000.00 25,818,095.90 09/13/20192.00004/09/2015 25,622,254.13 AA+313383VN8 1,535
1.010FHLB NOTES35855 12,000,000.00 11,996,414.46 07/06/20181.00004/14/2015 11,968,320.00 AA+3130A4WA6 1,101
0.995FHLB NOTES35864 26,500,000.00 26,503,957.33 06/15/20181.00004/15/2015 26,443,740.50 AA+3130A4Y71 1,080
1.040FHLB NOTES35865 16,915,000.00 16,920,228.43 08/15/20181.05004/15/2015 16,855,746.76 AA+3130A4YA4 1,141
1.213FHLB NOTES35867 10,000,000.00 10,237,498.00 03/08/20191.87504/15/2015 10,188,050.00 AA+313378QK0 1,346
0.569FHLB NOTES35879 10,000,000.00 10,030,371.56 03/09/20170.75004/17/2015 10,014,260.00 AA+3130A4KD3 617
1.006FHLB NOTES35906 20,000,000.00 20,140,557.51 06/08/20181.25004/23/2015 20,077,740.00 AA+313379DT3 1,073
0.934FHLB NOTES35922 10,000,000.00 10,116,610.67 03/09/20181.37504/28/2015 10,087,040.00 AA+313378A43 982
1.012FHLB NOTES35952 10,000,000.00 9,996,621.27 07/06/20181.00005/06/2015 9,978,800.00 AA+3130A57J2 1,101
1.154FHLB NOTES35956 5,000,000.00 5,517,083.26 06/08/20184.75005/07/2015 5,521,860.00 AA+3133XRFZ8 1,073
1.112FHLB NOTES35957 5,000,000.00 5,019,836.59 06/08/20181.25005/07/2015 5,019,435.00 AA+313379DT3 1,073
1.081FHLB NOTES35958 15,000,000.00 14,985,921.23 08/07/20181.05005/07/2015 14,946,060.00 AA+3130A57G8 1,133
1.138FHLB NOTES36053 5,000,000.00 5,031,230.58 03/09/20181.37506/18/2015 5,043,520.00 AA+313378A43 982
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
125
Exhibit D
YTM
Page 4
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Federal Agency Bonds
1.045FHLB NOTES36059 5,000,000.00 5,043,560.00 03/09/20181.37506/19/2015 5,043,520.00 AA+313378A43 982
0.446FHLMC NOTES33454 10,000,000.00 10,000,075.55 09/04/20150.45008/30/2012 10,007,130.00 AA+3134G3J76 65
0.543FHLMC NOTES33552 10,000,000.00 10,000,177.13 09/04/20150.45009/17/2012 10,007,130.00 AA+3134G3J76 65
0.611FHLMC NOTES33721 20,000,000.00 20,315,290.83 08/25/20162.00011/01/2012 20,354,460.00 AA+3137EACW7 421
0.729FHLMC NOTES34532 25,000,000.00 24,951,046.03 05/13/20160.50009/17/2013 25,034,025.00 AA+3137EADQ9 317
0.831FHLMC NOTES34543 10,000,000.00 10,005,593.01 10/14/20160.87509/23/2013 10,056,040.00 AA+3137EADS5 471
0.462FHLMC NOTES34723 50,000,000.00 50,016,475.60 05/13/20160.50012/10/2013 50,068,050.00 AA+3137EADQ9 317
0.477FHLMC NOTES34751 44,400,000.00 44,408,638.00 05/13/20160.50012/17/2013 44,460,428.40 AA+3137EADQ9 317
0.463FHLMC NOTES34754 25,000,000.00 25,007,881.16 05/13/20160.50012/18/2013 25,034,025.00 AA+3137EADQ9 317
0.510FHLMC NOTES34971 20,000,000.00 19,998,280.31 05/13/20160.50004/01/2014 20,027,220.00 AA+3137EADQ9 317
1.273FHLMC NOTES35207 10,000,000.00 9,870,959.70 01/12/20180.75007/09/2014 9,950,200.00 AA+3137EADN6 926
0.904FHLMC NOTES35498 25,000,000.00 25,047,267.68 06/29/20171.00012/10/2014 25,137,175.00 AA+3137EADH9 729
0.711FHLMC NOTES35507 15,000,000.00 15,040,010.18 02/22/20170.87512/11/2014 15,068,265.00 AA+3137EADT3 602
0.771FHLMC NOTES35508 16,917,000.00 16,981,627.40 03/08/20171.00012/11/2014 17,023,560.18 AA+3137EADC0 616
0.885FHLMC NOTES35546 16,850,000.00 16,882,148.69 03/08/20171.00012/29/2014 16,956,138.15 AA+3137EADC0 616
1.001FHLMC NOTES35556 25,000,000.00 24,999,396.28 07/28/20171.00012/30/2014 25,116,425.00 AA+3137EADJ5 758
0.898FHLMC NOTES35755 20,000,000.00 20,045,114.60 09/27/20171.00003/23/2015 20,062,960.00 AA+3134G3M31 819
0.848FHLMC NOTES35756 15,000,000.00 15,008,385.37 08/15/20170.87503/24/2015 15,003,555.00 AA+3134G3B90 776
0.911FHLMC NOTES35760 10,000,000.00 9,959,832.77 01/12/20180.75003/25/2015 9,950,200.00 AA+3137EADN6 926
0.934FHLMC NOTES35761 10,000,000.00 9,954,133.37 01/12/20180.75003/25/2015 9,950,200.00 AA+3137EADN6 926
0.927FHLMC NOTES35785 5,000,000.00 4,977,952.35 01/12/20180.75003/30/2015 4,975,100.00 AA+3137EADN6 926
1.315FHLMC NOTES35873 30,000,000.00 29,920,208.78 10/02/20191.25004/16/2015 29,599,470.00 AA+3137EADM8 1,554
0.935FHLMC NOTES35893 25,000,000.00 24,996,478.66 06/29/20180.93004/21/2015 24,880,025.00 AA+3134G6TF0 1,094
0.753FHLMC NOTES35942 10,000,000.00 10,050,497.61 07/25/20171.00005/01/2015 10,037,730.00 AA+3134G3ZH6 755
1.378FNMA NOTES30108 25,000,000.00 25,018,997.77 10/26/20151.62511/03/2010 25,118,225.00 AA+31398A4M1 117
0.954FNMA NOTES32277 20,000,000.00 20,112,594.07 11/15/20161.37502/06/2012 20,235,200.00 AA+3135G0ES8 503
1.148FNMA NOTES32308 15,000,000.00 15,905,414.57 02/13/20175.00002/22/2012 16,067,175.00 AA+31359M4D2 593
0.467FNMA NOTES33443 10,000,000.00 10,000,800.90 09/28/20150.50008/30/2012 9,998,140.00 AA+3135G0NV1 89
0.664FNMA NOTES33714 20,000,000.00 20,192,307.14 11/15/20161.37510/29/2012 20,235,200.00 AA+3135G0ES8 503
0.436FNMA NOTES33722 20,000,000.00 20,003,074.50 09/28/20150.50011/01/2012 19,996,280.00 AA+3135G0NV1 89
0.488FNMA NOTES34271 20,000,000.00 19,977,153.19 07/05/20160.37505/17/2013 19,995,060.00 AA+3135G0XP3 370
0.410FNMA NOTES34524 25,000,000.00 25,000,062.02 07/02/20150.50009/13/2013 25,000,275.00 AA+3135G0LN1 1
0.733FNMA NOTES34555 25,000,000.00 24,969,339.85 08/26/20160.62509/27/2013 25,060,275.00 AA+3135G0YE7 422
0.309FNMA NOTES34564 10,000,000.00 10,000,052.85 07/02/20150.50009/30/2013 10,000,110.00 AA+3135G0LN1 1
0.270FNMA NOTES34633 10,000,000.00 10,000,063.70 07/02/20150.50011/07/2013 10,000,110.00 AA+3135G0LN1 1
0.270FNMA NOTES34634 30,000,000.00 30,000,191.09 07/02/20150.50011/07/2013 30,000,330.00 AA+3135G0LN1 1
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
126
Exhibit D
YTM
Page 5
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Federal Agency Bonds
0.269FNMA NOTES34635 10,000,000.00 10,000,063.87 07/02/20150.50011/07/2013 10,000,110.00 AA+3135G0LN1 1
0.289FNMA NOTES34651 10,000,000.00 10,000,058.16 07/02/20150.50011/14/2013 10,000,110.00 AA+3135G0LN1 1
0.515FNMA NOTES34664 15,000,000.00 14,978,911.11 07/05/20160.37511/20/2013 14,996,295.00 AA+3135G0XP3 370
0.265FNMA NOTES34667 30,000,000.00 30,000,195.18 07/02/20150.50011/21/2013 30,000,330.00 AA+3135G0LN1 1
0.583FNMA NOTES34692 25,000,000.00 24,968,392.54 07/05/20160.37511/27/2013 24,993,825.00 AA+3135G0XP3 370
0.534FNMA NOTES34720 30,000,000.00 29,952,188.11 07/05/20160.37512/10/2013 29,992,590.00 AA+3135G0XP3 370
0.582FNMA NOTES34721 25,000,000.00 25,012,224.64 08/26/20160.62512/10/2013 25,060,275.00 AA+3135G0YE7 422
0.798FNMA NOTES34738 30,000,000.00 30,211,292.37 01/30/20171.25012/13/2013 30,311,040.00 AA+3135G0GY3 579
0.665FNMA NOTES34739 25,000,000.00 24,951,104.77 07/05/20160.37512/13/2013 24,993,825.00 AA+3135G0XP3 370
0.615FNMA NOTES34750 35,000,000.00 34,946,639.11 07/05/20160.37512/17/2013 34,991,355.00 AA+3135G0XP3 370
0.864FNMA NOTES34913 10,000,000.00 9,979,776.70 04/20/20170.75003/10/2014 10,012,010.00 AA+3135G0ZB2 659
1.187FNMA NOTES35447 10,000,000.00 9,985,151.41 02/28/20181.13011/25/2014 10,035,170.00 AA+3135G0VC4 973
1.164FNMA NOTES35454 6,000,000.00 5,994,659.74 02/28/20181.13011/26/2014 6,021,102.00 AA+3135G0VC4 973
0.922FNMA NOTES35750 16,365,000.00 16,392,894.69 09/20/20171.00003/20/2015 16,409,120.04 AA+3135G0PP2 812
1.037FNMA NOTES35762 15,000,000.00 14,931,200.02 05/21/20180.87503/25/2015 14,910,225.00 AA+3135G0WJ8 1,055
1.023FNMA NOTES35814 25,000,000.00 25,670,565.87 09/18/20181.87504/07/2015 25,539,675.00 AA+3135G0YM9 1,175
1.495FNMA NOTES35847 7,000,000.00 7,080,350.51 03/06/20201.75004/13/2015 7,041,048.00 AA+3135G0UU5 1,710
1.490FNMA NOTES35856 14,584,000.00 14,754,567.83 03/06/20201.75004/14/2015 14,669,520.58 AA+3135G0UU5 1,710
0.766FNMA NOTES35943 10,000,000.00 10,023,275.00 08/28/20170.87505/01/2015 10,023,710.00 AA+3135G0MZ3 789
1.417FNMA NOTES36088 7,370,000.00 7,455,308.49 01/30/20191.75006/26/2015 7,474,934.06 AA+3136FTZZ5 1,309
2,857,635,595.542,859,034,601.402,851,204,000.002,944,491,631.58Subtotal and Average 0.630 485
Federal Agency Bonds - CALLABLE
0.620FFCB NOTES35455 10,000,000.00 10,006,402.10 10/14/20160.67011/26/2014 10,001,270.00 AA+3133EDXG2 471
0.586FFCB NOTES35467 8,000,000.00 8,008,612.35 10/14/20160.67012/02/2014 8,001,016.00 AA+3133EDXG2 471
0.791FHLB NOTES34968 25,000,000.00 25,102,437.50 09/28/20161.12503/28/2014 25,065,200.00 AA+3130A1CD8 455
0.621FHLB NOTES35403 40,000,000.00 40,068,047.55 10/28/20160.75011/03/2014 40,065,320.00 AA+3130A3BP8 485
0.750FHLB NOTES35545 19,445,000.00 19,445,000.00 10/28/20160.75012/29/2014 19,476,753.69 AA+3130A3BP8 485
0.875FHLB NOTES35595 35,000,000.00 35,000,000.00 01/27/20170.87501/27/2015 35,093,800.00 AA+3130A3UU6 576
0.844FHLB NOTES35712 15,000,000.00 15,007,137.61 01/27/20170.87503/09/2015 15,040,200.00 AA+3130A3UU6 576
1.204FHLB NOTES35781 6,000,000.00 6,000,000.00 03/30/20170.90003/30/2015 6,009,666.00 AA+3130A4MW9 638
1.000FHLB NOTES35782 6,875,000.00 6,875,000.00 06/30/20171.00003/30/2015 6,890,743.75 AA+3130A4MS8 730
1.603FHLB NOTES35783 7,500,000.00 7,499,297.43 03/29/20191.60003/30/2015 7,506,705.00 AA+3130A4NZ1 1,367
1.204FHLB NOTES35784 17,550,000.00 17,550,000.00 03/30/20170.90003/30/2015 17,578,273.05 AA+3130A4MW9 638
1.400FHLB NOTES35825 7,500,000.00 7,500,000.00 07/09/20181.40004/09/2015 7,516,267.50 AA+3130A4NY4 1,104
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
127
Exhibit D
YTM
Page 6
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Federal Agency Bonds - CALLABLE
1.250FHLB NOTES35844 5,000,000.00 5,000,000.00 04/13/20181.25004/13/2015 4,997,555.00 AA+3130A4QS4 1,017
1.200FHLB NOTES35846 10,600,000.00 10,600,000.00 07/13/20181.20004/13/2015 10,557,706.00 AA+3130A4RJ3 1,108
1.450FHLB NOTES35866 5,000,000.00 5,000,000.00 10/15/20181.45004/15/2015 4,993,295.00 AA+3130A4PZ9 1,202
1.100FHLB NOTES35905 10,000,000.00 10,000,000.00 04/20/20181.10004/23/2015 9,996,770.00 AA+3130A4YH9 1,024
1.125FHLB NOTES35914 10,000,000.00 10,000,000.00 04/27/20181.12504/27/2015 9,993,780.00 AA+3130A4Y55 1,031
1.125FHLB NOTES35915 10,000,000.00 10,000,000.00 04/27/20181.12504/27/2015 9,993,780.00 AA+3130A4Y55 1,031
1.125FHLB NOTES35916 20,000,000.00 20,000,000.00 04/27/20181.12504/27/2015 19,987,560.00 AA+3130A4Y55 1,031
1.220FHLB NOTES35929 5,000,000.00 5,000,000.00 10/29/20181.22004/29/2015 4,975,495.00 AA+3130A4Z88 1,216
1.220FHLB NOTES35935 5,000,000.00 5,000,000.00 10/29/20181.22004/29/2015 4,975,495.00 AA+3130A4Z88 1,216
1.306FHLB NOTES36041 10,000,000.00 10,096,561.50 09/18/20171.75006/15/2015 10,096,360.00 AA+3130A4HT2 810
0.665FHLMC NOTES34950 30,000,000.00 29,995,172.99 07/29/20160.65003/25/2014 30,008,850.00 AA+3134G4UC0 394
0.655FHLMC NOTES34957 30,000,000.00 29,998,343.06 07/29/20160.65003/26/2014 30,008,850.00 AA+3134G4UC0 394
0.586FHLMC NOTES35019 12,500,000.00 12,508,555.35 07/29/20160.65004/17/2014 12,503,687.50 AA+3134G4UC0 394
0.650FHLMC NOTES35458 14,150,000.00 14,150,000.00 11/25/20160.65011/28/2014 14,174,918.15 AA+3134G5RD9 513
0.673FHLMC NOTES35460 10,000,000.00 9,999,647.92 11/28/20160.67011/28/2014 10,003,400.00 AA+3134G5P74 516
1.262FHLMC NOTES35731 5,000,000.00 4,998,420.14 03/16/20181.25003/16/2015 5,001,600.00 AA+3134G6HR7 989
1.200FHLMC NOTES35789 25,000,000.00 25,000,000.00 06/28/20181.20003/30/2015 24,978,500.00 AA+3134G6PR8 1,093
1.750FHLMC NOTES35878 10,000,000.00 10,000,000.00 04/17/20191.75004/17/2015 9,964,910.00 AA+3134G6MX8 1,386
1.200FHLMC NOTES35884 25,000,000.00 25,000,000.00 04/20/20181.20004/20/2015 24,990,525.00 AA+3134G6NT6 1,024
1.250FHLMC NOTES35885 35,000,000.00 35,000,000.00 04/20/20181.25004/20/2015 34,930,105.00 AA+3134G6TQ6 1,024
1.150FHLMC NOTES35911 10,000,000.00 10,000,000.00 07/27/20181.15004/27/2015 9,973,180.00 AA+3134G6TW3 1,122
1.156FHLMC NOTES35912 12,500,000.00 12,497,636.75 07/27/20181.15004/27/2015 12,466,475.00 AA+3134G6TW3 1,122
1.150FHLMC NOTES35913 15,000,000.00 15,000,000.00 07/27/20181.15004/27/2015 14,959,770.00 AA+3134G6TW3 1,122
0.850FHLMC NOTES35923 10,250,000.00 10,250,000.00 07/28/20170.85004/28/2015 10,243,593.75 AA+3134G6SN4 758
0.700FHLMC NOTES35924 20,000,000.00 20,004,562.50 04/28/20170.75004/28/2015 19,994,900.00 AA+3134G6UZ4 667
0.750FHLMC NOTES35925 25,000,000.00 25,000,000.00 04/28/20170.75004/28/2015 24,949,150.00 AA+3134G6VU4 667
1.250FHLMC NOTES35930 10,000,000.00 10,000,000.00 10/29/20181.25004/29/2015 9,985,450.00 AA+3134G6UE1 1,216
1.400FHLMC NOTES35931 6,135,000.00 6,135,000.00 04/29/20191.40004/29/2015 6,086,140.86 AA+3134G6UW1 1,398
1.250FHLMC NOTES36008 5,000,000.00 5,000,000.00 05/25/20181.25005/29/2015 5,006,085.00 AA+3134G6L76 1,059
1.263FHLMC NOTES36065 2,225,000.00 2,224,228.33 03/22/20181.25006/22/2015 2,229,692.533134G7CQ2 995
1.243FHLMC NOTES36066 10,000,000.00 9,987,604.17 06/22/20181.20006/22/2015 10,023,870.003134G67C1 1,087
0.896FHLMC NOTES36075 15,000,000.00 14,977,750.00 06/23/20170.82006/23/2015 15,007,575.00 AA+3134G66C2 723
0.905FHLMC NOTES36076 10,000,000.00 9,999,011.11 06/23/20170.90006/23/2015 10,003,670.00 AA+3134G64W0 723
0.879FHLMC NOTES36087 10,000,000.00 10,004,170.71 06/23/20170.90006/26/2015 10,003,670.00 AA+3134G64W0 723
1.250FHLMC NOTES36094 6,425,000.00 6,425,000.00 06/29/20181.25006/29/2015 6,428,456.65 AA+3134G6V26 1,094
1.050FHLMC CALLABLE35554 10,000,000.00 10,000,000.00 06/30/20171.05012/30/2014 10,024,940.00 AA+3134G5VV4 730
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
128
Exhibit D
YTM
Page 7
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Federal Agency Bonds - CALLABLE
0.562FNMA NOTES34258 40,000,000.00 39,993,725.00 11/14/20160.55005/14/2013 39,991,400.00 AA+3135G0WY5 502
0.724FNMA NOTES34358 50,000,000.00 49,874,036.78 08/22/20160.50006/20/2013 49,926,300.00 AA+3135G0XC2 418
0.960FNMA NOTES34398 50,000,000.00 49,796,554.93 09/26/20160.62507/10/2013 50,051,850.00 AA+3135G0VX8 453
0.900FNMA NOTES34414 50,000,000.00 49,832,791.02 09/26/20160.62507/17/2013 50,051,850.00 AA+3135G0VX8 453
1.600FNMA NOTES34464 10,500,000.00 10,334,135.43 05/21/20181.03008/12/2013 10,428,180.00 AA+3135G0XA6 1,055
1.191FNMA NOTES35605 15,000,000.00 15,306,570.00 01/30/20182.00001/30/2015 15,306,090.00 AA+3135G0B77 944
1.353FNMA NOTES35645 10,000,000.00 9,999,109.52 08/13/20181.35002/13/2015 9,991,920.00 AA+3135G0C27 1,139
1.084FNMA NOTES35845 30,000,000.00 29,972,166.67 04/13/20181.05004/13/2015 29,896,320.00 AA+3136G2GD3 1,017
1.200FNMA NOTES36003 7,500,000.00 7,500,000.00 08/27/20181.20005/27/2015 7,498,147.50 AA+3136G2JB4 1,153
1.231FNMA NOTES36077 9,670,000.00 9,675,283.08 05/25/20181.25006/24/2015 9,685,723.42 AA+3136G2K71 1,059
1.197FNMA NOTES36089 13,915,000.00 13,896,304.89 05/18/20181.15006/26/2015 13,916,502.82 AA+3136G2KD8 1,052
1.209FNMA NOTES36093 5,300,000.00 5,298,677.45 06/29/20181.20006/29/2015 5,300,551.20 AA+3136G2KZ9 1,094
954,392,953.84954,809,810.37954,540,000.001,083,820,411.29Subtotal and Average 0.966 744
US Treasury Notes
0.467U.S. TREASURY NOTES34755 50,000,000.00 50,015,775.24 06/15/20160.50012/18/2013 50,093,750.00 AA+912828VG2 350
0.500U.S. TREASURY NOTES34997 50,000,000.00 50,000,000.00 06/15/20160.50004/09/2014 50,093,750.00 AA+912828VG2 350
0.208U.S. TREASURY NOTES35023 25,000,000.00 25,003,033.42 10/15/20150.25004/17/2014 25,011,725.00 AA+912828TT7 106
0.540U.S. TREASURY NOTES35045 35,000,000.00 35,030,673.43 07/15/20160.62504/24/2014 35,095,690.00 AA+912828VL1 380
0.908U.S. TREASURY NOTES35886 25,000,000.00 25,344,533.26 06/30/20181.37504/20/2015 25,271,475.00 AA+912828VK3 1,095
0.932U.S. TREASURY NOTES35887 15,000,000.00 15,201,564.46 07/31/20181.37504/20/2015 15,150,000.00 AA+912828VQ0 1,126
200,595,579.81200,716,390.00200,000,000.00200,604,976.69Subtotal and Average 0.547 478
Corporate Bonds
0.935APPLE INC35970 3,000,000.00 2,998,068.19 05/12/20170.90005/13/2015 3,000,834.00 AA+037833BB5 681
0.968BERKSHIRE HATHWY34456 10,000,000.00 9,998,017.41 08/15/20160.95008/15/2013 10,020,990.00 AA084664BX8 411
1.532COLGATE-PALMOLIVE CO30101 15,000,000.00 14,992,471.64 11/01/20151.37511/03/2010 15,045,450.00 AA-19416QDQ0 123
0.889CHEVRON CORP.34349 5,000,000.00 5,000,000.00 06/24/20160.88906/24/2013 5,014,195.00 AA166764AC4 359
1.219CHEVRON CORP.35280 10,000,000.00 9,972,659.87 12/05/20171.10408/19/2014 9,957,160.00 AA166764AA8 888
1.345CHEVRON CORP.35427 30,000,000.00 30,000,000.00 11/15/20171.34511/18/2014 30,121,980.00 AA166764AL4 868
1.365CHEVRON CORP.35694 10,000,000.00 10,000,000.00 03/02/20181.36503/03/2015 9,995,810.00 AA166764AV2 975
2.266GENERAL ELECTRIC30190 5,000,000.00 4,999,733.33 11/09/20152.25011/09/2010 5,030,170.00 AA+36962G4T8 131
1.229IBM3563310,000,000.00 9,973,594.91 02/06/20181.12502/06/2015 9,936,500.00 AA-459200HZ7 951
1.304IBM3564410,000,000.00 9,986,228.28 02/08/20181.25002/13/2015 9,984,510.00 AA-459200HK0 953
0.741JOHNSON & JOHNSON34700 30,000,000.00 29,982,848.00 11/28/20160.70012/05/2013 30,066,690.00 AAA478160BF0 516
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
129
Exhibit D
YTM
Page 8
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Corporate Bonds
1.152JOHNSON & JOHNSON35435 30,000,000.00 29,981,127.78 11/21/20171.12511/21/2014 30,000,120.00 AAA478160BL7 874
0.337U S BANK35627 10,000,000.00 10,003,274.04 04/22/20160.37702/04/2015 10,006,470.00 AA-90331HMF7 296
1.005WALMART3503410,000,000.00 9,999,096.39 04/21/20171.00004/22/2014 10,043,550.00 AA931142DN0 660
0.930WALMART352699,000,000.00 9,011,180.27 04/21/20171.00008/13/2014 9,039,195.00 AA931142DN0 660
0.289WALMART354225,490,000.00 5,511,014.95 10/25/20151.50011/14/2014 5,507,408.79 AA931142CX9 116
0.624WALMART341762,000,000.00 1,999,631.85 04/11/20160.60004/11/2013 2,000,740.00 AA931142DE0 285
0.471WALMART349318,000,000.00 8,007,989.23 04/11/20160.60003/18/2014 8,002,960.00 AA931142DE0 285
0.921EXXON MOBIL CORP34942 10,000,000.00 10,000,000.00 03/15/20170.92103/20/2014 10,004,380.00 AAA30231GAA0 623
1.305EXXON MOBIL CORP35710 50,000,000.00 50,000,000.00 03/06/20181.30503/06/2015 49,959,400.00 AAA30231GAL6 979
272,416,936.14272,738,512.79272,490,000.00272,417,455.65Subtotal and Average 1.110 697
Corporate Bonds - NCUA Guaranteed
1,833,324.46Subtotal and Average
Asset Backed Securities (ABS)
0.518AMERICAN EXPRESS35423 6,820,000.00 6,824,528.91 05/15/20180.59011/14/2014 6,821,445.84 AAA02587UAB6 1,049
0.472BMW VEHICLE LEASE TRUST35060 0.00 0.00 06/20/20160.66004/29/2014 0.0009657YAD4 0
0.534BMW VEHICLE OWNER TRUST35376 8,211,829.00 8,211,551.44 04/25/20170.53010/15/2014 8,214,079.0409658UAB5 664
0.631CHASE ISSUANCE TRUST (ABS)34436 0.00 0.00 06/15/20170.79007/29/2013 0.00 AAA161571FJ8 0
0.425CHASE ISSUANCE TRUST (ABS)35420 0.00 0.00 06/15/20170.79011/13/2014 0.00 AAA161571FJ8 0
1.371CHASE ISSUANCE TRUST (ABS)35953 25,000,000.00 24,995,595.00 04/15/20201.36005/06/2015 24,951,900.00161571GY4 1,750
0.899GE EQUIP TRANSPORTATION LLC35700 5,500,000.00 5,499,408.75 11/24/20170.89003/04/2015 5,503,569.5036164EAB1 877
0.526HONDA AUTO RECEIVABLES OWNER T34430 0.00 0.00 01/15/20160.54007/24/2013 0.00 AAA43812XAB1 0
0.480HONDA AUTO RECEIVABLES OWNER T35087 5,050,000.00 5,068,148.44 10/15/20180.74005/13/2014 5,052,550.2543813XAD6 1,202
0.220HONDA AUTO RECEIVABLES OWNER T35456 2,554,883.35 2,554,883.35 12/15/20150.22011/26/2014 2,554,883.3543814JAA2 167
0.581HONDA AUTO RECEIVABLES OWNER T35457 10,000,000.00 9,999,971.00 01/17/20170.58011/26/2014 9,992,320.0043814JAB0 566
1.051HONDA AUTO RECEIVABLES OWNER T35986 7,000,000.00 6,998,925.50 02/21/20191.04005/20/2015 6,997,060.00 AAA43813NAC0 1,331
0.546JOHN DEERE OWNER TRUST35311 7,477,604.46 7,476,975.59 07/17/20170.54009/03/2014 7,478,120.41477877AB0 747
0.876JOHN DEERE OWNER TRUST35725 13,000,000.00 12,999,162.80 02/15/20180.87003/11/2015 13,021,840.0047787UAB9 960
1.327JOHN DEERE OWNER TRUST35726 6,000,000.00 5,999,523.00 06/17/20191.32003/11/2015 6,018,408.0047787UAD5 1,447
0.483MERCEDES-BENZ AUTO LEASE TRUST34992 2,371,105.87 2,371,043.27 06/15/20160.48004/09/2014 2,371,141.44 AAA58768EAC3 350
1.000NISSAN AUTO LEASE TRUST36078 3,000,000.00 2,999,724.60 11/15/20170.99006/24/2015 2,999,700.0065473DAB8 868
0.681TOYOTA AUTO REC OWNER TRUST34933 8,000,000.00 7,998,521.60 12/15/20170.67003/19/2014 7,983,840.00 AAA89231MAC9 898
0.411TOYOTA AUTO REC OWNER TRUST34934 2,172,696.33 2,172,682.42 08/15/20160.41003/19/2014 2,172,353.04 AAA89231MAB1 411
0.363TOYOTA AUTO REC OWNER TRUST35040 931,155.57 931,592.05 08/15/20160.41004/23/2014 931,008.45 AAA89231MAB1 411
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
130
Exhibit D
YTM
Page 9
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Asset Backed Securities (ABS)
0.349TOYOTA AUTO REC OWNER TRUST35143 4,596,804.67 4,598,779.86 08/15/20160.41006/09/2014 4,596,078.37 AAA89231MAB1 411
0.516TOYOTA AUTO REC OWNER TRUST35375 4,611,851.95 4,611,570.17 02/15/20170.51010/15/2014 4,609,776.62 AAA89190AAB6 595
0.712TOYOTA AUTO REC OWNER TRUST35701 9,500,000.00 9,499,909.75 07/17/20170.71003/04/2015 9,495,383.00 AAA89236WAB4 747
0.777TOYOTA AUTO REC OWNER TRUST36060 10,000,000.00 9,999,326.00 11/15/20170.77006/17/2015 9,994,230.00 AAA89237CAB7 868
0.921VOLKSWAGEN AUTO LOAN ENHANCED35064 10,000,000.00 9,998,030.00 10/22/20180.91004/30/2014 9,972,200.0092867RAC3 1,209
0.422VOLKSWAGEN AUTO LOAN ENHANCED35065 13,661,724.06 13,661,480.88 03/20/20170.42004/30/2014 13,659,333.2692867RAB5 628
0.898VOLKSWAGEN AUTO LOAN ENHANCED35706 12,000,000.00 11,999,941.20 06/20/20170.98003/05/2015 12,003,264.0092867VAB6 720
177,471,275.58177,394,484.57177,459,655.26186,619,003.97Subtotal and Average 0.799 964
Asset Backed Securities
0.548CHASE ISSUANCE TRUST (ABS)33757 15,000,000.00 14,999,638.12 10/15/20150.54011/21/2012 15,001,860.00 AAA161571FR0 106
0.536CHASE ISSUANCE TRUST (ABS)35418 15,000,000.00 15,000,184.30 10/15/20150.54011/12/2014 15,001,860.00 AAA161571FR0 106
0.852VOLKSWAGEN AUTO LOAN ENHANCED32251 447,983.48 447,982.18 08/22/20160.85001/26/2012 448,098.16 AAA92867GAC7 418
30,447,804.6030,451,818.1630,447,983.4830,765,094.16Subtotal and Average 0.547 111
Municipal Bonds
2.221CALIFORNIA ST32542 19,250,000.00 20,317,449.94 03/01/20175.75004/23/2012 20,740,912.50 A+13063BFQ0 609
1.090CALIFORNIA ST34625 12,500,000.00 12,526,152.42 11/01/20161.25011/05/2013 12,586,500.00 A+13063CFD7 489
0.912CALIFORNIA ST34645 5,000,000.00 5,022,159.03 11/01/20161.25011/12/2013 5,034,600.00 A+13063CFD7 489
1.509CALIFORNIA ST34650 10,000,000.00 10,054,352.94 11/01/20171.75011/13/2013 10,105,200.00 A+13063CFC9 854
1.702CALIFORNIA ST34729 9,085,000.00 9,094,757.29 11/01/20171.75012/11/2013 9,180,574.20 A+13063CFC9 854
0.654CALIFORNIA ST35444 15,000,000.00 15,019,034.48 11/01/20160.75011/25/2014 15,005,550.00 A+13063CPM6 489
1.253CALIFORNIA ST35534 12,450,000.00 12,449,085.31 11/01/20171.25012/22/2014 12,477,763.50 A+13063CPN4 854
2.003UNIVERSITY CALIFORNIA REVS35763 250,000.00 250,000.00 05/15/20192.00303/25/2015 250,700.00 AA91412GWV3 1,414
84,732,991.4185,381,800.2083,535,000.0084,761,913.40Subtotal and Average 1.415 657
Commercial Paper, Discount Notes
0.100U S BANK36098 100,000,000.00 100,000,000.00 07/01/20150.10006/29/2015 99,999,694.00 A-1+9033E1U10 0
100,000,000.0099,999,694.00100,000,000.00116,833,028.97Subtotal and Average 0.100 0
Federal Agency, Discount Notes
0.340FFCB DISCOUNT NOTE36103 20,000,000.00 19,939,088.07 05/24/20160.33506/30/2015 19,957,900.00 A-1+313312XF2 328
0.051FHLB DISCOUNT NOTE36082 25,000,000.00 24,998,704.75 08/07/20150.05006/24/2015 24,998,975.00 A-1+313384KC2 37
0.041FHLB DISCOUNT NOTE36086 50,000,000.00 49,997,591.51 08/13/20150.04006/25/2015 49,997,600.00 A-1+313384KJ7 43
0.041FHLB DISCOUNT NOTE36100 9,455,000.00 9,454,703.43 07/29/20150.04006/29/2015 9,454,848.72 A-1+313384JT7 28
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
131
Exhibit D
YTM
Page 10
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2015
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
COMMINGLED POOL
Days to
MaturityS&PCUSIPInvestment #
Purchase
Date
Federal Agency, Discount Notes
0.046FHLB DISCOUNT NOTE36101 45,000,000.00 44,998,468.81 07/28/20150.04506/30/2015 44,999,325.00 A-1+313384JS9 27
0.046FHLB DISCOUNT NOTE36102 15,000,000.00 14,999,489.60 07/28/20150.04506/30/2015 14,999,775.00 A-1+313384JS9 27
0.041FHLB NOTES36099 11,190,000.00 11,189,623.94 07/31/20150.04006/29/2015 11,189,809.77 A-1+313384JV2 30
0.142FHLMC DISCOUNT NOTE35300 10,000,000.00 9,999,450.74 07/15/20150.14008/27/2014 9,999,920.00 A-1+313396JD6 14
0.066FHLMC DISCOUNT NOTE35891 27,885,000.00 27,884,035.48 07/20/20150.06504/21/2015 27,884,693.27 A-1+313396JJ3 19
213,461,156.33213,482,846.76213,530,000.00124,753,632.93Subtotal and Average 0.079 59
Local Agency Investment Fund
0.260LOCAL AGENCY INVEST FUND8506 40,000,000.00 40,000,000.00 0.26007/01/2013 40,000,000.00SYS8506 1
40,000,000.0040,000,000.0040,000,000.0040,000,000.00Subtotal and Average 0.260 1
Money Market
0.130BLACKROCK36105250,000,000.00 250,000,000.00 0.13006/30/2015 250,000,000.00 AAASYS36105 1
0.040DREYFUS CASH MANAGEMENT23519 241,739,413.44 241,739,413.44 0.04002/01/2008 241,739,413.44 AAASYS23519 1
0.040MORGAN STANLEY GOVT INSTL 830234291 100,002,630.40 100,002,630.40 0.04005/21/2013 100,002,630.40 AAASYS34291 1
0.030MORGAN STANLEY TRSY INSTL 830434292 100,000,000.00 100,000,000.00 0.03005/21/2013 100,000,000.00 AAASYS34292 1
691,742,043.84691,742,043.84691,742,043.84346,792,659.62Subtotal and Average 0.071 1
Supranationals
0.780INTL BANK RECON & DEVELOP35802 12,500,000.00 12,530,255.79 07/17/20170.90004/06/2015 12,536,975.00 AAA45905URF3 747
1.049INTL BANK RECON & DEVELOP35936 15,000,000.00 14,975,740.80 06/15/20181.00004/30/2015 14,980,020.00 AAA459058EJ8 1,080
1.056INTL BANK RECON & DEVELOP35937 10,000,000.00 9,983,827.20 06/15/20181.00004/30/2015 9,986,680.00 AAA459058EJ8 1,080
37,489,823.7937,503,675.0037,500,000.0037,489,868.86Subtotal and Average 0.961 969
5,948,183,001.86 5,682,448,682.58 0.624 4695,693,275,417.09 5,690,386,160.88Total and Average
Portfolio SCL2
APData Updated: FUNDSNAP: 07/08/2015 12:02
Run Date: 07/08/2015 - 12:05 PM (PRF_PM2) 7.3.0
132
Exhibit D
COMMINGLED POOL
Inventory by Maturity Report
June 30, 2015
Current
Rate
Par
Value
Book
Value
Sec.
TypeFund Date
Maturity
Amount
Days toTotal
Days 360 365
Maturity YTM
MaturityCUSIPInvestment #Issuer
Purchase
Date
241,739,413.440.040241,739,413.44 241,739,413.4402/01/2008DREYFUS CASH23519SYS23519RR5COMM V 10.0400.0391
100,002,630.400.040100,002,630.40 100,002,630.4005/21/2013MORGAN STANLEY GOVT34291SYS34291RR5COMM V 10.0400.0391
100,000,000.000.030100,000,000.00 100,000,000.0005/21/2013MORGAN STANLEY TRSY34292SYS34292RR5COMM V 10.0300.0301
250,000,000.000.130250,000,000.00 250,000,000.0006/30/2015BLACKROCK36105SYS36105RR5COMM 10.1300.1281
40,000,000.000.26040,000,000.00 40,000,000.0007/01/2013LOCAL AGENCY INVEST8506SYS8506LA5COMM 10.2600.2561
100,000,000.000.100100,000,000.00 100,000,000.0006/29/2015U S BANK360989033E1U10ACPCOMM 07/01/2015 00.1010.1002
25,000,000.000.50025,000,062.02 25,062,500.0009/13/2013FNMA NOTES345243135G0LN1FACCOMM 07/02/2015 10.4100.405657
10,000,000.000.50010,000,052.85 10,025,000.0009/30/2013FNMA NOTES345643135G0LN1FACCOMM 07/02/2015 10.3090.305640
10,000,000.000.50010,000,063.70 10,025,000.0011/07/2013FNMA NOTES346333135G0LN1FACCOMM 07/02/2015 10.2700.266602
30,000,000.000.50030,000,191.09 30,075,000.0011/07/2013FNMA NOTES346343135G0LN1FACCOMM 07/02/2015 10.2700.266602
10,000,000.000.50010,000,063.87 10,025,000.0011/07/2013FNMA NOTES346353135G0LN1FACCOMM 07/02/2015 10.2690.266602
10,000,000.000.50010,000,058.16 10,025,000.0011/14/2013FNMA NOTES346513135G0LN1FACCOMM 07/02/2015 10.2890.285595
30,000,000.000.50030,000,195.18 30,075,000.0011/21/2013FNMA NOTES346673135G0LN1FACCOMM 07/02/2015 10.2650.261588
30,000,000.000.22029,999,701.05 30,000,000.0012/09/2013FFCB NOTES347193133EDBE1FACCOMM 07/09/2015 80.2650.261577
50,000,000.000.22049,999,311.07 50,000,000.0012/10/2013FFCB NOTES347223133EDBE1FACCOMM 07/09/2015 80.2820.278576
50,000,000.000.30050,000,415.16 50,000,000.0011/06/2013FFCB NOTES346283133ECX74FACCOMM 07/13/2015 120.2750.271614
10,000,000.000.1409,999,450.74 10,000,000.0008/27/2014FHLMC DISCOUNT NOTE35300313396JD6AFDCOMM 07/15/2015 140.1440.142322
27,885,000.000.06527,884,035.48 27,885,000.0004/21/2015FHLMC DISCOUNT NOTE35891313396JJ3AFDCOMM 07/20/2015 190.0670.06690
45,000,000.000.04544,998,468.81 45,000,000.0006/30/2015FHLB DISCOUNT NOTE36101313384JS9AFDCOMM 07/28/2015 270.0460.04628
15,000,000.000.04514,999,489.60 15,000,000.0006/30/2015FHLB DISCOUNT NOTE36102313384JS9AFDCOMM 07/28/2015 270.0460.04628
20,000,000.000.28020,001,361.19 20,000,000.0004/10/2014FHLB NOTES349983130A0QG8FACCOMM 07/29/2015 280.1920.190475
9,455,000.000.0409,454,703.43 9,455,000.0006/29/2015FHLB DISCOUNT NOTE36100313384JT7AFDCOMM 07/29/2015 280.0410.04130
11,190,000.000.04011,189,623.94 11,190,000.0006/29/2015FHLB NOTES36099313384JV2AFDCOMM 07/31/2015 300.0410.04132
25,000,000.000.05024,998,704.75 25,000,000.0006/24/2015FHLB DISCOUNT NOTE36082313384KC2AFDCOMM 08/07/2015 370.0510.05144
50,000,000.000.04049,997,591.51 50,000,000.0006/25/2015FHLB DISCOUNT NOTE36086313384KJ7AFDCOMM 08/13/2015 430.0410.04149
20,000,000.000.34019,999,386.67 20,000,000.0012/17/2012FFCB NOTES338223133EC7H1FACCOMM 08/17/2015 470.3640.359973
50,000,000.000.25049,996,800.00 50,000,000.0012/19/2013FFCB NOTES347583133EDC59FACCOMM 08/19/2015 490.2980.294608
20,000,000.000.25019,997,984.00 20,000,000.0012/19/2013FFCB NOTES347593133EDC59FACCOMM 08/19/2015 490.3260.321608
30,000,000.000.37530,004,241.44 30,000,000.0011/21/2013FHLB NOTES34668313383V81FACCOMM 08/28/2015 580.2850.281645
18,605,000.000.37518,607,884.65 18,605,000.0011/22/2013FHLB NOTES34671313383V81FACCOMM 08/28/2015 580.2770.273644
10,000,000.000.45010,000,075.55 10,000,000.0008/30/2012FHLMC NOTES334543134G3J76FACCOMM 09/04/2015 650.4460.4391,100
10,000,000.000.45010,000,177.13 10,000,000.0009/17/2012FHLMC NOTES335523134G3J76FACCOMM 09/04/2015 650.5430.5361,082
15,000,000.000.40014,999,475.00 15,000,000.0009/25/2012FFCB NOTES336103133EAZ68FACCOMM 09/25/2015 860.4150.4091,095
10,000,000.000.50010,000,800.90 10,000,000.0008/30/2012FNMA NOTES334433135G0NV1FACCOMM 09/28/2015 890.4670.4601,124
20,000,000.000.50020,003,074.50 20,000,000.0011/01/2012FNMA NOTES337223135G0NV1FACCOMM 09/28/2015 890.4360.4301,061
Portfolio SCL2
APData Updated: ~REPORT~: 07/10/2015 12:02
Run Date: 07/10/2015 - 12:03 IM (PRF_IM) 7.1.1
Report Ver. 7.3.5
V - Security with variable rate change.
133
Exhibit D
Current
Rate
Par
Value
Book
Value
Sec.
Type
Page 2
Fund Date
Maturity
Amount
Days toTotal
Days 360 365
Maturity YTM
Maturity
Inventory by Maturity Report
COMMINGLED POOL
CUSIP Investment #Issuer
Purchase
Date
15,000,000.000.54014,999,638.12 15,000,000.0011/21/2012CHASE ISSUANCE TRUST33757161571FR0MC2COMM 10/15/2015 1060.5560.5481,058
25,000,000.000.25025,003,033.42 25,000,000.0004/17/2014U.S. TREASURY NOTES35023912828TT7TRCCOMM 10/15/2015 1060.2080.205546
30,000,000.000.25029,999,135.28 30,000,000.0004/21/2014FHLB NOTES350313130A1NW4FACCOMM 10/15/2015 1060.2600.256542
15,000,000.000.54015,000,184.30 15,000,000.0011/12/2014CHASE ISSUANCE TRUST35418161571FR0MC2COMM 10/15/2015 1060.5430.536337
15,000,000.000.65015,000,000.00 15,000,000.0010/22/2013BANK OF NOVA SCOTIA3459606417F6H8NCBCOMM 10/22/2015 1130.6500.641730
5,490,000.001.5005,511,014.95 5,490,000.0011/14/2014WALMART35422931142CX9MC1COMM 10/25/2015 1160.2890.285345
25,000,000.001.62525,018,997.77 25,000,000.0011/03/2010FNMA NOTES3010831398A4M1FACCOMM 10/26/2015 1171.3781.3591,818
20,000,000.000.23019,999,798.10 20,000,000.0004/30/2014FHLB NOTES350633130A1P69FACCOMM 10/30/2015 1210.2330.230548
15,000,000.001.37514,992,471.64 15,000,000.0011/03/2010COLGATE-PALMOLIVE CO3010119416QDQ0MC1COMM 11/01/2015 1231.5321.5111,824
20,108,000.000.25020,108,000.00 20,108,000.0004/25/2014FFCB NOTES350483133EDGC0FACCOMM 11/04/2015 1260.2500.247558
20,000,000.000.31020,005,408.51 20,000,000.0004/11/2014FFCB NOTES350063133EDET5FACCOMM 11/05/2015 1270.2310.228573
25,000,000.000.31025,004,722.22 25,000,000.0004/17/2014FFCB NOTES350213133EDET5FACCOMM 11/05/2015 1270.2550.252567
5,000,000.002.2504,999,733.33 5,000,000.0011/09/2010GENERAL ELECTRIC3019036962G4T8MC1COMM 11/09/2015 1312.2662.2351,826
10,000,000.000.4009,999,537.78 10,000,000.0011/09/2012FFCB NOTES337353133EA7L6FACCOMM 11/09/2015 1310.4130.4071,095
2,554,883.350.2202,554,883.35 0.0011/26/2014HONDA AUTO3545643814JAA2GN4COMM 12/15/2015 1670.2200.217384
10,000,000.000.2209,999,530.77 10,000,000.0012/04/2014FFCB NOTES354753133EEEC0FACCOMM 01/04/2016 1870.2290.226396
10,500,000.000.22010,498,765.10 10,500,000.0012/05/2014FFCB NOTES354813133EEEC0FACCOMM 01/04/2016 1870.2430.240395
50,000,000.000.23049,991,421.88 50,000,000.0012/10/2014FHLB NOTES354963130A3PB4FACCOMM 01/04/2016 1870.2640.260390
10,000,000.000.2309,998,279.90 10,000,000.0012/11/2014FHLB NOTES355063130A3PB4FACCOMM 01/04/2016 1870.2640.260389
25,000,000.000.23024,995,741.36 25,000,000.0012/18/2014FHLB NOTES355303130A3PB4FACCOMM 01/04/2016 1870.2640.260382
0.000.5400.00 0.0007/24/2013HONDA AUTO3443043812XAB1GN4COMM 01/15/2016 1980.5260.518905
15,000,000.000.25015,000,000.00 15,000,000.0012/29/2014FHLB NOTES355413130A3P81FACCOMM 01/29/2016 2120.2500.247396
10,000,000.000.25010,000,000.00 10,000,000.0012/29/2014FHLB NOTES355423130A3P81FACCOMM 01/29/2016 2120.2500.247396
25,000,000.000.25025,000,000.00 25,000,000.0012/29/2014FHLB NOTES355433130A3P81FACCOMM 01/29/2016 2120.2500.247396
25,000,000.000.25025,000,000.00 25,000,000.0012/29/2014FHLB NOTES355443130A3P81FACCOMM 01/29/2016 2120.2500.247396
15,000,000.000.29215,000,000.00 15,000,000.0002/12/2015ROYAL BANK OF CANADA3564378009NTJ5NCBCOMM 02/12/2016 2260.2960.292365
10,000,000.000.3809,995,348.19 10,000,000.0001/24/2014FHLB NOTES348483130A0SD3FACCOMM 02/19/2016 2330.4540.448756
10,000,000.000.29010,000,000.00 10,000,000.0011/10/2014FHLB NOTES354163130A3GV0FACCOMM 02/25/2016 2390.2900.286472
20,000,000.000.25019,980,383.30 20,000,000.0007/09/2014FFCB NOTES352083133EDMC3FACCOMM 02/26/2016 2400.4010.395597
10,000,000.000.30010,000,000.00 10,000,000.0011/04/2014FHLB NOTES354043130A3FM1FACCOMM 03/01/2016 2440.3000.296483
10,000,000.000.30010,000,000.00 10,000,000.0011/04/2014FHLB NOTES354053130A3FM1FACCOMM 03/01/2016 2440.3000.296483
30,000,000.000.40030,004,117.19 30,000,000.0012/30/2014FHLB NOTES355483130A2Y75FACCOMM 03/10/2016 2530.3800.375436
15,000,000.001.00015,063,596.49 15,000,000.0004/17/2014FHLB NOTES35020313375RN9FACCOMM 03/11/2016 2540.3870.381694
2,000,000.000.6001,999,631.85 2,000,000.0004/11/2013WALMART34176931142DE0MC1COMM 04/11/2016 2850.6240.6151,096
8,000,000.000.6008,007,989.23 8,000,000.0003/18/2014WALMART34931931142DE0MC1COMM 04/11/2016 2850.4710.464755
10,000,000.000.37710,003,274.04 10,000,000.0002/04/2015U S BANK3562790331HMF7MC1COMM 04/22/2016 2960.3410.337443
25,000,000.000.50024,951,046.03 25,000,000.0009/17/2013FHLMC NOTES345323137EADQ9FACCOMM 05/13/2016 3170.7290.719969
50,000,000.000.50050,016,475.60 50,000,000.0012/10/2013FHLMC NOTES347233137EADQ9FACCOMM 05/13/2016 3170.4620.455885
44,400,000.000.50044,408,638.00 44,400,000.0012/17/2013FHLMC NOTES347513137EADQ9FACCOMM 05/13/2016 3170.4770.471878
25,000,000.000.50025,007,881.16 25,000,000.0012/18/2013FHLMC NOTES347543137EADQ9FACCOMM 05/13/2016 3170.4630.457877
Portfolio SCL2
APData Updated: ~REPORT~: 07/10/2015 12:02
Run Date: 07/10/2015 - 12:03 IM (PRF_IM) 7.1.1
Report Ver. 7.3.5
134
Exhibit D
Current
Rate
Par
Value
Book
Value
Sec.
Type
Page 3
Fund Date
Maturity
Amount
Days toTotal
Days 360 365
Maturity YTM
Maturity
Inventory by Maturity Report
COMMINGLED POOL
CUSIP Investment #Issuer
Purchase
Date
20,000,000.000.50019,998,280.31 20,000,000.0004/01/2014FHLMC NOTES349713137EADQ9FACCOMM 05/13/2016 3170.5100.503773
20,000,000.000.33519,939,088.07 20,000,000.0006/30/2015FFCB DISCOUNT NOTE36103313312XF2AFDCOMM 05/24/2016 3280.3450.340329
10,000,000.000.37510,000,000.00 10,000,000.0011/25/2014FFCB NOTES354483133EECW8FACCOMM 05/25/2016 3290.3750.370547
10,000,000.000.37510,000,000.00 10,000,000.0011/25/2014FFCB NOTES354493133EECW8FACCOMM 05/25/2016 3290.3750.370547
10,000,000.000.4209,998,727.27 10,000,000.0005/19/2014FHLB NOTES350973130A22N5FACCOMM 06/06/2016 3410.4340.428749
25,000,000.000.42024,989,170.26 25,000,000.0006/30/2014FHLB NOTES351933130A22N5FACCOMM 06/06/2016 3410.4670.460707
20,000,000.000.42019,983,323.14 20,000,000.0007/09/2014FHLB NOTES352063130A22N5FACCOMM 06/06/2016 3410.5100.503698
30,000,000.000.42029,999,476.56 30,000,000.0010/30/2014FHLB NOTES353973130A22N5FACCOMM 06/06/2016 3410.4220.416585
22,355,000.002.12522,683,749.59 22,355,000.0011/14/2013FHLB NOTES34652313373SZ6FACCOMM 06/10/2016 3450.5500.542939
25,000,000.002.12525,382,893.32 25,000,000.0011/19/2013FHLB NOTES34663313373SZ6FACCOMM 06/10/2016 3450.4860.480934
50,000,000.002.12550,767,386.21 50,000,000.0011/26/2013FHLB NOTES34682313373SZ6FACCOMM 06/10/2016 3450.4830.477927
15,000,000.002.12515,226,803.53 15,000,000.0012/17/2013FHLB NOTES34749313373SZ6FACCOMM 06/10/2016 3450.5070.500906
5,000,000.000.3754,996,675.55 5,000,000.0006/06/2014FHLB NOTES351363130A2C61FACCOMM 06/10/2016 3450.4460.440735
5,000,000.000.3754,995,641.43 5,000,000.0006/30/2014FHLB NOTES351953130A2C61FACCOMM 06/10/2016 3450.4680.462711
13,975,000.000.37513,961,615.17 13,975,000.0012/12/2014FHLB NOTES355123130A2C61FACCOMM 06/10/2016 3450.4770.471546
25,000,000.000.37524,987,779.49 25,000,000.0012/16/2014FHLB NOTES355203130A2C61FACCOMM 06/10/2016 3450.4270.421542
50,000,000.000.50050,015,775.24 50,000,000.0012/18/2013U.S. TREASURY NOTES34755912828VG2TRCCOMM 06/15/2016 3500.4670.460910
2,371,105.870.4802,371,043.27 0.0004/09/2014MERCEDES-BENZ AUTO3499258768EAC3GN4COMM 06/15/2016 3500.4830.476798
50,000,000.000.50050,000,000.00 50,000,000.0004/09/2014U.S. TREASURY NOTES34997912828VG2TRCCOMM 06/15/2016 3500.5000.493798
0.000.6600.00 0.0004/29/2014BMW VEHICLE LEASE3506009657YAD4GN4COMM 06/20/2016 3550.4720.465783
15,000,000.000.37514,991,661.79 15,000,000.0005/10/2013FHLB NOTES342573133834R9FACCOMM 06/24/2016 3590.4320.4261,141
35,000,000.000.37534,971,454.55 35,000,000.0005/13/2013FHLB NOTES342613133834R9FACCOMM 06/24/2016 3590.4590.4531,138
5,000,000.000.8895,000,000.00 5,000,000.0006/24/2013CHEVRON CORP.34349166764AC4 MC1COMM 06/24/2016 3590.8890.8771,096
25,000,000.000.37524,919,185.31 25,000,000.0009/17/2013FHLB NOTES345333133834R9FACCOMM 06/24/2016 3590.7080.6991,011
15,000,000.000.43015,000,286.22 15,000,000.0012/05/2014FHLB NOTES354823130A3P32FACCOMM 07/01/2016 3660.4280.422574
10,000,000.000.43010,000,000.00 10,000,000.0012/05/2014FHLB NOTES354833130A3P32FACCOMM 07/01/2016 3660.4300.424574
25,000,000.000.43024,986,067.62 25,000,000.0012/09/2014FHLB NOTES354883130A3P32FACCOMM 07/01/2016 3660.4860.479570
20,000,000.000.37519,977,153.19 20,000,000.0005/17/2013FNMA NOTES342713135G0XP3FACCOMM 07/05/2016 3700.4880.4821,145
15,000,000.000.37514,978,911.11 15,000,000.0011/20/2013FNMA NOTES346643135G0XP3FACCOMM 07/05/2016 3700.5150.508958
25,000,000.000.37524,968,392.54 25,000,000.0011/27/2013FNMA NOTES346923135G0XP3FACCOMM 07/05/2016 3700.5830.575951
30,000,000.000.37529,952,188.11 30,000,000.0012/10/2013FNMA NOTES347203135G0XP3FACCOMM 07/05/2016 3700.5340.527938
25,000,000.000.37524,951,104.77 25,000,000.0012/13/2013FNMA NOTES347393135G0XP3FACCOMM 07/05/2016 3700.6650.656935
35,000,000.000.37534,946,639.11 35,000,000.0012/17/2013FNMA NOTES347503135G0XP3FACCOMM 07/05/2016 3700.6150.607931
35,000,000.000.62535,030,673.43 35,000,000.0004/24/2014U.S. TREASURY NOTES35045912828VL1TRCCOMM 07/15/2016 3800.5400.533813
30,000,000.000.65029,995,172.99 30,000,000.0003/25/2014FHLMC NOTES349503134G4UC0MC6COMM 07/29/2016 3940.6650.656857
30,000,000.000.65029,998,343.06 30,000,000.0003/26/2014FHLMC NOTES349573134G4UC0MC6COMM 07/29/2016 3940.6550.646856
12,500,000.000.65012,508,555.35 12,500,000.0004/17/2014FHLMC NOTES350193134G4UC0MC6COMM 07/29/2016 3940.5860.578834
10,000,000.000.9509,998,017.41 10,000,000.0008/15/2013BERKSHIRE HATHWY34456084664BX8MC1COMM 08/15/2016 4110.9680.9551,096
2,172,696.330.4102,172,682.42 0.0003/19/2014TOYOTA AUTO REC3493489231MAB1GN4COMM 08/15/2016 4110.4110.405880
931,155.570.410931,592.05 0.0004/23/2014TOYOTA AUTO REC3504089231MAB1GN4COMM 08/15/2016 4110.3630.358845
Portfolio SCL2
APData Updated: ~REPORT~: 07/10/2015 12:02
Run Date: 07/10/2015 - 12:03 IM (PRF_IM) 7.1.1
Report Ver. 7.3.5
135
Exhibit D
Current
Rate
Par
Value
Book
Value
Sec.
Type
Page 4
Fund Date
Maturity
Amount
Days toTotal
Days 360 365
Maturity YTM
Maturity
Inventory by Maturity Report
COMMINGLED POOL
CUSIP Investment #Issuer
Purchase
Date
4,596,804.670.4104,598,779.86 0.0006/09/2014TOYOTA AUTO REC3514389231MAB1GN4COMM 08/15/2016 4110.3490.344798
447,983.480.850447,982.18 447,983.4801/26/2012VOLKSWAGEN AUTO3225192867GAC7MC2COMM 08/22/2016 4180.8520.8401,670
50,000,000.000.50049,874,036.78 50,000,000.0006/20/2013FNMA NOTES343583135G0XC2MC6COMM 08/22/2016 4180.7240.7141,159
20,000,000.002.00020,315,290.83 20,000,000.0011/01/2012FHLMC NOTES337213137EACW7FACCOMM 08/25/2016 4210.6110.6031,393
25,000,000.000.62524,969,339.85 25,000,000.0009/27/2013FNMA NOTES345553135G0YE7FACCOMM 08/26/2016 4220.7330.7231,064
25,000,000.000.62525,012,224.64 25,000,000.0012/10/2013FNMA NOTES347213135G0YE7FACCOMM 08/26/2016 4220.5820.574990
50,000,000.000.62549,796,554.93 50,000,000.0007/10/2013FNMA NOTES343983135G0VX8MC6COMM 09/26/2016 4530.9600.9471,174
50,000,000.000.62549,832,791.02 50,000,000.0007/17/2013FNMA NOTES344143135G0VX8MC6COMM 09/26/2016 4530.9000.8881,167
25,000,000.001.12525,102,437.50 25,000,000.0003/28/2014FHLB NOTES349683130A1CD8MC6COMM 09/28/2016 4550.7910.780915
10,000,000.000.87510,005,593.01 10,000,000.0009/23/2013FHLMC NOTES345433137EADS5FACCOMM 10/14/2016 4710.8310.8201,117
20,000,000.000.62520,023,281.53 20,000,000.0010/30/2014FHLB NOTES353983130A3CE2FACCOMM 10/14/2016 4710.5340.527715
10,000,000.000.62510,006,875.85 10,000,000.0010/31/2014FHLB NOTES354023130A3CE2FACCOMM 10/14/2016 4710.5710.563714
10,000,000.000.62510,004,178.94 10,000,000.0011/06/2014FHLB NOTES354073130A3CE2FACCOMM 10/14/2016 4710.5920.584708
15,000,000.000.62515,006,268.41 15,000,000.0011/06/2014FHLB NOTES354083130A3CE2FACCOMM 10/14/2016 4710.5920.584708
10,000,000.000.67010,006,402.10 10,000,000.0011/26/2014FFCB NOTES354553133EDXG2MC6COMM 10/14/2016 4710.6200.611688
10,000,000.000.52010,001,653.57 10,000,000.0012/02/2014FHLB NOTES354663130A3M35FACCOMM 10/14/2016 4710.5070.500682
8,000,000.000.6708,008,612.35 8,000,000.0012/02/2014FFCB NOTES354673133EDXG2MC6COMM 10/14/2016 4710.5860.578682
40,000,000.000.75040,068,047.55 40,000,000.0011/03/2014FHLB NOTES354033130A3BP8MC6COMM 10/28/2016 4850.6210.612725
19,445,000.000.75019,445,000.00 19,445,000.0012/29/2014FHLB NOTES355453130A3BP8MC6COMM 10/28/2016 4850.7500.740669
12,500,000.001.25012,526,152.42 12,500,000.0011/05/2013CALIFORNIA ST3462513063CFD7MUNCOMM 11/01/2016 4891.0901.0751,092
5,000,000.001.2505,022,159.03 5,000,000.0011/12/2013CALIFORNIA ST3464513063CFD7MUNCOMM 11/01/2016 4890.9120.9001,085
15,000,000.000.75015,019,034.48 15,000,000.0011/25/2014CALIFORNIA ST3544413063CPM6MUNCOMM 11/01/2016 4890.6540.645707
40,000,000.000.55039,993,725.00 40,000,000.0005/14/2013FNMA NOTES342583135G0WY5MC6COMM 11/14/2016 5020.5620.5541,280
20,000,000.001.37520,112,594.07 20,000,000.0002/06/2012FNMA NOTES322773135G0ES8FACCOMM 11/15/2016 5030.9540.9411,744
20,000,000.001.37520,192,307.14 20,000,000.0010/29/2012FNMA NOTES337143135G0ES8FACCOMM 11/15/2016 5030.6640.6551,478
14,150,000.000.65014,150,000.00 14,150,000.0011/28/2014FHLMC NOTES354583134G5RD9MC6COMM 11/25/2016 5130.6500.641728
30,000,000.000.70029,982,848.00 30,000,000.0012/05/2013JOHNSON & JOHNSON34700478160BF0MC1COMM 11/28/2016 5160.7410.7311,089
10,000,000.000.6709,999,647.92 10,000,000.0011/28/2014FHLMC NOTES354603134G5P74MC6COMM 11/28/2016 5160.6730.663731
10,000,000.000.5809,999,971.00 0.0011/26/2014HONDA AUTO3545743814JAB0GN4COMM 01/17/2017 5660.5810.573783
12,195,000.000.70012,226,250.65 12,195,000.0004/17/2015FFCB NOTES358773133EEUT5FACCOMM 01/23/2017 5720.5350.528647
35,000,000.000.87535,000,000.00 35,000,000.0001/27/2015FHLB NOTES355953130A3UU6MC6COMM 01/27/2017 5760.8750.863731
15,000,000.000.87515,007,137.61 15,000,000.0003/09/2015FHLB NOTES357123130A3UU6MC6COMM 01/27/2017 5760.8440.833690
30,000,000.001.25030,211,292.37 30,000,000.0012/13/2013FNMA NOTES347383135G0GY3FACCOMM 01/30/2017 5790.7980.7871,144
15,000,000.005.00015,905,414.57 15,000,000.0002/22/2012FNMA NOTES3230831359M4D2FACCOMM 02/13/2017 5931.1481.1321,818
4,611,851.950.5104,611,570.17 0.0010/15/2014TOYOTA AUTO REC3537589190AAB6GN4COMM 02/15/2017 5950.5160.509854
15,000,000.000.87515,040,010.18 15,000,000.0012/11/2014FHLMC NOTES355073137EADT3FACCOMM 02/22/2017 6020.7110.701804
20,000,000.000.70020,000,000.00 20,000,000.0012/23/2014FFCB NOTES355363133EEFZ8FACCOMM 02/23/2017 6030.7000.690793
30,000,000.000.70029,975,636.92 30,000,000.0012/23/2014FFCB NOTES355373133EEFZ8FACCOMM 02/23/2017 6030.7500.740793
19,250,000.005.75020,317,449.94 19,250,000.0004/23/2012CALIFORNIA ST3254213063BFQ0MUNCOMM 03/01/2017 6092.2212.1911,773
16,917,000.001.00016,981,627.40 16,917,000.0012/11/2014FHLMC NOTES355083137EADC0FACCOMM 03/08/2017 6160.7710.760818
Portfolio SCL2
APData Updated: ~REPORT~: 07/10/2015 12:02
Run Date: 07/10/2015 - 12:03 IM (PRF_IM) 7.1.1
Report Ver. 7.3.5
136
Exhibit D
Current
Rate
Par
Value
Book
Value
Sec.
Type
Page 5
Fund Date
Maturity
Amount
Days toTotal
Days 360 365
Maturity YTM
Maturity
Inventory by Maturity Report
COMMINGLED POOL
CUSIP Investment #Issuer
Purchase
Date
16,850,000.001.00016,882,148.69 16,850,000.0012/29/2014FHLMC NOTES355463137EADC0FACCOMM 03/08/2017 6160.8850.873800
10,000,000.000.75010,030,371.56 10,000,000.0004/17/2015FHLB NOTES358793130A4KD3FACCOMM 03/09/2017 6170.5690.561692
25,000,000.000.87525,023,792.61 25,000,000.0012/15/2014FHLB NOTES355163133782N0FACCOMM 03/10/2017 6180.8180.807816
35,000,000.000.87535,072,550.43 35,000,000.0012/15/2014FHLB NOTES355173133782N0FACCOMM 03/10/2017 6180.7510.741816
10,000,000.000.92110,000,000.00 10,000,000.0003/20/2014EXXON MOBIL CORP3494230231GAA0MC1COMM 03/15/2017 6230.9210.9081,091
13,661,724.060.42013,661,480.88 0.0004/30/2014VOLKSWAGEN AUTO3506592867RAB5GN4COMM 03/20/2017 6280.4220.4161,055
6,000,000.000.9006,000,000.00 6,000,000.0003/30/2015FHLB NOTES357813130A4MW9MC6COMM 03/30/2017 6381.2041.187731
17,550,000.000.90017,550,000.00 17,550,000.0003/30/2015FHLB NOTES357843130A4MW9MC6COMM 03/30/2017 6381.2041.187731
10,000,000.000.7509,979,776.70 10,000,000.0003/10/2014FNMA NOTES349133135G0ZB2FACCOMM 04/20/2017 6590.8640.8521,137
10,000,000.001.0009,999,096.39 10,000,000.0004/22/2014WALMART35034931142DN0MC1COMM 04/21/2017 6601.0050.9911,095
9,000,000.001.0009,011,180.27 9,000,000.0008/13/2014WALMART35269931142DN0MC1COMM 04/21/2017 6600.9300.917982
8,211,829.000.5308,211,551.44 0.0010/15/2014BMW VEHICLE OWNER3537609658UAB5GN4COMM 04/25/2017 6640.5340.527923
20,000,000.000.75020,004,562.50 20,000,000.0004/28/2015FHLMC NOTES359243134G6UZ4MC6COMM 04/28/2017 6670.7000.690731
25,000,000.000.75025,000,000.00 25,000,000.0004/28/2015FHLMC NOTES359253134G6VU4MC6COMM 04/28/2017 6670.7500.740731
3,000,000.000.9002,998,068.19 3,000,000.0005/13/2015APPLE INC35970037833BB5MC1COMM 05/12/2017 6810.9350.922730
15,000,000.000.87514,982,392.83 15,000,000.0004/11/2014FHLB NOTES350043130A1NN4FACCOMM 05/24/2017 6930.9380.9251,139
0.000.7900.00 0.0007/29/2013CHASE ISSUANCE TRUST34436161571FJ8GN4COMM 06/15/2017 7150.6310.6231,417
0.000.7900.00 0.0011/13/2014CHASE ISSUANCE TRUST35420161571FJ8GN4COMM 06/15/2017 7150.4250.419945
10,000,000.000.95010,005,727.46 10,000,000.0012/30/2014FHLB NOTES355493130A3SL9FACCOMM 06/15/2017 7150.9200.908898
12,000,000.000.98011,999,941.20 0.0003/05/2015VOLKSWAGEN AUTO3570692867VAB6GN4COMM 06/20/2017 7200.8980.886838
25,000,000.001.00025,151,150.62 25,000,000.0012/31/2012FHLB NOTES33890313379DD8FACCOMM 06/21/2017 7210.6880.6791,633
15,000,000.000.82014,977,750.00 15,000,000.0006/23/2015FHLMC NOTES360753134G66C2MC6COMM 06/23/2017 7230.8960.884731
10,000,000.000.9009,999,011.11 10,000,000.0006/23/2015FHLMC NOTES360763134G64W0MC6COMM 06/23/2017 7230.9050.893731
10,000,000.000.90010,004,170.71 10,000,000.0006/26/2015FHLMC NOTES360873134G64W0MC6COMM 06/23/2017 7230.8790.867728
25,000,000.001.00025,047,267.68 25,000,000.0012/10/2014FHLMC NOTES354983137EADH9FACCOMM 06/29/2017 7290.9040.891932
10,000,000.001.05010,000,000.00 10,000,000.0012/30/2014FHLMC CALLABLE355543134G5VV4MC6COMM 06/30/2017 7301.0501.036913
6,875,000.001.0006,875,000.00 6,875,000.0003/30/2015FHLB NOTES357823130A4MS8MC6COMM 06/30/2017 7301.0000.986823
25,000,000.000.87524,975,293.82 25,000,000.0012/11/2014FHLB NOTES355053130A3P40FACCOMM 07/03/2017 7330.9250.912935
7,477,604.460.5407,476,975.59 0.0009/03/2014JOHN DEERE OWNER35311477877AB0GN4COMM 07/17/2017 7470.5460.5391,048
15,000,000.001.00015,013,549.63 15,000,000.0012/10/2014FFCB NOTES354973133EDQM7FACCOMM 07/17/2017 7470.9550.942950
9,500,000.000.7109,499,909.75 0.0003/04/2015TOYOTA AUTO REC3570189236WAB4GN4COMM 07/17/2017 7470.7120.702866
12,500,000.000.90012,530,255.79 12,500,000.0004/06/2015INTL BANK RECON &3580245905URF3 MC7COMM 07/17/2017 7470.7800.770833
10,000,000.001.00010,050,497.61 10,000,000.0005/01/2015FHLMC NOTES359423134G3ZH6FACCOMM 07/25/2017 7550.7530.743816
25,000,000.001.00024,999,396.28 25,000,000.0012/30/2014FHLMC NOTES355563137EADJ5FACCOMM 07/28/2017 7581.0010.987941
10,250,000.000.85010,250,000.00 10,250,000.0004/28/2015FHLMC NOTES359233134G6SN4MC6COMM 07/28/2017 7580.8500.838822
25,000,000.001.00025,025,546.50 25,000,000.0012/18/2014FHLB NOTES355283130A3RW6FACCOMM 08/15/2017 7760.9510.938971
17,000,000.000.95016,989,373.45 17,000,000.0012/18/2014FHLB NOTES355313130A3SZ8FACCOMM 08/15/2017 7760.9800.967971
15,000,000.000.87515,008,385.37 15,000,000.0003/24/2015FHLMC NOTES357563134G3B90FACCOMM 08/15/2017 7760.8480.837875
10,000,000.000.87510,023,275.00 10,000,000.0005/01/2015FNMA NOTES359433135G0MZ3FACCOMM 08/28/2017 7890.7660.755850
10,000,000.001.75010,096,561.50 10,000,000.0006/15/2015FHLB NOTES360413130A4HT2MC6COMM 09/18/2017 8101.3061.288826
Portfolio SCL2
APData Updated: ~REPORT~: 07/10/2015 12:02
Run Date: 07/10/2015 - 12:03 IM (PRF_IM) 7.1.1
Report Ver. 7.3.5
137
Exhibit D
Current
Rate
Par
Value
Book
Value
Sec.
Type
Page 6
Fund Date
Maturity
Amount
Days toTotal
Days 360 365
Maturity YTM
Maturity
Inventory by Maturity Report
COMMINGLED POOL
CUSIP Investment #Issuer
Purchase
Date
16,365,000.001.00016,392,894.69 16,365,000.0003/20/2015FNMA NOTES357503135G0PP2FACCOMM 09/20/2017 8120.9220.910915
10,000,000.001.00010,017,055.44 10,000,000.0002/26/2015FFCB NOTES356783133EEQX1FACCOMM 09/25/2017 8170.9230.910942
15,000,000.001.00015,009,486.85 15,000,000.0002/27/2015FFCB NOTES356833133EEQX1FACCOMM 09/25/2017 8170.9710.958941
20,000,000.001.00020,047,085.31 20,000,000.0003/24/2015FFCB NOTES357573133EEQX1FACCOMM 09/25/2017 8170.8930.881916
10,000,000.001.00010,052,410.92 10,000,000.0004/16/2015FFCB NOTES358723133EEQX1FACCOMM 09/25/2017 8170.7630.752893
20,000,000.001.00020,045,114.60 20,000,000.0003/23/2015FHLMC NOTES357553134G3M31FACCOMM 09/27/2017 8190.8980.886919
5,000,000.000.8205,002,392.47 5,000,000.0004/21/2015FFCB NOTES358923133ECBX1FACCOMM 09/28/2017 8200.7980.787891
10,000,000.001.75010,054,352.94 10,000,000.0011/13/2013CALIFORNIA ST3465013063CFC9MUNCOMM 11/01/2017 8541.5091.4881,449
9,085,000.001.7509,094,757.29 9,085,000.0012/11/2013CALIFORNIA ST3472913063CFC9MUNCOMM 11/01/2017 8541.7021.6781,421
12,450,000.001.25012,449,085.31 12,450,000.0012/22/2014CALIFORNIA ST3553413063CPN4MUNCOMM 11/01/2017 8541.2531.2361,045
30,000,000.001.34530,000,000.00 30,000,000.0011/18/2014CHEVRON CORP.35427166764AL4 MC1COMM 11/15/2017 8681.3451.3271,093
10,000,000.000.7709,999,326.00 0.0006/17/2015TOYOTA AUTO REC3606089237CAB7GN4COMM 11/15/2017 8680.7770.766882
3,000,000.000.9902,999,724.60 0.0006/24/2015NISSAN AUTO LEASE3607865473DAB8GN4COMM 11/15/2017 8681.0000.986875
30,000,000.001.12529,981,127.78 30,000,000.0011/21/2014JOHNSON & JOHNSON35435478160BL7MC1COMM 11/21/2017 8741.1521.1361,096
5,500,000.000.8905,499,408.75 0.0003/04/2015GE EQUIP3570036164EAB1GN4COMM 11/24/2017 8770.8990.887996
10,000,000.001.1049,972,659.87 10,000,000.0008/19/2014CHEVRON CORP.35280166764AA8 MC1COMM 12/05/2017 8881.2191.2021,204
8,000,000.000.6707,998,521.60 0.0003/19/2014TOYOTA AUTO REC3493389231MAC9GN4COMM 12/15/2017 8980.6810.6721,367
10,000,000.001.12510,007,884.44 10,000,000.0012/18/2014FFCB NOTES355273133EEFE5FACCOMM 12/18/2017 9011.0921.0771,096
10,000,000.001.12510,000,000.00 10,000,000.0012/18/2014FFCB NOTES355293133EEFE5FACCOMM 12/18/2017 9011.1251.1101,096
20,000,000.000.87520,000,000.00 20,000,000.0004/08/2015FHLB NOTES358153130A4WB4FACCOMM 01/08/2018 9220.8750.8631,006
10,000,000.000.7509,870,959.70 10,000,000.0007/09/2014FHLMC NOTES352073137EADN6FACCOMM 01/12/2018 9261.2731.2561,283
10,000,000.000.7509,959,832.77 10,000,000.0003/25/2015FHLMC NOTES357603137EADN6FACCOMM 01/12/2018 9260.9110.8991,024
10,000,000.000.7509,954,133.37 10,000,000.0003/25/2015FHLMC NOTES357613137EADN6FACCOMM 01/12/2018 9260.9340.9211,024
5,000,000.000.7504,977,952.35 5,000,000.0003/30/2015FHLMC NOTES357853137EADN6FACCOMM 01/12/2018 9260.9270.9141,019
15,000,000.002.00015,306,570.00 15,000,000.0001/30/2015FNMA NOTES356053135G0B77MC6COMM 01/30/2018 9441.1911.1751,096
10,000,000.001.1259,973,594.91 10,000,000.0002/06/2015IBM35633459200HZ7MC1COMM 02/06/2018 9511.2291.2121,096
10,000,000.001.2509,986,228.28 10,000,000.0002/13/2015IBM35644459200HK0MC1COMM 02/08/2018 9531.3041.2861,091
13,000,000.000.87012,999,162.80 0.0003/11/2015JOHN DEERE OWNER3572547787UAB9GN4COMM 02/15/2018 9600.8760.8641,072
10,000,000.001.1309,985,151.41 10,000,000.0011/25/2014FNMA NOTES354473135G0VC4FACCOMM 02/28/2018 9731.1871.1711,191
6,000,000.001.1305,994,659.74 6,000,000.0011/26/2014FNMA NOTES354543135G0VC4FACCOMM 02/28/2018 9731.1641.1481,190
10,000,000.001.36510,000,000.00 10,000,000.0003/03/2015CHEVRON CORP.35694166764AV2 MC1COMM 03/02/2018 9751.3651.3461,095
50,000,000.001.30550,000,000.00 50,000,000.0003/06/2015EXXON MOBIL CORP3571030231GAL6MC1COMM 03/06/2018 9791.3051.2871,096
10,000,000.001.37510,116,610.67 10,000,000.0004/28/2015FHLB NOTES35922313378A43FACCOMM 03/09/2018 9820.9340.9221,046
5,000,000.001.3755,031,230.58 5,000,000.0006/18/2015FHLB NOTES36053313378A43FACCOMM 03/09/2018 9821.1381.123995
5,000,000.001.3755,043,560.00 5,000,000.0006/19/2015FHLB NOTES36059313378A43FACCOMM 03/09/2018 9821.0451.031994
5,000,000.001.2504,998,420.14 5,000,000.0003/16/2015FHLMC NOTES357313134G6HR7MC6COMM 03/16/2018 9891.2621.2451,096
2,225,000.001.2502,224,228.33 2,225,000.0006/22/2015FHLMC NOTES360653134G7CQ2MC6COMM 03/22/2018 9951.2631.2461,004
5,000,000.001.2505,000,000.00 5,000,000.0004/13/2015FHLB NOTES358443130A4QS4MC6COMM 04/13/2018 1,0171.2501.2331,096
30,000,000.001.05029,972,166.67 30,000,000.0004/13/2015FNMA NOTES358453136G2GD3MC6COMM 04/13/2018 1,0171.0841.0691,096
25,000,000.001.20025,000,000.00 25,000,000.0004/20/2015FHLMC NOTES358843134G6NT6MC6COMM 04/20/2018 1,0241.2001.1841,096
Portfolio SCL2
APData Updated: ~REPORT~: 07/10/2015 12:02
Run Date: 07/10/2015 - 12:03 IM (PRF_IM) 7.1.1
Report Ver. 7.3.5
138
Exhibit D
Current
Rate
Par
Value
Book
Value
Sec.
Type
Page 7
Fund Date
Maturity
Amount
Days toTotal
Days 360 365
Maturity YTM
Maturity
Inventory by Maturity Report
COMMINGLED POOL
CUSIP Investment #Issuer
Purchase
Date
35,000,000.001.25035,000,000.00 35,000,000.0004/20/2015FHLMC NOTES358853134G6TQ6MC6COMM 04/20/2018 1,0241.2501.2331,096
10,000,000.001.10010,000,000.00 10,000,000.0004/23/2015FHLB NOTES359053130A4YH9MC6COMM 04/20/2018 1,0241.1001.0851,093
20,000,000.001.12519,991,802.46 20,000,000.0002/27/2015FHLB NOTES356843130A4GJ5FACCOMM 04/25/2018 1,0291.1401.1241,153
12,000,000.001.12511,995,081.48 12,000,000.0002/27/2015FHLB NOTES356853130A4GJ5FACCOMM 04/25/2018 1,0291.1401.1241,153
10,000,000.001.12510,000,000.00 10,000,000.0004/27/2015FHLB NOTES359143130A4Y55MC6COMM 04/27/2018 1,0311.1251.1101,096
10,000,000.001.12510,000,000.00 10,000,000.0004/27/2015FHLB NOTES359153130A4Y55MC6COMM 04/27/2018 1,0311.1251.1101,096
20,000,000.001.12520,000,000.00 20,000,000.0004/27/2015FHLB NOTES359163130A4Y55MC6COMM 04/27/2018 1,0311.1251.1101,096
5,000,000.000.9205,000,000.00 5,000,000.0005/01/2015FFCB NOTES359403133EEE71FACCOMM 05/01/2018 1,0350.9200.9071,096
5,000,000.000.9205,000,000.00 5,000,000.0005/01/2015FFCB NOTES359413133EEE71FACCOMM 05/01/2018 1,0350.9200.9071,096
5,000,000.001.0304,990,572.64 5,000,000.0005/11/2015FFCB NOTES359653133EEJ50FACCOMM 05/11/2018 1,0451.0971.0821,096
6,820,000.000.5906,824,528.91 0.0011/14/2014AMERICAN EXPRESS3542302587UAB6GN4COMM 05/15/2018 1,0490.5180.5111,278
13,915,000.001.15013,896,304.89 13,915,000.0006/26/2015FNMA NOTES360893136G2KD8MC6COMM 05/18/2018 1,0521.1971.1811,057
10,500,000.001.03010,334,135.43 10,500,000.0008/12/2013FNMA NOTES344643135G0XA6MC6COMM 05/21/2018 1,0551.6001.5781,743
15,000,000.000.87514,931,200.02 15,000,000.0003/25/2015FNMA NOTES357623135G0WJ8FACCOMM 05/21/2018 1,0551.0371.0231,153
5,000,000.001.2505,000,000.00 5,000,000.0005/29/2015FHLMC NOTES360083134G6L76MC6COMM 05/25/2018 1,0591.2501.2331,092
9,670,000.001.2509,675,283.08 9,670,000.0006/24/2015FNMA NOTES360773136G2K71MC6COMM 05/25/2018 1,0591.2311.2141,066
20,000,000.001.25020,140,557.51 20,000,000.0004/23/2015FHLB NOTES35906313379DT3FACCOMM 06/08/2018 1,0731.0060.9921,142
5,000,000.004.7505,517,083.26 5,000,000.0005/07/2015FHLB NOTES359563133XRFZ8FACCOMM 06/08/2018 1,0731.1541.1381,128
5,000,000.001.2505,019,836.59 5,000,000.0005/07/2015FHLB NOTES35957313379DT3FACCOMM 06/08/2018 1,0731.1121.0971,128
26,500,000.001.00026,503,957.33 26,500,000.0004/15/2015FHLB NOTES358643130A4Y71FACCOMM 06/15/2018 1,0800.9950.9811,157
15,000,000.001.00014,975,740.80 15,000,000.0004/30/2015INTL BANK RECON &35936459058EJ8 MC7COMM 06/15/2018 1,0801.0491.0341,142
10,000,000.001.0009,983,827.20 10,000,000.0004/30/2015INTL BANK RECON &35937459058EJ8 MC7COMM 06/15/2018 1,0801.0561.0411,142
10,000,000.001.2009,987,604.17 10,000,000.0006/22/2015FHLMC NOTES360663134G67C1MC6COMM 06/22/2018 1,0871.2431.2261,096
25,000,000.001.20025,000,000.00 25,000,000.0003/30/2015FHLMC NOTES357893134G6PR8MC6COMM 06/28/2018 1,0931.2001.1841,186
25,000,000.001.05025,044,104.22 25,000,000.0004/08/2015FHLB NOTES358163130A4UP5FACCOMM 06/29/2018 1,0940.9900.9771,178
25,000,000.000.93024,996,478.66 25,000,000.0004/21/2015FHLMC NOTES358933134G6TF0FACCOMM 06/29/2018 1,0940.9350.9221,165
5,300,000.001.2005,298,677.45 5,300,000.0006/29/2015FNMA NOTES360933136G2KZ9MC6COMM 06/29/2018 1,0941.2091.1921,096
6,425,000.001.2506,425,000.00 6,425,000.0006/29/2015FHLMC NOTES360943134G6V26MC6COMM 06/29/2018 1,0941.2501.2331,096
25,000,000.001.37525,344,533.26 25,000,000.0004/20/2015U.S. TREASURY NOTES35886912828VK3TRCCOMM 06/30/2018 1,0950.9080.8951,167
25,000,000.001.00025,000,000.00 25,000,000.0004/06/2015FHLB NOTES358033130A4WA6FACCOMM 07/06/2018 1,1011.0000.9861,187
12,000,000.001.00011,996,414.46 12,000,000.0004/14/2015FHLB NOTES358553130A4WA6FACCOMM 07/06/2018 1,1011.0100.9961,179
10,000,000.001.0009,996,621.27 10,000,000.0005/06/2015FHLB NOTES359523130A57J2FACCOMM 07/06/2018 1,1011.0120.9981,157
7,500,000.001.4007,500,000.00 7,500,000.0004/09/2015FHLB NOTES358253130A4NY4MC6COMM 07/09/2018 1,1041.4001.3811,187
10,600,000.001.20010,600,000.00 10,600,000.0004/13/2015FHLB NOTES358463130A4RJ3MC6COMM 07/13/2018 1,1081.2001.1841,187
10,000,000.001.15010,000,000.00 10,000,000.0004/27/2015FHLMC NOTES359113134G6TW3MC6COMM 07/27/2018 1,1221.1501.1341,187
12,500,000.001.15012,497,636.75 12,500,000.0004/27/2015FHLMC NOTES359123134G6TW3MC6COMM 07/27/2018 1,1221.1561.1411,187
15,000,000.001.15015,000,000.00 15,000,000.0004/27/2015FHLMC NOTES359133134G6TW3MC6COMM 07/27/2018 1,1221.1501.1341,187
15,000,000.001.37515,201,564.46 15,000,000.0004/20/2015U.S. TREASURY NOTES35887912828VQ0TRCCOMM 07/31/2018 1,1260.9320.9191,198
15,000,000.001.05014,985,921.23 15,000,000.0005/07/2015FHLB NOTES359583130A57G8FACCOMM 08/07/2018 1,1331.0811.0661,188
10,000,000.001.3509,999,109.52 10,000,000.0002/13/2015FNMA NOTES356453135G0C27MC6COMM 08/13/2018 1,1391.3531.3341,277
Portfolio SCL2
APData Updated: ~REPORT~: 07/10/2015 12:02
Run Date: 07/10/2015 - 12:03 IM (PRF_IM) 7.1.1
Report Ver. 7.3.5
139
Exhibit D
Current
Rate
Par
Value
Book
Value
Sec.
Type
Page 8
Fund Date
Maturity
Amount
Days toTotal
Days 360 365
Maturity YTM
Maturity
Inventory by Maturity Report
COMMINGLED POOL
CUSIP Investment #Issuer
Purchase
Date
16,915,000.001.05016,920,228.43 16,915,000.0004/15/2015FHLB NOTES358653130A4YA4FACCOMM 08/15/2018 1,1411.0401.0261,218
7,500,000.001.2007,500,000.00 7,500,000.0005/27/2015FNMA NOTES360033136G2JB4MC6COMM 08/27/2018 1,1531.2001.1841,188
25,000,000.001.87525,670,565.87 25,000,000.0004/07/2015FNMA NOTES358143135G0YM9FACCOMM 09/18/2018 1,1751.0231.0091,260
5,050,000.000.7405,068,148.44 0.0005/13/2014HONDA AUTO3508743813XAD6GN4COMM 10/15/2018 1,2020.4800.4741,616
5,000,000.001.4505,000,000.00 5,000,000.0004/15/2015FHLB NOTES358663130A4PZ9MC6COMM 10/15/2018 1,2021.4501.4301,279
10,000,000.000.9109,998,030.00 0.0004/30/2014VOLKSWAGEN AUTO3506492867RAC3GN4COMM 10/22/2018 1,2090.9210.9081,636
5,000,000.001.2205,000,000.00 5,000,000.0004/29/2015FHLB NOTES359293130A4Z88MC6COMM 10/29/2018 1,2161.2201.2031,279
10,000,000.001.25010,000,000.00 10,000,000.0004/29/2015FHLMC NOTES359303134G6UE1MC6COMM 10/29/2018 1,2161.2501.2331,279
5,000,000.001.2205,000,000.00 5,000,000.0004/29/2015FHLB NOTES359353130A4Z88MC6COMM 10/29/2018 1,2161.2201.2031,279
7,370,000.001.7507,455,308.49 7,370,000.0006/26/2015FNMA NOTES360883136FTZZ5FACCOMM 01/30/2019 1,3091.4171.3981,314
7,000,000.001.0406,998,925.50 0.0005/20/2015HONDA AUTO3598643813NAC0GN4COMM 02/21/2019 1,3311.0511.0361,373
10,000,000.001.87510,237,498.00 10,000,000.0004/15/2015FHLB NOTES35867313378QK0FACCOMM 03/08/2019 1,3461.2131.1971,423
7,500,000.001.6007,499,297.43 7,500,000.0003/30/2015FHLB NOTES357833130A4NZ1MC6COMM 03/29/2019 1,3671.6031.5811,460
9,950,000.001.3009,923,946.55 9,950,000.0004/01/2015FFCB NOTES357993133EEWG1FACCOMM 04/01/2019 1,3701.3721.3531,461
10,000,000.001.75010,000,000.00 10,000,000.0004/17/2015FHLMC NOTES358783134G6MX8MC6COMM 04/17/2019 1,3861.7501.7261,461
6,135,000.001.4006,135,000.00 6,135,000.0004/29/2015FHLMC NOTES359313134G6UW1MC6COMM 04/29/2019 1,3981.4001.3811,461
250,000.002.003250,000.00 250,000.0003/25/2015UNIVERSITY CALIFORNIA3576391412GWV3MUNCOMM 05/15/2019 1,4142.0031.9751,512
6,000,000.001.3205,999,523.00 0.0003/11/2015JOHN DEERE OWNER3572647787UAD5GN4COMM 06/17/2019 1,4471.3271.3091,559
9,460,000.002.0009,713,676.61 9,460,000.0004/09/2015FHLB NOTES35826313383VN8FACCOMM 09/13/2019 1,5351.3401.3221,618
25,155,000.002.00025,818,095.90 25,155,000.0004/09/2015FHLB NOTES35827313383VN8FACCOMM 09/13/2019 1,5351.3511.3331,618
30,000,000.001.25029,920,208.78 30,000,000.0004/16/2015FHLMC NOTES358733137EADM8FACCOMM 10/02/2019 1,5541.3151.2971,630
7,000,000.001.7507,080,350.51 7,000,000.0004/13/2015FNMA NOTES358473135G0UU5FACCOMM 03/06/2020 1,7101.4951.4741,789
14,584,000.001.75014,754,567.83 14,584,000.0004/14/2015FNMA NOTES358563135G0UU5FACCOMM 03/06/2020 1,7101.4901.4691,788
25,000,000.001.36024,995,595.00 0.0005/06/2015CHASE ISSUANCE TRUST35953161571GY4GN4COMM 04/15/2020 1,7501.3711.3531,806
Subtotal and Average 5,505,301,527.32 5,682,448,682.585,690,386,160.88 0.615 0.624 468
5,505,301,527.32 5,682,448,682.585,690,386,160.88Net Maturities and Average 0.615 0.624 468
Portfolio SCL2
APData Updated: ~REPORT~: 07/10/2015 12:02
Run Date: 07/10/2015 - 12:03 IM (PRF_IM) 7.1.1
Report Ver. 7.3.5
140
Exhibit D
COMMINGLED POOL
Credit Rating Report
June 30, 2015
Sorted by Moody's - Maturity Date
Security #
Purchase
Principal
Book
ValueInvestment #
% of
Total
Moody's
RatingIssuer
Market
Value
S&P
Rating
Purchase
Date
Maturity
Date
Days To
Maturity
Stated
Rate YTM
23519 SYS23519C 02/01/2008Aaa AAA241,739,413.44 241,739,413.44 241,739,413.44 1 0.040 0.040 4.25
34291 SYS34291MSGI 05/21/2013Aaa AAA100,002,630.40 100,002,630.40 100,002,630.40 1 0.040 0.040 1.76
34292 SYS34292MSTI 05/21/2013Aaa AAA100,000,000.00 100,000,000.00 100,000,000.00 1 0.030 0.030 1.76
36105 SYS36105BLACKR 06/30/2015Aaa AAA250,000,000.00 250,000,000.00 250,000,000.00 1 0.130 0.130 4.39
07/02/2015345243135G0LN1FNMA09/13/2013Aaa AA+25,040,250.00 25,000,062.02 25,000,275.00 1 0.500 0.410 0.44
07/02/2015345643135G0LN1FNMA09/30/2013Aaa AA+10,033,400.00 10,000,052.85 10,000,110.00 1 0.500 0.309 0.18
07/02/2015346333135G0LN1FNMA11/07/2013Aaa AA+10,037,900.00 10,000,063.70 10,000,110.00 1 0.500 0.270 0.18
07/02/2015346343135G0LN1FNMA11/07/2013Aaa AA+30,113,700.00 30,000,191.09 30,000,330.00 1 0.500 0.270 0.53
07/02/2015346353135G0LN1FNMA11/07/2013Aaa AA+10,038,000.00 10,000,063.87 10,000,110.00 1 0.500 0.269 0.18
07/02/2015346513135G0LN1FNMA11/14/2013Aaa AA+10,034,200.00 10,000,058.16 10,000,110.00 1 0.500 0.289 0.18
07/02/2015346673135G0LN1FNMA11/21/2013Aaa AA+30,113,400.00 30,000,195.18 30,000,330.00 1 0.500 0.265 0.53
07/09/2015347193133EDBE1FFCB12/09/2013Aaa AA+29,978,700.00 29,999,701.05 30,000,390.00 8 0.220 0.265 0.53
07/09/2015347223133EDBE1FFCB12/10/2013Aaa AA+49,951,000.00 49,999,311.07 50,000,650.00 8 0.220 0.282 0.88
07/13/2015346283133ECX74FFCB11/06/2013Aaa AA+50,021,000.00 50,000,415.16 50,003,650.00 12 0.300 0.275 0.88
07/29/2015349983130A0QG8FHLB04/10/2014Aaa AA+20,022,800.00 20,001,361.19 20,002,600.00 28 0.280 0.192 0.35
08/17/2015338223133EC7H1FFCB12/17/2012Aaa AA+19,987,200.00 19,999,386.67 20,002,700.00 47 0.340 0.364 0.35
08/19/2015347583133EDC59FFCB12/19/2013Aaa AA+49,960,000.00 49,996,800.00 50,008,400.00 49 0.250 0.298 0.88
08/19/2015347593133EDC59FFCB12/19/2013Aaa AA+19,974,800.00 19,997,984.00 20,003,360.00 49 0.250 0.326 0.35
08/28/201534668313383V81FHLB11/21/2013Aaa AA+30,047,400.00 30,004,241.44 30,012,870.00 58 0.375 0.285 0.53
08/28/201534671313383V81FHLB11/22/2013Aaa AA+18,637,186.65 18,607,884.65 18,612,981.55 58 0.375 0.277 0.33
09/04/2015334543134G3J76FHLMC08/30/2012Aaa AA+10,001,300.00 10,000,075.55 10,007,130.00 65 0.450 0.446 0.18
09/04/2015335523134G3J76FHLMC09/17/2012Aaa AA+10,003,000.00 10,000,177.13 10,007,130.00 65 0.450 0.543 0.18
09/25/2015336103133EAZ68FFCB09/25/2012Aaa AA+14,993,250.00 14,999,475.00 15,009,780.00 86 0.400 0.415 0.26
09/28/2015334433135G0NV1FNMA08/30/2012Aaa AA+10,010,200.00 10,000,800.90 9,998,140.00 89 0.500 0.467 0.18
09/28/2015337223135G0NV1FNMA11/01/2012Aaa AA+20,037,000.00 20,003,074.50 19,996,280.00 89 0.500 0.436 0.35
10/15/201535023912828TT7USTN04/17/2014Aaa AA+25,015,625.00 25,003,033.42 25,011,725.00 106 0.250 0.208 0.44
10/15/2015350313130A1NW4FHLB04/21/2014Aaa AA+29,995,560.00 29,999,135.28 29,989,380.00 106 0.250 0.260 0.53
10/26/20153010831398A4M1FNMA11/03/2010Aaa AA+25,296,200.00 25,018,997.77 25,118,225.00 117 1.625 1.378 0.44
10/30/2015350633130A1P69FHLB04/30/2014Aaa AA+19,999,083.80 19,999,798.10 19,974,980.00 121 0.230 0.233 0.35
11/04/2015350483133EDGC0FFCB04/25/2014Aaa AA+20,108,000.00 20,108,000.00 20,113,670.46 126 0.250 0.250 0.35
11/05/2015350063133EDET5FFCB04/11/2014Aaa AA+20,024,600.00 20,005,408.51 20,000,100.00 127 0.310 0.231 0.35
11/05/2015350213133EDET5FFCB04/17/2014Aaa AA+25,021,250.00 25,004,722.22 25,000,125.00 127 0.310 0.255 0.44
11/09/2015337353133EA7L6FFCB11/09/2012Aaa AA+9,996,100.00 9,999,537.78 10,008,140.00 131 0.400 0.413 0.18
01/04/2016354753133EEEC0FFCB12/04/2014Aaa AA+9,999,000.00 9,999,530.77 10,000,320.00 187 0.220 0.229 0.18
01/04/2016354813133EEEC0FFCB12/05/2014Aaa AA+10,497,375.00 10,498,765.10 10,500,336.00 187 0.220 0.243 0.18
Portfolio SCL2
APData Updated: ~REPORT~: 07/08/2015 16:01
Run Date: 07/08/2015 - 16:02 CR (PRF_CR) 7.2.0
Report Ver. 7.3.5
141
Exhibit D
Sorted by Moody's - Maturity Date
Page 2Credit Rating Report
COMMINGLED POOL
Security #
Purchase
Principal
Book
ValueInvestment #
% of
Total
Moody's
RatingIssuer
Market
Value
S&P
Rating
Purchase
Date
Maturity
Date
Days To
Maturity
Stated
Rate YTM
01/04/2016354963130A3PB4FHLB12/10/2014Aaa AA+49,982,000.00 49,991,421.88 50,002,700.00 187 0.230 0.264 0.88
01/04/2016355063130A3PB4FHLB12/11/2014Aaa AA+9,996,400.00 9,998,279.90 10,000,540.00 187 0.230 0.264 0.18
01/04/2016355303130A3PB4FHLB12/18/2014Aaa AA+24,991,250.00 24,995,741.36 25,001,350.00 187 0.230 0.264 0.44
01/15/20163443043812XAB1HAROT07/24/2013Aaa AAA0.00 0.00 0.00 198 0.540 0.526 0.00
01/29/2016355413130A3P81FHLB12/29/2014Aaa AA+15,000,000.00 15,000,000.00 15,002,505.00 212 0.250 0.250 0.26
01/29/2016355423130A3P81FHLB12/29/2014Aaa AA+10,000,000.00 10,000,000.00 10,001,670.00 212 0.250 0.250 0.18
01/29/2016355433130A3P81FHLB12/29/2014Aaa AA+25,000,000.00 25,000,000.00 25,004,175.00 212 0.250 0.250 0.44
01/29/2016355443130A3P81FHLB12/29/2014Aaa AA+25,000,000.00 25,000,000.00 25,004,175.00 212 0.250 0.250 0.44
02/19/2016348483130A0SD3FHLB01/24/2014Aaa AA+9,984,800.00 9,995,348.19 10,005,720.00 233 0.380 0.454 0.18
02/25/2016354163130A3GV0FHLB11/10/2014Aaa AA+10,000,000.00 10,000,000.00 10,000,170.00 239 0.290 0.290 0.18
02/26/2016352083133EDMC3FFCB07/09/2014Aaa AA+19,951,000.00 19,980,383.30 19,999,620.00 240 0.250 0.401 0.35
03/01/2016354043130A3FM1FHLB11/04/2014Aaa AA+10,000,000.00 10,000,000.00 9,999,390.00 244 0.300 0.300 0.18
03/01/2016354053130A3FM1FHLB11/04/2014Aaa AA+10,000,000.00 10,000,000.00 9,999,390.00 244 0.300 0.300 0.18
03/10/2016355483130A2Y75FHLB12/30/2014Aaa AA+30,007,110.00 30,004,117.19 30,011,670.00 253 0.400 0.380 0.53
03/11/201635020313375RN9FHLB04/17/2014Aaa AA+15,174,000.00 15,063,596.49 15,064,740.00 254 1.000 0.387 0.26
05/13/2016345323137EADQ9FHLMC09/17/2013Aaa AA+24,850,000.00 24,951,046.03 25,034,025.00 317 0.500 0.729 0.44
05/13/2016347233137EADQ9FHLMC12/10/2013Aaa AA+50,046,100.00 50,016,475.60 50,068,050.00 317 0.500 0.462 0.88
05/13/2016347513137EADQ9FHLMC12/17/2013Aaa AA+44,423,976.00 44,408,638.00 44,460,428.40 317 0.500 0.477 0.78
05/13/2016347543137EADQ9FHLMC12/18/2013Aaa AA+25,021,850.00 25,007,881.16 25,034,025.00 317 0.500 0.463 0.44
05/13/2016349713137EADQ9FHLMC04/01/2014Aaa AA+19,995,800.00 19,998,280.31 20,027,220.00 317 0.500 0.510 0.35
05/25/2016354483133EECW8FFCB11/25/2014Aaa AA+10,000,000.00 10,000,000.00 10,025,590.00 329 0.375 0.375 0.18
05/25/2016354493133EECW8FFCB11/25/2014Aaa AA+10,000,000.00 10,000,000.00 10,025,590.00 329 0.375 0.375 0.18
06/06/2016350973130A22N5FHLB05/19/2014Aaa AA+9,997,200.00 9,998,727.27 9,999,560.00 341 0.420 0.434 0.18
06/06/2016351933130A22N5FHLB06/30/2014Aaa AA+24,977,500.00 24,989,170.26 24,998,900.00 341 0.420 0.467 0.44
06/06/2016352063130A22N5FHLB07/09/2014Aaa AA+19,965,800.00 19,983,323.14 19,999,120.00 341 0.420 0.510 0.35
06/06/2016353973130A22N5FHLB10/30/2014Aaa AA+29,999,100.00 29,999,476.56 29,998,680.00 341 0.420 0.422 0.53
06/10/201634652313373SZ6FHLB11/14/2013Aaa AA+23,253,000.35 22,683,749.59 22,717,911.07 345 2.125 0.550 0.40
06/10/201634663313373SZ6FHLB11/19/2013Aaa AA+26,040,250.00 25,382,893.32 25,405,850.00 345 2.125 0.486 0.45
06/10/201634682313373SZ6FHLB11/26/2013Aaa AA+52,069,000.00 50,767,386.21 50,811,700.00 345 2.125 0.483 0.89
06/10/201634749313373SZ6FHLB12/17/2013Aaa AA+15,597,450.00 15,226,803.53 15,243,510.00 345 2.125 0.507 0.27
06/10/2016351363130A2C61FHLB06/06/2014Aaa AA+4,992,900.00 4,996,675.55 5,000,425.00 345 0.375 0.446 0.09
06/10/2016351953130A2C61FHLB06/30/2014Aaa AA+4,991,000.00 4,995,641.43 5,000,425.00 345 0.375 0.468 0.09
06/10/2016355123130A2C61FHLB12/12/2014Aaa AA+13,953,758.00 13,961,615.17 13,976,187.88 345 0.375 0.477 0.25
06/10/2016355203130A2C61FHLB12/16/2014Aaa AA+24,980,750.00 24,987,779.49 25,002,125.00 345 0.375 0.427 0.44
06/15/201634755912828VG2USTN12/18/2013Aaa AA+50,041,015.63 50,015,775.24 50,093,750.00 350 0.500 0.467 0.88
06/15/20163499258768EAC3MBALT04/09/2014Aaa AAA2,371,043.27 2,371,043.27 2,371,141.44 350 0.480 0.483 0.04
06/15/201634997912828VG2USTN04/09/2014Aaa AA+50,000,000.00 50,000,000.00 50,093,750.00 350 0.500 0.500 0.88
06/20/20163506009657YAD4BMWLT04/29/2014Aaa None0.00 0.00 0.00 355 0.660 0.472 0.00
06/24/2016342573133834R9FHLB05/10/2013Aaa AA+14,973,450.00 14,991,661.79 14,998,980.00 359 0.375 0.432 0.26
Portfolio SCL2
APData Updated: ~REPORT~: 07/08/2015 16:01
Run Date: 07/08/2015 - 16:02 CR (PRF_CR) 7.2.0
Report Ver. 7.3.5
142
Exhibit D
Sorted by Moody's - Maturity Date
Page 3Credit Rating Report
COMMINGLED POOL
Security #
Purchase
Principal
Book
ValueInvestment #
% of
Total
Moody's
RatingIssuer
Market
Value
S&P
Rating
Purchase
Date
Maturity
Date
Days To
Maturity
Stated
Rate YTM
06/24/2016342613133834R9FHLB05/13/2013Aaa AA+34,909,350.00 34,971,454.55 34,997,620.00 359 0.375 0.459 0.61
06/24/2016345333133834R9FHLB09/17/2013Aaa AA+24,771,750.00 24,919,185.31 24,998,300.00 359 0.375 0.708 0.44
07/01/2016354823130A3P32FHLB12/05/2014Aaa AA+15,000,450.00 15,000,286.22 15,015,480.00 366 0.430 0.428 0.26
07/01/2016354833130A3P32FHLB12/05/2014Aaa AA+10,000,000.00 10,000,000.00 10,010,320.00 366 0.430 0.430 0.18
07/01/2016354883130A3P32FHLB12/09/2014Aaa AA+24,978,250.00 24,986,067.62 25,025,800.00 366 0.430 0.486 0.44
07/05/2016342713135G0XP3FNMA05/17/2013Aaa AA+19,929,200.00 19,977,153.19 19,995,060.00 370 0.375 0.488 0.35
07/05/2016346643135G0XP3FNMA11/20/2013Aaa AA+14,945,250.00 14,978,911.11 14,996,295.00 370 0.375 0.515 0.26
07/05/2016346923135G0XP3FNMA11/27/2013Aaa AA+24,918,550.00 24,968,392.54 24,993,825.00 370 0.375 0.583 0.44
07/05/2016347203135G0XP3FNMA12/10/2013Aaa AA+29,878,500.00 29,952,188.11 29,992,590.00 370 0.375 0.534 0.53
07/05/2016347393135G0XP3FNMA12/13/2013Aaa AA+24,876,150.00 24,951,104.77 24,993,825.00 370 0.375 0.665 0.44
07/05/2016347503135G0XP3FNMA12/17/2013Aaa AA+34,865,425.00 34,946,639.11 34,991,355.00 370 0.375 0.615 0.61
07/15/201635045912828VL1USTN04/24/2014Aaa AA+35,065,625.00 35,030,673.43 35,095,690.00 380 0.625 0.540 0.62
07/29/2016349503134G4UC0FHLMC03/25/2014Aaa AA+29,989,500.00 29,995,172.99 30,008,850.00 394 0.650 0.665 0.53
07/29/2016349573134G4UC0FHLMC03/26/2014Aaa AA+29,996,400.00 29,998,343.06 30,008,850.00 394 0.650 0.655 0.53
07/29/2016350193134G4UC0FHLMC04/17/2014Aaa AA+12,518,125.00 12,508,555.35 12,503,687.50 394 0.650 0.586 0.22
08/15/20163493489231MAB1TAOT03/19/2014Aaa AAA2,172,682.42 2,172,682.42 2,172,353.04 411 0.410 0.411 0.04
08/15/20163504089231MAB1TAOT04/23/2014Aaa AAA931,592.05 931,592.05 931,008.45 411 0.410 0.363 0.02
08/15/20163514389231MAB1TAOT06/09/2014Aaa AAA4,598,779.86 4,598,779.86 4,596,078.37 411 0.410 0.349 0.08
08/22/2016343583135G0XC2FNMA06/20/2013Aaa AA+49,650,000.00 49,874,036.78 49,926,300.00 418 0.500 0.724 0.88
08/25/2016337213137EACW7FHLMC11/01/2012Aaa AA+21,046,400.00 20,315,290.83 20,354,460.00 421 2.000 0.611 0.36
08/26/2016345553135G0YE7FNMA09/27/2013Aaa AA+24,922,500.00 24,969,339.85 25,060,275.00 422 0.625 0.733 0.44
08/26/2016347213135G0YE7FNMA12/10/2013Aaa AA+25,028,750.00 25,012,224.64 25,060,275.00 422 0.625 0.582 0.44
09/26/2016343983135G0VX8FNMA07/10/2013Aaa AA+49,471,500.00 49,796,554.93 50,051,850.00 453 0.625 0.960 0.88
09/26/2016344143135G0VX8FNMA07/17/2013Aaa AA+49,568,262.65 49,832,791.02 50,051,850.00 453 0.625 0.900 0.88
09/28/2016349683130A1CD8FHLB03/28/2014Aaa AA+25,206,250.00 25,102,437.50 25,065,200.00 455 1.125 0.791 0.44
10/14/2016345433137EADS5FHLMC09/23/2013Aaa AA+10,013,300.00 10,005,593.01 10,056,040.00 471 0.875 0.831 0.18
10/14/2016353983130A3CE2FHLB10/30/2014Aaa AA+20,035,400.00 20,023,281.53 20,026,780.00 471 0.625 0.534 0.35
10/14/2016354023130A3CE2FHLB10/31/2014Aaa AA+10,010,440.00 10,006,875.85 10,013,390.00 471 0.625 0.571 0.18
10/14/2016354073130A3CE2FHLB11/06/2014Aaa AA+10,006,300.00 10,004,178.94 10,013,390.00 471 0.625 0.592 0.18
10/14/2016354083130A3CE2FHLB11/06/2014Aaa AA+15,009,450.00 15,006,268.41 15,020,085.00 471 0.625 0.592 0.26
10/14/2016354553133EDXG2FFCB11/26/2014Aaa AA+10,009,375.00 10,006,402.10 10,001,270.00 471 0.670 0.620 0.18
10/14/2016354663130A3M35FHLB12/02/2014Aaa AA+10,002,400.00 10,001,653.57 10,003,250.00 471 0.520 0.507 0.18
10/14/2016354673133EDXG2FFCB12/02/2014Aaa AA+8,012,500.00 8,008,612.35 8,001,016.00 471 0.670 0.586 0.14
10/28/2016354033130A3BP8FHLB11/03/2014Aaa AA+40,102,000.00 40,068,047.55 40,065,320.00 485 0.750 0.621 0.70
10/28/2016355453130A3BP8FHLB12/29/2014Aaa AA+19,445,000.00 19,445,000.00 19,476,753.69 485 0.750 0.750 0.34
11/14/2016342583135G0WY5FNMA05/14/2013Aaa AA+39,984,000.00 39,993,725.00 39,991,400.00 502 0.550 0.562 0.70
11/15/2016322773135G0ES8FNMA02/06/2012Aaa AA+20,391,800.00 20,112,594.07 20,235,200.00 503 1.375 0.954 0.35
11/15/2016337143135G0ES8FNMA10/29/2012Aaa AA+20,566,800.00 20,192,307.14 20,235,200.00 503 1.375 0.664 0.35
11/25/2016354583134G5RD9FHLMC11/28/2014Aaa AA+14,150,000.00 14,150,000.00 14,174,918.15 513 0.650 0.650 0.25
Portfolio SCL2
APData Updated: ~REPORT~: 07/08/2015 16:01
Run Date: 07/08/2015 - 16:02 CR (PRF_CR) 7.2.0
Report Ver. 7.3.5
143
Exhibit D
Sorted by Moody's - Maturity Date
Page 4Credit Rating Report
COMMINGLED POOL
Security #
Purchase
Principal
Book
ValueInvestment #
% of
Total
Moody's
RatingIssuer
Market
Value
S&P
Rating
Purchase
Date
Maturity
Date
Days To
Maturity
Stated
Rate YTM
11/28/201634700478160BF0JNJPP12/05/2013Aaa AAA29,963,700.00 29,982,848.00 30,066,690.00 516 0.700 0.741 0.53
11/28/2016354603134G5P74FHLMC11/28/2014Aaa AA+9,999,500.00 9,999,647.92 10,003,400.00 516 0.670 0.673 0.18
01/17/20173545743814JAB0HAROT11/26/2014Aaa None9,999,971.00 9,999,971.00 9,992,320.00 566 0.580 0.581 0.18
01/23/2017358773133EEUT5FFCB04/17/2015Aaa AA+12,230,365.50 12,226,250.65 12,210,390.09 572 0.700 0.535 0.21
01/27/2017355953130A3UU6FHLB01/27/2015Aaa AA+35,000,000.00 35,000,000.00 35,093,800.00 576 0.875 0.875 0.62
01/27/2017357123130A3UU6FHLB03/09/2015Aaa AA+15,008,550.00 15,007,137.61 15,040,200.00 576 0.875 0.844 0.26
01/30/2017347383135G0GY3FNMA12/13/2013Aaa AA+30,418,500.00 30,211,292.37 30,311,040.00 579 1.250 0.798 0.53
02/13/20173230831359M4D2FNMA02/22/2012Aaa AA+17,786,250.00 15,905,414.57 16,067,175.00 593 5.000 1.148 0.28
02/15/20173537589190AAB6TAOT10/15/2014Aaa AAA4,611,570.17 4,611,570.17 4,609,776.62 595 0.510 0.516 0.08
02/22/2017355073137EADT3FHLMC12/11/2014Aaa AA+15,053,550.00 15,040,010.18 15,068,265.00 602 0.875 0.711 0.26
02/23/2017355363133EEFZ8FFCB12/23/2014Aaa AA+20,000,000.00 20,000,000.00 20,008,740.00 603 0.700 0.700 0.35
02/23/2017355373133EEFZ8FFCB12/23/2014Aaa AA+29,967,900.00 29,975,636.92 30,013,110.00 603 0.700 0.750 0.53
03/08/2017355083137EADC0FHLMC12/11/2014Aaa AA+17,002,921.44 16,981,627.40 17,023,560.18 616 1.000 0.771 0.30
03/08/2017355463137EADC0FHLMC12/29/2014Aaa AA+16,891,788.00 16,882,148.69 16,956,138.15 616 1.000 0.885 0.30
03/09/2017358793130A4KD3FHLB04/17/2015Aaa AA+10,034,068.10 10,030,371.56 10,014,260.00 617 0.750 0.569 0.18
03/10/2017355163133782N0FHLB12/15/2014Aaa AA+25,031,450.00 25,023,792.61 25,084,800.00 618 0.875 0.818 0.44
03/10/2017355173133782N0FHLB12/15/2014Aaa AA+35,095,900.00 35,072,550.43 35,118,720.00 618 0.875 0.751 0.62
03/15/20173494230231GAA0XOM03/20/2014Aaa AAA10,000,000.00 10,000,000.00 10,004,380.00 623 0.921 0.921 0.18
03/20/20173506592867RAB5VALET04/30/2014Aaa None13,661,480.88 13,661,480.88 13,659,333.26 628 0.420 0.422 0.24
03/30/2017357813130A4MW9FHLB03/30/2015Aaa AA+6,000,000.00 6,000,000.00 6,009,666.00 638 0.900 1.204 0.11
03/30/2017357843130A4MW9FHLB03/30/2015Aaa AA+17,550,000.00 17,550,000.00 17,578,273.05 638 0.900 1.204 0.31
04/20/2017349133135G0ZB2FNMA03/10/2014Aaa AA+9,965,100.00 9,979,776.70 10,012,010.00 659 0.750 0.864 0.18
04/25/20173537609658UAB5BMWOT10/15/2014Aaa None8,211,551.44 8,211,551.44 8,214,079.04 664 0.530 0.534 0.14
04/28/2017359243134G6UZ4FHLMC04/28/2015Aaa AA+20,005,000.00 20,004,562.50 19,994,900.00 667 0.750 0.700 0.35
04/28/2017359253134G6VU4FHLMC04/28/2015Aaa AA+25,000,000.00 25,000,000.00 24,949,150.00 667 0.750 0.750 0.44
05/24/2017350043130A1NN4FHLB04/11/2014Aaa AA+14,971,050.00 14,982,392.83 15,047,940.00 693 0.875 0.938 0.26
06/15/2017355493130A3SL9FHLB12/30/2014Aaa AA+10,007,200.00 10,005,727.46 10,062,130.00 715 0.950 0.920 0.18
06/20/20173570692867VAB6VALET03/05/2015Aaa None11,999,941.20 11,999,941.20 12,003,264.00 720 0.980 0.898 0.21
06/21/201733890313379DD8FHLB12/31/2012Aaa AA+25,342,750.00 25,151,150.62 25,130,650.00 721 1.000 0.688 0.44
06/23/2017360753134G66C2FHLMC06/23/2015Aaa AA+14,977,500.00 14,977,750.00 15,007,575.00 723 0.820 0.896 0.26
06/23/2017360763134G64W0FHLMC06/23/2015Aaa AA+9,999,000.00 9,999,011.11 10,003,670.00 723 0.900 0.905 0.18
06/23/2017360873134G64W0FHLMC06/26/2015Aaa AA+10,004,200.00 10,004,170.71 10,003,670.00 723 0.900 0.879 0.18
06/29/2017354983137EADH9FHLMC12/10/2014Aaa AA+25,060,500.00 25,047,267.68 25,137,175.00 729 1.000 0.904 0.44
06/30/2017355543134G5VV4FHLMCC12/30/2014Aaa AA+10,000,000.00 10,000,000.00 10,024,940.00 730 1.050 1.050 0.18
06/30/2017357823130A4MS8FHLB03/30/2015Aaa AA+6,875,000.00 6,875,000.00 6,890,743.75 730 1.000 1.000 0.12
07/03/2017355053130A3P40FHLB12/11/2014Aaa AA+24,968,450.00 24,975,293.82 25,032,900.00 733 0.875 0.925 0.44
07/17/201735311477877AB0JDOT09/03/2014Aaa None7,476,975.59 7,476,975.59 7,478,120.41 747 0.540 0.546 0.13
07/17/2017354973133EDQM7FFCB12/10/2014Aaa AA+15,017,250.00 15,013,549.63 15,076,425.00 747 1.000 0.955 0.26
07/17/20173570189236WAB4TAOT03/04/2015Aaa AAA9,499,909.75 9,499,909.75 9,495,383.00 747 0.710 0.712 0.17
Portfolio SCL2
APData Updated: ~REPORT~: 07/08/2015 16:01
Run Date: 07/08/2015 - 16:02 CR (PRF_CR) 7.2.0
Report Ver. 7.3.5
144
Exhibit D
Sorted by Moody's - Maturity Date
Page 5Credit Rating Report
COMMINGLED POOL
Security #
Purchase
Principal
Book
ValueInvestment #
% of
Total
Moody's
RatingIssuer
Market
Value
S&P
Rating
Purchase
Date
Maturity
Date
Days To
Maturity
Stated
Rate YTM
07/17/20173580245905URF3IBRD04/06/2015Aaa AAA12,533,750.00 12,530,255.79 12,536,975.00 747 0.900 0.780 0.22
07/25/2017359423134G3ZH6FHLMC05/01/2015Aaa AA+10,054,570.00 10,050,497.61 10,037,730.00 755 1.000 0.753 0.18
07/28/2017355563137EADJ5FHLMC12/30/2014Aaa AA+24,999,250.00 24,999,396.28 25,116,425.00 758 1.000 1.001 0.44
07/28/2017359233134G6SN4FHLMC04/28/2015Aaa AA+10,250,000.00 10,250,000.00 10,243,593.75 758 0.850 0.850 0.18
08/15/2017355283130A3RW6FHLB12/18/2014Aaa AA+25,032,000.00 25,025,546.50 25,100,225.00 776 1.000 0.951 0.44
08/15/2017355313130A3SZ8FHLB12/18/2014Aaa AA+16,986,689.00 16,989,373.45 17,071,230.00 776 0.950 0.980 0.30
08/15/2017357563134G3B90FHLMC03/24/2015Aaa AA+15,009,450.00 15,008,385.37 15,003,555.00 776 0.875 0.848 0.26
08/28/2017359433135G0MZ3FNMA05/01/2015Aaa AA+10,025,072.30 10,023,275.00 10,023,710.00 789 0.875 0.766 0.18
09/18/2017360413130A4HT2FHLB06/15/2015Aaa AA+10,098,500.00 10,096,561.50 10,096,360.00 810 1.750 1.306 0.18
09/20/2017357503135G0PP2FNMA03/20/2015Aaa AA+16,396,420.80 16,392,894.69 16,409,120.04 812 1.000 0.922 0.29
09/25/2017356783133EEQX1FFCB02/26/2015Aaa AA+10,019,707.10 10,017,055.44 10,035,050.00 817 1.000 0.923 0.18
09/25/2017356833133EEQX1FFCB02/27/2015Aaa AA+15,010,950.00 15,009,486.85 15,052,575.00 817 1.000 0.971 0.26
09/25/2017357573133EEQX1FFCB03/24/2015Aaa AA+20,052,766.00 20,047,085.31 20,070,100.00 817 1.000 0.893 0.35
09/25/2017358723133EEQX1FFCB04/16/2015Aaa AA+10,057,300.00 10,052,410.92 10,035,050.00 817 1.000 0.763 0.18
09/27/2017357553134G3M31FHLMC03/23/2015Aaa AA+20,050,600.00 20,045,114.60 20,062,960.00 819 1.000 0.898 0.35
09/28/2017358923133ECBX1FFCB04/21/2015Aaa AA+5,002,600.00 5,002,392.47 4,993,455.00 820 0.820 0.798 0.09
11/15/20173606089237CAB7TAOT06/17/2015Aaa AAA9,999,326.00 9,999,326.00 9,994,230.00 868 0.770 0.777 0.18
11/15/20173607865473DAB8NALT06/24/2015Aaa None2,999,724.60 2,999,724.60 2,999,700.00 868 0.990 1.000 0.05
11/21/201735435478160BL7JNJPP11/21/2014Aaa AAA29,976,300.00 29,981,127.78 30,000,120.00 874 1.125 1.152 0.53
11/24/20173570036164EAB1GEET03/04/2015Aaa None5,499,408.75 5,499,408.75 5,503,569.50 877 0.890 0.899 0.10
12/15/20173493389231MAC9TAOT03/19/2014Aaa AAA7,998,521.60 7,998,521.60 7,983,840.00 898 0.670 0.681 0.14
12/18/2017355273133EEFE5FFCB12/18/2014Aaa AA+10,009,600.00 10,007,884.44 10,039,770.00 901 1.125 1.092 0.18
12/18/2017355293133EEFE5FFCB12/18/2014Aaa AA+10,000,000.00 10,000,000.00 10,039,770.00 901 1.125 1.125 0.18
01/08/2018358153130A4WB4FHLB04/08/2015Aaa AA+20,000,000.00 20,000,000.00 19,960,800.00 922 0.875 0.875 0.35
01/12/2018352073137EADN6FHLMC07/09/2014Aaa AA+9,821,100.00 9,870,959.70 9,950,200.00 926 0.750 1.273 0.17
01/12/2018357603137EADN6FHLMC03/25/2015Aaa AA+9,955,600.00 9,959,832.77 9,950,200.00 926 0.750 0.911 0.18
01/12/2018357613137EADN6FHLMC03/25/2015Aaa AA+9,949,300.00 9,954,133.37 9,950,200.00 926 0.750 0.934 0.17
01/12/2018357853137EADN6FHLMC03/30/2015Aaa AA+4,975,750.00 4,977,952.35 4,975,100.00 926 0.750 0.927 0.09
01/30/2018356053135G0B77FNMA01/30/2015Aaa AA+15,356,400.00 15,306,570.00 15,306,090.00 944 2.000 1.191 0.27
02/15/20183572547787UAB9JDOT03/11/2015Aaa None12,999,162.80 12,999,162.80 13,021,840.00 960 0.870 0.876 0.23
02/28/2018354473135G0VC4FNMA11/25/2014Aaa AA+9,981,800.00 9,985,151.41 10,035,170.00 973 1.130 1.187 0.18
02/28/2018354543135G0VC4FNMA11/26/2014Aaa AA+5,993,460.00 5,994,659.74 6,021,102.00 973 1.130 1.164 0.11
03/06/20183571030231GAL6XOM03/06/2015Aaa AAA50,000,000.00 50,000,000.00 49,959,400.00 979 1.305 1.305 0.88
03/09/201835922313378A43FHLB04/28/2015Aaa AA+10,124,200.00 10,116,610.67 10,087,040.00 982 1.375 0.934 0.18
03/09/201836053313378A43FHLB06/18/2015Aaa AA+5,031,650.00 5,031,230.58 5,043,520.00 982 1.375 1.138 0.09
03/09/201836059313378A43FHLB06/19/2015Aaa AA+5,044,100.00 5,043,560.00 5,043,520.00 982 1.375 1.045 0.09
03/16/2018357313134G6HR7FHLMC03/16/2015Aaa AA+4,998,250.00 4,998,420.14 5,001,600.00 989 1.250 1.262 0.09
03/22/2018360653134G7CQ2FHLMC06/22/2015Aaa AA+2,224,221.25 2,224,228.33 2,229,692.53 995 1.250 1.263 0.04
04/13/2018358443130A4QS4FHLB04/13/2015Aaa AA+5,000,000.00 5,000,000.00 4,997,555.00 1,017 1.250 1.250 0.09
Portfolio SCL2
APData Updated: ~REPORT~: 07/08/2015 16:01
Run Date: 07/08/2015 - 16:02 CR (PRF_CR) 7.2.0
Report Ver. 7.3.5
145
Exhibit D
Sorted by Moody's - Maturity Date
Page 6Credit Rating Report
COMMINGLED POOL
Security #
Purchase
Principal
Book
ValueInvestment #
% of
Total
Moody's
RatingIssuer
Market
Value
S&P
Rating
Purchase
Date
Maturity
Date
Days To
Maturity
Stated
Rate YTM
04/13/2018358453136G2GD3FNMA04/13/2015Aaa AA+29,970,000.00 29,972,166.67 29,896,320.00 1,017 1.050 1.084 0.53
04/20/2018358843134G6NT6FHLMC04/20/2015Aaa AA+25,000,000.00 25,000,000.00 24,990,525.00 1,024 1.200 1.200 0.44
04/20/2018358853134G6TQ6FHLMC04/20/2015Aaa AA+35,000,000.00 35,000,000.00 34,930,105.00 1,024 1.250 1.250 0.62
04/20/2018359053130A4YH9FHLB04/23/2015Aaa AA+10,000,000.00 10,000,000.00 9,996,770.00 1,024 1.100 1.100 0.18
04/25/2018356843130A4GJ5FHLB02/27/2015Aaa AA+19,990,800.00 19,991,802.46 20,045,780.00 1,029 1.125 1.140 0.35
04/25/2018356853130A4GJ5FHLB02/27/2015Aaa AA+11,994,480.00 11,995,081.48 12,027,468.00 1,029 1.125 1.140 0.21
04/27/2018359143130A4Y55FHLB04/27/2015Aaa AA+10,000,000.00 10,000,000.00 9,993,780.00 1,031 1.125 1.125 0.18
04/27/2018359153130A4Y55FHLB04/27/2015Aaa AA+10,000,000.00 10,000,000.00 9,993,780.00 1,031 1.125 1.125 0.18
04/27/2018359163130A4Y55FHLB04/27/2015Aaa AA+20,000,000.00 20,000,000.00 19,987,560.00 1,031 1.125 1.125 0.35
05/01/2018359403133EEE71FFCB05/01/2015Aaa AA+5,000,000.00 5,000,000.00 4,985,420.00 1,035 0.920 0.920 0.09
05/01/2018359413133EEE71FFCB05/01/2015Aaa AA+5,000,000.00 5,000,000.00 4,985,420.00 1,035 0.920 0.920 0.09
05/11/2018359653133EEJ50FFCB05/11/2015Aaa AA+4,990,115.00 4,990,572.64 4,999,035.00 1,045 1.030 1.097 0.09
05/18/2018360893136G2KD8FNMA06/26/2015Aaa AA+13,896,214.75 13,896,304.89 13,916,502.82 1,052 1.150 1.197 0.24
05/21/2018344643135G0XA6FNMA08/12/2013Aaa AA+10,225,845.00 10,334,135.43 10,428,180.00 1,055 1.030 1.600 0.18
05/21/2018357623135G0WJ8FNMA03/25/2015Aaa AA+14,924,849.25 14,931,200.02 14,910,225.00 1,055 0.875 1.037 0.26
05/25/2018360083134G6L76FHLMC05/29/2015Aaa AA+5,000,000.00 5,000,000.00 5,006,085.00 1,059 1.250 1.250 0.09
05/25/2018360773136G2K71FNMA06/24/2015Aaa AA+9,675,318.50 9,675,283.08 9,685,723.42 1,059 1.250 1.231 0.17
06/08/201835906313379DT3FHLB04/23/2015Aaa AA+20,149,600.00 20,140,557.51 20,077,740.00 1,073 1.250 1.006 0.35
06/08/2018359563133XRFZ8FHLB05/07/2015Aaa AA+5,543,500.00 5,517,083.26 5,521,860.00 1,073 4.750 1.154 0.10
06/08/201835957313379DT3FHLB05/07/2015Aaa AA+5,020,850.00 5,019,836.59 5,019,435.00 1,073 1.250 1.112 0.09
06/15/2018358643130A4Y71FHLB04/15/2015Aaa AA+26,504,240.00 26,503,957.33 26,443,740.50 1,080 1.000 0.995 0.47
06/15/201835936459058EJ8IBRD04/30/2015Aaa AAA14,974,350.00 14,975,740.80 14,980,020.00 1,080 1.000 1.049 0.26
06/15/201835937459058EJ8IBRD04/30/2015Aaa AAA9,982,900.00 9,983,827.20 9,986,680.00 1,080 1.000 1.056 0.18
06/22/2018360663134G67C1FHLMC06/22/2015Aaa AA+9,987,500.00 9,987,604.17 10,023,870.00 1,087 1.200 1.243 0.18
06/28/2018357893134G6PR8FHLMC03/30/2015Aaa AA+25,000,000.00 25,000,000.00 24,978,500.00 1,093 1.200 1.200 0.44
06/29/2018358163130A4UP5FHLB04/08/2015Aaa AA+25,047,500.00 25,044,104.22 24,916,750.00 1,094 1.050 0.990 0.44
06/29/2018358933134G6TF0FHLMC04/21/2015Aaa AA+24,996,250.00 24,996,478.66 24,880,025.00 1,094 0.930 0.935 0.44
06/29/2018360933136G2KZ9FNMA06/29/2015Aaa AA+5,298,675.00 5,298,677.45 5,300,551.20 1,094 1.200 1.209 0.09
06/29/2018360943134G6V26FHLMC06/29/2015Aaa AA+6,425,000.00 6,425,000.00 6,428,456.65 1,094 1.250 1.250 0.11
06/30/201835886912828VK3USTN04/20/2015Aaa AA+25,367,187.50 25,344,533.26 25,271,475.00 1,095 1.375 0.908 0.45
07/06/2018358033130A4WA6FHLB04/06/2015Aaa AA+25,000,000.00 25,000,000.00 24,934,000.00 1,101 1.000 1.000 0.44
07/06/2018358553130A4WA6FHLB04/14/2015Aaa AA+11,996,160.00 11,996,414.46 11,968,320.00 1,101 1.000 1.010 0.21
07/06/2018359523130A57J2FHLB05/06/2015Aaa AA+9,996,450.00 9,996,621.27 9,978,800.00 1,101 1.000 1.012 0.18
07/09/2018358253130A4NY4FHLB04/09/2015Aaa AA+7,500,000.00 7,500,000.00 7,516,267.50 1,104 1.400 1.400 0.13
07/13/2018358463130A4RJ3FHLB04/13/2015Aaa AA+10,600,000.00 10,600,000.00 10,557,706.00 1,108 1.200 1.200 0.19
07/27/2018359113134G6TW3FHLMC04/27/2015Aaa AA+10,000,000.00 10,000,000.00 9,973,180.00 1,122 1.150 1.150 0.18
07/27/2018359123134G6TW3FHLMC04/27/2015Aaa AA+12,497,500.00 12,497,636.75 12,466,475.00 1,122 1.150 1.156 0.22
07/27/2018359133134G6TW3FHLMC04/27/2015Aaa AA+15,000,000.00 15,000,000.00 14,959,770.00 1,122 1.150 1.150 0.26
07/31/201835887912828VQ0USTN04/20/2015Aaa AA+15,214,453.13 15,201,564.46 15,150,000.00 1,126 1.375 0.932 0.27
Portfolio SCL2
APData Updated: ~REPORT~: 07/08/2015 16:01
Run Date: 07/08/2015 - 16:02 CR (PRF_CR) 7.2.0
Report Ver. 7.3.5
146
Exhibit D
Sorted by Moody's - Maturity Date
Page 7Credit Rating Report
COMMINGLED POOL
Security #
Purchase
Principal
Book
ValueInvestment #
% of
Total
Moody's
RatingIssuer
Market
Value
S&P
Rating
Purchase
Date
Maturity
Date
Days To
Maturity
Stated
Rate YTM
08/07/2018359583130A57G8FHLB05/07/2015Aaa AA+14,985,240.00 14,985,921.23 14,946,060.00 1,133 1.050 1.081 0.26
08/13/2018356453135G0C27FNMA02/13/2015Aaa AA+9,999,000.00 9,999,109.52 9,991,920.00 1,139 1.350 1.353 0.18
08/15/2018358653130A4YA4FHLB04/15/2015Aaa AA+16,920,581.95 16,920,228.43 16,855,746.76 1,141 1.050 1.040 0.30
08/27/2018360033136G2JB4FNMA05/27/2015Aaa AA+7,500,000.00 7,500,000.00 7,498,147.50 1,153 1.200 1.200 0.13
09/18/2018358143135G0YM9FNMA04/07/2015Aaa AA+25,719,250.00 25,670,565.87 25,539,675.00 1,175 1.875 1.023 0.45
10/15/20183508743813XAD6HAROT05/13/2014Aaa None5,068,148.44 5,068,148.44 5,052,550.25 1,202 0.740 0.480 0.09
10/15/2018358663130A4PZ9FHLB04/15/2015Aaa AA+5,000,000.00 5,000,000.00 4,993,295.00 1,202 1.450 1.450 0.09
10/22/20183506492867RAC3VALET04/30/2014Aaa None9,998,030.00 9,998,030.00 9,972,200.00 1,209 0.910 0.921 0.18
10/29/2018359293130A4Z88FHLB04/29/2015Aaa AA+5,000,000.00 5,000,000.00 4,975,495.00 1,216 1.220 1.220 0.09
10/29/2018359303134G6UE1FHLMC04/29/2015Aaa AA+10,000,000.00 10,000,000.00 9,985,450.00 1,216 1.250 1.250 0.18
10/29/2018359353130A4Z88FHLB04/29/2015Aaa AA+5,000,000.00 5,000,000.00 4,975,495.00 1,216 1.220 1.220 0.09
01/30/2019360883136FTZZ5FNMA06/26/2015Aaa AA+7,455,639.40 7,455,308.49 7,474,934.06 1,309 1.750 1.417 0.13
03/08/201935867313378QK0FHLB04/15/2015Aaa AA+10,251,100.00 10,237,498.00 10,188,050.00 1,346 1.875 1.213 0.18
03/29/2019357833130A4NZ1FHLB03/30/2015Aaa AA+7,499,250.00 7,499,297.43 7,506,705.00 1,367 1.600 1.603 0.13
04/01/2019357993133EEWG1FFCB04/01/2015Aaa AA+9,922,209.65 9,923,946.55 9,897,454.05 1,370 1.300 1.372 0.17
04/17/2019358783134G6MX8FHLMC04/17/2015Aaa AA+10,000,000.00 10,000,000.00 9,964,910.00 1,386 1.750 1.750 0.18
04/29/2019359313134G6UW1FHLMC04/29/2015Aaa AA+6,135,000.00 6,135,000.00 6,086,140.86 1,398 1.400 1.400 0.11
06/17/20193572647787UAD5JDOT03/11/2015Aaa None5,999,523.00 5,999,523.00 6,018,408.00 1,447 1.320 1.327 0.11
09/13/201935826313383VN8FHLB04/09/2015Aaa AA+9,727,434.20 9,713,676.61 9,635,719.50 1,535 2.000 1.340 0.17
09/13/201935827313383VN8FHLB04/09/2015Aaa AA+25,854,057.45 25,818,095.90 25,622,254.13 1,535 2.000 1.351 0.45
10/02/2019358733137EADM8FHLMC04/16/2015Aaa AA+29,916,300.00 29,920,208.78 29,599,470.00 1,554 1.250 1.315 0.53
03/06/2020358473135G0UU5FNMA04/13/2015Aaa AA+7,084,070.00 7,080,350.51 7,041,048.00 1,710 1.750 1.495 0.12
03/06/2020358563135G0UU5FNMA04/14/2015Aaa AA+14,762,362.32 14,754,567.83 14,669,520.58 1,710 1.750 1.490 0.26
SubTotal for Aaa 5,004,109,312.33 4,997,917,315.42 4,999,906,305.99 88.090.6290.712488
06/24/201634349166764AC4CVX06/24/2013Aa1 AA5,000,000.00 5,000,000.00 5,014,195.00 359 0.889 0.889 0.09
05/12/201735970037833BB5AAPL05/13/2015Aa1 AA+2,997,930.00 2,998,068.19 3,000,834.00 681 0.900 0.935 0.05
11/15/201735427166764AL4CVX11/18/2014Aa1 AA30,000,000.00 30,000,000.00 30,121,980.00 868 1.345 1.345 0.53
12/05/201735280166764AA8CVX08/19/2014Aa1 AA9,962,900.00 9,972,659.87 9,957,160.00 888 1.104 1.219 0.18
03/02/201835694166764AV2CVX03/03/2015Aa1 AA10,000,000.00 10,000,000.00 9,995,810.00 975 1.365 1.365 0.18
SubTotal for Aa1 57,960,830.00 57,970,728.06 58,089,979.00 1.031.2661.245836
10/25/201535422931142CX9WALL11/14/2014Aa2 AA5,552,860.50 5,511,014.95 5,507,408.79 116 1.500 0.289 0.10
04/11/201634176931142DE0WMT04/11/2013Aa2 AA1,998,580.00 1,999,631.85 2,000,740.00 285 0.600 0.624 0.04
04/11/201634931931142DE0WMT03/18/2014Aa2 AA8,021,200.00 8,007,989.23 8,002,960.00 285 0.600 0.471 0.14
08/15/201634456084664BX8BRK08/15/2013Aa2 AA9,994,700.00 9,998,017.41 10,020,990.00 411 0.950 0.968 0.18
04/21/201735034931142DN0WALL04/22/2014Aa2 AA9,998,500.00 9,999,096.39 10,043,550.00 660 1.000 1.005 0.18
04/21/201735269931142DN0WALL08/13/2014Aa2 AA9,016,650.00 9,011,180.27 9,039,195.00 660 1.000 0.930 0.16
05/15/20193576391412GWV3UNIVCA03/25/2015Aa2 AA250,000.00 250,000.00 250,700.00 1,414 2.003 2.003 0.00
Portfolio SCL2
APData Updated: ~REPORT~: 07/08/2015 16:01
Run Date: 07/08/2015 - 16:02 CR (PRF_CR) 7.2.0
Report Ver. 7.3.5
147
Exhibit D
Sorted by Moody's - Maturity Date
Page 8Credit Rating Report
COMMINGLED POOL
Security #
Purchase
Principal
Book
ValueInvestment #
% of
Total
Moody's
RatingIssuer
Market
Value
S&P
Rating
Purchase
Date
Maturity
Date
Days To
Maturity
Stated
Rate YTM
SubTotal for Aa2 44,832,490.50 44,776,930.10 44,865,543.79 0.800.7870.967458
11/01/20153010119416QDQ0CP11/03/2010Aa3 AA-14,887,200.00 14,992,471.64 15,045,450.00 123 1.375 1.532 0.26
11/01/20163462513063CFD7CAS11/05/2013Aa3 A+12,558,625.00 12,526,152.42 12,586,500.00 489 1.250 1.090 0.22
11/01/20163464513063CFD7CAS11/12/2013Aa3 A+5,049,350.00 5,022,159.03 5,034,600.00 489 1.250 0.912 0.09
11/01/20163544413063CPM6CAS11/25/2014Aa3 A+15,027,600.00 15,019,034.48 15,005,550.00 489 0.750 0.654 0.26
03/01/20173254213063BFQ0CAS04/23/2012Aa3 A+22,359,837.50 20,317,449.94 20,740,912.50 609 5.750 2.221 0.36
11/01/20173465013063CFC9CAS11/13/2013Aa3 A+10,092,400.00 10,054,352.94 10,105,200.00 854 1.750 1.509 0.18
11/01/20173472913063CFC9CAS12/11/2013Aa3 A+9,101,262.15 9,094,757.29 9,180,574.20 854 1.750 1.702 0.16
11/01/20173553413063CPN4CAS12/22/2014Aa3 A+12,448,879.50 12,449,085.31 12,477,763.50 854 1.250 1.253 0.22
02/06/201835633459200HZ7IBM02/06/2015Aa3 AA-9,969,500.00 9,973,594.91 9,936,500.00 951 1.125 1.229 0.18
02/08/201835644459200HK0IBM02/13/2015Aa3 AA-9,984,200.00 9,986,228.28 9,984,510.00 953 1.250 1.304 0.18
SubTotal for Aa3 121,478,854.15 119,435,286.24 120,097,560.20 2.111.4042.038637
11/09/20153019036962G4T8GE11/09/2010A1 AA+4,996,250.00 4,999,733.33 5,030,170.00 131 2.250 2.266 0.09
04/22/20163562790331HMF7USB02/04/2015A1 AA-10,004,900.00 10,003,274.04 10,006,470.00 296 0.377 0.337 0.18
SubTotal for A1 15,001,150.00 15,003,007.37 15,036,640.00 0.270.9801.001241
07/01/2015360989033E1U10USB06/29/2015P-1 A-1+99,999,444.44 100,000,000.00 99,999,694.00 0.100 0.100 1.76
07/15/201535300313396JD6FMCDN08/27/2014P-1 A-1+9,987,477.80 9,999,450.74 9,999,920.00 14 0.140 0.142 0.18
07/20/201535891313396JJ3FMCDN04/21/2015P-1 A-1+27,880,468.69 27,884,035.48 27,884,693.27 19 0.065 0.066 0.49
07/28/201536101313384JS9FHDN06/30/2015P-1 A-1+44,998,425.00 44,998,468.81 44,999,325.00 27 0.045 0.046 0.79
07/28/201536102313384JS9FHDN06/30/2015P-1 A-1+14,999,475.00 14,999,489.60 14,999,775.00 27 0.045 0.046 0.26
07/29/201536100313384JT7FHDN06/29/2015P-1 A-1+9,454,684.83 9,454,703.43 9,454,848.72 28 0.040 0.041 0.17
07/31/201536099313384JV2FHLB06/29/2015P-1 A-1+11,189,602.13 11,189,623.94 11,189,809.77 30 0.040 0.041 0.20
08/07/201536082313384KC2FHDN06/24/2015P-1 A-1+24,998,472.22 24,998,704.75 24,998,975.00 37 0.050 0.051 0.44
08/13/201536086313384KJ7FHDN06/25/2015P-1 A-1+49,997,277.78 49,997,591.51 49,997,600.00 43 0.040 0.041 0.88
10/22/20153459606417F6H8BNSHOU10/22/2013P-1 A-115,000,000.00 15,000,000.00 15,022,155.00 113 0.650 0.650 0.26
12/15/20153545643814JAA2HAROT11/26/2014P-1 None2,554,883.35 2,554,883.35 2,554,883.35 167 0.220 0.220 0.04
02/12/20163564378009NTJ5RBC02/12/2015P-1 A-1+15,000,000.00 15,000,000.00 14,997,585.00 226 0.292 0.292 0.26
05/24/201636103313312XF2FCDN06/30/2015P-1 A-1+19,938,769.44 19,939,088.07 19,957,900.00 328 0.335 0.340 0.35
SubTotal for P-1 345,998,980.68 346,016,039.68 346,057,164.11 6.080.1200.12052
8506 SYS8506LAIF 07/01/2013None None40,000,000.00 40,000,000.00 40,000,000.00 1 0.260 0.260 0.70
10/15/201533757161571FR0CHAIT11/21/2012None AAA14,996,388.00 14,999,638.12 15,001,860.00 106 0.540 0.548 0.26
10/15/201535418161571FR0CHAIT11/12/2014None AAA15,000,585.94 15,000,184.30 15,001,860.00 106 0.540 0.536 0.26
08/22/20163225192867GAC7VALET01/26/2012None AAA447,978.28 447,982.18 448,098.16 418 0.850 0.852 0.01
06/15/201734436161571FJ8CHAIT07/29/2013None AAA0.00 0.00 0.00 715 0.790 0.631 0.00
06/15/201735420161571FJ8CHAIT11/13/2014None AAA0.00 0.00 0.00 715 0.790 0.425 0.00
05/15/20183542302587UAB6AME11/14/2014None AAA6,824,528.91 6,824,528.91 6,821,445.84 1,049 0.590 0.518 0.12
Portfolio SCL2
APData Updated: ~REPORT~: 07/08/2015 16:01
Run Date: 07/08/2015 - 16:02 CR (PRF_CR) 7.2.0
Report Ver. 7.3.5
148
Exhibit D
Sorted by Moody's - Maturity Date
Page 9Credit Rating Report
COMMINGLED POOL
Security #
Purchase
Principal
Book
ValueInvestment #
% of
Total
Moody's
RatingIssuer
Market
Value
S&P
Rating
Purchase
Date
Maturity
Date
Days To
Maturity
Stated
Rate YTM
02/21/20193598643813NAC0HAROT05/20/2015None AAA6,998,925.50 6,998,925.50 6,997,060.00 1,331 1.040 1.051 0.12
04/15/202035953161571GY4CHAIT05/06/2015None None24,995,595.00 24,995,595.00 24,951,900.00 1,750 1.360 1.371 0.44
SubTotal for No Specified Rating 109,264,001.63 109,266,854.01 109,222,224.00 1.910.6610.662582
Portfolio SCL2
APData Updated: ~REPORT~: 07/08/2015 16:01
Run Date: 07/08/2015 - 16:02 CR (PRF_CR) 7.2.0
Report Ver. 7.3.5
149
Exhibit D
COMMINGLED POOL
Summary by Issuer
June 30, 2015
% of
Portfolio
Average Days
to Maturity
Par
ValueIssuer
Number of
Investments
Average
YTM 365Book Value
APPLE INC 2,998,068.19 0.05 0.9351 6813,000,000.00
AMERICAN EXPRESS 6,824,528.91 0.12 0.5181 1,0496,820,000.00
BLACKROCK 250,000,000.00 4.39 0.1301 1250,000,000.00
BMW VEHICLE LEASE TRUST 0.00 0.00 0.0001 00.00
BMW VEHICLE OWNER TRUST 8,211,551.44 0.14 0.5341 6648,211,829.00
BANK OF NOVA SCOTIA HOUSTON 15,000,000.00 0.26 0.6501 11315,000,000.00
BERKSHIRE HATHWY 9,998,017.41 0.18 0.9681 41110,000,000.00
DREYFUS CASH MANAGEMENT 241,739,413.44 4.25 0.0401 1241,739,413.44
CALIFORNIA ST 84,482,991.41 1.48 1.4147 65483,285,000.00
CHASE ISSUANCE TRUST (ABS)54,995,417.42 0.97 0.9235 85355,000,000.00
COLGATE-PALMOLIVE CO 14,992,471.64 0.26 1.5321 12315,000,000.00
CHEVRON CORP.54,972,659.87 0.97 1.2844 84555,000,000.00
FFCB DISCOUNT NOTE 19,939,088.07 0.35 0.3451 32820,000,000.00
FFCB NOTES 570,870,706.90 10.03 0.49633 324570,753,000.00
FHLB DISCOUNT NOTE 144,448,958.10 2.54 0.0455 34144,455,000.00
FHLB NOTES 1,549,806,665.79 27.24 0.67390 5631,545,625,000.00
FHLMC NOTES 812,592,574.09 14.28 0.85548 708812,352,000.00
FHLMC CALLABLE 10,000,000.00 0.18 1.0501 73010,000,000.00
FHLMC DISCOUNT NOTE 37,883,486.22 0.67 0.0872 1837,885,000.00
FNMA NOTES 879,948,226.54 15.46 0.78544 521878,204,000.00
GENERAL ELECTRIC 4,999,733.33 0.09 2.2661 1315,000,000.00
GE EQUIP TRANSPORTATION LLC 5,499,408.75 0.10 0.8991 8775,500,000.00
Portfolio SCL2
APData Updated: ~REPORT~: 07/09/2015 11:26
Run Date: 07/09/2015 - 11:26 SI (PRF_SI) 7.1.1
Report Ver. 7.3.5
150
Exhibit D
% of
Portfolio
Average Days
to Maturity
Par
Value
Page 2Summary by Issuer
COMMINGLED POOL
Issuer
Number of
Investments
June 30, 2015
Average
YTM 365Book Value
HONDA AUTO RECEIVABLES OWNER T 24,621,928.29 0.43 0.6565 87324,604,883.35
IBM 19,959,823.19 0.35 1.2672 95220,000,000.00
INTL BANK RECON & DEVELOP 37,489,823.79 0.66 0.9613 96937,500,000.00
JOHN DEERE OWNER TRUST 26,475,661.39 0.47 0.8853 1,01026,477,604.46
JOHNSON & JOHNSON 59,963,975.78 1.05 0.9462 69560,000,000.00
LOCAL AGENCY INVEST FUND 40,000,000.00 0.70 0.2601 140,000,000.00
MERCEDES-BENZ AUTO LEASE TRUST 2,371,043.27 0.04 0.4831 3502,371,105.87
MORGAN STANLEY GOVT INSTL 8302 100,002,630.40 1.76 0.0401 1100,002,630.40
MORGAN STANLEY TRSY INSTL 8304 100,000,000.00 1.76 0.0301 1100,000,000.00
NISSAN AUTO LEASE TRUST 2,999,724.60 0.05 1.0001 8683,000,000.00
ROYAL BANK OF CANADA 15,000,000.00 0.26 0.2961 22615,000,000.00
TOYOTA AUTO REC OWNER TRUST 39,812,381.85 0.70 0.6337 72539,812,508.52
UNIVERSITY CALIFORNIA REVS 250,000.00 0.00 2.0031 1,414250,000.00
U S BANK 110,003,274.04 1.93 0.1232 27110,000,000.00
U.S. TREASURY NOTES 200,595,579.81 3.53 0.5476 478200,000,000.00
VOLKSWAGEN AUTO LOAN ENHANCED 36,107,434.26 0.63 0.7244 81736,109,707.54
WALMART 24,521,291.61 0.43 0.8173 53824,490,000.00
WALMART 10,007,621.08 0.18 0.5012 28510,000,000.00
EXXON MOBIL CORP 60,000,000.00 1.05 1.2412 92060,000,000.00
Total and Average 299 5,690,386,160.88 100.00 0.624 4695,682,448,682.58
Portfolio SCL2
APData Updated: ~REPORT~: 07/09/2015 11:26
Run Date: 07/09/2015 - 11:26 SI (PRF_SI) 7.1.1
Report Ver. 7.3.5
151
Exhibit D
SANTA CLARA COUNTY INVESTMENTS
Transaction Activity Report
June 1, 2015 - June 30, 2015
Sorted by Transaction Date - Transaction Date
COMMINGLED POOL Fund
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
36013 COMM 49,999,861.11 -49,999,861.11U S BANKU S BANKPurchaseUSB DISC NOTE9033E1T20
36011 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.07% MATSYS36011
36012 COMM 150,000,000.00 -150,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.09% MATSYS36012
35468 COMM 25,000,000.00 25,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1T12
36009 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.07% MATSYS36009
36010 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1T12
36009 COMM 583.33 583.33U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.07% MATSYS36009
Totals for 06/01/2015 299,999,861.11 225,000,000.00 583.33 -74,999,277.78
36016 COMM 89,999,750.00 -89,999,750.00U S BANKU S BANKPurchaseUSB DISC NOTE9033E1T38
36014 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.06% MATSYS36014
36015 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.08% MATSYS36015
35211 COMM 10,000,000.00 10,000,000.00FHLMC DISCOUNTWELLS FARGORedemptionFMCDN ZERO CPN313396GJ6
35213 COMM 10,000,000.00 10,000,000.00FNMA DISCOUNTUBS FINANCERedemptionFNDN ZERO CPN313588GJ8
35312 COMM 10,000,000.00 10,000,000.00FHLMC DISCOUNTUBS FINANCERedemptionFMCDN ZERO CPN313396GJ6
36011 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.07% MATSYS36011
36012 COMM 150,000,000.00 150,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.09% MATSYS36012
36013 COMM 50,000,000.00 50,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1T20
36011 COMM 194.44 194.44U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.07% MATSYS36011
36012 COMM 375.00 375.00U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.09% MATSYS36012
Totals for 06/02/2015 489,999,750.00 330,000,000.00 569.44 -159,999,180.56
36019 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1T46
36017 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.08% MATSYS36017
36018 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.09% MATSYS36018
35192 COMM 25,000,000.00 25,000,000.00FHLB NOTESWELLS FARGORedemptionFEDERAL HOME3130A2AM8
35194 COMM 15,000,000.00 15,000,000.00FHLB NOTESWELLS FARGORedemptionFEDERAL HOME3130A2AM8
36014 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.06% MATSYS36014
36015 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.08% MATSYS36015
36016 COMM 90,000,000.00 90,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1T38
35192 COMM 15,625.00 15,625.00FHLB NOTESWELLS FARGOInterestFEDERAL HOME3130A2AM8
35194 COMM 9,375.00 9,375.00FHLB NOTESWELLS FARGOInterestFEDERAL HOME3130A2AM8
36014 COMM 166.67 166.67U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.06% MATSYS36014
36015 COMM 666.67 666.67U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.08% MATSYS36015
34291 COMM 2,466.00 2,466.00MORGAN STANLEYInterestMSGI 0.%SYS34291
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
152
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 2Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
34291 COMM 2,466.00 -2,466.00MORGAN STANLEYPurchaseMSGI 0.%SYS34291
Totals for 06/03/2015 500,002,188.22 530,000,000.00 28,299.34 30,026,111.12
36022 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1T53
36020 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.08% MATSYS36020
36021 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.09% MATSYS36021
35474 COMM 20,000,000.00 20,000,000.00TORONTOUBS FINANCERedemptionTDNY 0.2% MAT89112UX30
35476 COMM 25,000,000.00 25,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1T46
36017 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.08% MATSYS36017
36018 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.09% MATSYS36018
36019 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1T46
35474 COMM 20,222.22 20,222.22TORONTOUBS FINANCEInterestTDNY 0.2% MAT89112UX30
36017 COMM 222.22 222.22U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.08% MATSYS36017
36018 COMM 750.00 750.00U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.09% MATSYS36018
Totals for 06/04/2015 499,999,722.22 545,000,000.00 21,194.44 45,021,472.22
36025 COMM 99,999,166.66 -99,999,166.66U S BANKU S BANKPurchaseUSB DISC NOTE9033E1T87
36023 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.07% MATSYS36023
36024 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.08% MATSYS36024
35452 COMM 15,000,000.00 15,000,000.00BANK OF NOVASCOTIA CAPITALRedemptionBNSHOU 0.21% MAT06417HWY8
35480 COMM 10,000,000.00 10,000,000.00FHLB DISCOUNTMORGAN STANLEYRedemptionFHDN ZERO CPN313384GM5
36020 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.08% MATSYS36020
36021 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.09% MATSYS36021
36022 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1T53
35280 COMM 55,200.00 55,200.00CHEVRON CORP.JEFFERIES & CO,InterestCHEVRON CORP166764AA8
35452 COMM 16,800.00 16,800.00BANK OF NOVASCOTIA CAPITALInterestBNSHOU 0.21% MAT06417HWY8
36020 COMM 222.22 222.22U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.08% MATSYS36020
36021 COMM 750.00 750.00U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.09% MATSYS36021
Totals for 06/05/2015 499,999,166.66 525,000,000.00 72,972.22 25,073,805.56
36028 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1T95
36026 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.07% MATSYS36026
36027 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.08% MATSYS36027
34643 COMM 19,936,000.00 19,936,000.00FNMA NOTESMIZUHORedemptionFEDERAL NATL MTG3135G0XR9
34643 COMM 64,000.00 64,000.00FNMA NOTESMIZUHOCap G/LFEDERAL NATL MTG3135G0XR9
35487 COMM 20,000,000.00 20,000,000.00FNMA DISCOUNTMORGAN STANLEYRedemptionFNMA DISC NOTE313396GQ0
36023 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.07% MATSYS36023
36024 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.08% MATSYS36024
36025 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1T87
34643 COMM 27,500.00 27,500.00FNMA NOTESMIZUHOInterestFEDERAL NATL MTG3135G0XR9
35097 COMM 21,000.00 21,000.00FHLB NOTESJPMorganChaseInterestFEDERAL HOME3130A22N5
35193 COMM 52,500.00 52,500.00FHLB NOTESJPMorganChaseInterestFEDERAL HOME3130A22N5
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
153
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 3Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
35206 COMM 42,000.00 42,000.00FHLB NOTESJPMorganChaseInterestFEDERAL HOME3130A22N5
35397 COMM 63,000.00 63,000.00FHLB NOTESJPMorganChaseInterestFEDERAL HOME3130A22N5
35906 COMM 125,000.00 125,000.00FHLB NOTESWELLS FARGOInterestFEDERAL HOME313379DT3
35906 COMM 93,750.00 -93,750.00 0.00FHLB NOTESWELLS FARGOAccr IntFEDERAL HOME313379DT3
35956 COMM 118,750.00 118,750.00FHLB NOTESKEYBANC CAPITALInterestFEDERAL HOME3133XRFZ8
35956 COMM 98,298.61 -98,298.61 0.00FHLB NOTESKEYBANC CAPITALAccr IntFEDERAL HOME3133XRFZ8
35957 COMM 31,250.00 31,250.00FHLB NOTESBREAN CAPITAL LLCInterestFEDERAL HOME313379DT3
35957 COMM 25,868.06 -25,868.06 0.00FHLB NOTESBREAN CAPITAL LLCAccr IntFEDERAL HOME313379DT3
36023 COMM 583.33 583.33U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.07% MATSYS36023
36024 COMM 2,000.00 2,000.00U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.08% MATSYS36024
Totals for 06/08/2015 499,999,722.22 540,217,916.67 265,666.66 40,483,861.11
36031 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TA2
36029 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.05% MATSYS36029
36030 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.07% MATSYS36030
35478 COMM 10,000,000.00 10,000,000.00FHLB DISCOUNT RBC CAPITALRedemptionFHDN ZERO CPN313384GR4
36026 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.07% MATSYS36026
36027 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.08% MATSYS36027
36028 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1T95
36026 COMM 194.44 194.44U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.07% MATSYS36026
36027 COMM 666.67 666.67U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.08% MATSYS36027
Totals for 06/09/2015 499,999,722.22 510,000,000.00 861.11 10,001,138.89
36034 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TB0
36032 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.07% MATSYS36032
36033 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.07% MATSYS36033
34995 COMM 20,450,000.00 20,450,000.00FFCB NOTESDaiwa Capital MarketRedemptionFEDERAL FARM CR3133EDES7
35264 COMM 10,000,000.00 10,000,000.00FHLMC DISCOUNTMORGAN STANLEYRedemptionFMCDN ZERO CPN313396GS6
35513 COMM 10,000,000.00 10,000,000.00FFCB DISCOUNTFTN FINANCIALRedemptionFCDN DISC NOTE313312GS3
36029 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.05% MATSYS36029
36030 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.07% MATSYS36030
36031 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TA2
34652 COMM 237,521.88 237,521.88FHLB NOTESJPMorganChaseInterestFEDERAL HOME313373SZ6
34663 COMM 265,625.00 265,625.00FHLB NOTESWELLS FARGOInterestFEDERAL HOME313373SZ6
34682 COMM 531,250.00 531,250.00FHLB NOTESMORGAN STANLEYInterestFEDERAL HOME313373SZ6
34749 COMM 159,375.00 159,375.00FHLB NOTESWELLS FARGOInterestFEDERAL HOME313373SZ6
34995 COMM 23,517.50 23,517.50FFCB NOTESDaiwa Capital MarketInterestFEDERAL FARM CR3133EDES7
35136 COMM 9,375.00 9,375.00FHLB NOTESRAYMOND JAMES &InterestFEDERAL HOME3130A2C61
35195 COMM 9,375.00 9,375.00FHLB NOTESWELLS FARGOInterestFEDERAL HOME3130A2C61
35512 COMM 26,203.13 26,203.13FHLB NOTESMORGAN STANLEYInterestFEDERAL HOME3130A2C61
35512 COMM 291.15 -291.15 0.00FHLB NOTESMORGAN STANLEYAccr IntFEDERAL HOME3130A2C61
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
154
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 4Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
35520 COMM 46,875.00 46,875.00FHLB NOTESRAYMOND JAMES &InterestFEDERAL HOME3130A2C61
35520 COMM 1,562.50 -1,562.50 0.00FHLB NOTESRAYMOND JAMES &Accr IntFEDERAL HOME3130A2C61
36029 COMM 138.89 138.89U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.05% MATSYS36029
36030 COMM 583.33 583.33U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.07% MATSYS36030
Totals for 06/10/2015 499,999,722.22 540,451,853.65 1,307,986.08 41,760,117.51
36037 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TC8
36035 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.09% MATSYS36035
36036 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.09% MATSYS36036
35396 COMM 30,000,000.00 30,000,000.00TORONTOUBS FINANCERedemptionTDNY 0.215% MAT89112UG70
36032 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.07% MATSYS36032
36033 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.07% MATSYS36033
36034 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TB0
35396 COMM 40,133.33 40,133.33TORONTOUBS FINANCEInterestTDNY 0.215% MAT89112UG70
36032 COMM 194.44 194.44U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.07% MATSYS36032
36033 COMM 583.33 583.33U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.07% MATSYS36033
Totals for 06/11/2015 499,999,722.22 530,000,000.00 40,911.10 30,041,188.88
36040 COMM 99,999,166.66 -99,999,166.66U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TF1
36038 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.09% MATSYS36038
36039 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.09% MATSYS36039
31686 COMM 5,000,000.00 5,000,000.00NCUABARCLAYS CAPITALRedemptionNCUA 1.4% MAT62889KAB7
34999 COMM 15,615,000.00 15,615,000.00FHLB NOTESWELLS FARGORedemptionFEDERAL HOME313379ER6
35000 COMM 10,060,000.00 10,060,000.00FHLB NOTESUBS FINANCERedemptionFEDERAL HOME313379ER6
35334 COMM 10,000,000.00 10,000,000.00FNMA DISCOUNT RBC CAPITALRedemptionFNMAD ZERO CPN313588GU3
35490 COMM 20,000,000.00 20,000,000.00BANK OF NOVASCOTIA CAPITALRedemptionBNSHOU 0.23% MAT06417HXN1
36035 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.09% MATSYS36035
36036 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.09% MATSYS36036
36037 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TC8
31686 COMM 35,000.00 35,000.00NCUABARCLAYS CAPITALInterestNCUA 1.4% MAT62889KAB7
34999 COMM 39,037.50 39,037.50FHLB NOTESWELLS FARGOInterestFEDERAL HOME313379ER6
35000 COMM 25,150.00 25,150.00FHLB NOTESUBS FINANCEInterestFEDERAL HOME313379ER6
35490 COMM 23,638.89 23,638.89BANK OF NOVASCOTIA CAPITALInterestBNSHOU 0.23% MAT06417HXN1
35643 COMM 3,936.36 3,936.36ROYAL BANK OF RBC CAPITALInterestRBC 0.2917% MAT78009NTJ5
36035 COMM 250.00 250.00U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.09% MATSYS36035
36036 COMM 750.00 750.00U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.09% MATSYS36036
Totals for 06/12/2015 499,999,166.66 560,675,000.00 127,762.75 60,803,596.09
36041 COMM 10,140,791.67 -10,140,791.67FHLB NOTESDEUTSCHE BANKPurchaseFEDERAL HOME3130A4HT2
36044 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TG9
36042 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.1% MATSYS36042
36043 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.1% MATSYS36043
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
155
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 5Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
35218 COMM 33,000,000.00 33,000,000.00FHLB NOTESWELLS FARGORedemptionFEDERAL HOME3130A2LA2
35854 COMM 35,000,000.00 35,000,000.00BANK OF NOVAMORGAN STANLEYRedemptionBNSHOU DISC NOTE06417KTF6
35921 COMM 30,000,000.00 30,000,000.00TORONTOMERRILL LYNCHRedemptionTDNY 0.125% MAT89113EMR4
36038 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.09% MATSYS36038
36039 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.09% MATSYS36039
36040 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TF1
33757 COMM 6,750.00 6,750.00CHASE ISSUANCEJPMorganChaseInterestCHAIT 0.54% MAT161571FR0
34755 COMM 125,000.00 125,000.00U.S. TREASURYCITIGROUP GLOBALInterestUNITED STATES912828VG2
34997 COMM 125,000.00 125,000.00U.S. TREASURYMORGAN STANLEYInterestUNITED STATES912828VG2
35218 COMM 42,991.67 42,991.67FHLB NOTESWELLS FARGOInterestFEDERAL HOME3130A2LA2
35218 COMM 513.33 -513.33 0.00FHLB NOTESWELLS FARGOAccr IntFEDERAL HOME3130A2LA2
35418 COMM 6,750.00 6,750.00CHASE ISSUANCEMORGAN STANLEYInterestCHAIT 0.54% MAT161571FR0
35549 COMM 43,541.67 43,541.67FHLB NOTESWELLS FARGOInterestFEDERAL HOME3130A3SL9
35864 COMM 44,166.67 44,166.67FHLB NOTESWELLS FARGOInterestFHLB 1.% MAT3130A4Y71
35921 COMM 5,104.17 5,104.17TORONTOMERRILL LYNCHInterestTDNY 0.125% MAT89113EMR4
35936 COMM 18,750.00 18,750.00INTL BANK RECON &BARCLAYS CAPITALInterestIBRD 1.% MAT459058EJ8
35937 COMM 12,500.00 12,500.00INTL BANK RECON &BMO CAPITALInterestIBRD 1.% MAT459058EJ8
36038 COMM 750.00 750.00U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.09% MATSYS36038
36039 COMM 2,250.00 2,250.00U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.09% MATSYS36039
34436 COMM -30,554.69 -30,554.69CHASE ISSUANCECITIGROUP GLOBALInterestCHAIT 0.79% MAT161571FJ8
34436 COMM 15,040,429.69 15,040,429.69CHASE ISSUANCECITIGROUP GLOBALRedemptionCHAIT 0.79% MAT161571FJ8
34933 COMM 4,466.66 4,466.66TOYOTA AUTO RECCITIGROUP GLOBALInterestTAOT 0.67% MAT89231MAC9
34933 COMM 275,490.39 275,490.39TOYOTA AUTO RECCITIGROUP GLOBALRedemptionTAOT 0.67% MAT89231MAC9
34934 COMM 936.21 936.21TOYOTA AUTO RECCITIGROUP GLOBALInterestTAOT 0.41% MAT89231MAB1
34934 COMM 557,018.22 557,018.22TOYOTA AUTO RECCITIGROUP GLOBALRedemptionTAOT 0.41% MAT89231MAB1
34992 COMM 1,237.55 1,237.55MERCEDES-BENZCITIGROUP GLOBALInterestMBALT 0.48% MAT58768EAC3
34992 COMM 678,013.16 678,013.16MERCEDES-BENZCITIGROUP GLOBALRedemptionMBALT 0.48% MAT58768EAC3
35040 COMM 287.81 287.81TOYOTA AUTO RECMORGAN STANLEYInterestTAOT 0.41% MAT89231MAB1
35040 COMM 238,835.52 238,835.52TOYOTA AUTO RECMORGAN STANLEYRedemptionTAOT 0.41% MAT89231MAB1
35087 COMM 3,114.17 3,114.17HONDA AUTOCITIGROUP GLOBALInterestHAROT 0.74% MAT43813XAD6
35087 COMM 147,533.01 147,533.01HONDA AUTOCITIGROUP GLOBALRedemptionHAROT 0.74% MAT43813XAD6
35143 COMM 1,466.84 1,466.84TOYOTA AUTO RECCITIGROUP GLOBALInterestTAOT 0.41% MAT89231MAB1
35143 COMM 1,179,005.33 1,179,005.33TOYOTA AUTO RECCITIGROUP GLOBALRedemptionTAOT 0.41% MAT89231MAB1
35311 COMM 3,703.63 3,703.63JOHN DEERE RBC CAPITALInterestJDOT 0.54% MAT477877AB0
35311 COMM 634,116.91 634,116.91JOHN DEERE RBC CAPITALRedemptionJDOT 0.54% MAT477877AB0
35375 COMM 2,148.72 2,148.72TOYOTA AUTO RECMERRILL LYNCHInterestTAOT 0.51% MAT89190AAB6
35375 COMM 388,124.33 388,124.33TOYOTA AUTO RECMERRILL LYNCHRedemptionTAOT 0.51% MAT89190AAB6
35420 COMM -14,901.05 -14,901.05CHASE ISSUANCEMORGAN STANLEYInterestCHAIT 0.79% MAT161571FJ8
35420 COMM 10,021,484.38 10,021,484.38CHASE ISSUANCEMORGAN STANLEYRedemptionCHAIT 0.79% MAT161571FJ8
35423 COMM 3,353.17 3,353.17AMERICANMORGAN STANLEYInterestAME 0.59% MAT02587UAB6
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
156
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 6Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
35423 COMM 222,076.13 222,076.13AMERICANMORGAN STANLEYRedemptionAME 0.59% MAT02587UAB6
35456 COMM 778.52 778.52HONDA AUTOBNP PARIBASInterestHAROT 0.22% MAT43814JAA2
35456 COMM 1,554,623.96 1,554,623.96HONDA AUTOBNP PARIBASRedemptionHAROT 0.22% MAT43814JAA2
35457 COMM 4,833.33 4,833.33HONDA AUTOBNP PARIBASInterestHAROT 0.58% MAT43814JAB0
35457 COMM 485,077.31 485,077.31HONDA AUTOBNP PARIBASRedemptionHAROT 0.58% MAT43814JAB0
35701 COMM 5,620.84 5,620.84TOYOTA AUTO RECJPMorganChaseInterestTAOT 0.71% MAT89236WAB4
35701 COMM 353,737.69 353,737.69TOYOTA AUTO RECJPMorganChaseRedemptionTAOT 0.71% MAT89236WAB4
35725 COMM 9,425.00 9,425.00JOHN DEERECITIGROUP GLOBALInterestJDOT 0.87% MAT47787UAB9
35725 COMM 395,685.70 395,685.70JOHN DEERECITIGROUP GLOBALRedemptionJDOT 0.87% MAT47787UAB9
35726 COMM 6,600.00 6,600.00JOHN DEERECITIGROUP GLOBALInterestJDOT 1.32% MAT47787UAD5
35726 COMM 119,736.42 119,736.42JOHN DEERECITIGROUP GLOBALRedemptionJDOT 1.32% MAT47787UAD5
35953 COMM 36,833.33 36,833.33CHASE ISSUANCEJPMorganChaseInterestCHAIT 1.36% MAT161571GY4
35953 COMM 413,989.13 413,989.13CHASE ISSUANCEJPMorganChaseRedemptionCHAIT 1.36% MAT161571GY4
Totals for 06/15/2015 510,140,513.89 630,705,490.61 472,390.89 121,037,367.61
36048 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TH7
36045 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.09% MATSYS36045
36046 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.09% MATSYS36046
36047 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.09% MATSYS36047
35274 COMM 10,000,000.00 10,000,000.00FHLMC DISCOUNTWELLS FARGORedemptionFMCDN ZERO CPN313396GY3
36042 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.1% MATSYS36042
36043 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.1% MATSYS36043
36044 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TG9
36042 COMM 277.78 277.78U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.1% MATSYS36042
36043 COMM 833.33 833.33U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.1% MATSYS36043
Totals for 06/16/2015 599,999,722.22 510,000,000.00 1,111.11 -89,998,611.11
36060 COMM 9,999,326.00 -9,999,326.00TOYOTA AUTO RECCITIGROUP GLOBALPurchaseTAOT 0.77% MAT89237CAB7
36052 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TJ3
36049 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.07% MATSYS36049
36050 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.07% MATSYS36050
36051 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.08% MATSYS36051
35501 COMM 10,000,000.00 10,000,000.00FHLMC DISCOUNT RBC CAPITALRedemptionFMCDN ZERO CPN313396GZ0
36045 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.09% MATSYS36045
36046 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.09% MATSYS36046
36047 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.09% MATSYS36047
36048 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TH7
36045 COMM 250.00 250.00U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.09% MATSYS36045
36046 COMM 250.00 250.00U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.09% MATSYS36046
36047 COMM 750.00 750.00U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.09% MATSYS36047
Totals for 06/17/2015 609,999,048.22 610,000,000.00 1,250.00 2,201.78
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
157
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 7Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
36053 COMM 5,050,556.25 -5,050,556.25FHLB NOTESKEYBANC CAPITALPurchaseFEDERAL HOME313378A43
36055 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TK0
36056 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.06% MATSYS36056
36057 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.04% MATSYS36057
36058 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.07% MATSYS36058
36049 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.07% MATSYS36049
36050 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.07% MATSYS36050
36051 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.08% MATSYS36051
36052 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TJ3
35527 COMM 56,250.00 56,250.00FFCB NOTESMERRILL LYNCHInterestFEDERAL FARM CR3133EEFE5
35529 COMM 56,250.00 56,250.00FFCB NOTESMERRILL LYNCHInterestFEDERAL FARM CR3133EEFE5
36049 COMM 194.44 194.44U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.07% MATSYS36049
36050 COMM 194.44 194.44U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.07% MATSYS36050
36051 COMM 666.67 666.67U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.08% MATSYS36051
Totals for 06/18/2015 605,050,278.47 600,000,000.00 113,555.55 -4,936,722.92
36059 COMM 5,063,197.22 -5,063,197.22FHLB NOTESKEYBANC CAPITALPurchaseFEDERAL HOME313378A43
36064 COMM 99,999,166.66 -99,999,166.66U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TN4
36061 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.05% MATSYS36061
36062 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.05% MATSYS36062
36063 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.06% MATSYS36063
35163 COMM 10,000,000.00 10,000,000.00FHLB NOTESFTN FINANCIALRedemptionFEDERAL HOME3130A2FT8
35331 COMM 10,000,000.00 10,000,000.00FHLMC DISCOUNTFTN FINANCIALRedemptionFHLMCD ZERO CPN313396HB2
36055 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TK0
36056 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.06% MATSYS36056
36057 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.04% MATSYS36057
36058 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.07% MATSYS36058
35163 COMM 6,250.00 6,250.00FHLB NOTESFTN FINANCIALInterestFEDERAL HOME3130A2FT8
36056 COMM 166.67 166.67U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.06% MATSYS36056
36057 COMM 111.11 111.11U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.04% MATSYS36057
36058 COMM 583.33 583.33U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.07% MATSYS36058
Totals for 06/19/2015 605,062,363.88 620,000,000.00 7,111.11 14,944,747.23
35382 COMM 35.70 35.70VOLKSWAGENCITIGROUP GLOBALInterestVALET 0.2% MAT92867TAA3
35382 COMM 0.00VOLKSWAGENCITIGROUP GLOBALRedemptionVALET 0.2% MAT92867TAA3
Totals for 06/20/2015 35.70 35.70
33890 COMM 125,000.00 125,000.00FHLB NOTESMERRILL LYNCHInterestFHLB 1.% MAT313379DD8
Totals for 06/21/2015 125,000.00 125,000.00
36065 COMM 2,224,221.25 -2,224,221.25FHLMC NOTESBMO CAPITALPurchaseFEDERAL HOME LN3134G7CQ2
36066 COMM 9,987,500.00 -9,987,500.00FHLMC NOTESMORGAN STANLEYPurchaseFEDERAL HOME LN3134G67C1
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
158
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 8Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
36070 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TP9
36067 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.03% MATSYS36067
36068 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.04% MATSYS36068
36069 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.05% MATSYS36069
32251 COMM 501,017.65 501,017.65VOLKSWAGENCITIGROUP GLOBALRedemptionVALET 0.85% MAT92867GAC7
32251 COMM 5.81 5.81VOLKSWAGENCITIGROUP GLOBALCap G/LVALET 0.85% MAT92867GAC7
35382 COMM 338,174.34 338,174.34VOLKSWAGENCITIGROUP GLOBALRedemptionVALET 0.2% MAT92867TAA3
36061 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.05% MATSYS36061
36062 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.05% MATSYS36062
36063 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.06% MATSYS36063
36064 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TN4
32251 COMM 672.21 672.21VOLKSWAGENCITIGROUP GLOBALInterestVALET 0.85% MAT92867GAC7
36061 COMM 416.67 416.67U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.05% MATSYS36061
36062 COMM 416.67 416.67U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.05% MATSYS36062
36063 COMM 1,500.00 1,500.00U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.06% MATSYS36063
35064 COMM 7,583.33 7,583.33VOLKSWAGENJPMorganChaseInterestVALET 0.91% MAT92867RAC3
35064 COMM 257,447.36 257,447.36VOLKSWAGENJPMorganChaseRedemptionVALET 0.91% MAT92867RAC3
35065 COMM 5,655.26 5,655.26VOLKSWAGENJPMorganChaseInterestVALET 0.42% MAT92867RAB5
35065 COMM 2,375,281.64 2,375,281.64VOLKSWAGENJPMorganChaseRedemptionVALET 0.42% MAT92867RAB5
35382 COMM 62.00 62.00VOLKSWAGENCITIGROUP GLOBALInterestVALET 0.2% MAT92867TAA3
35382 COMM 67,975.81 67,975.81VOLKSWAGENCITIGROUP GLOBALRedemptionVALET 0.2% MAT92867TAA3
35706 COMM 8,700.00 8,700.00VOLKSWAGENBARCLAYS CAPITALInterestVALET 0.98% MAT92867VAB6
35706 COMM 483,021.71 483,021.71VOLKSWAGENBARCLAYS CAPITALRedemptionVALET 0.98% MAT92867VAB6
35986 COMM 6,268.89 6,268.89HONDA AUTOJPMorganChaseInterestHAROT 1.04% MAT43813NAC0
35986 COMM 153,728.01 153,728.01HONDA AUTOJPMorganChaseRedemptionHAROT 1.04% MAT43813NAC0
Totals for 06/22/2015 612,211,443.47 604,176,652.33 31,275.03 -8,003,516.11
36075 COMM 14,977,500.00 -14,977,500.00FHLMC NOTESJEFFERIES & CO,PurchaseFEDERAL HOME LN3134G66C2
36076 COMM 9,999,000.00 -9,999,000.00FHLMC NOTESJPMorganChasePurchaseFEDERAL HOME LN3134G64W0
36074 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TQ7
36071 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.04% MATSYS36071
36072 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.01% MATSYS36072
36073 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.05% MATSYS36073
32782 COMM 10,000,000.00 10,000,000.00FFCB NOTESBARCLAYS CAPITALRedemptionFFCB 0.5% MAT3133EARQ3
34561 COMM 40,000,000.00 40,000,000.00FFCB NOTESBARCLAYS CAPITALRedemptionFFCB 0.5% MAT3133EARQ3
34636 COMM 15,000,000.00 15,000,000.00FFCB NOTESBARCLAYS CAPITALRedemptionFFCB 0.5% MAT3133EARQ3
36067 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.03% MATSYS36067
36068 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.04% MATSYS36068
36069 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.05% MATSYS36069
36070 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TP9
32782 COMM 25,000.00 25,000.00FFCB NOTESBARCLAYS CAPITALInterestFFCB 0.5% MAT3133EARQ3
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
159
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 9Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
34561 COMM 100,000.00 100,000.00FFCB NOTESBARCLAYS CAPITALInterestFFCB 0.5% MAT3133EARQ3
34636 COMM 37,500.00 37,500.00FFCB NOTESBARCLAYS CAPITALInterestFFCB 0.5% MAT3133EARQ3
36067 COMM 83.33 83.33U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.03% MATSYS36067
36068 COMM 111.11 111.11U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.04% MATSYS36068
36069 COMM 416.67 416.67U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.05% MATSYS36069
35700 COMM 4,079.17 4,079.17GE EQUIPMERRILL LYNCHInterestGEET 0.89% MAT36164EAB1
35700 COMM 178,103.84 178,103.84GE EQUIPMERRILL LYNCHRedemptionGEET 0.89% MAT36164EAB1
Totals for 06/23/2015 624,976,222.22 665,178,103.84 167,190.28 40,369,071.90
36082 COMM 24,998,472.22 -24,998,472.22FHLB DISCOUNTMIZUHOPurchaseFHDN DISC NOTE313384KC2
36077 COMM 9,684,384.13 -9,684,384.13FNMA NOTESJPMorganChasePurchaseFEDERAL NATL MTG3136G2K71
36078 COMM 2,999,724.60 -2,999,724.60NISSAN AUTOBARCLAYS CAPITALPurchaseNALT 0.99% MAT65473DAB8
36081 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TR5
36079 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.06% MATSYS36079
36080 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.08% MATSYS36080
34343 COMM 15,000,000.00 15,000,000.00FFCB NOTESMIZUHORedemptionFEDERAL FARM CR3133ECSP0
35494 COMM 30,000,000.00 30,000,000.00FNMA DISCOUNTCANTORRedemptionFNMAD ZERO CPN313588HG3
36071 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.04% MATSYS36071
36072 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.01% MATSYS36072
36073 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.05% MATSYS36073
36074 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TQ7
34257 COMM 28,125.00 28,125.00FHLB NOTESCITIGROUP GLOBALInterestFHLB 0.375% MAT3133834R9
34261 COMM 65,625.00 65,625.00FHLB NOTESCITIGROUP GLOBALInterestFHLB 0.375% MAT3133834R9
34343 COMM 24,750.00 24,750.00FFCB NOTESMIZUHOInterestFEDERAL FARM CR3133ECSP0
34349 COMM 22,225.00 22,225.00CHEVRON CORP.BARCLAYS CAPITALInterestCVX 0.889% MAT166764AC4
34533 COMM 46,875.00 46,875.00FHLB NOTESDEUTSCHE BANKInterestFHLB 0.375% MAT3133834R9
36071 COMM 111.11 111.11U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.04% MATSYS36071
36072 COMM 27.78 27.78U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.01% MATSYS36072
36073 COMM 416.67 416.67U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.05% MATSYS36073
Totals for 06/24/2015 537,682,303.17 645,000,000.00 188,155.56 107,505,852.39
36086 COMM 49,997,277.78 -49,997,277.78FHLB DISCOUNTMIZUHOPurchaseFHDN DISC NOTE313384KJ7
36085 COMM 99,999,722.22 -99,999,722.22U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TS3
36083 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.07% MATSYS36083
36084 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.08% MATSYS36084
36079 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.06% MATSYS36079
36080 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.08% MATSYS36080
36081 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TR5
36079 COMM 166.67 166.67U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.06% MATSYS36079
36080 COMM 666.67 666.67U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.08% MATSYS36080
35376 COMM 4,083.07 4,083.07BMW VEHICLE RBC CAPITALInterestBMWOT 0.53% MAT09658UAB5
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
160
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 10Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
35376 COMM 959,391.07 959,391.07BMW VEHICLE RBC CAPITALRedemptionBMWOT 0.53% MAT09658UAB5
Totals for 06/25/2015 549,997,000.00 500,959,391.07 4,916.41 -49,032,692.52
36087 COMM 10,004,950.00 -10,004,950.00FHLMC NOTESJPMorganChasePurchaseFEDERAL HOME LN3134G64W0
36088 COMM 7,507,945.93 -7,507,945.93FNMA NOTESKEYBANC CAPITALPurchaseFEDERAL NATL MTG3136FTZZ5
36089 COMM 13,913,106.01 -13,913,106.01FNMA NOTESDEUTSCHE BANKPurchaseFNMA 1.15% MAT3136G2KD8
36092 COMM 99,999,166.66 -99,999,166.66U S BANKU S BANKPurchaseUSB DISC NOTE9033E1TV6
36090 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.09% MATSYS36090
36091 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.1% MATSYS36091
35561 COMM 10,000,000.00 10,000,000.00FFCB DISCOUNTUBS FINANCERedemptionFCDN DISC NOTE313312HJ2
35775 COMM 15,000,000.00 15,000,000.00FHLB NOTESDEUTSCHE BANKRedemptionFEDERAL HOME3130A4JX1
36083 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.07% MATSYS36083
36084 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.08% MATSYS36084
36085 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TS3
35775 COMM 52,500.00 52,500.00FHLB NOTESDEUTSCHE BANKInterestFEDERAL HOME3130A4JX1
36083 COMM 194.44 194.44U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.07% MATSYS36083
36084 COMM 666.67 666.67U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.08% MATSYS36084
Totals for 06/26/2015 531,425,168.60 525,000,000.00 53,361.11 -6,371,807.49
36100 COMM 9,454,684.83 -9,454,684.83FHLB DISCOUNTMIZUHOPurchaseFHDN DISC NOTE313384JT7
36099 COMM 11,189,602.13 -11,189,602.13FHLB NOTESMIZUHOPurchase313384JV2
36094 COMM 6,425,000.00 -6,425,000.00FHLMC NOTESINCAPITAL LLCPurchaseFEDERAL HOME LN3134G6V26
36093 COMM 5,298,675.00 -5,298,675.00FNMA NOTESUBS FINANCEPurchaseFEDERAL NATL MTG3136G2KZ9
36098 COMM 99,999,444.44 -99,999,444.44U S BANKU S BANKPurchaseUSB DISC NOTE9033E1U10
36095 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.05% MATSYS36095
36096 COMM 100,000,000.00 -100,000,000.00U.S. TREASURYBARCLAYS CAPITALPurchaseUSTN 0.07% MATSYS36096
36097 COMM 300,000,000.00 -300,000,000.00U.S. TREASURYDEUTSCHE BANKPurchaseUSTN 0.08% MATSYS36097
34781 COMM 50,000,000.00 50,000,000.00FHLMC NOTESPIPER JAFFRAY &RedemptionFEDERAL HOME LN3134G4PX0
35540 COMM 10,000,000.00 10,000,000.00FHLMC CALLABLEJEFFERIES & CO,RedemptionFEDERAL HOME LN3134G5SL0
36090 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.09% MATSYS36090
36091 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.1% MATSYS36091
36092 COMM 100,000,000.00 100,000,000.00U S BANKU S BANKRedemptionUSB DISC NOTE9033E1TV6
34781 COMM 125,000.00 125,000.00FHLMC NOTESPIPER JAFFRAY &InterestFEDERAL HOME LN3134G4PX0
35498 COMM 125,000.00 125,000.00FHLMC NOTESBNP PARIBASInterestFEDERAL HOME LN3137EADH9
35540 COMM 45,000.00 45,000.00FHLMC CALLABLEJEFFERIES & CO,InterestFEDERAL HOME LN3134G5SL0
35816 COMM 59,062.50 59,062.50FHLB NOTESWELLS FARGOInterestFEDERAL HOME3130A4UP5
35893 COMM 43,916.67 43,916.67FHLMC NOTESDaiwa Capital MarketInterestFEDERAL HOME LN3134G6TF0
36090 COMM 750.00 750.00U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.09% MATSYS36090
36091 COMM 2,500.00 2,500.00U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.1% MATSYS36091
Totals for 06/29/2015 632,367,406.40 560,000,000.00 401,229.17 -71,966,177.23
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
161
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 11Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
36105 COMM 0.01 -0.01BLACKROCKPurchaseBLACKR 0.04%SYS36105
36103 COMM 19,938,769.44 -19,938,769.44FFCB DISCOUNTMIZUHOPurchaseFCDN ZERO CPN313312XF2
36101 COMM 44,998,425.00 -44,998,425.00FHLB DISCOUNTMIZUHOPurchaseFHDN DISC NOTE313384JS9
36102 COMM 14,999,475.00 -14,999,475.00FHLB DISCOUNTMIZUHOPurchaseFHDN DISC NOTE313384JS9
34291 COMM 25,000,000.00 -25,000,000.00MORGAN STANLEYPurchaseMSGI 0.%SYS34291
36105 COMM 250,000,000.00 -250,000,000.00BLACKROCKPurchaseBLACKR 0.04%SYS36105
35550 COMM 9,992,500.00 9,992,500.00FHLB NOTESRAYMOND JAMES &RedemptionFEDERAL HOME3130A3PZ1
35550 COMM 7,500.00 7,500.00FHLB NOTESRAYMOND JAMES &Cap G/LFEDERAL HOME3130A3PZ1
35551 COMM 19,985,000.00 19,985,000.00FHLMC CALLABLEFTN FINANCIALRedemptionFEDERAL HOME LN3134G5SW6
35551 COMM 15,000.00 15,000.00FHLMC CALLABLEFTN FINANCIALCap G/LFEDERAL HOME LN3134G5SW6
35552 COMM 19,985,000.00 19,985,000.00FHLMC CALLABLEJPMorganChaseRedemptionFEDERAL HOME LN3134G5SW6
35552 COMM 15,000.00 15,000.00FHLMC CALLABLEJPMorganChaseCap G/LFEDERAL HOME LN3134G5SW6
35553 COMM 10,000,000.00 10,000,000.00FHLMC CALLABLEFTN FINANCIALRedemptionFEDERAL HOME LN3134G5SW6
35555 COMM 31,293,203.20 31,293,203.20FHLMC CALLABLEJPMorganChaseRedemptionFEDERAL HOME LN3134G5SW6
35555 COMM 66,796.80 66,796.80FHLMC CALLABLEJPMorganChaseCap G/LFEDERAL HOME LN3134G5SW6
35786 COMM 7,630,000.00 7,630,000.00FHLMC NOTESFTN FINANCIALRedemptionFEDERAL HOME LN3134G6MD2
35787 COMM 15,003,750.00 15,003,750.00FHLMC NOTESMIZUHORedemptionFEDERAL HOME LN3134G6LP6
35787 COMM -3,750.00 -3,750.00FHLMC NOTESMIZUHOCap G/LFEDERAL HOME LN3134G6LP6
35788 COMM 20,020,000.00 20,020,000.00FHLMC NOTESMIZUHORedemptionFEDERAL HOME LN3134G6LP6
35788 COMM -20,000.00 -20,000.00FHLMC NOTESMIZUHOCap G/LFEDERAL HOME LN3134G6LP6
36095 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.05% MATSYS36095
36096 COMM 100,000,000.00 100,000,000.00U.S. TREASURYBARCLAYS CAPITALRedemptionUSTN 0.07% MATSYS36096
36097 COMM 300,000,000.00 300,000,000.00U.S. TREASURYDEUTSCHE BANKRedemptionUSTN 0.08% MATSYS36097
36105 COMM 0.01 0.01BLACKROCKRedemptionBLACKR 0.04%SYS36105
35550 COMM 50,000.00 50,000.00FHLB NOTESRAYMOND JAMES &InterestFEDERAL HOME3130A3PZ1
35551 COMM 100,000.00 100,000.00FHLMC CALLABLEFTN FINANCIALInterestFEDERAL HOME LN3134G5SW6
35552 COMM 100,000.00 100,000.00FHLMC CALLABLEJPMorganChaseInterestFEDERAL HOME LN3134G5SW6
35553 COMM 50,000.00 50,000.00FHLMC CALLABLEFTN FINANCIALInterestFEDERAL HOME LN3134G5SW6
35554 COMM 52,500.00 52,500.00FHLMC CALLABLEUBS FINANCEInterestFHLMCC 1.05% MAT3134G5VV4
35555 COMM 156,800.00 156,800.00FHLMC CALLABLEJPMorganChaseInterestFEDERAL HOME LN3134G5SW6
35786 COMM 25,751.25 25,751.25FHLMC NOTESFTN FINANCIALInterestFEDERAL HOME LN3134G6MD2
35787 COMM 37,500.00 37,500.00FHLMC NOTESMIZUHOInterestFEDERAL HOME LN3134G6LP6
35788 COMM 50,000.00 50,000.00FHLMC NOTESMIZUHOInterestFEDERAL HOME LN3134G6LP6
35886 COMM 171,875.00 171,875.00U.S. TREASURYMERRILL LYNCHInterestUNITED STATES912828VK3
35886 COMM 104,454.42 -104,454.42 0.00U.S. TREASURYMERRILL LYNCHAccr IntUNITED STATES912828VK3
36095 COMM 138.89 138.89U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.05% MATSYS36095
36096 COMM 194.44 194.44U.S. TREASURYBARCLAYS CAPITALInterestUSTN 0.07% MATSYS36096
36097 COMM 666.67 666.67U.S. TREASURYDEUTSCHE BANKInterestUSTN 0.08% MATSYS36097
Totals for 06/30/2015 354,936,669.45 634,094,454.43 690,971.83 279,848,756.81
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
162
Exhibit D
Sorted by Transaction Date - Transaction Date
Page 12Transaction Activity Report
SANTA CLARA COUNTY INVESTMENTS
Total
CashInterest
Principal
Paydowns
New
PrincipalFundInvestment #IssuerDealerTransactionTypeInv DescripCUSIP
Grand Total 11,563,846,883. 11,941,458,862. 4,124,360.22 381,736,339.08
Portfolio SCL2
AP
Run Date: 07/13/2015 - 13:44 TA (PRF_TA) 7.1.1
Report Ver. 7.3.5
163
Exhibit D
Quarterly Economic and Market Update
June 2015
164
Exhibit D
Economic and Market Update
*Estimates for the current quarter/month, some data are lagged Sources: FTN Main Street and Bloomberg
5.5%-0.2%
GDP QOQ% Change*2.5%-0.2%2.7%
2.354%1.924%0.430%
3 Year T-Note 1.005%0.880%0.125%
Labor Force Participation*62.6%62.7%-0.1%
1st Project Fed Funds Hike Jan 2016 Nov 2015
Consumer Confidence 101.40 89.00 12.40
Gold (per ounce)$1,172.35 $1,208.15 -$35.80
Dollar Index 95.49 85.94 9.55
U.S. Avg Regular Unleaded $2.76 $3.33 -$0.57
Retail Sales YOY*2.2%2.1%0.1%
S&P 500 2,063 1,972 4.605%
Consumer Price Index YOY*-0.2%-0.1%-0.1%
17,620 17,043 3.383%
0.79%0.54%
U.S. Payrolls Qtrly Change*866,000 586,000 280,000
+2 Month
0.07%0.01%Effective Fed Funds Rate 0.08%
Unemployment Rate*5.3%
0.25%
30 Year Mortgage Rate
1-5 Yr Agency Spread
U.S. Fed Debt Avg Yield*2.010%2.001%0.009%
10 Year T-Note
3/31/2015 Change
2.4%2.9%-0.5%GDP YOY% Change*
6/30/2015
Quarterly Changes
Item 6/30/2015
Case-Shiller Home Prices YOY*4.56%4.96%-0.40%
3 Month T-Bill 0.008%0.023%-0.015%
2 Year T-Note 0.645%0.557%0.088%
5 Year T-Note 1.649%1.371%0.278%
4.17%3.79%0.38%
0.00%0.07%-0.07%
1-5 Yr Corporate Spread
Dow Jones
165
Exhibit D
Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
Estimate: Bloomberg's Survey of Economists
As of: 6/30/15
6/30/2015
0.4 3.2 0.2 3.1 2.7 1.4 -2.7 2.0 -1.9 -8.2 -5.4 -0.5 1.3 3.9 1.7 3.9 2.7 2.5 -1.5 2.9 0.8 4.6 2.3 1.6 2.5 0.1 2.7 1.8 4.5 3.5 -2.1 4.6 5.0 2.2 -0.2 2.5 3.0 3.0 2.7 -10
-8
-6
-4
-2
0
2
4
6
8
Q3 2006Q4 2006Q1 2007Q2 2007Q3 2007Q4 2007Q1 2008Q2 2008Q3 2008Q4 2008Q1 2009Q2 2009Q3 2009Q4 2009Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Percent U.S. GDP (Quarter over Quarter Annualized)*
Estimates
166
Exhibit D
Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
6/30/2015
Estimate: Bloomberg's Survey of Economists
As of: 6/30/150.2 3.3 5.3 5.6 -0.5 -0.2 5.4 4.6 5.6 3.2 -0.2 2.6 -1.9 4.6 7.3 4.2 3.5 3.5 4.2 3.7 1.9 -0.1 3.6 2.7 4.0 2.7 3.8 4.5 4.4 4.7 4.1 1.0 1.8 2.8 3.8 3.3 2.7 1.8 -0.3 -2.8 2.5 1.6 2.3 2.2 2.4 2.2 -4
-3
-2
-1
0
1
2
3
4
5
6
7
8
1970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015Percent U.S. Annual GDP *
1980s 3.04% 1990s 3.30% 2000s 1.88% 2010s 2.25% 1970s 2.94%
167
Exhibit D
Economic and Market Update
Source: Bureau of Labor Statistics
12 Month Average Job Change 244,583
6/30/2015
0
50
100
150
200
250
300
350
400
450
Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13Sep-13Dec-13Mar-14Jun-14Sep-14Dec-14Mar-15Jun-15Thousands U.S. Monthly Non-Farm Payrolls Change
3
4
5
6
7
8
9
10
11
12
13
14
15
Dec-10Feb-11Apr-11Jun-11Aug-11Oct-11Dec-11Feb-12Apr-12Jun-12Aug-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14Oct-14Dec-14Feb-15Apr-15Jun-15Percent Unemployment Rates
Nevada
U.S.A
California
Idaho
Washington
168
Exhibit D
Economic and Market Update
Source: Bureau of Labor Statistics
6/30/2015
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
Jun-05Nov-05Apr-06Sep-06Feb-07Jul-07Dec-07May-08Oct-08Mar-09Aug-09Jan-10Jun-10Nov-10Apr-11Sep-11Feb-12Jul-12Dec-12May-13Oct-13Mar-14Aug-14Jan-15Jun-15Millions U.S. Number of Employed
Full-Time and Part-TIme
62.0
62.5
63.0
63.5
64.0
64.5
65.0
65.5
66.0
66.5
67.0
Jun-05Nov-05Apr-06Sep-06Feb-07Jul-07Dec-07May-08Oct-08Mar-09Aug-09Jan-10Jun-10Nov-10Apr-11Sep-11Feb-12Jul-12Dec-12May-13Oct-13Mar-14Aug-14Jan-15Jun-15Percent U.S. Labor Force Participation Rate
169
Exhibit D
Economic and Market Update
########
Source: Department of Labor and Bloomberg
6/30/2015
Weekly Initial Jobless Claims is the actual number of people who have filed for Unemployment benefits for the first time. The following five eligibility criteria must be met in
order to file for unemployment benefits: 1. Meet the requirements of time worked during a 1 year period (full time or not). 2. Become unemployed through no fault of your own
(cannot be fired). 3. Must be able to work; no physical or mental holdbacks. 4. Must be available for work. 5. Must be actively seeking work.
250
300
350
400
450
500
550
600
650
700
198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014Thousands Weekly Initial Jobless Claims
(4 Week Moving Average)
170
Exhibit D
Economic and Market Update
*Real: Inflation Adjusted
Source: U.S. Census Bureau Source: Conference Board
6/30/2015
-1
0
1
2
3
4
5
6
7
Dec-10Feb-11Apr-11Jun-11Aug-11Oct-11Dec-11Feb-12Apr-12Jun-12Aug-12Oct-12Dec-12Feb-13Apr-13Jun-13Aug-13Oct-13Dec-13Feb-14Apr-14Jun-14Aug-14Oct-14Dec-14Feb-15Apr-15Percent U.S. Real* Retail Sales YOY % Change
20
30
40
50
60
70
80
90
100
110
120
Dec-04May-05Oct-05Mar-06Aug-06Jan-07Jun-07Nov-07Apr-08Sep-08Feb-09Jul-09Dec-09May-10Oct-10Mar-11Aug-11Jan-12Jun-12Nov-12Apr-13Sep-13Feb-14Jul-14Dec-14May-15Index Value U.S. Consumer Confidence
171
Exhibit D
Economic and Market Update
*CPIX: Consumer Price Index, excluding food and energy
Source: Bureau of Labor Statistics
6/30/2015
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Dec-10Jan-11Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Percent CPI and CPIX* YOY % Change
CPI
CPIX
172
Exhibit D
Economic and Market Update
Sources: New (U.S. Census Bureau),Existing (National Assoc. of Realtors)
Source: Case-Shiller Seasonally Adjusted Annual Rate
6/30/2015
-20
-15
-10
-5
0
5
10
15
20
Jan-07May-07Sep-07Jan-08May-08Sep-08Jan-09May-09Sep-09Jan-10May-10Sep-10Jan-11May-11Sep-11Jan-12May-12Sep-12Jan-13May-13Sep-13Jan-14May-14Sep-14Jan-15YOY Percent Case-Shiller 20 City U.S. Home Price Index
YOY % Increase
200
300
400
500
600
700
800
900
1,000
1,100
3
4
5
6
7
Dec-06May-07Oct-07Mar-08Aug-08Jan-09Jun-09Nov-09Apr-10Sep-10Feb-11Jul-11Dec-11May-12Oct-12Mar-13Aug-13Jan-14Jun-14Nov-14Apr-15New-Thousands Existing-Millions U.S. New and Existing Home Sales
Existing-Left
New-Right
173
Exhibit D
Economic and Market Update
Source: U.S. Treasury
6/30/2015
$6
$7
$8
$9
$10
$11
$12
$13
$14
$15
$16
$17
$18
$19
Jun-05Nov-05Apr-06Sep-06Feb-07Jul-07Dec-07May-08Oct-08Mar-09Aug-09Jan-10Jun-10Nov-10Apr-11Sep-11Feb-12Jul-12Dec-12May-13Oct-13Mar-14Aug-14Jan-15Jun-15Trillions U.S. Federal Debt Outstanding
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
Jun-05Nov-05Apr-06Sep-06Feb-07Jul-07Dec-07May-08Oct-08Mar-09Aug-09Jan-10Jun-10Nov-10Apr-11Sep-11Feb-12Jul-12Dec-12May-13Oct-13Mar-14Aug-14Jan-15Jun-15Percent U.S. Treasury Interest Bearing Debt Avg Rate
174
Exhibit D
Economic and Market Update
Source: Bloomberg
6/30/2015
0
25
50
75
100
125
150
175
200
225
250
275
300
325
350
375
400
Jul-2015Sep-2015Nov-2015Jan-2016Mar-2016May-2016Jul-2016Sep-2016Nov-2016Jan-2017Mar-2017May-2017Jul-2017Sep-2017Nov-2017Jan-2018Mar-2018May-2018Jul-2018Sep-2018Nov-2018Jan-2019Mar-2019May-2019Jul-2019Sep-2019Nov-2019Jan-2020Mar-2020May-2020Jul-2020Sep-2020Nov-2020Jan-2021Mar-2021May-2021Jul-2021Sep-2021Nov-2021Jan-2022Mar-2022Basis Points Fed Funds Futures,Eurodollar Time Deposit Futures, & Fed's Anticipated Fed Funds Rate
Fed's Anticipated Rates
Eurodollars
Fed Funds
175
Exhibit D
Economic and Market Update
Source: Bloomberg
Maturity 3/31/15 6/30/15 Change
3M 0.02 0.01
1Y 0.23 0.27 0.04
2Y 0.56 0.65 0.09
6/30/2015
-0.02
6M 0.14 0.11 -0.02
3Y 0.88 1.01 0.13
30Y 2.54 3.12 0.59
5Y 1.37 1.65 0.28
10Y 1.92 2.35 0.43
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
3M 6M 1Y 2Y 3Yr 5Y 10Y 30YPercent U.S. Treasury Yield Curve Change
6/30/15
3/31/15
176
Exhibit D
Economic and Market Update
Source: Bloomberg
6/30/2015
-0.10
0.00
0.10
0.20
0.30
0.40
0.50
Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13Sep-13Dec-13Mar-14Jun-14Sep-14Dec-14Mar-15Jun-15Percent U.S. Treasury Yields: 3M and 1Y
1Y
3M
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
Jun-10Sep-10Dec-10Mar-11Jun-11Sep-11Dec-11Mar-12Jun-12Sep-12Dec-12Mar-13Jun-13Sep-13Dec-13Mar-14Jun-14Sep-14Dec-14Mar-15Jun-15Percent U.S. Treasury Yields: 2Y and 5Y
5Y
2Y
177
Exhibit D
Economic and Market Update
Source: Bloomberg
6/30/2015
0
2
4
6
8
10
12
14
16
18
20
22
Jan-54Jan-56Jan-58Jan-60Jan-62Jan-64Jan-66Jan-68Jan-70Jan-72Jan-74Jan-76Jan-78Jan-80Jan-82Jan-84Jan-86Jan-88Jan-90Jan-92Jan-94Jan-96Jan-98Jan-00Jan-02Jan-04Jan-06Jan-08Jan-10Jan-12Jan-14Percent U.S. Treasury Yields 2Yr and 5Yr - Fed Funds Target Rate
5Yr
2Yr
Fed Funds
178
Exhibit D
Economic and Market Update
Source: Bloomberg
6/30/2015
Global Treasury Rates
2 Year Yields 5 Year Yields 10 Year Yields
-1.01%
-0.23%
-0.17%
0.00%
0.05%
0.43%
0.43%
0.48%
0.56%
0.64%
2.02%
-2.0%-1.0%0.0%1.0%2.0%3.0%
Switzlnd
Germany
France
Japan
Portugal
Spain
Italy
Canada
England
USA
Australia
-0.53%
0.07%
0.12%
0.32%
0.81%
1.12%
1.24%
1.51%
1.65%
1.65%
2.29%
-2.0%0.0%2.0%4.0%
Switzlnd
Germany
Japan
France
Canada
Spain
Italy
England
USA
Portugal
Australia
0.10%
0.46%
0.76%
1.19%
1.68%
2.02%
2.30%
2.33%
2.35%
2.98%
3.01%
0.0%2.0%4.0%
Switzlnd
Japan
Germany
France
Canada
England
Spain
Italy
USA
Portugal
Australia
179
Exhibit D
Economic and Market Update
*BofA/Merrill Index (option adjusted spread vs. Treasury)*BofA/Merrill Index (option adjusted spread vs. Treasury)
Agency (GVP0)Corporate A-AAA (CV10)
Source: Bank of America Merrill Lynch Indicies
6/30/2015
Current Spread is 10 Current Spread is 79
0
20
40
60
80
100
120
140
160
180
May-01Dec-01Jul-02Feb-03Sep-03Apr-04Nov-04Jun-05Jan-06Aug-06Mar-07Oct-07May-08Dec-08Jul-09Feb-10Sep-10Apr-11Nov-11Jun-12Jan-13Aug-13Mar-14Oct-14May-15Basis Points Spread: 1-5Yr Agency* vs Treasury
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
May-01Dec-01Jul-02Feb-03Sep-03Apr-04Nov-04Jun-05Jan-06Aug-06Mar-07Oct-07May-08Dec-08Jul-09Feb-10Sep-10Apr-11Nov-11Jun-12Jan-13Aug-13Mar-14Oct-14May-15Basis Points Spread: 1-5Yr A-AAA Corporate vs Treasury
180
Exhibit D
Economic and Market Update
*BofA/Merrill Index (option adjusted spread vs. Treasury)*BofA/Merrill Index (option adjusted spread vs. Treasury)
AAA Rated ABS (R0A1)CMO Agency 0-3Yr PAC (CM1P)
Source: Bank of America Merrill Lynch Indicies
6/30/2015
Current Spread is 57 Current Spread is 51
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
May-01Dec-01Jul-02Feb-03Sep-03Apr-04Nov-04Jun-05Jan-06Aug-06Mar-07Oct-07May-08Dec-08Jul-09Feb-10Sep-10Apr-11Nov-11Jun-12Jan-13Aug-13Mar-14Oct-14May-15Basis Points Spread: AAA Asset Backed vs Treasury
-150
-100
-50
0
50
100
150
200
250
300
May-01Dec-01Jul-02Feb-03Sep-03Apr-04Nov-04Jun-05Jan-06Aug-06Mar-07Oct-07May-08Dec-08Jul-09Feb-10Sep-10Apr-11Nov-11Jun-12Jan-13Aug-13Mar-14Oct-14May-15Basis Points Spread: 0-3Yr Agency CMO vs Treasury
181
Exhibit D
Economic and Market Update
########
Source: Bloomberg
6/30/2015
-10.5 -9.6
-3.4 -2.7 -1.8 -1.4 -1.0 -0.6 -0.4
0.0 0.1 0.1 0.2 0.2 0.2 0.6 1.0
3.1
4.3 4.8
18.1
(15)
(10)
(5)
0
5
10
15
20
Percent Selected Sector QuarterlyTotal Returns
182
Exhibit D
Economic and Market Update
########
Source: Bloomberg
6/30/2015
-48.9
-26.3
-12.0
-4.7 -2.8 -2.5 -2.1 -1.1
0.0 0.7 0.8 1.8 3.4 3.7 6.3 6.6 6.6 7.0 7.2 8.5
17.7
(60)
(50)
(40)
(30)
(20)
(10)
0
10
20
30
Percent Selected Sector Year-Over-YearTotal Returns
183
Exhibit D
Economic and Market Update
Sources: Bloomberg, FTN Main Street
6/30/2015
1.20
1.30
1.40
1.50
1.60
1.70
1.80
3/31/154/2/154/4/154/6/154/8/154/10/154/12/154/14/154/16/154/18/154/20/154/22/154/24/154/26/154/28/154/30/155/2/155/4/155/6/155/8/155/10/155/12/155/14/155/16/155/18/155/20/155/22/155/24/155/26/155/28/155/30/156/1/156/3/156/5/156/7/156/9/156/11/156/13/156/15/156/17/156/19/156/21/156/23/156/25/156/27/156/29/15Percent 5 Year Treasury Note Yield
Weaker than
expected jobs
report
Stung economic
reports and higher
global rates
Greece worries
Higher global
interest rates push
U.S. rates up
184
Exhibit D
Economic and Market Update
########
Sources: Bloomberg, FTN Main Street
6/30/2015
17,500
17,700
17,900
18,100
18,300
18,500
3/31/154/2/154/4/154/6/154/8/154/10/154/12/154/14/154/16/154/18/154/20/154/22/154/24/154/26/154/28/154/30/155/2/155/4/155/6/155/8/155/10/155/12/155/14/155/16/155/18/155/20/155/22/155/24/155/26/155/28/155/30/156/1/156/3/156/5/156/7/156/9/156/11/156/13/156/15/156/17/156/19/156/21/156/23/156/25/156/27/156/29/15Dow Jones Industrial Index
Disappointing
earnings
Weaker dollar on
weak PPI pushes
dollar lower and
stocks higher
Falling oil
prices weigh on
earnings Greece worries
IMF encourages Fed to
wait until next year to
hike rates because of
slow global growth
185
Exhibit D
Disclosure
Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, a nd it may be incomplete or
condensed. This is for informational purposes only and is not intended as an offer or solicitation with respect to any partic ular security, investment
strategy, or investment product. All herein listed securities are subject to availability and change in price. Past performan ce is not indicative of future
results. Ratings on all securities are subject to change.
FTN Financial Group, FTN Financial Capital Markets, and FTN Financial Portfolio Advisors are divisions of First Tennessee Ban k National Association
(FTB). FTN Financial Securities Corp (FFSC), FTN Financial Main Street Advisors, LLC, and FTN Financial Capital Assets Corpor ation are wholly owned
subsidiaries of FTB. FFSC is a member of FINRA and SIPC—http://www.sipc.org/. FTN Financial Group, through FTB or its affiliates, offers investment
products and services. FTN Financial is not registered as a Municipal Advisor.
This message is intended only for the use of the individual or entity to which it is addressed and may contain information th at is privileged, confidential
and exempt from disclosure under applicable law. If the reader of this message is not the intended recipient, employee or age nt responsible to deliver it to
the intended recipient, you are hereby notified that reading, disseminating, distributing or copying this communication is st rictly prohibited.
186
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Quarterly Board of Supervisors Report
187
Exhibit D
Quarterly Investment Report
June 30, 2015
188
Exhibit D
Quarterly Investment Report
Table of Contents
Summary of Cost Values versus Market Values and Yields
Portfolio Strategy, Compliance, Review and Monitoring
Commingled Pool: Allocation by Security Types
Commingled Pool: Allocation by Ratings
Commingled Pool: Holdings by Issuer
Commingled Pool: Historical Month End Book Values
Commingled Pool: Distribution by Maturity
Commingled Pool: Yield to Maturity and Weighted Average Maturity
Approved Issuers and Broker/Dealers
Commingled Pool: Compliance with Investment Policy
Holdings Report: Commingled Pool
Holdings Report: Worker's Compensation
Holdings Report: Mountain View-Los Altos
Holdings Report: Palo Alto Unified
Holdings Report: Park Charter Fund
Holdings Report: San Jose-Evergreen
Holdings Report: West Valley Mission-CCD Building Fund
Transaction Activity Report
6
7
8
9
Quarterly Investment Review Table of Contents
1
2
4
5
12
24
23
10
11
Board of Supervisors: Mike Wasserman, Cindy Chavez, Dave Cortese, Ken Yeager, S. Joseph Simitian
County Executive: Jeffrey V. Smith
25
26
27
29
30
189
Exhibit D
Commingled Investment Pool ***
Worker's Compensation
Mountain View-Los Altos
Palo Alto Unified
Park Charter Fund
San Jose-Evergreen
West Valley Mission CCD - Building Fund
Medical Malpractice Insurance Fund (1)
Total
Commingled Investment Pool
Worker's Compensation
Weighted Yield
Fund
Summary of Yields* for Select Santa Clara County Investment Funds
0.02%
0.13%
0.12%
0.05%
0.21%
$5,773,802,823 0.06%$3,274,358
$598,391
$11,343,679
$19,750,618
$4,927,151
Apr 30 May 31 Jun 30
2015
0.59%
0.59%
0.61%
0.61%
1.22%1.21%
0.46%
2014
0.63%
Jun 30
0.46%0.62%
1.21%1.22%
$272,195 1.00%
$14,298,353
$10,110
$806
$13,603
$10,237
0.54%
$401
$5,693,275,417
VarianceFund
$2,889,256 0.05%
% Variance
Santa Clara County Commingled Pool and Segregated Investments
$77,750
$5,770,528,465
$2,019,255
$599,197
$11,357,282
$19,760,854
$4,937,261
$14,376,103
$2,018,854
$27,205,259 $27,477,454
June 30, 2015
$5,690,386,161
Cost Value**Market Value
*Yield to maturity (YTM) is the rate of return paid on a bond, note, or other fixed income security if the investor buys and holds it to its maturity date and if the coupon interest
paid over the life of the bond is reinvested at the same rate as the coupon rate. The calculation for YTM is based on the coupon rate, length of time to maturity, and market price
at time of purchase.
Yield is a snapshot measure of the yield of the portfolio on the day it was measured based on the current portfolio holdings on that day. This is not a measure of total return, and
is not intended to be, since it does not factor in unrealized capital gains and losses and reinvestment rates are dependent upon interest rate changes
**Cost Value is the amortized book value of the securities as of the date of this report.
***This amount does not include the $100.0 million placed in Treasury's checking account on June 30, 2015. This deposit which is far in excess of nightly check presentation
needs does not earn cash interest but rather receives an earned credit that is used to offset the cost of general banking services. This practice is authorized by the County's
Investment Policy.
(1) Managed by Chandler Asset Management, Inc.
190
Exhibit D
Santa Clara County Commingled Pool and Segregated Investments
Portfolio Strategy
June 30, 2015
Labor markets generally improved. The U.S. added 223,000 jobs in June and so far in the past 12 months, the labor market has generated more than 2.9 million
jobs. The unemployment rate fell in June to 5.3 percent, its lowest level in more than seven years. It is important to note that the Bureau of Labor Statistics will not
finalize June’s release until September and, in the interim, will release updated revisions.
Even with recent global financial events, including Puerto Rico with outstanding debt of $72.0 billion dollars, Greece teetering on insolvency and a Chinese stock
market crash, the strength and direction of the U.S. domestic economy appears to be unaffected. Janet Yellen, Chairman of the Federal Reserve Bank, stated in
recent congressional testimony she expects economic “growth to strengthen over the remainder of this year” and reiterated that the Reserve Bank is still on course
to raise its policy interest rate in 2015.
The economy grew slowly, based on estimates, in the second quarter ending June 30, 2015. Economists expect second quarter results regardless of size to reflect
clear signs of improvement over the prior quarter. Labor markets strengthened and consumer optimism prompted steady spending. According to the latest results
of a Bloomberg News survey of 78 economists conducted in early July, the U.S. economy is projected to expand by 2.8 percent in the second quarter.
Growth in retail sales has been modest. Analysts theorize that consumers continue to divert excess dollars from lower fuel costs to savings rather than to additional
spending. If the more volatile components of spending such as autos and gasoline had been excluded, the average monthly growth in retail sales for May and June
would have been an increase of 0.15 percent. That matched the average monthly gain over the first four months of 2015, suggesting a steady pace, but no evidence
of real upward momentum. Consumer spending accounts for nearly 70 percent of domestic economic activity.
The yield on the two-year U.S. Treasury (UST) note and the ten-year U.S. Treasury (UST) bonds drifted higher in the second quarter. This was prompted by
indications of a stronger economy and expectations of the Federal Reserve hiking interest rates. The 2-year UST yield rose 8 basis points and closed June 30 at 0.64
percent. The 10-year UST yield rose 43 basis points and closed June 30th at 2.33 percent. Recent global financial events have not significantly impacted domestic
bond markets. USTs have generally erased all gains in price that may have stemmed from investors temporarily seeking safe investments as shelter from potential
contagion caused by Greece’s insolvency problems, Puerto Rico seeking bankruptcy protection and by a significant equity market crash in China, a country whose
economy accounted for 38 percent of global growth last year.
Our portfolio strategy continues to focus on the: (1) acquisition of high quality issuers; (2) identifying and selecting bonds with attractive valuations; (3)
appropriately sizing the liquidity portion of the portfolio to ensure adequate cash for near term obligations; and (4) ensuring that monies targeted for longer term
investments are deployed in vehicles with favorable risk adjusted yields. Broker-dealers have generally down-sized the amount of securities carried in inventories in
response to risk-curbing rules crafted after the 2008 financial crisis, including Basel III and the 2010 Dodd-Frank Act. With more efficient software, we have been
addressing this issue by scanning a larger scope of inventory listings to find attractive bonds. Also, our portfolio structuring does not engage in interest rate
anticipation strategies.
191
Exhibit D
Yield and Weighted Average Maturity
Compliance
Review and Monitoring
Additional Information
Santa Clara County Commingled Pool and Segregated Investments
Portfolio Compliance, Review, and Monitoring
June 30, 2015
The yield of the Commingled Pool is 0.62% and the weighted average life is 469 days.
The County Treasuer believes the Commingled Pool contains sufficent cash flow from liquid and maturing securities, bank deposits and incoming cash to
meet the next six months of expected expenditures.
FTN Financial Main Street Advisors, the County’s investment advisor, currently monitors the Treasury Department’s investment activities.
Securities are purchased with the expectation that they will be held to maturity, so unrealized gains or losses are not reflected in the yield calculations.
The market values of securities were taken from pricing services provided by the Bank of New York Mellon, Bloomberg Analytics, dealer quotes, and an
independent pricing service.
192
Exhibit D
Sector % Chng
Federal Agencies
Corporate Bonds
Repurchase Agreements
Commercial Paper
Asset-Backed Securities
Municipal Securities
U.S. Treasuries
Negotiable CDs
LAIF
Money Market Funds
NCUA Corporate Bonds**
Supranationals
Total
Sector
Federal Agencies
Corporate Bonds
Repurchase Agreements
Commercial Paper
Asset-Backed Securities
Municipal Securities
U.S. Treasuries
Negotiable CDs
LAIF Amounts are based on book value
Money Market Funds **The National Credit Union Administration fully and unconditionally guarantees the timely
NCUA Corporate Bonds** payment of all amounts of principal and interest and the guarantee is further strengthened
Supranational and backed by the full faith and credit of the United States.
Total 5,690,386,161 5,420,449,510
691,742,044 355,939,792
- 4,999,656
37,489,824 -
200,595,580 185,067,688
30,000,000 160,000,178
40,000,000 40,000,000
100,000,000 199,975,685
207,919,080 227,209,440
84,732,991 84,912,507
4,025,489,706 3,842,922,200
272,416,936 269,422,363
- 50,000,000
0.1%
0.66%0.00%0.7%
100.00%100.00%
6/30/2015 3/31/2015
0.09%-0.1%
3.65%4.19%-0.5%
4.79%4.97%
12.16%6.57%5.6%
0.00%
-0.2%
0.00%0.92%-0.9%
0.53%2.95%-2.4%
0.70%0.74%0.0%
1.49%1.57%-0.1%
3.53%3.41%
Santa Clara County Commingled Pool
Allocation by Security Types
6/30/2015 3/31/2015
70.74%70.90%-0.2%
1.76%3.69%-1.9%
June 30, 2015
Agy 70.7%
Corp 4.8%
Repo 0.0%
CP 1.8%
ABS 3.7%
Muni 1.5%
Tsy 3.5% CDs 0.5%
LAIF 0.7% MMF 12.2%
NCUA 0.0%
Supra 0.7%
193
Exhibit D
*Not Rated by Moody's but A-1+ by S&P
**Repurchase Agreements are not rated, but are collateralized by U.S. Treasury securities or securities issued by the Federal Agencies of the U.S.
***LAIF is not rated, but is comprised of State Code allowable securities
Amounts are based on book values
-
40,000,000
57,970,728
44,776,930
119,435,286
15,003,007
-
Santa Clara County Commingled Pool
Allocation by Ratings
June 30, 2015
346,016,040
Portfolio %Portfolio $Moody's Rating
P-1
-
69,266,854
5,690,386,161
6.1%
87.8%
1.0%
0.8%
2.1%
0.3%
0.0%
0.0%
0.7%
0.0%
1.2%
100.0%
4,997,917,315 Aaa
Aa1
Aa2
Aa3
A1
Total
A2
A3
LAIF***
Repo**
Not Rated*
P-1 6.1%
Aaa 87.8%
Aa1 1.0%
Aa2 0.8%
Aa3 2.1% A1 0.3% A2 0.0%
LAIF*** 0.7% Repo** 0.0% Not Rated* 1.2%
194
Exhibit D
Amounts are based on book values
June 30, 2015
Holdings by Issuer - Percent of Commingled Pool
Santa Clara County Commingled Pool
0.0%
0.0%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.2%
0.3%
0.3%
0.3%
0.4%
0.4%
0.5%
0.6%
0.6%
0.7%
0.7%
0.7%
1.0%
1.0%
1.1%
1.1%
1.5%
1.8%
1.8%
1.9%
3.5%
4.2%
4.4%
10.4%
15.1%
15.5%
29.8%
0%5%10%15%20%25%30%35%
UNIVERSITY CALIFORNIA REVS
MERCEDES-BENZ AUTO LEASE TRUST
APPLE INC
NISSAN AUTO LEASE TRUST
GENERAL ELECTRIC
GE EQUIP TRANSPORTATION LLC
AMERICAN EXPRESS
BMW VEHICLE OWNER TRUST
BERKSHIRE HATHWY
COLGATE-PALMOLIVE CO
BANK OF NOVA SCOTIA HOUSTON
ROYAL BANK OF CANADA
IBM
HONDA AUTO RECEIVABLES OWNER T
JOHN DEERE OWNER TRUST
WALMART
VOLKSWAGEN AUTO LOAN ENHANCED
INTL BANK RECON & DEVELOP
TOYOTA AUTO REC OWNER TRUST
LOCAL AGENCY INVEST FUND
CHEVRON CORP.
CHASE ISSUANCE TRUST (ABS)
JOHNSON & JOHNSON
EXXON MOBIL CORP
CALIFORNIA ST
MORGAN STANLEY TRSY INSTL 8304
MORGAN STANLEY GOVT INSTL 8302
U S BANK
U.S. TREASURY
DREYFUS CASH MANAGEMENT
BLACKROCK
FFCB
FHLMC
FNMA
FHLB
195
Exhibit D
Amounts in billions
$4.179 $3.935
$3.736
Jul Aug Sep Oct Nov Mar Apr May Jun
$4.384 $3.536
$3.833$3.637
$4.952$3.517 $3.515 $3.469 $3.645 $4.600
$3.695
$4.521
$4.032
$3.408 $3.687 $4.463
$4.040 $4.926 $4.525
$3.551 $3.712 $4.339
$3.918 $3.982 $4.606 $5.286FY 2013
$3.541
$3.230
$3.801
$3.508
FY 2010
FY 2011
$3.307
FY 2012
$3.373 $3.307 $3.307 $3.408 $4.175
$3.032
$3.555 $3.805 $4.567 $4.097
$3.143 $2.898 $3.227 $3.943
Santa Clara County Commingled Pool
Historical Month End Book Values
June 30, 2015
Fiscal Year Dec Jan Feb
FY 2014 $4.133 $4.052 $3.975 $3.758 $5.386 $5.487 $5.108$4.271 $5.419 $5.019 $4.520 $4.461
FY 2015 $4.267 $4.194 $4.096 $4.051 $6.284 $6.065 $5.690$4.247 $5.639 $5.045 $5.085 $5.420
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
$5.50
$6.00
$6.50
Billions 196
Exhibit D
*Amounts are based on book value
Overnight 831,742,044
Overnight 14.62%
3Yr-4Yr 297,433,739
112,282,495
Maturity Amount*
5,690,386,161
1-30 Days 393,527,247
100.00%
Santa Clara County Commingled Pool
Distribution by Maturity
June 30, 2015
Maturity Amount*
3Yr-4Yr 5.23%
4Yr-5Yr 1.97%
1-30 Days 6.92%
31-90 Days 4.90%
91-365 Days 21.15%
1Yr-2Yr 25.90%
2Yr-3Yr
31-90 Days 278,606,196
91-365 Days 1,203,298,409
19.33%
1Yr-2Yr 1,473,662,950
2Yr-3Yr 1,099,833,080
4Yr-5Yr
$0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
$1,400,000,000
$1,600,000,000
Overnight 1-30 Days 31-90 Days 91-365 Days 1Yr-2Yr 2Yr-3Yr 3Yr-4Yr 4Yr-5Yr
Distribution By Maturity Dollars
0%
5%
10%
15%
20%
25%
30%
Overnight 1-30 Days 31-90 Days 91-365 Days 1Yr-2Yr 2Yr-3Yr 3Yr-4Yr 4Yr-5Yr
Distribution By Maturity Percentages
197
Exhibit D
Santa Clara County Commingled Pool
Yield to Maturity and Weighted Average Maturity
June 30, 2015
Item Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Jun-15Mar-15 Apr-15 May-15
SCC YTM 0.49%0.48%0.48%0.46%0.51%0.51%
Dec-14 Jan-15 Feb-15
0.54%0.59%0.61%0.62%
LAIF YTM 0.24%0.26%0.25%0.26%0.26%0.30%0.27%0.28%0.29%
0.49%0.47%
0.62%
SCC WAM 437 421 406 397
0.26%0.26%0.26%
0.07%0.12%0.05%0.07%
191 239205198208196220222LAIF WAM 247 233 232 213
6 Mon T-Bill 0.05%0.05%0.03%0.05%0.14%0.04%0.06%0.11%
0.65%0.56%0.57%0.61%
419 466 471 469
2Yr T-Note 0.53%0.49%0.57%0.49%
418 395 419 405
0.47%0.67%0.45%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
Yield to Maturity
Santa Clara
LAIF
6 Mon
2Yr
150
200
250
300
350
400
450
500
550
Days Weighted Average Maturity
Santa Clara
LAIF
198
Exhibit D
Direct Commercial Paper Issuers Broker/Dealers
Toyota Motor Credit Corp Barclays Capital, Inc
US Bancorp Blaylock Robert Van, LLC
Wells Fargo & Co BMO Capital Markets
BNP Paribas Securities Corp
Brean Capital LLC
Cantor Fitzgerald & Co
Castleoak Securities :P
Citigroup Global Markets Inc
Credit Suisse Securities, USA
Daiwa Capital Markets America Inc
Deutsche Bank Securities Inc
FTN Financial, Inc
Incapital LLC
Jefferies & Co
JP Morgan Securities, Inc
Keybanc Capital Markets, Inc
Loop Capital Markets LLC
Merrill Lynch & Co Inc
Mizuho Securities USA, Inc
Morgan Stanley & Co Inc
Piper Jaffray & Co
Raymond James, Inc.
RBC Capital Markets, Inc
Stifel Nicolaus & Co
Suntrust Robinson Humphrey Inc
UBS
Vining Sparks LP
Wedbush Securities Inc
Wells Fargo Institutional Securities
Williams Capital
Santa Clara County
Approved Issuers and Broker/Dealers
June 30, 2015
199
Exhibit D
Santa Clara County Commingled Pool
Compliance with Investment Policy
June 30, 2015
Maturity
In Compliance
Yes
ParametersItem/Sector
Weighted Average Maturity (WAM) must be less than 24 months
Interest Periods Securities must pay interest within one year of the initial investment and at least semiannually in subsequent years
Yes
Investment Swaps Similar maturity swaps, so as not to affect cash flow needs, should have minimum 5 basis point gain
No sector limit, no issuer limit, max maturity 5 years
Issuer Limits No more than 5% of the portfolio shall be invested in aggregate of any single institution of the following types: Bankers
Acceptances, CP, Negotiable CDs, and Corporate Notes Yes
Yes
Yes
LAIF
U.S. Treasuries
Yes
U.S. Federal Agencies
No sector limit, no issuer limit, CA State's deposit limit $50 million
YesNo sector limit, no issuer limit, max maturity 5 years
Supranational Debt
Obligations
Sector limit 10%, max maturity 5 years, issued or unconditionally gauranteed by the IBRD, rated by at least two: AAA
(S&P/Fitch), Aaa (Moody's)Yes
Sector limit 40%, issuer limit 5%, max maturity 180 days, rated by at least two: A-1 (S&P), P-1 (Moody's), F-1 (Fitch), issued by
commercial banks
Yes, None in
Portfolio
Yes
Sector limit 40%, issuer limit 5%, max maturity 270 days, rated by at least two: A-1 (S&P), P-1 (Moody's), F-1 (Fitch), issued by
domestic corporation w/ at least $500 mil of assets, and long term debt rated by at least two: AA- (S&P/Fitch)/Aa3 (Moody's)Commercial Paper Yes
Money Market Funds Sector limit 20%, issuer limit 10%, rated by at least two: AAA-m (S&P/Fitch)/Aaa-mf (Moody's), MMF has at least $500 mil
managed Yes
Corporate Bonds Yes
No sector limit, no Issuer limit, max maturity 92 days, treasury and agency collateral at 102% of investment, if maturity
exceeds 15 days, must be collateralized by securities with 5 years or less maturities
Sector limit 30%, issuer limit 5%, max maturity 5 years, rated by at least two: AA- (S&P/Fitch)/Aa3 (Moody's), issued by
domestic corps/depositories
Repurchase Agreements
Sector limit 30%, issuer limit 5%, max maturity 5 years, if under 1 year rated by at least two: A-1 (S&P), P-1 (Moody's), F-1
(Fitch), if greater than 1 year rated by at least two: AA- (S&P/Fitch)/Aa3 (Moody's)
Negotiable Certificates of
Deposit
Sector limit 10%, no issuer limit, State of CA, local CA agencies, and other municipal securities of the other 49 states, if long-
term rated, then by at least two: A- (S&P/Fitch)/A3 (Moody's), if short-term rated, then by at least two: SP-1 (S&P), MIG-1
(Moody's), F-1 (Fitch), revenue based bonds payable solely out of the States' or local agencies' revenues
Municipal Securities
Securities Lending Sector limit 20%, max maturity 92 days for loans and reinvestment, loan counterparty must be a primary dealer, loaned
securities must be owned for at least 30 days
Bankers' Acceptances
Sector limit 20% in aggregate with ABS, no issuer limit, max maturity 5 years, collateralized by pools of conforming residential
mortgage loans insured by FHLMC/FNMA and residential mortgages guaranteed by FHA (GNMA)
Mortgage-Backed
Securities
Sector limit 20% in aggregate with ABS, no issuer limit, max maturity 5 years, collateralized by pools of loans such as
installment/receivables, security must be rated by at least two: AA- (S&P/Fitch), Aa3 (Moody's), issuer rated by at least two: A-
(S&P/Fitch), A3 (Moody's)
Asset-Backed Securities
Yes
Yes
Yes
Yes
Yes, None in
Portfolio
200
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Monthly LAIF Analysis
201
Exhibit D
PMIA & LAIF Analysis
MUNICIPAL INVESTMENT MANAGEMENT
JUNE 2015
Disclosures are contained on the last page of this report.
10655 PARK RUN DRIVE
SUITE 120
SUMMERLIN, NV 89144
702-575-6600
FTNMAINSTREET.COM
Greg Balls
Portfolio Manager & Analyst
702.575.6655
greg.balls@ftnmainstreet.com
Rick Phillips
President & CIO
702.575.6666
rick.phillips@ftnmainstreet.com
FTN FINANCIAL
MAIN STREET ADVISORS
202
Exhibit D
PMIA & LAIF ANALYSIS |
Type of Security Amount
Government (000's)
Bills $12,478,798 17.93%
Bonds $0 0.00%
Notes $20,558,752 29.54%
Strips $0 0.00%
Total Government $33,037,550 47.46%
Federal Agency Coupons $1,992,881 2.86%
Certificates of Deposit $14,650,015 21.05%
Bank Notes $700,000 1.01%
Bankers' Acceptances $0 0.00%
Repurchase Agreements $0 0.00%
Fed. Agency Disc. Notes $6,937,478 9.97%
Time Deposits $5,437,540 7.81%
GNMA's $0 0.00%
Commercial Paper $5,921,030 8.51%
FHLMC/Remics $88,086 0.13%
Corporate Bonds $0 0.00%
AB 55 Loans $441,948 0.63%
GF Loans $0 0.00%
NOW Accounts $0 0.00%
Other $399,960 0.57%
Reverse Repo $0 0.00%
Total $69,606,488 100.00%
30.88%
Jun 2015
2
Weighed Avg Maturity
239
Loans % of PMIA
0.63%
LAIF % of PMIA
% of Portfolio
CP/Corp
8.51%
Loans
0.63%
Treasury
47.46%
GNMA/
Remic
0.13%
Agy/Disc
Coupons
12.83%
Repo/R.
Repo
0.00%
Time
Dep./
CD's/
BN's
29.86%
NOW
/Other
0.57%
$0
$10
$20
$30
$40
$50
$60
$70
$80
Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15Billions Monthly Portfolio-End Balances
NOW/Other
GNMA/Remic
CP/Corp
Agencies/Disc. Coupons
Time Deposits/CD's/BN's
Treasuries
Loans
PMIA Balance
LAIF Balance
PMIA Avg. Monthly Yield
0.299%
203
Exhibit D
PMIA & LAIF ANALYSIS |Jun 2015
3
$45
$50
$55
$60
$65
$70
$75
Jan-05Jun-05Nov-05Apr-06Sep-06Feb-07Jul-07Dec-07May-08Oct-08Mar-09Aug-09Jan-10Jun-10Nov-10Apr-11Sep-11Feb-12Jul-12Dec-12May-13Oct-13Mar-14Aug-14Jan-15Jun-15Billions PMIA\LAIF Average Daily Balance
20%
25%
30%
35%
40%
45%
50%
55%Jan-05Jun-05Nov-05Apr-06Sep-06Feb-07Jul-07Dec-07May-08Oct-08Mar-09Aug-09Jan-10Jun-10Nov-10Apr-11Sep-11Feb-12Jul-12Dec-12May-13Oct-13Mar-14Aug-14Jan-15Jun-15LAIF % of PMIA
$12
$14
$16
$18
$20
$22
$24
$26
$28
Jan-05Jun-05Nov-05Apr-06Sep-06Feb-07Jul-07Dec-07May-08Oct-08Mar-09Aug-09Jan-10Jun-10Nov-10Apr-11Sep-11Feb-12Jul-12Dec-12May-13Oct-13Mar-14Aug-14Jan-15Jun-15Billions LAIF Monthly Balance
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
2005 Q12005 Q32006 Q12006 Q32007 Q12007 Q32008 Q12008 Q32009 Q12009 Q32010 Q12010 Q32011 Q12011 Q32012 Q12012 Q32013 Q12013 Q32014 Q12014 Q32015 Q1Basis Points LAIF Annualized Basis Point Management Fee
204
Exhibit D
PMIA & LAIF ANALYSIS |Jun 2015
4
140
160
180
200
220
240
260
280
300
Jan-05Jun-05Nov-05Apr-06Sep-06Feb-07Jul-07Dec-07May-08Oct-08Mar-09Aug-09Jan-10Jun-10Nov-10Apr-11Sep-11Feb-12Jul-12Dec-12May-13Oct-13Mar-14Aug-14Jan-15Jun-15Days PMIA\LAIF Weighted Average Maturity
WAM
12MMA
0
1
2
3
4
5
6
Jan-05Jul-05Jan-06Jul-06Jan-07Jul-07Jan-08Jul-08Jan-09Jul-09Jan-10Jul-10Jan-11Jul-11Jan-12Jul-12Jan-13Jul-13Jan-14Jul-14Jan-15Yield PMIA\LAIF Monthly Effective Rates
PMIA\LAIF
6M Agy 6MMA
1M T-Bill 6MMA
0.15
0.20
0.25
0.30
0.35
0.40
Jul-13Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15Percent PMIA\LAIF Daily Yield
205
Exhibit D
PMIA & LAIF ANALYSIS |Jun 2015
7/14 8/14 9/14 10/14 11/14 12/14 1/15 2/15 3/15 4/15 5/15 6/15
CP/Corp 6.9%6.8%7.7%7.6%8.2%9.1%11.1%9.2%8.4%10.9%8.8%8.5%
Loans 2.6%1.8%1.9%10.3%16.0%11.5%4.8%5.6%10.4%0.5%0.6%0.6%
Treasuries 60.6%58.9%56.2%51.5%48.6%47.4%48.6%50.6%45.3%47.4%49.5%47.5%
GNMA/Remic 0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.1%0.1%0.1%
Agen./Disc. 6.7%6.9%6.8%6.5%6.0%6.3%6.7%7.5%7.7%10.2%11.3%12.8%
Repo/R. Repo 0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.1%0.0%0.0%
Time Dep./CD's/BN's22.7%25.2%26.5%23.3%20.5%24.9%28.0%26.2%27.3%30.1%29.1%29.9%
NOW Acct/Other 0.3%0.3%0.7%0.7%0.7%0.7%0.7%0.7%0.6%0.6%0.6%0.6%
Total 100%100%100%100%100%100%100%100%100%100%100%100%
PMIA\LAIF Distribution by Sectors
5
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
7/14 8/14 9/14 10/14 11/14 12/14 1/15 2/15 3/15 4/15 5/15 6/15
PMIA\LAIF Distribution by Sectors
CP/Corp
Loans
Treasuries
GNMA/Remic
Agen./Disc.
Time Dep./CD's/BN's
NOW Acct/Other
206
Exhibit D
PMIA & LAIF ANALYSIS |Jun 2015
6
PMIA\LAIF Sector Allocations
0%
10%
20%
30%
40%
50%
60%
70%Jan-05Oct-05Jul-06Apr-07Jan-08Oct-08Jul-09Apr-10Jan-11Oct-11Jul-12Apr-13Jan-14Oct-14Treasuries
0%
5%
10%
15%
20%
25%Jan-05Nov-05Sep-06Jul-07May-08Mar-09Jan-10Nov-10Sep-11Jul-12May-13Mar-14Jan-15CP\Corp
0%
10%
20%
30%
40%
50%Jan-05Oct-05Jul-06Apr-07Jan-08Oct-08Jul-09Apr-10Jan-11Oct-11Jul-12Apr-13Jan-14Oct-14Loans
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%Jan-05Nov-05Sep-06Jul-07May-08Mar-09Jan-10Nov-10Sep-11Jul-12May-13Mar-14Jan-15GNMA\Remic
0%
10%
20%
30%
40%Jan-05Nov-05Sep-06Jul-07May-08Mar-09Jan-10Nov-10Sep-11Jul-12May-13Mar-14Jan-15Agencies\Disc. Coupons
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%Jan-05Nov-05Sep-06Jul-07May-08Mar-09Jan-10Nov-10Sep-11Jul-12May-13Mar-14Jan-15Repo\R. Repo
0%
10%
20%
30%
40%
50%Jan-05Oct-05Jul-06Apr-07Jan-08Oct-08Jul-09Apr-10Jan-11Oct-11Jul-12Apr-13Jan-14Oct-14Time Deposits\CD's\BN's
0%
1%
2%
3%
4%
5%
6%Jan-05Nov-05Sep-06Jul-07May-08Mar-09Jan-10Nov-10Sep-11Jul-12May-13Mar-14Jan-15NOW Account\Other
207
Exhibit D
PMIA & LAIF ANALYSIS |Jun 2015
1D to 30D 1,100 - 1,931 1,176 - 5,650 2,500 - 12,357 17.6%17.6%
31D to 60D 400 - 1,069 100 - 1,700 950 - 4,219 6.0%23.6%
61D to 90D 900 - 1,294 100 - 2,200 1,325 - 5,819 8.3%31.9%
91D to 120D 2,550 - 360 200 - 1,800 800 - 5,710 8.1%40.0%
121D to 150D 950 - 483 50 - 500 - - 1,983 2.8%42.9%
151D to 180D 1,750 - 302 550 - 900 350 - 3,852 5.5%48.3%
181D to 210D 850 - - 1,150 - 1,100 - - 3,100 4.4%52.8%
211D to 270D 4,550 - - 2,380 - 400 - - 7,330 10.4%63.2%
271D to 1Y 7,300 - - 3,075 - 1,000 - - 11,375 16.2%79.4%
1Y to 2Y 12,200 - - 882 - 100 - - 13,182 18.8%98.2%
2Y to 3Y 500 - - 781 - - - - 1,281 1.8%100.0%
3Y to 4Y - - - - - - - - 0.0%100.0%
4Y to 5Y+- - - - - - - - - 0.0%100.0%
Total 33,050 - 5,439 10,444 - 15,350 5,925 - 70,208 100.0%100.0%
Maturity Tsy Repo TD Agy BA Cmtv %
PMIA/LAIF Cumulative % of Par Value Maturities by Date--As of 6/30/2015*
PMIA\LAIF % of Par Value Maturities by Date--As of 6/30/2015*
7
CP CD &
BN Corp Total %
17.6%
6.0%
8.3% 8.1%
2.8%
5.5% 4.4%
10.4%
16.2%
18.8%
1.8% 0.0% 0.0%
0%
5%
10%
15%
20%
25%
30%1D to 30D31D to 60D61D to 90D91D to120D121D to150D151D to180D181D to210D211D to270D271D to 1Y1Y to 2Y2Y to 3Y3Y to 4Y4Y to 5Y+0%
20%
40%
60%
80%
100%1D to30D31D to60D61D to90D91D to120D121D to150D151D to180D181D to210D211D to270D271D to1Y1Y to 2Y2Y to 3Y3Y to 4Y4Y to5Y+*Data comes from the California Treasurer's website and is released on a quarterly basis. Values in $Millions
NOTE: Totals on this page will not match totals on page 1 of this report due to AB55 and General Fund loans not being included
This report represents the opinions of FTN Financial Main Street Advisors, LLC and should not be considered predictive of any future market
performance. Opinions are subject to change without notice. Forecasts, estimates, and certain information contained herein are based upon
proprietary research and should not be considered investment advice or a recommendation of any particular security, investment strategy, or
investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.
FTN Financial Group, FTN Financial Capital Markets, and FTN Financial Portfolio Advisors are divisions of First Tennessee Bank National Association
(FTB). FTN Financial Securities Corp (FFSC), FTN Financial Main Street Advisors, LLC, and FTN Financial Capital Assets Corpor ation are wholly owned
subsidiaries of FTB. FFSC is a member of FINRA and SIPC http://www.sipc.org/. FTN Financial Group, through FTB or its affiliates, offers investment
208
Exhibit D
Municipal Investment Advisors
County of Fresno RFP No. 946-5361 Advisory & Reporting Services for the County of Fresno Treasury Investment Pool
Monthly Corporate Spread Analysis
209
Exhibit D
City of Los Angeles Reserve - Corporate Bonds
OAS (Govt) Basis Point Spread History
CUSIP Issuer Maturity Cpn Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1 Mon
Chng Spread To Treasury
369550AQ1 General Dynamics
Corp 7/15/16 2.250 38 18 11 25 14 42 28
459200GX3 International
Business Machine 7/22/16 1.950 20 11 16 20 21 24 3
0258M0DG1 American Express
Co 7/29/16 1.300 50 47 47 51 48 65 17
233851AZ7 Daimler AG 8/1/16 1.450 61 52 52 55 56 71 15
009158AQ9 Air Products &
Chemicals Inc 8/2/16 2.000 42 45 27 31 29 26 (3)
02666QJ61 Honda Motor Co
Ltd 9/20/16 2.600 36 28 30 32 31 49 18
88579YAD3 3M Co 9/29/16 1.375 9 5 8 11 19 30 11
075887BB4 Becton Dickinson
and Co 11/8/16 1.750 59 60 59 61 65 74 9
91159HHB9 US Bancorp 11/15/16 2.200 35 26 35 29 31 42 11
14912L5W7 Caterpillar Inc 11/25/16 1.000 23 16 24 25 29 37 8
717081DD2 Pfizer Inc 1/15/17 0.900 26 10 22 16 20 33 13
55279HAD2 M&T Bank Corp 1/30/17 1.250 57 50 55 63 65 76 11
084670BD9 Berkshire
Hathaway Inc 1/31/17 1.900 28 8 24 16 19 39 20
459200HC8 International
Business Machine 2/6/17 1.250 20 14 16 15 17 24 7
00206RBC5 AT&T Inc 2/15/17 1.600 68 83 83 79 73 84 11
46623EJY6 JPMorgan Chase
& Co 2/15/17 1.350 67 54 56 61 58 76 18
25468PCS3 Walt Disney
Co/The 2/15/17 1.125 19 15 15 18 14 28 14
17275RAT9 Cisco Systems Inc 3/3/17 1.100 19 16 18 16 24 34 10
30231GAA0 Exxon Mobil Corp 3/15/17 0.921 8 1 15 6 19 33 14
24422ERN1 Deere & Co 3/15/17 1.400 34 20 28 22 30 28 (2)
69371RK54 PACCAR Inc 3/15/17 1.600 38 34 29 32 37 46 9
Source: BAML BU10 Index
210
Exhibit D
City of Los Angeles Reserve - Corporate Bonds
OAS (Govt) Basis Point Spread History
CUSIP Issuer Maturity Cpn Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1 Mon
Chng Spread To Treasury
718172AN9 Philip Morris
International In 3/20/17 1.625 32 19 30 27 29 42 13
36962G5W0 General Electric
Co 4/27/17 2.300 38 29 40 35 39 61 22
037833BB5 Apple Inc 5/12/17 0.900 #N/A #N/A #N/A #N/A 18 27 9
021441AD2 Altera Corp 5/15/17 1.750 81 72 81 80 85 82 (3)
084664BS9 Berkshire
Hathaway Inc 5/15/17 1.600 29 10 23 27 23 40 17
36962G7J7 General Electric
Co 5/15/17 1.250 36 25 35 25 36 50 14
91159HHD5 US Bancorp 5/15/17 1.650 43 22 33 28 37 36 (1)
89233P6D3 Toyota Motor
Corp 5/22/17 1.750 43 23 39 39 36 39 2
00206RBF8 AT&T Inc 6/1/17 1.700 70 81 92 74 76 84 8
913017BU2 United
Technologies Corp 6/1/17 1.800 27 6 27 22 35 39 4
94974BFW5 Wells Fargo & Co 6/2/17 1.150 53 32 49 45 54 64 10
278642AG8 eBay Inc 7/15/17 1.350 85 65 70 73 66 74 8
05531FAL7 BB&T Corp 8/15/17 1.600 58 44 59 55 55 72 17
07330NAK1 BB&T Corp 10/1/17 1.350 49 35 47 45 45 62 17
629491AB7 Intercontinental
Exchange Inc 10/5/17 2.000 64 53 66 64 70 69 (1)
89233P6S0 Toyota Motor
Corp 10/5/17 1.250 38 21 39 36 35 40 5
68389XAN5 Oracle Corp 10/15/17 1.200 31 18 29 32 30 42 12
842400GC1 Edison
International 11/1/17 1.250 51 36 50 53 45 42 (2)
14912L5J6 Caterpillar Inc 11/6/17 1.250 31 26 36 39 31 43 12
478160BL7 Johnson &
Johnson 11/21/17 1.125 18 13 10 13 18 31 13
637071AL5 National Oilwell
Varco Inc 12/1/17 1.350 89 60 86 80 73 98 25
Source: BAML BU10 Index
211
Exhibit D
City of Los Angeles Reserve - Corporate Bonds
OAS (Govt) Basis Point Spread History
CUSIP Issuer Maturity Cpn Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1 Mon
Chng Spread To Treasury
166764AA8 Chevron Corp 12/5/17 1.104 34 14 24 23 33 45 12
02665WAQ4 Honda Motor Co
Ltd 12/11/17 1.550 43 21 44 40 42 47 5
22160KAE5 Costco Wholesale
Corp 12/15/17 1.125 27 7 25 24 30 35 5
458140AL4 Intel Corp 12/15/17 1.350 31 16 33 31 29 52 23
24422ESR1 Deere & Co 12/15/17 1.550 33 21 32 31 38 43 5
824348AP1 Sherwin-Williams
Co/The 12/15/17 1.350 73 38 46 49 53 65 12
91324PCF7 UnitedHealth
Group Inc 12/15/17 1.400 27 10 26 25 34 63 29
05531FAM5 BB&T Corp 1/12/18 1.450 55 49 52 52 60 75 15
46625HJG6 JPMorgan Chase
& Co 1/25/18 1.800 94 60 66 69 64 79 15
90331HMQ3 US Bancorp 1/26/18 1.350 43 24 34 34 41 49 8
459200HK0 International
Business Machine 2/8/18 1.250 29 27 25 22 35 41 6
69371RM45 PACCAR Inc 3/9/18 1.450 #N/A #N/A 39 39 37 55 18
808513AK1 Charles Schwab
Corp/The 3/10/18 1.500 #N/A #N/A 42 43 42 53 11
191216BA7 Coca-Cola Co/The 4/1/18 1.150 18 18 24 20 34 39 5
585055BA3 Medtronic PLC 4/1/18 1.375 46 33 44 32 41 57 16
863667AD3 Stryker Corp 4/1/18 1.300 51 46 42 46 47 64 17
882508AV6 Texas Instruments
Inc 5/1/18 1.000 39 23 28 29 19 45 26
037833AJ9 Apple Inc 5/3/18 1.000 27 16 25 22 37 38 1
219350BA2 Corning Inc 5/8/18 1.500 #N/A #N/A #N/A #N/A 48 54 6
20826FAL0 ConocoPhillips 5/15/18 1.500 #N/A #N/A #N/A #N/A 48 53 5
46625HJL5 JPMorgan Chase
& Co 5/15/18 1.625 78 63 79 67 76 91 15
Source: BAML BU10 Index
212
Exhibit D
City of Los Angeles Reserve - Corporate Bonds
OAS (Govt) Basis Point Spread History
CUSIP Issuer Maturity Cpn Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1 Mon
Chng Spread To Treasury
857477AK9 State Street Corp 5/15/18 1.350 57 42 31 46 42 55 13
58933YAG0 Merck & Co Inc 5/18/18 1.300 24 26 31 27 26 44 18
69371RM52 PACCAR Inc 5/18/18 1.400 #N/A #N/A #N/A #N/A 42 46 4
747525AG8 QUALCOMM Inc 5/18/18 1.400 #N/A #N/A #N/A #N/A 46 51 5
69353REM6 PNC Financial
Services Group I 6/1/18 1.600 #N/A #N/A #N/A #N/A #N/A 64
071813BJ7 Baxter
International Inc 6/15/18 1.850 67 62 66 64 68 97 29
17275RAU6 Cisco Systems Inc 6/15/18 1.650 #N/A #N/A #N/A #N/A #N/A 51
717081DG5 Pfizer Inc 6/15/18 1.500 17 17 24 33 36 45 9
976656CF3 WEC Energy
Group Inc 6/15/18 1.700 60 58 49 49 42 60 18
14912L6L0 Caterpillar Inc 6/16/18 1.700 #N/A #N/A #N/A #N/A #N/A 59
05531FAN3 BB&T Corp 6/19/18 2.050 69 61 62 64 59 63 4
166764AE0 Chevron Corp 6/24/18 1.718 36 27 32 29 38 47 9
38147MAA3 Goldman Sachs
Group Inc/The 7/19/18 2.900 102 85 86 90 92 105 13
808513AJ4 Charles Schwab
Corp/The 7/25/18 2.200 55 52 61 46 50 64 14
233851BA1 Daimler AG 8/1/18 2.375 74 59 60 64 70 89 20
437076BB7 Home Depot
Inc/The 9/10/18 2.250 27 15 21 22 34 38 4
751212AA9 Ralph Lauren Corp 9/26/18 2.125 51 57 61 60 60 67 7
02665WAC5 Honda Motor Co
Ltd 10/10/18 2.125 59 42 50 50 44 59 15
07330NAD7 BB&T Corp 10/15/18 2.300 53 49 55 45 49 67 18
45866FAB0 Intercontinental
Exchange Inc 10/15/18 2.500 65 58 54 54 54 67 13
191216BF6 Coca-Cola Co/The 11/1/18 1.650 27 8 23 11 23 33 10
Source: BAML BU10 Index
213
Exhibit D
City of Los Angeles Reserve - Corporate Bonds
OAS (Govt) Basis Point Spread History
CUSIP Issuer Maturity Cpn Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1 Mon
Chng Spread To Treasury
61166WAM3 Monsanto Co 11/15/18 1.850 58 34 49 48 74 61 (13)
91159HHE3 US Bancorp 11/15/18 1.950 54 37 41 39 38 49 11
478160BG8 Johnson &
Johnson 12/5/18 1.650 14 -1 2 6 13 22 9
594918AV6 Microsoft Corp 12/6/18 1.625 15 7 14 7 4 18 14
6174468B8 Morgan Stanley 12/7/18 2.200 #N/A #N/A #N/A #N/A #N/A 84
94974BFQ8 Wells Fargo & Co 1/15/19 2.150 74 62 60 65 62 74 12
89236TBB0 Toyota Motor
Corp 1/17/19 2.100 45 36 46 49 59 71 12
55279HAE0 M&T Bank Corp 1/30/19 2.300 76 72 73 70 77 83 6
17275RAR3 Cisco Systems Inc 3/1/19 2.125 43 33 43 46 42 66 24
532457BF4 Eli Lilly & Co 3/15/19 1.950 32 35 34 46 51 65 14
30231GAD4 Exxon Mobil Corp 3/15/19 1.819 17 7 31 33 46 50 4
0258M0DK2 American Express
Co 3/18/19 2.125 73 64 63 71 77 79 2
57636QAA2 MasterCard Inc 4/1/19 2.000 30 29 29 35 53 61 8
94974BFU9 Wells Fargo & Co 4/22/19 2.125 72 58 63 63 67 71 4
88579YAG6 3M Co 6/15/19 1.625 36 34 37 33 32 36 4
437076BE1 Home Depot
Inc/The 6/15/19 2.000 38 21 33 32 39 58 19
87612EBB1 Target Corp 6/26/19 2.300 48 36 47 52 55 58 3
69353RDD7 PNC Financial
Services Group I 7/2/19 2.250 73 65 67 67 70 97 27
89236TBP9 Toyota Motor
Corp 7/18/19 2.125 44 27 49 48 54 65 12
61746BDR4 Morgan Stanley 7/23/19 2.375 108 83 95 101 96 116 20
55279HAG5 M&T Bank Corp 7/25/19 2.250 80 69 65 73 78 82 4
Source: BAML BU10 Index
214
Exhibit D
City of Los Angeles Reserve - Corporate Bonds
OAS (Govt) Basis Point Spread History
CUSIP Issuer Maturity Cpn Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1 Mon
Chng Spread To Treasury
278642AH6 eBay Inc 8/1/19 2.200 99 82 91 97 88 91 3
084670BL1 Berkshire
Hathaway Inc 8/14/19 2.100 35 24 29 38 37 52 15
0258M0DP1 American Express
Co 8/15/19 2.250 74 63 64 64 77 80 3
02665WAH4 Honda Motor Co
Ltd 8/15/19 2.250 60 40 55 53 54 61 7
74456QBJ4 Public Service
Enterprise Grou 8/15/19 2.000 33 36 38 43 43 63 20
06406HCW7 Bank of New York
Mellon Corp/T 9/11/19 2.300 61 50 60 63 64 88 24
68389XAX3 Oracle Corp 10/8/19 2.250 47 38 50 54 57 66 9
69353RDZ8 PNC Financial
Services Group I 10/18/19 2.400 64 61 65 68 72 78 6
48127HAA7 JPMorgan Chase
& Co 10/22/19 2.200 89 77 84 86 91 95 4
38148FAB5 Goldman Sachs
Group Inc/The 10/23/19 2.550 109 93 93 94 105 103 (2)
90331HML4 US Bancorp 10/28/19 2.125 57 42 52 53 52 63 11
742718EG0 Procter & Gamble
Co/The 11/1/19 1.900 27 22 28 29 28 37 9
14912L6F3 Caterpillar Inc 12/1/19 2.250 61 49 59 61 53 55 2
91324PCG5 UnitedHealth
Group Inc 12/15/19 2.300 55 50 52 53 52 74 22
36962G7M0 General Electric
Co 1/9/20 2.200 59 48 60 50 50 68 18
46625HKA7 JPMorgan Chase
& Co 1/23/20 2.250 99 86 84 91 96 112 16
94974BGF1 Wells Fargo & Co 1/30/20 2.150 #N/A 68 68 75 74 83 9
037833AX8 Apple Inc 2/7/20 1.550 #N/A 28 32 37 42 46 4
22160KAG0 Costco Wholesale
Corp 2/15/20 1.750 #N/A 31 44 41 37 43 6
06406HCZ0 Bank of New York
Mellon Corp/T 2/24/20 2.150 #N/A 57 60 64 67 83 16
30231GAG7 Exxon Mobil Corp 3/6/20 1.912 #N/A #N/A 32 32 36 47 11
Source: BAML BU10 Index
215
Exhibit D
City of Los Angeles Reserve - Corporate Bonds
OAS (Govt) Basis Point Spread History
CUSIP Issuer Maturity Cpn Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1 Mon
Chng Spread To Treasury
24422ESW0 Deere & Co 3/10/20 2.050 #N/A #N/A 52 51 51 72 21
713448CS5 PepsiCo Inc 4/30/20 1.850 #N/A #N/A #N/A 52 51 48 (3)
037833BD1 Apple Inc 5/6/20 2.000 #N/A #N/A #N/A #N/A 47 51 4
747525AD5 QUALCOMM Inc 5/20/20 2.250 #N/A #N/A #N/A #N/A 74 74 0
0258M0DT3 American Express
Co 5/26/20 2.375 #N/A #N/A #N/A #N/A 84 90 6
69353REP9 PNC Financial
Services Group I 6/1/20 2.300 #N/A #N/A #N/A #N/A #N/A 80
17275RAX0 Cisco Systems Inc 6/15/20 2.450 #N/A #N/A #N/A #N/A #N/A 66
740189AL9 Precision
Castparts Corp 6/15/20 2.250 #N/A #N/A #N/A #N/A #N/A 71
61761JB32 Morgan Stanley 6/16/20 2.800 #N/A #N/A #N/A #N/A #N/A 114
46625HLW8 JPMorgan Chase
& Co 6/23/20 2.750 #N/A #N/A #N/A #N/A #N/A 108
05531FAU7 BB&T Corp 6/29/20 2.625 #N/A #N/A #N/A #N/A #N/A 93
Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy,
and it may be incomplete or condensed. This is for informational purposes only and is not intended as an offer or solicitatio n
with respect to any particular security, investment strategy, or investment product. All herein listed securities are subject to
availability and change in price. Past performance is not indicative of future results.
Source: BAML BU10 Index
216
Exhibit D