| Ticker | Cusip | Description | S&P Rating (1/31/2012)* |
Mat.Date | Years | Shares | Price | Value |
| AH110712 | 02666QH55 | AMERICAN HONDA FINANCE 11/7/2012 | A+ | 11/7/2012 | 0.8 | 7,800,000.000 | 100.1610 | $7,812,558.00 |
| BC061413 | 91159HGW4 | US BANCORP 2.00% 6/14/2013 | A | 6/14/2013 | 1.3 | 4,000,000.000 | 101.9567 | $4,078,268.00 |
| BG111512 | 10138MAB1 | BOTTLING GROUP LLC 4.625% 11/15/2012 | A | 11/15/2012 | 0.8 | 4,572,000.000 | 103.2322 | $4,719,776.18 |
| BH081514 | 084670BA5 | BERKSHIRE HATHAWAY INC 8/15/2014 | AA+ | 8/15/2014 | 2.5 | 6,400,000.000 | 100.5416 | $6,434,662.40 |
| BN072814 | 06406HBW8 | BANK OF NEW YORK MEL FLOATING 7/28/2014 | A+ | 7/28/2014 | 2.4 | 6,900,000.000 | 99.2042 | $6,845,089.80 |
| BS042612 | 079860AA0 | BELLSOUTH CORP 4.295 04/26/2012 | A- | 4/26/2012 | 0.2 | 4,000,000.000 | 100.8271 | $4,033,084.00 |
| CB082014 | 17305EDX0 | CITIBANK CREDIT CARD 8/20/2014 | AAA | 8/20/2012 | 0.5 | 5,300,000.000 | 100.1666 | $5,308,829.80 |
| CF040114 | 14912L4U2 | CATERPILLAR FINANCI- AL SE 4/1/2014 | A | 4/1/2014 | 2.2 | 5,000,000.000 | 100.3492 | $5,017,460.00 |
| CF121712 | 14912L4J7 | CATERPILLAR FIN SERV CRP 1.9% 12/17/2012 | A | 12/17/2012 | 0.8 | 2,500,000.000 | 101.2698 | $2,531,745.00 |
| CH040212 | 16115UD24 | CHARTA LLC 4/2/2012 | A-1 | 4/2/2012 | 0.2 | 8,000,000.000 | 0.9996 | $7,996,984.28 |
| CI071514 | 161571AN4 | CHASE ISSUANCE TRUST 7/15/2014 | AAA | 7/15/2014 | 2.4 | 1,733,000.000 | 99.9969 | $1,732,946.28 |
| CI100113 | 13034ABJ8 | CALIFORNIA INFRA- STRUCTURE 10/01/2013 | 10/1/2013 | 1.7 | 1,000,000.000 | 99.8380 | $998,380.00 | |
| CI101514 | 161571CH5 | CHASE ISSUANCE TRUST 10/15/14 | AAA | 10/15/2014 | 2.7 | 4,950,000.000 | 103.3002 | $5,113,359.90 |
| CS050114 | 13066YDU0 | CALIFORNIA ST DEPT WTR 5.5% 5/1/2014 | AA- | 5/1/2014 | 2.2 | 4,000,000.000 | 102.2470 | $4,089,880.00 |
| CS062612 | 13063BLK6 | CALIFORNIA ST 2.00% 6/26/2012 | SP-1+ | 6/26/2012 | 0.3 | 4,000,000.000 | 100.7030 | $4,028,120.00 |
| CT040139 | 13063A5F7 | CALIFORNIA ST TAX- ABLE 5.65% 4/1/2039 | A- | 4/1/2039 | 27.2 | 2,300,000.000 | 105.3380 | $2,422,774.00 |
| DI40114 | 24702RAR2 | DELL INC 4/1/2014 | A- | 4/1/2014 | 2.2 | 1,500,000.000 | 100.5400 | $1,508,100.00 |
| DICXX | 26188J206 | Dreyfus Cash Management - Inst | NR | 2/3/2012 | 0.0 | 25,627,319.540 | 100.0000 | $25,627,319.54 |
| EL030612 | 532457BD9 | ELI LILLY & CO 3.55% 3/6/2012 | AA- | 3/6/2012 | 0.1 | 6,500,000.000 | 100.2461 | $6,515,996.50 |
| FF042516 | 31331KJL5 | FEDERAL FARM CREDIT BANK 4/25/16 | AAA | 4/25/2016 | 4.2 | 6,799,950.580 | 101.3279 | $6,890,247.12 |
| FF061313 | 31331KMZ0 | FEDERAL FARM CREDIT BANK 0.6% 6/13/2013 | AAA | 6/13/2013 | 1.3 | 9,500,000.000 | 100.0716 | $9,506,802.00 |
| FF101212 | 31331JR47 | FEDERAL FARM CREDIT BANK 10/12/2012 | AAA | 10/12/2012 | 0.7 | 5,000,000.000 | 100.1035 | $5,005,175.00 |
| FF120613 | 31331J4L4 | FEDERAL FARM CREDIT BANK 12/6/2013 | AAA | 12/6/2013 | 1.8 | 5,892,000.000 | 100.1691 | $5,901,963.37 |
| FH012913 | 313374VY3 | FEDERAL HOME LOAN BANK 0.375% 1/29/13 | AAA | 1/29/2013 | 0.9 | 5,000,000.000 | 100.1640 | $5,008,200.00 |
| FH092612 | 3133XUUJ0 | FEDERAL HOME LOAN BANK 1.625% 9/26/12 | AAA | 9/26/2012 | 0.6 | 26,000,000.000 | 100.9212 | $26,239,512.00 |
| FH112112 | 3133XVEM9 | FEDERAL HOME LOAN BANK 1.625% 11/21/12 | AAA | 11/21/2012 | 0.8 | 7,500,000.000 | 101.1384 | $7,585,380.00 |
| FM020813 | 3134G12L7 | FREDDIE MAC .85% 2/8/2013 | AAA | 2/8/2013 | 1.0 | 15,000,000.000 | 100.0069 | $15,001,035.00 |
| FM031515 | 31398V2J4 | FREDDIE MAC 3/15/15 | AAA | 3/15/2015 | 3.1 | 2,801,165.020 | 100.3868 | $2,811,999.93 |
| FM040412 | 31398AH54 | FANNIE MAE 1.00% 4/4/2012 | AAA | 4/4/2012 | 0.2 | 4,000,000.000 | 100.1507 | $4,006,028.00 |
| FM072712 | 3137EACK3 | FREDDIE MAC 1.125% 7/27/2012 | AAA | 7/27/2012 | 0.4 | 7,000,000.000 | 100.4557 | $7,031,899.00 |
| FM073012 | 31398AT77 | FANNIE MAE 1.125% 7/30/2012 | AAA | 7/30/2012 | 0.4 | 13,000,000.000 | 100.4857 | $13,063,141.00 |
| FM090613 | 3134G2ZB1 | FREDDIE MAC 0.5% 9/6/2013 | AAA | 9/6/2013 | 1.6 | 3,330,000.000 | 99.9472 | $3,328,241.76 |
| FM091913 | 3135G0DE0 | FANNIE MAE 0.50% 9/19/2013 | AAA | 9/19/2013 | 1.6 | 3,150,000.000 | 100.0012 | $3,150,037.80 |
| FM092313 | 31398A2S0 | FANNIE MAE 1.00% 9/23/2013 | AAA | 9/23/2013 | 1.6 | 9,000,000.000 | 101.0481 | $9,094,329.00 |
| FM092412 | 31398A3N0 | FANNIE MAE 0.625% 9/24/2012 | AAA | 9/24/2012 | 0.6 | 23,000,000.000 | 100.3192 | $23,073,416.00 |
| FM101813 | 3134G2S86 | FREDDIE MAC 0.50% 10/18/2013 | AAA | 10/18/2013 | 1.7 | 7,000,000.000 | 99.9344 | $6,995,408.00 |
| FM102513 | 3135G0EH2 | FANNIE MAE 0.625% 10/25/2013 | AAA | 10/25/2013 | 1.7 | 5,000,000.000 | 100.0376 | $5,001,880.00 |
| FM110413 | 3134G25F5 | FREDDIE MAC 11/4/13 | AAA | 11/4/2013 | 1.8 | 4,000,000.000 | 100.0341 | $4,001,364.00 |
| FM113012 | 3137EACP2 | FREDDIE MAC 0.375% 11/30/2012 | AAA | 11/30/2012 | 0.8 | 2,500,000.000 | 100.2019 | $2,505,047.50 |
| FM11413 | 3134G22H4 | FREDDIE MAC 0.7 11/4/2013 | AAA | 11/4/2013 | 1.8 | 2,220,000.000 | 100.0468 | $2,221,038.96 |
| FM122713 | 3134G3DT4 | FREDDIE MAC 0.55% 12/27/2013 | AAA | 12/27/2013 | 1.8 | 10,000,000.000 | 100.0658 | $10,006,580.00 |
| FM122812 | 3137EACQ0 | FREDDIE MAC 0.625% 12/28/2012 | AAA | 12/28/2012 | 0.8 | 8,000,000.000 | 100.3922 | $8,031,376.00 |
| FM41913 | 3134G1VX9 | FREDDIE MAC 0.8% 4/19/2013 | AAA | 4/19/2013 | 1.2 | 2,800,000.000 | 100.5396 | $2,815,108.80 |
| FN091512 | 31359MPF4 | FANNIE MAE 4.375% 9/15/2012 | AAA | 9/15/2012 | 0.6 | 15,000,000.000 | 102.5878 | $15,388,170.00 |
| FN093013 | 31398A2M3 | FANNIE MAE 1.125% 9/30/2013 | AAA | 9/30/2013 | 1.6 | 15,000,000.000 | 101.2939 | $15,194,085.00 |
| FN122713 | 3135G0GU1 | FANNIE MAE 0.5% 12/27/2013 | AAA | 12/27/2013 | 1.8 | 6,900,000.000 | 100.0448 | $6,903,091.20 |
| GE010714 | 36962G4W1 | GENERAL ELEC CAP CORP 1/7/2014 | AA+ | 1/7/2014 | 1.9 | 8,000,000.000 | 99.9416 | $7,995,328.00 |
| GE050113 | 36962G3T9 | GENERAL ELEC CAP CORP 4.8% 5/1/2013 | AA+ | 5/1/2013 | 1.2 | 1,000,000.000 | 104.7132 | $1,047,132.00 |
| GE071515 | 36159JBM2 | GE CAPITAL CREDIT CARD 3.69% 7/15/15 | AAA | 7/15/2015 | 3.4 | 3,000,000.000 | 101.4461 | $3,043,383.00 |
| HP053014 | 428236BJ1 | HEWLETT-PACKARD CO 5/30/2014 | BBB+ | 5/30/2014 | 2.2 | 4,000,000.000 | 97.5011 | $3,900,044.00 |
| II102212 | 44924EAB6 | IBM INTL GROUP CAPITAL 5.05% | A+ | 10/22/2012 | 0.7 | 5,975,000.000 | 103.2299 | $6,167,986.53 |
| IR091512 | 463655GT1 | IRVINE RANCH CA WTR DIST 1.784 9/15/2012 | AA+ | 9/15/2012 | 0.6 | 2,000,000.000 | 100.9090 | $2,018,180.00 |
| IR091513 | 463655GV6 | IRVINE RANCH CA WTR 2.385% 9/15/2013 | AA+ | 9/15/2013 | 1.6 | 5,500,000.000 | 102.8310 | $5,655,705.00 |
| JD061614 | 477867AB1 | JOHN DEERE OWNER TRUST 06/16/14 | AAA | 6/16/2014 | 2.3 | 6,318,662.590 | 100.0718 | $6,323,199.39 |
| JJ51514 | 478160BC7 | JOHNSON & JOHNSON 5/15/2014 | AAA | 5/15/2014 | 2.2 | 3,800,000.000 | 100.4647 | $3,817,658.60 |
| JP050214 | 46623EJH3 | JPMORGAN CHASE & CO 5/2/2014 | A | 5/2/2014 | 2.2 | 8,690,000.000 | 99.4099 | $8,638,720.31 |
| KC080112 | 492246MA8 | KERN CALIF HIGH SCH DIST 0.73% 8/1/2012 | AA- | 8/1/2012 | 0.5 | 3,570,000.000 | 100.0430 | $3,571,535.10 |
| MC070112 | 607763BB4 | MODESTO CALIF IRR DIST ELEC 7/01/2012 | A+ | 7/1/2012 | 0.4 | 7,485,000.000 | 100.5020 | $7,522,574.70 |
| ML011014 | 59217GAF6 | MET LIFE GLOB FUND- ING 1/10/2014 | AA- | 1/10/2014 | 1.9 | 7,680,000.000 | 99.2587 | $7,623,068.16 |
| ML081312 | 59217EAT1 | MET LIFE GLOB FUND- ING 8/13/2012 | AA- | 8/13/2012 | 0.5 | 1,590,000.000 | 99.9316 | $1,588,912.44 |
| NR070113 | 637432LM5 | NATIONAL RURAL UTIL COOP 5.5% 7/1/2013 | A+ | 7/1/2013 | 1.4 | 5,000,000.000 | 106.7825 | $5,339,125.00 |
| NY121412 | 64952WAS2 | NEW YORK LIFE GLOBAL FDG 2.25% 12/14/2012 | AA+ | 12/14/2012 | 0.8 | 6,300,000.000 | 101.4363 | $6,390,486.90 |
| OC050113 | 68428LCT9 | ORANGE CNTY CA PENSN OBLG 0.9% 5/1/2013 | A+ | 5/1/2013 | 1.2 | 2,800,000.000 | 99.8650 | $2,796,220.00 |
| OC062813 | 68428LCU6 | ORANGE CNTY CA PENSN OBLG 0.95% 6/28/2013 | A+ | 6/28/2013 | 1.3 | 2,560,000.000 | 99.8480 | $2,556,108.80 |
| PG020614 | 742718DX4 | PROCTOR & GAMBLE CO 2/6/2014 | 2/6/2014 | 2.0 | 4,870,000.000 | 99.8412 | $4,862,266.44 | |
| SC070112 | 842477SQ5 | SOUTHERN CALIF PUB PWR AUTH 7/01/2012 | AA- | 7/1/2012 | 0.4 | 8,000,000.000 | 100.2030 | $8,016,240.00 |
| SC70112 | 84247PDF5 | SOUTHERN CALIF PUB PWR 4% 7/01/2012 | AA- | 7/1/2012 | 0.4 | 2,000,000.000 | 101.5180 | $2,030,360.00 |
| SF050113 | 79766DCQ0 | SAN FRANCISCO CALIF CITY 5/1/2013 | A+ | 5/1/2013 | 1.2 | 2,000,000.000 | 100.0080 | $2,000,160.00 |
| SF060112 | 840058SV4 | SOUTH SAN FRANCISCO CALIF 6/01/2012 | SP-1+ | 6/1/2012 | 0.3 | 6,000,000.000 | 100.4450 | $6,026,700.00 |
| SS030714 | 857477AJ2 | STATE STREET CORP 3/7/2014 | A+ | 3/7/2014 | 2.1 | 7,250,000.000 | 99.9398 | $7,245,635.50 |
| TG101012 | 87244EAC6 | TIAA GLOBAL MARKETS 5.125% 10/10/2012 | AA+ | 10/10/2012 | 0.7 | 4,712,000.000 | 102.9909 | $4,852,931.21 |
| UC051550 | 91412GEV3 | UNIVERSITY CALIF REVS 5/15/2050 | AA/A-1+ | 5/1/2013 | 1.2 | 3,860,000.000 | 101.5040 | $3,918,054.40 |
| UC070113 | 91412GFC4 | UNIVERSITY CALIF REV 0.887% 7/1/2013 | AA/A-1+ | 7/1/2013 | 1.4 | 8,300,000.000 | 100.4550 | $8,337,765.00 |
| US021513 | 91159HGS3 | US BANCORP 2.125% 2/15/2013 | A | 2/15/2013 | 1.0 | 1,400,000.000 | 101.6337 | $1,422,871.80 |
| VC032814 | 92343VAZ7 | VERIZON COMMUNICA- TIONS 3/28/2014 | A- | 3/28/2014 | 2.1 | 5,000,000.000 | 100.5612 | $5,028,060.00 |
| Totals | 469,136,097.730 | $472,312,302.40 | ||||||