| Ticker | Cusip | Description | S&P Rating (1/31/2012)* |
Mat.Date | Years | Shares | Price | Value |
| AB113012 | 002819AA8 | ABBOTT LABORATORIES 5.15% 11/30/2012 | AA | 11/30/2012 | 0.8 | 1,000,000.000 | 103.7965 | $1,037,965.00 |
| AH031813 | 02666QF32 | AMERICAN HONDA FINANCE 2.375% | A+ | 3/18/2013 | 1.1 | 5,600,000.000 | 101.6575 | $5,692,820.00 |
| BH051512 | 084670AS7 | BERKSHIRE HATHAWAY FIN 4.75% 5/15/2012 | AA+ | 5/15/2012 | 0.2 | 2,665,000.000 | 101.1814 | $2,696,484.31 |
| BH091512 | 084664AY7 | BERKSHIRE HATHAWAY INC 5.125% 9/15/2012 | AA+ | 9/15/2012 | 0.6 | 2,265,000.000 | 102.8612 | $2,329,806.18 |
| BM051514 | 06406HBL2 | BANK OF NEW YORK MELLON 4.3% 5/15/14 | A+ | 5/15/2014 | 2.2 | 1,000,000.000 | 107.6383 | $1,076,383.00 |
| BN110112 | 06406HBE8 | BANK OF NEW YORK MELLON 4.95% 11/1/12 | A+ | 11/1/2012 | 0.8 | 4,608,000.000 | 103.2878 | $4,759,501.82 |
| CI031414 | 17275RAJ1 | CISCO SYSTEMS INC 1.625% 03/14/14 | A+ | 3/14/2014 | 2.1 | 4,900,000.000 | 102.2527 | $5,010,382.30 |
| CI100114 | 13034ABK5 | CALIFORNIA INFRA- STRUCTURE 10/01/2014 | 10/1/2014 | 2.7 | 1,000,000.000 | 100.0000 | $1,000,000.00 | |
| CI101514 | 161571CH5 | CHASE ISSUANCE TRUST 10/15/14 | AAA | 10/15/2014 | 2.7 | 3,000,000.000 | 103.3002 | $3,099,006.00 |
| CM021514 | 12572QAD7 | CME GROUP INC 5.75% 2/15/2014 | AA | 2/15/2014 | 2.0 | 2,353,000.000 | 109.1137 | $2,567,445.36 |
| CS040114 | 13063A5B6 | CALIFORNIA ST TAX- ABLE 5.25% 4/01/2014 | A- | 4/1/2014 | 2.2 | 3,425,000.000 | 107.0220 | $3,665,503.50 |
| CS050113 | 13066YRQ4 | CALIFORNIA ST DEPT WTR RES PWR 5/1/13 | AA- | 5/1/2013 | 1.2 | 3,900,000.000 | 105.8580 | $4,128,462.00 |
| CT040139 | 13063A5F7 | CALIFORNIA ST TAX- ABLE 5.65% 4/1/2039 | A- | 4/1/2039 | 27.2 | 1,480,000.000 | 105.3380 | $1,559,002.40 |
| DI040114 | 24702RAN1 | DELL INC 2.10% 4/1/2014 | A- | 4/1/2014 | 2.2 | 1,398,000.000 | 102.0004 | $1,425,965.59 |
| DICXX | 26188J206 | Dreyfus Cash Management - Inst | NR | 2/3/2012 | 0.0 | 940,127.460 | 100.0000 | $940,127.46 |
| ES080113 | 275282CQ2 | EAST SIDE UN HIGH SCH DIST 8/1/2013 | AA- | 8/1/2013 | 1.5 | 1,000,000.000 | 103.6900 | $1,036,900.00 |
| ES080114 | 275282CR0 | EAST SIDE UN HIGH SCH DIST 8/1/2014 | AA- | 8/1/2014 | 2.5 | 1,905,000.000 | 104.1910 | $1,984,838.55 |
| FF030613 | 31331XRR5 | FEDERAL FARM CREDIT BANK 4.9% 03/06/13 | AAA | 3/6/2013 | 1.1 | 5,000,000.000 | 105.0497 | $5,252,485.00 |
| FF042412 | 31331GNQ8 | FEDERAL FARM CREDIT BANK 2.25% 4/24/2012 | AAA | 4/24/2012 | 0.2 | 5,000,000.000 | 100.4721 | $5,023,605.00 |
| FF042516 | 31331KJL5 | FEDERAL FARM CREDIT BANK 4/25/16 | AAA | 4/25/2016 | 4.2 | 6,204,955.570 | 101.3279 | $6,287,351.18 |
| FF051612 | 31331YQ29 | FEDERAL FARM CREDIT BANK 3.45% 5/16/12 | AAA | 5/16/2012 | 0.2 | 9,000,000.000 | 100.9522 | $9,085,698.00 |
| FF062513 | 31331JPK3 | FEDERAL FARM CREDIT BANK 1.375% 6/25/13 | AAA | 6/25/2013 | 1.3 | 1,000,000.000 | 101.5889 | $1,015,889.00 |
| FF120712 | 31331G2R9 | FEDERAL FARM CREDIT BANK 1.875% 12/7/12 | AAA | 12/7/2012 | 0.8 | 4,000,000.000 | 101.3613 | $4,054,452.00 |
| FH011613 | 3133XW7L7 | FEDERAL HOME LOAN BANK 1.50% 1/16/2013 | AAA | 1/16/2013 | 0.9 | 4,000,000.000 | 101.2131 | $4,048,524.00 |
| FH030813 | 3133XQ2D3 | FEDERAL HOME LOAN 3.875% 03/08/2013 | AAA | 3/8/2013 | 1.1 | 3,000,000.000 | 103.9865 | $3,119,595.00 |
| FH052814 | 313373JR4 | FEDERAL HOME LOAN BANK 1.375% 5/28/14 | AAA | 5/28/2014 | 2.2 | 4,700,000.000 | 102.3766 | $4,811,700.20 |
| FH091613 | 3133X1BV8 | FEDERAL HOME LOAN BANK 4.5% 9/16/2013 | AAA | 9/16/2013 | 1.6 | 6,000,000.000 | 106.6879 | $6,401,274.00 |
| FH092012 | 3133XD5F4 | FEDERAL HOME LOAN BANK 4.72% 9/20/2012 | AAA | 9/20/2012 | 0.6 | 319,391.140 | 102.4730 | $327,289.68 |
| FH112112 | 3133XVEM9 | FEDERAL HOME LOAN BANK 1.625% 11/21/12 | AAA | 11/21/2012 | 0.8 | 5,000,000.000 | 101.1384 | $5,056,920.00 |
| FH121412 | 3133XVNT4 | FEDERAL HOME LOAN BANK 1.75% 12/14/12 | AAA | 12/14/2012 | 0.8 | 1,050,000.000 | 101.2935 | $1,063,581.75 |
| FH122713 | 313371UC8 | FEDERAL HOME LOAN BANK .875% 12/27/13 | AAA | 12/27/2013 | 1.8 | 3,000,000.000 | 100.9400 | $3,028,200.00 |
| FM022514 | 3137EACR8 | FREDDIE MAC 1.375% 2/25/2014 | AAA | 2/25/2014 | 2.0 | 12,500,000.000 | 102.0945 | $12,761,812.50 |
| FM022714 | 3135G0AP8 | FANNIE MAE 1.25% 2/27/2014 | AAA | 2/27/2014 | 2.0 | 2,000,000.000 | 101.4817 | $2,029,634.00 |
| FM031515 | 31398V2J4 | FREDDIE MAC 3/15/15 | AAA | 3/15/2015 | 3.1 | 4,066,207.290 | 100.3868 | $4,081,935.38 |
| FM032312 | 3137EABY4 | FREDDIE MAC 2.125% 3/23/2012 | AAA | 3/23/2012 | 0.1 | 5,000,000.000 | 100.2769 | $5,013,845.00 |
| FM040412 | 31398AH54 | FANNIE MAE 1.00% 4/4/2012 | AAA | 4/4/2012 | 0.2 | 3,000,000.000 | 100.1507 | $3,004,521.00 |
| FM041513 | 3137EACJ6 | FREDDIE MAC 1.625% 4/15/2013 | AAA | 4/15/2013 | 1.2 | 4,000,000.000 | 101.6346 | $4,065,384.00 |
| FM062212 | 31398AP71 | FANNIE MAE 1.25% 6/22/2012 | AAA | 6/22/2012 | 0.3 | 3,500,000.000 | 100.4399 | $3,515,396.50 |
| FM062613 | 31398AT44 | FANNIE MAE 1.50% 6/26/2013 | AAA | 6/26/2013 | 1.3 | 2,000,000.000 | 101.7122 | $2,034,244.00 |
| FM062714 | 3135G0BJ1 | FANNIE MAE 1.125% 6/27/2014 | AAA | 6/27/2014 | 2.3 | 1,900,000.000 | 101.3604 | $1,925,847.60 |
| FM073012 | 31398AT77 | FANNIE MAE 1.125% 7/30/2012 | AAA | 7/30/2012 | 0.4 | 1,000,000.000 | 100.4857 | $1,004,857.00 |
| FM082014 | 3134G2UA8 | FREDDIE MAC 1.00% 8/20/2014 | AAA | 8/20/2014 | 2.5 | 10,000,000.000 | 101.1319 | $10,113,190.00 |
| FM082814 | 3135G0BY8 | FANNIE MAE 0.875% 8/28/2014 | AAA | 8/28/2014 | 2.5 | 1,000,000.000 | 101.2212 | $1,012,212.00 |
| FM091614 | 31398AYY2 | FANNIE MAE 3.00% 9/16/2014 | AAA | 9/16/2014 | 2.6 | 2,250,000.000 | 106.5191 | $2,396,679.75 |
| FM092313 | 31398A2S0 | FANNIE MAE 1.00% 9/23/2013 | AAA | 9/23/2013 | 1.6 | 7,000,000.000 | 101.0481 | $7,073,367.00 |
| FM102813 | 3137EACL1 | FREDDIE MAC 0.875% 10/28/2013 | AAA | 10/28/2013 | 1.7 | 2,900,000.000 | 100.8176 | $2,923,710.40 |
| FM103014 | 3135G0DW0 | FANNIE MAE 0.625% 10/30/2014 | AAA | 10/30/2014 | 2.7 | 2,000,000.000 | 100.6838 | $2,013,676.00 |
| FM110314 | 3134G22K7 | FREDDIE MAC 1.00% 11/3/2014 | AAA | 11/3/2014 | 2.8 | 2,930,000.000 | 100.1169 | $2,933,425.17 |
| FM112514 | 3137EACY3 | FREDDIE MAC 0.75% 11/25/2014 | AAA | 11/25/2014 | 2.8 | 7,000,000.000 | 100.8862 | $7,062,034.00 |
| FM121914 | 3135G0FY4 | FANNIE MAE 0.75 12/19/2014 | AAA | 12/19/2014 | 2.8 | 7,500,000.000 | 100.9206 | $7,569,045.00 |
| FM122914 | 3137EADA4 | FREDDIE MAC 0.625% 12/29/2014 | AAA | 12/29/2014 | 2.8 | 17,500,000.000 | 100.4866 | $17,585,155.00 |
| FM62714 | 3135G0BN2 | FANNIE MAE 1.00% 6/27/2014 | AAA | 6/27/2014 | 2.3 | 5,000,000.000 | 100.2059 | $5,010,295.00 |
| FM82814 | 3135G0CN1 | FANNIE MAE 0.65% 8/28/2014 | AAA | 8/28/2014 | 2.5 | 5,000,000.000 | 99.9904 | $4,999,520.00 |
| FN091512 | 31359MPF4 | FANNIE MAE 4.375% 9/15/2012 | AAA | 9/15/2012 | 0.6 | 4,800,000.000 | 102.5878 | $4,924,214.40 |
| FN111714 | 3136FPWZ6 | FANNIE MAE 1.3% 11/17/2014 | AAA | 11/17/2014 | 2.8 | 1,000,000.000 | 102.0195 | $1,020,195.00 |
| GE081312 | 36962G4E1 | General Elec Cap Cor 3.5% 8/13/2012 | AA+ | 8/13/2012 | 0.5 | 5,000,000.000 | 101.5212 | $5,076,060.00 |
| GE091613 | 36962G4Q4 | GENERAL ELEC CAP CORP 1.875% 9/16/13 | AA+ | 9/16/2013 | 1.6 | 1,200,000.000 | 101.2542 | $1,215,050.40 |
| GI051914 | 38259PAA0 | GOOGLE INC 1.25% 5/19/2014 | AA- | 5/19/2014 | 2.2 | 2,000,000.000 | 101.9851 | $2,039,702.00 |
| GS060139 | 38122NAQ5 | GOLDEN ST TOB 6.75% 6/01/2039 | AA+ | 6/1/2013 | 1.3 | 2,500,000.000 | 108.3990 | $2,709,975.00 |
| GS080112 | 38141EA41 | GOLDMAN SACHS GROUP INC 3.625% 8/1/2012 | A- | 8/1/2012 | 0.5 | 1,675,000.000 | 101.2007 | $1,695,111.73 |
| GS090112 | 38141GCG7 | GOLDMAN SACHS GROUP INC 5.7% 9/1/2012 | A- | 9/1/2012 | 0.6 | 1,000,000.000 | 102.5442 | $1,025,442.00 |
| IB020615 | 459200HB0 | IBM CORP 0.55% 2/6/2015 | 2/6/2015 | 3.0 | 1,125,000.000 | 99.7599 | $1,122,298.88 | |
| IB112912 | 459200BA8 | IBM CORP 4.75% 11/29/2012 | A+ | 11/29/2012 | 0.8 | 1,800,000.000 | 103.4552 | $1,862,193.60 |
| II102212 | 44924EAB6 | IBM INTL GROUP CAPITAL 5.05% | A+ | 10/22/2012 | 0.7 | 1,600,000.000 | 103.2299 | $1,651,678.40 |
| IR31514 | 463655GW4 | IRVINE RANCH CALIF WTR DIST 2.605% | AA+ | 3/15/2014 | 2.1 | 5,000,000.000 | 103.8890 | $5,194,450.00 |
| JJ051514 | 478160AX2 | JOHNSON & JOHNSON 1.2% 5/15/2014 | AAA | 5/15/2014 | 2.2 | 2,000,000.000 | 101.7482 | $2,034,964.00 |
| JP011514 | 46623ECT4 | JP MORGAN CHASE & CO 5.375% 1/15/2014 | A | 1/15/2014 | 1.9 | 4,000,000.000 | 107.6243 | $4,304,972.00 |
| JP050214 | 46623EJH3 | JPMORGAN CHASE & CO 5/2/2014 | A | 5/2/2014 | 2.2 | 1,000,000.000 | 99.4099 | $994,099.00 |
| KC080113 | 492246MC4 | KERN CALIF HIGH SCH DIST 1.48% 8/01/2013 | AA- | 8/1/2013 | 1.5 | 1,835,000.000 | 100.4100 | $1,842,523.50 |
| ML010915 | 59217GAM1 | MET LIFE GLOB FUNDING 2% 1/9/2015 | AA- | 1/9/2015 | 2.9 | 5,000,000.000 | 100.9911 | $5,049,555.00 |
| NR020215 | 637432MP7 | NATIONAL RURAL UTIL COOP 1.00% 2/2/2015 | AA- | 2/2/2015 | 3.0 | 3,175,000.000 | 99.9970 | $3,174,904.75 |
| NY101612 | 64952WAJ2 | NEW YORK LIFE GLOBAL FDG 5.25% 10/16/2012 | AA+ | 10/16/2012 | 0.7 | 3,530,000.000 | 103.4756 | $3,652,688.68 |
| NY121412 | 64952WAS2 | NEW YORK LIFE GLOBAL FDG 2.25% 12/14/2012 | AA+ | 12/14/2012 | 0.8 | 2,000,000.000 | 101.4363 | $2,028,726.00 |
| OC062813 | 68428LCU6 | ORANGE CNTY CA PENSN OBLG 0.95% 6/28/2013 | A+ | 6/28/2013 | 1.3 | 3,000,000.000 | 99.8480 | $2,995,440.00 |
| SC070112 | 842477SQ5 | SOUTHERN CALIF PUB PWR AUTH 7/01/2012 | AA- | 7/1/2012 | 0.4 | 1,700,000.000 | 100.2030 | $1,703,451.00 |
| SC120112 | 786134SQ0 | SACRAMENTO CNTY CALIF 12/01/2012 | AA | 12/1/2012 | 0.8 | 1,700,000.000 | 100.6050 | $1,710,285.00 |
| SF050112 | 79765A3U8 | SAN FRANCISCO CALIF 5/1/2012 | A+ | 5/1/2012 | 0.2 | 1,500,000.000 | 100.2830 | $1,504,245.00 |
| SF050113 | 79766DCQ0 | SAN FRANCISCO CALIF CITY 5/1/2013 | A+ | 5/1/2013 | 1.2 | 1,185,000.000 | 100.0080 | $1,185,094.80 |
| SF100113 | 79765DXQ8 | SAN FRANCISCO CALIF CITY 10/01/2013 | AA- | 10/1/2013 | 1.7 | 3,000,000.000 | 105.5220 | $3,165,660.00 |
| TG101012 | 87244EAC6 | TIAA GLOBAL MARKETS 5.125% 10/10/2012 | AA+ | 10/10/2012 | 0.7 | 3,850,000.000 | 102.9909 | $3,965,149.65 |
| TN033112 | 912828MU1 | US TREASURY N/B 3/31/12 | AAA | 3/31/2012 | 0.1 | 6,340,000.000 | 100.1445 | $6,349,161.30 |
| TN061513 | 912828NH9 | US TREASURY N/B 1.125% 6/15/13 | AAA | 6/15/2013 | 1.3 | 875,000.000 | 101.2422 | $885,869.25 |
| TN061514 | 912828QS2 | US TREASURY N/B .75% 6/15/2014 | AAA | 6/15/2014 | 2.3 | 3,100,000.000 | 101.1797 | $3,136,570.70 |
| TN071513 | 912828NN6 | US TREASURY N/B 7/15/13 | AAA | 7/15/2013 | 1.4 | 5,000,000.000 | 101.1406 | $5,057,030.00 |
| UB020414 | 90333WAB4 | US BANK NA 6.3% 2/4/2014 | A | 2/4/2014 | 2.0 | 500,000.000 | 109.8489 | $549,244.50 |
| UC051514 | 91412GDA0 | UNIVERSITY CALIF REVS 3% 5/15/2014 | AA- | 5/15/2014 | 2.2 | 400,000.000 | 105.7110 | $422,844.00 |
| UC051550 | 91412GEV3 | UNIVERSITY CALIF REVS 5/15/2050 | AA/A-1+ | 5/1/2013 | 1.2 | 5,000,000.000 | 101.5040 | $5,075,200.00 |
| UC070113 | 91412GFC4 | UNIVERSITY CALIF REV 0.887% 7/1/2013 | AA/A-1+ | 7/1/2013 | 1.4 | 1,500,000.000 | 100.4550 | $1,506,825.00 |
| US021513 | 91159HGS3 | US BANCORP 2.125% 2/15/2013 | A | 2/15/2013 | 1.0 | 2,200,000.000 | 101.6337 | $2,235,941.40 |
| US071714 | 90327QCS6 | USAA CAPITAL CORP 3.5% 7/17/2014 | AA+ | 7/17/2014 | 2.4 | 1,000,000.000 | 105.1405 | $1,051,405.00 |
| US093014 | 90327QCV9 | USAA CAPITAL CORP 1.05% 9/30/2014 | AA+ | 9/30/2014 | 2.6 | 2,100,000.000 | 99.5321 | $2,090,174.10 |
| US103014 | 90331HKP7 | US BANK NA 4.95% 10/30/2014 | A | 10/30/2014 | 2.7 | 3,050,000.000 | 109.7982 | $3,348,845.10 |
| VC32814 | 92343VBA1 | VERIZON COMMUNICA- TIONS 1.95% 3/28/14 | A- | 3/28/2014 | 2.1 | 3,305,000.000 | 102.5961 | $3,390,801.11 |
| XE020114 | 98385XAD8 | XTO ENERGY INC 4.9% 2/1/2014 | AAA | 2/1/2014 | 2.0 | 1,000,000.000 | 108.3180 | $1,083,180.00 |
| Totals | 311,304,681.460 | $317,748,165.82 | ||||||