| Ticker | Cusip | Description | S&P Rating (6/30/2010)* |
Mat.Date | Years | Shares | Price | Value |
| AB113012 | 002819AA8 | ABBOTT LABORATORIES 5.15% 11/30/2012 | AA | 11/30/2012 | 2.3 | 1,000,000.000 | 109.9349 | $1,099,349.00 |
| AH031813 | 02666QF32 | AMERICAN HONDA FINANCE 2.375% | A+ | 3/18/2013 | 2.7 | 2,000,000.000 | 101.6525 | $2,033,050.00 |
| BA041512 | 060505AQ7 | BANK OF AMERICA CORP 6.25% 4/15/2012 | A | 4/15/2012 | 1.8 | 1,250,000.000 | 106.5103 | $1,331,378.75 |
| BA091512 | 060505AR5 | BANK OF AMERICA CORP 4.875% 9/15/2012 | A | 9/15/2012 | 2.2 | 1,000,000.000 | 104.7399 | $1,047,399.00 |
| BC061413 | 91159HGW4 | US BANCORP 2.00% 6/14/2013 | A+ | 6/14/2013 | 2.9 | 1,200,000.000 | 101.1985 | $1,214,382.00 |
| BH051512 | 084670AS7 | BERKSHIRE HATHAWAY FIN 4.75% 5/15/2012 | AA+ | 5/15/2012 | 1.8 | 2,285,000.000 | 106.4260 | $2,431,834.10 |
| BH091512 | 084664AY7 | BERKSHIRE HATHAWAY INC 5.125% 9/15/2012 | AA+ | 9/15/2012 | 2.2 | 2,050,000.000 | 108.0832 | $2,215,705.60 |
| BN110112 | 06406HBE8 | BANK OF NEW YORK MELLON 4.95% 11/1/12 | AA- | 11/1/2012 | 2.3 | 3,500,000.000 | 107.8968 | $3,776,388.00 |
| CI031513 | 161571AQ7 | CHASE ISSUANCE TRUST 3/15/13 | AAA | 3/15/2013 | 2.7 | 1,000,000.000 | 101.8409 | $1,018,409.00 |
| CS011512 | 22541LAC7 | CREDIT SUISSE USA INC 6.5% 1/15/2012 | A+ | 1/15/2012 | 1.5 | 2,800,000.000 | 107.2379 | $3,002,661.20 |
| CS111511 | 22541LAB9 | CREDIT SUISSE USA INC 6.125% 11/15/11 | A+ | 11/15/2011 | 1.3 | 1,500,000.000 | 106.1004 | $1,591,506.00 |
| DICXX | 26188J206 | Dreyfus Cash Management - Inst | NR | 8/1/2010 | 0.1 | 1,011,168.100 | 100.0000 | $1,011,168.10 |
| FF011712 | 31331GKY4 | FEDERAL FARM CREDIT BANK 2.00% 1/17/2012 | AAA | 1/17/2012 | 1.5 | 5,000,000.000 | 102.1583 | $5,107,915.00 |
| FF030613 | 31331XRR5 | FEDERAL FARM CREDIT BANK 4.9% 03/06/13 | AAA | 3/6/2013 | 2.7 | 5,000,000.000 | 110.0960 | $5,504,800.00 |
| FF030711 | 31331LCX4 | FEDERAL FARM CREDIT BANK 6.00% 3/7/2011 | AAA | 3/7/2011 | 0.7 | 50,000.000 | 103.4250 | $51,712.50 |
| FF032411 | 31331GPY9 | FEDERAL FARM CREDIT BANK 3/24/2011 | AAA | 3/24/2011 | 0.7 | 500,000.000 | 100.3674 | $501,837.00 |
| FF042412 | 31331GNQ8 | FEDERAL FARM CREDIT BANK 2.25% 4/24/2012 | AAA | 4/24/2012 | 1.8 | 5,000,000.000 | 102.7543 | $5,137,715.00 |
| FF051612 | 31331YQ29 | FEDERAL FARM CREDIT BANK 3.45% 5/16/12 | AAA | 5/16/2012 | 1.8 | 9,000,000.000 | 105.0042 | $9,450,378.00 |
| FF062513 | 31331JPK3 | FEDERAL FARM CREDIT BANK 1.375% 6/25/13 | AAA | 6/25/2013 | 2.9 | 1,000,000.000 | 101.0591 | $1,010,591.00 |
| FF120610 | 31331YGP9 | FEDERAL FARM CREDIT BANK 3.75% 12/6/2010 | AAA | 12/6/2010 | 0.4 | 2,500,000.000 | 101.2403 | $2,531,007.50 |
| FF120712 | 31331G2R9 | FEDERAL FARM CREDIT BANK 1.875% 12/7/12 | AAA | 12/7/2012 | 2.4 | 4,000,000.000 | 102.3493 | $4,093,972.00 |
| FH010311 | 31339XUJ1 | FEDERAL HOME LOAN BANK 3.15% 01/03/11 | AAA | 1/3/2011 | 0.5 | 2,000,000.000 | 101.2548 | $2,025,096.00 |
| FH011613 | 3133XW7L7 | FEDERAL HOME LOAN BANK 1.50% 1/16/2013 | AAA | 1/16/2013 | 2.5 | 4,000,000.000 | 101.3851 | $4,055,404.00 |
| FH030813 | 3133XQ2D3 | FEDERAL HOME LOAN 3.875% 03/08/2013 | AAA | 3/8/2013 | 2.7 | 3,000,000.000 | 107.4359 | $3,223,077.00 |
| FH091613 | 3133X1BV8 | FEDERAL HOME LOAN BANK 4.5% 9/16/2013 | AAA | 9/16/2013 | 3.2 | 6,000,000.000 | 110.1714 | $6,610,284.00 |
| FH102510 | 3133XDDP3 | Federal Home Loan Bank 10/25/10 | AAA | 10/25/2010 | 0.2 | 427,744.690 | 100.8950 | $431,573.00 |
| FH112112 | 3133XVEM9 | FEDERAL HOME LOAN BANK 1.625% 11/21/12 | AAA | 11/21/2012 | 2.3 | 5,000,000.000 | 101.7122 | $5,085,610.00 |
| FH121010 | 3133XRFK1 | FEDERAL HOME LOAN BANK 3.50% 12/10/10 | AAA | 12/10/2010 | 0.4 | 1,000,000.000 | 101.1885 | $1,011,885.00 |
| FH122811 | 3133XVRS2 | FEDERAL HOME LOAN BANK 1% 12/28/2011 | AAA | 12/28/2011 | 1.4 | 6,000,000.000 | 100.6767 | $6,040,602.00 |
| FM032312 | 3137EABY4 | FREDDIE MAC 2.125% 3/23/2012 | AAA | 3/23/2012 | 1.7 | 5,000,000.000 | 102.4691 | $5,123,455.00 |
| FM040412 | 31398AH54 | FANNIE MAE 1.00% 4/4/2012 | AAA | 4/4/2012 | 1.8 | 3,000,000.000 | 100.6432 | $3,019,296.00 |
| FM041513 | 3137EACJ6 | FREDDIE MAC 1.625% 4/15/2013 | AAA | 4/15/2013 | 2.8 | 4,000,000.000 | 101.6997 | $4,067,988.00 |
| FM051911 | 31398ARH7 | FANNIE MAE 3.375% 5/19/2011 | AAA | 5/19/2011 | 0.8 | 3,000,000.000 | 102.4827 | $3,074,481.00 |
| FM062212 | 31398AP71 | FANNIE MAE 1.25% 6/22/2012 | AAA | 6/22/2012 | 1.9 | 3,500,000.000 | 101.0325 | $3,536,137.50 |
| FM062613 | 31398AT44 | FANNIE MAE 1.50% 6/26/2013 | AAA | 6/26/2013 | 2.9 | 2,000,000.000 | 101.2128 | $2,024,256.00 |
| FM070612 | 3134G1JU9 | FREDDIE MAC 1.1% 7/6/2012 | 7/6/2012 | 2.0 | 1,000,000.000 | 100.2133 | $1,002,133.00 | |
| FM073012 | 31398AT77 | FANNIE MAE 1.125% 7/30/2012 | AAA | 7/30/2012 | 2.0 | 1,000,000.000 | 100.7588 | $1,007,588.00 |
| FM092811 | 31398AZH8 | FANNIE MAE 1.25% 9/28/2011 | AAA | 9/28/2011 | 1.2 | 5,000,000.000 | 100.1024 | $5,005,120.00 |
| FM121511 | 3137EACF4 | FREDDIE MAC 1.125% 12/15/2011 | AAA | 12/15/2011 | 1.4 | 5,000,000.000 | 100.8601 | $5,043,005.00 |
| FN042711 | 313588EW1 | FANNIE DISCOUNT NOTE 4/27/2011 | AAA | 4/27/2011 | 0.8 | 4,500,000.000 | 99.7733 | $4,489,798.50 |
| GE081312 | 36962G4E1 | General Elec Cap Cor 3.5% 8/13/2012 | AA+ | 8/13/2012 | 2.1 | 5,000,000.000 | 103.6364 | $5,181,820.00 |
| GS080112 | 38141EA41 | GOLDMAN SACHS GROUP INC 3.625% 8/1/2012 | A | 8/1/2012 | 2.1 | 1,675,000.000 | 103.2445 | $1,729,345.38 |
| GS090112 | 38141GCG7 | GOLDMAN SACHS GROUP INC 5.7% 9/1/2012 | A | 9/1/2012 | 2.2 | 1,000,000.000 | 107.5570 | $1,075,570.00 |
| HP022412 | 428236AU7 | HEWLETT-PACKARD CO 4.25% 2/24/2012 | A | 2/24/2012 | 1.6 | 1,750,000.000 | 105.2537 | $1,841,939.75 |
| IB112912 | 459200BA8 | IBM CORP 4.75% 11/29/2012 | A+ | 11/29/2012 | 2.3 | 1,800,000.000 | 108.5693 | $1,954,247.40 |
| II102212 | 44924EAB6 | IBM INTL GROUP CAPITAL 5.05% | A+ | 10/22/2012 | 2.2 | 2,300,000.000 | 108.9967 | $2,506,924.10 |
| IR031514 | 463655DY3 | IRVINE RANCH CALIF WTR DIST 3/15/2014 | AAA | 3/15/2014 | 3.7 | 3,100,000.000 | 108.3370 | $3,358,447.00 |
| JP050113 | 46625HHB9 | JPMORGAN CHASE & CO 4.75% 5/1/2013 | A+ | 5/1/2013 | 2.8 | 1,500,000.000 | 107.9085 | $1,618,627.50 |
| JP100112 | 46625HGT1 | JPMORGAN CHASE & CO 5.375% 10/1/2012 | A+ | 10/1/2012 | 2.2 | 1,000,000.000 | 108.0014 | $1,080,014.00 |
| NT081513 | 665859AJ3 | Northern Trust Corp 5.50% 8/15/2013 | AA- | 8/15/2013 | 3.1 | 1,000,000.000 | 112.0499 | $1,120,499.00 |
| NY101612 | 64952WAJ2 | NEW YORK LIFE GLOBAL FDG 5.25% 10/16/2012 | AAA | 10/16/2012 | 2.2 | 3,530,000.000 | 108.2404 | $3,820,886.12 |
| NY121412 | 64952WAS2 | NEW YORK LIFE GLOBAL FDG 2.25% 12/14/2012 | AAA | 12/14/2012 | 2.4 | 2,000,000.000 | 102.0446 | $2,040,892.00 |
| SF050112 | 79765A3U8 | SAN FRANCISCO CALIF 5/1/2012 | A | 5/1/2012 | 1.8 | 1,500,000.000 | 100.6850 | $1,510,275.00 |
| TG101012 | 87244EAC6 | TIAA GLOBAL MARKETS 5.125% 10/10/2012 | AAA | 10/10/2012 | 2.2 | 5,000,000.000 | 107.8600 | $5,393,000.00 |
| TN022811 | 912828KE9 | US TREASURY N/B 0.875% 2/28/11 | AAA | 2/28/2011 | 0.6 | 1,500,000.000 | 100.3750 | $1,505,625.00 |
| TN033112 | 912828MU1 | US TREASURY N/B 3/31/12 | AAA | 3/31/2012 | 1.7 | 6,940,000.000 | 100.7930 | $6,995,034.20 |
| TN043011 | 912828KL3 | US TREASURY N/B 4/30/11 | AAA | 4/30/2011 | 0.8 | 2,000,000.000 | 100.4453 | $2,008,906.00 |
| TN043012 | 912828NB2 | US TREASURY N/B 1.00% 4/30/12 | 4/30/2012 | 1.8 | 2,300,000.000 | 100.7770 | $2,317,871.00 | |
| TN053111 | 912828FH8 | US TREASURY N/B 4.875% 5/31/11 | AAA | 5/31/2011 | 0.8 | 3,000,000.000 | 103.8242 | $3,114,726.00 |
| TN061513 | 912828NH9 | US TREASURY N/B 1.125% 6/15/13 | AAA | 6/15/2013 | 2.9 | 875,000.000 | 100.6250 | $880,468.75 |
| TN063012 | 912828NS5 | US TREASURY N/B 0.625& 6/30/2012 | 6/30/2012 | 1.9 | 10,500,000.000 | 100.0590 | $10,506,195.00 | |
| TN071513 | 912828NN6 | US TREASURY N/B 7/15/13 | 7/15/2013 | 3.0 | 7,000,000.000 | 100.1640 | $7,011,480.00 | |
| TN073111 | 912828LG3 | US TREASURY N/B 7/31/11 | AAA | 7/31/2011 | 1.0 | 1,600,000.000 | 100.6484 | $1,610,374.40 |
| TN073113 | 912828JG6 | US TREASURY N/B 3.375% 7/31/13 | AAA | 7/31/2013 | 3.0 | 3,900,000.000 | 107.2891 | $4,184,274.90 |
| TN103111 | 912828LT5 | US TREASURY N/B 10/31/11 | AAA | 10/31/2011 | 1.2 | 6,000,000.000 | 100.7422 | $6,044,532.00 |
| TN113011 | 912828MM9 | US TREASURY N/B 11/30/11 | AAA | 11/30/2011 | 1.3 | 1,550,000.000 | 100.4297 | $1,556,660.35 |
| TN123111 | 912828ML1 | US TREASURY N/B 12/31/11 | AAA | 12/31/2011 | 1.4 | 9,800,000.000 | 100.7734 | $9,875,793.20 |
| TN53111 | 912828KU3 | US TREASURY N/B 0.875% 5/31/11 | AAA | 5/31/2011 | 0.8 | 3,000,000.000 | 100.4805 | $3,014,415.00 |
| US021513 | 91159HGS3 | US BANCORP 2.125% 2/15/2013 | A+ | 2/15/2013 | 2.6 | 2,000,000.000 | 101.8212 | $2,036,424.00 |
| Totals | 211,193,912.790 | $217,935,214.80 | ||||||