Ken Miller OKlahOMa State treasurer annual investment PerfOrMance report fiscal Year 2012

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1 Ken Miller Oklahoma State Treasurer Annual Investment Performance Report

2 KEN MILLER OKLAHOMA STATE TREASURER September 18, 2012 To the People of Oklahoma: I am pleased to issue the fiscal year 2012 annual investment performance report for the Office of the State Treasurer. The report provides details on investment activities from July 2011 through June I trust you will find it thorough and in keeping with my commitment to provide full and complete disclosure of all activities within my office. As always, my staff and I are available to answer any questions you might have. Safeguarding and maximizing the taxpayers money are of highest priority the State Treasurer s Office. While appropriations to the Treasurer s Office have been reduced by more than 20 percent in the past four fiscal years, core functions have been maintained and improved. During the past year, the Treasurer s Office launched a comprehensive project to reduce its footprint through elimination of leased office space, increased use of technology and automation, consolidation of job duties, and a one-third reduction in force. Through savings from years of cost-cutting measures, a modern software program to track billions of state dollars is on the verge of being launched. Market Conditions and Economic Developments The Federal Open Market Committee (FOMC) kept the Federal Funds rate at 0-.25% at the June 20, 2012 meeting. The rate has been at this level since December 16, The FOMC direction for the economy continues to be risk to growth as employment growth has slowed and inflation declined. Yields on U.S. Treasuries from the two-year note to the bellwether 30-year bond fell during the fiscal year resulting in a flattening of the yield curve. The Dow Jones Industrial Average (DJIA) ended the fiscal year at 12,880 for a gain of 298 points; the Standard & Poor s 500-stock index rose 23 points closing at 1362; the Nasdaq finished at 2935 for a gain of 119 points. The Institute for Supply Management reported that its index of manufacturing activity started the year at 51.4, reached a high of 54.8 in April, and then fell to 49.7 at year-end. The unemployment rate experienced a gradual decline after starting the fiscal year at 9.1% and falling to 8.1% in May then finishing with a slight jump to 8.2% in June. The Conference Board s consumer confidence index hit a low of in October, a high of in February then ended at 62.7 in June Portfolio Performance The yield on the Treasurer s portfolio was 2.42% at the end of fiscal year The market value of the portfolio at fiscal year-end was $3,929,456,563. I do not anticipate any losses will be realized due to excellent liquidity and the fact that investments are typically held to maturity. In terms of segment weightings, increases in mortgage-backed securities were offset by decreases in certificates of deposit and overnight repurchase agreements. Because of the continued low interest rate

3 environment there has been no activity in the Link Deposit program. A quantitative analysis of the performance of depository banks revealed specific balances and rates for the year: General revenue collateralized time deposits averaged $229 million at a rate of.30%. Portfolio Diversification U.S. Treasury Inflation-Protected Securities represented 1% of holdings, and U.S. government sponsored enterprises accounted for approximately 34% of the portfolio. Mortgage-backed securities were 41%, municipal bonds were 2% and Certificates of Deposit represented 3% of assets. Money market mutual funds were 13% and the allocable portion of sales and use tax to General Revenue collected by the Oklahoma Tax Commission was 4% of assets. State Bond Issues (at 2%) and foreign bonds (at less than 1%) made up the balance of funds invested. In keeping with the State s statutory investment objectives, the portfolio strategy continues to seek safety, liquidity, and return on investment, in that order. Based on challenging and potentially volatile market conditions, portfolio strategy consists of a combination of laddered maturities and market observation for investment opportunities that will maximize income in a secure environment. Collateralization All funds under the control of this office requiring collateralization were secured at rates ranging from 102% to 110%, depending on the type of investment. Payments, Fees, and Commissions All securities were purchased or sold on a net basis utilizing competitive bidding where practicable, with no additional fees or commissions known to the State Treasurer. Bank fees and mutual fund operating expenses are detailed in the attached pages, as is the earnings split between the Treasurer and the master custodian bank on securities lending income. Total Funds Invested Funds available for investment, at cost basis, include the State Treasurer s investments at $3,745,307,961 and State Agency balances in OK Invest at 2,190,599,041 for a total of $5,935,907,002. Best regards, KEN MILLER STATE TREASURER cc: The Honorable Mary Fallin, Governor The Honorable Brian Bingman, President Pro Tempore The Honorable Kris Steele, Speaker of the House The Honorable Scott Pruitt, Attorney General The Honorable Gary Jones, State Auditor and Inspector Members: Cash Management and Investment Oversight Commission 2300 N. Lincoln, Suite 217 Oklahoma City, OK (405)

4 Treasurer's Investments

5 Earnings by Security Type Interest Earned Net of Amortization* Realized Gain (Loss) Total Earnings Weighted Average Yield U.S. Treasury Notes/Bonds/Tips $ 645,038 $ - $ 645, % U.S. Agencies 16,436, ,725 $ 17,389, % Mortgage Backed 60,142,587 $ 60,142, % 77,224,219-78,176, % Certificates of Deposit 405,277 - $ 405, % Overnight Repurchase Agreements 1,579,267 - $ 1,579, % Money Market Mutual Funds 48,104 - $ 48, % State Bond Issues 2,369,854 - $ 2,369, % Municipal Bond Issues 3,127,800 $ 3,127, % Foreign Bonds 239,435 - $ 239, % TOTAL $ 84,993,956 $ $ 952,725 $ 85,946, % Page 1

6 Transactions by Broker Broker Tax ID# City State Purchases Sales (Cost) (Cost) Bank of Oklahoma Tulsa OK 748,060,536 46,014,574 Cantor Fitzgerald & Co Dallas TX 163,252,484 35,263,900 Commerce Bank Kansas City MO 33,354,277 Country Club Bank Oklahoma City OK 105,517,947 Jefferies & Company, Inc New York City NY 453,283,174 81,438,534 JP Morgan Securities Inc Oklahoma City OK 556,414,927 71,206,490 Merrill Lynch, Pierce, Fenner & Smith Chicago IL 225,536,589 Morgan Stanley Chicago IL 248,668,355 RBC DaomRaiscjer Oklahoma City OK 58,585,423 35,624,750 Wachovia Tulsa OK 16,729,950 Wells Fargo Oklahoma City OK 15,887,885 Development Corp of Israel 10,000,000 Total Securities 2,635,291, ,548,248 Certificates of Deposit 845,081,000 - TOTAL $ 3,480,372,547 $ 269,548,248 Page 2

7 Transaction by Security Type Security Purchases Sales (Cost) (Cost) U.S. Treasury Notes/Bonds $ 350,957 U.S. Agencies 1,408,133, ,548,248 Mortgage Backed 971,855,983 2,380,340, ,548,248 - Commercial Paper 244,951,253 Israel Bonds 10,000,000 Certificates of Deposit 845,081,000 - TOTAL $ 3,480,372,547 $ 269,548,248 Page 3

8 Portfolio Composition Investment Type U.S. TREASURY NOTES/BONDS/TIPS 59,567,846 57,262,565 55,774,205 58,001,875 U.S. AGENCIES 1,372,941,942 1,370,930,015 1,353,062,412 1,276,387,273 MORTGAGE BACKED 1,445,165,474 1,438,625,003 1,517,922,594 1,688,048,735 MUNICIPAL BONDS 76,094,311 72,926,711 70,708,817 73,662,169 FOREIGN BONDS 18,860,177 17,968,757 17,301,129 18,006,845 MONEY MARKET MUTUAL FUNDS 594,262, ,781, ,808, ,716,454 OVERNIGHT REPURCH AGREEMENT 123,292, ,077, ,317, ,567,776 COMMERCIAL PAPER 69,991, CERTIFICATES OF DEPOSIT 157,854, ,225, ,962, ,265,437 STATE BOND ISSUES 79,700,000 76,900,000 75,900,000 74,800,000 TOTAL 3,997,729,615 3,657,697,150 3,692,757,873 3,929,456,564 4,500,000,000 4,000,000,000 3,500,000,000 3,000,000,000 2,500,000,000 2,000,000,000 1,500,000,000 1,000,000, ,000, U.S. TREASURY NOTES/BONDS/TIPS FOREIGN BONDS OVERNIGHT REPURCH AGREEMENT CERTIFICATES OF DEPOSIT MORTGAGE BACKED U.S. AGENCIES MONEY MARKET MUTUAL FUNDS COMMERCIAL PAPER STATE BOND ISSUES MUNICIPAL BONDS Page 4

9 Monthly Investable Base June ,457,719,076 $4,100,000 $4,000,000 $3,900,000 $3,800,000 $3,700,000 (in 000's) $3,600,000 $3,500,000 $3,400,000 $3,300,000 $3,200,000 $3,100,000 $3,000,000 FY08 FY09 FY10 FY11 FY12 Office of State Treasurer Page 5

10 Position Report Weighted Average Maturity Yield at Purchase Cost Basis Percent of Portfolio *Market Value GENERAL REVENUE U.S. TREASURIES AND AGENCIES Treasury TIPS % $ 46,491, % $ 58,001,875 Agencies % 1,273,437, % 1,276,387,273 Mortgage Backed % 1,527,349, % 1,688,048, % 2,847,278, % 3,022,437,883 CERTIFICATES OF DEPOSIT % 116,265, % 116,265,437 OK INVEST Tax Distribution - OK Invest % 131,567, % 131,567, % 131,567, % 131,567,776 MONEY MARKET MUTUAL FUNDS % 492,716, % 492,716,454 STATE BOND ISSUES % 74,800, % 74,800,000 (Private Placement) MUNICIPAL BOND ISSUES % 64,565, % 73,662,169 FOREIGN BONDS % 18,114, % 18,006,845 Total Investment Portfolio % $ 3,745,307, % $ 3,929,456,563 *J. P. Morgan Chase Co. furnished market value data related to Securities. Other investments including Certificates of Deposit, Overnight Repurchase Agreement, Money Market Mutual Funds and State Bond Issues w ere valued at 100% of purchase price. Page 6

11 Position Report March 31, Weighted Weighted Percent Average Yield at Percent of Average Maturity Yield Purchase at Cost Basis Portfolio of *Market Value Maturity Purchase Cost Basis Portfolio *Market Value GENERAL REVENUE GENERAL REVENUE U.S. TREASURIES AND AGENCIES U.S. Treasury TREASURIES TIPS AND AGENCIES % $ 43,447, % $ 49,756,959 Agencies Treasury Bonds/Notes % 2.01% $ 1,053,549, % 34.17% $ 1,059,410,724 - Mortgage Treasury TIPS Backed % 4.80% $ 1,055,771,784 44,849, % 34.24% $ 1,107,111,432 55,774,205 Agencies % 3.36% 1,346,805,112 2,152,768, % 69.81% 2,216,279,115 1,353,062,412 Mortgage Backed % 1,388,499, % 1,517,922,594 CERTIFICATES OF DEPOSIT % 0.38% 2,780,154, ,761, % 4.44% 2,926,759, ,761,275 CERTIFICATES OF DEPOSIT % 140,962, % 140,962,257 COMMERCIAL PAPER % 131,436, % 234,782,860 OK INVEST OVERNIGHT Tax Distribution REPURCHASE - OK Invest % 116,317, % 116,317,770 AGREEMENT % 116,317, % 116,317,770 General Fund % 204,334, % 204,334,371 MONEY Tax Distribution MARKET - MUTUAL OK Invest FUNDS % 2.40% 344,808,689 94,532, % 3.07% 344,808,689 94,532, % 298,866, % 298,866,586 STATE BOND ISSUES % 75,900, % 75,900,000 MONEY MARKET MUTUAL FUNDS % 211,420, % 211,420,914 (Private Placement) STATE BOND ISSUES % 81,000, % 81,000,000 MUNICIPAL BOND ISSUES % 62,353, % 70,708,817 (Private Placement) FOREIGN BONDS % 17,474, % 17,301,129 MUNICIPAL BOND ISSUES % 60,090, % 63,182,532 FOREIGN BONDS % 11,196, % 11,196,404 Total Investment Portfolio % $ 3,537,970, % $ 3,692,757,873 Total Investment Portfolio % $ 3,083,540, % $ 3,253,489,685 *J. P. Morgan Chase Co. furnished market value data related to Securities. Other investments including Certificates of Deposit, Overnight Repurchase Agreement, Money Market Mutual Funds and State Bond Issues w ere valued at 100% of purchase price. Page 7

12 Position Report December 31, Weighted Weighted Average Yield Yield at at Maturity Purchase Cost Cost Basis Percent Percent of of Portfolio *Market *Market Value GENERAL REVENUE U.S. TREASURIES AND AGENCIES Treasury Bonds/Notes % 2.08% $ $ 12,302, % 0.40% $ $ 12,189,368 - Treasury TIPS % 1.35% $ 46,715,625 43,314, % 1.41% $ 57,262,565 45,730,194 Agencies % 2.21% 1,364,133, ,226, % 31.46% 1,370,930, ,822,129 Mortgage Backed % 4.84% 1,306,899,904 1,050,075, % 34.19% 1,438,625,003 1,106,756, % 3.52% 2,717,748,895 2,071,918, % 67.46% 2,866,817,584 2,140,498,208 CERTIFICATES OF DEPOSIT % 0.40% 141,225, ,695, % 4.61% 141,225, ,695,435 COMMERCIAL OK INVEST PAPER % 155,550, % 279,935,200 Tax Distribution - OK Invest % 124,077, % 124,077,020 OVERNIGHT REPURCHASE % 124,077, % 124,077,020 AGREEMENT MONEY General MARKET Fund MUTUAL FUNDS % 0.14% 357,781, ,681, % 6.70% 357,781, ,681,990 Tax Distribution - OK Invest % 106,329, % 106,329,983 STATE BOND ISSUES % 0.96% 312,011,972 76,900, % 10.16% 312,011,972 76,900,000 (Private Placement) MONEY MARKET MUTUAL FUNDS % 238,245, % 238,245,109 MUNICIPAL BOND ISSUES STATE BOND ISSUES % 2.17% 64,576,696 81,000, % 2.64% 72,926,711 81,000,000 (Private Placement) FOREIGN BONDS MUNICIPAL BOND ISSUES % 5.19% 18,128,652 59,683, % 1.94% 17,968,757 62,393,675 Total FOREIGN Investment BONDS Portfolio % 1.38% $ 3,500,438,342 11,117, % 0.36% $ 3,657,697,151 11,117,945 *J. P. Morgan Chase Co. furnished market value data related to Securities. Other investments including Certificates of Deposit, Total Overnight Investment Repurchase Portfolio Agreement, Money Market Mutual 778 Funds and State Bond 2.66% Issues w ere $ 3,071,223,771 valued at 100% of purchase price. 100% $ 3,266,897,543 *J. P. Morgan Chase Co. furnished market value data related to Securities. Other investments including Certificates of Deposit, Overnight Repurchase Agreement, Money Market Mutual Funds and State Bond Issues were valued at 100% of purchase price. Page 8

13 Position Report September 30, Weighted Weighted Average Average Maturity Maturity Yield at Yield at Purchase Purchase Cost Cost Basis Basis Percent of Percent of Portfolio Portfolio *Market *Market Value Value GENERAL REVENUE GENERAL REVENUE U.S. TREASURIES AND AGENCIES U.S. TREASURIES AND AGENCIES Treasury Treasury Bonds/Notes Bonds/Notes % 3.12% $ $ 37,469, , % 1.16% $ $ 37,564, ,753 Treasury Treasury TIPS TIPS % 1.35% $ 13,648,634 49,029, % 0.42% $ 49,926,550 59,217,093 Agencies Agencies % 2.53% 963,470,037 1,363,148, % 29.78% 978,587,344 1,372,941,942 Mortgage Backed % 5.06% 1,020,130,341 1,318,156, % 31.53% 1,088,004,945 1,445,165, % 3.80% 2,034,718,265 2,730,557, % 62.89% 2,154,083,424 2,877,675,261 CERTIFICATES OF OF DEPOSIT % 0.41% 149,674, ,854, % 4.63% 149,674, ,854,155 COMMERCIAL PAPER % 0.25% 170,020,489 44,379, % 5.25% 299,919,195 69,991,305 OVERNIGHT REPURCHASE AGREEMENT OK INVEST General Tax Distribution Fund - OK Invest % 0.24% 306,146, ,292, % 9.46% 306,146, ,292,333 Tax Distribution - OK Invest % 2.83% 101,318, ,292, % 3.13% 101,318, ,292, % 407,465, % 407,465,756 MONEY MARKET MUTUAL FUNDS % 594,262, % 594,262,072 MONEY MARKET MUTUAL FUNDS % 320,337, % 320,337,908 STATE BOND ISSUES % 79,700, % 79,700,000 STATE (Private BOND Placement) ISSUES % 81,000, % 81,000,000 (Private Placement) MUNICIPAL BOND ISSUES % 67,985, % 76,094,311 MUNICIPAL BOND ISSUES % 60,937, % 66,832,796 FOREIGN BONDS FOREIGN BONDS % 0.00% 19,026,596 11,338, % 0.35% 18,860,177 11,293,874 Total Investment Portfolio % $ 3,817,056, % $ 3,997,729,615 Total Investment Portfolio % $ 3,235,493, % $ 3,490,607,626 *J. P. Morgan Chase Co. furnished market value data related to Securities. Other investments including Certificates of Deposit, *The Northern Trust Company of Chicago, Illinois furnished market value data related to Securities. Other investments including Certificates of Deposit, Overnight Repurchase Agreement, Money Market Mutual Funds and State Bond Issues w ere valued at 100% of purchase price. Overnight Repurchase Agreement, Money Market Mutual Funds and State Bond Issues were valued at 100% of purchase price. FFC market values are based on market value data obtained from Bloomberg. Page 9

14 Comparison of Actual Earnings to Estimated Earnings Fiscal Year to Date Revenues Actual Revenues Estimate Variance Percent Investable Base Actual Investable Base Estimate Variance Percent Securities 70,055,849 73,715,631 (3,659,782) -4.96% 2,765,593,837 2,677,866,668 87,727, % Certificates of Deposit 431, ,124 (34,915) -7.49% 143,828, ,333,333 (18,504,640) % OK Invest 2,732,138 2,757,391 (25,253) -0.92% 72,600,579 56,483,333 16,117, % Money Market Mutual Funds 42,477 41, % 317,320, ,450, ,870, % Commercial Paper 31,800-31,800 16,818,497-16,818,497 State Bonds 807,419 1,084,193 (276,774) % 76,750,278 51,933,333 24,816, % Municipal Bonds 5,300,427 1,935,017 3,365, % 64,806,271 81,933,333 (17,127,062) % 79,401,320 80,000,000 (598,681) -0.75% 3,457,719,076 3,200,000, ,719, % Page 10

15 Explanation of Performance Comparison The following page presents market rates of return on the Securities portion of the General Account and of the State's aggregated State Agency Accounts. The figures, which are dollar- and timeweighted, where appropriate, are calculated using the percentage change in market value (inclusive of accrued income) from the end of the prior fiscal year to the end of the current fiscal year. To ensure the integrity of the data, this information is provided by the Treasurer's custodian bank acting in its capacity as an external third party. As such, performance measurement is presently confined to those investments which are custodied at J. P. Morgan Chase & Co. The Treasurer's office is trying to develop a method to report rates of return on all investment instruments in the State's portfolio. This is in an effort to report return data in a manner recommended on September 15, 1994, by the Working Group of the Cash Management and Investment Oversight Commission. However, there are technical and conceptual challenges to expanding performance measurement to other portions of the portfolio. Attempting to apply market-base pricing calculations to instruments which do not trade, such as Certificates of Deposit, presents difficulty which is both conceptual and technical in nature. Benchmark data is also provided on the following page. Office of State Treasurer Page 11

16 Performance Comparison* Month** Fiscal Year To Date** Securities: General Revenue Account 0.08% 3.72% Securities: Agency-directed 3.66% 7.41% Benchmark: ML 1 year US Treasury Note Index -0.03% 0.26% * Analysis by J. P. Morgan Chase Co. ** Represents dollar- and time-weighted rates of return Office of State Treasurer Page 12

17 Banking, Custody and Other Fees DEPOSITORY BANK TAX ID # CITY STATE AMOUNT Armstrong Bank Vian/Muskogee OK Arvest Bank Bartlesville OK Arvest Bank Norman OK BancFirst OKC OK 136, Bank of America OKC OK 6, Central National Bank Alva OK 3, Central National Bank Enid OK 1, Chase (Bank One) OKC OK 350, Citizens Security Bank OK Federal Reserve Bank KS OK 28, First Bank & Trust Broken Bow OK First Bank & Trust Wagoner OK First Fidelity Bank, NA OKC-Moore OK 3, First National Bank Altus OK First National Bank Ardmore OK First National Bank Clinton OK First National Bank Weatherford OK First State Bank Altus OK - First United Bank Durant OK International Bank of Commerce ( OKC OK The Bank N.A McAlester OK 1, Washita Valley Bank Fort Cobb OK Earned Income Credit 7, TOTAL $ 542, The State Treasurer participates in the following money market mutual funds. The fund managers are compensated for certain operating expenses by deducting a fee from the gross interest earnings. Fund Manager TIN Fee (Annualized basis) Amount AIM Government % $ 13, Bond Logistix LLC % $ 3, JP Morgan Securities % $ 135, Goldman Sachs % $ 174, BOSC, Inc % $ 111, The State Treasurer participates in a tri-party repurchase agreement program with JPMorgan as its agent. The agent is compensated for certain operating expenses by deducting a fee from the gross earnings. Fund Name TIN Fee (Annualized basis Amount JPMorgan-Chase % $ 5, ) The State Treasurer participates in a Securities Lending Program with J. P. Morgan Chase & Co. acting as lending agent. J. P. Morgan retains 15% of the revenues generated as compensation for services. Its share for the fiscal year was $68, Pursuant to Oklahoma State Statute Title 62 Section 90, the State Treasurer retains the first $425,000 of securities lending revenues in a revolving fund. These funds are used to pay custody and other banking fees. During the fiscal year ended, securities lending revenues fell below $425,000; consequently, the State Treasurer utilized earnings credits of $351,000 generated from compensating balances to offset fees charged by JPMorgan Chase. 2) Due to the interest rate environment during FY12, management fees were waived in the money market mutual funds. Actual fees are reflected in this. Page 13

18 Expenditures by Object Code Fiscal Year Ending OBJECT CODE CATEGORY AMOUNT 1100 Salary Expense $ 2,503, Insurance 548, FICA & Retirement 587, Professional Services 2,372, Inter/Intra Agency Payments Professional Services 2, Travel - Reimbursement 14, Travel - Direct Expense 23, Miscellaneous Administrative Expense 108, Bank Service Charges 336, Rent Expense 76, Maintenance and Repair Expense 60, Office Expense 45, Office Furniture and Equipment 642, Building Renovation 169, Employee Recognition Awards 1, Refunds, Indemnities and Restitution Employee Reimbursements County Treasurers - State Land Reimbursement 93,000 TOTAL $ 7,587,004 Page 14

19 Agency Directed Investments

20 Transactions by Broker State Agency Directed Fiscal Year Ending Broker Tax ID# City State Purchases Sales (Cost) (Cost) No Transactions - TOTAL $0 - Page 15

21 Transactions by Security Type State Agency Directed Fiscal Year Ending Security Purchases Sales (Cost) (Cost) No Transactions $ TOTAL $0 $ - Page 16

22 Agency Directed Investments Position Report - Securities AGENCY SECURITY INTEREST YIELD DAYS TO PAR COST MARKET TYPE RATE MATURITY VALUE Langston University Mutual Fund $ 686, $ 686, $ 1,203, University of Science and Arts U.S. Treasury Notes/Bond , , , WAM = , , Langston University Mutual Fund 422, , , $ 1,278, $ 1,286, $ 1,850, Page 17

23 Agency Directed Investments Position Report - OK Invest ACCOUNT FUND/ AGENCY INTEREST DAYS TO COST/MARKET AGENCY RATE MATURITY VALUE A Department of Corrections , D Department of Corrections , G Department of Corrections , J Department of Corrections L Department of Corrections , S Department of Corrections T Department of Corrections , W Department of Corrections , Y Department of Corrections , A Department of Corrections , D Department of Corrections F Department of Corrections H Department of Corrections A Department of Corrections , A Department of Corrections , A Department of Corrections C Department of Corrections , A Department of Corrections , A Department of Corrections B Department of Corrections , F Corportation Commission ,876, A OIFA ,999, A Compsource Oklahoma ,689, B Multiple Injury Trust Fund ,835, A Commissioners of the Land Office ,508, A Langston University ,725, Oklahoma Lottery Commission ,005, A Oklahoma Lottery Commission ,191, D Oklahoma Bureau of Narcotics ,608, Oklahoma Public Employees Retirement Syste , A Oklahoma Public Employees Retirement Syste ,910, B Oklahoma Public Employees Retirement Syste ,541, C Oklahoma Public Employees Retirement Syste , D Oklahoma Public Employees Retirement Syste ,287, E Oklahoma Public Employees Retirement Syste , F Oklahoma Public Employees Retirement Syste , J Oklahoma Public Employees Retirement Syste , A Panhandle State University ,681, A Department of Corrections , A OK Police Pension ,700, A Department of Corrections , B Tax Commission ,225, T Tax Commission ,735, U Tax Commission ,810, G State Treasurer ,119, J State Treasurer M State Treasurer F DHS - CSED ,354, State Building Bonds 1992, Series A State Building Bonds 1992, Series B Oklahoma Boll Weevil Eradication ,498, Department of Wildlife ,228, OERB ,403, OIFA ,344, Compsource Oklahoma , Oklahoma Lottery Commission ,547, Oklahoma Public Employees Retirement Syste , Peanut Commission , Oklahoma Police Pension Real Estate Commission ,632,167.59

24 Agency Directed Investments Position Report - OK Invest ACCOUNT FUND/ AGENCY INTEREST DAYS TO COST/MARKET AGENCY RATE MATURITY VALUE Department of Human Services ,376, Oklahoma Wheat Commission ,126, University Hospitals Authority ,043, State Election Board , Department of Wildlife , Oklahoma Lottery Commission , Oklahoma LP Gas Research , Oklahoma Public Employees Retirement Syste , OK Bd fo Private Vocational Schools , Risk Mgmt Dept of DCS ,245, Oklahoma Department of Securities ,303, State Election Board ,211, Department of Wildlife ,993, Oklahoma Historical Society Office of Juvenile Affairs , Property Distribution of DCS ,270, Real Estate Commission , Conservation Commission Department of Wildlife ,389, Oklahoma LP Gas Research , Tourism & Recreation Department ,933, Department of Public Safety ,417, JD McCarty Center , Department of Rehabilitation Services , OSF Building Projest Fund ,365, Dept of Wildlife Conservation ,147, Department of Public Safety ,203, Department of Human Services ,053, Department of Agriculture ,052, Department of Human Services , Oklahoma Crime Victims Compensation ,806, Department of Transportation ,005, Tourism & Recreation Department ,054, Tax Commission , Health Care Authority , Water Resources Board Regents for Higher Education ,252, Health Care Authority ,595, Dept of Central Services ,924, Health Care Authority ,335, Risk Mgmt Dept of DCS , OK Board of Mental Health , Risk Mgmt Dept of DCS ,830, OST - SEED , Department of Transportation ,209, Department of Transportation ,129, Emergency & Transportation ,494, University of Science & Arts EDGE Fund Tourism & Recreation Department ,407, OCIA 2006A , OCIA , OCIA 2006C , District Attorneys Council ,434, OCIA ,545, OCIA , Oklahoma Conservation Commission OCIA 2005C , Office of Juvenile Affairs ,129, OSF - Oil Overcharge , Department of Commerce ,231,830.81

25 Agency Directed Investments Position Report - OK Invest ACCOUNT FUND/ AGENCY INTEREST DAYS TO COST/MARKET AGENCY RATE MATURITY VALUE OCIA ,513, OCIA , OSF - Oil Overcharge ,728, Department of Commerce , OCIA Endowed Chairs Fund , OCIA , Oklahoma State University ,881, Oklahoma State University ,028, Oklahoma State University ,439, Oklahoma State University , Oklahoma State University ,553, Oklahoma State University ,158, Oklahoma State University , Langston University ,011, Rogers State College , Northwestern Oklahoma State University , Southwestern Oklahoma State University ,183, University of Oklahoma ,023, OUHSC ,887, Oklahoma State University ,646, OCIA 2009A Construction Fund ,072, OCIA 2009A Construction Fund , OCIA , OSF - Oil Overcharge , OCIA , OCIA ,111, OCIA , OCIA , OCIA Operations & Maintenance , OCIA ,249, OCIA , Water Resources Board ,037, Southwestern Oklahoma State University Water Resources Board ,195, Department of Commerce , Cameron University ,003, University of Oklahoma , Capital Improvement , Capital Improvement ,366, OCIA 2005A Admin , OCIA 2005A Construction , OCIA 2005B Admin , East Central University Water Resources Board , Water Resources Board ,321, Water Resources Board ,732, OCIA ,344, University of Central Oklahoma , Eastern Oklahoma State College , Tulsa Community College , OUHSC ,501, University of Oklahoma ,514, University of Central Oklahoma , OCIA East Central University Oklahoma City Community College , East Central University Oklahoma City Community College OCIA , OCCC 2010 Bond ,798, OCIA ,421.23

26 Agency Directed Investments Position Report - OK Invest ACCOUNT FUND/ AGENCY INTEREST DAYS TO COST/MARKET AGENCY RATE MATURITY VALUE OCIA , OU ARRA ,075, District Attorneys Council ,519, Commissioners of the Land Office , Commissioners of the Land Office ,032, Oklahoma State University ,070, University of Central Oklahoma ,731, University of Science & Arts , East Central University ,030, Langston University , Northeastern State University ,186, Northern Oklahoma College , Northwestern Oklahoma State University ,160, Panhandle State University , Southeastern Oklahoma State Unversity ,916, Southwestern Oklahoma State University ,925, University of Oklahoma ,230, Oklahoma State University ,709, University of Central Oklahoma , University of Science & Arts , East Central University , Langston University , Northeastern State University ,295, Northern Oklahoma College ,769, Northwestern Oklahoma State University , Panhandle State University , Southeastern Oklahoma State Unversity , Southwestern Oklahoma State University ,400, University of Oklahoma ,914, Department of Agriculture ,545, Western Oklahoma State College ,311, Department of Corrections ,083, Eastern Oklahoma State College ,507, Rogers State College ,271, Northern Oklahoma College ,629, Ardmore Higher Education Center , Oklahoma City Community College ,638, Southeastern Oklahoma State University ,758, University of Oklahoma ,368, Department of Human Services ,803, Oklahoma State University ,834, GO Bonds of Admin Fund , University of Science & Arts ,977, Workers Compensation Court ,131, Office of Juvenile Affairs , Regents for Higher Education ,365, Department of Veteran Affairs , Tulsa Community College ,241, OUHSC ,265, Department of Rehabilitation Services , University of Central Oklahoma ,000, Individual Self Insured Guaranty Fund , Department of Veteran Affairs , Group Self Insured Association Guaranty ,342, Department of Veteran Affairs , Workers Compensation Court , Regents for Higher Education Department of Veteran Affairs , Northwestern Oklahoma State University , Department of Veteran Affairs , Regents for Higher Education ,230.12

27 Agency Directed Investments Position Report - OK Invest ACCOUNT FUND/ AGENCY INTEREST DAYS TO COST/MARKET AGENCY RATE MATURITY VALUE Department of Veteran Affairs , Regents for Higher Education ,167, Department of Veteran Affairs , Carl Albert State College ,724, Regents for Higher Education ,247, Regents for Higher Education , Oklahoma Historical Society ,087, Oklahoma Department of Mental Health , Regents for Higher Education ,786, Corportation Commission ,650, Langston University ,573, Griffin Memorial Hospital Rep Payee , Regents for Higher Education , Regents for Higher Education , Regents for Higher Education ,008, Regents for Higher Education ,069, Regents for Higher Education ,356, Regents for Higher Education ,316, Regents for Higher Education , Seminole State College , Cameron University ,659, East Central University ,370, Department of Human Services , Regents for Higher Education ,627, Redlands Community College , Regents for Higher Education , Murray State College ,460, Oklahoma Historical Society , Rose State College ,440, Northeastern State University ,586, Northeastern State University ,986, Regents for Higher Education , Southwestern Oklahoma State University ,004, OIFA , OCIA 1999A Sinking Fund , OCIA 2008B Reserve Fund , OCIA 1999B Sinking Fund , OCIA 1999C Sinking Fund OCIA 1999D Sinking Fund OCIA 2003C Sinking Fund ,295, OCIA 2003D Sinking Fund , OCIA 2003E Sinking Fund ,278, OCIA 2005A Sinking Fund , OCIA 2005C Sinking Fund ,886, OCIA 2005D Sinking Fund ,472, OCIA 2005 Sinking Fund , OCIA 2006 Sinking Fund ,561, OCIA 2005F Sinking Fund ,900, OCIA 2005G Sinking Fund OCIA 2006 Sinking Fund , OCIA 2006D Sinking Fund ,071, OCIA 2006C Sinking Fund ,286, OCIA 2008A Sinking Fund ,654, OCIA 2008B Sinking Fund , OSF Building Project Fund ,225, OSF Building Project Fund ,197, OCIA 2009A Sinking Fund ,684, OCIA ,804, OCIA ,774, Oklahoma GO Bonds 2010A ,148, Oklahoma GO Bonds 2010B ,834.84

28 Agency Directed Investments Position Report - OK Invest ACCOUNT FUND/ AGENCY INTEREST DAYS TO COST/MARKET AGENCY RATE MATURITY VALUE OCIA Endowed Chair Fund ,300, Building Bonds Sinking Fund ,170, OCIA 201B Higher Ed Projects Refunding , OCIA 2010A Highway Capital Improvements ,922, OCIA 2010B Highway Capital Improvements ,495, OCIA 2012 State Highway ,883, Building Bonds sinking Fund , State of Oklahoma 2003 GO Sinking Fund ,133, B Refunding Bonds Sinking Fund OSF Escrow Fund , Regents for Higher Education ,120, Total 2,190,599,041.68

29 This publication is printed and issued by the State Treasurer as required by 62 O.S. 1994, Pursuant to 74 O.S. 1991, 3105, electronic copies have been prepared and distributed at no cost. Copies have been deposited with the Publication Clearinghouse of the Oklahoma Department of Libraries.

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