S T A T E   O F   A R I Z O N A                    

S T A T E   T R E A S U R E R ' S   O F F I C E            

                                                                        

W A T E R M A R K   I N V E N T O R Y                 

                                                                                                                                              

INVESTMENTS OUTSTANDING AS OF 5/31/07  (SETTLEMENT BASIS)                                

*** CARRY-BASIS IS BOOK-VALUE AMORTIZED THROUGH 5/31/07 ***              

*** LGIP-GOVERNMENT (7) ***

==============================================================================================================================================

 Pos#   Sec-Id     Description      RATE  Maturity  YIELD MOO  S&P  POSITION-SIZE  #   PRICE   $  CARRY-BASIS    MARKET-VALUE  * $-ABOVE/BELOW

------ -------- ------------------ ------ -------- ------ ---- ---- -------------- - --------- - -------------- -------------- - -------------

 

                                                 TRI-PARTY REPO-TSY COLLAT (   7)

                                                 --------------------------------

 58048 TPDB0170 DEUTSCHE BANK       5.130  6/13/07  5.130 Aaa  AAA  500,000,000.00   100.00000 2 500,000,000.00 500,000,000.00               

 58244 TPDB0175 DEUTSCHE BANK       5.020  6/01/07  5.020 Aaa  AAA  350,000,000.00   100.00000 2 350,000,000.00 350,000,000.00               

 58245 TPGS0080 GOLDMAN SACHS & CO  5.000  6/01/07  5.000 Aaa  AAA  210,000,000.00   100.00000 2 210,000,000.00 210,000,000.00               

 58246 TPMS0271 MIZUHO SECURITIES   5.030  6/01/07  5.030 Aaa  AAA  787,000,000.00   100.00000 2 787,000,000.00 787,000,000.00               

                                                   ======           --------------               -------------- --------------   -------------

                                                    5.052            1847000000.00                1847000000.00  1847000000.00               

 

    4 ITEMS IN SUBTOTAL FOR:  TRI-PARTY REPO-TSY COLLATERAL    (TYPE    7)

 

 

                                                 U.S. TREASURY NOTES & BON (  12)

                                                 --------------------------------

 58183 9128274F U S TREASURY NOTE   5.625  5/15/08  5.009 Aaa  AAA   10,000,000.00   100.51563 2  10,056,516.98  10,051,562.50       -4,954.48

 57179 912828ER U S TREASURY NOTE   4.375 12/31/07  5.013 Aaa  AAA   20,000,000.00    99.69500 2  19,927,162.25  19,939,000.00       11,837.75

 57440 912828ER U S TREASURY NOTE   4.375 12/31/07  4.991 Aaa  AAA   50,000,000.00    99.69500 2  49,823,645.53  49,847,500.00       23,854.47

 58179 912828FE U S TREASURY NOTE   4.875  5/15/09  4.843 Aaa  AAA   40,000,000.00    99.93000 2  40,023,177.80  39,972,000.00      -51,177.80

 56651 912828FJ U S TREASURY NOTE   5.125  6/30/08  5.052 Aaa  AAA   15,000,000.00   100.07000 2  15,010,744.08  15,010,500.00         -244.08

 58192 912828FJ U S TREASURY NOTE   5.125  6/30/08  4.976 Aaa  AAA   20,000,000.00   100.07000 2  20,029,863.91  20,014,000.00      -15,863.91

 56657 912828FM U S TREASURY NOTE   5.000  7/31/08  5.046 Aaa  AAA   15,000,000.00    99.96875 2  14,992,256.65  14,995,312.50        3,055.85

 58223 912828FM U S TREASURY NOTE   5.000  7/31/08  5.022 Aaa  AAA   30,000,000.00    99.96875 2  29,990,668.81  29,990,625.00          -43.81

 57438 912828FR U S TREASURY NOTE   4.875  8/31/08  4.786 Aaa  AAA   50,000,000.00    99.81250 2  50,051,494.45  49,906,250.00     -145,244.45

                                                   ======           --------------               -------------- --------------   -------------

                                                    4.938           250,000,000.00               249,905,530.46 249,726,750.00     -178,780.46

 

    9 ITEMS IN SUBTOTAL FOR:  U.S. TREASURY NOTES & BONDS      (TYPE   12)

 

                                                   ======           --------------               -------------- --------------   -------------

                                                    5.038            2097000000.00                2096905530.46  2096726750.00     -178,780.46

 

   13 ITEMS IN SUBTOTAL FOR:  LGIP-GOVERNMENT                  (FUND    7)