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 4/30/07 (SETTLEMENT BASIS)

CARRY-BASIS IS BOOK-VALUE AMORTIZED THROUGH 4/30/07

LGIP (7)

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

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TRI-PARTY REPO-TSY COLLAT ( 7)

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57856 TPBA0398 BANK OF AMERICA SE 5.090 5/01/07 5.090 Aaa AAA 167,000,000.00 100.00000 2 167,000,000.00 167,000,000.00

57858 TPCG0427 CITIGROUP GLOBAL M 5.050 5/01/07 5.050 Aaa AAA 750,000,000.00 100.00000 2 750,000,000.00 750,000,000.00

57855 TPGS0076 GOLDMAN SACHS & CO 5.080 5/01/07 5.080 Aaa AAA 500,000,000.00 100.00000 2 500,000,000.00 500,000,000.00

57857 TPMS0270 WACHOVIA CAPITAL M 5.080 5/01/07 5.080 Aaa AAA 250,000,000.00 100.00000 2 250,000,000.00 250,000,000.00

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5.068 1667000000.00 1667000000.00 1667000000.00

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

U.S. TREASURY BILLS ( 11)

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56668 912795ZE U.S. TREASURY BILL 5.015 5/03/07 5.081 Aaa AAA 25,000,000.00 99.97214 2 24,993,034.72 24,993,034.75

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5.081 25,000,000.00 24,993,034.72 24,993,034.75

1 ITEM IN SUBTOTAL FOR: U.S. TREASURY BILLS (TYPE 11)

U.S. TREASURY NOTES & BON ( 12)

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57179 912828ER U S TREASURY NOTE 4.375 12/31/07 5.013 Aaa AAA 20,000,000.00 99.57813 2 19,916,561.45 19,915,625.00 -936.45

57440 912828ER U S TREASURY NOTE 4.375 12/31/07 4.991 Aaa AAA 50,000,000.00 99.57813 2 49,797,978.92 49,789,062.50 -8,916.42

56651 912828FJ U S TREASURY NOTE 5.125 6/30/08 5.052 Aaa AAA 15,000,000.00 100.28900 2 15,011,587.28 15,043,350.00 31,762.72

56657 912828FM U S TREASURY NOTE 5.000 7/31/08 5.046 Aaa AAA 15,000,000.00 100.20313 2 14,991,693.17 15,030,468.75 38,775.58

57438 912828FR U S TREASURY NOTE 4.875 8/31/08 4.786 Aaa AAA 50,000,000.00 100.05500 2 50,054,987.51 50,027,500.00 -27,487.51

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4.937 150,000,000.00 149,772,808.33 149,806,006.25 33,197.92

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

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5.057 1842000000.00 1841765843.05 1841799041.00 33,197.92

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