Rates of Return

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State Other-than-State Avg. Monthly Rate 4/30/13 .12 .06 Avg. Daily Rate on 4/30/13 .12 .06

“Effective November 1, 2012, the Reserve Fund fee charged to the Non-State participants has been reduced
from 1/20th of one percent to 1/100th of one percent”.

Unaudited holdings in the Fund as of December 31, 2012 (Adobe PDF 404kb)

Fiscal Year	Avg. Annualized Daily Rate:		Avg. Annualized Compounded Rate (1):
	State	Other-than-State	Other-than-State
1996	5.60	5.40	5.63
1997	5.47	5.29	5.51
1998	5.56	5.41	5.64
1999	5.15	4.98	5.18
2000	5.58	5.50	5.73
2001	5.94	5.78	6.03
2002	2.93	2.75	2.87
2003	1.77	1.67	1.70
2004	1.11	1.01	1.01
2005	2.19	2.09	2.16
2006	4.16	4.06	4.20
2007	5.25	5.14	5.35
2008	4.11	3.97	4.10
2009	1.55	1.40	1.40
2010	.45	.34	.34
2011	.30	.20	.20
2012	.15	.04	.04
(1) Assumes that moneys are left on deposit and are allowed to compound for one year

Other-than-State Participants (at June 30).
	2009	2010
No. of Participants	2,203	2,266
No. of Accounts	4,192	4,378
Total Funds ($ billions)	$4.7	$4.5

In compliance with the Government Accounting Standards Board Statement No. 31, the fair value per unit of the Fund’s underlying portfolio as of June 30, 2012 was 1.0000239321 and as of December 31, 2012 was 1.0000792125.