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2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 1: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 2: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � !

Page 3: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 4: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 5: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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A7 ' 1 1 # : $ 8 : - $ B $ + $ # * % # + , - % # % 3 , C & 9 : # . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D= - 1 E ; E ( 8 1 8 , $ % + $ 8 ' 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F" 8 , $ ' & G % 8 1 : 8 5 + @ C & 9 : 8 + @ , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HI � � J � � � J K ! � � � � �4 # 5 ' % $ ' & ; - E 8 $ ' % , ' & G - L @ 8 : ; : : ' - 1 $ , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M M0 + 1 + 2 # ( # 1 $ 3 , N 8 , : - , , 8 ' 1 + 1 E ; 1 + @ O , 8 , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M /P Q R S T U S V Q V T S Q W R X Q X Y Z Y V X RB $ + $ # ( # 1 $ ' & [ # $ G ' , 8 $ 8 ' 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M AB $ + $ # ( # 1 $ ' & 7 ) + 1 2 # , 8 1 [ # $ G ' , 8 $ 8 ' 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M D[ ' $ # , $ ' = 8 1 + 1 : 8 + @ B $ + $ # ( # 1 $ , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M F� � \ ! � ] ! � � ! � � � � �^ 1 < # , $ ( # 1 $ 4 # , - @ $ , 4 # < 8 # _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ` /N # , : % 8 5 $ 8 ' 1 ' & $ ) # = - 1 E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ` /G ' % $ & ' @ 8 ' 7 ) + % + : $ # % 8 , $ 8 : , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ` a0 + % b # $ 4 # < 8 # _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ` aG # % & ' % ( + 1 : # B - ( ( + % O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ` 64 8 , b G % ' 9 @ # . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ` 6" 8 , $ ' & ^ 1 < # , $ ( # 1 $ , + $ c - 1 # / d e ` d M 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ` DB : ) # E - @ # ' & 0 + 1 + 2 # ( # 1 $ = # # , + $ c - 1 # / d e ` d M 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / MB : ) # E - @ # ' & G + % $ 8 : 8 5 + 1 $ , L O 7 ' 1 : # 1 $ % + $ 8 ' 1 + $ c - 1 # / d e ` d M 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / `B * ^ = ^ 1 < # , $ ( # 1 $ G ' @ 8 : O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /f @ ' , , + % O ' & * # % ( , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / H � J � � � � � J K ! � � � � �C < # % < 8 # _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a /B : ) # E - @ # ' & ; 1 1 - + @ 4 + $ # , ' & 4 # $ - % 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a aB : ) # E - @ # ' & g - + % $ # % @ O 4 + $ # , ' & 4 # $ - % 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a 6G + % $ 8 : 8 5 + 1 $ h 1 8 $ , h 1 E # % 0 + 1 + 2 # ( # 1 $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a A0 ' 1 $ ) @ O 7 ' ( 5 + % + $ 8 < # i 8 # @ E , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a D; 1 1 - + @ 7 ' ( 5 + % + $ 8 < # i 8 # @ E , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a D7 ) + 1 2 # , 8 1 [ # $ G ' , 8 $ 8 ' 1 " + , $ * # 1 = 8 , : + @ i # + % , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a FN 8 , $ % 8 L - $ 8 ' 1 , $ ' G + % $ 8 : 8 5 + 1 $ , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a H

j � � � � j � � � k l � � � m � n � n o � � p q � r q � s

Page 6: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

t u v w x y z { | x } ~ � � | � y } | � y � � � � t � � � � w } � x | v | � � � � | � � � � � � � � � � � � � � � � | � w x y

Page 7: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 8: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 9: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

S���� �� C����������, O����� �� ��� T��������, D����� L. N������ 3

December 31, 2015

To the Participants in Connecticut’s Short-Term Investment Fund:

I am pleased to submit this Comprehensive Annual Financial Report for the State of Connecticut Short-Term Investment Fund (“STIF” or “Fund”) for the fi scal year ended June 30, 2015, which documents how STIF outperformed its benchmark,thereby providing signifi cant incremental income for the State, local governments and, ultimately, their taxpayers.

Responsibility for both the accuracy of the data and the completeness and fairness of this report rests with management. All disclosures necessary and required to enable investors and the fi nancial community to gain an understanding of STIF’s fi nancial activities have been included. We believe the enclosed fi nancial statements and data are presented fairly in all material respects and are reported in a manner designed to accurately present the fi nancial position and results of STIF’s operations.

STIF was created by legislation enacted in 1972 and is a state and local government investment pool managed by the Treasurer of the State of Connecticut. Investors in the Fund include the State, state agencies and authorities, municipalities, and other political subdivisions of the State. The primary objective of the Fund is to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment policy ensures strong asset diversifi cation by security type and issuer, comprising high-quality, very liquid securities with a relatively short average maturity. In addition, the Fund maintains a designated surplus reserve roughly equivalent to one percent of STIF’s assets to protect against security defaults or the erosion of security values due to signifi cant unforeseen market changes. STIF’s reserves are an important pillar of our investment pool, and STIF is one of the few government investment pools to maintain a reserve.

Financial Information

For Fiscal Year 2015, STIF generated a return of 0.15 percent, outperforming its benchmark by 12 basis points. This solid performance results in $5.3 million in additional interest income for Connecticut governments and their taxpayers, as $141,000 was contributed to its reserves. STIF has outperformed its benchmark for over twenty-fi ve years. The overall soundness of STIF was recognized by Standard & Poor’s (S&P), which affi rmed and maintained STIF’s AAAm rating -- the highest rating issued by S&P for money market funds and investment pools. As of June 30, 2015, STIF had $5.0 billion in assets under management. During the year local governments opened102 new STIF accounts, bringing the total number of municipal accounts at fi scal year-end to 551, an increase of 23 percent, demonstrating the continued confi dence in the Fund as a solid investment vehicle.

Internal Control Structure

Management is responsible for maintaining a system of adequate internal accounting controls designed to provide reasonable assurance that transactions are (i) executed in accordance with management’s general or specifi c authorization; and (ii) recorded as necessary to maintain accountability for assets and to permit preparation of fi nancial statements consistent with generally accepted accounting principles. We believe the

Page 10: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

4 S����-T��� I��������� F��� 2015 C������������ A����� F�������� R�����

LETTER FROM THE TREASURER

internal controls in effect during Fiscal Year 2015 adequately safeguarded STIF’s assets and provided reasonable assurance regarding the proper recording of fi nancial transactions. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefi ts likely to be derived and that the valuation of costs and benefi ts requires estimates and judgments by management.

S&P monitors STIF’s portfolio on a weekly basis to ensure that it maintains the safety and liquidity investors expect. In addition, the Investment Advisory Council and the Treasurer’s Cash Management Advisory Board periodically review STIF’s portfolio and performance.

Independent Audit

The State of Connecticut’s independent Auditors of Public Accounts conducted an annual audit of this Comprehensive Annual Financial Report in accordance with generally accepted auditing standards. The Auditors’ report on the basic fi nancial statements is included in the Financial Section of this report.

Management Discussion and Analysis

The Government Accounting Standards Board requires that STIF provide a narrative introduction, overview and analysis to accompany the basic fi nancial statements in a Management’s Discussion and Analysis (MD&A). This letter of transmittal and overview is designed to complement the MD&A and should be read in conjunction with it. The MD&A can be found in the Financial Section immediately following the report of the Auditors.

Awards

The Government Finance Offi cers Association of the United States and Canada (GFOA) awarded the Fund a Certifi cate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report for the fi scal year ended June 30, 2014. The Certifi cate is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government fi nancial reports.

Additional Information

A section of the Treasury website is dedicated to STIF investors, and features helpful information such as the current daily rate, monthly portfolio listings, historical data, and links to annual and quarterly fi nancial reports. The site also contains forms, instructions and an investor’s guide which are designed to help investors better understand the products and services offered by the Treasury, including Grant Express, Debt Service Express, and Clean Water Fund Express. The STIF site and copies of this report may be accessed through the Treasury’s website, www.ott.ct.gov.

As part of the Treasury’s continuing focus on transparency, communication and information, we develop the Monthly Manager Report, which is available on the Treasurer’s website (http://www.ott.ct.gov/cashmanagement_st_investorcommunications.html). This report, as well as the quarterly reports and the monthly list of holdings posted online, are designed to give investors information regarding fund characteristics and returns. Historical reports can be found under Financial Reports and STIF Express -- a secure online system -- allows investors to view account balances and transaction histories as well as initiate deposits and withdrawals.

We appreciate your participation in STIF, and hope that this Comprehensive Annual Financial Report will prove both informative and useful. Questions concerning any of the information contained in this report or requests for additional fi nancial information should be addressed to the Offi ce of the Treasurer, 55 Elm Street, Hartford, Connecticut 06106-1773, or by calling (860) 702-3000.

Sincerely,

Denise L. NappierTreasurerState of Connecticut

Page 11: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 12: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 13: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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8 S����-T��� I��������� F��� 2015 C������������ A����� F�������� R�����

SHORT-TERM INVESTMENT FUND ADMINISTRATION

DENISE L. NAPPIERTreasurer

State of Connecticut

LAWRENCE A. WILSON, CTPAssistant Treasurer

Cash Management Division

PAUL A. COUDERTInvestment Offi cer

MARC R. GAGNONSecurities Analyst

BARBARA SZUBAAccountant

As of December 31, 2015

CASH MANAGEMENT ADVISORY BOARD

William P. DesautelleJ. Victor Thompson

B��� �� N�� Y��� M�����M����� C�������� ���

I������� S�������

INVESTMENT ADVISORY COUNCIL

Carol M. ThomasBenjamin BarnesJanice Carpenter

Laurence HaleJoshua Hall

David HimmelreichSteven MuenchWilliam Murray

Denise L. NappierPeter Thor

PETER A. GAJOWIAKSecurities Analyst

DEBORAH SPALDINGChief Investment Offi cer

MICHAEL M. TERRY, CFAPrincipal Investment Offi cer

RICHARD D. GRAYDeputy Treasurer

Page 15: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 16: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 17: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 18: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
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S���� �� C����������, O����� �� ��� T��������, D����� L. N������ 13

MANAGEMENT’S DISCUSSION AND ANALYSIS

This section presents Management’s Discussion and Analysis (MD&A) of the Comprehensive Annual Financial Report (CAFR) of the State of Connecticut’s Offi ce of the Treasurer Short-Term Investment Fund’s (“STIF”) fi nancial position and performance for the fi scal year ended June 30, 2015. It is presented as a narrative overview and analysis. Management of the State of Connecticut’s Offi ce of the Treasurer encourages readers to review it in conjunction with the transmittal letter included in the Introductory Section at the front of this report and the fi nancial statements in the Financial Section that follow.

The Short-Term Investment Fund serves as an investment vehicle for the operating cash of the State Treasury, State agencies and authorities, municipalities, and other political subdivisions of the State. STIF is a AAAm rated investment pool of high-quality, short-term money market instruments and is managed for the sole benefi t of the participants. All income is distributed monthly after deducting operating costs of approximately four to fi ve basis points and an allocation to the Fund’s Designated Surplus Reserve of 10 basis points (generally until the reserve reaches one percent of fund assets).

The STIF fi nancial statements reported by the Treasurer’s Offi ce for which the Treasurer has fi duciary responsibility for the investment thereof begin on page 16 and provide detailed information about the Fund.

FINANCIAL HIGHLIGHTSCondensed Financial Information

Short-Term Investment FundNet Position and Changes in Net Position

The net position in the Short-Term Investment Fund at the close of Fiscal Year 2015 was approximately $5.0 billion, versus $4.2 billion the previous year.

The net position in the Short-Term Investment Fund at the close of Fiscal Year 2014 was approximately $4.2 billion, versus $4.5 billion the previous year.

Operating Income - General fi nancial market conditions produced an annual total return of 0.15%, net of operating expenses and allocations to Fund reserves, in fi scal 2015, slightly higher than the annual total return in fi scal 2014. The annual total return exceeded that achieved by its benchmark, which equaled .03%, by 12 basis points, resulting in $5.3 million in additional interest income for Connecticut governments and their taxpayers while also adding $141,000 to its reserves. During Fiscal Year 2015, the Federal Reserve maintained its Federal Funds target range at 0.00 – 0.25 percent where it has held since December 2008. During the fi scal year the Fund’s weighted average maturity fl uctuated from a low of 33 days to a high of 47 days.

General fi nancial market conditions produced an annual total return of 0.14%, net of operating expenses and allocations to Fund reserves, in fi scal 2014, slightly lower than the annual total return in fi scal 2013. The annual total return exceeded that achieved by its benchmark, which equaled .02%, by 12 basis points, resulting in $5.6 million in additional interest income for Connecticut governments and their taxpayers while also adding $651,000 to its reserves. During Fiscal Year 2014, the Federal Reserve maintained its Federal Funds target range at 0.00 – 0.25 percent where it has held since December 2008. During the fi scal year the Fund’s weighted average maturity fl uctuated from a low of 31 days to a high of 45 days.

Designated Surplus Reserve - In order to support the creditworthiness of the Fund and provide some additional protection against potential credit losses, a designated surplus reserve (reserve) is maintained. The amount transferred to the reserve is equal to the annualized rate of 0.1 percent of the end-of-day investment balances. Generally, no transfer is made if the reserve account is equal to or greater than 1.0 percent of the daily investment balance. During the fi scal year, $141,000 was transferred into the reserve, bringing the total reserve to $50.5 million.

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14 S����-T��� I��������� F��� 2015 C������������ A����� F�������� R�����

MANAGEMENT’S DISCUSSION AND ANALYSIS

Table 1 - Net Position

Assets 2015 Increase (Decrease) 2014 Increase (Decrease) 2013Investments in Securities, at amortized cost $5,033,037,747 $824,283,928 $4,208,753,819 $(263,468,130) $4,472,221,949Receivables and Other 5,079,297 1,968,209 3,111,088 (2,094,566) 5,205,654Total Assets 5,038,117,044 826,252,137 4,211,864,907 (265,562,696) 4,477,427,603Liabilities (572,149) (41,241) (530,908) 175,248 (706,156)Net Position $5,037,544,895 $826,210,896 $4,211,333,999 $(265,387,448) $4,476,721,447

Table 2 - Changes in Net Position

Assets 2015 Increase (Decrease) 2014 Increase (Decrease) 2013Net Interest Income $8,597,184 $(346,161) $8,943,345 $(2,175,743) $11,119,088Net Realized Gains 3,889 (102,158) 106,047 102,352 3,695Net Increase Resulting from Operations 8,601,073 (448,319) 9,049,392 (2,073,391) 11,122,783Purchase of Units by Participants 13,390,562,799 1,671,581,533 11,718,981,266 531,591,700 11,187,389,566Total Additions 13,399,163,872 1,671,133,214 11,728,030,658 529,518,309 11,198,512,349

Deductions Distribution of Income to Participants 6,535,117 236,067 6,299,050 (1,019,837) 7,318,887Redemption of Units by Participants 12,564,386,893 579,261,175 11,985,125,718 378,554,228 11,606,571,490Operating Expenses 2,030,966 37,628 1,993,338 520,874 1,472,464Total Deductions 12,572,952,976 579,534,870 11,993,418,106 378,055,265 11,615,362,841 Change in Net Position 826,210,896 1,091,598,344 (265,387,448) 151,463,044 (416,850,492)Net position – beginning of year 4,211,333,999 (265,387,448) 4,476,721,447 (416,850,492) 4,893,571,939Net position – end of year $5,037,544,895 $826,210,896 $4,211,333,999 $(265,387,448) $4,476,721,447

OVERVIEW OF THE FINANCIAL STATEMENTS

This discussion and analysis is an introduction to the Offi ce of the Treasurer’s Short-Term Investment Fund basic fi nancial statements, which are comprised of: 1) Statement of Net Position, 2) Statement of Changes in Net Position and 3) Notes to the Financial Statements.

The Statement of Net Position and the Statement of Changes in Net Position are two fi nancial statements that report information about the Short-Term Investment Fund. These statements include all assets and liabilities using the accrual basis of accounting. The current year’s revenues and expenses are taken into account regardless of when cash is received or paid.

The Statement of Net Position presents all of the Short-Term Investment Fund’s assets and liabilities, with the difference between the two reported as “net position”.

The Statement of Changes in Net Position presents information showing how the Short-Term Investment Fund’s net assets changed during the most recent fi scal year. All changes in net assets are reported as soon as the underlying events giving rise to the change occur, regardless of the timing of related cash fl ows.

The Notes to the Financial Statements provide additional information that is essential to a full understanding of the data provided in the Short-Term Investment Fund’s fi nancial statements.

ECONOMIC CONDITIONS AND OUTLOOK

Domestic growth, as measured by Gross Domestic Product (GDP), increased during the fi scal year, and became less volatile, ranging between 2.5 percent and 2.9 percent. For the entire fi scal year, GDP averaged 2.7 percent, up 0.1 percentage point from fi scal year 2014. Meanwhile the domestic employment situation continued to strengthen, with the unemployment rate falling from 6.2 percent to 5.3 percent from fi scal year 2014. During the course of the fi scal year, over 2.9 million people were added to payrolls while, at the same time,

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S���� �� C����������, O����� �� ��� T��������, D����� L. N������ 15

MANAGEMENT’S DISCUSSION AND ANALYSIS

force participation dropped modestly, ending the fi scal year at 62.6 percent from 62.8 percent a year earlier. The drop in the participation rate has magnifi ed the effect of employment gains on the unemployment rate, but has recently shown signs of stabilizing.

Domestic infl ation (as measured by the year-over-year change in the consumer price index) averaged 0.7 percent during the fi scal year, down from 1.6 percent in fi scal year 2014. While domestic infl ation has remained weak, the Eurozone experienced bouts of defl ation, with the average rate of infl ation during the fi scal year of just 0.1 percent, down signifi cantly from the Fiscal Year 2014 period rate of 0.9 percent.

CONTACTING THE OFFICE OF THE TREASURER

This fi nancial report is designed to provide a general overview of the Offi ce of the Treasurer’s fi nances and to show the Offi ce’s accountability for the money it receives. Questions about this report or requests for additional information should be addressed to:

Connecticut State Treasury55 Elm Street

Hartford, CT 06106-1773Telephone (860) 702-3000

www.ott.ct.gov

Page 24: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �  � � � � � � � � � � � � � � � ¡ � � � � � � � ¢ � � � � � � �� � � � � � � � � � � £ ¤ � � � � � �   �   ¥ � � � ¦ § ¨ © § ª « � �   ¥ � � � ¦ § ¨ © § ª ¬© § ª « © § ª ¬�     � � � � � �� ­ ® ¯ ° ± ² ³ ´ µ¶ · ¸ ¹ º ¹ » ¸ ¶ · ¼ ½ ¾ ¹ ¿ À Á Â Ã Ä Á Å À Æ ¿ À Á Ã Æ Ç Á Ç Æ ÂÈ ¹ ¸ ¶ · É ¹ » ¸ ¾ ¹ · ¸ ¶ · ¼ ½ ¾ ¹ À Á Â Ã Ä Á Å À Æ À Á Ã Æ Ç Á Ç Æ ÂÈ ¹ ¸ Ê ¹ Ë Ì Í Î ¹ Ï Ð Ë Í · » Ç Á À À Ã Å Ñ Ò Á Ñ Æ Ä� ® ± � ´ Ó ¯ ® ° µ ® � ® µ Ô Õ ± ² ´ Ö × ¯ ³ Ø � ­ ® ¯ ° ± ² ³ ´ µ À Á Ò Ñ Å Á Ñ Ä Ç Ã Á Ñ Æ Ã Á Ç Ã Ù� Ú ° ¯ ® � ¯ ° ´ µ ° Ó ± ² ³ ´ µ ° ± � ° ² ¯ � ° Õ Ô ® ³ × Û ª Ü § § ­ ® ¯ � Ú ° ¯ ®Ý Þ º ¼ ß Ë » ¹ ½ à á · Í ¸ » Å Ç Á Ç Ã Ñ Á Â Ò Ù Á Ä Ã Ã Å Å Á Ä Å À Á à À Å Á Ù Ò Ò� � � � £ �     � � � � � � Å Ç Á Ç Ã Ã Á Å Ò Ç Á À Ä Ù Å Å Á Ä Ù À Á Ñ Ç Ñ Á Ò Â À  �   � � � � � � �  ² µ ± ¯ ² â Ô ± ² ³ ´ ± ³ ¢ ° ¯ ± ² Ó ² ­ ° ´ ± µ ã � ³ ± ® µ © ä å æç Í » ¸ º Í è Þ ¸ Í ½ · » ¸ ½ Ý Ë º ¸ Í ¼ Í é Ë · ¸ » ê ë Ò Á Â Ç Â Á Å Å Ä ì ë Ò Á Ù Ã Ã Á Ñ Â Ñ ìí ½ ¸ Ë Ì ç Í » ¸ º Í è Þ ¸ Í ½ · » Ý Ë Í Ï Ë · Ï Ý Ë î Ë è Ì ¹ ë Ò Á Â Ç Â Á Å Å Ä ì ë Ò Á Ù Ã Ã Á Ñ Â Ñ ì� Ú ° ¯ ® � ¯ ° ´ µ ° Ó ± ² ³ ´ µ ° ± � ° ² ¯ � ° Õ Ô ® ³ × Û ª Ü § § ­ ® ¯ � Ú ° ¯ ®Ê ¹ Ï ¹ ¾ é ¸ Í ½ · ½ à á · Í ¸ » ë Å Ù Á Â Ò Æ Á Ç À Ò Á À Ã Ç ì ë Å Å Á à À  Á Å Ù Â Á Ä Å À ì� ­ ® ¯ ° ± ² ³ ´ µï é ¹ º Ë ¸ Í · ð ñ ò é ¹ · » ¹ » ë Ù Á Ñ Ç Ñ Á Ã Ò Ò ì ë Å Á Ã Ã Ç Á Ç Ç À ì� � � � £   �   � � � � � � � ë Å Ù Á Â Ä Ù Á à  ٠Á Ã Ä Ò ì ë Å Å Á Ã Ã Ç Á Æ Å À Á Å Ñ Ò ìó ô õ ö ÷ ø ù õ ú û ü ý þ ö õ ù ÿ õ ú õ ÿ � õ ö ÿ þ ý ú ø õ ÿ � ÷ ý ö ÿ û � � ö û ÷ ý ú þ ý ù õ � � õ ý ú õ ú �� � � � ¡ � � � � � � ¢ � � � � � � � À Ù Ò Á Ù Å Ñ Á À Ã Ò ë Ù Ò Â Á Ç À Ä Á Æ Æ À ì� ® ± ¢ ³ µ ² ± ² ³ ´ � ® Õ � ² ´ � ¯ Ô µ ± × ³ ¯ ¢ ° ¯ ± ² Ó ² ­ ° ´ ± µ� ¹ ð Í · · Í · ð ½ à ¹ Ë º ¿ Æ Á Ù Å Å Á Ç Ç Ç Á Ã Ã Ã Æ Á Æ Ä Ò Á Ä Ù Å Á Æ Æ Äñ · Ï ½ à ¹ Ë º ¿  Á Ñ Ç Ä Á Â Æ Æ Á À à  ¿ Æ Á Ù Å Å Á Ç Ç Ç Á à à Ã� ® ® ° Ó Ó ³ Ø ­ ° ´ ² ´ Ö � ³ ± ® µ ± ³ ± Ú ® � ² ´ ° ´ Ó ² ° Õ � ± ° ± ® Ø ® ´ ± µ Ü

Page 26: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

18 S����-T��� I��������� F��� 2015 C������������ A����� F�������� R�����

NOTE 1: INTRODUCTION AND BASIS OF PRESENTATION

The Short-Term Investment Fund (“STIF” or the “Fund”) is a money market investment pool managed by the Treasurer of the State of Connecticut. Section 3-27 of the Connecticut General Statutes (CGS) created STIF. Pursuant to CGS 3-27a - 3-27f, the State, municipal entities, and political subdivisions of the State are eligible to invest in the Fund. Securities in which the State Treasurer is authorized to invest monies of STIF include United States government and agency obligations, certifi cates of deposit, commercial paper, corporate bonds, saving accounts, bankers’ acceptances, repurchase agreements, and asset-backed securities. STIF is authorized to issue an unlimited number of units.

For State of Connecticut fi nancial reporting purposes, STIF is considered to be a mixed investment pool – a pool having external and internal portions. The internal portion (i.e., the portion that belongs to investors that are part of the State’s fi nancial reporting entity) is not displayed in the State’s basic fi nancial statements. Instead, each fund type’s investment in STIF is reported as “cash equivalents” in the statement of net assets. The external portion (i.e., the portion that belongs to investors which are not part of the State’s fi nancial reporting entity) is recorded in an investment trust fund in the basic fi nancial statements.

The Fund is considered a “2a7-like” pool and, as such, reports its investments at amortized cost (which approximates fair value). A 2a7-like pool is not necessarily registered with the Securities and Exchange Commission (SEC) as an investment company, but nevertheless has a policy that is consistent with the SEC’s currently effective regulations under Rule 2a7 of the Investment Company Act of 1940 that allows money market mutual funds to use amortized cost to report net assets.

Related Party Transactions.

STIF had no related party transactions during the fi scal year with the State of Connecticut and its component units including leasing arrangements, the performance of administrative services and the execution of securities transactions.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Financial Reporting Entity.

The Fund is a Fiduciary Investment Trust Fund. A fi duciary fund is used to account for governmental activities that are similar to those found in the private sector where the determination of net income is necessary or useful to sound fi nancial administration. The generally accepted accounting principles (“GAAP”) used for fi duciary funds are generally those applicable to similar businesses in the private sector. The Fund uses the accrual basis of accounting.

Security Valuation of Financial Instruments.

The assets of the Fund are carried at amortized cost (which approximates fair value). All premiums and discounts on securities are amortized or accreted on a straight line basis.

Security Transactions.

Purchases and sales of investments are recorded on a trade date basis. Gains and losses on investments are realized at the time of the sales and are calculated on the basis of an identifi ed block or blocks of securities having an identifi ed amortized cost. Bond cost is determined by identifi ed lot.

Interest Income.

Interest income, which includes amortization of premiums and accretion of discounts, is accrued as earned.

Expenses.

Operating and interest expenses are accounted for on an accrual basis.

Fiscal Year.

The fi scal year of STIF ends on June 30.

NOTES TO FINANCIAL STATEMENTS

CONNECTICUT STATE TREASURER’S SHORT-TERM INVESTMENT FUND

Page 27: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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ú � þ þ � å ó í ô ä � í åó ê ÷ ä ô ä í å î ë ï ð é ä ï í ÷ ä ë í å æ õ î æ ó ç ê ì ä ï í ñ ê ç æ õ í å ø å æ í ò î æ ä ô ò î ë î ð í ò í ë æ ê ñ Í Ê Ë Õ î ë ï ó ç é ï í ë æ î ë ï ó ç ê ï é ô æ ä ì íä ë ì í å æ ò í ë æ ê ñ ñ é ë ï å ö Î ÷ ÷ å í ô é ç ä æ ä í å ê ñ Í Ê Ë Õ î ç í ç í ð ä å æ í ç í ï é ë ï í ç æ õ í " î ë � ê ñ È í û # ê ç � Ó í ÷ ÷ ê ë ë ê ò ä ë í í ë î ò í úÓ Î Æ $ Æ ê ö% Ý Ù Ú Þ � Ø � � % Û â � Ø Ú � Ø Ù & ' × â � Þ Ù Ø Ú ÙÊ õ í ô é å æ ê ï ä î ÷ ô ç í ï ä æ ç ä å � ñ ê ç ï í ó ê å ä æ å ä å æ õ í ç ä å � æ õ î æ ä ë æ õ í í ì í ë æ ê ñ î è î ë � ñ î ä ÷ é ç í ú æ õ í Í Ê Ë Õ Ð å ï í ó ê å ä æ å ò î øë ê æ è í ç í ô ê ì í ç í ï ö Ê õ í Í Ê Ë Õ ñ ê ÷ ÷ ê û å ó ê ÷ ä ô ø ó î ç î ò í æ í ç å æ õ î æ ÷ ä ò ä æ ï í ó ê å ä æ å ä ë î ë ø ê ë í í ë æ ä æ ø æ ê î ò î ù ä ò é ò ê ñæ í ë ó í ç ô í ë æ ê ñ æ ê æ î ÷ î å å í æ å û ä æ õ î æ í ë Ò è é å ä ë í å å Ò ï î ø ô é ç í ó í ç ä ê ï ö Õ é ç æ õ í ç ú æ õ í ô í ç æ ä � ô î æ í å ê ñ ï í ó ê å ä æ å ò é å æ è íä å å é í ï ñ ç ê ò ô ê ò ò í ç ô ä î ÷ è î ë � å û õ ê å í å õ ê ç æ Ò æ í ç ò ï í è æ ä å ç î æ í ï î æ ÷ í î å æ Î Ò ý è ø Í æ î ë ï î ç ï î ë ï ê ê ç Ð å î ë ï Õ Ò ý è øÕ ä æ ô õ î ë ï û õ ê å í ÷ ê ë ð Ò æ í ç ò ï í è æ ä å ç î æ í ï î æ ÷ í î å æ Î Ò î ë ï ä æ å ä å å é í ç ç î æ ä ë ð ä å î æ ÷ í î å æ ( Æ ) ú ê ç è î ô � í ï è ø î ÷ í æ æ í ç ê ñô ç í ï ä æ ä å å é í ï è ø î Õ í ï í ç î ÷ Ñ ê ò í * ê î ë è î ë � öÖ í ó ê å ä æ å ä ë è î ë � å î ç í ä ë å é ç í ï é ó æ ê ü � � þ ú þ þ þ � î å ê ñ � é ë í � þ ú � þ ý � ú î ë ø î ò ê é ë æ î è ê ì í æ õ ä å ÷ ä ò ä æ ä å ô ê ë å ä ï í ç í ïé ë ä ë å é ç í ï ö Î ï ï ä æ ä ê ë î ÷ ÷ ø ú å æ î æ í è î ë � ä ë ð ç í ð é ÷ î æ ä ê ë ç í é ä ç í å î ÷ ÷ Æ ê ë ë í ô æ ä ô é æ ó é è ÷ ä ô ï í ó ê å ä æ ê ç ä í å æ ê å í ð ç í ð î æ íô ê ÷ ÷ î æ í ç î ÷ î ð î ä ë å æ ó é è ÷ ä ô ï í ó ê å ä æ å ä ë î ë î ò ê é ë æ í é î ÷ æ ê î æ ÷ í î å æ æ í ë ó í ç ô í ë æ ê ñ æ õ í ê é æ å æ î ë ï ä ë ð ï í ó ê å ä æ ö Î å ê ñ� å ô î ÷ ø í î ç Ò í ë ï ú ï í ó ê å ä æ ä ë å æ ç é ò í ë æ å ä ë æ õ í Í õ ê ç æ Ò Ê í ç ò Ë ë ì í å æ ò í ë æ Õ é ë ï æ ê æ î ÷ í ï ü � ú ý � þ ú � � ! ú ! � � ö Ç ñ æ õ î æ î ò ê é ë æ úü ý ú � þ � ú þ � ú ! � � û î å í ù ó ê å í ï æ ê ô é å æ ê ï ä î ÷ ô ç í ï ä æ ç ä å � ç í ó ç í å í ë æ ä ë ð æ õ í ó ê ç æ ä ê ë æ õ î æ û î å é ë ä ë å é ç í ï ú é ë ô ê ÷ ÷ î æ í ç î ÷ ä � í ïê ç ë ê æ è î ô � í ï è ø î ÷ í æ æ í ç ê ñ ô ç í ï ä æ ö É î ô õ ê ñ æ õ í ï í ó ê å ä æ ä ë å æ ç é ò í ë æ å õ î ï ó é æ ê ó æ ä ê ë å æ õ î æ û ê é ÷ ï î ÷ ÷ ê û Í Ê Ë Õ æ êç í ï í í ò æ õ í ä ë ì í å æ ò í ë æ å û ä æ õ ä ë ê ë í æ ê å í ì í ë è é å ä ë í å å ï î ø å ö

Page 28: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Å Ê ¹ à ¾ ¸ º È Û º Ã Å Ç ÌÝ m Þ r o z x r m z ß u z p q n z à n m á r u q ow x y q z n â r sÝ m Þ r o z x r m z o ã y o z ä r o o z å u m æ m r æ m r ç è n Þ r¥ � ¤ � � � � ¡ } � � � � � � } � �  � é � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �  � � � � | � � ê � } ¢ � � � ¢ � � � � � � �  � é � � ë � � � ë ª � � � � � ë � � � ë ª � � � � � �  � � | � � � � � ª � � � � � � ª ª � � ª � � � � � � ª ª � �{ | } ~ � � � � � � ¢ � | � £ | ¤ � � � � � � � � � � � � � � � � � � � � � � � � �� � ì � ¨ � � } � � } � ª � � � ë � � � � � ª � � � ë � � � � � �ì � ¨ � � } � � } � � � } � � � | � ~ � �   � } � � � � � � � � � � � � � � � � � � � � � � � � �í � ¤ � � ¢ î | � � � ê � � � � � } � � � � � � � � � � � � � � � � � � � � � � � � �� � � | � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �c È È ¾ ¹ ¾ Å ¸ ½ Ã Ã É Î b _ ` j ¾ ¼ ½ Ã Ã Å Ç º È Û É Í Å Ã ¾ Á É ¹ Å ¾ ¸ Ä º ¼ ¹ ¾ ¸ ï Å ½ ¹ ¾ ¸  g » ½ ¹ º È º Û ¹ ¼ º Á Ê » ¾ ¹ ¾ º ¼ Ì j Ê » ¹ À º » Î ¾ ¸ Ä º ¼ ¹ Ë º ¸ ¹ 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½ » ¹ É ¹ Å ½ ¸ ¾ ¸ Ä º ¼ ¹ Ë º ¸ ¹ Ç ¾ à à ¸ Å ¹ Æ Ê Ã Ü Ã Ã ¾ ¹ ¼ Å Û Ã ¾  ½ ¹ ¾ Å ¸ ¼ Ì _ À ºb _ ` j Ë ½ ¸ ½  º ¼ ¾ ¹ ¼ Á » º È ¾ ¹ » ¾ ¼ ¿ Û É ¾ ¸ Ä º ¼ ¹ ¾ ¸  Š¸ Ã É ¾ ¸ È º Û ¹ ¼ º Á Ê » ¾ ¹ ¾ º ¼ ¹ À ½ ¹ Æ ½ Ã Ã Ç ¾ ¹ À ¾ ¸ ¹ À º À ¾  À º ¼ ¹ ¼ À Å » ¹ g ¹ º » Ë Å » à Š¸  g ¹ º » Ë» ½ ¹ ¾ ¸  Á ½ ¹ º  Š» ¾ º ¼ Û É ¸ ½ ¹ ¾ Å ¸ ½ Ã Ã É » º Á Å Â ¸ ¾ ü º È » ½ ¹ ¾ ¸  Š»  ½ ¸ ¾ ü ½ ¹ ¾ Å ¸ ¼ Ì ý r q þ r m z u ÿ r y �ã q r s n z � p u � n z à � u z n m ÿ w x y q z n â r s ã y o z w x y q z n â r s ã y o z� � � � � � � � � � � � � � � � ë � ë ª �� � � � � � � � � � � � ì � ¨ � � } � � } � � ì � ¨ � � } � � } � ì � | � | } � � � � ª � � � ë � � � � � � � � � �� � � � � � � �   � � � � | � � ê � } ¢ � � � � � ª � � � � � � ë ª � ë � � � �� � � � � � � � � � ª � � � � � � � � � � ë � � � �� � � � � ª � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � ª � � ë �� � í � � � � � � � � � � � � � ë �� � � | � � � � � � � � � � � � � � � � � � � � � �� � � � � � ¢ � � � � � � � | � � § 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Page 29: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 30: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

22 S����-T��� I��������� F��� 2015 C������������ A����� F�������� R�����

US Government 65,295,451 65,362,518

Repurchase Agreements 500,000,000 500,000,000

TOTAL $5,033,037,747 $5,033,261,852

Repurchase agreements are agreements to purchase securities from an entity for a specifi ed amount of cash and to resell the securities to the entity at an agreed upon price and time. They are used to enhance returns with minimal risk on overnight cash deposits of the Fund. Such transactions are only entered into with primary government securities dealers who report directly to the Federal Reserve Bank of New York and commercial banks that meet certain quality standards. All repurchase agreements are collateralized at between 100 percent and 102 percent of the securities’ value. As of fi scal year end, STIF held $500 million in repurchase agreements.

In an effort to improve disclosures associated with derivative contracts, the Government Accounting Standards Board (GASB) issued GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, effective for the fi scal years beginning after June 15, 2009. Statement No. 53 requires that all derivatives be reported on the Statement of Net Assets and defi nes a derivative instrument as a fi nancial instrument or other contract with all three of the following characteristics: a) it has (1) one or more underlyings (a specifi ed interest rate, security price, commodity price, foreign exchange rate, index of prices or rates or other variable) and (2) one or more notional amounts (a number of currency units, shares, bushels, pounds, or other units specifi ed in the contract) b) it requires no initial investment or smaller than would be required for other types of contracts c) its terms require or permit net settlement, it can readily be settled net by a means outside the contract, or it provides for delivery of an asset that puts the recipient in a position not substantially different from net settlement.

For the fi scal year ended June 30, 2015, the Short-Term Investment Fund held adjustable-rate U.S. government agency securities whose interest rates vary directly with short-term money market indices and are reset either daily, weekly, monthly or quarterly. Such securities allow the Fund to earn higher interest rates as market rates increase, thereby increasing fund yields and protecting against the erosion of market values from rising interest rates. These adjustable rate securities have similar risks as fi xed-rate securities from the same issuers.

NOTE 8: CREDIT RATING OF THE FUND

Throughout the year ended June 30, 2015, STIF was rated AAAm, its highest rating, by Standard and Poor’s Corporation (“S&P”). In November 2014 and November 2015, following reviews of the portfolio and STIF’s investment policies, management and procedures, S&P reaffi rmed STIF’s AAAm rating and has continued to maintain this high rating throughout the current fi scal year. In order to maintain an AAAm rating, STIF adheres to the following guidelines:

Weekly portfolio and market value calculations; •

Maintenance of credit quality standards for portfolio securities with at least 50% of such securities rated •A-1+ or invested in overnight repurchase agreements with dealers or banks rated A-1;

Ensuring adequate portfolio diversifi cation standards with no more than 5% of the portfolio invested in an •individual security and no more than 10% invested in an individual issuer, with a ten-business-day cure period, excluding one and two day repurchase agreements and U.S. government agency securities; and

A limit on the overall portfolio weighted average maturity (currently no more than 60 days). •

It is the Treasurer’s intention to take any and all such actions as are needed from time to time to maintain the AAAm rating.

NOTE 9: SUBSEQUENT EVENTS

The Fund management has evaluated the events and transactions that have occurred through December 31, 2015, the date the basic fi nancial statements were available to be issued. There were no subsequent events identifi ed related to the Short-Term Investment Fund that could have a material impact on the Short-Term Investment Fund’s fi nancial statements.

NOTES TO FINANCIAL STATEMENTS (Continued)

CONNECTICUT STATE TREASURER’S SHORT-TERM INVESTMENT FUND

Page 31: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 32: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 33: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

S���� �� C����������, O����� �� ��� T��������, D����� L. N������ 23

2015

Description of the Fund

The Treasurer’s Short-Term Investment Fund (“STIF” or the “Fund”) is an AAAm rated investment pool of high-quality, short-term money market instruments managed by the Treasurer’s Cash Management Division. Created in 1972, it serves as an investment vehicle for the operating cash of the State Treasury, State agencies and authorities, municipalities, and other political subdivisions of the State. (See Figure 1-1.) STIF’s objective is to provide as high a level of current income as is consistent with, fi rst, the safety of principal and, second, the provision of liquidity to meet participants’ daily cash fl ow requirements. During the 2015 fi scal year, STIF’s portfolio averaged $4.4 billion.

STIF employs a top-down approach to developing its investment strategy for the management of its assets. Starting with the objectives of the Fund, STIF considers constraints outlined in its investment policy, which include among other parameters: liquidity management, limitations on the portfolio’s weighted average maturity (see Figure 1-2), and permissible investment types. Next, an asset allocation is developed to identify securities that are expected to perform well in the current market environment. Over the long-term, STIF continually analyzes expectations of future interest rate movements and changes in the shape of the yield curve to ensure the most prudent and effective short-term money management for its clients. Ongoing credit analysis enables STIF to enhance its yield by identifying high-quality credits in undervalued sectors of the economy.

STIF pays interest monthly based on the daily earnings of the Fund less Fund expenses and an allocation to the Fund’s Designated Surplus Reserve. The daily reserve allocations generally equal one-tenth of one percent of the Fund’s daily balances divided by the number of days in the year, until the reserve totals one percent of the Fund’s daily balance. The reserve at June 30, 2015, totaled $50.5 million.

To help the Fund and its investors evaluate performance, STIF compares its returns to two benchmarks. The fi rst is the iMoneyNet Money Fund AverageTM - Rated First Tier Institutional Average (MFR) Index. This index represents an average of institutional money market mutual funds rated AAAm that invest primarily in fi rst-tier (securities rated A-1, P-1) taxable securities. While STIF’s investment policy allows for somewhat greater fl exibility than these SEC-registered funds, the MFR Index is the most appropriate benchmark against which to judge STIF’s performance. During the past year, STIF’s actual investment strategy has been considerably more restrictive than most private money funds and its own policy would permit. (See Figure 1-3.)

STIF’s yields are also compared to the average Federal Reserve three-month T-Bill rate and a three-month CD rate. The former benchmark is used to measure STIF’s effectiveness in achieving yields in excess of a “risk-free” investment. The latter is discussed for the benefi t of STIF investors, many of whom invest in bank certifi cates of deposit. In viewing these benchmarks, it is important to keep in mind that yields of CDs will exceed those of the T-Bill index due to a CD’s slightly higher risk profi le and comparatively lower liquidity. Additionally, it is important to note that the 90-day benchmarks exceed STIF’s shorter average maturity. In order to maintain its AAAm rating, the STIF cannot exceed a 60-day weighted average maturity (WAM) limit. Furthermore, these benchmarks are “unmanaged” and are not affected by management fees or operating expenses. (See Figure 1-6.)

Fund Facts at June 30, 2015

Investment Strategy/Goals: To provide a safe, liquid and effective investment vehicle for the operating cash of the State, municipalities and other Connecticut political subdivisions.

Performance Objective: As high a level of current income as is consistent with, fi rst, the safety of principal and, second, the provision of liquidity.

Benchmarks: : iMoneyNet Money Fund AverageTM - Rated First Tier Institutional Average (MFR) Index, Fed-eral Reserve Three-Month T-Bill.

Date of Inception: 1972 Total Net Position: $5.0 billion

Internally Managed External Management Fees: None

Expense Ratio: Approximately 4-5 basis points (includes internal management and personnel salaries)

short-term investment fund

Page 34: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

24 S����-T��� I��������� F��� 2015 C������������ A����� F�������� R�����

CONNECTICUT STATE TREASURER’S SHORT-TERM INVESTMENT FUND

Among the Fund’s several achievements during the 2015 fi scal year was the reaffi rmation and continuation of its AAAm rating by Standard & Poor’s. In S&P’s view, “a fund rated ‘AAAm’ demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk.”

Portfolio Characteristics

During Fiscal Year 2015, the STIF portfolio continued its conservative investment approach of balancing liquidity and stability while maximizing yield for investors. STIF’s conservative investment practices include main-taining abundant liquidity, a well-diversifi ed portfolio, and signifi cant holdings of securities issued, guaranteed or insured by the U.S. government or federal agencies.

Accordingly, at year-end STIF held 66 percent of Fund assets in overnight investments or investments that are available on a same-day basis. During the fi scal year, the Fund’s weighted average maturity fl uctuated between a low of 33 days and a high of 47 days and ended the year with a weighted average maturity of 37 days. Sixty-eight percent of STIF’s assets were invested in securities issued, guaranteed or insured by the U.S. government or federal agencies, in repurchase agreements backed by such securities, or in money funds comprised of such securities.

The Fund ended the year with an 93 percent concentration in investments with short-term ratings of A-1+ or securities issued, guaranteed, insured or backed by an irrevocable letter of credit by the U.S. government or federal agencies. Seventy-eight percent of the Fund was invested in securities with maturities, or interest rate reset dates for adjustable rate securities, of less than 30 days. The Fund’s three largest security weightings included deposit instruments (42.5 percent), federal agency securities (29.3 percent), and government money market funds (10 percent). (See Figure 1-5.)

Market Review

During fi scal 2015, the short-term markets transitioned from being infl uenced by crisis to being infl uenced by change. During the year we began to see the impact of new banking regulations, money market reform and, importantly, the shift in focus of the Federal Reserve from easing to tightening of interest rates.

A combination of the BASEL III regulatory framework and US supplements to BASEL began to be evidenced within the fi scal year as the repurchase agreement (“repo”) market began to tighten as banks found it ineffi cient to allocate capital to less profi table lines of business. Increased capital requirements have forced banks to allocate capital more judiciously and focus on lines of business that generate higher returns and, therefore, a higher return on capital. The changing regulatory framework could also be felt in the way fi nancial institutions accepted deposits. Where fi nancial institutions had once been open to funding with short-term deposit instruments, liquidity requirements began to force them to look at longer-term deposit instruments that do not require the same amount of high quality liquid assets to be held against them. For liquidity vehicles such as the Short-Term Investment Fund, this has amounted to fewer investment options and the need to fi nd liquid alternatives in the short-end of the yield curve.

Money market reform was also front and center during the fi scal year as the Securities and Exchange Commission (“SEC”) put forward its answer to the concerns regarding money funds and market liquidity raised in the early days of the fi nancial crisis. At the end of the fi scal year, the outstanding proposal called for institutional “prime” 2a7 funds (those with exposure to fi nancial instruments other than government securities) to have a fl oating net asset value and the potential to close the funds for redemption in times of extreme market stress. The impact of this upon the market was felt through increased demand for government securities, which helped keep yields on these securities very low (at times, negative). The shrinking balance sheets of the various federal agency issuers magnifi ed the effect as supply decreased while demand increased.

While BASEL and money market reform helped infl uence the markets, the Federal Reserve System’s Federal Open Market Committee (“FOMC”) was center stage and under the spotlight and microscope. Having exited the primary vehicles of the quantitative easing begun during the fi nancial crisis, attention turned to the timing of “policy normalization”, or an increase in the federal funds rate. While the fi rst increase in the federal funds rate was initially expected to occur in the fi rst half of calendar 2015, softer data and a cautious outlook pushed

Page 35: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

S���� �� C����������, O����� �� ��� T��������, D����� L. N������ 25

CONNECTICUT STATE TREASURER’S SHORT-TERM INVESTMENT FUND

the prospective timing into the second half of calendar 2015. The expectation of the Fed “liftoff” has helped propel one year Treasury rates from 0.10 percent at the end of Fiscal 2014 to their June 30, 2015 rate of 0.27 percent. During the same time period, the three month London Interbank Offered Rate (“LIBOR”) increased from 0.23 percent to its current 0.33 percent.

Domestic growth, as measured by Gross Domestic Product (GDP), increased during the fi scal year and became less volatile. For Fiscal Year 2015, GDP ranged between 2.5 percent and 2.9 percent. For the entire fi scal year, GDP averaged a rate of 2.7 percent, up 0.1 percentage point from Fiscal Year 2014. Meanwhile, the domestic employment situation continued to strengthen, with the unemployment rate falling from 6.2 percent to 5.3 percent, or 0.9 percentage points during the 2015 fi scal year. During the course of the fi scal year, over 2.9 million people were added to payrolls while, at the same time, the labor force participation rate continued to drop, ending the fi scal year at 62.6 percent from 62.8 percent a year earlier. The drop in the participation rate has magnifi ed the effect of employment gains on the unemployment rate, but has recently shown signs of stabilizing.

Domestic infl ation (as measured by the year-over-year change in the consumer price index) averaged 0.7 percent during the fi scal year, down from 1.6 percent in fi scal year 2014. While domestic infl ation has remained weak, the Eurozone experienced bouts of defl ation, with the average rate of infl ation during the fi scal year of just 0.1 percent, down signifi cantly from the Fiscal Year 2014 period rate of 0.9 percent.

Performance Summary

For the one-year period ending June 30, 2015, STIF reported an annual total return of 0.15 percent, net of all expenses and $141 thousand in allocations to Fund reserves. Annual total return measures the total investment income a participant would earn with monthly compounding at the Fund’s monthly net earned rate during the year. This fi gure exceeded that achieved by its benchmark, the MFR Index, which equaled 0.03 percent, by 12 basis points. In addition, STIF performance handily exceeded that of three-month T-Bills, which yielded 0.02 percent. The Fund’s performance fell short of three-month CDs, which yielded 0.23 percent but lack STIF’s daily liquidity and exceed STIF’s average maturity. STIF’s relative performance was limited by the fund’s more cautious investment strategy which is focused on safety and liquidity.

The principal reasons for STIF’s continued strong performance, despite its cautious strategy, was the selective addition of more bank deposit instruments and the active management of maturities within the portfolio as well as the low overall expense rate.

Over the long-term, STIF has performed exceptionally well. For the trailing three-, fi ve-, seven-, and ten-year periods, STIF’s compounded annual total return was 0.15 percent, 0.17 percent, 0.38 percent, and 1.65 percent, net of all expenses and contributions to reserves, exceeding returns of each of its MFR and T.Bill benchmarks for all time periods. Viewed on a dollar-for-dollar basis, had one invested $10 million in STIF ten years ago, that investment would have been worth $11.8 million at June 30, 2015, versus $11.5 million for a hypothetical investment in the MFR Index. (See Figure 1-6.) During the past 10 years, STIF has earned $92.0 million above its benchmark while adding $30.8 million to its reserves.

Risk Profi le

STIF is considered extremely low risk for several reasons. First, its portfolio is comprised of high-quality, highly liquid securities, which insulate the Fund from default and liquidity risk. (See Figure 1-4.) Second, its relatively short average maturity reduces the Fund’s price sensitivity to changes in market interest rates. Third, STIF has a strong degree of asset diversifi cation by security type and issuer, as required by its MFR and T.Bill investment policy, strengthening its overall risk profi le. And fi nally, STIF’s reserves are available to protect against security defaults or the erosion of security values due to dramatic and unforeseen market changes. As the primary short-term investment vehicle for the operating cash of the State, STIF has the ultimate confi dence of the State government.

While STIF is managed diligently to protect against losses from credit and market changes, the Fund is not insured or guaranteed by any government. Therefore, the maintenance of capital cannot be fully assured.

Page 36: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Federal AgencySecurities29.33%

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9.96%

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Page 37: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 40: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 41: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

S���� �� C����������, O����� �� ��� T��������, D����� L. N������ 31

SCHEDULE OF MANAGEMENT FEES AT JUNE 30, 2015

CONNECTICUT STATE TREASURER’S SHORT-TERM INVESTMENT FUND

Category Amount

Internal Management Fees $1,623,894

External Professional & Other Miscellaneous Expenses 264,659

Total: $1,888,553

Note: Amounts shown expenses paid during the fi scal year. Internal management fees include payroll, lease service, subscriptions, supplies, telephone and other. External professional fees include custodian and investor services.

Page 42: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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� � � ! " # $ % & ' ( ) * � * & ' + ) � , - � $ + � + ) ( ' ) * $ + ' ) . " + / 0 1 2 0 3 4� $ + + � ) * � " ) � ) ' ) ) ( ' � " ( ( 5 � � � $ ( ) 6 ) ( 7 * + 8 � ) 7 + ) % " + !9 : ; < = > ? @ A B C >D E F = G H H ? : I J K L B M : =N : I C H C F B M C J C = K B I O P ? H B M Q I J C J C = K R R S T U S V W W R V S U T X W YZ J B J = D > = B K : > E R U S V T [ T V Y T W V \ [ [ X T RZ J B J = G ] = I H C = K B I O G : J ^ ? > C J C = K U U R W V U \ _ V T U _ V ` Y T X _ `D a D G P b [ U [ R V \ U _ V R Y Y V T T ` X T Yc B > J C H C F B I J 9 = J G K K = J L B M : = V a @ @ = > C I ] c > C H = B I O d = O = ; F J C ? I c > C H =F = > Z ^ B > = e f g h i j k h l m l h m i n o p q r s t u u r s u v o w o v r v x y g h i j k h l m l h m i n z { S X \ \| } ~ � � � } � � � } ~ � � � � � � � � � � � � � � ~ � � � � � � � � � � � � � � � � } � � � � � � � � � � � � � � � } � � � � � } � � � � � � � ~ � � � �

Page 43: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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J 4 < � � ' 1 ) � � � ' < / RR S T U V W X T W Y Z Z [ Z \ W ] ^ [ _ Z ` [ Y [ a Z \ ` V _ [ b ` c d e Z \ W f W V W f g W V h W f W ^ f ] h Y T _ [ Y [ Y c W ` Y i j j k ^ T f ` Y l Z \ W m Y ] Y c ` ] b c f ` V ` V h ` Z \ [ T Z] a a W c Z ` Y l Z \ W a T Y ^ n V o p q j j _ W f V \ ] f W Y W Z ] V V W Z g ] b T W [ f Z \ W b [ V V [ a _ f ` Y c ` _ ] b Z [ ] Y d ` Y g W V Z [ f q r Y ] ^ ^ ` Z ` [ Y e S s r t n V u u u v f ] Z ` Y lh ] V Y [ Z ] a a W c Z W ^ ^ T f ` Y l Z \ ` V _ W f ` [ ^ q

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Page 44: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 45: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 46: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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o e ` e n l ` ` a b c c r g r b ` g d n l k a g h g c b k e f g b l d f b h j e l q j e g c d ` b l d h e ` s ` n i e l d e f e d p b c ` g o p h e Yk e g ` b l d k a g \ p l d W ` c e � p e d e k j h g � p e h g m g l k ` _P i i g o k e f g ] g o g m r g h y v y � � ^ wT Q R \ d g o c b h g ` b l d b o o h p g ` e l f g ` k n h e l k g h g ` k d b e c j r b ` g d n l b o k p b c T Q R \ g b h l e l q ` � e l o c p d e l q q b e l ` b l dc n ` ` g ` � v c g ` ` g ~ t g l ` g ` b l d k h b l ` i g h ` k n k a g d g ` e q l b k g d ` p h t c p ` h g ` g h f g _ R l k g h g ` k e ` t b e d m n l k a c j k a h n p q a d e h g o kd e ` k h e r p k e n l n h h g e l f g ` k m g l k _ P b h l g d h b k g ` b h g b f b e c b r c g n l b l g ~ k Y d b j r b ` e ` _ U c c h b k g ` b h g o b c o p c b k g d b l d � p n k g dn l k a g r b ` e ` n i k a g b o k p b c l p m r g h n i d b j ` e l b j g b h � b l � b o k p b c Y n f g h Y b o k p b c � r b ` e ` � b l d h g t n h k g d e l b o o n h d b l o gx e k a q p e d g c e l g ` n i k a g U ` ` n o e b k e n l i n h R l f g ` k m g l k Z b l b q g m g l k b l d V g ` g b h o a � U R Z V � _T Q R \ e ` t h n f e d g d k n t b h k e o e t b l k ` x e k a n p k ` b c g ` n h m b l b q g m g l k i g g ` _ U d m e l e ` k h b k e f g o n ` k ` b h g t b e d i h n m e l Yf g ` k m g l k g b h l e l q ` v b l d b c c T Q R \ t b h k e o e t b l k ` � e l o c p d e l q k a g ` k b k g b l d c n o b c g l k e k e g ` � ` a b h g e l o n f g h e l q k a g \ p l d W `g ~ t g l ` g ` e l t h n t n h k e n l k n k a g ` e � g n i k a g e h e l f g ` k m g l k ` _ M n ` k ` a b f g h p l b k r g k x g g l k x n b l d k a h g g r b ` e ` t n e l k `� n h � { Y � t g h � y z v z z z e l f g ` k g d � _

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Page 48: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 49: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

S���� �� C����������, O����� �� ��� T��������, D����� L. N������ 39

CONNECTICUT STATE TREASURER’S SHORT-TERM INVESTMENT FUND

GLOSSARY OF TERMS

Agency Securities - Securities issued by U.S. Government agencies, such as the Federal Home Loan Bank. These securities have high credit ratings but are not backed by the full faith and credit of the U.S. Government.

Asset Backed Notes - Financial instruments collateralized by one or more types of assets including real property, mortgages, and receivables.

Banker’s Acceptance (BA) - A high-quality, short-term negotiable discount note, drawn on and accepted by banks which are obligated to pay the face amount at maturity.

Basis Point (bp) - The smallest measure used in quoting yields or returns. One basis point is 0.01% of yield, 100 basis points equals 1%. A yield that changed from 8.75% to 9.50% increased by 75 basis points.

Benchmark - A standard unit used as the basis of comparison; a universal unit that is identifi ed with suffi cient detail so that other similar classifi cations can be compared as being above, below, or comparable to the benchmark.

Capital Gain(Loss) - Also known as capital appreciation (depreciation), capital gain (loss) measures the increase(decrease) in value of an asset over time.

Certifi cates of Deposit (CDs) - A debt instrument issued by banks, usually paying interest, with maturities ranging from seven days to several years.

Commercial Paper - Short-term obligations with maturities ranging from 1 to 270 days. They are issued by banks, corporations, and other borrowers to investors with temporarily idle cash.

Compounded Annual Total Return - Compounded annual total return measures the implicit annual per-centage change in value of an investment, assuming reinvestment of dividends, interest, and realized capital gains, including those attributable to currency fl uctuations. In effect, compounded annual total return “smoothes” fl uctuations in long-term investment returns to derive an implied year-to-year annual return.

Consumer Price Index (CPI) - A measure of change in consumer prices, as determined by a monthly survey of the U.S. Bureau of Labor Statistics. Components of the CPI include housing costs, food, transporta-tion, electricity, etc.

Cumulative Rate of Return - A measure of the total return earned for a particular time period. This calculation measures the absolute percentage change in value of an investment over a specifi ed period, assuming reinvestment of dividends, interest income, and realized capital gains. For example, if a $100 investment grew to $120 in a two-year period, the cumulative rate of return would be 20%.

Derivative - Derivatives are generally defi ned as contracts whose value depends on, or derives from, the value of an underlying asset, reference rate, or index. For example, an option is a derivative instrument because its value derives from an underlying stock, stock index, or future.

Discount Rate - The interest rate that the Federal Reserve charges banks for loans, using government securities or eligible paper as collateral.

Expense Ratio - The amount, expressed as a percentage of total investment, that shareholders pay for mutual fund operating expenses and management fees.

Federal Funds Rate - The interest rate charged by banks with excess reserves at a Federal Reserve district bank to banks needing overnight loans to meet reserve requirements. The federal funds rate is one of the most sensitive indicators of the direction of interest rates since it is set daily by the market.

Federal Reserve Board - The governing body of the Federal Reserve System (12 regional Federal banks monitoring the commercial and savings banks in their regions). The board establishes FRS policies on such key matters as reserve requirements and other regulations, sets the discount rate, and tightens or loosens the availability of credit in the economy.

Gross Domestic Product - Total fi nal value of goods and services produced in the United States over a particular period or time, usually one year. The GDP growth rate is the primary indicator of the health of the economy.

Page 50: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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î ä Ù Ú Ç å Ù Û ç á å å Û ç é á ð ä Û â Û à á æ Ù å á Þ í Ù å ç á Ù ç � �ì Û â å ß á â Û É í Ù ð ê ç ß Û æ Ù ç Û â Û å ç â á ç Û è í Û å ä ì í â Ú í ë Ù ïÊ í í Ú ê Ç å ü Ê í í Ú ê Ç å  ٠é Û å ç í â å Ä Û â é æ Þ Û þ É Å ÿ Ù á Ù Þ æ á ð å Û â é æ Þ Û å Þ í à ì á Ù ê ë ß æ Þ ß æ å í Ù Û í î ç ß Û Ý Û å ç ã Ù í ë Ù Ý í Ù Úâ á ç æ Ù è á è Û Ù Þ æ Û å æ Ù ç ß Û Þ í ä Ù ç â ê ï Ê í í Ú ê Ç å æ Ù é Û å ç à Û Ù ç è â á Ú Û â á ç æ Ù è å á â Û á å å æ è Ù Û Ú ç í Þ Û â ç á æ Ù à ä Ù æ Þ æ ì á ðå ß í â ç É ç Û â à Ú Û Ý ç å Û Þ ä â æ ç æ Û å ø Þ ð á å å æ ÿ Û Ú á å Ê Â � É � ø � ø � ø á Ù Ú � ç í å æ è Ù æ î ê Ý Û å ç ø ß æ è ß ø î á é í â á Ý ð Û ø á Ù Ú á Ú Û ù ä á ç Ûù ä á ð æ ç ê ø â Û å ì Û Þ ç æ é Û ð ê ï Å ð ð î í ä â á â Û æ Ù é Û å ç à Û Ù ç è â á Ú Û í â Ý á Ù ã ù ä á ð æ ç ê ï¿ Û ç Å å å Û ç Ë á ð ä Û ü ¿ Å Ë þ É Á ß Û ç í ç á ð á å å Û ç å à æ Ù ä å ð æ á Ý æ ð æ ç æ Û å ø æ Ù Þ ð ä Ú æ Ù è á Ù ê é á ð ä á ç æ í Ù è á æ Ù å í â ð í å å Û å í Ù æ Ù é Û å ç Éà Û Ù ç å í â Þ ä â â Û Ù Þ æ Û å ø á Ù Ú á Ù ê á Þ Þ â ä Û Ú æ Ù Þ í à Û í â Û Ü ì Û Ù å Û ï ¿ Å Ë æ å å æ à æ ð á â ç í Ä ß á â Û ß í ð Ú Û â å Ç À ù ä æ ç ê ïô á â Ë á ð ä Û É Á ß Û å ç á ç Û Ú í â î á Þ Û é á ð ä Û í î á å ç í Þ ã í â Ý í Ù Ú ï  ç ß á å ð æ ç ç ð Û å æ è Ù æ ÿ Þ á Ù Þ Û î í â Þ í à à í Ù å ç í Þ ã å ø ß í ë Û é Û â øî í â Ý í Ù Ú å æ ç å ì Û Þ æ ÿ Û å ç ß Û ì á ê à Û Ù ç á à í ä Ù ç á ç à á ç ä â æ ç ê ïô â æ Ù Þ æ ì á ð É Ì á Þ Û é á ð ä Û í î á Ù í Ý ð æ è á ç æ í Ù ø å ä Þ ß á å á Ý í Ù Ú í â á ð í á Ù ø ç ß á ç à ä å ç Ý Û â Û ì á æ Ú á ç à á ç ä â æ ç ê ïô â ä Ú Û Ù ç À Ü ì Û â ç Æ ä ð Û É Á ß Û å ç á Ù Ú á â Ú á Ú í ì ç Û Ú Ý ê å í à Û Û Ù ç æ ç æ Û å ç í è ä æ Ú Û ç ß í å Û ÿ Ú ä Þ æ á â æ Û å ë æ ç ß â Û å ì í Ù å æ Ý æ ð æ ç êî í â æ Ù é Û å ç æ Ù è à í Ù Û ê í î í ç ß Û â å ï Ä ä Þ ß ÿ Ú ä Þ æ á â æ Û å à ä å ç á Þ ç á å á ì â ä Ú Û Ù ç Û Ü ì Û â ç ë í ä ð Ú Ý Û Û Ü ì Û Þ ç Û Ú ç í á Þ ç øë æ ç ß Ú æ å Þ â Û ç æ í Ù á Ù Ú æ Ù ç Û ð ð æ è Û Ù Þ Û ø ç í å Û Û ã â Û á å í Ù á Ý ð Û æ Ù Þ í à Û ø ì â Û å Û â é Û Þ á ì æ ç á ð ø á Ù Ú ø æ Ù è Û Ù Û â á ð ø á é í æ Úå ì Û Þ ä ð á ç æ é Û æ Ù é Û å ç à Û Ù ç ï Á ß æ å æ å á ß æ è ß Û â å ç á Ù Ú á â Ú ç ß á Ù ç ß Û � ì â ä Ú Û Ù ç ì Û â å í Ù � â ä ð Û ïÆ Û á ð æ � Û Ú � á æ Ù ü û í å å þ É Å è á æ Ù ü ð í å å þ ç ß á ç ß á å í Þ Þ ä â â Û Ú ÿ Ù á Ù Þ æ á ð ð ê ï Á ß Û Ú æ î î Û â Û Ù Þ Û Ý Û ç ë Û Û Ù ç ß Û ì â æ Ù Þ æ ì á ðá à í ä Ù ç â Û Þ Û æ é Û Ú á Ù Ú ç ß Û Þ í å ç Ý á å æ å í î á Ù á å å Û ç â Û á ð æ � Û Ú á ç å á ð Û ïÆ Û ð á ç æ é Û Ë í ð á ç æ ð æ ç ê É Å â á ç æ í í î ç ß Û å ç á Ù Ú á â Ú Ú Û é æ á ç æ í Ù í î ç ß Û Ì ä Ù Ú ç í ç ß Û å ç á Ù Ú á â Ú Ú Û é æ á ç æ í Ù í î æ ç å å Û ð Û Þ ç Û ÚÝ Û Ù Þ ß à á â ã ï Å â Û ð á ç æ é Û é í ð á ç æ ð æ ç ê è â Û á ç Û â ç ß á Ù � ï ö å ä è è Û å ç å Þ í à ì á â á ç æ é Û ð ê à í â Û é í ð á ç æ ð æ ç ê æ Ù Ì ä Ù Ú â Û ç ä â Ù åç ß á Ù ç ß í å Û í î ç ß Û Ý Û Ù Þ ß à á â ã ïÆ Û ì ä â Þ ß á å Û Å è â Û Û à Û Ù ç å ü � Æ Û ì í å � þ É Å Ù á è â Û Û à Û Ù ç ç í ì ä â Þ ß á å Û å Û Þ ä â æ ç æ Û å î â í à á Ù Û Ù ç æ ç ê î í â á å ì Û Þ æ ÿ Û Úá à í ä Ù ç í î Þ á å ß á Ù Ú ç í â Û å Û ð ð ç ß Û å Û Þ ä â æ ç æ Û å ç í ç ß Û Û Ù ç æ ç ê á ç á Ù á è â Û Û Ú ä ì í Ù ì â æ Þ Û á Ù Ú ç æ à Û ï Æ Û ì í å á â Ûë æ Ú Û ð ê ä å Û Ú á å á à í Ù Û ê à á â ã Û ç æ Ù å ç â ä à Û Ù ç ïÆ Û é Û â å Û Æ Û ì ä â Þ ß á å Û Å è â Û Û à Û Ù ç å ü � Æ Û é Û â å Û Æ Û ì í å � þ É Å Ù á è â Û Û à Û Ù ç ç í å Û ð ð å Û Þ ä â æ ç æ Û å ç í á Ù Û Ù ç æ ç ê î í â áå ì Û Þ æ ÿ Û Ú á à í ä Ù ç í î Þ á å ß á Ù Ú ç í â Û ì ä â Þ ß á å Û ç ß Û å Û Þ ä â æ ç æ Û å î â í à ç ß Û Û Ù ç æ ç ê á ç á Ù á è â Û Û Ú ä ì í Ù ì â æ Þ Û á Ù Úç æ à Û ï

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` X a a a L I R L I E M% T I B L H E I - % G E R A B A R T R L S D E N T I A @ K O T I N G ? D E D L I D ? P E D J A H A J E J F K @ G E b D N ? P K E ? I + D F E C A B B A B C ? B J E B J A B CR ? I Y E @ H ? P T E D S L I ? C A H E B O L I @ S L P A L M' B I E ? P A c E J d ? A B \ e L D D ] - ) O I L b @ \ P L D D ] @ G ? @ G ? D B L @ F E E B I E ? P A c E J @ G I L T C G @ G E D ? P E L S ? D E N T I A @ K M % G E C ? A B\ P L D D ] A D I E ? P A c E J U G E B ? D E N T I A @ K L I S T @ T I E D N L B @ I ? N @ A D ? N @ T ? P P K D L P J L I D E @ @ P E J M/ ? I A ? F P E * ? @ E # L @ E - 0 P L ? @ A B C I ? @ E B L @ E D U A @ G ? N L T O L B I ? @ E ? J f T D @ E J ? @ D E @ A B @ E I H ? P D X D T N G ? D J ? A P K X U E E Y P K XL I R L B @ G P K X F ? D E J L B J A S S E I E B @ A B @ E I E D @ I ? @ E A B J A N E D X D T N G ? D e & V " * X 0 E J 0 T B J D X ? B J % I E ? D T I K V A P P D M/ L P ? @ A P A @ K - ) D @ ? @ A D @ A N ? P R E ? D T I E L S @ G E @ E B J E B N K L S ? R ? I Y E @ O I A N E L I K A E P J @ L H ? I K L H E I @ A R E M / L P ? @ A P A @ K A D D ? A J@ L F E G A C G A S @ G E O I A N E X K A E P J X L I I E @ T I B @ K O A N ? P P K N G ? B C E D J I ? R ? @ A N ? P P K A B ? D G L I @ O E I A L J L S @ A R E Mg A E P J - % G E I E @ T I B L B ? B A B H E D @ L I + D N ? O A @ ? P A B H E D @ R E B @ M

Page 52: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 53: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 54: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment
Page 55: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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� � � � � � � � � � � � � � � � ! � � � ! � ! " � � # � ! � $ � � ! % � � & � � � % � � � ' � � (� � � � � � � � ) � � � � � � �* + , - . / 0 1 2 3 1 + 4 5 + 2 0 1 6 * 4 0 7 8 9 : 4 - 1 7 4 9 1 ; < 9 = > - ? 5 * 8 ; > - @ A 2 7 . 0 4 + 4 9 - , : 4 B 9 9 < / C ; , 9 / 9 D , / C E 4 . 2 0 1 . 0 4 - 64 9 1 - = 4 1 / , C 4 = , 9 3 2 0 7 / 1 , 2 9 / - / D 2 9 1 4 F 1 3 2 0 < 9 = 4 0 - 1 / 9 = , 9 G H + / 1 1 + 4 , 9 3 2 0 7 / 1 , 2 9 , 9 1 + 4 I 9 / 9 D , / C - D + 4 = < C 4 - / 9 =2 1 + 4 0 - < . . C 4 7 4 9 1 / 0 J , 9 3 2 0 7 / 1 , 2 9 - / J / K 2 < 1 1 + 4 2 : 4 0 / C C I 9 / 9 D , / C + 4 / C 1 + 2 3 5 * 8 ; L * + 4 - D + 4 = < C 4 - H , 1 + , 9 1 + , -- 1 / 1 , - 1 , D / C - 4 D 1 , 2 9 D 2 7 . C J H , 1 + 1 + 4 0 4 M < , 0 4 7 4 9 1 - 2 3 N B 5 O P P LQ R S T S U R T V W X Y S Z [* + 4 - 4 - D + 4 = < C 4 - D 2 9 1 / , 9 1 + 4 1 4 9 6 J 4 / 0 1 0 4 9 = , 9 3 2 0 7 / 1 , 2 9 2 9 1 + 4 I 9 / 9 D , / C . 4 0 3 2 0 7 / 9 D 4 2 3 5 * 8 ; L� \ ] ^ _ ` a ^ b c d ^ e2 5 D + 4 = < C 4 2 3 0 / 1 4 - 2 3 0 4 1 < 0 9 P P 6 P fg Y h Y S i Y j T k T U R l mE 4 : 4 9 < 4 D / . / D , 1 J , - 9 2 1 / . . C , D / K C 4 1 2 5 * 8 ; Ln o X X o p R S q j T k T U R l m5 4 D 1 , 2 9 r s L 2 3 1 + 4 5 + 2 0 1 6 * 4 0 7 8 9 : 4 - 1 7 4 9 1 ; < 9 = > - 8 9 : 4 - 1 7 4 9 1 t 2 C , D J / C C 2 H 1 + 4 3 < 9 = 1 2 < 1 , C , u 4 0 4 : 4 0 - 40 4 . < 0 D + / - 4 / G 0 4 4 7 4 9 1 - 1 2 7 4 4 1 1 4 7 . 2 0 / 0 J C , M < , = , 1 J 0 4 M < , 0 4 7 4 9 1 - 2 3 1 + 4 3 < 9 = L * + 4 3 2 C C 2 H , 9 G - 1 / 1 , - 1 , D - 2 < 1 C , 9 45 * 8 ; > - K 2 0 0 2 H , 9 G D / . / D , 1 J / - 2 3 v < 9 4 w x y s x z f L( ^ e \ { | } ~ | � � � � ` � ~� < 1 - 1 / 9 = , 9 G K 2 0 0 2 H , 9 G � x� / F , 7 < 7 K 2 0 0 2 H , 9 G / 7 2 < 9 1 ; , : 4 . 4 0 D 4 9 1 2 3 1 2 1 / C / - - 4 1 -A 2 C C / 1 4 0 / C 0 4 M < , 0 4 7 4 9 1 � < - 1 K 4 D 2 C C / 1 4 0 / C , u 4 = / 1 / 7 , 9 , 7 < 7 2 3 z x x . 4 0 D 4 9 1� Y � o q X T k � R U T S Z � U o S o � R U � S � o X � T l R o S* + 4 - 4 - D + 4 = < C 4 - - + 2 H 1 + 4 K 0 4 / � = 2 H 9 K 4 1 H 4 4 9 - 1 / 1 4 / 9 = 7 < 9 , D , . / C 3 < 9 = - y G 0 2 H 1 + 2 3 1 + 4 3 < 9 = / 9 = 0 / 1 4, 9 3 2 0 7 / 1 , 2 9 L � \ ] ^ _ ` a ^ b c d ^2 t / 0 1 , D , . / 9 1 < 9 , 1 - < 9 = 4 0 7 / 9 / G 4 7 4 9 1 P �2 � 2 9 1 + C J / 9 = / 9 9 < / C D 2 7 . / 0 / 1 , : 4 J , 4 C = - P �� k Y X T l R S q � S � o X � T l R o S* + 4 - < 7 7 / 0 J 2 3 2 . 4 0 / 1 , 2 9 - - D + 4 = < C 4 2 < 1 C , 9 4 - 1 + 4 4 F . 4 9 - 4 - y / = = , 1 , 2 9 - / 9 = = 4 = < D 1 , 2 9 - / - - 2 D , / 1 4 = H , 1 +1 + 4 7 / 9 / G 4 7 4 9 1 2 3 5 * 8 ; L� \ ] ^ _ ` a ^ b c d ^2 A + / 9 G 4 - , 9 � 4 1 t 2 - , 1 , 2 9 P �2 � , - 1 0 , K < 1 , 2 9 - 1 2 . / 0 1 , D , . / 9 1 - P �� � � � � � � � � � � � � � � � � � �   ¡ � � � � � � ¢ £ � � � ¡ � ¤ � � ¥ ¦ � ¡ � � ¡ � � � � � � � � � � ¢ � � � � ¡ � ¢ � � ¡ § � ¢ ¤ � � ¥ � � � ¨ � ¥ © � � � � � � ¡ § �ª � � � ¦ � « ¡ � ¦ � � ¡ ¦ � ¬ � © � � � � ¤ � � � � � � � � � § ¦ � � ­ � ¦ � ® � ¯ ° « ¡ ¥ © � � ¥ � � � � ¢ � � ¦ � � ¥ � � � ± ² ¡ � « ¡ � � ¦ � ³ � ¦ � ´ µ µ ¶ ®

Page 56: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Ô Õ Ö × Ø Ù Ú × Û Ü Ý Þ Þ Ù Ý Ú ß Ý à × Ô Û Ü ß × à Ù ß ÞÕ Û Þ Þ × Õ à á Õ Ù à Ô à Ý à × à ß × Ý Ô Ù ß × ß â Ô Ô Ö Û ß à ã à × ß ä á Þ å × Ô à ä × Þ à Ü Ù Þ Øæ ç è é ê ë ì ç ì í î ë ç ï ð ñò ó ô õ ò ó ô ö ò ó ô ÷ ò ó ô ò ò ó ô ô ò ó ô ó ò ó ó ø ò ó ó ù ò ó ó ú ò ó ó ûü ý þ ÿ ý � � è � � è � ç � � � ç � î é ë � � � ó � ô õ ó � ô ö ó � ô û ó � ô û ó � ò ÷ ó � ÷ ö ô � ö ø ö � ô ÷ õ � õ ö ö � ÷ ù ÿ � þ ë ì ç � � � � � ó � ó ÷ ó � ó ò ó � ó õ ó � ó õ ó � ó ù ó � ó ø ô � ÷ ó ö � ó ú õ � ô ö ö � ó ôý � � è � � � � ç � � � ë ü ý þ ÿ ñê ë ì � � � ç é � � ì � � � � � � � � ë � � õ � ó ÷ ù ö � ò ô ô ö � ö ú ú ö � ù ø ö ö � ö ø ö ö � õ ù ò ö � õ ö ù õ � ó õ ö õ � ó ó ö õ � ö ÷ ó� ç é � ç ë � � � ü � è � ç � � � ç � � � ë ÿ î ë ì ù ö ù ÷ ù ÷ ù ÷ ù ö ù ö ù ô ù ÷ ù ó ù ö� î � � ç é � � � è é � � � � � è ë � � � � � î ë � �� ë � � � � � � � � ç ñ ê ë ì � � æ ç è é � � � � � � � ! � � " # ! $ õ ÷ õ ù û ú õ ò õ ò õ ô ö ú ÷ ø ö ú õ ù% # & ' ( ' ) � * � & + , - ( � * . & � ' � ' � " õ õ ô ö ú õ û ù õ û ú ö û û ó û õ û û ó ù û ÷ ú õ ú ù õ ö ò� � � � � / 0 � & ( ' � " � & + / # � 1 - ! ' � ' � " ÷ ÷ õ ÷ ö ô ö ò ù ö ò ø ö ô ú ö ô û ÷ û ú ö ô ù ö ó û ö ó ûý � � è � ø ÷ ø ù ú ö ô � ô ù ó ô � ô õ õ ô � ô ò ø ô � ô ò ÷ ô � ó ò ò ô � ó ø ö ô � ó ÷ ô ô � ó û û2 ô 3 4 � ) ! � " � & � " ' % - & � $ 5 � � 6 " 7 ' ! " � ' � ! 8 & " � ' � # � ' - & � * 9 - & * $ 4 � � � + % - & � $ 7 # & + 4 � ) - ! � / : � ! � 0 � " ; < 9 % 7 4 8 & + � = � 1 � " � 8 & + � = ! � � � " 1 � : �> � � & � � ? � & @ ! - A ) # > * ' " 1 � + " - # ! ( � " �2 ò 3 / " - @ B � & # � ! $ ò ó ô ö � & + 0 - ' & 0 @ - ! C � ! + � ' & � ( � ' : � � ( ( - # & � " C � ! � ( * - " � + � & + - & * $ � ( � ' : � � ( ( - # & � " ( - & � � ' & ' & 0 > � * � & ( � " C � ! � ' & ( * # + � + ' &� 1 � � - � � * & # A > � ! - @ ) � ! � ' ( ' ) � & � � ( ( - # & � " �

Page 57: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

D E F E G H I J H K K G L E M L N E O P I I M L G H I E Q G R S G F T N S G S O U G K M T G V W X F Y Y M G S Z [

\ ] ^ _ ` a b _ c d e a f g h _ g b i g f h _ \ c d g _ h a g j] c j j _ ] h k ] a h \ h f h _ h g _ f \ a g _ g l \ \ ^ c g h m h _ g n k j o _ \ h n _ j h d a j `p q r s t u v t w q r s t ux y z { | } ~ � w t r � x � s � | � t � � � t � � �� � | ~ ~ t w � � s � � � � q x ~ � y s � t � � � � � � �� � � �� � � � � � � � � � � � � � �� �   � � � � � � � � � � � �¡ ¢ £ � � � � � � � � � � �¤ ¥ ¦ � � � � � � § � � � �� � | ~ � ¨ � � � ¨ � ©� � � ª� � � � � § � � � § � � � � �� �   � � § � � � § � � � � �¡ ¢ £ � � � � � � � � � � � �¤ ¥ ¦ � � � � � � � � � � � �� � | ~ � ¨ � ª � ¨ � �� � � ©� � � � � « � � � � � � � «� �   � � « � � � � � � � «¡ ¢ £ � � § � � � § � � � �¤ ¥ ¦ � � § � � � § � � � �� � | ~ � ¨ � ¬ � ¨ � �� � � �� � � � � � � � � � � � � �� �   � � � � � � ­ � � � �¡ ¢ £ � � « � � � § � � � «¤ ¥ ¦ � � « � � � § � � � «� � | ~ � ¨ � ¬ � ¨ � �� � � �� � � � � � � � � ­ � � � §� �   � � � � � � ­ � � � «¡ ¢ £ � � � � � � ­ � � � «¤ ¥ ¦ � � � � � � � � � � �� � | ~ � ¨ � © � ¨ � ®

p q r s t u v t w q r s t ux y z { | } ~ � w t r � x � s � | � t � � � t � � �� � | ~ ~ t w � � s � � � � q x ~ � y s � t � � � � � � �� � � �� � � � � ¯ � � � � � � � �� �   � � ¯ � � � ¯ � � � «¡ ¢ £ � � � � � � ­ � � � �¤ ¥ ¦ � � � � � � ­ � � � «� � | ~ � ¨ © ª � ¨ � °� � � °� � � � � ± � � � ± � � � ±� �   � � ± � � � ² � � � �¡ ¢ £ � � ¯ � � « ­ � � � ²¤ ¥ ¦ � � ¯ � � � ­ � � � ¯� � | ~ � ¨ ª ° � ¨ © �� � � ®� � � � � ² � � § � � � « ²� �   � � ² � � « � � � � ¯¡ ¢ £ � � ± � � ¯ � � � ¯ «¤ ¥ ¦ � � ± � � � ¯ � � ­ «� � | ~ ª ¨ � © ª ¨ � ³� � � ³� � � � � ­ � � § ­ � � « ­� �   � � ­ � � § ± � � « ­¡ ¢ £ � � ² � � § § � � « ­¤ ¥ ¦ � � ² � � § ­ � � « ­� � | ~ � ¨ � ª � ¨ � ª� � � ¬� � � � � � � � ± ¯ � � ± �� �   � � � � � � � � � ¯ §¡ ¢ £ � � ­ � � � « � � � �¤ ¥ ¦ � � ­ � � « � � � � ²� � | ~ ª ¨ © ® ª ¨ � �´ � µ ¶ � � £ � · � ¦ ¸ · ¹ ¡ º ¦ � » ¼ � ¸ ½ · ¾ ¹ £ · ¸ ¿ ¹ � £ À ¦ · ¸ ¹ ¸ ¥ ¸ ¹ º ¦ ¢ Á � º ¦ Á » ¶ ¢ ¸ �  ¡ º ¦ � » ¾ ¥ ¦  ¶ � � º £ ¸ Ã Ä � £ ¢ Å � · Æ Ç � ´ ¡ ¾ ¶ µ À ¦  � È � ¿ É � · �À ¦  � È £ ¢ ¸ � · É ¢ Ä � Ê � � ¦ ¸ ¢ Ë � ¦ Ì £ º Í � ¥ Ê Á ¹ · É �  · º ¥ £   � · �Î Ã Ï Î Ð Ï Ã ¿ À Ñ ¼ Ñ ¾ ¶ à ¿ Ò � Ñ ¾ ¶ Ò ¿ Ð ¶ ¼� ¿ À ¾ ¥ · � · ¢ ¸ ¹ Í � � Ó � ¹ Å É ¸ �  Á ¹ ¦ Ë �  £ ¢ ¸ � º Ì £ � ¸ ¥ £ ¦ Ì º £ Í ¥ Á ¢ ¸ º   ¢ Á   ¥ Á ¢ ¸ � £ ¢ ¸ � · º Ì £ � ¸ ¥ £ ¦ � Ñ ¸ É � £ Í � ¸ É º  · Í ¢ » � £ º  ¥   � ¹ Ì Ì � £ � ¦ ¸ £ � · ¥ Á ¸ · ¢ ¦  ¸ É � £ � · ¥ Á ¸ · Ì º £ ¹ ¦  ¹ Ä ¹  ¥ ¢ Á � ¢ £ ¸ ¹   ¹ � ¢ ¦ ¸ · ¢ ¦   ¹ Ì Ì � £ � ¦ ¸ � � £ ¹ º  · Í ¢ » Ä ¢ £ » � ¿ É �   ¥ £ £ � ¦ ¸ £ ¢ ¸ � · º Ì£ � ¸ ¥ £ ¦ Í ¢ » ¦ º ¸ Ê � ¹ ¦  ¹   ¢ ¸ ¹ Ä � º Ì Ì ¥ ¸ ¥ £ � £ ¢ ¸ � · º Ì £ � ¸ ¥ £ ¦ �¿ É � ¸ ¹ Í � � Ó � ¹ Å É ¸ �  Á ¹ ¦ Ë �  £ ¢ ¸ � º Ì £ � ¸ ¥ £ ¦ Ì º £ Í ¥ Á ¢ ¥ · � Â Ê » � ¿ À ¾ ¹ · ¢ · Ì º Á Á º Ó · Ô ¡ º ¦ ¸ É Á » £ � ¸ ¥ £ ¦ · ¢ £ �   ¢ Á   ¥ Á ¢ ¸ � Â Ê » ¸ ¢ Ë �¹ ¦ Å ¸ É � · ¥ Í º Ì Â ¢ ¹ Á » ¹ ¦   º Í � � ¢ £ ¦ �  º ¦ ¢ ¦ ¢     £ ¥ ¢ Á Ê ¢ · ¹ · Õ ¢ Ì ¸ � £  �  ¥   ¸ ¹ º ¦ Ì º £ ¢ Á Á º � � £ ¢ ¸ ¹ ¦ Å � È � � ¦ · � · ¢ ¦  ¢ ¸ £ ¢ ¦ · Ì � £¸ º ¸ É � � � · ¹ Å ¦ ¢ ¸ �  � ¥ £ � Á ¥ · ¶ � · � £ Ä � Õ Â ¹ Ä ¹  � Â Ê » ¸ É � ¢ Ä � £ ¢ Å �  ¢ ¹ Á » � ¢ £ ¸ ¹   ¹ � ¢ ¦ ¸ Ê ¢ Á ¢ ¦   � Ì º £ ¸ É � Í º ¦ ¸ É �¿ É � £ ¢ ¸ � · º Ì £ � ¸ ¥ £ ¦ � £ � · � ¦ ¸ � Â É � £ � ¹ ¦ ¢ £ � ¸ É º · � � ¢ £ ¦ � Â Ê » ¸ É � ¾ ¥ ¦   ¥ £ ¹ ¦ Å ¸ É � � � £ ¹ º  · � £ � · � ¦ ¸ �  ¢ ·  � ·   £ ¹ Ê � ¢ Ê º Ä � �

Page 58: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

Ö × Ø Ù Ú Û Ü Ý Þ ß Û à á â ã ß ä Ü à ß â Ü å æ â ç è é ê ë ì Ú à í Û ß Ù ß â ä î ã ß ï â â æ ð ñ å î â ð â ò î ð ñ ó ß í Ú Û Ü

ô õ ö ÷ ø ù ú û ü û ý õ þ ÿ ö õ ö ÷ � � � ö õ þ � õ � û õ ú ü ÷� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ÿ ö õ ö ÷ û ú ü þ ù � ÷ � ÿ ö õ ö ÷ � � ÷ õ � ù � � õ � ÷ ú ü û ÷ � õ ú � õ ù ö � � � û ö û ÷ � �

� � � � � � � � � � ! � � " ! # $ � % � � & $ % $ �� ' $ � � � � ! � " � � � $ � � $ � " ! � $ � ( " " ) ' � � * � $ � % � + $ " � % $ � , ! #

Page 59: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 61: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

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Page 62: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

§ ¨ © ª « ¬ ­ ® ¯ ° ¬ ± ² ³ ´ ° µ ­ ± ° ³ ­ ¶ · ³ ¸ ¹ ¨ º § » « ± ¼ ¬ ° ª ° ³ µ ½ ´ ° ¾ ³ ³ · ¿ À ¶ ½ ³ ¿ ³ Á ½ ¿ À Â ° ¼ « ¬ ­

Page 63: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment

Offi ce of the State Treasurer LIST OF PRINCIPAL OFFICIALS AND PHONE NUMBERS

Denise L. NappierTreasurer, State of Connecticut

Tel: (860) 702-3010Fax: (860) 702-3043

Richard D. GrayDeputy Treasurer

Tel: (860) 702-3070Fax: (860) 728-1290

Deborah Spalding Maria M. Greenslade Chief Investment Offi cer Assistant Deputy Treasurer Pension Funds Management Second Injury Fund and Unclaimed Property Tel: (860) 702-3101 Tel: (860) 702-3125 Fax: (860) 702-3042 Fax: (860) 702-3021

Sarah K. Sanders Lawrence A. Wilson Assistant Treasurer Assistant Treasurer Debt Management Cash Management Tel: (860) 702-3288 Tel: (860) 702-3126 Fax: (860) 702-3034 Fax: (860) 702-3041

As of December 31, 2015

Page 64: 2015 STIF Front Cover - Connecticutis to provide the greatest possible return while, fi rst, protecting principal and, second, providing liquidity for investors. The Fund’s investment