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Home My WebLink About2007-11-06; City Council; 19212; Report on City investments as of 9/30/2007CITY OF CARLSBAD - AGENDA BILL AB# 19,212 MTG. 11/06/07 DEPT. TRS REPORT ON CITY INVESTMENTS AS OF SEPTEMBER 30, 2007 DEPT. HEAD^^ CITYATTY. ^2 CITY MGR. £^ ^RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The City's Investment Policy requires the City Treasurer to report to the City Council on a monthly basis the status of the City's pooled investment portfolio. A quarterly report is also required for the investments of bond proceeds held separately. The City's pooled investment portfolio as of the month ended September 30, 2007 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1) Market Value (2) Current Month 536,067,733 535,221,056 536,181,350 537,756,329 Prior Month 535,687,835 534,722,530 535,663,242 535,662,025 (1) The cost of investments adjusted for amortized premiums and discounts. (2) The amount at which the investments could be sold. Source of market values is Union Bank of California's custodial report as of 9/30/07. FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $38.1 Other $.1 Internal Service$22.6 Agency $29.5 .Capital Projects $ 263.3 Enterprise $127. Total Treasurer's Investment Portfolio at Amortized Cost September 30,2007 $536.2 Million FOR CITY CLERKS USE ONL Y. COUNCIL ACTION:APPROVED DENIED CONTINUED WITHDRAWN AMENDED / ^K-Tl D D D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF D OTHER - SEE MINUTES D DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us PAGE 2 of AB REPORT ON CITY INVESTMENTS AS OF SEPTEMBER 30. 2007 Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 7,124,453 Prior Month FYTD 5,423,698 Current Month Income 1 ,700,755 The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement July 2007 August 2007 September 2007 Average Life (Years) 1.87 2.02 1.99 Average Yield To Maturity 4.50% 4.61% 4.64% Modified Duration 1.681 1.831 1.808 All pooled investments have been made in accordance with the City's Investment Policy adopted January 2, 1985 and last revised February 13, 2007. All investments were initially made in accordance with the City's Investment Policy. Events subsequent to the purchase might have resulted in some investments not being in compliance with the current policy. These events are typically a change in the City's Investment Policy, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. See Exhibit 8 for details. The pooled investment portfolio has the ability to meet the City's cash flow demands for the next six (6) months. In summary, the City's investments of bond proceeds held separately as of the quarter ended September 2007 is as follows: Investment Portfolio for Bond Proceeds Par Value Cost Current Quarter 22,095,001 22,095,001 Prior Quarter 24,968,347 24,968,347 All investments of bond proceeds have been made in accordance with the City's Investment Policy and the trust indenture for each issue. PAGE 3 of AB REPORT ON CITY INVESTMENTS AS OF SEPTEMBER 30. 2007 EXHIBITS FOR POOLED INVESTMENTS: 1. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Market Yield Curve 5. Cumulative Cash Income Graph 6. First Quarter Transactions 7. Detailed Investment Report 8. Fund Equity in Pooled Investments 9. Corporate Note and Commercial Paper Ratings 10. Percentage Weightings By Corporate Note Issuer EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: 11. Detailed Investment Report - Quarterly Report EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS: 12. Detail Of Outstanding Housing Loans - Quarterly Report CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF SEPTEMBER 30, 2007 BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS AVERAGE YIELD Class CD FN CP TR FA CN LAIF CUSTODY SWEEP BANK ACCT Current Month 504,092 0 0 0 449,903,135 54,139,482 27,775,000 (9,211) 2,686,951 1,181,901 Prior Month 504,092 0 0 0 456,744,385 53,160,022 22,748,440 847 2,042,099 463,357 Current Month 504,092 0 0 0 451,516,565 54,101,031 27,775,000 (9,211) 2,686,951 1,181,901 Prior Month 504,092 0 0 0 456,841,887 53,061,304 22,748,440 847 2,042,099 463,357 Cash Income Year to Date 5,958 0 0 0 5,695,370 907,443 487,281 2,087 26,315 0 Current Month 4.47 0.00 0.00 0.00 4.57 5.04 5.25 4.45 3.87 3.87 Prior Month 4.47 0.00 0.00 0.00 4.53 5.04 5.25 4.72 4.00 4.00 TOTALS $536,181,350 $535,663,242 $537,756,329 $535,662,025 $7,124,453 4.64%4.61% CD - Certificate of Deposit FN - Federal Discount Notes CP - Corporate Paper TR - US Treasury FA - Federal Agency CN - Corporate Notes LAIF - Local Agency Investment Fund Custody - Union Bank of California Cash account SWEEP - Wells Fargo Bank Overnight Cash acccount Bank Account - Wells Fargo Bank Cash account mx U3 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF SEPTEMBER 30,2007 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME CLASS WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR CD FN CP TR FA CN LAIF CUSTODY SWEEP BANKACCT TOTALS % TOTALS Total within One Year 504,092 0 0 0 39,190,911 2,999,690 27,775,000 (9,211) 2,686,951 1,181,901 $74,329,333 (1) 13.9% 0 0 0 0. 87,280,242 0 0 0 0 0 $87,280,242 (1) 16.3% $161,609,575 (1) 1 TO 5 YEARS 0 0 0 0 322,479,564 51,131,917 0 0 0 0 $373,611,480 69.8% TOTAL 504,092 0 0 0 448,950,717 54,131,607 27,775,000 (9,211) 2,686,951 1,181,901 $535,221,056 100.0% % TOTAL 0.1% 0.0% 0.0% 0.0% 83.9% 10.1% (2) 5.2% 0.0% 0.5% 0.2% 100.0% POLICY: 30.2% (1) Not less than $128,200,000 to mature within one year. (2/3rds of current year operating budget of $192,300,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. x:ni—i COi—i—I PO YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1996 - SEPTEMBER 2007 EX-LAIF LAIF CO MARKET YIELD CURVE 6/30/06, 6/30/07, 9/30/07 Market Rates 2.5 1, 1 0.5 3Mth 2Yr 5Yr 3Mth 2Yr 5 Yr 10 Yr HI- 06/30/2006 -A- 06/30/2007 - +- 09/30/2007 4.98 4.86 3.90 5.15 4.84 4.00 5.09 4.89 4.23 5.14 4.99 4.55 10 Yr X3: HH oo Cumulative Millions $ Cumulative Cash Income FY07-08 (July 07 - June 08) 26 24 22 20 18 16 14 12 10 8 6 4 2 2.82 2.6 Monthly Interest Income Millions $ Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Interest Income - -* - Budget -a— Actual 8 h 7 6 h 5 4 3 2 1 0 X:ri—i COi—i —I en City of Carlsbad TRANSACTIONS FOR PERIOD: 07/01/07 TO 09/30/07 1st QUARTER 2007-2008 Trans Date BUYS JULY 07/20/2007 07/24/2007 07/24/2007 07/24/2007 07/24/2007 07/24/2007 07/24/2007 07/24/2007 AUGUST 07/31/2007 08/02/2007 08/06/2007 08/06/2007 08/06/2007 08/06/2007 08/08/2007 08/16/2007 08/16/2007 08/02/2007 08/30/2007 08/30/2007 08/30/2007 08/30/2007 SEPTEMBER 08/30/2007 09/17/2007 09/25/2007 09/25/2007 09/25/2007 Investment Date 07/30/2007 07/25/2007 07/25/2007 07/25/2007 07/25/2007 07/25/2007 07/25/2007 07/25/2007 08/01/2007 08/03/2007 08/07/2007 08/07/2007 08/09/2007 08/09/2007 08/17/2007 08/17/2007 08/17/2007 08/02/2007 08/31/2007 08/31/2007 08/31/2007 08/31/2007 09/10/2007 09/18/2007 09/28/2007 09/26/2007 09/26/2007 Maturity Date 07/30/2012 06/08/2012 05/23/2012 07/06/2010 05/03/2010 07/20/2009 06/12/2009 06/08/2012 07/15/2011 05/23/2012 06/29/2012 03/02/2012 07/20/2009 06/12/2009 08/17/2009 05/29/2012 04/03/2012 03/02/2008 08/15/2012 06/15/2012 07/15/2011 06/10/2011 09/10/2012 08/23/2010 08/16/2010 09/10/2010 09/13/2010 Type FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA CD CN CN FA FA FA FA CN FA FA Security FHLB FHLB TVA FNMA FFCB FFCB FHLB FHLB FAMCA FHLMC FNMA FNMA FFCB FHLB FFCB FNMA FHLMC Wells Fargo Bank JOHNSON & JOHNSON GENERAL ELECTRIC FAMCA FHLB FNMA FHLMC NEW YORK LIFE FHLB FFCB Call Date 07/30/2010 N/A N/A N/A N/A N/A N/A N/A N/A 05/23/2008 12/29/2008 09/02/2008 N/A N/A N/A 05/29/2008 04/03/2009 N/A N/A N/A N/A N/A 09/10/2009 N/A N/A N/A N/A TOTAL FIRST QUARTER 2007-2008 Par Value 1 ,770,000.00 1 ,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 1 ,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 504,091 .80 1 ,000,000.00 1 ,000,000.00 629,000.00 1 ,000,000.00 1 ,000,000.00 3,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 45,903,091.80 Coupon 5.52% 5.38% 6.79% 5.13% 4.78% 5.15% 5.250% 5.375% 5.500% 5.650% 5.625% 5.375% 5.150% 5.250% 5.000% 5.470% 5.250% 4.470% 5.150% 6.000% 5.500% 5.375% 5.200% 5.125% 4.625% 5.125% 5.250% Amount (Cost) 1,770,000.00 1 ,005,040.00 2,130,980.00 1 ,000,640.00 1,981,720.00 1 ,001 ,858.80 2,006,972.34 1 ,005,254.43 3,034,380.00 1 ,996,000.00 2,005,000.00 1 ,994,000.00 2,012,808.76 2,015,549.68 3,000,000.00 1 ,998,000.00 2,998,500.00 504,091.80 1,017,457.28 1,033,437.31 644,775.32 1 ,020,930.00 1 ,000,000.00 3,048,120.00 987,620.00 2,034,188.23 2,041 ,700.00 46,289,023.95 Return Rate 5.520% 5.255% 5.235% 5.100% 5.135% 5.050% 5.050% 5.250% 5.175% 5.696% 5.564% 5.449% 4.800% 4.800% 5.000% 5.492% 5.261% 4.470% 4.750% 5.200% 4.781% 4.761% 5.200% 4.530% 5.090% 4.500% 4.490% 5.075% Interest 488,520.00 256,692.64 524,632.22 150,405.14 283,304.44 100,425.92 190,485.99 256,478.21 618,286.67 547,027.78 545,625.00 497,215.28 187,755.13 177,825.32 300,000.00 525,296.67 730,375.00 13,087.60 237,753.83 253,896.02 118,184.21 181,976.25 260,000.00 402,452.92 145,734.17 268,756.21 269,508.33 8,531,700.95 Investment Return 2,258,520.00 1,261,732.64 2,655,612.22 1,151,045.14 2,265,024.44 1,102,284.72 2,197,458.33 1,261,732.64 3,652,666.67 2,543,027.78 2,550,625.00 2,491,215.28 2,200,563.89 2,193,375.00 3,300,000.00 2,523,296.67 3,728,875.00 517,179.40 1,255,211.11 1 ,287,333.33 762,959.53 1 ,202,906.25 1 ,260,000.00 3,450,572.92 1,133,354.17 2,302,944.44 2,311,208.33 54,820,724.90 MATURITIES JULY 12/22/2006 07/19/2007 01/30/2004 07/30/2007 FA FHLB FA FNMA DO N/A 2,060,000.00 5.15% 2,060,000.00 5.15% 61,001.75 2,121,001.75 04/30/2004 3,000,000.00 3.30% 3,000,000.00 3.30% 346,500.00 3,346,500.00 City of Carlsbad TRANSACTIONS FOR PERIOD: 07/01/07 TO 09/30/07 1st QUARTER 2007-2008 Trans Date Investment Date Maturity Date Type Security Call Date Par Value Coupon Amount (Cost) Return Rate Interest Investment Return MATURITIES-continued AUGUST SEPTEMBER TOTAL FIRST 02/02/2005 02/02/2005 02/13/2004 02/27/2004 03/17/2005 03/02/2007 12/05/2002 10/25/2004 03/24/2004 10/12/2004 03/26/2004 08/02/2007 08/02/2007 08/13/2007 08/27/2007 08/30/2007 08/02/2007 08/29/2007 09/14/2007 09/24/2007 09/24/2007 09/28/2007 FA FA FA FA FA CD CN FA FA FA FA FHLB FHLB FHLMC FHLB FNMA Wells Fargo Bank General Electric FHLMC FHLB FHLB FHLB 02/02/2006 02/02/2006 02/13/2005 08/27/2004 09/01/2005 N/A N/A 09/14/2005 09/24/2004 03/24/2005 09/28/2004 QUARTER 2007-2008 5,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 6,050,000.00 504,091 .80 3,925,000.00 5,000,000.00 3,000,000.00 4,000,000.00 3,000,000.00 44,539,091 .80 3.40% 3.25% 3.00% 2.00% 3.41% 4.69% 6.95% 3.03% 2.00% 2.26% 2.00% 5,000,000.00 3,000,000.00 2,988,882.60 2,993,437.50 5,957,737.50 504,091 .80 4,384,236.38 5,000,000.00 2,997,000.00 3,996,000.00 3,000,000.00 44,881 ,385.78 3.40% 3.25% 3.11% 3.57% 4.07% 4.69% 4.20% 3.30% 3.53% 3.71% 3.50% 3.669% 470,000.00 288,750.00 416,117.40 374,062.50 598,282.82 9,850.79 831 ,957.78 476,208.33 370,500.00 439,500.00 367,833.33 3,396,523.04 5,470,000.00 3,288,750.00 3,405,000.00 3,367,500.00 6,556,020.32 513,942.59 5,216,194.16 5,476,208.33 3,367,500.00 4,435,500.00 3,367,833.33 49,931 ,950.48 CALLS and / or SALES JULY 05/06/2005 07/30/2008 07/30/2003 07/30/2008 AUGUST NONE SEPTEMBER NONE TOTAL FIRST QUARTER 2007-2008 FA FHLB FA FHLB 07/30/2007 5,000,000.00 STEP 2.75% 4,945,000.00 4.48% 655,833.33 5,600,833.33 07/30/2007 5,000,000.00 STEP 2.25% 5,000,000.00 3.50% 887,500.00 5,887,500.00 10,000,000.00 9,945,000.00 3.98% 1,543,333.33 11,488,333.33 STOCKS APRIL 04/01/2007 Par Value is EQUITY Time Warner Cable $0.01 per share Class A Common Stock 11.00 shares 0.11 Cost Market Value At 9/30/07 360.80 Eleven shares of Time Warner Cable (TWC) were distributed to the City in connection with the bankruptcy of Adelphia Communications Corporation. An additional distribution of cash will be made separately to holders of allowed claims against Adelphia Communications Corporation and Certain Affiliated Debtors. The City Treasurer has directed one of the City's investment brokers, First Tennessee, sell the City's shares and remit payment to the City. INVESTMENT REPORT AS OF SEPTEMBER 30, 2007 INVESTMENT DATE 08/08/2005 10/25/2004 04/28/2004 04/04/2005 05/23/2005 03/29/2004 07/18/2005 04/29/2005 05/21/2004 03/17/2004 04/21/2005 11/04/2004 11/16/2004 05/19/2005 11/22/2004 12/21/2006 06/16/2005 06/18/2003 10/28/2005 11/04/2005 07/07/2005 07/16/2003 07/24/2003 07/28/2003 01/28/2004 12/22/2006 12/21/2006 12/28/2006 04/20/2007 05/15/2007 12/22/2006 12/21/2006 07/22/2005 07/22/2005 05/21/2007 05/25/2005 05/21/2007 12/15/2004*, 12/30/2003 MATURITY DATE 10/15/2007 10/25/2007 10/26/2007 11/02/2007 11/16/2007 12/28/2007 01/18/2008 01/28/2008 02/22/2008 03/17/2008 04/21/2008 04/30/2008 05/16/2008 05/19/2008 05/22/2008 06/06/2008 06/16/2008 06/18/2008 06/26/2008 07/02/2008 07/07/2008 07/16/2008 07/24/2008 07/28/2008 07/28/2008 08/15/2008 08/22/2008 08/28/2008 09/12/2008 09/12/2008 09/19/2008 10/03/2008 10/15/2008 10/15/2008 11/03/2008 1 1/25/2008 12/12/2008 12/15/2008 12/30/2008 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA SECURITY FHLB 3.00% DUE 10/15/07 NON-CALL FNMA 3.375% DUE 10/25/07 CALL 10/25/05 FHLMC 3.280% DUE 10/26/07 CALL 10/26/04 FHLB 3.0% DUE 11/02/07 CALL 5/2/05 FHLB 4.150% DUE 11/16/07 CALL 5/16/06 FHLB 3.00% DUE 12/28/07 CALL 6/28/04 FHLB 4.26% DUE 01/18/08 CALL 01/18/06 FHLMC 2.75% DUE 01/28/08 CALL 7/28/05 FHLB 3.60% DUE 02/22/08 CALL 2/22/05 FHLMC 2.25% DUE 3/17/08 CALL 3/17/06 FNMA 4.00% DUE 4/21/08 CALL 4/21/06 FHLB 3.565% DUE 4/30/08 CALL 1/30/05 FNMA 3.70% DUE 5/16/08 CALL 5/16/05 FNMA 4.00% DUE 5/19/08 CALL 5/19/06 FHLMC 3.6% DUE 5/22/08 CALL 11/22/05 FNMA 4.08% DUE 6/6/08 CALL 6/6/07 FHLB 3.70% DUE 6/16/08 CALL 6/16/06 FHLMC 2.00% DUE 6/18/08 CALL 6/18/04 FHLB 2.75% DUE 6/26/08 CALL 12/26/05 FHLB 3.00% DUE 7/02/08 CALL 01/02/06 FNMA 4.0% DUE 7/07/08 CALL 10/07/05 FHLB 2.0% DUE 7/16/08 CALL 10/16/03 FHLB 2.00% DUE 07/24/08 CALL 10/24/03 FHLB 2.00% DUE 07/28/08 CALL 07/28/05 FHLMC 3.0 % DUE 7/28/08 CALL 01/28/05 FNMA 4.5% DUE 8/15/08 NON-CALL FHLB 3.875% DUE 8/22/08 NON-CALL FHLB 5.125% DUE 8/28/08 CALL 6/28/07 FHLMC 4.875% DUE 9/12/08 NON-CALL FHLMC 4.875% DUE 9/12/08 NON-CALL FHLMC 4.48% DUE 9/19/08 NON-CALL FNMA 5.125% DUE 10/3/08 CALL 10/03/07 FHLB 2.75% DUE 10/15/08 CALL 10/15/05 FHLMC 3.25% DUE 10/15/08 CALL 07/27/05 FNMA 4.900% DUE 11/3/08 NON-CALL FHLMC 4.00% DUE 11/25/08 CALL 11/25/05 FHLB 5.00% DUE 12/12/08 NON-CALL FFCB 4.00% DUE 12/15/08 CALL 6/15/05 FHLMC 3.00% DUE 12/30/08 CALL 12/30/04 PAR VALUE 3,000,000.00 5,000,000.00 5,000,000.00 3,000,000.00 5,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 2,400,000.00 5,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 3,000,000.00 3,763,000.00 3,000,000.00 5,000,000.00 5,000,000.00 4,000,000.00 5,000,000.00 3,000,000.00 5,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 8,000,000.00 2,000,000.00 5,000,000.00 3,000,000.00 5,000,000.00 700,000.00 1,130,000.00 3,000,000.00 4,000,000.00 1,000,000.00 3,000,000.00 1 ,250,000.00 INVESTED AMOUNT 2,918,404.56 5,000,000.00 4,980,112.45 2,976,300.00 4,999,218.75 3,000,000.00 2,998,125.00 4,918,750.00 5,000,000.00 2,400,000.00 5,000,000.00 2,999,062.50 2,995,312.50 5,000,000.00 2,995,500.00 3,714,081.00 3,000,000.00 5,000,000.00 4,869,000.00 3,873,960.00 5,000,000.00 3,000,000.00 5,000,000.00 2,983,125.00 3,000,000.00 2,979,330.00 4,922,457.90 8,000,000.00 1 ,996,570.00 4,983,850.00 2,977,680.00 4,995,300.00 677,460.00 1,113,050.00 2,990,820.00 4,000,000.00 998,850.00 3,000,000.00 1,249,218.75 RETURN RATE 4.310% 3.375% 3.402% 4.467% 4.156% 3.000% 4.287% 4.000% 3.601% 3.098% 4.485% 3.575% 3.748% 4.458% 3.646% 5.014% 4.352% 3.201% 3.790% 5.008% 4.500% 3.201% 3.224% 3.284% 3.589% 4.937% 4.850% 5.125% 5.000% 5.125% 4.927% 5.176% 4.462% 4.579% 5.120% 4.793% 5.075% 4.000% 4.020% INTEREST 278,345.44 506,250.00 592,976.44 255,700.00 515,496.53 337,250.00 321,375.00 546,493.06 675,500.00 300,000.00 675,000.00 374,074.17 393,187.50 668,750.00 382,500.00 272,817.50 393,000.00 812,500.00 46,597.22 525,373.33 700,000.00 487,500.00 818,750.00 496,875.00 487,500.00 243,045.00 400,996.96 683,333.33 139,388.33 339,118.75 256,400.00 461,679.17 99,603.19 166,667.15 222,330.00 675,000.00 79,066.66 480,000.00 253,906.25 INVESTMENT RETURN 3,196,750.00 5,506,250.00 5,573,088.89 3,232,000.00 5,514,715.28 3,337,250.00 3,319,500.00 5,465,243.06 5,675,500.00 2,700,000.00 5,675,000.00 3,373,136.67 3,388,500.00 5,668,750.00 3,378,000.00 3,986,898.50 3,393,000.00 5,812,500.00 4,915,597.22 4,399,333.33 5,700,000.00 3,487,500.00 5,818,750.00 3,480,000.00 3,487,500.00 3,222,375.00 5,323,454.86 8,683,333.33 2,135,958.33 5,322,968.75 3,234,080.00 5,456,979.17 777,063.19 1,279,717.15 3,213,150.00 4,675,000.00 1,077,916.66 3,480,000.00 1,503,125.00 TERM (Days) 798 1,095 1,276 942 907 1,369 914 1,004 1,372 1,461 1,096 1,273 1,277 1,096 1,277 533 1,096 1,827 972 971 1,096 1,827 1,827 1,827 1,643 602 610 609 511 486 637 652 1,181 1,181 532 1,280 571 1,461 1,827 m X:r DO — 1 ~J INVESTMENT REPORT AS OF SEPTEMBER 30,2007 INVESTMENT DATE 07/19/2005 01/14/2004 06/22/2005 06/27/2005 02/18/2004 07/27/2005 07/01/2004 03/10/2004 04/02/2004 04/16/2004 04/14/2004 03/23/2004 04/13/2004 04/13/2004 04/28/2004 04/28/2004 04/28/2004 05/05/2004 05/05/2004 03/14/2007 05/15/2007 07/25/2007 08/09/2007 07/25/2007 08/09/2007 01/24/2007 01/24/2007 05/15/2007 11/01/2006 08/17/2007 03/14/2007 03/19/2007 11/16/2005 11/16/2005 11/17/2004 11/17/2004 12/28/2004 01/12/2005 01/27/2005 * 01/27/2005 MATURITY DATE 12/30/2008 01/14/2009 01/23/2009 01/26/2009 02/18/2009 02/26/2009 02/27/2009 03/10/2009 03/16/2009 03/16/2009 03/17/2009 03/23/2009 04/13/2009 04/13/2009 04/28/2009 04/28/2009 04/28/2009 05/05/2009 05/05/2009 06/12/2009 06/12/2009 06/12/2009 06/12/2009 07/20/2009 07/20/2009 07/23/2009 07/24/2009 08/01/2009 08/05/2009 08/17/2009 09/11/2009 10/02/2009 11/16/2009 11/16/2009 11/17/2009 11/17/2009 12/28/2009 01/12/2010 01/27/2010 01/27/2010 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA SECURITY FHLB 3.0% DUE 12/30/08 CALL 9/30/05 FHLMC 3.00% DUE 01/14/09 CALL 01/14/05 FHLB 3.50% DUE 01/23/09 CALL 7/23/05 FNMA 4.00% DUE 01/26/09 CALL 01/26/07 FHLMC 3.00% DUE 02/18/09 CALL 2/18/05 FNMA 4.00% DUE 2/26/09 CALL 8/26/05 FNMA 4.07% DUE 02/27/09 CALL 8/27/04 FHLMC 3.00% DUE 3/10/09 CALL 3/10/05 FNMA 3.125% DUE 03/16/09 CALL 03/16/06 FNMA 3.125% DUE 03/16/09 CALL 03/16/06 FHLMC 2.5% DUE 3/17/09 CALL 3/17/06 FHLMC 3.00% DUE 3/23/09 CALL 3/23/05 FHLMC 2.50% DUE 04/13/09 CALL 04/13/05 FHLMC 2.50% DUE 4/13/09 CALL 4/13/05 FHLMC 2.750% DUE 04/28/09 CALL 04/28/06 FHLMC 3.250% DUE 04/28/09 CALL 04/28/05 FHLMC 3.250% DUE 04/28/09 CALL 04/28/05 FHLMC DUE 05/05/09 CALL 05/05/05 FHLMC 3.00% DUE 5/5/09 CALL 05/05/06 FHLB 5.25% DUE 6/12/09 NON-CALL FHLB 5.25% DUE 6/12/09 NON-CALL FHLB 5.25% DUE 6/12/09 NON-CALL FHLB 5.250% DUE 6/12/09 NON-CALL FFCB 5.15% DUE 7/20/09 NON-CALL FFCB 5.150% DUE 7/20/09 NON-CALL FHLB 5.3% DUE 7/23/09 CALL 7/23/07 FHLB 5.125% DUE 7/24/09 CALL 1/24/08 HUD 4.430% DUE 8/1/09 NON-CALL FHLB 5.25% DUE 8/05/09 NON-CALL FFCB 5.00% DUE 8/17/09 NON-CALL FHLB 4.378% DUE 9/11/09 NON-CALL FHLB 5.0% DUE 10/2/09 NON-CALL FHLB 4.875% DUE 11/16/09 CALL 11/16/07 FHLB 4.875% DUE 11/16/09 CALL 11/16/07 FNMA 3.25% DUE 11/17/09 CALL 11/17/05 FNMA 3.25% DUE 11 /17/09 CALL 11 /17/05 FNMA 3.625% DUE 12/28/09 CALL 12/28/05 FHLMC 3.625% DUE 01/12/10 CALL 01/12/06 FHLB 3.75% DUE 01/27/10 CALL 01/27/06 FNMA 3.75% DUE 01/27/10 CALL 01/27/06 PAR VALUE 1 ,500,000.00 5,000,000.00 6,000,000.00 3,000,000.00 5,000,000.00 2,500,000.00 5,000,000.00 5,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 4,000,000.00 3,000,000.00 1 ,000,000.00 5,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 5,000,000.00 1 ,055,000.00 5,000,000.00 2,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 INVESTED AMOUNT 1 ,475,625.00 5,000,000.00 5,865,937.50 2,993,100.00 5,000,000.00 2,467,130.64 4,912,500.00 5,000,000.00 2,973,270.00 2,913,835.02 1 ,980,625.00 5,000,000.00 5,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 4,997,500.00 5,000,000.00 5,000,000.00 2,022,809.38 5,030,000.00 2,006,972.34 2,015,549.68 1,001,858.80 2,012,808.76 3,998,400.00 2,998,500.00 990,198.00 5,048,115.85 3,000,000.00 1,984,643.55 3,014,820.00 5,000,000.00 1,053,021.88 5,000,000.00 1 ,997,000.00 3,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 RETURN RATE 4.562% 4.186% 4.177% 4.069% 3.961% 4.400% 4.490% 3.180% 3.321% 3.770% 4.200% 3.909% 3.558% 3.558% 3.474% 4.014% 4.164% 4.262% 4.200% 4.705% 4.940% 5.050% 4.800% 5.050% 4.800% 5.300% 5.272% 4.900% 4.870% 5.000% 4.705% 4.790% 4.875% 4.927% 4.200% 4.242% 4.624% 4.624% 4.800% 4.749% INTEREST 235,750.00 1,062,500.00 887,145.83 436,566.67 1 ,000,000.00 390,924.92 1 ,034,905.56 987,500.00 491,313.33 547,102.48 415,625.00 987,500.00 900,000.00 360,000.00 875,000.00 1,012,500.00 1,052,500.00 1,075,000.00 1 ,050,000.00 212,857.29 514,687.50 190,485.99 177,825.32 100,425.92 (1,792,244.87) 531,011.11 385,875.00 107,754.22 676,675.82 300,000.00 233,377.28 365,596.67 975,000.00 207,703.12 1 ,062,500.00 428,000.00 701 ,250.00 1,168,750.00 1,200,000.00 1 ,200,000.00 INVESTMENT RETURN 1 ,71 1 ,375.00 6,062,500.00 6,753,083.33 3,429,666.67 6,000,000.00 2,858,055.56 5,947,405.56 5,987,500.00 3,464,583.33 3,460,937.50 2,396,250.00 5,987,500.00 5,900,000.00 2,360,000.00 5,875,000.00 6,012,500.00 6,050,000.00 6,075,000.00 6,050,000.00 2,235,666.67 5,544,687.50 2,197,458.33 2,193,375.00 1,102,284.72 220,563.89 4,529,411.11 3,384,375.00 1,097,952.22 5,724,791 .67 3,300,000.00 2,218,020.83 3,380,416.67 5,975,000.00 1 ,260,725.00 6,062,500.00 2,425,000.00 3,701,250.00 6,168,750.00 6,200,000.00 6,200,000.00 TERM (Days) 1,260 1,827 1,311 1,309 1,827 1,310 1,702 1,826 1,809 1,795 1,798 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,826 821 759 688 673 726 711 911 912 809 1,008 731 912 928 1,461 1,461 1,826 1,826 1,826 1,826 1,826 1,826 INVESTMENT REPORT AS OF SEPTEMBER 30,2007 INVESTMENT DATE 01/27/2005 06/30/2005 02/22/2005 11/25/2005 04/07/2006 07/25/2007 08/08/2005 06/30/2006 07/25/2007 09/18/2007 1 1/30/2005 10/26/2005 11/04/2005 11/14/2005 11/17/2005 12/15/2005 03/29/2006 02/09/2006 02/24/2006 03/29/2006 04/28/2006 05/03/2006 05/17/2006 06/09/2006 11/01/2006 03/24/2006 04/20/2006 04/28/2006 08/31/2007 03/15/2007 06/30/2006 03/09/2007 08/01/2007 08/31/2007 03/19/2007 03/05/2007 03/15/2007 ^ 09/26/2007 J 09/26/2007 03/15/2007 MATURITY DATE 01/27/2010 01/27/2010 02/22/2010 03/18/2010 04/07/2010 05/03/2010 06/11/2010 06/30/2010 07/06/2010 08/23/2010 09/27/2010 10/18/2010 11/04/2010 11/04/2010 11/17/2010 12/15/2010 01/18/2011 02/09/201 1 02/24/2011 02/24/2011 02/24/2011 02/24/2011 02/24/2011 02/24/201 1 02/24/201 1 03/24/201 1 04/06/2011 04/06/201 1 06/10/2011 06/15/2011 06/30/201 1 07/14/2011 07/15/2011 07/15/2011 08/15/2011 09/09/201 1 09/09/2011 09/10/2010 09/13/2010 10/05/2011 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA fa FA FA FA FA FA FA FA FA FA FA FA SECURITY FNMA 3.75% DUE 01/27/10 CALL 01/27/06 FNMA 3.75% DUE 01/27/10 CALL 01/27/06 FNMA 3.75% DUE 02/22/10 CALL 03/22/06 FHLB 4.45% DUE 3/18/10 CALL 3/18/08 FHLMC 5.270% DUE 4/7/10 CALL 4/7/08 FFCB 4.780% DUE 5/03/10 NON-CALL FHLB 3.375% DUE 6/11/10 CALL 9/11/05 FHLMC 5.520% DUE 6/30/10 CALL 6/30/08 FNMA 5.125% DUE 7/6/10 NON-CALL FHLMC 5.125% DUE 8/23/10 NON-CALL FHLB 4.78% DUE 9/27/10 CALL 9/27/07 FHLMC 5.0% DUE 10/18/10 CALL 10/18/07 FHLMC 4.8% DUE 11/04/10 CALL 11/04/08 FHLMC 4.8% DUE 11/04/10 CALL 11/04/08 FHLB 5.03% DUE 11/17/10 CALL 11/17/08 FHLMC 5.035% DUE 12/15/10 CALL 12/15/08 FNMA 5.10% DUE 01/18/11 CALL 01/18/08 FHLB 5.00% DUE 2/9/11 CALL 2/09/09 FHLB 5.15% DUE 2/24/11 CALL 2/24/09 FHLMC 5.25% DUE 2/24/11 CALL 2/24/09 FHLMC 5.25% DUE 2/24/11 CALL 2/24/09 FHLMC 5.25% DUE 2/24/11 CALL 2/24/09 FNMA 5.16% DUE 2/24/11 CALL 24/09 FHLMC 5.25% DUE 2/24/11 CALL 2/24/09 FHLMC 5.25% DUE 2/24/11 CALL 2/24/09 FHLB 5.25% DUE 3/24/11 CALL 3/24/09 FNMA 5.25% DUE 4/6/11 CALL 4/06/09 FNMA 5.25% DUE 4/6/11 CALL 4/06/09 FHLB 5.275% DUE 6/10/11 NON-CALL FHLMC 5.03% DUE 6/15/11 CALL 6/15/09 FHLB 5.650% DUE 6/30/11 CALL 6/30/09 FNMA 3.64% DUE 7/14/11 NON-CALL FAMCA 5.50% DUE 7/15/11 NON-CALL FAMCA 5.50% DUE 7/15/11 NON-CALL FHLB 5.75% DUE 8/15/11 NON-CALL FHLB 5.00% DUE 9/9/11 NON-CALL FHLB 5.00% DUE 9/9/11 NON-CALL FHLB 5.125% DUR 9/10/10 NON-CALL FFCB 5.25% DUE 9/13/10 NON-CALL FHLB 4.875% DUE 10/05/11 NON-CALL PAR VALUE 3,000,000.00 1,700,000.00 5,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 3,000,000.00 5,000,000.00 3,320,000.00 3,000,000.00 5,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 3,000,000.00 3,000,000.00 2,421 ,000.00 1 ,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 629,000.00 3,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 INVESTED AMOUNT 2,997,000.00 1 ,695,750.00 5,000,000.00 2,936,487.87 2,992,699.50 1,981,720.00 2,891 ,250.00 3,000,000.00 1 ,000,640.00 3,048,120.00 2,967,840.00 5,000,000.00 4,970,500.00 4,945,500.00 5,000,000.00 5,000,000.00 2,968,710.00 5,000,000.00 3,320,000.00 2,991 ,000.00 4,954,450.00 2,971 ,860.00 2,958,763.29 2,967,775.85 5,015,000.00 3,000,000.00 2,976,375.00 2,396,790.00 1 ,020,930.00 5,000,000.00 2,000,000.00 1,909,480.00 3,034,380.00 644,775.32 3,111,810.00 2,018,200.00 3,032,352.00 2,034,188.23 2,041,700.00 3,018,777.00 RETURN RATE 4.771% 4.912% 4.800% 4.450% 5.338% 5.135% 4.763% 5.520% 5.100% 4.530% 5.031% 5.000% 4.935% 5.050% 5.030% 5.035% 5.347% 5.000% 5.150% 5.319% 5.466% 5.473% 5.489% 5.510% 5.169% 5.250% 5.433% 4.483% 4.761% 5.030% 5.650% 4.805% 5.175% 4.781% 4.800% 4.773% 4.730% 4.500% 4.490% 4.720% INTEREST 723,000.00 385,156.25 1,200,000.00 639,416.30 639,700.50 283,304.44 681,468.75 662,400.00 150,405.14 402,452.92 724,065.00 1,244,444.44 1,229,500.00 1,247,833.33 1,257,500.00 1,258,750.00 766,115.00 1,250,000.00 854,900.00 781,187.50 1,311,383.33 785,452.50 779,546.71 773,786.65 1,117,395.83 787,500.00 805,000.00 651,955.12 181,976.25 1 ,068,875.00 565,000.00 406,997.78 618,286.67 118,184.21 648,148.33 432,911.11 640,148.00 268,756.21 269,508.33 647,473.00 INVESTMENT RETURN 3,720,000.00 2,080,906.25 6,200,000.00 3,575,904.17 3,632,400.00 2,265,024.44 3,572,718.75 3,662,400.00 1,151,045.14 3,450,572.92 3,691 ,905.00 6,244,444.44 6,200,000.00 6,193,333.33 6,257,500.00 6,258,750.00 3,734,825.00 6,250,000.00 4,174,900.00 3,772,187.50 6,265,833.33 3,757,312.50 3,738,310.00 3,741,562.50 6,132,395.83 3,787,500.00 3,781 ,375.00 3,048,745.12 1,202,906.25 6,068,875.00 2,565,000.00 2,316,477.78 3,652,666.67 762,959.53 3,759,958.33 2,451,111.11 3,672,500.00 2,302,944.44 2,31 1 ,208.33 3,666,250.00 TERM (Days) 1,826 1,672 1,826 1,574 1,461 1,013 1,768 1,461 1,077 1,070 1,762 1,818 1,826 1,816 1,826 1,826 1,756 1,826 1,826 1,793 1,763 1,758 1,744 1,721 1,576 1,826 1,812 1 ,804 1,379 1,553 1,826 1,588 1,444 1,414 1,610 1,649 1,639 1,080 1,083 1,665 INVESTMENT REPORT AS OF SEPTEMBER 30,2007 INVESTMENT DATE 03/19/2007 01/22/2007 03/05/2007 08/07/2007 03/26/2007 03/26/2007 04/20/2007 08/17/2007 05/21/2007 07/25/2007 08/03/2007 08/17/2007 07/25/2007 07/25/2007 08/07/2007 07/20/2007 09/10/2007 MATURITY DATE 11/18/2011 12/20/2011 01/23/2012 03/02/2012 03/26/2012 03/26/2012 03/26/2012 04/03/2012 04/12/2012 05/23/2012 05/23/2012 05/29/2012 06/08/2012 06/08/2012 06/29/2012 07/30/2012 09/10/2012 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA 08/24/2005 08/11/2008 FA SECURITY FHLB 4.875% DUE 11/18/11 NON-CALL FFCB 5.15% DUE 12/20/11 CALL 12/20/07 FNMA 5.5% DUE 1/23/12 CALL 1/23/08 FNMA 5.375% DUE 3/02/12 CALL 9/2/08 FHLMC 5.0% DUE 3/26/12 CALL 3/26/10 FHLMC 5.0% DUE 3/26/12 CALL 3/26/10 FHLMC 5.0% DUE 3/26/12 CALL 3/26/10 FHLMC 5.25% DUE 4/3/12 CALL FFCB 4.875% DUE 4/12/12 NON-CALL TVA 6.790% DUE 5/23/12 NON-CALL FHLMC 5.65% DUE 5/23/12 CALL 5/23/08 FNMA 5.47% DUE 5/29/12 CALL FHLB 5.375% DUE 6/8/12 NON-CALL FHLB 5.375% DUE 6/8/12 NON-CALL FNMA 5.625% DUE 6/29/12 CALL 12/29/08 FHLB 5.52% DUE 7/30/12 CALL 7/30/10 FNMA 5.20% DUE 9/10/12 CALL 9/13/09 Poinsettia District Investment FFCB 4.3% DUE 08/11/08 NON-CALL PAR VALUE 3,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 1 ,000,000.00 2,000,000.00 1 ,770,000.00 1 ,000,000.00 INVESTED AMOUNT 3,009,690.00 2,982,187.50 2,003,600.00 1,994,000.00 2,000,000.00 3,000,000.00 999,687.50 2,998,500.00 1 ,987,880.00 2,130,980.00 1 ,996,000.00 1 ,998,000.00 1 ,005,040.00 1 ,005,254.43 2,005,000.00 1 ,770,000.00 1 ,000,000.00 RETURN RATE 4.795% 5.288% 5.452% 5.449% 5.000% 5.000% 5.000% 5.261% 5.015% 5.235% 5.696% 5.470% 5.255% 5.250% 5.564% 5.520% 5.200% INTEREST 672,403.75 776,579.17 533,566.67 497,215.28 500,000.00 750,000.00 246,979.17 730,375.00 489,057.50 524,632.22 547,027.78 525,296.67 256,692.64 256,478.21 545,625.00 488,520.00 260,000.00 INVESTMENT RETURN 3,682,093.75 3,758,766.67 2,537,166.67 2,491,215.28 2,500,000.00 3,750,000.00 1 ,246,666.67 3,728,875.00 2,476,937.50 2,655,612.22 2,543,027.78 2,523,296.67 1,261,732.64 1,261,732.64 2,550,625.00 2,258,520.00 1,260,000.00 TERM (Days) 1,705 1,793 1,785 1,669 1,827 1,827 1,802 1,691 1,788 1,764 1,755 1,747 1,780 1,780 1,788 1,837 1,827 SUB-TOTAL 447,138,000.00 445,960,403.30 4.537% 77,974,043.80 523,934,447.10 1,432 2,985,000.00 2,990,313.30 4.235% 375,116.66 3,365,429.96 1,083 SUB-TOTAL 2,985,000.00 2,990,313.30 0.028% 375,116.66 3,365,429.96 1,083 Federal Investments Total 450,123,000.00 448,950,716.60 4.565% 78,349,160.46 527,299,877 2,515 08/02/2007 05/25/2005 04/24/2007 05/23/2007 11/03/2006 02/03/2006 03/16/2007 09/28/2007 02/17/2006 03/30/2006 06/20/2006 04/19/2006 06/12/2006 03/02/2008 CD WELLS FARGO BANK 9218910637 SUB-TOTAL 03/10/2008 CN WORLD SAVINGS BANK 4.125% DUE 3/10/05 NON-CALL 08/03/2009 CN BANK OF AMERICA 4.625% DUE 8/3/09 NON-CALL 08/10/2009 CN WAL-MART 6.875% DUE 8/10/09 NON-CALL 09/10/2009 CN MERRILL LYNCH 4.125% DUE 9/10/09 NON-CALL 07/29/2010 CN US BANCORP 4.50% DUE 7/29/10 NON-CALL 08/15/2010 CN WAL-MART 4.75% DUE 8/15/10 NON-CALL 08/16/2010 CN NEW YORK LIFE 4.625% DUE 8/16/10 NON-CALL 02/14/2011 CN CITIGROUP 5.125% DUE 2/14/11 NON-CALL 02/14/2011 CN CITIGROUP 5.125% DUE 2/14/11 NON-CALL 02/14/2011 CN CITIGROUP 5.125% DUE 2/14/11 NON-CALL 03/01/2011 CN HOME DEPOT 5.20% DUE 3/1/11 NON-CALL 04/28/2011 CN GENERAL ELECTRIC 5.50% DUE 4/28/11 NON-CALL 504,091 .80 504,091 .80 3,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 504,091 .80 504,091 .80 2,999,689.80 1,983,918.00 5,187,303.82 4,884,751.43 2,952,150.09 3,002,689.16 987,620.00 5,000,000.00 1,991,793.10 1,969,446.60 2,974,590.00 3,006,145.34 4.470% 4.470% 4.127% 5.000% 5.060% 5.000% 4.900% 4.720% 5.090% 5.125% 5.220% 5.500% 5.400% 5.450% 13,081.60 13,081.60 345,778.95 226,519.50 573,720.49 703,633.99 653,849.91 483,790.01 145,734.17 1,279,114.58 507,609.68 507,178.40 784,610.00 798,687.99 503,847.08 503,847.08 3,345,468.75 2,210,437.50 5,761,024.31 5,588,385.42 3,606,000.00 3,486,479.17 1,133,354.17 6,279,114.58 2,499,402.78 2,476,625.00 3,759,200.00 3,804,833.33 213 213 1,020 832 810 1,042 1,637 1,248 1,053 1,823 1,782 1,700 1,777 1,781 INVESTMENT REPORT AS OF SEPTEMBER 30, 2007 INVESTMENT DATE 04/16/2007 05/21/2007 05/29/2007 03/20/2007 08/31/2007 08/31/2007 MATURITY DATE 04/28/201 1 05/18/2011 11/15/2011 02/15/2012 06/15/2012 08/15/2012 TYPE CN CN CN CN CN CN O O O O O O O SECURITY GENERAL ELECTRIC 5.50% DUE 4/28/11 NON-CALL TOYOTA 5.450% DUE 5/18/11 NON-CALL GENERAL ELECTRIC 5.50% DUE 11/15/11 CALL 11/15/08 GENERAL ELECTRIC 5.875% DUE 2/15/12 NON-CALL GENERAL ELECTRIC 6.00% DUE 6/15/12 NON-CALL JOHNSON & JOHNSON 5.15% DUE 8/15/12 NON-CALL WELLS FARGO BANK CORPORATE CASH MANAGEMENT ACCOUNT UNION TRUST L AI F WATER DISTRICT L A I F PUBLIC IMPROVEMENT CORPORATION L AI F PUBLIC FINANCING CORPORATION L A IF CITY OF CARLSBAD ON-CALL ;ALL 11/1 5/08 JON-CALL DN-CALL NON-CALL SUB-TOTAL JNT •ION SUB-TOTAL PAR VALUE 3,000,000.00 4,000,000.00 1,850,000.00 5,956,000.00 1,000,000.00 1,000,000.00 53,806,000.00 1,181,901.00 2,686,950.63 (9,210.87) 8,923,000.00 3,152,000.00 4,621 ,000.00 11,079,000.00 31 ,634,640.76 INVESTED AMOUNT 3,048,646.38 4,054,280.00 1,850,000.00 6,187,688.40 1,033,437.31 1,017,457.28 54,131,606.71 1,181,901.00 2,686,950.63 (9,210.87) 8,923,000.00 3,152,000.00 4,621 ,000.00 11,079,000.00 31,634,640.76 RETURN RATE 5.050% 5.070% 5.500% 4.970% 5.200% 4.750% 5.044% 4.000% 4.000% 4.720% 5.250% 5.250% . 5.250% 5.250% 5.097% INTEREST 616,853.62 815,903.33 453,918.06 1 ,483,867.09 253,896.02 237,753.83 10,872,419.62 129.52 294.46 (1.21) 1,301.27 459.67 673.90 1,615.69 4,473.30 INVESTMENT RETURN 3,665,500.00 4,870,183.33 2,303,918.06 7,671 ,555.49 1,287,333.33 1,255,211.11 65,004,026.33 1,182,030.52 2,687,245.09 (9,212.08) 8,924,301.27 3,152,459.67 4,621,673.90 11,080,615.69 31,639,114.06 TERM (Days) 1,473 1,458 1,631 1,793 1,750 1,811 1,468 1 1 1 1 1 1 1 GRAND TOTAL 536,067,732.56 535,221,055.87 4.645% 89,239,134.98 624,446,864.53 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF SEPTEMBER 30, 2007 Cash Balance by Fund: General 54,979,685 Special Revenue 38,052,531 Debt Service 1,271,621 Capital Projects: General Capital Construction 46,496,123 Traffic Impact Fees 11,954,210 Public Facilities Fees 51,984,068 Park Development 3,296,625 Transnet Taxes 8,124,148 Drainage Fees 9,698,771 Special Districts 91,632,356 Infrastructure Replacement 37,076,043 Other Capital Construction 3,084,153 Total 263,346,497 Enterprise: Carlsbad Municipal Water District 58,459,089 Sewer Fund 59,341,155 Solid Waste 6,628,036 Storm Water 804,218 Golf Course 2,416,170 Total 127,648,669 Internal Service 22,640,134 Agency Funds 29,567,098 Redevelopment Funds (1) 0 Misc. Special Funds 0 Total General Ledger Balance ** 537,506,234 Reconciling Adjustments (2) (1,324,884) Total Treasurer's Investment Portfolio at Amortized Cost 536,181,350 (1) Redevelopment Fund Balances are interspersed throughout all funds. (2) The Reconciling Adjustments consist of differences between the General Ledger which is prepared on an accrual basis and the Treasurer's report which is prepared on the cash basis. Accrued Interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the Treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment. ** Figures based on best estimate at the time report run on 10/10/07 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF SEPTEMBER 30, 2007 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Moody's and S&P) Moodv's S&P BANK OF AMERICA AAA AA+ CITIGROUP AA1 AA GENERAL ELECTRIC AAA AAA JOHNSONS JOHNSON AAA AAA MERRILL LYNCH AA3 AA- NEW YORK LIFE AAA AAA TOYOTA AAA AAA US BANCORP AA2 AA WAL-MART AA2 AA WORLD SAVINGS BANK AA1 AA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by both Moody's and S&P) (Ratings of other debt must be AA or better by Moody's and S&P) NONE Investments with Subsequent Changes in Credit Rating * Latest Carrying Market Moodv's S&P Maturity Date Purchased Value Value HOME DEPOT BAA1 BBB+ 03/01/2011 06/12/2006 2,982,161 2,969,310 * The City's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. All of these investments are paying interest at the required times. The principal of all investments are considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. 17 EXHIBIT 10 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF SEPTEMBER 30, 2007 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* BANK OF AMERICA 1,983,918.00 0.37% CITIGROUP 8,961,239.70 1.67% GENERAL ELECTRIC CAP 15,125,917.43 2.83% HOME DEPOT 2,974,590.00 0.56% JOHNSON & JOHNSON 1,017,457.28 0.19% MERRILL LYNCH 4,884,751.43 0.91% NEW YORK LIFE 987,620.00 0.18% TOYOTA 4,054,280.00 0.76% USBANKCORP 2,952,150.09 0.55% WAL-MART 8,189,992.98 1.53% WORLD SAVINGS BANK FSB 2,999,689.80 0.56% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio" FAMCA 3,679,155.32 0.69% FEDERAL FARM CREDIT BANK 20,998,468.36 3.92% FEDERAL HOME LOAN BANK 156,872,178.42 29.31% FEDERAL HOME LOAN MORTGAGE CORF 157,443,949.17 29.42% FEDERAL NATIONAL MORTGAGE ASSOC 106,835,787.39 19.96% HOUSING URBAN DEVELOPMENT (HUD) 990,198.00 0.19% TVA 2,130,980.00 0.40% Total Portfolio $535,221,055.87 * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers. Fund Type Investments City of Carlsbad Bond Proceeds Investment Report September 30,2007 Stated Int. Maturity Rate Date Par Value Cost Market alu Source Hosp Grove Refunding -1997 Reserve Account Repub Natl Bank Repo Agreement Assessment District 03-01 (College/Cannon) Project Fund LAIF Redemption Fund LAIF Re-Assessment District 97-01 (Alga Road & College Blvd) Imprvmnt Fund - Alga AIM STIT Treasury Reserve Fund Trinity Plus Investment Agreement Assessment District 95-01 (Carlsbad Ranch) Reserve Fund Repub Natl Bank Repo Agreement (HSBC) Assessment District 96-01 (Rancho Carrillo) Reserve Fund Repub Natl Bank Repo Agreement (HSBC) Assessment District 02-01 (Poinsettia Lane) Improvement Fund AIM EFJPA Reserve Fund AIG Investment Agreement Communities Facilities District #3 Project Fund AIM STIT Treasury Reserve Fund BNY Hamilton Money Market CPFA Golf Course Bonds Capitalized Interest Fi BNY Hamilton Money Market Reserve Fund BNY Hamilton Money Market 5.67% 08/01/08 $ 659,500 5.24% N/A $ 5.24% N/A $ N/A N/A $ 6.40% 09/02/11 $ 5.83% N/A $ 6.03% 09/02/28 $ N/A N/A $ 5.36% 08/01/14 $ N/A N/A $ 5.01% 09/01/21 $ 4.95% N/A $ 4.95% N/A $ 889,255 205,435 267,120 892,500 798,304 1,292,770 7,449,877 953,706 6,178,422 781,342 488,412 1,238,357 Fiscal Agent: $ 659,500 Fiscal Agent: $ 889,255 $ 205,435 Fiscal Agent: $ 267,120 $ 892,500 Fiscal Agent: $ 798,304 Fiscal Agent: $ 1,292,770 Fiscal Agent: $ 7,449,877 Fiscal Agent: $ 953,706 Fiscal Agent: $ 6,178,422 $ 781,342 Fiscal Agent: $ 488,412 $ 1,238,357 BNY Western Trust QIC BNY Western Trust LAIF LAIF US Bank AIM Instit. Fund Services JP Morgan/Chase Bank BNY Western Trust HSBC Bank of New York BNY Western Trust HSBC Bank of New York BNY Western Trust AIM Instit. Fund Services BNY Western Trust QIC BNY Western Trust AIM Instit. Fund Services BNY Western Trust BNY Western Trust BNY Western Trust BNY Western Trust $ 22,095,001 $ 22,095,001 x:ri—i DO F:\My Documents\junk\Qtr Inv Rpt0907.xls City of Carlsbad Summary of Outstanding Housing Loans As of September 30,2007 Borrower Individual homebuyers Individual homebuyers Individual homebuyers Individual homebuyers Individual homebuyers Individual homebuyers Catholic Charities CB Laurel Tree Apartments CB Mousing Partnership Pacific Vista Las Floras Poinsettia Housing Assoc Bridge Housing Corp Dove Family Housing CIC Calavera LP Individual homebuyers Individual homebuyers El Camino Family Housing Individual homebuyers Individual homebuyers Habitat for Humanity Development City-wide (CHAP) Calavera Hills Cherry Tree Walk Serrano Rancho Carlsbad Solamar Homeless shelter Laurel Tree Rancho Carrillo Vista Las Flores Poinsettia Station Villa Loma La Costa Paloma Mariposa Apts Mulberry at Bressi Ranch Village by the Sea Cassia Heights Laguna Point The Bluffs Roosevelt St. Condos Purpose Sale Sale Sale Sale Sale Sale Shelter Rentals Rentals Rentals Rentals Rentals Rentals Rentals Sale Sale Rentals Sale Sale Sale Loans issued by Loans Issued by First date * of loans City to developers/ Developer to * of loans issued issued homeowners homeowners outstanding 06/28/99 10/15/99 06/28/99 05/25/01 05/20/99 09/26/88 09/19/97 12/24/98 03/05/01 02/27/01 10/21/99 11/04/94 07/15/03 09/15/04 04/29/05 10/28/05 03/07/06 07/06/06 06/14/07 08/30/07 133 5 42 90 22 9 1 2 1 1 1 2 1 1 100 11 1 3 8 1 $1,680,000 $ 75,000 150,000 453,600 452,600 1,350,000 4,050,000 752,533 147,726 200,000 1,134,000 1,157,584 363,948 920,000 2,212,000 2,070,000 1 ,060,000 1,840,000 19,660,200 220,000 4,087,200 1,454,276 210,000 160,000 91,320 38 1 18 36 15 1 1 2 1 1 1 2 1 1 100 7 1 3 8 1 Developer loan Loan amount due to amount due to' City loan repaid to Developer loan City City (not on City's City repaid to City (recorded as AR) books) ($1,077,153) $ (60,000) (120,000) (259,200) (252,850) (795,000) (2,385,000) (256,410) (135,065) - (352,122) - - - (1,111,231) (452,388) (100,096) - - - - - $602,846.51 $ - $ 15,000 30,000 194,400 199,750 520,100 1,665,000 496,123 12,661 200,000 781 ,878 1,157,584 363,948 920,000 1,100,769 1,517,516 1,060,000 1,840,000 19,660,200 220,000 4,087,200 1 ,454,276 210,000 160,000 91,320 Interest revenue received FY 06/07 Type of LoanPayment deterred 15 years. NO interest is due unless home is sold before 1 6th year Payment deferred 30 years. No interest is due unless home is sold before 31th year Payment deferred 30 years. No interest is due unless home is sold before 31th year Payment deferred 30 years. No interest is 134,589 due unless home is sold before 31th year Principal is due when home is sold Principal is due when home is sold Principal is due when property is sold Principal and 3% interest each year for 30 years when surplus cash is available Principal and 3% interest each year for 55 years when surplus cash is available Principal and 3% interest each year for 55 years when surplus cash is available Principal and 3% interest each year for 55 years when surplus cash is available Principal and 3% interest each year for 15 years when surplus cash is available Principal and 3% interest each year for 55 years when surplus cash is available principal ana 3% interest eacn year tor ss years when surplus cash is available Payment deferred 30 years. No interest is due unless home is sold before 31th year Payment deferred 30 years. No interest is due unless home is sold before 31 th year Principal and 3% interest each year for 55 years when surplus cash is available Payment deferred 45 years. No interest is due unless home is sold before 46th year Payment deferred 30 years. No interest is due unless home is sold before 31th year Refer to Agenda Bill 18,569; Resolution 2006-131 435 $ 17,551,988 $ 28,400,000 239 (4,498,570) $ (2,857,946) $ 12,918,422 $ 25,642,150 $ 134,589 Two new homeowner loans were issued for The Bluffs deveopment during the first quarter of FY07-08. The total loan amount is now $160,000. Multiple CHAP loan payments, a pay-off received of $20,000, a payment received related to La Costa Paloma, and a pre-development loan to Habat for Humanity regarding the Roosevelt Street condos reduced the balance in the Housing Fund by $20,333.51. The outstanding combined loan receivable balance is now $12,918,422. X 1C I—I DO F:\My Documents\junk\IHousing loansQ0907.xls - September 2007