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HomeMy WebLinkAbout2008-02-05; City Council; 19301; Report on City Investments as of December 31, 2007CITY OF CARLSBAD - AGENDA BILL AB# 19,301 MTG. 02/05/08 DEPT. TRS REPORT ON CITY INVESTMENTS AS OF DECEMBER 31, 2007 DEPT. HEAD ^^f CITYATTY. &• CITYMGR. [JL/ 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 December 31, 2007 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1 ) Market Value (2) Current Month 536,148,650 536,275,991 537,010,676 542,123,095 Prior Month 525,443,418 525,381 ,669 526,225,753 531 ,252,933 (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 12/31/07. The $11 million increase between the November and December 2007 cost of investments is due to the receipt of $15 million in property taxes during the month of December. The equity potion of the various funds in the total portfolio is summarized in the graph on the next page. Fund balances are restricted for various purposes. See Exhibit 7 for a more detailed breakdown. FOR CITY CLERKS USE ONL Y. COUNCIL ACTION:APPROVED El DENIED D CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF D OTHER - SEE MINUTES D DEPARTMENT CONTACT: Nancy Sullivan (760)602-2473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 DECEMBER 31, 2007 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Special Revenue 138.7 Capital Projects $259 General Other Internal Service Agency Enterprise $127 Total Treasurer's Investment Portfolio at Amortized Cost December 31, 2007 $537.0 Million Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 13,153,656 Prior Month FYTD 11,312,309 Current Month Income 1 ,841 ,347 The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement October 2007 November 2007 December 2007 Average Life (Years) 2.09 2.06 2.08 Average Yield To Maturity 4.67% 4.67% 4.67% Modified Duration 1.887 1.866 1.894 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. PAGE 3 of AB REPORT ON CITY INVESTMENTS AS OF DECEMBER 31. 2007 In summary, the City's investments of bond proceeds held separately as of the quarter ended December 2007 is as follows: Investment Portfolio for Bond Proceeds Par Value Cost Current Quarter 21 ,965,495 21 ,965,495 Prior Quarter 22,095,001 22,095,001 All investments of bond proceeds have been made in accordance with the City's Investment Policy and the trust indenture for each issue. 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. Second 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 3 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31, 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 3,919,477 0 0 427,035,675 68,400,874 33,268,000 887 3,086,738 794,933 Prior Month 504,092 0 0 0 423,111,610 68,414,725 31,819,770 55,433 1,838,185 481,938 Current Month 504,092 3,924,000 0 0 431,443,314 69,101,130 33,268,000 887 3,086,738 794,933 Prior Month 504,092 0 0 0 427,399,01 1 69,154,504 31,819,770 55,433 1,838,185 481,938 Cash Income Year to Date 11,664 0 0 0 10,956,659 1,243,878 893,428 4,702 43,325 0 Current Month 4.47 4.32 0.00 0.00 4.63 4.98 4.97 3.93 1.37 1.37 Prior Month 4.47 0.00 0.00 0.00 4.60 4.98 5.05 4.17 3.44 3.44 TOTALS $537,010,676 $526,225,753 $542,123,095 $531,252,933 $13,153,656 4.67%4.67% 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 - Investment Cash account SWEEP - General Fund Overnight Cash acccount Bank Account - General Fund Cash account mx DO CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31,2007 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 3,917,163 0 0 44,020,831 2,999,690 33,268,000 887 3,086,738 794,933 $88,592,334 (1) 16.5% 0 0 0 0 60,850,041 0 0 0 0 0 $60,850,041 (1) 11.4% $149,442,375 (1) 1 TO 5 YEARS 0 0 0 0 321,405,380 65,428,236 0 0 0 0 $386,833,616 72.1% TOTAL 504,092 3,917,163 0 0 426,276,252 68,427,926 33,268,000 887 3,086,738 794,933 $536,275,991 100.0% % TOTAL 0.1% 0.7% 0.0% 0.0% 79.5% 12.8% (2) 6.2% 0.0% 0.6% 0.2% 100.0% 27.9% POLICY: (1) Not less than $124,700,000 to mature within one year. (2/3rds of current year operating budget of $187,100,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. xJCI—I DO YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1996 - DECEMBER 2007 EX-LAIF LAIF MARKET YIELD CURVE 6/30/06, 6/30/07, 12/31/07 Market Rates 3J 2.5 1.5 1 0.5 3Mth 2Yr 5 Yr 3Mth 2Yr 5 Yr 10 Yr -•- 06/30/2006 -±- 06/30/2007 - +- 12/31/2007 4.98 4.86 3.24 5.15 4.84 3.05 5.09 4.89 3.44 5.14 4.99 4.02 10 Yr X I—I CO Cumulative Cash Income Cumulative Millions $ 26 24 22 20 18 16 14 12 10 8 6 4 2 0 2.82 2.6 tB FY07-08 (July 07 - June 08)Monthly Interest Income Millions $ j¥jS^o g 1.8 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun ] Interest Income - -* - Budget -n—Actual 8 7 6 - 5 4 3 2 1 0 COI—I -H Ol City of Carlsbad TRANSACTIONS FOR PERIOD: 10/01/07 TO 12/31/07 2nd QUARTER 2007-2008 Trans Date BUYS OCTOBER 10/05/2007 10/05/2007 09/25/2007 10/05/2007 10/05/2007 10/10/2007 10/26/2007 10/26/2007 10/29/2007 10/29/2007 10/29/2007 10/29/2007 NOVEMBER 10/29/2007 10/29/2007 11/07/2007 11/09/2007 11/09/2007 11/19/2007 11/19/2007 11/27/2007 DECEMBER 10/28/2007 12/26/2007 12/05/2007 12/07/2007 12/07/2007 12/12/2007 12/13/2007 12/13/2007 12/13/2007 12/20/2007 12/20/2007 Investment Date 10/09/2007 10/11/2007 10/05/2007 10/22/2007 10/11/2007 10/19/2007 10/29/2007 10/29/2007 10/30/2007 10/30/2007 10/30/2007 10/31/2007 11/01/2007 11/01/2007 11/08/2007 11/13/2007 11/15/2007 11/23/2007 11/20/2007 11/28/2007 12/03/2007 12/27/2007 12/06/2007 12/10/2007 12/10/2007 12/13/2007 12/14/2007 12/14/2007 12/21/2007 12/21/2007 12/21/2007 Maturity Date 06/22/2010 08/15/2010 10/05/2011 10/22/2012 02/15/2012 10/19/2011 10/01/2012 10/15/2012 08/10/2010 10/01/2010 09/15/2011 10/19/2012 10/27/2009 07/01/2010 05/12/2009 09/30/2009 02/15/2012 10/19/2012 05/20/201 1 10/30/2012 06/03/2008 06/23/2008 10/30/2012 07/20/2012 10/17/2012 10/06/2011 10/22/2012 11/14/2012 12/21/2012 12/21/2012 05/28/2010 Type FA CN FA FA CN FA FA FA FA FA FA FA CN CN FA FA CN CN FA FA FA FN FA FA FA FA FA FA FA FA FA Security FHLB WAL-MART FHLB FHLB GENERAL ELI FHLB FHLMC FHLMC FHLB FHLMC FHLMC GENERAL ELI GENERAL ELI WAL-MART FED FARM CF FHLMC GENERAL ELI GENERAL ELI FHLB FNMA FHLB FMCDN FNMA FHLB FFCB FHLB FHLB FHLB FHLMC FHLMC FNMA Call Date N/A N/A 10/05/2009 04/22/2010 N/A 10/19/2009 10/01/2008 10/15/2009 N/A 10/01/2008 N/A N/A N/A N/A N/A N/A N/A N/A 11/20/2009 10/30/2009 N/A N/A 10/30/2009 07/20/2010 N/A 10/06/2008 10/22/2008 11/14/2008 12/21/2009-STEP 12/21/2009-STEP N/A Par Value 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 1,000,000.00 1 ,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 4,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 4,000,000.00 2,000,000.00 Coupon 4.500% 4.750% 4.900% 5.000% 5.875% 5.000% 5.250% 5.050% 4.700% 5.000% 5.500% 5.250% 5.250% 4.125% 9.550% 3.500% 5.875% 5.250% 4.500% 5.000% 4.300% 0.000% 5.000% 5.580% 4.500% 5.250% 5.250% 5.025% 4.375% 4.375% 3.625% Amount fCosti 2,991,510.00 1 ,993,580.00 2,000,000.00 2,000,000.00 3,089,347.40 3,000,000.00 1 ,005,781 .25 1,006,875.00 1,009,328.80 3,010,560.00 3,117,300.00 2,036,663.70 2,030,120.00 991,910.00 2,155,378.00 990,283.25 2,089,414.35 2,065,283.50 2,016,000.00 3,033,000.00 3,000,000.00 3,917,162.78 2,030,000.00 i ,037,000.00 2,034,780.00 1 ,009,692.00 2,008,162.00 2,006,200.00 5,000,000.00 4,000,000.00 1 ,996,499.26 Return Rate 4.61% 4.87% 4.90% 5.00% 5.10% 5.00% 5.12% 4.89% 4.34% 4.87% 4.39% 4.83% 4.45% 4.45% 4.19% 4.04% 4.70% 4.50% 4.25% 4.75% 4.30% 4.32% 4.65% 4.68% 4.10% 4.97% 5.15% 4.95% 4.68% 4.68% 3.70% Interest 373,365.00 276,642.22 392,000.00 500,000.00 676,360.93 600,000.00 252,635.42 243,661.11 121,226.76 427,356.67 522,075.00 484,836.30 178,713.33 118,090.00 133,244.22 75,536.19 409,960.65 449,799.83 299,000.00 705,333.33 64,500.00 82,837.22 460,000.00 220,300.00 401,970.00 190,537.17 501,671.33 487,925.00 1,168,750.00 935,000.00 180,118.80 Investment Return 3,364,875.00 2,270,222.22 2,392,000.00 2,500,000.00 3,765,708.33 3,600,000.00 1,258,416.67 1,250,536.11 1,130,555.56 3,437,916.67 3,639,375.00 2,521 ,500.00 2,208,833.33 1,110,000.00 2,288,622.22 1,065,819.44 2,499,375.00 2,515,083.33 2,315,000.00 3,738,333.33 3,064,500.00 4,000,000.00 2,490,000.00 1,257,300.00 2,436,750.00 1,200,229.17 2,509,833.33 2,494,125.00 m 6,168,750.00 3c 4,935,000.00 ro 2,176,618.06 ^ TOTAL SECOND QUARTER 2007-2008 69,000,000.00 69,671,831.29 4.628% 11,933,446.48 81,605,277.77 City of Carlsbad TRANSACTIONS FOR PERIOD: 10/01/07 TO 12/31/07 2nd QUARTER 2007-2008 Trans Investment Date Date MATURITIES OCTOBER 08/08/2005 10/25/2004 04/28/2004 NOVEMBER 04/04/2005 05/23/2005 DECEMBER 03/29/2004 12/28/2007 FA FHLB TOTAL SECOND QUARTER 2007-2008 aturity Date Type /1 5/2007 FA /25/2007 FA /26/2007 FA /02/2007 FA /1 6/2007 FA Security FHLB FNMA FHLMC FHLB FHLB Call Date N/A 10/25/2005 10/26/2004 05/02/2005 05/16/2006 Par Value 3,000,000.00 5,000,000.00 5,000,000.00 3,000,000.00 5,000,000.00 Coupon 3.000% 3.750% 3.280% 3.000% 4.150% Amount (Cost) 2,918,404.56 5,000,000.00 4,980,112.45 2,976,300.00 4,999,218.75 Return Rate 4.310% 3.375% 3.402% 4.467% 4.156% Interest 278,345.44 506,250.00 592,976.44 255,700.00 515,496.53 Investment Return 3,196,750.00 5,506,250.00 .5,573,088.89 3,232,000.00 5,514,715.28 06/28/2004 3,000,000.00 3.000% 3,000,000.00 3.000%337,250.00 3,337,250.00 24,000,000.00 23,874,035.76 3.747% 2,486,018.41 26,360,054.17 TOTAL SECOND QUARTER 2007-2008 10/03/2008 01/14/2009 10/18/2010 10/15/2008 11/16/2009 11/16/2009 11/17/2009 11/17/2009 11/25/2008 12/20/2011 06/18/2008 06/26/2008 12/28/2009 12/30/2008 FA FA FA FA FA FA FA FA FA FA FA FA FA FA FNMA FHLMC FHLMC FHLMC FHLB FHLB FNMA FNMA FHLMC FFCB FHLMC FHLB FNMA FHLMC 10/03/2007 10/14/2007 10/18/2007 10/30/2007 11/16/2007 11/16/2007 11/17/2007 11/17/2005 11/25/2007 12/20/2007 12/18/2007-STEP 12/26/07-STEP 12/28/05-STEP 12/30/08-STEP 5,000,000.00 5,000,000.00 5,000,000.00 1,130,000.00 5,000,000.00 1 ,055,000.00 5,000,000.00 2,000,000.00 4,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 3,000,000.00 1 ,250,000.00 5.125% 3.000% 5.000% 3.250% 4.875% 4.875% 3.250% 3.250% 4.000% 5.150% 5.000% 5.000% 5.000% 3.000% 4,995,300.00 5,000,000.00 5,000,000.00 1,113,050.00 5,000,000.00 1,053,021.88 5,000,000.00 1,997,000.00 4,000,000.00 2,982,187.50 5,000,000.00 4,869,000.00 3,000,000.00 1,249,218.75 5.176% 4.186% 5.000% 4.579% 4.875% 4.927% 4.200% 4.242% 4.793% 5.288% 3.201% 3.790% 4.624% 4.020% 461,679.17 1 ,062,500.00 1 ,244,444.44 166,667.15 975,000.00 207,703.12 1 ,062,500.00 428,000.00 675,000.00 776,579.17 812,500.00 659,402.78 701 ,250.00 253,906.25 5,456,979.17 6,062,500.00 6,244,444.44 1,279,717.15 5,975,000.00 1,260,725.00 6,062,500.00 2,425,000.00 4,675,000.00 3,758,766.67 5,812,500.00 5,528,402.78 3,701 ,250.00 1,503,125.00 50,435,000.00 50,258,778.13 4.461% 9,487,132.08 59,745,910.21 City of Carlsbad TRANSACTIONS FOR PERIOD: 10/01/07 TO 12/31/07 2nd QUARTER 2007-2008 Trans Date STOCKS APRIL FEB Investment Maturity Date Date 04/01/2007 02/14/2007 Call Type Security Date EQUITY Time Warner Cable EQUITV Time Warner Cable Class A Common Stock 13.00 share Par Value Par Value is $0.01 per share $0.01 per share 0.13 Coupon Amount (Cost) Cost Return Rate Interest Investment Return Market Value At 12/31/07 386.40 Fourteen 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, to sell the City's shares and remit payment to the City. INVESTMENT REPORT AS OF DECEMBER 31, 2007 INVESTMENT DATE 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 12/03/2007 12/21/2006 06/16/2005 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 07/22/2005 05/21/2007 05/21/2007 12/15/2004 07/19/2005 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 MATURITY DATE 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 06/03/2008 06/06/2008 06/16/2008 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 10/15/2008 11/03/2008 12/12/2008 12/15/2008 12/30/2008 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 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 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 FHLB 4.30% DUE 6/3/08 NON-CALL FNMA 4.08% DUE 6/6/08 CALL 6/6/07 FHLB 3.70% DUE 6/16/08 CALL 6/16/06 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 FHLB 2.75% DUE 10/15/08 CALL 10/15/05 FNMA 4.900% DUE 11/3/08 NON-CALL FHLB 5.00% DUE 12/12/08 NON-CALL FFCB 4.00% DUE 12/15/08 CALL 6/15/05 FHLB 3.0% DUE 12/30/08 CALL 9/30/05 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 PAR VALUE 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 3,000,000.00 3,763,000.00 3,000,000.00 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 3,000,000.00 700,000.00 3,000,000.00 1 ,000,000.00 3,000,000.00 1,500,000.00 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 INVESTED AMOUNT 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 3,000,000.00 3,714,081.00 3,000,000.00 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 2,977,680.00 677,460.00 2,990,820.00 998,850.00 3,000,000.00 1 ,475,625.00 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 RETURN RATE 4.287% 4.000% 3.601% 3.098% 4.485% 3.575% 3.748% 4.458% 3.646% 4.300% 5.014% 4.352% 5.008% 4.500% 3.201% 3.224% 3.284% 3.589% 4.937% 4.850% 5.125% 5.000% 5.125% 4.927% 4.462% 5.120% 5.075% 4.000% 4.562% 4.177% 4.069% 3.961% 4.400% 4.490% 3.180% 3.321% 3.770% 4.200% 3.909% INTEREST 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 64,500.00 272,817.50 393,000.00 525,373.33 700,000.00 487,500.00 818,750.00 496,875.00 487,500.00 243,045.00 400,996.96 683,333.33 139,388.33 339,118.75 256,400.00 99,603.19 222,330.00 79,066.66 480,000.00 235,750.00 887,145.83 436,566.67 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 INVESTMENT RETURN 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 3,064,500.00 3,986,898.50 3,393,000.00 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 3,234,080.00 777,063.19 3,213,150.00 1,077,916.66 3,480,000.00 1,711,375.00 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 TERM (Days) 914 1,004 1,372 1,461 1,096 1,273 1,277 1,096 1,277 183 533 1,096 971 1,096 1,827 1,827 1,827 1,643 602 610 609 511 486 637 1,181 532 571 1,461 1,260 1,311 1,309 1,827 1,310 1,702 1,826 1,809 1,795 1,798 1,826 EXHIBT— i "^ INVESTMENT REPORT AS OF DECEMBER 31, 2007 INVESTMENT DATE 04/13/2004 04/13/2004 04/28/2004 04/28/2004 04/28/2004 05/05/2004 05/05/2004 11/08/2007 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 11/13/2007 03/19/2007 01/12/2005 01/27/2005 01/27/2005 01/27/2005 06/30/2005 02/22/2005 11/25/2005 04/07/2006 07/25/2007 12/21/2007 08/08/2005 10/09/2007 06/30/2006 07/25/2007 10/30/2007 09/18/2007 09/26/2007 " 09/26/2007 MATURITY DATE 04/13/2009 04/13/2009 04/28/2009 04/28/2009 04/28/2009 05/05/2009 05/05/2009 05/12/2009 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 09/30/2009 10/02/2009 01/12/2010 01/27/2010 01/27/2010 01/27/2010 01/27/2010 02/22/2010 03/18/2010 04/07/2010 05/03/2010 05/28/2010 06/11/2010 06/22/2010 06/30/2010 07/06/2010 08/10/2010 08/23/2010 09/10/2010 09/13/2010 TYPI 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 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 FFC 9.55% DUR 5/12/09 NON-CALL 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 FHLMC 3.5$ DUE 9/30/09 NON-CALL FHLB 5.0% DUE 10/2/09 NON-CALL 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 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 FNMA 3.625% DUE 5/28/10 NON-CALL FHLB 3.375% DUE 6/11/10 CALL 9/11/05 FHLB 4.5% DUE 6/22/10 NON-CALL FHLMC 5.520% DUE 6/30/10 CALL 6/30/08 FNMA 5.125% DUE 7/6/10 NON-CALL FHLB 4.7% DUE 8/10/10 NON-CALL FHLMC 5.125% DUE 8/23/10 NON-CALL FHLB 5.125% DUR 9/10/10 NON-CALL FFCB 5.25% DUE 9/13/10 NON-CALL PAR VALUE 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 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 1,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 3,000,000.00 1,700,000.00 5,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 1 ,000,000.00 1 ,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 INVESTED AMOUNT 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 2,155,378.00 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 ,984,643.55 990,283.25 3,014,820.00 5,000,000.00 5,000,000.00 5,000,000.00 2,997,000.00 1 ,695,750.00 5,000,000.00 2,936,487.87 2,992,699.50 1,981,720.00 1 ,996,499.26 2,891,250.00 2,991,510.00 3,000,000.00 1 ,000,640.00 1 ,009,328.80 3,048,120.00 2,034,188.23 2,041,700.00 RETURN RATE 3.558% 3.558% 3.474% 4.014% 4.164% 4.262% 4.200% 4.190% 4.705% 4.940% 5.050% 4.800% 5.050% 4.800% 5.300% 5.272% 4.900% 4.870% 5.000% 4.705% 4.040% 4.790% 4.624% 4.800% 4.749% 4.771% 4.912% 4.800% 4.450% 5.338% 5.135% 3.700% 4.763% 4.610% 5.520% 5.100% 4.337% 4.530% 4.500% 4.490% INTEREST 900,000.00 360,000.00 875,000.00 1,012,500.00 1 ,052,500.00 1 ,075,000.00 1,050,000.00 133,244.22 212,857.29 514,687.50 190,485.99 177,825.32 100,425.92 187,755.13 531,011.11 385,875.00 107,754.22 676,675.82 300,000.00 233,377.28 75,536.19 365,596.67 1,168,750.00 1 ,200,000.00 1,200,000.00 723,000.00 385,156.25 1 ,200,000.00 639,416.30 639,700.50 283,304.44 180,118.80 681,468.75 373,365.00 662,400.00 150,405.14 121,226.76 402,452.92 268,756.21 269,508.33 INVESTMENT RETURN 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 2,288,622.22 2,235,666.67 5,544,687.50 2,197,458.33 2,193,375.00 1,102,284.72 2,200,563.89 4,529,41 1 .1 1 3,384,375.00 1,097,952.22 5,724,791.67 3,300,000.00 2,218,020.83 1,065,819.44 3,380,416.67 6,168,750.00 6,200,000.00 6,200,000.00 3,720,000.00 2,080,906.25 6,200,000.00 3,575,904.17 3,632,400.00 2,265,024.44 2,176,618.06 3,572,718.75 3,364,875.00 3,662,400.00 1,151,045.14 1,130,555.56 3,450,572.92 2,302,944.44 2,31 1 ,208.33 TERM (Days) 1,826 1,826 1,826 1,826 1,826 1,826 1,826 551 821 759 688 673 726 711 911 912 809 1,008 731 912 687 928 1,826 1,826 1,826 1,826 1,672 1,826 1,574 1,461 1,013 889 1,768 987 1,461 1,077 1,015 1,070 1,080 1,083 INVESTMENT REPORT AS OF DECEMBER 31, 2007 INVESTMENT DATE 11/30/2005 10/30/2007 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 11/20/2007 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 10/30/2007 03/15/2007 10/05/2007 12/13/2007 10/19/2007 03/19/2007 03/05/2007 08/07/2007 03/26/2007 03/26/2007 „ 04/20/2007 ** 08/17/2007 MATURITY DATE 09/27/2010 10/01/2010 11/04/2010 11/04/2010 11/17/2010 12/15/2010 01/18/2011 02/09/201 1 02/24/201 1 02/24/201 1 02/24/201 1 02/24/201 1 02/24/201 1 02/24/201 1 02/24/2011 03/24/2011 04/06/201 1 04/06/2011 05/20/2011 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 09/09/201 1 09/15/2011 10/05/2011 10/05/2011 10/06/2011 10/19/2011 11/18/2011 01/23/2012 03/02/2012 03/26/2012 03/26/2012 03/26/2012 04/03/2012 TYPI 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 4.78% DUE 9/27/10 CALL 9/27/07 FHLMC 5.00% DUE 10/01/10 CALL 10/01/08 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 4.5% DUE 5/20/11 CALL 11/20/09 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 FHLMC 5.50% DUE 9/15/11 NON-CALL FHLB 4.875% DUE 10/05/11 NON-CALL FHLB 4.9% DUE 10/05/11 CALL 10/05/09 FHLB 5.25% CUE 10/06/11 CALL 10/06/08 FHLB 5.00% DUE 10/19/11 CALL 10/19/09 FHLB 4.875% DUE 11/18/11 NON-CALL 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 PAR VALUE 3,000,000.00 3,000,000.00 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 2,000,000.00 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 3,000,000.00 3,000,000.00 2,000,000.00 1 ,000,000.00 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 INVESTED AMOUNT 2,967,840.00 3,010,560.00 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 2,016,000.00 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 3,117,300.00 3,018,777.00 2,000,000.00 1 ,009,692.00 3,000,000.00 3,009,690.00 2,003,600.00 1,994,000.00 2,000,000.00 3,000,000.00 999,687.50 2,998,500.00 RETURN RATE 5.031% 4.868% 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% 4.252% 4.761% 5.030% 5.650% 4.805% 5.175% 4.781% 4.800% 4.773% 4.730% 4.390% 4.720% 4.900% 4.966% 5.000% 4.795% 5.452% 5.449% 5.000% 5.000% 5.000% 5.261% INTEREST 724,065.00 427,356.67 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 1,117,395.83 787,500.00 805,000.00 651,955.12 299,000.00 181,976.25 1 ,068,875.00 565,000.00 406,997.78 618,286.67 118,184.21 648,148.33 432,911.11 640,148.00 522,075.00 647,473.00 392,000.00 190,537.17 600,000.00 672,403.75 533,566.67 497,215.28 500,000.00 750,000.00 246,979.17 730,375.00 INVESTMENT RETURN 3,691 ,905.00 3,437,916.67 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 2,315,000.00 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 3,639,375.00 3,666,250.00 2,392,000.00 1,200,229.17 3,600,000.00 3,682,093.75 2,537,166.67 2,491,215.28 2,500,000.00 3,750,000.00 1,246,666.67 3,728,875.00 TERM (Days) 1,762 1,067 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 1,277 1,379 1,553 1,826 1,588 1,444 1,414 1,610 1,649 1,639 1,416 1,665 1,461 1,393 1,461 1,705 1,785 1,669 1,827 1,827 1,802 1,691 INVESTMENT REPORT AS OF DECEMBER 31, 2007 INVESTMENT DATE 05/21/2007 07/25/2007 08/03/2007 08/17/2007 07/25/2007 07/25/2007 08/07/2007 12/10/2007 07/20/2007 09/10/2007 10/29/2007 10/29/2007 12/10/2007 10/22/2007 12/14/2007 11/28/2007 12/06/2007 12/14/2007 12/21/2007 12/21/2007 MATURITY DATE 04/12/2012 05/23/2012 05/23/2012 05/29/2012 06/08/2012 06/08/2012 06/29/2012 07/20/2012 07/30/2012 09/10/2012 10/01/2012 10/15/2012 10/17/2012 10/22/2012 10/22/2012 10/30/2012 10/30/2012 11/14/2012 12/21/2012 12/21/2012 TYPE FA FA FA 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 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 5.58% DUE 7/20/12 CALL 7/20/10 FHLB 5.52% DUE 7/30/12 CALL 7/30/10 FNMA 5.20% DUE 9/10/12 CALL 9/13/09 FHLMC 5.25% DUE 10/01/12 CALL 10/01/08 FHLMC 5.05% DUE 10/15/12 CALL 10/15/09 FFCB 4.5% DUE 10/17/12 NON-CALL FHLB 5.00% DUE 10/22/12 CALL 4/22/10 FHLB 5.25% DUE 10/22/12 CALL 10/22/08 FNMA 5.00% DUE 10/30/12 CALL 10/30/09 FNMA 5.00% DUE 10/30/12 CALL 10/30/09 FHLB 5.025% DUE 11/14/12 CALL 11/14/08 FHLMC 4.375% DUE 12/21/12 CALL 12/21/09 FHLMC 4.375% DUE 12/21/12 CALL 12/21/09 Poinsettia District Investment FFCB 4.3% DUE 08/11/08 NON-CALL 12/27/2007 06/23/2008 FN FMCDN DUE 6/23/08 NON-CALL 08/02/2007 03/02/2008 CD WELLS FARGO BANK 9218910637 05/25/2005 03/10/2008 CN WORLD SAVINGS BANK 4.125% DUE 3/10/05 NON-CALL 04/24/2007 08/03/2009 CN BANK OF AMERICA 4.625% DUE 8/3/09 NON-CALL 05/23/2007 08/10/2009 CN WAL-MART 6.875% DUE 8/10/09 NON-CALL 11/03/2006 09/10/2009 CN MERRILL LYNCH 4.125% DUE 9/10/09 NON-CALL 11/01/2007 10/27/2009 CN GENERAL ELECTRIC 5.250% DUE 10/27/09 NON-CALL 11/01/2007 07/01/2010 CN WAL-MART 4.125% DUE 7/01/10 NON-CALL ) ) SUB-TOTAL SUB-TOTAL tments Total SUB-TOTAL SUB-TOTAL )5 NON-CALL M-CALL CALL NON-CALL PAR VALUE 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 ,000,000.00 1 ,770,000.00 1 ,000,000.00 1 ,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 4,000,000.00 423,703,000.00 2,985,000.00 2,985,000.00 426,688,000.00 4,000,000.00 4,000,000.00 504,091 .80 504,091.80 3,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 1 ,000,000.00 INVESTED AMOUNT 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 ,037,000.00 1 ,770,000.00 1,000,000.00 1,005,781.25 1 ,006,875.00 2,034,780.00 2,000,000.00 2,008,162.00 3,033,000.00 2,030,000.00 2,006,200.00 5,000,000.00 4,000,000.00 423,285,938.97 2,990,313.30 2,990,313.30 426,276,252.27 3,917,162.78 3,917,162.78 504,091 .80 504,091 .80 2,999,689.80 1,983,918.00 5,187,303.82 4,884,751 .43 2,030,120.00 991,910.00 RETURN RATE 5.015% 5.235% 5.696% 5.470% 5.255% 5.250% 5.564% 4.677% 5.520% 5.200% 5.115% 4.892% 4.100% 5.000% 5.152% 4.746% 4.653% 4.952% 4.675% 4.675% 4.599% 4.235% 0.030% 4.629% 4.324% 4.324% 4.470% 4.470% 4.127% 5.000% 5.060% 5.000% 4.450% 4.448% INTEREST 489,057.50 524,632.22 547,027.78 525,296.67 256,692.64 256,478.21 545,625.00 220,300.00 488,520.00 260,000.00 252,635.42 243,661.11 401,970.00 500,000.00 501,671.33 705,333.33 460,000.00 487,925.00 1,168,750.00 935,000.00 77,849,904.87 375,116.66 375,116.66 78,225,021.53 82,837.22 82,837.22 13,081.60 13,081.60 345,778.95 226,519.50 573,720.49 703,633.99 178,713.33 118,090.00 INVESTMENT RETURN 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 1,257,300.00 2,258,520.00 1 ,260,000.00 1,258,416.67 1,250,536.11 2,436,750.00 2,500,000.00 2,509,833.33 3,738,333.33 2,490,000.00 2,494,125.00 6,168,750.00 4,935,000.00 501,135,843.84 3,365,429.96 3,365,429.96 504,501,274 4,000,000.00 4,000,000.00 503,847.08 503,847.08 3,345,468.75 2,210,437.50 5,761 ,024.31 5,588,385.42 2,208,833.33 1,110,000.00 TERM (Days) 1,788 1,764 1,755 1,747 1,780 1,780 1,788 1,684 1,837 1,827 1,799 1,813 1,773 1,827 1,774 1,798 1,790 1,797 1,827 1,827 1,430 1,083 1,083 2,513 179 179 213 213 1,020 832 810 1,042 726 973 INVESTMENT REPORT AS OF DECEMBER 31,2007 INVESTMENT DATE 02/03/2006 03/16/2007 10/11/2007 09/28/2007 02/17/2006 03/30/2006 06/20/2006 04/19/2006 06/12/2006 04/16/2007 05/21/2007 05/29/2007 03/20/2007 10/11/2007 11/15/2007 08/31/2007 08/31/2007 10/31/2007 11/23/2007 MATURITY DATE 07/29/2010 08/15/2010 08/15/2010 08/16/2010 02/14/2011 02/14/2011 02/14/2011 03/01/2011 04/28/201 1 04/28/201 1 05/18/2011 11/15/2011 02/15/2012 02/15/2012 02/15/2012 06/15/2012 08/15/2012 10/19/2012 10/19/2012 TYPE CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN O O O 0 O O O SECURITY US BANCORP 4.50% DUE 7/29/10 NON-CALL WAL-MART 4.75% DUE 8/15/10 NON-CALL WAL-MART 4.75% DUE 8/15/10 NON-CALL NEW YORK LIFE 4.625% DUE 8/16/10 NON-CALL CITIGROUP 5.125% DUE 2/14/11 NON-CALL CITIGROUP 5.125% DUE 2/14/11 NON-CALL CITIGROUP 5.125% DUE 2/14/11 NON-CALL HOME DEPOT 5.20% DUE 3/1/11 NON-CALL GENERAL ELECTRIC 5.50% DUE 4/28/11 NON-CALL 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 ELETRIC 5.875% DUE 2/15/12 NON-CALL GENERAL ELETRIC 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 GENERAL ELECTRIC 5.250% DUE 10/19/12 NON-CALL GENERAL ELECTRIC 5.250% DUE 10/19/12 NON-CALL WELLS FARGO BANK CORPORATE CASH MANAGEMENT ACCOUNT UNION TRUST L A I F WATER DISTRICT L A I F PUBLIC IMPROVEMENT CORPORATION L A I F PUBLIC FINANCING CORPORATION L A I F CITY OF CARLSBAD .L -CALL ON-CALL ON-CALL ;ALL 11/1 5/08 JON-CALL 3N-CALL 3N-CALL 3N-CALL NON-CALL NON-CALL NON-CALL SUB-TOTAL JNT "ION SUB-TOTAL PAR VALUE 3,000,000.00 3,000,000.00 2,000,000.00 1,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 4,000,000.00 1 ,850,000.00 5,956,000.00 3,000,000.00 2,000,000.00 1 ,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 67,806,000.00 794,933.00 3,086,738.38 887.22 12,404,000.00 3,000,000.00 3,438,000.00 14,426,000.00 37,150,558.60 INVESTED AMOUNT 2,952,150.09 3,002,689.16 1,993,580.00 987,620.00 5,000,000.00 1,991,793.10 1,969,446.60 2,974,590.00 3,006,145.34 3,048,646.38 4,054,280.00 1,850,000.00 6,187,688.40 3,089,347.40 2,089,414.35 1,033,437.31 1,017,457.28 2,036,663.70 2,065,283.50 68,427,925.66 794,933.00 3,086,738.38 887.22 12,404,000.00 3,000,000.00 3,438,000.00 14,426,000.00 37,150,558.60 RETURN RATE 4.900% 4.720% 4.870% 5.090% 5.125% 5.220% 5.500% 5.400% 5.450% 5.050% 5.070% 5.500% 4.970% 5.100% 4.700% 5.200% 4.750% 4.830% 4.500% 4.982% 1 .375% 1.375% 3.930% 4.970% 4.970% 4.970% 4.970% 4.594% INTEREST 653,849.91 483,790.01 276,642.22 145,734.17 1,279,114.58 507,609.68 507,178.40 784,610.00 798,687.99 616,853.62 815,903.33 453,918.06 1,483,867.09 676,360.93 409,960.65 253,896.02 237,753.83 484,836.30 449,799.83 13,466,822.88 29.95 116.28 0.10 1,712.44 414.17 474.64 1,991.59 4,739.16 INVESTMENT RETURN 3,606,000.00 3,486,479.17 2,270,222.22 1,133,354.17 6,279,114.58 2,499,402.78 2,476,625.00 3,759,200.00 3,804,833.33 3,665,500.00 4,870,183.33 2,303,918.06 7,671 ,555.49 3,765,708.33 2,499,375.00 1,287,333.33 1,255,211.11 2,521,500.00 2,515,083.33 81,894,748.54 794,962.95 3,086,854.66 887.32 12,405,712.44 3,000,414.17 3,438,474.64 14,427,991.59 37,155,297.76 TERM (Days) 1,637 1,248 1,039 1,053 1,823 1,782 1,700 1,777 1,781 1,473 1,458 1,631 1,793 1,588 1,553 1,750 1,811 1,815 1,792 1,436 1 1 1 1 1 1 1 GRAND TOTAL 536,148,650.40 536,275,991.11 4.669% 91,792,502.39 628,055,167.18 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF DECEMBER 31, 2007 Cash Balance by Fund: General 61,384,169 Special Revenue 38,705,298 Debt Service 2,473,177 Capital Projects: General Capital Construction 47,140,276 Traffic Impact Fees 12,034,405 Public Facilities Fees 48,340,569 Park Development 7,640,831 Transnet Taxes 6,270,016 Drainage Fees 9,767,905 Special Districts 87,586,628 Infrastructure Replacement 37,476,392 Other Capital Construction 2,655,385 Total 258,912,408 Enterprise: Carlsbad Municipal Water District 59,379,457 Sewer Fund 58,577,177 Solid Waste 6,654,064 Storm Water 801,668 Golf Course 1,665,402 Total 127,077,767 Internal Service 31,017,634 Agency Funds 23,092,735 Redevelopment Funds (1) 0 Misc. Special Funds 0 Total General Ledger Balance ** 542,663,188 Reconciling Adjustments (2) (5,652,512) Total Treasurer's Investment Portfolio at Amortized Cost 537,010,676 (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 1/08/08 J7 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31, 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 AA2 AA GENERAL ELECTRIC AAA AAA JOHNSON & JOHNSON AAA AAA 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 2,983,466 2,984,340 MERRILL LYNCH A1 A+ 09/10/2009 11/03/2006 4,931,659 4,919,800 * 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. EXHIBIT 10 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31 , 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 26,436,746.38 4.93% HOME DEPOT 2,974,590.00 0.55% 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 11,175,482.98 2.08% 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% FHLMC DISCOUNT NOTE 3,917,162.78 0.73% FEDERAL FARM CREDIT BANK 22,206,438.86 4.14% FEDERAL HOME LOAN BANK 154,134,126.03 28.74% FEDERAL HOME LOAN MORTGAGE CORP 149,232,367.35 27.83% FEDERAL NATIONAL MORTGAGE ASSOC 93,902,986.65 17.51% HOUSING URBAN DEVELOPMENT (HUD) 990,198.00 0.18% TVA 2,130,980.00 0.40% Total Portfolio $536,275,991.11 * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. 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