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WITHDRAWN D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.
EXHIBIT 11
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