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Home My WebLink About2008-03-04; City Council; 19334; Report on City Investments as of January 31, 2008CITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 19,334 03/04/08 TRS REPORT ON CITY INVESTMENTS AS OF JANUARY 31 , 2008 DEPT. HEAD W^ CITYATTY. <<3& CITYMGR. (LT— • 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 January 31, 2008 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1 ) Market Value (2) Current Month 550,797,039 552,135,170 552,767,823 562,839,175 Prior Month 536,148,650 536,275,991 537,010,676 542,123,095 (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 1/31/08. The $15 million increase between December and January cost of investments is due to the receipt of $9 million in property taxes and $7 million in sales-tax-in-lieu and vehicle-tax-in lieu payments during the month of January. The equity portion 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 ONLY. COUNCIL ACTION:APPROVED J§ DENIED D CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF D OTHER - SEE MINUTES D DEPARTMENT CONTACT: Nancy Sullivan (760)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 JANUARY 31. 2008 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Special Revenue I 39.4 apilal Projects $ 258.8 General $67.7. Other $8 Internal Service$31.2 Agency $26.1 Enterprise $128-8 Total Treasurer's Investment Portfolio at Amortized Cost January 31, 2008 $552.8 Million Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 15,552,738 Prior Month FYTD 13,153,656 Current Month Income 2,399,082 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement November 2007 December 2007 January 2008 Average Life (Years) 2.06 2.08 2.04 Average Yield To Maturity 4.67% 4.67% 4.55% Modified Duration 1.866 1.894 1.866 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. 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. Third 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 /\ CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31, 2008 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 3,933,823 0 0 418,108,460 75,572,501 51,225,194 4,522 1,377,463 2,041,768 Prior Month 504,092 3,919,477 0 0 427,035,675 68,400,874 33,268,000 887 3,086,738 794,933 Current Month 504,092 3,960,000 0 0 426,404,416 77,321,720 51,225,194 4,522 1,377,463 2,041,768 Prior Month 504,092 3,924,000 0 0 431,443,314 69,101,130 33,268,000 887 3,086,738 794,933 Cash Income Year to Date 13,608 0 0 0 12,998,362 1,250,753 1 ,235,935 5,613 48,468 0 Current Month 4.47 4.32 0.00 0.00 4.52 4.82 4.63 3.29 1.85 1.85 Prior Month 4.47 4.32 0.00 0.00 4.63 4.98 4.97 3.93 1.37 1.37 TOTALS $552,767,823 $537,010,676 $562,839,175 $542,123,095 $15,552,738 4.55%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 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31,2008 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 49,975,041 2,999,690 51,225,194 4,522 1,377,463 2,041,768 $112,044,933 (1) 20.3% 0 0 0 0 47,860,088 0 0 0 0 0 $47,860,088 (1) 8.7% $159,905,021 (1) 1 TO 5 YEARS 0 0 0 0 319,616,354 72,613,796 0 0 0 0 $392,230,150 71.0% TOTAL 504,092 3,917,163 0 0 417,451,482 75,613,486 51,225,194 4,522 1,377,463 2,041,768 $552,135,170 100.0% % TOTAL 0.1% 0.7% 0.0% 0.0% 75.6% 13.7% (2) 9.3% 0.0% 0.3% 0.4% 100.0% 29.0% 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. mx YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1996 - JANUARY 2008 EX-LAIF LAIF oo MARKET YIELD CURVE 6/30/06, 6/30/07, 01/31/08 Market Rates u.u 5 ] 4 C.0 3 C• O 2 C.9 2 4 • V •i A 1 -1 -A. - * - v . *• • . . - - + ^,«-•"**^. '*"k - - - - " " "^ 151 .3 •f1 O C•On i I 1 3Mth 2Yr 5 Yr 10 Yr 3Mth 2Yr 5 Yr 10 Yr -•-06/30/2006 4.98 5.15 5.09 5.14 -4-06/30/2007 4-86 4-84 4-89 4-99 - ^^ 01/31/2008 L94 2'09 2'76 3'59 X3C HH DO Cumulative Cash Income FY07-08 Cumulative /T -. ~n T ^QXMillions $ (July 07 - June 08) 26 24 22 20 18 16 14 12 10 8 6 4 2 c n Monthly Interest Income Millions $ o ^*" ^ + " ,»^ ^F ^Sf 2.82 ^£P " -, 2.6 JJF 2.4 ^..^t ^ ^rr~^I -,.*"?' 1 Q 1 ft^^ ^^-* 1.7 1 •*» ; O ^- ^ ,.A "•" •;•• Jf .-;.'' -.;" ^' ..,- ^.1 o - 7 - 6 - 5 - 4 - 3 - 2 - 1 n Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Interest Income - -* - Budget -D— Actual X3:i—i CD City of Carlsbad TRANSACTIONS FOR PERIOD: 01/01/08 TO 01/31/08 3rd QUARTER 2007-2008 Trans Date BUYS JANUARY 01/02/2008 01/03/2008 01/02/2008 01/08/2008 01/16/2008 01/18/2008 01/18/2008 01/18/2008 01/18/2008 01/18/2008 01/18/2008 01/18/2008 01/22/2008 01/25/2008 01/25/2008 01/25/2008 01/25/2008 01/25/2008 01/25/2008 01/25/2008 01/16/2008 01/30/2008 01/30/2008 01/30/2008 01/30/2008 FEBRUARY 01/30/2008 01/31/2008 01/30/2008 01/30/2008 02/01/2008 02/01/2008 02/05/2008 02/01/2008 Investment Date 01/03/2008 01/04/2008 01/07/2008 01/14/2008 01/17/2008 01/22/2008 01/22/2008 01/22/2008 01/22/2008 01/22/2008 01/22/2008 01/22/2008 01/23/2008 01/28/2008 01/28/2008 01/28/2008 01/28/2008 01/28/2008 01/28/2008 01/30/2008 01/30/2008 01/31/2008 01/31/2008 01/31/2008 01/31/2008 02/01/2008 02/01/2008 02/04/2008 02/04/2008 02/04/2008 02/04/2008 02/12/2008 02/20/2008 Maturity Date 05/15/2008 07/30/2009 01/07/2011 01/14/2013 10/03/2008 07/27/2009 08/05/2009 09/11/2009 12/11/2009 11/18/2009 10/28/2009 11/06/2009 01/07/2013 02/12/2010 04/28/2010 05/20/201 1 01/28/2013 03/08/2010 11/13/2009 10/23/2012 01/15/2010 01/15/2010 02/12/2010 08/09/2010 11/13/2009 01/29/2010 09/11/2009 02/04/2010 02/04/2010 01/30/2013 03/12/2010 08/12/2010 02/20/2013 Type FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA CN CN CN FA CN FA FA FA FA FA FA. FA FA FA Security FNMA FHLMC FHLB FHLB FHLB FHLB FHLB FHLB FHLB FHLMC FNMA FNMA FHLB FHLB FHLMC FHLB FHLB FNMA FFCB WELLS FARGO BERKSHIRE HATHWA' BERKSHIRE HATHWA' FHLB WELLS FARGO FHLB FHLMC FHLB FHLB FHLB FHLB FHLB FHLB FHLB Call Date N/A N/A 01/07/2009 10/14/2008 N/A N/A N/A N/A N/A N/A N/A N/A 01/07/2010 N/A N/A 11/20/2009 01/28/2009 N/A N/A N/A N/A N/A N/A N/A N/A 07/29/2008 N/A 08/04/2008 02/04/2010 01/30/2009 N/A 08/12/2008 02/20/2009 Par Value 2,000,000.00 1 ,270,000.00 3,000,000.00 3,000,000.00 1 ,000,000.00 500,000.00 2,000,000.00 3,000,000.00 3,000,000.00 2,080,000.00 500,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 1 ,500,000.00 3,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 3,000,000.00 1 ,000,000.00 1 ,000,000.00 650,000.00 4,000,000.00 2,000,000.00 3,000,000.00 4,000,000.00 Coupon 6.000% 4.375% 4.125% 4.250% 4.375% 4.180% 5.250% 4.375% 5.000% 4.125% 4.000% 4.000% 4.700% 3.875% 4.020% 4.500% 4.200% 4.400% 4.125% 5.250% 4.125% 4.125% 7.375% 4.625% 4.250% 3.250% 5.250% 3.200% 3.000% 4.350% 2.375% 3.190% 4.000% Amount (Cost) 2,014,000.00 1 ,286,826.23 3,000,000.00 3,000,000.00 1 ,008,094.00 508,810.00 2,070,366.00 3,070,602.00 3,114,720.00 2,124,168.80 508,645.00 2,038,020.00 2,056,800.00 1 ,020,550.00 1 ,537,935.00 3,078,630.00 3,000,000.00 2,064,240.00 2,049,060.00 1,042,814.41 2,040,548.16 2,038,582.81 2,177,668.00 2,063,614.72 1 ,024,930.00 3,000,000.00 .1,041,519.37 1 ,000,000.00 650,000.00 4,040,000.00 1 ,989,880.00 3,000,000.00 4,000,000.00 Return Rate 4.03% 3.50% 4.13% 4.25% 3.29% 2.98% 2.89% 2.89% 2.90% 2.92% 2.99% 2.92% 4.06% 2.83% 2.85% 3.65% 4.20% 2.82% 2.71% 4.24% 3.05% 3.10% 2.84% 3.30% 2.81% 3.25% 2.60% 3.20% 3.00% 4.13% 2.62% 3.19% 4.00% Interest 30,000.00 70,530.37 371,250.00 637,500.00 23,017.11 22,830.28 90,925.67 144,137.58 168,196.67 112,177.87 26,688.33 107,313.33 409,022.22 58,456.94 97,740.00 368,370.00 630,000.00 121,537.78 98,752.50 205,539.76 121,014.34 122,750.52 122,248.67 169,690.84 50,861 .67 194,458.33 43,063.96 64,000.00 39,000.00 828,066.67 110,133.89 239,250.00 800,000.00 Investment Return 2,044,000.00 1 ,357,356.60 3,371 ,250.00 3,637,500.00 1,031,111.11 531,640.28 2,161,291.67 3,214,739.58 3,282,916.67 2,236,346.67 535,333.33 2,145,333.33 2,465,822.22 1,079,006.94 1,635,675.00 3,447,000.00 3,630,000.00 2,185,777.78 2,147,812.50 1,248,354.17 2,161,562.50 2,161,333.33 2,299,916.67 2,233,305.56 1 ,075,791 .67 3,194,458.33 1,084,583.33 1 ,064,000.00 689,000.00 4,868,066.67 2,100,013.89 rn 3,239,250.00 ^ 4,800,000.00 oo 1—* — I TOTAL THIRD QUARTER 2007-2008 66,500,000.00 67,661,024.50 3.38% 6,698,525.30 74,359,549.80 TRANSACTIONS (continued) MATURITIES JANUARY 07/18/2005 04/29/2005 TOTAL THIRD QUARTER 01/18/2008 01/28/2008 2007-2008 FA FA FHLB FHLMC CALLS and / or SALES JANUARY 03/28/2006 06/17/2003 12/29/2004 03/02/2007 01/23/2007 06/25/2003 01/23/2007 06/29/2005 01/14/2005 01/07/2005 12/29/2004 01/20/2004 FEBRUARY 01/26/2004 03/29/2006 07/16/2003 01/12/2005 03/05/2007 01/24/2007 07/24/2003 01/24/2007 06/30/2005 01/27/2005 01/27/2005 01/27/2005 01/28/2004 02/18/2004 TOTAL THIRD QUARTER STOCKS APRIL FEBRUARY 04/01/2007 02/14/2007 01/18/2011 07/16/2008 01/12/2010 01/23/2012 07/23/2009 07/24/2008 07/24/2009 01/27/2010 01/27/2010 01/27/2010 01/27/2010 07/28/2008 02/18/2009 2007-2008 FA FA FA FA FA FA FA FA FA FA FA FA FA EQUITY EQUITY FNMA FHLB FHLMC FNMA FHLB FHLB FHLB FNMA FNMA FNMA FNMA FHLMC FHLMC Time W Time W 01/18/2006 07/28/2005 01/18/2008 01/16/2008 01/12/2008 01/23/2008 01/23/2008 01/24/2008 01/24/2008 01/27/2006 01/27/2008 01/27/2008 01/27/2008 01/28/2008 02/18/2008 J.OO shares 3,000,000.00 5,000,000.00 8,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 2,000,000.00 4,000,000.00 5,000,000.00 3,000,000.00 1,700,000.00 3,000,000.00 5,000,000.00 5,000,000.00 3,000,000.00 5,000,000.00 47,700,000.00 Par Value is $0.01 per share $0.01 per share 0.13 4.260% 2.75% STEP 5.100% 5% STEP 3.625%STEF 5.500% 5.300% 2%STEP 5.250% 3.75%STEP 3.75%STEP 3.75%STEP 3.75%STEP 3.00%STEP 3.00%STEP 2,998,125.00 4,918,750.00 7,916,875.00 2,968,710.00 3,000,000.00 5,000,000.00 2,003,600.00 3,998,400.00 5,000,000.00 2,998,500.00 1 ,695,750.00 2,997,000.00 5,000,000.00 5,000,000.00 3,000,000.00 5,000,000.00 47,661,960.00 4 4 4, 5 3 4 5 5. 3, 5, 4, 4. 4 4, 3 3 .28% .00% .11% .35% .20% .62% .45% .32% .22% .27% .91% .77% .75% .75% .59% .96% 4.48% 321 546 867 766 487 1,168 533 531 818 385 385 723 1,200 1,200 487 ,375 ,493 ,868 ,115 ,500 ,750 ,566 ,011. ,750 ,875 .00 .06 .06 .00 .00 .00 .67 .11 .00 .00 ,156.25 ,000 ,000 ,000 ,500 1 ,000,000 9,687 .00 .00 .00 .00 .00 ,224.03 3 5 8 3 3 6 2 4 5 3 2 3 6 6 3 6 57 ,319, ,465, ,784, ,734, ,487, ,168, ,537, ,529, ,818, ,384, ,080, ,720, ,200, ,200, ,487, ,000, ,349, 500.00 243.06 743.06 825.00 500.00 750.00 166.67 411.11 750.00 375.00 906.25 000.00 000.00 000.00 500.00 000.00 184.03 Market Value Cost - - At 1/31/08 352.24 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 JANUARY 31,2008 ESTMENT DATE 05/21/2004 03/17/2004 04/21/2005 11/04/2004 01/03/2008 11/16/2004 05/19/2005 11/22/2004 12/03/2007 12/21/2006 06/16/2005 11/04/2005 07/07/2005 07/28/2003 12/22/2006 12/21/2006 12/28/2006 04/20/2007 05/15/2007 12/22/2006 01/17/2008 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 04/13/2004 04/13/2004 04/28/2004 04/28/2004 MATURITY DATE 02/22/2008 03/17/2008 04/21/2008 04/30/2008 05/15/2008 05/16/2008 05/19/2008 05/22/2008 06/03/2008 06/06/2008 06/16/2008 07/02/2008 07/07/2008 07/28/2008 08/15/2008 08/22/2008 08/28/2008 09/12/2008 09/12/2008 09/19/2008 10/03/2008 10/15/2008 1 1/03/2008 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 04/13/2009 04/13/2009 04/28/2009 04/28/2009 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 FA SECURITY 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 6.00% DUE 5/15/08 NON-CALL 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 2.00% DUE 07/28/08 CALL 07/28/05 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 4.375% DUE 10/03/08 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 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 PAR VALUE 5,000,000.00 2,400,000.00 5,000,000.00 3,000,000.00 2,000,000.00 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 3,000,000.00 5,000,000.00 8,000,000.00 2,000,000.00 5,000,000.00 3,000,000.00 1,000,000.00 700,000.00 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 5,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 INVESTED AMOUNT 5,000,000.00 2,400,000.00 5,000,000.00 2,999,062.50 2,014,000.00 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 2,983,125.00 2,979,330.00 4,922,457.90 8,000,000.00 1 ,996,570.00 4,983,850.00 2,977,680.00 1 ,008,094.00 677,460.00 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 5,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 RETURN RATE 3.601% 3.098% 4.485% 3.575% 4.030% 3.748% 4.458% 3.646% 4.300% 5.014% 4.352% 5.008% 4.500% 3.284% 4.937% 4.850% 5.125% 5.000% 5.125% 4.927% 3.209% 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% 3.558% 3.558% 3.474% 4.014% INTEREST 675,500.00 300,000.00 675,000.00 374,074.17 30,000.00 393,187.50 668,750.00 382,500.00 64,500.00 272,817.50 393,000.00 525,373.33 700,000.00 496,875.00 243,045.00 400,996.96 683,333.33 139,388.33 339,118.75 256,400.00 23,017.11 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 ,034,905.56 987,500.00 491,313.33 547,102.48 415,625.00 987,500.00 900,000.00 360,000.00 875,000.00 1,012,500.00 INVESTMENT RETURN 5,675,500.00 2,700,000.00 5,675,000.00 3,373,136.67 2,044,000.00 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 3,480,000.00 3,222,375.00 5,323,454.86 8,683,333.33 2,135,958.33 5,322,968.75 3,234,080.00 1,031,111.11 777,063.19 3,213,150.00 1,077,916.66 3,480,000.00 1 ,71 1 ,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 5,900,000.00 2,360,000.00 5,875,000.00 6,012,500.00 TERM (Pays) 1,372 1,461 1,096 1,273 133 1,277 1,096 1,277 183 533 1,096 971 1,096 1,827 602 610 609 511 486 637 260 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 1,826 1,826 1,826 1,826 mX IE CO — 1 ^1 INVESTMENT REPORT AS OF JANUARY 31, 2008 INVESTMENT DATE 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 01/22/2008 01/04/2008 05/15/2007 11/01/2006 01/22/2008 08/17/2007 03/14/2007 01/22/2008 11/13/2007 03/19/2007 01/22/2008 01/28/2008 01/31/2008 01/22/2008 01/22/2008 01/22/2008 01/28/2008 01/31/2008 02/22/2005 01/28/2008 11/25/2005 04/07/2006 01/28/2008 07/25/2007 12/21/2007 08/08/2005 10/09/2007 06/30/2006 07/25/2007 10/30/2007 09/18/2007 MATURITY DATE 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 07/27/2009 07/30/2009 08/01/2009 08/05/2009 08/05/2009 08/17/2009 09/11/2009 09/11/2009 09/30/2009 10/02/2009 10/28/2009 11/13/2009 11/13/2009 11/16/2009 11/18/2009 12/11/2009 02/12/2010 02/12/2010 02/22/2010 03/08/2010 03/18/2010 04/07/2010 04/28/2010 05/03/2010 05/28/2010 06/11/2010 06/22/2010 06/30/2010 07/06/2010 08/10/2010 08/23/2010 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 FA SECURITY 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 4.180% DUE 7/27/09 NON-CALL FHLMC 4.375% DUE 7/30/09 NON-CALL HUD 4.430% DUE 8/1/09 NON-CALL FHLB 5.25% DUE 8/05/09 NON-CALL FHLB 5.25% DUE 8/5/09 NON-CALL FFCB 5.00% DUE 8/17/09 NON-CALL FHLB 4.378% DUE 9/11/09 NON-CALL FHLB 4.375% DUE 9/11/09 NON-CALL FHLMC 3.5$ DUE 9/30/09 NON-CALL FHLB 5.0% DUE 10/2/09 NON-CALL FNMA 4.0% DUE 10/28/09 NON-CALL FFCB 4.125% DUE 11/13/09 NON-CALL FHLB 4.25% DUE 11/13/09 NON-CALL FNMA 4.0% DUE 11/16/09 NON-CALL FHLMC 4.125% DUE 11/18/09 NON-CALL FHLB 5.0% DUE 12/11/09 NON-CALL FHLB 3.875% DUE 2/12/10 NON-CALL FHLB 37.375% DUE 2/12/10 NON-CALL FNMA 3.75% DUE 02/22/10 CALL 03/22/06 FNMA 4.40% DUE 03/08/10 NON-CALL FHLB 4.45% DUE 3/18/10 CALL 3/18/08 FHLMC 5.270% DUE 4/7/10 CALL 4/7/08 FHLMC 4.02% DUE 4/28/10 NON-CALL 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 PAR VALUE 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 2,000,000.00 500,000.00 1,270,000.00 1,000,000.00 5,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 1 ,000,000.00 3,000,000.00 500,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 2,080,000.00 3,000,000.00 1,000,000.00 2,000,000.00 5,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 1,500,000.00 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 INVESTED AMOUNT 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 2,012,808.76 508,810.00 1 ,286,826.23 990,198.00 5,048,115.85 2,070,366.00 3,000,000.00 1 ,984,643.55 3,070,602.00 990,283.25 3,014,820.00 508,645.00 2,049,060.00 1,024,930.00 2,038,020.00 2,124,168.80 3,114,720.00 1 ,020,550.00 2,177,668.00 5,000,000.00 2,064,240.00 2,936,487.87 2,992,699.50 1 ,537,935.00 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 RETURN RATE 4.164% 4.262% 4.200% 4.190% 4.705% 4.940% 5.050% 4.800% 5.050% 4.800% 2.981% 3.500% 4.900% 4.870% 2.891% 5.000% 4.705% 2.890% 4.040% 4.790% 2.986% 2.711% 2.805% 2.916% 2.918% 2.900% 2.830% 2.841% 4.800% 2.821% 4.450% 5.338% 2.850% 5.135% 3.700% 4.763% 4.610% 5.520% 5.100% 4.337% 4.530% INTEREST 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 22,830.28 70,530.37 107,754.22 676,675.82 90,925.67 300,000.00 233,377.28 144,137.58 75,536.19 365,596.67 26,688.33 98,752.50 50,861.67 107,313.33 112,177.87 168,196.67 58,456.94 122,248.67 1 ,200,000.00 121,537.78 639,416.30 639,700.50 97,740.00 283,304.44 180,118.80 681 ,468.75 373,365.00 662,400.00 150,405.14 121,226.76 402,452.92 INVESTMENT RETURN 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 2,200,563.89 531 ,640.28 1,357,356.60 1,097,952.22 5,724,791 .67 2,161,291.67 3,300,000.00 2,218,020.83 3,214,739.58 1,065,819.44 3,380,416.67 535,333.33 2,147,812.50 1,075,791.67 2,145,333.33 2,236,346.67 3,282,916.67 1,079,006.94 2,299,916.67 6,200,000.00 2,185,777.78 3,575,904.17 3,632,400.00 1 ,635,675.00 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 TERM (Days) 1,826 1,826 1,826 551 821 759 688 673 726 711 552 573 809 1,008 561 731 912 598 687 928 645 655 652 664 666 689 746 743 1,826 770 1,574 1,461 821 1,013 889 1,768 987 1,461 1,077 1,015 1,070 INVESTMENT REPORT AS OF JANUARY 31, 2008 INVESTMENT DATE 09/26/2007 09/26/2007 11/30/2005 10/30/2007 11/04/2005 11/14/2005 11/17/2005 12/15/2005 01/07/2008 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 01/28/2008 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 08/07/2007 03/26/2007 1 03/26/2007 04/20/2007 MATURITY DATE 09/10/2010 09/13/2010 09/27/2010 10/01/2010 11/04/2010 11/04/2010 11/17/2010 12/15/2010 01/07/2011 02/09/201 1 02/24/201 1 02/24/201 1 02/24/201 1 02/24/2011 02/24/2011 02/24/201 1 02/24/201 1 03/24/201 1 04/06/201 1 04/06/201 1 05/20/201 1 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 09/09/2011 09/09/201 1 09/15/2011 10/05/2011 10/05/2011 10/06/2011 10/19/2011 11/18/2011 03/02/2012 03/26/2012 03/26/2012 03/26/2012 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 FA SECURITY FHLB 5.125% DUR 9/10/10 NON-CALL FFCB 5.25% DUE 9/13/10 NON-CALL 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 FHLB 4.125% DUE 1/7/11 CALL 1/7/09 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 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 5.375% 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 PAR VALUE 2,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 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 3,000,000.00 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 3,000,000.00 1,000,000.00 INVESTED AMOUNT 2,034,188.23 2,041,700.00 2,967,840.00 3,010,560.00 4,970,500.00 4,945,500.00 5,000,000.00 5,000,000.00 3,000,000.00 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 3,078,630.00 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 1,994,000.00 2,000,000.00 3,000,000.00 999,687.50 RETURN RATE 4.500% 4.490% 5.031% 4.868% 4.935% 5.050% 5.030% 5.035% 4.125% 5.000% 5.150% 5.319% 5.466% 5.473% 5.489% 5.510% 5.169% 5.250% 5.433% 4.483% 4.252% 3.651% 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% 5.449% 5.000% 5.000% 5.000% INTEREST 268,756.21 269,508.33 724,065.00 427,356.67 1 ,229,500.00 1 ,247,833.33 1 ,257,500.00 1 ,258,750.00 371 ,250.00 1,250,000.00 854,900.00 781,187.50 1,311,383.33 785,452.50 779,546.71 773,786.65 1,117,395.83 787,500.00 805,000.00 651,955.12 299,000.00 368,370.00 181,976.25 1 ,068,875.00 565,000.00 406,997.78 618,286.67 118,184.21 648,148.33 432,911.11 640,148.00 522,075.00 647,473.00 392,000.00 190,537.17 600,000.00 672,403.75 497,215.28 500,000.00 750,000.00 246,979.17 INVESTMENT RETURN 2,302,944.44 2,31 1 ,208.33 3,691 ,905.00 3,437,916.67 6,200,000.00 6,193,333.33 6,257,500.00 6,258,750.00 3,371,250.00 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 3,447,000.00 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 2,491,215.28 2,500,000.00 3,750,000.00 1 ,246,666.67 TERM (Days) 1,080 1,083 1,762 1,067 1,826 1,816 1,826 1,826 1,096 1,826 1,826 1,793 1,763 1,758 1,744 1,721 1,576 1,826 1,812 1,804 1,277 1,208 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 1,669 1,827 1,827 1,802 INVESTMENT REPORT AS OF JANUARY 31, 2008 INVESTMENT DATE 08/17/2007 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 01/23/2008 01/14/2008 01/28/2008 MATURITY DATE 04/03/2012 04/12/2012 05/23/2012 05/23/2012 05/29/2012 06/08/2012 06/08/2012 06/29/2012 07/20/2012 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 01/07/2013 01/14/2013 01/28/2013 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 08/24/2005 12/27/2007 SECURITY 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 5.58% 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 FHLB 4.7% DUE 1/7/13 CALL 1/7/10 FHLB 4.25% DUE 01/14/13 CALL 10/14/08 FHLB 4.20% DUE 01/28/13 CALL 01/28/09 SUB-TOTAL Poinsettia District Investment 08/11/2008 FA FFCB 4.3% DUE 08/11/08 NON-CALL SUB-TOTAL Federal Investments Total 06/23/2008 FN FMCDN DUE 6/23/08 NON-CALL 08/02/2007 03/02/2008 CD WELLS FARGO BANK 9218910637 SUB-TOTAL SUB-TOTAL 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 PAR VALUE 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 1,000,000.00 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 2,000,000.00 3,000,000.00 3,000,000.00 413,853,000.00 2,985,000.00 2,985,000.00 416,838,000.00 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 INVESTED AMOUNT 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 1,037,000.00 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 2,056,800.00 3,000,000.00 3,000,000.00 414,461,169.00 2,990,313.30 2,990,313.30 417,451,482.30 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 RETURN RATE 5.261% 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% 4.061% 4.250% 4.200% 4.490% 4.235% 0.030% 4.520% 4.324% 4.324% 4.470% 4.470% 4.127% 5.000% 5.060% INTEREST 730,375.00 489,057.50 524,632.22 547,027.78 525,296.67 256,692.64 256,478.21 545,625.00 220,300.00 488,520.00 260,000.00 252,635.42 243,661.11 401,970.00 500,000.00 501,671.33 705,333.33 460,000.00 487,925.00 1,168,750.00 935,000.00 409,022.22 637,500.00 630,000.00 72,056,369.77 375,116.66 375,116.66 72,431,486.43 82,837.22 82,837.22 13,081.60 13,081.60 345,778.95 226,519.50 573,720.49 INVESTMENT RETURN 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 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 2,465,822.22 3,637,500.00 3,630,000.00 486,517,538.77 3,365,429.96 3,365,429.96 489,882,969 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 TERM (Days) 1,691 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 1,811 1,827 1,827 1,334 1,083 1,083 2,417 179 179 213 213 1,020 832 810 INVESTMENT REPORT AS OF JANUARY 31,2008 INVESTMENT DATE 11/03/2006 11/01/2007 01/30/2008 01/31/2008 11/01/2007 02/03/2006 01/31/2008 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 01/30/2008 MATURITY DATE 09/10/2009 10/27/2009 01/15/2010 01/15/2010 07/01/2010 07/29/2010 08/09/2010 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 10/23/2012 TYPI CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN O O O O O O O SECURITY MERRILL LYNCH 4.125% DUE 9/10/09 NON-CALL GENERAL ELECTRIC 5.250% DUE 10/27/09 NON-CALL BERKSHIRHATWY 4.125% DUE 1/15/10 NON-CALL BERKSHIRHATWY 4.125% DUE 1/15/10 NON-CALL WAL-MART 4.125% DUE 7/01/10 NON-CALL US BANCORP 4.50% DUE 7/29/10 NON-CALL WELLS FARGO 4.625% DUE 08/09/10 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 5.250% DUE 10/23/12 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 •CALL NON-CALL N-CALL N-CALL .L CALL -CALL DN-CALL DN-CALL : ALL 11/1 5/08 JON-CALL DN-CALL )N-CALL DN-CALL NON-CALL NON-CALL NON-CALL CALL SUB-TOTAL JNT 'ION SUB-TOTAL PAR VALUE 5,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 3,000,000.00 2,000,000.00 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 1 ,000,000.00 74,806,000.00 2,041 ,768.00 1 ,377,463.09 4,522.36 10,710,000.00 13,761,211.61 11,987,148.38 14,766,834.15 54,648,947.59 INVESTED AMOUNT 4,884,751 .43 2,030,120.00 2,040,548.16 2,038,582.81 991,910.00 2,952,150.09 2,063,614.72 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 x 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 1,042,814.41 75,613,485.76 2,041 ,768.00 1 ,377,463.09 4,522.36 10,710,000.00 13,761,211.61 11,987,148.38 14,766,834.15 54,648,947.59 RETURN RATE 5.000% 4.450% 3.050% 3.100% 4.448% 4.900% 3.300% 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% 4.240% 4.823% 1.850% 1 .850% 3.290% 4.630% 4.630% 4.630% 4.630% 4.456% INTEREST 703,633.99 178,713.33 121,014.34 122,750.52 118,090.00 653,849.91 169,690.84 483,790.01 276,642.22 145,734.17 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 ,483,867.09 676,360.93 409,960.65 253,896.02 237,753.83 484,836.30 449,799.83 205,539.76 14,085,818.34 103.49 69.82 0.41 1 ,377.43 1 ,769.84 1 ,541 .68 1,899.18 6,761 .85 INVESTMENT RETURN 5,588,385.42 2,208,833.33 2,161,562.50 2,161,333.33 1,110,000.00 3,606,000.00 2,233,305.56 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 1,248,354.17 89,699,304.10 2,041 ,871 .49 1,377,532.91 4,522.77 10,711,377.43 13,762,981.45 11,988,690.06 14,768,733.33 54,655,709.44 TERM (Days) 1,042 726 716 715 973 1,637 921 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 1,728 1,379 1 1 1 1 1 1 1 GRAND TOTAL 550,797,039.39 552,135,170.23 4.554% 86,619,985.44 638,741,829.35 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF JANUARY 31, 2008 Cash Balance by Fund: General 67,702,618 Special Revenue 39,372,445 Debt Service 2,833,159 Capital Projects: General Capital Construction 47,123,793 Traffic Impact Fees 12,083,272 Public Facilities Fees 48,361,997 Park Development 7,697,274 Transnet Taxes 6,272,316 Drainage Fees 9,795,580 Special Districts 87,419,515 Infrastructure Replacement 37,607,960 Other Capital Construction 2,420,542 Total 258,782,248 Enterprise: Carlsbad Municipal Water District 60,872,258 Sewer Fund 58,712,115 Solid Waste 6,724,261 Storm Water 1,056,237 Golf Course 1,464,083 Total 128,828,953 I nternal Service 31,154,298 Agency Funds 26,146,794 Redevelopment Funds (1) 0 Misc. Special Funds 0 Total General Ledger Balance ** 554,820,515 Reconciling Adjustments (2) (2,052,692) Total Treasurer's Investment Portfolio at Amortized Cost 552,767,823 (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 2/07/08 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31, 2008 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+ BERKSHIRE HATHAWAY AAA AAA 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 WELLS FARGO AA1 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 2,983,901 3,010,140 MERRILL LYNCH A1 • A+ 09/10/2009 11/03/2006 4,935,025 4,970,650 * 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 JANUARY 31, 2008 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* BANK OF AMERICA BERKSHIRE HATHAWAY CITIGROUP GENERAL ELECTRIC CAP HOME DEPOT JOHNSON & JOHNSON MERRILL LYNCH NEW YORK LIFE TOYOTA US BANKCORP WAL-MART WELLS FARGO WORLD SAVINGS BANK FSB 1,983,918.00 4,079,130.97 8,961,239.70 26,436,746.38 2,974,590.00 1,017,457.28 4,884,751.43 987,620.00 4,054,280.00 2,952,150.09 11,175,482.98 3,106,429.13 2,999,689.80 PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY FAMCA FHLMC DISCOUNT NOTE FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE COF FEDERAL NATIONAL MORTGAGE ASSOI HOUSING URBAN DEVELOPMENT (HUD) TVA Total Portfolio Investment Cost 3,679,155.32 3,917,162.78 24,255,498.86 159,270,271.03 146,262,547.54 80,862,831.71 990,198.00 2,130,980.00 0.36% 0.74% 1 .62% 4.79% 0.54% 0.18% 0,88% 0.18% 0.73% 0.53% 2.02% 0.56% 0.54% ISSUER Percent of Portfolio* 0.67% 0.71% 4.39% 28.85% 26.49% 14.65% 0.18% 0.39% $552,135,170.23 * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers.