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HomeMy WebLinkAbout2008-06-24; City Council; 19493; Report On City Investments as of May 31, 200810 CITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 19.493 Ot/24/08 TRS REPORT ON CITY INVESTMENTS AS OF MAY 31 , 2008 DEPT. HEAD ^//^ CITYATTY. f <3&*- CITY MGR. (ju— 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 oi the month ended May 31, 2008 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1 ) Market Value (2) Current Month 565,741 ,449 569,679,185 569,485,610 573,816,652 Prior Month 554,375,709 557,517,023 557,447,838 564,842,978 (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 5/31/08. 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. FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Other £2 Internal Service $31.5 Special Revenue 41.2 ipital Projects $ 271.7$25.5 Enterprise $126.7 Total Treasurer's Investment Portfolio at Amortized Cost May 31,2008 $569.5 million FOR CITY CLERKS USE ONLY. COUNCIL ACTION:APPROVED D DENIED D CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF D OTHER - SEE MINUTES D Council accepted the report. DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MAY 31. 2008 Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 24,226,125 Prior Month FYTD 22,511,172 Current Month Income 1,714,953 The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement March 2008 April 2008 May 2008 Average Life (Years) 2.12 2.11 2.04 Average Yield To Maturity 4.32% 4.18% 4.09% Modified Duration 1.944 1.838 1.848 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. Fourth 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 MAY 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 33,000 3,989,819 0 0 405,246,302 87,742,039 70,601,618 954 1,314,596 557,282 Prior Month 33,000 3,975,473 0 0 406,540,818 78,614,839 65,160,618 - 2,203,683 919,408 Current Month 33,000 3,995,200 0 0 409,272,532 88,041,471 70,601,618 954 1,314,596 557,282 Prior Month 33,000 3,988,800 0 0 413,029,102 79,508,367 65,160,618 0 2,203,683 919,408 Cash Income Year to Date 15,679 0 0 0 19,706,713 2,834,658 1,600,339 10,254 58,483 0 Current Month 1.88 4.32 0.00 0.00 4.12 4.76 3.22 1.86 0.88 0.88 Prior Month 1.88 4.32 0.00 0.00 4.21 4.75 3.42 1.95 0.87 0.87 TOTALS $569,485,610 $557,447,838 $573,816,652 $564,842,978 $24,226,125 4.09%4.18% 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 CO CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 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 33,000 3,917,163 0 0 51,546,321 0 70,601,618 954 1,314,596 557,282 $127,970,933 (1) 22.5% 0 0 0 0 31,381,536 0 0 0 0 0 $31,381,536 (1) 5.5% $159,352,469 (1) 1 TO 5 YEARS 0 0 0 0 322,453,147 87,873,569 0 0 0 0 $410,326,716 72.0% TOTAL 33,000 3,917,163 0 0 405,381,004 87,873,569 70,601,618 954 1,314,596 557,282 $569,679,185 100.0% % TOTAL 0.0% 0.7% 0.0% 0.0% 71.2% 15.4% (2) 12.4% 0.0% 0.2% 0.1% 100.0% 28.0% 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 ro YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1996 - MAY 2008 EX-LAIF LAIF MARKET YIELD CURVE 6/30/06, 6/30/07, 05/31/08 Market Rates 3.5 2.5 1.5 0 ifm\J I 3Mth 2Yr 5Yr 3Mth 2Yr 5Yr 10 Yr 06/30/2006 06/30/2007 05/31/2008 4.98 4.86 1.12 5.15 4.84 1.31 5.09 4.89 2.32 5.14 4.99 3.41 10 Yr Cumulative Cash Income Cumulative Millions $ FY07-08 (July 07 - June 08) . Monthly Interest Income Millions $ x: i—i 00I—I—1 en City of Carlsbad TRANSACTIONS FOR PERIOD: 05/01/08 TO 05/31/08 4th QUARTER 2007-2008 Trans Date BUYS APRIL 04/04/2008 04/04/2008 04/01/2008 04/03/2008 04/04/2008 04/04/2008 04/04/2008 04/21/2008 04/21/2008 04/21/2008 04/21/2008 04/21/2008 04/21/2008 MAY 05/02/2008 05/02/2008 05/02/2008 05/02/2008 05/02/2008 05/02/2008 05/07/2008 05/07/2008 05/07/2008 05/07/2008 05/07/2008 05/07/2008 05/09/2008 04/17/2008 05/12/2008 05/28/2008 05/29/2008 05/29/2008 Investment Date 04/07/2008 04/07/2008 04/02/2008 04/04/2008 04/07/2008 04/09/2008 04/09/2008 04/22/2008 04/22/2008 04/22/2008 04/24/2008 04/28/2008 04/30/2008 05/05/2008 05/05/2008 05/05/2008 05/05/2008 05/07/2008 05/07/2008 05/08/2008 05/08/2008 05/08/2008 05/08/2008 05/08/2008 05/09/2008 05/12/2008 05/14/2008 05/29/2008 05/30/2008 05/30/2008 05/30/2008 Maturity Date 12/10/2010 10/15/2010 03/12/2010 07/23/2009 04/07/2009 10/09/2008 01/15/2010 06/30/2009 04/07/2010 05/11/2010 04/10/2013 04/28/2010 04/30/2008 07/17/2009 05/14/2010 10/22/2010 09/14/2012 09/15/2011 04/10/2013 06/11/2010 09/10/2010 06/10/2011 07/15/2011 05/06/2013 05/09/2013 01/23/2012 05/14/2013 08/29/201 1 04/30/2013 06/15/2012 08/26/201 1 Type FA FA FA FA FA FA CN FA FA FA CN FA CN FA FA FA FA CN CN FA FA FA FA FA CN FA FA FA CN CN CN Security FHLMC FNMA FHLB FHLB FHLB FHLB WELLS FARGO CO FHLMC FFCB FFCB Met Life Global Fund FNMA PRINCIPAL LIFE FHLB FHLB FHLB FHLB GENWORTH GLOB MET LIFE GLOB FHLB FHLB FHLB FAMCA FNMA NEW YORK LIFE FHLB FHLB FHLMC ALL STATE LIFE GENERAL ELECTRIC WELLS FARGO Call Date 12/10/2008 10/15/2008 N/A N/A 10/07/2008 N/A N/A N/A N/A N/A N/A 04/28/2009 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 11/06/2008 N/A 01/23/2009 05/15/2010 05/29/2009 N/A N/A N/A Par Value 2,000,000.00 1 ,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 1 ,000,000.00 1 ,000,000.00 2,000,000.00 1 ,000,000.00 1 ,000,000.00 3,000,000.00 1 ,000,000.00 3,000,000.00 3,000,000.00 1 ,000,000.00 1,175,000.00 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 1 ,000,000.00 1,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 1 ,000,000.00 1 ,000,000.00 Coupon 3.500% 5.000% 2.750% 3.100% 2.400% 2.200% 4.200% 4.100% 2.375% 5.320% 5.125% 3.000% 4.500% 5.375% 7.625% 4.375% 5.000% 5.375% 5.125% 3.000% 3.000% 5.250% 5.500% 4.350% 4.650% 3.520% 4.000% 3.530% 5.375% 6.000% 5.300% Amount (Cost) 2,01 1 ,980.00 1,013,145.00 1 ,006,020.00 2,019,092.00 2,000,000.00 1 ,000,000.00 1,018,383.81 1,016,880.00 1 ,984,800.00 1,050,120.00 1 ,003,232.48 2,999,250.00 1 ,000,000.00 3,103,028.04 3,273,695.78 1 ,032,893.26 1,238,814.19 2,016,628.76 2,019,402.04 999,862.00 1 ,994,876.00 1 ,055,434.00 2,116,712.00 2,002,800.00 1,006,649.66 1 ,000,000.00 2,000,000.00 1,000,000.00 2,023,559.81 1 ,052,958.51 1,032,919.79 Return Rate 3.27% 4.44% 2.43% 2.35% 2.40% 2.20% 3.12% 2.65% 2.78% 2.79% 5.05% 3.01% 4.50% 2.45% 2.95% 2.98% 3.64% 5.10% 4.90% 3.01% 3.12% 3.35% 3.55% 4.32% 4.50% 3.52% 4.00% 3.53% 5.10% 4.55% 4.20% Interest 175,270.00 112,966.11 47,452.22 61 ,680.22 48,000.00 1 1 ,000.00 55,816.19 31 ,864.44 108,220.83 59,087.78 251 ,024.46 180,750.00 178,375.00 90,471.96 189,522.97 74,901.88 192,237.89 344,093.46 485,410.46 62,888.00 145,457.34 106,732.67 233,760.22 431,716.67 225,850.34 130,142.22 320,000.00 114,725.00 504,981 .86 189,541.49 138,741.32 Investment Return 2,187,250.00 1,126,111.11 1 ,053,472.22 2,080,772.22 2,048,000.00 1 ,01 1 ,000.00 1 ,074,200.00 1 ,048,744.44 2,093,020.83 1,109,207.78 1 ,254,256.94 3,180,000.00 1,178,375.00 3,193,500.00 3,463,218.75 1,107,795.14 1,431,052.08 2,360,722.22 2,504,812.50 1 ,062,750.00 2,140,333.34 1,162,166.67 2,350,472.22 2,434,516.67 1 ,232,500.00 1,130,142.22 2,320,000.00 1,114,725.00 £! 2,528,541.67 S CD1,242,500.00 ^ 1,171,661.11 ^ City of Carlsbad TRANSACTIONS FOR PERIOD: 05/01/08 TO 05/31/08 Trans Investment Maturity Pate Date Date Type JUNE 05/19/2008 05/28/2008 06/02/2008 06/10/2008 12/02/2011 06/10/2013 FA FA FHLMC FHLMC TOTAL FOURTH QUARTER 2007-200 MATURITIES APRIL MAY 04/21/2005 11/04/2004 01/03/2008 11/16/2004 05/19/2005 11/22/2004 04/21/2008 04/30/2008 05/15/2008 05/16/2008 05/19/2008 05/22/2008 FA FA FA FA FA FA FNMA FHLB FNMA FNMA FNMA FHLMC TOTAL FOURTH QUARTER 2007-200 CALLS and lot SALES APRIL 11/03/2005 04/04/2006 03/17/2004 03/24/2004 07/21/2005 06/21/2005 04/15/2004 04/05/2004 MAY 04/22/2004 08/02/2007 08/16/2007 JUNE 11/19/2004 11/04/2005 04/07/2006 04/13/2004 04/13/2004 07/22/2005 06/22/2005 04/28/2004 04/28/2004 05/05/2004 08/03/2007 08/17/2007 12/15/2004 07/02/2008 04/07/2010 04/13/2009 04/13/2009 10/15/2008 01/23/2009 04/28/2009 04/28/2009 05/05/2009 05/23/2012 05/29/2012 12/15/2008 FA FA FA FA FA FA FA FA FA FA FA FA FHLB FHLMC FHLMC FHLMC FHLB FHLB FHLMC FHLMC FHLMC FHLMC FNMA FFCB 4th QUARTER 2007-2008 Security TOTAL FOURTH QUARTER 2007-200 -Q Call Date 12/02/2008 06/10/2009 04/21/2006 01/30/2005 N/A 05/16/2005 05/19/2006 11/22/2005 01/02/2006 04/07/2008 04/13/2008 04/13/2008 04/15/2008 04/23/2008 04/28/2008 04/28/2008 05/05/2008 05/23/2008 05/29/2008 06/15/2008 Par Value 2,000,000.00 3,000,000.00 53,175,000.00 5,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 5,000,000.00 3,000,000.00 21 ,000,000.00 4,000,000.00 3,000,000.00 5,000,000.00 2,000,000.00 700,000.00 6,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 42,700,000.00 Coupon 4.000% 1.00%STEF 4.000% 3.565% 6.000% 3.700% 4.000% 3.560% 3.000% 5.270% 2.500% 2.500% 2.750% 3.500% 3.250% 3.250% 3.500% 5.650% 5.470% 4.000% Amount (Cost) 2,000,000.00 2,998,500.00 54,091,637.13 5,000,000.00 2,999,062.50 2,014,000.00 2,995,312.50 5,000,000.00 2,995,500.00 21 ,003,875.00 3,873,960.00 2,992,699.50 5,000,000.00 2,000,000.00 677,460.00 5,865,937.50 4,997,500.00 5,000,000.00 5,000,000.00 1 ,996,000.00 1,998,000.00 3,000,000.00 42,401 ,557.00 Return Rate 4.00% 4.72% 3.57% 4.49% 3.58% 4.03% 3.75% 4.46% 3.65% 4.08% 5.01% 5.34% 3.56% 3.56% 4.46% 4.18% 4.16% 4.01% 4.26% 5.70% 5.49% 4.00% 4.35% Interest 280,000.00 714,000.00 6,296,683.00 675,000.00 374,074.17 30,000.00 393,187.50 668,750.00 382,500.00 2,523,51 1 .67 525,373.33 639,700.50 900,000.00 360,000.00 99,603.19 887,145.83 1 ,052,500.00 1,012,500.00 1 ,075,000.00 547,027.78 525,296.67 480,000.00 8,104,147.30 Investment Return 2,280,000.00 3,712,500.00 60,388,320.13 5,675,000.00 3,373,136.67 2,044,000.00 3,388,500.00 5,668,750.00 3,378,000.00 23,527,386.67 4,399,333.33 3,632,400.00 5,900,000.00 2,360,000.00 777,063.19 6,753,083.33 6,050,000.00 6,012,500.00 6,075,000.00 2,543,027.78 2,523,296.67 3,480,000.00 50,505,704.30 City of Carlsbad TRANSACTIONS FOR PERIOD: 05/01/08 TO 05/31/08 4th QUARTER 2007-2008 Trans Date STOCKS Investment Maturity Date Date Type Security FEBRUARY 02/14/2007 JUNE 06/21/2007 FEBRUARY 02/14/2007 EQUITY Time Warner Cable EQUITY Time Warner Cable EQUITY Time Warner Cable APRIL 04/10/2008 SOLD Class A Common Stock Call Date 11 shares 1 shares 2 shares 14 shares Coupon Par Value is $0.01 per share $0.01 per share $0.01 per share 0.14 Amount (Cost) Cost Return Rate commission Investment Return Market Value 04/10/2008 290.51 26.41 52.82 (329.73) (40.01) 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 MAY 31,2008 INVESTMENT DATE 12/03/2007 12/21/2006 06/16/2005 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 04/09/2008 05/21/2007 05/21/2007 12/15/2004 06/27/2005 03/05/2008 04/02/2004 04/16/2004 04/14/2004 04/07/2008 04/28/2004 05/05/2004 11/08/2007 02/13/2008 03/14/2007 05/15/2007 07/25/2007 08/09/2007 03/05/2008 04/22/2008 02/13/2008 05/05/2008 07/25/2007 08/09/2007 04/04/2008 -- 01/22/2008 01/04/2008 MATURITY DATE 06/03/2008 06/06/2008 06/16/2008 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 10/09/2008 11/03/2008 12/12/2008 12/15/2008 01/26/2009 02/04/2009 03/16/2009 03/16/2009 03/17/2009 04/07/2009 04/28/2009 05/05/2009 05/12/2009 05/28/2009 06/12/2009 06/12/2009 06/12/2009 06/12/2009 06/12/2009 06/30/2009 07/09/2009 07/17/2009 07/20/2009 07/20/2009 07/23/2009 07/27/2009 07/30/2009 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 4.30% 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 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 2.2% DUE 10/09/08 NON-CALL 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 FNMA 4.00% DUE 01/26/09 CALL 01/26/07 FHLB 5.00% DUE 2/4/09 NON-CALL 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 FHLB 2.4% DUE 4/7/09 CALL 10/07/08 FHLMC 2.750% DUE 04/28/09 CALL 04/28/06 FHLMC DUE 05/05/09 CALL 05/05/05 FFC 9.55% DUR 5/12/09 NON-CALL FHLB 4.07% DUE 5/28/09 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 FHLB 5.250% DUE 6/12/09 NON-CALL FHLMC 4.10% DUE 6/30/09 NON-CALL FHLMC 3.25% DUE 7/9/09 NON-CALL FHLB 5.375% DUE 7/17/09 NON-CALL FFCB 5.15% DUE 7/20/09 NON-CALL FFCB 5.150% DUE 7/20/09 NON-CALL FHLB 3.1% DUE 7/23/09 NON-CALL FHLB 4.180% DUE 7/27/09 NON-CALL FHLMC 4.375% DUE 7/30/09 NON-CALL PAR VALUE 3,000,000.00 3,763,000.00 3,000,000.00 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 1,000,000.00 3,000,000.00 1 ,000,000.00 3,000,000.00 3,000,000.00 1,315,000.00 3,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 1,000,000.00 2,000,000.00 3,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 500,000.00 1,270,000.00 INVESTED AMOUNT 3,000,000.00 3,714,081.00 3,000,000.00 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 1,000,000.00 2,990,820.00 998,850.00 3,000,000.00 2,993,100.00 1 ,347,059.70 2,973,270.00 2,913,835.02 1 ,980,625.00 2,000,000.00 5,000,000.00 5,000,000.00 2,155,378.00 1,019,418.00 2,022,809.38 5,030,000.00 2,006,972.34 2,015,549.68 4,150,240.00 1,016,880.00 2,020,560.00 3,103,028.04 1,001,858.80 2,012,808.76 2,019,092.00 508,810.00 1 ,286,826.23 RETURN RATE 4.300% 5.014% 4.352% 4.500% 3.284% 4.937% 4.850% 5.125% 5.000% 5.125% 4.927% 3.209% 2.200% 5.120% 5.075% 4.000% 4.069% 2.287% 3.321% 3.770% 4.200% 2.400% 3.474% 4.262% 4.190% 2.530% 4.705% 4.940% 5.050% 4.800% 2.230% 2.646% 2.500% 2.450% 5.050% 4.800% 2.350% 2.981% 3.500% INTEREST 64,500.00 272,817.50 393,000.00 700,000.00 496,875.00 243,045.00 400,996.96 683,333.33 139,388.33 339,118.75 256,400.00 23,017.11 11,000.00 222,330.00 79,066.66 480,000.00 436,566.67 28,028.49 491,313.33 547,102.48 415,625.00 48,000.00 875,000.00 1 ,075,000.00 133,244.22 33,152.83 212,857.29 514,687.50 190,485.99 177,825.32 116,343.33 31 ,864.44 70,801.11 90,471.96 100,425.92 187,755.13 61 ,680.22 22,830.28 70,530.37 INVESTMENT RETURN 3,064,500.00 3,986,898.50 3,393,000.00 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 1,011,000.00 3,213,150.00 1,077,916.66 3,480,000.00 3,429,666.67 1,375,088.19 3,464,583.33 3,460,937.50 2,396,250.00 2,048,000.00 5,875,000.00 6,075,000.00 2,288,622.22 1,052,570.83 2,235,666.67 5,544,687.50 2,197,458.33 2,193,375.00 4,266,583.33 1 ,048,744.44 2,091,361.11 3,193,500.00 1,102,284.72 2,200,563.89 2,080,772.22 531 ,640.28 1 ,357,356.60 TERM (Days) 183 533 1,096 1,096 1,827 602 610 609 511 486 637 260 183 532 571 1,461 1,309 336 1,809 1,795 1,798 365 1,826 1,826 551 470 821 759 688 673 464 434 m512 X 438 ^DO726 >-< 711 "* 475 ^ 552 573 INVESTMENT REPORT AS OF MAY 31,2008 INVESTMENT DATE 03/13/2008 03/25/2008 05/15/2007 11/01/2006 01/22/2008 08/17/2007 03/14/2007 01/22/2008 02/01/2008 11/13/2007 03/19/2007 03/05/2008 01/22/2008 03/06/2008 01/28/2008 01/31/2008 01/22/2008 01/22/2008 01/22/2008 02/01/2008 02/04/2008 02/04/2008 01/28/2008 01/31/2008 01/28/2008 02/04/2008 02/13/2008 04/02/2008 04/22/2008 01/28/2008 04/28/2008 07/25/2007 04/22/2008 05/05/2008 12/21/2007 02/26/2008 05/08/2008 — 10/09/2007 [\1 06/30/2006 07/25/2007 MATURITY DATE 07/30/2009 07/30/2009 08/01/2009 08/05/2009 08/05/2009 08/17/2009 09/11/2009 09/11/2009 09/11/2009 09/30/2009 10/02/2009 10/23/2009 10/28/2009 11/06/2009 11/13/2009 11/13/2009 11/16/2009 11/18/2009 12/11/2009 01/29/2010 02/04/2010 02/04/2010 02/12/2010 02/12/2010 03/08/2010 03/12/2010 03/12/2010 03/12/2010 04/07/2010 04/28/2010 04/28/2010 05/03/2010 05/11/2010 05/14/2010 05/28/2010 06/11/2010 06/11/2010 06/22/2010 06/30/2010 07/06/2010 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA SECURITY FHLMC 4.375% DUE 7/30/09 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 FHLB 5.25% DUE 9/11/09 NON-CALL FHLMC 3.5$ DUE 9/30/09 NON-CALL FHLB 5.0% DUE 10/2/09 NON-CALL FFCB 5.00% DUE 10/23/09 NON-CALL FNMA 4.0% DUE 10/28/09 NON-CALL FFCB 4.350% DUE 11/06/09 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 FHLMC 3.25% DUE 1/29/10 CALL 7/29/08 FHLB 3.00% DUE 2/04/10 CALL 11/4/08 FHLB 3.20% DUE 2/4/10 CALL 8/4/08 FHLB 3.875% DUE 2/12/10 NON-CALL FHLB 37.375% DUE 2/12/10 NON-CALL FNMA 4.40% DUE 03/08/10 NON-CALL FHLB 2.375% DUE 3/12/10 NON-CALL FHLB 2.375% DUE 3/12/10 NON-CALL FHLB 2.750% DUE 3/12/10 NON-CALL FFCB 2.375% DUE 4/7/10 NON-CALL FHLMC 4.02% DUE 4/28/10 NON-CALL FNMA 3.0% DUE 4/28/10 CALL 4/28/09 FFCB 4.780% DUE 5/03/10 NON-CALL FFCB 5.320% DUE 5/11/10 NON-CALL FHLB 7.625% DUE 5/14/10 NON-CALL FNMA 3.625% DUE 5/28/10 NON-CALL FHLB 4.25% DUE 6/11/10 NON-CALL FHLB 3.00% DUE 6/11/10 NON-CALL 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 PAR VALUE 1,000,000.00 2,000,000.00 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 1,000,000.00 3,000,000.00 2,000,000.00 500,000.00 1 ,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 2,080,000.00 3,000,000.00 3,000,000.00 650,000.00 1 ,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 2,000,000.00 1 ,500,000.00 3,000,000.00 2,000,000.00 1 ,000,000.00 3,000,000.00 2,000,000.00 1 ,000,000.00 1 ,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 INVESTED AMOUNT 1 ,027,740.00 2,052,000.00 990,198.00 5,048,115.85 2,070,366.00 3,000,000.00 1 ,984,643.55 3,070,602.00 1,041,519.37 990,283.25 3,014,820.00 2,090,620.00 508,645.00 1,031,080.00 2,049,060.00 1 ,024,930.00 2,038,020.00 2,124,168.80 3,114,720.00 3,000,000.00 650,000.00 1,000,000.00 1,020,550.00 2,177,668.00 2,064,240.00 1 ,989,880.00 1 ,994,095.84 1 ,006,020.00 1 ,984,800.00 1 ,537,935.00 2,999,250.00 1 ,981 ,720.00 1,050,120.00 3,273,695.78 1 ,996,499.26 1 ,030,795.00 999,862.00 2,991,510.00 3,000,000.00 1 ,000,640.00 RETURN RATE 2.320% 2.400% 4.900% 4.870% 2.891% 5.000% 4.705% 2.890% 2.600% 4.040% 4.790% 2.160% 2.986% 2.434% 2.711% 2.805% 2.916% 2.918% 2.900% 3.250% 3.000% 3.200% 2.830% 2.841% 2.821% 2.622% 2.520% 2.430% 2.776% 2.850% 3.013% 5.135% 2.790% 2.950% 3.700% 2.849% 3.005% 4.610% 5.520% 5.100% INTEREST 32,659.31 65,881.94 107,754.22 676,675.82 90,925.67 300,000.00 233,377.28 144,137.58 43,073.96 75,536.19 365,596.67 72,713.33 26,688.33 41 ,420.00 98,752.50 50,861 .67 107,313.33 112,177.87 168,196.67 194,458.33 39,000.00 64,000.00 58,456.94 122,248.67 121,537.78 110,133.89 104,730.55 47,452.22 108,220.83 97,740.00 180,750.00 283,304.44 59,087.78 189,522.97 180,118.80 66,482.78 62,888.00 373,365.00 662,400.00 150,405.14 INVESTMENT RETURN 1,060,399.31 2,117,881.94 1 ,097,952.22 5,724,791 .67 2,161,291.67 3,300,000.00 2,218,020.83 3,214,739.58 1,084,593.33 1,065,819.44 3,380,416.67 2,163,333.33 535,333.33 1,072,500.00 2,147,812.50 1,075,791.67 2,145,333.33 2,236,346.67 3,282,916.67 3,194,458.33 689,000.00 1,064,000.00 1,079,006.94 2,299,916.67 2,185,777.78 2,100,013.89 2,098,826.39 1,053,472.22 2,093,020.83 1,635,675.00 3,180,000.00 2,265,024.44 1,109,207.78 3,463,218.75 2,176,618.06 1,097,277.78 1 ,062,750.00 3,364,875.00 3,662,400.00 1,151,045.14 TERM (Days) 504 492 809 1,008 561 731 912 598 588 687 928 597 645 610 655 652 664 666 689 728 731 731 746 743 770 767 758 709 715 821 730 1,013 749 739 889 836 764 987 1,461 1,077 INVESTMENT REPORT AS OF MAY 31, 2008 INVESTMENT DATE 03/12/2008 02/20/2008 02/13/2008 10/30/2007 02/12/2008 09/18/2007 09/26/2007 05/08/2008 09/26/2007 10/30/2007 04/07/2008 05/05/2008 11/04/2005 11/14/2005 11/17/2005 04/07/2008 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 02/20/2008 03/24/2006 04/20/2006 04/28/2006 11/20/2007 01/28/2008 08/31/2007 05/08/2008 03/15/2007 06/30/2006 03/09/2007 08/01/2007 08/31/2007 05/08/2008 MATURITY DATE 07/26/2010 07/28/2010 07/30/2010 08/10/2010 08/12/2010 08/23/2010 09/10/2010 09/10/2010 09/13/2010 10/01/2010 10/15/2010 10/22/2010 11/04/2010 11/04/2010 11/17/2010 12/10/2010 12/15/2010 01/07/2011 02/09/201 1 02/24/201 1 02/24/201 1 02/24/201 1 02/24/201 1 02/24/201 1 02/24/2011 02/24/201 1 03/11/2011 03/24/201 1 04/06/2011 04/06/2011 05/20/2011 05/20/2011 06/10/2011 06/10/2011 06/15/2011 06/30/201 1 07/14/2011 07/15/2011 07/15/2011 07/15/2011 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA SECURITY FHLB 4.44% DUE 7/26/10 NON-CALL FNMA 4.70% DUE 7/28/10 NON-CALL FHLB 5.00% DUE 7/30/10 NON-CALL FHLB 4.7% DUE 8/10/10 NON-CALL FHLB 3.190% DUE 8/12/10 CALL 8/12/08 FHLMC 5.125% DUE 8/23/10 NON-CALL FHLB 5.125% DUR 9/10/10 NON-CALL FHLB 3.00% DUE 9/10/10 NON-CALL FFCB 5.25% DUE 9/13/10 NON-CALL FHLMC 5.00% DUE 10/01/10 CALL 10/01/08 FNMA 5.00% DUE 10/15/10 CALL 10/15/08 FHLB 4.375% DUE 10/22/10 NON-CALL 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 3.5% DUE 12/10/10 CALL 12/10/08 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 2.875% DUE 3/11/11 NON-CALL 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 FHLB 5.25% 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 FAMCA 5.5% DUE 7/15/11 NON-CALL PAR VALUE 1 ,000,000.00 3,000,000.00 2,550,000.00 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 1 ,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 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 3,000,000.00 2,421,000.00 2,000,000.00 3,000,000.00 1,000,000.00 1,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 629,000.00 2,000,000.00 INVESTED AMOUNT 1,043,000.00 3,134,430.00 2,688,248.25 1,009,328.80 3,000,000.00 3,048,120.00 2,034,188.23 1 ,994,876.00 2,041,700.00 3,010,560.00 1,013,145.00 1,032,893.26 4,970,500.00 4,945,500.00 5,000,000.00 2,011,980.00 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 2,993,378.76 3,000,000.00 2,976,375.00 2,396,790.00 2,016,000.00 3,078,630.00 1,020,930.00 1 ,055,434.00 5,000,000.00 2,000,000.00 1 ,909,480.00 3,034,380.00 644,775.32 2,116,712.00 RETURN RATE 2.559% 2.786% 2.710% 4.337% 3.190% 4.530% 4.500% 3.115% 4.490% 4.868% 4.443% 2.980% 4.935% 5.050% 5.030% 3.265% 5.035% 4.125% 5.000% 5.150% 5.319% 5.466% 5.473% 5.489% 5.510% 5.169% 2.950% 5.250% 5.433% 4.483% 4.252% 3.651% 4.761% 3.345% 5.030% 5.650% 4.805% 5.175% 4.781% 3.545% INTEREST 62,326.67 209,453.33 175,897.58 121,226.76 239,250.00 402,452.92 268,756.21 145,457.34 269,508.33 427,356.67 112,966.11 74,901 .88 1 ,229,500.00 1 ,247,833.33 1,257,500.00 175,270.00 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 1,117,395.83 270,402.49 787,500.00 805,000.00 651,955.12 299,000.00 368,370.00 181,976.25 106,732.67 1,068,875.00 565,000.00 406,997.78 618,286.67 118,184.21 233,760.22 INVESTMENT RETURN 1,105,326.67 3,343,883.33 2,864,145.83 1,130,555.56 3,239,250.00 3,450,572.92 2,302,944.44 2,140,333.34 2,311,208.33 3,437,916.67 1,126,111.11 1,107,795.14 6,200,000.00 6,193,333.33 6,257,500.00 2,187,250.00 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 3,263,781.25 3,787,500.00 3,781,375.00 3,048,745.12 2,315,000.00 3,447,000.00 1 ,202,906.25 1,162,166.67 6,068,875.00 2,565,000.00 2,316,477.78 3,652,666.67 762,959.53 2,350,472.22 TERM (Days) 866 889 898 1,015 912 1,070 1,080 855 1,083 1,067 921 900 1,826 1,816 1,826 977 1,826 1,096 1,826 1,826 1,793 1,763 1,758 1,744 1,721 1 ,576 1,115 1,826 1,812 1,804 1,277 1,208 1,379 1,128 1,553 1,826 1,588 1,444 1,414 1,163 INVESTMENT REPORT AS OF MAY 31, 2008 INVESTMENT DATE 03/19/2007 03/05/2008 05/29/2008 03/05/2007 03/15/2007 10/30/2007 03/15/2007 10/05/2007 12/13/2007 10/19/2007 03/05/2008 03/19/2007 05/12/2008 02/13/2008 08/07/2007 03/26/2007 03/26/2007 04/20/2007 08/17/2007 05/21/2007 07/25/2007 07/25/2007 07/25/2007 03/18/2008 08/07/2007 12/10/2007 07/30/2007 09/10/2007 05/05/2008 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 MATURITY DATE 08/15/2011 08/19/2011 08/29/201 1 09/09/201 1 09/09/201 1 09/15/2011 10/05/2011 10/05/2011 10/06/2011 10/19/2011 10/27/2011 11/18/2011 01/23/2012 02/13/2012 03/02/2012 03/26/2012 03/26/2012 03/26/2012 04/03/2012 04/12/2012 05/23/2012 06/08/2012 06/08/2012 06/26/2012 06/29/2012 07/20/2012 07/30/2012 09/10/2012 09/14/2012 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 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 5.75% DUE 8/15/11 NON-CALL FHLB 3.55% DUE 8/19/11 NON-CALL FHLMC 3.53% DUE 8/29/11 CALL 5/29/09 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 5.30% DUE 10/27/11 CALL 10/27/09 FHLB 4.875% DUE 11/18/11 NON-CALL FHLB 3.52% DUE 1/23/12 CALL 1/23/09 FFCB 3.875% DUE 2/13/12 CALL 5/13/08 FNMA 5.375% DUE 3/02/12 CALL 9/2/08 FHLMC 5.0% DUE 3/26/12 CALL 3/26/10 FHLMC 5.0% DUE 3/26/12 CALL 3/26/10 FHLMC 5.0% DUE 3/26/12 CALL 3/26/10 FHLMC 5.25% DUE 4/3/12 CALL FFCB 4.875% DUE 4/12/12 NON-CALL TVA 6.790% DUE 5/23/12 NON-CALL FHLB 5.375% DUE 6/8/12 NON-CALL FHLB 5.375% DUE 6/8/12 NON-CALL FHLB 5.750% DUE 6/26/12 CALL 6/26/09 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 FHLB 5.00% DUE 9/14/12 NON-CALL 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 PAR VALUE 3,000,000.00 1,000,000.00 1,000,000.00 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 2,000,000.00 3,000,000.00 1,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 1,770,000.00 1,000,000.00 1,175,000.00 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 INVESTED AMOUNT 3,111,810.00 1,000,000.00 1,000,000.00 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 2,085,000.00 3,009,690.00 1 ,000,000.00 998,700.00 1 ,994,000.00 2,000,000.00 3,000,000.00 999,687.50 2,998,500.00 1 ,987,880.00 2,130,980.00 1,005,040.00 1,005,254.43 2,075,680.00 2,005,000.00 1,037,000.00 1 ,770,000.00 1,000,000.00 1,238,814.19 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 RETURN RATE 4.800% 3.550% 3.530% 4.773% 4.730% 4.390% 4.720% 4.900% 4.966% 5.000% 4.033% 4.795% 3.521% 3.910% 5.449% 5.000% 5.000% 5.006% 5.261% 5.015% 5.235% 5.255% 5.250% 4.760% 5.564% 4.677% 5.520% 5.200% 3.640% 5.115% 4.892% 4.100% 5.000% 5.152% 4.746% 4.653% 4.952% 4.675% 4.675% 4.061% INTEREST 648,148.33 122,672.22 114,725.00 432,91 1 .1 1 640,148.00 522,075.00 647,473.00 392,000.00 190,537.17 600,000.00 301,311.11 672,403.75 130,142.22 156,300.00 497,215.28 500,000.00 750,000.00 246,979.17 730,375.00 489,057.50 524,632.22 256,692.64 256,478.21 415,625.56 545,625.00 220,300.00 488,520.00 260,000.00 192,237.89 252,635.42 243,661.11 401,970.00 500,000.00 501,671.33 705,333.33 460,000.00 487,925.00 1,168,750.00 935,000.00 409,022.22 INVESTMENT RETURN 3,759,958.33 1,122,672.22 1,114,725.00 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 2,386,311.11 3,682,093.75 1,130,142.22 1,155,000.00 2,491,215.28 2,500,000.00 3,750,000.00 1 ,246,666.67 3,728,875.00 2,476,937.50 2,655,612.22 1,261,732.64 1,261,732.64 2,491,305.56 2,550,625.00 1 ,257,300.00 2,258,520.00 1,260,000.00 1,431,052.08 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 TERM (Days) 1,610 1,262 1,187 1,649 1,639 1,416 1,665 1,461 1,393 1,461 1,331 1,705 1,351 1,461 1,669 1,827 1,827 1,802 1,691 1,788 1,764 1,780 1,780 1,561 1,788 1,684 1,827 1,827 1,593 1,799 1,813 1,773 1,827 1,774 1,798 1,790 1,797 1,827 1,827 1,811 INVESTMENT REPORT AS OF MAY 31, 2008 INVESTMENT DATE 01/14/2008 01/28/2008 02/04/2008 02/20/2008 03/10/2008 03/18/2008 05/08/2008 05/14/2008 08/24/2005 12/27/2007 03/02/2008 04/24/2007 05/23/2007 11/03/2006 11/01/2007 01/30/2008 01/31/2008 04/09/2008 03/19/2008 11/01/2007 03/19/2008 02/03/2006 01/31/2008 03/16/2007 10/11/2007 09/28/2007 02/17/2006 03/30/2006 06/20/2006 MATURITY DATE 01/14/2013 01/28/2013 01/30/2013 02/20/2013 03/08/2013 03/18/2013 05/06/2013 05/14/2013 08/11/2008 06/23/2008 03/02/2009 08/03/2009 08/10/2009 09/10/2009 10/27/2009 01/15/2010 01/15/2010 01/15/2010 06/15/2010 07/01/2010 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 TYPE FA FA FA FA FA FA FA FA FA FN CD CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN SECURITY FHLB 4.25% DUE 01/14/13 CALL 10/14/08 FHLB 4.20% DUE 01/28/13 CALL 01/28/09 FHLB 4.35% DUE 1/30/13 CALL 1/30/09 FHLB 4.00% DUE 2/20/1 3 CALL 2/20/09 FHLB 3.50% DUE 3/8/13 NON-CALL FHLMC 4.00% DUE 3/18/13 CALL 9/18/08 FNMA 4.35$% DUE 5/06/13 CALL 1 1/06/08 FHLB 4.00% DUE 5/1 4/1 3 CALL 5/1 5/1 0 SUB-TOTAL Poinsettia District Investment FFCB 4.3% DUE 08/1 1/08 NON-CALL SUB-TOTAL Federal Investments Total FMCDN DUE 6/23/08 NON-CALL SUB-TOTAL .WELLS FARGO BANK 9218910637 SUB-TOTAL BANK OF AMERICA 4.625% DUE 8/3/09 NON-CALL WAL-MART 6.875% DUE 8/10/09 NON-CALL 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 WELLS FARGO CO 4.2% DUE 1/15/10 NON-CALL GOLDMAN SACHS 4.50% DUE 6/15/10 NON-CALL WAL-MART 4.125% DUE 7/01/10 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 2/14/1 1 NON-CALL CITIGROUP 5.125% DUE 2/14/1 1 NON-CALL CITIGROUP 5.125% DUE 2/14/1 1 NON-CALL PAR VALUE 3,000,000.00 3,000,000.00 4,000,000.00 4,000,000.00 3,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 399,443,000.00 2,985,000.00 2,985,000.00 402,428,000.00 4,000,000.00 4,000,000.00 33,000.00 33,000.00 2,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 2,000,000.00 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 INVESTED AMOUNT 3,000,000.00 3,000,000.00 4,040,000.00 4,000,000.00 2,963,940.00 999,000.00 2,002,800.00 2,000,000.00 402,390,690.68 2,990,313.30 2,990,313.30 405,381,003.98 3,917,162.78 3,917,162.78 33,000.00 33,000.00 1,983,918.00 5,187,303.82 4,884,751 .43 2,030,120.00 2,040,548.16 2,038,582.81 1,018,383.81 1 ,025,648.53 991,910.00 2,060,389.92 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 RETURN RATE 4.250% 4.200% 4.126% 4.000% 3.765% 4.022% 4.318% 4.000% 4.244% 4.235% 0.031% 4.116% 4.324% 4.324% 1 .880% 1.880% 5.000% 5.060% 5.000% 4.450% 3.050% 3.100% 3.120% 3.300% 4.448% 2.750% 4.900% 3.300% 4.720% 4.870% 5.090% 5.125% 5.220% 5.500% INTEREST 637,500.00 630,000.00 828,066.67 800,000.00 560,476.67 201,000.00 431,716.67 320,000.00 61,431,190.84 375,116.66 375,116.66 61,806,307.50 82,837.22 82,837.22 13,081.60 13,081.60 226,519.50 573,720.49 703,633.99 178,713.33 121,014.34 122,750.52 55,816.19 75,101.47 118,090.00 127,985.08 653,849.91 169,690.84 483,790.01 276,642.22 145,734.17 1,279,114.58 507,609.68 507,178.40 INVESTMENT RETURN 3,637,500.00 3,630,000.00 4,868,066.67 4,800,000.00 3,524,416.67 1 ,200,000.00 2,434,516.67 2,320,000.00 463,821,881.52 3,365,429.96 3,365,429.96 467,187,311 4,000,000.00 4,000,000.00 503,847.08 503,847.08 2,210,437.50 5,761,024.31 5,588,385.42 2,208,833.33 2,161,562.50 2,161,333.33 1 ,074,200.00 1,100,750.00 1,110,000.00 2,188,375.00 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 TERM (Days) 1,827 1,827 1,822 1,827 1,824 1,826 1,824 1,826 1,187 1,083 1,083 2,270 179 179 365 365 832 810 1,042 726 716 715 646 818 973 834 1,637 921 1,248 1,039 1,053 1,823 1,782 1,700 INVESTMENT REPORT AS OF MAY 31, 2008 INVESTMENT DATE 04/19/2006 06/12/2006 04/16/2007 05/21/2007 05/30/2008 05/30/2008 05/29/2007 03/20/2007 10/11/2007 11/15/2007 04/30/2008 08/31/2007 05/30/2008 08/31/2007 10/31/2007 11/23/2007 01/30/2008 04/24/2008 05/07/2008 05/30/2008 05/09/2008 MATURITY DATE 03/01/2011 04/28/2011 04/28/2011 05/18/2011 08/26/201 1 09/15/2011 11/15/2011 02/15/2012 02/15/2012 02/15/2012 04/16/2012 06/15/2012 06/15/2012 08/15/2012 10/19/2012 10/19/2012 10/23/2012 04/10/2013 04/10/2013 04/30/2013 05/09/2013 TYPE 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 0 0 O SECURITY 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 WELLS FARGO CO 5.30% DUE 8/26/11 NON-CALL GENWORTH GLOBAL 5.375% DUE 9/15/11 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 PRINCIPAL LIFE INC 4.5% DUE 4/16/12 NON-CALL GENERAL ELECTRIC 6.00% DUE 6/15/12 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 MET LIFE GLOBAL FUNDING 5.125% DUE 4/10/13 NON-CAL MET LIFE GLOBAL FUNDING 5.125% DUE 4/10/13 NON-CAL ALL STATE LIFE 5.375% DUE 4/30/13 NON-CALL NEW YORK LIFE 4.650% DUE 5/9/13 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 •CALL \LL N-CALL .L 11/1 5/08 vl-CALL CALL CALL ALL. •CALL •CALL IN-CALL JN-CALL JN-CALL LL I/13NON-CAL I/13NON-CAL -L L SUB-TOTAL r M SUB-TOTAL PAR VALUE 3,000,000.00 3,000,000.00 3,000,000.00 4,000,000.00 1,000,000.00 2,000,000.00 1 ,850,000.00 5,956,000.00 3,000,000.00 2,000,000.00 1,000,000.00 1,000,000.00 1 ,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 86,806,000.00 557,282.00 1,314,595.76 953.67 22,951 ,000.00 8,349,380.09 20,160,734.13 19,140,503.66 72,474,449.31 INVESTED AMOUNT 2,974,590.00 3,006,145.34 3,048,646.38 4,054,280.00 1,032,919.79 2,016,628.76 1 ,850,000.00 6,187,688.40 3,089,347.40 2,089,414.35 1,000,000.00 1,033,437.31 1 ,052,958.51 1,017,457.28 2,036,663.70 2,065,283.50 1,042,814.41 1,003,232.48 2,019,402.04 2,023,559.81 1 ,006,649.66 87,873,569.27 557,282.00 1,314,595.76 953.67 22,951 ,000.00 8,349,380.09 20,160,734.13 19,140,503.66 72,474,449.31 RETURN RATE 5.400% 5.450% 5.050% 5.070% 4.200% 5.100% 5.500% 4.970% 5.100% 4.700% 4.500% 5.200% 4.550% 4.750% 4.830% 4.500% 4.240% 5.050% 4.900% 5.100% 4.500% 4.759% 0.875% 0.875% 1 .860% 3.220% 3.220% 3.220% 3.220% 3.159% INTEREST 784,610.00 798,687.99 616,853.62 815,903.33 138,741.32 344,093.46 453,918.06 1,483,867.09 676,360.93 409,960.65 178,375.00 253,896.02 189,541.49 237,753.83 484,836.30 449,799.83 205,539.76 251 ,024.46 485,410.46 504,981 .86 225,850.34 16,316,960.52 13.36 31.51 0.05 2,052.84 746.81 1,803.27 1,712.01 6,359.84 INVESTMENT RETURN 3,759,200.00 3,804,833.33 3,665,500.00 4,870,183.33 1,171,661.11 2,360,722.22 2,303,918.06 7,671,555.49 3,765,708.33 2,499,375.00 1,178,375.00 1,287,333.33 1,242,500.00 1,255,211.11 2,521,500.00 2,515,083.33 1,248,354.17 1,254,256.94 2,504,812.50 2,528,541.67 1 ,232,500.00 104,190,529.79 557,295.36 1,314,627.27 953.72 22,953,052.84 8,350,126.90 20,162,537.40 19,142,215.67 72,480,809.15 TERM (Davsl 1,777 1,781 1,473 1,458 1,183 1,203 1,631 1,793 1,588 1,553 1,447 1,750 1,477 1,811 1,815 1,792 1,728 1,812 1,799 1,796 1,826 1,380 1 1 1 1 1 1 1 GRAND TOTAL 565,741,449.31 569,679,185.34 4.095% 78,225,546.68 648,362,497.50 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MAY 31, 2008 Cash Balance by Fund: General 70,865,264 Special Revenue 41,208,555 Debt Service 3,572,567 Capital Projects: General Capital Construction 57,807,137 Traffic Impact Fees 13,134,521 Public Facilities Fees 49,270,573 Park Development 7,407,189 Transnet Taxes 6,333,635 Drainage Fees 9,866,969 Special Districts 87,857,932 Infrastructure Replacement 37,939,183 Other Capital Construction 2,084,524 Total 271,701,664 Enterprise: Carlsbad Municipal Water District 60,133,598 Sewer Fund 57,958,453 Solid Waste 6,823,292 Storm Water 939,757 Golf Course 823,176 Total 126,678,276 Internal Service 31,491,283 Agency Funds 25,533,860 Redevelopment Funds (1) 0 Misc. Special Funds 0 Total General Ledger Balance ** 571,051,467 Reconciling Adjustments (2) (1,565,858) Total Treasurer's Investment Portfolio at Amortized Cost 569,485,610 (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 6/6/08 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 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 ALL STATE LIFE AA2 AA BANK OF AMERICA AAA AA+ BERKSHIRE HATHAWAY AAA AAA CITIGROUP AA3 AA- GENERAL ELECTRIC AAA AAA GENWORTH GLOBAL AA3 AA- GOLDMAN SACHS AA3 AA- JOHNSON& JOHNSON AAA AAA MET LIFE GLOBAL AA2 AA NEW YORK LIFE AAA AAA PRINCIPAL LIFE AA2 AA TOYOTA AAA AAA US BANCORP AA2 AA WAL-MART AA2 AA WELLS FARGO 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 2,985,642 2,987,610 MERRILL LYNCH A1 A+ 09/10/2009 11/03/2006 4,948,492 4,845,450 * 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 MAY 31, 2008 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* ALL STATE LIFE 2,023,559.81 0.36% BANK OF AMERICA 1,983,918.00 0.35% BERKSHIRE HATHAWAY 4,079,130.97 0.72% CITIGROUP 8,961,239.70 1.57% GENERAL ELECTRIC CAP 27,489,704.89 4.83% GENWORTH GLOBAL 2,016,628.76 0.35% GOLDMAN SACHS 1,025,648.53 0.18% HOME DEPOT 2,974,590.00 0.52% JOHNSON & JOHNSON 1,017,457.28 0.18% MERRILL LYNCH 4,884,751.43 0.86% MET LIFE GLOBAL FUND 3,022,634.52 0.53% NEW YORK LIFE 1,994,269.66 0.35% PRINCIPAL LIFE 1,000,000.00 0.18% TOYOTA 4,054,280.00 0.71% US BANKCORP 2,952,150.09 0.52% WAL-MART 13,235,872.90 2.32% WELLS FARGO 5,157,732.73 0.91% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** FAMCA 5,795,867.32 1.02% FHLMC DISCOUNT NOTE 3,917,162.78 0.69% FEDERAL FARM CREDIT BANK 31,410,818.86 5.51% FEDERAL HOME LOAN BANK 192,418,618.35 33.78% FEDERAL HOME LOAN MORTGAGE CORI 107,009,007.88 18.78% FEDERAL NATIONAL MORTGAGE ASSOC 65,625,513.51 11.52% HOUSING URBAN DEVELOPMENT (HUD) 990,198.00 0.17% TVA 2,130,980.00 0.37% Total Portfolio $569,679,185.34 * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers.