HomeMy WebLinkAbout2008-09-23; City Council; 19580; Report on City Investments1
CITY OF CARLSBAD - AGENDA BILL
AB#
MTG.
DEPT.
19.580
09/23/08
TRS
REPORT ON CITY INVESTMENTS
AS OF AUGUST 31, 2008
DEPT. HEAD -^^f
CITY ATTY. 7(<§2>
CITY MGR. Ih— '
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 August 31, 2008 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1 )
Market Value (2)
Current Month
539,820,306
544,287,548
543,397,023
546,566,601
Prior Month
554,007,732
558,328,026
557,687,310
561,044,118
(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 8/31/08.
The decrease in the investment totals between July and August is due mainly to the purchase
of land, $3.9 million for the Robertson Ranch Park, $1.9 million for affordable housing and $5.6
million for debt service payments.
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
COUNCIL ACTION:
CITY CLERKS USE ONLY.
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WITHDRAWN D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 AUGUST 31. 2008
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
General
Other $.7
Internal Servi
Agency $21 t
Special Revenue
$44
apital Projects
$275
Total Treasurer's Investment Portfolio at Amortized Cost
August 31,2008 $543.4 million
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
4,854,978
Prior
Month FYTD
1,995,192
Current Month
Income
2,859,786
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
June 2008
July 2008
August 2008
Average Life
(Years)
2.05
2.04
2.12
Average Yield
To Maturity
4.03%
4.00%
4.14%
Modified Duration
1.848
1.858
1.927
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
EXHIBITS FOR POOLED INVESTMENTS: (continued)
6. First Quarter Transactions
7. Detailed Investment Report
8. Fund Equity in Pooled Investments
9. Corporate Note and Commercial Paper Ratings
10. Percentage Weightings by Corporate Note Issuer
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF AUGUST 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
TOTALS
Current Month
33,000
0
0
0
399,589,747
90,659,970
50,201,589
250,000
2,082,854
579,863
$543,397,023
Prior Month
33,000
0
0
0
398,275,252
90,687,327
65,286,924
-
2,167,683
1,237,125
$557,687,310
CD - Certificate of Deposit
FN - Federal Discount Notes
CP - Corporate Paner
Current Month
33,000
0
0
0
402,356,963
91,062,331
50,201,589
250,000
2,082,854
579,863
$546,566,601
TR - US Treasury
FA - Federal Agency
CN - Corporate Notes
Prior Month
33,000
0
0
0
401,436,792
90,882,594
65,286,924
0
2,167,683
1,237,125
$561,044,118
Cash Income
Year to Date
105
0
0
0
3,202,257
1,195,214
453,107
553
3,742
0
$4,854,978
Current Month
1.88
0.00
0.00
0.00
4.19
4.77
2.78
1.88
0.88
0.88
4.14%
LAIF - Local Agency Investment Fund
Custody - Investment Cash account
SWEEP - General Fund Overnight Cash accco
Prior Month
1.88
0.00
0.00
0.00
4.06
4.77
2.79
1.91
0.81
0.81
4.00%
mX:ri — i
unt F!
Bank Account - General Fund Cash account
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF AUGUST 31,2008
BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME
CLASS WITHIN 6 MONTHS 7MONTHS TO 1 YEAR
CD
FN
CP
TR
FA
CN
LAIF
CUSTODY
SWEEP
BANKACCT
TOTALS
% TOTALS
Total within One Year
-
3,372,139
0
0
20,296,024
0
50,201,589
250,000
2,082,854
579,863
$76,782,469 (1)
14.1%
33,000
0
0
0
66,444,461
7,171,222
0
0
0
0
$73,648,683 (1)
13.5%
$150,431,152 (1)
1 TO 5 YEARS
0
0
0
0
310,154,049
83,702,347
0
0
0
0
$393,856,396
72.4%
TOTAL
33,000
3,372,139
0
0
396,894,534
90,873,569
50,201,589
250,000
2,082,854
579,863
$544,287,548
100.0%
% TOTAL
0.0%
0.6%
0.0%
0.0%
72.9%
16.7% (2)
9.2%
0.1%
0.4%
0.1%
100.0%
27.6%
POLICY: (1) Not less than $130,125,000 to mature within one year. (2/3rds of current year operating budget of $195,180,000.00)
(2) Policy states that not more than 30% of portfolio is to be invested in corporate notes.
mx
co
YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 1996 - AUGUST 2008
EX-LAIF
LAIF
MARKET YIELD CURVE
6/30/07, 6/30/08, 08/31/08
Market Rates
5,
4 C.9
3 C.9
2 C
•1 ^B ZZ»H ^^^^^^^^a^^i^^*^™^^^^^^^J
~
^ --; r"- "-^
_ ^- — -^--"r" * * "
^± ^* *r ."^" - - " **.9
,5iF— '
1 .9
O C
-r ;< ^ -<^ "
.9 n
3Mth
-•-06/30/2007
-A- 06/30/2008
- *- 08/31/2008
i i i
2Yr 5Yr 10 Yr
3Mth 2Yr 5 Yr 10 Yr
4.86 4.84 4.89 4.99
1.73 2.62 3.33 3.97
1.71 2.37 3.09 3.81
X:ci—i
DO
Cumulative Cash Income
FY08-09
Cumulative
Millions $
24
22
20
18
16
14
12
10
8
6
4
2
0
(August 08 )Monthly Interest Income
Millions $
2.9
i- 4 '" „
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Interest Income - -* - Budget —D—Actual
8
- 7
6
h 5
4
- 3
2
1
0
X3:i—i
DO
t—i
—I
CJ1
City of Carlsbad
TRANSACTIONS FOR PERIOD:
07/01/08 TO 08/31/08 1ST QUARTER 2008-2009
Trans
Date
BUYS
JULY
07/11/2008
07/09/2008
07/07/2008
AUGUST
08/04/2008
08/04/2008
08/05/2008
08/06/2008
08/05/2008
08/06/2008
08/18/2008
08/21/2008
08/21/2008
08/26/2008
08/27/2008
Investment
Date
07/15/2008
07/15/2008
07/17/2008
08/05/2008
08/05/2008
08/06/2008
08/07/2008
08/13/2008
08/13/2008
08/26/2008
08/22/2008
08/22/2008
08/27/2008
08/28/2008
TOTAL FIRST QUARTER
Maturity
Date
06/08/2012
07/15/2010
07/15/2012
07/23/2012
06/16/2010
06/02/201 1
07/07/201 1
08/13/2012
08/13/2013
08/26/201 1
09/14/2012
08/27/2008
07/17/2013
09/11/2008
2008-2009
Type
FA
FA
CN
FA
FA
FA
FA
FA
FA
FA
FA
FN
FA
FN
Security
FHLB
FFCB
PROTECTIVE LIFE
FFCB
FHLMC
FHLMC
FNMA
FHLB
FFCB
FNMA
FHLB
FHLBDN
FNMA
FHLBDN
Call
Date
N/A
N/A
N/A
N/A
N/A
12/02/2008
07/07/2009
08/13/2010
11/13/2008
08/26/2009
N/A
N/A
N/A
N/A
Par
Value
3,000,000.00
1 ,000,000.00
3,000,000.00
2,000,000.00
3,000,000.00
3,000,000.00
2,000,000.00
2,000,000.00
1,000,000.00
1 ,000,000.00
1 ,000,000.00
3,373,000.00
2,000,000.00
3,375,000.00
30,748,000.00
Coupon
4.375%
3.200%
5.050%
3.950%
3.500%
3.125%STEP
4.000%
4.350%
4.900%
4.000%
4.500%
0.000%
4.375%
0.000%
Amount
(Cost)
3,050,958.1 1
1 ,000,000.00
3,000,000.00
2,002,900.00
3,010,680.00
2,989,500.00
1 ,996,500.00
1 ,999,500.00
1 ,000,000.00
999,500.00
1 ,022,730.00
3,372,063.06
2,035,600.00
3,372,138.75
30,852,069.92
Return
Rate
3.90%
3.20%
5.05%
3.91%
3.30%
4.22%
4.06%
4.36%
4.90%
4.02%
3.89%
2.03%
3.97%
2.22%
3.655%
Interest
460,552.31
64,000.00
605,158.33
310,466.67
185,028.33
275,083.33
236,833.33
348,500.00
245,000.00
120,500.00
160,020.00
936.94
392,177.78
2,861 .25
3,407,118.27
Investment
Return
3,511,510.42
1,064,000.00
3,605,158.33
2,313,366.67
3,195,708.33
3,264,583.33
2,233,333.33
2,348,000.00
1 ,245,000.00
1,120,000.00
1,182,750.00
3,373,000.00
2,427,777.78
3,375,000.00
34,259,188.19
MATURITIES
JULY
AUGUST
SEPTEMBER
07/07/2005
07/28/2003
12/22/2006
12/21/2006
12/28/2006
08/24/2005
08/22/2008
04/20/2007
05/15/2007
07/07/2008
07/28/2008
08/15/2008
08/22/2008
08/28/2008
08/11/2008
08/27/2008
09/12/2008
09/12/2008
FA
FA
FA
FA
FA
FA
FN
FA
FA
FNMA
FHLB
FNMA
FHLB
FHLB
FFCB
FHLBDN
FHLMC
FHLMC
10/05/2005
07/28/2005
N/A
N/A
06/28/2007
N/A
N/A
N/A
N/A
5,000,000.00
3,000,000.00
3,000,000.00
5,000,000.00
8,000,000.00
2,985,000.00
3,373,000.00
2,000,000.00
5,000,000.00
4% STEP
2% STEP
4.5%STEP
3.875%STEP
5.125%
4.300%
0.000%
4.875%
5.125%
5,000,000.00
2,983,125.00
2,979,330.00
4,922,457.90
8,000,000.00
2,990,313.30
3,372,063.06
1 ,996,570.00
4,983,850.00
4.50%
3.28%
4.94%
4.85%
5.13%
4.24%
2.03%
5.00%
5.13%
700,000.00
496,875.00
243,045.00
400,996.96
683,333.33
375,116.66
936.94
139,388.33
339,118.75
5,700,000.00
3,480,000.00
3,222,375.00
5,323,454.86
8,683,333.33
3,365,429.96 m
3,373,000.00 aci — i
CO
2,1 35,958.33 3
5,322,968.75 °»
City of Carlsbad
TRANSACTIONS FOR PERIOD:
07/01/08 TO 08/31/08
Trans Investment Maturity
Date Date Date Type
1ST QUARTER 2008-2009
Security
SEPTEMBER (continued)
12/22/2006 09/19/2008 FA FHLMC
11/03/2006 09/10/2009 CN MERRILL LYNCH
TOTAL FIRST QUARTER 2008-2009
CALLS and /or SALES
JULY NONE
AUGUST NONE
SEPTEMBER
08/07/2007 03/02/2012 FN FNMA
TOTAL FIRST QUARTER 2008-2009
Call
Date
N/A
N/A
Par
Value
3,000,000.00
5,000,000.00
45,358,000.00
Coupon
4.480%
5.000%
Amount
(Cost)
2,977,680.00
4,884,751 .43
45,090,140.69
Return
Rate
4.93%
5.00%
4.569%
interest
256,400.00
703,633.99
4,338,844.96
Investment
Return
3,234,080.00
5,588,385.42
49,428,985.65
09/02/2008 2,000,000.00 5.375% 1,994,000.00 5.45% 497,215.28 2,491,215.28
2,000,000.00 1,994,000.00 5.449% 497,215.28 2,491,215.28
INVESTMENT REPORT
AS OF AUGUST 31, 2008
INVESTMENT
DATE
04/20/2007
05/15/2007
12/22/2006
01/17/2008
04/09/2008
05/21/2007
05/21/2007
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
06/11/2008
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
03/13/2008
03/25/2008
05/15/2007
11/01/2006
01/22/2008
08/17/2007
03/14/2007
- 01/22/2008
MATURITY
DATE
09/12/2008
09/12/2008
09/19/2008
10/03/2008
10/09/2008
11/03/2008
12/12/2008
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
05/15/2009
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
07/30/2009
07/30/2009
08/01/2009
08/05/2009
08/05/2009
08/17/2009
09/11/2009
09/11/2009
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
SECURITY
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
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
FNMA 4.25% DUE 5/15/09 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
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
PAR
VALUE
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
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
1,005,000.00
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
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
INVESTED
AMOUNT
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
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
1,018,080.08
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
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
RETURN
RATE
5.000%
5.125%
4.927%
3.209%
2.200%
5.120%
5.075%
4.069%
2.287%
3.321%
3.770%
4.200%
2.400%
3.474%
4.262%
4.190%
2.817%
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%
2.320%
2.400%
4.900%
4.870%
2.891%
5.000%
4.705%
2.890%
INTEREST
139,388.33
339,118.75
256,400.00
23,017.11
11,000.00
222,330.00
79,066.66
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
26,547.63
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
32,659.31
65,881.94
107,754.22
676,675.82
90,925.67
300,000.00
233,377.28
144,137.58
INVESTMENT
RETURN
2,135,958.33
5,322,968.75
3,234,080.00
1,031,111.11
1 ,01 1 ,000.00
3,213,150.00
1,077,916.66
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
1,044,627.71
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
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
TERM
(Days)
511
486
637
260
183
532
571
1,309
336
1,809
1,795
1,798
365
1,826
1,826
551
338
470
821
759
688
673
464
434
512
438
726
711
475
552
573
504
492 mX809 =C
1,008 co
561 !H
731 -J
912
598
INVESTMENT REPORT
AS OF AUGUST 31,2008
INVESTMENT
DATE
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
08/05/2008
10/09/2007
06/23/2008
06/25/2008
07/25/2007
07/15/2008
03/12/2008
02/20/2008
02/13/2008
? 10/30/2007
02/12/2008
MATURITY
PATE
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
06/16/2010
06/22/2010
06/23/2010
06/25/2010
07/06/2010
07/15/2010
07/26/2010
07/28/2010
07/30/2010
08/10/2010
08/12/2010
TYPE
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
SECURITY
FHLB 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
FHLMC 3.50% DUE 6/16/10 NON-CALL
FHLB 4.5% DUE 6/22/10 NON-CALL
FHLMC 3.60% DUE 6/23/10 CALL 9/23/08
FNMA 4.0% DUE 6/25/10 CALL 9/25/08
FNMA 5.125% DUE 7/6/10 NON-CALL
FFCB 3.200% DUE 7/15/10 NON-CALL
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
PAR
VALUE
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
2,000,000.00
3,000,000.00
1,000,000.00
1,000,000.00
1 ,000,000.00
3,000,000.00
2,550,000.00
1 ,000,000.00
3,000,000.00
INVESTED
AMOUNT
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
3,010,680.00
2,991,510.00
1 ,988,000.00
3,000,000.00
1,000,640.00
1,000,000.00
1 ,043,000.00
3,134,430.00
2,688,248.25
1,009,328.80
3,000,000.00
RETURN
RATE
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%
3.300%
4.610%
3.915%
4.000%
5.100%
3.200%
2.559%
2.786%
2.710%
4.337%
3.190%
INTEREST
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
185,028.33
373,365.00
156,000.00
240,000.00
150,405.14
64,000.00
62,326.67
209,453.33
175,897.58
121,226.76
239,250.00
INVESTMENT
RETURN
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
3,195,708.33
3,364,875.00
2,144,000.00
3,240,000.00
1,151,045.14
1,064,000.00
1,105,326.67
3,343,883.33
2,864,145.83
1,130,555.56
3,239,250.00
TERM
(Days)
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
680
987
730
730
1,077
730
866
889
898
1,015
912
INVESTMENT REPORT
AS OF AUGUST 31,2008
INVESTMENT
PATE
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
08/06/2008
08/31/2007
05/08/2008
03/15/2007
06/30/2006
08/07/2008
03/09/2007
08/01/2007
08/31/2007
05/08/2008
03/19/2007
03/05/2008
] 08/26/2008
MATURITY
DATE
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
01/07/201 1
02/09/201 1
02/24/201 1
02/24/2011
02/24/201 1
02/24/201 1
02/24/2011
02/24/2011
02/24/2011
03/11/2011
03/24/201 1
04/06/2011
04/06/201 1
05/20/2011
05/20/201 1
06/02/2011
06/10/2011
06/10/2011
06/15/2011
06/30/201 1
07/07/201 1
07/14/2011
07/15/2011
07/15/2011
07/15/2011
08/15/2011
08/19/2011
08/26/201 1
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 5.125% DUE 8/23/10 NON-CALL
FHLB 5.125% DDR 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
FHLMC 3.125% DUE 6/2/11 CALL 12/02/08
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 4.00% DUE 07/07/11 CALL 07/07/09
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
FHLB 5.75% DUE 8/15/11 NON-CALL
FHLB 3.55% DUE 8/19/11 NON-CALL
FNMA 4.0% DUE 8/26/11 CALL 8/26/09
PAR
VALUE
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
3,000,000.00
1 ,000,000.00
1,000,000.00
5,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
3,000,000.00
629,000.00
2,000,000.00
3,000,000.00
1 ,000,000.00
1,000,000.00
INVESTED
AMOUNT
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
2,989,500.00
1 ,020,930.00
1,055,434.00
5,000,000.00
2,000,000.00
1 ,996,500.00
1,909,480.00
3,034,380.00
644,775.32
2,116,712.00
3,111,810.00
1,000,000.00
999,500.00
RETURN
RATE
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%
4.223%
4.761%
3.345%
5.030%
5.650%
4.063%
4.805%
5.175%
4.781%
3.545%
4.800%
3.550%
4.018%
INTEREST
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
359,458.33
• 181,976.25
106,732.67
1,068,875.00
565,000.00
236,833.33
406,997.78
618,286.67
118,184.21
233,760.22
648,148.33
122,672.22
120,500.00
INVESTMENT
RETURN
3,450,572.92
2,302,944.44
2,140,333.34
2,31 1 ,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
3,348,958.33
1,202,906.25
1,162,166.67
6,068,875.00
2,565,000.00
2,233,333.33
2,316,477.78
3,652,666.67
762,959.53
2,350,472.22
3,759,958.33
1,122,672.22
1,120,000.00
TERM
(Days)
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
1,030
1,379
1,128
1,553
1,826
1,064
1,588
1,444
1,414
1,163
1,610
1,262
1,095
INVESTMENT REPORT
AS OF AUGUST 31,2008
INVESTMENT
DATE
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
06/02/2008
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
07/15/2008
03/18/2008
08/07/2007
12/10/2007
08/05/2008
07/30/2007
08/13/2008
09/10/2007
05/05/2008
08/22/2008
10/29/2007
10/29/2007
12/10/2007
10/22/2007
12/14/2007
11/28/2007
^ 12/06/2007
06/03/2008
MATURITY
DATE
08/29/201 1
09/09/2011
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
12/02/2011
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
06/08/2012
06/26/2012
06/29/2012
07/20/2012
07/23/2012
07/30/2012
08/13/2012
09/10/2012
09/14/2012
09/14/2012
10/01/2012
10/15/2012
10/17/2012
10/22/2012
10/22/2012
10/30/2012
10/30/2012
11/13/2012
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
SECURITY
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
FHLMC 4.0% DUE 12/02/11 CALL 12/02/08
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 4.375% 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
FFCB 3.950% DUE 7/23/12 NON-CALL
FHLB 5.52% DUE 7/30/12 CALL 7/30/10
FHLB 4.35% DUE 8/13/12 CALL 8/13/10
FNMA 5.20% DUE 9/10/12 CALL 9/13/09
FHLB 5.00% DUE 9/14/12 NON-CALL
FHLB 4.5% 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
FNMA 6.41% DUE 11/13/12 NON-CALL
PAR
VALUE
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
2,000,000.00
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
3,000,000.00
2,000,000.00
2,000,000.00
1 ,000,000.00
2,000,000.00
1,770,000.00
2,000,000.00
1,000,000.00
1,175,000.00
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
1 ,807,000.00
INVESTED
AMOUNT
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
2,000,000.00
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
3,050,958.11
2,075,680.00
2,005,000.00
1,037,000.00
2,002,900.00
1,770,000.00
1,999,500.00
1 ,000,000.00
1,238,814.19
1 ,022,730.00
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
1 ,990,388.82
RETURN
RATE
3.530%
4.773%
4.730%
4.390%
4.720%
4.900%
4.966%
5.000%
4.033%
4.795%
4.000%
3.521%
3.910%
5.449%
5.000%
5.000%
5.006%
5.261%
5.015%
5.235%
5.255%
5.250%
3.900%
4.760%
5.564%
4.677%
3.910%
5.520%
4.357%
5.200%
3.640%
3.889%
5.115%
4.892%
4.100%
5.000%
5.152%
4.746%
4.653%
3.890%
INTEREST
114,725.00
432,911.11
640,148.00
522,075.00
647,473.00
392,000.00
190,537.17
600,000.00
301,311.11
672,403.75
280,000.00
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
460,552.31
415,625.56
545,625.00
220,300.00
310,466.67
488,520.00
348,500.00
260,000.00
192,237.89
160,020.00
252,635.42
243,661.11
401 ,970.00
500,000.00
501,671.33
705,333.33
460,000.00
331,405.40
INVESTMENT
RETURN
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
2,280,000.00
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
3,511,510.42
2,491 ,305.56
2,550,625.00
1 ,257,300.00
2,313,366.67
2,258,520.00
2,348,000.00
1,260,000.00
1,431,052.08
1,182,750.00
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
2,321,794.22
TERM
(Days)
1,187
1,649
1,639
1,416
1,665
1,461
1,393
1,461
1,331
1,705
1,278'
1,351
1,461
1,669
1,827
1,827
1,802
1,691
1,788
1,764
1,780
1,780
1,424
1,561
1,788
1,684
1,448
1,827
1,461
1,827
1,593
1,484
1,799
1,813
1,773
1,827
1,774
1,798
1,790
1,624
INVESTMENT REPORT
AS OF AUGUST 31,2008
°\
INVESTMENT
DATE
12/14/2007
12/21/2007
12/21/2007
01/23/2008
01/14/2008
01/28/2008
02/04/2008
02/20/2008
03/10/2008
03/18/2008
05/08/2008
05/14/2008
06/10/2008
08/27/2008
08/13/2008
08/28/2008
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
MATURITY
DATE
11/14/2012
12/21/2012
12/21/2012
01/07/2013
01/14/2013
01/28/2013
01/30/2013
02/20/2013
03/08/2013
03/18/2013
05/06/2013
05/14/2013
06/10/2013
07/17/2013
08/13/2013
09/11/2008
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
TYPE
FA
FA
FA
FA
FA
FA
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
SECURITY
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
FHLB 4.35% DUE 1/30/13 CALL 1/30/09
FHLB 4.00% DUE 2/20/13 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 5/14/13 CALL 5/15/10
FHLMC 4.0% DUE 6/10/13 CALL 6/10/09
FNMA 4.375% DUE 7/17/13 NON-CALL
FFCB 4.9% DUE 8/13/13 CALL 11/13/08
SUB-TOTAL
Poinsettia District Investment
FEDERAL HOME LOAN BANK DISCOUNT NOTE
SUB-TOTAL
Federal Investments Total
WELLS FARGO BANK 921 891 0637
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-CA1
BERKSHIRHATWY 4.125% DUE 1/15/10 NON-CALL
BERKSHIRHATWY4.125% 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
PAR
VALUE
2,000,000.00
5,000,000.00
4,000,000.00
2,000,000.00
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
3,000,000.00
2,000,000.00
1,000,000.00
393,492,000.00
3,375,000.00
3,375,000.00
396,867,000.00
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
INVESTED
AMOUNT
2,006,200.00
5,000,000.00
4,000,000.00
2,056,800.00
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
2,998,500.00
2,035,600.00
1,000,000.00
396,894,533.79
3,372,138.75
3,372,138.75
400,266,672.54
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
RETURN
RATE
4.952%
4.675%
4.675%
4.061%
4.250%
4.200%
4.126%
4.000%
3.765%
4.022%
4.318%
4.000%
4.717%
3.970%
4.900%
4.175%
2.218%
0.019%
4.194%
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%
INTEREST
487,925.00
1,168,750.00
935,000.00
409,022.22
637,500.00
630,000.00
828,066.67
800,000.00
560,476.67
201,000.00
431,716.67
320,000.00
714,000.00
392,177.78
245,000.00
61,664,712.83
2,861 .25
2,861 .25
61,667,574.08
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
INVESTMENT
RETURN
2,494,125.00
6,168,750.00
4,935,000.00
2,465,822.22
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
3,712,500.00
2,427,777.78
1 ,245,000.00
458,559,246.62
3,375,000.00
3,375,000.00
461,934,247
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
TERM
(Days)
1,797
1,827
1,827
1,811
1,827
1,827
1,822
1,827
1,824
1,826
1,824
1,826
1,826
1,785
1,826
1,203
14
14
1,217
365
365
832
810
1,042
726
716
715
646
818
973
834
1,637
921
1,248
1,039
INVESTMENT REPORT
AS OF AUGUST 31,2008
INVESTMENT
PATE
09/28/2007
02/17/2006
03/30/2006
06/20/2006
04/19/2006
06/12/2006
04/16/2007
05/21/2007
05/30/2008
05/30/2008
05/29/2007
03/20/2007
10/11/2007
11/15/2007
04/30/2008
08/31/2007
05/30/2008
07/17/2008
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
08/16/2010
02/14/2011
02/14/2011
02/14/2011
03/01/2011
04/28/2011
04/28/201 1
05/18/2011
08/26/2011
09/15/2011
11/15/2011
02/15/2012
02/15/2012
02/15/2012
04/16/2012
06/15/2012
06/15/2012
07/15/2012
08/15/2012
10/19/2012
10/19/2012
10/23/2012
04/10/2013
04/10/2013
04/30/2013
05/09/2013
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
0
O
O
O
O
O
O
SECURITY
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
WELLS FARGO CO 5.30% DUE 8/26/11 NON-CALL
GENWORTH GLOBAL 5.375% DUE 9/15/11 NON-CAL
GENERAL ELECTRIC 5.50% DUE 11/15/11 CALL 11/1
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
PROTECTIVE LIFE 5.050% DUE 7/15/12 NON-CALL
JOHNSON & JOHNSON 5.15% DUE 8/15/12 NON-CAL
GENERAL ELECTRIC 5.250% DUE 10/19/12 NON-CAI
GENERAL ELECTRIC 5.250% DUE 10/19/12 NON-CAI
WELLS FARGO 5.250% DUE 10/23/12 NON-CALL
MET LIFE GLOBAL FUNDING 5.125% DUE 4/10/13 NC
MET LIFE GLOBAL FUNDING 5.125% DUE 4/10/13 NC
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
ION-CALL
;ALL
;ALL
;ALL
;ALL
1 NON-CALL
1 NON-CALL
L
NON-CALL
m NON-CAL
1.1 CALL 11/1
12 NON-CALl
> NON-CALL
> NON-CALL
NON-CALL
2 NON-CALL
2 NON-CALL
NON-CALL
i/1 2 NON-CAL
)/12NON-CAI
)/1 2 NON-CAI
ON-CALL
JE4/10/13NC
JE4/10/13NC
3N-CALL
IN-CALL
SUB-TOTAL
COUNT
RATION
ION
SUB-TOTAL
PAR
VALUE
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
1,000,000.00
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
3,000,000.00
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
89,806,000.00
579,863.00
2,082,854.07
250,000.00
13,447,000.00
8,411,589.16
10,597,000.00
17,746,000.00
53,114,306.23
INVESTED
AMOUNT
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
1,032,919.79
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
3,000,000.00
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
90,873,569.27
579,863.00
2,082,854.07
250,000.00
13,447,000.00
8,411,589.16
10,597,000.00
17,746,000.00
53,114,306.23
RETURN
RATE
5.090%
5.125%
5.220%
5.500%
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%
5.050%
4.750%
4.830%
4.500%
4.240%
5.050%
4.900%
5.100%
4.500%
4.769%
0.875%
0.875%
1.880%
2.780%
2.780%
2.780%
2.780%
2.680%
INTEREST
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
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
605,158.33
237,753.83
484,836.30
449,799.83
205,539.76
251,024.46
485,410.46
504,981.86
225,850.34
16,922,118.85
13.90
49.93
13.06
1 ,038.41
649.56
818.32
1,370.39
3,953.57
INVESTMENT
RETURN
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
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
3,605,158.33
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
107,795,688.12
579,876.90
2,082,904.00
250,013.06
13,448,038.41
8,412,238.72
10,597,818.32
17,747,370.39
53,118,259.80
TERM
(Days)
1,053
1,823
1,782
1,700
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
1,459
1,811
1,815
1,792
1,728
1,812
1,799
1,796
1,826
1,382
1
1
1
1
1
1
1
GRAND TOTAL 539,820,306.23 544,287,548.04 4.142% 78,606,728.10 623,352,041.62
EXHIBIT 8
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF AUGUST 31, 2008
Cash Balance by Fund:
General 55,036,894
Special Revenue 44,666,823
Debt Service 2,652,929
Capital Projects:
General Capital Construction 66,155,175
Traffic Impact Fees 13,894,112
Public Facilities Fees 41,678,989
Park Development 1,630,744
Transnet Taxes 8,146,836
Drainage Fees 9,199,884
Special Districts 83,531,752
Infrastructure Replacement 45,912,654
Other Capital Construction 4,842,808
Total 274,992,955
Enterprise:
Carlsbad Municipal Water District 59,829,503
Sewer Fund 55,956,618
Solid Waste 6,784,469
Storm Water 1,143,569
Golf Course 161,213
Total 123,875,371
Internal Service 23,799,910
Agency Funds 21,264,303
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 546,289,185
Reconciling Adjustments (2) (2,892,162)
Total Treasurer's Investment Portfolio at Amortized Cost 543,397,023
(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 9/08/08
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EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF AUGUST 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
PROTECTIVE LIVE AA3 AA
TOYOTA AAA AAA
US BANCORP AA2 AA
WAL-MART AA2 AA
WELLS FARGO AAA AAA
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 2,986,947 2,994,390
MERRILL LYNCH A1 A 09/10/2009 11/03/2006 4,958,591 4,922,050
* 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 AUGUST 31,2008
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investment Cost Percent of Portfolio*
ALL STATE LIFE
BANK OF AMERICA
BERKSHIRE HATHAWAY
CITIGROUP
GENERAL ELECTRIC CAP
GENWORTH GLOBAL
GOLDMAN SACHS
HOME DEPOT
JOHNSON & JOHNSON
MERRILL LYNCH
MET LIFE GLOBAL FUND
NEW YORK LIFE
PRINCIPAL LIFE
PROTECTIVE LIFE
TOYOTA
US BANKCORP
WAL-MART
WELLS FARGO
PERCENTAGE WEIGHTINGS BY FEDERAL
2,023,559.81
1,983,918.00
4,079,130.97
8,961,239.70
27,489,704.89
2,016,628.76
1,025,648.53
2,974,590.00
1,017,457.28
4,884,751.43
3,022,634.52
1,994,269.66
1,000,000.00
3,000,000.00
4,054,280.00
2,952,150.09
13,235,872.90
5,157,732.73
AGENCY ISSUER
0.37%
0.36%
0.75%
1.65%
5.05%
0.37%
0.19%
0.55%
0.19%
0.90%
0.56%
0.37%
0.18%
0.55%
0.74%
0.54%
2.43%
0.95%
Investment Cost Percent of Portfolio1"
FAMCA
FEDERAL FARM CREDIT BANK
FEDERAL HOME LOAN BANK
FEDERAL HOME LOAN BANK DISCOUNT NO
FEDERAL HOME LOAN MORTGAGE CORP
FEDERAL NATIONAL MORTGAGE ASSOC
HOUSING URBAN DEVELOPMENT (HUD)
TVA
Total Portfolio
5,795,867.32
29,423,405.56
176,586,223.56
3,372,138.75
116,995,687.88
64,972,171.41
990,198.00
2,130,980.00
1 .06%
5.41%
32.44%
0.62%
21.50%
11.94%
0.18%
0.39%
$544,287,548.04
* No more than 5% may be invested with a single corporate issuer.
"There are no percentage limits on federal agency issuers.