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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 APPROVED D DENIED D CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF D OTHER - SEE MINUTES D COUNCIL ACCEPTED THE REPORT DEPARTMENT CONTACT: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 17 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.