HomeMy WebLinkAbout2008-12-09; City Council; 19660; Report on City Investments as of Oct 31, 20081
CITY OF CARLSBAD - AGENDA BILL
AB#
MTG.
DEPT.
19,660
12/09/08
TRS
REPORT ON CITY INVESTMENTS
AS OF OCTOBER 31 , 2008
DEPT. HEAD
CITY ATTY. s&?>
CITY MGR. \//
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 October 31, 2008 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1 )
Market Value (2)
Current Month
535,249,223
539,746,060
538,499,140
536,475,926
Prior Month
535,694,338
540,354,298
539,253,126
538,998,568
(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 10/31/08.
The equity portion of the various funds in the total portfolio is summarized in the graph below.
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 Special Revenue$44.4
'apital Projects
$ 27S.3
$.6Internal Service$24.3
Agency $17
\
Enterprise$126.9
Total Treasurer's Investment Portfolio at Amortized Cost
October 31,2008 $538.5 million
FOR CITY CLERKS USE ONL Y.
COUNCIL ACTION:APPROVED J&
DENIED D
CONTINUED D
WITHDRAWN D
AMENDED D
CONTINUED TO DATE SPECIFIC D
CONTINUED TO DATE UNKNOWN D
RETURNED TO STAFF D
OTHER - SEE MINUTES D
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF OCTOBER 31. 2008
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
8,837,184
Prior
Month FYTD
6,555,284
Current Month
Income
2,281 ,900
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
August 2008
September 2008
October 2008
Average Life
(Years)
2.12
2.07
1.98
Average Yield
To Maturity
4.14%
4.10%
4.08%
Modified Duration
1.927
1.888
1.801
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. Second Quarter Transactions
7. Detailed Investment Report
8. Fund Equity in Pooled Investments
9. Corporate Note and Commercial Paper Ratings
10. Percentage Weightings by Corporate Note Issuer
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF OCTOBER 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
2,916,500
0
0
389,026,160
90,605,257
53,019,020
939
2,106,992
791,272
Prior Month
33,000
0
0
0
391,224,175
90,632,614
53,943,589
500
2,328,194
1,091,054
Current Month
33,000
2,927,400
0
0
391,456,501
86,140,802
53,019,020
939
2,106,992
791,272
Prior Month
33,000
0
0
0
393,471,621
88,130,609
53,943,589
500
2,328,194
1,091,054
Cash Income
Year to Date
264
0
0
0
6,076,487
1,895,923
857,538
1,015
5,957
0
Current Month
1.88
3.11
0.00
0.00
4.14
4.77
2.71
2.20
0.00
0.00
Prior Month
1.88
0.00
0.00
0.00
4.16
4.77
2.78
2.68
0.88
0.88
TOTALS $538,499,140 $539,253,126 $536,475,926 $538,998,568 $8,837,184 4.07%4.10%
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
CD
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF OCTOBER 31,2008
BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME
CLASS
CD
FN
CP
TR
FA
CN
LAIF
CUSTODY
SWEEP
BANKACCT
TOTALS
% TOTALS
Total within One
POLICY:
WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR
33,000
0
0
0
25,197,560
0
53,019,020
939
2,106,992
791,272
$81,148,783 (1)
15.0%
Year
(1) Not less than $130,125,000 to mature wil
0
2,914,250
0
0
67,277,864
14,086,093
0
0
0
0
$84,278,208 (1)
15.6%
$165,426,990 (1)
30.7%
thin one year. (2/3rds of cu
1 TO 5 YEARS
0
0
0
0
297,531,594
76,787,476
0
0
0
0
$374,319,070
69.4%
irrent year operating budget c
TOTAL
33,000
2,914,250
0
0
390,007,018
90,873,569
53,019,020
939
2,106,992
791,272
$539,746,060
100.0%
of$195,180,000.00)
% TOTAL
0.0%
0.5%
0.0%
0.0%
72.3%
16.8% (2)
9.8%
0.0%
0.4%
0.2%
100.0%
mX~i~i — i
CO
(2) Policy states that not more than 30% of portfolio is to be invested in corporate notes.
1
1.50
1.25
YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 1996 - OCTOBER 2008
EX-LAIF
LAIF
111111111 ii 11111111111111111111 ii11111111111111111111 ii11111111111111111111ii 11111111111111111111 ii 11111111111111111111 ii 11111111111111111111 n 1111111111
MARKET YIELD CURVE
6/30/07, 6/30/08,10/31/08
Market Rates
5 |
4 C.0
3 C.0
2 C.0
2
1 c\1 .3
•fI
O c
• ^^ ^^^^^ ^•^•"^^^^^^^^^^^^^^im• —
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^^ —***" , * ^ "
— -^ ^ * * * '
r ' A. • * '
* * ' ^***
.0 T» - I I I
3Mth 2Yr 5 Yr 10 Yr
3Mth 2Yr 5 Yr 10 Yr
-•-06/30/2007 4.86 4.84 4.89 4.99
-A- 06/30/2008 173 262 333 397
- ^- 10/31/2008 38 1 56 2 83 3 96
Xn:i—i
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Cumulative
Millions $
Cumulative Cash Income
FY08-09
(September 08 )
24
22
20
18
16
14
12
10
8
6
4
Monthly Interest Income
Millions $
1I
/
2
r"v
P
**
+*^^ w
^+"
A"
^+"
^++^
9 -x*^'* J~L -**xV*
.^^'rf-3
^^^—,1 7... : i •'
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
8
h 7
6
h 5
4
h 3
2
h 1
0
Interest Income - -* - Budget -o- Actual
mx
CO
City of Carlsbad
TRANSACTIONS FOR PERIOD:
10/01/08 TO 10/31/08 2nd QUARTER 2008-2009
Trans Investment
Date Date
BUYS
OCTOBER
09/17/2008 10/06/2008
09/30/2008 10/02/2008
10/22/2008 10/23/2008
10/23/2008 10/27/2008
10/29/2008 10/30/2008
Maturity
Date
01/06/2010
10/02/2009
10/01/2009
07/27/2009
03/12/2010
Type
FA
FA
FN
FA
FA
Security
FHLB
FHLB
FHLBN
FHLB
FHLB
Call
Date
01/06/2009
10/02/2009
N/A
N/A
N/A
TOTAL SECOND QUARTER 2008-2009
MATURITIES
OCTOBER
01/17/2008
04/09/2008
NOVEMBER
05/21/2007
10/03/2008
10/09/2008
11/03/2008
FA
FA
FA
FHLB
FHLB
FNMA
N/A
N/A
N/A
TOTAL SECOND QUARTER 2008-2009
CALLS and / or SALES
OCTOBER
10/29/2007 10/30/2007
10/26/2007 10/29/2007
12/12/2007 12/13/2007
04/04/2008 04/07/2008
12/31/2007 12/14/2007
NOVEMBER
11/01/2005 11/04/2005
01/30/2008 02/04/2008
11/10/2005 11/14/2005
05/07/2008 05/08/2008
10/01/2010
10/01/2012
10/06/2011
10/15/2010
10/22/2012
11/04/2010
02/04/2010
11/04/2010
05/06/2013
FA
FA
FA
FA
FA
FA
FA
FA
FA
FHLMC
FHLMC
FHLB
FNMA
FHLB
FHLMC
FHLB
FHLMC
FNMA
10/01/2008
10/01/2008
10/06/2008
10/15/2008
10/22/2008
11/04/2008
11/04/2008
11/04/2008
11/06/2008
Par
Value
2,000,000.00
2,000,000.00
3,000,000.00
1 ,000,000.00
3,000,000.00
11,000,000.00
1 ,000,000.00
1 ,000,000.00
3,000,000.00
5,000,000.00
3,000,000.00
1 ,000,000.00
1 ,000,000.00
1 ,000,000.00
2,000,000.00
5,000,000.00
650,000.00
5,000,000.00
2,000,000.00
Coupon
3.000%
3.625%STEP
0.000%
3.100%
2.750%
4.375%
2.200%
4.900%
5.00%
5.25%
5.25%
5.00%
5.25%
4.80%
3.00%
4.80%
4.35%
Amount
(Cost)
2,000,000.00
2,000,000.00
2,914,250.00
1 ,000,000.00
2,978,060.95
10,892,310.95
1 ,008,094.00
1 ,000,000.00
2,990,820.00
4,998,914.00
3,010,560.00
1 ,005,781 .25
1 ,009,692.00
1,013,145.00
2,008,162.00
4,970,500.00
650,000.00
4,945,500.00
2,002,800.00
Return
Rate
3.00%
4.66%
3.11%
3.10%
2.75%
3.27%
3.209%
2.200%
5.120%
4.15%
4.87%
5.12%
4.97%
4.44%
5.15%
4.94%
3.00%
5.05%
4.32%
Interest
75,000.00
93,125.00
171,500.00
23,250.00
134,689.05
497,564.05
23,017.11
1 1 ,000.00
222,330.00
256,347.1 1
427,356.67
252,635.42
190,537.17
112,966.11
501 ,671 .33
1 ,229,500.00
39,000.00
1 ,247,833.33
431,716.67
Investment
Return
2,075,000.00
2,093,125.00
3,085,750.00
1 ,023,250.00
3,112,750.00
11,389,875.00
1,031,111.11
1 ,01 1 ,000.00
3,213,150.00
5,255,261.11
3,437,916.67
1,258,416.67
1,200,229.17
1,126,111.11
2,509,833.33
6,200,000.00 mx689,000.00 3c
6,193,333.33 5
2,434,516.67 -1
TOTAL SECOND QUARTER 2008-2009 20,650,000.00 20,616,140.25 4.84% 4,433,216.70 25,049,356.95
INVESTMENT REPORT
AS OF OCTOBER 31,2008
INVESTMENT
DATE
05/21/2007
05/21/2007
09/30/2008
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
10/27/2008
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
02/01/2008
11/13/2007
I 03/19/2007
MATURITY
DATE
11/03/2008
12/12/2008
01/13/2009
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
07/27/2009
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
09/11/2009
09/30/2009
10/02/2009
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
FNMA 4.900% DUE 11/3/08 NON-CALL
FHLB 5.00% DUE 12/12/08 NON-CALL
FHLB 3.25% DUE 1/13/09 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
FHLB 3.10% 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
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
PAR
VALUE
3,000,000.00
1 ,000,000.00
2,000,000.00
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
1,000,000.00
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
1 ,000,000.00
1 ,000,000.00
3,000,000.00
INVESTED
AMOUNT
2,990,820.00
998,850.00
2,000,000.00
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
1,018,080.08
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
1,000,000.00
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
1,041,519.37
990,283.25
3,014,820.00
RETURN
RATE
5.120%
5.075%
3.250%
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%
3.100%
3.500%
2.320%
2.400%
4.900%
4.870%
2.891%
5.000%
4.705%
2.890%
2.600%
4.040%
4.790%
INTEREST
222,330.00
79,066.66
18,597.22
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
23,250.00
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
43,073.96
75,536.19
365,596.67
INVESTMENT
RETURN
3,213,150.00
1,077,916.66
2,018,597.22
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 ,023,250.00
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
1,084,593.33
1,065,819.44
3,380,416.67
TERM
(Days)
532
571
105
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
273
573
504
492
809
1,008
561
731
912
598
588
687
928
m
X:ri — i
DOi— i
— 1
^,
INVESTMENT REPORT
AS OF OCTOBER 31, 2008
INVESTMENT
DATE
10/02/2008
03/05/2008
01/22/2008
03/06/2008
01/28/2008
01/31/2008
01/22/2008
01/22/2008
01/22/2008
10/06/2008
02/01/2008
02/04/2008
02/04/2008
01/28/2008
01/31/2008
09/29/2008
01/28/2008
09/17/2008
02/04/2008
02/13/2008
04/02/2008
10/30/2008
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
07/25/2007
07/15/2008
03/12/2008
02/20/2008
02/13/2008
10/30/2007
02/12/2008
MATURITY
DATE
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
01/06/2010
01/29/2010
02/04/2010
02/04/2010
02/12/2010
02/12/2010
02/12/2010
03/08/2010
03/10/2010
03/12/2010
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
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 3.625% DUE 10/02/09 CALL 1/02/09
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
FHLB 3.0% DUE /6/10 CALL 1/06/09
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
FHLMC 3.125% DUE 2/12/10 NON- CALL
FNMA 4.40% DUE 03/08/10 NON-CALL
FHLMC 3.00% DUE 3/10/10 CALL 12/10/08
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
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
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
2,000,000.00
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
2,000,000.00
3,000,000.00
650,000.00
1 ,000,000.00
1 ,000,000.00
2,000,000.00
3,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
1 ,000,000.00
3,000,000.00
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
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
2,000,000.00
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
2,000,000.00
3,000,000.00
650,000.00
1 ,000,000.00
1 ,020,550.00
2,177,668.00
2,997,750.00
2,064,240.00
2,000,000.00
1,989,880.00
1,994,095.84
1,006,020.00
2,978,060.95
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 ,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
4.656%
2.160%
2.986%
2.434%
2.711%
2.805%
2.916%
2.918%
2.900%
3.000%
3.250%
3.000%
3.200%
2.830%
2.841%
3.180%
2.821%
3.000%
2.622%
2.520%
2.430%
3.300%
2.776%
2.850%
3.013%
5.135%
2.790%
2.950%
3.700%
2.849%
3.005%
3.300%
4.610%
5.100%
3.200%
2.559%
2.786%
2.710%
4.337%
3.190%
INTEREST
93,125.00
72,713.33
26,688.33
41 ,420.00
98,752.50
50,861.67
107,313.33
112,177.87
168,196.67
75,000.00
194,458.33
39,000.00
64,000.00
58,456.94
122,248.67
130,635.42
121,537.78
88,833.33
110,133.89
104,730.55
47,452.22
134,689.05
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
150,405.14
64,000.00
62,326.67
209,453.33
175,897.58
121,226.76
239,250.00
INVESTMENT
RETURN
2,093,125.00
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
2,075,000.00
3,194,458.33
689,000.00
1 ,064,000.00
1 ,079,006.94
2,299,916.67
3,128,385.42
2,185,777.78
2,088,833.33
2,100,013.89
2,098,826.39
1,053,472.22
3,112,750.00
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
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)
365
597
645
610
655
652
664
666
689
457
728
731
731
746
743
501
770
539
767
758
709
498
715
821
730
1,013
749
739
889
836
764
680
987
1,077
730
866
889
898
1,015
912
INVESTMENT REPORT
AS OF OCTOBER 31, 2008
INVESTMENT
DATE
09/18/2007
09/26/2007
05/08/2008
09/26/2007
05/05/2008
11/04/2005
11/14/2005
11/17/2005
04/07/2008
12/15/2005
01/07/2008
09/12/2008
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
09/17/2008
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
10/22/2010
11/04/2010
11/04/2010
11/17/2010
12/10/2010
12/15/2010
01/07/2011
01/24/2011
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
04/06/201 1
05/20/2011
05/20/201 1
06/02/201 1
06/10/2011
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
08/26/2011
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
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
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
FFCB 3.85% DUE 1/24/11 CALL 9/18/08
FHLB 5.00% DUE 2/9/11 CALL 2/09/09
FHLB 5.15% DUE 2/24/11 CALL 2/24/09
FHLMC 5.25% DUE 2/24/11 CALL 2/24/09
FHLMC 5.25% DUE 2/24/11 CALL 2/24/09
FHLMC 5.25% DUE 2/24/11 CALL 2/24/09
FNMA 5.16% DUE 2/24/11 CALL 24/09
FHLMC 5.25% DUE 2/24/11 CALL 2/24/09
FHLMC 5.25% DUE 2/24/11 CALL 2/24/09
FHLB 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
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
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
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
2,000,000.00
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
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
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
2,132,207.14
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%
2.980%
4.935%
5.050%
5.030%
3.265%
5.035%
4.125%
3.850%
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%
2.720%
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
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
273,350.00
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
154,501.19
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
2,311,208.33
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
3,273,350.00
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
2,286,708.33
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
900
1,826
1,816
1,826
977
1,826
1,096
864
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
996
1,553
1,826
1,064
1,588
1,444
1,414
1,163
1,610
1,262
1,095
INVESTMENT REPORT
AS OF OCTOBER 31,2008
INVESTMENT
DATE
05/29/2008
03/05/2007
03/15/2007
10/30/2007
03/15/2007
10/05/2007
10/19/2007
03/05/2008
03/19/2007
06/02/2008
05/12/2008
02/13/2008
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
12/10/2007
10/22/2007
11/28/2007
12/06/2007
06/03/2008
12/14/2007
12/21/2007
12/21/2007
01/23/2008
MATURITY
DATE
08/29/2011
09/09/2011
09/09/201 1
09/15/2011
10/05/2011
10/05/2011
10/19/2011
10/27/2011
11/18/2011
12/02/2011
01/23/2012
02/13/2012
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
10/15/2012
10/17/2012
10/22/2012
10/30/2012
10/30/2012
11/13/2012
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
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 5.00% DUE 10/19/11 CALL 10/19/09
FHLB 5.30% DUE 10/27/11 CALL 10/27/09
FHLB4.875% 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
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 5.05% 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
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
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
1 ,000,000.00
2,000,000.00
3,000,000.00
3,000,000.00
3,000,000.00
2,000,000.00
3,000,000.00
2,000,000.00
3,000,000.00
2,000,000.00
1,000,000.00
1 ,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
2,000,000.00
2,000,000.00
3,000,000.00
2,000,000.00
1,807,000.00
2,000,000.00
5,000,000.00
4,000,000.00
2,000,000.00
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
3,000,000.00
2,085,000.00
3,009,690.00
2,000,000.00
1 ,000,000.00
998,700.00
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
3,050,958.1 1
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
1,006,875.00
2,034,780.00
2,000,000.00
3,033,000.00
2,030,000.00
1 ,990,388.82
2,006,200.00
5,000,000.00
4,000,000.00
2,056,800.00
RETURN
RATE
3.530%
4.773%
4.730%
4.390%
4.720%
4.900%
5.000%
4.033%
4.795%
4.000%
3.521%
3.910%
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%
4.892%
4.100%
5.000%
4.746%
4.653%
3.890%
4.952%
4.675%
4.675%
4.061%
INTEREST
114,725.00
432,911.11
640,148.00
522,075.00
647,473.00
392,000.00
600,000.00
301,311.11
672,403.75
280,000.00
130,142.22
156,300.00
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
243,661 .1 1
401 ,970.00
500,000.00
705,333.33
460,000.00
331,405.40
487,925.00
1,168,750.00
935,000.00
409,022.22
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
3,600,000.00
2,386,311.11
3,682,093.75
2,280,000.00
1,130,142.22
1,155,000.00
2,500,000.00
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
1,250,536.11
2,436,750.00
2,500,000.00
3,738,333.33
2,490,000.00
2,321,794.22
2,494,125.00
6,168,750.00
4,935,000.00
2,465,822.22
TERM
(Days)
1,187
1,649
1,639
1,416
1,665
1,461
1,461
1,331
1,705
1,278
1,351
1,461
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
1,813
1,773
1,827
1,798
1,790
1,624
1,797
1,827
1,827
1,811
INVESTMENT REPORT
AS OF OCTOBER 31,2008
INVESTMENT
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
10/23/2008
(33
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 TYPE
01/14/2013 FA
01/28/2013 FA
01/30/2013 FA
02/20/2013 FA
03/08/2013 FA
03/18/2013 FA
05/06/2013 FA
05/14/2013 FA
06/10/2013 FA
07/17/2013 FA
08/13/2013 FA
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 2/20/13 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 11/06/08
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
10/01/2009 FN FHLBNO% DUE 10/01/09 NON-CALL
03/02/2009 CD WELLS FARGO BANK 9218910637
08/03/2009 CN BANK OF AMERICA 4.625% DUE 8/3/09 NON-CALL
08/10/2009 CN WAL-MART 6.875% DUE 8/10/09 NON-CALL
09/10/2009 CN MERRILL LYNCH 4.125% DUE 9/10/09 NON-CALL
10/27/2009 CN GENERAL ELECTRIC 5.250% DUE 10/27/09 NON-CA1
01/15/2010 CN BERKSHIRHATWY 4.125% DUE 1/15/10 NON-CALL
01/15/2010 CN BERKSHIRHATWY 4.125% DUE 1/15/10 NON-CALL
01/15/2010 CN WELLS FARGO CO 4.2% DUE 1/15/10 NON-CALL
06/15/2010 CN GOLDMAN SACHS 4.50% DUE 6/15/10 NON-CALL
07/01/2010 CN WAL-MART 4.125% DUE 7/01/10 NON-CALL
07/01/2010 CN WAL-MART 4.125% DUE 7/01/10 NON-CALL
07/29/2010 CN US BANCORP 4.50% DUE 7/29/10 NON-CALL
08/09/2010 CN WELLS FARGO 4.625% DUE 08/09/10 NON-CALL
08/15/2010 CN WAL-MART 4.75% DUE 8/15/10 NON-CALL
08/15/2010 CN WAL-MART 4.75% DUE 8/15/10 NON-CALL
08/16/2010 CN NEW YORK LIFE 4.625% DUE 8/16/10 NON-CALL
02/14/2011 CN CITIGROUP 5.125% DUE 2/14/11 NON-CALL
02/14/2011 CN CITIGROUP 5.125% DUE 2/14/11 NON-CALL
02/14/2011 CN CITIGROUP 5.125% DUE 2/14/11 NON-CALL
IS
19
8
38
SUB-TOTAL
SUB-TOTAL
itments Total
SUB-TOTAL
NON-CALL
IALL
ION-CALL
7/09 NON-CA1
NON-CALL
NON-CALL
ION-CALL
MON-CALL
:ALL
;ALL
•CALL
ON-CALL
kLL
kLL
JON-CALL
3ALL
DALL
:ALL
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
3,000,000.00
2,000,000.00
1 ,000,000.00
386,492,000.00
3,000,000.00
3,000,000.00
389,492,000.00
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
2,998,500.00
2,035,600.00
1,000,000.00
390,007,017.63
2,914,250.00
2,914,250.00
392,921,267.63
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%
4.717%
3.970%
4.900%
4.136%
3.109%
3.109%
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
714,000.00
392,177.78
245,000.00
59,509,387.87
171,500.00
171,500.00
59,680,887.87
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
3,712,500.00
2,427,777.78
1 ,245,000.00
449,516,405.50
3,085,750.00
3,085,750.00
452,602,155.50
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
1,826
1,785
1,826
1,187
343
343
1,530
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 OCTOBER 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
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
03/01/2011
04/28/201 1
04/28/201 1
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
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
TYPE
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
O
O
O
O
O
O
O
SECURITY
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-CAL1
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-CA1
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
ALLSTATE 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
;ALL
1 NON-CALL
1 NON-CALL
L
NON-CALL
/11 NON-CAL
11 CALL 11/1
12NON-CAL1
2 NON-CALL
2 NON-CALL
NON-CALL
2 NON-CALL
2 NON-CALL
NON-CALL
i/1 2 NON-CAL
V12NON-CA1
)/12NON-CAI
ON-CALL
JE4/10/13NC
JE4/10/13NC
)N-CALL
IN-CALL
SUB-TOTAL
COUNT
RATION
ION
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
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
791 ,272.00
2,106,991.53
939.05
13,657,082.26
8,470,301.12
14,925,477.89
15,966,159.06
55,918,222.91
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
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
791,272.00
2,106,991.53
939.05
13,657,082.26
8,470,301.12
14,925,477.89
15,966,159.06
55,918,222.91
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%
5.050%
4.750%
4.830%
4.500%
4.240%
5.050%
4.900%
5.100%
4.500%
4.769%
0.200%
0.200%
2.200%
2.710%
2.710%
2.710%
2.710%
2.580%
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
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
4.34
11.56
0.06
1 ,028.07
637.63
1,123.56
1 ,201 .90
4,007.12
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
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
791 ,276.34
2,107,003.09
939.11
13,658,110.33
8,470,938.75
14,926,601.45
15,967,360.96
55,922,230.03
TERM
(Days)
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 535,249,222.91 539,746,059.81 4.075% 17,374,899.24 616,823,920.73
EXHIBIT 8
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF OCTOBER 31, 2008
Cash Balance by Fund:
General 49,995,094
Special Revenue 44,434,462
Debt Service 2,668,411
Capital Projects:
General Capital Construction 66,111,331
Traffic Impact Fees 14,029,594
Public Facilities Fees 42,049,480
Park Development 2,689,247
Transnet Taxes 6,905,400
Drainage Fees 8,395,734
Special Districts 84,601,057
Infrastructure Replacement 46,362,988
Other Capital Construction 4,165,695
Total 275,310,526
Enterprise:
Carlsbad Municipal Water District 60,957,279
Sewer Fund 57,355,524
Solid Waste 6,895,641
Storm Water 1,506,781
Golf Course 179,389
Total 126,894,614
Internal Service 24,262,942
Agency Funds 17,006,582
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 540,572,631
Reconciling Adjustments (2) (2,073,491)
Total Treasurer's Investment Portfolio at Amortized Cost 538,499,140
(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 11/13/08
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF OCTOBER 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 2,987,817 2,768,130
MERRILL LYNCH A1 A 09/10/2009 11/03/2006 4,965,324 4,716,200
* 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 OCTOBER 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
2,023,559.81 0.37%
1,983,918.00 0.37%
4,079,130.97 0.76%
8,961,239.70 1.66%
27,489,704.89 5.09%
2,016,628.76 0.37%
1,025,648.53 0.19%
2,974,590.00 0.55%
1,017,457.28 0.19%
4,884,751.43 0.91%
3,022,634.52 0.56%
1,994,269.66 0.37%
1,000,000.00 0.19%
3,000,000.00 0.56%
4,054,280.00 0.75%
2,952,150.09 0.55%
13,235,872.90 2.45%
5,157,732.73 0.96%
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
FAMCA
FEDERAL FARM CREDIT BANK
FEDERAL HOME LOAN BANK DISCOUNT NO
FEDERAL HOME LOAN BANK
FEDERAL HOME LOAN MORTGAGE CORP
FEDERAL NATIONAL MORTGAGE ASSOC
HOUSING URBAN DEVELOPMENT (HUD)
TVA
Total Portfolio
Investment Cost Percent of Portfolio**
5,795,867.32 1 .07%
32,423,405.56 6.01%
2,914,250.00 0.54%
183,670,543.65 34.03%
106,030,996.63 19.64%
58,965,026.41 10.92%
990,198.00 0.18%
2,130,980.00 0.39%
$539,746,059.81
* No more than 5% may be invested with a single corporate issuer.
"There are no percentage limits on federal agency issuers.