HomeMy WebLinkAbout2009-01-06; City Council; 19682; Report on City InvestmentsCITY OF CARLSBAD - AGENDA BILL
AB#
MTG.
DEPT.
19.682
01/06/09
TRS
REPORT ON CITY INVESTMENTS
AS OF NOVEMBER 30, 2008
DEPT. HEAD j
CITYATTY. /
CITY MGR. /
rW
i^\
Us —
RECOMMENDED ACTION:
Accept and file report.
ITEM EXPLANATION:
The City'8 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 November 30, 2008 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
528,638,442
533,382,336
531,916,394
535,170,103
Prior Month
535,249,223
539,746,060
538,499,140
536,475,926
(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 11/30/08.
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)
Other
General
$45.i
$.2Internal Service$24.2
Agency $17.2
Eiitei
'apital Projects
$ 275.5
.3
Total Treasurer's Investment Portfolio at Amortized Cost
November 30,2008 $531.9 million
FOR CITY CLERKS USE ONL Y.
COUNCIL ACTION: APPROVED D
DENIED D
CONTINUED D
WITHDRAWN D
AMENDED D
CONTINUED TO DATE SPECIFIC D
CONTINUED TO DATE UNKNOWN D
RETURNED TO STAFF D
OTHER-SEE MINUTES D
Council accepted tbe report.
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF NOVEMBER 30. 2008
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
10,459,835
Prior
Month FYTD
8,837,184
Current Month
Income
1 ,622,651
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
September 2008
October 2008
November 2008
Average Life
(Years)
2.07
1.98
1.94
Average Yield
To Maturity
4.10%
4.08%
4.02%
Modified Duration
1.888
1.801
1.774
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 NOVEMBER 30, 2008
BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS
AMORTIZED COST MARKET VALUE AVERAGE YIELD
Class
CD
FN
CP
TR
FA
CN
LAIF
CUSTODY
SWEEP
BANKACCT
Current Month
33,000
2,924,000
0
2,061,406
376,362,645
90,577,901
57,423,301
55,927
2,015,867
462,346
Prior Month Current Month
33,000
2,916,500
0
0
389,026,160
90,605,257
53,019,020
939
2,106,992
791,272
33,000
2,960,700
0
2,116,560
382,635,154
87,467,247
57,423,301
55,927
2,015,867
462,346
Prior Month
33,000
2,927,400
0
0
391,456,501
86,140,802
53,019,020
939
2,106,992
791,272
Cash Income
Year to Date Current Month Prior Month
264
0
0
0
7,515,163
2,079,048
857,538
1,494
6,328
0
1.88
3.11
0.00
2.41
4.09
4.77
2.65
1.25
0.00
0.00
1.88
3.11
0.00
0.00
4.14
4.77
2.71
2.20
0.00
0.00
TOTALS 5531,916,394 5538,499,140 5535,170,103 5536,475,926 510,459,835 4.02%4.07%
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
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 30, 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 Year
WITHIN 6 MONTHS
33,000
0
0
0
31,399,616
0
57,423,301
55,927
2,015,867
462,346
$91,390,057 (1)
17.1%
7 MONTHS TO 1 YEAR
0
2,914,250
0
0
66,352,247
14,086,093
0
0
0
0
$83,352,590 (1)
15.6%
$174,742,648 (1)
1 TO 5 YEARS
0
0
0
2,062,109
279,790,103
76,787,476
0
0
0
0
$358,639,688
67.2%
TOTAL
33,000
2,914,250
0
2,062,109
377,541,966
90,873,569
57,423,301
55,927
2,015,867
462,346
$533,382,336
100.0%
% TOTAL
0.0%
0.6%
0.0%
0.4%
70.8%
17.0%) (2)
10.8%
0.0%
0.4%
0.1%
100.0%
32.8%
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.
x
3Ct—t
DOt—i
—I
ro
YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 1996 - NOVEMBER 2008
3.00
2.75
2.50
EX-LAIF
LAIF
MARKET YIELD CURVE
6/30/07, 6/30/08, 11/30/08
Market Rates
u.u
5|
4 C
• O
3 C.3
2 c.O
tl'1 .O
1I
O r-Oo 4
3l\i
• "
— - — ""^
^ — ^ - - • " '
r- ^ . . -0 ' ',
A •» '"'
* " ^ '
::=P
v .., «•
rill
1th 2Yr 5Yr 10 Yr
3Mth 2Yr 5 Yr 10 Yr
-•—06/30/2007 4.86 4.84 4.89 4.99
-±-06/30/2008 173 262 333 397
O- 11/30/2008 °4 90 172 273
X:ri—i
CD
Cumulative
Millions $
Cumulative Cash Income
FY08-09
(November 08)
24
22
20
18
16
14
12
10
8
6
4
Monthly Interest Income
Millions $
1I
s
2
r~:'i
I — t
P
^^+
+*1^
A-
^+^
>-"
X"
^-»x
J>'^"•9 JDT^^V^x^^-3,^r^ 17 I -62i.i ___
„;«,«'
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
] Interest Income - -* - Budget -n— Actual
8
7
6
h 5
4
h 3
2
1
0
mx
City of Carlsbad
TRANSACTIONS FOR PERIOD:
11/01/08 TO 11/30/08 2nd QUARTER 2008-2009
Trans Investment
Date
BUYS
OCTOBER
09/17/2008
09/30/2008
10/22/2008
10/23/2008
10/29/2008
NOVEMBER
11/07/2008
11/07/2008
11/10/2008
11/10/2008
11/10/2008
11/18/2008
11/18/2008
11/13/2008
11/07/2008
Date
10/06/2008
10/02/2008
10/23/2008
10/27/2008
10/30/2008
11/10/2008
11/10/2008
11/12/2008
11/12/2008
11/12/2008
11/19/2008
11/19/2008
11/20/2008
11/26/2008
Maturity
Date
01/06/2010
10/02/2009
10/01/2009
07/27/2009
03/12/2010
06/14/2013
08/31/2013
09/30/2013
09/06/2013
09/18/2013
09/25/2013
06/04/2012
11/19/2010
11/26/2013
Type
FA
FA
FN
FA
FA
FA
TR
TR
FA
FA
FA
FA
FA
FA
Security
FHLB
FHLB
FHLBN
FHLB
FHLB
FHLB
US TREASUR\
US TREASURE
FHLB
FNMA
FHLMC
FHLMC
FFCB
FHLB
Call
Date
01/06/2009
10/02/2009
N/A
N/A
N/A
N/A
N/A
N/A
N/A
09/18/2009
09/25/2009
06/04/2009
05/19/2009
11/26/2010
TOTAL SECOND QUARTER 2008-2009
Par
Value
2,000,000.00
2,000,000.00
3,000,000.00
1 ,000,000.00
3,000,000.00
1 ,000,000.00
1 ,000,000.00
1 ,000,000.00
1 ,000,000.00
2,000,000.00
1 ,000,000.00
1 ,000,000.00
2,000,000.00
2,000,000.00
23,000,000.00
Coupon
3.000%
3.625%STEP
0.000%
3.100%
2.750%
5.375%
3.125%
3.125%
4.000%
4.050%
5.500%
5.400%
2.875%
3.5% STEP
Amount
(Cost)
2,000,000.00
2,000,000.00
2,914,250.00
1 ,000,000.00
2,978,060.95
1,065,788.37
1 ,031 ,328.00
1,030,781.25
1 ,007,890.00
1 ,987,600.00
1,022,910.00
1,016,580.00
2,000,000.00
2,000,000.00
23,055,188.57
Return
Rate
3.00%
4.66%
3.11%
3.10%
2.75%
3.80%
2.43%
2.45%
3.82%
4.19%
4.96%
4.88%
2.88%
4.36%
3.53%
Interest
75,000.00
93,125.00
171,500.00
23,250.00
134,689.05
181,163.02
118,792.86
121,777.13
184,776.67
405,250.00
243,840.00
174,670.00
114,840.28
440,000.00
2,482,674.01
Investment
Return
2,075,000.00
2,093,125.00
3,085,750.00
1 ,023,250.00
3,112,750.00
1 ,246,951 .39
1,150,120.86
1,152,558.38
1,192,666.67
2,392,850.00
1 ,266,750.00
1,191,250.00
2,114,840.28
2,440,000.00
25,537,862.58
MATURITIES
OCTOBER
NOVEMBER
01/17/2008
04/09/2008
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
1 ,000,000.00
1 ,000,000.00
3,000,000.00
5,000,000.00
4.375%
2.200%
4.900%
1 ,008,094.00
1 ,000,000.00
2,990,820.00
4,998,914.00
3.209%
2.200%
5.120%
4.15%
23,017.11
11,000.00
222,330.00
256,347.11
CALLS and /or SALES
OCTOBER
10/29/2007
10/26/2007
>Q1 2/1 2/2007
10/30/2007
10/29/2007
12/13/2007
10/01/2010
10/01/2012
10/06/2011
FA
FA
FA
FHLMC
FHLMC
FHLB
10/01/2008
10/01/2008
10/06/2008
3,000,000.00
1 ,000,000.00
1 ,000,000.00
5.00%
5.25%
5.25%
3,010,560.00
1 ,005,781 .25
1 ,009,692.00
4.87%
5.12%
4.97%
427,356.67
252,635.42
190,537.17
1,031,111.11
1 ,01 1 ,000.00
3,213,150.00
5,255,261.11 £!
00i — i— I
3,437,916.67 ^
1,258,416.67
1,200,229.17
City of Carlsbad
TRANSACTIONS FOR PERIOD:
10/01/08 TO 10/31/08 2nd QUARTER 2008-2009
Trans Investment
Date Date
CALLS and / or SALES
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
12/13/2007 12/14/2007
11/01/2005 11/17/2005
Maturity
Date
(continued)
10/15/2010
10/22/2012
11/04/2010
02/04/2010
11/04/2010
05/06/2013
11/14/2012
11/17/2010
Type
FA
FA
FA
FA
FA
FA
FA
FA
Security
FNMA
FHLB
FHLMC
FHLB
FHLMC
FNMA
FHLB
FHLB
Call
Date
10/15/2008
10/22/2008
11/04/2008
11/04/2008
11/04/2008
11/06/2008
11/14/2008
11/17/2008
Par
Value
1 ,000,000.00
2,000,000.00
5,000,000.00
650,000.00
5,000,000.00
2,000,000.00
2,000,000.00
5,000,000.00
Coupon
5.00%
5.25%
4.80%
3.00%
4.80%
4.35%
5.03%
5.03%
Amount
(Cost)
1,013,145.00
2,008,162.00
4,970,500.00
650,000.00
4,945,500.00
2,002,800.00
2,006,200.00
5,000,000.00
Return
Rate
4.44%
5.15%
4.94%
3.00%
5.05%
4.32%
4.95%
5.03%
Interest
112,966.11
501 ,671 .33
1 ,229,500.00
39,000.00
1 ,247,833.33
431,716.67
487,925.00
1 ,257,500.00
Investment
Return
1,126,111.11
2,509,833.33
6,200,000.00
689,000.00
6,193,333.33
2,434,516.67
2,494,125.00
6,257,500.00
TOTAL SECOND QUARTER 2008-2009 27,650,000.00 27,622,340.25 4.88% 6,178,641.70 33,800,981.95
INVESTMENT REPORT
AS OF NOVEMBER 30, 2008
INVESTMENT
DATE
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
* 03/19/2007
10/02/2008
MATURITY
DATE
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
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
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
FHLB 3.625% DUE 10/02/09 CALL 1/02/09
PAR
VALUE
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
2,000,000.00
INVESTED
AMOUNT
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
2,000,000.00
RETURN
RATE
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%
4.656%
INTEREST
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
93,125.00
INVESTMENT
RETURN
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
2,093,125.00
TERM
(Days)
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
365
INVESTMENT REPORT
AS OF NOVEMBER 30, 2008
INVESTMENT
DATE
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
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
- 09/18/2007
09/26/2007
MATURITY
DATE
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
02/12/2010
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
08/23/2010
09/10/2010
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
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 3.20% 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
FHLMC 5.125% DUE 8/23/10 NON-CALL
FHLB 5.125% DUR 9/10/10 NON-CALL
PAR
VALUE
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
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
3,000,000.00
2,000,000.00
INVESTED
AMOUNT
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
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
3,048,120.00
2,034,188.23
RETURN
RATE
2.160%
2.986%
2.434%
2.711%
2.805%
2.916%
2.918%
2.900%
3.000%
3.250%
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%
4.530%
4.500%
INTEREST
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
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
402,452.92
268,756.21
INVESTMENT
RETURN
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
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
3,450,572.92
2,302,944.44
TERM
(Days)
597
645
610
655
652
664
666
689
457
728
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
1,070
1,080
INVESTMENT REPORT
AS OF NOVEMBER 30, 2008
INVESTMENT
DATE
05/08/2008
09/26/2007
05/05/2008
11/20/2008
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
05/29/2008
„ 03/05/2007
y 03/15/2007
10/30/2007
MATURITY
DATE
09/10/2010
09/13/2010
10/22/2010
11/19/2010
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
02/24/201 1
02/24/201 1
03/11/2011
03/24/201 1
04/06/201 1
04/06/201 1
05/20/201 1
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
08/26/201 1
08/29/201 1
09/09/201 1
09/09/201 1
09/15/2011
TYPE
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
SECURITY
FHLB 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
FFCB 2.875% DUE 11/19/10 CALL 5/19/09
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
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
PAR
VALUE
2,000,000.00
2,000,000.00
1 ,000,000.00
2,000,000.00
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
1,000,000.00
2,000,000.00
3,000,000.00
3,000,000.00
INVESTED
AMOUNT
1,994,876.00
2,041 ,700.00
1 ,032,893.26
2,000,000.00
2,01 1 ,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
1 ,000,000.00
2,018,200.00
3,032,352.00
3,117,300.00
RETURN
RATE
3.115%
4.490%
2.980%
2.875%
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%
3.530%
4.773%
4.730%
4.390%
INTEREST
145,457.34
269,508.33
74,901 .88
114,840.28
175,270.00
1 ,258,750.00
371 ,250.00
273,350.00
1 ,250,000.00
854,900.00
781,187.50
1 ,31 1 ,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
114,725.00
432,91 1 .1 1
640,148.00
522,075.00
INVESTMENT
RETURN
2,140,333.34
2,31 1 ,208.33
1,107,795.14
2,114,840.28
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
1,114,725.00
2,451,111.11
3,672,500.00
3,639,375.00
TERM
(Days)
855
1,083
900
729
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
1,187
1,649
1,639
1,416
INVESTMENT REPORT
AS OF NOVEMBER 30,2008
INVESTMENT
DATE
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
11/19/2008
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
11/12/2008
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
12/21/2007
12/21/2007
01/23/2008
0
~ 01/14/2008
01/28/2008
02/04/2008
MATURITY
DATE
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
06/04/2012
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
09/06/2013
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
12/21/2012
12/21/2012
01/07/2013
01/14/2013
01/28/2013
01/30/2013
TYPE
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
SECURITY
FHLB 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
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
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
FHLMC 5.4% DUE 6/4/12 CALL 6/4/09
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
FHLB 4.0% DUE 9/6/13 NON-CALL
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
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
PAR
VALUE
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
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 ,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
5,000,000.00
4,000,000.00
2,000,000.00
3,000,000.00
3,000,000.00
4,000,000.00
INVESTED
AMOUNT
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
1,016,580.00
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 ,007,890.00
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
5,000,000.00
4,000,000.00
2,056,800.00
3,000,000.00
3,000,000.00
4,040,000.00
RETURN
RATE
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%
4.884%
5.255%
5.250%
3.900%
4.760%
5.564%
4.677%
3.910%
5.520%
4.357%
3.818%
5.200%
3.640%
3.889%
4.892%
4.100%
5.000%
4.746%
4.653%
3.890%
4.675%
4.675%
4.061%
4.250%
4.200%
4.126%
INTEREST
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
174,670.00
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
184,776.67
260,000.00
192,237.89
160,020.00
243,661.11
401,970.00
500,000.00
705,333.33
460,000.00
331 ,405.40
1,168,750.00
935,000.00
409,022.22
637,500.00
630,000.00
828,066.67
INVESTMENT
RETURN
3,666,250.00
2,392,000.00
3,600,000.00
2,386,31 1 .1 1
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
1,191,250.00
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
1,192,666.67
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
6,168,750.00
4,935,000.00
2,465,822.22
3,637,500.00
3,630,000.00
4,868,066.67
TERM
(Days)
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
1,293
1,780
1,780
1,424
1,561
1,788
1,684
1,448
1,827
1,461
1,759
1,827
1,593
1,484
1,813
1,773
1,827
1,798
1,790
1,624
1,827
1,827
1,811
1,827
1,827
1,822
INVESTMENT REPORT
AS OF NOVEMBER 30, 2008
INVESTMENT
DATE
02/20/2008
03/10/2008
03/18/2008
05/14/2008
06/10/2008
11/10/2008
08/27/2008
08/13/2008
11/12/2008
11/19/2008
11/26/2008
10/23/2008
11/10/2008
11/12/2008
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
1 1/01/2007
03/19/2008
02/03/2006
01/31/2008
^ 03/16/2007
10/11/2007
MATURITY
DATE
02/20/2013
03/08/2013
03/18/2013
05/14/2013
06/10/2013
06/14/2013
07/17/2013
08/13/2013
09/18/2013
09/25/2013
11/26/2013
10/01/2009
08/31/2013
09/30/2013
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
FN
TR
TR
CD
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
CN
SECURITY
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
FHLB 4.00% DUE 5/1 4/1 3 CALL 5/1 5/1 0
FHLMC 4.0% DUE 6/10/13 CALL 6/10/09
FHLB 5.375% DUE 6/14/13 NON-CALL
FNMA 4.375% DUE 7/17/13 NON-CALL
FFCB 4.9% DU E 8/1 3/1 3 CALL 1 1 /1 3/08
FNMA 4.05% DUE 9/18/13 CALL 9/18/09
FHLMC 50.5% DUE 9/25/13 CALL 9/25/09
FHLB 3.5% DUE 1 1/25/13 CALL 1 1/26/10
SUB-TOTAL
FHLBN 0% DUE 10/01/09 NON-CALL
SUB-TOTAL
Federal Investments Total
US TREASURY
US TREASURY
SUB-TOTAL
WELLS FARGO BANK 9218910637
SUB-TOTAL
BANK OF AMERICA 4.625% DUE 8/3/09 NON-CALL
WAL-MART 6.875% DUE 8/10/09 NON-CALL
MERRILL LYNCH 4.125% DUE 9/10/09 NON-CALL
GENERAL ELECTRIC 5.250% DUE 10/27/09 NON-CAl
BERKSHIRHATWY4.125% DUE 1/15/10 NON-CALL
BERKSHIRHATWY 4.125% DUE 1/15/10 NON-CALL
WELLS FARGO CO 4.2% DUE 1/15/10 NON-CALL
GOLDMAN SACHS 4.50% DUE 6/15/10 NON-CALL
WAL-MART 4.125% DUE 7/01/10 NON-CALL
WAL-MART 4.125% DUE 7/01/10 NON-CALL
US BANCORP 4.50% DUE 7/29/10 NON-CALL
WELLS FARGO 4.625% DUE 08/09/10 NON-CALL
WAL-MART 4.75% DUE 8/15/10 NON-CALL
WAL-MART 4.75% DUE 8/15/10 NON-CALL
PAR
VALUE
4,000,000.00
3,000,000.00
1,000,000.00
2,000,000.00
3,000,000.00
1,000,000.00
2,000,000.00
1 ,000,000.00
2,000,000.00
1,000,000.00
2,000,000.00
373,842,000.00
3,000,000.00
3,000,000.00
376,842,000.00
1,000,000.00
1 ,000,000.00
2,000,000.00
33,000.00
33,000.00
2,000,000.00
5,000,000.00
5,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
1 ,000,000.00
1 ,000,000.00
1,000,000.00
2,000,000.00
3,000,000.00
2,000,000.00
3,000,000.00
2,000,000.00
INVESTED
AMOUNT
4,000,000.00
2,963,940.00
999,000.00
2,000,000.00
2,998,500.00
1 ,065,788.37
2,035,600.00
1 ,000,000.00
1 ,987,600.00
1,022,910.00
2,000,000.00
377,541 ,966.00
2,914,250.00
2,914,250.00
380,456,216.00
1 ,031 ,328.00
1,030,781.25
2,062,109.25
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
4.000%
3.765%
4.022%
4.000%
4.717%
3.800%
3.970%
4.900%
4.192%
5.500%
4.361%
4.089%
3.109%
3.109%
2.430%
2.452%
2.441%
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
800,000.00
560,476.67
201 ,000.00
320,000.00
714,000.00
181,163.02
392,177.78
245,000.00
405,250.00
243,840.00
440,000.00
56,338,122.84
171,500.00
171,500.00
56,509,622.84
13,081.60
13,081.60
26,163.20
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
4,800,000.00
3,524,416.67
1,200,000.00
2,320,000.00
3,712,500.00
1,246,951.39
2,427,777.78
1 ,245,000.00
2,392,850.00
1,266,750.00
2,440,000.00
433,880,088.84
3,085,750.00
3,085,750.00
436,965,838.84
1,150,120.86
1,152,558.38
2,302,679.24
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)
1,827
1,824
1,826
1,826
1,826
1,677
1,785
1,826
1,771
1,771
1,826
1,190
343
343
1,533
1,755
1,783
1,769
365
365
832
810
1,042
726
716
715
646
818
973
834
1,637
921
1,248
1,039
INVESTMENT REPORT
AS OF NOVEMBER 30, 2008
INVESTMENT
DATE
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
04/28/201 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
CN
CN
CN
CN
O
O
0
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-CALI
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-CAI
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
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
ION-CALL
IALL
:ALL
:ALL
;ALL
1 NON-CALL
1 NON-CALL
L
MON-CALL
m NON-CAL
11 CALL 11/1
12 NON-CALI
? NON-CALL
> NON-CALL
NON-CALL
2 NON-CALL
2 NON-CALL
NON-CALL
i/1 2 NON-CAI
)/12 NON-CAI
>/1 2 NON-CAI
ON-CALL
JE 4/10/13 NC
JE4/10/13NC
IN-CALL
'N-CALL
SUB-TOTAL
3OUNT
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
462,346.00
2,015,867.18
55,927.25
18,530,000.00
9,423,301.12
13,225,000.00
16,245,000.00
59,957,441 .55
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
462,346.00
2,015,867.18
55,927.25
18,530,000.00
9,423,301.12
13,225,000.00
16,245,000.00
59,957,441 .55
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%
0.200%
0.200%
1 .250%
2.650%
2.650%
2.650%
2.650%
2.547%
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
2.53
11.05
1.94
1 ,364.01
693.66
973.51
1,195.81
4,242.51
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
462,348.53
2,015,878.23
55,929.19
18,531,364.01
9,423,994.78
13,225,973.51
16,246,195.81
59,961 ,684.06
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 528,638,441.55 533,382,336.07 4.02% 17,375,134.63 605,227,058.10
EXHIBIT 8
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF NOVEMBER 30, 2008
Cash Balance by Fund:
General 48,571,129
Special Revenue 43,862,416
Debt Service 2,890,110
Capital Projects:
General Capital Construction 66,239,834
Traffic I m pact Fees 14,102,703
Public Facilities Fees 42,249,101
Park Development 2,697,761
Transnet Taxes 6,412,279
Drainage Fees 8,420,064
Special Districts 84,751,194
Infrastructure Replacement 46,517,215
Other Capital Construction 4,107,518
Total 275,497,670
Enterprise:
Carlsbad Municipal Water District 61,171,483
Sewer Fund 55,652,349
Solid Waste 6,880,267
Storm Water 1,391,506
Golf Course 175,704
Total 125,271,309
Internal Service 24,159,557
Agency Funds 17,170,504
Redevelopment Funds (1) 0
Misc. Special Funds 0
Total General Ledger Balance ** 537,422,694
Reconciling Adjustments (2) (5,506,300)
Total Treasurer's Investment Portfolio at Amortized Cost 531,916,394
(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 12/08/08
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 30, 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 AA3 AA
BANK OF AMERICA AAA AA
BERKSHIRE HATHAWAY AAA AAA
CITIGROUP AA3 AA-
GENERAL ELECTRIC AAA AAA
GOLDMAN.SACHS AA3 AA-
JOHNSON& JOHNSON AAA AAA
MET LIFE GLOBAL AA2 AA
NEW YORK LIFE AAA AAA
PRINCIPAL LIFE AA2 AA
TOYOTA AAA AAA
US BANCORP AA2 AA
WAL-MART AA2 AA
WELLS FARGO AA1 AA+
Commercial Paper Investments Meeting the Current Investment Policy:
(Ratings must be A1/P1 or better by both Moody's and S&P)
(Ratings of other debt must be AA or better by Moody's and S&P)
NONE
Investments with Subsequent Changes in Credit Rating *
Latest Carrying Market
Moodv's S&P Maturity Date Purchased Value Value
GENWORTH GLOBAL A1 AA- 09/15/2011 05/07/2008 2,013,821 1,143,240
HOME DEPOT BAA1 BBB+ 03/01/2011 06/12/2006 2,988,252 2,788,740
MERRILL LYNCH A1 A 09/10/2009 11/03/2006 4,968,691 4,871,200
PROTECTIVE LIVE A1 AA 07/15/2012 07/17/2008 3,000,000 2,840,220
* 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.
17
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 30, 2008
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
EXHIBIT 10
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
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
U.S.TREASURY
Total Portfolio
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
Investment Cost
5,795,867.32
34,423,405.56
2,914,250.00
180,088,022.02
103,154,486.63
50,959,006.47
990,198.00
2,130,980.00
2,062,109.25
0.38%
0.37%
0.76%
1 .68%
5.15%
0.38%
0.19%
0.56%
0.19%
0.92%
0.57%
0.37%
0.19%
0.56%
0.76%
0.55%
2.48%
0.97%
Percent of Portfolio"
1 .09%
6.45%
0.55%
33.76%
19.34%
9.55%
0.19%
0.40%
0.39%
$533,382,336.07
* No more than 5% may be invested with a single corporate issuer.
"There are no percentage limits on federal agency issuers.