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HomeMy WebLinkAbout4.06 Invest Rept 2nd QtrC~~~ OF~DU~~~ 19' ~.~ _ _~ `SZ ~~~~~1 `~'~crCr~ ~~/ STAFF REPORT CITY C L E R K DUBLIN CITY COUNCIL File # ^©2^®- 3^© DATE: February 2, 2010 TO: Honorable Mayor and City Councilmembers FROM: -Joni Pattillo, City Manager SUBJE City Treasurer's Investment Report for 2"d Quarter 2009-2010 Prepared By: Paul S. Rankin, Administrative Services Director EXECUTIVE SUMMARY: The City's investment portfolio totals $94,243,204 (par value). were invested at an average yield of 2.546%. The portfoli restricted funds and the balance will fluctuate throughout background report on the City investment portfolio as well December 31, 2009. FINANCIAL IMPACT: As of December 31, 2009, funds o includes both discretionary and the year. Staff will provide a as the investment results as of Investments are made in accordance with the City Investment Policy and State Law. Interest earned is apportioned between the Funds (i.e. General Fund, Gas Tax Fund, etc) based upon the proportionate share of the total cash balance. The current earning rate is projected to be consistent with projections used in the current Budget. RECOMMENDATION: Receive the Quarterly Investment Report. ~~ Submitted By: Administrative Services Director viewe Assistant City Manager Page 1 of 5 ITEM NO. ~• ~ r DESCRIPTION: The format of the quarterly report consists of the following components: Section I -Portfolio Information • Portfolio Summary (Includes the Par Value; Market Value; and Yield) • Portfolio Details (Includes a listing of individual securities and investments) • Investments By Type (Includes a listing of Federal Securities including call date if applicable) Section II -Investment Charts Section III -Listing of Investment Transactions by Month 2nd QUARTER RESULTS As shown on the Portfolio Summary the total investments as of December 31, 2009 were approximately $94.2 million. The "Yield to Maturity" was calculated at 2.546% and the weighted average maturity of the portfolio was 461 days (1.3 years). The report also displays the weighted average maturity based on the "Call Date". If all securities were assumed to be called the portfolio average maturity drops to slightly less than one year at 253 days. The Market Value as of December 31, 2009 was approximately $2 million more than the Par Value (Par Value = $94,243,204 and Market Value = $96,220,859). The Par Value is the "face value" or principal amount at maturity of the note or bond. The typical investment approach used by the City is to hold investments until maturity. The City does not actively sell securities prior to their maturity. In the current market, the premature liquidation of a security would result in less interest income upon reinvestment, diluting any gain achieved from selling the investment prior to its stated maturity. The following Table displays the comparative results based on information in the Portfolio Summary for the most recent five quarters. This allows for a comparison to the most recent quarter as well as the same three month period one year ago. Table 1: COMPARISON OF PORTFOLIO MEASURES Most Recent Five Quarters 2008/09 2008!09 2008109 2009110 2009110 Portfolio Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Measure (Oct -Dec (Jan -Mar (Apr -Jun (Jul-Sept (Oct-Dec: 2008 2009 _ 2009 __ 2009 2009 Par Value $120,350,694 $103,789,959 $103,917,733 $91,518,517 $94,243,204 Average 940 days 968 days 576 days 548 days 461 days Term (2.58 yrs) (2.65 yrs) (1.57 yrs) (1.5yrs) (1.26 yrs) Yield To 3.661 % 3.483 % 3.352 % 3.032 % 2.546 Maturi /Call Page 2 of 5 As noted in Table 1, the total portfolio is approximately $26.1 million less than one year ago. The total portfolio will fluctuate between fiscal years based upon: planned expenditures, fluctuations in revenue collected, and differences in timing of both revenue and expenditures. Expenditures for Capital Projects are largely responsible for the decrease compared to one year ago. Significant projects have incurred expenditures during the past year including the following: City Maintenance Facility Acquisition; Fallon Sports Park; Heritage Park Development; and the Interstate 580/ Fallon Road Interchange. The average maturity of the investments held has decreased over the past year from 2.6 years to 1.26 years. This is in part a response to the interest rate environment and the lack of attractive interest rates. INVESTMENT ACTIVITY DURING THE SECOND QUARTER This report discloses changes in individual securities due to Maturities, Called Securities, and New Investments. A total of $ 11,000,000 in securities either matured or were called during the quarter. As shown below two transactions were due to maturing investments, and two securities were called prior to their stated maturity dates. TABLE 2: INVESTMENTS MATURED DURING THE SECOND QUARTER T e* Value at Maturi Maturity Date Cou on Rate FHLB $ 3,000,000 11/3/2009 3.50% FFCB $ 2,000,000 11/20/2009 4.85% Total $ 5,000,000 TABLE 3: INVESTMENTS CALLED DURING THE SECOND QUARTER T e* Date Ac wired Par Value Original Ma#urity Date Coupon Rate Call Date FHLB 10/17/2006 $3,000,000 11/09/2011 5.25% 11/09/2009 FHLB 04/22/2008 $3,000,000 05/13/2013 4.00% 11/13/2009 TOTAL $6,000,000 * FHLB =Federal Home Loan Bank; FFCB =Federal Farmers Credit Bank Staff purchased two new investments with a par value of $3,000,000 during the first quarter. TABLE 4: INVESTMENTS PURCHASED DURING THE FOURTH QUARTER If Not Date Initial Called Acquired Final Coupon Rate To Value at Maturity Rate ! One-Time Final T e Maturi Date Term Call .Date Maturi FHLB (Step) 12/02/2009 $ 1,500,000 12/21/2012 1.00% / 9/29/2010 2.05% For 1 r FHLB (Step) 12/02/2009 $ 1,500,000 12/30/2014 1.50% / 12/30/2011 4.00% For 2 rs Total $ 3,000,000 Page 3 of 5 The new investments purchased and summarized in Table 4 have a somewhat different structure than previous investments purchased by the City. They are issued by the Federal Home Loan Bank, and the City has purchased investments from this issuer in the past. These bonds are referred to as a "Step-Up" bond. It starts at an initial interest rate and has aone-time call provision. If the bond is not called the interest rate adjusts for the remaining term. The rates for the initial term on both of these investments was above the current short-term Local Agency Investment Fund (LAIF) rate of 0.6%. COMPOSITION OF PORTFOLIO Section II of the Report contains charts which assist with reviewing the portfolio. The Charts focus on key factors to monitor including the investment maturities as well as the composition of the portfolio. The following are key highlights of the portfolio: • At December 31, 2009, 43.1% of the portfolio was immediately available in the Local Agency Investment Fund (LAIF) and Money Market instruments; this is a 17% increase from the percentage reported as of September 30, 2009. • Federal Agency Securities represented 57% of the Portfolio, which is a 10% decrease from the percentage reported as of September 30, 2009. • There was diversity in the issuers of the federal securities held in the portfolio. A total of four different issuers were represented. (FNMA-29%; FHLB - 45%; FFCB-9% and FHLMC-17%). • 58% of the funds are invested for one year or less compared to 52% reported as of September 30, 2009. • 18% of the funds are invested in securities with maturities of 3 years or more, compared to 22% reported for September 30, 2009. MONTHLY TRANSACTIONS Section III of the Report provides a list of transactions related to investments in the City portfolio for each month of the second quarter (October, November, and December 2009). This schedule provides compliance with the Government Code requirement to disclose monthly transaction data. It is incorporated as part of the quarterly investment report rather than individual monthly reports. RECENT TRENDS COMPARED TO BUDGET There have been significant downward trends in interest rates. For Budget purposes the Fiscal Year 2009-2010 Budget assumed that LAIF would continue to generate a rate of at least 0.75%. As noted below the rate for the second quarter did not achieve this threshold. The following Table shows the deterioration in short-term rates at LAIF over the past year and they have continued to decline, however, they remain higher than other short-term investment options. TABLE 5: Local A enc Investment Fund LAIF Quarterly Rate Quarter Ending Rate December 31, 2008 2.54% December 31, 2009 .60% Page 4 of 5 The current trend in the market has been continued lower interest rates. In terms of new issues of Federal Agency Securities there have been fewer new issues and most are at rates below those of securities currently held in the City portfolio. Overall the rate earned by the current portfolio is at a level slightly above the projection used for the adopted budget, however two quarters still remain. NOTICING REQUIREMENTS/PUBLIC OUTREACH: None ATTACHMENTS: 1. Quarterly Investment Report for the Period Ending December 31, 2009 Page 5 of 5 lof 11 CITY OF DUBLIN QUARTERLY INVESTMENT REPORT Second Quarter Fiscal Year 2009-2010 December 31, 2009 Presented To City Council February 2, 2010 Section I -Portfolio Information • Portfolio Summary (Includes the Par Value; Market Value; and Yield) • Portfolio Details (Includes a listing of individual securities and investments) • Investments By Type (Listing of Federal Securities including call date if applicable) Section II -Investment Charts Section III -Listing of Monthly Investment Transactions ATTACHMENT 1 ~~~oe~~tr~i ~ CITY OF DUBLIN P tf t li M ,,, ~~~ i ~~ ~ or anagemen o o \, i!~~ /~, Portfolio Summary r,~, DECEMBER 31, 2009 Par Market Book % of Term / Days to YTM/C Investments Value Value Value Portfolio Days Mat./Call 365 Equiv. Money Market 272,534.81 272,534.81 272,534.81 0.29 1 1 0.010 LAIF 40,259,923.79 40,259,923.79 40,259,923.79 42.72 1 1 0.600 Calif Asset Mgt Pgm (CAMP) 55,745.45 55,745.45 55,745.45 0.06 1 1 0.250 Federal Agency Coupon 53,655,000.00 55,151,858.20 53,737,409.50 56.93 809 444 4.021 Total /Average $94,243,204.05 $95,740,062.25 $94,325,613.55 100.00% 461 253 2.546% Cash and Accrued Interest Accrued Interest ~'~ 480,796.46 480,796.46 Total Cash and $94,243,204.05 Investments Value $96,220,858.71 $94,806,410.01 461 253 2.546% The schedule of investments, including the dates of maturity, provide adequate cash flow liquidity to meet anticipated expenditures over the next six months. The investments and schedule of investments are in compliance with the City of Dublin Investment Policy, and all applicable laws and regulations. ~J/~X. ~~~~~~J ~ 2.2 'Lpl ~ PAUL S. RANKIN, ADMINISTRATIVE SERVICES DIRECTOR DATE (1) Accrued Interest represents the portion of interest earned as of the end of the quarter, that will be paid in a future month. Federal Securities typically pay interest twice a year (6 month intervals). `.~'~ City of Dublin Portfolio Management Portfolio Details -Investments December 31, 2009 CUSIP Investment # Issuer Purchase Date par Value Market Value Book Value Coupon Rate Days To Maturity Days To Call/Mat YTM @ Cost Maturity Date Local Government Investment Pool CAMP California Asset Management Progran,~ 1 1 3/2008 55,745.45 55,745.45 55.,45.45 0.25 1 1 Q25 N;A LAIF LAIF 11 26%2003 40,250.923 ~4 40 X59 923 ~9 40259 923 7~+ 0 6 1 1 ij 6 N Sub Total /Average 40,316,669.24 40,316,669.24 40,315,669.24 0.6 1 1 0.59952 Money Market UNION Fidelity US Government Portfolio 11130-2000 272.534.81 272.534.31 272.534.31 0.01 1 1 0.01 NA Sub Total /Average 272,534.81 272,534.81 272,534.81 O.D1 1 1 0.01 US:Agency 3128X2PQ2 10033 Federal Home Loan Mtg Corp 3/6/2007 3,000,000.00 3,009,930.00 3,000,491.28 5 29 29 4.48253 1/29/2010 3136F6W54 10048 Federal National Mtg Assn 8/31/2007 1,500,000.00 1,517,340.00 1,500,254.54 4.81 95 95 4.69032 4/5/2010 31359MA94 10054 Federal National Mtg Assn 9/13/2007 2,000,000.00 2,026,260.00 2,001,060.27 4.75 110 110 4.53007 4/20/2010 31398AQN5 10080 Federal National Mtg Assn 9/12/2008 3,000,000.00 3,027,180.00 3,000,000.00 3.05 118 118 3.04864 4/28/2010 3133XGLE2 10036 Federal Home Loan Bank 1/26/2007 3,000,000.00 3,098,430.00 3,000,673.30 5.125 253 253 5.08024 9/10/2010 3133XQUH3 10069 Federal Home Loan Bank 4/28/2008 1,500,000.00 1,531,410.00 1,500,000.00 3.125 301 301 3.12502 10/28/2010 31331XNE8 10037 Federal Farm Credit Bank 2/14/2007 2,000,000.00 2,094,380.00 2,000,118.08 5.05 397 397 5.04013 2/1/2011 31331XRQ7 10055 Federal Farm Credit Bank 11/15/2007 1,655,000.00 1,735,168.20 1,666,485.62 4.85 433 433 4.24005 3/9/2011 31331XWU2 10049 Federal Farm Credit Bank 8/31/2007 1,000,000.00 1,051,560.00 1,000,562.31 4.8 480 480 4.75026 4/25/2011 3136F8U37 10059 Federal National Mtg Assn 2/8/2008 3,000,000.00 3,009,390.00 3,000,000.00 3.57 769 39 3.57004 2/8/2012 3136F82S3 10060 Federal National Mtg Assn 2/22/2008 3,000,000.00 3,012,180.00 3,000,000.00 3.3 783 53 3.30005 2/22/2012 3133XQ4C3 10065 Federal Home Loan Bank 4/3/2008 3,000,000.00 3,136,890.00 3,012,450.52 3.5 799 799 3.3003 3/9/2012 3133XKNN1 10041 Federal Home Loan Bank 5/3/2007 3,000,000.00 3,045,930.00 3,000,000.00 5.02 854 123 5.02005 5/3/2012 3133XLEN9 10042 Federal Home Loan Bank 6/15/2007 3,000,000.00 3,068,430.00 3,000,000.00 5.56 897 166 5.56002 6/15/2012 3133XVZ53 10086 Federal Home Loan Bank 12/21/2009 1,500,000.00 1,486,875.00 1,500,000.00 1 1086 355 1.2797 12/21/2012 3133XNST7 10058 Federal Home Loan Bank 12/27/2008 2,000,000.00 2,068,760.00 2,000,000.00 4.42 1092 361 4.42003 12/27/2012 3128X1EJ2 10084 Federal Home Loan Mtg Corp 10/14/2008 3,000,000.00 3,197,370.00 3,023,265.08 4.25 1238 1238 4.00207 5/22/2013 3128X7WV2 10074 Federal Home Loan Mtg Corp 6/10/2008 3,000,000.00 3,120,480.00 2,993,954.15 4.05 1257 526 4.11273 6/10/2013 3133XRFL9 10077 Federal Home Loan Bank 7/25/2008 3,000,000.00 3,210,000.00 2,999,920.89 4.25 1261 1261 4.25023 6/14/2013 3133XD6A4 10082 Federal Home Loan Bank 9/26/2008 3,000,000.00 3,225,000.00 3,038,173.46 4.375 1352 1352 4.00007 9/13/2013 31398AZJ4 10085 Federal National Mtg Assn 9/29/2009 3,000,000.00 2,985,930.00 3,000,000.00 3.125 1733 272 3.125 9/29/2014 3133XW2R9 10087 Federal Home Loan Bank 12/30/2009 1,500,000.00 1,492,965.00 1,500,000.00 1.5 1825 729 2.5203 12/30/2014 Sub Total /Average 53,656,000.00 36,151,658.20 63,737,409.50 4.09 809 44d 4:R2DB3 Total /Average 94,243,204.05 95,740,062.25 94,325,613.55 2.585 461 253 2.54554 W a City of Dublin Investments By Type (December 31, 2009) CUSIP Investment # Issuer Par Value Cost Price gook Value Coupon Rate Maturity Date Next Call Date Next Call Price US Agency 31331XWU2 10049 FFCB 1,000,000.00 100.159 1,000,562.31 4.8 4/25/2011 31331XRQ7 10055 FFCB 1,655,000.00 101.863 1,666,485.62 4.85 3/9/2011 31331XNE8 10037 FFCB 2,000,000.00 100.033 2,000,118.08 5.05 2/1/2011 3133XQUH3 10069 FHLB 1,500,000.00 100 1,500,000.00 3.125 10/28/2010 3133XQ4C3 10065 FHLB 3,000,000.00 100.728 3,012,450.52 3.5 3/9/2012 3133XRFL9 10077 FHLB 3,000,000.00 99.993 2,999,920.89 4.25 6/14/2013 3133XD6A4 10082 FHLB 3,000,000.00 101.671 3,038,173.46 4.375 9/13/2013 3133XNST7 10058 FHLB 2,000,000.00 100 2,000,000.00 4.42 12/27/2012 12/27/2010 100 3133XKNN1 10041 FHLB 3,000,000.00 100 3,000,000.00 5.02 5/3/2012 5/3/2010 100 3133XGLE2 10036 FHLB 3,000,000.00 100.138 3,000,673.30 5.125 9/10/2010 3133XLEN9 10042 FHLB 3,000,000.00 100 3,000,000.00 5.56 6/15/2012 6/15/2010 100 3133XVZ53 10086 FHLB 1,500, 000.00 100 1, 500, 000.00 1 12/21 /2012 12/21 /2010 100 3133XW2R9 10087 FHLB 1,500,000.00 100 1,500,000.00 1.5 12/30/2014 12/30/2011 100 3128X7WV2 10074 FHLMC 3,000,000.00 99.71875 2,993,954.15 4.05 6/10/2013 6/10/2011 100 3128X1 EJ2 10084 FHLMC 3,000,000.00 101.03 3,023,265.08 4.25 5/22/2013 3128X2PQ2 10033 FHLMC 3,000,000.00 100.61 3,000,491.28 5 1/29/2010 31398AQN5 10080 FNMA 3,000,000.00 100 3,000,000.00 3.05 4/28/2010 31398AZJ4 10085 FNMA 3,000,000.00 100 3,000,000.00 3.125 9/29/2014 9/29/2010 100 3136F82S3 10060 FNMA 3,000,000.00 100 3,000,000.00 3.3 2/22/2012 2/22/2010 100 3136F8U37 10059 FNMA 3,000,000.00 100 3,000,000.00 3.57 2/8/2012 2/8/2010 100 31359MA94 10054 FNMA 2,000,000.00 100.53 2,001,060.27 4.75 4/20/2010 3136F6W54 10048 FNMA 1,500,000.00 100.285 1,500,254.54 4.81 4/5/2010 Sub Total /Average '~"~ 53,655,000.00 100.3068 53,737,409,50 4.09 ;~' ; ISSUERS: FFCB =Federal Farm Credit Bank; FHLB =Federal Home Loan Bank; FHLMC =Federal Home Loan Mortgage Corporation ("Freddie Mac"); FNMA =Federal National Mortgage Association ("Fannie Mae") ~ a S6~ ~) QUARTERLY INVESTMENT REPORT Second Quarter Fiscal Year 2009-2010 December 31, 2009 Section II -Investment Charts ~ 6~ i~ INVESTMENT CHARTS FOR THE QUARTER ENDING DECEMBER 31, 2009 INVESTMENTS BY TYPE (December 31, 2009) FEDERAL SECURITIES 56.9% Less than 1% LAIF 42.7% 7 ~r it INVESTMENT CHARTS FOR THE QUARTER ENDING DECEMBER 31, 2009 December 31, 2009 -Portfolio Maturities $45,000,000 $40,588,204 $4QOOQ000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $18,500,000 $15,000,000 $14,000,000 $12,000,000 $10,000,000 $4,655,000 $4,500,000 $5,000,000 ~x~» ''` &» fir s v~. , $0 No Maturity Date (1 Yr or Less) (1 Yr - 2 Yr) (2 Yr - 3 Yr) (3 Yr - 4 Yr) (4 Yr - 5 Yr) 8 ~F II QUARTERLY INVESTMENT REPORT Second Quarter Fiscal Year 2009-2010 December 31, 2009 Section III - Listing of Monthly Investment Transactions City of Dublin Cash /Checking Activity Report October 1, 2009 -October 31, 2009 Issuer Transaction Date Comment Deposits Withdrawals Interest Received Balance Gaiifornia Asset Management Program (CAMP) 55,707.05 California Asset Mana ement Pro ram 10%30!2009 lnterest on account 13.98 55,721.03 Subtotal and Ending Balance OAO 0.00 13.98 55,721.03 Fidelity US Government Portfolio M M 5,398,990.72 Fidelit US Government Portfolio MM 10/1/2009 Interest on account 187.53 5,399,178.25 Fidelit US Government Portfolio MM 10/5/2009 Interest on inv #10048 36,075.00 5,435,253.25 Fidelit US Government Portfolio MM 10/13/2009 Transfer to LAIF (5,435,000.00) 253.25 Fidelit US Government Portfolio MM 10/20/2009 interest on inv# 10054 47,500.00 47,753.25 Fidelit US Government Portfolio MM 10/26/2009 Interest on inv# 10049 24,000.00 71,753.25 Fidelit US Government Portfolio MM 10/27/2009 Pa ment of fees 875.00 72,628.25 Fidelit US Government Portfolio MM 10/27/2009 Fees collected (875.00) 71,753.25 Fidelit US Government Portfolio MM 10/28/2009 Interest on inv# 10069 23,437.50 95,190.75 Fidelit US Government Portfolio MM 10/28/2009 Interest on inv# 10080 45,750.00 140,940.75 Fidelit US Government Portfolio MM Subtotal and Ending Balance 177,637.50 (5,435,875,00) 187.53 140,940.75 LAIF 24,408,819.47 LAIF 10/7/2009 (580,000.00) 23,828,819.47 LAIF 10/12/2009 5,435,000.00 29,263,819.47 LAIF 10/22/2009 (1, 000, 000.00) 28,263, 819.47 Subtotal and Ending Balance 5,435,000.00 (1,580,000.00) 0.00 28,263,819:47 TOTAL 5,612,637.50 (7,015,875.00) 201.51 28,460,481.25 '~ 0 City of Dublin Cash /Checking Activity Report November 1, 2009 -November 30, 2009 Issuer Transaction Comment Deposits Withdrawals Interest Balance Date Received California Asset Management Program (CAMP) 55,721.03 California Asset Mana ement Pro ram 1 130/2009 Interest on account 12.42 55,733.45 Subtotal and Ending Balance 0.00 0.00 12.42 55,733.45 Fidelity US Government Portfolio M M Fidelit US Government Portfolio MM 11/2/2009 Interest on account 197.77 140,940.75 141 138 52 Fideli US Government Portfolio MM 11/3/2009 Interest on inv# 10066 52,500.00 , . 193 638 52 Fidelit US Government Portfolio MM 11/3/2009 Interest on inv# 10041 75,300.00 , . 268 938 52 Fidelit US Government Portfolio MM 11/3/2009 Matured inv# 10066 3,000,000.00 , . 3 268 938 52 Fidelit US Government Portfolio MM 11/9/2009 Interest on inv# 10039 78,750.00 , , . 3 347 688 52 Fidelit US Government Portfolio MM 11/9/2009 Called inv# 10039 3,000,000.00 , , . 6 347 688 52 Fidelit US Government Portfolio MM 11/13/2009 Interest on inv# 10070 60,000.00 , , . 6 407 688 52 Fidelit US Government Portfolio MM 11/13/2009 Called inv# 10070 3,000,000.00 , , . 9 407 688 52 Fidelit US Government Portfolio MM 11/20/2009 Interest on inv# 10032 48,500.00 , , . 9 456 188 52 Fideli US Government Portfolio MM 11/20/2009 Matured inv# 10032 2,000,000.00 , , . 11 456 188 52 Fidelit US Government Portfolio MM 11/23/2009 Interest on inv# 10084 63,750.00 , , . 11,519,938.52 __ an n ing a ance 11,378,800.00 0.00 197 77 11,519,938 52 L.AI F WAIF LAIF _AIF 11/3/2009 11/10/2009 11/18/2009 500,000.00) 700,000.00) 750,819.47) 28,263,819.47 27,763,819.47 27,063,819.47 26,313,000.00 Subtotal and Ending Balance 0.00 (1,950,819.47) 0.00 26,313,000:04 TOTAL 11,378,800.00 (1,950,819.47) 210.19 37,888,671.97 _` City of Dublin Cash /Checking Activity Report December 1, 2009 -December 31, 2009 Issuer Transaction Comment Deposits Withdrawals Interest Balance Date Received California Asset Mana ement Program (CAMP 55,733.45 California Asset Mana ement Pro ram 12;30;2009 Interest on account 12.00 55,745.45 Subtotal and Ending Balance 0.00 0.00 12.00 55,745.45 Fidelity US Government Portfolio M M Fidelit US Government Portfolio MM 12/1/2009 Interest on account 414.85 11,519,938.52 11 520 353.37 Fidelit US Government Portfolio MM 12/3/2009 Transfer to LAIF (11,500,000.00 , , 20 353 37 Fidelit US Government Portfolio MM 12/10/2009 Interest on inv# 10074 60,750.00 , . 81 103.37 Fidelit US Government Portfolio MM 12/14/2009 Interest on inv# 10077 63,750.00 , 144 853 37 Fidelit US Government Portfolio MM 12/15/2009 Interest on inv# 10042 83,400.00 , . 228 253 37 Fideli US Government Portfolio MM 12/21/2009 Purchase inv# 10086 (1,500,000.00) , . (1,271 746.63) Fidelit US Government Portfolio MM 12/22/2009 Transfer from LAIF 3,000,000.00 , 1 728 253 37 Fidelit US Government Portfolio MM 12/28/2009 Interest on inv# 10058 44,200.00 , , . 1 772 453.37 =idelit US Government Portfolio MM 12/30/2009 Purchase inv# 10087 (1,500,000.00) , , 272 453 37 =idelit US Government Portfolio MM 12/31/2009 Interest on account 81.44 , . 272,534.81 Subtotal and Ending Balance 3,252,100.00 (14,500,000.00) 496.29 272,534.81 '~AI F _AIF 12/3/2009 (1,000,000.00) 26,313,000.00 25 313 000.00 _AIF 12/3/2009 11, 500, 000.00 , , 36 813 000 00 _AIF AIF 12/17/2009 6,600,000.00 , , . 43,413,000.00 _ 12/22/2009 Transf to B of A (200,000.00) 43 213 000 00 _AIF 12/22/2009 Transf to Union Bank (3,000,000.00) , , . 40 213 000 00 _AIF 12/31/2009 Interest on account 46,923.79 , , . 40,259,923.79 Subtotal and Ending Balance 18,100,000.00 (4,200,000.00) 46,923.79 40,259,923,.79 TOTAL 21,352,100.00 (18,700,000.00) 47,432.08 40,588,204.05 ---... ----.,