HomeMy WebLinkAboutItem 4.02 Invest Report 2nd Qtr~~~~ OF Dp~~~~ ~
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19~-~ ~2 STAFFREPORT CITY CLERK
~~~ ~ ~l DUBLIN CITY COUNCIL File # ^~^2 ~^-~~
~~LIFOR~~~
DATE: February 1, 2011
TO: Honorable Mayor and City Councilmembers
FROM: Joni Pattillo, City Manager
SUBJEC : City Treasurer's Investment Report for 2nd Quarter 2010-2011
Prepared By: Paul S. Rankin, Administrative Services Director
EXECUTIVE SUMMARY: ,
The City's investment portfolio totals $103,312,201 (par value). As of December 31, 2010,
funds were invested at an average yield of 1.478%. The portfolio includes both discretionary
and restricted funds and the balance wil! f{uctuate throughout the year. The report presented
provides background on the City investment portfolio as well as the investment results as of
December 31, 2010.
FINANCIAL IMPACT:
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 below the 1.73%
projection in the Fiscal Year 2010/2011 Budget Projection. Actual revenue results will also be
impacted by fluctuations in the Total Funds invested.
RECOMMENDATION:
Receive the Quarterly Investment Report.
~ .
Submitted By: Reviewed y:
Administrative Services Director Assistant City Manager
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 (Inctudes 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
Page 1 of 4 ~TEM ~~. - 1•~
2nd QUARTER RESULTS
As shown on the Portfolio Summary the total investments as of December 31., 2010 were
approximately $103.3 million. The "Yield to Maturity" was calculated at 1.478% and the
weighted average maturity of the portfolio was 472 days (1.29 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 less than one year at 295 days.
The Market Value as of December 31, 2010 was approximately $1.25 million more than the Par
Value (Par Value =$103,312,201 and Market Value =$104,563,129). 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.
As noted in Table 1, the total portfolio is approximately $9 million more 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
The average maturity of the investments held has increased over the past quarter from 363
days to 472 days. The average maturity of .the portfolio one year ago was approximately
relatively unchanged (1.26 years in December 2009 and 1.29 years in December 2010). During
the last quarter longer term investments were purchased to attempt to compensate for the
continued decrease in short-term rates. Current projections made by investment managers
suggest that increases in the Federal short term rates are not expected until well into 2011.
The short term holdings (funds invested for one year or less) are approximately $4.5 million less
than the reported at September 30, 2010.
Page 2 of 4
Table 1: COMPARISON OF PORTFOLIO MEASURES
Most Recent Five Quarters
INVESTMENT ACTIVITY DURING THE SECOND QUARTER
This section of the report discloses changes in individual securities due to Maturities, Called
Securities, and New Investments. A total of $ 5,000,000 in securities either matured or were
called during the quarter. As shown below one transaction was due to a maturing investment,
and two securities were called prior to the stated maturity date. ~
TABLE Z: INVESTMENTS MATURED DURING THE SECOND QUARTER
Five new investments with a combined par value of $18,000,000 were purchased during the
second quarter.
TABLE 4: INVESTMENTS PURCHASED DURING THE SECOND QUARTER
Three of the securities which were purchased have call provisions as shown in the Table above.
,The effective yield is more than the stated coupon for four of the securities. These securities
were purchased at a discount. For example, the first security shown in the Table above
indicates a"coupon rate" of 2.125% and an effective yield of 2.17%. The $2,000,000 face
value bonds were purchased for $1,995,740 and factoring this in results in a slightly increased
yield. Securities can sell for either a premium or discount depending on the market on the day
the security is purchased. The "premium" or "discount" is allocated over the life of the
investment in the City accounting records.
Page 3 of 4
TABLE 3: INVESTMENTS CALLED DURING THE SECOND QUARTER
* FHLB = Federal Home Loan Bank; FFCB = Federal Farmers Credit Bank; FNMA = Federal
National Mortgage Association or "Fannie Mae"
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, 2010, 43.71 % of the portfolio was immediately available in the Local
Agency Investment Fund (LAIF) and Money Market instruments; this is 9.62% less than
reported as of September 30, 2010.
• Federal Agency Securities represented 56.29% of the Portfolio, which is a 9.62%
increase from the percentage reported as of June 30, 2010.
• There was diversity in the issuers of the federal securities held in the portfolio. A total of
four different issuers were represented. (FHLB - 68%; FFCB-15%, FHLMC-10% and
FNMA-7%).
• 48% of the funds are invested for one year or less compared to 60% reported in this
category as of September 30, 2010.
• 10% of the funds are invested in securities with maturities of 3 years or more, compared
to 2% reported in this category as of September 30, 2010.
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). 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 2010-2011 Budget assumed that LAIF would generate a rate of at least 0.50%. 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 Agency Investment Fund (LAIF) Quarterly Rate
The current trend in the market has been a continued climate of low 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.
NOTICING REQUIREMENTS/PUBLIC OUTREACH: None
ATTACHMENTS:
Quarterly Investment Report for the Period Ending
December 31, 2010
Page 4 of 4
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CITY OF DUBLIN
QUARTERLY INVESTMENT REPORT
Second C~uarter Fiscal Year 2010-2011
Decern ber 31, 2010
Report Prepared January 19, 2011
Report Presented To City Council February 1, 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
4.2 2-S-I ~
ATTACHMENT 1
v:,or r~~fjf~f CITY OF DUBLIN
~„~~~,~~ Portfolio Management
~~ ,:...1- -s~ sz
` r!~~ ~~ Portfolio Summary
v
\~'~r,,fr~~~~~ December 31, 2010
Pa.r Marlcet Book % of Term / Days to YTM/C
Investments Value V~lue Value Portfolio Days Mat./Call 365 Equiv.
Money Market 35,101.15 35,101.15 35,101.15_ 0.03 1 1 0.060
LAIF 45,058,699.35 45,058,699.35 45,058,699.35 43.62 1 1 0.460
Calif Asset Mgt Pgm (CAMP) 63,400.51 63,400.51 63,400.51 0.06 1 1 0.180
Federal Agency Coupon 58,155,000.00 59,156,840.10 58,120,834.04 56.29 838 524 2.270
Total / Average $103,312,201.01 $104,314,041.11 $103,278,035.05 100.00% 472 295 1.478%
Cash and Accrued Interest
Accrued Interest ~'~ 249,088.09 249,088.09
Total Cash and $103,312,201.01 $104,563,129.20 $103,527,123.14 472 295 1.478%
Investments Value
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.
~~G~ ~• ~ ~ r 2o i 1
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).
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City of Dublin
Portfolio Management
Portfolio Details - Investments
December 31, 2010
CUSIP Investment #
Issuer Purchase
Par Value
Market Value
Book Value Coupon Days To Days To YTM @ Maturity
Date Rate Maturity Call/Mat Cost Date
s... .., P . ~,;. ., _.. ,~, ..~,,, .
Local Government:Investment P
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CAMP California Asset Management Program 11/3/2008 63,400.51 63,400.51 63,400.51 0.06 1 1 0.18 N/A
LAIF LAIF 11/26/2008 45,058,699.35 45,058,699.35 45,058,699.35 43.62 1 . 1 0.46 N/A
s . . :, x ~,:~r,. ~ :; ,-, -
Sub Total / Avera e ? , :
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UNION ~ ~Fidelity US Government Portfolio ~ 11/30/2008~ 35,001.08~ 35,001.08~ 35,001.08~ 0.06~ 1 ~ 1 ~ 0.06~ N/A
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US>A enc
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31331XNE8 , , . , - , ;
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FFCB
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2/1/2011
31331XRQ7 10055 FFCB 11/15/2007 1,655,000.00 1,668,935.10 1,656,755.96 4.85 68 68 4.24005 3/9/2011
31331XWU2 10049 FFCB 8/31/2007 1,000,000.00 1,014,230.00 1,000,139.05 4.8 115 115 4.75026 4/25/2011
3133XQ4C3 10065 FHLB 4/3/2008 3,000,000.00 3,107,760.00 3,006,601.36 3.5 434 434 3.3003 3/9/2012
3133XYF91 10089 FHLB 5/10/2010 4,000,000.00 4,047,600.00 4,000,000.00 1.25 605 605 1.25 8/27/2012
3133XYUR4 10091 FHLB 6/30/2010 3,000,000.00 3,023,400.00 3,000,000.00 1.05 608 608 1.05 8/30/2012
313371PY6 10097 FHLB 12/23/2010 4,000,000.00 3,991,240.00 3,982,700.00 0.55 703 62 0.77712 12(3/2012
3136FPM61 10098 FNMA 12/28/2010 4,000,000.00 3,990,880.00 4,000,000.00 0.875 728 179 0.875 12/28/2012
3133XXPH4 10088 FHLB 4/14/2010 3,000,000.00 3,001,110.00 3,000,000.00 1.625 745 14 1.6253 1/14/2013
3133XYVW2 10092 FHLB 6/25/2010 3,000,000.00 3,030,690.00 3,000,000.00 1.25 787 787 1.25 2/25/2013
3128X1EJ2 10084 FHLMC 10/14/2008 3,000,000.00 3,237,030.00 3,016,046.38 4.25 873 873 4.00207 5/22/2013
3128X7WV2 10074 FHLMC 6/10/2008 3,000,000.00 3,045,240.00 2,995,879.69 4.05 892 161 4.11273 6/10/2013
3133XRFL9 10077 FHLB 7/25/2008 3,000,000.00 3,241,170.00 2,999,894.58 4.25 896 896 4.25023 6/14/2013
3133XYK53 10090 FHLB 5/21/2010 3,000,000.00 3,050,190.00 3,000,000.00 1.65 964 964 1.65 8/21/2013
3133XD6A4 10082 FHLB 9/26/2008 3,000,000.00 ~3,265,440.00 3,027,267.13 4.375 987 987 4.00007 9/13/2013
31331J6A6 10094 FFCB 12/23/2010 4,000,000.00 4,018,560.00 3,999,285.33 1.3 1088 1088 1.30616 12/23/2013
313371BQ8 10093 FHLB 10/14/2010 3,000,000.00 2,972,010.00 3,000,000.00 1 1200 287 1 4/14/2014
313371MU7 10096 FHLB 12/21/2010 4,000,000.00 3,921,280.00 3,940,487.01 1 1239 54 1.45083 5/23/2014
3133XW2R9 10087 FHLB 12/30/2009 1,500,000.00 1,540,035.00 1,500,000.00 1.5 1460 364 2.95539 12/30/2014
3133725D2
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Sub..Total./-Av.e
.....~_.., . .., .~..,,,. 10095
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~ 58 155,000 00 1,982,740.00
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; :~59,156,,840.10 1,995,763.67
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~58,120 834.04, 2.125
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~.e2,.,26945 12/21/2015
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s~ ~._,
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Total / Average 103,312,201.01 104,314,041.11 103,278,035.05 1.462 472 295 1.47824
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City of Dublin Investments By Type (December 31, 2010)
CUSIP
'''"'
U,S,,:~AgencY.._ ~~.. '
31331XNE8 Investment
#
4
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10037
Issuer
; ~+ .~" ~
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FFCB Face
Amount/Shares
: ~^
~ ~~~ ~:_
2,000,000.00
Cost Price
. <uT~'ro . Y
~'..~._. ,y~ s ~~ _
100.033
Book Value
~ Y ,~
~.: .~~:y
2,000,013.88 Coupon
Rate
n C't'
~._ ;~
5.05 Maturity
Date
,rc~ ~ ;
~ -.~ . ~~
2/1/2011 Next Call
Date
~ Next Call
Price
„;~'e, i;, ,';q,...
~~~ ~fr,
31331 XRQ7 10055 FFCB 1,655,000.00 101.863 1,656,755.96 4.85 3/9/2011
31331XWU2 10049 FFCB 1,000,000.00 100.159 1,000,139.05 4.8 4/25/2011
31331 J6A6 10094 FFCB 4,000,000.00 99.982 3,999,285.33 1.3 12/23/2013
FFCB Total ~ 8 ~655,000 00'
3133XQ4C3 10065 FHLB 3,000,000.00 100.728 3,006,601.36 3.5 3/9/2012
3133XYF91. 10089 FHLB 4,000,000.00 100 4,000,000.00 1.25 8/27/2012
3133XYUR4 10091 FHLB 3,000,000.00 100 3,000,000.00 1.05 8/30/2012
313371 PY6 10097 FHLB 4,000,000.00 99.5625 3,982,700.00 0.55 12/3/2012 3/3/2011 100
3133XXPH4 10088 FHLB 3,000,000.00 100 3,000,000.00 1.625 1/14/2013 1/14/2011 100
3133XYVW2 10092 FHLB 3,000,000.00 100 3,000,000.00 1.25 2/25/2013
3133XRFL9 10077 FHLB 3,000,000.00 99.993 2,999,894.58 4.25 6/14/2013
3133XYK53 10090 FHLB 3,000,000.00 100 3,000,000.00 1.65 8/21/2013
3133XD6A4 10082 FHLB 3,000,000.00 101.671 3,027,267.13 4.375 9/13/2013
313371 BQ8 10093 FHLB 3,000,000.00 100 3,000,000.00 1 4/14/2014 10/14/2011 100
313371 MU7 10096 FHLB 4,000,000.00 98.5 3,940,487.01 1 5/23/2014 2/23/2011 100
3133XW2R9 10087 FHLB 1,500,000.00 100 1,500,000.00 1.5 12/30/2014 12/30/2011 100
3133725D2 10095 FHLB 2,000,000.00 99.787 1,995,763.67 2.125 12/21/2015
FHLB Total ~,~39;500,OOQ~OOt -
3128X1 EJ2 10084 FHLMC 3,000,000.00 101.03 3,016,046.38 4.25 5/22/2013
3128X7WV2 10074 FHLMC 3,000,000.00 99.71875 2,995,879.69 4.05 6/10/2013 6/10/2011 100
FHLMC Total ~`~~,O:d00~00;0~ 0~0:
3136FPM61 10098 FNMA 4,000,000.00 100 4,000,000.00 0.875 12/28/2012 6/28/2011 100
FNMA Total ~~ 4~;00~0~;0~0(J~~0:0".,
Grand Total 58,155,000.00
ISSUERS: FFCB = Federal Farm Credit I3anlc; FNLB = Federal Home Loan Banlc;
FIHLMC = Federal 1-iome Loan Mortgage Corporation ("Freddie Mac"); FNMA = Federal National Mortgage Association ("Fannie Mae")
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QUARTERLY INVESTMENT REPORT
Second C~uar~er Fiscal Year 2010-2011
Decem ber 31, 2010
Section II - Investment Charts
~ I)
~ I
INVESTMENT CHARTS FOR THE QUARTER ENDING l)TCEMBER 31, 2010
FEDERAL SECURITIES BY 1SSUER (December 31, 2010)
FHLMC
FNMA
10%
7%
~
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; ~ FFCB
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~ ~~~~~~~~~ ~ 15%
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FHLB
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INVESTMENT CHARTS FOR THE QUARTER ENDING DECElVIBER 31, 2010
~
FEDERAL SECURITIES CALLABLE vs NON-CALLABLE
°~~~ ~~, .
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December 31, 2010 - Portfolio Maturities
$50
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QUARTERLY INVESTMENT REPORT
c ar er Fiscal Year 2010-2011
ec~ er 31, 1
Section III -
Listing of Monthly Investment Transactions
Subtotal and Ending Balance
~LAIF°`~~ ~~, ~ ,y, _: ~ ;
,.,~ .~~,~~ ~., ~'~ . _~...,.. ,.
u
~k
~. ~~~~ . ; .
45,060,907 06
LAIF 10/25/2010 ' 1,500,000.00 46,560,907.06
Subtotal and Ending Balance ~~ ~'' ,~, ~ ~ ~ =~ ~~ ~, y ~E,~1,5~00~0OO~.QO~-~~~ ,~~~ 0:00 ~. ~'~ ~'U 00 46~560,9;0~:7 06 ~
TOTAL
3,048,312.50 (3,000,875.00) 10.78 48,219,164.
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City of Dublin
Cash / Checking Activity Report
November 1, 2010 - November 30, 2010
Issuer Transaction I Comment Deposits I Withdrawals Interest Receivedl Balance
Date
Lai~rornia~rasset ivianagement_Nrog~a,m.(C."AMP~)~ ° 63,380.83
California Asset Management Program 11/30I2010 Interest on account 9.79 63,390.62
Subtotal and Ending Balance ;; ' ~~ ~~ =~ ~. .~. . ~. ¥....' ~ ~. ~'~ ' ° . .~~ . ~:'<', ~ u0:0~0 F ~: = ~ " U:UQ ~ , %~~9 79 ; ~ ' 63,39~0:62
~LH11^;<1r~~t, ~.'~: '~. ~ `~:;~, :~.. ~~~'~ ~a ~~.,a~. ~..~~,,,:: 46,560,907.06
LA I F 11 /8/2010 1, 200, 000.00 47, 760, 907.06
LAI F 11 /10/2010 (300,000.00) 47,460, 907.06
LAIF 11/22/2010 650,000.00 ` 48,110,907.06
LAIF 11 /30/2010 1,000,000.00 49,110,907.06
Subtotal and Ending Balance ~~'; ~ ` H;: ~~ ::~..~ ~ : ~ ;` ' '
. .~ ` 2~850;0OO,~QO
.. ':; (300;(?OU~QO)
`, ~, _~0 ~00
' ~4~9.,110,~50-7 06:`.
TOTAL
2,938,550.50 (300,000.00) 91.77 50,857,806.57
'\
~
~
~~
Subtotal and Endin Balance '.~~ G ' ~
- 9 ~ .~.~ =~~; .. ,. _~ -' ,.. ~;.. ~.. ~~,. ;w ~~88,550 50 ~~;:;,'... ` ~Q.OU ~ ;: ~;81~9$~ :.. ~ 1,683,508 8;9
City of Dublin
Cash / Checking Activity Report
December 1, 2010 - December 31, 2010
Issuer Transaction Comment Deposits Withdrawals Interest Received Balance
Date
~Cal for~nia~,~sset~' Manage~rnent~Progr~a~m (~C~AMP~)~ ss,390.62
California Asset Management Program 12/31/2010 Interest on account 9.89 63,400.51
~.
Subtotal and Ending Balance ~'~ '~ ~ ~ ~~ ~ ~'`` , ~"r0 00~ ~', ~~ ~ ~ ` ~ `'''
,=,~A , ~~..~,: W , ~. A ~ ~; x~~;~~ ~~ .... ~.. ~~ ,.~ ~O:QO~ .~~_ ,.;~9 89~ ~~~~, 63,4Q;0~51.:5
'Fi~delity~US Governme~;nf,~ortfolio MM
~ ` a~ ~° ~
^ ~,ss3,508.89
Fidelity US Government Portfolio MM 12/1/2010 Interest on account 64.85 1,683,573.74
Fidelity US Government Portfolio MM 12/10/2010 Interest on inv# 10074 60,750.00 1,744,323.74
Fidelity US Government Portfolio MM 12/14/2010 Interest on inv# 10077 63,750.00 1,808,073.74
Fidelity US Government Portfolio MM 12/17/2010 Transf frm LAIF 8,511,000.00 10,319,073.74
Fidelity US Government Portfolio MM 12/21/2010 Accrued Interest inv# 10095 (826.39) 10,318,247.35
Fidelity US Government Portfolio MM 12/21/2010 Accrued interest inv# 10096 (3,111.11) 10,315,136.24
Fidelity US Government Portfolio MM 12/21/2010 Interest on inv# 10086 7,500.00 10,322,636.24
Fidelity US Government Portfolio MM 12/21/2010 Full call inv# 10086 1,500,000.00 11,822,636.24
Fidelity US Government Portfolio MM 12/21/2010 Purchase inv# 10095 (1,995,740.00) 9,826,896.24
Fidelity US Government Portfolio MM 12/21/2010 Purchase inv# 10096 (3,940,000.00) 5,886,896.24
Fidelity US Government Portfolio MM 12/22/2010 Transf frm LAIF 2,099,907.06 7,986,803.30
Fidelity US Government Portfolio MM 12/23/2010 Accrued interest inv# 10097 (1,222.22) 7,985,581.08
Fidelity US Government Portfolio MM 12/23/2010 Purchase inv# 10097 (3,982,500.00) 4,003,081.08
Fidelity US Government Portfolio MM 12/23/2010 Purchase inv# 10094 (3,999,280.00) 3,801.08
Fidelity US Government Portfolio MM 12/27/2010 Interest on inv# 10058 44,200.00 48,001.08
Fidelity US Government Portfolio MM 12/27/2010 Transf frm LAIF 1,960,000.00 2,008,001.08
Fidelity US Government Portfolio MM 12/27/2010 Full call inv# 10058 2,000,000.00 4,008,001.08
Fidelity US Government Portfolio MM 12/29/2010 Purchase inv# 10098 (4,000,000.00) 8,001.08
Fidelity US Government Portfolio MM 12/30/2010 Interest on inv# 10087 11,250.00 19,251.08
Fidelity US Government Portfolio MM 12/30/2010 Interest on inv# 10091 15,750.00 35,001.08
Fidelity US Government Portfolio MM 12/31/2010 Interest on account 100.07 35,101.15
Subtotal and Ending Balance
Subtotal and Ending Balance 3 y ~ ~ ~ ~~~'~r ~ ~ ~ '~~13;OQ'U~000~00 ~17,1~05~907y0~6~~ ' ~ b 53~699`~3'5 ~ 4~5~058;699, 35 ~
s-a~: ~ ~ ~ ; _ ~ . ~ .~;., ~~,~,~,,. ) ~ ~ x,~... , ~~„ ~., ,..,~,.... ~
TOTAL 29,274,107.06 (35,028,586.78) 53,874.16 45,157,201.01