HomeMy WebLinkAboutItem 4.02 Invest Rpt 4th Qtr~~~~ OF Dp~~r~
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STAFFREPORT CITY CLERK
DUBLIN CITY COUNCIL File #^ 3^^2 ~-0~0
DATE: August 17, 2010
TO: Honorable Mayor and City Councilmembers
FROM: Joni Pattillo, City Manager
SUBJEC . City Treasurer's Investment Report for 4th Quarter 2009-2010
Prepared By: Paul S. Rankin, Administrative Services Director
EXECUTIVE SUMMARY:
The City's investment portfolio totals $101,820,092.79 (par value). As of June 30, 2010, funds
were invested at an average yield of 1.719%. The portfolio includes both discretionary and
restricted funds and the balance will fluctuate throughout the year. The report presented
provides background on the City investment portfolio as well as the investment results as of
June 30, 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 slightly below the
2% projection used for the final quarter in the Budget Projection. Actual revenue will be
determined after final accruals are made by fund and the completion of the Comprehensive
Annual Financial Report.
RECOMMENDATION:
Receive the Quarterly Investment Report.
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Submitted By:
Administrative Services Director
DESCRIPTION:
Reviewed B :
Assistant City Manager
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
Page 1 of 4 ITEM NO. 1•~
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4th QUARTER RESULTS
As shown on the Portfolio Summary the total investments as of June 30, 2010 were
approximately $101.8 million. The "Yield to Maturity" was calculated at 1.719% and the
weighted average maturity of the portfolio was 408 days (1.12 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 281 days.
The Market Value as of June 30, 2010 was approximately $1.4 million more than the Par Value
(Par Value =$101,820,092 and Market Value =$103,262,520). 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 $2.1 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:
Fallon Sports Park; Heritage Park Development; Interstate 580/ Fallon Road Interchange; and
the BART Station Corridor Enhancement Project. There has also been a lag in the billing for
Contract Police Services. It is expected that the final accruals for Fiscal Year 2009/2010 will be
processed in July and August.
The average maturity of the investments held has decreased over the past year from 1.57 years
to 1.12 years. This is in part a response to the interest rate environment and temporarily
shortening the investment timeframe. Current projections made by investment managers
suggest that increases in the Federal short term rates are not expected until well into 2011.
Many portfolio managers have maintained a shorter maturity in order to be in a position to
Page 2 of 4
Table 1: COMPARISON OF PORTFOLIO MEASURES
Most Recent Five Quarters
invest at higher rates when the market conditions change. Compared to the previous quarter
the City has reduced its short term holdings (funds invested for one year or less). This will need
to be balanced with the need to maintain diversity in the City portfolio in the coming year.
INVESTMENT ACTIVITY DURING THE FOURTH QUARTER
This report discloses changes in individual securities due to Maturities, Called Securities, and
New Investments. A total of $ 12,500,000 in securities either matured or were called during the
quarter. As shown below three transactions were due to maturing investments, and two
securities were called prior to their stated maturity dates.
TABLE 2: INVESTMENTS MATURED DURING THE THIRD QUARTER
Value at ~[aturity
T e* Maturi da#e : Cou ~ar~ Rate
FNMA $ 1,500,000 4/5/2010 4.81%
FNMA $ 2,000,000 4/20/2010 4.75%
FNMA $ 3,000,000 4/28/2010 3.05%
Total $ 6,500,000
TABLE 3: INVESTMENTS CALLED DURING THE THIRD QUARTER
Original
, ~ate Maturi#y C~upc~n
T+e* Ac uired Par Va~ue Qate ; Rate Call Da#e
FHLB 5/3/2007 $3,000,000 5/3/2012 5.02% 4/27/2010
FHLB 6/15/2007 $3,000,000 6/15/2012 5.56% 6l8/2010
TOTAL $6,000,000
* FHLB = Federal Home Loan Bank; FNMA = Federal National Mortgage Association
Five new investments with a combined par value of $16,000,000 were purchased during the
fourth quarter.
TABLE 4: INVESTMENTS PURCHASED DURING THE FOURTH QUARTER
T e
Date
Ac uired
' Valu~ ~t
Ma#uri ' : Final
'Maturity
Date
' Coupa-n
Rate
CaI1 Date
FHLB 4/14/2010 $ 3,000,000 1/14/2013 1.625 1/14/2011
FHLB 5/10/2010 $ 4,000,000 8/27/2012 1.250 N/A
FHLB 5/21/2010 $ 3,000,000 8/21/2013 1.650 N/A
FHLB 6/25/2010 $ 3,000,000 2/25/2013 1.250 N/A
FHLB 6/30/2010 $ 3,000,000 8/30I2012 1.050 N/A
Total $ 16,000,000
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:
Page 3 of 4
• At June 30, 2010, 52.6°/o of the portfolio was immediately available in the Local Agency
Investment Fund (LAIF) and Money Market instruments; this is the same percentage as
reported as of March 31, 2010.
• Federal Agency Securities represented 47.3% of the Portfolio, which is the same
percentage reported as of March 31, 2010.
• There was diversity in the issuers of the federal securities held in the portfolio. A total of
four different issuers were represented. (FNMA-6%; FHLB - 72%; FFCB-10% and
FHLMC-12%).
• 62% of the funds are invested for one year or less compared to 68% reported in this
category as of March 31, 2010.
• 10% of the funds are invested in securities with maturities of 3 years or more, compared
to 17% reported in this category as of March 31, 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 fourth quarter (April, May, and June). 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 fourth 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
` C~uar~er Ending ~ Rate y .
, .., ~..
June 30, 2009 1.51%
June 30, 2010 .56%
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.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None
ATTACHMENTS:
1. Quarterly Investment Report for the Period Ending
June 30, 2010
Page 4 of 4
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CITY OF DUBLIN
QUARTERLY INVESTMENT REPORT
Fourth Quarter Fiscal Year 2009-2010
June 30, 2010
Presented To City Council August 17, 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
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ATTACHMENT 1
G`~:t O/F ~UGB~L
~9 G^!'!=_'_=7fr]~82
~~.,~~.~/l
~4GlFOR~`~
Investments
CITY OF DUBLIN
Portfolio Management
Portfolio Summary
June 30, 2010
Par Market
Value Value
Book % of Term / Days to YTM/C
Value Portfolio Days Mat./Call 365 Equiv.
Money Market
LAI F
Calif Asset Mgt Pgm (CAMP)
Federal Agency Coupon
Total / Average
Cash and Accrued Interest
Accrued Interest ~'~
34,501.38
45,171,044.43
8,459,546.98
48,155, 000.00
1 1 0.010
1 1 0.560
1 1 0.240
775 436 3.067
408 281 1.719%
34, 501.38
45,171,044.43
8,459,546.98
no Gn-~ ~~-~ cc
$101,820,092.79 $103,262,520.44
275,462.04
34, 501.38 0.03
45,171, 044.43 44.36
8,459,546.98 8.31
48,219,613.29 47.30
$101, 884, 706.08 100.00%
275,462.04
408 281 1.719%
Total Cash and $101,820,092.79 $103,537,982.48 $102,160,168.12
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
investm ts and schedule of inve ments are in compliance with the City of Dublin Investment Policy, and all applicable laws and regulations.
C. ;~ ~~ ~~~„/~'
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PAUL S. RANKIN, ADMINISTRATIVE SERVICES DIRECTOR DAT
(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
June 31, 2010
Fidelity US Government Portfolio
34,501.38~ 34,501.38~ 34,501.38~ 0.01 ~ 1 1 0.01
US Agency ',
3133XGLE2 10036 Federal Home Loan Bank 1/26/2007 3,000,000.00 3,030,000.00 2,999,799.01 5.125 72 72 5.08024 9/10/2010
3133XQUH3 10069 Federal Home Loan Bank 4/28/2008 1,500,000.00 1,514,070.00 1,500,000.00 3.125 120 120 3.12502 10/28/2010
31331XNE8 10037 Federal Farm Credit Bank 2/14/2007 2,000,000.00 2,054,380.00 2,000,022.78 5.05 216 216 5
04013 2/1/2011
31331XRQ7 10055 Federal Farm Credit Bank 11/15/2007 1,655,000.00 1,705,692.65 1,661,710.28 4.85 252 252 .
4
24005 3/9/2011
31331XWU2 10049 Federal Farm Credit Bank 8/31/2007 1,000,000.00 1,035,630.00 1,000,330.26 4.8 299 299 .
4
75026 4/25/2011
3133XQ4C3 10065 Federal Home Loan Bank 4/3/2008 3,000,000.00 3,142,500.00 3,009,677.19 3.5 618 618 .
3
3003 3/9/2012
3133XYF91 10089 Federal Home Loan Bank 5/10/2010 4,000,000.00 4,040,000.00 4,000,000.00 1.25 789 789 .
1
25 8/27/2012
3133XYUR4 10091 Federal Home Loan Bank 6/30/2010 3,000,000.00 3,014,070.00 3,000,000.00 1.05 792 792 .
1.05 8/30/2012
3133XVZ53 10086 Federal Home Loan Bank 12/21/2009 1,500,000.00 1,503,750.00 1,500,000.00 1 905 174 1.69409 12/21/2012
3133XNST7 10058 Federal Home Loan Bank 12/27/2008 2,000,000.00 2,037,500.00 2,000,000.00 4.42 911 180 4.42003 12/27/2012
3133XXPH4 10088 Federal Home Loan Bank 4/14/2010 3,000,000.00 3,017,820.00 3,000,000.00 1.625 929 198 1.6253 1/14/2013
3133XYVW2 10092 Federal Home Loan Bank 6/25/2010 3,000,000.00 3,015,930.00 3,000,000.00 1.25 971 971 1.25 2/25/2013
3128X1EJ2 10084 Federal Home Loan Mtg Corp 10/14/2008 3,000,000.00 3,246,300.00 3,020,034.06 4.25 1057 1057 4.00207 5/22/2013
3128X7WV2 10074 Federal Home Loan Mtg Corp 6/10/2008 3,000,000.00 3,096,150.00 2,994,770.14 4.05 1076 345 4.11273 6/10/2013
3133XRFL9 10077 Federal Home Loan Bank 7/25/2008 3,000,000.00 3,264,390.00 2,999,926.90 4.25 1080 1080 4.25023 6/14/2013
3133XYK53 10090
3133XD6A4 10082
31398AZJ4 10085
3133XW2R9 10087
5ub Total / Average
T
t
l / A Federal Home Loan Bank
Federal Home Loan Bank
Federal National Mtg Assn
Federal Home Loan Bank 5l21/2010
9/26/2008
9/29/2009
12/30/2009 3,000,000.00
3,000,000.00
3,000,000.00
1,500,000.00 3,033,750.00
3,286,890.00
3,021,570.00
1,537,035.00
~,, 3,000,000.00
3,033,342.67
3,000,000.00
1,500,000.00 1.65
4.375
3.125
1.5 1148
1171
1552
1644 1148
1171
91
548
~ 1.65
4.00007
3.125
2.95539
~ . 8/21/2013
9/13l2013
9/29/2014
12/30/2014
o
a
verage 101,820,092.79 103,262,520.44 101,884,706.08 1.721 408 281 1.71885
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City of Dublin Investments By Type (June 30, 2010)
CUSIP
US A enc Investment #
~
~
• ~~~~
r Issuer
,
~~ Face
Amount/Shares
,
Cost Price
A
Book Value
: Coupon
Rate
'
Maturity Date
. Next Call
Date
31331XWU2
31331XRQ7 ~
.
10049
10055 ,
:
FFCB
FFCB :.~.rt ~:.
1,000,000.00 .. .iX
100.159 ...
'~ ~,,. ~
1,000,330.26 ~
5 4.8 ...
4/25/2011
31331XNE8
10037
FFCB 1,655,000.00 101.863 1,661,710.28 4.85 3/9/2011
2,000,000.00 100.033 2,000,022.78 5.05 2/1/2011
3133XYUR4
10091 FFCB Total
FHLB ~~~ ~~ ~..... ~~ _.~}'.~~}`
3133XYVW2
1Q092
FHLB 3,000,000.00 100 3,000,000.00 1.05 8/30/2012
3133XYF91
10089
FHLB 3,000,000.00 100 3,000,000.00 1.25 2/25/2013
3133XXPH4
10088
FHLB 4,000,000.00 100 4,000,000.00 1.25 8/27/2012
3133XYK53
10090
FHLB 3,000,000.00 100 3,000,000.00 1.625 1/14/2013 1/14/2011
3133XQUH3
10069
FHLB 3,000,000.00 100 3,000,000.00 1.65 8/21/2013
3133XQ4C3
10065
FHLB 1,500,000.00 100 1,500,000.00 3.125 10/28/2010
3133XRFL9
10077
FHLB 3,000,000.00 100.728 3,009,677.19 3.5 3/9/2012
3133XD6A4
10082
FHLB 3,000,000.00 99.993 2,999,926.90 4.25 6/14/2013
3133XNST7
10058
FHLB 3,000,000.00 101.671 3,033,342.67 4.375 9/13/2013
3133XGLE2
10036
FHLB 2,000,000.00 100 2,000,000.00 4.42 12/27/2012 12/27/2010
3133XVZ53
10086
FHLB 3,000,000.00 100.138 2,999,799.01 5.125 9/10/2010
3133XW2R9
10087
FHLB 1,500,000.00 100 1,500,000.00 1 12/21/2012 12/21/2010
FHLB T 1,500 000.00 100 1,500,000.00 1.5 12/30/2014 12/30/2011
otal ~~qy~r#~;~. ~;(~~p;p~;
3128X7WV2 10074 FHLMC
3128X1EJ2
10084
FHLMC 3,000,000.00 99.719 2,994,278.31 4.05 6/10/2013 6/10/2011
3,000,000.00 101.03 3,021,626.06 4.25 5/22/2013
FHLMC Total ` :, ~~p~~;~}{}~};~~};
31398AZJ4 10085 FNMA
3,000,000.00 100 3,000,000.00 3.125 9/29/2014 9/29/2010
FNMA Total ;~~ ~~~ ~~~qE~{~;
Grand Total 48,155,000.00
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")
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~~ II
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QUARTERLY INVESTMENT REPORT
Fourth Quarter Fiscal Year 2009-2010
June 30, 2010
Section II - Investment Charts
~ ~~ i i
INVESTMENT CHARTS FOR THE QUARTER ENDING MARCH 31, 2010 ~
~~~ l~
~
INVESTMENT CHARTS FOR THE QUARTER ENDING MARCH 31, 2010
~
June 30, 2010 - Portfolio Maturities
$60
000
000
,
,
$53,665,093
~
$50
000
000 ~ --
,
,
$40
000
000 -
,
,
$3QOOQ000
$2Q000
000 $25,500,000
,
$ l 0,00Q000 ~9,15~,000
$3
000
000
$6,000,000
~ ~~~ ,
,
~,~~ $4,500,000
~
::~
7y~~
'~`
'
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.
i
~
`~
/~
p~
,D~ .
, u
^
~<
„
~
.n4;'.
,t~ .
,~~.
No Maturity Date (1 Yr ar Less) (1 Yr - 2 Yr) (2 Yr - 3 Yr)
_ (3 Yr - 4 Yr) (4 Yr - 5 Yr)
. _
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~P~ ~II
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QUARTERLY INVESTMENT REPORT
Fourth Quarter Fiscal Year 2009-2010
June 30, 2010
Section III -
Listing of Monthly Investment Transactions
City of Dublin
Cash / Checking Activity Report
April 1, 2010 - April 30, 2010
Issuer
~California Asset Management Program
~California Asset Management Program
Subtotal and Ending Balance
Transaction I
Date Comment
4/15/2010 Transfer from B of A accou
4/30/2010 Interest on account
Deposits
400, 000.0
Withdrawals I Interest
Received
668.18
Ba
55,772.02
8,455,772.02
8,456,440.20
Fidelity US Government Portfolio MM
4/5/2010 Interest on inv# 10048
36
075
00 47,574.9
Fidelity US Government Portfolio MM
4/5/2010 Matured Inv# 10048 ,
.
1
500
000
00 83,649.99
Fidelit US Government Portfolio MM
Fidelity US Government Portfolio MM
4/14/2010 Purchase Inv# 10088 ,
,
.
(3,000,000.00) 1,583,649.99
(1
416
350
01
Fidelity US Government Portfolio MM 4/15/2010 Transfer service charge 132.97
~ ~ ,
,
.
(1
416
482
98
Fidelity US Government Portfolio MM 4l15/2010 Transfer from LAIF 1,500,000.00 ,
,
.
83
517
02
Fidelity US Government Portfolio MM 4/20/2010 Interest on inv# 10054 47,500.00 ,
.
131
017
02
Fidelity US Government Portfolio MM 4/20/2010 Matured Inv# 10054 2,000,000.00 ,
.
2,131
017
02
Fidelity US Government Portfolio MM 4/26/2010 Interest on inv# 10049 24,000.00 ,
.
2
155
017
02
Fidelity US Government Portfolio MM 4/28/2010 Collection of fees (875.00) ,
,
.
2
154
142
02
Fidelity US Government Portfolio MM 4/28/2010 Payment of fees 875.00 ,
,
.
2,155
017.02
~idelity US Government Portfolio MM 4/28/2010 Interest on inv# 10069 23,437.50 ,
2,178
454.52
=idelity US Government Portfolio MM 4/28/2010 Interest on inv# 10080 45,750.00 ,
2,224
204.52
4/28/2010 Matured inv# 10080 3,000,000.00 ,
5
224
204
52
Subtotal and Ending Balance ,
,
.
$y177~637.50 #3~OQ1y{~Q7~9T} Q Qp ~y~~4~~p~,~~~
_AIF ~
_AIF ais~2o~o 49,647,756.02
_AIF 4/13/2010 760
000
00 900,000.00
( ~ 48,747,756.02
.AIF
4/15/2010 ,
.
(1, 500, 000.00) 49,507,756.02
48
007
756
02
Subtotal and Endin
Balan ,
,
.
g
ce ~~n nnn nn ch ,~~~,.,.~,. ,,.,. ,. .... ._ ___ ___ __
TOTAL 17,337,637.50 (5,401,007.97) 0.00 61,688,400.74 ~~
~
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Fidelity US Government Portfolio MM
5/3/20 5,224,204.52
Fidelity US Government Portfolio MM
Fidelit US Government Portfolio MM
Fidelity US Government Portfolio MM 10
5/3/2010
5/3/2010
5/10/2010 Interest on account
Interest on inv# 10041
Full call inv# 10041
P
h
75,300.00
3,000,000.00 54.07 5,224,258.59
5,299,558.59
8,299,558.59
Fidelity US Government Portfolio MM
5/21/2010 urc
ase inv# 10089
P
h 4,000,000.00
~ ~
4,299,558.59
urc
ase inv# 10090 (3,000,000.00)
Fidelity US Government Portfolio MM 5/24/2010 Interes on inv# 10084 63,750.00
Subtotal and Ending Balance ~ ~ ~,r~ n~n nn ;~~ r~ri~ ..n.~ ;.....
.. . „_ 1,299,558.59
1,363,308.59
. _ _ _ _ _ _
LAI F 5/6/2010 1, 000, 000.00 48,007,756.02
49,007,756.02
Subtotal and Ending Balance ~ nnninnn nn .. M„ .. .._ ._ ___ __ .
TOTAL 4,139,050.00 (7,000,000.00) 1,458.03 58,828,908.77
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City of Dublin
Cash / Checking Activity Report
June 1, 2010 - June 31, 2010
Issuer Transaction
Date
Comment
Deposits
Withdrawals Interest
Balance
Received
Catifornia Asset Mar~ai ~#Ct1@tl'k P"~"t~t~~"11'1'f ~~~~~~'
California Asset Management Pro ram
6/30/2010
Interest on account 8,457,844.16
1,702.82 8,459,546.98
Subtotal and Ending Balance ' ~ ~y~~ ~~~~ ;: ,~ ~,~~.~k~~, . ~~~~~~~~~}~~
Fid~li~y US Gvvernment PQrtfoliio MM
Fidelity US Government Portfoli
MM ~,363,308.59 ,
o si~i2o~o interest on account
Fidelity US Government Portfolio MM 230.16 1,363,538.75
6/10/2010 Interest on inv# 10074 so
~5o
00
Fidelity US Government Portfolio MM ,
. 1,424,288.75
6/14/2010 Interest on inv# 1077 s3
~so
oo
Fidelity US Government Portfolio MM ,
. 1,488,038.75
6/15/2010 Interest on inv# 10042 ss
aoo
oo
Fidelity US Government Portfolio MM ,
. 1,571,438.75
6/15/2010 Full call Inv# 10042 s
ooo
ooo
o0
Fidelity US Government Portfolio MM ,
,
. 4,571,438.75
6/21/2010 Interest on inv# 10086 ~
500
00
Fidelity US Government Portfolio MM ,
. 4,578,938.75
Fid 6/25/2010 Purchase inv# 10092 (3,000,000.00) 1
578
938
75
elity US Government Portfolio MM
Fidelity US Government Portfolio MM 6/28/2010 Interest on inv# 10058 44,zoo.oo ,
,
.
1,623,138.75
Fidelity US Government Portfolio MM 6/29/2010 Transferfrom LAIF ~,aoo,ooo.o0 3,023,138.75
6/30/2010 Interest on account
Fidelit US Government Portfolio MM
6/30/2010
Interest on inv# 10087 112.63 3,023,251.38
Fidelity US Government Portfolio MM 11,250.00 3,034,501.38
6/30/2010 Purchase inv# 10091 (3
000
000
00) 34
,
,
. ,501.38
Subtotal and Ending Balance ~a~~~~g~~,a~ ~~,~~~}~Q~,~~~ . ~~~,7~ ~~,~~1l~~
_AI F 49,007,756.02
_AIF 6/14/2010
(1,003,756.02)
48,004,000.00
_AIF 6/16/2010 (1,500,000.00) 46,504,000.00
_AIF 6/29/2010 Transfrto UBOC
(1,400, 000.00)
45,104, 000.00
6/30/2010 1nterestonaccount 67
044
43 4
,
. 5,171,044.43
Subtotal and Ending Balance ' n nn r~ an~ ~~c n~~ E~ ~.... ~..~ .~ ..,. .,.. ..,
TOTAL 4,670,850.00 (9,903,756.02) 69,090.04 53,665,092.79
`~.._
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