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03 Staff Report - February and March 2009 Investment Project~pW N Of s COUNCIL AGENDA REPORT S ~A~p DATE: MAY 11, 2009 MEETING DATE: 5118109 ITEM NO: TO: MAYOR AND TOWN COUNCIL FROM: GREG LARSON, TOWN MANAGER SUBJECT: FEBRUARY AND MARCH 2009 INVESTMENT REPORT RECOMMENDATION: Accept attached February and March 2009 Investment Report. DISCUSSION: Attached for Council review and acceptance are investment reports for the months of February and March 2009. During the months of February and March 2009, two notes matured and one note was called. The total face value of these notes was $4,250,000, which were reinvested in Federal Home Loan Bank Notes and Federal Farm Credit Bureau Notes. The overall financial market is stable, although interest rates continue to remain low. FISCAL IMPACT: There is no fiscal impact associated with the acceptance of the attached investment reports. Attachments: February and March 2009 Investment Reports PREPARED BY: S E CONWAY Finance & A inistr ' e Services Director/Town Treasurer NAFINANCBCOUNCI 1Councit Staff ReporMinvestment Reportffown Council Report Format.doc Reviewed by: `a iJ Assistant Town Manager Town Attorney Clerk Administrator Finance Community Development Town of Los Gatos Investment Report for the month ended February 28, 2009 Prepared by Linda L. Speicher, Project Manager May It, 2009 Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information February 28, 2009 Weighted Average Portfolio Yielrl: 3.03% Portfolio B glance This Month Last Month $80,886,382 581,720,191 Benchmarks/ References: Town's Average Yield LAIF Yield for month 3 mo. Treasury 6 mo. Treasury 2 yr. Treasury 5 yr. Treasury (mostrecent) Prime rate Weighted Average Maturity (days) 339 One year a o 572,644,569 3.03% 3.19% 4.36% 1.87% 2.05% 4.16% 0.28% 0.15% 2.21% 0.45% 0.35% 2.13% 0.88% 0.93% 2.05% 1.88% 1.82% 2.76% 3.25% 3.25% 6.00% Most recent auctions of Freddie 117ac or Fannie Mae Reference Notes: 3 yr, Freddie Mac (02/19/09) 2.13"/ 2 yr. Fannie Mae (02/27/09) 1.80% Compliance: The Town's invcsiments are in compliance with the Town's investment policy dated May 1, 2008 and also in compliance with the requirements of Section 53601 of the California State Code. Based on the information available, the Townlhas sufficient finds to meet the cash demands for the next sixmonllis. Page 1 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances February 28, 2009 Mon111 Find Balances - Beginning of Month/Period 881,720,190.50 Receipts 1,831,478.73 Disbtttsements (2,665,287.46) Fund Balances - End ofMondVPetiod 580,886,381.77 Portfolio Allocation: Union MM S1,029,043.87 US Coo Agencies 42,129,677.59 Local Agency Divestment Fmid 36,170,708.11 Subtotal - Invesrinents 79,3 29,429.57 Reconciled Demand Deposit Balances 1,556,952.20 Total Treasurer's Find $80,886,381.77 YTD $76,714, 634.03 31,977,738.47 (27,805,990.73) $80,886,381.77 Portfolio Investment Allocation Union MM 1.3% f{:i-rJ lJ}J• ?'fin Loc®1 Agency Investment Fund - of,JJ '~:e°lJ~n _ :cJJS nrF,~:rno n. 45.6% - f 4:'JJF ,yam G} - J dG G: ~J/Yf~13Y1 f fi 11l1/J}~J~:~F/~JRJl{ f ~ - YlN+•~~#J4~~jay.:yFfrl:{~~iL~I~1f /~l/~ /J: Treasury, Agencies, & Corp. Notes 57.8% Treasurer's Fund Balances s2,000,000 w..„ aoo . . 72,000,000 O.ODR 0UR _ o CC 000 000 66 000 000 x3:6#'.:_:.?:'.%i?;iii c ` ~ > r i i : i`::}:8< ` : : ' > ~ ; i: ! :88 : i 64,000,000 :28:=`:2;{ti; ; : :h::~:;:s _.:.;5;:? .:S::Sii~S:~:~iS: S: : a:?~:>R~:Y ; : :::;,;:e :::S:::i::«:: :>:::::-.~.::::.a::: ; r.~:.: ~ S :.;-<:..-:.Y. 00 <::;x;;:;;::y;:::; > ::x.R~fS :'t=::is~:::~s:::g~::::<:i:::A2~S?:%^:t-r:'fii:;:y;:~:i:~;iS ri ao 0o rn w cn w o0 00 ~ rn a 0 0 0 0 0 0 0 0 0 0 0 0 cn page 2 Town of Las Gatos Non-Treasury Restricted Fund Bn1ances February 28, 2009 Previous Ending Balance DeI osits Interest Withdl'a5vals Balance Non-Treasury Funds Downtown Parking District 12/20102 5273,270.73 5376.51 $273,647.24 Noce i Ceriilicates of Participation Reserve Fund (Lot 4) 254,996.13 7.18 255,003.31 N.,10 2 Cert. of Parlicipalion Lease Payment Fund (Lot 4) 125,011.37 3.22 22,250.00 102,764.59 Nntra Cert. of Parlicipalion 2002 Series A Cwnsl. Fund 148,180.18 0.00 148,180.18 N.w4 Cert. of Participation 2002 Series A Reserve Fund 687,784.89 5.88 1,533.89 686,256.88 Natea Cert. Or Participation 2002 Series A Interest Fund 216,547.36 1,533.89 1.20 218,082.45 0.00 Nate a Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 Nnro 4 Total Restricted Funds: $1,705,790.66 51,533.89 5393.99 $241,866.34 $1,465,852.20 These accounts are not part of the Treasurers fund balances reported elsewhere in this report, as they are for separate and distinct emilies. Note I: This account include tedemplion aL'comllS set up for the repayment of interest and principal on outstanding hood coupons Ior Parking Assessment District'3', as well as Reserve Funds set up as required by the original Band resolution. Note 2: 'fhe reserve Fund was it requirement of the original certificates of participation agreement when Lot 4 was built. It helps to guarantee payment of the lease payments should flit Town not make payment. Note 3: The lease payment fund receives the Ieuse payments from the Town monthly for the lease of Lot 4. It holds the funds until payments on the certificates of participation are duc semi-ffirmialty. Note 4: The three Hinds for the Certificates oI Participation 2002 Series A consist of construclion funds which will be expended over (lie next few years, reserve hinds which will guarantee the payment of lease payments, and a third road forthe disbursement of lease payments and ]meal Slelivery costs. Pagc 3 Town of Los Gatos Statement of Interest Earned February 28, 2009 Current Fiscal 1\4 n h Year to Date Interest received from Investments $242,586.10 $1,884,477.31 Add; Interest accrued at end of period (see page 5) 493,046.93 493,046.93 Less: Interest accrued at beginning of period (550,844.66) (715,999.95) Interest earned on investments $184,788.37 $1,661,524.29 Interesl by Month July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 June 2009 225,065,95 233,228.31 212,244.77 207,308.72 199,698.92 208,642.20 190,547.05 184,788.37 IIabe 4 Town of Los Gates luact iveDeposits byIustitrdion Market to Cost Position Reputt Febmary 28, 2009 Deposit Amarlized Niahuity Days Days to Days Yield to Interest lnlerost Interest Ilstihrtion Secutity Date Cost Date Elapsed Maturity Ltvested Mi atiuity Ennned Received Acemed FHLB Coupon Note 05/12/06 1,498,035.(1(1 03/13109 1023 13 1036 5.298% 222,441.94 183,968.75 38,473.19 USTreasnty Note 05115/06 1,992,343.75 05/15/09 1020 76 1096 5.014% 279,161.75 243,750.00 35,41 1.75 FHLB Coupoll Note 06115106 1,493,400.00 06/12/09 989 104 1093 5,226% 211,470.10 196,218.75 15,251.35 FFCB Coupon Note 07119106 723,562.50 07/17109 955 139 1094 5.408% 102,381.91 77,171.87 25,210.04 FULViC Coupon Now 06117/05 300,198.00 0760109 1352 152 1504 4.359% 48,470.61 47,505.21 965.40 FHLiVIC Coupon New 08101/05 298,332.00 07/30/09 1307 152 1459 4.527% 48,360.75 45,901.04 2,459.71 USTivasmy Note 06102108 1,537,617.20 07/31/09 271 153 424 2.426°% 27,695.90 45,932.35 (18,236.45) FFCB Coupon Note 04/02/08 2,010,820.00 08/04/09 332 157 489 2.286°% 41,811.39 45,300.00 (3,488.61) USTreasury Note 03125!08 1,024,062.50 09/15109 340 199 539 1.709% 16,302.51 15,957.88 344.63 USTn;asmy Note I1/I 7/06 748,066.41 11115/(19 834 260 1694 4.734% 80,917.34 69,183.36 11,733,98 USTieasmy Note 06102/08 1,514,941.41 12131/09 271 306 577 2.602% 29,267.09 28,125.00 1,142.09 FILM( Coupon Note 06114/05 299,331.00 01/25/10 1355 331 1686 4.431% 49,237.94 47,432.29 1,805.65 V1LConP CorponuteNote 04/10/07 976,150.00 02108/10 690 345 1035 5.165% 95,311.02 77,680.56 17,630.46 USTi-easu v Note 06/24108 739,921.88 02/28/10 249 365 614 2.81.9°% 14,229.43 2,771.74 11,457.69 USTreasmy Note 10/19/06 976,406.25 04/15/10 863 411 1274 4344% 109,519.93 79,560.44 29,959.49 FHLB CouponNole 08/22/06 1,507,665.00 06/11/10 921 468 1389 4.957% 188,577.79 175,125.00 13,452.79 FIILN1C(1) Coupon Note 01106/09 1,015,()90.00 (17/23/10 53 510 563 2.625% 3,869.16 1,711.81 2,157.35 FHLB Coupon Note 01112/07 1,487,205.60 08110/10 778 528 1306 4.960% 157,231.39 146,483 33 10,748.06 FFCB(2) Coupon Note 09115/08 1,500,0(10.00 09115/10 166 564 730 3.300% 22,512.33 22,5L2.33 USTreosary Note 0513ll07 737,226.56 10/15/10 639 594 1233 4.801% 61,964.18 43,806.35 18,157,83 FFCB Coupon Note 12/07/07 2,032,140.00 11/08/10 449 618 1067 3.715% 92,86796 79,072.22 13,795.74 .FFCB Coupon Note 01/18/07 756,922.50 01/18/11 772 689 1461 3.175% 50,829.94 26,250.00 24,57994 FFCB Coupon Note 11/28/07 2,(162,(100.00 02118/11 458 720 1178 3.840% 99,355.63 119,166.67 (19,811.04) FNMA DiscounlNote 09/29/06 1516,485.0(1 04/15/11 893 776 1659 4.874% 178,809.87 157,166.67 21,643.20 FBL,4(:(3) Coupon Note 12/28/06 1,522,350.(1(1 07/20/11 793 872 1665 5.375% 177,776.07 177,770.93 5.24 USTreasluv Note 10/19106 990.078.1.3 (19/30111 863 944 1807 4.721% 110,515.04 87,651.10 22,X63.94 FFCB Coupon Note 12112107 2,025,080.00 11/21/11 444 996 1440 4.000% 98,535.40 81,683.33 16,852.07 FFCB CouponNole (12122/07 986,080_00 12/08111 737 1013 1750 4.959% 98,737.22 82,993.06 15,744.16 FOLMC(4) Coupon Note 01/06/09 2,006,250.00 12/23/11 53 1028 1081 3.268% 9,520.29 9,520.29 F1ILB Coupon bole 05109/07 1,509,255.00 03109/12 661 1105 1766 4.743% 129,635,62 100,000.00 29,635.62 FHLB Coupon Note 11/29/07 2,038,360,00 08/15/12 457 1264 1721 4.170% 106,424.17 112,027.78 (8,6303.61) GE Corporate Not- 01/161(IR 1,542,L65.00 10/19112 409 1329 1738 4.587% 79,266.56 59,718.75 19,547.81 FFCB(5) Coupon Note 02/10109 755,700.00 12/23/13 18 1759 1777 3.829% 1,426.97 1,426.97 Subtotat 42,123,240.09 unionNIM 1,029,043,87 30 30 0.11% 93.04 93.04 Purehased Int erest 6,437.50 LAIF N/A 12/31/08 36,170,708.11 03/31/09 59 31 90 1.87°% 105,604,83 105,6041{3 579,329,429.57 339 3.03°% S3,150,133.07 $2,657,0X6.14 S493 04693 blahuity Prof la Amount, Percent 0-1 year $52,362,971.13 66.01°% 1-2 Feats $12074,655.31 15,22% 2-3 years $9,046,323.13 11.40% 3-5 yeah S5 845 480.00 7.37% $79,329,429.57 100.00% 114nrket to Co st Position Report Amorlized Market Unrealized * Source: Tmasny and Agency Obligat ions- Union Ban k ofCalitbruin Institution co-qt Va1nc* Gain (Loss) LAO babntees per Local Agency Invednnent Fund mont hly statement. lluionBank Assets S42,123,24(09 S43,333,666.00 1,210,425.91 1 fuionr\1Vt 1,029,043.97 1,029,043.87 0.00 Purchased Inlertist 6,437.50 6,437.50 (1,00 LAT 36,17(1,7(18.11 36,170,708.11 0100 Totals S79,329,429.57 $8(1,539,855.48 51,210,425,91 (1) Callable once on 07/23/09 (2) Callable once on 9115/09 (3) Callable once on 7/20/09 (4) Callable once ou 03/23/09 (5) Callable once on 06123/09 Page 5 Town of Los Gatos Investment Report for the month ended March 31, 2009 Prepared by Linda L, Speicher, Project ]Manager May 11, 2009 Town of Los Gatos Summary Investment Information March 31, 2009 Weighted Average Portfolio Yield: 2.85% Weighted Average Maturity (Mays) 298 This Month Last Month One year ago Portfolio Balance $81,096,801 $80,886,382 $72,901,812 Benchmarks/ References: Town's Average Yield 2.95% 3.03% 4.10% LAM Yield for month 1.82% 1.87% 3.78% 3 mo. Treasury 0.20% 0.28% 1.22% 6 mo. Treasury 0.43% 0.45% 1.58% 2 yr. Treasury 0.95% 0.88% 1.76% 5 yr. Treasury (4nostrecent) 1.85% 1.88"/ 2.60% Prime rate 3.25% 3.25% 5.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Farmie Mae (04/03/09) 1.92% 2 }n. Minnie Mae (04/09/09) 1.50% Compliance: The Town's investrnents are in compliance with the Town's investment policy dated May 1, 2008 and also in compliance with the requirements of Section 53601 of the California Stine Code, Based on die infon-liadon available, the Town has sufficient fimds to meet the cash demands for the next sixmonths. Page 1 Town of Los Gatos Portfolio Allocation & Treasurer's Ftutd Balances March 31, 2009 Month YTD Ftmd Balances - Beginning ofMonthlPetiod $80,886,381.77 $76,714,634.03 Receipts 2,576,135.62 34,553,874.09 Disbursements (2,365,716.66) (30,171,707.39) Found Balances - End of Mont7z/Period $81,096,800.73 $81,096,800.73 Portfolio Allocation: Union MM $2,588,610.84 US Go\4 Agencies 40,728,855.36 Local Agency Ltvesttnent Fund 36,170,708.11 Subtotal - hivestrnents 79,488,174.31 Reconciled Demand Deposit Balances 1,608,626,42 Total Trmsurer's Fund $81,096,800.73 Portfolio lnvestment Allocation Union MM 3.3% Locnl tlSencYInvestment Fund lif• ~n .f.:~!+:.r a:<u~u.v. Jw.;¢r%;}..- 4 H./tiFY }{r.SY. irF-.hY.F1i.;rr lr: iyrls. r ~ 45.5 - fin l { lffj ~J }hi if7 it iGliiJf f!$3} +r 4 J siFJrtYiiIIA!v{=r/ r i h-+} ff~Gri .~rl {7'fi'i U+rh:Fh.~fr~ir~f.F1 f~iA:r~~ r vrxr+isnc ra f~ ~r'} ~'h f. ` h. + fi~M}'f..~.7f. h% Fi'.!"H-'+:{¢:?+ivh::Y r'-- I, r i' reasury, Agencies, & Corp. Notes 57.8 page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances i\-1arch 31, 2009 Previous Ending Balance Deposits Interest Withdrawals Balance Non-Treasury Funds: Downtown Parking District 12/20/02 Certificates of Participation Reserve Fund (Lot 4) Cert. of Participation Lease Payment Fund (Lot 4) Cert. of Participation 2002 Series A Const. Fund Cerl. of Participation 2002 Series A Resen•e Fund Cert. Of Participation 2002 Series A Interest Fund Cert. Of Participation 2002 Series A COI Fund Total Restricted Funds: $273,647.24 5340.54 5273,987.78 \m~ 1 255,003.31 17.02 255,020.33 Nnlc 2 102,764.59 41,495.12 6.89 144,266.60 ~.1 148,180.18 0.00 148,150.18 Nmr a 686,251.00 5.29 5.29 686,251 A0 wtr a 0.00 0.00 0.00 Note a 0.00 0.00 0.00 0.00 Note 4 S1,465,846.32 $41,495.12 $369.74 55.29 $1,507,705.89 These accounts are not part of the Treasurer's fund balances reported elsewhere in this report, as they are For separate and distinct entities. Note I: This account include redemption accounts set up for the repayment of interest and principal on outstanding bond coupons For Parking Assessment District'3', as well as Reserve Funds set up as required by the original Bond resolution. Note 2: -file reserve fund was a requirement of the original certificates of participation agreement whett Lot 4 was built. 11 helps to guarantee payment of the lease payments should the Town not make payment. Note 3: The lease payment fund receives the lease payments from the Town monthly for the lease of Lot 4. It holds the funds until Payments on (lie certificates of participation are clue semi-annually. Note 4: The three fluids for the Certificates of Participation 2002 Series A consist ofconstruction fiords which will be expended over the next few years, reserve funds which will guarantee the payment oFlcase payments, and a third find for the dish ursenient of lease payments and initial delivery costs. Page 3 Town of Los Gatos Statement of Interest Earned March 31, 2009 Interest received from Investments Add: Interest accrued at end of period (see page 5) Less: Interest accrued at beginning of period Interest earned on investments Interest by Month July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 June 2009 Current Fiscal Month Year to Date $158,744.74 $2,043,222,05 526,648.25 526,648.25 (493,046.93) (715,999.95) $192,346.06 $1,853,870.35 225,065.95 233,228.31 212,244.77 207,308.72 199,698.92 208,642,20 190,547.05 184,788.37 192,346.06 Page 4 Town of Las Gatos luac tive Dell asits by Institution Market to Cost PositiouRepott March 31, 2009 Deposit Amortized Matruity Days Days to Days Yield to hrterest Interest Intemst Institution Security Date Cost Date Elapsed Matrrri Invested Maturii Eani Received Accnied USTreasury Note 05/15/06 1,992,343.75 05/15/09 1051 45 1096 5.014% 287,646.08 243,750.00 43,896.08 FHLB Coupon Mote 06/15/06 1,493,400.00 06/12/09 1020 73 1093 5.226% 218,098.59 196,218.75 21,879.84 FFCB Coupon Note 07/19/06 723,562,50 07/17/09 986 108 1094 5.408% 105,705.31 77,171.87 28,533.44 FITUVIC Coupon Note 06/17/05 300,198.00 07/30/09 1383 121 1504 4.359% 49,581.99 47,505.21 2,076.78 FHL4IC Coupon Note 08/01105 298,332.00 07/30/09 1338 121 1459 4.527% 49,507.79 45,901.04 3,606.75 USTieasury Note 06102/08 1,537,617.20 07/31/09 302 122 424 2.426% 30,864.06 45,932.35 (15,068.29) FFCB coupon Note, 04/02/OR 2,010,820.00 OX/04/09 363 126 499 2.286% 45,715.47 45,300.00 415.47 USTreasury Note 03/25/0 X 1,024,062.50 09/15109 371 16R 539 1.709% 17,788.92 32,932.89 (15,043.96) USTrensruy Note 11/17/06 748,066.41 11/15109 965 229 1094 4.734% 83,925.06 69,183.36 14,741.70 USTmasnry Note 06102/OS 1,514,941.41 12/31/09 302 275 577 2.602% 32,614.99 28,125.00 4,48999 FHL1,fC Coupon Note 06114/05 299,331.00 01/25/10 1386 300 1686 4.431% 50,364,42 47,432.29 2,932.13 IVILCoip Corponatc Note 04/10/07 976,150.00 02/09/10 721 314 1035 5.165% 99,593.11 77,680.56 21,91155 USTreasurv Note 06124108 739,921.88 02/28/10 290 334 614 2.819% 16,00096 10,271.74 5,729.22 USTreasmy Note 10/19/06 976,406.25 04115/10 894 390 1274 4.744% 113,454.02 79,560.44 33,893.58 FHLB Coupon Note OR/22106 1,507,665.00 06/11/10 952 437 1389 4.957% 194,925.14 175,125.00 19,800.14 F.HUNIC(1) Coupon Note 01/06109 1,015,090.00 07/23/10 84 479 563 2,625% 6,132.26 1,711.81 4,420.45 F1ILB Coupon Note 0U12101 1,487,205.00 08/10110 809 497 1306 4960% 163,496.39 146,483,33 17,013.06 FALB Coupon Note 03/23/09 1,049,400.00 08/16110 8 503 511 1.284% 295.33 295.33 FFCB(2) CouponNole 09/15/08 1,500,000.00 09/15/10 197 533 730 3.300"% 26,716.44 24,750.00 1,966.44 UST1,=uirv prole 05131/07 737,226.56 10/15110 670 563 1233 4.801°% 64,970.26 43,806.35 21,16391 FFCB Coupon Note 12/07/07 2,032,140.00 11/08/10 480 587 1067 3.715% 99,279.7R 79,072.22 20,207.56 FIlLB CouponNole 03/23/09 1,040,160.00 12/1(1/lO R 619 627 1.495% 339.55 338,55 FFCB CouponNole 01/18/07 756,922.50 01/18/11 803 659 1461 3.175% 52,871.04 26,250.00 26,621.04 FFCB Coupon Note 11/2W07 2,062,000.00 02/19/11 489 699 1178 3.840% 106,080.59 119,166.67 (13,086.09) F\RIViA Discount Note 09/29/06 1,516,485.00 04/15/11 914 745 1659 4.974% 1.85,087.45 157,166.67 27,920.78 FHl AC(3) Coupon Note 12/28106 1,522,350.00 07/20/11 924 841 1665 5.375% 184,725.70 177,771/X3 6,954.97 US'freamry Note 10119/06 990,078.13 09/30/11 894 913 1907 4.721% 114,484.88 110,.15l.lo 4,333.78 FFCB CouponNole 12/12/07 2,025,080.00 11121/11 475 965 1440 4.000% 105,415.12 81,683.33 23,731.79 FFCB Coupon Note 02/22/07 986,080.00 12/08/11 768 982 1750 4.959% 102,990.34 82,993.06 19,897.28 FHLB Coupon Note 05/09/07 1,509,255.00 03109112 692 1074 1766 4.743% 135,715.35 137,500.00 (1,784,65) FIILB Coupon Note 11/29/07 2,038,360.00 (18/15112 488 1233 1721 4.170°% 113,643.32 112,027.79 1,615.54 GE CorporatcNoie 01/16/09 1,542,165.00 10/19112 440 1298 1738 4.587% 85,274.54 59,718.75 25,555.79 FFCB(5) CouponNOW 02/10109 755,700.00 12/23/13 49 1728 1777 3.929% 3,884.53 3,884.53 Subtolal 40,709,515.09 Union MfO 2,589,610.84 30 30 0.11% 234.04 234.04 Purchased inl cuGst 20,340.27 LAW NIA 1213 VON 36,170,70.11 03/31109 90 0 90 1.82% 161,568.84 161,568.H4 $79,48H.174,31 298 2.85 % 53.108.890.64 52582.242.39 S526 648.25 11'Iuturity Profile Amount Percent 0-1 vear $52,438,405.97 6597% 1-2 years S14,164,2 t5.3 1 17.82°% 2-3 years 58,549,328.13 10.76°% 3-5 Years S4:336,225.0 (1 5.46% S79,488,174.31 100,00% Market to Cost Position Report Amortized Madcet Uruvalized * Source: Treasury and Agenav obligations - Union Bank of California Inslitutiou Cost Value's Gain (Loss) LAT balances per Local Agcncv LnvesloreutFund monthly sintemcnl_ Union Bonk Asmis $40,708,515.09 $43,333,666,00 2,625,150.91 Union MM 2,598,610.84 2,588,610.84 0.00 Purchased Interest 20,340.27 20,340.27 0.00 LAIF 36,170,708.11 36,170,708.11 0.00 Totals: S79,488,174.31 582,113,325.22 $2,625,150.91 (1) Callable once on 07123109 (2) Callable once on 9/15/09 (3) Call able once on 7/20109 (5) Callable once oil 06/23109 page 5