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CITY OF SACRAMENTO Powered By Docstoc
					  CITY OF SACRAMENTO
OFFICE OF THE CITY TREASURER
    INVESTMENT SERVICES

    Russell Fehr, City Treasurer




MONTHLY INVESTMENT REPORT
         JULY 2008

Quarter Meeting on: October 23, 2008
                            TABLE OF CONTENTS



                                                Page

Meeting Agenda                                  3

Minutes of Last Meeting                         4

Historical Yield Curve                          5

Pool A Cash Flow Analysis (6-Mo & 1-Yr)         6

City of Sacramento Investment Pool A            8

Sacramento Housing & Redevelopment Agency       19

Capitol Area Development Authority              39

American River Flood Control District           46

Sacramento Public Library Authority             49

The Natomas Basin Conservancy                   52

Glossary of Investment Terms                    55
TO:                   Investment Committee Members
FROM:                 John Colville, Senior Investment Officer
RE:                   Minutes of Investment Quarterly Meeting held on July 24, 2008

Attendees Present: John Colville, Lydia Abreu, Thomas Berke, Janet Riley, Leyne Milstein, Satoshi
Matsuda, Jason Bader, Brad Wasson, Rick Tiechert

Proceedings:

1)       Along the Yield Curve
Inflation fears continue as the yield curve steepened. The 10 year treasury closed at 3.979% and as the
yield curve steepens, the 10 year treasury is at 4.012% today. Inflation has been high, spurred by
increases in the prices of energy and some other commodities, and some indicators of inflation
expectations have been elevated. Although downside risks to growth remain, they may be diminishing as
housing is expected to recover in early 2010. Economic activity expanded in the second quarter,
according to Commerce Department statisticians, the nation’s real GDP grew at a 1.9% annual rate. The
1.5% growth in consumer spending partly reflected the one-time stimulus from the federal income tax
rebates. In the last recession in 2001, the statisticians reported more than a single negative GDP growth
quarter in 2002 after the recession was over. The pickup in returns for Pools A & D are partially
attributable to taking capital gains and the purchase of callables with coupons of 5%-6%.

2)      Cash Flow
The projected cash flow in Pool A is adequate to meet expected obligations over the twelve months.
After removing the balances of all non-City Pool A participants, the analysis shows expected ~ $180
million in excess cash for the 6-month cash flow and ~ $400 million for the 12-month period.

3)     City Pool A
Pool A rate of return on book value (at cost) posted 2.98%, compared with LAIF’s 2.89% rate of return
on book value (at cost) a variance of 9 bps. The average maturity for Pool A was just over 1 year.

4)      SHRA Pools- D, J, and L
Pool D: Posted a rate of return of 3.10% at book value, compared with LAIF’s 2.89%, there was a
variance of 21 bps.

5)    Other business: Meeting adjourned at 11:00 a.m. with no further discussion. Minutes submitted
by Lydia Abreu

Next Meeting: The next quarterly meeting is scheduled for October 23, 2008.




                                                  Page 4
Page 5
                               CITY OF SACRAMENTO - INVESTMENT POOL A
                                     6-MONTH CASH FLOW ANALYSIS
                                                  August 1, 2008 - January 31, 2009
                                                                                                                                    In millions
Cash Balances:
  Bank of America                                                                                                                      2.543
  Bank of America Overnight Sweep                                                                                                      0.628
  LAIF                                                                                                                                38.400
  Fidelity Fund                                                                                                                        0.051
  Less: Required bank balance by policy                                                                                               (0.500)
Cash available at beginning of period:                                                                                                41.122
Projected net cash flow:
  August-08                                                                                                                          79.488
  September-09                                                                                                                       42.034
  October-09                                                                                                                          3.858
  November-08                                                                                                                        49.999
  December-08                                                                                                                        32.686
  January-09                                                                                                                         53.658
Net cash flow during period:                                                                                                        261.722
Cash in excess of policy: 1                                                                                                         302.844
Cash Balances of non-City and/or Pool A Participants:
  SCERS Cash:
    Fixed Bonds                                                                                                                     (33.860)
    Large Cap Growth                                                                                                                 (0.624)
    S & P / Barra Value                                                                                                              (3.585)
    International                                                                                                                    (1.253)
    Equity Income                                                                                                                    (0.042)
    Retirement Trust Operating Fund                                                                                                 (17.800)
  SHRA Pool J                                                                                                                        (5.093)
  SHRA Pool L                                                                                                                       (16.971)
  SHRA Trust                                                                                                                         (0.050)
  Ann Land/Bertha Henschel Endowment Fund                                                                                            (0.045)
  Ethel Hart Mutual Endowment Fund                                                                                                   (0.098)
  George H. Clark Memorial Scholarhip Fund                                                                                           (0.010)
  Capitol Area Development Authority (CADA)                                                                                         (16.420)
  American River Flood Control District (ARFCD)                                                                                      (1.754)
  The Natomas Basin Conservancy (TNBC)                                                                                               (5.399)
  Sacramento Public Library Authority (SPLA)                                                                                        (21.408)
  Gifts to Share                                                                                                                     (0.791)
  Sacramento Convention and Visitors Bureau                                                                                          (2.284)
  Other Misc Non-City Funds (CalEPA, Sports Commission, N Natomas Housing Trust, etc)                                                (3.433)
Total cash balances of non-City and/or Pool A participants: 2                                                                      (130.920)
Excess or (Shortfall) if all Pool A participants withdraw all funds within 6 months: 3                                              171.924
1The City will be able to meet its cash flow needs for the next six months, with $303 mm in excess of policy
2 Non-City and/or Pool A participants have $131 mm invested in Pool A
3 If all non-City and/or Pool A participants withdraw the entire $131 mm within the next six months, the City will still have an excess of $172 mm




                                                                  Page 6
                                 CITY OF SACRAMENTO - INVESTMENT POOL A
                                       12-MONTH CASH FLOW ANALYSIS
                                                       August 1, 2008 - July 31, 2009
                                                                                                                                         In millions
Cash Balances:
  Bank of America                                                                                                                           2.543
  Bank of America Overnight Sweep                                                                                                           0.628
  LAIF                                                                                                                                     38.400
  Fidelity Fund                                                                                                                             0.051
  Less: Required bank balance by policy                                                                                                    (0.500)
Cash available at beginning of period:                                                                                                     41.122
Projected net cash flow:
  August-08                                                                                                                               79.488
  September-08                                                                                                                            42.034
  October-08                                                                                                                               3.858
  November-08                                                                                                                             49.999
  December-08                                                                                                                             32.686
  January-09                                                                                                                              53.658
  February-09                                                                                                                            (19.022)
  March-09                                                                                                                                42.204
  April-09                                                                                                                                39.228
  May-09                                                                                                                                  49.275
  June-09                                                                                                                                (13.069)
  July-09                                                                                                                                 (7.652)
Net cash flow during period:                                                                                                             352.686
Cash in excess of policy: 1                                                                                                              393.808
Cash Balances of non-City and/or Pool A Participants:
  SCERS Cash:
    Fixed Bonds                                                                                                                          (33.860)
    Large Cap Growth                                                                                                                      (0.624)
    S & P / Barra Value                                                                                                                   (3.585)
    International                                                                                                                         (1.253)
    Equity Income                                                                                                                         (0.042)
    Retirement Trust Operating Fund                                                                                                      (17.800)
  SHRA Pool J                                                                                                                             (5.093)
  SHRA Pool L                                                                                                                            (16.971)
  SHRA Trust                                                                                                                              (0.050)
  Ann Land/Bertha Henschel Endowment Fund                                                                                                 (0.045)
  Ethel Hart Mutual Endowment Fund                                                                                                        (0.098)
  George H. Clark Memorial Scholarhip Fund                                                                                                (0.010)
  Capitol Area Development Authority (CADA)                                                                                              (16.420)
  American River Flood Control District (ARFCD)                                                                                           (1.754)
  The Natomas Basin Conservancy (TNBC)                                                                                                    (5.399)
  Sacramento Public Library Authority (SPLA)                                                                                             (21.408)
  Gifts to Share                                                                                                                          (0.791)
  Sacramento Convention and Visitors Bureau                                                                                               (2.284)
  Other Misc Non-City Funds (CalEPA, Sports Commission, N Natomas Housing Trust, etc)                                                     (3.433)
Total cash balances of non-City and/or Pool A participants: 2                                                                           (130.920)
Excess or (Shortfall) if all Pool A participants withdraw all funds within 12 months: 3                                                  262.888
1The   City will be able to meet its cash flow needs for the next twelve months, with $394 mm in excess of policy
2 Non-City and/or Pool A participants have $131 mm invested in Pool A
3 If all non-City and/or Pool A participants withdraw the entire $131 mm within the next twelve months, the City will still have an excess of $263 mm




                                                                          Page 7
                            City of Sacramento
                                Investment
                                  Pool A
This fund portfolio invests under the guidelines of California Government Code section 53601, and
any deviation from this government code will require City Council approval prior to execution of such
investment.




                                                Page 8
                                City of Sacramento Investment Pool A
                                      Monthly Review – July 2008
STRATEGY

The Fund seeks to maximize the level of current income consistent with the preservation of principal while
meeting the liquidity needs of the City and the pooled investors. The Fund is invested pursuant to the
prudent person standards and the California Code Section 53601 (GC 53601).

PORTFOLIO STATISTICS                                                              PORTFOLIO BY ASSET CLASS
Portfolio’s Beginning Balance             $ 856,767,550
Earned Interest Yield for the Month               3.47%
Weighted Average Maturity (Yrs)                      1.4                                                       UST
                                                                                         CB
Estimated Duration (Yrs)                             1.3
Historical Book Value                     $ 751,116,211
Month-End Market Value                    $ 757,210,155
Percent of Market to Book Value                 100.81%                          LAIF
                                                                                    CD
External third party Investment Managers                                                                        GSE
                                                                                              CP
State Treasurer’s Office (LAIF)         $ 38,400,000

MATURITY SCHEDULE
                                                                                                                         Yield at
                                                                                                            Portfolio at
                                                                   Investment Description                                Month
     Maturity         Market Value       %                                                                     Cost
                                                                                                                          End
< 1 Year            $ 465,874,854       61.52%
                                                                   US Agency and Treasury Notes:
1 Year - 2 Years    $    92,631,101     12.23%                      US Treasury Notes (UST)                     16.81%        1.72%
2 Years-3 Years     $    61,930,054      8.17%                      US Agency Notes (GSE)                       37.24%        3.20%
3 Years-4 Years     $    22,610,568      3.00%                     Subtotal Agency/Notes                        54.05%        2.74%
4 Years-5 Years     $ 114,163,578       15.08%                     Commercial Paper (CP)                         9.91%        2.68%
Total               $ 757,210,155      100.00%                     Certificates of Deposit (CD)                  2.90%        2.86%
                                                                   LAIF                                          5.10%        2.79%
                                                                   Corporate Bonds (CB)                         28.04%        4.47%

                       $465,874,854
     $500,000,000


     $400,000,000


     $300,000,000


     $200,000,000
                                                                                                              $114,163,578
                                          $92,631,101

                                                                   $61,930,054
     $100,000,000                                                                             $22,610,568




             $-
                        < 1 Year       1 Year - 2 Years       2 Years-3 Years            3 Years-4 Years    4 Years-5 Years




                                                          Page 9
MONTHLY HIGHLIGHTS

U.S fixed income markets generated mixed results in July. During the month, the yield curve steepened as rates
in the short and intermediate maturities declined, while rates for longer maturities rose due to escalating
inflationary concerns. During the month, the City did not receive any major inflows of cash; instead it was
necessary to generate approximately $14 million to prepay the City’s CalPERS employer contribution for the
coming fiscal year. Instead of liquidating holding in LAIF, the investment staff took advantage of the
steepening yield curve and sold-off $48 million of short-term U.S. Treasuries and booked capital gains to Pool
A in excess of $195k. The investment strategy going forward will continue to emphasize safety through
investment in government issued securities and high quality corporate securities to enhance performance.
Given the current state of the GSE space, we are limiting any new purchases into the Federal Home Loan Bank
program as opposed to Fannie Mae and Freddie Mac.


   Earned Interest Yield
 Month     Pool A    LAIF
 Aug-07     5.28%     5.25%
                                                                                                                                Earned Interest Yield
 Sep-07     5.17%     5.23%                                                6.00%

 Oct-07     5.30%     5.14%                                                5.50%

                                                                           5.00%
 Nov-07     5.11%     4.96%                                                4.50%

 Dec-07     4.93%     4.80%                                                4.00%

 Jan-08     4.73%     4.62%                                                3.50%

                                                                           3.00%
 Feb-08     4.33%     4.16%                                                2.50%
 Mar-08     4.17%     3.78%




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 Apr-08     3.53%     3.40%                                                                                                     Pool A             LAIF
 May-08     3.36%     3.07%
 Jun-08     2.98%     2.89%
 Jul-08     3.47%     2.79%

CASH IN EXCESS OF POLICY (IN MILLIONS)
 12 Mnths Cash Flow                             Aug            Sep        Oct           Nov         Dec               Jan               Feb           Mar            Apr             May                Jun         Jul
     Excess Cash                                $ 393    $ 458           $ 401        $ 322         $ 401        $ 367                 $ 352        $ 336           $ 318           $ 363          $ 400           $ 263




                                                                                        CASH IN EXCESS OF POLICY
                                         $500
                                         $450
                                         $400
             Excess Cash (in millions)




                                         $350
                                         $300
                                         $250
                                         $200
                                         $150
                                         $100
                                          $50
                                          $0
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                                                                                                      12-Month Period Ending




                                                                                                     Page 10
                                                                                      City of Sacramento
                                                                             PORTFOLIO APPRAISAL
                                                                                    City Investment Pool A
                                                                                          July 31, 2008

                  Security                                   Unit           Total                         Market         Accrued        Market Value       Pct.     Unit     Annual       Cur.
  Quantity        Symbol                  Security           Cost           Cost          Price           Value          Interest       + Accrd. Int.     Assets   Income    Income       Yield   S & P Moody

CASH AND EQUIVALENTS
            cashbofa         B Of A Cash                                     2,542,948                       2,542,948                       2,542,948      0.34     0.359        9,129    0.36
            fidfund          Fidelity Fund                                      51,081                          51,081                          51,081      0.01     1.640          838    1.64
            laifa            Local Agency Investment Fund,                  38,400,000                      38,400,000                      38,400,000      5.10     2.787    1,070,208    2.79
                             Pool A
                miscintrec   Misc Interest Receivable                          142,418                         142,418                         142,418      0.02     4.000        5,697    4.00
                sweep        Overnight Sweep                                   627,865                         627,865                         627,865      0.08     0.359        2,254    0.36
                                                                            41,764,312                      41,764,312                      41,764,312      5.55              1,088,126    2.61

CERTIFICATES OF DEPOSIT
   15,000,000 74977gkx5 Rabobank Nederland NV NY                100.03      15,003,809    100.01            15,000,843       80,783         15,081,626      1.99     2.620      393,000    2.62   A1    AAA
                        2.620% Due 08-19-08
    4,200,000 90333uk27 US Bank CD                              100.00        4,200,000    99.97             4,198,554       23,595          4,222,149      0.56     2.560      107,520    2.56   A1    P1
                        2.560% Due 09-09-08
    2,500,000 90333uur1 US Bank CD                              100.00        2,500,000   101.34             2,533,558      158,037          2,691,595      0.34     5.380      134,500    5.31   A1    P1
                        5.380% Due 06-01-09
                                                                            21,703,809                      21,732,955      262,415         21,995,370      2.89                635,020    2.92

COMMERCIAL PAPER
 Not Classified
   11,600,000 36959hhc4      General Electric Capital Corp          99.16   11,502,283      99.92           11,590,526              0       11,590,526      1.54     2.570      298,120    2.57   A1    P1
                             2.570% Due 08-12-08
   10,000,000   36959hhs9    General Electric Capital Corp          99.06     9,905,753     99.83            9,982,538              0         9,982,538     1.33     2.590      259,000    2.59   A1    P1
                             2.590% Due 08-26-08
    5,600,000   36959hhv2    General Electric Capital Corp          99.04     5,546,013     99.81            5,589,106              0         5,589,106     0.74     2.590      145,040    2.60   A1    P1
                             2.590% Due 08-29-08
    6,300,000   89233gj98    Toyota Motor Credit Corp               99.12     6,244,875     99.73            6,283,153              0         6,283,153     0.84     2.500      157,500    2.51   A1    P1
                             2.500% Due 09-09-08
   10,000,000   89233gjp2    Toyota Motor Credit Corp               99.17     9,916,667     99.62            9,962,356              0         9,962,356     1.32     2.400      240,000    2.41   A1    P1
                             2.400% Due 09-23-08
    5,000,000   02635rk73    American General Finance Corp          98.95     4,947,682     99.48            4,974,219              0         4,974,219     0.66     2.710      135,500    2.72   A1    P1
                             2.710% Due 10-07-08
    5,000,000   0660p0k77    Bank of America Corp                   99.02     4,951,000     99.48            4,974,219              0         4,974,219     0.66     2.520      126,000    2.53   A1    P1
                             2.520% Due 10-07-08
   11,350,000   02635rkx6    American General Finance Corp          98.75   11,207,917      99.27           11,266,733              0       11,266,733      1.50     2.750      312,125    2.77   A1    P1
                             2.750% Due 10-31-08
   10,000,000   02635rl49    American General Finance Corp          98.83     9,882,889     99.24            9,923,886              0         9,923,886     1.32     2.720      272,000    2.74   A1    P1
                             2.720% Due 11-04-08
                                                                            74,105,078                      74,546,737              0       74,546,737      9.91              1,945,285    2.61
                                                                            74,105,078                      74,546,737              0       74,546,737      9.91              1,945,285    2.61

GOVT AGENCY DISCOUNT PAPER
 Not Classified
   10,000,000 313384a41 Federal Home Loan Bank                      98.70     9,869,567   100.00            10,000,000              0       10,000,000      1.33     2.580      258,000    2.58   AAA   AAA
                        2.580% Due 08-01-08
   10,000,000 313384a90 Federal Home Loan Bank                      98.80     9,879,931     99.97            9,997,000              0         9,997,000     1.33     2.470      247,000    2.47   AAA   AAA
                        2.470% Due 08-06-08
   10,000,000 313396b69 Freddie Mac                                 98.76     9,876,139     99.94            9,994,000              0         9,994,000     1.33     2.450      245,000    2.45   AAA   AAA
                        2.450% Due 08-11-08
    4,300,000 313384c72 Federal Home Loan Bank                      98.76     4,246,895     99.89            4,295,270              0         4,295,270     0.57     2.470      106,210    2.47   AAA   AAA
                        2.470% Due 08-20-08
   10,000,000 313588l52 Fannie Mae                                  99.08     9,908,456     99.47            9,947,000              0         9,947,000     1.32     2.140      214,000    2.15   AAA   AAA
                        2.140% Due 10-21-08
   16,600,000 313396q30 Freddie Mac                                 98.88   16,414,726     99.24            16,473,840              0       16,473,840      2.19     2.050      340,300    2.07   AAA   AAA
                        2.050% Due 11-20-08


                                                                                              Page 11
                                                                               City of Sacramento
                                                                      PORTFOLIO APPRAISAL
                                                                             City Investment Pool A
                                                                                   July 31, 2008

                  Security                            Unit           Total                         Market         Accrued        Market Value       Pct.     Unit     Annual       Cur.
  Quantity        Symbol                 Security     Cost           Cost          Price           Value          Interest       + Accrd. Int.     Assets   Income    Income       Yield   S & P Moody

   10,000,000   313588r31    Fannie Mae                      96.35     9,634,978     99.18            9,918,000              0         9,918,000     1.32     3.820      382,000    3.85   AAA   AAA
                             3.820% Due 11-28-08
   25,000,000   313384s83    Federal Home Loan Bank          98.01   24,501,778      99.08           24,770,000              0       24,770,000      3.29     2.360      590,000    2.38   AAA   AAA
                             2.360% Due 12-11-08
                                                                     94,332,468                      95,395,110              0       95,395,110     12.68              2,382,510    2.50
                                                                     94,332,468                      95,395,110              0       95,395,110     12.68              2,382,510    2.50

U.S. GOVERNMENT BONDS
  Not Classified
     38,000,000 912828cc2    U.S. Treasury Note          100.95      38,359,875    100.36            38,136,561      376,773         38,513,334      5.07     2.625      997,500    2.62   AAA   AAA
                             2.625% Due 03-15-09
   10,000,000   912828gp9    U.S. Treasury Note          102.42      10,242,187    101.71            10,171,100      113,723         10,284,823      1.35     4.500      450,000    4.42   AAA   AAA
                             4.500% Due 04-30-09
   10,000,000   912828ch1    U.S. Treasury Note          102.28      10,228,125    101.34            10,133,600       82,133         10,215,733      1.35     3.875      387,500    3.82   AAA   AAA
                             3.875% Due 05-15-09
   20,000,000   912828hs2    U.S. Treasury Note          100.71      20,142,578     99.44            19,889,000      167,391         20,056,391      2.64     2.000      400,000    2.01   AAA   AAA
                             2.000% Due 02-28-10
    9,000,000   912828hu7    U.S. Treasury Note              99.10     8,919,141    98.98             8,908,593       52,930           8,961,524     1.18     1.750      157,500    1.77   AAA   AAA
                             1.750% Due 03-31-10
                                                                     87,891,906                      87,238,854      792,951         88,031,805     11.59              2,392,500    2.74
                                                                     87,891,906                      87,238,854      792,951         88,031,805     11.59              2,392,500    2.74

FEDERAL HOME LOAN BANK
  Not Classified
     5,000,000 3133xcfh1 Federal Home Loan Bank              98.20     4,910,000   100.06             5,003,125       85,573           5,088,698     0.66     3.875      193,750    3.87   AAA   AAA
                         3.875% Due 08-22-08
    10,000,000 3133xq4m1 Federal Home Loan Bank          100.13      10,013,300      99.97            9,996,875      101,389         10,098,264      1.33     2.500      250,000    2.50   AAA   AAA
                         2.500% Due 09-05-08
     3,800,000 3133xcsa2 Federal Home Loan Bank          100.39        3,814,645   100.19             3,807,125       62,357           3,869,482     0.51     4.250      161,500    4.24   AAA   AAA
                         4.250% Due 09-12-08
     6,000,000 3133xqda7 Federal Home Loan Bank          100.00        6,000,000     99.62            5,977,500       46,200           6,023,700     0.79     2.200      132,000    2.21   AAA   AAA
                         2.200% Due 03-25-09
     5,100,000 3133xqen8 Federal Home Loan Bank          100.10        5,105,100     99.66            5,082,469       40,341           5,122,810     0.68     2.260      115,260    2.27   AAA   AAA
                         2.260% Due 03-25-09
    17,300,000 3133xqjd5 Federal Home Loan Bank              99.79   17,263,667      99.66           17,240,531      126,867         17,367,398      2.29     2.200      380,600    2.21   AAA   AAA
                         2.200% Due 04-01-09
     2,400,000 3133xppz1 Federal Home Loan Bank          100.00        2,400,000     99.84            2,396,250       29,120           2,425,370     0.32     2.800       67,200    2.80   AAA   AAA
                         2.800% Due 08-25-09
     6,000,000 3133xhfa5 Federal Home Loan Bank              99.03     5,941,800   100.47             6,028,125       87,500           6,115,625     0.80     5.000      300,000    4.98   AAA   AAA
                         5.000% Due 10-16-09
    10,000,000 3133xqu26 Federal Home Loan Bank              99.91     9,990,600     99.25            9,925,000       32,847           9,957,847     1.32     2.750      275,000    2.77   AAA   AAA
                         2.750% Due 06-18-10
     5,000,000 3133xcqz9 Federal Home Loan Bank              98.80     4,940,000   102.28             5,114,062       81,424           5,195,486     0.68     4.375      218,750    4.28   AAA   AAA
                         4.375% Due 09-17-10
    10,000,000 3133xp5b6 Federal Home Loan Bank          100.00      10,000,000    100.00            10,000,000      186,833         10,186,833      1.33     3.800      380,000    3.80   AAA   AAA
                         3.800% Due 02-04-11
     5,000,000 3133xprv8 Federal Home Loan Bank              99.65     4,982,500     99.25            4,962,500       70,633           5,033,133     0.66     3.260      163,000    3.28   AAA   AAA
                         3.260% Due 02-25-11
     5,000,000 3133xnxy0 Federal Home Loan Bank          100.00        5,000,000   100.03             5,001,562        3,917           5,005,479     0.66     4.700      235,000    4.70   AAA   AAA
                         4.700% Due 01-25-13
     5,000,000 3133xpdc5 Federal Home Loan Bank          100.00        5,000,000     98.47            4,923,437      112,500           5,035,937     0.65     4.500      225,000    4.57   AAA   AAA
                         4.500% Due 02-01-13
     4,000,000 3133xpsn5 Federal Home Loan Bank              99.95     3,998,000     99.56            3,982,500       76,500           4,059,000     0.53     4.250      170,000    4.27   AAA   AAA
                         4.250% Due 02-19-13



                                                                                       Page 12
                                                                                      City of Sacramento
                                                                             PORTFOLIO APPRAISAL
                                                                                    City Investment Pool A
                                                                                          July 31, 2008

                  Security                                   Unit           Total                         Market         Accrued      Market Value       Pct.     Unit     Annual       Cur.
  Quantity        Symbol                  Security           Cost           Cost          Price           Value          Interest     + Accrd. Int.     Assets   Income    Income       Yield   S & P Moody

    5,000,000   3133xqye6    Federal Home Loan Bank             100.00        5,000,000     99.75            4,987,500       54,944         5,042,444     0.66     4.300      215,000    4.31   AAA   AAA
                             4.300% Due 04-29-13
                                                                            104,359,612                    104,428,562    1,198,945      105,627,508     13.88              3,482,060    3.33
                                                                            104,359,612                    104,428,562    1,198,945      105,627,508     13.88              3,482,060    3.33

FEDERAL NATIONAL MORTGAGE ASSN. (FNMA)
  Not Classified
     2,500,000 31398aaf9 Fannie Mae                                 99.62     2,490,400   100.56             2,514,062       29,944        2,544,007      0.33     4.900      122,500    4.87   AAA   Aaa
                         4.900% Due 11-03-08
     2,500,000 31359mc76 Fannie Mae                                 98.35     2,458,725   102.31             2,557,812       18,750        2,576,562      0.34     4.500      112,500    4.40   AAA   Aaa
                         4.500% Due 06-01-10
     8,000,000 31398aks0 Fannie Mae                             101.05        8,084,000   100.62             8,050,000       24,000         8,074,000     1.07     4.500      360,000    4.47   AAA   AAA
                         4.500% Due 01-07-11
     6,300,000 31398ajr4 Fannie Mae                             100.00        6,300,000   100.69             6,343,312       77,131         6,420,444     0.84     5.125      322,875    5.09   AAA   AAA
                         5.125% Due 11-05-12
     5,000,000 31398ame9 Fannie Mae                                 99.82     4,991,250   100.16             5,007,812        1,667        5,009,479      0.67     4.000      200,000    3.99   AAA   AAA
                         4.000% Due 01-28-13
                                                                             24,324,375                     24,473,000      151,492       24,624,492      3.25              1,117,875    4.57
                                                                             24,324,375                     24,473,000      151,492       24,624,492      3.25              1,117,875    4.57

FEDERAL HOME LOAN MORTGAGE CORP. (FHLMC)
  Not Classified
     5,000,000 3128x6j56 Freddie Mac                                99.77     4,988,500     98.53            4,926,650          538         4,927,188     0.65     3.875      193,750    3.93   AAA   AAA
                         3.875% Due 01-30-12
     5,000,000 3128x6h90 Freddie Mac                            100.00        5,000,000     99.74            4,986,800       99,757         5,086,557     0.66     4.250      212,500    4.26   AAA   AAA
                         4.250% Due 02-12-13
     3,100,000 3128x62c9 Freddie Mac                                99.96     3,098,853     99.47            3,083,632       59,675         3,143,307     0.41     4.125      127,875    4.15   AAA   AAA
                         4.125% Due 02-13-13
     5,000,000 3128x7ju9 Freddie Mac                                99.40     4,969,850     99.02            4,951,150       58,333         5,009,483     0.66     4.000      200,000    4.04   AAA   AAA
                         4.000% Due 04-16-13
     5,000,000 3128x7qu1 Freddie Mac                                99.76     4,987,950     99.73            4,986,550       42,896         5,029,446     0.66     4.350      217,500    4.36   AAA   AAA
                         4.350% Due 05-20-13
                                                                             23,045,153                     22,934,782      261,199       23,195,981      3.05                951,625    4.15
                                                                             23,045,153                     22,934,782      261,199       23,195,981      3.05                951,625    4.15

FEDERAL FARM CREDIT BANK - FRMMT
  Not Classified
    10,000,000 31331yf88 Federal Farm Credit Bank                   99.04     9,904,300     98.81            9,881,250      113,437         9,994,687     1.31     4.125      412,500    4.17   AAA   AAA
                         4.125% Due 04-22-13
                                                                              9,904,300                      9,881,250      113,437        9,994,687      1.31                412,500    4.17

CORPORATE BONDS
 CONSUMER DISCRETIONARY
    4,000,000 254687av8 Disney Walt Co Mtns Be                      99.77     3,990,880   100.69             4,027,760       31,333         4,059,093     0.54     4.700      188,000    4.67   A     A2
                        4.700% Due 12-01-12

 FINANCIAL
    3,000,000   125581as7    Citigroup Inc                          99.05     2,971,500     98.56            2,956,770       28,333         2,985,103     0.39     5.000      150,000    5.07   A-    BAA1
                             5.000% Due 11-24-08
    5,000,000   14912l2q3    Caterpillar Finl Svcs Mtns BE          97.90     4,894,900   100.37             5,018,550       88,812         5,107,362     0.67     4.350      217,500    4.33   A     A2
                             4.350% Due 03-04-09
   10,000,000   36962gd27    General Electric Capital Corp      100.16       10,016,400     99.70            9,970,312       41,528       10,011,840      1.33     3.250      325,000    3.26   AAA   AAA
                             3.250% Due 06-15-09



                                                                                              Page 13
                                                                                       City of Sacramento
                                                                              PORTFOLIO APPRAISAL
                                                                                     City Investment Pool A
                                                                                           July 31, 2008

                  Security                                    Unit           Total                         Market         Accrued        Market Value       Pct.     Unit     Annual       Cur.
  Quantity        Symbol                  Security            Cost           Cost          Price           Value          Interest       + Accrd. Int.     Assets   Income    Income       Yield   S & P Moody

    4,400,000   36962gr48    General Electric Capital Corp           97.43     4,287,096   100.62             4,427,368       75,625           4,502,993     0.59     4.125      181,500    4.10   AAA   Aaa
                             4.125% Due 09-01-09
    8,130,000   45974vzn1    International Lease Fin Mtn Be          97.55     7,930,571     96.05            7,808,946      104,730           7,913,677     1.04     4.375      355,687    4.55   A+    A1
                             4.375% Due 11-01-09
    5,000,000   88579eab1    3m Company                          100.95        5,047,750   102.63             5,131,450       60,503           5,191,953     0.68     5.125      256,250    4.99   AA    AA1
                             5.125% Due 11-06-09
    5,000,000   89233pv60    Toyota Motor Credit Corp                99.50     4,975,000     99.14            4,956,850       36,812           4,993,662     0.66     2.850      142,500    2.87   AAAe Aaa
                             2.850% Due 04-28-10
    5,000,000   64952wae3    New York Life Global                101.72        5,086,000   101.01             5,050,550      105,990          5,156,540      0.67     4.625      231,250    4.58   AAA   Aaa
                             4.625% Due 08-16-10
    3,000,000   38141gaz7    Goldman Sachs Group Inc             104.38        3,131,520   103.83             3,114,810        9,167           3,123,977     0.41     6.875      206,250    6.62   AA-   AA3
                             6.875% Due 01-15-11
    5,000,000   68402lae4    Oracle Corp                             99.13     4,956,750   102.16             5,107,900       11,111           5,119,011     0.68     5.000      250,000    4.89   A     A2
                             5.000% Due 01-15-11
    1,627,000   172967dh1    Citigroup Inc                           99.79     1,623,518    99.32             1,616,001       38,681           1,654,682     0.21     5.125       83,384    5.16   AA-   AA3
                             5.125% Due 02-14-11
    5,000,000   89233pw36    Toyota Motor Credit Corp            100.00        5,000,000     99.55            4,977,400       49,067           5,026,467     0.66     3.840      192,000    3.86   AAA   AAA
                             3.840% Due 04-29-11
   10,000,000   822582aa0    Shell International Fin Bv          103.88       10,387,734   104.84            10,484,200       53,125         10,537,325      1.39     5.625      562,500    5.37   AA    AA1
                             5.625% Due 06-27-11
    5,000,000   36962gz56    General Electric Capital Corp       100.00        5,000,000   100.33             5,016,406       58,056           5,074,462     0.67     5.500      275,000    5.48   AAA   AAA
                             5.500% Due 11-15-11
    5,000,000   36962gxs8    General Electric Capital Corp       104.26        5,213,200   103.03             5,151,562      135,451           5,287,014     0.68     5.875      293,750    5.70   AAA   AAA
                             5.875% Due 02-15-12
    5,000,000   713448bf4    Pepsico Inc                             99.95     4,997,650   104.01             5,200,450       54,361           5,254,811     0.69     5.150      257,500    4.95   A+    AA2
                             5.150% Due 05-15-12
    1,985,000   36962gyy4    General Electric Capital Corp       103.54        2,055,190   103.37             2,051,875       15,218           2,067,093     0.27     6.000      119,100    5.80   AAA   AAA
                             6.000% Due 06-15-12
    5,000,000   59018yj36    Merrill Lynch & Co                      95.02     4,751,100     95.30            4,764,800      139,486           4,904,286     0.63     6.050      302,500    6.35   A     A2
                             6.050% Due 08-15-12
    5,000,000   084664ay7    Berkshire Hathaway Corp                 99.89     4,994,350   103.19             5,159,375       96,806           5,256,181     0.69     5.125      256,250    4.97   AAA   AAA
                             5.125% Due 09-15-12
    5,000,000   06406hbe8    Bank of New York Mellon                 99.90     4,994,950     99.21            4,960,500       61,875           5,022,375     0.66     4.950      247,500    4.99   AA-   AA2
                             4.950% Due 11-01-12
    5,000,000   38144lac4    Goldman Sachs Group Inc             101.21        5,060,600     99.70            4,985,000       68,125           5,053,125     0.66     5.450      272,500    5.47   AA-   AA3
                             5.450% Due 11-01-12
    5,000,000   665859ah7    Northern Trust Company                  99.81     4,990,450     99.77            4,988,400       59,222           5,047,622     0.66     5.200      260,000    5.21   AA-   A1
                             5.200% Due 11-09-12
    3,000,000   369604ay9    General Electric Co                 100.05        3,001,500   100.55             3,016,560       75,000           3,091,560     0.40     5.000      150,000    4.97   AAA   Aaa
                             5.000% Due 02-01-13
   10,000,000   36962g3t9    General Electric Capital Corp           99.79     9,979,100     98.49            9,849,400      133,333           9,982,733     1.31     4.800      480,000    4.87   AAA   AAA
                             4.800% Due 05-01-13
    2,850,000   64953bap3    New York Life Global                    98.20     2,798,785     99.11            2,824,692       30,186           2,854,878     0.38     4.650      132,525    4.69   AAA   AAA
                             4.650% Due 05-09-13
    5,000,000   084664bb6    Berkshire Hathaway Corp             100.75        5,037,350     99.63            4,981,400       49,833           5,031,233     0.66     4.600      230,000    4.62   AAA   Aaa
                             4.600% Due 05-15-13
                                                                             133,182,965                    133,571,528    1,680,438        135,251,966     17.75              6,430,446    4.81
                                                                             137,173,845                    137,599,288    1,711,771        139,311,059     18.29              6,618,446    4.81

TREASURY BILLS
 Not Classified
    6,300,000 912795f89      U. S. Treasury Bill                     99.36     6,259,841     99.98            6,298,639              0         6,298,639     0.84     2.035      128,205    2.04   AAA   AAA
                             2.035% Due 08-07-08
   20,000,000   912795h53    U. S. Treasury Bill                     99.16    19,831,144    99.55            19,910,000              0       19,910,000      2.65     1.670      334,000    1.68   AAA   AAA
                             1.670% Due 11-06-08


                                                                                               Page 14
                                                                                 City of Sacramento
                                                                        PORTFOLIO APPRAISAL
                                                                               City Investment Pool A
                                                                                     July 31, 2008

                   Security                             Unit           Total                         Market         Accrued        Market Value       Pct.     Unit     Annual       Cur.
  Quantity         Symbol                 Security      Cost           Cost          Price           Value          Interest       + Accrd. Int.     Assets   Income    Income       Yield   S & P Moody

    13,200,000   912795h61    U. S. Treasury Bill              99.14    13,085,886    99.52            13,136,244              0       13,136,244      1.75     1.710      225,720    1.72   AAA    AAA
                              1.710% Due 11-13-08
                                                                        39,176,872                     39,344,883              0       39,344,883      5.23                687,925    1.75
                                                                        39,176,872                     39,344,883              0       39,344,883      5.23                687,925    1.75

VARIABLE RATE SECURITIES
 Not Classified
    5,000,000 61745etc5  Morgan Stanley                    100.00        5,000,000     99.97            4,998,400       11,197           5,009,597     0.66     2.780      139,000    2.78   A+     AA3
                         2.780% Due 09-02-08
   10,000,000 91621cad3  Westpac Banking Corp NY               99.79     9,979,073     99.98            9,998,200       17,014         10,015,214      1.33     2.450      245,000    2.45   AA     3695
                         2.450% Due 09-05-08
   10,000,000 02635ptn3  American General Finance              99.96     9,996,421     99.74            9,973,600       37,431         10,011,031      1.33     3.062      306,250    3.07   A+     A1e
                         3.062% Due 09-18-08
    5,200,000 802815ab6  Santander US Debt SA Uni              99.98     5,198,721     99.93            5,196,516       16,118           5,212,634     0.69     2.861      148,785    2.86   AA     Aa1
                         2.861% Due 09-19-08
    7,350,000 172967df5  Citigroup Inc                         99.73     7,330,270    99.71             7,328,685       20,352           7,349,037     0.97     2.848      209,338    2.86   AA-    AA3
                         2.848% Due 12-26-08
   10,000,000 25153daj2  Deutsche Bank NY                  100.00       10,000,000     99.75            9,975,260       32,175         10,007,435      1.33     3.011      301,125    3.02   AA     AA1
                         3.011% Due 01-21-09
    5,000,000 026874ba4  American International Group          99.15     4,957,562   100.03             5,001,350        5,578           5,006,928     0.66     2.510      125,500    2.51   AA     Aa2
                         2.510% Due 06-16-09
    5,000,000 38141ekq1  Goldman Sachs Group Inc               99.26     4,963,246    99.44             4,971,800       15,661          4,987,461      0.66     2.891      144,562    2.91   AA-    Aa3
                         2.891% Due 06-23-09
    8,000,000 25152xgr5  Deutsche Bank NY                      99.72     7,977,609    99.94             7,995,304        1,247          7,996,551      1.06     2.806      224,500    2.81   AA-e   Aa1
                         2.806% Due 07-30-09
    5,000,000 38141ekw8  Goldman Sachs Group Inc               98.63     4,931,579    98.52             4,925,900        3,176           4,929,076     0.65     2.541      127,031    2.58   AA-    Aa3
                         2.541% Due 12-23-09
    5,000,000 89233pw44  Toyota Motor Credit Corp          100.00        5,000,000     99.92            4,996,050       36,908           5,032,958     0.66     3.090      154,500    3.09   AAAe Aaae
                         3.090% Due 05-07-10
    5,000,000 0258m0cv9  American Express Credit Co        100.00        5,000,000     98.94            4,947,000        2,681           4,949,681     0.66     3.860      193,000    3.90   A+     AA3
                         3.860% Due 05-27-10
    5,000,000 02666qc35  American Honda Finance            100.00        5,000,000     99.99            4,999,500       24,281           5,023,781     0.66     3.122      156,094    3.12   A+     AA3
                         3.122% Due 06-07-10
    3,000,000 59018ywl1  Merrill Lynch & Co.               100.00        3,000,000     93.80            2,813,880        8,720           2,822,600     0.37     5.910      177,300    6.30   A+     A2
                         5.910% Due 12-14-10
    5,000,000 3136f8yt6  Fannie Mae                        100.00        5,000,000   100.15             5,007,550       16,676           5,024,226     0.67     2.859      142,937    2.85   AAAe AAA
                         2.859% Due 12-19-12
                                                                        93,334,482                     93,128,995      249,215         93,378,210     12.38              2,794,923    3.00
                                                                        93,334,482                     93,128,995      249,215         93,378,210     12.38              2,794,923    3.00

TOTAL PORTFOLIO                                                        751,116,211                    752,468,728    4,741,426        757,210,155    100.00             24,508,795    3.26




                                                                                         Page 15
                                                            City of Sacramento
                                                    PURCHASE AND SALE
                                                      City Investment Pool A
                                                      From 07-01-08 To 07-31-08
                     Sec
 Trade     Settle   Type     Security                                                                          Unit
 Date      Date     Code     Symbol      Cusip       Quantity                    Security        S & P Moody   Price        Amount

PURCHASES
07-08-08 07-08-08   cpus   89233ggf7    89233GGF7     48,600,000 Toyota Motor Credit Corp        A1    P1          100       48,579,682
                                                                 2.100% Due 07-15-08
07-09-08 07-09-08   cpus   90262cga9    90262CGA9      2,100,000 UBS Finance                     A1    P1          100        2,099,885
                                                                 1.970% Due 07-10-08
07-10-08 07-10-08   cpus   00137egb5    00137EGB5      3,100,000 AIG Funding Inc                 A1    P1          100        3,099,832
                                                                 1.950% Due 07-11-08
07-11-08 07-11-08   cpus   90262cge1    90262CGE1      1,500,000 UBS Finance                     A1    P1          100        1,499,757
                                                                 1.940% Due 07-14-08
07-14-08 07-14-08   cpus   00137egf6    00137EGF6      1,500,000 AIG Funding Inc                 A1    P1          100        1,499,915
                                                                 2.000% Due 07-15-08
07-15-08 07-15-08   cpus   02635rgg8    02635RGG8      5,400,000 American General Finance Corp   A1    P1          100        5,399,677
                                                                 2.150% Due 07-16-08
07-16-08 07-16-08   cpus   02635rgh6    02635RGH6      2,000,000 American General Finance Corp   A1    P1          100        1,999,886
                                                                 2.050% Due 07-17-08
07-16-08 07-16-08   cpus   02635rgn3    02635RGN3      3,000,000 American General Finance Corp   A1    P1          100        2,998,875
                                                                 2.250% Due 07-22-08
07-17-08 07-17-08   cpus   90262cgj0    90262CGJ0        500,000 UBS Finance                     A1    P1          100         499,972
                                                                 2.000% Due 07-18-08
07-18-08 07-18-08   gbus   912828hs2    912828HS2      3,200,000 U.S. Treasury Note              AAA   AAA             99     3,180,250
                                                                 2.000% Due 02-28-10
07-21-08 07-21-08   cpus   36960lgn9    36960LGN9      4,900,000 General Electric                A1    P1          100        4,899,741
                                                                 1.900% Due 07-22-08
07-22-08 07-22-08   cpus   90262cgp6    90262CGP6      2,100,000 UBS Finance                     A1    P1          100        2,099,885
                                                                 1.970% Due 07-23-08
07-23-08 07-23-08   cpus   90262cgq4    90262CGQ4      2,100,000 UBS Finance                     A1    P1          100        2,099,886
                                                                 1.960% Due 07-24-08
07-24-08 07-24-08   cpus   02635rgu7    02635RGU7      5,000,000 American General Finance Corp   A1    P1          100        4,998,917
                                                                 1.950% Due 07-28-08
07-24-08 07-24-08   cpus   02635rgr4    02635RGR4      1,500,000 American General Finance Corp   A1    P1          100        1,499,921
                                                                 1.900% Due 07-25-08
07-25-08 07-25-08   cpus   02635rgu7    02635RGU7        600,000 American General Finance Corp   A1    P1          100         599,900
                                                                 1.950% Due 07-28-08
07-28-08 07-31-08   cbus   59018yj36    59018YJ36      5,000,000 Merrill Lynch & Co              A     A2              95     4,751,100
                                                                 6.050% Due 08-15-12
07-28-08 07-28-08   cpus   36960lgx7    36960LGX7      2,600,000 General Electric                A1    P1          100        2,599,556
                                                                 2.050% Due 07-31-08
07-29-08 07-29-08   cpus   89233ggw0    89233GGW0      4,100,000 Toyota Motor Credit Corp        A1    P1          100        4,099,767
                                                                 2.050% Due 07-30-08
07-30-08 07-30-08   cpus   00137egx7    00137EGX7      4,300,000 AIG Funding Inc                                   100        4,299,755
                                                                 2.050% Due 07-31-08
                                                                                                                            102,806,161

SALES
07-01-08 07-01-08   cpus   02635rg11    02635RG11       350,000 American General Finance Corp    A1    P1          100         349,883
                                                                3.000% Due 07-01-08


                                                                  Page 16
                                                           City of Sacramento
                                                 PURCHASE AND SALE
                                                     City Investment Pool A
                                                     From 07-01-08 To 07-31-08
                     Sec
 Trade     Settle   Type     Security                                                                         Unit
 Date      Date     Code     Symbol      Cusip      Quantity                    Security        S & P Moody   Price        Amount

07-01-08 07-01-08   cpus   89233gg18    89233GG18     7,580,000 Toyota Motor Credit Corp        A1    P1          100       7,557,901
                                                                2.470% Due 07-01-08
07-02-08 07-02-08   cpus   89233gg26    89233GG26     3,000,000 Toyota Motor Credit Corp        A1    P1          100       2,999,667
                                                                2.000% Due 07-02-08
07-07-08 07-08-08   gbus   912828fm7    912828FM7    10,000,000 U.S. Treasury Note              AAA   AAA         100      10,018,750
                                                                5.000% Due 07-31-08
07-07-08 07-08-08   gbus   912828ec0    912828EC0     8,000,000 U.S. Treasury Note              AAA   AAA         100       8,018,750
                                                                4.125% Due 08-15-08
07-07-08 07-08-08   gbus   912828bq2    912828BQ2    10,000,000 U.S. Treasury Note              AAA   AAA         100      10,050,000
                                                                3.375% Due 11-15-08
07-07-08 07-08-08   gbus   912828bt6    912828BT6    10,000,000 U.S. Treasury Note              AAA   AAA         101      10,064,844
                                                                3.375% Due 12-15-08
07-07-08 07-08-08   gbus   912828hx1    912828HX1    10,000,000 U.S. Treasury Note              AAA   AAA         100       9,964,844
                                                                2.125% Due 04-30-10
07-09-08 07-09-08   cdus   0556m3kg4    0556M3KG4     2,900,000 BNP Paribas                     A1    P1          100       2,900,000
                                                                4.250% Due 07-09-08
07-10-08 07-10-08   cpus   90262cga9    90262CGA9     2,100,000 UBS Finance                     A1    P1          100       2,099,885
                                                                1.970% Due 07-10-08
07-11-08 07-11-08   cpus   00137egb5    00137EGB5     3,100,000 AIG Funding Inc                 A1    P1          100       3,099,832
                                                                1.950% Due 07-11-08
07-14-08 07-14-08   cpus   90262cge1    90262CGE1     1,500,000 UBS Finance                     A1    P1          100       1,499,757
                                                                1.940% Due 07-14-08
07-15-08 07-15-08   cpus   00137egf6    00137EGF6     1,500,000 AIG Funding Inc                 A1    P1          100       1,499,915
                                                                2.000% Due 07-15-08
07-15-08 07-15-08   cpus   36959hgf8    36959HGF8     8,000,000 General Electric Capital Corp   A1    P1              99    7,948,838
                                                                2.530% Due 07-15-08
07-15-08 07-15-08   cpus   89233ggf7    89233GGF7    53,600,000 Toyota Motor Credit Corp        A1    P1          100      53,573,849
                                                                2.100% Due 07-15-08
07-16-08 07-16-08   cpus   02635rgg8    02635RGG8     5,400,000 American General Finance Corp   A1    P1          100       5,399,677
                                                                2.150% Due 07-16-08
07-17-08 07-17-08   cpus   02635rgh6    02635RGH6     2,000,000 American General Finance Corp   A1    P1          100       1,999,886
                                                                2.050% Due 07-17-08
07-18-08 07-18-08   cpus   90262cgj0    90262CGJ0       500,000 UBS Finance                     A1    P1          100         499,972
                                                                2.000% Due 07-18-08
07-22-08 07-22-08   cpus   02635rgn3    02635RGN3     3,000,000 American General Finance Corp   A1    P1          100       2,998,875
                                                                2.250% Due 07-22-08
07-22-08 07-22-08   cpus   36960lgn9    36960LGN9     4,900,000 General Electric                A1    P1          100       4,899,741
                                                                1.900% Due 07-22-08
07-23-08 07-23-08   cpus   90262cgp6    90262CGP6     2,100,000 UBS Finance                     A1    P1          100       2,099,885
                                                                1.970% Due 07-23-08
07-24-08 07-24-08   cpus   90262cgq4    90262CGQ4     2,100,000 UBS Finance                     A1    P1          100       2,099,886
                                                                1.960% Due 07-24-08
07-25-08 07-25-08   cpus   02635rgr4    02635RGR4     1,500,000 American General Finance Corp   A1    P1          100       1,499,921
                                                                1.900% Due 07-25-08
07-28-08 07-28-08   cpus   02635rgu7    02635RGU7     5,600,000 American General Finance Corp   A1    P1          100       5,598,817
                                                                1.950% Due 07-28-08


                                                                 Page 17
                                                            City of Sacramento
                                                 PURCHASE AND SALE
                                                     City Investment Pool A
                                                     From 07-01-08 To 07-31-08
                     Sec
 Trade     Settle   Type     Security                                                                         Unit
 Date      Date     Code     Symbol      Cusip      Quantity                     Security       S & P Moody   Price        Amount

07-29-08 07-29-08   cpus   36959hgv3    36959HGV3     6,700,000 General Electric Capital Corp   A1    P1              99     6,650,169
                                                                2.550% Due 07-29-08
07-29-08 07-29-08   vrus   38141ekg3    38141EKG3     7,688,000 Goldman Sachs Group Inc         AA-   AA3         100        7,688,000
                                                                3.012% Due 07-29-08
07-30-08 07-30-08   cpus   89233ggw0    89233GGW0     4,100,000 Toyota Motor Credit Corp        A1    P1          100        4,099,767
                                                                2.050% Due 07-30-08
07-31-08 07-31-08   cpus   00137egx7    00137EGX7     4,300,000 AIG Funding Inc                                   100        4,299,755
                                                                2.050% Due 07-31-08
07-31-08 07-31-08   cpus   36960lgx7    36960LGX7     2,600,000 General Electric                A1    P1          100        2,599,556
                                                                2.050% Due 07-31-08
                                                                                                                           184,080,622




                                                                  Page 18
Sacramento Housing
        &
  Redevelopment
      Agency
     (SHRA)




        Page 19
                 Sacramento Housing & Redevelopment Agency (SHRA)
                                            Monthly Review – July 2008
STRATEGY
The Fund seeks to maximize the level of current income consistent with the preservation of principal while
meeting the liquidity needs of the SHRA. The Fund is invested pursuant to the prudent person standards and the
California Code Section 53601 (GC 53601).

PORTFOLIO STATISTICS                                                             PORTFOLIO BY ASSET CLASS
Portfolio’s Beginning Balance                 $ 281,710,924
Earned Interest Yield for the Month                   3.44%                                 CD                   UST
Weighted Average Maturity (Yrs)                          1.7
Estimated Duration (Yrs)                                 1.5
Historical Book Value                         $ 282,986,403
Month-End Market Value                        $ 285,078,872
                                                                                     LAIF
Percent of Market to Book Value                     100.74%
                                                                                             CD
                                                                                                             GSE
                                                                                                CP
External third party Investment Managers
State Treasurer’s Office (LAIF)        $              40,000,000

MATURITY SCHEDULE (POOL D)                                                                                                 Yield at
                                                                                                              Portfolio
                                                                           Investment Description                          Month
                                                                                                               at Cost
     Maturity         Market Value              %                                                                           End
                                                                           US Agency and Treasury Notes:
< 1 Year                 $170,568,625         59.83%
                                                                            US Treasury Notes (UST)              26.73%         2.52%
1 Year - 2 Years          $36,764,370         12.90%                        US Agency Notes (GSE)                28.46%         3.66%
2 Years - 3 Years         $25,950,314          9.10%                       Subtotal Agency/Notes                 55.19%         3.11%
3 Years - 4 Years          $4,310,331          1.51%                       Commercial Paper (CP)                  0.28%         2.08%
4 Years - 5 Years         $47,485,232         16.66%                       Certificates of Deposit (CD)           3.13%         3.85%
Total                    $285,078,872        100.00%                       LAIF                                  14.14%         2.79%
                                                                           Corporate Bonds (CB)                  27.26%         4.32%



  $200,000,000
                    $170,568,625




  $100,000,000


                                        $36,764,370                                                         $47,485,232
                                                                   $25,950,314

                                                                                            $4,310,331




           $0
                     < 1 Year           1 Year - 2 Years        2 Years - 3 Years       3 Years - 4 Years   4 Years - 5 Years




                                                              Page 20
MONTHLY HIGHLIGHTS


U.S fixed income markets generated mixed results in July. During the month, the yield curve steepened as rates
in the short and intermediate maturities declined, while rates for longer maturities rose due to escalating
inflationary concerns. During the month, SHRA had a positive cash flow of $2.5 million. Included in the cash
flow was receipt of over $10.2 million from the City’s sale of Sheraton Hotel which was offset by daily outflows
totaling $7.7 million. During the month we also added about $3 million of financial bonds that were yielding near
6% and would mature in four years. The investment strategy going forward will continue to emphasize safety
through investment in government issued securities and high quality corporate securities to enhance performance.
Given the current state of the GSE space, we are limiting any new purchases into the Federal Home Loan Bank
program as opposed to Fannie Mae and Freddie Mac.


      Earned Interest Yield                                                                    Earned Interest Yield
  Month      Pool D      LAIF
                                                  6.00%
  Aug-07     5.51%       5.25%                    5.50%
  Sep-07     5.57%       5.23%                    5.00%

  Oct-07     5.36%       5.14%                    4.50%

                                                  4.00%
  Nov-07     5.20%       4.96%
                                                  3.50%
  Dec-07     5.03%       4.80%                    3.00%

  Jan-08     4.83%       4.62%                    2.50%

  Feb-08     4.75%       4.16%




                                                                                                                                          8
                                                                             7




                                                                                                        08




                                                                                                                          8



                                                                                                                                 8




                                                                                                                                                   08
                                                          07




                                                                                     7



                                                                                             7




                                                                                                                 08
                                                                   07




                                                                                                                                                             8
                                                                                                                                        -0
                                                                                   -0



                                                                                           -0




                                                                                                                        -0



                                                                                                                                r-0




                                                                                                                                                          l-0
                                                                            -0
                                                        g-




                                                                                                                                                 n-
                                                                 p-




                                                                                                      n-



                                                                                                               b-




                                                                                                                                      ay
                                                                         ct



                                                                                  ov



                                                                                          ec




                                                                                                                      ar




                                                                                                                                                        Ju
                                                                                                                              Ap
                                                      Au



                                                               Se




                                                                                                   Ja




                                                                                                                                              Ju
                                                                                                             Fe
                                                                        O




                                                                                                                      M




                                                                                                                                      M
                                                                                 N



                                                                                         D


  Mar-08     4.35%       3.78%
                                                                                                       Pool D         LAIF
  Apr-08     3.97%       3.40%
  May-08     3.73%       3.07%
  Jun-08     3.10%       2.89%
  Jul-08     3.44%       2.79%
SHRA LOCAL MONEY


 Pool       Begin Balance             Additions/               Interest Earned                         End Balance                    Rate of Return
                                     Withdrawals
  D     $       281,710,924      $        2,745,185            $                 622,762          $           285,078,872                     3.44%
  J     $         5,272,783      $           (57,402)          $                  15,491          $             5,230,872                     3.47%
  K     $         3,001,700      $               -             $                  14,199          $             3,015,899                     3.92%
  L     $        17,786,118      $         (279,844)           $                  52,165          $            17,558,440                     3.47%
  M     $         2,246,909      $           (25,697)          $                   6,542          $             2,227,753                     3.44%
  N     $         6,595,444      $           (75,430)          $                  19,203          $             6,539,217                     3.44%
  Q     $        27,078,235      $         (385,759)           $                  78,762          $            26,771,238                     3.44%
  R     $        55,319,510      $         (689,758)           $                 161,010          $            54,790,762                     3.44%
  S     $         5,086,139      $           (58,176)          $                  14,809          $             5,042,771                     3.44%
  T     $         2,432,841      $           (27,824)          $                   7,083          $             2,412,100                     3.44%
  U     $         8,345,003      $         (114,672)           $                  24,277          $             8,254,608                     3.44%
  V     $         7,876,885      $           (90,115)          $                  22,934          $             7,809,705                     3.44%

*Balances represent market values at month end.




                                                                   Page 21
                                                                                                   City of Sacramento
                                                                                          PORTFOLIO APPRAISAL
                                                                                                      Pool D
                                                                                                  SHRA Local Money
                                                                                                       July 31, 2008

                      Security                                            Unit           Total                         Market         Accrued        Market Value       Pct.     Unit     Annual       Cur.
     Quantity         Symbol                  Security                    Cost           Cost          Price           Value          Interest       + Accrd. Int.     Assets   Income    Income       Yield   S & P Moody

  CASH AND EQUIVALENTS
              laifd              Local Agency Investment Fund,                           40,000,000                      40,000,000                      40,000,000     14.14     2.787    1,114,800    2.79
                                 Pool D
                    miscintrec   Misc Interest Receivable                                   114,246                         114,246                         114,246      0.04     4.000        4,570    4.00
                    nattsy       Nations Treasury Fund                                        3,377                           3,377                           3,377      0.00     1.510           51    1.51
                                                                                         40,117,623                      40,117,623                      40,117,623     14.18              1,119,421    2.79

  CERTIFICATES OF DEPOSIT
      5,000,000 74977gkx5 Rabobank Nederland NV NY                           100.03        5,001,270   100.01             5,000,281       26,928           5,027,209     1.77     2.620      131,000    2.62   A1    AAA
                          2.620% Due 08-19-08
      3,800,000 90333uux8 US Bank CD                                         100.00        3,800,000   101.59             3,860,420      237,956          4,098,376      1.36     5.580      212,040    5.49   A1    P1
                          5.580% Due 06-18-09
                                                                                           8,801,270                      8,860,701      264,884          9,125,585      3.13                343,040    3.87

  COMMERCIAL PAPER
   Not Classified
        660,000 89233gh74        Toyota Motor Credit Corp                        99.96      659,733     99.95              659,680               0          659,680      0.23     2.080       13,728    2.08   A1    P1
                                 2.080% Due 08-07-08
                                                                                            659,733                        659,680               0          659,680      0.23                 13,728    2.08

  GOVT AGENCY DISCOUNT PAPER
   Not Classified
      3,000,000 313588f67 Fannie Mae                                             98.59     2,957,840     99.73            2,991,900              0         2,991,900     1.06     2.480       74,400    2.49   AAA   AAA
                          2.480% Due 09-12-08
                                                                                           2,957,840                      2,991,900              0        2,991,900      1.06                 74,400    2.49

  U.S. GOVERNMENT BONDS
    Not Classified
        9,000,000 912828ec0      U.S. Treasury Note                              99.31     8,938,125   100.10             9,009,180      171,346           9,180,526     3.18     4.125      371,250    4.12   AAA   AAA
                                 4.125% Due 08-15-08
        9,000,000   912828el0    U.S. Treasury Note                              99.92     8,992,969   100.74             9,066,780       83,458           9,150,238     3.21     4.375      393,750    4.34   AAA   AAA
                                 4.375% Due 11-15-08
        2,000,000   912828bt6    U.S. Treasury Note                              97.08     1,941,562   100.60             2,012,040        8,668           2,020,708     0.71     3.375       67,500    3.35   AAA   AAA
                                 3.375% Due 12-15-08
        9,000,000   912828cc2    U.S. Treasury Note                          100.87        9,078,750   100.36             9,032,343       89,236           9,121,579     3.19     2.625      236,250    2.62   AAA   AAA
                                 2.625% Due 03-15-09
        4,000,000   912828ce8    U.S. Treasury Note                          101.16        4,046,250   100.66             4,026,560       36,885           4,063,445     1.42     3.125      125,000    3.10   AAA   AAA
                                 3.125% Due 04-15-09
        5,000,000   912828ch1    U.S. Treasury Note                          102.28        5,114,062   101.34             5,066,800       41,067           5,107,867     1.79     3.875      193,750    3.82   AAA   AAA
                                 3.875% Due 05-15-09
         985,000    912828hs2    U.S. Treasury Note                          100.51         990,048     99.44              979,533         8,244            987,777      0.35     2.000       19,700    2.01   AAA   AAA
                                 2.000% Due 02-28-10
        3,700,000   912828hu7    U.S. Treasury Note                              98.89     3,658,809    98.98             3,662,422       21,760          3,684,182      1.29     1.750       64,750    1.77   AAA   AAA
                                 1.750% Due 03-31-10
        9,500,000   912828hx1    U.S. Treasury Note                              99.33     9,436,016    99.58             9,459,921       51,017          9,510,939      3.34     2.125      201,875    2.13   AAA   AAA
                                 2.125% Due 04-30-10
                                                                                         52,196,591                      52,315,580      511,681         52,827,261     18.49              1,673,825    3.20
                                                                                         52,196,591                      52,315,580      511,681         52,827,261     18.49              1,673,825    3.20



Total portfolio includes investments from Pools M, N, Q, R, S, T, U & V



                                                                                                           Page 22
                                                                                                   City of Sacramento
                                                                                          PORTFOLIO APPRAISAL
                                                                                                      Pool D
                                                                                                  SHRA Local Money
                                                                                                       July 31, 2008

                     Security                                             Unit           Total                         Market         Accrued      Market Value       Pct.     Unit     Annual       Cur.
     Quantity        Symbol                   Security                    Cost           Cost          Price           Value          Interest     + Accrd. Int.     Assets   Income    Income       Yield   S & P Moody

  FEDERAL HOME LOAN BANK
    Not Classified
       2,000,000 3133x1xc6 Federal Home Loan Bank                                97.82     1,956,434   100.25             2,005,000       15,507         2,020,507     0.71     3.625       72,500    3.62   AAA   AAA
                           3.625% Due 11-14-08
       5,000,000 3133xkp82 Federal Home Loan Bank                                99.46     4,972,850   100.66             5,032,812       48,750         5,081,562     1.78     4.875      243,750    4.84   AAA   Aaa
                           4.875% Due 11-19-08
      14,750,000 3133xqjd5 Federal Home Loan Bank                                99.81   14,721,792      99.66           14,699,297      108,167       14,807,464      5.20     2.200      324,500    2.21   AAA   AAA
                           2.200% Due 04-01-09
       3,000,000 3133xqps5 Federal Home Loan Bank                                99.85     2,995,530     99.62            2,988,750       20,317         3,009,067     1.06     2.300       69,000    2.31   AAA   AAA
                           2.300% Due 04-15-09
       2,500,000 3133xgeq3 Federal Home Loan Bank                            100.36        2,508,975   102.28             2,557,031       64,167         2,621,198     0.90     5.250      131,250    5.13   AAA   AAA
                           5.250% Due 08-05-09
       5,000,000 3133xqu26 Federal Home Loan Bank                                99.91     4,995,300     99.25            4,962,500       16,424         4,978,924     1.75     2.750      137,500    2.77   AAA   AAA
                           2.750% Due 06-18-10
       5,000,000 3133xp5b6 Federal Home Loan Bank                            100.00        5,000,000   100.00             5,000,000       93,417         5,093,417     1.77     3.800      190,000    3.80   AAA   AAA
                           3.800% Due 02-04-11
       3,000,000 3133xprv8 Federal Home Loan Bank                                99.65     2,989,500     99.25            2,977,500       42,380         3,019,880     1.05     3.260       97,800    3.28   AAA   AAA
                           3.260% Due 02-25-11
       5,000,000 3133xnxy0 Federal Home Loan Bank                            100.00        5,000,000   100.03             5,001,562        3,917         5,005,479     1.77     4.700      235,000    4.70   AAA   AAA
                           4.700% Due 01-25-13
       5,000,000 3133xpdc5 Federal Home Loan Bank                            100.00        5,000,000     98.47            4,923,437      112,500         5,035,937     1.74     4.500      225,000    4.57   AAA   AAA
                           4.500% Due 02-01-13
       2,000,000 3133xpsn5 Federal Home Loan Bank                                99.95     1,999,000     99.56            1,991,250       38,250         2,029,500     0.70     4.250       85,000    4.27   AAA   AAA
                           4.250% Due 02-19-13
       5,000,000 3133xqye6 Federal Home Loan Bank                            100.00        5,000,000     99.75            4,987,500       54,944         5,042,444     1.76     4.300      215,000    4.31   AAA   AAA
                           4.300% Due 04-29-13
                                                                                         57,139,381                      57,126,641      618,738       57,745,379     20.20              2,026,300    3.55
                                                                                         57,139,381                      57,126,641      618,738       57,745,379     20.20              2,026,300    3.55

  FEDERAL NATIONAL MORTGAGE ASSN. (FNMA)
    Not Classified
       4,900,000 31359mtr4 Fannie Mae                                        100.72        4,935,231   100.31             4,915,312       21,131         4,936,444     1.74     3.375      165,375    3.36   AAA   AAA
                           3.375% Due 12-15-08
       5,000,000 31398aks0 Fannie Mae                                        101.05        5,052,500   100.62             5,031,250       15,000         5,046,250     1.78     4.500      225,000    4.47   AAA   AAA
                           4.500% Due 01-07-11
                                                                                           9,987,731                      9,946,562       36,131        9,982,694      3.52                390,375    3.92
                                                                                           9,987,731                      9,946,562       36,131        9,982,694      3.52                390,375    3.92

  FEDERAL HOME LOAN MORTGAGE CORP. (FHLMC)
    Not Classified
       3,000,000 3128x6h90 Freddie Mac                                       100.00        3,000,000     99.74            2,992,080       59,854         3,051,934     1.06     4.250      127,500    4.26   AAA   AAA
                           4.250% Due 02-12-13
       2,500,000 3128x7ju9 Freddie Mac                                           99.40     2,484,925     99.02            2,475,575       29,167         2,504,742     0.88     4.000      100,000    4.04   AAA   AAA
                           4.000% Due 04-16-13
                                                                                           5,484,925                      5,467,655       89,021        5,556,676      1.93                227,500    4.16
                                                                                           5,484,925                      5,467,655       89,021        5,556,676      1.93                227,500    4.16




Total portfolio includes investments from Pools M, N, Q, R, S, T, U & V



                                                                                                           Page 23
                                                                                                   City of Sacramento
                                                                                          PORTFOLIO APPRAISAL
                                                                                                      Pool D
                                                                                                  SHRA Local Money
                                                                                                       July 31, 2008

                      Security                                            Unit           Total                         Market         Accrued        Market Value       Pct.     Unit     Annual       Cur.
     Quantity         Symbol                   Security                   Cost           Cost          Price           Value          Interest       + Accrd. Int.     Assets   Income    Income       Yield   S & P Moody

  FEDERAL FARM CREDIT BANK - FRMMT
    Not Classified
       5,000,000 31331yf88 Federal Farm Credit Bank                              99.04     4,952,150     98.81            4,940,625       56,719           4,997,344     1.75     4.125      206,250    4.17   AAA   AAA
                           4.125% Due 04-22-13
                                                                                           4,952,150                      4,940,625       56,719          4,997,344      1.75                206,250    4.17

  CORPORATE BONDS
   FINANCIAL
      3,000,000 635405al7        National City Corp                          100.99        3,029,730     92.33            2,769,930       86,250           2,856,180     0.98     5.750      172,500    6.23   A-    BAA1
                                 5.750% Due 02-01-09
        3,000,000   36962gd27    General Electric Capital Corp               100.16        3,004,920     99.70            2,991,094       12,458           3,003,552     1.06     3.250       97,500    3.26   AAA   AAA
                                 3.250% Due 06-15-09
        4,000,000   89233pv60    Toyota Motor Credit Corp                        99.50     3,980,000     99.14            3,965,480       29,450           3,994,930     1.40     2.850      114,000    2.87   AAAe Aaa
                                 2.850% Due 04-28-10
        2,350,000   64952wae3    New York Life Global                        101.72        2,390,420   101.01             2,373,758       49,815           2,423,574     0.84     4.625      108,687    4.58   AAA   Aaa
                                 4.625% Due 08-16-10
        2,000,000   38141gaz7    Goldman Sachs Group Inc                     104.38        2,087,680   103.83             2,076,540        6,111           2,082,651     0.73     6.875      137,500    6.62   AA-   AA3
                                 6.875% Due 01-15-11
        3,000,000   89233pw36    Toyota Motor Credit Corp                    100.00        3,000,000     99.55            2,986,440       29,440           3,015,880     1.06     3.840      115,200    3.86   AAA   AAA
                                 3.840% Due 04-29-11
        5,000,000   822582aa0    Shell International Fin Bv                  103.88        5,193,867   104.84             5,242,100       26,562           5,268,662     1.85     5.625      281,250    5.37   AA    AA1
                                 5.625% Due 06-27-11
        3,000,000   36962gz56    General Electric Capital Corp               100.00        3,000,000   100.33             3,009,844       34,833           3,044,677     1.06     5.500      165,000    5.48   AAA   AAA
                                 5.500% Due 11-15-11
        1,250,000   40429cfz0    HSBC Finance Corp                           101.65        1,270,662   100.56             1,257,050        8,604           1,265,654     0.44     5.900       73,750    5.87   AA-   AA3
                                 5.900% Due 06-19-12
        2,000,000   59018yj36    Merrill Lynch & Co                              95.02     1,900,440     95.30            1,905,920       55,794           1,961,714     0.67     6.050      121,000    6.35   A     A2
                                 6.050% Due 08-15-12
        2,000,000   665859ah7    Northern Trust Company                          99.81     1,996,180     99.77            1,995,360       23,689           2,019,049     0.71     5.200      104,000    5.21   AA-   A1
                                 5.200% Due 11-09-12
        3,000,000   911312ag1    United Parcel Service Inc                       99.57     2,987,250   100.48             3,014,310        6,000           3,020,310     1.07     4.500      135,000    4.48   AA-   AA2
                                 4.500% Due 01-15-13
        2,762,000   369604ay9    General Electric Co                         100.05        2,763,381   100.55             2,777,246       69,050           2,846,296     0.98     5.000      138,100    4.97   AAA   Aaa
                                 5.000% Due 02-01-13
        3,000,000   02666qb69    American Honda Finance                          97.20     2,916,062     96.33            2,889,960       45,865           2,935,825     1.02     4.625      138,750    4.80   A+    AA3
                                 4.625% Due 04-02-13
        2,000,000   64953bap3    New York Life Global                            98.20     1,964,060     99.11            1,982,240       21,183           2,003,423     0.70     4.650       93,000    4.69   AAA   AAA
                                 4.650% Due 05-09-13
        5,000,000   084664bb6    Berkshire Hathaway Corp                     100.75        5,037,350     99.63            4,981,400       49,833           5,031,233     1.76     4.600      230,000    4.62   AAA   Aaa
                                 4.600% Due 05-15-13
                                                                                         46,522,002                      46,218,672      554,939         46,773,611     16.34              2,225,237    4.81
                                                                                         46,522,002                      46,218,672      554,939         46,773,611     16.34              2,225,237    4.81

  TREASURY BILLS
   Not Classified
      1,800,000 912795f89        U. S. Treasury Bill                             99.59     1,792,692     99.98            1,799,611              0         1,799,611     0.64     2.035       36,630    2.04   AAA   AAA
                                 2.035% Due 08-07-08
        9,600,000   912795g62    U. S. Treasury Bill                             99.34     9,536,869     99.78            9,579,072              0         9,579,072     3.39     1.330      127,680    1.33   AAA   AAA
                                 1.330% Due 09-18-08


Total portfolio includes investments from Pools M, N, Q, R, S, T, U & V



                                                                                                           Page 24
                                                                                                   City of Sacramento
                                                                                          PORTFOLIO APPRAISAL
                                                                                                      Pool D
                                                                                                  SHRA Local Money
                                                                                                       July 31, 2008

                     Security                                             Unit           Total                         Market         Accrued        Market Value       Pct.     Unit     Annual       Cur.
     Quantity        Symbol                   Security                    Cost           Cost          Price           Value          Interest       + Accrd. Int.     Assets   Income    Income       Yield   S & P Moody

      12,000,000   912795h61     U. S. Treasury Bill                             99.14    11,896,260    99.52            11,942,040              0       11,942,040      4.22     1.710      205,200    1.72   AAA   AAA
                                 1.710% Due 11-13-08
                                                                                          23,225,821                     23,320,723              0       23,320,723      8.24                369,510    1.58
                                                                                          23,225,821                     23,320,723              0       23,320,723      8.24                369,510    1.58

  VARIABLE RATE SECURITIES
   Not Classified
      3,000,000 61745etc5  Morgan Stanley                                    100.00        3,000,000     99.97            2,999,040        6,718           3,005,758     1.06     2.780       83,400    2.78   A+    AA3
                           2.780% Due 09-02-08
      5,000,000 89233ptq9  Toyota Motor Credit Corp                          100.00        5,000,000     99.58            4,979,050        3,538           4,982,588     1.76     5.180      259,000    5.20   AAA   AAA
                           5.180% Due 10-27-08
      5,000,000 25153daj2  Deutsche Bank NY                                  100.00        5,000,000     99.75            4,987,630       16,087           5,003,717     1.76     3.011      150,562    3.02   AA    AA1
                           3.011% Due 01-21-09
      5,000,000 026874ba4  American International Group                          99.15     4,957,562   100.03             5,001,350        5,578           5,006,928     1.77     2.510      125,500    2.51   AA    Aa2
                           2.510% Due 06-16-09
      2,000,000 38141ekq1  Goldman Sachs Group Inc                               99.26     1,985,299    99.44             1,988,720        6,264          1,994,984      0.70     2.891       57,825    2.91   AA-   Aa3
                           2.891% Due 06-23-09
      3,000,000 25152xgu8  Deutsche Bank NY                                      99.95     2,998,474   100.00             3,000,000       16,965           3,016,965     1.06     2.827       84,825    2.83   AA    AA1
                           2.827% Due 08-21-09
      3,000,000 89233pw44  Toyota Motor Credit Corp                          100.00        3,000,000     99.92            2,997,630       22,145           3,019,775     1.06     3.090       92,700    3.09   AAAe Aaae
                           3.090% Due 05-07-10
      5,000,000 0258m0cv9  American Express Credit Co                        100.00        5,000,000     98.94            4,947,000        2,681           4,949,681     1.75     3.860      193,000    3.90   A+    AA3
                           3.860% Due 05-27-10
                                                                                          30,941,335                     30,900,420       79,977         30,980,397     10.92              1,046,812    3.39
                                                                                          30,941,335                     30,900,420       79,977         30,980,397     10.92              1,046,812    3.39

  TOTAL PORTFOLIO                                                                        282,986,403                    282,866,782    2,212,090        285,078,872    100.00              9,716,399    3.43




Total portfolio includes investments from Pools M, N, Q, R, S, T, U & V



                                                                                                           Page 25
                                                                                               City of Sacramento
                                                                                       PURCHASE AND SALE
                                                                                              Pool D
                                                                                          SHRA Local Money
                                                                                         From 07-01-08 To 07-31-08
                                                      Sec
                                Trade      Settle    Type       Security                                                                          Unit
                                Date       Date      Code       Symbol      Cusip       Quantity                    Security        S & P Moody   Price        Amount

                              PURCHASES
                              07-02-08 07-02-08      cpus    02635rg78     02635RG78        900,000 American General Finance Corp   A1    P1          100        899,694
                                                                                                    2.450% Due 07-07-08
                              07-07-08 07-10-08      cbus    02666qb69     02666QB69      3,000,000 American Honda Finance          A+    AA3             97    2,916,062
                                                                                                    4.625% Due 04-02-13
                              07-07-08 07-07-08      cpus    89233gga8     89233GGA8      5,000,000 Toyota Motor Credit Corp        A1    P1          100       4,999,146
                                                                                                    2.050% Due 07-10-08
                              07-10-08 07-10-08      cpus    00137egf6     00137EGF6      1,000,000 AIG Funding Inc                 A1    P1          100        999,722
                                                                                                    2.000% Due 07-15-08
                              07-21-08 07-21-08      cpus    36960lgn9     36960LGN9        350,000 General Electric                A1    P1          100        349,982
                                                                                                    1.900% Due 07-22-08
                              07-23-08 07-23-08      cpus    90262cgq4     90262CGQ4      2,400,000 UBS Finance                     A1    P1          100       2,399,869
                                                                                                    1.960% Due 07-24-08
                              07-25-08 07-25-08      cpus    02635rgu7     02635RGU7        100,000 American General Finance Corp   A1    P1          100          99,983
                                                                                                    1.950% Due 07-28-08
                              07-28-08 07-31-08      cbus    59018yj36     59018YJ36      2,000,000 Merrill Lynch & Co              A     A2              95    1,900,440
                                                                                                    6.050% Due 08-15-12
                              07-28-08 07-28-08      cpus    36960lgv1     36960LGV1        116,000 General Electric                A1    P1          100        115,994
                                                                                                    1.950% Due 07-29-08
                              07-29-08 07-29-08      cpus    89233ggx8     89233GGX8        160,000 Toyota Motor Credit Corp        A1    P1          100        159,982
                                                                                                    2.050% Due 07-31-08
                              07-31-08 07-31-08      cbus    40429cfz0     40429CFZ0      1,250,000 HSBC Finance Corp               AA-   AA3         102       1,270,662
                                                                                                    5.900% Due 06-19-12
                              07-31-08 07-31-08      cpus    89233gh74     89233GH74        660,000 Toyota Motor Credit Corp        A1    P1          100        659,733
                                                                                                    2.080% Due 08-07-08
                                                                                                                                                               16,771,269

                              SALES
                              07-01-08 07-01-08      cpus    02635rg11     02635RG11      1,100,000 American General Finance Corp   A1    P1          100       1,099,633
                                                                                                    3.000% Due 07-01-08
                              07-07-08 07-07-08      cpus    02635rg78     02635RG78        900,000 American General Finance Corp   A1    P1          100        899,694
                                                                                                    2.450% Due 07-07-08
                              07-07-08 07-07-08      cpus    90262cg76     90262CG76      4,000,000 UBS Finance                     A1    P1              98    3,913,667
                                                                                                    4.200% Due 07-07-08
                              07-10-08 07-10-08      cpus    89233gga8     89233GGA8      5,000,000 Toyota Motor Credit Corp        A1    P1          100       4,999,146
                                                                                                    2.050% Due 07-10-08
                              07-15-08 07-15-08      cpus    00137egf6     00137EGF6      1,000,000 AIG Funding Inc                 A1    P1          100        999,722
                                                                                                    2.000% Due 07-15-08
                              07-22-08 07-22-08      cpus    36960lgn9     36960LGN9        350,000 General Electric                A1    P1          100         349,982
                                                                                                    1.900% Due 07-22-08
                              07-23-08 07-23-08      cdus    90333utm4     90333UTM4      3,100,000 US Bank CD                      A1    P1          100       3,100,000
                                                                                                    5.300% Due 07-23-08
Total portfolio includes investments from Pools M, N, Q, R, S, T, U & V



                                                                                                     Page 26
                                                                                              City of Sacramento
                                                                                    PURCHASE AND SALE
                                                                                             Pool D
                                                                                         SHRA Local Money
                                                                                        From 07-01-08 To 07-31-08
                                                      Sec
                                Trade      Settle    Type       Security                                                                         Unit
                                Date       Date      Code       Symbol      Cusip      Quantity                    Security        S & P Moody   Price     Amount

                              07-24-08 07-24-08      cpus    90262cgq4     90262CGQ4     2,400,000 UBS Finance                     A1    P1          100    2,399,869
                                                                                                   1.960% Due 07-24-08
                              07-28-08 07-28-08      cpus    02635rgu7     02635RGU7       100,000 American General Finance Corp   A1    P1          100       99,983
                                                                                                   1.950% Due 07-28-08
                              07-29-08 07-29-08      cpus    36960lgv1     36960LGV1       116,000 General Electric                A1    P1          100      115,994
                                                                                                   1.950% Due 07-29-08
                              07-30-08 07-30-08      frus    31331xn73     31331XN73     4,100,000 Federal Farm Credit Bank        AAA   AAA         100    4,100,000
                                                                                                   5.500% Due 07-30-10
                              07-31-08 07-31-08      cpus    89233ggx8     89233GGX8       160,000 Toyota Motor Credit Corp        A1    P1          100     159,982
                                                                                                   2.050% Due 07-31-08
                              07-31-08 07-31-08      gbus    912828fm7     912828FM7     5,000,000 U.S. Treasury Note              AAA   AAA         100    5,000,000
                                                                                                   5.000% Due 07-31-08
                                                                                                                                                           27,237,671




Total portfolio includes investments from Pools M, N, Q, R, S, T, U & V



                                                                                                    Page 27
                                                                  City of Sacramento
                                                             PORTFOLIO APPRAISAL
                                                                    Pool J
                                                                 SHRA 1999 TAB
                                                                    July 31, 2008
              Security                                Unit        Total                     Market        Accrued        Market Value      Pct.    Cur.
  Quantity    Symbol                  Security        Cost        Cost              Price   Value         Interest       + Accrd. Int.    Assets   Yield   S & P Moody

CASH AND EQUIVALENTS
            PoolA        Pool A Cash                                5,093,050                 5,093,050                       5,093,050    97.37    3.47
            intreceiv    Pool A Interest Receivable                   137,822                   137,822                         137,822     2.63    3.47
                                                                    5,230,872                 5,230,872                       5,230,872   100.00    3.47

TOTAL PORTFOLIO                                                     5,230,872                 5,230,872              0        5,230,872   100.00    3.47




                                                                          Page 28
                                                                   City of Sacramento
                                                             PORTFOLIO APPRAISAL
                                                                      Pool K
                                                                  SHRA 1998 Bonds
                                                                     July 31, 2008
                Security                              Unit          Total                      Market         Accrued      Market Value      Pct.    Cur.
  Quantity      Symbol                  Security      Cost          Cost              Price    Value          Interest     + Accrd. Int.    Assets   Yield   S & P Moody

CASH AND EQUIVALENTS
            miscintrec     Misc Interest Receivable                            1                          1                             1     0.00    4.00
            nattsy         Nations Treasury Fund                             877                        877                           877     0.03    1.51
                                                                             878                        878                           878     0.03    1.51

FEDERAL NATIONAL MORTGAGE ASSN. (FNMA)
  Not Classified
     3,000,000 3136f9pm9 Fannie Mae                      100.00      3,000,000         99.66     2,989,687        25,333        3,015,021    99.97    4.01   AAA   AAA
                         4.000% Due 11-15-12
                                                                     3,000,000                   2,989,687        25,333        3,015,021    99.97    4.01

TOTAL PORTFOLIO                                                      3,000,878                    2,990,566       25,333        3,015,899   100.00    4.01




                                                                            Page 29
                                                                   City of Sacramento
                                                             PORTFOLIO APPRAISAL
                                                                      Pool L
                                                              SHRA 2002 Revenue Bonds
                                                                     July 31, 2008
              Security                                Unit          Total                     Market         Accrued        Market Value      Pct.    Cur.
  Quantity    Symbol                  Security        Cost          Cost              Price   Value          Interest       + Accrd. Int.    Assets   Yield   S & P Moody

CASH AND EQUIVALENTS
            PoolA        Pool A Cash                                16,971,035                  16,971,035                      16,971,035    96.65    3.47
            intreceiv    Pool A Interest Receivable                    587,405                     587,405                         587,405     3.35    3.47
                                                                    17,558,440                  17,558,440                      17,558,440   100.00    3.47

TOTAL PORTFOLIO                                                     17,558,440                  17,558,440              0       17,558,440   100.00    3.47




                                                                            Page 30
                                                                              City of Sacramento
                                                                        PORTFOLIO APPRAISAL
                                                                                Pool M
                                                                         SHRA 2003 TAB, Series A
                                                                                July 31, 2008
                         Security                                Unit         Total                     Market        Accrued        Market Value      Pct.    Cur.
      Quantity           Symbol                       Security   Cost         Cost              Price   Value         Interest       + Accrd. Int.    Assets   Yield   S & P Moody

   CASH AND EQUIVALENTS
               PoolD                    Pool D Cash                             2,227,753                 2,227,753                       2,227,753   100.00    3.44

   TOTAL PORTFOLIO                                                              2,227,753                 2,227,753              0        2,227,753   100.00    3.44




Funds in this portfolio are invested in Pool D.


                                                                                      Page 31
                                                                              City of Sacramento
                                                                        PORTFOLIO APPRAISAL
                                                                                Pool N
                                                                         SHRA 2003 TAB, Series C
                                                                                July 31, 2008
                         Security                                Unit         Total                     Market        Accrued        Market Value      Pct.    Cur.
      Quantity           Symbol                       Security   Cost         Cost              Price   Value         Interest       + Accrd. Int.    Assets   Yield   S & P Moody

   CASH AND EQUIVALENTS
               PoolD                    Pool D Cash                             6,539,217                 6,539,217                       6,539,217   100.00    3.44

   TOTAL PORTFOLIO                                                              6,539,217                 6,539,217              0        6,539,217   100.00    3.44




Funds in this portfolio are invested in Pool D.


                                                                                      Page 32
                                                                             City of Sacramento
                                                                        PORTFOLIO APPRAISAL
                                                                              Pool Q
                                                                  SHRA 2005 Taxable Bond Proceeds
                                                                               July 31, 2008
                         Security                                Unit        Total                     Market         Accrued        Market Value      Pct.    Cur.
      Quantity           Symbol                       Security   Cost        Cost              Price   Value          Interest       + Accrd. Int.    Assets   Yield   S & P Moody

   CASH AND EQUIVALENTS
               PoolD                    Pool D Cash                           26,771,238                 26,771,238                      26,771,238   100.00    3.44

   TOTAL PORTFOLIO                                                            26,771,238                 26,771,238              0       26,771,238   100.00    3.44




Funds in this portfolio are invested in Pool D


                                                                                     Page 33
                                                                             City of Sacramento
                                                                        PORTFOLIO APPRAISAL
                                                                               Pool R
                                                                 SHRA 2005 Tax-Exempt Bond Proceeds
                                                                               July 31, 2008
                         Security                                Unit        Total                     Market         Accrued        Market Value      Pct.    Cur.
      Quantity           Symbol                       Security   Cost        Cost              Price   Value          Interest       + Accrd. Int.    Assets   Yield   S & P Moody

   CASH AND EQUIVALENTS
               PoolD                    Pool D Cash                           54,790,762                 54,790,762                      54,790,762   100.00    3.44

   TOTAL PORTFOLIO                                                            54,790,762                 54,790,762              0       54,790,762   100.00    3.44




Funds in this portfolio are invested in Pool D


                                                                                     Page 34
                                                                              City of Sacramento
                                                                         PORTFOLIO APPRAISAL
                                                                               Pool S
                                                                 SHRA 2006 TABs, Series A (Tax-Exempt)
                                                                                July 31, 2008
                         Security                                 Unit        Total                     Market        Accrued        Market Value      Pct.    Cur.
      Quantity           Symbol                       Security    Cost        Cost              Price   Value         Interest       + Accrd. Int.    Assets   Yield   S & P Moody

   CASH AND EQUIVALENTS
               PoolD                    Pool D Cash                             5,042,771                 5,042,771                       5,042,771   100.00    3.44

   TOTAL PORTFOLIO                                                              5,042,771                 5,042,771              0        5,042,771   100.00    3.44




Funds in this portfolio are invested in Pool D


                                                                                      Page 35
                                                                             City of Sacramento
                                                                        PORTFOLIO APPRAISAL
                                                                             Pool T
                                                                 SHRA 2006 TABs, Series B (Taxable)
                                                                               July 31, 2008
                         Security                                Unit        Total                     Market        Accrued        Market Value      Pct.    Cur.
      Quantity           Symbol                       Security   Cost        Cost              Price   Value         Interest       + Accrd. Int.    Assets   Yield   S & P Moody

   CASH AND EQUIVALENTS
               PoolD                    Pool D Cash                            2,412,100                 2,412,100                       2,412,100   100.00    3.44

   TOTAL PORTFOLIO                                                             2,412,100                 2,412,100              0        2,412,100   100.00    3.44




Funds in this portfolio are invested in Pool D


                                                                                     Page 36
                                                                             City of Sacramento
                                                                        PORTFOLIO APPRAISAL
                                                                             Pool U
                                                                 SHRA 2006 Revenue Bonds - Taxable
                                                                               July 31, 2008
                         Security                                Unit        Total                     Market        Accrued        Market Value      Pct.    Cur.
      Quantity           Symbol                       Security   Cost        Cost              Price   Value         Interest       + Accrd. Int.    Assets   Yield   S & P Moody

   CASH AND EQUIVALENTS
               PoolD                    Pool D Cash                            8,254,608                 8,254,608                       8,254,608   100.00    3.44

   TOTAL PORTFOLIO                                                             8,254,608                 8,254,608              0        8,254,608   100.00    3.44




Funds in this portfolio are invested in Pool D


                                                                                     Page 37
                                                                              City of Sacramento
                                                                         PORTFOLIO APPRAISAL
                                                                               Pool V
                                                                 SHRA 2006 Revenue Bonds - Tax Exempt
                                                                                July 31, 2008
                         Security                                 Unit        Total                     Market        Accrued        Market Value      Pct.    Cur.
      Quantity           Symbol                       Security    Cost        Cost              Price   Value         Interest       + Accrd. Int.    Assets   Yield   S & P Moody

   CASH AND EQUIVALENTS
               PoolD                    Pool D Cash                             7,809,705                 7,809,705                       7,809,705   100.00    3.44

   TOTAL PORTFOLIO                                                              7,809,705                 7,809,705              0        7,809,705   100.00    3.44




Funds in this porfolio are invested in Pool D


                                                                                      Page 38
Capitol Area
Development
 Authority




     Page 39
                                   Capitol Area Development Authority
                                         Monthly Review – July 2008
STRATEGY
The CADA funds are invested in the City of Sacramento’s Pool A investment fund. The Fund seeks to maximize
the level of current income consistent with the preservation of principal while meeting the liquidity needs of the
City and the pooled investors. The Fund is invested pursuant to the prudent person standards and the California
Code Section 53601 (GC 53601).

PORTFOLIO STATISTICS                                                         POOL A BY ASSET CLASS

Portfolio’s Beginning Balance               $ 12,054,122
Contributions                               $     338,500                                                   UST
                                                                                     CB
Withdrawals                                ($     523,000)
Interest Earned                             $      35,593
Month-End Market Value                      $ 11,905,215

PERFORMANCE                                                                 LAIF
                                                                               CD
Earned Interest Yield for the Month        3.47%                                          CP
                                                                                                             GSE

Laif Rate of Return (book value)           2.79%
ML Ready Asset                             2.20%
90 Day T-Bill                              1.62%
                                                                                                                   Yield at
Federal Funds                              1.91%                                                      Portfolio at
                                                                   Investment Description                          Month
                                                                                                         Cost
                                                                                                                    End
POOL A MATURITY SCHEDULE
                                                                   US Agency and Treasury Notes:
                                                                    US Treasury Notes (UST)                16.81%       1.72%
     Maturity        Market Value          %
                                                                    US Agency Notes (GSE)                  37.24%       3.20%
< 1 Year           $ 465,874,854          61.52%                   Subtotal Agency/Notes                   54.05%       2.74%
1 Year - 2 Years   $    92,631,101        12.23%                   Commercial Paper (CP)                    9.91%       2.68%
2 Years-3 Years    $   61,930,054          8.17%                   Certificates of Deposit (CD)             2.90%       2.86%
3 Years-4 Years    $   22,610,568          3.00%                   LAIF                                     5.10%       2.79%
4 Years-5 Years    $ 114,163,578          15.08%                   Corporate Bonds (CB)                    28.04%       4.47%
Total              $ 757,210,155         100.00%


                    $465,874,854
   $500,000,000


   $400,000,000


   $300,000,000


   $200,000,000
                                                                                                        $114,163,578
                                         $92,631,101

                                                              $61,930,054
   $100,000,000                                                                        $22,610,568




           $-
                     < 1 Year         1 Year - 2 Years     2 Years-3 Years          3 Years-4 Years   4 Years-5 Years



                                                         Page 40
                                                  City of Sacramento
                                               CASH LEDGER
                               Capitol Area Development Authority - Banking
                                             From 07-01-08 To 07-31-08

All Cash Accounts

 Trade      Settle    Tran
 Date       Date      Code     Quantity                   Security        Amount            Cash Balance


Pool A Cash
07-01-08                                     Beginning Balance                              11,808,480.81
07-01-08 07-01-08     lo                     Pool A Cash                      -123,000.00   11,685,480.81
07-07-08 07-07-08     li                     Pool A Cash                       100,000.00   11,785,480.81
07-14-08 07-14-08     li                     Pool A Cash                       238,500.00   12,023,980.81
07-21-08 07-21-08     lo                     Pool A Cash                      -155,000.00   11,868,980.81
07-25-08 07-25-08     lo                     Pool A Cash                      -100,000.00   11,768,980.81
07-31-08 07-31-08     lo                     Pool A Cash                      -145,000.00   11,623,980.81
                                                                              -184,500.00
07-31-08                                     Ending Balance                                 11,623,980.81


Pool A Interest Receivable
07-01-08                                     Beginning Balance                                 245,640.87
07-31-08 07-31-08 in                         Pool A Cash                       35,593.26       281,234.13
           Jul08 estimated Pool A interest
                                                                               35,593.26
07-31-08                                     Ending Balance                                    281,234.13




                                                        Page 41
                   Capitol Area Development Authority – Tax Exempt
                                         Monthly Review – July 2008
STRATEGY
The CADA funds are invested in the City of Sacramento’s Pool A investment fund. The Fund seeks to maximize
the level of current income consistent with the preservation of principal while meeting the liquidity needs of the
City and the pooled investors. The Fund is invested pursuant to the prudent person standards and the California
Code Section 53601 (GC 53601).

PORTFOLIO STATISTICS                                                   POOL A BY ASSET CLASS

Portfolio’s Beginning Balance               $1,273,821
Contributions                               $        0                                                         UST
                                                                                         CB
Withdrawals                                ($        0)
Interest Earned                             $    3,757)
Month-End Market Value                      $1,277,578

PERFORMANCE                                                                   LAIF
                                                                                 CD
Earned Interest Yield for the Month        3.47%                                                                GSE
                                                                                              CP
Laif Rate of Return (book value)           2.79%
ML Ready Asset                             2.20%
90 Day T-Bill                              1.62%
                                                                                                                   Yield at
Federal Funds                              1.91%                                                      Portfolio at
                                                                    Investment Description                         Month
                                                                                                         Cost
                                                                                                                    End
POOL A MATURITY SCHEDULE
                                                                    US Agency and Treasury Notes:
     Maturity         Market Value         %
                                                                     US Treasury Notes (UST)               16.81%     1.72%
                                                                     US Agency Notes (GSE)                 37.24%     3.20%
< 1 Year            $ 465,874,854         61.52%
                                                                    Subtotal Agency/Notes                  54.05%     2.74%
1 Year - 2 Years    $    92,631,101       12.23%                                                            9.91%
                                                                    Commercial Paper (CP)                             2.68%
2 Years-3 Years     $   61,930,054         8.17%                    Certificates of Deposit (CD)            2.90%     2.86%
3 Years-4 Years     $   22,610,568         3.00%                    LAIF                                    5.10%     2.79%
4 Years-5 Years     $ 114,163,578         15.08%                    Corporate Bonds (CB)                   28.04%     4.47%
Total               $ 757,210,155        100.00%


                    $465,874,854
   $500,000,000


   $400,000,000


   $300,000,000


   $200,000,000
                                                                                                      $114,163,578
                                         $92,631,101

                                                               $61,930,054
   $100,000,000                                                                       $22,610,568




           $-
                     < 1 Year         1 Year - 2 Years      2 Years-3 Years      3 Years-4 Years    4 Years-5 Years




                                                          Page 42
                                                  City of Sacramento
                                               CASH LEDGER
                              Capitol Area Development Authority - Tax Exempt
                                             From 07-01-08 To 07-31-08

All Cash Accounts

 Trade        Settle   Tran
 Date         Date     Code    Quantity                   Security         Amount          Cash Balance


Pool A Interest Receivable
07-01-08                                     Beginning Balance                                 30,661.87
07-31-08 07-31-08 in                         Pool A Cash                        3,757.00       34,418.87
           Jul08 estimated Pool A interest
                                                                                3,757.00
07-31-08                                     Ending Balance                                    34,418.87


Pool A Cash
07-01-08                                     Beginning Balance                              1,243,159.14
07-31-08                                     Ending Balance                                 1,243,159.14




                                                        Page 43
                     Capitol Area Development Authority – Taxable
                                         Monthly Review – July 2008
STRATEGY
The CADA funds are invested in the City of Sacramento’s Pool A investment fund. The Fund seeks to maximize
the level of current income consistent with the preservation of principal while meeting the liquidity needs of the
City and the pooled investors. The Fund is invested pursuant to the prudent person standards and the California
Code Section 53601 (GC 53601).

PORTFOLIO STATISTICS                                                   POOL A BY ASSET CLASS

Portfolio’s Beginning Balance               $3,642,913
Contributions                               $        0                                                         UST
                                                                                         CB
Withdrawals                                ($        0)
Interest Earned                             $ 10,744
Month-End Market Value                      $3,653,657

PERFORMANCE                                                                   LAIF
                                                                                 CD
Earned Interest Yield for the Month        3.47%                                                                GSE
                                                                                              CP
Laif Rate of Return (book value)           2.79%
ML Ready Asset                             2.20%
90 Day T-Bill                              1.62%
                                                                                                                   Yield at
Federal Funds                              1.91%                                                      Portfolio at
                                                                    Investment Description                         Month
                                                                                                         Cost
                                                                                                                    End
POOL A MATURITY SCHEDULE
                                                                    US Agency and Treasury Notes:
     Maturity        Market Value          %
                                                                     US Treasury Notes (UST)               16.81%     1.72%
                                                                     US Agency Notes (GSE)                 37.24%     3.20%
< 1 Year           $ 465,874,854          61.52%
                                                                    Subtotal Agency/Notes                  54.05%     2.74%
1 Year - 2 Years   $    92,631,101        12.23%                                                            9.91%
                                                                    Commercial Paper (CP)                             2.68%
2 Years-3 Years    $   61,930,054          8.17%                    Certificates of Deposit (CD)            2.90%     2.86%
3 Years-4 Years    $   22,610,568          3.00%                    LAIF                                    5.10%     2.79%
4 Years-5 Years    $ 114,163,578          15.08%                    Corporate Bonds (CB)                   28.04%     4.47%
Total              $ 757,210,155         100.00%


                    $465,874,854
   $500,000,000


   $400,000,000


   $300,000,000


   $200,000,000
                                                                                                      $114,163,578
                                         $92,631,101

                                                               $61,930,054
   $100,000,000                                                                       $22,610,568




           $-
                     < 1 Year         1 Year - 2 Years      2 Years-3 Years      3 Years-4 Years    4 Years-5 Years




                                                          Page 44
                                                  City of Sacramento
                                               CASH LEDGER
                               Capitol Area Development Authority - Taxable
                                             From 07-01-08 To 07-31-08

All Cash Accounts

 Trade        Settle   Tran
 Date         Date     Code    Quantity                   Security            Amount       Cash Balance


Pool A Interest Receivable
07-01-08                                     Beginning Balance                                 90,403.53
07-31-08 07-31-08 in                         Pool A Cash                       10,744.39      101,147.92
           Jul08 estimated Pool A interest
                                                                               10,744.39
07-31-08                                     Ending Balance                                   101,147.92


Pool A Cash
07-01-08                                     Beginning Balance                              3,552,509.49
07-31-08                                     Ending Balance                                 3,552,509.49




                                                        Page 45
American River
 Flood Control
    District




      Page 46
                                   American River Flood Control District
                                          Monthly Review – July 2008
STRATEGY
The ARFCD funds are invested in the City of Sacramento’s Pool A investment fund. The Fund seeks to
maximize the level of current income consistent with the preservation of principal while meeting the liquidity
needs of the City and the pooled investors. The Fund is invested pursuant to the prudent person standards and the
California Code Section 53601 (GC 53601).

PORTFOLIO STATISTICS                                                         POOL A BY ASSET CLASS
Portfolio’s Beginning Balance               $1,384,904
Contributions                               $ 385,000
                                                                                                                  UST
Withdrawals                                 $        0                                     CB
Interest Earned                             $    4,671
Month-End Market Value                      $1,774,575

PERFORMANCE                                                                    LAIF
                                                                                  CD
Earned Interest Yield for the Month         3.47%                                                                   GSE
Laif Rate of Return (book value)            2.79%                                               CP

ML Ready Asset                              2.20%
90 Day T-Bill                               1.62%                                                                      Yield at
                                                                                                          Portfolio at
Federal Funds                               1.91%                   Investment Description                             Month
                                                                                                             Cost
                                                                                                                        End
POOL A MATURITY SCHEDULE                                            US Agency and Treasury Notes:
                                                                     US Treasury Notes (UST)                   16.81%     1.72%
     Maturity        Market Value           %
                                                                     US Agency Notes (GSE)                     37.24%     3.20%
< 1 Year           $ 465,874,854           61.52%                   Subtotal Agency/Notes                      54.05%     2.74%
1 Year - 2 Years   $    92,631,101         12.23%                   Commercial Paper (CP)                       9.91%     2.68%
2 Years-3 Years    $   61,930,054           8.17%                   Certificates of Deposit (CD)                2.90%     2.86%
3 Years-4 Years    $   22,610,568           3.00%                   LAIF                                        5.10%     2.79%
4 Years-5 Years    $ 114,163,578           15.08%                   Corporate Bonds (CB)                       28.04%     4.47%
Total              $ 757,210,155          100.00%



                    $465,874,854
   $500,000,000


   $400,000,000


   $300,000,000


   $200,000,000
                                                                                                          $114,163,578
                                          $92,631,101

                                                               $61,930,054
   $100,000,000                                                                          $22,610,568




           $-
                     < 1 Year          1 Year - 2 Years     2 Years-3 Years           3 Years-4 Years   4 Years-5 Years



                                                          Page 47
                                                  City of Sacramento
                                               CASH LEDGER
                                    American River Flood Control District
                                             From 07-01-08 To 07-31-08

All Cash Accounts

 Trade      Settle    Tran
 Date       Date      Code     Quantity                   Security          Amount       Cash Balance


Pool A Cash
07-01-08                                     Beginning Balance                            1,369,403.36
07-16-08 07-16-08     li                     Pool A Cash                    385,000.00    1,754,403.36
                                                                            385,000.00
07-31-08                                     Ending Balance                               1,754,403.36


Pool A Interest Receivable
07-01-08                                     Beginning Balance                               15,500.67
07-31-08 07-31-08 in                         Pool A Cash                      4,670.70       20,171.37
           Jul08 estimated Pool A interest
                                                                              4,670.70
07-31-08                                     Ending Balance                                  20,171.37




                                                        Page 48
 Sacramento
Public Library
  Authority




      Page 49
                                   Sacramento Public Library Authority
                                       Monthly Review – July 2008
STRATEGY
The SPLA funds are invested in the City of Sacramento’s Pool A investment fund. The Fund seeks to maximize
the level of current income consistent with the preservation of principal while meeting the liquidity needs of the
City and the pooled investors. The Fund is invested pursuant to the prudent person standards and the California
Code Section 53601 (GC 53601).

PORTFOLIO STATISTICS                                                   POOL A BY ASSET CLASS

Portfolio’s Beginning Balance                $ 18,921,401
Contributions                                $ 4,000,000                                                     UST
                                                                                      CB
Withdrawals                                 ($ 1,000,000)
Interest Earned                              $     56,853
Month-End Market Value                       $ 21,978,254

PERFORMANCE                                                                  LAIF
                                                                                CD
Earned Interest Yield for the Month         3.47%                                                             GSE
                                                                                           CP
Laif Rate of Return (book value)            2.79%
ML Ready Asset                              2.20%
90 Day T-Bill                               1.62%
Federal Funds                               1.91%
                                                                                                                      Yield at
                                                                                                         Portfolio at
                                                                    Investment Description                            Month
POOL A MATURITY SCHEDULE                                                                                    Cost
                                                                                                                       End
                                                                    US Agency and Treasury Notes:
     Maturity        Market Value           %
                                                                     US Treasury Notes (UST)                  16.81%     1.72%
< 1 Year           $ 465,874,854           61.52%
                                                                     US Agency Notes (GSE)                    37.24%     3.20%
1 Year - 2 Years   $    92,631,101         12.23%                                                             54.05%
                                                                    Subtotal Agency/Notes                                2.74%
2 Years-3 Years    $   61,930,054           8.17%                   Commercial Paper (CP)                      9.91%     2.68%
3 Years-4 Years    $   22,610,568           3.00%                   Certificates of Deposit (CD)               2.90%     2.86%
4 Years-5 Years    $ 114,163,578           15.08%                   LAIF                                       5.10%     2.79%
Total              $ 757,210,155          100.00%                   Corporate Bonds (CB)                      28.04%     4.47%



                    $465,874,854
   $500,000,000


   $400,000,000


   $300,000,000


   $200,000,000
                                                                                                         $114,163,578
                                          $92,631,101

                                                               $61,930,054
   $100,000,000                                                                         $22,610,568




           $-
                     < 1 Year          1 Year - 2 Years     2 Years-3 Years          3 Years-4 Years   4 Years-5 Years


                                                          Page 50
                                                  City of Sacramento
                                               CASH LEDGER
                                     Sacramento Public Library Authority
                                             From 07-01-08 To 07-31-08

All Cash Accounts

 Trade      Settle    Tran
 Date       Date      Code     Quantity                   Security          Amount         Cash Balance


Pool A Cash
07-01-08                                     Beginning Balance                             18,407,463.43
07-11-08 07-11-08     lo                     Pool A Cash                   -1,000,000.00   17,407,463.43
07-24-08 07-24-08     li                     Pool A Cash                    4,000,000.00   21,407,463.43
                                                                            3,000,000.00
07-31-08                                     Ending Balance                                21,407,463.43


Pool A Interest Receivable
07-01-08                                     Beginning Balance                                513,937.54
07-31-08 07-31-08 in                         Pool A Cash                      56,853.22       570,790.76
           Jul08 estimated Pool A interest
                                                                              56,853.22
07-31-08                                     Ending Balance                                   570,790.76




                                                        Page 51
  The Natomas
Basin Conservancy




       Page 52
                                   The Natomas Basin Conservancy
                                         Monthly Review – July 2008
STRATEGY
The TNBC funds are invested in the City of Sacramento’s Pool A investment fund. The Fund seeks to maximize
the level of current income consistent with the preservation of principal while meeting the liquidity needs of the
City and the pooled investors. The Fund is invested pursuant to the prudent person standards and the California
Code Section 53601 (GC 53601).

PORTFOLIO STATISTICS                                                POOL A BY ASSET CLASS

Portfolio’s Beginning Balance               $ 5,524,663
Contributions                               $         0
Withdrawals                                ($         0)                                                      UST
                                                                                       CB
Interest Earned                             $ 16,294
Month-End Market Value                      $ 5,540,957

PERFORMANCE
                                                                             LAIF
Earned Interest Yield for the Month        3.47%                                CD
Laif Rate of Return (book value)           2.79%                                             CP
                                                                                                                GSE

ML Ready Asset                             2.20%
90 Day T-Bill                              1.62%
Federal Funds                              1.91%
                                                                                                                   Yield at
                                                                                                      Portfolio at
                                                                   Investment Description                          Month
POOL A MATURITY SCHEDULE                                                                                 Cost
                                                                                                                    End
                                                                   US Agency and Treasury Notes:
     Maturity        Market Value          %
                                                                    US Treasury Notes (UST)                16.81%       1.72%
< 1 Year           $ 465,874,854          61.52%
                                                                    US Agency Notes (GSE)                  37.24%       3.20%
1 Year - 2 Years   $    92,631,101        12.23%                                                           54.05%
                                                                   Subtotal Agency/Notes                                2.74%
2 Years-3 Years    $   61,930,054          8.17%                   Commercial Paper (CP)                    9.91%       2.68%
3 Years-4 Years    $   22,610,568          3.00%                   Certificates of Deposit (CD)             2.90%       2.86%
4 Years-5 Years    $ 114,163,578          15.08%                   LAIF                                     5.10%       2.79%
Total              $ 757,210,155         100.00%                   Corporate Bonds (CB)                    28.04%       4.47%

                    $465,874,854
   $500,000,000


   $400,000,000


   $300,000,000


   $200,000,000
                                                                                                        $114,163,578
                                         $92,631,101

                                                              $61,930,054
   $100,000,000                                                                        $22,610,568




           $-
                     < 1 Year         1 Year - 2 Years     2 Years-3 Years          3 Years-4 Years   4 Years-5 Years




                                                         Page 53
                                                  City of Sacramento
                                               CASH LEDGER
                                       The Natomas Basin Conservancy
                                             From 07-01-08 To 07-31-08

All Cash Accounts

 Trade        Settle   Tran
 Date         Date     Code    Quantity                   Security       Amount       Cash Balance


Pool A Interest Receivable
07-01-08                                     Beginning Balance                           125,464.96
07-31-08 07-31-08 in                         Pool A Cash                  16,294.41      141,759.37
           Jul08 estimated Pool A interest
                                                                          16,294.41
07-31-08                                     Ending Balance                              141,759.37


Pool A Cash
07-01-08                                     Beginning Balance                         5,399,197.71
07-31-08                                     Ending Balance                            5,399,197.71




                                                        Page 54
                   GLOSSARY OF INVESTMENT TERMS



Average Daily Funds Invested designates the average daily amount of monies that
was actually invested by the City Treasurer’s Investment and Operations Unit
during the reporting period.

Federal Funds Average is the average cost of Federal funds in the U. S. Banking
System and is considered a measure of short-term Federal Reserve economic policy.

Interest Income Earned represents, on an accrual accounting basis, the income
earned in the reporting period. Interest income earned is apportioned to the
majority of City funds and fund managed in the various portfolios.

Investment Cost Recovery Fee is a charge by the City Treasurer’s Office to the funds
managed which is intended to recover the direct investment costs incurred by the
City’s General Fund in permitting the City Treasurer’s Office to manage the
investment funds.

Local Agency Investment Fund (LAIF) is an optional investment pool managed by
the State Treasurers for local governments and special districts in California to
participate in. The enabling legislation for the LAIF is Section 16429.1 et seq. of the
California Government Code. The LAIF is part of the Pooled Money Investment
Account (PMIA). The PMIA began in 1955 and oversight is provided by the Pooled
Money Investment Board (PMIB) and an in-house Investment Committee.

Rate of Return designates the annualized rate of investment return earned. The
calculation requires annualizing interest income earned within the reporting period
and dividing the actual dollars invested for the period.

Trust Funds Additional investment activity is conducted by the City Treasurer’s
Office for the Sacramento City Employees Retirement System and certain of the
separately invested Trust Funds of the City and third parties. Additionally, the City
Treasurer’s Office manages short-term investment pools for the Sacramento Housing
and Redevelopment Agency.

90-Day UST Bill Average is the average cost of money incurred by the U. S. Treasury
in their weekly sales of 90-day U. S. Treasury Bills and is considered a measure of the
trend of short-term interest rates.

Weighted Average Life Dollar/time weighted calculation to measure how long all
the dollars in a portfolio are invested at that particular time. It is calculated by
determining the number of days from the calculation date to the maturity date of the
investment and multiplying the dollars invested by the number of days. The sum of
all dollar-day weightings are then divided by the total dollars invested to determine
the average life.




                                         Page 55

				
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