ANNUAL INVESTMENT REPORT

Transcription

1 NORTH EAST I.S.D. ANNUAL INVESTMENT REPORT for the year ended June 30, ANNUAL INVESTMENT REPORT Tab: Title Revised 9/9/2010

2 i TABLE OF CONTENTS Review of Activities 1 Investment Controls 2 Investment Policies 2 Investment Strategies.. 3 Market Strategy 3 Enhancements and Recommended Improvements 3 Investment Plan for Portfolio Composition.. 5 Maturity Aging/Portfolio Performance 6 Cash Receipts and Investment Pool Performance 9 Purchases (by fund) 10 Maturities/Calls/Sales (by fund) 12 Changes in Managed Pool Balances (by fund) 14 Changes in Values (by fund) 16 Earnings/Yields (by fund) Cash Budget (General Operating) Actual Cash Flow (General Operating) Cash Transactions (Debt Service) 25 Local Investment Policies. 26 Legal Investment Policies. 31 Investment Officers Certification 43 Resolution of the Board Regarding Review of the Investment Program ANNUAL INVESTMENT REPORT Tab: TOC (2) 9/9/2010

3 1 ANNUAL INVESTMENT REPORT As required by NEISD s investment policies, the District s investment officers are required to prepare annually a comprehensive report on the investment program and investment activity to the Board of Trustees. This report is required to include NEISD s portfolio performance and recommendations of policies, strategies and improvements necessary to enhance the investment program. Finally, this report is required to include an investment plan for the ensuing year. Review of Activities During fiscal year NEISD s general operating fund received approximately $452.7 million in local, state, and federal cash receipts. These funds were actively managed throughout the year and invested in pools, agency bonds and discount notes, and highly rated commercial paper. The weighted average maturity of the General Fund as of June 30, 2010 was 70 days. The yield earned by this fund over the fiscal year was.50%. As of June 30, 2010, the ending book value of North East s portfolio was $356,752, The yield earned for the District s portfolio was 2.87% with total interest earnings of $13,638,787.07, while the investment pools earned an average rate of.26% during the fiscal year. A comprehensive benchmark analysis of NEISD s portfolio begins on page 6 of this report. During February 1999, NEISD received the proceeds from the $211 million bond sale. One-third of the proceeds were placed in a flexible repurchase agreement, which allowed for fixed yield and daily liquidity. The brokerage firm of Salomon Smith Barney managed another one-third and NEISD staff managed the funds that were part of the final one-third. As of June 30, 2010, projects were closed and all funds were depleted. During August 2000, NEISD received the proceeds from the $155 million bond sale. The proceeds were invested in pools and in flexible re-purchase agreements with Societe Generale and Salomon Smith Barney. The re-purchase agreements allowed for a fixed yield with daily liquidity. As of June 30, 2010, projects were closed and all funds were depleted. During February 2004, NEISD received the proceeds from the $300 million bond sale. The proceeds were invested in pools, agency bonds and discount notes, commercial paper, and municipal bonds. The fixed income securities were purchased with maturity dates to match the expected draw down schedule of the funds. As of June 30, 2010, $1.7 million was in the investment pools. During August 2005, NEISD received the proceeds from the $149 million bond sale. The proceeds were invested in pools, agency bonds and discount notes, and commercial paper. The fixed income securities were purchased with maturity dates to ensure availability of funds when payments are due as well as to maximize investment earnings. As of June 30, 2010, $632 thousand was in the investment pools.

4 2 During July 2007, NEISD received the proceeds from the $498 million bond sale. The proceeds were invested in pools, agency bonds and discount notes, and commercial paper. The fixed income securities were purchased with maturity dates to match the expected draw down schedule of the funds. As of June 30, 2010, $4.9 million was in investment pools and the book value of the fixed income securities was $165.5 million. Investment Controls Many investment controls are in place to ensure the safety of NEISD s investments. The Board has adopted policies and strategies that comply with the Public Funds Investment Act and also provides management the flexibility needed to make day-to-day investment decisions. NEISD also has cash management and investment management procedures documented for the use and training of NEISD staff. These procedures are continually updated to account for changes in technology and processes. Contracts are in place between NEISD and its depository bank and safekeeping bank. Certifications are executed with each change in investment policies with the entities NEISD uses to invest securities -- such as the pools and brokers/dealers. NEISD keeps its investments at a third-party safekeeping bank. All trades settle on a DVP (delivery versus payment) basis which ensures that no funds leave the District s possession until a security is placed in the District s safekeeping account. Cash flow analyses are conducted to ensure funds are available when needed. The Office of the Treasurer receives and files original confirmations and receipts from each investment purchase and wire transaction. The Office of the Treasurer and the Accounting Services Office also ensure that clear separation of duties is provided for investment and cash management functions. Competitive bidding is always utilized, and usually bids from three to five brokers/dealers are received before a purchasing decision is made. Monthly investment reports are prepared by the District s investment officers and provided to the Board of Trustees on a timely basis. Investment Policies The policies included in the report continue to be the recommended investment policies for NEISD. The investment policies comply with the Public Funds Investment Act (PFIA). Per the PFIA, NEISD Investment Policy emphasis safety of principal, liquidity and address investment diversification, yield, and maturity and the quality and capability of investment management. Additionally, as required per the PFIA the policies include: 1. A list of the types of authorized investments in which the District s funds may be invested; 2. The maximum allowable stated maturity of any individual investment owned by the District; 3. For pooled fund groups, the maximum dollar-weighted average maturity allowed based on the stated maturity date of the portfolio; 4. Methods to monitor the market price of investments acquired with public funds; and

5 3 5. A requirement for settlement of all transactions, except investment pool funds and mutual funds, on a delivery versus payment basis. During 2010, the Government Treasurers Organization of Texas (GTOT) awarded the Investment Policy Certification to NEISD. The District received this award for developing comprehensive written investment policies that meet the criteria set forth in GTOT s Investment Policy Review Checklist. Investment Strategies Each fund has a general strategy outlined within the investment policies of the District. The primary objectives of the District s operating funds are safety, liquidity, and maturity sufficient to meet anticipated cash flow requirements. The investment officers of the District will utilize a weekly cash budget to anticipate the cash flow requirements during the year for the general operating fund (see page 23). The cash budget enables the investment officers of the District to develop strategies based on interest rate forecasts to earn a higher yield than if the anticipated cash flows were not forecasted. Reasonable market yields will be earned by purchasing quality securities. All securities will be purchased with the intent to hold to maturity. The agency and debt service funds also have safety, liquidity, and maturity sufficient to meet anticipated cash flow requirements as their primary objectives. The debt service funds have limited cash outflows annually and the dates and amounts are known; therefore, investments of these funds are more easily matched to the actual cash outflow requirements. Diversification can be met through the use of an authorized investment pool. All securities will be purchased with the intent to hold to maturity. Investment strategies for capital projects fund portfolios primary objective is the assurance that anticipated cash flows are matched with adequate investment liquidity for the safety of the fund and the completion of the targeted projects. A diversified portfolio structured with maturities to match anticipated cash flow is used to provide a reasonable market yield. Maturities may extend beyond one year. Market Strategy The main goal of NEISD s investment program is to ensure its safety, as well as to obtain a reasonable financial return under current market conditions, in accordance with policies. The investment officers observe financial market indicators, study financial trends, and utilize available educational tools in order to maintain appropriate investment strategies. Investments are purchased with the expectation of holding to maturity, thereby ensuring the preservation of capital. Enhancements and Recommended Improvements The recommendation for the fiscal year is to continue to maintain an active management philosophy for the District s funds. Interest earnings can be gained by actively managing the portfolio. Evaluating and modifying cash flow forecasts can

6 4 improve the yield of a portfolio when current and anticipated market conditions are taken into account. In a normal yield curve environment, with low interest rates at the short end of the curve, the investment officers will have to evaluate the value of marketable securities over investment pools that may be currently earning higher rates but have nonguaranteed yields, that over time, could fall below what could be earned in fixed income securities. The treasury staff is continuing to work with other offices in the Finance Department to implement processes and procedures that, when implemented, will improve cash flow positions and payment terms. Ultimately, these projects should increase efficiency and aid investment performance. Investment Plan for The investment plan for fiscal year is a continuation of the plan and includes the monitoring of market information, interest rates, forecasted and actual cash flows, and managing every fund in the portfolio on an individual, consistent, and frequent basis. Investment Officers must evaluate the market on an ongoing basis to determine where the District s funds are best utilized in the existing market. Monitoring changes in the District s cash flow forecast will also be important in the coming year. The effective and efficient management of the portfolio can ensure a reasonable yield on the portfolio without exposing the District to unacceptable levels of risk.

7 5 PORTFOLIO COMPOSITION NORTH EAST I.S.D. As of 06/30/09 & 06/30/10 Portfolio Composition - 06/30/09 Book Value $566,492,955 FAMCA 1.4% FFCB 11.1% FNMA 13.7% FHLMC 16.0 MUNICIPAL BOND.87% FHLB 16.9% POOLS 35.4% FDIC Floater,.4% FHLMC Pass-Thru1.0% FHLB DISCOUNT, 1.8% BLACKROCK MMF 1.4% FAMCA 2.2% FFCB 10.6% Portfolio Composition - 06/30/10 Book Value $356,753,492 FNMA 11.5% FHLMC 12.1% MUNICIPAL BOND 1.4% FHLB 12.9% POOLS 46.4% COMMERCIAL PAPER 2.8% BLACKROCK MMF 0.1% Legend: CDs Fully insured and collaterallized Certificates of Deposit COMMERCIAL PAPER Short-term promissory notes issued by a corporation, Rated at least A-1, P-1 or F-1 FFCB Federal Farm Credit Bank Bonds FHLB Federal Home Loan Bank Bonds FHLB DISCOUNT Federal Home Loan Bank Discount Notes FHLMC Federal Home Loan Mortgage Corporation (Freddie Mac) Bonds FHLMC DISCOUNT Federal Home Loan Mortgage Corporation (Freddie Mac) Discount Notes FNMA Federal National Mortgage Association (Fannie Mae) Bonds FNMA DISCOUNT Federal National Mortgage Association (Fannie Mae) Discount Notes MUNICIPAL Municipal Bonds issued by state and local governments POOLS Various Investment Pools and Bank of America Sweep Account Note: Due to rounding, porfolio composition may not equal 100.0%

8 6 NORTH EAST I.S.D. As of 06/30/09 & 06/30/10 Maturity Aging - 06/30/09 vs. 06/30/10 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $ Days Days Days Days Days 1-4 Years Previous Period Current Period Weighted Average Maturity: days 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% NEISD Total Portfolio versus Investment Pools Yield Spread 7/31/05-06/30/10 7/31/2005 8/31/ /1/ /1/ /1/2005 1/1/2006 2/1/2006 3/1/2006 4/1/2006 5/1/2006 6/1/2006 7/1/2006 8/1/2006 9/1/ /1/ /1/ /1/2006 1/1/2007 2/1/2007 3/1/2007 4/1/2007 5/1/2007 6/1/2007 7/1/2007 8/1/2007 9/1/ /1/ /1/ /1/2007 1/1/2008 2/1/2008 3/1/2008 4/1/2008 5/1/2008 6/1/2008 7/1/2008 8/1/2008 9/1/ /1/ /1/ /1/2008 1/1/2009 2/1/2009 3/1/2009 4/1/2009 5/1/2009 6/1/2009 7/1/2009 8/1/2009 9/1/ /1/ /1/ /1/2009 1/1/2010 2/1/2010 3/1/2010 4/1/2010 5/1/2010 6/1/ % 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% NEISD Total Portfolio versus T-Bills Yield Spread 07/31/05-6/30/10 7/31/2005 8/31/ /1/ /1/ /1/2005 1/1/2006 2/1/2006 3/1/2006 4/1/2006 5/1/2006 6/1/2006 7/1/2006 8/1/2006 9/1/ /1/ /1/ /1/2006 1/1/2007 2/1/2007 3/1/2007 4/1/2007 5/1/2007 6/1/2007 7/1/2007 8/1/2007 9/1/ /1/ /1/ /1/2007 1/1/2008 2/1/2008 3/1/2008 4/1/2008 5/1/2008 6/1/2008 7/1/2008 8/1/2008 9/1/ /1/ /1/ /1/2008 1/1/2009 2/1/2009 3/1/2009 4/1/2009 5/1/2009 6/1/2009 7/1/2009 8/1/2009 9/1/ /1/ /1/ /1/2009 1/1/2010 2/1/2010 3/1/2010 4/1/2010 5/1/2010 6/1/ Day T-bill 90-Day T-bill 180-Day T-bill

9 7 NEISD Total Portfolio versus T-Notes Yield Spread 7/31/05-06/30/ % 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% 7/31/2005 8/31/ /1/ /1/ /1/2005 1/1/2006 2/1/2006 3/1/2006 4/1/2006 5/1/2006 6/1/2006 7/1/2006 8/1/2006 9/1/ /1/ /1/ /1/2006 1/1/2007 2/1/2007 3/1/2007 4/1/2007 5/1/2007 6/1/2007 7/1/2007 8/1/2007 9/1/ /1/ /1/ /1/2007 1/1/2008 2/1/2008 3/1/2008 4/1/2008 5/1/2008 6/1/2008 7/1/2008 8/1/2008 9/1/ /1/ /1/ /1/2008 1/1/2009 2/1/2009 3/1/2009 4/1/2009 5/1/2009 6/1/2009 7/1/2009 8/1/2009 9/1/ /1/ /1/ /1/2009 1/1/2010 2/1/2010 3/1/2010 4/1/2010 5/1/2010 6/1/ Year T-Note 2 Year T-Note

10 8 MATURITY AGING/PORTFOLIO PERFORMANCE GENERAL FUND ONLY NORTH EAST I.S.D. As of 06/30/09 & 06/30/10 Maturity Aging - 06/30/09 vs. 06/30/10 $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $ Days Days Days Days Days 1-4 Years Previous Period Current Period Weighted Average Maturity: 69.6 days 1.50% NEISD General Fund versus Investment Pools Yield Spread 7/31/05-06/30/ % 0.50% 0.00% -0.50% -1.00% Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10

11 9 CASH RECEIPTS NORTH EAST I.S.D. For FY08, FY09, & FY10 $140,000,000 Fiscal Year to Date General Operating Cash Reciepts $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 July August September October November December January February March April May June FY07-08 FY08-09 FY % INVESTMENT POOL PERFORMANCE NORTH EAST I.S.D. Daily 07/01/09 Rates of Investment - 06/30/10 Pools Fiscal Year % 0.60% 0.40% 0.20% 0.00% 7/1/09 7/15/09 7/29/09 8/12/09 8/26/09 9/9/09 9/23/09 10/7/09 10/21/09 11/4/09 11/18/09 12/2/09 12/16/09 12/30/09 1/13/10 1/27/10 2/10/10 2/24/10 3/10/10 3/24/10 4/7/10 4/21/10 5/5/10 5/19/10 6/2/10 6/16/10 6/30/10 TexPool TP Prime LOGIC Lone Star CLASS TexSTAR TexasDaily BlackRock MMF

12 10 PURCHASES NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Face Value Principal Yield to Number Description Date Date Invested Maturity GENERAL OPERATING FCAR Owner 07/01/09 07/23/09 $ 30,000, $ 29,981, % FCAR Owner Trust 1 07/09/09 07/24/09 30,000, ,988, FCAR Owner TR 1 08/03/09 08/21/09 45,000, ,978, FCAR Owner TR 1 09/03/09 09/23/09 22,500, ,487, AutoBahn Funding Co 10/01/09 10/14/09 30,000, ,992, FCAR Owner TRI I 11/02/09 11/18/09 42,000, ,990, Silver Tower US 12/01/09 12/16/09 10,000, ,997, Silver Tower US 12/04/09 12/14/09 12,000, ,998, AMSTEL Funding 01/07/10 01/19/10 82,000, ,982, GIRBAL 01/07/10 01/20/10 66,000, ,990, Hannover Funding 01/26/10 02/18/10 100,000, ,978, Hannover Funding 02/01/10 02/18/10 69,000, ,989, Silver Tower 03/01/10 03/19/10 30,000, ,993, Anglesea Funding 03/01/10 03/24/10 100,000, ,977, Silver Tower US Funding 03/01/10 03/18/10 23,895, ,890, Anglesea Funding LLC 03/31/10 04/22/10 85,000, ,977, Anglesea Funding LLC 04/30/10 05/20/10 62,000, ,986, Gen Elec Cap Corp 06/24/10 03/21/11 4,000, ,979, FHLB 04/01/10 09/09/11 10,000, ,421, GENERAL OPERATING TOTAL 853,395, ,581, SCHOOL NUTRITION SERVICES FCAR Owner TR 1 09/03/09 09/23/09 4,500, ,497, Gen Elec Cap Corp 06/24/10 03/21/11 2,000, ,989, SCHOOL NUTRITION SERVICES TOTAL 6,500, ,487, DEBT SERVICE FCAR Owner TR 1 07/28/09 08/24/09 5,000, ,996, FCAR Owner TR 1 08/04/09 08/21/09 10,000, ,995, FCAR Owner TR 1 09/03/09 09/23/09 19,000, ,989, FCAR Owner TRI I 11/02/09 11/18/09 15,000, ,996, FCAR Owner TR I 12/01/09 12/16/09 15,000, ,998, GIRBAL 01/07/10 01/20/10 10,000, ,998, Silver Tower US 02/10/10 02/26/10 25,000, ,995, Belmont Funding LLC 03/02/10 03/25/10 25,000, ,994, Anglesea Funding LLC 03/31/10 04/22/10 55,000, ,985, Anglesea Funding LLC 04/30/10 05/20/10 64,000, ,985, DEBT SERVICE TOTAL 243,000, ,935, CAPITAL PROJECTS $498 MILLION FCAR Owner TR 1 09/03/09 09/23/09 3,000, ,998, FCAR Owner TRI I 11/02/09 11/18/09 10,000, ,997, CAPITAL PROJECTS $498 MILLION TOTAL 13,000, ,996,

13 11 PURCHASES NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Face Value Principal Yield to Number Description Date Date Invested Maturity CAPITAL PROJECTS $498 MILLION FCAR Owner TR 1 09/03/09 09/23/09 3,000, ,998, CAPITAL PROJECTS $498 MILLION TOTAL 3,000, ,998, HEALTH INSURANCE FCAR Owner TR 1 08/04/09 08/21/09 5,000, ,997, FCAR Owner TR 1 09/03/09 09/23/09 8,000, ,995, AutoBahn Funding Co 10/01/09 10/14/09 10,000, ,997, FCAR Owner TRI I 11/02/09 11/18/09 13,000, ,997, FCAR Owner TR I 12/01/09 12/16/09 5,000, ,999, GIRBAL 01/07/10 01/20/10 12,000, ,998, Hannover Funding 02/01/10 02/18/10 5,000, ,999, Silver Tower US 02/10/10 02/26/10 5,000, ,999, Belmont Funding LLC 03/02/10 03/25/10 8,000, ,998, Anglesea Funding LLC 03/31/10 04/22/10 10,000, ,997, Anglesea Funding LLC 04/30/10 05/20/10 12,000, ,997, Gen Elec Cap Corp 06/24/10 03/21/11 3,000, ,984, HEALTH INSURANCE TOTAL 96,000, ,961, WORKERS' COMPENSATION Gen Elec Cap Corp 06/24/10 03/21/11 1,000, , WORKERS' COMPENSATION TOTAL 1,000, , SUAMMARY TOTALS: $ 1,215,895, $ 1,215,954,841.80

14 12 MATURITIES/CALLS/SALES NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Call Face Value Principal Yield to Number Description Date Date Date Invested Maturity GENERAL OPERATING FCAR Owner 07/01/09 07/23/09 Open $ 30,000, $ 29,981, % FCAR Owner Trust 1 07/09/09 07/24/09 Open 30,000, ,988, FCAR Owner TR 1 08/03/09 08/21/09 Open 15,000, ,992, FCAR Owner TR 1 08/03/09 08/21/09 Open 30,000, ,985, FCAR Owner TR 1 09/03/09 09/23/09 Open 22,500, ,487, AutoBahn Funding Co 10/01/09 10/14/09 Open 30,000, ,992, FCAR Owner TRI I 11/02/09 11/18/09 Open 42,000, ,990, Silver Tower US 12/01/09 12/16/09 Open 10,000, ,997, Silver Tower US 12/04/09 12/14/09 Open 12,000, ,998, AMSTEL Funding 01/07/10 01/19/10 Open 82,000, ,982, GIRBAL 01/07/10 01/20/10 Open 66,000, ,990, Hannover Funding 01/26/10 02/18/10 Open 100,000, ,978, Hannover Funding 02/01/10 02/18/10 Open 69,000, ,989, Silver Tower 03/01/10 03/19/10 Open 30,000, ,993, Anglesea Funding 03/01/10 03/24/10 Open 100,000, ,977, Silver Tower US Funding 03/01/10 03/18/10 Open 23,895, ,890, Anglesea Funding LLC 03/31/10 04/22/10 Open 85,000, ,977, Anglesea Funding LLC 04/30/10 05/20/10 Open 62,000, ,986, FHLB Discount Note 10/29/08 08/14/09 Open 10,000, ,755, Bank of Amer CRP 02/12/09 12/02/11 Open 2,500, ,550, GENERAL OPERATING TOTAL 851,895, ,487, SCHOOL NUTRITION SERVICES FCAR Owner TR 1 09/03/09 09/23/09 Open 4,500, ,497, SCHOOL NUTRITION SERVICES TOTAL 4,500, ,497, DEBT SERVICE FCAR Owner TR 1 07/28/09 08/24/09 Open 5,000, ,996, FCAR Owner TR 1 08/04/09 08/21/09 Open 10,000, ,995, FCAR Owner TR 1 09/03/09 09/23/09 Open 19,000, ,989, FCAR Owner TRI I 11/02/09 11/18/09 Open 15,000, ,996, FCAR Owner TR I 12/01/09 12/16/09 Open 15,000, ,998, GIRBAL 01/07/10 01/20/10 Open 10,000, ,998, Silver Tower US 02/10/10 02/26/10 Open 25,000, ,995, Belmont Funding LLC 03/02/10 03/25/10 Open 25,000, ,994, Anglesea Funding LLC 03/31/10 04/22/10 Open 55,000, ,985, Anglesea Funding LLC 04/30/10 05/20/10 Open 64,000, ,985, DEBT SERVICE TOTAL 243,000, ,935, CAPITAL PROJECTS $498 MILLION FCAR Owner TR 1 09/03/09 09/23/09 Open 3,000, ,998, FCAR Owner TRI I 11/02/09 11/18/09 Open 10,000, ,997, FFCB 08/29/07 10/23/09 Open 2,100, ,113, FFCB 08/30/07 05/03/10 Open 10,905, ,928, FFCB 09/04/07 03/04/10 Open 11,833, ,805,

15 13 MATURITIES/CALLS/SALES NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Call Face Value Principal Yield to Number Description Date Date Date Invested Maturity FHLB 08/27/07 09/11/09 Open 12,120, ,219, FHLB 08/28/07 08/05/09 Open 11,430, ,527, FHLB 08/28/07 12/11/09 Open 12,120, ,178, FHLB 08/29/07 10/02/09 Open 7,465, ,501, FHLB 08/29/07 03/12/10 Open 11,410, ,496, FHLB 10/28/08 06/11/10 Open 5,500, ,575, FHLMC 08/24/07 01/18/11 Open 9,940, ,930, FHLMC 08/27/07 07/15/09 Open 11,251, ,165, FHLMC 08/28/07 02/09/10 Open 18,675, ,724, FHLMC 08/28/07 11/03/09 Open 1,950, ,950, FHLMC 08/29/07 10/28/09 Open 3,000, ,966, FHLMC 08/29/07 07/06/10 Open 3,000, ,983, FHLMC Pass-Thru 06/29/09 06/01/14 Open 2,744, ,502, FNMA 08/27/07 11/09/09 Open 10,000, ,822, FNMA 08/27/07 06/21/10 Open 11,880, ,726, FNMA 08/28/07 11/16/09 Open 2,000, ,964, FNMA 08/30/07 01/19/10 Open 11,885, ,765, FNMA 08/30/07 05/17/10 Open 725, , CAPITAL PROJECTS $498 MILLION TOTAL 184,933, ,567, CAPITAL PROJECTS $498 MILLION FCAR Owner TR 1 09/03/09 09/23/09 Open 3,000, ,998, CAPITAL PROJECTS $498 MILLION TOTAL 3,000, ,998, HEALTH INSURANCE FCAR Owner TR 1 08/04/09 08/21/09 Open 5,000, ,997, FCAR Owner TR 1 09/03/09 09/23/09 Open FCAR Owner TR 1 09/03/09 09/23/09 Open 8,000, ,995, AutoBahn Funding Co 10/01/09 10/14/09 Open 10,000, ,997, FCAR Owner TRI I 11/02/09 11/18/09 Open 13,000, ,997, FCAR Owner TR I 12/01/09 12/16/09 Open 5,000, ,999, GIRBAL 1/7/2010 1/20/2010 Open 12,000, ,998, Hannover Funding 2/1/2010 2/18/2010 Open 5,000, ,999, Silver Tower US 2/10/2010 2/26/2010 Open 5,000, ,999, Belmont Funding LLC 3/2/2010 3/25/2010 Open 8,000, ,998, Anglesea Funding LLC 3/31/2010 4/22/2010 Open 10,000, ,997, Anglesea Funding LLC 4/30/2010 5/20/2010 Open 12,000, ,997, FHLMC Pass-Thru 6/29/2009 6/1/2014 Open 1,568, ,001, HEALTH INSURANCE TOTAL 94,568, ,978, SUMMARY TOTALS: $ 1,381,897, $ 1,382,464,696.38

16 14 CHANGES IN MANAGED POOL BALANCES NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Beginning Ending Change in Description Book Balance Book Balance Book Balance GENERAL OPERATING BlackRock - General Fund $ 37, $ 37, $ TexPool-General Operating 4,581, ,353, (227,792.49) LOGIC-General Operating 1,093, ,479, , MBIA CLASS ,914, ,914, TexPool-State Payments (63.99) TexSTAR-General Operating 1, , TexPool Prime-Gen. Fund 77,666, ,401, (31,264,507.25) TexPool-General Operating 406, , , GENERAL OPERATING TOTAL 83,787, ,596, (21,190,949.49) SCHOOL NUTRITION SERVICES BlackRock - Food Service TexPool-Food Service LOGIC-Food Service 333, , (238,049.83) TexPool Prime-Food Svc 5,524, ,433, (4,091,298.74) TexSTAR-Food Service MBIA Class ,212, ,212, SCHOOL NUTRITION SERVICES TOTAL 5,858, ,741, (2,117,126.59) DEBT SERVICE BlackRock - Debt Service 298, , (143,177.70) TexPool-Debt Service LOGIC-Debt Service 36,784, , (36,760,830.58) TexPool Prime-Debt Svc 27,195, ,466, ,271, TexSTAR-Debt Service 27, , (2,168.17) MBIA CLASS ,386, ,385, DEBT SERVICE TOTAL 64,307, ,057, ,750, CAPITAL PROJECTS $211 MILLION BlackRock - $211M 3, (3,137.93) TexPool-CP $211 Million (254.94) TexPool Prime ,773, (4,773,728.73) MBIA Class (6.57) CAPITAL PROJECTS $211 MILLION TOTAL 4,777, (4,777,128.17) CAPITAL PROJECTS $155 MILLION TexPool-CP $155 Million (46.19) TexPool Prime , (161,160.50) CAPITAL PROJECTS $155 MILLION TOTAL 161, (161,206.69) CAPITAL PROJECTS $300 MILLION BlackRock - $300M 3,442, , (3,282,253.07) TexSTAR - Capital Project MBIA CLASS ,500, ,500, LOGIC-Bond $300 Million 11, , CAPITAL PROJECTS $300 MILLION TOTAL 3,454, ,672, (1,782,117.97) CAPITAL PROJECTS $149 MILLION BlackRock - $149M 16, , (14,698.17) TexPool-CP $149Million

17 15 CHANGES IN MANAGED POOL BALANCES NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Beginning Ending Change in Description Book Balance Book Balance Book Balance TexPool Prime ,307, , (1,678,329.26) TexSTAR-Capital Projects MBIA Class CAPITAL PROJECTS $149 MILLION TOTAL 2,324, , (1,693,025.90) CAPITAL PROJECTS $498 MILLION BlackRock - $498M Constru 20, (19,964.40) TexPool-CP $498 Million 20, (19,955.40) TexPool Prime ,140, ,894, (2,245,927.32) MBIA Class CAPITAL PROJECTS $498 MILLION TOTAL 5,181, ,895, (2,285,847.12) CAPITAL PROJECTS $498 MILLION BlackRock - $498M Purchas 36, , (28,736.16) TexPool Prime ,939, ,077, (8,862,321.03) MBIA CLASS CAPITAL PROJECTS $498 MILLION TOTAL 10,976, ,085, (8,891,057.19) HEALTH INSURANCE BlackRock - Health Insura 7, , (594.81) TexPool-Health Insurance LOGIC-Health Insurance 14,614, , (14,178,448.40) TexPool Prime-Health Ins. 7,837, ,556, ,719, TexSTAR-Health Insurance MBIA CLASS ,800, ,800, HEALTH INSURANCE TOTAL 22,459, ,800, (2,659,247.48) DENTAL BlackRock - Dental 1,718, (1,718,281.28) TexPool-Dental 500, , (321,068.76) TexPool Prime-Dental ,965, ,965, TexSTAR-Dental DENTAL TOTAL 2,219, ,144, (74,068.17) WORKERS' COMPENSATION BlackRock - Workers' Comp 2,489, , (2,485,214.09) TexPool-Workers' Comp LOGIC-Workers' Comp 3, , TexPool Prime-Work Comp 383, ,199, ,815, TexSTAR-Workers Compensat WORKERS' COMPENSATION TOTAL 2,877, ,207, (669,612.29) SUMMARY TOTALS: $ 208,384, $ 165,834, $ (42,550,625.79)

18 16 CHANGES IN VALUES NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Face Value Beginning Ending Change in Beginning Ending Change in Int/Div Accrued Number Description Date Date Market Value Market Value Market Value Book Value Book Value Book Value in the Period GENERAL OPERATING Gen Elec Cap Corp 06/24/10 03/21/11 $ 4,000, $ - $ 3,991, $ 3,991, $ - $ 3,979, $ 3,979, $ FHLB 04/01/10 09/09/11 10,000, ,384, ,384, ,347, ,347, , FHLB Discount Note 10/29/08 08/14/09 10,000, ,999, (9,999,000.00) 9,962, (9,962,722.22) Bank of Amer CRP 02/12/09 12/02/11 2,500, ,558, (2,558,500.00) 2,544, (2,544,020.69) NEISD Municipal Discount 12/11/07 08/01/10 5,145, ,052, ,143, , ,967, ,131, , GENERAL OPERATING TOTAL 31,645, ,610, ,519, ,909, ,474, ,459, ,984, , SCHOOL NUTRITION SERVICES Gen Elec Cap Corp 06/24/10 03/21/11 2,000, ,995, ,995, ,989, ,989, SCHOOL NUTRITION SERVICES TOTAL 2,000, ,995, ,995, ,989, ,989, CAPITAL PROJECTS $498 MILLION FAMCA 08/28/07 07/15/11 7,846, ,369, ,244, (125,536.00) 7,928, ,887, (40,347.76) 198, FFCB 08/28/07 01/03/12 2,315, ,487, ,457, (30,395.95) 2,305, ,309, , , FFCB 08/28/07 03/09/11 7,888, ,385, ,129, (256,360.00) 7,886, ,887, , FFCB 08/28/07 08/09/11 7,989, ,603, ,393, (209,711.25) 8,022, ,006, (15,753.90) 160, FFCB 08/29/07 10/23/09 2,100, ,130, (2,130,849.00) 2,102, (2,102,010.14) FFCB 08/29/07 08/16/10 11,775, ,349, ,844, (504,087.75) 11,809, ,778, (30,903.17) 220, FFCB 08/29/07 09/19/11 7,950, ,620, ,414, (206,223.00) 8,043, ,001, (42,209.24) 120, FFCB 08/30/07 05/03/10 10,905, ,296, (11,296,925.70) 10,912, (10,912,438.09) FFCB 09/04/07 03/04/10 11,833, ,176, (12,176,866.98) 11,825, (11,825,555.86) FHLB 08/24/07 09/10/10 11,500, ,143, ,615, (528,310.00) 11,540, ,506, (34,260.76) 181, FHLB 08/27/07 09/11/09 12,120, ,233, (12,233,685.60) 12,129, (12,129,512.71) FHLB 08/28/07 12/09/11 2,300, ,467, ,432, (34,500.00) 2,294, ,296, , , FHLB 08/28/07 08/05/09 11,430, ,483, (11,483,606.70) 11,434, (11,434,772.32) FHLB 08/28/07 12/11/09 12,120, ,373, (12,373,792.80) 12,131, (12,131,437.39) FHLB 08/24/07 06/10/11 7,830, ,446, ,192, (254,475.00) 7,906, ,866, (39,166.05) 24, FHLB 08/24/07 06/08/12 1,320, ,450, ,437, (13,200.00) 1,336, ,330, (5,650.58) 4, FHLB 08/24/07 03/09/12 2,235, ,425, ,397, (27,937.50) 2,240, ,238, (2,160.37) 34, FHLB 08/29/07 10/02/09 7,465, ,553, (7,553,684.20) 7,469, (7,469,402.47) FHLB 08/29/07 03/12/10 11,410, ,773, (11,773,750.80) 11,433, (11,433,655.76) FHLB 09/29/08 06/08/12 2,905, ,150, ,134, (15,454.60) 2,980, ,955, (25,825.51) 9, FHLB 09/29/08 09/14/12 3,250, ,485, ,502, , ,306, ,288, (17,592.58) 43, FHLB 10/28/08 09/10/10 4,000, ,223, ,040, (183,760.00) 4,081, ,013, (68,127.86) 63, FHLB 10/28/08 06/11/10 5,500, ,694, (5,694,205.00) 5,544, (5,544,264.15) FHLMC 08/24/07 01/18/11 9,940, ,520, (10,520,893.60) 9,935, (9,935,567.12) FHLMC 08/24/07 12/08/10 9,870, ,419, ,064, (354,727.80) 9,865, ,868, , , FHLMC 08/24/07 04/18/11 9,700, ,372, ,063, (309,236.00) 9,751, ,722, (28,409.04) 100, FHLMC 08/27/07 07/15/09 11,251, ,268, (11,268,551.56) 11,249, (11,249,229.40) FHLMC 08/28/07 02/09/10 18,675, ,176, (19,176,984.00) 18,687, (18,687,338.22) FHLMC 08/28/07 11/03/09 1,950, ,979, (1,979,854.50) 1,950, (1,950,104.76) FHLMC 08/28/07 10/18/10 12,255, ,814, ,396, (417,527.85) 12,161, ,233, , , FHLMC 08/29/07 10/28/09 3,000, ,037, (3,037,680.00) 2,994, (2,994,929.20) FHLMC 08/29/07 07/06/10 3,000, ,116, (3,116,760.00) 2,994, (2,994,029.92) 65, FHLMC 08/29/07 07/06/10 3,000, ,116, ,013, (102,888.00) 2,994, ,999, , FHLMC 08/29/07 11/15/11 5,750, ,135, ,059, (75,670.00) 5,714, ,729, , , FHLMC 09/29/08 04/27/12 2,415, ,576, ,569, (6,617.10) 2,461, ,445, (16,605.00) 18, FHLMC Pass-Thru 06/29/09 06/01/14 2,744, ,459, (3,459,169.07) 3,276, (3,276,417.25) FNMA 08/24/07 10/15/11 6,000, ,485, ,343, (142,500.00) 6,019, ,011, (8,619.72) 63, FNMA 08/24/07 02/07/11 8,075, ,582, ,299, (282,625.00) 8,096, ,082, (13,169.20) 163, FNMA 08/27/07 11/09/09 10,000, ,128, (10,128,100.00) 9,971, (9,971,232.32) FNMA 08/27/07 07/14/10 5,000, ,137, ,004, (132,800.00) 4,925, ,997, , , FNMA 08/27/07 06/21/10 11,880, ,314, (12,314,332.80) 11,826, (11,826,897.34) -

19 17 CHANGES IN VALUES NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Face Value Beginning Ending Change in Beginning Ending Change in Int/Div Accrued Number Description Date Date Market Value Market Value Market Value Book Value Book Value Book Value in the Period FNMA 08/28/07 11/16/09 2,000, ,026, (2,026,880.00) 1,993, (1,993,933.46) FNMA 08/28/07 02/16/12 2,300, ,495, ,460, (35,213.00) 2,309, ,305, (3,614.78) 43, FNMA 08/28/07 05/18/12 2,300, ,499, ,477, (22,287.00) 2,303, ,302, (1,086.14) 13, FNMA 08/29/07 05/15/11 7,609, ,270, ,982, (287,772.38) 7,776, ,687, (89,634.21) 58, FNMA 08/29/07 11/15/10 9,675, ,443, ,907, (535,221.00) 9,899, ,735, (163,847.34) 81, FNMA 08/30/07 01/19/10 11,885, ,126, (12,126,384.35) 11,857, (11,857,359.82) FNMA 08/30/07 05/17/10 725, , (749,693.50) 724, (724,689.00) CAPITAL PROJECTS $498 MILLION TOTAL 336,985, ,580, ,879, (181,700,428.84) 338,407, ,489, (172,917,710.82) 2,092, HEALTH INSURANCE Gen Elec Cap Corp 06/24/10 03/21/11 3,000, ,993, ,993, ,984, ,984, FHLMC Pass-Thru 06/29/09 06/01/14 1,568, ,976, (1,976,668.04) 1,872, (1,872,238.43) HEALTH INSURANCE TOTAL 4,568, ,976, ,993, ,016, ,872, ,984, ,112, WORKERS' COMPENSATION Gen Elec Cap Corp 06/24/10 03/21/11 1,000, , , , , WORKERS' COMPENSATION TOTAL 1,000, , , , , SUMMARY TOTALS: $ 376,199, $ 372,167, $ 196,386, $ (175,780,984.13) $ 357,754, $ 190,918, $ (166,835,458.52) $ 2,186,368.62

20 18 EARNINGS/YIELDS NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Face Value Year to Date Yield Number Description Date Date Earnings Earned GENERAL OPERATING NEISD Municipal Discount 12/11/07 08/01/10 $ 5,145, $ 163, % FHLB Discount Note 10/29/08 08/14/09 10,000, , Bank of Amer CRP 02/12/09 12/02/11 2,500, , FCAR Owner 07/01/09 07/23/09 30,000, , FCAR Owner Trust 1 07/09/09 07/24/09 30,000, , FCAR Owner TR 1 08/03/09 08/21/09 15,000, , FCAR Owner TR 1 08/03/09 08/21/09 30,000, , FCAR Owner TR 1 09/03/09 09/23/09 22,500, , AutoBahn Funding Co 10/01/09 10/14/09 30,000, , FCAR Owner TRI I 11/02/09 11/18/09 42,000, , Silver Tower US 12/01/09 12/16/09 10,000, , Silver Tower US 12/04/09 12/14/09 12,000, , AMSTEL Funding 01/07/10 01/19/10 82,000, , GIRBAL 01/07/10 01/20/10 66,000, , Hannover Funding 01/26/10 02/18/10 100,000, , Hannover Funding 02/01/10 02/18/10 69,000, , Silver Tower 03/01/10 03/19/10 30,000, , Anglesea Funding 03/01/10 03/24/10 100,000, , Silver Tower US Funding 03/01/10 03/18/10 23,895, , Anglesea Funding LLC 03/31/10 04/22/10 85,000, , FHLB 04/01/10 09/09/11 10,000, , Anglesea Funding LLC 04/30/10 05/20/10 62,000, , Gen Elec Cap Corp 06/24/10 03/21/11 4,000, AR-0001 TexPool-General Operating NA Open 4,353, , AR-0009 LOGIC-General Operating NA Open 1,479, , AR-0032 MBIA CLASS-1999 NA Open 9,914, , AR-0034 TexPool-State Payments NA Open , AR-0043 TexSTAR-General Operating NA Open 1, AR-0044 TexPool Prime-Gen. Fund NA Open 46,401, , AR-0054 TexPool-General Operating NA Open 407, , AR-0083 BlackRock - General Fund NA Open 37, SEC LEND Securities Lending GF NA Open - 2, NA GENERAL OPERATING TOTAL 933,636, , SCHOOL NUTRITION SERVICES FCAR Owner TR 1 09/03/09 09/23/09 4,500, , Gen Elec Cap Corp 06/24/10 03/21/11 2,000, AR-0004 TexPool-Food Service NA Open AR-0012 LOGIC-Food Service NA Open 95, , AR-0045 TexPool Prime-Food Svc NA Open 1,433, , AR-0061 TexSTAR-Food Service NA Open AR-0078 MBIA Class NA Open 2,212, , AR-0084 BlackRock - Food Service NA Open SCHOOL NUTRITION SERVICES TOTAL 10,241, ,

21 19 EARNINGS/YIELDS NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Face Value Year to Date Yield Number Description Date Date Earnings Earned DEBT SERVICE FCAR Owner TR 1 07/28/09 08/24/09 5,000, , FCAR Owner TR 1 08/04/09 08/21/09 10,000, , FCAR Owner TR 1 09/03/09 09/23/09 19,000, , FCAR Owner TRI I 11/02/09 11/18/09 15,000, , FCAR Owner TR I 12/01/09 12/16/09 15,000, , GIRBAL 01/07/10 01/20/10 10,000, , Silver Tower US 02/10/10 02/26/10 25,000, , Belmont Funding LLC 03/02/10 03/25/10 25,000, , Anglesea Funding LLC 03/31/10 04/22/10 55,000, , Anglesea Funding LLC 04/30/10 05/20/10 64,000, , AR-0005 TexPool-Debt Service NA Open AR-0013 LOGIC-Debt Service NA Open 23, , AR-0046 TexPool Prime-Debt Svc NA Open 66,466, , AR-0054 TexPool-General Operating NA Open AR-0055 TexSTAR-Debt Service NA Open 25, AR-0079 MBIA CLASS-5119 NA Open 1,386, AR-0085 BlackRock - Debt Service NA Open 155, DEBT SERVICE TOTAL 311,057, , CAPITAL PROJECTS $211 MILLION AR-0017 TexPool-CP $211 Million NA Open AR-0049 TexPool Prime-6289 NA Open - 9, AR-0086 BlackRock - $211M NA Open CAPITAL PROJECTS $211 MILLION TOTAL - 9, CAPITAL PROJECTS $155 MILLION AR-0050 TexPool Prime-6299 NA Open CAPITAL PROJECTS $155 MILLION TOTAL CAPITAL PROJECTS $300 MILLION AR-0056 TexSTAR - Capital Project NA Open AR-0057 MBIA CLASS-6319 NA Open 1,500, AR-0082 LOGIC-Bond $300 Million NA Open 11, AR-0087 BlackRock - $300M NA Open 160, , CAPITAL PROJECTS $300 MILLION TOTAL 1,672, , CAPITAL PROJECTS $149 MILLION AR-0059 TexPool-CP $149Million NA Open AR-0060 TexPool Prime-6329 NA Open 629, , AR-0063 TexSTAR-Capital Projects NA Open AR-0077 MBIA Class 6329 NA Open AR-0088 BlackRock - $149M NA Open 1, CAPITAL PROJECTS $149 MILLION TOTAL 631, ,

22 20 EARNINGS/YIELDS NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Face Value Year to Date Yield Number Description Date Date Earnings Earned CAPITAL PROJECTS $498 MILLION FHLMC 08/24/07 01/18/11 9,940, , FHLMC 08/24/07 12/08/10 9,870, , FHLMC 08/24/07 04/18/11 9,700, , FNMA 08/24/07 10/15/11 6,000, , FNMA 08/24/07 02/07/11 8,075, , FHLB 08/24/07 09/10/10 11,500, , FHLMC 08/27/07 07/15/09 11,251, , FNMA 08/27/07 11/09/09 10,000, , FHLB 08/27/07 09/11/09 12,120, , FNMA 08/27/07 07/14/10 5,000, , FNMA 08/27/07 06/21/10 11,880, , FHLMC 08/28/07 02/09/10 18,675, , FHLMC 08/28/07 11/03/09 1,950, , FHLMC 08/28/07 10/18/10 12,255, , FNMA 08/28/07 11/16/09 2,000, , FNMA 08/28/07 02/16/12 2,300, , FNMA 08/28/07 05/18/12 2,300, , FHLB 08/28/07 12/09/11 2,300, , FHLB 08/28/07 08/05/09 11,430, , FHLB 08/28/07 12/11/09 12,120, , FHLB 08/24/07 06/10/11 7,830, , FHLB 08/24/07 06/08/12 1,320, , FFCB 08/28/07 01/03/12 2,315, , FFCB 08/28/07 03/09/11 7,888, , FFCB 08/28/07 08/09/11 7,989, , FHLB 08/24/07 03/09/12 2,235, , FAMCA 08/28/07 07/15/11 7,846, , FHLMC 08/29/07 10/28/09 3,000, , FHLMC 08/29/07 07/06/10 3,000, , FHLMC 08/29/07 07/06/10 3,000, , FHLMC 08/29/07 11/15/11 5,750, , FFCB 08/29/07 10/23/09 2,100, , FFCB 08/29/07 08/16/10 11,775, , FFCB 08/29/07 09/19/11 7,950, , FNMA 08/29/07 05/15/11 7,609, , FNMA 08/29/07 11/15/10 9,675, , FHLB 08/29/07 10/02/09 7,465, , FHLB 08/29/07 03/12/10 11,410, , FNMA 08/30/07 01/19/10 11,885, , FFCB 08/30/07 05/03/10 10,905, , FNMA 08/30/07 05/17/10 725, , FFCB 09/04/07 03/04/10 11,833, , FHLB 09/29/08 06/08/12 2,905, , FHLMC 09/29/08 04/27/12 2,415, , FHLB 09/29/08 09/14/12 3,250, , FHLB 10/28/08 09/10/10 4,000, ,

23 21 EARNINGS/YIELDS NORTH EAST I.S.D. 07/01/09-06/30/10 Investment Investment Purchase Maturity Face Value Year to Date Yield Number Description Date Date Earnings Earned FHLB 10/28/08 06/11/10 5,500, , FHLMC Pass-Thru 06/29/09 06/01/14 2,744, (6,752.12) (0.49) FCAR Owner TR 1 09/03/09 09/23/09 3,000, , FCAR Owner TRI I 11/02/09 11/18/09 10,000, , AR-0067 TexPool-CP $498 Million NA Open AR-0068 TexPool Prime NA Open 2,894, , AR-0076 MBIA Class NA Open AR-0089 BlackRock - $498M Constru NA Open SEC LEND Securities Lending CP NA Open - 415, NA CAPITAL PROJECTS $498 MILLION TOTAL 352,881, ,741, CAPITAL PROJECTS $498 MILLION FCAR Owner TR 1 09/03/09 09/23/09 3,000, , AR-0071 TexPool Prime NA Open 2,077, , AR-0080 MBIA CLASS 6729 NA Open AR-0090 BlackRock - $498M Purchas NA Open 7, CAPITAL PROJECTS $498 MILLION TOTAL 5,085, , HEALTH INSURANCE FHLMC Pass-Thru 06/29/09 06/01/14 1,568, (3,858.36) (0.49) FCAR Owner TR 1 08/04/09 08/21/09 5,000, , FCAR Owner TR 1 09/03/09 09/23/ FCAR Owner TR 1 09/03/09 09/23/09 8,000, , AutoBahn Funding Co 10/01/09 10/14/09 10,000, , FCAR Owner TRI I 11/02/09 11/18/09 13,000, , FCAR Owner TR I 12/01/09 12/16/09 5,000, GIRBAL 01/07/10 01/20/10 12,000, , Hannover Funding 02/01/10 02/18/10 5,000, Silver Tower US 02/10/10 02/26/10 5,000, Belmont Funding LLC 03/02/10 03/25/10 8,000, , Anglesea Funding LLC 03/31/10 04/22/10 10,000, , Anglesea Funding LLC 04/30/10 05/20/10 12,000, , Gen Elec Cap Corp 06/24/10 03/21/11 3,000, AR-0006 TexPool-Health Insurance NA Open AR-0014 LOGIC-Health Insurance NA Open 436, , AR-0051 TexPool Prime-Health Ins. NA Open 12,556, , AR-0054 TexPool-General Operating NA Open AR-0064 TexSTAR-Health Insurance NA Open AR-0073 MBIA CLASS-7539 NA Open 6,800, , AR-0091 BlackRock - Health Insura NA Open 6, HEALTH INSURANCE TOTAL 117,368, , DENTAL AR-0007 TexPool-Dental NA Open 179, , AR-0052 TexPool Prime-Dental NA Open 1,965, , AR-0065 TexSTAR-Dental NA Open