maine state treasurer-pooled cash account...the relatively strong gdp report combined with an...

MAINE STATE TREASURER-POOLED CASH ACCOUNT

Reports for the period October 1, 2007 – October 31, 2007

Please contact Accounting by calling the number above or email [email protected] with questions concerning this report.

MBIA Asset Management 1700 Broadway, Suite 2050Denver, CO 80290303 860 1100Fax: 303 860 0016

Fixed Income Market Review October 31, 2007

Charts Reprinted from Bloomberg L.P. MBIA Asset Management

Economic Indicators & Monetary Policy – On October 31st, the Federal Open Market Committee (FOMC) voted to reduce the federal funds target rate 25 basis points from 4.75 to 4.50 percent. Following the second reduction in as many months, the FOMC stated that upside risks to inflation were roughly balanced with the downside risks to growth. While the 25 basis point reduction in the target rate was widely anticipated, the accompanying statement caught the markets a bit off guard. Continued stress in the credit and housing markets has led some economists to believe that the Fed must do more to avert a recession. However, the Fed’s balanced risk assessment would indicate a more measured approach. The U.S. economy exceeded expectations by growing at a 3.9 percent annual rate in the third quarter. Increases in exports, consumer spending and business investment made up for the shortfall in home construction. The Personal Consumption Expenditure Index (PCE), a preferred measure of inflation by the Fed, rose at a 1.8 annual pace following a 1.4 percent increase the prior quarter. (See Chart 1.) The relatively strong GDP report combined with an up-tick in inflation may have influenced the Fed’s neutral risk assessment. At month-end, fed funds futures contracts indicated a 50 percent chance of another 25 basis point rate cut at the next FOMC meeting on December 11th. Yield Curve & Spreads – Treasury yields were generally lower across the curve at month-end as mounting concerns regarding the housing and credit markets increased the odds of continued FOMC activity. At the end of October, three-month Treasury bills yielded 3.92 percent, six-month Treasury bills yielded 4.08 percent, two-year Treasuries yielded 3.91 percent, three-year Treasuries yielded 3.90 percent, five-year Treasuries yielded 4.16 percent, 10-year Treasuries yielded 4.47 percent, and 30-year bonds yielded 4.75. (See Chart 2.)

Maine State Treasurer-Pooled Cash Account

Activity and Performance Summaryfor the period October 1, 2007 - October 31, 2007

1,997,917.64

1,407.96

204,419.85

0.00

752,773,485.09

Amortized Cost Basis Activity Summary

Beginning Amortized Cost Value

Additions

Contributions

Interest Received

Accrued Interest Sold

Gain on Sales

Total Additions

Fees Paid

Loss on Sales

Accrued Interest Purchased

Withdrawals

Deductions

Total Deductions

Accretion (Amortization) for the Period

Ending Amortized Cost Value

Ending Fair Value

Unrealized Gain (Loss)

66,208,103.62

14,964.04

8,250.00

0.00

50,785.42

688,796,698.30

689,365,047.60

568,349.30

2,203,745.45

(66,231,317.66)

Annualized Comparative Rates of Return

For the MonthMonth Trailing

Twelve

Month Trailing

Six

Fed Funds 5.17% 5.09% 4.76%

Overnight Repo 5.04% 4.87% 4.63%

3 Month T-Bill 4.77% 4.48% 4.00%

6 Month T-Bill 4.88% 4.65% 4.17%

1 Year T-Note 4.79% 4.59% 4.10%

2 Year T-Note 4.60% 4.48% 3.97%

5 Year T-Note 4.59% 4.57% 4.20%

Summary of Amortized Cost Basis Return for the Period

2,879,588.86 829,729.42

50,785.42 50,785.42

1,407.96 1,407.96

2,931,782.24 881,922.80

711,671,414.05 221,381,091.47

4.85% 4.69%

4.83% 4.61%

5.14% 5.04%

72 228

Total Portfolio Excl. Cash Eq.

Interest Earned

Accretion (Amortization)

Realized Gain (Loss) on Sales

Total Income on Portfolio

Average Daily Historical Cost

Annualized Return

Annualized Return Net of Fees

Annualized Return Year to Date Net of Fees

Weighted Average Effective Maturity in Days

IncomeTotalRealized

Gain (Loss)

Accretion

(Amortization)

Interest

Earned

Detail of Amortized Cost Basis Return

Current Holdings

Cash and Equivalents 2,049,859.44 0.00 0.00 2,049,859.44

Repurchase Agreement 6,056.83 0.00 0.00 6,056.83

Commercial Paper 0.00 7,640.21 0.00 7,640.21

Certificates of Deposit 330,033.84 0.00 0.00 330,033.84

U.S. Treasury 9,213.65 1,521.94 0.00 10,735.59

U.S. Instrumentality 301,797.87 42,333.45 0.00 344,131.32

Corporate 135,744.80 (3,570.14) 0.00 132,174.66

Sales and Maturities

Commercial Paper 0.00 2,829.17 0.00 2,829.17

Certificates of Deposit 38,602.43 0.00 0.00 38,602.43

U.S. Instrumentality 8,280.00 30.79 1,407.96 9,718.75

2,879,588.86 50,785.42 1,407.96 2,931,782.24 Total

MBIA Asset ManagementAmortized Cost Summary - Page 1


Activity and Performance Summaryfor the period October 1, 2007 - October 31, 2007

1,997,917.64

204,419.85

0.00

Fair Value Basis Activity Summary

Beginning Fair Value

Additions

Contributions

Interest Received

Accrued Interest Sold

Total Additions

Fees Paid

Accrued Interest Purchased

Withdrawals

Deductions

Total Deductions

Change in Fair Value for the Period

Ending Fair Value

66,208,103.62

14,964.04

8,250.00

689,365,047.60

Summary of Fair Value Basis Return for the Period

2,879,588.86 829,729.42

711,671,414.05 221,381,091.47

72 228

Total Portfolio Excl. Cash Eq.

Interest Earned

Change in Fair Value

Total Income on Portfolio

Average Daily Historical Cost

Annualized Return

Annualized Return Net of Fees

Annualized Return Year to Date Net of Fees

Weighted Average Effective Maturity in Days

Twelve

Annualized Comparative Rates of Return

For the MonthMonth Trailing

Six

Month Trailing

Fed Funds 5.17% 5.09% 4.76%

Overnight Repo 5.04% 4.87% 4.63%

3 Month T-Bill 5.11% 5.04% 3.89%

6 Month T-Bill 5.40% 5.63% 4.59%

1 Year T-Note 5.29% 5.89% 3.65%

2 Year T-Note 5.63% 6.59% 4.71%

5 Year T-Note 6.12% 7.44% 7.54%

(66,231,317.66)

2,202,337.49

753,305,817.00

88,210.77

IncomeTotalChange in

Fair Value

Interest

Earned

Detail of Fair Value Basis Return

Current Holdings

Cash and Equivalents 2,049,859.44 0.00 2,049,859.44

Repurchase Agreement 6,056.83 0.00 6,056.83

Commercial Paper 0.00 9,310.00 9,310.00

Certificates of Deposit 330,033.84 0.00 330,033.84

U.S. Treasury 9,213.65 (750.00) 8,463.65

U.S. Instrumentality 301,797.87 61,174.10 362,971.97

Corporate 135,744.80 17,147.50 152,892.30

Sales and Maturities

Commercial Paper 0.00 2,829.17 2,829.17

Certificates of Deposit 38,602.43 0.00 38,602.43

U.S. Instrumentality 8,280.00 (1,500.00) 6,780.00

2,879,588.86 Total 88,210.77 2,967,799.63

88,210.77 88,210.77

2,967,799.63 917,940.19

4.91% 4.88%

4.89% 4.80%

5.28% 5.36%

MBIA Asset ManagementFair Value Summary - Page 1

Recap of Securities Held

October 31, 2007


HistoricalCost Cost

AmortizedFair Value (Loss)

Gain

Unrealized

FinalMaturity (Days)

AverageWeighted

EffectiveMaturity (Days)

AverageWeighted

Portfolio/Segment

%

Yield *Average

Weighted

MarketDuration (Years)

AverageWeighted

Cash and Equivalents 474,000,000.00 474,000,000.00 474,000,000.00 0.00 1 4.94 0.00 1 68.87

Repurchase Agreement 2,310,000.00 2,310,000.00 2,310,000.00 0.00 226 3.04 0.61 226 0.34

Commercial Paper 21,647,335.69 21,725,600.62 21,725,937.50 336.88 48 5.52 0.02 48 3.15

Certificates of Deposit 73,905,000.00 73,905,000.00 73,905,000.00 0.00 47 5.35 0.13 47 10.74

U.S. Treasury 2,473,046.88 2,495,532.36 2,501,750.00 6,217.64 92 5.13 0.25 92 0.36

U.S. Instrumentality 84,224,627.84 84,746,001.01 85,263,763.60 517,762.59 438 5.00 1.13 503 12.24

Corporate 29,689,878.00 29,614,564.31 29,658,596.50 44,032.19 294 5.33 0.76 294 4.31

688,249,888.41 688,796,698.30 689,365,047.60 568,349.30 TOTAL 100.0080 72 5.02 0.19

Cash and Equivalents 68.9%Repurchase Agreement 0.3%Commercial Paper 3.1%Certificates of Deposit 10.7%U.S. Treasury 0.4%U.S. Instrumentality 12.2%Corporate 4.3%

Total: 100.0%

Portfolio / Segment Diversification

* Weighted Average Yield is calculated on a "yield to worst" basis.

MBIA Asset ManagementHoldings Recap - Page 1


Maturity Distribution of Securities HeldOctober 31, 2007

Historical CostMaturity Percent

Under 90 Days 588,550,129.22 85.51%

90 To 180 Days 11,130,903.46 1.62%

180 Days to 1 Year 34,220,309.95 4.97%

1 To 2 Years 30,575,272.78 4.44%

2 To 5 Years 23,773,273.00 3.45%

Over 5 Years 0.00 0.00%

688,249,888.41 100.00%

0M

100M

200M

300M

400M

500M

600M

Und

er 9

0

Day

s90

To

180

Day

s

180

Day

s to

1

Year

1 To

2 Yea

rs

2 To

5 Yea

rs

Ove

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ears

His

tori

cal C

ost

Maturity Distribution

MBIA Asset ManagementMaturity Distribution - Page 1


Securities Held October 31, 2007

DateCUSIP/

DescriptionRate/

CouponMaturity/Call Date Shares

Par Value/Purchased

Accrued InterestHistorical Cost/

Cost/Accretion(Amortization)

Amortized

In Fair ValueChange

Fair Value/

(Loss)Gain

Unrealized

ReceivedInterest

EarnedInterest

InterestAccrued

Total

CostPort%

YieldPurchase

Cash and Equivalents

10/31/07Citizens Bank 4.880 101,000,000.00 101,000,000.00 0.00

101,000,000.00 0.00

101,000,000.00 0.00

0.00 1,524,838.93 685,848.52 685,848.50 4.88 14.67V

10/31/07TD Banknorth 4.950 373,000,000.00 373,000,000.00 0.00

373,000,000.00 0.00

373,000,000.00 0.00

0.00 358,328.71 1,364,010.92 1,364,010.96 4.95 54.20V

474,000,000.00 474,000,000.00

0.00

474,000,000.00

0.00

474,000,000.00 0.00 1,883,167.64 2,049,859.44 2,049,859.46

0.00 TOTAL68.87

Repurchase Agreement

01/31/07Farm Credit ME 2.375 01/31/08 200,000.00 200,000.00 0.00

200,000.00 0.00

200,000.00 0.00

0.00 0.00 409.03 3,615.28 2.38 0.03

04/30/07Farm Credit ME 2.875 04/30/08 140,000.00 140,000.00 0.00

140,000.00 0.00

140,000.00 0.00

0.00 0.00 346.59 2,068.40 2.88 0.02

06/30/07Farm Credit ME 3.125 06/30/08 1,970,000.00 1,970,000.00 0.00

1,970,000.00 0.00

1,970,000.00 0.00

0.00 0.00 5,301.21 21,204.86 3.13 0.29

2,310,000.00 2,310,000.00

0.00

2,310,000.00

0.00

2,310,000.00 0.00 0.00 6,056.83 26,888.54

0.00 TOTAL0.34

Commercial Paper

08/08/075606E1VX6Mainsail

0.000 08/31/07 20,000,000.00 19,930,361.11 0.00

20,000,000.00 0.00

20,000,000.00 0.00

0.00 0.00 0.00 0.00 5.55 2.90

09/27/0717177LB86Ciesco L.P.

0.000 02/08/08 1,750,000.00 1,716,974.58 0.00

1,725,600.62 7,640.21

1,725,937.50 9,310.00

336.88 0.00 0.00 0.00 5.24 0.25M

21,750,000.00 21,647,335.69

0.00

21,725,600.62

7,640.21

21,725,937.50 336.88 0.00 0.00 0.00

9,310.00 TOTAL3.15

Certificates of Deposit

09/14/07TD Banknorth 5.600 11/13/07 40,000,000.00 40,000,000.00 0.00

40,000,000.00 0.00

40,000,000.00 0.00

0.00 0.00 189,726.77 293,770.49 5.60 5.81

09/12/07KeyBank 5.520 11/13/07 20,000,000.00 20,000,000.00 0.00

20,000,000.00 0.00

20,000,000.00 0.00

0.00 0.00 93,508.19 150,819.67 5.52 2.91

12/02/06Northeast Bank 5.080 12/02/07 100,000.00 100,000.00 0.00

100,000.00 0.00

100,000.00 0.00

0.00 0.00 450.98 4,757.95 5.21 0.01

12/06/06Machias Savings 1.440 12/06/07 200,000.00 200,000.00 0.00

200,000.00 0.00

200,000.00 0.00

0.00 0.00 247.65 2,620.81 1.45 0.03

07/11/07Bar Harbor 5.100 12/11/07 500,000.00 500,000.00 0.00

500,000.00 0.00

500,000.00 0.00

0.00 0.00 2,195.30 7,956.61 5.17 0.07

06/14/07Mechanics Savings Bank 5.117 12/18/07 1,000,000.00 1,000,000.00 0.00

1,000,000.00 0.00

1,000,000.00 0.00

0.00 0.00 4,484.66 20,097.32 5.19 0.15

Holdings - Page 1 MBIA Asset Management



DateCUSIP/

DescriptionRate/


Par Value/Purchased



Amortized

In Fair ValueChange

Fair Value/

(Loss)Gain

Unrealized

ReceivedInterest

EarnedInterest

InterestAccrued

Total

CostPort%

YieldPurchase


12/22/06Machias Savings 1.440 12/22/07 75,000.00 75,000.00 0.00

75,000.00 0.00

75,000.00 0.00

0.00 0.00 92.81 934.86 1.45 0.01

12/26/06Gardiner Svgs 5.000 12/26/07 500,000.00 500,000.00 0.00

500,000.00 0.00

500,000.00 0.00

0.00 0.00 2,123.29 21,232.88 5.00 0.07

06/30/07The First 5.250 12/30/07 500,000.00 500,000.00 0.00

500,000.00 0.00

500,000.00 0.00

0.00 0.00 2,223.36 8,893.44 5.25 0.07

01/05/07Katahdin Trust 1.490 01/05/08 200,000.00 200,000.00 0.00

200,000.00 0.00

200,000.00 0.00

0.00 0.00 253.10 2,449.32 1.49 0.03

01/09/07Gorham Savings Bank 1.540 01/09/08 200,000.00 200,000.00 0.00

200,000.00 0.00

200,000.00 0.00

0.00 0.00 261.59 2,497.75 1.54 0.03

01/11/07Gardiner Svgs 5.100 01/11/08 500,000.00 500,000.00 0.00

500,000.00 0.00

500,000.00 0.00

0.00 0.00 2,165.76 20,539.73 5.10 0.07

01/29/07Ocean National 5.050 01/29/08 1,000,000.00 1,000,000.00 0.00

1,000,000.00 0.00

1,000,000.00 0.00

0.00 0.00 4,348.61 38,716.67 5.05 0.15

04/12/07Northeast Bank 5.130 04/12/08 1,000,000.00 1,000,000.00 0.00

1,000,000.00 0.00

1,000,000.00 0.00

0.00 0.00 4,345.08 28,453.28 5.13 0.15

05/18/07Bar Harbor 0.747 05/18/08 200,000.00 200,000.00 0.00

200,000.00 0.00

200,000.00 0.00

0.00 0.00 127.35 685.09 0.75 0.03

05/25/07Machias Savings 1.440 05/25/08 200,000.00 200,000.00 0.00

200,000.00 0.00

200,000.00 0.00

0.00 0.00 245.99 1,266.43 1.45 0.03

06/05/07Machias Savings 1.440 06/05/08 200,000.00 200,000.00 0.00

200,000.00 0.00

200,000.00 0.00

0.00 0.00 245.89 1,179.11 1.45 0.03

06/27/07KeyBank 5.220 06/27/08 500,000.00 500,000.00 0.00

500,000.00 0.00

500,000.00 0.00

0.00 0.00 2,247.50 9,207.50 5.22 0.07

07/04/07Bangor Savings 5.120 07/04/08 1,000,000.00 1,000,000.00 0.00

1,000,000.00 0.00

1,000,000.00 0.00

0.00 0.00 4,412.40 16,974.15 5.26 0.15

07/10/07Katahdin Trust 1.490 07/10/08 525,000.00 525,000.00 0.00

525,000.00 0.00

525,000.00 0.00

0.00 0.00 662.57 2,436.52 1.49 0.08

07/17/07KeyBank 3.080 07/17/08 1,000,000.00 1,000,000.00 0.00

1,000,000.00 0.00

1,000,000.00 0.00

0.00 0.00 2,652.22 9,154.44 3.08 0.15

10/25/07Merrill Mrchnt 4.690 07/25/08 500,000.00 500,000.00 0.00

500,000.00 0.00

500,000.00 0.00

0.00 0.00 456.15 456.15 4.77 0.07

07/31/07Camden Nat'l 5.120 07/31/08 2,000,000.00 2,000,000.00 0.00

2,000,000.00 0.00

2,000,000.00 0.00

0.00 0.00 8,791.43 26,260.03 5.26 0.29

08/09/07TD Banknorth 2.450 08/09/08 505,000.00 505,000.00 0.00

505,000.00 0.00

505,000.00 0.00

0.00 0.00 1,047.94 2,839.59 2.45 0.07




DateCUSIP/

DescriptionRate/


Par Value/Purchased



Amortized

In Fair ValueChange

Fair Value/

(Loss)Gain

Unrealized

ReceivedInterest

EarnedInterest

InterestAccrued

Total

CostPort%

YieldPurchase


07/09/07Saco & Bddfrd 5.100 09/09/08 500,000.00 500,000.00 0.00

500,000.00 0.00

500,000.00 0.00

0.00 0.00 2,195.92 8,098.57 5.25 0.07

10/27/07The First 4.750 10/27/08 500,000.00 500,000.00 0.00

500,000.00 0.00

500,000.00 0.00

0.00 0.00 324.45 324.45 4.75 0.07

10/29/07Bar Harbor 4.790 10/28/08 500,000.00 500,000.00 0.00

500,000.00 0.00

500,000.00 0.00

0.00 0.00 196.88 196.88 4.91 0.07

73,905,000.00 73,905,000.00

0.00

73,905,000.00

0.00

73,905,000.00 0.00 0.00 330,033.84 682,819.69

0.00 TOTAL10.74

U.S. Treasury

07/31/06912828EU0T-Note

4.375 01/31/08 2,500,000.00 2,473,046.88 0.00

2,495,532.36 1,521.94

2,501,750.00 (750.00)

6,217.64 0.00 9,213.65 27,640.96 5.13 0.36M

2,500,000.00 2,473,046.88

0.00

2,495,532.36

1,521.94

2,501,750.00 6,217.64 0.00 9,213.65 27,640.96

(750.00)TOTAL0.36

U.S. Instrumentality

12/07/053128X3L50FHLMC

3.35011/09/0711/09/07 3,000,000.00 2,922,660.00

0.00 2,999,118.63

3,415.30 2,998,800.00

4,200.00 (318.63) 0.00 8,375.00 48,016.67 4.77 0.42Call

M

12/30/0431359MWW9FNMA

3.65011/30/0711/30/07 3,000,000.00 2,991,150.00

0.00 2,999,759.01

257.60 2,997,300.00

3,900.00 (2,459.01) 0.00 9,125.00 45,929.17 3.76 0.43Call

M

12/28/06313588QU2FNMA

0.000 12/21/07 5,255,000.00 4,999,458.11 0.00

5,219,309.79 22,127.93

5,222,944.50 21,020.00

3,634.71 0.00 0.00 0.00 5.15 0.73

03/30/063133XAKC0FHLB

4.50002/15/0802/15/08 3,000,000.00 2,968,260.00

0.00 2,995,102.71

1,432.23 2,998,200.00

3,300.00 3,097.29 0.00 11,250.00 28,500.00 5.10 0.43Call

M

05/05/0631359MD59FNMA

4.12506/16/0806/16/08 2,000,000.00 1,954,000.00

0.00 1,986,432.08

1,844.76 1,994,000.00

3,000.00 7,567.92 0.00 6,875.00 30,937.50 5.29 0.28Call

M

08/10/0631331VM52FFCB

5.500 07/03/08 5,000,000.00 5,022,550.00 0.00

5,007,972.22 (1,008.73)

5,029,500.00 1,500.00

21,527.78 0.00 22,916.67 90,138.89 5.24 0.73M

09/21/053128X4HK0FHLMC

4.62508/15/0808/15/08 4,950,000.00 4,951,093.95

0.00 4,950,000.00

0.00 4,952,475.00

4,455.00 2,475.00 0.00 19,078.12 48,331.25 4.63 0.72Call

M

03/15/063133M5JV3FHLB

5.800 09/02/08 2,000,000.00 2,036,800.00 0.00

2,012,484.26 (1,264.74)

2,020,200.00 (400.00)

7,715.74 0.00 9,666.67 19,011.11 5.00 0.30M

08/11/063133XDJG7FHLB

4.500 10/14/08 5,100,000.00 5,026,866.00 0.00

5,067,986.63 2,851.77

5,100,000.00 3,570.00

32,013.37 114,750.00 19,125.00 10,837.50 5.20 0.73M

11/03/053128X4ST9FHLMC

4.90011/03/0811/03/08 3,010,000.00 2,999,555.30

0.00 3,006,493.02

295.42 3,023,545.00

1,204.00 17,051.98 0.00 12,290.83 72,925.61 5.03 0.44Call

M




DateCUSIP/

DescriptionRate/


Par Value/Purchased



Amortized

In Fair ValueChange

Fair Value/

(Loss)Gain

Unrealized

ReceivedInterest

EarnedInterest

InterestAccrued

Total

CostPort%

YieldPurchase


02/23/0731359MXL2FNMA

4.00001/26/0901/26/09 4,200,000.00 4,119,948.00

0.00 4,148,529.87

3,530.04 4,177,740.00

4,620.00 29,210.13 0.00 14,000.00 44,333.33 5.05 0.60Call

M

05/17/0731331XSL7FFCB

4.800 03/12/09 5,355,000.00 5,332,723.20 0.00

5,338,351.02 1,038.46

5,381,239.50 1,606.50

42,888.48 0.00 21,420.00 34,986.00 5.04 0.77M

05/05/0631331TB34FFCB

2.950 03/30/09 2,796,000.00 2,621,054.28 0.00

2,711,002.79 5,116.34

2,740,359.60 4,473.60

29,356.81 0.00 6,873.50 7,102.62 5.30 0.38M

05/12/063136F7ZW0FNMA

5.37505/12/0805/12/09 5,000,000.00 4,989,000.00

0.00 4,994,399.64

311.14 5,023,000.00

(2,000.00) 28,600.36 0.00 22,395.83 126,163.19 5.46 0.72Call

M

11/15/063133XGJ88FHLB

5.250 09/11/09 5,500,000.00 5,549,885.00 0.00

5,532,901.84 (1,499.94)

5,586,350.00 0.00

53,448.16 0.00 24,062.50 40,104.17 4.90 0.81M

02/15/073133MTRK6FHLB

4.000 11/13/09 5,000,000.00 4,877,050.00 0.00

4,908,830.49 3,803.84

4,966,500.00 7,000.00

57,669.51 0.00 16,666.66 92,222.22 4.97 0.71M

01/19/073133XGYT5FHLB

5.000 12/11/09 3,000,000.00 2,994,660.00 0.00

2,996,104.88 156.61

3,038,700.00 2,100.00

42,595.12 0.00 12,500.00 58,333.33 5.06 0.44M

01/19/073128X5XA1FHLMC

5.25001/11/0801/11/10 3,000,000.00 2,992,950.00

0.00 2,994,803.22

200.88 3,003,900.00

(1,800.00) 9,096.78 0.00 13,125.00 48,125.00 5.34 0.43Call

M

07/02/073133XJUS5FHLB

5.000 03/12/10 5,000,000.00 4,967,850.00 0.00

4,971,836.08 1,012.86

5,069,500.00 4,000.00

97,663.92 0.00 20,833.34 34,027.78 5.25 0.72M

04/03/073133XKB53FHLB

5.55012/22/0703/22/10 1,750,000.00 1,750,000.00

0.00 1,750,000.00

0.00 1,752,450.00

(1,575.00) 2,450.00 0.00 8,093.75 10,521.88 5.55 0.25Call

M

08/30/0731331XW24FFCB

5.000 08/16/10 5,100,000.00 5,142,024.00 9,916.67

5,139,577.13 (1,204.02)

5,179,560.00 4,590.00

39,982.87 0.00 21,250.00 53,125.00 4.70 0.75M

10/26/0731331X6M9FFCB

4.500 10/04/10 3,000,000.00 3,015,090.00 8,250.00

3,015,005.70 (84.30)

3,007,500.00 (7,590.00)

(7,505.70) 0.00 1,875.00 10,125.00 4.31 0.44M

85,016,000.00 84,224,627.84

18,166.67

84,746,001.01

42,333.45

85,263,763.60 517,762.59 114,750.00 301,797.87 953,797.22

61,174.10 TOTAL12.24

Corporate

07/18/0636962GVW1GE Capital

6.500 12/10/07 15,000,000.00 15,188,550.00 0.00

15,014,418.53 (11,460.88)

15,022,500.00 (7,500.00)

8,081.47 0.00 81,250.00 381,875.00 5.55 2.21

01/31/0636962GP57GE Capital

4.125 03/04/08 1,800,000.00 1,772,622.00 0.00

1,795,550.63 1,112.35

1,795,140.00 3,420.00

(410.63) 0.00 6,187.50 11,756.25 4.90 0.26M

07/31/07892332AH0Toyota Motor Credit

5.500 12/15/08 5,000,000.00 5,018,250.00 35,138.89

5,014,875.75 (1,124.75)

5,024,000.00 (500.00)

9,124.25 0.00 22,916.67 103,888.89 5.22 0.73M

10/31/0636962GD27GE Capital

3.250 06/15/09 2,800,000.00 2,673,524.00 0.00

2,721,843.64 4,092.65

2,726,080.00 5,040.00

4,236.36 0.00 7,583.34 34,377.78 5.11 0.39M




DateCUSIP/

DescriptionRate/


Par Value/Purchased



Amortized

In Fair ValueChange

Fair Value/

(Loss)Gain

Unrealized

ReceivedInterest

EarnedInterest

InterestAccrued

Total

CostPort%

YieldPurchase

Corporate

09/15/0636962GQ98GE Capital

4.000 06/15/09 2,330,000.00 2,260,333.00 0.00

2,288,921.45 2,151.07

2,295,283.00 2,796.00

6,361.55 0.00 7,766.67 35,208.89 5.18 0.33M

09/18/0736962GK78GE Capital

4.250 09/13/10 2,835,000.00 2,776,599.00 1,673.44

2,778,954.31 1,659.42

2,795,593.50 13,891.50

16,639.19 0.00 10,040.62 16,065.00 5.00 0.40M

29,765,000.00 29,689,878.00

36,812.33

29,614,564.31

(3,570.14)

29,658,596.50 44,032.19 0.00 135,744.80 583,171.81

17,147.50 TOTAL4.31

GRAND TOTAL 689,246,000.00 688,249,888.41 688,796,698.30 689,365,047.60 568,349.30 1,997,917.64 2,832,706.43 4,324,177.68 100.00

54,979.00 47,925.46 86,881.60

V = variable rate, current rate shown, average rate for Cash & Equivalents

M = MBIA-Managed


Cusip Description Original Face Par Value Market Value1 912828FC9 US Treasury Note 0.00 200,375.00 - 2 912828EU0 US Treasury Note 0.00 200,000.00

3 912828FJ4 US Treasury Note 0.00 1,971,687.95 -

0.00 2,372,062.95 0.00

Pledged Securities for Farm Credit Repurchase Agreements

State of Maine Collateral as of 10/31/07

CUSIP Type CouponS&P

Rating

Call

DateMoody

Rating

Par Value /

Shares

Historical

Cost

% Portfolio

Hist Cost

Weighted Avg

Mkt Dur (Yrs)

Maturity

Date

October 31, 2007

GASB 40 - Deposit and Investment Risk Disclosure


Market

Value

% Portfolio

Mkt Value

TD Banknorth

Cash and Equivalents 4.950 373,000,000.00 373,000,000.00 54.20 0.00 373,000,000.00 54.11

Certificates of Deposit 5.600 40,000,000.00 40,000,000.00 5.81 0.0311/13/2007 40,000,000.00 5.80

Certificates of Deposit 2.450 505,000.00 505,000.00 0.07 0.7708/09/2008 505,000.00 0.07

413,505,000.00 413,505,000.00 60.08 0.00ISSUER TOTAL 413,505,000.00 59.98

Citizens Bank

Cash and Equivalents 4.880 101,000,000.00 101,000,000.00 14.67 0.00 101,000,000.00 14.65

101,000,000.00 101,000,000.00 14.67 0.00ISSUER TOTAL 101,000,000.00 14.65

FHLB

3133XKB53 U.S. Instrumentality 5.550 12/22/2007 Aaa 1,750,000.00 1,750,000.00 0.25 0.1403/22/2010 1,752,450.00 0.25

3133XAKC0 U.S. Instrumentality 4.500 02/15/2008 AAA Aaa 3,000,000.00 2,968,260.00 0.43 0.2902/15/2008 2,998,200.00 0.43

3133M5JV3 U.S. Instrumentality 5.800 AAA Aaa 2,000,000.00 2,036,800.00 0.30 0.8109/02/2008 2,020,200.00 0.29

3133XDJG7 U.S. Instrumentality 4.500 AAA Aaa 5,100,000.00 5,026,866.00 0.73 0.9210/14/2008 5,100,000.00 0.74

3133XGJ88 U.S. Instrumentality 5.250 AAA Aaa 5,500,000.00 5,549,885.00 0.81 1.7509/11/2009 5,586,350.00 0.81

3133MTRK6 U.S. Instrumentality 4.000 AAA Aaa 5,000,000.00 4,877,050.00 0.71 1.9011/13/2009 4,966,500.00 0.72

3133XGYT5 U.S. Instrumentality 5.000 AAA Aaa 3,000,000.00 2,994,660.00 0.44 1.9512/11/2009 3,038,700.00 0.44

3133XJUS5 U.S. Instrumentality 5.000 AAA Aaa 5,000,000.00 4,967,850.00 0.72 2.2003/12/2010 5,069,500.00 0.74

30,350,000.00 30,171,371.00 4.38 1.43ISSUER TOTAL 30,531,900.00 4.43

GE Capital

36962GVW1 Corporate 6.500 AAA Aaa 15,000,000.00 15,188,550.00 2.21 0.1112/10/2007 15,022,500.00 2.18

36962GP57 Corporate 4.125 AAA Aaa 1,800,000.00 1,772,622.00 0.26 0.3403/04/2008 1,795,140.00 0.26

36962GQ98 Corporate 4.000 AAA Aaa 2,330,000.00 2,260,333.00 0.33 1.5306/15/2009 2,295,283.00 0.33

36962GD27 Corporate 3.250 AAA Aaa 2,800,000.00 2,673,524.00 0.39 1.5406/15/2009 2,726,080.00 0.40

36962GK78 Corporate 4.250 AAA Aaa 2,835,000.00 2,776,599.00 0.40 2.6509/13/2010 2,795,593.50 0.41

24,765,000.00 24,671,628.00 3.58 0.71ISSUER TOTAL 24,634,596.50 3.57

KeyBank




21,500,000.00 21,500,000.00 3.12 0.08ISSUER TOTAL 21,500,000.00 3.12

FFCB

31331VM52 U.S. Instrumentality 5.500 AAA Aaa 5,000,000.00 5,022,550.00 0.73 0.6507/03/2008 5,029,500.00 0.73

31331XSL7 U.S. Instrumentality 4.800 AAA Aaa 5,355,000.00 5,332,723.20 0.77 1.3003/12/2009 5,381,239.50 0.78

MBIA Asset ManagementGASB 40 - Page 1


Rating

Call

DateMoody

Rating

Par Value /

Shares

Historical

Cost

% Portfolio

Hist Cost

Weighted Avg

Mkt Dur (Yrs)

Maturity

Date

October 31, 2007



Market

Value

% Portfolio

Mkt Value

FFCB

31331TB34 U.S. Instrumentality 2.950 AAA Aaa 2,796,000.00 2,621,054.28 0.38 1.3603/30/2009 2,740,359.60 0.40

31331XW24 U.S. Instrumentality 5.000 AAA Aaa 5,100,000.00 5,142,024.00 0.75 2.5608/16/2010 5,179,560.00 0.75

31331X6M9 U.S. Instrumentality 4.500 AAA Aaa 3,000,000.00 3,015,090.00 0.44 2.7110/04/2010 3,007,500.00 0.44

21,251,000.00 21,133,441.48 3.07 1.66ISSUER TOTAL 21,338,159.10 3.10

Mainsail

5606E1VX6 Commercial Paper 0.000 NR NR 20,000,000.00 19,930,361.11 2.90 0.0008/31/2007 20,000,000.00 2.90

20,000,000.00 19,930,361.11 2.90 0.00ISSUER TOTAL 20,000,000.00 2.90

FNMA

31359MWW9 U.S. Instrumentality 3.650 11/30/2007 AAA Aaa 3,000,000.00 2,991,150.00 0.43 0.0811/30/2007 2,997,300.00 0.43

313588QU2 U.S. Instrumentality 0.000 AAA Aaa 5,255,000.00 4,999,458.11 0.73 0.1412/21/2007 5,222,944.50 0.76

3136F7ZW0 U.S. Instrumentality 5.375 05/12/2008 AAA Aaa 5,000,000.00 4,989,000.00 0.72 0.5105/12/2009 5,023,000.00 0.73

31359MD59 U.S. Instrumentality 4.125 06/16/2008 AAA Aaa 2,000,000.00 1,954,000.00 0.28 0.6006/16/2008 1,994,000.00 0.29

31359MXL2 U.S. Instrumentality 4.000 01/26/2009 AAA Aaa 4,200,000.00 4,119,948.00 0.60 1.1801/26/2009 4,177,740.00 0.61

19,455,000.00 19,053,556.11 2.77 0.50ISSUER TOTAL 19,414,984.50 2.82

FHLMC

3128X3L50 U.S. Instrumentality 3.350 11/09/2007 AAA Aaa 3,000,000.00 2,922,660.00 0.42 0.0211/09/2007 2,998,800.00 0.44

3128X5XA1 U.S. Instrumentality 5.250 01/11/2008 AAA Aaa 3,000,000.00 2,992,950.00 0.43 0.2001/11/2010 3,003,900.00 0.44

3128X4HK0 U.S. Instrumentality 4.625 08/15/2008 AAA Aaa 4,950,000.00 4,951,093.95 0.72 0.7608/15/2008 4,952,475.00 0.72

3128X4ST9 U.S. Instrumentality 4.900 11/03/2008 AAA Aaa 3,010,000.00 2,999,555.30 0.44 0.9511/03/2008 3,023,545.00 0.44

13,960,000.00 13,866,259.25 2.01 0.52ISSUER TOTAL 13,978,720.00 2.03

Toyota Motor Credit

892332AH0 Corporate 5.500 AAA Aaa 5,000,000.00 5,018,250.00 0.73 1.0612/15/2008 5,024,000.00 0.73

5,000,000.00 5,018,250.00 0.73 1.06ISSUER TOTAL 5,024,000.00 0.73

T-Note

912828EU0 U.S. Treasury 4.375 AAA Aaa 2,500,000.00 2,473,046.88 0.36 0.2501/31/2008 2,501,750.00 0.36

2,500,000.00 2,473,046.88 0.36 0.25ISSUER TOTAL 2,501,750.00 0.36

Farm Credit ME

Repurchase Agreement 2.375 200,000.00 200,000.00 0.03 0.2501/31/2008 200,000.00 0.03

Repurchase Agreement 2.875 140,000.00 140,000.00 0.02 0.4904/30/2008 140,000.00 0.02

Repurchase Agreement 3.125 1,970,000.00 1,970,000.00 0.29 0.6606/30/2008 1,970,000.00 0.29



Rating

Call

DateMoody

Rating

Par Value /

Shares

Historical

Cost

% Portfolio

Hist Cost

Weighted Avg

Mkt Dur (Yrs)

Maturity

Date

October 31, 2007



Market

Value

% Portfolio

Mkt Value

2,310,000.00 2,310,000.00 0.34 0.61ISSUER TOTAL 2,310,000.00 0.34

Camden Nat'l


2,000,000.00 2,000,000.00 0.29 0.73ISSUER TOTAL 2,000,000.00 0.29

Ciesco L.P.

17177LB86 Commercial Paper 0.000 A-1+ P1 1,750,000.00 1,716,974.58 0.25 0.2702/08/2008 1,725,937.50 0.25

1,750,000.00 1,716,974.58 0.25 0.27ISSUER TOTAL 1,725,937.50 0.25

Bar Harbor




1,200,000.00 1,200,000.00 0.17 0.54ISSUER TOTAL 1,200,000.00 0.17

Northeast Bank



1,100,000.00 1,100,000.00 0.16 0.41ISSUER TOTAL 1,100,000.00 0.16

Bangor Savings


1,000,000.00 1,000,000.00 0.15 0.66ISSUER TOTAL 1,000,000.00 0.15

Gardiner Svgs



1,000,000.00 1,000,000.00 0.15 0.17ISSUER TOTAL 1,000,000.00 0.15

Mechanics Savings Bank


1,000,000.00 1,000,000.00 0.15 0.13ISSUER TOTAL 1,000,000.00 0.15

Ocean National


1,000,000.00 1,000,000.00 0.15 0.24ISSUER TOTAL 1,000,000.00 0.15



Rating

Call

DateMoody

Rating

Par Value /

Shares

Historical

Cost

% Portfolio

Hist Cost

Weighted Avg

Mkt Dur (Yrs)

Maturity

Date

October 31, 2007



Market

Value

% Portfolio

Mkt Value

The First



1,000,000.00 1,000,000.00 0.15 0.56ISSUER TOTAL 1,000,000.00 0.15

Katahdin Trust



725,000.00 725,000.00 0.11 0.55ISSUER TOTAL 725,000.00 0.11

Machias Savings





675,000.00 675,000.00 0.10 0.40ISSUER TOTAL 675,000.00 0.10

Merrill Mrchnt


500,000.00 500,000.00 0.07 0.72ISSUER TOTAL 500,000.00 0.07

Saco & Bddfrd


500,000.00 500,000.00 0.07 0.84ISSUER TOTAL 500,000.00 0.07

Gorham Savings Bank


200,000.00 200,000.00 0.03 0.19ISSUER TOTAL 200,000.00 0.03

689,246,000.00 688,249,888.41 0.19GRAND TOTAL

Highlighted totals are issuers representing 5.00% or more of the portfolio's market value.

100.00 689,365,047.60 100.00



Securities Purchased

DateCUSIP/

DescriptionRate/


Par Value/Cost

Principal

Yield

Purchase

for the period October 1, 2007 - October 31, 2007

UnitCost

AccruedInterest Purchased


TD Banknorth 4.950 11,000,000.00 11,000,000.00 4.95 10/03/2007 V 100.000 0.00

TD Banknorth 4.950 59,000,000.00 59,000,000.00 4.95 10/09/2007 V 100.000 0.00

TD Banknorth 4.950 15,000,000.00 15,000,000.00 4.95 10/10/2007 V 100.000 0.00

TD Banknorth 4.950 9,000,000.00 9,000,000.00 4.95 10/12/2007 V 100.000 0.00

TD Banknorth 4.950 87,000,000.00 87,000,000.00 4.95 10/15/2007 V 100.000 0.00

Citizens Bank 4.880 5,000,000.00 5,000,000.00 4.88 10/16/2007 V 100.000 0.00

TD Banknorth 4.950 16,000,000.00 16,000,000.00 4.95 10/16/2007 V 100.000 0.00

TD Banknorth 4.950 35,000,000.00 35,000,000.00 4.95 10/17/2007 V 100.000 0.00

TD Banknorth 4.950 28,000,000.00 28,000,000.00 4.95 10/22/2007 V 100.000 0.00

TD Banknorth 4.950 4,000,000.00 4,000,000.00 4.95 10/29/2007 V 100.000 0.00

269,000,000.00 269,000,000.00 TOTAL 0.00

Commercial Paper

7528A3XS9

Ranger Funding

0.000 10/26/2007 3,000,000.00 2,997,170.83 4.92 10/19/2007

M

99.906 0.00

3,000,000.00 2,997,170.83 TOTAL 0.00


Merrill Mrchnt 4.690 07/25/2008 500,000.00 500,000.00 4.77 10/25/2007 100.000 0.00

The First 4.750 10/27/2008 500,000.00 500,000.00 4.75 10/27/2007 100.000 0.00

Purchases - Page 1 MBIA Asset Management


Securities Purchased

DateCUSIP/

DescriptionRate/


Par Value/Cost

Principal

Yield

Purchase


UnitCost

AccruedInterest Purchased


Bar Harbor 4.790 10/29/2008 500,000.00 500,000.00 4.91 10/29/2007 100.000 0.00

1,500,000.00 1,500,000.00 TOTAL 0.00


31331X6M9

FFCB

4.500 10/04/2010 3,000,000.00 3,015,090.00 4.31 10/26/2007

M

100.503 8,250.00

3,000,000.00 3,015,090.00 TOTAL 8,250.00

GRAND TOTAL 276,500,000.00 276,512,260.83

V = variable rate, opening rate shown, average rate for Cash & Equivalents

M = MBIA-Managed

8,250.00

Purchases - Page 2 MBIA Asset Management


Securities Sold and Matured

DateCUSIP/

DescriptionRate/


Par Value/Cost

Historical Sale or Maturity /Accr / (Amort)

Amortized Cost at

Chg. In Fair Value

Sale or Maturity /Fair Value at

(Loss)Gain

Realized

ReceivedInterest

EarnedInterest

YieldMaturitySale or

InterestSold

Accrued


Sale/Maturity

Price


Citizens Bank 4.880 20,000,000.00 20,000,000.00 20,000,000.00

0.00

20,000,000.00

0.00

0.00 0.00 0.00 4.88 10/01/07 0.00 100.00V

Citizens Bank 4.880 37,000,000.00 37,000,000.00 37,000,000.00

0.00

37,000,000.00

0.00

0.00 0.00 0.00 4.88 10/02/07 0.00 100.00V

Citizens Bank 4.880 18,000,000.00 18,000,000.00 18,000,000.00

0.00

18,000,000.00

0.00

0.00 0.00 0.00 4.88 10/04/07 0.00 100.00V

Citizens Bank 4.880 3,000,000.00 3,000,000.00 3,000,000.00

0.00

3,000,000.00

0.00

0.00 0.00 0.00 4.88 10/05/07 0.00 100.00V

Citizens Bank 4.880 60,000,000.00 60,000,000.00 60,000,000.00

0.00

60,000,000.00

0.00

0.00 0.00 0.00 4.88 10/09/07 0.00 100.00V

Citizens Bank 4.880 36,000,000.00 36,000,000.00 36,000,000.00

0.00

36,000,000.00

0.00

0.00 0.00 0.00 4.88 10/11/07 0.00 100.00V

Citizens Bank 4.880 25,000,000.00 25,000,000.00 25,000,000.00

0.00

25,000,000.00

0.00

0.00 0.00 0.00 4.88 10/18/07 0.00 100.00V

TD Banknorth 4.950 35,000,000.00 35,000,000.00 35,000,000.00

0.00

35,000,000.00

0.00

0.00 0.00 0.00 4.95 10/18/07 0.00 100.00V

Citizens Bank 4.880 11,000,000.00 11,000,000.00 11,000,000.00

0.00

11,000,000.00

0.00

0.00 0.00 0.00 4.88 10/19/07 0.00 100.00V

TD Banknorth 4.950 5,000,000.00 5,000,000.00 5,000,000.00

0.00

5,000,000.00

0.00

0.00 0.00 0.00 4.95 10/23/07 0.00 100.00V

Citizens Bank 4.880 9,000,000.00 9,000,000.00 9,000,000.00

0.00

9,000,000.00

0.00

0.00 0.00 0.00 4.88 10/24/07 0.00 100.00V

Citizens Bank 4.880 12,000,000.00 12,000,000.00 12,000,000.00

0.00

12,000,000.00

0.00

0.00 0.00 0.00 4.88 10/25/07 0.00 100.00V

TD Banknorth 4.950 42,000,000.00 42,000,000.00 42,000,000.00

0.00

42,000,000.00

0.00

0.00 0.00 0.00 4.95 10/31/07 0.00 100.00V

313,000,000.00 313,000,000.00 313,000,000.00

0.00

313,000,000.00 0.00 0.00 0.00

0.00 TOTAL 0.00

Commercial Paper

7528A3XS9

Ranger Funding

0.000 10/26/07 3,000,000.00 2,997,170.83 3,000,000.00

2,829.17

3,000,000.00

2,829.17

0.00 0.00 0.00 4.92 10/26/07 0.00 100.00

M

3,000,000.00 2,997,170.83 3,000,000.00

2,829.17

3,000,000.00 0.00 0.00 0.00

2,829.17 TOTAL 0.00


Sales - Page 1 MBIA Asset Management


Securities Sold and Matured

DateCUSIP/

DescriptionRate/


Par Value/Cost

Historical Sale or Maturity /Accr / (Amort)

Amortized Cost at

Chg. In Fair Value

Sale or Maturity /Fair Value at

(Loss)Gain

Realized

ReceivedInterest

EarnedInterest

YieldMaturitySale or

InterestSold

Accrued


Sale/Maturity

Price


TD Banknorth 5.600 10/12/07 20,000,000.00 20,000,000.00 20,000,000.00

0.00

20,000,000.00

0.00

0.00 0.00 33,661.20 5.60 10/12/07 88,743.17 100.00

Merrill Mrchnt 4.690 07/25/08 500,000.00 500,000.00 500,000.00

0.00

500,000.00

0.00

0.00 0.00 747.72 4.89 10/25/07 24,500.00 100.00

The First 4.750 10/27/08 500,000.00 500,000.00 500,000.00

0.00

500,000.00

0.00

0.00 0.00 2,215.68 4.75 10/27/07 24,273.90 100.00

Bar Harbor 4.790 10/29/08 500,000.00 500,000.00 500,000.00

0.00

500,000.00

0.00

0.00 0.00 1,977.83 5.02 10/29/07 25,502.78 100.00

21,500,000.00 21,500,000.00 21,500,000.00

0.00

21,500,000.00 0.00 0.00 38,602.43

0.00 TOTAL 163,019.85


3136F8EJ0

FNMA

5.520

01/19/08

01/19/10 3,000,000.00 2,998,125.00 2,998,592.04

30.79

3,000,000.00

(1,500.00)

1,407.96 0.00 8,280.00 5.54 10/19/07 41,400.00 100.00Call

M

3,000,000.00 2,998,125.00 2,998,592.04

30.79

3,000,000.00 1,407.96 0.00 8,280.00

(1,500.00)TOTAL 41,400.00

GRAND TOTAL 340,500,000.00 340,495,295.83 340,498,592.04 340,500,000.00 1,407.96 0.00 46,882.43

2,859.96 1,329.17

204,419.85

V = variable rate, current rate shown, average rate for Cash & Cash Equivalents

M = MBIA-Managed

Sales - Page 2 MBIA Asset Management

Date CUSIP Transaction Sec Type Description PAR Value/Shares Principal Interest Transaction Total

Transaction Reportfor the period October 1, 2007 - October 31, 2007

Maturity


Balance

10/01/2007 Interest CE TD Banknorth 191,000,000.00 0.00 358,328.71 358,328.71 358,328.71

Maturity CE Int Receivable 41,241.00 41,241.00 0.00 41,241.00 10/01/2007 399,569.71

Sold CE Citizens Bank 20,000,000.00 20,000,000.00 0.00 20,000,000.00 20,399,569.71

Interest CE Citizens Bank 327,000,000.00 0.00 1,524,838.93 1,524,838.93 21,924,408.64

10/02/2007 Sold CE Citizens Bank 37,000,000.00 37,000,000.00 0.00 37,000,000.00 58,924,408.64

10/03/2007 Bought CE TD Banknorth 11,000,000.00 11,000,000.00 0.00 (11,000,000.00) 47,924,408.64







10/12/2007 Maturity CD TD Banknorth 20,000,000.00 20,000,000.00 88,743.17 20,088,743.17 10/12/2007 111,013,151.81

Bought CE TD Banknorth 9,000,000.00 9,000,000.00 0.00 (9,000,000.00) 102,013,151.81

10/14/2007 3133XDJG7 Interest INS FHLB 5,100,000.00 0.00 114,750.00 114,750.00 10/14/2008 102,127,901.81


10/16/2007 Bought CE TD Banknorth 16,000,000.00 16,000,000.00 0.00 (16,000,000.00) (872,098.19)

Bought CE Citizens Bank 5,000,000.00 5,000,000.00 0.00 (5,000,000.00) (5,872,098.19)

10/17/2007 Bought CE TD Banknorth 35,000,000.00 35,000,000.00 0.00 (35,000,000.00) (40,872,098.19)

10/18/2007 Sold CE TD Banknorth 35,000,000.00 35,000,000.00 0.00 35,000,000.00 (5,872,098.19)


10/19/2007 3136F8EJ0 Call INS FNMA 3,000,000.00 2,998,592.04 41,400.00 3,041,400.00 01/19/2010 22,169,301.81

7528A3XS9 Bought CP Ranger Funding 3,000,000.00 2,997,170.83 0.00 (2,997,170.83)10/26/2007 19,172,130.98



10/23/2007 Sold CE TD Banknorth 5,000,000.00 5,000,000.00 0.00 5,000,000.00 7,172,130.98


10/25/2007 Maturity CD Merrill Mrchnt 500,000.00 500,000.00 24,500.00 524,500.00 07/25/2008 16,696,630.98

Bought CD Merrill Mrchnt 500,000.00 500,000.00 0.00 (500,000.00)07/25/2008 16,196,630.98


10/26/2007 31331X6M9 Bought INS FFCB 3,000,000.00 3,015,090.00 8,250.00 (3,023,340.00)10/04/2010 25,173,290.98

7528A3XS9 Maturity CP Ranger Funding 3,000,000.00 3,000,000.00 0.00 3,000,000.00 10/26/2007 28,173,290.98

10/27/2007 Maturity CD The First 500,000.00 500,000.00 24,273.90 524,273.90 10/27/2008 28,697,564.88

Bought CD The First 500,000.00 500,000.00 0.00 (500,000.00)10/27/2008 28,197,564.88

10/29/2007 Maturity CD Bar Harbor 500,000.00 500,000.00 25,502.78 525,502.78 10/29/2008 28,723,067.66

Bought CD Bar Harbor 500,000.00 500,000.00 0.00 (500,000.00)10/29/2008 28,223,067.66

Bought CE TD Banknorth 4,000,000.00 4,000,000.00 0.00 (4,000,000.00) 24,223,067.66

MBIA Asset ManagementTransactions - Page 1

Date CUSIP Transaction Sec Type Description PAR Value/Shares Principal Interest Transaction Total

Transaction Reportfor the period October 1, 2007 - October 31, 2007

Maturity


Balance

10/31/2007 Sold CE TD Banknorth 42,000,000.00 42,000,000.00 0.00 42,000,000.00 66,223,067.66

Net Contributions Net Withdrawals Fees Charged Fees Paid 0.00 66,208,103.62 14,964.04 14,964.04

66,223,067.66 Portfolio Activity Total

MBIA Asset ManagementTransactions - Page 2

Date Transaction CUSIP

CUSIP

Description CouponMaturity

Date

Next

Call Date Par / Shares Principal InterestTransaction

Total

Upcoming Cash Activity


for the next 45 days

11/03/2007 3128X4ST9 FHLMC 4.900 11/03/2008 11/03/2008 3,010,000.00 0.00 73,745.00 73,745.00 Interest

11/09/2007 3128X3L50 FHLMC 3.350 11/09/2007 11/09/2007 3,000,000.00 3,000,000.00 50,250.00 3,050,250.00 Maturity

11/12/2007 3136F7ZW0 FNMA 5.375 05/12/2009 05/12/2008 5,000,000.00 0.00 134,375.00 134,375.00 Interest

11/13/2007 KeyBank 5.520 11/13/2007 20,000,000.00 20,000,000.00 187,016.39 20,187,016.39 Maturity

11/13/2007 TD Banknorth 5.600 11/13/2007 40,000,000.00 40,000,000.00 367,213.11 40,367,213.11 Maturity

11/15/2007 3133MTRK6 FHLB 4.000 11/13/2009 5,000,000.00 0.00 100,000.00 100,000.00 Interest

11/30/2007 31359MWW9 FNMA 3.650 11/30/2007 11/30/2007 3,000,000.00 3,000,000.00 54,750.00 3,054,750.00 Maturity

12/02/2007 Northeast Bank 5.080 12/02/2007 100,000.00 100,000.00 5,210.87 105,210.87 Maturity

12/10/2007 36962GVW1 GE Capital 6.500 12/10/2007 15,000,000.00 15,000,000.00 487,500.00 15,487,500.00 Maturity

12/11/2007 Bar Harbor 5.100 12/11/2007 500,000.00 500,000.00 10,803.35 510,803.35 Maturity

12/11/2007 3133XGYT5 FHLB 5.000 12/11/2009 3,000,000.00 0.00 75,000.00 75,000.00 Interest

12/15/2007 36962GQ98 GE Capital 4.000 06/15/2009 2,330,000.00 0.00 46,600.00 46,600.00 Interest

12/15/2007 36962GD27 GE Capital 3.250 06/15/2009 2,800,000.00 0.00 45,500.00 45,500.00 Interest

12/15/2007 892332AH0 Toyota Motor Credit 5.500 12/15/2008 5,000,000.00 0.00 137,500.00 137,500.00 Interest

Upcoming Cash Activity - Page 1 MBIA Asset Management

maine state treasurer-pooled cash account...the relatively strong gdp report combined with an...

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