HomeMy WebLinkAboutInvestment Report for quarter ended March 31, 2012 (Finance)ATTACHMENT 1
BACKGROUND
California Government Code Section 53646 requires the City Treasurer or the Chief
Financial Officer to submit to the City Council a quarterly report of the City's investment
portfolio consisting of the following information:
➢ Type of investment or description,
➢ Issuers (bank or institution),
➢ Dollar amount,
➢ Interest rate,
➢ Current market valuation as of the date of the report,
➢ And the date of maturity.
In addition, the code requires that the report states the City's compliance with it's
investment policy and include a statement on the City's ability to meet it's pool's
expenditure requirements.
OVERVIEW OF CITY INVESTMENTS
The City's pooled investment portfolio as of the quarter ended March 31, 2012 is
summarized below and compared to the quarter ended March 31, 2011.
QUART-ER-En0ED O1= —
3/31/2012
3/31/2011
Par Value
49,747,221.22
47,508,709.52
Book Value (1)
50,427,872.58
47,508,459.52
Market Value (2)
50,461,213.27
47,520,627.06
(1) The book value is the actual cost of investments.
(2) The market value is the amount at which the investments could be sold.
The City of National City has 43.19% of the total portfolio invested in the California
Treasurer's Local Agency Investment Fund (LAIF). This is a liquid investment pool,
which allows participants to earn market rate returns of large investments, while
retaining access to funds within 24 hours of a withdrawal request. For the month ended
March 31, 2012, LAIF's monthly average effective yield was 0.383%.
The summary of the City's investment portfolio is illustrated in the following chart.
SUMMARY OF INVESTMENT PORTFOLIO
As of March 31, 2012
INVESTMENTS HELD BY THE CITY
Investment Type
LAIF
Federal Agency Securities
US Treasury
SD County Treasurer's Pooled Money Fund
CDARS Program
Money Market
Totals for March 2012
Totals for March 2011
Portfolio increase from same quarter
last year
YTM % of
Book Value Market Value 365 Equiv. Portfolio
21,781,791.57
17,208,169.14
4,422,482.22
5,000,000.00
2,000,000.00
15,429.65
21,808,171.78
17,224,819.77
4,412,792.07
5,025,000.00
2,000,000.00
15,429.65
0.383% 43.19%
N/A 34.12%
0.350% 8.77%
N/A 9.92%
0.800% 3.97%
0.03%
50,427,872.58
50,486,213.27
100.00%
47,508,459.52
2,919,413.06
SD County CDARS Program
Money Fund
9.92%
US Treasury
8.77%
Federal Agency
Securities
34.13%
City of National City
Finance Department
On November 15th 2011, City Council approved the Investment Management Services
Committee's recommendation to select Chandler Asset Management Inc., to provide
investment management and investment advisory services to the City of National City
and to assist in selecting long-term investments for its bond proceeds and other
investable funds pursuant to the City's Investment Policy. On February 14th 2012, the
City transfer $20 million to Chandler Asset Management; as of March 31, 2012, the
average coupon was 2.60%; of the total investment portfolio, 77.8% is invested in
Federal Agency Securities and 22.2% is invested in US Treasuries.
The City has an investment of $5 million with the San Diego County Treasurer's Pooled
Money Fund; this fund is managed by San Diego County Treasurer's investment staff
on behalf of the county, school districts and agencies. The objective is to safeguard
principal, maintain liquidity and to achieve a market investment return, this investment
accounts for 9.92% of the City's investment portfolio.
The City has $2 million investment in the CDARS program with Neighborhood National
Bank. The current investment yield is 0.80% and accounts for 3.97% of the portfolio.
The pooled investment portfolio has the ability to meet the City's financial needs.
CUSIP
LAIF
98-37-576
City of Nafiipnal City
Portfolio Management
Portfolio Details1- Investments
March 31, 2012
Page 2
Average Purchase Stated YTM/C Days to Maturity
Investment# Issuer Balance Date Par Value Market Value Book Value Rate S&P 365 Maturity Date
11058 Local Agency Investment Fund
Subtotal and Average 25,007,598.02
21,781,791.57
21,808,171.78 21,781,791.57 0,382
21,781,791.57
21,808,171.78 21,781,791.57
0.382 1
0.382 1
Federal Agency Securities i
3128X8N57 11342 Federal Home Loan Mrtgage Corp 06/18/2009 2' 0,000.00 241 425.60 240,000.00 3.000 AAA 3.000 78 06/18/2014
3136FPA83 11362 Federal Natl. Mortgage Assoc. 08/18/2010 500,000.00 519,470.00 500,000.00 2.000 AAA 2.000 1,234 08/18/2015
3136F82A2 11266 Fannie Mae 02/12/2008 250,000.00 258,147.50 250,000.00 4.000 AAA 4.000 317 02/12/2013
3136F82A2 C 11267 Fannie Mae 02/12/2008 '5P0,000.00 516,230.00 500,000.00 4.000 AAA 4.000 317 02/12/2013
3136F9CB7 11274 Fannie Mae 03/11/2008 250,000.00 258,850.00 250,000.00 4.000 AAA 4.000 344 03/11/2013
Subtotal and Average 2,054,516.13 1;740,000.00 1,794,123.10 1,740,000.00 3.287 551
CDARS
SYS11386 11386 Neighborhood National Bank 03/08/2012 2,000,000.00 2,000,000.00 2,000,000.00 0.800 0.800 340 03/07/2013
Subtotal and Average 3,548,387.10 2,000,000.00 2,000,000.00 2,000,000.00 0.800 340
Total and Average 30,610,501.25
Run Date: 05/22/2012 - 08:40
25,521,791.57
25,602,294.88 25,521,791.57
0.613 65
Portfolio CNC
CC
PM (PRF PM2) SyrnRept 5.41.202b
CA% CHANDLER ASSET MANAGEMENT
Monthly Account Statement
City of National City
March 1, 2012 through March 31, 2012
Chandler Team
For questions about your account,
please call (800) 317-4747 or
Email operations@chandlerasset.com
Custodian
Bank of New York Corporate Trust
Amy Kung
213-630-6374
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your
qualified custodian. Prices are provided by IDC, an independent pricing source.
At
City of National City
Account #10162
Portifolio Summary
As of 3/31/2012
PORTFOLIO CHARACTERISTICS
Average Duration
Average Coupon
Average Purchase YTM
Average Market YTM
Average S&P/Moody Rating
Average Final Maturity
Average Life
1.69
2.60 %
0.36 %
0.40 %
AA+/Aaa
1.75 yrs
1.75 yrs
SECTOR ALLOCATION
Agency
(77.7 %)
Money
Market
Fund
FI
(0.1 %)
US
Treasury
(22.2 %)
ACCOUNT SUMMARY,;,
0
35%
30%
25%
20%
15%
10%
5%
19,915,972
90,032
20,006,005
4,325
19,351,401
19,914,293
19,914,293
TOP ISSUERS;,;.
19,858,918
137,055
MATURITY DISTRIBUTION;
20.8 %
6.0 %
4.5 %
134.6 %
15.9 %
11.7 %
19,995,973
38,949
-138
19,225,430
19,906,081
19,906,081
6.5 %
0-.25 .25-.5 .6-1
1-2 2-3 3-4 4-5 5+
Maturity (Yrs)
Issuer % Portfolio
Federal Home Loan Bank 23.6 %
Government of United States •22.2 %
Federal National Mortgage Assoc 21.9 %
Federal Home Loan Mortgage Corp 20.8 %
Federal Farm Credit Bank 11.5 %
Federated Govt Obligation Money 0.1 %
100.0
CREDIT QUALITY(S&P)
AA
(99.9 %) �...,
AAA
(0.1 %)
Chandler Asset Management - CONFIDENTIAL
Page 1
Execution Time: 4/3/2012 12:36:27 PM
City of National City
Account#10162
Holdings Report
A of 3/31/12
CUSIP Security Description;,
Purchase Date Cost Value Mkt Price Market Value %of Port. Moody Term (yrs)
Par ValuelU its Book Yield . _:. Book Value ; Mkt YTM ; Accrued Int, GainlLoss. S&P ,,Duration.;
AGENCY
31398AWK4 FNMA Note
1.875% Due 4/20/2012
390,000.00 03/08/2012
0.11 %
390,785.07 100.09
390,785.07 0.24 %
390,336.18
3,270.31 (448.89) AA+ 0.05
1.97
Aaa 0.05
3133MNW0 FHLB Note
5.75% Due 5/15/2012
390,000.00 03/08/2012
0.12 %
394,024.80
394,024.80
100.67 392,511.44
0.26 % 8,471.67
2.01 % Aaa 0.12
(1,413.36) AA+ 0.12
3133XTS49 FHLB Note
1.875% Due 6/20/2012
395,000.00 03/06/2012
0.13 %
396,967.10
396,967.10
100.37 396,475.33
0.17 % 2,077.86
1.99 % Aaa 0.22
(491.77) AA+ 0.22
3137EAAV1 FHLMC Note
5.5% Due 8/20/2012
485,000.00 03/06/2012
0.15 %
496,732.15 102.05
496,732.15 0.19 %
494,939.11 2.49 % Aaa 0.39
3,037.99 (1,793.04) AA+ 0.39
31359MPF4 FNMA Note
4.375% Due 9/15/2012
385,000.00 03/06/2012
0.16 %
393,477.32
101.91 392,349.65
393,477.32 0.18
748.61
1.97 % Aaa 0.46
(1,127.67) AA+ 0.46
3133MTZL5 FHLB Note
4.5% Due 11/15/2012
570,000.00 02/28/2012 587,476.20 102.61 584,891.25 2.97 % Aaa 0.63
0.18 °A 587,476.20 0.29 % 9,690.00 (2,584.95) AA+ 0.61
3137EACG2 FHLMC Note
590,000.00 02/27/2012
1.375% Due 1/9/2013 0.18
596,064.61
596,064.61
100.89 595,264.57
0.22 % 1,847.85
2.99 % Aaa 0.78
(800.04) AA+ 0.77
3133XW7L7 FHLB Note
590,000.00 02/29/2012
1.5% Due 1/16/2013 0.20 %
596,684.70 101.00
596,684.70 0.24 %
595,874.04 2.99 % Aaa 0.80
1,843.75 (810.66) AA+ 0.79
31331KCP3 FFCB Note
0.9% Due 2/22/2013
490,000.00 02/24/2012 493,361.40 100.60 492,921.87 2.47 % Aaa 0.90
0.20 % 493,361.40 0.23 % 477.75 (439.53) AA+ 0.89
31331GPN3 FFCB Note
2.6% Due 3/4/2013
325,000.00 03/07/2012 332,635.88 102.18 332,087.28 1.66 % Aaa 0.93
0.22 % 332,635.88 0.24 % 633.75 (548.60) AA+ 0.92
31398AMW9 FNMA Note
3.25% Due 4/9/2013
575,000.00 02/27/2012 594,371.18 103.13 592,998.65 3.01 % Aaa 1.02
0.22 % 594,371.18 0.18 % 8,928.47 (1,372.53) AA+ 1.00
31398AJ94 FNMA Note
1.75% Due 5/7/2013
580,000.00 02/24/2012 590,420.86 101.58 589,136.16 2.97 % Aaa 1.10
0.24 % 590,420.86 0.31 % 4,060.00 (1,284.70) AA+ 1.09
31331KU40 FFCB Note
0.29% Due 5/16/2013
490,000.00 02/24/2012 490,164.15 100.01 490,035.28 2.45 % Aaa 1.13
0.26 % 490,164.15 0.28 % 532.88 (128.87) AA+ 1.12
3133XXYX9 FHLB Note
1.875% Due 6/21/2013
585,000.00 02/27/2012 597,343.50 101.95 596,384.10 3.00 % Aaa 1.22
0.27 % 597,343.50 0.28 % 3,046.88 (959.40) AA+ 1.21
31398AX31 FNMA Note
490,000.00 03/07/2012 496,872.25 101.24 496,092.66
1.25% Due 8/20/2013 0.28 % 496,872.25 0.35 % 697.57
3133X1BV8 FHLB Note
415,000.00 03/07/2012 441,480.32 106.05
4.5% Due 9/16/2013 0.30 % 441,480.32 0.34 %
3133XSAE8 FHLB Note
3.625% Due 10/18/2013
3134A4UK8 FHLMC Note
4.875% Due 11/15/2013
2.48 % Aaa 1.39
(779.59) AA+ 1.37
440,088.83 2.20 % Aaa 1.46
778.13 (1,391.49) AA+ 1.42
560,000.00 02/21/2012 590,312.81 105.01 588,068.88 2.99 % Aaa 1.55
0.34 % 590,312.81 0.37 % ' 9,191.39 (2,243.93) AA+ 1.49
460,000.00 02/24/2012 495,671.16 107.39 493,986.64
0.34 % 495,671.16 0.31 % 8,471.67
2.51 % Aaa 1.63
(1,684.52) AA+ 1.55
31331RP90 FFCB Note
5.45% Due 12/11/2013
31398AVZ2 FNMA Note
2.75% Due 3/13/2014
545,000.00 02/28/2012 593,701.20 108.35 590,518.40 3.00 % Aaa 1.70
0.42 % 593,701.20 0.49 % 9,075.76 (3,182.80) AA+ 1.62
470,000.00 02/24/2012 ! 492,683.61 104.77 492,411.95 2.47 % Aaa 1.95
0.38 % 492,683.61 0.30 % 646.25 (271.66) AA+ 1.91
Chandler Asset Management - CONFIDENTIAL
POge 2
Execution Time: 4/3/2012 12:36:27 PM
City of National City
Account#10162
Holdings Report
As of 3/31/12
CUSIP
Security: Degt(ptionj;�:
Purchase Date Cost Value
Par ValuelUmts , „ ,Book Ylkld j., , Book Value
Mkt Price
Mkt(YTM,.
Market Value % of PortMoody Term (yrs)..
: 4 rpe4Int, -, 9a94oss,
AGENCY
3137EACB3 FHLMC Note
2.5% Due 4/23/2014
475,000.00 02/21/2012 496,260.53
0.42 % 496,260.53
104.31
0.40 %
495,472.03
5,211.81
2.50 °/%
(788.50)
Aaa
AA+
2.06
2.00
3133X7FK5 FHLB Note
5.25% Due 6/18/2014
3137EACD9
FHLMC Note
3% Due 7/28/2014
530,000.00 02/21/2012 589,291.10
0.40 %, 589,291.10
470,000.00 02/24/2012 498,859.88
0.45 % 498,859.88
110.57
0.45 %
106.22
0.31
586,033.72
2.97 %
7,961.04 (3,257.38)
499,247.16
2,467.50
2.51 %
387.28
Aaa
AA+
Aaa
AA+
2.22
2.09
2 33
2.25
31398AZV7 FNMA Note
2.625% Due 11/20/2014
3137EACHO FHLMC Note
2.875% Due 2/9/2015
470,000.00 02/21/2012 496,614.22
0.54 °/u, 496,614.22
560,000.00 02/24/2012 598,380.16
0.53 % 598,380.16
105.47
0.53%
106.48
0.58 °/
495,697.72
4,489.48
596,307.04
2.50 %
(916.50)
2.99 %
2,325.56 (2,073.12)
Aaa
AA+
Aaa
AA+
2.64
2.54
2.86
2.75
31398AU34 FNMA Note
2.375% Due 7/28/2015
470,000.00 02/24/2012 497,406.17
0.65 % 497,406.17
105.43
0.72 %
495,526.64
2.49 %
1,953.44 (1,879.53)
Aaa
AA+
3.33
3.20
3137EACM9 FHLMC Note
1.75% Due 9/10/2015
31331J2S1 FFCB Note
1.5% Due 11/16/2015
535,000.00 02/24/2012 555,169.50
0.67 % 555,169.50
375,000.00 02/27/2012 386,490.75
0.66 %! 386,490.75
103.32
0.77 %
102.68
0.75 %
552,761.47
2.77 %
546.15 (2,408.03)
385,054.50
1.94 %
2,109.38 (1,436.25)
Aaa
AA+
Aaa
AA+
3.45
3.34
3.63
3.51
3135G0BA0 FNMA Note
2.375% Due 4/11/2016
3137EACT4 FHLMC Note
2.5% Due 5/27/2016
375,000.00 02/24/2012 397,993.13
0.86 % 397,993.13
375,000.00
03/20/2012
1.14 %
395,804.63
395,804.63
105.61
0.95 %
106.22
0.97 %
396,045.38
2.00
4,205.73 (1,947.75)
398,307.38
3,229.17
2.01 %
2,502,75
Aaa
AA+
Aaa
AA+
4.03
3.81
4.16
3.93
313371PV2 FHLB Note
1.625% Due 12/9/2016
480,000.00 02/29/2012 494,668.80
0.97 % 494,668.80
102.66
1.04
492,771.36
2.48 %
2,426.67 (1,897.44)
Aaa
AA+
4.70
4,49
Total Agency
14,895,000.00
15,468,169.14
0.38 % 15,468,169.14
0.41 %
15,430,696.67
77.74 %
114,454.47 (37,472.47)
Aaa
AA+
1.76
1.70
MO tWiail gir t5NDh'FI'1f''"
60934N807 Federated Govt Oblig Fund Inst.
15,429.65
Various
0.01 %
15,429.65
15,429.65
1.00
0.01 %
15,429.65
0.00
0.08 %
0.00
Aaa
AAA
0.00
0,00
Total Money Market Fund FI
15,429.65
0.01 %!
15,429.65
15,429.65
0.01 %
15,429.65
0.00
0.08 %
0.00
Aaa
AAA
0.00
0.00
US'TREAS°U"RY7`° h
912828LR9 US Treasury Note
1.375% Due 10/15/2012
540,000.00
03/06/2012
544,009.62
0.15 % 544,009.62
100.65
0.18 %
543,501.36
3,428.48
2.74 %
(508.26)
Aaa
AA+
0.54
0.54
912828MB3 US Treasury Note
1,125% Due 12/15/2012
495,000.00 03/06/2012 498,617.48
0.18 %! 498,617.48
100.65
0.20 %
498,228.89
1,643.24
2.50
(388.59)
Aaa
AA+
0.71
0.70
912828HQ6 US Treasury Note
2.875% Due 1/31/2013
485,000.00 02/27/2012 497,012.95
0.19 %, 497,012.95
102.21
0.23 %
495,703.95 2.49 %
2,336.73 (1,309.00)
Aaa
AA+
0.84
0.83
912828HY9 US Treasury Note
3.125% Due 4/30/2013
480,000.00
02/24/2012 496,351.61
0.22 4 496,351.61
103.10
0.25
494,887.68
6,304.95
2.51 %
(1,463.93)
Aaa
AA+
1.08
1.06
Chandler Asset Management - CONFIDENTIAL
Page 3
Execution Time: 4/3/2012 12:36:27 PM
City of National City
Account#10162
Holdings Report
As of 3/31/12
CUSIP Security Description
Purchase Date Cost Value
Par Value!U its Book Yield
Book Value
Mkt Price Market Value % of Port. Moody Term (yrs)
Mkt YTM Accrued Int. Gain/Loss S&P Duration
US TREASURY
912828PU8 US Treasury Note
0.5% Due 11/15/2013
490,000.00 02/21/2012 491,705.16 100.30
0.30% 491,705.16 0.31 %
491,473.92
2.46 %
Aaa 1.63
928.85 (231.24) AA+ 1.61
912828PZ7 US Treasury Note
1.25% Due 3/15/2014
500,000.00 02/21/2012 509,493.86
0.32 % 1 509,493.86
101.75 508,750.00
0.35 %
288.72
2.55 % Aaa 1.96
(743.86) AA+ 1.93
912828LK4 US Treasury Note
2.375% Due 8/31/2014
470,000.00
02/24/2012 493,244.54
0.39 % 493,244.54
104.63 491,774.16 2.46 % Aaa 2.42
0.44 % 970.65 (1,470.38) AA+ 2.35
912828MZ0 US Treasury Note
2.5% Due 4/30/2015
420,000.00 02/24/2012 446,612.34 105.91 444,806.04 2.25 % Aaa 3.08
0.49 % 446,612.34 0.56 % 4,413.46 (1,806.30) AA+ 2.95
912828PE4 US Treasury Note
1.25% Due 10/31/2015
435,000.00 02/24/2012 445,434.66 101.99 443,666.07 2.23 % Aaa 3.59
0.59 % 445,434.66 0.69 % 2,285.54 (1,768.59) AA+ 3.49
Total US Treasury
4,315,000.00 0.31 %
4,422,482.22
4,422,482.22 0.35 %
4,412,792.07 22.18 % Aaa 1.71
22,600.62 (9,690.15) AA+ 1.67
TOTAL PORTFOLIO
TOTAL MARKET VALUE PLUS ACCRUED
19,225,429.65 0.36 %
119,906,081.01
19,906,081.01 0.40 %
19,858,918.39 100.00 % Aaa 1.75
137,055.09 (47,162.62) AA+ 1.69
19,995,973.48
Chandler Asset Management - CONFIDENTIAL
Page 4
Execution Time: 4/3/2012 12:36:27 PM
Participant Cash Balances
San Diego Pooledoney Fund
as of April 30, 2012
($000),
FMV FMV FMV %of
PARTICIPANT 02/29/12 03/31/12 04/30/12 Total PARTICIPANT
OUNTY $ 612,945 $1,034,709 $1,102,752 15.66% Metropolitan Transit System
OUNTY - SPECIAL TRUST FUNDS 1,496,633 1,387,872 1,745,076 24.78% Majestic Pines CSD
ON -COUNTY INVESTMENT FUNDS 361,951 366,591 378,968 5.38% Ml5sion Res Consr
CHOOLS - (K THRU 12) 2,504,816 2,288,200 2,468,984 35.06% North County Cemetery Dist
North County Cemetry Perpetual
OMMUNITY COLLEGES Nerth County Cemetery
an Diego 482,294 442,075 444,019 6.31% North County Dispatch
rossmont 41,873 30,826 53,207 0.75% North County Fire
lira Costa 29,239 22,865 37,171 0.53% Otay Water District Inv
alomar 242,111 230,256 235,282 3.34% Palomar Res Consr
outhwestern 110,447 107,744 126,727 1.80% Pine Valley FPD
Total Community Colleges 905,963 833,766 896,405 12.73% Pomerado Cem Perpetual
Pomerado Cemetery Dist
DCERA 439 3,591 3,493 Ramona Cemetery Dist
ANCAL 40,506 39,039 39,084 Ramona Cemetery Perpetual
ITDB 699 700 701 Rancho Santa Fe FPD
ANDAG 52,313 52,059 52,020 San Diego Housing Commission
San Diego Rural Fire
:ITIES San Dieguito River
:hula Vista 20,134 20,172 20,153 San Marcos FPD
)el Mar 3,020 3,026 3,024 San Miguel FPD
incinitas 2 2 2 Sian Ysidro Sanitation
lational City 0 5,025 5,017 Santa Fe Irrigation District
SDC Regional Airport Authority
So' County OPS Ctr
S,pring Valley/Casa de Oro
Upper San Luis Rey Reservoir
Vallecitos Water Dist
Valley Center FPD
Valley Cntr Cemetery
Valley Ctr Cem Perpetual
Valley Ctr Water District
Vista FPD
NDEPENDENT AGENCIES
'pine FPD
Sonita Sunnyside FPD
Sorrego Springs FPD
>eer Springs FPD
Iailbrook Public Utl
'ublic Agency Self Insurance Sys
ulian-Cuyamaca FPD
.ake Cuyamaca Rec & Park
.akeside Fire
.eucadia Water District
.ower Sweetwater FPD
1,138
3,778
1,324
7,380
14
447
243
480
7,416
11,324
312
1,097
3,849
1,247
6,776
14
448
34
470
6,899
11,346
292
1,384
4,449
1,427
6,494
14
447
91
449
8,244
11,337
358
Total Independent Agencies
FMV FMV FMV %of
02/29/12 03/31/12 04/30/12 Total
705 730 706
18 19 27
431 377 383
1,463 1,480 1,505
1,704 1,714 1,723
961 931 1,042
3,555 3,357 3,396
2,592 2,255 4,332
22,157 22,199 22,181
7 7 7
319 325 376
1,650 1,656 1,664
1,210 1,202 1,322
600 610 643
332 335 335
9,152 8,575 10,578
22,383 22,425 22,407
0 1 6
-537 -646 -440
1 1 1
3,610 3,712 3,755
13 13 13
4,007 4,015 4,012
245,123 212,517 193,729
0 0 0
1,063 1,066 1,066
236 237 238
5,064 5,073 5,069
4,105 4,137 4,293
177 178 176
214 216 215
4,126 4,134 4,131
2,814 2,819 2,570
490,224 461,756 449,648 6.39%
Fl,00led Money Fund Total
$6,372,532 $6,372,894 $7,041,833 100.00%
COUNTY OF SAN DIEGO TREASURER - TAX COLLECTOR