2008 4th Quarter

IFS is currently advising the Federal Agricultural Mortgage Corporation (“Farmer Mac”) on its “Liquidity Portfolio.”  Farmer Mac is comparable to other federally-chartered corporations that facilitate mortgage financing, such as Fannie Mae and Freddie Mac (residential mortgages) and Sallie Mae (student loans); Farmer is active in agricultural loans and mortgage securitization.

IFS was recently hired by the California Joint Powers Insurance Authority (JPIA) to perform an independent investment program review, to assist the California JPIA in adopting and implementing industry best practices.  This project will be carried out by the IFS Operational Review department. IFS was officially engaged on October 29, 2008.

IFS Senior Vice President and Managing Director, Edward Patchett, CFA, co-presented a session entitled “Current Fiduciary Issues in Defined Contribution Plans” on November 17 and 18, 2008 at the 54th Annual Employee Benefits Conference sponsored by the International Foundation of Employee Benefit Plans in San Antonio, TX.  Among other things,