Commonwealth of Pennsylvania - Treasury Department - Invest Program For Local Governments - Invest

COMMONWEALTH OF PENNSYLVANIA TREASURY DEPARTMENT INVEST PROGRAM FOR LOCAL GOVERNMENTS INVEST DAILY AND INVEST COMMUNITY PORTFOLIOS AUDIT REPORT FOR THE YEAR ENDED DECEMBER 31, 2008 COMMONWEALTH OF PENNSYLVANIA TREASURY DEPARTMENT INVEST PROGRAM FOR LOCAL GOVERNMENTS INVEST DAILY AND INVEST COMMUNITY PORTFOLIOS HARRISBURG, PENNSYLVANIA AUDIT REPORT FOR THE YEAR ENDED DECEMBER 31, 2008 TREASURY DEPARTMENT INVEST PROGRAM FOR LOCAL GOVERNMENTS DECEMBER 31, 2008 CONTENTS Background ................................................................................................................................ 1 Independent Auditor’s Report ................................................................................................... 3 Management’s Discussion and Analysis ................................................................................... 5 Statements of Fiduciary Net Assets ........................................................................................... 7 Schedules of Investments ........................................................................................................... 9 Statements of Changes in Fiduciary Net Assets ..................................................................... 12 Statements of Operations ... 13 Financial Highlights for a Share Outstanding ............................... ...