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2009-06-23; City Council; 19868; Report on City Investmentas as of May 31, 2009
CITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 19,868 06/23/09 TRS REPORT ON CITY INVESTMENTS AS OF MAY 31 , 2009 DEPT. HEALt^//^ CITYATTY. r <&' CITYMGR. 1<A— RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The City's Investment Policy requires the City Treasurer to report to the City Council on a monthly basis the status of the City's pooled investment portfolio. A quarterly report is also required for the investments of bond proceeds held separately. The City's pooled investment portfolio as of the month ended May 31, 2009 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1 ) Market Value (2) Current Month 569,906,264 575,564,902 573,037,554 580,879,030 Prior Month 556,987,334 562,364,162 559,833,81 1 566,284,466 (1) The cost of investments adjusted for amortized premiums and discounts. (2) The amount at which the investments could be sold. Source of market values is Union Bank of California's custodial report as of 5/31/09. The equity portion of the various funds in the total portfolio is summarized in the graph on the next page. Fund balances are restricted for various purposes. See Exhibit 7 for a more detailed breakdown. The $13 million increase between April '09 and May '09 cost of investments is a result of the receipt of $8 million in property taxes along with Sales Tax in Lieu repayment of $3.3 million and Vehicle in Lieu repayment of $3.9 million received during the month. FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED *XT DENIED 0s CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC CONTINUED TO DATE UNKNOWN RETURNED TO STAFF OTHER -SEE MINUTES D D D D DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 nsull@ci.carlsbad.ca.us PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MAY 31. 2009 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Special Revenue $46.6 Capital Projects S 276.7 General Other $0.2 Internal Service $25.9Agencv " $19.7 Enterprise $126.6 Total Treasurer's Investment Portfolio at Amortized Cost May 31,2009 $573.0 million Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 22,223,301 Prior Month FYTD 20,933,682 Current Month Income 1,289,619 The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement March 2009 April 2009 May 2009 Average Life (Years) 1.54 1.47 1.50 Average Yield To Maturity 3.52% 3.33% 3.26% Modified Duration 1.425 1.370 1.403 All pooled investments have been made in accordance with the City's Investment Policy adopted January 2,1985 and last revised April 21, 2009. All investments were initially made in accordance with the City's Investment Policy. Events subsequent to the purchase might have resulted in some investments not being in compliance with the current policy. These events are typically a change in the City's Investment Policy, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. See Exhibit 8 for details. The pooled investment portfolio has the ability to meet the City's cash flow demands for the next six (6) months. EXHIBITS FOR POOLED INVESTMENTS: 1. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Market Yield Curve 5. Cumulative Cash Income Graph 6. Fourth Quarter Transactions 7. Detailed Investment Report 8. Fund Equity in Pooled Investments 9. Corporate Note and Commercial Paper Ratings 10. Percentage Weightings By Corporate Note Issuer ^ CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 31, 2009 BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS AVERAGE YIELD Class CD FN CP TR FA CN LAIF CUSTODY SWEEP BANK ACCT TOTALS Current Month 33,000 12,238,726 0 13,126,603 305,358,505 110,569,536 128,897,584 12,571 2,177,603 623,426 $573,037,554 Prior Month 33,000 12,208,901 0 7,115,710 305,391,211 101,722,695 126,675,655 4,454,657 1 ,355,928 876,053 $559,833,811 CD - Certificate of Deposit FN - Federal Discount Notes CP - Coroorate Pacer Current Month 33,000 12,252,010 0 13,164,040 312,437,867 111,280,929 128,897,584 12,571 2,177,603 623,426 $580,879,030 TR - US Treasury FA - Federal Agency CN - Cornorate Notes Prior Month 33,000 12,222,250 0 7,165,440 312,619,948 100,881,535 126,675,655 4,454,657 1,355,928 876,053 $566,284,466 Cash Income Year to Date 521 0 0 21,429 16,296,580 4,176,627 1,718,803 1,878 7,462 0 $22,223,301 LAIF - Local Agency Custody - Investment SWFF.P - General Fin Current Month 0.90 2.82 0.00 0.62 3.70 4.43 1.57 0.24 0.10 0.10 3.26% Investment Fund Cash account id Overnight Cash accco Prior Month 0.90 2.82 0.00 1.06 3.76 4.59 1.61 0.24 0.10 0.10 3.33% rn X unt P3. Bank Account - General Fund Cash account CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 31, 2009 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME CLASS WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR CD FN CP TR FA CN LAIF CUSTODY SWEEP BANKACCT TOTALS % TOTALS Total within One Year 0 2,914,250 0 1,996,693 64,352,247 14,086,093 128,897,584 12,571 2,177,603 623,426 $215,060,467 (1) 37.4% 33,000 0 0 9,082,204 34,167,755 6,095,293 0 0 0 0 $49,378,251 (1) 8.6% $264,438,719 (1) 1 TO 5 YEARS 0 9,201,104 0 2,062,109 208,995,214 90,867,757 0 0 0 0 $311,126,184 54.1% TOTAL 33,000 12,115,354 0 13,141,006 307,515,216 111,049,143 128,897,584 12,571 2,177,603 623,426 $575,564,902 100.0% % TOTAL 0.0% 2.1% 0.0% 2.3% 53.4% 19.3% (2) 22.4% 0.0% 0.4% 0.1% 100.0% 45.9% POLICY: (1) Not less than $130,125,000 to mature within one year. (2/3rds of current year operating budget of $195,180,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. x:ni—i DO .75 .00 YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1996-MAY 2009 MARKET YIELD CURVE 6/30/07, 6/30/08, 5/31/09 Market Rates vJ.O 4 C T 3 C•%J 2 C.O 2 1 f\1 -O •i 1 O c.0 0 < m , . — • — "" ^^ — — *~" "" -.^^*"^-" -— ^ --~^ —^ -—• <^-" ^^~** ^ ^ ^~~~~ ^~~~ -,-.^-* >--<*-B-'-"^1 1 1 1 3Mth 2Yr 5Yr 10 Yr 3Mth 2Yr 5Yr 10 Yr —06/30/2007 4.86 4.84 4.89 4.99 — 06/30/2008 1.73 2.62 3.33 3.97 -^-05/31/2009 .13 .92 2.34 3.46 X 3Ci—i D3 Cumulative Millions $ Cumulative Cash Income FY08-09 (May 09) 24 22 20 18 16 14 12 10 8 6 4 2 Monthly Interest Income Millions $ 2.65 1.7 2.3 1.85 2.22 J62 1.64 2.12 1.3 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun d—3Interest Income --— Budget Actual 8 7 6 5 4 3 2 1 0 X 1C I-H CO City of Carlsbad TRANSACTIONS FOR PERIOD: 04/01/09 TO 04/30/2009 4th QUARTER 2008-2009 Trans Investment Date Date Type BUYS APRIL 03/30/2009 04/16/2009 04/15/2009 04/16/2009 04/20/2009 04/16/2009 04/20/2009 04/15/2009 04/23/2009 04/29/2009 MAY 05/08/2009 05/08/2009 05/08/2009 05/08/2009 05/08/2009 04/30/2009 05/08/2009 05/08/2009 05/07/2008 05/07/2009 05/07/2009 05/07/2009 05/06/2009 04/28/2009 05/07/2009 05/08/2009 04/02/2009 04/17/2009 04/21/2009 04/21/2009 04/21/2009 04/22/2009 04/23/2009 04/27/2009 04/28/2009 04/30/2009 05/11/2009 05/11/2009 05/11/2009 05/11/2009 05/11/2009 05/05/2009 05/11/2009 05/12/2009 05/12/2009 05/12/2009 05/12/2009 05/12/2009 05/12/2009 05/14/2009 05/19/2009 05/19/2009 TOTAL FOURTH QUARTER MATURITIES APRIL MAY 04/07/2008 04/28/2004 05/05/2004 11/08/2007 CN FA CN CN TR FA CN FA CN TR TR TR TR FA FA CN FA FA CN CN CN CN FA FA FA FA Security ROYAL BANK OF CANAD FHLB TOYOTA FIN BERKSHIRE HATHAWAY US TREASURY FHLB BERKSHIRE HATHAWAY FHLMC CITIGROUP US TREASURY US TREASURY US TREASURY US TREASURY FHLB FAMCA BARCLAYS BANK FHLMC FNMA MET LIFE GLOBLE CHEVRON WAL-MART STORES 3M FFCB FNMA FNMA FNMA Call Date N/A N/A N/A N/A N/A N/A N/A 04/27/2010 N/A N/A N/A N/A N/A N/A N/A N/A N/A 05/12/2010 N/A N/A N/A N/A 08/06/2009 08/14/2009 05/19/2010 02/19/2010 2008-2009 FA FA FA FA FHLB FHLMC FHLMC FFC N/A 04/28/2006 N/A N/A Par Value 1 ,000,000.00 1 ,000,000.00 2,000,000.00 1,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 1 ,000,000.00 1 ,575,000.00 1,000,000.00 1 ,000,000.00 1 ,000,000.00 3,000,000.00 1 ,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 46,575,000.00 2,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 Coupon 5.650% 5.250% 5.375% 4.000% 2.625% 1.125% 4.000% 1 .750% 2.875% 0.000% 0.000% 0.000% 2.000% 1 .375% 5.500% 2.700% 3.875% 1 .450% 5.125% 3.450% 4.250% 4.375% 2.875% 2% STEP 2.200% 2.320% 3.250% STEP STEP 9.550% Amount Cost 1,066 1,049 2,078 1,022 3,069 ,260.00 ,288.56 ,000.00 ,563.95 ,492.19 3,000,000.00 2,039 3,000 2,060 1,991 1,996 1,995 2,025 1,001 1,072 1,590 1,063 1,000 1,020 3,103 1,047 2,121 3,000 2,000 2,000 1,000 47,416 2,000 5,000 5,000 2,155 ,340.00 ,000.00 ,840.00 ,806.11 ,693.33 ,905.56 ,000.00 ,350.00 ,970.00 ,861 .34 ,510.00 ,000.00 ,480.00 ,177.11 ,829.91 ,417.76 ,000.00 ,000.00 ,000.00 ,000.00 ,785.82 ,000.00 ,000.00 ,000.00 ,378.00 Return Rate 2.659% 0.930% 3.372% 3.200% 0.529% 1.125% 3.300% 1 .750% 1 .680% 0.437% 0.315% 0.340% 0.411% 1 .305% 2.055% 2.330% 1 .928% 1 .450% 4.250% 2.180% 2.950% 2.850% 2.875% 3.162% 2.200% 2.320% 1.90% 3.25% 3.47% 4.26% 4.19% Interest 63,690.00 1 1 ,086.44 142,375.00 96,769.38 17,911.66 50,625.00 198,882.22 118,125.00 89,458.61 8,193.89 3,306.67 4,094.44 7,173.91 25,653.47 46,807.78 104,626.16 67,701.81 29,000.00 107,217.92 187,485.39 3,187.50 251,186.41 343,562.50 320,000.00 154,000.00 87,000.00 2,539,121.16 18,597.22 875,000.00 1 ,075,000.00 133,244.22 Investment Return 1,129,950.00 1,060,375.00 2,220,375.00 1,119,333.33 3,087,403.85 3,050,625.00 2,238,222.22 3,118,125.00 2,150,298.61 2,000,000.00 2,000,000.00 2,000,000.00 2,032,173.91 1 ,027,003.47 1,119,777.78 1 ,695,487.50 1,131,211.81 1,029,000.00 1,127,697.92 3,290,662.50 1,051,017.41 2,372,604.17 3,343,562.50 2,320,000.00 2,154,000.00 1 ,087,000.00 49,955,906.98 2,018,597.22 5,875,000.00 6,075,000.00 2,288,622.22 mx City of Carlsbad TRANSACTIONS FOR PERIOD: 04/01/09 TO 04/30/2009 4th QUARTER 2008-2009 Trans Date Investment Date 06/11/2008 02/13/2008 12/15/2008 Type FA FA CN Security FNMA FHLB TOYOTA TOTAL FOURTH QUARTER 2008-2009 CALLS and /or SALES APRIL 08/16/2007 08/17/2007 FA FHLMC 04/27/2009 04/28/2006 FA FNMA 04/18/2009 04/20/2006 FA FNMA 04/21/2008 04/28/2008 FA FNMA MAY 11/13/2008 11/20/2008 FA FFCB 05/12/2008 05/29/2008 FA FHLMC TOTAL FOURTH QUARTER 2008-2009 Call Date N/A N/A N/A 04/03/2009 04/06/2009 04/06/2009 04/28/2009 05/19/2009 05/29/2009 Par Value 1,005,000.00 1 ,000,000.00 999,960.00 17,004,960.00 3,000,000.00 2,421,000.00 3,000,000.00 3,000,000.00 2,000,000.00 1,000,000.00 Coupon 4.250% 4.070% 3.834% 5.250% 5.250% 5.250% 3.000% 2.875% 3.530% Amount Cost 1,018,080.08 1,019,418.00 997,658.09 17,190,534.17 2,998,500.00 2,396,790.00 2,976,375.00 2,999,250.00 1 ,000,000.00 1,000,000.00 Return Rate 2.82% 2.53% 4.00% 3.70% 5.26% 5.48% 5.43% 3.01% 2.88% 3.53% Interest 26,547.63 33,152.83 37,827.50 2,199,369.40 730,375.00 651,955.12 805,000.00 180,750.00 1,114,840.28 114,725.00 Investment Return 1 ,044,627.71 1 ,052,570.83 1 ,035,485.59 19,389,903.57 3,728,875.00 3,048,745.12 3,781,375.00 3,180,000.00 2,114,840.28 1,114,725.00 14,421,000.00 13,370,915.00 4.53% 3,597,645.40 16,968,560.40 INVESTMENT DATE 03/14/2007 05/15/2007 07/25/2007 08/09/2007 03/05/2008 04/22/2008 02/13/2008 05/05/2008 07/25/2007 08/09/2007 04/04/2008 01/22/2008 10/27/2008 01/04/2008 03/13/2008 03/25/2008 05/15/2007 11/01/2006 01/22/2008 08/17/2007 03/14/2007 01/22/2008 02/01/2008 11/13/2007 03/19/2007 03/05/2008 01/22/2008 03/06/2008 01/28/2008 01/31/2008 01/22/2008 01/22/2008 01/22/2008 02/01/2008 01/28/2008 01/31/2008 09/29/2008 01/28/2008 02/04/2008 02/13/2008 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA SECURITY FHLB5.25% NON-CALL FHLB5.25% NON-CALL FHLB5.25% NON-CALL FHLB 5.250% NON-CALL FHLB 5.250% NON-CALL FHLMC4.10% NON-CALL FHLMC3.25% NON-CALL FHLB 5.375% NON-CALL FFCB5.15% NON-CALL FFCB5.150% NON-CALL FHLB 3.1% NON-CALL FHLB 4.180% NON-CALL FHLB 3.10% NON-CALL FHLMC 4.375% NON-CALL FHLMC 4.375% NON-CALL FHLMC 4.375% NON-CALL HUD 4.430% NON-CALL FHLB 5.25% NON-CALL FHLB 5.25% NON-CALL FFCB5.00% NON-CALL FHLB 4.378% NON-CALL FHLB 4.375% NON-CALL FHLB 5.25% NON-CALL FHLMC 3.5$ NON-CALL FHLB 5.0% NON-CALL FFCB5.00% NON-CALL FNMA4.0% NON-CALL FFCB 4.350% NON-CALL FFCB4.125% NON-CALL FHLB 4.25% NON-CALL FNMA4.0% NON-CALL FHLMC 4.125% NON-CALL FHLB 5.0% NON-CALL FHLMC 3.25% CALL 7/29/08 FHLB 3.875% NON-CALL FHLB 37.375% NON-CALL FHLMC 3.125% NON-CALL FNMA4.40% NON-CALL FHLB 2.375% NON-CALL FHLB 2.375% NON-CALL PAR VALUE 2,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 1 ,000,000.00 2,000,000.00 3,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 500,000.00 1 ,000,000.00 1 ,270,000.00 1 ,000,000.00 2,000,000.00 1 ,000,000.00 5,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 1 ,000,000.00 1 ,000,000.00 3,000,000.00 2,000,000.00 500,000.00 1 ,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,080,000.00 3,000,000.00 3,000,000.00 1 ,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 INVESTED AMOUNT 2,022,809.38 5,030,000.00 2,006,972.34 2,015,549.68 4,150,240.00 1,016,880.00 2,020,560.00 3,103,028.04 1 ,001 ,858.80 2,012,808.76 2,019,092.00 508,810.00 1 ,000,000.00 1 ,286,826.23 1 ,027,740.00 2,052,000.00 990,198.00 5,048,115.85 2,070,366.00 3,000,000.00 1 ,984,643.55 3,070,602.00 1,041,519.37 990,283.25 3,014,820.00 2,090,620.00 508,645.00 1 ,031 ,080.00 2,049,060.00 1 ,024,930.00 2,038,020.00 2,124,168.80 3,114,720.00 3,000,000.00 1,020,550.00 2,177,668.00 2,997,750.00 2,064,240.00 1,989,880.00 1 ,994,095.84 RETURN RATE 4.705% 4.940% 5.050% 4.800% 2.230% 2.646% 2.500% 2.450% 5.050% 4.800% 2.350% 2.981% 3.100% 3.500% 2.320% 2.400% 4.900% 4.870% 2.891% 5.000% 4.705% 2.890% 2.600% 4.040% 4.790% 2.160% 2.986% 2.434% 2.711% 2.805% 2.916% 2.918% 2.900% 3.250% 2.830% 2.841% 3.180% 2.821% 2.622% 2.520% INTEREST 212,857.29 514,687.50 190,485.99 177,825.32 116,343.33 31 ,864.44 70,801.11 90,471.96 100,425.92 187,755.13 61,680.22 22,830.28 23,250.00 70,530.37 32,659.31 65,881.94 107,754.22 676,675.82 90,925.67 300,000.00 233,377.28 144,137.58 43,073.96 75,536.19 365,596.67 72,713.33 26,688.33 41 ,420.00 98,752.50 50,861 .67 107,313.33 112,177.87 168,196.67 194,458.33 58,456.94 122,248.67 130,635.42 121,537.78 110,133.89 104,730.55 INVESTMENT RETURN 2,235,666.67 5,544,687.50 2,197,458.33 2,193,375.00 4,266,583.33 1,048,744.44 2,091,361.11 3,193,500.00 1,102,284.72 2,200,563.89 2,080,772.22 531 ,640.28 1 ,023,250.00 1 ,357,356.60 1 ,060,399.31 2,117,881.94 1 ,097,952.22 5,724,791 .67 2,161,291.67 3,300,000.00 2,218,020.83 3,214,739.58 1 ,084,593.33 1,065,819.44 3,380,416.67 2,163,333.33 535,333.33 1 ,072,500.00 2,147,812.50 1 ,075,791 .67 2,145,333.33 2,236,346.67 3,282,916.67 3,194,458.33 1 ,079,006.94 2,299,916.67 3,128,385.42 2,185,777.78 2,100,013.89 2,098,826.39 TERM (Days) 821 759 688 673 464 434 512 438 726 711 475 552 273 573 504 492 809 1,008 561 731 912 598 588 687 928 597 645 610 655 652 664 666 689 728 746 743 501 770 767 758 x 3:i—i CO INVESTMENT REPORT AS OF MAY 31,2009 INVESTMENT DATE TYPE SECURITY 04/02/2008 FA FHLB 2.750% NON-CALL 10/30/2008 FA FHLB 2.750% NON-CALL 04/22/2008 FA FFCB 2.375% NON-CALL 01/28/2008 FA FHLMC 4.02% NON-CALL 07/25/2007 FA FFCB 4.780% NON-CALL 04/22/2008 FA FFCB 5.320% NON-CALL 05/05/2008 FA FHLB 7.625% NON-CALL 12/21/2007 FA FNMA 3.625% NON-CALL 03/16/2009 FA FHLB 1.250% NON-CALL 02/26/2008 FA FHLB 4.25% NON-CALL 05/08/2008 FA FHLB 3.00% NON-CALL 04/17/2009 FA FHLB 5.25% NON-CALL 08/05/2008 FA FHLMC 3.50% NON-CALL 10/09/2007 FA FHLB 4.5% NON-CALL 07/25/2007 FA FNMA 5.125% NON-CALL 07/15/2008 FA FFCB 3.200% NON-CALL 03/12/2008 FA FHLB 4.44% NON-CALL 02/20/2008 FA FNMA 4.70% NON-CALL 02/13/2008 FA FHLB 5.00% NON-CALL 10/30/2007 FA FHLB 4.7% NON-CALL 02/12/2008 FA FHLB 3.190% CALL 8/12/08 09/18/2007 FA FHLMC 5.125% NON-CALL 09/26/2007 FA FHLB 5.125% NON-CALL 05/08/2008 FA FHLB 3.00% NON-CALL 12/05/2008 FA FHLB 3.375% NON-CALL 03/11/2009 FA FHLB 1.4% NON-CALL 09/26/2007 FA FFCB 5.25% NON-CALL 05/05/2008 FA FHLB 4.375% NON-CALL 04/22/2009 FA FHLB 1.125% NON-CALL 12/23/2008 FA FHLB 1.70% CALL 12/30/09 12/05/2008 FA FHLMC 4.50% NON-CALL 01/20/2009 FA FHLMC 2.0% CALL 4/20/09 05/11/2009 FA FHLB 1.375% NON-CALL 02/20/2008 FA FHLB 2.875% NON-CALL 05/12/2009 FA FNMA 1.45% CALL 11/20/2007 FA FHLB 4.5% CALL 11/20/09 01/28/2008 FA FHLB 4.5% CALL 11/20/09 08/31/2007 FA FHLB 5.275% NON-CALL 05/08/2008 FA FHLB 5.25% NON-CALL 09/17/2008 FA FHLB 5.25% NON-CALL 03/15/2007 FA FHLMC 5.03% CALL 6/15/09 PAR VALUE 1,000,000.00 3,000,000.00 2,000,000.00 1 ,500,000.00 2,000,000.00 1 ,000,000.00 3,000,000.00 2,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 3,000,000.00 2,550,000.00 1,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 1,000,000.00 2,000,000.00 3,000,000.00 1 ,000,000.00 1 ,000,000.00 2,000,000.00 5,000,000.00 INVESTED AMOUNT 1 ,006,020.00 2,978,060.95 1 ,984,800.00 1 ,537,935.00 1 ,981 ,720.00 1,050,120.00 3,273,695.78 1 ,996,499.26 1 ,000,000.00 1 ,030,795.00 999,862.00 1 ,049,288.56 3,010,680.00 2,991,510.00 1,000,640.00 1,000,000.00 1 ,043,000.00 3,134,430.00 2,688,248.25 1 ,009,328.80 3,000,000.00 3,048,120.00 2,034,188.23 1 ,994,876.00 2,032,660.00 2,000,000.00 2,041,700.00 1,032,893.26 3,000,000.00 1,000,000.00 3,119,880.00 3,000,000.00 1,001,350.00 2,993,378.76 1,000,000.00 2,016,000.00 3,078,630.00 1 ,020,930.00 1 ,055,434.00 2,132,207.14 5,000,000.00 RETURN RATE 2.430% 3.300% 2.776% 2.850% 5.135% 2.790% 2.950% 3.700% 1 .250% 2.849% 3.005% 0.930% 3.300% 4.610% 5.100% 3.200% 2.559% 2.786% 2.710% 4.337% 3.190% 4.530% 4.500% 3.115% 2.420% 1.400% 4.490% 2.980% 1.125% 1.700% 2.470% 2.000% 1.305% 2.950% 1 .450% 4.252% 3.651% 4.761% 3.345% 2.720% 5.030% INTEREST 47,452.22 134,689.05 108,220.83 97,740.00 283,304.44 59,087.78 189,522.97 180,118.80 15,625.00 66,482.78 62,888.00 11,086.44 185,028.33 373,365.00 150,405.14 64,000.00 62,326.67 209,453.33 175,897.58 121,226.76 239,250.00 402,452.92 268,756.21 145,457.34 86,402.50 41,922.22 269,508.33 74,901.88 50,625.00 34,000.00 154,245.00 120,000.00 25,653.47 270,402.49 (891 ,000.00) 299,000.00 368,370.00 181,976.25 106,732.67 154,501.19 1 ,068,875.00 INVESTMENT RETURN 1 ,053,472.22 3,112,750.00 2,093,020.83 1 ,635,675.00 2,265,024.44 1,109,207.78 3,463,218.75 2,176,618.06 1,015,625.00 1 ,097,277.78 1 ,062,750.00 1 ,060,375.00 3,195,708.33 3,364,875.00 1,151,045.14 1 ,064,000.00 1,105,326.67 3,343,883.33 2,864,145.83 1,130,555.56 3,239,250.00 3,450,572.92 2,302,944.44 2,140,333.34 2,119,062.50 2,041 ,922.22 2,311,208.33 1,107,795.14 3,050,625.00 1 ,034,000.00 3,274,125.00 3,120,000.00 1 ,027,003.47 3,263,781.25 109,000.00 2,315,000.00 3,447,000.00 1 ,202,906.25 1,162,166.67 2,286,708.33 6,068,875.00 TERM (Days) 709 498 715 821 1,013 749 739 889 457 836 764 420 680 987 1,077 730 866 889 898 1,015 912 1,070 1,080 855 644 548 1,083 900 548 737 741 730 717 1,115 730 1,277 1,208 1,379 1,128 996 1,553 INVESTMENT REPORT AS OF MAY 31,2009 INVESTMENT DATE TYPE SECURITY 06/30/2006 FA FHLB 5.650% CALL 6/30/09 08/07/2008 FA FNMA4.00% CALL 07/07/09 03/09/2007 FA FNMA3.64% NON-CALL 08/01/2007 FA FAMCA5.50% NON-CALL 08/31/2007 FA FAMCA5.50% NON-CALL 05/08/2008 FA FAMCA5.5% NON-CALL 03/31/2009 FA FFCB 3.625% NON-CALL 05/11/2009 FA FAMCA 5.50% NON-CALL 04/27/2009 FA FHLMC 1.75% CALL 4/27/10 03/19/2007 FA FHLB 5.75% NON-CALL 01/23/2009 FA FHLB 5.75% NON-CALL 08/26/2008 FA FNMA4.0% CALL 8/26/09 03/05/2007 FA FHLB 5.00% NON-CALL 03/15/2007 FA FHLB 5.00% NON-CALL 01/23/2009 FA FHLB 5.00% NON-CALL 10/30/2007 FA FHLMC 5.50% NON-CALL 03/15/2007 FA FHLB 4.875% NON-CALL 10/05/2007 FA FHLB 4.9% CALL 10/05/09 10/19/2007 FA FHLB 5.00% CALL 10/19/09 03/05/2008 FA FHLB 5.30% CALL 10/27/09 03/19/2007 FA FHLB 4.875% NON-CALL 03/26/2007 FA FHLMC 5.0% CALL 3/26/10 03/26/2007 FA FHLMC 5.0% CALL 3/26/10 04/20/2007 FA FHLMC 5.0% CALL 3/26/10 05/21/2007 FA FFCB 4.875% NON-CALL 07/25/2007 FA TVA 6.790% NON-CALL 11/19/2008 FA FHLMC 5.4% CALL 6/4/09 07/25/2007 FA FHLB 5.375% NON-CALL 07/25/2007 FA FHLB 5.375% NON-CALL 07/15/2008 FA FHLB 4.375% NON-CALL 03/18/2008 FA FHLB 5.750% CALL 6/26/09 12/10/2007 FA FHLB 5.58% CALL 7/20/10 08/05/2008 FA FFCB 3.950% NON-CALL 07/30/2007 FA FHLB 5.52% CALL 7/30/10 08/13/2008 FA FHLB 4.35% CALL 8/13/10 01/29/2009 FA FHLB 4.625% NON-CALL 02/27/2009 FA FNMA 2.625% CALL 8/27/10 09/10/2007 FA FNMA 5.20% CALL 9/13/09 03/12/2009 FA FHLMC 2.0% CALL 3/12/10 05/05/2008 FA FHLB 5.00% NON-CALL 08/22/2008 FA FHLB 4.5% NON-CALL PAR VALUE 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 629,000.00 2,000,000.00 1,000,000.00 1,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 1,000,000.00 2,000,000.00 3,000,000.00 1 ,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 1 ,000,000.00 1 ,000,000.00 3,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 1,770,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 1,175,000.00 1 ,000,000.00 INVESTED AMOUNT 2,000,000.00 1,996,500.00 1,909,480.00 3,034,380.00 644,775.32 2,116,712.00 1,044,420.00 1,072,970.00 3,000,000.00 3,111,810.00 1,097,950.00 999,500.00 2,018,200.00 3,032,352.00 1,077,520.00 3,117,300.00 3,018,777.00 2,000,000.00 3,000,000.00 2,085,000.00 3,009,690.00 2,000,000.00 3,000,000.00 999,687.50 1,987,880.00 2,130,980.00 1,016,580.00 1,005,040.00 1,005,254.43 3,050,958.11 2,075,680.00 1,037,000.00 2,002,900.00 1,770,000.00 1 ,999,500.00 2,150,960.00 2,000,000.00 1 ,000,000.00 2,000,000.00 1,238,814.19 1 ,022,730.00 RETURN RATE 5.650% 4.063% 4.805% 5.175% 4.781% 3.545% 1.639% 2.050% 1 .750% 4.800% 1.818% 4.018% 4.773% 4.730% 1 .958% 4.390% 4.720% 4.900% 5.000% 4.033% 4.795% 5.000% 5.000% 5.006% 5.015% 5.235% 4.884% 5.255% 5.250% 3.900% 4.760% 4.677% 3.910% 5.520% 4.357% 2.391% 2.625% 5.200% 2.710% 3.640% 3.889% INTEREST 565,000.00 236,833.33 406,997.78 618,286.67 118,184.21 233,760.22 85,530.00 46,807.78 118,125.00 648,148.33 49,313.89 120,500.00 432,911.11 640,148.00 53,868.89 522,075.00 647,473.00 392,000.00 600,000.00 301,311.11 672,403.75 500,000.00 750,000.00 246,979.17 489,057.50 524,632.22 174,670.00 256,692.64 256,478.21 460,552.31 415,625.56 220,300.00 310,466.67 488,520.00 348,500.00 176,901.11 183,750.00 260,000.00 190,000.00 192,237.89 160,020.00 INVESTMENT RETURN 2,565,000.00 2,233,333.33 2,316,477.78 3,652,666.67 762,959.53 2,350,472.22 1,129,950.00 1,119,777.78 3,118,125.00 3,759,958.33 1,147,263.89 1,120,000.00 2,451,111.11 3,672,500.00 1,131,388.89 3,639,375.00 3,666,250.00 2,392,000.00 3,600,000.00 2,386,31 1 .1 1 3,682,093.75 2,500,000.00 3,750,000.00 1,246,666.67 2,476,937.50 2,655,612.22 1,191,250.00 1,261,732.64 1,261,732.64 3,511,510.42 2,491 ,305.56 1,257,300.00 2,313,366.67 2,258,520.00 2,348,000.00 2,327,861.11 2,183,750.00 1 ,260,000.00 2,190,000.00 1,431,052.08 1,182,750.00 TERM (Days) 1,826 1,064 1,588 1,444 1,414 1,163 836 795 821 1,610 934 1,095 1,649 1,639 959 1,416 1,665 1,461 1,461 1,331 1,705 1,827 1,827 1,802 1,788 1,764 1,293 1,780 1,780 1,424 1,561 1,684 1,448 1,827 1,461 1,294 1,277 1,827 1,280 1,593 1,484 INVESTMENT REPORT AS OF MAY 31, 2009 INVESTMENT DATE 05/11/2009 10/29/2007 12/10/2007 10/22/2007 11/28/2007 12/06/2007 06/03/2008 05/19/2009 12/21/2007 12/21/2007 01/23/2008 01/14/2008 05/19/2009 03/10/2008 05/12/2009 05/14/2008 06/10/2008 11/10/2008 12/03/2008 08/27/2008 11/12/2008 12/17/2008 11/12/2008 11/19/2008 11/26/2008 01/20/2009 02/12/2009 03/26/2009 05/14/2009 10/23/2008 03/12/2009 02/11/2009 02/18/2009 02/25/2009 03/02/2009 03/02/2009 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FN FN FN FN FN FN FN SECURITY FHLMC 3.875% NON-CALL FHLMC 5.05% CALL 10/15/09 FFCB4.5% NON-CALL FHLB5.00% CALL 4/22/10 FNMA 5.00% CALL 10/30/09 FNMA 5.00% CALL 10/30/09 FNMA 6.41% NON-CALL FNMA 2.2% CALL 5/19/10 FHLMC 4.375% CALL 12/21/09 FHLMC 4.375% CALL 12/21/09 FHLB4.7% CALL 1/7/10 FHLB4.25% CALL 10/14/08 FNMA 2.32% CALL 2/19/10 FHLB3.50% NON-CALL FFCB 2.875% CALL 8/6/09 FHLB4.00% CALL 5/15/10 FHLMC 4.0% CALL 6/10/09 FHLB 5.375% NON-CALL FFCB 4.625% CALL 7/8/10 FNMA 4.375% NON-CALL FHLB 4.0% NON-CALL FHLB 4.375% NON-CALL FNMA 4.05% CALL 9/18/09 FHLMC 50.5% CALL 9/25/09 FHLB 3.5% CALL 11/26/10 FHLB 3.125% NON-CALL FNMA 2.00% CALL 2/12/10 FHLMC 2.50% CALL 6/26/09 STEP FNMA 2.0% CALL 8/14/09 FHLBN 0% NON-CALL FICOO.0% NON-CALL FICO STRIP 0.00% NON-CALL FICO STRIP 0.00% NON-CALL FICO STRIP 0.00% NON-CALL FICOO.0% NON-CALL FICOO.0% NON-CALL PAR VALUE 1,000,000.00 1,000,000.00 2,000,000.00 . 2,000,000.00 3,000,000.00 2,000,000.00 1,807,000.00 2,000,000.00 5,000,000.00 4,000,000.00 2,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 SUB-TOTAL 302,781 ,000.00 3,000,000.00 1,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 SUB-TOTAL 13,000,000.00 INVESTED AMOUNT 1,063,510.00 1 ,006,875.00 2,034,780.00 2,000,000.00 3,033,000.00 2,030,000.00 1 ,990,388.82 2,000,000.00 5,000,000.00 4,000,000.00 2,056,800.00 3,000,000.00 1 ,000,000.00 2,963,940.00 3,000,000.00 2,000,000.00 2,998,500.00 1,065,788.37 2,053,420.00 2,035,600.00 1,007,890.00 2,154,940.00 1,987,600.00 1,022,910.00 2,000,000.00 2,047,941.08 2,000,000.00 3,000,000.00 2,000,000.00 307,515,215.70 2,914,250.00 956,370.00 1,889,240.00 916,713.56 1 ,826,280.00 1,818,680.00 1 ,793,820.00 12,115,353.56 RETURN RATE 1.928% 4.892% 4.100% 5.000% 4.746% 4.653% 3.890% 2.200% 4.675% 4.675% 4.061% 4.250% 2.320% 3.765% 2.874% 4.000% 4.717% 3.800% 3.983% 3.970% 3.818% 2.625% 4.192% 5.500% 4.361% 2.600% 3.500% 4.208% 2.000% 3.697% 3.109% 2.200% 2.300% 2.710% 2.850% 3.000% 3.050% 2.817% INTEREST 67,701 .81 243,661.11 401,970.00 500,000.00 705,333.33 460,000.00 331,405.40 154,000.00 1,168,750.00 935,000.00 409,022.22 637,500.00 87,000.00 560,476.67 343,562.50 320,000.00 714,000.00 181,163.02 371 ,823.06 392,177.78 184,776.67 259,712.78 405,250.00 243,840.00 440,000.00 258,135.31 355,000.00 615,000.00 320,000.00 37,779,029.38 171,500.00 43,630.00 110,760.00 83,286.44 173,720.00 181,320.00 206,180.00 970,396.44 INVESTMENT RETURN 1,131,211.81 1,250,536.11 2,436,750.00 2,500,000.00 3,738,333.33 2,490,000.00 2,321 ,794.22 2,154,000.00 6,168,750.00 4,935,000.00 2,465,822.22 3,637,500.00 1,087,000.00 3,524,416.67 3,343,562.50 2,320,000.00 3,712,500.00 1,246,951.39 2,425,243.06 2,427,777.78 1,192,666.67 2,414,652.78 2,392,850.00 1,266,750.00 2,440,000.00 2,306,076.39 2,355,000.00 3,615,000.00 2,320,000.00 345,294,245.08 3,085,750.00 1,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 13,085,750.00 TERM (Days) 1,238 1,813 1,773 1,827 1,798 1,790 1,624 1,280 1,827 1,827 1,811 1,827 1,372 1,824 1,455 1,826 1,826 1,677 1,678 1,785 1,759 1,731 1,771 1,771 1,826 1,788 1,826 1,826 1,826 1,137 343 744 908 1,178 1,171 1,166 1,314 975 INVESTMENT REPORT AS OF MAY 31, 2009 INVESTMENT DATE 05/11/2009 05/11/2009 05/11/2009 04/30/2009 04/21/2009 11/10/2008 11/12/2008 03/02/2009 04/24/2007 05/23/2007 11/03/2006 11/01/2007 01/30/2008 01/31/2008 04/09/2008 12/15/2008 03/19/2008 11/01/2007 03/19/2008 02/03/2006 01/31/2008 03/16/2007 10/11/2007 09/28/2007 02/17/2006 03/30/2006 06/20/2006 04/19/2006 06/12/2006 04/16/2007 04/21/2009 05/21/2007 04/02/2009 05/30/2008 „ 05/30/2008 TYPI TR TR TR TR TR TR TR CD CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN SECURITY Federal Investments Total US TREASURY 00% US TREASURY 00% US TREASURY 2.0% US TREASURY 00% US TREASURY 2.625% US TREASURY 3.125% US TREASURY 3.125% SUB-TOTAL WELLS FARGO BANK 9218910637 SUB-TOTAL BANK OF AMERICA 4.625% NON-CALL WAL-MART 6.875% NON-CALL MERRILL LYNCH 4.125% NON-CALL GENERAL ELECTRIC 5.250% NON-CALL BERKSHIRHATWY4.125% NON-CALL BERKSHIRHATWY4.125% NON-CALL WELLS FARGO CO 4.2% NON-CALL TOYOTA 3.834% NON-CALL GOLDMAN SACHS 4.50% NON-CALL WAL-MART 4.125% NON-CALL WAL-MART 4.125% NON-CALL US BANCORP 4.50% NON-CALL WELLS FARGO 4.625% NON-CALL WAL-MART 4.75% NON-CALL WAL-MART 4.75% NON-CALL NEW YORK LIFE 4.625% NON-CALL CITIGROUP 5.125% NON-CALL CITIGROUP 5.125% NON-CALL CITIGROUP 5.125% NON-CALL HOME DEPOT 5.20% NON-CALL GENERAL ELECTRIC 5.50% NON-CALL GENERAL ELECTRIC 5.50% NON-CALL TOYOTA FIN 5.375% NON-CALL TOYOTA 5.450% NON-CALL ROYAL BANK OF CANADA 5.65% NON-CALL WELLS FARGO CO 5.30% NON-CALL GENWORTH GLOBAL 5.375% NON-CALL PAR VALUE 315,781,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 1,000,000.00 1,000,000.00 13,000,000.00 33,000.00 33,000.00 2,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 1,000,080.00 1,000,000.00 1,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 1,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 4,000,000.00 1,000,000.00 1,000,000.00 2,000,000.00 INVESTED AMOUNT 319,630,569.26 1,996,693.33 1,995,905.56 2,025,000.00 1,991,806.11 3,069,492.19 1,031,328.00 1,030,781.25 13,141,006.44 33,000.00 33,000.00 1,983,918.00 5,187,303.82 4,884,751.43 2,030,120.00 2,040,548.16 2,038,582.81 1,018,383.81 997,777.82 1,025,648.53 991,910.00 2,060,389.92 2,952,150.09 2,063,614.72 3,002,689.16 1,993,580.00 987,620.00 5,000,000.00 1,991,793.10 1 ,969,446.60 2,974,590.00 3,006,145.34 3,048,646.38 2,078,000.00 4,054,280.00 1 ,066,260.00 1,032,919.79 2,016,628.76 RETURN RATE 0.315% 0.340% 0.411% 0.437% 0.529% 2.430% 2.452% 0.621% 0.900% 0.900% 5.000% 5.060% 5.000% 4.450% 3.050% 3.100% 3.120% 4.000% 3.300% 4.448% 2.750% 4.900% 3.300% 4.720% 4.870% 5.090% 5.125% 5.220% 5.500% 5.400% 5.450% 5.050% 3.372% 5.070% 2.659% 4.200% 5.100% INTEREST 38,749,425.82 3,306.67 4,094.44 7,173.91 8,193.89 17,911.66 118,792.86 121,777.13 281,250.56 620.00 620.00 226,519.50 573,720.49 703,633.99 178,713.33 121,014.34 122,750.52 55,816.19 34,892.59 75,101.47 118,090.00 127,985.08 653,849.91 169,690.84 483,790.01 276,642.22 145,734.17 1,279,114.58 507,609.68 507,178.40 784,610.00 798,687.99 616,853.62 142,375.00 815,903.33 63,690.00 138,741.32 344,093.46 INVESTMENT RETURN 358,379,995.08 2,000,000.00 2,000,000.00 2,032,173.91 2,000,000.00 3,087,403.85 1,150,120.86 1,152,558.38 13,422,257.00 33,620.00 33,620.00 2,210,437.50 5,761 ,024.31 5,588,385.42 2,208,833.33 2,161,562.50 2,161,333.33 1,074,200.00 1,032,670.41 1,100,750.00 1,110,000.00 2,188,375.00 3,606,000.00 2,233,305.56 3,486,479.17 2,270,222.22 1,133,354.17 6,279,114.58 2,499,402.78 2,476,625.00 3,759,200.00 3,804,833.33 3,665,500.00 2,220,375.00 4,870,183.33 1,129,950.00 1,171,661.11 2,360,722.22 TERM (Davs) 2,112 192 220 293 343 405 1,755 1,783 713 365 365 832 810 1,042 726 716 715 646 519 818 973 834 1,637 921 1,248 1,039 1,053 1,823 1,782 1,700 1,777 1,781 1,473 748 1,458 839 1,183 1,203 INVESTMENT REPORT AS OF MAY 31,2009 INVESTMENT DATE 05/12/2009 05/29/2007 04/28/2009 03/20/2007 10/11/2007 11/15/2007 05/12/2009 05/05/2009 04/21/2009 04/23/2009 04/30/2008 08/31/2007 05/30/2008 07/17/2008 08/31/2007 10/31/2007 11/23/2007 01/30/2008 04/24/2008 05/07/2008 05/12/2009 05/30/2008 05/09/2008 12/23/2008 05/12/2009 05/29/2009 TYPE CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN O O O O O O O O SECURITY MET LIFE GLOBAL FUNDING J GENERAL ELECTRIC 5.50% CALL 11/15/08 CITIGROUP 2.875% NON-CALL GENERAL ELECTRIC 5.875% NON-CALL GENERAL ELETRIC 5.875% NON-CALL GENERAL ELETRIC 5.875% NON-CALL CHEVRON 3.450% NON-CALL BARCLAYS BANK 2.7% NON-CALL BERKSHIRHATWY4.00% NON-CALL BERKSHIRHATWY4.00% NON-CALL PRINCIPAL LIFE INC 4.5% NON-CALL GENERAL ELECTRIC 6.00% NON-CALL GENERAL ELECTRIC 6.00% NON-CALL PROTECTIVE LIFE 5.050% NON-CALL JOHNSON & JOHNSON 5.15% NON-CALL GENERAL ELECTRIC 5.250% NON-CALL GENERAL ELECTRIC 5.250% NON-CALL WELLS FARGO 5.250% NON-CALL MET LIFE GLOBAL FUNDING 5 MET LIFE GLOBAL FUNDING 5 WAL-MART 4.250% NON-CALL ALLSTATE LIFE 5.375% NON-CALL NEW YORK LIFE 4.650% NON-CALL BERKSHIRHATWY4.60% NON-CALL 3M 4.375% NON-CALL WAL-MART 3.20% NON-CALL WELLS FARGO BANK CORPORATE CASH MANAGEI LIBRARY ACCOUNT UNION TRUST L A I F WATER DISTRICT L A I F PUBLIC IMPROVEMENT L A I F PUBLIC FINANCING CORPORATION L A I F CITY OF CARLSBAD i% NON-CALI 11/15/08 I-CALL 3ALL 3ALL ,LL ,LL ML CALL CALL ALL vl-CALL I-CALL I-CALL i% NON-CALI i% NON-CALI L _L 1L SUB-TOTAL T ACCOUNT RPORATION ) RATION SUB-TOTAL PAR VALUE 1,000,000.00 1,850,000.00 2,000,000.00 5,956,000.00 3,000,000.00 2,000,000.00 3,000,000.00 1 ,575,000.00 1 ,000,000.00 2,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 3,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 1 ,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 1 ,000,000.00 1,000,000.00 2,000,000.00 1,000,000.00 109,381,080.00 622,618.00 2,177,602.63 808.42 12,570.88 30,286,000.00 32,676,185.06 29,714,398.85 36,221,000.00 131,711,183.84 INVESTED AMOUNT 1,020,480.00 1,850,000.00 2,060,840.00 6,187,688.40 3,089,347.40 2,089,414.35 3,103,177.11 1 ,590,861 .34 1 ,022,563.95 2,039,340.00 1 ,000,000.00 1 ,033,437.31 1 ,052,958.51 3,000,000.00 1,017,457.28 2,036,663.70 2,065,283.50 1,042,814.41 1 ,003,232.48 2,019,402.04 1,047,829.91 2,023,559.81 1 ,006,649.66 1 ,023,835.68 2,121,417.76 1,003,190.00 111,049,142.84 622,618.00 2,177,602.63 808.42 12,570.88 30,286,000.00 32,676,185.06 29,714,398.85 36,221 ,000.00 131,711,183.84 RETURN RATE 4.250% 5.500% 1 .680% 4.970% 5.100% 4.700% 2.180% 2.330% 3.200% 3.300% 4.500% 5.200% 4.550% 5.050% 4.750% 4.830% 4.500% 4.240% 5.050% 4.900% 2.950% 5.100% 4.500% 4.000% 2.850% 3.130% 4.429% 0.100% 0.100% 0.000% 0.240% 1 .570% 1.570% 1.570% 1.570% 1.539% INTEREST 107,217.92 453,918.06 89,458.61 1,483,867.09 676,360.93 409,960.65 187,485.39 104,626.16 96,769.38 198,882.22 178,375.00 253,896.02 189,541.49 605,158.33 237,753.83 484,836.30 449,799.83 205,539.76 251,024.46 485,410.46 118,982.59 504,981.86 225,850.34 177,542.10 251,186.41 155,565.56 18,650,792.78 1.71 5.97 - 0.08 1,320.81 1 ,425.04 1 ,295.88 1 ,579.64 5,629.12 INVESTMENT RETURN 1,127,697.92 2,303,918.06 2,150,298.61 7,671,555.49 3,765,708.33 2,499,375.00 3,290,662.50 1,695,487.50 1,119,333.33 2,238,222.22 1,178,375.00 1,287,333.33 1,242,500.00 3,605,158.33 1,255,211.11 2,521 ,500.00 2,515,083.33 1,248,354.17 1,254,256.94 2,504,812.50 1,166,812.50 2,528,541 .67 1 ,232,500.00 1 ,201 ,377.78 2,372,604.17 1,158,755.56 129,699,935.62 622,619.71 2,177,608.60 808.42 12,570.96 30,287,320.81 32,677,610.10 29,715,694.73 36,222,579.64 131,716,812.96 TERM (Days) 911 1,631 955 1,793 1,588 1,553 1,026 1,035 1,090 1,088 1,447 1,750 1,477 1,459 1,811 1,815 1,792 1,728 1,812 1,799 1,434 1,796 1,826 1,604 1,556 1,812 1,319 1 1 1 1 1 1 1 1 GRAND TOTAL 569,906,263.84 575,564,902.38 3.255% 19,190,142.10 633,252,620.66 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MAY 31, 2009 Cash Balance by Fund: General 77,282,406 Special Revenue 46,567,268 Debt Service 5,171,696 Capital Projects: General Capital Construction 65,695,219 Traffic Impact Fees 14,434,732 Public Facilities Fees 42,332,925 Park Development 2,334,119 Transnet Taxes 5,514,042 Drainage Fees 8,280,209 Special Districts 86,321,070 Infrastructure Replacement 46,618,123 Other Capital Construction 5,194,698 Total 276,725,137 Enterprise: Carlsbad Municipal Water District 62,454,220 Sewer Fund 54,576,145 Solid Waste 7,063,893 Storm Water 1,675,804 Golf Course 803,874 Total 126,573,935 Internal Service 25,907,684 Agency Funds 19,733,028 Redevelopment Funds (1) 0 Misc. Special Funds 0 Total General Ledger Balance ** 577,961,154 Reconciling Adjustments (2) (4,923,600) Total Treasurer's Investment Portfolio at Amortized Cost 573,037,554 (1) Redevelopment Fund Balances are interspersed throughout all funds. (2) The Reconciling Adjustments consist of differences between the General Ledger which is prepared on an accrual basis and the Treasurer's report which is prepared on the cash basis. Accrued Interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the Treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment. ** Figures based on best estimate at the time report run on 06/05/09 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of May 31, 2009 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Moody's and S&P) Moodv's S&P BARCLAYS BANK AAA AAA BERKSHIRE HATHAWAY AA2 AAA CHEVRON AA1 AA GENERAL ELECTRIC AA2 AA+ JOHNSON & JOHNSON AAA AAA MET LIFE GLOBAL AA2 AA- NEW YORK LIFE AAA AAA ROYAL BANK OF CANADA AAA AA- 3M AA2 AA- TOYOTA AA1 AA US BANCORP AA3 AA WAL-MART AA2 AA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by both Moody's and S&P) (Ratings of other debt must be AA or better by Moody's and S&P) NONE Investments with Subsequent Changes in Credit Rating * Carrying ALL STATE LIFE BANK OF AMERICA CITIGROUP GENWORTH GLOBAL GOLDMAN SACHS HOME DEPOT MERRILL LYNCH PRINCIPAL LIFE PROTECTIVE LIFE WELLS FARGO Moodv's A1 AA3 A3 A2 A1 BAA1 A2 AA3 A2 A1 S&P AA- A+ A A A BBB+ A A+ AA- AA Purchased 05/30/2008 04/24/2007 06/20/2006 05/07/2008 03/19/2008 06/12/2006 11/03/2006 04/30/2008 07/17/2008 01/30/2008 Value 2,018,755 1 ,998,783 8,985,943 2,011,343 1,011,901 2,990,863 4,988,890 1 ,000,000 3,000,000 5,089,910 Market Value 2,073,080 1 ,995,000 8,860,320 1,843,620 1,016,790 3,099,960 5,007,600 1 ,027,600 2,805,330 5,108,200 * The City's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. All ot these investments are paying interest at the required times. The principal of all investments are considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. 17 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 31, 2009 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS EXHIBIT 10 PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ALL STATE LIFE BANK OF AMERICA BARCLAYS BANK BERKSHIRE HATHAWAY CHEVRON CITIGROUP GENERAL ELECTRIC CAP GENWORTH GLOBAL GOLDMAN SACHS HOME DEPOT JOHNSON & JOHNSON MERRILL LYNCH MET LIFE GLOBAL FUND NEW YORK LIFE PRINCIPAL LIFE PROTECTIVE LIFE ROYAL BANK OF CANADA 3M TOYOTA US BANKCORP WAL-MART WELLS FARGO PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER FAMCA FICO FEDERAL FARM CREDFT BANK FEDERAL HOME LOAN BANK DISCOUNT NOTE FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FEDERAL NATIONAL MORTGAGE ASSOC HOUSING URBAN DEVELOPMENT (HUD) TVA U.S.TREASURY Total Portfolio * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers. Investment Cost 2,023,559.81 1,983,918.00 1,590,861.34 8,164,870.82 3,103,177.11 1 1 ,022,079.70 27,489,704.89 2,016,628.76 1,025,648.53 2,974,590.00 1,017,457.28 4,884,751.43 4,043,114.52 1,994,269.66 1,000,000.00 3,000,000.00 1,066,260.00 2,121,417.76 7,130,057.82 2,952,150.09 15,286,892.81 5,157,732.51 •NCY ISSUER Investment Cost 6,868,837.32 9,201,103.56 31,367,167.56 2,914,250.00 159,975,303.96 68,458,185.78 37,724,543.08 990,198.00 2,130,980.00 13,141,006.44 Percent of Portfolio 0.35% 0.34% 0.28% 1 .42% 0.54% 1.92% 4.78% 0.35% 0.18% 0.52% 0.18% 0.85% 0.70% 0.35% 0.17% 0.52% 0.19% 0.37% 1.24% 0.51% 2.66% 0.90% Percent of Portfolio" 1.19% 1.60% 5.45% 0.51% 27.79% 11.89% 6.55% 0.17% 0.37% 2.28% $575,564,902.38