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HomeMy WebLinkAbout2011-04-05; City Council; 20497; REPORT ON CITY INVESTMENTS AS OF 2/28/11CITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 20,497 4/5/11 TRS REPORT ON CITY INVESTMENTS AS OF FEBRUARY 28, 201 1 DEPT. HEAD ^ CITY ATTY. s&^ CITY MGR. (jj 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 February 28, 2011 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1) Market Value (2) Current Month 570,379,400 577,507,233 573,748,740 578,634,016 Prior Month 575,069,009 582,052,383 578,511,599 584,509,062 (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 2/28/11. The equity portion of the various funds in the total portfolio is summarized in the graph below. Fund balances are restricted for various purposes. See Exhibit 8 for a more detailed breakdown. FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $66 _ $ 50 Internal Service $30 Agency Enterprise $12 $130 Capital Projects $286 Total Treasurer's Investment Portfolio at Amortized Cost February 28,2011 $574 million FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED X DENIED O CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC CONTINUED TO DATE UNKNOWN RETURNED TO STAFF OTHER - SEE MINUTES an a a DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.qov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF FEBRUARY 28. 2011 Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 9,783,168 Prior Month FYTD 8,542,598 Current Month Income 1,240,570 The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement December 2010 January 2011 February 201 1 Average Life (Years) 1.71 1.67 1.78 Average Yield To Maturity 2.06% 2.06% 2.06% Modified Duration 1.619 1.594 1.688 All pooled investments have been made in accordance with the City's Investment Policy adopted January 2, 1985 and last revised March 23, 2010. 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 9 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. Third 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 FEBRUARY 28, 2011 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 BANKACCT Current Month 0 14,597,814 0 37,076,405 334,500,955 85,491,167 98,767,099 868,083 2,006,565 440,653 Prior Month Current Month 0 14,568,319 0 40,086,158 315,432,237 91,417,876 115,418,730 818 1,223,978 363,484 0 14,740,630 0 37,233,020 337,006,062 87,571,904 98,767,099 868,083 2,006,565 440,653 Prior Month 0 14,751,039 0 40,264,590 318,815,041 93,671,383 115,418,730 818 1,223,978 363,484 Cash Income Year to Date Current Month Prior Month 0 0 0 543,125 5,874,515 3,022,344 341,281 271 1,632 0 0.00 2.05 0.00 0.81 2.22 3.82 0.53 0.04 0.05 0.05 0.00 2.05 0.00 0.79 2.22 4.03 0.53 0.04 0.05 0.05 TOTALS $573,748,740 $578,511,599 $578,634,016 $584,509,062 $9,783,168 2.06%2.06% CD - Certificate of Deposit FN - Federal Discount Notes CP - Corporate Paper TR - US Treasury FA - Federal Agency CN - Corporate Notes LAIF - Local Agency Investment Fund Custody - Investment Cash account SWEEP - General Fund Overnight Cash acccount Bank Account - General Fund Cash account CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 28, 2011 BREAKDOWN OF MA TURITIES B Y CLASSIFICA TIONAND LENGTH OF TIME CLASS CD FN CP TR FA CN LAIF CUSTODY SWEEP BANK ACCT TOTALS % TOTALS Total within One WITHIN 6 MONTHS 0 2,845,610 0 24,130,352 32,248,832 17,260,842 98,767,099 868,083 2,006,565 440,653 $178,568,035 (1) 30.9% Year 7 MONTHS TO 1 YEAR 0 0 0 11,041,483 29,504,629 22,808,229 0 0 0 0 $63,354,341 (1) 11.0% $241,922,375 (1) 1 TO 5 YEARS 0 11,187,489 0 2,062,109 275,619,276 46,715,983 0 0 0 0 $335,584,857 58.1% TOTAL 0 14,033,099 0 37,233,943 337,372,738 86,785,053 98,767,099 868,083 2,006,565 440,653 $577,507,233 100.0% % TOTAL 0.0% 2.4% 0.0% 6.5% 58.4% 15.0% (2) 17.1% 0.2% 0.4% 0.1% 100.0% 41.9% POLICY: (1) Not less than $125,500,000 to mature within one year. (2/3rds of current year operating budget of $188,300,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. x:ci—i DO ro YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998 - FEBRUARY 2011 MARKET YIELD CURVE 6/30/09,6/30/10,2/28/11 Market Rates 3Mth 2Yr 5Yr 3Mth 2Yr 5Yr 10 Yr —06/30/2009 -*- 06/30/2010 -* -02/28/2011 .18 .17 .14 1.11 .60 .68 2.55 1.77 2.14 3.53 2.93 3.43 10 Yr Xn:i—i DO Cumulative Cash Income CumulativeMillions $ 16 14 12 10 8 6 4 2 1.73 1.34 FY10-11 (February 2011 Monthly Interest Income Millions $ 1.35 1.12 1 1 1 1-21/1 0.93 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun cm Interest Income —•--Budget Actual 8 3 2 1 X I—I DOi—i —I tn City of Carlsbad TRANSACTIONS FOR PERIOD: 01/01/11 TO 02/28/11 3RD QUARTER 2010-2011 Trans Date BUYS JANUARY 01/14/2011 01/24/2011 01/12/2011 01/25/2011 01/12/2011 01/05/2011 FEBRUARY 01/25/2011 02/04/2011 02/08/201 1 02/1 5/201 1 02/03/2011 02/04/201 1 02/02/2011 02/04/201 1 02/11/2011 02/08/201 1 02/22/2011 02/25/201 1 MARCH 02/11/2011 02/15/2011 03/01/2011 02/23/201 1 02/28/2011 TOTAL THIRD MATURITIES JANUARY FEBRUARY Investment Date 01/18/2011 01/25/2011 01/25/2011 01/26/2011 01/28/2011 01/28/2011 02/02/201 1 02/09/2011 02/11/2011 02/08/201 1 02/16/2011 02/18/2011 02/18/2011 02/25/201 1 02/25/201 1 02/25/201 1 02/23/201 1 02/28/2011 03/09/2011 03/01/2011 03/02/201 1 03/17/2011 03/23/201 1 Maturity Date 05/30/2014 07/21/2015 01/25/2016 01/26/2016 01/28/2014 01/28/2016 02/02/2015 09/29/2015 05/09/2013 11/01/2013 02/16/2016 11/18/2014 02/18/2016 02/25/2016 08/25/2014 02/25/2016 02/11/2014 05/29/2015 03/09/2016 11/01/2013 05/23/2013 03/17/2014 03/23/2015 Type FA FA FA FA FA FA FA CN CN FA FA FA FA FA FA FA FA FA FA FA FA FA FA Security FICO FFCB FNMA FHLB FHLMC FHLMC FFCB MET LIFE GLOBAL NEW YORK LIFE FNMA FNMA FNMA FNMA FNMA FHLMC FHLMC FFCB FHLB FHLMC FNMA FHLMC FHLB FNMA Call Date N/A 02/02/201 1 07/25/201 1 07/26/2011 04/28/2011 07/28/201 1 02/02/2012 N/A N/A 07/01/2011 08/16/2011 08/18/2011 08/18/2011 08/25/201 1 08/25/201 1 05/25/2011 05/11/2011 05/29/2012 09/09/201 1 07/01/2011 05/23/2011 07/01/2011 09/23/2011 QUARTER 201 0-2011 10/01/2009 10/19/2009 10/19/2009 02/17/2006 03/30/2006 06/20/2006 01/31/2011 01/31/2011 02/28/201 1 02/14/2011 02/14/2011 02/14/2011 TR TR TR CN CN CN US TREASURY US TREASURY US TREASURY CITIGROUP CITIGROUP CITIGROUP N/A N/A N/A N/A N/A N/A Par Value 1,076,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,235,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 44,311,000.00 3,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 Coupon 0.000% 1.500% 2.600% 2.590% .75% STEP 2.150% 2.000% 2.500% 4.650% 1.200% 2% STEP 2.000% 2% STEP 2.850% 2.000% 3.000% 1.550% 2.000% 2.5% STEP 1.500% 0.625% 2.000% 2.200% 0.875% 0.875% 0.875% 5.125% 5.125% 5.125% Amount (Cost) 1 ,027,655.32 1,952,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 978,478.42 2,150,000.00 1,989,940.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,999,000.00 2,235,000.00 2,000,000.00 2,000,000.00 1,983,520.00 2,007,940.00 2,000,000.00 44,323,533.74 3,014,531.25 3,012,656.25 3,011,718.75 5,000,000.00 1,991,793.10 1,969,446.60 Return Rate 1.370% 2.063% 2.600% 2.590% 2.003% 2.605% 2.000% 3.000% 1 .250% 1 .390% 2.718% 2.000% 2.700% 2.850% 2.000% 3.000% 1.567% 2.000% 3.000% 1.500% 1.000% 1.864% 2.200% 2.136% 0.509% 0.544% 0.587% 5.125% 5.220% 5.500% Interest 96,689.36 182,666.67 260,000.00 259,000.00 121,250.00 262,500.00 160,000.00 137,493.80 58,733.33 75,060.00 275,000.00 150,000.00 270,000.00 285,000.00 140,000.00 300,000.00 92,966.67 190,099.17 302,500.00 80,000.00 44,292.50 123,615.56 176,000.00 4,042,867.06 20,421.20 21,012.23 24,103.07 1,279,114.58 507,609.68 507,178.40 Investment Return 1,124,344.68 2,134,666.67 2,260,000.00 2,259,000.00 2,121,250.00 2,262,500.00 2,160,000.00 1,115,972.22 2,208,733.33 2,065,000.00 2,275,000.00 2,150,000.00 2,270,000.00 2,285,000.00 2,140,000.00 2,300,000.00 2,091,966.67 2,425,099.17 2,302,500.00 2,080,000.00 2,027,812.50 2,131,555.56 2,176,000.00 48,366,400.80 3,034,952.45 3,033,668.48 i * i X 3,035,821.82 ~ 6,279,114.58 5 2,499,402.78 ""* 2,476,625.00 °" City of Carlsbad TRANSACTIONS FOR PERIOD: 01/01/11 TO 02/28/11 3RD QUARTER 2010-2011 Trans Date MARCH TOTAL THIRD Investment Date 02/20/2008 03/12/2009 12/30/2009 04/19/2006 Maturity Date 03/11/2011 03/26/201 1 03/31/2011 03/01/2011 Type FA FN TR CN Security FHLB FICO US TREASURY HOME DEPOT Call Date N/A N/A N/A N/A QUARTER 201 0-2011 Par Value 3,000,000.00 1,000,000.00 4,000,000.00 3,000,000.00 29,000,000.00 Coupon 2.875% 0.000% 0.875% 5.200% Amount (Cost) 2,993,378.76 956,370.00 4,010,625.00 2,974,590.00 28,935,109.71 Return Rate 2.950% 2.200% 0.661% 5.400% 2.815% Interest 270,402.49 43,630.00 33,125.00 784,610.00 3,491,206.65 Investment Return 3,263,781.25 1,000,000.00 4,043,750.00 3,759,200.00 32,426,316.36 CALLS and / or SALES JANUARY 09/17/2010 01/13/2010 FEBRUARY 02/12/2010 09/20/2010 07/14/2015 FA FNMA 01/26/2010 07/26/2013 FA FHLB 02/19/2010 08/15/2013 FA FHLMC 01/14/2011 2,000,000.00 2.350% 2,009,120.00 2.240% 01/26/2011 2,000,000.00 2.125% 2,000,000.00 2.125% 02/15/2011 1,000,000.00 1%STEP 1,000,000.00 2.054% 217,263.33 148,750.00 2,226,383.33 2,148,750.00 72,388.89 1,072,388.89 TOTAL THIRD QUARTER 2010-2011 5,000,000.00 5,009,120.00 2.157% 438,402.22 5,447,522.22 INVESTMENT REPORT AS OF FEBRUARY 28, 2011 INVESTMENT DATE 02/20/2008 05/11/2009 06/22/2009 08/31/2007 05/08/2008 09/17/2008 03/09/2007 08/01/2007 08/31/2007 05/08/2008 03/31/2009 05/11/2009 12/30/2009 06/29/2009 10/01/2009 03/19/2007 01/23/2009 06/22/2009 03/05/2007 03/15/2007 01/23/2009 10/30/2007 12/08/2009 03/15/2007 12/07/2009 12/08/2009 03/19/2007 12/30/2009 12/09/2009 06/29/2009 05/21/2007 05/17/2010 07/25/2007 10/19/2009 07/25/2007 07/25/2007 07/15/2008 05/20/2010 10/20/2009 11/25/2009 01/20/2010 08/05/2008 03/24/2010 06/04/2010 12/24/2009 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 FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA SECURITY FHLB 2.875% NON-CALL FHLB 1.375% NON-CALL FHLB 1.125% NON-CALL FHLB 5.275% NON-CALL FHLB 5.25% NON-CALL FHLB 5.25% NON-CALL FNMA3.64% NON-CALL FAMCA 5.50% NON-CALL FAMCA5.50% NON-CALL FAMCA 5.5% NON-CALL FFCB 3.625% NON-CALL FAMCA 5.50% NON-CALL FHLMC 5.25% NON-CALL FHLB 1.625% NON-CALL FHLB 1.375% NON-CALL FHLB 5.75% NON-CALL FHLB 5.75% NON-CALL FFCB 3.875% NON-CALL FHLB 5.00% NON-CALL FHLB 5.00% NON-CALL FHLB 5.00% NON-CALL FHLMC 5.50% NON-CALL FFCB 1.128% NON-CALL FHLB 4.875% NON-CALL FHLB 4.25% NON-CALL FHLB 4.25% NON-CALL FHLB 4.875% NON-CALL FNMA 1.0% NON-CALL FFCB .875% NON-CALL FFCB 2.0% NON-CALL FFCB 4.875% NON-CALL FFCB 1.14% CALL 5/17/11 TVA 6.790% NON-CALL TVA 6.790% NON-CALL FHLB 5.375% NON-CALL FHLB 5.375% NON-CALL FHLB 4.375% NON-CALL FHLB 1.375% NON-CALL FFCB 2.125% NON-CALL FFCB 5.45% NON-CALL FHLMC 5.125% NON-CALL FFCB 3.950% NON-CALL FHLB 1.25% NON-CALL FHLMC 1.125% NON-CALL FNMA 5.00% NON-CALL PAR VALUE 3,000,000.00 1,000,000.00 2,000,000.00 1 ,000,000.00 1,000,000.00 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 1,737,000.00 2,000,000.00 1 ,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 4,000,000.00 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 5,000,000.00 3,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 1,037,000.00 INVESTED AMOUNT 2,993,378.76 1,001,350.00 1,988,700.00 1,020,930.00 1,055,434.00 2,132,207.14 1,909,480.00 3,034,380.00 644,775.32 2,116,712.00 1,044,420.00 1,072,970.00 1,853,035.07 2,012,680.00 1,006,100.00 3,111,810.00 1,097,950.00 3,152,520.00 2,018,200.00 3,032,352.00 1 ,077,520.00 3,117,300.00 3,014,854.10 3,018,777.00 1,061,850.00 2,126,060.00 3,009,690.00 2,994,090.00 997,136.00 4,036,800.00 1 ,987,880.00 3,000,000.00 2,130,980.00 3,399,498.48 1,005,040.00 1,005,254.43 3,050,958.11 5,036,422.30 3,049,023.21 2,210,347.28 1,092,760.00 2,002,900.00 2,000,352.89 5,004,198.09 1,127,519.73 RETURN RATE 2.950% 1.305% 1.420% 4.761% 3.345% 2.720% 4.805% 5.175% 4.781% 3.545% 1.639% 2.050% 0.900% 1.315% 1.375% 4.800% 1.818% 1 .490% 4.773% 4.730% 1.958% 4.390% 0.850% 4.720% 1.020% 0.956% 4.795% 1.105% 1.020% 1.630% 5.015% 1.140% 5.235% 1.534% 5.255% 5.250% 3.900% 1.015% 1.496% 1.280% 1.320% 3.910% 1.243% 1.085% 1.567% INTEREST 270,402.49 25,653.47 55,112.50 181,976.25 106,732.67 154,501.19 406,997.78 618,286.67 118,184.21 233,760.22 85,530.00 46,807.78 25,313.30 54,847.78 19,261.11 648,148.33 49,313.89 100,323.75 432,911.11 640,148.00 53,868.89 522,075.00 46,552.13 647,473.00 20,552.78 38,509.44 672,403.75 62,826.67 20,364.00 167,200.00 489,057.50 68,400.00 524,632.22 128,989.85 256,692.64 256,478.21 460,552.31 104,515.20 120,622.62 70,024.94 34,653.19 310,466.67 58,188.78 116,583.16 44,578.33 INVESTMENT RETURN 3,263,781.25 1,027,003.47 2,043,812.50 1,202,906.25 1,162,166.67 2,286,708.33 2,316,477.78 3,652,666.67 762,959.53 2,350,472.22 1,129,950.00 1,119,777.78 1,878,348.37 2,067,527.78 1,025,361.11 3,759,958.33 1,147,263.89 3,252,843.75 2,451,111.11 3,672,500.00 1,131,388.89 3,639,375.00 3,061,406.23 3,666,250.00 1,082,402.78 2,164,569.44 3,682,093.75 3,056,916.67 1,017,500.00 4,204,000.00 2,476,937.50 3,068,400.00 2,655,612.22 3,528,488.33 1,261,732.64 1,261,732.64 3,511,510.42 5,140,937.50 3,169,645.83 2,280,372.22 1,127,413.19 2,313,366.67 2,058,541.67 5,120,781.25 1,172,098.06 TERM (Days) 1,115 717 711 1,379 1,128 996 1,588 1,444 1,414 1,163 836 795 565 758 673 1,610 934 794 1,649 1,639 959 1,416 664 1,665 708 707 1,705 693 730 932 1,788 731 1,764 947 1,780 1,780 1,424 750 972 939 907 1,448 856 784 952 mx CD INVESTMENT REPORT AS OF FEBRUARY 28, 2011 INVESTMENT DATE TYPE SECURITY 01/25/2010 FA FAMCA 2.1% NON-CALL 01/20/2010 FA FNMA1.75% NON-CALL 03/16/2010 FA FNMA 1.75% NON-CALL 01/29/2009 FA FHLB 4.625% NON-CALL 12/24/2009 FA FHLB 4.625% NON-CALL 06/04/2010 FA FHLB 2.4% NON-CALL 06/04/2010 FA FHLB 1.1 % NON-CALL 05/05/2008 FA FHLB 5.00% NON-CALL 08/22/2008 FA FHLB 4.5% NON-CALL 06/04/2010 FA FHLB 2.00% NON-CALL 03/08/2010 FA FHLMC 2.125% NON-CALL 10/01/2009 FA FFCB 1.80% NON-CALL 11/25/2009 FA FFCB 1.80% NON-CALL 05/11/2009 FA FHLMC 3.875% NON-CALL 10/04/2010 FA FFCB .60% CALL 1/4/11 CONTINOUS 12/10/2007 FA FFCB 4.5% NON-CALL 06/04/2010 FA FHLB 1.375% NON-CALL 06/03/2008 FA FNMA 6.41% NON-CALL 12/14/2009 FA FHLB 1.0% CALL 12/14/11 STEP 07/01/2010 FA FHLMC 4.125% NON-CALL 12/21/2010 FA FHLMC .8% CALL 3/21/11 12/28/2010 FA FHLMC .5% CALL 3/28/11 STEP 01/14/2008 FA FHLB 4.25% CALL 10/14/08 10/20/2009 FA FFCB 5.15% NON-CALL 10/07/2010 FA FFCB 3.4% NON-CALL 03/10/2008 FA FHLB 3.50% NON-CALL 08/26/2009 FA FHLMC 2.5% CALL 4/8/11 10/19/2010 FA FHLMC .50% CALL 4/19/11 STEP 10/20/2009 FA FHLMC 4.25% NON-CALL 10/20/2009 FA FHLMC 4.0% NON-CALL 11/10/2008 FA FHLB 5.375% NON-CALL 08/13/2009 FA FHLB 4.25% NON-CALL 05/25/2010 FA FFCB 1.375% NON-CALL 12/28/2009 FA FHLB 1.85% NON-CALL 08/27/2008 FA FNMA 4.375% NON-CALL 08/19/2009 FA FFCB 2.7% NON-CALL 11/17/2010 FA FNMA 1.25% CALL 8/19/11 ONETIME 11/12/2008 FA FHLB 4.0% NON-CALL 12/17/2008 FA FHLB 4.375% NON-CALL 09/23/2010 FA FHLB 1.125% CALL 3/23/11 03/24/2010 FA FHLMC 4.125% NON-CALL 02/23/2010 FA FFCB 3.875% NON-CALL 04/15/2010 FA FHLB 2.00% NON-CALL 10/19/2009 FA FFCB 5.350% NON-CALL 10/25/2010 FA FFCB .84% CALL 10/25/11 CONT 10/28/2010 FA FFCB .875% CALL 01/28/11 CONT PAR VALUE 1,000,000.00 1,000,000.00 3,000,000.00 2,000,000.00 1,000,000.00 1 ,000,000.00 4,000,000.00 1,175,000.00 1,000,000.00 5,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 1 ,000,000.00 1,000,000.00 2,000,000.00 3,000,000.00 1,807,000.00 1 ,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 1,000,000.00 1,065,000.00 3,000,000.00 2,000,000.00 1 ,000,000.00 500,000.00 500,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 INVESTED AMOUNT 1,015,908.69 1,009,004.81 3,034,050.00 2,150,960.00 1,078,810.00 1,027,049.96 4,000,013.10 1,238,814.19 1,022,730.00 5,091,850.00 3,058,800.00 1,003,470.00 3,032,750.01 1,063,510.00 1,000,000.00 2,034,780.00 3,012,394.24 1,990,388.82 999,500.00 3,233,040.00 2,000,000.00 2,000,000.00 3,000,000.00 1,102,490.00 1,133,986.44 2,963,940.00 2,008,000.00 1,000,000.00 536,967.86 532,794.50 1 ,065,788.37 2,130,988.03 1,993,760.00 1,987,226.45 2,035,600.00 1 ,005,669.88 2,006,760.00 1 ,007,890.00 2,154,940.00 2,000,000.00 3,222,330.00 1,065,180.00 2,000,000.00 2,235,072.36 2,000,000.00 2,000,000.00 RETURN RATE 1 .460% 1.390% 1.268% 2.391% 1.567% 1.150% 1.100% 3.640% 3.889% 1.180% 1.336% 1.680% 1.405% 1 .928% 0.600% 4.100% 1.200% 3.890% 1 .673% 0.939% 0.800% 0.870% 4.250% 1 .926% 0.600% 3.765% 2.384% 1.021% 2.100% 2.120% 3.800% 2.450% 1.479% 2.040% 3.970% 2.550% 1.125% 3.818% 2.625% 1.125% 1 .930% 2.000% 2.000% 2.264% 0.840% 0.875% INTEREST 37,466.31 35,717.41 91,950.00 176,901.11 43,367.08 25,683.37 98,253.57 192,237.89 160,020.00 135,927.78 102,877.08 50,180.00 120,099.99 67,701.81 12,000.00 401,970.00 86,720.34 331,405.40 50,500.00 72,897.50 32,000.00 35,000.00 637,500.00 67,316.94 15,503.56 560,476.67 172,833.33 25,625.00 39,296.03 40,094.39 181,163.02 195,081.41 91,031.67 142,273.55 392,177.78 102,330.12 62,128.89 184,776.67 259,712.78 67,500.00 211,826.25 75,181.11 140,000.00 193,522.08 50,400.00 52,500.00 INVESTMENT RETURN 1,053,375.00 1,044,722.22 3,126,000.00 2,327,861.11 1,122,177.08 1,052,733.33 4,098,266.67 1,431,052.08 1,182,750.00 5,227,777.78 3,161,677.08 1,053,650.00 3,152,850.00 1,131,211.81 1,012,000.00 2,436,750.00 3,099,114.58 2,321,794.22 1,050,000.00 3,305,937.50 2,032,000.00 2,035,000.00 3,637,500.00 1,169,806.94 1,149,490.00 3,524,416.67 2,180,833.33 1,025,625.00 576,263.89 572,888.89 1,246,951.39 2,326,069.44 2,084,791.67 2,129,500.00 2,427,777.78 1,108,000.00 2,068,888.89 1,192,666.67 2,414,652.78 2,067,500.00 3,434,156.25 1,140,361.11 2,140,000.00 2,428,594.44 2,050,400.00 2,052,500.00 TERM (Days) 928 933 878 1,294 965 803 816 1,593 1,484 833 928 1,089 1,034 1,238 731 1,773 878 1,624 1,096 904 731 731 1,827 1,206 854 1,824 1,321 913 1,310 1,331 1,677 1,401 1,127 1,278 1,785 1,461 1,006 1,759 1,731 1,096 1,283 1,322 1,279 1,463 1,096 1,096 INVESTMENT REPORT AS OF FEBRUARY 28, 2011 INVESTMENT DATE TYPE SECURITY 02/16/2011 FA FNMA 1.2% ONE CALL 7/1/11 01/20/2009 FA FHLB3.125% NON-CALL 12/20/2010 FA FFCB 1.375% CALL CONT 12/23/2010 FA FNMA 1.45% CALL 12/23/2010 FA FNMA 1.30% CALL 12/30/2010 FA FHLMC 1.50% CALL 01/28/2011 FA FHLMC .075% STEP CALL 4/28/11 QRTLY 02/23/2011 FA FFCB 1.55% CALL 5/11/11 CONT 02/12/2010 FA FFCB 3.00% NON-CALL 09/17/2010 FA FNMA 1.3% CALL 3/17/11 10/07/2010 FA FHLMC .75% CALL 3/24/11 STEP 11/22/2010 FA FHLB 1.375% CALL 1/4/11 CONT 11 /24/2010 FA FNMA 1.0% CALL 10/25/11 02/12/2010 FA FNMA 2.125% CALL 10/28/11 03/24/2010 FA FHLB 2.5% NON-CALL 12/08/2010 FA FHLMC 1.50% CALL 10/20/2009 FA FFCB 4.375% NON-CALL 12/30/2010 FA FNMA 1.75% CALL QRTLY 06/04/2010 FA FNMA 3.00% CALL 7/28/11 06/08/2010 FA FNMA 3.00% CALL 7/28/11 10/15/2010 FA FHLB 1.45% CALL 7/29/11 03/24/2010 FA FHLB 5.5% NON-CALL 02/25/2011 FA FHLMC 2.0% CALL 8/25/11 ONE TIME 09/08/2010 FA FNMA 1.50% CALL 3/8/11 03/24/2010 FA FHLB 5.25% NON-CALL 03/24/2010 FA FFCB 3.0% NON-CALL 09/24/2009 FA FNMA 2.0% CALL 9/23/11 STEP 09/30/2010 FA FNMA 1.6% CALL 3/30/11 10/06/2010 FA FHLB 1.4% CALL 10/06/11 CONT 10/21/2010 FA FHLB 1.35% CALL 1/21/11 QRTLY 04/22/2010 FA FHLB 2.0% CALL 10/28/11 STEP 10/29/2010 FA FHLMC 1.125% CALL 4/29/11 QRTLY STEP 02/18/2011 FA FNMA 2.0% CALL 8/18/11 ONE TIME 12/01/2010 FA FFCB 1.60% CALL CONT 02/02/2011 FA FFCB 2.0% CALL 2/2/12 CONT 03/12/2010 FA FHLMC 1.0% STEP CALL 3/23/11 06/04/2010 FA FNMA 2.00% CALL 10/29/12 STEP 02/28/2011 FA FHLB 2.0% CALL 5/29/12 CONT 12/03/2010 FA FHLB 1.875% CALL CONT 12/03/2010 FA FFCB 1.85% CALL CONT 12/01/2010 FA FHLMC 2.5% ONE CALL 6/22/11 01/25/2011 FA FFCB 1.50% CALL 2/2/11 CONT 08/18/2010 FA FNMA 1.50% CALL 8/18/11 08/25/2010 FA FHLB 1.82% CALL 8/24/11 QRTLY 09/10/2010 FA FNMA 1.85% CALL 9/9/11 09/14/2010 FA FHLB 1.74% CALL 9/14/12 PAR VALUE 2,000,000.00 2,000,000.00 1,150,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1 ,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 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 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 2,000,000.00 2,235,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 INVESTED AMOUNT 1 ,989,940.00 2,047,941.08 1,150,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,999,000.00 1,028,536.49 2,000,000.00 2,000,000.00 1 ,998,500.00 1,998,000.00 1,014,759.55 3,016,423.52 1,999,980.00 3,234,480.00 2,000,000.00 2,037,406.00 2,040,000.00 2,009,400.00 3,395,255.41 2,000,000.00 2,000,000.00 2,231,960.00 2,047,400.80 3,000,000.00 1,999,000.00 2,000,000.00 2,000,000.00 2,015,640.00 1 ,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 2,018,771.34 2,235,000.00 2,000,000.00 1,998,000.00 2,021,700.00 1,952,000.00 1,999,500.00 2,006,000.00 1,999,000.00 2,000,000.00 RETURN RATE 1.390% 2.600% 1.375% 1.450% 1.300% 1.500% 2.003% 1.567% 2.250% 1.300% 1.536% 1.398% 1.030% 3.167% 2.363% 1.500% 2.595% 1.750% 2.522% 2.488% 1.322% 2.323% 2.000% 1.500% 2.490% 2.440% 3.163% 1.613% 1.400% 1.350% 2.950% 1.553% 2.000% 1.600% 2.000% 3.400% 2.780% 2.000% 1.875% 1.873% 2.250% 2.063% 2.375% 1 .757% 1.861% 1.740% INTEREST 75,060.00 258,135.31 47,437.50 87,000.00 78,000.00 90,000.00 121,250.00 92,966.67 91,463.51 91 ,000.00 106,958.33 94,083.33 70,388.89 121,601.56 300,034.82 106,270.00 381,665.83 122,500.00 211,594.00 208,333.33 100,477.78 328,452.92 140,000.00 120,000.00 237,040.00 222,265.87 479,833.33 161,000.00 112,000.00 108,000.00 270,026.67 62,500.00 150,000.00 128,000.00 160,000.00 680,000.00 277,339.77 190,099.17 168,750.00 168,500.00 206,216.67 182,666.67 240,500.00 175,898.89 185,897.22 174,000.00 INVESTMENT RETURN 2,065,000.00 2,306,076.39 1,197,437.50 2,087,000.00 2,078,000.00 2,090,000.00 2,121,250.00 2,091,966.67 1,120,000.00 2,091,000.00 2,106,958.33 2,092,583.33 2,068,388.89 1,136,361.11 3,316,458.34 2,106,250.00 3,616,145.83 2,122,500.00 2,249,000.00 2,248,333.33 2,109,877.78 3,723,708.33 2,140,000.00 2,120,000.00 2,469,000.00 2,269,666.67 3,479,833.33 2,160,000.00 2,112,000.00 2,108,000.00 2,285,666.67 1,062,500.00 2,150,000.00 2,128,000.00 2,160,000.00 4,680,000.00 2,296,111.11 2,425,099.17 2,168,750.00 2,166,500.00 2,227,916.67 2,134,666.67 2,240,000.00 2,181,898.89 2,184,897.22 2,174,000.00 TERM (Days) 989 1,788 1,096 1,096 1,096 1,096 1,096 1,084 1,461 1,277 1,264 1,229 1,248 1,536 1,542 1,293 1,714 1,278 1,515 1,511 1,383 1,603 1,277 1,461 1,633 1,643 1,825 1,461 1,461 1,461 1,650 1,461 1,369 1,461 1,461 1,837 1,790 1,551 1,643 1,643 1,664 1,638 1,826 1,825 1,825 1,826 INVESTMENT REPORT AS OF FEBRUARY 28,2011 INVESTMENT DATE 09/14/2010 09/21/2010 09/24/2010 09/24/2010 09/30/2010 09/30/2010 11/19/2010 10/15/2010 10/15/2010 10/27/2010 10/28/2010 10/29/2010 11/05/2010 11/10/2010 11/16/2010 12/01/2010 11/23/2010 12/22/2010 12/28/2010 12/30/2010 12/30/2010 01/25/2011 01/26/2011 01/28/2011 02/16/2011 02/18/2011 02/25/2011 02/25/2011 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 SECURITY FFCB 1 .875% CALL 3/14/1 1 FNMA 2.0% CALL 3/21/11 FNMA 1 .5% CALL 3/24/1 1 STEP FNMA 2.0% CALL 3/28/1 1 FNMA 2.0% CALL 3/30/1 1 FFCB 1.99% CALL 9/30/11 FHLB 2.05% CALL 1/7/1 1 CONT FNMA 1 .50% CALL 4/15/1 1 QRTLY STEP FNMA 1 .50% CALL 4/1 5/1 1 QRTLY STEP FNMA 1 .55% CALL 1 0/27/1 1 FNMA 1.50% CALL 4/28/1 1 FNMA 1 .25% CALL 4/29/1 1 QRTLY STEP FNMA 1 .25% CALL 5/5/1 1 QRTLY STEP FNMA 1.375% CALL 5/10/11 QRTLY FNMA 1 .7% CALL 5/16/1 1 QRTLY FHLB 1 .0% CALL QRTLY STEP FFCB 2.0% CALL 5/23/12 CONT FHLMC2.25% CALL QRTLY FHLMC 2.05% ONE CALL 12/28/11 FNMA 2.25% CALL QRTLY STEP FAMCA2.57% CALL SEMI-ANNUAL FNMA 2.60% CALL 7/25/1 1 QRTLY FHLB 2.59% CALL 7/26/11 CONT FHLMC 2.150% CALL 7/28/11 CONT FNMA 2.0% CALL 8/16/1 1 QRTLY STEP FNMA 2.0% CALL 8/18/1 1 QRTLY STEP FHLMC 3.0% CALL 5/25/1 1 QRTLY FNMA 2.85% CALL 8/25/1 1 QRTLY 03/12/2009 FN FICO STRIP 0.00% NON-CALL 02/11/2009 FN FICO STRIP 0.00% NON-CALL 02/18/2009 FN FICO STRIP 0.00% NON-CALL 02/25/2009 FN FICO STRIP 0.00% NON-CALL 03/02/2009 FN FICO 0.0% NON-CALL 03/02/2009 FN FICO 0.0% NON-CALL 03/09/2010 FN FICO 0.0% NON-CALL 11/24/2010 FN FNMAO% NON-CALL 01/18/2011 FA FICO 0.00% NON-CALL PAR VALUE 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,600,000.00 2,000,000.00 2,000,000.00 2,155,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 SUB-TOTAL 331,590,000.00 1,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,076,000.00 SUB-TOTAL 15,076,000.00 INVESTED AMOUNT 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1 ,999,000.00 1,999,600.00 2,000,000.00 2,600,000.00 1,998,000.00 1,999,000.00 2,155,000.00 2,000,000.00 1,998,740.00 1,997,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,999,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 337,372,737.81 956,370.00 1,889,240.00 916,713.56 1,826,280.00 1,818,680.00 1,793,820.00 1 ,882,080.00 1,922,260.00 1,027,655.32 14,033,098.88 RETURN RATE 1 .875% 2.000% 2.030% 2.000% 2.000% 2.001% 2.054% 2.034% 2.034% 1.579% 1.510% 1 .932% 1 .789% 1 .728% 1.731% 2.746% 2.000% 2.250% 2.050% 2,583% 2.581% 2,600% 2.590% 2.605% 2.718% 2.700% 3.000% 2.850% 2.220% 2.200% 2.300% 2.710% 2.850% 3.000% 3.050% 1.850% 1.100% 1.370% 2.045% INTEREST 187,500.00 200,000.00 205,000.00 200,444.44 200,000.00 200,000.00 200,616.67 205,000.00 266,500.00 157,000.00 151,000.00 210,112.50 180,000.00 173,760.00 173,000.00 139,666.67 200,000.00 225,000.00 205,000.00 260,000.00 258,000.00 260,000.00 259,000.00 262,500.00 275,000.00 270,000.00 300,000.00 285,000.00 30,185,909.99 43,630.00 110,760.00 83,286.44 173,720.00 181,320.00 206,180.00 117,920.00 155,480.00 96,689.36 1,168,985.80 INVESTMENT RETURN 2,187,500.00 2,200,000.00 2,205,000.00 2,200,444.44 2,200,000.00 2,199,000.00 2,200,216.67 2,205,000.00 2,866,500.00 2,155,000.00 2,150,000.00 2,365,112.50 2,180,000.00 2,172,500.00 2,170,000.00 1,139,666.67 2,200,000.00 2,225,000.00 2,205,000.00 2,260,000.00 2,257,000.00 2,260,000.00 2,259,000.00 2,262,500.00 2,275,000.00 2,270,000.00 2,300,000.00 2,285,000.00 367,558,647.80 1,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,077,740.00 1,124,344.68 15,202,084.68 TERM (Days) 1,826 1,826 1,826 1,830 1,826 1,826 1,783 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,814 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,361 744 908 1,178 1,171 1,166 1,314 1,206 1,319 1,228 1,137 Federal Investments Total 346,666,000.00 351,405,836.69 31,354,895.79 382,760,732.48 2,498 INVESTMENT REPORT AS OF FEBRUARY 28, 2011 INVESTMENT DATE 12/30/2009 10/28/2009 09/24/2009 10/28/2009 11/24/2009 01/20/2010 11/24/2009 02/23/2010 03/24/2010 11/10/2008 11/12/2008 04/19/2006 06/12/2006 04/16/2007 04/21/2009 05/21/2007 04/02/2009 05/30/2008 05/30/2008 05/12/2009 05/29/2007 08/14/2009 04/28/2009 08/17/2009 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 02/08/2010 07/17/2008 08/31/2007 10/31/2007 11/23/2007 01/30/2008 12/28/2010 04/24/2008 05/07/2008 05/12/2009 TYPE TR TR TR TR TR TR TR TR TR TR TR 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 CN CN CN CN CN CN SECURITY US TREASURY 0.875% US TREASURY 0.875% US TREASURY 1.1250% US TREASURY 1.1250% US TREASURY 1.1250% US TREASURY 1.00% US TREASURY 1.00% US TREASURY 1.00% US TREASURY 1.00% US TREASURY 3.125% US TREASURY 4.0% SUB-TOTAL 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 MET LIFE GLOBAL FUNDING 5.125% NON-CALL GENERAL ELECTRIC 5.50% CALL 11/15/08 SUNTRUST BANK 3.0% NON-CALL CITIGROUP 2.875% NON-CALL TOYOTA 5.25% 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 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 ROYAL BANK OF CANADA 2.25% NON-CALL MET LIFE GLOBAL FUNDING 5.125% NON-CALL MET LIFE GLOBAL FUNDING 5.125% NON-CALL WAL-MART 4.250% NON-CALL PAR VALUE 4,000,000.00 3,000,000.00 4,000,000.00 3,000,000.00 4,000,000.00 1 ,000,000.00 5,000,000.00 3,000,000.00 8,000,000.00 1 ,000,000.00 1,000,000.00 37,000,000.00 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 1,000,000.00 1,850,000.00 2,000,000.00 2,000,000.00 2,250,000.00 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 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 1 ,000,000.00 2,000,000.00 1,000,000.00 INVESTED AMOUNT 4,010,625.00 3,008,320.31 4,018,593.75 3,018,398.44 4,037,343.75 1,005,625.00 5,031,445.31 3,016,170.00 8,025,312.50 1,031,328.00 1,030,781.25 37,233,943.31 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 1 ,020,480.00 1,850,000.00 2,066,260.00 2,060,840.00 2,427,570.00 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 2,174,860.00 3,000,000.00 1,017,457.28 2,036,663.70 2,065,283.50 1,042,814.41 2,047,930.00 1,003,232.48 2,019,402.04 1 ,047,829.91 RETURN RATE 0.661% 0.699% 0.859% 0.755% 0.538% 0.630% 0.641% 0.660% 0.801% 2.430% 2.452% 0.805% 5.400% 5.450% 5.050% 3.372% 5.070% 2.659% 4.200% 5.100% 4.250% 5.500% 1.500% 1.680% 1.800% 4.970% 5.100% 4.700% 2.180% 2.330% 3.200% 3.300% 4.500% 5.200% 4.550% 2.167% 5.050% 4.750% 4.830% 4.500% 4.240% 1.150% 5.050% 4.900% 2.950% INTEREST 33,125.00 33,421.49 60,889.95 38,096.13 34,680.71 9,673.91 56,814.36 31,797.03 102,864.30 118,792.86 121,777.13 641,932.87 784,610.00 798,687.99 616,853.62 142,375.00 815,903.33 63,690.00 138,741.32 344,093.46 107,217.92 453,918.06 69,073.33 89,458.61 99,695.62 1,483,867.09 676,360.93 409,960.65 187,485.39 104,626.16 96,769.38 198,882.22 178,375.00 253,896.02 189,541.49 107,473.33 605,158.33 237,753.83 484,836.30 449,799.83 205,539.76 51,695.00 251 ,024.46 485,410.46 118,982.59 INVESTMENT RETURN 4,043,750.00 3,041,741.80 4,079,483.70 3,056,494.57 4,072,024.46 1,015,298.91 5,088,259.67 3,047,967.03 8,128,176.80 1,150,120.86 1,152,558.38 37,875,876.18 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 1,127,697.92 2,303,918.06 2,135,333.33 2,150,298.61 2,527,265.62 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 2,282,333.33 3,605,158.33 1,255,211.11 2,521,500.00 2,515,083.33 1,248,354.17 2,099,625.00 1,254,256.94 2,504,812.50 1,166,812.50 TERM (Days) 456 580 644 610 583 557 645 584 586 1,755 1,783 798 1,777 1,781 1,473 748 1,458 839 1,183 1,203 911 1,631 824 955 857 1,793 1,588 1,553 1,026 1,035 1,090 1,088 1,447 1,750 1,477 858 1,459 1,811 1,815 1,792 1,728 808 1,812 1,799 1,434 INVESTMENT REPORT AS OF FEBRUARY 28, 2011 INVESTMENT DATE 05/30/2008 05/09/2008 02/11/2011 12/23/2008 05/12/2009 05/29/2009 05/20/2010 02/09/201 1 09/30/2010 12/15/2010 12/15/2010 TYPE CN CN CN CN CN CN CN CN CN CN CN O O O O O O O 0 SECURITY ALLSTATE LIFE 5.375% NON-CALL NEW YORK LIFE 4.650% NON-CALL NEW YORK LIFE 4.650% NON-CALL BERKSHIRHATWY 4.60% NON-CALL 3 M 4.375% NON-CALL WAL-MART 3.20% NON-CALL MICROSOFT 2.95% NON-CALL MET LIFE GLOBAL FUNDING 2.5% NON-CALL ROYAL BANK OF CANADA 1.75% CALL STEP BARCLAYS BANK 3.10% NON-CALL ROYAL BANK OF CANADA 2.625% NON-CALL WELLS FARGO BANK CORPORATE CASH MANAGEMENT ACCOUNT LIBRARY ACCOUNT UNION TRUST L A I F WATER DISTRICT L A I F PUBLIC IMPROVEMENT CORPORATION L A I F PUBLIC FINANCING CORPORATION L A I F CITY OF CARLSBAD PAR VALUE 2,000,000.00 1 ,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 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 84,631,000.00 439,691.00 2,006,564.78 962.20 868,082.90 24,045,000.00 24,829,000.00 24,514,000.00 25,379,098.64 SUB-TOTAL 102,082,399.52 INVESTED AMOUNT 2,023,559.81 1 ,006,649.66 2,150,000.00 1,023,835.68 2,121,417.76 1,003,190.00 2,072,820.00 978,478.42 2,000,000.00 2,000,000.00 2,038,220.00 86,785,053.29 439,691.00 2,006,564.78 962.20 868,082.90 24,045,000.00 24,829,000.00 24,514,000.00 25,379,098.64 102,082,399.52 RETURN RATE 5.100% 4.500% 1.250% 4.000% 2.850% 3.130% 2.005% 3.000% 2.255% 3.100% 2.220% 3.821% 0.050% 0.050% 0.000% 0.040% 0.530% 0.530% 0.530% 0.530% 0.514% INTEREST 504,981.86 225,850.34 23,766.67 177,542.10 251,186.41 155,565.56 164,982.78 137,493.80 227,000.00 310,000.00 225,009.16 13,705,135.16 0.60 2.75 - 0.96 354.00 365.54 360.90 373.64 1,458.39 INVESTMENT RETURN 2,528,541.67 1,232,500.00 2,173,766.67 1,201,377.78 2,372,604.17 1,158,755.56 2,237,802.78 1,115,972.22 2,227,000.00 2,310,000.00 2,263,229.16 100,490,188.45 439,691.60 2,006,567.53 962.20 868,083.86 24,045,354.00 24,829,365.54 24,514,360.90 25,379,472.28 102,083,857.91 TERM (Days) 1,796 1,826 818 1,604 1,556 1,812 1,473 1,693 1,826 1,826 1,826 1,429 1 1 1 1 1 1 1 1 GRAND TOTAL 570,379,399.52 577,507,232.81 2.063% 45,703,422.21 623,210,655.02 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF FEBRUARY 28, 2011 Cash Balance by Fund: General . 66,044,350 Special Revenue 50,389,483 Debt Service 0 Capital Projects: General Capital Construction 64,192,998 Traffic Impact Fees 17,694,031 Public Facilities Fees 44,865,222 Park Development 2,458,831 Transnet Taxes 6,672,978 Drainage Fees 5,715,452 Special Districts 73,932,434 Infrastructure Replacement 61,246,206 Redevelopment 5,835,980 Other Capital Construction 3,727,277 Total 286,341,409 Enterprise: Carlsbad Municipal Water District 72,888,097 Sewer Fund 47,951,277 Solid Waste 7,135,768 Storm Water 2,103,221 Golf Course (61,017) Total 130,017,346 Internal Service 30,021,070 Agency Funds 12,897,991 Misc. Special Funds 0 Total General Ledger Balance ** 575,711,650 Reconciling Adjustments (1) (1,962,910) Total Treasurer's Investment Portfolio at Amortized Cost 573,748,740 (1) 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 3/08/11 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of February 28, 2011 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 BERKSHIRE HATHAWAY CHEVRON GENERAL ELECTRIC JOHNSON & JOHNSON MET LIFE GLOBAL MICROSOFT NEW YORK LIFE ROYAL BANK OF CANADA SUNTRUST BANK 3M TOYOTA WAL-MART AAA AA2 AA1 AA2 AAA AA3 AAA AAA AA1 AAA AA2 AA2 AA2 AAA AA+ AA AA+ AAA AA- AAA AAA AA- AAA AA- AA 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 Moodv's ALL STATE LIFE CITIGROUP GENWORTH GLOBAL HOME DEPOT PRINCIPAL LIFE PROTECTIVE LIFE WELLS FARGO A1 A3 A2 BAA1 AA3 A2 A1 Rating * S&P A+ A A BBB+ A AA- AA- Latest Carrying Maturity Date Value 04/30/2013 2,010,369 12/09/2011 2,017,974 09/15/2011 2,002,671 03/01/2011 3,000,000 04/16/2012 1,000,000 07/15/2012 3,000,000 10/23/2012 2,019,824 Market Value 2,165,400 2,039,460 2,047,520 3,000,000 1,012,490 3,094,590 2,089,580 * The City's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. All of 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. EXHIBIT 10 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 28, 2011 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER ALL STATE LIFE BARCLAYS BANK BERKSHIRE HATHAWAY CHEVRON CITIGROUP GENERAL ELECTRIC CAP GENWORTH GLOBAL HOME DEPOT JOHNSONS. JOHNSON MET LIFE GLOBAL FUND MICROSOFT NEW YORK LIFE PRINCIPAL LIFE PROTECTIVE LIFE ROYAL BANK OF CANADA SUNTRUST BANK 3M TOYOTA WAL-MART WELLS FARGO PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER FAMCA FICO FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FEDERAL NATIONAL MORTGAGE ASSOC 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 3,590,861.34 4,085,739.63 3,103,177.11 2,060,840.00 27,634,444.89 2,016,628.76 2,974,590.00 1,017,457.28 5,021,592.94 2,072,820.00 3,156,649.66 1,000,000.00 3,000,000.00 7,152,410.00 2,066,260.00 2,121,417.76 8,559,850.00 2,051,019.91 2,075,734.20 ENCY ISSUER Investment Cost 9,883,746.01 14,033,098.88 67,511,456.57 116,751,630.98 54,744,415.51 82,951,010.25 5,530,478.48 37,233,943.31 Percent of Portfolio* 0.35% 0.62% 0.71% 0.54% 0.36% 4.79% 0.35% 0.52% 0.18% 0.87% 0.36% 0.55% 0.17% 0.52% 1.24% 0.36% 0.37% 1.48% 0.36% 0.36% Percent of Portfolio** 1.71% 2.43% 11.69% 20.22% 9.48% 14.36% 0.96% 6.45% $577,507,232.81