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Home My WebLink About2011-05-10; City Council; 20538; REPORT ON CITY INVESTMENTSCITY OF CARLSBAD - AGENDA BILL AB# 20,538 MTG. 5/10/11 DEPT. TRS REPORT ON CITY INVESTMENTS AS OF MARCH 31, 2011 DEPT. HEADv-^oL- CITY ATTY. ^^ CITYMGR. /y \u^- 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 March 31, 2011 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1) Market Value (2) Current Month 569,083,057 576,217,935 572,200,006 576,578,448 Prior Month 570,379,400 577,507,233 573,748,740 578,634,016 (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 3/31/11. The equity portion of the various funds in the total portfolio is summarized in the graph bleow. 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 $64 _ $ 49 Internal Service v ,^_MOBm Capital Projects Agency .., $287 Total Treasurer's Investment Portfolio at Amortized Cost March 31, 2011 $572 million FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED D DENIED D CONTINUED D WITHDRAWN D AMENDED D CONTINUED TO DATE SPECIFIC CONTINUED TO DATE UNKNOWN RETURNED TO STAFF OTHER -SEE MINUTES Council received the report. D D D D DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MARCH 31. 2011 Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 11,076,521 Prior Month FYTD 9,783,168 Current Month Income 1,293,353 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement January 2011 February 2011 March 201 1 Average Life (Years) 1.67 1.78 1.81 Average Yield To Maturity 2.06% 2.06% 2.06% Modified Duration 1.594 1.688 1.722 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. Investment Portfolio for Bond Proceeds Par Value Cost Current Quarter 17,634,669 17,634,669 Prior Quarter 17,646,361 17,646,361 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 EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY: 11. Detailed Investment Report - Quarterly Report EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS: 12. Detail Of Outstanding Housing Loans - Quarterly Report CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31,2011 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 TOTALS Current Month Prior Month 0 16,140,058 14, 0 33,066,335 37, 340,212,150 334, 84,552,406 85, 91,181,000 98, 4,056,325 1,496,085 2, 1,495,647 $572,200,006 $573, CD - Certificate of Deposit FN - Federal Discount Notes CP - Corporate Paper 0 597,814 0 076,405 500,955 491,167 767,099 868,083 006,565 440,653 748,740 Current Month 0 16,232,576 0 33,203,240 342,462,449 86,451,125 91,181,000 4,056,325 1,496,085 1,495,647 $576,578,448 TR - US Treasury FA - Federal Agency CN - Corporate Notes Prior Month 0 14,740,630 0 37,233,020 337,006,062 87,571,904 98,767,099 868,083 2,006,565 440,653 $578,634,016 Cash Income Year to Date 0 0 0 591,250 6,884,296 3,257,704 341,281 275 1,716 0 11,076,521 Current Month Prior Month 0.00 2.03 0.00 0.82 2.21 3.71 0.52 0.03 0.05 0.05 2.06% 0.00 2.05 0.00 0.81 2.22 3.82 0.53 0.04 0.05 0.05 2.06% LAIF - Local Agency Investment Fund Custody - Investment Cash account SWEEP - General Fund Overnight Cash acccount EXHIBIT CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31, 2011 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME CLASS CD FN CP TR FA CN LA1F CUSTODY SWEEP BANK ACCT TOTALS % TOTALS Total within One POLICY: WITHIN 6 MONTHS 7 0 1,889,240 0 23,135,897 38,500,826 16,302,880 91,181,000 4,056,325 1,496,085 1,495,647 $178,057,900 (1) 30.9% Year ( 1 ) Not less than $ 1 25,500,000 (2) Policy states that not more MONTHS TO 1 YEAR 0 0 0 8,025,313 20,259,257 25,485,639 0 0 0 0 $53,770,208 (1) 9.3% $231,828,108 (1) 40.2% 1 TO 5 YEARS 0 13,699,178 0 2,062,109 284,485,236 44,143,304 0 0 0 0 $344,389,828 59.8% to mature within one year. (2/3rds of current year operating than 30% of portfolio is to be invested in corporate notes. TOTAL 0 15,588,418 0 33,223,318 343,245,319 85,931,823 91,181,000 4,056,325 1,496,085 1,495,647 $576,217,935 100.0% ; budget of $188,300,000.00) % TOTAL 0.0% 2.7% 0.0% 5.8% 59.6% 14.9% (2) 15.8% 0.7% 0.3% 0.3% 100.0%EXHIB°\ YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998 - MARCH 2011 fd X W H U) MARKET YIELD CURVE 6/30/09,6/30/10,3/31/11 Market Rates 3Mth 2Yr 5Yr 3Mth 2Yr 5Yr 10 Yr —06/30/2009 -*- 06/30/2010 -^-03/31/2011 .18 .17 .09 1.11 .60 .82 2.55 1.77 2.28 3.53 2.93 3.47 10 Yr Xw Hw H Cumulative Millions $ Cumulative Cash Income FY10-11 (March 2011) 16 14 12 10 8 6 4 2 Monthly Interest Income Millions $ Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun c=J Interest Income —*— Budget Actual 8 3 2 1 M X ffiHtd H Ul City of Carlsbad TRANSACTIONS FOR PERIOD: 01/01/11 TO 03/31/11 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 02/08/2011 02/15/2011 02/03/2011 02/04/201 1 02/02/2011 02/04/201 1 02/11/2011 02/08/2011 02/22/2011 02/25/201 1 MARCH 02/11/2011 03/08/2011 02/15/2011 03/01/2011 02/23/2011 03/15/2011 02/28/201 1 03/22/2011 03/23/2011 03/24/2011 03/28/2011 03/28/2011 03/28/2011 03/29/2011 Investment Date 01/18/2011 01/25/2011 01/25/2011 01/26/2011 01/28/2011 01/28/2011 02/02/2011 02/09/201 1 02/11/2011 02/08/2011 02/16/2011 02/18/2011 02/18/2011 02/25/2011 02/25/2011 02/25/2011 02/23/2011 02/28/2011 03/09/201 1 03/09/2011 03/01/2011 03/02/2011 03/17/2011 03/18/2011 03/23/2011 03/30/2011 03/24/2011 03/25/201 1 03/29/2011 03/29/2011 03/29/2011 03/30/2011 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 07/05/2014 11/01/2013 05/23/2013 03/17/2014 01/03/2013 03/23/2015 12/30/2014 01/21/2016 03/15/2016 01/13/2016 08/24/2015 01/05/2015 07/30/2015 Type FA FA FA FA FA FA FA CN CN FA FA FA FA FA FA FA FA FA FA FN FA FA FA CN 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 FNMA FHLMC FHLB MET LIFE CONNECTICL FNMA FHLB FHLMC FHLMC FHLMC FHLB FFCB FHLB Call Date N/A 02/02/2011 07/25/201 1 07/26/2011 04/28/2011 07/28/2011 02/02/2012 N/A N/A 07/01/2011 08/16/2011 08/18/2011 08/18/2011 08/25/2011 08/25/2011 05/25/2011 05/11/2011 05/29/2012 09/09/2011 N/A 07/01/2011 05/23/2011 07/01/2011 N/A 09/23/2011 12/30/2011 04/21/2011 09/15/2011 04/13/2011 08/24/2011 01/05/2012 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 2,657,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 900,000.00 2,000,000.00 2,000,000.00 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 0.000% 1.500% 0.625% 2.000% 5.010% 2.200% 1.750% 2.500% 2% STEP 2.750% 1 .820% 2.100% 2.000% 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 2,511,688.67 2,000,000.00 1,983,520.00 2,007,940.00 2,121,360.00 2,000,000.00 2,000,000.00 1,999,500.00 900,000.00 1,999,000.00 1,976,000.00 2,000,000.00 1,999,000.00 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% 1.700% 1.500% 1.000% 1.864% 1.561% 2.200% 1 .750% 2.505% 2.790% 2.761% 2.107% 2.100% 2.012% 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 92,966.67 190,099.17 302,500.00 290,622.66 80,000.00 44,292.50 120,000.00 58,165.00 176,000.00 131,250.00 241,750.00 125,500.00 264,388.89 184,261.11 158,200.00 174,333.33 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 2,802,311.33 2,080,000.00 2,027,812.50 2,127,940.00 2,179,525.00 2,176,000.00 2,131,250.00 2,241,250.00 1,025,500.00 2,263,388.89 H 2,160,261.11 IX 2,158,200.00 g 2,173,333.33 tdH TOTAL THIRD QUARTER 2010-2011 61,868,000.00 61,830,082.41 2.122% 5,667,722.49 67,497,804.90 City of Carlsbad TRANSACTIONS FOR PERIOD: 01/01/11 TO 03/31/11 3RD QUARTER 2010-2011 Trans Date MATURITIES JANUARY FEBRUARY MARCH Investment Date 10/01/2009 10/19/2009 10/19/2009 02/17/2006 03/30/2006 06/20/2006 02/20/2008 03/12/2009 12/30/2009 04/19/2006 Maturity Date 01/31/2011 01/31/2011 02/28/2011 02/14/2011 02/14/2011 02/14/2011 03/11/2011 03/26/2011 03/31/2011 03/01/2011 Type TR TR TR CN CN CN FA FN TR CN Security US TREASURY US TREASURY US TREASURY CITIGROUP CITIGROUP CITIGROUP FHLB FICO US TREASURY HOME DEPOT TOTAL THIRD QUARTER 2010-2011 CALLS and / JANUARY 09/17/2010 01/13/2010 FEBRUARY 02/12/2010 MARCH 11/29/2010 03/12/2010 09/02/2010 09/10/2010 12/09/2010 11/29/2010 or SALES 09/20/2010 01/26/2010 07/14/2015 07/26/2013 FA FNMA FA FHLB 02/19/2010 08/15/2013 FA FHLMC 12/21/2010 03/23/2010 09/30/2010 09/30/2010 12/30/2010 12/28/2010 12/21/2012 03/23/2015 09/30/2015 09/30/2014 12/30/2013 12/28/2012 FA FA FA FA FA FA FHLMC FHLMC FNMA FNMA FHLMC FHLMC TOTAL THIRD QUARTER 2010-2011 Call Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 01/14/2011 01/26/2011 02/15/2011 03/21/2011 03/23/2011 03/30/201 1 03/30/2011 03/30/2011 03/28/2011 Par Value 3,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 1,000,000.00 4,000,000.00 3,000,000.00 29,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 4,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 Coupon 0.875% 0.875% 0.875% 5.125% 5.125% 5.125% 2.875% 0.000% 0.875% 5.200% 2.350% 2.125% 1%STEP 0.800% 1% STEP 2.000% 1.600% 1.500% 0.5% STEP Amount (Cost) 3,014,531.25 3,012,656.25 3,011,718.75 5,000,000.00 1,991,793.10 1,969,446.60 2,993,378.76 956,370.00 4,010,625.00 2,974,590.00 28,935,109.71 2,009,120.00 2,000,000.00 1,000,000.00 2,000,000.00 4,000,000.00 2,000,000.00 1,999,000.00 2,000,000.00 2,000,000.00 Return Rate 0.509% 0.544% 0.587% 5.125% 5.220% 5.500% 2.950% 2.200% 0.661% 5.400% 2.815% 2.240% 2.125% 2.054% 0.800% 3.400% 2.000% 1.613% 1.500% 0.870% Interest 20,421.20 21,012.23 24,103.07 1,279,114.58 507,609.68 507,178.40 270,402.49 43,630.00 33,125.00 784,610.00 3,491,206.65 217,263.33 148,750.00 72,388.89 32,000.00 680,000.00 200,000.00 161,000.00 90,000.00 35,000.00 Investment Return 3,034,952.45 3,033,668.48 3,035,821.82 6,279,114.58 2,499,402.78 2,476,625.00 3,263,781.25 1,000,000.00 4,043,750.00 3,759,200.00 32,426,316.36 2,226,383.33 2,148,750.00 1,072,388.89 2,032,000.00 4,680,000.00 2,200,000.00 2,160,000.00 2,090,000.00 2,035,000.00 19,000,000.00 19,008,120.00 1.998% 1,636,402.22 20,644,522.22 INVESTMENT REPORT AS OF MARCH 31,2011 INVESTMENT DATE 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 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 FHLB 1.375% NON-CALL FHLB1.125% 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 PAR VALUE 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 INVESTED AMOUNT 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 RETURN RATE 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% INTEREST 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 25,31330 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 20,55278 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 INVESTMENT RETURN 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 TERM (Days) 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 EXHIBIT 7 INVESTMENT REPORT AS OF MARCH 31,2011 INVESTMENT DATE 08/05/2008 03/24/2010 06/04/2010 12/24/2009 01/25/2010 01/20/2010 03/16/2010 01/29/2009 12/24/2009 06/04/2010 06/04/2010 05/05/2008 08/22/2008 06/04/2010 03/08/2010 10/01/2009 11/25/2009 05/11/2009 10/04/2010 12/10/2007 06/04/2010 06/03/2008 12/14/2009 07/01/2010 01/14/2008 10/20/2009 10/07/2010 03/10/2008 08/26/2009 10/19/2010 10/20/2009 03/02/2011 10/20/2009 11/10/2008 08/13/2009 05/25/2010 12/28/2009 08/27/2008 08/19/2009 11/17/2010 ---. 11/12/2008 TYPE SECURITY FA FFCB 3.950% NON-CALL FA FHLB 1.25% NON-CALL FA FHLMC 1.125% NON-CALL FA FNMA 5.00% NON-CALL FA FAMCA 2.1% NON-CALL FA FNMA 1.75% NON-CALL FA FNMA 1.75% NON-CALL FA FHLB 4.625% NON-CALL FA FHLB 4.625% NON-CALL FA FHLB 2.4% NON-CALL FA FHLB 1.1 % NON-CALL FA FHLB 5.00% NON-CALL FA FHLB 4.5% NON-CALL FA FHLB 2.00% NON-CALL FA FHLMC 2.125% NON-CALL FA FFCB 1.80% NON-CALL FA FFCB 1.80% NON-CALL FA FHLMC 3.875% NON-CALL FA FFCB .60% CALL 1/4/11 CONTINOUS FA FFCB 4.5% NON-CALL FA FHLB 1.375% NON-CALL FA FNMA 6.41% NON-CALL FA FHLB 1.0% CALL 12/14/11 STEP FA FHLMC 4.125% NON-CALL FA FHLB 4.25% CALL 10/14/08 FA FFCB 5.15% NON-CALL FA FFCB 3.4% NON-CALL FA FHLB 3.50% NON-CALL FA FHLMC 2.5% CALL 4/8/11 FA FHLMC .50% CALL 4/19/11 STEP FA FHLMC 4.25% NON-CALL FA FHLMC .625% CALL 5/23/11 QRTLY FA FHLMC 4.0% NON-CALL FA FHLB 5.375% NON-CALL FA FHLB 4.25% NON-CALL FA FFCB 1.375% NON-CALL FA FHLB 1.85% NON-CALL FA FNMA 4.375% NON-CALL FA FFCB 2.7% NON-CALL FA FNMA 1.25% CALL 8/19/11 ONE TIME FA FHLB 4.0% NON-CALL PAR VALUE 2,000,000.00 . 2,000,000.00 5,000,000.00 1,037,000.00 1,000,000.00 1,000,000.00 3,000,00000 2,000,000.00 1,000,000.00 1,000,000.00 4,000,000.00 1,175,000.00 1,000,000.00 5,000,00000 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 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 2,000,000.00 500,000.00 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 INVESTED AMOUNT 2,002,900.00 2,000,352.89 5,004,198.09 1,127,519.73 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 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 1,983,520.00 532,794.50 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 RETURN RATE 3.910% 1 .243% 1 .085% 1.567% 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% 4.250% 1 .926% 0.600% 3.765% 2.384% 1.021% 2.100% 1 .000% 2.120% 3.800% 2.450% 1 .479% 2.040% 3.970% 2.550% 1.125% 3.818% INTEREST 310,466.67 58,188.78 116,583.16 44,578.33 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 72,897.50 637,500.00 67,316.94 15,503.56 560,476.67 172,833.33 25,625.00 39,296.03 44,292.50 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 INVESTMENT RETURN 2,313,366.67 2,058,541.67 5,120,781.25 1,172,098.06 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 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 2,027,812.50 572,888.89 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 TERM (Days) 1,448 856 784 952 928 933 878 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 1,827 1,206 854 1,824 1,321 913 1,310 813 1,331 1,677 1,401 1,127 1,278 1,785 1,461 1,006 1,759 INVESTMENT REPORT AS OF MARCH 31,2011 INVESTMENT DATE 12/17/2008 09/23/2010 03/24/2010 02/23/2010 04/15/2010 10/19/2009 10/25/2010 10/28/2010 02/16/2011 03/01/2011 01/20/2009 12/20/2010 12/23/2010 12/23/2010 01/28/2011 02/23/201 1 02/12/2010 09/17/2010 03/17/2011 10/07/2010 11/22/2010 11/24/2010 02/12/2010 03/24/2010 12/08/2010 10/20/2009 12/30/2010 03/09/201 1 06/04/2010 06/08/2010 10/15/2010 03/24/2010 02/25/201 1 09/08/2010 03/24/2010 03/24/2010 09/24/2009 10/06/2010 10/21/2010 04/22/2010 - 10/29/2010 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 SECURITY FHLB4.375% NON-CALL FHLB 1.125% CALL 3/23/11 FHLMC 4.125% NON-CALL FFCB 3.875% NON-CALL FHLB 2.00% NON-CALL FFCB 5.350% NON-CALL FFCB .84% CALL 10/25/11 CONT FFCB .875% CALL 01/28/11 CONT FNMA 1.2% ONE CALL 7/1/11 FNMA 1.5% CALL 7/01/11 ONE TIME FHLB 3.125% NON-CALL FFCB 1.375% CALL CONT FNMA 1.45% CALL FNMA 1.30% CALL FHLMC 075% STEP CALL 4/28/11 QRTLY FFCB 1.55% CALL 5/11/11 CONT FFCB 3.00% NON-CALL FNMA 1.3% CALL 3/17/11 FHLB 2.0% CALL 7/1/11 ONE TIME FHLMC .75% CALL 3/24/11 STEP FHLB 1.375% CALL 1/4/11 CONT FNMA 1.0% CALL 10/25/11 FNMA 2.125% CALL 10/28/11 FHLB 2.5% NON-CALL FHLMC 1.50% CALL FFCB 4.375% NON-CALL FNMA 1.75% CALL QRTLY FNMA .00% NON-CALL FNMA 3.00% CALL 7/28/11 FNMA 3.00% CALL 7/28/11 FHLB 1.45% CALL 7/29/11 FHLB 5.5% NON-CALL FHLMC 2.0% CALL 8/25/11 ONE TIME FNMA 1.50% CALL 3/8/11 FHLB 5.25% NON-CALL FFCB 3.0% NON-CALL FNMA 2.0% CALL 9/23/11 STEP FHLB 1.4% CALL 10/06/11 CONT FHLB 1.35% CALL 1/21/11 QRTLY FHLB 2.0% CALL 10/28/11 STEP FHLMC 1.125% CALL 4/29/11 QRTLY STEP PAR VALUE 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 2,000,000.00 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 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,657,000.00 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 1,000,000.00 INVESTED AMOUNT 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 1,989,940.00 2,000,000.00 2,047,941.08 1,150,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,999,000.00 1,028,536.49 2,000,000.00 2,007,940.00 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 2,511,688.67 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 2,000,000.00 2,000,000.00 2,015,640.00 1,000,000.00 RETURN RATE 2.625% 1.125% 1 .930% 2.000% 2.000% 2.264% 0.840% 0.875% 1.390% 1 .500% 2.600% 1 .375% 1.450% 1 .300% 2.003% 1 .567% 2.250% 1 .300% 1.864% 1.536% 1.398% 1.030% 3.167% 2.363% 1.500% 2.595% 1.750% 1.700% 2.522% 2.488% 1 .322% 2.323% 2.000% 1.500% 2.490% 2.440% 3.163% 1 .400% 1 .350% 2.950% 1 .553% INTEREST 259,712.78 67,500.00 211,826.25 75,181.11 140,000.00 193,522.08 50,400.00 52,500.00 75,060.00 80,000.00 258,135.31 47,437.50 87,000.00 78,000.00 121,250.00 92,966.67 91,463.51 91,000.00 120,000.00 106,958.33 94,083.33 70,388.89 121,601.56 300,034.82 106,270.00 381,665.83 122,500.00 290,622.66 211,594.00 208,333.33 100,477.78 328,452.92 140,000.00 120,000.00 237,040.00 222,265.87 479,833.33 112,000.00 108,000.00 270,026.67 62,500.00 INVESTMENT RETURN 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 2,065,000.00 2,080,000.00 2,306,076.39 1,197,437.50 2,087,000.00 2,078,000.00 2,121,250.00 2,091,966.67 1,120,000.00 2,091,000.00 2,127,940.00 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 2,802,311.33 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 2,112,000.00 2,108,000.00 2,285,666.67 1,062,500.00 TERM (Davsl 1,731 1,096 1,283 1,322 1,279 1,463 1,096 1,096 989 976 1,788 1,096 1,096 1,096 1,096 1,084 1,461 1,277 1,096 1,264 1,229 1,248 1,536 1,542 1,293 1,714 1,278 1,214 1,515 1,511 1,383 1,603 1,277 1,461 1,633 1,643 1,825 1,461 1,461 1,650 1,461 INVESTMENT REPORT AS OF MARCH 31,2011 INVESTMENT DATE 02/18/2011 12/01/2010 03/30/2011 03/29/2011 02/02/2011 03/23/2011 06/04/2010 02/28/2011 12/03/2010 12/03/2010 12/01/2010 01/25/2011 03/30/2011 08/18/2010 08/25/2010 03/29/2011 09/10/2010 09/14/2010 09/14/2010 09/21/2010 09/24/2010 09/24/2010 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 03/29/2011 03/24/2011 ~~~ 01/25/2011 TYPE SECURITY FA FNMA 2.0% CALL 8/18/11 ONE TIME FA FFCB 1.60% CALL CONT FA FHLB 1.75% ONE CALL 12/30/11 FA FFCB 2.1% CALL 1/5/12 CONT FA FFCB 2.0% CALL 2/2/12 CONT FA FNMA 2.2% CALL 9/23/11 ONE TIME FA FNMA 2.00% CALL 10/29/12 STEP FA FHLB 2.0% CALL 5/29/12 CONT FA FHLB 1.875% CALL CONT FA FFCB 1.85% CALL CONT FA FHLMC 2.5% ONE CALL 6/22/11 FA FFCB 1.50% CALL 2/2/11 CONT FA FHLB 2.0% NON-CALL FA FNMA 1.50% CALL 8/18/11 FA FHLB 1.82% CALL 8/24/11 QRTLY FA FHLB 1.82% CALL 8/24/11 QRTLY FA FNMA 1.85% CALL 9/9/11 FA FHLB 1.74% CALL 9/14/12 FA FFCB 1.875% CALL 3/14/11 FA FNMA 2.0% CALL 3/21/11 FA FNMA 1.5% CALL 3/24/11 STEP FA FNMA 2.0% CALL 3/28/11 FA FFCB 1.99% CALL 9/30/11 FA FHLB 2.05% CALL 1/7/11 CONT FA FNMA 1.50% CALL 4/15/11 QRTLY STEP FA FNMA 1.50% CALL 4/15/11 QRTLY STEP FA FNMA 1.55% CALL 10/27/11 FA FNMA 1.50% CALL 4/28/11 FA FNMA 1.25% CALL 4/29/11 QRTLY STEP FA FNMA 1.25% CALL 5/5/11 QRTLY STEP FA FNMA 1.375% CALL 5/10/11 QRTLY FA FNMA 1.7% CALL 5/16/11 QRTLY FA FHLB 1.0% CALL QRTLY STEP FA FFCB 2.0% CALL 5/23/12 CONT FA FHLMC 2.25% CALL QRTLY FA FHLMC 2.05% ONE CALL 12/28/11 FA FNMA 2.25% CALL QRTLY STEP FA FAMCA2.57% CALL SEMI-ANNUAL FA FHLMC 2.75% CALL 4/13/11 QRTLY FA FHLMC 1.5% CALL 4/21/11 QRTLY FA FNMA 2.60% CALL 7/25/11 QRTLY 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 2,235,000.00 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 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 2,600,000.00 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 INVESTED AMOUNT 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,018,771.34 2,235,000.00 2,000,000.00 1,998,000.00 2,021,700.00 1,952,000.00 1,999,000.00 1,999,500.00 2,006,000.00 1,976,000.00 1 ,999,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 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 2,000,00000 1,999,000.00 1,999,000.00 1,999,500.00 2,000,000.00 RETURN RATE 2.000% 1 .600% 1 .750% 2.100% 2.000% 2.200% 2.780% 2.000% 1.875% 1 .873% 2.250% 2.063% 2.012% 2.375% 1.757% 2.107% 1.861% 1.740% 1.875% 2.000% 2.030% 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% 2.760% 2.505% 2.600% INTEREST 150,000.00 128,000.00 131,250.00 158,200.00 160,000.00 176,000.00 277,339.77 190,099.17 168,750.00 168,500.00 206,216.67 182,666.67 174,333.33 240,500.00 175,898.89 184,261.11 185,897.22 174,000.00 187,500.00 200,000.00 205,000.00 200,444.44 200,000.00 200,616.67 205,000.00 266,500.00 157,000.00 151,000.00 210,112.50 180,000.00 173,760.00 173,000.00 139,666.67 200,000.00 225,000.00 205,000.00 260,000.00 258,000.00 264,388.89 241,750.00 260,000.00 INVESTMENT RETURN 2,150,000.00 2,128,000.00 2,131,250.00 2,158,200.00 2,160,000.00 2,176,000.00 2,296,111.11 2,425,099.17 2,168,750.00 2,166,500.00 2,227,916.67 2,134,666.67 2,173,333.33 2,240,000.00 2,181,898.89 2,160,261.11 2,184,897.22 2,174,000.00 2,187,500.00 2,200,000.00 2,205,000.00 2,200,444.44 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 2,263,388.89 2,241,250.00 2,260,000.00 TERM (Days) 1,369 1,461 1,371 1,378 1,461 1,461 1,790 1,551 1,643 1,643 1,664 1,638 1,583 1,826 1,825 1,609 1,825 1,826 1,826 1,826 1,826 1,830 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 1,751 1,764 1,826 INVESTMENT REPORT AS OF MARCH 31, 2011 INVESTMENT DATE 01/26/2011 01/28/2011 02/16/2011 02/18/2011 02/25/201 1 02/25/201 1 03/09/2011 03/25/201 1 02/11/2009 02/18/2009 02/25/2009 03/02/2009 03/02/2009 03/09/2010 11/24/2010 01/18/2011 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 06/12/2006 04/16/2007 04/21/2009 05/21/2007 04/02/2009 TYPE FA FA FA FA FA FA FA FA FN FN FN FN FN FN FN FA TR TR TR TR TR TR TR TR TR TR CN CN CN CN CN SECURITY FHLB 2.59% CALL 7/26/1 1 CONT FHLMC 2.150% CALL 7/28/1 1 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 FHLMC 2.5% CALL 9/09/1 1 QRTLY STEP FHLMC 2.0% CALL 9/15/11 QRTLY STEP SUB-TOTAL FICO STRIP 0.00% NON-CALL FICO STRIP 0.00% NON-CALL FICO STRIP 0.00% NON-CALL FICO 0.0% NON-CALL FICO 0.0% NON-CALL FICO 0.0% NON-CALL FNMAO% NON-CALL FICO 0.00% NON-CALL SUB-TOTAL Federal Investments Total US TREASURY 0.875% US TREASURY 1.1 250% 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 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 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 2,000,000.00 900,000.00 340,147,000.00 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 14,076,000.00 354,223,000.00 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 33,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 4,000,000.00 1,000,000.00 INVESTED AMOUNT 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 900,000.00 345,757,00772 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 13,076,728.88 358,833,736.60 3,008,320.31 4,018,593.75 3,018,398.44 4,037,34375 1,005,625.00 5,031,445.31 3,016,170.00 8,025,312.50 1,031,328.00 1,030,781.25 33,223,318.31 3,006,145.34 3,048,646.38 2,078,000.00 4,054,28000 1,066,260.00 RETURN RATE 2.590% 2.605% 2.718% 2.700% 3.000% 2.850% 3.000% 2.790% 2.213% 2.300% 2.710% 2.850% 3.000% 3.050% 1 .850% 1.100% 1.370% 2.032% 0.699% 0.859% 0.755% 0.538% 0.630% 0.641% 0.660% 0.801% 2.430% 2.452% 0.822% 5.450% 5.050% 3.372% 5.070% 2.659% INTEREST 259,000.00 262,500.00 275,000.00 270,000.00 300,000.00 285,000.00 302,500.00 125,500.00 31,010,605.99 110,760.00 83,286.44 173,720.00 181,320.00 206,180.00 117,920.00 155,480.00 96,689.36 1,125,355.80 32,135,961.79 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 13 608,807.87 798,687.99 616,853.62 142,375.00 815,903.33 63,690.00 INVESTMENT RETURN 2,259,000.00 2,262,500.00 2,275,000.00 2,270,000.00 2,300,000.00 2,285,000.00 2,302,500.00 1 ,025,500.00 376,767,613.71 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 14,202,084.68 390,969,698.39 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 33,832,126.18 3,804,833.33 3,665,500.00 2,220,375.00 4,870,183.33 1,129,950.00 TERM (Days) 1,826 1,826 1,826 1,826 1,826 1,826 1,827 1,817 1,371 908 1,178 1,171 1,166 1,314 1,206 1,319 1,228 1,186 2,557 580 644 610 583 557 645 584 586 1,755 1,783 833 1,781 1,473 748 1,458 839 INVESTMENT REPORT AS OF MARCH 31, 2011 INVESTMENT DATE TYPE SECURITY 05/30/2008 CN WELLS FARGO CO 5 30% NON-CALL 05/30/2008 CN GENWORTH GLOBAL 5.375% NON-CALL 05/12/2009 CN MET LIFE GLOBAL FUNDING 5.125% NON-CALL 05/29/2007 CN GENERAL ELECTRIC 5.50% CALL 11/15/08 08/14/2009 CN SUNTRUST BANK 3.0% NON-CALL 04/28/2009 CN CITIGROUP 2.875% NON-CALL 08/17/2009 CN TOYOTA 5.25% NON-CALL 03/20/2007 CN GENERAL ELECTRIC 5.875% NON-CALL 10/11/2007 CN GENERAL ELETRIC 5.875% NON-CALL 11/15/2007 CN GENERAL ELETRIC 5.875% NON-CALL 05/12/2009 CN CHEVRON 3.450% NON-CALL 05/05/2009 CN BARCLAYS BANK 2.7% NON-CALL 04/21/2009 CN BERKSHIRHATWY 4.00% NON-CALL 04/23/2009 CN BERKSHIRHATWY 4.00% NON-CALL 04/30/2008 CN PRINCIPAL LIFE INC 4.5% NON-CALL 08/31/2007 CN GENERAL ELECTRIC 6.00% NON-CALL 05/30/2008 CN GENERAL ELECTRIC 6.00% NON-CALL 02/08/2010 CN GENERAL ELECTRIC 6.00% NON-CALL 07/17/2008 CN PROTECTIVE LIFE 5.050% NON-CALL 08/31/2007 CN JOHNSON & JOHNSON 5.15% NON-CALL 10/31/2007 CN GENERAL ELECTRIC 5.250% NON-CALL 11/23/2007 CN GENERAL ELECTRIC 5.250% NON-CALL 01/30/2008 CN WELLS FARGO 5.250% NON-CALL 03/18/2011 CN MET LIFE OF CONNECTICUT 5.01% NON-CALL 12/28/2010 CN ROYAL BANK OF CANADA 2.25% NON-CALL 04/24/2008 CN MET LIFE GLOBAL FUNDING 5.125% NON-CALL 05/07/2008 CN MET LIFE GLOBAL FUNDING 5.125% NON-CALL 05/12/2009 CN WAL-MART 4.250% NON-CALL 05/30/2008 CN ALLSTATE LIFE 5.375% NON-CALL 05/09/2008 CN NEW YORK LIFE 4.650% NON-CALL 02/11/2011 CN NEW YORK LIFE 4.650% NON-CALL 12/23/2008 CN BERKSHIRHATWY 4 60% NON-CALL 05/12/2009 CN 3 M 4.375% NON-CALL 05/29/2009 CN WAL-MART 3.20% NON-CALL 05/20/2010 CN MICROSOFT 2.95% NON-CALL 02/09/2011 CN MET LIFE GLOBAL FUNDING 2.5% NON-CALL 09/30/2010 CN ROYAL BANK OF CANADA 1.75% CALL STEP 12/15/2010 CN BARCLAYS BANK 3.10% NON-CALL 12/15/2010 CN ROYAL BANK OF CANADA 2.625% NON-CALL PAR VALUE 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 2,000,00000 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 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 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 INVESTED AMOUNT 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 2,121,360.00 2,047,930.00 1,003,232.48 2,019,402.04 1,047,829.91 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 RETURN RATE 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% 1.561% 1.150% 5.050% 4.900% 2.950% 5.100% 4.500% 1.250% 4.000% 2.850% 3.130% 2.005% 3.000% 2.255% 3.100% 2.220% INTEREST 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 58,165.00 51,695.00 251,024.46 485,410.46 118,982.59 504,981.86 225,850.34 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 INVESTMENT RETURN 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 2,179,525.00 2,099,625.00 1,254,256.94 2,504,812.50 1,166,812.50 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 TERM (Days) 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 1,728 657 808 1,812 1,799 1,434 1,796 1,826 818 1,604 1,556 1,812 1,473 1,693 1,826 1,826 1,826 SUB-TOTAL 83,631,000.00 85,931,823.29 3.710% 12,978,690.16 98,910,513.45 1,403 INVESTMENT DATE INVESTMENT REPORT AS OF MARCH 31,2011 TYPE SECURITY O WELLS FARGO BANK O CORPORATE CASH MANAGEMENT ACCOUNT O LIBRARY ACCOUNT O UNION TRUST O L A I F WATER DISTRICT O L A I F PUBLIC IMPROVEMENT CORPORATION O L A I F PUBLIC FINANCING CORPORATION O L A I F CITY OF CARLSBAD PAR VALUE 1 ,494,765.00 1,496,084.71 88249 4,056,325.00 23,445,000.00 22,686,000.00 20,518,000.00 24,532,000.00 SUB-TOTAL 98,229,057.20 INVESTED AMOUNT 1,494,765.00 1,496,084.71 882.49 4,056,325.00 23,445,000.00 22,686,000.00 20,518,000.00 24,532,000.00 98,229,057.20 RETURN RATE 0.050% 0.050% 0.000% 0.030% 0.520% 0.520% 0.520% 0.520% 0.485% INTEREST 2.05 2.05 3.38 338.65 327.69 296.37 354.35 1,324.54 INVESTMENT RETURN 1,494,767.05 1,496,086.76 882.49 4,056,328.38 23,445,338.65 22,686,327.69 20,518,296.37 24,532,354.35 98,230,381.74 TERM (Days) 1 1 1 1 1 1 1 1 GRAND TOTAL 569,083,057.20 576,217,935.40 2.058% 45,724,784.36 621,942,719.76 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MARCH 31, 2011 Cash Balance by Fund: General 63,651,508 Special Revenue 49,388,569 Debt Service 0 Capital Projects: General Capital Construction 63,207,644 Traffic Impact Fees 18,150,102 Public Facilities Fees 45,346,506 Park Development 2,628,981 Transnet Taxes 6,731,434 Drainage Fees 5,805,071 Special Districts 74,437,762 Infrastructure Replacement 61,280,881 Redevelopment 5,851,598 Other Capital Construction 3,705,854 Total 287,145,833 Enterprise: Carlsbad Municipal Water District 72,145,462 Sewer Fund 48,822,974 Solid Waste 7,158,787 Storm Water 2,018,431 Golf Course 305,800 Total 130,451,453 Internal Service 30,072,890 Agency Funds 12,488,393 Misc. Special Funds 0 Total General Ledger Balance ** 573,198,645 Reconciling Adjustments (1) (998,640) Total Treasurer's Investment Portfolio at Amortized Cost 572,200,006 (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 4/08/11 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of March 31, 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 CITIGROUP GENERAL ELECTRIC JOHNSONS JOHNSON MET LIFE GLOBAL AA3 AA2 AA1 AAA AA2 AAA AA3 MET LIFE OF CONNECTICUT AA3 MICROSOFT NEW YORK LIFE ROYAL BANK OF CANADA SUNTRUST BANK 3M TOYOTA WAL-MART AAA AAA AA1 AAA AA2 AA2 AA2 AA- AA+ AA AAA AA+ AAA AA- 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 Rating * Moodv's S&P ALL STATE LIFE GENWORTH GLOBAL PRINCIPAL LIFE PROTECTIVE LIFE WELLS FARGO A1 A2 AA3 A2 A1 A+ A A AA- AA- Latest Carrying Maturity Date Value 04/30/2013 2,009,970 09/15/2011 2,002,258 04/16/2012 1,000,000 07/15/2012 3,000,000 10/23/2012 2,018,223 Market Value 2,157,740 2,038,140 1,011,360 3,082,860 2,078,970 * 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 MARCH 31, 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 JOHNSON & JOHNSON MET LIFE GLOBAL FUND MET LIFE OF CONNECTICUT 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 1,017,457.28 5,021,592.94 2,121,360.00 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 13,076,728.88 69,511,456.57 121,741,192.22 53,626,435.51 85,463,698.92 5,530,478.48 33,223,318.31 Percent of Portfolio* 0.35% 0.62% 0.71% 0.54% 0.36% 4.80% 0.35% 0.18% 0.87% 0.37% 0.36% 0.55% 0.17% 0.52% 1 .24% 0.36% 0.37% 1.49% 0.36% 0.36% Percent of Portfolio** 1 .72% 2.27% 12.06% 21.13% 9.31% 14.83% 0.96% 5.77% $576,217,935.40 City of Carlsbad Bond Proceeds Investment Report March 31, 2011 Fund Type Assessment District 03-01 Project Fund Redemption Fund Investments (College/Cannon) LAIF LAIF Stated Int. Rate 0.52% 0.52% Maturity Date N/A N/A Par Value $ 922,704 $ $ 1,195,206 $ Cost Fiscal Agent: 922,704 1,195,206 Source BNY Western Trust LAIF LAIF Re-Assessment District 97-01 (Alga Road & College Blvd) Imprvmnt Fund - Alga AIM STIT Treasury Assessment District 95-01 (Carlsbad Ranch) Reserve Fund Repub Natl Bank Repo Agreement (HSBC) Assessment District 96-01 (Rancho Carrillo) Reserve Fund Repub Natl Bank Repo Agreement (HSBC) Assessment District 02-01 (Poinsettia Lane) Improvement Fund AIM Redemption Fund LAIF EFJPA Reserve Fund AIG Investment Agreement Communities Facilities District #3 Improvement Area 1 Project Fund AIM STIT Treasury Reserve Fund BNY Hamilton Money Market Other BNY Hamilton Money Market Communities Facilities District #3 Improvement Area 2 Project Fund LAIF Reserve Fund BNY Hamilton Money Market Other LAIF/BNY CPFA Golf Course Bonds Reserve Fund Other BNY Hamilton Money Market BNY Hamilton Money Market N/A 5.83% N/A $ N/A $ 6.03% 09/02/28 $ Fiscal Agent: US Bank 277,937 $ 277,937 AIM Instit. Fund Services Fiscal Agent: BNY Western Trust 948,208 $ 948,208 HSBC Bank of New York Fiscal Agent: BNY Western Trust 1,292,770 $ 1,292,770 HSBC Bank of New York Fiscal Agent: BNY Western Trust N/A 0.52% 5.36% N/A various various 0.52% various various various various N/A $ N/A $ 08/01/14 $ N/A $ 09/01/36 $ N/A $ N/A $ 09/01/38 $ N/A $ N/A $ N/A $ $ 4,445,210 2,487,539 953,706 1 ,927,484 777,965 - 12,878 1,068,180 86,557 1,238,325 17,634,669 $ $ $ $ $ $ $ $ $ $ $ $ 4,445,210 2,487,539 Fiscal Agent: 953,706 Fiscal Agent: 1,927,484 777,965 - Fiscal Agent: 12,878 1,068,180 86,557 Fiscal Agent: 1,238,325 17,634,669 AIM Instit. Fund Services LAIF BNY Western Trust QIC BNY Western Trust AIM Instit. Fund Services BNY Western Trust BNY Western Trust BNY Western Trust LAIF BNY Western Trust LAIF/BNY BNY Western Trust BNY Western Trust BNY Western Trust M Xffi H H:\Long Term Debt\Quarterly Investment Reports\Qtr Inv Rpt.xlsx City of Carlsbad Summary of Outstanding Housing Loans As of March 31, 2011 Updated on: 04/14/2011 Borrower Development Individual homebuyers City-wide (CHAP) Individual homebuyers Calavera Hills Individual homebuyers Cherry Tree Walk Individual homebuyers Serrano Individual homebuyers Rancho Carlsbad Individual homebuyers Solamar Catholic Charities Homeless shelter CB Laurel Tree Apartmi Laurel Tree CB Housing Partnership Rancho Carrillo Pacific Vista Las Flores Vista Las Flores Poinsettia Housing Ass< Poinsettia Station Bridge Housing Corp Villa Loma Dove Family Housing La Costa Paloma CIC Calavera LP Manposa Apts iviuiuci I y cu Individual homebuyers Bressi Ranch Individual homebuyers Village by the Sea El Camino Family Hous Cassia Heights Individual homebuyers Laguna Point Individual homebuyers The Bluffs Habitat for Humanity Roosevelt St. Condos CIC La Costa Hunter's Point Down Payment & Closing Cost Various CIC Glen Ridge, LP Glen Ridge Purpose Sale Sale Sale Sale Sale Sale Shelter Rentals Rentals Rentals Rentals Rentals Rentals Rentals Sale Sale Rentals Sale Sale Sale Rentals Assistance Rentals First date # of loans issued issued 06/28/99 10/15/99 06/28/99 05/25/01 05/20/99 09/26/88 09/19/97 12/24/98 03/05/01 02/27/01 10/21/99 11/04/94 07/15/03 09/15/04 04/29/05 10/28/05 03/07/06 07/06/06 06/14/07 08/30/07 08/19/08 06/25/09 10/05/09 133 5 42 90 22 9 1 2 1 1 1 2 1 1 100 11 1 3 8 1 1 4 1 developers/ by Developer to outstandin homeowners homeowners g $1,680,000 3 75,000 453,600 1,350,000 752,533 147,726 200,000 1,134,000 1,157,584 363,948 920,000 2,212,000 2,070,000 1 ,060,000 1 ,840,000 220,000 1 ,454,276 210,000 200,000 797,539 1,932,000 101,350 1,014,000 i - 37 150,000 1 452,600 14 4,050,000 33 14 1 1 2 1 1 1 2 1 1 19,660,200 100 4,087,200 7 1 3 8 1 1 8 1 City loan repaid loan repaid (recorded as to City to City AR) ($1,370,887) $ - $309,112.82 ! (60,000) (120,000) 15,000 (302,400) (283,250) 151,200 (855,133) (2,565,000) 494,867 (325,539) - 426,994 (135,065) - 12,661 200,000 (408,778) - 725,222 1,157,584 363,948 920,000 (1,788,307) - 423,693 (1,022,966) - 1,047,034 1,060,000 1 ,840,000 220,000 1,454,276 210,000 200,000 797,539 1,932,000 101,350 1,014,000 City (not on City's books) C - 309,113 30,000 45,000 169,350 320,550 1,485,000 1,979,867 426,994 12,661 200,000 725,222 1,157,584 363,948 920,000 423,693 1 ,047,034 1,060,000 19,660,200 21,500,200 4,087,200 4,307,200 1,454,276 210,000 200,000 797,539 1 ,932,000 101,350 1,014,000 Type of Loanpayment deterred ibyeafs NO interest is due unless home is sold before 16th year Payment deferred 30 years No interest is due unless home is sold before 31th year Payment deferred 30 years No interest is due unless home is sold before 31th year Payment deferred 3u years. No interest is due unless home is sold before 31th year Pnncipal is due wtien home is sold Pnncipa! is due when home is sold Principal is due when property is sold Principal and 3% interest each year for 30 years when surplus cash is available Principal and 3% interest each year for 55 years when surplus cash is available Principal and 3% interest each year for 55 years when surplus cash is available Principal and 3% interest each year for 55 years when surplus cash is available Principal and 3% interest each year for 1 5 years when surplus cash is available Principal and 3% interest each year for 55 years when surplus cash is available years when surplus cash is available Payment oeterrea 30 years. NO interest is due unless home is sold before 31th year Payment deterred au years. No interest is due unless home is sold before 31th year Pnncipal and 3% interest each year tor 55 years when surplus cash is available Payment Qeterrea 4b years No interest is due unless home is sold before 46th year Payment dererrea 3U years. No interest is due unless home is sold before 31th year Keter to Agenda bin I8,bey / Kesolution 2006-131 & AB 19,183 / R2007-255 Refer to AB18,251 / Resolution 2005-264 Refer to Agenda Bill 19,415 / Resolution 2008-121 Refer to Agenda Bill 397 / Resolution 435 441 21,345,556 $ 28,400,000 240 $ (6,269,075) $(2,968,250) $ 15,076,482 $ 25,431,750 $ 40,508,232 During the 3rd quarter of FY20 10-11, approximately $15,206 The total outstanding loan balance is $15,076,482. M in CHAP loan payments were received; a $26,569 pay-off was received related to the Rancho Carlsbad development; and a $62,321 principal payment was received for the Villa Loma development. X K H W N)