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HomeMy WebLinkAbout2011-06-07; City Council; 20576; REPORT ON CITY INVESTEMENTS APRIL 201111 CITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 20,576 6/7/11 TRS REPORT ON CITY INVESTMENTS AS OF APRIL 30, 2011 DEPT. HEAD" ft- CITY ATTY. ^^ CITY MGR. /</-_- 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 April 30, 2011 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1) Market Value (2) Current Month 581,664,892 588,657,128 584,502,427 590,638,990 Prior Month 569,083,057 576,217,935 572,200,006 576,578448 (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 4/30/11. 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 8 for a more detailed breakdown. The $12 million increase between March 2011 and April 2011 reports was due to the receipt of property taxes of $11.8 million and franchise fees of $1.7 million during the month of April. FOR CITY CLERKS USE ONLY. COUNCIL ACTION:APPROVED DENIED CONTINUED WITHDRAWN AMENDED D CONTINUED TO DATE SPECIFIC D D CONTINUED TO DATE UNKNOWN D D RETURNED TO STAFF D D OTHER-SEE MINUTES , D D REPORT WAS RECEIVED DEPARTMENT CONTACT: Nancy Sullivan (760) 6U2-2473 Nancv.SullivanCcScarlsbadca.qov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF APRIL 30, 2011 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $72 S 49 Internal Service Capital Projects Agency $,3 $ 288 Enterprise Total Treasurer's Investment Portfolio at Amortized Cost April 30, 2011 SS84 million Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 12,235,553 Prior Month FYTD 11,076,521 Current Month Income 1,159,032 The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement February 2011 March 2011 April 2011 Average Life (Years) 1.78 1.81 1.82 Average Yield To Maturity 2.06% 2.06% 2.03% Modified Duration 1.688 1.722 1.739 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. 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 APRIL 30, 2011 BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS AMORTIZED COST Class CD FN CP TR FA CN LAIF CUSTODY SWEEP BANK ACCT TOTALS Current Month Prior Month 0 16,169,135 16 0 33,057,266 33 352,975,936 340 78,489,198 84 101,472,131 91 94,869 4 360,829 1 1,883,063 1 $584,502,427 $572 CD - Certificate of Deposit FN - Federal Discount Notes CP - Corporate Paper 0 ,140,058 0 ,066,335 ,212,150 ,552,406 ,181,000 ,056,325 ,496,085 ,495,647 ,200,006 MARKET Current Month 0 16,336,999 0 33,195,200 356,820,858 80,475,042 101,472,131 94,869 360,829 1,883,063 $590,638,990 TR - US Treasury FA - Federal Agency CN - Corporate Notes VALUE Prior 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 Cash Income Year to Date 0 0 0 591,250 7,436,229 3,734,579 471,412 286 1,797 0 12,235,553.1 AVERAGE YIELD Current Month Prior 0.00 2.03 0.00 0.82 2.22 3.59 0.56 0.01 0.05 0.05 2.03% Month 0.00 2.03 0.00 0.82 2.21 3.71 0.52 0.03 0.05 0.05 2.06% LAIF - Local Agency Investment Fund Custody - Investment Cash account SWEEP - General Fund Overnight Cash acccount Bank Account - General Fund Cash account EXHIBIT CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 2011 BREAKDOWN OF MATURITIES BY CLASSIFICA TION AND LENGTH OF TIME CLASS CD FN CP TR FA CN LAIF CUSTODY SWEEP BANK ACCT TOTALS % TOTALS Total within One POLICY: WITHIN 6 MONTHS 7 0 1,889,240 0 31,161,209 43,533,107 10,248,089 101,472,131 94,869 360,829 1,883,063 $190,642,536 (1) 32.4% Year (1) Not less than $125,500,000 (2) Policy states that not more MONTHS TO 1 YEAR 0 0 0 0 16,213,506 29,547,543 0 0 0 0 $45,761,049 7.8% $236,403,584 40.2% 1 TO 5 YEARS 0 13,699,178 0 2,062,109 296,410,856 40,081,400 0 0 0 0 (1) $352,253,544 59.8% (1) to mature within one year. (2/3 rds of current year operating budget than 30% of portfolio is to be invested in corporate notes. TOTAL 0 15,588,418 0 33,223,318 356,157,469 79,877,032 101,472,131 94,869 360,829 1,883,063 $588,657,128 100.0% of $188,300,000.00) % TOTAL 0.0% 2.7% 0.0% 5.6% 60.5% 13.6% (2) 17.2% 0.0% 0.1% 0.3% 100.0%EXHIBIT YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998-APRIL 2011 MARKET YIELD CURVE 6/30/09,6/30/10,4/30/11 Market Rates 3Mth 2Yr 5Yr 3Mth 2Yr 5 Yr 10 Yr -•-06/30/2009 -*- 06/30/2010 „«.. 04/30/20 11 .18 .17 .10 1.11 .60 .60 2.55 1.77 1.97 3.53 2.93 3.29 10 Yr M Xa H H3 *a. Cumulative Cash Income FY10-11 Cumulative Millions $ 16 14 12 10 8 (April 2011 )Monthly Interest Income j IMillions $ i Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun czn Interest Income --*--Budget Actual 8 1 M Xa Htd H en City of Carlsbad TRANSACTIONS FOR PERIOD: 04/01/11 TO 04/30/11 4th QUARTER 2010-2011 Trans Date BUYS APRIL 03/24/201 1 04/07/201 1 04/12/2011 04/15/2011 04/07/201 1 04/06/201 1 04/05/201 1 04/06/201 1 04/06/201 1 Investment Date 04/04/2011 04/08/2011 04/13/2011 04/18/2011 04/01/2011 04/26/201 1 04/25/201 1 04/27/201 1 04/27/2011 Maturity Date 08/28/2015 03/28/2016 11/19/2015 04/14/2014 04/18/2016 12/26/2014 04/25/2016 10/27/2014 04/27/2016 Type FA FA FA FA FA FA FA FA FA S FHLB FNMA FHLB FHLMC FHLB FNMA FNMA FHLMC FHLB TOTAL FOURTH QUARTER 2010-2011 MATURITIES APRIL MAY 05/11/2009 06/12/2006 04/16/2007 02/18/2009 02/25/2009 03/02/2009 10/28/2009 04/21/2009 05/21/2007 04/28/201 1 04/28/2011 04/28/2011 05/11/2012 05/11/2012 05/11/2012 05/31/2011 05/09/2011 05/18/2011 FA CN CN FN FN FN TR CN CN FHLB GENER) GENER, FICO FICO FICO USTRE TOYOT/ TOYOT/ Security TOTAL FOURTH QUARTER 2010-2011 CALLS and / or SALES APRIL 08/25/2009 08/26/2009 04/08/2013 FA 01/12/2011 01/28/2011 04/28/2011 FA TOTAL FOURTH QUARTER 2010-2011 Call Date N/A 06/28/2011 05/19/2011 10/14/2011 04/15/2012 10/26/2011 04/25/2012 10/27/2011 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 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 2,000,000.00 18,000,000.00 1,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 4,000,000.00 21,000,000.00 Coupon 2.000% 2.250% 1%STEP 1.500% 2.700% 2.000% 2.650% 2.000% 2.500% 1.375% 5.500% 5.500% 0.000% 0.000% 0.000% 0.875% 5.375% 5.450% Amount (Cost) 2,000,000.00 1,965,000.00 1,957,500.00 2,000,000.00 2,000,000.00 2,000,000.00 1,999,000.00 2,000,000.00 2,000,000.00 17,921,500.00 1,001,350.00 3,006,145.34 3,048,646.38 916,713.56 1,826,280.00 1,818,680.00 3,008,320.31 2,078,000.00 4,054,280.00 20,758,415.59 Return Rate 2.000% 2.628% 2.421% 1.500% 2.700% 2.000% 2.661% 2.000% 2.500% 2.267% 1.305% 5.450% 5.050% 2.710% 2.850% 3.000% 0.699% 3.372% 5.070% 3.656% Interest 176,000.00 258,750.00 222,000.00 89,666.67 270,000.00 146,666.67 266,000.00 140,000.00 250,000.00 1,819,083.34 25,653.47 798,687.99 616,853.62 83,286.44 173,720.00 181,320.00 33,421.49 142,375.00 815,903.33 2,871,221.34 Investment Return 2,176,000.00 2,223,750.00 2,179,500.00 2,089,666.67 2,270,000.00 2,146,666.67 2,265,000.00 2,140,000.00 2,250,000.00 19,740,583.34 1,027,003.47 3,804,833.33 3,665,500.00 1,000,000.00 2,000,000.00 2,000,000.00 3,041,741.80 2,220,375.00 4,870,183.33 23,629,636.93 FHLMC FHLMC 04/08/2011 2,000,000.00 2.500% 2,008,000.00 2.384% 172,833.33 2,180,833.33 04/28/2011 2,000,000.00 0.75% STEP 2,000,000.00 2.003% 121,250.00 2,121,250.00 4,000,000.00 4,008,000.00 2.194% 294,083.33 4.302.083.33 M XXH03 H F-3 INVESTMENT REPORT AS OF APRIL 30, 2011 INVESTMENT DATE 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 x s 08/05/2008 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 FHLB1.125% NON-CALL FHLB 5.275% NON-CALL FHLB5.25% NON-CALL FHLB 5.25% NON-CALL FNMA3.64% NON-CALL FAMCA5.50% NON-CALL FAMCA 5.50% NON-CALL FAMCA5.5% 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 PAR VALUE 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 4,000,00000 2,000,000.00 3,000,000.00 2,000,000.00 3,000,000.00 1,000,00000 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 INVESTED AMOUNT 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 1,005,04000 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 RETURN RATE 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% 5255% 5.250% 3.900% 1.015% 1 .496% 1.280% 1.320% 3.910% INTEREST 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 INVESTMENT RETURN 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 TERM (Days) 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 EXHIBIT-~j INVESTMENT REPORT AS OF APRIL 30,2011 INVESTMENT DATE 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 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 12/17/2008 _ 09/23/2010 TYPE SECURITY 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 .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 FA FHLB 4.375% NON-CALL FA FHLB 1.125% CALL 3/23/11 PAR VALUE 2,000,000.00 5,000,000.00 1,037,000.00 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 3,000,000.00 1,000,000.00 1,065,000.00 3,000,000.00 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 2,000,000.00 2,000,000.00 INVESTED AMOUNT 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 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 2,154,940.00 2,000,000.00 RETURN RATE 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% 1.021% 2.100% 1 .000% 2.120% 3.800% 2.450% 1 .479% 2.040% 3.970% 2.550% 1.125% 3.818% 2.625% 1.125% INTEREST 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 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 62,128.89 184,776.67 259,712.78 67,500.00 INVESTMENT RETURN 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 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 2,427,77778 1,108,000.00 2,068,888.89 1,192,666.67 2,414,652.78 2,067,50000 TERM (Days) 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 1,824 913 1,310 813 1,331 1,677 1,401 1,127 1,278 1,785 1,461 1,006 1,759 1,731 1,096 INVESTMENT REPORT AS OF APRIL 30, 2011 INVESTMENT DATE TYPE SECURITY 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 02/16/2011 FA FNMA 1.2% ONE CALL 7/1/11 03/01/2011 FA FNMA 1.5% CALL 7/01/11 ONE TIME 01/20/2009 FA FHLB 3.125% 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 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 03/17/2011 FA FHLB 2.0% CALL 7/1/11 ONETIME 10/07/2010 FA FHLMC .75% CALL 3/24/11 STEP 11/22/2010 FA FHLB 1.375% CALL 1/4/11 CONT 04/18/2011 FA FHLMC 1.50% ONE CALL 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 03/09/2011 FA FNMA .00% NON-CALL 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 10/06/2010 FA FH LB 1.4% CALL 10/06/11 CONT 10/21/2010 FA FHLB1 35% CALL 1/21/11 QRTLY 04/27/2011 FA FHLMC 2.0% QRTLY CALLS 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 ONETIME PAR VALUE 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 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 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 2,000,000.00 1,000,000.00 2,000,000.00 INVESTED AMOUNT 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 1,999,000.00 1,028,536.49 2,000,000.00 2,007,940.00 2,000,000.00 1,998,500.00 2,000,000.00 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 2,000,000.00 2,015,640.00 1,000,000.00 2,000,000.00 RETURN RATE 1 .930% 2.000% 2.000% 2.264% 0.840% 0.875% 1.390% 1.500% 2.600% 1.375% 1 .450% 1 .300% 1.567% 2.250% 1.300% 1 .864% 1 .536% 1 .398% 1.500% 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% 2.000% 2.950% 1.553% 2.000% INTEREST 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 92,966.67 91,463.51 91,000.00 120,000.00 106,958.33 94,083.33 104,666.67 70,388.89 121,601.56 300,034.82 106,270.00 381,665.83 122,500.00 290,622.66 211,594.00 208,333.33 100,477.78 328,452.92 140,000.00 120,000.00 237,040.00 222,265.87 479,833.33 112,000.00 108,000.00 140,000.00 270,026.67 62,500.00 150,000.00 INVESTMENT RETURN 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 2,091,966.67 1,120,000.00 2,091,000.00 2,127,940.00 2,106,958.33 2,092,583.33 2,104,666.67 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 2,140,000.00 2,285,666.67 1,062,500.00 2,150,000.00 TERM (Days) 1,283 1,322 1,279 1,463 1,096 1,096 989 976 1,788 1,096 1,096 1,096 1,084 1,461 1,277 1,096 1,264 1,229 1,092 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 1,279 1,650 1,461 1,369 INVESTMENT REPORT AS OF APRIL 30, 2011 INVESTMENT DATE TYPE SECURITY 12/01/2010 FA FFCB 1.60% CALL CONT 04/26/2011 FA FNMA 2.0% ONE CALL 03/30/2011 FA FHLB 1.75% ONE CALL 12/30/11 03/29/2011 FA FFCB 2.1% CALL 1/5/12 CONT 02/02/2011 FA FFCB 2.0% CALL 2/2/12 CONT 03/23/2011 FA FNMA 2.2% CALL 9/23/11 ONE TIME 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 FHLMC2.5% ONE CALL 6/22/11 01/25/2011 FA FFCB 1.50% CALL 2/2/11 CONT 03/30/2011 FA FHLB 2.0% NON-CALL 04/04/2011 FA FHLB 2.0% NON-CALL 08/18/2010 FA FNMA 1.50% CALL 8/18/11 08/25/2010 FA FHLB 1.82% CALL 8/24/11 QRTLY 03/29/2011 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 09/14/2010 FA FFCB 1.875% CALL 3/14/11 09/21/2010 FA FNMA 2.0% CALL 3/21/11 09/24/2010 FA FNMA 1.5% CALL 3/24/11 STEP 09/24/2010 FA FNMA 2.0% CALL 3/28/11 09/30/2010 FA FFCB 1.99% CALL 9/30/11 11/19/2010 FA FHLB 2.05% CALL 1/7/11 CONT 10/15/2010 FA FNMA 1.50% CALL 4/15/11 QRTLY STEP 10/15/2010 FA FNMA 1.50% CALL 4/15/11 QRTLY STEP 10/27/2010 FA FNMA 1.55% CALL 10/27/11 10/28/2010 FA FNMA 1.50% CALL 4/28/11 10/29/2010 FA FNMA 1.25% CALL 4/29/11 QRTLY STEP 11 /05/2010 FA FNMA 1.25% CALL 5/5/11 QRTLY STEP 11/10/2010 FA FNMA 1.375% CALL 5/10/11 QRTLY 11 /16/2010 FA FNMA 1.7% CALL 5/16/11 QRTLY 12/01/2010 FA FHLB 1.0% CALL QRTLY STEP 04/13/2011 FA FHLB 1.0% CALL QRTLY STEP 11/23/2010 FA FFCB 2.0% CALL 5/23/12 CONT 12/22/2010 FA FHLMC 2.25% CALL QRTLY 12/28/2010 FA FHLMC 2.05% ONE CALL 12/28/11 12/30/2010 FA FNMA 2.25% CALL QRTLY STEP 12/30/2010 FA FAMCA2.57% CALL SEMI-ANNUAL -, 03/29/2011 FA FHLMC 2.75% CALL 4/13/11 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 2,000,000.00 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 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 2,000,000.00 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 1,957,500.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,999,000.00 1,999,000.00 RETURN RATE 1.600% 2.000% 1.750% 2.100% 2.000% 2.200% 2.780% 2.000% 1 .875% 1 .873% 2.250% 2.063% 2.012% 2.000% 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% 2.421% 2.000% 2.250% 2.050% 2.583% 2.581% 2.760% INTEREST 128,000.00 146,666.67 131,250.00 158,200.00 160,000.00 176,000.00 277,339.77 190,099.17 168,750.00 168,500.00 206,216.67 182,666.67 174,333.33 176,000.00 240,500.00 175,898.89 184,261.11 185,897.22 174,000.00 187,500.00 200,000.00 205,000.00 200,444.44 200,000.00 200,616.67 205,000.00 266,500.00 157,000.00 151,000.00 210,112.50 180,000.00 173,760.00 173,000.00 139,666.67 222,000.00 200,000.00 225,000.00 205,000.00 260,000.00 258,000.00 264,388.89 INVESTMENT RETURN 2,128,000.00 2,146,666.67 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 2,176,000.00 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 2,179,500.00 2,200,000.00 2,225,000.00 2,205,000.00 2,260,000.00 2,257,000.00 2,263,388.89 TERM (Days) 1,461 1,340 1,371 1,378 1,461 1,461 1,790 1,551 1,643 1,643 1,664 1,638 1,583 1,607 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 1,681 1,826 1,826 1,826 1,826 1,826 1,751 INVESTMENT REPORT AS OF APRIL 30, 2011 INVESTMENT DATE 03/24/201 1 01/25/2011 01/26/2011 01/28/2011 02/16/2011 02/18/2011 02/25/2011 02/25/2011 03/09/2011 03/25/2011 04/08/2011 04/08/2011 04/25/2011 04/27/201 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 TYPE FA FA FA FA FA FA 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 SECURITY FHLMC 1.5% CALL 4/2 1/11 QRTLY FNMA 2.60% CALL 7/25/1 1 QRTLY FHLB 2.59% CALL 7/26/11 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 9/09/11 QRTLY STEP FHLMC 2.0% CALL 9/15/11 QRTLY STEP FNMA 2.25% QRTLY CALLS FHLB 2.7% QRTLY CALLS FNMA 2.65% CALL 4/25/12 ONE TIME FHLB 2.5% NON-CALL 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 PAR VALUE 2,000,000.00 2,000,000.00 2,000,000.00 2,000,00000 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 2,000,000.00 353,147,000.00 2,000,000.00 1,000,000.00 2,000,00000 2,000,000.00 2,000,00000 2,000,000.00 2,000,000.00 1,076,000.00 14,076,000.00 367,223,000.00 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 8,000,00000 1,000,000.00 1,000,000.00 33,000,00000 INVESTED AMOUNT 1,999,500.00 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 2,000,000.00 900,000.00 1,965,000.00 2,000,000.00 1,999,000.00 2,000,000.00 358,669,157.72 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 13,076,728.88 371,745,886.60 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 33,223,318.31 RETURN RATE 2.505% 2.600% 2.590% 2.605% 2.718% 2.700% 3.000% 2.850% 3.000% 2.790% 2.628% 2.700% 2.661% 2.500% 2.219% 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% INTEREST 241,750.00 260,000.00 259,000.00 262,500.00 275,000.00 270,000.00 300,000.00 285,000.00 302,500.00 125,500.00 258,750.00 270,000.00 266,000.00 250,000.00 32,524,952.53 110,760.00 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 33,650,308.33 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 INVESTMENT RETURN 2,241,250.00 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 2,302,500.00 1,025,500.00 2,223,750.00 2,270,000.00 2,265,000.00 2,250,000.00 391,194,110.25 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,077,74000 1,124,344.68 14,202,084.68 405,396,194.93 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 TERM (Days) 1,764 1,826 1,826 1,826 1,826 1,826 1,826 1,826 1,827 1,817 1,816 1,837 1,827 1,827 1,388 908 1,178 1,171 1,166 1,314 1,206 1,319 1,228 1,186 2,574 580 644 610 583 557 645 584 586 1,755 1,783 833 INVESTMENT REPORT AS OF APRIL 30,2011 INVESTMENT DATE 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 03/18/2011 12/28/2010 04/24/2008 05/07/2008 05/12/2009 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 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 CN CN CN CN CN CN CN CN CN CN CN CN CN CN SECURITY 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 MET LIFE OF CONNECTICUT 5.01% 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 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 PAR VALUE 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 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 INVESTED AMOUNT 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 2,121,360.00 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 RETURN RATE 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% 1.561% 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% INTEREST 142,375.00 815,903.33 63,690.00 138,741.32 344,093.46 107,217.92 453,918.06 69,07333 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 INVESTMENT RETURN 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 2,179,525.00 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 TERM (Days) 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 1,728 657 808 1,812 1,799 1,434 1,796 1,826 818 1,604 1,556 1,812 1,473 1,693 1,826 INVESTMENT REPORT AS OF APRIL 30, 2011 INVESTMENT DATE 12/15/2010 12/15/2010 TYPE SECURITY CN BARCLAYS BANK 3.10% NON-CALL CN ROYAL BANK OF CANADA 2.625% NON-CALL 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 SUB-TOTAL SUB-TOTAL PAR VALUE 2,000,000.00 2,000,000.00 77,631,000.00 360,829.00 1,882,267.34 795.24 94,868.75 23,475,386.16 22,717,410.26 20,549,117.47 34,730,217.46 103,810,891.68 INVESTED AMOUNT 2,000,000.00 2,038,220.00 79,877,031.57 360,82900 1,882,267.34 795.24 94,868.75 23,475,386.16 22,717,410.26 20,549,117.47 34,730,217.46 103,810,891.68 RETURN RATE 3.100% 2.220% 3.594% 0.050% 0.050% 0.000% 0.010% 0.560% 0.560% 0.560% 0.560% 0.548% INTEREST 310,000.00 225,009.16 11,563,148.55 0.49 2.58 - 0.03 365.17 353.38 319.65 540.25 1,581.55 INVESTMENT RETURN 2,310,000.00 2,263,229.16 91,440,180.12 360,829.49 1,882,269.92 795.24 94,868.78 23,475,751.33 22,717,763.64 20,549,437.12 34,730,757.71 103,812,473.23 TERM (Days) 1,826 1,826 1,393 1 1 1 1 1 1 1 1 GRAND TOTAL 581,664,891.68 588,657,128.16 2.028% 45,823,846.30 634,480,974.46 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF APRIL 30, 2011 Cash Balance by Fund: General 72,377,693 Special Revenue 49,688,173 Debt Service 0 Capital Projects: General Capital Construction 62,898,608 Traffic Impact Fees 18,228,321 Public Facilities Fees 45,515,025 Park Development 2,644,661 Transnet Taxes 6,788,579 Drainage Fees 5,811,873 Special Districts 74,697,482 Infrastructure Replacement 61,367,740 Redevelopment 6,507,757 Other Capital Construction 3,737,843 Total 288,197,888 Enterprise: Carlsbad Municipal Water District 72,752,164 Sewer Fund 49,332,086 Solid Waste 7,161,286 Storm Water 2,442,040 Golf Course 308,238 Total 131,995,812 Internal Service 30,494,598 Agency Funds 13,936,071 Misc. Special Funds 0 Total General Ledger Balance ** 586,690,236 Reconciling Adjustments (1) (2,187,809) Total Treasurer's Investment Portfolio at Amortized Cost 584,502,427 (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 5/06/11 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of April 30, 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) Moody's S&P BARCLAYS BANK BERKSHIRE HATHAWAY CHEVRON CITIGROUP GENERAL ELECTRIC JOHNSONS JOHNSON MET LIFE GLOBAL MET LIFE OF CONNECTICUT MICROSOFT NEW YORK LIFE ROYAL BANK OF CANADA SUNTRUST BANK 3M TOYOTA WAL-MART AA3 AA2 AA1 AAA AA2 AAA AA3 AA3 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 * Latest Carrying Moody's S&P Maturity Date Value ALL STATE LIFE GENWORTH GLOBAL PRINCIPAL LIFE PROTECTIVE LIFE WELLS FARGO A1 A2 AA3 A2 A1 A+ 04/30/2013 2,009,570 A 09/15/2011 2,001,845 A 04/16/2012 1,000,000 AA- 07/15/2012 3,000,000 AA- 10/23/2012 2,016,622 Market Value 2,163,920 2,032,480 1,010,950 3,076,950 2,078,300 * 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 APRIL 30, 2011 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS 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 Investment Cost FAMCA 9,883,746,01 FICO 13,076,728.88 FEDERAL FARM CREDIT BANK 69,511,456.57 FEDERAL HOME LOAN BANK 128,697,342.22 FEDERAL HOME LOAN MORTGAGE CORP 53,618,435.51 FEDERAL NATIONAL MORTGAGE ASSOC 91,427,698.92 TVA 5,530,478.48 U.STREASURY 33,223,318.31 Total Portfolio * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers. BY CORPORATE NOTE ISSUER Investment Cost 2,023,559.81 3,590,861.34 4,085,739.63 3,103,177.11 2,060,840.00 21,579,653.17 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 Percent of Portfolio* 0.34% 0.61% 0.69% 0.53% 0.35% 3.67% 0.34% 0.17% 0.85% 0.36% 0.35% 0.54% 0.17% 0.51% 1.22% 0.35% 0.36% 1 .45% 0.35% 0.35% Percent of Portfolio** 1.68% 2.22% 11.81% 21.86% 9.11% 15.53% 0.94% 5.64% $588,657,128.16