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HomeMy WebLinkAbout2011-06-21; City Council; 20598; REPORT CITY INVESTMENTS AS OF MAY 31, 2011CITY OF CARLSBAD - AGENDA BILL 15 AB# MTG. DEPT. 20,598 6/21/11 TRS REPORT ON CITY INVESTMENTS AS OF MAY 31, 2011 DEPT. HEAD VJ^FL CITY ATTY. /// CITY MGR. /V RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The City's Investment Policy requires the City Treasurer to report to the City Council on a monthly basis the status of the City's pooled investment portfolio. A quarterly report is also required for the investments of bond proceeds held separately. The City's pooled investment portfolio as of the month ended May 31, 2011 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1) Market Value (2) Current Month 594,455,362 601,450,040 597,243,516 604,320,709 Prior Month 581,664,892 588,657,128 584,502,427 590,638,990 (1) The cost of investments adjusted for amortized premiums and discounts. (2) The amount at which the investments could be sold. Source of market values is Union Bank of California's custodial report as of 5/31/11. 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 $13 million increase between April 2011 and May 2011 reports was due in part to the receipt of property taxes of $7.3 million, motor vehicle in lieu payments of $3.8 million and sales tax in lieu payments of $3.1 million. FOR CITY CLERKS USE ONLY. COUNCIL ACTION:APPROVED DENIED CONTINUED WITHDRAWN AMENDED D CONTINUED TO DATE SPECIFIC D CONTINUED TO DATE UNKNOWN D RETURNED TO STAFF O OTHER - SEE MINUTES D COUNCIL RECEIVED THE REPORT/PRESENTATON an a K DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MAY 31. 2011 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $81^ $53 Internal Service / Mtek. /-. •* • r. • * $3° CaP'tal Pr°JeCtS Age"Cy $«5 $287 Enterprise Total Treasurer's Investment Portfolio at Amortized Cost May 31,2011 $597 million Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 13,285,727 Prior Month FYTD 12,235,553 Current Month Income 1,050,174 The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement March 201 1 April 2011 May 2011 Average Life (Years) 1.81 1.82 1.85 Average Yield To Maturity 2.06% 2.03% 1.99% Modified Duration 1.722 1.739 1.774 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 MAY 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 BANK ACCT TOTALS Current Month Prior Month 0 16,199,181 16 0 30,047,910 33 361,801,889 352 79,093,174 78 107,374,528 101 424 2,150,068 576,343 1 $597,243,516 $584 CD - Certificate of Deposit FN - Federal Discount Notes CP - Corporate Paper 0 ,169,135 0 ,057,266 ,975,936 ,489,198 ,472,131 94,869 360,829 ,883,063 ,502,427 Current Month 0 16,411,436 0 30,176,660 366,505,614 81,125,636 107,374,528 424 2,150,068 576,343 $604,320,709 TR - US Treasury FA - Federal Agency CN - Corporate Notes Prior 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 Cash Income Year to Date 0 0 0 631,250 8,014,581 4,166,312 471,412 287 1,885 0 13,285,727 Current Month Prior Month 0.00 1.70 0.00 0.83 2.23 3.41 0.51 0.01 0.05 0.05 1.99% 0.00 2.03 0.00 0.82 2.22 3.59 0.56 0.01 0.05 0.05 2.03% 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 MAY 31, 2011 BREAKDOWN OF MATURITIES BY CLASSIFICA TION AND LENGTH OF TIME CLASS CD FN CP TR FA CN LA IF CUSTODY SWEEP BANK. ACCT TOTALS % TOTALS Total within One POLICY: WITHIN 6 MONTHS 7 0 1,889,240 0 28,152,889 52,724,797 9,052,549 107,374,528 424 2,150,068 576,343 $201,920,836 (1) 33.6% Year (!) Not less than $125,500,000 (2) Policy states that not more MONTHS TO 1 YEAR 0 4,561,674 0 0 12,552,294 24,610,803 0 0 0 0 $41,724,771 (1) 6.9% $243,645,607 (1) 40.5% 1 TO 5 YEARS 0 9,137,504 0 2,062,109 299,859,258 46,745,562 0 0 0 0 $357,804,434 59.5% to mature within one year. (2/3 rds of current year operating budj than 30% of portfolio is to be invested in corporate notes. TOTAL 0 15,588,418 0 30,214,998 365,136,349 80,408,914 107,374,528 424 2,150,068 576,343 $601,450,040 100.0% >et of $188,300,000.00) % TOTAL 0.0% 2.6% 0.0% 5.0% 60.7% 13.4% (2) 17.9% 0.0% 0.4% 0.1% 100.0% MXffi OT YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998-MAY 2011 MARKET YIELD CURVE 6/30/09,6/30/10,5/31/11 Market Rates 3Mth 2Yr 5Yr 10 Yr 3Mth 2Yr 5Yr 10 Yr —06/30/2009 -*- 06/30/2010 -••-05/31/2011 .18 .17 .05 1.11 .60 .47 2.55 1.77 1.70 3.53 2.93 3.06 M X ffiHw Cumulative Millions $ Cumulative Cash Income FY10-11 (May 2011 ) 16 14 12 10 8 Monthly Interest Income Millions $ 1.35 1.12 ,, Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Interest Income -•*--Budget Actual 8 1 M H H 1-3 City of Carlsbad TRANSACTIONS FOR PERIOD: 04/01/11 TO 05/31/11 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 MAY 04/28/201 1 05/04/201 1 04/28/201 1 05/03/201 1 05/03/201 1 05/05/201 1 05/11/2011 05/11/2011 05/11/2011 05/11/2011 05/16/2011 05/17/2011 05/24/201 1 05/25/201 1 Investment Date 04/04/2011 04/08/201 1 04/13/2011 04/18/2011 04/01/2011 04/26/201 1 04/25/201 1 04/27/2011 04/27/2011 05/03/201 1 05/05/201 1 05/05/201 1 05/06/201 1 05/06/201 1 05/10/2011 05/26/201 1 05/25/201 1 05/16/2011 05/12/2011 05/17/2011 05/19/2011 05/27/201 1 05/26/2011 TOTAL FOURTH QUARTER MATURITIES APRIL MAY 05/11/2009 06/12/2006 04/16/2007 10/28/2009 04/21/2009 05/21/2007 Type FA FA FA FA FA FA FA FA FA FA FA FA CN CN FA FA FA CN FA FA FA CN FA Security FHLB FNMA FHLB FHLMC FHLB FNMA FNMA FHLMC FHLB FAMCA FFCB FFCB MET LIFE GLOBAL MASS MUTUAL FHLB FHLB FHLB GENEREAL ELECTRIC FHLB FHLB FNMA WAL-MART FNMA 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 05/12/2012 05/13/2011 08/05/2011 N/A N/A 04/20/2012 08/26/201 1 08/25/2011 N/A 05/18/2011 08/18/2011 08/09/2011 N/A 06/30/201 1 2010-2011 FA CN CN TR CN CN FHLB GENERAL ELECTRIC GENERAL ELECTRIC US TREASURY TOYOTA TOYOTA 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 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 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 2,500,000.00 2,000,000.00 44,500,000.00 1,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 4,000,000.00 Coupon 2.000% 2.250% 1%STEP 1 .500% 2.700% 2.000% 2.650% 2.000% 2.500% 2.550% 1 .500% 1.800% 2.500% 3.125% 2.000% 2% STEP 1 .500% 2.950% 2.000% 1.550% 1%STEP 3.200% 1 .75% STEP 1 .375% 5.500% 5.500% 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 2,000,000.00 2,000,000.00 2,000,000.00 993,799.11 1,024,175.57 2,011,380.00 2,000,000.00 2,000,000.00 2,000,912.32 1,996,000.00 1,976,000.00 1,993,000.00 2,645,275.00 2,000,000.00 44,562,042.00 1,001,350.00 3,006,145.34 3,048,646.38 3,008,320.31 2,078,000.00 4,054,280.00 Return Rate 2.000% 2.628% 2.421% 1 .500% 2.700% 2.000% 2.661% 2.000% 2.500% 2.550% 1.500% 1.800% 2.650% 2.600% 1.850% 2.320% 1 .500% 2.940% 2.045% 1.829% 2.147% 1 .200% 2.382% 2.127% 1 .305% 5.450% 5.050% 0.699% 3.372% 5.070% Interest 176,000.00 258,750.00 222,000.00 89,666.67 270,000.00 146,666.67 266,000.00 140,000.00 250,000.00 254,858.33 101,583.33 135,000.00 116,131.45 130,164.71 146,397.78 233,750.00 97,500.00 292,940.46 192,111.11 163,586.11 193,944.44 92,058.33 220,805.56 4,189,914.95 25,653.47 798,687.99 616,853.62 33,421.49 142,375.00 815,903.33 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 2,254,858.33 2,101,583.33 2,135,000.00 1,109,930.56 1,154,340.28 2,157,777.78 2,233,750.00 2,097,500.00 2,293,852.78 2,188,111.11 2,139,586.11 2,186,944.44 2,737,333.33 2,220,805.56 48,751,956.95 1,027,003.47 3,804,833.33 3,665,500.00 3,041,741.80 2,220,375.00 4,870,183.33 M X Hdd HTOTAL FOURTH QUARTER 2010-2011 16,000,000.00 16,196,742.03 3.874% 2,432,894.90 18,629,636.93 City of Carlsbad TRANSACTIONS FOR PERIOD: 04/01/11 TO 05/31/11 4th QUARTER 2010-2011 Trans Date Investment Date Type CALLS and / or SALES APRIL 08/25/2009 01/12/2011 MAY 02/22/201 1 05/06/2010 11/19/2010 09/15/2010 02/08/201 1 08/26/2009 01/28/2011 02/23/201 1 05/17/2010 11/22/2010 09/23/2010 02/25/201 1 FA FA FA FA FA FA FA FHLMC FHLMC FFCB FFCB FHLB FHLB FHLMC TOTAL FOURTH QUARTER 2010-2011 Call Date 04/08/2011 04/28/2011 05/11/2011 05/17/2011 05/18/2011 05/18/2011 05/25/201 1 Par Value 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 Coupon 2.500% 0.75% STEP 1 .550% 1.140% 1 .375% 1.125% 3.000% Amount (Cost) 2,008,000.00 2,000,000.00 1,999,000.00 3,000,000.00 1,998,500.00 2,000,000.00 2,000,000.00 Return Rate 2.384% 2.003% 1 .567% 1.140% 1 .398% 1.125% 3.000% Interest 172,833.33 121,250.00 92,966.67 68,400.00 94,083.33 67,500.00 300,000.00 Investment Return 2,180,833.33 2,121,250.00 2,091,966.67 3,068,400.00 2,092,583.33 2,067,500.00 2,300,000.00 15,000,000.00 15,005,500.00 1.759% 917,033.33 15,922,533.33 INVESTMENT REPORT AS OF MAY 31, 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 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 O> 03/24/2010 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 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 FAMCA5.50% 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 TVA6.790% NON-CALL TVA6.790% 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 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 4,000,000.00 2,000,000.00 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 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 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 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% 5.235% 1.534% 5.255% 5.250% 3.900% 1.015% 1 .496% 1.280% 1.320% 3.910% 1 .243% 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 53,868.89 522,07500 46,552.13 647,473.00 20,552.78 38,509.44 672,403.75 62,826.67 20,364.00 167,200.00 489,057.50 524,632.22 128,989.85 256,692.64 256,478.21 460,552.31 104,515.20 120,622.62 70,024.94 34,653.19 310,466.67 58,188.78 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 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 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 1,764 947 1,780 1,780 1,424 750 972 939 907 1,448 856 EXHIBIT-j INVESTMENT REPORT AS OF MAY 31,2011 INVESTMENT DATE TYPE SECURITY 06/04/2010 FA FHLMC 1.125% NON-CALL 12/24/2009 FA FNMA 5.00% NON-CALL 01/25/2010 FA FAMCA 2.1% NON-CALL 01/20/2010 FA FNMA 1.75% 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 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 10/19/2010 FA FHLMC .50% CALL 4/19/11 STEP 10/20/2009 FA FHLMC 4.25% NON-CALL 03/02/2011 FA FHLMC .625% CALL 5/23/11 QRTLY 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 >^_ 03/24/2010 FA FHLMC 4.125% NON-CALL -^ 02/23/2010 FA FFCB 3.875% NON-CALL PAR VALUE 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 3,000,00000 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 3,000,000.00 1,000,000.00 INVESTED AMOUNT 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 3,222,330.00 1,065,180.00 RETURN RATE 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% 1.930% 2.000% INTEREST 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 62,128.89 184,776.67 259,712.78 211,826.25 75,181.11 INVESTMENT RETURN 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 2,427,777.78 1,108,000.00 2,068,888.89 1,192,666.67 2,414,652.78 3,434,156.25 1,140,361.11 TERM (Days) 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 1,283 1,322 INVESTMENT REPORT AS OF MAY 31, 2011 INVESTMENT DATE TYPE SECURITY 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 FNMA1.5% CALL 7/01/11 ONETIME 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 02/12/2010 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 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 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 05/25/2011 FA FHLB 1.50% CALL 8/25/11 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 05/05/2011 FA FFCB 1.5% CALL 5/13/11 10/06/2010 FA FHLB 1.4% CALL 10/06/11 CONT 10/21/2010 FA FHLB 1.35% CALL 1/21/11 QRTLY 04/27/2011 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 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 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 1,150,000.00 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 2,000,000.00 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 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 INVESTED AMOUNT 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 1,028,536.49 2,000,000.00 2,007,940.00 2,000,000.00 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 2,037,406.00 2,040,000.00 2,009,400.00 3,395,255.41 2,000,000.00 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 2,000,000.00 2,015,640.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 RETURN RATE 2.000% 2.264% 0.840% 0.875% 1.390% 1.500% 2.600% 1.375% 1 .450% ' 1 .300% 2.250% 1.300% 1.864% 1.536% 1.500% 1.030% 3.167% 2.363% 1 .500% 2.595% 1.750% 2.522% 2.488% 1.322% 2.323% 2.000% 1.500% 1.500% 2.490% 2.440% 3.163% 1 .500% 1 .400% 1.350% 2.000% 2.950% 1.553% 2.000% 1 .600% 2.000% 1 .750% INTEREST 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 91,463.51 91,000.00 120,000.00 106,958.33 104,666.67 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 97,500.00 120,000.00 237,040.00 222,265.87 479,833.33 101,583.33 112,00000 108,000.00 140,000.00 270,026.67 62,500.00 150,000.00 128,000.00 146,666.67 131,25000 INVESTMENT RETURN 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 1,120,000.00 2,091,000.00 2,127,940.00 2,106,958.33 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 2,249,000.00 2,248,333.33 2,109,877.78 3,723,708.33 2,140,000.00 2,097,500.00 2,120,000.00 2,469,000.00 2,269,666.67 3,479,833.33 2,101,583.33 2,112,000.00 2,108,000.00 2,140,000.00 2,285,666.67 1,062,500.00 2,150,000.00 2,128,000.00 2,146,666.67 2,131,250.00 TERM (Days) 1,279 1,463 1,096 1,096 989 976 1,788 1,096 1,096 1,096 1,461 1,277 1,096 1,264 1,092 1,248 1,536 1,542 1,293 1,714 1,278 1,515 1,511 1,383 1,603 1,277 1,188 1,461 1,633 1,643 1,825 1,238 1,461 1,461 1,279 1,650 1,461 1,369 1,461 1,340 1,371 INVESTMENT REPORT AS OF MAY 31,2011 INVESTMENT DATE TYPE SECURITY 03/29/2011 FA FFCB 2.1% CALL 1/5/12 CONT 02/02/2011 FA FFCB 2.0% CALL 2/2/12 CONT 05/05/2011 FA FFCB 1.8% CALL 8/5/11 03/23/2011 FA FNMA 2.2% CALL 9/23/11 ONE TIME 05/10/2011 FA FHLB 2.0% CALL 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 FHLMC 2.5% 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 05/19/2011 FA FNMA 1.0% CALL QRTLY 11/16/2010 FA FNMA 1.7% CALL 5/16/11 QRTLY 05/17/2011 FA FHLB 1.55% CALL 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 PAR VALUE 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,00000 2,235,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,00000 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 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 INVESTED AMOUNT 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,011,380.00 .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 1,993,000.00 1,997,000.00 1,976,000.00 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 RETURN RATE 2.100% 2.000% 1 .800% 2.200% 1 .850% 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% 2.147% 1.731% 1 .829% 2.746% 2.421% 2.000% 2.250% 2.050% 2.583% 2.581% INTEREST 158,200.00 160,000.00 135,000.00 176,000.00 146,397.78 277,339.77 190,099.17 168,750.00 168,500.00 206,216.67 182,666.67 174,333.33 176,000.00 240,500.00 175,898.89 184,261.11 185,897.22 174,000.00 187,500.00 200,000.00 205,000.00 200,444.44 200,000.00 200,616.67 205,000.00 266,500.00 157,000.00 151,000.00 210,112.50 180,000.00 173,760.00 193,944.44 173,000.00 163,586.11 139,666.67 222,000.00 200,000.00 225,000.00 205,000.00 260,000.00 258,000.00 INVESTMENT RETURN 2,158,200.00 2,160,000.00 2,135,000.00 2,176,000.00 2,157,777.78 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 2,186,944.44 2,170,000.00 2,139,586.11 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 TERM (Days) 1,378 1,461 1,372 1,461 1,441 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 1,635 1,826 1,646 1,814 1,681 1,826 1,826 1,826 1,826 1,826 INVESTMENT REPORT AS OF MAY 31,2011 INVESTMENT DATE 05/26/201 1 03/29/201 1 03/24/201 1 01/25/2011 05/12/2011 01/26/2011 01/28/2011 02/16/2011 02/18/2011 02/25/201 1 03/09/2011 03/25/2011 04/08/2011 04/08/201 1 04/25/201 1 04/27/201 1 05/03/201 1 05/26/201 1 02/11/2009 02/18/2009 02/25/2009 03/02/2009 03/02/2009 03/09/2010 01/18/2011 11/24/2010 03/09/2011 09/24/2009 10/28/2009 11/24/2009 . 01/20/2010 v 11/24/2009 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FN FN FN FN FN FN FA FN FN TR TR TR TR TR FNMA 1.75% QRTLY CALL STEP FHLMC 2.75% CALL 4/1: FHLMC 1.5% CALL 4/21, FNMA 2.60% CALL 7l25i FHLB 2.0% CALL CONT FHLB 2.59% CALL 7/26/11 CONT FHLMC 2.150% CALL 7/28/1 FNMA 2.0% CALL 8/16/11 QF FNMA 2.0% CALL 8/18/11 QF FNMA 2.85% CALL 8/25/11 C FHLMC 2.5% CALL 9/09/11 C FHLMC 2.0% CALL 9/15/11 C FNMA 2.25% QRTLY CALLS FHLB 2.7% QRTLY CALLS FNMA 2 65% CALL 4/25 FHLB 2.5% NON-CALL FAMCA 2.55% CALL FHLB 2.0% CALL STEP 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 FICO 0.00% NON-CALL FNMAO% NON-CALL FNMA .00% NON-CALL US TREASURY 1.1250% US TREASURY 1.1250% US TREASURY 1.1250% US TREASURY 1.00% US TREASURY 1.00% SECURITY LL STEP 1/1 1 QRTLY 1 1 QRTLY 1 1 QRTLY 1 CONT !8/1 1 CONT 1 QRTLY STEP 1 QRTLY STEP 1 1 QRTLY 11 QRTLY STEP 1 1 QRTLY STEP LLS .S 12 ONE TIME SUB-TOTAL I-CALL I-CALL I-CALL SUB-TOTAL Federal Investments Total 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 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 2,000,000.00 2,000,000.00 359,490,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,076,000.00 2,000,000.00 2,657,000.00 16,733,000.00 376,223,000.00 4,000,000.00 3,000,000.00 4,000,000.00 1,000,000.00 5,000,000.00 INVESTED AMOUNT 2,000,000.00 1,999,000.00 1,999,500.00 2,000,000.00 1,996,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,00000 2,000,000.00 2,000,00000 900,000.00 1,965,000.00 2,000,000.00 1,999,000.00 2,000,000.00 2,000,000.00 2,000,000.00 365,136,349.05 1,889,240.00 916,713.56 1,826,280.00 1,818,680.00 1,793,820.00 1,882,080.00 1,027,655.32 1,922,260.00 2,511,688.67 15,588,417.55 380,724,766.60 4,018,593.75 3,018,398.44 4,037,343.75 1,005,625.00 5,031,445.31 RETURN RATE 2.382% 2.760% 2.505% 2.600% 2.045% 2.590% 2.605% 2.718% 2.700% 2.850% 3.000% 2.790% 2.628% 2.700% 2.661% 2.500% 2.550% 2.000% 2.227% 2.300% 2.710% 2.850% 3.000% 3.050% 1.850% 1 .370% 1.100% 1 .700% 1.718% 0.859% 0.755% 0.538% 0.630% 0.641% INTEREST 220,805.56 264,388.89 241,750.00 260,000.00 192,111.11 259,000.00 262,500.00 275,000.00 270,000.00 285,000.00 302,500.00 125,500.00 258,750.00 270,000.00 266,000.00 250,000.00 254,858.33 233,750.00 33,350,916.53 110,760.00 83,286.44 173,720.00 181,320.00 206,180.00 117,920.00 96,689.36 155,480.00 290,622.66 1,415,978.46 34,766,894.99 60,889.95 38,096.13 34,680.71 9,673.91 56,814.36 INVESTMENT RETURN 2,220,805.56 2,263,388.89 2,241,250.00 2,260,000.00 2,188,111.11 2,259,000.00 2,262,500.00 2,275,000.00 2,270,000.00 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 2,254,858.33 2,233,750.00 398,487,265.58 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,124,344.68 2,077,740.00 2,802,311.33 17,004,396.01 415,491,661.59 4,079,483.70 3,056,494.57 4,072,024.46 1,015,298.91 5,088,259.67 TERM (Days) 1,679 1,751 1,764 1,826 1,719 1,826 1,826 1,826 1,826 1,826 1,827 1,817 1,816 1,837 1,827 1,827 1,826 1,827 1,403 908 1,178 1,171 1,166 1,314 1,206 1,228 1,319 1,214 1,189 2,593 644 610 583 557 645 INVESTMENT REPORT AS OF MAY 31,2011 INVESTMENT DATE 02/23/2010 03/24/2010 11/10/2008 11/12/2008 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 h 05/27/2011 TYPE 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 CN CN SECURITY US TREASURY 1.00% US TREASURY 1.00% US TREASURY 3.125% US TREASURY 4.0% SUB-TOTAL 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 BERKSHIRHATWY 4.00% 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 PAR VALUE 3,000,000.00 8,000,000.00 1,000,000.00 1,000,000.00 30,000,000.00 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 2,500,000.00 INVESTED AMOUNT 3,016,170.00 8,025,312.50 1,031,328.00 1,030,781.25 30,214,998.00 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 2,645,275.00 RETURN RATE 0.660% 0.801% 2.430% 2.452% 0834% 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% 1 .200% INTEREST 31,797.03 102,864.30 118,792.86 121,777.13 575,386.38 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 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 92,058.33 INVESTMENT RETURN 3,047,967.03 8,128,176.80 1,150,120.86 1,152,558.38 30,790,384.38 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 2,737,333.33 TERM (Days) 584 586 1,755 1,783 861 839 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 1,084 INVESTMENT REPORT AS OF MAY 31, 2011 INVESTMENT DATE 05/29/2009 05/20/2010 02/09/201 1 05/06/2011 09/30/2010 12/15/2010 12/15/2010 05/06/201 1 05/16/2011 TYPE CN CN CN CN CN CN CN CN CN 0 0 O 0 0 O O O SECURITY WAL-MART 3.20% NON-CALL MICROSOFT 2.95% NON-CALL MET LIFE GLOBAL FUNDING 2.5% 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 MASS MUTUAL GLOB 3.125% NON-CALL GENERAL ELECTRIC 2.95% NON-CALL WELLS FARGO BANK CORPORATE CASH MANAGEMENT ACCOUNT LIBRARY ACCOUNT UNION TRUST L A I F WATER DISTRICT LA I F PUBLIC IMPROVEMENT CORPORATION L A I F PUBLIC FINANCING CORPORATION L A I F CITY OF CARLSBAD 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 2,000,000.00 1 ,000,000.00 2,000,000.00 SUB-TOTAL 78,131,000.00 575,631.00 2,150,067.62 711.79 424.17 24,678,000.00 22,717,410.26 19,602,117.47 40,377,000.00 SUB-TOTAL 110,101,362.31 INVESTED AMOUNT 1,003,190.00 2,072,820.00 978,478.42 993,799.11 2,000,000.00 2,000,000.00 2,038,220.00 1,024,175.57 2,000,912.32 80,408,913.57 575,631.00 2,150,067.62 711.79 424.17 24,678,000.00 22,717,410.26 19,602,117.47 40,377,000.00 110,101,362.31 RETURN RATE 3.130% 2.005% 3.000% 2.650% 2.255% 3.100% 2.220% 3.125% 2.940% 3.412% 0.050% 0.050% 0.000% 0.010% 0.510% 0.510% 0.510% 0.510% 0.499% INTEREST 155,565.56 164,982.78 137,493.80 116,131.45 227,000.00 310,000.00 225,009.16 130,164.71 292,940.46 11,236,165.17 0.79 2.95 - 0.00 349.61 321.83 277.70 572.01 1,524.87 INVESTMENT RETURN 1,158,755.56 2,237,802.78 1,115,972.22 1,109,930.56 2,227,000.00 2,310,000.00 2,263,229.16 1,154,340.28 2,293,852.78 91,645,078.74 575,631.79 2,150,070.57 711.79 424.17 24,678,349.61 22,717,732.09 19,602,395.17 40,377,572.01 110,102,887.18 TERM (Days) 1,812 1,473 1,693 1,607 1,826 1,826 1,826 1,805 1,820 1,423 1 1 1 1 1 1 1 1 GRAND TOTAL 594,455,362.31 601,450,040.48 1.986% 46,579,971.41 648,030,011.89 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MAY 31, 2011 Cash Balance by Fund: General 81,274,001 Special Revenue 53,006,391 Debt Service 0 Capital Projects: General Capital Construction 61,810,614 Traffic I m pact Fees 18,281,134 Public Facilities Fees 45,572,707 Park Development 2,644,661 Transnet Taxes 6,825,725 Drainage Fees 5,718,648 Special Districts 75,013,397 Infrastructure Replacement 61,365,263 Redevelopment 6,483,611 Other Capital Construction 3,744,172 Total 287,459,931 Enterprise: Carlsbad Municipal Water District 72,867,601 Sewer Fund 48,742,171 Solid Waste 7,297,065 Storm Water 2,326,251 Golf Course 310,184 Total 131,543,271 Internal Service 30,199,671 Agency Funds 15,172,473 Misc. Special Funds 0 Total General Ledger Balance ** 598,655,739 Reconciling Adjustments (1) (1,412,223) Total Treasurer's Investment Portfolio at Amortized Cost 597,243,516 (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 6/06/11 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of May 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) Moody's S&P BARCLAYS BANK AA3 AA- BERKSHIRE HATHAWAY AA2 AA+ CHEVRON AA1 AA CITIGROUP AAA AAA GENERAL ELECTRIC AA2 AA+ JOHNSON & JOHNSON AAA AAA MET LIFE GLOBAL AA3 AA- MET LIFE OF CONNECTICUT AA3 AA- MICROSOFT AAA AAA NEW YORK LIFE AAA AAA ROYAL BANK OF CANADA AA1 AA- SUNTRUST BANK AAA AAA 3M AA2 AA- TOYOTA AA2 AA WAL-MART AA2 AA Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by both Moody's and S&P) (Ratings of other debt must be AA or better by Moody's and S&P) NONE Investments with Subsequent Changes in Credit Rating * Latest Carrying Market Moody's S&P Maturity Date Value Value ALL STATE LIFE A1 A+ 04/30/2013 2,009,171 2,164,040 GENWORTH GLOBAL A2 A 09/15/2011 2,001,432 2,025,720 PRINCIPAL LIFE AA3 A 04/16/2012 1,000,000 1,010,990 PROTECTIVE LIFE A2 AA- 07/15/2012 3,000,000 3,069,540 WELLS FARGO A1 AA- 10/23/2012 2,015,020 2,072,110 * 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 MAY 31, 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 MASS MUTUAL 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 BY CORPORA TE NOTE ISSUER Investment Cost 2,023,559.81 3,590,861.34 4,085,739.63 3,103,177.11 2,060,840.00 23,580,565.49 2,016,628.76 1,017,457.28 1,024,175.57 6,015,392.05 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 2,427,570.00 4,696,294.91 2,075,734.20 PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost FAMCA 11,883,746.01 FICO 11,154,468.88 FEDERAL FARM CREDIT BANK 68,512,456.57 FEDERAL HOME LOAN BANK 134,682,222.21 FEDERAL HOME LOAN MORTGAGE CORP 51,618,435.52 FEDERAL NATIONAL MORTGAGE ASSOC 97,342,958.92 TVA 5,530,478.48 U.STREASURY 30,214,998.00 Total Portfolio * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers. Percent of Portfolio" 0.34% 0.60% 0.68% 0.52% 0.34% 3.92% 0.34% 0.17% 0.17% 1.00% 0.35% 0.34% 0.52% 0.17% 0.50% 1.19% 0.34% 0.35% 0.40% 0.78% 0.35% Percent of Portfolio** 1.98% 1.85% 11.39% 22.39% 8.58% 16.18% 0.92% 5.02% $601,450,040.48