Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
2011-10-11; City Council; 20713; REPORT CITY INVESTMENTS AUGUST 31 2011
15 CITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 20.713 10/11/11 TRS REPORT ON CITY INVESTMENTS AS OF AUGUST 31, 2011 DEPT. HEAD v 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 August 31, 2011 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Cost of Investments Amortized Cost (1) Market Value (2) Current Month 575,024,868 581,094,248 577,362,020 583,762,721 Prior Month 577,067,127 583,295,147 579,410,585 586,018,423 (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 8/31/11. The equity portion of the various funds in the total portfolio is summarized in the graph below. Fund balances are restricted for various purposes. See Exhibit 8 for a more detailed breakdown. FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General $64Internal Service $32 Agency $1.3 Enterprise $133 Special Revenue $54 Capital Projects $293 Total Treasurer's Investment Portfolio at Amortized Cost August 31,2011 S577.3 million 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 COUNCIL ACTION:APPROVED DENIED CONTINUED WITHDRAWN AMENDED D CONTINUED TO DATE SPECIFIC D D CONTINUED TO DATE UNKNOWN D D RETURNED TO STAFF D D OTHER - SEE MINUTES D D COUNCIL RECEIVED THE REPORT/PRESENTATON DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF AUGUST 31. 2011 Pooled Investment Interest Income Cash Income Fiscal Year-to-Date * Current Month FYTD 2,316,354 Prior Month FYTD 1,078,371 Current Month Income 1,237,983 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement June 2011 July 2011 August 2011 Average Life (Years) 1.88 1.95 1.93 Average Yield To Maturity 1 .97% 1 .92% 1 .87% Modified Duration 1.791 1.865 1.853 All pooled investments have been made in accordance with the City's Investment Policy adopted January 2, 1985 and last revised June 21, 2011. 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. First 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 AUGUST 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 1,736,000 16,707,850 18, 0 13,029,546 18, 344,632,566 353, 80,955,190 82, 117,852,000 103, 625 1,439,350 2, 1,008,894 $577,362,020 $579, (433) CD - Certificate of Deposit FN - Federal Discount Notes CP - Corporate Paper 0 678,608 0 034,295 512,173 016,383 748,472 489 746,398 673,768 410,585 Current Month 1,727,444 16,972,274 0 13,133,530 349,126,569 82,502,036 117,852,000 625 1,439,350 1,008,894 $583,762,721 TR - US Treasury FA - Federal Agency CN - Corporate Notes Prior Month 0 18,890,380 0 18,138,610 357,904,257 83,916,050 103,748,472 489 2,746,398 673,768 $586,018,423 Cash Income Year to Date 0 0 0 40,625 1,628,583 524,558 122,307 3 278 0 2,316,354 Current Month Prior 1.15 1.85 0.00 1.03 2.07 3.35 0.38 0.00 0.05 0.05 1.87% Month 0.00 1.49 0.00 0.92 2.12 3.36 0.38 0.01 0.05 0.05 1.92% 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 AUGUST 31, 2011 BREAKDOWN OF MATURITIES BY CLASSIFICATION 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 0 0 11,041,483 29,504,629 22,808,229 117,852,000 625 1,439,350 1,008,894 $183,655,209 (1) 31.6% Year (1) Not less than $130,500,000 (2) Policy states that not more MONTHS TO 1 YEAR 0 4,561,674 0 0 47,418,931 17,034,656 0 0 0 0 $69,015,260 11.9% $252,670,469 43.5% 1 TO 5 YEARS 1,736,000 11,557,329 0 2,062,109 270,553,779 42,514,562 0 0 0 0 (1) $328,423,779 56.5% (1) TOTAL 1,736,000 16,119,003 0 13,103,592 347,477,340 82,357,446 117,852,000 625 1,439,350 1,008,894 $581,094,248 100.0% % TOTAL 0.3% 2.8% 0.0% 2.3% 59.8% 14.2% (2) 20.3% 0.0% 0.3% 0.2% 100.0% to mature within one year. (2/3rds of current year operating budget of $194,977,000.00) than 30% of portfolio is to be invested in corporate notes.fjX H W I 1 1-3 YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998 - AUGUST 2011 w X w H t-3 U) MARKET YIELD CURVE 6/30/10,6/30/11,8/31/11 Market Rates 3Mth 2Yr 5Yr 3Mth 2Yr 5Yr 10 Yr —-06/30/2010 -*- 06/30/201 1 ^-08/31/2011 .17 .01 .01 .60 .46 .20 1.77 1.76 .96 2.93 3.16 2.22 10 Yr w XaHw H Cumulative Cash Income FY11-12 Cumulative /A , ^r.1 1 , Monthly Interest Income Millions $ (AUgUSt 20 1 1 ) Millions $ 14 12 10 8 6 4 2 i n 0 ^-^ *^ *'-"' *--*' 1.238_-^" ~f^ U - 7 6 5 4 3 2 I 1 - n Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun cm Interest Income —•--Budget Actual M X ffiHCd Ul City of Carlsbad TRANSACTIONS FOR PERIOD: 07/01/11 TO 08/31/11 1ST QUARTER 2011-2012 Trans Date BUYS JULY 06/22/201 1 07/11/2011 06/30/201 1 07/13/2011 07/19/2011 07/22/201 1 06/29/201 1 06/29/201 1 07/12/2011 07/11/2011 07/19/2011 07/26/201 1 07/22/2011 07/19/2011 07/29/2011 AUGUST 07/29/201 1 07/27/201 1 08/03/201 1 08/08/201 1 08/10/2011 08/09/201 1 08/16/2011 08/12/2011 08/12/2011 08/15/2011 08/18/2011 08/17/2011 08/19/2011 08/24/2011 08/12/2011 08/12/2011 08/12/2011 08/12/2011 08/12/2011 08/12/2011 08/16/2011 08/25/201 1 Investment Date 07/11/2011 07/12/2011 07/18/2011 07/18/2011 07/20/201 1 07/25/2011 07/26/201 1 07/26/201 1 07/26/201 1 07/27/2011 07/27/201 1 07/27/201 1 07/27/201 1 07/28/2011 07/29/201 1 08/01/2011 08/03/201 1 07/27/201 1 08/10/2011 08/11/2011 08/15/2011 08/17/2011 08/18/2011 08/22/201 1 08/24/201 1 08/25/201 1 08/25/201 1 08/25/2011 08/29/201 1 08/17/2011 08/17/2011 08/17/2011 08/17/2011 08/19/2011 08/19/2011 08/24/201 1 08/26/201 1 TOTAL FIRST QUARTER Maturity Date 07/11/2016 10/14/2015 07/18/2016 01/07/2014 04/13/2015 10/08/2014 07/26/2016 07/26/2016 07/26/2016 07/27/2015 07/27/2015 07/05/2016 07/27/2015 07/28/2014 08/01/2013 08/01/2014 09/30/2015 07/27/2016 11/23/2015 07/21/2016 08/15/2016 07/27/2016 11/18/2015 08/22/2016 08/24/2016 02/25/2016 08/25/2014 11/25/2014 08/24/2016 08/11/2014 08/18/2014 08/18/2014 08/18/2014 08/19/2014 08/19/2014 08/25/2014 02/14/2014 2011-2012 Type FA FA FA CN 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 CD CD CD CD CD CD CD FA Security FNMA FHLB FNMA GENERAL ELECTRIC FNMA FNMA FHLMC FHLMC FHLB FNMA FFCB FNMA FNMA FHLMC FHLB FFCB FHLB FNMA FNMA FHLB FFCB FHLMC FFCB FFCB FHLB FFCB FFCB FFCB FNMA AMERICAN EXPRESS BAW CIT BANK DISCOVER BANK ALLY BANK GE MONEY BANK GE CAPITAL FINANCIAL GOLDMAN SACHS BANK FNMA Call Date 01/11/2012 10/14/2011 01/18/2012 N/A 04/13/2012 N/A 10/26/2011 10/26/2011 08/26/2011 01/27/2012 07/27/2012 01/05/2012 01/27/2012 10/28/2011 08/04/201 1 08/01/2012 09/30/2011 01/27/2012 05/23/2012 10/21/2011 08/15/2012 01/27/2012 11/18/2011 08/22/2012 02/24/2012 11/25/2011 11/25/2011 11/25/2011 08/24/2012 N/A N/A N/A N/A N/A N/A N/A 02/14/2012 Par Value 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 2,000,000.00 2,000,000.00 2,000,000.00 3,500,000.00 2,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 4,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 3,000,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 3,000,000.00 87,736,000.00 Coupon 1.75% STEP 1 .550% 2.100% 2.100% 2.000% 0.000% 2% STEP 2% STEP 2.250% 1.700% 1.550% 2.000% 1.550% 0.75% STEP 0.750% 1.000% 1%STEP 2.375% 2.000% 2.150% 1.750% 1.75STEP% 1.370% 1 .500% 1.550% 1.370% 0.750% 0.850% 1%STEP 1 .200% 1.100% 1.150% 1.150% 1.150% 1.150% 1.150% 0.75% STEP Amount (Cost) 2,000,000.00 1,997,500.00 1,991,000.00 2,037,760.00 2,019,620.00 2,419,825.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,500,000.00 1,999,800.00 2,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 4,031,120.00 5,039,000.00 5,014,050.00 2,000,000.00 3,011,250.00 2,000,000.00 2,000,000.00 4,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 3,000,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 3,003,480.00 87,800,405.00 Return Rate 2.138% 1.580% 2.196% 1 .320% 1.730% 1.020% 2.310% 2.310% 2.250% 1.700% 1.550% 2.002% 1.550% 1 .266% 0.750% 1 .000% 2.287% 2.209% 1.809% 2.090% 1.750% 2.115% 1.370% 1.500% 1.550% 1 .370% 0.750% 0.850% 1.735% 1.200% 1.100% 1.150% 1.150% 1.150% 1.150% 1.150% 1 .607% 1.582% Interest 215,000.00 134,422.22 219,000.00 65,956.67 129,602.22 80,175.00 232,500.00 232,500.00 225,000.00 136,000.00 217,000.00 197,755.56 124,000.00 76,250.00 75,208.33 150,000.00 193,166.67 442,032.78 389,611.11 517,477.78 175,000.00 315,833.33 116,450.00 150,000.00 310,000.00 185,625.00 67,500.00 138,125.00 262,083.33 8,887.23 8,198.94 8,571.62 8,579.43 8,563.81 8,563.81 8,571.62 119,520.00 - 5,952,731.46 Investment Return 2,215,000.00 2,131,922.22 2,210,000.00 2,103,716.67 2,149,222.22 2,500,000.00 2,232,500.00 2,232,500.00 2,225,000.00 2,136,000.00 3,717,000.00 2,197,555.56 2,124,000.00 2,076,250.00 5,075,208.33 5,150,000.00 2,193,166.67 4,473,152.78 5,428,611.11 5,531,527.78 2,175,000.00 3,327,083.33 2,116,450.00 2,150,000.00 4,310,000.00 3,185,625.00 3,067,500.00 5,138,125.00 3,262,083.33 256,887.23 256,198.94 256,571.62 256,579.43 256,563.81 256,563.81 256,571.62 3,123,000.00 93,753,136.46 M X H W i-3 MATURITIES City of Carlsbad TRANSACTIONS FOR PERIOD: 07/01/11 TO 08/31/11 1ST QUARTER 2011-2012 Trans Date JULY AUGUST Investment Date 03/09/2007 08/01/2007 08/31/2007 05/08/2008 03/31/2009 05/11/2009 12/30/2009 04/02/2009 06/29/2009 01/20/2010 10/01/2009 03/19/2007 01/23/2009 06/22/2009 02/11/2009 11/24/2009 05/30/2008 TOTAL FIRST QUARTER CALLS JULY AUGUST C\ 03/17/2011 03/01/2011 02/16/2011 05/05/201 1 03/29/2011 10/19/2010 03/24/201 1 01/25/2011 01/26/2011 06/16/2011 06/04/2010 06/08/2010 01/28/2011 10/15/2010 01/26/2011 12/01/2010 05/05/201 1 09/14/2010 11/16/2010 Maturity Date 07/14/2011 07/15/2011 07/15/2011 07/15/2001 07/15/2011 07/15/2011 07/18/2011 07/20/2011 07/27/201 1 07/31/2011 08/05/201 1 08/15/2011 08/15/2011 08/25/2011 08/08/201 1 08/31/2011 08/26/201 1 2011-2012 03/17/2014 11/01/2013 01/01/2013 09/24/2014 01/13/2016 04/19/2013 01/21/2016 01/25/2016 01/26/2016 07/27/2015 07/28/2014 07/28/2014 01/28/2016 07/29/2014 01/26/2016 12/01/2014 02/05/2015 09/14/2015 11/16/2015 Type FA FA FA FA FA FA FA CN FA TR FA FA FA FA FN TR CN FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA Security FNMA FAMCA FAMCA FAMCA FFCB FAMCA FHLMC ROYAL BANK OF CANADA FHLB US TRF.ASURY FHLB FHLB FHLB FFCB FICO US TREASURY WELLS FARGO FHLB FNMA FNMA FFCB FHLMC FHLMC FHLMC FNMA FHLB FNMA FNMA FNMA FHLMC FHLB FHLB FFCB FFCB FFCB FNMA Call Date N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 07/01/2011 07/01/2011 07/01/2011 07/06/2011 07/13/2011 07/19/2011 07/21/2011 07/25/201 1 07/26/2011 07/27/2011 07/28/201 1 07/28/201 1 07/28/201 1 07/29/2011 08/02/201 1 08/10/2011 08/12/2011 08/12/2011 08/16/2011 Par Value 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 1,000,000.00 2,000,000.00 1,000,000.00 1,000,000.00 3,000,000.00 1,000,000.00 3,000,000.00 2,000,000.00 5,000,000.00 1,000,000.00 31,366,000.00 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 2,000,000.00 500,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,500,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 Coupon 3.640% 5.500% 5.500% 5.500% 3.625% 5.500% 5.250% 5.650% 1.625% 1.000% 1.375% 5.750% 5.750% 3.875% 0.000% 1.000% 5.300% 2.000% 1.500% 1.200% 1.500% 2.750% 0.5% STEP 2.500% 2.600% 2.590% 1 .75% STEP 3.000% 3.000% 2. 15% STEP 1.450% 2.590% 1.600% 1.800% 1.875% 1.700% Amount (Cost) 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 1,066,260.00 2,012,680.00 1,005,625.00 1,006,100.00 3,111,810.00 1,097,950.00 3,152,520.00 1,889,240.00 5,031,445.31 1,032,919.79 32,082,322.49 2,007,940.00 2,000,000.00 1,989,940.00 2,000,000.00 1,999,000.00 1,000,000.00 1,999,500.00 2,000,000.00 500,000.00 2,001,500.00 2,037,406.00 2,040,000.00 2,000,000.00 2,009,400.00 1,500,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,997,000.00 Return Rate 4.805% 5.175% 4.781% 3.545% 1.639% 2.050% 0.900% 2.659% 1.315% 0.630% 1.375% 4.800% 1.818% 1.490% 2.300% 0.641% 4.200% 2.558% 1.864% 1.500% 1.390% 1.500% 2.761% 1.021% 2.505% 2.600% 2.590% 2.677% 2.522% 2.488% 2.605% 1.322% 2.590% 1 .600% 1.800% 1.875% 1.731% Interest 406,997.78 618,286.67 118,184.21 233,760.22 85,530.00 46,807.78 25,313.30 63,690.00 54,847.78 9,673.91 19,261.11 648,148.33 49,313.89 100,323.75 110,760.00 56,814.36 138,741.32 2,786,454.41 120,000.00 80,000.00 75,060.00 101,583.33 264,388.89 25,625.00 241,750.00 260,000.00 25,900.00 222,486.11 211,594.00 208,333.33 262,500.00 100,477.78 194,250.00 128,000.00 135,000.00 187,500.00 173,000.00 Investment Return 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 1,129,950.00 2,067,527.78 1,015,298.91 1,025,361.11 3,759,958.33 1,147,263.89 3,252,843.75 2,000,000.00 5,088,259.67 1,171,661.11 34,868,776.90 2,127,940.00 2,080,000.00 2,065,000.00 2,101,583.33 2,263,388.89 1,025,625.00 2,241,250.00 2,260,000.00 525,900.00 2,223,986.11 2,249,000.00 2,248,333.33 2,262,500.00 2,10.9,877.78 1,694,250.00 2,128,000.00 2,135,000.00 2,187,500.00 2,170,000.00 City of Carlsbad TRANSACTIONS FOR PERIOD: 07/01/11 TO 08/31/11 1ST QUARTER 2011-2012 Trans Investment Date Date 02/16/2011 10/28/2010 02/18/2011 08/18/2010 05/12/2011 06/01/2011 02/18/2011 04/13/2011 12/01/2010 11/17/2010 12/03/2010 06/06/2011 07/29/2011 03/29/2011 08/25/201 1 02/25/2011 02/25/201 1 05/25/2011 07/26/201 1 05/26/2011 Maturity Date 02/16/2016 10/28/2013 11/18/2014 08/18/2015 01/25/2016 01/25/2016 02/18/2016 11/19/2015 11/19/2015 08/19/2013 06/03/2015 11/24/2015 08/01/2013 08/24/2015 08/24/2015 02/25/2016 08/25/2014 08/25/2014 07/16/2016 05/26/2016 Type FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FNMA FFCB FNMA FNMA FHLB FHLB FNMA FHLB FHLB FNMA FFCB FFCB FHLB FHLB FHLB FNMA FHLMC FHLB FHLB FHLB TOTAL FIRST QUARTER 2011-2012 Call Date 08/16/2011 08/17/2011 08/18/2011 08/18/2011 08/18/2011 08/18/2011 08/18/2011 08/19/2011 08/19/2011 08/19/2011 08/22/201 1 08/22/201 1 08/23/201 1 08/24/201 1 08/24/2011 08/25/201 1 08/25/201 1 08/25/2011 08/26/201 1 08/26/201 1 Par Value 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,410,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 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 Coupon 2% STEP 0.875% 2.000% 1 .500% 2.000% 2.000% 2% STEP 1%STEP 1%STEP 1.250% 1.850% 1.980% 0.750% 1.820% 1.820% 2.850% 2.000% 1.500% 2.250% 2% STEP Amount (Cost) 2,000,000.00 2,000,000.00 2,000,000.00 1,999,500.00 1,996,000.00 2,408,795.00 2,000,000.00 1,957,500.00 1,000,000.00 2,006,760.00 1,998,000.00 2,000,000.00 5,000,000.00 1,976,000.00 2,006,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 Return Rate 2.718% 0.875% 2.000% 2.375% 2.045% 2.011% 2.700% 2.421% 2.746% 1.125% 1.873% 1 .979% 0.750% 2.107% 1.757% 2.850% 2.000% 1.500% 2.250% 2.320% Interest 275,000.00 52,500.00 150,000.00 240,500.00 192,111.11 225,335.00 270,000.00 222,000.00 139,666.67 62,128.89 168,500.00 176,880.00 75,208.33 184,261.11 175,898.89 285,000.00 140,000.00 97,500.00 225,000.00 233,750.00 Investment Return 2,275,000.00 2,052,500.00 2,150,000.00 2,240,000.00 2,188,111.11 2,634,130.00 2,270,000.00 2,179,500.00 1,139,666.67 2,068,888.89 2,166,500.00 2,176,880.00 5,075,208.33 2,160,261.11 2,181,898.89 2,285,000.00 2,140,000.00 2,097,500.00 2,225,000.00 2,233,750.00 77,410,000.00 77,430,241.00 1.9742% 6,608,688.44 84,038,929.44 INVESTMENT REPORT AS OF AUGUST 31, 2011 INVESTMENT DATE 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 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 12/10/2007 06/04/2010 06/03/2008 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 FA FA FA SECURITY FHLB5.00% NON-CALL FHLB5.00% NON-CALL FHLB5.00% NON-CALL FHLMC5.50% 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 TVA 6.790% NON-CALL TVA 6.790% NON-CALL FHLB 5.375% NON-CALL FHLB 5.375% NON-CALL FHLB 4.375% NON-CALL FHLB 1.375% NON-CALL FFCB 2.125% NON-CALL FFCB 5.45% NON-CALL FHLMC 5.125% NON-CALL FFCB 3.950% NON-CALL FHLB 1.25% NON-CALL FHLMC 1.125% NON-CALL FNMA 5.00% NON-CALL FAMCA 2.1% NON-CALL FNMA 1.75% NON-CALL FNMA 1.75% NON-CALL FHLB 4.625% NON-CALL FHLB 4.625% NON-CALL FHLB 2.4% NON-CALL FHLB 1.1 % NON-CALL FHLB 5.00% NON-CALL FHLB 4.5% NON-CALL FHLB 2.00% NON-CALL FHLMC 2.125% NON-CALL FFCB 1.80% NON-CALL FFCB 1.80% NON-CALL FHLMC 3.875% NON-CALL FFCB 4.5% NON-CALL FHLB 1.375% NON-CALL FNMA 6.41% NON-CALL PAR VALUE 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 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 2,000,000.00 3,000,000.00 1,807,000.00 INVESTED AMOUNT 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 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 2,034,780.00 3,012,394.24 1,990,388.82 RETURN RATE 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% 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% 4.100% 1 .200% 3.890% INTEREST 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 20,364.00 167,200.00 489,057.50 524,632.22 128,989.85 256,692.64 256,478.21 460,552.31 104,515.20 120,622.62 70,024.94 34,653.19 310,466.67 58,188.78 116,583.16 44,578.33 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 67,701.81 401,970.00 86,720.34 331 ,405.40 INVESTMENT RETURN 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 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 2,436,750.00 3,099,114.58 2,321,794.22 TERM (Days) 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 1,448 856 784 952 928 933 878 1,294 965 803 816 1,593 1,484 833 928 1,089 1,034 1,238 1,773 878 1,624 WX ffiH W INVESTMENT REPORT AS OF AUGUST 31, 2011 INVESTMENT DATE 12/14/2009 07/01/2010 01/14/2008 10/20/2009 10/07/2010 03/10/2008 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 11/12/2008 12/17/2008 03/24/2010 02/23/2010 04/15/2010 10/19/2009 10/25/2010 01/20/2009 12/20/2010 06/27/201 1 02/12/2010 08/26/201 1 09/17/2010 04/18/2011 11/24/2010 02/12/2010 03/24/2010 10/20/2009 06/30/2011 07/28/2011 08/01/2011 03/24/2010 08/25/2011 09/08/2010 03/24/2010 03/24/2010 09/24/2009 10/06/2010 10/21/2010 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 FA FA FA SECURITY FHLB 1.0% CALL 12/14/11 STEP FHLMC 4.125% NON-CALL FHLB 4.25% CALL 10/14/08 FFCB 5.15% NON-CALL FFCB 3.4% NON-CALL FHLB 3.50% NON-CALL FHLMC 4.25% NON-CALL FHLMC .625% CALL 5/23/11 QRTLY FHLMC 4.0% NON-CALL FHLB 5.375% NON-CALL FHLB 4.25% NON-CALL FFCB 1.375% NON-CALL FHLB 1.85% NON-CALL FNMA 4.375% NON-CALL FFCB 2.7% NON-CALL FHLB 4.0% NON-CALL FHLB 4.375% NON-CALL 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 FHLB 3.125% NON-CALL FFCB 1.375% CALL CONT FHLB .0875% CALL CONT FFCB 3.00% NON-CALL FNMA .75% CALL 2/14/12 QRTLY STEP FNMA 1.3% CALL 3/17/11 FHLMC 1.50% ONE CALL FNMA 1.0% CALL 10/25/11 FNMA 2.125% CALL 10/28/11 FHLB 2.5% NON-CALL FFCB 4.375% NON-CALL FHLMC .5% CALL QRTLY STEP FHLMC .75% CALL QRTLY STEP FFCB 1.0% CALL 8/1/12 CONT FHLB 5.5% NON-CALL FFCB .75% CALL 11/25/11 CONT 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 PAR VALUE 1,000,000.00 3,000,000.00 3,000,000.00 1,000,000.00 1,065,000.00 3,000,000.00 500,000.00 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 1,000,000.00 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 1,150,000.00 2,000,000.00 1,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 INVESTED AMOUNT 999,500.00 3,233,040.00 3,000,000.00 1,102,490.00 1,133,986.44 2,963,940.00 536,967.86 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 1 ,007,890.00 2,154,940.00 3,222,330.00 1,065,180.00 2,000,000.00 2,235,072.36 2,000,000.00 2,047,941.08 1,150,000.00 1,999,500.00 1 ,028,536.49 3,003,480.00 2,000,000.00 2,000,000.00 1,998,000.00 1,014,759.55 3,016,423.52 3,234,480.00 2,000,000.00 2,000,000.00 5,000,000.00 3,395,255.41 3,000,000.00 2,000,000.00 2,231,960.00 2,047,400.80 3,000,000.00 2,000,000.00 2,000,000.00 RETURN RATE 1 .673% 0.939% 4.250% 1 .926% 0.600% 3.765% 2.100% 1.000% 2.120% 3.800% 2.450% 1 .479% 2.040% 3.970% 2.550% 3.818% 2.625% 1 .930% 2.000% 2.000% 2.264% 0.840% 2.600% 1 .375% 0.885% 2.250% 1.670% 1 .300% 1 .500% 1.030% 3.167% 2.363% 2.595% 1 .500% 0.750% 1.000% 2.323% 0.750% 1 .500% 2.490% 2.440% 3.163% 1 .400% 1 .350% INTEREST 50,500.00 72,897.50 637,500.00 67,316.94 15,503.56 560,476.67 39,296.03 44,292.50 40,094.39 181,163.02 195,081.41 91,031.67 142,273.55 392,177.78 102,330.12 184,776.67 259,712.78 211,826.25 75,181.11 140,000.00 193,522.08 50,400.00 258,135.31 47,437.50 44,250.00 91,463.51 119,520.00 91,000.00 104,666.67 70,388.89 121,601.56 300,034.82 381,665.83 93,125.00 76,250.00 150,000.00 328,452.92 67,500.00 120,000.00 237,040.00 222,265.87 479,833.33 112,000.00 108,000.00 INVESTMENT RETURN 1,050,000.00 3,305,937.50 3,637,500.00 1,169,806.94 1,149,490.00 3,524,416.67 576,263.89 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 1,192,666.67 2,414,652.78 3,434,156.25 1,140,361.11 2,140,000.00 2,428,594.44 2,050,400.00 2,306,076.39 1,197,437.50 2,043,750.00 1,120,000.00 3,123,000.00 2,091,000.00 2,104,666.67 2,068,388.89 1,136,361.11 3,316,458.34 3,616,145.83 2,093,125.00 2,076,250.00 5,150,000.00 3,723,708.33 3,067,500.00 2,120,000.00 2,469,000.00 2,269,666.67 3,479,833.33 2,112,000.00 2,108,000.00 TERM (Days) 1,096 904 1,827 1,206 854 1,824 1,310 813 1,331 1,677 1,401 1,127 1,278 1,785 1,461 1,759 1,731 1,283 1,322 1,279 1,463 1,096 1,788 1,096 914 1,461 903 1,277 1,092 1,248 1,536 1,542 1,714 1,096 1,096 1,096 1,603 1,096 1,461 1,633 1,643 1,825 1,461 1,461 INVESTMENT REPORT AS OF AUGUST 31, 2011 INVESTMENT DATE TYPE SECURITY 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 08/25/2011 FA FFCB .85% CALL 11/25/11 CONT 06/15/2011 FA FHLB 1.00% CALL QRTLY STEP 06/15/2011 FA FFCB 1.37% CALL CONT 04/26/2011 FA FNMA 2.0% ONE CALL 06/29/2011 FA FHLMC 1.25% CALL 6/29/12 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 07/20/2011 FA FNMA 2.0% CALL 4/13/12 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 06/10/2011 FA FFCB 1.69% CALL CONT 06/29/2011 FA FFCB 1.6% CALL CONT 01/25/2011 FA FFCB 1.50% CALL 2/2/11 CONT 07/27/2011 FA FNMA 1.70% CALL 1/27/12 07/27/2011 FA FFCB 1.550% CALL 7/2712 CONT 07/27/2011 FA FNMA 1.55% CALL 1 /27/12 03/30/2011 FA FHLB 2.0% NON-CALL 04/04/2011 FA FHLB 2.0% NON-CALL 09/10/2010 FA FNMA 1.85% CALL 9/9/11 09/14/2010 FA FHLB 1.74% CALL 9/14/12 09/21/2010 FA FNMA 2.0% CALL 3/21/11 09/30/2010 FA FFCB 1.99% CALL 9/30/11 08/03/2011 FA FHLB 1.0% CALL 9/30/11 STEP 07/12/2011 FA FHLB 1.55% CALL 10/14/11QRTLY 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 06/08/2011 FA FNMA 1.00% CALL QRTLY STEP 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 05/17/2011 FA FHLB 1.55% CALL QRTLY 08/18/2011 FA FFCB 1.37% CALL 11/18/11 CONT 11/23/2010 FA FFCB 2.0% CALL 5/23/12 CONT — 08/10/2011 FA FNMA 2.0% CALL 5/23/12 J 12/28/2010 FA FHLMC 2.05% ONE CALL 12/28/11 PAR VALUE 2,000,000.00 2,000,000.00 1,000,000.00 5,000,000.00 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 2,235,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,500,000.00 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 2,000,000.00 2,155,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 2,000,000.00 INVESTED AMOUNT 2,000,000.00 2,015,640.00 1,000,000.00 5,000,000.00 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 2,019,620.00 2,011,380.00 2,018,771.34 2,235,000.00 2,000,000.00 2,000,000.00 1,952,000.00 2,000,000.00 3,500,000.00 2,000,000.00 1,999,000.00 2,000,000.00 1,999,000.00 2,000,000.00 2,000,000.00 1,999,000.00 2,000,000.00 1,997,500.00 2,000,000.00 2,600,000.00 1,998,000.00 1,999,000.00 1,995,000.00 2,155,000.00 2,000,000.00 1,998,740.00 1,993,000.00 1,976,000.00 2,000,000.00 2,000,000.00 5,039,000.00 2,000,000.00 RETURN RATE 2.000% 2.950% 1.553% 0.850% 1 .634% 1.370% 2.000% 1 .250% 1 .750% 2.100% 2.000% 2.200% 1 .730% 1.850% 2.780% 2.000% 1.690% 1.600% 2.063% 1.700% 1.550% 1 .550% 2.012% 2.000% 1.861% 1 .740% 2.000% 2.001% 2.870% 1.550% 2.034% 2.034% 1.579% 1.510% 1 .000% 1 .932% 1 .789% 1 .728% 2.147% 1 .829% 1 .370% 2.000% 1.809% 2.050% INTEREST 140,000.00 270,026.67 62,500.00 138,125.00 115,000.00 95,900.00 146,666.67 87,500.00 131,250.00 158,200.00 160,000.00 176,000.00 129,602.22 146,397.78 277,339.77 190,099.17 135,106.11 128,000.00 182,666.67 136,000.00 217,000.00 124,000.00 174,333.33 176,000.00 185,897.22 174,000.00 200,000.00 200,000.00 193,166.67 134,422.22 205,000.00 266,500.00 157,000.00 151,000.00 189,027.78 210,112.50 180,000.00 173,760.00 193,944.44 163,586.11 116,450.00 200,000.00 389,611.11 205,000.00 INVESTMENT RETURN 2,140,000.00 2,285,666.67 1,062,500.00 5,138,125.00 2,115,000.00 2,095,900.00 2,146,666.67 2,087,500.00 2,131,250.00 2,158,200.00 2,160,000.00 2,176,000.00 2,149,222.22 2,157,777.78 2,296,111.11 2,425,099.17 2,135,106.11 2,128,000.00 2,134,666.67 2,136,000.00 3,717,000.00 2,124,000.00 2,173,333.33 2,176,000.00 2,184,897.22 2,174,000.00 2,200,000.00 2,199,000.00 2,193,166.67 2,131,922.22 2,205,000.00 2,866,500.00 2,155,000.00 2,150,000.00 2,184,027.78 2,365,112.50 2,180,000.00 2,172,500.00 2,186,944.44 2,139,586.11 2,116,450.00 2,200,000.00 5,428,611.11 2,205,000.00 TERM (Days) 1,279 1,650 1,461 1,188 1,279 1,279 1,340 1,279 1,371 1,378 1,461 1,461 1,363 1,441 1,790 1,551 1,460 1,461 1,638 1,461 1,461 1,461 1,583 1,607 1,825 1,826 1,826 1,826 1,519 1,555 1,826 1,826 1,826 1,826 1,603 1,826 1,826 1,826 1,635 1,646 1,553 1,826 1,566 1,826 INVESTMENT REPORT AS OF AUGUST 31, 2011 INVESTMENT DATE 12/30/2010 08/25/2011 03/09/201 1 03/25/201 1 04/08/2011 04/25/2011 04/27/2011 05/03/2011 06/23/2011 06/29/2011 06/29/2011 06/30/2011 06/30/2011 07/27/201 1 07/11/2011 07/18/2011 08/11/2011 07/26/201 1 07/26/2011 08/04/2011 08/17/2011 08/15/2011 08/22/2011 08/24/2011 08/29/2011 02/18/2009 02/25/2009 03/02/2009 03/02/2009 03/09/2010 01/18/2011 11/24/2010 03/09/201 1 07/25/2011 TYPE FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FA FN FN FN FN FN FA FN FN FN SECURITY FAMCA 2.57% CALL SEMI-ANNUAL FFCB 1.37% CALL 11/25/11 CONT FHLMC 2.5% CALL 9/09/11 QRTLY STEP FHLMC 2.0% CALL 9/15/11 QRTLY STEP FHLB 2.7% QRTLY CALLS FNMA 2.65% CALL 4/25/12 ONE TIME FHLB 2.5% NON-CALL FAMCA 2.55% CALL FHLB 2.010% CALL QRTLY STEP FHLMC 2.10% CALL FNMA 1.50% CALL STEP FNMA 1.20% CALL STEP FHLB 2.2% CALL FNMA 2.0% CALL ONE TIME FNMA 1.75% CALL QRTLY STEP FNMA 2.10% CALL QRTLY FHLB 2.15% CALL 10/21/11 QRTLY FHLMC 2.0% CALL QRTLY STEP FHLMC 2.0% CALL QRTLY STEP FNMA 2.375% CALL 1/27/12 QRTLY FHLMC 1.75% CALL 1/27/12 STEP FFCB 1.75% CALL 8/15/12 CONT FFCB 1.5% CALL 8/22/12 CONT FHLB 1.55% CALL 2/24/12 CONT FHLB 1.0% CALL 8/24/12 QRTLY STEP 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 FNMA 00% NON-CALL PAR VALUE 2,000,000.00 3,000,000.00 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 4,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 3,000,000.00 SUB-TOTAL 342,624,000.00 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 2,500,000.00 INVESTED AMOUNT 1,999,000.00 3,000,000.00 2,000,000.00 900,000.00 2,000,000.00 1,999,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 2,000,000.00 3,000,000.00 1,999,800.00 2,000,000.00 1,991,000.00 5,014,050.00 2,000,000.00 2,000,000.00 4,031,120.00 3,011,250.00 2,000,000.00 2,000,000.00 4,000,000.00 3,000,000.00 347,477,339.52 916,713.56 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 2,419,825.00 RETURN RATE 2.581% 1 .370% 3.000% 2.790% 2.700% 2.661% 2.500% 2.550% 2.010% 2.100% 2.250% 2.545% 2.200% 2.002% 2.138% 2.196% 2.090% 2.310% 2.310% 2.209% 2.115% 1.750% 1.500% 1.550% 1.735% 2.067% 2.710% 2.850% 3.000% 3.050% 1.850% 1.370% 1.100% 1 .700% 1 .020% INTEREST 258,000.00 185,625.00 302,500.00 125,500.00 270,000.00 266,000.00 250,000.00 254,858.33 226,850.00 210,000.00 450,000.00 258,000.00 330,000.00 197,755.56 215,000.00 219,000.00 517,477.78 232,500.00 232,500.00 442,032.78 315,833.33 175,000.00 150,000.00 310,000.00 262,083.33 30,074,092.32 83,286.44 173,720.00 181,320.00 206,180.00 117,920.00 96,689.36 155,480.00 290,622.66 80,175.00 INVESTMENT RETURN 2,257,000.00 3,185,625.00 2,302,500.00 1,025,500.00 2,270,000.00 2,265,000.00 2,250,000.00 2,254,858.33 2,226,850.00 2,210,000.00 4,450,000.00 2,258,000.00 3,330,000.00 2,197,555.56 2,215,000.00 2,210,000.00 5,531,527.78 2,232,500.00 2,232,500.00 4,473,152.78 3,327,083.33 2,175,000.00 2,150,000.00 4,310,000.00 3,262,083.33 377,551,431.84 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 2,500,000.00 TERM (Days) 1,826 1,645 1,827 1,817 1,837 1,827 1,827 1,826 1,827 1,827 1,827 1,827 1,827 1,805 1,827 1,827 1,806 1,827 1,827 1,819 1,806 1,827 1,827 1,827 1,822 - 1,178 1,171 1,166 1,314 1,206 1,228 1,319 1,214 1,171 SUB-TOTAL 17,233,000.00 02/23/2010 TR US TREASURY 1.00% Federal Investments Total 359,857,000.00 3,000,000.00 16,119,002.55 1.854% 1,385,393.46 17,504,396.01 1,219 363,596,342.07 31,459,485.78 395,055,827.85 1,219 3,016,170.00 0.660% 31,797.03 3,047,967.03 584 INVESTMENT REPORT AS OF AUGUST 31, 2011 INVESTMENT DATE 03/24/2010 11/10/2008 11/12/2008 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 07/18/2011 05/27/201 1 05/29/2009 05/20/2010 02/09/2011 ~~ 05/06/201 1 J] 09/30/2010 TYPE 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 CN CN CN CN SECURITY US TREASURY 1.00% US TREASURY 3.125% US TREASURY 4.0% SUB-TOTAL 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 GENERAL ELECTRIC 2.10% NON-CALL WAL-MART 3.20% NON-CALL 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 PAR VALUE 8,000,000.00 1 ,000,000.00 1,000,000.00 13,000,000.00 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 2,000,000.00 2,500,000.00 1,000,000.00 2,000,000.00 1 ,000,000.00 1,000,000.00 2,000,000.00 INVESTED AMOUNT 8,025,312.50 1,031,328.00 1,030,781.25 13,103,591.75 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 2,037,760.00 2,645,275.00 1,003,190.00 2,072,820.00 978,478.42 993,799.11 2,000,000.00 RETURN RATE 0.801% 2.430% 2.452% 1.027% 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% 1.320% 1.200% 3.130% 2.005% 3.000% 2.650% 2.255% INTEREST 102,864.30 118,792.86 121,777.13 375,231.32 344,093.46 107,217.92 453,918.06 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 65,956.67 92,058.33 155,565.56 164,982.78 137,493.80 116,131.45 227,000.00 INVESTMENT RETURN 8,128,176.80 1,150,120.86 1,152,558.38 13,478,823.07 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 2,103,716.67 2,737,333.33 1,158,755.56 2,237,802.78 1,115,972.22 1,109,930.56 2,227,000.00 TERM (Days) 586 1,755 1,783 1,177 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 1,556 904 1,084 1,812 1,473 1,693 1,607 1,826 INVESTMENT REPORT AS OF AUGUST 31, 2011 INVESTMENT DATE 12/15/2010 12/15/2010 05/06/2011 05/16/2011 06/17/2011 08/17/2011 08/17/2011 08/17/2011 08/17/2011 08/17/2011 08/19/2011 08/24/2011 TYPE CN CN CN CN CN CD CD CD CD CD CD CD O O O O 0 O O O SECURITY 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 GENERAL ELECTRIC 2.95% NON-CALL AMERICAN EXPRES CENTURION BANK 1.20% CIT BANK 1.10% DISCOVER BANK 1.15% ALLY BANK 1.15% GE MONEY BANK 1.15% GE CAPITAL FINANCIAL INC 1.15% GOLDMAN SACHS BANK 1.15% WELLS FARGO BANK CORPORATE CASH MANAGEMENT ACCOUNT LIBRARY ACCOUNT UNION TRUST L A I F WATER DISTRICT L A I F PUBLIC IMPROVEMENT CORPORATION L A I F PUBLIC FINANCING CORPORATION L A I F CITY OF CARLSBAD CALL SUB-TOTAL .20% SUB-TOTAL DUNT \TION •N SUB-TOTAL PAR VALUE 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 80,131,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 1,736,000.00 1,008,461.00 1,439,349.82 432.55 625.00 34,469,000.00 19,516,000.00 27,174,000.00 36,693,000.00 120,300,868.37 INVESTED AMOUNT 2,000,000.00 2,038,220.00 1,024,175.57 2,000,912.32 2,009,952.38 82,357,446.16 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 248,000.00 1,736,000.00 1,008,461.00 1 ,439,349.82 432.55 625.00 34,469,000.00 19,516,000.00 27,174,000.00 36,693,000.00 120,300,868.37 RETURN RATE 3.100% 2.220% 3.125% 2.940% 2.840% 3.346% 1.200% 1.100% 1.150% 1.150% 1.150% 1.150% 1.150% 1.150% 0.050% 0.050% 0.000% 0.000% 0.390% 0.390% 0.390% 0.390% 0.383% INTEREST 310,000.00 225,009.16 130,164.71 292,940.46 278,819.84 11,378,510.36 8,887.23 8,198.94 8,571.62 8,579.43 8,563.81 8,563.81 8,571.62 59,936.46 1.38 1.97 - - 373.41 211.42 294.39 397.51 1,280.08 INVESTMENT RETURN 2,310,000.00 2,263,229.16 1,154,340.28 2,293,852.78 2,288,772.22 93,735,956.52 256,887.23 256,198.94 256,571.62 256,579.43 256,563.81 256,563.81 256,571.62 1,795,936.46 1,008,462.38 1,439,351.79 432.55 625.00 34,469,373.41 19,516,211.42 27,174,294.39 36,693,397.51 120,302,148.45 TERM (Days) 1,826 1,826 1,805 1,820 1,788 1,740 1,090 1,097 1,097 1,097 1,098 1,096 1,097 1,177 1 1 1 1 1 1 1 1 GRAND TOTAL 575,024,868.37 581,094,248.35 1.868% 43,274,444.00 624,368,692.35 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF AUGUST 31, 2011 Cash Balance by Fund: General 64,111,392 Special Revenue 54,967,876 Debt Service 0 Capital Projects: General Capital Construction 59,852,677 Traffic Impact Fees 18,368,700 Public Facilities Fees , 46,374,676 Park Development 2,753,726 Transnet Taxes 7,006,608 Drainage Fees 5,695,198 Special Districts 75,526,568 Infrastructure Replacement 69,041,338 Redevelopment 5,717,846 Other Capital Construction 3,575,038 Total 293,912,373 Enterprise: Carlsbad Municipal Water District 75,897,979 Sewer Fund 47,819,644 Solid Waste 7,207,385 Storm Water 2,614,144 Golf Course 343,363 Total 133,882,516 Internal Service 32,362,648 Agency Funds 1,265,348 Misc. Special Funds 0 Total General Ledger Balance ** 580,502,152 Reconciling Adjustments (1) (3,140,133) Total Treasurer's Investment Portfolio at Amortized Cost 577,362,020 (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 9/9/11 )7 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of August 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 AA3 AA- BERKSHIRE HATHAWAY AA2 AA+ CHEVRON AA1 AA CITIGROUP AAA AAA GENERAL ELECTRIC AA2 AA+ JOHNSON & JOHNSON AAA AAA MASS MUTUAL GLOBAL AA2 AA+ 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 AA1 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 * Moodv's A1 A2 S&P A+ A Latest Maturity Date 04/30/2013 09/15/2011 Carrying Value 2,007,973 2,000,193 Market Value 2,136,120 1,999,940 ALL STATE LIFE GENWORTH GLOBAL PRINCIPAL LIFE AA3 A 04/16/2012 1,000,000 1,006,000 PROTECTIVE LIFE A2 AA- 07/15/2012 3,000,000 3,042,870 WELLS FARGO A1 AA- 10/23/2012 1,010,358 1,049,090 * 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 AUGUST 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 JOHNSONS 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 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 27,628,277.87 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 6,086,150.00 2,066,260.00 2,121,417.76 2,427,570.00 4,696,294.91 1,042,814.41 ENCY ISSUER Investment Cost 5,014,908.69 9,265,228.88 82,817,516.57 123,315,021.07 47,756,470.45 89,896,717.92 5,530,478.48 13,103,591.75 Percent of Portfolio* 0.35% 0.62% 0.70% 0.53% 0.35% 4.75% 0.35% 0.18% 0.18% 1.04% 0.37% 0.36% 0.54% 0.17% 0.52% 1.05% 0.36% 0.37% 0.42% 0.81% 0.18% Percent of Portfolio** 0.86% 1.59% 14.25% 21.22% 8.22% 15.47% 0.95% 2.25% $581,094,248.35