HomeMy WebLinkAbout2011-12-06; City Council; 20746; CITY INVESTMENTS OCTOBER 31 2011CITY OF CARLSBAD - AGENDA BILL
AB# 20,746
MTG. 12/6/11
DEPT. TRS
REPORT ON CITY INVESTMENTS
AS OF OCTOBER 31, 2011
DEPT. HEAD <v_
CITY ATTY. >k/
CITY MGR. (l/l_
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 October 31, 2011 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Par Value
Cost of Investments
Amortized Cost (1)
Market Value (2)
Current Month
575,483,813
582,406,017
578,769,209
583,746,562
Prior Month
577,413,874
583,401,174
579,868,637
585,168,084
(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 10/31/11.
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
$59
Internal Service $32
Agency/Other $2 g
Enterprise $T37
Special Revenue
$54
Capital Projects
$294
Total Treasurer's Investment Portfolio at Amortized Cost
October31,2011 $578.8 million
FOR CITY CLERKSJJSE ONLY.
COUNCIL ACTION: APPROVED >Q CONTINUED TO DATE SPECIFIC
DENIED D CONTINUED TO DATE UNKNOWN
CONTINUED D RETURNED TO STAFF
WITHDRAWN D OTHER - SEE MINUTES
AMENDED D
D
D
D
D
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.gov
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF OCTOBER 31, 2011
Pooled Investment Interest Income
Cash Income Fiscal
Year-to-Date *
Current
Month FYTD
4,672,798
Prior
Month FYTD
3,459,031
Current Month
Income
1,213,767
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
August 2011
September 2011
October 201 1
Average Life
(Years)
1.93
2.05
2.33
Average Yield
To Maturity
1 .87%
1 .78%
1 .80%
Modified Duration
1.853
1.965
2.229
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.
It must be noted that the Modified Duration of 2.229 exceeds the maximum duration allowed of 2.2
in the investment policy. Duration is a function of time and risk. The farther out on the time line an
investment is made, the higher the duration. If the current portfolio remained static through the
end of November except for investment maturities and calls, the modified duration would decrease
to 2.215. To reduce the modified duration to 2.2, future investments will be made in shorter term
instruments.
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. Second 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 OCTOBER 31, 2011
BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS
AVERAGE YIELD
Class
CD
FN
CP
TR
FA
CN
LA!F
CUSTODY
SWEEP
BANK ACCT
TOTALS
Current Month
3,972,000
20,864,732
0
2,024,009
346,828,667
109,053,988
92,816,136
19,869
2,812,615
377,192
$578,769,209
PriorJ/Sonth
3,475,000
16,735,321
0
10:026,394
343,677,352
83,503,696
116,974,000
2,028,312
2,537,556
911,006
$579,868,637
CD - Certificate of Deposit
FN - Federal Discount Notes
CP - Corporate Paper
Current Month
3,959,663
21 ,040,062
0
2,106,800
350,351,018
110,263,207
92,816,136
19,869
2,812,615
377,192
$583,746,562
TR - US Treasury
FA - Federal Agency
CN - Corporate Notes
Prior Month
3,461,645
16,965,885
0
10,116,350
347,486,202
84,687,128
116,974,000
2,028,312
2,537,556
911,006
$585,168,084
Cash Income
Year to Date
574
0
0
1 1 1 ,250
3,235,724
1,095,466
229,304
6
475
0
4,672,798
Current _Montb Prjor
1.07
1.58
0.00
2.44
1.88
2.81
0.39
0.00
0.05
0.05
1 .80%
LAIF - Local Agency Investment Func
Custody - Investment Cash account
SWEEP - General Fund Overnight Cash acccouni
Month
1.10
1.85
0.00
1.03
1.96
3.20
0.39
0.00
0.05
0.05
1 .78%
M
Xffi
Bank Account - General Fund Cash account td
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF OCTOBER 31, 2011
BREAKDOWN OF MA TURITIES 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
0
0
0
0
16,213,506
25,423,885
92,816,136
19,869
2,812,615
377,192
$137,663,204 (1)
23.6%
Year
(1) Not less than $129,000
7 MONTHS TO 1 YEAR
0
6,355,494
0
0
65,990,150
14,443,955
0
0
0
0
$86,789,598 (1)
14.9%
$224,452,802 (1)
38.5%
,000 to mature within one year. (2/3rds
.\ ~t nn / - f «_.£•_ i * • i - i .'
1 TO 5 YEARS
3,972,000
13,862,925
0
2,062,109
267,426,93 1
70,629,250
0
0
0
0
$357,953,215
61.5%
of current year operating
TOTAL
3,972,000
20,218,418
0
2,062,109
349,630,587
110,497,090
92,816,136
19,869
2,812,615
377,192
$582,406,017
100.0%
budget of $193,8 17,000.00)
% TOTAL
0.7%
3.5%
0.0%
0.4%
60.0%
19.0% (2)
15.9%
0.0%
0.5%
0.1%
100.0%
M
Xw(2) Policy states that not more than 30% of portfolio is to be invested in corporate notes.w
YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 1998 - OCTOBER 2011
M
X
ffiH
W
H
1-3
U)
MARKET YIELD CURVE
6/30/10,6/30/11,10/31/11
3.5
2.5
1.5
1
Market Rates
0.5
3Mth 2Yr 5Yr
3Mth 2Yr 5Yr 10 Yr
—06/30/2010
-*• 06/30/2011
-^-10/31/2011
.17
.01
-.015
.60
.46
.24
1.77
1.76
.96
2.93
3.16
2.11
10 Yr
M
Xa
Hw
Cumulative
Millions $
Cumulative Cash Income
FY11-12
(October 2011)Monthly Interest Income
Millions $
It
12
10
8
6
4
2
i
n
_,*.
-•^^jr~
j^
*^ ^
^JT~
>^^
^j^
1.238 .^^ . _..
1-078^rT 1 143
^
u
- 7
6
5
4
3
2
1
n
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
cz]Interest Income --•--Budget Actual
M
X
W
H
W
H
un
City of Carlsbad
TRANSACTIONS FOR PERIOD:
10/01/11 TO 10/31/11 2ND QUARTER 2011-2012
(X)
Trans
Date
BUYS
OCTOBER
10/03/2011
10/04/2011
10/04/2011
10/05/2011
10/06/2011
10/06/2011
10/07/2011
10/07/2011
10/11/2011
10/11/2011
10/12/2011
10/18/2011
10/19/2011
10/19/2011
10/24/2011
10/26/2011
10/26/2011
10/27/2011
10/27/2011
10/28/2011
10/31/2011
Investment
Date Type
10/03/2016
11/01/2013
06/30/2015
10/01/2014
10/06/2016
10/25/2015
10/07/2013
06/10/2014
08/15/2016
10/11/2016
10/12/2016
10/18/2013
10/19/2016
10/08/2013
10/24/2016
10/25/2016
10/26/2016
10/27/2016
08/15/2016
01/10/2014
01/11/2016
TOTAL SECOND QUARTER
MATURITIES
OCTOBER
12/08/2009
03/15/2007
03/24/2010
10/03/2011
10/05/2011
10/31/2011
TOTAL SECOND QUARTER
CALLS
OCTOBER
04/18/2011
07/12/2011
10/15/2010
10/15/2010
10/21/2010
08/11/2011
11/24/2011
04/14/2014
10/14/2015
10/15/2015
10/15/2015
10/21/2014
07/12/2016
04/25/2014
FA
FN
CN
CN
FA
CN
CD
CN
CN
FA
FA
CD
FA
FA
FA
FA
FA
FA
CN
CN
CN
Security
FFCB
TENNESSEE VALLEY AUTHORIT
MERCK SCO
PROVIDENCE HEALTH
FFCB
WAL-MART
DORAL BANK
MET LIFE GLOBAL FUNDING
BERKSHIRE HATHAWAY
FFCB
FNMA
MEDALLION BANK
FHLMC
FNMA
FNMA
FNMA
FHLMC
FHLB
PROCTER & GAMBLE
MET LIFE GLOBAL FUNDING
MET LIFE GLOBAL FUNDING
Call
Date
04/03/2012
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10/11/2012
04/12/2012
NA
04/19/2012
NA
10/24/2012
10/26/2016
01/26/2016
04/27/2012
NA
NA
NA
2011-2012
FA
FA
TR
FFCB
FHLB
US TREASURY
NA
NA
NA
2011-2012
FA
FA
FA
FA
FA
FA
FA
FHLMC
FHLB
FNMA
FNMA
FHLB
FHLB
FNMA
10/14/2011
10/14/2015
10/15/2011
10/15/2011
10/21/2011
10/21/2011
10/25/2011
Par
Value
5,000,000.00
4,143,000.00
5,000,000.00
2,000,000.00
5,000,000.00
3,000,000.00
248,000.00
1 ,500,000.00
5,000,000.00
5,000,000.00
4,000,000.00
249,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
1,475,000.00
1,635,000.00
78,250,000.00
3,000,000.00
3,000,000.00
8,000,000.00
14,000,000.00
2,000,000.00
2,000,000.00
2,600,000.00
2,000,000.00
2,000,000.00
5,000,000.00
2,000,000.00
Coupon
1 .480%
0.000%
4.000%
5.050%
1 .300%
1 .500%
1 .000%
5.125%
2.200%
1 .370%
1.250%
0.750%
0.5% STEP
1.125%
1 .700%
1 .25% STEP
1.600%
0.5% STEP
1.450%
2.000%
3.125%
1.128%
4.875%
1.000%
1.500%
1.550%
1 .500%
1 .500%
1 .350%
2.150%
1 .000%
Amount
(Cost)
5,000,000.00
4,099,415.64
5,498,750.00
2,237,929.50
5,000,000.00
3,049,826.34
248,000.00
1,625,547.72
5,022,855.25
5,000,000.00
3,990,400.00
249,000.00
5,000,000.00
5,061,150.00
5,000,000.00
5,000,000.00
5,000,000.00
4,996,250.00
5,011,536.25
1,490,888.40
1 ,695,247.73
79,276,796.83
3,014,854.10
3,018,777.00
8,025,312.50
14,058,943.60
2,000,000.00
1,997,500.00
2,600,000.00
2,000,000.00
2,000,000.00
5,014,050.00
1,998,000.00
Return
Rate
1 .480%
0.510%
1 .260%
1 .000%
1.300%
1.080%
1.000%
1.900%
2.100%
1 .370%
1 .300%
0.750%
2.585%
0.500%
1 .700%
1.810%
1 .600%
1 .870%
1 .400%
1 .500%
2.200%
1.4871%
0.850%
4.720%
0.801%
1 .6530%
1.500%
1.580%
2.034%
2.034%
1 .350%
2.090%
1 .030%
Interest
370,000.00
87,168.72
249,027.78
63,948.28
325,000.00
132,548.66
4,966.80
80,092.90
510,033.64
342,500.00
259,600.00
3,740.11
659,375.00
49,631.25
425,000.00
462,500.00
400,000.00
472,500.00
336,463.75
49,011.60
154,062.17
5,437,170.66
46,552.13
647,473.00
102,864.30
796,889.43
89,666.67
134,422.22
266,500.00
205,000.00
108,000.00
5,972.22
1,611.11
Investment
Return
5,370,000.00
4,186,584.36
5,747,777.78
2,301,877.78
5,325,000.00
3,182,375.00
252,966.80
1,705,640.62
5,532,888.89
5,342,500.00
4,250,000.00
252,740.11
5,659,375.00
5,110,781.25
5,425,000.00
5,462,500.00
5,400,000.00
5,468,750.00
5,348,000.00
1,539,900.00
1,849,309.90
84,713,967.49
3,061,406.23
3,666,250.00
8,128,176.80
14,855,833.03
M
2,089,666.67*
2,131, 922.22 H
2,866,500.00^
2,205,OOO.OOi-3
2,1 08,000.00 ^
5,020,022.22
1,999,611.11
City of Carlsbad
TRANSACTIONS FOR PERIOD:
10/01/11 TO 10/31/11 2ND QUARTER 2011-2012
Trans
Date
10/25/2010
04/26/201 1
07/26/201 1
07/26/201 1
10/27/2010
04/24/201 1
06/08/201 1
02/12/2010
04/22/2010
10/29/2010
07/28/201 1
10/29/2010
Investment
Date
10/25/2013
12/26/2014
07/26/2016
07/26/2016
10/27/2015
10/27/2014
10/28/2015
04/28/2014
10/28/2014
10/29/2015
07/28/2014
10/29/2014
Type
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FFCB
FNMA
FHLMC
FHLMC
FNMA
FHLMC
FNMA
FNMA
FHLB
FNMA
FHLMC
FHLMC
TOTAL SECOND QUARTER 2011-2012
Call
Date
10/25/2011
10/26/2011
10/26/2011
10/26/2011
10/27/2011
10/27/2011
10/28/2011
10/28/2011
10/28/2011
10/29/2011
10/28/2011
10/29/2011
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
1,000,000.00
2,000,000.00
2,155,000.00
2,000,000.00
1,000,000.00
Coupon
0.840%
2.000%
2% STEP
2% STEP
1 .550%
2.000%
1 .000%
2. 125% STEP
2% STEP
1.25% STEP
0.75% STEP
1.1 25% STEP
Amount
(Cost)
2,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
1,998,000.00
2,000,000.00
1,995,000.00
1,014,759.55
2,015,640.00
2,115,000.00
2,000,000.00
1 ,000,000.00
Return
Rate
0.840%
2.000%
2.310%
2.311%
1.579%
2.000%
2.129%
3.167%
2.950%
1.932%
1 .260%
1 .553%
Interest
50,400.00
146,666.67
232,500.00
232,500.00
157,000.00
140,000.00
189,027.78
121,601.56
270,026.67
250,112.50
76,250.00
62,500.00
Investment
Return
2,050,400.00
2,146,666.67
2,232,500.00
2,232,500.00
2,155,000.00
2,140,000.00
2,184,027.78
1,136,361.11
2,285,666.67
2,365,112.50
2,076,250.00
1 ,062,500.00
39,755,000.00 39,747,949.55 1.8716% 2,739,757.40 42,487,706.95
INVESTMENT
DATE
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
12/14/2009
07/01/2010
^ 01/14/2008
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
INVESTMENT REPORT
AS OF OCTOBER 31, 2011
SECURITY
FHLB4.25% DUE 11/15/11 NON-CALL
FHLB4.25% DUE 11/15/11 NON-CALL
FHLB 4.875% DUE 11/18/11 NON-CALL
FNMA 1.0% DUE 11/23/11 NON-CALL
FFCB .875% DUE 12/09/1 i NON-CALL
FFCB 2.0% DUE 1/17/12 NON-CALL
FFCB 4.875% DUE 4/12/12 NON-CALL
TVA 6.790% DUE 5/23/12 NON-CALL
TVA 6.790% DUE 5/23/12 NON-CALL
FHLB 5.375% DUE 6/8/12 NON-CALL
FHLB 5.375% DUE 6/8/12 NON-CALL
FHLB 4.375% DUE 6/8/12 NON-CALL
FHLB 1.375% DUE 6/8/12 NON-CALL
FFCB 2.125% DUE 6/18/12 NON-CALL
FFCB 5.45% DUE 6/21/12 NON-CALL
FHLMC 5.125% DUE 7/15/12 NON-CALL
FFCB 3.950% DUE 7/23/12 NON-CALL
FHLB 1.25% DUE 7/27/12 NON-CALL
FHLMC 1.125% DUE 7/27/12 NON-CALL
FNMA 5.00% DUE 8/2/12 NON-CALL
FAMCA2.1% DUE 8/10/12 NON-CALL
FNMA 1.75% DUE 8/10/12 NON-CALL
FNMA 1.75% DUE 8/10/12 NON-CALL
FHLB 4.625% DUE 8/15/12 NON-CALL
FHLB 4.625% DUE 8/15/12 NON-CALL
FHLB 2.4% DUE 8/15/12 NON-CALL
FHLB 1.1 % DUE 8/28/12 NON-CALL
FHLB 5.00% DUE 9/14/12 NON-CALL
FHLB 4.5% DUE 9/14/12 NON-CALL
FHLB 2.00% DUE 9/14/12 NON-CALL
FHLMC 2.125% DUE 9/21/12 NON-CALL
FFCB 1.80% DUE 9/24/12 NON-CALL
FFCB 1.80% DUE 9/24/12 NON-CALL
FHLMC 3.875% DUE 9/30/12 NON-CALL
FFCB 4.5% DUE 10/17/12 NON-CALL
FHLB 1.375% DUE 10/29/12 NON-CALL
FNMA 6.41% DUE 11/13/12 NON-CALL
FHLB 1.0% DUE 12/14/12 CALL 12/14/11 STEP
FHLMC 4.125% DUE 12/21/12 NON-CALL
FHLB 4.25% DUE 01/14/13 CALL 10/14/08
PAR
VALUE
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
1,000,000.00
3,000,000.00
3,000,000.00
INVESTED
AMOUNT
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
999,500.00
3,233,040.00
3,000,000.00
RETURN
RATE
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%
1.673%
0.939%
4.250%
INTEREST
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
50,500.00
72,897.50
637,500.00
INVESTMENT
RETURN
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
1,050,000.00
3,305,937.50
3,637,500.00
TERM
(Days)
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
1,096
904
1,827 EXHIBH
-J
INVESTMENT REPORT
AS OF OCTOBER 31, 2011
INVESTMENT
DATE TYPE SECURITY
10/20/2009 FA FFCB 5.15% DUE 2/7/13 NON-CALL
10/07/2010 FA FFCB 3.4% DUE 2/7/13 NON-CALL
03/10/2008 FA FHLB 3.50% DUE 3/8/13 NON-CALL
10/20/2009 FA FHLMC 4.25% DUE 5/22/13 NON-CALL
03/02/2011 FA FHLMC .625% DUE 5/23/13 CALL 5/23/11 QRTLY
10/20/2009 FA FHLMC 4.0% DUE 6/12/13 NON-CALL
11/10/2008 FA FHLB 5.375% DUE 6/14/13 NON-CALL
08/13/2009 FA FHLB 4.25% DUE 6/14/13 NON-CALL
05/25/2010 FA FFCB 1.375% DUE 6/25/13 NON-CALL
12/28/2009 FA FHLB 1.85% DUE 6/28/13 NON-CALL
08/27/2008 FA FNMA 4.375% DUE 7/17/13 NON-CALL
08/19/2009 FA FFCB 2.7% DUE 8/19/13 NON-CALL
11/12/2008 FA FHLB 4.0% DUE 9/6/13 NON-CALL
12/17/2008 FA FHLB 4.375% DUE 9/13/13 NON-CALL
03/24/2010 FA FHLMC 4.125% DUE 9/27/13 NON-CALL
02/23/2010 FA FFCB 3.875% DUE 10/7/13 NON-CALL
10/19/2011 FA FNMA 1.125% DUE 10/8/13 NON-CALL
04/15/2010 FA FHLB 2.00% DUE 10/15/13 NON-CALL
10/19/2009 FA FFCB 5.350% DUE 10/21/13 NON-CALL
01/20/2009 FA FHLB 3.125% DUE 12/13/13 NON-CALL
12/20/2010 FA FFCB 1.375% DUE 12/20/13 CALL CONT
02/12/2010 FA FFCB 3.00% DUE 2/12/14 NON-CALL
08/26/2011 FA FNMA .75% DUE 2/14/14 CALL 2/14/12 QRTLY STEP
09/17/2010 FA FNMA 1.3% DUE 3/17/14 CALL 3/17/11
03/24/2010 FA FHLB 2.5% DUE 6/13/14 NON-CALL
10/20/2009 FA FFCB 4.375% DUE 6/30/14 NON-CALL
08/01/2011 FA FFCB 1.0% DUE 8/1/14 CALL 8/1/12 CONT
03/24/2010 FA FHLB 5.5% DUE 8/13/14 NON-CALL
08/25/2011 FA FFCB .75% CALL DUE 8/25/14 11/25/11 CONT
09/08/2010 FA FNMA 1.50% DUE 9/8/14 CALL 3/8/11
03/24/2010 FA FHLB 5.25% DUE 9/12/14 NON-CALL
03/24/2010 FA FFCB 3.0% DUE 9/22/14 NON-CALL
08/25/2011 FA FFCB .85% UE 11/25/14 CALL 11/25/11 CONT
06/15/2011 FA FHLB 1.00% DUE 12/15/14 CALL QRTLY STEP
06/15/2011 FA FFCB 1.37% DUE 12/15/14 CALL CONT
06/29/2011 FA FHLMC 1.25% DUE 12/29/14 CALL 6/29/12
03/30/2011 FA FHLB 1.75% DUE 12/30/14 ONE CALL 12/30/11
03/29/2011 FA FFCB 2.1% DUE 1/5/15 CALL 1/5/12 CONT
02/02/2011 FA FFCB 2.0% DUE 2/2/15 CALL 2/2/12 CONT
^ 07/20/2011 FA FNMA 2.0% DUE 4/13/15 CALL 4/13/12 ONE TIME
"- 05/10/2011 FA FHLB 2.0% DUE 4/20/15 CALL ONE TIME
PAR
VALUE
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
5,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
1,150,000.00
1,000,000.00
3,000,000.00
2,000,000.00
3,000,000.00
3,000,000.00
5,000,000.00
3,000,000.00
3,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
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
INVESTED
AMOUNT
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
5,061,150.00
2,000,000.00
2,235,072.36
2,047,941.08
1,150,000.00
1,028,536.49
3,003,480.00
2,000,000.00
3,016,423.52
3,234,480.00
5,000,000.00
3,395,255.41
3,000,000.00
2,000,000.00
2,231,960.00
2,047,400.80
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
2,019,620.00
2,011,380.00
RETURN
RATE
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%
0.500%
2.000%
2.264%
2.600%
1.375%
2.250%
1 .670%
1.300%
2.363%
2.595%
1.000%
2.323%
0.750%
1.500%
2.490%
2.440%
0.850%
1.634%
1.370%
1.250%
1.750%
2.100%
2.000%
1.730%
1.850%
INTEREST
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
49,631.25
140,000.00
193,522.08
258,135.31
47,437.50
91,463.51
119,520.00
91,000.00
300,034.82
381,665.83
150,000.00
328,452.92
67,500.00
120,000.00
237,040.00
222,265.87
138,125.00
115,000.00
95,900.00
87,500.00
131,250.00
158,200.00
160,000.00
129,602.22
146,397.78
INVESTMENT
RETURN
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
5,110,781.25
2,140,000.00
2,428,594.44
2,306,076.39
1,197,437.50
1,120,000.00
3,123,000.00
2,091,000.00
3,316,458.34
3,616,145.83
5,150,000.00
3,723,708.33
3,067,500.00
2,120,000.00
2,469,000.00
2,269,666.67
5,138,125.00
2,115,000.00
2,095,900.00
2,087,500.00
2,131,250.00
2,158,200.00
2,160,000.00
2,149,222.22
2,157,777.78
TERM
(Days)
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
720
1,279
1,463
1,788
1,096
1,461
903
1,277
1,542
1,714
1,096
1,603
1,096
1,461
1,633
1,643
1,188
1,279
1,279
1,279
1,371
1,378
1,461
1,363
1,441
INVESTMENT REPORT
AS OF OCTOBER 31, 2011
INVESTMENT
DATE TYPE SECURITY
06/04/2010 FA FNMA 2.00% DUE 4/29/15 CALL 10/29/12 STEP
02/28/2011 FA FHLB 2.0% DUE 5/29/15 CALL 5/29/12 CONT
06/10/2011 FA FFCB 1.69% DUE 6/9/15 CALL CONT
06/29/2011 FA FFCB 1.6% DUE 6/29/15' CALL CONT
07/27/2011 FA FNMA 1.70% DUE 7/27/15 CALL 1/27/12
07/27/2011 FA FFCB 1.550% DUE 7/27/15 CALL 7/2712 CONT
07/27/2011 FA FNMA 1.55% DUE 7/27/15 CALL 1/27/12
03/30/2011 FA FHLB 2.0% DUE 7/30/15 NON-CALL
04/04/2011 FA FHLB 2.0% DUE 8/28/15 NON-CALL
09/14/2010 FA FHLB 1.74% DUE 9/14/15 CALL 9/14/12
09/21/2010 FA FNMA 2.0% DUE 9/21/15 CALL 3/21/11
10/28/2010 FA FNMA 1.50% DUE 10/28/15 CALL 14/28/11
11/05/2010 FA FNMA 1.25% DUE 11/5/15 CALL 5/5/11 QRTLY STEP
11/10/2010 FA FNMA 1.375% DUE 11/10/15 CALL 5/10/11 QRTLY
05/19/2011 FA FNMA 1.0% DUE 11/9/15 CALL QRTLY
05/17/2011 FA FHLB 1.55% DUE 11/18/15 CALL QRTLY
08/18/2011 FA FFCB 1.37% DUE 11/18/15 CALL 11/18/11 CONT
11/23/2010 FA FFCB 2.0% DUE 11/23/15 CALL 5/23/12 CONT
08/10/2011 FA FNMA 2.0% DUE 11/23/15 CALL 5/23/12
12/28/2010 FA FHLMC 2.05% DUE 12/28/15 ONE CALL 12/28/11
12/30/2010 FA FAMCA 2.57% DUE 12/30/15 CALL SEMI-ANNUAL
08/25/2011 FA FFCB 1.37% DUE 2/25/16 CALL 11/25/11 CONT
04/08/2011 FA FHLB 2.7% DUE 4/18/16 QRTLY CALLS
04/25/2011 FA FNMA 2.65% DUE 4/25/16 CALL 4/25/12 ONE TIME
04/27/2011 FA FHLB 2.5% DUE 4/27/16 NON-CALL
05/03/2011 FA FAMCA 2.55% DUE 5/2/16 CALL
06/29/2011 FA FHLMC 2.10% DUE 6/29/16 CALL
06/29/2011 FA FNMA 1.50% DUE 6/29/16 CALL STEP
06/30/2011 FA FNMA 1.20% DUE 6/30/16 CALL STEP
07/27/2011 FA FNMA 2.0% DUE 7/5/16 CALL ONE TIME
07/11/2011 FA FNMA 1.75% DUE 7/11/16CALL QRTLY STEP
07/18/2011 FA FNMA 2.10% DUE 7/18/16 CALL QRTLY
08/04/2011 FA FNMA 2.375% DUE 7/27/16 CALL 1/27/12 QRTLY
08/17/2011 FA FHLMC 1.75% DUE 7/27/16 CALL 1/27/12 STEP
08/15/2011 FA FFCB 1.75% DUE 8/15/16 CALL 8/15/12 CONT
08/22/2011 FA FFCB 1.5% DUE 8/22/16 CALL 8/22/12 CONT
08/24/2011 FA FHLB 1.55% DUE 8/24/16 CALL 2/24/12 CONT
08/29/2011 FA FHLB 1.0% DUE 8/24/16 CALL 8/24/12 QRTLY STEP
09/09/2011 FA FHLB .625% DUE 9/9/16 CALL 3/9/12 QRTLY STEP
09/15/2011 FA FNMA 2.0% DUE 9/15/16 CALL 3/15/12
09/16/2011 FA FNMA 1.45% DUE 9/16/16 CALL 3/16/12 QRTLY
PAR
VALUE
2,000,000.00
2,235,000.00
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
2,000,000.00
2,000,000.00
5,000,000.00
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
4,000,000.00
2,000,000.00
2,000,000.00
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
5,000,000.00
5,000,000.00
5,000,000.00
INVESTED
AMOUNT
2,018,771.34
2,235,000.00
2,000,000.00
2,000,000.00
2,000,000.00
3,500,000.00
2,000,000.00
1,999,000.00
2,000,000.00
2,000,000.00
2,000,000.00
1,999,000.00
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
1,999,000.00
3,000,000.00
2,000,000.00
1,999,000.00
2,000,000.00
2,000,000.00
2,000,000.00
4,000,000.00
2,000,000.00
1,999,800.00
2,000,000.00
1,991,000.00
4,031,120.00
3,011,250.00
2,000,000.00
2,000,000.00
4,000,000.00
3,000,000.00
4,990,000.00
5,034,900.00
5,000,000.00
RETURN
RATE
2.780%
2.000%
1 .690%
1.600%
1.700%
1.550%
1.550%
2.012%
2.000%
1.740%
2.000%
1.510%
1 .789%
1 .728%
2.147%
1.829%
1.370%
2.000%
1.809%
2.050%
2.581%
1.370%
2.700%
2.661%
2.500%
2.550%
2.100%
2.250%
2.545%
2.002%
2.138%
2.196%
2.209%
2.115%
1.750%
1 .500%
1.550%
1.735%
1 .988%
1.853%
1 .450%
INTEREST
277,339.77
190,099.17
135,106.11
128,000.00
136,000.00
217,000.00
124,000.00
174,333.33
176,000.00
174,000.00
200,000.00
151,000.00
180,000.00
173,760.00
193,944.44
163,586.11
116,450.00
200,000.00
389,611.11
205,000.00
258,000.00
185,625.00
270,000.00
266,000.00
250,000.00
254,858.33
210,000.00
450,000.00
258,000.00
197,755.56
215,000.00
219,000.00
442,032.78
315,833.33
175,000.00
150,000.00
310,000.00
262,083.33
503,750.00
465,100.00
362,500.00
INVESTMENT
RETURN
2,296,111.11
2,425,099.17
2,135,106.11
2,128,000.00
2,136,000.00
3,717,000.00
2,124,000.00
2,173,333.33
2,176,000.00
2,174,000.00
2,200,000.00
2,150,000.00
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
2,257,000.00
3,185,625.00
2,270,000.00
2,265,000.00
2,250,000.00
2,254,858.33
2,210,000.00
4,450,000.00
2,258,000.00
2,197,555.56
2,215,000.00
2,210,000.00
4,473,152.78
3,327,083.33
2,175,000.00
2,150,000.00
4,310,000.00
3,262,083.33
5,493,750.00
5,500,000.00
5,362,500.00
TERM
(Days)
1,790
1,551
1,460
1,461
1,461
1,461
1,461
1,583
1,607
1,826
1,826
1,826
1,826
1,826
1,635
1,646
1,553
1,826
1,566
1,826
1,826
1,645
1,837
1,827
1,827
1,826
1,827
1,827
1,827
1,805
1,827
1,827
1,819
1,806
1,827
1,827
1,827
1,822
1,827
1,827
1,735
INVESTMENT REPORT
AS OF OCTOBER 31, 2011
INVESTMENT
DATE
09/16/2011
09/20/201 1
09/27/201 1
09/28/201 1
09/29/2011
10/27/2011
10/26/2011
10/24/2011
10/19/2011
10/12/2011
10/11/2011
10/06/2011
10/26/2011
10/03/2011
02/18/2009
02/25/2009
03/02/2009
03/02/2009
03/09/2010
10/04/2011
01/18/2011
11/24/2010
03/09/201 1
07/25/201 1
11/10/2008
11/12/2008
05/12/2009
^ 05/29/2007
\ 08/14/2009
04/28/2009
TYPE
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FA
FN
FN
FN
FN
FN
FN
FN
FN
FN
FN
TR
TR
CN
CN
CN
CN
SECURITY
FHLB 1.510% DUE 9/16/16 CALL 12/16/11 CONT
FHLMC 1.0% DUE 9/20/16 CALL 12/20/11 QRTLY
FHLMC 1.55% DUE 9/27/16 CALL 12/27/11 CALL QRTI
FHLMC 1.35% DUE 9/28/16 CALL 3/28/12 QRTLY STE
FNMA 1.25% DUE 9/28/16 CALL 3/28/12 STEP
FHLB .50% DUE 10/27/16 CALL 4/27/12 QRTLY STEP
FNMA 1.125% DUE 10/26/16 CALL 10/26/12 QRTLY SI
FNMA 1.70% DUE 10/24/16 CALL 10/24/12 QRTLY
FHLMC .50% DUE 10/19/16 CALL 4/1 9/1 2 QRTLY STE
FNMA 1.25% DUE 10/12/16 CALL 4/12/12 QRTLY
FFCB 1.370% DUE 10/11/16 CALL 10/11/12 CONT
FFCB 1.30% DUE 10/06/16 NON-CALL
FHLMC 1.6% DUE 10/26/16 CALL 1/26/12
FFCB 1.48% DUE 10/3/16 CALL 4/3/12 CONT
SUB-TOTAL
FICO STRIP 0.00% DUE 5/11/12 NON-CALL
FICO STRIP 0.00% DUE 5/11/12 NON-CALL
FICO 0.0% DUE 5/11/12 NON-CALL
FICO 0.0% DUE 10/06/12 NON-CALL
FICO 0.0% DUE 6/27/13 NON-CALL
TENNESSEE VALLEY AUTHORITY 0.00% DUE 11/1/1:
FICO 0.00% DUE 5/30/14 NON-CALL
FNMA 0% DUE 7/5/14 NON-CALL
FNMA .00% DUE 7/5/14 NON-CALL
FNMA 00% DUE 10/08/14 NON-CALL
SUB-TOTAL
Federal Investments Total
US TREASURY 3.125% DUE 9/30/13
US TREASURY 4.0% DUE 9/6/13
SUB-TOTAL
MET LIFE GLOBAL FUNDING 5.125% DUE 11/09/11 N
GENERAL ELECTRIC 5.50% DUE 1 1/15/1 1 CALL 1 1/1!
SUNTRUST BANK 3.0% DUE 11/16/11 NON-CALL
CITIGROUP 2.875% DUE 12/09/11 NON-CALL
PAR
VALUE
3,000,000.00
3,000,000.00
4,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
4,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
344,969,000.00
1,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
4,143,000.00
1,076,000.00
2,000,000.00
2,657,000.00
2,500,000.00
21,376,000.00
366,345,000.00
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
INVESTED
AMOUNT
2,998,500.00
2,998,500.00
4,000,000.00
5,000,000.00
5,000,000.00
4,996,250.00
5,000,000.00
5,000,000.00
5,000,000.00
3,990,400.00
5,000,000.00
5,000,000.00
5,000,000.00
5,000,000.00
349,630,586.87
916,713.56
1,826,280.00
1,818,680.00
1,793,820.00
1,882,080.00
4,099,415.64
1,027,655.32
1,922,260.00
2,511,688.67
2,419,825.00
20,218,418.19
369,849,005.06
1,031,328.00
1,030,781.25
2,062,109.25
1,020,480.00
1,850,000.00
2,066,260.00
2,060,840.00
RETURN
RATE
1.520%
1.839%
1.550%
1.505%
1 .445%
1.870%
1.810%
1.700%
1.125%
1.250%
1.370%
1.300%
1.600%
1 .480%
1.884%
2.710%
2.850%
3.000%
3.050%
1.850%
0.510%
1.370%
1.100%
1.700%
1.020%
1.582%
2.430%
2.452%
2.441%
4.250%
5.500%
1.500%
1.680%
INTEREST
228,000.00
279,000.00
310,000.00
377,500.00
362,326.39
472,500.00
462,500.00
425,000.00
659,375.00
259,600.00
342,500.00
325,000.00
400,000.00
370,000.00
28,438,517.20
83,286.44
173,720.00
181,320.00
206,180.00
117,920.00
87,168.72
96,689.36
155,480.00
290,622.66
80,175.00
1,472,562.18
29,911,079.38
118,792.86
121,777.13
240,569.99
107,217.92
453,918.06
69,073.33
89,458.61
INVESTMENT
RETURN
3,226,500.00
3,277,500.00
4,310,000.00
5,377,500.00
5,362,326.39
5,468,750.00
5,462,500.00
5,425,000.00
5,659,375.00
4,250,000.00
5,342,500.00
5,325,000.00
5,400,000.00
5,370,000.00
378,069,104.07
1,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
2,000,000.00
4,186,584.36
1,124,344.68
2,077,740.00
2,802,311.33
2,500,000.00
21,690,980.37
399,760,084.44
1,150,120.86
1,152,558.38
2,302,679.24
1,127,697.92
2,303,918.06
2,135,333.33
2,150,298.61
TERM
(Days)
1,827
1,827
1,827
1,827
1,826
1,827
1,827
1,827
1,827
1,827
1,827
1,827
1,827
1,827
-
1,178
1,171
1,166
1,314
1,206
759
1,228
1,319
1,214
1,171
1,173
1,173
1,755
1,783
1,769
911
1,631
824
955
INVESTMENT REPORT
AS OF OCTOBER 31,2011
INVESTMENT
DATE TYPE SECURITY
08/17/2009 CN TOYOTA 5.25% DUE 12/22/11 NON-CALL
03/20/2007 CN GENERAL ELECTRIC 5.875% DUE 2/15/12 NON-CALL
10/11/2007 CN GENERAL ELETRIC 5.875% DUE 2/15/12 NON-CALL
11/15/2007 CN GENERAL ELETRIC 5.875% DUE 2/15/12 NON-CALL
05/05/2009 CN BARCLAYS BANK 2.70% DUE 3/5/12 NON-CALL
04/21/2009 CN BERKSHIRHATWY 4.00% DUE 4/15/12 NON-CALL
04/23/2009 CN BERKSHIRHATWY 4.00% DUE 4/15/12 NON-CALL
04/30/2008 CN PRINCIPAL LIFE INC 4.5% DUE 4/16/12 NON-CALL
08/31/2007 CN GENERAL ELECTRIC 6.00% DUE 6/15/12 NON-CALL
05/30/2008 CN GENERAL ELECTRIC 6.00% DUE 6/15/12 NON-CALL
02/08/2010 CN GENERAL ELECTRIC 6.00% DUE 6/15/12 NON-CALL
07/17/2008 CN PROTECTIVE LIFE 5.050% DUE 7/15/12 NON-CALL
08/31/2007 CN JOHNSON & JOHNSON 5.15% DUE 8/15/12 NON-CAL
10/31/2007 CN GENERAL ELECTRIC 5.250% DUE 10/19/12 NON-CAL
11/23/2007 CN GENERAL ELECTRIC 5.250% DUE 10/19/12 NON-CAL
01/30/2008 CN WELLS FARGO 5.250% DUE 10/23/12 NON-CALL
03/18/2011 CN MET LIFE OF CONNECTICUT 5.01% DUE 1/3/13 NON
12/28/2010 CN ROYAL BANK OF CANADA 2.25% DUE 3/15/13 NON
04/24/2008 CN MET LIFE GLOBAL FUNDING 5.125% DUE 4/10/13 NC
05/07/2008 CN MET LIFE GLOBAL FUNDING 5.125% DUE 4/10/13 NC
05/12/2009 CN WAL-MART 4.25% DUE 4/15/13 NON-CALL
05/30/2008 CN ALLSTATE LIFE 5.375% DUE 4/30/13 NON-CALL
05/09/2008 CN NEW YORK LIFE 4.650% DUE 5/9/13 NON-CALL
02/11/2011 CN NEW YORK LIFE 4.650% DUE 5/9/13 NON-CALL
12/23/2008 CN BERKSHIRHATWY 4.60% DUE 5/15/13 NON-CALL
05/12/2009 CN 3M 4.375% DUE 8/15/13 NON-CALL
07/18/2011 CN GENERAL ELECTRIC 2.10% DUE 1/7/14 NON-CALL
10/28/2011 CN METLIFE GLOBAL 2.00% DUE 1/10/14 NON-CALL
05/27/2011 CN WAL-MART 3.20% DUE 5/15/14 NON-CALL
05/29/2009 CN WAL-MART 3.20% DUE 5/15/14 NON-CALL
05/20/2010 CN MICROSOFT 2.95% DUE 6/1/14 NON-CALL
10/07/2011 CN METLIFE GLOBAL 5.125% DUE 6/10/14 NON-CALL
10/05/2011 CN PROVEDENCE HEALTH 5.05%DUE 10/01/14 CALL®
09/16/2011 CN BERKSHIRE HATHAWAY 3.20% DUE 2/11/15 NON-C/
10/04/2011 CN MERCK & CO 4.0% DUE 6/30/15 NON-CALL
02/09/2011 CN MET LIFE GLOBAL FUNDING 2.5% DUE 9/29/15 NON
05/06/2011 CN MET LIFE GLOBAL FUNDING 2.5% DUE 9/29/15 NON
10/06/2011 CN WAL-MART 1.50% DUE 10/25/15 NON-CALL
12/15/2010 CN BARCLAYS BANK 3.10% DUE 12/15/15 NON-CALL
12/15/2010 CN ROYAL BANK OF CANADA 2.625% DUE 12/15/15 N(
10/31/2011 CN MET LIFE GLOBAL FUNDING 3.125% DUE 1/11/16 N(
PAR
VALUE
2,250,000.00
5,956,000.00
3,000,000.00
2,000,000.00
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
1,475,000.00
2,500,000.00
1,000,000.00
2,000,000.00
1,500,000.00
2,000,000.00
3,000,000.00
5,000,000.00
1,000,000.00
1 ,000,000.00
3,000,000.00
2,000,000.00
2,000,000.00
1,635,000.00
INVESTED
AMOUNT
2,427,570.00
6,187,688.40
3,089,347.40
2,089,414.35
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
1,490,888.40
2,645,275.00
1,003,190.00
2,072,820.00
1,625,547.72
2,237,929.50
3,175,710.00
5,498,750.00
978,478.42
993,799.11
3,049,826.34
2,000,000.00
2,038,220.00
1,695,247.73
RETURN
RATE
1.800%
4.970%
5.100%
4.700%
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%
1.500%
1 .200%
3.130%
2.005%
1.900%
1.000%
1 .430%
1.260%
3.000%
2.650%
1.080%
3.100%
2.220%
2.200%
INTEREST
99,695.62
1,483,867.09
676,360.93
409,960.65
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
49,011.60
92,058.33
155,565.56
164,982.78
80,092.90
63,948.28
150,956.67
249,027.78
137,493.80
116,131.45
132,548.66
310,000.00
225,009.16
15,611.98
INVESTMENT
RETURN
2,527,265.62
7,671,555.49
3,765,708.33
2,499,375.00
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
1,539,900.00
2,737,333.33
1,158,755.56
2,237,802.78
1,705,640.62
2,301,877.78
3,326,666.67
5,747,777.78
1,115,972.22
1,109,930.56
3,182,375.00
2,310,000.00
2,263,229.16
1,710,859.71
TERM
(Days)
857
1,793
1,588
1,553
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
1,078
1,084
1,812
1,473
977
1,092
1,244
1,365
1,693
1,607
1,480
1,826
1,826
1,533
INVESTMENT
DATE
05/06/201 1
05/16/2011
06/17/2011
09/12/2011
10/27/2011
10/11/2011
09/22/201 1
09/16/2011
09/16/2011
09/30/201 1
10/07/2011
10/18/2011
08/17/2011
08/17/2011
08/17/2011
08/17/2011
08/17/2011
08/19/2011
08/24/201 1
09/21/2011
09/23/201 1
09/23/201 1
09/15/2011
TYPE
CN
CN
CN
CN
CN
CN
CN
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
0
O
O
O
0
0
O
O
INVESTMENT REPORT
AS OF OCTOBER 31, 2011
SECURITY
MASS MUTUAL GLOBAL DUE 4/14/16 3.125% NON-C
GENERAL ELECTRIC 2.95% DUE 5/9/16 NON-CALL
GENERAL ELECTRIC 2.95% DUE 5/9/16 NON-CALL
GENERAL ELECTRIC 2.95% DUE 5/9/16 NON-CALL
PROCTER & GAMBLE 1.45% DUE 8/15/16 NON-CALL
BERKSHIRE HATHAWAY 2.20% DUE 8/15/16 NON-C/o
TOYOTA 2.0% DUE 9/15/16 NON-CALL
SAFRA NATIONAL BANK .80% DUE 9/16/13
MERRICK BANK .70% DUE 9/16/13
COMPASS BANK 1.0% DUE 9/30/13
DORALANK 1.0% DUE 10/7/13
MEDALLION BANK .75% DUE 10/18/13
AMERICAN EXPRES CENTURION BANK 1.20%
CIT BANK 1.10% DUE 8/18/14
DISCOVER BANK 1.15% DUE 8/18/14
ALLY BANK 1.15% DUE 8/18/14
GE MONEY BANK 1.15% DUE 8/19/14
GE CAPITAL FINANCIAL INC 1.15% DUE 8/19/14
GOLDMAN SACHS BANK 1.15% DUE 8/25/14
TRANSPORTATION ALLIANCE BANK INC .75% DUE <
STATE BANK OF INDIA 1.30% DUE 9/23/14
BMW BANK OF NORTH AMERICA 1.35% DUE 9/23/14
BANK OF THE WEST 1.4% DUE 9/14/15
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
.125% NON-C
NON-CALL
NON-CALL
NON-CALL
6 NON-CALL
5/16 NON-C/o
SUB-TOTAL
/13
: 1 .20%
18/19/14
!5/14
C .75% DUE <
1/14
, DUE 9/23/14
SUB-TOTAL
DOUNT
RATION
ON
SUB-TOTAL
PAR
VALUE
1,000,000.00
2,000,000.00
2,000,000.00
1,400,000.00
5,000,000.00
5,000,000.00
5,000,000.00
107,141,000.00
248,000.00
249,000.00
248,000.00
248,000.00
249,000.00
248,000.00
248,000.00
248,000.00
248,000.00
248,000.00
248,000.00
248,000.00
249,000.00
248,000.00
248,000.00
249,000.00
3,972,000.00
376,940.00
2,812,615.20
251.95
19,869.42
35,747,000.00
14,637,044.92
11,571,000.00
30,861,091.28
96,025,812.77
INVESTED
AMOUNT
1,024,175.57
2,000,912.32
2,009,952.38
1,427,513.33
5,011,536.25
5,022,855.25
5,023,645.00
110,497,089.81
248,000.00
249,000.00
248,000.00
248,000.00
249,000.00
248,000.00
248,000.00
248,000.00
248,000.00
248,000.00
248,000.00
248,000.00
249,000.00
248,000.00
248,000.00
249,000.00
3,972,000.00
376,940.00
2,812,615.20
251.95
19,869.42
35,747,000.00
14,637,044.92
11,571,000.00
30,861,091.28
96,025,812.77
RETURN
RATE
3.125%
2.940%
2.840%
2.500%
1 .400%
2.100%
1.900%
2.812%
0.800%
0.700%
1.000%
1.000%
0.750%
1 .200%
1.100%
1.150%
1.150%
1.150%
1.150%
1.150%
0.750%
1.300%
1.350%
1 .400%
1.069%
0.050%
0.050%
0.000%
0.000%
0.390%
0.390%
0.390%
0.390%
0.379%
INTEREST
130,164.71
292,940.46
278,819.84
164,875.84
336,463.75
510,033.64
474,410.56
12,846,913.17
3,973.43
3,490.83
4,966.80
4,966.80
3,740.11
8,887.23
8,198.94
8,571.62
8,579.43
8,563.81
8,563.81
8,571.62
5,612.71
9,680.83
10,053.17
13,943.96
120,365.10
0.52
3.85
-
0.00
387.26
158.57
125.35
334.33
1,009.88
INVESTMENT
RETURN
1,154,340.28
2,293,852.78
2,288,772.22
1,592,389.17
5,348,000.00
5,532,888.89
5,498,055.56
123,344,002.98
251,973.43
252,490.83
252,966.80
252,966.80
252,740.11
256,887.23
256,198.94
256,571.62
256,579.43
256,563.81
256,563.81
256,571.62
254,612.71
257,680.83
258,053.17
262,943.96
4,092,365.10
376,940.52
2,812,619.05
251.95
19,869.42
35,747,387.26
14,637,203.49
11,571,125.35
30,861,425.61
96,026,822.65
TERM
(Days)
1,805
1,820
1,788
1,701
1,754
1,770
1,820
1,587
731
731
731
731
731
1,090
1,097
1,097
1,097
1,098
1,096
1,097
1,097
1,096
1,096
1,460
1,039
1
1
1
1
1
1
1
1
GRAND TOTAL 575,483,812.77 582,406,016.89 1.798% 43,119,937.52 625,525,954.41
EXHIBIT 8
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF OCTOBER 31, 2011
Cash Balance by Fund:
General 59,357,902
Special Revenue 54,015,228
Debt Service 0
Capital Projects:
General Capital Construction 58,540,885
Traffic Impact Fees 18,484,161
Public Facilities Fees 46,625,776
Park Development 2,857,154
Transnet Taxes 7,077,897
Drainage Fees 5,655,392
Special Districts 76,224,002
Infrastructure Replacement 69,201,576
Redevelopment 5,616,601
Other Capital Construction • 3,628,753
Total 293,912,198
Enterprise:
Carlsbad Municipal Water District 77,541,555
Sewer Fund 49,195,904
Solid Waste 7,243,236
Storm Water 2,788,643
Golf Course 350,394
Total 137,119,733
Internal Service 31,798,671
Agency Funds 5,014,055
Misc. Special Funds 0
Total General Ledger Balance ** 581,217,787
Reconciling Adjustments (1) (2,448,578)
Total Treasurer's Investment Portfolio at Amortized Cost 578,769,209
(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 11/07/11
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
As of October 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+
CITIGROUP AAA AA+
GENERAL ELECTRIC AA2 AA+
JOHNSONS JOHNSON AAA AAA
MASS MUTUAL GLOBAL AA2 AA+
MERCK AA3 AA
MET LIFE GLOBAL AA3 AA-
MET LIFE OF CONNECTICUT AA3 AA-
MICROSOFT AAA AAA
NEW YORK LIFE AAA AA+
PROCTER & GAMBLE AA3 AA-
PROVIDENCE HEALTH AA2 AA
ROYAL BANK OF CANADA AA1 AA
SUNTRUST BANK AAA AA+
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
Moodv's S&P Maturity Date Value Value
ALL STATE LIFE A1 A+ 04/30/2013 2,007,174 2,127,940
PRINCIPAL LIFE AA3 A 04/16/2012 1,000,000 1,003,950
PROTECTIVE LIFE A2 AA- 07/15/2012 3,000,000 3,032,640
WELLS FARGO A1 AA- 10/23/2012 1,008,849 1,038,860
* 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.
17
EXHIBIT 10
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF OCTOBER 31, 2011
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
ALL STATE LIFE
BARCLAYS BANK
BERKSHIRE HATHAWAY
CITIGROUP
GENERAL ELECTRIC CAP
JOHNSONS JOHNSON
MASS MUTUAL
MERCK & CO
MET LIFE GLOBAL FUND
MET LIFE OF CONNECTICUT
MICROSOFT
NEW YORK LIFE
PRINCIPAL LIFE
PROTECTIVE LIFE
PROTER & GAMBLE
PROVIDENCE HEALTH
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
12,284,304.88
2,060,840.00
29,055,791 .21
1,017,457.28
1,024,175.57
5,498,750.00
10,827,075.90
2,121,360.00
2,072,820.00
3,156,649.66
1 ,000,000.00
3,000,000.00
5,011,536.25
2,237,929.50
4,086,150.00
2,066,260.00
2,121,417.76
7,451,215.00
7,746,121.25
1,042,814.41
CY ISSUER
Investment Cost
5,014,908.69
9,265,228.88
88,851,662.47
105,126,232.07
50,737,670.45
101,223,408.37
9,629,894.12
2,062,109.25
Percent of Portfolio*
0.35%
0.62%
2.11%
0.35%
4.99%
0.17%
0.18%
0.94%
1 .86%
0.36%
0.36%
0.54%
0.17%
0.52%
0.86%
0.38%
0.70%
0.35%
0.36%
1 .28%
1 .33%
0.18%
Percent of Portfolio**
0.86%
1 .59%
15.26%
18.05%
8.71 %
17.38%
1 .65%
0.35%
$582,406,016.89
/B