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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Q CONTINUED TO DATE SPECIFIC DENIED D CONTINUED TO DATE UNKNOWN CONTINUED D RETURNED TO STAFF WITHDRAWN D OTHER - SEE MINUTES AMENDED D D D D D DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS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