HomeMy WebLinkAbout2012-01-10; City Council; 20779; REPORT ON CITY INVESTMENTS AS OF NOVEMBER 30, 201112
CITY OF CARLSBAD - AGENDA BILL
AB#
MTG.
DEPT.
20,779
1/10/12
TRS
REPORT ON CITY INVESTMENTS
AS OF NOVEMBER 30, 2011
DEPT. HEAD
CITY ATTY.
CITY MGR.
RECOMMENDED ACTION:
Accept and file report.
ITEM EXPLANATION:
The City's Investment Policy requires the City Treasurer to report to the City Council on a monthly
basis the status of the City's pooled investment portfolio. A quarterly report is also required for
the investments of bond proceeds held separately. The City's pooled investment portfolio as of
the month ended November 30, 2011 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value 574,755,151 575,483,813
Cost of Investments 581,530,296 582,406,017
Amortized Cost (1) 577,988,469 578,769,209
Market Value (2) 582,367,873 583,746,562
(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 11/30/11.
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 Special Revenue
$58 $54
Internal Service Cvlfek, <^ i u • ^
e T6!I Projects
Agency/Other $i *
Enterprise $'^^
Total Treasurer's Investment Portfolio at Amortized Cost
November 30, 2011 S578 million
COUNCIL ACTION:
FOR CITY CLERKS USE ONLY.
APPROVED a CONTINUED TO DATE SPECIFIC •
DENIED • CONTINUED TO DATE UNKNOWN •
CONTINUED • RETURNED TO STAFF •
WITHDRAWN • OTHER-SEE MINUTES E[
AMENDED • Council received the report.
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv,Sullivan@.carlsbadca,qov
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF NOVEMBER 30. 2011
Pooled Investment Interest income
Current
Month FYTD
Prior
Month FYTD
Current Month
Income
Cash Income Fiscal
Year-to-Date * 5,565,865 4,672,798 893,067
*The cash Income received Is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
Average Life
(Years)
Average Yield
To Maturity Modified Duration
September 2011 2.05 1.78% 1.965
October 2011 2,33 1.80% 2.229
November 2011 2.38 1.73% 2.272
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.
Modified Duration of 2.272 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. To reduce the modified duration to 2.2, future investments will be made in
cash or 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 NOVEMBER 30, 2011
BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS
AMORTIZED COST MARKET VALUE AVERAGE YIELD
Cash Income
Class Current Month Prior Month Current Month Prior Month Year to Date Current Month Prior Month
CD 3,972,000 3,972,000 3,964,131 3,959,663 1,335 1.07 1.07
FN 20,893,926 20,864,732 21,062,521 21,040,062 0 1.58 1.58
CP 0 0 0 0 0 0.00 0.00
TR 2,022,956 2,024,009 2,102,700 2,106,800 111,250 2.44 2.44
FA 345,716,296 346,828,667 349,086,351 350,351,018 3,817,127 1.84 1.88
CN 107,786,141 109,053,988 108,555,020 110,263,207 1,406,213 2.65 2,81
LAIF 92,963,000 92,816,136 92,963,000 92,816,136 229,304 0.39 0.39
CUSTODY 499 19,869 499 19,869 8 0.00 0.00
SWEEP 3,941,451 2,812,615 3,941,451 2,812,615 627 0.05 0.05
BANKACCT 692,201 377,192 692,201 377,192 0 0.05 0.05
TOTALS $577,988,469 $578,769,209 $582,367,873 $583,746,562 5,565,865 1.73% 1.80%
CD - Certificate of Deposit TR - US Treasury LAIF - Local Agency Investment Func
FN - Federal Discount Notes
CP - Corporate Paper
FA - Federal Agency
CN - Corporate Notes
Custody - Investment Cash account
SWEEP - General Fund Overnight Cash acccouni
Bank Accoimt - General Fund Cash account
W
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CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF NOVEMBER 30, 2011
BREAKDOWN OF MA TURITIES BY CLASSIFICA HON AND LENGTH OF TIME
CLASS
CD
FN
CP
TR
FA
CN
LAIF
CUSTODY
SWEEP
BANK ACCT
TOTALS
% TOTALS
Total within One Year
WITHIN 6 MONTHS
0
0
0
0
12,552,294
21,507,625
92,963,000
499
3,941,451
692,201
$131,657,070 (1)
22.6%
7 MONTHS TO 1 YEAR
0
6,355,494
0
0
62,450,060
13,423,475
0
0
0
0_
$82,229,028 (1)
14.1%
$213,886,099 (1)
36.8%
1 TO 5 YEARS
3,972,000
13,862,925
0
2,062,109
273,448,720
74,298,444
0
0
0
0_
$367,644,198
63,2%
TOTAL % TOTAL
3,972,000
20,218,418
0
2,062,109
348,451,074
109,229,544
92,963,000
499
3,941,451
692,201
$581,530,296
100,0%
POLICY: (1) Not less than $129,000,000 to mature within one year. (2/3rds of current year operating budget of $193,817,000,00)
(2) Policy states that not more than 30% of portfolio is to be invested in corporate notes.
0.7%
3.5%
0.0%
0.4%
59.9%
18.8% (2)
16.0%
0.0%
0.7%
0.1%
100.0%
M
X
H dd
H
1-3
6.75 6.50
6.25 6.00
5.75 5.50
5.25 5.00
4.75
4.50
4.25
4.00
3.75
3.50
3.25
3.00
2.75
2.50 2.25
2.00 1.75
1.50 1.25
1.00 0.75
0.50 0.25
YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 1998 - NOVEMBER 2011
illlilll I M I I I I I I H I I I I I I I I I I I M I I I I i M I M I M I I M I M I I N M I I I M I I M I I I I I M I I I I I I I I M I I I I I M n I M I n I I I I I M M I I I I I I I I I I I M I I I I I M I I I I I I I M I I M I I I I I M M M X ffi
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1-3
MARKET YIELD CURVE
6/30/10.6/30/11.11/30/11
Market Rates
3 Mth 2 Yr 5 Yr 10 Yr
3 Mth 2Yr 5 Yr 10 Yr
-^06/30/2010 .17 .60 1.77 2.93
06/30/2011 .01 .46 1.76 3.16
-^-11/30/2011 .00 .25 .95 2.07
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Cumulative
Millions $
Cumulative Cash Income
FYll-12
(November 2011 ) Monthly Interest Income
Millions $
14
12
10
8
4
2
1.238^ ^^^^
1 078 —\ AA-i 1-214
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1=1 Interest Income --^-Budget -^Actual
8
7
6
5
4
3
2
1
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City of Carlsbad
TRANSACTIONS FOR PERIOD:
11/01/11 TO 11/30/11 2ND QUARTER 2011-2012
Trans Investment
Date
BUYS
OCTOBER
Date Type Securitv
Call
Date
Par
Value Coupon
Amount
(Cost)
Return
Rate interest
Investment
Return
10/03/2011 10/03/2016 FA FFCB 04/03/2012 5,000,000.00 1.480% 5,000,000.00 1.480% 370,000.00 5,370,000.00
10/04/2011 11/01/2013 FN TENNESSEE VALLEY AUTHORIT N/A 4,143,000.00 0.000% 4,099,415,64 0.510% 87,168.72 4,186,584.36
10/04/2011 06/30/2015 CN MERCK & CO N/A 5,000,000.00 4.000% 5,498,750,00 1.260% 249,027.78 5,747,777.78
10/05/2011 10/01/2014 CN PROVIDENCE HEALTH N/A 2,000,000.00 5.050% 2,237,929.50 1.000% 63,948.28 2,301,877.78
10/06/2011 10/06/2016 FA FFCB N/A 5,000,000.00 1.300% 5,000,000.00 1.300% 325,000.00 5,325,000.00
10/06/2011 10/25/2015 GN WAL-MART N/A 3,000,000.00 1.500% 3,049,826.34 1.080% 132,548.66 3,182,375.00
10/07/2011 10/07/2013 CD •ORAL BANK N/A 248,000.00 1.000% 248,000.00 1.000% 4,966.80 252,966.80
10/07/2011 06/10/2014 CN MET LIFE GLOBAL FUNDING N/A 1,500,000.00 5.125% 1,625,547.72 1.900% 80,092.90 1,705,640.62
10/11/2011 08/15/2016 CN BERKSHIRE HATHAWAY N/A 5,000,000.00 2.200% 5,022,855.25 2.100% 510,033.64 5,532,888.89
10/11/2011 10/11/2016 FA FFCB 10/11/2012 5,000,000.00 1.370% 5,000,000.00 1.370% 342,500.00 5,342,500.00
10/12/2011 10/12/2016 FA FNMA 04/12/2012 4,000,000.00 1,250% 3,990,400.00 1.300% 259,600.00 4,250,000,00
10/18/2011 10/18/2013 CD MEDALLION BANK NA 249,000.00 0.750% 249,000.00 0.750% 3,740.11 252,740.11
10/19/2011 10/19/2016 FA FHLMC 04/19/2012 5,000,000.00 0.5% STEP 5,000,000.00 2.585% 659,375.00 5,659,375.00
10/19/2011 10/08/2013 FA FNMA NA 5,000,000.00 1.125% 5,061,150.00 0.500% 49,631.25 5,110,781.25
10/24/2011 10/24/2016 FA FNMA 10/24/2012 5,000,000.00 1.700% 5,000,000.00 1.700% 425,000.00 5,425,000.00
10/26/2011 10/25/2016 FA FNMA 10/26/2016 5,000,000.00 1.25% STEP 5,000,000.00 1.810% 462,500.00 5,462,500.00
10/26/2011 10/26/2016 FA FHLMC 01/26/2016 5,000,000.00 1.600% 5,000,000.00 1.600% 400,000.00 5,400,000.00
10/27/2011 10/27/2016 FA FHLB 04/27/2012 5,000,000.00 0,5% STEP 4,996,250.00 1.870% 472,500.00 5,468,750.00
10/27/2011 08/15/2016 CN PROCTER & GAMBLE NA 5,000,000.00 1.450% 5,011,536.25 1.400% 336,463.75 5,348,000.00
10/28/2011 01/10/2014 CN MET LIFE GLOBAL FUNDING NA 1,475,000.00 2.000% 1,490,888.40 1.500% 49,011.60 1,539,900.00
10/31/2011 01/11/2016 CN MET LIFE GLOBAL FUNDING NA 1,635,000.00 3.125% 1,695,247.73 2.200% 154,062.17 1,849,309.90
NOVEMBER
11/04/2011 11/07/2011 FA FNMA 10/24/2012 3,000,000.00 0.800% 3,000,937.50 0.789% 70,195.83 3,071,133.33
11/07/2011 11/10/2011 CN NEW YORK LIFE N/A 3,550,000.00 2.450% 3,669,194.08 1.700% 287,655.64 3,956,849.72
10/28/2011 11/16/2011 FA FNMA 05/16/2012 5,000,000.00 1.350% 4,962,500.00 1.506% 375,000.00 5,337,500.00
10/21/2011 11/16/2011 FA FNMA 05/16/2012 5,000,000.00 1.800% 5,000,000.00 1.800% 450,000.00 5,450,000.00
11/02/2011 11/23/2011 FA FNMA 11/23/2012 5,000,000.00 1.25% STEP 5,000,000.00 1.688% 425,000.00 5,425,000.00
DECEMBER
11/14/2011 12/02/2011 CD MIDLAND STATES BANK NA 249,000.00 1.250% 249,000.00 1.250% 12,450.00 261,450.00
TOTAL SECOND QUARTER 2011-2012 100,049,000.00 101,158,428.41 1.500% 7,057,472.13 108,215,900.54
MATURITIES
OCTOBER 12/08/2009 FA FFCB NA 3,000,000.00 1.128% 3,014,854.10 0.850% 46,552.13 3,061,406.23
03/15/2007 FA FHLB NA 3,000,000.00 4,875% 3,018,777.00 4.720% 647,473,00 3,666,250.00
03/24/2010 TR US TREASURY NA 8,000,000,00 1.000% 8,025,312.50 0.801% 102,864,30 8,128,176.80
NOVEMBER 12/07/2009 FA FHLB NA 1,000,000,00 4.250% 1,061,850.00 1.020% 20,552,78 1,082,402.78
12/08/2009 FA FHLB NA 2,000,000.00 4,250% 2,126,060.00 0.956% 38,509.44 2,164,569.44
03/19/2007 FA FHLB NA 3,000,000.00 4,875% 3,009,690.00 4.795% 672,403,75 3,682,093,75
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City of Carlsbad
TRANSACTIONS FOR PERIOD:
11/01/11 TO 11/30/11 2ND QUARTER 2011-2012
Trans Investment Call Par Amount Return Investment
Date Date Tvpe Security Date Value Coupon (Cost) Rate Interest Return
12/30/2009 FA FNMA NA 3,000,000.00 1.000% 2,994,090.00 1.105% 62,826.67 3,056,916.67
05/12/2009 CN MET LIFE GLOBAL FUNDING NA 1,000,000,00 5.125% 1,002,480.00 4.250% 125,217.92 1,127,697.92
05/29/2007 CN GENERAL ELECTRIC NA 1,850,000.00 5.500% 1,850,000.00 5.500% 453,918.06 2,303,918,06
08/14/2009 CN SUNTRUST BANK NA 2,000,000.00 3.000% 2,066,260.00 1.500% 69,073.33 2,135,333,33
DECEMBER 12/09/2009 FA FFCB NA 1,000,000.00 0.875% 997,136.00 1.020% 20,364,00 1,017,500.00
04/28/2009 CN CITIGROUP NA 2,000,000.00 2.875% 2,060,840,00 1.680% 89,458.61 2,150,298.61
08/17/2009 CN TOYOTA NA 2,250,000.00 5.250% 2,427,570.00 1.800% 99,695.62 2,527,265.62
TOTAL SECOND QUARTER 2011-2012 33,100,000,00 33,654,919.60 2.094% 2,448,909.61 36,103,829,21
CALLS -
OCTOBER
04/18/2011 04/14/2014 FA FHLMC 10/14/2011 2,000,000,00 1.500% 2,000,000.00 1,500% 89,666.67 2,089,666.67
07/12/2011 10/14/2015 FA FHLB 10/14/2015 2,000,000,00 1.550% 1,997,500.00 1.580% 134,422.22 2,131,922.22
10/15/2010 10/15/2015 FA FNMA 10/15/2011 2,600,000.00 1.500% 2,600,000.00 2.034% 266,500.00 2,866,500.00
10/15/2010 10/15/2015 FA FNMA 10/15/2011 2,000,000.00 1.500% 2,000,000.00 2.034% 205,000.00 2,205,000,00
10/21/2010 10/21/2014 FA FHLB 10/21/2011 2,000,000.00 1.350% 2,000,000.00 1.350% 108,000.00 2,108,000.00
08/11/2011 07/12/2016 FA FHLB 10/21/2011 5,000,000.00 2.150% 5,014,050.00 2.090% 517,477.78 5,531,527.78
11/24/2011 04/25/2014 FA FNMA 10/25/2011 2,000,000.00 1.000% 1,998,000.00 1.030% 70,388,89 2,068,388.89
10/25/2010 10/25/2013 FA FFCB 10/25/2011 2,000,000.00 0.840% 2,000,000.00 0.840% 50,400.00 2,050,400.00
04/26/2011 12/26/2014 FA FNMA 10/26/2011 2,000,000.00 2.000% 2,000,000.00 2.000% 146,666.67 2,146,666.67
07/26/2011 07/26/2016 FA FHLMC 10/26/2011 2,000,000.00 2% STEP 2,000,000.00 2.310% 232,500.00 2,232,500.00
07/26/2011 07/26/2016 FA FHLMC 10/26/2011 2,000,000.00 2% STEP 2,000,000.00 2.311% 232,500.00 2,232,500.00
10/27/2010 10/27/2015 FA FNMA 10/27/2011 2,000,000.00 1.550% 1,998,000.00 1.579% 157,000.00 2,155,000.00
04/24/2011 10/27/2014 FA FHLMC 10/27/2011 2,000,000.00 2.000% 2,000,000.00 2.000% 140,000.00 2,140,000.00
06/08/2011 10/28/2015 FA FNMA 10/28/2011 2,000,000.00 1.000% 1,995,000.00 2.129% 189,027.78 2,184,027.78
02/12/2010 04/28/2014 FA FNMA 10/28/2011 1,000,000.00 2.125% STEP 1,014,759.55 3.167% 121,601.56 1,136,361.11
04/22/2010 10/28/2014 FA FHLB 10/28/2011 2,000,000.00 2% STEP 2,015,640.00 2.950% 270,026.67 2,285,666.67
10/29/2010 10/29/2015 FA FNMA 10/29/2011 2,155,000.00 1.25% STEP 2,115,000.00 1.932% 250,112.50 2,365,112.50
07/28/2011 07/28/2014 FA FHLMC 10/28/2011 2,000,000.00 0.75% STEP 2,000,000.00 1.260% 76,250.00 2,076,250.00
10/29/2010 10/29/2014 FA FHLMC 10/29/2011 1,000,000.00 1.125% STEP 1,000,000.00 1.553% 62,500.00 1,062,500.00
NOVEMBER
10/15/2010 11/05/2010 FA FNMA 11/05/2011 2,000,000.00 1.25% STEP 2,000,000.00 1.789% 180,000.00 2,180,000.00
05/18/2011 05/19/2011 FA FNMA 11/09/2011 2,000,000.00 1%STEP 2,000,000.00 2.147% 186,944.44 2,186,944.44
10/26/2010 11/10/2010 FA FNMA 11/10/2011 2,000,000,00 1.375% STEP 1,998,740.00 1,728% 173,760,00 2,172,500.00
05/16/2011 05/17/2011 FA FHLB 11/18/2011 2,000,000,00 1.550% 1,976,000.00 1.829% 163,586,11 2,139,586.11
03/01/2011 03/02/2011 FA FHLMC 05/23/2011 2,000,000.00 0,625% 1,983,520.00 1.000% 44,292.50 2,027,812.50
TOTAL SECOND QUARTER 2011-2012 49,755,000.00 49,706,209.55 1.837% 4,068,623.79 53,774,833,34
INVESTMENT REPORT
AS OF NOVEMBER 30,2011
ESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs)
12/09/2009 FA FFCB ,875% NON-CALL 1,000,000.00 997,136.00 1.020% 20,364,00 1,017,500,00 730
06/29/2009 FA FFCB 2,0% NON-CALL 4,000,000,00 4,036,800,00 1.630% 167,200,00 4,204,000,00 932
05/21/2007 FA FFCB 4.875% NON-CALL 2,000,000.00 1,987,880,00 5.015% 489,057,50 2,476,937,50 1,788
07/25/2007 FA IVA 6,790% NON-CALL 2,000,000.00 2,130,980,00 5.235% 524,632,22 2,655,612,22 1,764
10/19/2009 FA TVA 6.790% NON-CALL 3,000,000.00 3,399,498.48 1.534% 128,989.85 3,528,488,33 947
07/25/2007 FA FHLB 5.375% NON-CALL 1,000,000.00 1,005,040.00 5.255% 256,692.64 1,261,732,64 1,780
07/25/2007 FA FHLB 5.375% NON-CALL 1,000,000,00 1,005,254,43 5.250% 256,478.21 1,261,732.64 1,780
07/15/2008 FA FHLB 4.375% NON-CALL 3,000,000,00 3,050,958.11 3.900% 460,552,31 3,511,510.42 1,424
05/20/2010 FA FHLB 1.375% NON-CALL 5,000,000.00 5,036,422.30 1.015% 104,515,20 5,140,937,50 750
10/20/2009 FA FFCB 2.125% NON-CALL 3,000,000.00 3,049,023.21 1.496% 120,622,62 3,169,645,83 972
11/25/2009 FA FFCB 5.45% NON-CALL 2,000,000,00 2,210,347.28 1.280% 70,024.94 2,280,372.22 939
01/20/2010 FA FHLMC 5.125% NON-CALL 1,000,000,00 1,092,760.00 1.320% 34,653.19 1,127,413.19 907
08/05/2008 FA FFCB 3.950% NON-CALL 2,000,000,00 2,002,900.00 3.910% 310,466.67 2,313,366,67 1,448
03/24/2010 FA FHLB 1.25% NON-CALL 2,000,000,00 2,000,352.89 1.243% 58,188,78 2,058,541,67 856
06/04/2010 FA FHLMC 1,125% NON-CALL 5,000,000,00 5,004,198.09 1.085% 116,583,16 5,120,781,25 784
12/24/2009 FA FNMA 5,00% NON-CALL 1,037,000,00 1,127,519.73 1.567% 44,578,33 1,172,098.06 952
01/25/2010 FA FAMCA 2.1% NON-CALL 1,000,000,00 1,015,908.69 1.460% 37,466,31 1,053,375,00 928
01/20/2010 FA FNMA 1.75% NON-CALL 1,000,000.00 1,009,004.81 1.390% 35,717.41 1,044,722.22 933
03/16/2010 FA FNMA 1.75% NON-CALL 3,000,000.00 3,034,050,00 1.268% 91,950.00 3,126,000.00 878
01/29/2009 FA FHLB 4.625% NON-CALL 2,000,000.00 2,150,960,00 2.391% 176,901.11 2,327,861,11 1,294
12/24/2009 FA FHLB 4.625% NON-CALL 1,000,000.00 1,078,810,00 1.567% 43,367.08 1,122,177,08 965
06/04/2010 FA FHLB 2.4% NON-CALL 1,000,000.00 1,027,049,96 1.150% 25,683.37 1,052,733.33 803
06/04/2010 FA FHLB 1.1 % NON-CALL 4,000,000.00 4,000,013.10 1,100% 98,253,57 4,098,266.67 816
05/05/2008 FA FHLB 5.00% NON-CALL 1,175,000,00 1,238,814.19 3.640% 192,237,89 1,431,052.08 1,593
08/22/2008 FA FHLB 4.5% NON-CALL 1,000,000,00 1,022,730.00 3.889% 160,020,00 1,182,750,00 1,484
06/04/2010 FA FHLB 2.00% NON-CALL 5,000,000,00 5,091,850.00 1.180% 135,927,78 5,227,777.78 833
03/08/2010 FA FHLMC 2.125% NON-CALL 3,000,000.00 3,058,800.00 1,336% 102,877,08 3,161,677.08 928
10/01/2009 FA FFCB 1,80% NON-CALL 1,000,000.00 1,003,470.00 1,680% 50,180,00 1,053,650,00 1,089
11/25/2009 FA FFCB 1.80% NON-CALL 3,000,000.00 3,032,750.01 1.405% 120,099,99 3,152,850,00 1,034
05/11/2009 FA FHLMC 3.875% NON-CALL 1,000,000.00 1,063,510.00 1.928% 67,701,81 1,131,211,81 1,238
12/10/2007 FA FFCB 4,5% NON-CALL 2,000,000.00 2,034,780.00 4,100% 401,970.00 2,436,750,00 1,773
06/04/2010 FA FHLB 1.375% NON-CALL 3,000,000,00 3,012,394.24 1,200% 86,720.34 3,099,114.58 878
06/03/2008 FA FNMA 6.41% NON-CALL 1,807,000,00 1,990,388.82 3,890% 331,405.40 2,321,794.22 1,624
12/14/2009 FA FHLB 1.0% CALL 12/14/11 STEP 1,000,000.00 999,500,00 1.673% 50,500.00 1,050,000.00 1,096
07/01/2010 FA FHLMC 4.125% NON-CALL 3,000,000.00 3,233,040.00 0.939% 72,897.50 3,305,937.50 904
01/14/2008 FA FHLB 4,25% CALL 10/14/08 3,000,000.00 3,000,000,00 4.250% 637,500.00 3,637,500.00 1,827
10/20/2009 FA FFCB 5.15% NON-CALL 1,000,000.00 1,102,490.00 1.926% 67,316.94 1,169,806.94 1,206
10/07/2010 FA FFCB 3,4% NON-CALL 1,065,000.00 1,133,986.44 0.600% 15,503,56 1,149,490.00 854
03/10/2008 FA FHLB 3.50% NON-CALL 3,000,000.00 2,963,940.00 3.765% 560,476.67 3,524,416.67 1,824
10/20/2009 FA FHLMC 4.25% NON-CALL 500,000.00 536,967.86 2.100% 39,296.03 576,263.89 1,310
X ffi
H
03
H
1-3
INVESTMENT REPORT
AS OF NOVEMBER 30, 2011
INVESTMENT
DATE TYPE SECURITY
10/20/2009 FA FHLMC 4.0% NON-CALL
11/10/2008 FA FHLB 5.375% NON-CALL
08/13/2009 FA FHLB 4.25% NON-CALL
05/25/2010 FA FFCB 1.375% NON-CALL
12/28/2009 FA FHLB 1.85% NON-CALL
08/27/2008 FA FNMA 4.375% NON-CALL
08/19/2009 FA FFCB 2.7% NON-CALL
11/12/2008 FA FHLB 4.0% NON-CALL
12/17/2008 FA FHLB 4.375% NON-CALL
03/24/2010 FA FHLMC 4.125% NON-CALL
02/23/2010 FA FFCB 3.875% NON-CALL
10/19/2011 FA FNMA 1.125% NON-CALL
04/15/2010 FA FHLB 2.00% NON-CALL
10/19/2009 FA FFCB 5,350% NON-CALL
01/20/2009 FA FHLB 3,125% NON-CALL
12/20/2010 FA FFCB 1.375% CALL CONT
02/12/2010 FA FFCB 3.00% NON-CALL
08/26/2011 FA FNMA .75% CALL 2/14/12 QRTLY STEP
09/17/2010 FA FNMA 1.3% CALL 3/17/11
03/24/2010 FA FHLB 2.5% NON-CALL
10/20/2009 FA FFCB 4.375% NON-CALL
08/01/2011 FA FFCB 1.0% CALL 8/1/12 CONT
03/24/2010 FA FHLB 5.5% NON-CALL
08/25/2011 FA FFCB .75% CALL 11/25/11 CONT
09/08/2010 FA FNMA 1.50% CALL 3/8/11
03/24/2010 FA FHLB 5.25% NON-CALL
03/24/2010 FA FFCB 3.0% NON-CALL
11/07/2011 FA FNMA .80% CALL 10/24/12
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
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
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
PAR
VALUE
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
3,000,000,00
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
2,235,000,00
2,000,000,00
2,000,000,00
INVESTED
AMOUNT
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
3,000,937,50
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
2,018,771.34
2,235,000.00
2,000,000.00
2,000,000.00
RETURN
RATE
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%
0,789%
0.850%
1.634%
1.370%
1.250%
1.750%
2.100%
2,000%
1.730%
1.850%
2.780%
2.000%
1.690%
1.600%
INTEREST
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
70,195,83
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
277,339,77
190,099,17
135,106.11
128,000.00
INVESTMENT
RETURN
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
3,071,133.33
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
2,296,111,11
2,425,099,17
2,135,106,11
2,128,000,00
TERM
(Davs>
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
1,082
1,188
1,279
1,279
1,279
1,371
1,378
1,461
1,363
1,441
1,790
1,551
1,460
1,461
INVESTMENT REPORT
AS OF NOVEMBER 30, 2011
INVESTMENT
DATE TYPE SECURITY
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
09/14/2010 FA FHLB 1,74% CALL 9/14/12
09/21/2010 FA FNMA 2,0% CALL 3/21/11
10/28/2010 FA FNMA 1.50% CALL 4/28/11
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
12/28/2010 FA FHLMC 2.05% ONE CALL 12/28/11
12/30/2010 FA FAMCA 2.57% CALL SEMI-ANNUAL
08/25/2011 FA FFCB 1.37% CALL 11 /25/11 CONT
04/08/2011 FA FHLB 2.7% QRTLY CALLS
04/25/2011 FA FNMA 2.65% CALL 4/25/12 ONE TIME
04/27/2011 FA FHLB 2.5% NON-CALL
05/03/2011 FA FAMCA 2.55% CALL
06/29/2011 FA FHLMC 2.10% CALL
06/29/2011 FA FNMA 1.50% CALL STEP
06/30/2011 FA FNMA 1.20% CALL STEP
07/27/2011 FA FNMA 2.0% CALL ONE TIME
07/11/2011 FA FNMA 1.75% CALL QRTLY STEP
07/18/2011 FA FNMA 2.10% CALL QRTLY
08/04/2011 FA FNMA 2.375% CALL 1/27/12 QRTLY
08/17/2011 FA FHLMC 1.75% CALL 1/27/12 STEP
08/15/2011 FA FFCB 1.75% CALL 8/15/12 CONT
08/22/2011 FA FFCB 1.5% CALL 8/22/12 CONT
08/24/2011 FA FHLB 1.55% CALL 2/24/12 CONT
08/29/2011 FA FHLB 1.0% CALL 8/24/12 QRTLY STEP
09/09/2011 FA FHLB .625% CALL 3/9/12 QRTLY STEP
09/15/2011 FA FNMA 2.0% CALL 3/15/12
09/16/2011 FA FNMA 1.45% CALL 3/16/12 QRTLY
09/16/2011 FA FHLB 1.510% CALL 12/16/11 CONT
09/20/2011 FA FHLMC 1.0% CALL 12/20/11 QRTLY
09/27/2011 FA FHLMC 1.55% CALL 12/27/11 CALL QRTLY
09/28/2011 FA FHLMC 1,35% CALL 3/28/12 QRTLY STEP
09/29/2011 FA FNMA 1.25% CALL 3/28/12 STEP
10/27/2011 FA FHLB ,50% CALL 4/27/12 QRTLY STEP
10/26/2011 FA FNMA 1,125% CALL 10/26/12 QRTLY STEP
10/24/2011 FA FNMA 1.70% CALL 10/24/12 QRTLY
PAR
VALUE
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
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
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
INVESTED
AMOUNT
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
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
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
RETURN
RATE
1,700%
1,550%
1,550%
2,012%
2.000%
1.740%
2.000%
1.510%
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%
1.520%
1.839%
1.550%
1.505%
1.445%
1.870%
1.810%
1.700%
INTEREST
136,000,00
217,000,00
124,000,00
174,333,33
176,000,00
174,000,00
200,000,00
151,000,00
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
228,000,00
279,000,00
310,000,00
377,500,00
362,326.39
472,500.00
462,500.00
425,000.00
INVESTMENT
RETURN
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
2,116,450.00
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
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
TERM
(Davs>
1,461
1,461
1,461
1,583
1,607
1,826
1,826
1,826
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
1,827
1,827
1,827
1,827
1,826
1,827
1,827
1,827
INVESTMENT REPORT
AS OF NOVEMBER 30,2011
IVESTMENT
DATE
10/19/2011
10/12/2011
10/11/2011
10/06/2011
10/26/2011
10/03/2011
11/16/2011
11/16/2011
11/23/2011
02/18/2009
02/25/2009
03/02/2009
03/02/2009
03/09/2010
10/04/2011
01/18/2011
11/24/2010
03/09/2011
07/25/2011
11/10/2008
11/12/2008
04/28/2009
08/17/2009
03/20/2007
10/11/2007
11/15/2007
05/05/2009
04/21/2009
04/23/2009
04/30/2008
PAR INVESTED RETURN INVESTMENT TERM
TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs)
FA FHLMC .50% CALL 4/19/12 QRTLY STEP 5,000,000,00 5,000,000.00 1.125% 659,375.00 5,659,375.00 1,827
FA FNMA 1.25% CALL 4/12/12 QRTLY 4,000,000,00 3,990,400.00 1.250% 259,600.00 4,250,000.00 1,827
FA FFCB 1.370% CALL 10/11/12 CONT 5,000,000,00 5,000,000,00 1.370% 342,500.00 5,342,500.00 1,827
FA FFCB 1.30% NON-CALL 5,000,000.00 5,000,000.00 1.300% 325,000.00 5,325,000.00 1,827
FA FHLMC 1.6% CALL 1/26/12 5,000,000.00 5,000,000.00 1.600% 400,000.00 5,400,000.00 1,827
FA FFCB 1.48% CALL 4/3/12 CONT 5,000,000.00 5,000,000.00 1.480% 370,000.00 5,370,000.00 1,827
FA FNMA 1.80% QRTLY CALLS 5,000,000.00 5,000,000.00 1.800% 450,000.00 5,450,000.00 1,827
FA FNMA 1.35% QRTLY CALLS 5,000,000.00 4,962,500.00 1.506% 375,000.00 5,337,500.00 1,827
FA FNMA 1.25% STEP QRTLY CALLS 5,000,000.00 5,000,000.00 1.688% 425,000.00 5,425,000.00 1,827
SUB-TOTAL 343,969,000.00 348,451,074.37 1,837% 28,208,837.34 376,659,911.71 -
FN FICO STRIP 0.00% NON-CALL 1,000,000.00 916,713.56 2,710% 83,286.44 1,000,000.00 1,178
FN FICO STRIP 0.00% NON-CALL 2,000,000.00 1,826,280.00 2,850% 173,720.00 2,000,000.00 1,171
FN FICO 0.0% NON-CALL 2,000,000.00 1,818,680.00 3,000% 181,320.00 2,000,000.00 1,166
FN FICO 0.0% NON-CALL 2,000,000.00 1,793,820.00 3.050% 206,180.00 2,000,000.00 1,314
FN FICO 0.0% NON-CALL 2,000,000.00 1,882,080.00 1.850% 117,920.00 2,000,000.00 1,206
FN TENNESSEE VALLEY AUTHORITY 0.00% NON-CALL 4,143,000.00 4,099,415.64 0.510% 87,168.72 4,186,584.36 759
FN FICO 0.00% NON-CALL 1,076,000.00 1,027,655.32 1.370% 96,689.36 1,124,344.68 1,228
FN FNMA0% NON-CALL 2,000,000.00 1,922,260.00 1.100% 155,480.00 2,077,740.00 1,319
FN FNMA .00% NON-CALL 2,657,000.00 2,511,688.67 1.700% 290,622.66 2,802,311.33 1,214
FN FNMA 00% NON-CALL 2,500,000.00 2,419,825.00 1.020% 80,175.00 2,500,000.00 1,171
SUB-TOTAL 21,376,000.00 20,218,418.19 1.582% 1,472,562.18 21,690,980.37 1,173
Federal Investments Total 365,345,000.00 368,669,492.56 29,681,399.52 398,350,892.08 1,173
TR US TREASURY 3.125%, 1,000,000.00 1,031,328.00 2.430% 118,792.86 1,150,120.86 1,755
TR US TREASURY 4.0% 1,000,000,00 1,030,781.25 2.452% 121,777.13 1,152,558.38 1,783
SUB-TOTAL 2,000,000,00 2,062,109.25 2.441% 240,569.99 2,302,679.24 1,769
CN CITIGROUP 2.875% NON-CALL 2,000,000,00 2,060,840,00 1.680% 89,458.61 2,150,298.61 955
CN TOYOTA 5.25% NON-CALL 2,250,000,00 2,427,570.00 1.800% 99,695.62 2,527,265.62 857
CN GENERAL ELECTRIC 5.875% NON-CALL 5,956,000,00 6,187,688.40 4.970% 1,483,867.09 7,671,555.49 1,793
CN GENERAL ELETRIC 5.875% NON-CALL 3,000,000,00 3,089,347.40 5.100% 676,360.93 3,765,708.33 1,588
CN GENERAL ELETRIC 5.875% NON-CALL 2,000,000,00 2,089,414.35 4,700% 409,960.65 2,499,375.00 1,553
CN BARCLAYS BANK 2.7% NON-CALL 1,575,000.00 1,590,861.34 2,330% 104,626.16 1,695,487.50 1,035
CN BERKSHIRHATWY 4.00% NON-CALL 1,000,000.00 1,022,563.95 3,200% 96,769.38 1,119,333.33 1,090
CN BERKSHIRHATWY 4.00% NON-CALL 2,000,000.00 2,039,340.00 3.300% 198,882.22 2,238,222.22 1,088
CN PRINCIPAL LIFE INC 4.5% NON-CALL 1,000,000.00 1,000,000.00 4.500% 178,375.00 1,178,375.00 1.447
INVESTMENT
DATE
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
10/28/2011
05/27/2011
05/29/2009
05/20/2010
10/07/2011
10/05/2011
09/16/2011
10/04/2011
02/09/2011
05/06/2011
10/06/2011
12/15/2010
12/15/2010
10/31/2011
05/06/2011
05/16/2011
06/17/2011
09/12/2011
10/27/2011
10/11/2011
09/22/2011
11/10/2011
INVESTMENT REPORT
AS OF NOVEMBER 30,2011
PAR INVESTED RETURN INVESTMENT TERM
TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
CN GENERAL ELECTRIC 6.00% NON-CALL 1,000,000.00 1,033,437.31 5.200% 253,896.02 1,287,333.33 1,750
CN GENERAL ELECTRIC 6.00% NON-CALL 1,000,000.00 1,052,958.51 4.550% 189,541.49 1,242,500.00 1,477
CN GENERAL ELECTRIC 6.00% NON-CALL 2,000,000.00 2,174,860,00 2,167% 107,473.33 2,282,333.33 858
CN PROTECTIVE LIFE 5.050% NON-CALL 3,000,000.00 3,000,000.00 5.050% 605,158,33 3,605,158,33 1,459
CN JOHNSON & JOHNSON 5,15% NON-CALL 1,000,000.00 1,017,457.28 4.750% 237,753.83 1,255,211.11 1,811
CN GENERAL ELECTRIC 5.250% NON-CALL 2,000,000.00 2,036,663.70 4.830% 484,836,30 2,521,500,00 1,815
CN GENERAL ELECTRIC 5,250% NON-CALL 2,000,000.00 2,065,283.50 4.500% 449,799.83 2,515,083.33 1,792
CN WELLS FARGO 5.250% NON-CALL 1,000,000.00 1,042,814,41 4,240% 205,539,76 1,248,354,17 1,728
CN MET LIFE OF CONNECTICUT 5.01% NON-CALL 2,000,000.00 2,121,360,00 1.561% 58,165.00 2,179,525.00 657
CN ROYAL BANK OF CANADA 2.25% NON-CALL 2,000,000.00 2,047,930.00 1.150% 51,695,00 2,099,625,00 808
CN MET LIFE GLOBAL FUNDING 5,125% NON-CALL 1,000,000.00 1,003,232.48 5.050% 251,024.46 1,254,256.94 1,812
CN MET LIFE GLOBAL FUNDING 5.125% NON-CALL 2,000,000.00 2,019,402.04 4.900% 485,410.46 2,504,812.50 1,799
CN WAL-MART 4.250% NON-CALL 1,000,000.00 1,047,829.91 2.950% 118,982.59 1,166,812.50 1,434
CN ALLSTATE LIFE 5.375% NON-CALL 2,000,000.00 2,023,559.81 5.100% 504,981.86 2,528,541.67 1,796
CN NEW YORK LIFE 4.650% NON-CALL 1,000,000.00 1,006,649.66 4.500% 225,850.34 1,232,500.00 1,826
CN NEW YORK LIFE 4,650% NON-CALL 2,000,000.00 2,150,000.00 1.250% 23,766.67 2,173,766.67 818
CN BERKSHIRHATWY 4,60% NON-CALL 1,000,000.00 1,023,835.68 4.000% 177,542,10 1,201,377.78 1,604
CN 3 M 4.375% NON-CALL 2,000,000.00 2,121,417.76 2.850% 251,186.41 2,372,604.17 1,556
CN GENERAL ELECTRIC 2.10% NON-CALL 2,000,000.00 2,037,760.00 1.320% 65,956.67 2,103,716.67 904
CN METLIFE GLOBAL 2.00% NON-CALL 1,475,000.00 1,490,888.40 1.500% 49,011,60 1,539,900.00 1,078
CN WAL-MART 3.20% NON-CALL 2,500,000.00 2,645,275.00 1.200% 92,058.33 2,737,333.33 1,084
CN WAL-MART 3.20% NON-CALL 1,000,000.00 1,003,190.00 3.130% 155,565.56 1,158,755.56 1,812
CN MICROSOFT 2.95% NON-CALL 2,000,000.00 2,072,820.00 2.005% 164,982.78 2,237,802.78 1,473
CN METLIFE GLOBAL 5.125% NON-CALL 1,500,000.00 1,625,547.72 1.900% 80,092.90 1,705,640.62 977
CN PROVEDENCE HEALTH 5.05% CALL @ MAKEWHOLE 2,000,000.00 2,237,929.50 1.000% 63,948.28 2,301,877.78 1,092
CN BERKSHIRE HATHAWAY 3.20% NON-CALL 3,000,000.00 3,175,710.00 1.430% 150,956.67 3,326,666.67 1,244
CN MERCK & CO 4.0% NON-CALL 5,000,000.00 5,498,750.00 1.260% 249,027.78 5,747,777.78 1,365
CN MET LIFE GLOBAL FUNDING 2.5% NON-CALL 1,000,000.00 978,478.42 3.000% 137,493.80 1,115,972.22 1,693
CN MET LIFE GLOBAL FUNDING 2.5% NON-CALL 1,000,000.00 993,799.11 2.650% 116,131,45 1,109,930,56 1,607
CN WAL-MART 1.50% NON-CALL 3,000,000.00 3,049,826.34 1.080% 132,548.66 3,182,375.00 1,480
CN BARCLAYS BANK 3.10% NON-CALL 2,000,000,00 2,000,000,00 3.100% 310,000.00 2,310,000.00 1,826
CN ROYAL BANK OF CANADA 2.625% NON-CALL 2,000,000.00 2,038,220.00 2.220% 225,009.16 2,263,229.16 1,826
CN MET LIFE GLOBAL FUNDING 3.125% NON-CALL 1,635,000.00 1,695,247.73 2.200% 15,611.98 1,710,859.71 1,533
CN MASS MUTUAL GLOB 3.125% NON-CALL 1,000,000.00 1,024,175.57 3.125% 130,164.71 1,154,340.28 1,805
CN GENERAL ELECTRIC 2.95% NON-CALL 2,000,000.00 2,000,912.32 2.940% 292,940.46 2,293,852.78 1,820
CN GENERAL ELECTRIC 2.95% NON-CALL 2,000,000.00 2,009,952.38 2.840% 278,819.84 2,288,772.22 1,788
CN GENERAL ELECTRIC 2.95% NON-CALL 1,400,000.00 1,427,513.33 2.500% 164,875.84 1,592,389.17 1,701
CN PROCTER & GAMBLE 1.45% NON-CALL 5.000,000.00 5,011,536.25 1.400% 336,463.75 5,348,000.00 1,754
CN BERKSHIRE HATHAWAY 2.20% NON-CALL 5.000.000.00 5,022,855.25 2.100% 510,033.64 5,532,888.89 1,770
CN TOYOTA 2.0% NON-CALL 5,000,000.00 5,023,645.00 1.900% 474,410.56 5,498,055.56 1,820
CN NEW YORK LIFE 2.45% NON-CALL 3,550,000.00 3,669,194.08 1.700% 287,655.64 3,956.849,72 1,708
INVESTMENT REPORT
AS OF NOVEMBER 30,2011
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs)
SUB-TOTAL 105,841,000.00 109,229,543,89 2.654% 12,504,359.50 121,733,903.39 1,587
09/16/2011 CD SAFRA NATIONAL BANK ,80% 248,000.00 248,000,00 0.800% 3,973.43 251,973.43 731
09/16/2011 CD MERRICK BANK ,70% 249,000.00 249,000,00 0.700% 3,490.83 252,490,83 731
09/30/2011 CD COMPASS BANK 1,0% 248,000.00 248,000,00 1.000% 4,966.80 252,966,80 731
10/07/2011 CD DORALANK1,0% 248,000.00 248,000,00 1,000% 4,966.80 252,966,80 731
10/18/2011 CD MEDALLION BANK ,75% 249,000.00 249,000,00 0.750% 3,740.11 252,740,11 731
08/17/2011 CD AMERICAN EXPRES CENTURION BANK 1,20% 248,000.00 248,000,00 1.200% 8,887.23 256,887,23 1,090
08/17/2011 CD CIT BANK 1,10% 248,000.00 248,000,00 1.100% 8,198.94 256,198,94 1,097
08/17/2011 CD DISCOVER BANK 1.15% 248,000.00 248,000,00 1,150% 8,571.62 256,571,62 1,097
08/17/2011 CD ALLY BANK 1.15% 248,000.00 248,000,00 1,150% 8,579.43 256,579.43 1,097
08/17/2011 CD GE MONEY BANK 1.15% 248,000.00 248,000,00 1.150% 8,563.81 256,563.81 1,098
08/19/2011 CD GE CAPITAL FINANCIAL INC 1,15% 248,000.00 248,000,00 1,150% 8,563.81 256,563.81 1,096
08/24/2011 CD GOLDMAN SACHS BANK 1,15% 248,000.00 248,000,00 1,150% 8,571.62 256,571,62 1,097
09/21/2011 CD TRANSPORTATION ALLIANCE BANK INC .75% 249,000.00 249,000,00 0.750% 5,612.71 254,612,71 1,097
09/23/2011 CD STATE BANK OF INDIA 1.30% 248,000.00 248,000,00 1.300% 9,680.83 257,680,83 1,096
09/23/2011 CD BMW BANK OF NORTH AMERICA 1.35% 248,000.00 248,000,00 1.350% 10.053.17 258,053.17 1,096
09/15/2011 CD BANK OF THE WEST 1.4% 249,000.00 249,000,00 1.400% 13,943.96 262,943.96 1,460
SUB-TOTAL 3,972,000,00 3,972,000,00 1.069% 120,365.10 4,092,365.10 1,039
O WELLS FARGO BANK 692,039.00 692,039.00 0.050% 0.95 692,039.95 1
O CORPORATE CASH MANAGEMENT ACCOUNT 3,941,451.00 3,941,451.00 0.050% 5.40 3,941,456.40 1
O LIBRARY ACCOUNT 161.77 161.77 0.000% -161.77 1
0 UNION TRUST 498.75 498.75 0.000% -498.75 1
O LAIF WATER DISTRICT 34,747,000.00 34,747,000.00 0.390% 376.43 34,747,376.43 1
O LAIF PUBLIC IMPROVEMENT CORPORATION 12,950,000.00 12,950,000.00 0.390% 140.29 12,950,140.29 1
O LAIF PUBLIC FINANCING CORPORATION 11,971,000.00 11,971,000.00 0,390% 129.69 11,971,129.69 1
O LAIF CITY OF CARLSBAD 33,295.000.00 33,295,000.00 0.390% 360.70 33,295,360.70 1
SUB-TOTAL 97,597.150.52 97,597.150.52 0.374% 1.013.45 97,598,163.97
GRAND TOTAL 574,755,150.52 581,530,296.22 1.733% 42,547,707.56 624,078,003.78
Ol
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF NOVEMBER 30, 2011
EXHIBIT 8
Cash Balance by Fund:
General
Special Revenue
Debt Service
Capital Projects:
General Capital Construction
Traffic Impact Fees
Public Facilities Fees
Park Development
Transnet Taxes
Drainage Fees
Special Districts
Infrastructure Replacement
Redevelopment
Other Capital Construction
Enterprise:
Carlsbad Municipal Water District
Sewer Fund
Solid Waste
Storm Water
Golf Course
Total
Total
Internal Service
Agency Funds
Misc. Special Funds
Total General Ledger Balance **
Reconciling Adjustments (1)
Total Treasurer's Investment Portfolio at Amortized Cost
57,433,222
18,688,268
46,906,570
1,844,428
7,046,742
5,651,041
76,440,395
69,271,913
6,074,312
4,820,162
78,862,206
50,609,487
7,524,577
2,717,762
350,898
57,863,611
54,774,936
0
294,177,052
140,064,930
31,547,719
2,223,502
0
580,651,752
(2,663,283)
577,988,469
(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 checl<s 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 ofthe adjustment
** Figures based on best estimate at the time report run on 12/07/11
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
As of November 30, 2011
CORPORATE NOTE AND COMMERCIAL PAPER RATINGS
Corporate Note Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by both Moody's and S&P)
Moody's S&P
BARCLAYS BANK AA3 AA-
BERKSHIRE HATHAWAY AA2 AA+
CITIGROUP AAA AA+
GENERAL ELECTRIC AA2 AA+
JOHNSON & 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
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
Moody's S&P
Latest
Maturity Date
Carrying
Value
Market
Value
ALL STATE LIFE Al A+ 04/30/2013 2,006,775 2,108,180
PRINCIPAL LIFE AA3 A 04/16/2012 1,000,000 1,002,170
PROTECTIVE LIFE A2 AA-07/15/2012 3,000,000 3,023,580
WELLS FARGO A1 AA-10/23/2012 1,008,095 1,041,970
* 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 NOVEMBER 30, 2011
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investment Cost Percent of Portfolio*
ALL STATE LIFE 2,023,559,81 0.35%
BARCLAYS BANK 3,590,861,34 0.62%
BERKSHIRE HATHAWAY 12,284.304,88 2.11%
CITIGROUP 2,060,840,00 0.35%
GENERAL ELECTRIC CAP 27,205,791,22 4.68%
JOHNSON & JOHNSON 1.017.457,28 0,17%
MASS MUTUAL 1,024,175,57 0.18%
MERCK & CO 5.498.750,00 0,95%
MET LIFE GLOBAL FUND 9,806.595,90 1,69%
MET LIFE OF CONNECTICUT 2.121.360,00 0,36%
MICROSOFT 2,072.820,00 0,36%
NEWYORKLIFE 6.825,843,74 1,17%
PRINCIPAL LIFE 1,000,000.00 0,17%
PROTECTIVE LIFE 3,000,000,00 0.52%
PROTER & GAMBLE 5,011,536,25 0.86%
PROVIDENCE HEALTH 2.237,929.50 0.38%
ROYAL BANK OF CANADA 4.086.150.00 0,70%
3M 2,121.417,76 0,36%
TOYOTA 7.451,215,00 1,28%
WAL-MART 7,746,121.25 1,33%
WELLS FARGO 1,042,814,41 0,18%
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
Investment Cost Percent of Portfolio**
FAMCA 5.014,908,69 0,86%
FICO 9.265.228.88 1,59%
FEDERAL FARM CREDIT BANK 88,851,662.47 15,28%
FEDERAL HOME LOAN BANK 96,952,632.08 16,67%
FEDERAL HOME LOAN MORTGAGE CORP 48,754.150.45 8,38%
FEDERAL NATIONAL MORTGAGE ASSOC 110,201,015.86 18.95%
TVA 9.629,894.12 1,66%
U.S.TREASURY 2,062,109.25 0.35%
Total Portfolio $581.530.296.22
* No more than 5% may be invested with a single corporate issuer.
"There are no percentage limits on federal agency issuers.
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