HomeMy WebLinkAbout2012-02-14; City Council; 20805; REPORT ON CITY INVESTMENTS AS OF DECEBMER 31, 20118
CITY OF CARLSBAD - AGENDA BILL
AB# 20.805 REPORT ON CITY INVESTMENTS DEPT. HEAd"-^
MTG. 2/14/12 AS OF DECEMBER 31, 2011 CITY ATTY.
DEPT. TRS CITY MGR. iM—
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 December 31, 2011 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value 588,981,396 574,755,151
Cost of Investments 595,583,995 581,530,296
Amortized Cost(1) 592,111,103 577,988,469
Market Value (2) 596,957,841 582,367,873
(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 12/31/11.
The equity portion of the various funds in the total portfolio is summarized in the graph on the next
page. Fund balances are restricted for various purposes. See Exhibit 8 for a more detailed
breakdown.
The $14 million increase between the November and December reports is due mainly to the
receipt of property taxes at $15 million.
FOR CITY CLERKS USE om^Y
COUNCIL ACTION: APPROVED ^ CONTINUED TO DATE SPECIFIC •
DENIED • CONTINUED TO DATE UNKNOWN •
CONTINUED • RETURNED TO STAFF •
WITHDRAWN • OTHER - SEE MINUTES •
AMENDED •
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan(a)carlsbadca.qov
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF DECEMBER 31 2011
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in MUlions)
General Special Revenue
$66^ $53
Internal Service ^
$31
Agency/Other $g
Enterprise $141.5
Capital Projects
$ 2P4.5
Total Treasurer's Investment Portfolio at Amortized Cost
December 31,2011 $592 million
Pooled Investment Interest Income
Current
Month FYTD
Prior
Month FYTD
Current Month
Income
Cash Income Fiscal
Year-to-Date * 6,711,025 5,565,865 1,145,160
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
Average Life
(Years)
Average Yield
To Maturity Modified Duration
October 2011 2.33 180% 2.229
November 2011 2.38 1.73% 2.272
December 2011 2.16 1.66% 2.074
All pooled investments have been made in accordance with the City's Investment Policy adopted
January 2, 1985 and last revised June 21, 2011. All investments were initially made in
accordance with the City's Investment Policy. Events subsequent to the purchase might have
resulted in some investments not being in compliance with the current policy. These events are
typically a change in the City's Investment Policy, a change in the credit rating subsequent to a
purchase, or a temporary reduction in total portfolio assets. See Exhibit 9 for details.
The pooled investment portfolio has the ability to meet the City's cash flow demands for the next
six (6) months.
Investment Portfolio for Bond Proceeds
Current Quarter Prior Quarter
Par Value 17,651,093 17,735,893
Cost 17,651,093 17,735,893
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
EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY:
11. Detailed Investment Report - Quarterly Report
EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS:
12. Detail Of Outstanding Housing Loans - Quarterly Report
3
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF DECEMBER 31, 2011
BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS
Class
CD
FN
CP
TR
FA
CN
LAIF
CUSTODY
SWEEP
BANK ACCT
AMORTIZED COST MARKET VALUE
Current Month Prior Month Current Month Prior Month
3,972,000 4,209,970 4,221,000
20,924,094
0
2,021,868
324,454,901
110,014,846
126,828,000
3,256,106
390,290
20,893,926
0
2,022,956
345,716,296
107,786,141
92,963,000
499
3,941,451
692,201
21,084,590
0
2,097,540
327,856,168
111,235,178
126,828,000
0
3,256,106
390,290
3,964,131
21,062,521
0
2,102,700
349,086,351
108,555,020
92,963,000
499
3,941,451
692,201
Cash Income
Year to Date
2,072
0
0
111,250
4,635,114
1,732,507
229,304
9
769
0
AVERAGE YIELD
Current Month Prior Month
1.08
1.58
0.00
2.44
1.84
2.65
0.39
0.00
0.05
0.05
1.07
1.58
0.00
2.44
1.84
2.65
0.39
0.00
0.05
0.05
TOTALS $592,111,103 $577,988,469 $596,957,841
CD - Certificate of Deposit
FN - Federal Discount Notes
CP - Corporate Paper
TR - US Treasury
FA - Federal Agency
CN - Corporate Notes
$582,367,874 6,711,025 1.66%
LAIF - Local Agency Investment Fund
Custody - Investment Cash account
SWEEP - General Fund Ovemight Cash acccount
Bank Account - General Fund Cash account
1.73%
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CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF DECEMBER 31,2011
BREAKDO WN OF MA TURITIES B Y CLASSIFICA TION 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 7 MONTHS TO 1 YEAR
0
4,561,674
0
0
26,912,204
21,280,471
126,828,000
0
3,256,106
390,290
$183,228,745 (1)
30.8%
0
1,793,820
0
0
50,326,055
9,162,219
0
0
0
0
$61,282,093 (I)
10.3%
$244,510,838 (I)
41.1%
1 TO 5 YEARS
4,221,000
13,862,925
0
2,062,109
250,067,180
80,859,943
0
0
0
0_
$351,073,157
59.0%
TOTAL % TOTAL
4,221,000
20,218,418
0
2,062,109
327,305,438
111,302,633
126,828,000
0
3,256,106
390,290
$595,583,995
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%
3.4%
0.0%
0.4%
55.0%
18.7% (2)
21.3%
0.0%
0.6%
0.1%
100.0%
W X
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H
6.
6 6.
6 5.
5. 5
5. 4.
4. 4.
4 3
3.
3
3
2
2.
2.
2.
1.
1.
1. 1.
0. 0.
0.
75
50 25
00 75
50 25
00 75
50 25
00 75
50
25
00
75
50
25
00
75
50
25
00
75 50
25
YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 1998 - DECEMBER 2011
—EX-LAIF
^LAIF
I I I I 11 M I I I I M M M I I I I I n I I I M M I I I I I I I I I I M I I I I M I I I I I I M I M I I I M I I I I I I M I I I M I I I I I I I I I I I I I I I I I I I I I I I I I I I U I I M I I I I I M I I I I I M I I I M I I I I M I M
M
X
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1-3
MARKET YIELD CURVE
6/30/10,6/30/11,12/31/11
Market Rates
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
o 12/31/2011 .01 .24 .83 1.88
M X ffi
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Cumulative
Millions $
Cumulative Cash Income
FYll-12
(December 2011) Monthly Interest Income
Millions $
14
12
10
8
4
2
1.238^ ^^^^ 1 078 ^iio 1.214 1 145 n.u^o ^ 1-143 — 0 893
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1 Interest Income Budget Actual
8
7
6
5
4
3
2
1
w
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Ul
City of Carlsbad
TRANSACTIONS FOR PERIOD:
10/01/11 TO 12/31/11 2ND QUARTER 2011-2012
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
NOVEMBER
Investment Call Par Amount Return Investment
Date Type Securitv Date Value Coupon (Cost) Rate Interest Return
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
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
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
10/01/2014 CN PROVIDENCE HEALTH N/A 2,000,000.00 5.050% 2,237,929.50 1.000% 63,948.28 2,301,877.78
10/06/2016 FA FFCB N/A 5,000,000.00 1.300% 5,000,000.00 1.300% 325,000.00 5,325,000.00
10/25/2015 CN WAL-MART N/A 3,000,000.00 1.500% 3,049,826.34 1.080% 132,548.66 3,182,375.00
10/07/2013 CD DORALBANK N/A 248,000.00 1.000% 248,000.00 1.000% 4,966.80 252,966.80
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
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
10/11/2016 FA FFCB 10/11/2012 5,000,000.00 1.370% 5,000,000.00 1.370% 342,500.00 5,342,500.00
10/12/2016 FA FNMA 04/12/2012 4,000,000.00 1.250% 3,990,400.00 1.300% 259,600.00 4,250,000.00
10/18/2013 CD MEDALLION BANK NA 249,000.00 0.750% 249,000.00 0.750% 3,740.11 252,740.11
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
10/08/2013 FA FNMA NA 5,000,000.00 1.125% 5,061,150.00 0.500% 49,631.25 5,110,781.25
10/24/2016 FA FNMA 10/24/2012 5,000,000.00 1.700% 5,000,000.00 1.700% 425,000.00 5,425,000.00
10/25/2016 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
10/26/2016 FA FHLMC 01/26/2016 5,000,000.00 1.600% 5,000,000.00 1.600% 400,000.00 5,400,000.00
10/27/2016 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
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
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
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
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
12/23/2011
12/27/2011
12/28/2011
12/02/2011 CD MIDLAND STATES BANK N/A
09/15/2014 CN GENERAL ELECTRIC N/A
04/21/2014 CN MASS MUTUAL GLOBAL N/A
01/11/2016 CN MET LIFE GLOBAL FUNDING N/A
249,000.00 1.250% 249,000.00 1.250% 12,450.00
2,000,000.00 0.696% FLOAT 1,914,520.00 2.250% 123,464.31
2,500,000.00 2.875% 2,583,739.37 1.400% 82,771.05
2,000,000.00 3.125% 2,063,239.83 2.300% 189,017.11
261,450.00
2,037,984.31 X
2,666,510.42 ^
2,252,256.94 td
H
!-3 TOTAL SECOND QUARTER 2011-2012 106,549,000.00 107,719,927.61 1.526% 7,452,724.60 115,172,652.21
City of Carlsbad
TRANSACTIONS FOR PERIOD:
10/01/11 TO 12/31/11 2ND QUARTER 2011-2012
Trans Investment Call Par Amount Return Investment
Date Date Type Securitv Date Value Coupon (Cost) Rate Interest Return
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
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
City of Carlsbad
TRANSACTIONS FOR PERIOD:
10/01/11 TO 12/31/11 2ND QUARTER 2011-2012
Trans Investment Call Par Amount Return Investment
Date Date Tvpe Securitv Date Value Coupon (Cost) Rate Interest Return
CALLS
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
DECEMBER
12/30/2010 12/30/2015 FA FAMCA 12/30/2011 2,000,000.00 2.570% 1,999,000.00 2.581% 258,000.00 2,257,000.00
03/30/2011 12/30/2011 FA FHLB 12/30/2011 2,000,000.00 1.750% 2,000,000.00 1.750% 131,250.00 2,131,250.00
06/30/2011 06/30/2016 FA FNMA 12/30/2011 2,000,000.00 1.2% STEP 2,000,000.00 2.545% 258,000.00 2,258,000.00
12/28/2010 12/28/2015 FA FHLMC 12/28/2011 2,000,000.00 2.050% 2,000,000.00 2.050% 205,000.00 2,205,000.00
09/27/2011 09/27/2016 FA FHLMC 12/27/2011 4,000,000.00 1.550% 4,000,000.00 1.550% 310,000.00 4,310,000.00
12/20/2010 12/20/2013 FA FFCB 12/20/2011 1,150,000.00 1.375% 1,150,000.00 1.375% 47,437.50 1,197,437.50
06/15/2011 12/15/2014 FA FHLB 12/15/2011 2,000,000.00 1%STEP 2,000,000.00 1.634% 115,000.00 2,115,000.00
06/15/2011 12/15/2014 FA FFCB 12/15/2011 2,000,000.00 1.370% 2,000,000.00 1.370% 95,900.00 2,095,900.00
12/14/2009 12/14/2012 FA FHLB 12/14/2011 1,000,000.00 1%STEP 999,500.00 1.673% 50,500.00 1,050,000.00
06/10/2011 06/09/2015 FA FFCB 12/09/2011 2,000,000.00 1.690% 2,000,000.00 1.690% 135,106.11 2,135,106.11
TOTAL SECOND QUARTER 2011-2012 69,905,000.00 69,854,709.55 1.832% 5,674,817.40 75,529,526.95
INVESTMENT REPORT
AS OF DECEMBER 31, 2011
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs)
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 TVA 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
• 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
M X ffi
H Cd
H
1-3
INVESTMENT REPORT
AS OF DECEMBER 31, 2011
VP
INVESTMENT
DATE
10/07/2010
03/10/2008
10/20/2009
10/20/2009
11/10/2008
08/13/2009
05/25/2010
12/28/2009
08/27/2008
08/19/2009
11/12/2008
12/17/2008
03/24/2010
02/23/2010
10/19/2011
04/15/2010
10/19/2009
01/20/2009
02/12/2010
08/26/2011
09/17/2010
03/24/2010
10/20/2009
08/01/2011
03/24/2010
08/25/2011
09/08/2010
03/24/2010
03/24/2010
11/07/2011
08/25/2011
06/29/2011
03/29/2011
02/02/2011
07/20/2011
05/10/2011
PAR INVESTED RETURN INVESTMENT TERM
TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs)
FA FFCB 3.4% NON-CALL 1,065,000.00 1,133,986.44 0.600% 15,503.56 1,149,490.00 854
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
FA FHLMC 4.25% NON-CALL 500,000.00 536,967.86 2.100% 39,296.03 576,263.89 1,310
FA FHLMC 4.0% NON-CALL 500,000.00 532,794.50 2.120% 40,094.39 572,888.89 1,331
FA FHLB 5.375% NON-CALL 1,000,000.00 1,065,788.37 3.800% 181,163.02 1,246,951.39 1,677
FA FHLB 4.25% NON-CALL 2,000,000.00 2,130,988.03 2.450% 195,081.41 2,326,069.44 1,401
FA FFCB 1.375% NON-CALL 2,000,000.00 1,993,760.00 1.479% 91,031.67 2,084,791.67 1,127
FA FHLB 1.85% NON-CALL 2,000,000.00 1,987,226.45 2.040% 142,273.55 2,129,500.00 1,278
FA FNMA 4.375% NON-CALL 2,000,000.00 2,035,600.00 3.970% 392,177.78 2,427,777.78 1,785
FA FFCB 2.7% NON-CALL 1,000,000.00 1,005,669.88 2.550% 102,330.12 1,108,000.00 1,461
FA FHLB 4.0% NON-CALL 1,000,000.00 1,007,890.00 3.818% 184,776.67 1,192,666.67 1,759
FA FHLB 4.375% NON-CALL 2,000,000.00 2,154,940.00 2.625% 259,712.78 2,414,652.78 1,731
FA FHLMC 4.125% NON-CALL 3,000,000.00 3,222,330.00 1.930% 211,826.25 3,434,156.25 1,283
FA FFCB 3.875% NON-CALL 1,000,000.00 1,065,180.00 2.000% 75,181.11 1,140,361.11 1,322
FA FNMA 1.125% NON-CALL 5,000,000.00 5,061,150.00 0.500% 49,631.25 5,110,781.25 720
FA FHLB 2.00% NON-CALL 2,000,000.00 2,000,000.00 2.000% 140,000.00 2,140,000.00 1,279
FA FFCB 5.350% NON-CALL 2,000,000.00 2,235,072.36 2.264% 193,522.08 2,428,594.44 1,463
FA FHLB 3.125% NON-CALL 2,000,000.00 2,047,941.08 2.600% 258,135.31 2,306,076.39 1,788
FA FFCB 3.00% NON-CALL 1,000,000.00 1,028,536.49 2.250% 91,463.51 1,120,000.00 1,461
FA FNMA .75% CALL 2/14/12 QRTLY STEP 3,000,000.00 3,003,480.00 1.670% 119,520.00 3,123,000.00 903
FA FNMA 1.3% CALL 3/17/11 2,000,000.00 2,000,000.00 1.300% 91,000.00 2,091,000.00 1,277
FA FHLB 2.5% NON-CALL 3,000,000.00 3,016,423.52 2.363% 300,034.82 3,316,458.34 1,542
FA FFCB 4.375% NON-CALL 3,000,000.00 3,234,480.00 2.595% 381,665.83 3,616,145.83 1,714
FA FFCB 1.0% CALL 8/1/12 CONT 5,000,000.00 5,000,000.00 1.000% 150,000.00 5,150,000.00 1,096
FA FHLB 5.5% NON-CALL 3,000,000.00 3,395,255.41 2.323% 328,452.92 3,723,708.33 1,603
FA FFCB .75% CALL 11/25/11 CONT 3,000,000.00 3,000,000.00 0.750% 67,500.00 3,067,500.00 1,096
FA FNMA 1.50% CALL 3/8/11 2,000,000.00 2,000,000.00 1.500% 120,000.00 2,120,000.00 1,461
FA FHLB 5.25% NON-CALL 2,000,000.00 2,231,960.00 2.490% 237,040.00 2,469,000.00 1,633
FA FFCB 3.0% NON-CALL 2,000,000.00 2,047,400.80 2.440% 222,265.87 2,269,666.67 1,643
FA FNMA .80% CALL 10/24/12 3,000,000.00 3,000,937.50 0.789% 70,195.83 3,071,133.33 1,082
FA FFCB .85% CALL 11/25/11 CONT 5,000,000.00 5,000,000.00 0.850% 138,125.00 5,138,125.00 1,188
FA FHLMC 1.25% CALL 6/29/12 2,000,000.00 2,000,000.00 1.250% 87,500.00 2,087,500.00 1,279
FA FFCB 2.1% CALL 1/5/12 CONT 2,000,000.00 2,000,000.00 2.100% 158,200.00 2,158,200.00 1,378
FA FFCB 2.0% CALL 2/2/12 CONT 2,000,000.00 2,000,000.00 2.000% 160,000.00 2,160,000.00 1,461
FA FNMA 2.0% CALL 4/13/12 ONE TIME 2,000,000.00 2,019,620.00 1.730% 129,602.22 2,149,222.22 1,363
FA FHLB 2.0% CALL ONE TIME 2,000,000.00 2,011,380.00 1.850% 146,397.78 2,157,777.78 1,441
INVESTMENT REPORT
AS OF DECEMBER 31, 2011
NVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs)
06/04/2010 FA FNMA 2.00% CALL 10/29/12 STEP 2,000,000.00 2,018,771.34 2,780% 277,339.77 2,296,111.11 1,790
02/28/2011 FA FHLB 2.0% CALL 5/29/12 CONT 2,235,000.00 2,235.000.00 2,000% 190,099.17 2,425,099.17 1,551
06/29/2011 FA FFCB 1.6% CALL CONT 2,000,000.00 2,000.000.00 1,600% 128,000.00 2,128,000.00 1,461
07/27/2011 FA FNMA 1.70% CALL 1/27/12 2,000,000.00 2.000,000.00 1,700% 136,000.00 2,136,000.00 1,461
07/27/2011 FA FFCB 1.550% CALL 7/2712 CONT 3,500,000.00 3,500,000.00 1,550% 217,000.00 3,717,000.00 1,461
07/27/2011 FA FNMA 1.55% CALL 1/27/12 2,000,000.00 2,000,000.00 1,550% 124,000.00 2,124,000.00 1,461
03/30/2011 FA FHLB 2.0% NON-CALL 2,000,000.00 1,999,000.00 2,012% 174,333.33 2,173,333.33 1,583
04/04/2011 FA FHLB 2.0% NON-CALL 2,000,000.00 2,000,000.00 2,000% 176,000.00 2,176,000.00 1,607
09/14/2010 FA FHLB 1.74% CALL 9/14/12 2,000,000.00 2.000.000.00 1,740% 174,000.00 2,174,000.00 1,826
09/21/2010 FA FNMA 2.0% CALL 3/21/11 2,000,000.00 2.000.000.00 2,000% 200,000.00 2,200,000.00 1,826
10/28/2010 FA FNMA 1.50% CALL 4/28/11 2,000,000.00 1,999,000.00 1,510% 151,000.00 2,150,000.00 1,826
08/18/2011 FA FFCB 1.37% CALL 11/18/11 CONT 2,000,000.00 2,000,000.00 1.370% 116,450.00 2,116,450.00 1,553
11/23/2010 FA FFCB 2.0% CALL 5/23/12 CONT 2,000,000.00 2,000,000.00 2.000% 200,000.00 2,200,000.00 1,826
08/10/2011 FA FNMA 2.0% CALL 5/23/12 5,000,000.00 5,039,000.00 1.809% 389,611.11 5,428,611.11 1,566
08/25/2011 FA FFCB 1.37% CALL 11/25/11 CONT 3,000,000.00 3,000,000.00 1.370% 185,625.00 3,185,625.00 1,645
04/08/2011 FA FHLB 2.7% QRTLY CALLS 2,000,000.00 2,000,000.00 2.700% 270.000.00 2,270,000.00 1,837
04/25/2011 FA FNMA 2.65% CALL 4/25/12 ONE TIME 2,000,000.00 1.999.000.00 2.661% 266.000.00 2,265,000.00 1.827
04/27/2011 FA FHLB 2.5% NON-CALL 2,000,000.00 2.000.000.00 2.500% 250.000.00 2,250,000.00 1,827
05/03/2011 FA FAMCA 2.55% CALL 2,000,000.00 2,000,000.00 2.550% 254,858.33 2,254,858.33 1,826
06/29/2011 FA FHLMC 2.10% CALL 2,000,000.00 2,000,000.00 2.100% 210,000.00 2,210,000.00 1,827
06/29/2011 FA FNMA 1.50% CALL STEP 4,000,000.00 4,000,000.00 2.250% 450,000.00 4,450,000.00 1,827
07/27/2011 FA FNMA 2.0% CALL ONE TIME 2,000,000.00 1,999,800.00 2.002% 197,755.56 2,197,555.56 1,805
07/11/2011 FA FNMA 1.75% CALL QRTLY STEP 2,000.000.00 2,000,000.00 2.138% 215.000.00 2,215,000.00 1,827
07/18/2011 FA FNMA 2.10% CALL QRTLY 2,000.000.00 1,991,000.00 2.196% 219.000.00 2,210,000.00 1,827
08/04/2011 FA FNMA 2.375% CALL 1/27/12 QRTLY 4,000,000.00 4,031,120.00 2.209% 442,032.78 4,473,152.78 1,819
08/17/2011 FA FHLMC 1.75% CALL 1/27/12 STEP 3,000,000.00 3,011,250.00 2.115% 315,833.33 3,327,083.33 1,806
08/15/2011 FA FFCB 1.75% CALL 8/15/12 CONT 2,000,000.00 2,000,000.00 1.750% 175,000.00 2,175,000.00 1,827
08/22/2011 FA FFCB 1.5% CALL 8/22/12 CONT 2,000,000.00 2,000,000.00 1.500% 150,000.00 2,150,000.00 1,827
08/24/2011 FA FHLB 1.55% CALL 2/24/12 CONT 4,000,000.00 4.000.000.00 1.550% 310,000.00 4,310,000.00 1,827
08/29/2011 FA FHLB 1.0% CALL 8/24/12 QRTLY STEP 3,000,000.00 3.000.000.00 1.735% 262,083.33 3,262,083.33 1,822
09/09/2011 FA FHLB .625% CALL 3/9/12 QRTLY STEP 5,000,000.00 4.990,000.00 1.988% 503,750.00 5,493,750.00 1,827
09/15/2011 FA FNMA 2.0% CALL 3/15/12 5,000,000,00 5.034,900.00 1.853% 465,100.00 5,500,000.00 1,827
09/16/2011 FA FNMA 1.45% CALL 3/16/12 QRTLY 5,000,000.00 5,000,000.00 1.450% 362,500.00 5,362,500.00 1,735
09/16/2011 FA FHLB 1.510% CALL 12/16/11 CONT 3.000,000,00 2,998,500.00 1.520% 228,000.00 3.226.500.00 1,827
r 09/20/2011 FA FHLMC 1.0% CALL 12/20/11 QRTLY 3.000,000.00 2,998,500,00 1.839% 279,000.00 3,277.500.00 1.827
09/28/2011 FA FHLMC 1.35% CALL 3/28/12 QRTLY STEP 5,000,000.00 5,000,000.00 1.505% 377,500.00 5,377,500.00 1,827
INVESTMENT REPORT
AS OF DECEMBER 31, 2011
MVESTMENT
DATE
09/29/2011
10/03/2011
10/06/2011
10/11/2011
10/12/2011
10/19/2011
10/24/2011
10/26/2011
10/26/2011
10/27/2011
11/16/2011
11/16/2011
11/23/2011
TYPE SECURITY
FA FNMA 1.25% CALL 3/28/12 STEP
FA FFCB 1.48% CALL 4/3/12 CONT
FA FFCB 1.30% NON-CALL
FA FFCB 1.370% CALL 10/11/12 CONT
FA FNMA 1.25% CALL 4/12/12 QRTLY
FA FHLMC .50% CALL 4/19/12 QRTLY STEP
FA FNMA 1.70% CALL 10/24/12 QRTLY
FA FNMA 1.125% CALL 10/26/12 QRTLY STEP
FA FHLMC 1.6% CALL 1/26/12
FA FHLB .50% CALL 4/27/12 QRTLY STEP
FA FNMA 1.80% QRTLY CALLS
FA FNMA 1.35% QRTLY CALLS
FA FNMA 1.25% STEP QRTLY CALLS
PAR INVESTED RETURN INVESTMENT TERM
VALUE AMOUNT RATE INTEREST RETURN (Days)
5.000.000.00 5,000,000.00 1.445% 362,326.39 5,362,326.39 1,826
5.000.000.00 5,000,000.00 1.480% 370,000.00 5,370,000.00 1,827
5.000.000.00 5,000.000.00 1.300% 325,000.00 5,325,000.00 1,827
5.000.000.00 5,000,000.00 1.370% 342,500.00 5,342,500.00 1,827
4.000,000.00 3,990,400.00 1.250% 259,600.00 4,250.000.00 1,827
5,000,000.00 5,000,000.00 1.125% 659,375.00 5,659.375.00 1,827
5,000,000.00 5,000,000.00 1.700% 425,000.00 5,425,000.00 1,827
5,000.000.00 5,000,000.00 1.810% 462,500.00 5,462,500.00 1,827
5,000.000.00 5,000,000.00 1.600% 400,000.00 5,400,000.00 1,827
5.000.000.00 4,996,250.00 1.870% 472,500.00 5,468,750.00 1,827
5.000.000.00 5.000.000.00 1.800% 450,000.00 5,450,000.00 1,827
5,000,000.00 4,962,500.00 1.506% 375,000.00 5,337,500.00 1,827
5,000,000.00 5,000,000.00 1.688% 425,000.00 5,425,000.00 1,827
SUB-TOTAL 322,819,000.00 327.305,438.37 1.840% 26,582,279,73 353,887,718.10
02/18/2009 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
02/25/2009 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
03/02/2009 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
03/02/2009 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
03/09/2010 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
10/04/2011 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
01/18/2011 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
11/24/2010 FN FNMAO% NON-CALL 2,000,000.00 1,922,260.00 1.100% 155,480.00 2.077.740.00 1.319
03/09/2011 FN FNMA .00% NON-CALL 2,657,000.00 2,511,688.67 1.700% 290,622.66 2.802.311.33 1.214
07/25/2011 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 344,195,000.00 347,523,856.56 28,054,841.91 375,578,698.47 1,173
11/10/2008 TR US TREASURY 3.125% 1,000,000.00 1,031,328.00 2,430% 118,792.86 1.150.120.86 1.755
11/12/2008 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
INVESTMENT REPORT
AS OF DECEMBER 31, 2011
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Daysl
03/20/2007 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
10/11/2007 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
11/15/2007 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
05/05/2009 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
04/21/2009 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
04/23/2009 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
04/30/2008 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
08/31/2007 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
05/30/2008 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
02/08/2010 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
07/17/2008 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
08/31/2007 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
10/31/2007 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
11/23/2007 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
01/30/2008 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
03/18/2011 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
12/28/2010 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
04/24/2008 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
05/07/2008 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
05/12/2009 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
05/30/2008 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
05/09/2008 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
02/11/2011 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
12/23/2008 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
05/12/2009 CN 3M 4.375% NON-CALL 2,000.000.00 2,121,417.76 2.850% 251,186.41 2,372,604.17 1,556
07/18/2011 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
10/28/2011 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
12/27/2011 CN MASS MUTUAL GLOB 2.875% NON-CALL 2,500,000.00 2,583,739.37 1.400% 82,771.05 2,666.510.42 846
05/27/2011 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
05/29/2009 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
05/20/2010 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
10/07/2011 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
12/23/2011 CN GENERAL ELECTRIC CAPITAL .696% FLOATING 2,000,000.00 1.914.520.00 2.250% 123,464.31 2,037,984.31 997
>^ 10/05/2011 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
^ 09/16/2011 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
10/04/2011 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
INVESTMENT REPORT
AS OF DECEMBER 31, 2011
INVESTMENT
DATE TYPE SECURITY
02/09/2011 CN MET LIFE GLOBAL FUNDING 2.5% NON-CALL
05/06/2011 CN MET LIFE GLOBAL FUNDING 2.5% NON-CALL
10/06/2011 CN WAL-MART 1.50% NON-CALL
12/15/2010 CN BARCLAYS BANK 3.10% NON-CALL
12/15/2010 CN ROYAL BANK OF CANADA 2.625% NON-CALL
10/31/2011 CN MET LIFE GLOBAL FUNDING 3.125% NON-CALL
12/28/2011 CN MET LIFE GLOBAL FUNDING 3.125% NON-CALL
05/06/2011 CN MASS MUTUAL GLOB 3.125% NON-CALL
05/16/2011 CN GENERAL ELECTRIC 2.95% NON-CALL
06/17/2011 CN GENERAL ELECTRIC 2.95% NON-CALL
09/12/2011 CN GENERAL ELECTRIC 2.95% NON-CALL
10/27/2011 CN PROCTER & GAMBLE 1.45% NON-CALL
10/11/2011 CN BERKSHIRE HATHAWAY 2.20% NON-CALL
09/22/2011 CN TOYOTA 2.0% NON-CALL
11/10/2011 CN NEW YORK LIFE 2.45% NON-CALL
PAR
VALUE
1,000,000.00
1,000,000.00
3,000,000.00
2,000,000.00
2,000,000.00
1,635,000.00
2,000,000.00
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
3,550,000.00
INVESTED
AMOUNT
978,478.42
993,799.11
3,049,826.34
2,000.000.00
2,038,220.00
1,695,247.73
2,063,239.83
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
3,669,194.08
RETURN
RATE
3.000%
2.650%
1.080%
3.100%
2.220%
2.200%
2.300%
3.125%
2.940%
2.840%
2.500%
1.400%
2.100%
1.900%
1.700%
INTEREST
137,493.80
116,131.45
132,548.66
310,000.00
225,009.16
15,611.98
189,017.11
130,164.71
292,940.46
278,819.84
164,875.84
336.463.75
510,033.64
474,410.56
287,655.64
INVESTMENT
RETURN
1,115,972.22
1,109,930.56
3,182.375.00
2,310,000.00
2,263,229.16
1,710,859.71
2,252,256.94
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
3,956,849.72
TERM
(Days)
1,693
1,607
1,480
1,826
1,826
1,533
1.475
1,805
1,820
1,788
1,701
1,754
1,770
1,820
1,708
SUB-TOTAL 108,091,000,00 111,302,633.09 2,648% 12,710,457.74 124.013,090.83 1,552
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 DORAL ANK 1.0% 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
12/02/2011 CD MIDLAND STATES BANK 1.25% 249,000.00 249,000.00 1.250% 12,450.00 261,450.00 1,461
INVESTMENT REPORT
INVESTMENT
DATE
AS OF DECEMBER 31, 2011
PAR INVESTED RETURN INVESTMENT TERM
TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
SUB-TOTAL 4,221,000.00 4,221,000.00 1.079% 132,815.10 4,353,815.10 1,061
O WELLS FARGO BANK 389,217.00 389,217.00 0.050% 0.53 389,217.53
0 CORPORATE CASH MANAGEMENT ACCOUNT 3,256,105.96 3,256,105.96 0.050% 4.46 3,256,110.42
0 LIBRARY ACCOUNT 1,073.12 1,073.12 0.000% -1,073.12
o UNION TRUST --0.000% --
0 LAIF WATER DISTRICT 40,248,000.00 40,248,000.00 0.390% 436.02 40,248,436.02
o LAIF PUBLIC IMPROVEMENT CORPORATION 29,771,000.00 29,771,000.00 0.390% 322.52 29,771,322.52
0 LAIF PUBLIC FINANCING CORPORATION 12,950,000.00 12,950,000.00 0.390% 140.29 12,950,140.29
o LAIF CITY OF CARLSBAD 43,859,000.00 43,859.000.00 0.390% 475.14 43,859,475.14
SUB-TOTAL 130,474,396.08 130,474,396.08 0.380% 1,378.96 130.475,775.04
GRAND TOTAL 588,981,396.08 595,583,994.98 1.659% 41,140,063.70 636,724,058.68
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF DECEMBER 31, 2011
EXHIBIT 8
Total
Cash Balance by Fund:
General
Special Revenue
Debt Service
Capital Projects:
General Capital Construction
Traffic Impact Fees
Public Facilities Fees
Parl< 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
Internal Service
Agency Funds
Misc. Special Funds
Total General Ledger Balance **
Reconciling Adjustments (1)
Total Treasurer's Investment Portfolio at Amortized Cost
Total
55,220,052
18,836,900
47,583,740
3,426,281
7,074,410
8,080,105
76,899,952
69,287,934
6,889,851
1,223,713
80,185,506
51,228,921
7,223,255
2,489,554
353,380
65,788,105
53,236,735
0
294,522,938
141,480,617
31,094,706
5,989,443
0
592,112,544
(1,441)
592,111,103
(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 of the adjustment.
** Figures based on best estimate at the time report run on 1/10/12
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
As of December 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
BERKSHIRE HATHAWAY AA2 AA+
GENERAL ELECTRIC AA2 AA+
JOHNSON & JOHNSON AAA AAA
MASS MUTUAL GLOBAL AA2 AA+
MERCK AAS AA
MET LIFE GLOBAL AA3 AA-
MET LIFE OF CONNECTICUT AAS AA-
MICROSOFT AAA AAA
NEW YORK LIFE AAA AA+
PROCTER & GAMBLE AAS 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 *
Moodv's S&P
Latest
Maturity Date
Carrying
Value
Market
Value
Al A+ 04/30/201S 2,006,376 2,111,860
AAS A+ 12/15/2015 3,575,995 3,483,083
AAS A+ 04/16/2012 1,000,000 1,001,500
A2 AA-07/15/2012 3,000,000 3,019,320
A2 A+ 10/23/2012 1,007,341 1,035,080
ALL STATE LIFE
BARCLAYS BANK
PRINCIPAL LIFE
PROTECTIVE LIFE
WELLS FARGO
* 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 DECEMBER 31, 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 0,34%
BARCLAYS BANK 3,590,861.34 0.60%
BERKSHIRE HATHAWAY 12,284,304.88 2,06%
GENERAL ELECTRIC CAP 29,120,311.22 4.89%
JOHNSON & JOHNSON 1,017,457.28 0,17%
MASS MUTUAL 3,607,914.95 0,61%
MERCK & CO 5,498,750.00 0.92%
MET LIFE GLOBAL FUND 11,869,835.73 1,99%
MET LIFE OF CONNECTICUT 2,121,360.00 0,36%
MICROSOFT 2,072,820.00 0,35%
NEW YORK LIFE 6,825,843.74 1.15%
PRINCIPAL LIFE 1.000.000.00 0.17%
PROTECTIVE LIFE 3,000,000.00 0.50%
PROTER & GAMBLE 5,011,536.25 0,84%
PROVIDENCE HEALTH 2,237,929.50 0,38%
ROYAL BANK OF CANADA 4,086,150.00 0.69%
3M 2,121,417.76 0.36%
TOYOTA 5,023,645.00 0.84%
WAL-MART 7,746,121.25 1.30%
WELLS FARGO 1,042,814.41 0,18%
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
Investment Cost Percent of Portfoli
FAMCA 3,015,908.69 0.51%
FICO 9,265,228.88 1.56%
FEDERAL FARM CREDIT BANK 82,704,526.47 13,89%
FEDERAL HOME LOAN BANK 91,953,132.08 15,44%
FEDERAL HOME LOAN MORTGAGE CORP 42,754,150.45 7,18%
FEDERAL NATIONAL MORTGAGE ASSOC 108,201,015.86 18.17%
TVA 9,629,894.12 1.62%
U.S.TREASURY 2,062,109.25 0,35%
Total Portfolio $595,583,994.98
* No more than 5% may be invested with a single corporate issuer,
**There are no percentage limits on federal agency issuers. J?l
City of Carlsbad
Bond Proceeds investment Report
December 31, 2011
Fund Type Investments
Stated Int.
Rate
Maturity
Date Par Value Cost Source
Assessment District 03-01 (College/Cannon) Fiscal Agent: BNY Mellon
Project Fund LAIF 0.39% N/A $ 925,842 $ 925,842 LAIF
Redemption Fund LAIF 0.39% N/A $ 1,199,270 $ 1.199,270 LAIF
Re-Assessment District 97-01 (Alga Road & College Blvd) Fiscal Agent: us Bank
Imprvmnt Fund - Alga Invesco Prime-Cash Money Market N/A N/A $ 277,998 $ 277,998 Invesco
Assessment District 95-01 (Carlsbad Ranch) Fiscal Agent: BNY Mellon
Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIG) 5.83% N/A $ 1,004,294 $ 1,004,294 HSBC Bank of New York
Assessment District 96-01 (Rancho Carrillo) Fiscal Agent: BNY Mellon
Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIG) 6.03% 09/02/28 $ 1,292,770 $ 1,292,770 HSBC Bank of New York
Assessment District 02-01 (Poinsettia Lane) Fiscal Agent: BNY Mellon
Improvement Fund Invesco Prime-Cash Money Market N/A N/A $ 4,446,191 $ 4,446,191 Invesco
Redemption Fund LAIF 0.39% N/A $ 2,495,997 $ 2,495,997 LAIF
EFJPA Fiscal Agent: BNY Mellon
Reserve Fund AIG Investment Agreement (GIG) 5.36% 08/01/14 $ 953,706 $ 953,706 GIC
Communities Facilities District #3 Improvement Area 1 Fiscal Agent: BNY Mellon
Project Fund Invesco Prime-Cash Money Market N/A N/A $ 1,837,901 $ 1,837,901 Invesco
Reserve Fund BNY Dreyfus Money Market various 09/01/36 $ 777,965 $ 777,965 BNY Mellon
Other BNY Dreyfus Money Market various N/A $ -$ -BNY Mellon
Communities Facilities District #3 Improvement Area 2 Fiscal Agent: BNY Mellon
Project Fund LAIF 0.39% N/A $ 12,922 $ 12,922 LAIF
Reserve Fund BNY Dreyfus Money Market various 09/01/38 $ 1,068,180 $ 1,068,180 BNY Mellon
Other LAIF/BNY Dreyfus Money Market various N/A $ 86,558 $ 86,558 LAIF/BNY Mellon
CPFA Golf Course Bonds Fiscal Agent: BNY Mellon ^
Reserve Fund BNY Mellon (GIG) various N/A $ 1,271,499 $ 1,271,499 BNY Mellon |
Other BNY Dreyfus Money Market various N/A $ -$ BNY Mellon i
1
1
$ 17,651,093 $ 17,651,093
1
1
H:\Long Term Debt\Quarterly Investment Reports\Qtr Inv Rpt.xisx
City of Carlsbad
Summary of Outstanding Housing Loans
As of December 31, 2011
Updated on: 01/09/2012
Loans Issued by City Loans Issued by
Loan amount Developer loan
due to City amount due to
First date # of loans to developers/ Developer to # of loans City loan repaid Developer loan (recorded as City (not on
Borrower Development Purpose Issued issued homeowners homeowners outstanding to City repaid to City AR) City's booiis) Type of Loan
Individual homebuyers City-wide (CHAP) Sale 06/28/99 133 $1,680,000 $ -34 ($1,444,324) $ $235,675,86 $ 235.676
Payment defen-ed 15 years. No interest is due unless
t>ome is sold before 16th year
Individual homebuyers Calavera Hills Sale 10/15/99 5 75,000 150,000 1 (60,000) (120,000) 15,000 30,000 45.000
Payment deferred 30 years. No interest is due unless
home is sold before 31th year
Individual homebuyers Chenv Tree Walk Sale 06/28/99 42 453,600 452,600 14 (313.200) (283,250) 140,400 169,350 309,750
Payment deferred 30 years. No interest is due unless
home is sold Ijefore 31th year
Individual homebuyers Serrano Sale 05/25/01 90 1,350.000 4,050,000 33 (885,133) (2,610,000) 464,867 1,440,000 1,904.867
Payment defen-ed 30 years. No interest is due unless
home is sold before 31th year
Individual homebuyers Rancho Carlsbad Sale 05/20/99 22 752.533 -10 (404,370) -348,163 -348,163 Principal is due when home is sold
Individual homebuyers Solamar Sale 09/26/88 9 147,726 -1 (135,065) -12,661 -12,661 Priffcipal is due when home is sold
Catholic Chanties Homeless shelter Shelter 09/19/97 1 200,000 -1 --200,000 -200.000 Principal is due when property is sold
CB Laurel Tree Apartments Laurel Tree Rentals 12/24/98 2 1,134,000 -2 (634,000) -500.000 -500.000
Principal arxi 3% interest each year for 30 years when
surplus cash is available
CB Housing Partnership Rancho Carrillo Rentals 03/05/01 1 1,157.584 -1 --1,157,584 -1.157,584
Prindpal and 3% interest eac^ year for 55 years when
surplus cash is available
Pacific Vista Las Floras Vista Las Flores Rentals 02/27/01 1 363,948 -1 --363,948 -363,948
Principal and 3% interest each year for 55 years when
surplus cash is available
Poinsettia Housing Assoc Poinsettia Station Rentals 10/21/99 1 920,000 -1 (21,837) -898,163 -898,163
Principal arxJ 3% interest each year for 55 years when
surplus cash is available
Bridge Housing Corp Villa Loma Rentals 11/04/94 2 2,212,000 -0 (2.212.000) ----Principal and 3% interest eac^ year for 15 years when
surplus cash is available
Dove Family Housing La Costa Paloma Rentals 07/15/03 1 2,070,000 -1 (1,220,188) -849,812 -849,812
Principal and 3% interest each year for 55 years wtien
surplus cash is available
CIC Calavera LP Mariposa Apts Rentals 09/15/04 1 1,060.000 -1 --1,060,000 -1.060,000
Principal and 3% interest each year tor 55 years when
surplus cash is available
Individual homebuyers
Mulberry at
Bressi Ranch Sale 04/29/05 100 1,840,000 19,660,200 100 --1,840,000 19,660,200 21.500,200
Payment deferred 30 years. No interest is due unless
home Is sold before 31th year
individual homebuyers Viiiage by the Sea Sale 10/28/05 11 220,000 4,087,200 7 --220,000 4,087,200 4,307.200
Payment defenBd 30 years. No interest ts due unless
home is sold before 311h year
El Camino Family Housing Cassia Heights Rentals 03/07/06 1 1,454,276 -1 --1,454,276 -1,454,276
Principal and 3% interest each year for 55 years when
surplus cash is available
Individual homebuyers Laguna Point Sale 07/06/06 3 210,000 3 -210,000 -210,000
Payment deferred 45 years. No interest is due unless
home is sold before 46th year
Individual homebuyers The Bluffs Sale 06/14/07 8 200,000 8 200,000 -200,000
Payment deferred 30 years. No interest is due unless
home is sold before 31th year
Individual homebuyers Roosevelt Gardens Sale 08/30/07 11 797,539 11 797,539 -797.539
Refer to Agenda Bill 18,569 / Resolution 2006-131 & AB
19,183/R2007-255
CIC La Costa
Down Payment & Closing
Cost Assistance
Hunter's Point
Various
Rentals
Assistance
08/19/08
06/25/09
1
12
1,932,000
154,700
-1
12
1,932,000
154,700
1,932.000
154.700
Refer to AB18.251 / Resolution 2005-264
Refer to Agenda Bill 19,415 / Resolution 2008-121 EXH CIC Glen Ridge, LP Glen Ridge Rentals 10/05/09 1 1,014,000 -1 1,014,000 -1,014,000 Refer to y^enda Bill 397 / Resolution 435 IB Meta Housing Corp, Tavarua Rentals 12/14/11 1 1,588,800 -1,588,800 -1.588,800 Refer to Agenda Bill 418 / Resolution 475 IT, 460 J 22,987,706 $ 28,400,000 245 $ (7,330,117) $ (3,013,250) $ 15,657,589 $ 25,386,750 $ 41.044.339
1—1
During the 2nd quarter of FY2011-12, approximatley $31,000 in CHAP loan payments were received inclusive of two pay-offs; one for $5,300 and another for $10,166; one $11,100 DPCCA loan was issued; received a $10,800 pay-off related to the Cherry Tree development; received a
$15,000 loan pay-off related to the Serrano development; received a $319,618 principal payment related to the Laurel Tree development; and issued a $1,588,800 low-mod loan to Meta Housing Corp. for the Tavarua development.