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HomeMy WebLinkAbout2012-02-28; City Council; 20823; Report on City Investments as of January 31, 20128 CITY OF CARLSBAD - AGENDA BILL AB# 20.823 REPORT ON CITY INVESTMENTS DEPT. HEAD MTG. 2/28/12 AS OF JANUARY 31, 2012 CITY ATTY. DEPT. TRS CITY MGR. [j^ . 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 quarteriy report is also required for the investments of bond proceeds held separately. The City's pooled investment portfolio as of the month ended January 31, 2012 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 607,083,932 588,981,396 Cost of Investments 613,908,477 595,583,995 Amortized Cost (1) 610,311,669 592,111,105 Market Value (2) 615,655,285 596,957,842 (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 1/31/12. 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. The $18 million increase between the December and January reports is due to the receipt of property taxes at $10.5 million, sales tax at $3.8 million and the closure of a LAIF account containing $4.6 million in bond proceeds (these funds were placed in the Pooled Investment Portfolio, temporarily, and were reinvested in eariy February; a corresponding reduction in the Pooled Investment Portfolio will be reflected in the February report). FOR CiTY CLERKS USE ONLY. COUNCIL ACTION: APPROVED • CONTINUED TO DATE SPECIFIC • DENIED • CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER-SEE MINUTES • AMENDED • COUNCIL RECEIVED THE REPORT/PRESENTATON DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carisbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF JANUARY 31. 2012 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $74.1 $ 54.4 Internal Service /"'"'Bte^ „ •« . ^ $31.4 jlii_lim Capital Projects Agency/other ^ ^^^B^p $ 295.1 Enterprise $142 Total Treasurer's Investment Portfolio at Amortized Cost January 31,2012 $610 million Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 7,545,660 6,711,025 834,635 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration November 2011 2.38 1.73% 2.272 December 2011 2.16 1.66% 2.074 January 2012 2.03 1.57% 1.951 All pooled investments have been made in accordance with the City's Investment Policy adopted January 2, 1985 and last revised June 21, 2011. All investments were initially made in accordance with the City's Investment Policy. Events subsequent to the purchase might have resulted in some investments not being in compliance with the current policy. These events are typically a change in the City's Investment Policy, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. See Exhibit 9 for details. The pooled investment portfolio has the ability to meet the City's cash flow demands for the next six (6) months. EXHIBITS FOR POOLED INVESTMENTS: 1. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Market Yield Curve 5. Cumulative Cash Income Graph 6. Third 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 JANUARY 31, 2012 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 4,221,000 5,209,548 5,214,000 20,954,261 0 2,020,779 295,345,082 130,193,615 148,801,364 210 7,239,422 542,936 20,924,094 0 2,021,868 324,454,901 110,014,846 126,828,000 3,256,106 390,290 21,118,032 0 2,094,180 298,789,683 131,859,910 148,801,364 210 7,239,422 542,936 4,209,970 21,084,590 0 2,097,540 327,856,168 111,235,178 126,828,000 0 3,256,106 390,290 Cash Income Year to Date 3,097 0 0 111,250 5,194,189 1,911.627 324,649 10 838 0 AVERAGE YIELD Current Month Prior Month 0.99 1.58 0.00 2.44 1.79 2.50 0.38 0.00 0.02 0.02 1.07 1.58 0.00 2.44 1.84 2.65 0.39 0.00 0.05 0.05 TOTALS $610,311,669 $592,111,105 $615,655,285 $596,957,842 7,545,660 1.57% 1.66% CD - Certificate of Deposit FN - Federal Discount Notes CP - Corporate Paper TR - US Treasury FA - Federal Agency CN - Corporate Notes LAIF - Local Agency Investment Fund Custody - Investment Cash account SWEEP - General Fund Ovemight Cash acccount Bank Account - General Fund Cash account td X ffi H dc) M CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31,2012 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME CLASS _ CD FN CP TR FA CN LAIF CUSTODY SWEEP BANK ACCT TOTALS % TOTALS Total within One Year WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 0 4,561,674 0 0 32,975,615 24,280,471 148,801,364 210 7,239,422 542,936 $218,401,692 (1) 35.6% 0 1,793,820 0 0 43,225,844 8,283,579 0 0 0 0 1 TO 5 YEARS 5,214,000 13,862,925 0 2,062,109 222,066,310 98,998,199 0 0 0 0_ $342,203,542 55.7% TOTAL % TOTAL 5,214,000 20,218,418 0 2,062,109 298,267,768 131,562,249 148,801,364 210 7,239,422 542,936 $613,908,477 100.0% $53,303,242 (1) 8.7% $271,704,935 (1) 44.3% 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. 0.8% 3.3% 0.0% 0.3% 48.6% 21.4% (2) 24.2% 0.0% 1.2% 0.1% 100.0% X ffi H YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998 - JANUARY 2012 -^EX-LAIF 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 I I I I I I I I I I I I I I I I I 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 I I I I I M I I I I I I I I I I I I I M I I I I I I I I I I I I I I I I M I M td X MARKET YIELD CURVE 6/30/10,6/30/11,1/31/12 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 o 01/31/2012 .05 .22 .70 1.80 td X ffi H Cumulative Cash Income Cumulative Millions $ 14 12 10 8 6 4 2 1.238 FYll-12 (January 2012) Monthly Interest Income Millions $ 1.078 0 893 l-^^^ 0-835 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Interest Income --^-Budget -ii^Actual 8 6 5 2 1 td X ffi H dd Ul City of Carlsbad TRANSACTIONS FOR PERIOD: 01/01/12 TO 01/31/12 3RD QUARTER 2011-2012 Trans Investment Call Par Amount Return Investment Date Date Type Securitv Date Value CouDon (Cost) Rate Interest Return BUYS JANUARY 01/06/2012 01/11/2012 CD SALLIE MAE BANK N/A 248,000.00 1.350% 248.000.00 1.350% 9,869.73 257.869.73 01/06/2012 01/11/2012 CD BARCLAYS BANK DELAWARE N/A 248,000.00 1.250% 248.000.00 1.250% 9,308.49 257.308.49 01/11/2012 01/17/2012 CN NEW YORK UFE N/A 5,000,000.00 1.300% 5,021.951.16 1.150% 172,146.06 5.194.097.22 01/18/2012 01/23/2012 CD LOA BANK CORPORATION N/A 248.000.00 0.850% 248.000.00 0.850% 7,375.11 255.375.11 01/19/2012 01/23/2012 FA FHLB N/A 5,000,000.00 0.520% 5,000.000.00 0.520% 78,000.00 5.078.000.00 01/18/2012 01/25/2012 CD NATIONAL REPUBLIC BANK N/A 249,000.00 1.000% 249,000.00 1.000% 9,966.87 258.966.87 01/20/2012 01/25/2012 CN MET LIFE GLOBAL N/A 5,000,000.00 3.125% 5,189.924.57 2.120% 428.999.04 5.618.923.61 01/24/2012 01/25/2012 FA FNMA 12/14/2012 5,000,000.00 1.650% 5,030.800.00 1.519% 372.304.17 5.403,104.17 01/18/2012 01/30/2012 FA FNMA 01/30/2013 5,000,000.00 1.300% 5,000.000.00 1.300% 325,000.00 5.325.000.00 01/25/2012 01/31/2012 CN BERKSHIRER HATHAWAY N/A 5,000,000.00 1.900% 5,047.739.83 1.700% 427,260.17 5.475.000.00 01/26/2012 01/31/2012 CN HSBC BANK USA N/A 5,000,000.00 2.5% FLOAT 5,000.000.00 1.748% 425,000.00 5,425.000.00 TOTAL THIRD QUARTER 2011-2012 35,993.000.00 36.283.415.56 1.432% 2.265.229.64 38.548.645.20 MATURITIES JANUARY 06/29/2009 FA FFCB N/A 4,000,000.00 2.000% 4,036,800.00 1.630% 167,200.00 4,204,000.00 TOTAL THIRD QUARTER 2011-2012 4,000,000.00 4,036,800.00 1.630% 167.200.00 4,204,000.00 CALLS JANUARY 03/29/2011 FA FFCB 01/05/2012 2,000,000.00 2.100% 2,000,000.00 2.100% 158,200.00 2,158,200.00 07/27/2011 FA FNMA 01/05/2012 2,000,000.00 2.000% 1,999,800.00 2.002% 197,755.56 2,197.555.56 07/11/2011 FA FNMA 01/11/2012 2,000,000.00 1.75% STEP 2.000.000.00 2.138% 215.000.00 2,215,000.00 08/18/2011 FA FFCB 01/11/2012 2,000,000.00 1.370% 2.000.000.00 1.370% 116.450.00 2.116.450.00 07/18/2011 FA FNMA 01/18/2012 2,000,000.00 2.100% 1,991.000.00 2.196% 219,000.00 2,210.000.00 08/25/2011 FA FFCB 01/20/2012 3,000,000.00 1.370% 3,000,000.00 1.370% 185,625.00 3,185.625.00 08/25/2011 FA FFCB 01/25/2012 3,000.000.00 0.750% 3.000,000.00 0.750% 67,500.00 3,067.500.00 08/25/2011 FA FFCB 01/25/2012 5,000,000.00 0.850% 5.000.000.00 0.850% 138,125.00 5,138,125.00 10/26/2011 FA FHLMC 01/26/2012 5.000,000.00 1.600% 5.000.000.00 1.600% 400.000.00 5,400.000.00 07/27/2011 FA FNMA 01/27/2012 2,000,000.00 1.700% 2.000.000.00 1.700% 136,000.00 2,136.000.00 07/27/2011 FA FNMA 01/27/2012 2,000.000.00 1.550% 2,000.000.00 1.550% 124,000.00 2,124,000.00 08/04/2011 FA FNMA 01/27/2012 4,000,000.00 2.375% 4,031.120.00 2.209% 442,032.78 4,473,152.78 08/17/2011 FA FHLMC 01/27/2012 3,000,000.00 2.115% 3.011.250.00 2.115% 315,833.33 3,327,083.33 09/16/2011 FA FHLB 01/30/2012 3,000,000.00 1.510% 2,998,500.00 1.520% 228,000.00 3,226,500.00 TOTAL THIRD QUARTER 2011-2012 40,000,000.00 40,031,670.00 1.612% 2,943,521.67 42,975,191.67 td X ffi H dd H INVESTMENT REPORT AS OF JANUARY 31,2012 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 05/21/2007 FA FFCB 4.875% DUE 4/12/12 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% DUE 5/23/12 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% DUE 5/23/12 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% DUE 6/8/12 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% DUE 6/8/12 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% DUE 6/8/12 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% DUE 6/8/12 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% DUE 6/18/12 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% DUE 6/21/12 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% DUE 7/15/12 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% DUE 7/23/12 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% DUE 7/27/12 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% DUE 7/27/12 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% DUE 8/2/12 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% DUE 8/10/12 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% DUE 8/10/12 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% DUE 8/10/12 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% DUE 8/15/12 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% DUE 8/15/12 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% DUE 8/15/12 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 % DUE 8/28/12 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% DUE 9/14/12 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% DUE 9/14/12 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% DUE 9/14/12 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% DUE 9/21/12 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% DUE 9/24/12 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% DUE 9/24/12 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% DUE 9/30/12 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% DUE 10/17/12 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% DUE 10/29/12 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% DUE 11/13/12 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% DUE 12/21/12 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% DUE 01/14/13 CALL 10/14/08 3,000.000.00 3,000,000.00 4.250% 637,500.00 3,637,500.00 1,827 td X ffi H dd H INVESTMENT REPORT AS OF JANUARY 31,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs^ 10/20/2009 FA FFCB 5.15% DUE 2/7/13 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% DUE 2/7/13 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% DUE 3/8/13 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% DUE 5/22/13 NON-CALL 500.000.00 536.967.86 2.100% 39.296.03 576.263.89 1.310 10/20/2009 FA FHLMC 4.0% DUE 6/12/13 NON-CALL 500.000.00 532,794.50 2.120% 40,094.39 572.888.89 1,331 11/10/2008 FA FHLB 5.375% DUE 6/14/13 NON-CALL 1,000,000.00 1,065,788.37 3.800% 181,163.02 1.246.951.39 1.677 08/13/2009 FA FHLB 4.25% DUE 6/14/13 NON-CALL 2,000,000.00 2,130.988.03 2.450% 195.081.41 2.326.069.44 1,401 05/25/2010 FA FFCB 1.375% DUE 6/25/13 NON-CALL 2,000,000.00 1,993,760.00 1.479% 91.031.67 2.084.791.67 1,127 12/28/2009 FA FHLB 1.85% DUE 6/28/13 NON-CALL 2,000.000.00 1.987,226.45 2.040% 142.273.55 2.129,500.00 1,278 08/27/2008 FA FNMA 4.375% DUE 7/17/13 NON-CALL 2,000.000.00 2,035,600.00 3.970% 392.177.78 2,427,777.78 1,785 08/19/2009 FA FFCB 2.7% DUE 8/19/13 NON-CALL 1,000,000.00 1,005.669.88 2.550% 102.330.12 1.108.000.00 1.461 11/12/2008 FA FHLB 4.0% DUE 9/6/13 NON-CALL 1.000,000.00 1,007.890.00 3.818% 184.776.67 1.192,666.67 1.759 12/17/2008 FA FHLB 4.375% DUE 9/13/13 NON-CALL 2.000.000.00 2,154.940.00 2.625% 259,712.78 2,414,652.78 1,731 03/24/2010 FA FHLMC 4.125% DUE 9/27/13 NON-CALL 3,000,000.00 3,222,330.00 1.930% 211.826.25 3.434,156.25 1,283 02/23/2010 FA FFCB 3.875% DUE 10/7/13 NON-CALL 1,000,000.00 1,065,180.00 2.000% 75,181.11 1,140.361.11 1,322 10/19/2011 FA FNMA 1.125% DUE 10/8/13 NON-CALL 5.000,000.00 5,061,150.00 0.500% 49.631.25 5,110,781.25 720 04/15/2010 FA FHLB 2.00% DUE 10/15/13 NON-CALL 2,000.000.00 2,000,000.00 2.000% 140,000.00 2,140,000.00 1,279 10/19/2009 FA FFCB 5.350% DUE 10/21/13 NON-CALL 2,000.000.00 2,235,072.36 2.264% 193,522.08 2,428,594.44 1,463 01/20/2009 FA FHLB 3.125% DUE 12/13/13 NON-CALL 2,000,000.00 2,047,941.08 2.600% 258,135.31 2,306,076.39 1.788 02/12/2010 FA FFCB 3.00% DUE 2/12/14 NON-CALL 1,000,000.00 1,028,536.49 2.250% 91,463.51 1,120.000.00 1.461 08/26/2011 FA FNMA .75% DUE 2/14/14 CALL 2/14/12 QRTLY STEP 3,000,000.00 3,003.480.00 1.670% 119.520.00 3,123,000.00 903 09/17/2010 FA FNMA 1.3% DUE 3/17/14 CALL 3/17/11 2,000,000.00 2,000,000.00 1.300% 91,000.00 2,091,000.00 1,277 03/24/2010 FA FHLB 2.5% DUE 6/13/14 NON-CALL 3,000,000.00 3,016,423.52 2.363% 300,034.82 3,316,458.34 1,542 10/20/2009 FA FFCB 4.375% DUE 6/30/14 NON-CALL 3.000,000.00 3.234,480.00 2.595% 381,665.83 3,616,145.83 1,714 08/01/2011 FA FFCB 1.0% DUE 8/1/14 CALL 8/1/12 CONT 5,000,000.00 5,000,000.00 1.000% 150,000.00 5,150,000.00 1.096 03/24/2010 FA FHLB 5.5% DUE 8/13/14 NON-CALL 3,000.000.00 3,395,255.41 2.323% 328.452.92 3,723.708.33 1,603 09/08/2010 FA FNMA 1.50% DUE 9/8/14 CALL 3/8/11 2,000,000.00 2,000.000.00 1.500% 120,000.00 2,120,000.00 1,461 03/24/2010 FA FHLB 5.25% DUE 9/12/14 NON-CALL 2,000,000.00 2,231,960.00 2.490% 237,040.00 2,469.000.00 1,633 03/24/2010 FA FFCB 3.0% DUE 9/22/14 NON-CALL 2,000,000.00 2,047.400.80 2.440% 222.265.87 2,269.666.67 1,643 11/07/2011 FA FNMA .80% DUE 10/24/14 CALL 10/24/12 3,000,000.00 3,000,937.50 0.789% 70,195.83 3,071,133.33 1.082 06/29/2011 FA FHLMC 1.25% DUE 12/29/14 CALL 6/29/12 2,000,000.00 2,000,000.00 1.250% 87,500.00 2,087,500.00 1,279 01/23/2012 FA FHLB .52% DUE 1/23/15 NON-CALL 5,000,000.00 5.000,000.00 0.520% 78,000.00 5,078,000.00 1,096 02/02/2011 FA FFCB 2.0% DUE 2/2/15 CALL 2/2/12 CONT 2,000,000.00 2,000,000.00 2.000% 160,000.00 2,160,000.00 1,461 07/20/2011 FA FNMA 2.0% DUE 4/13/15 CALL 4/13/12 ONETIME 2,000,000.00 2,019.620.00 1.730% 129.602.22 2,149,222.22 1,363 INVESTMENT REPORT AS OF JANUARY 31,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 05/10/2011 FA FHLB 2.0% DUE 4/20/15 CALL ONE TIME 2,000,000.00 2,011,380.00 1.850% 146,397.78 2,157,777.78 1,441 06/04/2010 FA FNMA 2.00% DUE 4/29/15 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% DUE 5/29/15 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% DUE 6/29/15' 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 FFCB 1.550% DUE 7/27/15 CALL 7/2712 CONT 3.500,000.00 3,500,000.00 1.550% 217,000.00 3,717,000.00 1,461 03/30/2011 FA FHLB 2.0% DUE 7/30/15 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% DUE 8/28/15 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% DUE 9/14/15 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% DUE 9/21/15 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% DUE 10/28/15 CALL 14/28/11 2,000,000.00 1,999,000.00 1.510% 151.000.00 2,150,000.00 1,826 11/23/2010 FA FFCB 2.0% DUE 11/23/15 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% DUE 11 /23/15 CALL 5/23/12 5,000,000.00 5,039,000.00 1.809% 389.611.11 5,428,611.11 1,566 04/08/2011 FA FHLB 2.7% DUE 4/18/16 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% DUE 4/25/16 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% DUE 4/27/16 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% DUE 5/2/16 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% DUE 6/29/16 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% DUE 6/29/16 CALL STEP 4,000,000.00 4,000,000.00 2.250% 450,000.00 4,450,000.00 1,827 08/15/2011 FA FFCB 1.75% DUE 8/15/16 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% DUE 8/22/16 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% DUE 8/24/16 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% DUE 8/24/16 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% DUE 9/9/16 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% DUE 9/15/16 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% DUE 9/16/16 CALL 3/16/12 QRTLY 5.000.000.00 5,000,000.00 1.450% 362.500.00 5,362,500.00 1.735 09/20/2011 FA FHLMC 1.0% DUE 9/20/16 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% DUE 9/28/16 CALL 3/28/12 QRTLY STE 5,000.000.00 5,000,000.00 1.505% 377.500.00 5,377.500.00 1,827 09/29/2011 FA FNMA 1.25% DUE 9/28/16 CALL 3/28/12 STEP 5.000.000.00 5.000,000.00 1.445% 362.326.39 5.362.326.39 1.826 10/03/2011 FA FFCB 1.48% DUE 10/3/16 CALL 4/3/12 CONT 5,000,000.00 5,000,000.00 1.480% 370.000.00 5,370.000.00 1,827 10/06/2011 FA FFCB 1.30% DUE 10/06/16 NON-CALL 5,000,000.00 5.000,000.00 1.300% 325,000.00 5,325,000.00 1,827 10/11/2011 FA FFCB 1.370% DUE 10/11/16 CALL 10/11/12 CONT 5.000.000.00 5,000,000.00 1.370% 342,500.00 5,342.500.00 1,827 10/12/2011 FA FNMA 1.25% DUE 10/12/16 CALL 4/12/12 QRTLY 4.000,000.00 3.990,400.00 1.250% 259,600.00 4,250,000.00 1,827 10/19/2011 FA FHLMC .50% DUE 10/19/16 CALL 4/19/12 QRTLY STE 5.000.000.00 5.000.000.00 1.125% 659,375.00 5,659,375.00 1,827 10/24/2011 FA FNMA 1.70% DUE 10/24/16 CALL 10/24/12 QRTLY 5.000,000.00 5,000,000.00 1.700% 425,000.00 5,425.000.00 1,827 \ 10/26/2011 FA FNMA 1.125% DUE 10/26/16 CALL 10/26/12 QRTLY S" 5,000,000.00 5,000,000.00 1.810% 462,500.00 5,462,500.00 1,827 INVESTMENT REPORT AS OF JANUARY 31,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 10/27/2011 FA FHLB .50% DUE 10/27/16 CALL 4/27/12 QRTLY STEP 5,000,000.00 4,996,250.00 1.870% 472,500.00 5,468.750.00 1,827 11/16/2011 FA FNMA 1.80% DUE 11/16/16 QRTLY CALLS 5,000,000.00 5,000,000.00 1.800% 450,000.00 5,450,000.00 1,827 11/16/2011 FA FNMA 1.35% DUE 11/16/16 QRTLY CALLS 5,000,000.00 4,962,500.00 1.506% 375,000.00 5.337,500.00 1,827 11/23/2011 FA FNMA 1.25% DUE 11/23/16 STEP QRTLY CALLS 5,000,000.00 5,000,000.00 1.688% 425,000.00 5.425.000.00 1,827 01/25/2012 FA FNMA 1.65% DUE 12/14/16 QRTLY CALLS 5,000,000.00 5,030,800.00 1.519% 372,304.17 5,403.104.17 1,785 01/30/2012 FA FNMA 1.30% DUE 1/30/17 QRTLY CALL 1/30/13 5,000.000.00 5,000,000.00 1.300% 325,000.00 5.325.000.00 1,827 SUB-TOTAL 293,819,000.00 298,267,768.37 1.789% 24,246.862.23 322,514,630.60 - 02/18/2009 FN FICO STRIP 0.00% DUE 5/11/12 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% DUE 5/11/12 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% DUE 5/11/12 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% DUE 10/06/12 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% DUE 6/27/13 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% DUE 11/1/1 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% DUE 5/30/14 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 FNMA 0% DUE 7/5/14 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% DUE 7/5/14 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% DUE 10/08/14 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 Totai 315,195,000.00 318,486,186.56 25,719,424.41 344,205,610.97 1,173 11/10/2008 TR US TREASURY 3.125% DUE 9/30/13 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% DUE 9/6/13 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 03/20/2007 CN GENERAL ELECTRIC 5.875% DUE 2/15/12 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% DUE 2/15/12 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% DUE 2/15/12 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 2.70% DUE 3/5/12 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% DUE 4/15/12 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% DUE 4/15/12 NON-CALL 2,000,000.00 2,039,340.00 3.300% 198,882.22 2,238,222.22 1,088 INVESTMENT REPORT AS OF JANUARY 31,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 04/30/2008 CN PRINCIPAL LIFE INC 4.5% DUE 4/16/12 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% DUE 6/15/12 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% DUE 6/15/12 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% DUE 6/15/12 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% DUE 7/15/12 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% DUE 8/15/12 NON-CAL 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% DUE 10/19/12 NON-CAL 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% DUE 10/19/12 NON-CAL 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% DUE 10/23/12 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% DUE 1/3/13 NON 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% DUE 3/15/13 NON 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% DUE 4/10/13 NC 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% DUE 4/10/13 NC 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 4.25% DUE 4/15/13 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% DUE 4/30/13 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% DUE 5/9/13 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% DUE 5/9/13 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% DUE 5/15/13 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% DUE 8/15/13 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% DUE 1/7/14 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% DUE 1/10/14 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% DUE 4/21/14 NON-CALI 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% DUE 5/15/14 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% DUE 5/15/14 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% DUE 6/1/14 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% DUE 6/10/14 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 .696% DUE 9/15/14 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%DUE 10/01/14 CALL <g 2,000,000.00 2.237.929.50 1.000% 63.948.28 2,301,877.78 1.092 01/17/2012 CN NEW YORK LIFE 1.30% DUE 1/12/15 NON-CALL 5,000,000.00 5,021,951.16 1.150% 172,146.06 5,194,097.22 1.091 09/16/2011 CN BERKSHIRE HATHAWAY 3.20% DUE 2/11/15 NON-C 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% DUE 6/30/15 NON-CALL 5,000,000.00 5,498,750.00 1.260% 249,027.78 5,747,777.78 1.365 02/09/2011 CN MET LIFE GLOBAL FUNDING 2.5% DUE 9/29/15 NON 1,000,000.00 978.478.42 3.000% 137,493.80 1,115,972.22 1.693 05/06/2011 CN MET LIFE GLOBAL FUNDING 2.5% DUE 9/29/15 NON 1,000,000.00 993,799.11 2.650% 116,131.45 1,109,930.56 1.607 10/06/2011 CN WAL-MART 1.50% DUE 10/25/15 NON-CALL 3,000,000.00 3.049,826.34 1.080% 132,548.66 3,182,375.00 1,480 INVESTMENT REPORT AS OF JANUARY 31,2012 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 12/15/2010 CN BARCLAYS BANK 3.10% DUE 12/15/15 NON-CALL 2,000.000.00 2,000,000.00 3.100% 310,000.00 2.310.000.00 1,826 12/15/2010 CN ROYAL BANK OF CANADA 2.625% DUE 12/15/15 N( 2,000,000.00 2,038,220.00 2.220% 225,009.16 2,263,229.16 1,826 10/31/2011 CN MET LIFE GLOBAL FUNDING 3.125% DUE 1/11/16 N( 1,635,000.00 1,695,247.73 2.200% 15,611.98 1,710.859.71 1,533 12/28/2011 CN MET LIFE GLOBAL FUNDING 3.125% DUE 1/11/16 N( 2,000,000.00 2,063,239.83 2.300% 189,017.11 2,252,256.94 1,475 01/25/2012 CN MET LIFE GLOBAL FUNDING 3.125% DUE 1/11/16 N( 5.000,000.00 5,189,924.57 2.120% 428,999.04 5,618,923.61 1,447 05/06/2011 CN MASS MUTUAL GLOBAL DUE 4/14/16 3.125% NON-C 1,000,000.00 1,024,175.57 3.125% 130,164.71 1,154,340.28 1,805 05/16/2011 CN GENERAL ELECTRIC 2.95% DUE 5/9/16 NON-CALL 2,000,000.00 2,000,912.32 2.940% 292,940.46 2,293,852.78 1,820 06/17/2011 CN GENERAL ELECTRIC 2.95% DUE 5/9/16 NON-CALL 2,000.000.00 2,009,952.38 2.840% 278,819.84 2,288,772.22 1,788 09/12/2011 CN GENERAL ELECTRIC 2.95% DUE 5/9/16 NON-CALL 1,400,000.00 1.427.513.33 2.500% 164,875.84 1,592,389.17 1,701 10/27/2011 CN PROCTER & GAMBLE 1.45% DUE 8/15/16 NON-CALL 5,000,000.00 5,011,536.25 1.400% 336,463.75 5,348,000.00 1,754 10/11/2011 CN BERKSHIRE HATHAWAY 2.20% DUE 8/15/16 NON-C/ 5,000,000.00 5,022,855.25 2.100% 510.033.64 5,532,888.89 1,770 09/22/2011 CN TOYOTA 2.0% DUE 9/15/16 NON-CALL 5,000,000.00 5,023,645.00 1.900% 474,410.56 5,498,055.56 1,820 11/10/2011 CN NEW YORK LIFE 2.45% DUE 7/14/16 NON-CALL 3,550,000.00 3,669,194.08 1.700% 287,655.64 3,956.849.72 1,708 01/31/2012 CN BERSHIRE HATHAWAY 1.90% DUE 1/31/17 NON-CA 5.000,000.00 5.047,739.83 1.700% 427.260.17 5,475,000.00 1,827 01/31/2012 CN HSBC BANK USE 2.5% DUE 1/31/17 FLOATING RATE 5.000,000.00 5,000,000.00 1.748% 425.000.00 5,425,000.00 1,827 SUB-TOTAL 128,091.000.00 131,562,248.65 2.499% 14.163.863.01 145,726,111.66 1.527 09/16/2011 CD SAFRA NATIONAL BANK .80% DUE 9/16/13 248,000.00 248,000.00 0.800% 3,973.43 251,973.43 731 09/16/2011 CD MERRICK BANK .70% DUE 9/16/13 249.000.00 249,000.00 0.700% 3,490.83 252.490.83 731 09/30/2011 CD COMPASS BANK 1.0% DUE 9/30/13 248,000.00 248,000.00 1.000% 4,966.80 252.966.80 731 10/07/2011 CD DORAL ANK 1.0% DUE 10/7/13 248.000.00 248,000.00 1.000% 4,966.80 252.966.80 731 10/18/2011 CD MEDALLION BANK .75% DUE 10/18/13 249,000.00 249,000.00 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% DUE 8/18/14 248,000.00 248,000.00 1.100% 8,198.94 256,198.94 1,097 08/17/2011 CD DISCOVER BANK 1.15% DUE 8/18/14 248.000.00 248,000.00 1.150% 8,571.62 256,571.62 1.097 08/17/2011 CD ALLY BANK 1.15% DUE 8/18/14 248.000.00 248,000.00 1.150% 8,579.43 256.579.43 1,097 08/17/2011 CD GE MONEY BANK 1.15% DUE 8/19/14 248.000.00 248,000.00 1.150% 8,563.81 256.563.81 1,098 08/19/2011 CD GE CAPITAL FINANCIAL INC 1.15% DUE 8/19/14 248,000.00 248,000.00 1.150% 8,563.81 256.563.81 1,096 08/24/2011 CD GOLDMAN SACHS BANK 1.15% DUE 8/25/14 248.000.00 248,000.00 1.150% 8,571.62 256.571.62 1,097 09/21/2011 CD TRANSPORTATION ALLIANCE BANK INC .75% DUE < 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% DUE 9/23/14 248,000.00 248,000.00 1.300% 9,680.83 257,680.83 1,096 09/23/2011 CD BMW BANK OF NORTH AMERICA 1.35% DUE 9/23/14 248,000.00 248,000.00 1.350% 10,053.17 258,053.17 1,096 01/11/2012 CD SALLIE MAE BANK 1.35% DUE 12/22/14 248,000.00 248,000.00 1.350% 9,869.73 257,869.73 1,076 INVESTMENT REPORT AS OF JANUARY 31,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 01/11/2012 CD BARCLAYS BANK DELAWARE 1.25% DUE 1/11/15 248.000.00 248,000.00 1.250% 9,308.49 257,308.49 1,096 01/23/2012 CD LCA BANK CORPORATION .85% DUE 7/23/15 248.000.00 248,000.00 0.850% 7,375.11 255.375.11 1,277 09/15/2011 CD BANK OF THE WEST 1.4% DUE 9/14/15 249.000.00 249,000.00 1.400% 13,943.96 262.943.96 1,460 12/02/2011 CD MIDLAND STATES BANK 1.25% DUE 12/02/15 249.000.00 249,000.00 1.250% 12,450.00 261,450.00 1,461 01/25/2012 CD NATIONAL REPUBLIC BANK 1.0% DUE 1/25/16 249.000.00 249,000.00 1.000% 9,966.87 258,966.87 1,461 SUB-TOTAL 5,214.000.00 5,214,000.00 0.986% 169,335.30 5,383,335.30 1,090 0 WELLS FARGO BANK 541.948.00 541,948.00 0.200% 2.97 541,950.97 0 CORPORATE CASH MANAGEMENT ACCOUNT 7,239,422.33 7,239,422.33 0.200% 39.67 7,239,462.00 1 0 LIBRARY ACCOUNT 987.69 987.69 0.000% -987.69 1 O UNION TRUST 210.24 210.24 0.000% -210.24 1 O LAIF WATER DISTRICT 41,533,213.78 41,533,213.78 0.380% 438.41 41.533,652.19 1 O LAIF PUBLIC IMPROVEMENT CORPORATION 17,816,421.22 17,816,421.22 0.380% 188.06 17,816,609.28 1 0 LAIF PUBLIC FINANCING CORPORATION 48,978.000.00 48.978,000.00 0.380% 516.99 48,978,516.99 1 0 LAIF CITY OF CARLSBAD 40.473.729.21 40,473,729.21 0.380% 427.22 40,474,156.43 1 SUB-TOTAL 156.583,932.47 156,583,932.47 0.371% 1.613.32 156,585,545.79 GRAND TOTAL 607,083,932.47 613,908,476.93 1.568% 40,294,806.03 654,203,282.96 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF JANUARY 31, 2012 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: Carisbad 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 54,594,236 18,925,472 47,729,571 3,716,595 7,011,126 5,701,731 78,401,354 69,157,869 7,142,715 2,697,854 80,666,348 51,477,350 7,258,243 2,787,537 355,831 74,117,094 54,417,149 0 295,078,522 142,545,309 31,356,936 14,521,659 0 612,036,670 (1,725,001) 610,311,669 (1) The Reconciling Adjustments consist of differences between the General Ledger which is prepared on an accrual basis and the Treasurer's report which js prepared on the cash basis. Accrued Interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the Treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment. ** Figures based on best estimate at the time report run on 2/07+A21/12 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of January 31, 2012 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+ HSBC BANK USA AAS AA- JOHNSON & JOHNSON AAA AAA MASS MUTUAL GLOBAL AA2 AA+ MERCK AAS AA MET LIFE GLOBAL AAS 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 * Latest Carrying Market Moodv's S&P Maturitv Date Value Value ALL STATE LIFE A1 A+ 04/S0/201S 2,005,976 2,112,820 BARCLAYS BANK AAS A+ 12/15/2015 3,575,529 3,496.358 PRINCIPAL LIFE AAS A+ 04/16/2012 1,000,000 1,001,340 PROTECTIVE LIFE A2 AA- 07/15/2012 3,000,000 S,018,570 WELLS FARGO A2 A+ 10/23/2012 1,006,587 1,032,620 * 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 ail 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 JANUARY 31, 2012 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 0.33% BARCLAYS BANK 3,590,861.34 0.58% BERKSHIRE HATHAWAY 17,332,044.71 2.82% GENERAL ELECTRIC CAP 29,120,311.22 4.74% HSBC BANK USA 5,000,000.00 0.81% JOHNSON & JOHNSON 1,017,457.28 0.17% MASS MUTUAL 3,607,914.95 0.59% MERCK & CO 5,498,750.00 0.90% MET LIFE GLOBAL FUND 17,059,760.30 2.78% MET LIFE OF CONNECTICUT 2,121,360.00 0.35% MICROSOFT 2,072,820.00 0.34% NEW YORK LIFE 11,847,794.90 1.93% PRINCIPAL LIFE 1,000,000.00 0.16% PROTECTIVE LIFE 3,000,000.00 0.49% PROTER & GAMBLE 5,011,536.25 0.82% PROVIDENCE HEALTH 2,237,929.50 0.36% ROYAL BANK OF CANADA 4,086,150.00 0.67% 3M 2,121,417.76 0.35% TOYOTA 5,023,645.00 0.82% WAL-MART 7,746,121.25 1.26% WELLS FARGO 1,042,814.41 0.17% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfoli< FAMCA 3,015,908.69 0.49% FICO 9,265,228.88 1.51% FEDERAL FARM CREDIT BANK 63,667,726.47 10.37% FEDERAL HOME LOAN BANK 93,954,632.08 15.30% FEDERAL HOME LOAN MORTGAGE CORP 34,742,900.45 5.66% FEDERAL NATIONAL MORTGAGE ASSOC 104,209,895.86 16.97% TVA 9,629,894.12 1.57% U.S.TREASURY 2,062,109.25 0.34% Total Portfolio * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. $613,908,476.93 /2