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HomeMy WebLinkAbout2012-04-10; City Council; 20863; Report on City Investments as of February 29, 2012CITY OF CARLSBAD - AGENDA BILL AB# 20,863 REPORT ON CITY INVESTMENTS DEPT. HEAD"7^^^j^ MTG. 4/10/12 AS OF FEBRUARY 29. 2012 CITY ATTY. <r^' DEPT. TRS 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 February 29, 2012 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 597,722,065 607,083,932 Cost of Investments 604,618,320 613,908,477 Amortized Cost (1) 601,261,275 610,311,669 Market Value (2) 605,808,099 615,655,285 (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 2/29/12. 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 $9 million decrease between the January and February reports is due to the payment of bond debt service totaling $2.3 million, disbursement of $1.13 million CDBG program revenue for the North County Health Services project and the reinvestment ofthe January $4.6 LAIF account closure whose funds were temporarily placed in the Pooled Investment Portfolio. COUNCIL ACTION: FOR CITY CLERKS USE ONLY. APPROVED • CONTINUED TO DATE SPECIFIC • DENIED • CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER- X AMENDED • Council received the Report.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 FEBRUARY 29, 2012 PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF FEBRUARY 29. 2012 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $72 $ 53 Internal Service ''^IteSi. •* i u • * $31 Capital Projects Agency/Other ^"^^^m $ 293 Enterprise $142 Total Treasurer's Investment Portfolio at Amortized Cost February 29,2012 $601 mUlion Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 8,514,157 7,545,660 968,497 The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration December 2011 2.16 1.66% 2.074 January 2012 2.03 1.57% 1.951 February 2012 2.26 1.60% 2.171 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 CITYOF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 29, 2012 BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS AMORTIZED COST Class CD FN CP TR FA CN LAIF CUSTODY SWEEP BANK ACCT TOTALS Current Month 5,710,381 20,982.482 0 2,019,761 309,211,726 142,499,861 117,760,421 16,385 2,218,900 841,359 MARKET VALUE Prior Month Current Month Prior Month 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 5,724,227 21,100,473 0 2,087,660 312,123,422 143,935,251 117,760,421 16,385 2,218,900 841,359 $601,261,275 $610,311,669 $605,808,099 CD - Certificate of Deposit FN - Federal Discount Notes CP - Corporate Paper TR - US Treasury FA - Federal Agency CN - Corporate Notes 5,209,548 21,118,032 0 2,094,180 298,789,683 131,859,910 148,801,364 210 7,239,422 542,936 $615,655,285 Cash Income Year to Date 14,350 0 0 126,875 5,646,116 2,401,266 324,649 14 888 0_ 8,514,157 AVERAGE YIELD Current Month Prior Month 0.99 1.58 0.00 2.44 1.81 2.18 0.39 0.00 0.02 0.02 1.60% LAIF - Local Agency Investment Fund Custody - Investment Cash account SWEEP - General Fund Ovemight Cash acccount Bank Account - General Fund Cash account 0.99 1.58 0.00 2.44 1.79 2.50 0.38 0.00 0.02 0.02 1.57% M X ffi H dd H CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 29, 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 47,418,931 13,931,478 117,760,421 16,385 2,218,900 841,359 $186,749,148 (1) 30.9% 0 1,793,820 0 0 31,019,004 7,266,122 0 0 0 0 $40,078,945 (1) 6.6% $226,828,094 (1) 37.5% 1 TO 5 YEARS 5,710,380 13,862,925 0 2,062,109 233,806,854 122,347,959 0 0 0 0_ $377,790,226 62.5% TOTAL % TOTAL 5,710,380 20,218,418 0 2,062,109 312,244,788 143,545,559 117,760,421 16,385 2,218,900 841,359 $604,618,320 100.0% POLICY: (1) Not iess 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. 0.9% 3.3% 0.0% 0.3% 51.6% 23.7% (2) 19.5% 0.0% 0.4% 0.1% 100.0% td X ffi H ro NJ YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998 - FEBRUARY 2012 -^EX-LAIF ^t^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 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 I M I I I I I I M I I I I I I M M X ffi H ro M u> MARKET YIELD CURVE 6/30/10,6/30/11,2/29/12 Market Rates 3 Mth 2 Yr 5Yr 10 Yr 3 Mth 2 Yr 5 Yr 10 Yr »06/30/2010 .17 .60 1.77 2.93 06/30/2011 .01 .46 1.76 3.16 o 02/29/2012 .08 .29 .86 1.97 X ffi H ro H 1-3 Cumulative Cash Income Cumulative Millions $ 14 12 10 8 6 4 2 1.238 FYll-12 (February 2012) Monthly Interest Income Millions $ 1.078 tiRQ-i l"*^^ 0.835 0.97 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun (=1 Interest Income --^-Budget -i^-Actual 8 5 4 3 2 1 M X ffi H ro City of Carlsbad TRANSACTIONS FOR PERIOD: 01/01/12 TO 02/29/12 SRD QUARTER 2011-2012 Trans Date BUYS JANUARY FEBRUARY MARCH 02/23/2012 Investment Date Type Security Call Date Par Value Coupon Amount fCost^ Return Rate Interest 03/08/2012 fa FNMA 03/18/2013 5,000,000.00 1.375% Investment Return 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 LIFE 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 LCA 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 01/26/2012 02/01/2012 CN GENERAL ELECTRIC N/A 5.000,000.00 1.375% FLOAT 5,000,000.00 1.375% 206,059.03 5.206.059.03 01/24/2012 02/06/2012 FA FNMA 02/06/2013 5.000,000.00 0.75% STEP 5,000,000.00 1.682% 425,000.00 5.425.000.00 02/01/2012 02/08/2012 CN GENERAL ELECTRIC N/A 5,000.000.00 1.55% FLOAT 5,000,000.00 1.390% 227,500.00 5.227.500.00 02/07/2012 02/10/2012 CD CARDINAL BANK MCLEAN VA N/A 249,000.00 0.900% 249,000.00 0.900% 8,970.06 257.970.06 02/07/2012 02/10/2012 CN PROCTER & GAMBLE N/A 2,844,000.00 1.800% 2,965,410.36 0.650% 71.270.64 3,036,681.00 02/06/2012 02/16/2012 CN WESTPAC BANKING CORP N/A 5,000,000.00 2.300% 5,000,000.00 2.300% 574.680.56 5.574.680.56 02/14/2012 02/17/2012 CN SHELL INTERNATIONAL FIN N/A 5,000,000.00 3.100% 5,384,350.00 0.780% 137,052.78 5,521.402.78 02/14/2012 02/21/2012 FA FNMA 02/21/2013 5,000,000.00 1.100% 4,985,000.00 1.162% 290.000.00 5,275,000.00 02/16/2012 02/22/2012 FA FFCB 02/22/2013 5,000,000.00 0.850% 5,000,000.00 0.850% 170,000.00 5,170,000.00 02/16/2012 02/23/2012 FA FHLB N/A 5,000,000.00 0.550% 5,000.000.00 0.550% 88,763.89 5,088,763.89 02/16/2012 02/24/2012 FA FHLMC 02/24/2014 3.000,000.00 0.850% 2.995,500.00 0.890% 106,500.00 3,102,000.00 02/14/2012 02/28/2012 CD MERCHANTILE BKOF MICHIGA N/A 248,000.00 1.150% 247,380.00 1.200% 14,895.62 262,275.62 TOTAL THIRD QUARTER 2011-2012 87,334,000.00 5,000,000.00 1.375% 343,750.00 5.343,750.00 88.110,055.92 1.301% 4,929.672.22 93,039,728.14 MATURITIES JANUARY FEBRUARY 06/29/2009 03/20/2007 10/11/2007 11/15/2007 FA FFCB CN CN CN TOTAL THIRD QUARTER 2011-2012 GENERAL ELECTRIC GENERAL ELECTRIC GENERAL ELECTRIC N/A N/A N/A N/A 4,000,000.00 2.000% 5,956,000.00 3,000,000.00 2,000,000.00 14,956,000.00 5.875% 5.875% 5.875% 4,036,800.00 1.630% 167,200.00 4,204,000.00 6,187,688.40 4.970% 1,483,867.09 7,671,555.49 3,089,347.40 5.100% 676,360.93 3.765.708.33 2,089,414.35 4.700% 409,960.65 2.499.375.00 15,403,250.15 4.084% 2,737,388.67 18,140,638.82 H X ffi H ro H 1-3 City of Carlsbad TRANSACTIONS FOR PERIOD: 01/01/12 TO 02/29/12 3RD QUARTER 2011-2012 Trans Investment Call Par Amount Return investment Date Date Type Security Date Value Coupon (Cost) Rate Interest Return CALLS (Cost) Rate 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 FEBRUARY 02/02/2011 FA FFCB 02/02/2012 2,000,000.00 2.000% 2,000,000.00 2.000% 160,000.00 2,160,000.00 02/14/2011 FA FNMA 02/14/2012 3,000,000.00 0.750% 3,003,480.00 1.607% 119,520.00 3,123,000.00 08/24/2011 FA FHLB 02/24/2012 4,000,000.00 1.550% 4,000,000.00 1.550% 310,000.00 4,310,000.00 TOTAL THIRD QUARTER 2011-2012 49,000,000.00 49.035,150.00 1.623% 3,533,041.67 52,568,191.67 INVESTMENT REPORT AS OF FEBRUARY 29,2012 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 X ffi H ro H 1^ INVESTMENT REPORT AS OF FEBRUARY 29,2012 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 10/20/2009 FA FHLMC 4.0% 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% 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% 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% 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% 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% 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% 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% 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% 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% 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% 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% 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% 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% 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% 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% NON-CALL 1.000,000.00 1.028.536.49 2.250% 91.463.51 1.120.000.00 1,461 09/17/2010 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 03/24/2010 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 10/20/2009 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 08/01/2011 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 03/24/2010 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 09/08/2010 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 03/24/2010 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 03/24/2010 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 11/07/2011 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 06/29/2011 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 01/23/2012 FA FHLB .52% NON-CALL 5.000.000.00 5,000.000.00 0.520% 78.000.00 5.078.000.00 1,096 07/20/2011 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 05/10/2011 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 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 INVESTMENT REPORT AS OF FEBRUARY 29,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 02/23/2012 FA FHLB .55% NON-CALL 5,000.000.00 5.000.000.00 0.550% 88,763.89 5,088,763.89 1,177 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 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 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 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 02/22/2012 FA FFCB .85% CALL 2/22/13 5,000.000.00 5.000,000.00 0.850% 170,000.00 5,170.000.00 1.461 02/24/2012 FA FHLMC .85% ONE CALL 2/24/14 3,000.000.00 2.995,500.00 0.890% 106.500.00 3,102,000.00 1.461 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 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 08/29/2011 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 09/20/2011 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 09/29/2011 FA FNMA 1.25% 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% 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% 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% 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% 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% 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 10/24/2011 FA FNMA 1.70% 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% CALL 10/26/12 QRTLY STEP 5,000.000.00 5,000,000.00 1.810% 462,500.00 5,462.500.00 1,827 INVESTMENT REPORT AS OF FEBRUARY 29, 2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 10/27/2011 FA FHLB .50% 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% 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% 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% 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% 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% QRTLY CALL 1/30/13 5.000,000.00 5.000.000.00 1.300% 325.000.00 5.325.000.00 1,827 02/06/2012 FA FNMA .75% QRTLY CALL 2/6/13 STEP 5.000,000.00 5.000,000.00 1.682% 425.000.00 5.425.000.00 1,827 02/21/2012 FA FNMA 1.10% QRTLY CALL 5,000,000.00 4.985,000.00 1.162% 290.000.00 5,275,000.00 1,827 SUB-TOTAL 307,819.000.00 312,244,788.37 1.809% 24,737,606.12 336,982,394.49 - 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 329,195,000.00 332,463,206.56 26,210,168.30 358,673,374.86 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 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 INVESTMENT REPORT AS OF FEBRUARY 29,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 4000% 177.542.10 1,201.377.78 1.604 05/12/2009 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 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 01/17/2012 CN NEW YORK LIFE 1.30% NON-CALL 5,000.000.00 5.021,951.16 1.150% 172.146.06 5,194,097.22 1.091 02/01/2012 CN GENERAL ELECTRIC 1.375% FLOATER 5,000,000.00 5,000,000.00 1.375% 206,059.03 5,206,059.03 1.094 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 02/17/2012 CN SHELL INTERNATIONAL FIN 3.1% NON-CALL 5,000,000.00 5,384.350.00 0.780% 137.052.78 5,521,402.78 1,227 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 02/09/2011 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 05/06/2011 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 INVESTMENT REPORT AS OF FEBRUARY 29,2012 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 10/06/2011 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 02/10/2012 CN PROCTER & GAMBLE 1.80% NON-CALL 2,844.000.00 2,965,410.36 0.650% 71,270.64 3.036.681.00 1.374 12/15/2010 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 12/15/2010 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 10/31/2011 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 12/28/2011 CN MET LIFE GLOBAL FUNDING 3.125% NON-CALL 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% NON-CALL 5,000.000.00 5,189,924.57 2.120% 428,999.04 5.618,923.61 1,447 02/08/2012 CN GENERAL ELECTRIC 1.55% NON-CALL FLOATER 5,000,000.00 5,000,000.00 1.390% 227,500.00 5,227.500.00 1,461 05/06/2011 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 05/16/2011 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 06/17/2011 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 09/12/2011 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 10/27/2011 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 10/11/2011 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 09/22/2011 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 11/10/2011 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 01/31/2012 CN BERSHIRE HATHAWAY 1.90% NON-CALL 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% FLOATING RATE 5,000,000.00 5,000,000.00 1.748% 425.000.00 5.425.000.00 1,827 02/16/2012 CN WESTPAC BANKING CORP 2.3% NON-CALL 5,000,000.00 5,000,000.00 2.300% 574,680.56 5,574,680.56 1,826 SUB-TOTAL 139,979,000.00 143,545,558.86 2.184% 12,810.237.35 156.355.796.21 1,531 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 INVESTMENT REPORT AS OF FEBRUARY 29,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 01/11/2012 CD SALLIE MAE BANK 1.35% 248.000.00 248.000.00 1.350% 9,869.73 257,869.73 1,076 01/11/2012 CD BARCLAYS BANK DELAWARE 1.25% 248.000.00 248.000.00 1.250% 9,308.49 257,308.49 1,096 01/23/2012 CD LCA BANK CORPORATION .85% 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% 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 01/25/2012 CD NATIONAL REPUBLIC BANK 1.0% 249,000.00 249,000.00 1.000% 9,966.87 258,966.87 1,461 02/10/2012 CD CARDINAL BANK MCLEAN VA .90% 249,000.00 249,000.00 0.900% 8,970.06 257.970.06 1,461 02/28/2012 CD MERCANTILE BANK OF MICHIGAN .15% 248,000.00 247,380.00 1.150% 14,895.62 262,275.62 1,827 SUB-TOTAL 5,711,000.00 5,710,380.00 0.991% 193,200.98 5.903.580.98 1,136 O WELLS FARGO BANK 840,470.00 840,470.00 0.020% 0.46 840,470.46 O CORPORATE CASH MANAGEMENT ACCOUNT 2.218,900.15 2,218,900.15 0.020% 1.22 2.218,901.37 1 0 LIBFiARY ACCOUNT 889.13 889.13 0.000% -889.13 1 O UNION TRUST 16.384.75 16,384.75 0.000% 0.00 16,384.75 1 O LAIF WATER DISTRICT 39.533,000.00 39,533,000.00 0.390% 428.27 39.533,428.27 1 0 LAIF PUBLIC IMPROVEMENT CORPORATION 21,606,421.22 21,606,421.22 0.390% 234.07 21.606,655.29 1 0 LAIF PUBLIC FINANCING CORPORATION 30.880,000.00 30.880,000.00 0.390% 334.53 30.880.334.53 1 O LAIF CITY OF CARLSBAD 25,741.000.00 25,741,000.00 0.390% 278.86 25,741.278.86 1 SUB-TOTAL 120,837,065.25 120,837.065.25 0.381% 1,277.41 120,838,342.66 GRAND TOTAL 597,722,065.25 604,618.319.92 1.599% 39.455.454.03 644.073,773.95 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF FEBRUARY 29, 2012 EXHIBIT 8 Total 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 Internal Service Agency Funds Misc. Special Funds Total General Ledger Balance ** Reconciling Adjustments (1) Total Treasurer's Investment Portfolio at Amortized Cost Total 53,528,783 19,015,204 48,196,414 3,736,511 6,601,128 5,656,833 77,797,081 68,960,650 6,798,048 2,896,841 81,076,758 50,385,035 7,230,678 2,644,602 295,902 72,277,465 53,885,407 0 293,187,493 141,632,975 31,851,476 10,184,549 0 603,019,364 (1,758,088) 601,261,275 (1) The Reconciling Adjustments consist of differences between the General Ledger which is prepared on an accrual basis and the Treasurer's report which is prepared on the cash basis. Accrued Interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the Treasurer's summary. Differences between the time journal entries are posted and the time this report Is produced may also be a component of the adjustment. ** Figures based on best estimate at the time report run on 3/7/12 /7 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of February 29, 2012 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by both Mood/s and S&P) Moodv's S&P BERKSHIRE HATHAWAY AA2 AA+ GENERAL ELECTRIC AA2 AA+ HSBC BANK USA AA3 AA- JOHNSON & JOHNSON AAA AAA MASS MUTUAL GLOBAL AA2 AA+ MERCK AA3 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 AAI AA- 3M AA2 AA- SHELL INTERNATIONAL AAI AA TOYOTA AA2 AA- WAL-MART AA2 AA WESTPAC BANKING CORP 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 Moodv's S&P Maturitv Date Value ALL STATE LIFE BARCLAYS BANK PRINCIPAL LIFE PROTECTIVE LIFE WELLS FARGO Al AAS AAS A2 A2 A+ A+ 04/30/2013 12/15/2015 2,005,577 3,575,062 Market Value 2,107,840 3,486,440 A+ 04/16/2012 1,000,000 1,000,820 AA- 07/15/2012 3,000,000 3,014,760 A+ 10/23/2012 1,005,833 1,029,760 * The City's Investment Policy allows the City Treasurer to determine the course of action that would con-ect 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. CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 29, 2012 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS EXHIBIT 10 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 0.59% BERKSHIRE HATHAWAY 17,332,044.71 2.87% GENERAL ELECTRIC CAP 27,753,861.07 4.59% HSBC BANK USA 5,000,000.00 0.83% JOHNSON & JOHNSON 1,017,457.28 0.17% MASS MUTUAL 3,607,914.95 0.60% MERCK & CO 5,498,750.00 0.91% MET LIFE GLOBAL FUND 17,059,760.30 2.82% MET LIFE OF CONNECTICUT 2,121,360.00 0.35% MICROSOFT 2,072,820.00 0.34% NEW YORK LIFE 11,847,794.90 1.96% PRINCIPAL LIFE 1,000,000.00 0.17% PROTECTIVE LIFE 3,000,000.00 0.50% PROTER & GAMBLE 7,976,946.61 1.32% PROVIDENCE HEALTH 2,237,929.50 0.37% ROYAL BANK OF CANADA 4,086,150.00 0.68% 3M 2,121,417.76 0.35% SHELL INTERNATIONAL FIN 5,384,350.00 0.89% TOYOTA 5,023,645.00 0.83% WAL-MART 7,746,121.25 1.28% WELLS FARGO 1,042,814.41 0.17% WESTPAC BANKING CORP 5,000,000.00 0.83% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio FAMCA 3.015,908.69 0.50% FICO 9,265,228.88 1.53% FEDERAL FARM CREDIT BANK 66,667,726.47 11.03% FEDERAL HOME LOAN BANK 94,954,632.08 15.70% FEDERAL HOME LOAN MORTGAGE CORP 37,738,400.45 6.24% FEDERAL NATIONAL MORTGAGE ASSOC 111,191,415.86 18.39% TVA 9,629,89412 1.59% 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. $604,618,319.92