HomeMy WebLinkAbout2012-05-08; City Council; 20891; Report on City Investments as of March 31, 20128
CITY OF CARLSBAD - AGENDA BILL
AB# 20.891 REPORT ON CITY INVESTMENTS DEPT. HEAD-
MTG. 5/8/12 AS OF MARCH 31,2012 CITY ATTY.
DEPT. TRS CITY MGR. r/^—
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 March 31, 2012 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value 598,343,545 597,722,065
Cost of Investments 605,416,793 604,618,320
Amortized Cost (1) 601,904,487 601,261,275
Market Value (2) 606,044,656 605,808,099
(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 03/31/12.
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.
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
Internal Service
General Special Revenue
$71 $54
Capital Projects
$292 Agency/Other
Enterprise $142
Total Treasurer's Investment Portfolio at Amortized Cost
March 31,2012 $602 million
FOR CITY CLERKS USE ONLY.
COUNCIL ACTION: APPROVED
DENIED
CONTINUED
WITHDRAWN
AMENDED
•
•
•
•
•
CONTINUED TO DATE SPECIFIC • _
CONTINUED TO DATE UNKNOWN •
RETURNED TO STAFF •
OTHER - SEE MINUTES >C
Council received Report.
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan(a>carisbadca.gov
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MARCH 31. 2012
Pooled Investment Interest Income
Current
Month FYTD
Prior
Month FYTD
Current Month
Income
Cash Income Fiscal
Year-to-Date * 9,347,197 8,514,157 833,040
The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
Average Life
(Years)
Average Yield
To Maturity Modified Duration
January 2012 2.03 1.57% 1.951
February 2012 2.26 1.60% 2.171
March 2012 2.19 1.58% 2.107
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 reducfion in total portfolio assets. See Exhibit 9 for details.
The pooled investment portfolio has the ability to meet the City's cash fiow demands for the next
six (6) months.
Investment Portfolio for Bond Proceeds
Current Quarter Prior Quarter
Par Value 17,705,458 17,651,093
Cost 17,705,458 17,651,093
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 Transacfions
7. Detailed Investment Report
8. Fund Equity in Pooled Investments
9. Corporate Note and Commercial Paper Rafings
10. Percentage Weighfings By Corporate Note Issuer
EXHIBIT FOR INVESTMENTS OF BOND PROCEEDS HELD SEPARATELY:
11. Detailed Investment Report - Quarteriy Report
EXHIBIT FOR SUMMARY OF OUTSTANDING HOUSING LOANS:
12. Detail Of Outstanding Housing Loans - Quarterly Report
3
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MARCH 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
5,710,381 5,733,558 5,710,391
21,012,649
0
2,018,672
303,013,107
146,916,122
118,026,000
111,597
4,583,733
512,215
20,982,482
0
2,019,761
309,211,726
142,499,861
117,760,421
16,385
2,218,900
841,359
21,105,441
0
2,082,030
305,667,244
148,222,838
118,026,000
111,597
4,583,733
512,215
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
Cash Income
Year to Date
21,205
0
0
126,875
6,342,968
2,530,558
324,649
15
927
0
AVERAGE YIELD
Current Month Prior Month
0.99
1.58
0.00
2.44
1.80
2.16
0.39
0.00
0.02
0.02
0.99
1.58
0.00
2.44
1.81
2.18
0.39
0.00
0.02
0.02
TOTALS $601,904,487 $601,261,275 $606,044,656 $605,808,099 9,347,197 1.58% 1.60%
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
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CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MARCH 31, 2012
BREAKDOWN OF MA TURITIES BY CLASSIFICA TION AND LENGTH OF TIME
CLASS _
CD
FN
CP
TR
FA
CN
LAIF
CUSTODY
SWEEP
BANK ACCT
TOTALS
% TOTALS
Total within One Year
WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR
0
4,561,674
0
0
62,930,855
12,340,617
118,026,000
111,597
4,583,733
512,215
$203,066,691 (1)
33.5%
0
1,793,820
0
0
15,507,080
7,266,122
0
0
0
0
$24,567,021 (1)
4.1%
$227,633,712 (1)
37.6%
1 TO 5 YEARS
5,710,380
13,862,925
0
2,062,109
227,715,254
128,432,414
0
0
0
0_
$377,783,082
62.4%
TOTAL % TOTAL
5,710,380
20,218,418
0
2,062,109
306,153,188
148,039,153
118,026,000
111,597
4,583,733
512,215
$605,416,794
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.
0.9%
3.3%
0.0%
0.3%
50.6%
24.5% (2)
19.5%
0.0%
0.8%
0.1%
100.0%
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YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 1998 - MARCH 2012
-^EX-LAIF
^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 M 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 M I I I I I I
6^
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 M I I I I I I I I I I I I I I I I I I I I I tfl X ffi
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MARKET YIELD CURVE
6/30/10,6/30/11,3/31/12
Market Rates
0
3 Mth 2 Yr SYr 10 Yr
3 Mth 2Yr SYr 10 Yr
-•-06/30/2010 .17 .60 1.77 2.93
06/30/2011 .01 .46 1.76 3.16
o 03/31/2012 .07 .33 1.04 2.21
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Cumulative
Millions $
Cumulative Cash Income
FYll-12
(March 2012) Monthly Interest Income
Millions $
14
12
10
8
4
2
1.238
1.078 nao-t l"*^^ 0.835 0.97 0.83
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
izzilnterest Income --^-Budget -^^-Actual
8
7
6
5
4
3
2
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City of Carlsbad
TRANSACTIONS FOR PERIOD:
01/01/12 TO 03/31/12 3RD QUARTER 2011-2012
-0
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 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 BERKSHIRE 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
FEBRUARY
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 BK OF MICHIGA N/A 248.000.00 1.150% 247.380.00 1.200% 14.895.62 262,275.62
MARCH
02/23/2012 03/08/2017 FA FNMA 03/18/2013 5.000,000.00 1.375% 5.000.000.00 1.375% 343.750.00 5,343,750.00
03/13/2012 03/13/2017 FA FNMA 03/13/2014 3.950.000.00 1.150% 3.942,100.00 1.191% 235.025.00 4,177.125.00
03/09/2012 01/11/2016 CN MET LIFE GLOBAL N/A 3,000,000.00 3.125% 3.169,646.15 1.600% 190,249.68 3,359.895.83
03/05/2012 01/31/2017 CN BERKSHIRE HATHAWAY N/A 2,850,000.00 1.900% 2,914,809.00 1.418% 200,676.42 3,115.485.42
03/01/2012 02/08/2016 FA FNMA 02/18/2013 3,000,000.00 0.5% STEP 2,999,700.00 1.317% 156.841.67 3,156,541.67
TOTAL THIRD QUARTER 2011-2012 100,134,000.00 101,136,311.07 1.310% 5,712,464.99 106.848.776.06
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
FEBRUARY 03/20/2007 CN GENERAL ELECTRIC N/A 5.956,000.00 5.875% 6,187,688.40 4.970% 1,483,867.09 7.671.555.49
10/11/2007 CN GENERAL ELECTRIC N/A 3,000,000.00 5.875% 3,089.347.40 5.100% 676.360.93 3.765.708.33
11/15/2007 CN GENERAL ELECTRIC N/A 2,000,000.00 5.875% 2.089.414.35 4.700% 409.960.65 2.499,375.00
MARCH 03/05/2012 CN BARCLAYS N/A 1,575,000.00 2.700% 1.590.861.34 2.330% 104.626.16 1,695,487.50
TOTAL THIRD QUARTER 2011-2012 16,531,000.00 16.994,111.49 3.920% 2.842.014.83 19,836,126.32
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City of Cadsbad
TRANSACTIONS FOR PERIOD:
01/01/12 TO 03/31/12 3RD QUARTER 2011-2012
Trans
Date
CALLS
JANUARY
FEBRUARY
MARCH
Investment Call Par Amount Return Investment
Date Tvpe Securitv Date Value Coupon (Cost) Rate Interest Return
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
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
09/15/2011 FA FNMA 03/15/2012 5,000,000.00 2.000% 5.034,900.00 1.853% 465.100.00 5.500,000.00
09/16/2011 FA FNMA 03/16/2012 5,000,000.00 1.450% 5,000,000.00 1.450% 362.500.00 5.362.500.00
09/20/2011 FA FHLMC 03/20/2012 3.000.000.00 1%STEP 2,998,500.00 1.839% 279.000.00 3,277.500.00
09/28/2011 FA FHLMC 03/28/2012 5.000.000.00 1.35% STEP 5.000.000.00 1.505% 377,500.00 5.377,500.00
67.000,000.00 67.068,550.00 1.628% 5.017,141.67 72,085.691.67
INVESTMENT REPORT
AS OF MARCH 31,2012
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
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INVESTMENT REPORT
AS OF MARCH 31,2012
INVESTMENT 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
K , 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 MARCH 31,2012
INVESTMENT
DATE TYPE SECURITY
02/23/2012 FA FHLB .55% NON-CALL
02/28/2011 FA FHLB 2.0% CALL 5/29/12 CONT
06/29/2011 FA FFCB 1.6% CALL CONT
07/27/2011 FA FFCB 1.550% CALL 7/2712 CONT
03/30/2011 FA FHLB 2.0% NON-CALL
04/04/2011 FA FHLB 2.0% NON-CALL
09/14/2010 FA FHLB 1.74% CALL 9/14/12
09/21/2010 FA FNMA 2.0% CALL 3/21/11
10/28/2010 FA FN MA 1.50% CALL 4/28/11
11 /23/2010 FA FFCB 2.0% CALL 5/23/12 CONT
08/10/2011 FA FNMA 2.0% CALL 5/23/12
03/01/2012 FA FNMA .50% QRTLY CALL STEP
02/22/2012 FA FFCB .85% CALL 2/22/13
02/24/2012 FA FHLMC .85% ONE CALL 2/24/14
04/08/2011 FA FHLB 2.7% QRTLY CALLS
04/25/2011 FA FNMA 2.65% CALL 4/25/12 ONE TIME
04/27/2011 FA FHLB 2.5% NON-CALL
05/03/2011 FA FAMCA 2.55% CALL
06/29/2011 FA FHLMC 2.10% CALL
06/29/2011 FA FNMA 1.50% CALL STEP
08/15/2011 FA FFCB 1.75% CALL 8/15/12 CONT
08/22/2011 FA FFCB 1.5% CALL 8/22/12 CONT
08/29/2011 FA FHLB 1.0% CALL 8/24/12 QRTLY STEP
09/09/2011 FA FHLB .625% CALL 3/9/12 QRTLY STEP
09/29/2011 FA FNMA 1.25% CALL 3/28/12 STEP
10/03/2011 FA FFCB 1.48% CALL 4/3/12 CONT
10/06/2011 FA FFCB 1.30% NON-CALL
10/11/2011 FA FFCB 1.370% CALL 10/11/12 CONT
10/12/2011 FA FNMA 1.25% CALL 4/12/12 QRTLY
10/19/2011 FA FHLMC .50% CALL 4/19/12 QRTLY STEP
10/24/2011 FA FNMA 1.70% CALL 10/24/12 QRTLY
10/26/2011 FA FNMA 1.125% CALL 10/26/12 QRTLY STEP
10/27/2011 FA FHLB .50% CALL 4/27/12 QRTLY STEP
11/16/2011 FA FN MA 1.80% QRTLY CALLS
11 /16/2011 FA FNMA 1.35% QRTLY CALLS
PAR INVESTED RETURN INVESTMENT TERM
VALUE AMOUNT RATE INTEREST RETURN (Davs)
5,000,000.00 5.000.000.00 0.550% 88,763.89 5.088.763.89 1,177
2,235.000.00 2.235.000.00 2.000% 190.099.17 2.425,099.17 1,551
2.000.000.00 2.000.000.00 1.600% 128,000.00 2.128.000.00 1,461
3,500.000.00 3,500.000.00 1.550% 217,000.00 3,717.000.00 1,461
2.000.000.00 1.999.000.00 2.012% 174.333.33 2,173.333.33 1,583
2.000.000.00 2,000,000.00 2.000% 176.000.00 2.176.000.00 1.607
2,000,000.00 2,000.000.00 1.740% 174.000.00 2.174.000.00 1,826
2.000.000.00 2,000.000.00 2.000% 200.000.00 2.200.000.00 1,826
2.000.000.00 1.999,000.00 1.510% 151,000.00 2.150.000.00 1,826
2.000.000.00 2,000.000.00 2.000% 200.000.00 2.200.000.00 1.826
5.000.000.00 5.039.000.00 1.809% 389.611.11 5,428,611.11 1.566
3,000.000.00 2.999.700.00 1.317% 156.841.67 3.156,541.67 1.439
5.000.000.00 5.000.000.00 0.850% 170.000.00 5,170,000.00 1.461
3.000.000.00 2.995.500.00 0.890% 106.500.00 3,102.000.00 1.461
2.000.000.00 2.000.000.00 2.700% 270.000.00 2.270,000.00 1.837
2,000,000.00 1.999,000.00 2.661% 266,000.00 2.265.000.00 1.827
2.000.000.00 2.000.000.00 2.500% 250,000.00 2.250,000.00 1.827
2.000.000.00 2.000.000.00 2.550% 254.858.33 2.254.858.33 1.826
2,000,000.00 2,000,000.00 2.100% 210.000.00 2.210,000.00 1,827
4,000.000.00 4,000.000.00 2.250% 450.000.00 4.450.000.00 1.827
2.000.000.00 2.000,000.00 1.750% 175.000.00 2,175,000.00 1.827
2,000.000.00 2.000.000.00 1.500% 150.000.00 2,150,000.00 1.827
3,000.000.00 3.000.000.00 1.735% 262.083.33 3,262,083.33 1.822
5,000,000.00 4.990.000.00 1.988% 503.750.00 5,493,750.00 1.827
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 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
INVESTMENT REPORT
AS OF MARCH 31,2012
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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
03/08/2012 FA FNMA 1.375% QRTLY CALL 5,000,000.00 5.000.000.00 1.375% 343,750.00 5.343.750.00 1.826
03/13/2012 FA FNMA 1.150% ONE CALL 3/13/14 3,950,000.00 3.942.100.00 1.191% 235,025.00 4.177.125.00 1.826
SUB-TOTAL 301.769.000.00 306,153,188.37 1.799% 23.989.122.79 330.142.311.16 -
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 323,145,000.00 326,371,606.56 25,461,684.97 351,833.291.53 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
04/21/2009 CN BERKSHIRE HATHAWAY 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 BERKSHIRE HATHWAY 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
INVESTMENT REPORT
AS OF MARCH 31, 2012
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs)
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 BERKSHIRE HATHWWY 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 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
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
>s 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
INVESTMENT REPORT
AS OF MARCH 31,2012
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs)
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
03/09/2012 CN MET LIFE GLOBAL FUNDING 3.125% NON-CALL 3.000,000.00 3.169.646.15 1.600% 190.249.68 3,359,895.83 1.403
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 USA 2.5% FLOATING RATE 5,000,000.00 5.000.000.00 1.748% 425.000.00 5.425.000.00 1.827
03/05/2012 CN BERSHIRE HATHAWAY 1.90% NON-CALL 2,850,000.00 2.914,809.00 1.418% 200.676.42 3.115.485.42 1,793
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 144.254.000.00 148,039,152.67 2.155% 13.096,537.29 161.135,689.96 1.535
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 BANK 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 MARCH 31,2012
INVESTMENT
DATE TYPE SECURITY
09/21/2011 CD TRANSPORTATION ALLIANCE BANK INC .75%
09/23/2011 CD STATE BANK OF INDIA 1.30%
09/23/2011 CD BMW BANK OF NORTH AMERICA 1.35%
01/11/2012 CD SALLIE MAE BANK 1.35%
01/11 /2012 CD BARCLAYS BANK DELAWARE 1.25%
01/23/2012 CD LCA BANK CORPORATION .85%
09/15/2011 CD BANK OF THE WEST 1.4%
12/02/2011 CD MIDLAND STATES BANK 1.25%
01/25/2012 CD NATIONAL REPUBLIC BANK 1.0%
02/10/2012 CD CARDINAL BANK MCLEAN VA .90%
02/28/2012 CD MERCANTILE BANK OF MICHIGAN .15%
PAR
VALUE
249.000.00
248.000.00
248,000.00
248.000.00
248.000.00
248.000.00
249.000.00
249.000.00
249.000.00
249,000.00
248,000.00
INVESTED
AMOUNT
249.000.00
248.000.00
248.000.00
248,000.00
248,000.00
248.000.00
249.000.00
249.000.00
249.000.00
249.000.00
247.380.00
RETURN
RATE
0.750%
1.300%
1.350%
1.350%
1.250%
0.850%
1.400%
1.250%
1.000%
0.900%
1.150%
INTEREST
5,612.71
9,680.83
10,053.17
9.869.73
9.308.49
7,375.11
13,943.96
12.450.00
9.966.87
8.970.06
14.895.62
INVESTMENT
RETURN
254.612.71
257.680.83
258.053.17
257.869.73
257.308.49
255.375.11
262.943.96
261.450.00
258.966.87
257.970.06
262.275.62
TERM
(Davs)
1.097
1.096
1.096
1,076
1,096
1.277
1.460
1.461
1.461
1,461
1,827
SUB-TOTAL 5.711.000.00 5.710.380.00 0.991% 193,200.98 5,903,580.98
O WELLS FARGO BANK 511.422.00 511.422.00 0.020% 0.28 511.422.28
O CORPORATE CASH MANAGEMENT ACCOUNT 4.583,733.42 4.583.733.42 0.020% 2.51 4,583.735.93
0 LIBRARY ACCOUNT 792.61 792.61 0.000% -792.61
O UNION TRUST 111.596.96 111.596.96 0.000% 0.00 111.596.96
0 LAIF WATER DISTRICT 35.283.000.00 35.283.000.00 0.390% 382.23 35.283.382.23
0 LAIF PUBLIC IMPROVEMENT CORPORATION 19.856.000.00 19.856.000.00 0.390% 215.11 19.856,215.11
O LAIF PUBLIC FINANCING CORPORATION 23.657.000.00 23.657.000.00 0.390% 256.28 23.657.256.28
O LAIF CITY OF CARLSBAD 39.230.000.00 39.230.000.00 0.390% 424.99 39,230.424.99
SUB-TOTAL 123.233.544.99 123,233,544.99 0.374% 1.281.41 123.234.826.40
GRAND TOTAL 598.343.544.99 605,416,793.47 1.583% 38.993.274.64 644.410.068.11
1.136
EXHIBIT 8
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF MARCH 31,2012
Cash Balance by Fund:
General 70,627,601
Special Revenue 53,692,464
Debt Service 0
Capital Projects:
General Capital Construction 52,769,777
Traffic Impact Fees 19,107,138
Public Facilities Fees 48,220,160
Parl< Development 3,735,927
Transnet Taxes 6,491,495
Drainage Fees 5,628,410
Special Districts 79,510,227
Infrastructure Replacement 69,137,392
Redevelopment 6,650,150
Other Capital Construction 1,182,759
Total 292,433,435
Enterprise:
Carisbad Municipal Water District 80,637,162
Sewer Fund 51,956,557
Solid Waste 7,245,214
Stormwater 2,567,134
Golf Course 298,271
Total 142,704,339
Internal Service 31,806,683
Agency Funds 11,403,420
Misc. Special Funds 0
Total General Ledger Balance 602,667,941
Reconciling Adjustments (1) (763,454)
Total Treasurer's Investment Portfolio at Amortized Cost 601,904,487
(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 4/9/12
IS
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
As OfMareh 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 AA3 AA
MET LIFE GLOBAL AA3 AA-
MET LIFE OF CONNECTICUT AA3 AA-
MICROSOFT AAA AAA
NEW YORK LIFE AAA AA+
PROCTER & GAMBLE AA3 AA-
PROVIDENCE HEALTH AA2 AA
ROYAL BANK OF CANADA AA1 AA-
3M AA2 AA-
SHELL INTERNATIONAL AA1 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 '
Moodv's S&P
ALL STATE LIFE A1 A+
BARCLAYS BANK AA3 A+
Latest
Maturitv Date
04/30/2013
12/15/2015
Carrying
Value
2,005,178
2,000,000
Market
Value
2.100.600
1,939.340
PRINCIPAL LIFE
PROTECTIVE LIFE
WELLS FARGO
AAS
A2
A2
A+ 04/16/2012
AA- 07/15/2012
A+ 10/23/2012
1,000,000 1,001,100
3,000,000 3,010,920
1,005,078 1,026,220
* 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.
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF MARCH 31,2012
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 2,000,000.00 0.33%
BERKSHIRE HATHAWAY 20,246,853.72 3.34%
GENERAL ELECTRIC CAP 27,753,861.07 4.58%
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 20,229,406.45 3.34%
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 0.67%
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 Portfoli
FAMCA 3,015,908.69 0.50%
FICO 9,265,228.88 1.53%
FEDERAL FARM CREDIT BANK 66,667,726.47 11.01%
FEDERAL HOME LOAN BANK 94,954,632.08 15.68%
FEDERAL HOME LOAN MORTGAGE CORP 29,739,900.45 4.91%
FEDERAL NATIONAL MORTGAGE ASSOC 113,098,315.86 18.68%
TVA 9,629,894.12 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.
$605,416,793.47
City of Carlsbad
Bond Proceeds Investment Report
March 31,2012
Fund Type Investments
stated Int.
Rate
Maturity
Date Par Value Cost Source
Assessment District 03-01 (College/Cannon)
Project Fund Invesco Prime-Cash Money Market
Reserve Fund BNY Dreyfus Money Market
Re-Assessment District 97-01 (Alga Road & College Blvd)
Imprvmnt Fund - Alga Invesco Prime-Cash Money Market
Assessment District 95-01 (Carlsbad Ranch)
Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIC)
Assessment District 96-01 (Rancho Carrillo)
Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIC)
Assessment District 02-01 (Poinsettia Lane)
Improvement Fund Invesco Prime-Cash Money Market
Reserve Fund BNY Dreyfus Money Market
EFJPA
Reserve Fund AIG Investment Agreement (GIC)
Communities Facilities District #3 improvement Area 1
Project Fund Invesco Prime-Cash Money Market
Reserve Fund BNY Dreyfus Money Market
Other BNY Dreyfus Money Market
Communities Faciiities District #3 Improvement Area 2
Reserve Fund BNY Dreyfus Money Market
Other BNY Dreyfus Money Market
N/A
various
N/A
5.83%
6.03%
N/A
various
CPFA Golf Course Bonds
Reserve Fund BNY Mellon (GIC)
N/A
various
various
vanous
various
vanous
N/A $
N/A $
N/A $
N/A $
09/02/28 $
N/A $
N/A $
5.36% 08/01/14 $
N/A $
09/01/36 $
N/A $
09/01/38 $
N/A $
N/A $
926,730
1.200,421
278,080
1.033.569
1,292,770
4,447.502
2,498.393
953.706
1.838.443
777.965
1,068,180
86.282
Fiscal Agent:
$ 926.730
$ 1.200.421
Fiscal Agent:
$ 278.080
Fiscal Agent:
$ 1.033.569
Fiscal Agent:
$ 1,292.770
Fiscal Agent:
$ 4,447.502
$ 2,498.393
Fiscal Agent:
$ 953.706
Fiscal Agent:
$ 1,838,443
$ 777.965
$
Fiscal Agent:
$ 1.068.180
$ 86.282
1,303,417 $
Fiscal Agent:
1.303.417
BNY Mellon
Invesco
BNY Mellon
US Bank
Invesco
BNY Mellon
HSBC Bankof NewYork
BNY Mellon
HSBC Bankof NewYork
BNY Mellon
Invesco
BNY Mellon
BNY Mellon
GIC
BNY Mellon
Invesco
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
17,705,458 $ 17,705,458
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City of Carlsbad
Summary of Outstanding IHousing Loans
As of March 31,2012
Updated on: 04/16/2012
First # of Loans issued by City Loans issued by
date loans to developers/ Developer to # of loans
Borrower Development Purpose issued issued homeowners homeowners outstanding
City loan Developer Loan amount due Developer loan amount
repaid to loan repaid to City due to City (not on
City to City (recorded as AR) City's boolts) Type of Loan
individual homebuyers
individuai homebuyers
Individuai homebuyers
individual homebuyers
individual homebuyers
Individual homebuyers
Catholic Charities
City-wide (CHAP) Sale 06/28/99 133
Calavera Hills Sale 10/15/99 5
Cherry Tree Walk Sale 06/28/99 42
Serrano Sale 05/25/01
Rancho Carlsbad Sale 05/20/99
Solamar Sale 09/26/88
Homeless shelter Shelter 09/19/97
CB Laurel Tree Apartments Laurel Tree Rentals 12/24/98
CB Housing Partnership Rancho Canillo Rentals 03/05/01
Pacific Vista Las Flores Vista Las Flores Rentals 02/27/01
Poinsettia Housing/\ssoc Poinsettia Station Rentals 10/21/99
Bridge Housing Corp Villa Loma Rentals 11/04/94
La Costa Paloma Rentals 07/15/03
Mariposa Apts
Dove Family Housing
CIC Calavera LP
Individual homebuyers
Individual homebuyers
Mulberry at
Bressi Ranch
Rentals 09/15/04
Sale 04/29/05
Village by the Sea Sale 10/28/05
El Camino Family Housing Cassia Heights Rentals 03/07/06
Individual homebuyers Laguna Point Sale 07/06/06
The Bluffs Individual homebuyers
Individual homebuyers
CIC La Costa
Dov^n Paymenf & Closing
Cost Assistance
Roosevelt
Gardens
Hunter's Point
Various
Glen Ridge ClC Glen Ridge, LP
Tavarua Senior Apartments,
LP Tavarua
Sale 06/14/07
Sale 08/30/07
Rentals 08/19/08
/tesistance 06/25/09
Rentals 10/05/09
Rentals 12/14/11
90
22
9
1
2
1
1
1
2
1
1
100
11
1
3
8
11
1
12
1
1
$1,680,000 $
75.000
453,600
1,350,000
752,533
147,726
200,000
1,134.000
1,157,584
363,948
920,000
2,212,000
2,070,000
1,060,000
1,840,000
220,000
1,454,276
210,000
200,000
797,539
1,932,000
154,700
1,014,000
2,060,574
150,000
452,600
4,050,000
19,660,200
4,087,200
($1,469,781) $
(60,000) (120,000)
(313,200) (283,250)
(900,133) (2,610,000)
(404,370)
(135,065)
(634,000)
(21,837)
(2.212,000)
(1,220,188)
$210,218.57 $
15,000
140,400
449,867
348,163
12,661
200,000
500,000
1,157,584
363,948
898,163
849.812
1,060,000
1,840,000
220,000
1,454,276
210,000
200.000
797,539
1,932,000
154,700
1,014,000
2,060.574
Payment deferred 15 years. No interest is due
210,219 unless home is sold belbre 16th year
Payment deferred 30 years. No interest is due
30,000 45,000 unless home is sold before 31th year
Payment deferred 30 years. No interest is due
189,350 309,750 unless home is sold before 31th year
Payment deferred 30 years. No interest is due
1,440,000 1,889,867 unless home is sold before 31th year
348,163 Principal is due when home is sold
12,661 Principal is due when home is sold
200,000 Principal is due when property is sold
Principal and 3% interest each year fbr 30 years
500,000 when surplus cash is available
Principal and 3% interest each year fbr 55 years
1,157,584 when surplus cash is available
Principal and 3% interest each year fbr 55 years
363,948 when surplus cash is available
Prirxsipal and 3% interest each year fbr 55 years
898,163 when surplus cash is avaHable
Principal and 3% interest each year far 15 years
when surplus cash is available
Principal and 3% interest each year fbr 55 years
849,812 when surplus cash is available
Principal and 3% interest each year for 55 years
1,060,000 wlien surplus cash is available
Payment deferred 30 years. No interest is due
19,660,200 21,500,200 unless home is sold before 31th year
Payment deferred 30 years. No interest is due
4,087,200 4,307,200 unless home is sold before 31th year
Principal and 3% interest each year for 55 years
1,454,276 wlien surplus cash is avaiiabie
Payment deferred 45 years. No interest is due
210,000 unless fwme is sold befbre 46th year
Payment deferred 30 years. IMo interest is due
200,000 unless home is sold befbre 31th year
Refer to Agenda Bill 18,560 / Resolution 2006-
797,539 131 & AB 19,183 / R2007-255
1,932.000 Refer to /VB18,251 / Resolution 2005-264
Refer to /Agenda Bill 19,415 / Resolution 2008-
154,700 121
1,014,000 Refer to Agenda Bill 397/Resolution 435
2,060,574 Referto Agenda Bill 418/Resolution 475
23,459,480 $ $(7,370,574) $ (3,013,250) $ 16,088,906 $ 25.386,750 $ 41,475,656
During the 3rd quarter of FY2011-12, approximately $25,457 in CHAP loans payments were received; a $319,618 principal payment related tothe Laurel Tree development was received; a $15,000 loan pay-off related tothe Serrano development was received; and issued $2,060,574 in low-mod
loans related to the Tavarua development.
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