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HomeMy WebLinkAbout2012-05-22; City Council; 20906; Report on City Investments April 30, 20128 CITY OF CARLSBAD - AGENDA BILL AB# 20.906 REPORT ON CITY INVESTMENTS DEPT. HEAD MTG. 5/22/12 AS OF APRIL 30. 2012 CITY ATTY. 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 quarteriy report is also required for the investments of bond proceeds held separately. The City's pooled investment portfolio as of the month ended April 30, 2012 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 607,469,853 598,343,545 Cost of Investments 615,673,079 605,416,793 Amortized Cost (1) 612,026,774 601,904,487 Market Value (2) 616,521,498 606,044,656 (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 4/30/12. 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 $10 million increase between the March and April reports is due mainly to the receipt of property tax totaling $11.4 million during April. COUNCIL ACTION: FOR C/7Y CLERKS USE ONLY. APPROVED O CONTINUED TO DATE SPECIFIC • _ DENIED • CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER - SEE MINUTES K» AMENDED • Council received the report. DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF APRIL 30. 2012 FUND EQUITY IN POOLED INVESTMENTS (DoUar Amounts in Millions) General Special Revenue $79 $ 52 Internal Service /"Hfek •* i w • * $32 ibik. Capital Projects Agency/Other ^^''^M $ 293 Enterprise $144 Total Treasurer's Investment Portfolio at Amortized Cost April 30,2012 $612 million Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 10,664,375 9,347,197 1,317,178 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration February 2012 2.26 1.60% 2.171 March 2012 2.19 1.58% 2.107 April 2012 2.12 1.50% 2.033 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. 2. 3. 4. 5. 6. 7. 8. 9. 10. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield Investment Portfolio Breakdown Of Maturities Yield Comparison Graph Market Yield Curve Cumulative Cash Income Graph Fourth Quarter Transactions Detailed Investment Report Fund Equity in Pooled Investments Corporate Note and Commercial Paper Ratings Percentage Weightings By Corporate Note Issuer CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 2012 BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS AMORTIZED COST MARKET VALUE AVERAGE YIELD Cash Income Class Current Month Prior Month Current Month Prior Month Year to Date Current Month Prior Month CD 6,705.401 5.710.391 6.737.587 5,733,558 23,930 0.98 0.99 FN 21,041,844 21,012.649 21,143.185 21,105.441 0 1.58 1.58 CP 0 0 0 0 0 0.00 0.00 TR 2,017,619 2,018.672 2.078,980 2.082.030 142,500 2.44 2.44 FA 291,279.235 303,013,107 294.179.835 305,667,244 6,986,824 1.76 1.80 CN 155.017.822 146,916,122 156.417.059 148,222.838 3,064,401 2.02 2.16 LAIF 132.806.075 118.026.000 132.806.075 118.026.000 445,724 0.37 0.39 CUSTODY 12.805 111.597 12.805 111.597 16 0.00 0.00 SWEEP 2.711,597 4.583,733 2,711,597 4.583.733 981 0.02 0.02 BANK ACCT 434,376 512,215 434.376 512,215 0 0.02 0.02 TOTALS $612,026,774 $601,904,487 $616,521,498 $606,044,656 10.664,375 1.50% 1.58% 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 bd X! ffl H tD H CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 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 0 6,355,494 0 0 65,990,150 13,423,475 132,806,075 12,805 2,711,597 434,376 $221,733,971 (1) 36.0% 7 MONTHS TO 1 YEAR 0 0 0 0 13,423,845 4,169,290 0 0 0 0_ $17,593,135 (1) 2.9% $239,327,106 (1) 38.9% 1 TO 5 YEARS 6,705,380 13,862,925 0 2,062,109 215,121,264 138,594,296 0 0 0 0_ $376,345,973 61.1% TOTAL 6,705,380 20,218,418 0 2,062,109 294,535,258 156,187,061 132,806,075 12,805 2,711,597 434,376 $615,673,079 100.0% 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. % TOTAL 1.1% 3.3% 0.0% 0.3% 47.8% 25.4% (2) 21.6% 0.0% 0.4% 0.1% 100.0% X tu H w H ^^ ro 0.75 0.50 0.25 YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998-APRIL 2012 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 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 M M I M M IIIIIII IMI H X ffl H td u> MARKET YIELD CURVE 6/30/10,6/30/11,4/30/12 Market Rates 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 « 04/30/2012 .09 .26 0.81 1.91 X ffl H w H Cumulative Cash Income Cumulative Millions $ FYll-12 (April 2012) Monthly Interest Income Millions $ 14 12 10 8 4 2 1.238 , 11.078 -^1.143 ^i.^^ju89a 1-145 0.835 0.97 Ojsjr^ Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Interest Income --^-Budget -»-Actual 8 7 6 5 4 3 2 1 X ffl H tt) H cn City of Carlsbad TRANSACTIONS FOR PERIOD: 04/01/12 TO 04/30/12 04/30/12 4TH QUARTER 2011-2012 Trans Date BUYS APRIL 03/30/2012 04/02/2012 04/10/2012 04/10/2012 04/11/2012 04/11/2012 04/12/2012 04/18/2012 04/17/2012 04/25/2012 04/25/2012 04/26/2012 04/25/2012 MATURITIES APRIL CALLS APRIL Investment Maturity Call Par Amount Return Investment Date Date Tvpe Securitv Date Value Coupon (Cost) Rate interest Return 04/04/2012 04/04/2014 CN MET LIFE INSTITUTIONAL N/A 2,000,000.00 1.48% FLOAT 2,014,740.00 0.950% 44.500.00 2,059,240.00 04/05/2012 10/01/2014 CN BERKSHIRE HATAWAY N/A 2,000,000.00 5.500% 2,236,460.00 0.700% 37.317.78 2,273,777.78 04/13/2012 12/15/2015 CN PROCTER & GAMBLE N/A 1,000.000.00 4.850% 1,147,830.00 0.760% 30,272.78 1,178,102.78 04/11/2012 01/30/2017 CN FNMA 01/30/2013 4,000,000.00 0.75% STEP 3,998,000.00 1.528% 296.083.33 4,294,083.33 04/16/2012 05/20/2014 CD CAPAHA BANK N/A 249,000.00 1.100% 249,000.00 1.100% 5,503.55 254,503.55 04/16/2012 06/17/2014 CD BANK OF GEORGETOWN N/A 249,000.00 1.000% 249,000.00 1.000% 5,402.96 254,402.96 04/17/2012 09/01/2015 CN PROCTER & GAMBLE N/A 3,000,000.00 3.150% 3,242,427.56 0.720% 76,247.44 3.318.675.00 04/23/2012 04/05/2017 CN WAL-MART STORES N/A 3,000,000.00 5.375% 3.568,354.19 1.400% 229.833.31 3,798,187.50 04/20/2012 11/28/2014 CD PLUS INTERNATIONAL N/A 249,000.00 0.850% 249,000.00 0.850% 6.520.35 255,520.35 04/26/2012 03/08/2017 FA FNMA 03/08/2013 4,000,000.00 1.200% 4,000,000.00 1.200% 233.600.00 4.233.600.00 04/26/2012 04/25/2017 FA FFCB 04/25/2013 3,000,000.00 1.200% 2,998,200.00 1.212% 181.700.00 3.179,900.00 04/27/2012 04/18/2016 FA FFCB 07/18/2012 2,400,000.00 0.950% 2,400,000.00 0.950% 90,630.00 2,490,630.00 04/30/2012 11/18/2014 CD STERLING SAVINGS BANK N/A 248,000.00 0.750% 248,000.00 0.750% 4,749.36 252,749.36 QUARTER 2011-2012 25,395,000.00 26,601,011.75 0.884% 1,242,360.86 27,843.372.61 05/21/2007 04/12/2012 FA FFCB 2,000,000.00 4.875% 1,987.880.00 5.015% 489,057.50 2,476,937.50 04/21/2009 04/15/2012 CN BERKSHIRE HATAWAY N/A 1,000,000.00 4.000% 1,022,563.95 3.200% 96,769.38 1,119,333.33 04/23/2009 04/15/2012 CN BERKSHIRE HATAWAY N/A 2,000,000.00 4.000% 2,039,340.00 3.300% 198.882.22 2,238.222.22 04/30/2008 04/16/2012 CN PRINCIPAL LIFE INC N/A 1,000,000.00 4.500% 1,000,000.00 4.500% 178,375.00 1.178.375.00 QUARTER 2011-2012 6,000.000.00 6.049,783.95 4.045% 963,084.10 7,012,868.05 07/20/2011 04/13/2015 FA FNMA 04/13/2012 2,000,000.00 2.000% 2,019,620.00 1.730% 129,602.22 2.149,222.22 04/18/2011 04/18/2016 FA FHLB 04/18/2012 2.000,000.00 2.700% 2.000.000.00 2.700% 270,000.00 2,270,000.00 10/19/2011 10/19/2016 FA FHLMC 04/19/2012 5.000.000.00 0.500% 5,000,000.00 2.585% 659,375.00 5,659,375.00 05/10/2011 04/20/2015 FA FHLB 04/20/2012 2,000,000.00 2.000% 2,011,380.00 1.850% 146,397.78 2,157,777.78 10/03/2011 10/03/2016 FA FFCB 04/24/2012 5,000.000.00 1.480% 5,000,000.00 1.480% 370,000.00 5,370,000.00 04/25/2011 04/25/2016 FA FNMA 04/25/2012 2,000,000.00 2.650% 1,999,000.00 2.661% 266,000.00 2,265,000.00 10/27/2011 10/27/2016 FA FHLB 04/27/2012 5,000,000.00 0.5% STEP 4,996,250.00 1.870% 472,500.00 5,468,750.00 QUARTER 2011-2012 23,000,000.00 23,026,250.00 1.662% 2,313,875.00 25,340,125.00 X ffl H tti INVESTMENT REPORT AS OF APRIL 30, 2012 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 07/25/2007 FA TVA 6.790% NON-CALL 2,000,000.00 2,130,980.00 5.235% 524.632.22 2,655,612.22 1.764 10/19/2009 FA TVA 6.790% NON-CALL 3,000,000.00 3,399,498.48 1.534% 128.989.85 3,528,488.33 947 07/25/2007 FA FHLB 5.375% NON-CALL 1,000,000.00 1,005,040.00 5.255% 256.692.64 1.261.732.64 1,780 07/25/2007 FA FHLB 5.375% NON-CALL 1,000,000.00 1,005,254.43 5.250% 256,478.21 1,261.732.64 1,780 07/15/2008 FA FHLB 4.375% NON-CALL 3,000,000.00 3,050,958.11 3.900% 460,552.31 3,511.510.42 1,424 05/20/2010 FA FHLB 1.375% NON-CALL 5,000,000.00 5,036,422.30 1.015% 104,515.20 5,140,937.50 750 10/20/2009 FA FFCB 2.125% NON-CALL 3,000,000.00 3,049,023.21 1.496% 120.622.62 3.169.645.83 972 11/25/2009 FA FFCB 5.45% NON-CALL 2,000,000.00 2,210,347.28 1.280% 70,024.94 2,280.372.22 939 01/20/2010 FA FHLMC 5.125% NON-CALL 1,000.000.00 1,092.760.00 1.320% 34,653.19 1,127,413.19 907 08/05/2008 FA FFCB 3.950% NON-CALL 2.000.000.00 2,002,900.00 3.910% 310,466.67 2,313,366.67 1,448 03/24/2010 FA FHLB 1.25% NON-CALL 2,000,000.00 2,000,352.89 1.243% 58,188.78 2.058.541.67 856 06/04/2010 FA FHLMC 1.125% NON-CALL 5,000,000.00 5,004,198.09 1.085% 116,583.16 5,120,781.25 784 12/24/2009 FA FNMA 5.00% NON-CALL 1,037,000.00 1,127,519.73 1.567% 44,578.33 1,172,098.06 952 01/25/2010 FA FAMCA 2.1% NON-CALL 1,000,000.00 1,015.908.69 1.460% 37,466.31 1,053,375.00 928 01/20/2010 FA FNMA 1.75% NON-CALL 1,000,000.00 1.009,004.81 1.390% 35,717.41 1,044,722.22 933 03/16/2010 FA FNMA 1.75% NON-CALL 3,000,000.00 3.034,050.00 1.268% 91,950.00 3,126,000.00 878 01/29/2009 FA FHLB 4.625% NON-CALL 2,000,000.00 2,150,960.00 2.391% 176,901.11 2,327,861.11 1,294 12/24/2009 FA FHLB 4.625% NON-CALL 1,000,000.00 1,078,810.00 1.567% 43,367.08 1,122,177.08 965 06/04/2010 FA FHLB 2.4% NON-CALL 1,000,000.00 1,027.049.96 1.150% 25.683.37 1.052,733.33 803 06/04/2010 FA FHLB 1.1 % NON-CALL 4,000,000.00 4,000,013.10 1.100% 98,253.57 4,098,266.67 816 05/05/2008 FA FHLB 5.00% NON-CALL 1,175,000.00 1,238,814.19 3.640% 192,237.89 1,431,052.08 1,593 08/22/2008 FA FHLB 4.5% NON-CALL 1.000,000.00 1,022,730.00 3.889% 160.020.00 1,182,750.00 1,484 06/04/2010 FA FHLB 2.00% NON-CALL 5,000.000.00 5,091.850.00 1.180% 135,927.78 5,227,777.78 833 03/08/2010 FA FHLMC 2.125% NON-CALL 3.000,000.00 3,058,800.00 1.336% 102,877.08 3,161.677.08 928 10/01/2009 FA FFCB 1.80% NON-CALL 1,000,000.00 1,003,470.00 1.680% 50,180.00 1.053,650.00 1,089 11/25/2009 FA FFCB 1.80% NON-CALL 3,000,000.00 3,032,750.01 1.405% 120,099.99 3,152,850.00 1,034 05/11/2009 FA FHLMC 3.875% NON-CALL 1,000,000.00 1,063,510.00 1.928% 67,701.81 1,131,211.81 1,238 12/10/2007 FA FFCB 4.5% NON-CALL 2.000,000.00 2,034,780.00 4.100% 401,970.00 2.436,750.00 1,773 06/04/2010 FA FHLB 1.375% NON-CALL 3,000,000.00 3,012,394.24 1.200% 86,720.34 3,099,114.58 878 06/03/2008 FA FNMA 6.41% NON-CALL 1,807,000.00 1,990,388.82 3.890% 331,405.40 2,321,794.22 1,624 07/01/2010 FA FHLMC 4.125% NON-CALL 3,000,000.00 3,233,040.00 0.939% 72,897.50 3.305,937.50 904 01/14/2008 FA FHLB 4.25% CALL 10/14/08 3,000,000.00 3.000.000.00 4.250% 637,500.00 3,637,500.00 1,827 10/20/2009 FA FFCB 5.15% NON-CALL 1,000,000.00 1,102,490.00 1.926% 67,316.94 1,169.806.94 1,206 td X ffl H w H H3 INVESTMENT REPORT AS OF APRIL 30,2012 INVESTMENT DATE TYPE SECURITY 10/07/2010 FA FFCB 3.4% NON-CALL 03/10/2008 FA FHLB 3.50% NON-CALL 10/20/2009 FA FHLMC 4.25% NON-CALL 10/20/2009 FA FHLMC 4.0% NON-CALL 11/10/2008 FA FHLB 5.375% NON-CALL 08/13/2009 FA FHLB 4.25% NON-CALL 05/25/2010 FA FFCB 1.375% NON-CALL 12/28/2009 FA FHLB 1.85% NON-CALL 08/27/2008 FA FNMA 4.375% NON-CALL 08/19/2009 FA FFCB 2.7% NON-CALL 11/12/2008 FA FHLB 4.0% NON-CALL 12/17/2008 FA FHLB 4.375% NON-CALL 03/24/2010 FA FHLMC 4.125% NON-CALL 02/23/2010 FA FFCB 3.875% NON-CALL 10/19/2011 FA FNMA 1.125% NON-CALL 04/15/2010 FA FHLB 2.00% NON-CALL 10/19/2009 FA FFCB 5.350% NON-CALL 01/20/2009 FA FHLB 3.125% NON-CALL 02/12/2010 FA FFCB 3.00% NON-CALL 09/17/2010 FA FNMA 1.3% CALL 3/17/11 03/24/2010 FA FHLB 2.5% NON-CALL 10/20/2009 FA FFCB 4.375% NON-CALL 08/01/2011 FA FFCB 1.0% CALL 8/1/12 CONT 03/24/2010 FA FHLB 5.5% NON-CALL 09/08/2010 FA FNMA 1.50% CALL 3/8/11 03/24/2010 FA FHLB 5.25% NON-CALL 03/24/2010 FA FFCB 3.0% NON-CALL 11 /07/2011 FA FNMA .80% CALL 10/24/12 06/29/2011 FA FHLMC 1.25% CALL 6/29/12 01/23/2012 FA FHLB .52% NON-CALL 06/04/2010 FA FNMA 2.00% CALL 10/29/12 STEP 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 PAR VALUE 1,065,000.00 3,000.000.00 500,000.00 500,000.00 1,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1.000.000.00 1,000,000.00 2,000,000.00 3,000.000.00 1,000,000.00 5.000.000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,000,000.00 3,000,000.00 3,000,000.00 5,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 2,000,000.00 5,000,000.00 2,000,000.00 5,000,000.00 2,235,000.00 2,000,000.00 3,500.000.00 INVESTED AMOUNT 1,133.986.44 2.963.940.00 536.967.86 532.794.50 1.065.788.37 2,130,988.03 1,993.760.00 1,987,226.45 2,035,600.00 1,005,669.88 1.007,890.00 2,154,940.00 3,222,330.00 1,065,180.00 5,061,150.00 2,000,000.00 2,235,072.36 2,047,941.08 1,028.536.49 2.000,000.00 3,016,423.52 3,234,480.00 5,000,000.00 3,395,255.41 2,000,000.00 2,231,960.00 2,047,400.80 3,000,937.50 2,000,000.00 5,000,000.00 2,018,771.34 5,000,000.00 2,235,000.00 2,000,000.00 3,500,000.00 RETURN RATE 0.600% 3.765% 2.100% 2.120% 3.800% 2.450% 1.479% 2.040% 3.970% 2.550% 3.818% 2.625% 1.930% 2.000% 0.500% 2.000% 2.264% 2.600% 2.250% 1.300% 2.363% 2.595% 1.000% 2.323% 1.500% 2.490% 2.440% 0.789% 1.250% 0.520% 2.780% 0.550% 2.000% 1.600% 1.550% INTEREST 15,503.56 560,476.67 39,296.03 40.094.39 181,163.02 195,081.41 91.031.67 142,273.55 392.177.78 102.330.12 184,776.67 259,712.78 211,826.25 75,181.11 49,631.25 140,000.00 193.522.08 258,135.31 91.463.51 91.000.00 300,034.82 381,665.83 150,000.00 328.452.92 120,000.00 237,040.00 222,265.87 70,195.83 87,500.00 78,000.00 277,339.77 88,763.89 190,099.17 128,000.00 217,000.00 INVESTMENT RETURN 1,149,490.00 3,524,416.67 576,263.89 572,888.89 1,246,951.39 2,326.069.44 2.084.791.67 2.129,500.00 2,427.777.78 1,108,000.00 1,192,666.67 2,414,652.78 3,434,156.25 1,140,361.11 5,110,781.25 2.140.000.00 2,428,594.44 2,306,076.39 1,120.000.00 2,091,000.00 3,316,458.34 3,616,145.83 5,150,000.00 3,723,708.33 2,120,000.00 2,469.000.00 2,269,666.67 3,071,133.33 2,087,500.00 5.078,000.00 2,296,111.11 5,088.763.89 2.425.099.17 2,128,000.00 3,717,000.00 TERM (Davs) 854 1,824 1,310 1,331 1,677 1,401 1,127 1,278 1,785 1,461 1,759 1,731 1,283 1,322 720 1,279 1,463 1,788 1,461 1,277 1,542 1,714 1,096 1,603 1,461 1,633 1,643 1,082 1,279 1,096 1,790 1,177 1,551 1,461 1,461 INVESTMENT REPORT AS OF APRIL 30,2012 INVESTMENT DATE TYPE SECURITY 03/30/2011 FA FHLB 2.0% NON-CALL 04/04/2011 FA FHLB 2.0% NON-CALL 09/14/2010 FA FHLB 1.74% CALL 9/14/12 09/21/2010 FA FNMA 2.0% CALL 3/21/11 10/28/2010 FA FNMA 1.50% CALL 4/28/11 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 04/27/2012 FA FFCB .95% CALL 7/18/12 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 10/06/2011 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 10/24/2011 FA FN MA 1.70% CALL 10/24/12 QRTLY 10/26/2011 FA FNMA 1.125% CALL 10/26/12 QRTLY STEP 11/16/2011 FA FNMA 1.80% QRTLY CALLS 11/16/2011 FA FNMA 1.35% QRTLY CALLS 11/23/2011 FA FNMA 1.25% STEP QRTLY CALLS 01/25/2012 FA FNMA 1.65% QRTLY CALLS 01/30/2012 FA FNMA 1.30% QRTLY CALL 1/30/13 04/11/2012 FA FNMA .75% ANNUAL CALL STEP 02/06/2012 FA FNMA .75% QRTLY CALL 2/6/13 STEP 02/21/2012 FA FNMA 1.10% QRTLY CALL 03/08/2012 FA FNMA 1.375% QRTLY CALL 04/26/2012 FA FNMA 1.2% QRTLY CALL PAR VALUE 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 3.000,000.00 5,000,000.00 3.000.000.00 2,400,000.00 2,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 2,000,000.00 2,000,000.00 3,000,000.00 5,000,000.00 5.000,000.00 5,000,000.00 5,000.000.00 4.000.000.00 5,000.000.00 5.000.000.00 5,000,000.00 5,000,000.00 5,000.000.00 5,000,000.00 5,000,000.00 4,000,000.00 5,000,000.00 5,000,000.00 5,000.000.00 4.000.000.00 INVESTED AMOUNT 1.999.000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,999,000.00 2,000,000.00 5,039,000.00 2,999,700.00 5,000,000.00 2,995,500.00 2,400,000.00 2.000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 2,000.000.00 2,000,000.00 3,000,000.00 4,990,000.00 5,000,000.00 5,000,000.00 5,000,000.00 3,990,400.00 5,000.000.00 5,000,000.00 5,000,000.00 4.962,500.00 5,000,000.00 5,030,800.00 5,000,000.00 3,998.000.00 5,000,000.00 4,985,000.00 5,000,000.00 4,000,000.00 RETURN RATE 2.012% 2.000% 1.740% 2.000% 1.510% 2.000% 1.809% 1.317% 0.850% 0.890% 0.950% 2.500% 2.550% 2.100% 2.250% 1.750% 1.500% 1.735% 1.988% 1.445% 1.300% 1.370% 1.250% 1.700% 1.810% 1.800% 1.506% 1.688% 1.519% 1.300% 1.528% 1.682% 1.162% 1.375% 1.200% INTEREST 174,333.33 176,000.00 174,000.00 200,000.00 151,000.00 200.000.00 389,611.11 156,841.67 170,000.00 106,500.00 90,630.00 250,000.00 254,858.33 210,000.00 450,000.00 175,000.00 150,000.00 262,083.33 503,750.00 362,326.39 325,000.00 342,500.00 259.600.00 425,000.00 462,500.00 450,000.00 375,000.00 425,000.00 372,304.17 325.000.00 296.083.33 425,000.00 290,000.00 343,750.00 233,600.00 INVESTMENT RETURN 2,173.333.33 2,176.000.00 2,174.000.00 2.200.000.00 2,150,000.00 2,200,000.00 5,428,611.11 3.156,541.67 5,170,000.00 3,102,000.00 2,490,630.00 2,250,000.00 2,254,858.33 2,210.000.00 4.450.000.00 2.175.000.00 2.150.000.00 3.262,083.33 5,493,750.00 5,362,326.39 5,325,000.00 5,342,500.00 4,250,000.00 5,425.000.00 5,462,500.00 5,450,000.00 5,337,500.00 5,425,000.00 5,403,104.17 5,325,000.00 4,294,083.33 5,425,000.00 5,275,000.00 5,343,750.00 4,233,600.00 TERM (Days) 1,583 1,607 1,826 1,826 1,826 1,826 1,566 1,439 1,461 1,461 1,452 1,827 1,826 1,827 1,827 1,827 1.827 1,822 1.827 1.826 1.827 1.827 1.827 1.827 1.827 1.827 1.827 1,827 1,785 1,827 1,755 1.827 1.827 1,826 1,777 INVESTMENT REPORT AS OF APRIL 30,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 03/13/2012 FA FN MA 1.150% ON E CALL 3/13/14 3,950.000.00 3,942,100.00 1.191% 235,025.00 4,177,125.00 1,826 04/26/2012 FA FFCB 1.20% 4/25/13 CALL CONTINUOUS 3,000,000.00 2,998,200.00 1.200% 181.700.00 3,179,900.00 1,825 SUB-TOTAL 290.169.000.00 294,535,258.37 1.757% 21.988.203.62 316,523,461.99 - 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 311,545,000.00 314,753,676.56 23,460,765.80 338,214,442.36 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 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 INVESTMENT DATE 12/28/2010 04/24/2008 05/07/2008 05/12/2009 05/30/2008 05/09/2008 02/11/2011 12/23/2008 05/12/2009 07/18/2011 10/28/2011 04/04/2012 12/27/2011 05/27/2011 05/29/2009 05/20/2010 10/07/2011 12/23/2011 10/05/2011 04/05/2012 01/17/2012 02/01/2012 09/16/2011 02/17/2012 10/04/2011 04/17/2012 02/09/2011 05/06/2011 10/06/2011 02/10/2012 12/15/2010 12/15/2010 04/13/2012 10/31/2011 TYPE CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN INVESTMENT REPORT AS OF APRIL 30,2012 PAR INVESTED RETURN INVESTMENT TERM SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 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 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 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 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 NEW YORK LIFE 4.650% NON-CALL 1.000.000.00 1.006,649.66 4500% 225,850.34 1,232,500.00 1,826 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 BERKSHIRE HATHWWY 460% NON-CALL 1,000,000.00 1,023,835.68 4000% 177,542.10 1,201,377.78 1,604 3 M 4.375% NON-CALL 2,000,000.00 2,121,417.76 2.850% 251,186.41 2,372,60417 1.556 GENERAL ELECTRIC 2.10% NON-CALL 2.000.000.00 2.037.760.00 1.320% 65.956.67 2.103.716.67 904 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 METLIFE GLOBAL 1.481% NON-CALL FLOATING 2,000.000.00 2,014.740.00 0.950% 39.986.00 2,054.726.00 730 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 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 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 MICROSOFT 2.95% NON-CALL 2.000,000.00 2,072,820.00 2.005% 164,982.78 2,237,802.78 1,473 METLIFE GLOBAL 5.125% NON-CALL 1,500,000.00 1,625.547.72 1.900% 80.092.90 1,705.640.62 977 GENERAL ELECTRIC CAPITAL .696% FLOATING 2,000,000.00 1.914.520.00 2.250% 123.46431 2.037.984.31 997 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 BERKSHIRE HATHAWAY 5.50% NON-CALL 2.000.000.00 2.236,460.00 0.700% 37,317.78 2,273,777.78 909 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 GENERAL ELECTRIC 1.375% FLOATER 5,000,000.00 5,000,000.00 1.375% 206.059.03 5.206.059.03 1.094 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 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 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 PROCTERS GAMBLE 3.150% NON-CALL 3,000,000.00 3,242,427.56 0.720% 76,247.44 3,318.675.00 1,232 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 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 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 PROCTERS. GAMBLE 1.80% NON-CALL 2,844,000.00 2,965,410.36 0.650% 71.270.64 3.036,681.00 1,374 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 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 PROCTER & GAMBLE 4.85% NON-CALL 1.000.000.00 1.147,830.00 0.760% 30,272.78 1,178,102.78 1,341 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 INVESTMENT DATE 12/28/2011 01/25/2012 03/09/2012 02/08/2012 05/06/2011 05/16/2011 06/17/2011 09/12/2011 10/27/2011 10/11/2011 09/22/2011 11/10/2011 01/31/2012 01/31/2012 03/05/2012 02/16/2012 04/18/2012 TYPE CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN CN INVESTMENT REPORT AS OF APRIL 30,2012 PAR INVESTED RETURN INVESTMENT TERM SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) MET UFE 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 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 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 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 MASS MUTUAL GLOB 3.125% NON-CALL 1,000,000.00 1,024,175.57 3.125% 130,164.71 1,154340.28 1,805 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 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 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 PROCTERS GAMBLE 1.45% NON-CALL 5.000,000.00 5,011,536.25 1.400% 336,463.75 5.348,000.00 1,754 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 TOYOTA 2.0% NON-CALL 5,000,000.00 5,023,645.00 1.900% 474,410.56 5,498,055.56 1,820 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 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 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 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 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 WAL-MART STORES 5.375% NON-CALL 3,000,000.00 3,568,354.19 1.400% 229,833.31 3,798,187.50 1,813 SUB-TOTAL 151,254,000.00 156,187,060.47 2.024% 13,036,168.00 169,223,228.47 1,512 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 04/16/2012 CD CAPAHA BANK 1.1% 249,000.00 249,000.00 1.100% 5,503.55 254,503.55 764 04/16/2012 CD BANK OF GEORGETOWN 1.0% 249,000.00 249.000.00 1.000% 5,402.96 254,402.96 792 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 APRIL 30,2012 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% 04/30/2012 CD STERLING SAVINGS BANK .75% 04/20/2012 CD PLUS INTERNATIONAL .85% 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 249,000.00 248,000.00 248,000.00 248,000.00 249,000.00 248,000.00 248,000.00 248,000.00 249,000.00 249,000.00 249,000.00 249,000.00 248,000.00 INVESTED AMOUNT 249,000.00 248,000.00 248,000.00 248,000.00 249,000.00 248,000.00 248,000.00 248,000.00 249,000.00 249,000.00 249,000.00 249,000.00 247,380.00 RETURN RATE 0.750% 1.300% 1.350% 0.750% 0.850% 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 4,749.36 5,520.35 9,869.73 9,308.49 7,375.11 13,943.96 12,450.00 9,966.87 8.970.06 14895.62 INVESTMENT RETURN 254.612.71 257,680.83 258,053.17 252,749.36 254,520.35 257.869.73 257.308.49 255.375.11 262,943.96 261,450.00 258,966.87 257,970.06 262,275.62 SUB-TOTAL 6,706,000.00 6.705.380.00 0.981% 214,377.20 6,919,757.20 o WELLS FARGO BANK 433,695.00 433.695.00 0.020% 0.24 433,695.24 0 CORPORATE CASH MANAGEMENT ACCOUNT 2,711,596.83 2.711,596.83 0.020% 1.49 2,711,598.32 o LIBRARY ACCOUNT 681.30 681.30 0.000% -681.30 o UNION TRUST 12,804.90 12,804.90 0.000% 0.00 12,804.90 0 LAIF WATER DISTRICT 37,357,512.24 37,357,512.24 0.370% 383.95 37,357.896.19 o LAIF PUBLIC IMPROVEMENT CORPORATION 31,926,505.97 31,926,505.97 0.370% 328.13 31.926,834.10 o LAIF PUBLIC FINANCING CORPORATION 24,119,199.08 24,119,199.08 0.370% 247.89 24,119,446.97 0 LAIF CITY OF CARLSBAD 39,402,857.50 39,402,857.50 0.370% 404.97 39,403,262.47 SUB-TOTAL 135,964,852.82 135,964.852.82 0.362% 1,366.67 135,966,219.49 GRAND TOTAL 607,469,852.82 615.673.079.10 1.505% 36,953,247.66 652,626,326.76 TERM (Days) 1,097 1,096 1.096 932 952 1.076 1.096 1.277 1,460 1.461 1,461 1,461 1.827 1.096 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF APRIL 30, 2012 Cash Balance by Fund: General 79,255,293 Special Revenue 52,802,291 Debt Service 0 Capital Projects: General Capital Construction 52,439,033 Trafficlmpact Fees 19,453,678 Public Facilities Fees 48,585.034 Park Development 3,803,287 Transnet Taxes 6.790,300 Drainage Fees 5,637,860 Special Districts 78,388,951 Infrastructure Replacement 69,114,193 Redevelopment 6,572,483 Other Capital Construction 2,733,256 Total 293,518,074 Enterprise: Carlsbad Municipal Water District 81,840,879 Sewer Fund 51,951,158 Solid Waste 7,263.492 Storm Water 2,916,506 Golf Course 184,611 Total 144,156,646 Internal Service 31,874,062 Agency Funds 12,786,805 Misc. Special Funds 0 Total General Ledger Balance ** 614,393,171 Reconciling Adjustments (1) (2,366,397) Total Treasurer's Investment Portfolio at Amortized Cost 612,026,774 (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 4/7/12 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of April 30, 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+ HSBC BANK USA AAS 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 * Moodv's ALL STATE LIFE Al BARCLAYS BANK AAS GENERAL ELECTRIC Al PROTECTIVE LIFE A2 Latest Carrying Market S&P Maturitv Date Value Value A+ A+ 04/S0/201S 12/15/2015 AA+ 05/09/2016 AA- 07/15/2012 WELLS FARGO A2 A+ 10/23/2012 2,004,779 2,094,740 2,000.000 1.945.720 27,405,267 27,565,710 3,000,000 2,993,640 1,004,324 1,020,740 * 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. /7 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 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 0.32% BERKSHIRE HATHAWAY 19,421,409.77 3.15% GENERAL ELECTRIC CAP 27,753,861.07 4.51% 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 0.89% MET LIFE GLOBAL FUND 22.244,146.45 3.61% MET LIFE OF CONNECTICUT 2,121,360.00 0.34% MICROSOFT 2,072,820.00 0.34% NEW YORK LIFE 11,847,794.90 1.92% PROTECTIVE LIFE 3,000,000.00 0.49% PROTER & GAMBLE 12,367,204.17 2.01% PROVIDENCE HEALTH 2,237,929.50 0.36% ROYAL BANK OF CANADA 4,086,150.00 0.66% 3M 2,121,417.76 0.34% SHELL INTERNATIONAL FIN 5,384,350.00 0.87% TOYOTA 5,023,645.00 0.82% WAL-MART 11,314,475.44 1.84% WELLS FARGO 1,042,814.41 0.17% WESTPAC BANKING CORP 5,000,000.00 0.81% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfoli FAMCA 3,015,908.69 0.49% FICO 9,265,228.88 1.50% FEDERAL FARM CREDIT BANK 65,078,046.47 10.57% FEDERAL HOME LOAN BANK 85,947,002.08 13.96% FEDERAL HOME LOAN MORTGAGE CORP 24,739.900.45 4.02% FEDERAL NATIONAL MORTGAGE ASSOC 117,077,695.86 19.02% TVA 9,629,894.12 1.56% U.S.TREASURY 2,062,109.25 0.33% Total Portfolio * No more than 5% may be invested with a single corporate issuer. "There are no percentage limits on federal agency issuers. $615,673,079.10