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HomeMy WebLinkAbout2012-07-10; City Council; 20964; Report on City Investments as of May 31, 201211 CITY OF CARLSBAD - AGENDA BILL AB# 20.964 REPORT ON CITY INVESTMENTS DEPT. HEAD o- MTG. 7/10/12 AS OF MAY 31, 2012 CITY ATTY. Cs^^ DEPT. TRS CITY MGR. Uj^ 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 May 31, 2012 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 620,693,982 607,469,853 Cost of Investments 628,852,346 615,673,079 Amortized Cost(1) 625,096,375 612,026,774 Market Value (2) 629,190,082 616,521,498 (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 5/31/12. 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 $13 million increase between the April and May reports is due to the receipt of property tax totaling $8; Sales tax in lieu of $3.3; and Motor Vehicle in lieu of $3.8 million during May. COUNCIL ACTION: FOR CITY CLERKS USE ONLY. APPROVED DENIED CONTINUED WITHDRAWN AMENDED • • • • CONTINUED TO DATE SPECIFIC • CONTINUED TO DATE UNKNOWN • RETURNED TO STAFF • OTHER - SEE MINUTES • DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan(5)carisbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF MAY 31. 2012 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $86 $ 53 Internal Service /'H^^ ^ ... .« . • ^ $32 slk Capital Projects Agency/Other ^^j^B $ 294 Enterprise $144 Total Treasurer's Investment Portfolio at Amortized Cost May 31, 2012 $625 million Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month income Cash Income Fiscal Year-to-Date * 11,409,585 10,664,375 745,210 "The cash income received is adjusted for any accrued interest purchased. 1 Pooled investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration March 2012 2.19 1.58% 2.107 April 2012 2.12 1.50% 2.033 May 2012 2.13 1.43% 2.050 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. Fourth 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 J9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 31, 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 7,944,601 6,705,401 7.974,279 6,737,587 25.802 0.85 0.98 FN 16,064,145 21,041,844 16,157,385 21,143,185 0 1.20 1.58 CP 0 0 0 0 0 0.00 0.00 TR 2,016,530 2,017.619 2,074.180 2,078,980 142,500 2.44 2.44 FA 295,631,188 291.279,235 298,384,734 294,179,835 7,459.227 1.66 1.76 CN 161,593,928 155.017,822 162,753,522 156,417.059 3.335,268 1.97 2.02 LAIF 137,969,563 132,806.075 137,969,563 132.806,075 445,724 0.37 0.37 CUSTODY -12.805 0 12,805 17 0.00 0.00 SWEEP 2,620,244 2.711.597 2,620,244 2,711,597 1.047 0.02 0.02 BANK ACCT 1.256.175 434.376 1.256,175 434.376 0 0.02 0.02 TOTALS $625,096,375 $612,026,774 $629,190,082 $616,521,498 11,409.585 1.43% 1.50% 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 Overnight Cash acccount Bank Account - General Fund Cash account X K H W CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 31, 2012 BREAKDO WN 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 wdthin One Year WITHIN 6 MONTHS 0 1,793,820 0 0 62,450,060 13,423,475 137,969,563 0 2,620,244 1,256,175 $219,513,336 (1) 34.9% 7 MONTHS TO 1 YEAR 0 0 0 0 11,970,424 14,443,800 0 0 0 0 $26,414,224 (1) 4.2% $245,927,560 (1) 39.1% 1 TO 5 YEARS 7,944,526 13,862,925 0 2,062,109 224,038,496 135,016,730 0 0 0 0 $382,924,786 60.9% TOTAL % TOTAL 7,944,526 15,656,745 0 2,062,109 298,458,980 162,884,005 137,969,563 0 2,620,244 1,256,175 $628,852,346 100.0% 1.3% 2.5% 0.0% 0.3% 47.5% 25.9% (2) 21.9% 0.0% 0.4% 0.2% 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. W X tu H 133 H to YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998-MAY2012 -^EX-LAIF -^L AIF X H H MARKET YIELD CURVE 6/30/10,6/30/11,5/31/12 Market Rates 3 Mth 2 Yr 5 Yr 10 Yr 3 Mth 2Yr 5 Yr 10 Yr -^06/30/2010 .17 .60 1.77 2.93 06/30/2011 .01 .46 1.76 3.16 -<8- 05/31/2012 .07 .26 0.66 1.56 M X a H H H3 Cumulative Millions $ Cumulative Cash Income FYll-12 (May 2012) Monthly Interest Income Millions $ 14 12 10 8 4 2 1.238^ 11.078 ^1.143 ^i.^^jL89a 1-145 0.835 0.97 0.83 ""f^l^ 0.745 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun cn:Interest Income --^-Budget -^Actual 8 7 6 5 4 3 2 1 X 33 H H City of Carlsbad TRANSACTIONS FOR PERIOD: 04/01/12 TO 05/31/12 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 MAY 04/27/2012 05/02/2012 05/01/2012 05/07/2012 05/01/2012 04/25/2012 05/10/2012 05/08/2012 05/18/2012 05/08/2012 05/02/2012 05/11/2012 05/16/2012 05/23/2012 05/21/2012 4TH QUARTER 2011-2012 Investment Call Par Amount Date Type Securitv Date Value Coupon (Cost) 04/04/2012 CN MET LIFE INSTITUTIONAL N/A 2.000.000.00 1.48% FLOAT 2.014,740.00 04/05/2012 CN BERKSHIRE HATAWAY N/A 2.000.000.00 5.500% 2.236.460.00 04/13/2012 CN PROCTER & GAMBLE N/A 1.000.000.00 4.850% 1.147,830.00 04/11/2012 ON FNMA 01/30/2013 4,000,000.00 0.75% STEP 3.998,000.00 04/16/2012 CD CAPAHABANK N/A 249.000.00 1.100% 249.000.00 04/16/2012 CD BANK OF GEORGETOWN N/A 249,000.00 1.000% 249.000.00 04/17/2012 CN PROCTER & GAMBLE N/A 3.000.000.00 3.150% 3.242.427.56 04/23/2012 CN WAL-MART STORES N/A 3.000.000.00 5.375% 3.568.354.19 04/20/2012 CD PLUS INTERNATIONAL N/A 249.000.00 0.850% 249.000.00 04/26/2012 FA FNMA 03/08/2013 4,000.000.00 1.200% 4.000,000.00 04/26/2012 FA FFCB 04/25/2013 3.000.000.00 1.200% 2.998.200.00 04/27/2012 FA FFCB 07/18/2012 2.400.000.00 0.950% 2.400.000.00 04/30/2012 CD STERLING SAVINGS BANK N/A 248,000.00 0.750% 248.000.00 05/02/2012 CN TOYOTA N/A 4.000.000.00 0.5% STEP 4,000.000.00 05/03/2012 FA FNMA 03/28/2013 1,655.000.00 1.01% STEP 1.655.000.00 05/04/2012 CD HERITAGE BANK OF COMMERC N/A 249.000.00 0.800% 248,004.00 05/08/2012 FA FNMA 02/27/2014 3.000.000.00 0.550% 3.002,700.00 05/09/2012 CD GEORGIA BANK & TRUST N/A 248.000.00 0.700% 247.628.00 05/10/2012 FA FNMA 05/10/2013 5.000.000.00 1.300% 5,000.000.00 05/15/2012 CN WAL-MART STORES N/A 2.630.000.00 1.500% 2.696.944.02 05/18/2012 CD NORTH JERSEY COMMUNITY N/A 248.000.00 0.850% 247.008.00 05/21/2012 FA FNMA 02/21/2013 4,000.000.00 1.100% 3.988,000.00 05/22/2012 CD STATE BANK & TRUST CO N/A 249.000.00 0.800% 248,004.00 05/24/2012 FA FHLMC 05/24/2013 5.000.000.00 1.200% 4.995.000.00 5/301/12 FA FHLMC 05/30/2014 5.000.000.00 1.200% 5.000,000.00 05/31/2012 CD CRESCENT BANK & TRUST N/A 249.000.00 0.900% 248,502.00 05/24/2012 FA FNMA 02/28/2014 2,050.000.00 1.150% 2.050.000.00 05/29/2012 FA FNMA 05/29/2013 5.000,000.00 0.650% 5,000,000.00 63.973.000.00 Return Rate 0.950% 0.700% 0.760% 1.528% 1.100% 1.000% 0.720% 1.400% 0.850% 1.200% 1.212% 0.950% 0.750% 1.000% 1.304% 0.900% 0.518% 0.750% 1.300% 0.750% 0.950% 1.165% 0.900% 1.221% 1.200% 0.950% 1.150% 0.650% Interest 44.500.00 37,317.78 30,272.78 296,083.33 5.503.55 5,402.96 76,247.44 229,833.31 6,520.35 233,600.00 181.700.00 90,630.00 4.749.36 119.888.89 106.280.88 8.953.05 43.545.83 5.589.51 325,000.00 68.939.31 9,429.77 221,000.00 8.974.88 305,000.00 300,000.00 9,468.06 112.243.19 97.500.00 Investment Return 2.059.240.00 2.273.777.78 1,178.102.78 4.294.083.33 254.503.55 254.402.96 3.318,675.00 3,798,187.50 255.520.35 4.233.600.00 3.179,900.00 2,490,630.00 252.749.36 4.119.888.89 1.761.280.88 256,957.05 3.046.245.83 253,217.51 5,325,000.00 2.765,883.33 256.437.77 4,209.000.00 256.978.88 5.300.000.00 5.300.000.00 257.970.06 2,162.243.19 5.097.500.00 TOTAL THIRD QUARTER 2011-2012 65.227.801.77 1.060% 2,984.174.23 68.211.976.00 Og X w H w H City of Carlsbad TRANSACTIONS FOR PERIOD: 04/01/12 TO 05/31/12 4TH QUARTER 2011-2012 Trans Investment Call Date Date Type Securitv Date MATURITIES APRIL 05/21/2007 FA FFCB N/A 04/21/2009 CN BERKSHIRE HATAWAY N/A 04/23/2009 CN BERKSHIRE HATAWAY N/A 04/30/2008 CN PRINCIPAL LIFE INC N/A MAY 07/25/2007 FA TVA N/A 10/19/2009 FA TVA N/A 02/18/2009 FN FICO N/A 02/25/2009 FN FICO N/A 03/02/2009 FN FICO N/A TOTAL THIRD QUARTER 2011-2012 CALLS APRIL MAY Par Value 2,000,000.00 1,000.000.00 2.000.000.00 1.000.000.00 2,000,000.00 3,000.000.00 1.000,000.00 2.000.000.00 2,000.000.00 16,000,000.00" 07/20/2011 FA FNMA 04/13/2012 2,000,000.00 04/18/2011 FA FHLB 04/18/2012 2,000,000.00 10/19/2011 FA FHLMC 04/19/2012 5,000,000.00 05/10/2011 FA FHLB 04/20/2012 2,000,000.00 10/03/2011 FA FFCB 04/24/2012 5,000,000.00 04/25/2011 FA FNMA 04/25/2012 2,000,000.00 10/27/2011 FA FHLB 04/27/2012 5,000,000.00 05/03/2011 FA FAMCA 05/02/2012 2,000,000.00 11/16/2011 FA FNMA 05/16/2012 5,000,000.00 11/16/2011 FA FNMA 05/16/2012 5,000,000.00 08/10/2011 FA FNMA 05/23/2012 5,000,000.00 11/23/2010 FA FFCB 05/23/2012 2,000,000.00 02/28/2011 FA FHLB 05/29/2012 2,235.000.00 Coupon 4.875% 4.000% 4.000% 4.500% 6.790% 6.790% 0.000% 0.000% 0.000% 2.000% 2.700% 0.500% 2.000% 1.480% 2.650% 0.5% STEP 2.550% 1.350% 1.800% 2.000% 2.000% 2.000% Amount (Cost) 1,987.880.00 1.022.563.95 2.039,340.00 1,000.000.00 2,130.980.00 3,399,498.48 916,713.56 1,826,280.00 Return Rate 5.015% 3.200% 3.300% 4.500% 5.235% 1.534% 2.710% 2.850% Interest 489,057.50 96,769.38 198,882.22 178,375.00 524,632.22 128,989.85 83,286.44 173,720.00 Investment Return 2.476.937.50 1.119.333.33 2.238.222.22 1.178.375.00 2.655,612.22 3.528.488.33 1,000.000.00 2.000.000.00 TOTAL THIRD QUARTER 2011-2012 44,235.000.00 1.818.680.00 3.000% 181.320.00 2.000.000.00 16.141.935.99 3.345% 2.055.032.61 18.196.968.60 2,019,620.00 1.730% 129.602.22 2.149.222.22 2,000,000.00 2.700% 270.000.00 2.270.000.00 5.000.000.00 2.585% 659,375.00 5.659.375.00 2,011,380.00 1.850% 146.397.78 2.157,777.78 5,000,000.00 1.480% 370.000.00 5,370,000.00 1.999.000.00 2.661% 266.000.00 2,265.000.00 4.996.250.00 1.870% 472,500.00 5,468,750.00 2.000,000.00 2.550% 254.858.33 2.254.858.33 4,962.500.00 1.506% 375.000.00 5.337,500.00 5.000,000.00 1.800% 450.000.00 5,450.000.00 5.039.000.00 1.809% 389,611.11 5,428,611.11 2.000,000.00 2.000% 200,000.00 2,200,000.00 2.235.000.00 2.000% 190,099.17 2,425,099.17 44.262.750.00 1.960% 4.173.443.61 48,436.193.61 INVESTMENT REPORT AS OF MAY 31,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 O 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 X H w H INVESTMENT REPORT AS OF MAY 31,2012 INVESTMENT DATE TYPE 10/20/2009 FA 11/10/2008 FA 08/13/2009 FA 05/25/2010 FA 12/28/2009 FA 08/27/2008 FA 08/19/2009 FA 11/12/2008 FA 12/17/2008 FA 03/24/2010 FA 02/23/2010 FA 10/19/2011 FA 04/15/2010 FA 10/19/2009 FA 01/20/2009 FA 02/12/2010 FA 09/17/2010 FA 03/24/2010 FA 10/20/2009 FA 08/01/2011 FA 03/24/2010 FA 09/08/2010 FA 03/24/2010 FA 03/24/2010 FA 11/07/2011 FA 06/29/2011 FA 01/23/2012 FA 05/08/2012 FA 06/04/2010 FA 02/23/2012 FA 05/29/2012 FA 06/29/2011 FA 07/27/2011 FA 03/30/2011 FA 04/04/2011 FA SECURITY FHLMC 4.0% NON-CALL FHLB 5.375% NON-CALL FHLB 4.25% NON-CALL FFCB 1.375% NON-CALL FHLB 1.85% NON-CALL FNMA 4.375% NON-GALL FFCB 2.7% NON-CALL FHLB 4.0% NON-CALL FHLB 4.375% NON-CALL FHLMC 4.125% NON-CALL FFCB 3.875% NON-CALL FNMA 1.125% NON-CALL FHLB 2.00% NON-CALL FFCB 5.350% NON-CALL FHLB 3.125% NON-CALL FFCB 3.00% NON-CALL FNMA 1.3% CALL 3/17/11 FHLB 2.5% NON-CALL FFCB 4.375% NON-CALL FFCB 1.0% CALL 8/1/12 CONT FHLB 5.5% NON-CALL FNMA 1.50% CALL 3/8/11 FHLB 5.25% NON-CALL FFCB 3.0% NON-CALL FNMA .80% CALL 10/24/12 FHLMC 1.25% CALL 6/29/12 FHLB .52% NON-CALL FNMA .55% CALL 2/27/14 ONE TIME FNMA 2.00% CALL 10/29/12 STEP FHLB .55% NON-CALL FNMA .65% CALL 5/29/13 ONE TIME FFCB 1.6% CALL CONT FFCB 1.550% CALL 7/2712 CONT FHLB 2.0% NON-CALL FHLB 2.0% NON-CALL PAR INVESTED RETURN INVESTMENT TERM VALUE AMOUNT RATE INTEREST RETURN (Davs) 500.000.00 532,794.50 2.120% 40,094.39 572.888.89 1.331 1,000.000.00 1,065,788.37 3.800% 181.163.02 1.246.951.39 1,677 2.000,000.00 2,130.988.03 2.450% 195.081.41 2.326,069.44 1,401 2,000,000.00 1.993.760.00 1.479% 91.031.67 2,084,791.67 1,127 2,000.000.00 1.987.226.45 2.040% 142,273.55 2,129,500.00 1,278 2.000.000.00 2,035.600.00 3.970% 392.177.78 2,427,777.78 1.785 1.000,000.00 1.005.669.88 2.550% 102.330.12 1,108,000.00 1.461 1,000,000.00 1.007.890.00 3.818% 184.776.67 1,192,666.67 1.759 2,000,000.00 2.154,940.00 2.625% 259,712.78 2,414,652.78 1.731 3,000,000.00 3,222,330.00 1.930% 211,826.25 3,434,156.25 1.283 1.000.000.00 1,065,180.00 2.000% 75,181.11 1,140,361.11 1,322 5.000.000.00 5,061,150.00 0.500% 49.631.25 5,110,781.25 720 2.000.000.00 2,000.000.00 2.000% 140.000.00 2,140,000.00 1,279 2.000.000.00 2,235,072.36 2.264% 193.522.08 2,428,594.44 1.463 2.000.000.00 2,047.941.08 2.600% 258.135.31 2,306,076.39 1.788 1,000.000.00 1,028,536.49 2.250% 91.463.51 1,120,000.00 1.461 2,000,000.00 2,000,000.00 1.300% 91.000.00 2,091,000.00 1.277 3,000,000.00 3.016,423.52 2.363% 300.034.82 3,316,458.34 1.542 3,000,000.00 3,234,480.00 2.595% 381.665.83 3,616,145.83 1.714 5,000,000.00 5.000,000.00 1.000% 150.000.00 5,150,000.00 1.096 3,000,000.00 3.395.255.41 2.323% 328,452.92 3,723,708.33 1.603 2,000,000.00 2.000.000.00 1.500% 120.000.00 2,120,000.00 1.461 2,000,000.00 2.231.960.00 2.490% 237,040.00 2,469.000.00 1.633 2,000,000.00 2.047.400.80 2.440% 222.265.87 2,269,666.67 1.643 3,000,000.00 3.000.937.50 0.789% 70.195.83 3,071,133.33 1.082 2,000,000.00 2.000.000.00 1.250% 87,500.00 2,087,500.00 1.279 5,000,000.00 5.000,000.00 0.520% 78.000.00 5,078,000.00 1.096 3,000.000.00 3,002,700.00 0.518% 43.545.83 3.046.245.83 1.025 2.000.000.00 2,018,771.34 2.780% 277.339.77 2.296.111.11 1,790 5,000.000.00 5.000.000.00 0.550% 88.763.89 5.088.763.89 1.177 5.000.000.00 5.000.000.00 0.650% 97,500.00 5.097.500.00 1,095 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 INVESTMENT REPORT AS OF MAY 31,2012 INVESTMENT DATE 09/14/2010 09/21/2010 10/28/2010 03/01/2012 02/22/2012 02/24/2012 04/27/2012 04/27/2011 06/29/2011 06/29/2011 08/15/2011 08/22/2011 08/29/2011 09/09/2011 09/29/2011 10/06/2011 10/11/2011 10/12/2011 10/24/2011 10/26/2011 11/23/2011 01/25/2012 01/30/2012 04/11/2012 02/06/2012 02/21/2012 05/21/2012 05/24/2012 03/08/2012 04/26/2012 03/13/2012 05/03/2012 04/26/2012 05/10/2012 05/24/2012 TYPE SECURITY FA FHLB 1.74% CALL 9/14/12 FA FNMA 2.0% CALL 3/21/11 FA FNMA 1.50% CALL 4/28/11 FA FNMA .50% QRTLY CALL STEP FA FFCB .85% CALL 2/22/13 FA FHLMC .85% ONE CALL 2/24/14 FA FFCB .95% CALL 7/18/12 FA FHLB 2.5% NON-CALL FA FHLMC 2.10% CALL FA FN MA 1.50% CALL STEP FA FFCB 1.75% CALL 8/15/12 CONT FA FFCB 1.5% CALL 8/22/12 CONT FA FHLB 1.0% CALL 8/24/12 QRTLY STEP FA FHLB .625% CALL 3/9/12 QRTLY STEP FA FNMA 1.25% CALL 3/28/12 STEP FA FFCB 1.30% NON-CALL FA FFCB 1.370% CALL 10/11 /12 CONT FA FNMA 1.25% CALL 4/12/12 QRTLY FA FNMA 1.70% CALL 10/24/12 QRTLY FA FNMA 1.125% CALL 10/26/12 QRTLY STEP FA FNMA 1.25% STEP QRTLY CALLS FA FNMA 1.65% QRTLY CALLS FA FNMA 1.30% QRTLY CALL 1/30/13 FA FNMA .75% ANNUAL CALL STEP FA FNMA .75% QRTLY CALL 2/6/13 STEP FA FNMA 1.10% QRTLY CALL FA FNMA 1.10% QRTLY CALL FA FNMA 1.150% ONE CALL 2/28/14 FA FNMA 1.375% QRTLY CALL FA FNMA 1.2% QRTLY CALL FA FNMA 1.150% ONE CALL 3/13/14 FA FNMA 1.01 % STEP CALL 3/28/13 ANNUAL FA FFCB 1.20% CALL 4/25/13 CONTINUOUS FA FNMA 1.30% CALL 5/10/13 QRTLY FA FHLMC 1.2% CALL 5/24/13 QRTLY PAR VALUE 2,000,000.00 2,000,000.00 2.000.000.00 3.000.000.00 5,000.000.00 3.000.000.00 2,400.000.00 2.000.000.00 2.000.000.00 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 4,000,000.00 5,000,000.00 5,000.000.00 4.000.000.00 2.050,000.00 5.000.000.00 4.000.000.00 3.950.000.00 1.655.000.00 3.000.000.00 5.000.000.00 5.000.000.00 INVESTED AMOUNT 2.000,000.00 2,000.000.00 1,999.000.00 2.999.700.00 5,000,000.00 2,995,500.00 2,400,000.00 2,000,000.00 2,000,000.00 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 5,030.800.00 5.000.000.00 3,998.000.00 5.000,000.00 4,985,000.00 3,988,000.00 2,050.000.00 5.000.000.00 4.000.000.00 3.942.100.00 1,655,000.00 2,998,200.00 5,000,000.00 4.995,000.00 RETURN RATE 1.740% 2.000% 1.510% 1.317% 0.850% 0.890% 0.950% 2.500% 2.100% 2.250% 1.750% 1.500% 1.735% 1.988% 1.445% 1.300% 1.370% 1.250% 1.700% 1.810% 1.688% 1.519% 1.300% 1.528% 1.682% 1.162% 1.165% 1.150% 1.375% 1.200% 1.191% 1.304% 1.200% 1.300% 1.221% INTEREST 174,000.00 200,000.00 151,000.00 156,841.67 170,000.00 106,500.00 90,630.00 250,000.00 210,000.00 450,000.00 175.000.00 150.000.00 262.083.33 503.750.00 362,326.39 325,000.00 342,500.00 259,600.00 425,000.00 462.500.00 425.000.00 372,304.17 325.000.00 296.083.33 425.000.00 290.000.00 221.000.00 112,243.19 343,750.00 233,600.00 235,025.00 106.280.88 181,700.00 325,000.00 305,000.00 INVESTMENT RETURN 2.174.000.00 2.200.000.00 2.150.000.00 3.156.541.67 5.170,000.00 3.102.000.00 2,490,630.00 2,250.000.00 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 5,425.000.00 5.403.104.17 5.325.000.00 4.294.083.33 5.425.000.00 5.275.000.00 4.209.000.00 2.162,243.19 5.343.750.00 4,233,600.00 4,177,125.00 1,761.280.88 3.179.900.00 5.325.000.00 5,300,000.00 TERM (Pavs) 1.826 1.826 1,826 1,439 1,461 1,461 1,452 1,827 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 1.785 1.827 1.755 1,827 1.827 1.737 1.741 1.826 1.777 1.826 1.790 1.825 1.826 1.826 INVESTMENT REPORT AS OF MAY 31, 2012 INVESTMENT DATE TYPE SECURITY 05/30/2012 FA FHLMC 1.2% CALL 5/30/14 QRTLY PAR VALUE 5.000.000.00 INVESTED AMOUNT 5.000.000.00 RETURN RATE 1.200% INTEREST 300.000.00 INVESTMENT TERM RETURN (Davs) 5.300.000.00 1.826 SUB-TOTAL 294.639.000.00 298.458.979.89 1.657% 20.985.582.84 319,444.562.73 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 16.376.000.00 15,656,744.63 1.203% 1.034.235.74 16,690.980.37 1,173 Federal Investments Total 311,015,000.00 314,115,724.52 22,019,818.58 336,135,543.10 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 ON 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 GN 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 INVESTMENT DATE TYPE 05/30/2008 CN 05/09/2008 CN 02/11/2011 CN 12/23/2008 CN 05/12/2009 CN 07/18/2011 CN 10/28/2011 CN 04/04/2012 CN 12/27/2011 CN 05/27/2011 . CN 05/29/2009 CN 05/20/2010 CN 10/07/2011 CN 12/23/2011 CN 10/05/2011 CN 04/05/2012 CN 01/17/2012 CN 02/01/2012 CN 09/16/2011 CN 05/02/2012 CN 02/17/2012 CN 10/04/2011 CN 04/17/2012 CN 02/09/2011 CN 05/06/2011 CN 10/06/2011 CN 05/15/2012 CN 02/10/2012 CN 12/15/2010 CN 12/15/2010 CN 04/13/2012 CN 10/31/2011 CN 12/28/2011 CN 01/25/2012 CN INVESTMENT REPORT AS OF MAY 31,2012 SECURITY ALLSTATE LIFE 5.375% NON-CALL NEW YORK LIFE 4.650% NON-CALL NEW YORK LIFE 4.650% NON-CALL BERKSHIRE HATHWWY 4.60% NON-CALL 3 M 4.375% NON-CALL GENERAL ELECTRIC 2.10% NON-CALL METLIFE GLOBAL 2.00% NON-CALL METLIFE GLOBAL 1.481% NON-CALL FLOATING MASS MUTUAL GLOB 2.875% NON-CALL WAL-MART 3.20% NON-CALL WAL-MART 3.20% NON-CALL MICROSOFT 2.95% NON-CALL METLIFE GLOBAL 5.125% NON-CALL GENERAL ELECTRIC CAPITAL .696% FLOATING PROVEDENCE HEALTH 5.05% CALL @ MAKEWHOLE BERKSHIRE HATHAWAY 5.50% NON-CALL NEW YORK LIFE 1.30% NON-CALL GENERAL ELECTRIC 1.375% FLOATER BERKSHIRE HATHAWAY 3.20% NON-CALL TOYOTA .50% STEP CALL 4/3/013 QRTLY SHELL INTERNATIONAL FIN 3.1% NON-CALL MERCK & CO 4.0% NON-CALL PROCTER & GAMBLE 3.150% NON-CALL MET LIFE GLOBAL FUNDING 2.5% NON-CALL MET LIFE GLOBAL FUNDING 2.5% NON-CALL WAL-MART 1.50% NON-CALL WAL-MART 1.50% NON-CALL PROCTER & GAMBLE 1.80% NON-CALL BARCLAYS BANK 3.10% NON-CALL ROYAL BANK OF CANADA 2.625% NON-CALL PROCTER & GAMBLE 4.85% NON-CALL MET LIFE GLOBAL FUNDING 3.125% NON-CALL MET LIFE GLOBAL FUNDING 3.125% NON-CALL MET LIFE GLOBAL FUNDING 3.125% NON-CALL PAR INVESTED RETURN INVESTMENT TERM VALUE AMOUNT RATE INTEREST RETURN (Davs) 2,000,000.00 2.023.559.81 5.100% 504.981.86 2.528.541.67 1.796 1,000,000.00 1.006.649.66 4.500% 225.850.34 1.232.500.00 1.826 2.000.000.00 2.150.000.00 1.250% 23.766.67 2.173.766.67 818 1.000.000.00 1.023.835.68 4.000% 177.542.10 1.201.377.78 1.604 2.000.000.00 2,121,417.76 2.850% 251.186.41 2.372.604.17 1.556 2.000.000.00 2.037.760.00 1.320% 65.956.67 2.103.716.67 904 1.475.000.00 1.490.888.40 1.500% 49.011.60 1.539.900.00 1.078 2.000.000.00 2.014.740.00 0.950% 39.986.00 2.054.726.00 730 2.500.000.00 2.583.739.37 1.400% 82.771.05 2.666.510.42 846 2.500.000.00 2.645,275.00 1.200% 92.058.33 2.737.333.33 1.084 1.000.000.00 1,003,190.00 3.130% 155.565.56 1.158.755.56 1.812 2.000.000.00 2.072,820.00 2.005% 164.982.78 2.237.802.78 1.473 1.500,000.00 1,625,547.72 1.900% 80.092.90 1.705.640.62 977 2,000,000.00 1,914.520.00 2.250% 123.464.31 2.037.984.31 997 2,000,000.00 2,237,929.50 1.000% 63.948.28 2.301.877.78 1.092 2,000,000.00 2,236.460.00 0.700% 37,317.78 2.273.777.78 909 5.000.000.00 5.021.951.16 1.150% 172,146.06 5,194.097.22 1.091 5.000.000.00 5.000.000.00 1.375% 206,059.03 5.206.059.03 1,094 3.000.000.00 3.175.710.00 1.430% 150,956.67 3,326.666.67 1,244 4.000.000.00 4.000.000.00 1.000% 119,888.89 4.119.888.89 1.093 5.000,000.00 5.384.350.00 0.780% 137,052.78 5.521.402.78 1.227 5.000.000.00 5.498.750.00 1.260% 249,027.78 5.747.777.78 1.365 3,000.000.00 3.242.427.56 0.720% 76.247.44 3.318,675.00 1.232 1.000.000.00 978,478.42 3.000% 137.493.80 1,115,972.22 1.693 1.000.000.00 993.799.11 2.650% 116.131.45 1,109.930.56 1,607 3.000,000.00 3,049,826.34 1.080% 132,548.66 3.182.375.00 1,480 2,630.000.00 2,696,944.02 0.750% 68.939.31 2,765.883.33 1.258 2.844,000.00 2,965,410.36 0.650% 71,270.64 3.036.681.00 1.374 2,000.000.00 2,000.000.00 3.100% 310.000.00 2.310,000.00 1.826 2,000,000.00 2,038.220.00 2.220% 225.009.16 2,263,229.16 1.826 1,000,000.00 1,147.830.00 0.760% 30.272.78 1,178,102.78 1.341 1.635.000.00 1,695,247.73 2.200% 15.611.98 1,710.859.71 1.533 2,000.000.00 2,063.239.83 2.300% 189,017.11 2.252.256.94 1.475 5.000.000.00 5.189.924.57 2.120% 428.999.04 5.618,923.61 1,447 INVESTMENT DATE 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 INVESTMENT REPORT AS OF MAY 31,2012 PAR INVESTED RETURN INVESTMENT TERM SECURHY VALUE AMOUNT RATE INTEREST RETURN {Days) 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 1.154.340.28 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 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 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 157.884.000.00 162,884,004.49 1.965% 13,224,996.20 176,109,000.69 1.494 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 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 INVESTMENT REPORT AS OF MAY 31,2012 INVESTMENT DATE 09/23/2011 04/30/2012 04/20/2012 01/11/2012 01/11/2012 05/09/2012 01/23/2012 09/15/2011 12/02/2011 01/25/2012 02/10/2012 05/04/2012 05/18/2012 05/22/2012 05/31/2012 02/28/2012 TYPE CD CD CD CD CD CD CD CD CD CD CD CD CD CD CD CD O O O O O O O O SECURITY BMW BANK OF NORTH AMERICA 1.35% STERLING SAVINGS BANK .75% PLUS INTERNATIONAL .85% SALLIE MAE BANK 1.35% BARCLAYS BANK DELAWARE 1.25% GEORGIA BANK & TRUST .70% LCA BANK CORPORATION .85% BANK OF THE WEST 1.4% MIDLAND STATES BANK 1.25% NATIONAL REPUBLIC BANK 1.0% CARDINAL BANK MCLEAN VA .90% HERITAGE BANK OF COMMERCE .80% NORTH JERSEY COMMUNITY .85% STATE BANK & TRUST CO MACON. GA .80% CRESCENT BANK & TRUST .90% MERCANTILE BANK OF MICHIGAN .15% WELLS FARGO BANK CORPORATE CASH MANAGEMENT ACCOUNT LIBRARY ACCOUNT UNION TRUST LAIF WATER DISTRICT LAIF PUBLIC IMPROVEMENT CORPORATION LAIF PUBLIC FINANCING CORPORATION LAIF CITY OF CARLSBAD SUB-TOTAL PAR INVESTED RETURN INVESTMENT TERM VALUE AMOUNT RATE INTEREST RETURN (Days) 248.000.00 248.000.00 1.350% 10,053.17 258,053.17 1.096 248.000.00 248.000.00 0.750% 4,749.36 252.749.36 932 249.000.00 249.000.00 0.850% 5.520.35 254.520.35 952 248.000.00 248,000.00 1.350% 9.869.73 257.869.73 1.076 248.000.00 248,000.00 1.250% 9.308.49 257.308.49 1.096 248.000.00 247.628.00 0.750% 5.589.51 253.217.51 1.097 248.000.00 248.000.00 0.850% 7.375.11 255.375.11 1.277 249.000.00 249.000.00 1.400% 13,943.96 262.943.96 1.460 249.000.00 249.000.00 1.250% 12,450.00 261.450.00 1.461 249.000.00 249.000.00 1.000% 9,966.87 258,966.87 1.461 249.000.00 249.000.00 0.900% 8,970.06 257,970.06 1.461 249.000.00 248.004.00 0.900% 8.953.05 256,957.05 1.459 248.000.00 247,008.00 0.950% 9.429.77 256,437.77 1.461 249.000.00 248,004.00 0.900% 8.974.88 256,978.88 1.462 249.000.00 248.502.00 0.950% 9.468.06 257,970.06 1,461 248.000.00 247,380.00 1.150% 14.895.62 262,275.62 1,827 7.949.000.00 7,944,526.00 0.852% 256.792.47 8,201,318.47 1,140 1.255.592.00 1,255.592.00 0.020% 0.69 1.255,592.69 2.620.244.41 2.620.244.41 0.020% 1.44 2,620,245.85 582.73 582.73 0.000% -582.73 _ -0.000% -- 34.607.000.00 34.607.000.00 0.370% 355.68 34,607.355.68 33,176.505.97 33,176.505.97 0.370% 340.98 33.176.846.95 33,619,199.08 33.619.199.08 0.370% 345.53 33.619.544.61 36,566,857.50 36,566,857.50 0.370% 375.83 36,567,233.33 141,845,981.69 141,845,981.69 0.360% 1.420.14 141.847,401.83 620,693.981.69 628,852,345.95 1.425% 35,743,597.38 664.595.943.33 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MAY 31, 2012 Cash Balance by Fund: General 85,916,767 Special Revenue 53,299,819 Debt Service ^ Capital Projects: General Capital Construction 52,301,804 Traffic Impact Fees 19,586,812 Public Facilities Fees 48,842,364 Park Development 3,813,363 Transnet Taxes 6,646,663 Drainage Fees 5,622,720 Special Districts 79,148,490 Infrastructure Replacement 69,106,297 Redevelopment 6,366,168 Other Capital Construction 2,739,837 Total 294,174,518 Enterprise: Carlsbad Municipal Water District 81,662,254 Sewer Fund 51,567,082 Solid Waste 7,237,510 Storm Water 2,800,289 Golf Course 162,973 Total 143,430,108 Internal Service 32,014,307 Agency Funds 16,429,085 Misc. Special Funds ^ Total General Ledger Balance ** 625,264,604 Reconciling Adjustments (1) (168,229) Total Treasurer's Investment Portfolio at Amortized Cost 625,096,375 (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 6/7/12 17 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of May 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) Moody's S&P BERKSHIRE HATHAWAY AA2 AA+ HSBC BANK USA AA3 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 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 Moody's S&P Latest Maturity Date Carrying Value Marltet Value ALL STATE LIFE Al A+ 04/30/2013 2,004,379 2,086,180 BARCLAYS BANK AA3 A+ 12/15/2015 2,000,000 1,946,160 GENERAL ELECTRIC Al AA+ 05/09/2016 27,396,336 27,370,364 PROTECTIVE LIFE A2 AA-07/15/2012 3,000,000 2,995,860 WELLS FARGO A2 A+ 10/23/2012 1,003,570 1,017,530 * The City's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. All of these investments are paying interest at the required times. The principal of all investments are considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. EXHIBIT 10 CiTY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 31, 2012 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* ALL STATE LIFE 2,023.559.81 0.32% BARCLAYS BANK 2,000,000.00 0.32% BERKSHIRE HATHAWAY 19,421.409.77 3.09% GENERAL ELECTRIC CAP 27,753.861.07 4.41% HSBC BANK USA 5.000.000.00 0.80% JOHNSON & JOHNSON 1,017.457.28 0.16% MASS MUTUAL 3.607.914.95 0.57% MERCK & CO 5,498,750.00 0.87% MET LIFE GLOBAL FUND 22.244,146.45 3.54% MET LIFE OF CONNECTICUT 2,121,360.00 0.34% MICROSOFT 2,072,820.00 0.33% NEW YORK LIFE 11,847,794.90 1.88% PROTECTIVE LIFE 3,000,000.00 0.48% PROTER & GAMBLE 12,367,204.17 1.97% PROVIDENCE HEALTH 2.237,929.50 0.36% ROYAL BANK OF CANADA 4,086,150.00 0.65% 3M 2,121,417.76 0.34% SHELL INTERNATIONAL FIN 5,384.350.00 0.86% TOYOTA 9,023.645.00 1.43% WAL-MART 14,011,419.46 2.23% WELLS FARGO 1,042,814.41 0.17% WESTPAC BANKING CORP 5,000,000.00 0.80% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** FAMCA 1,015,908.69 0.16% FICO 4.703,555.32 0.75% FEDERAL FARM CREDIT BANK 63,078,046.47 10.03% FEDERAL HOME LOAN BANK 83,712,002.08 13.31% FEDERAL HOME LOAN MORTGAGE CORP 34,734,900.45 5.52% FEDERAL NATIONAL MORTGAGE ASSOC 122,771,895.86 19.52% TVA 4,099,415.64 0.65% U.S.TREASURY 2,062,109.25 0.33% Total Portfolio $628,852,345.95 No more than 5% may be invested with a single corporate issuer. 'There are no percentage limits on federal agency issuers.