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HomeMy WebLinkAbout2012-09-11; City Council; 21001; Report on City Investments July 31, 2012CITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 21.001 9/11/12 TRS REPORT ON CITY INVESTMENTS AS OF JULY 31, 2012 DEPT. HEAD CITYATTY. CITY MGR. RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The City's Investment Policy requires the City Treasurer to report to the City Council on a monthly basis the status of the City's pooled investment portfolio. A quarterly report is also required for the investments of bond proceeds held separately. The City's pooled investment portfolio as of the month ended July 31, 2012 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 606,623,484 620,564,676 Cost of Investments 614,655,750 628,587,917 Amortized Cost (1) 611,229,476 625,255,175 Market Value (2) 616,239,456 629,098,686 (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 7/31/12. The equity portion of the vanous 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 $14 million decrease between the June and July reports is due to the pre-payment of the 2012-13 employer contribution for CalPERS in July. FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED • CONTINUED TO DATE SPECIFIC • DENIED • CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER - SEE MINUTES COUNCIL RECEIVED THE J^OT REPORT/PRESENTATON AMENDED • OTHER - SEE MINUTES COUNCIL RECEIVED THE J^OT REPORT/PRESENTATON DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF JULY 31, 2012 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General Special Revenue $68 $ 52 Internal Service /""^^ ^ • o • * $34 f^r \ Capital Projects Agency/Trust $12 ^^kM] $ 299 Enterprise $146 Total Treasurer's Investment Portfolio at Amortized Cost July 31,2012 $611 million Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 1,158,195 0 1,158,195 'The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration May 2012 2.13 1.43% 2.050 June 2012 2.21 1.36% 2.128 July 2012 2.17 1.32% 2.105 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 Compahson Graph 4. Market Yield Curve 5. Cumulative Cash Income Graph 6. First Quarter Transactions 7. Detailed Investment Report 8. Fund Equity in Pooled Investments 9. Corporate Note and Commercial Paper Ratings 10. Percentage Weightings By Corporate Note Issuer CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JULY 31, 2012 BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS Ciass AMORTIZED COST Current Month Prior Month MARKET VALUE Current Month Prior Month Cash Income Year to Date AVERAGE YIELD Current Month Prior Month CD 8,937,418 8,689,693 8,969,847 8,720,001 5,073 0.84 0.84 FN 16,100,659 16,082,103 16,191,453 16,155,347 0 1.20 1.20 CP 0 0 0 0 0 0.00 0.00 TR 2,014,388 2,015,477 2,065,580 2,068,400 0 2.44 2.44 FA 280,935,180 295,919,697 283,648,828 298,435,170 401,196 1.53 1.53 CN 161,209,347 162,476,530 163,331,264 163,648,092 636,514 1.85 1.92 LAIF 136,688,239 136,673,563 136,688,239 136,673,563 115,350 0.36 0.36 CUSTODY 98,476 108,268 98,476 108,268 0 0.00 0.00 SWEEP 4,098,055 2,890,207 4,098,055 2,890,207 62 0.02 0.02 BANKACCT 1,147,715 399,638 1,147,715 399,638 0 0.02 0.02 TOTALS $611,229,476 $625,255,175 $616,239,456 $629,098,686 1,158,195 1.32% 1.36% CD - Certificate of Deposit TR - US Treasury LAIF - Local Agency Investment Fund FN - Federal Discount Notes CP - Corporate Paper FA - Federal Agency CN - Corporate Notes Custody - Investment Cash account SWEEP - General Fund Overnight Cash acccount Bank Account - General Fund Cash account W X H w H CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JULY 31,2012 BREAKDOWN OF MA TURITIES BY CLASSIFICA TIONAND LENGTH OF TIME CLASS WITHIN 6 MONTHS CD FN CP TR FA CN LAIF CUSTODY SWEEP BANK ACCT _ TOTALS % TOTALS Total within One Year 0 1,793,820 0 0 43,225,844 8,283,579 136,688,239 98,476 4,098,055 1,147,715 $195,335,726 (1) 31.8% 7 MONTHS TO 1 YEAR 0 1,882,080 0 0 15,483,542 12,322,440 0 0 0 0_ $29,688,061 (1) 4.8% $225,023,788 (1) 36.6% 1 TO 5 YEARS 8,937,154 11,980,845 0 2,062,109 224,784,867 141,866,988 0 0 0 0_ $389,631,962 63.4% TOTAL % TOTAL 8,937,154 15,656,745 0 2,062,109 283,494,252 162,473,006 136,688,239 98,476 4,098,055 1,147,715 $614,655,750 100.0% POLICY: (1) Not less than $133,000,000 to mature within one year. (2/3rds of current year operating budget of $199,430,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. 1.5% 2.6% 0.0% 0.3% 46.1% 26.4% (2) 22.2% 0.0% 0.7%) 0.2% 100.0% X H w H to YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1998-JULY 2012 """"""""""""""" mil 11 nil iiiiiiiiiiiininiiiiiiiiiiiii 1111111111111111 n 1111111111111111111111111111,, i,,,,, i,,,,,,, 11 ^^^^^^^^^^^^ M X! H H OJ MARKET YIELD CURVE 6/30/11,6/30/12,7/31/12 Market Rates 3Mth 2 Yr 5Yr 10 Yr 3Mth 2 Yr 5 Yr 10 Yr ->-06/30/2011 .01 .46 1.76 3.16 06/30/2012 .07 .25 0.62 1.45 -*"07/31/2012 .10 .21 0.58 1.47 X H Cd H Cumulative Cash Income Cumulative Millions $ 14 12 10 8 6 4 2 1.16 FY12-13 (July 2012) Monthly Interest Income Millions $ Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Interest Income --*—Budget Actual 8 7 6 5 2 1 X a H w H City of Carlsbad TRANSACTIONS FOR PERIOD: 07/01/12 TO 07/31/12 1ST QUARTER 2012-2013 Trans Investment Call Par Amount Return Investment Date Date Type Securitv Date Value Coupon (Cost) Rate Interest Return BUYS JULY 07/02/2012 07/05/2012 FA FHLMC 06/07/2013 1,000,000.00 1.150% 999,750.00 1.155% 56,855.56 1,056,605.56 07/02/2012 07/09/2012 CN CHEVRON N/A 1,750,000.00 3.950% 1,850,257.50 0.460% 13,798.75 1.864.056.25 07/11/2012 07/12/2012 FA FNMA 07/11/2014 4,000,000.00 1.100% 4,000,000.00 1.100% 219,877.78 4.219.877.78 06/27/2012 07/27/2012 CD FLUSHING SAVINGS BANH N/A 248,000.00 0.750% 247,628.00 0.800% 5,951.97 253.579.97 TOTAL FIRST QUARTER 2012-2013 6,998,000.00 7,097,635.50 0.930% 296.484.06 7.394,119.56 MATURITIES JULY 01/20/2010 FA FHLMC N/A 1,000,000.00 5.125% 1,092,760.00 1.320% 34,653.19 1.127.413.19 08/08/2008 FA FFCB N/A 2,000,000.00 3.950% 2,002,900.00 3.910% 310,466.67 2.313.366.67 03/24/2010 FA FHLB N/A 2,000,000.00 1.250% 2,000,352.89 1.243% 58,188.78 2.058.541.67 06/04/2000 FA FHLMC N/A 5,000,000.00 1.125% 5.004,198.09 1.085% 116,583.16 5,120,781.25 07/17/2008 CN PROTECTIVE LIFE N/A 3,000,000.00 5.050% 3,000,000.00 5.050% 605,158.33 3,605,158.33 AUGUST 12/24/2009 FA FNMA N/A 1,037,000.00 5.000% 1,127,519.73 1.567% 44.578.33 1,172,098.06 01/25/2010 FA FAMCA N/A 1,000,000.00 2.100% 1,015.908.69 1.460% 37.466.31 1.053,375.00 01/20/2010 FA FNMA N/A 1,000,000.00 1.750% 1,009.004.81 1.390% 35.717.41 1.044.722.22 03/16/2010 FA FNMA N/A 3,000,000.00 1.750% 3.034.050.00 1.268% 91,950.00 3.126.000.00 01/29/2009 FA FHLB N/A 2,000,000.00 4.625% 2,150,960.00 2.391% 176,901.11 2.327.861.11 12/24/2009 FA FHLB N/A 1,000,000.00 4.625% 1,078,810.00 1.567% 43,367.08 1.122.177.08 06/04/2010 FA FHLB N/A 1,000,000.00 2.400% 1,027,049.96 1.150% 25,683.37 1.052.733.33 06/04/2010 FA FHLB N/A 4,000,000.00 1.100% 4,000,013.10 1.100% 98,253.57 4.098,266.67 08/31/2007 CN JOHNSON & JOHNSON N/A 1,000.000.00 5.150% 1,017,457.28 4.750% 237,753.83 1,255,211.11 TOTAL FIRST QUARTER 2012-2013 28,037,000.00 28,560.984.55 2.034% 1.916.721.14 30,477.705.69 CALLS 09/23/2011 10/12/2011 FA FNMA 07/12/2012 4,000,000.00 1.250% 3,990.400.00 1.300% 259,600.00 4,250,000.00 07/19/2011 07/24/2011 FA FFCB 07/27/2012 3,500,000.00 1.550% 3,500,000.00 1.550% 217,000.00 3,717,000.00 04/26/2012 04/27/2012 FA FFCB 07/30/2012 2,400,000.00 0.950% 2.400.000.00 0.950% 90,630.00 2,490,630.00 TOTAL FIRST QUARTER 2012-2013 9,900,000.00 9.890.400.00 1.304% 567,230.00 10,457,630.00 w X H OC) INVESTMENT REPORT AS OF JULY 31,2012 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 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 X H dd H H3 INVESTMENT REPORT AS OF JULY 31,2012 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 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 05/08/2012 FA FNMA .55% CALL 2/27/14 ONE TIME 3,000,000.00 3,002.700.00 0.518% 43,545.83 3,046,245.83 1,025 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 02/23/2012 FA FHLB .55% NON-CALL 5,000,000.00 5,000,000.00 0.550% 88,763.89 5,088,763.89 1,177 05/29/2012 FA FNMA .65% CALL 5/29/13 ONE TIME 5,000,000.00 5,000,000.00 0.650% 97,500.00 5,097,500.00 1,095 03/30/2011 FA FHLB 2.0% NON-CALL 2,000,000.00 1,999,000.00 2.012% 174,333.33 2,173,333.33 1,583 04/04/2011 FA FHLB 2.0% NON-CALL 2,000,000.00 2,000,000.00 2.000% 176,000.00 2,176,000.00 1,607 09/14/2010 FA FHLB 1.74% CALL 9/14/12 2,000,000.00 2,000,000.00 1.740% 174,000.00 2,174,000.00 1,826 09/21/2010 FA FNMA 2.0% CALL 3/21/11 2,000,000.00 2,000,000.00 2.000% 200,000.00 2,200,000.00 1,826 10/28/2010 FA FNMA 1.50% CALL 4/28/11 2,000,000.00 1,999,000.00 1.510% 151,000.00 2,150,000.00 1,826 06/04/2012 FA FNMA .71% CALL 6/4/13 QRTLY 3,900,000.00 3,900,000.00 0.710% 96,915.00 3,996,915.00 1,278 06/20/2012 FA FNMA 2.00% NON-CALL 4,000,000.00 4,186,600.00 0.660% 95,622.22 4,282,222.22 1,288 06/04/2012 FA FFCB .77% CALL 8/1/12 CONT 3.000,000.00 3,000,000.00 0.770% 84,507.50 3,084,507.50 1,337 03/01/2012 FA FNMA .50% QRTLY CALL STEP 3,000,000.00 2,999,700.00 1.317% 156,841.67 3,156,541.67 1,439 06/01/2012 FA FNMA .50% CALL 5/17/13 QRTLY STEP 4,000.000.00 3,999,800.00 1.102% 164,422.22 4,164,222.22 1,356 02/22/2012 FA FFCB .85% CALL 2/22/13 5,000,000.00 5,000,000.00 0.850% 170,000.00 5,170,000.00 1,461 02/24/2012 FA FHLMC .85% ONE CALL 2/24/14 3,000,000.00 2,995,500.00 0.890% 106,500.00 3,102,000.00 1,461 06/20/2012 FA FNMA 2.25% NON-CALL 5,000,000.00 5,285,278.17 0.700% 135,034.33 5,420,312.50 1,364 06/27/2012 FA FFCB .80% CALL 6/21/13 CONTINOUS 5,000,000.00 5,002,500.00 0.786% 146,833.33 5,149,333.33 1,363 04/27/2011 FA FHLB 2.5% NON-CALL 2,000,000.00 2,000,000.00 2.500% 250,000.00 2,250,000.00 1,827 08/15/2011 FA FFCB 1.75% CALL 8/15/12 CONT 2,000,000.00 2,000,000.00 1.750% 175,000.00 2,175,000.00 1,827 08/22/2011 FA FFCB 1.5% CALL 8/22/12 CONT 2,000,000.00 2,000,000.00 1.500% 150,000.00 2,150,000.00 1,827 08/29/2011 FA FHLB 1.0% CALL 8/24/12 QRTLY STEP 3,000,000.00 3,000,000.00 1.735% 262,083.33 3,262,083.33 1,822 10/06/2011 FA FFCB 1.30% NON-CALL 5,000,000.00 5,000,000.00 1.300% 325,000.00 5,325,000.00 1,827 10/11/2011 FA FFCB 1.370% CALL 10/11/12 CONT 5,000,000.00 5,000,000.00 1.370% 342,500.00 5,342,500.00 1,827 10/24/2011 FA FNMA 1.70% CALL 10/24/12 QRTLY 5,000.000.00 5,000,000.00 1.700% 425,000.00 5,425,000.00 1,827 10/26/2011 FA FNMA 1.125% CALL 10/26/12 QRTLY STEP 5,000,000.00 5,000,000.00 1.810% 462,500.00 5,462,500.00 1,827 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 06/06/2012 FA FNMA 1.0% CALL 5/23/13 QRTLY 2,000,000.00 1,999,000.00 1.011% 90,277.78 2,089,277.78 1,631 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 04/11/2012 FA FNMA .75% ANNUAL CALL STEP 4,000,000.00 3,998,000.00 1.528% 296,083.33 4,294,083.33 1,755 INVESTMENT REPORT AS OF JULY 31,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 05/21/2012 FA FNMA 1.10% QRTLY CALL 4,000,000.00 3,988,000.00 1.165% 221,000.00 4,209,000.00 1,737 05/24/2012 FA FNMA 1.150% ONE CALL 2/28/14 2,050,000.00 2,050,000.00 1.150% 112,243.19 2,162,243.19 1,741 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 04/26/2012 FA FNMA 1.2% QRTLY CALL 4,000,000.00 4,000,000.00 1.200% 233,600.00 4,233,600.00 1,777 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 05/03/2012 FA FNMA 1.01% STEP CALL 3/28/13 ANNUAL 1,655,000.00 1,655,000.00 1.304% 106,280.88 1,761,280.88 1,790 04/26/2012 FA FFCB 1.20% CALL 4/25/13 CONTINUOUS 3,000,000.00 2,998,200.00 1.200% 181,700.00 3,179,900.00 1,825 05/10/2012 FA FNMA 1.30% CALL 5/10/13 QRTLY 5,000,000.00 5,000,000.00 1.300% 325,000.00 5,325,000.00 1,826 06/04/2012 FA FNMA .625% CALL 5/17/13 ANNUAL STEP 4,000,000.00 4,000,000.00 1.566% 313,819.44 4,313,819.44 1,808 05/24/2012 FA FHLMC 1.2% CALL 5/24/13 QRTLY 5,000,000.00 4,995,000.00 1.221% 305,000.00 5,300,000.00 1,826 05/30/2012 FA FHLMC 1.2% CALL 5/30/14 QRTLY 5,000,000.00 5,000,000.00 1.200% 300,000.00 5,300,000.00 1,826 06/07/2012 FA FHLMC 1.30% CALL 6/7/13 QRTLY 4,000,000.00 4,000,000.00 1.300% 260,000.00 4,260,000.00 1,826 07/05/2012 FA FHLMC 1.150% CALL 6/7/13 QRTLY 1,000,000.00 999,750.00 1.155% 56,855.56 1,056,605.56 1,798 07/12/2012 FA FNMA 1.1% CALL 7/11/14 QRTLY 4,000,000.00 4,000,000.00 1.100% 219,877.78 4,219,877.78 1,825 SUB-TOTAL 279,639,000.00 283,494,251.75 1.525% 18,552,163.89 302,046,415.64 - 03/02/2009 FN FICOO.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 FICOO.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 FNMA0% 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 296,015,000.00 299,150,996.38 19,586,399.63 318,737,396.01 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 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 TYPE 12/28/2010 CN 04/24/2008 CN 05/07/2008 CN 05/12/2009 CN 05/30/2008 CN 05/09/2008 CN 02/11/2011 CN 12/23/2008 CN 05/12/2009 CN 07/18/2011 CN 07/09/2012 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 10/28/2011 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 03/09/2012 CN 02/08/2012 CN INVESTMENT REPORT AS OF JULY 31,2012 SECURITY ROYAL BANK OF CANADA 2.25% NON-CALL MET LIFE GLOBAL FUNDING 5.125% NON-CALL MET LIFE GLOBAL FUNDING 5.125% NON-CALL WAL-MART 4.250% NON-CALL 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 CHEVRON 3.9% 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 METLIFE GLOBAL 2.00% 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 MET LIFE GLOBAL FUNDING 3.125% NON-CALL GENERAL ELECTRIC 1.55% NON-CALL FLOATER PAR INVESTED RETURN INVESTMENT TERM VALUE AMOUNT RATE INTEREST RETURN (Davs) 2,000,000.00 2,047,930.00 1.150% 51,695.00 2,099,625.00 808 1,000,000.00 1,003,232.48 5.050% 251,024.46 1,254,256.94 1,812 2,000,000.00 2,019,402.04 4.900% 485,410.46 2,504,812.50 1,799 1,000,000.00 1,047,829.91 2.950% 118,982.59 1,166,812.50 1,434 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% 58,733.33 2,208,733.33 818 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 1,750,000.00 1,850,257.50 0.460% 13,798.75 1,864,056.25 602 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 1,475,000.00 1,490,888.40 1.500% 49,011.60 1,539,900.00 1,078 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% 154,062.17 1,849,309.90 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 3,000,000.00 3,169,646.15 1.600% 190,249.68 3,359,895.83 1,403 5,000.000.00 5,000,000.00 1.390% 227,500.00 5,227,500.00 1,461 INVESTMENT REPORT AS OF JULY 31,2012 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 04/18/2012 CN 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 06/05/2012 CN HSBC BANK USA 1.925% FLOATER 5,000,000.00 5,000,000.00 1.507% 380.000.00 5,380,000.00 1,826 SUB-TOTAL 157,634,000.00 162,473,006.17 1.850% 12,636,142.63 175,109,148.80 1,492 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 06/13/2012 CD SOVEREIGN BANK .65% 248,000.00 248,000.00 0.650% 3,224.00 251,224.00 730 04/16/2012 CD BANK OF GEORGETOWN 1.0% 249,000.00 249,000.00 1.000% 5,402.96 254,402.96 792 06/20/2012 CD FIRST NATL BANK OMAHA NEB .70% 249.000.00 249,000.00 0.700% 3,486.00 252,486.00 730 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 09/23/2011 CD BMW BANK OF NORTH AMERICA 1.35% 248,000.00 248,000.00 1.350% 10,053.17 258,053.17 1,096 04/30/2012 CD STERLING SAVINGS BANK .75% 248.000.00 248,000.00 0.750% 4,749.36 252,749.36 932 04/20/2012 CD PLUS INTERNATIONAL .85% 249,000.00 249,000.00 0.850% 5,520.35 254,520.35 952 06/08/2012 CD HUNTINGTON NATL BANK .75% 248,000.00 248,000.00 0.750% 4,652.55 252,652.55 913 01/11/2012 CD SALLIE MAE BANK 1.35% 248,000.00 248,000.00 1.350% 9,869.73 257,869.73 1,076 01/11/2012 CD BARCLAYS BANK DELAWARE 1.25% 248,000.00 248,000.00 1.250% 9,308.49 257,308.49 1,096 INVESTMENT REPORT AS OF JULY 31,2012 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 05/09/2012 CD GEORGIA BANK & TRUST .70% 248,000.00 247,628.00 0.750% 5,589.51 253,217.51 1,097 01/23/2012 CD LCA BANK CORPORATION .85% 248,000.00 248,000.00 0.850% 7,375.11 255,375.11 1,277 07/27/2012 CD FLUSHING SAVINGS BANK 75% 248,000.00 247,628.00 0.800% 5,951.97 253,579.97 1,095 09/15/2011 CD BANK OF THE WEST 1.4% 249,000.00 249,000.00 1.400% 13,943.96 262,943.96 1,460 12/02/2011 CD MIDLAND STATES BANK 1.25% 249,000.00 249,000.00 1.250% 12,450.00 261,450.00 1,461 01/25/2012 CD NATIONAL REPUBLIC BANK 1.0% 249,000.00 249,000.00 1.000% 9,966.87 258,966.87 1,461 02/10/2012 CD CARDINAL BANK MCLEAN VA .90% 249,000.00 249,000.00 0.900% 8,970.06 257,970.06 1,461 05/04/2012 CD HERITAGE BANK OF COMMERCE .80% 249,000.00 248,004.00 0.900% 8,953.05 256,957.05 1,459 05/18/2012 CD NORTH JERSEY COMMUNITY .85% 248,000.00 247,008.00 0.950% 9,429.77 256,437.77 1,461 05/22/2012 CD STATE BANK & TRUST CO MACON, GA .80% 249,000.00 248,004.00 0.900% 8,974.88 256,978.88 1,462 05/31/2012 CD CRESCENT BANK & TRUST .90% 249,000.00 248,502.00 0.950% 9,468.06 257.970.06 1,461 02/28/2012 CD MERCANTILE BANK OF MICHIGAN .15% 248,000.00 247,380.00 1.150% 14,895.62 262,275.62 1,827 SUB-TOTAL 8.942.000.00 8,937,154.00 0.838% 274,106.99 9,211,260.99 1,110 0 WELLS FARGO BANK 1,147,349.00 1,147,349.00 0.020% 0.63 1,147,349.63 0 CORPORATE CASH MANAGEMENT ACCOUNT 4,098,054.73 4,098,054.73 0.020% 2.25 4,098,056.98 1 O LIBRARY ACCOUNT 365.53 365.53 0.000% -365.53 1 0 UNION TRUST 98,475.78 98,475.78 0.000% 0.00 98,475.78 1 0 LAIF WATER DISTRICT 32,188,000.00 32,188,000.00 0.360% 321.88 32,188,321.88 1 0 LAIF PUBLIC IMPROVEMENT CORPORATION 29,097,364.36 29,097,364.36 0.360% 290.97 29,097,655.33 1 0 LAIF PUBLIC FINANCING CORPORATION 37,308,486.81 37,308,486.81 0.360% 373.08 37,308,859.89 1 0 LAIF CITY OF CARLSBAD 38,094,387.77 38,094,387.77 0.360% 380.94 38,094,768.71 1 SUB-TOTAL 142,032,483.98 142,032,483.98 0.347% 1,369.76 142,033.853.74 GRAND TOTAL 606,623,483.98 614,655,749.78 1.324% 32,738,589.00 647,394,338.78 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF JULY 31, 2012 Cash Balance by Fund: General 68,138,056 Special Revenue 52,745,911 Debt Service 0 Capital Projects: General Capital Construction 53,721,107 Traffic Impact Fees 19,772,535 Public Facilities Fees 49,421,185 Park Development 3,913,414 Transnet Taxes 6,934,470 Drainage Fees 5,547,502 Special Districts 80,282,862 Infrastructure Replacement 76,583,703 Redevelopment (see Trust Funds) 0 Other Capital Construction 2,698,998 Total 298,875,777 Enterprise: Carlsbad Municipal Water District 83,834,209 Sewer Fund 52,246,857 Solid Waste 7,313,660 Storm Water 3,112,415 Golf Course 172,430 Total 146,679,571 Internal Service 33,973,538 Agency Funds 5,457,412 Trust Funds 7,013,648 Total General Ledger Balance ** 612,883,914 Reconciling Adjustments (1) (1,654,437) Total Treasurer's Investment Portfolio at Amortized Cost 611,229,476 (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 8/07/12 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of July 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+ CHEVRON AA1 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 AA ROYAL BANK OF CANADA AA1 AA- 3M AA2 AA- SHELL INTERNATIONAL AA1 AA TOYOTA AA3 AA- WAL-MART AA2 AA WESTPAC BANKING CORP AA2 AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by both Moody's and S&P) (Ratings of other debt must be AA or better by Moody's and S&P) NONE Investments with Subsequent Changes in Credit Rating * Latest Carrying Market Moodv's S&P Maturitv Date Value Value ALL STATE LIFE Al A+ 04/30/2013 2,003,581 2,073,920 BARCLAYS BANK AA3 A+ 12/15/2015 2,000,000 1,959,800 GENERAL ELECTRIC Al AA+ 05/09/2016 23,390,537 23,633,324 WELLS FARGO A2 A+ 10/23/2012 1,002,062 1,011,480 * 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 JULY 31, 2012 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* ALL STATE LIFE 2,023,559.81 0.33% BARCLAYS BANK 2,000,000.00 0.33% BERKSHIRE HATHAWAY 19,421,409.77 3.16% CHEVRON 1,850,257.50 0.30% GENERAL ELECTRIC CAP 23,492,605.25 3.82% HSBC BANK USA 10,000,000.00 1.63% 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 3.62% MET LIFE OF CONNECTICUT 2,121,360.00 0.35% MICROSOFT 2,072,820.00 0.34% NEW YORK LIFE 11,847,794.90 1.93% 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 0.35% SHELL INTERNATIONAL FIN 5,384,350.00 0.88% TOYOTA 9,023,645.00 1.47% WAL-MART 14,011,419.46 2.28% 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 Portfolio** FAMCA 1,015,908.69 0.17% FICO 4,703,555.32 0.77% FEDERAL FARM CREDIT BANK 55,918,275.98 9.10% FEDERAL HOME LOAN BANK 66,623,974.35 10.84% FEDERAL HOME LOAN MORTGAGE CORP 29,637,692.36 4.82% FEDERAL NATIONAL MORTGAGE ASSOC 137,152,174.03 22.31% TVA 4,099,415.64 0.67% U.S.TREASURY 2,062,109.25 0.34% Total Portfolio $614,655,749.78 No more than 5% may be invested with a single corporate issuer. *There are no percentage limits on federal agency issuers. 17