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HomeMy WebLinkAbout2014-03-25; City Council; 21542; Report on City Investments as of February 28, 2014CITY OF CARLSBAD - AGENDA BILL 8 AB# 21.542 REPORT ON CITY INVESTMENTS DEPT. HEAD MTG. 3/25/14 AS OF FEBRUARY 28, 2014 CITY ATTY. my DEPT. TRS CITY MGR. RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The City's Investment Policy requires the City Treasurer to report to the City Council on a monthly basis the status of the City's pooled investment portfolio. A quarterly report is also required for the investments of bond proceeds held separately. The City's pooled investment portfolio as of the month ended February 28, 2014 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 643,272,758 644,214,312 Cost of Investments 648,995,757 649,960,548 Amortized Cost (1) 645,572,341 646,633,118 Market Value (2) 646,725,510 647,526,088 (1) The cost of investments adjusted for amortized premiums and discounts. (2) The amount at which the investments could be sold. Source of market values is Union Bank of California's custodial report as of 2/28/14. The equity portion of the various funds in the total portfolio is summarized in the graph below. Fund balances are restricted for various purposes. See Exhibit 8 for a more detailed breakdown. FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) $88 Special Revenue General $ 45 Internal Service $37 Agency/Trust $15 Enterprise $154 Capital Projects $294 Total Treasurer's Investment Portfolio at Amortized Cost February 28,2014 $643 million FOR CITY CLERKS USE ONL Y. COUNCIL ACTION: APPROVED CONTINUED TO DATE SPECIFIC • DENIED • CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER-SEE MINUTES • AMENDED • DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan(S).carlsbadca.gov PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF FEBRUARY 28. 2014 Pooled Investment Interest Income Current Month FYTD Prior Month FYTD Current Month Income Cash Income Fiscal Year-to-Date * 5,581,577 5,034,638 546,939 'The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life (Years) Average Yield To Maturity Modified Duration December 2013 2.24 1.038% 2.169 January 2014 2.26 1.057% 2.199 February 2014 2.22 1.061% 2.151 All pooled investments have been made in accordance with the City's Investment Policy adopted January 2, 1985 and last revised November 19, 2013. 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. iXHIBITS 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 Third 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 FEBRUARY 28, 2014 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 15,560,345 15,559,968 15,561,661 15,562,653 105,008 0.91 0.91 FN 8,191,818 8,183,796 8,225,188 8,223,913 0 0.99 0.99 TR 1,976,485 1,975,958 1,972,960 1,969,380 20,625 0.85 0.85 FA 325,427,489 329,993,995 324,993,549 329,435,845 2,452,967 1.18 1.16 CN 169,763,446 169,875,090 171,319,395 171,289,985 2,747,062 1.46 1.46 LAIF 120,882,903 117,677,829 120,882,903 117,677,829 255,468 0.24 0.25 CUSTODY 3,104 108,425 3.104 108,425 9 0.00 0.00 SWEEP 3,362,573 2,524,980 3,362,573 2,524,980 438 0.02 0.02 BANKACCT 404,178 733,078 404,178 733,078 0 0.02 0.02 TOTALS $645,572,341 $646,633,118 $646,725,510 $647,526,087 5,581,577 1.06% 1.06% CD - Certificate of Deposit FN - Federal Discount Notes 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 td X H tD H H3 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 28, 2014 BREAKDOWN OF MATURITIES BY CLASSIFICA TION AND LENGTH OF TIME CLASS WITHIN 6 MONTHS CD FN TR FA CN LAIF CUSTODY SWEEP BANK ACCT _ TOTALS % TOTALS Total within One Year 2,731,000 5,461,604 0 11,646,159 11,945,312 120,882,903 3,104 3,362,573 404,178 $156,436,833 (1) 24.1% 7 MONTHS TO 1 YEAR 4,172,673 2,419,825 0 11,279,361 23,090,876 0 0 0 0_ $40,962,735 (1) 6.3% $197,399,568 (1) 30.4% 1 TO 5 YEARS 8,650,178 0 1,974,620 303,557,653 137,413,738 0 0 0 0_ $451,596,189 69.6% TOTAL % TOTAL 15,553,852 7,881,429 1,974,620 326,483,173 172,449,925 120,882,903 3,104 3,362,573 404,178 $648,995,757 100.0% POLICY: (1) Not less than $ 140,781,000 to mature within one year. (2/3rds of current year operating budget of $211,172,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. 2.4% 1.2% 0.3% 50.3% 26.6% (2) 18.6% 0.0% 0.5% 0.1% 100.0% M X H da H 6.75 6.50 6.25 6.00 5.75 5.50 5.25 5.00 4.75 4.50 4.25 4.00 3.75 3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 0.00 YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 1999 - FEBRUARY 2014 I I M I I I I I M I I I I I I I I I I M I I I I I I I I I I I I I M I I I I I I I I I I I I I M M I I I I I I I I I I I M N I I I I I I I M I I I I I I I I I I I I I I I I I I I I I I I I I I I I I M I I I M I I I I I I I I I I I I I I I I M X ffi H OJ MARKET YIELD CURVE 6/30/12, 6/30/13, 2/28/14 Market Rates 3Mth 2 Yr 5Yr 10 Yr 3 Mth 2 Yr 5 Yr 10 Yr -»-06/30/2012 .07 .25 0.62 1.45 06/30/2013 .03 .36 1.40 2.49 -02/28/2014 .05 .70 1.50 2.65 td X H dd H Cumulative Cash Income Cumulative Millions $ 10 9 8 7 6 5 2 1 FY13-14 (February 2014) Monthly Interest Income Millions $ Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun i~iInterest Income --^-Budget Actual YTD td X ffi H dd H Ul TRANSACTIONS FOR PERIOD: 01/01/14 TO 02/28/14 2nd QUARTER 2013-2014 Trans Investment Call Par Amount Return Investment Date Date Type Securitv Date Value Coupon (Cost) Rate Interest Return BUYS JANUARY 01/14/2014 01/15/2014 FA FHLB 03/27/2014 1,450,000.00 0.625% STEP 1,442,025.00 1.200% 60,084.37 1,502,109.37 01/09/2014 01/30/2014 FA FHLB 04/30/2014 1,500,000.00 1.050% 1,500,000.00 1.050% 63,000.00 1,563,000.00 01/15/2014 01/23/2014 FA FFCB N/A 2,000,000.00 1.160% 1,995,000.00 1.229% 92,000.00 2,087,000.00 01/09/2013 01/30/2014 FA FHLMC 07/30/2014 2,000,000.00 1.550% 1,997,900.00 1.576% 126,100.00 2,124,000.00 01/14/2014 01/15/2014 FA FHLMC 01/30/2015 1,000,000.00 1.100% 980,870.00 1.538% 69,088.33 1,049,958.33 01/15/2014 01/16/2014 FA FFCB 01/23/2014 1,500,000.00 1.340% 1,474,500.00 1.718% 119,858.33 1,594,358.33 01/15/2014 01/16/2014 FA FHLMC 09/24/2014 2,250,000.00 1.200% 2,196,562.50 1.729% 180,037.50 2,376,600.00 01/07/2014 01/08/2014 FA FFCB 01/14/2014 1,750,000.00 1.250% 1,705,900.00 1.808% 147,641.67 1,853,541.67 01/14/2014 01/15/2014 FA FHLMC 11/20/2014 1,700,000.00 0.875% STEP 1,700,000.00 1.918% 158,802.43 1,858,802.43 01/07/2014 01/14/2014 FA FFCB 01/14/2015 3,000,000.00 1.920% 3,000,000.00 1.920% 288,000.00 3,288,000.00 01/15/2014 01/30/2014 FA FHLB 07/30/2014 2,500,000.00 0.5% STEP 2,500,000.00 2.067% 259,375.00 2,759,375.00 FEBRUARY 02/13/2014 02/26/2014 FA FHLB 02/26/2015 2,500,000.00 0.5% STEP 2,500,000.00 1.826% 262,500.00 2,762,500.00 02/24/2014 02/25/2014 FA FHLB 05/21/2014 2,500,000.00 0.5% STEP 2,500,000.00 1.597% 140,486.11 2,640,486.11 02/20/2014 02/28/2014 FA FHLB 05/28/2014 2,500,000.00 1.05% STEP 2,500,000.00 2.125% 270,000.00 2,770,000.00 MARCH 02/27/2014 03/19/2014 FA FHLMC 03/19/2015 2,500,000.00 1%STEP 2,500,000.00 1.848% 245,375.00 2,745,375.00 TOTAL THIRD QUARTER 2013-2014 30,650,000.00 30,492,757.50 1.722% 2,482,348.74 32,975,106.24 MATURITIES JANUARY 07/18/2011 CN GENERAL ELECTRIC N/A 2,000,000.00 2.10% 2,037,760.00 1.320% 65,956.67 2,103,716.67 10/28/2011 CN METLIFE GLOBAL N/A 1,475,000.00 2.00% 1,490,888.40 1.500% 49,011.60 1,539,900.00 FEBRUARY 02/12/2010 FA FFCB N/A 1,000,000.00 3.00% 1,028,536.49 2.250% 91,463.51 1,120,000.00 MARCH 03/24/2010 FA FHLB N/A 3,000,000.00 2.50% 3,016,423.52 2.363% 300,034.82 3,316,458.34 TOTAL THIRD QUARTER 2013-2014 7,475,000.00 7,573,608.41 1.897% 506,466.60 8,080,075.03 CALLS JANUARY NONE FEBRUARY 10/17/2013 FA FHLB 02/14/2014 2,000,000.00 1.45% 1,996,500.00 1.495% 119,500.00 2,116,000.00 05/08/2012 FA FNMA 02/27/2014 3,000,000.00 0.55% 3,002,700.00 0.518% 43.545.83 3,046,245.83 02/24/2012 FA FHLMC 02/24/2014 3,000,000.00 0.85% 2,995,500.00 0.890% 106,500.00 3,102,000.00 07/18/2013 FA FNMA 02/28/2014 1,000,000.00 1.00% 1,000,000.00 1.000% 33,611.11 1,033,611.11 05/24/2012 FA FNMA 02/28/2014 2,050,000.00 1.15% 2,050,000.00 1.150% 112,243.19 2,162,243.19 TOTAL THIRD QUARTER 2013-2014 11,050,000.00 11,044,700.00 0.956% 415,400.13 11,460,100.13 M X ffi H dd H cn INVESTMENT REPORT AS OF FEBRUARY 28,2014 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 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 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 08/08/2012 FA FAMCA .55% NON-CALL 5,000,000.00 5,011,500.00 0.470% 68,250.00 5.079,750.00 1,058 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 09/21/2010 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 12/24/2013 FA FFCB .350% CALL 3/24/14 CONT 2,000,000.00 1,999,000.00 0.375% 15,000.00 2,014,000.00 730 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 02/01/2013 FA FFCB .4% NON-CALL 5,000,000.00 4,998,750.00 0.484% 61,250.00 5,060,000.00 1.095 03/28/2013 FA FHLB .500% CALL 8/19/13 CONT 4,000,000.00 4,000,000.00 0.500% 57,833.33 4,057,833.33 1.058 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 09/24/2013 FA FNMA 1.35% CALL 3/24/14 QRTLY 3,000,000.00 2,994,000.00 1.409% 147,750.00 3,141,750.00 1.277 03/28/2013 FA FNMA .50% CALL 3/28/14 ONE TIME 4,000,000.00 4,000,000.00 0.500% 60,000.00 4,060,000.00 1.096 10/18/2012 FA FFCB .50% CALL 1/18/13 CONTINUOUS 5,000,000.00 4,996,250.00 0.522% 91,250.00 5,087,500.00 1.278 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 06/20/2013 FA FHLMC .57% CALL 12/20/13 QRTLY 4,000,000.00 3,984,400.00 0.702% 84,000.00 4.068.400.00 1,096 09/12/2013 FA FFCB .95% NON-CALL 1,000,000.00 995,570.00 1.100% 33,009.17 1,028,579.17 1,099 01/11/2013 FA FHLMC .75% CALL 4/5/13 QRTLY 4,000,000.00 4,002,320.00 0.730% 109,680.00 4,112,000.00 1,363 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 10/17/2013 FA FFCB .83% CALL 10/17/14 Cont 2,000,000.00 1,999,000.00 0.840% 50.800.00 2,049,800.00 1,096 12/05/2012 FA FFCB .65% CALL 1/24/13 CONTINUOUS 2,266,000.00 2,265,433.50 0.657% 57.805.03 2.323.238.53 1.419 05/28/2013 FA FNMA .50% CALL 5/28/14 QRTYLY 5,000,000.00 4,997,500.00 0.514% 90.000.00 5.087.500.00 1.280 11/27/2012 FA FHLB .55% BULLET 5,000,000.00 5,000,000.00 0.550% 112,291.67 5.112.291.67 1.491 12/27/2012 FA FFCB .60% BULLET 3,000,000.00 3,000,000.00 0.600% 90,000.00 3.090.000.00 1.461 04/30/2013 FA FHLB .50% ONE CALL 6/30/15 4,000,000.00 4,000,000.00 0.500% 73,333.33 4,073,333.33 1.340 01/03/2013 FA FHLMC .60% BULLET 3,000,000.00 2,998,500.00 0.613% 73,500.00 3,072,000.00 1.461 01/30/2014 FA FHLB 1.05% CALL 4/30/14 QRTLY 1,500,000.00 1,500,000.00 1.050% 63,000.00 1.563.000.00 1.096 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 11/27/2013 FA FNMA ..875% CALL 6/27/14 QRTYLY 4,500,000.00 4,498,875.00 0.883% 132,375.00 4,631,250.00 1.216 09/06/2013 FA FHLMC .70% CALL 5/8/15 ONE TIME 5,000,000.00 4,855,000.00 1.515% 273,527.78 5,128,527.78 1.340 11/27/2013 FA FNMA 1.00% CALL 5/22/14 QRTLY 1,590,000.00 1,590,000.00 1.000% 55,429.17 1.645.429.17 1.272 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 08/16/2012 FA FHLB .875% NON-CALL 4,000,000.00 4,000,000.00 0.875% 169,166.67 4.169.166.67 1.765 10/10/2013 FA FHLMC 1.0% CALL 6/20/14 QRTLY 3,000,000.00 2,973,000.00 1.250% 137,833.33 3.110,833.33 1.349 01/15/2014 FA FHLB .625% CALL 3/27/14 QRTLY STEP 1,450,000.00 1,442,025.00 1.200% 60.084.37 1,502,109.37 1.259 10/30/2013 FA FNMA .075% CALL 12/28/13 QRTLY 2,000,000.00 1,978,600.00 1.049% 76.316.67 2,054,916.67 1.337 td X ffi H dd H 1-3 INVESTMENT REPORT AS OF FEBRUARY 28,2014 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 10/30/2013 FA FNMA .85% CALL 01/26/14 QRTLY STEP 1,500,000.00 1,499,625.00 1.383% 78.045.83 1.577.670.83 1,365 11/20/2013 FA FFCB .700% CALL 11/26/13 QRTLY 2,000,000.00 1.975.000.00 1.043% 77.072.22 2.052,072.22 1.358 08/14/2012 FA FNMA 1.0% CALL 8/14/13 QRTLY 5,000,000.00 5,000,000.00 1.000% 250,000.00 5.250.000.00 1.826 02/25/2014 FA FHLB .50% CALL 5/21/14 QRTLY STEP 2,500,000.00 2,500.000.00 1.597% 140,486.11 2.640.486.11 1.273 12/11/2012 FA FNMA .70% CALL8/22/13 QRTLY STEP 2,800.000.00 2.803.889.20 0.700% 132,976.36 2,936,865.56 1,715 09/18/2013 FA FFCB 1.70% CALL 9/18/14 CONT 3,000,000.00 3,000,000.00 1.700% 204,000.00 3,204,000.00 1,461 09/27/2012 FA FNMA 0.70% CALL 9/27/13 QRTLY STEP 5,000,000.00 5.000.000.00 1.165% 293,750.00 5,293,750.00 1,826 10/18/2012 FA FFCB .87% CALL 10/18/13 CONT 5,000,000.00 4.998.500.00 0.876% 219,000.00 5,217,500.00 1,826 10/18/2012 FA FNMA 0.70% CALL 10/18/13 QRTLY STEP 5,000.000.00 5,000,000.00 1.100% 275.000.00 5,275.000.00 1,826 01/23/2014 FA FFCB 1.160% NON-CALL 2.000,000.00 1.995,000.00 1.229% 92.000.00 2,087,000.00 1,369 12/19/2012 FA FHLB 1.0% CALL 5/9/13 MONTHLY 3,000,000.00 2,999.400.00 1.000% 147.266.67 3,146,666.67 1,786 11/27/2012 FA FNMA 0.90% CALL 11/27/13 QRTLY 4,000,000.00 4,000,000.00 1.100% 180,000.00 4,180.000.00 1,826 02/19/2013 FA FFCB .87% CALL 11/27/13 CONT 2,000,000.00 1,985,000.00 1.030% 98,036.67 2.083.036.67 1,742 05/28/2013 FA FHLMC .75% CALL 5/28/15 ONE TIME 5,000,000.00 5.000,000.00 0.750% 168,750.00 5,168.750.00 1,645 03/06/2013 FA FNMA 1.0% CALL 3/6/15 ONE TIME 3.050.000.00 3,050.000.00 1.000% 144,875.00 3,194,875.00 1.736 12/03/2012 FA FHLB 2.625% NON-CALL 3.000.000.00 3,270.090.00 0.790% 124,753.75 3.394.843.75 1.831 12/27/2013 FA FHLMC .50% CALL 6/27/14 QRTLY STEP 3,000,000.00 3,000,000.00 2.400% 292,500.00 3.292,500.00 1.461 12/28/2012 FA FHLB .95% CALL 6/28/13 MONTHLY 5,000.000.00 5,000,000.00 0.950% 237,500.00 5,237,500.00 1,826 01/22/2013 FA FHLMC .95% CALL 1/22/15 QRTLY 3,350,000.00 3,341.826.00 1.000% 167,299.00 3,509,125.00 1.826 01/25/2013 FA FAMCA .93% NON-CALL 5,000,000.00 5.004.870.00 0.910% 227,500.83 5.232,370.83 1.825 01/30/2013 FA FHLB 1.00% CALL 7/30/13 QRTLY 5,000,000.00 5,000.000.00 1.000% 250,000.00 5,250.000.00 1.826 01/30/2013 FA FHLB 1.00% CALL 7/30/13 QRTLY 5,000,000.00 5,000,000.00 1.000% 237,500.00 5,237,500.00 1.826 02/01/2013 FA FAMCA 1.05% NON-CALL 5,000,000.00 5,000.000.00 1.000% 262,354.17 5,262,354.17 1,824 01/30/2014 FA FHLMC 1.55% CALL 7/30/14 QRTLY 2,000,000.00 1,997.900.00 1.576% 126,100.00 2.124,000.00 1,461 02/05/2013 FA FHLB 1.00% CALL 8/5/13 CONT 5,000,000.00 4,987,500.00 1.050% 262,500.00 5.250.000.00 1,826 05/08/2013 FA FHLB 1.10% CALL 2/20/14 CONT 1,000,000.00 1,000,774.00 1.080% 51,842.67 1,052.616.67 1.749 03/12/2013 FA FFCB 1.03% CALL 3/12/14 CONT 5,000,000.00 4,991,500.00 1.065% 266,000.00 5,257,500.00 1,826 05/07/2013 FA FHLB 1.00 CALL 3/20/15 CONT 3,000,000.00 3,000,000.00 1.000% 146,083.33 3,146,083.33 1,778 05/07/2013 FA FHLB 1.05 CALL 9/20/13 CONT 3,000,000.00 3,000,000.00 1.050% 153,387.50 3,153,387.50 1,778 04/17/2013 FA FHLMC 1.10% CALL 4/17/14 QRTLY 5.000,000.00 4,993,750.00 1.126% 281.250.00 5.275.000.00 1,826 05/23/2013 FA FHLMC 1.050% CALL 4/30/14 QRTLY 3.000.000.00 3,000.000.00 1.050% 155,487.50 3,155.487.50 1,803 05/30/2013 FA FHLB 1.050% CALL 7/4/13 CONT 3.000.000.00 2.964.750.00 1.050% 193,100.00 3,157.850.00 1,831 06/12/2013 FA FHLMC 1.20% CALL 9/12/13 QRTLY 3.000.000.00 2.999.100.00 1.206% 180,900.00 3.180,000.00 1,826 06/13/2013 FA FNMA 0.80% CALL 12/13/13 QRTLY STEP 5,000,000.00 4.930,000.00 1.407% 351,250.00 5.281,250.00 1,826 06/20/2013 FA FHLB 1.0% CALL 9/20/13 QRTLY STEP 5.000.000.00 5,000,000.00 1.232% 309,375.00 5.309.375.00 1,826 06/20/2013 FA FNMA 1.25% CALL 12/20/13 QRTLY 4.000.000.00 3.977,200.00 1.360% 272,800.00 4,250.000.00 1,826 06/26/2013 FA FHLMC 1.40% CALL 9/26/13 5.000.000.00 4,997,500.00 1.410% 352,500.00 5,350.000.00 1.826 07/09/2013 FA FHLMC 1.50% CALL 10/09/13 QRTLY 1,600,000.00 1,599,520.00 1.506% 120,480.00 1,720,000.00 1.826 07/10/2013 FA FNMA 1.70% CALL 7/14/14 QRTLY 4.000.000.00 4,000,000.00 1.700% 340.000.00 4,340,000.00 1.826 07/17/2013 FA FHLB 1.75% CALL 10/17/13 QRTLY 4.150.000.00 4,147,925.00 1.760% 365.200.00 4,513,125.00 1,826 07/30/2013 FA FHLB 1.850% CALL 7/30/15 CONT 3.000.000.00 3,000,000.00 1.850% 277.500.00 3,277,500.00 1,826 01/15/2014 FA FHLMC1.10% CALL 1/30/18 QRTLY 1.000.000.00 980.870.00 1.538% 69,088.33 1.049.958.33 1.657 01/16/2014 FA FFCB 1.34% CALL 1/23/14 CONT 1,500,000.00 1.474,500.00 1.718% 119,858.33 1.594.358.33 1.714 01/16/2014 FA FHLMC 1.20% CALL 9/24/14 ONE TIME 2,250,000.00 2.196.562.50 1.729% 180,037.50 2.376,600.00 1.712 01/08/2014 FA FFCB 1.250% CALL 1 /14/14 CONT 1,750,000.00 1.705.900.00 1.808% 147.641.67 1,853.541.67 1.728 01/15/2014 FA FHLMC .875% CALL 11/20/14 ONE TIME STEP 1,700,000.00 1,700.000.00 1.918% 158.802.43 1,858.802.43 1,770 INVESTMENT REPORT AS OF FEBRUARY 28,2014 INVESTMENT DATE TYPE SECURITY 12/24/2013 FA FH LB 1.00% CALL 3/24/14 QRTLY STEP 12/26/2013 FA FFCB 1.870% CALL 12/26/14 CONT 12/27/2013 FA FHLMC 1.250% CALL 6/27/14 QRTLY STEP 01/14/2014 FA FFCB 1.920% CALL 1/14/15 CONT 01/30/2014 FA FHLB .50% CALL 7/30/14 ONE TIME STEP 02/26/2014 FA FHLB .50% CALL 2/26/15 ONE TIME STEP 02/28/2014 FA FHLB 1.05% CALL 5/28/14 QRTLY STEP PAR VALUE 2.500.000.00 3.000.000.00 3.000.000.00 3,000,000.00 2.500.000.00 2.500.000.00 2.500,000.00 INVESTED AMOUNT 2,497,500.00 3,000.000.00 3.000,000.00 3,000,000.00 2,500.000.00 2,500,000.00 2.500,000.00 RETURN RATE 2.115% 1.870% 1.839% 1.920% 2.067% 2.083% 2.125% INTEREST 268,125.00 280,500.00 277.500.00 288.000.00 259.375.00 262,500.00 270,000.00 INVESTMENT RETURN 2,765,625.00 3.280.500.00 3.277.500.00 3.288.000.00 2.759,375.00 2,762,500.00 2,770,000.00 TERM (Davs) 1.826 1.826 1.826 1.826 1,826 1,826 1,826 SUB-TOTAL 325,406,000.00 326,483,173.10 1.176% 17,440,452.38 343,923,625.48 01/18/2011 11/24/2010 03/09/2011 07/25/2011 11/22/2013 FN FICO 0.00% NON-CALL FN FNMAO% NON-CALL FN FNMA .00% NON-CALL FN FNMA 00% NON-CALL TR US TREASURY .50% 1,076,000.00 2,000,000.00 2,657,000.00 2,500,000.00 SUB-TOTAL 8,233,000.00 Federal Investments Total 333,639,000.00 SUB-TOTAL 2,000,000.00 2,000,000.00 1,027,655.32 1,922,260.00 2,511,688.67 2,419,825.00 7,881,428.99 334,364,602.09 1,974,619.96 1,974,619.96 1.370% 1.100% 1.700% 1.020% 0.850% 0.850% 96,689.36 155,480.00 290,622.66 80,175.00 1,124,344.68 2,077,740.00 2,802,311.33 2,500,000.00 0.989% 622,967.02 8,504,396.01 18,063,419.40 352,428,021.49 62,282.21 62,282.21 2,036,902.17 2,036,902.17 1,228 1,319 1,214 1,171 1,233 1,233 1,347 1,347 04/04/2012 CN 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 12/27/2011 CN MASS MUTUAL GLOB 2.875% NON-CALL 2,500,000.00 2,583,739.37 1.400% 82.771.05 2,666,510.42 846 05/27/2011 CN WAL-MART 3.20% NON-CALL 2,500,000.00 2,645,275.00 1.200% 92.058.33 2,737,333.33 1,084 05/29/2009 CN WAL-MART 3.20% NON-CALL 1,000,000.00 1,003,190.00 3.130% 155,565.56 1,158,755.56 1,812 05/20/2010 CN MICROSOFT 2.95% NON-CALL 2,000,000.00 2,072,820.00 2.005% 164,982.78 2,237,802.78 1,473 10/07/2011 CN METLIFE GLOBAL 5.125% NON-CALL 1,500,000.00 1,625,547.72 1.900% 80,092.90 1,705,640.62 977 12/23/2011 CN GENERAL ELECTRIC CAPITAL .696% FLOATING 2,000,000.00 1,914,520.00 2.250% 123,464.31 2,037,984.31 997 10/05/2011 CN PROVEDENCE HEALTH 5.05% CALL @ MAKEWHOLE 2,000,000.00 2,237,929.50 1.000% 63,948.28 2,301,877.78 1,092 04/05/2012 CN BERKSHIRE HATHAWAY 5.50% NON-CALL 2,000,000.00 2,236,460.00 0.700% 37,317.78 2,273,777.78 909 01/17/2012 CN NEW YORK LIFE 1.30% NON-CALL 5,000,000.00 5,021,951.16 1.150% 172.146.06 5,194,097.22 1,091 02/01/2012 CN GENERAL ELECTRIC 1.375% FLOATER 5,000,000.00 5,000,000.00 1.375% 206.059.03 5,206,059.03 1,094 08/13/2012 CN IBM CORP .55% NON-CALL 3,500,000.00 3,504,305.00 0.500% 43.445.69 3,547,750.69 907 09/16/2011 CN BERKSHIRE HATHAWAY 3.20% NON-CALL 3,000,000.00 3,175,710.00 1.430% 150.956.67 3,326,666.67 1,244 02/17/2012 CN SHELL INTERNATIONAL FIN 3.1% NON-CALL 5,000,000.00 5,384,350.00 0.780% 137.052.78 5,521,402.78 1,227 10/04/2011 CN MERCK & CO 4.0% NON-CALL 5,000,000.00 5,498,750.00 1.260% 249.027.78 5,747,777.78 1,365 04/17/2012 CN PROCTER & GAMBLE 3.150% NON-CALL 3.000,000.00 3.242,427.56 0.720% 76,247.44 3,318,675.00 1,232 02/09/2011 CN MET LIFE GLOBAL FUNDING 2.5% NON-CALL 1,000,000.00 978,478.42 3.000% 137,493.80 1,115,972.22 1,693 05/06/2011 CN MET LIFE GLOBAL FUNDING 2.5% NON-CALL 1.000.000.00 993,799.11 2.650% 116.131.45 1,109,930.56 1,607 10/09/2012 ON GENERAL ELECTRICT COMPANY .85% NON-CALL 5.000.000.00 5.022.225.00 0.700% 105.275.00 5,127,500.00 1,095 01/23/2013 CN GENERAL ELECTRICT COMPANY .85% NON-CALL 3,000,000.00 3.010.440.00 0.720% 58.693.33 3,069,133.33 989 INVESTMENT DATE 10/06/2011 05/15/2012 02/10/2012 12/15/2010 12/15/2010 04/13/2012 10/31/2011 12/28/2011 01/25/2012 03/09/2012 02/08/2012 05/06/2011 05/16/2011 06/17/2011 09/12/2011 12/04/2012 09/13/2013 09/04/2012 09/10/2013 10/27/2011 10/11/2011 01/23/2013 10/02/2012 09/22/2011 11/10/2011 01/31/2012 01/31/2012 03/05/2012 08/06/2012 02/16/2012 04/18/2012 06/05/2012 03/08/2013 03/26/2013 05/15/2013 12/24/2013 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 CN CN INVESTMENT REPORT AS OF FEBRUARY 28,2014 PAR INVESTED RETURN INVESTMENT TERM SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 WAL-MART 1.50% NON-CALL 2,630.000.00 2,696,944.02 0.750% 68,939.31 2,765,883.33 1.258 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% 154,062.17 1.849.309.90 1.533 MET LIFE GLOBAL FUNDING 3.125% NON-CALL 2,000,000.00 2.063.239.83 2.300% 189.017.11 2,252,256.94 1,475 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 1,154,340.28 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 JOHNSON & JOHNSON 2.15% NON-CALL 2.000.000.00 2.104.120.00 0.621% 44.110.56 2.148,230.56 1,258 TOYOTA .80% NON-CALL 3,000,000.00 2.981.640.00 1.032% 82.626.67 3.064,266.67 977 GOOGLE 2.125% NON-CALL 1,000.000.00 1,050,940.00 2.125% 6,197.92 1,057,137.92 1,353 CHEVRON CORP .889% NON CALL 2,000,000.00 1,993,903.80 1.000% 55,682.64 2.049,586.44 1,018 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 PROCTERS GAMBLE 1.45% NON-CALL 1,000,000.00 1.025.260.00 0.730% 26.376.11 1,051,636.11 1,300 COCA COLA CA 1.8% NON-CALL 3,000.000.00 3.133.106.35 0.650% 78.243.65 3.211.350.00 1.430 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 IBM CORP 1.250% NON-CALL 5.000,000.00 5,077.000.00 0.900% 204,250.00 5,281,250.00 1,645 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 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 WAL-MART 5.8% 3,000,000.00 3.669,120.00 1.140% 189,763.33 3,858,883.33 1,805 COCA COLA CA 1.150% MAKE-WHOLE CALL 1,000,000.00 1,000.000.00 1.150% 57,627.78 1,057.627.78 1.832 BERKSHIRE HATAWAY 1.30% MAKE WHOLE CALL 5.000.000.00 5,019,345.05 1.220% 305,654.95 5,325,000.00 1,826 COCA COLA CA 1.650% MAKE-WHOLE CALL 3,500,000.00 3,491,856.17 1.700% 288,391.75 3.780.247.92 1.782 SUB-TOTAL 167.409.000.00 172,449,925.41 1.460% 10.372.324.83 182,822,250.24 1,475 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 INVESTMENT REPORT AS OF FEBRUARY 28,2014 ESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 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 09/21/2012 CD CITIZENS STATE BANK .50% 249,000.00 248.751.00 0.550% 2.742.46 251.493.46 731 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 10/24/2012 CD INDEPENDENCE BANK OF KENTUCKY .50% 249,000.00 248.751.00 0.500% 2.739.00 251,490.00 730 10/24/2012 CD APPLE BANK FOR SAVINGS .50% 248,000.00 248,000.00 0.500% 2.480.00 250,480.00 730 03/14/2013 CD SUNTRUST BANK ATLANTA .28% 200,000.00 198,780.00 0.640% 2.152.35 200,932.35 608 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 11/30/2012 CD SYNOVUS BANK .5% 248,000.00 248,000.00 0.500% 2,473.11 250,473.11 728 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 10/17/2012 CD FIRST STATE BANK/MENDOA .50% 249,000.00 248.701.20 0.550% 3,636.09 252,337.29 825 02/06/2013 CD KEYBANK NATIONAL ASSOCIATION .45% 248,000.00 248,000.00 0.450% 2,263.00 250,263.00 740 08/24/2012 CD BLC COMMUNITY BANK .50% 249.000.00 248,690.24 0.550% 3,427.40 252,117.64 914 08/30/2012 CD TRIUMPH BANK .50% 249.000.00 249,000.00 0.500% 3,107.41 252,107.41 911 05/09/2012 CD GEORGIA BANK S TRUST .70% 248.000.00 247.628.00 0.750% 5,589.51 253,217.51 1,097 11/29/2012 CD UNITED BANKERS BANK .50% 249.000.00 248.676.30 0.550% 3,436.20 252,112.50 911 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 10/17/2012 CD COMENITY CAP BANK SALT LAKE CITY .50% 249,000.00 248,601.60 0.550% 4.233.74 252,835.34 1,094 11/07/2012 CD EAGLE BANK .60% 249,000.00 249,000.00 0.600% 4.490.30 253,490.30 1,097 12/02/2011 CD MIDLAND STATES BANK 1.25% 249,000.00 249,000.00 1.250% 12.450.00 261,450.00 1,461 01/25/2012 CD NATIONAL REPUBLIC BANK 1.0% 249,000.00 249.000.00 1.000% 9,966.87 258,966.87 1,461 02/10/2012 CD CARDINAL BANK MCLEAN VA .90% 249.000.00 249.000.00 0.900% 8,970.06 257,970.06 1,461 02/06/2013 CD ORIENTAL BANK S TRUST .90% CALL 8/6/13 249.000.00 249.000.00 0.900% 6.735.45 255,735.45 1,097 08/24/2012 CD FIRST BUSINESS BANK .60% 248.000.00 247.578.40 0.600% 5.635.72 253,214.12 1,279 10/22/2012 CD NATIONAL BANK OF COMMERCE .50% 249.000.00 248.551.80 0.550% 4.791.87 253,343.67 1,274 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 S 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 S TRUST .90% 249.000.00 248.502.00 0.950% 9.468.06 257,970.06 1,461 08/15/2012 CD EVERBANK .90% 248,000.00 247,008.00 0.900% 9.926.11 256,934.11 1,461 02/28/2012 CD MERCANTILE BANK OF MICHIGAN 1.15% 248,000.00 247,380.00 1.150% 14.895.62 262,275.62 1,827 12/24/2012 CD DELTA NATL BANK S TRUST .90% 249,000.00 248,377.50 0.952% 11.624.88 260,002.38 1,792 12/24/2012 CD PACIFIC CONTL BANK .90% 249,000.00 248,452.20 0.946% 11.556.33 260,008.53 1,793 12/11/2012 CD BANCO POPULAR DE PR HATO 1.1% 248.000.00 248,000.00 1.100% 13,595.16 261,595 16 1.820 12/17/2012 CD FIRST AMERICAN BANK 1.0% 249.000.00 248.253.00 1.000% 13,128.78 261,381.78 1.816 INVESTMENT REPORT AS OF FEBRUARY 28,2014 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davs) 12/14/2012 CD FIRST BANK OF PUERTO RICO 1.25% 249.000.00 249.000.00 1.250% 15.562.50 264.562.50 1.826 12/14/2012 CD BANKERS BANK KANSAS 1.0% 249.000.00 248.502.00 1.000% 12.948.00 261,450.00 1.826 01/16/2013 CD THE BANK OF HOLLAND 1.00% 249,000.00 248.751.00 1.000% 12,699.00 261,450.00 1.826 01/16/2013 CD BANK OF NORTHERN MICHIGAN 1.00% 249,000.00 248.751.00 1.000% 12,699.00 261,450.00 1.826 01/18/2013 CD STEARNS BANK .90% 249,000.00 248.253.00 1.000% 11,952.00 260.205.00 1.826 01/23/2013 CD FIRST FARMERS BANK S TRUST 1.0% 249,000.00 248.626.50 1.000% 12.823.50 261.450.00 1,826 03/04/2013 CD GATEWAY BANK OF SW FLORIDA .95% 209,000.00 208,373.00 1.070% 10.367.28 218.740.28 1,792 01/30/2013 CD FARMERS S MERCHANTS BANK .90% 249.000.00 248,253.00 0.900% 11,952.00 260,205.00 1.826 03/28/2013 CD WASHINGTON FEDERAL SAVINGS 1.0% CALL 249.000.00 248,253.00 1.000% 13,197.00 261,450.00 1.826 04/05/2013 CD BOSTON PRIVATE BANK S TRUST .95% CALL 248,000.00 247,008.00 1.032% 12,765.55 259,773.55 1.825 04/18/2013 CD FIRST STATE BANK NE .95% CALL 249,000.00 248.502.00 0.991% 12,325.50 260,827.50 1.826 04/30/2013 CD FOREST COMMERCIAL BANK .90% CALL 249,000.00 248,253.00 0.960% 11.952.00 260,205.00 1.826 SUB-TOTAL 15,572.000.00 15,553.851.74 0.909% 518.387.71 16,072,239.45 1,272 0 WELLS FARGO BANK 403,757.00 403.757.00 0.020% 0.22 403.757.22 0 CORPORATE CASH MANAGEMENT ACCOUNT 3,362,572.68 3.362.572.68 0.020% 1.84 3.362,574.52 1 0 LIBRARY ACCOUNT 421.41 421.41 0.000% -421.41 1 0 UNION TRUST 3.103.69 3.103.69 0.000% -3,103.69 1 0 LAIF WATER DISTRICT 28.728.000.00 28,728.000.00 0.240% 191.52 28,728,191.52 1 O LAIF PUBLIC IMPROVEMENT CORPORATION 29.478,114.92 29.478.114.92 0.240% 196.52 29,478.311.44 1 0 LAIF PUBLIC FINANCING CORPORATION 28,993,788.31 28.993.788.31 0.240% 193.29 28,993,981.60 1 0 LAIF CITY OF CARLSBAD 33,683,000.00 33.683.000.00 0.240% 224.55 33,683,224.55 SUB-TOTAL 124.652.758.01 124.652.758.01 0.233% 807.95 124,653,565.96 GRAND TOTAL 643,272,758.01 648.995.757.21 1.061% 29.017,222.10 678.012.979.31 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF FEBRUARY 28, 2014 Cash Balance by Fund: General 87,689,579 Special Revenue 45,485,451 Debt Service 0 Capital Projects: General Capital Construction 43,697,024 Traffic Impact Fees 20,882,214 Public Facilities Fees 36,005,050 Park Development 4,501,650 Transnet Taxes 5,804,959 Drainage Fees 5,929,529 Special Districts 90,470,358 Infrastructure Replacement 83,961,794 Redevelopment (see Trust Funds) 0 Other Capital Construction 2,615,180 Total 293,867,758 Enterprise: Carlsbad Municipal Water District 100,820,621 Sewer Fund 52,336,690 Solid Waste 7,286,252 Storm Water 3,805,802 Golf Course 29,061 Total 164,278,426 Intemal Service 36,792,095 Agency Funds 15,147,305 Trust Funds 199,669 Total General Ledger Balance ** 643,460,284 Reconciling Adjustments (1) 2,112,057 Total Treasurer's Investment Portfolio at Amortized Cost 645,572,341 (1) The Reconciling Adjustments consist of differences between the General Ledger which is prepared on an accrual basis and the Treasurer's report which is prepared on the cash basis. Accrued Interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the Treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment. ** Figures based on best estimate at the time report run on 3/07/14 /6- EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As Of FEBRUARY 28, 2014 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by two of the three: Moody's S&P or Fitch) Moodv's S&P Fitch BERKSHIRE HATHAWAY AA2 AA+ A+ CHEVRON AAI AA NR COCA COLA AA3 AA-A+ GENERAL ELECTRIC COMPANY AA3 AA+ NR GOOGLE INC AA2 AA NR HSBC BANK USA A1 AA-AA- IBM CORP AA3 AA-A+ JOHNSON & JOHNSON AAA AAA AAA MASS MUTUAL GLOBAL AA2 AA+ AA+ MET LIFE GLOBAL AA3 AA-AA- MICROSOFT AAA AAA AA+ NEW YORK UFE AAA AA+ AAA PROCTER & GAMBLE AA3 AA-NR PROVIDENCE HEALTH AA2 AA AA ROYAL BANK OF CANADA AA3 AA-AA SHELL INTERNATIONAL AAI AA AA TOYOTA AA3 AA-A WAL-MART AA2 AA AA WESTPAC BANKING CORP AA2 AA-AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by two of the three: Moody's, S&P or Fitch) (Ratings of other debt must be AA or better by two of the three: Moody's, S&P or Fitch) NONE Investments with Subsequent Changes in Credit Rating * Latest Carrying Market Moodv's S&P Fitch Maturitv Date Value Value BARCLAYS BANK A2 A NR 12/15/2015 2,000,000 2,029,240 GENERAL ELECTRIC A1 AA+ NR 05/09/2016 17,400,893 17,728,454 MERCK A1 AA A+ 06/30/2015 5,177,490 5,232,850 * 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. 1^ EXHIBIT 10 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBUARY28, 2014 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* BARCLAYS BANK 2,000.000.00 0.31% BERKSHIRE HATHAWAY 23,416,919.14 3.61% CHEVRON 1,993,903.80 0.31% COCA COLA CO 7,624,962.52 1.17% GENERAL ELECTRIC CAP 17,352.898.05 2.67% GENERAL ELECTRIC COMPANY 8.032,665.00 1.24% GOOGLE 1,050.940.00 0.16% HSBC BANK USA 10,000.000.00 1.54% IBM CORP 8,581,305.00 1.32% JOHNSON S JOHNSON 2,104,120.00 0.32% MASS MUTUAL 3.607.914.95 0.56% MERCK S CO 5.498.750.00 0.85% MET LIFE GLOBAL FUND 17.730,623.53 2.73% MICROSOFT 2,072,820.00 0.32% NEW YORK LIFE 8,691.145.24 1.34% PROTER S GAMBLE 13,392,464.17 2.06% PROVIDENCE HEALTH 2,237,929.50 0.34% ROYAL BANK OF CANADA 2,038,220.00 0.31% SHELL INTERNATIONAL FIN 5.384,350.00 0.83% TOYOTA 8,005,285.00 1.23% WAL-MART 16,632,709.55 2.56% WESTPAC BANKING CORP 5,000,000.00 0.77% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** FAMCA 15,016,370.00 2.31% FICO 1,027,655.32 0.16% FEDERAL FARM CREDIT BANK 58,661,284.30 9.04% FEDERAL HOME LOAN BANK 105,452,602.92 16.25% FEDERAL HOME LOAN MORTGAGE CORP 62.620,248.50 9.65% FEDERAL NATIONAL MORTGAGE ASSOC 91.586.441.04 14.11% U.S.TREASURY 1,974,619.96 0.30% Total Portfolio $648,995,757.21 No more than 5% may be invested with a single corporate issuer. *There are no percentage limits on federal agency issuers.