HomeMy WebLinkAbout2014-10-07; City Council; 21751; Report on City Investments as of August 31, 2014CITY OF CARLSBAD - AGENDA BILL
AB#
MTG.
DEPT.
21,751
10/7/14
TRS
REPORT ON CITY INVESTMENTS
AS OF AUGUST 31, 2014
DEPT. HEAD
CITY ATTY.
CITY IVIGR.
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 August 31, 2014 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value 649,542,132 657,886,662
Cost of Investments 654,410,834 663,232,123
Amortized Cost (1) 651,109,161 659,642,570
Market Value (2) 652,055,692 659,614,619
(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 8/31/14.
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)
Special Revenue Genera! $45
Internal Service $38 ^Cj^ Capital Projects
Agency/Trust $15 • | $ 296
Enterprise sigjj
Total Treasurer's Investment Portfolio at Amortized Cost
August31,20I4 $651 million
DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancv.Sullivan@carlsbadca.gov
FOR CITY CLERKS USE ONLY.
COUNCIL ACTION: APPROVED CONTINUED TO DATE SPECIFIC •
DENIED d CONTINUED TO DATE UNKNOWN •
CONTINUED • RETURNED TO STAFF •
WITHDFIAWN • OTHER-SEE MINUTES •
AMENDED •
PAGE 2 OF AB REPORT ON CITY INVESTMENTS AS OF August 31. 2014
Pooled Investment Interest Income
Current
Month FYTD
Prior
Month FYTD
Current Month
Income
Cash Income Fiscal
Year-to-Date 1,387,921 872,153 515,768
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
Average Life
(Years)
Average Yield
To Maturity Modified Duration
June 2014 2.14 1.059% 2.080
July 2014 2.06 1.041% 1.996
August 2014 2.08 1.062% 2.029
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.
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. 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 AUGUST 31, 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
GD 13,572,827 14,814,409 13,582,848 14,829,049 27,773 0.94 0.91
FN 2,497,467 2,495,344 2,499,500 2,499,175 0 1.02 1.29
TR 16,479,882 11,005,017 16,507,941 10,970,510 5,000 1.33 0.86
FA 338,818,103 337,621,013 338,631,313 336,630,281 543,599 1.16 1.19
CN 159,635,750 159,734,125 160,728,958 160,712,941 744,022 1.45 1.45
LAIF 117,441,000 128,062,404 117,441,000 128,062,404 67,404 0.25 0.23
CUSTODY 270 120,659 270 120,659 3 0.00 0.00
SWEEP 2,335,923 4,989,314 2,335,923 4,989,314 120 0.02 0.02
BANK ACCT 327,939 800,285 327,939 800,285 0 0.02 0.02
TOTALS $651,109,161 $659,642,570 $652,055,692 $659,614,619 1,387,921 1.06% 1.04%
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 M X ffi
H
w
H
1^
Co
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF AUGUST 31, 2014
BREAKDOWN OF MA TURITIES B Y 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
3,426,983
2,419,825
0
11,279,361
23,090,876
117,441,000
270
2,335,923
327,939
$160,322,176 (1)
24.5%
7 MONTHS TO I YEAR
1,737,623
0
0
14,010,500
10,883,100
0
0
0
0_
$26,631,223 (1)
4.1%
$186,953,399 (1)
28.6%
1 TO 5 YEARS
8,399,246
0
16,475,614
314,055,758
128,526,818
0
0
0
0_
$467,457,436
71.4%
TOTAL % TOTAL
13,563,852
2,419,825
16,475,614
339,345,619
162,500,793
117,441,000
270
2,335,923
327,939
$654,410,834
100.0%
POLICV: (1) Not less than $ 151,429,000 to mature within one year. (2/3rds of current year operating budget of $227,142,000.00)
(2) Policy states that not more than 30% of portfolio is to be invested in corporate notes.
2.1%
0.4%
2.5%
51.9%
24.8% (2)
18.0%
0.0%
0.4%
0.1%
100.0%
M X ffi
H
w
6. 6 6. 6. 5. 5. 5. 5. 4. 4. 4. 4. 3. 3. 3 3 2. 2. 2. 2. 1. 1. 1. 1. 0. 0. 0 0.
75 50 25 00 75 50 25 00 75 50 25 00 75 50 25 00 75 50 25 00 75 50 25 00 75 50 25 00
YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 1999 - AUGUST 2014
—EX-LAIF
—LAIF IMI 1 1 1
I I M M M 1 111 11 i I n n 111111111111 M I n 111 1111 11 11 i i M I I I n 11 n 11111 n I n 1111 111 M 111 ii 11111 n 1111 11111 111111 X ffi
H w H
H3
U)
MARKET YIELD CURVE
6/30/13.6/30/14. 8/31/14
Market Rates
3 Mth 2 Yr 5 Yr 10 Yr
3 Mth 2 Yr 5 Yr 10 Yr
-i*-6/30/2013 .03 .36 1.40 2.49
^ 6/30/2014 .02 .46 1.63 2.53
-•^-8/31/2014 .02 .49 1.63 2.34
X
ffi
H
Cd
H
1-3
Cumulative
Millions $
Cumulative Cash Income
FY14-15
(August 2014)
10
8
1
0
Ofi?
0.87
Monthly Interest Income
Millions $
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
3Interest Income --^ Budget Actual YTD
8
7
6
5
4
3
2
1
0
w X ffi
H
ts
H
1-3
Ul
TRANSACTIONS FOR PERIOD:
07/01/14 08/31/14 1ST QUARTER 2014-2015
Trans Call Par Amount Return Investment
Date Type Securitv Date Value Coupon (Cost) Rate Interest Return
BUYS
JULY
07/15/14 TR US TREASURY N/A 4,000,000.00 1.500% 4,009,600.00 1.496% 237,900.00 4,247,500.00
07/23/14 TR US TREASURY N/A 2,000,000.00 1.500% 2,006,348.00 1.420% 116,749.83 2,123,097.83
07/15/14 FA FHLB 10/18/2014 1,000,000,00 1.650% 991,430.00 1.830% 91,070.00 1,082,500.00
07/15/14 CD AMERICAN EXPRESS N/A 247,000.00 2.000% 247,000.00 2.000% 24,700.00 271,700.00
AUGUST
07/31/14 TR US TREASURY N/A 2,515,000.00 1.625% 2,500,019.15 1.625% 219,213.54 2,719,232.69
07/31/14 FA FHLMC 2/20/2015 2,000,000.00 1.400% 1,998,500.00 1.420% 99,500.00 2,098,000.00
08/04/14 TR US TREASURY N/A 3,000,000.00 1.250% 2,974,200.00 1.460% 184,665.49 3,158,865.49
08/04/14 FA FNMA N/A 2,500,000.00 0.875% 2,460,777.84 1.300% 122,225.63 2,583,003.47
08/07/14 FA FHLB 1/30/2015 2,250,000.00 0.5% STEP 2,250,000.00 1.825% 174,125.00 2,424,125.00
08/07/14 CD ENERBANK USA N/A 247,000.00 2.050% 247,000.00 2.050% 25,317.50 272,317.50
08/25/14 CD SYNCHRONY BANK N/A 247,000.00 2.100% 247,000.00 2.100% 25,935.00 272,935.00
TOTAL FIRST QUARTER 2014-2016 20,006,000.00 19,931,874.99 1.542% 1,321,401.99 21,253,276.98
MATURITIES
JULY FN FNMA N/A 2,000,000.00 0.000% 1,922,260.00 1.100% 155,480.00 2,077,740.00
FN FNMA N/A 2,657,000.00 0.000% 2,511,688.67 1.700% 290,622.66 2,802,311.33
AUGUST FA FHLB N/A 3,000,000.00 5.500% 3,395,255.41 2.323% 328,452.92 3,723,708.33
CD AMERICAN EXPRESS CENTURION N/A 248,000.00 1.100% 248,000.00 1.100% 8,887.23 256,887.23
CD CITI BANK N/A 248,000.00 1.150% 248,000.00 1.150% 8,198.94 256,198.94
CD DISCOVER BANK N/A 248,000.00 1.150% 248,000.00 1.150% 8,571.62 256,571.62
CD ALLY BANK N/A 248,000.00 1.150% 248,000.00 1.150% 8,579.43 256,579.43
CD GE MONEY BANK N/A 248,000.00 1.150% 248,000.00 1.150% 8,563.81 256,563.81
CD GE CAPITAL FINANCIAL INC N/A 248,000.00 1.150% 248,000.00 1.150% 8,563.81 256,563.81
CD GOLDMAN SACHS BANK N/A 248,000.00 1.150% 248,000.00 1.150% 8,571.62 256,571.62
TOTAL FIRST QUARTER 2014-2015 9,393,000.00 9,565,204.08 1.699% 834,492.04 10,399,696.12
CALLS
JULY
06/20/13 FA FNMA 7/10/2014 4,000,000.00 1.700% 4,000,000.00 1.700% 340,000.00 4,340,000.00
03/31/14 FA FHLB 7/29/2014 2,000,000.00 1.8% STEP 2,000,000.00 2.212% 223,000.00 2,223,000.00
01/09/13 FA FHLMC 7/30/2014 2,000,000.00 1.550% 1,997,900.00 1.576% 126,100.00 2,124,000.00
01/15/14 FA FHLB 7/30/2014 2,500,000.00 0.5% STEP 2,500,000.00 2.067% 259,375.00 2,759,375.00
AUGUST
02/24/14 FA FHLB 8/21/2014 2,500,000.00 0.5% STEP 2,500,000.00 1.597% 140,486.11 2,640,486.11
TOTAL FIRST QUARTER 2014-2015 13,000,000.00 12,997,900.00 1.810% 1,088,961.11 14,086,861.11
M X ffi
H
03
H
1-3
INVESTMENT REPORT
AS OF AUGUST 31, 2014
ESTMENT PAR INVESTED RETURN Weighted INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE Ava Yield INTEREST RETURN (Days)
9/8/2010 FA FNMA 1.50% CALL 3/8/11 2,000,000.00 2,000,000.00 1.500% 0.0000884 120,000.00 2,120,000.00 1,461
3/24/2010 FA FHLB 5.25% NON-CALL 2,000,000.00 2,231,960.00 2.490% 0.0001638 237,040.00 2,469,000.00 1,633
3/24/2010 FA FFCB 3.0% NON-CALL 2,000,000.00 2,047,400.80 2.440% 0.0001472 222,265.87 2,269,666.67 1,643
1/23/2012 FA FHLB .52% NON-CALL 5,000,000.00 5,000,000.00 0.520% 0.0000766 78,000.00 5,078,000.00 1,096
2/23/2012 FA FHLB .55% NON-CALL 5,000,000.00 5,000,000.00 0.550% 0.0000810 88,763.89 5,088,763.89 1,177
8/8/2012 FA FAMCA .55% NON-CALL 5,000,000.00 5,011,500.00 0.470% 0.0000694 68,250.00 5,079,750.00 1,058
3/30/2011 FA FHLB 2.0% NON-CALL 2,000,000.00 1,999,000.00 2.012% 0.0001185 174,333.33 2,173,333.33 1,583
4/4/2011 FA FHLB 2.0% NON-CALL 2,000,000.00 2,000,000.00 2.000% 0.0001179 176,000.00 2,176,000.00 1,607
9/21/2010 FA FNMA 2.0% CALL 3/21/11 2,000,000.00 2,000,000.00 2.000% 0.0001179 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% 0.0000890 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% 0.0000221 15,000.00 2,014,000.00 730
6/20/2012 FA FNMA 2.00% NON-CALL 4,000,000.00 4,186,600.00 0.660% 0.0000814 95,622.22 4,282,222.22 1,288
2/1/2013 FA FFCB .4% NON-CALL 5,000,000.00 4,998,750.00 0.484% 0.0000713 61,250.00 5,060,000.00 1,095
3/28/2013 FA FHLB .500% CALL 8/19/13 CONT 4,000,000.00 4,000,000.00 0.500% 0.0000589 57,833.33 4,057,833.33 1,058
6/20/2012 FA FNMA 2.25% NON-CALL 5,000,000.00 5,285,278.17 0.700% 0.0001090 135,034.33 5,420,312.50 1,364
10/18/2012 FA FFCB .50% CALL 1/18/13 CONTINUOUS 5,000,000.00 4,996,250.00 0.522% 0.0000769 91,250.00 5,087,500.00 1,278
4/27/2011 FA FHLB 2.5% NON-CALL 2,000,000.00 2,000,000.00 2.500% 0.0001473 250,000.00 2,250,000.00 1,827
6/20/2013 FA FHLMC .57% CALL 12/20/13 QRTLY 4,000,000.00 3,984,400.00 0.702% 0.0000824 84,000.00 4,068,400.00 1,096
6/12/2014 FA FNMA .375% NON-CALL 3,000,000.00 2,994,690.00 0.461% 0.0000407 28,528.75 3,023,218.75 754
6/12/2014 FA FHLB .59% NON-CALL 3,000,000.00 3,000,672.00 0.580% 0.0000513 39,153.00 3,039,825.00 823
9/12/2013 FA FFCB .95% NON-CALL 1,000,000.00 995,570.00 1.100% 0.0000323 33,009.17 1,028,579.17 1,099
6/12/2014 FA FFCB .97% NON-CALL 500,000.00 504,332.50 0.970% 0.0000144 6,674.31 511,006.81 830
6/12/2014 FA FNMA 1.25% NON-CALL 2,000,000.00 2,031,642.00 0.555% 0.0000332 25,719.11 2,057,361.11 839
1/11/2013 FA FHLMC .75% CALL 4/5/13 QRTLY 4,000,000.00 4,002,320.00 0.730% 0.0000861 109,680.00 4,112,000.00 1,363
10/6/2011 FA FFCB 1.30% NON-CALL 5,000,000.00 5,000,000.00 1.300% 0.0001915 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% 0.0000495 50,800.00 2,049,800.00 1,096
12/5/2012 FA FFCB .65% CALL 1/24/13 CONTINUOUS 2,266,000.00 2,265,433.50 0.657% 0.0000439 57,805.03 2,323,238.53 1,419
5/28/2013 FA FNMA .50% CALL 5/28/14 QRTYLY 5,000,000.00 4,997,500.00 0.514% 0.0000757 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% 0.0000810 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% 0.0000530 90,000.00 3,090,000.00 1,461
4/30/2013 FA FHLB .50% ONE CALL 6/30/15 4,000,000.00 4,000,000.00 0.500% 0.0000589 73,333.33 4,073,333.33 1,340
1/3/2013 FA FHLMC .60% BULLET 3,000,000.00 2,998,500.00 0.613% 0.0000542 73,500.00 3,072,000.00 1,461
4/25/2014 FA FHLB .875% NON-CALL 3,000,000.00 3,002,460.00 0.846% 0.0000749 73,008.75 3,075,468.75 1,050
6/10/2014 FA FHLMC .81% CALL 12/10/14 QRTLY 2,500,000.00 2,500,000.00 0.810% 0.0000597 55,687.50 2,555,687.50 1,004
11/27/2013 FA FNMA .875% CALL 6/27/14 QRTYLY 4,500,000.00 4,498,875.00 0.883% 0.0001171 132,375.00 4,631,250.00 1,216
9/6/2013 FA FHLMC .70% CALL 5/8/15 ONE TIME 5,000,000.00 4,855,000.00 1.515% 0.0002168 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% 0.0000469 55,429.17 1,645,429.17 1,272
8/16/2012 FA FHLB .875% NON-CALL 4,000,000.00 4,000,000.00 0.875% 0.0001031 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% 0.0001095 137,833.33 3,110,833.33 1,349
1/15/2014 FA FHLB .625% CALL 3/27/14 QRTLY STEP 1,450,000.00 1,442,025.00 1.200% 0.0000510 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% 0.0000612 76,316.67 2,054,916.67 1,337
7/12/2012 FA FNMA 1.1% CALL 7/11/14 QRTLY 4,000,000.00 4,000,000.00 1.100% 0.0001297 219,877.78 4,219,877.78 1,825
4/28/2014 FA FHLB 1.15% CALL 7/28/14 QRTLY 2,000,000.00 2,000,000.00 1.150% 0.0000678 74,750.00 2,074,750.00 1,187
11/20/2013 FA FFCB .700% CALL 11/26/13 QRTLY 2,000,000.00 1,975,000.00 1.043% 0.0000607 77,072.22 2,052,072.22 1,358
8/14/2012 FA FNMA 1.0% CALL 8/14/13 QRTLY 5,000,000.00 5,000,000.00 1.000% 0.0001473 250,000.00 5,250,000.00 1,826
12/11/2012 FA FNMA .70% CALL8/22/13 QRTLY STEP 2,800,000.00 2,803,889.20 0.700% 0.0000578 132,976.36 2,936,865.56 1,715
9/18/2013 FA FFCB 1.70% CALL 9/18/14 CONT 3,000,000.00 3,000,000.00 1.700% 0.0001503 204,000.00 3,204,000.00 1,461
M X ffi
H tD
H
INVESTMENT REPORT
AS OF AUGUST 31, 2014
INVESTMENT PAR INVESTED RETURN Weighted INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE Ava Yield INTEREST RETURN (Davs)
3/28/2014 FA FNMA .70% CALL 6/20/14 QRTLY STEP 2,500,000.00 2,497,500.00 1.301% 0.0000958 113,361.11 2,610,861.11 1,272
3/26/2014 FA FHLB 1.05% CALL 9/26/14 ONE TIME STEP 2,000,000.00 2,000,000.00 1.050% 0.0000619 73,500.00 2,073,500.00 1,280
9/27/2012 FA FNMA 0.70% CALL 9/27/13 QRTLY STEP 5,000,000.00 5,000,000.00 1.165% 0.0001717 293,750.00 5,293,750.00 1,826
4/17/2014 FA FHLB 1.35% CALL 10/17/14 QRTLY 3,000,000.00 2,999,250.00 1.357% 0.0001199 142,500.00 3,141,750.00 1,279
10/18/2012 FA FFCB .87% CALL 10/18/13 CONT 5,000,000.00 4,998,500.00 0.876% 0.0001290 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% 0.0001621 275,000.00 5,275,000.00 1,826
1/23/2014 FA FFCB 1.160% NON-CALL 2,000,000.00 1,995,000.00 1.229% 0.0000723 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% 0.0000884 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% 0.0001297 180,000.00 4,180,000.00 1,826
2/19/2013 FA FFCB .87% CALL 11/27/13 CONT 2,000,000.00 1,985,000.00 1.030% 0.0000602 98,036.67 2,083,036.67 1,742
5/28/2013 FA FHLMC .75% CALL 5/28/15 ONE TIME 5,000,000.00 5,000,000.00 0.750% 0.0001105 168,750.00 5,168,750.00 1,645
3/6/2013 FA FNMA 1.0% CALL 3/6/15 ONE TIME 3,050,000.00 3,050,000.00 1.000% 0.0000899 144,875.00 3,194,875.00 1,736
12/3/2012 FA FHLB 2.625% NON-CALL 3,000,000.00 3,270,090.00 0.790% 0.0000761 124,753.75 3,394,843.75 1,831
12/28/2012 FA FHLB .95% CALL 6/28/13 MONTHLY 5,000,000.00 5,000,000.00 0.950% 0.0001400 237,500.00 5,237,500.00 1,826
1/22/2013 FA FHLMC .95% CALL 1/22/15 QRTLY 3,350,000.00 3,341,826.00 1.000% 0.0000985 167,299.00 3,509,125.00 1,826
1/25/2013 FA FAMCA .93% NON-CALL 5,000,000.00 5,004,870.00 0.910% 0.0001342 227,500.83 5,232,370.83 1,825
1/30/2013 FA FHLB 1.00% CALL 7/30/13 QRTLY 5,000,000.00 5,000,000.00 1.000% 0.0001473 250,000.00 5,250,000.00 1,826
1/30/2013 FA FHLB 1.00% CALL 7/30/13 QRTLY 5,000,000.00 5,000,000.00 1.000% 0.0001473 237,500.00 5,237,500.00 1,826
2/1/2013 FA FAMCA 1.05% NON-CALL 5,000,000.00 5,000,000.00 1.000% 0.0001473 262,354.17 5,262,354.17 1,824
2/5/2013 FA FHLB 1.00% CALL 8/5/13 CONT 5,000,000.00 4,987,500.00 1.050% 0.0001543 262,500.00 5,250,000.00 1,826
5/8/2013 FA FHLB 1.10% CALL 2/20/14 CONT 1,000,000.00 1,000,774.00 1.080% 0.0000319 51,842.67 1,052,616.67 1,749
8/20/2014 FA FHLMC 1.4% CALL 2/20/15 QRTLY 2,000,000.00 1,998,500.00 1.420% 0.0000836 99,500.00 2,098,000.00 1,280
3/12/2013 FA FFCB 1.03% CALL 3/12/14 CONT 5,000,000.00 4,991,500.00 1.065% 0.0001567 266,000.00 5,257,500.00 1,826
5/7/2013 FA FHLB 1.00 CALL 3/20/15 CONT 3,000,000.00 3,000,000.00 1.000% 0.0000884 146,083.33 3,146,083.33 1,778
5/7/2013 FA FHLB 1.05 CALL 9/20/13 CONT 3,000,000.00 3,000,000.00 1.050% 0.0000928 153,387.50 3,153,387.50 1,778
4/17/2013 FA FHLMC 1.10% CALL 4/17/14 QRTLY 5,000,000.00 4,993,750.00 1.126% 0.0001657 281,250.00 5,275,000.00 1,826
5/23/2013 FA FHLMC 1.050% CALL 4/30/14 QRTLY 3,000,000.00 3,000,000.00 1.050% 0.0000928 155,487.50 3,155,487.50 1,803
8/5/2014 FA FNMA 0.875% NON-CALL 2,500,000.00 2,460,777.84 1.300% 0.0000943 122,225.63 2,583,003.47 1,385
5/30/2013 FA FHLB 1.050% CALL 7/4/13 CONT 3,000,000.00 2,964,750.00 1.050% 0.0000917 193,100.00 3,157,850.00 1,831
6/12/2013 FA FHLMC 1.20% CALL 9/12/13 QRTLY 3,000,000.00 2,999,100.00 1.206% 0.0001066 180,900.00 3,180,000.00 1,826
6/13/2013 FA FNMA 0.80% CALL 12/13/13 QRTLY STEP 5,000,000.00 4,930,000.00 1.407% 0.0002044 351,250.00 5,281,250.00 1,826
6/20/2013 FA FHLB 1.0% CALL 9/20/13 QRTLY STEP 5,000,000.00 5,000,000.00 1.232% 0.0001815 309,375.00 5,309,375.00 1,826
6/20/2013 FA FNMA 1.25% CALL 12/20/13 QRTLY 4,000,000.00 3,977,200.00 1.360% 0.0001594 272,800.00 4,250,000.00 1,826
6/26/2013 FA FHLMC 1.40% CALL 9/26/13 5,000,000.00 4,997,500.00 1.410% 0.0002076 352,500.00 5,350,000.00 1,826
7/9/2013 FA FHLMC 1.50% CALL 10/09/13 QRTLY 1,600,000.00 1,599,520.00 1.506% 0.0000710 120,480.00 1,720,000.00 1,826
7/30/2013 FA FHLB 1.850% CALL 7/30/15 CONT 3,000,000.00 3,000,000.00 1.850% 0.0001636 277,500.00 3,277,500.00 1,826
1/15/2014 FA FHLMC 1.10% CALL 1/30/18 QRTLY 1,000,000.00 980,870.00 1.538% 0.0000445 69,088.33 1,049,958.33 1,657
5/5/2014 FA FFCB 1.6% NON-CALL 2,500,000.00 2,515,710.93 1.450% 0.0001075 157,622.40 2,673,333.33 1,584
5/2/2014 FA FNMA 1.875% NON-CALL 1,500,000.00 1,524,000.00 1.500% 0.0000674 99,125.00 1,623,125.00 1,600
1/16/2014 FA FFCB 1.34% CALL 1/23/14 CONT 1,500,000.00 1,474,500.00 1.718% 0.0000746 119,858.33 1,594,358.33 1,714
1/16/2014 FA FHLMC 1.20% CALL 9/24/14 ONE TIME 2,250,000.00 2,196,562.50 1.729% 0.0001119 180,037.50 2,376,600.00 1,712
1/8/2014 FA FFCB 1.250% CALL 1/14/14 CONT 1,750,000.00 1,705,900.00 1.808% 0.0000909 147,641.67 1,853,541.67 1,728
8/8/2014 FA FHLB .05% CALL 1/30/15 QRTLY STEP 2,250,000.00 2,250,000.00 1.825% 0.0001210 174,125.00 2,424,125.00 1,544
1/15/2014 FA FHLMC .875% CALL 11/20/14 ONE TIME STEP 1,700,000.00 1,700,000.00 1.918% 0.0000961 158,802.43 1,858,802.43 1,770
4/8/2014 FA FHLB 1.2% CALL 4/21/14 Monthly 2,250,000.00 2,198,250.00 1.720% 0.0001114 176,475.00 2,374,725.00 1,688
5/2/2014 FA FNMA 1.625% NON-CALL 2,000,000.00 2,008,347.18 1.530% 0.0000905 140,159.76 2,148,506.94 1,670
6/3/2014 FA FNMA 1.625% NON-CALL 2,000,000.00 2,010,791.92 1.500% 0.0000889 134,826.14 2,145,618.06 1,638
12/24/2013 FA FHLB 1.00% CALL 3/24/14 QRTLY STEP 2,500,000.00 2,497,500.00 2.115% 0.0001557 268,125.00 2,765,625.00 1,826
f>* 12/26/2013 FA FFCB 1.870% CALL 12/26/14 CONT 3,000,000.00 3,000,000.00 1.870% 0.0001653 280,500.00 3,280,500.00 1,826
INVESTMENT REPORT
AS OF AUGUST 31, 2014
INVESTMENT PAR INVESTED RETURN Weighted INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE Ava Yield INTEREST RETURN (Days)
12/27/2013 FA FHLMC 1.250% CALL 6/27/14 QRTLY STEP 3,000,000.00 3,000,000.00 1.839% 0.0001626 277,500.00 3,277,500.00 1,826
1/14/2014 FA FFCB 1.920% CALL 1/14/15 CONT 3,000,000.00 3,000,000.00 1.920% 0.0001697 288,000.00 3,288,000.00 1,826
2/26/2014 FA FHLB .50% CALL 2/26/15 ONE TIME STEP 2,500,000.00 2,500,000.00 2.083% 0.0001535 262,500.00 2,762,500.00 1,826
2/28/2014 FA FHLB 1.05% CALL 5/28/14 QRTLY STEP 2,500,000.00 2,500,000.00 2.125% 0.0001566 270,000.00 2,770,000.00 1,826
3/19/2014 FA FHLMC 1.0% CALL 3/19/15 ONE TIME STEP 2,500,000.00 2,500,000.00 1.848% 0.0001361 232,000.00 2,732,000.00 1,826
4/30/2014 FA FHLB 1.0% CALL 7/30/14 QRTLY STEP 2,500,000.00 2,500,000.00 2.174% 0.0001602 275,000.00 2,775,000.00 1,826
5/16/2014 FA FHLB 1.0% CALL 10/30/14 QRTLY STEP 2,375,000.00 2,375,000.00 2.243% 0.0001570 269,414.09 2,644,414.09 1,810
6/6/2014 FA FHLMC 1.2% CALL 5/7/15 1,000,000.00 976,800.00 1.693% 0.0000487 82,233.33 1,059,033.33 1,796
5/21/2014 FA FHLB 1.0% CALL 11/21/14 ONE TIME STEP 3,750,000.00 3,750,000.00 2.010% 0.0002221 377,343.75 4,127,343.75 1,826
5/21/2014 FA FHLB 1.0% CALL 5/21/15 ONE TIME STEP 3,000,000.00 3,000,000.00 1.990% 0.0001759 300,000.00 3,300,000.00 1,826
6/26/2014 FA FHLB 1.0% CALL 6/26/15 ANNUAL STEP 5,000,000.00 5,000,000.00 2.025% 0.0002984 512,500.00 5,512,500.00 1,826
7/18/2014 FA FHLB 1.65% CALL 10/18/14 QUARTERLY CALL 1,000,000.00 991,430.00 1.830% 0.0000535 91,070.00 1,082,500.00 1,826
SUB-TOTAL 338,931,000.00 339,345,618.54 1.159% 17,808,319.50 357,153,938.04 1,561
7/25/2011 FN FNMA 00% NON-CALL 2,500,000.00 2,419,825.00 1.020% 0.0102000 80,175.00 2,500,000.00 1,171
SUB-TOTAL 2,500,000.00 2,419,825.00 1.020% 80,175.00 2,500,000.00 1,171
Federal Investments Total 341,431,000.00 341,765,443.54 17,888,494.50 359,653,938.04 1,366
4/25/2014 TR US TREASURY 1.0% 3,000,000.00 3,010,827.00 0.870% 0.0015899 77,123.82 3,087,950.82 1,071
11/22/2013 TR US TREASURY .50% 2,000,000.00 1,974,619.96 0.850% 0.0010187 62,282.21 2,036,902.17 1,347
7/16/2014 TR US TREASURY 1.50% 4,000,000.00 4,009,600.00 1.496% 0.0036408 237,900.00 4,247,500.00 1,507
7/24/2014 TR US TREASURY 1.50% 2,000,000.00 2,006,348.00 1.420% 0.0017292 116,749.83 2,123,097.83 1,499
8/5/2014 TR US TREASURY 1.25% 3,000,000.00 2,974,200.00 1.460% 0.0026356 184,665.49 3,158,865.49 1,548
8/1/2014 TR US TREASURY 1.6250% 2,515,000.00 2,500,019.15 1.750% 0.0026555 219,213.54 2,719,232.69 1,825
SUB-TOTAL 16,515,000.00 16,475,614.11 1.327% 897,934.89 17,373,549.00 1,466
12/23/2011 CN GENERAL ELECTRIC CAPITAL .696% FLOATING 2,000,000.00 1,914,520.00 2.250% 0.0002651 123,464.31 2,037,984.31 997
10/5/2011 CN PROVEDENCE HEALTH 5.05% CALL @ MAKEWHOLE 2,000,000.00 2,237,929.50 1.000% 0.0001377 63,948.28 2,301,877.78 1,092
4/5/2012 CN BERKSHIRE HATHAWAY 5.50% NON-CALL 2,000,000.00 2,236,460.00 0.700% 0.0000963 37,317.78 2,273,777.78 909
1/17/2012 CN NEW YORK LIFE 1.30% NON-CALL 5,000,000.00 5,021,951.16 1.150% 0.0003554 172,146.06 5,194,097.22 1,091
2/1/2012 CN GENERAL ELECTRIC 1.375% FLOATER 5,000,000.00 5,000,000.00 1.375% 0.0004231 206,059.03 5,206,059.03 1,094
8/13/2012 CN IBM CORP .55% NON-CALL 3,500,000.00 3,504,305.00 0.500% 0.0001078 43,445.69 3,547,750.69 907
9/16/2011 CN BERKSHIRE HATHAWAY 3.20% NON-CALL 3,000,000.00 3,175,710.00 1.430% 0.0002795 150,956.67 3,326,666.67 1,244
2/17/2012 CN SHELL INTERNATIONAL FIN 3.1% NON-CALL 5,000,000.00 5,384,350.00 0.780% 0.0002584 137,052.78 5,521,402.78 1,227
10/4/2011 CN MERCK & CO 4.0% NON-CALL 5,000,000.00 5,498,750.00 1.260% 0.0004264 249,027.78 5,747,777.78 1,365
4/17/2012 CN PROCTER & GAMBLE 3.150% NON-CALL 3,000,000.00 3,242,427.56 0.720% 0.0001437 76,247.44 3,318,675.00 1,232
2/9/2011 CN MET LIFE GLOBAL FUNDING 2.5% NON-CALL 1,000,000.00 978,478.42 3.000% 0.0001806 137,493.80 1,115,972.22 1,693
5/6/2011 CN MET LIFE GLOBAL FUNDING 2.5% NON-CALL 1,000,000.00 993,799.11 2.650% 0.0001621 116,131.45 1,109,930.56 1,607
10/9/2012 CN GENERAL ELECTRICT COMPANY .85% NON-CALL 5,000,000.00 5,022,225.00 0.700% 0.0002163 105,275.00 5,127,500.00 1,095
...^ 1/23/2013 CN GENERAL ELECTRICT COMPANY .85% NON-CALL 3,000,000.00 3,010,440.00 0.720% 0.0001334 58,693.33 3,069,133.33 989
—— 10/6/2011 CN WAL-MART 1.50% NON-CALL 3,000,000.00 3,049,826.34 1.080% 0.0002027 132,548.66 3,182,375.00 1,480
5/15/2012 CN WAL-MART 1.50% NON-CALL 2,630,000.00 2,696,944.02 0.750% 0.0001245 68,939.31 2,765,883.33 1,258
INVESTMENT REPORT
AS OF AUGUST 31, 2014
rESTMENT PAR INVESTED RETURN Weighted INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE Ava Yield INTEREST RETURN (Days)
2/10/2012 CN PROCTER & GAMBLE 1.80% NON-CALL 2,844,000.00 2,965,410.36 0.650% 0,0001186 71,270.64 3,036,681.00 1,374
12/15/2010 CN BARCLAYS BANK 3.10% NON-CALL 2,000,000.00 2,000,000.00 3.100% 0,0003815 310,000.00 2,310,000,00 1,826
12/15/2010 CN ROYAL BANK OF CANADA 2.625% NON-CALL 2,000,000.00 2,038,220.00 2.220% 0.0002785 225,009.16 2,263,229.16 1,826
4/13/2012 CN PROCTER & GAMBLE 4.85% NON-CALL 1,000,000.00 1,147,830.00 0.760% 0,0000537 30,272.78 1,178,102.78 1,341
10/31/2011 CN MET LIFE GLOBAL FUNDING 3.125% NON-CALL 1,635,000.00 1,695,247.73 2.200% 0.0002295 154,062.17 1,849,309.90 1,533
12/28/2011 CN MET LIFE GLOBAL FUNDING 3.125% NON-CALL 2,000,000.00 2,063,239.83 2.300% 0,0002920 189,017.11 2,252,256.94 1,475
1/25/2012 CN MET LIFE GLOBAL FUNDING 3.125% NON-CALL 5,000,000.00 5,189,924.57 2.120% 0,0006771 428,999.04 5,618,923.61 1,447
3/9/2012 CN MET LIFE GLOBAL FUNDING 3.125% NON-CALL 3,000,000.00 3,169,646.15 1.600% 0.0003121 190,249.68 3,359,895.83 1,403
2/8/2012 CN GENERAL ELECTRIC 1.55% NON-CALL FLOATER 5,000,000.00 5,000,000.00 1.390% 0.0004277 227,500.00 5,227,500.00 1,461
5/6/2011 CN MASS MUTUAL GLOB 3.125% NON-CALL 1,000,000.00 1,024,175.57 3.125% 0.0001970 130,164.71 1,154,340.28 1,805
5/16/2011 CN GENERAL ELECTRIC 2.95% NON-CALL 2,000,000.00 2,000,912.32 2.940% 0.0003620 292,940,46 2,293,852,78 1,820
6/17/2011 CN GENERAL ELECTRIC 2.95% NON-CALL 2,000,000.00 2,009,952.38 2.840% 0.0003513 278,819.84 2,288,772,22 1,788
9/12/2011 CN GENERAL ELECTRIC 2.95% NON-CALL 1,400,000.00 1,427,513.33 2.500% 0.0002196 164,875.84 1,592,389,17 1,701
12/4/2012 CN JOHNSON & JOHNSON 2.15% NON-CALL 2,000,000.00 2,104,120.00 0.621% 0.0000804 44,110,56 2,148,230.56 1,258
9/13/2013 CN TOYOTA .80% NON-CALL 3,000,000.00 2,981,640.00 1.032% 0.0001894 82,626,67 3,064,266.67 977
9/4/2012 CN GOOGLE 2.125% NON-CALL 1,000,000.00 1,050,940.00 2,125% 0.0001374 6,197.92 1,057,137.92 1,353
9/10/2013 CN CHEVRON CORP .889% NON CALL 2,000,000.00 1,993,903.80 1,000% 0.0001227 55,682.64 2,049,586.44 1,018
10/27/2011 CN PROCTER & GAMBLE 1.45% NON-CALL 5,000,000.00 5,011,536.25 1,400% 0.0004318 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% 0.0006491 510,033.64 5,532,888.89 1,770
1/23/2013 CN PROCTER & GAMBLE 1.45% NON-CALL 1,000,000.00 1,025,260,00 0.730% 0.0000461 26,376.11 1,051,636.11 1,300
10/2/2012 CN COCA COLA CA 1.8% NON-CALL 3,000,000.00 3,133,106.35 0.650% 0.0001253 78,243,65 3,211,350.00 1,430
9/22/2011 CN TOYOTA 2.0% NON-CALL 5,000,000.00 5,023,645,00 1.900% 0.0005874 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% 0.0003839 287,655,64 3,956,849.72 1,708
1/31/2012 CN BERSHIRE HATHAWAY 1.90% NON-CALL 5,000,000.00 5,047,739.83 1.700% 0.0005281 427,260,17 5,475,000.00 1,827
1/31/2012 CN HSBC BANK USA 2.5% FLOATING RATE 5,000,000.00 5,000,000.00 1.748% 0.0005378 425,000.00 5,425,000.00 1,827
3/5/2012 CN BERSHIRE HATHAWAY 1.90% NON-CALL 2,850,000.00 2,914,809.00 1.418% 0.0002543 200,676.42 3,115,485.42 1,793
8/6/2012 CN IBM CORP 1.250% NON-CALL 5,000,000.00 5,077,000.00 0.900% 0.0002812 204,250.00 5,281,250.00 1,645
2/16/2012 CN WESTPAC BANKING CORP 2.3% NON-CALL 5,000,000.00 5,000,000.00 2.300% 0.0007077 574,680.56 5,574,680,56 1,826
4/18/2012 CN WAL-MART STORES 5.375% NON-CALL 3,000,000.00 3,568,354,19 1.400% 0.0003074 229,833,31 3,798,187.50 1,813
6/5/2012 CN HSBC BANK USA 1.925% FLOATER 5,000,000.00 5,000,000.00 1.507% 0.0004637 380,000.00 5,380,000,00 1,826
6/12/2014 CN CHEVRON CORP 1.104% NON CALL 2,000,000.00 1,996,180.00 1,160% 0.0001425 80,670.67 2,076,850,67 1,272
3/8/2013 CN WAL-MART 5.8% 3,000,000.00 3,669,120.00 1,140% 0,0002574 189,763.33 3,858,883,33 1,805
3/26/2013 CN COCA COLA CA 1.150% MAKE-WHOLE CALL 1,000,000.00 1,000,000.00 1,150% 0,0000708 57,627,78 1,057,627.78 1,832
5/15/2013 CN BERKSHIRE HATAWAY 1.30% MAKE WHOLE CALL 5,000,000.00 5,019,345.05 1,220% 0,0003768 305,654,95 5,325,000.00 1,826
12/24/2013 CN COCA COLA CA 1.650% MAKE-WHOLE CALL 3,500,000.00 3,491,856.17 1.700% 0.0003653 288,391,75 3,780,247,92 1,782
SUB-TOTAL 157,909,000.00 162,500,793.32 1.446% 9,837,538.88 172,338,332,20 1,481
9/21/2011 CD TRANSPORTATION ALLIANCE BANK INC .75% 249,000.00 249,000.00 0.750% 0.0001377 5,612.71 254,612,71 1,097
9/21/2012 CD CITIZENS STATE BANK .50% 249,000.00 248,751.00 0.550% 0.0001009 2,742.46 251,493,46 731
9/23/2011 CD STATE BANK OF INDIA 1.30% 248,000.00 248,000.00 1.300% 0.0002377 9,680,83 257,680,83 1,096
9/23/2011 CD BMW BANK OF NORTH AMERICA 1.35% 248,000.00 248,000.00 1.350% 0.0002468 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% 0,0000917 2,739.00 251,490,00 730
10/24/2012 CD APPLE BANK FOR SAVINGS .50% 248,000.00 248,000.00 0.500% 0,0000914 2,480.00 250,480.00 730
3/14/2013 CD SUNTRUST BANK ATLANTA .28% 200,000.00 198,780.00 0.640% 0,0000938 2,152.35 200,932.35 608
4/30/2012 CD STERLING SAVINGS BANK .75% 248,000.00 248,000.00 0.750% 0,0001371 4,749.36 252,749.36 932
4/20/2012 CD PLUS INTERNATIONAL .85% 249,000.00 249,000.00 0.850% 0.0001560 5,520.35 254,520.35 952
INVESTMENT REPORT
AS OF AUGUST 31, 2014
INVESTMENT PAR INVESTED RETURN Weighted INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE Ava Yield INTEREST RETURN (Days)
11/30/2012 CD SYNOVUS BANK .5% 248,000.00 248,000.00 0.500% 0.0000914 2,473.11 250,473.11 728
6/8/2012 CD HUNTINGTON NATL BANK ,75% 248,000.00 248,000,00 0,750% 0.0001371 4,652,55 252,652.55 913
1/11/2012 CD SALLIE MAE BANK 1.35% 248,000.00 248,000,00 1,350% 0.0002468 9,869.73 257,869,73 1,076
1/11/2012 CD BARCLAYS BANK DELAWARE 1.25% 248,000.00 248,000.00 1,250% 0.0002285 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% 0.0001008 3,636.09 252,337.29 825
2/6/2013 CD KEYBANK NATIONAL ASSOCIATION .45% 248,000,00 248,000.00 0,450% 0.0000823 2,263.00 250,263.00 740
8/24/2012 CD BLC COMMUNITY BANK .50% 249,000.00 248,690.24 0.550% 0.0001008 3,427.40 252,117.64 914
8/30/2012 CD TRIUMPH BANK .50% 249,000.00 249,000,00 0.500% 0.0000918 3,107.41 252,107.41 911
5/9/2012 CD GEORGIA BANK & TRUST ,70% 248,000.00 247,628,00 0.750% 0.0001369 5,589.51 253,217.51 1,097
11/29/2012 CD UNITED BANKERS BANK .50% 249,000.00 248,676.30 0,550% 0,0001008 3,436,20 252,112.50 911
1/23/2012 CD LCA BANK CORPORATION .85% 248,000,00 248,000.00 0.850% 0,0001554 7,375,11 255,375.11 1,277
7/27/2012 CD FLUSHING SAVINGS BANK.75% 248,000.00 247,628.00 0.800% 0.0001461 5,951.97 253,579.97 1,095
9/15/2011 CD BANK OF THE WEST 1.4% 249,000.00 249,000,00 1.400% 0,0002570 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% 0.0001008 4,233,74 252,835.34 1,094
11/7/2012 CD EAGLE BANK ,60% 249,000.00 249,000,00 0.600% 0.0001101 4,490.30 253,490,30 1,097
12/2/2011 CD MIDLAND STATES BANK 1.25% 249,000.00 249,000,00 1.250% 0.0002295 12,450.00 261,450.00 1,461
1/25/2012 CD NATIONAL REPUBLIC BANK 1,0% 249,000.00 249,000.00 1,000% 0,0001836 9,966.87 258,966.87 1,461
2/10/2012 CD CARDINAL BANK MCLEAN VA .90% 249,000.00 249,000.00 0,900% 0,0001652 8,970.06 257,970.06 1,461
2/6/2013 CD ORIENTAL BANK & TRUST .90% CALL 8/6/13 249,000.00 249,000.00 0.900% 0,0001652 6,735.45 255,735.45 1,097
8/24/2012 CD FIRST BUSINESS BANK .60% 248,000.00 247,578.40 0.600% 0,0001095 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% 0,0001008 4,791.87 253,343.67 1,274
5/4/2012 CD HERITAGE BANK OF COMMERCE .80% 249,000.00 248,004.00 0,900% 0,0001646 8,953.05 256,957.05 1,459
5/18/2012 CD NORTH JERSEY COMMUNITY .85% 248,000.00 247,008.00 0,950% 0,0001730 9,429.77 256,437.77 1,461
5/22/2012 CD STATE BANK & TRUST CO MACON, GA .80% 249,000.00 248,004.00 0.900% 0,0001646 8,974.88 256,978.88 1,462
5/31/2012 CD CRESCENT BANK & TRUST .90% 249,000.00 248,502.00 0.950% 0,0001740 9,468.06 257,970,06 1,461
8/15/2012 CD EVERBANK ,90% 248,000,00 247,008.00 0.900% 0,0001639 9,926.11 256,934,11 1,461
2/28/2012 CD MERCANTILE BANK OF MICHIGAN 1,15% 248,000,00 247,380.00 1.150% 0.0002097 14,895.62 262,275,62 1,827
12/24/2012 CD DELTA NATL BANK & TRUST .90% 249,000.00 248,377,50 0.952% 0.0001743 11,624.88 260,002.38 1,792
12/24/2012 CD PACIFIC CONTL BANK .90% 249,000.00 248,452.20 0.946% 0,0001733 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% 0,0002011 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% 0,0001830 13,128.78 261,381.78 1,816
12/14/2012 CD FIRST BANK OF PUERTO RICO 1.25% 249,000.00 249,000,00 1.250% 0.0002295 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% 0.0001832 12,948.00 261,450,00 1,826
1/16/2013 CD THE BANK OF HOLLAND 1.00% 249,000.00 248,751,00 1.000% 0.0001834 12,699.00 261,450,00 1,826
1/16/2013 CD BANK OF NORTHERN MICHIGAN 1,00% 249,000.00 248,751,00 1.000% 0.0001834 12,699.00 261,450.00 1,826
1/18/2013 CD STEARNS BANK ,90% 249,000.00 248,253,00 1.000% 0.0001830 11,952.00 260,205.00 1,826
1/23/2013 CD FIRST FARMERS BANK & TRUST 1,0% 249,000.00 248,626,50 1.000% 0.0001833 12,823.50 261,450.00 1,826
3/4/2013 CD GATEWAY BANK OF SW FLORIDA .95% 209,000.00 208,373,00 1.070% 0.0001644 10,367.28 218,740.28 1,792
1/30/2013 CD FARMERS & MERCHANTS BANK .90% 249,000.00 248,253,00 0.900% 0.0001647 11,952.00 260,205.00 1,826
3/28/2013 CD WASHINGTON FEDERAL SAVINGS 1,0% CALL 249,000.00 248,253,00 1.000% 0.0001830 13,197.00 261,450.00 1,826
4/5/2013 CD BOSTON PRIVATE BANK & TRUST ,95% CALL 248,000,00 247,008.00 1,032% 0.0001879 12,765.55 259,773,55 1,825
4/18/2013 CD FIRST STATE BANK NE ,95% CALL 249,000,00 248,502,00 0.991% 0.0001816 12,325.50 260,827.50 1,826
4/30/2013 CD FOREST COMMERCIAL BANK ,90% CALL 249,000,00 248,253.00 0.960% 0,0001757 11,952.00 260,205,00 1,826
7/24/2014 CD AMERICAN EXPRESS BANK 2.00% 247,000,00 247,000,00 2.000% 0,0003642 24,700.00 271,700,00 1,826
8/28/2014 CD ENERBANK USA 2.05% 247,000,00 247,000.00 2.050% 0,0003733 25,317.50 272,317.50 1,826
"~ 8/29/2014 CD SYNCHRONY BANK 2.1% 247,000.00 247,000.00 2.100% 0.0003824 25,935.00 272,935.00 1,826
INVESTMENT REPORT
AS OF AUGUST 31, 2014
INVESTMENT
DATE
PAR INVESTED RETURN Weighted INVESTMENT TERM
TYPE SECURITY VALUE AMOUNT RATE Ava Yield INTEREST RETURN (Davs)
SUB-TOTAL 13,582,000.00 13,563,851.74 0.944% 516,787.24 14,080,638.98 1,363
O WELLS FARGO BANK 327,130.00 327,130.00 0.020% 0.0000005 0,18 327,130,18 1
O CORPORATE CASH MANAGEMENT ACCOUNT 2,335,923,06 2,335,923.06 0.020% 0.0000039 1.28 2,335,924.34 1
o LIBRARY ACCOUNT 808.78 808.78 0.000% --808.78 1
0 UNION TRUST 269.67 269,67 0.000% 0.0000000 -269,67 1
0 LAIF WATER DISTRICT 31,120,000.00 31,120,000,00 0,250% 0.0006478 216,11 31,120,216,11 1
0 LAIF PUBLIC IMPROVEMENT CORPORATION 28,921,000.00 28,921,000.00 0,250% 0.0006020 200,84 28,921,200.84 1
o LAIF PUBLIC FINANCING CORPORATION 24,773,000.00 24,773,000.00 0,250% 0,0005157 172,03 24,773,172.03 1
o LAIF CITY OF CARLSBAD 32,627,000.00 32,627,000.00 0.250% 0,0006791 226.58 32,627,226,58
SUB-TOTAL 120,105,131.51 120,105,131.51 0.245% 817,02 120,105,948,53
GRAND TOTAL 649,542,131,51 654,410,834,22 1.062% 29,141,572.53 683,552,406,75
EXHIBIT 8
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF AUGUST 31, 2014
Cash Balance by Fund:
General 87,937,870
Special Revenue 46,365,748
Debt Service 0
Capital Projects:
General Capital Construction 51,691,578
Traffic Impact Fees 21,453,275
Public Facilities Fees 31,251,010
Park Development 5,107,548
Transnet Taxes 4,652,661
Drainage Fees 6,023,790
Special Districts 85,285,258
Infrastructure Replacement 88,155,880
Other Capital Construction 2,804,347
Total 296,425,346
Enterprise:
Carlsba(d Municipal Water District 104,991,451
Sewer Fund 51,865,954
Solid Waste 7,267,038
Storm Water 4,659,591
Golf Course 43,122
Total 168,827,157
Internal Service 38,034,148
Agency Funds 14,759,727
Trust Funds 172,429
Total General Ledger Balance ** 652,522,424
Reconciling Adjustments (1) (1,413,263)
Total Treasurer's Investment Portfolio at Amortized Cost 651,109,161
(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 9/08/14
/5-
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
As of AUGUST 31,2014
CORPORATE NOTE AND COMMERCIAL PAPER RATINGS
Corporate Note Investments Meeting ttie Current Investment Policy:
(Ratings must be AA or better by two of the three: Moody's S8iP or Fitch)
Moodv's S8.P Fitch
BERKSHIRE HATHAWAY AA2 AA+ A+
CHEVRON AA1 AA NR
COCA COLA AAS AA A+
GENERAL ELECTRIC COMPANY AAS AA+ NR
GOOGLE INC AA2 AA NR
HSBC BANK USA A1 AA-AA-
IBM CORP AAS AA-A+
JOHNSON & JOHNSON AAA AAA AAA
MASS MUTUAL GLOBAL AA2 AA+ AA+
MET LIFE GLOBAL AAS AA-AA-
NEW YORK UFE AAA AA+ AAA
PROCTER & GAMBLE AAS AA-NR
PROVIDENCE HEALTH AA2 AA AA
ROYAL BANK OF CANADA AAS AA-AA
SHELL INTERNATIONAL AA^ AA AA
TOYOTA AAS 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, S8iP 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 *
Moodv's S&P Fitch
BARCLAYS BANK A2 A NR
GENERAL ELECTRIC A1 AA+ NR
MERCK Al AA A+
Latest Carrying Market
Maturitv Date Value Value
12/15/2015
05/09/2016
06/S0/2015
2,000,000 2,018,620
17,412,500 17,655,400
5,110,792 5,153,250
* 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.
/6
EXHIBIT 10
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF AUGUST 31,2014
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 3.58%
CHEVRON 3,990,083.80 0.61%
COCA COLA CO 7,624,962.52 1.17%
GENERAL ELECTRIC CAP 17,352,898.05 2.65%
GENERAL ELECTRIC COMPANY 8,032,665.00 1.23%
GOOGLE 1,050,940.00 0.16%
HSBC BANK USA 10,000,000,00 1.53%
IBM CORP 8,581,305,00 1.31%
JOHNSON & JOHNSON 2,104,120,00 0.32%
MASS MUTUAL 1,024,175.57 0.16%
MERCK & CO 5,498,750.00 0.84%
MET LIFE GLOBAL FUND 14,090,335.81 2,15%
NEW YORK LIFE 8,691,145.24 1,33%
PROTER & GAMBLE 13,392,464.17 2,05%
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 0.82%
TOYOTA 8,005,285.00 1.22%
WAL-MART 12,984,244.55 1.98%
WESTPAC BANKING CORP 5,000,000.00 0.76%
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
Investment Cost Percent of Portfoli
FAMCA 15,016,370.00 2,29%
FEDERAL FARM CREDIT BANK 58,446,847.73 8,93%
FEDERAL HOME LOAN BANK 123,460,061.00 18.87%
FEDERAL HOME LOAN MORTGAGE CORP 60,597,648.50 9.26%
FEDERAL NATIONAL MORTGAGE ASSOC 84,244,516.31 12.87%
U.S,TREASURY 16,475,614.11 2.52%
Total Portfolio
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.
$654,410,834.22
/7