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04 Staff Report - Treasurer's Reports For February and March 2005DATE: COUNCIL AGENDA REPORT April 27,2005 MEETING DATE:5/02/05 ITEM NO.4 ~, TO:, FROM: SUBJECT: MAYOR AND TOWN COUNCIL LINDA LUBECK,TOWN TREASURER ~J-- TREASURER'S REPORTS FOR FEBRUARY AND MARCH,2005 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance are the Treasurer's report for February and March,2005. Prime is now at 5.75%.Treasurer's funds are up to $53.7 million with the annual influx ofproperty taxes.Funds were invested in the month of March with maturities ranging from one year to three years and yields between 3.1%to 4.26%respectively.Overall,the rate of return of the town's portfolio has continued to increase over the last few months,up to 2.81 %.As the rates continue to rise over the next few months I will continue to keep the bulk ofthe portfolio shorter term in order to be able to place funds at higher rates as they occur. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA,and no further action is required. FISCAL IMP ACT:None Attachments:Treasurer's report dated April 27,2005.Y PREP ARED BY:Linda L.Lubeck,Town Treasurer I • Reviewed by:,Town Managyr'Assistant Town Manager ~Town Attorney _A_Clerk iQ.{'1JLFinance_,_Community Development Revised:4/28/05 8:04 am Distribution:ToJ/n Council!Town Manager;Finance Director Reformatted:5/30/02 Distribution:Town Clerk Town Manager Town Council Town of Los Gatos Treasurer's Report for the month ended February 28,2005 Submitted April 27,200SJx by Linda L.Lubeck Meeting date:May 2,2005 Item No: Town of Los Gatos Summary Investment Information February 28,2005 Weighted Average Portfolio Yield:2.66%Weighted Average Maturity (days)411 Portfolio Balance Benchmarks/References: Town's Average Yield LAIF Yield for month 3 mo.Treasury 6 mo.Treasury 2 yr.Treasury 5 yr.Treasury (most recent) Prime rate This Month $53,046,566 2.66% 2.37% 2.77% 3.01% 3.50% 3.62% 5.50% Last Month $52,810,947 2.60% 2.26% 2.37% 2.68% 3.25% 3.73% 5.25% One year ago $48,728,240 2.45% 1.44% 0.95% 1.02% 1.68% 3.03% 4.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr.Freddie Mac (10/13/04)2.78% 3 yr.Freddie Mac (02/15/05)3.67% 2 - 3 years 16% Portfolio Maturity Profile 3 - 5 years 8% 0-1 year 53% Compliance:The Town's investments are in compliance with the Town's investment policy dated June 24,2002 and also in compliance with the requirements of Section 53601 of the California State Code.Based on the information available,the Town has sufficient funds to meet the cash demands for the next six months. Page 1 Town of Los Gatos Portfolio Allocation &Treasurer's Fund Balances February 28,2005 Fund Balances -Beginning ofMonthlPeriod Receipts Disbursements Fund Balances -End ofMonthlPeriod portfolio AllocatiOn" SEI Cash US Govt Agencies Local Agency Investment Fund Subtotal -Investments Reconciled Demand Deposit Balances Total Treasurer's Fund MmJ.th $52,810,947.24 2,203,367.66 (1,967,748.71) $53,046,566.19 138,593.45 37,496,533.95 11,761,275 82 49,396,403.22 365016297 $53,046,566.19 YID. $52,146,172.75 21,881,056.97 (20,980663 53) $53,046,566.19 Local Agency Investment Fund 23.8% Portfolio Investment Allocation SEJ Cash 0.3% Treasurer's Fund Balances l I $54,000,000 $53,000,000 $52,000,000 $51,000,000 $50,000,000 $49,000,000 $48,000,000 $47,000,000 $46,000,000 $45,000,000 $44,000,000 g ~ .". 9 0- "en page 2 .".o t;o .".o >-o Z .".oo "Cl Town of Los Gatos Non-Treasury Restricted Fund Balances February 28,2005 Previous ~. Non-Treasury Funds: Downtown Parking District 12/20/02 Certificates of Participation Reserve Fund (Lot 4) Cert.ofParticipation Lease Payment Fund (Lot 4) Cert.ofParticipation 2002 Series A Const.Fund Cert.of Participation 2002 Series A Reserve Fund Cert.Of Participation 2002 Series A Interest Fund Cert.Of Participation 2002 Series A COl Fund Total Restricted Funds: 236,713.97 255,964.97 83,934.93 2,313,605.69 722,904.17 230,541.25 0.00 $3,843,664.98 42,165.84 Ending Int=sl Withdrawals ~ 0.00 236,713.97 Notel 333.89 256,298.86 Note 2 109.49 41,497.50 84,712.76 Note 3 11,957.99 1.84 2,325,561.84 Note 4 55.55 13.37 722,946.35 Note 4 190.31 230,585.58 145.98 0.00 0.00 0.00 Note 4 $12,647.23 $272,098.29 $3,626,379.76 These accounts are not part of the Treasurer's fund balances reported elsewhere in this report,as they are for separate and distinct entities. Note 1:This account include redemption accounts set up for the repayment of interest and principal on outstanding bond coupons for Parking Assessment District '3',as well as Reserve Funds set up as required by the original Bond resolution. Note 2:The reserve fund was a requirement of the original certificates of participation agreement when Lot 4 was built.It helps to guarantee payment of the lease payments should the Town not make payment. Note 3:The lease payment fund receives the lease payments from the Town monthly for the lease of Lot 4.It holds the funds until payments on the certificates of participation are due semi-annually. Note 4:The three funds for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the next few years,reserve funds which will guarantee the payment oflease payments,and a third fund for the disbursement oflease payments and initial delivery costs.. Page 3 Town of Los Gatos Statement of Interest Earned February 28,2005 Current Fiscal Month Year to Date Interest received from Investments 90,401.16 899,048.53 Add:Interest accrued at end of period (see page 5)(19,939.47)(19,939.47) Less:Interest accrued at beginning of period 29,170.21 (92,466.06) Interest earned on investments $99,631.90 $786,643.00 Page 4 I 1 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report February 28,2005 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest .l&p.1ns.lillI1ilm S=ril>'..l2ate .GllSl .l2ate .E1llJ=I Ma1J.IrilJ(.In=red ~.Eam.e.d ~~ 923 FNMA Coupon Note 02/25/02 1,998,520.00 03/15/05 1099 15 1114 3.90%234,681.00 198,055.56 36,625.44 935 FHDN Discount Note 02/04/05 993,671.11 05/04/05 24 65 89 2.61%1,706.61 1,706.61 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 1019 107 1126 4.26%237,781.23 219,347.22 18,434.01 931 FMCDN Coupon Note 08/18/04 980,715.00 07/26/05 194 148 342 2.09%10,886.43 10,886.43 937 FHDN Discount Note 02/04/05 493,038.89 08/02/05 24 155 179 2.88%933.33 933.33 936 FHDN Discount Note 02/04/05 985,844.44 08/05/05 24 158 182 2.88%1,866.67 1,866.67 927 FNMA Coupon Note 08126/03 1,071,900.00 11/14/05 552 259 811 2.37%38,415.94 31,996.80 6,419.14 932 FHLB Coupon Note 08/18/04 498,300.00 02/03/06 194 340 534 2.49%6,591.68 2,343.75 4,247.93 928 FNMA Coupon Note 08126/03 895,320.00 04/28/06 552 424 976 2.83%38,286.16 27,694.30 10,591.86 933 FHLB Coupon Note 08/18/04 996,420.00 05/15/06 194 441 635 2.46%13,029.50 5,437.50 7,592.00 920 FNMA Coupon Note 06/22/01 .2,001,740.00 06/15/06 1347 472 1819 5.23%386,368.33 365,484.30 20,884.03 934 FNMA Coupon Note 08/18/04 1,491,000.00 01/12/07 194 683 877 3.06%24,253.45 21,000.00 3,253.45 929 FNMA Coupon Note 02/09/04 2,000,000.00 05/09/07 385 800 1185 3.00%63,287.67 60,000.00 3,287.67 930 FHLMC Coupon Note 02/24/04 2,505,250.00 08/24/07 370 907 1277 2.79%70,958.90 80,500.00 (9,541.10) Purch Int -Union acct.4,200.00 SEI Cash 138,593.45 9,677.71 9,260.13 417.58 SEI Investments 18,568,628.51 Various 652 2.21%525,440.61 706,913.06 (181,472.45) Purch Int -SEI acct.12,646.00 LAIF N/A 12/31/04 11,761,275.82 03/31/05 59 31 90 2.37%43,927.92 43,927.92 49,396,403.22 411 2.66%1,708,093.15 1,728,032.62 (19,939.47) Maturity Profile Amount Percent 0-1 year 25,870,084.56 52.37% 1-2 years 11,605,631.97 23.49% 2-3 years 8,099,991.80 16.40% 3-5 years 382069489 l.13!fs, 49,396,403.22 l.illl..QQ'lIn Market to Cost Position Report Market Amortized Market Unrealized .l&p.1ns.lillI1ilm S=ril>'.~....D!sL Yalue*Gain (loss) 923 FNMA Coupon Note 100.031 1,998,520.00 2,000,620.00 2,100.00 935 FHDN Discount Note 99.530 993,671.11 995,300.00 1,628.89 924 FHLMC Coupon Note 100.406 1,999,340.00 2,008,120.00 8,780.00 931 FMCDN Coupon Note 98.840 980,715.00 988,400.00 7,685.00 937 FHDN Discount Note 98.740 493,038.89 493,700.00 661.11 936 FHDN Discount Note 98.720 985,844.44 987,200.00 1,355.56 927 FNMA Coupon Note 99.156 1,071,900.00 1,070,884.80 (1,015.20) 932 FHLB Coupon Note 98.969 498,300.00 494,845.00 (3,455.00) 928 FNMA Coupon Note 99.000 895,320.00 891,000.00 (4,320.00) 933 FHLB Coupon Note 98.531 996,420.00 985,310.00 (11,110.00) 920 FNMA Coupon Note 102.125 2,001,740.00 2,042,500.00 40,760.00 934 FNMA Coupon Note 98.281 1,491,000.00 1,474,215.00 (16,785.00) 929 FNMA Coupon Note 98.250 2,000,000.00 1,965,000.00 (35,000.00) 930 FHLMC Coupon Note 98.494 .2,505,250.00 2,462,350.00 (42,900.00) Subtotal 18,911,059.44 18,859,444.80 (51,614.64) Purch Int -Union acct.4,200.00 4,200.00 0.00 SEI 18,568,628.51 17,857,874.65 (710,753.86) SET Cash 138,593.45 .138,593.45 0.00 N/A LAIF N/A 11,761,275.82 11,761,275.82 0.00 Purchased Int.12,646.00 12,646.00 0.00 Totals:49,396,403.22 48,634,034.72 (762,368.50) *Source:Treasury and Agency Obligations -Union Bank of California LAIF balances per Local Agency Investment Fund monthly statement. page 5 SEI Investments Account Market to Cost Position Report February 28,2005 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest lkI2..InsliMilm ~~i:lls.t ~.E1m=I ~~Ma!III:it!~~A.c!=.d FHLMC Z Coupon 11/08/04 49,634.74 03/07/05 112 7 119 2.228%339.33 339.33 FHLB Coupon Note 06126/03 665,362.50 04115/05 613 46 659 1.064%11,889.61 13,972.29 (2,082.68) FHLB Coupon Note 06/23/03 552,634.50 05113/05 616 74 690 1.220%11,378.52 11,481.25 (102.73) FNMA Coupon Note 11/09104 199,375.00 05/27/05 III 88 199 2.376%1,440.61 1,440.61 FHLMC Coupon Note 06/30103 663,493.36 06/15105 609 107 716 1.482%16,406.25 39,046.87 (22,640.62) FNMA Z Coupon 02/22/05 197,600.00 07122/05 6 144 150 2.955%95.98 95.98 FHLB Coupon Note 06124/03 672,743.50 08115105 615 168 783 1.335%15,132.58 32,012.50 (16,879.92) FHLMC Coupon Note 11/09104 198,468.75 08115105 III 168 279 2.508%1,513.73 800.00 713.73 FNMA Coupon Note 08/24/04 199,360.00 09115/05 188 199 387 2.178%2,236.46 218.75 2,017.71 FHLB Coupon Note 06124/03 683,345.00 11115105 615 260 875 1.432%16,487.90 .32,791.15 (16,303.25) FHLMC Coupon Note 06/30103 651,562.50 01115/06 609 321 930 1.771%19,253.03 48,562.50 (29,309.47) FHLMC Coupon Note 08124/04 198,460.00 02/15106 188 352 540 2.402%2,455.34 1,781.25 674.09 FFCB Coupon Note 06/25103 666,809.00 03/15106 614 380 994 1.523%17,083.50 19,861.11 (2,777.61) FHLMC Coupon Note 06125103 664,117.19 04115106 614 411 1025 1.576%17,606.64 20,154.51 (2,547.87) FNMA Coupon Note 06/27/03 504,090.00 04128/06 612 424 1036 2.315%19,566.70 17,536.46 2,030.24 FHLB Coupon Note 06124/03 658,677.50 05115106 615 441 1056 1.625%18,034.68 19,222.40 (1,187.72) FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 612 459 1071 2.076%17,436.65 15,378.47 2,058.18 FHLMC Coupon Note 06/30103 387,296.88 07/15106 609 502 1111 1.872%12,096.91 29,677.08 (17,580.17) FNMA Coupon Note 06110104 297,213.00 08/11/06 263 529 792 3.177%6,803.74 5,522.92 1,280.82 FHLB Coupon Note 06/30103 400,000.00 09/29/06 609 578 1187 2.200%14,682.74 12,120.00 2,562.74 FHLMC Coupon Note 02/22/05 197,629.00 10/15106 6 594 600 3.507%113.93 113.93 FHLB Coupon Note 06/24/03 688,076.80 11/15106 615 625 1240 1.825%21,158.36 36,740.00 (15,581.64) FFCB Coupon Note 06/25103 660,954.00 12119/06 614 659 1273 1.844%20,502.54 43,387.50 (22,884.96) FHLB Coupon Note 06/30103 400,000.00 12/29/06 609 669 1278 2.225%14,849.59 13,350.00 1,499.59 FNMA Coupon Note 02/22105 195,358.60 02/15107 6 717 723 3.363%108.00 108.00 FHLMC Coupon Note .06/25103 662,652.00 03/15107 614 745 1359 1.946%21,692.21 35,750.00 (14,057.79) FNMA Coupon Note 06/30103 333,597.66 04115107 609 776 1385 2.150%11,967.02 20,343.75 (8,376.73) FHLMC MTN Coupon Note 06/27/03 402,556.00 05129/07 612 820 1432 2.808%18,953.17 17,033.33 1,919.84 FNMA Coupon Note 06/30103 375,219.60 07/15107 609 867 1476 2.359%14,768.55 22,932.29 (8,163.74) FHLB Coupon Note 06/24/03 672,825.60 11/15107 615 990 1605 2.257%25,586.82 31,173.33 (5,586.51) FNMA Coupon Note 06124/03 299,475.00 12/24/07 615 1029 1644 2.528%12,756.16 11,250.00 1,506.16 FNMA Coupon Note 06/27/03 649,785.94 01115108 612 1051 1663 2.492%27,150.44 31,736.00 (4,585.56) FHLMC Coupon Note 09/30104 198,630.00 02/25108 151 1092 1243 3.462%2,844.83 2,618.06 226.77 FHLMC Coupon Note 06/26/03 657,396.09 03115108 613 1111 1724 2.294%25,327.26 21,629.83 3,697.43 FHLB Coupon Note 06/30103 286,162.50 04115108 609 1142 1751 2.633%12,571.53 18,987.50 (6,415.97) FHLB Coupon Note 06/26/03 661,764.30 05113/08 613 1170 1783 2.507%27,862.83 47,569.11 (19,706.28) FHLMC MTN Coupon Note 06/30103 228,298.00 06/13/08 609 1201 1810 2.894%11,023.64 9,188.82 1,834.82 FHLMC Coupon Note 06124/03 500,000.00 06118/08 615 1206 1821 2.750%23,167.81 20,625.00 2,542.81 FNMA Coupon Note 09/30104 198,597.00 08115108 151 1264 1415 3.442%2,827.92 2,437.50 390.42 FNMA Coupon Note 11/16/04 199,216.00 09115108 104 1295 1399 3.866%2,194.45 2,194.45 FNMA Coupon Note 01119/05 248,157.50 09115108 40 1295 1335 3.974%1,080.74 1,080.74 FNMA Coupoo Note 11/16/04 199,552.00 11/17/08 104 1358 1462 3.936%2,237.96 21.53 2,216.43 FNMA Coupon Note 01/19/05 249,465.00 12/15108 40 1386 1426 4.063%1,110.77 1,110.77 FNMA Coupon Note 01121105 242,400.00 03/16/09 38 1477 1515 3.930%991.78 991.78 FHLMC Coupon Note 01121105 149,686.50 09101109 38 1646 1684 4.180%651.40 651.40 18,568,628.51 652 2.206%525,440.61 706,913.06 (181,472.45) Cash 138,593.45 9,677.71 9,260.13 417.58 Purchased 1nt 12,646.00 535,118.32 716,173.19 (181,054.87) 18,719,867.96 page 6 Distribution:Town Clerk Town Manager Town Council Town of Los Gatos Treasurer's Report for the month ended March 31,2005 Submitted ~~ril27,2005 ~ Linda L.Lubeck ~ Meeting date:May 2,2005 Item No: Town of Los Gatos Summary Investment Information March 31,2005 Weighted Average Portfolio Yield:2.81%Weighted Average Maturity (days)409 Portfolio Balance Benchmarks/References: Town's Average Yield LAIF Yield for month 3 mo.Treasury 6 mo.Treasury 2 yr.Treasury 5 yr.Treasury (most recent) Prime rate This Month $53,724,048 2.81% 2.54% 2.84% 3.18% 3.86% 4.08% 5.75% Last Month $53,046,566 2.66% 2.37% 2.77% 3.01% 3.50% 3.62% 5.50% One year ago $49,862,617 2.48% 1.47% 0.96% 1.01% 1.52% 2.70% 4.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr.Freddie Mac (03/03/05)3.76% .2 yr.Fannie Mae (04/22/05)3.88% 2 - 3 years 17% Portfolio Maturity ProfIle 3 - 5 years 6% 0-lyear 51% Compliance:The Town's investments are in compliance with the Town's investment policy dated June 24,2002 and also in compliance with the requirements of Section 53601 of the California State Code.~ased on the information available,the Town has sufficient funds to meet the cash demands for the next six months. Page 1 Town of Los Gatos Portfolio Allocation &Treasurer's Fund Balances March 31,2005 Fund Balances -Beginning of Month/Period Receipts Disbursements Fund Balances -End of Month/Period Portfolio Allocation' SEI Cash US Govt Agencies Local Agency Investment Fund Subtotal -Investments Reconciled Demand Deposit Balances Total Treasurer's Fund .MM1h $53,046,566.19 2,619,512.98 (1,942,031.67) $53,724,047.50 140,657.69 37,561,095.53 11 761 27582 49,463,029.04 4261 01846 $53,724,047.50 YID. $52,146,172.75 22,297,202.29 (20,954,94649) $53,488,428.55 $54,000,000 $53,000,000 $52,000,000 $51,000,000 $50,000,000 $49,000,000 $48,000,000 $47,000,000 $46,000,000 $45,000,000 $44,000,000 ""o ~ Local Agency Investment Fund 23.8% Portfolio Investment Allocation SEI Cash 0.3% Treasurer's Fund Balances page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances March 31,2005 Previous .Ba1.aI@ Non-Treasury Funds: Downtown Parking District 12/20/02 Certificates of Participation Reserve Fund (Lot 4) Cert.of Participation Lease Payment Fund (Lot 4) Cert.of Participation 2002 Series A Const.Fund Cert.of Participation 2002 Series A Reserve Fund Cert.Of Participation 2002 Series A Interest Fund Cert.Of Participation 2002 Series A cor Fund Total Restricted Funds: 236,713.97 256,298.86 84,712.76 2,325,561.84 722,946.35 145.98 0.00 $3,626,379.76 21,082.92 $21,082.92 Ending .Int=st Wjthdrawals .Ba1.aI@ 1,520.89 238,234.86 Note! 358.19 256,657.05 NoteZ 114.28 105,909.96 Note 3 0.56 44,632.48 2,280,929.92 Note 4 58.80 12.08 722,993.07 Note 4 0.22 146.20 0.00 0.00 0.00 Note 4 $2,052.94 $44,644.56 $3,604,871.06 These accounts are not part of the Treasurer's fund balances reported elsewhere in this report,as they are for separate and distinct entities. Note 1:This account include redemption accounts set up for the repayment of interest and principal on outstanding bond coupons for Parking Assessment District '3',as well as Reserve Funds set up as required by the original Bond resolution. Note 2:The reserve fund was a requirement of the original certificates of participation agreement when Lot 4 was built.It helps to guarantee payment of the lease payments should the Town not make payment. Note 3:The lease payment fund receives the lease payments from the Town monthly for the lease of Lot 4.It holds the funds until payments on the certificates of participation are due semi-annually.. Note 4:The three funds for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the next few years,reserve funds which will guarantee the payment oflease payments,and a third fund for the disbursement oflease payments and initial delivery costs. Page 3 Town of Los Gatos Statement of Interest Earned March 31,2005 Current Fiscal Month Year to Date Interest received from Investments 81,223.62 980,272.15 Add:Interest accrued at end of period (see page 5)12,262.15 12,262.15 Less:Interest-accrued at beginning of period 19,939.47 (92,466.06) Interest earned on investments $113,425.24 $900,068.24 Page 4 Town of Los Gatos Inactive Deposits by Institntion Market to Cost Position Report Marcb 31,2005 Inactive Deposits by Institntion Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest !&Jllnsl.i.tY.lio.n S=!:iU..I:l.iJk ~.I:l.iJk E!m=l M.a.tlI.!:it'.!n=llil ~:El!J:lllij ~e.=-I 935 FHDN Discount Note 02/04/05 993,671.1 I 05104/05 55 34 89 2.61%3,910.98 3,910.98 924 FHLMC Coupon Note 05116/02 1,999,340.00 06115105 1050 76 1126 4.26%245,015.01 219,347.22 25,667.79 938 FHLMC Discount Note 03116/05 483,436.1 I 03/07/06 15 341 356 3.35%665.55 665.55 931 FMCDN Coupon Note 08/18/04 980,715.00 07/26/05 225 117 342 2.09%12,626.01 12,626.01 937 FHDN Discount Note 02/04/05 493,038.89 08/02/05 55 124 179 2.88%2,138.89 2,138.89 936 FHDN Discount Note 02/04/05 985,844.44 08/05105 55 127 182 2.88%4,277.78 4,277.78 927 FNMA Coupon Note 08/26/03 1,071,900.00 11114/05 583 228 81 I 2.37%40,573.36 31,996.80 8,576.56 932 FHLB Coupon Note 0811 8/04 498,300.00 02/03/06 225 309 534 2.49%7,644.99 2,343.75 5,301.24 928 FNMA Coupon Note 08/26103 895,320.00 04/28/06 583 393 976 2.83%40,436.29 27,694.30 12,741.99 933 FHLB Coupon'Note 08118/04 996,420.00 05115106 225 410 635 2.46%15,111.53 5,437.50 9,674.03 920 FNMA Coupon Note 06/22/01 2,001,740.00 06115106 1378 441 1819 5.23%395,260.26 365,484.30 29,775.96 939 FFCB Coupon Note 03116/05 498,560.00 1211 1/06 15 620 635 3.80%778.57 778.57 934 FNMA Coupon Note 08118/04 1,491,000.00 01112/07 225 652 877 3.06%28,129.00 21,000.00 7,129.00 940 FHLB Coupon Note 03116/05 543,228.45 02/09/07 15 680 695 3.93%877.35 877.35 929 FNMA Coupon Note 02/09/04 2,000,000.00 05109107 416 769 1185 3.00%68,383.56 60,000.00 8,383.56 930 FHLMC Coupon Note 02124/04 2,505,250.00 08/24/07 401 876 1277 2.79%76,904.10 80,500.00 (3,595.90) 941 FHLB Coupon Note 03/24/05 498,000.00 03/24/08 7 1089 1096 4.26%406.86 406.86 Purch Int -Union acct.6,026.09 SEI Cash 140,657.69 10,038.62 9,677.71 360.91 SEI Investments 18,616,278.36 Various 621 2.21%559,866.59 746,225.39 (186,358.80) Purch Int -SEI acct.3,027.08 LAIF N/A 12/31/04 11,761,275.82 03/31/05 90 0 90 2.54%68,923.82 68,923.82 49,463,029.04 409 2.81 %1,581,969.12 1,569,706.97 12,262.15 Matnrity Profile Amount Percent 0-1 year 25;063,730.93 50.67% 1-2 years 12,643,263.42 25.56% 2-3 years 8,592,735.89 17.37% 3-5 years 316329880 Mlllil 49,463,029.04 .l.QQ.QQ'M, Market to Cost Position Report Market Amortized Market Unrealized !&Jllnsl.i.tY.lio.n S=!:iU.~---'&SL Value*~ 935 FHDN Discount Note 99.74 993,671.1 I 997,400.00 3,728.89 924 FHLMC Coupon Note 100.250 1,999,340.00 2,005,000.00 5,660.00 938 FHLMC Discount Note 96.620 483,436.11 483,100.00 (336.11) 931 FMCDN Coupon Note 99.050 980,715.00 990,500.00 9,785.00 937 FHDN Discount Note 98.950 493,038.89 494,750.00 1,711.11 936 FHDN Discount Note 98.930 985,844.44 989,300.00 3,455.56 927 FNMA Coupon Note 99.094 1,071,900.00 1,070,215.20 (1,684.80) 932 FHLB Coupon Note 98.844 498,300.00 494,220.00 (4,080.00) 928 FNMA Coupon Note 98.781 895,320.00 889,029.00 (6,291.00) 933 FHLB Coupon Note 98.313 996,420.00 983,130.00 (13,290.00) 920 FNMA Coupon Note 101.656 2,001,740.00 2,033,120.00 31,380.00 939 FFCB Coupon Note 99.469 498,560.00 497,345.00 (1,215.00) 934 FNMA Coupon Note 98.000 1,491,000.00 1,470,000.00 (21,000.00) 940 FHLB Coupon Note 97.875 543,228.45 543,206.25 (22.20) 929 FNMA Coupon Note 97.875 2,000,000.00 1,957,500.00 (42,500.00) 930 FHLMC Coupon Note 98.063 2,505,250.00 2,451,575.00 (53,675.00) 941 FHLB Coupon Note 100.100 498,000.00 500,500.00 2,500.00 0.00 Subtotal 18,935,764.00 18,849,890.45 (85,873.55) Purch Int -Union acct.6,026.09 6,026.09 0.00 SEI Cash 140,657.69 140,657.69 0.00 SEI Investments 18,616,278.36 17,846,221.75 (770,056.61) N/A Purch Int -SEI acct.3,027.08 3,027.08 0.00 LAIF 11,761,275.82 11,761,275.82 0.00 Totals:49,463,029.04 48,607,098.88 (855,930.16) *Source:Treasury and Agency Obligations -Union Bank ofCaHfornia LAIF balances per Local Agency Investment Fund monthly statement. page 5 SEI Investments Account Market to Cost Position Report March 31,200S Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Ikn.J:nilltu.tilm S=rih'.l2all<.c&s l2all<E.Im=I.Ma.tJ.u:m!.iII=lliI Ma.tJ.u:m!.EaJ:ooI R=i=l ~ FHLB Coupon Note 06126/03 665,362.50 04/15/05 644 15 659 1.064%12,490.88 13,972.29 (1,481.41) FHLB Coupon Note 06/23/03 552,634.50 05/13/05 647 43 690 1.220%11,951.14 1I,481.25 469.89 FNMA Coupon Note 11/09/04 199,375.00 OS/27/05 142 57 199 2.376%1,842.95 1,842.95 FHLMC Coupon Note 06/30/03 663,493.36 06/15/05 640 76 716 1.482%17,241.37 39,046.87 (21,805.50) FNMA Z Coupon 02/22/05 197,600.00 07/22/05 37 113 150 2.955%591.91 591.91 FHLB Coupon Note 06/24/03 672,743.50 08/15/05 646 137 783 1.335%15,895.36 32,012.50 (16,117.14) FHLMC Coupon Note 11/09/04 198,468.75 08/15/05 142 137 279 2.508%1,936.49 800.00 1,136.49 FNMA Coupon Note 08/24/04 199,360.00 09/15/05 219 168 387 2.178%2,605.24 2,093.75 511.49 FHLB Coupon Note 06124/03 683,345.00 11/15/05 646 229 875 1.432%17,319.00 32,791.15 (15,472.15) FHLMC Z Coupon 03/23/05 97,284.59 01103/06 8 278 286 3.558%75.87 75.87 FHLMC Coupon Note 06/30/03 651,562.50 01115/06 640 290 930 1.771%20,233.07 48,562.50 (28,329.43) FHLMC Coupon Note 08/24/04 198,460.00 02/15/06 219 321 540 2.402%2,860.21 1,781.25 1,078.96 FFCB Coupon Note 06/25/03 666,809.00 03/15/06 645 349 994 1.523% 17,946.02 27,986.11 (10,040.09) FHLMC Coupon Note 06/25/03 664,117.19 04/15/06 645 380 1025 1.576% 18,495.57 20,154.51 (1,658.94) FNMA Coupon Note 06127/03 504,090.00 04/28/06 643 393 1036 2.315%20,557.83 17,536.46 3,021.37 FHLB Coupon Note 06/24/03 658,677.50 05/15/06 646 410 1056 1.625%18,943.75 19,222.40 (278.65) FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 643 428 1071 2.076%18,319.87 15,378.47 2,941.40 FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 640 471 1111 1.872%12,712.68 29,677.08 (16,964.40) FNMA Coupon Note 06/10/04 297,213.00 08/11/06 294 498 792 3.177%7,605.71 5,522.92 2,082.79 FHLB Coupon Note 06/30/03 400,000.00 09/29/06 640 547 1187 2.200%15,430.14 12,120.00 3,310.14 FHLMC Coupon Note 02/22/05 197,629.00 10/15/06 37 563 600·3.507%702.58 702.58 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 646 594 1240 1.825%22,224.88 36,740.00 (14,515.12) FFCB Coupon Note 06125/03 660,954.00 12/19/06 645 628 1273 1.844%21,537.68 43,387.50 (21,849.82) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 640 638 1278 2.225%15,605.48 13,350.00 2,255.48 FNMA Coupon Note 02122/05 195,358.60 02115/07 37 686 723 3.363%665.99 665.99 FHLMC Coupon Note.06/25/03 662,652.00 03/15/07 645 714 1359 1.946%22,787.42 50,375.00 (27,587.58) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 640 745 1385 2.150%12,576.17 20,343.75 (7,767.58) FHLMC MTN Coupon Note 06/27/03 402,556.00 05129/07 643 789 1432 2.808%19,913.22 17,033.33 2,879.89 FNMA Coupon Note 06/30/03 375,219.60 07/15/07 640 836 1476 2.359%15,520.32 22,932.29 (7,411.97) FHLB Coupon Note 06124/03 672,825.60 11/15/07 646 959 1605 2.257%26,876.56 31,173.33 (4,296.77) FNMA Coupon Note 06124/03 299,475.00 12124/07 646 998 1644 2.528%13,399.15 1I,250.00 2,149.15 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 643 1020 1663 2.492%28,525.71 31,736.00 (3,210.29) FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 182 1061 1243 3.462%3,428.87 2,618.06 810.81 FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 644 1080 1724 2.294%26,608.08 30,498.58 (3,890.50) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 640 1111 1751 2.633%13,211.46 18,987.50 (5,776.04) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 644 1139 1783 2.507%29,271.88 47,569.11 (18,297.23) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 640 1170 1810 2.894%11,584.78 9,188.82 2,395.96 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 646 1175 1821 2.750%24,335.62 20,625.00 3,710.62 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 182 1233 1415 3.442%3,408.49 2,437.50 970.99 FNMA Coupon Note 11/16/04 199,216.00 09/15/08 135 1264 1399 3.866%2,848.57 2,479.17 369.40 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 71 1264 1335 3.974%1,918.32 1,458.33 459.99 FNMA Coupon Note·11/16/04 199,552.00 11/17/08 135 1327 1462 3.936%2,905.04 21.53 2,883.51 FNMA Coupon Note 01119/05 249,465.00 12/15/08 71 1355 1426 4.063%1,971.61 1,971.61 FNMA Coupon Note 01121/05 242,400.00 03/16/09 69 1446 1515 3.930%1,800.87 1,193.58 607.29 FHLMC Coupon Note 01121/05 149,686.50 09/01109 69 1615 1684 4.180%1,182.81 687.50 495.31 18,616,278.36 621 2.213%559,866.59 746,225.39 (186,358.80) Cash 140,657.69 10,038.62 9,677.71 360.91 Purchased Int 3,027.08 569,905.21 755,903.10 (185,997.89) 18,759,963.13 page 6