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03 Staff Report - Treasurer's Reports for Fourth Quarter 04/05fI,.I'. DATE: TO: FROM: SUBJECT: MEETING DATE:08/15/05 ITEMNOo 3 COUNCIL AGENDA REPORT August 9,2005 MAYOR AND TOWN COUNCIL .~ LINDA LUBECK,TOWN TREASURER r TREASURER'S REPORTS FOR FOURTH QUARTER 04/05 (APRIL -JUNE, 2005) i -i I j j 1 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance are the Treasurer's report for fourth quarter. Prime is now at 6.25%.Treasurer's funds are up to $57.5 million at year end,with the annual influx ofproperty taxes.The June report reflects $2.5 million offunds "in transit",invested short term into the Highmark Government Fund.The transactions covered by these funds settled on July 1,2005 and will be reflected on the July,2005 Treasurer's report.. The average rate of return ofthe investments was at 2.43%one year ago~Slowly it has risen over the year to a combined rate of 2.85%.(It dipped slightly from May to June due to an investment being called late in June.)The LAIF rate has increased at a much faster rate than the Town's overall investments,since LAIF reacts quicker to the market on the upswing. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMP ACT:None Attachments:Treasurer's reports dated August 9,2005. PREPARED BY:Linda L.Lubeck,Town Treasure41- Reviewed by:Town Manager -f&.Assistant Town Manager Town Attorney Clerk~Finance__Community Development Revised:8/9/05 8:13 pm Distribution:Town 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 April 30,2005 Submitted June 29,2005 by Linda L.Lubeck Meeting date:August 15,2005 Item No: Town of Los Gatos Summary Investment Information April 30,2005 Weighted Average Portfolio Yield:2.76%Weighted Average Maturity (days)406 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 $55,163,313 2.76% 2.72%. 2.94% 3.18% 3.65% 4.05% 5.75% Last Month $53,724,048 2.70% 2.54% 2.84% 3.18% 3.86% 4.08% 5.75% One year ago $51,137,317 2.48% 1.47% 0.99% 1.19% 2.27% 3.22% 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% Portfolio Maturity ProfIle 3 - 5 years 6% O-lyear 55% 1 I 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 Portfolio Investment Allocation SEI Cash 1.7% Town of Los Gatos Portfolio Allocation &Treasurer's Fund Balances April 30,2005 Fund Balances -Beginning of MonthiPeriod 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 Local Agency Investment Fund 23.9%~~"'"7"'"7'"7"""",--,--"" Moo!h $53,724,047.50 4,281,009.70 (2,841,744.12) $55,163,313.08 830,702.13 36,893,792.75 11 83019964 49,554,694.52 5,60861856 $55,163,313.08 YIl2 $52,146,172.75 28,781,579.65 (25,764 439 32) $55,163,313.08 $56,000,000 $55,000,000 $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 C!; ~ Po<>: Treasurer's Fund Balances '"o >-o:z page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances April 30,2005 Previous ~ Non-Treasury Funds: Downtown Parking District 12120/02 Certificates of Participation Reserve Fund (Lot 4) Cerl.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 Inierest Fund Cert.Of Participation 2002 Series A COl Fund Total Restricted Funds: 238,234.86 256,657.05 105,909.96 2,280,929.92 722,993.07 146.20 0.00 $3,604,871.06 42,165.84 Ending ~Withdrawals ~ 527.23 238,762.09 Nole 1 422.77 257,079.82 Nole2 158.29 148,234.09 Nole3 1.08 24,900.46 2,256,030.54 Note 4 ' 71.00 13.37 723,050.70 NOle4 0.27 146.47 0.00 0.00 0.00 Note 4 $1,180.64 $24,913.83 $3,623,303.71 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 ofthe 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 ofLot 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 Interest received from Investments Add:Interest accrued at end of period (see page 5) Less:Interest accrued at beginning of period Interest earned on investments Town of Los Gatos Statement of Interest Earned April 30,2005 Current Fiscal Month Year to Date 112,841.89 1,093,114.04 14,049.07 14,049.07 (12,262.15)(92,466.06) $114,628.81 $1,014,697.05 Page 4 J I Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report April 30,2005 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest J2.ell .I!!slinI1imJ S=J:ily..Date .c&s.l Date E!aI=I ~~Mallil:ib!~~~ 935 FHON Discount Note 02/04/05 993,671.1 1 05/04/05 85 4 89 2.61%6,044.24 6,044.24 924 FHLMC Coupon Note 05116/02 1,999,340.00 06/15/05 1080 46 1126 4.26%252,015.44 219,347.22 32,668.22 938 FHLMC Discount Note 03/16/05 483,436.11 03/07/06 45 311 356 3.35%1,996.66 1,996.66 931 FMCON Coupon Note 08118/04 980,715.00 07/26/05 255 87 342 2.09%14,309.48 14,309.48 937 FHDN Discount Note 02/04/05 493,038.89 08/02/05 85 94 179 2.88%3,305.56 3,305.56 936 FHON Discount Note 02/04/05 985,844.44 08/05/05 85 97 182 2.88%6,611:11 6,611.11 '927 FNMA Coupon Note 08/26/03 1,071,900.00 11/14/05 613 198 811 2.37%42,661.1 8 31,996.80 10,664.38 932 FHLB Coupon Note 08/18/04 498,300.00 02103/06 255 279 534 2.49%8,664.32 2,343.75 6,320.57 928FNMA Coupon Note 08126/03 895,320.00 04128/06 613 363 976 2.83%42,517.06 39,506.80 3,010.26 933 FHLB Coupon Note 08/18/04 996,420.00 05/15/06 255 380 635 ,2.46%17,126.40 5,437.50 11,688.90 920FNMA Coupon Note 06/22101 2,001,740.00 06/15/06 1408 411 1819 5.23%403,865.34 365,484.30 38,381.04 939 FFCB Coupon Note 03/16/05 498,560.00 12111106 45 590 635 3.80%2,335.72 2,335.72 934 FNIVIA Coupon Note 08/18/04 1,491,000.00 01112107 255 622 877 3.06%31,879.53 21,000.00 10,879.53 940 FHLB Coupon Note 03/16/05 543,228.45 02/09/07 45 650 695 3.93%2,632.05 2,632.05 929 FNMA Coupon Note 02/09/04 2,000,000.00 05/09/07 446 739 1185 3.00%73,315.07 60,000.00 13,315.07 930 FHLMC Coupon Note 02124/04 2,505,250.00 08124/07 431 846 1277 2.79%82,657.52 80,500.00 2,157.52 941 FHLB Coupon Note 03/24/05 498,000.00 03124/08 37 1059 1096 4.26%2,150.54 2,150.54 Purch Int -Union acel 6,026.09 SEI Cash 830,702.13 11,122.47 10,038.62 1,083.85 SEllnvesttnents 17,950,915.86 Various 613 2.26%580,648.76 762,569.07 (181,920.31) Porch Int -SEI acct 1,086.80 LAIF N/A 03131/05 11,830,199.64 06/30/05 30 61 91 2.72%'26,414.67 26,414.67 49,554,694.52 406 2.76%1,612,273.13 1,598,224.06 14,049.07 Maturity Profile Arilount Percent 0-1 year 27,218,923.60 54.93% 1-2 years 10,913,333.89 22.02% 2-3 years 8,545,300.73 1724% 3-5 years 2877 13630 lllli 49,554,694.52 ~ Market to Cost Position Report Market Amortized Market .Unrealized llill1llSlilJllilm S=J:ily..~-.J:&s.L Yalue'"~ 935 FHON Discount Note 99.980 993,671.1 1 999,800.00 6,128.89 924 FHLMC Coupon Note 100.125 1,999,340.00 2,002,500.00 3,160.00 938 FHLMC Discount Note 97.050 483,436.11 485,250.00 1,813.89 931 FMCDN Coupon Note 99.310 980,715.00 993,100.00 12,385.00 937 FHDN Discount Note 99.230 493,038.89 496,150.00 3,1 lUI 936 FHON.Discount Note 99.200 985,844.44 992,000.00 6,155.56 927 FNMA Coupon Note 99.281 1,071,900.00 1,072,234.80 334.80 932 FHLB Coupon Note 99.063 498,300.00 495,315.00 (2,985.00) 928 FNMA Coupon Note 98.969 895,320.00 890,721.00 (4,599.00) 933 FHLB Coupon Note 98.563 996,420.00 985,630.00 (10,790.00) 920 FNMA Coupon Note 101.688 2,001,740.00 2,033,760.00 32,020.00 939 FFCB Coupon Note 99.688 498,560.00 498,440.00 (120.00) 934 FNMA Coupon Note 98.313 1,491,000.00 1,474,695.00 (16,305.00) 940 FHLB Coupon Note 98.156 543,228.45 544,765.80 1,537.35 929 FNMA Coupop Note 98.250 2,000,000.00 1,965,000.00 (35,000.00) 930 FHLMC Coupon Note 98.328 2,505,250.00 2,458,200.00 (47,050.00) 941 FHLB Coupon Note 100.000 498,000.00 500,000.00 2,000.00 0.00 Subtotal 18,935,764.00 18,887,561.60 (48,202.40) Porch Int -Union acct.6;026.09 6,026.09 0.00 SEI Cash 830,702.13 830,702.13 0.00 SE11nvesttnents 17,950,915.86 17,235,551.40 (715,364.46) Purch Int -SEI acct.1,086.80 1,086.80 0.00 LAlF I 1,830,I99.64 11,830,199.64 0.00 Totals:49,554,694.52 48,791,127.66 (763,566.86) •Source:Treasury and Agency Obligations -Union Bank of California LAIF balances per Local Agency Investment Fund monthly statement pageS SEllnvestmenls Account Market to Cost Position Report April 30,2005 Deposit Amortized Maturity Days Days to Days Yield to Inleresl Inleresl Inleresl lkillns1itJllion S=rill!..~.Gosl ~E1allsed Maturillt .inY.e.5tcd ~EaI=I ~A.=Ic.d FHLB Coupon NOle 06n3103 552,634.50 05113/05 677 13 690 1.220%12,505.29 11,481.25 1,024.04 FNMA Coupon Nole 11/09/04 .199,375.00 05127/05 172 27 199 2.376%2,232.30 2,232.30 FHLMC Coupon Nole 06/30/03 663,493.36 06115105 670 46 716 1.482%18,049.56 39,046.87 (20,997.31) FNMA ZCoupon 02122105 197,600.00 07122105 67 83 ISO 2.955%1,071.83 1,071.83 FHLB Coupon Nole 06124/03 672,743.50 08/15105 676 107 783 1.335%16,633.54 32,012.50 (15,378.96) FHLMC Coupon Note 11/09104 198,468.75 08/15105 172 107 279 2.508%2,345.61 800.00 1,545.61 FNMA Coupon Nole 08/24/04 199,360.00 09/15105 249 138 387 2.178%2,962.12 2,093.75 868.37 FHLB Coupon Nole 06/24/03 683,345.00 11115105 676 199 875 1.432%18,123.28 32,791.15 (14,667.87) FHLMC Z Coupon 03/23/05 97,284.59 01/03/06 38 248 286 3.558%360.36 360.36 FHLMC Coupon Nole 06/30/03 651,562.50 01/15106 670 260 930 1.771%21,181.49 48,562.50 (27,381.01) FHLMC Coupon Nole 08/24/04 198,460.00 02/15106 249 291 540 2.402%3,252.01 1,781.25 1,470.76 FFCB Coupon Nole 06/25/03 666,809.00 03/15106 675 319 994 1.523%.18,780.72 27,986.11 (9,205.39) FHLMC Coupon Nole 06/25103 664,117.19 04/15106 675 350 1025 1.576%19,355.83 27,873.26 (8,517.43) FNMA Coupon Nole 06/27/03 504,090.00 04128/06 673 363 1036 2.315%21,516.98 24,098.96 (2,581.98) FHLB Coupon Nole 06124/03 658,677.50 05/15106 676 380 1056 1.625%19,823.49 19,222.40 601.09 FHLMC Coupon Nole 06127/03 500,930.00 06/02106 673 398 1071 2.076%19,174.61 15,378.47 3,796.14 FHLMC Coupon Nole 06/30/03 387,296.88 07/15106 670 441 1111 1.872%13,308.58 29,677.08 (16,368.50) FNMA Coupon Nole 06/10/04 297,213.00 08/11106 324 468 792 3.177%8,381.80 5,522.92 2,858.88 FHLB Coupon Nole 06130/03 400,000.00 09129/06 670 517 1187 2.200%16,153.42 i2,120.00 4,033.42 FHLMC Coupon Nole 02122105 197,629.00 10/15106 67 533 600 3.507%1,272.24 809.72 462.52 FHLB Coupon Nole 06124/03 688,076.80 11/15106 676 564 1240 1.825%23,257.00 36,740.00 (13,483.00) FFCB Coupon Nole 06125/03 660,954.00 12119/06 675 598 1273 1.844%22,539.44 43,387.50 (20,848.06) FHLB Coupon Nole 06130/03 400,000.00 12129/06 670 608 1278 2.225%16,336.99 13,350.00 2,986.99 FNMA Coupon Nole 02122105 195,358.60 02115107 67 656 723 3.363%1,205.98 1,205.98 FHLMC Coupon Nole 06/25103 662,652.00 03/15107 675 684 1359 1.946%23,847.30 50,375.00 (26,527.70) FNMA Coupon Nole 06/30/03 333,597.66 04/15107 670 715 1385 2.150%13,165.68 28,218.75 (15,053.07) FHLMC MTN Coupon Nole 06127/03 402,556.00 05129107 673 759 1432 2.808%20,842.30 17,033.33 3,808.97 FNMA Coupon Nole 06/30/03 375,219.60 07/15107 670 806 1476 2.359%16,247.83 22,932.29 (6,684.46) FHLB Coupon Nole 06124/03 672,825.60 11/15107 676 929 1605 2.257%28,124.70 31,173.33 (3,048.63) FNMA Coupon Nole 06124/03 299,475.00 12124107 676 968 1644 2.528%14,021.40 11,250.00 2,771.40 FNMA Coupon NOle 06127/03 649,785.94 01115108 673 990 1663 2.492%29,856.61 31,736.00 (1,879.39) FHLMC Coupon Note 09/30/04 198,630.00 02125108 212 1031 1243 3.462%3,994.06 2,618.06 1,376.00 FHLMC Coupon Note 06/26/03 657,396.09 03/15108 674 1050 1724 2.294%27,847.59 30,498.58 (2,650.99) FHLB Coupon Nole 06/30/03 286,162.50 04/15108 670 1081 1751 2.633%13,830.74 26,337.50 '(12,506.76) FHLB Coupon Nole 06/26/03 661,764.30 05/13/08 674 1109 1783 2.507%30,635.48 47,569.11 (16,933.63) FHLMC MTN Coupon Nole 06/30/03 228,298.00 06/13/08 670 1140 1810 2.894%12,127.82 9,188.82 2,939.00 FHLMC Coupon Nole 06/24/03 500,000.00 06/18/08 676 1145 1821 2.750%25,465.75 20,625.00 4,840.75 FNMA Coupon NOle 09130/04 198,597.00 08/15108 212 1203 1415 3.442%3,970.33 2,437.50 1,532.83 FNMA Coupon NOle 11/16/04 199,216.00 09/15/08 165 1234 1399 3.866%3,481.59 2,479.17 1,002.42 FNMA Coupon Nole 01119/05 248,157.50 09115108 101 1234 1335 3.974%2,728.88 1,458.33 1,270.55 FNMA Coupon Nole 11/16/04 199,552.00 11117/08 165 1297 1462 3.936%3,550.60 21.53 3,529.07 FNMA Coupon Nole 01119/05 249,465.00 12/15108 101 1325 1426 4.063%2,804.69 2,804.69 FNMA Coupon Nole 01121/05 242,400.00 03/16/09 99 1416 1515 3.930%2,583.85 1,193.58 1,390.27 FHLMC Coupon NOle 01121/05 149,686.50 09/01109 99 1585 1684 4.180%1,697.08 687.50 1,009.58 17,950,915.86 613 2.255%580,648.76 762,569.07 (181,920.31) Cash 830,702.13 11,122.47 10,038.62 1,083.85 Purchased Inl 1,086.80 591,771.23 772,607.69 (180,836.46) 18,782,704.79 page 6 Distribution:Town Clerk Town Manager Town Council Town of Los Gatos Treasurer's Report for the month ended May 31,2005 Submitted June 29,2005 by Linda L.Lubeck Meeting date:August 15,2005 Item No: Town of Los Gatos Summary Investment Information May 31,2005 Weighted Average Portfoli!l Yield:2.86%Weighted Average Maturity (days)374 Portfolio Balance Benchmarks/References: Town's Average Yield LAIF Yield for month , 3 mo.Treasury 6 mo.Treasury 2 yr.Treasury S yr.Treasury (most recent) i .Prime rate This Month $S6,S30,S08 2.86% 2.86% 3.00% 3.17% 3.62% 3.89% 6.00% Last Month $SS,163,313 2.76% 2.72% 2.94% 3.18% 3.6S% 4.S0% S.7S% One year ago $Sl,S68,971 2.41% 1.43% 1.1S% 1.43% 2.S4% 3.93% 4.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr.Freddie Mac (OS/20/0S)3.88% 2 yr.Fannie Mae (04/22/0S)3.88% 1- 2 years 24% Portfolio Maturity profile 3 - 5 years 4% O-lyear 59% 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 S3601 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 May 31,2005 Fund Balances -Beginning of Month/Period Receipts Disbursements Fund Balances -End of Month/Period .Portfoljo Allocatjon' SEI Cash US Govt Agencies Local Agency Investment Fund Subtotal -Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Milllth $55,163,313.08 3,392,628.18 (2,025,433.00) $56,530,508.26 981,114.71 36,824,083.33 1433019964 52,135,397.68 4395,11058 $56,530,508.26 YIn $52,146,172.75 32,174,207.83 (27 789 872 32) $56,530,508.26 Portfolio Investment Allocation SEI Cash 1.9% Local Agency Investment Fund 27.5% Treasurer's Fund Balances page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances May 31,2005 Previous Ba1= Non-Treasury Funds: Downtown Parking District 12/20/02 Certificates of Participation Reserve Fund (Lot 4) Cert.o(Participation Lease Payment Fund (Lot 4) Cert.of Participation 2002 Series A Const.Fund Cert.ofParticipation 2002 Series A Reserve Fund Cert.Of Participation 2002 Series A Interest Fund Cert.Of Participation 2002 Series A COl Fund Total Restricted Funds: 238,762.09 257,079.82 148,234.09 2,256,030.54 723,050.70 146.47 0.00 $3,623,303.71 $0.00 Ending Inl.erl:s.t Withdrawals Ba1= 511.35 239,273.44 Note! 442.80 257,522.62 Note 2 218.D7 148,452.16 Note 3 13,577.58 0.09 2,269,608.03 Note 4 14,293.62 12.94 737,331.38 Note 4 0.30 146.77 0.00 0.00 0.00 Note 4 $29,043.72 $l1Q1 $3,652,334.40 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 wel1 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 payinents on the certificates of participation are due semi-annual1y. 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 Interest received from Investments Add:Interest accrued at end of period (see page 5) Less:Interest accrued at beginning of period Interest earned on investments Town of Los Gatos Statement of Interest Earned May 31,2005 Current Fiscal Month Year to Date . 99,710.07 1,192,824.11 43,318.39 43,318.39 (14,049.07)(92,466.06) $128,979.39 $1,143,676.44 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report May 31,2005 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest lkJl.!nslilJlliwl ~~C2Sl ~.E1al=l !I1atuIfu'.InYesWl !I1atuIfu'Eam.e.d ~~ 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 1111 15 1126 4.26%259,249.21 219,347.22 39,901.99 938 FHLMC Discount Note 03/16/05 483,436.11 03/07/06 76 280 356 3.35%3,372.13 3,372.13 931 FMCDN Coupon Note 08118/04,980,715.00 07/26/05 286 56 342 2.09%16,049.06 16,049.06 937 FHDN Discount Note 02/04/05 493,038.89 08/02/05 116 63 179 2.88%4,51 I.11 4,511.1 I 936 FHDN Discount Note 02/04/05 985,844.44 08/05/05 116 66 182 2.88%9,022.22 9,022.22 927 FNMA Coupon Note 08/26/03 1,071,900.00 II114/05 644 167 811 2.37%44,818.59 31,996.80 12,821.79 932 FHLB Coupon Note 08118/04 498,300.00 02/03/06 286 248 534 2.49%9,717.63 2,343.75 7,373.88 928 FNMA Coupon Note 08/26/03 895,320.00 04128/06 644 332 976 2..83%44,667.\9 39,506.80 5,160.39 933 FHLB Coupon Note 08118/04 996,420.00 05115/06 286 349 635 2.46%19,208.44 16,687.50 2,520.94 920 FNMA Coupon Note 06122101 2,001,740.00 06/15/06 1439 380 1819 5.23%412,757.26 365,484.30 47,272.96 939 FFCB Coupon Note 03/16/05 498,560.00 12111/06 76 559 635 3.80%3,944.77 3,944.77 934 FNMA Coupo'n Note 08/18/04 1,491,000.00 01112/07 286 591 877 3.06%35,755.08 21,000.00 14,755.08 940 FHLB Coupon Note 03116/05 543,228.45 02/09/07 76 619 695 3.93%4,445.25 4,445.25 929 FNMA Coupon Note 02109/04 2,000,000.00 05/09/07 477 708 1185 3.00%78,410.96 60,000.00 18,410.96 942 FHLB Coupon Note 05116/05 999,000.00 05116/07 15 715 730 4.04%1,659.85 1,659.85 930 FHLMC Coupon Note 02124104 2,505,250.00 08124/07 462 815 1277 2.79%88,602.?3 80,500.00 8,102.73 941 FHLB Coupon Note 03124/05 498,000.00 03124/08 68 1028 1096 4.26%3,952.35 3,952.35 Purch Int -Union acct.6,026.09 SEI Cash 981,114.71 12,857.02 11,122.47 1,734.55 SEI Investments 17,875,877.55 Various 587 2.36%600,562.09 821,278.57 (220,716.48) Porch Int -SEI acct.1,086.80 LAIF N/A 03/31/05 14,330,199.64 06/30/05 61 30 91 2.86%59,022.85 59,022.85 52,135,397.68 374 2.86%1,712,585.80 1,669,267.41 43,318.39 Maturity Profile Amount Percent 0-1 year 30,455,724.26 58.42% 1-2 years 12,659,792.39 24.28% 2-3 years 6,804,509.03 13.05%' 3-5 years 221537200 Uili 52,135,397.68 J..llll.lllllil Market to Cost Position Report Market Amortized Market Unrealized lkJl.!nslilJlliwl ~£ric.e ~value'".Gain..Cl&ill 924 FHLMC Coupon Note 100.031 1,999,340.00 2,000,620.00 1,280.00 938 FHLMC Discount Note 97.280 483,436.\I 486,400.00 2,963.89 931 FMCDN Coupon Note 99.540 980,715.00 995,400.00 14,685.00 937 FHDN Discount Note 99.470 493,038.89 497,350.00 4,31 I.11 936 FHDN Discount Note 99.440 985,844.44 994,400.00 8,555.56 927 FNMA Coupon Note 99.375 1,071,900.00 1,073,250.00 1,350.00 932 FHLB Coupon Note 99.125 498,300.00 495,625.00 (2,675.00) 928 FNMA Coupon Note,99.094 895,320.00 891,846.00 (3,474.00) 933 FHLB Coupon Note 98.688 996,420.00 986,880.00 (9,540.00) 920 FNMA Coupon Note 101.594 2,001,740.00 2,031,880.00 30,140.00 939 FFCB Coupon Note 99.813 498,560.00 499,065.00 505.00 934 FNMA Coupon NOle 98.500 1,491,000.00 1,477,500.00 (13,500.00) 940 FHLB Coupon Note 98.438 543,228.45 546,330.90 3,102.45 929 FNMA Coupon Note 98.469 2,000,000.00 1,969,380.00 (30,620.00) 942 FHLB Coupon Note 100.125 999,000.00 1,001,250.00 2,250.00 930 FHLMC Coupon Note 98.749 2,505,250.00 2,468,725.00 (36,525.00) 941 FHLB Coupon Note 100.063 498,000.00 500,315.00 2,315.00 0.00 Subtotal 18,941,092.89 18,916,216.90 (24,875.99) Porch Int -Union acct.6,026.09 6,026.09 0.00 SEI Cash 981,114.71 981,114.71 0.00 SEI Investments 17,875,877.55 17,199,910.00 (675,967.55) N/A Porch Int -SEI acct.1,086.80 1,086.80 0.00 LAIF 14,330,199.64 14,330,199.64 0.00 Totals:52,135,397.68 51,434,554.14 (700,843.54) •Source:Treasury and Agency Obligations -Union Bank ofCalifornia LAIF balances per Local Agency Investment Fund monthly statement. pageS SEllnvestments Account Market to Cost Position Report May 31,2005 Deposit Amortized Maturity Days Daysto Days Yield to Interest Interest Interest 12eJl.1nstiMilm Sw!ria l2atl:CllS1 l2atl:E1m=l ~l!=sWl ~Ea=l E.=iwI &!<=!I FNMA Z Coupon 05/05/05 249,452.50 06/01105 26 1 27 2.967%527.21 527.21 FHLMC Coupon Note 06130103 663,493.36 06/15105 701 15 716 1.482%18,884.69 39,046.87 (20,162.18) FHLMC Z Coupon 05105105 198,874.22 07/12105 26 42 68 3.038%430.37 430.37 FNMA Z Coupon 05/17/05 80,555.04 07120105 14 50 64 3.150%.97.33 97.33 FNMA Z Coupon 02122105 197,600.00 07122105 98 52 150 2.955%1,567.75 1,567.75 FHLB Coupon Note 06124/03 672,743.50 08/15105 707 76 783 1.335%17,396.32 32,012.50 (14,616.18) FHLMC Coupon Note 11109104 198,468.75 08/15/05 203 76 279 2.508%2,768.36 800.00 1,968.36 FNMA Coupon Note 08124/04 199,360.00 09/15/05 280 107 387 2.178%3,330.90 2,093.75 1,237.15 FNMA Z Coupon 05117105 98,734.92 10/05105 14 127 141 3.317%125.62 125.62 FHLMC Z Coupon 05/17/05 49,354.51 10107/05 14 129 143 3.338%63.19 63.19 FHLB Coupon Note 06/24/03 683,345.00 11/15105 707 168 875 1.432%18,954.38 44,572.40 (25,618.02) FHLMC Z Coupon 03/23/05 97,284.59 01103/06 69 217 286 3.558%654.34 654.34 FHLMC Coupon Note 06/30103 651,562.50 01115106 701 229 930 1.771%22,161.53 48,562.50 (26,400.97) FHLMC Coupon Note 08/24/04 198,460.00 02/15106 280 260 540 2.402%.3;656.88 1,781.25 1,875.63 FFCB Coupon Note 06/25103 666,809.00 03115106 706 288 994 1.523%19,643.24 27,986.11 (8,342.87) FHLMC Coupon Note 06125/03 664,117.19 04/15/06 706 319 1025 1.576%20,244.77 27,873.26 (7,628.49) FNMA Coupon Note 06127/03 504,090.00 04128/06 704 332 1036 2.315%22,508.10 24,Q98.96 (1,590.86) FHLB Coupon Note 06/24/03 658,677.50 05/15106 707 349 1056 1.625%20,732.55 26,128.65 (5,396.10) FHLMC.Coupon Note 06127103 500,930.00 06102106 704 367 107l 2.076%20,057.84 15,378.47 4,679.37 FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 701 410 1111 1.872%13,924.35 29,677.08 (15,752.73) FNMA Coupon Note 06/10/04 297,213.00 08/11106 355 437 792 3.177%9,183.76 5,522.92 3,660.84 FHLB Coupon Note 06130/03 400,000.00 09129106 701 486 1187 2.200%16,900.82 12,120.00 4,780.82 FHLMC Coupon Note 02122105 197,629.00 10115106 98 502 600 3.507%1,860.89 809.72 1,051.17 FHLB Coupon Note 06124/03 688,076.80 11/15/06 707 533 1240 1.825%24,323.51 49,940.00 (25,616.49) FFCB Coupon Note 06125/03 660,954.00 12119/06 706 567 1273 1.844%23,574.58 43,387.50 (19,812.92) FHLB Coupon Note 06/30/03 400,000.00 12129/06 701 ·577 1278 2.225%17,092.88 13,350.00 3,742.88 FNMA Coupon Note 02/22/05 195,358.60 02/15/07 98 625 723 3.363%1,763.98 1,763.98 FHLMC Coupon Note 06/25103 662,652.00 03/15107 706 653 1359 1.946%24,942.51 50,375.00 (25,432.49) FNMA Coupon Note 06/30103 333,597.66 04/15107 701 684 1385 2.150%13,774.84 28,218.75 (14,443.91) FHLMC MTN Coupon Note 06/27/03 402,556.00 05/29/07 704 728 1432 2.808%21,802.34 23,033.33 (1,230.99) FNMA Coupon Note 06/30103 375,219.60 07115107 701 775 1476 2.359%16,999.60 22,932.29 (5,932.69). FHLB Coupon Nole 06124/03 672,825.60 11115/07 707 898 1605 2.257%29,414.44 42,373.33 (12,958.89) FNMA Coupon Note 06124/03 299,475.00 12124/07 707 937 1644 2.528%14,664.40 11,250.00 3,414.40 FNMA Coupon Note 06127/03 649,785.94 01115108 704 959 1663 2.492%31,231.88 31,736.00 (504.12) FHLMC Coupon Note 09130/04 198,630.00 02125108 243 1000 1243 3.462%4,578.10 2,618.06 1,960.04 FHLMC Coupon Note 06/26/03 657,396.09 03/15108 705 1019 1724 2.294%29,128.41 30,498.58 (1,370.17) FHLB Coupon Note 06/30103 286,162.50 04/15108 701 1050 1751 2.633%14,470.67 26,337.50 (11,866.83) FHLB Coupon Note 06126/03 661,764.30 05/13/08 705 \1078 1783 2.507%32,044.53 64,797.36 (32,752.83) FHLMC MTN Coupon Nole 06/30/03 228,298.00 06/13/08 701 1109 1810 2.894%12,688.95 9,188.82 3,500.13 FHLMC Coupon Note 06124/03 500,000.00 06118/08 707 1114 1821 2.750%26,633.56 20,625.00 6,008.56 FNMA Coupon Note 09/30/04 198,597.00 08115/08 243 1172 1415 3.442%4,550.90 2,437.50 2,113.40 FNMA Coupon Note 11/16/04 199,216.00 09/15108 196 1203 .1399 3.866%4,135.70 2,479.17 1,656.53 FNMA Coupon Note 01/19/05 248,157.50 09/15108 132 1203 1335 3.974%3,566.45 1,458.33 .2,108.12 FNMA Coupon Note 11116/04 199,552.00 .11/17/08 196 1266 1462 3.936%4,217.69 3,896.53 321.16 FNMA Coupon Note 01119/05 249,465.00 12115108 132 1294 1426 4.063%3,665.54 3,665.54 FNMA Coupon Note 01/21/05 242,400.00 03/16/09 130 1385 1515 3.930%3,392.94 1,193.58 2,199.36 FHLMC Coupon Note 01121105 149,686.50 09/01/09 130 1554 1684 4.180%2,228.48 687.50 1,540.98 17,875,877.55 587 2.359%600,562.09 821,278.57 (220,716.48) Cash 981,114.71 12,857.02 11,J?2.47 1,734.55 Purchased Int 1,086.80 613,419.11 832,401.04 (218,981.93) 18,858,079.06 page 6 Distribution:Town Clerk Town Manager Town Council Town of Los Gatos Treasurer's Report for the month ended June 30,2005 Submitted August 9,2005 by Linda L.Lubeck Meeting date:August 15,2005 Item No: Town of Los Gatos Summary Investment Information June 30,2005 Weighted Average Portfolio Yield:2.85%Weighted Average Maturity (days)380 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 $57,531,241 2.85% 2.97% 3.15% 3.32% 3.65% 3.71% 6.25% Last Month $56,530,508 2.86% 2.86% 3.00% 3.17% 3.62% 3.89% 6.00% One year ago $52,146,173 2.43% 1.47% 1.38% 1.76% 2.79% 4.01% 4.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr.Fannie Mae (06/24/05)3.92% 2 yr.Fannie Mae (04/22/05)3.88% 1 -2 years 19% Portfolio Maturity ProfIle 3.-5 years 4% 0-lyear 64% 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 June 30,2005 Fund Balances -Beginning ofMonthlPeriod Receipts Disbursements Fund Balances c End ofMonthlPeriod Portfoljo Allocation' SEI Cash US Govt Agencies Local Agency Investment Fund Subtotal-Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Month $56,530,508.26 2,961,225.05 (l,960,49l.87) $57,531,241.44 582,529.20 37,255,591.66 14 33Q 199 64 52,168,320.50 536292094 $57,531,241.44 YID $52,146,172.75 35,135,432.88 (29,75Q 364 19) $57,531,241.44 $58,000,000 $57,000,000 $56,000,000 $55,000,000 $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 g C: ~ Portfolio Investment Allocation SEI Cash 1.1% Local Agency Investment Fund 27.5% Treasurer's Fund Balances page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances June 30,2005 Previous Ba1= Non-Treasury Funds: Downtown Parking District 12120/02 Certificates of Participation Reserve Fund (Lot 4) Cert.of Participation Lease Payment Fund (Lot 4) Cert.of Participation 2002 Series A Const.Fund Cerl.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: 239,273.44 257,522.62 148,452.16 2,269,608.03 737,331.38 146.47 0.00 $3,652,334.10 42,165.84 Ending Int=st Wjthdrawals :B.alanl:t 529.53 239,802.97 Notel 499.70 258,022.32 NOle2 288.06 190,906.06 Note 3 1.59 0.09 2,269,609.53 Note 4 96.64 15.50 737,412.52 Note 4 0.61 147.08 0.00 0.00 0.00 Note 4 $1,416.13 $ill,2 $3,695,900.48 I j 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 ofparticipation 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 Interest received from Investments Add:Interest accrued at end of period (see page 5). Less:Interest accrued at beginning of period Interest earned on investments ,. .Town of Los Gatos Statement of Interest Earned June 30,2005 Current Fiscal Month Year to Date 138,959.09 1,331,783.20 33,323.60 33,323.60 (43,318.39)(92,466.06) $128,964.30 $1,272,640.74 Page 4 I I Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report June 30,2005 Inactive Deposits by Institution Deposit Amortized Maturity Days .Days to Days Yield to Interest Interest Interest Ilm lnslin!1i2n S=ribt.~Cl!Sl IlJlll:E!a=I MitllIl:ilx ~Malw:i.l:l .Eill=I ~A=.tcd Highmark US GovtFund 06/30/05 2,500,525.87 07/01/05 0 1 I 2.73%0.00 0.00 931 FMCDN Coupon Note 08/18/04 980,715.00 07/26/05 316 26 342 2.09%17,732.53 17,732.53 937 FHDN Discount Note 02104/05 493,038.89 08/02/05 146 33 179 2.88%.5/m.78 5,677.78 936 FHDN Discount Note 02/04/05 985,844.44 08/05105 146 36 182 2.88%11,355.56 11,355.56 927 FNMA Coupon Note 08/26/03 .1,071,900.00 11114/05 674 137 8ll 2.37%46,906.42 31,996.80 14,909.62 932 FHLB Coupon Note 08118/04 498,300.00 02/03/06 316 218 534 2.49%10,736.97 2,343.75 8,393.22 938 FHLMC Discount Note 03/16/05 483,436.11 03/07/06 106 250 356 3.35%4,703.24 4,703.24 928 FNMA Coupon Note 08126/03 895,320.00 04128/06 674 302 976 2.83%46,747.96 39,506.80 7,241.16 933 FHLB Coupon Note 08/18/04 996,420.00 05115106 316 319 635 2.46%21,223.31 16,687.50 4,535.81 920 FNMA Coupon Note 06/22101 2,001,740.00 06/15/06 1469 350 1819 5.23%421,362.35 417,984.30 3,378.05 939 FFCB Coupon Note 03/16/05 498,560.00 12111/06 106 529 635 3.80%5,501.92 5,501.92 934 FNMA Coupon Note 08118/04 1,491,000.00 01112107 316 561 877 3.06%39,505.62 2).,000.00 18,505.62 940 FHLB Coupon Note 03/16/05 543,228.45 02109/07 106 589 695 3.93%6,199.95 6,199.95 929 FNMA Coupon Note 02/09/04 2,000,000.00 05109/07 .507 678 1185 3.00%'83,342.47 60,000.00 23,342.47 942 FHLB Coupon Note 05116/05 999,000.00 05/16/07 45 685 730 4.04%4,979.54 4,979.54 930 FHLMC Coupon Note 02/24/04 2,505,250.00 08124/07 492 785 1277 2.79%94,356.15 80,500.00 13,856.15 0.00 0.00 Porch Int -Union accl.5,774.35 SEICash 582,529.20 14,877.21 12,857.02 2,020.19 .SEI Inveslments 18,290,848.62 Various 607 2.45%611,828.20 824,509.20 (212,681.00) Porch Int -SEI accl.14,689.93 LAIF N/A 06/30/05 14,330,199.64 09/30/05 0 92 92 2.97%93,671.83 93,671.83 52,168,320.50 380 2.85%1,540,708.97 1,507,385.37 33,323.60 Maturity Profile Amount Percent 0-1 year 32,840,570.08 62.95% 1-2 years 10,157,122.39 19.47% 2-3 years 7,034,807.03 13.48% 3-5 years 2 135 82100 ~ 52,168,320.50 lQO..llll% .i Market to Cost Position Report Market Amortized Market Unrealized Ilm 1nilillIlilm ~~--CQsL value·Qain..!I&ss) Highmark US GovtFund 100.000 2,500,525.87 2,500,525.87 0.00 931 FMCDN Coupon Note 99.780 .980,715.00 997,800.00 17,085.00 937 FHDN Discount Note 99.710 493,038.89 498,550.00 5,511.11 936 FHDN Discount Note 99.680 985,844.44 996,800.00 iO,955.56 927 FNMA Coupon Note 99.469 1,071,900.00 1,074,265.20 2,365.20 932 FHLB Coupon Note 99.156 498,300.00 495,780.00 (2,520.00) 938 FHLMC Discount Note 97.520 483,436.11 487,600.00 4,163.89 928 FNMA Coupon Note 99.094 895,320.00 891,846.00 (3,474.00) 933 FHLB Coupon Nole 98.719 996,420.00 987,190.00 (9,230.00) 920 FNMA Coupon Note 101.375 2,001,740.00 2,027,500.00 25,760.00 939 FFCB Coupon Note 99.719 498,560.00 498,595.00 35.00 .934 FNMA Coupon Note 98.500 1,491,000.00 1,477,500.00 (13,500.00) 940 FHLB Coupon Note 98.344 543,228.45 545,809.20 2,580.75 929 FNMA Coupon Note 98.563 2,000,000.00 1,971,260.00 (28,740.00) 942 FHLB Coupon Note 99.969 999,000.00 999,690.00 690.00 930 FHLMC Coupon Note 98.770 2,505,250.00 2,469,250.00 (36,000.00) 0.00 Subtotal 18,944,278.76 18,919,961.27 (24,317 .49) Purch Int -Union accl.5,774.35 5,774.35 0.00 SEI Cash 582,529.20 582,529.20 0.00 SEllnveslments 18,290,848.62 17,643,782.55 (647,066.07) NIA Purch Int -SEI acct.14,689.93 14,689.93 0.00 LAIF 14,330,199.64 14,330,199.64 0.00 Totals:52,168,320.50 51,496,936.94 (671,383.56) •Source:Treasury and Agency Obligations -Union Bank of California LAIF balances per Local Agency Inveslment Fund monthly statement. page 5 SEI Investments Account Market to Cost Position Report June 30,2005 Deposit Amortized Maturity Days Days to Days Yield to Interest Iuterest Interest l2en.ln£1:inl.tilm ~l2lIll:.GllS1 l2lIll:.Elm=I ~1=stcd ~Eamcd ~Al:l:=d FHLMC Z Coupon 05/05/05 198,874.22 07112/05 56 12 68 3.038%926.96 926.% FNMA Z Coupon 05/17/05 80,555.04 OmO/05 44 20 64 3.150%305.89 305.89 FNMA Z Coupon 02122105 197,600.00 07122105 128 22 150 2.955%2,047.68 2,047.68 FHLB Z Coupon 06/14/05 189,259.00 07129/05 16 29 45 3.176%263.49 263.49 FNMA Z Coupon 06114/05 241,784.19 08/10/05 16 41 57 3.220%341.28 341.28 FHLB Coupon Note 06124/03 672.743.50 08/15/05 737 46 783 1.335%18,134.49 32,012.50 (13,878.01) FHLMC Coupon Note 11/09/04 198,468.75 08115105 233 46 279 2.508%3,177.48 800.00 2,377.48 FNMA Coupon Note 08124/04 199,360.00 09/15105 310 77 387 2.178%3,687.78 2,093.75 1,594.03 FNMA Z Coupon 05117/05 98,734.92 10/05/05 44 97 141 3.317%394.80 394.80 FHLMC Z Coupou 05/17/05 49,354.51 10/07/05 .44 99 143 3.338%198.60 198.60 FHLB Coupon Note 06124/03 683,345.00 11115/05 737 138 875 1.432%19,758.67 44,572.40 (24,813.73) FHLMC Z Coupon 03/23/05 97,284.59 01/03/06 99 187 28(5 3.558%938.84 938.84 FHLMC Coupon Note 06/30/03 651,562.50 01115106 731 199 930 1.771%23,109.96 48,562.50 (25,452.54) FHLMC Coupon Note 08/24/04 198,460.00 02/15106 310 230 540 2.402%4,048.69 1,781.25 2,267.44 FFCB Coupon Note 06/25/03 666,809.00 03115/06 736 258 994 1.523%20,477.94 27,986.11 (7,508.17) FHLMC Coupon Note 06/25/03 664,117.19 04/15/06 736 289 1025 1.576%21,105.03 27,873.26 (6,768.23) FNMA Coupon Note 06127/03 504,090.00 04128/06 734 302 1036 2.315%23,467.25 24,098.96 (631.71) FHLB Coupon Note 06124/03 658,677.50 05/15106 737 319 1056 1.625%21,612.29 26,128.65 (4,516.36) FHLMC Coupon Note 06127/03 500,930.00 06/02106 734 337 1071 2.076%20,912.58 20,753.47 159.11 FHLMC Coupon Note 06130/03 387,296.88 07/15106 731 380 1111 1.872%14,520.26 29,677.08 (15,156.82) FNMA Coupon Note 06/10/04 297,213.00 08/11/06 385 407 792 3.177%9,959.85 5,522.92 4,436.93 FHLMC Z Coupon 06115/05 248,126.74 09106/05 15 68 83 3.320%338.54 338.54 FHLB Coupon Note 06130/03 400,000.00 09129/06 731 456 1187 .2.200%17,624.11 16,160.00 1,464.11 FHLMC Coupon Note 02122105 197,629.00 10/15/06 128 472 600 3.507%2,430.54 809.72 1,620.82 FHLB Coupon Note 06124/03 688,076.80 11/15/06 737 503 1240 1.825%25,355.63 49,940.00 (24,584.37) FFCB Coupon Note 06125/03 660,954.00 12119/06 736 537 1273 1.844%24,576.33 58,012.50 (33,436.17) FfiLB Coupon Note 06/30/03 400,000.00 12/29/06 731 547 1278 2.225%17,824.38 17,800.00 24.38 FNMA Coupon Note 02/22105 195,358.60 02/15107 128 595 723 3.363%2,303.97 2,303.97 FHLMC Coupon Note 06/25/03 662,652.00 03/15/07 736 623 1359 1.946%26,002.39 50,375.00 (24,372.61) FNMA Coupon Note 06/30/03 333,597.66 04115/07 731 654 1385 2.150%14,364.35 28,218.75 (13,854.40) FHLMC MTN Coupon Note 06/27/03 402,556.00 05/29107 734 698 1432 2.808%22,731.42 23,033.33 (301.91) FNMA Coupon Note 06/30/03 375,219.60 07/15/07 731 745 1476 2.359%17,727.11 22,932.29 (5,205.18) FHLB Coupon Note 06124/03 672,825.60 11115/07 737 868 1605 2.257%30,662.58 42,373.33 (11,710.75) FNMA Coupon Note 06124/03 299,475.00 12124/07 737 907 1644 2.528%15,286.65 15,000.00 286.65 FNMA Coupon Note 06127/03 649,785.94 01115108 734 929 1663 2.492%32,562.79 31,736.00 826.79 FHLMC Coupon Note 09/30/04 198,630.00 02125108 273 970 1243 3.462%5,143.30 2,618.06 2,525.24 FHLMC Coupon Note 06126103 657,396.09 03115108 735 989 1724 2.294%30,367.92 30,498.58 (130.66) FHLB Coupon Note 06130/03 286,162.50 04/15/08 731 1020 1751 2.633%15,089.96 26,337.50 (11,247.54) FHLB Coupon Note 06126103 661,764.30 05113/08 735 1048 1783'2.507%33,408.13 64,797.36 (31,389.23) FHLMC MTN Coupon Note 06/30/03 228,298.00 06113/08 731 1079 1810 2.894%13,231.99 12.351.32 880.67 FHLMC Coupon Note 06124/03 500,000.00 06/18/08 737 1084 1821 2.750%27,763.70 27,500.00 263.70 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 273 1142 1415 3.442%5,112.74 2,437.50 2,675.24 FNMA Coupon Note 11116/04 199,216.00 09115108 226 1173 1399 3.866%4,768.72 2,479.17 2,289.55 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 162 1173 1335 3.974%4,377.01 1,458.33 2,918.68 FNMA Coupon Note 11116/04 199,552.00 11117/08 226 1236 1462 3.936%4,863.25 3,896.53 966.72 FNMA Coupon Note 01121/05 242,400.00 03/16/09 160 1355 1515 3.930%4,175.92 1,193.58 2,982.34 FHLMC Coupon Note 06/17/05 300,198.00 07130/09 13 1491 1504 4.359%466.06 466.06 FHLMC Coupon Note 06/14/05 298,683.00 09/01109 16 1524 1540 4.237%554.75 554.75 FHLMC Coupon Note 01121/05 149,686.50 09/01/09 160 1524 1684 4.180%2,742.75 687.50 2,055.25 FHLMC Coupon Note 06114/05 299,331.00 01125/10 16 1670 1686 4.431%581.41 581.41 18,290,848.62 607 2.449%611,828.20 824,509.20 (212,681.00) Cash 582,529.20 14,877.21 12,857.02 2,020.19 Purchased Int 14,689.93 626,705.41 837,366.22 (210,660.81) 18.888,067.75 page 6