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04 Staff Report - Treasurer's Report February and March 2006MEETING DATE: 05/15/06 °w N 0 ITEM NO. COUNCIL AGENDA REPORT !ps G AjpS DATE: May 10, 2006 TO: MAYOR AND TOWN COUNCIL FROM: LINDA LUBECK, TOWN TREASURER SUBJECT: TREASURER'S REPORTS FOR FEBRUARY AND MARCH, 2006 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance are the Treasurer's reports for February and March, 2006. Prime increased to 7.75% on May 10, 2006. Treasurer's funds remained fairly constant during this two month period. Interest rates continued to rise slightly, as did the Town's overall performance. The cash at Union Bank is being reinvested into the market during the month of May, with the advice of MBIA. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated May 10, 2006. PREPARED BY Linda L. Lubeck, Town Treasurer Reviewed by: own Manager 14,Assistant Town Manager Town Attorney C1erk_ainance Community Development Revised: 5/11/06 8:44 am Distribution: Town Council; Town Manager; Finance Director Reformatted: 5/30/02 Meeting date: May 15, 2006 Item No: Town of Los Gatos Treasurer's Report for the month ended March 31, 2006 Submitted May 10, 2006 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information March 31, 2006 Weighted Average Portfolio Yield: 3.65% Weighted Average Maturity (days) 248 This Month Last Month One year ago Portfolio Balance $60,613,879 $60,889,095 $52,810,947 Benchmarks/ References: Town's Average Yield 3.65% 3.56% 2.60% LAIF Yield for month 4.14% 4.04% 2.26% 3 mo. Treasury 4.61% 4.63% 2.37% 6 mo. Treasury 4.78% 4.75% 2.68% 2 yr. Treasury 4.73% 4.69% 3.25% 5 yr. Treasury (most recent) 4.79% .4.62% 3.73% Prime rate 7.75% 7.50% 5.25% Most recent: auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Fannie Mae (03/17/06) 5.00% 2 yr. Freddie Mac (03/09/06) 4.66% Compliance: The Town's investments are in compliance with the Town's investment policy dated August 9, 2005 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 March 31, 2006 Month YTD Fund Balances - Beginning of Month/Period $60,889,095.37 $57,531,241.44 Receipts 2,527,817.87 30,367,905.01 Disbursements (2,803,034.53) (27,285,267.74) Fund Balances - End of Month/Period $60,613,878.71 $60,613,878.71 Portfolio Allocation: Union MM 7,221,390.16 US Govt Agencies 31,326,490.32 Local Agency Investment Fund 18.672.180.70 Subtotal - Investments 57,220,061.18 Reconciled Demand Deposit Balances 3,393,817.53 Total Treasurer's Fund $60,613,878.71 I Portfolio Investment Allocation Union MM Local Agency Investment Fund 12.6% 32.6% US Govt Agencies 54.7% Treasurer's Fund Balances $62,000,000 $61,000,000 $60,000,000 $59,000,000 $58,000,000 } ` `9 $57,000,000 $56,000,000 $55,000,000 z $54,000,000 $53,000,000 7 $52,000,000 rg x $51,000,000 $50,000,000 0 0 0 0 0 0 0 0 0 0 0 0 0 page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances March 31, 2006 Previous Ending Balance Deposits Interest Withdrawals Balance Non-Treasury Funds: Downtown Parking District 12/20102 244,029.42 487.79 244,517.21 Note 1 Certificates of Participation Reserve Fund (Lot 4) 258,303.20 773.70 259,076.90 Note 2 Cert. of Participation Lease Payment Fund (Lot 4) 89.737.89 268.79 90,006.68 Note 3 Celt. of Participation 2002 Series A Const. Fund 1,300.640.64 1.37 0.04 1,300,641.97 Note 4 Cert. of Participation 2002 Series A Reserve Fund 752,707.42 208.08 20.49 752.895.01 Note 4 Cert. Of Participation 2002 Series A Interest Fund 297.00 0.78 0.01 297.77 Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 Note 4 Total Restricted Funds: $2,645,715.57 $0.00 $11740.51 $20.54 $2,647,435.54 These accounts are not part of the Treasurers 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 'T, 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 of lease payments, and a third fund for the disbursement of lease payments and initial delivery costs. Page 3 Town of Los Gatos Statement of Interest Earned March 31, 2006 Current Fiscal Month Year to Date Interest received from Investments 72,092.95 1,207,804.48 Add: Interest accrued at end of period (see page 5) 158,155.76 158,155.76 Less: Interest accrued at beginning of period (54,071.25) (33,323.60) Interest earned on investments $176,177.46 $1,332,636.64 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report March 31, 2006 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Dep Institution Security Date Cost Date Elaosed Maturity Invested Maturity Earned Received Accrued 928 FNMA Coupon Note 08/26/03 895,320.00 0428/06 948 28 976 2.83% 65,752.33 51,319.30 14,433.03 933 FHLB Coupon Note 08/18/04 996,420.00 05/15/06 590 45 635 2.46% 39,625.80 27,937.50 11,688.30 920 FNMA Coupon Note. 06/22/01 2,001,740.00 06115/06 1743 76 1819 5.23% 499,955.46 470,484.30 29,471.16 939 FFCB Coupon Note 03/16/05 498,560.00 12/11/06 380 255 635 3.80% 19,723.85 13,342.01 6,381.84 934 FNMA Coupon Note 08/18104 1,491,000.00 01/12107 590 287 877 3.06% 73,760.49 58,800.00 14,960.49 940 FHLB Coupon Note 03/16/05 543 228.45 02/09/07 380 315 695 3.93% 22 226.23 13,743.65 8,482.58 929 FNMA Coupon Note 02/09/04 2,000,000.00 05/09/07 781 404 1185 3.00% 128,38356 120,000.00 8,383.56 942 FHLB Coupon Note 05116105 999,000.00 05116/07 319 411 730 4.04% 35,299.38 19,950.00 15,349.38 943 FNMA Coupon Note 07/01/05 749,032.50 05117/07 273 412 685 3.82% 21,372.98 10,625.00 10,747.98 946 FHLMC Discount Note 08/15/05 1,500,000.00 11/15/07 228 594 822 450% 42,126.90 33,750.00 8,376.90 930 FHLMC Coupon Note 0224/04 2,505,250.00 0824/07 766 511 1277 3.16% 165,929.64 161,000.00 4,929.64 944 FNMA Coupon Note 07/01/05 984,074.54 - 12/15/07 273. 624 897 3.81% 28,020.81 14,236.11 13,784.70 947 FHLMC Discount Note 08115105 999,700.00 02115/08 228 686 914 4.51% 28,182.34 22,500.00 5,682.34 945 FHLB Coupon Note 07/01/05 755,975.25 04/18/08 273 749 1022 3.80% 21,503.23 9,195.31 12,30792 FHLMC Coupon Note 06/25/03 664,117.19 04/15106 1010 15 1025 1.576% 28,962.06 35,592.01 (6,629.95) FNMA Coupon Note 0627/03 504,090.00 0428/06 1008 28 1036 2.315% 32 227.51 30,661.46 1,566.05 FMAC Z Coupon 0729/05 193,927.92 05/10/06 245 40 285 4.010% 5,219.85 5.219.85 FHLB Coupon Note 0624/03 658,677.50 05/15/06 1011 45 1056 1.625% 29,647 25 33,034.90 (3,387.65) FHLMC Coupon Note 06/27/03 500,930.00 06/02!06 1008 63 1071 2.076% 28,719.18 26,128.47 2,590.71 FHLMC Coupon Note 06130/03 38796.88 07/15/06 1005 106 1111 1.872% _ 19,962.87 48,927.08 (28,96421) FNMA Coupon Note 06/10/04 297,213.00 08/11/06 659 133 792 3.177% 17,048.16 13,772.92 3,27524 FHLB Coupon Note 06/30/03 400,000.00 0929106 1005 182 1187 2.200% 24,230.14 20,200.00 4,030.14 FHLMC Coupon Note 02/22/05 197,629.00 10/15/06 402 198 600 3.507% 7,633.43 3,559.72 4,073.71 FHLB Coupon Note 06/24/03 688,076.80 11115106 1011 229 1240 1.825% 34,782.28 63,140.00 (28,357.72) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 1010 263 1273 1.844% 33,725.68 72,63750 (38,911.82) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 1005 273 1278 2225% 24,505.48 22.250.00 2,255.48 FNMA Coupon Note 0222/C5 195,358.60 02/15/07 402 321 723 3.363% 7,235.90 4,657-64 2,578 26 FHLMC Coupon Note 0625/03 662,652.00 03/15/07 1010 349 1359 1.946% 35,682.63 79,625.00 (43,942.37) FNMA Coupon Note 0680/03 333,597.66 04/15/07 1005. 380 1385 2.150% 19,748.52 36,093.75 (16,345.23) FHLMC MTN Coupon Note 0627/03 402,556.00 05/29/07 1008 424 1432 2.808% 31,216.99 29,03333 2,183.66 FNMA Coupon Note 06/30/03 375,219.60 07115/07 1005 471 1476 2.359% 24,371.75 37,80729 (13,435.54) FHLB Coupon Note 06/24/03 672,825.60 11/15/07 1011 594 1605 2.257% 42,062.24 53,573.33 (11,511.09) FNMA Coupon Note 06/24/03 299,475.00 12/24/07 1011 633 1644 2.528% 20,969.88 18,750.00 2,219.88 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 1008 655 1663 2.492% 44,718.38 52,211.00 (7,492.62) FHLMC Coupon Note 09/30104 198,630.00 02125/08 547 696 1243 3.462% 10,305.44 9,118.06 1,187-38 FHLMC Coupon Note 0626/03 657,396.09 03/15108 1009 715 1724 2294% 41,688.75 48,236.08 (6,547.33) FHLB Coupon Note 06/30/03 286,162.50 04115/08 1005 746 1751 2.633% 20,746.11 33,68750 (12,941.39) FHLB Coupon Note 0626/03 661,764.30 05/13/08 1009 774 1783 2.507% 45,862.31 62,025.61 (36,163.30) FHLMC MTN Coupon Note 06130/03 228;298.00 06/13108 1005 805 1810 2.894% 18,191.72 15,513.82 2,677.90 FHLMC Coupon Note 06/24/03 500,000.00 06/18108 1011 810 1821 2.750% 38,085.62 34,375.00 3,7t0.62 FNMA Coupon Note 09130/04 198,597.00 08/15/08 547 868 1415 3.442% 10.244.20 8,937.50 1,306.70 FNMA Coupon Note 11/16/04 199,216.00 09/15108 500 899 1399 3.866% 10,550.26 9,979.17 571.09 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 436 899 1335 3.974% 11,780.10 10,833.33 946.77 FNMA Coupon Note 11/16104 199,552.00 11/17/08 500 962 1462 3.936% 10,759.41 7,771.53 2,987.88 FHLMC Coupon Note 07/07/05 296,403.00 01112109 267 1018 1285 4.313% 9,351.48 6,619.79 2,731.69 FNMA Coupon Note 01/21105 242,400.00 03/16/09 434 1081 1515. 3.930% 11,327.19 9,006.08 2,321.11 FHLMC Coupon Note 06/17105 300,198.00 07/30/09 287 1217 1504 4.359% 10,289.25 8,130.21 2,159.04 FHLMC Coupon Note 08101105 298,332.00 07/30/09 242 1217 1459 4.527% 8,954.32 6,526.04 2,42828 FHLMC Coupon Note 06114/05 298,683.00 09/01109 290 1250 1540 4.237% 10,054.82 8,834.37 1,220.45 FHLMC Coupon Note 0121/05 149,686.50 09/01109 434 MO 1684 4.180% 7,43931 6,875.00 564.71 FHLMC Coupon Note 06/14/05 299,331.00 0125/10 290 1396 1686 4.431% 10,538.01 8,057.29 2,480.72 Subtotal 31,326,490.32 Union MM 7,221,390.16 30 30 4.26% 25;284.76 25,284.76 LAIF N/A 12131/05 18,672,180.70 03/31/06 90 0 90 4.14% 165,234.10 165,234.10 57,220,061.18 248 3.65% 2,181,220.72 2,023,064.96 158,155.76 Maturity Profile 0-1 year 1-2 years 2-3 years 3-5 years Market to Cost Position Report )Institution Security Union Bank Assets Union MM Amount 38,730,762.20 13,326,542.93 3,816,525.55 1.346.230.50 57.220,061.18 Market Amortized Price Cost 31,326,490.32 7,221,390.16 Percent 67.69% 23.29% 6.67% 2.35% 100.00% Market Unrealized Value* Gain (Loss) 30,417,980.50 (908,509.82) 7,221,390.16 0.00 LAIF 18,672,180.70 18,672,180.70 0.00 *Source: Treasury and Agency Obligations -Union Bank of Califomia Totals: 57,220,061.18 56,311,551.36 c_ 6(908,509.82) LAIF balances per Local Agency Investment Fund monthly statement. Meeting date: May 15, 2006 Item No: Town of Los Gatos Treasurer's Report for the month ended February 28, 2006 Submitted May 10, 2006 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information February 28, 2006 Weighted Average Portfolio Yield: 3.56% Weighted Average Maturity (days) 275 This Month Last Month One year ago Portfolio Balance $60,889,095 $61,146,352 $53,046,566 Benchmarks/ References: Town's Average Yield 3.56% 3.43% 2.66% LAIF Yield for month 4.04% 3.96% 237% 3 mo. Treasury 4.63% 4.49% 2.77% 6 mo. Treasury 4.75% 4.60% 3.01% 2 yr. Treasury 4.69% 4.43% 3.50% 5 yr. Treasury (most recent) 4.62% 4.37% 3.62% Prime rate 7.50% 7.50% 5.50% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Freddie Mac (02/13/06) 4.88% 2 yr. Freddie Mac (01/13/06) 4.63% Compliance: The Town's investments are in compliance with the Town's investment policy dated August 9, 2005 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 28,2006 Month YTD Fund Balances - Beginning of Month/Period $61,146,351.87 $57,531,241.44 Receipts 3,176,456.32 27,840,087.14 Disbursements (3,433,712.82) (24.482.233.21) Fund Balances - End of Month/Period $60,889,095.37 $60,889,095.37 Portfolio Allocation: Union MM 6,000,452.10 US Govt Agencies 32,476,735.43 Local Agency Investment Fund 18.672.180.70 Subtotal - Investments 57,149,368.23 Reconciled Demand Deposit Balances 1739,727.14 Total Treasurer's Fund $60,889,095.37 Treasurer's Fund Balances $62,000,000 - - $61,000,000 $60,000,000 $59.000,000 $58,000,000 $57,000,000 $56,000,000 $55,000,000 $54,000,000 $53,000,000 $52,000,000 - a $51,000,000 $50,000,000 R~- - --~-r h ,/'I Vl V1 vt ,/1 vl v1 Vl V~ N ~D lp O O O O O O O O O O O O O 75 6 > Q z Q page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances February 28, 2006 Previous Ending Balance Deposits Interest Withdrawals Balance 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 Cert. of Participation 2002 Series A Reserve Fund Cert. Of Participation 2002 Series A Interest Fund Cert. Of Participation 2002 Series A COI Fund Total Restricted Funds: $2,896,153.34 $0.00 $141085.73 $2641523.50 $2,645,715.57 These accounts are not part of the Treasurers 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 of lease payments, and a third fund for the disbursement of lease payments and initial delivery costs. 243,490.56 538.86 257,509.70 793.50 126,145.82 329.57 1,288,761.70 11.878.98 752,516.81 213.28 227,728.75 331.54 0.00 0.00 244,029.42 Note 1 258,303.20 Note2 36,737.50 89,737.89 Note 3 0.04 1,300,640.64 Note 4 22.67 752;707.42 Note 4 227,763.29 297.00 0.00 0.00 Note 4 Page 3 Town of Los Gatos Statement of Interest Earned February 28, 2006 Current Fiscal Month Year to Date Interest received from Investments 172,216.19 1,135,711.53 Add: Interest accrued at end of period (see page 5) 54,071 25 54,071.25 Less: Interest accrued at beginning of period (54,876.29) (33,323.60) Interest earned on investments $171,411.15 $1,156,459.18 Page 4 Inactive Deposits by Institution Dep Institution Security Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report February 28, 2006 Deposit Amortized Maturity Days Date Cos Date Elapsed, Days to Days Yield to Interest Interest Interest Maturity Invested Maturity Earned Received Accrued 938 FHLMC Discount Note 03/16/05 483,436.11 03/07/06 349 7 . 356 3.35% 15,485.19 15,485.19 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 917 59 976 2,83% 63,6D220 51,319.30 12,282.90 933 FHLB Coupon Note 08/18/04 996,420.00 05115106 559 76 635 2.46% 37,543.76 27,937.50 9,606.26 920 FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 1712 107 1819 5.23% 491,063.54 470,484.30 20,579.24 939 FFCB Coupon Note 03/16/05 498,560.00 12/11/06 349 286 635 3.80% 18,114.80 13,342.01 4,772.79 934 FNMA Coupon Note 08118/04 1,491,000.00 01/12/07 559 318 877 3.06% 69,884.94 58,800.00 11,084.94 940 FHLB Coupon Note 03/16/05 543,228.45 02/09/07 349 346 695 3.93% 20,413.04 13,743.65 6,669.39 929 FNMA Coupon Note 02/09104 2.000.000.00 05/09/07 756 435 1185 3.00% 123,287.67 120.000.00 3,287.67 942 FHLB Coupon Note' 05116105 999,000.00 05116107 288 442 730 4.04% 31,869.03 19,950.00 11,919.03 943 FNMA Coupon Note 07/01105 749,032.50 05/17/07 242 443 685 3.82% 18,946.01 10,625.00 8,321.01 946 FHLMC Discount Note 08/15/05 1,500,000.00 11/15/07 197 625 822 4.50% 36,399.12 33,750.00 2,649.12 930 FHLMC Coupon Note 02/24/04 2,505,250.00 08/24/07 735 542 1277 3.16% 159,214.47 161,000.00 (1,785.53) 944 FNMA Coupon Note 07101/05 984,074.54 12115/07 242 655 897 3.81% 24,838.96 14,236.11 10,602.85 947 FHLMC Discount Note 08115105 999,700.00 02/15/08 197 .717 914 4.51% 24,350.53 22,500.00 1,850.53 945 FHLB Coupon Note 07101/05 755,975.25 04/18/08 242 780 1022 3.80% 19,061.47 9,195.31 9,866.16 FFCB Coupon Note 06/25/03 666,809.00 03/15/06 979 15 994 1.523% 27, 39.00 36,111.11 (8,872.11) FHLMC Coupon Note 06/25/03 664,117.19 04115106 979 46 1025 1576% 28,073.13 35,592.01 (7,518.88) FNMA Coupon Note 06/27/03 504,090.00 04/28/06 977 59 1036 2.315% 31 236.39 30,661.46 574.93 FMAC ZCoupon 07/29105 193,927.92 05/10106 214 71 285 4.010% 4,559.38 4559.38 FHLB Coupon Note 06124/03 658,677.50 05115/06 980 76 1056 1.625% 28.738.19 33,034.90 (4,296.71) FHLMC Coupon Note 06/27103 500,930.00 06/02106 977 94 1071 2.076% 27,835.95 26,128.47 1,707.48 FHLMC Coupon Note 06/30103 387296.88 07115/06 974 137 1111 1.872% 19,347.10 48,927.08 (29,579.98) FNMA Coupon Note 06110/04 297,213.00 08111/06 628 164 792 3.177% 16,24620 13,772.92 2,473.28 FHLB Coupon Note 06/30/03 400,000.00 09/29106 974 213 1187 2.200% 23,482.74 20 200.00 3,282.74 FHLMC Coupon Note 02/22/05 197,629.00 10/15/06 371 229 600 3.507% 7,044.78 3,559.72 3,485.06 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 980 260 " 1240 1.825% 33,715.76 63,140.00 (29,424.24) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 979 294 1273 1.844% 32,690.53 72,637.50 (39,946.97) FHLB Coupon Note 06/30/03 400,000.00 12/29106 974 304 1278 2.225% 23,749.59 22,250.00 1,499.59 FNMA Coupon Note 02/22/05 195,358.60 02/15107 371 352 723 3.363% 6,677.91 4,657.64 2,020.27 FHLMC Coupon Note 06/25/03 662,652.00 03115/07 979 380 1359 1.946% 34,587.42 65,000.00 (30,412.58) FNMA Coupon Note 06130103 333,597.66 04115/07 974 411 1385 2.150% 19,139.37 36,093.75 (16,954.38) FHLMC MTN Coupon Note 06/27/03 402,556.00 05/29/07 977 455 1432 1808% 30,256.95 29,033.33 1,223.62 FNMA Coupon Note 06/30/03 375,219.60 07/15107 974 502 1476 2.359% 23,619.98 37,807.29 (14,187.31) FHLB Coupon Note 06/24103 672,825.60 11/15/07 980 625 1605 2257% 40,772.49 53,573.33 (12,800.84) FNMA Coupon Now 06/24/03 299,475.00 12/24107 980 664 1644 2.528% 20,326.89 18,750.00 1,576.89 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 977 686 1663 2.492% 43.343.11 52,211.00 (8,867.89) FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 516 727 1243 3.462% 9,721.40 9,118.06 603.34 FHLMC Coupon Note D6/26/03 657,396.09 03/15/08 978 746 1724 2.294% 40,407.92 39,367.33 1,04059 FHLB Coupon Note 06!30103 286,162.50 04/15/08 974 777 1751 2.633% 20,106.18 33,687.50 (13,581.32) FHLB Coupon Note . 06/26/03 661,764.30 05/13/08 978 805 1783 2.507% 44,45326 82,025.61 (37,572.35) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13108 974 836 1810 2.894% 17,630.59 15,513.82 2,116.77 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 980 841 1821 2.750% 36,917.81 34,375.00 2,542.81 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 516 899 1415 3.442% 9.663.63 8,937.50 726.13 FNMA Coupon Note 11/16104 199,216.00 09/15/08 469 930 1399 3.866% 9,896.14 6,229.17 3,666.97 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 405 930 1335 3.974% 10,94152 6,145.83 4,796.69 FNMA Coupon Note 11/16/04 199,552.00 11/17/08 469 993 1462 3.936% 10,092.32 7,771.53 2,320.79 FI-1LMC Coupon Note 07/07/05 296,403.00 01/12/09 236 1049 1285 4313% 8,265.73 6,619.79 1,645.94 FNMA Coupon Note 01/21105 242,400.00 03/16/09 403 1112 1515 3.930% 10,518.10 5,099.83 5,418.27 FHLMC Coupon Note 06117105 300,198.00 07130/09 256 1248 1504 4.359% 9,177.87 8,130.21 1,047.66 FHLMC Coupon Note 08/01/05 298,332.00 07/30/09 211 1248 1459 4.527% 7,80728 6,526-04 1,28124 FHLMC Coupon Note 06/14/05 298,683.00 09/01/09 259 1281 1540 4.237% 8,979.99 2,646.87 6,333.12 FHLMC Coupon Note 01/21/05 149,68650 09/01/09 403 1281 1684 4.180% 6,908.30 3,781.25 3,127.05 FHLMC Coupon Note 06114/05 299,331.00 01/25/10 259 1427 1686 4.431% 9,411.53 8,057.29 1,35424 Subtotal 32,476,735.43 Union MM 6,000,452.10 30 30 4.08% 20,122.06 20,122.06 LAIF N/A 12/31/05 18,672,180.70 03/31/06 59 31 90 4.04% 100,348.34 100,348.34 57,149,368.23 275 3.56% 2,068,128.57 2,014,057.32 54,071.25 Maturity Profile 0-1 year 1-2 years 2-3 years 3-5 years Market to Cost Position Report Den Institution Security Union Bank Assets Union MM Amount 37,997,417.25 13,331,798.84 4,231,521.64 1.588.630.50 57,149,368.23 Market Amortized Price Cost 32,476,735.43 6,000,452.10 Percent 66.49% 23.33% 7.40% 2.78% 100.00% Market Unrealized Value- Gain (Loss) 31,593,476.30 (883,259.13) 6,000,452.10 0.00 LAIF 18,672,180.70 18,672,180.70 0.00 -Source: Treasury and Agency Obligations -Union Bank of California Totals: 57,149,368.23 56,266,109.10 page ('883,259.13) LAIF balances per Local Agency Investment Fund monthly statement.