05 Staff Report - Treasurer's Report for May and June 2004
\ DATE: TO: FROM:. COUNCIL AGENDA REPORT July 29,2004 MAYOR AND TOWN COUNCIL LINDA LUBECK, TOWN TREASURER MEETING DATE: 08/02/04 ITEM NO. 5 SUBJECT: TREASURER'S REPORTS FOR MAY AND JUNE,
2004 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review are the Treasurer's reports for the months of May and June, 2004. Effective July 1,2004 the prime
rate was raised .25% by the Federal Reserve. In anticipation ofthis move, the bond markets in June responded with slightly increased rates of returns. SEI had been holding a fair amount
ofcash for the last few months and used this opportunity to purchase two new investments with rates of returns in the low 3% range. Overall, the rate of return of the entire portfolio
increased only slightly. We should anticipate slight future increases in rate of return, due· to anticipated moves by the Federal Reserve. . The Treasurer's funds increased a little
over $2;5 million in the past year, as you will.note from the chart on page 2. Historically, they will decrease between now and November when the first of the property tax assessments
are received. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated July 29,2004.
PREPARED BY: Linda L. Lubeck, Town Treasurer Reviewed by: own Manager Assistant Town Manager -4.-Town Attorney __Clerkpinance__Community Development Revised: 7/29/04 10:50 am Distribution:
Town Council; Town Manager; Finance Director Reformatted: 5/3 0/02
Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Treasurer's Report for the month ended May 31, 2004 Submitted July 29, 200y4 by Linda L. Lubeck . Meeting date: August
2,2004 Item No:
Town of Los Gatos Summary Investment Information May 31, 2004 /eighted Average Portfolio Yield: 2.41% Weighted Average Maturity (days) 500 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 $51,568,971 2.41% 1.43% 1.15% 1.43% 2.54% 3.93% 4.00%
Last Month $51,137,317 2.48% 1.47% 0.99% 1.19% 2.27% 3.22% 4.00% One year ago $49,538,727 3.22% 1.77% 1.12% 1.10% 1.31% 2.68% 4.25% Most recent auctions of Freddie Mac or Fannie Mae
Reference Notes: 2 yr. Fannie Mae (04/23!04) 2.54% 3 yr. Freddie Mac (04/16/04) 2.88% 2 -3 years 16% 3 -5 years 14% 1 -2 years 20% Portfolio Maturity Profile 0-1year 50% 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 ofthe California State Code.
Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months.
Town of Los Gatos Portfolio Allocation & Treasuer's Fund Balances May31,2004 Fund Balances -Beginning ofMonthlPeriod Receipts Disbursements Fund Balances -End ofMonthlPeriod Month $51,137,316.51
2,384,475.56 (1,952,821.50) $51,568,970.57 YTD $49,655,650.00 37,624,700.41 (35,711,379.84) $51,568,970.57 Portfolio Allocation: SEI Cash US Govt Agencies Local Agency Investment Fund
Subtotal-Investments Reconciled Demand Deposit Balances 933,861.25 33,164,126.99 14,097,727.55 48,195,715.79 3,373,254.78 Total Treasurer's Fund $51,568,970.57 Portfolio Investment Allocation
SEI Cash 1.9% Local Agency Investment Fund 29.3% Treasurer's Fund Balances Mo Z Mo .!. <.> o Mo fr CIl Moj $52,000,000
.. ..._..,..._.-w...w:w.-w,w,__""--.....__.._, ..,__.,...,,,..,,__"..,..·.·""--.w--._w,·,_-:__c··_-w,·:_...·,.,-".,..
.. ....,"_··.....,"', $51,000,000 $50,000,000 $49,000,000 $48,000,000 $41,000,000 $46,000,000 $45,000,000 $44,000,000
Town of Los Gatos Non-Treasury Restricted Fund Balances May 31. 2004 Previous 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 Cen. Of Participation 2002
Series A Interest Fund Cert. Of Participation 2002 Series A COl Fund Total Restricted Funds: 225,853.18 254,335.27 143,005.08 2,798,249.12 694,360.82 0.53 0.00 $4,115,804.00 20,982.91
Ending Interest Withdrawals Balance 1,308.07 227,161.25 Note 1 90.90 254,426.17 i"ote 2 44.31 164,032.30 Note .> 10,468.63 5.59 2,808,712.16 Note4 14,223.24 4.21 708,579.85 Nore4 0.53
0.00 000 0.00 Note'''' $26,135.15 $9.80 54,162,912.26 ./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: Tbe 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 gu.arantee the payment of lease payments, and a: third fund for the disbursement of lease
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 31,2004 Current Fiscal Mm11h Year to Date 80,928.02 1,332,008.76 143,123.39 143,123.39 (122,704.88) (471,723.72) $101,346.53 $1,003,408.43 Page 4
Town orLos Gatos Inactive Deposits by Institution Market to Cost Position Report May 31,2004 inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest
Interest mterest Dep Institution Security Date Cost Date Elapsed Maturity Invested Maturitv Earned Received Accrued 910 FHLB Coupon Note 11/02/99 1,239,062.50 08/13/04 1672 74 1746 6.46%
366,664.73 334,852.43 3l.812.30 921 FHLB Coupon Note 09/10/01 2,021,440.00 08/13/04 994 74 1068 4.23% 232,867.90 224,569.44 8.298.46 923 FNMA Coupon Note 02/25/02 1,998,520.00 03/15/05
826 288 1114 3.90% 176,384.45 159,305.56 17.07R.X9 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 746 380 1126 4.26% 174,077.33 134,347.22 39,730.11 927 FNMA Coupon Note 08/26/03
1,071,900.00 ll/14/05 279 532 811 2.37% 19,416.75 10,180.80 9,235.95 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 279 697 976 2.83% 19,351.16 15,881.80 3,469.36 920FNMA Coupon!
ote 06/22/01 2,001,740.00 06/15/06 1074 745 1819 5.23% 308,062.06 260,484.30 . 47,577.76 929 FNMA Coupon Note 02/09/04 . 2,000,000.00 05/09/07 112 1073 1185 3.00% 18,410.96 . 18,410.96
930 FHLMC Coupon Note 02/24/04 2,505,250.00 08/24/07 97 1180 1277 2.79% 18,602.74 18,602.74 SEI Cash 933,861.25 6,233.93 5,563.39 67054 SEI Investments 17,431,554.49 Various 793 1.85%
300,206.95 379,858.60 (79,651.65) LAIF N/A 03/31/04 14,097,727.55 06130/04 61 30 91 1.43% 27,887.97 27,887.97 48,195,715.79 500 2.41% 1,668,166.93 1,525,043.54 143,123.39 Maturity Profile
Amount Percent 0-1 year 23,790,337.37 49.36% 1-2 years 9,632,328.05 19.99% 2-3 years 7,936,873.34 16.47% 3-5 years 6,836,177.03 14.18% 48,195,715.79 100.00% ./'-";ket to Cost Position
Report ; Market Amortized Market Unrealized , , 'Dep Institution Security Price Value-Gain !Loss) 910 FHLB Coupon ote 101.000 1,239,062.50 .1,262,500.00 23,437.50 921 FHLB Coupon
Note 100.688 2,021,440.00 2,013,760.00 (7,680.00) 923 FNMA Coupon Note 101.688 1,998,520.00 2,033,760.00 35,240.00 924 FHLMC Coupon Note 102.281 1,999,340.00 2,045,620.00 46,280.00 927
FNMA Coupon Note 99.469 1,071,900.00 1,074,265.20 2,365.20 928 FNMA Coupon Note 99.719 895,320.00 897,471.00 2,151.00 920 FNMA Coupon Note 104.594 2,001,740.00 2,091,880.00 90,140.00
929 FNMA Coupon Note 99.031 2,000,000.00 1,980,620.00 (19,380.00) 930 FHLMC Coupon Note 99.034 2,505,250.00 2,475,850.00 (29,400.00) 0.00 Subtotal 15,732,572.50 15,875,726.20 143,153.70
0 0.00 0.00 0.00 SEI 17,431,554.49 16,840,422.30 (591,132:19) SEI Cash 933,861.25 933,861.25 0.00 N/ALAIF N/A 14,097,727.55 14,097,727.55 0.00 Purchased Inl 0.00 0.00 0.00 Totals: 48,195,715.79
47,747,737.30 (447,978.49) -Source: Treasury and Agency Obligations -Union Bank of California LAIF balances per Local Agency Investment Fund monthly statemenl ......_-_.-
SEI Investments Account Market to Cost Position Report May 31,2004 Deposit Amortized Maturity Days Days to Days Yield to Interest [nterest [nleres! Institution Security Date Cost
Date Elapsed Maturity [nvested Maturity Earned Received Accrued FFCB Coupon Note 06127/03 550,000.00 09127/04 339 119 458 1.000% 5,108.22 4,125.00 <)X:ln FHLB Coupon Note 06/30103 514,715.00
1lI15104 336 168 504 1.208% 5,723.74 14,765.62 (9,041SS) FHLMC Coupon Note 06/25103 556,316.41 01115105 341 229 570 1.130% 5,873.02 5,729.21 14:1 SI FHLMC Coupon Note 06/27/03 660,697.66
02115105 339 260 599 1.359% 8,339.29 15,583.97 (7,244iiS) FHLB Coupon Note 06126/03 665,362.50 04/15105 340 319 659 1.064% 6,594.56 8,609.79 (2,0152.<) FHLB Coupon Note 06/23/03 552,634.50
05113/05 343 347 690 1.220% 6,335.77 7,356.25 (1.0204K) FHLMC Coupon Note 06130103 663,493.36 06/15105 336 380 716 1.482% 9,051.72 12,271.87 (3,220 15) FHLB Coupon Note 06124/03 672,743.50
08/15105 342 441 783 1.335% 8,415.19 12,512.50 (4,097.31) FHLB Coupon Note 06124/03 683,345.00 11/15105 342 533 875 1.432% 9,168.88 21,009.90 (11,841.02) FHLMC Coupon Note 06130103 651,562.50
01115106 336 594 930 1.771% 10,622.36 17,062.50 (6,440.14) FFCB Coupon Note 06/25103 666,809.00 03/15106 341 653 994 1.523% 9,487.74 11,736.11 (2,248.37) FHLMC Coupon Note 06/25103 664,117.19
04/15106 341 684 1025 1.576% 9,778.28 12,435.76 (2,657.48) FNMA Coupon Note 06/27/03 504,090.00 04128/06 339 697 1036 2.315% 10,838.42 10,973.96 (135.54) FHLB Coupon Note 06124/03 658,677.50
05/15106 342 714 1056 1.625% 10,029.04 12,316.15 (2,28711) FHLMC Coupon Note 06/27/03 500,930.00 06/02106 339 732 1071 2.076% 9,658.53 4,628.47 5,030.06 FHLMC Coupon Note 06130/03 387,296.88
07/15106 336 775 1111 1.872% 6,674.15 10,427.08 (3,752. CJ1 ' FHLB Coupon Note 06/30103 400,000.00 09/29/06 336 851 1187 2.200% 8,100.82 4,040.00 4,06f FHLB Coupon Note 06/24/03 688,076.80
1lI15106 342 898 1240 1.825% 11,766.11 23,540.00 (11,773 FFCB Coupon Note 06/25103 660,954.00 12119/06 341 932 1273 1.844% 11,386.59 14,137.50 (2,750.91) FHLB Coupon Note 06/30103 400,000.00
12129/06 336 942 1278 2.225% 8,192.88 4,450.00 3,742.8K FHLMC Coupon Note 06/25103 662,652.00 03/15107 341 1018 1359 1.946% 12,047.30 21,125.00 (9,07770) FNMA Coupon Note 06130103 333,597.66
04/15107 336 1049 1385 2.150% 6,602.49 12,468.75 (5,866.26) FHLMC MTN Coupon Note 06127/03 402,556.00 05129/07 339 1093 1432 2.808% 10,498.57 11,033.33 (53476) FNMA Coupon Note 06130103
375,219.60 07/15107 336 1140 1476 2.359% 8,148.17 8,057.29 9088 FHLB Coupon Note 06124/03 672,825.60 1lI15107 342 1263 1605 2.257% 14,228.77 19,973.33 (5,744.56) FNMA Coupon Note 06124103
299,475.00 12124/07 342 1302 1644 2.528% 7,093.67 3,750.00 3,343.67 FNMA Coupon Note 06/27/03 649,785.94 01115108 339 1324 1663 2.492% 15,039.22 11,261.00 3,778.22 FHLMC Coupon Note
06/26/03 657,396.09 03/15108 340 1384 1724 2.294% 14,047.74 12,761.08 1,286.66 FHLB Coupon Note 06/30103 286,162.50 04/15108 336 1415 1751 2.633% 6,936.01 11,637.50 (4,701.49) FHLB Coupon
Note 06126/03 661,764.30 05/13/08 340 1443 1783 2.507% 15,454.10 30,340.86 (14,886.76) FHLMC MTN Coupon Note 06130103 228,298.00 06/13/08 336 1474 1810 2.894% 6,082.01 2,863.82 3,218.19
FHLMC Coupon Note 06/24/03 500,000.00 06118/08 342 1479 1821 2.750% 12,883.56 6,875.00 6,008.56 17,431,554.49 793 1.852% 300,206.95 379,858.60 (79,651.65) Cash 933,861.25 6,233.93 5,563.39
670.54 306,440.88 385,421.99 (78,981.11 ) 18,365,415.74
Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Treasurer's Report for the month ended June 30,2004 Submitted July 29,2004 by Linda L. Lubeck Meeting date: August
2, 2004 Item No:
Town of Los Gatos Summary Investment Information June 30, 2004 /eighted Average Portfolio Yield: 2.43% Weighted Average Maturity (days) 476 Portfolio Balance Benchmarks/References: Town's
Average Yield LAIF Yield for month 3 rna. Treasury 6 rna. Treasury 2 yr. Treasury 5 yr. Treasury (most recent) Prime rate This Month $52,146,173 2.43% 1.47% 1.38% 1.76% 2.79% 4.01% 4.00%
Last Month $51,568,9'11 2.41% 1.43% 1.15% 1.43% 2.54% 3.93% 4.00% Onevear ago $49,655,650 3.11% 1.70% 0.90% 0.97% 1.18% 2.68% 4.00% Most recent auctions of Freddie Mac or Fannie Mae
Reference Notes: 2 yr. Fannie Mae (06/16/04) 3.13% 3 yr. Freddie Mac (04/16/04) 2.88% I\ 3 -5 years 15% Portfolio Maturity Profile 2 -3 years 13% O-lyear 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 mo
nths.Town of Los Gatos Portfolio Allocation & Treasuer's Fund Balances June 30, 2004 Fund Balances -Beginning ofMonthlPeriod Receipts Disbursements Fund Balances -End ofMonthlPeriod
Month $51,568,970.57 2,879,39755 (2,302,195.37) $52,146,172.75 YTD $49,655,650.00 40,504,097.96 (38,013,57521) $52,146,172.75 Portfolio Allocation: SEI Cash US Govt Agencies Local Agency
Investment Fund Subtotal-Investments Reconciled Demand Deposit Balances 392,321.54 33,762,00224 14,097,727.55 48,252,051.33 3,894.121.42 Total Treasurer's Fund $52,146,172.75 Portfolio
Investment Allocation SEI Cash 0.8% Local Agency Investment Fund 29.2% Treasurer's Fund Balances 'o" :z: 8.; " o $54,000,000 ,.:..•..•-:••'N
,.,,,••••••,.••••••" ,. ' ••" .., " •••••' •••, ••, ••, ••.._ ..
..::_•.,. w ••".,••.•.•••_,. : $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 +:""""'''''''''''''I
'''='=''''
Interest received from Investments Add: Interest accrued at end of period (see page 5) Less: Interest aC.crued at beginning of period Interest earned on investments Town of Los Gatos
Statement of Interest Earned June 30, 2004 Current Fiscal Mm1th to Date 151,950.27 1,483,959.03 . 92,466.06 92,466.06 (143,123.39) (471,723.72) $101,292.94 $1,104,701.37 . Page
4
Town of Los Gatos Non-Treasury Restricted Fund Balances June 30, 2004 Previous Balance 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 Canst. 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: 227,161.25 254,426.17 164,032.30 2,808,712.16 708,579.85 0.53 0.00 $4,162,912.26 20,982.91
Ending Interest Withdrawals Balance 1,359.50 228,520.75 Note I 91.63 254,517.80 Note 2 52.85 185,068.06 Narc: 3 0.27 197,936.44 2,610,775.99 6.57 6.26 708,580.16 Note 4 0.53
000 0.00 000 $1,510.82 $197,942.70 $3,987,463.29 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 of lease payments, and a third fund for the disbursement
of lease payments and initial delivery costs. Page 3
Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report //-", June 30,2004 ,dactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield
to Interest Interest Interest Dep Institution Securitv Date Cost Date Elapsed Maturity Invested Maturitv Earned Received Accrued 910 FHLB Coupon Note 11/02199 1,239,062.50 08113/04 1702
44 1746 6.46% 373,243.65 334,852.43 38,391.22 921 FHLB Coupon Note 09/10101 2,021,440.00 08113/04 1024 44 1068 4.23% 239,896.11 224,569.44 15,326.67 923 FNMA Coupon Note 02125/02 1,998,520.00
03/15/05 856 258 1114 3.90% 182,790.66 159,305.56 23,485.10 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 776 350 1126 4.26% 181,077.76 176,847.22 4,230.54 927 FNMA Coupon Note
08/26/03 1,071,900.00 11/14/05 309 502 811 2.37% 21,504.57 10,180.80 11,323.77 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 309 667 976 2.83% 21,431.93 15,881.80 5,550.13 920 FNMA
Coupon Note 06/22101 2,001,740.00 06/15/06 1104 715 1819 5.23% 316,667.14 312,984.30 3,682.84 929 FNMA Coupon Note 02109/04 2,000,000.00 05/09107 142 1043 1185 3.00% 23,342.47 23,342.47
930 FHLMC Coupon Note 02124/04 2,505,250.00 08/24/07 127 1150 1277 2.79% 24,356.16 24,356.16 SEI Cash 392,321.54 6,630.95 6,233m 397.02 SEI Investments 18,025,098.49 Various 770 1.91%
327,880.46 430,148.60 (102,268.14) Purchased Int. 4,331.25 LAlF N/A 03/31104 14,097,727.55 06/30104 91 ° 91 1.47% 44,648.28 44,648.28 48,252,051.33 476 2.43% 1,763,470.14 1,671,004.08
92,466.06 Maturity Profile Amount Percent 0-1 year 25,915,962.27 53.71% 1-2 years 8,971,234.69 18.59% 2-3 years 6,232,346.34 12.92% 3-5 years 7,132,508.03 14.78% 48,252,051.33 100.00%
'\ket to 'Cost Position Report J Market Amortized Market Unrealized Dei? Institution Securitv Price Va1ue* Gain (Loss) 910 FHLB Coupon Note 100.563 1,239,062.50 1,257,037.50 17,975.00
921 FHLB Coupon Note 100.375 2,021,440.00 2,007,500.00 (13,940.00) 923 FNMA Coupon Note 101.406 1,998,520.00 2,028,120.00 29,600.00 924 FHLMC Coupon Note 101.938 1,999,340.00 2,038,760.00
39,420.00 927 FNMA Coupon Note 99.281 1,071,900.00 1,072,234.80 334.80 928 FNMA Coupon Note 99.469 895,320.00 895,221.00 (99.00) 920 FNMA Coupon Note 104.219 2,001,740.00 2,084,380.00
82,640.00 929 FNMA Coupon Note 98.719 2,000,000.00 1,974,380.00 (25,620.00) 930 FHLMC Coupon Note 98.992 2,505,250.00 2,474,800.00 (30,450.00) 0.00 Subtotal 15,732,572.50 15,832,433.30
99,860.80 0 0.00 0.00 0.00 SEI 18,025,098.49 17,403,499.80 (621,598.69) SEI Cash 392,321.54 392,321.54 0.00 N/ALAlF N/A 14,097,727.55 14,097,727.55 0.00 Purchased Int. 4,331.25 4,331.25
0.00 Totals: 48,252,051.33 47,730,313.44 (521,737.89) * Source: Treasury and Agency Obligations -Union Bank of California LAlF balances per Local Agency Investment Fund monthly statement.
SEI Investments Account Market to Cost Position Report June 30, 2004 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest llim. Institution Security Date
Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued FFCB Coupon Note 06/27/03 550,000.00 09/27/04 369 89 458 1.000% 5,560.27 4,125.00 1,435.27 FHLB Coupon Note 06/30/03
514,715.00 11/15/04 366 138 504 1.208% 6,234.79 14,765.62 (X,530.X'J FHLMC Coupon Note 06/25/03 556,316.41 01/15/05 371 199 570 1.130% 6,389.71 5,729.21 66050 FHLMC Coupon Note 06/27/03
660,697.66 02115/05 369 230 599 1.359% 9,077.28 15,583.97 (6,506.69) FHLB Coupon Note 06/26/03 665,362.50 04/15/05 370 289 659 1.064% 7,176.44 8,609.79 (1,43335) FHLB Coupon Note 06/23/03
552,634.50 05/13/05 373 317 690 1.220% 6,889.91 7,356.25 (466.34) FHLMC Coupon Note 06/30/03 663,493.36 06/15/05 366 350 716 1.482% 9,859.91 25,659.37 (15,799.46) FHLB Coupon Note 06/24/03
672,743.50 08/15/05 372 411 783 1.335% 9,153.37 12,512.50 (3,359.13) FHLB Coupon Note 06/24/24/03 683,345.00 11/15/05 372 503 875 1.432% 9,973.17 21,009.90 (11,036.73) FHLMC Coupon Note
06/30/03 651,562.50 01115/06 366 564 930 1.771% 11,570.79 17,062.50 (5,491.71) FFCB Coupon Note 06/25/03 666,809.00 03/15/06 371 623 994 1.523% 10,322.44 11,736.11 (1,413.67) FHLMC Coupon
Note 06/25/03 664,117.19 04/15/06 371 654 1025 1.576% 10,638.54 12,435.76 (1,79722) FNMA Coupon Note 06/27/03 504,090.00 04/28/06 369 667 1036 2.315% 11,797.57 10,973.96 823.61 FHLB
Coupon Note 06/24/03 658,677.50 05/15/06 372 684 1056 1.625% 10,908.78 12,316.15 (1,407.37) FHLMC Coupon Note 06/27/03 500,930.00 06/02106 369 702 1071 2.076% 10,513.27 4,628.47 5,884.80
FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 366 745 1111 1.872% 7,270.06 10,427.08 (3,15702) FNMA Coupon Note 06/10/04 297,213.00 08/11106 20 772 792 3.177% 517.39 517.39 FHLB Coupon
Note 06/30/03 400,000.00 09/29/06 366 821 1187 2.200% 8,824.11 8,080.00 744 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 372 868 1240 1.825% 12,798.23 23,540.00 (10,741. FFCB Coupon
Note 06/25/03 660,954.00 12119/06 371 902 1273 1.844% 12,388.34 28,762.50 (16,374.16) FHLB Coupon Note 06/30/03 400,000.00 12129/06 366 912 1278 2.225% 8,924.38 8,900.00 24.38 FHLMC
Coupon Note 06/25/03 662,652.00 03/15/07 371 988 1359 1.946% 13,107.18 21,125.00 (8,017.82) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 366 1019 1385 2.150% 7,192.00 12,468.75 (5,276.75)
FHLMC MTN Coupon Note 06/27/03 402,556.00 05129/07 369 1063 1432 2.808% 11,427.65 11,033.33 394.32 FNMA Coupon Note 06/30/03 375,219.60 07/15/07 366 1110 1476 2.359% 8,875.68 8,057.29
818.39 FNMA Coupon Note 06/10/04 296,331.00 10/15/07 20 1202 1222 3.863% 627.25 627.25 FHLB Coupon Note 06/24/03 672,825.60 11/15/07 372 1233 1605 2.257% 15,476.91 19,973.33 (4,496.42)
FNMA Coupon Note 06/24/03 299,475.00 12124/07 372 1272 1644 2.528% 7,715.92 7,500.00 215.92 FNMA Coupon Note 06/27/03 649,785.94 01115/08 369 1294 1663 2.492% 16,370.12 11,261.00 5,109.12
FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 370 1354 1724 2.294% 15,287.25 12,761.08 2,526.17 FHLB Coupon Note 06/30/03 286,162.50 04/15/08 366 1385 1751 2.633% 7,555.30 11,637.50
(4,082.20) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 370 1413 1783 2.507% 16,817.70 30,340.86 (13,523.16) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 366 1444 1810 2.894%
6,625.05 6,026.32 598.73 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 372 1449 1821 2.750% 14,013.70 13,750.00 263.70 18,025,098.49 770 1.907% 327,880.46 430,148.60 (102,268.14) Cash
392,321.54 6,630.95 6,233.93 397.02 Purchased Int 4,331.25 334,511.41 436,382.53 (101,871.12) 18,421,751.28