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CR 12-20-04 04
DATE: COUNCIL AGENDA REPORT December 16, 2004 MEETING DATE: 12/20/04 ITEM NO. TO: FROM: SUBJECT: MAYOR AND TOWN COUNCIL LINDA LUBECK, TOWN TREASURERcC jL TREASURER'S REPORTS FOR OCTOBER AND NOVEMBER, 2004 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance are the Treasurer's reports for October and November, 2004. Overall, the Town's rate ofreturn increased slightly as the prime continues to increase. Prime is now at 5.25% (it was raised again in early December). A few lower yielding investments matured within the SEI portfolio and were replaced with higher yielding investments. , ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated December 15,2004. PREPARED BY: Linda L. Lubeck, Town Treasurer own Manager __Assistant Town Manager Town Attorney __Co mmunity Development Revised: 12/16/04 11:25 am Distribution: Town Council; Town Manager; Finance Director Reformatted: 5/30/02 Distribution: Town of Los Gatos Treasurer's Report for the month ended October 31,2004 Submitted DecemberIS2004Y· by Linda L. Lubeck· Town Clerk Town Manager Town Council Meeting date: December 20, 2004 Item No: Town of Los Gatos Summary Investment Information October 31, 2004 Weighted Average Portfolio Yield: 2.43% Weighted Average Maturity (days) 477 Portfolio Balance This Month $47,335,178 Last Month $48,728,880 One year ago $47,238,361 Benchmarks/RefereIl:ces: Town's Average Yield LAIF Yield for month 3 mo. Treasury 6 mo. Treasury 2 yr. Treasury 5 yr. Treasury (most recent) Prime rate 2.43% 1.89% 1.99% 2.19% 2.59% 3.38% 4.75% 2.41% 1.77% 1.74% 2.00% 2.62% 3.44% 4.50% 2.70% 1.60% 0.96% 1.04% 1.74% 3.14% 4.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac (10/13/04) 2.78% 3 yr. Fannie Mae (10/22/04) 3.13% Portfolio Maturity ProfIle 3 -5 years 9% O-lyear 48% 1 -2 years 23% 2 -3 years 20% 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 for the next six months. Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances October 31,2004 Fund Balances -Beginning ofMonthlPeriod Receipts Disbursements Fund Balances -End ofMonthiPeriod Portfolio Allocation' SEI Cash US Govt Agencies Local Agency Investment Fund Subtotal -Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Milll1h $48,728,879.94 1,745,039.28 (3,13 8,741.57) $47,335,177.65 580,489.26 34,427,151.43·. 1220120805 47,208,848.74 12632891 $47,335,177.65 YI!2 $52,146,172.75 7,713,791.12 (12,52478622) $47,335,177.65 $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 Portfolio Investment Allocation SEI Cash 1.2% Local Agency Investment Fund 25.8% Treasurer's Fund Balances 'o"t> o Town of Los Gatos Non-Treasury Restricted Fund Balances October 31, 2004 Previous .BaI.a= Non-Treasury Funds: Downtown Parking District 12/20102 Certificates ofParticipation Reserve Fund (Lot 4) Cert. ofParticipation Lease Payment Fund (Lot 4) Cert. of Participation 2002 Series A Const. Fund Cert. of Participation 2002 Series A Reserve Fund Cert. OfParticipation 2002 Series A Interest Fund Cert. OfParticipation 2002 Series A COl Fund Total Restricted Funds: 232,603.61 254,942.81 41,543.34 2,384,280.12 708,595.70 0.00 0.00 $3,621,965.58 21,082.92 $21,082.92 Ending Intms.1 Wjthdrawals 1,347.16 233,950.77 Note 1 203.57 255,146.38 Note 2 15.32 62;641.58 Note 3 0.31 0.04 2,384,280.39 Note 4 20.08 8.49 708,607.29 Note 4 0.00 0.00 0.00 0.00 Note 4 $1,586.44 $8.53 $3,644,626.41 These accounts are not part ofthe 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 ofinterest 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 ofparticipation 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 ofparticipation are due semi-annually. Note 4: The three funds for the Certificates ofParticipation 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 October 31, 2004 Current Fiscal Month Year to Date 113,118.59 460,279.61 37,536.61 37,536.61 (50,120.51) (92,466.06) $100,534.69 $405,350.16 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report October 31, 2004 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest llip. Ins.ti1J.Jti.un CQSl .E.1llI=i Ma!l.n:itx Ma!l.n:itx EaJ:nsm R=.i=l 923 FNMA Coupon Note 02/25/02 1,998,520.00 03/15/05 979 135 1114 3.90% 209,056.14 198,055.56 11,000.58 924 FHLMC Coupon Note 05/16/02 1,999,340.00 06/15/05 899 227 1126 4.26% 209,779.52 176,847.22 32,932.30 931 FMCDN Coupon Note 08/18/04 980,715.00 07/26/05 74 268 342 2.09% 4,152.55 4,152.55 927 FNMA Coupon Note 08/26/03 1,071,900.00 11/14/05 432 379 811 2.37% 30,064.65 10,180.80 19,883.85 932 FHLB Coupon Note 08/18/04 498,300.00 02/03/06 74 460 534 2.49% 2,514.35 2,514.35 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 432 544 976 2.83% 29,963.09 27,694.30 2,268.79 933 FHLB Coupon Note 08/18/04 996,420.00 05/15/06 74 561 635 2.46% 4,970.02 4,970.02 920 FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 1227 592 592 1819 5.23% 351,947.99 312,984.30 38,963.69 934 FNMA Coupon Note 08/18/04 1,491,000.00 01/12/07 74 803 877 3.06% 9,251.32 9,251.32 929FNMA Coupon Note 02/09/04 2,000,000.00 05/09/07 265 920 1185 3.00% 43,561.64 30,000.00 13,561.64 930 FHLMC Coupon Note 02/24/04 2,505,250.00 08/24/07 250 1027 1277 2.79% 47,945.20 40,250.00 7,695.20 Purch Int -Union acct. 13,293.75 SEI Cash 580,489.26 8,102.07 '7,566.92 535.15 SEI Investments 17,973,814.49 Various 670 1.94% 434,651.52 564,387.15 (129,735.63) Purch Int -SEI acct. 1,538.19 LAIF N/A 09/30/04 12,201,208.05 12/31/04 31 61 92 1.89% 19,542.80 19,542.80 47,208,848.74 477 2.43% 1,405,502.86 1,367,966.25 37,536.61 Maturity Profile Amount Percent 0-1 year 22,260,427.18 47.15% 1-2 years 11,076,181.07 23.46% 2-3 years 9,519,306.06 20.16% 3-5 years 4,357 93443 2..2lli 47,208,848.74 .lllil.JlQ% Market to Cost Position Report Market Amortized Market Unrealized llip. Ins.ti1J.Jti.un Eril;l: ---.C!:lsL Value* Gain (Loss) 923 FNMA Coupon Note 100.875 1,998,520.00 2,013,760.00 15,240.00 924 FHLMC . Coupon Note 101.406 1,999,340.00 2,024,380.00 25,040.00 931 FMCDN Coupon Note 98.180 980,715.00 983,400.00 2,685.00 927 FNMA Coupon Note 99.531 1,071,900.00 1,075,280.40 3,380.40 932 FHLB Coupon Note 99.625 498,300.00 498,280.00 (20.00) 928 FNMA Coupon Note 100.000 895,320.00 899,442.00 4,122.00 933 FHLB Coupon Note 99.375 996,420.00 994,380.00 (2,040.00) 920 FNMA Coupon Note 104.281 2,001,740.00 2,081,880.00 80,140.00 934 FNMA Coupon Note 99.719 1,491,000.00 1,497,195.00 6,195.00 929 FNMA Coupon Note 99.781 2,000,000.00 1,999,380.00 (620.00) 930 FHLMC Coupon Note 100.064 2,505,250.00 2,503,275.00 . (1,975.00) 0.00 Subtotal 16,438,505.00 16,570,652.40 132,147.40 Purch Int -Union acct. 13,293.75 13,293.75 0.00 SEI 17,973,814.49 17,457,646.85 (516,167.64) SEI Cash 580,489.26 580,489.26 0.00 N/A LAlF N/A 12,201,208.05 12,201,208.05 0.00 Purchased Int. 1,538.19 1,538.19 0.00 Totals: 47,208,848.74 46,824,828.50 (384,020.24) * Source: Treasury and Agency Obligations -Union Bank of California LAIF balances per Local Agency Investment Fund monthly statement. SEI Investments Account Market to Cost Position Report October 31, 2004 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest lliJl.Insti.1uti.o.n S=u:i.tL I2als: Q1sl I2als: :E1llp£e.d Ma1J.n:i.lj1 Ma1J.n:i.lj1 .Ea1:=I R=iYcl FHLB Coupon Note 06/30/03 514,715.00 11/15/04 489 15 504 1.208% 8,330.09 14,765.62 (6,435.53) FHLMC Coupon Note 06/25/03 556,316.41 01/15/05 494 76 570 1.130% 8,508.14 10,885.46 (2,377.32) FHLMC Coupon Note 06/27/03 660,697.66 02/15/05 492 107 599 1.359% 12,103.04 27,887.10 (15,784.06) FHLB Coupon Note 06/26/03 665,362.50 04/15/05 493 166 659 1.064% 9,562.12 13,972.29 (4,410.17) FHLB Coupon Note 06/23/03 552,634.50 05/13/05 496 194 690 1.220% 9,161.92 7,356.25 1,805.67 FHLMC Coupon Note 06/30/03 663,493.36 06/15/05 489 227 716 1.482% 13,173.49 25,659.37 (12,485.88) FHLB Coupon Note 06/24/03 672,743.50 08/15/05 495 288 783 1.335% 12,179.88 22,262.50 (10,082.62) FNMA Coupon Note 08/24/04 199,360.00 09/15/05 68 319 387 2.178% 808.93 218.75 590.18 FHLB Coupon Note 06/24/03 683,345.00 11/15/05 495 380 875 1.432% 13,270.75 21,009.90 (7,739.15) FHLMC Coupon Note 06/30/03 651,562.50 01/15/06 489 441 930 1.771% 15,459.33 32,812.50 (17,353.17) FHLMC Coupon Note 08/24/04 198,460.00 02/15/06 68 472 540 2.402% 888.10 888.10 FFCB Coupon Note 06/25/03 666,809.00 03/15/06 494 500 994 1.523% 13,744.71 19,861.11 (6,116.40) FHLMC Coupon Note 06/25/03 664,117.19 04/15/06 494 531 1025 1.576% 14,165:60 20,154.51 (5,988.91) FNMA Coupon Note 06/27/03 504,090.00 04/28/06 492 544 1036 2.315% 15,730.09 17,536.46 (1,806.37) FHLB Coupon Note 06/24/03 658,677.50 05/15/06 495 561 1056 1.625% 14,515.72 12,316.15 2,199.57 FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 492 579 1071 2.076% 14,017.70 4,628.47 9,389.23 FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 489 622 1111 1.872% 9,713.28 20,052.08 (10,338.80) FNMA Coupon Note 06/10/04 297,213.00 08/11/06 143 649 792 3.177% 3,699.37 1,397.92 2,301.45 FHLB Coupon Note 06/30/03 400,000.00 09/29/06 489 698 1187 2.200% 11,789.59 8,080.00 3,709.59 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 495 745 1240 1.825% 17,029.90 23,540.00 (6,510.10) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 494 779 1273 1.844% 16,495.53 28,762.50 (12,266.97) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 489 789 1278 2.225% 11,923.56 8,900.00 3,023.56 FHLMC Coupon Note 06/25/03 662,652.00 03/15/07 494 865 1359 1.946% 17,452.69 35,750.00 (18,297.31) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 489 896 1385 2.150% 9,608.98 20,343.75 (10,734.77) FHLMC MTN Coupon Note 06/27/03 402,556.00 OS/29/07 492 940 1432 2.808% 15,236.87 11,033.33 4,203.54 FNMA Coupon Note 06/30/03 375,219.60 07/15/07 489 987 1476 2.359% 11,858.49 15,494.79 (3,636.30) FHLB Coupon Note 06/24/03 672,825.60 11/15/07 495 1110 1605 2.257% 20,594.27 19,973.33 620.94 FNMA Coupon Note 06/24/03 299,475.00 12/24/07 495 1149 1644 2.528% 10,267.15 7,500.00 2,767.15 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 492 1171 1663 2.492% 21,826.83 21,498.50 328.33 FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 31 1212 1243 3.462% 584.04 584.04 FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 493 1231 1724 2.294% 20,369.23 21,629.83 (1,260.60) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 489 1262 1751 2.633% 10,0'14.38 18,987.50 (8,893.12) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 493 1290 1783 2.507% 22,408.45 30,340.86 (7,932.41) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 489 1321 1810 2.894% 8,851.49 6,026.32 2,825.17 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 495 1326 1821 2.750% 18,647.26 13,750.00 4,897.26 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 31 1384 1415 3.442% 580.57 580.57 17,973,814.49 670 1.945% 434,651.52 564,387.15 (129,735.63) Cash 580,489.26 8,102.07 7,566.92 535.15 Purchased Int 1,538.19 442,753.59 571,954.07 (129,200.48) 18,555,841.94 Distribution: Town of Los Gatos Treasurer's Report for the month ended November 30,2004 Submitted December 17, 20704 by Linda L. Lubeck . Town Clerk Town Manager Town Council Meeting date: December 20, 2004 !temNo: Town of Los Gatos Summary Investment Information November 30, 2004 Weighted Average Portfolio Yield: 2.46% Weighted Average Maturity (days) 461 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 $47,910,984 2.46% 1.89% 2.24% 2.46% 2.95% 3.55% 5.00% Last Month $47,335,178 2.43% 1.89% 1.99% 2.19% 2.59% 3.38% 4.75% One year ago $46,504,446 2.69% 1.57% 0.94% 1.05% 1.94% 3.43% 4.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac (10/13/04) 2.78% 3 yr. Fannie Mae (08/18/04) 3.01% Portfolio Maturity Profile /3 -5 years 9% 0-I'year 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 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. Town of Los Gatos . Portfolio Allocation & Treasurer's Fund Balances November 30,2004 Fund Balances -Beginning ofMonth/Period Receipts Disbursements Fund Balances -End ofMonth/Period portfoljo Al1ocation' SEI Cash US Govt Agencies Local Agency Investment Fund Subtotal -Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Month $47,335,177.65 2,703,586.70 (2,127,780.53) $47,910,983.82 162,080.87 34,901,186.00 11701 20805 46,764,474.92 1 14650890 $47,910,983.82 YIJ2 $52,146,172.75 10,417,377.82 (14 652 566 75) $47,910,983.82 Local Agency Investment Fund 25.0% Portfolio Investment Allocation SEI Cash 0.3% Treasurer's Fund Balances $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 Town of Los Gatos Non-Treasury Restricted Fund Balances November 30, 2004 Previous 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. ofParticipation 2002 Series A Reserve Fund Cert. OfParticipation 2002 Series A Interest Fund Cert. OfParticipation 2002 Series A COl Fund Total Restricted Funds: 233,950.77 255,146.38 62,641.58 2,384,280.39 708,607.29 0.00 0.00 $3,644,626.41 Ending .Inre=l Wjthdrawals 1,400.13 235,350.90 Note! ·242.55 255,388.93 Note 2 43.46 62,685.04 Note 3 10,417.37 36,459.70 2,358,238.06 Nole4 14,243.43 8.79 722,841.93 Note 4 0.00 0.00 0.00 0.00 Note 4 $26,346.94 $36,468.49 $3,634,504.86 These accounts ate 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 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 ofparticipation 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 ofParticipation 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 Noyember 30, 2004 Current Fiscal Month Year to Date 72;563.13 532,842.74 60,036.17 60,036.17 (37,536.61) (92,466.06) $95,062.69 $500,412.85 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report November 30, 2004 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest lliJl. .Insti.lJ.Jtiml B=ritJ'-l2are Qls.l l2are E1aJ=d Ma!J.JJ:i.tl! Ma!J.Ir:i.Q1 R=iYed Ac.=e.d 923 FNMA Coupon Note 02/25/02 1,998,520.00 03115/05 1009 105 1114 3.90% 215,462.36 198,055.56 17,406.80 924 FHLMC Coupon Note 05116/02 1,999,340.00 06115/05 929 197 1126 4.26% 216,779.95 176,847.22 39,932.73 931 FMCDN Coupon Note 08118/04 980,715.00 07/26/05 104 238 342 2.09% 5,836.02 5,836.02 927 FNMA Coupon Note 08/26/03 1,071,900.00 11114/05 462 349 811 2.37% 32,152.47 10,180.80 21,971.67 932 FHLB Coupon Note 08118/04 498,300.00 02/03/06 104 430 534 2.49% 3,533.68 2,343.75 1,189.93 928 FNMA Coupon Note 08/26/03 895,320.00 04/28/06 462 514 976 2.83% 32,043.85 27,694.30 4,349.55 933 FHLB Coupon Note 08118/04 996,420.00 05115/06 104 531 635 2.46% 6,984.89 5,437.50 1,547.39 920 FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 1257 562 1819 5.23% 360,553.08 312,984.30 47,568.78 934 FNMA Coupon Note 08118/04 1,491,000.00 01/12/07 104 773 877 3.06% 13,001.85 13,001.85 929 FNMA Coupon Note 02/09/04 2,000,000.00 05/09/07 295 890 1185 3.00% 48,493.15 30,000.00 18,493.15 930 FHLMC Coupon Note 02/24/04 2,505,250.00 08/24/07 280 997 1277 2.79% 53,698.62 40,250.00 13,448.62 Purch Int -Union acct. 4,200.00 SEI Cash 162,080.87 8,484.57 8,102.07 382.50 SEI Investments 18,454,921.98 Various 659 2.02% 455,833.68 620,062.28 (164,228.60) Purch Int -SEI acct. 3,559.02 LAIF N/A 09/30/04 11,701,208.05 12/31/04 61 31 92 1.89% 39,135.77 39,135.77 46,764,474.92 461 2.46% 1,491,993.95 1,431,957.78 60,036.17 Maturity Profile Amount Percent 0-1 year 23,172,530.36 49.55% 1-2 years 10,009,012.87 21.40% 2-3 years 9,504,054.86 20.32% 3-5 years 407887683 .8..1lli 46,764,474.92 .lilll.llD.% Market to Cost Position Report Market Amortized Market Unrealized lliJl. .Insti.lJ.Jtiml B=ritJ'-Eri&l: .--CQSL Value* Gain O.oss) 923 FNMA Coupon Note 100.438 1,998,520.00 2,008,760.00 10,240.00 924 FHLMC Coupon Note 100.938 1,999,340.00 2,018,760.00 19,420.00 931 FMCDN Coupon Note 98.310 980,715.00 983,100.00 2,385.00 927 FNMA Coupon Note 99.219 1,071,900.00 1,071,565.20 (334.80) 932 FHLB .Coupon Note 99.188 498,300.00 495,940.00 (2,360.00) 928 FNMA Coupon Note 99.406 895,320.00 894,654.00 (666.00) 933 FHLB Coupon Note 98.875 996,420.00 988,750.00 (7,670.00) 920 FNMA Coupon Note 103.219 2,001,740.00 2,064,380.00 62,640.00 934 FNMA Coupon Note 99.063 1,491,000.00 1,485,945.00 (5,055.00) 929 FNMA Coupon Note 99.188 2,000,000.00 1,983,760.00 (16,240.00) 930 FHLMC Coupon Note 99.492 2,505,250.00 2,487,300.00 (17,950.00) 0.00 Subtotal 16,438,505.00 16,482,914.20 44,409.20 Purch Int -Union acct. 4,200.00 4,200.00 0.00 SEI 18,454,921.98 17,835,475.80 (619,446.18) SEI Cash 162,080.87 162,080.87 0.00 N/A LAIF N/A 11,701,208.05 11,701,208.05 0.00 Purchased Int. 3,559.02 3,559.02 0.00 Totals: 46,764,474.92 46,189,437.94 (575,036.98) * Source: Treasury and Agency Obligations -Union Bank of California LAIF balances per Local Agency Investment Fund monthly statement. SEI Investments Account Market to Cost Position Report November 30, 2004 Deposit Amortized Maturiiy Days Days to Days Yield to Interest Interest Interest lliIl.lnsti.lllli.o. S=ri.ly.. I2ah: C.QSl .I2lIk E1llJ=l Mall.n:i.t! E=rl FNMA Z Coupon 11/23/04 149,576.00 01/03/05 7 34 41 2.524% 72.40 0.00 72.40 FHLMC Coupon Note 06/25/03 556,316.41 01115/05 524 46 570 1.130% 9,024.82 10,885.46 (1,860.64) FHLMC Coupon Note 06/27/03 660,697.66 02/15/05 522 77 599 1.359% 12,841.03 27,887.10 (15,046.07) FHLMC ZCoupon 11/08/04 49,634.74 03/07/05 22 97 119 2.228% 66.65 66.65 FHLB Coupon Note 06/26/03 665,362.50 04115/05 523 136 659 1.064% 10,143.99 13,972.29 (3,828.30) FHLB Coupon Note 06/23/03 552,634.50 05/13/05 526 164 690 1.220% 9,716.07 11,481.25 (1,765.18) FNMA Coupon Note 11/09/04 199,375.00 OS/27/05 21 178. 199 2.376% 272.55 272.55 FHLMC Coupon Note 06/30/03 663,493.36 06115/05 519 197 716 1.482% 13,981.68 25,659.37 (11,677.69) FHLB Coupon Note 06/24/03 672,743.50 08115/05 525 258 783 1.335% 12,918.06 22,262.50 (9,344.44) FHLMC Coupon Note 11/09/04 198,468.75 08115/05 21 258 279 2.508% 286.38 286.38 FNMA Coupon Note 08/24/04 199,360.00 09115/05 98 289 387 2.178% 1,165.81 218.75 947.06 FHLB Coupon Note 06/24/03 683,345.00 11115/05 525 350 875 1.432% 14,075.03 32,791.15 (18,716.12) FHLMC Coupon Note 06/30/03 651,562.50 01115/06 519 411 930 1.771% 16,407.75 32,812.50 (16,404.75) FHLMC Coupon Note 08/24/04 198,460.00 02115/06 98 442 540 2.402% 1,279.91 1,279.91 FFCB Coupon Note 06/25/03 666,809.00 03115/06 524 470 994 1.523% 14,579.40 19,861.11 (5,281.71) FHLMC Coupon Note 06/25/03 664,117.19 .04115/06 524 501 1025 1.576% 15,025.86 20,154.51 (5,128.65) FNMA Coupon Note 06/27/03 504,090.00 04/28/06 522 514 1036 2.315% 16,689.25 17,536.46 (847.21) FHLB Coupon Note 06/24/03 658,677.50 05115/06 525 531 1056 1.625% 15,395.46 19,222.40 (3,826.94) FHLMC Coupon Note 06/27/03 500,930.00 06/02/06 522 549 1071 2.076% 14,872.43 4,628.47 10,243.96 FHLMC Coupon Note 06/30/03 387,296.88 07115/06 519 592 1111 1.872% 10,309.19 20,052.08 (9,742.89) FNMA Coupon Note 06110/04 297,213.00 08111/06 173 619 792 3.177% 4,475.47 1,397.92 3,077.55 FHLB Coupon Note 06/30/03 400,000.00 09/29/06 519 668 1187 2.200% 12,512.88 8,080.00 4,432.88 FHLB Coupon Note 06/24/03 688,076.80 11115/06 525 715 1240 1.825% 18,062.02 36,740.00 (18,677.98) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 524 749 1273 1.844% 17,497.28 28,762.50 (11,265.22) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 519 759 1278 2.225% 12,655.07 8,900.00 3,755.07 FHLMC Coupon Note 06/25/03 662,652.00 03115/07 524 835 1359 1.946% 18,512.57 35,750.00 (17,237.43) FNMA Coupon Note 06/30/03 333,597.66 04115/07 519 866 1385 2.150% 10,198.49 20,343.75 (10,145.26) FHLMC MTN Coupon Note 06/27/03 402,556.00 OS/29/07 522 910 1432 2.808% 16,165.94 17,033.33 (867.39) FNMA Coupon Note 06/30/03 375,219.60 07115/07 519 957 1476 2.359% 12,586.01 15,494.79 (2,908.78) FHLB Coupon Note 06/24/03 672,825.60 11115/07 525 1080 1605 2.257% 21,842.41 31,173.33 (9,330.92) FNMA Coupon Note 06/24/03 299,475.00 12/24/07 525 1119 1644 2.528% 10,889.40 7,500.00 3,389.40 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 522 1141 1663 2.492% 23,157.73 21,498.50 1,659.23 FHLMC CoupbnNote 09/30/04 198,630.00 02/25/08 61 1182 1243 3.462% 1,149.24 1,149.24 FHLMC Coupon Note 06/26/03 657,396.09 03115/08 523 1201 1724 2.294% 21,608.74 21,629.83 (21.09) FHLB Coupon Note 06/30/03 286,162.50 04115/08 519 1232 1751 2.633% 10,713.67 18,987.50 (8,273.83) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 523 1260 1783 2.507% 23,772.04 47,569.11 (23,797.07) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 519 1291 1810 2.894% 9,394.53 6,026.32 3,368.21 FHLMC Coupon Note 06/24/03 500,000.00 06118/08 525 1296 1821 2.750% 19,777.40 13,750.00 6,027.40 FNMA Coupon Note 09/30/04 198,597.00 08115/08 61 1354 1415 3.442% 1,142.41 1,142.41 FNMA Coupon Note 11116/04 199,216.00 09115/08 14 1385 1399 3.866% 295.41 295.41 FNMA Coupon Note 11116/04 199,552.00 11/17/08 14 1448 1462 3.936% 301.26 21.53 279.73 18,454,921.98 659 2.024% 455,833.68 620,062.28 (164,228.60) Cash 162,080.87 8,484.57 8,102.07 382.50 Purchased Int 3,559.02 464,318.25 628,185.88 (163,867.63) 18,620,561.87