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01 Staff Report - Treasurer's Reports for May & June 2006~pW N 0 ~~S GAZps DATE: TO: FROM: SUBJECT: COUNCIL AGENDA REPORT July 27, 2006 MEETING DATE: 08/07/06 ITEM NO. J MAYOR AND TOWN COUNCIL LINDA LUBECK, TOWN TREASURER TREASURER'S REPORTS FOR MAY & JUNE, 2006 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance are the Treasurer's reports for May and June, 2006.. Prime increased to 8.25% on June 29, 2006. Treasurer's funds remained fairly stable during the period. Interest rates continued to rise slightly, as did the Town's overall performance. The cash at Union Bank was reinvested into the market during the month of May, with the advice of MBIA, at higher rates overall. Some diversification of the portfolio is occuring, with a move to include Treasury's again. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated July, 2006. PREPARED BY: Linda L. Lubeck, Town Treasurer Reviewed by: own ManagerAssistant Town Manager _ Clerk_ainance Community Development Distribution: Town Council; Town Manager; Finance Director Town Attorney e'vised:7/27/06 9:04 am Reformatted: 5/30/02 Meeting date: August 7, 2006 Item No: Town of Los Gatos Treasurer's Report for the month ended May 31, 2006 Submitted July 17, 2006 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information' May 31, 2006 Weighted Average Portfolio Yield: 3.98% Weighted Average Maturity (days) 287 This Month Last Month One year ago Portfolio Balance $66,424,046 $65,264,285 $56,530,508 Benchmarks/ References: Town's Average Yield 3.98%, 3.78% 2.86% LAIF Yield for month 4.56% 4.31% 2.86% 3 mo. Treasury 4.84% 4.76% 3.00% 6 mo. Treasury 5.03% 4.92% 3.17% 2 yr. Treasury 4.93% 4.98% 3.62% 5 yr. Treasury (most recent) 4.95% 4.96% 3.89% Prime rate 8.00% 7.75% 6.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Freddie Mac (05/25/06) 5.25% 2 yr. Freddie Mac (04/13/06) 5.13% 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 2 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances May 31, 2006 Fund Balances - Beginning of Month/Period Receipts Disbursements Fund Balances - End of Month/Period Portfolio Allocation: Union MM US Govt Agencies Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Month YTD $65,264,285.19 $57,531,241.44 3,312,071.83 40,841,097.80 (2,152,310.62) (31,948,292.84) $66,424,046.40 - $66,424,046.40 2,438,401.64 36,310,662.61 24.837,414.80 63,586,479.05 2,837,567.35 $66,424,046.40 Portfolio Investment Allocation Union MM 3.8% Local Agency Investment Fund 39.1% 31+ f,. Govt Agencies 57.1% Treasurer's Fund Balances $68,000,000 $67,000,000 $66,000,000 $65,000,000 $64,000,000 $63,000,000 $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 -jam& $53,000,000 9 1' $52,000,000 R h h V1 Vl 91 'n ,n CD ~ 0 0 0 0 0 0 0 0 0 0 0 0 TC Gp CL > U C O z Q [ page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances May 31, 2006 Previous Ending Balance Deposits Interest Withdrawals Balance Non-Treasury Funds: Downtown Parking District 12/20/02 245,058.34 524.83 245,583.17 Note I Certificates of Participation Reserve Fund (Lot 4) 259,954.26 886.02 260,840.28 Note 2 Cert. of Participation Lease Payment Fund (Lot 4) 90,311.49 611164.60 307.81 151,783.90 Note 3 Cert. of Participation 2002 Series A Const. Fund 1,300,643.48 12,919.73 257301.82 1,288,261.39 Note 4 Cert. of Participation 2002 Series A Reserve Fund 753,113.04 141463.31 21.99 767,554.36 Note 4 Cert. Of Participation 2002 Series A Interest Fund 298.71 0.94 299.65 Cert. Of Participation 2002 Series A COI Fund 0.00 0.00 0.00 0.00 Note 4 Total Restricted Funds: $2,649,379.32 $61,164.60 $29,102.64 $25,323.81 $2,714,322.75 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 Statement of Interest Earned May 31, 2006 Current Fiscal Month Year to Date Interest received from Investments 132,615.00 1,576,860.62 Add: Interest accrued at end of period (see page 5) 178,631.99 178,631.99 Less: Interest accrued at beginning of period (103,002.10) (33,323.60) Interest earned on investments $208,244.89 $1,722,169.01 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report May 31, 2006 Inactive Deposits by Institution . Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Del) Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued 920 FNMA Coupon Note 06/22/01 2,001,740.00 06/15/06 1804 15 1819 5.23% 517,452.47 470,484.30 46,968.17 FHLB Discount Note 05/12/06 1,140,118.63 07/14/06 19 44 63 5.02% 2,979.90 0.00 2,979.90 FHLB Discount Note 05/12/06 1,185,060.83 08/11/06 19 72 91 5.06% 3,118.95 0.00 3,118.95 FNMA Discount Note 05/12/06 1,078,739.44 09/29/06 19 121 140 5.1411b 2,885.17 0.00 2,885.17 939 FFCB Coupon Note 03/16/05 498,560.00 12/11106 441 194 635 3.80% 22,890.05 13,342.01 9,548.04 934 FNMA Coupon Note 08/18/04 1,491,000.00 01/12/07 651 226 877 3.06% 81,386.57 58,800.00 22,586.57, 940 FHLB Coupon Note 03/16/05 543,228.45 02109/07 441 254 695 3.93% 25,794.12 13,743.65 12,050.47 929 FNMA Coupon Note 02/09/04 2,000,000-00 05/09107 842 343 1185 3.00% 138,410.96 120,000.00 18,410.96 942 FHLB Coupon Note 05/16/05 999,000.00 05/16/07 380 350 730 4.04% 42,049.42 39,900.00 2,149.42 943 FNMA Coupon Note 07/01/05 749,032.50 05/17/07 334 351 685 3.82% 26,148.62 10,625.00 15,523.62 946 FHLMC Discount Note 08/15/05 1,500,000.00 11/15/07 289 533 822 4.50% 53,397.70 33,750.00 19,647.70 930 FHLMC Coupon Note 02/24/04 2,505,250.00 08/24/07 827 450 1277 3.16% 179,143.36 161,000.00 18,143.36 944 FNMA- -Coupon Note 07/01/05 984,074.54 - 12/15/07 334 563 - 897 - . 3:81% 34,281:87 -14,236.11 - 20,045.76 947 FHLMC Discount Note 08/15/05 999,700.00 02115/08 289 625 914 4.51% 35,722.35 22,500.00 13,222.35 USTreasury Note 05/12/06 1,986,562.50 03/31/08 19 670. 689. 5.00% 5,170.51 5,170.51 945 FHLB Coupon Note 07/01/05 755,975.25 04/18/08 334 688 1022 3.80% 26,307.98 24,664.06 1,643.92 FHLB Coupon Note 05112/06 1,498,035.00 03/13/09 19 1017 1036 5.30% 4,131.38 4,131.38 USTreasury Note 05/15/06 1,992,343.75 05/15/09 16 1080 1096 5.01% 4,379.01 4,379.01 FHLMC Coupon Note 06/27/03 500,930.00 06/02106 1069 2 1071 2.076% 30,457.15 26,128.47 4,328.68 FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 1066 45 1111 1.872% 21,174.55 48,927.08 (27,752.53) FNMA Coupon Note 06110/04 297,213.00 08/11/06 720 72 792 3.177% 18,626.22 13,772.92 4,853.30 FHLB Coupon Note 06/30/03 400,000.00 09/29/06 1066 121 1187 2.2001% 25,700.82 20,200.00 5,500.82 FHLMC Coupon Note 02/22/05 197,629.00 10/15/06 463 137 600 3.507% 8,791.73 6,309.72 2,482.01 FHLB Coupon Note 06/24/03 688,076.80 11/15/06 1072 168 1240 1.825% 36,880.92 76,340.00 (39,459.08) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 1071 202 1273 1.844% 35,762.57 72,637.50 (36,874.93) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 1066 212 1278 2.225% 25,992.88 22,250.00 3,742.88 FNMA Coupon Note 02/22/05 195,358.60 02/15/07 463 260 723 3.363% 8,333.89 4,657.64 3,676.25 FHLMC Coupon Note 06/25/03 662,652.00 03/15/07 .1071 288 1359 1.946% 37,837.72 79,625.00 (41,787.28) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 1066 319 1385 2.150% 20,947.19 43,968.75 (23,021.56) FHLMCMTN Coupon Note 06/27/03 402,556.00 05/29/07 1069 363 1432 2.808% 33,106.12 35,033.33 (1,927.21) FNMA Coupon Note 06/30/03 375,219.60 07/15/07 1066 410 1476 2.359% 25,851.03 37,807.29 (11,956.26) FHLB Coupon Note 06/24/03 672,825.60 11/15/07 1072 533 1605 2.257% 44,600.12 64,773.33 (20,173.21) FNMA Coupon Note 06124/03 299,475.00 12/24/07 1072 572 1644 2.528% 22,235.12 18,750.00 3,485.12 FNMA Coupon Note 06/27/03 649,785.94 01/15108 1069 594 1663 2.492% 47,424.55 52,211.00 (4,786.45) FHLMC Coupon Note 09/30104 198,630.00 02/25/08 608 635 1243 3.462% 11,454.67 9,118.06 2,336.61 FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 1070 654 1724 2.294% 44,209.08 48,236.08 (4,027.00). FHLB Coupon Note 06/30/03 286,162.50 04/15/08 1066 685 1751 2.633% 22,005.33 41,037.50 (19,032.17) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 1070 713 1783 2.507% 48,634.96 99,253.86 (50,618.90) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 1066 744 1810 2.894% 19,295.90 15,513.82 3,782.08 FHLMC Coupon Note 0624/03 500,000.00 06/18/08 1072 749 1821 2.750% 40,383.56 34,375.00 6,008.56 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 608 807 1415 3.442% 11,386.61 8,937.50 2,449.11 FNMA Coupon Note 11/16/04 199,216.00 09/15/08 561 838 1399 3.866% 11,837.39 9,979.17 1,858.22 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 497 838 1335 3.974% 13,428.23 10,833.33 2,594.90 FNMA Coupon Note 11/16/04 199,552.00 11/17108 561 901 1462 3.936% 12,072.05 11,646.53 425.52 FHLMC Coupon Note 07/07105 296,403.00 01/12/09 328 957 1285 4.313% 11,487.96 6,619.79 4,868.17 FNMA Coupon Note 01/21/05 242,400.00 03/16/09 495 1020 1515 3.930% 12,91916 9,006.08 3,913.18 FHLMC Coupon Note 06/17/05 300,198.00 07/30/09 348 1156 1504 4.359% 12,476.16 8,130.21 4,345.95 FHLMC Coupon Note 08/01/05 298,332.00 07/30/09 303 1156 1459 4.527% 11,211.41 6,526.04 4,685.37 FHLMC Coupon Note 06/14/05 298,683.00 09/01/09 351 1189 1540 4.237% 12,169.79 8,834.37 3,335.42 FHLMC Coupon Note 01/21/05 149,686.50. 09/01/09 495 1189 1684 4.180% 8,485.38 6,875.00 1,610.38 FHLMC Coupon Note 06/14/05 299,331.00 01/25/10 351 1335 1686 4.431% 12,754.63 8,057.29 4,697.34 Subtotal 36,294,797.86 Union MM 2,438,401.64 30 30 4.52% 9,058.83 9,058.83 Purchased Interest 15,864.75 LAIF N/A 04/01/06 24,837,414.80 06/30/06 60 30 90 4.56% 153,404.65 153,404.65 63,586,479.05 287 3.98% 2,128,048.78 1,949,416.79 178,631.99 Maturity Profile 0-1 year 1-2 years 2-3 years 3-5 years Amount 44,104,424.98 12,532,821.32 5,603,002.25 1.346.230.50 Percent 69.36% 19.71% 8.81% 2.12% 100.00% 63,586,479.05 Market to Cost Position Report Dep Institution Security Market Amortized Price Cost Market Unrealized Value* Gain (Loss) Union Bank Assets 36,294,797.86 35,397,639.60 (897,158.26) Union MM 2,438,401.64 2,438,401.64 0.00 Purchased Interest 15,864.75 15,864.75 LAIF 24,837,414.80 24,837,414.80 0.00 * Source: Treasury and Agency Obligations -Union Bank of California Totals: 63,586,479.05 62,689,320.79 _ 897,158.26) LAIF balances per Local Agency Investment Fund monthly statement. Meeting date: August 7, 2006 Item No: Town of Los Gatos Treasurer's Report for the month ended June 30, 2006 Submitted July 26, 2006 by Linda L. Lubeck Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information June 30, 2006 Weighted Average Portfolio Yield: 4.17% Weighted Average Maturity (days) This Month Last Month One year ago Portfolio Balance $66,482,900 $66,424,046 $56,530,508 Benchmarks/ References: Town's Average Yield 4.17% LA IF Yield for month 4.60% 3 mo. Treasury 5.04% 6 mo. Treasury - - - - - - 5.32% - - 2 yr. Treasury 5.24% 5 yr. Treasury (most recent) 5.20% Prime rate 8.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Freddie Mac (05/25/06) 5.25% 2 yr. Fannie Mae (06/13/06) 5.27% 307 3.98% 2.86% 4.56% 2.86% 4.84% 3.00% 5.03% 3.17% 4.93% 3.62% - - - - 4:95% 3.89% 8.00% 6.00% 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 2 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances June 30, 2006 Fund Balances - Beginning of Month/Period Receipts Disbursements Fund Balances - End of Month/Period Portfolio Allocation: Union MM US Govt Agencies Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances Total Treasurer's Fund Local Agency Investment Fund 39.0% w~ Portfolio Investment Allocation Union MM 0.5% US Govt Agencies 60.5% Treasurer's Fund Balances $68,000,000 - - - - $67,000,000 $66,000,000 $65000000- $64:000:000 $63,000,000 $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 0 0 0 0 0 0 0 C ° to L > o z Q 0 0 0 0 0 0 Month YTD $66,424,046.40 $57,531,241.44 2,907,174.25 43,748,272.05 (2,848,320.83) (34,796.613.67) $66,482,899.82 $66,482,899.82 304,214.77 38,579,190.09 24,837,414.80 63,720,819.66 2.762,080.16 $66,482,899.82 page 2 Town of Los Gatos Non-Treasury Restricted Fund Balances June 30, 2006 Previous Balance Deposits Non-Treasury Funds Downtown Parking District 12/20/02 Certificates of Participation Reserve Fund (Lot 4) Cert. of Participation Lease Payment Fund (Lot 4) Cert. of Participation 2002 Series A Const. Fund Cert. of Participation 2002 Series A Reserve Fund Cert. Of Participation 2002 Series A Interest Fund Cert. Of Participation 2002 Series A COI Fund Total Restricted Funds: Ending Interest Withdrawals Balance 245,583.17 543.49 246,126.66 Note1 260,840.28 947.25 261,787.53 Note2 151,783.90 40,776.40 544.23 19304.53 Note3 1,288,261.39 400,000.00 0.84 0.01 11688,262.22 Note4 767,554.36 287.92 25.19 767,817.09 Note 4 299.65 1.02 0.01 300.66 0.00 0.00 0.00 0.00 Note 4 $2,7141322.75 $440,776.40 $2,324.75 $25.21 $3,157,398.69 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. S Page 3 Town of Los Gatos Statement of Interest Earned June 30, 2006 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 Current Month 134,573.19 268,699.72 (178,631.99) $224,640.92 Fiscal Year to Date 1,711,433.81 268,699.72 (33,323.60) $1,946,809.93 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report June 30, 2006 Inactive Deposits by Institution Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Deo Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued FHLB Discount Note 05/12/06 1,140,118.63 07/14/06 49, 14 63 5.021% 7,684.99 0.00 7,684.99 FHLB Discount Note 05/12/06 1,185,060.83 08/11/06 49 42 91 5.056% 8,043.61 0.00 8,043.61 FNMA Discount Note 05/12/06 1,078,739.44 09/29/06 49 91 140 5.138% 7,440.70 0.00 7,440.70 FNMA Discount Note 06/02/06 1,275,395.33 10/16/06 28 108 136 5.178% 5,066.08 5,066.08 939 FFCB Coupon Note 03116/05 498,560.00 12/11/06 471 164 635 3.800% 24,447.20 22,404.51 2,042.69 934 FNMA Coupon Note 08/18/04 1,491,000.00 01/12/07 681 196 877 3.060% 85,137.11 58,800.00 26,337.11 940 FHLB Coupon Note 03/16/05 543,228.45 02/09/07 471 224 695 3.930% 27,548.83 13,743.65 13,805.18 929 FNMA Coupon Note 02/09/04 2,000,000.00 05/09107 872 313 1185 3.000% 143,342.47 120,000.00 23,342.47 942 FHLB Coupon Note 05/16/05 999,000.00 05/16/07 410 320 730 4.043% 45,369.11 39,900.00 5,469.11 943 FNMA Coupon Note 07/01/05 749,032.50 05/17/07 364 321 685 3.815% 28,497.30 10,625.00 17,872.30 930 FHLMC Coupon Note 0224/04 2,505,250.00 08/24/07 857 420 1277 3.156% 185,641.91 161,000.00 24,641.91 946 FHLMC Discount Note 08/15/05 1,500,000.00 11/15/07 319 503 822 4.496% 58,940.71 33,750.00. 25,190.71 - - -944-FNMA - -CouponNote - -07/01/05-- ._-984;074:54-- --12/15/07-- ---364- -533- 897-- -3.807% 37;361:08 9;861:11- --7;499:97-- 947 FHLMC Discount Note 08/15/05 999,700.00 02/15/08 319 595 914 4.513% 39,430.55 22,500.00 16,930.55 USTreasury Note 05/12/06 1,986,562.50 03/31/08 49 640 689 5.000% 13,334.46 13,334.46 945 FHLB Coupon Note 07/01/05 755,975.25 04/18/08 364 658 1022 3.803% 28,670.97 24,664.06 4,006.91 USTreasury Note 06/15/06 1,990,312.50 05/31/08 15 701 716 5.135% 4,200.10 4,200.10 FHLB Coupon Note 05/12/06 1,498,035.00 03/13/09 49 987 1036 5.298% 10,654.60 10,654.60 USTreasury Note 05115106 1,992,343.75 05/15/09 46 1050 1096 5.014% 12,589.65 12,589.65 FHLB Coupon Note 06/15/06 1,493,400.00 06/12/09 15 1078 1093 5226% 3,207.33 3,207.33 . FHLMC Coupon Note 06/30/03 387,296.88 07/15/06 1096 15 1111 1.872% 21,770.46 48,927.08 (27,156.62) FNMA Coupon Note 06/10/04 297 213.00 08/11/06 750 42 792 3.177% 19;402.31 13,772.92 5,629.39 FHLB Coupon Note 06/30/03 400,000.00 0929/06 1096 91 1187 2.200% 26,424.11 24,240.00 2,184.11 FHLMC Coupon Note 0222/05 197,629.00 10/15/06 493 107 600 3.507% 9,361.39 6,309.72 3,051.67 FHLB Coupon Note 0624/03 688,076.80 11/15/06 1102 138 1240 1.825% 37,913.03 76,340.00 (38,426.97) FFCB Coupon Note 06/25/03 660,954.00 12/19/06 1101 172 1273 1.844% 36,764.33 87,262.50 (50,498.17) FHLB Coupon Note 06/30/03 400,000.00 12/29/06 1096 182 1278 2225% 26,724.38 26,700.00 24.38 FNMA Coupon Note 0222/05 195,358.60 02115/07 493 230 723 3.363% 8,873.88 4,657.64 4,216.24 FHLMC Coupon Note 0625/03 662,652.00 03/15/07 1101 258 1359 1.946% 38,897.60 79,625.00 (40,727.40) FNMA Coupon Note 06/30/03 333,597.66 04/15/07 1096 289 1385 2.150% 21,536.70 43,968.75 (22,432.05) FHLMC MTN Coupon Note 06/27/03 402,556.00 05/29/07 1099 333 1432 2.808% 34,035.19 35,033.33 (998.14) FNMA Coupon Note 06/30/03 375219.60 07/15/07 1096 380 1476 2.359% 26,578.54 37,807.29 (11,228.75) FHLB Coupon Note 06/24/03 672,825.60 11/15/07 1102 503 1605 2.257% 45,848.25 64,773.33 (18,925.08) FNMA Coupon Note 06/24/03 299,475.00 1224/07 1102 542 1644 2.528% 22,857.38 22,500.00 357.38 FNMA Coupon Note 06/27/03 649,785.94 01/15/08 1099 564 1663 2.492% 48,755.45 52,211.00 (3,455.55) FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 638 605 1243 3.462% 12,019.87 9,118.06 2,901.81 FHLMC Coupon Note 06/26/03 657,396.09 03/15/08 1100 624 1724 2294% 45,448.58 48,236.08 (2,787.50) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 1096 655 1751 2.633% 22,624.62 41,037.50 (18,412.88) FHLB Coupon Note 0626/03 661,764.30 05/13/08 1100 683 1783 2.507% 49,998.56 99,253.86 (49,255.30) _ FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 1096 714 1810 2.894% 19,838.93 18,676.32 1,162.61 FHLMC Coupon Note 06/24/03 500,000.00 06/18/08 1102 719 1821 2.750% 41,513.70 41,250.00 263.70 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 638 777 1415 3.442% 11,948.44 8,937.50 3,010.94 FNMA Coupon Note 11/16/04 199,216.00 09/15/08 591 808 1399 3.866% 12,470.41 9,979.17 2,49124 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 527 808 1335 3.974% 14,238.79 10,833.33 3,405.46 FNMA Coupon Note 11/16/04 199,552.00 11/17/08 591 871 1462 3.936% 12,717.62 11,646.53 1,071.09 FHLMC Coupon Note 07107/05 296,403.00 01112/09 358 927 1285 4.313% 12,538.69 6,619.79 5,918.90 FNMA Coupon Note 01/21/05 242,400.00 03/16/09 525 990 1515 3.930% 13,70224 9,006.08 4,696.16 FHLMC Coupon Note 06/17/05 300,198.00 07/30/09 378 1126 1504 4.359% 13,551.69 8,13021 5,421.48 FHLMC Coupon Note 08/01/05 298,332.00 07/30/09 333 1126 1459 4.527% 12,321.45 6,526.04 5,795.41 FHLMC Coupon Note 06/14/05 298,683.00 09/01/09 381 1159 1540 4.237% 13,209.95 8,834.37 4,375.58 FHLMC Coupon Note 01/21/05 149,686.50 09/01/09 525 1159 1684 4.180% 8,999.64 6,875.00 2,124.64 FHLMC Coupon Note 06/14/05 299,331.00 01/25/10 381 1305 1686 4.431% 13,844.76 8,057.29 5,787.47 Subtotal 38,551,235.69 Union MM 304,214.77 30 30 4.71% 1,177.69 1,177.69 Purchased Interest 27,954.40 LAW N/A 04/01/06 24,837,414.80 06/30/06 90 0 90 4.60% 248,576.35 248,576.35 63,720,819.66 307 4.17% 1,783,093.74 1,514,394.02 268,699.72 Maturity Profile 0-1 year 1-2 years 2-3 years 3-5 years Amount 40,755,053.09 15,251,431.82 6,368,104.25 1.346.230.50 63,720,819.66 Market Amortized Price Cost Percent 63.96% 23.93% 9.99% 2.11% 100.00% Market Unrealized Value* Gain (Loss) Market to Cost Position Report Deo Institution Security Union Bank Assets 38,551,235.69 37,650,178.50 (901,057.19) Union MM 304,214.77 304,214.77 0.00 Purchased Interest 27,954.40 27,954.40 LAIF 24,837,414.80 24,837,414.80 0.00 *Source: Treasury and Agency Obligations -Union Bank of Califomia Totals: 63,720,819.66 62,819,762.47 _a ge 01,057.19) LAIF balances per Local Agency Investment Fund monthly statement.