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02 Staff Report - Treasurer's Reports May and June 2007MEETING DATE: 08/20/07 °w N 0 ITEM NO. COUNCIL AGENDA REPORT !pS' G A.~°S DATE: August 14, 2007 TO: MAYOR AND TOWN COUNCIL FROM: LINDA SPEICHER, TOWN TREASURER SUBJECT: TREASURER'S REPORTS FOR MAY AND JUNE 2007 RECOMMENDATION: Accept reports as attached. DISCUSSION: Attached for your review and acceptance are the Treasurer's reports for the months of May and June, 2007. Prime remained steady during the period, with no foreseeable raises by the Federal Reserve on the horizon. Interest rates continued to rise slightly for the overall portfolio, as investments matured and were reinvested into higher earning investments. The bond market started to experience some issues from the mortgage market issues, but nothing significant. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required. FISCAL IMPACT: None Attachments: Treasurer's reports dated August 14, 2007 PREPARED BY: Linda L. Speicher, Town Treasurer fl Reviewed by: Town Manager Assistant Town Manager Town Attorney Clerk finance Community Development Revised: 8/14/07 6:34 pm Distribution: Town Council; Town Manager; Finance Director Reformatted: 5/30/02 Meeting date: August 20, 2007 Item No: Town of Los Gatos Treasurer's Report for the month ended June 30, 2007 Submitted August 14, 2007 i1 by Linda L. Speicher Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information June 30, 2007 Weighted Average Portfolio Yield: 4.83% Weighted Average Maturity (days) This Month Last Month One year ago Portfolio Balance $73,499,683 $72,676,515 $66,482,900 Benchmarks/ References: Town's Average Yield 4.83% LAIF Yield for month 5.25% 3 mo. Treasury 4.82% 6 mo. Treasury 5.01% 2 yr. Treasury 4.91% 5 yr. Treasury (most recent) 4.94% Prime rate 8.25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Fannie Mae (04/16107) 4.89% 2 yr. Freddie Mac (06/15/07) 5.03% 3 - 5 years 14% 2 - 3 year 11% 1 - 2 year 10% 1 year 65% 411 Compliance: The Town's investments are in compliance with the Town's investment policy dated November 1, 2006 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. 4.83%r, 4.17% 5.25% 4.60% 4.92% 5.04% 5.01% 5.32% 4.89% 5.24% 4.82% 5.20% 8.25% 8.25% Portfolio Maturity Profile Page 1 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances June 30, 2007 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 $72,676,515.31 $66,482,899.82 3,321,190.82 42,348376.74 (2,498,022.82) (35331,593.25) $73,499,683.31 $73,499,683.31 $260,827.56 39,996,443.53 30.432,473.38 70,689,744.47 2,809,938.84 $73,499,683.31 Local Agency Investment Fund 43.1% US Govt Agencies 56.6% Treasurer's Fund Balances $74.000.000 $72,000,000 - $70.000.000 $68.000.000 j $66,000.000 $64,000,000 $62,000.000 $60.000.000 - 0 0 0 0 0 o c o o q o c z - 2 page 2 Portfolio Investment Allocation Union MM 0.4% Town of Los Gatos Non-Treasury Restricted Fund Balances June 30, 2007 Previous Balance Deposits Non-Treasury Funds Downtown Parking District 12/20/02 $254,048.88 Certificates of Participation Reserve Fund (Lot 4) 257,065.40 Cert. of Participation Lease Payment Fund (Lot 4) 179,660.64 19,267.82 Cert. of Participation 2002 Series A Const. Fund 367,745.92 Cert. of Participation 2002 Series A Reserve Fund 769,840.24 Cert. Of Participation 2002 Series A Interest Fund 6.84 Cert. Of Participation 2002 Series A COI Fund 0.00 Total Restricted Funds: $1,828,367.92 $19,267.82 $4,457.26 $147.51 $1,851,945.49 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. Ending Interest Withdrawals Balance $973.50 $255,022.38 Note 1 1,001.75 258.067.15 Note2 663.86 199,592.32 Note 3 2.51 0.08 367,74835 Note 4 1,815.64 147.43 771,508.45 Note4 0.00 6.84 0.00 0.00 0.00 Note 4 Page 3 Town of Los Gatos Statement of Interest Earned June 30, 2007 Current Fiscal Month Year to Date Interest received from Investments $123,966.34 $2,472,397.09 Add: Interest accrued at end of period (see page 5) 638,512.99 638,512.99 Less: Interest accrued at beginning of period (480,653.23) (268,699.72) Interest earned on investments $281,826.10 $2,842,210.36 Page 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report June 30, 2007 Deposit Amortized Maturity Days Days to Days Yield to interest Interest Interest Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued FHLMC Coupon Note 02/24/04 2,505,250.00 08/24/07 1222 55 1277 3.156% 264307.60 241,500.00 23,207.60 FHLMC Discount Note 08/15/05 1,500,000.00 11/15/07 684 138 822 4.496% 126,380.71 101,250.00 25,130.71 FNMA Coupon Note 07/01/05 984,07454 12/15/07 729 168 897 3.807% 74,824,80 61,111.11 13,713.69 FHLMC Discount Note 08/15/05 999,700.00 02/15/08 684 230 914 4.513% 84,547.01 67,500.00 17,047.01 USTreasury Note 05/12/06 1,986,562.50 03/31/08 414 275 689 5.000% 112,662.59 81,885 25 30,777.34 FHLB Coupon Note 07/01/05 755,975.25 04/18/08 729 293 1022 3.803% 57,420.71 55,601.56 1,819.15 USTreasury Note 06/15/06 1,990,312.50 05/31/08 380 336 716 5.135% 106,402.65 93,504.10 11898.55 USTreasury Note 07/19/06 738,281.25 02/15/09 346 596 942 5.157% 36,091.27 19,392.27 16,699.00 FHLB Coupon Note 05/12106 1,498,035.00 03/13/09 414 622 1036 5.298% 90,020.49 65,84175 24,176.74 USTreasury Note 05/15/06 1,992,343.75 05/15/09 411 685 1096 5.014% 112,485.76 97500.00 14,985.76 FHLB Coupon Note 06/15/06 1,493,400.00 06/12/09 380 713 1093 5226% 81,252.42 78,093.75 3,158.67 FFCB Coupon Note 07/19/06 723,562.50 07/17/09 346 748 1094 5.408% 37,093.34 15,296.87 21,796.47 USTreasury Note 11/17/06 748,066.41 11/15/09 225 869 1094 4.734% 21,830.22 17,152.11 4,678.11 ML Corp Note 04/10/07 976,150.00 02/08/10 81 954 1035 5.165% 11,188.68 11,188.68 USTreasury Note 10/19/06 976,406.25 04/15/10 254 1020 1274 4.744% 32,234.14 19,560.44 12,673.70 FHLB Coupon Note 05/18/07 1,574,84150 04/16/10 43 1021 1064 5.548% 10.293.17 10,293.17 FHLB Coupon Note 08122/06 ],507,665.00 06/11/10 312 1077 1389 4.957% 63,883.03 57,000.00 6,883.03 FHLB Coupon Note 01/12/07 1,487,205.00 08/10/10 169 1137 1306 4.960% 34,154.38 5,483.33 28,671.05 USTreasury Note 0531/07 737,226.56 10/15/10 30 1203 1233 4.801% 2,909.12 2,909.12 FNMA Coupon Note 05/09/07 998,200.00 11/08/10 52 1227 1279 5.250% 7,465.99 7,465.99 FNMA Discount Note 09/29/06 1,516,485.00 04/15/11 274 1385 1659 4.874% 55.485.73 4[,854.17 13,631.56 FHLMC Coupon Note 12128/06 1,522,350.00 07/20/11 184 1481 1665 5.375% 41,249.43 5,270.83 35,978.60 USTreasury Note 10/19/06 990,078.13 09/30/11 254 1553 1807 4.721% 32,527.02 20,151.10 12375.92 FFCB Coupon Note 02122/07 986,080.00 12/08/11 128 1622 1750 4.959% 17,148.39 13,618.06 3,530.33 FHLB Coupon Note 05109/07 1,509,255.00 03/09/12 52 1714 1766 4.743% 10,198.26 10,198.26 FNMA Coupon Note 06130/03 375,219.60 07/15/07 1461 15 1476 2.359% 35,429.97 5168229 (17,252.32) FHLB Coupon Note 06124/03 672,825.60 11/15/07 1467 138 1605 2.257% 61,033.93 87,173.33 (26,139.40) FNMA Coupon Note 06124/03 299.475.00 12/24/07 1467 177 1644 2.528% 30.428.10 30,000.00 428.10 FNMA Coupon Note 06127/03 649,785.94 01/15/08 1464 199 1663 2.492% 64,948.12 72,686.00 (7,737.88) FHL2v1C Coupon Note 09/30/04 198,630.00 02/25/08 1003 240 1243 3.462% 18,896.44 15,618.06 3,278.38 FHLMC Coupon Note 06126/03 657,396.09 03/15/08 1465 259 1724 2.294% 60.529.25 65,973.58 (5,44433) FHLB Coupon Note 06130/03 286,162.50 04/15/08 1461 290 1751 2.633% 30,159.28 55337.50 (25,578.22) FHLB Coupon Note 06126/03 661,764.30 05/13108 1465 318 1783 2.507% 66,588.99 133,710.36 (67,121.37) FHLMC MTN Coupon Note 06/30/03 228,298.00 06/13/08 1461 349 1810 2.894% 26,445.88 25,001.32 1,444.56 FHLMC Coupon Note 06124/03 500,000.00 06/18/08 1467 354 1821 2.750% 55,263.70 55,000.00 263.70 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 1003 412 1415 3442% 18,784.15 15,437.50 3,346.65 FNMA Coupon Note 11116104 199,21600 09/15/08 956 443 1399 3.866% 20,172.10 17,479.17 2,692.93 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 892 443 1335 3.974% 24,100.57 20.208.33 3,892.24 FNMA Coupon Note 11/16/04 199,552.00 11/17/08 956 506 1462 3.936% 20,571.99 19,396.53 1,175.46 FHLMC Coupon Note 07107/05 296,403.00 01/12/09 723 562 1285 4313% 25,322.55 18,244.79 7,077.76 FNMA Coupon Note 01/21/05 242,400.00 03/16/09 890 625 1515 1930% 23,228.56 16,818.58 6,409.98 FHLMC Coupon Note 06/17/05 300,198.00 07/30/09 743 761 1504 4.359% 26,637.33 21,25521 5,382.12 FHLMC Coupon Note 08/01/05 298,332.00 07/30/09 698 761 1459 4.527% 25,826.94 19,651.04 6,175.90 FHLMC Coupon Note 06/14/05 298,683.00 09/01/09 746 794 1540 4.237% 25,865.15 21,209.37 4,655.78 FHLMC Coupon Note 01/21/05 149,686.50 09/01/09 890 794 1684 4.180% 15,256.54 13,062.50 2,194.04 FHLMC Coupon Note 06/14/05 299,331.00 01/25/10 746 940 1686 4.431% 27,108.12 21,18229 5,925.83 Subtotal 39.952620.17 Union MM 260,827.56 30 30 4.75% 1,018.30 1.018.30 Purchased Inte rest 38,823.36 LAIF N/A 03/31/07 30,432,473.38 06/30/07 91 0 91 5.25% 366,536.58 366,536.58 $70,689,744.47 411 4.83% $2.594,609.44 $1,956.096.45 $638512.99 Maturity Profile Amount Percent 0-1 year 545,983,556.12 65.05% 1-2 years ST 106,385.50 10.05% 2-3 years $7,852,923.16 11.11% 3-5 years $9.746.879.69 13.79% $70.689.744,47; 100.00% Market to Cost Position Report Amortized Market Unrealized ^ Source: Treasury and Agency Obligat ions - Union Ban k of California Institution Cost Value* Gain (Loss) LAIF bala nces per Loc al Agency Invest ment Fund mont hly statement. Union Bank A ssets $39,957,620.17 $39,581,261.15 (376,359.02) Union MM 260.827.56 260.827.56 0.00 Purchased Interest 38,823.36 38,823.36 0.00 LAIF 30,431473.38 30,432,473.38 0.00 Totals: $70,689,744.47 $70,313,385.45 ($376,359.02) page 5 Meeting date: August 20, 2007 Item No: Town of Los Gatos Treasurer's Report for the month ended May 31, 2007 Submitted August 14, 2007 by f Linda L. Speicher Distribution: Town Clerk Town Manager Town Council Town of Los Gatos Summary Investment Information May 31, 2007 Weighted Average Portfolio Yield: 4.83% Weighted Average Maturity (days) 442 This Month Last Month Portfolio Balance $72,676,515 $70,970,263 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 One -year ago $66,424,046 4.83% 4.68% 3.98% 5.25% 5.22% 4.56% 4.92% 4.92% 4.84% 5.01% 5.02% 5.03% 4.89% 4.61% 4.93% 4.82% 4.58% 4.95% 8.25% 8.25% 8.00% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 3 yr. Fannie Mae (04/16/07) 4.89°Io 2 yr. Freddie Mac (05/25/07) 5.01% Portfolio Maturity Profile 2 - 3 years 11% I-2y 12~ - I year 61% Compliance: The Town's investments are in compliance with the Town's investment policy dated November 1, 2006 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. 3 - 5 years 16% Page 1 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances May 31, 2007 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 $70,970,262.79 $66,482,899.82 3,82 1 ,829.19 39,027,185.92 (2,115,576.67) (32,833.570.43) $72,676,515.31 $72,676,515.31 $127,518.25 40,005,950.47 30,432,473.38 70,565,942.10 2.1 10,573.21 $72,676,515.31 Local Agency Investment Fund 43.1% US Govt Agencies 56.7% Treasurer's Fund Balances $74.000.000 $72,000,000 $70M0.000 $68,000.000 $66,000.000 $64,000,000 $62.000.000 $60,000,000 - - ~ o o c o o o 0 0 0 0 0 T C ~ ~ = G J > = a 5 ~ T 4~ V1 C] Z ~ ~ LL. ~ 4~ C e- page 2 Portfolio Investment Allocation Union MM 0.2% Town of Los Gatos Non-Treasury Restricted Fund Balances May 31, 2007 Previous Balance Deposits Non-Treasurv Funds Downtown Parking District 12/20/02 $253,110.26 Certificates of Participation Reserve Fund (Lot 4) 256,081.48 Cert, of Participation Lease Payment Fund (Lot 4) 159,825.90 19,267.82 Cert. of Participation 2002 Series A Const. Fund 362,806.05 Cert. of Participation 2002 Series A Reserve Fund 785,392.53 Cert. Of Participation 2002 Series A Interest Fund 6.84 Cert. Of Participation 2002 Series A COI Fund 0.00 Total Restricted Funds: $1,817.223.06 $19,267.82 $7.828.88 $15,951.84 $1,828,367.92 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 Y. 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. Ending Interest Withdrawals Balance $938.62 $254,048.88 Note1 983.92 257,065.40 Note 2 566.92 179,660.64 Note -1 4,939.91 0.04 367,745.92 Note4 399.51 15,951.80 769,840.24 Note4 0.00 6.84 0.00 0.00 0.00 Note 4 Page 3 Town of Los Gatos Statement of Interest Earned May 31, 2007 Current Fiscal Month Year to Date Interest received from Investments $204,665.85 $2,348,430.75 Add: Interest accrued at end of period (see page 5) 480,653.23 480,653.23 Less: Interest accrued at beginning of period (410,862.17) (268,699.72) Interest earned on investments $274,456.91 $2,560,384.26 Pale 4 Town of Los Gatos Inactive Deposits by Institution Market to Cost Position Report May 31, 2007 Deposit Amortized Maturity Days Days to Days Yield to Interest Interest Interest Deg Institution Security Date Cost Date Elapsed Maturity Invested Maturity Earned Received Accrued 930 FHLMC Coupon Note 02/24/04 1505,250.00 08/24/07 1192 85 1277 3.156%n 258,209.05 241,500.00 16,709.05 946 FHLMC Discount Note 08/15/05 1,500.000.00 11/15/07 654 168 822 4.496% 120.837.70 101,250.00 19,587.70 944 FNMA Coupon Note 07/01/05 984,074.54 12/15/07 699 198 897 3.807% 71,745..59 45,486.11 26,259.48 947 FHLMC Discount Note 08/15/05 999,700.00 02115/08 654 260 914 4.513% 80,838.81 67,500.00 13,338.81 USTreasury Note 05/12/06 1,986,562.50 03/31/08 384 305 689 5.000% 104,498.63 81,885.25 21613.38 945 FHLB Coupon Note 07/01/05 755,975.25 04/18/08 699 323 1022 3.803% 55,057.72 55,601.56 (543.84) USTreasury Note 06/15106 1,990,312.50 05/31/08 350 366 716 5.135% 98,002.44 93,504.10 4,498.34 USTreasury Note 07/19/06 738,281.25 02/15/09 316 626 942 5157% 31961.97 19,392.27 13,569.70 FHLB Coupon Note 05/12106 1,498,035.00 03/13/09 384 652 1036 5298% 83,497.27 65,843.75 17,653.52 USTreasury Note 05/15/06 1,992,343.75 05/15/09 381 715 1096 5.014% 104,275.12 97,500.00 6,775.12 FHLB Coupon Note 06/15106 1,493,400.00 06/12109 350 743 1093 5.226% 74,837.75 38,718.75 36,119.00 FFCB Coupon Note 07/19106 723.562.50 07/17/09 316 778 1094 5.408% 33,877.16 15,296.87 18,580.29 USTreasury Note 11/17!06 748,066.41 11/15/09 195 899 1094 4.734% 18,919.52 17,152.11 1,767.41 MI, Corp Note 04/10107 976,150.00 02/08/10 51 984 1035 5.165% 7,044.73 7,044.73 USTreasury Note 10/19106 976,406.25 04/15/10 224 10.50 1274 4.744% 28,426.96 19,560.44 8,86652 FHLB Coupon Note 05/18/07 1,574,842.50 04/16/10 13 t051 1064 5.548% 3,111.89 3,111.89 FHLB Coupon Note 08/22106 1,507,665.00 06/11/10 282 1107 1389 4.957% 57,740.43 17,625.00 40.115.43 FHLB Coupon Note 01/12107 1,487,205.00 08/10/10 139 1167 1306 4.960% 28,091.47 5,483.33 22,608.14 USTreasury Note 05/31/07 737,226.56 10/15/10 0 1233 1233 4.801% 0.00 0.00 FNMA Coupon Note 05/09/07 998,200.00 11/08/10 22 1257 1279 5.250% 3,158.69 3,158.69 FNMA Discount Note 09/29/06 1,516.485.00 04/15/11 244 1415 1659 4.874% 49,410.65 41,854.17 7,556.48 USTreasury Note 10/19/06 990,078.13 09/30/11 224 1583 1807 L721% 28,685.25 20,151.10 8,534.15 FHLB Coupon Note 05/09/07 1,509,255.00 03/09/12 22 1744 1766 4.743% 4,314.65 4,314.65 FNMA Coupon Note 06/30/03 375,219.60 07/15/07 1431 45 1476 2.359% 34,702.46 52,682.29 (17,979.83) FHLB Coupon Note 06/24/03 671825.60 11115/07 1437 168 1605 2.257% 59,785.79 87,173.33 (27,387.54) FNMA Coupon Note 06/24/03 299,475.00 12/24/07 1437 207 1644 2.528% 29,805.85 26,250.00 3,555.85 FNMA Coupon Note 06/27/03 649,785.94 01115108 1434 229 1663 2.492% 63,617.21 72,686.00 (9,068.79) FHLMC Coupon Note 09/30/04 198,630.00 02/25/08 973 270 1243 3.462% 18,33724 15,618.06 2,713.18 FHLMC Coupon Note 06/26/03 657396.09 03/15/08 1435 289 1724 1294% 59,289.74 65,973.58 (6,683.84) FHLB Coupon Note 06/30/03 286,162.50 04/15/08 1431 320 1751 2.633% 29,539.99 55,737.50 (26,197.51) FHLB Coupon Note 06/26/03 661,764.30 05/13/08 1435 348 1783 2.507% 65,225.39 133,710.36 (68,484.97) FHLMC MTN Coupon Note 06130/03 228,298.00 06/13/08 1431 379 1810 2.894% 25,90184 21,838.82 4,064.02 FHLMC Coupon Note 06/24103 500,000.00 06/18/08 1437 384 1821 2.750% 54,133.56 48,125.00 6,008.56 FNMA Coupon Note 09/30/04 198,597.00 08/15/08 973 442 1415 3.442% 18,222.31 15,437.50 1784.81 FNMA Coupon Note 11/16/04 199,216.00 09/15/08 926 473 1399 3.866% 19,539.08 17,479.17 2,059.91 FNMA Coupon Note 01/19/05 248,157.50 09/15/08 862 473 1335 3.974% 23,290.01 20.208.33 3,081.68 FNMA Coupon Note 11/16/04 199,552.00 11/17/08 926 536 1462 3.936% 19,926.42 19,396.53 529.89 FHLMC Coupon Note 07/07/05 296,403.00 01/12/09 693 592 1285 4.313% 24,271.82 18,244.79 6,027.03 FNMA Coupon Note 01/21/05 241400.00 03/16/09 860 655 1515 3.930% 22,445.58 16,818.58 5,627.00 FHLIVIC Coupon Note 06/17/05 300,198.00 07/30/09 713 791 1504 4.359% 25,561.79 21,25521 4,306.58 FHLMC Coupon Note 08/01/05 298,332.00 07/30/09 668 791 1459 4.527% 24,716.90 19,651.04 5.065.86 FHLMC Coupon Note 06/14/05 298,683.00 09/01/09 716 824 1540 4.237% 24,824.99 21,209.37 3,615.62 FHLMC Coupon Note 01/21/05 149,686.50 09/01/09 860 824 1684 4.180% 14,742.27 13,062.50 1,679.77 FHLMC Coupon Note 06/14/05 299,331.00 01/25/10 716 970 1686 4.431% 26,017.98 21,182.29 4,835.69 FHLMC Coupon Note 12/28/06 1,522350.00 07/20/11 154 1511 1665 5.375% 34,523.98 5,270.83 29,253.15 FFCB Coupon Note 02722/07 986.080.00 12/08/11 98 1652 1750 4.959% 13,129.24 13,129.24 Subtotal 39957.620.17 Union MM 127.518.25 30 30 4.87% 510.42 510.42 Purchased Interest 48.33030 LAIF N/A 03/31/07 30,431473.38 06/30/07 61 30 91 5.25% 23536839 235,368.79 $70,565,942.10 442 4.83% $2314.969.12 $1.834,315.89 $480,653.23 Maturity Profile Amount Percent 0-1 year $43,141,143.25 61.14% 1-2 years $8,331,596.00 11.81% 2-3 years $7,838,658.16 11.11% 3-5 years $11,254.544.69 15.95% $70.565,942.10 100.00% Market to Cost Position Report Amortized Market Unrealized * Source: Treasury and Agency Obligat ions - Union Ban k of California Dep Institution Security Cost Value* Gain (Loss) LAW bala nces per Loc al Agency Invest ment Fund month ly statement. Union Bank Assets $39,957,620.17 $39.582,152.65 (375,467.52) Union MM 12T518.25 127,518.25 0.00 Purchased Int erest 48.330.30 48330.30 0.00 LAIF 30432,473.38 30431473.38 0.00 Totals: $70,565,942.10 $70,190,47458 ($375,467.52) page 5