01 Staff Report - Treasurer's Reports for August & September 2008~pW N OTC
fps GAZpS
DATE:
TO:
FROM:
SUBJECT:
COUNCIL AGENDA REPORT
October 29, 2008
MAYOR AND TOWN COUNCIL
LINDA SPEICHER, TOWN TREASURER
MEETING DATE: 11/03/08
ITEM NO. 1
TREASURER'S REPORTS FOR AUGUST & SEPTEMBER 2008
RECOMMENDATION:
Accept reports as attached.
DISCUSSION:
Attached for your review and acceptance are the Treasurer's reports for the months of August
and September 2008.
Progressively deteriorating conditions in the U.S. and world financial system dominated news
headlines as the U.S. government acted to take mortgage giants Fannie Mae and Freddie Mae
under conservatorship.
Per Council's request, approximately $1.5 million of Fannie Mae/Freddie Mac investments were
sold or matured, leaving a remaining balance of approximately $6.5 million in these investments.
The U.S. government's action to honor Fannie and Freddie's debt obligations resolved a potential
source of uncertainty regarding the safety of these notes.
The Town's portfolio interest average yield of 3.56% is approximately 1.2% lower than a year
ago, reflecting a series of reductions in interest rates the past twelve months by the Federal
Reserve and the "flight to safety" by investors to the Federal Treasury notes, causing interest
rates to decline.
Treasurer's fund cash balances have declined over the past few months, but this is normal cash
flow activity for the early part of the fiscal year. As the property taxes are received over the next
couple of months the Treasurer's funds typically begin to grow back to prior levels.
Attachment: Treasurer's reports dated October 29, 2008
PREPARED BY: Linda L. Speicher, Town Treasurer
Reviewed by: Manager Assistant Town Manager Town Attorney
Clerk 6y' Finance Community Development Revised: 10/30/08 4:36 pm
Meeting date: November 3, 2008
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
August 31, 2008
Submitted October 29, 2008
by
Linda L. Speicher
Distribution; Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summ
ary Investment Information
August 31, 2008
Weighted Average Portfolio Yield:
3.56%
Weighted Average Maturity (days) 429
This Month
Last Month
One year ago
Portfolio Balance
$74,560,416
$76,014,723
$68,133,279
Benchmarks/ References:
Town's Average Yield
3.56%
3.60%
4.88%
LAIF Yield for month
2.78%
2.79%
5.25%
3 mo. Treasury
1.74%
1.73%
4.73%
6 mo. Treasury
1.970/a
1.92%
4,78%
2 yr. Treasury
2.38%
2.82%
4,12%
5 yr. Treasury (most recent)
3.13%
3.44%
4.25%
Prime rate
5.00%
5.00%
8,25%_
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (09/04/08)) 3.23%
2 yr. Fannie Mae (09112108) 2.90%
Portfolio Maturity Profile
3 - 5 ycars
14%
2 - 3 years
1301o
1-2,
13
- t year
60%n
Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008
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
August 31, 2008
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
$76,014,722.52
$76,714,634.03
1,953,851.90
4,540,572.24
(3,408,158.78)
(6,694,790.60)
$74,560,415.64
$74,560,415.67
$1,649,495.50
40,602,763.22
31.577.981.68
73,830,230.40
730,185.27
$74,560,415.67
Local Agency Invesunent run([
42.8%
Treasury, Agencies,
& Corp. Notes
57.8%
Treasurer's Fund Balances
$78,000,000
$76,000,000 -
$74,000,000
$72,000,000 ra W 4
$70,000,000
$68,000,000 M
$66,000,000
$64,000,000
$02,000,000 . -
0
O
O
o
o
o
4
C?
p
p
o
O
O
page 2
Portfolio Investment Allocation
Union MM
2.2%
Town of Los Gatos
Non-Treasury Restricted Fund Balances
August 31, 2008
Previous
Ending
Balance Deposits
Interest
Withdrawals
Balance
Non-Treasury Funds:
Downtown Parking District 12120/02
$267,791.67
$1,026.16
$268,817.83
Note I
Certificates of Participation Reserve Fund (Lot 4)
257,155.25
320.90
3,018.99
254,457.16
Note 2
Cert. of Participation Lease Payment Fund (Lot 4)
222,864.97 3,018.99
248.52
222,125.00
4,007.48
Note 3
Cert. of Participation 2002 Series A Const. Fund
262,918.84
2,162.00
25,864.53
239,216.31
Nute4
Cert. of Participation 2002 Series A Reserve Fund
686,251.00
789.76
215.68
686,825.08
Note4
Cert. Of Participation 2002 Series A Interest Fund
461,681.25
150.01
461,721.82
109.44
Note4
Cert. Of Participation 2002 Series A COI Fund
0.00
0.00
0.00
0.00
Note 4
folal Restricted Funds: $2,158.662.98 $3,018.99 $4,697.35 $712,946,02 $1,453,433.30
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 find was a requirement of the original certificates of participation agreement when Lot 4 was built. ft helps
to guarantee payment of the lease payments should the Town not make payment.
Note 3c The lease payment fund receives the lease payments from the Town monthly for the lease of Lot 4. It bolds the funds mrtil
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 Ilre
next few years. reserve funds which will guarantee the payment of lease payments, and a third fund for the dishursement of lease payments
and initial delivery costs.
Page 3
Town or Los Gatos
Statement of Interest Earned
August 31, 2008
Current
Fiscal
Month
Year to Date
Interest received from Investments
$221,479.32
$583,753.89
Add: Interest accrued at end of period (see page 5)
590,540.32
590,540.32
Less: Interest accrued at beginning of period
(578,791.33)
(715,999.95)
Interest earned on investments
$233,228.31
$458,294.26
Interest by Month
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
Febru ary,2009
March 2009
April 2009
May 2009
Junc2009
225,065.95
233,228.31
Page 4
Town of Los Gatos
Inactive Deposits by Institution
Market to Cost Position Report
August 31, 2008
Deposit
Amortized
Maturity
Days
Days to
Days
Yield to
Interest
Interest
Interest
Institution
Security
Date
Cost
Date
Elaosed
Maturk
Invested
Maturity
Earned
Received
Accrued
FNMA
Coupon Note
11116/04
199,216.00
09/15/08
1384
15
1399
3.866%
29,203.12
24,979.17
4.223.95
FNMA
Coupon Note
01119105
248,157.50
09/15108
1320
15
1335
3.974%
35,664.52
29,583.33
6.081.19
1-HLMC
Coupon Note
07107105
296,403.00
01/12109
1151
134
1285
4.313%
40,312.94
35,682.29
4,630.65
USTreasury
Note
07119106
738,281.25
02/15109
774
168
942
5.157%
80.735.97
70.017.27
10,718.70
FHLB
Coupon Note
05112106
1,498,035.00
03/13109
842
194
1036
5.298%
183,085.16
144,593.75
38,491.41
USTreasury
Note
05/15106
1,992,343.75
05/15109
839
257
1096
5.014%
229,624.22
195,000.00
34,624.22
FHLB
Coupon Note
06/15106
1,493,400.00
06/12109
808
285
1093
5.226%
172,768.30
156,643.75
15,924.55
PFCB
Coupon Note
07/19106
723,562.50
07/17109
774
320
1094
5.408%
82,977.59
61,703.12
21,274.47
F14LMC
Coupon Note
06117105
300,198.00
07/30/09
1171
333
1504
4.359%
41,981.57
40,942.71
1,038.86
FHLMC
Coupon Note
08101/05
298,332.00
07/30109
1126
333
1459
4.527%
41,663.51
39,338.54
2,324.97
USTreasury
Note
06/02108
1,537,617.20
07/31/09
90
334
424
2,426%
9,197.90
11,244.85
(2,046.95)
FFCB
Coupon Note
04/02/08
2,010,820.00
08/04109
151
338
489
2.286%
19,016.63
18,300.00
716.63
USTreastny
Note
03/25/08
1,024,062.50
09115/09
159
380
539
1.709%
7,623.82
7,623.82
USTreasury
Note
11/17/06
748,066.41
11/15/09
653
441
1094
4.734%
63,356.14
51,839.61
11,516.53
USTreasury
Note
06/02/08
1,514,941,41
12131/09
90
487
577
2.602%
9,719.70
3,750.00
5,969.70
FHLtvIC
Coupon Note
06114/05
299,331.00
01125/10
1174
512
1686
4.431%
42,660.77
40,869.79
1,790,98
ML Corp
Corporate Note
04110107
976,150.00
02108/10
509
526
1035
5.165%
70,309.14
56,430,56
13,878.58
USTreasury
Nate
06124108
739,921.88
02/28/10
68
546
614
2.819%
3,885.95
3,885.95
USTreastry
Notc
10/19/06
976,406.25
04/15/10
682
592
1274
4.744%
86,549.93
59,560,44
26,989.49
FHLB
Coupon Note
08/22106
1.507,665. 00
06111/10
740
649
1389
4.957%
151,517.44
135,750.00
15,767.41
FHLB
Coupon Note
01112/07
1,487,205.00
09110/10
597
709
1306
4.960%
120,651.85
111,233.33
9,418.52
USTreasury
Note
05131/07
737,226.56
10/15/10
458
775
1233
4.801%
44,412,51
27,868.85
16,543.66
14-"CB
Coupon Note
12/07/07
2,032,140.00
11/08/10
268
799
1067
3315%
55,431.21
36,072.22
19,358,99
FH1.MC
Coupon Note
04124108
1,008,560.00
12/24/10
129
845
974
4.007%
14,282,95
7,129,17
7,153.78
FFCB
Coupon Note
01/18107
756,922,50
01118/11
591
870
1461
3.1759a
38,912.56
13,125.00
25,787.56
FFCB
Coupon Note
11/28/07
2,062,000.00
02/18/11
277
901
1178
1840%
60,090.63
70,416.67
(10,326.04)
FNMA
Discount Note
09129/06
1,516,485.00
04115/11
702
957
1659
4.874%a
142,156.88
118,729.17
23,427.71
I-'HLMC
Coupon Note
12/29/06
1,522,350.00
07120/11
612
1053
1665
5,375%
137,199.19
134,645.83
2,553.36
USTreasury
Note
10/19106
990,078.13
09/30111
682
1125
1807
4.7211/.
87,336.34
65,151.10
22,185.24
FFCB
Coupon Note
12/12/07
2,025,080.00
11/21/11
263
1177
1440
4.000%
58,366.69
38,183.33
20,183,36
FFCB
Coupon Note
02/22107
986,080.00
12/09111
556
1194
1750
4.959%n
74,488.32
59,868.06
14,620.26
FHLB
Coupon Note
05109107
1,509,255.00
03/09/12
480
1286
1766
4.743%
94,137,82
62,500.00
31,637,82
FHLB
Coupon Note
11/29107
2,038,360.00
08/15112
276
1445
1721
4.170%
64,273.68
65,777.78
(1,504.10)
GI
Corporate Note
01/16108
1,542,165.00
10/19112
228
1510
1738
4.587%
44,187.72
20,343.75
23,84197
FNMA
Coupon Note
02/21108
1,260,300.00
01/02/13
192
1585
.1777
4.562%
30,243.89
21,605.90
8.631.99
Subtotal
40,597,1 17.84
Union MM
1,649,485.50
30
30
1.89%
2,562.35
2,562.35
Purchased Int
erest
5,645.38
LAIF
N/A
06/30108
31,577,981.69
09/30/09
62
30
92
2,78%
149,030.75
149,030.75
$73,830,230.40
429
3.56%
$2,619,619.66
$2,029,079.34
$590,540.32
Maturity Profile
Amount
Percent
0-1 year
$44,569,478.76
60.37%
1-2 years
$9,273,749.45
12.56%
2-3 ycars
$9,635,694.06
13,05%
3-5 years
$10,351.318.13
14.02%
$73,830,230.40
M 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 balances per Local Agency Investment Fund mont
hly statcntent.
Union Bauk Assets
$40,597,117.84
$41,198,690,50
601,572.66
Union MM
1,649,485.50
1,649,485.50
0.00
Purchased Int
erest
5,645.38
5,645.38
0.00
LAIF
31,577,981.68
31,577,981.68
0.00
Totals.
$73,830,230.40
$74,431,803.06
$601,572.66
Page 5
Meeting date: November 3, 2008
Item No:
Town of Los Gatos
Treasurer's Report
for the month ended
September 30, 2008
Submitted October 29, 2008
by
Linda L. Speicher
Distribution: Town Clerk
Town Manager
Town Council
Town of Los Gatos
Summary Investment Information
. September 30, 2008
Weighted Average Portfolio Yield:
3.64%
Weighted Average Maturity (days)
This Month
Last Month
One year ago
Portfolio Balance
$70,635,879
$74,560,416
$67,775,046
Benchmarks/ References:
Town's Average Yield
3.64%
3.56%
4.85%
LAIF Yield for month
2.77%
2,79%
5.24%
3 mo. Treasury
1.18%
1.74%
3.92%
6 mo. Treasury
1.57%
1.97%
4.15%
2 yr. Treasury
2.12%
2.38%
4.00%
5 yr. Treasury (most recent)
3.13%
3.13%
4.25%
Prime rate
5.00%
5.00%
7.7517o
Most recent auctions of
Freddie Mac or Fannie Mae Reference Notes:
3 yr. Freddie Mac (09104108)) 3.23%
2 yr. Fannie Mae (09112108) 2.90%
477
Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008
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
Portfoli
Fund Balances
Receipts
Disbursements
Fund Balances
Town of Los Gatos
o Allocation & Treasurer's Fund Balances
September 30, 2008
Beginning of Month/Period
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
$74,560,415.67 $76,714,634.03
1,579,956.03 6,120,528.27
(5,504,493,00) (12 99 283.60)
$70,635,878.70 $70,635,878.70
$732,808.24
41, 649,744.34
26,777,981.68
69,160,534.26
1,475,344.44
$70,635,878.70
Local Agency Investment Fun
38.7%
Treasurer's Ii'und Balances
$76,000,DDD
$74,000,DOD
$72,000,000 -
$70,000,000
s-_ -
$68,000,000
$66,000,000
$64,000,000
$62,000,000
r r n r w oa oa
0 0 0 0 0 0 0 0 0 ~ 0 0 0
y U t~ fl.
Treasury, Agencies,
& Corp. Notes
57.8%
FPPP- O z q i ¢ Q
page 2
Portfolio Investment Allocation
Union MM
1.1%
Town of Los Gatos
Non-Treasury Restricted Fund Balances
Septemher 30, 2008
Previous
Ending
Balance Deposits Interest Withdrawals
Balance
Non-Treasury Funds:
Downtown Parking District 12/20102 $268,817,83 $1,030.09
$269,847.92 Notet
Certificates of Participation Reserve Fund (Lot 4) 254,457,16 309.30
254,766.46 Note 2
Cert. of Participation Lease Payment Fund (Lot 4) 4,007,48 4.84
4,012.32 Note 3
Cert. of Participation 2002 Series A Const. Fund 239,216.31 1,68 0.31
239,217.68 Note4
Cert. of Participation 2002 Series A Reserve Fund 686,825.08 804.81 215.74
687AM,15 Note4
Cert. Of Participation 2002 Series A Interest Fund 109.44 0.04
109.48 Note 4
Cert. Of Participation 2002 Series A COI Fund 0.00 0,00 {00
0,00 Note 4
Total Restricted Funds: $1,453,433.30 $0.00 $2,150.76 $216,05
$1,455,368.01
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 l: This account include redemption accounts Set up for the repayment of interest and principal on outstanding
bond coupons for Parking Assessnicnt 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 snake 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 rands 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
September 30, 2008
Current Fiscal
Month Year to Date
Interest received from Investments $130,412.85 $714,166.74
Add: Interest accrued at end of period (see page 5) 672,372.24 672,372.24
Less: Interest accrued at beginning of period (590,540.32) (715,999.95)
Interest earned on investments $212,244.77 $670,539.03
Interest by Month
July 2008
August 2008
September 2008
October 2008
November 2008
December 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
225,065.95
233,228.31
212,244.77
Page 4
Town of Los Gatos
Inact
ive Deposits by Institution
Market to Cost Position Report
September 30, 2008
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 NOW
07107105
296,403.00
01112109
1181
104
1285
4.313%
41,363.67
35,682.29
5,681.38
USTreasury
Note
07119106
738,281.25
02115/09
804
138
942
5.157%
83,865.27
70,017.27
13,848.00
FHLB
Coupon Note
05/12/06
1,498,035.00
03113/09
872
164
1036
5.298%
189,608.38
183,968.75
5,639.63
USTreasury
Note
05/15106
1,992,343.75
05/15/09
869
227
1096
5.014%
237,834.86
195,000.00
42,834.86
FHLB
Coupon Note
06115106
1.493,400.00
06112/09
838
255
1093
5.226%
179,182.96
156,843.75
22,339.21
FFCB
Coupon Note
07/19/06
723,562.50
07117/09
804
290
1094
5.408%
86,193.78
61,703.12
24,490.66
FHLMC
Coupon Note
06/17/05
300,198.00
07130/09
1201
303
1504
4.359%
43,057.10
40,942.71
2,114.39
FHLMC
Coupon Note
08101105
298,332.00
07130/09
1156
303
1459
4.527%
42,773.55
39,338.54
3,435.01
USTreasury
Note
06102108
1,537,617.20
07/3[109
120
304
424
2.426%
12,263.87
11,244.85
1,019.02
FFCB
Coupon Note
04102108
2,010,820.00
06!04/09
181
308
489
2.286%
22,794,77
18,300.00
4,494.77
USTreasury
Note
03/25/08
1,024,062.50
09/15109
189
350
539
1.709%
9,062.28
15,957.88
(6,895.60)
USTreasury
Note
11117106
748,066.41
11/15109
683
411
1094
4.734%
66,266.84
51,839.61
14,427.23
USTreasury
Note
06/02108
1,514,941.41
12131109
120
457
577
2.602%
12,959.60
3,750.00
9,209.60
FHLMC
Coupon Note
06/14/05
299,331.00
OV25110
1204
482
1686
4.431%
43,750.91
40,869,79
2,881.12
ML Corp
Corporate Note
04/10/07
976,150.00
02/08110
539
496
1035
5.165%
74,453.10
56,430.56
18,022.54
USTreasury
Note
06/24/08
739,921.88
02!28110
98
516
614
2.819%
5,600.34
2,77134
2,828.60
USTreasury
Note
10119/06
976,406.25
04/55/10
712
562
1274
4.744%
90,357.12
59,560.44
30,796.68
1-H1.14
Coupon Note
08/22106
1,507,665.00
06111110
770
619
1389
4.957%
157,660.04
135,750.00
21,910.04
FHLB
Coupon Note
01112107
1,487,205.00
08110110
627
679
1306
4.960%a
126,714.76
111,233.33
15,481.43
FFCB
Coupon Note
09/15108
1,500,000.00
09115110
15
715
730
3.300%
2,034.25
2,034.25
USTreasury
Note
05/31107
737,226.56
10115110
488
745
1233
4.801%a
47,321.62
27,868.85
19,452,77
FFC13
Coupon Note
12/07107
2,032,140.00
11108/10
298
769
1067
3.715%
61,636.20
36,072.22
25,563.98
FHLMC
Coupon Note
04/24/08
1,008,560.00
12124/10
159
815
974
4.007%
17,604.57
7,129,17
10,475,40
I-FCB
Coupon Note
OV18/07
756,92150
01/18/11
621
840
1461
3.175%
40,887.81
13,325.00
27,762.81
FFCB
Coupon Note
11128107
2,062,000.00
02/18/11
307
871
1178
3.840%
66,598.65
70,416.67
(3,818.02)
FNMA
Discount Note
09129/06
1,516,485.00
04!15111
732
927
1659
4.874%
148,231.96
118,729.17
29,502.79
Fl4LAMC
Coupon Note
12128106
1,522,350.00
07/20/11
642
1023
1665
5.375%
143,924.64
134,645.83
9,278.81
USTreasury
Note
10119106
990,078.13
09/30111
712
1095
1807
4.721%
91,178.11
87,651.10
3,527.01
n,'CB
Coupon Note
12112107
2,025,080,00
11/21/11
293
1147
1440
4.000%
65,024.49
38,183.33
26,841.16
FFCB
Coupon Note
02122107
986,080.00
12108/11
586
1164
1750
4.959%
78,507.48
59,868.06
18,639.42
HILB
Coupou Note
05109107
1,509,255.00
03109/12
510
1256
1766
4.74311.
100,021.43
100,000.00
21.43
PHLB
Coupon Now
11/29/07
2,038,360.00
08/15/12
306
1415
1721
4.170%n
71,259.95
65,777.78
5,482.17
GE
Corporate Note
01/16108
1.542,165.00
10/19/12
258
1480
1738
4,587%
50,001,89
20,343.75
29,658.14
FNMA
Coupon Note
02/21108
1,260,300.00
011021t3
222
1555
1777
4.5621/o
34,969,49
21,605.90
13,363.59
Subtota 1
41,649,744.34
Union MM
732,808,24
30
30
127%
1,969.55
1,969.55
Purchased Interest
LAIF
NIA
09130108
26,777,981.68
12/31/08
0
92
92
2,77%
218,058.44
218,058.44
$69,160,534.26
477
164%
$2,764,993.70
$2,092,621,46
'5"672,372,24
Maturity Profile
Amount
Percent
0-1 year
$39,423,845.12
57.00%
1-2 years
$9,749,686.95
14.10%
2-3 years
$10,625,762.19
15.36%
3-5 years
$9.361,240.00
13.54%
569,160,534.26
100.00%
Markel to C
ost Position Report
Amortized
Market
Unrealized
* Source:
Treasury and
Agency Obligations - Union Ban
k of California
Institution
Cost
Value*
Cain (Loss)
LAW bala
nces per Local Agency Inves
tment Fund mont
hly statement.
Union Bank Assets
$41,649,744.34
$42,075,457.50
425,713.16
Union MM
732,808.24
712,808.24
0.00
purchased Interest
0.00
0.00
0.00
LAIF
26,777,991.68
26,777,981.68
0.00
Totals:
$69,160,534,26
$69,586,247.42
$425,713.16
page 5