HomeMy WebLinkAboutFY 1996 Annual Investment Report 1E1Lj1 IESS
Annual Investment
Report
Fiscal Year 1995 / 96
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INVESTMENT COMMITTEE MEETING
12/3/96
*Annual Review, FY 96
Introduction
I. Portfolio Summary
II. Performance Summary
III. Interest Income Summary
IV. Collateral Review
V. Broker Selection Process
VI. Summary
*Investment Policy Annual Review
*Minutes Review
*Appendices
Appendix A
Appendix B
Appendix C
Appendix D
Appendix E
Appendix F
*General Discussion and Questions
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To Investment Committee Members
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i From Vicki Smith
Date 12/3/96
Subject Annual Investment Performance Report
The City of Euless Investment Policy, revised and adopted
by the City Council in November 1995, requires that the
City Council and City Manager receive quarterly and
annual reports of investment performance.
The purpose of this report is to provide a means for
Council members and staff to regularly review and
i monitor the City's investment performance. Attached is
the City's pooled funds portfolio for the fourth quarter of
Fiscal Year 1995-96 and information for all funds for the
same period.
The City's investment policy provides the general
framework for the investment of City funds. The policy
a emphasizes the City's objective of safety, liquidity, and
yield , in that order. The investment policy complies with
the Public Funds Investment Act effective September I,
l 1995 in all aspects including reporting.
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The fourth quarter report of FY 1996 is presented in k
accordance with the format outlined in the investment
} policy. This report is for all funds and shows the market
x value at 6/30/96, changes in market value, the market value
at 9/30/96, and the book value, market value, and maturity
date for each investment As required, the report
indicates compliance with the adopted investment
strategies, and is signed by each investment officer of the
i City as designated by the Investment Policy.
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Investment Strategy Compliance
The strategy for all pooled funds is to assure that cash flows are matched with projected needs and
assume adequate liquidity and safety. This has been accomplished by purchasing high quality
securities in a laddered structure and by utilizing an investment pool (See Appendix E). The following
purposes are also considered when investing;
-Operating Funds may purchase high quality short-to medium-term securities with a weighted
average maturity of 60 to 90 days. These funds include:
1 General Fund 21 Equipment Replacement Fund
2 Water&Sewer Fund 24 Police Drug Account-D.E.A.
12 Hotel-Motel Tax Fund 29 Drainage Utility
16 Ft. Worth DEA Task Force 34 Softball World-Operations
17 Risk Management Fund 54 Crime Control &Prevention District
-Funds for Capital Improvement Projects(CIP) and Special Purposes may purchase securities which
allow for flexibility and unanticipated project outlays by having a portion of their investments in highly
liquid securities (See Appendix E). The stated final maturity dates of the securities should not exceed
the estimated project completion date. These funds include:
8 Water&Sewer-CIP 35 Softball World-CIP
9 Developer's Escrow Fund 39 Drainage CIP
22 Golf Course-CIP 40 Water&Sewer-Impact Fees Fund
26 Streets &Drainage-CIP 50 1/2 Cent Sales Tax-Operations Fund
32 Athletic Complex-CIP
-Debt Service Funds should assure adequate liquidity to cover the debt service obligation on the
required payment date. These funds include:
4 Debt Service/General Obligation
-Emergency, Contingency, and Debt Service Reserve funds will have the ability to generate a
dependable revenue stream to the appropriate fund- The stated final maturity dates of securities
should not exceed five years (See Appendix E). These funds include:
6 Water&Sewer-Emergency Fund 19 General Fund-Contingency
18 General Fund-Emergency
Based on the above strategies, the investment portfolio reported herein is in compliance with the
relevant provisions of the investment policy and the Public Funds Investment Act.
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Diana Ortiz, Director Of Finance
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Vicki h, Accountant
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INTRODUCTION
This report is written and submitted in accordance with Texas State law, specifically Tex.
Rev. Civ. Stat. Ann. Art. 4413 (34C) Section 4, which states that"at least once each year,
the investment officer of a state agency or political subdivision shall prepare a written report
concerning the agency's or subdivision's local funds investment transactions for the preceding
year and describing in detail the investment position of the agency or subdivision as of the
date of the report."
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The City's investment policy designates the Director of Finance as the responsible manager
x for the City's investment program and as such has delegated the daily investment
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procedures to the Cash & Debt Department.
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d In compliance with the City's investment policy, the Cash & Debt Department fulfills four main
objectives: compliance, safety, liquidity and yield, in that order. Compliance is maintained
through regular reporting to City management on a monthly, quarterly and annual basis.
Safety is insured by 1) investing only in those securities allowed by Art. 842(a-2, V.T.C.S.)
entitled the "Public Funds Investment Act of 1987"with revisions in 1989, 1991, 1993 and 1995;
I 2) using delivery vs. payment for all purchases (payment for securities is made upon
delivery); 3) protecting all non-government securities. (cash and bank certificates of deposit)
I with collateral in the form of government securities which are pledged to the City of Euless
and safekept at a third party institution; 4) diversifying investment purchases into different security
markets to minimize individual market risk. Liquidity is met by matching investment terms to future
operating cash needs such as payroll, accounts payables, debt service and capital improvement
disbursements. Furthermore, investment in money market funds and local government investment
pools provides the safety and daily liquidity needs of the City. The yield or rate of return which
the City receives is measured against the average 90 day treasury bill yield as set by the
investment policy. This year we have been able to exceed this benchmark by an average
of 36 basis points. i
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{ The informationmontained in this report will quantitatively and graphically explain the
achievement of these City objectives for fiscal year 1995-96.
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I. PORTFOLIO SUMMARY
The City's investment portfolio at the end of the fiscal year, September 30. 1996, is summarized
by instrument and by maturity as shown below.
Distribution by Instrument
% of Average Avg. Yield
Instrument Cos Portfolio Yield Prior Year
Agencies 19,665,871 62.89% 5.50% 6.22%
Treasuries 1,449,377 4.63% 5.50% 6.80%
Money Market 10,150,654 32.46% 5.29% 5.72%
CD's 5000 0.02% 4.45% N/A
31,270,902 100.00%
This table shows that the majority of City funds, approximately 68% are invested in treasuries
and government agency securities which provide a great deal of safety. As of the date of
this report, the yield on these instruments ranged from 5.22% to 6.10%. When compared
to prior year's levels, the average yields have shown a large decrease. The Federal
Reserve has lowered the Fed Funds rate by 50 basis points in the past year which is reflected
in the lower yields. Their goal is to maximize growth and control inflation. The year began
at a very sluggish pace, but began to pick up after the Fed eased. By mid year, there was even
talk of a Fed tightening. However, the growth of the economy stayed at a moderate pace and
inflation remained around 3%. Therefore, the Fed remained neutral for the rest of the fiscal
year. Several other indicators also affect the growth of the economy, including housing sales,
retail sales, vehicle purchases, and employment.
Distribution by Maturity
#of days Cost % of Portfolio
1 - 30 $12,478,258 39.9%
31 - 90 6,134,301 19.6%
91 - 180 5,189,754 16.6%
181- 365 2,453,427 7.8%
Over 365 5,015,162 16.0%
$31,270,902 100.0%
This table reflects the degree of liquidity in the City's portfolio with the ability to access over
76% of the portfolio within six months. This strategy was followed not only to meet cashflow
needs, but also because this timeframe provided the best yields for the securities available
at the time of purchase. The yield curve has begun to flatten out, therefore there is no benefit
in long term investments. However, We have invested 16% of the portfolio beyond one year
in order to lock in on higher yields. We made these purchases before the Fed eased. We were
able to comply with our investment policy by using reserve funds, escrow funds, and bond
proceeds for these investments.
IBY instrumentl By Maturity
(62.9%) (39.9%)
ZMAgencies
i I 1 -30
® 31 -90
Treasuries
- (0.0%) =Money Market (19.6%) ® 91 - 180
11-365
=CD's / (16.0%)
=Over 365
(4.6%) (32.5%) (16.6%) (7.8%)
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City of Euless
Pooled Portfolio Summary
for Quarter Ending
a September 30, 1996
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Cost Book Market
f Principal Only Value Value
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{ Investments at June 30, 1996 34,304,742.80 34,482,565.26 34,382,007.46
Investment Purchases 18,778,660.69
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Investment Maturities (21,990,685.99)
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Investment Sales 0.00
Dividends Reinvested (Pools) 111,570.49
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Investments at September 30, 1996 31,204,287.99 31,270,337.25 31,213,199.00
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Summary of Investments
by Fund
Market Market Increase/
Value Value Decrease
06/30/9 09/30/96 In Fund
1 5,582,230.20 7,094,388.60 1,512,158.40
2 4,185,656.44 4,243,498.97 57,842.53
4 317,968.03 226,812.03 (91,156.00)
6 498,359.38 499,218.75 859.37
8 472,323.89 1,182,006.27 709,682.38
9 1,249,811.86 1,554,376.54 304,564.68
12 305,694.15 307,187.55 1,493.40
16 4,366.92 4,417.80 50.88
17 471,050.92 676,890.87 205,839.95
18 492,109.38 493,750.00 1,640.62
19 492,109.38 493,750.00 1,640.62
21 170,526.81 273,678.91 103,152.10
22 7,667,904.65 3,393,914.61 (4,273,990.04)
24 104,852.24 166,540.27 61,688.03
26 4,286,873.97 4,068,489.46 (218,384.51)
29 388,561.27 211,397.19 (177,164.08)
32 1,473,932.61 1,232,013.84 (241,918.77)
34 5,000.00 226,971.31 221,971.31
35 410,968.93 417,496.91 6,527.98
39 0.00 201,552.95 201,552.95
40 630,752.33 1,014,464.95 383,712.62
50 5,170,954.10 3,053,147.28 (2,117,806.82)
54 0.00 177,234.17 177,234.17
TOTAL: 34,382,007.46 31,213,199.23 * (3,168,808.23)
*A large portion of this decrease can be attributed to large capital outlays
related to the construction of the golf course and Athletic Complex, as well as,
the completion of the new library.
Fund Names
1 General Fund 22 Golf Course
2 Water&Sewer Fund 24 Police Drug Account-D.E.A.
4 Debt Service/General Obligation 26 Streets& Drainage-CIP
6 Water&Sewer-Emergency Fund 29 Drainage Utility
8 Water&Sewer-CIP 32 Athletic Complex
9 Developer's Escrow Fund 34 Softbal World Operations
12 Hotel-Motel Tax Fund 35 Softball World-CIP
16 Ft. Worth DEA Task Force 39 Drainage-CIP
17 Risk Management Fund 40 Water& Sewer-Impact Fees Fund
18 General Fund-Emergency 50 1/2 Cent Sales Tax-Operations Fund
19 General Fund-Contingency 54 Crime Control & Prevention District
21 Equipment Replacement Fund
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II. PERFORMANCE SUMMARY
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Cash and Investments Balances - Full utilization of funds and minimization of idle cash is
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necessary to pursue additional interest income revenues for the City. The average % of
invested funds is 101%for FY96 fulfilling that objective. The monthly data below shows a
greater utilization of City funds through investments.
Consolidated Invested Percentage
Cash Balance Invested
Oct. 94 ($870,133) $23,039,382 104%
Nov. 36,491 23,079,577 100%
Dec. 654,042 23,813,280 97%
Jan 95 (260,317) 27,415,806 101%
Feb. 138,189 26,906,643 99%
Mar 7,306 26,768,050 100%
Apr. (129,123) 26,630,749 100%
May (125,778) 26,848,717 100%
Jun. (842,438) 26,861,857 103% t
Jul. 445,507 24,956,368 980/0
s Aug. 10,216 24,920,990 100%
Sept. 689,534 21,791,314 97%
Average (20,542) 25,252,728 100%
Consolidated Invested Percentage
Cash Balance Invested
Oct. 95 $362,524 $22,034,576 99%
Nov. 517,821 36,881,370 99%
Dec. (358,083) 38,470,523 102°x6
Jan 96 (124,551) 39,284,373 101% i
Feb. (382,546) 35,792,539 102%
Mar (438,403) 36,184,864 102%
r Apr. (424,555) 35,206,145 102%
May (412,462) 35,528,709 101%
Jun. (792,727) 34,426,959 103% i
Jul. (100,663) 33,584,168 100%
Aug. (243,228) 32,438,869 101%
Sept. (834,005) 31,270,902 103%
Average (269,240) 34,258,666 101%
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This graph shows how a greater portion of the City's funds continue to be invested, always in
pursuit of 100%.
120%
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110%
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a. 90% `N...v ` x r rxr J �x3? Y ,tv O
MM M11""g
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80%
1989 1990 1991 1992 1993 1994 1995 1996
Fiscal Year
This graph shows that cash at the bank is minimized to allow for more investments.
1700
1200
Y
C y
COCU
C
o 700
R H
U
200
-300
1989 1990 1991 1992 1993 1994 1995 1996
Fiscal Year
The two graphs present how cash and investments are actively being managed resulting in
additional interest income revenues for the City.
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Cash management performance-effectiveness of the cash management program has been
measured utilizing actual figures for FY96 as shown below: a
Average City's Number Estimated
90 day Invested Days in Interest
Month TBill Yield Balance Month Eaminas
Oct. 95 5.43% $22,034,576 31 101,619
Nov. 5.51% 36,881,370 30 167,027
Dec. 5.28% 38,470,523 31 172,517
Jan 96 5.14% 39,284,373 31 171,495
Feb. 5.03% 35,792,539 29 143,043
E Mar 5.10% 36,184,864 31 156,735
Apr. 5.09% 35,206,145 30 147,287
May 5.16% 35,528,709 31 155,703
Jun. 5.23% 34,426,959 30 147,989
Jul. 5.28% 33,584,168 31 150,604
Aug. 5.18% 32,438,869 31 142,713
Sept. 5.22% 31,270,902 30 134.165
Average 5.22% 34,258,666 149,241
Estimated eamings at benchmark yields: $1,790,897
Actual FY96 interest income(pre-audit): $1,962,462
Earnings over benchmark: $171,565
The table above presents an estimated amount the city would have eamed for the past year
on just matching the benchmark yield. The operational budget for Cash Management is
$57,429 for FY96. By utilizing the cash management program,we eamed an additional
$114,136 or 36 basis points over our benchmark.
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Key rate comparisons-an objective of the investment policy is for the City's average rate of return
to consistently exceed that of the three month U.S. Treasury Bill, as stated before. Therefore,
r they have been presented for comparative purposes below.
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Benchmark t
90 day City's Avg.
Month T-bill yield Portfolio Yld Difference
Oct. 95 5.43% 6.22% 0.79%
Nov. 5.51% 6.00% 0.49%
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Dec. 5.28% 5.83% 0.55%
Jan 96 5.14% 5.56% 0.42%
L Feb. 5.03% 5.47% 0.44%
Mar 5.10% 5.43% 0.33%
Apr. 5.09% 5.39% 0.30%
r May 5.16% 5.37% 0.21%
Jun. 5.23% 5.39% 0.16%
Jul. 5.28% 5.41% 0.13%
Aug. 5.18% 5.44% 0.26%
Sept. 5.22% 5.48% 0.26%
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Average 5.22% 5.58% 0.36%
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The economy's pace slowed down during the second quarter, regained strength in the third
quarter, and began to level off in the fourth quarter of the fiscal year. Therefore, the City's
portfolio has had a smaller spread than prior year. However, we were able to exceed our
benchmark every month during this fiscal year. s
The last quarter of FY 96 marks the seventh consecutive quarter that the City's portfolio met and f
exceeded the benchmark !
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III. INTEREST INCOME SUMMARY
FY92 Audit $873,288
FY93 Audit $508,975
FY94 Audit $688,661
FY95 Audit $1,578,209
FY96 (Pre-Audit) $1,962,462
FY96 Revised Budget $1,802,372
Interest Income Received versus Revised Budget: 109%
Interest Income Summary
2500
c 2000
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1500
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= 1000
4)
500
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FY92 Audit FY93 Audit FY94 Audit FY95 Audit FY96(Pre-Audit)
Interest income met and exceeded the budgeted level for fiscal year 1996. Early in FY 96 we
were able to take advantage of the increasing volatility in the market by locking in on higher
interest rates. As the market begins to decline, we will see a decrease in our spread compared
to the 90-day Treasury Bill.
Market rate outlook- It is very hard to predict the strength or weakness of the economy. Some
indicators suggest that the economy is still going strong, while others suggest that the economy
is beginning to grow at a much slower pace. With so much volatility in the market, the Fed will
continue to focus on inflationary pressures. If inflation remains subdued, the Fed will remain
neutral through the end of 1996.
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Interest Income By Fund
For Fiscal Year Ending 1996
Fund FY 95 FY 95 FY 96 Total FY 96
# Budget Audit Rev. Budget Pre-Audit Difference
1. General $340,000 $362,247 $340,696 $370,959 30,263
2. W&S 266,400 299,625 262,758 277,401 14,643
4. GO Debt 37,910 43,043 15,795 17,552 1,757
8. W&S CIP 10,000 20,477 13,751 23,463 9,712
9. Escrow 57,000 69,379 61,602 60,953 (649)
12. Htl/Mtl 8,000 12,7195 13,577 14,118 541
16. DEA Task 9,617 928 5,144 5,196 52
17. Risk Mgmt 21,000 31,716 25,110 28,103 2,993
21. Equip Repl 12,000 15,543 12,280 14,357 2,077
22. Goff Course 0 0 350,000 365,538
23. Spec Prog 0 5,434 0 0 0
24. Drug Fund 8,000 13,187 10,199 10,832 633
26. Street C I P 4,000 12,325 187,240 197,936 10,696
29. Drainage 6,000 8,361 8,620 11,299 2,679
30. Cash Mgmt 47,248 47,248 60,000 57,429 (2,571)
32. Ath. Complex 0 0 60,000 69,371 9,371
34. Softball World 0 0 0 2,069 2,069
35. Softball CIP 0 0 11,028 12,344 1,316
39. DUS CIP 0 0 0 1,553 1,553
40. Impact Fee 20,000 27,009 34,907 34,981 74
50. 1/2 Cent 541,000 560,787 329,665 336,880 7,215
54. Crime Control 0 0 0 1,234 1,234
90. W&S Res 0 48,1041 01 48,8961 48,896
Total 1 $1,388,176 $1,678,2091 $1,802,3721 $1,962,4621 $160,090
109%
Note that interest earnings is being earned by all investable City funds and great efforts are
pursued to meet their budgeted level. This report also points out that the pre-Audit interest
earnings for the4end of the f iscal year exceeds by far the budgeted level.
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IV. COLLATERAL REVIEW
The first and most important objective of investing public funds is safety. One way to insure the
City's assets is to have them fully secured with"collateral'. Acceptable collateral is defined
in the City's investment policy,but generally consists of types of securities the City would
invest in. Bank balances are monitored daily to assure their full coverage. The amount of
collateral required by the depository bank varies with the expected level of deposits(typically
correlates with large receipts such as property taxes,franchise taxes and investment
maturities).
a aaa zx a s as a s Baa £ a zz €a z z z .ak a aa'£ a ea az r faa a — z
a a awi a a$ $ Epp as aF % a $ a a aaa ka 2 daT8Ea a a
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Pledging Safekeeping Pledged Sec. Security Market Value Inv.Value Difference
Institution Location Description Par Value (w/FDIC Ins) 9D-Maty(P&I) Over/Under)
Bank One FDIC FDIC $0 $100,000 $20,858 $79,142
$Mkt $0
DDA $20,858
Landmark Bank Texas Indep FNMA $1,500,000 $1,593,400 $312,596 $1,280,804
Bank-Dallas Agency Due Payroll $3,066
07/24/98 Operating $309,530
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Reproduced By:
Cash&Debt Department Date.
Reviewed by:
Director of Finance zb6-7& Date:
This review is practiced on a regular basis assuring coverage. Another regular practice is reviewing
each individual instrument purchased. This assures compliance with the investment policy and
consideration of the underlying security. This separate but thorough practice has protected the City's
portfolio against derivative products in an unstable rate environment.
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V. BROKER SELECTION PROCESS
This section of the report is to provide a brief explanation of the process undertaken to select
the brokers with which the City invests. The broker/dealer list is reviewed annually and any
changes are made during this time unless it becomes necessary to make revisions prior to
the annual process. The process is outlined below:
1. Brokers express an interest in doing business with the City's investment portfolio
2. A questionnaire is sent to the broker which requests the necessary information for Cash i
Management to review including references, capital adequacy ratios, etc.
3. The Cash and Debt Department reviews all received questionnaires, summarizes the
information and recommends the desired list of brokers with explanatory notes. i
4. The recommendation is presented to the Investment Committee at the next quarterly
meeting for discussion and final approval.
5. All brokers are notified after the selection is complete.
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VI. SUMMARY
The primary objectives of compliance, safety, liquidity and yield have been achieved for the
reporting period as evidenced by this report. These objectives will continue to be pursued for
the City of Euless as provided by the investment policy. This year proved to be another
successful year for the investment program. The City of Euless, like all other local
governments, is faced with the challenge of meeting benchmark levels triggered by the Fed's
actions and meeting additional reporting requirements as stated by new legislation.
E Therefore, the City's investment program will continue to seek new techniques, instruments,
'` etc. to enhance the return on the City's funds as well as the return of all City funds.
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FY 96 was a very busy year for the investment program. Not only did we keep the City's funds
fully invested, we also completed some very large projects which include:
r -Revising the Investment Policy to comply with annual requirements;
--;Reviewing the broker/dealer list in order to track the progress of each broker
(We added Merril Lynch to our broker list.)
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-Received certification for our investment policy from the Municipal
Treasurer's Association of the United States and Canada. We our one of
only 14 jurisdictions in Texas to receive this honor.
-Implemented new investment software to better track individual investments
and to comply with new reporting requirements.
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-Renewing Bank Depository with Landmark Bank-Mid Cities.
The investment committee met on December 3, 1996 and reviewed the presented data for i
transmittal to,City Council.
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�*Vici m�ithh,'AccountantW Diana G. Ortiz �
Cash & Debt Department Director of Finance
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SEP :' 0 1996
C11TH OF EULESS
F1N1i:1.NCE DEPT-
Press Release MuNKIpAL 112F-AsuREP.5 Assc)cjAmN
September, 1996 UNITED STATES & CANADA
MA US&C Certifies the Written Investment Policy of
Euless, Texas
On May 24, the written investment policy of Euless,Texas was certified by the Municipal
Treasurers' Association of the United States and Canada (MTA US&Q. The City was
formally recognized for this achievement on August 7 during the Association's 31st
Annual Conference in Mobile, Alabama.
T he City of Euless also had its investment policy certified by the Association in 1993.
Approximately 150 entities have had their policies certified by the Association since the
Program was developed in the spring of 1990. Euless is one of 14 Jurisdictions in the
State of Texas to be awarded MTA US&C's certification for written investment policies.
The Association's Investment Policy Certification Program was instituted in an effort to
assist state and local governments interested in drafting or improving upon an existing
Investment policy. As part of the Program, the Association has created a "Model"
investment policy. The Model includes sample language and rationale for those 16
sections the Association deems as critical elements to be addressed in a written policy.
The following are some of the elements included in the Model: liquidity; selection and
review of suitable investment instruments, internal controls; reporting; portfolio
diversification; custody and safekeeping; selection of investment institution criteria;
ethics; and conflicts of Interest.
Those entities who have had their written investment policies certified in 1995-96
include: Cottonwood, Arizona; Peoria, Arizona; Yuma, Arizona; Anaheim, California;
Barstow, Ca*mia;Chino, California;El Dorado Irrigation District, California;Healdsburg,
California; Inglewood, California; Lodi, California; Los Angeles County Metropolitan
Transportation Authority, California; Mission Viejo, California; Orange County, California;
Palm Desert, Cal forma; Palos Verdes Estates, Calif-
.- ,brntia; Redondo Beack Calb*omia;
Riverside, California; Vista, California; Dover, Delaware; Orlando, Florida; St. Petersburg,
Florida; Boise, Idaho; Carol Stream, Illinois; Peoria, Illinois; Mount Vernon, Iowa; Orleans
Parish School Board, Louisiana; Brandon Township, Michigan; Otsego, Michigan; Salem
Township,Michigan:Minneapolis-Saint Paul Metropolitan Airports Commission,Minnesota;
Van Wert, Ohio; Norman, Oklahoma; Philadelphia, Pennsylvania: Greer, South Carolina;
Chattanooga,Tennessee;Beaumont, Texas;Denton, Texas;Euless, Texas;Houston, Texas;
Huntsville, Texas; La Marque, Texas; Tarrant County, Texas; Texas Water Development
Board;- Clark County, Washington; Kent, Washington; and Tacoma, Washington.
For information on the Investment Policy Certification Program, or to obtain a copy of the
application and Model Investment Policy, call or write Deborah Reuter at the Municipal
10 Treasurers' Association of the United States and Canada.
1229 Nineteenth Street, N.W.Washington, DC 20036 PHONE 202-833-1017 FAX 202-833-0375
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Minutes -8128196 Investment Committee Meeting
Attendance: Joe Hennig, Assistant City Manager
Jim Hickerson, Accounting Manager
Diana Ortiz, Director of Finance a'
Vicki Smith, Cash and Debt Accountant
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The Committee met to review the investment program for the third quarter. An overview of
all investment activity was presented by Vicki Smith.
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It was motioned by Joe Hennig to accept the previous minutes and to accept the report as
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written. Jim Hickerson seconded.
Diana Ortiz motioned to adjourn the meeting. Jim Hickerson seconded.
The meeting was adjourned.
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APPENDIX-
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City of Euless
Investment Portfolio
As of June 30,1996
Investment Type
LOGIC Investment Pool FNMA Fed.Nat'l Mort.Asso. FHLB Fed.Home Loan Bank RAUSCHER Rauscher Pierce MMSAW Masterson Moreland
TBILL Treasury Bill FFCB Fed.Farre Credit Bank FHLMC Fed.Home Loan Mort Corp. PRUD Prudential Securities LM Landmark Bank
REPO Repurchase Agreement TNOTE Treasury Note FGIC Fin'l Guaranty Ins Co. MERRILL Merrill Lynch
Inv. Cusip Purchase Term Maturity Days Price Par Principal Interest Interest Yield To Book Market Market Seller Unamortized
Type Number Date (in days) Date Accrued Per$100 Value Invested @ Mary Accrued Maturity Value Price Value Inst Discount Premium Prem/Disc
U.S.GOVERNMENT AGENCIES
Agency Discount Notes
FHLMC 313396YV9 03/28/96 95 07/01/96 94 98.6357 300,000.00 295,907.08 4,092.92 4,049.83 5.33% 299,956.92 99.9550 299,865.00 Pruprog
FHLMC 313396YV9 03/28/96 95 07/01/96 94 98.6357 1,010,000.00 996,220.51 13,779.49 13,634.44 5.33% 1,009,854.95 99.9550 1,009,545.50 Pruprog
FNMA 313588ZC2 04/02/96 97 07/08196 89 98.6043 750,000.00 739,532.08 10,467.92 9,604.58 5.34% 749,136.67 99.8530 748,897.50 Merrill
FNMA 313588Zd0 05/16/96 54 07/09196 45 99.2185 500,000.00 496,092.50 3,907.50 3,256.25 5.34% 499,348.75 99.8380 499,190.00 Pruprog
FHLB 313384ZSI 02/01/96 172 07/22196 150 97.6684 810,000.00 791,114.40 18,885.60 16,470.00 5.08% 807,584.40 99.6460 807,132.60 Pruprog
FHLMC 313396A86 05/02/96 95 08/05/96 59 98.6331 150,000.00 147,949.58 2,050.42 1,273.42 5.34% 149,223.00 99.3700 149,055.00 Pruprog
FNMA 313588B46 02/01/96 190 08/09/96 150 97.4403 1,550,000.00 1,510,324.31 39,675.69 31,322.92 5.06% 1,541,647.22 99.3780 1,540,359.00 Pruprog
FNMA 313588B79 05/10/96 94 08/12/96 51 98.6318 500,000.00 493,158.89 6,841.11 3,711.67 5.40% 496,870.56 99.3330 496,665.00 Prudential
FHLB 313384C72 04/02196 140 08/20/96 89 97.9914 750,000.00 734,935.42 15,064.58 9,576.77 5.36% 744,512.19 99.2170 744,127.50 Banc One
FNMA 313588D28 05/15196 100 08/23/96 46 98.5500 1,010,000.00 995,355.00 14,645.00 6,736.70 5.39% 1,002,091.70 99.1710 1,001,627.10 Pruprog
FNMA 313588D28 05/15!96 100 08/23/96 46 98.5500 1,000,000.00 985,500.00 14,500.00 6,670.00 5.39% 992,170.00 99.1710 991,710.00 Pruprog
FNMA 313588E50 06/04/96 91 09/03196 26 98.6780 865,000.00 853,564.46 11,435.54 3,267.30 5.39% 856,831.76 99.0100 856,436.50 Pruprog
FNMA 313588E50 06/04/96 91 09/03/96 26 98.6780 485,000.00 478,588.17 6,411.83 1,831.95 5.39% 480,420.12 99.0100 480,198.50 Pruprog
FNMA 313588E76 05/02/96 126 09/05/96 59 98.1905 1,375,000.00 1,350,119.38 24,880.63 11,650.45 5.35% 1,361,769.83 98.9800 1,360,975.00 Prudential
FNMA 31358SG58 03/20/96 183 09/19/96 102 97.3973 600,000.00 584,384.00 15,616.00 8,704.00 5.34% 593,088.00 98.7710 592,626.00 Prudential
FNMA 3135881-124 05/16196 131 09/24/96 45 98.1078 500,000.00 490,538.89 9,461.11 3,250.00 5.39% 493,788.89 98.6970 493,485.00 Pruprog
1 FFCB 313321K90 05/16/96 154 10/17/96 45 97.7798 535,000.00 523,122.11 11,877.89 3,470.81 5.40% 526,592.92 98.3460 526,151.10 Pruprog
r Total: 12,690,000.00 12,466,406.77 223,593.23 136,481.09 12,604,887.86 12,598,046.30
CD
Agency Coupon Securities
FNMA 31364BKW9 09/20/95 180 09/20/96 100 99.9688 500,000.00 499,843.75 14,000.00 7,777.78 5.63% 499,843.75 100.0469 500,234.38 Prudential 156.25 (156.25)
FNMA 31364BPL8 01/05/96 180 11/14/96 46 100.1502 500,000.00 500,751.00 13,675.00 3,494.72 5.28% 500,300.40 100.0000 500,000.00 Pruprog 751.00 300.40
FNMA 31359MAFO 05/15/96 180 11/15/96 45 100.0000 500,000.00 500,000.00 13,650.00 3,412.50 5.46% 500,000.00 100.0000 500,000.00 Banc One
FNMA 31364BOV5 01/05/96 180 12/11/96 19 100.0469 500,000.00 500,234.38 13,275.00 1,401.25 5.25% 500,106.52 99.9063 499,531.25 Pruprog 234.38 106.52
FHLB 313389K23 03/01/96 180 12/23/96 7 99.6094 1,000,000.00 996,093.75 23,650.00 919.72 5.22% 997,829.87 99.5720 995,720.00 FSW 3,906.25 (2,170.13)
FHLB 313392UEO 01/10/96 360 01/70/97 170 100.0000 500,000.00 500,000.00 27,150.00 12,820.83 5.22% 500,000.00 99.8680 499,340.00 Banc One
FFCB 31331HBU0 12/20/95 180 02/03/97 147 98.8810 335,000.00 331,251.35 7,621.25 6,224.02 5.59% 333,125.68 99.2080 332,346.80 Pruprog 3,748.65 (1,874.32)
FFCB 31331HBU0 12120/95 180 02/03/97 147 98.8810 665,000.00 657,558.65 15,128.75 12,355.15 5.59% 661,279.35 99.2080 659,733.20 Pruprog 7,441.35 (3,720.65)
FHLMC 31340008 11/28/95 180 02/10197 140 99.0075 725,000.00 717,804.52 17,327.50 13,476.94 5.64% 721,402.28 99.4844 721,261.72 Pruprog 7,195.48 (3,597.72)
FHLB 313393MC1 03/20/96 360 03/14/97 106 99.7031 1,000,000.00 997,031.25 52,750.00 15,531.94 5.59% 998,020.85 99.5540 995,540.00 FSW 2,968.75 (1,979.15)
FHLB 313393CX6 02/20/96 180 02120/98 130 100.0000 2,000,000.00 2,000,000.00 52,500.00 37,916.67 5.25% 2,000,000.00 98.6250 1,972,500.00 Banc One
FNMA 31364AZL9 12/01/95 180 06/25/98 5 99.1719 1,000,000.00 991,718.75 27,050.00 751.39 5.76% 1,000,000.00 98.4219 984,218.75 Rauscher 8,281.25
FHLB 313392U34 01/19/96 180 01/19% 161 100.0000 1,000,000.00 1,000,000.00 28,925.00 25,871.81 5.79% 1,000,000.00 98.4531 984,531.25 Prudential
FHLB 313393DC1 02/20/96 180 02/20/99 130 100.0000 1,000,000.00 1,000,000.00 27,700.00 20,005.56 5.54% 1,000,000.00 97.8438 978,437.50 Prudential
Total: 11,225,000.00 11,192,287.40 334,402.50 161,960.28 11,211,908.70 11,123,394.84 33,697.98 985.38 (13,091.30)
U.S.TREASURY SECURITIES
Treasury Bills
TBILL 912794z80 11/28/95 296 09/19/96 215 95.7656 200,000.00 191,531.11 8,468.89 6,151.39 5.41% 197,682.50 98.8380 197,676.00 Pruprog
TBILL 912794zB0 11/28/95 296 09/19/96 215 95.7656 440,000.00 421,368.44 18,631.56 13,533.06 5.41% 434,901.50 98.8380 434,887.20 Pruprog
Total: 640,000.00 612,899.56 27,100.44 19,684.44 632,584.00 632,563.20 }!��
City of Euless
Investment Portfolio
As of June 30,1996
Investment Type
LOGIC Investment Pool FNMA Fed.Nat'l Mort,Asso. FHLB Fed.Home Loan Bank RAUSCHER Rauscher Pierce MMSBW Masterson Moreland
TBILL Treasury Bill FFCB Fed.Farm Credit Bank FHLMC Fed.Home Loan Mort Corp. PRUD Prudential Securities LM Landmark Bank
REPO Repurchase Agreement TNOTE Treasury Note FGIC Fin'I Guaranty Ins Co. MERRILL Merrill Lynch
Inv. Cusip Purchase Term Maturity Days Price Par Principal Interest Interest Yield To Book Market Market Seller Unamortized
Type Number Date (in days) Date Accrued Per$100 Value Invested maty Accrued Maturity Value Price Value Inst. Discount Premium Prem/Disc
Treasury Notes
TNOTE 912827854 11/28/95 180 07/31/96 150 100.3984 665,000.00 667,649.61 20,365.63 16,971.35 5.50% 665,000.00 100.0066 665,043.84 Pruprog 2,649.61
TNOTE 912827854 01/28/95 180 07/31/96 150 100.3984 610,000.00 612,430.47 18,681.25 15,567.71 5.50% 610,000.00 100.0066 610,040.21 Pruprog 2,430.47
TNOTE 9128271-75 01/31/96 180 08/15/96 135 99.6406 1,50,000.00 1,494,609.38 32,812.50 24,609.38 5.05% 1,499,101.57 99.9063 1,498,593.75 Pruprog 5,390.62 (898.43)
TNOTE 912827g30 07/31/92 180 07/3t/97 150 99.9570 1,450,000.00 1,449,376.50 39,875.00 33,229.17 5.50% 1,450,000.00 99.6719 1,445,242.19 Shearson 623.50
Total: 4,225,000.00 4,224,065.95 111,734.38 90,377.60 4,224,101.57 4,218,919.98 6,014.12 5,080.08
CERTIFICATES OF DEPOSIT
CD 04/23/96 365 04/23/97 100.0000 5,000.00 5,000.00 222.50 4.45% 5,000.00 100.0000 5,000.00 Lndmrk
INVESTMENT POOLS
FGIC N/A 100.0000 876,345.31 876,345.31 5.17% 876345.31 100.0000 876,345.31 FGIC
LOGIC WA 100.0000 4,927,737.82 4,927,737.82 5.33% 4927737.82 100.0000 4,927,737.82 LOGIC
Total: 5,804,083.13 5,804,083.13 5,804,083.13 5,804,083.13
TOTAL PORTFOLIO 34,589,083.13 34,304,742.80 697,053.05 410,503.42 34,482,565.26 34,382,007.46 39,712.10 6,065.46
1
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City of Euless
Investment Portfolio
As of September 30,1996
Investment Type
LOGIC Investment Pool FNMA Fed.Natl Mort Asso. FHLB Fed.Home Loan Bank MMSBW Masterson Moreland
TBILL Treasury Bill FFCB Fed.Farm Credit Bank FHLMC Fed.Home Loan Mort Corp. LM Landmark Bank
REPO Repurchase Agreement TNOTE Treasury Note MERRILL Merrill Lynch
Inv. Cusip Purchase Term Maturity Days Price Par Principal Interest Interest Yield To Book Market Market Seller Unamortized
Type Number Date (in days) Date Accrued Per$100 Value Invested maty Accrued Maturity Value Price Value Inst Discount Premium Prom/Disc
U.S.GOVERNMENT AGENCIES
Agency Discount Notes
FMAC 313396,187 07/10196 90 10/08196 83 98.6500 505,000.00 498,182.50 6,817.50 6,287.25 5.57% 504,469.75 99.8833 504,410.83 Pruprog
FFCB 313321K90 05/16/96 154 10/17/96 138 97.7798 535,000.00 523,122.11 11,877.89 10,643.83 5.40% 533,765.93 99.7521 533,673.63 Pruprog
FHLB 3133841-56 07/02196 111 10/21/96 91 98.3628 300,000.00 295,088.25 4,911.75 4,026.75 5.49% 299,115.00 99.6938 299,081.25 Pruprog
FNMA 3135881-60 08/23/96 60 10122/96 39 99.1383 1,020,000.00 1,011,211.00 8,789.00 5,712.85 5.30% 1,016,923.85 99.6792 1,016,727.53 Pruprog
FHLB 313384P52 09/20/96 55 11114/96 11 99.1918 500,000.00 495,959.03 4,040.97 808.19 5.42% 496,767.22 99.3438 496,718.75 Pruprog
FMAC 313396P98 08/15/96 95 11/18/96 47 98.6278 765,000.00 754,502.50 10,497.50 5,193.50 5.36% 759,696.00 99.2868 759,543.87 Pruprog
FNMA 313588S71 09105196 96 12/10!96 26 98.5627 1,400,000.00 1,379,877.33 20,122.67 5,449.89 5.54% 1,385,327.22 98.9666 1,385,531.84 Merrill
FMAC 313396U43 08/23/96 122 12/23/96 39 98.2479 1,010,000.00 992,304.24 17,695.76 5,656.84 5.35% 997,961.08' 98.7773 997,651.06 Pruprog
FHLB 313385AW6 09/20/96 123 01/21/97 11 98.1618 505,000.00 495,717.26 9,282.74 830.16 5.57% 496,547.42 98.3364 496,598.77 Pruprog
FNMA 313589CL5 09/27/96 154 02/28/97 4 97.7499 500,000.00 488,749.44 11,250.56 292.22 5.47% 489,041.67 97.7728 488,863.75 Prudential
FNMA 313589DEO 09/20/96 179 03/18/97 11 97.3051 1,000,000.00 973,050.56 26,949.44 1,656.11 5.65% 974,706.67 97.5026 975,025.60 FSW
TOTAL: 8,040,000.00 7,907,764.22 132,235.78 46,557.60 7,954,321.81 7,953,826.88
Agency Coupon Securities
FNMA 31364BPL8 01/05/96 180 11/14/96 137 100.1502 500,000.00 500,751.00 13,675.00 10,408.19 5.28% 500,110.55 100.0312 500,156.00 Pruprog 751.00 110.55
FNMA 31359MAFO 05/15/96 180 11/15/96 136 100.0000 500,000.00 500,000.00 13,650.00 10,313.33 5.46% 500,000.00 99.9688 499,843.75 Banc One 0.00
N FNMA 31364BOV5 01/05/96 180 12111/96 110 100.0469 500,000.00 500,234.38 13,275.00 8,112.50 5.25% 50,053.55 100.0313 500,156.25 Pruprog 234.38 53.55
O FHLB 313389K23 03/01/96 180 1223/96 98 99.6094 1,000,000.00 996,093.75 23,650.00 12,876.11 5.22% 998,914.51 99.8750 998,750.00 FSW 3,906.25 (1,085.49)
FHLB 313392UEO 01/10/96 360 01/10/97 261 100.0000 500,000.00 500,000.00 27,150.00 19,683.75 5.22% 500,000.00 99.8750 499,375.00 Banc One 0.00
FFCB 31331HBU0 12120/95 180 02/03/97 58 98.8810 665,000.00 657,558.65 15,128.75 4,874.82 5.59% 662,720.48 99.6875 662,921.88 Pruprog 7,441.35 (2,279.52)
FFCB 31331HBUO 12/20/95 180 02/03/97 58 98.8810 335,000.00 331,251.35 7,621.25 2,455.74 5.59% 333,851.67 99.6875 333,953.13 Pruprog 3,748.65 (1,148.33)
FHLMC 313400a78 1128/95 180 02/10/97 51 99.0075 725,000.00 717,804.52 17,327.50 4,909.46 5.64% 722,827.07 99.8125 723,640.63 Pruprog 7,195.48 (2,172.93)
FHLB 313393MC1 03/20/96 360 03/14/97 197 99.7031 1,000,000.00 997,031.25 52,750.00 28,865.97 5.59% 998,618.75 99.8125 998,125.00 FSW 2,968.75 (1,381.25)
FHLB 313394HSO 09/24/96 180 09/24/97 7 99.9050 1,000,000.00 999,050.00 30,000.00 1,166.67 6.10% 999,068.20 100.1250 1,001,250.00 Merrill 950.00 (931.80)
FHLB 313393CX6 0220/96 180 0220/98 41 100.0000 2,000,000.00 2,000,000.00 52,500.00 11,958.33 5.25% 2,000,000.00 99.0000 1,980,000.00 Banc One 0.00
FNMA 31364AZL9 12/01/95 180 0625198 96 99.1719 1,000,000.00 991,718.75 27,050.00 14,426.67 5.76% 994,312.62 98.7500 987,500.00 Rauscher 8,281.25 (5,687.38)
FHLB 3133921-134 01/19/96 180 01/19/99 72 100.0000 1,000,000.00 1,000,000.00 28,925.00 11,570.00 5.79% 1,000,000.00 98.7813 987,812.50 Prudential 0.00
FHLB 313393DC1 0220/96 180 02/20/99 41 100.0000 1,000,000.00 1,000,000.00 27,700.00 6,309.44 5.54% 1,000,000.00 98.2500 982,500.00 Prudential 0.00
TOTAL: 11,725,000.00 11,691,493.65 350,402.50 147,930.99 11,710,477.40 11,655,984.13 34,491.73 985.38 (14,522.60)
U.S.TREASURY NOTES
TNOTE 912827g30 07/31/92 180 07/31/97 61 99.9570 1,450,000.00 1,449,376.50 39,875.00 13,436.15 5.50% 1,449,884.42 99.8438 1,447,734.38 Shearson 623.50 (115.58)
CERTIFICATES OF DEPOSITS :
CD 04/23/96 365 0423/97 161 100.0000 5,000.00 5,000.00 222.50 98.14 4.45% 5,000.00 100.0000 5,000.00 Lndmrk
INVESTMENT POOLS
LOGIC N/A 100.0000 7,701,683.84 7,701,683.84 5.36% 7,701,683.84 100.0000 7,701,683.84 LOGIC
FGIC WA 100.0000 2,448,969.78 2,448,969.78 5.21% 2,448,969.78 100.0000 2,448,969.78 FGIC
TOTAL: 10,150,653.62 10,150,653.62 10,150,653.62 10,150,653.62
TOTAL PORTFOLIO 31,370,653.62 31,204,287.98 31,270,337.25 31,213,199.00 35,115.23 985.38 (14,638.18)
TD
City of Euless
Investment by Fund
As of June 30,1996
Investrant Type tnstitition
LOGIC Investment Pod FNMA Fed.Nall Mort.Asso. FHLB Fed.Home Loan Banc RAUSCHER Rauscher Pleroe BANC BancOne Capital MMS&W Masterson Moreland
TBILL Treasury&1 FFCB Fed.Farm Credit Banc FHLMC Fed.Home Loan MorL Corp. PRUD Prudential Securities FSW First SouGtwest LM Landmark Banc
REPO Repurchase Agreement TNOTE Treasury Note FGIC FkA Guaranty Ins Co. A 3 B Ahem 8 Bryan MERRILL Merril Lynch
Cost Accrued
Inv. Cusip Purchase Term Maturity Price Per Book Value Interest Total Prin.+ Yield To Coupon Interest Seller Market %of WAM
Type Number Date (in days) Date Per$100 Value (Prin.Only) @ maty InL(D Maty Maturity Rate Purchased Inst Discount Premum Fund Value PorMo
Fund 1
LOGIC WA 100.0000 755,635.58 755,635.58 755,635.58 5.33% LOGIC 1 755,635.58 2.19% 0.00
FNMA 313588ZC2 04/02/96 97 07/08/96 98.6043 750,000.00 739,532.08 10,467.92 750,000.00 5.43% Mend 1 748,897.50 2.15% 2.08
FNMA 313588E76 05)02196 126 09/0596 98.1905 1,017,500.00 999,088.34 18,411.66 1,017,500.00 5.35% Prudential 1 1,007,121.50 2.90% 3.66
FNMA 31364BKW9 0920195 360 092096 99.9688 100,000.00 99,968.75 5,600.00 105,600.00 5.63% 5.60% Prudential 1 100,046.88 0.29% 1.05
FHLB 313389K23 03/196 297 122396 99.6094 1,000,000.00 996,093.75 47,300.00 1,047,300.00 5.22% 4.73% FSW 1 995,720.00 2.92% 8.67
FHLB 313392UE0 01/10/96 360 01/10/97 100.0000 500,000.00 500,000.00 27,150.00 527,150.00 5.22% 5.43% Banc One 1 499,340.00 1.45% 5.23
FHLB 313393CX6 0220196 720 022098 1000000 1,000,000.00 1,000,000.00 105,000.00 1,105,000.00 5.25% 5.25% Banc One 1 986,250.00 2.90% 20.91
FNMA 31364AZL9 12/0195 924 062598 99.1719 0.00 0.00 0.00 0.00 5.76% 5.41% 23,443.33 Rauscher 8,281.25 1 0.00 0.04% 0.41
FHLB 313393DCI 022096 1080 0220199 100.0000 500,000.00 500,000.00 83,100.00 583,100.00 5.54% 5.54% Prudential 1 489,218.75 1.45% 15.69
subtot+d 5,582,230.20 57.69
Fund 2
LOGIC WA 100.0000 217,905.94 217,905.94 217,905.94 5.33% LOGIC 2 217,905.94 0.63% 0.00
FNMA 313588B79 05/10/96 94 08/1296 98.6318 500,000.00 493,158.89 6,841.11 500,000.00 5.40% Prudential 2 496,665.00 1.43% 1.35
FNMA 313588C72 0400296 140 082096 97.9914 750,000.00 734,935.42 15,064.58 750,000.00 5.36% Banc One 2 744,127.50 2.13% 2.99
FNMA 31358BE76 05/0296 126 09/0596 98.1905 357,500.00 351,031.04 6,468.96 357,500.00 5.35% Prudential 2 353,853.50 1.02% 1.28
FNMA 313588658 0320/96 183 09/1996 97.3973 200,000.00 194,794.67 5,205.33 200,000.00 5.34% Prudential 2 197,542.00 0.68% 1.06
FNMA 31364BKW9 092095 360 092096 99.9688 200,000.00 199,937.50 11,200.00 211,200.00 5.63% 5.60% Prdential 2 200,093.75 0.58% 2.09
FNMA 31359MAF0 05/1596 180 11/1596 100.0000 500,000.00 500,000.00 13,650.00 513,650.00 5.46% 5.46% Banc One 2 500,000.00 1.45% 2.61
FHLB 313393CX6 022096 720 022098 100.0000 1,000,000.00 1,000,000.00 105,000.00 1,105,000.00 5.25% 5.25% Banc One 2 986,250.00 2.90% 20.91
FHLB 313393DCI 0220/96 1080 0220099 100.0000 500,000.00 500,000.00 83,100.00 583,100.00 5.54% 5.54% Prudential 2 489,218.75 1.45% 15.69
subtdal 4,185,656.44 47.98
Fund 4
LOGIC WA 100.0000 317,968.03 317,968.03 317,968.03 5.33% LOGIC 4 317,968.03 0.92% 0.00
sublolal 317,968.03 0.00
fv Fund 6
TNOTE 841 07!3192 1800 0713197 99.9570 500,000.00 499,785.00 137,500.00 637,500.00 5.50% 5.50% Shearson 6 4498,359.38 98,359.38 1.45% 26.14
26.14
Fund t
LOGIC WA 100.0000 472,323.89 472,323.89 472,323.89 5.33% LOGIC 8 472,323.89 1.37% 0.00
subtotal 472,323.89 0.00
Fund 9
LOGIC NIA 100.0000 5,092.18 5,092.18 5,092.18 5.33% LOGIC 9 5,092.18 0.31% 0.00
FHLB 313393MC1 0320196 359 03/1497 99.7031 1,000,000.00 997,031.25 52,750.00 1,052,750.00 5.59% 5.28% FSW 9 995,540.00 2.90% 10.41
TNOTE 912827830 07/3192 1800 07/3197 99.9570 250,000.00 249,892.50 68,750.00 318,750.00 5.50% 5.50% Shearson 9 249,179.69 0.73% 13.07
subtotal 1,249,811.86 23.48
Fund 12
LOGIC WA 100.0000 105,600.40 105,600.40 105,600.40 5.33% LOGIC 12 105,600.40 0.31% 0.00
FNMA 31364BKW9 092095 360 0920196 99.9688 200,000.00 199,937.50 11,200.00 211,200.OD 5.63% 5.60% Prudential 12 200,093.75 0.58% 2.09
upblote1 305,694.15 2.09
Fund 16
LOGIC WA 100.0000 4,366.92 4,366.92 4,366.92 5.33% LOGIC 16 4,366.92 0.01% 0.00
subtotal 4,366.92 0.00
Fund 17
LOGIC WA 100.0000 271,707.17 271,707.17 271,707.17 5.33% LOGIC 17 271,707.17 0.79% 0.00
TNOTE 841 07/3192 18W 07/3197 99.9570 200,000.00 199,914.00 55,000.00 255,000.00 5.50% 5.50% Shearson 17 199,343.75 0.58% 10.46
Subtotal 471,050.92 10.46
Fund IS
LOGIC WA 100.0000 0.00 0.00 0.00 5.33% LOGIC 18 0.00 0.00% 0.00
FNMA 31364AZL9 120195 924 0625198 99.1719 500,000.00 495,859.38 81,150.00 581,150.00 5.76% 5.41% 23,443.33 Rauscher 8,281.25 18 492,109.38 1.45% 13.42
subs otal 492,109.38 13.42
Fund 19
LOGIC WA 100.0000 0.00 0.00 0.00 5.33% LOGIC 19 0.00 0.00% 0.00
FNMA 31364AZL9 1201195 924 062598 99.1719 500,000.00 495,859.38 81,150.00 581,150.00 5.76% 5.41% 23,443.33 Rauscher 8,281.25 19 492,109.38 1.45% 13.42
subtotal 492,109.38 13.42
Fund 21
LOGIC WA 100.0000 170,526.81 170,526.81 170,526.81 5.33% LOGIC 21 170,526.81 0.50% 0.00 _
suubblal 170,526.81 0.00 (�(
Fund 22
LOGIC WA 100.0000 1,702,228.38 1,702,228.38 1,702,226.38 5.33% LOGIC 22 1,702,228.38 4.94% 0.00
FHLMC 313396YV9 032896 95 0700196 98.6357 1,010,000.00 996,220.51 13,779.49 1,010,00000 5.33% Pruprog 22 1,009,545.50 2.89% 2.75
TNOTE 912827054 "4,(2895 246 07!3196 100.3984 610,000.00 612,430.47 37,362.50 647,36 ' 5.50% 6.13% 12,183.42 Pruprog 2,430.47 22 610,040.20 1.81% 446
FNMA 313588028 100 082396 98.5500 1,010,000.00 995,355.00 14,645.00 1,010, 5.39% Pnuprog 22 1,001,627.10 2.89%
FNMA 313588E50 � 91 09/03096 98.6780 865,000.00 853,564.46 11,435.54 865, 5.39% Pruprog 22 856,436.50 2.48%
City at ELAM
krvestnerd by Fund
As of June 30,1996
Investment Type InsE4rlon
LOGIC Invesmient Pod FNMA Fed.Natl Mart Asso. FHLB Fed.Home Loan Baric RAUSCHER Reusdter Pierce BANC BancOra Capitol MMSBW Masterson Moreland
TBILL Treasury Oil FFC8 Fed.Farm Credit Bank FHLMC Fed.Home Loan Mort Corp. PRUD Prudental Securities FSW Firm Sou7rwest LM Landrrrark Banc
REPO Repurchase Agreement TNOTE Treasury Note FGIC Fin1 Guaranty Ira Co. A 6 B Ahem a Bryan MERRILL Merril Lynch
Cost Accnied
Inv. Cusip Purchase Term Maturity Price Par Bods Value Interest Total Pain.+ Yield To Coupon Interest Sellar Market %of WAM
Type Nurr9w Date (in days) Date Per 5100 Value (Priv.Only) @ maty Int.@ Maty Me" Rate Purchased Inst. Discard Premium Fund Value Portfolio
TBILL 912794ZBO 112895 296 09/19/96 95.7656 440,000.00 21,368.44 18,631.56 440,000.00 5.41% Pnprog 22 434,887.20 1.22% 3.62
FNMA 31364BPLB 01)05/96 314 11/1496 100.1502 500,000.06 W0,751.00 27,350.00 527,350.00 5.28% 5.47% 3,874.58 Pruprog 751.00 22 500,000.00 1.47% 4.60
FNMA 31364B0V5 01)0596 341 12/1196 100.0469 500,DOO.00 500,234.38 26,550.00 526,550.00 5.25% 5.31% 1,770.00 Pruprog 234.38 22 499,531.25 1.46% 4.97
FFCB 31331HBUO 122095 405 0210397 98.8810 335,000.00 331,251.35 22,863.75 357,863.75 5.59% 4.55% 5,800.62 Pruprog 3,748.65 22 332,346.80 0.98% 3.97
FHLMC 31340GA78 112895 434 02/1097 99.0075 725,000.00 717,804.52 51,982.50 776,982.50 5.64% 4.78% 10,396.50 Pruprog 7,195.48 22 721,261.72 2.12% 9.18
subtotal 7,667,904.65 38.70
Fund 23
LOGIC WA 100.0000 0.00 0.00 0.00 5.33% LOGIC 23 0.00 0.00% 0.00
Fund Z< subtotal 0.00 0.00
LOGIC WA 100.0000 104,852.24 104,852.24 104,852.24 5.33% LOGIC 24 104,852.24 0.30% OAO
subtotal 104,852.24 0.00
Fund 26
LOGIC WA 100.0000 104,829.85 104,829.85 0.00 104,829.85 5.33% LOGIC 26 104,829.85 0.30% 0.00
FNMA 313588Zdo 05/16/96 54 07)0996 99.2185 500,000.00 496,092.50 3,907.50 500,000.00 5.34% Rip" 26 499,190.00 1.44% 0.78
TNOTE 912827054 112895 246 07/3196 100.3984 665,000.00 667,649.61 40,731.25 705,731.25 5.50% 6.13% 13,281.93 Pruprog 3,649.01 26 665,043.82 1.98% 4.87
FHLMC 313396A86 0510296 95 DW596 98.6331 150,000.00 147,949.58 2,050.42 150,000.00 5.34% Pruprog 26 149,055.00 0.43% 0.41
FNMA 313588D28 05/1596 100 082396 98.5500 1,000,000.00 985,500.00 14,500.00 1,000,000.00 5.39% Pruprog 26 991,710.00 2.86% 2.86
TBILL 912794Z80 112&95 296 09/1996 95.7656 200,000.00 191,531.11 8,468.89 200,000.00 5.41% Pn" 26 197,676.00 0.56% 1.65
FNMA 31358BH24 05/1696 131 092496 98.1078 500,000.00 490,538.89 9,461.11 500,000.00 5.39% Pruprog 26 493,485.00 1.42% 1.87
FFCB 3133211<90 0511696 154 10/1796 97.7798 535,000.00 523,122.11 11,877.89 535,000.00 5.40% Prupmg 26 526,151.10 1.52% 2.34
FFCB 31331HBUO 12120/95 405 020397 98.8810 665,000.00 657,558.65 45,386.25 710,386.25 5.59% 4.55% 11,514.66 Pruprog 7,441.35 26 659,733.20 1.94% 7.87
subtotal 4,286,873.97 22.64
Fund 29
( LOGIC WA 100.0000 388,561.27 358,561.27 388,561.27 5.33% LOGIC 29 388,561.27 1.13% 0.00
tJ subtotal 388,561.27 0.00
N Fund 32
LOGIC WA 100.0000 201,603.48 201,603.48 201,603.48 5.33% LOGIC 32 201,603.48 0.59% 0.00
FHLMC 313396YV9 03/2896 95 07)0196 98.6357 300,000.00 295,907.08 4,092.92 300,000.00 5.33% Prue-9 32 299,865.00 0.86% 0.82
FNMA 3135WE50 0610496 91 0903196 98.6780 485,000.00 478,588.17 6,411.83 485,000.00 5.39% Pnvrog 32 480,198.50 1.39% 1.27
FHLB 313392U34 01/1996 1080 01/19)99 100.0000 500,000.00 500,000.00 86,775.00 586,775.00 5.79% 5.79% Prudential 32 492,265.63 1.45% 15.69
subtotal 1,473,932.61 17.77
Fund 34
LOGIC WA 100.0000 0.00 0.00 0.00 0.00 5.33% LOGIC 34 0.00 0.00% 0.00
CD 042396 365 0423/97 100.0000 5,000.00 5,000.00 222.50 5,222.50 4.45% 4.45% Lrdrrrk 34 5,000.00 0.01% 0.05
subtotal 5,000.00 0.05
Fund 35
LOGIC WA 100.0000 15,884.93 15,884.93 0.00 15,884.93 5.33% LOGIC 35 15,884.93 0.05% 0.00
FNMA 313588G58 032096 183 09/1996 97.3973 400,000.00 389,589.33 10,410.67 400,000.00 5.34% Prudential 35 395,064.00 1.12% 2.04
subtotal 410,968.93 2.04
Fund 39
LOGIC WA 100.0000 0.00 0.00 0.00 5.33% LOGIC 39 0.00 0.00% 0.00
subtotal 0.00 0.00
Fund 40
LOGIC WA 100.0000 88,650.77 88,650.77 88,650.77 5.33% LOGIC 40 88,650.77 0.25% 0.00
TNOTE 641 07/3192 1800 07/3197 99.9570 50,000.00 49,978.50 13,750.00 63,750.00 5.50% 5.50% Shearson 40 49,1135.94 0.14% 2.58
FHLB 01/1996 1060 01/1999 100.0000 500,000.00 500,000.00 86,775.00 586,775.00 5.79% 5.79% Prudential 40 492,265.63 1.45% 15.69
subtotal 630,752.33 18.27
Fund 50
LOGIC WA 100.0000 0.00 0.00 0.00 5.33% LOGIC 50 0 0.OD% 0.00
FGIC WA 100.0000 876,345.31 876,345.31 876,345.31 5.17% FGIC 50 876,345.31 2.55% 0.00
FHLB 313384ZS1 020196 172 0722)06 97.6684 810,000.00 791,114.40 18,885.60 810,000.00 5.08% Pruprog 50 807,132.60 2.30% 3.95
FNMA 313588846 020196 190 0809/96 97.4403 1,550,000.00 1,510,324.31 39,675.69 1,550,000.00 5.06% Pnprog 50 1,540,359.00 4.39% 6.34
TNOTE 91282705 01/3196 197 08/1596 996406 1,500,000.00 1,494,609.38 65,625.00 1,560,234.38 5.05% 4.38% 30,137.57 Pruprog 5,390.62 50 1,498,593.75 4.43% 8.72
TNOTE 912827930 07/3192 1800 07/3197 99.9570 450,000.00 449,806.50 123,750.00 573,750.00 5.50% 5.50% Shearson 50 448,523.44 1.31% 23.53
subtotal 5,170,954.10 44.54
TOTAL 34,589,063.13 34,304,742.80 1,848,417.42 36,181,416.26 34,382,007.44 338.70
City of Euless
Investment by Fund
As of September 30,1996
Investrient Type Institution
LOGIC Investment Pod FNMA Fed.Nail Mort Asso. FHLB Fed.Home Loan Banc RAUSCHER Rauscher Pierce BANC BancOne Capital MMSBW Masterson More"
TBILL Treasury Bill FFCB Fed.Farm Credit Banc FHLMC Fed Home Loan Mort.Corp. PRUD Prudential SecWtles FSW First Soubwest LM Landmark Banc
REPO Repurchase Agreement TNOTE Treasury Note FGIC FIn1 Guaranty Ins Co. A 6 B Ahart 8 Bryan MERRILL Merril Lynch
Cost Accrued
irrv. Cusip Purchase Tern Maturity Price Par Bods Value Interest Total Prin.+ Yield To Coupon Interest Seller Market %of WAM
Type Number Date (in days) Date Per$100 Value (Priv.Orly) ®maty Int Q Maly Matirtly Rate Purchased Inst. Discount Premium Fund Value Portfolo
Fund 1
LOGIC WA 100.0000 1,649,697.40 1,649,697.40 1,649,697.40 5.20% LOGIC 1 1,649,697.40 5.28% 0.00
FNMA 313588s71 09/0596 96 12/10196 98.5627 1,000,000.00 985,626.67 14,373.33 1,000,000.00 5.45% Merril 1 989,665.60 3.15% 3.03
FHLB 313389K23 03/0196 297 1223196 99.6094 1,000,000.00 996,093.75 47,300.00 1,047,300.00 5.22% 4.73% FSW 1 998,750.00 3.21% 9.55
FHLB 313392UEO 01/1096 360 01/1097 100.0000 500,000.00 500,000.00 27,150.00 527,150.00 5.22% 5.43% Banc One 1 499,375.00 1.60% 5.76
FNMA 313589DEO 092096 179 0311697 97.3051 1,000,000.00 973,050.56 26,949.44 1,000,000.00 5.65% FSW 1 975,025.60 3.11% 5.57
FHLB 313394hs0 092496 360 092497 99.9050 500,000.00 499,525.00 30,000.00 530,000.00 6.10% 6.00% Merril 1 500,625.00 1.60% 5.75
FHLB 313393CX6 0220/96 720 02/10/98 100.0000 1,000,000.00 1,000,000.00 105,000.00 1,105,000.00 5.25% 5.25% Banc One 1 990,000.00 3.20% 23.02
FNMA 31364AZL9 12/0195 924 0625198 99.1719 0.00 1 0.00 0.00 0.00 5.76% 5.41% 23,443.33 Rauscher 8,281.25 1 0.00 0.05% 0.45
FHLB 313393DC1 0220/96 1080 0220199 100.0000 500,000.00 500,000.00 83,100.00 583,100.00 5.54% 5.54% Prudential 1 491,250.00 1.60% 17.27
subtotal 7,094,388.60 22.79% 70.39
Fund 2
LOGIC WA 100.0000 877,050.23 877,050.23 877,050.23 5.20% LOGIC 2 877,050.23 2.80% 0.00
FNMA 31359MAFO 05/15/96 180 11/1596 100.0000 500,000.00 500,000.00 13,650.00 513,650.00 5.46% 5.46% Banc One 2 499,843.75 1.60% 2.88
FNMA 3135a8s71 090596 96 12/10/96 98.5627 400,000.00 394,250.67 5,749.33 100,000.00 5.45% Merril 2 395,866.24 1.26% 1.21
FNMA 31358945 0927/96 154 022897 97.7499 500,000.00 488,749.44 11,250.56 500,000.00 5.47% Prudential 2 488,863.75 1.56% 2.41
FHLB 313394hs0 0924196 360 092497 99.9050 500,000.00 499,525.00 30,000.00 530,000.00 6.10% 6.00% Merril 2 500,625.00 1.60% 5.75
FHLB 313393CX6 022096 720 022098 100.0000 1,000,000.00 1,000,000.00 105,000.00 1,105,000.00 5.25% 5.25% Banc One 2 990,000.00 3.20% 23.02
FHLB 313393DC1 0220196 1080 022099 100.0000 500,000.00 500,000.00 83,100.00 583,100.00 5.54% 5.54% Prudential 2 491,250.00 1.60% 17.27
subtotal 4,243,498.97 13.62% 52.54
Fund 4
LOGIC WA 100.0000 226,812.03 226,812.03 226,812.03 5.20% LOGIC 4 226,812.03 0.73% 0.00
I scbbtei 226,812.03_ 0.73% 0.00
N Fund 6
W TNOTE 841 07/3192 18W 07/3197 99.9570 500,000.00 499,785.00 137,500.00 637,500.00 5.50% 5.50% Shearson 6 499,218.75 1.60% 28.78
1 subtDlel 499,218.75 1.60% 28.78
Fund 9
LOGIC WA 100.0000 778,897.44 778,897.44 778,897.44 5.20% LOGIC a 778,897.44 2.49% 0.00
FGIC WA 100.0000 403,108.83 403,108.83 403,108.83 5.29% FGIC 8 403,108.83 1.29% 0.00
subbtal 1,182,006.27 3.78% 0.00
Fund 9
LOGIC WA 100.0000 205,864.96 205,864.96 205,864.96 5.20% LOGIC 9 205,864.96 0.66% 0.00
FGIC N/A 100,0000 100,777.21 100,777.21 100,777.21 5.29% FGIC 9 100,777.21 0.32% 0.00
FHLB 313393MC1 0320196 359 03/1497 99.7031 1,000,000.00 997,031.25 52,750.00 1,052,750.00 5.59% 5.28% FSW 9 998,125.00 3.19% 11.46
TNOTE 912827g30 07/31/92 18W 07/3197 99.9570 250,000.00 249,892.50 68,750.00 318,750.00 5.50% 5.50% Shearson 9 249,609.38 0.80% 14.39
subbtal 1,554,376.54 4.97% 25.85
Fund 12
LOGIC WA 100.0000 307,187.55 307,187.55 307,187.55 5.20% LOGIC 12 307,187.55 0.98% 0.00
subtotal 307,187.55 0.98% 0.00
Fund 19
LOGIC N/A 100.0000 4,417.80 4,417.80 4,417.80 5.20% LOGIC 16 4,417.80 0.01% 0.00 ✓►Y}
subtotal 4,417.80 0.01% 0.00
Fund 17
LOGIC WA 100.0000 477,203.37 477,203.37 477,203.37 5.20% LOGIC 17 477,203.37 1.53% 0.00
TNOTE 841 07!3192 1800 07/3197 99.9570 200,000.00 199,914.00 55,000.00 255,000.00 5.50% 5.50% Shearson 17 199,687.50 0.64% 11.51
subtolat 676,890.87 2.17% 11.51 _
Fund 19
LOGIC WA 100.0000 0.00 0.00 0.00 5.20% LOGIC 18 0.00 0.00% 0.00 n -.
FNMA 31364AZL9 120195 924 062598 99.1719 500,000.00 495,859.38 81,150.00 581,150.00 5.76% 5.41% 23,443.33 Rausdar 8,281.25 18 493,750.00 1.60% 14.77 1(/
subtotal 493,750.00 1.60% 14.77
Fund 19
LOGIC N/A 100.0000 0.00 0.00 0.00 5.20% LOGIC 19 0.00 0.00% 0.00
FNMA 31364AZL9 120195 924 062598 99.1719 500,000.00 495,859.38 81,150.00 581,150.00 5.76% 5.41% 23,443.33 Rauscher 8,281.25 19 493,750.00 1.60% 14.77
subtotal 493,750.00 1.60% 14.77 Ob
City of Euless
Investment by Fund
As of September 30,1996
Investment Type Institution
LOGIC Investment Pod FNMA Fed.Nail Mort.Asso. FHLB Fed.Home Loan Baric RAUSCHER Rauscher Plerce BANC BancOne Capital MMSRW Masterson Moreland
TRILL Treasury Bill FFCB Fed.Farm Credit Baric FHLMC Fed.Home Loan Mort Corp. PRUD Prudential Securities FSW First Southwest LM Landmark Banc
REPO Repurchase Agreement TNOTE Treasury Note FGIC Flint Guaranty Ins Co. A&8 Mart 8 Bryan MERRILL Merril Lynch
Cost Attnred
Inv. Cusp Purchase Tenn Maturity Price Par Book Value Interest Total Prin.a yield To Coupon Interest Seller Market %of WAM
Type Number Date (in days) Date Per$100 Value (Prin.Only) maty IM a Mary me" Rate Purchased Inst. Discount Premlurrl Fund Value Porffolo
Fund 21
LOGIC N/A 100.0000 273,678.91 N3,678.91 273,678.91 5.20% LOGIC 21 273,678.91 0.88% 0.00
subtotal 273,678.91 0.88% 0.00
Fund 22
LOGIC WA 100.0000 319,280.83 319,280.83 319,280.83 5.20% LOGIC 22 319,280.83 1.02% 0.00
FNMA 31358BL60 08/23196 60 1022196 99.1383 1,020,000.00 1,011,211.00 8,789.00 1,020,000.00 5.30% Pruprog 22 1,016,727.53 3.23% 1.94
FNMA 31364BPL8 01105196 314 11/14196 100.1502 500,000.00 500,751.00 27,350.00 527,350.00 5.28% 5.47% 3,874.58 Prprog 751.00 22 500,156.25 1.61% 5.07
FNMA 31364BOV5 01105196 341 12/11196 100.0469 500,000.00 500,234.38 26,550.00 526,550.00 5.25% 5.31% 1,770.00 Pr grog 234.38 22 500,156.25 1.61% 5.47
FFCB 31331HBU0 1220195 405 02103197 98.8810 335,000.00 331,251.35 22,863.75 357,863.75 5.59% 4.55% 5,800.62 Pnuprog 3,748.65 22 333,953.13 1.08% 4.37
FHLMC 31340OA78 1128195 434 02/1097 99.0075 725,000.00 717,804.52 51,982.50 776,982.50 5.64% 4.78% 10,396.50 Pryxog 7,195.48 22 723,640.63 2.33% 10.11
subtotal 3,393,914.61 10.88% 26.95
Fund 23
LOGIC WA 100.0000 0.00 0.00 0.00 5.20% LOGIC 23 0.00 0.00% 0.00
subtotal 0.00 0.00% 0.00
Fund 24
LOGIC WA 100.0000 1D6,073.95 106,073.95 106,073.95 5.20% LOGIC 24 106,073.95 0.34% 0.00
FGIC WA 100.0000 60,466.32 60,466.32 60,466.32 5.29% FGIC 24 60,466.32 0.19% 0.00
subtotal 166,540.27 0.53% 0.00
Fund 26
LOGIC N/A 100.0000 873,233.31 873,233.31 0.00 873,233.31 5.20% LOGIC 26 873,233.31 2.79% 0.00
FMAC 313396,167 07/1096 90 1010896 98.6500 505,000.00 498,182.50 6,817.50 505,000.00 5.57% Pnprog 26 504,410.82 1.59% 1.43
FFCB 3133211<90 05/16/96 154 10/1796 97.7798 535,000.00 523,122.11 11,877.89 535,000.00 5.40% Pr grog 26 533,673.63 1.67% 2.58
FMAC 313396U43 082396 122 122396 98.2479 1,010,000.00 992,304.24 17,695.76 1,010,000.00 5.35% Pnprog 26 997,651.06 3.17% 3.87
FHLB 313385aw6 092096 123 012197 98.1618 505,000.00 495,717.26 9,282.74 505,000.00 5.35% Pn4ro9 26 496,598.77 1.59% 1.95
FFCB 31331HBU0 122095 405 02)0397 98.8810 665,000.00 657,558.65 45,386.25 710,386.25 5.59% 4.55% 11,514.66 Pruprog 7,441.35 26 662,921.88 2.14% 8.67
N subtotal 4,068,489.46 12.96% 18.50
Fund 29
LOGIC N/A 100.0000 211,397.19 211,397.19 211,397.19 5.20% LOGIC 29 211,397.19 0.68% 0.00
subtotal 211,397.19 0.68% 0.00
Fund 32
LOGIC WA 100.0000 189,260.71 189,260.71 189,260.71 5.20% LOGIC 32 189,260.71 0.61% 0.00
FHLB 3133841-56 07)0296 111 102196 98.3628 300,000.00 295,088.25 4,911.75 300,000.00 5.49% Prwog 32 299,081.25 0.94% 1.05
FHLB 313384p52 092096 55 11/1496 99.1918 500,000.00 495,959.03 4,040.97 500,000.00 5.42% Prprog 32 496,718.75 1.59% 0.87
FHLB 313392U34 01/1996 1080 0111999 100.0000 250,000.00 250,000.00 43,387.50 293,387.50 5.79% 5.79% Prudeftal 32 246,953.13 0.80% 8.63
subtotal 1,232,013.84 3.93% 10.55
Fund 34
LOGIC WA 100.0000 181,660.43 181,660.43 (0.00) 181,660.43 5.20% LOGIC 34 181,660.43 0.58% 0.00
FGIC WA 100.0000 40,310.88 40,310.88 0.00 40,310.88 5.29% FGIC 34 40,310.88 0.13% 0.00
CD 042396 365 042397 100.0000 5,000.00 5,000.00 222.50 5,222.50 4.45% 4.45% Lndnrk 34 5,000.00 0.02% 0.06
subtotal 226,971.31 0.73% 0.06
Fund 35
LOGIC WA 100.0000 417,496.91 417,496.91 0.00 417,496.91 5.20% LOGIC 35 417,496.91 1.34% 0.00
subtotal 417,496.91 1.34% 0.00
Fund 39
LOGIC WA 100.0000 201,552.95 201,552.95 201,552.95 5.20% LOGIC 39 201,552.95 0.64% 0.00
subtotal 201,552.95 0.64% 0.00
Fund 40
LOGIC WA. 100.0000 223,683.70 223,683.70 223,683.70 5.20% LOGIC 40 223,683.70 0.72% 0.00
TNOTE 9128279W 07/3192 1800 07(3197 99.9570 50,000.00 49,978.50 13,750.00 63,750.00 5.50% 5.50% - Shearson 40 49,921.88 0.16% 2.84
FHLB 0111996 1080 01/1999 100.0000 750,000.00 750,000.00 130,162.50 880,162.50 5.79% 5.79% Prudential 40 740,859.38 2.40% 25.90
subtotal 1,014,464.95 3.27% 28.74
City of Euless
Immstirierd by Fund
As of September 30,1996
Irwestnent Type kditi4uBon
LOGIC Investment Pod FNMA Fed.Nall Mort.Asso. FHLB Fed.Home Loan Bank RAUSCHER Reuscher Pierce BANC Bancone Capital MMSBW Masterson Moreland
TBILL Treasury Bil FFCB Fed.Farm Credit Banc FHLMC Fed.Home Loan Mort.Corp. PRUD Prudential Securities FSW First Souft"st LM Landrnark Bank
REPO Repurchase Ageement TNOTE Treasury Note FGIC Fin1 Guaranty Ins Co. A&B Ahert8 Bryan MERRILL Merril Lynch
Cost Accrued
Inv. Cusip Purchase Term Maturity Price Per Book Value Interest Total Prin.+ Yield To Coupon Interest Seller Market %of WAM
Type Nu nber Date (in days) Date Per 5100 Value (Prin.Only) @ maty Ind.@ Maty Maturity Rate Purchased kust Discount Premum Fund Value Pomolo
Fund 50
LOGIC WA 100.0000 0.00 0.00 0.00 5.20% LOGIC 50 0.00 0.00% 0.00
FGIC WA 100.0000 1,844,306.54 1,844,306.54 1,844,306.54 5.29% FGIC 50 1,844,306.54 5.90% 0.00
FMAC 313396P98 08/15/96 95 11/18/96 98.6278 765,000.00 754,502.50 10,497.50 765,000.00 5.36% PnJIxw 50 759,543.87 2.41% 2.29
TNOTE 912827g30 07/31)92 1800 07/3197 99.9570 450,000.00 449,806.50 123,750.00 573,750.00 5.50% 5.50% Shearson 50 449,296.88 1.44% 25.90
sbtoW 3,053,147.28 9.75% 28.19
Fund 54
LOGIC WA 100.0000 177,234.17 177,234.17 177,234.17 5.20% LOGIC 54 177,234.17 0.57% 0.00
sbtDtal 177,234.17 0.57% 0.00
TOTAL 31,370,653.62 31,204,287.98 1,618,240.78 32,856,658.62 31,213,199.24 100.00% 331.62
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City of Euless
Schedule of Purchases
For July,1996
Investnent Type IrmMon
LOGIC Investment Pod FNMA Fed.Nail Mort.Asso. FHLB Fed.Home Loan Bente RAUSCHER Rauscher Pierce BANC BancOne Capital MMSBW Masterson Moreland
TBILL Treasury 69 FFCB Fed.Farm Credit Banc FHLMC Fed.Home Loan Mort.Corp. PRUD Prudential Securities FSW First Soubmest LM Lanftark Bank
REPO Repurchase Agreement TNOTE Treasury Note FGIC Fin1 Guaranty Ins Co. A 8 B Ahart 8 Bryan MERRILL Merrill Lynch
Cost Accrued Total P+I
Inv. Cusip Purchase Tenn Matu ty Price Par Bock Value Interest Total Yield To Coupon Interest Seller Maty Net of Total Cost
Type Nuntw Date (in days) Date Per$100 Value (Prin.Only) maty Prin+Int Maturity Rate Purchased Inst. Discount PrerNun Fund Prem,Disc 8 Int Pur of Investment
FHLB 313384L56 07102/96 111 1021)96 98.3628 300,000.00 295,088.26 4,911.75 300,000.00 5.49% Pnuprog 32 300,000.00 295,088.25
FNMA 3135881940 07)03196 85 0926/96 98.7415 500,000.00 493,707.64 6,292.36 500,000.00 5.49% Pruprog 22 500,000.00 493,707.64
LOGIC N/A 07/08/96 100.0000 750,000.00 750,000.00 0.00 750,000.00 5.26% LOGIC 1 750,000.00 750,000.00
LOGIC WA 07/10/96 100.0000 350,000.00 350,000.00 0.00 350,000.00 5.17% LOGIC 2 350,000.00 350,000.00
FMAC 313396.187 07/10/96 90 10/08196 98.6500 505,000.00 498,182.50 6,817.50 505,000.00 5.57% PruPrw 26 505,000.00 498,182.50
LOGIC WA 0723196 100.0000 500,000.00 500,000.00 0.00 500,000.00 5.20% LOGIC Various 500,000.00 500,000.00
LOGIC WA 07/31196 100.0000 200,000.00 200,000.00 0.00 200,000.00 5.30% LOGIC 1 200,000.00 200,000.00
FMAC 313384G23 07/31/96 47 09/16/96 99.3146 665,000.00 660,441.98 4,558.02 665,000.00 5.37% Pruprog 26 665,000.00 660.441.98
FMAC 313384623 0781/96 47 09/1696 99.3146 610,000.00 605,818.96 4,181.04 610,000.00 5.37% Pwog 22 610,000.00 605,818.96
TOTALS: 4,380,000.00 4,353,239.33 26,760.67 4,380,000.00 4,380,000.00 4,353,239.33
�44-
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City of Euless
Schedule of Purchases
For August,1996
Investment Type htstltlllon
LOGIC Investment Pod FNMA Fed,Nall Mort Asso. FHLB Fed.Home Loan Bank RAUSCHER Rauscher Pierce BANC BancOne Capital MMS&W Masterson Moreland
TBILL Treasury Bill FFCB Fed.Farm Credit Banc FHLMC Fed.Home Loan Mort Corp. PRUD Prudential Secun les FSW First Southwest LM Landmark Bark
REPO Repurchase Agreement TNOTE Treasury Note FGIC AM Guaranty Ins Co. A&B Alien&Bryan MERRILL Merrill Lynch
cost Aid Total P+I @
Inv. Cusip Purchase Term Maturity Price Per Book Value Interest Total Yleld To Coupon Interest Soler Maty Net of Total Cast
Type Number Date (in days) Dale Per$100 Value (Priv.Only) @ maty Prin+int Mc" Rate Purchased Inst Discount Premiun Fund Prem,Disc&Int Pur of Invesfirent
LOGIC WA 08109/96 100.0000 600,000.00 600,000.00 0.00 600,000.00 5.16% LOGIC 1,4,12,54 600,000.00 600,000.00
FGIC WA 08109196 100.0000 1,550,000.00 1,550,000.00 0.00 1,550,000.00 5.20% FGIC various 1,550,000.00 1,550,000.00
LOGIC WA 08/15096 100.0000 800,000.00 800,000.00 0.00 800,000.00 5.26% LOGIC 1,2 800,000.00 800,000.00
FMAC 313396p98 08/15196 95 11/16196 98.6278 765,000.00 754,502.50 10,497.50 765,000.00 5.36% Pruprog 50 765,000.00 754,502.50
LOGIC WA 0820196 100.0000 600,000.00 500,000.00 0.00 500,000.00 5.24% LOGIC 2 500,000.00 500,000.00
FNMA 3135881-60 0823)96 60 10/12/96 99.1383 1,020,000.00 1,011,211.00 8,789.00 1,020,000.00 5.30% Pruprog 22 1,020,000.00 1,011,211.00
FMAC 313396U43 0823/96 122 1223/96 98.2479 1,010,000.00 992,304.24 17,695.76 1,010,000.00 5.35% Pnyrog 26 1,010,000.00 992,304.24
TOTALS: 6,245,000.00 6,208,017.74 36,982.26 6,245,000.00 6,245,000.00 6,208,017.74
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Cly of Euless
Schedule of Purchases
For September,1996
Investnhem Type Institution
LOGIC Investment Pod FNMA Fed.Nat1 Mort.Asso. FHLB Fed.Home Loan Banc RAUSCHER Rauscher Pierce BANC BancOne Capital MMSBW Masterson Moreland
TBILL Treasury Bit FFCB Fed.Farm Credit Banc FHLMC Fed.Home Loan Mort.Corp. PRUD Prudential Securities FSW First Southwest LM Lwxk mrk Banc
REPO Repurchase Agreement TNOTE Treasury Note FGIC Finl Guaranty Ins Co. A d B Nmd&B yon MERRILL Merril Lynch
Cost Accrued Total P+I Q
Inv, Cusip Purchase Tenn Maturity Price Per Book Value Interest Total Yield To Coupon Interest Saler Mary Net of Total Cost
Type Number Date (in days) Date Per$100 Value (Prin.Onty) Q maty Prin+Int Maturity Rate Purchased Inst Discount Premium Furl Prem,Disc&Int Pur of Investment
LOGIC N/A 09/03/96 100.0000 880,000.00 680,000.00 0.00 880,000.00 5.20% LOGIC 22,32 880,000.00 880,000.00
FNMA 313588571 09/05/96 96 12/10/96 98.5627 1,400,000.00 1,379,877.33 20,122.67 1,400,000.00 5.54% Merril 1,2 1,400,000.00 1,379,877.33
LOGIC N/A 09/16/96 100.0000 665,000.00 666,000.00 0.00 665,000.00 5.15% LOGIC 26 665,000.00 665,000.00
LOGIC WA 09/1996 100.0000 1,240,000.00 1,240,000.00 0.00 1,240,000.00 5.08% LOGIC various 1,240,000.00 1,240,000.00
FHLB 313384/`52 092096 55 11/1496 99.1918 500,000.00 495,959.03 4,040.97 500,000.00 5.42% PrProg 32 500,000.00 495,959.03
FHLB 313385AV46 092096 123 012197 98.1618 505,000.00 495,717.26 9,282.74 505,000.00 5.57% PR" 26 505,000.00 495,717.26
FNMA 313589DEO 092096 179 03/1897 97.3051 1,000,000.00 973,050.56 26,949.44 1,000,000.00 5.65% FSW 1 1,000,000.00 973,050.56
FHLB 313394HSO 092496 360 092497 99,9050 1,000,000.00 999,050.00 60,000.00 1,060,000.00 6.10% 6.00% Merril 950.00 1 1,060,000.00 999,050.00
LOGIC WA 092696 100.0000 600,000.00 600,000.00 0.00 600,000.00 5.31% LOGIC 2 600,000.00 600,000.00
FNMA 313589CL5 0927/96 154 022897 97.7499 500,000.00 488,749.44 11,250.56 500,000.00 5.47% Prudential 2 500,000.00 488,749.44
TOTALS: 8,290,000.00 8,217,403.62 131,646.38 8,350,000.00 5.45% 950.00 8,350,000.00 8,217,403.62
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Cly of Wass
SdwWe of Metopes
For Afy,1996
investment Type kultUon
LOGIC h+estment Pod FNMA Fed.Nall Mort.Asso. FHLB Fed.Home Loan Berk RAUSCHER Rasdw Pierce BANC BancOne Capital MMSBW Masterson Moral"
TBILL Tressuy&I FFCB Fed,Form Credit Baric FHLMC Fed.Home Loan Mon.Cary. PRiJD PnxW*ai Seoulles FSW Fast Sartlweest LM Lwxknrk Bark
REPO Repudrese Agreement TNOTE Tressay Note FGIC Rn1 Guaranty Ins Co. A 6 8 Ahart d Bryan MERRILL Merril Lynch
Tenn to Cost Acaued Total P*I
inv. Qmp Rrdrase Maty/Call MatylCal Rice Par Boole Value "West Total Priv.* Ylald To CoLpen interest Saler Maty or cell Not of Total Cost
Type Nunber Date (in days) Date Per$100 Value (Rin Orly) Q maty/Cal K.Q Mary MaWiy, Rete Plydused Yet. Dscart Premun Fuld Prem 8 K Pu. of Irwesbnrt
FMAC 313396YV9 0328196 95 07/0156 98.6357 300,000.00 295,907.08 4,092.92 300,000.00 5.33% Pnprog 32 300,000.00 295.907.08
FMAC 313396YV9 0328196 95 07,01/96 98.6357 1,010,000.00 996,220.51 13,779.49 1,010,000.00 5.33% Prtprog 22 1,010,000.00 996,220.51
FNMA 31358Uc2 04/02196 97 07,08196 98.6043 750,000.00 739,532.08 10,467.92 750,000.00 5.34% Merril 1 750,OOD.00 739,53208
FNMA 313588ZDO 05/16196 54 07A9/96 99.2185 500,000.00 496,092.50 3,907.50 500,000.00 5.34% Pnprog 26 500.000.00 496,092.50
LOGIC WA 07/1256 100.0000 325,000.00 325,000.00 0.00 325,000.00 5.14% LOGIC 2 325,000.00 325,000.00
LOGIC WA 07/15/96 100.0000 275,000.00 275,000.00 0.00 275,000.00 5.13% LOGIC 1 275,000.00 275,000.00
FHLB 313364Zsl 02/01196 172 072256 97.6684 810,000.00 791,114.40 18,885.60 810,000.00 5.08% Prtproy 50 810,000.00 791,114.40
TNOTE 912827054 112855 246 07!31/96 100.3984 610,000.00 612,430.47 37,362.50 647,36250 5.50% 6.13% 12,183.42 Ruprog 2,430.47 22 632,748.61 624,613.89
TNOTE 912827054 112895 246 07/31/96 100.3984 665,000.00 667,649.61 40,731.25 705,731.25 5.50% 6.13% 13,281.93 Pnprog 2,649.61 26 689,799.71 680,931.54
TOTAL: 5,245,000.00 5,198,946.65 129,227.17 5,323,093.75 25,465.35 5,080.06 5,292,546.32 5,224,412.00
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City Of Euless '
Schedule of Maturities ,
For August,1996
Investment Type 11,65hitlon
LOGIC Investment Pod FNMA Fed.Nat1 Mort.Asso. FHLB Fed.Horne Loan Baric RAUson SCHER Rauscher Pierce BANC BancOne CWW MMS&W MasterMoreland
TBILL Treasury Bill FFCB Fed.Farm Credit Bank FHLMC Fed.Home Loan Mort.Corp. PRUD PnrdenAal Securities FSW First SouCrvrcst LM Landmark Baric
REPO Repurchase Agreement TNOTE Treasury Note FGIC Fin?Guaranty Ins Co. A&B Ahart&Bryan MERRILL Merril Lynch
Term to Cost Accrued Total P+I
Inv. Cusip Purchase Mary/Cal Mary/Cal Price Par Book Value Interest Total Prin.+ Yield To Coupon Interest Seger Maty or cal Net of Total Cost
Type Number Date (in days) Date Per$100 Value (Priv.Orly) maryCal Int(D Mary Maturity Rate Purchased Inst Discount Premium Ford Prem&Int Pur. of Investment
FMAC 313396A86 05/02/96 95 08/05/96 98.6331 150,000.00 147,949.58 2,050.42 150,000.00 5.34% Pruprog 26 150,000.00 147,949.58
LOGIC WA 08/07/96 100.0000 150,000.0 lvo,000.00 0.00 150,000.00 5.23% LOGIC 1 150,000.00 150,000.00
FNMA 313588846 02/11/96 190 08/09)96 97.4403 1,550,000.00 1,510,324.31 39,675.69 1,550,OD0.00 5.06% Pnrprog 50 1,550,000.00 1,510,324.31
FNMA 313588879 05/10/96 94 08/1296 98.6318 500,000.00 493,158.89 6,841.11 500,000.00 5.40% Prudential 2 500,000.00 493,158.89
LOGIC N/A 08/1296 100.0000 450,000.00 450,000.00 0.00 450,000.00 5.15% LOGIC 1 450,000.00 450,000.00
TNOTE 912827L75 01/31/96 197 06/1596 99.6406 1,500,000.00 1,494,609.38 65,625.00 1,565,625.00 5.05% 4.38% 30,137.57 Pnyrog 5,390.62 50 1,535,487.43 1,524,746.95
FHLB 313384C72 04YO2196 140 08/1096 97.9914 750,000.00 734,935.42 15,064.58 750,000.00 5.36% Beres One 2 750,000.00 734,935.42
FNMA 313588D28 05/15/96 100 0823/96 98.5500 1,010,000.00 995,355.00 14,645.00 1,010,000.00 5.39% PrWN 22 1,010,000.00 995,355.00
FNMA 313588D28 05/1596 100 0823/96 98.5500 1,000,000.00 985,600.00 14,500.00 1,000,000.00 5.39% PnprOg 26 1,000,000.00 985,500.00
LOGIC N/A 0826196 100.0000 400,000.00 400,000.00 0.00 400,000.00 5.14% LOGIC 2 400,000.00 400,000.00
TOTAL: 7,460,000.00 7,361,832.57 158,401.80 7,525,625.00 30,137.57 0.00 7,495,487.43 7,391,970.14
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City of Euless
Schedule of Mabottles
For September,1996
Investnent Type tratlerdon
LOGIC Invest ent Pod FNMA Fed.Natt Mat.Asso. FHLB Fed.Home Loan Banc RAUSCHER Rauscher Pierce BANC BancOne Capital MMSBW Masterson Moreland
TBILL Treasury Oil FFCB Fed.Fann Credt Bar* FHLMC Fed.Home Loan Mort Corp. PRUD Prudential Securities FSW First Soullv*st LM Lardrnark Bark
REPO Repurchase Agreement TNOTE Treasury Note FGIC Fln1 Guaranty Ins Co. A 8 S Ahart 8 Bryan MERRILL Menu Lynch
Term to cost Accrued Total P+I Q
Inv. CUSiP Purchase Mafy/Cal Maty/Cal Price Par Book Value Interest Total Prin.+ yield To Coupon Interest Saler Maty or call Net of Total Cost
Type Number Date (in days) Date Per$100 Value (Pith.Only) Q rnatylCal Int Q Maty Maturity Rate Purchased Inst Discount Premium Fund Prem 8 int Pur. of Investnerd
FNMA 313588ESO 06/0496 91 09/03/96 98.6780 865,000.00 853,564.46 11,435.54 865,000.00 5.39% Pm" 22 865,000.00 853,564.46
FNMA 313588E50 06/0496 91 09/0396 98.6780 485,000.00 478,588.17 6,411.83 485,000.00 5.39% Prw" 32 485,000.00 478,588.17
FNMA 313588E76 05)0296 126 09/0596 98.1905 1,375,000.00 1,350,119.38 24,880.63 1,375,000.00 5.35% Prudential 1,2 1,375,000.00 1,350,119.38
FMAC 313384G23 07/3196 47 09/1696 99.3146 610,000.00 605,818.96 4,181.04 610,000.00 5.37% Pnrprog 22 610,000.00 605,818.96
FMAC 313384623 07/3196 47 09/16/96 99.3146 665,000.00 660,441.98 4,558.02 665,000.00 5.37% Prww 26 66.5,000.00 660,441.98
TBILL 912794280 112895 296 09/1996 95.7656 440,000.00 421,368.44 18,631.56 440,000.00 5.41% Prtprog 22 440,000.00 421,368.44
TBILL 912794ZBO 112895 296 09/1996 95.7656 200,000.00 191,531.11 8,468.89 200,000.00 5.41% Pruprog 26 200,000.00 191,531.11
FNMA 313588G58 032096 183 09/1996 97.3973 600,000.00 584,384.00 15,616.00 600,000.00 5.34% Prudential 2,35 600,000.00 584,384.00
LOGIC N/A 092096 100.0000 1,450,000.00 1,450,000.00 0.00 1,450,000.00 5.08% LOGIC 22,26,32 1,450,000.00 1,450,000.00
FNMA 313648KW9 092095 360 092096 99.9688 500,000.00 499,843.75 28,000.00 528,000.00 5.63% 5.60% PnxW*al 156.25 1,2,12 528,000.00 499,843.75
LOGIC N/A 09/2396 100.0000 900,000.00 900,000.00 0.00 900,000.00 5.18% LOGIC 22 900,000.00 900,000.00
FNMA 31358BH24 0511696 131 092496 98.1078 500,000.00 490,538.89 9,461.11 500,000.00 5.39% Pnupro9 26 500,000.00 490,538.89
( FNMA 31358BH40 07/03/96 85 092696 98.7415 500,000.00 493,701.64 6,292.36 500,000.00 5.49% Ptuprog 22 500,000.00 493,707.64
W LOGIC N/A 092796 100.0000 450,000.00 450,000.00 0.00 450,000.00 5.22% LOGIC 22 450,000.00 450,000.00
r
TOTAL: 9,540,000.00 9,429,906.77 137,936.98 9,568,000.00 5.36% 156.25 9,568,000.00 9,429,906.77
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Investment Maturities By Fund
As of June 30,1996
Fund 8 FGIC LOGIC July 96 Aug 96 Sept 96 Oct 96 Nov 96 Dec 96 Feb 97 Mar 97 Apr 97 July 97 Feb 98 June 98 Jan 99 Feb 99 Total
1 755,635.58 739,532.08 1,099,968.75 0.00 1,005,028.19 500,000.00 1,000,000.00 15,162.08 500,000.00 5,615,326.68
2 217,905.94 1,228,094.31 750,119.38 500,000.00 0.00 1,000,000.00 500,000.00 4,196,119.83
4 317,968.03 317,968.03
6 500,000.00 500,000.00
7 0.00
8 472,323.89 472,323.89
9 5,092.18 997,910.42 250,000.00 1,253,002.80
12 105,600.40 199,875.00 305,475.40
13 0.00
15 0.00
18 4,366.92
4,366.92
17 271,707.17 200,000.00 471,707.17
18 0.00 0.00 500,000.00 500,000.00
19 0.00 0.00 500,000.00 500,000.00
20 0.00
21 170,526.81 170,526.81
22 1,702,228.38 1,620,834.40 995,355.00 1,274,932.90 504,625.58 502,004.38 1,065,252.99 7,865,233.63
23 0.00 0.00
24 104,852.24 104,852.24
26 104,829.85 1,177,024.04 1,133,449.58 682,070.00 523,122.11 669,073.31 4,289,568.89
29 388,561.27 388,581.27
32 201,603.48 295,907.08 478,588.17 500,000.00 1,476,098.73
34 5,000.00 5,000.00
35 15,884.93 384,384.00 400,268.93
39 0.00 0.00
40 88,650.77 49,376.50 500,000.00 638,027.27
0.00
50 876,345.31 0.00 791,114.40 3,035,071.26 0.00 450,000.00 5,152,530.97
876,345.31 4,927,737.82 4,624,412.00 6,391,970.15 4,889,938.20 523,12211 1,004,625.58 1,507,032.57 2,234,328.30 997,910.42 5,000.00 1,449,376.50 2,000,000.00 1,015,162.08 1,000,000.00 1,000,000.00 34,426,959.04
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Investment Maturities By Fund
As of September 30,1998
Fund# FGIC LOGIC Oct 96 Nov 96 Dec 96 Jan 97 Feb 97 Mar 97 Apr 97 July 97 Sep 97 Feb 98 June 98 Jan 99 Feb 99 Total
1 1,649,697.40 0.00 1,990,654.85 500,000.00 973,050.56 499,525.00 1,000,000.00 15,162.08 500,000.00 7,128,089.89
2 877,050.23 500,000.00 394,250.67 488,749.44 0.00 499,525.00 1,000,000.00 500,000.00 4,259,575.34
4 226,812.03 226,812.03
6 500,000.00 500,000.00
7 0.00
8 403,108.83 778,897.44 1,182,006.27
9 100,777.21 205,864.96 997,910.42 250,000.00 1,554,552.58
12 307,187.55 307,187.55
13 0.00
15 0.00
16 4,417.80 4,417.80
17 477,203.37 200,000.00 677,203.37
18 0.00 0.00 500,000.00 500,000.00
19 0.00 0.00 500,000.00 500,000.00
20 0.00
21 273,678.91 273,678.91
22 319,280.83 1,011,211.00 504,625.58 502,004.38 1,065,252.99 3,402,374.78
23 0.00 0.00
24 60,466.32 106,073.95 166,540.27
26 873,23331 1,021,304.61 992,304.24 495,717.28 869,073.31 4,051,632.73
29 211,397.19 211,397.19
32 189,260.71 295,088.25 495,959.03 250,000.00 1,230,307.99
34 40,310.88 181,660.43 5,000.00 226,971.31
35 417,496.91 417,496.91
39 201,55295 201,552.95
40 223,683.70 49,376.50 750,000.00 1,023,060.20
50 1,844,306.54 0.00 754,502.50 450,000.00 3,048,809.04
54 177,234.17 177,234.17
2,448,969.78 7,701,683.84 2,327,603.86 2,255,087.11 3,879,214.14 495,717.26 2,723,075.74 1,970,960.98 5,000.00 1,449,376.50 999,050.00 2,000,000.00 1,015,162.08 1,000,000.00 1,000,000.00 31,270,901.29
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Cash&Debt Management 11/14/95
October, 1995 Vicki L.Smith
October
1994 1995
Percent of funds invested 104% 99%
Consolidated Cash,Operating Account ($870,133) $362,524
21%of City funds are available for use within 30 days,of which 19%is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and to the availability of investable securities.
Investment maturities for October were$3,252,037(cost). Yields on these ranged from 5.53%to 6.45%.
Investment purchases for October were$3,495,299(cost). Yields on these ranged from 5.53%to 5.87%. This
evidences the leveling off of short term interest rates.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
09/30/95 % 10/31/95 %
Treasuries: $6,750,122 30.98% $5,183,039 23.52%
Agencies: 11,626,695 53.35% 12,628,031 57.31%
LOGIC: 2,503,492 11.49% 3,219,428 14.61%
FGIC: 911,004 4.18% 1,004.078 4.56%
Total $21.791,314 100% $22,034.576 100%
The City's average yield on investments was 6.22%and the average 90 day T-Bill yield was 5.43%which is a
79 basis point spread over the benchmark. This equates to approximately$174,073. Total interest received
for October was$171,176.59.
Market ActiyitW
Economist believe that the economy is still growing at a moderate pace and inflation remains in check.
But manufacturing and production have been lower than expected. Consumer confidence and
purchasing manager indexes fell. Three month T-Bill yields are reflecting the belief that rates should
fall. The current yield curve is flat and provides no additional yield in the short term.
Economist believe that the Fed wants to see more consistent data suggesting only moderate growth and
will probably take noaaction until November. Furthermore,as long as the economy continuesAs modest
economic growth wir;nominal inflation,the Fed will not be under any pressure to ease and cmild
feasibly hold off untMecember.
Key Rate October 28 Year Ago
Certificates of Deposit: 3 month 5.25% 4.75%
6 month 5.28% 5.25%
Treasury Bill: 91 day 5.22% 5.07%
52 week 5.30% 5.72%
Interest Rate Outlook Dec 1 Feb 1 May
Fed Funds 5.60% 5.40% 5.20%
30 day prime bank CD 5.70% 5.50% 5.20%
3 month TBill yield 5.20% 5.10% 4.90%
GFOA "Public Investor," 11/04/95.
Keeping Trac,"October 1995.
Alex, Brown, &Sons, "Fixed income Monthly,"October 1995.
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Cash&Debt Management 12/15/95
a November, 1995 Vicki L. Smith'\r
November
i 1994 1995
s Percent of funds invested 100% 99%
i Consolidated Cash,Operating Account $36,491 $517,821
.44% of City funds are available for use within 30 days,of which 38%is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and bond proceeds being held in our investment pool while
we await legal opinion.
j Investment maturities for November were$14,271,140(cost). Yields on these ranged from 5.72%to 7.09%.
i
Investment purchases for November were$29,061,013(cost). Yields on these ranged from 5.41%to 5.92%. This
evidences the leveling off of short term interest rates. The amount of purchases this month includes the
the investment of new bond proceeds received.
PORTFOLIO SUMMARY BY INSTRUMENT
' (at cost) r
10/31/95 ° 11/30/95
Treasuries: $5,183,039 23.52% $10,851,979 29.42%
Agencies: 12,628,031 57.31% 11,882,022 32.22%
LOGIC: 3,219,428 14.61% 13,138,710 35.62%
FGIC: 01=0 4,078 4,56% 1.008.658 2,73%
Total $22,034,576 100% $36,881,370 100%
The City's average yield on investments was 6.00%and the average 90 day T-Bill yield was 5.51%which is a
49 basis point spread over the benchmark. This equates to approximately$180,719. Total interest received
for November was$146,097.
i
Market Activity" t
Economists believe that the economy is still growing,but at a slower pace with little inflationary pressures.
Lower housing starts,weak retail sales,and declining industrial production support the belief of a slower
growth rate.
Economists continue to call for rates to be lower by year-end. The Fed left the fed funds rate unchanged at
the meeting held in Mid November. Many analysts believe that this was in response to the budget
negotiations. The theory is that the Fed is saving the ease until a budget package is resolved. However,
i with a few more weak statistics,the balance of the Fed will shift and they will have to ease,with or without
the budget.
Key Rates Nov 24 Year Ago
Certificates of Deposit: 3 month 5.17% 5.14%
6 month 5.16% 5.57%
Treasury Bill: 91 day 5.34% 5.40%
52 week 5.15% 6.49%
Interest Rate Outlook Jan 1 Mar 1 Jun 1
Fed Funds 5.60% 5.30% 5.20°x6
30 day prime bank CD 5.50% 5.30% 5.20%
3 month TBill yield 5.30% 5.30°x6 5.10%
GFOA "Public Investor," 12/1^35.
Rauscher Pierce Refssnes, Inc. "Market Focus Committee Statement,"November 1995
Alex, Brown, & Sons, "Fixed income Monthly,"November/December 1995
-35- g
a
1
♦ t
Cash & Debt Department 01/12/96 VV2A�
December 1995 Vicki L. Smith
December
1994 1995
Percent of funds invested 97% 102%
Consolidated Cash, Operating Account $654,042 ($358,083)
41% of City funds are available for use within 30 days, of which 17% is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and the availability of investable securities.
Investment maturities for December were $25,841,029 (cost). Yields on these ranged from 5.61%to 7.32%.
Investment purchases for December were $27,396,871(cost). Yields on these ranged from 5.54%to 5.87%.
This evidences the leveling off and decline of short term interest rates. -
_PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
11/30/95 YQ 12/31/95 YQ
Treasuries: $10,851,979 29.42% $10,099,794 26.25%
Agencies: 11,882,022 32.22% 22,012,611 57.22%
LOGIC: 13,138,710 35.62% 4,694,420 12.20%
FGIC: 1,008,658 2.73% 1,663,698 4.32%
Total $36,881,369 100% $38,470,523 100%
The City's average yield on investments was 5.83% and the average 90 day T-Bill yield was 5.28%which is a
55 basis point spread over the benchmark. This equates to approximately$211,508. Total interest received
for December was$ 168,854.
Market Activity*
Economists are predicting slow growth for the first half of 1996 with inflation staying around 3%. Lower housing
starts, weak retail sales, declining industrial production and declining corporate profits support the belief of
a slower growth rate.
On December 19th,lhe Fed cut the Fed funds rate by 25 basis points to 5.50%. This was the first cut since July .
However economistsidon't believe that the Fed is done. We should see at least another 25 basis point cut
by the end of JanuaiV, and possibly 25 more before the end of the first quarter. Interest rate are expected
to edge a bit lower during the next month or so with the 90-day T-Bill remaining near 5%. The Fed seems
more concerned with the slowing economy rather than any threat of inflation. Economists believe that
a budget and tax agreement would be another reason to lower interest rates.
Key Rates Dec 29 Year Ago
Certificates of Deposit: 3 month 5.04% 5.60%
6 month 5.03% 6.14%
Treasury Bill: 91 day 4.91% 5.56%
52 week 5.06% 6.75%
Interest Rate Outlook Feb 1 Apr 1 Jul1_
Fed Funds 5.30% 5.10% 5.00%
30 day prime bank CD 5.50% 5.30% 5.20%
3 month TBill yield 5.00% 4.90% 4.90%
GFOA"Public Investor," 1/5/96
The Kiplinger Washington Letter," 12/29/95
Prudential Securities, "Economic Outlook Monthly," December 1995
-36-
t /
r
Cash & Debt Department 02/13/96 ,
January 1996 Vicki L. Smith ' '`
January
} 1995 1996
Percent of funds invested 101% 101%
r Consolidated Cash, Operating Account ($260,317) ($124,551)
29% of City funds are available for use within 30 days, of which 18% is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and the availability of investable securities.
Investment maturities for January were$18,849,353 (cost). Yields on these ranged from 5.40%to 7.31%.
Investment purchases for January were$19,639,351(cost). Yields on these ranged from 5.05%to 5.79%.
k This evidences the continuing decline of short term interest rates. ;
4'
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost) y
12/31/95 14 1131/96
14
Treasuries: $10,099,794 26.25% $9,660,941 24.59%
3 Agencies: 22,012,611 57.22% 22,378,963 56.97% -
' LOGIC: 4,694,420 12.20% 6,328,428 16.11%
FGIC: 1663.698 4.32% 916.041 2.33%
Total $38,470,523 100% $39,284,373 100%
The City's average yield on investments was 5.56% and the average 90 day T-Bill yield was 5.14%which is a
z 42 basis point spread over the benchmark. This equates to approximately$164,994. Total interest received
for January was$356,264.
g
Market Activity*
t Economists are predicting slow growth for 1996 with inflation staying around 3%. Housing activity
should increase slightly due to the decrease in interest rates. However, many of the other economic i
indicators have been unavailable due to the goverment shutdowns early in the month. Retail sales
appear to be weak and production continues to decline.
a On January 31st,the Fed cut the Fed funds rate by 252)asis points to 5.25%. However, economists don't
believe that the Fed is done. We should see at least another 25 basis point cut before the end of the
first quarter. Many economists predict that the Fed funds rate will decline more than the market. Interest rates
are expected to edge a bit lower during the next month or so with the 90-day T-Bill remaining near 5%. The Fed
seems more concerned with the slowing economy rather than any threat of inflation.
Epp
C
Key Rates Jan26 Year Ago
Certificates of Deposit: 3 month 4.89% 5.54%
7 6 month 4.88% 5.97%
Treasury Bill: 91 day 4.99% 5.80%
s
52 week 4.89% 7.34%
Interest Rate Outlook Mar 1 May Aug-1
Fed Funds 5.40% 5.10% 5.00%
30 day prime bank CD 5.40% 5.20% 5.00%
3 month TBill yield 4.90% 4.90% 4.80%
K
GFOA"Public Investor,"2/2/96
J, The Kiplinger Washington Letter," 1/26/96
Rauscher Pierce, "Market Focus Committee Statement", 1/26/96
-37-
b
E a
Cash &Debt Department 03/12/96
February 1996 Vicki L. Smith
February
1995 1996
Percent of funds invested 99% 102°x6
Consolidated Cash,Operating Account $138,189 ($382,546)
27°x6 of City funds are available for use within 30 days,of which 18% is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and the availability of investable securities.
Investment maturities for February were$12,918,922 (cost). Yields on these ranged from 5.14%to 6.26%.
Investment purchases for February were$9,396,345 (cost). Yields on these ranged from 5.06%to 5.54%.
This evidences the continuing decline of short term interest rates.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
1/31/96 °t6 9/96 %
Treasuries: $9,660,941 24.59% $9,660,941 26.99%
Agencies: 22,378,963 56.97% 22,143,596 61.87%
LOGIC: 6,328,428 16.11% 3,126,168 8.73%
FGIC: 916.041 2.33% 861,835 2,41%
Total $39,284,373 100% $35,792,539 100%'
The City's average yield on investments was 5.47% and the average 90 day T-Bill yield was 5.03%which is a
44 basis point spread over the benchmark. This equates to approximately$157,487. Total interest received
for February was$260,953.
Market Activity"
Recent economic data suggests that the economy has slowed down as much as it is going to for now. Some
economists believe that it may even be primed for a rebound. While manufacturing, mining and utility industries
have been experiencing sluggish growth,factory orders and durable goods orders have risen. Retail
activity appears to be rebounding after seeing a sluggish holiday season. Inflation continues to remain under
control due largely to the Fed's actions.
The Federal Reserve will meet again at the end of March. There has been a lot of speculation as to whether
or not the Fed will cattates at this meeting. All Greenspan's most recent remarks indicated th*a rate cut may
still be in the cards as long as inflation remains under control. However many economists believe that
the Fed will probably wait until their May meeting to make any adjustments to the Fed Funds rate. Many
economists are watching the February unemployment data. They believe that a large jump will cause the Fed
to hold off on cutting rates. On the other hand,a lower than expected rise in payroll may prompt an additional
rate cut this month.
Key Rates Feb.23 Year ATo
Certificates of Deposit: 3 month 4.76% 5.52%
6 month 4.77% 5.77%
Treasury Bill: 91 day 4.78°x6 5.74%
52 week 4.64% 6.59%
Mterest Rate Outlook Apr 1_ Jun_1 Sep 1
Fed Funds 5.10% 5.00% 4.80%
30 day prime bank CD 5.60% 5.50% 5.30%
3 month TBill yield 4.90% 4.80% 4.60%
GFOA"Public Investor," 3/1/96
Alex Brown &Sons, Inc., "Fixed Incom Monthly", Feb. 1996
Grigsby Brandford &Co.,"Economically Speaking", Feb. 1996
—38—
i
S
t
e'
� F
t
Cash &Debt Department 04/10/96 t, "
March 1996 Vicki L. Smith
March
1995 1996
Percent of funds invested 100% 102%
Consolidated Cash, Operating Account $7,306 ($438,403)
i
29% of City funds are available for use within 30 days, of which 13% is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and the availability of investable securities. i
' Investment maturities for March were $11,899,487 (cost). Yields on these ranged from 5.17%to 5.66%.
i
i Investment purchases for March were $12,266,347 (cost). Yields on these ranged from 5.16%to 5.59%.
This evidences the leveling off of short term interest rates.
PORTFOLIO SUMMARY BY INSTRUMENT i
I
(at cost) r
t22/ 9/96 % 3/� °IQ
Treasuries: $9,660,941 26.99% .$9,660,941 26.70%
Agencies: 22,143,596 61.87% 21,865,563 60.43%
LOGIC: 3,126,168 8.73% 3,792,828 10.48%
FGIC: 861,835 2.41% 865,533 2.39%
Total $35,792,539 100% $36,184,864 100%
y
The City's average yield on investments was 5.43% and the average 90 day T-Bill yield was 5.10%which is a
32 basis point spread over the benchmark. This equates to approximately$115,792. Total interest received
for March was$ 111,998.
Market Activity*
F
Economists anticipate moderate growth for the remainder of 1996. They expect inflation to remain between
2.5% and 3%. Manufacturing, mining, and utility industries are still experiencing sluggish growth. However,
retails sales and the housing sector appear to be rebounding.
` The Fed did not cut rates at its March 26th meeting aswas originally expected. This leaves investors two
more months to speculate about the next move. The Fed will meet again at the end of May and many
believe that a rate cut could still be in the cards. In the meantime, economists will be paying close attention
to the leading economic indicators, particularly the nonfarm payroll numbers. The January and February
numbers were very inconsistent. Hopefully,the next release will be far more in line with expectations, and
the market can resume its normal course.
Key Rates Mar. 29 Year Ago
Certificates of Deposit: 3 month 4.80% 5.56%
6 month 4.92% 5.82% i
Treasury Bill: 91 day 4.99% 5.64%
k
52 week 4.82% 6.16%
Interest Rate Outlook May 1 Jul 1 Oct 1
Fed Funds 5.30% 5.00% 5.00%
30 day prime bank CD 5.70% 5.50% 5.40%
x 3 month TBill yield 5.00% 4.70% 4.60%
GFOA "Public Investor,"4/5/96
Grigsby Brandford & Co., "Economically Speaking", March 1996 i
—39—
s <
Cash &Debt Department 05/07/96
April 1996 Vicki L. Smith
April
1995 1996
Percent of funds invested 100% 102%
Consolidated Cash, Operating Account ($129,123) ($424,555)
29% of City funds are available for use within 30 days, of which 18% is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and the availability of investable securities.
Investment maturities for April were $5,706,594 (cost). Yields on these ranged from 5.18%to 7.26%.
Investment purchases for April were$5,002,342 (cost). Yields on these ranged from 4.45%to 5.45%.
This evidences the leveling off of short term interest rates.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
3/31/96 % 3/31/96
Treasuries: $9,660,941 26.70% $8,643,064 24.55%
Agencies: 21,865,563 60.43% 19,974,188 56.73%
CD'S: 0 0.00% 5,000 0.01%
LOGIC: 3,792,828 10.48% 5,714,812 16.23%
FGIC: 865.533 2.39% 869,081 2.47%
Total $36,184,864 100% $35,206,145 100%
The City's average yield on investments was 5.39% and the average 90 day T-Bill yield was 5.09%which is a
30 basis point spread over the benchmark. This equates to approximately$105,618. Total interest received
for April was$ 119,301.
Market Activity*
Economists were anticipating moderate growth for the remainder of 1996. However, the economy appears
to be stronger than anticipated. The PPI has risen steadily over the past six months. The unemployment
rate has remained low and total civilian employment has risen. Manufacturing, housing and retail sales
are showing signs ofa rebound. Many market observers are actually concerned about a rise in inflation.
The markets have aKpedenced a great deal of volatility in the past couple of months. Investors are having
trouble speculating what the Fed will do in the coming months. If inflation remains in check,the Fed will
probably remain on the sidelines at the May meeting. However, if inflation increases, we could see a
tightening by the Fed at their meeting in July.
Key Rates APR 26 Year Ago
Certificates of Deposit: 3 month 4.83% 5.48%
6 month 5.00% 5.72%
Treasury Bill: 91 day 4.97% 5.66%
52 week 5.30% 5.90%
Interest Rate Outlook Jun_1 Aug. 1 Nov. 1
Fed Funds 5.30% 5.20% 5.10%
30 day prime bank CD 5.60% 5.60% 5.50%
3 month TBill yield 5.00% 4.70% 4.60%
IV
GFOA"Public Investor," 5/3/96
Grigsby Brandford & Co., "Economically Speaking", April 1996
Rauscher Pierce Refsnes, Inc., "Market Focus Committee Statement", 5/3/96
-40-
9
Cash&Debt Department 06/11/96
May 1996 Vicki L.Smith
May
1995 1996
Percent of funds invested 100% 101%
Consolidated Cash,Operating Account ($125,778) ($412,462)
23% of City funds are available for use within 30 days,of which 14%is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and the availability of investable securities.
Investment maturities for May were$7,359,070(cost). Yields on these ranged from 5.17%to 5.53%.
{ Investment purchases for May were$7,656,836(cost). Yields on these ranged from 5.22%to 5.53%.
This evidences the leveling off of short term interest rates.
PORTFOLIO SUMMARY BY INSTRUMENT
i
(at cost)
t
34/ 0/96 �°�6 5/31/96
Treasuries: $8,643,064 24.55% $4,892,568 13.77%
Agencies: 19,974,188 56.73% _ 25,807,203- 72.64%
CD'S: 5,000 0.01% 5,000 0.01%
LOGIC: 5,714,812 16.23% 3,951,189 11.12%
FGIC: 869.081 2.47% 872,748 2.46% '
Total $35,206,145 100% $35,528,709 100%
The City's average yield on investments was 5.37% and the average 90 day T-Bill yield was 5.16%which is a
21 basis point spread over the benchmark. This equates to approximately$74,610. Total interest received
' for May was$152,606.
Market Activity"
At the start of the year,there was widespread fears of stagnation and even recession Now,there is talk of
a strong economy with growth estimated around 3%. Inflation appears to be in check and should remain
steady-near 3%. E
With this information on the economy,the Fed should see no need to move rates further. The risk of a downturn
has diminished and the prospects for continued growth have improved. The need for additional monetary support
has lessened. Also,suggestions that the Fed might tighten at the July meeting seem premature. Economists
a
believe that the economy is not moving so rapidly that it will push demand beyond the economy's capacity.
r �
Key Rates MAY 31 Year Aao
Certificates of Deposit: 3 month 4.82% 5.28% f
F 6 month 5.02% 5.25%
a Treasury Bill: 91 day 5.03% 5.64%
52 week 5.32% 5.54%
,y Interest Rate Outlook Jul 1 Sep-! Dec 1
Fed Funds 5.30% 5.30% 5.20°,6
30 day prime bank CD 5.70% 5.80% 5.70%
3 month TBill yield 5.00% 4.90% 4.80%
i
GFOA"Public Investor,"June, 1996
Grigsby Brandford &Co., "Economically Speaking",June 5, 1996
Rauscher Pierce Refsnes, Inc., "Market Focus Committee Statement", 5/10/96
Prudential Securities."Economic Outlook Monthly", May 1996
—41—
• 1
f
Cash&Debt Department 07/09/96
June 1996 Vicki L.Smith
June
1995 1996
Percent of funds invested 103% 103%
Consolidated Cash,Operating Account ($842,438) ($792,727)
30%of City funds are available for use within 30 days,of which 17%is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and the availability of investable securities.
Investment maturities for June were$4,639,048(cost). Yields on these ranged from 5.19%to 5.35%.
Investment purchases for June were$3,517,153(cost). Yields on these ranged from 5.17%to 5.39%.
This evidences the leveling off of short term interest rates.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
5/31/96 % 6/30/96 %
Treasuries: $4,892,568 13.77% $4,892,568 14.21%
Agencies: 25,807,203 72.64% 23,725,307 68.91%
CD'S: 5,000 0.01% 5,000 0.01%
LOGIC: 3,951,189 11.12% 4,927,738 14.31%
FGIC: 872.748 2.46% 876,345 2.55%
Total $35,528,709 100% $34,426,959 100%
The City's average yield on investments was 5.39%and the average 90 day T-Bill yield was 5.23%which is a
16 basis point spread over the benchmark. This equates to approximately$55,083. Total interest received
for June was$ 132,513.
Market Activity*
At the start of the year,there was widespread fears of stagnation and even recession Now,there is talk of
a strong economy with growth estimated around 3%. Inflation appears to be in check and should remain
steady-near 3%.
There are mixed feelings in the market. Some economists believe that the Fed will not raise rates for the remainder of
the year. However,sme market observers believe that the Fed will raise interest rates by Labor Day. "This increase
will be prompted by*e strong economic growth this summer,which is heightening concerns aboutlabor shortages
and wage inflation:'Most economists do agree that the long term rates will stay near current levels until late fall when
they will decline through December.
Key Rates June 28 Year Ago_
Certificates of Deposit: 3 month 4.91% 5.33%
6 month 5.16% 5.25%
Treasury Bill: 91 day 5.10% 5.35%
52 week 5.56% 5.22%
Interest Rate Outlook Aug 1 Oct 1 Janl
Fed Funds 5.30% 5.30% 5.30%
30 day prime bank CD 5.30% 5.30% 5.30%
3 month TBill yield 5.20% 5.20% 5.20%
GFOA"Public Investor,"July 5, 1996
it The Kiplinger Washington Letter", July 5, 1996
-42-
a
Cash&Debt Department 08/09/96
July 1996 Vicki L.Smith
i
July
1995 1996
Percent of funds invested 98% 100%
Consolidated Cash, Operating Account $445,507 ($100,663)
40%of City funds are available for use within 30 days, of which 21%is accessible on a daily basis. This .
degree of liquidity is due to the projected cash needs and the availability of investable securities.
Investment maturities for July were$5,224,412(cost). Yields on these ranged from 5.08%to 5.50%.
Investment purchases for July were$4,353,239(cost). Yields on these ranged from 5.17%to 5.57%.
s This evidences the increase in short term interest rates.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
36/ 0/96 °14 07/31/96 °le
Treasuries: $4,892,568 14.21% $3,587,023 10.68%
Agencies: 23,725,307 68.91% 22,959,680 68.36%
f CD's: 5,000 0.01% 5,000 0.01%
s LOGIC: 4,927,738 14.31% 6,152,382 18.32%
FGIC: 876.345 2.55% 880,083 2.62%
Total $34,426,959 100% $33,584,168 100%
The City's average yield on investments was 5.41%and the average 90 day T-Bill yield was 5.28%which is a I
I 13 basis point spread over the benchmark. This equates to approximately$43,659. Total interest received
for July was$ 191,688.
i
Market Activity* I
Leading indicators released this month continue to show strength in the economy. GDP is up 4.2%and non-farm
payroll increased by$239,000. The unemployment rate fell by 5.3%,the lowest level since 1990. However ,there
was a two cent drop in hourly wage earnings.
In his Humphrey Hawkins speech on July 18th, Greenspan and numerous other Fed officials emphasized that the key
to any immediate Fed move would be wage inflation. After June's record surge in wages, any strong gain would have
brought action by the Fed. However with the two cent decline,the Fed will probably remain on the sidelines until
September. If the economy continues to strengthen,we could see some tightening as early as Labor Day.
Key Rates July 26 Year Ago j
Certificates of Deposit: 3 month 4.96% 5.23%
6 month 5.23% 5.23%
`{ Treasury Bill: 91 day 5.14% 5.47%
52 week 5.49% 5.38%
I
Interest Rate Outlook Sep-1 Nov_1_ Feb_1
Fed Funds 5.40% 5.40% 5.40%
30 day prime bank CD 5.50% 5.50% 5.40%
3 month TBill yield 5.30% 5.30% 5.30%
GFOA"Public Investor,"August 2, 1996
The Kiplinger Washington Letter",July 12, 1996
Rauscher Pierce Refsnes,"Market Focus Committee Statement,"August 2, 1996
i
i
s
5 -43-
i
Cash&Debt Department 09/11/96
August 1996 Vicki L. Smith
August
1995 1996
Percent of funds invested 100% 101%
Consolidated Cash, Operating Account $10,216 ($243,228)
50% of City funds are available for use within 30 days, of which 29°x6 is accessible on a daily basis. This
degree of liquidity is due to the projected cash needs and the availability of investable securities.
Investment maturities for August were$7,391,970 (cost). Yields on these ranged from 5.05%to 5.40%.
Investment purchases for August were$6,208,018(cost). Yields on these ranged from 5.16%to 5.36%.
This evidences the increase in short term interest rates.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
07/31/96 08/31/96 %
Treasuries: $3,587,023 10.68% $2,062,276 6.36%
Agencies: 22,959,680 68.36% 20,850,475 64.28%
CD's: 5,000 0.01% 5,000 0.02%
LOGIC: 6,152,382 18.32% 7,082,365 21.83%.
FGIC: 880,083 2.62% 2,438,752 7.52%
Total $33,584,168 100% $32,438,869 100%
The City's average yield on investments was 5.44%and the average 90 day T-Bill yield was 5.18%which is a
26 basis point spread over the benchmark. This equates to approximately$84,341. Total interest received
for August was$296,361.
Market Activity*
Economic activity continues to sore. Factory orders and new home sales are up and the Chicago manager's
report shows broad based growth. The bond market is expecting continuation of this strength. If these estimates
are proved accurate along with the announced increase in employment we could see the Fed tighten policy during
the near future. There has been talk of a 50 basis point rise,in short term interest rates, possibly in September.
Key Rates August 30 Year Amo
Certificates of Deposit: 3 month 4.86% 5.23%
6 month 5.12°x6 5.28%
Treasury Bill: 91 day 5.07% 5.34%
52 week 5.36°x6 5.55°x6
Intere$t Rate Outlook Aug-1 Oct 1 Jan 1
Fed Funds 5.30% 5.40°x6 5.40%
30 day prime bank CD 5.80% 6.00% 6.00°x6
3 month TBill yield 5.10% 5.30°x6 5.30%
GFOA"Public Investor," September 6, 1996
Prudential "Economic Updates"
—44—
s
Cash & Debt Department 10/09/96
September 1996 Vicki L. Smith
*4/
September
1995 1996 �
Percent of funds invested 97% 103%
Consolidated Cash, Operating Account $ 689,534 ($834,005)
40%of City funds are available for use within 30 days, of which 32%is accessible on a daily basis. This
:
degree of liquidity is due to the projected cash needs and the availability of investable securities.
h Investment maturities for September were$9,429,907(cost). Yields on these ranged from 5.08%to 5.63%.
Investment purchases for September were$8,217,404(cost). Yields on these ranged from 5.08%to 6.10%.
This evidences the increase in short term interest rates.
PORTFOLIO SUMMARY BY INSTRUMENT
(at cost)
08/31/96 % 09/30/96 °o
Treasuries: $2,062,276 6.36% $1,449,377 4.63%
Agencies: 20,850,475 64.28% 19,665,871 62.89%
CD's: 5,000 0.02% 5,000 0.02%
LOGIC: 7,082,365 21.83% 7,701,684 _ 24.63%
FGIC: 2.438.752 7,52% 2.448.970 7.83%
Total $32,438,869 100% $31,270,901 100%
The City's average yield on investments was 5.48%and the average 90 day T-Bill yield was 5.22%which is a
26 basis point spread over the benchmark. This equates to approximately$81,304. Total interest received
for September was$ 171,335.
a x
Market Activity*
During the past month,we have seen tremendous volatility in the market. Around the middle of the month, most
economists believed that the economy was still going strong and that the Fed would have to raise interest rates by
'= at least 25 basis points. However, the Fed left the rates unchanged.
x �
k This decision has left the financial markets confused as to the direction of the economy. It seems like each day
offers conflicting data on the strength or weakness of the economy. Personal income and personal consumption
expenditures are up, but in line with what was expected. New home sales are also up significantly. On the other I
hand, durable goods orders, factory orders, and auto sales fiave dropped. The non-farm payroll fell despite
expectations and overall unemployment rose.
The Fed will continue to focus on new economic releases in the coming month. If the economy shows signs of
slowing and inflation remains subdued,the fed will remain neutral at its next meeting on November 13.
Key Rates Sept 27 Year Ago
' Certificates of Deposit: 3 month 4.91% 5.23%
6 month 5.15% 5.29%
Treasury Bill: 91 day 5.18% 5.14%
52 week 5.19% 5.21%
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Interest Rate Outlook Nov 1 Jan 1 APE—1 I
Fed Funds 5.30% 5.40% 5.40%
30 day prime bank CD 5.50% 5.60% 5.60%
3 month TBill yield 5.20% 5.40% 5.30%
GFOA"Public Investor,"October 4, 1996
Prudential, "Daily Economic Updates" j
Grigsby, Branford &Co.,"Economically Speaking"
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