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HomeMy WebLinkAboutFY 1998 First Quarter Investment Report �usGcarter �iz��e6tine2G A60/it gm,cal�ear d' INVESTMENT COMMITTEE MEETING March 30, 1998 - Compliance Summary-Legislative Requirements *First Quarter Review, Fiscal Year 1998 Portfolio Summary Collateral Review Interest Income Projection *Interest Rate Environment *Minutes Review *Appendices Appendix A- Investment Portfolio by Type of Asset ® Appendix B- Investment Portfolio by Fund Appendix C- Investment Purchases Appendix D- Investment Maturities Appendix E- Investment Maturities by Fund December 30, 1997 *General Discussion or Questions W To Investment Committee Members • �..� From Vicki Smith�� Date 3/12/97 Subject Quarterly Investment Performance Report The City of Euless Investment Policy, revised and adopted by the City Council in December 1997, 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 monitor the City's investment performance. Attached is the City's pooled funds portfolio for the first quarter of Fiscal Year 1997-98 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 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 1,1997 in all aspects including reporting. The first quarter report of FY 1998 is presented in a format that has been outlined in the investment policy. This report is for all funds and shows the market value at 9/30/97, changes in market value, the market value at 12./31/97, 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 City as designated by the Investment Policy. Investment Strategy Compliance 4DThe 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 24 Police Drug Account-D.E.A. 2 Water& Sewer Fund 29 Drainage Utility 12 Hotel-Motel Tax Fund 33 Athletic Complex-Operations 16 Ft. Worth DEA Task Force 34 Softball World-Operations 17 Risk Management Fund 50 1/2 Cent Sales Tax-Operations 21 Equipment Replacement Fund 54 Crime Control & Prevention District 22 Golf Course-Operations -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 36 Golf Course-CIP 9 Developer's Escrow Fund 39 Drainage CIP 26 Streets & Drainage-CIP 40 Water & Sewer-Impact Fees Fund 32 Athletic Complex-CIP 51 1/2 Cent Sales Tax-CIP 35 Softball World-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 52 1/2 Cent Sales Tax-Debt Service 44 Water/Sewer Debt Service -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 53 1/2 Cent Sales Tax-Bond Reserve Based on the above strategies, the investment portfolio reported herein is in compliance with the releva tprovisions of the investment policy and the Public Funds Investment Act. �a;ltz4- Loretta Getchell, Director Of Finance Vicki Smi ash and Debt Analyst PORTFOLIO SUMMARY The City's pooled investment portfolio at the end of the first quarter, December 31, 1997, is summarized by instrument and by maturity as shown below. Distribution by Instrument % of Average Prior Instrument_TMe $.COST Portfolio Yield Quarter Agencies 15,858,215 65.09% 5.71% 5.64% Treasuries 0 0.00% N/A N/A Money Markets/Pools 8,500.665 34.89% 6.09% 5.78% Certificates of Deposit 5,00.0 0.02% 5.00% 5.00% $24,363,880 100.00% Compared to prior quarter's level, the average yields have remained fairly stable, with a slight increase in the portfolio's average. The money market yield is much higher than prior quarter. This increase is due to end of year purchases. These yields will decrease after the first of the new year. Distribution by Maturity #of Days Cost %o of Portfolio 1 -30 $10,011,985 41.09% 31 -90 $4,204,716 17.26% 91 - 180 $3,391,072 13.92% 181- 365 $3,450,655 14.16% Over 365 $3-30-5452 13,_57% Total __$24,363.880_ 100.00% This information reflects the current structure and strategy of the City's pooled portfolio. Close to 72% of the portfolio is invested within the six month area. This strategy was followed, not only to meet cashflow needs, but also because the yield curve is very flat. There is no advantage in placing funds beyond one year. Interest rates are beginning to drop. Therefore we placed some funds out longer to lock in on higher interest rates. We were able to comply with our investment policy by using reserve and escrow funds for these investments. By Instrument By Maturity 41.1%) (65.1%)Y � �1 -30 Agencies M 31 -90 =Treasuries (0.0%) I (17.3%) X91 -180ii:-:2MMktsiPool 1R. _ 181-365 CD's 13.69%) 99 Over 365 10.0%) .}hS'` •••l '`� '(34.9%) (14.2%) City of Euless Pooled Portfolio Summary for Quarter Ending December 31, 1997 Cost Book Market Principal Only Value Value Investments at September 30, 1997 $24,300,193.63 24,379,602.30 $24,375,138.84 Investment Purchases 8,581,711.18 Investment Maturities (8,776,705.99) Investment Sales 0.00 Dividends Reinvested (Pools) 130,696.95 Investments at December 31, 1997 $24,235,895.77 $24,279,095.82 $24,272,413.59 Loretta Getchell, recto&Of nance Vicki Smith,'C h and De t nalyst Summary of Investments by Fund Market Market Increase/ Value Value Decrease 09/30/97 12/31/97 In Fund 1 $4,967,734.94 $5,463,022.69 $495,287.75 2 4,158,747.22 6,141,356.81 $1,982,609.59 4 187,377.22 27,770.76 ($159,606.46) 6 499,687.50 499,609.38 ($78.12) 8 1,363,145.19 1,050,383.67 ($312,761.52) 9 1,606.876.04 1,512.120.74 ($94,755.30) 12 39,551.71 40.120.25 $568.54 16 41,667.10 41,961.73 $294.63 17 739,466.82 719,109.99 ($20,356.83) 18 497,734.38 498,125.00 $390.62 19 497.734. 8 498.125.00 $390.62 21 439,999.83 483,263.13 $43,263.30 22 473,189.50 0.00 ($473,189.50) 24 298,233.18 301,810.39 $3,577.21 26 2,550,599.48 530,480.11 ($2,020,119.37) 29 322,641.31 428,213.90 $105,572.59 32 0.00 0.00 $0.00 34 193.492.48 242,863.41 $49,370.93 35 0.00 0.00 $0.00 36 0.00 201,341.73 $201,341.73 39 313,948.31 419,395.94 $105,447.63 40 1,777,395.56 1,633,307.97 ($144,087.59) 50 2,802.368.68 651,258.98 ($2,151,109.70)* ® 51 0.00 1,328,400.45 $1,328,400.45 * 53 0.00 948,650.53 $948,650.53 * 54 603,548.01 611,721.05 $8,173.04 TOTAL: $24,375,138.84 $24,272,413.61 ($102,725.23) *At the beginningof FY98, we separated the operating and reserve funds from the construction funds for the Golf Course and the Half Cent Sales Tax fund. Therefore, the investments were moved to the corresponding funds. The construction of the Conference Centre is almost complete. These funds should be depleted within a few months. The other variances can be attributed to anticipated cash disbursements for capital improvements and debt service. The General fund investments have increased due to early payments of property taxes. The changes in the Water and Sewer fund can be attributed to the investment of one-time monies reserved in fund balance. Fund Names 1 General Fund 24 Police Drug Account-D.E.A. 2 Water&Sewer Fund 26 Streets& Drainage-CIP 4 Debt Service/General Obligation 29 Drainage Utility 6 Water&Sewer-Emergency Fund 32 Athletic Complex 8 Water&Sewer-CIP 34 Softball World Operations 9 Developer's Escrow Fund 35 Softball World-CIP 12 Hotel-Motel Tax Fund 36 GolfCourse-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 51 1/2 Cent Sales Tax-CIP 21 Equipment Replacement Fund 53 1/2 Cent Sales Tax-Bond Reserve 22 Golf Course-operations 54 Crime Control & Prevention District Cash Management Activity Average 90 Day ® T Bill Yield Average City Basis Point Month (Benchmark) Portfolio Yield Difference Oct 5.09% 5.69% 0.60% Nov 5.15% 5.67% 0.52% Dec 5.29% 5.74% 0.45% During this quarter, the economy began to slow to a more moderate pace with little or no inflation. The instability of the Asian markets resulted in lower interest rates for long term investments. However, short term rates rose, which is reflected in our portfolio and the benchmark rates. Our portfolio continues to exceed the benchmark rates. This quarter marks the eleventh consecutive quarter that the City's portfolio met and exceeded the benchmark! Month Invested Balance Cash Balance % Invested Oct $23,806,904.00 ($512,323.00) 103% Nov $23,770,782.00 $30,229.00 100% Dec $24,258,450.00 $1161,633.0.0 100% Average $23,945,378.67 ($106,820.33) 101% The City's investment program pursues maximum interest income revenues while maintaining safety and liquidity using the following strategy: - immediately deposit all receipts, utilizing wire transfers, ACH, and couriers; ® -slow down disbursement of funds using ACH, wire transfers, etc.; -cashflow forecasting to meet estimated disbursements by each fund; - plan full investment of upcoming resources at their peak availability to maximize interest earnings and -to minimize cash at the bank; -purchase diversified investments and hold to maturity -keep abreast of current market environment to benefit from interest rate changes. % Invested $200 ------- Cash 120% 100% $0 socio a w 2$200) 60% 0 40% ($400) 20% Oct Nov Dec ($600) - - - Oct Nov Dec COLLATERAL REVIEW ® The first and most important objective of public funds investments is safety of assets. Therefore, all non-government security investments must be secured by collateral. This is accomplished by monitoring daily bank balances and monthly reporting of their full coverage. Collateral levels may be adjusted to secure the varying levels of receipts throughout the fiscal year. City of Euless Collateral Analysis for Cash& C.D. Investments as of 12131197 Pledging Safekeeping Pledged Sec. Security Market Value Inv. Value Difference Institution Location Descri tp ion Par Value (w/FDIC Ins.) @ Mat'y (P& 1) Over/(Under) Bank One $0 $100,000 $22,186 $77,814 $ Mkt $0 DDA $22,186 Landmark Bank Texas Indep $1,500,000 $1,605,001 $380,679 $1,224,322 Bank-Dallas FNMA due Payroll $61,683 11/16/00 $500,000 Operating $318,996 FNMA due 10/26/01 $1,000,000 � n Reproduced By: CI ,� Cash& Debt Department Date: r7U Reviewed by: lv Director of Finance aw Date: �i This review is practiced on a regular basis assuring thorough 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. INTEREST INCOME FY96-97 Budget: $1.609.453 FY97-98 Budget: $1,006,365 FY96-97 Actual: $1.716.725 FY97-98 Y-T-D: $312,531 Percent of Budget: 107% FY97-98 Projected: $1,315,010 Proj. %of Budget: 130.67% The FY97-98 projected interest income amount is comprised of interest income received year-to-date. coupon payments and interest to be received on existing investments. interest that will accrue through the end of the fiscal year but not received until afterwards, less interest accrued for prior year. Interest continues to be earned and distributed to the various funds which are able to invest. Interest Income By Fund As of 12131197 Fund Fund FY 97 FY 97 'FY 98 FY 98 Cpns& Proj Less PY Proj # Name Budget Audit Budggt- YTD Exist Inv Accrual Accrual Reinv Total Difference _ 1 General 3390.000__ 00) 5 3410.266- _$390_000 $97,199 $268,487 $53.749 _ ($95,7970,000__ $393.646 __$3.646- 2 Wtr/Sewer 345.000 363.715 345.000 32,105 196,315 57.670 (49.813) 75,000 311,277 (33,723) 4 GO Debt 19.000 21,806 15.000 394 2,066 0 0 9,300 11,760 (3.240) W 8 &S CIP 9.500 16,300 5,000 11,988 16,_158 14,163 X55)__,- 8,100 50,355 45,355 9 Escrow 70.000 78.590 0 27,260 40.126 2.852 (19,387)_ 8,640 59.493 59,493 10 LLEBG - - -0 0 0 0 0 0 0 0 - 0 0 12 Hotel/Motel 5.500 7.364 5.000 569 0 0 0 1,125 1.694 X3.306) 16 DEA Task 311 1,247 0 595 0 0 0 282 877 877 17 Risk Mgmt 26.000 31,693 25.000 6.171 5.845 0 __(2,258) - 17,448 27 207 2,207 -21 Eq._Repl. _ 10.000 16.321 8.000 6,169 0 0 0 8.172 14,341 6.341 22 Golf Course Ops 133,578 142,028 3.000 226 0 0 0 0 226 (2 774) 24 Drug Fund 6,000 9.693 0 4,277 0 0 0 6.678 10.955 10.955 26 Street CIP 165.000 180.994 0 23,564 24,761 7.188 (12,500) 50.000 93.011 93.011 29 Drainage 7.500 11,244 8,000 5,573 0_ 0 0 5,000 10.573 2.573 30 Cash Mgm 53.003 53.113 65.365 21,477 ____ __ 0 0 22.707 65 365 (0) 32 Ath.Cmplx CIP __ 94.000 _7.1.598 0 0 0 _0 0___ 0 0 0 33 Ath.Cmplx Ops 0 0__ __ 5.000 - _ _0 0 0 371 250 0 (110)_ 0 0 0 (5 000) ® 34 Softball World 6,500 8.387 5.000 3, _ 1,500 5,011 - 11 - - -- - - 35-Softball CIP 9,50b 1_01148 0 0 0 0 0 0 0 0 36 Golf Course CIP 0 0 0 5,472 0 0 0 0 5,472 5.472 39 DUS CIP 8,600 12.395 _ 4.000 - 5,448 0_ 0 _ 0_ 6,900 12.3481_ 8.348 40-1 mpact Fee _ 6_5.000 _ 68,338 25.000 18,444 _ _35,769 28.086 (21,619) 8,334 _ 69,014 44.014 50 1/2 Cent-Ops 135.000 148,456 _ 65,000- 8-926 20.322______ 0 (4.524) 1,700_ 26.424 (38.576) 51f/2 Cent-CIP 0 0 0 11,683 13.926 0 0 20,000 45.610 45.610 - - - - -- _ _ _ - - _0 - -- -- 5 - "53 1/2 Cent-Reserve 0 0- 0 13,448 0 0 0 33.597 47 045__ 47,045 26.41 i 2 54-C rime Control 9.500 16.314 5.000 8 173 0 0 0 18,238 1.41 i 90 W&S Res 40.961 - 36.715 28,000 0 31,855 - 0 (14,956) 10.000 26.900- (1,100) Total $1.609.453 $1.716.725 36 $1,006, 5 $3 U2.531 $6 77 062 $163.708 (3221,0 12)_ $382 721 S-1,3 1 5.010 $308.645 Note that interest earnings is being earned by all investable City funds and great efforts are pursued for all funds to meet their budgeted level. Several funds were not budgeted due to the volitility of their revenues and expenditures. However, these funds are used for investment purposes when they have funds available. These funds include Capital Improvement Projects and DEA funds. Fiscal Year 1998 Budget numbers are based on an average rate of return of 5.25%. This estimate was based on the average 90 day T-Bill rate during the first half of 1997 These rates ranged from 5.12%to 5.28%. "The interest earned in this fund will be transfered to the Half Cent Sales Tax operating fund. Only the reserve amount required by the bond covenant will remain in this fund. Economic Environment and Interest Rate Outlook The economy appears to slowing to a moderate pace, with still no clear signs of inflation. Unless there are any major changes in the economy rates should remain at current levels. Federal Reserve Chairman Alan Greenspan has indicated that the Fed will not take any action right now. They continue to focus on the financial crisis in Asia, and what effect it is having on the US economy. The key to any Fed action will depend on whether or not the Asian crisis slows the US economy and keeps inflation under control. If this happens the Fed may consider easing rates this spring. However, if the economy remains strong, the Fed may raise rates in order to stave off inflationary pressures. MINUTES INVESTMENT COMMITTEE MEETING 11/19/97 Members: Joe Hennig, Assistant City Manager Loretta Getchell, Director of Finance Jim Hickerson, Accounting Manager Vicki Smith, Cash and Debt Analyst Committee members present included Joe Hennig, Loretta Getchell, and Vicki Smith. Vicki Smith presented the Annual Investment Report. She reported that the information presented was pre-audit. Therefore,there may be some adjustments made by the auditors. However, any adjustments made should be minor. The Committee reviewed the report. Joe Hennig moved to accept the report as presented, Loretta Getchell seconded. Loretta Getchell motioned to adjourn the meeting and Joe Hennig seconded. Meeting was adjourned. • APPENDIX fs City of Euless ® • Inveslrrhahl Portfolio As of Seplember 30,1997 BANC BatcOne Capital FSW First Southwest Investment Type Institution LOGIC Investment Pod FNMA Fed.Nat'l Mort.Asso. FHLB Fed.Home Loan Bank RAUSCHER Rauscher Pierce BANCONE Banc One Capital Pruprog Prudential Mgnt Progam(through Gibraltar) TRILL Treasury&II FFCB Fed.Farm Credit Bank FMAC Fed.Home Loan Mort.Corp. PROD Prudential Securities FSW First Southwest LNDMRK Landmark Bank REPO Repurchase Agreement TNOTE Treasury Note CD Certificate of Deposit FGIC Finanaual Investors Trst 1st Comm First Corivneroal MERRILL Manil Lynda Inv Cusip Purchase Term Maturity Days Price Par Principal Interest Interest Yield To Book Maiket Market Sella UnanlorLzed Coupon I ype NUlnber Dale (in days) Date Accrued Pei$100 Value Invested (CS nlat'y AGaued Nwtunty Value Price Value Inst. Dlspow l Premum Preavosc Rate U.S.GOVERNMENT AGENCIES Agency Discount Notes FHLB 313385" 01/10/97 269 10/06/97 263 96.0248 300,000.00 288,074.33 11,925.67 11,659.67 5.57% 299,734.00 99.9067 299,720.10 Mandl FNMA 313589MY6 06/25/97 111 10114/97 97 98.3412 545,000.00 535,959.36 9,040.64 7,90038 555% 543,859.74 99.7822 543,81299 Pruprug FNMA 313589MZ3 01/10197 278 10/15/97 263 95.8918 500,000.00 479,458.89 20,541.11 19,432 78 5.57% 496,891.67 99.7667 498,833.50 Prudential FNMA 3135B9PJ6 06/13/97 157 11/17/97 109 976276 1,000,00000 976,275.56 23,724.44 16,47111 565% 992,74667 9926W 992,600.00 Prudential FNMA 313589SRS 07131/97 188 02/04/98 61 97.2166 500,000.00 486,082.78 13,917.22 4,51569 5.54% 490,596.47 980668 490.334.00 Merrill FHLB 313385VW9 07/31/97 274 05/01198 61 959357 500,00000 479,678.33 20,321.67 4,52417 559% 484,20250 96.7577 483,788.50 Manll TOTAL: 3,34500000 3,245,529.24 99,470.76 64,503.80 558% 3,310,03304 3,309,08909 Agency Coupon Notes FNMA 31364CND6 01103/97 180 10/17797 163 999300 1.000,00000 999,300.00 27,750.00 25,129.17 5.63% 1,000,000.00 100.0469 1,000,468.75 Merrill 70000 000 555% FFCB 31331WMD 03/18/97 180 12/02/97 118 997969 1000,00000 997,968.75 27,00000 17,70000 568% 999,54860 100.0156 1.000,156 25 1stConvn 2,03125 (45140) 540% FI1LB 313395F67 01708/97 360 01/08198 262 1000000 500,000 00 500,000.00 28,850.00 20,996 39 577% 5w,000 00 999688 499,843 75 Prudential 0.00 577% FNMA 31364CVE6 01/16197 180 01/16198 74 99.BOW 500,000.00 499,32902 14,000.00 5,75556 5.74% 500,000.00 100.5313 502,65625 Mernll 67096 000 560% FM-IG 3134ADTT9 12/03196 180 01/27/98 63 995625 505,000.00 502,790 63 13.142.63 4,59992 560% 504,490.15 100.0000 505,000.00 Pruprog 2,209 37 (509 85) 5 21% FHLB 313393CX6 02/20/96 180 02/20/98 40 100.0000 2,000,o0U.00 2,000,000.00 52,500.00 11,66667 5.25% 2,000,000.00 100.0000 2,000,00000 Banc One 0.00 5.25% FHLMC 313400SR5 08/14/97 180 03/11/98 19 991119 1,200,00000 1.196,543 09 31,14000 3,28700 5.701/6 1,197,53079 998125 1.197,750 00 FSW 3,456.91 (2,46921) 519% FRB 313389GE2 02/07/97 180 04115198 165 999338 500,000 00 499,669.10 14,250.00 13,062.50 5.75% 499,858.22 100.1875 500.937 50 FSW 330.90 (141.78) 570% FKLB 3133891AW 07/31197 180 04/27/98 153 997188 600,000 00 598,312.50 15,780.00 13,413.00 564% 598,87500 99.9375 599,625 00 Banc One 1,68750 (1,125 00) 526% FHLMC 3134000A9 08113197 180 04/29198 151 99 68W 300,000 00 299,064 00 7,965.00 6,681.75 5.75% 299,298.00 995625 298,68750 Banc One 93600 (702 00) 5 31% FNMA 31364AZL9 12/01/95 160 06125198 95 991719 1,000,00000 991,71875 27,05000 14,276.39 576% 1000.000.00 997500 997,50000 Rauscher 8,28125 000 541% FHLB 313392D33 09129/97 180 11/02/98 148 1000000 940,00000 940,000.00 27,354.00 22,49107 581% 940,000.00 99.9688 939,706.25 Me0111 0 000 000 582% FHLB 3133921/34 01/19/96 180 01/19/99 71 100.0000 1,000,000.00 1,000,000.00 28,925.00 11,409.31 5.791% 1,(100,(100.00 998281 998,281.25 Prudential 000 579% FHLB 313393DC1 02/20196 180 02/20199 40 100.0000 1,000,00000 1,000,000.00 27,700.00 6,155.56 5.54% 1,000,000.D0 99.5469 995,46875 Prudential 000 5.54% TOTAL: 12,045,000.00 12,024,695.83 343,406.63 176,624.26 12,039,600.76 12,036 081 25 20,304.16 000 (5,399.24) CERTIFICATES OF DEPOSITS CD 04/23/97 365 04/23/98 160 100.0000 5,000.00 5,000.00 250.00 109.59 5.00% 5,000.00 1000000 5,000.00 Lndnuk 0.00 500% INVESTMENT POOLS LOGIC WA WA WA WA WA 100.0000 6,055,787.27 6,055,787.27 WA WA 6.07% 6,055,787.27 100.0000 6,055,787.27 LOGIC FGIC WA N/A WA WA NA 100.0000 2,969,181.23 2,969,181.23 WA WA 5.48% 2,969,18123 1000000 2,969,181.23 FGIC TOTAL: 9,024,968.50 9,024,968.50 9,024,968.50 9,024,968 50 TOTAL PORTFOLIO 24,419,968.50 24,300,193.57 443,127.36 241,237.65 24,379,602.30 24,375,138.84 20,304.16 000 (5,39924) b M a w a City of Euless Investment Portfolio As of December 31,1997 BANC BancOne Capital FSW First Southwest Investment Type Institution LOGIC Investment Pod FNMA Fed.Nat'l Mon.Asso. FHLB Fed.Home Loan Bank RAUSCHER Rauscher Pierce BANCONE Banc One Capital Pruprog Prudential Mgmt Progam(through Gibraltar) TBILL Treasury Bill FFCB Fed.Farm Credit Bank FMAC Fed.Home Loan Mon.Corp. PRUD Prudential Securities FSW First Southwest LNDMRK Landmark Bank REPO Repurchase Agreement TNOTE Treasury Note CD Certificate of Deposit FGIC Finanacial Investors Trst 1 st Comm First Commercial MERRILL Merrill Lynch Inv. Cusip Purchase Term Maturity Days Price Par Principal Interest Interest Yield To Book Market Market Sailer llnarhmortized Coupon Type Number Date (in days) Date Accrued Per$100 Value Invested @ rnary AGaued Maturity Value Price Value Inst. Discount Premum PferivDisc Rate U.S.GOVERNMENT AGENCIES Agency Discount Notes FNMA 313589SR5 07/31/97 188 02/04/96 153 97.2166 500,000.00 486,082.78 13,917.22 11,326.25 5.54% 497,409.03 99.4555 497,277.50 Merrill FHLB 313385TA4 12/19/97 56 02/13/98 12 99.1242 500,000.00 495,621.11 4,378.89 938.33 5.76% 496,559.44 99.3156 496,577.80 Everen FHLB 313385VVF9 07/31/97 274 05/01/98 153 95.9357 500,000.00 479,678.33 20,321.67 11,347.50 5.59% 491,025.83 98-1346 490,672.90 Merrill FNMA 313589XG3 12/02/97 175 05/26/98 29 97.3215 500,000.00 486,607.64 13,392.36 2,219.31 5.74% 488,826.94 97.7492 488,745.85 Merrill FNMA 313589XN8 12/02/97 181 06/01/98 29 97.2247 500,000.00 486,123.33 13,876.67 2,223.33 5.761/b 488,346.67 97.6693 488,346.67 Merrill FNMA 313589ZM 12/31/97 208 07/27/98 0 96.8684 500,000.00 484,342.22 15,657.78 0.00 5.65% 484,342.22 96.8222 484,111.10 Everen TOTAL: 3,000,000.00 2,918,455.42 81,544.56 28,054.72 5.67% 2,946,510.14 2,945,731.82 Agency Coupon Notes FHLB 3133951`67 01/08/97 360 01/08/98 352 100.0000 500,000.00 500,000.00 28,850.00 28,208.89 5.77% 500,000.00 99.9688 499,843.75 Prudential 5.77% FNMA 31364CVE6 01/16/97 180 01/16/98 164 99.8658 500,00000 499,329.02 14,000.00 12,755.56 5.74% 500,000.00 100.6563 503,281.25 Merrill 670.98 0.00 5.60% FMAC 3134AOTT9 12/03/96 180 01/27/98 153 99.5625 505,000.00 502,790.63 13,142.63 11,171.23 5.60% 505,000.00 99-5763 502,860.06 Pruprog 2,209.37 0.00 5.21% FHLB 313393CX6 02/20/96 180 02/20/98 130 100.0000 2,000,000.00 2,000,000,00 52,500.00 37,916.67 525% 2,000,000.00 99.9688 1,999,375.00 Banc One 0.00 525% FHLMC 313400SR5 08/14/97 180 03/11/98 109 99.7119 1,200,000.00 1,196,543.09 31,140.00 18,857.00 5.70% 1,199,012.32 99.9219 1,199,062.50 FSW 3,456.91 (987.68) 5.19% FHLB 313389HW 07/31/97 180 04/27/98 63 99.7188 600,000.00 598,312.50 15,780.00 5,523.00 5.64% 599,437.50 99.9219 599,531.25 Banc One 1,687.50 (562.50) 5.26% FHLMC 3134000A9 08/1N97 180 04/29/98 61 99.6880 300,000.00 299,064.00 7,965.00 2,699.25 5.75% 299,649.00 99.7344 299,203.13 Banc One 936.00 (351.00) 5.31% 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% 998,621.45 99.9063 999,062.50 Rauscher 8,281.25 (1,378.55) 541% FNMA 31364AC75 10/15/97 180 08/26/98 124 99.5000 500,0DD.00 497,500.00 12,900.00 8,886.67 5.75% 498,250.00 99.6563 498,281.25 FSW 2,50000 (1,750.00) 5.16% FNMA 31364AE65 12/31/97 180 09/28/98 92 99.4375 500,000.00 497,187.50 24,600.00 12,573.33 5.69% 497,500.00 99.4375 497,167.50 1st Comm 2,812.50 (2,500.00) 4.920% FHLB 3133MIT74 10/23/97 180 10/23/98 67 99.9420 1000,000.00 999,420.00 28,500.00 10,608.33 5.76% 999,525.46 99.9688 999,687.50 Merrill 580.00 (474.54) 5.70% FHLB 313392D33 09/29/97 180 11/02/98 58 100.0000 940,000.00 940,000.00 27,354.00 8,814.07 5,81% 940,000.00 100.0313 940,293.75 Merrill 0.00 5.82% FHLB 3133921-134 01/19/96 180 01/19/99 161 100.0000 1,000,000.00 1,000,000.00 28,925.00 25,871.81 5.79% 1,000,000.00 99.8281 998,281.25 Prudential 0.00 5.79% 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 99.6250 996,250.00 Prudential 0.00 5.54% FHLB 313WNH6 12/24/97 540 06/24/99 6 99.9688 290,000.00 289,909.38 26,339.25 292.66 6.08% 289,924.49 99.9688 289,909.38 Everen 90.62 (75.51) 6.055% FHLB 3133M1542 10/30/97 180 06/30/99 60 100.0000 1,000,000.00 1,000,000.00 29,750.00 9,916.67 5.93% 1,000,000.00 99.8906 998,906.25 Ewen 0.00 5.95% TOTAL: 12,835,000.00 12,811,774.86 396,495.88 214,852.07 12,826,920.22 12,821,016.31 23,225.13 0.00 (8,079.78) CERTIFICATES OF DEPOSITS CD 04/23/97 365 04/23(98 160 100.0000 5,000 5,000.00 250.00 109.59 500% 5,000.00 100.0000 5,000.00 Lndmk 0.00 5.00 00. INVESTMENT POOLS LOGIC WA WA N/A WA WA 100.0000 5,995,979.23 5,995,979.23 WA WA 6.58% 5,995,979.23 100.0000 5,995,979.23 LOGIC FGIC WA WA WA WA WA 100.0000 2,504,686.23 21504,686.23 WA WA 5.60% 2,504,686.23 100.0000 21504,686.23 FGIC TOTAL: 8,500,665.46 6,500,665.46 8,500,665.46 8,500,665.46 TOTAL PORTFOLIO 24,340,665.46 24,235,895.74 478,290.46 243,016.38 24,279,095.82 24,272,413.59 23,225.13 0.00 (8,079.78) LOv • City of Euless r Investment by Fund • As of September 30,1997 Investment Type Institution LOGIC Investment Pod FNMA Fed.Nat'l I.Aurt.Asso. FHLB Fed.Home Loan Bank RAUSCHER Rauscher Pierce BMCONE Banc One Capital Pruprog Prudential Mgn1t Progam(through Gibraltar) !BILL Treasury Bill FFCB Fed,Farm Credit Bank FMAC Fed.Home Loan Mon.Corp. PROD Prudential Sec reties FSW First Southwest LNDMRK Landmark Bank REPO Repurchase Agreement TNOTE Treasury Note CD Certificate of Deposit FGIC Finaladal Investors Trst 1st Comm First Conunerdal MERRILL Merrill Lynch Cost Accrued Inv. Cusip Purchase Term Maturity Price Par Book Value Interest Total Pnn.+ Yield To Coupon Interest Seller Market %of Type rJ r rirer Date (in days) Data Per$100 Value Wrin Only) niat'y Int.a Maly Malunly Rate Purchased gist, Diwount Premum Fund Value Portfolio WPM Fund t LOGIC WA 100-0000 73,381.34 73,381.34 73,381.34 6.07% LOGIC 1 73,381.34 0.30% 0.00 FHLB 313385M06 01/10/97 269 10/06/97 96.0248 300,000.00 288,074.33 11,925.67 300,000.00 5.57% Merrill 1 299,720.10 1.18% 317 FNMA 313589W3 01/1M7 278 10/15/97 95.8918 500,000.00 479,458.89 20,541.11 500,000.00 5.57% Prudential 1 498,833.50 1.96% 5.45 FNMA 31364CND6 01/03/97 287 10/17/97 999300 1,000,00000 999,300.00 55,500.00 1,055,5W 00 5.63% 5.55% 11,71667 Merrill 700.00 1 1,000,46875 413% 11.87 FNMA 313589PJ6 06/13/97 157 11/17/97 97.6276 500,000.00 488,137.78 11,862.22 500,00000 5.65% Prudential 1 496,30000 200% 313 II CB 31331HJM0 03118/91 259 12/02797 991969 1,000,00000 997,968.75 54,00000 1,054,00000 566% 5.40% 15,90000 1sl Carm 2,03125 1 1,000,15625 415% 1074 FIILB 313393CX6 02/20/96 720 02/20/98 1000000 1.0000)()00 1,000,000.00 105,00000 1,105,00000 5.25% 5.25% Banc Of 1 1,000,00000 409% 2944 Ft6.MC 313400SR5 08/14/97 209 03/11/98 99.7119 600,00000 598,271.54 31,140.00 631,140.00 5.70% 519% 13,234.50 FSW 1.728.45 1 598,87500 250% 523 F t It B 313393DC 1 02/20/96 1080 02/20/99 100 000Q 000 0.00 0.00 000 554% 554% 15,542.78 Prudential 1 000 006% 069 Subtotal 4,973,381 34 4,924,592.63 289,969 01 5,219,021 34 5.63% 56,393.95 4,45970 0 00 subtotal 4,967,734.94 2037% 6971 Fund 2 1 OGIC WA 1000000 62,634.72 62,634.72 62,634.72 607% LOGIC 2 62,634 72 0.26% 0.00 FNMA 313589PJ6 06113197 157 11/17/97 97.6276 500,000.00 488,13778 11,862.22 500,000.00 5.65% Prudential 2 496,30000 200°/6 313 F I6 B 313395F67 01/08197 360 01/0&96 100.00()0 500,000 00 5(10,000 00 28,850 00 528,850 00 577% 517% Pruduthtial 2 499,843 75 204% 7.36 FNMA 31364CVE6 01116197 360 01116198 99.8658 500,000.00 499,329.02 28,000.00 528,000.00 5.74% 560% Merrill 67098 2 502,65625 204% 735 FHLB 313393CX6 02/20/96 720 02/20/96 1000000 1,000,000.00 1,000,000.00 105,000.00 1,105,000.00 5251% 5 25% Banc One 2 1,000D00 00 4091% 29 44 FHLMC 313400SR5 08/14/97 209 03/11/98 997119 600,000.00 598,271.54 31,140.00 631,140.00 5.709/6 519% 13,234.50 FSW 1,72845 2 598,875.00 2.50"/. 523 FHLB 313389HPM 07/31/97 270 04/27/98 99.7168 100,000.00 98,312.50 31,560.00 131,560.00 5.64% 5.261/6 8,240.67 Banc One 1,687.50 2 99,937.50 0.44% 1.18 FHLMC 313400UA9 0&13/97 259 0429198 99.6880 300,000.00 299,064.00 15,930.00 315,930.00 5.751% 531% 4,602.00 Banc One 936.00 2 298,687.50 1.24% 3.22 FHLB 313392D33 09/29/97 398 11/02/96 100.0000 600,000.00 600,000.00 52,380.00 652,360.00 5.81% 5.82% 0.00 Merrill 2 599,81250 2.45% 976 Subtotal 4,162,63472 4,145,749.56 304,722.22 4,455,494.72 5.71% 26,077.17 5,02293 0.00 subtotal 4,158,74722 1706% 6667 Fund 4 LOGIC WA 100.0000 187,377.22 187,377.22 187,377.22 6.07% LOGIC 4 187,377.22 0.77% 0.00 Subtotal 187,377.22 187,377.22 0.00 187,377.22 6.07% 0.00 0.00 0.00 subtotal 187,371.22 077% 0.00 Fund 6 FHLB 313389HFM 07/31/97 270 04/27198 100.0000 500,000.00 500,000.00 500,000.00 564% 5.26% Banc One 6 499,687.50 204% 552 Fund 8 LOGIC WA 100.0000 365,472.42 365,472.42 365,472.42 6.07% LOGIC 8 365,472.42 149% 0.00 FGIC WA 100.0000 657,779.03 657,779.03 657,779.03 5.48% FGIC 8 657,779.03 269% 000 FHLB 313392D33 09729/97 398 11/02/98 100.0000 340,000.00 340,000.00 29,682.00 369,682 00 581% 582% 22,339.10 Merrill a 339,893 75 148% 5.90 Subtotal 1,363,25144 1,363,251.44 29,682.00 1,392,933.44 5.79% 22,339.10 000 0.00 subtotal 1,363,145.19 567% 5.90 Fund 8 LOGIC WA 100.0000 8,462.98 8,462.98 8,462.98 6.07% LOGIC 9 8,462.98 003% 0.00 FGIC WA 100.0000 106,175.75 106,175.75 106,175.75 5.48% FGIC 9 106,175 75 043% 000 FNMA 313589SR5 07/31/97 188 02/04/98 972166 250,000.00 243041.39 6,958.61 250,000 00 5.54% MWIN 9 245,167.00 099% 187 FNMA 31364AZL9 12/01/95 924 06/25/98 991719 1,000,000.00 991,718.75 162,300.00 1,162,300.00 576% 5.41% 23,443.33 Rauscher 6,281.25 9 997,500.00 4.19% 3867 FHLB 3133921.134 01/19/96 1080 01/19/99 100.0000 250.000.00 250,000.00 43,387.50 293,387.50 5.79% 579% Prudential 9 249,570.31 102% 11.04 Subtotal 1,614,638.73 1,599,398.87 212,646.11 1,820,32623 5.73% 23,443.33 8,281.25 0.00 subtotal 1,606,876.04 667% 5158 Fund 12 LOGIC WA 100.0100 39,551.71 39,551.71 39,551.71 6.07% LOGIC 12 39,551,71 016% 000 4 Fund 16 LOGIC WA 100.0000 41,367.10 41,367.10 41,367.10 6.07% LOGIC 16 41,367.10 0.17% 0 00 Fund 17 LOGIC WA 1000000 464,299.82 464,299.82 464,299.82 6.07% LOGIC 17 464,299.82 1.90% 000 FNMA 313589SR5 07/31/97 188 02/04/98 97.2166 250,900.00 243,041.39 6,958.61 250,000 00 5.54% Merrill 17 245,167 00 099% 1 87 Subtotal 714,299.82 707,341.21 6,958.61 714,299.82 5.81% 0.00 0.00 0.00 subtotal 709,46682 289% 187 Fund 16 FHLB 313393DCI 02/20196 1080 02/20/99 100.0000 500,000.00 500,000.00 &3,100.00 583,10000 5.54% 5.54% Prudential 18 497,73438 204% 2208 Fund 16 FHLB 313393DC1 02/20196 1080 02/20/99 100.0000 500,000.00 500,000,00 83,100.00 583,10000 5.54% 554% Prudential 19 497,734.38 204% 2208 Ky Fund 21 LOGIC WA 100.0000 284,053.44 284,053.44 284,053.44 6,07% LOGIC 21 284,053 44 1 16% 000 FGIC WA 1000000 155,948.39 155,946.39 155,946.39 5.48% FGIC 21 155,946 39 064% 000 Q' 439,999.83 439,999.83 0.00 439,999.83 578% 0.00 0.00 0 00 Subtotal 439,999 83 180% 000 F'• Fund 22 LOGIC WA 100 W(Xl 473,189.50 473,189.50 473.189.50 6.07% l OGIC 22 473,189 50 1 93% 000 Subtotal 473,189.50 473,189 W 0.00 473,189 50 6.07% 0.00 000 000 473,189 50 1 93% 000 City d Euless lnwstmerlt by Fund As of September 30.1997 Investment Type Institution LOGIC Investment Pod FNMA Fed.Nat'l Mort.Asso. FHLB Fed.Home Loan Bank RAUSCNER Rauscher Pierce BANCONE Banc One Capital LNOM g Prudential Mgrrht Progam(thrwyh(lrbrdtar) TBILL Treasury Bill FFCB Fed.Farm Credit Bank FMAC Fed.Home Loan Mort Corp. PROD Prudential Securities FSW First S onar"ciuthvwest LNDMRK Laerrill ry Bar hk REPO Repurchase Agreement TNOTE Treasury Note CD Certificate d Deposit FGIC Finanarial Investors Trsl 1st Comm First Cahvnadal MERRILL. Merrill Lynch Cost Accrued Market %ot Inv. Cusip purchase Tenn Maturity Price Par Bods Value Interest Total Prin.+ Yield To Coupon Interest Seller Type Nwnbar Date (in days) Date Per$100 Value (Prin Only) CU-)maLy Int @ Mat'y Maturity Rate Purchased Inst Discount Premum Fund Value Portfolio WAM Fund 23LOGIC 23 0.00 0.00% 000 LOGIC WA 100.0000 0.00 0.00 000 6.07 Fund 24 LOGIC 24 233,827.73 0.96% 0.00 LOGIC WA 100.0000 233,827.73 233,827.73 233,827.73 6.07% FGIC 24 63,705.45 0.26% 000 FGIC WA 1000000 63,705.45 63,705.45 63,705.45 548% 000 000 0.00 subtotal 297,53318 1.22% 000 Subtotal 291,533.18 297,533.18 0.00 297,53318 5.78% Fund 26LOGIC 26 1,501,78649 6.14% 0.00 LOGIC WA 100.0000 1,501,786.49 1,501,766.49 0.00 1,501,786.49 6.07% Pru r 26 543,812.99 2.19% 243 FNMA 313589MY6 06/25/97 111 10V14/97 983412 545,000.00 535,95936 9,04064 545,00000 5.55% Po9 26 505,OOD.00 209% 8 79 FMAC 3134/-0779 12/03/96 420 01127/98 995(125 505.00000 502,790.63 39,427.88 544,42788 5 % 5.21% 9,199 114 9,199.84 Pruprog 2.20937 2,20931 0.00 subtotal 2,550,59948 10.43% 1123 Subtotal 2,551,706.49 2,540,536.47 48,468.52 2,591.214 36 5.7474% Fund 29LOGIC 29 322,641.31 1.32% 000 LOGIC WA 1000000 322,641.31 322641.31 322,64131 607% Fund 32LOGIC 32 (0.00) -0.00% 0.00 LOGIC WA 1000000 (0.00) (OAO) (0.00) 8.07% (0.00) (0.00) 0.00 (0.00) 6.07% 000 0.00 0.00 subtotal (0.00) -0,00% 0.00 Subtotal Fund 34LOGIC 34 192,022.18 0.79% 0.00 LOGIC WA t00.0* 192,022.18 192,022.18 000 192,022.18 6.07% 000 FGIC WA 100.0000 42,470.30 42,470.30 (0.00) 42,470.30 5FGIC 34 42,470.30 017°h.48% Lndnl* 34 5,00000 0.17% 0.07 CD 04/23/97 365 04/23198 100.0000 5,000.00 5,000.00 250.00 5,250.00 5.00% 500°.6 0.00 000 0.00 subtotal 239,492.48 0 9B% 007 Subtotal 239,492.48 239,492.48 250.00 239,742.48 552% Fund 36LOGIC 35 0.00 000% 000 LOGIC WA 100.0000 0.00 0.00 0.00 0.00 6.07% Fund 39LOGIC 39 313,948.31 1.28% 000 LOGIC WA 100.0000 313,948.31 313,948.31 313,948.31 607% Fund 40LOGIC 40 527,747.12 2.16% 0.00 LOGIC WA 100.0000 527 747.12 527,747.12 527,747.12 6.07 500,93750 FHLB 313389GE2 02/07/97 428 04/15/98 999338 500,00000 499,669.10 42.750.170 542,750.00 5.75% 5.70% 8,866.67 FSW 330.90 40 748,710.94 3.07% 3312 FHLB 01119/96 1080 01/19/99 100.0000 1,7577,0747.12 ,,75°,x.22 172912.50 1,950250 ,659.62 516250 ,8� 579% 8,860.67 Prudential 33090 0.00 subtotal 1,777,395.56 7.30% 4202. Subtotal Fund 60 LOGIC 50 360.475.86 1.47% 0.00 LOGIC WA 100.0000 364475.86 360,475.86 360,475.86 6.07% FGIC 50 1,007,901.31 412% 0.00 FGIC WA 100.0000 1,007 901.31 1,007 901 31 1,007 901.31 5.48% Merrill 50 483,788.50 1.96% 5 37 FHLB 313385WF9 07131/97 274 05/01/98 95.9357 500,00000 419,678.33 20,321.67 500,000.00 5.59% 000 OW 0.00 subtotal 1,852,165.68 7.56% 5.37 Subtotal 1868,377.18 1,848055.51 20,321.67 1,868,377.18 5.71% Fund 64LOGIC 53 935,203.00 3.82% 000 LOGIC WA 1000000 935,203.00 935,203.00 935,203.00 6.07 Fund 64LOGIC 54 603,548.01 2 47% 000 (0 LOGIC WA 10000 603,548.01 603,548.01 603,548.01 6.07% TOTAL 24,419,968.60 24,300,193.67 1,262,130.63 26,672,628.37 146,320.06 20,304.16 0.00 TOTAL 24,376,138.84 100.00°'0 304.11 • City of Euless • . Investment by Fund • As of December 31,1997 Investment Type Institution LOGIC Investment Pod FNMA Fed.Nat'l Mon.Asso. FHLB Fed.Horne Loan Bank RAUSCHER Rauscher Pierce BANCONE Banc One Capital Pruprog Prudential Mgml Progam(through Gibraltar) TRILL Treasury BBI FFCB Fed.Farm Credit Bank FMAC Fed.Horne Loan Mort Corp. PRUD Prudential Securities FSW First Southwest L NDN W Landmark Bank REPO Repurchase Agreement MOTE Treasury Note CD Certificate of Deposit FGIC Fit a racial Inveslors Trst Isl Comm First Commercial MERRILL Merrill Lynda Cost Accrued Inv. Cusip Purchase Tenn Maturity Price Par Book Value Interest Total Prin.+ Yield To Coupon Interest Seller Markel %Of Type Number Dale (in days) Date Per 8100 Vdue (Pon Ooly) @ mal'y Int Q fMt'y Wanly Rate Purchased lost. Discount Premium fund Value PoAfdio WAM Fund 1 LOGIC WA 100.0000 883,714.67 883,714.67 883,714 67 658% LOGIC 1 883,714.67 363% 000 FHLB 313385TA4 12/19/97 56 02713/98 99.1242 500,000.00 495,621.11 4,378.89 500,000.00 5.76% Everen 1 496,577.80 2.03% 114 FHLB 313393CX6 02720796 720 02120/98 100.0000 1,000,000.00 1,000,000.00 105,000.00 1,105,000.00 5.25% 5.25% Banc One I 999,687.50 410% 29.55 FHLMC 313400SR5 08/14/97 209 03/11/98 99.7119 600,0000.00 598,271.54 31,14000 631,140.00 5.70% 5.19% 13,234.50 FSW 1,728.45 1 599,531.25 2.51% 5.25 FNMA 313589XG3 12/02/97 175 05/26/98 97.3215 50000000 486,607.64 13,392.36 500,000.00 5.74% Menill 1 488,745.85 200% 350 FNMA 31364AC75 10/15/97 311 08/2&98 99.5000 500,000.00 497,50000 25,800.00 525,80000 5.75% 516% 3,511.67 FSW 2,500.00 1 498,281.25 206% 640 FNMA 31364AE65 12/31/97 271 09128/98 99.4375 500,000.00 497,187.50 24,600,00 524,600.00 5.690,4 4.920% 6,355.00 ls(Comm 2,812.50 1 497,18750 2.07% 560 FHL B 3133M1 T74 10/23197 360 10/23/98 999420 500,00000 499,71000 28,500.00 528,500.00 5.76% 5.70% Merrill 29000 1 499,843 75 205% 738 FHLB 313393DC I 02/20196 1080 02/20/99 1000000 000 000 000 0.00 5.54% 554% 15,542.78 Prudential 1 0 00 006% 069 FHLB 3133MI542 10/30/97 540 06/30/99 1000000 500,000 00 500,000 00 49,583 33 549,583.33 5.93% 595% Everett 1 499,453 13 205% 11 OB Subtotal 5.483.714.67 5,458.612 46 282,394.58 5,748,338 00 5 77% 38,643.95 7,330.95 0.00 subtotal 5,463,022 69 22.56% 70 58 Fund 2 t(MIC WA 1000000 56/,94592 567,945 92 567,945.92 6.58% LOGIC 2 561,94592 2.33% 0 00 Ff 1LB 313395F6/ 01108/97 360 0110 KJB 100 0000 500.000 00 !00(1,001100 28.8W 00 528,850 00 5.71% 5 774. pludonbal 2 4419,843 75 205% 139 FNMA 31364CVE6 01/16197 360 01/16/98 99.8658 500,00000 499,329.02 28,000.00 528,000.00 5.74% 560"/• Harrill 67098 2 503,28125 2.05% 7.38 FHLB 313393CX6 02/20/96 720 02/20/98 100.0000 1,000.000 00 1000,000.00 105,000.00 1,105,000.00 525% 525% Banc Otte 2 999.687.50 4.1014 2955 FH1-KC 313400SR5 08/14197 209 03111/98 99.7119 600,000.00 598,271.54 31,140.00 631,14000 5.70% 519% 13,234.50 FSW 1,728.45 2 599,531.25 251% 5.25 FfJIB 313389HW 07/31197 270 04/27/98 99.7188 100,000.00 98,312.50 31,56000 131,560.00 564% 526% 8,240.67 Banc One 1,68750 2 99.92188 0.44% 118 FHLIVIC 313400UA9 08/13/97 259 04/29/99 99.6880 300,000.00 299,064.00 15,930.00 315,93000 575% 5.31% 4,60200 Banc One 93600 2 299,20313 1251/6 323 FNMA 313589XN8 12/02/97 181 06/01/98 972247 500,000.00 486,12333 13,87667 500,000.00 5.76% Mandl 2 488,346.67 2001/6 3.61 FNMA 313589ZW6 12/31/97 208 07/27/98 96.8684 50000000 484,342.22 15,65778 500,00000 565% Everett 2 484.11110 199% 413 FHLB 3133MIT/4 10/23197 360 10123/98 99.9420 500,000.00 499,710.00 28,500.00 528,50000 5.76% 570% W11111 29000 2 499,843.75 2.05% 7.38 FHLB 313392D33 09/29/97 398 11102/98 100.0000 600,000.00 600,000.00 52,380.00 652,380.00 581% 582% Mandl 2 600,18750 2.46% 980 FHLB 3133M1542 10/30/97 540 06/30/99 1000000 500,000.00 500,000.00 49,583.33 549,583.33 593% 5.95% Everett 2 499,453.13 2.05% 1108 Subtotal 6,167,945.92 6,133,098.54 400,477.78 6,538,889.25 578% 26,077.17 5.31293 0.00 subtotal 6,141.356 81 20 90°.6 8260 Fund 4 LOGIC WA 100.0)000 27,770.76 27,770.76 27,770.76 6.58% LOGIC 4 27,770.76 0.11% 000 Subtotal 27,770.76 27,770.76 0.60 27,770.76 6.58% 000 000 0.00 subtotal 27,770.76 0.11% 0.00 Fund 6 FHLB 313389HM3 07131/97 270 04127/98 1000000 500,000.00 500,000.00 500,000.00 5.64% 5.26% Banc One 6 499,809.38 2.05% 5 54 Fund 8 LOGIC WA 100.0000 347,353.80 347,353.80 347,353.80 658% LOGIC 8 347,353.80 1.43% 0.00 FGIC WA 100.0000 362,923 63 362,923 63 362,923 63 5.60% FGIC 6 362,923 63 1.49% 000 FHLB 313392D33 09/29/97 398 11/02/98 100.0000 340,000.00 340,000.00 29,682.00 369,682.00 5.81% 582% 22,339.10 Merrill 8 340,10625 149% 5.92 Subtotal 1050,277 42 1,050,277 42 29,682.00 1,079,959 42 600% 22,339 10 000 0.00 subtotal 1,050,383 67 440% 5.92 Fund 6 LOGIC WA 1000000 8,58463 8,584.63 8,58463 658% ICIGIC 9 8,584.63 0.04% 0.00 FGIC WA 100.0000 6,264.55 6,261.55 6,264.55 5.60% tLAC 9 6,264.55 0.03% 0.00 FNMA 313589SR5 07/31/97 188 02/04/98 97.2166 250,000.00 243,041.39 6,958.61 250,00000 5.54%, Merrill 9 248,638.75 1.00% 1.88 FNMA 31364AZL9 12/01/95 924 06/25/98 99.1719 1,000,000.00 991,718.75 162,300.00 1,162,300.00 5.76% 541% 23,44333 Rausdner 8,28125 9 999,062.50 4.20% 38.81 FHLB 3133921-134 01/19/96 1080 01/19/99 100.0100 250,000.00 250,000.00 43,387.50 293,38750 5.791A 579% Prudential 9 249,57031 1.03% 11.08 Subtotal 1,514,849.18 1,499,609.32 212,646.11 1,720,536.68 5.85% 23,443.33 8,28125 0.00 subtotal 1,512,120.74 629% 5177 Fund 12 LOGIC WA 1000000 40,120.25 40,12025 40,120.25 6.58% LOGIC 12 40,12025 0.16% 0.00 Fund 16 LOGIC NA 1000000 41,961.73 41,961.73 41,961.73 6.58% LOGIC 16 41,961,73 0.17% 0.00 Fund 17 LOGIC WA 1000000 470,471 24 470,471.24 470,471.24 658% LOGIC 17 470,471.24 1.93% 0.00 FNMA 313589SR5 07/31/97 188 02/04/98 972166 250,000.00 243,041.39 5,958.61 250,000.00 554% Merrill 17 248,638 75 1.00% 1 88 Subtotal 720,471.24 713,512.62 5.95861 720,471.24 606% 000 0.00 0.00 subtotal 719,109.99 2 93% 188 Fund 78 FHLB 313393DC1 02/20/96 1080 02/20/99 100.0000 500,000.00 500,000.00 83,100.00 583,100 00 5,54% 554% Prudential 18 498,125 00 2.05% 22 16 Fund 19 FHLB 313393DCI 02/20/96 1080 02/20199 100.0000 500,000.00 500,000.00 83,100.00 583,100.00 5.54% 554% Prudential 19 498,125.00 2.05% 2216 Fund 21 LOGIC WA 100.0000 426,512.27 426,512.27 426,512.27 6.58% LOGIC 21 426,512.27 175% 000 FGIC NA 100.0000 56,750.86 56,750.86 56,750.86 560% FGIC 21 56,75086 023% 000 Sublolal 483,263.13 483,263 13 000 463,263.13 6.09%, 000 000 0.00 Subtotal 463,263.13 198% 0 00 City of Euless Investment by Fund As of December 31,1997 Investment TypeInstitution LOGIC Investment Pod FNMA Fed.Nat'l Mort.Asso. FHLB Fed Home Loan Bank RAIISCHER Rauscher Pierce BANCONE Banc One Capital Pruprog Prudential W"Progam(dnra�gh Gibraltar) TRILL Treasury Bill FFCB Fed.Farm Credit Bank FMAC Fed Home Loan Mal.Corp. PRUD Prudential Securities FSW First Southwest LNDMRK Landmark Bank FGIC Finanacial Investors Trst 1st Con= First Cormnerdal MERRILL Merrill Lynch REPO Repurchase Agreement TNOTE Treasury Note CD Certificate of Deposit Cost Accrued Market %OfInv. Cusip Purchase Term Matunty Price Par Book Value Interest Total Prin.+ Yield To Coupon Interest Seller (Pun.Only) (�Itnafy Int Q Maty Matunty Rate Purchased Inst. Discount Pfamum Fund Value Type Number Date Un days) Dale Per$100 Value Portfdro WfWt Fund 22 0.00 6.58% LOGIC 22 000 0.00% 0.00 LOGIC WA 100.0000 0.00 0.00 0.00 0.00 0.00 0.00 658% 0.00 0.00 0.00 subtotal 000 0.00% 0 00 Subtotal . Fund 23 1000000 000 0.00 000 6.58% LOGIC 23 000 0000/1 000 LOGIC WA Fund 24 237,186.90 6.58% LOGIC 24 237,18890 0.97% 0.00 LOGIC WA 100.0000 237,188 90 237,186.90 FGIC 24 64 621.49 0 27% 000 FGIC WA 1000000 64 621.49 64,621.49 64,621.49 5.60% Subtotal 30181039 301,810.39 0.00 301,810.39 609% 0.00 0.00 0.00 subtotal 301,61039 1.24% 000 Fund 26 LOGIC 26 27620.05 0.11% 0.00 LOGIC WA 100 0000 27 620.05 27 620.05 0.00 27 620.05 6.58% 2.20937 26 502.860 06 2.10% 883 FMQC 3130A0119 12/03196 420 01727198 995625 505 000.00 5(12,790 63 39,427 88 544 427 Bti 560% 5 21% 9,199 84 9,19984 Pntproy 2.20937 0 W subtotal 530,480.11 221% 683 Subtotal 532,62005 530.41067 39 427.88 572,04792 609% Fund 29 428,213.90 658% LOGIC 29 426,213.90 1.76% 000 LOGIC WA 100.0000 428,213 90 428,213.90 Fund 32 0.00 6.58% LOGIC 32 0.00 000% 0.00 LOGIC WA 100.0000 000 O.W Fund 34 LOGIC 34 194,782.42 080% 0.00 LOGIC WA 100.0000 194,782.42 194,782.42 000 194,782.42 6.58% FGIC 34 43,080.99 018% 0.00 FGIC WA 100.0000 43,080.99 43,080.99 0.00 43060.99 560% Lndmk 34 5,00000 0.02% 0.07 CD 04/23/97 365 04/23198 1000000 5,000.00 5,00000 250.00 5,250.00 5.00% 5.00% 0 00 000 0.00 subtotal 242,863.41 100% 0.07 Subtotal 242,863.41 242,863.41 250.00 243,113.41 5.73% Fund 36LOGIC 35 0.00 0.00% 0.00 LOGIC WA 100.0000 0.00 0.00 0.00 0.00 6.58% Fund 36LOGIC 36 201341.73 083% 000 LOGIC WA 100.0000 201,341.73 201,341.73 0.00 201,341.73 6.58% Fund 38 419,395.94 6.58% LOGIC 39 419,395.94 1.72% 000 LOGIC WA 100.0000 419,395.94 419,395.94 Fund 40 594687.65 6.58% LOGIC 40 594687.65 2.44% 000 LOGIC WA 1000000 594,687.65 594,687.65 % 5 40 748,710.94 308% 33.25 FHLB 01/19/96 1080 01/19/99 100.0000 750,00000 750,000.00 130,162. 055';6 50 880.162.50 5.79 .79% Prudential 90.62 40 289,909.38 1.19% 6.43 FHLB 313WNH6 12/24/97 540 06/24/99 999688 16290,000 34,087.55 1,634,597 03 156,50975 1,38 26,3325 316,18940 6.,33925 015% 6. 000 9062 000 subtotal 1633,307.97 6.71% 39.67 Subtotal Fund 60 LOGIC 50 160,586.05 0.66% 0.00 LOGIC WA 1000000 160,58605 160,586.05 0.00 160,586.05 6.58% FGIC 50 000 0.00% 0.00 FGIC WA 100.0000 0.00 0.00 000 0.00 560% 50 490 672 90 1.97% 539 Merrill FHLB 313385WF9 07/31/97 274 05/01/98 95.9357 500000.00 479,678.33 20,321.67 5W,000.00 5.59% 0.00 0.00 000 subtotal 651,258.95 2.63% 539 Subtotal 660.586 05 640,264.38 20,321 67 660.586.05 592% Fund 61 LOGIC 51 306,006.26 1.26% 0.00 LOGIC WA 100.0000 306,00626 306,006.26 0.00 306,00626 6.58% FGIC 51 1,022,39419 420% 0.00 FGIC WA 100.0000 1022,394.19 1022,394.19 000 1,022,394.19 5.60% 0.00 000 0.00 subtotal 1,328,400.45 5.45% 0.00 Subtotal 1.32840045 1,328,40045 0.00 1,328,400.45 6.09% Fund 63LOGIC 53 948650.53 389% 000 FGIC WA 100.0000 948650.53 948650.53 0.00 948,650.53 6.58% Fund 64LOGIC 54 611,721.05 2.51% 000 LOGIC WA 1(10.0000 611,721.05 611,721.05 0.00 611,721.05 6.58% TOTAL 24,340,666.46 24,236,896.72 1,314,860.37 26,673,981.24 119,703.39 23,226.12 0.00 TOTAL 24,272,413.67 96.62% 316.68 City o1 Euless • ,. Schedule of Purchases For October 1997 ' r Investment Type Institution LOGIC Investment Pod FNMA Fed Nat'l Mon.Asso. FHLB Fed.Home Loan Bank RALISCHER Rauscher Pierce BANCONE Banc One Capital Pruprog Prudential Mgmt Progam(through Gibraltar) TBILL Treasury Bill FFCB Fed.Farm CA edit Bank FMAC Fed.Home loan Mort.Corp. PRUD Prudential Securities FSW First Southwest I NDMRK Landmark Bank REPO Repurchase Agreement TNOTE Treasury Note CD Certificate of Deposit FGIC Finanaaal Investors Trst 1st Comm First Conmerpal MERRIL L Mrarill Lynch Cost Accrued Total P+I(� Inv. Cusip Purchase Tenn Maturity Price Par Book Value Interest Total Yield To Coupon Interest Seller Mat'y Net of Total Cost Type Number Date (in days) Date Per 8109 Value (Pnn.Only) mal'y Prin�Int Matunty, Rate Purchased Inst [Ascamt Prernum Fund Prem,Disc 8 kit Pw of Investrrteeit LOGIC WA 10/14/97 100.0000 545,000.00 545,000.00 0.00 545,000.00 532% Logic 26 545,00000 545,000.00 LOGIC WA 10/15/97 100.0000 500,000.00 500,000.00 0.00 500,00000 5.42% Logic 40 500,000.00 500,00000 LOGIC WA 10/17197 100.0000 1,400,000.00 1,400,00000 0.00 1,400000.00 5.46% Logic 1 1,400,00000 1,400,000.00 FNMA 31364AC75 10/15197 311 08/26/98 99.5000 500,000.00 497,500.00 25,800.00 525,80000 5.75% 5.161% 3,5116/ FSW 2,50000 1 522,288.33 501,011.67 FHLB 3133MIT74 10/23/97 360 10/23/98 99.9420 1,000,000.00 999,420.00 57,000.00 1,057,000.00 576% 5.70% Menill 58000 1.2 1,057.00000 999,420.00 FHLB 3133M1542 10/30/97 540 06/30/99 100.0000 1000,000.00 1,000,000.00 99,16667 1,099,16667 593% 5.95% Everen 1,2 1,099,166.67 1,000,000.00 TOTALS 4,945,00000 4.941,920 00 181,966.67 5,126,96667 5.61% 3,511.67 3,080.00 0.00 5,123,455.00 4,945,43167 Logic Dividends Reinvested: 31,507.57 FGIC Dividends Reinvested: 13,438.70 'L7 rD .'y a r• D� n City of Euless Schedule of Purchases For November 1997 Investment Type Institution LOGIC Investment Pod FNMA Fed.Nat'l Mort.Asso. FHLB Fed.Borne Loan Bank RALISCHER Rauscher Pierce BANCONE Banc One Capital Pruprog Prudential Mgnq Progam(through Gibraltar) TRILL Treasury Bill FFCB Fed.Faun Credit Bank FMAC Fed.Haase Loan Mai.Corp. PRUD Prudential Se=ibes FSW First SouthwestLNDMIRK Landmark Bank REPO Repurchase Agreement TNOTE Treasury Note CD Certificate of Deposit FGIC Flnarhaoal Investors Trst 1st Comm First Ca»frherdal MERRILL Merrill Lynch Cost Pccfued Total P+I Inv Cusip purchase Term Maturity Price Par Boric Value Interest Trial Yield To Coupon Interest Seller Maty Net of Total Cost Type Number Date (in slays) Date Per 8100 Value (Prin Only) maty Prin t Int Maturity Rate Pun lased Inst. Discount Premium Fund Prem,Disc&Int Pu. of Investment LOGIC NIA 11/12/97 100.0000 500,000.00 500,000.00 000 500000.00 5.49% Logic 2 500,000.00 500,00000 LOGIC WA 11/24/97 100.0000 400,000.00 400,000.00 0.00 400,000.00 5.42% Logic 1 400,000.00 400,000 00 TOTALS: 900,000.00 900,000.00 000 900,000.00 5.45% 0.00 0.00 000 90000000 900,00000 Logic Dividends Reinvested-. 30,558.16 FGIC Dividends Reinvested. 10.219 12 City Euless S • Schedule of Purchases , For Dec:embeu 1997 • Investment Type Institution LOGIC Investment Pod FNMA Fed Nat'l Mort.Asso FHLB Fed.Horne Loan Bank RAUSCHER Rauscher Pierce BANCONE Banc One Capital Pruprog Prudential Mgrrtt Progan(through Gibraltar) TBILL Treasury all FFCB Fed.Farm Credit Bank FMAC Fed Home Loan Mort Corp. PRUD Prudential Securities FSW First Southwest LNOKW Landmark Bank REPO Repurchase Agreement TNOTE Treasury Note CD Certificate of Deposit FGIC Finatadal Investors Trst 1st Comm First Counmerdal NIERRILL Merrill Lynch Cost Accrued Total P+11i� Inv. Cusip Purchase Term Matunty Price Par Book Value Interest Total Yield To Coupon Interest Seller Maly Net of Total Cost Type Number Date (in days) Date Per 8100 Value (Pon.Only) 1Q rnat'y Pon*Int Maturity Rate Purchased Inst. Discount Premum Fund Prem,Disc 8 Int Pu- of Investment FNMA 313589XG3 12/02/97 175 05/26/98 97.3215 500,000.00 486,607.64 13,392.36 500,00000 5.74% Merrill 1 500,00000 486,60764 FNMA 313589XN8 12/02/97 181 06/01/98 97.2247 500,00000 486,123.33 13,876.67 500,000.00 5.16% Merrill 2 500000.00 486,123.33 FHLB 313385TA4 12/19/97 56 02/13/98 99.1242 500,000.00 495,621.11 4,378.89 500,000.00 5.76% Everen 1 500,00000 495,62111 FHLB 313WNH6 12/24/97 540 06/24/99 99.9688 29000000 289,909.38 26,339.25 316,33925 6.08% 6.055% Ewen 9062 40 316,33925 289,90938 FNMA 313589ZM 12/31/97 212 07/27/98 96 8684 500,000 00 484,342.22 15,657.78 500 00000 565% Everen 2 500,00000 484,342 22 FNMA 31364AE65 12/31/97 271 09/28/98 994315 500,000 00 497,187 50 24800.00 524,600 00 5.69% 4920% 6,35500 1st Comm 2,81250 1 518,245.00 503,542 50 1OTALS 2,79000000 2,739,79118 98,244.94 2,840.93925 5.78% 6,35500 2,90312 000 2834,58425 2,746,14618 Logic Dividends Reinvested* 33,126 22 FGIC Dividends Reinvested. 11,847.18 City of Euless Schedule of Malunlies For October 1997 Investment Type Institution LOGIC Investment Pod FNMA Fed.Nat'l Mort.Also. FHLB Fed.Florae Loan Bank RPUSCHER Rausdnar Pierce BANCONE Banc One Capital Pruprog Pnudenual Mgmt Progam(through Gibraltar) PRt7D Prudential Securities FSW First Southwest TBILL Treasury Bill FFCB Fed.Fann Credit Bank FMAC Fed.Home Loan Mort.Corp Landmark Bank REPO Repurchase Agreement TNOTE Treasury Note CD Certificate of Deposit FGIC Finanadal Investors Trst tsl Cann First Conmercial WMERFU1 RRIL.L Merrill Lynch Term to Cost Accrued Total P+I Inv Cusip Purchase Maty/Call Mat'ylCall Puce Par Book Value Interest Total Prin+ Yield To Coupon Interest Seller Maly a call Net of Total Cost Type NuniWr Date (in days) Date Per$100 Value (Priv Only) �mat'y/Call Int,a Maty Metrmty Rate Purchased Inst. Disco nt Premum Fund Prem d Int Pur. d Investment LOGIC LOGIC 40 20,0000 20,000.0 10/07/97 100000 20,000.0 200,00D 00 0.0 20,000.0 5.52% FHLB 313385MO6 01/10197 269 10106197 96.0248 300,00.00 288,07433 11,92567 300,00000 5.57% Memll 1 300 000 0 288,074 33 FNMA 313589MY6 06125/97 111 10/14/97 98.3412 545,000.0 535,959.36 9,04064 545,000.0 5.55% Pruprog 26 545,00.0 535,959 36 FNMA 313589W3 01/10/97 278 10115197 95.8918 500,000 479,45889 20,541.11 50,0000 5.57% Prudential 1 500,00000 479,458 89 FHLB 313389GE2 02/07197 250 10/15/97 99.9338 500000.0 499,669.10 28,50.0 528,50.0 575% 5.70% 8,866.67 FSW 330.90 40 519633.33 508,535.77 FNMA 31364CND6 01/03197 287 10/17/97 99.9300 1,000.000 00 999,30000 55,00000 1,0550000 5.63% 550% 11,71667 Merrill 700 1 1043,283.33 1,011,01667 FGIC 10/21/97 10.17000 500 00.0 50 000.0 0.0 500,00 0 5.46% FGIC various 500,000 0 500,000 0 LOGIC 10/23/97 100 OOW 1,000,000 00 1,000,000 00 000 1.00(),000 00 5490/6 LOGIC 1 1,000,000.0 1,000,000 00 LOGIC 10/30/97 1000000 1,000.000 00 1000,000.0 000 1,000,000 00 5.68% LOGIC various 1,000,000 0 1,000,000 0 TOTAL. 5,545,000.0 5,502,461.68 125,007.42 5,628,5000 5.58% 20,583.34 1030.90 0.0 5607,91666 5,523,(4502 'd b M a r• Ctty Euless che • • Sdulele fvt3l Of unties For November 1597 • Investment Type Institution • LOGIC Investment Pod FNMA Fed,Nat'I Mort.Asso. FMB Fed.Hone Loan Bank RPUSCHER Rauscher Pierce BANCONE Banc One Capital Pruprog Prudential Nlgmt Progam(through Gibraltar) TBILL Treasury Bill FFCB Fed.Farm Credit Bank FMAC Fed.Hone Loan Mort.Corp. PROD Prudential Securities FSW First Southwest LNDMRK Landmark Bank REPO Repurchase Ppreemenl MOTE Treasury Note CD Certificate of Deposit FGIC Finer racial Inveslors Trst 1st Calm First Conunerdal MERRILL Morrill Lynch Tenn to Cost Accrued Total P+I Q Inv. Cusip Purchase Mal'y/Call Maty/Call Price Par Book Value Interest Total Prin.+ Yield To Coupon Interest Seller Nlal'y of call Net of Total Cost Type Numbed Date lin days) Dale Per$100 Value (Pnn Only) maty/Call Int a Maly MatuntY Rate Purchased Inst Discount Premum Fund Prem 4,Int Pur of Investawl FNMA 313569PJ6 06/13197 157 11/17/97 97.6276 1,000,000.00 976,275.56 23,724.44 1,000,00000 5.65% PoudenUal 1,2 1,000,00000 976.275.56 TOT/LL. 1,000,000.00 976,275.56 23,724.44 1,000,00000 5.65% 0.00 0.00 0.00 1,000,00000 976,275.56 City of Euless Schedule of Maturities For December 1997 Institution Investment Type LOGIC Investment Pod FNMA Fed.Nat'l Mort.Asso. FHLB Fed.Horne Loan Bank RAUSCHER Rauscher Pierce BANCONE Banc One Capital Pnrprog Prudential Nlgmt Progam(lhrahgh Gibraltar) TBILL Treasury Bill FFCB Fed Faahn Credit Bank FMC Fed.Home Loan Mort.Corp. PRUD Prudential Securities FSW First Southwest LNDMRK Landmark Bank REPO Repurchase Agreement TNOTE Treasury Note CD Certificate of Deposit FGIC Fnanacat Investors Trst 1st Comm First Conunercal MERMLL Merrill Lynch Term to Cost Acaued Total P+I @ Inv. Cusip Purchase Maty/Call Mat'y/Call Price Par Book Value Interest Total Prin.+ Yield To Coupon Interest Seller Mary or call Net of Total Cost Type Numl)er Date (In days) Date Per$100 Value (Pnn.Only) @ rnat'y/Call Int @ h%t'y Maturity Rate Purchased Inst Discauht Premum Fund Pretn&Int Pur, of In,013,l6lt FFCB 31331HJW 03/18/97 259 12/02/97 99.7969 1,000,000.00 997,968.75 54,000.00 1054,000.00 568% 5.400% 15,900.00 1st Comm 2,03125 1 1,038,100.00 1013,86875 LOGIC WA 12/19/97 100.0000 200,000 00 200 000.00 0.00 200 000.00 5.65% LOGIC 36 200,000.00 200,000.00 LOGIC N/A 12/23/97 100.0000 400,000.00 400,000.00 0.00 400,000.00 561% LOGIC 26 400,00000 400,000.00 LOGIC WA 12/14/97 IM 0000 200,000.00 200,000.00 0.00 200,000.00 5.63% LOGIC 26 200,00000 200000.00 LOGIC WALOGIC 26 500,000 00 500,000 00 12131/97 1000000 500 000 00 500000.00 000 500 000.00 5.57 TOTAL: 2,300 000 00 2.297068 75 54,000.00 2,354,000 00 5.63% 15,900.00 2,031.25 0.00 2,338,100 00 2.313,868 75 i Investment Matuntles By Fund As or December 31,1997 • Fu41d d' FGIC LOGIC Jan 96 Feb 98 Mar 96 Apr 98 May 96 June 98 July 98 Aug 98 Sept 98 Oct 98 Nov 96 Jan 99 Feb 99 June 99 Tolal • 1 883,714.67 1,495,621.11 611,50605 486,607.64 501,01167 503,542.50 499,710.00 15,54278 500,000.00 5,497,256.42 2 567,945.92 999,329.02 1000,000.00 611,50604 410,219.17 486,123.33 484,342.22 499,710.00 60.000.00 0.00 500,00000 6,159,175.70 4 27,77076 27,770 76 6 500.000.00 500.000.00 7 000 8 362,92363 347,353.80 362,339.10 1,072,616.52 9 6,264.55 8,584.63 243,041.39 1,023,44333 250,00000 1,531,33390 12 40,120.25 40,120.25 13 0.00 15 000 16 41,961.73 41,961.73 17 470,471.24 243,041.39 713,51263 18 0.00 0.00 500,000.00 500,000.00 19 0.00 000 500,000 00 500,00000 20 000 21 56,750.86 426,512.27 483,263.13 22 000 000 23 0.00 000 24 64,62149 237,188.90 301,810.39 26 27,620.05 511,99047 539,610.52 29 428,213.90 428,213.90 32 000 000 33 000 34 43,080.99 194,782.42 5,000.00 242,863.41 35 0.00 000 36 201,341.73 201,341.73 39 419,395.94 419,39594 40 594,687.65 750,000.00 289,909.38 1,634,597.03 50 0.00 160,586.05 479,678.33 640,264.38 51 1,022,394.19 306,006.26 1,328,40045 53 948,650.53 948,650 53 54 611,721.05 611,72105 Total 2,504,68623 5,995,97922 1,511,31949 2,981,703.89 1,223,012.09 915,219.17 966,285.97 1,509,566.66 484,342.22 501,011.67 503,542.50 999,420.00 962,33910 1,000000.00 1,015,542.78 1,289,90938 24,363,88037 'L1 'L7 (b .'7 a N.