HomeMy WebLinkAboutFin Investment Report 2011.08Agenda Item No: 3 c.
C,Ty of Meeting Date: September 19, 2011
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: FINANCE
V4
Prepared by: Van Bach City Manager Approval: if(_
Accounting Supervisor
SUBJECT: INVESTMENT REPORT FOR AUGUST 2011
RECOMMENDATION: ACCEPT INVESTMENT REPORT FOR THE MONTH ENDING
AUGUST 31, 2011, AS PRESENTED
BACKGROUND:
Pursuant to the State of California Government Code Section 53601, staff is required to provide the
governing body a report regarding the City's investment activities. Each month the Finance
Department prepares a report outlining the major investments for the preceding month. Included on
the report are the cost of each instrument, the interest rates (yield), maturity dates, and market value.
Separate schedules are prepared for both the City and Redevelopment Agency.
Beginning in January 2005, the City established a contract with MBIA to administer cash management
services to a portion of our portfolio. In February 2010, MBIA restructured its fixed-income asset
management subsidiary and changed their name to Cutwater Asset Management (Cutwater). Services
provided by Cutwater include updating our investment policy annually, cash flow administration, and
procurement of various instruments using Cutwater's market expertise (aligned with our needs). In
addition, Cutwater prepares a comprehensive monthly investment report that meets not only required
reporting information required by State law, but can be used as an asset management tool.
The August report contains information regarding the Cutwater managed operating funds, excluding
our West America checking account, which had a balance of $2,532,306 at month end. The Cutwater
reports provide a fair amount of detail. I am highlighting those pages that the community and Council
might find most useful and informative.
ANALYSIS:
I will summarize elements of the key pages contained as an attachment with this report
❖ Page 2 — Review of fixed income securities market — The Federal Open Market Committee met
on August 9 and announced that it will maintain a low fed funds rate through mid 2013 and
downgraded its outlook on the US economy.
File No.:
Council Meeting:
Disposition:
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Paim: 2
❖ Page 6 — Recap of Securities Held — This page summarizes all of our operating funds. The
chart shows a majority of our investments are in U.S. instrumentalities. Most of the City's liquid
funds are held in the State of California LAIF pool, which is used as a daily account for
withdrawals and deposits. Unrealized gains or losses are recorded only at fiscal year end for
accounting purposes.
❖ Page 7 - Reflects Maturitv Distribution - All our operating cash funds are held to mature in less
than one year (August 2012). Ninety eight percent of the total invested cash matures within 90
days (again, the LAIF pool accounting for most of these dollars).
❖ Individual security information is presented on the "Securities Held" (0aaes 8). Specific
information is presented to show interest coupon rates, cost and fair values, earned income and
projected net yields. Acquiring diversified instruments with varying maturity dates allows the
market values to stay close to historical cost.
❖ Purchases (Daae 10), sales (Daae 11) and transactions (vacie 12) are presented on separate
pages. This includes LAIF deposits and withdrawals for operating funds. Transaction for
August included two U.S. Instrumentality calls — FHLB and FHLMC. LAIF activity reflects the
need to move cash around as large receipts are deposited (monthly sales tax payments) and
expenses are incurred (weekly vendor payments and semi-monthly payroll).
❖ The last page provides a Schedule of Uocomina Maturities and Cash Activities. This provides
management an opportunity to fill holes in the cash flow cycles and replace maturing
instruments as appropriate.
Our LAIF balance for August ended with a balance of $29,729,452. Portfolio returns on LAIF dollars
should be about 0.38 percent for August 2011. The percentage of investments held one year or less is
one hundred percent at month end. By our own policy, this level of liquidity is adequate to cover our
cash flow projections in the coming months.
The City is well placed and diversified in the market for the coming months. By continuing our practice
of diversifying into various agencies with different maturity dates, the City's portfolio is strengthened
against both credit and market risk.
FISCAL IMPACT:
No financial impact occurs by adopting the report. The City continues to meet the priority principles of
investing - safety, liquidity and yield in this respective order. The portfolio remains conservatively
invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next
six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the
payment of bond principal and interest.
OPTIONS/ACTION REQUIRED:
The City Council should adopt the report as presented in order to satisfy current State Investment
Code requirements and City policy.
ATTACHMENTS
W"Management Services- WorkFile\Finance- WorkFile\Council MateriakStaff Reports\201 I \City\cityinvrpt8201 1.doc
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Pau: 3
TREASURER'S CERTIFICATION
I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY'S
APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS
SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT
SIX-MONTH PERIOD.
H
JANET PENDOLEY
INTERIM FINANCE DIRECTOR
ASSET MAN,AkCEMENT
CUTWATER
Cutwater Asset Management
1700 Broadway, Suite 2050
Denver, CO 80290
303 860 1100
Fax: 303 860 0016
CITY OF SAN RAFAEL - CITY OPERATING FUNDS
Reports for the period August 1, 2011 — August 31, 2011
Please contact Accounting by calling the number above or email cam reDorts(cbcutwater. com with questions concerning this report.
Fixed Income Market Review
August 31, 2011
U.S. Monthly Net Nonfarm Payrolls
09/30/05 - 08/31/11
r -RA -H-11
2
Treasury Yield Curves
07/29111 - 08/31/11
--- - --- ... ......
3 6 1 2 3 5 10 30
Economic Indicators & Monetary Policv — The U.S. unemployment rate
held at 9.1 percent in August with payrolls unchanged for the month, the
weakest reading since September of last year. (See Chart 1.) This was a
disappointment since economists expected payrolls to increase by a net
68,000 last month. Private payrolls increased by a net 17,000 in August
compared to an expected increase of 95,000. The economy created an
average of 165,000 jobs per month in the first quarter, which declined to
97,000 on a monthly basis during the second quarter. The economy created
only 85,000 jobs combined in July and August. This is further evidence
that the economic recovery is stalling.
Based on the second estimate in real gross domestic product (GDP), the
U.S. economy grew at a 1.0 percent annualized growth rate during the
second quarter of 2011 compared to prior estimate of 1.3 percent. On a
year -over -year basis, the economy grew only 1.5 percent from last June
compared to 3.1 percent growth for all of 2010. The pace of the recovery
has slowed down in 2011, which has resulted in fewer jobs being created on
a monthly basis.
At its latest meeting on August 9"', the Federal Open Market Committee
(FOMQ kept the federal funds target rate at a range of zero to 0.25 percent.
The FOMC acknowledged that economic growth has been considerably
slower than anticipated and downside risks to future growth have increased.
In response, the committee pledged to keep the federal funds target rate at
an "exceptionally" low level through mid -2013. Three members of the
committee dissented, preferring to maintain the open-ended pledge to keep
rates low for an "extended period" of time. While the FOMC discussed the
range of policy tools available to promote economic growth, it stopped
short of initiating a third round of large-scale asset purchases stating "the
Committee will continue to assess the economic outlook in light of
incoming information and is prepared to employ these tools as appropriate."
Yield Curve & Snreads — Treasury yields continued to trend lower in
August due to weaker economic conditions and the FOMC's pledge to keep
interest rates low thru mid -2013.
At the end of August, three-month Treasury bills yielded 0.09 percent, six-
month Treasury bills yielded 0.15 percent, two-year Treasuries yielded 0.36
percent, five-year Treasuries yielded 1.36 percent, 10 -year Treasuries
yielded 2.80 percent, and 30 -year bonds yielded 4.12 percent. (See Chart 2.)
Charts reprinted from Bloomberg L.P. Cutwater Asset Management
Page 2
Additional Information
August 31, 2011
A current version of the investment adviser brochure, for Cutwater Investor Services Corp., in the form of the Firm's ADV Part 2A is available for your review
Please contact our Client Service Desk at 1-800-395-5505 or mail your request to:
Cutwater Investor Services Corp.
Attention: Client Services
113 King Street
Armonk, NY 10504
A copy of the brochure will be sent to you either by mail or electronically at your option.
In addition, a copy of the most recent version of the Firm's complete Form ADV can be downloaded from the SEC website at www.adviserinfo.sec.gov/.
Cutwater Asset Management
Page 3
City of San Rafael - City Operating Funds
Activity and Performance Summary
for the period August 1, 2011- August 31, 2011
Amortized Cost Basis Activitv Summary
Beginning Amortized Cost Value
Detail of Amortized Cost Basis Return
27,239,314.35
Additions
Interest Earned
Interest
Contributions
3,479.500.00
Total
Interest Received
10,250.00
(Amortization)
Accrued Interest Sold
1,250.00
Current holdings
Gain on Sales
0.00
31,108,526.37
Total Additions
Cash and Equivalents
3,491,000.00
Deductions
0.00
11,547 45
Withdrawals
0.00
18.72
Fees Paid
1,000.00
Corporate
Accrued Interest Purchased
0.00
0.00
Loss on Sales
0.00
Total Deductions
(1,000m)
Accretion (Amortization) for the Period
859.72
(117.56)
Ending Amortized Cost Value
647.27
30,729,196.79
Ending Fair Value
(117 56)
30,735,111.34
Unrealized Gain (Loss)
5,914.55
Annualized Comparative Rates of Return
Twelve
Six
Month Trailing
Month Trailing
For the Month
Fed Funds 0.14%
0.10%
0.09%
Overnight Repo 0.08%
0.04%
0.05%
3Month T -Bill 0.09%
0.04%
0.01%
6 Month T -Bill 013%
0.09%
0.04%
1 Year T -Note 0.23%
0.20%
0.12%
2Year"f-Note 0.53%
0.51%
0.24%
5Year T -Note 1.69%
1.71%
1.02%
Summary of Amortized Cost Basis Return for the Period
Detail of Amortized Cost Basis Return
Total Portfolio
Excl. Cash Eq.
Interest Earned
Interest
Accretion
Realized
Total
(117 56)
Earned
(Amortization)
Gain (Loss)
Income
Current holdings
3,242.16
Average Daily Historical Cost
31,108,526.37
1,692,622.42
Cash and Equivalents
11,547.45
0.00
0.00
11,547 45
U.S. Instrumentality
416.67
18.72
0.00
435.39
Corporate
2,083.33
76.17
0.00
2,159.50
Sales and Maturities
U.S. Instrumentality
859.72
(212.45)
0.00
647.27
Total
14,907.17
(117 56)
0 00
14,789.61
Summary of Amortized Cost Basis Return for the Period
Total Portfolio
Excl. Cash Eq.
Interest Earned
14.007.17
3,359.72
Accretion (Amortization)
(117.56)
(117 56)
Realized Gain (Loss) on Sales
O.O
0.00
Total Income on Portfolio
14,789.61
3,242.16
Average Daily Historical Cost
31,108,526.37
1,692,622.42
Annualized Return
0 56%
2.26%
Annualized Return Net of Fees
052%
1.56%
Annualized Return Year to Date Net of Fees
0.640,b
2.13%
Weighted Average Effective Maturity to Days
4
98
Amortized Cost Summary - Page 4 Cuhrater Asset Mandgement
City of San Rafael - City Operating Funds
Activity and Performance Summary
for the period August 1, 2011- August 31, 2011
Fair Value Basis Activity Summary
Detail of hair Value Basis Return
Beginning Fair Value
27,247,829.84
Interest
Change in
Total
Earned
Fair Value
Income
Additions
Current Holdings
Contributions
3,479,500.00
Cash and Equivalents 11.547.45
0.00
11,547 45
Interest Received
10,250.00
U.S. Instrumentality 416.67
(288.00)
128.67
Accrued Interest Sold
1,250.00
Corporate 2.083.3?
(2.302.50)
(219.17)
Sales and Maturities
U.S. Instrumentality 859.72
(128.00)
731.72
Total Additions
3,491,000.00
Total 14,90717
(2,718.50)
12,188.67
Deductions
Withdrawals
0.00
Fees Paid
1,00000
Accrued Interest Purchased
0.00
Total Deductions
(1,000.00)
Change in Fair Value for the Period
(2,718.50)
Ending Fair Value
30,735,1 11.34
Annualized Comparative Rates of Return
Summary of Fair Value Basis
Return for the Period
Twelve
Six
Month Trailing
Month Trailing
For the Month
Total Portfolio
Excl. Cash Eq.
Fed Funds 0.14%
0.10%
009%
Interest Earned
14,907 17
3359.72
Change in Fair Value
f2 7j15u)
(2,718.50)
Overnight Repo 0.08%
0.04%
005%
Total Income on Portfolio
12.188.67
641.22
3 Month T -Bill 0.17%
0.16%
0.24%
Average Daily Historical Cost
31,108.526 37
1,692,622.42
6 Month T -Bill 0.35%
0.38%
0.82%
Annualized Return
046%
0.45%
1 Year T -Note 0.53%
0.65%
1.65%
Annualized Return Net of Fees
0.42%
M 25%)
2 Year T -Note 1.57%
2.92%
4.24%
Annualized Return Year to Date Net of Fees
OA3%
036%
5 Year T -Note 549%
15.06%
2673%
Weighted Average Iiffective Maturity in Days
4
98
Fair Value Summary - Page S C unvater Asset Management
City of San Rafael - City Operating Funds
Recap of Securities Held
August 31, 2011
Portfolio / Segment Diversification
Cash and Equivalents
96.8%
U.S. Instrumentality
1.61/c
Corporate
Weighted
Weighted
100.0%
Wei,_,Iited
Unrealized
Average
Average
%
Weighted
Average
Historical
Amortized
Gain
Final
Effective
Portfultoi
Average
Market
Cost
Cost
Fair Value
(Loss)
Matunty (Days)
'Maturity (Days)
Segment
Yield *
Duration (Years)
Cash and Equivalents
29,729,45234
29,729,452 34
29,729,452 34
000
1
1
9676
4 38
(M)
U S. Instrumentality
499,53500
499,92874
501,36400
1,435 26
119
119
1 63
1,04
0.32
Corporate
496,270.00
499,81571
504,295.00
4,479 29
76
76
1.62
520
0 21
TOTAL
30,725,257.34
30,729,196.79
30,735,111.34
5,914.55
4
4
100.00
0.47
0,01
* Weighted Average Yield is calculated
on a "yield to worst" basis
Portfolio / Segment Diversification
Cash and Equivalents
96.8%
U.S. Instrumentality
1.61/c
Corporate
1,61,
Total:
100.0%
Holdings Recap - Page 6 Cutwaler Asset Management
City of San Rafael - City Operating Funds
Maturity Distribution of Securities Held
August 31, 2011
Maturity
Historical Cost
Percent
Under 90 Days
30,225,722,3;
98 37%
90 To 180 Days
499,535 00
1,63%
180 Days to I Year
000
000%
1 To 2 Years
0,00
0.00%
2 To 5 Years
0,00
OAO%
Over 5 Years
000
o00%
30,725,257,34
100.00%
Maturity Distribution
Maturity Distribution - Page I C'ulwater Asset Managemew
City of San Rafael - City Operating Funds
Unrealized
Total
Bio
Securities Held
Interest
Interest
Accrued
Port
(Loss)
Received
August 31, 2011
Interest
Cost
Yield
000
0 00
1 1.547 .15
Historical Cost/
Amortized
Fair Value/
CUSIP/
Purchase
Rate/
Maturityl
Par Valuei
Accrued Interest
Cost/Accretion
Change
Description
Date
Coupon
Call Date
Shares
Purchased
(Amortization)
In Fair Value
Cash and Eauivalents
4,479.29
000
2,083 33
7,361 11
1.62
520
LAW
08/31/11
0381V
7,3x,111
29,729,452 34
29,729,452 34
29,729,452 34
29,729,452 34
14,047.45
26,431.35
100.00
0.00
0.00
0.00
29,729,452 34
29,729,452 34
29,729,452.34
29.729,452.34
TOTAL
0.00
0.00
000
U.S. Instrumentalitv
3133XVRS2
11/18/09
1,000
12,128/11
500,000 00
499,535.00
499,928.74
501,364 00
FHLB
000
18.72
(288.00)
500,000 00
499,535 00
499,928 74
501,364 00
I TOTAL.
000
1872
(28800)
Corporate
36962GT38
09/19/07
5 000
11/15/11
500,000 00
496,270.00
499,815,71
504,295.00
GF. Capital
000
76 17
(2,302 501
500,000,00
496,270 00
499,815 71
504,295.00
TO'T'AL
000
76 17
(2302 50)
GRAND TOTAL
30,729,452.34
30,725,257.34
30,729196.79
30,735,111.34
0.00
94.89
(2,590.50)
V = variable rate, current
rate shown, average
rate for
Cash & Equivalents
Unrealized
Total
Bio
Gain
Interest
Interest
Accrued
Port
(Loss)
Received
F.arned
Interest
Cost
Yield
000
0 00
1 1.547 .15
18.195 24
9676
038
000
000
11,53745
18,195 24
96.76
1,435.26
0.00
41667
87500
1 63
104
1,43526
0.0o
416.67
875 00
16-1
4,479.29
000
2,083 33
7,361 11
1.62
520
4,479.29
0.Ou
20833;
7,3x,111
1,62
5,914.55
0.00
14,047.45
26,431.35
100.00
Holdings - Page 8 Cutwater Asset Management
City of San Rafael - City Operating Funds
Maturity
CUSIP Type
Coupon
GASB 40 - Deposit and Investment Risk Disclosure
Date
LAIF
August 31, 2011
Cash and Equivalents
0381
ISSUER TOTAL
Call S&P Moody Par Value i
Historical
% Portfolio
Market
1,. portfolio
Weighted Avg
Date Raunp. Rating qhnrec
cncl
T4iqt Cncl
V.1=
M0 Vs,IU,-
Mkt Dur (Yrs)
AAA Aaa 29.729,452.34
29,729,452 34
96,76
29,729,452.34
06 7*3
000
29,729,45234
29,729,452,34
96,76
29,729,45234
96.73
0,00
AA- Aaa 500,00000
499,53500
1.63
501,3640(1
161
032
500,00000
499,535,00
163
501,364 00
1,63
012
AA Aa2 500.000 00
496,270.00
1 62
504,29500
164
1),21
500,00000
496,27000
1 62
304,295,00
1 64
u 21
30,729,452.34
30,725,257.34
100.00
30,735,111.34
100.00
(tol
GASB 40 - Page 9
Cutwater Asset Mariageinew
Maturity
CUSIP Type
Coupon
Date
LAIF
Cash and Equivalents
0381
ISSUER TOTAL
FHLB
3133XVRS2 U S. Instrumentality
1.000
12/28/2011
ISSUER TOTAL
GE Capital
36962GT38 Corporate
5,000
11/15/2011
ISSU ER TOTAL
GRAND TOTAL
Highlighted totals are issuers representing 5.00% or more
of the portfolio's
market value
GASB 40 - Page 9
Cutwater Asset Mariageinew
CUSIP/ Purchase Rate/
Description Date Coupon
Crash and Equivalents
LMP 08/05/2011 0 381 V
LAIF 08/25/2011 0 381 V
TOTAL
GRAND TOTAL
V = variable rate, opening rate shown, average iate for Cash & Equivalents
City of San Rafael - City Operating Funds
Securities Purchased
for the period August 1, 2011- August 31, 2011
Maturity Par Value/
Unit
Cali Date Shares
Cost
6,100,000 00
100 000
2,500,000 00
100 000
8,600,000 00
8,600,000.00
Purchases - Page 10
Principal Accrued
Cost Interest Purchased yield
6,100.000.00 () 00 038
2,500.000 00 0.00 0.38
8.600,000.00
8,600,000.00
000
0,00
Cutwater Asset Management
City of San Rafael - City Operating Funds
Securities Sold and Matured
for the period August 1, 2011- August 31, 2011
Sales - Page I t Cutwater Asset Management
Sale or
Amortized Cost at
Sale/
Fair Value at
Realized
Accrued
CUSIP/
Maturity
Rate/
Maturity/
Par Value/
Historical
Sale or Maturity i
Maturity
Sale or Maturitv 1
Gain
Interest
Interest
interest
Description
Date
Coupon
Call Date
Shares
Cost
Aeer / (Amort)
Price
Che, In Fair Value
(Loss)
Sold
Received
Earned
Yield
Cash and Eauiyalents
LAIF
08/02!11
0,381 V
400,000 00
400,000 00
400,000.00
10000
400,000 00
000
0 00
000
000
0 38
000
0.00
LAIF
08/09/11
0.381 V
210,000,00
210,000 00
210,000 00
10000
210,00000
0,00
000
000
000
038
0.00
0,00
LAIF
08/12/11
0.381 V
800,000.00
800,000,00
800,000,00
10000
800,000.00
000
0 00
0,00
0.00
0 38
000
0,00
LAIF
08/30/11
0.381 V
2,200,000 00
2,200,000 00
2,200,000.00
10000
2,200,000 00
000
It 00
000
00o
038
000
0,00
TOTAL.
3,610,000.00
3,610,000,00
3,610,000 00
3,610,000 00
0.00
000
0,00
a 00
000
0.00
JI
U.S. Instrumentality
3133XIJD91 Cali
08/10/11
2.050
08/10/12
1,000,000 00
1,011,260 00
1,000,000 00
100 00
1,000.000 00
000
0 00
10,_'5(100
512 5h
1 18
FIILB
08/10/12
(212 45)
(393,00)
3134G2GB2 Call
08/26/11
1 000 V
11/26/14
500,000 00
500,000 00
500,000 00
10000
500,000 00
000
1,2x0 00
0.00
1-17 22
1 00
FHLMC
11/26/11
0 00
26600
TOTAL
1,500.000.00
1,511,260 00
1,500,000,00
1,500 000 00
000
1,250 W
10.25000
85972
(212.45)
(128 00 )
GRAND TOTAL
5,110,000.00
5,121,260.00
5,110,000.00
5,110,000.00
0.00
1,250.00
10,250.00
85%72
(212.45)
(128.00)
V = variable rate, current rate shown,
average rate for Cash & Cash
Equivalents
Sales - Page I t Cutwater Asset Management
Balance
400,000.00
(5,700,000 00)
( 5,490,000 00)
(5 479,750 00 )
(4,479 750 00)
t3,679,750 00 )
(6,179.750 00 )
(5,678,500.00)
! 3,478,500 00 )
(3,478,500.00)
Transactions - Page 12 C atwater Asset Management
City of San Rafael - City Operating Funds
Transaction Report
for the period August 1, 2011- August 31, 2011
Date
CUSIP
Transaction
Sec Type
Description
Maturity PAR- Value/Shares Principal
Interest
Tiansaclum Total
08/02/2011
Sold
CE
LAIF
400,00000 400,000.00
000
400,000 00
08/05/2011
Bought
CF
LAIF
6,100000.00 6,100,000.00
000
(6,100,000.00)
08/09/2011
Sold
CE
LAIF
210,000.00 210,000 00
000
-110,000 00
08/10/2011
3133XUD91
Interest
INS
FHLB
08/10/2012 1,000,000.00 000
10,250.00
10,250 00
3133XUD91
Call
INS
FHLB
08/10/2012 1,000,000 00 1,000,000 00
000
1 o0omoo,00
08/12/2011
Sold
CF,
LAIF
800,000.00 800,000.00
0,00
800,000 00
08/25/2011
Bought
CE
LAIF
2,50000 00 2,500,000.00
000
(2,500 000.00 )
08/26/2011
3134G2GB2
Call
INS
FHLMC
11/26/2014 500,000.00 500.000 00
1,250,00
501,250 00
08/30/2011
Sold
CE
LAIF
2,200,000,00 2,200,000,00
0.00
2,200,000.00
Portfolio Activity Total
Net Contributions (
3,479,500.00
I Net Withdrawals
0.00 Fees Charged 1,000.00
Fees Paid
1,000.00
Balance
400,000.00
(5,700,000 00)
( 5,490,000 00)
(5 479,750 00 )
(4,479 750 00)
t3,679,750 00 )
(6,179.750 00 )
(5,678,500.00)
! 3,478,500 00 )
(3,478,500.00)
Transactions - Page 12 C atwater Asset Management
Trans Settle Description
No Activity this period
San Rafael Operating
Securities Bid and Offer
for the period August 01, 2011 - August 31, 2011
Call Date Broker Par Value Discount Price Y'FM/YTC Competitive Bids
Securities Purchased Bid and Offer - Page 13
Cutwater ASSU Management
Date Transaction CUSIP
City of San Rafael - City Operating Funds
Upcoming Cash Activity
for the next 45 days
Description Coupon Maturity Next Par / Shares
nate Call Date
NOTE: There is no activity for the period.
Upcoming Cash Activity - Page 14
Transaction
Principal Interest Total
Cutwater Asset Management