SAN BENITO COUNTY WATER DISTRICT

 

QUARTERLY INVESTMENT REPORT

 

QUARTER ENDING SEPTEMBER 30, 2003

                                               

 

Investment Account Balances:

Investment account balances at market value as of September 30, 2003 totaled $25,672,820.85 those same investment account balances at market value as of June 30, 2003 were $25,866,538.46. The market yield at September 30, 2003 was 1.81%.

 

Portfolio Summary:

$22,895,885.67 is invested in the State of California Local Agency Investment Pool. The yield for the Quarter was 1.63%.

 

$1,170,587.50 is invested in Trusts managed by Morgan Stanley Dean Witter. The balance consists of an Active Assets Money Trust with a market value of $1,111,453.73 and a yield of .85% and an Active Assets Government Security trust with a market value of $59,133.79 and a yield of  .7%.

 

$1,220,000.00 is invested in U. S. Treasury Securities. The market value of the U. S. Treasury Securities is $1,327,593.6  with a yield of 5.6% and an unrealized gain of  $108,011.13.

 

$278,754.08 is invested in a Federated Treasury Obligation Fund managed by U.S. Bank (formerly State Street Bank).  The yield was .65%.

 

The investment analysis and portfolio details are attached.

 

Liquidity Requirements:

Assuming that there are no revenues generated during the three month period October 1, 2003 through December 31, 2003, there are adequate liquid reserves available in the L.A.I.F. account to fund projected expenditure requirements exclusive of debt payments (principal and interest) secured by separate reserves as set forth in the debt covenants. The balance in the Morgan Stanley Dean Witter Active Assets Money Trust is sufficient to cover at least two current months of District expenses.