|
ODESSA
COLLEGE
QUARTERLY
INVESTMENT REPORT
JUNE I - AUGUST 31, 2002
AS
REQUIRED BY THE
TEXAS PUBLIC FUNDS INVESTMENT ACT
|
|
INVESTMENT
POSITION BY POOLED FUND GROUP
QUARTER ENDING AUGUST 31, 2002 |
I. |
| |
Beginning
Market Value
June 1, 2002
|
Investment
Additions
(Deductions)
|
Market
Value
Appreciation
|
Ending
Market Value
Aug 31, 2002
|
| INVESTMENT
POOL A: |
|
|
|
|
| |
Current
Unrestricted Funds |
15,302,876
|
526,254
|
(9,440)
|
15,819,690
|
| |
Current
Restricted Funds |
2,450,524
|
(91,994)
|
(1,407)
|
2,357,123
|
| |
Loan
Funds |
435,634
|
(398,083)
|
(22)
|
37,529
|
| |
Endowment
Fund |
650,757
|
415
|
(388)
|
650,784
|
| |
Renewal
& Replacement Fund |
5,788,206
|
(302,366)
|
(3,272)
|
5,482,568
|
| |
Agency
Funds Held for Others |
68,113
|
(38,441)
|
(18)
|
29,654
|
| |
|
24,696,110
|
(304,215)
|
(14,547)
|
24,377,348
|
| |
|
|
|
|
| INVESTMENT
POOL B (DEBT SERVICE): |
|
|
|
|
| |
Bond
Interest & Sinking Fund |
859,326
|
457,987
|
0
|
1,317,313
|
| |
Bond
Debt Service Reserve |
2,697,894
|
0
|
73,494
|
2,771,388
|
| |
|
3,557,220
|
457,987
|
73,494
|
4,088,701
|
| |
|
|
|
|
|
| INVESTMENT
POOL C (CMO'S): |
|
|
|
|
| |
Renewal
& Replacement Fund |
0
|
0
|
0
|
0
|
| |
|
0
|
0
|
0
|
0
|
| |
|
|
|
|
|
| ALL
FUNDS |
$28,253,330
|
$153,772
|
$58,947
|
$28,466,049
|
top
BOOK
VALUE AND MARKET VALUE OF INVESTMENTS BY TYPE
OF ASSET
QUARTER ENDING AUGUST 31, 2002 |
II. |
| |
P.F.I.A.
Authorization
|
May
31, 2002
|
August
31, 2002
|
Maturity
|
| |
Book
Value
|
Market
Value
|
Book
Value
|
Market
Value
|
Public
Funds Investment
Pools |
Sec.
2256.016 |
|
|
|
|
|
| TexPool
Fund - General |
|
8,473,218
|
8,473,218
|
9,413,069
|
9,413,069
|
Daily
Liquidity
|
| TexPool
Fund - Interest & Sinking |
|
859,326
|
859,326
|
1,317,313
|
1,317,313
|
Daily
Liquidity
|
| Lone
Star Liquidity Plus Fund |
|
34,949
|
34,949
|
35,110
|
35,110
|
Daily
Liquidity
|
| Lone
Star Liquidity Corporate Fund |
|
2,479,954
|
2,479,954
|
2,491,611
|
2,491,611
|
Daily
Liquidity
|
| Lone
Star U.S. Government Fund |
|
111,133
|
111,133
|
111,827
|
111,827
|
Semi-monthly
|
| Logic
- Liquid Asset Fund |
|
2,076,063
|
2,076,063
|
3,087,454
|
3,087,454
|
Daily
Liquidity
|
| |
|
14,034,643
|
14,034,643
|
16,456,384
|
16,456,384
|
|
| |
|
|
|
|
|
|
| Money
Market Funds |
Sec.
2256.014 |
|
|
|
|
|
| Goldman
Sachs (American State Bank) |
|
222,416
|
222,416
|
484,449
|
484,449
|
Daily
Liquidity
|
| |
|
222,416
|
222,416
|
484,449
|
484,449
|
|
| |
|
|
|
|
|
|
| U.S.
Govt Agencies |
Sec.
2256.009 |
|
|
|
|
|
| Pooled
Operating Funds |
|
11,249,625
|
11,298,376
|
8,719,625
|
8,753,829
|
3.24
years
|
| Debt
Service Reserve Fund |
|
2,688,027
|
2,697,895
|
2,688,027
|
2,771,388
|
3.67
years
|
| |
|
13,937,652
|
13,996,271
|
11,407,652
|
11,525,217
|
|
| |
|
|
|
|
|
|
| Mortgage-Backed
Securities |
|
|
|
|
|
|
| CMO's
(inverse Floating Rates) |
|
0
|
0
|
0
|
0
|
|
| |
|
$28,194,711
|
$28,253,330
|
$28,348,485
|
$28,466,050
|
|
top
INVESTMENT
DIVERSITY REPORT
QUARTER ENDING AUGUST 31, 2002 |
III. |
| DIVERSITY
BY SECURITY TYPE: |
| |
PIP
Public Investment Pool |
16,456,384
|
| |
USG
U.S. Govt Agencies |
11,525,217
|
| |
MMA
Money Market Funds |
484,449
|
| |
|
$28,466,O50
|
|
 |
| DIVERSITY
BY MATURITY: |
| |
0-1
year |
16,940,833
|
| |
1-2
years |
1,772,780
|
| |
2-3
years |
4,011,000
|
| |
3-5
years |
5,741,437
|
| |
5
years + |
0
|
| |
|
$28,466,050
|
|
 |
top
INVESTMENT
EARNINGS BY TYPE OF ASSET
QUARTER ENDING AUGUST 31,2002 |
IV. |
| |
|
Quarter
Ending
Aug 2002
|
Quarterly
Yield
|
Year-to-Date
Sep 2001 -
Aug 2002
|
Annual
Yield
|
| INTEREST
INCOME: |
|
|
|
|
| Public
Funds Investment Pools |
|
|
|
|
| |
TexPool |
47,838
|
1.87%
|
226,699
|
2.15%
|
| |
LoneStar
Liquidity Plus |
161
|
1.82%
|
796
|
2.29%
|
| |
LoneStar
Liquidity Corporate |
11,658
|
1.86%
|
56,633
|
2.30%
|
| |
LoneStar
Enhanced Corporate |
694
|
2.22%
|
3,153
|
3.21%
|
| |
Logic |
11,391
|
1.87%
|
70,186
|
2.45%
|
| |
|
71,742
|
1.87%
|
357,467
|
2.23%
|
| |
|
|
|
|
|
| |
Money
Market Funds |
1,295
|
1.35%
|
8,375
|
1.42%
|
| |
|
|
|
|
|
| |
U.S.
Government Agencies |
118,014
|
3.80%
|
457,565
|
4.11%
|
| |
|
|
|
|
|
| |
Mortgage-Backed
Securities |
0
|
N/A
|
28,172
|
11.86%
|
| |
|
|
|
|
|
| |
Total
Interest Earned
|
$191,051
|
2.72%
|
$851,579
|
3.05%
|
| |
|
|
|
|
|
| |
Benchmark
Yield:
|
|
|
|
|
| |
|
3-Month
Treasury Bill |
1.67%
|
697,629
|
1.83%
|
| |
|
Actual
above Benchmark (BPS + |
105
BPS
|
+
|
122
BPS
|
| |
|
|
|
|
|
| |
|
Annual
Budgeted Interest Earnings (All Funds) |
|
$1,075,000
|
|
| |
|
Percent
of Budget Earned To Date |
|
|
|
| GAINS
(LOSSES) ON SALE OF INVESTMENTS: |
Unrealized
Gains (Changes in Market Value
Since Beginning of Year) |
$58,946 |
$116,391 |
Realized
Gains (On Investments Sold or
Matured Since Beginning of Year) |
$0 |
($127,942) |
top
STATEMENTS
OF COMPLIANCE OF INVESTMENT PORTFOLIO
QUARTER ENDING AUGUST 31,2002 |
V. |
| Statement
1: Compliance with investment strategies of the
District. |
| |
As
evidenced by the market valuations and maturities
described in this report, the investments of
the District for the quarter ending August 31,
2002 comply with the investment objectives and
strategies as expressed in the Odessa Junior
College District Investment Policy. The investment
objectives, in order of priority, are:
-
Preservation and Safety of Principal
-
Liquidity
-
Maturity
-
Portfolio Diversification
-
Yield
- Investment
Suitability
|
| Statement
2: Investment Strategies for the next quarter: |
| |
Current,
Loan, Endowment, and Agency Funds: These funds
are pooled together and invested to assure adequate
liquidity for cash flows. To accomplish this,
the District will continue to invest in public
funds investment pools, daily liquidity money
market funds, short- to medium-term government
agencies, high-quality dual-rated commercial paper,
and/or certificates of deposit.
|
| |
Unexpended
Bond Proceeds: At August 31 st, there were
no remaining unspent funds.
|
| |
Bond
Debt Service Interest & Sinking Funds: Interest
and sinking funds are set aside on a monthly basis
and invested in a separate TexPool account until
the semi-annual debt service payments are made
in June and December.
|
| |
Bond
Debt Service Reserves: The 1998 Bond debt
service reserve is invested in 3-1/2 year and
4-1/2 year government agency bonds issued by the
Federal Home Loan Bank (FHLB) with stated yields
'of 4.24% and 4.64%, respectively, payable semi-annually.
|
| |
Renewal/Replacement
Funds: These funds are invested in a variety
of instruments including public funds investment
pools, daily liquidity money market funds, short-
to medium-term government agencies, high-quality
dual-rated commercial paper, and/or certificates
of deposit. The average maturity of these funds
is longer than the Operating Funds as only one-tenth
of the fund balance is budgeted for expenditure
in the current year.
|
Statement
3: Compliance with requirements relating to business
organizations seeking to
sell investments. |
| |
All
business organizations that have sold investments
to Odessa College during the quarter ended August
31, 2002, have executed a written instrument
stating that the qualified representative of
the organization has:
-
received and thoroughly reviewed the Investment
Policy of the Odessa Junior College District,
and
-
implemented reasonable procedures and controls
in an effort to preclude imprudent investment
activities arising out of investment transactions
conducted between the District and the organization.
|
| Statement
4: Compliance with requirements of the Public
Funds Investment Act. |
| |
To
the best of my knowledge, the investment portfolio
of the District at August 31, 2002, and the investment
transactions entered into during the quarter then
ended are in compliance with the Texas Public
Funds Investment Act. |
Virginia
Chisum, CPA, M.Ed.
Vice President for Business Affairs
|
