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CCP 03-26-2001
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CCP 03-26-2001
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<br /> Portfolio Maturities <br />. Maturities should be varied, with not more than twenty percent (20%) of the portfolio invested <br />out five years (maximum term), <br /> }, <br /> Maturities ($ in OOO's) <br /> Annual Maturities Al!:l!:rel!ate Maturities <br /> Investment Bv Catel!orv Annual Entire <br /> Year Catel!orv Amount Pct Amount Pct Portfolio <br /> 2001 Cash $ 6,679 100% <br /> FRl $ 2,100 31% <br /> Zero $ 476 28% $ 9,255 62% 62% <br /> 2002 FRl $ 1,296 20% <br /> Zero $ 280 17% $ 1,576 10% 72% <br /> 2003 FRl $ 1,090 16% <br /> Zero $ 346 20% $ 1,436 10% 82% <br /> 2004 FRl $ 1,092 16% <br /> Zero $ 297 18% $ 1,389 9% 91% <br /> 2005 FRl $ 1,100 17% <br /> Zero $ 286 17% $ L386 9% 100% <br />. $15,042 $15,042 <br /> Risk Characteristics <br /> <br />The risk to principal due to credit quality is low as almost all investments are either insured by, <br />or are an obligation of, the D,S, Government. Fixed rate investments, and zero coupon <br />investments, are all subject to market risk if required to liquidate on short notice, In the case of <br />fixed rate instruments and zero coupon instruments, this market risk is mitigated by an <br />investment policy to hold for the duration of a maturity, Accordingly, internal reports reflect <br />original costs, <br /> <br />Maturity Philosouhv <br /> <br />The concept of "laddering" maturities is a commonly used technique that, in this case, supports <br />an objective that overall return will tend to more nearly approximate two year Treasury Note <br />interest rates, as investments are made at then current five year intermediate term rates with <br />varying maturities. This also allows for a consistent stream of maturities and the opportunity for <br />investing in smaller, more frequently available amounts than if large amounts were invested in <br />"lumps." This is a source ofliquid funds that can either be reinvested or used for current needs <br />as appropriate, <br /> <br />. <br /> <br />3 <br />
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