UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05608
PUBLIC FACILITY LOAN TRUST
(Exact name of registrant as specified in charter)
C/O U.S. BANK CORP TRUST DEPT |
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ONE FEDERAL STREET |
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BOSTON, MA |
| 02110 |
(Address of principle executive offices) |
| (Zip Code) |
GEORGE H. DAVISON, JR.
U.S. BANK CORPORATE TRUST SERVICES
ONE FEDERAL STREET, BOSTON, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: 617-603-6559
Date of fiscal year end: DECEMBER 31
Date of reporting period: January 1, 2004 - December 31, 2004
Item 1. Reports to Stockholders.
FINANCIAL STATEMENTS
Public Facility Loan Trust
Year ended December 31, 2004
with Report of Independent Registered Public Accounting Firm
Public Facility Loan Trust
Financial Statements
Year ended December 31, 2004
Contents
Report of Independent Registered Public Accounting Firm | 1 |
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Statement of Assets and Liabilities | 3 |
Statement of Operations | 4 |
Statements of Changes in Net Assets | 5 |
Statements of Cash Flows | 6 |
Financial Highlights for the Class B Certificates | 7 |
Notes to Financial Statements | 8 |
Schedule of Investments in Loans | 16 |
• Ernst & Young LLP | • Phone: (212) 773-3000 | |
5 Times Square | www.ey.com | |
New York, New York 10036-6530 |
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Report of Independent Registered Public Accounting Firm
To US Bank and Trust Company, as
attorney-in-fact for Bank of America,
Successor to Shawmut Bank, N.A., as
Owner Trustee, of Public Facility Loan Trust:
We have audited the accompanying statement of assets and liabilities of Public Facility Loan Trust (the “Trust”), including the schedule of investments in loans, as of December 31, 2004, and the related statements of operations for the year then ended, changes in net assets and cash flows for each of the two years then ended and financial highlights for the Class B Certificates for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Owner Trustee. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the two years in the period ended December 31, 2001 were audited by other auditors who have ceased operations and whose report dated May 14, 2002 expressed an unqualified opinion on those statements.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by the Owner Trustee and evaluating the overall financial statement presentation. Our procedures included confirmation of investments in loans owned as of December 31, 2004, by correspondence with the servicer. We believe that our audits provide a reasonable basis for our opinion.
As further described in Note 2 to the financial statements, pursuant to a “no action letter” received from the Securities and Exchange Commission, the Trust accounts for its loans and temporary investments at their amortized cost. In accordance with U.S. generally accepted accounting principles, such loans and temporary investments should be accounted for at fair value. Due to the omission of fair value information, the Trust’s financial highlights exclude presentation of the total rate of return as such ratio is computed based on the period to period change in fair value of Trust’s assets.
A Member Practice of Ernst & Young Global
1
In our opinion, except for the matter discussed in the preceding paragraph, the financial statements and financial highlights referred to above, audited by us, present fairly, in all material respects, the financial position of Public Facility Loan Trust at December 31, 2004, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the Class B Certificates for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.
February 20, 2006
2
Public Facility Loan Trust
Statement of Assets and Liabilities
December 31, 2004
Assets |
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Cash |
| $ | 334 |
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Investments in loans, at amortized cost (Note 3 and Schedule of Investments in Loans) |
| 20,865,414 |
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Temporary investments (Note 4) |
| 9,514,378 |
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Accrued interest receivable |
| 84,887 |
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Deferred bond issuance costs, net of accumulated amortization of $2,642,389 (Note 2) |
| 7,351 |
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Other assets |
| 199,571 |
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Total assets |
| 30,671,935 |
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Liabilities |
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Sequential Pay Bonds, at amortized cost (Note 5) |
| 6,652,631 |
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Accrued interest payable |
| 169,686 |
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Accrued expenses and other liabilities |
| 227,918 |
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Total liabilities |
| 7,050,235 |
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Net assets |
| $ | 23,621,700 |
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Net assets represented by: |
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Class A Certificates of beneficial interest (maximum liquidation price of $50,000), at par (Note 6) |
| $ | 500 |
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Class B Certificates of beneficial interest, at par (Note 6) |
| 10,000 |
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Additional paid-in capital |
| 23,611,200 |
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| $ | 23,621,700 |
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Beneficial interest per share: |
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Maximum fixed liquidation price of Class A certificates, (based on net assets of $50,000 and 500 shares issued and outstanding) |
| $ | 100 |
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Net asset value of Class B certificates, (based on net assets of $23,571,700 and 10,000 shares issued and outstanding) |
| $ | 2,357.16 |
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The accompanying notes are an integral part of the financial statements and should be read in conjunction therewith.
3
Public Facility Loan Trust
Statement of Operations
Year ended December 31, 2004
Investment income |
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Interest |
| $ | 3,855,958 |
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Expenses |
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Interest |
| 928,212 |
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Professional fees |
| 292,213 |
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Servicing fees (Note 7) |
| 55,383 |
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Amortization of deferred bond issuance costs |
| 17,677 |
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Trustee fees (Note 7) |
| 14,350 |
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Other |
| 1,000 |
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Total expenses |
| 1,308,835 |
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Net investment income |
| $ | 2,547,123 |
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The accompanying notes are an integral part of the financial statements and should be read in conjunction therewith.
4
Public Facility Loan Trust
Statements of Changes in Net Assets
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| Years ended December 31 |
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| 2004 |
| 2003 |
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Net investment income |
| $ | 2,547,123 |
| $ | 2,138,274 |
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Distributions of net investment income to holders of: |
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Class A Certificates |
| (30 | ) | (30 | ) | ||
Class B Certificates |
| (1,197,354 | ) | (1,832,849 | ) | ||
Total distributions from investment income |
| (1,197,384 | ) | (1,832,879 | ) | ||
Net increase in net assets |
| 1,349,739 |
| 305,395 |
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Net assets: |
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Beginning of year |
| 22,271,961 |
| 21,966,566 |
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End of year (including accumulated undistributed net invement income of $14,910,027 and $13,560,288, respectively) |
| $ | 23,621,700 |
| $ | 22,271,961 |
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The accompanying notes are an integral part of the financial statements and should be read in conjunction therewith.
5
Public Facility Loan Trust
Statements of Cash Flows
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| Year ended December 31 |
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| 2004 |
| 2003 |
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Operating activities |
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Cash received from loans: |
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Interest |
| $ | 1,655,822 |
| $ | 1,784,362 |
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Refundable payments |
| (330,251 | ) | (518,101 | ) | ||
Interest income received from temporary investments |
| 601,915 |
| 691,743 |
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Interest expense paid |
| (627,019 | ) | (1,225,471 | ) | ||
Other expenses paid |
| (248,553 | ) | (299,954 | ) | ||
Net cash provided by operating activities |
| 1,051,914 |
| 432,579 |
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Investing activities |
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Principal collections on loans |
| 7,908,555 |
| 12,115,408 |
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Net decrease in temporary investments |
| (67,840 | ) | 1,500,711 |
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Net cash provided by investing activities |
| 7,840,715 |
| 13,616,119 |
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Financing activities |
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Principal payments to bondholders |
| (7,694,911 | ) | (12,284,673 | ) | ||
Distributions to Certificate holders–Class A |
| (30 | ) | (30 | ) | ||
Distributions to Certificate holders–Class B |
| (1,197,354 | ) | (1,832,849 | ) | ||
Net cash used in financing activities |
| (8,892,295 | ) | (14,117,552 | ) | ||
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| (68,854 | ) | ||
Net increase in cash |
| 334 |
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Cash at beginning of year |
| — |
| 68,854 |
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Cash at end of year |
| $ | 334 |
| $ | — |
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Reconciliation of net investment income to net cash provided by operating activities: |
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Net investment income |
| $ | 2,547,123 |
| $ | 2,138,274 |
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Adjustments relating to loans: |
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Accretion of market discount |
| (1,621,167 | ) | (2,149,766 | ) | ||
Increase in accrued interest receivable |
| (75,174 | ) | 171,090 |
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Adjustments relating to Bonds: |
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Amortization of original issue discount |
| 493,565 |
| 1,052,993 |
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Amortization of deferred bond issuance costs |
| 17,677 |
| 37,991 |
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Decrease in accrued interest payable |
| (192,372 | ) | (307,117 | ) | ||
Other adjustments: |
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Increase in accrued expenses and other liabilities |
| 114,504 |
| 7,214 |
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Decrease in refund liability |
| (232,242 | ) | (518,100 | ) | ||
Net cash provided by operating activities |
| $ | 1,051,914 |
| $ | 432,579 |
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The accompanying notes are an integral part of the financial statements and should be read in conjunction therewith.
6
Public Facility Loan Trust
Financial Highlights for the Class B Certificates
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| Year ended December 31 |
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| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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Per share data |
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Net asset value, beginning of year |
| $ | 2,222.19 |
| $ | 2,191.66 |
| $ | 2,080.11 |
| $ | 2,019.88 |
| $ | 1,981.18 |
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Net investment income |
| 254.71 |
| 213.82 |
| 239.84 |
| 203.52 |
| 191.06 |
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Distributions to Class A and B Certificate holders |
| (119.74 | ) | (183.29 | ) | (128.29 | ) | (143.29 | ) | (152.36 | ) | |||||
Net asset value, end of year |
| $ | 2,357.16 |
| $ | 2,222.19 |
| $ | 2,191.66 |
| $ | 2,080.11 |
| $ | 2,019.88 |
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Ratios and supplemental data |
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Expenses to average net assets |
| 5.70 | % | 10.52 | % | 15.55 | % | 21.59 | % | 26.56 | % | |||||
Net investment income to average net assets |
| 11.11 | % | 9.67 | % | 11.20 | % | 10.10 | % | 9.53 | % | |||||
Net assets applicable to Class B Certificates |
| $ | 23,571,700 |
| $ | 22,221,961 |
| $ | 21,916,566 |
| $ | 20,801,287 |
| $ | 20,198,897 |
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Note: As discussed in Note 2, the Trust accounts for its investments at amortized cost, which differs from the requirements under U.S. generally accepted accounting principles which state that investments be accounted for at fair value. Accordingly, the Trust’s financial statements do not reflect the market value of such investments. Due to the omission of fair value information, the above presentation excludes the disclosure of the comparative 5-year “Total Investment Return.”
The accompanying notes are an integral part of the financial statements and should be read in conjunction therewith.
7
Public Facility Loan Trust
Notes to Financial Statements
December 31, 2004
1. The Trust and its Activities
Public Facility Loan Trust (the “Trust”) was established in July 1988 under the laws of the Commonwealth of Massachusetts by a declaration of trust (the “Declaration of Trust”) by Shawmut Bank, N.A., not acting in its individual capacity but solely as owner trustee (the “Owner Trustee”). State Street Bank and Trust Company, as attorney-in-fact for Bank of America, successor to Shawmut Bank, N.A., is currently the Owner Trustee. The Trust is registered under the Investment Company Act of 1940 as a closed-end, diversified management investment company. The sole purpose of the Trust is to raise funds through the issuance and sale of its Bonds (as defined below) and to invest the related proceeds in the Loans (as defined below) which it purchased from the United States Department of Housing and Urban Development (“HUD”).
In August 1988, the Trust purchased 1,196 loans (the “Loans”) from HUD, which had an aggregate outstanding principal balance of approximately $271,950,000, in return for (i) the net proceeds from the sale of the Trust’s Bonds (as defined below) and (ii) the Class A and B Certificates of beneficial interest in the net assets of the Trust (the “Certificates”). Pursuant to an indenture (the “Indenture”) dated August 1, 1988, between the Trust and Chemical Bank, as bond trustee (the “Bond Trustee”), the Trust issued four classes of sequential pay bonds (the “Bonds”) in August, 1988, which had an aggregate par value of $235,958,000, using the Loans as collateral. The Bond Trustee holds the original notes and bonds evidencing the Loans. JP Morgan Chase successor to Chemical Bank, is currently the Bond Trustee.
During 1997, GMAC Commercial Mortgage Corporation (“GMAC”) became the servicer of the Trust’s Loans pursuant to the servicing agreement dated August 1, 1988 (the “Servicing Agreement”). Prior to that time, the Trust’s servicer was General Electric Capital Corporation (“GECC”). (GMAC and GECC are hereinafter referred to as the “Servicer”). The Servicer’s responsibilities include collecting payments on the Loans and maintaining the Loan files.
In accordance with the Indenture, the Trust maintains three funds, the Revenue, Expense and Liquidity Funds (the “Funds”), which are invested temporarily in permitted investments. All payments received on the Loans and earnings on the amounts in the Funds are used to make payments on the Bonds, to pay the Trust’s administrative expenses and to make distributions to the Certificate holders.
8
2. Summary of Significant Accounting Policies
Investment in Loans and Temporary Investments
The Loans were recorded at the inception of the Trust at their purchased cost. Such cost resulted in the recognition of market discount from the Loans’ outstanding principal balances. The purchase cost was determined by an independent appraiser, since a portion of the consideration paid by the Trust (the Class A and B Certificates) for the Loans did not have a readily determinable market value. The appraised value of the Loans was also used to determine the initial carrying amount of the Certificates.
Generally accepted accounting principles require investments to be carried at fair value. Pursuant to a “no action letter” the Trust received from the Securities and Exchange Commission, the Trust carries its investments in loans at amortized cost. The market discount on the Loans is included in the Trust’s statement of operations using the amortized cost method of accounting. Under this method, interest on each Loan is recognized by applying the Loan’s effective interest rate to the amortized cost of the Loan at the beginning of the period. A Loan’s effective interest rate is the rate which discounts the Loan’s scheduled future cash flows (including principal and interest) to its amortized cost. The amortization of market discount for each Loan included in the Trust’s statement of operations is the difference between a Loan’s interest income and its coupon interest.
Temporary investments are stated at cost.
Deferred Bond Issuance Costs
Deferred bond issuance costs of $2,649,740 were capitalized on the date the Bonds were issued and are amortized using the effective interest method over the estimated life of the bonds.
Bonds Payable
The Bonds are stated at their outstanding par value less unamortized original issue discount. Original issue discount amortization is included in the Trust’s statement of operations using the effective interest method.
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Income and Expense Recognition
Investment income and expenses are recognized on an accrual basis.
Federal Income Taxes
No provision for federal income taxes is included in the Trust’s statement of operations since the Trust intends to comply with the provisions of Subchapter M of the Internal Revenue Code and to distribute all of its taxable income, if any, to its Certificate holders to the extent that such distributions are permitted by the Indenture.
Use of Estimates
The preparation of the accompanying financial statements in conformity with U.S. generally accepted accounting principles requires the Owner Trustee to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates.
3. The Loans
The Loans are bonds and other loans, substantially all of which are tax-exempt, issued by municipalities, special districts, not-for-profit organizations, hospitals and Indian tribes to refinance loans for the construction of water, sewage, hospital and other public facilities.
The Loans may generally be repaid ahead of schedule at the option of the borrowers at par or with a small premium. The Loans are secured by various types of collateral, including general obligations and pledges of gross or net revenues, special assessments and mortgages. The Trust purchased the Loans from HUD without recourse, except for certain representations and warranties by HUD specified in the related Loan Sale Agreement. These representations and warranties were originally scheduled to expire in August 1990. During 1990 and 1991, HUD extended certain of its representations and warranties to May 1992. During 1992, HUD agreed to extend certain of its representations and warranties until a notice of breach and agreement is executed.
10
The amortized cost of the Loans at December 31, 2004, is as follows:
Outstanding principal |
| $ | 24,465,232 |
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Unamortized market discount |
| (3,599,818 | ) | |
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| $ | 20,865,414 |
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4. Temporary Investments
The Trust has entered into investment agreements pertaining to its temporary investments with Morgan Guaranty Trust Company of New York for the three Funds that are required by the Indenture. Monies deposited into these Funds are invested at fixed interest rates and are available for Bond and for other payments pursuant to the Indenture on each Payment Date (as defined in Note 5) until the Bonds have been paid in full.
At December 31, 2004, the Fund balances and fixed interest rates were as follows:
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| Interest |
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Fund |
| Rate |
| Balance |
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Revenue |
| 7.75 | % | $ | 4,211,817 |
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Expense |
| 7.75 |
| 4,017,842 |
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Liquidity |
| 8.25 |
| 1,284,719 |
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| $ | 9,514,378 |
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Substantially all of the December 31, 2004 Revenue Fund balance was used to make the February 1, 2005 Bond payment described in Note 5, including related interest, and the February 1, 2005 Certificate distribution described in Note 6.
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5. Sequential Pay Bonds
The Bonds are sequential pay bonds, with semiannual interest payable on each February 1 and August 1 (each, a “Payment Date”) at 5% per annum.
The Indenture provides that principal payments are to be made on the Bonds on each Payment Date prior to the Bond’s stated maturity in an aggregate amount equal to the lesser of the Available Amount or the Principal Distribution Amount (both as defined below) on such Payment Date. The Indenture provides that such principal payments are to be applied to each class of Bonds in the order of their respective stated maturities so that no principal payments are made until the Bonds having an earlier stated maturity have been paid in full. The Bonds are not otherwise subject to redemption prior to their stated maturity.
The Available Amount is the amount in the Revenue and Liquidity Funds on each Payment Date, after payment of (a) interest on, and principal at stated maturity of, the Bonds, (b) scheduled administrative expenses not paid from the Expense Fund and (c) any required funding of the Expense or Liquidity Funds.
The Principal Distribution Amount for any Payment Date is the sum of (a) the difference, if any, between the aggregate Collateral Value (as defined below) of the Loans on such Payment Date and the aggregate Collateral Value of the Loans on the immediately preceding Payment Date and (b) the unpaid portion of any previous Principal Distribution Amount.
The Collateral Value of each Loan is equal to the lesser of (a) the present value of the remaining scheduled interest and principal payments on the Loan, together with assumed reinvestment income thereon from each Assumed Deposit Date (30 to 60 days after the date the scheduled payments are due) to the Payment Date that follows its Assumed Deposit Date (as defined in the Indenture) at the Assumed Reinvestment Rate (7.75% per annum as of December 31, 2004), discounted semiannually to the Payment Date using a discount rate of 5% per annum or (b) the outstanding principal balance of the Loan.
12
The Class 1 Bonds, the Class 2 Bonds and the Class 3 Bonds were retired in August 1994, February 1997 and August 1999, respectively. At December 31, 2004, the carrying amounts of the Bonds in the statement of assets and liabilities were as follows:
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| Unamortized |
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| Stated |
| Principal |
| Original Issue |
| Carrying |
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| Maturity |
| Outstanding |
| Discount |
| Amount |
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Class 1 |
| 2/1/2000 |
| $ | — |
| $ | — |
| $ | — |
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Class 2 |
| 2/1/2003 |
| — |
| — |
| — |
| |||
Class 3 |
| 2/1/2006 |
| — |
| — |
| — |
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Class 4 |
| 2/1/2013 |
| 6,787,425 |
| (134,794 | ) | 6,652,631 |
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|
| �� | $ | 6,787,425 |
| $ | (134,794 | ) | $ | 6,652,631 |
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Estimated principal payments on the Bonds at December 31, 2004, calculated based on the remaining scheduled payments on the Loans, are as follows:
Year ending December 31: |
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2005 |
| $ | 5,011,176 |
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2006 |
| 1,776,249 |
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| $ | 6,787,425 |
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On February 1, 2005, an aggregate principal payment of $3,886,524 was made to the Class 4 Bondholders. After this payment, the aggregate Collateral Value of the Loans was approximately 832% of the outstanding principal amount of the Bonds.
6. The Certificates of Beneficial Interest
Information regarding the Trust’s fully paid, nonassessable shares of certificates of beneficial interest as of December 31, 2004 and for the year then ended, is as follows:
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| Class A |
| Class B |
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Number of shares outstanding |
| 500 |
| 10,000 |
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Par value per share |
| $ | 1 |
| $ | 1 |
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Fixed dividend rate per annum (cumulative) |
| 6 | % | 0 | % | ||
13
The Declaration of Trust provides that distributions on the Class A and Class B Certificates are payable solely from Available Funds (as defined in the Declaration of Trust), if any, transferred from the Bond Trustee to the Owner Trustee. Prior to payment of the Bonds in full and discharge of the Indenture, the Declaration of Trust provides that Available Funds be applied in the following order of priority:
a. To pay any indemnities or Trust expenses not otherwise payable as administrative expenses;
b. To the Class A Certificate holders for dividends accrued or in arrears; and
c. To the Class B Certificate holders, subject to the limitations described below;
The “fixed liquidation price” of the Class A Certificates is $100 per share. In the event of liquidation, dissolution or termination of the Trust, the Class A Certificate holders are entitled to receive, in cash, the fixed liquidation price together with all dividends accrued or in arrears to that date, before any distribution of the assets of the Trust are made to the Class B Certificate holders; the Class A Certificate holders are entitled to no further participation in such distribution. If upon any such liquidation, dissolution or termination, the assets distributable to the Class A Certificate holders are insufficient to permit the payment of the full preferential amount, the entire assets of the Trust are to be distributed to the holders of the Class A Certificates then outstanding.
The Declaration of Trust provides that no distributions can be made to the Class B Certificate holders to the extent that such distributions would cause the net assets of the Trust to be less than the aggregate fixed liquidation price of the outstanding Class A Certificates.
The Indenture provides that upon repayment of the Bonds in full and the discharge of the Indenture, any Loans or other assets held by the Bond Trustee will be transferred to the Owner Trustee. The Declaration of Trust provides that the cash funds on that date, as well as subsequent cash receipts from any remaining Loans, are to be applied by the Owner Trustee as described above.
The Certificates are transferable pursuant to conditions in the Declaration of Trust.
On February 1, 2005, aggregate distributions of $15 and $615,948 were made to the Class A and Class B Certificate holders, respectively.
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7. Trustee and Servicing Fees
Bond Trustee
The Indenture provides that the Bond Trustee is to receive, on each August 1, an annual fee equal to .015% of the aggregate outstanding principal amount of the Loans on the immediately preceding Bond Payment Date.
Owner Trustee
The Indenture provides that the Owner Trustee is to receive a semiannual fee of $6,500 on February 1 and August 1 of each year.
Servicer
The Servicing Agreement provides that the Servicer is to receive a monthly servicing fee equal to one-twelfth of 0.195% of the outstanding principal balance of each Loan on the first day of the preceding month.
8. Fair Value of Financial Instruments
Statement of Financial Accounting Standards No. 107, “Disclosures About Fair Value of Financial Instruments,” (“SFAS No. 107”) requires the Trust to disclose estimated fair values of certain of its financial instruments. As SFAS No. 107 allows the use of a wide range of valuation techniques, it may be difficult to compare the Trust’s fair value information to independent markets or to other fair value information.
The carrying amounts of the financial assets and liabilities of the Trust as disclosed in the statement of assets and liabilities represent their fair value, except for the temporary investments, investments in loans and sequential pay bonds. The estimated fair value of the investments in loans is not practicably estimable as these loans are not liquid and the cost of estimating the fair value is prohibitively expensive. A listing of all of the investments in loans, including their related carrying amounts, interest rates and maturities are included in the schedule of investments in loans. The estimated fair value of the sequential pay bonds is not practicably estimable as these sequential pay bonds include the value of the net assets of the Trust upon liquidation.
15
9. Federal Tax Information
During 2004, as a result of permanent book to tax differences, the Trust decreased accumulated undistributed net investment income by $14,910,027 and increased additional paid in capital by $14,910,027. Net assets were not affected by this reclassification. These differences are primarily due to the cumulative effect of net operating losses, overdistribution of net investment income and accretion of market discount.
10. Indemnifications
In the ordinary course of business, the Trust enters into contracts that contain a variety of indemnifications. The Trust’s maximum exposure under these arrangements is unknown. However, based on its history and experience, management believes the risk of loss to be remote, therefore, the Trust did not accrue any liability in connection with such indemnifications.
16
Public Facility Loan Trust
Schedule of Investments in Loans
December 31, 2004
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| Percentage |
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| Percentage |
| ||
|
|
|
|
|
|
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| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
| ||
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| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
| ||
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
| ||
40000501 |
| 40000501 |
| Big Cove Water Authority |
| Alabama |
| 4.000 | % | 7/1/2006 |
| $ | 18,000.00 |
| 0.07 | % | $ | 17,097.00 |
| 0.08 | % |
40001501 |
| 40001501 |
| Town of Grant |
| Alabama |
| 6.000 |
| 7/1/2007 |
| 12,000.00 |
| 0.05 |
| 11,242.00 |
| 0.05 |
| ||
40001601 |
| 40001601 |
| Town of Gulf Shores |
| Alabama |
| 4.000 |
| 4/1/2007 |
| 54,000.00 |
| 0.22 |
| 49,942.00 |
| 0.24 |
| ||
40001801 |
| 40001801 |
| Hazel Green Water & Fire |
| Alabama |
| 4.500 |
| 8/1/2007 |
| 123,000.00 |
| 0.50 |
| 112,315.00 |
| 0.54 |
| ||
40002302 |
| 40002302 |
| Littleville Waterworks |
| Alabama |
| 5.000 |
| 2/1/2009 |
| 81,000.00 |
| 0.33 |
| 68,590.00 |
| 0.33 |
| ||
40002601 |
| 40002601 |
| Maysville Wtr & Fire Pr |
| Alabama |
| 4.500 |
| 8/1/2007 |
| 49,000.00 |
| 0.20 |
| 44,807.00 |
| 0.21 |
| ||
40002902 |
| 40002902 |
| Town of Moundville |
| Alabama |
| 6.000 |
| 4/1/2010 |
| 67,000.00 |
| 0.27 |
| 57,816.00 |
| 0.28 |
| ||
40003801 |
| 40003801 |
| Enterprise Public Building |
| Alabama |
| 4.500 |
| 11/1/2007 |
| 146,000.00 |
| 0.60 |
| 132,566.00 |
| 0.64 |
| ||
40004101 |
| 40004101 |
| Selma Public Building Auth. |
| Alabama |
| 5.625 |
| 5/1/2014 |
| 775,000.00 |
| 3.17 |
| 585,683.00 |
| 2.81 |
| ||
40004601 |
| 40004601 |
| Town of Slocomb |
| Alabama |
| 4.125 |
| 12/1/2007 |
| 76,000.00 |
| 0.31 |
| 67,210.00 |
| 0.32 |
| ||
40005001 |
| 40005001 |
| Town of Blountsville |
| Alabama |
| 5.625 |
| 12/1/2006 |
| 49,999.00 |
| 0.20 |
| 46,962.00 |
| 0.23 |
| ||
40005101 |
| 40005101 |
| Helena Utilities Board |
| Alabama |
| 5.625 |
| 12/1/2012 |
| 200,000.00 |
| 0.82 |
| 158,878.00 |
| 0.76 |
| ||
40005501 |
| 40005501 |
| Douglas Water And Fire |
| Alabama |
| 5.000 |
| 1/1/2009 |
| 305,000.00 |
| 1.25 |
| 272,844.00 |
| 1.31 |
| ||
40005901 |
| 40005901 |
| Ardmore Waterworks |
| Alabama |
| 5.000 |
| 7/1/2009 |
| 96,000.00 |
| 0.39 |
| 84,250.00 |
| 0.40 |
| ||
40005902 |
| 40005902 |
| Town of Ardmore |
| Alabama |
| 5.000 |
| 7/1/2009 |
| 12,000.00 |
| 0.05 |
| 10,424.00 |
| 0.05 |
| ||
40006401 |
| 40006401 |
| City of Guntersville |
| Alabama |
| 4.500 |
| 1/1/2007 |
| 49,000.00 |
| 0.20 |
| 46,328.00 |
| 0.22 |
| ||
40006402 |
| 40006402 |
| City of Guntersville |
| Alabama |
| 6.000 |
| 1/1/2009 |
| 99,000.00 |
| 0.40 |
| 90,284.00 |
| 0.43 |
| ||
40006601 |
| 40006601 |
| Winfield Waterworks |
| Alabama |
| 5.625 |
| 10/1/2008 |
| 36,000.00 |
| 0.15 |
| 32,081.00 |
| 0.15 |
| ||
40007301 |
| 40007301 |
| Town of Moulton |
| Alabama |
| 3.750 |
| 9/1/2007 |
| 141,000.00 |
| 0.58 |
| 127,024.00 |
| 0.61 |
| ||
40007501 |
| 40007501 |
| Town of Parrish |
| Alabama |
| 5.625 |
| 12/1/2007 |
| 57,000.00 |
| 0.23 |
| 51,942.00 |
| 0.25 |
| ||
40007701 |
| 40007701 |
| Town of Vincent |
| Alabama |
| 5.625 |
| 2/1/2011 |
| 140,000.00 |
| 0.57 |
| 115,405.00 |
| 0.55 |
| ||
40007801 |
| 40007801 |
| City of Fayette |
| Alabama |
| 4.250 |
| 4/1/2008 |
| 83,000.00 |
| 0.34 |
| 73,885.00 |
| 0.35 |
| ||
|
|
|
|
|
| Alabama Total |
|
|
|
|
| 2,668,999.00 |
| 10.91 |
| 2,257,575.00 |
| 10.82 |
| ||
40008601 |
| 40008601 |
| Greater Juneau Borough |
| Alaska |
| 4.500 |
| 10/1/2008 |
| 175,000.00 |
| 0.72 |
| 155,565.00 |
| 0.75 |
| ||
|
|
|
|
|
| Alaska Total |
|
|
|
|
| 175,000.00 |
| 0.72 |
| 155,565.00 |
| 0.75 |
| ||
17
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|
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|
|
|
|
| Percentage |
|
|
| Percentage |
| ||
|
|
|
|
|
|
|
| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
| ||
|
| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
| ||
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
| ||
40009201 |
| 40009201 |
| Arkansas State University |
| Arkansas |
| 4.500 | % | 10/1/2009 |
| $ | 560,000.00 |
| 2.29 | % | $ | 465,885.00 |
| 2.23 | % |
40009501 |
| 40009501 |
| City of Barling |
| Arkansas |
| 4.500 |
| 2/1/2008 |
| 38,000.00 |
| 0.16 |
| 34,247.00 |
| 0.16 |
| ||
40010101 |
| 40010101 |
| City of Center Hill |
| Arkansas |
| 5.625 |
| 10/1/2012 |
| 192,000.00 |
| 0.78 |
| 153,759.00 |
| 0.74 |
| ||
40013101 |
| 40013101 |
| Town of Norphlet |
| Arkansas |
| 4.000 |
| 7/1/2007 |
| 22,000.00 |
| 0.09 |
| 20,148.00 |
| 0.10 |
| ||
40013401 |
| 40013401 |
| Pangburn Water & Sewer C |
| Arkansas |
| 4.250 |
| 4/1/2005 |
| 15,000.00 |
| 0.06 |
| 14,844.00 |
| 0.07 |
| ||
40013502 |
| 40013502 |
| City of Parkdale |
| Arkansas |
| 4.500 |
| 4/1/2007 |
| 17,000.00 |
| 0.07 |
| 15,761.00 |
| 0.08 |
| ||
40014001 |
| 40014001 |
| City of Salem |
| Arkansas |
| 3.750 |
| 10/1/2005 |
| 14,000.00 |
| 0.06 |
| 13,573.00 |
| 0.07 |
| ||
40014002 |
| 40014002 |
| City of Salem |
| Arkansas |
| 4.250 |
| 10/1/2006 |
| 15,000.00 |
| 0.06 |
| 13,356.00 |
| 0.06 |
| ||
40014003 |
| 40014003 |
| City of Salem |
| Arkansas |
| 4.250 |
| 10/1/2007 |
| 15,100.00 |
| 0.06 |
| 12,582.00 |
| 0.06 |
| ||
40015002 |
| 40015002 |
| City of West Fork |
| Arkansas |
| 4.500 |
| 4/1/2008 |
| 30,000.00 |
| 0.12 |
| 26,889.00 |
| 0.13 |
| ||
|
|
|
|
|
| Arkansas Total |
|
|
|
|
| 918,100.00 |
| 3.75 |
| 771,044.00 |
| 3.70 |
| ||
40015401 |
| 40015401 |
| Apple Valley Hgts Co Wtr |
| California |
| 4.000 |
| 7/1/2008 |
| 4,000.00 |
| 0.02 |
| 3,608.00 |
| 0.02 |
| ||
40016801 |
| 40016801 |
| Idyllwild Co. Wtr. Dist |
| California |
| 5.000 |
| 10/1/2008 |
| 195,000.00 |
| 0.80 |
| 173,859.00 |
| 0.83 |
| ||
40017601 |
| 40017601 |
| Rubidoux Community Serv |
| California |
| 4.000 |
| 7/1/2006 |
| 55,000.00 |
| 0.22 |
| 52,427.00 |
| 0.25 |
| ||
40017902 |
| 40017902 |
| Seely County Water Dist. |
| California |
| 4.000 |
| 3/1/2005 |
| 9,000.00 |
| 0.04 |
| 8,950.00 |
| 0.04 |
| ||
|
|
|
|
|
| California Total |
|
|
|
|
| 263,000.00 |
| 1.07 |
| 238,844.00 |
| 1.14 |
| ||
40018801 |
| 40018801 |
| Tri-County Wtr. Conser. |
| Colorado |
| 5.000 |
| 4/1/2010 |
| 1,000,000.00 |
| 4.09 |
| 778,759.00 |
| 3.73 |
| ||
|
|
|
|
|
| Colorado Total |
|
|
|
|
| 1,000,000.00 |
| 4.09 |
| 778,759.00 |
| 3.73 |
| ||
40019001 |
| 40019001 |
| City of Altamonte Spring |
| Florida |
| 5.625 |
| 2/1/2012 |
| 370,000.00 |
| 1.51 |
| 306,139.00 |
| 1.47 |
| ||
40019004 |
| 40019004 |
| City of Altamonte Spring |
| Florida |
| 5.375 |
| 2/1/2009 |
| 300,000.00 |
| 1.23 |
| 269,045.00 |
| 1.29 |
| ||
40020001 |
| 40020001 |
| Town of Cedar Grove |
| Florida |
| 5.625 |
| 5/1/2012 |
| 61,000.00 |
| 0.25 |
| 49,674.00 |
| 0.24 |
| ||
40020201 |
| 40020201 |
| City of Crystal River |
| Florida |
| 4.000 |
| 9/1/2006 |
| 71,000.00 |
| 0.29 |
| 66,554.00 |
| 0.32 |
| ||
40020401 |
| 40020401 |
| Town of Eatonville |
| Florida |
| 6.000 |
| 4/1/2011 |
| 125,610.00 |
| 0.51 |
| 105,764.00 |
| 0.51 |
| ||
40021001 |
| 40021001 |
| City of Homestead |
| Florida |
| 4.500 |
| 7/1/2007 |
| 235,000.00 |
| 0.96 |
| 215,684.00 |
| 1.03 |
| ||
40021002 |
| 40021002 |
| City of Homestead |
| Florida |
| 5.625 |
| 7/1/2012 |
| 369,997.00 |
| 1.51 |
| 301,451.00 |
| 1.44 |
| ||
18
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|
|
|
|
|
|
|
|
|
|
|
|
| Percentage |
|
|
| Percentage |
| ||
|
|
|
|
|
|
|
| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
| ||
|
| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
| ||
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
| ||
40021501 |
| 40021501 |
| City of Live Oak |
| Florida |
| 5.625 | % | 4/1/2013 |
| $ | 152,000.00 |
| 0.62 | % | $ | 120,962.00 |
| 0.58 | % |
40021502 |
| 40021502 |
| City of Live Oak |
| Florida |
| 5.625 |
| 4/1/2013 |
| 157,000.00 |
| 0.64 |
| 125,062.00 |
| 0.60 |
| ||
40022401 |
| 40022401 |
| Town of Saint Marks |
| Florida |
| 4.500 |
| 5/1/2008 |
| 58,000.00 |
| 0.24 |
| 51,794.00 |
| 0.25 |
| ||
|
|
|
|
|
| Florida Total |
|
|
|
|
| 1,899,607.00 |
| 7.76 |
| 1,612,129.00 |
| 7.73 |
| ||
40024201 |
| 40024201 |
| City of Chickamauga |
| Georgia |
| 5.375 |
| 3/1/2005 |
| 35,000.00 |
| 0.14 |
| 34,835.00 |
| 0.17 |
| ||
40025101 |
| 40025101 |
| City of Eatonton |
| Georgia |
| 5.000 |
| 9/1/2008 |
| 190,000.00 |
| 0.78 |
| 168,808.00 |
| 0.81 |
| ||
40025501 |
| 40025501 |
| City of Fort Gaines |
| Georgia |
| 4.750 |
| 1/1/2008 |
| 86,000.00 |
| 0.35 |
| 79,008.00 |
| 0.38 |
| ||
40025601 |
| 40025601 |
| Town of Fort Oglethorpe |
| Georgia |
| 6.000 |
| 10/1/2008 |
| 285,000.00 |
| 1.16 |
| 256,320.00 |
| 1.23 |
| ||
40026201 |
| 40026201 |
| Calhoun County Georgia |
| Georgia |
| 5.375 |
| 12/1/2010 |
| 230,000.00 |
| 0.94 |
| 188,513.00 |
| 0.90 |
| ||
40026301 |
| 40026301 |
| Candler County Hosp. Auth. |
| Georgia |
| 4.750 |
| 8/1/2009 |
| 190,000.00 |
| 0.78 |
| 161,108.00 |
| 0.77 |
| ||
40027301 |
| 40027301 |
| City of Metter |
| Georgia |
| 5.375 |
| 5/1/2011 |
| 170,000.00 |
| 0.69 |
| 142,190.00 |
| 0.68 |
| ||
40028502 |
| 40028502 |
| City of Woodstock |
| Georgia |
| 5.625 |
| 7/1/2013 |
| 149,999.00 |
| 0.61 |
| 121,138.00 |
| 0.58 |
| ||
|
|
|
|
|
| Georgia Total |
|
|
|
|
| 1,335,999.00 |
| 5.46 |
| 1,151,920.00 |
| 5.52 |
| ||
40028601 |
| 40028601 |
| City of Chubbuck |
| Indiana |
| 6.000 |
| 10/1/2012 |
| 415,000.00 |
| 1.70 |
| 336,770.00 |
| 1.61 |
| ||
40031601 |
| 40031601 |
| Cordry-Sweetwater Conser |
| Indiana |
| 5.000 |
| 4/1/2011 |
| 205,000.00 |
| 0.84 |
| 169,991.00 |
| 0.81 |
| ||
40031701 |
| 40031701 |
| Town of Hanover |
| Indiana |
| 5.000 |
| 6/1/2006 |
| 30,000.00 |
| 0.12 |
| 28,695.00 |
| 0.14 |
| ||
40031901 |
| 40031901 |
| Town of Lynnville |
| Indiana |
| 4.000 |
| 6/1/2005 |
| 12,000.00 |
| 0.05 |
| 11,804.00 |
| 0.06 |
| ||
|
|
|
|
|
| Indiana Total |
|
|
|
|
| 662,000.00 |
| 2.71 |
| 547,260.00 |
| 2.62 |
| ||
40029501 |
| 40029501 |
| City of Champaign |
| Illinois |
| 4.000 |
| 5/1/2005 |
| 235,000.00 |
| 0.96 |
| 231,783.00 |
| 1.11 |
| ||
40029701 |
| 40029701 |
| Curran Gardner Townships |
| Illinois |
| 4.500 |
| 11/1/2007 |
| 145,000.00 |
| 0.59 |
| 130,813.00 |
| 0.63 |
| ||
40029801 |
| 40029801 |
| City of East St. Louis |
| Illinois |
| 4.750 |
| 7/1/2010 |
| 100,000.00 |
| 0.41 |
| 83,441.00 |
| 0.40 |
| ||
40030101 |
| 40030101 |
| City of Johnston City |
| Illinois |
| 5.625 |
| 11/1/2006 |
| 43,000.00 |
| 0.18 |
| 40,533.00 |
| 0.19 |
| ||
40030601 |
| 40030601 |
| Lake Bluff Park District |
| Illinois |
| 4.000 |
| 12/1/2006 |
| 78,000.00 |
| 0.32 |
| 71,819.00 |
| 0.34 |
| ||
40030801 |
| 40030801 |
| City of Monmouth |
| Illinois |
| 3.875 |
| 7/1/2006 |
| 294,999.00 |
| 1.21 |
| 278,389.00 |
| 1.33 |
| ||
40031401 |
| 40031401 |
| City of Sterling |
| Illinois |
| 5.000 |
| 5/1/2009 |
| 245,000.00 |
| 1.00 |
| 210,838.00 |
| 1.01 |
| ||
|
|
|
|
|
| Illinois Total |
|
|
|
|
| $ | 1,140,999.00 |
| 4.66 | % | $ | 1,047,616.00 |
| 5.02 | % |
19
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage |
|
|
| Percentage |
|
|
|
|
|
|
|
|
| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
|
|
| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
|
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
|
40032101 |
| 40032101 |
| City of Evansdale |
| Iowa |
| 3.625 | % | 10/1/2009 |
| 92,000.00 |
| 0.38 |
| 77,818.00 |
| 0.37 |
|
|
|
|
|
|
| Iowa Total |
|
|
|
|
| 92,000.00 |
| 0.38 |
| 77,818.00 |
| 0.37 |
|
40032602 |
| 40032602 |
| City of Adairville |
| Kentucky |
| 4.500 |
| 3/1/2008 |
| 74,000.00 |
| 0.30 |
| 63,373.00 |
| 0.30 |
|
40034101 |
| 40034101 |
| City of Cold Spring |
| Kentucky |
| 5.375 |
| 8/1/2010 |
| 182,000.00 |
| 0.74 |
| 155,195.00 |
| 0.74 |
|
40034301 |
| 40034301 |
| City of Crescent Springs |
| Kentucky |
| 4.500 |
| 11/1/2007 |
| 43,000.00 |
| 0.18 |
| 38,974.00 |
| 0.19 |
|
40035902 |
| 40035902 |
| Hendron Water District |
| Kentucky |
| 5.375 |
| 2/1/2011 |
| 257,000.00 |
| 1.05 |
| 210,787.00 |
| 1.01 |
|
40036101 |
| 40036101 |
| Hickory Water Dist. |
| Kentucky |
| 3.750 |
| 8/1/2006 |
| 90,000.00 |
| 0.37 |
| 84,658.00 |
| 0.41 |
|
40036202 |
| 40036202 |
| City of Hodgenville |
| Kentucky |
| 4.500 |
| 5/1/2008 |
| 94,000.00 |
| 0.38 |
| 84,284.00 |
| 0.40 |
|
40036703 |
| 40036703 |
| City of Jackson |
| Kentucky |
| 6.000 |
| 5/1/2008 |
| 23,000.00 |
| 0.09 |
| 21,153.00 |
| 0.10 |
|
40037402 |
| 40037402 |
| McCreary Co. Water Distr |
| Kentucky |
| 3.625 |
| 4/1/2005 |
| 36,000.00 |
| 0.15 |
| 35,658.00 |
| 0.17 |
|
40037502 |
| 40037502 |
| City of McKee |
| Kentucky |
| 3.750 |
| 5/1/2005 |
| 5,000.00 |
| 0.02 |
| 4,918.00 |
| 0.02 |
|
40037603 |
| 40037603 |
| City of Middlesboro |
| Kentucky |
| 4.750 |
| 4/1/2010 |
| 273,000.00 |
| 1.12 |
| 232,056.00 |
| 1.11 |
|
40039001 |
| 40039001 |
| Russellville No.#1 Water |
| Kentucky |
| 3.750 |
| 7/1/2005 |
| 6,000.00 |
| 0.02 |
| 5,891.00 |
| 0.03 |
|
40039503 |
| 40039503 |
| City of Stanton |
| Kentucky |
| 4.125 |
| 4/1/2006 |
| 48,000.00 |
| 0.20 |
| 45,543.00 |
| 0.22 |
|
40039504 |
| 40039504 |
| City of Stanton |
| Kentucky |
| 4.750 |
| 4/1/2007 |
| 38,000.00 |
| 0.16 |
| 34,694.00 |
| 0.17 |
|
40039701 |
| 40039701 |
| Trigg Co. Public Hosp. Corp. |
| Kentucky |
| 4.000 |
| 12/1/2006 |
| 32,000.00 |
| 0.13 |
| 29,462.00 |
| 0.14 |
|
40039801 |
| 40039801 |
| Warren County Water Dist |
| Kentucky |
| 3.750 |
| 1/1/2006 |
| 37,000.00 |
| 0.15 |
| 35,755.00 |
| 0.17 |
|
|
|
|
|
|
| Kentucky Total |
|
|
|
|
| 1,238,000.00 |
| 5.06 |
| 1,082,401.00 |
| 5.19 |
|
40040601 |
| 40040601 |
| Parish of Avoyelles Hosp |
| Louisiana |
| 4.750 |
| 11/1/2009 |
| 105,000.00 |
| 0.43 |
| 87,488.00 |
| 0.42 |
|
40040701 |
| 40040701 |
| Bayou Liberty Water Assoc. |
| Louisiana |
| 5.375 |
| 9/1/2011 |
| 205,000.00 |
| 0.84 |
| 167,259.00 |
| 0.80 |
|
40041201 |
| 40041201 |
| City of Donaldsonville |
| Louisiana |
| 4.500 |
| 4/1/2009 |
| 104,000.00 |
| 0.43 |
| 90,163.00 |
| 0.43 |
|
40041301 |
| 40041301 |
| Village of East Hodge |
| Louisiana |
| 6.000 |
| 9/1/2011 |
| 47,000.00 |
| 0.19 |
| 39,134.00 |
| 0.19 |
|
40041501 |
| 40041501 |
| Town of Grambling |
| Louisiana |
| 5.375 |
| 1/1/2010 |
| 126,000.00 |
| 0.52 |
| 110,270.00 |
| 0.53 |
|
40042401 |
| 40042401 |
| Village of Parks |
| Louisiana |
| 3.750 |
| 2/1/2007 |
| 22,000.00 |
| 0.09 |
| 20,303.00 |
| 0.10 |
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage |
|
|
| Percentage |
| ||
|
|
|
|
|
|
|
| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
| ||
|
| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
| ||
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
| ||
40042402 |
| 40042402 |
| Village of Parks |
| Louisiana |
| 5.625 | % | 8/1/2012 |
| $ | 159,000.00 |
| 0.65 | % | $ | 134,032.00 |
| 0.64 | % |
40042501 |
| 40042501 |
| Pine Hills Waterworks Di |
| Louisiana |
| 4.500 |
| 7/1/2008 |
| 78,000.00 |
| 0.32 |
| 69,870.00 |
| 0.33 |
| ||
40042601 |
| 40042601 |
| Prairie Rd, Water Dist. |
| Louisiana |
| 5.625 |
| 12/1/2012 |
| 180,000.00 |
| 0.74 |
| 139,236.00 |
| 0.67 |
| ||
40043001 |
| 40043001 |
| Village of South Mansfield |
| Louisiana |
| 4.000 |
| 1/1/2008 |
| 32,000.00 |
| 0.13 |
| 29,174.00 |
| 0.14 |
| ||
|
|
|
|
|
| Louisiana Total |
|
|
|
|
| 1,058,000.00 |
| 4.32 |
| 886,929.00 |
| 4.25 |
| ||
40044401 |
| 40044401 |
| Village of Ontonagon |
| Michigan |
| 4.500 |
| 10/1/2006 |
| 30,000.00 |
| 0.12 |
| 28,038.00 |
| 0.13 |
| ||
40044501 |
| 40044501 |
| City of Reed City |
| Michigan |
| 5.000 |
| 2/1/2009 |
| 215,000.00 |
| 0.88 |
| 187,975.00 |
| 0.90 |
| ||
|
|
|
|
|
| Michigan Total |
|
|
|
|
| 245,000.00 |
| 1.00 |
| 216,013.00 |
| 1.04 |
| ||
40044901 |
| 40044901 |
| City of Lake City |
| Minnesota |
| 4.000 |
| 10/1/2006 |
| 52,000.00 |
| 0.21 |
| 48,222.00 |
| 0.23 |
| ||
|
|
|
|
|
| Minnesota Total |
|
|
|
|
| 52,000.00 |
| 0.21 |
| 48,222.00 |
| 0.23 |
| ||
40049302 |
| 40049302 |
| City of Waveland |
| Mississippi |
| 5.375 |
| 7/1/2007 |
| 150,000.00 |
| 0.61 |
| 140,078.00 |
| 0.67 |
| ||
40049401 |
| 40049401 |
| City of Waynesboro |
| Mississippi |
| 6.000 |
| 1/1/2008 |
| 92,000.00 |
| 0.38 |
| 86,535.00 |
| 0.41 |
| ||
|
|
|
|
|
| Mississippi Total |
|
|
|
|
| 242,000.00 |
| 0.99 |
| 226,613.00 |
| 1.09 |
| ||
40049901 |
| 40049901 |
| Cass Co Water Dist 2 |
| Missouri |
| 5.375 |
| 3/1/2005 |
| 22,000.00 |
| 0.09 |
| 21,890.00 |
| 0.10 |
| ||
40050501 |
| 40050501 |
| Jackson Co Water Dist 15 |
| Missouri |
| 5.625 |
| 12/1/2008 |
| 321,000.00 |
| 1.31 |
| 284,134.00 |
| 1.36 |
| ||
|
|
|
|
|
| Missouri Total |
|
|
|
|
| 343,000.00 |
| 1.40 |
| 306,024.00 |
| 1.47 |
| ||
40051701 |
| 40051701 |
| The Wrightstown Municipa |
| New Jersey |
| 5.625 |
| 1/1/2016 |
| 239,000.00 |
| 0.98 |
| 179,674.00 |
| 0.86 |
| ||
|
|
|
|
|
| New Jersey Total |
|
|
|
|
| 239,000.00 |
| 0.98 |
| 179,674.00 |
| 0.86 |
| ||
40052801 |
| 40052801 |
| Town of Belhaven |
| North Carolina |
| 4.500 |
| 6/1/2005 |
| 10,000.00 |
| 0.04 |
| 9,877.00 |
| 0.05 |
| ||
40052901 |
| 40052901 |
| Town of Boone |
| North Carolina |
| 3.750 |
| 6/1/2005 |
| 1,000.00 |
| 0.00 |
| 987.00 |
| 0.00 |
| ||
40053601 |
| 40053601 |
| Town of Creedmoor |
| North Carolina |
| 4.000 |
| 6/1/2005 |
| 4,540.00 |
| 0.02 |
| 4,480.00 |
| 0.02 |
| ||
40054001 |
| 40054001 |
| Town of Elm City |
| North Carolina |
| 4.000 |
| 6/1/2005 |
| 2,000.00 |
| 0.01 |
| 1,972.00 |
| 0.01 |
| ||
40054002 |
| 40054002 |
| Town of Elm City |
| North Carolina |
| 4.000 |
| 6/1/2006 |
| 14,000.00 |
| 0.06 |
| 13,350.00 |
| 0.06 |
| ||
40054402 |
| 40054402 |
| Town of Granite Quarry |
| North Carolina |
| 4.500 |
| 6/1/2006 |
| 38,000.00 |
| 0.16 |
| 36,175.00 |
| 0.17 |
| ||
40054601 |
| 40054601 |
| Town of Havelock |
| North Carolina |
| 4.000 |
| 6/1/2005 |
| 13,000.00 |
| 0.05 |
| 12,812.00 |
| 0.06 |
| ||
21
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage |
|
|
| Percentage |
| ||
|
|
|
|
|
|
|
| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
| ||
|
| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
| ||
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
| ||
40054602 |
| 40054602 |
| Town of Havelock |
| North Carolina |
| 4.000 | % | 6/1/2006 |
| $ | 52,000.00 |
| 0.21 | % | $ | 49,455.00 |
| 0.24 | % |
40055401 |
| 40055401 |
| Town of Manteo |
| North Carolina |
| 4.000 |
| 6/1/2006 |
| 20,000.00 |
| 0.08 |
| 18,992.00 |
| 0.09 |
| ||
40055902 |
| 40055902 |
| Town of Newport |
| North Carolina |
| 5.625 |
| 6/1/2007 |
| 7,500.00 |
| 0.03 |
| 7,004.00 |
| 0.03 |
| ||
40056301 |
| 40056301 |
| Town of Princeville |
| North Carolina |
| 6.000 |
| 6/1/2008 |
| 36,000.00 |
| 0.15 |
| 32,789.00 |
| 0.16 |
| ||
40057301 |
| 40057301 |
| Taylortown Sanitary Dist |
| North Carolina |
| 4.000 |
| 6/1/2005 |
| 3,000.00 |
| 0.01 |
| 2,960.00 |
| 0.01 |
| ||
|
|
|
|
|
| North Carolina Total |
|
|
|
|
| 201,040.00 |
| 0.82 |
| 190,853.00 |
| 0.91 |
| ||
40058001 |
| 40058001 |
| Village of Arcanum |
| Ohio |
| 4.000 |
| 5/1/2006 |
| 23,000.00 |
| 0.09 |
| 21,865.00 |
| 0.10 |
| ||
40058301 |
| 40058301 |
| City of Lincoln Heights |
| Ohio |
| 6.000 |
| 3/15/2005 |
| 7,000.00 |
| 0.03 |
| 6,967.00 |
| 0.03 |
| ||
40058302 |
| 40058302 |
| City of Lincoln Heights |
| Ohio |
| 6.000 |
| 3/15/2005 |
| 4,000.00 |
| 0.02 |
| 3,981.00 |
| 0.02 |
| ||
40058601 |
| 40058601 |
| Scioto Board of Commissioners |
| Ohio |
| 5.375 |
| 5/1/2010 |
| 195,000.00 |
| 0.80 |
| 165,967.00 |
| 0.80 |
| ||
|
|
|
|
|
| Ohio Total |
|
|
|
|
| 229,000.00 |
| 0.94 |
| 198,780.00 |
| 0.95 |
| ||
40059501 |
| 40059501 |
| Bryan Co Home Aut Nursin |
| Oklahoma |
| 4.000 |
| 2/1/2007 |
| 27,000.00 |
| 0.11 |
| 24,896.00 |
| 0.12 |
| ||
40060801 |
| 40060801 |
| Grove Municipal Services |
| Oklahoma |
| 4.125 |
| 6/1/2007 |
| 41,000.00 |
| 0.17 |
| 37,458.00 |
| 0.18 |
| ||
40061301 |
| 40061301 |
| Moore Public Works Autho |
| Oklahoma |
| 5.000 |
| 1/1/2010 |
| 420,000.00 |
| 1.72 |
| 360,713.00 |
| 1.73 |
| ||
40061502 |
| 40061502 |
| Muldrow Utility Authorit |
| Oklahoma |
| 5.000 |
| 4/1/2009 |
| 210,000.00 |
| 0.86 |
| 184,991.00 |
| 0.89 |
| ||
40062101 |
| 40062101 |
| Pauls Valley Hosp Author |
| Oklahoma |
| 4.500 |
| 4/1/2007 |
| 117,000.00 |
| 0.48 |
| 107,460.00 |
| 0.52 |
| ||
40062901 |
| 40062901 |
| Roosevelt Pub Works Auth |
| Oklahoma |
| 3.875 |
| 4/1/2006 |
| 13,000.00 |
| 0.05 |
| 12,407.00 |
| 0.06 |
| ||
40063401 |
| 40063401 |
| Valley View Hospital Aut |
| Oklahoma |
| 4.125 |
| 12/1/2007 |
| 168,000.00 |
| 0.69 |
| 148,791.00 |
| 0.71 |
| ||
|
|
|
|
|
| Oklahoma Total |
|
|
|
|
| 996,000.00 |
| 4.07 |
| 876,716.00 |
| 4.20 |
| ||
40065301 |
| 40065301 |
| City of Beaufort |
| South Carolina |
| 5.625 |
| 10/1/2014 |
| 723,000.00 |
| 2.96 |
| 555,428.00 |
| 2.66 |
| ||
40066501 |
| 40066501 |
| Town of Fairfax |
| South Carolina |
| 4.750 |
| 4/1/2009 |
| 118,000.00 |
| 0.48 |
| 102,198.00 |
| 0.49 |
| ||
40068501 |
| 40068501 |
| Town of St Stephen |
| South Carolina |
| 5.375 |
| 10/1/2013 |
| 265,000.00 |
| 1.08 |
| 203,640.00 |
| 0.98 |
| ||
40068701 |
| 40068701 |
| Town of Summerton |
| South Carolina |
| 4.750 |
| 4/1/2010 |
| 121,000.00 |
| 0.49 |
| 102,449.00 |
| 0.49 |
| ||
40069001 |
| 40069001 |
| Town of Ware Shoals |
| South Carolina |
| 5.375 |
| 7/1/2009 |
| 42,000.00 |
| 0.17 |
| 37,259.00 |
| 0.18 |
| ||
|
|
|
|
|
| South Carolina Total |
|
|
|
|
| $ | 1,269,000.00 |
| 5.19 | % | $ | 1,000,974.00 |
| 4.80 | % |
22
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage |
|
|
| Percentage |
|
|
|
|
|
|
|
|
| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
|
|
| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
|
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
|
40069201 |
| 40069201 |
| City of North Sioux City |
| South Dakota |
| 5.625 | % | 3/1/2012 |
| 66,000.00 |
| 0.27 |
| 53,908.00 |
| 0.26 |
|
|
|
|
|
|
| South Dakota Total |
|
|
|
|
| 66,000.00 |
| 0.27 |
| 53,908.00 |
| 0.26 |
|
40069802 |
| 40069802 |
| City of Ardmore |
| Tennessee |
| 5.000 |
| 7/1/2009 |
| 5,000.00 |
| 0.02 |
| 4,367.00 |
| 0.02 |
|
40069803 |
| 40069803 |
| City of Ardmore |
| Tennessee |
| 5.000 |
| 7/1/2009 |
| 56,000.00 |
| 0.23 |
| 49,082.00 |
| 0.24 |
|
40070001 |
| 40070001 |
| City of Athens |
| Tennessee |
| 4.500 |
| 10/1/2008 |
| 235,000.00 |
| 0.96 |
| 205,178.00 |
| 0.98 |
|
40070101 |
| 40070101 |
| Town of Baxter |
| Tennessee |
| 3.750 |
| 9/1/2005 |
| 23,997.00 |
| 0.10 |
| 23,351.00 |
| 0.11 |
|
40071001 |
| 40071001 |
| Town of Churchill |
| Tennessee |
| 4.500 |
| 1/1/2009 |
| 195,000.00 |
| 0.80 |
| 173,658.00 |
| 0.83 |
|
40071801 |
| 40071801 |
| Fentress County Utility |
| Tennessee |
| 3.750 |
| 5/1/2005 |
| 10,000.00 |
| 0.04 |
| 9,876.00 |
| 0.05 |
|
40071901 |
| 40071901 |
| First Utility Dist |
| Tennessee |
| 3.750 |
| 8/1/2005 |
| 15,000.00 |
| 0.06 |
| 14,678.00 |
| 0.07 |
|
40072201 |
| 40072201 |
| City of Goodlettsville |
| Tennessee |
| 4.500 |
| 6/1/2009 |
| 185,000.00 |
| 0.76 |
| 158,817.00 |
| 0.76 |
|
40072401 |
| 40072401 |
| Town of Greeneville |
| Tennessee |
| 3.750 |
| 7/1/2006 |
| 50,000.00 |
| 0.20 |
| 47,565.00 |
| 0.23 |
|
40072402 |
| 40072402 |
| Town of Greeneville |
| Tennessee |
| 3.750 |
| 7/1/2006 |
| 12,000.00 |
| 0.05 |
| 11,396.00 |
| 0.05 |
|
40073102 |
| 40073102 |
| Town of Livingston |
| Tennessee |
| 5.375 |
| 12/1/2005 |
| 50,000.00 |
| 0.20 |
| 48,432.00 |
| 0.23 |
|
40073401 |
| 40073401 |
| Town of Michie |
| Tennessee |
| 4.500 |
| 7/1/2009 |
| 99,000.00 |
| 0.40 |
| 85,835.00 |
| 0.41 |
|
40073701 |
| 40073701 |
| Town of Oliver Springs |
| Tennessee |
| 5.000 |
| 12/1/2008 |
| 280,000.00 |
| 1.14 |
| 245,835.00 |
| 1.18 |
|
40074401 |
| 40074401 |
| City of Ramer |
| Tennessee |
| 5.375 |
| 3/1/2010 |
| 29,000.00 |
| 0.12 |
| 24,956.00 |
| 0.12 |
|
40075701 |
| 40075701 |
| Town of Spencer |
| Tennessee |
| 5.375 |
| 3/1/2005 |
| 1,000.00 |
| 0.00 |
| 994.00 |
| 0.00 |
|
40076001 |
| 40076001 |
| The Daisey Soddy Falling |
| Tennessee |
| 5.625 |
| 6/1/2012 |
| 315,000.00 |
| 1.29 |
| 255,795.00 |
| 1.23 |
|
40076201 |
| 40076201 |
| Un Fork-Bakewell |
| Tennessee |
| 4.500 |
| 6/1/2009 |
| 114,000.00 |
| 0.47 |
| 97,700.00 |
| 0.47 |
|
40076301 |
| 40076301 |
| Town of Wartrace |
| Tennessee |
| 5.375 |
| 12/1/2005 |
| 21,000.00 |
| 0.09 |
| 20,338.00 |
| 0.10 |
|
40076702 |
| 40076702 |
| Utility District |
| Tennessee |
| 4.500 |
| 5/1/2008 |
| 145,000.00 |
| 0.59 |
| 129,112.00 |
| 0.62 |
|
|
|
|
|
|
| Tennessee Total |
|
|
|
|
| 1,840,997.00 |
| 7.52 |
| 1,606,965.00 |
| 7.70 |
|
40077101 |
| 40077101 |
| Town of Anthony |
| Texas |
| 5.625 |
| 8/1/2012 |
| 65,000.00 |
| 0.27 |
| 53,590.00 |
| 0.26 |
|
40077301 |
| 40077301 |
| City of Arp |
| Texas |
| 4.000 |
| 6/15/2006 |
| 15,000.00 |
| 0.06 |
| 14,251.00 |
| 0.07 |
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage |
|
|
| Percentage |
| ||
|
|
|
|
|
|
|
| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
| ||
|
| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
| ||
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
| ||
40077503 |
| 40077503 |
| City of Aubrey |
| Texas |
| 4.000 | % | 8/1/2006 |
| $ | 7,000.00 |
| 0.03 | % | $ | 6,560.00 |
| 0.03 | % |
40078003 |
| 40078003 |
| City of Blum |
| Texas |
| 4.000 |
| 4/1/2005 |
| 8,000.00 |
| 0.03 |
| 7,925.00 |
| 0.04 |
| ||
40078401 |
| 40078401 |
| Brazoria County Water Co |
| Texas |
| 5.000 |
| 11/1/2008 |
| 46,225.00 |
| 0.19 |
| 41,116.00 |
| 0.20 |
| ||
40078702 |
| 40078702 |
| City of Byers |
| Texas |
| 4.000 |
| 8/1/2006 |
| 14,000.00 |
| 0.06 |
| 13,172.00 |
| 0.06 |
| ||
40078901 |
| 40078901 |
| Cardinal Meadows Impvt D |
| Texas |
| 4.500 |
| 3/1/2009 |
| 26,516.00 |
| 0.11 |
| 22,988.00 |
| 0.11 |
| ||
40079101 |
| 40079101 |
| Childress General Hospital |
| Texas |
| 4.500 |
| 7/1/2008 |
| 173,000.00 |
| 0.71 |
| 153,682.00 |
| 0.74 |
| ||
40079301 |
| 40079301 |
| Cisco Hospital Authority |
| Texas |
| 5.000 |
| 9/1/2009 |
| 160,000.00 |
| 0.65 |
| 135,056.00 |
| 0.65 |
| ||
40079401 |
| 40079401 |
| City of Como |
| Texas |
| 4.000 |
| 4/1/2005 |
| 4,000.00 |
| 0.02 |
| 3,963.00 |
| 0.02 |
| ||
40079402 |
| 40079402 |
| City of Como |
| Texas |
| 4.000 |
| 4/1/2005 |
| 1,000.00 |
| 0.00 |
| 991.00 |
| 0.00 |
| ||
40079502 |
| 40079502 |
| City of Coppell |
| Texas |
| 4.000 |
| 5/1/2006 |
| 36,980.00 |
| 0.15 |
| 35,354.00 |
| 0.17 |
| ||
40079601 |
| 40079601 |
| Town of Corbes |
| Texas |
| 5.375 |
| 1/1/2010 |
| 27,000.00 |
| 0.11 |
| 23,796.00 |
| 0.11 |
| ||
40079801 |
| 40079801 |
| Crosby Municipal District |
| Texas |
| 5.625 |
| 1/1/2013 |
| 120,000.00 |
| 0.49 |
| 98,832.00 |
| 0.47 |
| ||
40079802 |
| 40079802 |
| Crosby Municipal District |
| Texas |
| 5.625 |
| 1/1/2013 |
| 400,000.00 |
| 1.63 |
| 328,594.00 |
| 1.57 |
| ||
40080101 |
| 40080101 |
| County of Culberson |
| Texas |
| 5.000 |
| 10/1/2009 |
| 73,000.00 |
| 0.30 |
| 61,461.00 |
| 0.29 |
| ||
40080201 |
| 40080201 |
| City Dalworthington Gard |
| Texas |
| 4.500 |
| 7/1/2008 |
| 34,000.00 |
| 0.14 |
| 30,392.00 |
| 0.15 |
| ||
40080701 |
| 40080701 |
| Fannin County Hospital |
| Texas |
| 6.000 |
| 2/1/2011 |
| 554,850.00 |
| 2.27 |
| 462,749.00 |
| 2.22 |
| ||
40080801 |
| 40080801 |
| City of Fate |
| Texas |
| 5.000 |
| 3/1/2010 |
| 39,000.00 |
| 0.16 |
| 33,207.00 |
| 0.16 |
| ||
40080901 |
| 40080901 |
| City of Gary |
| Texas |
| 4.500 |
| 10/1/2007 |
| 151,000.00 |
| 0.62 |
| 136,620.00 |
| 0.65 |
| ||
40081201 |
| 40081201 |
| City of Grey Forest |
| Texas |
| 4.500 |
| 12/1/2007 |
| 235,000.00 |
| 0.96 |
| 210,836.00 |
| 1.01 |
| ||
40081402 |
| 40081402 |
| City of Haslet |
| Texas |
| 5.375 |
| 8/1/2011 |
| 78,000.00 |
| 0.32 |
| 64,046.00 |
| 0.31 |
| ||
40081501 |
| 40081501 |
| City of Hooks |
| Texas |
| 5.375 |
| 12/1/2010 |
| 221,000.00 |
| 0.90 |
| 182,094.00 |
| 0.87 |
| ||
40081601 |
| 40081601 |
| Houston County Hospital |
| Texas |
| 4.125 |
| 7/1/2007 |
| 9,000.00 |
| 0.04 |
| 8,183.00 |
| 0.04 |
| ||
40081602 |
| 40081602 |
| Houston County Hospital |
| Texas |
| 4.125 |
| 7/1/2007 |
| 263,997.00 |
| 1.08 |
| 241,048.00 |
| 1.16 |
| ||
40081901 |
| 40081901 |
| City of Huxley |
| Texas |
| 5.000 |
| 3/1/2009 |
| 345,000.00 |
| 1.41 |
| 302,393.00 |
| 1.45 |
| ||
40082001 |
| 40082001 |
| County Municipal Water D |
| Texas |
| 5.000 |
| 4/1/2009 |
| 160,000.00 |
| 0.65 |
| 139,732.00 |
| 0.67 |
| ||
24
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage |
|
|
| Percentage |
| ||
|
|
|
|
|
|
|
| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
| ||
|
| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
| ||
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
| ||
40082803 |
| 40082803 |
| Town of Little Elm |
| Texas |
| 5.000 | % | 12/1/2008 |
| $ | 5,000.00 |
| 0.02 | % | $ | 4,379.00 |
| 0.02 | % |
40083001 |
| 40083001 |
| City of Lucas |
| Texas |
| 5.000 |
| 12/1/2009 |
| 61,000.00 |
| 0.25 |
| 52,053.00 |
| 0.25 |
| ||
40083201 |
| 40083201 |
| Macedonia-Eylan Fresh Water |
| Texas |
| 4.500 |
| 5/1/2010 |
| 105,000.00 |
| 0.43 |
| 87,617.00 |
| 0.42 |
| ||
40083801 |
| 40083801 |
| City of New Summerfield |
| Texas |
| 3.750 |
| 5/1/2006 |
| 15,000.00 |
| 0.06 |
| 14,299.00 |
| 0.07 |
| ||
40083802 |
| 40083802 |
| City of New Summerfield |
| Texas |
| 4.500 |
| 5/1/2007 |
| 48,000.00 |
| 0.20 |
| 44,346.00 |
| 0.21 |
| ||
40084901 |
| 40084901 |
| City of Queen City |
| Texas |
| 5.375 |
| 12/1/2011 |
| 240,000.00 |
| 0.98 |
| 193,606.00 |
| 0.93 |
| ||
40085101 |
| 40085101 |
| City of Raymondville |
| Texas |
| 5.375 |
| 3/1/2010 |
| 90,000.00 |
| 0.37 |
| 78,437.00 |
| 0.38 |
| ||
40085201 |
| 40085201 |
| City of Red Oak |
| Texas |
| 5.375 |
| 6/15/2012 |
| 90,000.00 |
| 0.37 |
| 74,160.00 |
| 0.36 |
| ||
40085301 |
| 40085301 |
| Red River Authority of Tx |
| Texas |
| 4.500 |
| 4/1/2009 |
| 31,000.00 |
| 0.13 |
| 26,498.00 |
| 0.13 |
| ||
40085401 |
| 40085401 |
| City of Reno |
| Texas |
| 5.625 |
| 1/1/2013 |
| 109,000.00 |
| 0.45 |
| 89,752.00 |
| 0.43 |
| ||
40085701 |
| 40085701 |
| City of Robinson |
| Texas |
| 4.000 |
| 6/1/2005 |
| 25,000.00 |
| 0.10 |
| 24,559.00 |
| 0.12 |
| ||
40085702 |
| 40085702 |
| City of Robinson |
| Texas |
| 4.500 |
| 6/1/2005 |
| 7,000.00 |
| 0.03 |
| 6,895.00 |
| 0.03 |
| ||
40086001 |
| 40086001 |
| County of San Patricio |
| Texas |
| 4.500 |
| 7/1/2008 |
| 51,000.00 |
| 0.21 |
| 45,110.00 |
| 0.22 |
| ||
40086101 |
| 40086101 |
| City of Santa Anna |
| Texas |
| 4.000 |
| 3/15/2006 |
| 21,000.00 |
| 0.09 |
| 20,144.00 |
| 0.10 |
| ||
40086201 |
| 40086201 |
| Schaefer Road Rural Water |
| Texas |
| 5.000 |
| 2/1/2010 |
| 40,000.00 |
| 0.16 |
| 34,480.00 |
| 0.17 |
| ||
40086501 |
| 40086501 |
| Seymour Hospital Auth. |
| Texas |
| 4.500 |
| 8/1/2007 |
| 129,000.00 |
| 0.53 |
| 116,687.00 |
| 0.56 |
| ||
40086502 |
| 40086502 |
| Seymour Hospital Auth. |
| Texas |
| 4.500 |
| 8/1/2007 |
| 18,000.00 |
| 0.07 |
| 16,284.00 |
| 0.08 |
| ||
40086701 |
| 40086701 |
| South Limestone Hospital |
| Texas |
| 6.000 |
| 10/1/2011 |
| 225,000.00 |
| 0.92 |
| 183,402.00 |
| 0.88 |
| ||
40086804 |
| 40086804 |
| City of Springtown |
| Texas |
| 6.000 |
| 6/1/2012 |
| 235,000.00 |
| 0.96 |
| 192,650.00 |
| 0.92 |
| ||
40087401 |
| 40087401 |
| Town of Whitehouse |
| Texas |
| 5.000 |
| 3/1/2010 |
| 136,000.00 |
| 0.56 |
| 116,965.00 |
| 0.56 |
| ||
|
|
|
|
|
| Texas Total |
|
|
|
|
| 4,948,568.00 |
| 20.23 |
| 4,234,954.00 |
| 20.30 |
| ||
40088201 |
| 40088201 |
| Farr West City Sewer Imp |
| Utah |
| 4.500 |
| 11/1/2009 |
| 10,000.00 |
| 0.04 |
| 8,630.00 |
| 0.04 |
| ||
40088202 |
| 40088202 |
| Farr West City Sewer Imp |
| Utah |
| 4.500 |
| 11/1/2009 |
| 22,000.00 |
| 0.09 |
| 18,458.00 |
| 0.09 |
| ||
40088301 |
| 40088301 |
| City of Harrisville |
| Utah |
| 4.500 |
| 7/1/2009 |
| 35,000.00 |
| 0.14 |
| 30,797.00 |
| 0.15 |
| ||
40088501 |
| 40088501 |
| City of Plain City |
| Utah |
| 4.500 |
| 5/1/2012 |
| 213,000.00 |
| 0.87 |
| 167,011.00 |
| 0.80 |
| ||
25
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage |
|
|
| Percentage |
| ||
|
|
|
|
|
|
|
| Stated |
|
|
|
|
| of Total |
|
|
| of Total |
| ||
|
| Cusip |
|
|
|
|
| Interest |
| Maturity |
| Principal |
| Principal |
| Amortized |
| Amortized |
| ||
Loan ID |
| Number |
| Description |
| State |
| Rate |
| Date |
| Balance |
| Balance |
| Cost |
| Cost |
| ||
40088601 |
| 40088601 |
| City of Pleasant View |
| Utah |
| 6.000 | % | 9/1/2011 |
| $ | 173,000.00 |
| 0.71 | % | $ | 144,481.00 |
| 0.69 | % |
40088801 |
| 40088801 |
| Salt Lake County |
| Utah |
| 6.000 |
| 7/1/2013 |
| 680,000.00 |
| 2.78 |
| 558,957.00 |
| 2.68 |
| ||
|
|
|
|
|
| Utah Total |
|
|
|
|
| 1,133,000.00 |
| 4.63 |
| 928,334.00 |
| 4.45 |
| ||
40089801 |
| 40089801 |
| Port of Kingston |
| Washington |
| 4.000 |
| 7/1/2006 |
| 109,526.00 |
| 0.45 |
| 103,439.00 |
| 0.50 |
| ||
40089802 |
| 40089802 |
| Port of Kingston |
| Washington |
| 5.000 |
| 7/1/2006 |
| 7,898.00 |
| 0.03 |
| 7,518.00 |
| 0.04 |
| ||
40089901 |
| 40089901 |
| Town of Starbuck |
| Washington |
| 3.875 |
| 7/1/2005 |
| 3,500.00 |
| 0.01 |
| 3,438.00 |
| 0.02 |
| ||
|
|
|
|
|
| Washington Total |
|
|
|
|
| 120,924.00 |
| 0.49 |
| 114,395.00 |
| 0.55 |
| ||
40090301 |
| 40090301 |
| City of Benwood |
| West Virginia |
| 6.000 |
| 1/1/2012 |
| 88,000.00 |
| 0.36 |
| 75,128.00 |
| 0.36 |
| ||
|
|
|
|
|
| West Virginia Total |
|
|
|
|
| 88,000.00 |
| 0.36 |
| 75,128.00 |
| 0.36 |
| ||
Total |
|
|
|
|
|
|
|
|
|
|
| $ | 24,465,232.00 |
| 100.00 |
| $ | 20,865,414.00 |
| 100.00 |
|
26
Item 2. Code of Ethics.
Not applicable to the registrant.
Item 3. Audit Committee Financial Expert.
Not applicable to the registrant.
Item 4. Principal Accountant Fees and Services.
a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2004 - $116,005
Fiscal year ended 2003 - $108,523
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2004 - $0
Fiscal year ended 2003 - $0
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2004 - $28,967
Fiscal year ended 2003 - $27,610
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2004 - $108,090
-$108,090 in connection with Accountants’ Reports on Applying
Agreed-Upon Procedures as required by the Trust’s Indenture.
Fiscal year ended 2003 - $103,612
-$103,612 in connection with Accountant’s Reports on Applying
Agreed-Upon Procedures as required by the Trust’s Indenture.
(e) (1) Audit Committee Policies regarding Pre-approval of Services.
Not applicable to the registrant.
(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: Not applicable to the registrant.
(f) Not applicable to the registrant.
(g) Not applicable to the registrant.
(h) Not applicable to the registrant.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the registrant.
Item 6. Schedule of Investments.
Schedule is included as part of the report to shareholders filed under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable to the registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable to the registrant.
Item 11. Controls and Procedures.
(a) Not applicable to the registrant.
(b) Not applicable to the registrant.
Item 12. Exhibits.
The following exhibits are attached to this Form N-CSR:
(a)
(1) Code of Ethics or amendments: not applicable to the registrant.
(2) Certification by the registrant’s Owner Trustee, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a) is attached as Exhibit 99.CERT.
(3) Written solicitation to purchase securities: not applicable to the registrant.
(4) Annual Compliance Statement of the Servicer, GMAC Commercial Mortgage Corporation, is attached as Exhibit 99.2.
(5) Attestation Report of Independent Accountants, Pricewaterhouse Coopers, LLP, is attached as Exhibit 99.3.
(6) GMAC reports pursuant to sections 1302 and 1307 of the Servicing Agreement are attached as Exhibit 99.4.
(b) Certification by the registrant’s Owner Trustee, as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(a) is attached as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): | PUBLIC FACILITY LOAN TRUST |
|
By: | US Bank, not in its individual capacity, but solely as Owner Trustee | |
By: | /s/ George H. Davison, Jr. |
|
| George H. Davison, Jr. | |
| Officer | |
|
| |
Date: | FEBRUARY 22, 2005 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | US Bank, not in its individual capacity, but solely as Owner Trustee | |
By (signature and title)* | /s/ George H. Davison, Jr. |
|
| George H. Davison, Jr. | |
| Officer | |
|
| |
Date: | FEBRUARY 22, 2005 |
* Print the name and title of each signing officer under his or her signature.