IR PASS-THROUGH CORP.
c/o Winthrop Management LLC
7 Bulfinch Place, Suite 500
P.O. Box 9507
Boston, MA 02114-9507
(617) 570-4600
Integrated ARROs Fund I (the "Fund")
- ------------------------------------
February, 2005
Dear Unitholder:
Enclosed for your review are the Fund's audited financial statements as of
December 31, 2004. As you are aware, the Funds' investments are passive in
nature and consist of interest-bearing payment obligations that originated from
a series of net lease real estate partnerships. As such, the primary source of
payment for these obligations is the lease payments received from the
partnerships' corporate tenants. We are pleased to report that all tenant
obligations continue to be met and, on an overall basis, the credit ratings of
these tenants have not materially changed since the initial offering of the
Units.
If you have any specific questions regarding your holdings in the Fund, please
call the Trustee, Deutsche Bank Trust Company Americas at (800) 735-7777.
Sincerely,
Integrated ARROs Fund I
By: IR Pass-through Corp., Sponsor
Report of Independent Registered Public Accounting Firm
-------------------------------------------------------
To the Unit-holders, Board of Directors of the Sponsor, and Trustee
of Integrated ARROs Fund I
We have audited the accompanying statements of financial condition of Integrated
ARROs Fund I (the "Fund") as of December 31, 2004 and 2003, including the
schedule of portfolio investments as of December 31, 2004, and the related
statements of operations and changes in net assets for the years then ended and
the schedule of selected per unit operating performance, ratios and supplemental
data for each of the two years in the period ended December 31, 2004. These
financial statements and the selected per unit operating performance, ratios and
supplemental data are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and the
selected per unit operating performance, ratios and supplemental data based on
our audits.
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 the selected per unit operating performance, ratios and
supplemental data are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and the selected per unit operating
performance, ratios and supplemental data referred to above present fairly, in
all material respects, the financial position of Integrated ARROs Fund I as of
December 31, 2004 and 2003, and the results of its operations and changes in its
net assets for the years then ended and the selected per unit operating
performance, ratios and supplemental data for each of the two years in the
period ended December 31, 2004, in conformity with accounting principles
generally accepted in the United States of America.
As explained in Note 2, the financial statements include investments in payment
obligations valued at $9,007,251 and $8,729,775 as of December 31, 2004 and
2003, respectively, whose values have been stated at the lower of fair market
value, as estimated by the Board of Directors of the Sponsor in the absence of
readily ascertainable market values, or Minimum Termination Amount. We have
reviewed the procedures used by the Board of Directors in arriving at its
estimate of fair market value of such investments and have inspected underlying
documentation, and, in the circumstances, we believe the procedures are
reasonable and the documentation appropriate. However, because of the inherent
uncertainty of valuation, those estimated values may differ significantly from
the values that would have been used had a ready market for the investments
existed, and the differences could be material.
/s/ Imowitz Koenig & Co., LLP
New York, New York
February 8, 2005
Integrated ARROs Fund I
Statements of Financial Condition
December 31,
------------------------------
Assets 2004 2003
------------ ------------
Cash and Cash Equivalents $ 268,323 $ 267,957
Investments in payment obligations, at lower
of fair market value or minimum termination
value (cost $2,302,742 for 2004 and 2003,
respectively) 9,007,251 8,729,775
------------ ------------
Total Assets 9,275,574 8,997,732
Liabilities
Distributions Payable 268,323 267,957
------------ ------------
Net Assets $ 9,007,251 $ 8,729,775
============ ============
Net Asset Value per unit (2,771 units outstanding) $ 3,250.54 $ 3,150.41
============ ============
See notes to financial statements
Integrated ARROs Fund I
Statements of Operations
Year Ended December 31,
------------------------------
2004 2003
------------ ------------
Investment Income:
Interest and discount earned, net of fund expenses $ 1,437,389 $ 2,417,543
============ ============
See notes to financial statements
Integrated ARROs Fund I
Statements of Changes in Net Assets
Year Ended December 31,
-----------------------------
2004 2003
----------- -----------
Increase (decrease) in net assets from operations:
Net investment income $ 1,437,389 $ 2,417,543
----------- -----------
Net increase in net assets resulting from operations 1,437,389 2,417,543
Total declared as distributions to Unit Holders (1,159,913) (3,677,019)
----------- -----------
Net increase (decrease) in net assets 277,476 (1,259,476)
Net assets:
Beginning of period 8,729,775 9,989,251
----------- -----------
End of period $ 9,007,251 $ 8,729,775
=========== ===========
See notes to financial statements
Integrated ARROs Fund I
Notes to Financial Statements
1. ORGANIZATION
Integrated ARROs Fund I (the "Fund") is a grantor trust created under the
laws of the State of New York and registered under the Investment Company
Act of 1940 as a closed-end, non-diversified management investment
company.
The Fund was formed in April 1987 for the purpose of realizing
appreciation in value and deferring the receipt of income through
investments in a portfolio consisting of seven contract rights for the
payment of money (the "Payment Obligations"). The Payment Obligations were
sold to the Fund by IR Pass-through Corporation (the "Sponsor"), formerly
a wholly-owned subsidiary of Integrated Resources, Inc. ("Integrated").
The Payment Obligations were originally entered into by seven privately
offered, single purpose limited partnerships (the "Partnership(s)")
previously sponsored by Integrated that had acquired and net leased
commercial real estate. Pursuant to the Consummation of Integrated's Plan
of Reorganization ("the Plan"), on November 3, 1994, the Sponsor became a
wholly-owned indirect subsidiary of Presidio Capital Corp. ("Presidio")
which subsequently merged with NorthStar Capital Investment Corp. (See
Footnote 3). All capitalized terms, herein not defined, have the same
meaning as defined in the Trust Indenture.
2. SIGNIFICANT ACCOUNTING POLICIES
Security Valuation
The Payment Obligations are valued at the lower of fair market value (as
determined by the Board of Directors of the Sponsor) or Minimum
Termination Amount (as defined in the Trust Indenture).
Federal Income Taxes
The Fund is classified as a grantor trust. As a consequence, the Fund is
not subject to Federal Income Taxation.
Cash and Cash Equivalents
Cash and cash equivalents represents payment obligations received by the
Fund and which were invested in U. S. Treasury bills with maturities of
three months or less.
Use of Estimates
The preparation of the financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts for Investments in payment obligations and the reported amounts
for Net investment income. Actual results could differ from these
estimates.
3. THE SPONSOR
IR Pass-through Corporation is the Sponsor of the Fund and was/is a wholly
owned subsidiary of Integrated Resources, Inc. ("Integrated") and its
post-bankruptcy successor, Presidio Capital Corp. ("Presidio"). Presidio
merged with NorthStar Capital Investment Corp. ("NorthStar Capital") on
February 14, 2002.
Subject to the rights of the unitholders under the Trust Indenture,
NorthStar Capital is responsible for the administration of the Fund
through its indirect ownership of all of the shares of the Sponsor.
NorthStar Presidio Management Company, LLC ("NorthStar Presidio"), an
affiliate of NorthStar Capital, provided administrative services to
Presidio through October 25, 1999. Thereafter, administrative services
were provided to Presidio by AP-PCC III, L.P. ("AP-PCC"), an unaffiliated
third party. NorthStar Presidio and AP-PCC in turn provided services to
the Fund. The board of directors of NorthStar Capital is authorized to
designate the officers and directors of the Sponsor, whose names, titles,
principal occupations during the past five years and the date they began
office is set forth in Note 5, Commitments and Contingencies.
4. THE PAYMENT OBLIGATIONS
The seven Payment Obligations acquired by the Fund were issued from 1981
to 1982 for the sale to the Partnerships of rights to acquire interests in
properties or for services rendered. One of the seven Payment Obligations
(Walstaff) was satisfied in full during 2003.
Payments on the remaining six Payment Obligations are scheduled over a
period not in excess of 40 years from commencement of the initial terms
("Primary Terms"), ranging from 20 to 25 years, of the respective net
leases. Interest at simple interest rates ranging from 13% to 18.5%
accrues on the principal amount for each Payment Obligation. Payments on
the Payment Obligations were scheduled to commence approximately 15 years
after commencement of the Primary Terms of each net lease.
If a net lease is not extended by the lessee beyond the Primary Term, the
Partnership's obligation to pay the balance of the principal of a Payment
Obligation and accrued interest does not accelerate. In such event, the
Partnership may either seek to re-lease or to sell the property, but
there can be no assurance that such a sale or new lease would be made or
that it would be made in a timely manner. If a sale is made, the balance
of the principal and accrued interest thereon may be declared by the Fund,
at its discretion, to be immediately due and payable. Upon the disposition
by a Partnership of its entire interest in the property (or properties),
the Partnership shall be obligated to pay the Fund (after satisfaction of
any obligations senior to that of the Payment Obligation which are then
due and payable) first, accrued unpaid interest and then the unpaid
principal balance of the payment Obligation. The Fund does not have the
right to accelerate the payment of any Payment Obligation in the event
that a Partnership does not sell its property at the end of the Primary
Term, so long as the Partnership remains current on its payments under the
Payment Obligation. As such, it is possible that the Fund may not realize
the entire outstanding principal and interest thereon of the related
Payment Obligation.
5. COMMITMENTS AND CONTINGENCIES
The Trust Indenture provides that the Sponsor will bear all costs of
administering the Fund through the period in which the Fund will be
receiving only primary term payments. However, when the Fund begins
receiving renewal term payments, the Fund shall bear a portion of such
costs equal to the percentage of the renewal term payments received by the
Fund in such year to all of the payments received by the Fund in such
year.
The Trust Indenture provides that the above obligations of the Sponsor
were to be funded through the retention of a portion of the proceeds from
the sale of the Units. However, the Sponsor did not segregate from the
general assets of its then parent, Integrated, a portion of the sale
proceeds for this purpose. Integrated filed for bankruptcy on February 13,
1990 under Chapter 11 of the United States Bankruptcy code. While
Integrated's bankruptcy did not directly affect the Fund, and had no
effect on the portfolio of the Fund, the bankruptcy did affect the
Sponsor, which had no source of revenues other than Integrated. The
Sponsor therefore filed a claim in Integrated's bankruptcy proceedings for
the amounts necessary to fund the Sponsor's obligations to the Fund and to
Integrated ARROs Fund II ("Fund II"), an affiliate. As Integrated's
liabilities far exceeded its assets, and the Sponsor's claim was that of
an unsecured general creditor, it was unlikely that amounts eventually
paid on the Sponsor's claim would be sufficient to fund the Sponsor's
obligations. However, in 1994, in full settlement of the Sponsor's claim,
Integrated paid the Sponsor $450,000. The Sponsor projected at that time
(based on a present value estimate of legal, accounting, trustee fees, and
printing and mailing costs) that this amount would enable the Sponsor to
meet its obligations to the Fund, and its similar obligations to Fund II,
through approximately the year 2000. However, at that time there was no
assurance that the $450,000 paid by Integrated, plus any interest accrued
(the "Settlement Fund"), would in fact be sufficient to fund the Sponsor's
obligations through the year 2000. As of December 31, 1997, approximately
$61,000 remained of the original Settlement Fund. However, the Settlement
Fund was fully depleted during the first half of 1998. The Trustee may
establish a reserve fund, set aside out of the proceeds of the Payment
Obligations, to pay future expenses of administering the Fund.
Consequently, the Trustee paid $40,459 and $38,430 in
such expenses from the proceeds of Payment Obligations received by the
Fund in 2004 and 2003, respectively.
Set forth below is certain information with respect to the Sponsor's
directors and officers. The business address for each of them is c/o
Winthrop Management, LLC, 7 Bulfinch Place, Suite 500, P.O. Box 9507,
Boston, Massachusetts 02114-9507.
NAME POSITION WITH SPONSOR DIRECTOR/OFFICER SINCE PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS
---- --------------------- ---------------------- -----------------------------------------
Richard J. McCready Director and President 2002 Mr. McCready joined NorthStar Capital in 1998. From
and Secretary 1990 until 1998 he was President, Chief Operating
Officer and a director of First Winthrop
Corporation. Previous to joining First Winthrop
Corporation in 1990, he was in the Corporate and
Real Estate Finance group at the law firm of Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Steven Kauff Director, Vice President July 1999 Mr. Kauff joined NorthStar Capital in July 1999.
and Treasurer From 1996 to 1999 Mr Kauff was a Manager in the Real
Estate and Hospitality Services Group of Arthur
Andersen LLP . Prior to joining Arthur Andersen LLP,
Mr. Kauff was with Price Waterhouse LLP in the Real
Estate Industry Services Group.
6. DISTRIBUTION PAYABLE
The Trustee declared a $268,323 ($96.83 per unit) distribution payable to
unitholders of record as of December 31, 2004. Such distribution was paid
on January 18, 2005.
7. SIGNIFICANT TRANSACTIONS
In May 1996, the tenant of the Huntsville, Texas property, one of five
properties owned by Elway Associates, exercised the economic
discontinuance clause contained in its lease. This clause generally allows
the tenant to purchase the property for a predetermined amount set forth
in the lease upon declaring that continued use and occupancy of the
property was economically unsuitable. As a result, Elway Associates wire
transferred sale proceeds of $1,149,699 to the Fund's Trustee in partial
satisfaction of the Elway payment obligation. The amount received in this
case was substantially in excess of the portion of the Minimum Termination
Amount allocable to the Huntsville, Texas property. While the Trust
Indenture provides for the acceptance of involuntary sale (such as in an
economic discontinuance) proceeds in prepayment of a payment obligation in
which the underlying partnership has a single property (lease), it does
not specifically provide for acceptance of involuntary sale proceeds in
partial prepayment of a payment obligation where the underlying
partnership has more than one property (lease) comprising the payment
obligation, as is the case here. The Sponsor believes that the original
intent of the Trust Indenture was to allow for such partial prepayment.
However, the Trustee that received the Elway sale proceeds did not agree
to allow the Elway payment in partial satisfaction of the associated
payment obligation and placed the Elway sale proceeds in an
interest-bearing account separate from that of the Fund, pending
resolution of this issue. The Elway primary and
renewal term payments were reduced on a pro-rata basis to reflect the
involuntary sale of the Huntsville, Texas property.
Effective March 29, 1998, the Sponsor arranged for the replacement of the
Trustee for both Fund II and the Fund with a new trustee (the "Successor
Trustee") which had a broader interpretation of the Trust Indenture with
regard to partial prepayments received from a multi-property partnership.
On April 1, 1998, a supplemental agreement to the original Trust Indenture
was entered into between the Successor Trustee for the Fund, the Sponsor
of the Fund, and the Partnerships (including Elway) that have Payment
Obligations to the Fund. Such agreement allows for, among other things,
the partial prepayment of a multi-property Partnership's Payment
Obligation in the event of an involuntary sale of one of its properties.
As a result of such agreement, the payment of $1,149,699 made by Elway
Associates in May of 1996 in connection with an involuntary sale was
accepted by the Successor Trustee as a partial prepayment of Elway's
Payment Obligation and was subsequently distributed, together with
interest earned since its receipt of $103,526, on June 5, 1998.
The payment made by Elway was insufficient to cover that portion of
Elway's Payment Obligation allocable to the Huntsville Property. In
accordance with the terms of the Supplemental Agreement, such shortfall,
amounting to $381,150 (including accrued interest), was repaid during 1998
from cash flow generated by Elway after the payment of the reduced
payments to the Fund and was included in subsequent distributions made for
1998.
The general partner of Walstaff Associates ("Walstaff") sold the sole
Walstaff property on May 31, 2003 to the tenant of the property, pursuant
to the purchase option defined in the lease (a voluntary sale under the
terms of the Trust Indenture). As a result, Walstaff wired $3,671,816 to
the Fund's Trustee in full satisfaction of the Walstaff payment
obligation. Such proceeds along with interest earned thereon were
distributed to Unitholders in July 2003.
Integrated ARROs Fund I
Schedule of Selected Per Unit Operating Performance, Ratios and
Supplemental Data
YEAR ENDED DECEMBER 31,
------------------------------------------------------------------------------------
2004 2003 2002 2001 2000
------------ ------------ ------------ ------------ ------------
Per Unit Operating Performance
- ------------------------------
Net asset value, beginning of period $ 3,150.41 $ 3,604.93 $ 3,784.81 $ 3,482.78 $ 3,727.45
Net investment income 518.72 872.44 405.02 780.32 293.36
Distributions (418.59) (1,326.96) (584.90) (478.29) (538.03)
------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 3,250.54 $ 3,150.41 $ 3,604.93 $ 3,784.81 $ 3,482.78
============ ============ ============ ============ ============
Total investment return $ 518.72 $ 872.44 $ 405.02 $ 780.32 $ 293.36
============ ============ ============ ============ ============
Ratios/Supplemental Data
- ------------------------
Net assets, end of period $ 9,007,251 $ 8,729,775 $ 9,989,251 $ 10,487,712 $ 9,650,779
Ratio of expenses to average net assets 0.46% 0.41% 0.50% 0.37% 0.34%
Ratio of net investment income to average
net assets 16.21% 25.83% 10.96% 21.47% 8.14%
Portfolio turnover rate N/A N/A N/A N/A N/A
Integrated ARROs Fund I
Schedule of Portfolio Investments
December 31, 2004
Partnership /
Date Payment Original Simple
Obligation Property Type of Principal Interest
Incurred Lessee Location(s) Property Amount Rate
- ----------------------------------------------------------------------------------------------------
Walando Walgreen Orlando, FL Office/ $ 820,000 13.0%
03/18/81 Company Warehouse
Building
Santex (2) Albertson's Venice, FL Retail 570,000 17.0%
07/01/81 Inc. Livermore, CA Facilities
Lando Albertson's Portland, OR Retail 783,451 16.0%
10/21/81 Inc. Orlando, FL Facilities
(amended Huntsville, AL
04/15/82)
Denville Xerox Lewisville, TX Plant 963,048 15.0%
12/22/81 Corporation Facility
(amended
01/27/84)
Elway Safeway Billings, MT Retail 1,429,042 18.5%
03/18/82 Stores, Inc. Fort Worth, TX Facilities (4)
Aurora, CO
Mamoth Lakes, CA
Walcreek Hercules Walnut Creek, Office 1,306,709 18.5%
08/01/82 Credit Inc. CA Building
(amended (3)
06/29/83,
12/3/84)
----------
$5,872,250
==========
Discount To
Arrive at Lower Lower of
Partnership / of Fair Market Value Fair Market Value
Date Payment or Minimum Periodic or Minimum
Obligation Accrued Termination Payment During Termination
Incurred Interest Amount Primary Term (1) Amount
- --------------------------------------------------------------------------------------------------
Walando $1,301,248 $1,070,473 5/1/96-4/1/06 $1,050,775
03/18/81 $11,883/mo
Santex (2) 944,145 646,707 9/1/96-8/1/06 867,438
07/01/81 $13,342/mo
Lando 1,969,017 1,588,539 7/1/97-1/1/07 1,163,929
10/21/81 $62,656/semi
(amended
04/15/82)
Denville 2,400,735 2,058,333 8/1/98-7/1/08 1,305,450
12/22/81 $12,038/mo
(amended
01/27/84)
Elway 4,020,642 3,026,059 7/1/97-6/1/07 2,423,625
03/18/82 $22,027/mo (4) (4)
Walcreek 2,436,280 1,546,955 10/1/97-9/1/07 2,196,034
08/01/82 $30,155/mo
(amended
06/29/83,
12/3/84)
----------- ---------- ----------
$13,072,067 $9,937,066 $9,007,251
=========== ========== ==========
(1) Primary Term of the applicable net lease.
(2) Two Payment Obligations, one for each property, treated as one.
(3) Guaranteed by Hercules Incorporated
(4) As adjusted, due to the exercise of economic discontinuance in the
Huntsville, Texas lease.
INTEGRATED ARROS FUND I
SCHEDULE OF ACCRUED INTEREST ON OUTSTANDING PAYMENT OBLIGATIONS
JANUARY 1, 2004 THROUGH DECEMBER 31, 2004
ACCRUED ACCRUED ACCRUED ACCRUED
DATE INTEREST DATE INTEREST DATE INTEREST DATE INTEREST
---- -------- ---- -------- ---- -------- ---- --------
01-Jan-04 13,141,870 23-Feb-04 13,194,255 16-Apr-04 13,157,194 08-Jun-04 13,057,477
02-Jan-04 13,144,547 24-Feb-04 13,196,931 17-Apr-04 13,159,870 09-Jun-04 13,060,153
03-Jan-04 13,147,223 25-Feb-04 13,199,607 18-Apr-04 13,162,546 10-Jun-04 13,062,829
04-Jan-04 13,149,899 26-Feb-04 13,202,283 19-Apr-04 13,165,222 11-Jun-04 13,065,505
05-Jan-04 13,152,575 27-Feb-04 13,204,959 20-Apr-04 13,167,898 12-Jun-04 13,068,181
06-Jan-04 13,155,251 28-Feb-04 13,207,635 21-Apr-04 13,170,574 13-Jun-04 13,070,857
07-Jan-04 13,157,927 29-Feb-04 13,210,311 22-Apr-04 13,173,250 14-Jun-04 13,073,533
08-Jan-04 13,160,603 01-Mar-04 13,123,542 23-Apr-04 13,175,926 15-Jun-04 13,076,209
09-Jan-04 13,163,279 02-Mar-04 13,126,218 24-Apr-04 13,178,602 16-Jun-04 13,078,885
10-Jan-04 13,165,955 03-Mar-04 13,128,894 25-Apr-04 13,181,278 17-Jun-04 13,081,561
11-Jan-04 13,168,631 04-Mar-04 13,131,570 26-Apr-04 13,183,954 18-Jun-04 13,084,237
12-Jan-04 13,171,307 05-Mar-04 13,134,246 27-Apr-04 13,186,630 19-Jun-04 13,086,913
13-Jan-04 13,173,983 06-Mar-04 13,136,922 28-Apr-04 13,189,306 20-Jun-04 13,089,589
14-Jan-04 13,176,659 07-Mar-04 13,139,598 29-Apr-04 13,191,982 21-Jun-04 13,092,265
15-Jan-04 13,179,335 08-Mar-04 13,142,274 30-Apr-04 13,194,658 22-Jun-04 13,094,941
16-Jan-04 13,182,011 09-Mar-04 13,144,950 01-May-04 13,107,889 23-Jun-04 13,097,617
17-Jan-04 13,184,687 10-Mar-04 13,147,626 02-May-04 13,110,565 24-Jun-04 13,100,293
18-Jan-04 13,187,363 11-Mar-04 13,150,302 03-May-04 13,113,241 25-Jun-04 13,102,969
19-Jan-04 13,190,039 12-Mar-04 13,152,978 04-May-04 13,115,917 26-Jun-04 13,105,645
20-Jan-04 13,192,715 13-Mar-04 13,155,654 05-May-04 13,118,593 27-Jun-04 13,108,321
21-Jan-04 13,195,391 14-Mar-04 13,158,330 06-May-04 13,121,269 28-Jun-04 13,110,997
22-Jan-04 13,198,067 15-Mar-04 13,161,006 07-May-04 13,123,945 29-Jun-04 13,113,673
23-Jan-04 13,200,743 16-Mar-04 13,163,682 08-May-04 13,126,621 30-Jun-04 13,116,349
24-Jan-04 13,203,419 17-Mar-04 13,166,358 09-May-04 13,129,297 01-Jul-04 13,029,580
25-Jan-04 13,206,095 18-Mar-04 13,169,034 10-May-04 13,131,973 02-Jul-04 13,032,256
26-Jan-04 13,208,771 19-Mar-04 13,171,710 11-May-04 13,134,649 03-Jul-04 13,034,932
27-Jan-04 13,211,447 20-Mar-04 13,174,386 12-May-04 13,137,325 04-Jul-04 13,037,608
28-Jan-04 13,214,123 21-Mar-04 13,177,062 13-May-04 13,140,001 05-Jul-04 13,040,284
29-Jan-04 13,216,799 22-Mar-04 13,179,738 14-May-04 13,142,677 06-Jul-04 13,042,960
30-Jan-04 13,219,475 23-Mar-04 13,182,414 15-May-04 13,145,353 07-Jul-04 13,045,636
31-Jan-04 13,222,151 24-Mar-04 13,185,090 16-May-04 13,148,029 08-Jul-04 13,048,312
01-Feb-04 13,135,382 25-Mar-04 13,187,766 17-May-04 13,150,705 09-Jul-04 13,050,988
02-Feb-04 13,138,058 26-Mar-04 13,190,442 18-May-04 13,153,381 10-Jul-04 13,053,664
03-Feb-04 13,140,734 27-Mar-04 13,193,118 19-May-04 13,156,057 11-Jul-04 13,056,340
04-Feb-04 13,143,410 28-Mar-04 13,195,794 20-May-04 13,158,733 12-Jul-04 13,059,016
05-Feb-04 13,146,086 29-Mar-04 13,198,470 21-May-04 13,161,409 13-Jul-04 13,061,692
06-Feb-04 13,148,762 30-Mar-04 13,201,146 22-May-04 13,164,085 14-Jul-04 13,064,368
07-Feb-04 13,151,438 31-Mar-04 13,203,822 23-May-04 13,166,761 15-Jul-04 13,067,044
08-Feb-04 13,154,114 01-Apr-04 13,117,053 24-May-04 13,169,437 16-Jul-04 13,069,720
09-Feb-04 13,156,790 02-Apr-04 13,119,729 25-May-04 13,172,113 17-Jul-04 13,072,396
10-Feb-04 13,159,466 03-Apr-04 13,122,405 26-May-04 13,174,789 18-Jul-04 13,075,072
11-Feb-04 13,162,142 04-Apr-04 13,125,081 27-May-04 13,177,465 19-Jul-04 13,077,748
12-Feb-04 13,164,818 05-Apr-04 13,127,757 28-May-04 13,180,141 20-Jul-04 13,080,425
13-Feb-04 13,167,494 06-Apr-04 13,130,433 29-May-04 13,182,817 21-Jul-04 13,083,101
14-Feb-04 13,170,170 07-Apr-04 13,133,109 30-May-04 13,185,493 22-Jul-04 13,085,777
15-Feb-04 13,172,846 08-Apr-04 13,135,785 31-May-04 13,188,170 23-Jul-04 13,088,453
16-Feb-04 13,175,522 09-Apr-04 13,138,461 01-Jun-04 13,038,745 24-Jul-04 13,091,129
17-Feb-04 13,178,198 10-Apr-04 13,141,137 02-Jun-04 13,041,421 25-Jul-04 13,093,805
18-Feb-04 13,180,874 11-Apr-04 13,143,814 03-Jun-04 13,044,097 26-Jul-04 13,096,481
19-Feb-04 13,183,550 12-Apr-04 13,146,490 04-Jun-04 13,046,773 27-Jul-04 13,099,157
20-Feb-04 13,186,226 13-Apr-04 13,149,166 05-Jun-04 13,049,449 28-Jul-04 13,101,833
21-Feb-04 13,188,903 14-Apr-04 13,151,842 06-Jun-04 13,052,125 29-Jul-04 13,104,509
22-Feb-04 13,191,579 15-Apr-04 13,154,518 07-Jun-04 13,054,801 30-Jul-04 13,107,185
ACCRUED ACCRUED ACCRUED
DATE INTEREST DATE INTEREST DATE INTEREST
---- -------- ---- -------- ---- --------
31-Jul-04 13,109,861 22-Sep-04 13,072,800 14-Nov-04 13,035,739
01-Aug-04 13,023,092 23-Sep-04 13,075,476 15-Nov-04 13,038,415
02-Aug-04 13,025,768 24-Sep-04 13,078,152 16-Nov-04 13,041,091
03-Aug-04 13,028,444 25-Sep-04 13,080,828 17-Nov-04 13,043,767
04-Aug-04 13,031,120 26-Sep-04 13,083,504 18-Nov-04 13,046,443
05-Aug-04 13,033,796 27-Sep-04 13,086,180 19-Nov-04 13,049,119
06-Aug-04 13,036,472 28-Sep-04 13,088,856 20-Nov-04 13,051,795
07-Aug-04 13,039,148 29-Sep-04 13,091,532 21-Nov-04 13,054,471
08-Aug-04 13,041,824 30-Sep-04 13,094,208 22-Nov-04 13,057,147
09-Aug-04 13,044,500 01-Oct-04 13,007,439 23-Nov-04 13,059,823
10-Aug-04 13,047,176 02-Oct-04 13,010,115 24-Nov-04 13,062,499
11-Aug-04 13,049,852 03-Oct-04 13,012,791 25-Nov-04 13,065,175
12-Aug-04 13,052,528 04-Oct-04 13,015,467 26-Nov-04 13,067,851
13-Aug-04 13,055,204 05-Oct-04 13,018,143 27-Nov-04 13,070,527
14-Aug-04 13,057,880 06-Oct-04 13,020,819 28-Nov-04 13,073,203
15-Aug-04 13,060,556 07-Oct-04 13,023,495 29-Nov-04 13,075,879
16-Aug-04 13,063,232 08-Oct-04 13,026,171 30-Nov-04 13,078,555
17-Aug-04 13,065,908 09-Oct-04 13,028,847 01-Dec-04 12,991,786
18-Aug-04 13,068,584 10-Oct-04 13,031,523 02-Dec-04 12,994,462
19-Aug-04 13,071,260 11-Oct-04 13,034,199 03-Dec-04 12,997,138
20-Aug-04 13,073,936 12-Oct-04 13,036,875 04-Dec-04 12,999,814
21-Aug-04 13,076,612 13-Oct-04 13,039,551 05-Dec-04 13,002,490
22-Aug-04 13,079,288 14-Oct-04 13,042,227 06-Dec-04 13,005,166
23-Aug-04 13,081,964 15-Oct-04 13,044,903 07-Dec-04 13,007,842
24-Aug-04 13,084,640 16-Oct-04 13,047,579 08-Dec-04 13,010,518
25-Aug-04 13,087,316 17-Oct-04 13,050,255 09-Dec-04 13,013,194
26-Aug-04 13,089,992 18-Oct-04 13,052,931 10-Dec-04 13,015,870
27-Aug-04 13,092,668 19-Oct-04 13,055,607 11-Dec-04 13,018,546
28-Aug-04 13,095,344 20-Oct-04 13,058,283 12-Dec-04 13,021,222
29-Aug-04 13,098,020 21-Oct-04 13,060,959 13-Dec-04 13,023,898
30-Aug-04 13,100,696 22-Oct-04 13,063,635 14-Dec-04 13,026,574
31-Aug-04 13,103,372 23-Oct-04 13,066,311 15-Dec-04 13,029,250
01-Sep-04 13,016,603 24-Oct-04 13,068,987 16-Dec-04 13,031,926
02-Sep-04 13,019,279 25-Oct-04 13,071,663 17-Dec-04 13,034,602
03-Sep-04 13,021,955 26-Oct-04 13,074,339 18-Dec-04 13,037,279
04-Sep-04 13,024,631 27-Oct-04 13,077,015 19-Dec-04 13,039,955
05-Sep-04 13,027,307 28-Oct-04 13,079,691 20-Dec-04 13,042,631
06-Sep-04 13,029,983 29-Oct-04 13,082,368 21-Dec-04 13,045,307
07-Sep-04 13,032,659 30-Oct-04 13,085,044 22-Dec-04 13,047,983
08-Sep-04 13,035,335 31-Oct-04 13,087,720 23-Dec-04 13,050,659
09-Sep-04 13,038,012 01-Nov-04 13,000,951 24-Dec-04 13,053,335
10-Sep-04 13,040,688 02-Nov-04 13,003,627 25-Dec-04 13,056,011
11-Sep-04 13,043,364 03-Nov-04 13,006,303 26-Dec-04 13,058,687
12-Sep-04 13,046,040 04-Nov-04 13,008,979 27-Dec-04 13,061,363
13-Sep-04 13,048,716 05-Nov-04 13,011,655 28-Dec-04 13,064,039
14-Sep-04 13,051,392 06-Nov-04 13,014,331 29-Dec-04 13,066,715
15-Sep-04 13,054,068 07-Nov-04 13,017,007 30-Dec-04 13,069,391
16-Sep-04 13,056,744 08-Nov-04 13,019,683 31-Dec-04 13,072,067
17-Sep-04 13,059,420 09-Nov-04 13,022,359
18-Sep-04 13,062,096 10-Nov-04 13,025,035
19-Sep-04 13,064,772 11-Nov-04 13,027,711
20-Sep-04 13,067,448 12-Nov-04 13,030,387
21-Sep-04 13,070,124 13-Nov-04 13,033,063