(WALLER LANSDEN DORTCH & DAVIS, PLLC LETTERHEAD)
September 21, 2005
VIA FACSIMILE (202/772-9208) AND OVERNIGHT COURIER
Donald Walker, Senior Assistant Chief Accountant
Division of Corporation Finance
Securities and Exchange Commission
Mail Stop 4561
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: BancorpSouth, Inc.
Form 10-K
Filed March 15, 2005
File No. 001-12991
Dear Mr. Walker:
On behalf of BancorpSouth, Inc. (the "Company"), attached as Exhibit A
are the Company's responses to the comments included in your letter dated
September 8, 2005 to the Company. The responses in Exhibit A are keyed to the
corresponding comments in your comment letter.
We are also providing a courtesy copy of this letter and the attached
exhibit to Rebekah Blakely Moore. If the staff has any questions or comments
with respect to the Company's responses, please call me at (615) 850-8586.
Very truly yours,
/S/ David G. Wilson
David G. Wilson
Enclosure
cc: Rebekah Blakeley Moore (w/ encls.)
L. Nash Allen, Jr. (w/ encls.)
Gary Bonds (w/ encls.)
David Hopkins (w/ encls.)
Ralph W. Davis, Esq. (w/ encls.)
EXHIBIT A
BANCORPSOUTH, INC.
FORM 10-K
FILED MARCH 15, 2005
FILE NO. 333-72712
Set forth below are the Company's responses to comments included in a
letter dated September 8, 2005 (the "Comment Letter") to the Company from the
staff of the Securities and Exchange Commission. References to the "Company"
include BancorpSouth, Inc. and its subsidiaries, unless otherwise indicated.
AUDITED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(4) AVAILABLE-FOR-SALE SECURITIES, PAGE 60
COMMENT 1: Schedules 1 through 3 provide detailed information with
respect to available-for-sale securities with continuous
unrealized loss positions for a period of less than 12
consecutive months at December 31, 2004, March 31, 2005 and
June 30, 2005 (the "Evaluation Dates"), respectively.
Schedules 4 through 6 provide detailed information with
respect to available-for-sale securities with continuous
unrealized losses positions for 12 consecutive months or
longer at the respective Evaluation Dates. Schedules 1 through
6 are incorporated by reference into the following discussion.
This discussion includes a reference to each specific factor
listed in SAB Topic 5:M that corresponds to the related
discussion.
SAB Topic 5:M(b). The increase in the continuous unrealized
loss position for 12 consecutive months or longer on
available-for-sale securities of $9.8 million from December
31, 2003 to December 31, 2004 is primarily attributable to
changes in interest rates during this period. Management of
the Company determined at the Evaluation Dates that the
unrealized losses were not a result of a decline in these
securities issuers' financial condition. As shown on Schedules
1 through 6, the available-for-sale securities are primarily
mortgage-backed securities, municipal bonds and Federal Home
Loan Bank debt securities.
SAB Topic 5:M(c). Based on the anticipated holding period of
the Company's available-for-sale portfolio (which might, in
some situations, extend to the maturity date), management of
the Company determined that at the Evaluation Dates the
unrealized losses of the available-for-sales securities were
considered temporary. Management of the Company intends to
hold the available-for-sale securities for a period of time
sufficient to recover the decline in market value of these
securities, including those securities with a continuous
unrealized loss position for 12 consecutive months or longer.
Of the securities that were held at December 31, 2004, none
had been sold as of June 30, 2005, while two securities had
matured and the market value of two securities had improved
above the amortized cost.
SAB Topic 5:M(a). As shown on Schedules 1 through 6, none of
the unrealized losses for individual available-for-sale
securities exceeded 5% of the respective security's market
value at the Evaluation Dates.
In connection with this response to the comments provided by the staff
of the Securities and Exchange Commission (the "Commission"), the Company hereby
acknowledges that:
o the Company is responsible for the adequacy and accuracy of the
disclosure in the filing;
o staff comments or changes to disclosure in response to staff
comments do not foreclose the Commission from taking any action
with respect to the filing; and
o the Company may not assert staff comments as a defense in any
proceeding initiated by the Commission or any person under the
federal securities laws of the United States.
Schedule 1
Less Than 12 Months
12/31/2004
Purchase Purchase Amortized
Category Description Date Price Cost
- ------------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT FAYETTEVILLE AR HOTEL & RESTAURANT GROSS RCPTS TAX 7/10/2003 435,000.00 435,000.00
SCM-EXEMPT GENTRY AR SCH DIST NO 19 8/28/2003 317,281.90 311,149.13
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 280,000.00 280,000.00
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 285,000.00 285,000.00
SCM-EXEMPT JACKSONVILLE ARK HOSP REV 6/5/1997 100,000.00 100,000.00
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 265,000.00 265,000.00
SCM-EXEMPT SEBASTIAN CNTY AR GEN REV 5/26/2004 500,000.00 500,000.00
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 380,000.00 380,000.00
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 300,000.00 300,000.00
SCM-EXEMPT FAYETTEVILLE AR HOTEL & RESTAURANT GROSS RCPTS TAX 7/10/2003 505,000.00 505,000.00
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 270,000.00 270,000.00
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 315,000.00 315,000.00
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 385,000.00 385,000.00
SCM-EXEMPT FAYETTEVILLE AR HOTEL & RESTAURANT GROSS RCPTS TAX 7/10/2003 400,000.00 400,000.00
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 430,000.00 430,000.00
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 300,000.00 300,000.00
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 440,000.00 440,000.00
SCM-EXEMPT NORTH LITTLE ROCK AR SCH DIST NO 1 5/6/2004 799,470.00 784,089.78
SCM-EXEMPT SEBASTIAN CNTY AR GEN REV 5/26/2004 600,000.00 600,000.00
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 455,000.00 455,000.00
7,740,238.91
MTG-BK FNMA Pool #652690 2/13/2003 1,125,494.43 1,095,946.27
MTG-BK GNMA II Pool #587309 10/23/2002 1,389,387.84 1,012,926.35
MTG-BK FNMA Pool #705346 5/24/2004 9,502,693.75 8,064,915.23
MTG-BK FNMA Pool #759644 2/23/2004 10,192,190.94 8,659,375.02
MTG-BK FNMA Pool #386064 5/16/2003 15,063,282.00 15,040,219.64
MTG-BK FNMA Pool #744186 2/23/2004 20,291,238.74 18,203,479.43
MTG-BK FNMA Pool #770133 3/24/2004 19,746,309.46 18,604,162.53
MTG-BK FNMA Pool #725214 3/31/2004 11,710,387.06 9,537,041.71
MTG-BK FNMA Pool #764544 3/24/2004 10,232,597.13 9,212,528.58
MTG-BK FNMA Pool #744186 2/23/2004 26,280,395.53 23,576,360.58
MTG-BK FHLMC Pool #1B1232 3/24/2004 10,494,777.40 8,576,097.32
MTG-BK FNMA Pool #748095 3/24/2004 9,903,132.57 8,200,349.20
MTG-BK FNMA Pool #757379 3/24/2004 14,967,982.08 11,869,841.66
MTG-BK FHLMC Pool #1B1283 3/24/2004 14,569,286.26 12,805,646.29
MTG-BK FNMA Pool #753624 2/23/2004 14,778,418.75 10,884,431.22
MTG-BK FNMA Pool #725214 2/23/2004 35,751,283.80 28,881,435.59
MTG-BK FNMA Pool #725115 3/30/2004 24,743,716.12 19,881,954.59
MTG-BK FNMA Pool #753502 3/24/2004 22,216,996.97 18,623,419.46
MTG-BK FNMA Pool #753756 2/23/2004 22,821,789.15 17,346,227.21
MTG-BK MBS FNMA ARM 2/23/2004 22,683,330.76 16,762,009.13
MTG-BK FNMA Pool #555762 3/24/2004 31,064,056.60 24,010,295.84
MTG-BK FNMA Pool #763134 3/24/2004 31,657,561.55 28,366,863.89
319,215,526.74
AGENCIES FHLB Debt Securities 8/25/2003 21,769,517.00 20,382,345.73
AGENCIES FHLB Debt Securities 8/22/2003 15,251,731.80 15,080,020.25
AGENCIES FHLB Debt Securities 8/15/2003 15,256,810.50 15,141,269.20
AGENCIES FHLB Debt Securities 8/6/2003 21,245,373.60 20,764,810.86
AGENCIES FHLB Debt Securities 8/8/2003 24,776,750.00 24,843,122.36
AGENCIES FHLB Debt Securities 3/20/2003 26,767,000.00 26,036,177.86
AGENCIES FHLB Debt Securities 3/24/2003 24,905,970.60 24,962,540.34
AGENCIES FHLB Debt Securities 3/24/2003 26,697,500.00 25,894,524.27
AGENCIES FHLB Debt Securities 3/24/2003 27,010,000.00 25,984,161.83
AGENCIES FHLB Debt Securities 4/8/2003 23,151,177.50 22,929,240.19
AGENCIES FHLB Debt Securities 4/8/2003 25,305,250.00 25,195,438.65
AGENCIES FHLB Debt Securities 4/8/2003 25,010,500.00 25,004,086.81
AGENCIES FHLB Debt Securities 3/20/2003 29,971,063.50 29,988,378.94
AGENCIES FHLB Debt Securities 3/20/2003 50,370,759.00 50,123,927.85
AGENCIES FHLB Debt Securities 3/20/2003 35,928,900.00 35,567,867.35
AGENCIES FHLB Debt Securities 3/20/2003 35,424,840.00 34,272,573.56
AGENCIES FHLB Debt Securities 3/26/2004 20,223,118.11 19,848,960.13
AGENCIES FHLB Debt Securities 3/26/2004 30,675,330.30 30,576,152.57
AGENCIES FHLB Debt Securities 3/29/2004 50,918,272.34 50,011,357.60
522,606,956.35
TOTAL TEMPORARILY IMPAIRED INVESTMENTS WITH LOSS POSITIONS LESS THAN 12 MONTHS 849,562,722.00
Earliest Loss as %
Maturity Call/Reset/Maturity of Amortized
Category Loss Market Value Cusip Par Value Date Date Cost
- ------------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT (91.35) 434,908.65 312664BF1 435,000.00 10/1/08 10/1/08 -0.02%
SCM-EXEMPT (135.43) 311,013.70 372453GA2 310,000.00 4/1/05 4/1/05 -0.04%
SCM-EXEMPT (537.60) 279,462.40 117645CN9 280,000.00 12/1/08 12/1/08 -0.19%
SCM-EXEMPT (929.10) 284,070.90 117645CP4 285,000.00 12/1/09 12/1/08 -0.33%
SCM-EXEMPT (939.00) 99,061.00 469234CS5 100,000.00 10/1/17 4/1/05 -0.94%
SCM-EXEMPT (1,513.15) 263,486.85 117645CK5 265,000.00 12/1/05 12/1/05 -0.57%
SCM-EXEMPT (1,550.00) 498,450.00 812836AE4 500,000.00 5/1/07 5/1/07 -0.31%
SCM-EXEMPT (1,573.20) 378,426.80 812254EN6 380,000.00 10/1/05 10/1/05 -0.41%
SCM-EXEMPT (1,818.00) 298,182.00 812254ER7 300,000.00 10/1/08 10/1/08 -0.61%
SCM-EXEMPT (1,868.50) 503,131.50 312664BC8 505,000.00 10/1/05 10/1/05 -0.37%
SCM-EXEMPT (2,473.20) 267,526.80 117645CL3 270,000.00 12/1/06 12/1/06 -0.92%
SCM-EXEMPT (2,935.80) 312,064.20 812254EQ9 315,000.00 10/1/07 10/1/07 -0.93%
SCM-EXEMPT (3,326.40) 381,673.60 812254EP1 385,000.00 10/1/06 10/1/06 -0.86%
SCM-EXEMPT (3,384.00) 396,616.00 312664BD6 400,000.00 10/1/06 10/1/06 -0.85%
SCM-EXEMPT (3,870.00) 426,130.00 937535AF9 430,000.00 4/1/06 4/1/06 -0.90%
SCM-EXEMPT (4,428.00) 295,572.00 937535AJ1 300,000.00 4/1/09 4/1/09 -1.48%
SCM-EXEMPT (5,513.20) 434,486.80 937535AG7 440,000.00 4/1/07 4/1/07 -1.25%
SCM-EXEMPT (5,702.28) 778,387.50 660631QM7 750,000.00 6/1/20 6/1/06 -0.73%
SCM-EXEMPT (6,138.00) 593,862.00 812836AC8 600,000.00 5/1/07 5/1/07 -1.02%
SCM-EXEMPT (6,238.05) 448,761.95 937535AH5 455,000.00 4/1/08 4/1/08 -1.37%
(54,964.26) 7,685,274.65
MTG-BK (231.72) 1,095,714.55 31390QC37 1,077,663.68 1/1/33 1/1/33 -0.02%
MTG-BK (641.80) 1,012,284.55 36201MN24 978,200.14 9/20/32 9/20/32 -0.06%
MTG-BK (11,441.08) 8,053,474.15 31401DTB7 8,063,682.77 6/1/33 6/1/10 -0.14%
MTG-BK (97,820.22) 8,561,554.80 31403V5D7 8,494,811.07 2/1/34 12/1/10 -1.13%
MTG-BK (104,311.64) 14,935,908.00 31377SZ50 15,000,000.00 5/1/08 5/1/08 -0.69%
MTG-BK (122,420.80) 18,081,058.63 31403BXP3 18,009,650.37 10/1/33 9/1/10 -0.67%
MTG-BK (140,613.73) 18,463,548.80 31404JSW6 18,197,160.57 3/1/34 3/1/11 -0.76%
MTG-BK (146,639.12) 9,390,402.59 31402CVF6 9,282,970.77 2/1/34 10/1/10 -1.54%
MTG-BK (153,808.20) 9,058,720.38 31404CLZ1 8,972,370.29 3/1/34 2/1/11 -1.67%
MTG-BK (160,310.08) 23,416,050.50 31403BXP3 23,323,572.53 10/1/33 9/1/10 -0.68%
MTG-BK (179,171.09) 8,396,926.23 3128JLHJ1 8,329,094.09 10/1/33 11/1/10 -2.09%
MTG-BK (186,380.88) 8,013,968.32 31403GC83 7,997,461.56 10/1/33 6/1/10 -2.27%
MTG-BK (213,192.28) 11,656,649.38 31403TM43 11,501,097.04 2/1/34 12/1/10 -1.80%
MTG-BK (218,470.59) 12,587,175.70 3128JLJ59 12,482,967.88 11/1/33 12/1/10 -1.71%
MTG-BK (239,689.69) 10,644,741.53 31403NG92 10,612,797.01 11/1/33 10/1/10 -2.20%
MTG-BK (298,124.27) 28,583,311.32 31402CVF6 28,256,301.15 2/1/34 10/1/10 -1.03%
MTG-BK (409,073.65) 19,472,880.94 31402CSC7 19,252,649.88 12/1/33 10/1/10 -2.06%
MTG-BK (426,254.92) 18,197,164.54 31403NDF1 18,111,352.95 11/1/33 10/1/10 -2.29%
MTG-BK (441,447.62) 16,904,779.59 31403NMD6 16,933,108.68 12/1/33 11/1/10 -2.54%
MTG-BK (448,296.54) 16,313,712.59 31401CR54 16,351,156.74 5/1/33 5/1/10 -2.67%
MTG-BK (504,121.11) 23,506,174.73 31385XMK0 23,475,679.82 8/1/33 4/1/10 -2.10%
MTG-BK (532,040.39) 27,834,823.50 31404AY73 27,521,436.90 12/1/33 11/1/10 -1.88%
(5,034,501.42) 314,181,025.32
AGENCIES (12,005.73) 20,370,340.00 3133MBH42 20,000,000.00 5/13/05 5/13/05 -0.06%
AGENCIES (50,755.25) 15,029,265.00 3133MQST2 15,000,000.00 8/15/05 8/15/05 -0.34%
AGENCIES (69,464.20) 15,071,805.00 3133MQSS4 15,000,000.00 8/15/06 8/15/06 -0.46%
AGENCIES (137,210.86) 20,627,600.00 3133MLRJ6 20,000,000.00 2/15/07 2/15/07 -0.66%
AGENCIES (160,197.36) 24,682,925.00 31331QZR1 25,000,000.00 1/22/08 1/22/08 -0.64%
AGENCIES (162,902.86) 25,873,275.00 3133MNPQ8 25,000,000.00 5/15/07 5/15/07 -0.63%
AGENCIES (162,915.34) 24,799,625.00 3133MW2M2 25,000,000.00 2/15/06 2/15/06 -0.65%
AGENCIES (165,674.27) 25,728,850.00 3133MKED5 25,000,000.00 11/15/06 11/15/06 -0.64%
AGENCIES (167,111.83) 25,817,050.00 3133MGVA1 25,000,000.00 8/15/06 8/15/06 -0.64%
AGENCIES (182,381.67) 22,746,858.52 3133MQUV4 22,570,000.00 8/15/07 8/15/07 -0.80%
AGENCIES (186,988.65) 25,008,450.00 3133MTQB7 25,000,000.00 11/15/07 11/15/07 -0.74%
AGENCIES (204,461.81) 24,799,625.00 3133MW2M2 25,000,000.00 2/15/06 2/15/06 -0.82%
AGENCIES (228,828.94) 29,759,550.00 3133MW2M2 30,000,000.00 2/15/06 2/15/06 -0.76%
AGENCIES (293,077.85) 49,830,850.00 3133MTL89 50,000,000.00 11/15/05 11/15/05 -0.58%
AGENCIES (293,607.35) 35,274,260.00 3133MQUV4 35,000,000.00 8/15/07 8/15/07 -0.83%
AGENCIES (310,491.56) 33,962,082.00 3133MKED5 33,000,000.00 11/15/06 11/15/06 -0.91%
AGENCIES (511,207.39) 19,337,752.74 3133M9FC1 17,385,000.00 8/14/09 8/14/09 -2.58%
AGENCIES (881,342.57) 29,694,810.00 3133X3YY3 30,000,000.00 2/13/09 2/13/09 -2.88%
AGENCIES (1,322,994.10) 48,688,363.50 3133M8YA6 44,250,000.00 6/3/09 6/3/09 -2.65%
(5,503,619.59) 517,103,336.76
Total Temporarily
Impaired Investments
with Loss Positions
Less Than 12 Months (10,593,085.27) 838,969,636.73 -1.25%
Schedule 2
Less Than 12 Months
3/31/2005
Purchase Purchase Amortized
Category Description Date Price Cost Loss
- -----------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT FAYETTEVILLE AR HOTEL & RESTAURANT
GROSS RCPTS TAX 7/10/2003 435,000.00 435,000.00 (8,934.90)
SCM-EXEMPT SEBASTIAN CNTY AR GEN REV 5/26/2004 500,000.00 500,000.00 (10,025.00)
SCM-EXEMPT GENTRY AR SCH DIST NO 19 8/23/2003 237,512.15 236,679.18 (551.18)
SCM-EXEMPT GENTRY AR SCH DIST NO 19 8/28/2003 326,563.20 323,726.39 (1,483.19)
SCM-EXEMPT GENTRY AR SCH DIST NO 19 8/28/2003 328,038.40 323,152.26 (1,552.26)
SCM-EXEMPT DUMAS AR SALES & USE TAX 10/21/2003 690,000.00 690,000.00 (8,521.50)
SCM-EXEMPT DUMAS AR SALES & USE TAX 10/21/2003 715,000.00 715,000.00 (6,563.70)
SCM-EXEMPT DUMAS AR SALES & USE TAX 10/21/2003 740,000.00 740,000.00 (2,345.80)
SCM-EXEMPT JACKSONVILLE ARK HOSP REV 6/5/1997 120,000.00 120,000.00 (775.20)
SCM-EXEMPT FORT SMITH AR SOLID WASTE REV 10/10/2002 560,000.00 560,000.00 (2,940.00)
SCM-EXEMPT FORT SMITH AR SOLID WASTE REV 10/10/2002 220,000.00 220,000.00 (569.80)
SCM-EXEMPT ATKINS AR WTR & SWR REV 12/16/2004 350,000.00 350,000.00 (3,083.50)
SCM-EXEMPT AMITY ARK 7/13/1999 160,000.00 160,000.00 (1,332.80)
SCM-EXEMPT FAYETTEVILLE AR HOTEL & RESTAURANT
GROSS RCPTS TAX 7/10/2003 505,000.00 505,000.00 (2,176.55)
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 430,000.00 430,000.00 (5,547.00)
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 300,000.00 300,000.00 (9,195.00)
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 440,000.00 440,000.00 (9,926.40)
SCM-EXEMPT NORTH LITTLE ROCK AR SCH DIST NO 1 5/6/2004 799,470.00 778,135.67 (6,093.17)
SCM-EXEMPT SEBASTIAN CNTY AR GEN REV 5/26/2004 600,000.00 600,000.00 (12,606.00)
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 455,000.00 455,000.00 (13,627.25)
8,881,693.50 (107,850.20)
MTG-BK FNMA Pool #652690 2/13/2003 1,125,494.43 1,091,881.62 (14,161.81)
MTG-BK GNMA II Pool #587309 10/23/2002 1,389,387.84 1,008,236.92 (6,621.89)
MTG-BK FNMA Pool #705346 5/24/2004 9,502,693.75 7,484,430.88 (69,149.05)
MTG-BK FNMA Pool #385669 12/13/2002 17,175,312.50 16,511,169.43 (166,448.12)
MTG-BK FNMA Pool #387112 9/29/2004 585,885.90 582,122.48 (6,398.46)
MTG-BK GNMA I Pool #629848 7/15/2004 1,036,349.25 1,027,486.88 (2,076.31)
MTG-BK FNMA Pool #656832 11/25/2002 1,089,156.53 935,954.60 (10,800.40)
MTG-BK FNMA Pool #656819 11/14/2002 1,018,658.01 850,894.66 (2,944.41)
MTG-BK FHLMC Pool #789995 12/23/2002 20,418,750.00 8,383,613.60 (26,410.13)
MTG-BK FHLMC Pool #789709 8/26/2002 20,350,271.47 5,088,856.67 (6,310.91)
MTG-BK FNMA Pool #387157 11/22/2004 1,731,283.75 1,724,016.28 (4,376.51)
MTG-BK FNMA Pool #386064 5/16/2003 15,063,282.00 15,036,670.85 (406,662.35)
59,725,334.87 (722,360.35)
AGENCIES FHLB Debt Securities 8/22/2003 15,251,731.80 15,047,740.61 (57,190.61)
AGENCIES FHLB Debt Securities 8/15/2003 15,256,810.50 15,119,863.57 (169,018.57)
AGENCIES FHLB Debt Securities 8/6/2003 21,245,373.60 20,677,111.08 (324,271.08)
AGENCIES FHLB Debt Securities 3/20/2003 26,767,000.00 25,930,385.94 (464,885.94)
AGENCIES FHLB Debt Securities 3/24/2003 24,905,970.60 24,970,709.79 (227,434.79)
AGENCIES FHLB Debt Securities 3/24/2003 26,697,500.00 25,777,758.41 (365,283.41)
AGENCIES FHLB Debt Securities 3/24/2003 27,010,000.00 25,835,172.40 (326,072.40)
AGENCIES FHLB Debt Securities 4/8/2003 23,151,177.50 22,896,159.27 (465,213.04)
AGENCIES FHLB Debt Securities 4/8/2003 25,305,250.00 25,179,091.60 (535,891.60)
AGENCIES FHLB Debt Securities 4/8/2003 25,010,500.00 25,003,105.68 (259,830.68)
AGENCIES FHLB Debt Securities 3/20/2003 29,971,063.50 29,990,842.85 (298,912.85)
AGENCIES FHLB Debt Securities 3/20/2003 50,370,759.00 50,088,481.77 (363,781.77)
AGENCIES FHLB Debt Securities 3/20/2003 35,928,900.00 35,515,569.86 (731,204.86)
AGENCIES FHLB Debt Securities 1/29/2004 16,043,100.00 15,570,109.40 (264,649.40)
AGENCIES FHLB Debt Securities 2/17/2005 24,872,750.00 24,875,563.13 (392,538.13)
AGENCIES FHLB Debt Securities 8/8/2003 24,776,750.00 24,854,912.67 (533,187.67)
AGENCIES FHLB Debt Securities 10/31/2003 15,096,538.20 15,049,897.70 (239,872.70)
AGENCIES FHLB Debt Securities 3/20/2003 35,424,840.00 34,106,272.93 (561,805.93)
456,488,748.66 (6,581,045.43)
Total Temporarily Impaired Investments with Loss Positions Less Than 12 Months 525,095,777.03 (7,411,255.98)
Earliest Loss as %
Maturity Call/Reset/Maturity of Amortized
Category Market Value Cusip Par Value Date Date Cost
- --------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT 426,065.10 312664BF1 435,000.00 10/1/08 10/1/08 -2.05%
SCM-EXEMPT 489,975.00 812836AE4 500,000.00 5/1/07 5/1/07 -2.01%
SCM-EXEMPT 236,128.00 372453GD6 235,000.00 4/1/08 4/1/08 -0.23%
SCM-EXEMPT 322,243.20 372453GC8 320,000.00 4/1/07 4/1/07 -0.46%
SCM-EXEMPT 321,600.00 372453GB0 320,000.00 4/1/06 4/1/06 -0.48%
SCM-EXEMPT 681,478.50 264612BC5 690,000.00 10/1/10 10/1/10 -1.24%
SCM-EXEMPT 708,436.30 264612BD3 715,000.00 10/1/11 10/1/11 -0.92%
SCM-EXEMPT 737,654.20 264612BE1 740,000.00 10/1/12 10/1/12 -0.32%
SCM-EXEMPT 119,224.80 469234CQ9 120,000.00 10/1/11 10/1/11 -0.65%
SCM-EXEMPT 557,060.00 348775BS5 560,000.00 12/1/06 12/1/06 -0.53%
SCM-EXEMPT 219,430.20 348775BR7 220,000.00 12/1/05 12/1/05 -0.26%
SCM-EXEMPT 346,916.50 047586EJ7 350,000.00 6/1/24 6/1/24 -0.88%
SCM-EXEMPT 158,667.20 031574AA4 160,000.00 4/1/10 4/1/10 -0.83%
SCM-EXEMPT 502,823.45 312664BC8 505,000.00 10/1/05 10/1/05 -0.43%
SCM-EXEMPT 424,453.00 937535AF9 430,000.00 4/1/06 4/1/06 -1.29%
SCM-EXEMPT 290,805.00 937535AJ1 300,000.00 4/1/09 4/1/09 -3.07%
SCM-EXEMPT 430,073.60 937535AG7 440,000.00 4/1/07 4/1/07 -2.26%
SCM-EXEMPT 772,042.50 660631QM7 750,000.00 6/1/20 6/1/06 -0.78%
SCM-EXEMPT 587,394.00 812836AC8 600,000.00 5/1/07 5/1/07 -2.10%
SCM-EXEMPT 441,372.75 937535AH5 455,000.00 4/1/08 4/1/08 -3.00%
8,773,843.30
MTG-BK 1,077,719.81 31390QC37 1,077,663.68 1/1/33 1/1/33 -1.30%
MTG-BK 1,001,615.03 36201MN24 978,200.14 9/20/32 9/20/32 -0.66%
MTG-BK 7,415,281.83 31401DTB7 8,063,682.77 6/1/33 6/1/10 -0.92%
MTG-BK 16,344,721.31 31377SMS4 17,000,000.00 1/1/08 1/1/08 -1.01%
MTG-BK 575,724.02 31377UAM5 570,000.00 8/1/22 8/1/22 -1.10%
MTG-BK 1,025,410.57 36291JWH9 994,100.00 7/15/34 7/15/34 -0.20%
MTG-BK 925,154.20 31390UVZ6 1,069,767.00 10/1/32 10/1/32 -1.15%
MTG-BK 847,950.25 31390UVL7 1,010,135.00 10/1/32 10/1/32 -0.35%
MTG-BK 8,357,203.47 31295PC84 20,000,000.00 12/1/32 12/1/32 -0.32%
MTG-BK 5,082,545.76 31295NYE2 19,997,195.00 9/1/32 9/1/32 -0.12%
MTG-BK 1,719,639.77 31377UB28 1,687,000.00 11/1/22 11/1/22 -0.25%
MTG-BK 14,630,008.50 31377SZ50 15,000,000.00 5/1/08 5/1/08 -2.70%
59,002,974.52
AGENCIES 14,990,550.00 3133MQST2 15,000,000.00 8/15/05 8/15/05 -0.38%
AGENCIES 14,950,845.00 3133MQSS4 15,000,000.00 8/15/06 8/15/06 -1.12%
AGENCIES 20,352,840.00 3133MLRJ6 20,000,000.00 2/15/07 2/15/07 -1.57%
AGENCIES 25,465,500.00 3133MNPQ8 25,000,000.00 5/15/07 5/15/07 -1.79%
AGENCIES 24,743,275.00 3133MW2M2 25,000,000.00 2/15/06 2/15/06 -0.91%
AGENCIES 25,412,475.00 3133MKED5 25,000,000.00 11/15/06 11/15/06 -1.42%
AGENCIES 25,509,100.00 3133MGVA1 25,000,000.00 8/15/06 8/15/06 -1.26%
AGENCIES 22,430,946.23 3133MQUV4 22,570,000.00 8/15/07 8/15/07 -2.03%
AGENCIES 24,643,200.00 3133MTQB7 25,000,000.00 11/15/07 11/15/07 -2.13%
AGENCIES 24,743,275.00 3133MW2M2 25,000,000.00 2/15/06 2/15/06 -1.04%
AGENCIES 29,691,930.00 3133MW2M2 30,000,000.00 2/15/06 2/15/06 -1.00%
AGENCIES 49,724,700.00 3133MTL89 50,000,000.00 11/15/05 11/15/05 -0.73%
AGENCIES 34,784,365.00 3133MQUV4 35,000,000.00 8/15/07 8/15/07 -2.06%
AGENCIES 15,305,460.00 3133MGVA1 15,000,000.00 8/15/06 8/15/06 -1.70%
AGENCIES 24,483,025.00 3133XACK1 25,000,000.00 7/24/09 7/24/09 -1.58%
AGENCIES 24,321,725.00 31331QZR1 25,000,000.00 1/22/08 1/22/08 -2.15%
AGENCIES 14,810,025.00 3133X14N4 15,000,000.00 9/15/06 9/15/06 -1.59%
AGENCIES 33,544,467.00 3133MKED5 33,000,000.00 11/15/06 11/15/06 -1.65%
449,907,703.23
Total Temporarily
Impaired Investments
with Loss Positions
Less Than
12 Months 517,684,521.05 -1.41%
Schedule 3
Less Than 12 Months
6/30/05
Purchase Purchase Amortized
Category Description Date Price Cost Loss
- ------------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT FAYETTEVILLE AR HOTEL & RESTAURANT
GROSS RCPTS TAX 7/10/2003 435,000.00 435,000.00 (7,790.85)
SCM-EXEMPT GENTRY AR SCH DIST NO 19 8/23/2003 237,512.15 236,538.43 (422.18)
SCM-EXEMPT GENTRY AR SCH DIST NO 19 8/28/2003 326,563.20 323,263.10 (1,618.30)
SCM-EXEMPT GENTRY AR SCH DIST NO 19 8/28/2003 328,038.40 322,364.09 (1,436.09)
SCM-EXEMPT DUMAS AR SALES & USE TAX 10/21/2003 690,000.00 690,000.00 (1,090.20)
SCM-EXEMPT FORT SMITH AR SOLID WASTE REV 10/10/2002 560,000.00 560,000.00 (3,606.40)
SCM-EXEMPT FORT SMITH AR SOLID WASTE REV 10/10/2002 220,000.00 220,000.00 (569.80)
SCM-EXEMPT FAYETTEVILLE AR HOTEL & RESTAURANT
GROSS RCPTS TAX 7/10/2003 505,000.00 505,000.00 (1,504.90)
SCM-EXEMPT JACKSONVILLE ARK HOSP REV 7/15/1999 52,523.00 100,000.00 (140.00)
SCM-EXEMPT NORTH LITTLE ROCK AR SCH DIST NO 1 5/6/2004 799,470.00 772,168.04 (6,395.54)
4,164,333.66 (24,574.26)
MTG-BK FNMA Pool #652690 2/13/2003 1,125,494.43 1,087,769.60 (3,445.08)
MTG-BK GNMA II Pool #587309 10/23/2002 1,389,387.84 1,003,584.27 (3,885.73)
MTG-BK FNMA Pool #385669 12/13/2002 17,175,312.50 16,433,729.80 (47,154.90)
MTG-BK FNMA Pool #656832 11/25/2002 1,089,156.53 931,145.00 (1,894.69)
MTG-BK FHLMC Pool #789995 12/23/2002 20,418,750.00 7,787,193.88 (46,596.94)
MTG-BK MBS FHLMC TSY ARM 9/25/2000 21992547.6 297,264.41 (210.74)
MTG-BK FNMA Pool #386064 5/16/2003 15,063,282.00 15,033,122.06 (297,452.06)
42,573,809.02 (400,640.14)
AGENCIES FHLB Debt Securities 8/22/2003 15,251,731.80 15,015,467.16 (22,427.16)
AGENCIES FHLB Debt Securities 8/15/2003 15,256,810.50 15,098,322.68 (149,082.68)
AGENCIES FHLB Debt Securities 8/6/2003 21,245,373.60 20,588,793.09 (272,353.09)
AGENCIES FHLB Debt Securities 3/20/2003 26,767,000.00 25,823,743.61 (374,468.61)
AGENCIES FHLB Debt Securities 3/24/2003 24,905,970.60 25,002,136.91 (201,211.91)
AGENCIES FHLB Debt Securities 3/24/2003 26,697,500.00 25,660,105.33 (305,905.33)
AGENCIES FHLB Debt Securities 3/24/2003 27,010,000.00 25,685,208.29 (283,633.29)
AGENCIES FHLB Debt Securities 4/8/2003 23,151,177.50 22,862,855.24 (363,341.35)
AGENCIES FHLB Debt Securities 4/8/2003 25,305,250.00 25,162,578.42 (407,603.42)
AGENCIES FHLB Debt Securities 4/8/2003 25,010,500.00 24,978,949.52 (178,024.52)
AGENCIES FHLB Debt Securities 3/20/2003 29,971,063.50 29,993,343.72 (232,233.72)
AGENCIES FHLB Debt Securities 3/20/2003 35,928,900.00 35,462,920.06 (572,225.06)
AGENCIES FHLB Debt Securities 2/17/2005 24,872,750.00 24,883,152.38 (57,052.38)
AGENCIES FHLB Debt Securities 8/8/2003 24,776,750.00 24,867,651.36 (387,151.36)
AGENCIES FHLB Debt Securities 1/6/2005 9,915,625.00 9,923,028.38 (80,478.38)
AGENCIES FHLB Debt Securities 3/20/2003 35,424,840.00 33,938,778.06 (471,234.06)
384,947,034.21 (4,358,426.32)
Total Temporarily Imparied Investments with Loss Positions Less Than 12 Months 431,685,176.89 (4,783,640.72)
Earliest Loss as %
Maturity Call/Reset/Maturity of Amortized
Category Market Value Cusip Par Value Date Date Cost
- -----------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT 427,209.15 312664BF1 435,000.00 10/1/08 10/1/08 -1.79%
SCM-EXEMPT 236,116.25 372453GD6 235,000.00 4/1/08 4/1/08 -0.18%
SCM-EXEMPT 321,644.80 372453GC8 320,000.00 4/1/07 4/1/07 -0.50%
SCM-EXEMPT 320,928.00 372453GB0 320,000.00 4/1/06 4/1/06 -0.45%
SCM-EXEMPT 688,909.80 264612BC5 690,000.00 10/1/10 10/1/10 -0.16%
SCM-EXEMPT 556,393.60 348775BS5 560,000.00 12/1/06 12/1/06 -0.64%
SCM-EXEMPT 219,430.20 348775BR7 220,000.00 12/1/05 12/1/05 -0.26%
SCM-EXEMPT 503,495.10 312664BC8 505,000.00 10/1/05 10/1/05 -0.30%
SCM-EXEMPT 99,860.00 469234CS5 50,000.00 10/1/17 4/1/05 -0.14%
SCM-EXEMPT 765,772.50 660631QM7 750,000.00 6/1/20 6/1/06 -0.83%
4,139,759.40
MTG-BK 1,084,324.52 31390QC37 1,077,663.68 1/1/33 1/1/33 -0.32%
MTG-BK 999,698.54 36201MN24 978,200.14 9/20/32 9/20/32 -0.39%
MTG-BK 16,386,574.90 31377SMS4 17,000,000.00 1/1/08 1/1/08 -0.29%
MTG-BK 929,250.31 31390UVZ6 1,069,767.00 10/1/32 10/1/32 -0.20%
MTG-BK 7,740,596.94 31295PC84 20,000,000.00 12/1/32 12/1/32 -0.60%
MTG-BK 297,053.67 31295K6K5 21,981,764.00 7/1/30 7/1/30 -0.07%
MTG-BK 14,735,670.00 31377SZ50 15,000,000.00 5/1/08 5/1/08 -1.98%
42,173,168.88
AGENCIES 14,993,040.00 3133MQST2 15,000,000.00 8/15/05 8/15/05 -0.15%
AGENCIES 14,949,240.00 3133MQSS4 15,000,000.00 8/15/06 8/15/06 -0.99%
AGENCIES 20,316,440.00 3133MLRJ6 20,000,000.00 2/15/07 2/15/07 -1.32%
AGENCIES 25,449,275.00 3133MNPQ8 25,000,000.00 5/15/07 5/15/07 -1.45%
AGENCIES 24,800,925.00 3133MW2M2 25,000,000.00 2/15/06 2/15/06 -0.80%
AGENCIES 25,354,200.00 3133MKED5 25,000,000.00 11/15/06 11/15/06 -1.19%
AGENCIES 25,401,575.00 3133MGVA1 25,000,000.00 8/15/06 8/15/06 -1.10%
AGENCIES 22,499,513.89 3133MQUV4 22,570,000.00 8/15/07 8/15/07 -1.59%
AGENCIES 24,754,975.00 3133MTQB7 25,000,000.00 11/15/07 11/15/07 -1.62%
AGENCIES 24,800,925.00 3133MW2M2 25,000,000.00 2/15/06 2/15/06 -0.71%
AGENCIES 29,761,110.00 3133MW2M2 30,000,000.00 2/15/06 2/15/06 -0.77%
AGENCIES 34,890,695.00 3133MQUV4 35,000,000.00 8/15/07 8/15/07 -1.61%
AGENCIES 24,826,100.00 3133XACK1 25,000,000.00 7/24/09 7/24/09 -0.23%
AGENCIES 24,480,500.00 31331QZR1 25,000,000.00 1/22/08 1/22/08 -1.56%
AGENCIES 9,842,550.00 3133X9XF2 10,000,000.00 1/5/10 1/5/10 -0.81%
AGENCIES 33,467,544.00 3133MKED5 33,000,000.00 11/15/06 11/15/06 -1.39%
380,588,607.89
Total Temporarily Imparied
Investments with Loss
Positions Less Than
12 Months 426,901,536.17 -1.11%
Schedule 4
12 Months or Longer
12/31/2004
Purchase Purchase Amortized Unrealized
Category Description Date Price Cost Loss
- ------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT JACKSONVILLE AR HOSP REV 10/29/1997 33,134.10 30,964.66 (434.26)
SCM-EXEMPT COLUMBIA ALA 6/22/1998 105,427.00 102,191.22 (860.22)
SCM-EXEMPT JACKSONVILLE ARK HOSP REV 7/15/1999 52,523.00 50,593.55 (1,063.05)
183,749.43 (2,357.53)
MTG-BK FNMA Pool #652594 3/18/2003 1,573,707.29 908,211.06 (13,347.86)
MTG-BK FNMA Pool #652696 3/13/2003 1,395,642.53 1,185,350.22 (19,101.42)
MTG-BK FHLMC Pool #1B0385 8/26/2002 20,481,250.00 4,335,530.38 (37,347.28)
MTG-BK FNMA Pool #694502 3/13/2003 3,398,959.07 2,375,716.36 (39,546.39)
MTG-BK FNMA Pool #384232 CRA 7/31/2002 1,980,297.47 1,919,468.60 (60,720.19)
MTG-BK FNMA Pool #651619 9/25/2002 18,687,269.09 5,184,696.95 (89,177.16)
15,908,973.57 (259,240.30)
AGENCIES FHLB Debt Securities 6/23/2003 16,451,665.20 15,812,110.52 (374,800.52)
AGENCIES FHLB Debt Securities 6/27/2003 15,822,300.00 15,530,744.96 (413,204.96)
AGENCIES FHLB Debt Securities 6/26/2003 25,263,250.00 25,126,740.09 (474,690.09)
AGENCIES FHLB Debt Securities 6/26/2003 22,017,000.00 21,250,951.52 (552,331.52)
AGENCIES FHLB Debt Securities 6/23/2003 26,002,230.40 25,567,545.97 (670,070.97)
AGENCIES FHLB Debt Securities 7/7/2003 25,566,741.00 25,388,545.95 (705,620.95)
AGENCIES FHLB Debt Securities 6/27/2003 33,427,800.00 32,033,294.47 (783,344.47)
AGENCIES FHLB Debt Securities 6/27/2003 25,966,500.00 25,663,281.68 (798,331.68)
AGENCIES FHLB Debt Securities 6/26/2003 38,386,372.15 36,898,904.15 (878,514.15)
AGENCIES FHLB Debt Securities 6/26/2003 36,165,867.00 33,822,437.13 (887,597.13)
AGENCIES FHLB Debt Securities 6/5/2003 42,594,314.40 41,648,588.91 (1,335,148.91)
AGENCIES FFCB Debt Securities 6/23/2003 51,212,886.50 50,843,738.98 (1,754,988.98)
349,586,884.33 (9,628,644.33)
Total Temporarily Impaired Investments with Loss Positions 12 Months or Longer 365,679,607.33 (9,890,242.16)
Earliest Loss as %
Maturity Call/Reset/Maturity of Amortized
Category Market Value Cusip Par Value Date Date Cost
- -----------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT 30,530.40 469234BZ0 30,000.00 10/1/21 10/1/06 -1.40%
SCM-EXEMPT 101,331.00 197203BE1 100,000.00 8/1/17 8/1/05 -0.84%
SCM-EXEMPT 49,530.50 469234CS5 50,000.00 10/1/17 4/1/05 -2.10%
181,391.90
MTG-BK 894,863.20 31390P7F8 878,043.40 2/1/18 2/1/18 -1.47%
MTG-BK 1,166,248.80 31390QC94 1,147,035.95 8/1/32 8/1/32 -1.61%
MTG-BK 4,298,183.10 31336R6W5 4,242,529.60 8/1/32 9/1/05 -0.86%
MTG-BK 2,336,169.97 31400QRX3 2,297,683.77 3/1/33 3/1/33 -1.66%
MTG-BK 1,858,748.41 31377QY55 1,817,846.86 11/1/19 11/1/04 -3.16%
MTG-BK 5,095,519.79 31390N4C3 5,045,408.79 8/1/32 7/1/05 -1.72%
15,649,733.27
AGENCIES 15,437,310.00 3133MKED5 15,000,000.00 11/15/06 11/15/06 -2.37%
AGENCIES 15,117,540.00 3133MQUV4 15,000,000.00 8/15/07 8/15/07 -2.66%
AGENCIES 24,652,050.00 3133MYRT6 25,000,000.00 5/15/06 5/15/06 -1.89%
AGENCIES 20,698,620.00 3133MNPQ8 20,000,000.00 5/15/07 5/15/07 -2.60%
AGENCIES 24,897,475.00 3133MU4F9 25,000,000.00 12/4/06 12/4/06 -2.62%
AGENCIES 24,682,925.00 31331QZR1 25,000,000.00 1/22/08 1/22/08 -2.78%
AGENCIES 31,249,950.00 3133MMXX6 30,000,000.00 2/15/07 2/15/07 -2.45%
AGENCIES 24,864,950.00 3133MVZA4 25,000,000.00 2/15/08 2/15/08 -3.11%
AGENCIES 36,020,390.00 3133MKED5 35,000,000.00 11/15/06 11/15/06 -2.38%
AGENCIES 32,934,840.00 3133MBKX4 30,000,000.00 5/15/07 5/15/07 -2.62%
AGENCIES 40,313,440.00 3133MQUV4 40,000,000.00 8/15/07 8/15/07 -3.21%
AGENCIES 49,088,750.00 31331QJ81 50,000,000.00 4/15/08 4/15/08 -3.45%
339,958,240.00
Total Temporarily
Impaired Investments
with Loss Positions
12 Months or Longer 355,789,365.17 -2.70%
Schedule 5
12 Months or Longer
3/31/2005
Purchase Purchase Amortized Unrealized
Category Description Date Price Cost Loss
- -----------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT JACKSONVILLE AR HOSP REV 10/29/1997 33,134.10 30,876.10 (364.30)
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 380,000.00 380,000.00 (2,310.40)
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 385,000.00 385,000.00 (6,083.00)
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 315,000.00 315,000.00 (7,112.70)
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 300,000.00 300,000.00 (7,695.00)
SCM-EXEMPT FAYETTEVILLE AR HOTEL & RESTAURANT GROSS RCPTS TAX 7/10/2003 400,000.00 400,000.00 (5,548.00)
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 285,000.00 285,000.00 (5,945.10)
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 280,000.00 280,000.00 (6,025.60)
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 270,000.00 270,000.00 (4,147.20)
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 265,000.00 265,000.00 (1,709.25)
SCM-EXEMPT JACKSONVILLE ARK HOSP REV 6/5/1997 100,000.00 50,500.00 (1,689.50)
SCM-EXEMPT COLUMBIA ALA 6/22/1998 105,427.00 102,109.27 (1,473.27)
SCM-EXEMPT JACKSONVILLE ARK HOSP REV 7/15/1999 52,523.00 100,000.00 (2,379.00)
3,163,485.37 (52,482.32)
MTG-BK FNMA Pool #652594 3/18/2003 1,573,707.29 889,751.00 (24,992.19)
MTG-BK FNMA Pool #652696 3/13/2003 1,395,642.53 1,180,700.13 (33,689.07)
MTG-BK FHLMC Pool #1B0385 8/26/2002 20,481,250.00 3,707,246.02 (32,372.17)
MTG-BK FNMA Pool #694502 3/13/2003 3,398,959.07 1,961,072.79 (56,936.66)
MTG-BK FNMA Pool #753756 2/23/2004 22,821,789.15 15,425,722.25 (470,243.13)
MTG-BK FNMA Pool #725214 2/23/2004 35,751,283.80 27,039,224.49 (558,616.59)
MTG-BK MBS FNMA ARM 2/23/2004 22,683,330.76 15,457,151.97 (397,498.33)
MTG-BK FNMA Pool #744186 2/23/2004 20,291,238.74 17,677,728.54 (392,405.60)
MTG-BK FNMA Pool #748095 3/24/2004 9,903,132.57 8,002,501.13 (241,681.79)
MTG-BK FNMA Pool #753502 3/24/2004 22,216,996.97 17,676,716.80 (528,815.38)
MTG-BK FNMA Pool #764544 3/24/2004 10,232,597.13 8,744,693.89 (227,804.87)
MTG-BK FNMA Pool #757379 3/24/2004 14,967,982.08 11,522,022.11 (303,048.51)
MTG-BK FHLMC Pool #1B1232 3/24/2004 10,494,777.40 8,168,946.80 (216,809.62)
MTG-BK FHLMC Pool #1B1283 3/24/2004 14,569,286.26 11,577,286.97 (367,272.99)
MTG-BK FNMA Pool #759644 2/23/2004 10,192,190.94 8,073,440.49 (181,185.15)
MTG-BK FNMA Pool #770133 3/24/2004 19,746,309.46 18,268,332.97 (328,919.86)
MTG-BK FNMA Pool #763134 3/24/2004 31,657,561.55 27,257,822.26 (688,617.73)
MTG-BK FNMA Pool #753624 2/23/2004 14,778,418.75 9,915,126.01 (286,426.29)
MTG-BK FNMA Pool #725115 3/30/2004 24,743,716.12 18,011,318.14 (618,481.18)
MTG-BK FNMA Pool #725214 3/31/2004 11,710,387.06 8,928,317.81 (228,711.04)
MTG-BK FNMA Pool #555762 3/24/2004 31,064,056.60 22,648,573.73 (685,061.12)
MTG-BK FNMA Pool #744186 2/23/2004 26,280,395.53 22,895,415.74 (509,890.47)
MTG-BK FNMA Pool #651619 9/25/2002 18,687,269.09 4,474,482.83 (77,251.65)
289,503,594.87 (7,456,731.39)
AGENCIES FHLB Debt Securities 6/23/2003 16,451,665.20 15,705,303.99 (457,818.99)
AGENCIES FHLB Debt Securities 6/27/2003 15,822,300.00 15,481,498.13 (573,913.13)
AGENCIES FHLB Debt Securities 6/26/2003 25,263,250.00 25,103,841.27 (527,316.27)
AGENCIES FHLB Debt Securities 6/26/2003 22,017,000.00 21,122,059.24 (749,659.24)
AGENCIES FHLB Debt Securities 6/23/2003 26,002,230.40 25,494,783.84 (798,033.84)
AGENCIES FHLB Debt Securities 7/7/2003 25,566,741.00 25,357,561.27 (1,035,836.27)
AGENCIES FHLB Debt Securities 6/27/2003 33,427,800.00 31,798,298.75 (996,998.75)
AGENCIES FHLB Debt Securities 6/27/2003 25,966,500.00 25,611,985.20 (1,131,685.20)
AGENCIES FHLB Debt Securities 6/26/2003 38,386,372.15 36,649,153.84 (1,071,688.84)
AGENCIES FHLB Debt Securities 6/26/2003 36,165,867.00 33,428,348.32 (1,186,178.32)
AGENCIES FHLB Debt Securities 6/5/2003 42,594,314.40 41,495,236.42 (1,741,676.42)
AGENCIES FHLB Debt Securities 3/29/2004 50,918,272.34 49,705,187.03 (2,234,362.28)
AGENCIES FHLB Debt Securities 3/26/2004 20,223,118.11 19,724,530.56 (903,599.10)
AGENCIES FHLB Debt Securities 3/26/2004 30,675,330.30 30,543,082.71 (1,429,762.71)
AGENCIES FFCB Debt Securities 6/23/2003 51,212,886.50 50,782,668.11 (2,440,368.11)
448,003,538.68 (17,278,897.47)
Total Temporarily Impaired Investments with Loss Positions 12 Months or Longer 740,670,618.92 (24,788,111.18)
Earliest Loss as %
Maturity Call/Reset/Maturity of Amortized
Category Market Value Cusip Par Value Date Date Cost
- ----------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT 30,511.80 469234BZ0 30,876.10 10/1/21 10/1/06 -1.18%
SCM-EXEMPT 377,689.60 812254EN6 380,000.00 10/1/05 10/1/05 -0.61%
SCM-EXEMPT 378,917.00 812254EP1 385,000.00 10/1/06 10/1/06 -1.58%
SCM-EXEMPT 307,887.30 812254EQ9 315,000.00 10/1/07 10/1/07 -2.26%
SCM-EXEMPT 292,305.00 812254ER7 300,000.00 10/1/08 10/1/08 -2.57%
SCM-EXEMPT 394,452.00 312664BD6 400,000.00 10/1/06 10/1/06 -1.39%
SCM-EXEMPT 279,054.90 117645CP4 285,000.00 12/1/09 12/1/08 -2.09%
SCM-EXEMPT 273,974.40 117645CN9 280,000.00 12/1/08 12/1/08 -2.15%
SCM-EXEMPT 265,852.80 117645CL3 270,000.00 12/1/06 12/1/06 -1.54%
SCM-EXEMPT 263,290.75 117645CK5 265,000.00 12/1/05 12/1/05 -0.65%
SCM-EXEMPT 48,810.50 469234CS5 50,500.00 10/1/17 4/1/05 -3.35%
SCM-EXEMPT 100,636.00 197203BE1 100,000.00 8/1/17 8/1/05 -1.44%
SCM-EXEMPT 97,621.00 469234CS5 50,000.00 10/1/17 4/1/05 -2.38%
3,111,003.05
MTG-BK 864,758.81 31390P7F8 878,043.40 2/1/18 2/1/18 -2.81%
MTG-BK 1,147,011.06 31390QC94 1,147,035.95 8/1/32 8/1/32 -2.85%
MTG-BK 3,674,873.85 31336R6W5 4,242,529.60 8/1/32 9/1/05 -0.87%
MTG-BK 1,904,136.13 31400QRX3 2,297,683.77 3/1/33 3/1/33 -2.90%
MTG-BK 14,955,479.12 31403NMD6 16,933,108.68 12/1/33 11/1/10 -3.05%
MTG-BK 26,480,607.90 31402CVF6 28,256,301.15 2/1/34 10/1/10 -2.07%
MTG-BK 15,059,653.64 31401CR54 16,351,156.74 5/1/33 5/1/10 -2.57%
MTG-BK 17,285,322.94 31403BXP3 18,009,650.37 10/1/33 9/1/10 -2.22%
MTG-BK 7,760,819.34 31403GC83 7,997,461.56 10/1/33 6/1/10 -3.02%
MTG-BK 17,147,901.42 31403NDF1 18,111,352.95 11/1/33 10/1/10 -2.99%
MTG-BK 8,516,889.02 31404CLZ1 8,972,370.29 3/1/34 2/1/11 -2.61%
MTG-BK 11,218,973.60 31403TM43 11,501,097.04 2/1/34 12/1/10 -2.63%
MTG-BK 7,952,137.18 3128JLHJ1 8,329,094.09 10/1/33 11/1/10 -2.65%
MTG-BK 11,210,013.98 3128JLJ59 12,482,967.88 11/1/33 12/1/10 -3.17%
MTG-BK 7,892,255.34 31403V5D7 8,494,811.07 2/1/34 12/1/10 -2.24%
MTG-BK 17,939,413.11 31404JSW6 18,197,160.57 3/1/34 3/1/11 -1.80%
MTG-BK 26,569,204.53 31404AY73 27,521,436.90 12/1/33 11/1/10 -2.53%
MTG-BK 9,628,699.72 31403NG92 10,612,797.01 11/1/33 10/1/10 -2.89%
MTG-BK 17,392,836.96 31402CSC7 19,252,649.88 12/1/33 10/1/10 -3.43%
MTG-BK 8,699,606.77 31402CVF6 9,282,970.77 2/1/34 10/1/10 -2.56%
MTG-BK 21,963,512.61 31385XMK0 23,475,679.82 8/1/33 4/1/10 -3.02%
MTG-BK 22,385,525.27 31403BXP3 23,323,572.53 10/1/33 9/1/10 -2.23%
MTG-BK 4,397,231.18 31390N4C3 5,045,408.79 8/1/32 7/1/05 -1.73%
282,046,863.48
AGENCIES 15,247,485.00 3133MKED5 15,000,000.00 11/15/06 11/15/06 -2.92%
AGENCIES 14,907,585.00 3133MQUV4 15,000,000.00 8/15/07 8/15/07 -3.71%
AGENCIES 24,576,525.00 3133MYRT6 25,000,000.00 5/15/06 5/15/06 -2.10%
AGENCIES 20,372,400.00 3133MNPQ8 20,000,000.00 5/15/07 5/15/07 -3.55%
AGENCIES 24,696,750.00 3133MU4F9 25,000,000.00 12/4/06 12/4/06 -3.13%
AGENCIES 24,321,725.00 31331QZR1 25,000,000.00 1/22/08 1/22/08 -4.08%
AGENCIES 30,801,300.00 3133MMXX6 30,000,000.00 2/15/07 2/15/07 -3.14%
AGENCIES 24,480,300.00 3133MVZA4 25,000,000.00 2/15/08 2/15/08 -4.42%
AGENCIES 35,577,465.00 3133MKED5 35,000,000.00 11/15/06 11/15/06 -2.92%
AGENCIES 32,242,170.00 3133MBKX4 30,000,000.00 5/15/07 5/15/07 -3.55%
AGENCIES 39,753,560.00 3133MQUV4 40,000,000.00 8/15/07 8/15/07 -4.20%
AGENCIES 47,470,824.75 3133M8YA6 44,250,000.00 6/3/09 6/3/09 -4.50%
AGENCIES 18,820,931.46 3133M9FC1 17,385,000.00 8/14/09 8/14/09 -4.58%
AGENCIES 29,113,320.00 3133X3YY3 30,000,000.00 2/13/09 2/13/09 -4.68%
AGENCIES 48,342,300.00 31331QJ81 50,000,000.00 4/15/08 4/15/08 -4.81%
430,724,641.21
Total Temporarily
Impaired Investments
with Loss Positions
12 Months or Longer 715,882,507.74 -3.35%
Schedule 6
12 Months or Longer
6/30/2005
Purchase Purchase Amortized Unrealized
Category Description Date Price Cost Loss
- -----------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT JACKSONVILLE AR HOSP REV 10/29/1997 33,134.10 30,779.95 (241.45)
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 380,000.00 380,000.00 (1,451.60)
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 385,000.00 385,000.00 (5,782.70)
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 315,000.00 315,000.00 (5,836.95)
SCM-EXEMPT SEARCY AR PUB EDL FACS & RESIDENTIAL HSG FACS BRD 12/30/2003 300,000.00 300,000.00 (5,736.00)
SCM-EXEMPT FAYETTEVILLE AR HOTEL & RESTAURANT GROSS RCPTS TAX 7/10/2003 400,000.00 400,000.00 (5,548.00)
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 285,000.00 285,000.00 (5,523.30)
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 280,000.00 280,000.00 (5,124.00)
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 270,000.00 270,000.00 (4,066.20)
SCM-EXEMPT BRYANT AR WTR & SWR REV 7/29/2003 265,000.00 265,000.00 (1,372.70)
SCM-EXEMPT JACKSONVILLE ARK HOSP REV 6/5/1997 100,000.00 50,500.00 (570.00)
SCM-EXEMPT COLUMBIA ALA 6/22/1998 105,427.00 102,027.32 (938.32)
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 430,000.00 430,000.00 (4,712.80)
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 455,000.00 455,000.00 (11,038.30)
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 300,000.00 300,000.00 (8,214.00)
SCM-EXEMPT WASHINGTON CNTY AR GEN REV 4/7/2004 440,000.00 440,000.00 (8,302.80)
SCM-EXEMPT SEBASTIAN CNTY AR GEN REV 5/26/2004 600,000.00 600,000.00 (10,218.00)
SCM-EXEMPT SEBASTIAN CNTY AR GEN REV 5/26/2004 500,000.00 500,000.00 (6,565.00)
5,788,307.27 (91,242.12)
MTG-BK FNMA Pool #652594 3/18/2003 1,573,707.29 867,625.46 (17,868.29)
MTG-BK FNMA Pool #652696 3/13/2003 1,395,642.53 1,175,994.75 (22,043.00)
MTG-BK FHLMC Pool #1B0385 8/26/2002 20,481,250.00 2,958,463.98 (23,545.64)
MTG-BK FNMA Pool #694502 3/13/2003 3,398,959.07 1,952,768.32 (37,547.24)
MTG-BK FNMA Pool #753756 2/23/2004 22,821,789.15 14,028,318.48 (420,658.11)
MTG-BK FNMA Pool #725214 2/23/2004 35,751,283.80 25,194,512.60 (372,946.65)
MTG-BK MBS FNMA ARM 2/23/2004 22,683,330.76 14,576,410.39 (265,189.54)
MTG-BK FNMA Pool #744186 2/23/2004 20,291,238.74 17,285,267.66 (323,262.82)
MTG-BK FNMA Pool #748095 3/24/2004 9,903,132.57 7,948,236.75 (159,724.33)
MTG-BK FNMA Pool #753502 3/24/2004 22,216,996.97 16,902,836.15 (349,780.05)
MTG-BK FNMA Pool #764544 3/24/2004 10,232,597.13 7,877,238.42 (219,345.98)
MTG-BK FNMA Pool #757379 3/24/2004 14,967,982.08 9,850,614.70 (256,552.79)
MTG-BK FHLMC Pool #1B1232 3/24/2004 10,494,777.40 7,558,472.18 (232,221.65)
MTG-BK FHLMC Pool #1B1283 3/24/2004 14,569,286.26 11,045,511.60 (272,162.36)
MTG-BK FNMA Pool #759644 2/23/2004 10,192,190.94 7,495,923.12 (139,490.61)
MTG-BK FNMA Pool #770133 3/24/2004 19,746,309.46 17,258,716.98 (330,760.58)
MTG-BK FNMA Pool #763134 3/24/2004 31,657,561.55 25,576,002.42 (499,768.36)
MTG-BK FNMA Pool #753624 2/23/2004 14,778,418.75 8,842,128.26 (221,223.85)
MTG-BK FNMA Pool #725115 3/30/2004 24,743,716.12 17,063,450.70 (313,021.52)
MTG-BK FNMA Pool #725214 3/31/2004 11,710,387.06 8,318,813.23 (164,247.28)
MTG-BK FNMA Pool #555762 3/24/2004 31,064,056.60 20,944,127.23 (504,357.46)
MTG-BK FNMA Pool #744186 2/23/2004 26,280,395.53 22,387,102.68 (420,293.67)
MTG-BK FNMA Pool #387157 11/22/2004 1,731,283.75 1,719,124.88 (42,513.17)
MTG-BK FNMA Pool #651619 9/25/2002 18,687,269.09 3,838,661.91 (47,968.25)
272,666,322.85 (5,656,493.20)
AGENCIES FHLB Debt Securities 6/23/2003 16,451,665.20 15,597,968.71 (385,448.71)
AGENCIES FHLB Debt Securities 6/27/2003 15,822,300.00 15,431,979.93 (478,824.93)
AGENCIES FHLB Debt Securities 6/26/2003 25,263,250.00 25,080,830.30 (428,555.30)
AGENCIES FHLB Debt Securities 6/26/2003 22,017,000.00 20,992,447.02 (633,027.02)
AGENCIES FHLB Debt Securities 6/23/2003 26,002,230.40 25,422,044.99 (677,844.99)
AGENCIES FHLB Debt Securities 7/7/2003 25,566,741.00 25,327,038.17 (846,538.17)
AGENCIES FHLB Debt Securities 6/27/2003 33,427,800.00 31,562,121.20 (850,461.20)
AGENCIES FHLB Debt Securities 6/27/2003 25,966,500.00 25,560,397.93 (921,222.93)
AGENCIES FHLB Debt Securities 6/26/2003 38,386,372.15 36,398,171.05 (902,291.05)
AGENCIES FHLB Debt Securities 6/26/2003 36,165,867.00 33,032,143.40 (998,623.40)
AGENCIES FHLB Debt Securities 6/5/2003 42,594,314.40 41,341,112.93 (1,466,032.93)
AGENCIES FHLB Debt Securities 3/29/2004 50,918,272.34 49,398,691.83 (1,623,958.08)
AGENCIES FHLB Debt Securities 3/26/2004 20,223,118.11 19,599,162.18 (619,314.43)
AGENCIES FHLB Debt Securities 3/26/2004 30,675,330.30 30,509,805.70 (1,077,495.70)
AGENCIES FHLB Debt Securities 10/31/2003 15,096,538.20 15,041,214.96 (210,759.96)
AGENCIES FHLB Debt Securities 1/29/2004 16,043,100.00 15,467,569.06 (226,624.06)
AGENCIES FHLB Debt Securities 3/20/2003 50,370,759.00 50,052,228.69 (247,928.69)
AGENCIES FFCB Debt Securities 6/23/2003 51,212,886.50 50,719,639.16 (1,978,839.16)
526,534,567.21 (14,573,790.71)
Total Temporarily Imparied Investments with Loss
Positions 12 Months or Longer 804,989,197.33 (20,321,526.03)
Earliest Loss as %
Maturity Call/Reset/Maturity of Amortized
Category Market Value Cusip Par Value Date Date Cost
- ---------------------------------------------------------------------------------------------------------------------------------
SCM-EXEMPT 30,538.50 469234BZ0 30,876.10 10/1/21 10/1/06 -0.78%
SCM-EXEMPT 378,548.40 812254EN6 380,000.00 10/1/05 10/1/05 -0.38%
SCM-EXEMPT 379,217.30 812254EP1 385,000.00 10/1/06 10/1/06 -1.50%
SCM-EXEMPT 309,163.05 812254EQ9 315,000.00 10/1/07 10/1/07 -1.85%
SCM-EXEMPT 294,264.00 812254ER7 300,000.00 10/1/08 10/1/08 -1.91%
SCM-EXEMPT 394,452.00 312664BD6 400,000.00 10/1/06 10/1/06 -1.39%
SCM-EXEMPT 279,476.70 117645CP4 285,000.00 12/1/09 12/1/08 -1.94%
SCM-EXEMPT 274,876.00 117645CN9 280,000.00 12/1/08 12/1/08 -1.83%
SCM-EXEMPT 265,933.80 117645CL3 270,000.00 12/1/06 12/1/06 -1.51%
SCM-EXEMPT 263,627.30 117645CK5 265,000.00 12/1/05 12/1/05 -0.52%
SCM-EXEMPT 49,930.00 469234CS5 50,500.00 10/1/17 4/1/05 -1.13%
SCM-EXEMPT 101,089.00 197203BE1 100,000.00 8/1/17 8/1/05 -0.92%
SCM-EXEMPT 425,287.20 937535AF9 430,000.00 4/1/06 4/1/06 -1.10%
SCM-EXEMPT 443,961.70 937535AH5 455,000.00 4/1/08 4/1/08 -2.43%
SCM-EXEMPT 291,786.00 937535AJ1 300,000.00 4/1/09 4/1/09 -2.74%
SCM-EXEMPT 431,697.20 937535AG7 440,000.00 4/1/07 4/1/07 -1.89%
SCM-EXEMPT 589,782.00 812836AC8 600,000.00 5/1/07 5/1/07 -1.70%
SCM-EXEMPT 493,435.00 812836AE4 500,000.00 5/1/07 5/1/07 -1.31%
5,697,065.15
MTG-BK 849,757.17 31390P7F8 878,043.40 2/1/18 2/1/18 -2.06%
MTG-BK 1,153,951.75 31390QC94 1,147,035.95 8/1/32 8/1/32 -1.87%
MTG-BK 2,934,918.34 31336R6W5 4,242,529.60 8/1/32 9/1/05 -0.80%
MTG-BK 1,915,221.08 31400QRX3 2,297,683.77 3/1/33 3/1/33 -1.92%
MTG-BK 13,607,660.37 31403NMD6 16,933,108.68 12/1/33 11/1/10 -3.00%
MTG-BK 24,821,565.95 31402CVF6 28,256,301.15 2/1/34 10/1/10 -1.48%
MTG-BK 14,311,220.85 31401CR54 16,351,156.74 5/1/33 5/1/10 -1.82%
MTG-BK 16,962,004.84 31403BXP3 18,009,650.37 10/1/33 9/1/10 -1.87%
MTG-BK 7,788,512.42 31403GC83 7,997,461.56 10/1/33 6/1/10 -2.01%
MTG-BK 16,553,056.10 31403NDF1 18,111,352.95 11/1/33 10/1/10 -2.07%
MTG-BK 7,657,892.44 31404CLZ1 8,972,370.29 3/1/34 2/1/11 -2.78%
MTG-BK 9,594,061.91 31403TM43 11,501,097.04 2/1/34 12/1/10 -2.60%
MTG-BK 7,326,250.53 3128JLHJ1 8,329,094.09 10/1/33 11/1/10 -3.07%
MTG-BK 10,773,349.24 3128JLJ59 12,482,967.88 11/1/33 12/1/10 -2.46%
MTG-BK 7,356,432.51 31403V5D7 8,494,811.07 2/1/34 12/1/10 -1.86%
MTG-BK 16,927,956.40 31404JSW6 18,197,160.57 3/1/34 3/1/11 -1.92%
MTG-BK 25,076,234.06 31404AY73 27,521,436.90 12/1/33 11/1/10 -1.95%
MTG-BK 8,620,904.41 31403NG92 10,612,797.01 11/1/33 10/1/10 -2.50%
MTG-BK 16,750,429.18 31402CSC7 19,252,649.88 12/1/33 10/1/10 -1.83%
MTG-BK 8,154,565.95 31402CVF6 9,282,970.77 2/1/34 10/1/10 -1.97%
MTG-BK 20,439,769.77 31385XMK0 23,475,679.82 8/1/33 4/1/10 -2.41%
MTG-BK 21,966,809.01 31403BXP3 23,323,572.53 10/1/33 9/1/10 -1.88%
MTG-BK 1,676,611.71 31377UB28 1,687,000.00 11/1/22 11/1/22 -2.47%
MTG-BK 3,790,693.66 31390N4C3 5,045,408.79 8/1/32 7/1/05 -1.25%
267,009,829.65
AGENCIES 15,212,520.00 3133MKED5 15,000,000.00 11/15/06 11/15/06 -2.47%
AGENCIES 14,953,155.00 3133MQUV4 15,000,000.00 8/15/07 8/15/07 -3.10%
AGENCIES 24,652,275.00 3133MYRT6 25,000,000.00 5/15/06 5/15/06 -1.71%
AGENCIES 20,359,420.00 3133MNPQ8 20,000,000.00 5/15/07 5/15/07 -3.02%
AGENCIES 24,744,200.00 3133MU4F9 25,000,000.00 12/4/06 12/4/06 -2.67%
AGENCIES 24,480,500.00 31331QZR1 25,000,000.00 1/22/08 1/22/08 -3.34%
AGENCIES 30,711,660.00 3133MMXX6 30,000,000.00 2/15/07 2/15/07 -2.69%
AGENCIES 24,639,175.00 3133MVZA4 25,000,000.00 2/15/08 2/15/08 -3.60%
AGENCIES 35,495,880.00 3133MKED5 35,000,000.00 11/15/06 11/15/06 -2.48%
AGENCIES 32,033,520.00 3133MBKX4 30,000,000.00 5/15/07 5/15/07 -3.02%
AGENCIES 39,875,080.00 3133MQUV4 40,000,000.00 8/15/07 8/15/07 -3.55%
AGENCIES 47,774,733.75 3133M8YA6 44,250,000.00 6/3/09 6/3/09 -3.29%
AGENCIES 18,979,847.75 3133M9FC1 17,385,000.00 8/14/09 8/14/09 -3.16%
AGENCIES 29,432,310.00 3133X3YY3 30,000,000.00 2/13/09 2/13/09 -3.53%
AGENCIES 14,830,455.00 3133X14N4 15,000,000.00 9/15/06 9/15/06 -1.40%
AGENCIES 15,240,945.00 3133MGVA1 15,000,000.00 8/15/06 8/15/06 -1.47%
AGENCIES 49,804,300.00 3133MTL89 50,000,000.00 11/15/05 11/15/05 -0.50%
AGENCIES 48,740,800.00 31331QJ81 50,000,000.00 4/15/08 4/15/08 -3.90%
511,960,776.50
ON PORFOLIO ENTIRE
Total Temporarily
Imparied Investments
with Loss Positions
12 Months or Longer 784,667,671.30 -2.52%