-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IZqKQOXkAhAV0FgRAla94c5T4Ykp+GgsOLGYg1ji6KzXhcyv/CUv/+CocTxBju9e KabYN2Bvq5mYrHTw6NwPnw== 0000759699-05-000128.txt : 20050823 0000759699-05-000128.hdr.sgml : 20050823 20050823113051 ACCESSION NUMBER: 0000759699-05-000128 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050823 DATE AS OF CHANGE: 20050823 EFFECTIVENESS DATE: 20050823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORTLAND TRUST INC CENTRAL INDEX KEY: 0000759699 IRS NUMBER: 226388239 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04179 FILM NUMBER: 051042894 BUSINESS ADDRESS: STREET 1: C/O REICH & TANG ASSET MANAGEMENT LLC STREET 2: 600 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10020-2302 BUSINESS PHONE: 2013425757 MAIL ADDRESS: STREET 1: C/O REICH & TANG ASSET MANAGEMENT LLC STREET 2: 600 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10020-2302 N-Q 1 cortformnq0805.txt As filed with the Securities and Exchange Commission on August 23, 2005 Investment Company Act file number 811-4179 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY CORTLAND TRUST, INC. (Exact name of registrant as specified in charter) 600 FIFTH AVENUE NEW YORK, NY 10020 (Address of principal executive offices) (Zip code) ROSANNE HOLTZER C/O REICH & TANG ASSET MANAGEMENT, LLC 600 FIFTH AVENUE NEW YORK, NEW YORK 10020 (Name and address of agent for service) Registrant's telephone number, including area code: 212-830-5200 Date of fiscal year end: March 31 Date of reporting period: June 30, 2005 ITEM 1: SCHEDULE OF INVESTMENTS CORTLAND TRUST, INC. CORTLAND GENERAL MONEY MARKET FUND STATEMENT OF NET ASSETS JUNE 30,2005
Face Maturity Value Date Yield (Note 1) Amount ---- ------ ------ ------ Asset Backed Commercial Paper (26.98%) - ---------------------------------------------------------------------------------------------------------------------- $ 30,000,000 ASAP Funding Limited 08/08/05 3.22% $ 29,898,350 80,000,000 ASAP Funding Limited 08/10/05 3.26 79,712,000 30,000,000 ASAP Funding Limited 07/06/05 3.09 29,987,208 50,000,000 Clipper Receivables Corporation 07/01/05 3.06 50,000,000 50,000,000 Clipper Receivables Corporation 07/05/05 3.06 49,983,056 15,000,000 COFCO Capital Corporation LOC Rabobank 08/10/05 3.27 14,945,833 40,000,000 COFCO Capital Corporation LOC Rabobank 08/03/05 3.27 39,882,667 28,800,000 COFCO Capital Corporation LOC Rabobank 08/17/05 3.34 28,674,792 25,000,000 FCAR Owner Trust 07/11/05 3.12 24,978,403 50,000,000 Govco Incorporated 07/14/05 3.09 49,944,569 50,000,000 Govco Incorporated 07/13/05 3.09 29,969,300 50,000,000 Greyhawk Funding 08/08/05 3.18 49,833,750 50,000,000 Greyhawk Funding 08/24/05 3.36 49,749,500 30,000,000 Greyhawk Funding 08/10/05 3.19 29,895,000 26,000,000 Lexington Parker Capital 07/08/05 3.07 25,984,530 35,000,000 Lexington Parker Capital 07/26/05 3.16 34,923,681 14,837,000 Lexington Parker Capital 07/12/05 3.10 14,822,991 30,000,000 Lexington Parker Capital 08/17/05 3.20 29,875,450 68,000,000 Lockhart Funding LLC 07/05/05 3.13 67,976,502 20,000,000 Lockhart Funding LLC 08/10/05 3.19 19,929,778 73,000,000 Lockhart Funding LLC 07/06/05 3.13 72,968,468 70,000,000 Lockhart Funding LLC 08/11/05 3.32 69,736,917 30,000,000 Market Street Funding 07/06/05 3.06 29,987,292 20,000,000 Market Street Funding 07/11/05 3.09 19,982,889 35,000,000 Market Street Funding 07/13/05 3.10 34,963,950 50,000,000 Market Street Funding 08/04/05 3.31 49,844,639 40,000,000 Market Street Funding 07/12/05 3.08 39,962,600 50,000,000 Sigma Finance Corp. 08/18/05 3.03 49,801,333 34,684,000 Triple-A One Funding Corporation Insured by MBIA Insurance Corp. 07/06/05 3.07 34,669,307 24,439,000 Triple-A One Funding Corporation Insured by MBIA Insurance Corp 07/12/05 3.08 24,416,150 35,925,000 Triple-A One Funding Corporation Insured by MBIA Insurance Corp. 07/07/05 0.00 35,906,738 50,000,000 Windmill Funding Corporation 07/19/05 3.16 49,921,250 ------------- -------------- 1,265,685,000 Total Asset Backed Commercial Paper 1,263,128,893 ------------- -------------- Commercial Paper (3.05%) - ---------------------------------------------------------------------------------------------------------------------- $ 15,000,000 Cornell University 07/06/05 3.06% $ 14,993,646 15,000,000 Cornell University 08/11/05 3.30 14,983,967 50,000,000 DNB Norbank 07/08/05 3.07 49,970,347 20,000,000 Guam Power Authority 07/12/05 3.11 20,000,000 11,915,000 IDB of the Parish of Calcasieu, Inc. 07/12/05 3.11 11,915,000 10,000,000 Texas PFA 07/12/05 3.13 10,000,000 10,800,000 The John Hopkins University - Series C 08/11/05 3.28 10,800,000 10,100,000 The Rector and Visitors of the University of Virginia 07/13/05 0.00 10,089,496 ------------- -------------- 142,815,000 Total Commercial Paper 142,712,456 ------------- -------------- Eurodollar Certificates of Deposit (8.22%) - ---------------------------------------------------------------------------------------------------------------------- $ 50,000,000 Banque Nationale De Paris 08/09/05 3.16% $ 50,000,388 20,000,000 Banque Nationale De Paris 08/09/05 3.16 19,999,899 50,000,000 Barclays Bank PLC 08/09/05 3.18 50,000,806 75,000,000 Barclays Bank PLC 08/17/05 3.22 75,000,971 50,000,000 Deutsche Bank A.G. 07/18/05 3.13 50,000,117 50,000,000 DNB Nordbank 10/03/05 3.46 50,001,294 25,000,000 HBOS Treasury Services 08/19/05 3.16 24,998,838 30,000,000 Societe Generale 08/15/05 3.20 30,000,000 35,000,000 Societe Generale 09/08/05 3.30 35,000,000 ------------- -------------- 385,000,000 Total Eurodollar Certificates of Deposit 385,002,313 ------------- -------------- Floating Rate Securities (4.96%) - ---------------------------------------------------------------------------------------------------------------------- $ 40,000,000 Bank of America (a) 06/07/06 3.31% $ 40,000,000 50,000,000 Bank of America (b) 12/15/05 3.07 50,000,000 12,200,000 CFM International, Inc. Guaranteed Notes - Series 1999A (c) LOC General Electric Company 01/01/10 3.33 12,200,000 65,000,000 COS-MAR Company (GE Petrochemical) (d) LOC General Electric Company 06/25/06 3.31 65,000,000 15,000,000 General Electric Capital Corporation Extendible Monthly Securities (e) 07/18/05 3.34 15,000,000 50,000,000 Goldman Sachs (f) 01/12/06 3.25 50,000,000 ------------- -------------- 232,200,000 Total Floating Rate Securities 232,200,000 ------------- -------------- - ---------------------------------------------------------------------------------------------------------------------- Foreign Commercial Paper (15.58%) $ 40,000,000 ANZ National International LTD. 07/19/05 3.12% $ 39,938,100 50,000,000 Banco Bilbao Vizcaya Argentaria S.A. 08/15/05 3.20 49,801,250 35,000,000 Banco Bilbao Vizcaya Argentaria S.A. 07/26/05 3.14 34,924,167 30,000,000 Banco Bilbao Vizcaya Argentaria S.A. 08/08/05 3.18 29,899,933 85,000,000 Danske Corporation 07/27/05 3.12 84,809,694 30,000,000 Danske Corporation 08/08/05 3.17 29,900,567 50,000,000 Depfa Bank PLC 08/09/05 3.16 49,830,187 30,000,000 Depfa Bank PLC 08/17/05 3.20 29,875,842 48,500,000 Depfa Bank PLC 08/18/05 3.20 48,294,360 25,000,000 Depfa Bank PLC 08/24/05 3.22 24,880,000 50,000,000 DNB Norbank 08/10/05 3.18 49,824,722 60,175,000 DNB Norbank 07/22/05 3.13 60,065,833 35,000,000 HBOS Treasury Services 08/11/05 3.21 34,872,046 40,000,000 Yorkshire Building Society 08/09/05 3.18 39,863,067 50,000,000 Yorkshire Building Society 08/08/05 3.18 49,833,222 30,000,000 Yorkshire Building Society 07/11/05 3.10 29,974,333 43,000,000 Yorkshire Building Society 07/13/05 3.10 42,955,710 ------------- -------------- 731,675,000 Total Foreign Commercial Paper 729,543,033 ------------- -------------- Letter of Credit Commercial Paper (7.51%) - ---------------------------------------------------------------------------------------------------------------------- $ 27,000,000 Banco Bradesco, S.A. LOC Calyon 12/05/05 3.49% $ 26,596,118 27,000,000 Banco Cuscatlan, S.A. LOC ING Bank NV 11/07/05 3.43 26,672,985 25,000,000 Banco Cuscatlan, S.A. LOC ING Bank NV 07/01/05 3.04 25,000,000 100,000,000 Charta LLC 07/05/05 3.07 99,966,000 26,000,000 Louis Dreyfus Corporation LOC Calyon 07/06/05 3.09 25,988,878 50,000,000 Louis Dreyfus Corporation LOC Calyon 07/06/05 3.09 49,978,639 17,500,000 Louis Dreyfus Corporation LOC Barclays Bank PLC 07/11/05 3.12 17,484,882 25,000,000 Louis Dreyfus Corporation LOC Barclays Bank PLC 07/11/05 3.12 24,978,403 55,000,000 NATC California LLC LOC J.P. Morgan Chase 07/18/05 0.00 54,920,785 ------------ -------------- 352,500,000 Total Letter of Credit Commercial Paper 351,586,689 ------------ -------------- Loan Participations (1.86%) $ 25,000,000 Army and Air Force Exchange Service with JPMorgan Chase 10/31/05 3.33% $ 25,000,000 45,000,000 Army and Air Force Exchange Service with JPMorgan Chase 12/29/05 3.33 45,000,000 17,000,000 Equitable Life Assurance Society with JPMorgan Chase (f) 03/21/06 3.29 17,000,000 ------------- -------------- 87,000,000 Total Loan Participations 87,000,000 ------------- -------------- Repurchase Agreements (2.97%) $ 50,000,000 Annaly Mortgage Management, purchased on 03/31/05, 2.83%, due 04/01/05, repurchase proceeds at maturity $50,003,931 (Collateralized by $105,236,471, GNMA, 3.375% to 5.250%, due 06/20/31 to 01/20/34, value $50,830,787) 04/01/05 2.83% $ 50,000,000 15,000,000 Bank of America, purchased on 03/31/05, 2.82%, due 04/01/05, repurchase proceeds at maturity $15,001,175 (Collateralized by $15,596,734, GNMA, 5.000%, due 11/20/30, value $15,235,015) 04/01/05 2.82 15,000,000 20,000,000 JPMorgan Securities, Inc., purchased on 03/31/05, 2.80%, due 04/01/05, repurchase proceeds at maturity $20,001,556 (Collateralized by $30,035,000, GNMA, 5.500%, due 06/15/33, value $20,400,665) 04/01/05 2.80% 20,000,000 20,000,000 UBS Paine Webber, purchased on 03/31/05, 2.82%, due 04/01/05, repurchase proceeds at maturity $20,001,567 (Collateralized by $17,618,000, FNMA, 4.500% to 6.750%, due 07/15/13 to 03/15/31, value $20,401,945) 04/01/05 2.82 20,000,000 ------------- -------------- 139,000,000 Total Repurchase Agreements 139,000,000 ------------- -------------- U.S. Government Agency Medium Term Notes (0.77%) - ---------------------------------------------------------------------------------------------------------------------- $ 1,855,000 Energy Acquisition Corp. II Insured By MBIA Insurance Corp. 08/15/05 3.30% $ 1,855,000 9,000,000 Federal Home Loan Bank, YTM 2.30% 08/15/05 3.25 9,010,098 25,000,000 Federal Home Loan Bank, YTM 3.30% 02/03/06 3.03 25,000,000 ------------- -------------- 35,855,000 Total U.S. Government Agency Medium Term Notes 35,865,098 ------------- -------------- Variable Rate Demand Instruments (g) (18.09%) $ 1,965,000 361 Summit Blvd. LLC - Series 2003 LOC First Commercial Bank 05/01/28 3.39% $ 1,965,000 3,500,000 1212 Jackson, LLC LOC Fifth Third Bank 09/01/24 3.34 3,500,000 2,000,000 1800 Indian Wood LOC Fifth Third Bank 04/01/26 3.34 2,000,000 2,020,000 2150 Investment Company - Series 1997 LOC Fifth Third Bank 02/01/17 3.34 2,020,000 4,680,000 A&M Associates Project LOC US Bank, N.A. 12/01/34 3.39 4,680,000 2,200,000 Adams County, CO Housing Agency (Semper Village Apartments) - Series 2004C 07/15/37 3.37 2,200,000 2,850,000 Ala trade Food LLC LOC Amsouth Bank 12/01/14 3.44 2,850,000 665,000 Alpine Capital Investment LLC LOC First of America 09/15/27 3.44 665,000 645,000 Andrews Laser Works Corporation LOC Firstar Bank 05/01/08 3.44 645,000 2,225,000 Atlantic Tool & Die Company LOC Charter One Bank 03/01/17 3.38 2,225,000 1,600,000 Atlantic Tool & Die Company - Series 2002 LOC Charter One Bank 12/01/11 3.38 1,600,000 1,272,000 Barnes & Thornburg LOC Fifth Third Bank 07/01/08 3.34 1,272,000 8,167,000 BB Auto Land of Roswell, LLC - Series 2003A LOC Bank of North Georgia 05/01/23 3.50 8,167,000 2,745,000 BBC, LLC LOC Columbus Bank & Trust Company 11/01/20 3.33 2,745,000 1,000,000 Beckfield Properties, LLC LOC Fifth Third Bank 12/01/24 3.34 1,000,000 1,000,000 Bennett Realty LLC LOC Fifth Third Bank 04/01/23 3.34 1,000,000 1,090,000 Berkeley Square Retirement Center - Series 1998 LOC Fifth Third Bank 02/01/13 3.41 1,090,000 4,000,000 Bluegrass Wireless LLC LOC Fifth third Bank 02/01/12 3.34 4,000,000 3,920,000 Bob Sumerel Tire Co, Inc. - Series 1999 LOC Fifth Third Bank 04/01/19 3.34 3,920,000 2,900,000 Brookville Enterprises LOC Fifth Third Bank 10/01/25 3.34 2,900,000 2,000,000 Budd Office Building Associate (Partnership Project) - Series 1997 LOC Comerica Bank 10/01/47 3.38 2,000,000 2,800,000 Burke County, GA Development Authority IDRB (Lichtenberg Holdings II, LLC) LOC JPMorgan Chase 01/01/13 3.40 2,800,000 5,250,000 Carmichael Imaging, LLC - Series 2002 LOC Regions Bank 11/01/10 3.40 5,250,000 4,200,000 CEGW, Inc. LOC PNC Bank, N.A 03/31/09 3.17 4,200,000 2,035,000 Central Michigan Inns, LLC LOC Michigan National Bank 04/01/30 3.39 2,035,000 4,800,000 Charles K. Blandin Foundation - Series 2004 LOC Wells Fargo Bank, N.A. 05/01/19 3.45 4,800,000 5,100,000 Charles William Properties, LLC Guaranteed by Federal Home Loan Bank 08/01/29 3.34 5,100,000 3,600,000 Cheney Brothers, Inc. LOC First Union National Bank of North Carolina 12/01/16 3.41 3,600,000 890,000 Chuo Mubea Suspe Chuomuo LOC Fifth Third Bank 01/01/11 3.34 890,000 2,870,000 Cinnamon Properties, Inc. LOC Firstar Bank 04/01/20 3.34 2,870,000 2,530,000 Cirrus Development Ltd. LOC US Bank, N.A. 05/01/14 3.34 2,530,000 6,660,000 City & County of Denver, CO COPs - Series C LOC JPMorgan Chase 12/01/22 3.30 6,660,000 6,075,000 City of Auburn, AL Industrial Development and Infrastructure RB LOC Allied Irish Bank 05/01/24 3.33 6,075,000 2,000,000 City of Portland, OR EDRB (Broadway Project) - Series 2003B Insured by AMBAC Indemnity Corp. 04/01/11 3.33 2,000,000 1,420,000 Cole Investments LLC LOC Fifth Third Bank 07/01/19 3.34 1,420,000 3,880,000 Columbus Area, Inc., OH LOC Key Bank, N.A. 07/01/24 3.38 3,880,000 4,030,000 Columbus, GA ( Riverton Ford Inc. Projectt) LOC Columbus Bank & Trust 04/01/20 3.40 4,030,000 10,260,000 Columbus, GA Development Authority (Westdeutsche Landesbank, LLC Inverness II Project) - Series 2001 LOC Columbus Bank & Trust 12/01/21 3.42 10,260,000 6,605,000 Columbus, GA Development Authority RB (Four J.S. Family, LLP Project) LOC Columbus Bank & Trust 09/01/20 3.39 6,605,000 11,940,000 Columbus, GA Development Authority RB (Four J.S. Family, LLP Project) - Series 2002 LOC Columbus Bank & Trust 12/01/22 3.40 11,940,000 3,210,000 Columbus, GA Development Authority RB (Rivertown Pediatric Project) LOC Columbus Bank & Trust 05/01/23 3.39 3,210,000 3,100,000 Columbus, GA LOC Columbus Bank & Trust 12/01/24 3.39 3,100,000 1,440,000 Consolidated Equities, LLC - Series 1995 LOC Old Kent Bank & Trust Co. 12/01/25 3.44 1,440,000 7,535,000 Country Club of the South - Series 2002 LOC Bank of North Georgia 12/01/27 3.44 7,535,000 20,425,000 County of Genessee, MI GO - Series 2005 03/01/08 3.34 20,425,000 6,500,000 County of Kent, MI 03/01/07 3.34 6,500,000 4,950,000 Crestmont Nursing Home LOC Fifth Third Bank 03/01/24 3.29 4,950,000 7,500,000 Cubba Capital, LLC LOC Comerica Bank 03/01/55 3.38 7,500,000 4,450,000 D & G Conduit LLC - Series 2003 LOC Amsouth Bank, N.A. 10/01/23 3.33 4,450,000 11,450,000 D.G.Y. Real Estate LP - Series 2000A LOC PNC Bank, N.A. 05/01/20 3.17 11,450,000 7,785,000 Daniel Land Company - Series 2004 LOC Columbus Bank & Trust Company 09/01/29 3.39 7,785,000 2,260,000 Devin F. & Janis L. McCarthy - Series 1997 LOC Firstar Bank 07/01/17 3.34 2,260,000 6,525,000 Drury Inns, Inc. LOC First Commercial Bank 03/01/20 3.46 6,525,000 3,800,000 Dussel Realty Investment LLC LOC National City Bank of Michigan/Illinois 02/01/18 3.39 3,800,000 5,825,000 Eagle Landing IV, Ltd. LOC Regions Bank 09/01/26 3.33 5,825,000 4,100,000 Eckert Seamans Cherin & Mellot, LLC - Series 2000 LOC PNC Bank, N.A. 01/01/15 3.34 4,100,000 1,000,000 Elmhurst Memorial Healthcare LOC Fifth Third Bank 01/01/34 3.26 1,000,000 8,840,000 Elsinore Properties Ltd. - Series 1999 LOC Fifth Third Bank 01/01/29 3.34 8,840,000 1,000,000 Falls Village Realty, LLC LOC Fifth Third Bank 12/01/29 3.34 1,000,000 900,000 Family Sports & Lifestyle RB LOC Fifth Third Bank 09/01/22 3.34 900,000 2,000,000 Fannin & Fannin LLC LOC Fifth Third Bank 12/01/24 3.34 2,000,000 4,390,000 FE, LLC - Series 1998A LOC Fifth Third Bank 04/01/28 3.29 4,390,000 1,500,000 Findlay Evangelical Church LOC Fifth Third Bank 11/01/30 3.34 1,500,000 2,225,000 First Metropolitan Title Company LOC LaSalle National Bank 05/01/22 3.39 2,225,000 1,505,000 First Park Place LLC LOC Fifth Third Bank 12/01/19 3.34 1,505,000 12,000,000 Flint River Services, Inc. LOC Columbus Bank & Trust 01/01/30 3.38 12,000,000 805,000 Follow Thru Land and Development, LLC - Series 1998 LOC Charter One Bank 11/01/13 3.38% 805,000 3,590,000 Ft. Northport, LLC, AL - Series 2004 LOC Regions Bank 12/01/31 3.40 3,590,000 1,400,000 G & J Properties LOC Fifth Third Bank 09/01/23 3.34 1,400,000 250,000 G & J Land Management LOC Fifth Third Bank 12/01/17 3.34 250,000 3,795,000 Garden City Hospital Osteopathic - Series 1997 LOC National City Bank of Michigan/Illinois 10/01/17 3.34 3,795,000 12,150,000 Gastro Partners Land Company, LLC LOC Union Planter Bank 03/01/35 3.33 12,150,000 1,500,000 Genesee County, MI Taxable Obligation Notes 03/31/09 3.17 1,500,000 1,000,000 Gilead Friends Church LOC First Third Bank 10/01/17 3.34 1,000,000 1,595,000 Goson Project - Series 1997 LOC Federal Home Loan Bank 11/01/17 3.39 1,595,000 2,070,000 Grace Community Church of Amarillo LOC Wells Fargo Bank, N.A. 02/01/30 3.40 2,070,000 6,145,000 Graf Brothers Flooring LOC Fifth Third Bank 05/01/20 3.34 6,145,000 1,575,000 Great Expectations Ltd. (Bass Chevrolet) - Series 1996 LOC Fifth Third Bank 07/01/17 3.39 1,575,000 3,829,000 HB Leasing LLC LOC National City Bank 05/01/33 3.39% 3,829,000 1,535,000 HCH, LLC - Series 2000 LOC Key Bank, N.A. 08/01/15 3.38 1,535,000 3,375,000 Healtheum, LLC LOC Wells Fargo Bank, N.A. 11/01/29 3.42 3,375,000 2,520,000 Henderson, OH Regional Authority LOC Fifth Third Bank 07/01/23 3.34 2,520,000 7,500,000 Holland-Sheltair Aviation Funding LOC Mellon Bank, N.A. 05/01/35 3.35 7,500,000 2,000,000 Hoosier Stamping Manufacturing Corp. LOC Fifth Third Bank 07/01/36 3.34 2,000,000 1,025,000 Hope Realty, Ltd. & Harmony Realty (Kurtz Bros., Inc.) LOC Key Bank, N.A. 08/01/15 3.38 1,025,000 1,785,000 Hopkins Property of Talladega LLC RB Guaranteed by Federal Home Loan Bank 10/01/16 2.93 1,785,000 2,040,000 Hopkins Waterhouse LLC Project LOC National City Bank of Michigan/Illinois 06/01/20 3.39 2,040,000 2,805,000 Hostun LLC 12/01/27 3.37 2,805,000 2,187,000 HRH Capital LLC LOC National City Bank, Northwest 03/01/22 3.34 2,187,000 3,040,000 Hudson Toyota And Hyundai Realty LLC LOC Fifth Third Bank 04/01/23 3.34 3,040,000 2,945,000 ILH LLC - Series 2003 LOC Fifth Third Bank 04/01/28 3.34 2,945,000 1,200,000 ILH LLC - Series 2004 LOC Fifth Third Bank 07/01/34 3.34 1,200,000 6,125,000 Indiana HEFA (Porter Project - Series) LOC Fifth Third Bank 06/01/19 3.29 6,125,000 1,700,000 IOP Properties LLC LOC Fifth Third Bank 04/01/44 3.34 1,700,000 435,000 Jake Sweeney Automotive, Inc. LOC Firstar Bank 04/01/10 3.34 435,000 4,280,000 KBL Capital Fund, Inc. - Series 1995A LOC Old Kent Bank & Trust Co. 07/01/05 3.34 4,280,000 710,000 KBL Capital Fund, Inc. (BH Reality Limited Partnership) LOC Old Kent Bank & Trust Co. 05/01/21 3.34 710,000 3,479,000 KFDT L.P. LOC Fifth Third Bank 04/01/35 3.34 3,479,000 2,485,000 Kingston Healthcare Company - Series 1997A LOC Fifth Third Bank 11/01/17 3.34 2,485,000 4,950,000 Kingston Healthcare Company - Series 1997A LOC Fifth Third Bank 08/01/25 3.29 4,950,000 1,910,000 Kingston Healthcare Company - Series 1998A LOC Fifth Third Bank 02/01/18 3.39 1,910,000 1,335,000 Kissel Holdings, Inc. - Series 2000 LOC Firstar Bank 12/01/20 3.44 1,335,000 1,200,000 Kit Carson County, CO Agricultural Development RB (Midwest Farms, LLC) - Series 1997 LOC Wells Fargo Bank, N.A. 06/01/27 3.33 1,200,000 4,290,000 Kool Capital, LLC LOC Michigan National Bank 04/01/29 3.46 4,290,000 2,255,000 L3 Corporation - Series 2002 LOC Fifth Third Bank 11/01/17 3.34 2,255,000 4,750,000 Lakeland Income Properties, LLC Guaranteed by Federal Home Loan Bank 04/01/29 3.40 4,750,000 5,270,000 Laminations, Inc. & Santana Products - Series 1999 LOC PNC Bank, N.A. 08/31/15 3.17 5,270,000 6,260,000 Laurel County, KY Industrial Building RB (Consolidated Biscuit Company Project) LOC Fifth Third Bank 03/01/15 3.39 6,260,000 12,775,000 Lexington Financial Services Health Care RB - Series 2001 LOC LaSalle National Bank 02/01/26 3.40 12,775,000 3,200,000 Lock Inns, Inc. LOC Bank of North Georgia 02/01/23 3.60 3,200,000 1,840,000 Lockland Development Company Ltd. - Series 2000 LOC US Bank, N.A. 07/01/20 3.39 1,840,000 560,000 LRC - B Wadsworth Investors, Ltd. LOC Firstar Bank 09/01/17 3.49 560,000 1,000,000 LRC - Meadows Investors LLC LOC J.P. Morgan Chase 12/01/34 3.39 1,000,000 7,920,000 Madison, WI Community Development Authority RB (Block 89 Project) - Series 1996A 01/01/19 3.34 7,920,000 6,195,000 Madison, WI Community Development Authority RB (Block 89 Project) - Series 2000 07/01/20 3.34 6,195,000 2,920,000 Materials Processing Inc. LOC Fifth Third Bank 09/01/34 3.34 2,920,000 3,060,000 Maximum Principle Amount Limited Partnership (Riverview Medical Office Building) LOC National City Bank of Michigan/Illinois 11/01/17 3.39 3,060,000 6,850,000 MBE Investment Company LLC LOC Comerica Bank 12/01/54 3.38 6,850,000 8,055,000 MCSH Real Estate Investors, LLC LOC First Tennessee Bank 09/01/21 3.37 8,055,000 1,415,000 Miami River Stone Company LOC Firstar Bank 08/01/09 3.41 1,415,000 1,145,000 Michigan City, IN EDC LOC Fifth Third Bank 10/01/13 3.34 1,145,000 1,000,000 Michigan Equity Group LOC Fifth Third Bank 04/01/34 3.34 1,000,000 2,245,000 Michigan HEFA (Hope College) - Series 1996M LOC Old Kent Bank & Trust Co. 10/01/16 3.44 2,245,000 935,000 Milwaukee, WI (Historic Third Ward Parking Project) LOC Northern Trust Bank 09/01/28 3.44 935,000 2,510,000 Mississippi Business Finance Corporation IDRB (Howard Industries, Inc.) - Series 1995 LOC Amsouth Bank, N.A. 06/01/10 3.40 2,510,000 2,200,000 Mississippi Business Finance Corporation, (Colle Towing Project) 12/01/27 3.40 2,200,000 4,800,000 Mississippi Business Finance Corporation IDRB (Pottery Barn Inc. Project) LOC Bank of America 06/01/24 3.33 4,800,000 2,075,000 Mississippi Business Finance Corporation IDRB (TTW Farm Products Inc.) LOC Amsouth Bank, N.A. 11/01/11 3.40 2,075,000 7,225,000 Mississippi Business Finance Corporation IDRB (Lextron-Visteon Leasing Project) - Series 2003 LOC J.P. Morgan Chase 12/01/27 3.34 7,225,000 2,920,000 Mississippi Business Finance Corporation IDRB (TTW Farm Products Inc.) LOC Amsouth Bank, N.A. 11/01/11 3.40 2,920,000 5,880,000 Mobile, AL Medical Clinic Board RB (Springhill Medical Complex) - Series 1996B LOC Amsouth Bank, N.A. 09/01/11 3.40 5,880,000 7,960,000 Montgomery County, PA (Brookside Manor) Collateralized by Federal National Mortgage 08/15/31 3.32 7,960,000 5,765,000 Montgomery County, PA (Kingswood Apartments Project) Collateralized by Federal National Mortgage 08/15/31 3.32 5,765,000 865,000 Montgomery, AL IDB (The Jobs Company, LLC Project) - Series 1996C LOC Columbus Bank & Trust Company 07/01/16 3.33 865,000 1,285,000 Mount Carmel West Medical Office Building Limited Partnership LOC National City Bank of Michigan/Illinois 08/01/19 3.39 1,285,000 1,900,000 Mrs. K.C. Jordan & Associates, Inc. LOC Fifth Third Bank 04/01/23 3.34 1,900,000 1,815,000 New Lexington Clinic, P.S.C. LOC Fifth Third Bank 05/01/18 3.34 1,815,000 150,000 New York City, NY IDA (J&J Farms Creamery) - Series 1988C LOC Bank of New York 05/01/08 3.53 150,000 2,600,000 New York State HFA RB (345 East 94th Street) Guaranteed by Federal Home Loan Mortgage Corporation 11/01/31 2.25 2,600,000 9,000,000 New York State HFA RB (Saxony Housing) - Series 1997A Collateralized by Federal National Mortgage 11/01/31 3.34 9,000,000 1,650,000 NO S Properties, LLC LOC Fifth Third Bank 08/01/24 3.34 1,650,000 7,700,000 North Lagoon Partners, Inc. LOC Columbus Bank & Trust 10/01/29 3.33 7,700,000 1,900,000 NPI Capital, LLC LOC Michigan National Bank 07/01/29 3.44 1,900,000 9,565,000 Nugent Sand Company - Series 1999 LOC National City Bank of Michigan/Illinois 11/01/11 3.39 9,565,000 6,900,000 Olathe, KS IDRB LOC Svenskahandelsbanken 03/01/27 3.47 6,900,000 1,679,000 Olszeski Properties, Inc. - Series 1996 LOC Key Bank, N.A. 09/01/16 3.38 1,679,000 6,140,000 Opelika Industrial Park Project - Series 1998A Insured by MBIA Insurance Corp. 06/01/23 3.45 6,140,000 1,080,000 Oswego County, NY IDA Civic Facilities (OH Properties, Inc Project - B) LOC Manufacturers & Traders Bank & Trust Co. 06/01/24 3.39 1,080,000 6,790,000 Palmetto NW, LLC LOC National Bank of South Carolina 05/01/29 3.39 6,790,000 2,425,000 Parisi Investment, LP & Supply Co. - Series 1998 LOC US Bank, N.A. 05/01/18 3.34 2,425,000 1,030,000 PBSI Properties, LLC LOC Huntington National Bank 03/01/34 3.44 1,030,000 1,980,000 Peachtree Crest Professional Offices - Series 2003 LOC Bank of North Georgia 03/01/23 3.44 1,980,000 19,000,000 Pell City, AL Special Care Facilities Financial Authority Revenue (Noland Health Services) LOC Allied Irish Bank 12/01/34 3.32 19,000,000 4,700,000 Pennsylvania Economic Development Authority RB LOC PNC Bank 08/01/28 3.34 4,700,000 2,670,000 Pomeroy Investments, LLC - Series 1997 LOC Firstar Bank 05/01/17 3.34 2,670,000 1,675,000 R.M.D. Corporation LOC Fifth Third Bank 06/01/13 3.34 1,675,000 4,355,000 Radiation Oncology Partners, LLP LOC South Trust Bank 08/01/18 3.40 4,355,000 2,590,000 Realty Holdings Co. LLC LOC Fifth Third Bank 05/01/24 3.34 2,590,000 1,945,000 Rehab of El Paso, Ltd. - Series 2000 LOC PNC Bank, N.A. 06/01/15 3.17 1,945,000 5,135,000 Reynolds Road Fitness Center, - Series 1998 LOC Fifth Third Bank 01/01/19 3.34 5,135,000 3,775,000 Robert C. Fox Jr. (Fox Racing Shoe Project) - Series A LOC Comerica Bank 06/01/33 3.42 3,775,000 4,460,000 Rockwood Quarry LLC LOC Fifth Third Bank 12/01/22 3.29 4,460,000 4,890,000 Rogers Bridge Road & Southern Properties, LLC - Series 2002 LOC Bank of North Georgia 01/01/23 3.49 4,890,000 2,100,000 Royce G. Pulliam M&A LLC LOC Fifth Third Bank 08/01/25 3.34 2,100,000 2,110,000 Rumpf Development, Ltd. LOC Charter One Bank 08/01/17 3.38 2,110,000 770,000 S & L Plastic Inc. LOC Fleet Bank 07/01/08 3.38 770,000 1,140,000 S & S Partnership (Model Graphics) - Series 1999 LOC Firstar Bank 09/01/19 3.44 1,140,000 9,125,000 Saginaw County, MI 03/01/08 3.34 9,125,000 1,400,000 Sand Run Nursery & Preserve LLC LOC US Bank, N.A. 03/01/24 3.41 1,400,000 2,620,000 Savoy Properties, Ltd. LOC Key Bank, N.A. 08/01/20 3.38 2,620,000 3,700,000 Schenectady County, NY IDA (MVP Garage Project) - Series 2000A LOC Fleet Bank 11/01/10 3.39 3,700,000 4,510,000 Security Self-Storage, Inc. LOC Bank One 02/01/19 3.39 4,510,000 2,800,000 Security Self-Storage, Inc. LOC Bank One 05/01/35 3.34 2,800,000 3,330,000 Servaas, Inc. - Series 2003 LOC Fifth Third Bank 03/01/13 3.34 3,330,000 3,720,000 Shepherd Capital LLC LOC First of America 09/15/47 3.46 3,720,000 3,405,000 Shepherd Capital LLC LOC Old Kent Bank & Trust Co. 03/15/49 3.46 3,405,000 5,265,000 Smugglers Notch Management Company, Ltd. and Smugglers Notch Investment Company, Ltd. - Series 2000 09/01/15 3.38 5,265,000 1,300,000 Soaring Eagle Partners, L.P. - Series 2000A LOC PNC Bank 12/01/15 3.17 1,300,000 7,200,000 Southeast Alabama Gas District RB (Lateral Project) Insured by AMBAC Indemnity Corp. 06/01/25 3.40 7,200,000 4,100,000 Southwestern Ohio Steel, Inc. LOC Firstar Bank 04/01/08 3.39 4,100,000 7,300,000 Southern Central Communicate LOC Fifth Third Bank 04/01/18 3.29 7,300,000 1,445,000 Stallard-Schrier Corporation LOC Fifth Third Bank 09/01/16 3.41 1,445,000 1,060,000 State Crest Ltd. - Series 2000 LOC Fifth Third Bank 06/01/23 3.34 1,060,000 5,221,000 Stonegate-Partners I, LLC (Stonegate Partners Project) - Series 2002 LOC US Bank, N.A. 06/01/34 3.39 5,221,000 1,205,000 T.D. Management Ltd. - Series 1996 LOC Fifth Third Bank 01/01/11 3.41 1,205,000 2,400,000 Tampa Bay, FL (Elders Land Development) LOC Fifth Third Bank 09/01/23 3.34 2,400,000 2,760,000 Tant Real Estate, LLC - Series 2003 LOC Columbus Bank & Trust Company 03/01/23 3.40 2,760,000 3,340,000 Taylor STN Surgery Center LOC National City Bank 12/01/22 3.39 3,340,000 7,395,000 Thayer Properties II, LLC LOC Columbus Bank & Trust Company 09/01/21 3.50 7,395,000 3,380,000 The Hennegan Company LOC US Bank, N.A. 10/01/11 3.34 3,380,000 1,905,000 The HomeCity 05/01/19 3.39 1,905,000 25,000,000 The Salvation Army LOC The Bank of New York 02/01/35 3.32 25,000,000 6,580,000 The Shoppes at Edgewater - Series 2003 LOC Amsouth Bank, N.A. 01/01/23 3.40 6,580,000 7,170,000 Three Reading LP Guaranteed by Federal Home Loan Bank 06/01/24 3.42 7,170,000 270,000 Town of Greendale, IN EDA RB - Series 1993B LOC National City Bank of Michigan/Illinois 12/01/05 3.49 270,000 3,090,000 Town of Islip, NY IDA (Brentwood Real Estate LLC) LOC ABN AMRO Bank, N.A. 11/01/20 3.39 3,090,000 6,425,000 Triple Crown Investments, LLC Insured by Federal Home Loan Bank 08/01/25 3.34 6,425,000 2,105,000 Trotman Bay Minette, Inc. LOC Columbus Bank & Trust Company 01/01/21 3.33 2,105,000 2,800,000 Twelfth Street Partners, LLC LOC Fifth Third Bank 04/01/25 3.34 2,800,000 4,830,000 Unico Alloys & Metals LOC National City Bank 08/01/24 3.34 4,830,000 845,000 Vincent Enterprise & Partners - Series 2001 LOC Royal Bank Of Scotland 03/01/20 3.38 845,000 1,845,000 Vista Funding Corporation - Series 1997A LOC Fifth Third Bank 07/01/15 3.39 1,845,000 935,000 Walt Sweeney Ford - Series 1996 LOC Fifth Third Bank 01/01/12 3.44 935,000 885,000 Warrior Roofing Manufacturing, Inc. LOC Columbus Bank & Trust Company 09/01/26 3.55 885,000 4,090,000 Watson's Dayton Properties, LLC - Series A LOC US Bank, N.A. 07/01/18 3.34 4,090,000 7,055,000 Wellington Green LLC LOC Charter One Bank 04/01/29 3.38 7,055,000 3,400,000 West Coast Pack, LLC LOC LaSalle National Bank Subsidiary of ABN AMRO, N.A. 07/01/35 3.42 3,400,000 9,900,000 Wellstone Mills LLC LOC PNC Bank, N.A. 12/15/24 3.34 9,900,000 2,000,000 Westchester County, NY IDA RB (B.W.P. Distributors Inc.) LOC First Union National Bank of North Carolina 10/01/28 3.41 2,000,000 600,000 Westchester Presbyterian Church LOC Firstar Bank 09/01/13 3.49 600,000 4,120,000 William Morris Reality Greystone - Series 2003 LOC Amsouth Bank, N.A. 01/01/19 3.44 4,120,000 1,550,000 Wilmington Iron & Metal Company LOC Bank One 08/01/14 3.34 1,550,000 5,966,497 Wilmington Trust Company Guaranteed by General Electric Company 01/01/11 3.33 5,966,498 5,000,000 Willow Creek Interest LLC, OH Fifth Third Bank 04/01/25 3.34 5,000,000 9,375,000 Winder-Barrow Industrial Building Authority (The Concrete Company Project) - Series 2000 LOC Columbus Bank & Trust Company 02/01/20 3.40 9,375,000 1,255,000 Windsor Medical Center, Inc. LOC Federal Home Loan Bank 12/03/18 3.39 1,255,000 $ 1,000,000 Word of Deliverence LOC Fifth Third Bank 12/01/24 3.34% $ 1,000,000 8,065,000 Zirbser Greenbriar Inc. Guaranteed by Federal Home Loan Bank 01/01/26 3.58 8,065,000 ------------- -------------- 846,990,497 TOTAL VARIABLE RATE DEMAND INSTRUMENTS 846,990,497 ------------- -------------- YANKEE CERTIFICATES OF DEPOSIT (11.85%) - ---------------------------------------------------------------------------------------------------------- $ 50,000,000 Banco Balbao De Vizcaya 07/01/05 3.03% $ 50,000,055 50,000,269 Banque Nationale De Paris 08/09/05 3.17 50,000,537 50,000,000 Banque National De Paris 09/09/05 3.31 50,000482 50,000,000 Barclays Bank PLC 09/06/05 3.30 50,000,433 30,000,000 Canadian imperial Bank 07/01/05 3.03 30,000,000 25,000,000 Dexia Credit Local De France 08/15/05 3.26 25,000,155 50,000,000 HSBC Bank PLC 08/09/05 3.16 50,000,269 50,000,000 Natexis Banques Populaires 07/13/05 3.13 50,000,000 25,000,000 Royal Bank of Canada 09/16/05 3.35 24,999,851 100,000,000 Svenska Handelsbanken 07/25/05 3.13 100,000,331 75,000,000 Svenska Handelsbanken 07/26/05 3.13 75,000,259 ------------- -------------- 555,000,000 TOTAL YANKEE CERTIFICATES OF DEPOSIT 555,002,373 ------------- -------------- TOTAL INVESTMENTS (101.84%) 4,768,031,351 LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS (-1.84%) (85,962,572) -------------- NET ASSETS (100.00%) $4,682,068,779 ============== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: CORTLAND SHARES, 1,211,114,491 SHARES OUTSTANDING (NOTE 3) $ 1.00 ============== SHORT TERM FUND SHARES, 55,329,595 SHARES OUTSTANDING (NOTE 3) $ 1.00 ============== ADVANTAGE SHARES, 2,512,844,246 SHARES OUTSTANDING (NOTE 3) $ 1.00 ============== XPRESS SHARES, 902,780,446 SHARES OUTSTANDING (NOTE 3) $ 1.00 ============== FOOTNOTES: a) Valuation of Securities - Investments are valued at amortized cost. Under this valuation method, a portfolio instrument is valued at cost and any discount or premium is amortized on a constant basis to the maturity of the instrument. The maturity of variable rate demand instruments is deemed to be the longer of the period required before the Fund is entitled to receive payment of the principal amount or the period remaining until the next interest rate adjustment. (a) The interest rate changes daily based upon Federal funds target plus 0.05%. (b) The interest rate changes daily based upon Prime minus 2.935%. (c) The interest rate is adjusted weekly based upon average of prior week one month LIBOR; weekly put at par. (d) The interest rate is adjusted monthly based upon one month LIBOR Plus 0.01%. (e) The interest rate is adjusted monthly based upon one month LIBOR plus 0.10%. (f) The interest rate is adjusted monthly based upon one month LIBOR plus 0.02%. (g) These securities have a 7-day put feature exercisable by the fund at par value. Rate changes weekly.
KEY: COPs = Certificates of Participation IDA = Industrial Development Authority EDA = Economic Development Authority IDB = Industrial Development Bond EDRB = Economic Development Revenue Bond IDRB = Industrial Development Revenue Bond FNMA = Federal National Mortgage Association LOC = Letter of Credit GNMA = Government National Mortgage Association PFA = Public Finance Authority HEFA = Health & Education Facilities Authority RB = Revenue Bond HFA = Housing Finance Authority
CORTLAND TRUST, INC. U.S. GOVERNMENT FUND STATEMENT OF NET ASSETS MARCH 31, 2005
Face Maturity Value Amount Date Yield (Note 1) ------ ---- ------ ------ Floating Rate Securities (3.89%) - ---------------------------------------------------------------------------------------------------------------------- $ 10,000,000 Federal Homw Loan Bank 07/26/05 2.58 $ 9,999,931 5,000,000 Federal National Mortgage Association 10/07/05 2.47% $ 5,001,334 ------------- -------------- 15,000,000 Total Floating Rate Securities 15,001,265 ------------- -------------- Loan Participation (7.78%) - ---------------------------------------------------------------------------------------------------------------------- $ 30,000,000 Army and Air Force Exchange Service with JPMorgan - ------------- Chase and Company 12/29/05 3.33% $ 30,000,000 ---------- 30,000,000 Total Loan Participation 30,000,000 ------------- ------------ Repurchase Agreements (44.86%) - ---------------------------------------------------------------------------------------------------------------------- $ 67,000,000 Bank of America, purchased on 06/30/05,3.35%, due 07/01/05, repurchase proceeds at maturity $67,006,235 (Collateralized by $124,196,344, GNMA, 4.000% to 8.35%, due 07/15/18 to 06/15/35, value $68,039,051) 07/01/05 3.35% $ 67,000,000 56,000,000 Citibank, purchased on 06/30/05, 3.30%, due 07/01/05, repurchase proceeds at maturity $56,005,133 (Collateralized by $69,218,068, GNMA, 3.500% to 5.000, due 10/20/26 to 08/15/33, value $56,934,388) 07/01/05 3.30 56,000,000 50,000,000 JPMorgan Securities, Inc., purchased on 06/30/05,3.35%, due 07/01/05, repurchase proceeds at maturity $50,004,653 (Collateralized $50,036,000, FHLB, 2.8750% to 3.3750%, due 09/15/06 to 02/15/08, value $10,707,095; FNMA, 2.75 to 5.550%, due 07/15/06 to 07/15/13, value $28,968,284; RFIN, 0.000%, due 7/15/07, value $5,738,821) 07/01/05 3.35 50,000,000 ------------- -------------- 173,000,000 Total Repurchase Agreements 173,000,000 ------------- -------------- U.S. Government Agencies (5.00%) - ---------------------------------------------------------------------------------------------------------------------- $ 8,800,000 Federal Home Loan Bank 07/01/05 3.01% $ 8,800,000 5,500,000 Federal Home Loan Bank 07/28/05 3.09 5,493,794 5,000,000 Federal Home Loan Bank 08/26/05 3.15 4,986,923 - ------------- -------------- 19,300,000 Total Repurchase Agreements 19,280,717 - ------------- -------------- U.S. Government Agency Discount Notes (30.28%) $ 4,799,000 Federal Home Loan Bank 07/06/05 3.09 4,796,940 1,735,000 Federal Home Loan Bank 07/13/05 3.13 1,733,196 1,100,000 Federal Home Loan Bank 07/11/05 3.05 1,099,070 2,000,000 Federal Home Loan Bank Note 09/30/05 3.27 1,992,844 5,880,000 Federal Home Loan Mortgage Corporation 08/09/05 3.08 5,860,572 2,750,000 Federal Home Loan Mortgage Corporation 10/04/05 3.24 2,726,814 5,000,000 Federal Home Loan Mortgage Corporation 11/01/05 3.01 4,949,843 10,000,000 Federal Home Loan Mortgage Corporation 11/30/05 2.97 9,878,400 5,000,000 Federal Home Loan Mortgage Corporation 08/08/05 3.13 4,983,586 2,200,000 Federal Home Loan Mortgage Corporation 08/16/05 3.17 2,191,145 5,000,000 Federal Home Loan Mortgage Corporation 07/20/05 3.03 4,992,083 1,200,000 Federal Home Loan Mortgage Corporation 07/05/05 3.08 1,199,589 5,000,000 Federal Home Loan Mortgage Corporation 07/05/05 3.05 4,998,308 2,500,000 Federal Home Loan Mortgage Corporation 07/19/05 3.11 2,496,125 1,750,000 Federal Home Loan Mortgage Corporation 10/04/05 3.25 1,735,176 1,300,000 Federal National Mortgage Association 08/08/05 3.17 1.295,678 1,000,000 Federal National Mortgage Association 01/30/06 3.61 990,814 5,000,000 Federal National Mortgage Association 09/07/05 3.30 4,969,022 5,000,000 Federal National Mortgage Association 09/02/05 2.82 4,975,763 1,000,000 Federal National Mortgage Association 07/22/05 3.15 998,168 5,000,000 Federal National Mortgage Association 07/01/05 2.97 5,000,000 5,000,000 Federal National Mortgage Association 07/06/05 3.04 4,997,889 6,600,000 Federal National Mortgage Association 07/06/05 3.03 6,597,232 5,000,000 Federal National Mortgage Association 07/06/05 3.02 4,987,910 2,173,000 Federal National Mortgage Association 07/13/05 3.04 2,170,805 5,759,000 Federal National Mortgage Association 07/13/05 3.11 5,753,049 7,000,000 Federal National Mortgage Association 07/20/05 3.03 6,988,917 5,000,000 Federal National Mortgage Association 07/27/05 3.05 4,989,094 - ------------- -------------- 117,176,000 Total U.S. Government Agency Discount Notes 116,767,929 - ------------- -------------- U.S. Government Agency Medium Term Notes (9.66%) $ 4,200,000 Federal Home Loan Bank 07/29/05 3.13% $ 4,194,913 4,300,000 Federal Home Loan Bank 08/26/05 3.18 4,299,797 2,000,000 Federal Home Loan Bank 08/15/05 2.30 2,002,244 5,000,000 Federal Home Loan Bank 02/03/06 3.03 5,000,000 5,000,000 Federal Home Loan Bank 08/26/05 3.19 4,999,862 1,000,000 Federal Home Loan Bank 08/24/05 3.15 997,715 4,876,000 Federal Home Loan Mortgage Corporation 08/15/05 3.20 4,865,474 4,930,000 Federal National Mortgage Association 07/15/05 3.15 4,937,169 1,000,000 Federal National Mortgage Association 07/08/05 3.10 999,698 5,000,000 Federal National Mortgage Association 07/29/05 3.10 4,993,942 ------------- -------------- 37,306,000 Total U.S. Government Agency Medium Term Notes 37,290,814 ------------- -------------- Total Investments (101.47%) 391,340,725 Cash and other assets, net of liabilities (1.47%) (5,654,471) -------------- Net Assets (100.00%) $ 385,686,254 ============== Net asset value, offering and redemption price per share: Cortland Shares, 183,429,368 shares outstanding (Note 3) $ 1.00 ============== Advantage Shares,202,256,886 shares outstanding (Note 3) $ 1.00 ==============
KEY: FHLB = Federal Home Loan Bank FNMA = Federal National Mortgage Association GNMA = Government National Mortgage Association RFIN = Resolution Funding Corporation Strip Interest
CORTLAND TRUST, INC. MUNICIPAL MONEY MARKET FUND STATEMENT OF NET ASSETS JUNE 30, 2005
Face Maturity Value Amount Date Yield (Note 1) ------ ---- ----- ------ Put Bonds (b) (7.19%) - ---------------------------------------------------------------------------------------------------------------------- $ 1,070,000 City of Dayton, KY Industrial Building RB (RADAC Corporation Project) - Series 1994C (c) LOC Fifth Third Bank 10/01/05 2.65% $ 1,070,000 6,500,000 Harford County, MD (A.O. Smith) (c) LOC Comerica Bank 09/01/05 2.45 6,500,000 2,500,000 Michigan Strategic Fund Limited Obligation RB (Donnelly Corporation Project) - Series B (c) LOC Bank of Nova Scotia 10/01/05 2.55 2,500,000 1,500,000 Minnesota State HFA (Residential Housing) - Series H (c) Insured by AMBAC Indemnity Corp. 07/21/05 1.62 1,500,000 2,450,000 North Carolina Industrial Facility PCFA RB (GVK America Inc. Project) (c) LOC Citibank, N.A. 09/01/05 2.90 2,450,000 2,760,000 Pooled Puttable Floating Option Tax Exempts Receipts - Series PPT-33 LOC Merrill Lynch & Company, Inc. 12/15/05 2.70 2,760,000 ----------- ----------- 16,780,000 Total Put Bonds 16,780,000 ----------- ----------- Tax Exempt Commercial Paper (10.82%) $ 3,000,000 Burke County, GA Development Authority (Ogelthorpe Power) - Series 1998B Insured by AMBAC Indemnity Corp. 07/07/05 2.60% $ 3,000,000 1,750,000 City of Austin, TX (Travis & William) Utility System Notes - Series A LOC Bayerische Landesbank, A.G./Morgan Guaranty Trust Company/State Street Bank & Trust Co. 08/02/05 2.50 1,750,000 6,000,000 City of Brownsville, TX Utility System - Series A LOC State Street Bank & Trust Co. 08/08/05 2.50 6,000,000 1,000,000 City of St. Louis, MO Airport LOC JP Morgan Chase & Company 08/16/05 2.52 1,000,000 2,600,000 San Antonio, TX - Series 2001 08/02/05 2.50 2,600,000 1,000,000 State of Michigan GO (School Loan Board) - Series 2004A (c)10/05/05 2.20 1,000,000 4,900,000 Sunshine State Government Financing Commission RN (Miami - Dade) - Series G 07/14/05 2.58 4,900,000 5,000,000 Washington, DC Metropolitan Airport Authority (General Airport Notes) LOC Bank of America 08/11/05 2.57 5,000,000 - ----------- ----------- 25,250,000 Total Tax Exempt Commercial Paper 25,250,000 - ----------- ----------- Tax Exempt General Obligation Notes & Bonds (14.81%) $ 1,150,000 Butler County, OH BAN 06/08/06 4.00% $ 1,159,400 1,300,000 Concord, CO Metropolitan District GO Improvement Bonds 12/01/05 2.25 1,300,000 7,500,000 Dorchester County, SC, 04/14/06 2.77 7,556,475 1,565,000 Fairborn, OH 06/28/06 2.78 1,583,412 1,300,000 Hartford, WI Union High School District TRAN (c) 09/30/05 2.00 1,301,082 1,250,000 Johnson Creek, WI School District TRAN (c) 08/29/05 2.00 1,250,555 1,200,000 Lake Mills, WI Area School District TRAN (c) 09/01/05 1.69 1,200,619 2,000,000 Logan County 07/06/06 2.80 2,023,280 2,000,000 Medford Township, NJ BAN (c) 10/06/05 1.80 2,006,262 1,500,000 Spencer, WI School District TRAN (c) 08/25/05 2.00 1,500,688 2,000,000 State of Michigan GO Notes - Series 2005 A 09/30/05 2.00 2,007,356 2,000,000 Texas State TRAN 08/31/05 1.60 2,004,603 2,000,000 Texas State TRAN 08/31/05 2.06 2,003,016 1,830,000 Washington Court House, OH (BD Antic NTS- School Construction) 11/15/05 2.72 1,834,172 825,000 Will County, IL Troy Township Community Consolidated School District #30C - Series B (c) Insured by FSA 10/01/05 1.70 825,615 5,000,000 Wyandotte County, KS - Series VIII (c) 11/01/05 1.95 5,013,136 - ----------- ----------- 34,420,000 Total Tax Exempt General Obligation Notes & Bonds 34,569,671 - ----------- ----------- Variable Rate Demand Instruments (d) (72.55%) $ 2,000,000 ABN AMRO Munitops Certificate Trust, Co. - Series Insured by FGIC 06/01/13 2.33% $ 2,000,000 1,000,000 Ashland, KY PCRB (Ashland Oil Inc. Project) LOC SunTrust Bank 04/01/09 2.20 1,000,000 5,455,000 Auburn, AL Non-Profit HDA MHRB (Lakeside Project) LOC Columbus Bank & Trust Company 09/01/27 2.60 5,455,000 $ 3,250,000 Blue Springs, MO IDA MHRB (Autumn Place Apartments Project) - Series A1 Guanranteed by Federal National Mortgage Association 08/15/37 2.32% $ 3,250,000 1,500,000 Bridgeport CT ROC II-R45 00002 Insured by FGIC 07/15/16 2.32 1,500,000 5,670,000 Channahon, IL RB LOC US Bank, N.A. 12/01/32 2.26 5,670,000 2,800,000 City of Pulaski and Giles, TN IDRB (Martin Methodist College Program) LOC Amsouth Bank, N.A. 01/01/24 2.40 2,800,000 1,300,000 City of Whiting, Indiana (BP AMOCO) - PLC Series 99 01/01/26 2.36 1,300,000 1,000,000 Clipper Tax Exempt Trust COPs - Series 1999-3 10/01/05 2.48 1,000,000 7,039,791 Clipper Tax Exempt Trust COPs - Series 2004-3 07/01/09 2.40 7,039,791 3,000,000 Connecticut HFA Housing Finance Mortgage Program Bonds - Series B-3 Insured by AMBAC Indemnity Corp. 05/15/33 2.25 3,000,000 1,000,000 Connecticut State HEFA (Yale University) 07/01/29 2.22 1,000,000 1,000,000 Connecticut HFA Housing Finance Mortage Program Bonds - Series 2001 A-3 Insured by AMBAC Indemnity Corp. 05/15/32 2.25 1,000,000 4,200,000 Dekalb County, GA Housing Authority MHRB (Wood Hills Apartments) LOC Fleet Bank 12/01/07 2.33 4,200,000 3,500,000 Detroit, MI Senior Lien RB (Sewer Disposal) - Series C-1 LOC Dexia CLF 07/01/27 2.25 3,500,000 6,990,000 Douglas County, NE IDRB (Phillips Manufacturing Project) LOC Wells Fargo Bank N.A. 12/01/18 2.43 6,990,000 3,000,000EL Paso, TX Independent School District - Series B LOC Texas PSF 08/01/29 2.30 3,000,000 4,000,000 Florida Housing Finance Corporation RB (Stuart Pointe Apartments) - Series B-1 LOC SunTrust Bank 04/01/34 2.31 4,000,000 6,005,000 Franklin County, OH MHRB (Children's Hospital) Insured by AMBAC Indemnity Corp. 11/01/25 2.30 6,005,000 2,000,000 Greenwood County, SC (Fuji Photo Film, Inc. Project) 09/01/11 2.46 2,000,000 1,000,000 Gulf Coast, TX IDA Environmental Facilities RB (Citgo Petroleum corporation Project) LOC Royal Bank of Scotland 02/01/32 2.36 1,000,000 2,350,000 Harris, TX HFA MHRB (Wellington Park Apartments) Collateralized by Federal National Mortgage Association 02/15/37 2.32 2,350,000 2,000,000 Houston, TX Independent School Districted Limited 00002 Tax Schoolhouse & Refounding Bonds 06/15/33 2.35 2,000,000 4,000,000 Indiana Municipal Power Agency (Power Supply System RB) - Series A 01/01/18 2.28 4,000,000 3,180,000 Illinios Development Authority IDRB (Trim-Rite Food Corporation Project) - Series 2000 AMT LOC LaSalle National Bank Subsidiary of ABN AMRO 12/01/25 2.46 3,180,000 3,000,000 Illinios Development Financial Authority 00001 (Butterfield Creek Project) - Series 1999 AMT LOC LaSalle National Bank Subsidiary of ABN AMRO, 04/01/39 2.46 3,000,000 2,000,000 Iowa Higher Education Laon Authority RB (LORAS College Project) LOC LaSalle National Bank 11/01/30 2.30 2,000,000 5,500,000 Kansas State Department of Transportation Highway RB - Series C-2 09/01/19 2.23 5,500,000 5,766,178 Koch Floating Rate Trust - Series 1 Insured by AMBAC Indemnity Corp. 04/01/09 2.48 5,766,178 2,400,000 La Porte County, IN EDC RB (Universal Forest Products) (c) LOC ABN AMRO Bank, N.A. 11/01/20 2.44 2,400,000 1,000,000 Lexington-Fayette, KY (Urban County Apartment Corporation) - Series 1998A 07/01/28 2.37 1,000,000 1,125,000 Mississippi Home Corporation Single Family Program (Merlots) - Series YYY Guaranteed by Government National Mortgage Association 12/01/31 2.37 1,125,000 1,950,000 Missouri State HEFA RB (Southwest Baptist University Project) - Series 2003 LOC Bank of America 10/01/33 2.35 1,950,000 3,575,000 New Jersey Health Care Facility RB (South Jersey Health Care) - Series A-4 LOC Wachovia Bank & Trust Co., N.A. 07/01/34 2.25 3,575,000 2,300,000 New York, NY Housing Development MHRB (Britany Development) - Series A Collateralized by Federal National Mortgage Association 06/15/29 2.25 2,300,000 3,000,000 New York City, NY HDC (West End Towers) - Series 2004 Guaranteed by Federal National Mortgage Association 05/15/34 2.25 3,000,000 3,000,000 North Carolina Medical Care Commission HRB (Duke University Hospital Project) - Series A 06/01/23 2.38 3,000,000 2,465,000 North Dakota State HFA (Housing Finance Program - Home Mortgage) - Series B Insured by FSA 01/01/34 2.31 2,465,000 5,800,000 Ohio State Higher Education Facilities RB (Pooled Financing Program) - Series A LOC Fifth Third Bank 09/01/27 2.32 5,800,000 1,400,000 Ohio State Water Development Authority PCRB (Ohio Edison Co Project) - Series 1988 LOC Wachovia Bank & Trust Co. N.A. 09/01/18 2.37 1,400,000 1,000,000 Olathe, KS IDRB (Multi-Modal-Diamant Boart) - Series A (c) LOC Svenskahandelsbanken 03/01/27 2.37 1,000,000 1,000,000 Pitkin County, CO IDRB (Aspen Skiing Co. Project) LOC Bank One 04/01/14 2.34 1,000,000 3,815,000 Plymouth, MN MHRB (At The Lake Apartments Project) Guaranteed by Federal Home Loan Mortgage Corporation 08/01/34 2.35 3,815,000 2,700,000 Raleigh - Durham, NC Airport Authority RB - Series 2002 Insured by FGIC 11/01/17 2.30 2,700,000 2,750,000 Rockingham, NC IDRB PCFA (Whiteridge Project) (c) LOC Branch Bank & Trust Company 03/01/15 2.40 2,750,000 2,400,000 Rockingham, NC IDRB PCFA (Eden Customs Processing, LLC) (c) LOC Branch Bank & Trust Company 01/01/17 2.40 2,400,000 1,300,000 St. Charles Parish, LA PCRB (Shell Oil Norco Project) 11/01/21 2.31 1,300,000 2,665,000 South Carolina Jobs EDA RB (Diversified Coating) LOC Branch Bank & Trust Company 04/01/17 2.40 2,665,000 1,970,000 South Carolina Jobs EDA RB (Sisters of Charity) LOC Wachovia Bank & Trust Co., N.A. 11/01/32 2.33 1,970,000 2,200,000 South Dakota EDRB (Hastings filters Inc. Project) LOC Fifth Third Bank 02/01/06 2.38 2,200,000 8,000,000 University of Toledo - Series 1 Insured By FGIC 06/01/32 2.30 8,000,000 2,400,000 Utah Housing Corporation (Single Family Mortgage Bonds) - Series 2003C 07/01/34 2.45 2,400,000 1,000,000 Valdez, AK Marine Terminal (BP Pipelines Inc. Project) 07/01/37 2.30 1,000,000 3,705,000 Washington HFC MHRB (Heatherwood Apartments Project) - Series A LOC US Bank, N.A. 01/01/35 2.45 3,705,000 1,000,000 West Side Calhoun Xounty, Tx Naviagation District Evironmental Facilities RB (BP Chemicals Inc. Project) 10/01/30 2.36 1,000,000 1,400,000 Whiting, IN (Amoco Oil Project) 07/01/31 2.36 1,400,000 2,300,000 Whiting, IN Industrial Environmental Facilities RB (Amoco Oil Project) 01/01/38 2.36 2,300,000 3,960,000 Whiting, IN Industrial Environmental Facilities RB (Amoco Oil Project) 07/01/34 2.36 3,960,000 1,250,000 York County, PA IDA Limited Obligation RB (Metal Exchange Corp. Project) - Series 1996 (c) LOC Comerica Bank 06/01/06 2.50 1,250,000 ----------- ----------- 169,355,969 Total Variable Rate Demand Instruments 169,355,969 - ----------- ----------- Variable Rate Demand Instrument - Private Placement (0.46%) $1,075,000 York County, PA IDA IDRB (Manor Care of Kingston Court Inc.) LOC Chase Manhattan Bank, N.A. 12/01/08 3.90% $ 1,075,000 - ----------- ----------- 1,075,000 Total Variable Rate Demand Instrument - Private Placement 1,075,000 - ----------- ----------- Total Investments (105.83%) 247,010,640 Cash and other assets, net of liabilities (5.83%) (13,601,092) ------------ Net Assets (100.00%) $233,409,548 ============ Net asset value, offering and redemption price per share: Cortland Shares, 105,225,522shares outstanding (Note 3) $ 1.00 =========== Advantage Shares,128,205,495shares outstanding (Note 3) $ 1.00 =========== FOOTNOTES: (a) Unless the variable rate demand instruments are assigned their own ratings, the ratings are those of the holding company of the bank whose letter of credit guarantees the issue or the insurance company who insures the issue. All letters of credit and insurance are irrevocable and direct pay covering both principal and interest. Ratings are unaudited. In addition, certain issuers have either a line of credit, a liquidity facility, a standby purchase agreement or some other financing mechanism to ensure the remarketing of the securities. This is not a guarantee and does not serve to insure or collateralize the issue. (b) The maturity date indicated is the next put date. (c) Securities that are not rated which the Fund's Board of Directors has determined to be of comparable quality to those rated securities in which the Fund invests. (d) Securities payable on demand at par including accrued interest (usually with seven days' notice) and, if indicated, unconditionally secured as to principal and interest by a bank letter of credit. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown is the rate in effect at the date of this statement.
KEY: BAN = Bond Anticipation Note HFA = Housing Finance Authority CAP = Certificates of Participation HFC = Housing Finance Commission EDA = Economic Development Authority IDA = Industrial Development Authority EDC = Economic Development Corporation IDRB = Industrial Development Revenue Bond EDRB = Economic Development Revenue Bond LOC = Letter of Credit FGIC = Financial Guaranty Insurance Company MHRB = Multi-Family Housing Revenue Bond FSA = Financial Security Assurance, Inc. PCFA = Pollution Control Finance Authority GIC = Guaranteed Investment Contract PCRB = Pollution Control Revenue Bond GO = General Obligation RB = Revenue Bond HDA = Housing Development Authority RN = Revenue Notes HDC = Housing Development Corporation TRAN = Tax and Revenue Anticipation Note HEFA = Health and Education Facilities Authority
ITEM 2: CONTROLS AND PROCEDURES (a) The registrant's Principal Executive Officer and Principal Financial Officer have evaluated the design and operation of the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported on a timely basis. (b) There were no changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to affect, the registrant's internal controls over financial reporting. ITEM 3: EXHIBITS Certifications of Principal Executive Officer and Principal Financial Officer, under Rule 30a-2(a) of the Investment Company Act of 1940. 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) Cortland Trust, Inc. By (Signature and Title)* /s/ Rosanne Holtzer ------------------- Rosanne Holtzer, Secretary Date: August 23, 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 (Signature and Title)* /s/ Steven W. Duff ------------------ Steven W. Duff, President Date: August 23, 2005 By (Signature and Title)* /s/ Anthony Pace ---------------- Anthony Pace, Treasurer Date: August 23, 2005 * Print the name and title of each signing officer under his or her signature. EX-99.CERT 3 cort0805cert.txt EX-99.CERT CERTIFICATIONS -------------- I, Steven W. Duff, certify that: 1. I have reviewed this report on Form N-Q of Cortland Trust, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 23, 2005 /s/ Steven W. Duff ------------------ Steven W. Duff President EX-99.CERT CERTIFICATIONS -------------- I, Anthony Pace, certify that: 1. I have reviewed this report on Form N-Q of Cortland Trust, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 23, 2005 /s/ Anthony Pace ---------------- Anthony Pace Treasurer -----END PRIVACY-ENHANCED MESSAGE-----