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The Department has activities that have the authority to invest excess cash resources. A description of those activities, the investments made and a listing of the outstanding investments follow. Although funds in the Chancery Development Trust Account and the Bosnia Federation Defense Fund are invested, because they are considered non-entity assets the investments for these funds are not shown in this section, but are described in Note 7, ? Cash and Other Monetary Assets.?

Foreign Service Retirement and Disability Fund (FSRDF)

Treasury initially invests FSRDF receipts in special, non-marketable U.S. Government securities. These special-issue Certificates of Indebtedness mature on the following June 30. On June 30, the Treasury rolls over the Certificates of Indebtedness into special, non-marketable bonds, with maturities spread over 15 years and a yield equaling the average of all marketable Treasury securities. All securities are purchased and redeemed at par, regardless of market conditions. Interest is paid semi-annually on December 31 and June 30. Maturity dates on these securities range from FY 2006 through 2019, and interest rates range from 3.50% to 8.125%.

Israeli-Arab Scholarship, Eisenhower Exchange Fellowship Program, and Middle Eastern-Western Dialogue Trust Funds

The Israeli-Arab Scholarship, Eisenhower Exchange Fellowship Program, and Middle Eastern-Western Dialogue Trust Funds are invested in market-based securities, issued at either a premium or a discount, and are redeemable for par at maturity. The discounts and premiums on these investments are amortized over the life of the security using the effective interest method. Maturity dates on these securities range from FY 2006 to 2014; interest rates range from 2.25% to 7.00%.

Gift Funds

The Gift Funds invest in U.S. Government non-marketable, market-based securities, which are issued at either a premium or a discount, and are redeemable for par at maturity. The discounts and premiums on these investments are amortized over the life of the Treasury bill using the straight-line method. These securities mature in FY 2006; interest rates range from 1.54% to 1.57%.

Summary of Investments

Investments at September 30, 2005 and 2004, are summarized below (Dollars in Thousands). All investments are classified as Intragovernmental Securities.

Summary of Investments
At September 30, 2005
(Dollars in Thousands)

	Par	Amortization Method	Unamortized (Discount)	Investments (Net)	Market Value
Non-Marketable, Par Value:
FSRDF Certificates of Indebtedness	$ 5,095,483	N/A	$  ?	$ 5,095,483	$ 5,095,483
FSRDF Special Bonds	8,264,003	N/A	?	8,264,003	8,264,003
Subtotal	$13,359,486		$  ?	$13,359,486	$13,359,486
Non-Marketable, Market Based:
Israeli-Arab Scholarship, Notes	4,974	Interest	21	4,995	5,034
Eisenhower Exchange Fellowship, Notes	7,516	Interest	11	7,527	7,650
Middle Eastern-Weastern Dialogue Note	12,367	Interest	729	13,096	12,902
Gift Funds, Bills	4,010	Straight-line	(24)	3,986	4,020
Subtotal	$    28,867		$737	$    29,604	$    29,606
Total Investments	$13,388,353		$737	$13,389,090	$13,389,092

Summary of Investments
At September 30, 2004
(Dollars in Thousands)

	Par	Amortization Method	Unamortized (Discount)	Investments (Net)	Market Value
Non-Marketable, Par Value:
FSRDF Certificates of Indebtedness	$ 3,812,351	N/A	$  ?	$ 3,812,351	$ 3,812,351
FSRDF Special Bonds	9,015,277	N/A	?	9,015,277	9,015,277
Subtotal	$12,827,628		$  ?	$12,827,628	$12,827,628
Non-Marketable, Market Based:
Israeli-Arab Scholarship, Notes	4,277	Interest	42	4,319	4,409
Eisenhower Exchange Fellowship, Notes	7,534	Interest	(51)	7,483	9,112
Middle Eastern-Weastern Dialogue Note	5,771	Interest	859	6,630	6,624
Subtotal	$    17,582		$850	$    18,432	$    20,145
Total Investments	$12,845,210		$850	$12,846,060	$12,847,773

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