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103
FANNIE MAE 2002 ANNUAL REPORT
The following table shows the amortized cost, fair value,
and yield of nonmortgage investments by investment
classification and remaining maturity as well as the amortized
cost, fair value, and yield of our asset-backed securities at
December 31, 2002 and 2001.
2002
Gross Gross
Amortized Unrealized Unrealized Fair
Dollars in millions Cost Gains Losses Value
Held-to-maturity:
Repurchase agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,732 $ — $— $20,732
Eurodollar time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,398 — — 1,398
Auction rate preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402 — — 402
Federal funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 — — 150
Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 — — 100
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 1 — 269
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $23,050 $ 1 $— $23,051
2001
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
Held-to-maturity:
Repurchase agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,380 $ — $— $ 9,380
Eurodollar time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,185 — — 11,185
Auction rate preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,127 — — 2,127
Federal funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,904 — — 4,904
Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,844 1 — 2,845
Asset-backed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,065 89 (1) 6,153
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,166 73 — 2,239
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,671 $163 $ (1) $ 38,833
2002 2001
Amortized Fair Amortized Fair
Dollars in millions Cost Value Yield Cost Value Yield
Available-for-sale:
Due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . $8,844 $ 8,851 2.31% $10,863 $10,863 2.18%
Due after one year through five years . . . . . . . . . . . . 5,620 5,632 2.42 10,180 10,148 2.49
Due after five through ten years . . . . . . . . . . . . . . . . . ——— ———
Due after ten years . . . . . . . . . . . . . . . . . . . . . . . . . . ——— ———
14,464 14,483 2.35 21,043 21,011 2.33
Held-to-maturity:
Due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . 23,016 23,017 1.76 31,327 31,347 2.49
Due after one year through five years . . . . . . . . . . . . 34 34 6.21 1,279 1,333 7.11
Due after five through ten years . . . . . . . . . . . . . . . . . ——— ———
Due after ten years . . . . . . . . . . . . . . . . . . . . . . . . . . ——— ———
23,050 23,051 1.76 32,606 32,680 2.68
Asset-backed securities1 . . . . . . . . . . . . . . . . . . . . . . . . . . 22,281 22,311 2.22 20,941 21,025 3.07
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $59,795 $59,845 2.08% $74,590 $74,716 2.69%
1Contractual maturity of asset-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to repay their obligations at any time.