Fannie Mae 2005 Annual Report Download - page 107

Table 15 shows our investments in non-mortgage securities, which are presented at fair value as of
December 31, 2005, 2004 and 2003.
Table 15: Non-Mortgage Investments
2005 2004 2003
As of December 31,
(Dollars in millions)
Non-mortgage-related securities:
Asset-backed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,190 $25,645 $26,862
Corporate debt securities....................................... 11,840 15,098 16,432
Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 863 1,203
Other non-mortgage-related securities
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,086 2,303 2,335
Total non-mortgage-related securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $37,116 $43,909 $46,832
(1)
Includes investments in commercial paper of $5.1 billion, $1.3 billion and $1.3 billion as of December 31, 2005, 2004
and 2003, respectively.
Table 16 shows the amortized cost, maturity and weighted average yield of our investments in mortgage and
non-mortgage securities as of December 31, 2005.
Table 16: Amortized Cost, Maturity and Average Yield of Investments in Available-for-Sale Securities
Total
Amortized
Cost
(1)
Total
Fair
Value
Amortized
Cost
(1)
Fair
Value
Amortized
Cost
(1)
Fair
Value
Amortized
Cost
(1)
Fair
Value
Amortized
Cost
(1)
Fair
Value
One Year or Less
After One Year
Through Five Years
After Five Years
Through Ten Years After Ten Years
As of December 31, 2005
(Dollars in millions)
Fannie Mae single-
class MBS
(2)
.......... $144,193 $143,742 $ 1 $ 1 $ 651 $ 666 $2,148 $2,206 $141,393 $140,869
Non-Fannie Mae single-class
mortgage securities
(2)
..... 26,372 26,356 — — 100 98 283 288 25,989 25,970
Fannie Mae structured
MBS
(2)
.............. 74,452 74,102 — — 54 55 384 388 74,014 73,659
Non-Fannie Mae structured
mortgage securities
(2)
..... 86,273 86,006 — — — — 37 37 86,236 85,969
Mortgage revenue bonds .... 18,836 19,178 98 97 319 317 695 702 17,724 18,062
Other mortgage-related
securities
(3)
........... 4,227 4,464 — (2) — — — — 4,227 4,466
Asset-backed securities
(2)
.... 19,197 19,190 4,725 4,724 12,089 12,083 1,218 1,217 1,165 1,166
Corporate debt securities .... 11,843 11,840 3,018 3,017 8,725 8,723 100 100 — —
Other non-mortgage-related
securities ............. 6,032 6,086 5,679 5,733 353 353 — — — —
Total . . .............. $391,425 $390,964 $13,521 $13,570 $22,291 $22,295 $4,865 $4,938 $350,748 $350,161
Yield
(4)
.............. 5.76% 4.23% 3.19% 5.56% 5.98%
(1)
Amortized cost includes unamortized premiums, discounts and other cost basis adjustments, as well as
other-than-temporary impairment write downs.
(2)
Asset-backed securities, including mortgage-backed securities, are reported based on contractual maturities assuming
no prepayments.
(3)
Includes commitments related to mortgage securities that are accounted for as securities.
(4)
Yields are determined by dividing interest income (including the amortization and accretion of premiums, discounts
and other cost basis adjustments) by amortized cost balances as of year-end.
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