1997 07 09 IABT a 0 4hf 4 4(Q Qu&
rCA4)
78-495 CALLE TAMPICO — LA QUINTA, CALIFORNIA 92253 - (619) 777-7000
FAX (619) 777-7101
AGENDA
INVESTMENT ADVISORY BOARD
Study Session Room
78-495 Calle Tampico- La Quinta, CA 92253
July 9, 1997 - 5:30 P.M.
I CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
II APPOINTMENT OF OFFICERS
A. Appointment of Investment Advisory Board Chairperson
B. Appointment of Investment Advisory Board Vice -Chairperson
II CONFIRMATION OF AGENDA
III PUBLIC COMMENT - (This is the time set aside for public comment on any matter not scheduled on the agenda.)
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting on June 11, 1997 for the Investment
Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for May 30, 1997
B. Meeting Schedule for Fiscal Year 1997/98
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - June, 1997
B. Distribution of Investment Policies for Fiscal Year 1997/98
C. Pooled Money Investment Board Reports - March & April 1997
VII BOARD MEMBER ITEMS
VIII ADJOURNMENT
MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 ��
z
V �
dam
of INtiO
INVESTMENT ADVISORY BOARD July 9, 1997
BUSINESS SESSION A
ITEM TITLE:
Transmittal of Treasury Report
for May 31, 1997
7 • 6'1.lI
Attached please find the Treasury Report for May, 1997.
RECOMMENDATION:
Review, Receive and File the Treasury Report of May 31, 1997.
Jolhn M. Falconer, Finance Director
TO:
FROM:
SUBJECT
DATE:
Cji!?i
"0 00tvo,
, 4 44"
MEMORANDUM
La Quinta City Council
John Falconer, Finance Director/Treasurer
Treasurer's Report for May 31, 1997
June 27, 1997
Attached is the Treasurer's Report for the month ending May 31, 1997. This report is submitted to the City
Council each month after a reconciliation of accounts is accomplished by the Finance Department.
Cash and Investments:
Decrease of $517,936. due to the net effect of expenditures in excess of revenues.
State Pool:
ICMA:
Increase of $5,905,000. due to the receipt of tax increment and transfers to and from the
cash and investment accounts.
Increase of $52,183. due to employee contributions and interest earned.
U.S. Treasury Bills, Notes and Securities:
Increase of $998,316 due to the net effect of the sale of 1 T-Bill and the purchase of 1 T-Note.
Mutual Funds:
Decrease of $1,757,116. due to the net effect of transfers from investments to cash, debt
service payments and interest earned.
Total increase in cash balances $4,680,447.
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. The City of La
Quinta used the Wall Street Journal, First Trust of California Monthly Statement and Wells Fargo Monthly
Custodiar).,Report to determine the fair market value of investments at month end.
Jcpn M. Falconer'
Finance Directordreasurer
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CITY OF LA QUINTA
CITY
CITY
RDA RDA FA
BALANCE SHEET 05/31/97
FIXED
LONG TERM
FIXED LONG TERM FINANCING LONG TERM
GRAND
CITY
ASSETS
DEBT RDA
ASSETS DEBT AUTHORITY DEBT
TOTAL
ASSETS:
POOLED CASH
2,487,143.17
9,984,327.73
12,471,470.90
LQRP INVESTMENT IN POOLED CASH
350,000.00
350,000.00
INVESTMENT T-BILL/NOTES & OTHER
12,907,329.16
12,907,329.16
LQRP CASH
38,204.31
38,204.31
BOND REDEMPTION CASH
189,441.48
400.68
189,842.16
BOND RESERVE CASH
521,324.50
521,324.50
BOND PROJECT CASH
11,459,265.87
734,778.79
12,194,044.66
BOND ESCROW CASH
2,567.58
2,567.58
PETTY CASH
1,000.00
1,000.00
ICMA DEFERRED COMPENSATION
731,251.94
731,251.94
CASH & INVESTMENT TOTAL
16,126,724.27
22,545,131.47
735,179.47
39,407,035.21
INVESTMENT IN LAND HELD FOR RESALE
86,319.85
86,319.85
ACCOUNTS RECEIVABLE
8,608.75
65,100.23
73,708.98
PREMIUM/DISCOUNT ON INVESTMENT
43,665.67
13,348.96
57,014.63
LQRP-ACCOUNTS RECEIVABLE
13,553.16
13,553.16
INTEREST RECEIVABLE
LOAN/NOTES RECEIVABLE
2,531,312.25
2,531,312.25
DUE FROM OTHER AGENCIES
DUE FROM OTHER GOVERNMENTS
DUE FROM OTHER FUNDS
551,038.04
551,038.04
DUE FROM RDA
6,048,957.20
6,048,957.20
INTEREST ADVANCE -DUE FROM RDA
1,159,383.54
1,159,383.54
NSF CHECKS RECEIVABLE
536.95
536.95
ACCRUED REVENUE
TRAVEL ADVANCES
800.00
800.00
EMPLOYEE ADVANCES
PREPAID EXPENSES
760.00
760.00
RECEIVABLE TOTAL
7,262,712.11
3,174,352.64
10,437,064.75
WORKER COMPENSATION DEPOSIT
RENT DEPOSITS
UTILITY DEPOSITS
75.00
75.00
MISC. DEPOSITS
2,100.00
2,100.00
DEPOSITS TOTAL
2,175.00
2,175.00
GENERAL FIXED ASSETS
628,720.00
14,867,686.00
11,438,745.05
26,935,151.05
ACCUMULATED DEPRECIATION
(31,342.63)
(31,342.63)
AMOUNT AVAILABLE TO RETIRE L/T DEBT
2,340,653.00
2,340,653.00
AMOUNT TO BE PROVIDED FOR L/T DEBT
298,816.00
90,767,291.70 8,790,000.00
99,856,107.70
TOTAL OTHER ASSETS
597,377.37
14,867,686.00
298,816.00
11,438,745.05 93,107,944.70 8,790,000.00
129,100,569.12
TOTAL ASSETS
23,688,988.75
14 867 686.00
298,816.00 25,805,803.96
11 438 745.05 93 107 944.70 735 179.47 8,790,000.00
179,033 1 33.93
LIABILITY
ACCOUNTS PAYABLE
291.64
30,007.69
30,299.33
DUE TO OTHER AGENCIES
390,235.32
390,235.32
DUE TO OTHER FUNDS
551,038.04
551,038.04
INTEREST ADVANCE -DUE TO CITY
ACCRUED EXPENSES
PAYROLL LIABILITIES
86,262.43
86,262.43
STRONG MOTION INSTRUMENTS
1,499.97
1,499.97
FRINGE TOED LIZARD FEES
20,212.58
20,212.58
SUSPENSE
112,293.53
112,293.53
DUE TO THE CITY OF LA QUINTA
PAYABLES TOTAL
610,795.47
581,045.73
1,191,841.20
ENGINEERING TRUST DEPOSITS
78,687.02
78,687.02
SO. COAST AIR QUALITY DEPOSITS
ARTS IN PUBLIC PLACES DEPOSITS
161,923.66
161,923.66
LQRP DEPOSITS
14,398.00
14,398.00
DEVELOPER DEPOSITS
240,789.11
240,789.11
MISC. DEPOSITS
108,422.17
108,422.17
AGENCY FUND DEPOSITS
1,382,155.20
1,382,155.20
ICMA-DEFERRED COMP DEPOSITS
731,251.94
731,251.94
TOTAL DEPOSITS
2,703,229.10
14,398.00
2,717,627.10
DEFERRED REVENUE
OTHER LIABILITIES TOTAL
COMPENSATED ABSENCES PAYABLE 298,816.00 298,816.00
DUE TO THE CITY OF LA QUINTA 7,208,341.95 7,208,341.95
DUE TO COUNTY OF RIVERSIDE 11,925,575.00 11,925,575.00
DUE TO C.V. UNIFIED SCHOOL DIST. 11,797,367.75 11,797,367.75
DUE TO DESERT SANDS SCHOOL DIST. 1,276,660.00 1,276,660.00
BONDS PAYABLE 60,900,000.00 8,790,000.00 69,690,000.00
TOTAL LONG TERM DEBT 298,816.00 93,107,944.70 8,790,000.00 102,196,760.70
TOTAL LIABILITY 3,314,024.57 298,816.00 595,443.73 93,107,944.70 8,790,000.00 106,106,229.00
EQUITY -FUND BALANCE 20,674,964.18 14,867,686.00 25,210,360.23 11,438,745.05 735,179.47 72,926,934.93
TOTAL LIABILITY & EQUITY 23,988,988.75 14,867,686.00 298 816.00 25 805 803.96 11 438 745.05 93 107 944.70 735 179.47 8,790,000.00 179,033 1 33.93
� z
V �
�� ` O ►v �Mn a�ni�7c,
c� of INtiO
INVESTMENT ADVISORY BOARD MEETING July 9, 1997
BUSINESS SESSION B
ITEM TITLE
Meeting Schedule for Fiscal Year
1997/98
BACKGROUND:
Attached find a listing of meeting dates for Fiscal Year 1997/98. The City Council
meeting for August 19, 1997 and September 2, 1997 have been canceled.
RECOMMENDATION:
Approve the meeting schedule of the Investment Advisory Board for Fiscal Year
+Q97/9C A /I
Johb M. Falconer, 'Finance Director
TO: Investment Advisory Board Members
FROM: John M. Falconer, Finance Director
DATE: July 9, 1997
RE: Schedule of Investment Advisory Board Meeting Schedule
The following is a schedule of Investment Advisory Board meeting dates scheduled
for Fiscal Year 1997/98.
July 9, 1997
August 13, 1997
September 10, 1997
October 8, 1997
November 12, 1997
December 10, 1997
January 14, 1998
February 11, 1998
March 1 1, 1998
April 8, 1998
May 13, 1998
June 10, 1998
Please consider the meeting dates and give Staff direction regarding the meeting
schedule for Fiscal Year 1997/98.
/it4
+T�
� 2
OF
U �
INVESTMENT ADVISORY BOARD July 9, 1997
CORRESPONDENCE & WRITTEN MATERIAL A
TITLE:
Month End Cash Report - June 1997
BACKGROUND:
This cash report is not a complete Treasury Report (exclude petty cash, deferred
compensation and fiscal agent balances, ) but would report in a timely fashion
selected cash balances.
RECOMMENDATION:
Information item only.
Jobn M. Falconer, Finance Director
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OF fNti
INVESTMENT ADVISORY BOARD MEETING July 9, 1997
CORRESPONDENCE AND WRITTEN MATERIAL B
ITEM TITLE
Distribution of Investment Policies
for Fiscal Year 1997/98
BACKGROUND:
On June 17, 1997 the City Council approved the Investment Policies for Fiscal Year
1997/98 which are attached. At the City Council meeting a change was made on
Page 14, Item F. The word "should" was replaced with the word "shall" in the third
line of this section.
RECOMMENDATION:
ceive and File.
John M. Falconer, lFinance Director
V S
OF TNT O
INVESTMENT ADVISORY BOARD
Meeting Date:
TITLE:
July 9, 1997
Pooled Money Investment Board Report -
March 1997 and April 1997
BACKGROUND:
Correspondence & Written
Material Item C
The Pooled Money Investment Board Report for March 1997 and April 1997 is
included in the agenda packet.
RECOMMENDATION:
Receive & File
of'in M. Falcbner,-Finance Director
dop
,is
•
LOCAL AGENCY
INVESTMENT FUND
Apri(1997
CALIFORNIA DEBT AND INVESTMENT ADVISORY COMMISSION
The California Debt and Investment Advisory Commission (CDIAQ provides information,
education, and technical assistance on municipal debt issuance and investments of public funds to local
government agencies and other public finance. professionals. The Commission was created legislatively
in 1981 as the California Debt Advisory Commission, and its original mandate required that it serve as the
State's clearinghouse for public debt issuance information and provide assistance to California's state and
local agencies in the issuance, monitoring, and management of public debt. It's objective was to ensure
that California government agencies that borrowed funds through municipal debt market did so prudently
and at the lowest possible cost. After its creation, there were several changes in law that expanded the
Commission's responsibilities with respect to California's municipal debt issuance.
With the passage of AB 1197 (Takasugi) in 1996, the Commission's name changed to the California
Debt and Investment Advisory Commission, and its mandate officially expanded to include investments of
public funds.
Commission Members
The Commission has nine members: the State Treasurer, the Governor or the State Director of
Finance, two local government officials, two Assembly members, and two Senate members. The State
Treasurer serves as chairman and appoints the two local agency representatives. The Speaker of the
Assembly appoints the Assembly members, and the Senate Rules Committee appoints the Senate members.
Appointed members serve four-year terms or at the pleasure of the appointing power. The Commission
members direct the activities of the staff through the Executive Director.
Technical Advisory Committee
To assist the Commission in its carrying out its responsibilities, the Technical Advisory Committee
(TAC) was created in 1983. Comprised of approximately 30 individuals representing the spectrum of
participants in the municipal debt and public investment processes, including bond counsel, financial
advisors, underwriters, credit analysts, insurance providers, investors, investment advisors, and local
issuers, the TAC performs two primary functions:
• Provides a forum for the initial discussion of issues, problems, and opportunities related to debt
issuance and the investment of public funds; and,
• Provides technical review of CDIAC's research projects, reports, guidelines, publications, and
educational seminar agendas to ensure that staff has considered all information and all points of view on
the subject.
The State Treasurer appoints TAC members to staggered two-year terms. All members serve
without compensation.
Commission's Programs
The Commission's activities fall into three program categories: data collection and analysis;
policy research and development; and, technical assistance. With respect to data collection and analysis,
CDIAC functions as the State's clearinghouse for public debt information through its maintenance of its
debt issuance database. Since 1982, all California public debt issuers have been required to submit issue -
related information to the Commission 30-days prior to a sale and immediately after sale date. The
Commission stores this data and uses it to develop statistical reports (some of which are published
monthly in the Commission's DEBT LINE newsletter), to support research efforts, and to provide
information upon request from the industry and the general public.
CDIAC's Policy and Research Division independently conducts or commissions research projects
and studies on topics concerning debt issuance or the investment of public funds. The purpose of these
projects and studies is to provide guidance to state and local government agency issuers and, where
necessary, to recommend legislative changes in matters affecting California's public finance community.
Examples of recent efforts are the Disclosure Guidelines for Land -Based Securities, which has received
GFOA's Award of Excellence, and Local Agency Investment Guidelines, which has been well received
by public finance professionals throughout California and the nation.
CDIAC's technical assistance program has three components: (1) the publication of reference
materials, issue briefs, statistical reports, videos, and other reports to assist government agencies through
the steps of a debt issuance or of the investment of public funds; (2) the development and offering of
educational seminars throughout the State; and, (3) public hearings on current topics affecting public
finance are conducted to. provide a forum for discussion, information exchange, and a foundation for future
research efforts. One of the most well-known technical assistance publications is the California Debt
Issuance Primer. The Primer is a comprehensive reference document that provides an overview of the
debt issuance process in California. CDIAC is in the process of revising the Primer to bring it up to date
with recent changes in laws and debt issuance practices. Other accomplishments of the Commission's
technical assistance program include the recent release of an investment video aimed at local elected
officials titled How Safe is Your Money? and an expansion of the existing seminar program to include two
seminars on investing public funds titled Investing Public Funds: Fundamentals of Managing Your
Portfolio and Investing Public Funds: Understanding and Evaluating Your Investment Alternatives.
STATE OF CALIFORNIA
STATE TREASURER'S OFFICE
POOLED MONEY INVESTMENT BOARD REPORT
APRIL 1997
Table of Contents
SUMMARY ................ .......... ................... ........................
.......................................1
SELECTEDINVESTMENT DATA....................................................................2
PORTFOLIOCOMPOSITION...........................................................................3
INVESTMENTTRANSACTIONS......................................................................4
TIMEDEPOSITS................................................................................................20
DEMANDBANK DEPOSITS............................................................................22
POOLED MONEY INVESTMENT BOARD DESIGNATION .....................23
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF APRIL 1997 WITH APRIL 1996
(Dollars in Thousands)
April 1997 April 1996 Cbange
Average Daily Portfolio
$27,976,577
$28,764,091
- $787,514
Accrued Earnings
$129,040
$130,580
- $1,540
Effective Yield
5.612
5.538
+ .074
Average Life --Month End (in days)
227
275
- 48
Total Security Transactions
$20,206,701
$26,121,494
-$5,914,793
Amount
470
594
- 124
Number
Total Time Deposit Transactions
$237,190
$438,000
- $200,810
Amount
30
23
+ 7
Number
Average Workday Investment Activity
$929,268
$1,207,250
- $277,982
Prescribed Demand Account Balances
For Services
$135,537
$124,208
$219,570
+ S11,329
+ $9,092
For Uncollected Funds
$228,662
—1—
MATT FONG
STATE TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION
SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED)
Change in
April 30, 1997 Percent From
Tyne of Security Amount Percent Previous Month
Governments
Bills
$926,125
3.18
-
1.57
Bonds
0
0
0
Notes
5,638,028
1937
-
1.58
Strips
121,604
.42
-
.01
Total Governments
$69685,757
22.97
-
3.16
Federal Agency Coupons
$1,327,644
4.56
-
1.28
Certificates of Deposit
7,872,611
27.05
+
3.01
Bank Notes
781,002
2.68
+
.88
Bankers Acceptances
351,226
1.21
+
38
Repurchases
50,000
.17
+
.03
Federal Agency Discount Notes
262,702
.90
+
.05
Time Deposits
501,795
1.72
-
.05
GNMA's
3,062
.01
0
Commercial Paper
7,896,456
27.13
+
4.24
FHLMC
2%845
.10
-
.01
Corporate Bonds
2,120,107
7.29
+
.17
Pooled Loans
1,328,240
4.56
-
135
GF Loans
0
0
-
3.09
Reversed Repurchases
-101,489
-35
-
.18
Total, All Types
29,108,958
100
INVESTMENT ACTIVITY
Pooled_ Money
Other
Time Deposits
TOTALS
PMIA Monthly Average
Effective Yield
Year to Date Yield for
Last Day of Month
April 1997
Number Amount
470 $ 20,206,701
3 $ 4,677
30 $ 237,190
503 $ 20,448,%S
5.612
5.588
March 1997
Number Amount
248 $ 10,751,192
70 $ 298,337
28 $ 131,900
346 $ 11,181,429
5.580
5.585
—2—
Commercial
Paper
27.13%
Ac
Pooled Money Investment Account
Portfolio Composition
$29.1 Billion
Corporate Loans Reverses
Bonds 4.56 o�D -.35 /o
1.21 % CD's/BN's
29.73%
4/30/97
■ Treasuries i
'ies p Time Deposits
/o
■ Mortgages
i
® Agencies.
■ C D's/B N's
i ■ Bankers Acceptances
Time Deposits ■Repo
1.72% 10 Commercial Paper
Mortgages 0.11 %i ■ Corporate Bonds
Agencies 5.46% Loans
0 Reverses
EM
POOLED MONEY INVESTMENT ACCOUNT
of a/
DATE TYPE
DESCRUT110N
04/01/97 SALE
Treas
Bill
Treas
Bill
Treas
Bill
Treas
Bill
Treas
Bill
SALE c/
d/
MATURITY TRANS PAR DAYS
DATE YIELD LO_OQ1 HELD
04/03/97
4.690
04/03/97
4.690
04/03/97
4.690
04/03/97
4.700
04/03/97
4.700
FHLMC
7.108%
01 /24/02
5.320
FHLMC
7.000%Q
01/28/02
5.320
REDEMPTION
CD
Montreal
5.410%
04/01/97
5.410
CD
Montreal
5.410%
04/01/97
5.410
CD
Deutsche
5.390%
04/01/97
5.380
CP
CCC
04/01/97
5.500
CP
Salomon
04/01/97
5.750
CP
GMAC
04/01/97
5.290
CP
GMAC
04/01/97
5.290
CP
GMAC
04/01/97
5.220
CP
GMAC
04/01/97
5.220
CP
Conagra
04/01/97
5.510
CP
Conagra
04/01/97
5.470
CP
Lehman
04101 /97
5.390
CP
Lehman
04/01/97
5.390
NO PURCHASES
04/02/97 RRS
Treas
Note
5.875%
02/28/99
5280
Treas
Note
5.625%
06/30/97
5.275
Treas
Note
5.625%
06/30/97
5.275
SALE
Treas
Note
5.625%
06/30/97
5.260
REDEMPTION
CD
Svenska
5.420%
04/02/97
5.460
CD
RB Canada
5.410%
04/02/97
5.400
CP
Conagra
04/02/97
5.530
CP
Smith Bam
04/02/97
5.330
CP
Smith Bam
04/02/97
5.330
CP
GMAC
04/02/97
5.340
CP
Heller
04/02/97
5.370
50,000
362
50,000
362
50,000
362
50,000
362
50,000
362
25,000
15,620
50,000
10,000
35,000
35,000
50,000
45,000
50,000
50,000
50,000
50,000
22,695
50,000
50,000
13
13
88
88
110
8
8
12
12
13
13
15
83
110
110
25,000 239
AMOUNT EFFECTIVE
EARNED YIELD
2,600,694.22
5.533
2,600,694.22
5.533
2,600,694.22
5.533
2,603,194.44
5.539
2,603,194.44
5.539
47,355.39 5.393
29,489.06 5.393
661,222.22
5.485
132,244.44
5.485
575,378.41
5.454
42,777.78
5.583
63,888.89
5.837
79,350.00
5.372
88,166.67
5.372
94,250.00
5.302
94,250.00
5.302
114,791.67
5.599
286,215.47
5.616
823,472.22
5.556
823,472.22
5.556
936,576.64 5.72
40,000
82
497,495.87
5.536
25,000
89
333,807.64
5.475
10,000
14
21,505.56
5.618
50,000
14
103,638.89
5.415
50,000
14
103,638.89
5.415
50,000
15
111,250.00
5.426
50,000
83
619,041.67
5.512
-4-
POOLED MONEY INVESTMENT ACCOUNT
d/
a/ a/
MATURITY
TRANS
PAR DAYS
DATE TYPE DESCRIPTION
DATE
YIEW
Lo HELD
04/02/97 PURCHASE g/
CD Bkrs Trst 5.660%
06/30/97
5.650
50,000
CD Bkrs Trst 5.660%
06/30/97
5.650
50,000
CP Lehman
04/30/97
5.610
50,000
PURCHASE c/
BA Tokyo-Mits
05/15/97
5.650
17,000
BA Tokyo-Mits
06/16/97
5.650
60,000
PURCHASE
Disc Note FHLB
06/30/97
5.490
25,180
CP GECC
04/03/97
5.540.
17,000
04/03/97 RRS
Treas
Note
Treas
Note
Treas
Note
REDEMPTION g/
CP
Morg Stan
CP
Morg Stan
CP
Morg Stan
REDEMPTION
BA
B/A
CP
GECC
Treas
Bill
Treas
Bill
Treas
Bill
Treas
Bill
SALE c/
BA
Tokyo-Mits
BA
Tokyo-Mits
Treas Note
Treas Note
Treas Note
PURCHASE g/
CP Morg Stan
5.875% 02/28/99 5.260 50,000
5.875% 02/28/99 5.260 50,000
5.875% 02/28/99 5.260 50,000
AMOUNT EFFECTIVE
EARNED YIELD
04/03/97 5.310 50,000 29 213,875.00 5.406
04/03/97 5.310 50,000 29 213,875.00 5.406
04/03/97 5.310 50,000 29 213,875.00 5.406
04/03/97
5.280
10,000
58
85,066.67
5.399
04/03/97
5.540
17,000
1
2,616.11
5.617
04/03/97
5.168
50,000
346
2,483,271.00
5.513
04/03/97
5.168
50,000
346
2,483,271.00
5.513
04/03/97
5.255
30,000
350
1,532,708.33
5.614
04/03/97
5.170
50,000
364
2,613,722.22
5.530
05/15/97 5.650 17,000 1 2,589.58 5.728
05/15/97 5.650 60,000 1 9,118.47 5.728
5.875% 02/28/99 5.030 50,000 29 (201,584.24) -5.100
5.875% 02/28/99 5.030 50,000 29 (201,584.24) -5.100
5.875% 02/28/99 5.030 50,000 29 (201,584.24) -5.100
04/30/97 5.550
—5-
50,000
POOLED MONEY INVESTMENT ACCOUNT
_dt
a/
a/
MATURITY
TRANS
PAR
DAYS
AMOUNT
EFFECTIVE
DATE
TYPE DESCRIPTION
DATE
YIELD
0 0
HELD
EARNED
YIELD
04/03/97
PURCHASE g/
CP Morg Stan
04/30/97
5.550
50,000
CP Morg Stan
04/30/97
5.550
50,000
PURCHASE
CD CommerzBk
5.375%
05/30/97
5.580
50,000
CD CommerzBk
5.375%
05/30/97
5.580
50,000
CP Amer Home
04/04/97
5.550
40,000
CP Lehman
04/07/97
5.570
50,000
CP Lehman
04/07/97
5.570
50,000
CP Lehman
04/07/97
5.570
50,000
CP Lehman
04/07/97
5.570
50,000
CP GMAC
04/11/97
5.520
50,000
CP GMAC
04/11/97
5.520
509,000
CP GMAC
04/11/97
5.520
50,000
CP GMAC
04/11/97
5.520
50,000
CP Baxter
04/14/97
5.620
1,000
CP Baxter
04/14/97
5.620
50,000
CP Hertz
04/14/97
5.530
25,000
CP Hertz
04/14/97
5.530
50,000
CP Salomon
04/14/97
5.650
50,000
PURCHASE c/
Treas Note
5.875%
02/28/99
5.560
37,010
Treas Note
5.875%
02/28/99
5.560
50,000
04/04/97
REDEMPTION
CP Amer Home
04/04/97
5.550
40,000
1
6,166.67
5.627
CP Country
04/04/97
5.450
44,000
15
99,916.67
5.538
CP Country
04/04/97
5.450
50,000
15
113,541.67
5.538
CP Conagra
04/04/97
5.510
18,738
21
60,227.06
5.604
CP Conagra
04/04/97
5.500
25,000
21
80,208.33
5.594
SALE c/
Treas Note
5.875%
02/28/99
5.560
37,010
1
5,584.09
5.637
Treas Note
5.875%
02/28/99
5.560
50,000
1
7,543.68
5.637
NO PURCHASES
04/07/97
REDEMPTION
BA UBS
04/07/97
5.340
12,000
18
32,040.00
5.428
CB B/A (FR)
4.143%
04/07/97
4.143
50,000
1096
8,430,603.33
5.615
CP Lehman
04/07/97
5.570
50,000
4
30,944.44
5.650
CP Lehman
04/07/97
5.570
50,000
4
30,944.44
5.650
POOLED MONEY INVESTMENT ACCOUNT
a/
a/
DATE TYPE
DESCRIPTION
04/07/97 REDEMPTION
CP
Lehman
CP
Lehman
CP
GMAC
CP
GMAC
CP.
GMAC
CP
GMAC
CP
Hertz
PURCHASE
BA
Montreal
CP
GECC
CP
GECC
CP
GECC
CP
Conagra
CP
FMCC
CP
FMCC
CP
Enron
CP
Enron
CP
Barclays
CP
Barclays
CP
GMAC
CP
GMAC
CP
GMAC
CP
Union
CP
Union
CP
GMAC
CP
GMAC
CP
GMAC
CP
Household
CP
Household
PURCHASE c/
BA Tokyo-Mits
04/08/97 REDEMPTION
BA
Union
CD
ABN Amro
CD
UB Calif
CD
Cr Agricole
CD
Cr Agricole
CP
GECC
CP
GECC
CP
GECC
CP
GMAC
CP
GMAC
CP
GMAC
d/
MATURITY
TRANS
PAR
DAYS
AMOUNT
EFFECTIVE
DATE
YIELD
(000)
HELD
EARMED
YIELD
04/07/97
5.570
50,000
4
30,944.44
5.650
04/07/97
5.570
50,000
4
30,944.44
5.650
04/07/97
5.490
50,000
17
129,625.00
5.580
04/07/97
5.490
50,000
17
129,625.00
5.580
04/07/97
5.370
48,000
21
150,360.00
5.461
04/07/97
5.370
48,000
21
150,360.00
5.461
04/07/97
5.330
50,000
76
562,611.11
5.465
05/06/97
5.510
20,000
04/08/97
5.440
50,000
04/08/97
5.440
50,000
04/08/97
5.440
50,000
05/02/97
5.630
37,000
05/02/97
5.510
50,000
05/02/97.
5.510
50,000
05/08/97
5.650
25,000
05/08/97
5.650
50,000
05/08/97
5.530
50,000
05/08/97
5.530
50,000
05/08/97
5.570
50,000
05/08/97
5.570
50,000
05/08/97
5.570
50,000
05/09/97
5.540
20,000
05/09/97
5.540
50,000
05/09/97
5.570
50,000
05/09/97
5.570
50,000
05/09/97
5.570
50,000
05/15/97
5.550
50,000
05/15/97
5.550
50,000
07/02/97 5.530 52,000
04/08/97
5.270
10,000
60
87,833.33
5.390
04/08/97
5.390
11,500
90
154,966.32
5.464
5.400% 04/08/97
5.400
50,000
90
675,000.00
5.475
5.360% 04/08/97
5.360
50,000
124
923,111.11
5.434
5.360% 04/08/97
5.360
50,000
124
923,111.11
5.434
04/08/97
5.440
50,000
1
7,555.56
5.516
04/08/97
5.440
50,000
1
7,555.56
5.516
04/08/97
5.440
50,000
1
7,555.56
5.516
04/08/97
5.370
25,000
22
82,041.67
5.462
04/08/97
5.370
50,000
22
164,083.33
5.462
04/08/97
5.340
50,000
113
838,083.33
5.506
—7—
POOLED MONEY INVESTMENT ACCOUNT
_di
a/
a/
MATURITY
TRANS
PAR
DAYS
AMOUNT
EFFECTIVE
DATE TYPE
DESCRIPTION
DATE
YIELD
(000)
HELD
EARNED
YIELD
04/08/97 REDEMPTION
CID
Assoc
04/08/97
5.350
50,000
113
839,652.78
5.516
CID
Assoc
04/08/97
5.350
50,000
113
839,652.78
5.516
CID
GMAC
04/08/97
5.340
50,000
113
838,083.33
5.506
CID
GMAC
04/08/97
5.340
50,000
113
838,083.33
5.506
CID
GMAC
04/08/97
5.340
50,000
113
838,083.33
5.506
SALE c/
BA
Tokyo-Mits
07/02/97
5.530
52,000
1
7,722.03
5.606
PURCHASE c/
Treas
Note
8.250%
07/15/98
5.390
50,000
Treas
Note
8.250%
07/15/98
5.390
50,000
Treas
Note
6.000%
09/30/98
5.390
21,865
Treas
Note
7.750%
12/31 /99
5.390
50,000
BA
Tokyo-Mits
07/02/97
5.470
50,000
04/09/97 REDEMPTION
CP
Country
CID.
Country
CID
Textron
CID
Merril
CID
GMAC
CID
Merrill
CID
Merrill
SALE c/
BA
Tokyo-Mits
Treas
Note
Treas
Note
Treas
Note
Treas
Note
PURCHASE
BA
Tokyo-Mits
BA
Tokyo-Mits
BA
Tokyo-Mits
CD
West Deut
CD
West Deut
CID
Merrill
CID
Merrill
CID
Merrill
CID
Conagra
04/09/97
5,390
13,000
23
44,766.94
5.483
04/09/97
5.390
50,000
23
172,180.56
5.483
04/09/97
5.500
20,000
26
79,444.44
5.598
04/09/97
5.330
25,000
26
96,236.10
5.424
04/09/97
5.330
50,000
27
199,875.00
5.425
04/09/97
5.350
50,000
92
683,611.11
5.499
04/09/97
5.350
50,000
92
683,611.11
5.499
07/02/97
5.470
50,000
1
7,345.75
5.545
8.250%
07/15/98
5.390
50,000
1
7,650.81
5.464
8.250%
07/15/98
5.390
50,000
1
7,650.81
5.464
6.000%
09/30/98
5.390
21,865
1
3,196.57
5.464
7.750%
12/31/99
5.390
50,000
1
7,703.21
5.464
05/02/97
5.580
15,000
05/02/97
5.580
12,050
05/29/97
5.580
26,500
5.550%
05/28/97
5.550
50,000
5.550%
05/28/97
5.550
50,000
04/14/97
5.450
25,000
04/14/97
5.450
50,000
04/14/97
5.450
50,000
05/01/97
5.650
22,380
—8—
POOLED MONEY INVESTMENT ACCOUNT
d/
a/
a/
MATURITY
TRANS
PAR
DAYS
AMOUNT
r-"ECrW
DATE
TYPE
DESCRIPTION
DATE
YIELD
(000)
HELD
EARNED
YIELD
04/09/97
PURCHASE
c/
BA
Tokyo-Mits
07/02/97
5.580
50,000
Treas
Note
5.250%'
12/31 /97
5.480
50,000
Treas
Note
5.250%
02/15/98
5.480
50,000
Treas
Note
8.250%
07/15/98
5.480
48,070
Treas
Note
7.750%
12/31 /99
5.480
50,000
04110/97
REDEMPTION
BA
Tokyo-Mits
04/10/97
5.390
13,950
127
265,255.38
5.570
CD
Soc Gen
5.400%
04/10/97
5.400
25,000
92
345,000.00
5.475
CD
Bkrs Trst
5.420%
04/10/97
5.410
50,000
92
691,295.21
5.485
CD
Bayrsche L
5.370%
04/10/97
5.370
50,000
97
723,458.33
5.444
CD
Bayrsche L
5.370%
04/10/97
5.370
50,000
97
723,458.33
5.444
CD
Bayrsche L
5.400%
04/10/97
5.390
50,000
97
726,172.06
5.464
CD
Bayrsche L
5.400%
04/10/97
5.390
50,000
97
726,172.06
5.464
CID
Household
04/10/97
5.320
50,000
79
583,722.22
5.457
CID
Household
04/10/97
5.320
25,000
79
291,861.11
5.457
CID
GECC
04/10/97
5.310
45,000
92
610,650.00
5.457
SALE c/
BA
Tokyo-Mits
07/02/97
5.580
50,000
1
7,494.25
5.657
Treas
Note
5.250%
12/31 /97
5.480
50,000
1
7,531.19
5.556
Treas
Note
7.250% .
02/15/98
5.480
50,000
1
7,607.31
5.556
Treas
Note
8.250%
07/15/98
5.480
48,070
1
7,477.92
5.556
Treas
Note
7.750%
12/31/99
5.480
50,000
1
7,828.03
5.556
PURCHASE
MTN (FR)
Citicorp
5.563%
08/13/01
7.008
25,000
CID
Conagra
05/20/97
5.620
10,000
CID
Conagra
05/20/97
5.620
20,000
CP
GMAC
05/28/97
5.550
50,000
CID
GMAC
05/28/97
5.550
50,000
CID
GMAC
05/28/97
5.550
.50,000
PURCHASE/
BA
Tokyo-Mits
07/02/97
5.480
50,000
Disc Note
FNMA
09/25/97
5.380
33,860
Disc Note
FNMA
09/25/97 .
5.380
50,000
04/11/97
REDEMPTION
CID
GMAC
04/11/97
5.520
50,000
8
61,333.33
5.603
CID
GMAC
04/11/97
5.520
50,000
8
61,333.33
5.603
Q:�
POOLED MONEY INVESTMENT ACCOUNT
a/ a/
DATE TYPE DESCRIPTION
04/11/97 REDEMPTION
CID GMAC
CID GMAC
SALE c/
BA Tokyo-Mits
Disc Note FNMA
Disc Note FNMA
PURCHASE
CP Assoc
CID Assoc
PURCHASE 2/
d/
MATURITY TRANS PAR DAYS AMOUNT. EFFECTIVE
DATE YIELD (OW) HELD EARNED YIELD
04/11 /97 5.520 50,000 8 61,333.33 5.603
04/11 /97 5.520 50,000 8 61,333.33 5.603
07/02/97 5.480 50,000 1 7,361.47 5.556
09/25/97 5.380 33,860 1 4,826.61 5.454
09/25/97 5.380 50,000 1 7,128.95 5.454
04/14/97 5.350
04/14/97 5.350
Treas
Note
5.875% 02/28/99
5.360
Treas
Note
5.875% 02/28/99
5.360
Treas
Note
5.875% 02/28/99
5.360
BA
Tokyo-Mits
07/02/97
5.450
04/14/97 SALE c/
BA
Tokyo-Mits
Treas
Note
Treas
Note
Treas
Note
REDEMPTION
CID
Assoc
CID
Assoc
CD
Stan Chart
CD
Chase
CID
Merrill
CID
Merrill
CID
Merrill
CID
Hertz
CID
Hertz
CID
Salomon
CID
Baxter
CID
Baxter
CID
Hertz
MTN
Transam
NO PURCHASES
07/02/97
5.450
41,000
3
18,007.71
5.525
5.875% 02/28/99
5.360
50,000
3
21,775.00
5.434
5.875% 02/28/99
5.360
50,000
3
21,775.00
5.434
5.875% 02/28/99
5.360
13,000
3
5,661.50
5.434
04/14/97
5.350
50,000
3
22,291.67
5.426
04/14/97
5.350
50,000
3
22,291.67
5.426
5.430% 04/14/97
5.420
75,000
97
1,095,320.75
5.495
5.500% 04/14/97
5.410
5,000
141
113,993.14
5.900
04/14/97
5.450
25,000
5
18,923.61
5.529
04/14/97
5.450
50,000
5
37,847.22
5.529
04/14/97
5.450
50,000
5
37,847.22
5.529
04/14197
5.530
25,000
11
42,243.06
5.616
04/14/97
.5.530
50,000
11
84,486.11
5.616
04/14/97
5.650
50,000
11
86,319.44
5.738
04/14/97
5.620
1,000
11
1,717.22
5.707
04/14/97
5.620
50,000
11
85,861.11
5.707
04/14/97
5.310
12,400
31
56,699.00
5.408
4.100% 04/14/97
4.100.
50,000
1096
8,504,831.25
5.664
-10-
a/ The abbreviations indicate the type of security purchased or sold;
i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes,
and Participation Certificates: Federal National Mortgage Association
(FNMA.), Farmers Home Administration Notes (FHA), Student Loan
Marketing Association (SLMA), Small Business Association (SBA),
Negotiable Certificates of Deposit (CD), Negotiable Certificates of
Deposit Floating Rate (CD FR), Export Import Notes (EX",
Bankers Acceptances (BA), Commercial Paper (CP), Government
National Mortgage Association (GNMA), Federal Home Loan Bank
Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan
Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC),
Federal Farm Credit Bank Bonds (FFCB), Federal Faun Credit Discount
Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds
(TITLE MIS), International Bank of Redevelopment (IBRD), Tennessee
Valley Authority (TVA) Medium Term Notes (MTN).
b/ Purchase or sale yield based on 360 day calculation for discount
obligations and Repurchase Agreements.
c/ Repurchase Agreement.
d/ Par amount of securites purchased, sold, or redeemed.
e/ Securities were purchased and sold as of the same date.
f/ Repurchase Agreement against Reverse Repurchase Agreement.
g/ Outright purchase against Reverse Repurchase Agreement.
h/ Security "SWAP" transactions.
i/ Buy back agreement.
RR.S Reverse Repurchase Agreement.
RRP Termination of Reverse Repurchase Agreement.
LQ�
TIME DEPOSIT
NAME DEPOSIT DATE YIELD PAR AMOUNT ($1 MATURITY DATE
ALHAMBRA
East West Federal Bank 04/16/97 5.330 2,000,000.00 7/17/97
BEVERLY HILLS
City National Bank
11/05/96
5.320
10,000,000.00
05/06/97
City National Bank
01 /28/97
5.350
10,000,000.00
07/29/97
City National Bank
02/19/97
5.200
20,000,000.00
08/19/97
City National Bank
02/21/97
5.390
20,000,000.00
12/18/97
CHICO
North State National Bank
02/25/97
5.270
500,000.00
08/26/97
North State National Bank
04/08/97
5.530
2,000,000.00
10/06/97
INGLEWOOD
Imperial Bank
02/04/97
5.200
10,000,000.00
05/06/97
Imperial Bank
02/06/97
5.200
20,000,000.00
05/08/97
Imperial Bank
02/13/97
5.180
20,000,000.00
05/14/97
Imperial Bank
03/11/97
5.250
10,000,000.00
06/10/97
Imperial Bank
03/12/97
5.250
15,000,000.00
06/11/97
Imperial Bank
03/19/97
5.310
11,000,000.00
06/18/97
Imperial Bank
04/02/97
5.380
11,000,000.00
07/01/97
Imperial Bank
04/16/97
5.350
25,000,000.00
07/17/97
Imperial Bank
04/29/97
5.380
5,000,000.00
07/29/97
LA MIRADA
Southern California Bank
04/03/97
5.390
5,000,000.00
07/08/97
Southern California Bank
04/16/97
5.360
5,000,000.00
07/17/97
LOS ANGELES
Preferred Bank
02/20/97
5.120
4,000,000.00
05/21/97
Preferred Bank
02/26/97
5.120
2,000,000.00
05/27/97
South Bay Bank
03/05/97
5.340
500,000.00
06/05/97
Preferred Bank
03/18/97
5.270
5,000,000.00
06/17/97
Preferred Bank
03/20/97
5.310
4,000,000.00
06/18/97
Glendale Federal Bank
04/11/97
5.280
5,000,000.00
07/11/97
Preferred Bank
04/15/97
5.310
3,000,000.00
07/15/97
OAKDALE
Oak Valley Community Bank
03/25/97
5.580
500,000.00
09/22/97
ORANGE
Sunwest Bank
03/24/97
5.430
500,000.00
06/23/97
PLACER
Sierra West Bank 12/05/96 5.270 2,800,000.00 06/06/97
—20—
POOLED MONEY INVESTMENT ACCOUNT
df
at a/ MATURITY TRANS PAR DAYS
DATE TYPE DESCRIPTION DATE YIELD 0� HELD
04/15/97 REDEMPTION
PURCHASE
AMOUNT EFFECTIVE
EARNED YIELD
FHLB (FR) 4.550% 04/15/97 4.550 50,000 1096 8,642,569.45 5.756
FNMA
6.020%
04/15/98
6.119
50,000
BA
Tokyo-Mits
06/27/97
5.630
53,750
BA
Tokyo-Mits
06/30/97
5.630
10,650
BA
Tokyo-Mits
07/01 /97
5.700
21,500
CD
Bkrs Trst
5.840%
09/26/97
5.830
50,000
CD
Bkrs Trst
5.840%
09/26/97
5.830
50,000
CD
Stand Chart
5.850%
09/26/97
5.840
50,000
CD
Stand Chart
5.850%
09/26/97
5.840
50,000
CD
Stand Chart
5.850%
09/26/97
5.840
50,000
CP
Heller
06/30/97
5.650
30,000
CP
Lehman
07/01 /97
5.670
50,000
CP
GMAC'
07/09/97
5.660
50,000
CP
GMAC
07/09/97
5.660
50,000
CP
GMAC
07/11/97
5.660
15,000
CP
GMAC
07/11/97
5.660
50,000
CP
SRAC
08/06/97
5.630
50,000
04/16/97 NO SALES
PURCHASE
CD
Bkrs Trst
5.840%
09/26/97
5.830
5,000
CD
Bkrs Trst
5.840%
09/26/97
5.830
50,000
CD
BN Paris
5.850%
09/26/97
5.830
50,000
CD
BN Paris
5.850%
09/26/97
5.830
50,000
CP
Conagra
05/12/97
5.630
50,000
CP
Salomon
06/02/97
5.750
50,000
CP
Merrill
08/27/97
5.680
25,000
CP
Merrill
08/27/97
5.680
50,000
CP
Merrill
08/27/97
5.680
50,000
CP
GECC
08/27/97
5.650
50,000
CP
GECC
08/27/97
5.650
50,000
CP
GECC
08/27/97
5.650
50,000
CP
GECC
08/27/97
5.650
50,000
CP
Lehman
09/26/97
5.740
50,000
CP
Lehman
09/26/97
5.740
50,000
04/17/97 SALE
Treas
Note
5.625%
06/30/97
5.343
50,000 254 1,974,745.80 5.674
Treas
Note
5.625%
06/30/97
5.343
50,000 254 1,974,745.80 5.674
—11— '
POOLED -MONEY INVESTMENT ACCOUNT
a/ a/
MATURITY
TRANS
DATE TYPE
DESCRIPTION
DATE
YIELD
04/17/97 PURCHASE
CP
FMCC
06/30/97
5.570
CP
FMCC
06/30/97
5.570
CD
Svenska 5.860%
09/26/97
5.850
BA
Chase
08/06/97
5.640
CP
GMAC
09/26/97
5.680
CP
GMAC
09/26/97
5.680
CP
Bkrs Trst
09/26/97
5.710
CP
GECC
09/26/97
5.690
CP
GECC
09/26/97
5.690
CP
Amer Exp
05/29/97
5.500
CP
Amer Exp
05/29/97
5.500
CP
Amer Exp
05/29/97
5.500
04/18/97 NO SALES
PURCHASE
CP
Amer Exp
CP
Amer Exp
CP
GECC
CP
GECC
CP
GECC
CP
GECC
CP
FMCC
-CP
FMCC
CP
FMCC
CP
FMCC
04121 /97 SALE
Treas Note
Treas Note
Treas Note
REDEMPTION
FFCB (FR)
PURCHASE
CD
BN Paris
CD
BN Paris
CD
US Oregon
BN
Fst Chic
BN
.Fst Chic
CD
Wachovia
CD
Barclays
06/30/97
5.520
06/30/97
5.520
06/30/97
5.550
06/30/97
5.550
06/30/97
5.550
06/30/97
5.550
06/30/97
5.570
06/30/97
5.570
06/30/97
5.570
06/30/97
5.570
5.625% 06/30/97 5.288
5.625% 06/30/97 5.288
5.625% 06/30/97 5.288
4.560% 04/21/97 4.560
5.610%
06/30/97
5.590
5.610%
06/30/97
5.590
5.590%
06/30/97
5.590
5.810%
09/26/97
5.810
5.810%
09/26/97
5.810
5.590%
06/30/97
5.580
5.600%
06/30/97
5.590
df
PAR DAYS
L1 HELD
50,000
50,000
140,000
14,800
25,000
50,000
50,000
50,000
50,000
25,000
50,000
50,000
25,000 258
50,000 258
50,000 258
50,000 1096
25,000
50,000
50,000
25,000
50,000
50,000
50,000
AMOUNT EFFECTIVE
EARNED YIELD
1,003,718.32 5.679
2,009,389.75 5.679
2,009,389.75 5.679
8,631,494.44 5.749
—12—
POOLED MONEY INVESTMENT ACCOUNT
dr
a/
a/
MATURITY
TRANS
PAR DAYS AMOUNT
DATE TYPE
DESCRIPTION
DATE
YIELD
(0001 HELD EARNED
04/21/97 PURCHASE
CD
Barclays
5.600%
.06130/97
5.590
50,000
CD
Cr Agricole
5.580%
06/30/97
5.580
50,000
CD
Cr Agricole
5.580%
06/30/97
5.580
50,000
CD
Hong Kong
5.580%
06/30/97
5.580
50,000
CD
Hong Kong
5.580%
06/30/97
5.580
50,000
CD
Midland
5.580%
06/30/97
5.580
50,000
CD
Midland
5.580%
06/30/97
5.580
50,000
CP
GMAC
05/07/97
5.500
50,000
CP
GMAC
05/07/97
5.500
50,000
CP
GECC
06/27/97
5.550
50,000
CP
Assoc
06/27/97
5.550
50,000
CP
Hertz
06/30/97
5.570
50,000
04/22/97 NO SALES
PURCHASE
CP
Morg Stan
04/30/97
5.460
29,000
CP
Morg Stan
04/30/97
5.460
50,000
CP
Morg Stan
04/30/97
5.460
50,000
CP
GMAC
06/27/97
5.590
22,000
CP
GMAC
06/27/97
5.590
50,000
CP
FMCC
06/27/97
5.570
50,000
CP
FMCC
06/27/97
5.570
50,000
04/23/97 NO SALES
EFFEmVE
YIELD
PURCHASE
CD
Cr Suisse
5.500%
05/28/97
5.490
150,000
CD
Swiss Bk
5.520%
05/29/97
5.500
50,000
CD
Swiss Bk
5.520%
05/29/97
5.500
50,000
CD
Swiss Bk
5.520%
05/29/97
5.500
50,000
CD
UB
5.500%
05/30/97
5.500
2,000
CD
UB
5.500%
05/30/97
5.500
50,000
CP
Baxter
04/24/97
5.420
48,800
CP
Baxter
04/24/97
5.420
50,000
04/24/97 REDEMPTION
CP
Baxter
04/24/97
5.420
48,800 1 7,347.11 5.496
CP
Baxter
04/24/97
5.420
50,000 1 7,527.78 5.496
FNMA
5.480%
04/24/97
5.570
50,000 365 2,783,200.00 5.571
—13—
POOLED MONEY INVESTMENT ACCOUNT
at a/ MATURITY TRANS
DATE TYPE DESCRIPTION DATE YIELD
04/24/97 PURCHASE
CD
Deutsche
5.520%
05/29/97
5.510
CD
Deutsche
5.520%
05/29/97
5.510
CD
US Oregon
5.500%
05/30/97
5.500
CD
US Oregon
5.500%
05/30/97
5.500
CD
Barclays
5.600%
06/30/97
5.600
CD
Barclays
5.600%
06/30/97
5.600
CP
Baxter
04/25/97
5.450
CP
Baxter
04/25/97
5.450
CP
GECC
04/25/97
5.400
CP
GECC
04/25/97
5.400
CP
Transam
05/28/97
5.520
PURCHASE c/
BA
d/
PAR DAYS
loft HELD
50,000
50,000
50,000
50,000
50,000
50,000
30,000
50,000
50,000
50,000
21,643
Tokyo-Mns
07/02/97
5.450
51,000
BA Tokyo-Mits
07/02/97
5.450
51,000
FNMA
6.500% 01/27/00
5.340
25,575
FNMA
6.500% 02/25/02
5.340
27,000
FNMA
6.500% 02/25/02
5.340
50,000
04/25/97 REDEMPTION
CP
.Baxter
CP
Baxter
CP
GECC
CP
GECC
SALE c/
BA
Tokyo-Mits
BA
Tokyo-Mits
FNMA
FNMA
FNMA
PURCHASE
CP
GECC
CP
GECC
CP
GECC
CP
Baxter
CP
Baxter
BA
Tokyo-Mits
AMOUNT EFFECTNE
YIELD
04/25/97
5.450
30,000
1
4,541.67
5.526
04/25/97
5.450
50,000
1
7,569.44
5.526
04/25/97
5.400
50,000
1
7,500.00
5.475
04/25/97
5.400
50,000
1
7,500.00
5.475
07/02/97
5.450
51,000
1
7,417.30
5.525
07/02/97
5.450
51,000
1
7,417.30
5.525
6.500% 01/27/00
5.340
25,575
1
3,739.48
5.414
6.500% 02/25/02
5.340
27,000
1
3,890.19
5.414
6.500% 02/25/02
5.340
50,000
1
7,203.66
5.414
04/28/97
5.440
50,000
04/28/97
5.440
50,000
04/28/97
5.440
50,000
04/28/97
5.450
50,000
04/28/97
5.450
50,000
07/02/97
5.420
51,000
—14—
POOLED MONEY INVESTMENT ACCOUNT
_d/
a/ a/
MATURITY
TRANS
PAR
DAYS
AMOUNT
EFFECTIVE
DATE TYPE
DESCRIPTION
DATE
YIELD
M
HELD
EARNED
YIELD
04/30/97 REDEMPTION
CD
CIBC 5.350%
04/30/97
5.400
40,000
1
6,053.48
5.523
CP
Morg Stan
04/30/97
5.530
50,000
1
7,680.56
5.607
CP
Baxter
04/30/97
5.570
15,000
1
2,320.83
5.648
CP
Baxter
04/30/97
5.570
50,000
1
7,736.11
5.648
CP
Morg Stan
04/30/97
5.530
50,000
1
7,680.56
5.607
CP
Morg Stan
04/30/97
5.530
50,000
1
7,680.56
5.607
CP
Morg Stan
04/30/97
5.530
50,000
1
7,680.56
5.607
CP
Assoc
04/30/97
5.500
50,000
1
2,638.89
5.577
CP
Assoc
04/30/97
5.500
50,000
1
7,638.89
5.577
CP
Morg Stan
04/30/97
5.460
29,000
8
35,186.66
5.542
CP
Morg Stan
04/30/97
5.460
50,000
8
60,666.65
5.542
CP
Morg Stan
04/30/97
5.460
50,000
8
60,666.65
5.542
SALE c/
BA
Tokyo-Mits
07/02/97
5.480
51,000
1
7,611.11
5.556
Disc Note
FHLMC
05/15/97
5.350
230
1
32.10
5.424
Disc Note
FHLMC
05/15/97
5.350
50,000
1
7,042.98
5.424
Disc Note
FHLMC
05/15/97
5.350
50,000
1
7,042.98
5.424
FFCB
5.290%
06/02/97
5.350
25,000
1
3,721.07
5.424
FFCB
5.620%
10/01 /97
5.350
35,000
1
5,120.54
5.424
FNMA
6.500%
01/27/00
5.350
27,900
1
4,091.12
5.424
FNMA
6.700%
08/10/01
5.350
13,200
1
1,919.01
5.424
FNMA
6.350%
11 /23/01
5.350
7,475
1
1,092.29
5.424
FNMA
6.150%
12/14/01
5.350
16,500
1
2,364.40
5.424
FNMA
6.500%
02/25/02
5.350
29,000
1
4,189.94
5.424
FNMA
6.500%
02/25/02
5.350
50,000
1
7,223.84
5.424
RRP
Treas
Note
5.875%
02/28/99
5.280
50,000
28
(204,306.67)
-5.353
Treas
Note
5.875%
02/28/99
5.260
50,000
27
(196,263.75)
-5.333
Treas
Note
5.875%
02/28/99
5.260
50,000
27
(196,263.75)
-5.333
Treas
Note
5.875%
02/28/99
5.260
50,000
27
(196,263.75)
-5.333
PURCHASE
BN
BA
5.550%
05/30/97
5.550
50,000
BN
BA
5.550%
05/30/97
5.560
50,000
BN
BA
5.550%
05/30/97
5.550
50,000
BN
BA
5.550%
05/30/97
5.550
50,000
CD
US Oregon
5.530%
05/28/97
5.530
50,000
CD
US Oregon
5.530%
05/28/97
5.530
50,000
CD
Wachovia
5.530%
05/29/97
5.520
50,000
CD
Wachovia
5.530%
05/30/97
5.520
50,000
CD
Montreal
5.550%
05/30/97
5.550
18,000
CD
Montreal
5.550%
05/30/97
5.550
50,000
CD
Bayrsche V
5.520%
05/28/97
5.500
50,000
CD
Bayrsche V
5.520%
05/28/97
5.500
50,000
CD
Bayrsche L
5.510%
06/02/97
5.500
30,000
—17—
POOLED MONEY INVESTMENT ACCOUNT
d/
a/ a/
MATURITY
TRANS
PAR DAYS AMOUNT
DATE TYPE
DESCRIPTION
DATE
YIELD
(000) HELD EARNED
04/30/97 PURCHASE
CD
Bayrsche L 5.510%
06/02/97
5.500
50,000
CD
CIBC 5.560%
06/02/97
5.560
45,000
CD
CIBC 5.560%
06/02/97
5.560
50,000
CP
Merrill
05/01/97
5.650
25,000
CP
Merrill
05/01/97
5.650
50,000
CP
Assoc
05/01/97
5.650
40,000
CP
GECC
05/01/97
5.650
50,000
CP
GECC
05/01/97
5.650
50,000
CP
Baxter
05/01/97
5.720
30,000
CP
Baxter
05/01/97
5.720
50,000
CP
Conagra
05/28/97
5.680
20,000
CP
Gr Westem
05/30/97
5.560
20,000
E"ECTWE
U
—18—
POOLED MONEY INVESTMENT ACCOUNT
at
DATE TYPE
04/28/97 REDEMPTION
al MATURITY TRANS
DESCRIPTION DATE YIELD
d/
PAR DAYS AMOUNT
LM2 HELD EARNED
EFFECTNE
YIELD
BA
Tokyo-Mits
04/28/97
5.370
9,300
145
201,151.25
5.564
CD
ABN Amro
5.390%
04/28/97
5.380
50,000
137
1,023,732.62
5.454
CD
ABN Amro
5.390%
04/28/97
5.380
50,000
137
1,023,732.62
5.454
CD
U/B
5.400%
04/28/97
5.400
50,000
137
1,027,500.00
5.475
CD
RB Canada
5.410%
04/28/97
5.410
50,000
137
1,029,402.78
5.485
CD
RB Canada
5.410%
04/28/97
5.410
50,000
137
1,029,402.78
5.485
CD
Tokyo-Mits
5.520%
04/28/97
5.520
50,000
140
1,073,333.33
5.596
CD
US Wash
5.340%
04/28/97
5.340
50,000
153
1,134,750.00
5.414
CD
W Deutsche
5.340%
04/28/97
5.340
50,000
153
1,134,750.00
5.414
CD
W Deutsche
5.340%
04/28/97
5.340
50,000
153
1,134,750.00
5.414
CD
W Deutsche
5.340%
04/28/97
5.340
50,000
153
1,134,750.00
-5.414
CD
ABN Amro
5.340%
04/28/97
5.340
50,000
157
1,164,416.65
5.414
CD
ABN Amro
5.340%
04/28/97
5.340
50,000
157
1,164,416.65
5.414
CD
Bkrs Trst
5.400%
04/28/97
5.400
50,000
153
1,147,500.00
5.475
CD
Bkrs Trst
5.400%
04/28/97
5.400
50,000
153
1,147,500.00
5.475
CD
CIBC
5.370%
04/28/97
5.370
25,000
171
637,687.50
5.444
CD
CIBC
5.370%
04/28/97
5.370
50,000
171
1,275,375.00
5.444
CP
GECC
04/28/97
5.440
50,000
3
22,666.67
5.518
CP
GECC
04/28/97
5.440
50,000
3
22,666.67
5.518
CP
GECC
04/28/97
5.440
50,000
3
22,666.67
5.518
CP
Baxter
04/28/97
5.450
50,000
3
22,708.33
5.528
CP
Baxter
04/28/97
5.450
50,000
3
22,708.33
5.528
CP
GMAC
04/28/97
5.340
50,000
136
1,008,666.67
5.525
CP
GMAC
04/28/97
5.330
40,000
138
817,266.67
5.516
CP
GMAC
04/28/97
5.330
50,000
138
1,021,583.33
5.516
CP
Merrill
04/28/97
5.300
25,000
171
629,375.00
5.512
CP
Merrill
04/28/97
5.300
50,000
171
1,258,750.00
5.512
MTN
Assoc
6.560%
04/28/97
6.560
25,000
1097
4,924,555.56
6.560
SALE c/
BA Tokyo-Mits 07/02/97 5.420 51,000
PURCHASE
SBA (FR)
6.125% 05/25/22
6.125
7,984
CP
Merrill
04/29/97
5.480
25,000
CP
Merrill
04/29/97
5.480
50,000
CP
GMAC
04/29/97
5.500
50,000
CP
GMAC
04/29/97
5.500
50,000
CP
GMAC
04/29/97
5.500
50,000
CP
GMAC
04/29/97
5.500
50,000
CP
GECC
04/29/97
5.520
18,000
CP
GECC
04/29/97
5.520
50,000
3 22,330.40 5.495
—15—
POOLED MONEY INVESTMENT ACCOUNT
d/
a/
a/
MATURITY
TRANS
PAR
DAYS
AMOUNT
EFFECTIVE
DATE TYPE
DESCRIPTION
DATE
YIELD
LM
HELD
EARNED
YIELD
04/29/97 REDEMPTION
CP
Merrill
04/29/97
5.480
25,000
1
3,805.56
5.556
CP
Merrill
04/29/97
5.480
50,000
1
7,611.11
5.556
CP
GMAC
04/29/97
5.500
50,000
1
7,638.89
5.577
CP
GMAC
04/29/97
5.500
50,000
1
7,638.89
5.577
CP
GMAC
04/29/97
5.500
50,000
1
7,638.89
5.577
CP
GMAC
04/29/97
5.500
50,000
1
7,638.89
5.577
CP
GECC
04/29/97
5.520
18,000
1
2,760.00
5.597
CP
GECC
04/29/97
5.520
50,000
1
7,666.67
5.597
PURCHASE
CD
CIBC
5.350%
04/30/97
5.400
40,000
CP
Assoc
04/30/97
5.500
50,000
CP
Assoc
04/30/97
5.500
50,000
CP
Morg Stan
04/30/97
5.530
50,000
CP
Morg Stan
04/30/97
5.530
50,000
CP
Morg Stan
04/30/97
5.530
50,000
CP
Morg Stan
04/30/97
5.530
50,000
CP
Baxter
04/30/97
5.570
15,000
CP
Baxter
04/30/97
5.570
50,000
CP
Lehman
05/01/97
5.620
25,000
CP
Lehman
05/01 /97
5.620
50,000
PURCHASE r/
BA
Tokyo-Mits
07/02/97
5.480
51,000
Disc Note
FHLMC
05/15/97
5.350
230,000
Disc Note
FHLMC
05/15/97
5.350
50,000
Disc Note
FHLMC
05/15/97
5.350
50,000
FFCB
5.290%
06/02/97
5.350
25,000
FFCB
5.620%
10/01/97
5.350
35,000
FNMA
6.500%
01/27/00
5.350
27,900
FNMA
6.700%
08/10/01
5.350
13,200
FNMA
6.350%
11/23/01
5.350
7,475
FNMA
6.150%
12/14/01
5.350
16,500
FNMA
6.500%
02/25/02
5.350
29,000
FNMA
6.500%
02/25/02
5.350
50,000
Treas
Note
5.500%
02/28/99
5.220
1,180
Treas
Note
5.875%
03/31 /99
5.220
50,000
04/30/97 REDEMPTION g/
CP
Morg Stan
04/30/97
5.550
50,000
27
208,125.00
5.650
CP
Morg Stan
04/30/97
5.550
50,000
27
208,125.00
5.650
CP
Morg Stan
04/30/97
5.550
50,000
27
208,125.00
5.650
CP
Lehman
04/30/97
5.610
50,000
28
218,166.67
5.712
—16—
TIME DEPOSIT
NAME DEPOSIT DATE YIELD PAR AMOUNT ($) MATURITY DATE
PETALUMA
Bank of Petaluma 02/11/97 5.290 1,000,000.00 08/12/97
SACRAMENTO
Sanwa Bank of California
01 /28/97
5.370
5,000,000.00
07/29/97
Union Bank of California
02/05/97
5.150
100,000,000.00
05/07/97
Sanwa Bank of California
02/19/97
5.250
50,000,000.00
08/19/97
Sanwa Bank of California
02/25/97
5.280
10,000,000.00
08/26/97
SAN DIEGO
Bank of Commerce San Diego
03/14/97
5.230
14,000,000.00
06/13/97
SAN FRANCISCO
Bank of Canton California
12/09/96
5.250
5,000,000.00
06/10/97
Bank of Canton California
02/05/97
5.130
5,000,000.00
05/07/97
Bank of Canton California
02/13/97
5.300
5,000,000.00
08/13/97
Bank of Canton California
03/04/97
5.440
5,000,000.00
09/04/97
Trans Pacific National Bank
03/18/97
5.680
800,000.00
09/16/97
Bank of Canton California
04/22/97
5.630
5,000,000.00
10/21/97
SAN LEANDRO
Bay Bank of Commerce
04/07/97
5.300
2,000,000.00
07/07/97
SAN LUIS OBISPO
First Bank of San Luis Obispo
02/04/97
5.180
2,600,000.00
05/06/97
First Bank of San Luis Obispo
02/13/97
5.160
2,000,000.00
05/14/97
First Bank of San Luis Obispo
02/24/97
5.110
1,000,000.00
05/28/97
First Bank of San Luis Obispo
02/26/97
5.110
1,500,000.00
05/28/97
First Bank of San Luis Obispo
04/08/97
5.320
1,000,000.00
07/08/97
SAN RAFAEL
West America Bank
04/23/97
5.370
25,000,000.00
07/23/97
West America Bank
04/30/97
5.350
25,000,000.00
07/30/97
SANTA ANA
Grand National Bank
12/12/96
5.220
1,500,000.00
06/10/97
Grand National Bank
03/13/97
5.220
1,500,000.00
06/12/97
Grand National Bank
04/01/97
5.350
95,000.00
07/01/97
STANISLAUS
North Valley Bank
03/25/97
5.580
3,000,000.00
09/22/97
VACAVILLE
Continental Pacific Bank
03/04/97
5.290
1,000,000.00
06/03/97
TOTAL TIME DEPOSITS AS OF
APRIL 30, 1997
$ 501,795,000.00
—21—
DEMAND BANK DEPOSITS
A_
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
AVERAGE DOLLAR DAYS
(000 omitted)
DAILY BALANCES
PER BANKS
$3529061
3249396
2939534
4549994
454,994
4549994
2039289
376,500
1699136
3249757
182487
1829287
1829287
370,428
4279600
2929984
4239411
5419051
5419051
5419051
5659121
7119291
6169487
3989231
4729693
4729693
4729693
512445
4389278
5489069
a!
$4109040
WARRANTS
OUTSTANDING
$197649997
1,747,257
197299083
1,833,668
198339668
198339668
19573,296
194039106
114979156
198059447
1,7979316
1,797,316
197979316
1,296,535
1,138,732
191449472
19472,908
1,3939661
193939661
193939661
1,223,483
191059366
1,060,460
193039594
1,331,051
1,331,051
1,331,051
1,332,414
197569992
191899568
a/ The prescribed bank balance for April was $364,199,000.00. This consisted
of $13595369,000.00 in compensating balances for services, $234,646,000.00
uncollected funds and a deduction of $599839000.00 for December delayed
deposit credit.
-22-
DESIGNATION BY POOLED MONEY INVESTMENT BOARD
OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS
No. 1574
In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its
meeting on April 16, 1997, has determined and designated the amount of money available for deposit and investment
under said sections. In accordance with sections 16480.1 and 16480.2 of the Government Code, it is the intent that the
money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested in
securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management,
and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loan associ-
ations, and for investment in securities and the type of such deposits and investments as follows:
1. In accordance with law, for deposit in demand
bank accounts as Compensating Balance for Services $ 152,758,000
The active non i nterest-bea ring bank accounts designation constitutes a calendar -month average balance. For purposes
of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein
as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for
any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above
amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number
of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy
collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be
maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management.
2. In accordance with law, for inv_-stmen in securities authorized by section 16430, Government Code, or in term interest -
bearing deposits in banks znd savings and !oan associations as follows:
From To Transactions
( 1) 04/14/97
(2) 04/21/97
(3) 04/28/97
(4) 05/05/97
(5) 05/12/97
(6) 05/19/97
(7) 05/26/97
(8) 06/02/97
(9) 06/09/97
(10) 06/16/97
04/18/97
04/25/97
05/02/97
05/09/97
05/16/97
05/23/97
05/30/97
06/06/97
06/13/97
06/20/97
1,488,500,000
2,093,300,000
144,500,000
169, 900, 000
594,300,000
520,400,000
166,600,000
(1,261,200,000)
(75,700,000)
3,131,600,000
Time Deposits in
various Financial
Institutions
In Securities
(sections 16503a
(section 16430)'
and 16602)'
$ 27,970,705,000
$ 501,795,000
$ 30,064,005,000
$ 501,795,000
$ 30,208,505,000
$ 501,795,000
$ 30,378,405,000
$ 501,795,000
$ 30,972,705,000
$ 501,795,000
$ 31,493,105,000
$ 501,795,000
$ 31,659.705,000
$ 501,795,000
$ 30,398,505,000
$ 501,795,000
$ 30,322,805,000
$ 501,795,000
$ 33,454,405,000
$ 501,795,000
Estimated
Total
$ 28,472,500,000
$ 30,565,800,000
$ 30,710,300,000
$ 30,880,200,000
$ 31. 474, 500, 000
$ 31,994,900,000
$ 32,161, 500, 000
$ 30, 900, 300, 000
$ 30.824,600,000
$ 33,956,200,000
From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in
prime commercial paper under section 16430(e), Government Code.
Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the
amounts and for the same types of investments as specifically designated above.
Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by
which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance
of $ 152,758,000.
Dated: April 16, 1997
'Government Code
ED MOA„Y INVESTMENT BOARD:
—23—
R
i
OF
ire
bw AD 46
WRAP
two
i
�� �► . r 1 �+ a rl T 7 ri Aw• f
MATT FONG
Trzasurer
Mate of Lc"[lifornia
May 1, 1997
Mr. Tom Allen
Chairman
Governmental Accounting Standards Board
401 Merritt 7
P.0.Box 5116
Norwalk, CT 06856-5116
Dear Mr. Allen:
The Governmental Accounting Standards Board recently released Statement #31,
Accounting and Financial Reporting for Certain Investments and for External Investment
Pools, in final form. Much was accomplished during the drafting process through the
cooperative efforts of GASB and local government representatives. However, I believe
that the process of implementing the new standards is far from over.
Since the release of the Statement, my staff and I have taken every opportunity to
begin the education process for governmental associations throughout the state. Through
these contacts, it is becoming increasingly apparent that none of the affected parties I
have spoken with has any direction or understanding of how the standards should be met.
To my surprise, I have received calls from CPA firms wondering how to report the
standards for their clients. Software vendors have approached me for guidance on what
type of portfolio programming to pursue. Investors, preparers, and users are all looking
for direction.
My staff has turned to the source for answers to the growing number of questions.
We have contacted the Board, and have strongly suggested that the release of the
Statement does not constitute the end of the Board's responsibilities. In light of the major
controversy created by this statement, it is imperative that the Board follow quickly with
suggested reporting guidelines. These guidelines should address specifically each type of
investment instrument. Since Statement #31 goes into detail describing the types of
transactions covered by the new reporting, there is now a responsibility to include each
instrument in a reporting model.
915 CAPITOL .MALL ROOM 110, SACRAMENTO, CALIFORNIA 95814 (916) 653-2995 FAX (916) 653-3125
It is illustrative of the massive difficulties facing everyone involved that we have
been told the Board is unable to release guidelines at this time due to the overwhelming
number of inquiries being received from governmental agencies. The question that arises
is, how are we to correctly implement standards the Board itself has yet to address?
Further, how can program sponsors provide timely, fair value, information to participants
without direction from the Board?
Government is not alone in needing much more direction from GASB. Audit
firms, accounting firms, software service providers, and program participants are
clamoring for more leadership and increased implementation time from the Board.
Governmental entities face the additional burden of needing to follow a bid process
before purchasing new software were any to yet exist. While we have assured participants
that Statement #31 will not dictate any change in investment philosophy or in the
distribution of earnings, we cannot speak for the actions of participants who may wish to
avoid the entire matter by withdrawing their funds. The volatility the Board has stated it
wished to avoid will be exponentially intensified if the Board does not provide attention
to these implementation needs.
Lack of definitive standards from the Board requires additional time for the
implementation of Statement #31. Specific guidelines for individual investment vehicles
must be made available. Program sponsors, statement issuers, and end users must be
capable of understanding the information. Software must be developed to conform to
these standards. Request for proposals and proposal review must be considered when
awarding service contracts in government. All of these concerns will take time to
address. The Governmental Accounting Standards Board cannot walk away from their
responsibility to assure a smooth transition to fair value accounting and reporting.
I am ready to continue the cooperative efforts which have gotten us to this point.
I am requesting that the Board delay the required implementation of Statement #31 until
the reporting period following June 15, 1998. The additional time will allow us to
continue working together to create a strong, equitable and realistic reporting model.
Sincer ,
0
Matt Fong
State Treasurer
STATE OF CALIFORNIA
STATE TREASURER'S OFFICE
POOLED MONEY INVESTMENT BOARD REPORT
MARCH 1997
Table of Contents
SUMMARY................. ....... ......................... ................... ..........•........................... ..1
SELECTED INVESTMENT DATA....................................................................2
PORTFOLIOCOMPOSITION...........................................................................3
INVESTMENTTRANSACTIONS......................................................................4
TIMEDEPOSITS................................................................................................14
DEMANDBANK DEPOSITS............................................................................16
POOLED MONEY INVESTMENT BOARD DESIGNATION .....................17
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF MARCH 1997 WITH MARCH 1996
(Dollars in Thousands)
March 1997 March ivy Change
Average Daily Portfolio
$28,119,688
$28,787,047
- $667,359
Accrued Earnings
$133,274
$135,497
- $2,223
Effective Yield
5.580
5.557
+ .023
Average Life —Month End (in days)
246
241
+ 5
Total Security Transactions
Amount
$10,751,192
$19,326,617
- $8,575,425
Number
248
452
- 204
Total Time Deposit Transactions
Amount
$131,900
$81,600
+ $50,300
Number
28
15
+ 13
Average Workday Investment Activity
$518,243
$924,201
-$405,958
Prescribed Demand Account Balances
For Services
$152,758
$109,878
+ $42,880
For Uncollected Funds
$165,589
$135,878
+ $29,711
—1—
MATT FONG
STATE TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION
SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED)
Change in
March 31,1997 Percent From
Tune of Security Amount Percent Previous Month
Governments
Bills
$1,333,939
4.75
-
2.41
Bonds
0
0
0
Notes
5,889,663
20.95
+
.71
Strips
1219,604
.43
+
.01
Total Governments
$7 065
26.13
-
1.69
Federal Agency Coupons
1,642,026
5.84
+
1.45
Certificates of Deposit
69758,6"
24.04
-
2.24
Bank Notes
506,003
1.80
-
.16
Bankers Acceptances
233,253
.83
-
.57
Repurchases
40,000
.14
-
.14
Federal Agency Discount Notes
237,364
.85
-
1.17
Time Deposits
4%9795
1.77
+
.09
GNMA's
39172
.01
0
Commercial Paper
6,434,908
22.89
+
1.45
FHLMC
309237
.11
0
Corporate Bonds
29001,272
7.12
-
1.07
Pooled Loans
196609822
5.91
-
.16
GF Loans
8689400
3.09
+
3.09
Reversed Repurchases
-1499250
- .53
-
.84
Total, All Types
$2891099398
100
INVESTMENT ACTIVITY
March 1997
Number
Amount
Num
Pooled Money
248
$ 10,751,192
502
Other
70
$ 298,337
13
Time Deposits
28
$ 131,900
38
TOTALS
346
$ 1191819429
553
PMIA Monthly Average
Effective Yield 5.580 5.575
Year to Date Yield for
Last Day of Month 5.585 5.586
February 1997
Amount
$ 2196439428
$ 52,964
$ 450,700
$ 22,147,092
-2-
Corp
Bc
7.1
Commercial
Paper
22.89%
Ro
Pooled Money. Investment Account
Portfolio Composition
$28.1 Billion
Reverses
Loans .53%
9.00%
i
83°r6 CD's/BN's
25.84%
3/31 /97
N Treasuries
uries 0 Time Deposits
3% ■ Mortgages
® Agencies
■ CD's/BN's
® Bankers Acceptances
■ Repo
13 Commercial Paper
Time Deposits
■ Corporate Bonds
1 77°� 0 Loans
Mortgages 13 Reverses
0.12%
kgencies
6.69%
-3-
POOc:JED` MONEr INVESTMENT ACCOUNT
DATE TYPE
a!
MATURITY
TRANS
_df
PAR
DAYS
AMOUNT
EFFEMW
DATE
YIELD
YWD
03/03/97 REDEMPTION
BA
CD
Tokyo-Mits
Mellon
03/03/97
5.390
$55,000
88
724,655.56
5.537
CD
US Oregon
5.350%
5.350%
03/03/97
03/03/97
5.350
5.350
150,000
50,000
116
2,585,833.33
5.424
CD
US Oregon
5.350%
03/03/97
5.350
35,000
118
118
876,805.56
613,763.89
5.424
5.424
CP
CP
Bear
GECC
03/03/97
5.450
50,000
3
22,708.35
5.528
CP
GECC
03/03/97
5.350
50,000
59
438,402.78
5.472
CP
Morgan
03/03/97
5.350
40,000
59
350,722.22
5.472
CP
Hertz
03/03/97
5.340
50,000
80
593,333.35
5.479
CD
Mellon
5.350%
03/03/97
03/03/97
5.300
5.350
30,600
25,000
83
88
373,915.00
5.440
CD
Mellon
5.350%
03/03/97
5.350
50,000
88
326,944.44
653,888.89
5.424
5.424
CP
CP
FMCC
FMCC
03/03/97
5.270
15,000
101
221,779.17
5.423
CP
FMCC
03/03/97
5.270
50,000
101
739,263.89
5.423
CP
FMCC
03/03/97
5.270
50,000
101
739,263.89
5.423
CP
Assoc
03/03/97
5.27.0
50,000
101
739,263.89
5.423
CP
Assoc
03/03/97
5.270
50,000
101
739,263.89
5.423
CP
Amer Exp
03/03/97
03/03/97
5.270
5.270
50,000
50,000
101
739,263.89
5.423
CP
Amer Exp
03/03/97
5.270
50,000
101
101
739,263.89
739,263.89
5.423
5.423
CP
CP
GECC
GECC
03/03/97
5.280
5,000
116
85,066.67
5.445
CP
GECC
03/03/97
5.280
50,000
116
850,666.67
5.445
CP
GECC
03/03/97
5.280
50,000
116
850,666.67
5.445
03/03/97
5.280
50,000
116
850,666.67
5.445
PURCHASE
Treas
Note
5.750%
10/31/00
6.299
50,000
CD
Nova Scotia
5.540%
09/20/97
5.540
75,000
CP
GECC
03/04/97
5.370
47,000
CP
GECC
03/04/97
5.370
50,000
CP
GMAC
03/04/97
5.400
50,000
CP
GMAC
03/04/97
5.400
50,000
CP
GMAC
03/04/97
5.400
50,000
CP
GMAC
03/04/97
5.400
50,000
CP
Conagra
05/09/97
5.470
35,000
CP
Bear
06/27/97
5.350
50,000
CP
Bear
06/27/97
5.350
50,000
CP
Assoc
06/30/97
5.340
50,000
CP
Assoc
06/30/97
5.340
50,000
CP
Merrill
06/30/97
5.350
50,000
CP
Merrill
06/30/97
5.350
50,000
CP
Salomon
06/30/97
5.530
50,000
CP
Salomon
06/30/97
5.530
50,000
03/04/97 SALE
Treas Bill 03/06/97 5.050 50,000 342 2,447,659.72 5.495
Treas Bill 03/06/97 5.050 50,000 342 2,447,659.72 5.495
—4—
POOLED -MONEY INVESTMENT ACCOUNT
cu
a�!
w
MATURITY
TRANS
PAR
DAYS
AMOUNT
EFFECTIVE
Jam
DESCE
TION
DATE
YID
MW
_Hr;L2
EARNED
YIELD
03/04/97
SALE
Treas Bill
03/06/97
5.050
50,000
347
2,465,326.39
5.457
Treas Bill
03/06/97
5.050
50,000
347
2,465,326.39
5.457
REDEMPTION
CID GECC
03/04/97
5.370
47,000
1
7,010.83
5.445
CID GECC
03/04/97
5.370
50,000
1
7,458.33
5.445
CP GMAC
03/04/97
5.400
60,000
1
7,500.00
5.475
CID GMAC
03/04/97
5.400
50,000
1
7,500.00
5.475
CID GMAC
03/04/97
5.400
50,000
1
7,500.00
5.475
CID GMAC
03/04/97
5.400
50,000
1
7,500.00
5.475
MTN GMAC
7.875%
03/04/97
7.040
18,250
949
3,378,097.81
7.040
NO PURCHASES
03/05/97
RRS
Treas Note
5.875%
02/28/99
5.030
50,000
Treas Note
5.875%
02/28/99
5.030
50,000
Treas Note
5.875%
02/28/99
5.030
50,000
SALE
Treas Bill
01/08/98
5.315
50,000
50
381,562.50
5.884
Treas Bill
01/08/98
5.315
50,000
51
386,479.17
5.843
Treas Bill
01/08/98
5.315
50,000
51
386,479.17
5.843
PURCHASE S/
CID Morg Stan
04/03/97
5.310
50,000
CID Morg Stan
04/03/97
5.310
50,000
CID Morg Stan
04/03/97
5.310
50,000
PURCHASE
CD Soc Gen
5.450%
07/14/97
5.510
25,000
CD Soc Gen
5.580%
09/03/97
5.590
26,000
CD Soc Gen
5.580%
09/03/97
5.590
50,000
CD Morg Guar
5.900%
09/30/97
5.550
10,000
03/06/97
REDEMPTION
Treas Bill
03/06/97
5.130
50,000
318
2,265,750.00
5.448
Treas Bill
03/06/97
5.130
50,000
318
2,265,750.00
5.448
Treas Bill'
03/06/97
5.110
10,000
337
478,352.78
5.441
Treas B111
03/06/97
5.110
50,000
337
2,391,763.90
5.441
Treas Bill
03/06/97
5.115
40,000
349
1,983,483.33
5.456
Treas Bill
03/06/97
5.125
30,000
351
1,499,062.50
5.469
—5—
POOLED MONEY INVESTMENT ACCOUNT
m
DES-QRVn oN
03/06/97 REDEMPTION
Treas Bill
Treas Bill
PURCHASES/
NurruRrrY TRMs
DATE YIELD
03/06/97 5.125
03/06/97 5.120
CD
ABN Amro
5.420%
06/09/97
5.250
Disc Note
FHLMC
01 /30/98
5.180
Disc Note
SLMA
03/20/97
5.180
PURCHASE
CP
GECC
08/11/97
5.350
CP
GECC
08/11/97
5.350
CP
GECC
08/11/97
5.350
CD
RaboBank
5.420%
06/05/97
5.410
CD
RaboBank
5.420%
06/05/97
5.410
CD
RaboBank
5.430%
06/06/97
5.410
CD
CR Agricole
5.550%
09/02/97
5.550
CD
CR Agricole
5.550%
09/02/97
5.550
CD
Mellon
5.550%
09/03/97
5.550
CD
Mellon
5.550%
09/03/97
5.550
CP
Baxter
03/07/97
5.180
Treas
Bill
03/05/98
5.365
Treas
Bill
03/05/98
5.365
03/07/97 SALE c/
CD ABN Amro
Disc Note FHLMC
Disc Note SLMA
REDEMPTION
CP Baxter
NO PURCHASES
03/10/97 REDEMPTION
5.420% 06/09/97 5.250
01 /30/98 5.180
03/20/97 5.180
50,000
19,500
6,985
5,000 .
50,000
50,000
15,000
50,000
50,000
25,000
50,000
50,000
50,000
41,000
50,000
50,000
50,000
19,500
6,985
03/07/97 5.180 41,000
CD
West Deutsch
5.380%
03/10/97
5.350
CD
Barclays
5.370%
03/10/97
5.350
CD
Cr Suisse
5.360%
03/10/97
5.350
CD
Cr Suisse
5.360%
03/10/97
5.350
CD
Cr Suisse
5.360%
03/10/97
5.350
CD
Cr Suisse
5.360%
03/10/97
5.350
CP
Hertz
03/10/97
5.320
NO PURCHASES
351 2,498,437.50 5.469
363 2,065,066.67 5.473
1 7,145.83 5.322
1 2,613.89 5.251
1 983.34 5.251
1 5,899.44 5.252
20,000
53
157,674.83
5.429
50,000
89
661,351.72
5.424
50,000
125
928,851.11
5.424
50,000
125
928,851.11
5.424
50,000
125
928,851.11
5.424
50,000
125
928,851.11
5.424
50,000
53
391,611.11
5.436
POOLED IkONEY INVESTMENT ACCOUNT
um mm DESCRrTi )N
03/11/97 SALE
Treas Bill
Treas Bill
REDEMPTION
MATURM TRANS PAR DAYS
DATE y4P Lm -mm
04/03/97 4.945
04/03/97 4.945
50,000 341
50,000 341
2,458,284.70 5.553
2,458,284.70 5.553
CD
Bkrs Trst
5.390% 03/11/97
5.380
50,000
89
665,044.00
5.454
CD
Bkrs Trst
5.390% 03/11/97
5.380
50,000
89
665,044.00
5.454
CP
Morg Stan
03/11/97
5.340
50,000
90
667,500.00
5.487
CP
Morg Stan
03/11/97
5.340
50,000
90
667,500.00
5.487
NO PURCHASES
03/12/97 REDEMPTION
BA
UB Calif
Disc Note
FNMA
Disc Note
FNMA
NO PURCHASES
03/13/97 RRS
Treas
Note
SALE g/
CP
Morg Stan
CP
Morg Stan
CP
Morg Stan
CP
Morg Stan
Disc Note
FNMA
Disc Note
FNMA
Disc Note
FNMA
Disc Note
FNMA
REDEMPTION
Disc Note
FNMA
RRP
Treas
Note
Treas
Note
Treas
Note
Treas
Note
Treas
Note
Treas
Note
03/12/97 5.270 7,000 119 121,941.95 5.437
03/12/97 5.190 50,000 124 893,833.33 5.357
03/12/97 5.190 50,000 124 893,833.33 5.357
5.875% 02/28/99 4.830 50,000
03/13/97
5.270
50,000
28.
204,944.45
5.365
03/13/97
5.270
50,000
28
204,944.45
5.365
03/13/97
5.270
50,000
28
204,944.45
5.365
03/13/97
5.270
50,000
28
204,944.45
5.365
03/13/97
5.170
50,000
30
215,416.65
5.264
03/13/97
5.170
50,000
30
215,416.65
5.264
03/13/97
5.170
50,000
30
215,416.65
5.264
03/13/97
5.170
50,000
30
215,416.65
5.264
03/13/97 5.190 50,000 125 901,041.67 5.358
5.250%
01/31/01
4.890
50,000
30
(197,637.50)
-4.957
5.250%
01/31/01
4.890
50,000
30
(197,637.50)
-4.957
5.250%
01/31/01
4.890
50,000
30
(197,637.50)
-4.957
5.250%
01/31/01
4.890
50,000
30
(197,637.50)
-4.957
5.750%
12/31/98
4.950
50,000
28
(192,981.25)
-5.018
5.750%
12/31/98
4.950
50,000
28
(192,981.25)
-5.018
—7—
ppQ( Ef) liR0111EY INVESTMENT ACCOUNT
dl
�t MATURITY
TRANS
PAR
DAYS
DAB ypE DESiCiDPTioN DATE
(000)
HELD
03/13/97 RRP
Treas Note 5.750% 12/31 /98
4.950
50,000
28
5 750% 12/31 /98
4 950
50 000
28
Treas Note
PURCHASE g/
CD Montreal
5.250% 03/31/97
5.250
50,000
PURCHASE
CP Amer Home
03/14/97
5.180
45,000
Cp GMAC
04/09/97
5.330
50,000
PURCHASE g/
BA Tokyo-Mits
06/16/97
5.250
36,000
03/14/97 SALE g/
BA Tokyo-Mits
06/16/97
5.250
36,000
REDEMPTION
CP Amer Home
03/14/97
5.180
45,000
PURCHASE
CP Conagra
04/04/97
5.510
18,738
CP Conagra
04/04/97
5.500
25,000
CP Textron
04/09/97
5.500
20,000
CP Merrill
04/09/97
5.330
25,000
CP Hertz
04/14/97
5.310
12,400
03/15/97 REDEMPTION
1
1
MTN B/A
7.500% 03/15/97
5.330
4,790 418
MTN B/A
7.500% 03/15/97
6.020
11,775 549
MTN B/A
7.500% 03/15/97
7.330
5,000 859
NO PURCHASES
03/17/97 NO SALES
PURCHASE
CP Conagra
04/01 /97
5.510
50,000
CP GMAC
04/07/97
5.370
48,000
CP GMAC
04/08/97
5.370
25,000
—8—
AMOUNT EFFECTIVE.
(192,981.25) -5.018
(192,981.25) -5.018
5,070.62 5.322
6,475.00 5.252
298,424.98 5.378
1,082,318.75 6.062
865,983.33 7.429
POOLED MONEY RAfEZMENT ACCOUlfr
•
dl
�l If
MATURITY
TRANS
PAR DAYS
QM TYPE DESC urvx N
DATE
YIELD
i4441 tE;ED
03/17/97 PURCHASE
CP GMAC
04/08/97
5.370
50,000
CP Country
04/09/97
5.390
13,000
CP Country
04/09/97
5.390
50,000
03/18/97 NO SALES
PURCHASE
FHLB 5.670% 03/10/98 5.830 50,000
CD Cr Suisse 5.480% 07/14/97 5.540 50,000
CP GMAC 04/02/97 5.340 50,000
03/19/97 NO SALES
.PURCHASE.
CP
GMAC
04/01 /97
5.220
50,000
CP
GMAC
04/01/97
5.220
50,000
CP
Conagra
04/02/97
5.530
10,000
CP
Smith Barn
04/02/97
5.330
50,000
CP
Smith Bam
04/02/97
5.330
50,000
PURCHASE
g/
FHLMC
7.108% 01 /24/.02
5.320
25,000
FHLMC
7.000% 01/28/02
5.320
15,620
03/20/97 NO SALES
PURCHASE
BA
UBS
04/07/97
5.340
12,000
CP
GMAC
04/01/97
5.290
45,000
CP
GMAC
04/01/97
5.290
50,000
CP
Country
04/04/97
5.450
44,000
CP
Country
04/04/97
5.450
50,000
03/21/97 NO SALES
PURCHASE
CP GMAC 04/07/97 5.490 50,000
CP GMAC 04/07/97 5.490 50,000
POOLED II111ONEY INVESTMENT ACCOUNT
dl
aJ
MATURITY
TRANS
PAR
DAYS
AMOUNT
EFPECTIM
QANE T DESCRIPTION
DATE
YIELD
EARNEDV
03/24/97 REDEMPTION
CP Salomon
03/24/97
5.420
50,000
31
233,361.11
5.521
CP Lehman
03/24/97
5.370
50,000
110
820,416.67
5.535
PURCHASE/
BA Tokyo-Mits
06/16/97
5.420
41,000
PURCHASE
CP GECC
03/25/97
5.400
26,000
CP GECC
03/25/97
5.400
50,000
CP GECC
03/25/97
5.400
50,000
CP Assoc
03/25/97
5.400
50,000
CP Assoc
03/25/97
5.400
50,000
CP Assoc
03/25/97
5.400
50,000
CP . Assoc
03/25/97
5.400
50,000
CP Amer Exp
03/31 /97
5.480
50,000
CP Amer Exp
03/31 /97
5.480
50,000
CP Amer Exp
03/31 /97
5.480
50,000
CP Amer Exp
03/31/97
5.480
50,000
CP CCC
04/01/97
5.500
35,000
CP Salomon
04/01/97
5.750
50,000
03/25/97 SALE g/
BA Tokyo-Mits
06/16/97
5.420
41,000
1
5,969.53
5.495
REDEMPTION
CP GECC
03/25/97
5.400
26,000
1
3,900.00
5.475
CP GECC
03/25/97
5.400
50,000
1
7,500.00
5.475
CP GECC
03/25/97
5.400
50,000
1
7,500.00
5.475
CP Assoc
03/25/97
5.400
50,000
1
7,500.00
5.475
CP Assoc
03/25/97
5.400
50,000
1
7,500.00
5.475
CP Assoc
03/25/97
5.400
50,000
1
7,500.00
5.475
CP Assoc
03/25/97
5.400
50,000
1
7,500.00
5.475
PURCHASE
MTN (FR) GMAC 5.618%
03/25/99
5.718
50,000
CP Assoc
03/26/97
5.500
20,000
CP Assoc
03/26/97
5.500
50,000
CP Assoc
03/26/97
5.500
50,000
CP Lehman
03/26/97
5.550
50,000
CP Lehman
03/26/97
5.550
50,000
CP Lehman
03/26/97
5.550
50,000
CID GECC
03/26/97
5.550
50,000
CP GECC
03/26/97
5.550
50,000
—10—
POOLED MONEY INVESTMENT ACCOUNT
d►
at
MATURITY
TRANS
PAIL
DAYS
AMOUNT
EFFECTWE
TYPE
DESCRIPTION
DATE
YNELQ
AM
-4=
EARMM
YEW
03/25/97
PURCHASE
CP
GECC
03/26/97
5.550
50,000
CP
GECC
03/26/97
5.550
50,000
CP
Enron
03/26/97
5.620
30,000
03/26/97
REDEMPTION
CP
Assoc
03/26/97
5.500
20,000
1
3,055-.56
5.577
CP
Assoc
03/26/97
5.500
50,000
1
7,638.89
5.577
CP
Assoc
03/26/97
5.500
50,000
1
7,638.89
5.577
CP
Lehman
03/26/97
5.550
50,000
1
7,708.33
5.627
CP
Lehman
03/26/97
5.550
50,000
1
7,708.33
5.627
CP
Lehman
03/26/97
5.550
50,000
1
7,708.33
5.627
CP
GECC
03/26/97
5.550
50,000
1
7,708.33
5.627
CP
GECC
03/26/97
5.550
50,000
1
7,708.33
5.627
CP
GECC
03/26/97
5.550
50,000
1
7,708.33
5.627
CP
GECC
03/26/97
5.550
50,000
1
7,708.33
5.627
CP
Enron
03/26/97
5.620
30,000
1
4,683.33
5.698
CP
Conagra
03/26/97
5.420
25,000
48
180,666.67
5.535
NO PURCHASES
03/27/97
SALE
Treas
Bill
06/26/97
5.235
50,000
233
1,709,854.00
5.623
Treas
Bill
06/26/97
5.235
50,000
233
1,712,104.00
5.631
N49I4TIlilel11
BA
Tokyo-Mits
03/27/97
5.330
37,000
34
186,253.89
5.431
BN
B/A
5.520%
03/27/97
5.520
50,000
231
1,771,000.00
5.596
BN
B/A
5.520%
03/27/97
5.520
10,000
231
354,200.00
5.596
CD
Cr Agricole
5.410%
03/27/97
5.410
50,000
104
781,444.44
5.485
CD
Cr Agricole
5.410%
03/27/97
5.410
50,000
104
781,444.44
5.485
CD
Hong Kong
5.350%
03/27/97
5.350
35,000
133
691,784.72
5.424
CD
Hong Kong
5.350%
03/27/97
5.350
50,000
134
995,694.44
5.424
CD
Dresdner
5.330%
03/27/97
5.320
50,000
140
1,034,483.86
5.393
CD
Dresdner
5.330%
03/27/97
5.320
50,000
140
1,034,483.86
5.393
CD
Dresdner
5.330%
03/27/97
5.320
50,000
140
1,034,483.86
5.393
CD
Dresdner
5.330%
03/27/97
5.320
50,000
140
1,034,483.86
5.393
CD
BN Paris
5.380%
03/27/97
5.360
50,000
146
1,086,975.17
5.434
CD
Midland
5.390%
03/27/97
5.390
50,000
146
1,092,972.22
5.464
CD
Midland
5.390%
03/27/97
5.390
50,000
146
1,092,972.22
5.464
CD
UB Calif
5.620%
03/27/97
5.620
50,000
233
1,818,694.44
5.698
CD
UB Calif
5.620%
03/27/97
5.620
50,000
233
1,818,694.44
5.698
CP
Conagra
03/27/97
5.380
15,000
36
80,700.00
5.484
CP
Enron
03/27/97
5.440
10,000
50
75,555.56
5.557
CP
GMAC
03/27/97
5.310
50,000
108
796,500.00
5.470
—11—
POOLED MONEY INVESTMENT ACCOUNT
Af MATURffY
TRANS
PAR
DAYS
AMOUNT
EFFECTM
D RIPTION
QArE
VIEW
t
YEW
03/27/97 REDEMPTION
CID GECC
CID GECC
03/27/97
5.310
30,000
160
708,000.00
5.513
CID UB Calif
03/27/97
5.310
50,000
160
1,180,000.00
5.513
CID UB Calif
03/27/97
5.310
50,000
161
1,187,375.00
5.514
03/27/97
5.310
50,000
161
1,187,375.00
5.514
PURCHASE
SBA (FR)
5.875% 03/25/22
5.875
6,409
03/28/97 NO SALES
NO PURCHASES
03/31/97 REDEMPTION S/
CD Montreal 5.250% 03/31/97 5.250
REDEMPTION
BA
Tokyo-Mits
03/31/97
5.320
CD
Cr Agricole
5.410% 03/31/97
5.410
CD
Deutsche
5.570% 03/31/97
5.380
CID
Amer Exp
03/31/97
5.480
CID
Amer Exp
03/31/97
5.480
CID
Amer Exp
03/31/97
5.480
CID
Amer Exp
03/31/97
5.480
MTN (FR)
B/A
5.893% 03/31/97
5.426
RRP
Treas Note 5.875% 02/28/99 4.830
50,000 18 131,250.00 5.322
6,100
138
124,399.33
5.506
25,000
105
394,479.17
5.485
10,000
138
213,446.19
5.645
50,000
7
53,277.78
5.562
50•000
7
53,277.78
5.562
50,000
7
53,277.78
5.562
50,000
7
53,277.78
5.562
50,000
423
3,222,664.09
5.551
50,000 18 (120,297.19) -4.897
—12-
,s.
a/ The abbreviations indicate the type of security purchased or sold;
i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes,
and Participation Certificates: Federal National Mortgage Association
(FNMA), Farmers Home Administration Notes (FHA), Student Loan
Marketing Association (SLMA), Small Business Association (SBA),
Negotiable Certificates of Deposit (CD), Negotiable Certificates of
Deposit Floating Rate (CD FR), Export Import Notes (EXIM),
Bankers Acceptances (BA), Commercial Paper (CP), Government
National Mortgage Association (GNMA), Federal Home Loan Bank
Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan
Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC),
Federal Farm Credit Bank Bonds (FFCB), Federal Farm.Credit Discount
Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds
(TITLE MIS), International Bank of Redevelopment (IBRD), Tennessee
Valley Authority (TVA) Medium Term Notes (MTN).
b/ Purchase or sale yield based on 360 day calculation for discount
obligations and Repurchase Agreements.
c/ Repurchase Agreement.
d/ Par amount of securites purchased, sold, or redeemed.
e/ Securities were purchased and sold as of the same date.
_f/ Repurchase Agreement against Reverse Repurchase Agreement.
g/ Outright purchase against Reverse Repurchase Agreement.
h_/ Security "SWAP" transactions.
i/ Buy back agreement.
RRS Reverse Repurchase Agreement.
RRP Termination of Reverse Repurchase Agreement.
-13-
TIME DEPOSIT
N_
DEPOSIT DATE YIELD
PAR AMOUNT J$1
MATURITY DATE
ALHAMBRA
East West Federal Bank
01/15/97
5.190
2,000,000.00
04/16/97
BEVERLY HILLS
City National Bank
11/05/96
5.320
10,000,000.00
05/06/97
City National Bank
01/28/97
5.350
10,000,000.00
07/29/97
City National Bank
02/19/97
5.200
20,000,000.00
08/19/97
City National Bank
02/21/97
5.390
20,000,000.00
12/18/97
CHICO
North State National Bank
01/07/97
5.190
2,000,000.00
04/08/97
North State National Bank
02/25/97
5.270
500,000.00
08/26/97
INGLEWOOD
Imperial Bank
12/31/96
5.150
11,000,000.00
04/02/97
Imperial Bank
01/15/97
5.210
15,000,000.00
04/16/97
Imperial Bank
01/16/97
5.220
10,000,000.00
04/16/97
Imperial Bank
01/28/97
5.220
5,000,000.00
04/29/97
Imperial Bank
02/04/97
5.200
10,000,000.00
05/06/97
Imperial Bank
02/06/97
5.200
20,000,000.00
05/08/97
Imperial Bank
02/13/97
5.180
20,000,000.00
05/14/97
Imperial Bank
03/11/97
5.250
10,000,000.00
06/10/97
Imperial Bank
03/12/97
5.250
15,000,000.00
06/11/97
Imperial Bank
03/19/97
5.310
11,000,000.00
06/18/97
LA MIRADA
Southern California Bank
01/03/97
5.260
5,000,000.00
04/03/97
Southern California Bank
01/15/97
5.230
5,000,000.00
04/16/97
LOS ANGELES
Preferred Bank
01/14/97
5.170
3,000,000.00
04/15/97
Preferred Bank
02/20/97
5.120
4,000,000.00
05/21 /97
Preferred Bank
02/26/97
5.120
2,000,000.00
05/27/97
South Bay Bank
03/05/97
5.340
500,000.00
06/05/97
Preferred Bank
03/18/97
5.270
5,000,000.00
06/17/97
Preferred Bank
03/20/97
5.310
4,000,000.00
06/18/97
OAKDALE
Oak Valley Community Bank
3/25/97
5.580
500,000.00
9/22/97
ORANGE_
Sunwest Bank
03/24/97
5.430
500,000.00
06/23/97
PLACER
Sierra West Bank
12/05/96
5.270
2,800,000.00
06/06/97
—14—
TIME DEPOSIT
NAME DEPOSIT DATE YIELD PAR AMOUNT ($) MATURITY DATE
PETALUMA
Bank of Petaluma
02/11 /97
5.290
SACRAMENTO
Sanwa Bank of California
01/28/97
5.370
Union Bank of California
02/05/97
5.150
Sanwa Bank of California
02/19/97
5.250
Sanwa Bank of California
02/25/97
5.280
SAN DIEGO
Bank of Commerce San Diego
03/14/97
5.230
SAN FRANCISCO
Bank of Canton California
12/09/96
5.250
Bank of Canton California
01/22/97
5.170
Bank of Canton California
02/05/97
5.130
Bank of Canton California
02/13/97
5.300
Bank of Canton California
03/04/97
5.440
Trans Pacific National Bank
03/18/97
5.680
SAN LEANDRO
Bay Bank of Commerce
01/06/97
5.200
SAN LUIS OBISPO
First Bank of San Luis Obispo
01 /07/97
5.200
First Bank of San Luis Obispo
02/04/97
5.180
First Bank of San Luis Obispo
02/13/97
5.160
First Bank of San Luis Obispo
02/24/97
5.110
First Bank of San Luis Obispo
02/26/97
5.110
SAN RAFAEL
West America Bank
01 /23/97
5.180
West America Bank
01/30/97
5.200
SANTA ANA
Grand National Bank
10/01/96
5.300
Grand National Bank
12/12/96
5.220
Grand National Bank
03/13/97
5.220
STANISLAUS
North Valley Bank
03/25/97
5.580
VACAVILLE
Continental Pacific Bank
03/04/97
5.290
TOTAL TIME DEPOSITS AS OF MARCH 31, 1997
—15-
1,000,000.00 08/12/97
5,000,000.00
07/29/97
100,000,000.00
05/07/97
50,000,000.00
08/19/97
10,000,000.00
08/26/97
14,000,000.00 06/13/97
5,000,000.00
06/10/97
5,000,000.00
04/22/97
5,000,000.00
05/07/97
5,000,000.00
08/13/97
5,000,000.00
09/04/97
800,000.00
09/16/97
2,000,000.00 04/07/97
1,000,000.00
04/08/97
2,600,000.00
05/06/97
2,000,000.00
05/14/97
1,000,000.00
05/28/97
1,500,000.00
05/28/97
25,000,000.00 04/23/97
25,000,000.00 04/30/97
95,000.00 04/01 /97
1,500,000.00 06/10/97
1,500,000.00 06/12/97
3,000,000.00 09/22/97
1,000,000.00 06/03/97
$496,795,000.00
DEMAND BANK DEPOSITS
1.
2.
3.
4.
5.
6.
7.
S.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
AVERAGE DOLLAR DAYS
(000 omitted)
DAILY BALANCES
PER BANKS
$558,364
558,364
203,811
3929136
410,275
1459610
1539740
153,740
1539740
18,958
2539038
3049650
2739027
279,049
2799049
279,049
406,929
4649659
2899401
3519072
4339491
433,491
433,491
382,098
246,367
4219550
1159230
535,647
535,647
535,647
308,494
a/
S3329574
WARRANTS
OUTSTANDING
$292029748
2,202,748
1,539,259
1,195,493
1,112,290
1,499,982
1,521,823
1,521,823
195219823
1,330,966
1,2269925
191159560
1,421,630
1,316,323
1,316,323
I J239567
1,245,924
1,192,597
9739923
1,193,197
1,716,791
197169791
197169791
19576,139
1,262,560
1,371,766
1,545,190
1,498,427
19498,427
1,499,427
1,531,501
a/ The prescribed bank balance for March was $318,3479000.00. This consisted
of $152,758,000.00 in compensating balances for services, $173,091,000.00
uncollected funds and a deduction of $7,502,000.00 for November delayed
deposit credit.
—16—
DESIGNATION BY POOLED MONEY INVESTMENT BOARD
OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS
No. 1573
In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its
meeting on March 19, 1997, has determined and designated the amount of money available for deposit and investment
under said sections. In accordance with sections 16480.1 and 16480.2 of the Government Code, it is the intent that the
money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested in
securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management,
and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loan associ-
ations, and for investment in securities and the type of such deposits and investments as follows:
1. In accordance with law, for deposit in demand
bank accounts as Compensating Balance for Services $ 139,308,000
The active noninterest-bearing bank accounts designation constitutes a calendar -month average balance. For purposes
of computing the compensating balances, the Treasurer shall exclude from the daily balan-es any r.mounts contained therein
as a result of nondelivery of securities purchased for "cash" for the Pooled f!n',sv to -esVoent A';,;CGL,nt and shall adjust for
any deposits not credited by the bank as of the date of !�e:osil. -r-s :aryr,res A such acc!�u-its relay fall below the above
amount provided that the balances cor:-:ta-' �-, dr;dirtj 3 ;.Ire of :wily �!al3.nc,?s of ihai calendar month by the number
of days in the calendar rrc.:`h ►o7�s!7m i", to?t ov-!t. The balances may exceed this amount during heavy
collection par'o& or in dltl(;Ir::;O:' :f rpam,.!r.o =rrant presentations to the Treasury, but the balances are to be
mair,:aired :r such a menra- i:, the maximum return consistent with safe and prudent treasury management.
2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest -
bearing deposits in banks and savings and loan associations as follows:
From
To
Transactions
( 1)
03/17/97
03/21/97
$
687,300,000
(2)
03/24/97
03/28/97
$
13,200,000
(3)
03/31 /97
04/04/97
$
(1,180,100,000)
(4)
04/07/97
04/11/97
$
(508,000,000)
(5)
04/14/97
04/18/97
$
2,323,800,000
Time Deposits in
various Financial
Institutions
In Securities
(sections 16503a
(section 16430)'
and 16602)'
$ 28,172,705,000
$ 497,795,000
$ 28,185,905,000
$ 497,795,000
$ 27,005,805,000
$ 497,795,000
$ 26,497,805,000
$ 497,795,000
$ 28,821,605,000
$ 497,795,000
Estimated
Total
$ 28,670,500,000
$ 28,683,700,000
$ 27,503,600,000
$ 26,995,600,000
$ 29, 319,400, 000
From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in
prime commercial paper under section 16430(e), Government Code.
Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the
amounts and for the same types of investments as specifically designated above.
Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by
which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance
of $ 139,308,000.
POOLED MONEY INVESTMENT BOARD:
j2 /z -,
Chairpers6n If
A,�._�
Member
Dated: March 19, 1997
'Government Code Membej7_