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1997 11 12 IAB4 4a 78-495 CALLE TAMPICO - LA QUINTA, CALIFORNIA 92253FAX (619) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 November 12, 1997 - 5:30 P.M. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call II PUBLIC COMMENT - (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR A. Approval of Minutes of Meeting on October 8, 1997 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for September, 1997 B. Investment Plan VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - October, 1997 B. Pooled Money Investment Board Reports - July and August 1997 VII BOARD MEMBER ITEMS A. Next Meeting Date Vill ADJOURNMENT �I MAILING ADDRESS P.O. BOX 1 504 - LA QUINTA, CALIFORNIA 92253 �� INVESTMENT ADVISORY BOARD November 12, 1997 BUSINESS SESSION A Transmittal of Treasury Report for September 30, 1997 Attached please find the Treasury Report for September 30, 1997. Based on discussions at the prior Investment Advisory Board meeting the Cash Flow report has been rearranged to better report activities. Review, Receive and File the Treasury Report of September 30, 1997. hn M. Falconer, Finance Director TO: FROM: SUBJECT: DATE: T a 0 414f 4 sep QUM& MEMORANDUM La Quinta City Council John Falconer, Finance Director/Treasurer Treasurer's Report for September 30, 1997 November 3, 1997 Attached is the Treasurer's Report for the month ending September 30, 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 $483,339. due to the net effect of expenditures in excess of revenues. State Pool: Decrease of $775,000. due to the net effect of transfers to and from the cash and investment accounts. U.S. Treasury Bills, Notes and Securities: Increase of $516,296. due to the purchase of one Government Security and the increase in the amortized value of the investments. Mutual Funds: Decrease of $3,246,638. due to the net effect of the purchase of one Government Security, debt service payments and interest earned. Total decrease in cash balances $3,988,681. 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. 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E�aa? yy M N N m'y 0 C LLLL N N LL LL O m f�p7 lm7 a M ^ Cp r MO cmdo M M OO v M LL4 N y r W � W p C � > o LL E c N o r (] aN N N E o W a m J J m J O m N ' m o N N ' N Ol N , m N N co ui LL� rn o LLiS n '�0OOpo �Zf9 N '�000 OZwv► — ELoornm OZ19n�O0M N K m Z p 19OC:� �Z(y p fO9 �ZfO9C4 0) N y O N M o m OD N � y airn a v O N n m m EL}W)CDN e'}af�}C�iOOLO� uuSS� Nois NH a 6 a $ a N m pN�� 0 h N 0 0 Y YYYY N n N e- }vi d bNw�p �m�p�p1� W e'0IOCC�Om 7}t0 m Go co M�Mj W W �g 58 ■ r V 'C N .N c � •� C m O Go O LL r- t rn U U LL row y �ooM� ~(voi'• co Go p) 00 0 (O O O CA M— eh �Cq M(O Oat � O(~O(�O NOO(MDNO ti 00 LL N � M .- 00 Ce) 04 N� N (O Co cq � w act (�aaCD pp - 0O 0 W Cn �N(~O r 0 0 1� NOO�•0) W)m w (O W) �t0 N I� M N (O M `p (p N M N N N .O N ((ij 0 OD 0 1` CO LO IT f a- � `_ m m RCON OOti(NC0O t- r- -v�OMf 00 M�0 C'n NO(G (D MN W M tC O (NN� (O. 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C-t Cl 04 M M e= N N O Go Cl) 0O0Go0(OGt (00�0(()�N- O p� V-.�--00•d co NtN14, M N N N N LL M N m _ cm Cf 0�00 �OOOo.- gcN'ON 00 O 00 eOO �00MO0Go NN�O w (ODD (OD LL (M •- (C CA M N.- •- N v M r iaasc 0)M O�,�f"d OHO.-�a �coNOco stotc'I (v O O ti p O (ff e) O ap�jQ ti N O ti L lqT CO •- LO d N(O10v-- GO V',r,0)( N co N Op M O Go CD iz Nr-N(yM O��OM0O w M t tm :3 ocm > c s ~ — y c S a N 0 H r+ E w c ' N == 0 w m C C C Oc 0 J N C t U0 a . : H mC. �la� v N mp = Ns- E cO c m f-x 0LL cao0-` oOf mm0 V .� N0> no >`ZWy �co C •m0 w c CC to 2 nO 0 x m 0) wn�Oco z tc O LL s 0 C I N Lo N .Q O t O a c� O c C N O U N LL O Q. 0 CO CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET 09/30/97 FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (1,075,438.15) 5,670,581.34 4,595,143.19 LQRP INVESTMENT IN POOLED CASH 410.000.00 410,000.00 INVESTMENT T-BILLJNOTES & OTHER 15,000,000.00 15,000,000.00 LQRP CASH 33,206.59 33,206.59 BOND REDEMPTION CASH 17,331.45 512,475.99 529,807.44 BOND RESERVE CASH 518.695.27 518,695.27 BOND PROJECT CASH 11,251,101.96 740,612.79 11,991,714.75 BOND ESCROW CASH 2,610.69 2,610.69 PETTY CASH 1,460.34 1,460.34 CASH & INVESTMENT TOTAL 13,926,022.19 17,903,527.30 1,253,088.78 33,082,638.27 INVESTMENT IN LAND HELD FOR RESALE 86,319.85 86,319.85 ACCOUNTS RECEIVABLE 35,956.20 64,800.00 6,500.00 107.256.20 PREMIUM/DISCOUNT ON INVESTMENT (22,267.01) (22,124.14) 402.69 (43,988.46). LQRP-ACCOUNTS RECEIVABLE 13,912.16 13,912.16 INTEREST RECEIVABLE 2,383.33 2,383.33 LOAN/NOTES RECEIVABLE 2,560,500.03 2,560,500.03 DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 1,470.00 551,038.04 552.508.04 DUE FROM RDA 6,890,277.20 6,890,277.20 INTEREST ADVANCE -DUE FROM RDA 1,412,293.26 1,412,293.26 NSF CHECKS RECEIVABLE 524.95 524.95 ACCRUED REVENUE 43,874.22 43.874.22 TRAVEL ADVANCES 1,855.00 1,855.00 EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 8,322,492.93 3,212,000.31 6,902.69 11,541,395.93 WORKER COMPENSATION DEPOSIT 37,637.00 37,637.00 RENT DEPOSITS UTILITY DEPOSITS 75.00 75.00 MISC. DEPOSITS 2,100.00 2,100.00 DEPOSITS TOTAL 39,812.00 39,812.00 GENERAL FIXED ASSETS 628,720.00 15,011,800.00 11,438,745.05 27,079,265.05 ACCUMULATED DEPRECIATION (52,719.96) (52,719.96) AMOUNT AVAILABLE TO RETIRE LIT DEBT 2,340,653.00 2,340,653.00 AMOUNT TO BE PROVIDED FOR LIT DEBT 350.653.00 90,902,392.54 8,790,000.00 100,043,045.54 TOTAL OTHER ASSETS 576,000.04 15,011,800.00 350,653.00 11,438,745.05 93,243,045.54 8,790,000.00 129,410,243.63 TOTAL ASSETS 22 864 327.16 15 011 800.00 350 653.00 21 201 847.46 11,438,745.05 93,243,045.54 1,259,991.47 8,790,000.00 174160 409 68 LIABILITY ACCOUNTS PAYABLE 196.539.00 29,707.69 512,040.27 738,286.96 DUE TO OTHER AGENCIES 48,679.22 48,679.22 DUE TO OTHER FUNDS 551,038.04 1,470.00 552,508.04 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES PAYROLL LIABILITIES 16,505.80 16.505.80 STRONG MOTION INSTRUMENTS 5,628.09 5.628.09 FRINGE TOED LIZARD FEES (9,004.24) (9,004.24) SUSPENSE (209.76) (209.76) DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 258,138.11 580,745.73 513,510.27 1,352,394.11 ENGINEERING TRUST DEPOSITS 88,702.02 88,702.02 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 199,106.41 199,106.41 LQRP DEPOSITS 13,051.00 13,051.00 DEVELOPER DEPOSITS 952,699.95 952,699.95 MISC. DEPOSITS 158,689.45 158,689.45 AGENCY FUND DEPOSITS 737,921.74 737,921.74 TOTAL DEPOSITS 2,137,119.57 13,051.00 2,150,170.57 DEFERRED REVENUE OTHER LIABILITIES TOTAL COMPENSATED ABSENCES PAYABLE 350,653.00 350,653.00 DUE TO THE CITY OF LA QUINTA 8,302,571.67 8,302,571.67 DUE TO COUNTY OF RIVERSIDE 12,320,655.87 12,320,655.87 DUE TO C.V. UNIFIED SCHOOL DIST. 11,270,808.00 11,270,808.00 DUE TO DESERT SANDS SCHOOL DIST. 569,010.00 569,010.00 BONDS PAYABLE 60,780,000.00 8,790,000.00 69,570,000.00 TOTAL LONG TERM DEBT 350,653.00 93,243,045.54 8,790,000.00 102,383,698.54 TOTAL LIABILITY 2,395,257.68 350,653.00 593,796.73 93,243,045.54 513,510.27 8,790,000.00 105,886,263.22 EQUITY -FUND BALANCE 20,469,069.48 15,011,800.00 20,608,050.73 11,438,745.05 746,481.20 68,274,146.46 TOTAL LIABILITY 3 EQUITY 22,864,327.16 15,011,800.00 350,853.00 21.201.847A6 11,438,745.05 93,243,045.54 1.259.991.47 8,790,000.00 174.160.409.68 nn� INVESTMENT ADVISORY BOARD Meeting Date: November 12, 1997 TITLE: Business Session Item B Investment Plan (Please bring your prior months (September and October) Staff Report to the November 12, 1997 meeting) September 8 1997 The purpose of this report is to begin the process to develop an investment plan for the City of La Quinta. The formulation of an investment plan is an important part of the Treasurer's responsibility. A plan allows for a systematic approach in the investment of public funds. The Investment Plan is governed for the most part by the Investment Policies and by the cash flow needs of the organization. Important Investm .nt Policy elements that need to be considered include the following: • Primary Objective in order of priority 1) Safety; 2) Liquidity and 3) Yield. • Securities shall not be sold prior to maturity except to meet liquidity needs or to minimize the loss of principal. 0 Investments are not to be made based upon speculation, but for Investment Policies. • Investments may be made only in authorized investments listed in the Investment Policies subject to certain maximum limits. • The benchmark for the rate of return is the six-month Treasury Rate. • The maximum term of an investment is two years. Important Cash Flow elements include: • The City business cycle of cash receipts and cash disbursements. • Schedule of maturing investments. • Unforeseen cash requirements of the City. Safety The Authorized investments and credit quality is listed on Attachment A. GRAPHS - (Attachment g) The following three graphs of cash and investments report the results of FY 1996/97. No significant changes in the administrative budget are foreseen for FY 1997/98. The capital projects budget however has increased significantly as can be seen by the various construction activities occurring in the City. The fourth graph reports the current interest rate market. The first of four graph report all the cash and investments. The cash balances fluctuated between 40 million and 32 million dollars. The first six months of the fiscal year see a net outflow of funds to the City. This is primarily due to large debt service and pass through payments and partly due to a reduction in revenues (T.O.T.). The second six months are stronger due to increased T.O.T. and property tax payments received in January and May. Also, the second half of debt service payments only have interest amounts due. The second grail is related to the first chart and shows the monthly increases and decreases in more detail. As indicated the City had four months of increases and eight months of decreases in cash. The increases were more significant (due to property tax and related receipts) than the decreases. The third graph details the cash and investment into three types: fiscal agent, LAIF, Pooled excluding LAIF. The fiscal agent cash is for construction activities and has only decreased two million during FY 96/97. This was mainly for the Washington/Hwy 1 1 1 intersection. In FY 97/98 the vast majority of these funds are for Low & Moderate Income Projects. The Pooled cash (excluding LAIF) line increased from 10 million to 15 million which followed staffs intent to diversify the portfolio. LAIF began the year at 14 million and ended the year at 12 million. During the course of the year, LAIF trailed down during the first six months seven million dollars which represented the outflow for disbursements. It then increased four million with the property tax payment in January, then decreased by three million for debt service and pass through payments in February. In May, LAIF increased six million from seven million to thirteen million. The fourth graph sets forth the current interest rate environment. While the investment policy only allows for a maximum maturity of two years five year data is presented. Strategy. The current investment plan has been to identify the amount of funds that will not be required for at least two years and invest these funds in Government Agency paper. $2,000,000 FNMA Maturity 4/1 1 /99 YTM 6.41 % The next step is to ensure that funds are available in August to meet the debt service requirements. $5,000,000 T-Note Maturity 7/31 /98 YTM 5.61 % The next step is to review the cash flow report and invest as far out in the yield curve as deemed appropriate. $3,000,000 T-Note Maturity 1 /31 /98 YTM 5.87 % $5,000,000 FHLB maturity 7/07/98 YTM 5.72 % The next step is to invest funds in US Treasury funds to meet daily cash needs i.e. payroll, accounts payable. US Treasury Money Market Excess funds are invested in Local Agency Investment Fund (LAIF) with daily liquidity. Commercial paper has not been used to date as a temporary investment vehicle. October 8. 1997 Attached please find a cash flow projection worksheet for FY 1997/98 (Attachment No. 1) and the use of a worksheet for commercial paper in February and June 1998 (Attachment No. 2). November 12 19 7 After continued discussion about the use of commercial paper Staff was directed to obtain current market interest rates. Attachment A information was obtained from Dean Witter for November 3, 1997. • ll—Tar MIT, i 1 Provide Staff with direction. J hH Falconer' finance Director 11 UJ 9i NUN 12:05 FAX T14 ! -P542 Q 002 SUMMARY OF MONEY AND -BOND MARKET gTAT18TIC5 1. SELECTED DATA ON U.S. TREASURY SECURITIES 1Date 1997 BOND EQV/V. ON 3 NO. BILL FKL-AU VERSUS 3 MONTH BILL 6MOS. 72MOS. 2YRS. 3YRS. 4YRS SYRS. 7YRS. 70YRS. 20YR , S 30YRS. 10/24 10/17 10/10 10/03 5.16% 5.05% 5.10°% 5.00% 1+18 +21 +25 +19 1 +33 +47 +41 +33 +65 +81 +72 +61 +72 +88 +79 +67 +78 +100 +90 +75 +82 +101 +91 +76 +68 +109 +103 +85 +89 +110 +104 +86 +124 +142 +137 +119 +118 +140 +132 +117 Data 1997 BOND EQUIV. ON 3 MO. BILL Gu0s. YlhLU DIFFERENCE 12MOS. 2YRS.- VERSUS PRECEDING MATURITY 3YRS. 4YRS SYRS. 7YRS. 1OYRS. 20YRS. 30YRS. 10/24 5.16% +21 +12 +32 +7 +6 +4 +6 +1 +35 (-6) 10/17 5.05% +25 +22 +34 +7 +6 +1 +8 +1 +32 (-6 10110 5.10% +19 +22 +31 +7 +6 +1 +12 + 1 * 33 (-6) 10103 5.00% +18 +15 +28 +6 +6 +1 + 9 +1 +33 g� 11. FORFtGN EXCHANGE MARKETS FCURRENICY 1 YR. AGO 6 MOS. AGO 1 NO. AGO 1 INK. AGO CURRENT ark 1.5178 1.7165 6.7550 1.7648 1.7837 Yen 114.12 125.96 120.44 120.33 121.12 Swiss Franc 1.2585 1.4815 1.4801 1.4675 1.4773 French Franc 5.1280 5.7900 5.9625 5.9171 5.9746 Canadian Dollar 1.3448 1.3928 1.3875 1.3865 1.3929 Mexican Peso 7.9100 TWO 7.8225 7.7370 7.7900 Brush Pound 1.6122 1.6250 1.6103 1.6184 1.6346 FRB Dollar Index 3/73=100) 1 87.65 96.60 97.73 97.40 97.91 IN. tf. T'TERM MONEY 1 '@ '& E" YIELDS DAYS 30 60 90• 120 150 180 1' 380 U.S. Treasury Bills 4.78% 4.97% 5.16% 5.17% 8.24% 5.37% 5.47% 5.49% (Discounlaftffer side) Eurodollars 5.65 5.72 5.81 5.81 5.84 6.87 5.96 6.06 (Bid ") Secondary Market CID's 5.55 5.59 5.70 5.72 5.76 5.79 x x (Bid side) Dealer Placed Comm,i Raper 5.51 5.52 5.58 5.60 x 5.60 x x (Discounteftffer side Bankers' Acceptences 6.53 5.54 6.62 6.62 5.62 5.62 x x (Mscounted/vfter side) Repurchase Agreements 5.50 5.55 5.63 x x 6.68 x x (ard side) 11, U.3 87 310 12.33 FAX 714 721 9542 Q 003 Page Govt N S G 99 <GO> for Adminietrator. DWR AGENCY AXES (A G C Y E W) Last Update: 11/03/97 13:11. PAGE 2 OF 10 FNMik (27266) TVA (24758) FMM (24715) SLMA (24957) DISCOS: TM KJLLEN FFCB (26244) FHLMC (26212 ) I 40M FHLB 4/N 5.57 4M FNMA 11/13 5.49 6M FHUAC 12/15 5.49 2MM EMB 1/07 5.47 3M FHLMC 1/09 5.47 72MM FNMA 1/15 5.47 44M FNMA 1/20 5.47 14MW FNMA, 2/05 5.47 1MM FNMA 3/19 5.44 UNDERWRIMEN 20W FHLMC 11/10 5.48 R Bloomberg -all rights reserved. Frankfurt: 69 -920410 Kong Konga2-521-3000 LiWon:171-330-7500 New York:212-319-2000 prineecon:609.279-3000 8ingapors:226-3000 Sydney:2-9777-0600 Tokyo:3-3201-6900 Sao Pauloo12-304e-4900 07A6-166-1 03-Nov-97 l4:10:40 1 LJ Q 11. 03 9 7 X.0 12 : 34 FAX 714 72� 954•� 16004 Page Govt M S G 99 <GO> for Administrator. DWR AGENCY AXES ( A G C Y E W) Last Update: 11/03/97 13:19 PAGE 3 OF 10 SHORT AGENCY COUPONS DEAN WITTER TOM MULLEN 9153M F1VMR 6.02 1/20/98 5.55 KKKT 900M F74LB 6.06 4/16/98 5.60 MM 2075M PHU 5.91 6/11/98 +16 6.25 6/98 2715M FFII,B S.71 6/23/98 +16 6.25 6/98 22080M SLMA 6.25 6/30/98 +16 6.25 6/98 8005M FNMA 5.68 7/31/98 +30 7/23 BILL 521SOM FNMA 7.00 7/13/98 +30 10/15 BILL 8200M SLMA 5.79 9/16/98 +36 10/15 BILL 7500M FNMA 5.76 11/04/98 +37 10/15 BILL 300M FFCB 6.47 6/28/99 +14 6.00 6/99 1040M FFCB 5.83 9/01/99 +14 5.75 9/99 6140M FNNT 5.94 9/10/99 +14 5.75 9/99 9250M FHLMC 5.95510/27/99 +15 5.75 9/99 8000M FHU 5.80511/04/99 +18 5.62510/99 1600M FFCB 6.15 9/01/00 +18 6.00 8/00 2500M FNMA 5.78 10/1.0/00 +18 6.00 8/00 (ODD LOTS CN PACE 9 ) D1oomberg-a11 rights reserved. FrankfuxL-69-920410 Hong Kang:2-S21-3000 London: 171-330-1500 new York!212-310.2000 Princeton;609-279-3000 Sinv*Poret326-3000 Sydney:2-9777-8600 Tokyo:3-3201-6900 840 Paulctll-3046-4500 Oi95-166-1 03-Nov-97 14:10:50 11 03-97 MON 12.34 FAX T14 T21 9542 16005 AO DC34 0 Govt A O Hit <PAGE> to continue AGENCY OFFERINGS PAGE lOF 5 LAST UPDATE ll/ 3 / 97 11 ! 56 FCDN CLOSED SIZE FFIDN SIZE FMCDN SIZE FNDN CLOSED 0/N 5.57 280 0/N 5.53 5250 O/N 5.57 11/7 5.46 CL 11/6 5.49 14 11/6-7110 5,48CL 11/1.0-13 5.46 11/10 5.48 75CL 11/13-14 5.45 90CL 11/12 5.42 11/24-25 5.46 CL 11/12 5.48 14C'L 11/10 5.37 49CSH 11/19,26 5,41 12/2-5 5.44 11/14 5.48 15CL 11/17 5.39 100= 12/30-31 5.40 1./5-6 5,45 11/17 5.48 35CL 11/18 S-38 68CSH 1/7 5.45 1/21 5.45 11/18-21 5.46 73 11/24 5.37 64CSH 1/15-16 5.45 2/2-6 5.43 11/24 5.46 15CL 12/5 5.39 215CORP1/27 5.45 3/5-6 5.41 12/1,22 5.45 3 12/15-31 5.35 15 2/2 5.41 4/6 5.40 12/0-19 5.45 2 1/2 5.43 50 5/01 5.39 5/5-6 5.43 1/12 5.45 IOCL 1/5 5.43 39SK 1/22 5.45 3 WBDN 5/14 5.41 35 2/5 5.42 25 3MO 5.41 11/21 5.46 49 3/5 5.41 49SK 4MO 5.38 SMDN 5/4 5.41 3 5M0 5.37 0/N 5.57 148 10/29 5.37 1 6M0 5.26 11/10CSH 5.50 SOO 9M0 5.28 lYR 5.27 Bloomberg -all rights reserved. Frankfurt!69-920410 Kong xong;2-621-3000 Londont171-330-7500 New York;zl2-329-2000 Princeton:609-379-3000 Singsporst226-3000 Sydney12-9777-0600 Tokyo:3-3201-99o0 Sao Paulo:11-3046-4500 13186-126-1 03-Nov-97 1a:11:17 INVESTMENT ADVISORY BOARD November 12, 1997 CORRESPONDENCE & WRITTEN MATERIAL A Month End Cash Report - October 1997 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. Information item only. ohn M. Falconer, Finance Director O C O 0 LL N Cn i O a N m c M Cn a N c M _J W 01'LO O 16 Umo N O LO O 0)0 co co N CO)NNOOia)00)iMI- M M 00 0� C� co - O.-NCV O 0C 000C)M -0N0 co Ch V cV NCD(66Ui0 NCMr-V00N� f.\ 00 VC) H cp`-9vocf)co O CO O 0 O O CON CA O OD CA CA M N CA to M cM 0 OD COVCAC% M OC�►l:6r.: �0 Qj O �-r-Nf-CflOO O N N N O V w Cnj y CY) CN 0 CV O cMc)cr)mam7 Euo t) co N N CA CA CA M _N NCJw0oON N N ti IT 0o CV N~ N >co � 1 � � co O OCDMNCANM O O O CCVOo c N N 0 Nvi ui co� N 0 O O 00 QLL,m p—o M M O 0pti Qjtn LO 00 �gM M 0)1- �c CD nj N `- � 00 � O N N nj N N � C� L CA CA LO LL CO co (0 -vc o �g C Clq* C'4 �� r- LO CC`CL- �c mow 0= 0 — N CV N nj N N .- N N o N O Q .+ N �' a C) 0 C L Q- cm 0 4)> r� wy�C U O� C N LL LC) N N N LO V-� Q 0 .- C N .0 � O co�W O � � •- co r- CO n! � 0ES„ N M E s 55 E U) � "0 aj CA •� �, ++ O M >0 CQ 7 00 C tyyn� Op LC d00� (D� tnN 0 La) .0 O N N N N w h in y to ��, O O-p LL Ul W OO O 00 O �? O M co O co Op ]IOD .� 0 a) Q w = U N ca � ..�—L v_ L CO aN N O O O.0 F- aM O N�� N""TD 4)M.!0 00 y a0 L-4 0 0 0 v v d (L)HyQ 0c a��(1) 0.0 C) O 0p N uj N ui coco N M� :3 t� 03 �m N N w, ~> 3 j U cvi rn v COLS � 2MQ0 (D p. ��: 0— Q O >+ > N COp a- C a� N O V CCOa �.0 N NCL NCELL m N a, co V � ���'O N0 'O 'oN U4- m C E .0 �G W UN CA �� ti Om66 7 p 0 � N�yy• N NCB= w. .CO00 �C t�i� SON NCAOC��t ~ 00 E L 0 0 cu > c� V�`O pN U �CC Njr- U � O N .- CA O .- CA 0) t a,E 'v N O >% ca N .� v N 0 Cm o aL E o a a•-Y aw0 oa y �-00 Wo V 07.0 O mC `� . 0-0 CCt OW'7y+ O C N— O M t]F- �t0)0 �'L LNO c0 N a O v E -- cucpp' �' c0'c c4 O 0 N O ul N i 6 W= Q 0 U E S N UDC`- EN N :3y 4) CA cM 0 O V" w C O— c) '� C C O L C U2U O .p t +) O N o m 4) E O 'O N _M m O CO N 8.X m O U ++ N N y .0+ N N 0�a'E L-> a�i t°�0.0 NC '0 �30 m CL a 2 °� � �N>°,Q �� �0 aoM �m N a vAm a m �U) Im3oM �m 4� LE( �.� 0.0 0 0 �n oHaM�m W �v •- a� c a w, >, 7 0 o0 C oa�i o�c° N NQ D �� O N E 0 �p E C O NO Q)CL C 4U-- -m_ N pm. CA Y Y N .O. 3 i L L C 'C3 C �q O O C� C) 'O > O N 'Eva y y O 0 E 'O pCnCnUUUW Q W �'�QCn0Q Ca F-HN�' F-� CnH cmN INVESTMENT ADVISORY BOARD Meeting Date: November 12, 1997 TITLE: Pooled Money Investment Board Report Correspondence & Written Material Item B The Pooled Money Investment Board Report for July, 1997 and August 1997 is included in the agenda packet. Receive & File i L -c'V Jon M. Falcone , Finance Director STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT JULY 1997 Table of Contents SUMMARY............................................................................................................1 SELECTED INVESTMENT DATA....................................................................2 PORTFOLIO COMPOSITION...........................................................................3 INVESTMENT TRANSACTIONS......................................................................4 TIMEDEPOSITS................................................................................................26 DEMAND BANK DEPOSITS.......................:....................................................29 POOLED MONEY INVESTMENT BOARD DESIGNATION .....................30 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JULY 1997 WITH DULY 1996 (Dollars in Thousands) Ju1y,1"7Rufiy.1-996 Climp Average Daily Portfolio $27,733,098 $26,149,842 + 1,583,256 Accrued Earnings $133,760 $124,086 + 9,674 Effective Yield 5.679 5.587 + •092 Average Life --Month End (in days) 222 252 - 30 Total Security Transactions Amount $34,726,583 $18,629,624 + $16,096,959 Number 778 444 + 334 Total Time Deposit Transactions Amount $378,190 $341,190 + $37,000 Number 37 33 +4 Average Workday Investment Activity $1,595,671 $862,310 + $733,361 Prescribed Demand Account Balances For Services $159,175 $135,465 + $23,710 For Uncollected Funds $122,883 $151,221 - $28,338 —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 July 31. 1997 Percent From Type of Security Amount Percent Previous Month Governments Bills $1,183,753 4.07 + .42 Bonds 0 0 0 Notes 5,6929440 19.60 - 38 Strips 121,604 .42 - .01 Total Governments $6,9979797 24.09 + .03 Federal Agency Coupons $196711,985 5.76 + .76 Certificates of Deposit 5,6669466 19.51 - 4.45 Bank Notes 8749053 3.01 - 32 Bankers Acceptances 8679721 2.99 - .06 Repurchases 50,000 .17 + .07 Federal Agency Discount Notes 286,113 .98 + .25 Time Deposits 6809295 2.34 + .38 GNMA's 2,846 .01 0 Commercial Paper 6,6779945 22.99 - .80 FHLMC 28,218 .10 0 Corporate Bonds .1,595,558 5.49 - .79 Pooled Loans 2,540,152 8.75 + 1.12 GF Loans 1,3969100 4.81 + 4.81 Reversed Repurchases -2909450 -1.00 + 1.00 Total, All Types $29,0449799 100 INVE-STMENT ACTIVITY July 1997 Number Amount Number Pooled Money 778 $ 34,726,583 489 Other 2 $ 126 6 Time Deposits 37 $ 378,190 32 TOTALS 817 $ 35,104,899 527 PMIA Monthly Average Effective Yield 5.679 5.667 Year to Date Yield for Last Day of Month 5.679 5.599 June1997 Amount $ 21,569,932 $ 2,311 $ 186,100 $ 21,758,343 -2- If, Loans 13.56% Pooled Money Investment Account Portfolio Composition $29.0 Billion Reverses -1.00% Repo .17% Bankers Acceptances 2.99% Treasuries 24.09% CD's/BN's 22.52% Time Deposits 2.34% Mortgages 0.11 % Agencies 6.74% 7/31 /97 ® Treasuries 0 Time Deposits ■ Mortgages M Agencies ■ CD's/BN's M Bankers Acceptances ■ Repo 0 Commercial Paper ® Corporate Bonds 0 Loans El Reverses -3- EST ACCOUNT .. �l MATEIR[TY TRa�IS PAR DAYS ANT nraE cost a 07/01/97 REDEMPTION BA Tokyo-Mits 07/01/97 5.700 $21,500 77 $262,120.83 5.850 BN FNB Chicago 5.630% 07/01/97 5.620 50,000 60 468,413.67 5.698 BN FNB Chicago 5.630% 07/01/97 5.620 50,000 60 468,413.67 5.698 CD Deutsche 5.680% 07/01/97 5.620 20,000 60 187,439.73 5.700 CD US Oregon 5.610% 07/01/97 5.620 50,000 61 476,130.90 5.698 CD Nat West 5.520% 07/01/97 5.450 9,500 146 210,633.21 5.541 CD Nat West 5.510% 07/01/97 5.500 50,000. 166 1,268,112.58 5.576 CP Enron 07/01/97 6.500 30,000 1 5,416.67 6.591 CP Lehman 07/01/97 6.375 22,339 1 3,955.86 6.464 CP Lehman 07/01/97 6.375 50,000 1 8,854.17 6.464 CP GECC 07/01/97 6.250 50,000 1 8,680.56 6.337 CP GECC 07/01/97 6.250 50,000 1 8,680.56 6.337 CP GECC 07/01/97 6.250 50,000 1 8,680.56 6.337 CP GECC 07/01/97 6.250 50,000 1 8,680.56 6.337 CP GECC 07/01/97 6.250 50,000 1 8,680.56 6.337 CP GECC 07/01/97 6.250 50,000 1 8,680.56 6.337 CP ConAgra 07/01/97 5.780 17,413 8 22,395.57 5.867 CP Smith Barney 07/01/97 5.530 50,000 15 115,208.35 5.619 CP Smith Barney 07/01/97 5.530 50,000 15 115,208.35 5.619 CP Baxter 07/01/97 5.700 25,000 27 106,875.00 5.803 CP Heller 07/01/97 5.660 50,000 34 267,277.78 5.769 CP Lehman 07/01/97 5.650 50,000 57 447,291.67 5.780 CP Amer Exp 07/01/97 5.560 50,000 61 471,055.56 5.690 CP Amer Exp 07/01/97 5.560 50,000 61 471,055.56 5.690 CP Lehman 07/01/97 5.670 50,000 77 606,375.00 5.819 CP GECC 07/01/97 5.260 30,000 126 552,300.00 5.433 CP GECC 07/01/97 5.260 50,000 126 920,500.00 5.433 CP FMCC 07/01/97 5.250 50,000 131 955,208.33 5.426 CP FMCC 07/01/97 5.250 50,000 131 955,208.33 5.426 CP Hertz 07/01/97 5.350 30,000 152 677,666.67 5.549 CP GECC 07/01/97 5.350 50,000 165 1,226,041.67 5.560 CP GECC 07/01/97 5.350 50,000 165 1,226,041.67 5.560 FFCB 5.930% 07/01/97 5.699 50,000 329 2,579,736.11 5.712 SALE -q/ CD Dresdner 5.950% 04/13/98 6.200 30,000 1 5,079.70 6.286 PURCHASE FNMA 5.750% 06/30/98 5.870 50,000 07/02/97 RRP Treas Notes 6.250% 05/31/99 5.315 50,000 Treas Notes 6.250% 05/31 /99 5.315 50,000 —4— 07/02/97 REDEMPTION CD Tokyo-Mits 5.840% 07/02/97 5.630 15,000 9 21,394.06 5.784 CP ConAgra 07/02/97 6.120 30,000 2 10,200.00 6207 CP GMAC 07/02/97 5.510 50,000 9 68,875.00 5.594 CP GMAC 07/02/97 5.510 50,000 9 68,875.00 5.594 CP GMAC 07/02/97 5.510 50,000 9 68,875.00 5.594 CP GMAC 07/02/97 5.510 50,000 9 •68,875.00 5.594 CP ConAgra 07/02/97 5.770 39,000 9 56,257.50 5.858 CP ConAgra 07/02/97 5.770 50,000 9 72,125.00 5.858 CP CCC 07/02/97 5.520 50,000 16 122,666.67 5.610 CP CCC 07/02/97 5.520 50,000 16 122,666.67 5.610 CP Heller 07/02/97 5.660 50,000 35 275,138.89 5.770 CP FMCC 07/02/97 5.340 50,000 153 1,134,750.00 5.539 CP FMCC 07/02/97 5.340 50,000 153 1,134,750.00 5.539 CP GECC , 07/02/97 5.350 50,000 166 1,233,472.22 5.561 CP GECC 07/02/97 5.350 50,000 166 1,233,472.22 5.561 PURCHASEal CP Morg Stan 08/01 /97 5.540 50,000 CP Morg Stan 08/01/97 5.540 50,000 PURCHASE CD U/B 5.680% 12/02/97 5.680 50,000 CD Tokyo-Mits 5.840% 12/29/97 5.840 50,000 CP GECC 07/03/97 5.800 50,000 CP GECC 07/03/97 5.800 50,000 CP GECC 07/03/97 5.800 50,000 CP GECC 07/03/97 5.800 50,000 CP Assoc - 07/03/97 '5.830 50,000 CP Assoc 07/03/97 5.830 50,000 CP Assoc 07/03/97 5.830 50,000 CP Assoc 07/03/97 5.830 50,000 CP Werrill Lynch 07/07/97 5.630 50,000 CP Merrill Lynch 07/07/97 5.630 50,000 CP Heller 07/07/97 5.700 50,000 CP GMAC 07/10/97 5.620 50,000 CP GMAC 07/10/97 5.620 50,000 CP GMAC 07/10/97 5.620 50,000 CP GMAC 07/10/97 5.620 50,000 Disc Note FNMA 10/03/97 5.447 50,000 Disc Note FNMA 10/03/97 5.447 50,000 FHLB 5.740% 07/02/98 5.865 50,000 07/03/97 REDEMPTION CP GECC 07/03/97 5.800 50,000 1 8,055.56 5.881 CP GECC 07/03/97 5.800 50,000 1 8,055.56 5.881 CP GECC 07/03/97 5.800 50,000 1 8,055.56 5.881 CP GECC 07/03/97 5.800 50,000 1 8,055.56 5.881 —5— 07/03/97 REDEMPTION CID Assoc 07/03/97 5.830 50,000 1 8,097.22 5.911 CID Assoc 07/03/97 5.830 50,000 1 8,097.22 5.911 CID Assoc 07/03/97 5.830 50,000 1 8,097.22 5.911 CID Assoc 07/03/97 5.830 50,000 1 8,097.22 5.911 CID FMCC 07/03/97 5.750 50,000 3 23,958.33 5.832 CID FMCC 07/03/97 5.750 50,000 3 23,958.33 5.832 CID Amer Exp 07/03/97 5.520 50,000 17 130,333.33 5.611 CID Amer Exp 07/03/97 5.520 50,000 17 130,333.33 .5.611 CID Amer Exp 07/03/97 5.520 50,000 17 130,333.33 5.611 CID Amer Exp 07/03/97 5.520 50,000 17 130,333.33 5.611 CID Salomon 07/03/97 5.770 50,000 31 248,430.56 5.879 CID FMCC 07/03/97 5.250 50,000 133 969,791.67 5.428 FNMA 5.860% 07/03/97 5.695 20,410 331 1,058,224.48 5.709 FNMA 5.860% 07/03/97 6.000 50,000 365 2,997,000.00 6.002 PURCHASE BA ABN Amro 08/29/97 5.520 20,000 CD Cr Agricole 5.670% 12/30/97 5.670 100,000 CID GECC 07/10/97 5.490 50,000 CID GECC 07/10/97 5.490 50,000 CID Salomon 07/10/97 5.700 50,000 CID Salomon 07/10/97 5.700 50,000 CID Enron 07/14/97 5.680 38,095 CID FMCC 07/14/97 5.500 45,000 CID FMCC 07/14/97 5.500 50,000 CID GECC 07/14/97 5.500 50,000 CID GECC 07/14/97 5.500 50,000 CID Lehman 12/02/97 5.560 50,000 CID Lehman 12/02/97 5.560 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.550 50,000 CD Bkrs Trst 6.140% 05/12/98 5.550 32,000 CD Barclays 5.940% 06/25/98 5.550 19,000 07/07/97 REDEMPTION CD Bk Montreal 5.560% 07/07/97 5.560 15,000 14 32,433.33 5.637 CD Bk Montreal 5.560% 07/07/97 5.560 50,000 14 108,111.11 5.637 CID Merrill Lynch 07/07/97 - 5.630 50,000 5 39,097.20 5.712 CID Merrill Lynch 07/07/97 5.630 50,000 5 39,097.20 5.712 CID Heller 07/07/97 5.700 50,000 5 39,583.33 5.783 CID Salomon 07/07/97 5.760 50,000 7 56,000.00 5.846 CID Smith Barney 07/07/97 5.550 40,000 14 86,333.32 5.639 CID Smith Barney 07/07/97 5.550 50,000 14 107,916.65 5.639 CID Smith Barney 07/07/97 5.550 50,000 14 107,916.65 5.639 MTN FMCC 6.950% 07/07/97 7.060 8,935 1,083 1,866,523.99 7.061 ffm MATE1lttTY ?RAI1S VAR.,DA1fS ANT SON DAlum— ', ... 07/07/97 SALE c/ CD Soc Gen 6.350% 04/15/98 5.550 50,000 4 30,734.67 5.627 CD Bkrs Trst 6.140% 05/12/98 5.550 32,000 4 19,545.25 5.627 CD Barclays 5.940% 06/25/98 5.550 19,000 4 11,497.75 5.627 PURCHASE BA B/A 12/29/97 5.530 5,000 BA B/A 12/30/97 5.530 15,000 CD Duetsche 5.560% 07/09/97 5.500 40,000 CD Bk Montreal 5.580% 08/07/97 5.530 30,000 CD World 5.610% 10/07/97 5.610 50,000 CP Salomon 07/08/97 5.500 20,000 CP FMCC 07/08/97 5.500 20,000 CP FMCC 07/08/97 5.500 50,000 CP FMCC 07/08/97 5.500 50,000 CP FMCC 07/08/97 5.500 50,000 CP FMCC 07/08/97 5.500 50,000 CP ConAgra 07/15/97 5.610 50,000 CP ConAgra 07/15/97 5.610 50,000 CP Heiler 08/27/97 5.700 50,000 CP Heller 08/27/97 5.700 50,000 CP Heller 11/24/97 5.750 50,000 07/08/97 REDEMPTION CP Salomon 07/08/97 5.500 20,000 1 3,055.60 5.577 CP FMCC 07/08/97 5.500 20,000. 1 3,055.56 5.577 CP FMCC 07/08/97 5.500 50,000 1 7,638.89 5.577 CP FMCC 07/08/97 5.500 50,000 1 7,638.89 5.577 CP FMCC 07/08/97 5.500 50,000 1 7,638.89 5.577 CP FMCC 07/08/97 5.500 50,000 1 7,638.89 5.577 PURCHASE CP Amer Home 07/09/97 5.500 33,397 CP GECC 07/09/97 5.500 50;000 CP GECC 07/09/97 5.500 50,000 CP Salomon 07/17/97 5.680 20,000 CP Merrill Lynch 07/24/97 5.500 50,000 CP Merrill Lynch 07/24/97 5.500 50,000 CP ConAgra 08/27/97 5.700 20,000 CP Textron 09/12/97 5.730 30,820 PURCHASE c/ CD BN Paris 5.560% 08/08/97 5.550 50,000 CD BN Paris 5.560% 08/08/97 5.550 50,000 —7— !22 at MaTE1RRY TRANS PM DAYS �l�Ii' A N DATE: 07/09/97 REDEMPTION CD Duetsche 5.560% 07/09/97 5.500 40,000 2 12,284.35 5.604 CD Bayrsche L 5.440% 07/09/97 5.440 50,000 156 1,178,666.67 5.515 CD Bayrsche L 5.440% 07/09/97 5.440 50,000 156 1,178,666.67 5.515 CP Amer Home 07/09/97 5.500 33,397 1 5,102.33 5.577 CP GECC 07/09/97 5.500 50,000 1 7,638.89 5.577 CP GECC 07/09/97 5.500 50,000 1 7,638.89 5.577 CP GMAC 07/09/97 5.660 50,000 85 668,194.44 5.816 CP GMAC 07/09/97 5.660 50,000 85 668,194.44 5.816 CP Sears 07/09/97 5.330 50,000 156 1,154,833.33 5.531 CP Bkrs Trst 07/09/97 5.370 50,000 173 1,290,291.67 5.588 CP Bkrs Trst 07/09/97 5.370 50,000 173 1,290,291.67 5.588 SALE p/ CD BN Paris 5.560% 08/08/97 5.550 50,000 1 7,554.17 5.627 CD BN Paris 5.560% 08/08/97 5.550 50,000 1 7,554.17 5.627 PURCHASE BA B/A 12/31 /97 5.450 13,000 CD WestDeut *5.630% 11/24/97 5.630 50,000 CP GMAC 07/16/97 5.470 50,000 CP GMAC 07/16/97 5.470 50,000 CP GMAC 07/17/97 5.470 50,000 CP GMAC 07/17/97 5.470 50,000 CP FMCC 07/24/97 5.480 10,000 CP FMCC 07/24/97 5.480 50,000 CP Merrill Lynch 07/29/97 5.480 25,000 CP Merrill Lynch 07/29/97 5.480 50,000 CP B/A 08/08/97 5.500 25,000 CP B/A 08/08/97 5.500 50,000 PURCHASE r/ CD BN Paris 5.560% 08/08/97 5.500 30,000 CD BN Paris 5.560% 08/08/97 5.500 50,000 07/10/97 REDEMPTION CP GECC 07/10/97 5.490 50,000 7 53,375.00 5.572 CP GECC 07/10/97 5.490 50,000 7 53,375.00 5.572 CP Salomon 07/10/97 5.700 50,000 7 55,416.67 5.785 CP Salomon 07/10/97 5.700 50,000 7 55,416.67 5.785 CP GMAC 07/10/97 5.620 50,000 8 62,444.44 5.705 CP GMAC 07/10/97 5.620 50,000 8 62,444.44 5.705 CP GMAC 07/10/97 5.620 50,000 8 62,444.44 5.705 CP GMAC 07/10/97 5.620 50,000 8 62,444.44 5.705 CP Transam 07/10/97 5.600 33,400 13 67,542.22 5.689 —8— AV 07/10/97 SALE c/ CD BN Paris 5.560% 08/08/97 5.500 30,000 1 4,491.67 5.576 CD BN Paris 5.560% 08/08/97 5.500 50,000 1 7,486.11 5.576 PURCHASE BN B/A 5.590% 10/10/97 5.580 25,000 CP Morg Stan 07/11/97 5.450 50,000 CP Morg Stan 07/11/97 5.450 50,000 CP GECC 07/11/97 5.450 50,000 CP GECC 07/11/97 5.450 50,000 CP Amer Exp 07/25/97 5.470 50,000 CP Amer Exp 07/25/97 5.470 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.500 50,000 CD Soc Gen 6.350% 04/15/98 5.500 50,000 07/11/97 REDEMPTION BA B/A 07/11/97 5.480 5,000 28 21,311.11 5.579 CD Deutsche 5.540% 07/11/97 5.560 50,000 24 185,501.36 5.642 CD Deutsche 5.540% 07/11/97 5.560 50,000 24 185,501.36 5.642 CD Soc Gen 5.470% 07/11/97 5.400 20,000 147 441,320.02 5.477 CP Morg Stan 07/11/97 5.450 50,000 1 7,569.44 5.526 CP Morg Stan 07/11/97 5.450 50,000 1 7,569.44 5.526 CP GECC 07/11/97 5.450 50,000 1 7,569.44 5.526 CP GECC 07/11/97 5.450 50,000 1 7,569.44 5.526 CP ConAgra 07/11/97 5.700 20,000 35 110,833.33 5.811 CP GMAC 07/11/97 5.660 15,000 87 205,175.00 5.818 CP GMAC 07/11/97 5.660 50,000 87 683,916.67 5.818 SALE c/ CD Soc Gen 6.350% 04/15/98 5.500 50,000 1 7,623.61 5.576 CD Soc Gen 6.350% 04/15/98 5.500 50,000 1 7,623.61 5.576 PURCHASE CP Sears 07/18/97 5.440 20,000 CP Sear 07/18/97 5.440 50,000 CP GMAC 07/18/97 5.440 50,000 CP GMAC 07/18/97 5.440 50,000 CP GMAC 07/18/97 5.440 50,000 CP Salomon 07/22/97 5.660 50,000 CP Salomon 07/22/97 5.660 50,000 CP Merrill Lynch 08/12/97 5.630 20,000 ISM 07/14197 REDEMPTION CD Cr Swiss 5.480% 07/14/97 5.540 50,000 118 908,583.53 5.622 _ CD Soc Gen 5.450% 07/14/97 5.510 25,000 131 502,637.53 6.603 CD Rabobank 5.430% 07/14/97 5.370 15,000 150 335,756.59 5.445 CP Enron 07/14/97 5.680 38,095 11 66,115.99 5.768 CP FMCC 07/14/97 5.500 45,000 11 75,625.00 5.585 CP FMCC 07/14/97 5.500 50,000 11 84,027.78 5.585 CP GECC 07/14/97 5.500 50,000 11 84,027.78 5.585 CP GECC 07/14/97 .5.500 50,000 11 84,027.78 5.585 CP FMCC 07/14/97 5.340 50,000 161 1,194,083.33 5.546 CP FMCC 07/14/97 5.340 50,000 161 1,194,083.33 5.546 CP GMAC 07/14/97 5.360 50,000 178 1,325,111.11 5.582 CP GMAC 07/14/97 5.360 50,000 178 1,325,111.11 5.582 SALE c/ CD Soc Gen 6.350% 04/15/97 5 430 10,000 3 4,515.95 5.505 CD Soc Gen 6.350% 04/15/97 5.430 50,000 3 22,586.54 5.505 PURCHASE BN B/A 5.690% 01/12/98 5.690 50,000 BN B/A 5.690% 01 /12/98 5.690 50,000 CP Assoc 07/15/97 5.490 25,000 CP Assoc 07/15/97 5.490 50,000 CP Assoc 07/15/97 5.490 50;000 CP Assoc 07/15/97 5.490 50,000 CP Assoc 07/15/97 5.490 50,000 PURCHASE c/ CD Deutsche 07/15/97 REDEMPTION 6.170% 05=98 5.500 25,000 CD Rabobank 5.560% 07/15/97 5.500 15,000 180 412,682.40 5.577 CP Assoc 07/15/97 5.490 25,000 1 3,812.50 5.567 CP Assoc 07/15/97 5.490 50,000 1 7,625.00 5.567 CP Assoc 07/15/97 5.490 50,000 1 7,625.00 5.567 CP Assoc 07/15/97 5.490 50,000 1 7,625.00 5.567 CP Assoc 07/15/97 5.490 50,000 1 7,625.00 5.567 CP ConAgra 07/15/97 5.610 50,000 8 52,333.33 5.695 CP GMAC 07/15/97 5.410 50,000 180 1,352,500.00 5.637 MTN B/A 6.000% 07/15/97 5.600 5,000 566 435,900.00 5.600 —10— �Iit+Q1l��.�Et�A�COZINT - - _.. ill ; �/ M/ITEIRFt ll TRANS FAR F3AY5. #�i110UNT .i K T�� . D�PT�oN QATE Y�E� 1000) REL:D. _ . 07/15/97 SALE c/ CD Deutsche 6.170% 05/22/98 5.500 25,000 1 3,786.60 5.576 PURCHASE CP GECC 07/16/97 5.570 50,000 CP GECC 07/16/97 5.570 50,000 CP GECC 07/16/97 5.570 50,000 CP GECC 07/16/97- 5.570 50,000 CP GECC 07/16/97 5.570 50,000 CP Assoc 07/16/97 5.580 30,000 CP Assoc 07/16/97 5.580 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.600 50,000 07/16/97 RRP Treas Bills 06/25/98 5.200 50,000 Treas Bills 06/25/98 5.200 50,000 Treas Bills 06/25/98 5.250 50,000 Treas Bills 06/25/98 5.250 50,000 Treas Bills 06/25/98 5.250 50,000 Treas Bills 06/25/98 5.250 50,000 REDEMPTION CP GECC 07/16/97 5.570 50,000 1 7,736.11 5.648 CID GECC 07/16/97 5.570 50,000 1 7,736.11 5.648 CP GECC 07/16/97 5.570 50,000 1 7,736.11 5.648 CP GECC 07/16/97 5.570 50,000 1 7,736.11 5.648 CP GECC 07/16/97 5.570 50,000 1 7,736.11 5.648 CP Assoc 07/16/97 5.580 30,000 1 7,750.00 - 5.658 CP Assoc 07/16/97 5.580 50,000 1 7,750.00 5.658 CP GMAC 07/16/97 5.470 50,000 7 53,180.56 5.551 CP GMAC 07/16/97 5.470 50,000 7 53,180.56 5.551 SALE c/ CD Soc Gen 6.350% 04/15/98 5.600 50,000 1 7,768.44 -5.677 PURCHASE S/ CP FMCC 07/31 /97 5.480 50,000 CP FMCC 07/31 /97 5.480 50,000 CP Morg Stan 08/15/97 5.500 50,000 CP Morg Stan 08/15/97 5.500 50,000 CP Morg Stan 08/15/97 5.500 50,000 CP Morg Stan 08/15/97 5.500 50,000 —11— ?Q I[ON�C MATURITY 7RANS . PAR DAMS AMOUNT E Damy+dt�tDA=' :.._.. . 07/16/97 PURCHASE CP GECC 07/17/97 5.590 50,000 CP GECC 07/17/97 5.590 50,000 CP GECC 07/17/97 5.590 50,000 CP GECC 07/17/97 5.590 50,000 CP Assoc 07/17/97 5.600 26,000 CP Assoc 07/17/97 5.600 50,000 CP Assoc 07/17/97 5.600 50,000 CP Assoc 07/17/97 5.600 50,000 CID. Assoc 07/17/97 5.600 50,000 CP Assoc 07/17/97 5.600 50,000 CP ConAgra 07/17/97 5.630 25,000 CP ConAgra 07/17/97 5.630 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.650 50,000 CD Soc Gen 6.350% 04/15/98 5.650 50,000 07/17/97 REDEMPTION CP GECC 07/17/97 5.590 50,000 1 7,763.89 5.668 CP GECC 07/17/97 5.590 50,000 1 7,763.89 5.668 CP GECC 07/17/97 5.590 50,000 1 7,763.89 5.668 CP GECC 07/17/97 5.590 50,000 1 7,763.89 5.668 CP Assoc 07/17/97 5.600 26,000 1 4,044.44 5.678 CP Assoc 07/17/97 5.600 50,000 1 7,777.78 5.678 CP Assoc 07/17/97 5.600 50,000 1 7,777.78 5.678 CP Assoc 07/17/97 5.600 50,000 1 7,777.78 5.678 CP Assoc 07/17/97 5.600 50,000 1 7,777.78 5.678 CP Assoc 07/17/97 5.600 50,000 1 7,777.78 5.678 CP ConAgra 07/17/97 5.630 25,000 1 3,909.72 5.709 CP GMAC. 07/17/97 5.630 50,000 1 7,819.44 5.709 CP GMAC 07/17/97 5.470 50,000 8 60,777.78 5.552 CP GMAC 07/17/97 5.470 50,000 8 60,777.78 5.552 CP Salomon 07/17/97 5.680 20,000 9 28,400.00 5.767 CP ConAgra 07/17/97 5.610 50,000 10 77,916.67 5.696 SALE r/ CD Soc Gen 6.350% 04/15/98 5.650 50,000 1 7,840.16 5.728 CD Soc Gen 6.350% 04/15/98 5.650 50,000 1 7,840.16 5.728 PURCHASE CD Mellon Bank 5.580% 11/10/97 5.580 50,000 CD Mellon Bank 5.580% 11/10/97 5.580 50,000 CD Stndrd Chrtr 5.630% 11/24/97 5.620 50,000 CD WestDeut 5.650% 12/31/97 5.650 50,000 CD WestDeut 5.650% 12/31 /97 5.650 50,000 CP GECC 07/18/97 5.480 50,000 —12— IIAATt)RtTY TRANS PAR.:::DAYS: NWEL 07/17/97 PURCHASE CP GECC 07/18/97 5.480 50,000 CP Morg Stan 07/18/97 5.500 50,000 CP Morg Stan 07/18/97 5.500 50,000 CP Assoc 07/18/97, 5.500 50,000 CP Assoc 07/18/97 5.500 50,000 CP Assoc 07/18/97 5.500 50,000 CP Assoc 07/18/97 5.500 50,000 CP Assoc 07/18/97 5.500 50,000 CP Assoc 07/18/97 5.500 50,000 CP ConAgra 07/24/97 5.610 22,000 CP ConAgra 07/24/97 5.610 28,015 CP ConAgra 07/24/97 5.610 50,000 CP Salomon 07/29/97 5.660 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.550 50,000 07/18/97 REDEMPTION CP GECC 07/18/97 5.480 50,000 1 7,611.11 5.556 CP GECC 07/18/97 5.480 50,000 1 7,611.11 5.556 CP Morg Stan 07/18/97 5.500 50,000 1 7,638.89 5.577 CP Morg Stan 07/18/97 5.500 50,000 1 7,638.89 5.577 CP Assoc 07/18/97 5.500 50,000 1 7,638.89 5.577 CP Assoc 07/18/97 5.500 50,000 1 7,638.89 5.577 CP Assoc 07/18/97 5.500 50,000 1 7,638.89 5.577 CP Assoc 07/18/97 5.500 50,000 1 7,638.89 5.577 CP Assoc 07/18/97 5.500 50,000 1 7,638.89 5.577 CP Assoc 07/18/97 5.500 50,000 1 7,638.89 5.577 CP GMAC 07/18/97 5.440 50,000 7 52,888.89 5.521 CP GMAC 07/18/97 5.440 50,000 7 52,888.89 5.521 CP GMAC 07/18/97 5.440 50,000 7 52,888.89 5.521 CP Sears 07/18/97 5.440 20,000 7 21,155.56 5.521 CP Sears 07/18/97 5.440 50,000 7 52,888.89 5.521 SALE r/ CD Soc Gen 6.350% 04/15/98 5.550 50,000 1 7,706.17 5.627 PURCHASE BA B/A 01 /12/98 5.480 13,000 CD Deutsche 5.610% 12/29/97 5.600 15,000 CD Deutsche 5.610% 12/29/97 5.600 50,000 CD Midland Bank 5.600% 12/29/97 5.600 50,000 CD Midland Bank 5.600% 12/29/97 5.600 50,000 CP Assoc 07/21/97 5.400 50,000 CP Assoc 07/21 /97 5.400 50,000 CP Assoc 07/21 /97 5.400 50,000 —13— P - ._ -- lO _ OuNT- .. .. �t . 1V MATURITY TRANS ... _ PAR DAMS AUNT If © OP7�ON DATE iEL 07/18/97 PURCHASE CP Assoc 07/21/97 5.400 50,000 CP GECC 07/21/97 5.400 50,000 CP GECC 07/21/97 5.400 50,000 CP GECC 07/21/97 5.400 50,000 CP GECC 07/21/97 5.400 50,000 CP GECC 07/21/97 5.400 50,000 CP GECC 07/21/97 5.400 50,000 CP Merrill Lynch 12/12/97 5.520 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.480 50,000 CD Soc Gen 6.350% 04/15/98 5.480 50,000 07/21/97 REDEMPTION BA BK NYC 07/21/97 5.300 15,000 168 371,000.00 5.509 BN Bk America 5.530% 07/21/97 5.530 50,000 34 261,138.89 5.606 BN Bk America 5.530% 07/21/97 5.530 50,000 34 261,138.89 5.606 CD Bk Montreal 5.480% 07/21/97 5.480 35,000 185 985,638.89 5.556 CP Assoc 07/21/97 5.400 50,000 3 22,500.00 5.477 CP Assoc 07/21/97 5.400 50,000 3 22,500.00 5.477 CP Assoc 07/21/97 5.400 50,000 .3 22,500.00 5.477 CP Assoc 07/21/97 5.400 50,000 3 22,500.00 5.477 CP GECC 07/21/97 5.400 50,000 3 22,500.00 5.477 CP GECC 07/21/97 5.400 50,000 .3 22,500.00 5.477 CP GECC 07/21/97 5.400 50,000 3 22,500.00 5.477 CP GECC 07/21/97 5.400 50,000 3 22,500.00 5.477 CP GECC 07/21/97 5.400 50,000 3' 22,500.00 5.477 CP GECC 07/21/97 5.400 50,000 3 22,500.00 5.477 CP Textron 07/21/97 5.780 6,500 38 39,657.22 5.896 CP Morg Stan 07/21/97 5.570 50,000 59 456,430.56 5.699 CP Textron 07/21/97 5.320 44,000 164 1,066,364.44 5.527 CP Sears . 07/21/97 5.310 50,000 167 1,231,625.00 5.519 MTN Assoc 7.010% 07/21/97 7.010 10,000 1,097 2,104,947.22 7.010 SALE r/ CD Soc Gen 6.350% 04/15/98 5.480 50,000 3 22,826.48 5.556 CD Soc Gen 6.350% 04/15/98 5.480 50,000 3 22,826.48 5.556 PURCHASE CP Assoc 07=97 5.470 50,000 CP Assoc 07/22/97 5.470 50,000 CP Assoc 07/22/97 5.470 50,000 CP Assoc 07/22/97 5.476 50,000 CP Assoc 07/22/97 5.470 50,000 CP Assoc 07=97 5.470 50,000 CP GECC 07=97 5.470 50,000 —14— 07/21/97 PURCHASE CP GECC 07/22/97 5.470 50,000 CP GECC 07/22/97 5.470 50,000 CP GECC 07/22/97 5.470 50,000 CP ConAgra 08/27/97 5.660 20,000 CP Morg Stan 08/27/97 5.500 50,000 CP Morg Stan 08/27/97 5.500 50,000 CP Morg Stan 08/27/97 5.500 50,000 CP Bear Steams 12/02/97 5.530 50,000 PURCHASE/ CD Soc Gen 6.350% 04/15/98 5.530 50,000 Disc Note FHLMC 07/31/97 5.480 2,155 Disc Note FHLMC 07/31/97 5.480 50,000 Disc Note FHLMC 07/31/97 5.480 50,000 07/22/97 REDEMPTION BA Tokyo-Mits 07/22/97 5.620 26,200 26 106,342.89 5.721 BA U/B Calif 07/22/97 5.320 8,000 169 199,795.55 5.532 CD Soc Gen 5.530% 07/22/97 5.480 29,000 167 737,378.98 5.556 CD Soc Gen 5.530% 07/22/97 5.480 50,000 167 1,271,343.06 5.556 CP Assoc 07/22/97 5.470 50,000 1 7,597.22 5.546 CP Assoc 07/22/97 5.470 50,000 1 7,597.22 5.546 CP Assoc 07/22/97 5.470 50,000 1 7,597.22 5.546 CP Assoc 07/22/97 5.470 50,000 1 7,597.22 5.546 CP Assoc 07/22/97 5.470 50,000 1 7,597.22 5.546 CP Assoc 07/22/97 5.470 50,000 1 7,597.22 5.546 CP GECC 07=97 5.470 50;000 1 7,597.22 5.546 CP GECC 07/22/97 - 5.470 50,000 1 7,597.22 5.546 CP GECC 07/22/97 5.470 50,000 1 7,597.22 5.546 CP GECC 07/22/97 5.470 50,000 1 7,597.22 5.546 CP* Salomon 07/22/97 5.660 50,000 11 86,472.00 5.748 CP Salomon 07/22/97 5.660 50,000 11 86,472.00 5.748 CP UB Calif 07/22/97 5.340 25,000 168 623,000.00 5.552 CP UB Calif 07/22/97 5.340 50,000 168 1,246,000.00 5.552 CP Sears 07/22/97 5.310 50,000 168 - 1,239,000.00 5.520 SALE c/ CD Soc Gen 6.350% - 04/15/98 5.530 50,000 1 7,680.56 5.606 Disc Note FHLMC 07/31/97 5.480 2,155 1 321.18 5.555 Disc Note FHLMC 07/31/97 5.480 50,000 1 7,450.52 5.555 Disc Note FHLMC 07/31/97 5.480 50,000 1 7,450.52 5.555 PURCHASE CD BN Paris 5.540% 09/03/97 5.530 5,000 CD BN Paris 5.540% 09/03/97 5.530 50,000 CD BN Paris 5.540% 09/03/97 5.530 50,000 —15— D-WONE! NCI ST Et T 4 COUNT Av 'NII TEiANS MARCPAR . iDAYS:. COUNT f3tE _...... . _ DEStPTt(. DAM YIELD CD _Few 07/22/97 PURCHASE CP GECC 07/23/97 5.430 50,000 CP GECC 07/23/97 5.430 50,000 CP GECC 07/23/97 5.430 50,000 CP GECC 07/23/97 5.430 50,000 CP GECC 07/23/97 5.430 50,000 CP GECC 07/23/97 5.430 50,000 CP Assoc 07/23/97 5.440 50,000 CP Assoc 07/23/.97 5.440 50,000 CP Assoc 07/23/97 5.440 50,000 CP Assoc 07/23/97 5.440 50,000 CP Assoc 07/23/97 5.440 50,000 CP Assoc 07/23/97 5.440 50,000 CP Salomon 07/23/97 5.480 40,000 CP Salomon 07/23/97 5.480 50,000 CP Lehman 07/29/97 5.500 30,000 PURCHASE -q/ CD Soc Gen 6.350% 04/15/98 5.530 25,000 07/23/97 REDEMPTION BA Chase 07/23/97 5.300 9,500 168 234,966.67 5.509 CP GECC 07/23/97 5.430 50,000 1 7,541.67 5.506 CP GECC 07/23/97 5.430 50,000 1 7,541.67 5.506 CP GECC 07/23/97 5.430 50,000 1 7,541.67 5.506 CP GECC 07/23/97 5.430 50,000 1 7,541.67 5.506 CP GECC 07/23/97 5.430 50,000 1 7,541.67 5.506 CP GECC 07/23/97 5.430 50,000 1 7,541.67 5.506 CP Assoc 07/23/97 5.440 50,000 1 7,555.56 5.516 CP Assoc 07/23/97 5.440 50,000 1 7,555.56 5.516 CP Assoc 07/23/97 5.440 50,000 1 7,555.56 5.516 CP Assoc 07/23/97 5.440 50,000 1 7,555.56 5.516 CP Assoc 07/23/97 5.440 50,000 1 7,555.56 5.516 CP Assoc 07/23/97 5.440 50,000 1 7,555.56 5.516 CP Salomon 07/23/97 5.480 40,000 1 6,088.80 5.556 CP Salomon 07/23/97 5.480 50,000 1 7,611.00 5.556 CP Comnwealth 07/23/97 5.830 8,599 40 55,702.41 5.949 CP GMAC 07/23/97 5.340 50,000 169 1,253,416.67 5.553 CP GECC 07/23/97 5.330 50,000 170 1,258,472.22 5.543 CP GECC 07/23/97 5.330 50,000 170 1,258,472.22 5.543 SALE c/ CD Soc Gen 6.350% 04/15/98 5.530 25,000 1 3,840.28 5.606 PURCHASE CD Deutsche 5.470% 08/07/97 5.470 50,000 CD ABN Amro 5.530% 08/25/97 5.500 20,000 —16— 3�tOi �E�l-CGOUI�tT - 17. `_ 3/ MATURITY .. PAR DAMS' `DAN,': Y ELi 07/23/9.7 PURCHASE CD Wood 5.590% 01/28/98 5.600 25,000 CP Salomon 07/24/97 5.450 40,000 CP Salomon 07/24/97 5.450 50,000 CP Assoc 07/24/97 5.440 50,000 CP Assoc 07/24/97 5.440 50,000 CP Assoc 07/24/97 5.440 50,000 CP Assoc 07/24/97 5."0 50,000 CP Assoc 07/24/97 5.440 50,000 CP Assoc 07/24/97 5.440 50,000 CP GECC 07/24/97 5.440 50,000 CP GECC 07/24/97 5.440 50,000 CP GECC 07/24/97 5.440 50,000 CP GECC 07/24/97 5.440 50,000 CP GECC 07/24/97 5.440 50,000 CP GECC 07/24/97 5.440 50,000 CP GMAC 10/15/97 5.500 20,000 CP GMAC 11/24/97 5.480 50,000 CP GMAC 11/24/97 5.480 50,000 CP FMCC 12/29/97 5.490 50,000 CP FMCC 12/29/97 5.490 50,000 PURCHASES! Disc Note FHLB 09/17/97 5.440 7,000 Disc Note FHLB 09/17/97 5.440 50,000 Disc Note FHLMC 09/17/97 5.440 45,615 07/24/97 REDEMPTION CP Salomon 07/24/97 5.450 40,000 1 6,055.60 5.526 CP Salomon 07/24/97 5.450 50,000 1 7,569.50 5.526 CP Assoc 07/24/97 5.440 50,000 1 7,555.56 5.516 CP Assoc 07/24/97 5.440 50,000 1 7,555.56 5.516 CP Assoc 07/24/97 5.440 50,000 1 7,555,56 5.516 CP Assoc 07/24/97 5.440 50,000 1 7,555.56 5.516 CP Assoc 07/24/97 5.440 50,000 1 7,555.56 5.516 CP Assoc 07/24/97 5.440 50,000 1 7,555.56 5.516 CP GECC 07/24/97 5.440 50,000 "1 7,555.56 5.516 CP GECC 07/24/97 5.440 50,000 1 7,555.56 5.516 CP GECC 07/24/97 5.440 50,000 1 7,555.56 5.516 CP GECC 07/24/97 5.440 50,000 1 7,555.56 5.516 CP GECC 07/24/97 5.440 50,000 1 7,555.56 5.516 CP GECC 07/24/97 5.440 50,000 1 7,555.56 5.516 CP ConAgra 07/24/97 5.610 22,000 7 23,998.33 5.694 CP ConAgra 07/24/97 5.610 28,015 7 30,559.70 5.694 CP ConAgra 07/24/97 5.610 22,000 7 54,541.67 5.694 CP FMCC 07/24/97 5.480 10,000 15 22,833.33 5.568 CP FMCC 07/24/97 5.480 50,000 15 1.14,166:67 5.568 CP Merrill Lynch 07/24/97 5.500 50,000 16 122,222.22 5.590 CP Merrill Lynch 07/24/97 5.500 50,000 16 122,222.22 5.590 —17— 1 -.. ... ... EI.ACOUNT .. __. :df f a! NU4TURlTY TRA O .. PAR MAYS' ANT 07/24/97 SALE c/ Disc Note FHLB 09/17/97 5.440 7,000 1 1,028.46 5.515 Disc Note FHLB 09/17/97 5.440 50,000 1 7,345.51 5.515 Disc Note FHLMC 09/17/97 5.440 45,615 1 6,737.14 5.515 PURCHASE BA B/A 10/22/97 5.440 25,000 BA Bk Montreal 01 /12/98 5.490 10,000 BA Bk Montreal 01 /16/98 5.480 10,000 CD Soc Gen 5.610% 12/29/97 5.600 50,000 CD Soc Gen 5.610% 12/29/97 5.600 50,000 CP Salomon 07/25/97 5.500 40,000 CP Salomon 07/25/97 5.500 50,000 CP Assoc 07/25/97 5.500 50,000 CP Assoc 07/25/97 5.500 50,000 CP Assoc 07/25/97 5.500 50,000 CP Assoc 07/25/97 5.500 50,000 CP Assoc 07/25/97 5.500 50,000 CP Assoc 07/25/97 5.500 50,000 CP Merrill Lynch 07/28/97 5.500 50,000 CP Merrill Lynch 07/28/97 5.500 50,000 CP GMAC 08/01/97 5.51.0 50,000 CP GMAC 08/01/97 5.510 50,000 CP GMAC 08/01/97 5.510 50,000 CP GMAC 08/01/97 5.510 50,000 CP ConAgra 10/10/97 5.620 20,000 CP ConAgra 10/10/97 5.620 50,000 Treas Bill 07/23/98 5.222 50,000 Treas Bill 07/23/98 5.225 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.530 50,000 CD Soc Gen 6.350% 04/15/98 5.530 50,000 Disc Note FHLMC 08/05/97 5.500 . 1,170 Disc Note FHLMC 08/05/97 5.500 50,000 Treas Note 6.125% 08/31 /98 5.510 25,000 Treas Note 6.375% 01 /15/99 5.510 25,045 07/25/97 REDEMPTION BA Tokyo-Mits 07/25/97 5.640 12,050 81 152,914.50 5.791 CD Westpac 5.600% 07/25/97 5.580 20,000 29 89,901.44 5.657 CD Westpac 5.600% 07/25/97 5.580 50,000 29 224,753.61 5.657 CD Deutsche 5.500% 07/25/97 5.500 30,000 185 847,916.67 5.576 CP Salomon 07/25/97 5.500 40,000 1 6,111.20 5.577 CP Salomon 07/25/97 5.500 50,000 1 7,639.00 5.577 CP Assoc 07/25/97 5.500 50,000 1 7,638.89 5.577 CP Assoc 07/25/97 5.500 50,000 1 7,638.89 5.577 CP Assoc 07/25/97 5.500 50,000 1 7,638.89 5.577 —18— 07/25/97 REDEMPTION Cp Assoc 07/25/97 5.500 50,000 1 7,638.89 5.577 CP Assoc 07/25/97 5.500. 50,000 1 7,638.89 5.577 CID Assoc 07/25/97 5.500 50,000 1 7,638.89 5.577 CP Amer Exp 07/25/97 5.470 50,000 15 113,958.33 5.558 CP Amer Exp 07/25/97 5.470 50,000 15 113,958.33 5.558 CP Textron 07/25/97 5.770 43,000 57 392,840.82 5.904 CP Merrill Lynch 07/25/97 5.370 50,000 172 1,282,833.33 5.587 CP Merrill Lynch 07/25/97 5.370 50,000 172 1,282,833.33 5.587 CP Merrill Lynch 07/25/97 5.370 50,000 172 1,282,833.33 5.587 CP Merrill Lynch 07/25/97 5.370 50,000 172 1,282,833.33 5.587 SALE At CD Soc Gen 6.350% 04/15/98 5.530 50,000 1 7,686.70 5.606 CD Soc Gen 6.350% 04/15/98 5.530 50,000 1 7,686.70 5.606 Disc Note FHLMC 08/05/97 5.500 1,170 1 173.10 5.576 Disc Note FHLMC 08/05/97 5.500 50,000 1 7,465.79 5.576 Treas Note 6.125% 08/31/98 5.510 25,000 1 3,857.46 5.586 Treas Note 6.375% 01 /15/99 5.510 25,045 1 3,795.32 5.586 PURCHASE CP Assoc 07/28/97 5.480 50,000 CP Assoc 07/28/97 5.480 50,000 CP Assoc 07/28/97 5.480 50,000 CP Assoc 07/28/97 5.480 50,000 CID Assoc 07/28/97 5.480 50,000 CP Assoc 07/28/97 5.480 50,000 CP Enron 07/28/97 5.550 40,000 CP Salomon 07/31 /97 5.630 40,000 CP Salomon 07/31 /97 5.630 50,000 CP GECC 98/05/97 5.500 50,000 CP GECC 08/05/97 5.500 50,000 CP GECC 08/05/97 5.500 50,000 CP GECC 08/05/97 5.500 50,000 MTN GMAC 6.000% 12/16/98 5.970 25,000 Treas Bill 07/23/98 5.225 50,000 PURCHASE .q/ CD Soc Gen 6.350% 04/15/98 5.530 50,000 CD Soc Gen 6.350% 04/15/98 5.530 50,000 Disc Note FHLMC 08/28/97 5.470 49,215 07/28/97 REDEMPTION BA Chase 07/28/97 5.300 5,900 172 149,401.11 5.513 CP Assoc 07/28/97 5.480 50,000 3 22,833.33 5.558 CP Assoc 07/28/97 5.480 50,000 3 22,833.33 5.558 CP Assoc 07/28/97 5.480 50,000 3 22,833.33 5.558 —19— - P' ' MONMN S� Ef AC COUNT Y ATDAYS 'MOUNT F pnON:, o1Jgfflm 07/28/97 REDEMPTION CID Assoc 07/28/97 5.480 50,000 3 22,833.33 5.558 CID Assoc 07/28/97 5.480 50,000 3 22,833.33 5.558 CID Assoc 07/28/97 5.480 50,000 3 .22,833.33 5.558 CID Enron 07/28/97 5.550 40,000 3 18,500.00 5.629 CID Merrill Lynch 07/28/97 5.500 50,000 4 30,555.56 5.579 CP Merrill Lynch 07/28/97 5.500 50,000 4 30,555.56 5.579 SALE c/ CD Soc Gen 6.350% 04/15/98 5.530 50,000 3 23,062.40 5.606 CD Soc Gen 6.350% 04/15/98 5.530 50,000 3 23,062.40 5.606 Disc Note FHLMC 08/28/97 5.470 49,215 3 21,880.00 5.545 PURCHASE CID Assoc 07/29/97 5.600 15,000 CID Assoc 07/29/97 5.600 50,000 CID GECC 07/29/97 5.610 50,000 CID GECC 07/29/97 5.610 50,000 CID GECC 07/29/97 5.610 50,000 CID GECC 07/29/97 5.610 50,000 CID GECC 07/29/97 5.610 50,000. CID GECC 07/29/97 5.610 50,000 CID Countrywide 07/30/97 5.600 10,600 CID Countrywide 07/30/97 5.600 50,000 CID Merrill Lynch 07/31/97 5.580 50,000 CID Merrill Lynch 07/31/97 5.580 50,000 CID Merrill Lynch 07/31/97 5.580 50,000 CID Merrill Lynch 07/31/97 5.580 50,000 CID Enron 08/05/97 ' 5.700 40,000 MTN GMAC 6.000% 12/16/98 5.970 25,000 PURCHASE .q/ CD Soc Gen 6.350% 04/15/98 5.650 50,000 07/29/97 REDEMPTION CD US Wash 5.430% 07/29/97 5.430 50,000 174 1,312,250.00 5.505 CD US Wash 5.430% 07/29/97 5.430 50,000 174 1,312,250.00 5.505 CD US Oregon 5.430% 07/29/97 5.430 50,000 174 1,312,250.00 5.505 CD US Oregon 5.430% 07/29/97 5.430 50,000 174 1,312,250.00 5.505 CD Bkrs Trst 5.540% 07/29/97 5.530 50,000 180 1,382,567.27 5.606 CD Bkrs Trst 5.540% 07/29/97 5.530 50,000 180 1,382,567.27 5.606 CD Hong Kong 5.510% 07/29/97 5.510 50,000 181 1,385,152.78 5.586 CD Commerzebk 5.480% 07/29/97 5.470 50,000 182 1,382,762.46 5.545 CD Commerzebk 5.480% 07/29/97 5.470 50,000 182 1,382,762.46 5.545 CD RB Canada 5.510% 07/29/97 5.500 42,000 183 1,174,308.07 5.576 CD RB Canada 5.510% 07/29/97 5.500 25,000 188 718,092.01 5.576 CD RB Canada 5.510% 07/29/97 5.500 50,000 188 1,436,184.01 5.576 —20— e .rva•-< e a � a ���i iE� a �g-i �a I� a 07/29/97 REDEMPTION CD Soc Gen 5.500% 07/29/97 5.500 25,000 194 740,972.22 5.576 CD Soc Gen 5.500% 07/29/97 5.500 50,000 194 1,481,944.44 5.576 CD Bayrsche L 5.510% 07/29/97 5.500 50,000 197 1,504,941.05 5.576 CD Bayrsche L 5.510% 07/29/97 5.500 50,000 197 1,504,941.05 5.576 CD Deutsche 5.530% 07/29/97 5.510 50,000 197 1,507,756.94 5.586 CD Deutsche 5.530% 07/29/97 5.510 50,000 197 1,507,756.94 5.586 CP Assoc 07/29/97 5.600 15,000 1 2,333.33 5.678 CP Assoc 07/29/97 5.600 50;000 1 7,777.78 5.678 CP GECC 07/29/97 5.610 50,000 1 7,791.67 5.688 CP GECC 07/29/97 5.610 50,000 1 7,791.67 5.688 CP GECC 07/29/97 5.610 50,000 1 7,791.67 5.688 CID GECC 07/29/97 5.610 50,000 1 7,791.67 5.688 CP GECC 07/29/97 5.610 50,000 1 7,791.67 5.688 CP GECC 07/29/97 5.610 50,000 1 7,791.67 5.688 CP Lehman 07/29/97 5.500 30,000 7 32,083.33 5.582 CP Salomon 07/29/97 5.660 50,000 12 94,333.50 5.749 CP Merrill Lynch 07/29/97 5.480 25,000 20 76,111.11 5.573 CP Merrill Lynch 07/29/97 5.480 50,000 20 152,222.22 5.573 SALE c/ CD Soc Gen 6.350% 04/15/98 5.650 50,000 1 1 7,858.99 5.728 PURCHASE CP GECC 07/30/97 5.610 50,000 CP GECC 07/30/97 5.610 50,000 CP GECC 07/30/97 5.610 50,000 CP GECC 07/30/97 5.610 50,000 CP GECC 07/30/97 5.610 50,000 CP GECC 07/30/97 5.610 50,000 CP Morg Stan 07/30/97 5.620 50,000 CP Morg Stan 07/30/97 5.620 50,000 CP Morg Stan 07/30/97 5.620 50,000 CP Salomon 07/30/97 5.625 50,000 07/30/97 REDEMPTION CP GECC 07/30/97 5.610 50,000 1 7,791.67 5.688 CP GECC 07/30/97 5.610 50,000 1 7,791.67 5.688 CP GECC 07/30/97 5.610 50,000 1 7,791.67 5.688 CP GECC 07/30/97 5.610 50,000 1 7,791.67 5.688 CP GECC 07/30/97 5.610 50,000 1 7,791.67 5.688 CP GECC 07/30/97 5.610 50,000 1 7,791.67 5.688 CP Morg Stan 07/30/97 5.620 50,000 1 7,805.56 5.698 CP Morg Stan 07/30/97 5.620 50,000 1 7,805.56 5.698 CP Morg Stan 07/30/97 5.620 50,000 1 7,805.56 5.698 CP Salomon 07/30/97 5.625 50,000 1 7,812.50 5.704 CP Countrywide 07/30/97 5.600 10,600 2 3,297.78 5.679 CP Countrywide 07/30/97 5.600 50,000 2 15,555.56 5.679 —21— Pooiz"O -IN ENTACOWNT - _, dl j-1/ MATURMY :TRANSPAR QAXS AMOi�NT EfFEGTW norr DATE. .. 07/30/97 PURCHASE CP Assoc 07/31/97 5.750 50,000 CP Assoc 07/31/97 5.750 50,000 CP Assoc 07/31/97 5.750 50,000 CP Assoc 07/31/97 5.750 50,000 CP Assoc 07/31/97 5.750 50,000 CP Assoc 07131 /97 5.750 50,000 CP Salomon 07/31/97 5.800 50,000 CP GECC 07/31/97 5.780 50,000 CP GECC 07/31/97 5.780 50,000 CP GECC 07/31/97 5.780 50,000 CP GECC 07/31/97 5.780 50,000 CP GECC 07/31/97 5.780 50,000 CP GECC 07/31/97 5.780 50,000 CP GECC 07/31/97 5.780 50,000 CP GECC 07/31/97 5.780 50,000 CP Merrill Lynch 08/01/97 5.750 50,000 CP Merrill Lynch 08/01/97 5.750 50,000 CP Merrill Lynch 08/01/97 5.750 50,000 CP Merrill Lynch 08/01/97 5.750 50,000 CP ConAgra 08/01/97 5.780 50,000 CP ConAgra 08/01/97 5.780 50,000 PURCHASE c/ Disc Note FHLB 01 /21 /98 5.730 31,000 Disc Note FNMA 01/05/98 5.730 21,315 07/31/97 REDEMPTION BA Bk Montreal 07/31/97 5.280 10,000 177 259,600.00 5.496 CD Hong Kong 5.500% 07/31/97 5.500 15,000 182 417,083.33 5.576 CD Hong Kong 5.500% 07/31/97 5.500 50,000 182 1,390,277.78 5.576 CD Chase 5.530% 07/31/97 5.500 50,000 182 1,390,898.50 5.578 CD Chase 5.530% 07/31/97 5.500 50,000 182 1,390,898.50 5.578 CD U/B Calif 5.560% 07/31/97 5.560 50,000 182 1,405,444.44 5.637 CD Chase 5.530% 07/31/97 5.500 50,000 183 1,398,332.94 5.577 CD Bk Montreal 5.500% 07/31/97 5.500 30,000 185 847,916.67 5.576 CD Bk Montreal 5.500% 07/31/97 5.500 50,000 185 1,413,194.44 5.576 CD Cr Swiss 5.480% 07/31/97 5.480 45,000 189 1,294,650.00 5.556 CD Deutsche 5.500% 07/31/97 5.500 50,000 196 1,497,222.22 5.576 CD Deutsche 5.500% 07/31/97 5.500 50,000 196 1,497,222.22 5.576 CD Deutsche 5:500% 07/31/97 5.500 50,000 196 1,497,222.22 5.576 CD Nat West 5.510% 07/31/97 5.500 50,000 196 1,497,301.36 5.576 CD ABN Amro 5.530% 07/31/97 5.520 30,000 199 915,464.80 5.596 CP Assoc 07/31/97 5.750 50,000 1 7,986.11 5.830 CP Assoc 07/31/97 5.750 50,000 1 7,986.11 5.830 CP Assoc 07/31/97 5.750 50,000 1 7,986.11 5.830 CP Assoc 07/31/97 5.750 50,000 1 7,986.11 5.830 CP Assoc 07/31/97 5.750 50,000 1 7,986.11 5.830 CP Assoc 07/31/97 5.750 50,000 1 7,986.11 5.830 —22— 'E:Ed�1101 �'.ii�El�TCCOU[�tT MAT tiii'Y TRANS PAR 1YS WK KT _ t3ATE PT�oN caTE. 07/31/97 REDEMPTION CID Salomon 07/31/97 5.800 50,000 1 8,055.50 5.881 CID GECC 07/31/97 5.780 50,000 1 8,027.78 5.861 CP GECC 07/31/97 5.780 50,000 1 8,027.78 5.861 CID GECC 07/31/97 5.780 50,000 1 8,027.78 5.861. CID GECC 07/31/97 5.780 50,000 1 8,027.78 5.861 CID GECC 07/31/97 5.780 50,000 1 8,027.78 5.861 CID GECC 07/31/97 5.780 50,000 1 8,027.78 5.861 CID GECC 07/31/97 5.780 50,000 1 8,027.78 5.861 CID GECC 07/31/97 5.780 50,000 1 8,027.78 5.861 CID Merrill Lynch 07/31/97 5.580 50,000 3 23,250.00 5.660 CID Merrill Lynch 07/31/97 5.580 50,000 3 23,250.00 5.660 CID Merrill Lynch 07/31/97 5.580 50,000 3 23,250.00 5.660 CID Merrill Lynch 07/31/97 5.580 50,000 3 23,250.00. 5.660 CID Salomon 07/31/97 5.630 40,000 6 37,533.20 5.713 CID Salomon 07/31/97 5.630 50,000 6 46,916.50 5.713 CID FMCC 07/31/97 5.480 50,000 15 114,166.67 5.568 CID FMCC 07/31/97 5.480 50,000 15 114,166.67 5.568 SALE cl Disc Note FHLB 01/21/98 5.730 31,000 1 4,711.33 5.809 Disc Note FNMA 01/05/98 5.730 21,315 1 3,247.00 5.809 RRP Treas Bill 06/25/98 5.200 50,000 15-102,808.33 -5.272 Treas Bill 06/25/98 5.200 50,000 15-102,808.33 -5272 PURCHASE CID Household 08/01/97 5.850 15,000 CID Merrill Lynch 08/01/97 5.850 25,000 CID Merrill Lynch 08/01/97 5.850 50,000 CID Smith Barney 08/01 /97 5.840 50,000 CID Smith Barney 08/01/97 5.840 50,000 CID Assoc 08/01/97 5.850 50,000 CID Assoc 08/01/97 5.850 50,000 CID Assoc 08/01/97 5.850 50,000 CID Assoc 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID GECC 08/01/97 5.850 50,000 CID FMCC 08/01/97 5.860 50,000 .23— LIi13lYItSTE ACCQU�IT a/ MATURITY TRANS pAR.. DAYS;; EFfECIM i3/lTE DE3E:RIPoN DAW...3 07/31/97 PURCHASE CP FMCC 08/01/97 5.860 50,000 CP FMCC 08/01/97 5.860 50,000 CP FMCC 08/01/97 5.860 50,000 CP FMCC 08/01/97 5.860 50,000 CP FMCC 08/01/97 5.860 50,000 CP FMCC 08/01/97 5.860 50,000 CP FMCC 08/01/97 5.860 50,000 CP FMCC 08/01/97 5.860 -50,000 CP FMCC 08/01/97 5.860 50,000 CP Salomon 08/04/97 5.750 40,000 CP Salomon 08/04/97 5.750 50,000 CP Salomon 08/04/97 5.750 50,000 PURCHASE c/ Disc Note FHLB 10/29/97 5.820 Disc Note FHLB 01/14/98 5.820 Disc Note FHLMC 10/24/97 5.820 10,000 29,975 12,060 —24— 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 (E)IM), 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 3UIS), 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. —25— NAME ALHAMBRA East West Federal Bank BEVERLY HILLS City National Bank City National Bank City National Bank City National Bank CHICO North State National Bank North State National Bank North State National Bank Tri Counties Bank Tri Counties Bank ELDORADO Western Sierra National Bank FRESNO Kings River State Bank GLENDALE Glendale Federal . Bank Glendale Federal Bank INGLEWOOD Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank LA MIRADA Southern California Bank Southern California Bank TIME DEPOSIT DEPOSIT DATE YIELD PAR AMOUNT ($) MATURITY DATE 07/17/97 5.240 5,000,000.00 10/16/97 02/19/97 5.200 20,000,000.00 08/19/97 02/21 /97 5.390 20,000,000.00 12/18/97 05/06/97 5.580 10,000,000.00 11 /04/97 07/29/97 5.380 10,000,000.00 01/27/98 O2/25/97 5.270 500,000.00 08/26/97 04/08/97 5.530 2,000,000.00 10/06/97 06/13/97 4.990 500,000.00 09/11/97 06/26/97 5.310 15,000,000.00 01/02/97 07/21 /97 5.260 10,000,000.00 10/21 /97 07/15/97 5.350 2,000,000.00 10/15/97 07/15/97 5.140 1,000,000.00 10/15/97 06/30/97 5.160 3,000,000.00 09/29/97 07/11 /97 5.140 5,000,000.00 10/09/97 05/06/97 5.300 10,000,000.00 08/05/97 05/08/97 5.300 20,000,000.00 08/07/97. 05/14/97 5.210 20,000,000.00 08/13/97 06/10/97 5.110 10,000,000.00 09/10/97 06/11/97 5.110 15,000,000.00 09/10/97 06/18/97 5.000 11,000,000.00 09/18/97 07/01 /97 5.180 11,000,000.00 10/01 /97 07/17/97 5.180 25,000,000.00 10/16/97 07/29/97 5.300 5,000,000.00 10/29/97 07/08/97 5.200 5,000,000.00 10/08/97 07/17/97 5.190 5,000,000.00 10/16/97 —26— NAME LOS ANGELES Preferred Bank Preferred Bank Preferred Bank Preferred Bank Preferred Bank Preferred Bank OAKDALE Oak Valley Community Bank POMONA Pomona First Federal S&L PLACER Sierra West Bank PETALUMA Bank of Petaluma SACRAMENTO Sanwa Bank of California Sanwa Bank of California Union Bank of California Sanwa Bank of California. Union Bank of California Sanwa Bank of California SAN DIEGO San Diego First Bank Bank of Commerce San Diego SAN FRANCISCO Bank of Canton California Bank of Canton California Trans Pacific National Bank Bank of Canton California Bank of Canton California Bank of Canton California TIME DEPOSIT DEPOSIT DATE YIELD PAR AMOUNT ($) MATURITY DATE 05/21/97 6.230 4,000,000.00 08/20/97 05/27/97 5.150 2,000,000.00 08/26/97 06/17/97 4.960 5,000,000.00 09/16/97 06/17/97 4.960 4,000,000.00 09/18/97 06/27/97 5.140 3,000,000.00 09/25/97 07/15/97 5.140 3,000,000.00 10/15/97 03/25/97 5.580 500,000.00 09/22/97 05/27/97 5.550 8,000,000.00 11 /25/97 06/06/97 5.480 2,800,000.00 12/03/97 02/11 /97 5.290 1,000,000.00 08/12/97 02/19/97 5.250 50,000,000.00 08/19/97 02/25/97 5.280 10,000,000.00 08/26/97 05/07/97 5.260 100,000,000.00 08/06/97 05/09/97 5.600 7,000,000.00 11 /05/97 07/02/97 5.200 100,000,000.00 10/01 /97 07/29/97 5.400 5,000,000.00 01 /27/98 06/03/97 5.160 1,500,000.00 09/03/97 06/13/97 5.030 14,000,000.00 09/18/97 02/13/97 5.300 5,000,000.00 08/13/97 03/04/97 5.440 5,000,000.00 09/04/97 03/18/97 5.680 800,000.00 09/16/97 04/22/97 5.630 5,000,000.00 10/21 /97 05/07/97 5.210 5,000,000.00 08/07/97 06/10/97 5.090 5,000,000.00 09/10/97 —27— TIME DEPOSIT NAME DEPOSIT DATE YIELD PAR AMOUNT ($) MATURITY DATE SAN JOAQUIN Delta National Bank 07/02/97 SAN LEANDRO Bay Bank of Commerce 07/07/97 Bay Bank of Commerce 07/07/97 SAN LUIS OBISPO First Bank of San Luis Obispo 05/06/97 First Bank of San Luis Obispo 05/06/97 First Bank of San Luis Obispo 05/14/97 First Bank of San Luis Obispo 05/28/97 First Bank of San Luis Obispo 07/08/97 SAN RAFAEL West America Bank 07/23/97 West America Bank 07/30/97 SANTA ANA Grand National Bank 06/10/97 Grand National Bank 06/12/97 Grand National Bank 07/01/97 STANISLAUS North Valley Bank 03/25/97 TUSTIN Sunwest Bank 06/23/97 VACAVILLE Continental Pacific Bank 06/03/97 VICTORVILLE Citizens Business Bank 06/13/97 Citizens Business Bank 06/13/97 TOTAL TIME DEPOSITS AS OF JULY 31,1997 5.360 2,000,000.00 12/31/97 5.170 2,000,000.00 10/07/97 5.170 2,000,000.00 10/14/97 5.230 1,000,000.00 08/06/97 5.250 2,600,000.00 08/06/97 5.190 2,000,000.00 08/13/97 5.170 2,500,000.00 08/27/97 5.110 1,000,000.00 10/07/97 5.270 25,000,000.00 10/22/97 5.260 25,000,000.00 10/29/97 5.410 1,500,000.00 12/09/97 5.080 1,500,000.00 .09/10/97 5.300 95,000.00 12/31 /97 5.580 3,000,000.00 09/22/97 5.600 500,000.00 09/23/97 5.180 1,000,000.00 09/03/97 5.050 10,000,000.00 09/11 /97 5.430 10,000,000.00 12/10/97 $680,295,000.00 —28— DEMAND BANK DEPOSITS (000 omitted) DAILY BALANCES WARRANTS JULY PER BANKS OUTSTANDING 1. $6309,565 19415,541 2. 1359308 190149179 3. 3439316 191959602 4_ 3439316 1,1959602 5. 3439316 191959602 6. 343,316 19195,602 7. 3263,107 191359107 8. 2469853 190899705 9. 1349808 191059655 10. 2609166 1,204,383 11. 1929,384 970,148 12. 192,384 9709148 13. 192,384 9709148 14. 1559427 9459001 15. 2619626 844,146 16. 2359,561 885,472 17. 2629217 9779216 18. 2659123 8499075 19. 2659123 8499075 20. 2659123 849,075 21. 2429110 707,436 22. 4959839 6909040 23. 3379019 6699668 24. 2959180 884,880 25. 3279659 8049150 26. 3279659 8049150 27. 3279659 8049150 28. 3519551 1,036,453 29. 454,336 190529855 30. 3449275 190179654 31. 4829196 194789455 al AVERAGE DOLLAR DAYS $3059418 a/ The prescribed bank balance for July was $282,058,000.00. This consisted of $159,175,000.00 in compensating balances for services, $129,607,000.00 uncollected funds and a deduction of $6,724,000.00 for March delayed deposit credit. —29— DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1577 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on July 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 $ 140,675,000 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 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 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) 07/14/97 07/18/97 $ 716,900,000 (2) 07/21/97 07/25/97 $ 684,300,000 (3) 07/28/97 08/01/97 $ (25,800,000) (4) 08/04/97 08/08/97 $ 108,000,000 (5) 08/11/97 08/15/97 $ 173,300,000 (6) 08/18/97 08/22/97 $ 1,211,600,000 Time Deposits in various Financial Institutions In Securities (sections 16503a Estimated (section 16430)* and 16602)* Total $ 27,893,305,000 $ 667,295,000 $ 28,560,600,000 $ 28,577,605,000 $ 667,295,000 $ 29,244,900,000 $ 28,551,805,000 $ 667,295,000 $ 29,219,100,000 $ 28,659,805,000 $ 667,295,000 $ 29,327,100,000 $ 28,833,105,000 $ 667,295.000 $ 29,500,400,000 $ 30,044,705,000 $ 667,295,000 $ 30,712,000,000 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 $ 140,675,000. POOLED MONEY INVESTMENT BOARD: L;rye i i Member j Dated: July 16, 1997 _AAA&k=�. *Government Code Member -30- STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT AUGUST 1997 Table of Contents SUMIVIARY............................................................................................................I SELECTED INVESTMENT DATA....................................................................2 PORTFOLIO COMPOSITION...........................................................................3 INVESTMENT TRANSACTIONS......................................................................4 TIMEDEPOSITS................................................................................................35 DEMAND BANK DEPOSITS............................................................................38 POOLED MONEY INVESTMENT BOARD DESIGNATION .....................39 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF AUGUST 1997 WITH AUGUST 1996 (Dollars in Thousands) —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 August 31, 1997 Percent From Type of Security Amount Percent Previous Month Governments Bills $1,183,753 4.18 + .11 Bonds 0 0 0 Notes 5,692,278 20.10 + .50 Strips 1219604 .43 + .01 Total Governments $699979635 24.71 + .62 Federal Agency Coupons $194359434 5.07 - .69 Certificates of Deposit 5,4659403 1931 - .20 Bank Notes 880,053 3.10 + .09 Bankers Acceptances 5619,122 1.98 - 1.01 Repurchases 75,000 .26 + .09 Federal Agency Discount Notes 226,672 .80 _ .18 Time Deposits 750,795 2.65 + .31 GNMA's 1 2,830 .01 0 Commercial Paper 5,042,625 17.81 - 5.18 FHLMC 27,787 .10 0 Corporate Bonds 1,5109,553 5.33 - .16 Pooled Loans 2,356,188 8.32 - .43 GF Loans 2,9879400 10.55 + 5.74 Reversed Repurchases 0 0 0 Total, All Types $28,3199497 100 INVESTMENT ACTIVITY Pooled Money Other Time Deposits TOTALS PMIA Monthly Average Effective Yield August 1997 Number Amount Number 1,244 $ 57,672,668 778 16 $ 325,194 2 37 $ 581,700 37 19,297 $ 58,579,562 817 5.690 5.679 July 1997 Amount $ 349,726,583 $ 126 $ 3789190 $ 35,1049,899 -2- Corporate Bonds 5.33% Commerc Paper 17.81 % Pooled Money Investment Account Portfolio Composition $28.4 Billion Loans Bankers CD's// 1 N's 22 Acceptances 1.98% ries Time Deposits 2.65% Mortgages 0.11% gencies 5.87% 8/31 /97 a Treasuries B Time Deposits ■ Mortgages M Agencies ■ CD's/BN's ® Repo 0 Commercial Paper ® Corporate Bonds ❑ Loans W Reverses -3- 08101/97 REDEMPTION CD CommerzBk 5.440% 08/01/97 5.440 $25,000 176 $664,888.89 5.515 CD CommerzBk 5.440% 08/01/97 5.440 50,000 176 1,329,777.78 5.515 CID Morg Stan 08/01/97 5.540 50,000 30 230,833.35 5.642 CP Morg Stan 08/01/97 5.540 50,000 30 230,833.35 5.642 CID Household 08/01/97 5.850 15,000 1 2,437.50 5.932 CP Merrill 08/01/97 5.850 25,000 1 4,062.50 5.932 CID Merrill 08/01/97 5.850 50,000 1 8,125.00 5.932 CP Smith Barn 08/01/97 5.840 50,000 1 8,111.11 5.922 CID Smith Bam 08/01/97 5.840 50,000 1 8,111.11 5.922 CP Assoc 08/01/97 5.850 50,000 1 8,125.00 5.932 CID Assoc 08/01/97 5.850 50,000 1 8,125.00 5.932 CID Assoc 08/01/97 5.850 50,000 1 8,125.00 5.932 Cp Assoc 08/01/97 5.850 50,000 1 8,125.00 5.932 CP GECC 08/01/97 5.850 50,000 1 8,125.00 5.932 CID GECC 08/01/97 5.850 50,000 1 8,125.00 . 5.932 CIDGECC 08/01/97 5.850 50,000 1 8,125.00 5.932 CP GECC 08/01/97 5.850 50,000 1 8,125.00 5.932 CP GECC 08/01/97 5.850 50,000 1 8,125.00 5.932 CP GECC 08/01/97 5.850 50,000 1 8,125.00 5.932 CID GECC 08/01/97 5.850 50,000 1 8,125.00 5.932 CID GECC 08/01/97 5.850 50,000 1 8,125.00 5.932 CP GECC 08/01/97 5.850 50,000 1 8,125.00 5.932 CID GECC 08/01/97 5.850 50,000 1 8,125.00 5.932 CP . FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CP FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CP FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CP FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CID FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CP FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CP FMCC 08/01/97 5.860 50,000 1 .8,138.89 5.942 CP FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CP FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CP FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CP FMCC 08/01/97 5.860 50,000 1 8,138.89 5.942 CID Merrill 08/01/97 5.750 50,000 2 15,972.22 5.831 CP Merrill 08/01/97 5.750 50,000 2 15,972.22 5.831 CP Merrill 08/01/97 5.750 50,000 2 15,972.22 5.831 CID Merrill 08/01/97 5.750 50,000 2 15,972.22 5.831 CID ConAgra 08/01/97 5.780 50,000 2 16,055.56 5.862 CID ConAgra 08/01/97 5.780 50,000 2 16,055.56 5.862 CID GMAC 08/01/97 5.510 50,000 8 61,222.22 5.593 CID GMAC 08/01/97 5.510 50,000 8 61,222.22 5.593 CP GMAC 08/01/97 5.510 50,000 8 61,222.22 5.593 CP GMAC 08/01/97 5.510 50,000 8 61,222.22 5.593 CP Bkrs Trst 08/01/97 5.350 50,000 178 1,322,638.89 5.571 CP Bkrs Trst 08/01/97 5.350 50,000 178 1,322,638.89 5.571 CP Bear 08/01/97 5.370 50,000 179 1,335,041.65 5.593 CP Bear 08/01/97 5.370 50,000 179 1,335,041.65 5.593 FR FFCB 5.500% 08/01/97 5.500 20,000 360 1,080,063.09 5.475 FR FFCB 5.500% 08/01/97 5.500 50,000 360 2,700,157.72 5.475 —4— . _..._'' .... �. ... .. Elf ACCt? 1NT .. at AAMM.Y. TRANS; ::-PAR-::: MAYS ANT FFEGTIKE VESCP ' "FIELD.JPTION 08/01/97 SALE c/ Disc Note FHLB 10/29/97 5.820 10,000 1 1,563.48 5.900 Disc Note FHLB 01/14/98 5.820 29,975 1 4,632.88 5.900 Disc Note FHLMC 10/24/97 5.820 12,060 1 1,886.97 5.900 RRP Treas Notes 6.250% 05/31 /99 5.315 50,000 30-223,119.27 -5.388 Treas Notes 6.250% 05/31 /99 5.315 50,000 30-223,119.27 -5.388 PURCHASE CID Merrill 08/04/97 5.670 25,000 CID Merrill 08/04/97 5.670 50,000 CP Merrill 08/04/97 5.670 50,000 CID Merrill 08/04/97 5.670 50,000 CID Merrill 08/04/97 5.670 50,000 CID Merrill 08/04/97 5.670 50,000 CID Merrill 08/04/97 .5.670 50,000 CID Merril 08/04/97 5.670 50,000 CID Assoc 08/04/97 5.680 50,000 CID Assoc 08/04/97 5.680 50,000 CP Assoc 08/04/97 5.680 50,000 CID Assoc 08/04/97 5.680 50,000 CID FMCC 08/04/97 5.690 50,000 CID FMCC 08/04/97 5.690 50,000 CID FMCC 08/04/97 5.690 50,000 CID FMCC 08/04/97 5.690 50,000 CID FMCC 08/04/97 5.690 50,000 CID FMCC 08/04/97 5.690 50,000 CID FMCC 08/04/97 5.690 50,000 CID FMCC 08/04/97 5.690 50,000 CID FMCC 08/04/97 5.690 50,000 CID FMCC 08/04/97 5.690 50,000 CIDGECC 08/04/97 5.690 50,000 CID GECC 08/04/97 5.690 50,000 CID GECC 08/04/97 5.690 50,000 CID GECC 08/04/97 5.690 50,000 CID GECC 08/04/97 5.690 50,000 CID GECC 08/04/97 5.690 50,000 CID GECC 08/04/97 5.690 50,000 CID GECC 08/04/97 5.690 50,000 CID GECC 08/04/97 5.690 50,000 CID GECC 08/04/97 5.690 - 50,000 CID GMAC 08/04/97 5.700 45,000 CID GMAC 08/04/97 5.700 50,000 CID GMAC 08/04/97 5.700 50,000 M-M P QED ONEYI�C�SWENT�1CLOtfNT al MATtiRFTY TRANS .: PAR. DAYS 6, SEE .. )ESCWP M VA. 08/04/97 REDEMPTION BN B/A 5.500% 08/04/97 5.490 34,000 182 943,716.42 5.566 BN B/A 5.490% 08/04/97 5.490 50,000 186 1,418,250.00 5.566 BN B/A 5.490% 08/04/97 5.490 50,000 186 1,418,250.00 5.566 CD Rabo 5.520% 08/04/97 5.480 40,000 181 1,102,469.05 5.556 CD Bayer Ver 5.490% 08/04/97 5.470 50,000 186 1,413,225.34 5.545 CD Bayer Ver 5.490% 08/04/97 5.470 50,000 186 1,413,225.34 5.545 CD Bayer Ver 5.490% 08/04/97 5.470 50,000 186 1,413,225.34 5.545 CP Merrill 08/04/97 5.670 25,000 3 11,812.50 5.751 CP Merrill 08/04/97 5.670 50,000 3 23,625.00 5.751 CP Merrill 08/04/97 5.670 50,000 3 23,625.00 5.751 CP Merrill 08/04/97 5.670 50,000 3 23,625.00 5.751 CP Merrill 08/04/97 5.670 50,000 3 23,625.00 5.75.1 CP Merrill 08/04/97 5.670 50,000 3 23,625.00 5.751 CP Merrill 08/04/97 5.670 50,000 3 23,625.00 5.751 CP Merrill 08/04/97 5.670 50,000 3 23,625.00 5.751 CP Assoc 08/04/97 5.680 50,000 3 23,666.67 5.761 CP 'Assoc 08/04/97 5.680 50,000 3 23,666.67 5.761 CP Assoc 08/04/97 5.680 50,000 3 23,666.67 5.761 CP Assoc 08/04/97 5.680 50,000 3 23,666.67 5.761 CP FMCC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP FMCC 08/04/97 6.690 50,000 3 23,708.33 5.771 CP FMCC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP FMCC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP FMCC 08/04/97 5.690 50,000 3 23,708.33 5,771 CP FMCC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP FMCC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP FMCC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP FMCC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP FMCC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP. GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GECC 08/04/97 5.690 50,000 3 23,708.33 5.771 CP GMAC 08/04/97 5.700 45,000 3 21,375.00 5.781 CP GMAC 08/04/97 5.700 50,000 3 23,750.00 5.781 CP GMAC 08/04/97 5.700 50,000 3 23,750.00 5.781 CP Salomon 08/04/97 5.750 40,000 4 25,555.60 5.833 CP Salomon 08/04/97 5.750 50,000 4 31,944.50 5.833 CP Salomon 08/04/97 6.750 50,000 4 31,944.50 5.833 CP Lehman 08/04/97 5.370 50,000 180 1,342,500.00 5.594 Q. @UIOiEEST�UIENT ACWOUNT til OAATURffY TRANS:. PAR' DA'Y5 DESCR1PTtON DATE NIELD HELD 08/04/97 PURCHASE CP GMAC 08/05/97 5.600 50,000 CP GMAC 08/07/97 5.500 50,000 CP GMAC 08/07/97 5.500 50,000 CP GMAC 08/07/97 5.500 50,000 CP GMAC 08/07/97 5.500 50,000 CP GMAC 08/07/97 5.500 50,000 CP GMAC 08/13/97 5.500 50,000 CP GMAC 08/13/97 5.500 50,000 CP GMAC 08/13/97 5.500 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.650 25,000 CD Soc Gen 6.350% 04/15/98 5.650 50,000 Treas Notes 6.000% 05/31 /98 5.550 40,000 Treas Notes 6.375% 01 /15/99 5.550 40,000 Treas Notes 5.875% 01 /31 /99 5.550 21,000 Treas Notes 6.250% 04/30/01 5.560 49,925 08/05/97 REDEMPTION BA B/A 08/05/97 5.250 23,000 179 600,395.84 5.465 CD Cr Swiss 5.440% 08/05/97 5.420 55,000 180 1,490,645.12 5.495 CP Assoc 08/05/97 5.580 10,000 1 1,550.00 5.658 CP Assoc 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Assoc 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Assoc 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Assoc 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Assoc 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Assoc 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Merrill 08/05/97 5.580 25,000 1 3,875.00 5.658 CP Merrill 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Merrill 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Merrill 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Merrill 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Merrill 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Merrill 08/05/97 5.580 50,000 1 7,750.00 5.658 CP Merrill 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/05/97 5.580 50,000 1 7,750.00 5.658 —7— :POOLEDU f AA Tt1Rl7Y : TRANS P�4R -DAYS �. ............ 08/04/97 PURCHASE CID Assoc 08/05/97 5.580 10,000 CID Assoc 08/05/97 5.580 50,000 CID Assoc 08/05/97 5.580 50,000 CID Assoc 08/05/97 5.580 50,000 CID Assoc 08/05/97 5.580 50,000 CID Assoc 08/05/97 5.580 50,000 CID Assoc 08/05/97 5.580 50,000 CID Merrill 08/05/97 5.580 25,000 CID Merrill 08/05/97 5.580 50,000 CID Merrill 08/05/97 5.580 50,000 CID Merrill 08/05/97 5.580 50,000 CID Merrill 08/05/97 5.580 50,000 CID Merrill 08/05/97 5.580 50,000 CID Merrill 08/05/97 5.580 50,000 CID Merrill 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID GECC 08/05/97 5.580 50,000 CID Countrywide 08/05/97 5.590 13,000 CID Countrywide 08/05/97 5.590 50,000 CID Countrywide 08/05/97 5.590 50,000 CID Countrywide 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CID FMCC 08/05/97 5.590 50,000 CP FMCC 08/05/97 5.590 50,000 CID Salomon 08/05/97 5.600 30,000 CID Salomon 08/05/97 5.600 50,000 CID Salomon 08/05/97 5.600 50,000 CID GMAC 08/05/97 5.600 50,000 CID GMAC 08/05/97 5.600 50,000 CID GMAC 08/05/97 - 5.600 50,000 CID GMAC 08/05/97 5.600 50,000 —8— i1p�T�S'f�IAEN'f ACCOUNT MATURITY. TRANS PAR. DAYSf. EF.:FECtE- DATE 1D 08/05/97 REDEMPTION CP Countrywide 08/05/97 5.590 13,000 1 2,018.61 5.668 CP Countrywide 08/05/97 5.590 50,000 1 7,763.89 5.668 CP Countrywide 08/05/97 5.590 50,000 1 7,763.89 5.668 CP Countrywide 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7;763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP FMCC 08/05/97 5.590 50,000 1 7,763.89 5.668 CP Salomon 08/05/97 5.600 30,000 1 4,666.80 5.678 CP Salomon 08/05/97 5.600 50,000 1 7,778.00 5.678 CP Salomon 08/05/97 5.600 50,000 1 7,778.00 5.678 CP GMAC 08/05/97 5.600 50,000 1 7,777.78 5.678 CP GMAC 08/05/97 5.600 50,000 1 7,777.78 5.678 CP GMAC 08/05/97 5.600 50,000 1 7,777.78 5.678 CP GMAC 08/05/97 5.600 50,000 1 7,777.78 5.678 CP GMAC 08/05/97 5.600 50,000 1 7,777.78 5.678 CP Enron 08/05/97 5.700 40,000 8 50,666.67 5.786 CP GECC 08/05/97 5.500 50,000 11 84,027.78 5.585 CP GECC 08/05/97 5.500 50,000 11 84,027.78 5.585 CP GECC 08/05/97 5.500 50,000 11 84,027.78 5.585 CP GECC 08/05/97 5.500 50,000 11 84,027.78 -5.585 SALE c/ CD S.oc Gen 6.350% 04/15/98 5.650 25,000 1 3,933.03 5.728 CD Soc Gen 6.350% 04/15/98 5.650 50,000 1 7,866.06 5.728 Treas Notes 6.000% 05/31/98 5.550 40,000 1 6,117.49 5.627 Treas Notes 6.375% 01/15/99 5.550 40,000 1 6,109.93 5.627 Treas Notes 5.875% 01/31/99 5.550 21,000 1 3,189.25 5.627 Treas Notes 6.250% 04/30/01 5.560 49,925 1 7,722.22 5.637 PURCHASE CP FMCC 08/06/97 5.490 50,000 CP FMCC 08/06/97 5.490 50,000 CP FMCC 08/06/97 5.490 50,000 CP FMCC 08/06/97 5.490 50,000 CP FMCC 08/06/97 5.490 50,000 CP FMCC 08/06/97 5.490 50,000 CP FMCC 08/06/97 5.490 50,000 CP FMCC M06/97 5.490 50,000 CP FMCC 08/06/97 5.490 50,000 �Ot L=ED�Wy ST IlE lT ACCOUNT : �/ MATE�RFTY :TRANS PAR DAYS :. D9�DATE itP770N .:.YIELD . . 08/05/97 PURCHASE CP FMCC 08/06/97 5.490 50,000 CP GECC 08/06/97 5.500 50,000 CP GECC 08/06/97 5.500 50,000 CP GECC 08/06/97 5.500 50,000 CP GECC 08/06/97 5.500 50,000 CP Merrill 08/07/97 5.500 25,000 CP Merrill 08/07/97 5.500 50,000 CP Merrill 08/07/97 5.500 50,000 CP Merrill 08/07/97 5.500 50,000 CP Merrill 08/07/97 5.500 50,000 CP Merrill 08/07/97 5.500 50,000 CP Merrill 08/07/97 5.500 50,000 CP Merrill 08/07/97 5.500 50,000 CP GMAC 08/08/97 5.470 50,000 CP GMAC 08/08/97 5.470 50,000 CP GMAC 08/08/97 5.470 50,000 CP GMAC 08/08/97 5.470 50,000 CP Household 08/11/97 5.490 40,000 CP Household 08/11/97 5.490 50,000 CP Household 08/11/97 5.490 50,000 CP Salomon 08/13/97 5.610 20,000 CP Salomon 08/13/97 5.610 50,000 CP Salomon 08/13/97 5.610 50,000 CP FMCC 08/29/97 5.480 50,000 CP FMCC 08/29/97 5.480 50,000 CP FMCC 08/29/97 5.480 50,000 CP FMCC 08/29/97 5.480 50,000 CP GECC 08/29/97 5.490 50,000 CP GECC 08/29/97 5.490 50,000 CP GECC 08/29/97 5.490 50,000 CP GECC 08/29/97 5.490 50,000 08/06/97 REDEMPTION BA BA Chase 08/06/97 5.640 14,800 111 257,372.00 5.819 CD Duetsche 08/06/97 5.230 10,000 167 242,613.89 5.434 CD ABN Amro 5.650% 08/06/97 5.640 50,000 93 728,518.55 5.718 CD ABN Amro 5.650% 08/06/97 5.640 50,000 93 728,518.55 5.718 CD U/B Calif 5.380% 08/06/97 5.380 50,000 167 1,247,861.11 5.454 CD UB Calif 5.380% 08/06/97 5.380 50,000 167 1,247,861.11 5.454 CP ABN Amro 5.450% 08/06/97 5.450 45,000 181 1,233,W2.50 5.525 CP FMCC FMCC 08/06/97 5.490 50,000 1 7,625.00 5.567 CP FMCC 08/06/97 5.490 50,000 1 7,625.00 5.567 CP FMCC 08/06/97 08/06/97 5.490 50,000 50,000 1 1 7,625.00 5.567 CP FMCC 08/06/97 .5.490 5.490 50,000 1 7,625.00 7,625.00 5.567 5.567 CP CP FMCC FMCC 08/06/97 5A90 50,000 1 7,625.00 5.567 CP FMCC 08/06/97 5.490 50,000 1 7,625.00 5.567 CP FMCC 08/06/97 5.490 '50,000 1 7,625.00 5.567 08/06/97 5.490 50,000 1 7,625.00 5.567 —10- 1 �' w0dem ST IIIENT ACCOtiNT 7rtti its al. . a/ MANRtTY P/kR DA, 3 A NT FE4I DESCRiP'I'ION VANEYIELD;. �iEED 08/06/97 REDEMPTION CID FMCC 08/06/97 5.490 50,000 1 7,625.00 5.567 CID GECC 08/06/97 5.500 50,000 1 7,638.89 5.577 CI' GECC 08/06/97 5.500 50,000 1 7,638.89 5.577 CID GECC 08/06/97 5.500 50,000 1 7,638.89 5.577 CID GECC 08/06/97 5.500 50.,000 1 7,638.89 5.577 CID gears 08/06/97 5.630 50,000 113 883,597.22 5.810 CID GECC 08/06/97 5.250 50,000 167 1,217,708.33 5.455 CID GECC 08/06/97 5.250 50,000 167 1,217,708.33 5.455 PURCHASE CID Smith Barn 08/07/97 5.480 40,000 CID GECC 08/07/97 5.460 10,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID GECC 08/07/97 5.460 50,000 CID ConAgra 08/27/97 5.600 30,000 CID Enron 08/27/97 5.630 40,000 CID Heller 08/27/97 5.600 40,000 CID Enron .08/27/97 5.630 47,000 CID GMAC 08/27/97 5.510 45,000 CID GMAC 08/27/97 5.510 50,000 CID GMAC 08/27/97 5.510 50,000 CID GMAC 08/27/97 5.510 50,000 CID GMAC 08/27/97 5.510 50,000 CID GMAC 08/27/97 5.510 50,000 08/07/97 REDEMPTION CD Deutsche 5.470% 08/07/97 5.470 50,000 15 113,958.33 5.545 CD Montreal 5.580% 08/07/97 5.530 30,000 31 142,864.46 5.606 CID Smith Barn 08/07/97 5.480 40,000 1 6,088.88 5.556 CID GECC 08/07/97 5.460 10,000 1 1,516.67 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 —11— :L�ED=OhtfNWES'I'N1EIT ACCONF iv e/ fYlATiIRITY TRAW: PAR DAYS �I►�IP�N'i MELD �6 08/07/97 REDEMPTION CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID GECC 08/07/97 5.460 50,000 1 7,583.33 5.536 CID Merrill 08/07/97 5.500 25,000 2 7,638.89 5.578 CID Merrill 08/07/97 5.500 50,000 2 15,277.78 5.578 CID Merrill 08/07/97 5.500 50,000 2 15,277.78 5.678 CID Merrill 08/07/97 5.500 50,000 2 15,277.78 5.578 CID Merrill 08/07/97 5.500 50,000 2 15,277.78 5.578 CID Merrill 08/07/97 5.500 50,000 2 15,277.78 5.578 CID Merrill 08/07/97 5.500 50,000 2 15,277.78 5.578 CID Merrill 08/07/97 5.500 50,000 2 15,277.78 5.578 CID GMAC 08/07/97 5.500 50,000 3 22,916.67 5.578 CID GMAC 08/07/97 5.500 50,000 3 22,916.67 5.578 CID GMAC 08/07/97 5.500 50,000 3 22,916.67 5.578 CID GMAC 08/07/97 5.500 50,000 3 22,916.67 5.578 CID GMAC 08/07/97 5.500 50,000 3 22,916.67 5.578 PURCHASE CID GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CP GECC 08/08/97 5.500 50,000 CID GECC 08/08/97 5.500 50,000 CID Assoc 08/08/97 5.500 50,000 CID Assoc 08/08/97 5.500 50,000 CID Assoc 08/08/97 5.500 50,000 CID Assoc 08/08/97 5.500 50,000 CID Assoc 08/08/97 5.500 50,000 CID Assoc 08/08/97 5.500 50,000 CID GMAC 08/27/97 5.510 40,000 CID GMAC 08/27/97 5.510 50,000 CID GMAC 08/27/97 5.510 50,000 CID Merrill 08/27/97 5.510 50,000 CID Merrill 08/27/97 5.510 50,000 CID Merrill 08/27/97 5.510 50,000 CID Countrywide 08/28/97 5.520 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.600 10,000 CD Soc Gen 6.350% 04/15/98 5.600 50,000 Treas Note 4.750% 08/31/98 5.520 22,000 Treas Note 5.750% 10/21/00 5.520 28,590 —12— Qf iESN1EN"1':ACCOUI�IT �v. at MATt�RR1/ TRANS . P/1R:. :DA1lS E ... DESCRiPTiON DATE' YIE i*1 08/08/97 RRS Treas Bill 07/23/98 4.850 50,000 Treas Bill 07/23/98 4.850 50,000 Treas Bill 07/23/98 4.850 50,000 REDEMPTION BA RNB NY 08/08/97 5.230 5,000 169 122,759.72 5.436 CD Westdeut 5.650% 08/08/97 5.640 5,000 95 74,418.60 5.718 CD Westdeut 5.650% 08/08/97 6.640 50,000 95 744,186.02 5.718 CID GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CID GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CID GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CID GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CID GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CID GECC 08/08/97 6.500 50,000 1 7,638.89 5.577 CID GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/08/97 5.500 50,000 1 7,638.89 5.577 CID Assoc 08/08/97 5.500 50,000 1 7,638.89 5.577 CID Assoc 08/08/97 5.500 50,000 1 7,638.89 5.577 CID Assoc 08/08/97 5.500 50,000 1 7,638.89 5.577 CID Assoc 08/08/97 5.500 50,000 1 7,638.89 5.577 CID Assoc 08/08/97 5.500 50,000 1 7,638.89 5.577 CID Assoc 08/08/97 5.500 50,000 1 7,638.89 5.577 CID GMAC 08/08/97 5.470 50,000 3 22,791.67 5.548 CID GMAC 08/08/97 5.470 50,000 3 22,791.67 5.548 CID GMAC 08/08/97 5.470 50,000 3 22,791.67 5.548 CP GMAC 08/08/97 5.470 50,000 3 22,791.67 5.548 CID B/A W08/97 5.500 25,000 30 114,588.32 5.602 CID B/A 08/08/97 5.500 50,000 30 229,166.65 5.602 CP GECC 08/08/97 5.260 50,000 165 1,205,416.67 5.464 CID GECC 08/08/97 5.260 50,000 165 1,205,416.67 5A64 CID GAAAC 08/08/97 5.280 50,000 169 1,239,333.33 5.489 MTN Assoc 6.660% 08/08/97 6.660 25,000 1,094 4,985,750.00 6.660 FNMA 5.860% 08/08/97 5.740 13,000 365 746,850.00 5.740 FNMA 5.860% 08/08/97 5.740 50,000 365 2,872,500.00 5.740 FNMA 5.860% 08/08/97 6.011 50,000 365 3,002,000.00 6.012 FNMA 5.860% 08/08/97 6.011 50,000 365 3,002,000.00 6.012 SALE c/ CD Soc Gen 6.350% . 04/15/98 5.600 10,000 1 1,560.07 5.677 CD Soc Gen 6.350% 04/15/98 5.600 50,000 1 7,800.33 5.677 Treas Note 4.750% 08/31/98 5.520 22,000 1 3,339.60 5.596 Treas Note 5.750% 10/21 /00 5.520 28,590 1 4,327.07 5.596 —13— �P OLIM, lIONEY �tN S�iliEKT.:ACCOUNT �► �/ tNA"I't1RtFY TRANS..PAR -::::;:DAYS - ANT iEC'1litE DESCRIPTION DATF 1t1F .. 08/08/97 PURCHASE g/ CD Montreal 5.500% 08/29/97 5.500 50,000 CD Montreal 5.500% 08/29/97 5.500 50,000 CD Montreal 5.500% 08/29/97 5.500 50,000 PURCHASE CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,060 CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,000 CP GECC 08/11/97 5.440 50,000 CP Assoc 08/11/97 5.437 50,000 CP Assoc 08/11/97 5.437 50,000 CP Assoc 08/11/97 5.437 50,000 CP Assoc 08/11/97 5.437 50,000 CP Assoc 08/11/97 5.437 50,000 CP Assoc 08/11/97 5.437 50,000 CP FMCC 08/13/97 5.430 50,000 CP FMCC 08/13/97 5.430 50,000 CP FMCC 08/13/97 5.430 50,000 CP FMCC 08/13/97 5.430 50,000 CP Smith Barn 08/28/97 5.520 50,000 CP Smith Barn 08/28/97 5.520 50,000 CP Smith Bam 08/28/97 5.520 50,000 CP GMAC 08/28/97 5.520 15,000 CP GMAC 08/28/97 5.520 50,000 CP GMAC 08/28/97 5.520 50,000 CP GMAC 08/28/97 5.520 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.530 35,000 Treas Note 5.750% 09/30/97 5.430 49,538 Treas Note 5.750% 09/30/97 5.430 50,000 Treas Note 6.250% 05/31/00 5.430 49,999 Treas Note 6.250% 05/31/00 5.430 50,000 Treas Note 6.250% 05/31/00 5.430 50,000 Treas Note 6.125% 09/30/00 5.430 50,000 Treas Note 6.125% 09/30/00 5.430 50,000 Treas Note 7.500% 11 /15/01 5.430 48,396 —14— ;`ter. 0HEY' Accoul T a/ 1AATURlT1f TRANS PAR Atf1r� ....':' ..... .... ...... s. DESCiiri'ION MAW YIELDZ:. 08/11/97 REDEMPTION BA Barclays 08/11/97 5.260 11,000 181 290,907.22 5.477 CD Soc Gen 5.630% 08/11/97 5.600 25,000 60 233,381.09 5.678 Cp GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 . 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,060 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID GECC 08/11/97 5.440 50,000 3 22,666.67 5.518 CID Assoc 08/11/97 5.437 50,000 3 22,656.25 5.515 Cp Assoc 08/11/97 5.437 50,000 3 22,656.25 5.515 CID Assoc 08/11/97 5.437 50,000 3 22,656.25 5.515 CID Assoc 08/11/97 5.437 50,000 3 22,656.25 5.515 CID Assoc 08/11/97 5.437 50,000 3 22,656.25 5.515 CID Assoc 08/11/97 5.437 50,000 3 22,656.25 5.515 CID Household 08/11/97 5.490 40,000 6 36,600.00 5.571 CID Household 08/11/97 5.490 50,000 6 45,750.00 5.571 CID Household 08/11/97 5.490 50,000 6 45,750.00 5.571 CID Morg Stan 08/11/97 5.560 50,000 49 378,388.89 5.680 CID Morg Stan 08/11/97 5.560 50,000 .49 378,388.89 5.680 CID Morg Stan 08/11/97 5.560 50,000 49 378,388.89 5.680 CID Morg Stan 08/11/97 5.560 50,000 49 378,388.89 5.680 CID GECC 08/11/97 5.540 50,000 59 453,972.22 5.668 CID GECC 08/11/97 5.540 50,000 59 453,972.22 5.668 CID GECC 08/11/97 5.350 5,000 158 117,402.78 5.554 CID GECC 08/11/97 5.350 50,000 158 1,174,027.78 5.554 CID GECC 08/11/97 5.350 50,000 158 1,174,027.78 - 5.554 CID GMAC 08/11/97 5.280 50,000 172 1,261,333.33 5.491 CID GMAC 08/11/97 5.280 50,000 172 1,261,333.33 5.491 CID Sears 08/11/97 5.240 50,000 172 1,251,777.78 5.449 SALE c/ CD Soc Gen 6.350% 04/15/98 5.530 35,000 3 16,170.64 5.606 Treas Note 5.750% 09/30/97 5.430 49,538 3 22,401.92 5.505 Treas Note 5.750% 09/30/97 5.430 50,000 3 22,610.97 5.505 Treas Note 6.250% 05/31 /00 5.430 49,999 3 22,555.31 5.505 Treas Note 6.250% 05/31 /00 5.430 50,000 3 22,555.77 5.505 Treas Note 6.250% 05/31 /00 5.430 50,000 3 22,555.77 5.505 Treas Note 6.125% 09/30/00 5.430 50,000 3 22,694.23 5.605 Treas Note 6.125% 09/30/00 5.430 50,000 3 22,694.23 5.505 Treas Note 7.500% 11 /15/01 5.430 48,396 3 22,931.79 5.505 —15— tom@ �DiAOiI 1N'STMEt'f ACCOUNT MATURITY TPAtt; DAYS �1#RCIdT f� 3 ......;T iPTION p 08/11/97 PURCHASE CP FMCC 08/12/97 5.530 50,000 CP FMCC 08/12/97 5.530 50,000 CP FMCC 08/12/97 5.530 50,000 CP FMCC 08/12/97 5.530 50,000 CP FMCC 08/12/97 5.530 50,000 CP FMCC 08/12/97 5.530 50,000 CP FMCC 08/12/97 5.530 50,000 CP FMCC 08/12/97 5.530 50,000 CP FMCC 08/12/97 5.530 50,000 CP FMCC 08/12/97 5.530 50,000 CP Assoc 08/12/97 5.560 50,000 CP Assoc 08/12/97 5.560 50,000 CP Assoc 08/12/97 5.560 50,000 CP Assoc 08/12/97 5.560 50,000 CP Assoc 08/12/97 5.560 50,000 CP Assoc 08/12/97 5.560 50,000 CP GECC 08/12/97 5.560 50,000 CP GECC 08/12/97 5.560 50,000 CP GECC 08/12/97 5.560 50,000 CP GECC 08/12/97 5.560 50,000 CP GECC 08/12/97 5.560 50,000 CP GECC 08/12/97 .5.560 50,000 CP Sears 09/02/97 5.510 50,000 CP Sears 09/02/97 5.510. 50,000 CP Bear Steams 09/02/97 5.510 50,000 CP Bear Steams 09/02/97 5.510 50,000 CP Smith Bam 09/02/97 5.510 50,000 CP Smith Bam 09/02/97 5.510 50,000 CP GMAC 09/02/97 5.530 20,000 CP GMAC 09/02/97 5.530 50,000 CP GMAC 09/02/97 *5.530 50,000 CP GECC 09/09/97 5.500 50,000 CP GECC 09/09/97 5.500 50,000 CP GECC 09/09/97 5.500 50,000 CP GECC 09/09/97 5.500 50,000 CP Amer Exp 09/10/97 5.500 50,000 CP Amer Exp 09/10/97 5.500 50,000 CP Amer Exp 09/10/97 5.500 50,000 CP Amer Exp 09/10/97 5.500 50,000 PURCHASE a/ CD Soc Gen 6.350% 04/15/98 5.600 25,000 08/12/97 REDEMPTION BA CP Tokyo-Mitsu FMCC 08/12/97 5.710 17,150 99 269,297.87 5.881 CP FMCC 08/12/97 5.530 50,000 1 7,680.56 5.607 CP FMCC 08/12/97 5.530 50,000 1 7,680.56 5.607 08/12/97 5.530 50,000 1 7,680.56 5.607 —16— CID FMCC 08/12/97 5.530 50,000 1 7,680.56 5.607 CID FMCC 08/12/97 5.530 50,000 1 7,680.56 5.607 CID FMCC 08/12/97 5.530 50,000 1 7,680.56 5.607 CID FMCC 08/12/97 5.530 50,000 1 7,680.56 5.607 CID FMCC 08/12/97 5.530 50,000 1 7,680.56 5.607 CID FMCC 08/12/97 5.530 50,000 1 7,680.56 5.607 CID FMCC 08/12/97 5.530 50,000 1 7,680.56 5.607 CID Assoc 08/12/97 5.560 50,000 1 7,722.22 5.638 CID Assoc 08/12/97 5.560 50,000 1 7,722.22 5.638 CID Assoc 08/12/97 5.560 50,000 1 7,722.22 5.638 CID Assoc 08/12/97 5.560 50,000 1 7,722.22 5.638 CID Assoc 08/12/97 5.560 50,000 1 7,722.22 5.638 CID Assoc 08/12/97 5.560 50,000 1 7,722.22 5.638 CID GECC 08/12/97 5.560 50,000 1 7,722.22 5.638 CID GECC 08/12/97 5.560 50,000 1 7,722.22 5.638 CID GECC 08/12/97 5.560 50,000 1 7,722.22 5.638 CID GECC 08/12/97 5.560 50,000 1 7,722.22 5.638 CID GECC 08/12/97 5.560 50,000 1 7,722.22 5.638 CID GECC 08/12/97 5.560 50,000 1 7,722.22 5.638 CID ConAgra 08/12/97 5.630 20,000 32 100,088.89 5.736 CID Heller 08/12/97 5.350 20,000 173 514,194.44 5.567 CID Heller 08/12/97 5.350 50,000 173 1,285,486.11 5.567 SALE a/ CD Soc Gen 6.350% 04/15/98 5.600 25,000 1 3,901.33 5.677 PURCHASE CID GECC 08/13/97 5.510 50,000 CID GECC 08/13/97 5.510 50,000 CID GECC 08/13/97 5.510 50,000 CID GECC 08/13/97 5.510 50,000 CID GECC 08/13/97 5.510 50,000 CID GECC 08/13/97 5.510 50,000 CID GECC 08/13/97 5.510 50,000 CID GECC 08/13/97 5.510 50,000 CID GECC 08/13/97 5.510 50,000 CID GECC 08/13/97 5.510 50,000 CID Assoc 08/13/97 5.520 50,000 CID Assoc 08/13/97 5.520 50,000 CID Assoc 08/13/97 5.520 50,000 CID Assoc 08/13/97 5.520 50,000 CID Assoc 08/13/97 5.520 50,000 CID Assoc 08/13/97 5.520 50,000 CID FMCC 08/13/97 5.530 50,000 CID FMCC 08/13/97 5.530 50,000 CID FMCC 08/13/97 5.530 50,000 CID FMCC 08/13/97 5.530 50,000 —17— P 3 Mt 1f E1 T ACQ0`UNT a/ MATURFFY TRANS - pm:: DA'ifS I�tT- aQATE TWIT DESCRiPT10N DATE - . . _ . � ill .: ...HELD 08/12/97 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.620 50,000 CD Soc Gen 6.350% 04/15/98 5.620 50,000 08/13/97 REDEMPTION BA Bk NYC 08/13/97 5.230 10,000 174 252,783.33 5.440 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP GECC 08/13/97 5.510 50,000 1 7,652.78 5.587 CP Assoc 08/13/97 5.520 50,000 1 7,666.67 5.597 CP Assoc 08/13/97 5.520 50,000 1 7,666.67 5.597 CP Assoc 08/13/97 5.520 50,000 1 7,666.67 5.597 CP Assoc 08/13/97 5.520 50,000 1 7,666.67 5.597 CP Assoc 08/13/97 5.520 50,000 1 7,666.67 5.597 CP Assoc 08/13/97 5.520 50,000 1 7,666.67 5.597 CP FMCC 08/13/97 5.530 50,000 1 7,680.56 5.607 CP FMCC 08/13/97 5.530 50,000 1 7,680.56 5.607 CP FMCC 08/13/97 5.530 50,000 1 7,680.56 5.607 CP FMCC 08/13/97 5.530 50,000 1 7,680.56 5.607 CP FMCC 08/13/97 5.430 50,000 5 37,70833 5.509 CP FMCC 08/13/97 5.430 50,000 5 37,708.33 5.509 CP FMCC 08/13/97 5.430 50,000 5 37,708.33 5.509 CP FMCC 08/13/97 5.430 50,000 5 37,708.33 5.509- CP Salomon 08/13/97 5.610 20,000 8 24,933.40 5.695 CP Salomon 08/13/97 5.610 50,000 8 62,333.50 5.695 CP Salomon 08/13/97 5.610 50,000 -8 62,333.50 5.695 CP GECC 08/13/97 5.500 50,000 9 68,750.00 5.584 CP GECC 08/13/97 5.500 50,000 9 68,750.00 5.584 CP GECC 08/13/97 5.500 50,000 9 68,750.00 5.584 CP GECC 08/13/97 5.250 50,000 174 1,268,750.00 5.461 CP GECC 08/13/97 5.250 50,000 174 1,268,750.00 5.461 SALE v/ CD Soc Gen 6.350% 04/15/98 5.620 50,000 CD Soc Gen 6.350% 04/15/98 5.620 509000 PURCHASE CD Montreal 5.580% 11/20/97 5.580 25,000 CD Montreal 5.580% 11/20/97 5.580 50,000 CD U/B Calif 5.620% 12/29/97 5.620 50,000 CD U/B Calif 5.620% 12/29/97 5.620 50,000 7,805.56 5.698 7,805.56 5.698 —18- � 1 f�N 1ES Eff ACCOUNT d► MATURETY TRANS F1lR' DAYS A►EITF6G' atIMF IF _._ cam 08/13/97 PURCHASE CP Merrill 08/14/97 5.670 25,000 CP Merrill 08/14/97 5.670 50,000 CP Merrill 08/14/97 5.670 50,000 CP Merrill 08/14/97 5.670 50,000 CP Merrill 08/14/97 5.670 50,000 CP Assoc 08/14/97 5.650 50,000 CID Assoc 08/14/97 5.650 50,000 CP Assoc 08/14/97 5.650 50,000 CP Assoc 08/14/97 5.650 50,000 CP Assoc 08/14/97 5.650 50,000 CP Assoc 08/14/97 5.650 50,000 CP FMCC 08/14/97 5.660 50,000 CP FMCC 08/14/97 5.660 50,000 CP FMCC 08/14/97 5.660 50,000 CP FMCC 08/14/97 5.660 50,000 CP FMCC 08/14/97 5.660 50,000 CP FMCC 08/14/97 5.660 50,000 CP FMCC 08/14/97 5.660 50,000 CP FMCC 08114/97 5.660 50,000 CP FMCC 08/14/97 5.660 50,000 CP FMCC 08/14/97 5.660 50,000 CID Amer Exp 08/18/97 5.550 30,000 CP Amer Exp 08/18/97 5.550 50,000 CP Amer Exp 08/1.8/97 5.550 50,000 CP GECC 08/20/97 5.560 50,000 CP GECC 08/20/97 5.560 50,000 CP GECC 08/20/97 5.560 50,000 CP GECC 08/20/97 5.560 50,000 CP GECC 08/20/97 5.560 50,000 CP GECC 08/20/97 5.560 50,000 CP GECC 08/20/97 5.560 50,000 CP GECC 08/20/97 5.560 50,000 CP GECC 08/20/97 5.560 50,000 CP GECC 08/20197 5.560 50,000 CP Countrywide 08/21 /97 5.650 50,000 CP Countrywide- 08/21 /97 5.650 50,000 08/14/97 REDEMPTION CP Merrill 08/14/97 5.670 25,000 1 3,937.50 5.749 CP Merrill .08/14/97 5.670 50,000 1 7,875.00 5.749 CP Merrill 08/14/97 5.670 50,000 1 7,875.00 5.749 CP Merrill 08/14/97 5.670 50,000 1 7,875.00 5.749 CP Merrill 08/14/97 5.670 50,000 1 7,875.00 5.749 CP Assoc 08/14/97 5.650 50,000 1 7,847.22 6.729 CP Assoc 08/14/97 5.650 50,000 1 7,847.22 5.729 CP Assoc 08/14/97 5.650 50,000 1 7,847.22 5.729 CP Assoc 08/14/97 5.650 50,000 1 7,847.22 5.729 CP Assoc 08/14/97 5.650 50,000 1 7,847.22 5.729 CP Assoc 08/14/97 5.650 50,000 1 7,847.22 5.729 —19— PQQD iE'COUNT a/ LIATURrrY :TRANS:.-, PAR DA'IfS . PATE ... QESCRiPTiON DATE YIELD 08/14/97 REDEMPTION CID CID FMCC FMCC 08/14/97 5.660 50,000 1 7,861.11 5.739 CID FMCC 08/14/97 08/14/97 5.660 5.660 50,000 50,000 1 7,861.11 5.739 CID FMCC 08/14/97 5.660 50,000 1 1 7,861.11 ' 7,861.11 5.739 5.739 CID CID FMCC FMCC 08/14/97 5.660 50,000 1 7,861.11 5.739 CID FMCC 08/14/97 08/14/97 5.660 5.660 50,000 50,000 1 7,861.11 5.739 CID FMCC 08/14/97 5.660 50,000 .1 1 7,861.11 7,861.11 5.739 5.739 CID CID FMCC 08/14/97 5.660 50,000 1 7,861.11 5.739 FMCC 08/14/97 5.660 50,000 1 7,861.11 5.739 PURCHASE CID Merrill 08/15/97 5.570 25,000 CID Merrill 08/15/97 5.570 50,000 CID Merrill 08/15/97 5.570 50,000 CID Merrill 08/15/97 5.570 50,000 CID Merrill 08/15/97 5.570 50,000 CID Assoc 08/15/97 5.580 20,000 CID Assoc 08/15/97 5.580 50,000 CID Assoc 08/15/97 5.580 50,000 CID GECC 08/15/97 5.590 50,000 CID GECC 08/15/97 5.590 50,000 CID GECC 08/15/97 5.590 50,000 CID GECC 08/15/97 5.590 50,000 CID GECC 08/15/97 5.590 50,000 CID GECC 08/15/97 5.590 50,000 CID GECC 08/15/97 5.590 50,000 CID GECC 08/15/97 5.590 50,000 CID GECC 08/15/97 5.590 50,000 CID GECC 08/15/97 5.590 50,000 CID Salomon 08/15/97 5.610 30,000 CID Salomon 08/15/97 5.610 50,000 CID Salomon 08/15/97 5.610 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.700 25,000 CD Soc Gen 6.350% 04/15/98 5.700 50,000 08/15/97 REDEMPTION CID CID Merrill Merrill 08/15/97 5.570 25,000 1 3,868.06 5.648 CP Merrill 08/15/97 5.570 50,000 1 7,736.11 5.648 CID Merrill 08/15/97 5.570 50,000 1 7,736.11 5.648 CID Merrill 08/15/97 5.570 50,000 1 7,736.11 5.648 CID Assoc 08/15/97 08/15/97 5.570 5.580 50,000 1 1 7,736.11 5.648 CID Assoc 08/15/97 5.580 .20,000 50,000 1 3,100.00 7,750.00 5.658 5.658 CID Assoc 08/15/97 5.580 50,000 1 7,750.00 5.658 —20— 77: 7EKUACCOt3NT MATURM TRANS PAR flA'ff� PTtON DATE 08/15/97 REDEMPTION CP GECC 08/15/97 5.590 50,000 1 7,763.89 5.668 CP GECC 08/15/97 5.590 50,000 1 7,763.89 5.668 CP GECC 08/15/97 5.590 50,000 1 7,763.89 5.668 CP GECC 08/15/97 5.590 50,000 1 7,763.89 5.668 CP GECC 08/1.5/97 5.590 50,000 1 7,763.89 5.668 CP GECC 08/15/97 5.590 50,000 1 7,763.89 5.668 CP GECC 08/15/97 5.590 50,000 1 .7,763.89 5.668 CP GECC 08/15/97 5.590 50,000 1 7,763.89 5.668 CP GECC 08/15/97 5.590 50,000 1 7,763.89 5.668 CP GECC 08/15/97 5.590 50,000 1 7,763.89 5.668 CP Salomon 08/15/97 5.610 30,000 1 4,675.00 5.688 CP Salomon 08/15/97 5.610 50,000 1 7,791.67 5.688 CP Salomon 08/15/97 5.610 50,000 1 7,791.67 5.688 CP Morg Stan 08/15/97 5.500 50,000 30 229,166.67 5.602 CP Morg Stan 08/15/97 5.500 50,000 30 229,166.67 5.602 CP Morg Stan 08/15/97 5.500 50,000 30 229,166.67 5.602 MTN Transam 6.490% 08/15/97 6.251 5,000 417 357,870.84 6.251 MTN Transam 6.750% 08/15/97 5.220 5,000 560 407,087.50 5.220 MTN FMCC 6.800% 08/15/97 7.070 15,000 1,061 3,068,966.67 7.189 MTN FMCC 6.800% 08/15/97 6.860 10,000 1,087 2,038,600.00 6.860 MTN AT&T 6.540% 08/15/97 6.540 25,000 1,199 5,363,708.33 6.540 SALE c/ CD Soc Gen 6.350% 04/15/98 5.700 25,000 1 3,974.01 5.779 CD Soc Gen 6.350% 04/15/98 5.700 50,000 1 7,948.02 5.779 RRP Treas Bill 06/25/98 5.250 50,000 30 -207,484.37 -5.322 Treas Bill 06/25/98 5.250 50,000 30 -207,484.37 -5.322 Treas Bill 06/25/98 5.250 50,000 30 -207,484.37 -5.322 Treas Bill 06/25/98 5.250 50,000 30 -207,484.37 -5.322 PURCHASE CD Nova Scotia 5.600% 12/02/97 5.580 50,000 CD Nova Scotia 5.600% 12/02/97 5.580 50,000 CD Soc Gen 5.580% 12/02/97 5.570 50,000 CD Soc Gen 5.580% 12/02/97 5.570 50,000 CD Hong Kong 5.600% 01 /28/98 5.600 40,000 CD Hong Kong 5.600% 01 /28/98 5.600 50,000 CD Hong Kong 5.600% 01 /28/98 5.600 50,000 CD Hong Kong 5.600% 01 /28/98 5.600 50,000 CP Merrill 08/18/97 5.700 25,000 CP Merrill 08/18/97 5.700 50,000 CP Merrill 08/18/97 5.700 50,000 CP Merrill 08/18/97 5.700 50,000 CP Merrill 08/18/97 5.700 50,000 CP FMCC 08/18/97 5.710 50,000 —21— OQLEfliIIQNEYN'�/ESTiIiIE=ACCQUNT _ MATURRY . TRANS ... PARLYS ANENT F8Ci3VE . -SITE . , TYPERCRiPTtON DATE i 1 08/15/97 PURCHASE CID FMCC 08/18/97 5.710 50,000 CP FMCC 08/18/97 5.710 50,000 CID FMCC 08/18/97 5.710 50,000 CID FMCC 08/18/97 5.710 50,000 CID FMCC 08/18/97 5.710 50,000 CID FMCC 08/18/97 5.710 50,000 CP FMCC 08/18/97 5.710 50,000 CID FMCC 08/18/97 5.710 50,000 CP FMCC 08/18/97 5.710 50,000 CP Salomon 08/18/97 5.750 20,000 CID Salomon 08/18/97 5.750 50,000 CID Salomon 08/18/97 5.750 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.780 50,000 CD Soc Gen 6.350% 04/15/98 5.780 50,000 08/18/97 REDEMPTION CID Merrill 08/18/97 5.700 25,000 3 11,875.00 5.781 CID Merrill 08/18/97 5.700 50,000 3 23,750.00 5.781 CID Merrill' 08/18/97 5.700 50,000 3 23,750.00 5.781 CID Merrill 08/18/97 5.700 50,000 3 23,750.00 5.781 CID Merrill 08/18/97 5.700 50,000 3 23,750.00 5.781 CID Merrill 08/18/97 5.710 50,000 3 23,791.67 5.792 CID FMCC 08/18/97 5.710 50,000 3 23,791.67 5.792 CID FMCC 08/18/97 5.710 50,000 3 23,791.67 5.792 CID FMCC 08/18/97 5.710 50,000 3 23,791.67 5.792 CID FMCC 08/18/97 5.710 50,000 3 23,791.67 5.792 CP FMCC 08/18/97 5.710 50,000 3 23,791.67 5.792 CID FMCC 08/18/97 5.710 50,000 3 23,791.67 5.792 CID CID FMCC 08/18/97 5.710 50,000 3 23,791.67 5.792 CID FMCC 08/18/97 5.710 50,000 3 23,791.67 5.792 CID FMCC. 08/18/97 5.710 50,000 3 23,791.67 5.792 Salomon 08/18/97 5.750 20,000 3 9,583.40 5.832 CID Salomon 08/18/97 5.750 50,000 3 23,958.50 5.832 CID Salomon 08/18/97 5.750 50,000 3 23,958.50 5.832 CID Amer Exp 08/18/97 5.550 30,000 5 23,125.00 5.631 CID Amer Exp 08/18/97 5.550 50,000 5 38,541.67 5.631 CID Amer Exp 08/18/97 5.550 50,000 5 38,541.67 5.631 SALE c/ CD Soc Gen 6.350% 04/15/98 5.780 50,000 3 24,182.07 5.860 CD Soc Gen 6.350% 04/15/98 5.780 50,000 3 24,182.07 5.860 —22— 0NEVNVESW- ENrr ACC0Q.NT dl _ 1AATUt2[tY TRANS-. RAR DAYS A1tOi#Fl EFFETE _ °DESLR-MON QATE MELD-:: ice!FIELD 08/18/97 PURCHASE CP Assoc 08/19/97 5.480 50,000 CP Assoc 08/19/97 5.480 50,000 CP Assoc 08/19/97 5.480 50,000 CP Assoc 08/19/97 5.480 50,000 CP Assoc 08/19/97 5.480 50,000 CP Assoc 08/19/97 5.480 50,000 CP Merrill 08/19/97 5.500 25,000 CP Merrill 08/19/97 5.500 50,000 CP Merrill 08/19/97 5.500 50,000 CP Merrill 08/19/97 5.500 50,000 CP Merrill 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP GECC 08/19/97 5.500 50,000 CP Salomon 08/19/97 5.530 20,000 CP Salomon 08/19/97 5.530 50,000 CP Salomon 08/19/97 5.530 50,000 CP GMAC 09/02/97 5.530 5,000 CP GMAC 09/02/97 5.530 50,000 CP GMAC 09/02/97 5.530 50,000 CP GMAC 09/02/97 5.530 50,000 PURCHASE rl CD Soc Gen 6.350% 04/15/98 5.600 25,000 08/19/97 REDEMPTION CP Assoc 08/19/97 5.480 50,000 1 7,611.11 5.556 CP Assoc 08/19/97 5.480 50,000 1 7,611.11 5.556 CP Assoc 08/19/97 5.480 50,000 1 7,611.11 5.556 CP Assoc 08/19/97 5.480 50,000 1 7,611.11 5.556 CP Assoc 08/19/97 5.480 50,000 1 7,611.11 5.556 CP Assoc 08/19/97 5.480 50,000 1 7,611.11 5.556 CP Merrill 08/19/97 5.500 25,000 1 3,819.44 5.577 CP Merrill 08/19/97 5.500 50,000 1 7,638.89 5.577 CP Merrill 08/19/97 5.500 50,000 1 7,638.89 5.577 CP Merrill 08/19/97 5.500 60,000 1 7,638.89 5.577 CP Merrill 08/19/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/19/97 5.500 50,000, 1 7,638.89 5.577 CP GECC 08/19/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/19/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/19/97 5.500 50,000 1 7,638.89 5.577. —23— 'POf3-Ol��f ��Ei`iT�-ACCOUNT - dr a/ MATURITY TRANS:.. PA1t; DAMS AMOUNT NEDESCRIPTION DATE : .. 08/19/97 REDEMPTION CP GECC 08/19/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/19/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/19/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/19/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/19/97 5.500 50,000 1 7,638.89 5.577 CP GECC 08/19/97 5.500 50,000 1 7,638.89 5.577 CP Salomon 08/19/97 5.530 20,000 1 3,072.20 5.607 CP Salomon 08/19/97 5.530 50,000 1 7,680.50 5.607 CP Salomon 08/19/97 5.530 50,000 1 7,680.50 5.607 SALE c/ CD Soc Gen 6.350% 04/15/98 5.600 25,000 1 3,908.18 5.677 PURCHASE CD Midland Bk 5.590% 12/30/97 5.590 50,000 CD Midland Bk 5.590% 12/30/97 5.590 50,000 CD UB Calif 5.590% 12/30/97 5.590 50,000 CD UB Calif 5.590% 12/30/97 5.590 50,000 CP Assoc 08/20/97 5.400 50,000 CP Assoc 08/20/97 5.400 50,000 CP Assoc 08/20/97 5.400 50,000 CP Assoc 08/20/97 5.400 50,000 CP Assoc 08/20/97 5.400 50,000 CP Assoc 08/20/97 5.400 50,000 CP Disney 08/20/97 5.420 49,160 CP Merrill 08/20/97 5.430 25,000 CP Merrill 08/20/97 5.430 50,000 CP Merrill 08/20/97 5.430 50,000 CP Merrill 08/20/97 5.430 50,000 CP Merrill 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP GECC 08/20/97 5.430 50,000 CP Salomon 08/20/97 5.450 20,000 CP Salomon 08/20/97 5.450 50,000 CP Salomon 08/20/97 5.450 50,000 CP FMCC 08/22/97 5.430 50,000 CP FMCC 08/22/97 5.430 50,000 CP FMCC 08/22/97 5.430 50,000 CP FMCC 08/22/97 5.430 50,000 CP FMCC 08/22/97 5.430 50,000 —24— S'i�lEro- 1�TCC4UNT MATURETY "f'RANS . .:PAR SAYSER�t�fT E .......ATE .... oEsc�anoN Q 08/19/97 PURCHASE CP FMCC 08=97 5.430 50,000 CP ConAgra 08/27/97 5.570 34,000 CP GMAC 11/10/97 5.520 50,000 PURCHASE g/ CD Soc Gen 6.350% 04/15/98 5.500 50,000, CD Soc Gen 6.350% 04/15/98 5.500 50,000 08/20/97 REDEMPTION CD CIBC 5.580% 08/20/97 5.580 45,000 62 432,450.00 5.657 CD CIBC 5.580% 08/20/97 5.580 50,000 62 480,500.00 5.657 CD Svenska 5.430% 08/20/97 5.420 60,000 182 1,644,147.57 5.495 CD BN Paris 5.430% 08/20/97 5.420 25,000 183 688,825.74 5.495 CD US Oregon 5.375% 08/20/97 5.380 50,000 183 1,367,382.83 5.454 CD US Oregon 5.375% 08/20/97 5.380 50,000 183 1,367,382.83 5.454 CD US Wash 5.375% 08/20/97 5.380 50,000 183 1,367,382.83 5.545 CD US Wash 5.375% 08/20/97 5.380 50,000 183 1,367,382.83 5.545 CP Assoc 08/20/97 5.400 50,000 1 7,500.00 5.475 CP Assoc 08/20/97 5.400 50,000 1 7,500.00 5.475 CP Assoc 08/20/97 5.400 50,000 1 7,500.00 5.475 CP Assoc 08/20/97 5.400 50,000 1 7,500.00 5.475 CP Assoc 08/20/97 5.400 50,000 1 7,500.00 5.475 CP Assoc 08/20/97 5.400 50,000 1 7,500.00 5.475 CP Disney 08/20/97 5.420 49,160 1 7,401.31 5.496 CP Merrill 08/20/97 5.430 25,000 1 3,770.83 5.506 CP Merrill 08/20/97 5.430 50,000 1 7,541.67 5.506 CP Merrill 08/20/97 5.430 50,000 1 7,541.67 5.506 CP Merrill 08/20/97 5.430 50,000 1 7,541.67 5.506 CP Merrill OS/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/20/97 5.430 50,000 1 7,541.67 5.506 CP Salomon 08/20/97 5.450 20,000 1 3,027.80 5.526 CP Salomon 08/20/97 5.450 50,000 1 7,569.50 5.526 CP Salomon 08/20/97 5.450 50,000 1 7,569.50 5.526 CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 —25— , �11.ONINGST�YIENT. ACCOUNT. df Id a/ MATURRY TRANS PA1t: rDAYS . :AUGUNT F6C?AtE- E/CTE, ....'. 'TEE; a►ESCRIP770N QATE li'�ELj HELD 08/20/97 REDEMPTION CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 CP GECC 08/20/97 5.560 50,000 7 54,055.56 5.643 CP Bear Steams 08/20/97 5.280 45,000 177 1,168,200.00 5.496 SALE c/ CD Soc Gen 6.350% 04/15/97 5.500 50,000 1 7,677.85 5.576 CD Soc Gen 6.350% 04/15/97 5.500 50,000 1 7,677.85 5.576 PURCHASE BN Fst Chic 5.580% 01/28/98 5.580 30,000 BN Fst Chic 5.580% 01/28/98 5.580 50,000 BN Fst Chic 5.580% 01/28/98 5.580 50,000 CP Merrill 08/21/97 5.430 25,000 CP Merrill 08/21/97 5.430 50,000 CP Merrill 08/21/97 5.430 50,000 CP Merrill 08/21/97 5.430 50,000 CP Merrill 08/21 /97 5.430 50,000 CP GECC 08/21/97 5.430 50,000 CP GECC 08/21/97 5.430 50,000 CP GECC 08/21/97 5.430 50,000 CP GECC 08/21/97 5.430 50,000 CP GECC 08/21/97 5.430 50,000 CP GECC 08/21/97 5.430 50,000 CP Assoc 08/21/97 5.430 50,000 CP Assoc 08/21/97 5.430 50,000 CP Assoc 08/21/97 5.430 50,000 CP Assoc 08/21/97 5.430 50,000 CP Assoc 08/21/97 5.430 50,000 CP Assoc 08/21/97 5.430 50,000 CP Salomon 08/21/97 5.450 20,000 CP Salomon 08/21/97 5.450 50,000 CP Salomon 08/21/97 5.450 50,000 CP FMCC 08/22/97 5.430 50,000 CP FMCC 08=97 5.430 50,000 CP FMCC 08/22/97 5.430 50,000 CP FMCC 08/22/97 5.430 50,000 CP GMAC 08/27/97 5:460 50,000 CP GMAC 08/27/97 5.460 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/97 5.500 25,000 CD Soc Gen 6.350% 04/15/97 5.500 50,000 CD Soc Gen 6.190% 05/11/98 5.500 25,000 CD Nat W.Mstr 5.860% 08/08/98 5.500 50,000 —26— . .....:�STME , ACCOUNT MANRL■ ■ ....RFAR AYS .,..�....e_ ._ ... .: ._............ .............._ .. __-.. .: ....... :. QATE ... .. :: -.. �::... _ - 08/21/97 REDEMPTION BN Fst Chic 5.410% 08/21/97 5.400 40,000 181 1,086,053.11 5.474 CP Merrill 08/21/97 5.430 25,000 1 3,770.83 5.506 CP Merrill 08/21/97 5.430 50,000 1 7,541.67 5.506 CP Merrill 08/21/97 5.430 50,000 1 7,641.67 5.506 CP Merrill 08/21/97 5.430 50,000 1 7,541.67 5.506 CP Merrill 08/21/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/21/97. 5.430 50,000 1 7,541.67 5.506 CP GECC 08/21/97 5.430 50,600 1 7,541.67 5.506 CP GECC 08/21/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/21/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/21/97 5.430 50,000 1 7,541.67 5.506 CP GECC 08/21/97 5.430 50,000 1 7,541.67 5.506 CP Assoc 08/21/97 5.430 50,000 1 7,541.67 5.506 CP Assoc 08/21/97 5.430 50,000 1 7,541.67 5.506 CP Assoc 08121 /97 5.430 50,000 1 7,541.67 5.506 CP Assoc 08/21/97 5.430 50,000 1 7,541.67 5.506 CP Assoc 08/21/97 5.430 50,000 1 7,541.67 5.506 CP Assoc 08121 /97 5.430 50,000 1 7,541.67 5.506 CP Salomon 08/21/97 5.450 20,000 1 3,027.80 5.526 CP Salomon 08/21/97 5.450 50,000 1 7,569.50 5.526 CP Salomon 08/21/97 5.450 50,000 1 7,569.50 5.526 CP Countrywide 08/21/97 5.650 50,000 8 62,777.79 5.735 CP Countrywide 08/21/97 5.650 50,000 8 62,777.79 5.735 SALE r/ CD Soc Gen 6.350% 04/15/97 5.500 25,000 1 3,839.31 5.576 CD Soc Gen 6.350% 04/15/97 5.500 50,000 1 7,678.61 5.576 CD Soc Gen 6.190% 05/11/98 5.500 25,000 1 3,761.39 5.576 CD Nat W.Mstr 5.860% 08/08/98 5.500 50,000 1 7,500.62 5.576 PURCHASE CD CIBC 5.570% 11/26/97 5.570 50,000 CD Rabobank 5.590% 12/05/97 5.550 50,000 CD Bayer Lnds 5.570% 12/29/97 5.560 50,000 CD Bayer Lnds 5.570% 12/29/97 5.560 50,000 CD Midland 5.560% 12/29/97 5.560 50,000 CD Midland 5.560% 12/29/97 5.560 50,000 CD Hong Kong 5.590% 01/28/98 5.590 50,000 CD Hong Kong 5.590% 01/28/98 5.590 50,000 CD ABN Amro 5.600% 01/28/98 5.590 50,000 CD ABN Amro 5.600% 01/28/98 5.590 50,000 CD ABN Amro 5.600% 01/28/98 5.590 50,000 CD Deutsche 5.600% 01/28/98 5.600 50,000 CD Deutsche 5.600% 01/28/98 5.600 50,000 CD Deutsche 5.600% 01 /28198 5.600 50,000 CD Deutsche 5.600% 01/28/98 5.600 50,000 CP Salomon 09/04/97 5.625 20,000 CP Salomon 09/04/97 5.625 50,000 —27— PPO1" W OOKY iVEMENT ACCOUNT CP Salomon 09/04/97 5.625 50,000 CP GECC 10/27/97 5.500 25,000 CP GECC 10/27/97 5.500 50,000 CP GECC 10/27/97 5.500 50,000 CP GMAC 01/27/98 5.510 20,000 CP GMAC 01/27/98 5.510 50,000 PURCHASE g/ CD Nat W.Mstr CD Soc Gen CD Soc Gen 08/22/97 REDEMPTION 5.860% 04/10/98 5.550 6.350% 04/15/98 5.550 6.350% 04/15/98 5.550 40,000 25,000 50,000 CP FMCC -08/22/97 5.430 50,000 2 15,083.33 5.507 CP FMCC 08/22/97 5.430 50,000 2 15,083.33 5.507 CP FMCC 08/22/97 5.430 50,000 2 15,083.33 5.507 CP FMCC 08/22/97 5.430 50,000 2 15,083.33 5.507 CP FMCC 08/22/97 5.430 50,000 3 22,625.00 5.507 CP FMCC 08/22/97 5.430 50,000 3 22,625.00 5.507 CP FMCC 08/22/97 5.430 50,000 3 22,625.00 5.507 CP FMCC 08/22/97 5.430 50,000 3 22,625.00 5.507 CP FMCC 08/22/97 5.430 50,000 3 22,625.00 5.507 CP FMCC 08/22/97 5.430 50,000 3 22,625.00 5.507 SALE c/ CD Nat W. Mstr 5.860% 04/10/98 5.550 40,000 1 6,053.35 5.627 CD Soc Gen 6.350% 04/15/98 5.550 25,000 1 3,874.67 5.627 CD Soc Gen 6.350% 04/15/98 5.550 50,000 1 7,749.34 5.627 PURCHASE BN Fst Chic 5.590% 01/30/98 5.590 50,000 BN Fst Chic 5.590% 01/30/98 5.590 50,000 CD Deutsche 5.600% 01 /27/98 5.580 50,000 CD Deutsche 5.600% 01 /27/98 5.580 50,000 CP FMCC 09/08/97 5.480 50,000 CP FMCC 09/08/97 5.480 50,000 CP Merrill 12/05/97 5.520 50,000 CP Merrill 12/05/97 5.520 50,000 CP Merrill 12/05/97 5.520 50,000 PURCHASE .q/ CD Soc Gen 6.350% 04/15/98 5.480 25,000 CD Soc Gen 6.350% 04/15/98 5.480 50,000 CD Soc Gen 6.190% 05/11/98 5.480 25,000 —28— N �IIIE T ACCOUNT - . a/ MA7URtTY TRi4NS Pl4R . DA'IlS . ARDiI+1T -EE =DESCWPTiON D_ AT' Ii�ELD '. �4�1 E��Ep _. 08/25/97 REDEMPTION CD ABN Amro 5.530% 08/25/97 5.500 20,000 33 100,836.09 5.576 SALE a/ CD Soc Gen 6.350% 04/15/98 5.480 25,000 3 11,477.40 5.556 CD Soc Gen 6.350% 04/15/98 5.480 50,000 3 22,954.81 5.556 CD Soc Gen 6.190% 05/11 /98 5.480 25,000 3 11,415.75 5.556 PURCHASE CD Bkrs Trst 5.630% 01 /02/98 5.620 35,000 CD Bkrs Trst 5.630% 01 /02/98 5.620 50,000 CP GECC 08/26/97 5.580 50,000 CP GECC 08/26/97 5.580 50,000 CP GECC 08/26/97 5.580 50,000 CP GECC 08/26/97 5.580 50,000 CP GECC 08/26/97 5.580 50,000 CP GECC 08/26/97 5.580 50,000 CP Sears 09/10/97 5.530 50,000 CP Morg Stan 10/08/97 5.500 50,000 CP Morg Stan 10/08/97 5.500 50,000 PURCHASE c/ CD Soc Gen 6.350% 04/15/98 5.630 15,000 CD Soc Gen 6.350% 04/15/98 5.630 50,000 08/26/97 REDEMPTION CP GECC 08/26/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/26/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/26/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/26/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/26/97 5.580 50,000 1 7,750.00 5.658 CP GECC 08/26/97 5.580 50,000 1 7,750.00 5.658 CP Baxter 08/26/97 5.750 28,000 60 268,333.33 5.886 SALE c/ CD Soc Gen 6.350% 04/15/98 5.630 15,000 1 2,345.83 5.708 CD Soc Gen 6.350% 04/15/98 5.630 50,000 1 7,819.44 5.708 PURCHASE CD Bardays 5.530% 10/01 /97 5.530 50,000 CD Bardays 5.530% 10/01/97 5.530 50,000 CD Soc Gen 5.630% 01/02/98 5.620 24,000 CD Cr Agricole 5.660% 01 /02/98 5.660 25,000 CP Bear Steams 10/01 /97 5.520 25,000 CP Bear Steams 10/01/97 5.520 50,000 15.T4M P L ii ONEE1l,N1Y.ESTMENT:ACC.OUNT a► _...... �/ MATURITY TRAN$ :PAR DAYS - A#RotNi' EF�CVE DI��' fii'PE :...., .. DESCRiPT1oN DATE 12 08/26/97 PURCHASE CID Countrywide 10/02/97 5.540 5,000 CID Countrywide 10/02/97 5.540 50,000 CID Countrywide 10/02/97 5.540 50,000 CID Smith Barn 10/02/97 5.520 50,000 CID GMAC 10/03/97 5.530 50,000 CID GMAC 10/03/97 5.530 50,000 CID GMAC 10/03/97 5.530 50,000 CID GMAC 10/03/97 5.530 50,000 CID Bear Steams 10/27/97 5.520 25,000 08/27/97 REDEMPTION BA Tokyo-Mitsu 08/27/97 5.630 27,400 63 269,958.50 5.764 BA UB Calif 08/27/97 5.550 12,100 89 166,022.08 5.705 BA Tokyo-Mitsu 08/27/97 5.710 19,100 114 345,359.83 5.895 BA UB Calif 08/27/97 5.630 15,000 117 274,462.50 5.814 CD Montreal 5.580% 08/27/97 5.580 15,000 62 144,150.00 5.657 CD Montreal 5.580% 08/27/97 5.580 50,000 62 480,500.00 5.657 CD CIBC 5.420% 08/27/97 5.420 30,000 181 817,516.67 5.495 CD CIBC 5.420% 08/27/97 5.420 50,000 181 1,362,527.78 5.495 CD Rabobank 5.430% 08/27/97 5.410 25,000 182 683,831.19 5.485 CD Mellon 5.370% 08/27/97 5.370 50,000 182 1,357,416.67 5.440 CD Mellon 5.370% 08/27/97 5.370 50,000 182 1,357,416.67 5.440 CD Morg Guamty 5.400% 08/27/97 5.400 50,000 182 1,365,000.00 5.475 CD Morg Guamty 5.400% 08/27/97 5.400 50,000 182 1,365,000.00 5.475 CD Nat W.Mstr 5.400% 08/27/97 5.380 40,000 183 1,094,041.59 5.454 CD CIBC 5.420% 08/27/97 5.420 30,000 183 826,550.00 5.495 CD CIBC 5.420% 08/27/97 5.420 50,000 183 1,377,583.33 5.495 CD Rabobank 5.380% 08/27/97 5.360 50,000 184 1,369,914.07 5.434 CD Rabobank 5.380% 08/27/97 5.360 50,000 184 1,369,914.07 5.434 CD Bkrs Trst 5.420% 08/27/97 5.410 50,000 187 1,405,168.21 5.485 CD Bkrs Trst 5.420% 08/27/97 5.410 50,000 187 1,405,168.21 5.485 CD Morg Guamty 5.360% 08/27/97 5.360 35,000 189 984,900.00 5.434 CD Morg Guamty 5.360% 08/27/97 5.360 50,000 189 1,407,000.00 5.434 CID GMAC 08/27/97 5.460 50,000 7 53,083.33 5.541 CID GMAC 08/27/97 5.460 50,000 7 .53,083.33 5.541 CID ConAgra 08/27/97 5.570 34,000 8 42,084.44 5.654 CID GMAC 08/27/97 5.510 40,000 20 122,444.44 5.603 CID GMAC 08/27/97 5.510 50,000 20 153,055.56 5.603 CID GMAC 08/27/97 5.510 50,000 20 153,055.56 5.603 CID Merrill 08/27/97 5.510 50,000 20 153,055.56 5.603 CID Merrill 08/27/97 5.510 50,000 20 153,055.56 5.603 CID Merrill 08/27/97 5.510 50,000 20 153,055.56 5.603 CID ConAgra 08/27/97 5.600 30,000 21 98,000.00 5.696 CID Heller 08/27/97 5.600 40,000 21 130,666.67 5.696 CID Enron 08/27/97 5.630 40,000 21 131,366.67 5.727 CID GMAC 08/27/97 5.510 45,000 21 144,637.50 5.604 CP Enron 08/27/97 5.630 47,000 21 154,355.83 5.727 CID GMAC 08/27/97 5.510 50,000 21 160,708.33 5.604 CID GMAC 08/27/97 5.510 50,000 21 160,708.33 5.604 —30— QOI 'JFN�ESTiIIIE'T �4CCOt1NT Y ...' _. ........... 1 a/ MATtIRETY . 'i'RANS .:... :-::PAR DABS A MINNT . DAW YIEtD 08/27/97 REDEMPTION CID GMAC 08/27/97 5.510 50,000. 21 160,708.33 5.604 CID GMAC 08/27/97 5.510 50,000 21 160,708.33 5.604 CID ConAgra 08/27/97 5.660 26,000 37 116,344.44 5.772- CP Morg Stan 08/27/97 5.500 50,000 37 282,638.89 5.608 CID Morg Stan 08/27/97 5.500 50,000 37 282,638.89 5.608 CID Morg Stan 08/27/97 5.500 50,000 37 282,638.89 5.608 CID ConAgra 08/27/97 5.700 20,000 50 158,333.33 5.825 CID Heller 08/27/97 5.700 50,000 51 403,750.00 5.826 CID Heller 08/27/97 5.700 50,000 51 403,750.00 5.826 CID Merrill 08/27/97 5.680 25,000 133 524,611.11 5.882 CID Merrill 08/27/97 5.680 50,000 133 1,049,222.22 5.882 CID Merrill 08/27/97 5.680 50,000 133 1,049,222.22 5.882 CID GECC 08/27/97 5.650 50,000 133 1,043,680.56 5.850 CID GECC 08/27/97 5.650 50,000 133 1,043,680.56 5.850 CID GECC 08/27/97 5.650 50,000 133 1,043,680.56 5.850 CID GECC 08/27/97 5.650 50,000 133 1,043,680.56 5.850 Disc Note FNMA 08/27/97 5.400 30,000 62 279,000.00 5.611 Disc Note FNMA 08/27/97 : 5.400 30,000 62 279,000.00 5.611 PURCHASE CID GECC 08/28/97 5.650 10,000 CID Heller 08/28/97 5.670 40,000 - CP GECC 08/28/97 5.650 50,000 CID GECC 08/28/97 5.650 50,000 CID Morg Stan 08/28/97 5.650 50,000 CID Morg Stan 08/28/97 5.650 50,000 CID Morg Stan 08/28/97 5.650 50,000 CID GMAC 01 /02/98 5.490 25,000 CID GMAC 01 /02/98 5.490 50,000 CID GMAC 01/02/98 5.490 50,000 PURCHASE g/ CD Soc Gen 6.350% 04/15/98 5.700 50,000 CD Soc Gen 6.350% 04/15/98 5.700 50,000 08/28/97 REDEMPTION BN B/A 5.400% 08/28/97 5.400 50,000 188 1,410,000.00 5.475 CD Bayer Ver 5.380% 08/28/97 5.370 50,000 195 1,454,451.55 5.444 CD Bayer Ver 5.380% 08/28/97 5.370 50,000 195 1,454,451.55 5.444 CP GECC 08/28/97 5.650 10,000 1 1,569.44 5.737 CID GECC 08/28/97 5.650 50,000 1 7,847.22 5.737 CID GECC 08/28/97 5.650 50,000 1 7,847.22 5.737 CID Morg Stan 08/28/97 5.650 50,000 1 7,847.20 5.737 CID Morg Stan 08/28/97 5.650 50,000 1 7,847.20 5.737 CID Morg Stan 08/28/97 5.650 50,000 1 7,847.20 5.737 CID Heller 08/28/97 5.670 40,000 1 6,300.00 5.749 CID GMAC 08/28/97 5.520 15,000 20 46,000.00 5.613 —31— 0 tNVES'�YIEIT ACCOUNT . . t al MATt IM TRANS 'PAR D�1'IfS Ek�NT..:. fFFEG IE DFIPTtON ." DATE :� :..... 08/28/97 REDEMPTION CP GMAC 08/28/97 5.520 50,000 20 153,333.33 5.613 CP GMAC 08/28/97 5.520 50,000 20 153,333.33 5.613 CP GMAC 08/28/97 5.520 50,000 20 153,333.33 5.613 CP Smith Barn 08/28/97 5.520 50,000 20 153,333.35 5.613 CP Smith Barn 08/28/97 5.520 50,000 20 153,333.35 5.613 CP Smith Barn 08/28/97 5.520 50,000 20 153,333.35 5.613 CP Countrywide 08/28/97 5.520 50,000 21 161,000.00 5.614 SALE c/ CD Soc Gen CD Soc Gen PURCHASE CP Merrill CP Merrill CP Merrill CP Merrill 08/29/97 REDEMPTION BA ABN Amro BA UB Calif BA Tokyo-Mitsu BA Tokyo-Mitsu CD Montreal CD Montreal CD Montreal CD Montreal CP FMCC CP FMCC CP FMCC CP FMCC CP FMCC CP FMCC CP GECC CP GECC RRP Treas Bill Treas Bill Treas Bill 6.350% 04/15/98 5.700 50,000 1 6.350% 04/15/98 5.700 50,000 1 09/02/97 5.540 10,000 09/02/97 5.540 50,000 09/02/97 5.540 50,000 09/02/97 5.540 50,000 7,916.67 5.779 7,916.67 5.779 08/29/97 5.520 20,000 57 174,800.00 5.646 08/29/97 5.550 10,000 91 140,291.67 5.707 08/29/97 5.620 8,250 98 126,215.83 5.786 08/29/97 5.620 109,000 98 1,667,578.89 5.786 5.500% 08/29/97 5.500 50,000 21 160,416.67 5.576 5.500% 08/29/97 5.500 50,000 21 160,416.67 5.576 5.500% 08/29/97 .5.500 50,000 21 160,416.67 -5.576 5.780% 08/29/97 5.680 50,000 77 608,536.39 5.768 08/29/97 5.480 50,000 24 182,666.67 5.576 08/29/97 5.480 50,000 24 182,666.67 5.576 08/29/97 5.480 50,000 24 182,666.67. 5.576 08/29/97 5.480 50,000 24 182,666.67 5.576 08/29/97 5.480 50,000 24 182,666.67 5.576 08/29/97 5.480 50,000 24 182,666.67 5.576 08/29/97 5.490 50,000 24 183,000.00 5.586 08/29/97 5.490 50,000 24 183,000.00 5.586 07/23/98 5.485. 50,000 21 07/23/98 5.485 50,000 21 07/23/98 5.485 50,000 21 -134,173.23 -4.917 -134,173.23 -4.917 -134,173.23 -4.917 —32— NT i `Q ....._. E .AC OQ al al MATURITY TRANS. PAR -DAYS: AVOW EFFBC3 _. 04 SCRIPTiON DA'E 08/29/97 PURCHASE CID Morg Stan 09/02/97 5.630 25,000 CID FMCC 09/03/97 5.620 35,000 CID FMCC 09/03/97 5.620 50,000 CID FMCC 09/03/97 5.620 50,000 CID GMAC 09/05/97 5.600 50,000 CID GMAC 09/05/97 5.600 50,000 CID GMAC 09/05/97 5.600 50,000 CID GMAC 09/05/97 5.600 50,000 CID Heller 09/08/97 .5.680 50,000 CID Heller 09/10/97 5.680 50,000 PURCHASE g/ CD Soc Gen 6.350% 04/15/98 5.650 25,000 CD Soc Gen 6.350% 04/15/98 5.650 50,000 —33— 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 XI'S), 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. —34— NAME ALHAMBRA East West Federal Bank BEVERLY HILLS City National Bank City National Bank City National Bank City National Bank CHICO North State National Bank North State National Bank North State National Bank TO Counties Bank Tri Counties Bank North State National Bank ELDORADO Western Siena National Bank FRESNO Kings River State Bank GLENDALE Glendale Federal Bank Glendale Federal Bank INGLEWOOD Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank LA MIRADA Southern California Bank Southern California Bank TIME DEPOSIT DEPOSIT DATE YIELD PAR AMOUNT (S) MATURITY DATE 07/17/97 5.240 5,000,000.00 10/16/97 02/21/97 5.390 20,000,000.00 12/18/97 05/06/97 5.580 10,000,000.00 11 /04/97 07/29/97 5.380 10,000,000.00 01 /27/98 08/19/97 5.370 20,000,000.00 02/18/98 04/08/97 5.530 2,000,000.00 10/06/97 06/13/97 4.990 500,000.00 09/11/97 06/26/97 5.310 15,000,000.00 01 /02/98 07/21 /97 5.260 10,000,000.00 10/21 /97 08/26/97 5.350 1,000,000.00 02/25/98 07/15/97 5.350 2,000,000.00 10/15/97 07/15/97 5.140 1,000,000.00 10/15/97 06/30/97 5.160 3,000,000.00 09/29/97 07/11 /97 5.140 5,000,000.00 10/09/97 06/10/97 5.110 10,000,000.00 09/10/97 06/11/97 5.110 15,000,000.00 09/10/97 06/18/97 5.000 11,000,000.00 09/18/97 07/01 /97 5.180 11,000,000.00 10/01 /97 07/17/97 5.180 25,000,000.00 10/16/97 07/29/97 5.300 5,000,000.00 10/29/97 08/05/97 5.350 10,000,000.00 11/03/97 08/07/97 5.350 20,000,000.00 11 /06/97 08/13/97 5.350 20,000,000.00 11 /13/97 07/08/97 5.200 5,000,000.00 10/08/97 07/17/97 5.190 5,000,000.00 10/16/97 —35— TIME DEPOSIT NAME DEPOSIT DATE YIELD PAR AMOUNT ($) MATURITY DATE LOS ANGELES Preferred Bank 06/17/97 4.960 5,000,000.00 09/16/97 Preferred Bank 06/17/97 4.960 4,000,000.00 09/18/97 Preferred Bank 06/27/97 5.140 3,000,000.00 09/25/97 Preferred Bank 07/15/97 5.140 3,000,000.00 10/15/97 Preferred Bank 08/20/97 5.270- 4,000,000.00 11/20/97 Preferred Bank 08/20/97 5.250 2,000,000.00 11/25/97 OAKDALE Oak Valley Community Bank 03/25/97 5.580 500,000.00 09/22/97 POMONA Pomona First Federal S&L 05/27/97 5.550 8,000,000.00 11/25/97 PLACER Sierra West Bank 06/06/97 5.480 2,800,000.00 12/03/97 PETALUMA Bank of Petaluma 08/12/97 5.460 1,000,000.00 02/11 /98 SACRAMENTO Sanwa Bank of California 05/09/97 5.600 7,000,000.00 11/05/97 Union Bank of California 07/02/97 5.200 100,000,000.00 10/01/97 Sanwa Bank of California 07/29/97 5.400 5,000,000.00 01/27/98 Union Bank of California 08/06/97 5.300 100,000,000.00 11/05/97 Union Bank of California 08/21/97 5.240 50,000,000.00 11/19/97 Sanwa Bank of California 08/19/97 5.450 50,000,000.00 02/18/98 Sanwa Bank of California 08/26/97 5.350 10,000,000.00 02/25/98 SAN DIEGO San Diego First Bank 06/03/97 5.160 1,500,000.00 09/03/97 Bank of Commerce San Diego 06/13/97 5.030 14,000,000.00 09/18/97 SAN FRANCISCO 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 06/10/97 5.090 5,000,000.00 09/10/97 Bank of Canton California 08/07/97 5.440 5,000,000.00 02/04/98 Bank of Canton California 08/13/97 5.480 5,000,000.00 02/11/98 —36— NAME SAN JOAQUIN Delta National Bank SAN LEANDRO Bay Bank of Commerce Bay Bank of Commerce SAN LUIS OBISPO First Bank of San Luis Obispo First Bank of San Luis Obispo First Bank of San Luis Obispo First Bank of San Luis Obispo SAN RAFAEL West America Bank West America Bank SANTA ANA Grand National Bank Grand National Bank Grand National Bank STANISLAUS North Valley Bank TUSTIN Sunwest Bank VACAVILLE Continental Pacific Bank VICTORVILLE Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank TIME DEPOSIT DEPOSIT DATE YIELD PAR AMOUNT ($) MATURITY DATE 07/02/97 5.360 2,000,000.00 12/31 /97 07/07/97 5.170 07/07/97 5.170 07/08/97 5.110 08/06/97 5.320 08/13/97 5.330 08/27/97 5.290 07/23/97 5.270 07/30/97 5.260 06/10/97 5.410 06/12/97 6.080 07/01 /97 5.300 03/25/97 5.580 06/23/97 5.600 06/03/97 5.180 06/13/97 5.050 06/13/97 5.430 08/12%97 5.470 08/12/97 5.490 TOTAL TIME DEPOSITS AS OF AUGUST 31,1997 2, 000, 000.00 10/07/97 2, 000, 000.00 10/14/97 1,000,000.00 10/07/97 3,600,000.00 11 /05/97 2,000,000.00 11 /13/97 2,500,000.00 11 /25/97 25, 000, 000.00 10/22/97 25, 000, 000.00 10/29/97 1,500,000.00 12/09/97 1,500,000.00 09/10/97 95,000.00 12/31 /97 3,000,000.00 09/22/97 500,000.00 09/23/97 1,000,000.00 09/03/97 10,000,000.00 09/11 /97 10,000,000.00 12/10/97 10,000,000.00 01 /09/98 10,000,000.00 02/11/98 $750,795,000.00 —37— DEMAND BANK DEPOSITS AUGUST 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. 31. AVERAGE DOLLAR DAYS (000 omitted) DAILY BALANCES WARRANTS PER BANKS OUTSTANDING $738,629 1,441,660 738,629 1,4419660 7389629 194419660 386,041 19311,325 309130 19161,069 2041,940 1,0539296 291,833 1,0869004 879620 1,128,505 879620 1,128,505 87,620 1,128,505 1979631 190249,324 2999147 988,177 2049743 8939635 2519620 957,662 301,803 9579690 301,803 9659745 3019803 965,745 5229069 292909180 3099651 2,6409109 1989712 39,323,315 262,609 39401,020 2839,117 3,2499758 2839117 392499758 283,117 3,2499758 344,893 390459785 4169379 2,960,436 387,782 2,822,318 4189214 29975,482 225422 3,5169676 225,222 395169676 225422 39516,676 a/ $310,825 a/ The prescribed bank balance for August was $319,892,000.00. This consisted of $170,159,000.00 in compensating balances for services, $156,058,000.00 uncollected funds and a deduction of $6,325,000.00 for April delayed deposit credit. —38— DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1578 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on August 20, 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 $159,175,000 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 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 investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: (1) (2) (3) (4) (5) (6) (7) (8) (9) From 08/18/97 08/25/97 09/01 /97 09/08/97 09/15/97 09/22/97 09/29/97 10/06/97 10/13/97 To 08/22/97 08/29/97 09/05/97 09/12/97 09/19/97 09/26/97 10/03/97 10/10/97 10/17/97 Transactions 266,100,000 (2,669,200,000) (2,380,300,000) 293,700,000 2,795,900,000 (222,300,000) (2,021,700,000) 412,500,000 100,100,000 Time Deposits in various Financial Institutions In Securities (sections 16503a (section 16430)• and 16602)' $ 28,099,805,000 $ 700,295,000 $ 25,430,605,000 $ 700,295,000 $ 23,050,305,000 $ 700,295,000 $ 23,344,005,000 $ 700,295,000 $ 26,139,905,000 $ 700,295,000 $ 25,917,605,000 $ 700,295,000 $ 23,895,905,000 $ 700,295,000 $ 24,308,405,000 $ 700,295,000 $ 24,408,505,000 $ 700,295,000 Estimated Total $ 28,800,100,000 $ 26,130,900,000 $ 23,750,600,000 $ 24,044,300,000 $ 26,840,200,000 $ 26,617,900,000 $ 24,596,200,000 $ 25,008,700,000 $ 25,108,800,000 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 $159,175,000. Dated: August 20, 1997 *Government Code POOLED MONEY INVESTMENT BOARD: mbar —39—