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1998 09 09 IABT 0 0 ihf 4 6(4P QUb& 78-495 CALLE TAMPICO - LA QUINTA, CALIFORNIA 92253 - (760) 777-7000 FAX (760) 777-7101 TDD (760) 777-1227 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 September 9, 1998 - 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 July 8, 1998 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for June & July, 1998 B. Review of Fiscal Year 1998/99 Investment Policy VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - August, 1998 B. Pooled Money Investment Board Reports - May & June 1998 VII BOARD MEMBER ITEMS VIII ADJOURNMENT MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 ~' INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: September 9, 1998 ITEM TITLE: Transmittal of Treasury Report for June 30, 1998 and July 31, 1998' BACKGROUND: Attached please find the Treasury Reports for June 30, 1998 & July 31, 1998. RECOMMENDATION: Review, Receive and File the Treasury Reports of June 30, 1998 and July 31, 1998. M. Falconer! Finance Director T4bf 4�Q�rw MEMORANDUM TO: La Quinta City Council FROM: John Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for June 30, 1998 DATE: August 12, 1998 Attached is the Treasurer's Report for the month ending June 30, 1998. This report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Department. Cash and Investments: Increase of $1,347,780. due to the net effect of revenues in excess of expenditures. State Pool: Increase of $2,400,000. due to the net effect of transfers to and from the cash and investment accounts. U.S. Treasury Bills, Notes, Securities and Commercial Paper: Increase of $1,039,956. due to the purchase of one T-Note and one T-Bill, the maturity of four Commercial Papers and the monthly adjustment in the amortized value of the investments. Mutual Funds: Increase of $2,242,465. due to the receipt of Bond Proceeds and interest earned. Total increase in cash balances $7,030.201. I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. :)hn M. 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LO tD f O�MLnOLO 0) M CDT- O w F- O cq , P— N CD O O N O p o0 Cl M ��N�t00 Oo000N� co M NO00 (DOOMLj cDO M Il-�0)a) I- I-(DO)MM to to 00 p r- O) O vNN C) � 0 0 0 d LncDt, C O co o0 00 00 CMM'-fMI,MID 06 00 `.-O) 0 M N w a LO N� (D w � NCDvCD�-N M T- l- I- M N r V N Q) P U. M V r 0ODC M N o0 O C) —OOtDt"') co�O�fiO co U*)v cM co r- I - NCO O co 00 ^ N v 00 r N v Rla)CC v cOCDMNOO OD Q) N 00 L rtO cD LO MM V 00O coM00 Go e0- to � T�OLOQ) �LOcD C W C) LL M • ' pp w � oo co I� "t LC) t) ti CF) a- N N cM N O N M V O M � c) qt ^ O� O � M N O V O L to N Ci O Co M CD C im N co N � r e- tV v r LL 'a 00 LID O W r- e- to LO O to U) t6 000OON00 0 O� M O O C) I-cDcootiw C) OO M V— O cp O 0 O) co O cO CD �O�O� to M � 'd• � I- V- tV to � N LL cs It CV) I-LO'VN co N o00 to ) C) 0 00 P— It ~ Go tD co C t0 N (a a) N G 00 (DN Or 00Lo "t 00 N N e- v `OCV tD rLLo4to4p O N��LjOM Min co to O N LL N��'n� cM� M ... N M 0000 t0 M O�Ocl � cMDN0)Nti o t0 co N CD Lo OOb �r-� �OqqcD� QjcljMMp ONr-F--LO Md cDr-U') 00 O N 1t! O th Mr�v-000 O O —04 N LL. V 00 OM LA C) O O) �O N N o0 co LO l� rn �� V- Nr-LO to t0 It LO M p cD O 00 N N tt f� I� cD O cM r O Lo 00 00 'co N (DOM000tM Q)O�MM0 ti (: 00 QUO NNa) �Q)oC3 O cM M ~ M O M ti M M 0~ U) C O r L[) co Q) a� L cn N 0 o p C L ~ C cn cn cc a cn m C a) N N N L V E X O H c Uco m m c v C c m cm U) C d C J O R L s M co F- 0) a C t0 7 w H +N+ N w to m U C U N 0 r �a � LL E0. a c .� c ccoo ~ •- X > aNi ad o ° c•a O rZ x w C " 0) cn LA �a >4) c�cu X. c c Um to m om a-nOm 4)) xFU(D wnwOUOF- I 4) z U w z d O O a O O O O O O O O O C LO LO O C:) O C) O O CDC) LO C) M O O O O L LO O O u M LL t N R v 0 N Y cc N 0) y C N cn � O �> Im 0rn(D cn m0o 0-- LO LO 00 N N co N a 0 CC ti co M ti H-? a 0 � N =I O N d U c Z m ' rn N � c c w W CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET OW30198 FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH 826,651.34 11,377,075.32 620.29 12,204,346.95 LORP INVESTMENT IN POOLED CASH 470,000.00 470.000.00 INVESTMENT T-BILUNOTES & OTHER 18,000,000.34 18,000,000.34 LQRP CASH 78,487.79 78,487.79 BOND REDEMPTION CASH 74,872.60 1,159.50 76,032.10 BOND RESERVE CASH BOND PROJECT CASH 16,008,017.21 599,959.48 16,607,976.69 BOND ESCROW CASH PETTY CASH 1,000.00 1,000.00 CASH 3 INVESTMENT TOTAL 18,827,651.68 28,008,452.92 601,739.27 47,437,843.87 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE PREMIUM/DISCOUNT ON INVESTMENT LORP-ACCOUNTS RECEIVABLE INTEREST RECEIVABLE LOANINOTES RECEIVABLE DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS DUE FROM RDA INTEREST ADVANCE -DUE FROM RDA NSF CHECKS RECEIVABLE ACCRUED REVENUE TRAVEL ADVANCES EMPLOYEE ADVANCES PREPAID EXPENSES 3,491.00 3,491 00 RECEIVABLE TOTAL 9,926,975.66 3,367,371.37 8,492,632.86 21,786,979.89 86,319.85 86,319, 85 72.603.81 81,257.68 8,505,000.00 8,658,861.49 (13,414.66) (66,227.02) (12,367.14) (92.008.82) 23,298.38 23,298.38 131,323.55 142,955.80 274,279.35 2,528,967.76 2,528,967.76 15,000.00 15,000.00 308,528.12 613.230.23 921,758.35 6,890,277.20 6,890,277.20 2,019,798.48 2,019,798.48 1.412.71 1,412.71 497,655.45 43,888.54 541,543.99 300.00 300.00 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 75.00 MISC. DEPOSITS 2,100.00 210000 DEPOSITS TOTAL 2,175.00 2,175.00 GENERAL FIXED ASSETS 693,426.00 15,008,708.00 11,438,745.05 27.140.879.05 ACCUMULATED DEPRECIATION (121,431.96) (121.431.96) AMOUNT AVAILABLE TO RETIRE UT DEBT 3,395,117.03 3,395,117.03 AMOUNT TO BE PROVIDED FOR L!f DEBT 1,870,207.22 97,581,676.76 8,505,000.00 107,956,883 98 TOTAL OTHER ASSETS 571,994.04 15,008,708.00 1,870,207.22 11,438,745.05 100,976,793.79 8,505,000.00 138,371,448.10 TOTAL ASSETS 29,328,796.38 15,008,708.00 1,870,207.22 31 46214414 11,438,745.05 100,976,793.79 9,094,372.13 8,505,000.00 207,684 666 71 LIABILITY ACCOUNTS PAYABLE 1,487,224.69 47,405.53 592.626.21 2,127.256 43 DUE TO OTHER AGENCIES 30,734.76 62,192.19 92,926,95 DUE TO OTHER FUNDS 101.296.12 666,241.04 767.537 16 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES 107,329.29 504,731.48 612,060.77 PAYROLL LIABILITIES 614.98 614.98 STRONG MOTION INSTRUMENTS 2,844.65 2.844.65 FRINGE TOED LIZARD FEES SUSPENSE DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 1,730,044.49 47,405.53 1,825,790.92 3,603,240.94 ENGINEERING TRUST DEPOSITS 58,224.09 58,224.09 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 250,150.94 250,150.94 LQRP DEPOSITS 14,426.00 14,426.00 DEVELOPER DEPOSITS 595,837.08 595,83T08 MISC. DEPOSITS 188,870.74 188,870.74 AGENCY FUND DEPOSITS 1,371,297.99 1,371,297.99 TOTAL DEPOSITS 2,464,380.84 14,426.00 2,478,806.84 DEFERRED REVENUE 14.229.79 8,505,000.00 8,519,229.79 OTHER LIABILITIES TOTAL 14.229.79 8,505,000.00 8,519,229.79 COMPENSATED ABSENCES PAYABLE 313,619.81 313,619.81 DUE TO THE CITY OF LA QUINTA 1,509,181.88 8,910,076.89 10,419,258.77 DUE TO COUNTY OF RIVERSIDE 12,601,591.90 12,601,591.90 DUE TO C.V. UNIFIED SCHOOL DIST. 10,690,125.00 10,690,125.00 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 68 775 000.00 8,505,000.00 77,280,000.00 TOTAL LONG TERM DEBT 1,822,801.69 100,976,793.79 8,505,000,00 111,304,595.48 TOTAL LIABILITY 4,208,655.12 1,870,207.22 1,840,216.92 100,976,793.79 8,505,000.00 8,505,000.00 125,905,873.05 EQUITY -FUND BALANCE 25,120,141.26 15,008,708.00 29,621,927.22 11,438,745.05 589.372.13 81, 778,893.66 TOTAL LIABILITY a EQUITY 29,328,796.38 15,008,708.00 1,870,207.22 31,462,144.14 11,438 745.05 100,976,793.79 9,094,372.13 8,505,000.00 207,684,766.71 TO: FROM: SUBJECT: DATE: T a 4hf�Qu&rA MEMORANDUM La Quinta City Council John Falconer, Finance Director/Treasurer Treasurer's Report for July 31, 1998 September 3, 1998 Attached is the Treasurer's Report for the month ending July 31, 1998. This report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Department. Cash and Investments: Increase of $4,289,653. due to the net effect of revenues in excess of expenditures. State Pool: Decrease of $68,676. due to the net effect of transfers to and from the cash and investment accounts. U.S. Treasury Bills, Notes, Securities and Commercial Paper: Decrease of $5,090,881. due to the purchase of one Government Security, the maturity of one T-Note and one Government Security and the monthly adjustment in the amortized value of the investments. Mutual Funds: Increase of $11,547. due to the receipt of Bond Proceeds and interest earned. Total decrease in cash balances $858,357. I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. 3 � Jo n M. 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N d C6 J v C L y CO C GoCT c C Q i i� � rN+ O m N a H O O 0 C= CL= N N m C to U � U 3 N O N v C Q y •O CD O N O N °� Q O O d C c R U tm C •C N> tV 1-1 O X d co K w d O O R _ O •N O acCU O` C= C� 6 a� - X p d c C U d 4) m 2 (is +'E rZ H Cn O 0 w Cv N- m N w cn w O U o F- Z L U C wl Z O O O O m CO N 0 0 0 O COO ^ O cNOO CD N CD N � 0 0 0 O O 0 co COO O O O co N o00 w O O N CO0 O qql MOc Ln O CD O Cn Cc) 0 co CD .-. OO O O N O O O w O CD O 0 0 O O v W cq r1 1 CD CD O CM co CD Cn co O O NCO CD 0 co R co 00 CDCh CO O Zo O N co wi O N u N uy CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET 07/31/98 FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH 5,658,415.19 10,766,288.50 620.29 16,425,323.98 LQRP INVESTMENT IN POOLED CASH 470,000.00 470,000.00 INVESTMENT T-BILL/NOTES & OTHER 13,000,000.00 13,000,000.00 LQRP CASH 78,487.79 78,487.79 BOND REDEMPTION CASH 74,893.51 1,164.29 76,057.80 BOND RESERVE CASH BOND PROJECT CASH 16,018,734.93 600,762.88 16,619,497.81 BOND ESCROW CASH PETTY CASH 1,000.00 1,000.00 CASH & INVESTMENT TOTAL 18,659,415.19 27,408,404.73 602,547.46 46,670,367.38 INVESTMENT IN LAND HELD FOR RESALE (0.15) (0.15) ACCOUNTS RECEIVABLE 71,905.21 81,257.68 8,505,000.00 8,658,162.89 PREMIUM/DISCOUNT ON INVESTMENT (117,705.91) (54,990.02) (10,193.14) (182,889.07) LQRP-ACCOUNTS RECEIVABLE 23,298.38 23,298.38 INTEREST RECEIVABLE LOAN/NOTES RECEIVABLE 2,528,967.76 2,528,967.76 DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 306,361.12 551,038.04 857,399.16 DUE FROM RDA 6,890,277.20 6,890,277.20 INTEREST ADVANCE -DUE FROM RDA 2,094,049.12 2,094,049.12 NSF CHECKS RECEIVABLE 1,399.94 1,399.94 ACCRUED REVENUE 34,625.54 34,625.54 TRAVEL ADVANCES 1,710.00 1,710.00 EMPLOYEE ADVANCES PREPAID EXPENSES 3,491.00 3,491.00 RECEIVABLE TOTAL 9,251,487.68 3,164,197.38 8,494,806.86 20,910,491.92 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 693,426.00 15,008,708.00 11,438,745.05 27,140,879.05 ACCUMULATED DEPRECIATION (121,431.96) (121,431.96) AMOUNT AVAILABLE TO RETIRE LIT DEBT 3,395,117.03 3,395,117.03 AMOUNT TO BE PROVIDED FOR L!f DEBT 1,844,941.22 97,655,927.40 8,505,000.00 108,005,868.62 TOTAL OTHER ASSETS 571,994.04 15,008,708.00 1,844,941.22 11,438,745.05 101,051,044.43 8,505,000.00 138,420,432.74 TOTAL ASSETS 28 522 708.91 15,008,708.00 1,844,941.22 30,572,601.96 11,438,745.05 101 051 044.43 9,097,354.32 8,505,000.00 206 041 103.89 LIABILITY ACCOUNTS PAYABLE (68,373.86) 22,139.53 (504,731.48) (550,965.81) DUE TO OTHER AGENCIES 259,958.32 728,311.00 988,269.32 DUE TO OTHER FUNDS 99,129.12 551,038.04 650,167.16 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES PAYROLL LIABILITIES 6,380.72 6,380.72 STRONG MOTION INSTRUMENTS 4,613.08 4,613.08 FRINGE TOED LIZARD FEES SUSPENSE DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 301,707.38 750,450.53 46,306.56 1,098,464.47 ENGINEERING TRUST DEPOSITS 58,224.09 58,224.09 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 264,339.21 264,339.21 LQRP DEPOSITS 14,426.00 14,426.00 DEVELOPER DEPOSITS 504,678.08 780,870.88 1,285,548.96 MISC. DEPOSITS 188,870.74 188,870.74 AGENCY FUND DEPOSITS 1,368,029.23 1,368,029.23 TOTAL DEPOSITS 2,384,141.35 780,870.88 14,426.00 3,179,438.23 DEFERRED REVENUE 14,229.79 8,505,000.00 8,519,229.79 OTHER LIABILITIES TOTAL 14,229.79 8,505,000.00 8,519,229.79 COMPENSATED ABSENCES PAYABLE 313,619.81 313,619.81 DUE TO THE CITY OF LA QUINTA 8,984,327.53 8,984,327.53 DUE TO COUNTY OF RIVERSIDE 12,601,591.90 12,601,591.90 DUE TO C.V. UNIFIED SCHOOL DIST. 10,690,125.00 10,690,125.00 DUE TO DESERT SANDS SCHOOL DIST. BONDS PAYABLE 68,775,000.00 8,505,000.00 77,280,000.00 TOTAL LONG TERM DEBT 313,619.81 101,051,044.43 8,505,000.00 109,869,664.24 TOTAL LIABILITY 2,700,078.52 1,844,941.22 60,732.56 101,051,044.43 8,505,000.00 8,505,000.00 122,666,796.73 EQUITY -FUND BALANCE TOTAL LIABILITY & EQUITY 25,822,630.39 15,008,708.00 30,511,869.40 11,438,745.05 592,354.32 83,374,307.16 28,522,708.91 15,008,708.00 1,844,941.22 30 572 601.96 11 438 745.05 101 051 044.43 9,097,354.32 8,505,000.00 206,041 103.89 A INVESTMENT ADVISORY BOARD MEETING Business Session B Meeting Date: September 9, 1998 ITEM TITLE Fiscal Year 1998/99 Investment Policy Update BACKGROUND: At the July Investment Advisory Board meeting, discussion ensued regarding proposed changes to the Fiscal Year 1998/99 Investment Policies. Board Member Moulin has suggested revisions to the Investment Policy which are attached as Exhibit I. Staff has provided background information to commence discussions in these areas as follows: • Investment Advisory Board Ordinance • GFOA overview of US Government Agencies and Instrumentalities obligations • Proposed changes to XIX of the Investment Policies RECOMMENDATION: ovid%! Staff witli direction. JbhA M. Falconhr, Finance Director EXHIBIT NO. 1 Suggested Revisions to Investment Policy July, 1998 Section IX A. Government Agency Issues Revise to distinguish between (1) direct government issues, (2) federal government agencies' issues and (3) federal government sponsored entities' issues. (1) U.S. Treasury bills, notes and bonds backed by the full faith and credit of the U.S. Government. Do not allow investment in strips. Consider no investment limitation. (2) U.S. Government agencies' issues backed by the full faith and credit of the U.S. Government. Such agencies include the FHLB and GNMA. List all agencies having this status. No strips. Consider the current limitation of 75 % with a single agency limit of 25 %. (3) Federal government sponsored entities (GSEs) issuing securities not backed as to principal and interest by the full faith and credit of the U.S. Government. These GSEs include FNMA, FHLMC and SLMA. List all GSEs having this status that the City may consider for investment. No strips. Consider limit of 30% with a single GSE limit of 10%. Other Suggestions for IX A. The investment limits should follow a logical pattern based on credit and liquidity risk. For example, there should be no limitation on U.S Treasury securities (having no credit or liquidity risk). Each category of authorized investments should be so evaluated. The expected result of such an analysis would be to reduce the present limitations. The City's investment policy should specifically prohibit an investment in derivatives of any kind. Other Comments XIV Maximum Maturities Consider allowing a "matched book" concept. For example, if $5 million of funds is received for a specific, non -modifiable project specifying disbursement of $1 million per year for five years, the Treasurer should have the ability to invest the $5 million in securities with maturities of $1 million per year over five years, thereby matching required disbursements with maturities. Maturity limitations on specific investments are covered in IX A. For consistency, move the last two sentences to the respective subject related description in IX A. XIX Investment Advisory Board The description of the IAB's functions needs to be modified to agree with the functions actually performed Corresponding changes to the municipal code are also necessary. Other Changes Modify related sections and support elsewhere in the investment policy to conform to all changes. DJM, 7/15/98 1 `, I 92 INVESTING PUBLIc FUNDS S 0 U r L'e- G_ovev,�oj-A� . Agency and instrumentality securities take various forms. Certain charac- teristics are commonly associated with each issue. Table 7 presents an overview by instrument type: TABLE 7 U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES OBLIGATIONS Discount notes Federal farm credit banks FNMA Federal Home Loan Banks Variable -rate notes Student Loan Marketing Agency/I nstru mentality Instrumentality Agency Agency U.S. government guaranteed No No No Association Instrumentality Not directly Small Business Administration loans Agency Face value and interest Agency for International Development loans Agency Face value and interest Coupon securities FNMA Instrumentality No Federal Home Loan Bank Instrumentality No Bank for Co-ops Instrumentality No Federal Land Banks Instrumentality No World Bank International agency No Private Export Funding Corp. Agency No Mortgage pass -through securities GNMAc Agency Principal and interest FHLMC (Freddie Mac) Instrumentality No 2.70.010 Chapter 2.70 INVESTMENT ADVISORY BOARD Sections: 2.70.010 General rules regarding appointment and terms. 2.70.020 Board meetings and compensation. 2.70.030 Board functions. 2.70.010 General rules regarding appointment and terms. A. Except as set out below; see Chapter 2.06 for general provisions. B. The investment advisory board (the "board') is a standing board composed of seven members from the public that are appointed by city council. La Quinta residency is preferred, but not a requirement for board members. Recruitment for members may be advertised outside of the city. C. Background in the investment field and/or related experience is preferred. Background information will be requested and potential candidates must agree to a background check and verification. D. On an annual basis, in conjunction with the Political Reform Act disclosure statutes, or at any time if a change in circumstances warrants, each board member will provide the city council with a disclosure statement which identifies any matters that have a bearing on the appropriateness of that member's service on the board. Such matters may include, but are not limited to, changes in employment, changes in residence or changes in clients. (Ord. 287 § 1 (part), 1996; Ord. 268 § 1, 1995; Ord. 222 (part), 1993) 2.70.020 Board meetings and compensation. Initially, the board should meet once a month, but this schedule may be extended to quarterly meetings upon the concurrence of the board and the city council. The specific meeting dates will be determined by the board members and meetings may be called for on an as -needed basis. (Ord. 287 § 1 (part), 1996; Ord. 222 (part), 1993) 2.70.030 Board functions. A. The following are functions of the board that are to be addressed at each meeting: (1) review account statements and verifications to ensure accurate reporting as they relate to an investment activity; (2) monitor compliance with existing investment policy and procedures; and (3) review and make recommendations concerning investment policy and procedures, investment contracts, and investment consultants. B. The board will report to city council after each meeting either in person or through correspondence at a regular city council meeting. (Ord. 287 § 1 (part), 1996; Ord. 269 § 1, 1995: Ord. 222 (part), 1993) (LA Quints 5-98) 42-2 CITY OF LA QUINTA Investment Policy Table of Contents Section Topic Page Executive Summary 2 I General Purpose 4 II Investment Policy 4 III Scope 4 IV Objectives 5 ► Safety ► Liquidity ► Yield V Prudence 6 VI Delegation of Authority 6 VII Conflict of Interest 7 Vill Authorized Financial Dealers and Institutions 7 to. Broker/Dealers ► Financial Institutions IX Authorized Investments and Diversification 8 X Investment Pools 11 XI Collateral ization 12 XII Safekeeping and Custody 12 XIII Interest Earning Distribution Policy 12 XIV Maximum Maturities 13 XV Internal Controls 13 XVI Benchmark 15 XVII Reporting Standards 15 XVIII Investment of Bond Proceeds 15 XIX Investment Advisory Board - City of La Quinta 16 XX Investment Policy Adoption 16 Appendices Authorized Investments and Diversification 17 Municipal Code Ordinance 2.70 - Investment Advisory Board 18 Municipal Code Ordinance 3.08 - Investment of Moneys and Funds 19 Listing of Approved Financial Institutions 21 Broker/Dealer Questionnaire and Certification 22 Investment Pool Questionnaire 26 Segregation of Major Investment Responsibilities 30 Glossary 31 1 City of La Quinta Investment Policy Executive Summary The general purpose of this Investment Policy is to provide the rules and standards users must follow in investing funds of the City of La' Quinta. It is the policy of the City of La Quinta to invest all public funds in a manner which will provide a diversified portfolio with maximum security while meeting daily cash flow demands and the highest investment return in conformity to all state and local statutes. This Policy applies to all cash and investments of the City of La Quinta, La Quinta Redevelopment Agency and the La Quinta Financing Authority, hereafter referred in this document as the "City". The primary objectives, in order of priority, of the City of La Quinta's investment activity shall be: Safety of principal is the foremost objective of the investment program. Investments of the City of La Quinta shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return or yield throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Investments shall be made with judgment and care - under circumstances then prevailing - which persons of prudence discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. Authority to manage the City of La Quinta's investment portfolio is derived from the City Ordinance. Management responsibility for the investment program is delegated to the City Treasurer, who shall establish and implement written procedures for the operation.of the City's investment program consistent with the Investment Policy. The Treasurer shall establish and implement a system of internal controls to maintain the safety of the portfolio. In addition, the internal control system will also insure the timely preparation and accurate reporting of the portfolio financial information. The adequacy of these controls will be reviewed and reported on annually by an independent auditor. 2 Investment responsibilities carry added duties of insuring that investments are made without improper influence or the appearance to a reasonable person of questionable or improper influence. The City of La Quinta maintains a listing of financial institutions which are approved for investment purposes. All Broker/Dealers and financial institutions selected by the Treasurer to provide investment services will be approved by the City Manager subject to City Council approval. The Treasurer will be permitted to invest only in City approved investments up to the maximum allowable percentages and, where applicable, through the bid process requirements. Authorized investment vehicles and related maximum portfolio positions are listed in Appendix - Authorized Investments and Diversification. At least two bids will be required of investments in the authorized investment vehicles. Collateralization will be required for Certificates of Deposits in excess of $100,000. Collateral will always be held by an independent third party from the institution that sells the Certificates of Deposit to the City. Evidence of compliance with State Collateral ization policies must be supplied to the City and retained by the City Treasurer. The City of La Quinta shall require that each individual investment have a maximum maturity of two years unless specific approval is authorized by the City Council. In addition, the City's investment in the State Local Agency Investment Fund (LAIF) is allowable as long as the average maturity does not exceed two years, unless specific approval is authorized by the City Council. The City's investment in Money Market Mutual funds is allowable as long as the average maturity does not exceed 60 days. The City of La Quinta will use the six month U.S. Treasury Bill as a benchmark when measuring the performance of the investment portfolio. The Investment Policies shall be adopted by resolution of the La Quinta City Council on an annual basis, The Investment Policies will be adopted before the end of June of each year. This Executive Summary is an overall review of the City of La Quinta Investment Policies. Reading this summary does not constitute a complete review which can only be accomplished by reviewing all the pages. 3 City of La Quinta Statement of Investment Policy July 1, 1998 through June 30, 1999 Adopted by the City Council on June 16, 1998 GENERAL PURPOSE The general purpose of this document is to provide the rules and standards users must follow in administering the City of La Quinta cash investments. II INVESTMENT POLICY It is the policy of the City of La Quinta to invest public funds in a manner which will provide a diversified portfolio with safety of principal while meeting daily cash flow demands with the highest investment return . In addition, the Investment Policy will conform to all State and local statutes governing the investment of public funds. III SCOPE This Investment Policy applies to all cash and investments of the City of La Quinta, City of La Quinta Redevelopment Agency and the City of La Quinta Financing Authority, hereafter referred in this document as the "City". These funds are reported in the City of La Quinta Comprehensive Annual financial Report (CAFR) and include: All funds within the following fund types: ► General ► Special Revenue ► Capital Project ► Debt Service ► Internal Service ► Trust and Agency ► Any new fund types and fund(s) that may be created. 0 IV OBJECTIVES The primary objective, in order of priority, of the City of La Quinta's investment activity shall be: 1. Safety Safety of principal is the foremost objective of the investment program. Investments of the City of La Quinta shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio in accordance with the permitted investments. The objective will be to mitigate credit risk and interest rate risk. A. Credit Risk Credit Risk - is the risk of loss due to the failure of the security issuer or backer. Credit risk may be mitigated by: ► Limiting investments to the safest types of securities; ► Pre -qualifying the financial institutions, and broker/dealers, which the City of La Quinta will do business; and ► Diversifying the investment portfolio so that potential losses on individual securities will be minimized. B. Interest Rate Risk Interest Rate risk is the risk that the market value of securities in the portfolio will fall due to changes in general interest rates. Interest rate risk may be mitigated by: ► Structuring the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity; and ► By investing operating funds primarily in shorter -term securities. 2. Liquidity The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. This is accomplished by structuring the portfolio so that sufficient liquid funds are available to meet anticipated demands. Furthermore since all possible cash demands cannot be anticipated the portfolio should consist of securities with active secondary or resale markets. 5 3. Yield The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Return on investment is of least importance compared to the safety and liquidity objectives described above. The core of investments are limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. Securities shall not be sold prior to maturity with the following exceptions: ► A declining credit security could be sold early to minimize loss of principal; ► Liquidity needs of the portfolio require that the security be sold. V PRUDENCE The City shall follow the Uniform Prudent Investor Act as adopted by the State of California in Probate Code Sections 16045 through 16054.. Section 16053 sets forth the terms of a prudent person which are as follows: Investments shall be made with judgment and care - under circumstances then prevailing - which persons of prudence, discretion, and intelligence excerise in the professional management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. VI DELEGATION OF AUTHORITY Authority to manage the City of La Quinta's investment portfolio is derived from the City Ordinance. Management responsibility for the investment program is delegated to the City Treasurer, who shall establish written procedures for the operation of the investment program consistent with the Investment Policy. Procedures should include reference to safekeeping, wire transfer agreements, banking service contracts, and collateral/depository agreements. Such procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this Investment Policy and the procedures established by the City Treasurer. The City Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of . subordinate officials. The City Manager or Assistant City Manager shall approve in writing all purchases and sales of investments prior to their execution by the City Treasurer. C01 VII CONFLICT OF INTEREST Investment responsibilities carry added duties of insuring that investments are made without improper influence or the appearance of improper influence. Therefore, the City Manager, Assistant City Manager, and the City Treasurer shall adhere to the State of California Code of Economic. Interest and to the following: ► The City Manager, Assistant City Manager, and the City Treasurer shall not personally or through a close relative maintain any accounts, interest, or private dealings with any firm with which the City places investments, with the exception of regular savings, checking and money market accounts, or other similar transactions that are offered on a non-negotiable basis to the general public. Such accounts shall be disclosed annually to the City Clerk in conjunction with annual disclosure statements of economic interest. ► All persons authorized to place or approve investments shall report to the City Clerk kinship relations with principal employees of firms with which the City places investments. VIII AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS The City of La Quinta maintains a listing of financial institutions which are approved for investment purposes. In addition a list will also be maintained of approved broker/dealers selected by credit worthiness, who maintain an office in the State of California. 1. Broker/Dealers who desire to become bidders for investment transactions must supply the City of La Quinta with the following: ► Current audited financial statements ► Proof of National Association of Security Dealers Certification ► Trading resolution ► Proof of California registration ► Resume of Financial broker ► Completion of the City of La Quinta Broker/Dealer questionnaire which contains a certification of having read the City of La Quinta Investment Policy The City Treasurer shall evaluate the documentation submitted by the broker/dealer and independently verify existing reports on file for any firm and individual conducting investment related business. 7 The City Treasurer will also contact the following agencies during the verification process: ► National Association of Security Dealer's Public Disclosure Report File - 1-800-289-9999 ► State of California Department of Corporations 1-916-445-3062 All Broker/Dealers selected by the City Treasurer to provide investment services will be approved by the City Manager subject to City Council approval. The City Attorney will perform a legal review of the trading resolution/investment contract submitted by each Broker/Dealer. Each securities dealer shall provide monthly and quarterly reports filed pursuant to U.S. Treasury Department regulations. Each mutual fund shall provide a prospectus and statement of additional information. 2. Financial Institutions will be required to meet the following criteria in order to receive City funds for investment: A. Insurance - Public Funds shall be deposited only in financial institutions insured by the Federal Deposit Insurance Corporation B. Collateral - The amount of City of La Quinta deposits or investments not insured by agency of the federal government shall be 1 10% collateralized by securities' or 150% mortgages' market values of that amount of invested funds plus unpaid interest earnings. C. Size - The amount of City of La Quinta deposits or investments must be collateralized or insured by an agency of the federal government. D. Disclosure - Each financial institution maintaining invested funds in excess of $ 100,000 shall furnish corporate authorities a copy of all statements of resources and liabilities which it is required to furnish to the State banking or savings and loan commissioners as required by the California Financial Code. The City shall not invest in excess of $100,000 in banking institutions which do not disclose to the city a current listing of securities pledged for collateralization in public monies. IX AUTHORIZED INVESTMENTS AND DIVERSIFICATION The City Treasurer will be permitted to invest in the investments listed in the Appendix entitled - Authorized Investments and Diversification. A. STATE OF CALIFORNIA AND CITY OF LA QUINTA LIMITATIONS As provided in Sections 16429.1, 53601, 53601.1, and 53649 of the Government Code, the State of California limits the investment vehicles available to local agencies as summarized in the following paragraphs. Section 53601, as now amended, provides that unless Section 53601 specifies a limitation on an investment's maturity, no investments with maturities exceeding five years shall be made. The City of La Quinta Investment Policy has specified that no investment may exceed two years. State Treasurer's Local Agency Investment Fund (LAIR - As authorized in Government Code Section 16429.1 and by LAIF procedures, local government agencies are each authorized to invest a maximum of $20 million per account in this investment program administered by the California State Treasurer. The City of La Quinta has two accounts with LAIF. The City of La Quinta has a limitation of 35% of the portfolio. Government Agency Issues - As authorized in Government Code Sections 53601 (a) through (n) as they pertain to surplus funds, this category includes a wide variety of government securities which include the following: • Local government bonds or other indebtedness and State bonds or other indebtedness. The City of La Quinta Investment Policy does not allow investments in local and state indebtedness • U.S. Treasury notes or other indebtedness secured by the full faith and credit of the federal government. The City of La Quinta Investment Policy limits investments in U.S. Treasury issues to 75% • Other federal agency securities including but not limited to issued by the Government National Mortgage Association, Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation. The City of La Quinta investment policy limits investments in federal agency securities to 75% with no one federal agency of one specific entity can exceed 25% of the portfolio. Bankers' Acceptances - As authorized in Government Code Section 53601 (f), 40% may be invested in Bankers' Acceptances, although no more than 30% of the portfolio may be invested in Bankers' Acceptances with any one commercial bank. Additionally, the maturity period cannot exceed 270 days; however, Bankers' Acceptances are seldom marketed with maturities in excess of 180 days. The City of La Quinta investment policy does not allow investment in Bankers' Acceptances. Commercial Paper - The City of La Quinta Investment Policy only allows investments in commercial paper to 30%, the dollar weighted average maturity does not exceed 31 days. As authorized in Government Code 0 Section 53601(g), 15% of the portfolio may be invested in commercial paper of the highest rating (A-1 or P-1) as rated by Moody's or .Standard and Poor's, with maturities not to exceed 180 days. This percentage may be increased to 30% if the dollar weighted average maturity does not exceed 31 days. These are a number of other qualifications regarding investments in commercial paper based on the financial strength of the corporation and the size of the investment. The City of La Quinta has also required that no more than $ 1 million dollars may be invested in any one entity at any time. Neaotiable Certificates of Deposit - As authorized in Government Code Section 53601(h), 30% maybe invested in negotiable certificates of deposit issued by commercial banks and savings and loan associations. The City of La Quinta investment policy does not allow investment in Negotiable Certificates of Deposit. Repurchase and Reverse Repurchase Agreements - As authorized in Government Code Section 53601(i), these investment vehicles are agreements between the local agency and seller for the purchase of government securities to be resold at a specific date and for a specific amount. Repurchase agreements are generally used for short term investments varying from one day to two weeks. There is no legal limitation on the amount of the repurchase agreement. However, the maturity period cannot exceed one year. The market value of securities underlying a repurchase agreement shall a at least 102% of the funds invested and shall be valued at least quarterly. The City of La Quinta Investment Policy does not allow investment in Repurchase Agreements. The term "reverse repurchase agreement" means the sale of securities by the local agency pursuant to an agreement by which the local agency will repurchase such securities on or before a specific date and for a specific amount. As provided in Government Code Section 53635, reverse repurchase agreements require the prior approval of the City Council. The City of La Quinta Investment Policy does not allow investment in Reverse Repurchase Agreements. Corporate Notes and Diversified Management Companies - As authorized in Government Code Section 53601 (j) and (k), local agencies may invest in corporate notes for a maximum period of five years in an amount not to exceed 30% of the agency's portfolio. The notes must be issued by corporations organized and operating in the United States or by depository institutions licensed by the United States or any other state and operating in the United States. Local agencies are also authorized in invest in shares of beneficial interest issued by diversified management companies (mutual funds) in an amount not to exceed 20% of the agency's portfolio. There are a number of other qualifications and restrictions regarding allowable investments in corporate notes and shares of beneficial interest issued by mutual funds. The City of La Quinta investment policy does not allow corporate notes and limits the percentage of mutual funds to 20%. 10 Mortgage -Backed Securities - As authorized in Government code Section 53601(n), local agencies may invest in mortgage -backed securities such as mortgage pass -through securities and collateralized mortgage obligations for a maximum period of five years in an amount not to exceed 20% of the agency's portfolio. Securities eligible for investment shall have a "A" or higher rating. The City of La Quinta investment policy does not allow investment in Mortgage -Backed Securities. Financial Futures and Financial Option Contracts - As authorized in Government Code Section 53601.1, local agencies may invest in financial futures or option contracts in any of the above investment categories subject to the same overall portfolio limitations. The City of La Quinta Investment Policy does not allow investments in financial futures and financial option contracts. Certificates of Deposit - As authorized in Government Code Section 53649, Certificates of Deposit are fixed term investments which are required to be collateralized from 105% to 150% depending on the specific security pledged as collateral in accordance with Government Code Section 53652. There are no portfolio limits on the amount of maturity for this investment vehicle. The City of La Quinta investment policy limits the percentage of Certificates of Deposit to 60%. Sweep Accounts - As authorized by the City Council, a U.S. Treasury Money Market Sweep Account with a $50,000 target balance may be maintained in conjunction with the checking account. X INVESTMENT POOLS There are three (3) types of investment pools: 1) state -run pools, 2) pools that are operated by a political subdivision where allowed by law and the political subdivision is the trustee i.e. County Pool; and 3) pools that are operated for profit by third parties. The City of La Quinta has an investment with the State of California's Treasurers Office Local Agency Investment Fund commonly referred to as LAIF. LAIF was organized in 1977 through State Legislation Section 16429.1, 2 and 3. Each LAIF account is restricted to a maximum investable limit of $20 million. In addition, LAIF will provide quarterly market value information to the City of La Quinta. On an annual basis the City Treasurer will submit the Investment Pool Questionnaire to LAIF. Also, prior to opening any new Investment Pool account, which would require City Council approval, the City Treasurer will require the completion of the Investment Pool Questionnaire. The City does not have an investment with any other Investment Pool - County Pools or Third Party Pools. 11 XI COLLATERALIZATION Collateralization will be required for Certificates of Deposits. The type of collateral is limited to City authorized investments. 1. Certificates of Deposits under $100,000. The City Treasurer may waive collateralization of a deposit that is federally insured. 2. Certificates of Deposit over $100,000. The amount not federally insured shall be 1 10% collateralized by securities or 150% mortgages market value of that amount of invested funds plus unpaid interest earnings. Collateralization will be required for Certificates of Deposits in excess of $100,000. Collateral will always be held by an independent third party from the institution that sells the Certificates of Deposit to the City. Evidence of compliance with State Collateralization policies must be supplied to the City and retained by the City Treasurer. XII SAFEKEEPING AND CUSTODY All security transactions of the City of La Quinta shall be conducted on a delivery - versus - payment (DVP) basis. Securities will be held by a third party custodian designated by the City Treasurer and evidenced by safekeeping receipts. Deposits and withdrawals of money market mutual funds and LAIF shall be made directly to the entity and not to an investment advisor. Money market mutual funds and LAIF shall also operate on a DVP basis to be considered for investment. XIII INTEREST EARNING DISTRIBUTION POLICY Interest earnings is generated from pooled investments and specific investments. 1 . Pooled Investments - It is the general policy of the City to pool all available operating cash of the City of La Quinta, La Quinta Redevelopment Agency and La Quinta Financing Authority and allocate interest earnings, in the following order, as follows: A. Payment to the General Fund of an amount equal to the total annual bank service charges as incurred by the general fund for all operating funds as included in the annual operating budget. B. Payment to the General Fund of a management fee equal to 5 % of the annual pooled cash fund investment earnings. C. Payment to each fund of an amount based on the average computerized daily cash balance included in the common portfolio for the earning period. 12 2. Specific Investments - Specific investments purchased by a fund shall incur all earnings and expenses to that particular fund. XIV MAXIMUM MATURITIES The City of La Quinta shall require that each individual investment have a maximum maturity of two years unless specific approval is authorized by the City Council. In addition, the City's investment in the State Local Agency Investment Fund (LAIF) is allowable as long as the average maturity does not exceed two years, unless specific approval is authorized by the City Council. The City's investment in Money Market Mutual funds is allowable as long as the average maturity does not exceed 60 days. XV INTERNAL CONTROLS The City Treasurer shall establish a system of internal controls to accomplish the following objectives: ► Safeguard assets; No, The orderly and efficient conduct of its business, including adherence to management policies; IN. Prevention or detection of errors and fraud; ► The accuracy and completeness of accounting records; and, ► Timely preparation of reliable financial information. While -no internal control system, however elaborate, can guarantee absolute assurance that the City's assets are safeguarded, it is the intent of the City's internal control to provide a reasonable assurance that management of the investment function meets the City's objectives. The internal controls shall address the following: a. Control of collusion. Collusion is a situation where two or more employees are working in conjunction to defraud their employer. b. Separation of transaction authority from accounting and record keeping. By separating the person who authorizes or performs the transaction from the people who record or otherwise account for the transaction, a separation of duties is achieved. C. Custodial safekeeping. Securities purchased from any bank or dealer including appropriate collateral (as defined by State Law) shall be placed with an independent third party for custodial safekeeping. d. Avoidance of physical delivery securities. Book entry securities are much easier to transfer and account for since actual delivery of a document never takes place. Delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities. 13 e. Clear delegation of authority to subordinate staff members. Subordinate staff members must have a clear understanding of their authority and responsibilities to avoid improper actions. Clear delegation of authority also preserves the internal control structure that is contingent on the various staff positions and their respective responsibilities as outlined in the Segregation of Major Investment Responsibilities appendices. f. Written confirmation or telephone transactions for investments and wire transfers. Due to the potential for error and improprieties arising from telephone transactions, all telephone transactions shall be supported by written communications and approved by the appropriate person. Written communications may be via fax if on letterhead and the safekeeping institution has a list of authorized signatures. Fax correspondence must be supported by evidence of verbal or written follow-up. g. Development of a wire transfer agreement with the City's bank and third party custodian. This agreement should outline the various controls, security provisions, and delineate responsibilities of each party making and receiving wire transfers. In addition to the System of Internal Controls developed by the City, the Internal Controls shall be reviewed annually by the independent auditor. The independent auditors management letter comments pertaining to cash and investments, if any, shall be directed to the City Manager who will direct the City Treasurer to provide a written response to the independent auditors letter. This response will also be directed to the City's Investment Advisory Board for their action. XVI BENCHMARK The investment portfolio shall be designed with the objective of obtaining a rate of return throughout budgetary and economic cycles commensurate with the investment risk constraints and the cash flow needs of the City. Return on investment is of least importance compared to safety and liquidity objectives. The City of La Quinta will use the six month U.S. Treasury Bill as a benchmark when measuring the performance of the investment portfolio. XVII REPORTING STANDARDS SB564 section 3 requires a quarterly report to the Legislative Body of Investment activities. The City of La Quinta has elected to report the investment activities to the City Council on a monthly basis through the Treasurers Report. The City Treasurer shall submit a monthly Treasurers Report to the City Council and the Investment Advisory Board that includes all investments under the authority of the Treasurer. 14 The Treasurers Report shall consist of a narrative of significant changes in cash balances and the following: ► Changes in investments from the previous month; ► A certification statement from the City Treasurer; ► Purchases and sales of investments; ► Cost to market value comparisons of all investments by authorized investment category, except for LAIF which will be provided quarterly; ► Comparison of actual holdings to Investment Policy maximums; ► Twenty four (24) months history of cash and investments for trend analysis; ► Balance Sheet. XVIII INVESTMENT OF BOND PROCEEDS The City's investment policy shall govern bond proceeds and bond reserve fund investments. California Code Section 5922 (d) governs the investment of bond proceeds and reserve funds in accordance with bond indenture provisions which shall be structured in accordance with the City's investment policy. Arbitrage Requirement The US Tax Reform Act of 1986 requires the City to perform arbitrage calculations as required and return excess earnings to the US Treasury from investments of proceeds of bond issues sold after the effective date of this law. This arbitrage calculations may be contracted with an outside source to provide the necessary technical assistance to comply with this regulation. Investable funds subject to the 1986 Tax Reform Act will be kept segregated from other funds and records will be kept in a fashion to facilitate the calculations. The City's investment position relative to the new arbitrage restrictions is to continue pursuing the maximum yield on applicable investments while ensuring the safety of capital and liquidity. It is the City's position to continue maximization of yield and to rebate excess earnings, if necessary. XIX INVESTMENT ADVISORY BOARD - CITY OF LA QUINTA The appendices include City of La Quinta Ordinance 2.70 entitled Investment Advisory Board Provisions. 15 XX INVESTMENT POLICY ADOPTION On an annual basis, the Investment policies will be initially reviewed by the Investment Advisory Board and the City Treasurer. The Investment Advisory Board will forward the Investment policies, with any revisions, to the City Manager and City Attorney for their review and comment. A joint meeting will be held with the Investment Advisory Board, City Manager, City Attorney, and City Treasurer to review the Investment policies and comments, prior to submission to the City Council for their consideration. 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N m A II N A II N Ol C to N f�R N (n N Ul N N N Ul N y o U a <� Vl p_ (A O O ,Q N CL -n v -n v C7 m (A 0 c D go C) C) a cam o o > > p -„ 0 0� (D 3 c C N m �(D 0 a n vv on) 0 LL 41 O 5 D � � 3 � m CD CD CD 0 0 0) O C c 3 cr (D 0) � N Q y - m 3 v d 3 CD 'a m _Qa 3 0 0 X 0 3 c 3 m _» 0) y 7 CD o m C m CL o CD F 4! (p v m 0 0 m 3 m 41 VI C Q m 0- O S m 3 X 3 c 3 Chapter 2.70 INVESTMENT ADVISORY BOARD PROVISIONS Sections: 2.70.010 General Rules Regarding Appointment and Terms. 2.70.020 Board meetings and compensation. 2.70.030 Board functions. 2.70.010 General rules regarding appointment and terms. Except as set out below, see Chapter 2.06 for General Provisions. The Investment Advisory Board (the "board") is a standing board composed of seven (7) members from the public that are appointed by city council. La Quinta residency is preferred, but not a requirement for board members. Recruitment for members may be advertised outside of the city". Background in the investment field and/or related experience is preferred. Background information will be required and potential candidates must agree to a background check and verification. On an annual basis, in conjunction with the Political Reform Act disclosure statutes, or at any time if a change in circumstances warrants, each board member will provide the City Council with a disclosure statement which identifies any matters on the board. Such matters may include, but are not limited to, changes in employment, changes in residence, or changes in clients. The Board members will serve for two year staggered terms beginning on July 1 of every other year, commencing July 1, 1993. Initially, two members will be appointed for two year terms and three members will be appointed for one year terms. These initial appointments will start their yearly calculations from July 1, 1993. 2.70.020 Board meetings and compensation. Board members will be reimbursed for meeting and related expenses at an amount of fifty dollars ($ 50) per meeting. Initially, the Board should meet once a month, but this schedule may be extended to quarterly meetings upon the concurrence of the Board and the City Council. The specific meeting dates will be determined by the Board members and meetings may be called for on an as needed basis. 2.70.030 Board functions. The Board will annually elect a Chairperson and Vice -chairperson at the first meeting held after each June 30. The following are functions of the Board that are to be addressed at each meeting: (1) review account statements and verifications to ensure accurate reporting as they relate to an investment activity; (ii) monitor compliance with existing Investment policy and procedures; and (iii) review and make recommendations concerning investment policy and procedures, investment contracts, and investment consultants. The Board will report to City council after each meeting either in person or through correspondence at a regular City Council meeting. Chapter 3.08 INVESTMENT OF MONEYS AND FUNDS Sections: 3.08.010 Investment of city moneys and deposit of securities. 3.08.020 Authorized investments. 3.08.030 Sales of securities. 3.08.040 City bonds. 3.08.050 Reports. 3.08.060 Deposits of securities. 3.08.070 Trust fund administration. 3.08.010 Investment of city moneys and deposit of securities. Pursuant to, and in accordance with, and to the extent allowed by, Sections 53607 and 53608 of the Government Code, the authority to invest and reinvest moneys of the city, to sell or exchange securities, and to deposit them and provide for their safekeeping, is delegated to the city treasurer. (Ord. 2 § 1 (part), 1982) 3.08.020 Authorized investments. Pursuant to the delegation of authority in Section 3.08.010, the city treasurer is authorized to purchase, at their original sale or after they have been issued, securities which are permissible investments under any provision of state law relating to the investing of general city funds, including but not limited to Sections 53601 and 53635 of the Government Code, as said sections now read or may hereafter be amended, from moneys in his custody which are not required for the immediate necessities of the city and as he may deem wise and expedient, and to sell or exchange for other eligible securities and reinvest the proceeds of the securities so purchased. (Ord. 2 § 1 (part), 1982) 3.08.030 Sales of Securities. From time to time the city treasurer shall sell the securities in which city moneys have been invested pursuant to this chapter, so that the proceeds may, as appropriate, be applied to the purchase for which the original purchase money may have been designated or placed in the city treasury. (Ord. 2 § I (part), 3.08.040 City bonds. Bonds issued by the city and purchased pursuant to this chapter may be canceled either in satisfaction of sinking fund obligations or otherwise if proper and appropriate; provided, however, that the bonds may be held uncancelled and while so held may be resold. (Ord. 2 § 1 (part), 1982) 19 3.08.050 Reports. The city treasurer shall make a monthly report to the city council of all investments made pursuant to the authority delegated in this chapter. (Ord. 2 § 1 (part), 1982) 3.08.060 Deposits of securities. Pursuant to the delegation of authority in Section 3.08.010, the city treasurer is authorized to deposit for safekeeping, the securities in which city moneys have been invested pursuant to this chapter, in any institution or depository authorized by the terms of any state law, including but not limited to Section 53608 of the Government Code as it now reads or may hereafter be amended. In accordance with said section, the city treasurer shall take from the institution or depository a receipt for the securities so deposited and shall not be responsible for the securities delivered to and receipted for by the institution or depository until they are withdrawn therefrom by the city treasurer. (Ord. 2 § 1 (part), 1982 3.08.070 Trust fund administration. Any departmental trust fund established by the city council pursuant to Section 36523 of the Government Code shall be administered by the city treasurer in accordance with Section 36523 and 26524 of the Government code and any other applicable provisions of law. (Ord. 2 § 1 (part), 1982) W LISTING OF APPROVED FINANCIAL INSTITUTIONS 1. Banking Services - Wells Fargo Bank 2. Custodian Services - Bank of New York 3. Deferred Compensation - International City/County Management Association Retirement Corporation 4. Broker/Dealer Services - Merrill Lynch, Indian Wells, CA Dean Witter, Newport Beach, CA Smith Barney, Newport Beach, CA 5. Government Pool - State of California Local Agency Investment Fund City of La Quinta Account La Quinta Redevelopment Agency 6. Bond Trustees - 1991 City Hall Revenue Bonds - US Bank 1991 RDA Project Area 1 US Bank 1992 RDA Project Area 2 - US Bank 1994 RDA Project Area 1 - US Bank 1995 RDA Project Area 1 & 2 - US Bank Assessment Districts - US Bank No Changes to this listing may be made without City Council approval. 21 BROKER/DEALER QUESTIONNAIRE AND CERTIFICATION 1. Name of Firm: 2. Address: 3. 9 Telephone: ( ) ( ) Broker's Representative to the City (attach resume): Name: Title: Telephone: ( ) 5. Manager/Partner-in-charge (attach resume): Name: Title: Telephone: 6. List all personnel who will be trading with or quoting securities to City employees (attach resume) Name: Title: Telephone: ( ) ( ) 7. Which of the above personnel have read the City's investment policy? 8. Which instruments are offered regularly by your local office? (Must equal 100%) % U.S. Treasuries % Repos % BA's % Reverse Repos % Commercial Paper % CMO's % CD's % Derivatives % Mutual Funds % Stocks/Equities % Agencies (specify): % Other (specify): 22 9. References -- Please identify your most directly comparable public sector clients in our geographical area. Entity Contact Telephone Client Since Entity Contact Telephone Client Since 10. Have any of your clients ever sustained a loss on a securities transaction arising from a misunderstanding or misrepresentation of the risk characteristics of the instrument? If so, explain. 11. Has your firm or your local office ever been subject to a regulatory or state/ federal agency investigation for alleged improper, fraudulent, disreputable or unfair activities related to the sale of securities? Have any of your employees been so investigated? If so, explain. 12. Has a client ever claimed in writing that you were responsible for an investment loss? Yes No If yes, please provide action taken Has a client ever claimed in writing that your firm was responsible for an investment loss? Yes No If yes, please provide action taken 23 Do yau have any current, or pending complaints that are unreported to the NASD? Yes No If yes, please provide action taken Does your firm have any current, or pending complaints that are unreported to the NASD? Yes No If yes, please provide action taken 13. Explain your clearing and safekeeping procedures, custody and delivery process. Who audits these fiduciary responsibilities? Latest Audit Report Date 14. How many and what percentage of your transactions failed. Last month? % $ Last year? % $ 15. Describe the method your firm would use to establish capital trading limits for the City of La Quinta. 16. Is your firm a member in the S.I.P.C. insurance program. Yes If yes, explain primary and excess coverage and carriers. 17. What portfolio information, if any, do you require from your clients? 18. What reports and transaction confirmations or any other research publications will the City receive? 24 19. Does your firm offer investment training to your clients? Yes No 20. Does your firm have professional liability insurance. Yes No If yes, please provide the insurance carrier, limits and expiration date._ 21. Please list your NASD Registration Number 22. Do you have any relatives who work at the City of La Quinta? Yes No If yes, Name and Department 23. Do you maintain an office in California. Yes No 24. Do you maintain an office in La Quinta or Riverside County? Yes No 25. Please enclose the following: • Latest audited financial statements. • Samples of reports, transaction confirmations and any other research/publications the City will receive. • Samples of research reports and/or publications that your firm regularly provides to clients. • Complete schedule of fees and charges for various transactions. 'CERTIFICATION' *CERTIFICATION* I hereby certify that I have personally read the Statement of Investment Policy of the City of La Quinta, and have implemented reasonable procedures and a system of controls designed to preclude imprudent investment activities arising out of transactions conducted between our firm and the City of La Quinta. All sales personnel will be routinely informed of the City's investment objectives, horizons, outlooks, strategies and risk constraints whenever we are so advised by the City. We pledge to exercise due diligence in informing the City of La Quinta of all foreseeable risks associated with financial transactions conducted with our firm. By signing this document the City of La Quinta is authorized to conduct any and all background checks. Under penalties of perjury, the responses to this questionnaire are true and accurate to the best of my knowledge. Broker Representative Date Title Sales Manager and/or Managing Partner* Date Title PV INVESTMENT POOL QUESTIONNAIRE Note: This Investment Pool Questionnaire was developed by the Government Finance Officers Association (GFOA). Prior to entering a pool, the following questions and issues should be considered. SECURITIES Government pools may invest in a broader range of securities than your entity invests in. It is important that you are aware of, and are comfortable with, the securities the pool buys. 1. Does the pool provide a written statement of investment policy and objectives? 2. Does the statement contain: a. A description of eligible investment instruments? b. The credit standards for investments? c. The allowable maturity range of investments? d. The maximum allowable dollar weighted average portfolio maturity? e. The limits of portfolio concentration permitted for each type of security? f. The policy on reverse repurchase agreements, options, short sales and futures? 3. Are changes in the policies communicated to the pool participants? 4. Does the pool contain only the types of securities that are permitted by your investment policy? INTEREST Interest is not reported in a standard format, so it is important that you know how interest is quoted, calculated and distributed so that you can make comparisons with other investment alternatives. Interest Calculations 1. Does the pool disclose the following about yield calculations: a. The methodology used to calculate interest? (Simple maturity, yield to maturity, etc.) b. The frequency of interest payments? c. How interest is paid? (Credited to principal at the end of the month, each quarter; mailed?) d. How are gains/losses reported? Factored monthly or only when realized? 26 REPORTING 1. Is the yield reported to participants of the pool monthly? (If not, how often?) 2. Are expenses of the pool deducted before quoting the yield? 3. Is the yield generally in line with the market yields for securities in which you usually invest? 4. How often does the pool report, and does that report include the market value of securities? SECURITY The following questions are designed to help you safeguard your funds from loss of principal and loss of market value. 1. Does the pool disclose safekeeping practices? 2. Is the pool subject to audit by an independent auditor? 3. Is a copy of the audit report available to participants? 4. Who makes the portfolio decisions? 5. How does the manager monitor the credit risk of the securities in the pool? 6. Is the pool monitored by someone on the board of a separate neutral party external to the investment function to ensure compliance with written policies? 7. Does the pool have specific policies with regards to the various investment vehicles? a. What are the different investment alternatives? b. What are the policies for each type of investment? 8. Does the pool mark the portfolio to its market value? 9. Does the pool disclose the following about how portfolio securities are valued: a. The frequency with which the portfolio securities are valued? b. The method used to value the portfolio (cost, current value, or some other method)? 27 OPERA TIONS The answers to these questions will help you determine whether this pool meets your operational requirements: 1. Does the pool limit eligible participants? 2. What entities are permitted to invest in the pool? 3. Does the pool allow multiple accounts and sub -accounts? 4. Is there a minimum or maximum account size? 5. Does the pool limit the number of transactions each month? What is the number of transactions permitted each month? 6. Is there a limit on transaction amounts for withdrawals and deposits? a. What is the minimum and maximum withdrawal amount permitted? b. What is the minimum and maximum deposit amount permitted? 7. How much notice is required for withdrawals/deposits? 8. What is the cutoff time for deposits and withdrawals? 9. Can withdrawals be denied? 10. Are the funds 100% withdrawable at anytime? 1 1 . What are the procedures for making deposits and withdrawals? a. What is the paperwork required, if any? b. What is the wiring process? 12. Can an account remain open with a zero balance? 13. Are confirmations sent following each transaction? STA TEMENTS It is important for you and the agency's trustee (when applicable), to receive statements monthly so the pool's records of your activity and holding are reconciled by you and your trustee. Me 1. Are statements for each account sent to participants? a. What are the fees? b. How often are they passed? c. How are they paid? d. Are there additional fees for wiring funds (what is the fee)? 2. Are expenses deducted before quoting the yield? QUESTIONS TO CONSIDER FOR BOND PROCEEDS It is important to know (1) whether the pool accepts bond proceeds and (2) whether the pool qualifies with the U.S. Department of the Treasury as an acceptable commingled fund for arbitrage purposes. 1. Does the pool accept bond proceeds subject to arbitrage rebate? 2. Does the pool provide accounting and investment records suitable for proceeds of bond issuance subject to arbitrage rebate? 3. Will the yield calculation reported by the pool be acceptable to the IRS or will it have to be recalculated? 4. Will the pool accept transaction instructions from a trustee? 5. Are you allowed to have separate accounts for each bond issue so that you do not commingle the interest earnings of funds subject to rebate with funds not subject to regulations? 29 SEGREGATION OF MAJOR INVESTMENT RESPONSIBILITIES Function Responsibilities Develop formal Investment Policy City Treasurer Recommend modifications to Investment Policy Investment Advisory Board Review formal Investment Policy and recommend City Manager and City Council action City Attorney Adopt formal Investment Policy City Council Review Financial Institutions & Select Investments City Treasurer Approve investments City Manager or Assistant City Manager Execute investment transactions City Treasurer Confirm wires, if applicable City Manager or Accounting Manager Record investment transactions in City's accounting records Accounting Manager Investment verification - match broker confirmation to City investment records Account Technician Reconcile investment records - to accounting records and bank statements - to Treasurers Report of investments Account Technician Security of investments at City Vault Security of investments Outside City Third Party Custodian Review internal control procedures External Auditor 30 GLOSSARY The purpose of this glossary is to provide the reader of the City of La Quinta investment policies with a better understanding of financial terms used in municipal investing. AGENCIES: Federal agency securities ASKED: The price at which securities are offered. BANKERS' ACCEPTANCE (BA): Short-term credit arrangements to enable businesses to obtain funds to finance commercial transactions. They are time drafts drawn on a bank by an exporter or importer to obtain funds to pay for specific merchandise. By its acceptance, the bank becomes primarily liable for the payment of the drafts at its maturity. An acceptance is a high-grade negotiable instrument. Acceptances are purchased in various denominations for 30, 60 or 90 days, but no longer than 270 days. The interest is calculated on a 360-day discount basis similar to treasury bills. Local agencies may not invest more than 40% of their surplus money in bankers acceptances. BID: The price offered by a buyer of securities. (When you are selling securities, you ask for a bid.) See Offer.. BROKER: A broker brings buyers and sellers together for a commission. CERTIFICATE OF DEPOSIT (CD): Time deposits of a bank or savings and loan. They are purchased in various denominations with maturities ranging from 30 to 360 days. The interest is calculated on a 360-day, actual - day month basis and is payable monthly. 31 COLLATERAL: Securities, evidence of deposit or other property which a borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies. COMMERCIAL PAPER: S h o r t- t e r m unsecured promissory notes issued by a corporation to raise working capital. These negotiable instruments are purchased at a discount to par value or at par value with interest bearing. Commercial paper is issued by corporations such as General Motors Acceptance Corporation, IBM, Bank America, etc. COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR): The official annual report for the City of La Quinta. It includes five combined statements for each individual fund and account group prepared in conformity with GAAP. It also includes supporting schedules necessary to demonstrate compliance with finance -related legal and contractual provisions, extensive introductory material, and a detailed Statistical Section. COUPON: (a) The annual rate of interest that a bond's issuer promises to pay the bondholder on the bond's face value. (b) A certificate attached to a bond evidencing interest due on a payment date. DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account. DEBENTURE: A bond secured only by the general credit of the issuer. DELIVERY VERSUS PAYMENT: There are two methods of delivery of securities: delivery versus payment and delivery versus receipt. Delivery versus payment is delivery of securities with an exchange of money for the securities. Delivery versus receipt is delivery of securities with an exchange of a signed. receipt for the securities. DERIVATIVES: (1) Financial instruments whose return profile is linked to, or derived from, the movement of one or more underlying index or security, and may include a leveraging factor, or (2) financial contracts based upon notional amounts whose value is derived from an underlying index or security (interest rates, foreign exchange rates, equities or commodities). DISCOUNT: The difference between the cost price of a security and its maturity when quoted at lower than face value. A security selling below original offering price shortly after sale also is considered to be at a discount DIVERSIFICATION: Dividing investment funds among a variety of securities offering independent returns. FEDERAL CREDIT AGENCIES: Agencies of the Federal government set up to supply credit to various classes of institutions and individuals, e.g., S&L's, small business firms, students, farmers, farm cooperatives, and exporters. The following is a listing: 1. FNMAs (Federal National Mortgage Association) - Used to assist the home mortgage market by purchasing mortgages insured by the Federal Housing 32 Administration and the Farmers Home Administration, as well as those guaranteed by the Veterans Administration. They are issued in various maturities and in minimum denominations of $10,000. Principal and Interest is paid monthly. 2. FHLBs (Federal Home Loan Bank Notes and Bonds) - Issued by the Federal Home Loan Bank System to help finance the housing industry. The notes and bonds provide liquidity and home mortgage credit to savings and loan associations, mutual savings banks, cooperative banks, insurance companies, and mortgage - lending institutions. They are issued irregularly for various maturities. The minimum denomination is $5,000. The notes are issued with maturities of less than one year and interest is paid at maturity. The bonds are issued with various maturities and carry semi-annual coupons. Interest is calculated on a 360- day, 30-day month basis. 3. FLBs (Federal Land Bank Bonds) - Long- term mortgage credit provided to farmers by Federal Land Banks. These bonds are issued at irregular times for various maturities ranging from a few months to ten years. The minimum denomination is $1,000. They carry semi-annual coupons. Interest is calculated on a 360- day, 30 day month basis. 4. FFCBs (Federal Farm Credit Bank) Debt instruments used to finance the short and intermediate term needs of farmers and the national agricultural industry. They are issued monthly with three- and six- month maturities. The FFCB issues larger issues (one to ten year) on a periodic basis. These issues are highly liquid. 5. FICBs (Federal Intermediate Credit bank Debentures) - Loans to lending institutions used to finance the short-term and intermediate needs of farmers, such as seasonal production. They are usually issued monthly in minimum denominations of $3,000 with a nine - month maturity. Interest is payable at maturity and is calculated on a 360-day, 30-day month basis. 6. FHLMCs (Federal Home Loan Mortgage Corporation) - a government sponsored entity established in 1970 to provide a secondary market for conventional home mortgages. Mortgages are purchased solely from the Federal Home Loan Bank System member lending institutions whose deposits are insured by agencies of the United States Government. They are issued for various maturities and in minimum denominations of $10,000. Principal and Interest is paid monthly. Other federal agency issues are Small Business Administration notes (SBAs), Government National Mortgage Association notes (GNMAs), Tennessee Valley Authority notes (TVAs), and Student Loan Association notes (SALLIE- MAEs). FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A federal agency that insures bank deposits, currently up to $100,000 per deposit. FEDERAL FUNDS RATE: The rate of interest at which Fed funds are traded. This rate is currently pegged by the Federal Reserve through open -market operations. 33 FEDERAL HOME LOAN BANKS (FHLB): Government sponsored wholesale banks (currently 12 regional banks) which lend funds and provide correspondent banking services to member commercial banks, thrift institutions, credit unions and insurance companies. The mission of the FHLBs is to liquefy the housing related assets of its members who must purchase stock in their district Bank. FEDERAL OPEN MARKET COMMITTEE (FOMC): Consists of seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank Presidents. The President of the New York Federal Reserve Bank is a permanent member, while the other Presidents serve on a rotating basis. The Committee periodically meets to set Federal Reserve guidelines regarding purchases and sales of Government Securities in the open market as a means of influencing the volume of bank credit and money. FEDERAL RESERVE SYSTEM: the central bank of the United States created by Congress and consisting of a seven member Board of Governors in Washington, D.C., 12 regional banks and about 5,700 commercial banks that are members of the system. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA or Ginnie Mae): Securities influencing the volume of bank credit guaranteed by GNMA and issued by mortgage bankers, commercial banks, savings and loan associations, and other institutions. Security holder is protected by full faith and credit of the U.S. Government. Ginnie Mae securities are backed by the FHA, VA or FMHM mortgages. The term "passthroughs" is often used to describe Ginnie Maes. LAIF (Local Agency Investment Fund) - A special fund in the State Treasury which local agencies may use to deposit funds for investment. There is no minimum investment period and the minimum transaction is $ 5,000, in multiples of $1,000 above that, with a maximum balance of $20,000,000 for any agency. The City is restricted to a maximum of ten transactions per month. It offers high liquidity because deposits can be converted to cash in 24 hours and no interest is lost. All interest is distributed to those agencies participating on a proportionate share basis determined by the amounts deposited and the length of time they are deposited. Interest is paid quarterly. The State retains an amount for reasonable costs of making the investments, not to exceed one -quarter of one percent of the earnings. LIQUIDITY: A liquid asset is one that can be converted easily and rapidly into cash without a substantial loss of value. In the money market, a security is said to be liquid if the spread between bid and asked prices is narrow and reasonable size can be done at those quotes. LOCAL GOVERNMENT INVESTMENT POOL (LGIP): The aggregate of all funds from political subdivisions that are placed in the custody of the State Treasurer for investment and reinvestment. MARKET VALUE: The price at which a security is trading and could presumably be purchased or sold. MASTER REPURCHASE AGREEMENT: A written contract covering all future transactions between the parties to repurchase --reverse repurchase agreements that establishes each party's rights in the 34 transactions. A master agreement will often specify, among other things, the right of the buyer -lender to liquidate the underlying securities in the vent of default by the seller - borrower. MATURITY: The date upon which the principal or stated value of an investment becomes due and payable MONEY MARKET: The market in which short-term debt instruments (bills, commercial paper, banders' acceptances, etc.) are issued and traded. OFFER: The price asked by a seller of securities. (When you are buying securities, you ask for an offer.) See Asked and Bid. OPEN MARKET OPERATIONS: Purchases and sales of government and certain other securities in the open market by the New York Federal Reserve Bank as directed by the FOMC in order to influence the volume of money and credit in the economy. Purchases inject reserves into the bank system and stimulate growth of money and credit; sales have the opposite effect. Open market operations are the Federal Reserve's most important and most flexible monetary policy tool. PORTFOLIO: Collection of all cash and securities under the direction of the City Treasurer, including Bond Proceeds. PRIMARY DEALER: A group of government securities dealers who submit daily reports of market activity an depositions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC) - registered securities broker -dealers, banks and a few unregulated firms. RATE OF RETURN: The yield obtainable on a security based on its purchase price or its current market price. This may be the amortized yield to maturity on a bond the current income return. REPURCHASE AGREEMENT (RP OR REPO): A repurchase agreement is a short-term investment transaction. Banks buy temporarily idle funds from a customer by selling U.S. Government or other securities with a contractual agreement to repurchase the same securities on a future date. Repurchase agreements are typically for one to ten days in maturity. The customer receives interest from the bank. The interest rate reflects both the prevailing demand for Federal funds and the maturity of the repo. Some banks will execute repurchase agreements for a minimum of $100,000 to $500,000, but most banks have a minimum of $1, 000, 000. REVERSE REPURCHASE AGREEMENTS - A reverse repurchase agreement is the opposite of a repurchase agreement. The City loans a security to a bank in exchange for cash. The City agrees to pay off the loan with interest on a future date. SAFEKEEPING: A service to customers rendered by banks for a fee whereby securities and valuables of all types and descriptions are held in the bank's vaults for protection. SECONDARY MARKET: A market made for the purchase and sale of outstanding issues following the initial distribution. 35 SECURITIES & EXCHANGE COMMISSION: Agency created by Congress to protect investors in securities transactions by administering securities legislation. SEC RULE 15C3-1: See Uniform Net Capital Rule. STRUCTURED NOTES: Notes issued by Government Sponsored Enterprises (FHLB, FNMAS, SLMA, etc.) And Corporations which have imbedded options (e.g., call features, step-up coupons, floating rate coupons, derivative -based returns) into their debt structure, Their market performance is impacted by the fluctuation of interest rates, the volatility of the imbedded options and shifts in the Shape of the yield curve. SURPLUS FUNDS: Section 53601 of the California Government Code defines surplus funds as any money not required for immediate necessities of the local agency. The City has defined immediate neccesities to be payment due within one week. TREASURY BILLS: Issued weekly with maturity dates up to one year. They are issued and traded on a discount basis with interest figured on a 360-day basis, actual number of days. They are issued in amounts of $10,000 and up, in multiples of $5,000. They are a highly liquid security. TREASURY BONDS: Long-term coupon - bearing U.S. Treasury securities issued as direct obligations of the U.S. Government and having initial maturities of more than 10 years. TREASURY NOTES: Medium -term coupon - bearing U.S. Treasury securities issued as direct obligations of the U.S. Government and having initial maturities from two to 10 years. UNIFORM NET CAPITAL RULE: Securities and Exchange Commission requirement that member firms as well as nonmember broker - dealers in securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1; also called net capital rule and net capital ratio. Indebtedness covers all money owed to a firm, including margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash. UNIFORM PRUDENT INVESTOR ACT: The State of California has adopted this Act. The Act contains the following sections: duty of care, diversification, review of assets, costs, compliance determinations, delegation of investments, terms of prudent investor rule, and application. YIELD: The rate of annual income return on an investment, expressed as a percentage. (a) INCOME YIELD is obtained by dividing the current dollar income by the current market price for the security. (b) NET YIELD or YIELD TO MATURITY is the current income yield minus any premium above par of plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond. 36 INVESTMENT ADVISORY BOARD Correspondence & Written Material A Meeting Date: September 9, 1998 TITLE: Month End Cash Report = August 1998 BACKGROUND: This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances, ) but would report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. hn M. Falconer, Finance Director O O O LL N a� O Q N ly M r- O O O U J W CO o N 3 O m U � Q tC)cr) O M M 1 0 O I M O O ti ti 0 00 h N O GO oo � .-- ae O 1 0 O O' pO Oi� O C. C. N N Co N I~ M N U-) CO p Cp M M O ~ O cct O O� ~I� O iLO r' !� n^ N r� 00 ai r C� 00 CA N N 00 N c r, r r OLrl r r q 00 N N N N N 00 100 M MI 100 M O O Ln N N M N ! M\ 0 CO 00 Q cn EI,C� Co CC) I (0 o t') O C) r tC � o M � I 0)00 a0 NI T r 0)M M T M O O T CO M r O� r CDC 1 C) O 0) _ CC) CD N `- `- et CNC) (0 O CD (D co ICC) co N 00 0 M M M O O r M O p iT O;T 0) T O d.cMM MN �-' -I C6 6I06 ti ti oO 00 M O M C co N N COI O M O O CD CD IO to O O O U) to O O CC)i ;CC) NCO CA U gFCC) ao ao Lr)r I �00 r• U-)Co O CO CC) CO (C) i*- � �I `Mo 0 rnarm � CO .� O 0)N 00 00 o 00 v 00 00 o0) _ oit� o N = Ire r� r U.) I- O T ! IN T �t 00 'a O I �I 00 0) ' NT (3i 0) G T 0) qcT I O O In O O O O U) I N LO M M M ' I T i (0U rn � oo ,a O O 1-- r, � N U) CD !M I to M M � 0) 0 OO CflNO�(0O CC) Co U! M N O co M 0� ilCO C" 00 LO i 0 O'I I•.. N^ I 1i'I - I i r T N T r O 00 N C) O) co 0o CA N •c C '� 'a '0 M0 00 Y I 0 5 o m CU OI c c c c c L a� N I (DcoN 0 0 N Q fn C CO C9 U (DN N G N 0 NNNIC U ` U N C3 �; 0 M QQ Q m m m0 c , Um � O Ca OO a C +c Uo ' '3 +; a �! .0 p H ! c LL moo ao Oo 00 00 m 0) u"Oi N a rn a A O N aI a� a� c� 3— c a C A i= a� 55 N > o 0 � � U)Q.� N �O'Q O ++ CB ° N .r O acid C 4) one EU)m N O ++ t+ = C~+_� 0 O.p O O O N OL Na0+ N W to O N (Do O ~ U O R N C 4- O. 0- N 0- N C -C : 3 O N C N CL U°O 0)O U N -cE ~ O C C E c -a CD N N c >+ ? G (D E CLCO ar ° ° 4) ac Q C OZJ O� 0 'v a p d) ° (D c °m O .� N u •c E'oc U E N -0 N C X t6 G c L N U C o U �E o ` ) E c?+m L CL L m m mN` L N L v �A) m� U N a `m -C L O O a �o C� 0 U m C. O O D U C a N � Ct Cl � N L C L N Lt fl C O 0-0 Q) N ° i° c Q > N CU -0'a N C� N v�NF—oE O 4)� rn ��c CD O D c m Cn Q L- O O Cn O N w C O°'a L c � EQ UO fmn N'a 'a c ai ` 0 0' U °p� c N Qf O 0)f0 c: (a Cn — N >, c X N CU L aU'ism ipOoccc C cc�; o0?,E-aao-0(D �+CCaUr� M Q (D U- +°°<av:D a Zs C Cc Q)N? Va � N U-iPQ Ha C4.9 C INVESTMENT ADVISORY BOARD Correspondence & Written Material Item B Meeting Date: September 9, 1998 TITLE: Pooled Money Investment Board Report for May 1998 and June 1998 BACKGROUND: The Pooled Money Investment Board Report for May 1998 and June, 1998 is included in the agenda packet. RECOMMENDATION: Receive & File I i t 6 A John M. Falconer, Finance Director STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT MAY. 1998 Table of Contents SUNINURY............................................................................................................1 SELECTED INVESTMENT DATA....................................................................2 PORTFOLIO COMPOSITION...........................................................................3 INVESTMENT TRANSACTIONS... TIMEDEPOSITS................................................................................................14 DEMAND BANK DEPOSITS............................................................................19 POOLED MONEY INVESTMENT BOARD DESIGNATION .....................20 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF MAY 1998 WITH MAY 1997 (Dollars in Thousands) Average Daily Portfolio Accrued Earnings Effective Yield Average Life --Month End (in days) Total Security Transactions Amount Number Total Time Deposit Transactions Amount Number Average Workday Investment Activity Prescribed Demand Account Balances For Services For Uncollected Funds May 1998 May .1.997 Change $33,209,724 $29,650,040 + $3,559,684 $160,000 $141,871 + $18,129 5.673 5.634 + .039 191 212 -21 $12,598,105 $13,994,820 - $1,396,715 302 330 -28 $590,500 $372,200 + $218,300 31 25 + 6 $659,430 $684,144 - $24,714 $163,885 $137,672 $234,382 $219,037 + $26,213 + $15,345 CDC Commercial Paper 22.42% Banl Accepi 0.0 Pooled Money Investment Account Portfolio Composition $32.9 Billion Loans Reverses Corporate 6.14% -1 '64% Rands C D's/B N's 28.16% asuries 1.25% Time Deposits 4.55% Mortgages 0.08% encies 1.73% 5/31 /98 C Treasuries ® Time Deposits ■ Mortgages ® Agencies ■ CD's/BN's ® Bankers Acceptances ® Repo E3 Commercial Paper ® Corporate Bonds 0 Loans 0 Reverses —3— MATT FONG STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Change in May 31,1998 Percent From Type of Security Amount Percent Previous Month Governments Bills $299939604 9.10 + 1.15 Bonds 0 0 0 Notes 49,9869227 15.15 + .58 Strips 0 0 - .22 Total Governments $7,979,831 24.25 + 1.51 Federal Agency Coupons $294309297 7.38 + .64 Certificates of Deposit 715929433 23.08 + 1.05 Bank Notes 196709976 5.08 + .74 Bankers Acceptances 109707 .03 - .82 Repurchases 0 0 0 Federal Agency Discount Notes 19101,795 3.35 - .29 Time Deposits 1,495,890 4.55 + .24 GNMA's 29344 .01 0 Commercial Paper 793799,525 22.42 - 4.97 FHLMC 229943 .07 0 Corporate Bonds 19,738,912 5.28 + .55 Pooled Loans 2,0219603 6.14 + .93 GF Loans 0 0 0 Reversed Repurchases -538,689 -1.64 - A2 Total, All Types $3299089567 100 INVESTMENT ACTIVITY May 1998 April 1998 Number Amount Number Amount Pooled Money 302 $ 12,598,105 490 $ 21,130,580 Other 108 $ 556,465 42 s. 137,718 Time Deposits 31 $ 590t500 43 7089600 TOTALS 441 $ 139745,070 575 $ 219976,898 PMIA Monthly Average Effective Yield 5.673 5.672 Year to Date Yield for Last Day of Month 5.702 5.706 —2— POOL-ED.',MONE"NVESTMENT ACCOUNT. CID Assoc 05/04/98 5.450 50,000 116 878,055.56 5.624 CID Assoc 05/04/98 5.450 50,000 116 878,055.56 5.624 PURCHASE Treas Bill 04/29/99 5.125 17,000 Treas Bill 04/29/99 5.125 50,000 Treas Bill 04/29/99 •5.125 50,000 Treas Bill 04/29/99 5.125 50,000 Treas BIII 04/29/09 5.125 50,000 Treas Bill 04/29/99 5125 50,000 Treas Bill 04/29/99 5.125 50,000 Treas Bill 04/29/99 5.125 50,000 05/05/98 REDEMPTION CID FMCC 05/05/98 5.500 50,000 11 84,027.78 5.585 CID FMCC 05/05/98 5.500 50,000 11 84,027.78 5.585 CID FMCC 05/05/98 5.500 50,000 11 84,027.78 5.585 CID FMCC 05/05/98 5.500 50,000 11 84,627.78 5.585 PURCHASE MTN FMCC 05/15/99 7.250 10,000 MTN Bkrs Trst 5.767% 03/16/01 5.691 33,000 MTN (FR) FMCC 5.750% 02/13/03 5.718 20,000 BN B/A 5.590% 11/25/98 5.590 50,000 BN B/A 5.590% 11 /25/98 5.590 50,000 CD Bkrs Trst 5.630% 11 /02/98 5.620 50,000 CD - Bkrs Trst 5.630% 11/02/98 5.620 50,000 CP FMCC 10/28/98 5.470 50,000 CID FMCC 10/28/98 5.470 50,000 CID FMCC 10/28/98 5.470 50,000 CID FMCC 10/28/98 5.470 50,000 Disc Note FNMA 03/01/99 5.330 50,000 Disc Note FNMA 03/01/99 5.330 50,000 Disc Note FNMA 03/01/99 5.330 50,000 Treas Note 5.625% 04/30/00 5.578 50,000 Treas Note 5.625% 04/30/00 5.578 50,000 Treas Note 5.625%- 04/30/00 5.578 25,000 Treas Note 5.625% 04/30/00 5.578 50,000 05/06/98 REDEMPTION CID Country 05/06/98 5.570 43,000 6 39,918.33 5.652 CID Country 05/06/98 5.570 50,000 6 46,416.67 5.652 CID Salomon 05/06/98 5.530 50,000 6 46,083.33 5.611 CID GE Co. 05/06/98 5.540 30,000 9 41,550.00 5.624 —5— POOLED. -MONEY INVEST IENTACCOUNT t MATURITY ...:TRANS -PAR DAYS AMOUNT EFFECTNf DESCRIPTION t1AIE ,� HELD EARNED 05/01/98 SALE Treas Note 5.375% 05/31/98 5.024 $50,000 1738 12,955,247.97 5.412 Treas Note 5.375% 05/31/98 5.024 50,000 1738 12,955,247.97 5.412 Treas Note 5.375% 05/31/98 5.024 50,000 1738 12,955,247.97 5.412 Treas Note 5.375% 05/31/98 5.024 '50,000 1738 12,955,247.97 5.412 Treas Note 5.375% 05/31/98 4.791 50,000 1808 1,122,252.75 5.199 Treas Note 5.375% 05/31/98 4.791 50,000 1808 1,122,252.75 5.199 REDEMPTION CD Abn Amro 6.140% 05/01/98 5.660 5,000 122 99,958.63 5.975 CD Abn Amro 6.140% 05/01/98 5.660 50,000 122 999,586.25 5.975 CP GECC 05/01/98 5.530 50,000 1 7,680.56 5.607 CP GECC 05/01/98 5.530 50,000 1 7,680.56 5.607 CP GECC 05/01/98 5.530 50,000 1 7,680.56 5.607 CP GECC 05/01/98 5.530 50,000 1 7,680.56 5.607 CP Country 05/01/98 5.566 50,000 1 7,722.22 5.638 PURCHASE CD Wachovia 5.520% 06/01/98 5.510 50,000 CD Wachovia 5.520% 06/01/98 5.510 50,000 CP FMCC 06/01/98 5.510 50,000 CP FMCC 06/01/98 5.510 50,000 CD World 5.520% 06/05/98 5.530 50,000 CD World 5.520% 06/05/98 5.530 50,000 CD Stnrd Ch 5.600% 08/03/98 5.570 50,000 CD Svenska 5.590% 09/30/98 5.580 25,000 CD Svenska 5.590% 09/30/98 5.580 50,000 CD Bayer Lnds 5.630% 11 /02/98 5.620 50,000 CD Bayer Lnds 5.630% 11 /02/98 5.620 50,000 CP GECC 05/02/98 5.520 10,000 CP GECC 05/27/98 5.520 38,172 CP GMAC 05/27/98 5.520 50,000 CP GMAC 05/27/98 5.520 50,000 CP Text Fin 06/01/98 5.670 19,416 CP Salomon 06/05/98 5.500 50,000 CP Salomon 06/05/98 5.500 50,000 CP Heller 06/08/98 5.750 50,000 CID Assoc 06/10/98 5.510 50,000 CP Assoc 06/10/98 5.510 50,000 05/04/98 REDEMPTION CP Household 05/04/98 5.550 50,000 7 53,958.33 5.633 CP Household 05/04/98 5.550 50,000 7 53,958.33 5.633 CP Conagra 05/04/98 5.620 25,000 10 39,027.78 5.706 CP Conagra 05/04/98 5.600 13,356 12 24,931.20 5.688 CP Lehman 05/04/98 5.500 5,000 73 55,763.89 5.639 CP Lehman 05/04/98 5.500 50,000 73 557,638.89 5.639 —4— DAYS AMOUNT EFFECTIVE .FWMELZ 05/08/98 REDEMPTION CP GECC 05/08/98 5.440 50,000 120 906,666.67 5.617 CP GECC 05/08/98 5.440 50,000 120 906,666.67 5.617 CP GECC 05/08/98 5.440 .50,000 120 906,666.67 5.617 CP GECC 05/08/98 5.450 35,000 121 641,131.94 5.628 CP GECC 05/08/98 5.450 50,000 121 915,902.78 5.628 PURCHASE g/ BN B/A 5.500% 06/30/98 5.500 46,000 BN B/A 5.500% 06/30/98 5.500 50,000 RRP Treas Bill 02/04/99 5.235 45,000 43 (268,437.71) -5.307 Treas Bill 02/04/99 5.235 50,000 43 (298,264.12) -5.307 05/11/98 REDEMPTION BA U/B Calif 05/11/98 5.520 25,000 20 76,666.67 5.613 CP Country 05/11/98 5.540 5,000 25 19,236.11 5.730 CP Country 05/11/98 5.540 50,000 25 192,361.11 5.638 CP GECC 05/11/98 5.510 30,000 67 307,641.67 5.644 CP GECC 05/11/98 5.510 50,000 67 512,736.11 5.644 CP SRAC 05/11/98 5.510 50,000 73 558,652.78 5.649 PURCHASE MTN Bkrs Trst 5.850% 05/11 /00 5.895 25,000 MTN FMCC 5.847% 04/29/02 5.718 10,000 05/12/98 REDEMPTION BA B/A 05/12/98 5.550 27,000 179 745,087.49 5.786 CP Conagra 05/12/98 5.640 20,000 14 43,866.67 5.730 CP SRAC 05/12/98 5.500 50,000 70 534,722.22 5.636 NO PURCHASES 05/13/98 REDEMPTION CP SRAC 05/13/98 5.500 50,000 71 542,361.11 5.637 CP Enron 05/13/98 5.590 30,000 75 349,375.00 5.734 CP GECC 05/13/98 5.650 50,000 147 1,153,541.67 5.863 CP GECC 05/13/98 5.650 50,000 147 1,153,541.67 5.863 NO PURCHASES —7— POOLED. MONEY INVESTMENT ACCOUNT FHLB 5.718% 05/06/99 5.700 25,000 FNMA 5.625% 05/06/99 5.700 50,000 FNMA 5.625% 05/06/99 5.700 50,000 05/07/98 REDEMPTION CID Merrill 05/07/98 5.530 37,000 7 39,785.28 5.612 CID Merrill 05/07/98 5.530 50,000 7 53,763.89 5.612 CID Unocal 05/07/98 5.670 10,000 17 26,775.00 5.764 CID GECC 05/07/98 5.450 50,000 120 908,333.33 5.627 CID GECC 05/07/98 5.450 50,000 120 908,333.33 5.627 PURCHASE MTN Citicorp 5.725% 05/24/01 5.691 30,850 FNMA 5.570% 05/07/99 5.700 50,000 BN B/A 5.590% 11/25/98 5.590 50,000 BN B/A 5.590% 11/25/98 5.590 50,000 CD Hypo 5.600% 11 /03/98 5.590 20,000 05/08/98 RRS Treas Bill 02/04/99 5.230 45,000 Treas Bill 02/04/99 5.230 50,000 Treas Bill 02/04/99 5.230 5,000 SALE g/ Disc Note FHLMC 05/08/98 5.450 45,229 43 294,428.22 5.561 Disc Note FHLMC 05/08/98 5.450 50,000 43 325,486.10 5.561 REDEMPTION .• BN Fst Chic 5.480% 05/08/98 5.480 50,000 95 723,055.56 5.556 BN Fst Chic 5.480% 05/08/98 5.480 50,000 95 723,055.56 5.556 CD Montreal 5.520% 05/08/98 5.520 50,000 99 759,000.00 5.596 CD Montreal 5.520% 05/08/98 5.520 50,000 99 759,000.00 5.596 CID Lehman 05/08/98 5.540 50,000 67 515,527.78 5.675 CID Lehman 05/08/98 5.530 50,000 72 553,000.00 5.669 CID Lehman 05/08/98 5.530 5,000 72 55,300.00 5.669 CID Merrill 05/08/98 5.390 50,000 115 860,902.80 5.560 CID Merrill 05/08/98 5.390 50,000 115 860,902.80 5.560 CID GMAC 05/08/98 5.360 50,000 116 863,555.56 5.529 CID GMAC 05/08/98 5.360 50,000 116 863,555.56 5.529 POOLED" -MONEY INVESTMENT ACCOUNT PURCHASE CD B/A 5.580% 10/08/98 5.580 50,000 CD B/A 5.581 % 10/08/98 5.580 50,000 CD B/A 5.580% 10/13/98 5.580 50,000 CD B/A .5.580% 10/31 /98 5..580 50,000 CD CIBC 5.600% 10/28/98 5.600 40,000 CID GMAC 05/20/98 5.500 50,000 CID GMAC 05/20/98 5.500 50,000 CID Hertz 08/28/98 5.530 25,000 CID Merrill 10/07/98 5.520 37,000 05/20/98 REDEMPTION BA U/B Calif 05/20/98 5.502 54,000 28 231,839.98 5.620 BA B/A 05/20/98 5.620 32,000 169 844,248.90 5.852 CD CIBC 5.531% 05/20/98 5.520 35,000 86 461,754.13 5.599 CD Hypo 5.520% 05/20/98 5.510 50,000 91 696,420.14 5.586 CD Hypo 5.520% 05/20/98 5.510 50,000 91 696,420.14 5.586 CID GMAC 05/20/98 5.500 50,000 1 7,638.89 5.577 CID GMAC 05/20/98 5.500 50,000 1 7,638.89 5.577 CID GECC 05/20/98 5.520 10,000 19 29,133.33 5.613 CID Conagra 05/20/98 5.650 22,500 23 81,218.75 5.749 CID Merrill 05/20/98 5.510 50,000 78 596,916.67 5.654 CID Merrill 05/20/98 5.510 50,000 78 596,916.67 5.654 CID Merrill 05/20/98. 5.510 20,000 78 238,766.67 5.654 NO PURCHASES 05/21/98 NO SALES PURCHASE MTN GMAC 6.450% 08/27/99 5.880 35,000 CD CIBC 5.665% 11/16/98 5.600 20,000 CD B/A 5.590% 11 /25/98 5.590 50,000 CID Heller 06/03/98 5.720 50,000 CID Heller 06/03/98 5.720 50,000 CID Merrill 10/29/98 5.510 20,000 CID Merrill 10/29/98 5.510 50,000 CID Merrill 10/29/98 5.510 50,000 05/22/98 REDEMPTION BA B/A 05/22/98 5.620 49,000 171 1,308,055.00 5.854 —9— • POOLED. MONEY. INVESTMENT: ACCOUNT ... MATURITY TRAMS PAR :.. 'DAYS AMOUNT, :, EFFECTIVE Dgg IYPE DESCRIPTION DAtE - Y1ELg IiEL:Q . E;ARNEI2 YIELD 05/14/98 REDEMPTION MTN FMCC 5.750% 05/14/98 5.620 21,260 849 2,786,276.54 5.619 PURCHASE MTN (FR) Chrysler 5.830% 03/06/03 5.644 10,000 MTN (FR) Chrysler 5.830% 02/03/03 5.644 10,000 Treas Bill 04/29/99 5.155 35,000 Treas . Bill 04/29/99 5.155 50,000 05/15/98 REDEMPTION BA U/B Calif 05/15/98 5.520 15,000 24 55,200.00 5.617 Strip Cpns 05/15/98 5.240 50,000 1850 11,526,500.00 5.910 Strip Cpns 05/15/98 5.240 5,000 1850 1,152,650.00 5.910 Strip Cpns 05/15/98 5.210 15,000 1831 3,409,650.00 5.864 Strip Cpns 05/15/98 5.245 25,000 1835 5,726,750.00 5.910 PURCHASE CP Conagra 05/19/98 5.770 43,600 CP GMAC 05/18/98 5.730 20,000 CP GMAC 05/18/98 5.730 50,000 CP GMAC 05/18/98 5.730 50,000 CP GMAC 05/18/98 5.730 50,000 FNMA 5.650% 05/07/99 5.749 40,000 Treas Note 5.625% 04/30/00 5.623 25,000 Treas Note 5.625% 04/30/00 5.614 25,000 05/18/98 REDEMPTION BA B/A 05/18/98 5.620 38,500 167 1,003,716.41 5.850 CP Conagra 05/18/98 5.770 43,600 3 20,964.33 5.852 CP GMAC 05/18/98 5.730 20,000 3 9,550.00 5.812 CP GMAC 05/18/98 5.730 50,000 3 23,875.00 5.812 CP GMAC 05/18/98 5.730 50,000 3 23,875.00 5.812 CP GMAC 05/18/98 5.730 50,000 3:� 23,875.00 5.812 MTN GMAC 05/18/98 5.639 2,750 .853 371,873.33 5.639 PURCHASE CD Montreal 5.610% 10/28/98 5.610 50,000 CD Montreal 5.610% 10/28/98 5.610 50,000 CP Salomon 10/01/98 5.510 25,000 CP Salomon 10/01/98 5.510 50,000 CP Merrill 10/01/98 5.520 50,000 CP Merrill 10/01/98 5.520 50,000 —8— ..ISOOL"ED MONEY, INVESTMENT ACCOUNT MATURITY TRANS PAR DAYS AMOUNT EFFECTIVE DAM TYPE:,DESCRIPTION DATEiEI.Q EARNED,,_YIELQ 05/27/98 REDEMPTION CP Country 05/27/98 5.550 38,504 1 5,936.03 5.627 CP Conagra 05/27/98 5.580 40,000 1 6,200.00 5.658 CP Conagra 05/27/98 5.580 50,000 1 7,750.00 5.658 CP GECC 05/27/98 5.520 38,172- 26 152,179.04 5.619 CP GMAC 05/27/98 5.520 50,000 26 199,333.33 5.619 CP GMAC 05/27/98 5.520 50,000 26 199,333.33 5.619 CP Heller 05/27/98 5.750 50,000 27 215,625.00 5.855 CP Salomon 05/27/98 5.510 50,000 34 260,194.44 5.615 CP Salomon 05/27/98 5.510 50,000 34 260,194.44 5.615 CP Textron 05/27/98 5.650 14,000 35 76,902.78 5.760 CP Conagra 05/27/98 5.620 50,000 41 320,027.78 5.734 CP Conagra 05/27/98 5.620 25,000 41 160,013.89 5.734 CP Conagra 05/27/98 5.610 50,000 44 342,833.33 5.727 CP Conagra 05/27/98 5.610 15,000 44 102,850.00 5.727 CP Assoc 05/27/98 5.510 50,000 85 650,486.11 5.660 CP Assoc 05/27/98 5.510 50,000 85 650,486.11 5.660 CP FMCC 05/27/98 5.480 50,000 90 685,000.00 5.633 CP FMCC 05/27/98 5.480 45,000 90 616,500.00 5.633 CP GECC 05/27/98 5.620 50,000 160 1,248,888.89 5.844 CP GECC 05/27/98 5.620 50,000 160 1,248,888.89 5.844 Disc Note FHLB 05/27/98 5.380 50,000 260 1,942,777.80 5.675 PURCHASE SBA (FR) 5.875% 05/25/23 5.875 10,099 CP Barclays 05/29/98 5.530 7,000 CP Barclays 05/29/98 5.530 50,000 CP Country 05/29/98 5.580 19,489 CP County 05/29/98 5.580 50,000 05/28/98 RRS Treas Bill 02/04/99 5.250 46,000 Treas Bill 02/04/99 5.250 50,000 Treas Bill 02/04/99 5.250 4,000 SALE g/ CP Morg Stan 05/28/98 5.500 50,000 83 634,027.80 5.648 CP Morg Stan 05/28/98 5.500 50,000 83 634,027.80 5.648 CP Morg Stan 05/28/98 5.500 50,000 83 634,027.80 5.648 Disc Note FHLMC 05/28/98 5.440 46,400 63 441,728.00 5.568 Disc Note FHLMC 05/28/98 5.440 50,000 63 476,000.00 5.568 REDEMPTION Treas Bill 05/28/98 5.535 50,000 364 2,798,250.00 5.944 Treas Bill 05/28/98 5.535 50,000 364 2,798,250.00 5.944 Treas Bill 05/28/98 5.535 50,000 364 2,798,250.00 5.944 —11— POOLED MONEY, INVESTMENT_ACCOU / MATURITY "TRANS PAR DAYS AMOUNT EFFECTIVE _ ... QM -..._ E _ : ._. DESCRRMON .._: .:YIELD D : _.-..._�� _...:.... HE{ Q EARNED YIELD 05/22/98 PURCHASE BN (FR) PNC 5.680% 05/22/00 5.699 50,000 CID SRAC 10/28/98 5.460 50,000 CID SRAC 10/29/98 5.460 50,000 Treas Note 5.625% 04/30/00 5.627 50,000 Treas Note 5.625% 04/30/00 5.627 50,000 Treas Note 5.625% 04/30/00 5.627 50,000 Treas Note 5.625% 04/30/00 5.627 50,000 Treas Note 5.625% 04/30/00 5.627 50,000 Treas Note 5.625% 04/30/00 5.627 50,000 Treas Bill 04/29/99 5.170 50,000 Treas Bill 04/29/99 5.170 50,000 05/26/98 REDEMPTION BA B/A 05/26/98 5.430 14,500 89 194,650.42 5.580 PURCHASE CID Assoc 05/27/98 5.520 50,000 CID Assoc 05/27/98 5.520 50,000 CID GMAC 05/27/98 5.520 50,000 CID GMAC 05/27/98 5.520 50,000 CID Barclays 05/27/98 5.530 35,000 CID Barclays 05/27/98 5.530 50,000 CID GECC 05/27/98 5.550 50,000 CID GECC 05/27/98 5.550 50,000 CID GECC 05/27/98 5.550 50,000 CID GECC 05/27/98 5.550 50,000 CID Country 05/27/98 5.550 38,504 CID Conagra 05/27/98 5.580 40,000 CID Conagra 05/27/98 5.580 50,000 05/27/98 REDEMPTION CD Nat W.Mstr 5.530% 05/27/98 5.510 50,000 92 704,091.04 5.586 CD Nat W.Mstr 5.530% 05/27/98 5.510 50,000 92 -- 704,091.04 5.586 CD Stnrd Ch 5.530% 05/27/98 5.520 50,000 98 751,353.48 5.596 CD Stnrd Ch 5.530% 05/27/98 5.520 50,000 98 751,353.48 5.596 CID Assoc 05/27/98 5.520 50,000 1 7,666.67 5.597 CID Assoc 05/27/98 5.520 50,000 1 7,666.67 5.597 CID GMAC 05/27/98 5.520 50,000 1 7,666.67 5.597 CID GMAC 05/27/98 5.520 50,000 1 7,666.67 5.597 CID Barclays 05/27/98 5.530 35,000 1 5,376.39 5.607 CID Barclays 05/27/98 5.530 50,000 1 7,680.56 5.607 CID GECC 05/27/98 5.550 50,000 1 7,708.33 5.627 CID GECC 05/27/98 5.550 50,000 1 7,708.33 5.627 CID GECC 05/27/98 '5.550 50,000 1 7,708.33 5.627 CID GECC 05/27/98 5.550 50,000 1 7,708.33 5.627 —10— a/ The abbreviations indicate the type of security purchased or sold; i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes, and Participation Certificates: Federal National Mortgage Association (FNMA), Farmers Home Administration Notes (FHA), Student Loan Marketing Association (SLMA), Small Business Association (SBA), Negotiable Certificates of Deposit (CD), Negotiable Certificates of Deposit Floating Rate (CD FR), Export Import Notes (EXIM), Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), Federal Farm Credit Bank Bonds (FFCB); Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE MIS), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA) Medium Term Notes (MTN). b/ Purchase or sale yield based on 360 day calculation for discount obligations and Repurchase Agreements. c/ Repurchase Agreement. d/ Par amount of securites purchased, sold, or redeemed. e/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. -13- POOLED MONEY INVESTMENT ACCOUNT: a1 �! 'TRANS PR DAYS AMOUNT EFFECTIVE _ t?A E, _ .._.. _ fP�......� _ ..._.:W._QESCRIPTION DAB .:: �YIEI,Q:�: _ .. i .�_.__. _._HELD :_._ EARNEQ. YIELD:. 05/28/98 PURCHASE g/ CID Morg Stan 06/30/98 5.500 50,000 CID Morg Stan 06/30/98 5.500 50,000 PURCHASE MTN (FR) FMCC 5.964% 03/21 /01 5.691 7,000 'MTN (FR) FMCC 5.954% 03/21 /01 5.691 15,000 MTN (FR) FMCC 5.914% 04/12/01 5.691 5,000 CID GMAC 05/29/98 5.620 35,000 CID GMAC 05/29/98 5.620 50,000 CID GMAC 05/29/98 5.620 50,000 CID GMAC 05/29/98 5.620 50,000 RRP Treas Bill 05/28/98 5.200 50,000 83 (590,452.78) -5.272 Treas Bill 05/28/98 5.200 50,000 83 (590,452.78) -5.272 Treas Bill 05/28/98 5.200 50,000 83 (590,452.78) -5.272 Treas Bill 02/04/99 5.240 46,000 63 (401,994.46) -5.312 Treas Bill 02/04/99 5.240 50,000 63 (436,950.50) -5.312 05/29/98 REDEMPTION BA Bk of NYC 05/29/98 5.620 5,000 178 138,938.89 5.860 BA Bk of NYC 05/29/98 5.620 15,000 178 416,816.67 5.860 CD Nat W.Mstr 5.531 % 05/29/98 5.530 50,000 93 714,291.67 5.606 CD Nat W.Mstr 5.531 % 05/29/98 5.530 50,000 93 714,291.67 5.606 CID GMAC 05/29/98 5.620 50,000 1 7,805.56 5,698 CID GMAC 05/29/98 5.620 50,000 1 7,805.56 5.698 CID GMAC 05/29/98 5.620 50,000 1 7,805.56 5.698 CID GMAC 05/29/98 5.620 35,000 1 5,463.89 5.698 CID Barclays 05/29/98 5.530 7,000 2 2,150.56 5.608 CID Barclays 05/29/98 5.530 50,000 2 15,361.11 5.608 CID Country 05/29/98 5.580 19,489 2 6,041.59 5.659 CID Country 05/29/98 5.580 50,000 2 15,500.00 5.659 CID Conagra 05/29/98 5.630 15,000 37 86,795.83 5.630 CID GMAC 05/29/98 5.620 35,000 162 885,150.00 5.845 CID GMAC 05/29/98 5.620 50,000 162 1,264,500.00 5.845 PURCHASE CID Heller 06/01/98 5.700 25,000 CID GMAC 06/01/98 5.680 50,000 CID Amer Exp 06/03/98 5.530 50,000 CID Amer Exp 06/03/98 5.530 50,000 CID Amer EXp 06/04/98 5.530 50,000 CID Amer Exp 06/04/98 5.530 50,000 —12— Community Bank 12/19/97 5.430 10,000,000.00 06/17/98 Community Bank 12/23/97 5.510 5,000,000.00 06/22/98 Preferred Bank 01/05/98 5.190 3,000,000.00 07/15/98 Preferred Bank 01 /12/98 5.210 20,000,000.00 07/15/98 General Bank 12/01 /97 5.480 28,000,000.00 11 /06/98 Community Bank 02/09/98 5.270 15,000,000.00 08/11/98 Preferred Bank 03/19/98 5.110 4,000,000.00 06/18/98 Preferred Bank 03/24/98 5.210 9,000,000.00 06/23/98 Preferred Bank 03/17/98 5.110 5,000,000.00 06/28/98 General Bank 03/06/98 5.200 15,000,000.00 06/18/98 General Bank 03/30/98 5.240 10,000,000.00 07/08/98 General Bank 03/31 /98 5.220 15,000,000.00 10/01 /98 General Bank 04/13/98 5.090 25,000,000.00 07/14/98 Preferred Bank 04/01 /98 5.240 3,000,000.00 09/28/98 Preferred Bank 05/19/98 5.180 4,000,000.00 08/21/98 Preferred Bank 05/26/98 5.250 2,000,000.00 08/25/98 Delta National Bank 01/22/98 5.240 2,000,000.00 07/22/98 Delta National Bank 04/24/98 5.090 1,000,000.00 07/23/98 Pomona First Federal Bank 05/27/98 5.550 8,000,000.00 11 /24/98 Bank of Petaluma . 02/11/98 5.280 1,000,000.00 08/11/98 SACRAMENTO Sanwa Bank of California 01/27/98 5.270 5,000,000.00 07/29/98 River City Bank 02/19/98 5.260 5,000,000.00 07/20/98 Sanwa Bank of California 02/18/98 5.250 50,000,000.00 08/17/98 River City Bank 02/19/98 5.270 5,000,000.00 08/18/98 Sanwa Bank of California 02/25/98 5.350 10,000,000.00 08/24/98 Union Bank of California 03/31/98 5.260 100,000,000.00 06/29/98 Union Bank of California 04/30/98 5.060 50,000,000.00 07/30/98 River City Bank 04/13/98 5.250 5,000,000.00 10/14/98 Union Bank of California 05/06/98 5.110 100,000,000.00 08/05/98 Union Bank of California 05/18/98 5.140 50,000,000.00 08/18/98 Sanwa Bank of California 05/06/98 5.340 7,000,000.00 11/03/98 -15- NAME ALHAMBRA East West Bank TIME DEPOSIT DATE 03/19/98 DEPOSR YIELD 5.130 PAR AMOUNT (1) MATURITY 12,000,000.00 DATE 06/18/98 East West Bank 04/09/98 5.090 35,000,000.00 07/09/98 East West Bank 04/17/98 5.130 15,000,000.00 07/17/98 East West Bank BEVERLY HILLS 05/12/98 5.160 38,000,000.00 08/11 /98 City National, Bank 01/27/98 5.270 10,000,000.00 07/29/98 City National Bank 02/18/98 - 5.270 20,000,000.00 02/18/99 City National Bank 03/19/98 5.220 20,000,000.00 09/16/98 City National Bank 05/05/98 5.290 10,000,000.00 11 /02/98 City National Bank CHICO 05/15/98 5.380 15,000,000.00 11 /02/98 North State National Bank 02/25/98 5.320 1,000,000.00 08/24/98 Tri Counties Bank 03/16/98 5.110 10,000,000.00 06/16/98 Tri Counties Bank 03/16/98 5.250 10,000,000.00 09/15/98 North State National Bank 03/11/98 5.260 500,000.00 09/09/98 TO Counties Bank 04/22/98 5.100 10,000,000.00 07/23/98 North State National Bank 04/07/98 5.220 2,000,000.00 10/06/98 Tri Counties Bank FRESNO 04/16/98 5.230 10,000,000.00 10/15/98 Kings River State Bank G ENDAi E 01 /15/98 5.190 1,000,000.00 07/15/98 Glendale Federal Bank. 03/31/98 5.280 3,000,000.00 06/29/98 Glendale Federal Bank 04/09/98 5.220 5,000,000.00 10/07/98 Glendale Federal Bank 1NGLEWOOD 04/17/98 5.320 100,000,000.00 10/15/98 Imperial Bank 02/11/98 5.310 20,000,000.00 e, 08/11/98 Imperial Bank 03/11/98 5.290 25,000,000.00 09/09/98 Imperial Bank 03/19/98 5.250 11,000,000.00 09/16/98 Imperial Bank 03/31/98 5.250 36,000,000.00 10/01/98 Imperial Bank 04/21 /98 . 5.070 25,000,000.00 07/21 /98 Imperial Bank 05/06/98 5.150 .15,000,000.00 08/05/98 Imperial Bank 05/08/98 5.150 20,000,000.00 08/07/98 —14— NAME SANTA ANA Grand National Bank TIME DEPOSIT DEPOSIT DATE 12/31/97 YIELD PAR 5.480 AMOUNT (J MATURITY 95,000.00 DATE 06/30/98 Grand National Bank 03/10/98 5.180 1,500,000.00 06/08/98 Grand National Bank 03/11 /98 5.250 1,500,000.00 09/08/98 SANTA CRUZ Coast Commercial Bank 03/20/98 5.190 15,000,000.00 06/19/98 SHAS.TA North Valley Bank 03/24/98 5.280 3,000,000.00 09/22/98 STANISLAUS Oak Valley Community Bank 03/27/98 5.250 500,000.00 06/25/98 Oak Valley Community Bank 03/30/98 5.280 500,000.00 06/29/98 Oak Valley Community Bank 05/08/98 5.130 500,000.00 08/07/98 TORRANCE China Trust Bank (USA) 03/11/98 5.180 10,000,000.00 06/09/98 South Bay Bank 03/17/98 5.180 2,000,000.00 06/16/98 China Trust Bank (USA) 03/31 /98 5.280 5,000,000.00 06/29/98 China Trust Bank (USA) 04/30/98 5.100 15,000,000.00 07/30/98 TUSTIN Sunwest Bank 03/31 /98 5.220 500,000.00 10/01 /98 Sunwest Bank 04/21 /98 5.080 1,000,000.00 07/20/98 Surtwest Bank 04/09/98 5.220 2,800,000.00 10/07/98 VACAVILLE Continental Pacific Bank 03/04/98 5.270 1,000,000.00 06/02/98 VICTORVILLE Citizens Business Bank 12/10/97 5.590 10,000,000.00 06/09/98 Citizens Business Bank 01 /09/98 5.370 10,000,000.00 07/09/98 Citizens Business Bank 01/22/98 5.230 5,000,000.00 08/06/98 Citizens Business Bank 02/11/98 5.300 10,000,000.00 09/23/98 Citizens Business Bank 02/11/98 5.320 5,000,000.00 10/06/98 Citizens Business Bank 03/11/98 5.270 10,000,000.00 10/08/98 -17— NAME SAN DIEGO San Diego First Bank San Diego First Bank San Diego First Bank San Diego First Bank SAN FRANCISCO Bank of Canton California Bank of Canton California Bank of Canton California Bank of Canton California Bank of Canton California Bank of Canton California Bank of Canton California Transpacific National Bank Oceanic 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 First Bank of San Luis Obispo SAN RAFAEL West America Bank West America Bank West America Bank West America Bank Borel Bank and Trust 12/03/97 5.450 1,500,000.00 06/02/98 12/22/97 5.450 1,500,000.00 06/23/98 03/19/98 5.160 14,000,000.00 06/17/98 05/08/98 5.330 1,000,000.00 11 /05/98 12/04/97 5.420 5,000,000.00 06/04/98 12/09/97 5.440 5,000,000.00 06/09/98 12/01 /97 5.500 5,000,000.00 12/01 /98 12/15/97 5.450 5,000,000.00 12/15/98 01 /21 /98 5.230 5,000,000.00 01 /21 /99 02/04/98 5.260 5,000,000.00 08/04/98 02/11 /98 5.300 5,000,000.00 02/11 /99 03/17/98 5.450 800,000.00 09/16/98 03/05/98 5.430 2,000,000.00 03/05/99 04/10/98 5.080 2,000,000.00 07/09/98 04/08/98 5.230 2,000,000.00 10/07/98 02/04/98 5.280 3,600,000.00 08/04/98 03/12/98 5.110 1,000,000.00 06/11 /98 04/08/98 5.130 1,000,000.00 07/08/98 05/13/98 5.160 2,000,000.00 08/12/98 05/27/98 5.180 2,500,000.00 08/25/98 04/17/98 5.040 25,000,000.00 07/16/98 04/24/98 5.090 25,000,000.00 07/23/98 04/30/98 5.090 25,000,000.00 07/30/98 05/11 /98 5.130 50,000,000.00 08/10/98 03/16/98 5.180 95,000.00 06/30/98 —16— DEMAND BANK DEPOSITS (000 omitted) DAILY BALANCES WARRANTS MAY PER BANKS OUTSTANDING 1. $420,743 $195269441 2. 4209743 .195269441 3. 4209743 195269441 4. 7559427 11,0933,394 5. 319,333 1,1189749 6. 2629144 9969,170 7. 1683,822 192151,346 8. 221,782 19,2519904 9. 2219782 1,2519904 10. 2219782 19,2519904 11. 1939068 190719651 12. 1719963 190139,156 13. 2681,828 902,731 14. 2135,995 191579921 15. 3029,905 190609448 16. 302,905 1,0689335 17. 3029905 19068,335 18. 5355,180 9589659 19. 1919268 8509162 20. 4339865 993,367 21. 3329386 111019041 22. 241,114 191029902 23. .2419114 19102,902 24. 2419114 19102,902 25. 2419114 19,1029902 26. 3709703 190659219 27. 3565,214 1,019,494 28. 5669696 9119426 29. 624,554 960,367 30. 6241,554 96ti , 667 31. 6241,554 9649174 a/ AVERAGE DOLLAR DAYS $3489848 a/ The prescribed bank balance for May was $398,267.00. This consisted of $138,927.00 in compensating balances for services, $246,861.00 uncollected funds and a deduction of $12,479.00 for April delayed deposit credit. -19- NAME WALNUT CREEK Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West 01 /30/98 5.270 26,500,000.00 07/31 /98 02/19/98 5.250 18,000,000.00 08/19/98 02/18/98 5.250 19,000,000.00 08/19/98 02/27/98 5.310 27,000,000.00 08/26/98 04/01 /98 5.200 14,000,000.00 10/01 /98 04/23/98 5.260 25,000,000.00 10/20/98 05/15/98 5.450 10,000,000.00 05/13/98 TOTAL TIME DEPOSITS AS OF MAY 31,1998 $1,495,890,000.00 —18— STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT JUNE 1998 Table of Contents SUMAURY............................................................................................................1 SELECTED INVESTMENT DATA....................................................................2 PORTFOLIOCOMPOSITION...........................................................................3 INVESTMENTTRANSACTIONS......................................................................4 TIMEDEPOSITS................................................................................................21 DEMANDBANK DEPOSITS............................................................................26 POOLED MONEY INVESTMENT BOARD DESIGNATION .....................27 —�.v.`s,n,.v.• �... i- Vv�...✓ IlV1��, 1/\Yv�711t�a�1\iJVMI>✓ OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1587 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on May 20, 1998, 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 $147,112,000 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: Time Deposits in various Financial Institutions In Securities (sections 16503a Estimated From ' To Transactions (section 16430)' and 16602)' Total ( 1) 05/18/98 05/22/98 $ 876,000,000 $ 30,735,610,000 $ 1,495,890,000 $ 32,231,500,000 (2) 05/25/98 05/29/98 $ (738,600,000) $ 29,997,010,000 $ 1,495,890,000 $ 31,492,900,000 (3) 06/01/98 06/05/98 $ (484,400,000) $ 29,512,610,000 $ 1,495,890,000 $ 31,008,500,000 (4) 06/08/98 06/12/98 $ 84,400,000 $ 29,597,010,000 $ 1,495,890,000 $ 31,092,900,000 (5) 06/15/98 06/19/98 $ 2,428,800,000 $ 32,025,810,000 $ 1,495,890,000 $ 33,521,700,000 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 $147,112,000. Dated: May 20, 1998 *Government Code Member —20— POOLED MONEY INVESIMEENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF DUNE 1998 WITH JUNE 1997 (Dollars in Thousands) Average Daily Portfolio Accrued Earnings Effective Yield Average Life --Month End (in days) Total Security Transactions Amount Number Total Time Deposit Transactions Amount Number Average Workday Investment Activity Prescribed Demand Account Balances For Services For Uncollected Funds 3uae 8 17 .. $33,843,340 $30,295,908 + $3,5471,432 $157,742 $141,109 + $16,633 5.671 5.667 + .004 212 232 -20 $261,644,272 $211,5691,932 + $51,074,340 591 489 + 102 $542,380 $186,100 56 32 $11,2351,757 $1,0361,001 $168,322 $140,675 $1771,571 $175,698 + $356,280 + 24 + $199,756 + $27,647 + $1,873 —1— MATT FONG STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED IIWESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Change in June 30,1998 Percent From Amount Percent Previous Month Tvue of Sam= -- Governments Bills $2,7189,452 8.54 , - .56 Bonds Notes 0 59617,926 0 17.66 + 0 2.51 Strips 0 0 0 Total Governments $853 26.20 + 1.95 Federal Agency Coupons $29168,912 6.82 .56 8.10 Certificates of Deposit • 4,767,684 14.98 - 1.09 Bank Notes 1,2709976 3.99 - + Bankers Acceptances 20,758 .07 .04 0 Repurchases Federal Agency Discount Notes 0 519,566 0 1.63 - 1.72 Time Deposits 1954498" 4.86 + 31 GNMA's Commercial Paper 2,302 993879431 .01 29.50 + 0 7.08 FHLMC 22,484 .07 0 Corporate Bonds 1,723,893 5A2 + .14 Pooled Loans 2,051,393 6A5 + 31 GF Loans 0 0 0 0 0 1'6 Reversed Repurchases Total, All Types $31,8169667 100 INVESTMENT ACTIVITY June 1998 May 1998 Number Amount Number Amount Pooled Money 591 $ 26,6449272 302 $ 129598,105 Other 9 $ 12,334 108 S- 5569465 Time Deposits 56 $ 542MO 31 $ 590,500 TOTALS 656 $ 279198,986 441 $ 139745,070 PMIA Monthly Average Effective Yield 5.671 5.673 Year to Date Yield for Last Day of Month 5.699 5.702 —2— Commercial Paper 29.50% Pooled Money Investment Account Portfolio Composition $31.8 Billion Corporate Loans Bonds 6.45% Acceptances 0.07°r6 CD's/BN's 18.97% lasuries 6.20% Time Deposits 4.86% Mortgages 0.08% cies 5% 6/30/98 O Treasuries © Time Deposits ■ Mortgages O Agencies O CD's/BN's ■ Bankers Acceptances O Repo O Commercial Paper ® Corporate Bonds 0 Loans ® Reverses -3- 06/01/98 SALE Treas Bill 06/25/98 4.460 $50,000 340 148,666.65 5.765 Treas Bill 06/25/98 4.460 50,000 340 148,666.65 5.765 REDEMPTION BN B/A 5.550% 06/01/98 5.550 50,000 33 254,375.00 5.627 BN B/A 5.550% 06/01/98 5.510 50,000 33 254,375.00 5.627 CD Wachovia ' 5.520% 06/01/98 5.510 50,000 31 237,238.15 5.586 CD Wachovia 5.520% 06/01/98 5.510 50,000 31 237,238.15 5.586 CD Rabo 5.520% 06/01/98 5.520 50,000 32 245,333.33 5.596 CD Rabo 5.520% 06/01/98 5.520 50,000 32 245,333.33 5.596 CD CIBC 5.530% 06/01/98 5.530 50,000 32 245,777.78 5.606 CD CIBC 5.530% 06/01/98 5.530 50,000 32 245,777.78 5.606 CD Svenska 5.560% 06/01/98 5.560 50,000 88 679,555.56 5.637 CD Svenska 5.560% 06/01/98 5.560 50,000 88 679,555.56 5.637 CD Soc Gen 5.590% 06/01/98 5.585 50,000 90 698,133.61 5.662 CD Soc Gen 5.590% 06/01/98 5.585 50,000 90 698,133.61 5.662 CD Montreal 5.550% 06/01/98 5.550 50,000 94 724,583.33 5.627 CD Nova Scot 5.550% 06/01/98 5.550 50,000 94 724,583.33 5.627 CD Mellon 5.550% 06/01/98 5.550 50,000 94 724,583.33 5.627 CD Mellon 5.550% 06/01/98 5.550 50,000 94 724,583.33 5.627 CD Bayer Lnds 5.570% 06/01/98 5.570 50,000 94 724,620.63 5.627 CD Hypo 5.500% 06/01/98 5.500 50,000 98, 748,611.11 5.576 CP Heller 06/01/98 5.700 25,000 3 11,875.00 5.781 CP GMAC 06/01/98 5.680 50,000 3 23,666.67 5.781 CP Text Fin 06/01/98 5.670 19,416 31 94,798.62 5.776 CP FMCC 06/01/98 5.510 50,000 31 237,236.11 5.613 CP FMCC 06/01/98 5.510 50,000 31 237,236.11 5.613 CP Enron 06/01/98 5.590 20,000 35 108,694.44 5.698 CP Household 06/01/98. 5.530 50,000 35 268,819.50 5.637 CP Household 06/01/98 5.530 50,000 35 268,819.50 5.637 CP GMAC 06/01/98 5.490 50,000 39 297,375.00 5.599 CP GMAC 06/01/98 5.490 50,000 39 297,375.00 5.599 CP GMAC 06/01/98 5.490 50,000 39 297,375.00 5.599 CP -Comnwealth 06/01/98 5.700 18,000 47 133,950.00 5.822 CP Merrill 06/01/98 5.500 30,000 88 403,333.33 5.652 CP Merrill 06/01/98 5.500 50,000 88 672,222.22 5.652 CP FMCC 06/01/98 5.480 50,000 94 715,444.44 5.636 CP FMCC 06/01/98 5.480 50,000 94 715,444.44 5.636 CP FMCC 06/01/98 5.480 50,000 94 715,444.44 5.636 CP GMAC 06/01/98 5.440 50,000 108 816,000.00 5.607 CP GMAC 06/01/98 5.440 25,000 108 408,000.00 5.607 CP Salomon 06/01/98 5A50 50,000 108 817,500.00 5.617 CP Salomon 06/01/98 5.450 50,000 108 817,500.00 5.617 CP Salomon 06/01/98 5.450 30,000 108 490,500.00 5.617 CP FMCC 06/01/98 5.440 50,000 145 1,095,555.56 5.639 CP FMCC 06/01/98 5.440 50,000 145 1,095,555.56 5.639 CP GECC 06/01/98 5.500 -50,000 147 1,122,916.67 5.704 CP GECC 06/01/98 5.500 50,000 147 1,122,916.67 5.704 CP GECC 06/01/98 5.500 50,000 147 1,122,916.67 5.704 —4— 06/01/98 REDEMPTION CID GECC 06/01/98 5.500 50,000 PURCHASE Treas Note 5.550% 05/31/00 5.600 25,000 Treas Note 5.500% 05/31/00 5.600 50,000 Treas Note 5.500% -05/31/00 5.525 50,000 CID GECC 10/28/98 5.510 50,000 CID GECC 10/28/98 5.510 50,000 BN Fst Chic 5.560% 12/01/98 5.560 50,000 BN Fst Chic 5.560% 12/01/98 5.560 50,000 CD Rabo 5.620% 10/05/98 5.580 31,000 CD Rabo 5.620% 10/05/98 5.580 50,000 CD Rabo 5.620% 10/05/98 5.580 50,000 CD CIBC 5.790% 10/06/98 5.580 50,000 CD CIBC 5.790% 10/06/98 5.580 50,000 CD Mellon 5.625% 11 /30/98 5.625 50,000 CD Mellon 5.625% 11 /30/98 5.625 50,000 CD Hypo 5.580% 12/01/98 5.570 50,000 CD Hypo 5.580% 12/01/98 5.570 50,000 CD Soc Gen 5.600% 12101 /98 5.595 50,000 CD Soc Gen 5.600% 12/01/98 5.595 50,000 CID Comnwealth 06/02/98 5.850 19,000 CID Assoc 06/02/98 5.750 35,000 CID Assoc 06/02/98 5.750 50,000 CID Assoc 06/02/98 5.750 50,000 CID Assoc 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 14,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 21,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Country 06/03/98 5.710 8,971 CID Country 06/04/98 5.710 18,363 CID Heller 06/08/98 5.750 25,000 CID Heller 06/08/98 5.750 50,000 CID Country 06/10/98 5.650 9,015 CP Country 06/10/98 5.650 50,000 Treas Note 5.500% 05/31/00 5.504 50,000 Treas Note 5.501 % 05/31/00 5.504 50,000 Treas Note 5.501% 05/31/00 5.504 50,000 Treas Note 5.501 % 05/31/00 5.504 50,000 147 1,122,916.67 5.704 —5— 06/02/98 REDEMPTION CP Comnwealth 06/02/98 5.850 19,000 1 3,087.50 5.932 Cp , Assoc 06/02/98 5.750 35,000 1 5,590.28 5.830 CP Assoc 06/02/98 5.750 50,000 1 7,986.11 5.830 CP Assoc 06/02/98 5.750 50,000 1 7,986.11 5.830 CP Assoc 06/02/98 5.750 50,000 1 7,986.11 5.830 CP Morg Stan 06/02/98 5.750 14,000 1 2,236.11 5.830 CP Morg Stan 06/02/98 -5.750 50,000 1. 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 -5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 21,000 1 3,354.16 . 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 PURCHASE CD NationsBk 5.610% 12/02/98 5.610 50,000 CD NationsBk 5.610% 12/02/98 5.610 50,000 CD NationsBk 5.610% 12/03/98 5.610 50,000 CD Svenska 5.610% 11 /30/98 5.600 50,000 CD Svenska 5.610% 11/30/98 5.600 50,000 CP Assoc 06/03/98 5.570 50,000 CP Assoc 06/03/98 5.570 50,000 CP Assoc 06/03/98 5.570 50,000 CP Assoc 06/03/98 5.570 50,000 CP Conagra 06/05/98 5.690 30,000 CP Conagra 06/05/98 5.690 50,000 Cp Conagra 06/05/98 5.690 50,000 CP Conagra 06/05/98 5.690 50,000 CP Country 06/09/98 5.600 35,000 CP Country 06/09/98 5.600 50,000 CP GECC 10/28/98 5.480 15,000 CP GECC 10/28/98 5.480 50,000 06/03/98 REDEMPTION CP Assoc 06/03/98 5.570 50,000 1 7,736.11 5.648 CP Assoc 06/03/98 5.570 50,000 1 7,736.11 5.648 CP Assoc 06/03/98 5.570 50,000 1 7,376.11 5.648 CP Assoc 06/03/98 5.570 50,000 1 7,736.11 5.648 CP Country 06/03/98 5.710 8,971 2 2,845.80 5.791 CP Amer Exp 06/03/98 5.530 50,000 5 38,402.78 5.611 CP Amer Exp 06/03/98 5.530 50,000 5 38,402.78 5.611 CP Heller 06/03/98 5.720 50,000 13 103,277.78 5.811 CP Heller 06/03/98 5.720 50,000 13 103,277.78 5.811 —6— 06/03/98 PURCHASE CD Montreal CP Assoc CP Assoc CP Heller CP Heller CP Salomon CP Enron 06/04/98 SALE Treas Note REDEMPTION CP Assoc CP Assoc CP Country CP Amer Exp CP Amer Exp MTN GMAC PURCHASE Treas Note BA U/B Calif BA UB Calif CD World CD World CP Unocal CP GECC CP GECC PURCHASE sJ FHLB FHLB Treas Note 06/05/98 SALE Treas Note Treas Note Treas Note 5.600% 11 /09/98 5.600 50,000 06/04/98 5.600 50,000 06/04/98 5.600 50,000 06/10/98 5.740 50,000 06/10/98 5.740 50,000 07/01/98 .5.530 20,000 10/28/98 - 5.530 30,000 4.750% 08/31/98- 5.214 50,000 1722 619,565.22 4.745 06/04/98 5.600 50,000 1 7,777.78 5.678 06/04/98 5.600 50,000 1 7,777.78 5.678 06/04/98 5.710 18,363 3 8,737.73 5.792 06/04/98 5.530 50,000 6 46,083.33 5.611 06/04/98 5.530 50,000 6 46,083.33 5.611 6.300% 06/04/98. 6.590 8,000 710 1,020,400.00 6.590 6.751 % 06/30/99 5.527 50,000 07/01 /98 5.530 10,000 08/03/98 5.530 10,900 5.520% 06/26/98 5.540 50,000 5.520% 06/26/98 5.540 50,000 08/27/98 5.650 18,000 10/07/98 5.500 50,000 10/07/98 5.500 50,000 5.695% 05/06/99 5.550 50,000 5.695% 05/06/99 5.550 50,000 5.875% 03/31 /99 5.550 1,538 4.750% 08/31/98 5.219 25,000 1719 4.750% 08/31/98 5.219 50,000 1719 4.750% 08/31/98 5.219 50,000 1719 313,009.51 4.724 626,019.02 4.720 626,019.02 4.720 —7- 06/05/98 REDEMPTION CD World 5.520% 06/05/98 5.530 50,000 35 268,816.88 5.606 CD World 5.520% 06/05/98 5.530 50,000 35 268,816.88 5.606 CP Conagra 06/05/98 5.690 50;000 3 23,708.33 5.771 CP Conagra 06/05/98 5.690 50,000 3 23,708.33 5.771 CP Conagra 06/05/98 5.690 50,000 3 23,708.33 5.771 CP Conagra 06/05/98 5.690 30,000 3 14,225.00 5.771 CP Salomon 06/65/98 5.500 50,000 35 267,361:11 5.606 CP Salomon 06/05/98 5.500 50,000 35 261,361.11 5.606 CP FMCC 06/05/98 5.440 50,000 149 1,125,777.78 5.642 CP FMCC 06/05/98 5.440 50,000 149 1,125,777.78 5.642 SALE r/ FHLB 5.695% 05/06/99 5.550 50,000 1 7,590.63 5.627 FHLB 5.695% 05/06/99 5.550 50,000 1 7,590.63 5.627 Treas Note 5.875% 03/31 /99 5.550 1,538 1 235.41 5.627 PURCHASE Treas Note 6.750% 06/30/99 5.539 25,000 Treas Note 6.751 % 06/30/99 5.539 50,000 Treas Note 6.750% 06/30/99 5.539 50,000 Treas Note 5.375% 01 /15/99 5.439 50,000 CD ANZ 5.630% 12/02/98 5.620 20,000 CP GECC 06/08/98 5.450 50,000 CP GECC 06/08/99 5.450 50,000 CP GECC 06/08/98 5.450 50,000 CP GECC 06/08/98 5.450 50,000 CP Conagra 07/02/98 5.650 45,000 CP Conagra 07/02/98 5.650 50,000 CP Merrill 11/30/98 5.500 30,000 CP Merrill 11/30/98 5.500 50,000 CP Merrill 01/30/98 5.500 50,000 CP U/B Calif 11/30/98 5.500 50,000 CP U/B Calif 11/30/98 5.500 50,000 06/08/98 REDEMPTION BA Bk of NYC 06/08/98 5.570 11,000 172 292,734.44 5.801 CP GECC 06/08/98 5.450 50,000 3 22,708.33 5.528 CP GECC 06/08/98 5.450 50,000 3 22,708.33 5.528 CP GECC 06/08/98 5.450 50,000 3 22,708.33 5.528 CP GECC 06/08/98 5.450 50,000 3 22,708.33 5.528 CP Heller 06/08/98 5.750 25,000 7 27,951.39 5.836 CP Heller 06/08/98 5.750 50,000 7 55,902.78 5.836 CP Heller 06/08/98 5.750 50,000 38 303,472.22 5.865 CP Comnwealth 06/08/98 5.720 10,000 41 65,144.44 5.837 CP Unocal 06/08/98 5.670 11,900 56 104,958.00 5.799 —8— 06/08/98 PURCHASE BN B/A CD ANZ .CD ANZ CP Heller CP Heller CP Text Fin CP Unocal CP Conagra 06/09/98 REDEMPTION CP Country CP Country NO PURCHASE 06/10/98 SALE Treas Bill Treas Bill REDEMPTION CP Heller CP Heller CP Country CP Country - CP Assoc CP Assoc CP Text Fin PURCHASE MTN FMCC Treas Bill Treas Bill CP Heller CP Heller 06/11/98 REDEMPTION FHLB 5.600% 12/01/98 5.600 21,000 5.620% 12/07/98 5.610 50,000 5.620% 12/07/98 5.610 50,000 06/26/98 5.720 25,000 06/26/98 5.720 50,000 08/20/98 5.700 48,000 09/01 /98 5.680 10,000 09/04/98 5.630 31,115 06/09/98 5.600 35,000 7 06/09/98 5.600 50,000 7 11 /12/98 5.135 50,000 156 11 /12/98 5.135 50,000 156 38,111.11 5.683 54,444.44 5.683 1,112,583.31 5.447 1,105,451.39 5.447 06/10/98 5.740 50,000 7 55,805.56 5.826 06/10/98 5.740 50,000 7 55,805.56 5.826 06/10/98 5.650 9,015 9 12,733.69 5.736 06/10/98 5.650 50,000 9 70,625.00 5.136 06/10/98 5.510 50,000 40 306,111.11 5.620 06/10/98 5.510 50,000 40 306,111.11 5.620 06/10/98 5.670 23,500 44 162,855.00 5.788 5.954% 03/21/01 5.687 10,000 05/27/99 5.170 50,000 05/27/99 5.170 50,000 06/12/98 5.500 45,000 06/12/98 5.500 50,000 5.910% 06/11 /98 6.020 50,000 365 3,009,000.00 6.024 1= 06/11/98 PURCHASE r/ Disc Note FHLB Disc Note FHLB Disc Note FHLB Disc Note FHLB Disc Note FHLB 06/12/98 REDEMPTION CP Heller CP Heller SALE sd Disc Note - FHLB Disc Note FHLB Disc Note FHLB Disc Note FHLB Disc Note FNMA NO PURCHASES 06/15/98 REDMPTION 07/08/98 5.530 50,000 07/08/98 5.530 50,000 07/08/98 5.530 50,000 08/12/98 5.530 37,940 02/05/99 5.530 50,000 06/12/98 5.500 45,000 2 13,750.00 5.578 06/12/98 5.500 50,000 2 15,277.78 5.578 07/08/98 5.530 50,000 1 7,487.62 5.606 08/07/98 5.530 50,000 1 7,459.51 5.606 08/07/98 5.530 50,000 1 7,459.51 5.606 08/12/98 5.530 37,940 1 5,652.58 5.606 02/05/99 5.530 50,000 1 7,271.34 5.606 CB FMCC 9.250% 06/15/98 5.770 MTN Chrysler 6.750% 06/15/98 6.500 MTN S Ca Edson 5.450% 06/15/98 6.460 MTN Gr Western 6.125% 06/15/98 5.380 PURCHASE MTN Assoc 6.125% 11/12/99 5.883 CD ANZ 5.580% 12/11 /98 5.570 CD ANZ 5.580% 12/11 /98 5.570 CP FMCC 06/16/98 5.750 CP FMCC 06/16/98 5.750 CP Salomon 06/17/98 5.600 CP Salomon 06/17/98 5.600 CP GMAC 11/30/98 5.450 CP GMAC 11/30/98 5.450 CP GMAC 11/30/98 5.450 CP GMAC 11/30/98 5.450 CP GECC 11/30/98 5.450 CP GECC 11/30/98 5.450 CP GECC 11/30/98 5.450 CP GECC 11/30/98 5.450 CP GECC 06/16/98 5.770 CP GECC 06/16/98 5.770 3,400 908 511,513.94 5.770 10,000 724 - 1,292,850.00 6.500 18,000 724 2,279,370.00 6.504 12,000 864 1,546,061.67 5.380 26,635 50,000 50,000 50,000 50,000 25,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 —10- 06/16/98 RRS Treas Bill 07/23/98 5.200 50,000 Treas Bill 07/23/98 5.200 50,000 Treas Bill 07/23/98 5.200 50,000 SALE g/ CP Morg Stan 06/16/98 5.500 50,000 90 687,500.00 5.654 CP Morg Stan 06/16/98 5.500 50,000 90 687,500.00 5.654 CP Morg Stan 06/16/98 5.500 50,000 90 687,500.00 5.654 REDEMPTION CD Soc Gen 5.810% 06/16/98 5.770 5,000 169 135,736.16 5.862 CD Soc Gen 5.810% . 06/16/98 5.770 50,000 169 1,357,361.61 5.862 CID FMCC 06/16/98 5.750 50,000 1 7,986.11 5.830 Cp FMCC 06/16/98 5.750 50,000 1 7,986.11 5.830 CP GECC 06/16/98 5.770 50,000 1 8,013.89 5.851 CP GECC 06/16/98 5.770 50,000 1 8,013.89 5.851 PURCHASE g/ CD World 5.530% 06/30/98 5.550 50,000 CD World 5.530% 06/30/98 5.550 50,000 CD World 5.530% 06/30/98 5.550 50,000 RRP Treas Bill 07/23/98 5.276 50,000 90 (645,980.25) -5.349 Treas Bill 07/23/98 5.276 50,000 90 (645,980.25) -5.349 Treas Bill 07/23/98 5.276 50,000 90 (645,980.25) -5.349 PURCHASE CD Soc Gen 5.600% 12/14/98 5.590 25,000 CD Soc Gen 5.600% 12/14/98 5.590 50,000 CD B/A 5.580% 12/15/98 5.580 50,000 CD B/A 5.580% 12/15/98 5.580 50,000 CP GECC 06/17/98 5.630 50,000 CP GECC 06/17/98 5.630 50,000 CP GECC 06/17/98 5.630 50,000 CP GECC 06/17/98 5.630 50,000 CP Country 07/09/98 5.570 14,250 CP Conagra 07/29/98 5.700 23,234 CP Heller 08/03/98 5.750 50,000 CP Heller 08/02/98 5.750 50,000 CP Comnwealth 08/05/98 5.770 14,000 CP Salomon 08/07/98 5.540 50,000 CP Hertz 08/20/98 5.540 26,000 CP UB Calif 11/24/98 5.480 25,000 CP U/B Calif 11/24/98 5.480 50,000 " —11— 06/17/98 REDEMPTION CP GECC 06/17/98 5.630 50,000 1 7,819.44 5.709 CP GECC 06/17/98 5.630 50,000 1 7,819.44 5.709 CP GECC 06/17/98 5.630 50,000 1 7,819.44 5.709. CP GECC 06/17/98 5.630 50,000 1 7,819.44 5.709 CP Salomon 06/17/98 5.600 25,000 2 7,777.78 5.679 CP Salomon 06/17/98 5.600 50,000 2 15,555.56 5.679 PURCHASE BN Fst Chic 5.530% 08/27/98 5.530 50,000 BN Fst Chic 5.530% 08/27/98 5.530 50,000 CD Toronto 5.610% 12/17/98 5.590 50,000 CP GECC 06/18/98 5.650 50,000 CP GECC 06/18/98 5.650 50,000 CP GECC 06/18/98 5.650 50,000 CP Enron 06/18/98 5.750 40,000 CP Conagra 08/03/98 5.630 29,000 CP Country 08/03/98 5.570 33,000 06/18/98 REDEMPTION CP Enron 06/18/98 5.750 40,000 1 6,388.89 5.830 CP GECC 06/18/98 5.650 50,000 1 7,847.22 5.729 CP GECC 06/18/98 5.650 50,000 1 7,847.22 5.729 CP GECC 06/18/98 5.650 50,000 1 7,847.22 5.729 PURCHASE CD Toronto 5.610% 12/18/98 5.600 50,000 CP Assoc 10/01 /98 5.480 50,000 CP Assoc 10/01/98 5.480 50,000 CP -Assoc 10/02/98 5.480 50,000 CP Assoc 10/02/98 5.480 50,000 CP GMAC 10/28/98 5.460 50,000 CP GMAC 10/28/98 5.460 50,000 CP GMAC 10/28/98 5.460 50,000 CP GMAC 10/28/98 5.460 50,000 CP FMCC 10/28/98 5.480 50,000 CP FMCC 10/28/98 5.480 50,000 CP FMCC 10/28/98 5.480 50,000 CP FMCC 10/28/98 5.480 50,000 CP GECC 11/24/98 5.480 50,000 CP GECC 11/24/98 5.480 50,000 CP GECC 11/24/98 5.480 50,000 CP GECC 11/24/98 5.480 50,000 Treas Bill 05/27/99 5.130 10,000 Treas Bill 05/27/98 5.130 50,000 Treas Bill 05/27/98 5.130 50,000 Treas Note 5.500% 05/31 /00 5.515 50,000 —12— 06/18/98 PURCHASE Treas Note 5.500% 05/31/00 5.515 50,000 06/19/98 NO REDEMPTIONS PURCHASE BN B/A 5.600% 12/18/98 5.600 50,000 BN B/A 5.600% 12/18/98 5.600 50,000 CD. Toronto 5.610% 12/29/98 5.600 50,000 CD Toronto 5.610% 12/29/98 5.600 50,000 CID Allied 07/01/98 5.570 25,000 CID Allied 07/01/98 5.570 50,000 CID Conagra 07/01/98 5.750 50,000 CP Comnwealth 08/07/98 5.820 20,000 CID GMAC 08/27/98 5.530 40,000 CID GMAC 08/27/98 5.530 50,000 CID GMAC 08/27/98 5.530 50,000 CID GMAC 08/27/98 5.530 50,000 CID GECC 11/09/98 5.480 50,000 CID GECC 11/09/98 5.480 50,000 Disc Note FHLB 06/14/99 5.260 43,025 Treas Note 5.500% 05/31/00 5.553 50,000 Treas Note 5.500% 05/31/00 5.553 50,000 06/22/98 NO REDEMPTIONS PURCHASE CID Heller • 07/29/98 5.730 50,000 CID Lehman 10/01/98 5.570 50,000 CID Lehman 10/01/98 5.570 50,000 CID GMAC 11/30/98 5.460 50,000 CID GMAC 11 /30/98 5.460 50,000 06/23/98 REDEMPTION FNMA 5.710% 06/23/98 5.866 50,000 361 2,897,496.53 5.867 FNMA 5.710% 06/23/98 5.866 50,000 361 2,897,496.53 5.867 PURCHASE BN B/A 5.610% 01 /04/99 5.610 50,000 BN B/A 5.610% 01 /04/99 5.610 50,000 BN Fst Chic 5.640% 04/09/99 5.640 50,000 BN Fst Chic 5.640% 04/09/99 5.640 50,000 CD WestDeut 5.581 % 12/16/98 5.580 50,000 CID Baxter 08/07/98 5.625 10,000 —13— 06/23/98 PURCHASE . CID Text Fin 08/28/98 5.700 26,060 CID SRAC 11/09/98 5.480 50,000 CID GECC 11/24/98 5.480 50,000 CID GECC 11/24/98 5.480 50,000 CP JP Morgan 12/09/98 5.480 50,000 CID JP Morgan 12/09/98 5.480 50,000 CID JP Morgan 12/09/98 5.480 50,000 CID JP Morgan 12/09/98 5.480 50,000 Disc Note FNMA 05/25/99 5.260 50,000 Disc Note FNMA 05/25/99 5.260 50,000 Disc Note FNMA 06/18/99 5.230 50,000 Disc Note FNMA 06/18/99 5.230 50,000 06/24/98 NO REDEMPTIONS PURCHASE Disc Note FNMA 06/01/99 5.250 50,000 Disc Note FNMA 06/01/99 5.250 50,000 CD Stnrd Ch 5.550% 07/29/98 . 5.540 25,000 CD Stnrd Ch 5.550% 07/29/98 5.540 50,000 CD CIBC 5.540% 07/29/98 5.540 50,000 CD Stnrd Ch 5.550% 07/30/98 5.540 25,000 CD Stnrd Ch 5.550% 07/30/98 5.540 50,000 CD Cr Anstlt 5.550% 07/30/98 5.540 50,000 CD Cr Anstlt 5.550% 07/30/98 5.540 50,000 CID Conagra 07/01/98 5.860 9,000 CID GMAC 07/02/98 5.600 50,000 CID GMAC 07/02/98 5.600 50,000 CID FMCC 07/03/98 5.580 13,000 CID FMCC 07/03/98 5.580 50,000 CID FMCC 07/03/98 5.580 50,000 CID Enron 07/06/98 5.700 25,000 CID Hertz 07/06/98 5.610 30,000 CID Country 07/08/98 5.600 30,000 06/25/98 SALE g/ CD Bayer Lnds 5.560% 06/25/98 5.550 50,000 90 693,767.00 5.627 CD Bayer Lnds 5.560% 06/25/98 5.550 50,000 90 693,767.00 5.627 REDEMPTION Treas Bill 06/25/98 5.325 50,000 364 2,692,083.33 5.706 Treas Bill 06/25/98 5.325 50,000 364 2,692,083.33 5.706 —14— 06/25/98 RRP Treas Bill 06/25/98 5.150 50,000 90 (633,450.00) -5.221 Treas Bill 06/25/98 5.150 50,000 90 (633,450.00) -5.221 PURCHASE CID Enron 06/26/98 5.720 20,000 CID GECC 06/26/98 5.560 20,000 CP GECC 06/26/98 5.560 '50,000 CP GECC 06/26/98 5.560 50,000 SBA (FR) 5.875% 06/25/23 5.875 10,701 06/26/98 SALE Treas Bill 12/10/98 5.077 50,000 177 1,333,024.30 5.788 Treas Bill 12/10/98 •5.077 50,000 178 1,340,322.93 5.629 Treas Bill 12/10/98 5.077 50,000 178 1,340,322.93 5.629 Treas Bill 12/10/98 5.077 50,000 179 1,341,614.58 5.761 REDEMPTION CD World 5.520% 06/26/98 5.540 50,000 22 169,275.72 5.616 CD World 5.520% 06/26/98 5.540 50,000 22 169,275.72 5.616 CP GECC 06/26/98 5.560 20,000 1 3,088.89 5.638 CP GECC 06/26/98 5.560 50,000 1 7,722.22 5.638 CID GECC 06/26/98 5.560 50,000 1 7,722.22 5.638 CP Enron 06/26/98 5.720 20,000 1 3,177.78 5.800 CP Heller 06/26/98 5.720 25,000 18 71,500.00 5.816 CP Heller 06/26/98 5.720 50,000 18 143,000.00 5.816 CID GMAC 06/26/98 5.410 50,000 144 1,082,000.00 5.606 CID GMAC 06/26/98 5.410 50,000 144 1,082,000.00 5.606 CP GECC 06/26/98 5.500 - 50,000 172 1,313,888.89 5.726 CP GECC 06/26/98 5.500 50,000 172 1,313,888.89 5.726 CID Bear 06/26/98 5.520 50,000 172 1,318,666.67 5.748 CP Bear 06/26/98 5.520 50,000 172 1,318,666.67 5.748 NO PURCHASES 06/29/98 REDEMPTION CD CIBC 5.950% 06/29/98 6.000 25,000 367 1,528,432.14 6.083 CD CIBC 5.950% 06/29/98 6.000 50,000 367 3,056,864.29 6.083 PURCHASE CP FMCC 07/01/98 6.110 50,000 CP FMCC 07/01/98 6.110 50,000 CP FMCC 07/01/98 6.110 50,000 —15— 06/30/98 SALE 9/ BN B/A 5.500% 06/30/98 5.500 46,000 53 372,472.22 5.576 BN B/A 5.500% 06/30/98 5.500 50,000 53 404,861.11 5.576 CD World 5.530% 06/30/98 5.550 50,000 14 107,915.83 5.627 CD World 5.530% 06/30/98 5.550 50,000 14 107,915.83 5.627 CD World 5.530% 06/30/98 5.550 50,000 14 107,915.83 5.627 CD Stnrd Ch 5.590% 06/30/98 5.580 50,000 90 697,517.20 5.657 CD Stnrd Ch 5.590% 06/30/98 5.580 50,000 90 697,51.7.20 5.657 CID Morg Stan 06/30/98 5.500 50,000 33 252,083.35 5.604 CID Morg Stan 06/30/98 5.500 50,000 33 252,083.35 5.604 REDEMPTION BN Fst Chic 5.460% 06/30/98 5.460 25,000 152 576,333.33 5.535 BN Fst Chic 5.460% 06/30/98 5.460 50,000 152 1,152,666.67 5.535 BN NationsBk 5.520% 06/30/98 5.520 50,000 153 1,173,000.00 5.596 BN NationsBk 5.520% 06/30/98 5.520 50,000 153 1,173,000.00 5.596 BN NationsBk 5.510% 06/30/98 5.510 50,000 154 1,178,527.78 5.586 BN B/A 5.700% 06/30/98 5.700 50,000 228 1,805,000.00 5.779 BN B/A 5.700% 06/30/98 5.700 50,000 228 1,805,000.00 5.779 BN NBDetroit 5.720% 06/30/98 5.720 50,000 294 2,335,666.67 5.799 BN NBDetroit 5.720% 06/30/98 5.720 50,000 294 2,335,666.67 5.799 BN Fst Chic 5.730% 06/30/98 5.730 50,000 294 2,339,750.00 5.809 BN Fst Chic 5.730% 06/30/98 5.730 50,000 294 2,339,750.00 5.809 BN Fst Chic 5.730% 06/30/98 5.730 50,000 294 2,339,750.00 5.809 BN Fst Chic 5.730% 06/30/98 5.730 50,000 294 2,339,750.00 5.809 CD Union 5.530% 06/30/98 5.530 50,000 125 960,069.44 5.606 CD Hong Kong 5.530% 06/30/98 5.530 50,000 131 1,006,152.78 5.606 CD Hong Kong 5.530% 06/30/98 5.530 50,000 131 1,006,152.78 5.606 CD Deutsche 5.500% 06/30/98 5.500 50,000 148 1,130,555.56 5.576 CD Deutsche 5.500% 06/30/98 5.500 50,000 148 1,130,555.56 5.576 CD Hong Kong 5.540%• 06/30/98 5.530 50,000 148 1,136,767.92 5.606 CD Hong Kong 5.540% -06/30/98 5.530 50,000 148 1,136,767.92 5.606 CD Hong Kong 5.540% 06/30/98 5.530 50,000 148 1,136,767.92 5.606 CD Hong Kong 5.540% 06/30/98 5.530 50,000 148 1,136,767.92 5.606 CD -WestDeut 5.510% 06/30/98 5.510 50,000 152 1,163,222.22 5.586 CD WestDeut 5.510% 06/30/98 5.510 50,000 152 1,163,222.22 5.586 CD. Deutsche 5.510% 06/30/98 5.510 50,000 153 , 1,170,875.00 5.586 CD Deutsche 5.510% 06/03/98 5.510 50,000 153 1,170,875.00 5.586 CD WestDeut 5.510% 06/30/98 5.510 50,000 153 1,170,875.00 5.586 CD Midland 5.520% 06/30/98 5.500 50,000 153 1,168,847.07 5.576 CD Midland 5.520% 06/30/98 5.500 50,000 153 1,168,847.07 5.576 BN B/A 5.530% 06/30/98 5.530 50,000 173 1,328,736.11 5.606 BN B/A 5.530% 06/30/98 5:530 50,000 173 1,328,736.11 5.606 CD PNC 5.550% 06/30/98 5.560 50,000 173 1,335,881.92 5.637 CD PNC 5.550% 06/30/98 5.560 50,000 173 1,335,881.92 5.637 CD ABN Amro 5.630% 06/30/98 5.620 45,000 176 1,236,458.83 5.698 C4 ABN Amro 5.630% 06/30/98 5.620 50,000 176 1,373,843.14 5.698 CD Cr Anstlt 5.660% 06/30/98 5.650 •50,000 176 1,381,176.82 5.728 CD Cr Anstlt 5.660% 06/30/98 5.650 50,000 176 1,381,176.82 5.728 CD Bkrs Trst 5.700% 06/30/98 5.690 50,000 181 1,430,472.70 5.769 -16- 06/30/98 REDEMPTION CD Bkrs Trst 5.700% 06/30/98 5.690 50,000 181 1,430,472.70 5.769 CD Anz 5.700% 06/30/98 5.690 50,000 181 1,430,472.70 5.769 CD Anz 5.700% 06/30/98 5.690 50,000 181 1,430,472.70 5.769 CD RB Canada 5.680% 06/30/98 5.680 35,000 182 1,005,044.44 5.758 CD RB Canada 5.680% 06/30/98 5.680 50,000 182 1,435,777.78 5.758 CD Soc Gen 5.720% 06/30/98 5.700 50,000 182 1,440,974.94 5.779 CD Bayer Ver 5.710% 06/30/97 5.690 50,000 182 1,438,446.92 5.769 CD Bayer Ver 5.710% 06/30/97 5.690 50,000 182 1,438,446.92 5.769 CD Soc Gen 5.750% 06/30/98 5.740 45,000 183 1,313,089.85 5.819 CD Nova Scot 5.750% 06/30/98 5.750 50,000 183 1,461,458.33 5.829 CD Bayer Ver 5.750% 06/30/98 5.740 50,000 183 1,458,988.72 5.819 CD Rabo 5.750% 06/30/98 5.745 50,000 188 1,500,121.36 5.824 CD Bkrs Trst 5.760% 06/30/98 5.750 50,000 188 1,501,465.01 5.829 CD Bkrs Trst 5.760% 06/30/98 5.750 50,000 188 1,501,465.01 5.829 CD Boston 5.780% 06/30/98 5.780 50,000 188 1,509,222.22 5.860 CD Boston 5.780% 06/30/98 5.780 50,000 188 1,509,222.22 5.860 CD Rabo 5.755% 06/30/98 5.750 50,000 190 1,517,399.98 5.829 CD Bayer Lnds 5.760% 06/30/98 5.750 50,000 193 1,541,399.61 5.829 CD Bkrs Trst 5.760% 06/30/98 5.760 50,000 193 1,544,000.00 - 5.840 CD Bkrs Trst 5.760% 06/30/98 5.760 50,000 193 1,544,000.00 5.840 CD Boston 5.820% 06/30/98 5.820 50,000 193 1,560,083.33 5.900 CD Boston 5.820% 06/30/98 5.820 50,000 193 1,560,083.33 5.900 CD B/A 5.780% 06/30/98 5.780 50,000 252 2,023,000.00 5.860 CD B/A 5.780% 06/30/98 5.780 50,000 252 2,023,000.00 5.860 CD U/B Calif 5.750% 06/30/98 5.750 50,000 294 2,347,916.67 5.829 CD Morg Guar 5.790% 06/30/98 5.770 50,000 294 2,356,450.84 5.850 CD Morg Guar 5.790% 06/30/98 5.770 50,000 294 2,356,450.84. 5.850 CD Morg Guar 5.790% 06/30/98 5.770 50,000 294 2,356,450.84 5.850 CD Morg Guar 5.790% 06/30/98 1 5.770 50,000 294 2,356,450.84 5.850 CD CommerzBk 5.787% 06/30/98 5.780 50,000 294 2,360,304.71 5.860 CD CommerzBk 5.787% 06/30/98 5.780 50,000 294 2,360,304.71 5.860 CD BNParis 5.790% 06/30/98 5.780 50,000 294 2,360,350.50 5.860 CD RB Canada 5.800% 06/30/98 5.790 50,000 294 2,364,434.36 5.870 CD RB Canada 5.800% 06/30/98 5.790 50,000 294 2,364,434.36 5.870 CD RB Canada 5.800% 06/30/98 5.790 50,000 294 2,364,434.36 5.870 CD Nova Scot 5.805% 06/30/98 5.790 50,000 294 2,364,526.54 5.870 CD Nova Scot 5.805% 06/30/98 5.790 50,000 294 2,364,526.54 5.870 CD RB Canada 5.800% 06/30/98 5.790 50,000 294 2,364,434.36 5.870 CD Bayer Ver 5.810% 06/30/98 5.800 50,000 294 2,368,518.00 5.880 CD Bayer Ver 5.810% 06/30/98 5.800 50,000 294 2,368,518.00 5.880 CD Cr Anstlt 5.800% 06/30/98 5.800 50,000 294 2,368,333.33 5.880 CD Cr Anstit 5.800% 06/30/98 5.800 50,000 294 2,368,333.33 5.880 CD Bkrs Trst 5.830% 06/30/98 5.820 50,000 294 2,376,685.27 5.900 CD Bkrs Trst 5.830% 06/30/98 5.820 50,000 294 2,376,685.27 5.900 CD Bkrs Trst 5.830% 06/30/98 5.820 50,000 294 2,376,685.27 5.900 CD Bkrs Trst 5.830% 06/30/98 5.820 50,000 294 2,376,685.27 5.900 CP Morg Stan 06/30/98 5.400 50,000 148 1,110,000.00 5.599 CP Morg Stan 06/30/98 5.400 50,000 148 1,110,000.00 5.599 CP Bkrs Trst 06/30/98 5.400 50,000 148 1,110,000.00 5.599 CP Bkrs Trst 06/30/98 5.400 50,000 148 1,110,000.00 5.599 -17- 06/30/98 REDEMPTION CP FMCC 06/30/98 5.450 50,000 175 1,324,652.78 5.676 CP. FMCC 06/30/98 5.450 50,000 175 1,324,652.78 5.676 CP B/A 06/30/98 5.500 50,000 176 1,344,444.45 5.730 CP B/A 06/30/98 5.500 50,000 176 1,344,444.45 5.730 Disc Note FHLB 06/30/98 5.420 50,000 251 1,899,472.20 5.711 Disc Note FHLB 06/30/98 5.410 41,957 256 1,614,132.40 5.704 Disc Note FHLB 06/30/98 5.380 50,000 294 2,196,833.33 5.705 Disc Note FHLB 06/30/98 5.380 50,000 294 2,196,833.33 5.705 Disc Note FHLB 06/30/98 5.380 50,000 294 2,196,833.35 5.705 Disc Note FHLB 06/30/98 5.380 50,000 294 2,196,833.35 5.705 Disc Note FNMA 06/30/98 5.400 50,000 176 1,320,000.00 5.623 Disc Note FNMA 06/30/98 5.400 50,000 176 1,320,000.00 5.623 Disc Note FNMA 06/30/98 5.500 50,000 182 1,390,277.80 5.735 Disc Note FNMA 06/30/98 5.500 50,000 182 1,390,277.78 5.735 Disc Note FNMA 06/30/98 5.500 50,000 182 1,390,277.78 5.735 Disc Note FNMA 06/30/98 5.510 50,000 194 1,484,638.89 5.757 Disc Note FNMA 06/30/98 5.510 50,000 194 1,484,638.89 5.757 Disc Note FNMA 06/30/98 5.460 50,000 228 1,729,000.00 5.734 Disc Note FNMA 06/30/98 5.440 50,000 245- 1,851,111.11 5.727 Disc Note FNMA 06/30/98 5.440 50,000 245 1,851,111.11 5.727 Disc Note FNMA 06/30/98 5.380 50,000 294 2,196,833.33 5.705 Disc Note FNMA 06/30/98 5.380 50,000 294 2,196,833.33 5.705 Disc Note FNMA 06/30/98 5.380 50,000 294 2,196,833.33 5.705 FHLB 5.830% 06/30/98 5.874 25,850 365 1,517,912.00 5.874 FHLB 5.840% 06/30/98 5.874 40,000 365 2,349,200.00 5.874 FNMA 5.750% 06/30/98 5.870 50,000 364 2,924,431.39 5.871 Treas Note 5.125% 06/30/98 5.621 50,000 294 2,265,370.24 5.647 Treas Note 5.125% 06/30/98 5.621 50,000 294 2,265,370.24 5.647 RRP Treas Note 5.125% 06/30/98 5.255 50,000 90 (665,016.97) -5.327 Treas Note 5.125% 06/30/98 5.255 50,000 90 (665,016.97) -5.327 Treas Bill 02/04/99 5.230 50,000 53 (369,586.67) -5.302 Treas Bill 02/04/99 5.230 50,000 53 (369,586.67) -5.302 Treas Bill 02/04/99 5.250 50,000 33 (231,300.78) -5.322 Treas Bill 02/04/99 5.250 50,000 33 (231,300.78) -5.322 Treas Bill 07/23/98 5.200 50,000 14 (100,504.44) -5.272 Treas Bill 07/23/98 5.200 50,000 14 (100,504.44) -5.272 Treas Bill 07/23/98 5.200 50,000 14 (100,504.44) -5.272 PURCHASE CP GECC 07/15/98 5.530 50,000 CP GECC 07/15/98 5.530 50,000 CP Enron 07/01/98 6.800 25,000 CP Assoc 07/01/98 6.150 50,000 CP Assoc 07/01/98 6.150 50,000 CP Assoc 07/01/98 6.150 50,000 CP Assoc 07/01/98 6.150 50,000 —18— 06/30/98 PURCHASE '` CP GECC 07/01/98 6.150 50,000 CP GECC 07/01/98 6.150 50,000 CP GECC 07/01/98 6.150 50,000 CP GECC 07/01/98 6.150 .50,000 CP GECC 07/01/98 6.150 50,000 CP GECC 07/01/98 6.150 50,000 CP Amer Exp 07/02/98 5.950 50,000 CP Amer Exp 07/02/98 5.950 50,000 CP Assoc 07/03/98 5.700 50,000 CP Assoc 07/03/98 5.700 50,000 CP FMCC 07/06/98 5.680 50,000 CP FMCC 07/06/98 5.680 50,000 CP GMAC 07/06/98 5.700 50,000 CP GMAC 07/06/98 5.700 50,000 CP Heller 07/09/98 5.800 30,000 Treas Note 5.500% 02/29/00 5.521 50,000 Treas Note 5.500% 02/29/00 5.521 50,000 Treas Note 5.500% 03/31/00 5.522 50,000 Treas Note 5.500% 03/31 /00 5.522 50,000 —19- 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 (F qMA), 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 (FTC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE MIS), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA) Medium Term Notes (ITN). h/ 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. —20— MANE ALHAMBRA East West Bank TIME DEPOSIT DEPOSIT DATE 04/09/98 YIELD PAR 5.090 AMOUNT (Sl MATURITY 35,000,000.00 DATE 07/09/98 East West Bank 04/17/98 5.130 15,000,000.00 07/17/98 East West Bank 05/12/98 5.160 38,000,000.00 08/11/98 East West Bank 06/18/98 5.240 12,000,000.00 09/16/98 BEVERLY HILLS City National Bank 01/27/98 5.270 10,000,000.00 07/29/98 City National Bank 02/18/98 5.270 20,000,000.00 02/18/99 City National Bank 03/19/98 5.220 20,000,000.00 09/16/98 City National Bank 05/05/98 5.290 10,000,000.00 11 /02/98 City National Bank 05/15/98 5.380 15,000,000.00 11/02/98 CHICO North State National Bank 02/25/98 5.320 1,000,000.00 08/24/98 Tri Counties Bank 03/16/98 5.250 10,000,000.00 09/15/98 North State National Bank 03/11 /98 5.260 500,000.00 09/09/98 Tri Counties Bank 04/22/98 5.100 10,000,000.00 07/23/98 North State National Bank 04/07/98 5.220 2,000,000.00 10/06/98 Tri Counties Bank 04/16/98 5.230 10,000,000.00 10/15/98 Tri Counties Bank 06/16/98 5.140 10,000,000.00 09/10/98 FRESNO Kings River State Bank 01 /15/98 5.190 1,000,000.00 07/15/98 G ENDALE - Glendale Federal Bank 04/09/98 5.220 5,000,000.00 10/07/98 Glendale Federal Bank 04/17/98 5.320 100,000,000.00 10/15/98 Glendale Federal Bank 06/29/98 5.030 3,000,000.00 09/28/98 INGLEWOOD Imperial Bank 02111 /98 5.310 20,000,000.00 08/11 /98 Imperial Bank 03/11 /98 5.290 25,000,000.00 09/09/98 Imperial Bank 03/19/98 5.250 11,000,000.00 09/16/98 Imperial Bank 03/31/98 5.250 36,000,000.00 10/01/98 Imperial Bank 04/21/98 5.070 25,000,000.00 07/21/98 Imperial Bank 05/06/98 5.150 15,000,000.00 08/05/98 Imperial Bank 05/08/98 5.150 20,000,000.00 08/07/98 —21— Preferred Bank 01/05/98 5.190 3,000,000.00 07/15/98 Preferred Bank 01/12/98 5.210 20,000,000.00 07/15/98 General Bank 12/01/97 5.480 28,000,000.00 11/06/98 Community Bank 02/09/98 5.270 15,000,000.00 08/11/98 General Bank 03/30/98 5.240 10,000,000.00 07/08/98 General Bank 03/31/98 5.220 15,000,000.00 10/01/98 General Bank 04/13/98 5.090 25,000,000.00 07/14/98 Preferred Bank 04/01 /98 5.240 3,000,000.00 09/28/98 Preferred Bank 05/19/98 5.180 4,000,000.00 08/21/98 Preferred Bank 05/26/98 5.250 2,000,000.00 08/25/98 Pomona First Federal S & L 06/11/98 5.450 10,000,000.00 09/10/98 Preferred Bank 06/18/98 5.120 9,000,000.00 09/17/98 Preferred Bank 06/23/98 5.200 9,000,000.00 09/23/98 General Bank 06/18/98 5.130 15,000,000.00 09/24/98 Community Bank 06/17/98 5.300 10,000,000.00 12/15/98 Community Bank MANTECA 06/22/98 5.350 5,000,000.00 12JW98 Delta National Bank 01 /22198 5.240 2,000,000.00 07/22/98 Delta National Bank 04/24/98 5.090 1,000,000.00 07/23/98 Pomona First Federal Bank 05/27/98 5.550 8,000,000.00 11/24/98 Bank of Petaluma 02/11 /98 5.280 . 1,000,000.00 08/11 /98 Sanwa Bank of California 01/27/98 5.270 5,000,000.00 07/29/98 River City Bank 02/19/98 5.260 5,000,000.00 07/20/98 Sanwa Bank of California 02/18/98 5.250 50,000,000.00 08/17/98 River City Bank 02/19/98 5.270 5,000,000.00 - 08/18/98 Sanwa Bank of California 02/25/98 5.350 10,000,000.00 08/24/98 Union Bank of California 04/30/98 5.060 50,000,000.00 07/30/98 River City Bank 04/13/98 5.250 5,000,000.00 10/14/98 Union Bank of California 05/06/98 5.110 100,000,000.00 08/05/98 Union Bank of California 05/18/98 5.140 50,000,000.00 08/18/98 Sanwa Bank of California 05/06/98 5.340 7,000,000.00 11/03/98 Union Bank of California 06/29/98 5.010 100,000,000.00 09/28/98- -22- NAME SAN DIEGO San Diego First Bank TIME DEPOSIT DEPOSIT DATE MELD PAR 5.330 AMOUNT (S) MATURITY DATE 11/05/98 1,000,000.00 05/08/98 San Diego First Bank 06/02/98 5.330 1,500,000.00 12/02/98 San Diego First Bank 06/23/98 5.350 1,500,000.00 12IW98 SAN FRANCISCO Bank of Canton California 12/01/97 5.500 5,000,000.00 12/01/98 Bank of Canton California 12/15/97 5.450 5,000,000.00 12/15/98 Bank of Canton California 01/21/98 5.230 5,000,000.00 01/21/99 Bank of Canton California 02/04/98 5.260 5,000,000.00 08/04/98 Bank of Canton California 02/11/98 5.300 5,000,000.00 02/11/99 Transpacific National Bank 03/17/98 5.450 1 800,000.00 09/16/98 Oceanic Bank 03/05/98 5.430 2,000,000.00 03/05/99 Bank of Canton California 06/04/98 5.320 5,000,000.00 12/04/98 Bank of Canton California 06/09/98 5.410 5,000,000.00 03/05/99 Bank of the West 06/08/98 5.440 25,000,000.00 06/08/98 S N LEANDRO Bay Bank of Commerce 04/10/98 5.080 2,000,000.00 07/09/98 Bay Bank of Commerce 04/08/98 5.230 2,000,000.00 10/07/98 Bay Bank of Commerce 06/17/98 5.130 14,000,000.00 09/15/98 SAN LUIS OBISPO First Bank of San Luis Obispo 02/04/98 5.280 3,600,000.00 08/04/98 First Bank of San Luis Obispo 04/08/98 5.130 1,000,000.00 07/08/98 First Bank of San Luis Obispo 05/13/98 5.160 2,000,000.00 08/12/98 First Bank of San Luis Obispo 05/27/98 5.180 2,500,000.00 08/25/98 First Bank of San Luis Obispo 06/11/98 5.170 1,000,000.00 09/10/98 SAN RAFAEL West America Bank 04/17/98 5.040 25,000,000.00 07/16/98 West America Bank 04/24/98 5.090 25,000,000.00 07/23/98 West America Bank 04/36/98 5.090 25,000,000.00 _ 07/30/98 West America Bank 05/11/98 5.130 50,000,000.00 08/10/98 Boreal Trust and Trust 06/30/98 5.180 95,000.00. 10/01 /98 —23— NAME SANTA ANA Grand National Bank Grand National Bank Grand National Bank SANTA BARBARA Santa Barbara Bank & Trust Coast Commercial Bank SHASTA North Valley Bank Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank TORRANCE China Trust Bank (USA) China Trust Bank (USA) South Bay Bank China Trust Bank (USA) China Trust Bank (USA) TUSTIN Sunwest Bank Sunwest Bank Sunwest Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank 03/11 /98 5.250 06/08/98 5.110 06/30/98 5.300 06/15/98 5.150 06/19/98 5.230 03/24/98 5.280 05/08/98 06/25/98 06/29/98 04/30/98 06/09/98 06/16/98 06/15/98 06/29/98 03/31 /98 04/21 /98 04/09/98 01 /09/98 01 /22/98 02/11 /98 02/11 /98 03/11 /98 06/09/98 5.130 5.100 5.100 5.100 5.120 5.190 5.113 5.070 5.220 5.080 5.220 5.370 5.230 5.300 5.320 5.270 5.390 1,500,000.00 09/08/98 1,500,000.00 09/08/98 95,000.00 01 /04/99 5,000,000.00 09/15/98 15,000,000.00 09/17/98 3,000,000.00 09/22/98 500,000.00 08/07/98 500,000.00 09/24/98 500,000.00 09/24/98 15,000,000.00 07/30/98 10,000,000.00 09/09/98 2,000,000.00 09/15/98 10,000,000.00 09/15/98 5,000,000.00 10/01 /98 500,000.00 10/01 /98 1,000,000.00 07/20/98 2, 800, 000.00 10/07/98 10,000,000.00 07/09/98 5,000,000.00 08/06/98 10,000,000.00 09/23/98 5, 000, 000.00 10/06/98 10,000,000.00 10/08/98 10, 000, 000.00 12/ 16/98 —24- WALNUT CREEK Bank of the West 01 /30/98 5.270 26,500,000.00 07/31 /98 Bank of the West 02/19/98 5.250 18,000,000.00 08/19/98 Bank of the West 02/18/98 5.250 19,000,000.00 08/19/98 Bank of the West . 02/27/98 5.310 27,000,000.00 08/26/98 Bank of the West 04/01 /98 5.200 14,000,000.00 10/01 /98 . -Bank of the West 04/23/98 5.260 25,000,000.00 10/20/98 Bank of the West 05/15/98 5.450 10,000,000.00 05/13/99 TOTAL TIME DEPOSITS AS OF JUNE 3091998 $1,544,8909000.00 —25— DEMAND BANK DEPOSITS (000 omitted) DAILY BALANCES WARRANTS JUNE PER BANKS OUTSTANDING 1. $7089449 $1,9049,518 2. 3169707 1,6259.285 3. 358,192 194859,645 4. 2489051 194889,877 5. 2749,411 1,4509,588 6. 274,411 19,4509,588 7. 2741,411 l,450,588 8. - 207,976 1,3139881 9.. 1859473 19,6669079 10. 1179,766 19,5839759 11. 1089,963 197459790 12. 91409 112189,038 13. 91409 14189,038 14. 91409 1418,038 15. 3279,695 19,0549098 16. 519,689 1,0029,835 17. 773,654 9649622 18. 4969293 11,069,457 19. 399306 192769071 20. 399,306 14769,071 21. 399,306 14769071 22. 135,927 19097,874 23. 3541,959 190209842 24. 82,310 9099,369 25. 4279879 190909,896 26. 557477 14169448 27. 557477 1,2169448 28. 557477 14169,448 29. 6409472 19172,523 30. 6699,626 79,8469716 a/ AVERAGE DOLLAR DAYS $3183,890. a/ The prescribed bank balance for June was $345,893,000.00. This consisted of $158,523.00 in compensating balances for services, $187,370,000.00 uncollected funds and a deduction of $ 9,799,000.00 for May delayed deposit credit. -26— DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1588 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on June 17, 1998, 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 $147,112,000 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 (1) 06/15/98 (2) 06/22/98 (3) 06/29/98 (4) 07/06/98 (5) 07/13/98 (6) 07/20/98 (7) 07/27/98 (8) 08/03/98 (9) 08/10/98 (10) 08/17/98 To 06/19/98 06/26/98 07/03/98 07/10/98 07/17/98 07/24/98 07/31 /98 08/07/98 08/14/98 08/21/98 Transactions 2,532,100,000 2,904,800,000 (6,542,100,000) 99,200,000 93,900,000 247,600,000 (1,106,800,000) (130,000,000) 169,300,000 831,800,000 Time Deposits in various Financial Institutions In Securities (sections 16503a (section 16430)* and 16602)* $ 32,630,210,000 $ 1,544,890,000 $ 35,535,010,000 $ 1,544,890,000 $ 28,992,910,000 $ 1,544,890,000 $ 29,092,110,000 $ 1,544,890,000 $ 29,186,010,000 $ 1,544,890,000 $ 29,433,610,000 $ 1,544,890,000 $ 28,326,810,000 $ 1,544,890,000 $ 28,196,810,000 $ 1,544,890,000 $ 28,366,110,000 $ 1,544,890,000 $ 29,197,910,000 $ 1,544,890,000 Estimated Total $ 34,175,100,000 $ 37,079,900,000 $ 30,537,806,000 $ 30,637,000,000 $ 30,730,900,000 $ 30,978,500,000 $ 29,871,700,000 $ 29,741,700,000 $ 29,911,000,000 $ 30,742,800,000 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 $147,112,000. Dated: June 17, 1998 *Government Code Member ov —27— INVESTMENT ADVISORY BOARD Meeting Date: September 9, 1998 TITLE: Pooled Money Investment Board Report for May 1998 and June 1998 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for May 1998 and June, 1998 is included in the agenda packet. RECOMMENDATION: Receive & File n M. Falconer, 'Finance Director STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT MAY 1998 Table of Contents SUMMARY............................................................................................................1 SELECTEDINVESTMENT DATA....................................................................2 PORTFOLIO COMPOSITION...........................................................................3 INVESTMENTTRANSACTIONS......................................................................4 TIMEDEPOSITS................................................................................................14 DEMANDBANK DEPOSITS............................................................................19 POOLED MONEY INVESTMENT BOARD DESIGNATION .....................20 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF MAY 1998 WITH MAY 1997 (Dollars in Thousands) May I998 May 1997 ' Ghange Average Daily Portfolio $33,209,724 $29,650,040 + $3,559,684 Accrued Earnings $160,000 $141,871 + $18,129 Effective Yield 5.673 5.634 + .039 Average Life --Month End (in days) 191 212 -21 Total Security Transactions Amount $12,598,105 $13,994,820 - $1,396,715 Number 302 330 -28 Total Time Deposit Transactions Amount $590,500 $372,200 + $218,300 Number 31 25 + 6 Average Workday Investment Activity $659,430 $684344 - $24,714 Prescribed Demand Account Balances For Services $163,885 $137,672 + $26,213 For Uncollected Funds $234,382 $219,037 + $15,345 —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 May 31,1998 Percent From Type of Security_ Amount Percent Previous Month Governments Bills $2,9939604 9.10 + 1.15 Bonds 0 0 0 Notes 49986,227 15.15 + .58 Strips 0 0 - .22 Total Governments $7,9799831 24.25 + 1.51 Federal Agency Coupons $2,4309297 7.38 + .64 Certificates of Deposit 79592,433 23.08 + 1.05 Bank Notes 196709976 5.08 + .74 Bankers Acceptances 10,707 .03 - .82 Repurchases 0 0 0 Federal Agency Discount Notes 19101,795 3.35 - .29 Time Deposits 194959890 4.55 + .24 GNMA's 29,344 .01 0 Commercial Paper 75,3799525 22.42 - 4.97 FHLMC 229943 .07 0 Corporate Bonds 1,7389912 5.28 + .55 Pooled Loans 2,021,603 6.14 + .93 GF Loans 0 0 0 Reversed Repurchases -5389689 -1.64 - .42 Total, All Types $329908,567 100 INVESTMENT ACTIVITY May 1998 April 1998 Number Amount Number Amount Pooled Money 302 $ 12,598,105 490 $ 219,130,580 Other 108 $ 5569465 42 137,718 Time Deposits 31 $ 590,500 43 708,600 TOTALS 441 $ 139745,070 575 $ 21,976,898 PMIA Monthly Average Effective Yield 5.673 5.672 Year to Date Yield for Last Day of Month 5.702 5.706 —2— Commercial Paper 22.42% Ban Accep! 0.0 Pooled Money Investment Account Portfolio Composition $32.9 Billion Loans Reverses Corporate 6 14% -1.64% Bonds CD's/BN's 28.16% asuries 1.25% Time Deposits 4.55% Mortgages 0.08% encies 1.73% 5/31 /98 0 Treasuries ® Time Deposits ■ Mortgages ® Agencies ■ C D's/B N's ® Bankers Acceptances ® Repo 13 Commercial Paper ® Corporate Bonds 0 Loans 0 Reverses —3— 05/01/98 SALE Treas Note 5.375% 05/31/98 5.024 $50,000 1738 12,955,247.97 5.412 Treas Note 5.375% 05/31/98 5.024 50,000 1738 12,955,247.97 5.412 Treas Note 5.375% 05/31/98 5.024 50,000 1738 12,955,247.97 5.412 Treas Note 5.375% 05/31/98 5.024 50,000 1738 12,955,247.97 5.412 Treas Note 5.375% 05/31/98 4.791 50,000 1808 1,122,252.75 5.199 Treas Note 5.375% 05/31/98 4.791 50,000 1808 1,122,252.75 5.199 REDEMPTION CD Abn Amro 6.140% 05/01/98 5.660 5,000 122 99,958.63 5.975 CD Abn Amro 6.140% 05/01/98 5.660 50,000 122 999,586.25 5.975 CP GECC 05/01/98 5.530 50,000 1 7,680.56 5.607 CP GECC 05/01/98 5.530 50,000 1 7,680.56 5.607 CP GECC 05/01/98 5.530 50,000 1 7,680.56 5.607 CP GECC 05/01/98 5.530 50,000 1 7,680.56 5.607 CP Country 05/01/98 5.560 50,000 1 7,722.22 5.638 PURCHASE CD Wachovia 5.520% 06/01/98 5.510 50,000 CD Wachovia 5.520% 06/01/98 5.510 50,000 CP FMCC 06/01/98 5.510 50,000 CP FMCC 06/01/98 5.510 50,000 CD World 5.520% 06/05/98 5.530 50,000 CD World 5.520% 06/05/98 5.530 50,000 CD Stnrd Ch 5.600% 08/03/98 5.570 50,000 CD Svenska 5.590% 09/30/98 5.580 25,000 CD Svenska 5.590% 09/30/98 5.580 50,000 CD Bayer Lnds 5.630% 11/02/98 5.620 50,000 CD Bayer Lnds 5.630% 11 /02/98 5.620 50,000 CP GECC 05/02/98 5.520 10,000 CP GECC 05/27/98 5.520 38,172 CP GMAC 05/27/98 5.520 50,000 CP GMAC 05/27/98 5.520 50,000 CP Text Fin 06/01/98 5.670 19,416 CP Salomon 06/05/98 5.500 50,000 CP Salomon 06/05/98 5.500 50,000 CP Heller 06/08/98 5.750 50,000 CP Assoc 06/10/98 5.510 50,000 CP Assoc 06/10/98 5.510 50,000 05/04/98 REDEMPTION CP Household 05/04/98 5.550 50,000 7 53,958.33 5.633 CP Household 05/04/98 5.550 50,000 7 53,958.33 5.633 CP Conagra 05/04/98 5.620 25,000 10 39,027.78 5.706 CP Conagra 05/04/98 5.600 13,356 12 24,931.20 5.688 CP Lehman 05/04/98 5.500 5,000 73 55,763.89 5.639 CP Lehman 05/04/98 5.500 50,000 73 557,638.89 5.639 —4— 05/04/98 REDEMPTION CID Assoc 05/04/98 5.450 50,000 116 878,055.56 5.624 CID Assoc 05/04/98 5.450 50,000 116 878,055.56 5.624 PURCHASE Treas Bill 04/29/99 5.125 17,000 Treas Bill 04/29/99 5.125 50,000 Treas Bill 04/29/99 5.125 50,000 Treas Bill 04/29/99 5.125 50,000 Treas Bill 04/29/09 5.125 50,000 Treas Bill 04/29/99 5.125 50,000 Treas Bill 04/29/99 5.125 50,000 Treas Bill 04/29/99 5.125 50,000 05/05/98 REDEMPTION CID FMCC 05/05/98 5.500 50,000 11 84,027.78 5.585 CID FMCC 05/05/98 5.500 50,000 11 84,027.78 5.585 CID FMCC 05/05/98 5.500 50,000 11 84,027.78 5.585 CID FMCC 05/05/98 5.500 50,000 11 84,027.78 5.585 PURCHASE MTN FMCC 05/15/99 7.250 10,000 MTN Bkrs Trst 5.767% 03/16/01 5.691 33,000 MTN (FR) FMCC 5.750% 02/13/03 5.718 20,000 BN B/A 5.590% 11 /25/98 5.590 50,000 BN B/A 5.590% 11 /25/98 5.590 50,000 CD Bkrs Trst 5.630% 11/02/98 5.620 50,000 CD Bkrs Trst 5.630% 11 /02/98 5.620 50,000 CID FMCC 10/28/98 5.470 50,000 CID FMCC 10/28/98 5.470 50,000 CID FMCC 10/28/98 5.470 50,000 CID FMCC 10/28/98 5.470 50,000 Disc Note FNMA 03/01/99 5.330 50,000 Disc Note FNMA 03/01/99 5.330 50,000 Disc Note FNMA 03/01/99 5.330 50,000 Treas Note 5.625% 04/30/00 5.578 50,000 Treas Note 5.625% 04/30/00 5.578 50,000 Treas Note 5.625% 04/30/00 5.578 25,000 Treas Note 5.625% 04/30/00 5.578 50,000 05/06/98 REDEMPTION CID Country 05/06/98 5.570 43,000 6 39,918.33 5.652 CID Country 05/06/98 5.570 50,000 6 46,416.67 5.652 CID Salomon 05/06/98 5.530 50,000 6 46,083.33 5.611 CID GE Co. 05/06/98 5.540 30,000 9 41,550.00 5.624 —5— 05/06/98 REDEMPTION CP GE Co. PURCHASE FHLB FNMA FNMA 05/07/98 REDEMPTION CP Merrill CP Merrill CP Unocal CP GECC CP GECC PURCHASE MTN Citicorp FNMA BN B/A BN B/A CD Hypo 05/08/98 RRS Treas Bill Treas Bill Treas Bill SALE g/ Disc Note FHLMC Disc Note FHLMC REDEMPTION BN Fst Chic BN Fst Chic CD Montreal CD Montreal CP Lehman CP Lehman CP Lehman CP Merrill CP Merrill CP GMAC CP GMAC 05/06/98 5.540 50,000 5.718% 05/06/99 5.700 25,000 5.625% 05/06/99 5.700 50,000 5.625% 05/06/99 5.700 50,000 9 69,250.00 5.624 05/07/98 5.530 37,000 7 39,785.28 5.612 05/07/98 5.530 50,000 7 53,763.89 5.612 05/07/98 5.670 10,000 17 26,775.00 5.764 05/07/98 5.450 50,000 120 908,333.33 5.627 05/07/98 5.450 50,000 120 908,333.33 5.627 5.725% 05/24/01 5.691 30,850 5.570% 05/07/99 5.700 50,000 5.590% 11 /25/98 5.590 50,000 5.590% 11 /25/98 5.590 50,000 5.600% 11/03/98 5.590 20,000 02/04/99 5.230 45,000 02/04/99 5.230 50,000 02/04/99 5.230 5,000 05/08/98 5.450 45,229 43 294,428.22 5.561 05/08/98 5.450 50,000 43 325,486.10 5.561 5.480% 05/08/98 5.480 50,000 95 723,055.56 5.556 5.480% 05/08/98 5.480 50,000 95 723,055.56 5.556 5.520% 05/08/98 5.520 50,000 99 759,000.00 5.596 5.520% 05/08/98 5.520 50,000 99 759,000.00 5.596 05/08/98 5.540 50,000 67 515,527.78 5.675 05/08/98 5.530 50,000 72 553,000.00 5.669 05/08/98 5.530 5,000 72 55,300.00 5.669 05/08/98 5.390 50,000 115 860,902.80 5.560 05/08/98 5.390 50,000 115 860,902.80 5.560 05/08/98 5.360 50,000 116 863,555.56 5.529 05/08/98 5.360 50,000 116 863,555.56 5.529 mm 05/08/98 REDEMPTION CP GECC CP GECC CP GECC CP GECC CP GECC PURCHASE g/ BN B/A BN B/A RRP Treas Bill Treas Bill 05/11/98 REDEMPTION BA U/B Calif CP Country CP Country CP GECC CP GECC CP SRAC PURCHASE MTN Bkrs Trst MTN FMCC 05/12/98 REDEMPTION BA B/A CP Conagra CP SRAC NO PURCHASES 05/13/98 REDEMPTION CP SRAC CP Enron CP GECC CP GECC NO PURCHASES 05/08/98 5.440 50,000 120 906,666.67 5.617 05/08/98 5.440 50,000 120 906,666.67 5.617 05/08/98 5.440 50,000 120 906,666.67 5.617 05/08/98 5.450 35,000 121 641,131.94 5.628 05/08/98 5.450 50,000 121 915,902.78 5.628 5.500% 06/30/98 5.500 46,000 5.500% 06/30/98 5.500 50,000 02/04/99 5.235 45,000 43 (268,437.71) -5.307 02/04/99 5.235 50,000 43 (298,264.12) -5.307 05/11/98 5.520 25,000 20 76,666.67 5.613 05/11/98 5.540 5,000 25 19,236.11 5.730 05/11/98 5.540 50,000 25 192,361.11 5.638 05/11/98 5.510 30,000 67 307,641.67 5.644 05/11/98 5.510 50,000 67 512,736.11 5.644 05/11/98 5.510 50,000 73 558,652.78 5.649 5.850% 05/11 /00 5.895 25,000 5.847% 04/29/02 5.718 10,000 05/12/98 5.550 27,000 179 745,087.49 5.786 05/12/98 5.640 20,000 14 43,866.67 5.730 05/12/98 5.500 50,000 70 534,722.22 5.636 05/13/98 5.500 50,000 71 542,361.11 5.637 05/13/98 5.590 30,000 75 349,375.00 5.734 05/13/98 5.650 50,000 147 1,153,541.67 5.863 05/13/98 5.650 50,000 147 1,153,541.67 5.863 —7— 05/14/98 REDEMPTION MTN FMCC 5.750% 05/14/98 5.620 21,260 849 2,786,276.54 5.619 PURCHASE MTN (FR) Chrysler 5.830% 03/06/03 5.644 10,000 MTN (FR) Chrysler 5.830% 02/03/03 5.644 10,000 Treas Bill 04/29/99 5.155 35,000 Treas Bill 04/29/99 5.155 50,000 05/15/98 REDEMPTION BA U/B Calif 05/15/98 5.520 15,000 24 55,200.00 5.617 Strip Cpns 05/15/98 5.240 50,000 1850 11,526,500.00 5.910 Strip Cpns 05/15/98 5.240 5,000 1850 1,152,650.00 5.910 Strip Cpns 05/15/98 5.210 15,000 1831 3,409,650.00 5.864 Strip Cpns 05/15/98 5.245 25,000 1835 5,726,750.00 5.910 PURCHASE CP Conagra 05/19/98 5.770 43,600 CP GMAC 05/18/98 5.730 20,000 CP GMAC 05/18/98 5.730 50,000 CP GMAC 05/18/98 5.730 50,000 CP GMAC 05/18/98 5.730 50,000 FNMA 5.650% 05/07/99 5.749 40,000 Treas Note 5.625% 04/30/00 5.623 25,000 Treas Note 5.625% 04/30/00 5.614 25,000 05/18/98 REDEMPTION BA B/A 05/18/98 5.620 38,500 167 1,003,716.41 5.850 CP Conagra 05/18/98 5.770 43,600 3 20,964.33 5.852 CP GMAC 05/18/98 5.730 20,000 3 9,550.00 5.812 CP GMAC 05/18/98 5.730 50,000 3 23,875.00 5.812 CP GMAC 05/18/98 5.730 50,000 3 23,875.00 5.812 CP GMAC 05/18/98 5.730 50,000 3 23,875.00 5.812 MTN GMAC 05/18/98 5.639 2,750 853 371,873.33 5.639 PURCHASE CD Montreal 5.610% 10/28/98 5.610 50,000 CD Montreal 5.610% 10/28/98 5.610 50,000 CP Salomon 10/01/98 5.510 25,000 CP Salomon 10/01/98 5.510 50,000 CP Merrill 10/01/98 5.520 50,000 CP Merrill 10/01/98 5.520 50,000 —8— 05/19/98 NO REDEMPTIONS PURCHASE CD B/A 5.580% 10/08/98 5.580 50,000 CD B/A 5.581 % 10/08/98 5.580 50,000 CD B/A 5.580% 10/13/98 5.580 50,000 CD B/A 5.580% 10/31/98 5.580 50,000 CD CIBC 5.600% 10/28/98 5.600 40,000 CP GMAC 05/20/98 5.500 50,000 CP GMAC 05/20/98 5.500 50,000 CP Hertz 08/28/98 5.530 25,000 CP Merrill 10/07/98 5.520 37,000 05/20/98 REDEMPTION BA U/B Calif 05/20/98 5.502 54,000 28 231,839.98 5.620 BA B/A 05/20/98 5.620 32,000 169 844,248.90 5.852 CD CIBC 5.531% 05/20/98 5.520 35,000 86 461,754.13 5.599 CD Hypo 5.520% 05/20/98 5.510 50,000 91 696,420.14 5.586 CD Hypo 5.520% 05/20/98 5.510 50,000 91 696,420.14 5.586 CP GMAC 05/20/98 5.500 50,000 1 7,638.89 5.577 CP GMAC 05/20/98 5.500 50,000 1 7,638.89 5.577 CP GECC 05/20/98 5.520 10,000 19 29,133.33 5.613 CP Conagra 05/20/98 5.650 22,500 23 81,218.75 5.749 CP Merrill 05/20/98 5.510 50,000 78 596,916.67 5.654 CP Merrill 05/20/98 5.510 50,000 78 596,916.67 5.654 CP Merrill 05/20/98 5.510 20,000 78 238,766.67 5.654 NO PURCHASES 05/21/98 NO SALES PURCHASE MTN GMAC 6.450% 08/27/99 5.880 35,000 CD CIBC 5.665% 11 /16/98 5.600 20,000 CD B/A 5.590% 11 /25/98 5.590 50,000 CP Heller 06/03/98 5.720 50,000 CP Heller 06/03/98 5.720 50,000 CP Merrill 10/29/98 5.510 20,000 CP Merrill 10/29/98 5.510 50,000 CP Merrill 10/29/98 5.510 50,000 05/22/98 REDEMPTION BA B/A 05/22/98 5.620 49,000 171 1,308,055.00 5.854 05/22/98 PURCHASE BN (FR) CP CP Treas Treas Treas Treas Treas Treas Treas Treas PNC 5.680% 05/22/00 5.699 50,000 SRAC 10/28/98 5.460 50,000 SRAC 10/29/98 5.460 50,000 Note 5.625% 04/30/00 5.627 50,000 Note 5.625% 04/30/00 5.627 50,000 Note 5.625% 04/30/00 5.627 50,000 Note 5.625% 04/30/00 5.627 50,000 Note 5.625% 04/30/00 5.627 50,000 Note 5.625% 04/30/00 5.627 50,000 Bill 04/29/99 5.170 50,000 Bill 04/29/99 5.170 50,000 05/26/98 REDEMPTION BA B/A 05/26/98 5.430 14,500 PURCHASE CP Assoc 05/27/98 5.520 50,000 CP Assoc 05/27/98 5.520 50,000 CP GMAC 05/27/98 5.520 50,000 CP GMAC 05/27/98 5.520 50,000 CP Barclays 05/27/98 5.530 35,000 CP Barclays 05/27/98 5.530 50,000 CP GECC 05/27/98 5.550 50,000 CP GECC 05/27/98 5.550 50,000 CP GECC 05/27/98 5.550 50,000 CP GECC 05/27/98 5.550 50,000 CP Country 05/27/98 5.550 38,504 CP Conagra 05/27/98 5.580 40,000 CP Conagra 05/27/98 5.580 50,000 05/27/98 REDEMPTION CD Nat W.Mstr CD Nat W.Mstr CD Stnrd Ch CD Stnrd Ch CP Assoc CP Assoc CP GMAC CP GMAC CP Barclays CP Barclays CP GECC CP GECC CP GECC CP GECC 89 194,650.42 5.580 5.530% 05/27/98 5.510 50,000 92 704,091.04 5.586 5.530% 05/27/98 5.510 50,000 92 704,091.04 5.586 5.530% 05/27/98 5.520 50,000 98 751,353.48 5.596 5.530% 05/27/98 5.520 50,000 98 751,353.48 5.596 05/27/98 5.520 50,000 1 7,666.67 5.597 05/27/98 5.520 50,000 1 7,666.67 5.597 05/27/98 5.520 50,000 1 7,666.67 5.597 05/27/98 5.520 50,000 1 7,666.67 5.597 05/27/98 5.530 35,000 1 5,376.39 5.607 05/27/98 5.530 50,000 1 7,680.56 5.607 05/27/98 5.550 50,000 1 7,708.33 5.627 05/27/98 5.550 50,000 1 7,708.33 5.627 05/27/98 5.550 50,000 1 7,708.33 5.627 05/27/98 5.550 50,000 1 7,708.33 5.627 —10— 05/27/98 REDEMPTION CP Country 05/27/98 5.550 38,504 1 5,936.03 5.627 CP Conagra 05/27/98 5.580 40,000 1 6,200.00 5.658 CP Conagra 05/27/98 5.580 50,000 1 7,750.00 5.658 CP GECC 05/27/98 5.520 38,172 26 152,179.04 5.619 CP GMAC 05/27/98 5.520 50,000 26 199,333.33 5.619 CP GMAC 05/27/98 5.520 50,000 26 199,333.33 5.619 CP Heller 05/27/98 5.750 50,000 27 215,625.00 5.855 CP Salomon 05/27/98 5.510 50,000 34 260,194.44 5.615 CP Salomon 05/27/98 5.510 50,000 34 260,194.44 5.615 CP Textron 05/27/98 5.650 14,000 35 76,902.78 5.760 CP Conagra 05/27/98 5.620 50,000 41 320,027.78 5.734 CP Conagra 05/27/98 5.620 25,000 41 160,013.89 5.734 CP Conagra 05/27/98 5.610 50,000 44 342,833.33 5.727 CP Conagra 05/27/98 5.610 15,000 44 102,850.00 5.727 CP Assoc 05/27/98 5.510 50,000 85 650,486.11 5.660 CP Assoc 05/27/98 5.510 50,000 85 650,486.11 5.660 CP FMCC 05/27/98 5.480 50,000 90 685,000.00 5.633 CP FMCC 05/27/98 5.480 45,000 90 616,500.00 5.633 CP GECC 05/27/98 5.620 50,000 160 1,248,888.89 5.844 CP GECC 05/27/98 5.620 50,000 160 1,248,888.89 5.844 Disc Note FHLB 05/27/98 5.380 50,000 260 1,942,777.80 5.675 PURCHASE SBA (FR) 5.875% 05/25/23 5.875 10,099 CP Barclays 05/29/98 5.530 7,000 CP Barclays 05/29/98 5.530 50,000 CP Country 05/29/98 5.580 19,489 CP County 05/29/98 5.580 50,000 05/28/98 RRS Treas Bill 02/04/99 5.250 46,000 Treas Bill 02/04/99 5.250 50,000 Treas Bill 02/04/99 5.250 4,000 SALE 9/ CP Morg Stan 05/28/98 5.500 50,000 83 634,027.80 5.648 CP Morg Stan 05/28/98 5.500 50,000 83 634,027.80 5.648 CP Morg Stan 05/28/98 5.500 50,000 83 634,027.80 5.648 Disc Note FHLMC 05/28/98 5.440 46,400 63 441,728.00 5.568 Disc Note FHLMC 05/28/98 5.440 50,000 63 476,000.00 5.568 REDEMPTION Treas Bill 05/28/98 5.535 50,000 364 2,798,250.00 5.944 Treas Bill 05/28/98 5.535 50,000 364 2,798,250.00 5.944 Treas Bill 05/28/98 5.535 50,000 364 2,798,250.00 5.944 —11— 05/28/98 PURCHASE g/ CP Morg Stan 06/30/98 5.500 50,000 CP Morg Stan 06/30/98 5.500 50,000 PURCHASE MTN (FR) FMCC 5.964% 03/21 /01 5.691 7,000 ' MTN (FR) FMCC 5.954% 03/21 /01 5.691 15,000 MTN (FR) FMCC 5.914% 04/12/01 5.691 5,000 CP GMAC 05/29/98 5.620 35,000 CP GMAC 05/29/98 5.620 50,000 CP GMAC 05/29/98 5.620 50,000 CP GMAC 05/29/98 5.620 50,000 RRP Treas Bill 05/28/98 5.200 50,000 83 (590,452.78) -5.272 Treas Bill 05/28/98 5.200 50,000 83 (590,452.78) -5.272 Treas Bill 05/28/98 5.200 50,000 83 (590,452.78) -5.272 Treas Bill 02/04/99 5.240 46,000 63 (401,994.46) -5.312 Treas Bill 02/04/99 5.240 50,000 63 (436,950.50) -5.312 05/29/98 REDEMPTION BA Bk of NYC 05/29/98 5.620 5,000 178 138,938.89 5.860 BA Bk of NYC 05/29/98 5.620 15,000 178 416,816.67 5.860 CD Nat W.Mstr 5.531 % 05/29/98 5.530 50,000 93 714,291.67 5.606 CD Nat W.Mstr 5.531 % 05/29/98 5.530 50,000 93 714,291.67 5.606 CP GMAC 05/29/98 5.620 50,000 1 7,805.56 5.698 CP GMAC 05/29/98 5.620 50,000 1 7,805.56 5.698 CP GMAC 05/29/98 5.620 50,000 1 7,805.56 5.698 CP GMAC 05/29/98 5.620 35,000 1 5,463.89 5.698 CP Barclays 05/29/98 5.530 7,000 2 2,150.56 5.608 CP Barclays 05/29/98 5.530 50,000 2 15,361.11 5.608 CP Country 05/29/98 5.580 19,489 2 6,041.59 5.659 CP Country 05/29/98 5.580 50,000 2 15,500.00 5.659 CP Conagra 05/29/98 5.630 15,000 37 86,795.83 5.630 CP GMAC 05/29/98 5.620 35,000 162 885,150.00 5.845 CP GMAC 05/29/98 5.620 50,000 162 1,264,500.00 5.845 PURCHASE CP Heller 06/01 /98 5.700 25,000 CP GMAC 06/01/98 5.680 50,000 CP Amer Exp 06/03/98 5.530 50,000 CP Amer Exp 06/03/98 5.530 50,000 CP Amer EXp 06/04/98 5.530 50,000 CP Amer Exp 06/04/98 5.530 50,000 —12— a/ The abbreviations indicate the type of security purchased or sold; i.e., (U.S.) Bills, Bonds# Notes*:Deblentures, 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 (EXIW, Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE MIS), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA) Medium Term Notes (MTN). b/ Purchase or sale yield based on 360 day calculation for discount obligations and Repurchase Agreements. c/ Repurchase Agreement. d/ Par amount of securites purchased, sold, or redeemed. e/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. —13— NAME ALHAMB East West Bank TIME DEPOSIT DATE 03/19/98 DEPOSIT YIELD 5.130 PAR AMOUNT ($) MATURITY 12,000,000.00 DATE 06/18/98 East West Bank 04/09/98 5.090 35,000,000.00 07/09/98 East West Bank 04/17/98 5.130 15,000,000.00 07/17/98 East West Bank BEVERLY HILLS 05/12/98 5.160 38,000,000.00 08/11/98 City National Bank 01/27/98 5.270 10,000,000.00 07/29/98 City National Bank 02/18/98 5.270 20,000,000.00 02/18/99 City National Bank 03/19/98 5.220 20,000,000.00 09/16/98 City National Bank 05/05/98 5.290 10,000,000.00 11 /02/98 City National Bank CHICO 05/15/98 5.380 15,000,000.00 11/02/98 North State National Bank 02/25/98 5.320 1,000,000.00 08/24/98 Tri Counties Bank 03/16/98 5.110 10,000,000.00 06/16/98 Tri Counties Bank 03/16/98 5.250 10,000,000.00 09/15/98 North State National Bank 03/11/98 5.260 500,000.00 09/09/98 Tri Counties Bank 04/22/98 5.100 10,000,000.00 07/23/98 North State National Bank 04/07/98 5.220 2,000,000.00 10/06/98 Tri Counties Bank FRESNO 04/16/98 5.230 10,000,000.00 10/15/98 Kings River State Bank G ENDAL E 01 /15/98 5.190 1,000,000.00 07/15/98 Glendale Federal Bank 03/31/98 5.280 3,000,000.00 06/29/98 Glendale Federal Bank 04/09/98 5.220 5,000,000.00 10/07/98 Glendale Federal Bank INGLEWOOD 04/17/98 5.320 100,000,000.00 10/15/98 Imperial Bank 02/11/98 5.310 20,000,000.00 08/11/98 Imperial Bank 03/11 /98 5.290 25,000,000.00 09/09/98 Imperial Bank 03/19/98 5.250 11,000,000.00 09/16/98 Imperial Bank 03/31/98 5.250 36,000,000.00 10/01/98 Imperial Bank 04/21/98 5.070 25,000,000.00 07/21/98 Imperial Bank 05/06/98 5.150 15,000,000.00 08/05/98 Imperial Bank 05/08/98 5.150 20,000,000.00 08/07/98 —14— Community Bank 12/19/97 5.430 10,000,000.00 06/17/98 Community Bank 12/23/97 5.510 5,000,000.00 06/22/98 Preferred Bank 01 /05/98 5.190 3,000,000.00 07/15/98 Preferred Bank 01/12/98 5.210 20,000,000.00 07/15/98 General Bank 12/01 /97 5.480 28,000,000.00 11 /06/98 Community Bank 02/09/98 5.270 15,000,000.00 08/11/98 Preferred Bank 03/19/98 5.110 4,000,000.00 06/18/98 Preferred Bank 03/24/98 5.210 9,000,000.00 06/23/98 Preferred Bank 03/17/98 5.110 5,000,000.00 06/28/98 General Bank 03/06/98 5.200 15,000,000.00 06/18/98 General Bank 03/30/98 5.240 10,000,000.00 07/08/98 General Bank 03/31 /98 5.220 15,000,000.00 10/01 /98 General Bank 04/13/98 5.090 25,000,000.00 07/14/98 Preferred Bank 04/01 /98 5.240 3,000,000.00 09/28/98 Preferred Bank 05/19/98 5.180 4,000,000.00 08/21 /98 Preferred Bank 05/26/98 5.250 2,000,000.00 08/25/98 Delta National Bank 01 /22/98 5.240 2,000,000.00 07/22/98 Delta National Bank 04/24/98 5.090 1,000,000.00 07/23/98 Pomona First Federal Bank 05/27/98 5.550 8,000,000.00 11 /24/98 Bank of Petaluma 02/11 /98 5.280 1,000,000.00 08/11 /98 Sanwa Bank of California 01/27/98 5.270 5,000,000.00 07/29/98 River City Bank 02/19/98 5.260 5,000,000.00 07/20/98 Sanwa Bank of California 02/18/98 5.250 50,000,000.00 08/17/98 River City Bank 02/19/98 5.270 5,000,000.00 08/18/98 Sanwa Bank of California 02/25/98 5.350 10,000,000.00 08/24/98 Union Bank of California 03/31/98 5.260 100,000,000.00 06/29/98 Union Bank of California 04/30/98 5.060 50,000,000.00 07/30/98 River City Bank 04/13/98 5.250 5,000,000.00 10/14/98 Union Bank of California 05/06/98 5.110 100,000,000.00 08/05/98 Union Bank of California 05/18/98 5.140 50,000,000.00 08/18/98 Sanwa Bank of California 05/06/98 5.340 7,000,000.00 11/03/98 -15- NAME SAN DIEGO San Diego First Bank TIME DEPOSIT DATE 12/03/97 DEPOSIT YIELD 5.450 PAR AMOUNT ($1 MATURITY 1,500,000.00 DATE 06/02/98 San Diego First Bank 12/22/97 5.450 1,500,000.00 06/23/98 San Diego First Bank 03/19/98 5.160 14,000,000.00 06/17/98 San Diego First Bank SAN FRANCISCO 05/08/98 5.330 1,000,000.00 11 /05/98 Bank of Canton California 12/04/97 5.420 5,000,000.00 06/04/98 Bank of Canton California 12/09/97 5.440 5,000,000.00 06/09/98 Bank of Canton California 12/01/97 5.500 5,000,000.00 12/01/98 Bank of Canton California 12/15/97 5.450 5,000,000.00 12/15/98 Bank of Canton California 01 /21 /98 5.230 5,000,000.00 01 /21 /99 Bank of Canton California 02/04/98 5.260 5,000,000.00 08/04/98 Bank of Canton California 02/11/98 5.300 5,000,000.00 02/11/99 Transpacific National Bank 03/17/98 5.450 800,000.00 09/16/98 Oceanic Bank SAN LEANDRO 03/05/98 5.430 2,000,000.00 03/05/99 Bay Bank of Commerce 04/10/98 5.080 2,000,000.00 07/09/98 Bay Bank of Commerce SAN LUIS OBISPO 04/08/98 5.230 2,000,000.00 10/07/98 First Bank of San Luis Obispo 02/04/98 5.280 3,600,000.00 08/04/98 First Bank of San Luis Obispo 03/12/98 5.110 1,000,000.00 06/1.1/98 First Bank of San Luis Obispo 04/08/98 5.130 1,000,000.00 07/08/98 First Bank of San Luis Obispo 05/13/98 5.160 2,000,000.00 08/12/98 First Bank of San Luis Obispo SAN RAFAEL 05/27/98 5.180 2,500,000.00 08/25/98 West America Bank 04/17/98 5.040 25,000,000.00 07/16/98 West America Bank 04/24/98 5.090 25,000,000.00 07/23/98 West America Bank 04/30/98 5.090 25,000,000.00 07/30/98 West America Bank 05/11/98 5.130 50,000,000.00 08/10/98 Borel Bank and Trust 03/16/98 5.180 95,000.00 06/30/98 —16— NAME SANTA ANA Grand National Bank TIME DEPOSIT DEPOSIT DATE 12/31 /97 YIELD 5.480 PAR AMOUNT ($) MATURITY 95,000.00 DATE 06/30/98 Grand National Bank 03/10/98 5.180 1,500,000.00 06/08/98 Grand National Bank SANTA CRUZ 03/11/98 5.250 1,500,000.00 09/08/98 Coast Commercial Bank 03/20/98 5.190 15,000,000.00 06/19/98 SHASSA North Valley Bank STANISLAUS 03/24/98 5.280 3,000,000.00 09/22/98 Oak Valley Community Bank 03/27/98 5.250 500,000.00 06/25/98 Oak Valley Community Bank 03/30/98 5.280 500,000.00 06/29/98 Oak Valley Community Bank TORRANCE 05/08/98 5.130 500,000.00 08/07/98 China Trust Bank (USA) 03/11/98 5.180 10,000,000.00 06/09/98 South Bay Bank 03/17/98 5.180 2,000,000.00 06/16/98 China Trust Bank (USA) 03/31/98 5.280 5,000,000.00 06/29/98 China Trust Bank (USA) TUSTIN 04/30/98 5.100 15,000,000.00 07/30/98 Sunwest Bank 03/31/98 5.220 500,000.00 10/01/98 Sunwest Bank 04/21 /98 5.080 1,000,000.00 07/20/98 Sunwest Bank VACAVILLE 04/09/98 5.220 2,800,000.00 10/07/98 Continental Pacific Bank 03/04/98 5.270 1,000,000.00 06/02/98 VICTORVILLE Citizens Business Bank 12/10/97 5.590 10,000,000.00 06/09/98 Citizens Business Bank 01/09/98 5.370 10,000,000.00 07/09/98 Citizens Business Bank 01/22/98 5.230 5,000,000.00 08/06/98 Citizens Business Bank 02/11/98 5.300 10,000,000.00 09/23/98 Citizens Business Bank 02/11/98 5.320 5,000,000.00 10/06/98 Citizens Business Bank 03/11/98 5.270 10,000,000.00 10/08/98 —17— NAME WALNUT CREEK Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West Bank of the West 01 /30/98 5.270 26, 500, 000.00 07/31 /98 02/19/98 5.250 18,000,000.00 08/19/98 02/18/98 5.250 19,000,000.00 08/19/98 02/27/98 5.310 27,000,000.00 08/26/98 04/01 /98 5.200 14,000,000.00 10/01 /98 04/23/98 5.260 25,000,000.00 10/20/98 05/15/98 5.450 10,000,000.00 05/13/98 TOTAL TIME DEPOSITS AS OF MAY 31, 1998 $1,495,890,000.00 —18— STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT JUNE 1998 Table of Contents SUMIIARY................................................................0............. •............................01 SELECTED INVESTMENT DATA....................................................................2 PORTFOLIOCOMPOSITION...........................................................................3 INVESTMENT TRANSACTIONS......................................................................4 TIMEDEPOSITS................................................................................................21 DEMANDBANK DEPOSITS............................................................................26 POOLED MONEY INVESTMENT BOARD DESIGNATION .....................27 DEMAND BANK DEPOSITS (000 omitted) DAILY BALANCES WARRANTS MAY PER BANKS OUTSTANDING 1. $4209743 $195269441 2. 4209743 195269441 3. 4203,743 195269441 4. 7559427 190939394 5. 3199333 191189749 6. 2629144 9969170 7. 1689822 192159346 8. 2211,782 192519904 9. 2219782 192519904 10. 2219782 192519904 11. 1939068 190719,651 12. 1719963 190139156 13. 2689828 9029731 14. 2139995 19157,921 15. 3029905 190609448 16. 3029905 190689335 17. 3029905 190689335 18. 5359180 9589659 19. 1919268 850,162 20. 4339865 9939367 21. 3329386 191019041 22. 2411,114 191029902 23. 2419114 1,1029902 24. 2419114 191029902 25. 2411,114 19,1029902 26. 3709703 15,0659219 27. 3569214 190199494 28. 5669696 9119426 29. 6249554 960,367 30. 6249554 9609367 31. 6249554 9649174 a/ AVERAGE DOLLAR DAYS $3489848 a/ The prescribed bank balance for May was $398,267.00. This consisted of $138,927.00 in compensating balances for services, $246,861.00 uncollected funds and a deduction of $12,479.00 for April delayed deposit credit. -19- DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1587 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on May 20, 1998, 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 $147,112,000 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) 05/18/98 05/22/98 $ 876,000,000 (2) 05/25/98 05/29/98 $ (738,600,000) (3) 06/01/98 06/05/98 $ (484,400,000) (4) 06/08/98 06/12/98 $ 84,400,000 (5) 06/15/98 06/19/98 $ 2,428,800,000 Time Deposits in various Financial Institutions In Securities (sections 16503a Estimated (section 16430)* and 16602)* Total $ 30,735,610,000 $ 1,495,890,000 $ 32,231,500,000 $ 29,997,010,000 $ 1,495,890,000 $ 31,492,900,000 $ 29,512,610,000 $ 1,495,890,000 $ 31,008,500,000 $ 29, 597,010,000 $ 1,495,890,000 $ 31,092,900,000 $ 32,025,810,000 $ 1,495,890,000 $ 33,521,700,000 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 $ 147,112,000. Dated: May 20, 1998 *Government Code Member —20— POOLED MONEY EWESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JUNE 1998 WITH DUNE 1997 (Dollars in Thousands) Average Daily Portfolio $33,843,340 $30,295,908 + $3,547,432 Accrued Earnings $157,742 $141,109 + $16,633 Effective Yield 5.671 5.667 + .004 Average Life --Month End (in days) 212 232 - 20 Total Security Transactions Amount $26,644,272 $21,569,932 + $5,074,340 Number 591 489 + 102 Total Time Deposit Transactions Amount $542,380 $186,100 + $356,280 Number 56 32 + 24 Average Workday Investment Activity $1,235,757 $1,036,001 + $199,756 Prescribed Demand Account Balances For Services $168,322 $140,675 + $27,647 For Uncollected Funds $177,571 $175,698 + $1,873 —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 June 30,1998 Percent From Twe of Security Amount Percent Previous Month Governments Bills $2,718,452 8.54 - .56 Bonds 0 0 0 Notes 5,617,926 17.66 + 2.51 Strips 0 0 0 Total Governments $8,336,378 26.20 + 1.95 Federal Agency Coupons $29,168,912 6.82 - .56 Certificates of Deposit 4,7679684 14.98 - 8.10 Bank Notes 1470,976 3.99 - 1.09 Bankers Acceptances 20,758 .07 + .04 Repurchases 0 0 0 Federal Agency Discount Notes 519,566 1.63 - 1.72 Time Deposits 1,544,890 4.86 + .31 GNMA's 29,302 .01 0 Commercial Paper 993879431 29.50 + 7.08 FHLMC 22,484 .07 0 Corporate Bonds 19723,893 5A2 + .14 Pooled Loans 290519,393 6A5 + .31 GF Loans 0 0 0 Reversed Repurchases 0 0 - 1.64 Total, All Types $31,8169667 100 INVESTMENT ACTIVITY Number Pooled Money 591 Other 9 Time Deposits 56 TOTALS 656 PMIA Monthly Average Effective Yield 5.671 Year to Date Yield for Last Day of Month 5.699 June 1998 Amount $ 2696449272 $ 12,334 $ 5429380 $ 27,198,986 May 1998 Number Amount 302 $ 129,5989105 108 $ 5569465 31 $ 590,500 441 $ 1397459070 5.673 5.702 —2— Commercial Paper 29.50% Pooled Money Investment Account Portfolio Composition $31.8 Billion Corporate Loans 6.45°� Bonds Acceptances 0.07% CD's/BN's 18.97% :asuries 6.20% Time Deposits 4.86% Mortgages 0.08% cies i% 6/30/98 C Treasuries ® Time Deposits ■ Mortgages ®Agencies ■ CD's/BN's ■ Bankers Acceptances ® Repo * Commercial Paper ® Corporate Bonds 13Loans C3 Reverses -3- 06/01/98 SALE Treas Bill 06/25/98 4.460 $50,000 340 148,666.65 5.765 Treas Bill 06/25/98 4.460 50,000 340 148,666.65 5.765 REDEMPTION BN B/A 5.550% 06/01/98 5.550 50,000 33 254,375.00 5.627 BN B/A 5.550% 06/01/98 5.510 50,000 33 254,375.00 5.627 CD Wachovia 5.520% 06/01/98 5.510 50,000 31 237,238.15 5.586 CD Wachovia 5.520% 06/01/98 5.510 50,000 31 237,238.15 5.586 CD Rabo 5.520% 06/01/98 5.520 50,000 32 245,333.33 5.596 CD Rabo 5.520% 06/01/98 5.520 50,000 32 245,333.33 5.596 CD CIBC 5.530% 06/01/98 5.530 50,000 32 245,777.78 5.606 CD CIBC 5.530% 06/01/98 5.530 50,000 32 245,777.78 5.606 CD Svenska 5.560% 06/01/98 5.560 50,000 88 679,555.56 5.637 CD Svenska 5.560% 06/01/98 5.560 50,000 88 679,555.56 5.637 CD Soc Gen 5.590% 06/01/98 5.585 50,000 90 698,133.61 5.662 CD Soc Gen 5.590% 06/01/98 5.585 50,000 90 698,133.61 5.662 CD Montreal 5.550% 06/01/98 5.550 50,000 94 724,583.33 5.627 CD Nova Scot 5.550% 06/01/98 5.550 50,000 94 724,583.33 5.627 CD Mellon 5.550% 06/01/98 5.550 50,000 94 724,583.33 5.627 CD Mellon 5.550% 06/01/98 5.550 50,000 94 724,583.33 5.627 CD Bayer Lnds 5.570% 06/01/98 5.570 50,000 94 724,620.63 5.627 CD Hypo 5.500% 06/01/98 5.500 50,000 98 748,611.11 5.576 CP Heller 06/01/98 5.700 25,000 3 11,875.00 5.781 CP GMAC 06/01/98 5.680 50,000 3 23,666.67 5.781 CP Text Fin 06/01/98 5.670 19,416 31 94,798.62 5.776 CP FMCC 06/01/98 5.510 50,000 31 237,236.11 5.613 CP FMCC 06/01/98 5.510 50,000 31 237,236.11 5.613 CP Enron 06/01/98 5.590 20,000 35 108,694.44 5.698 CP Household 06/01/98 5.530 50,000 35 268,819.50 5.637 CP Household 06/01/98 5.530 50,000 35 268,819.50 5.637 CP GMAC 06/01/98 5.490 50,000 39 297,375.00 5.599 CP GMAC 06/01/98 5.490 50,000 39 297,375.00 5.599 CP GMAC 06/01/98 5.490 50,000 39 297,375.00 5.599 CP Comnwealth 06/01/98 5.700 18,000 47 133,950.00 5.822 CP Merrill 06/01/98 5.500 30,000 88 403,333.33 5.652 CP Merrill 06/01/98 5.500 50,000 88 672,222.22 5.652 CP FMCC 06/01/98 5.480 50,000 94 715,444.44 5.636 CP FMCC 06/01/98 5.480 50,000 94 715,444.44 5.636 CP FMCC 06/01/98 5.480 50,000 94 715,444.44 5.636 CP GMAC 06/01/98 5.440 50,000 108 816,000.00 5.607 CP GMAC 06/01/98 5.440 25,000 108 408,000.00 5.607 CP Salomon 06/01/98 5.450 50,000 108 817,500.00 5.617 CP Salomon 06/01/98 5.450 50,000 108 817,500.00 5.617 CP Salomon 06/01/98 5.450 30,000 108 490,500.00 5.617 CP FMCC 06/01/98 5.440 50,000 145 1,095,555.56 5.639 CP FMCC 06/01/98 5.440 50,000 145 1,095,555.56 5.639 CP GECC 06/01/98 5.500 50,000 147 1,122,916.67 5.704 CP GECC 06/01/98 5.500 50,000 147 1,122,916.67 5.704 CP GECC 06/01/98 5.500 50,000 147 1,122,916.67 5.704 —4— 06/01/98 REDEMPTION CID GECC 06/01/98 5.500 50,000 147 1,122,916.67 5.704 PURCHASE Treas Note 5.550% 05/31/00 5.600 25,000 Treas Note 5.500% 05/31 /00 5.600 50,000 Treas Note 5.500% 05/31/00 5.525 50,000 CID GECC 10/28/98 5.510 50,000 CID GECC 10/28/98 5.510 50,000 BN Fst Chic 5.560% 12/01/98 5.560 50,000 BN Fst Chic 5.560% 12/01/98 5.560 50,000 CD Rabo 5.620% 10/05/98 5.580 31,000 CD Rabo 5.620% 10/05/98 5.580 50,000 CD Rabo 5.620% 10/05/98 5.580 50,000 CD CIBC 5.790% 10/06/98 5.580 50,000 CD CIBC 5.790% 10/06/98 5.580 50,000 CD Mellon 5.625% 11 /30/98 5.625 50,000 CD Mellon 5.625% 11 /30/98 5.625 50,000 CD Hypo 5.580% 12/01/98 5.570 50,000 CD Hypo 5.580% 12/01/98 5.570 50,000 CD Soc Gen 5.600% 12/01/98 5.595 50,000 CD Soc Gen 5.600% 12/01/98 5.595 50,000 CID Comnwealth 06/02/98 5.850 19,000 CID Assoc 06/02/98 5.750 35,000 CID Assoc 06/02/98 5.750 50,000 CID Assoc 06/02/98 5.750 50,000 CID Assoc 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 14,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 21,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CID Morg Stan 06/02/98 5.750 50,000 CP Morg Stan 06/02/98 5.750 50,000 CID Country 06/03/98 5.710 8,971 CID Country 06/04/98 5.710 18,363 CID Heller 06/08/98 5.750 25,000 CID Heller 06/08/98 5.750 50,000 CID Country 06/10/98 5.650 9,015 CID Country 06/10/98 5.650 50,000 Treas Note 5.500% 05/31 /00 5.504 50,000 Treas Note 5.501 % 05/31 /00 5.504 50,000 Treas Note 5.501 % 05/31 /00 5.504 50,000 Treas Note 5.501 % 05/31 /00 5.504 50,000 —5— 06/02/98 REDEMPTION CP Comnwealth 06/02/98 5.850 19,000 1 3,087.50 5.932 CP Assoc 06/02/98 5.750 35,000 1 5,590.28 5.830 CP Assoc 06/02/98 5.750 50,000 1 7,986.11 5.830 CP Assoc 06/02/98 5.750 50,000 1 7,986.11 5.830 CP Assoc 06/02/98 5.750 50,000 1 7,986.11 5.830 CP Morg Stan 06/02/98 5.750 14,000 1 2,236.11 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 21,000 1 3,354.16 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 CP Morg Stan 06/02/98 5.750 50,000 1 7,986.10 5.830 PURCHASE CD NationsBk 5.610% 12/02/98 5.610 50,000 CD NationsBk 5.610% 12/02/98 5.610 50,000 CD NationsBk 5.610% 12/03/98 5.610 50,000 CD Svenska 5.610% 11/30/98 5.600 50,000 CD Svenska 5.610% 11 /30/98 5.600 50,000 CP Assoc 06/03/98 5.570 50,000 CP Assoc 06/03/98 5.570 50,000 CP Assoc 06/03/98 5.570 50,000 CP Assoc 06/03/98 5.570 50,000 CP Conagra 06/05/98 5.690 30,000 CP Conagra 06/05/98 5.690 50,000 CP Conagra 06/05/98 5.690 50,000 CP Conagra 06/05/98 5.690 50,000 CP Country 06/09/98 5.600 35,000 CP Country 06/09/98 5.600 50,000 CP GECC 10/28/98 5.480 15,000 CP GECC 10/28/98 5.480 50,000 06/03/98 REDEMPTION CP Assoc 06/03/98 5.570 50,000 1 7,736.11 5.648 CP Assoc 06/03/98 5.570 50,000 1 7,736.11 5.648 CP Assoc 06/03/98 5.570 50,000 1 7,376.11 5.648 CP Assoc 06/03/98 5.570 50,000 1 7,736.11 5.648 CP Country 06/03/98 5.710 8,971 2 2,845.80 5.791 CP Amer Exp 06/03/98 5.530 50,000 5 38,402.78 5.611 CP Amer Exp 06/03/98 5.530 50,000 5 38,402.78 5.611 CP Heller 06/03/98 5.720 50,000 13 103,277.78 5.811 CP Heller 06/03/98 5.720 50,000 13 103,277.78 5.811 IM 06/03/98 PURCHASE CD Montreal CP Assoc CP Assoc CP Heller CP Heller CP Salomon CP Enron 06/04/98 SALE Treas Note REDEMPTION CP Assoc CP Assoc CP Country CP Amer Exp CP Amer Exp MTN GMAC PURCHASE Treas Note BA U/B Calif BA U/B Calif CD World CD World CP Unocal CP GECC CP GECC PURCHASE !r/ FHLB FHLB Treas Note 06/05/98 SALE Treas Note Treas Note Treas Note 5.600% 11 /09/98 5.600 50,000 06/04/98 5.600 50,000 06/04/98 5.600 50,000 06/10/98 5.740 50,000 06/10/98 5.740 50,000 07/01 /98 5.530 20,000 10/28/98 5.530 30,000 4.750% 08/31 /98, 5.214 50,000 1722 619,565.22 4.745 06/04/98 5.600 50,000 1 7,777.78 5.678 06/04/98 5.600 50,000 1 7,777.78 5.678 06/04/98 5.710 18,363 3 8,737.73 5.792 06/04/98 5.530 50,000 6 46,083.33 5.611 06/04/98 5.530 50,000 6 46,083.33 5.611 6.300% 06/04/98 6.590 8,000 710 1,020,400.00 6.590 6.751 % 06/30/99 5.527 50,000 07/01 /98 5.530 10,000 08/03/98 5.530 10,900 5.520% 06/26/98 5.540 50,000 5.520% 06/26/98 5.540 50,000 08/27/98 5.650 18,000 10/07/98 5.500 50,000 10/07/98 5.500 50,000 5.695% 05/06/99 5.550 50,000 5.695% 05/06/99 5.550 50,000 5.875% 03/31 /99 5.550 1,538 4.750% 08/31/98 5.219 25,000 1719 4.750% 08/31 /98 5.219 50,000 1719 4.750% 08/31 /98 5.219 50,000 1719 313,009.51 4.724 626,019.02 4.720 626,019.02 4.720 —7- 06/05/98 REDEMPTION CD World CD World CID Conagra CID Conagra CID Conagra CID Conagra CID Salomon CID Salomon CID FMCC CID FMCC SALE s/ FHLB FHLB Treas Note PURCHASE Treas Treas Treas Treas CD CID CID CID CID CID CID CID CID CID CID CID 5.520% 06/05/98 5.530 50,000 35 268,816.88 5.606 5.520% 06/05/98 5.530 50,000 35 268,816.88 5.606 06/05/98 5.690 50,000 3 23,708.33 5.771 06/05/98 5.690 50,000 3 23,708.33 5.771 06/05/98 5.690 50,000 3 23,708.33 5.771 06/05/98 5.690 30,000 3 14,225.00 5.771 06/05/98 5.500 50,000 35 267,361.11 5.606 06/05/98 5.500 50,000 35 267,361.11 5.606 06/05/98 5.440 50,000 149 1,125,777.78 5.642 06/05/98 5.440 50,000 149 1,125,777.78 5.642 5.695% 05/06/99 5.550 50,000 1 7,590.63 5.627 5.695% 05/06/99 5.550 50,000 1 7,590.63 5.627 5.875% 03/31 /99 5.550 1,538 1 235.41 5.627 Note 6.750% 06/30/99 5.539 25,000 Note 6.751 % 06/30/99 5.539 50,000 Note 6.750% 06/30/99 5.539 50,000 Note 5.375% 01 /15/99 5.439 50,000 ANZ 5.630% 12/02/98 5.620 20,000 GECC 06/08/98 5.450 50,000 GECC 06/08/99 5.450 50,000 GECC 06/08/98 5.450 50,000 GECC 06/08/98 5.450 50,000 Conagra 07/02/98 5.650 45,000 Conagra 07/02/98 5.650 50,000 Merrill 11/30/98 5.500 30,000 Merrill 11/30/98 5.500 50,000 Merrill 01 /30/98 5.500 50,000 U/B Calif 11/30/98 5.500 50,000 U/B Calif 11/30/98 5.500 50,000 06/08/98 REDEMPTION BA Bk of NYC CID GECC CID GECC CID GECC CID GECC CID Heller CID Heller CID Heller CID Comnwealth CID Unocal 06/08/98 5.570 11,000 172 292,734.44 5.801 06/08/98 5.450 50,000 3 22,708.33 5.528 06/08/98 5.450 50,000 3 22,708.33 5.528 06/08/98 5.450 50,000 3 22,708.33 5.528 06/08/98 5.450 50,000 3 22,708.33 5.528 06/08/98 5.750 25,000 7 27,951.39 5.836 06/08/98 5.750 50,000 7 55,902.78 5.836 06/08/98 5.750 50,000 38 303,472.22 5.865 06/08/98 5.720 10,000 41 65,144.44 5.837 06/08/98 5.670 11,900 56 104,958.00 5.799 06/08/98 PURCHASE BN B/A CD ANZ CD ANZ CP Heller CP Heller CP Text Fin CP Unocal CP Conagra 06/09/98 REDEMPTION CP Country CP Country NO PURCHASE 06/10/98 SALE Treas Bill Treas Bill REDEMPTION CP Heller CP Heller CP Country CP Country CP Assoc CP Assoc CP Text Fin PURCHASE MTN FMCC Treas Bill Treas Bill CP Heller CP Heller 06/11/98 REDEMPTION FHLB 5.600% 12/01 /98 5.600 21,000 5.620% 12/07/98 5.610 50,000 5.620% 12/07/98 5.610 50,000 06/26/98 5.720 25,000 06/26/98 5.720 50,000 08/20/98 5.700 48,000 09/01 /98 5.680 10,000 09/04/98 5.630 31,115 06/09/98 5.600 35,000 7 06/09/98 5.600 50,000 7 11 /12/98 5.135 50,000 156 11/12/98 5.135 50,000 156 38,111.11 5.683 54,444.44 5.683 1,112,583.31 5.447 1,105,451.39 5.447 06/10/98 5.740 50,000 7 55,805.56 5.826 06/10/98 5.740 50,000 7 55,805.56 5.826 06/10/98 5.650 9,015 9 12,733.69 5.736 06/10/98 5.650 50,000 9 70,625.00 5.736 06/10/98 5.510 50,000 40 306,111.11 5.620 06/10/98 5.510 50,000 40 306,111.11 5.620 06/10/98 5.670 23,500 44 162,855.00 5.788 5.954% 03/21 /01 5.687 10,000 05/27/99 5.170 50,000 05/27/99 5.170 50,000 06/12/98 5.500 45,000 06/12/98 5.500 50,000 5.910% 06/11 /98 6.020 50,000 365 3,009,000.00 6.024 —9- 06/11/98 PURCHASE c/ Disc Note FHLB 07/08/98 5.530 50,000 Disc Note FHLB 07/08/98 5.530 50,000 Disc Note FHLB 07/08/98 5.530 50,000 Disc Note FHLB 08/12/98 5.530 37,940 Disc Note FHLB 02/05/99 5.530 50,000 06/12/98 REDEMPTION CP Heller 06/12/98 5.500 45,000 2 13,750.00 5.578 CP Heller 06/12/98 5.500 50,000 2 15,277.78 5.578 SALE W Disc Note FHLB 07/08/98 5.530 50,000 1 7,487.62 5.606 Disc Note FHLB 08/07/98 5.530 50,000 1 7,459.51 5.606 Disc Note FHLB 08/07/98 5.530 50,000 1 7,459.51 5.606 Disc Note FHLB 08/12/98 5.530 37,940 1 5,652.58 5.606 Disc Note FNMA 02/05/99 5.530 50,000 1 7,271.34 5.606 NO PURCHASES 06/15/98 REDMPTION CB FMCC 9.250% 06/15/98 5.770 3,400 908 511,513.94 5.770 MTN Chrysler 6.750% 06/15/98 6.500 10,000 724 1,292,850.00 6.500 MTN S Ca Edson 5.450% 06/15/98 6.460 18,000 724 2,279,370.00 6.504 MTN Gr Western 6.125% 06/15/98 5.380 12,000 864 1,546,061.67 5.380 PURCHASE MTN Assoc 6.125% 11 /12/99 5.883 26,635 CD ANZ 5.580% 12/11 /98 5.570 50,000 CD ANZ 5.580% 12/11 /98 5.570 50,000 CP FMCC 06/16/98 5.750 50,000 CP FMCC 06/16/98 5.750 50,000 CP Salomon 06/17/98 5.600 25,000 CP Salomon 06/17/98 5.600 50,000 CP GMAC 11/30/98 5.450 50,000 CP GMAC 11/30/98 5.450 50,000 CP GMAC 11/30/98 5.450 50,000 CP GMAC 11/30/98 5.450 50,000 CP GECC 11/30/98 5.450 50,000 CP GECC 11/30/98 5.450 50,000 CP GECC 11/30/98 5.450 50,000 CP GECC 11/30/98 5.450 50,000 CP GECC 06/16/98 5.770 50,000 CP GECC 06/16/98 5.770 50,000 —10— 06/16/98 RRS Treas Bill 07/23/98 5.200 50,000 Treas Bill 07/23/98 5.200 50,000 Treas Bill 07/23/98 5.200 50,000 SALE 9/ CP Morg Stan 06/16/98 5.500 50,000 90 687,500.00 5.654 CP Morg Stan 06/16/98 5.500 50,000 90 687,500.00 5.654 CP Morg Stan 06/16/98 5.500 50,000 90 687,500.00 5.654 REDEMPTION CD Soc Gen 5.810% 06/16/98 5.770 5,000 169 135,736.16 5.862 CD Soc Gen 5.810% 06/16/98 5.770 50,000 169 1,357,361.61 5.862 CP FMCC 06/16/98 5.750 50,000 1 7,986.11 5.830 CP FMCC 06/16/98 5.750 50,000 1 7,986.11 5.830 CP GECC 06/16/98 5.770 50,000 1 8,013.89 5.851 CP GECC 06/16/98 5.770 50,000 1 8,013.89 5.851 PURCHASE g/ CD World 5.530% 06/30/98 5.550 50,000 CD World 5.530% 06/30/98 5.550 50,000 CD World 5.530% 06/30/98 5.550 50,000 RRP Treas Bill 07/23/98 5.276 50,000 90 (645,980.25) -5.349 Treas Bill 07/23/98 5.276 50,000 90 (645,980.25) -5.349 Treas Bill 07/23/98 5.276 50,000 90 (645,980.25) -5.349 PURCHASE CD Soc Gen 5.600% 12/14/98 5.590 25,000 CD Soc Gen 5.600% 12/14/98 5.590 50,000 CD B/A 5.580% 12/15/98 5.580 50,000 CD B/A 5.580% 12/15/98 5.580 50,000 CP GECC 06/17/98 5.630 50,000 CP GECC 06/17/98 5.630 50,000 CP GECC 06/17/98 5.630 50,000 CP GECC 06/17/98 5.630 50,000 CP Country 07/09/98 5.570 14,250 CP Conagra 07/29/98 5.700 23,234 CP Heller 08/03/98 5.750 50,000 CP Heller 08/02/98 5.750 50,000 CP Comnwealth 08/05/98 5.770 14,000 CP Salomon 08/07/98 5.540 50,000 CP Hertz 08/20/98 5.540 26,000 CP U/B Calif 11/24/98 5.480 25,000 CP U/B Calif 11/24/98 5.480 50,000 —11— 06/17/98 REDEMPTION CID GECC 06/17/98 5.630 50,000 1 7,819.44 5.709 CID GECC 06/17/98 5.630 50,000 1 7,819.44 5.709 CID GECC 06/17/98 5.630 50,000 1 7,819.44 5.709 CID GECC 06/17/98 5.630 50,000 1 7,819.44 5.709 CID Salomon 06/17/98 5.600 25,000 2 7,777.78 5.679 CID Salomon 06/17/98 5.600 50,000 2 15,555.56 5.679 PURCHASE BN Fst Chic 5.530% 08/27/98 5.530 50,000 BN Fst Chic 5.530% 08/27/98 5.530 50,000 CD Toronto 5.610% 12/17/98 5.590 50,000 CID GECC 06/18/98 5.650 50,000 CID GECC 06/18/98 5.650 50,000 CID GECC 06/18/98 5.650 50,000 CID Enron 06/18/98 5.750 40,000 CID Conagra 08/03/98 5.630 29,000 CID Country 08/03/98 5.570 33,000 06/18/98 REDEMPTION CID Enron CID GECC CID GECC CID GECC PURCHASE CD Toronto CID Assoc CID Assoc CID Assoc CID Assoc CID GMAC CID GMAC CID GMAC CID GMAC CID FMCC CID FMCC CID FMCC CID FMCC CID GECC CID GECC CID GECC CID GECC Treas Bill Treas Bill Treas Bill Treas Note 06/18/98 5.750 40,000 1 6,388.89 5.830 06/18/98 5.650 50,000 1 7,847.22 5.729 06/18/98 5.650 50,000 1 7,847.22 5.729 06/18/98 5.650 50,000 1 7,847.22 5.729 5.610% 12/18/98 5.600 50,000 10/01 /98 5.480 50,000 10/01 /98 5.480 50,000 10/02/98 5.480 50,000 10/02/98 5.480 50,000 10/28/98 5.460 50,000 10/28/98 5.460 50,000 10/28/98 5.460 50,000 10/28/98 5.460 50,000 10/28/98 5.480 50,000 10/28/98 5.480 50,000 10/28/98 5.480 50,000 10/28/98 5.480 50,000 11 /24/98 5.480 50,000 11 /24/98 5.480 50,000 11 /24/98 5.480 50,000 11 /24/98 5.480 50,000 05/27/99 5.130 10,000 05/27/98 5.130 50,000 05/27/98 5.130 50,000 5.500% 05/31 /00 5.515 50,000 —12— 06/18/98 PURCHASE Treas Note 5.500% 05/31 /00 5.515 50,000 06/19/98 NO REDEMPTIONS PURCHASE BN B/A 5.600% 12/18/98 5.600 50,000 BN B/A 5.600% 12/18/98 5.600 50,000 CD Toronto 5.610% 12/29/98 5.600 50,000 CD Toronto 5.610% 12/29/98 5.600 50,000 CID Allied 07/01/98 5.570 25,000 CID Allied 07/01/98 5.570 50,000 CP Conagra 07/01/98 5.750 50,000 CID Comnwealth 08/07/98 5.820 20,000 CID GMAC 08/27/98 5.530 40,000 CID GMAC 08/27/98 5.530 50,000 CID GMAC 08/27/98 5.530 50,000 CID GMAC 08/27/98 5.530 50,000 CID GECC 11/09/98 5.480 50,000 CID GECC 11/09/98 5.480 50,000 Disc Note FHLB 06/14/99 5.260 43,025 Treas Note 5.500% 05/31 /00 5.553 50,000 Treas Note 5.500% 05/31 /00 5.553 50,000 06/22/98 NO REDEMPTIONS PURCHASE CID Heller 07/29/98 5.730 50,000 CID Lehman 10/01/98 5.570 50,000 CID Lehman 10/01 /98 5.570 50,000 CID GMAC 11/30/98 5.460 50,000 CID GMAC 11/30/98 5.460 50,000 06/23/98 REDEMPTION FNMA 5.710% 06/23/98 5.866 50,000 361 FNMA 5.710% 06/23/98 5.866 50,000 361 PURCHASE BN B/A 5.610% 01 /04/99 5.610 50,000 BN B/A 5.610% 01 /04/99 5.610 50,000 BN Fst Chic 5.640% 04/09/99 5.640 50,000 BN Fst Chic 5.640% 04/09/99 5.640 50,000 CD WestDeut 5.581 % 12/16/98 5.580 50,000 CID Baxter 08/07/98 5.625 10,000 2,897,496.53 5.867 2,897,496.53 5.867 —13— 06/23/98 PURCHASE CID Text Fin 08/28/98 5.700 26,060 CID SRAC 11 /09/98 5.480 50,000 CID GECC 11/24/98 5.480 50,000 CID GECC 11/24/98 5.480 50,000 CID JP Morgan 12/09/98 5.480 50,000 CID JP Morgan 12/09/98 5.480 50,000 CID JP Morgan 12/09/98 5.480 50,000 CID JP Morgan 12/09/98 5.480 50,000 Disc Note FNMA 05/25/99 5.260 50,000 Disc Note FNMA 05/25/99 5.260 50,000 Disc Note FNMA 06/18/99 5.230 50,000 Disc Note FNMA 06/18/99 5.230 50,000 06/24/98 NO REDEMPTIONS -;k11ZTg1` TF� Disc Note FNMA 06/01/99 5.250 50,000 Disc Note FNMA 06/01/99 5.250 50,000 CD Stnrd Ch 5.550% 07/29/98 5.540 25,000 CD Stnrd Ch 5.550% 07/29/98 5.540 50,000 CD CIBC 5.540% 07/29/98 5.540 50,000 CD Stnrd Ch 5.550% 07/30/98 5.540 25,000 CD Stnrd Ch 5.550% 07/30/98 5.540 50,000 CD Cr Anstlt 5.550% 07/30/98 5.540 50,000 CD Cr Anstlt 5.550% 07/30/98 5.540 50,000 CID Conagra 07/01 /98 5.860 9,000 CID GMAC 07/02/98 5.600 50,000 CID GMAC 07/02/98 5.600 50,000 CID FMCC 07/03/98 5.580 13,000 CID FMCC 07/03/98 5.580 50,000 CID FMCC 07/03/98 5.580 50,000 CID Enron 07/06/98 5.700 25,000 CID Hertz 07/06/98 5.610 30,000 CID Country 07/08/98 5.600 30,000 06/25/98 SALE g/ CD Bayer Lnds 5.560% 06/25/98 5.550 50,000 90 693,767.00 5.627 CD Bayer Lnds 5.560% 06/25/98 5.550 50,000 90 693,767.00 5.627 REDEMPTION Treas Bill 06/25/98 5.325 50,000 364 2,692,083.33 5.706 Treas Bill 06/25/98 5.325 50,000 364 2,692,083.33 5.706 —14— 06/25/98 RRP Treas Bill 06/25/98 5.150 50,000 90 (633,450.00) -5.221 Treas Bill 06/25/98 5.150 50,000 90 (633,450.00) -5.221 PURCHASE CP Enron 06/26/98 5.720 20,000 CP GECC 06/26/98 5.560 20,000 CP GECC 06/26/98 5.560 50,000 CP GECC 06/26/98 5.560 50,000 SBA (FR) 5.875% 06/25/23 5.875 10,701 06/26/98 SALE Treas Bill 12/10/98 5.077 50,000 177 1,333,024.30 5.788 Treas Bill 12/10/98 -5.077 50,000 178 1,340,322.93 5.629 Treas Bill 12/10/98 5.077 50,000 178 1,340,322.93 5.629 Treas Bill 12/10/98 5.077 50,000 179 1,341,614.58 5.761 REDEMPTION CD World 5.520% 06/26/98 5.540 50,000 22 169,275.72 5.616 CD World 5.520% 06/26/98 5.540 50,000 22 169,275.72 5.616 CP GECC 06/26/98 5.560 20,000 1 3,088.89 5.638 CP GECC 06/26/98 5.560 50,000 1 7,722.22 5.638 CP GECC 06/26/98 5.560 50,000 1 7,722.22 5.638 CP Enron 06/26/98 5.720 20,000 1 37177.78 5.800 CP Heller 06/26/98 5.720 25,000 18 71,500.00 5.816 CP Heller 06/26/98 5.720 50,000 18 143,000.00 5.816 CP GMAC 06/26/98 5.410 50,000 144 1,082,000.00 5.606 CP GMAC 06/26/98 5.410 50,000 144 1,082,000.00 5.606 CP GECC 06/26/98 5.500 50,000 172 1,313,888.89 5.726 CP GECC 06/26/98 5.500 50,000 172 1,313,888.89 5.726 CP Bear 06/26/98 5.520 50,000 172 1,318,666.67 5.748 CP Bear 06/26/98 5.520 50,000 172 1,318,666.67 5.748 NO PURCHASES 06/29/98 REDEMPTION CD CIBC 5.950% 06/29/98 6.000 25,000 367 1,528,432.14 6.083 CD CIBC 5.950% 06/29/98 6.000 50,000 367 3,056,864.29 6.083 PURCHASE CP FMCC 07/01/98 6.110 50,000 CP FMCC 07/01 /98 6.110 50,000 CP FMCC 07/01 /98 6.110 50,000 —15— 06/30/98 SALE g/ BN B/A 5.500% 06/30/98 5.500 46,000 53 372,472.22 5.576 BN B/A 5.500% 06/30/98 5.500 50,000 53 404,861.11 5.576 CD World 5.530% 06/30/98 5.550 50,000 14 107,915.83 5.627 CD World 5.530% 06/30/98 5.550 50,000 14 107,915.83 5.627 CD World 5.530% 06/30/98 5.550 50,000 14 107,915.83 5.627 CD Stnrd Ch 5.590% 06/30/98 5.580 50,000 90 697,517.20 5.657 CD Stnrd Ch 5.590% 06/30/98 5.580 50,000 90 697,517.20 5.657 CID Morg Stan 06/30/98 5.500 50,000 33 252,083.35 5.604 CID Morg Stan 06/30/98 5.500 50,000 33 252,083.35 5.604 REDEMPTION BN Fst Chic 5.460% 06/30/98 5.460 25,000 152 576,333.33 5.535 BN Fst Chic 5.460% 06/30/98 5.460 50,000 152 1,152,666.67 5.535 BN NationsBk 5.520% 06/30/98 5.520 50,000 153 1,173,000.00 5.596 BN NationsBk 5.520% 06/30/98 5.520 50,000 153 1,173,000.00 5.596 BN NationsBk 5.510% 06/30/98 5.510 50,000 154 1,178,527.78 5.586 BN B/A 5.700% 06/30/98 5.700 50,000 228 1,805,000.00 5.779 BN B/A 5.700% 06/30/98 5.700 50,000 228 1,805,000.00 5.779 BN NBDetroit 5.720% 06/30/98 5.720 50,000 294 2,335,666.67 5.799 BN NBDetroit 5.720% 06/30/98 5.720 50,000 294 2,335,666.67 5.799 BN Fst Chic 5.730% 06/30/98 5.730 50,000 294 2,339,750.00 5.809 BN Fst Chic 5.730% 06/30/98 5.730 50,000 294 2,339,750.00 5.809 BN Fst Chic 5.730% 06/30/98 5.730 50,000 294 2,339,750.00 5.809 BN Fst Chic 5.730% 06/30/98 5.730 50,000 294 2,339,750.00 5.809 CD Union 5.530% 06/30/98 5.530 50,000 125 960,069.44 5.606 CD Hong Kong 5.530% 06/30/98 5.530 50,000 131 1,006,152.78 5.606 CD Hong Kong 5.530% 06/30/98 5.530 50,000 131 1,006,152.78 5.606 CD Deutsche 5.500% 06/30/98 5.500 50,000 148 1,130,555.56 5.576 CD Deutsche 5.500% 06/30/98 5.500 50,000 148 1,130,555.56 5.576 CD Hong Kong 5.540% 06/30/98 5.530 50,000 148 1,136,767.92 5.606 CD Hong Kong 5.540% 06/30/98 5.530 50,000 148 1,136,767.92 5.606 CD Hong Kong 5.540% 06/30/98 5.530 50,000 148 1,136,767.92 5.606 CD Hong Kong 5.540% 06/30/98 5.530 50,000 148 1,136,767.92 5.606 CD WestDeut 5.510% 06/30/98 5.510 50,000 152 1,163,222.22 5.586 CD WestDeut 5.510% 06/30/98 5.510 50,000 152 1,163,222.22 5.586 CD. Deutsche 5.510% 06/30/98 5.510 50,000 153 1,170,875.00 5.586 CD Deutsche 5.510% 06/03/98 5.510 50,000 153 1,170,875.00 5.586 CD WestDeut 5.510% 06/30/98 5.510 50,000 153 1,170,875.00 5.586 CD Midland 5.520% 06/30/98 5.500 50,000 153 1,168,847.07 5.576 CD Midland 5.520% 06/30/98 5.500 50,000 153 1,168,847.07 5.576 BN B/A 5.530% 06/30/98 5.530 50,000 173 1,328,736.11 5.606 BN B/A 5.530% 06/30/98 5.530 50,000 173 1,328,736.11 5.606 CD PNC 5.550% 06/30/98 5.560 50,000 173 1,335,881.92 5.637 CD PNC 5.550% 06/30/98 5.560 50,000 173 1,335,881.92 5.637 CD ABN Amro 5.630% 06/30/98 5.620 45,000 176 1,236,458.83 5.698 CD ABN Amro 5.630% 06/30/98 5.620 50,000 176 1,373,843.14 5.698 CD Cr Anstlt 5.660% 06/30/98 5.650 50,000 176 1,381,176.82 5.728 CD Cr Anstlt 5.660% 06/30/98 5.650 50,000 176 1,381,176.82 5.728 CD Bkrs Trst 5.700% 06/30/98 5.690 50,000 181 1,430,472.70 5.769 -16- 06/30/98 REDEMPTION CD Bkrs Trst 5.700% 06/30/98 5.690 50,000 181 1,430,472.70 5.769 CD Anz 5.700% 06/30/98 5.690 50,000 181 1,430,472.70 5.769 CD Anz 5.700% 06/30/98 5.690 50,000 181 1,430,472.70 5.769 CD RB Canada 5.680% 06/30/98 5.680 35,000 182 1,005,044.44 5.758 CD RB Canada 5.680% 06/30/98 5.680 50,000 182 1,435,777.78 5.758 CD Soc Gen 5.720% 06/30/98 5.700 50,000 182 1,440,974.94 5.779 CD Bayer Ver 5.710% 06/30/97 5.690 50,000 182 1,438,446.92 5.769 CD Bayer Ver 5.710% 06/30/97 5.690 50,000 182 1,438,446.92 5.769 CD Soc Gen 5.750% 06/30/98 5.740 45,000 183 1,313,089.85 5.819 CD Nova Scot 5.750% 06/30/98 5.750 50,000 183 1,461,458.33 5.829 CD Bayer Ver 5.750% 06/30/98 5.740 50,000 183 1,458,988.72 5.819 CD Rabo 5.750% 06/30/98 5.745 50,000 188 1,500,121.36 5.824 CD Bkrs Trst 5.760% 06/30/98 5.750 50,000 188 1,501,465.01 5.829 CD Bkrs Trst 5.760% 06/30/98 5.750 50,000 188 1,501,465.01 5.829 CD Boston 5.780% 06/30/98 5.780 50,000 188 1,509,222.22 5.860 CD Boston 5.780% 06/30/98 5.780 50,000 188 1,509,222.22 5.860 CD Rabo 5.755% 06/30/98 5.750 50,000 190 1,517,399.98 5.829 CD Bayer Lnds 5.760% 06/30/98 5.750 50,000 193 1,541,399.61 5.829 CD Bkrs Trst 5.760% 06/30/98 5.760 50,000 193 1,544,000.00 - 5.840 CD Bkrs Trst 5.760% 06/30/98 5.760 50,000 193 1,544,000.00 5.840 CD Boston 5.820% 06/30/98 5.820 50,000 193 1,560,083.33 5.900 CD Boston 5.820% 06/30/98 5.820 50,000 193 1,560,083.33 5.900 CD B/A 5.780% 06/30/98 5.780 50,000 252 2,023,000.00 5.860 CD B/A 5.780% 06/30/98 5.780 50,000 252 2,023,000.00 5.860 CD U/B Calif 5.750% 06/30/98 5.750 50,000 294 2,347,916.67 5.829 CD Morg Guar 5.790% 06/30/98 5.770 50,000 294 2,356,450.84 5.850 CD Morg Guar 5.790% 06/30/98 5.770 50,000 294 2,356,450.84 5.850 CD Morg Guar 5.790% 06/30/98 5.770 50,000 294 2,356,450.84 5.850 CD Morg Guar 5.790% 06/30/98 5.770 50,000 294 2,356,450.84 5.850 CD CommerzBk 5.787% 06/30/98 5.780 50,000 294 2,360,304.71 5.860 CD CommerzBk 5.787% 06/30/98 5.780 50,000 294 2,360,304.71 5.860 CD BNParis 5.790% 06/30/98 5.780 50,000 294 2,360,350.50 5.860 CD RB Canada 5.800% 06/30/98 5.790 50,000 294 2,364,434.36 5.870 CD RB Canada 5.800% 06/30/98 5.790 50,000 294 2,364,434.36 5.870 CD RB Canada 5.800% 06/30/98 5.790 50,000 294 2,364,434.36 5.870 CD Nova Scot 5.805% 06/30/98 5.790 50,000 294 2,364,526.54 5.870 CD Nova Scot 5.805% 06/30/98 5.790 50,000 294 2,364,526.54 5.870 CD RB Canada 5.800% 06/30/98 5.790 50,000 294 2,364,434.36 5.870 CD Bayer Ver 5.810% 06/30/98 5.800 50,000 294 2,368,518.00 5.880 CD Bayer Ver 5.810% 06/30/98 5.800 50,000 294 2,368,518.00 5.880 CD Cr Anstlt 5.800% 06/30/98 5.800 50,000 294 2,368,333.33 5.880 CD Cr Anstlt 5.800% 06/30/98 5.800 50,000 294 2,368,333.33 5.880 CD Bkrs Trst 5.830% 06/30/98 5.820 50,000 294 2,376,685.27 5.900 CD Bkrs Trst 5.830% 06/30/98 5.820 50,000 294 2,376,685.27 5.900 CD Bkrs Trst 5.830% 06/30/98 5.820 50,000 294 2,376,685.27 5.900 CD Bkrs Trst 5.830% 06/30/98 5.820 50,000 294 2,376,685.27 5.900 CID Morg Stan 06/30/98 5.400 50,000 148 1,110,000.00 5.599 CID Morg Stan 06/30/98 5.400 50,000 148 1,110,000.00 5.599 CID Bkrs Trst 06/30/98 5.400 50,000 148 1,110,000.00 5.599 CID Bkrs Trst 06/30/98 5.400 50,000 148 1,110,000.00 5.599 -17- 06/30/98 REDEMPTION CP FMCC 06/30/98 5.450 50,000 175 1,324,652.78 5.676 CP FMCC 06/30/98 5.450 50,000 175 1,324,652.78 5.676 CP B/A 06/30/98 5.500 50,000 176 1,344,444.45 5.730 CP B/A 06/30/98 5.500 50,000 176 1,344,444.45 5.730 Disc Note FHLB 06/30/98 5.420 50,000 251 1,899,472.20 5.711 Disc Note FHLB 06/30/98 5.410 41,957 256 1,614,132.40 5.704 Disc Note FHLB 06/30/98 5.380 50,000 294 2,196,833.33 5.705 Disc Note FHLB 06/30/98 5.380 50,000 294 2,196,833.33 5.705 Disc Note FHLB 06/30/98 5.380 50,000 294 2,196,833.35 5.705 Disc Note FHLB 06/30/98 5.380 50,000 294 2,196,833.35 5.705 Disc Note FNMA 06/30/98 5.400 50,000 176 1,320,000.00 5.623 Disc Note FNMA 06/30/98 5.400 50,000 176 1,320,000.00 5.623 Disc Note FNMA 06/30/98 5.500 50,000 182 1,390,277.80 5.735 Disc Note FNMA 06/30/98 5.500 50,000 182 1,390,277.78 5.735 Disc Note FNMA 06/30/98 5.500 50,000 182 1,390,277.78 5.735 Disc Note FNMA 06/30/98 5.510 50,000 194 1,484,638.89 5.757 Disc Note FNMA 06/30/98 5.510 50,000 194 1,484,638.89 5.757 Disc Note FNMA 06/30/98 5.460 50,000 228 1,729,000.00 5.734 Disc Note FNMA 06/30/98 5.440 50,000 245 1,851,111.11 5.727 Disc Note FNMA 06/30/98 5.440 50,000 245 1,851,111.11 5.727 Disc Note FNMA 06/30/98 5.380 50,000 294 2,196,833.33 5.705 Disc Note FNMA 06/30/98 5.380 50,000 294 2,196,833.33 5.705 Disc Note FNMA 06/30/98 5.380 50,000 294 2,196,833.33 5.705 FHLB 5.830% 06/30/98 5.874 25,850 365 1,517,912.00 5.874 FHLB 5.840% 06/30/98 5.874 40,000 365 2,349,200.00 5.874 FNMA 5.750% 06/30/98 5.870 50,000 364 2,924,431.39 5.871 Treas Note 5.125% 06/30/98 5.621 50,000 294 2,265,370.24 5.647 Treas Note 5.125% 06/30/98 5.621 50,000 294 2,265,370.24 5.647 RRP Treas Note 5.125% 06/30/98 5.255 50,000 90 (665,016.97) -5.327 Treas Note 5.125% 06/30/98 5.255 50,000 90 (665,016.97) -5.327 Treas Bill 02/04/99 5.230 50,000 53 (369,586.67) -5.302 Treas Bill 02/04/99 5.230 50,000 53 (369,586.67) -5.302 Treas Bill 02/04/99 5.250 50,000 33 (231,300.78) -5.322 Treas Bill 02/04/99 5.250 50,000 33 (231,300.78) -5.322 Treas Bill 07/23/98 5.200 50,000 14 (100,504.44) -5.272 Treas Bill 07/23/98 5.200 50,000 14 (100,504.44) -5.272 Treas Bill 07/23/98 5.200 50,000 14 (100,504.44) -5.272 PURCHASE CP GECC 07/15/98 5.530 50,000 CP GECC 07/15/98 5.530 50,000 CP Enron 07/01/98 6.800 25,000 CP Assoc 07/01/98 6.150 50,000 CP Assoc 07/01/98 6.150 50,000 CP Assoc 07/01/98 6.150 50,000 CP Assoc 07/01/98 6.150 50,000 —18— 06/30/98 PURCHASE CP GECC 07/01/98 6.150 50,000 CP GECC 07/01/98 6.150 50,000 CP GECC 07/01/98 6.150 50,000 CP GECC 07/01/98 6.150 .50,000 CP GECC 07/01/98 6.150 50,000 CP GECC 07/01/98 6.150 50,000 CP Amer Exp 07/02/98 5.950 50,000 CP Amer Exp 07/02/98 5.950 50,000 CP Assoc 07/03/98 5.700 50,000 CP Assoc 07/03/98 5.700 50,000 CP FMCC 07/06/98 5.680 50,000 CP FMCC 07/06/98 5.680 50,000 CP GMAC 07/06/98 5.700 50,000 CP GMAC 07/06/98 5.700 50,000 CP Heller 07/09/98 5.800 30,000 Treas Note 5.500% 02/29/00 5.521 50,000 Treas Note 5.500% 02/29/00 5.521 50,000 Treas Note 5.500% 03/31 /00 5.522 50,000 Treas Note 5.500% 03/31 /00 5.522 50,000 —19— 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)UM), 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 (FTC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE 3U'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. 9/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. —20— NAME ALHAMBRA East West Bank East West Bank East West Bank East West Bank BEVERLY HILLS City National Bank City National Bank City National Bank City National Bank City National Bank CHICO North State National Bank Tri Counties Bank North State National Bank Tri Counties Bank North State National Bank TO Counties Bank Tri Counties Bank FRESNO Kings River State Bank GLENDA E Glendale Federal Bank Glendale Federal Bank Glendale Federal Bank INGLEWOOD Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank 04/09/98 5.090 35,000,000.00 07/09/98 04/17/98 5.130 15,000,000.00 07/17/98 05/12/98 5.160 38,000,000.00 08/11/98 06/18/98 5.240 12,000,000.00 09/16/98 01 /27/98 5.270 10,000,000.00 07/29/98 02/18/98 5.270 20,000,000.00 02/18/99 03/19/98 5.220 20,000,000.00 09/16/98 05/05/98 5.290 10,000,000.00 11 /02/98 05/15/98 5.380 15,000,000.00 11 /02/98 02/25/98 5.320 1,000,000.00 08/24/98 03/16/98 5.250 10,000,000.00 09/15/98 03/11 /98 5.260 500,000.00 09/09/98 04/22/98 5.100 10,000,000.00 07/23/98 04/07/98 5.220 2,000,000.00 10/06/98 04/16/98 5.230 10,000,000.00 10/15/98 06/16/98 5.140 10,000,000.00 09/10/98 01 /15/98 5.190 1,000,000.00 07/15/98 04/09/98 5.220 5,000,000.00 10/07/98 04/17/98 5.320 100,000,000.00 10/15/98 06/29/98 5.030 3,000,000.00 09/28/98 02/11 /98 5.310 20,000,000.00 08/11 /98 03/11 /98 5.290 25,000,000.00 09/09/98 03/19/98 5.250 11,000,000.00 09/16/98 03/31/98 5.250 36,000,000.00 10/01/98 04/21 /98 5.070 25,000,000.00 07/21 /98 05/06/98 5.150 15,000,000.00 08/05/98 05/08/98 5.150 20,000,000.00 08/07/98 -21- Preferred Bank 01/05/98 5.190 3,000,000.00 07/15/98 Preferred Bank 01/12/98 5.210 20,000,000.00 07/15/98 General Bank 12/01 /97 5.480 28,000,000.00 11 /06/98 Community Bank 02/09/98 5.270 15,000,000.00 08/11/98 General Bank 03/30/98 5.240 10,000,000.00 07/08/98 General Bank 03/31/98 5.220 15,000,000.00 10/01/98 General Bank 04/13/98 5.090 25,000,000.00 07/14/98 Preferred Bank 04/01/98 5.240 3,000,000.00 09/28/98 Preferred Bank 05/19/98 5.180 4,000,000.00 08/21/98 Preferred Bank 05/26/98 5.250 2,000,000.00 08/25/98 Pomona First Federal S & L 06/11/98 5.450 10,000,000.00 09/10/98 Preferred Bank 06/18/98 5.120 9,000,000.00 09/17/98 Preferred Bank 06/23/98 5.200 9,000,000.00 09/23/98 General Bank 06/18/98 5.130 15,000,000.00 09/24/98 Community Bank 06/17/98 5.300 10,000,000.00 12/15/98 Community Bank MANTECA 06/22/98 5.350 5,000,000.00 12/22/98 Delta National Bank 01/22/98 5.240 2,000,000.00 07/22/98 Delta National Bank 04/24/98 5.090 1,000,000.00 07/23/98 Pomona First Federal Bank 05/27/98 5.550 8,000,000.00 11/24/98 Bank of Petaluma 02/11 /98 5.280 1,000,000.00 08/11 /98 Sanwa Bank of California 01/27/98 5.270 5,000,000.00 07/29/98 River City Bank 02/19/98 5.260 5,000,000.00 07/20/98 Sanwa Bank of California 02/18/98 5.250 50,000,000.00 08/17/98 River City Bank 02/19/98 5.270 5,000,000.00 08/18/98 Sanwa Bank of California 02/25/98 5.350 10,000,000.00 08/24/98 Union Bank of California 04/30/98 5.060 50,000,000.00 07/30/98 River City Bank 04/13/98 5.250 5,000,000.00 10/14/98 Union Bank of California 05/06/98 5.110 100,000,000.00 08/05/98 Union Bank of California 05/18/98 5.140 50,000,000.00 08/18/98 Sanwa Bank of California 05/06/98 5.340 7,000,000.00 11/03/98 Union Bank of California 06/29/98 5.010 100,000,000.00 09/28/98 -22- NAME SAN DIEGO San Diego First Bank TIME DEPOSIT DATE DEPOSIT YIELD 5.330 PAR AMOUNT (S) MATURITy DATE 11 /05/98 05/08/98 1,000,000.00 San Diego First Bank 06/02/98 5.330 1,500,000.00 12/02/98 San Diego First Bank SAN FRANCISCO 06/23/98 5.350 1,500,000.00 12/22/98 Bank of Canton California 12/01 /97 5.500 5,000,000.00 12/01 /98 Bank of Canton California 12/15/97 5.450 5,000,000.00 12/15/98 Bank of Canton California 01/21/98 5.230 5,000,000.00 01/21/99 Bank of Canton California 02/04/98 5.260 5,000,000.00 08/04/98 Bank of Canton California 02/11 /98 5.300 5,000,000.00 02/11 /99 Transpacific National Bank 03/17/98 5.450 800,000.00 09/16/98 Oceanic Bank 03/05/98 5.430 2,000,000.00 03/05/99 Bank of Canton California 06/04/98 5.320 5,000,000.00 12/04/98 Bank of Canton California 06/09/98 5.410 5,000,000.00 03/05/99 Bank of the West SAN LEANDRO 06/08/98 5.440 25,000,000.00 06/08/98 Bay Bank of Commerce 04/10/98 5.080 2,000,000.00 07/09/98 Bay Bank of Commerce 04/08/98 5.230 2,000,000.00 10/07/98 Bay Bank of Commerce SAN LUIS OBISPO 06/17/98 5.130 14,000,000.00 09/15/98 First Bank of San Luis Obispo 02/04/98 5.280 3,600,000.00 08/04/98 First Bank of San Luis Obispo 04/08/98 5.130 1,000,000.00 07/08/98 First Bank of San Luis Obispo 05/13/98 5.160 2,000,000.00 08/12/98 First Bank of San Luis Obispo 05/27/98 5.180 2,500,000.00 08/25/98 First Bank of San Luis Obispo RAFAEL 06/11 /98 5.170 1,000,000.00 09/10/98 SAN West America Bank 04/17/98 5.040 25,000,000.00 07/16/98 West America Bank 04/24/98 5.090 25,000,000.00 07/23/98 West America Bank 04/30/98 5.090 25,000,000.00 07/30/98 West America Bank SAN MATEO 05/11 /98 5.130 50,000,000.00 08/10/98 Boreal Trust and Trust 06/30/98 5.180 95,000.00 10/01 /98 —23— NAME SANTA ANA Grand National Bank TIME DEPOSIT DEPOSIT DATE 03/11/98 YIELD PAR 5.250 AMOUNT (1) MATURITY 1,500,000.00 DATE 09/08/98 Grand National Bank 06/08/98 5.110 1,500,000.00 09/08/98 Grand National Bank 06/30/98 5.300 95,000.00 01/04/99 SANTA BARBARA Santa Barbara Bank & Trust 06/15/98 5.150 5,000,000.00 09/15/98 SANTA CRUZ Coast Commercial Bank 06/19/98 5.230 15,000,000.00 09/17/98 SHASTA North Valley Bank STANISLAUS 03/24/98 5.280 3,000,000.00 09/22/98 Oak Valley Community Bank 05/08/98 5.130 500,000.00 08/07/98 Oak Valley Community Bank 06/25/98 5.100 500,000.00 09/24/98 Oak Valley Community Bank TORRANCE 06/29/98 5.100 500,000.00 09/24/98 China Trust Bank (USA) 04/30/98 5.100 15,000,000.00 07/30/98 China Trust Bank (USA) 06/09/98 5.120 10,000,000.00 09/09/98 South Bay Bank 06/16/98 5.190 2,000,000.00 09/15/98 China Trust Bank (USA) 06/15/98 5.113 10,000,000.00 09/15/98 China Trust Bank (USA) TUSTIN 06/29/98 5.070 5,000,000.00 10/01/98 Sunwest Bank 03/31/98 5.220 500,000.00 10/01/98 Sunwest Bank 04/21 /98 5.080 1,000,000.00 07/20/98 Sunwest Bank 04/09/98 5.220 2,800,000.00 10/07/98 VICTORVILLE Citizens Business Bank 01 /09/98 5.370 10,000,000.00 07/09/98 Citizens Business Bank 01/22/98 5.230 5,000,000.00 08/06/98 Citizens Business Bank 02/11/98 5.300 10,000,000.00 09/23/98 Citizens Business Bank 02/11/98 5.320 5,000,000.00 10/06/98 Citizens Business Bank 03/11/98 5.270 10,000,000.00 10/08/98 Citizens Business Bank 06/09/98 5.390 10,000,000.00 12/16/98 —24— Bank of the West 01/30/98 5.270 26,500,000.00 07/31/98 Bank of the West 02/19/98 5.250 18,000,000.00 08/19/98 Bank of the West 02/18/98 5.250 19,000,000.00 08/19/98 Bank of the West 02/27/98 5.310 27,000,000.00 08/26/98 Bank of the West 04/01 /98 5.200 14,000,000.00 10/01 /98 Bank of the West 04/23/98 5.260 25,000,000.00 10/20/98 Bank of the West 05/15/98 5.450 10,000,000.00 05/13/99 TOTAL TIME DEPOSITS AS OF JUNE 30,1998 $1,54498909000.00 —25— DEMAND BANK DEPOSITS (000 omitted) DAILY BALANCES WARRANTS DUNE PER BANKS OUTSTANDING 1. $7089449 $199043,518 2. 3163,707 19625485 3. 3583,192 194859645 4. 2481,051 194889877 5. 2749411 1945%588 6. 2749411 194509588 7. 2749411 19,450,588 8. - 2079,976 193139881 9. 1855,473 196669079 10. 1179766 195839759 11. 1089963 197459790 12. 919209 192189038 13. 919209 1418,038 14. 919209 192189038 15. 3279,695 1,0549098 16. 5199689 19002,835 17. 7733,654 9649622 18. 4969,293 190699457 19. 399306 192769071 20. 399306 192769071 21. 399306 192769071 22. 1359927 190979874 23. 3541,959 1902%842 24. 829310 9099369 25. 4279879 190909896 26. 5579277 14169448 27. 5573,277 14161,448 28. 557,277 192169448 29. 640,472 191789523 30. 6699,626 798469716 a/ AVERAGE DOLLAR DAYS $3189890 a/ The prescribed bank balance for June was $345,893,000.00. This consisted of $158,523.00 in compensating balances for services, $187,370,000.00 uncollected funds and a deduction of $ 9,799,000.00 for May delayed deposit credit. —26— DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1588 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on June 17, 1998, 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 $147,112,000 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 ( 1) 06/15/98 (2) 06/22/98 (3) 06/29/98 (4) 07/06/98 (5) 07/13/98 (6) 07/20/98 (7) 07/27/98 (8) 08/03/98 (9) 08/10/98 (10) 08/17/98 To 06/19/98 06/26/98 07/03/98 07/10/98 07/17/98 07/24/98 07/31 /98 08/07/98 08/14/98 08/21 /98 Transactions 2,532,100,000 2,904,800,000 (6,542,100,000) 99,200,000 93,900,000 247,606,000 (1,106,800,000) (130,000,000) 169,300,000 831,800,000 Time Deposits in various Financial Institutions In Securities (sections 16503a (section 16430)* and 16602)* $ 32,630,210,000 $ 1,544,890,000 $ 35,535,010,000 $ 1,544,890,000 $ 28,992,910,000 $ 1,544,890,000 $ 29,092,110,000 $ 1,544,890,000 $ 29,186,010,000 $ 1,544,890,000 $ 29,433,610,000 $ 1,544,890,000 $ 28,326,810,000 $ 1,544,890,000 $ 28,196,810,000 $ 1,544,890,000 $ 28,366,110,000 $ 1,544,890,000 $ 29,197,910,000 $ 1,544,890,000 Estimated Total $ 34,175,100,000 $ 37,079,900,000 $ 30,537,800,000 $ 30,637,000,000 $ 30,730,900,000 $ 30,978,500,000 $ 29,8.71,700,000 $ 29,741,700,000 $ 29,911,000,000 $ 30,742,800,000 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 $ 147,112,000. Dated: June 17, 1998 *Government Code Member -27-