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1999 01 13 IABT a 0 4hf 4 4 Q" 78-495 CALLE TAMPICO - LA QUINTA, CALIFORNIA 92253 - (760) 777-7000 TDD (780) 777-1227 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 January 13, 1999 - 5:30 P.M. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call 11 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 December 9, 1998 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for November, 1998 VI CORRESPONDENCE AND WRITTEN MATERIAL A. City of La Quinta FY 97/98 Audited Financial Statements B. Month End Cash Report - December, 1998 C. Pooled Money Investment Board Reports - October, 1998 D. Maturing Investments VII BOARD MEMBER ITEMS Vill ADJOURNMENT MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 / �T V S F OF TNtiO INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: January 13, 1999 ITEM TITLE: Transmittal of Treasury Report for November 30, 1998 BACKGROUND: Attached please find the Treasury Report for November 30, 1998. RECOMMENDATION: Review, Receive and File the Treasury Report for November 30, 1998. hn M. Falconer, Finance Director TO: FROM: SUBJECT: DATE: MEMORANDUM La Quinta City Council John Falconer, Finance Director/Treasurer Treasurer's Report for November 30, 1998 December 29, 1998 Attached is the Treasurer's Report for the month ending November 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: Decrease of $117,777. due to the net effect of expenditures in excess of revenues. State Pool: Increase of $550,000. 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 $22,532. due to the sale of 2 T-Notes, the purchase 2 T-Notes and monthly adjustment in the amortized value of the investments. Mutual Funds: Increase of $73,836. due to interest earned. Total increase in cash balances $528,591. 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. %�Cw-I'9i/4 P9 in M. 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O O to t� LL f�M�.-Of MNMtO N N d co w 00 COONM(D � I-N OOt")00 A� W)O O N00 VO4 O,co coC al cm to Lr'O .a N0000CoT-N r to r Lo L to O N T N M � FI- CV) r {a�tD �M O�Mco M co LO �M�00C I� � e- 00 0Cj le �00N L O O r- to OMst00N0' M CD I- O co Lo M O O to a0 O eq to Q COK r-coc Op� CDtDM00 N cM� N LA N N v C d E L cm U) d 7 O ` c C L— H to C 'O N N a_ 3 r R y c CD to d N m d E 0 3 A;cc O >• a to � t m C C m tT CO C i CL K -- O R NH rn rn �: U) CL 4.00 W U) m c td U V 0) 3z U C ` O D w LL E .O N C L _ O >d c °6ca-ZC. d C 0 U U c y 0. U) W" 0maDL> 4) 4 L N � � ,►n CL -D=a�ig Li C � U m a` U)0W wcn�000E-- z U W z O O CD O O O O O r- Iti O O O CDO ILO O O O O O O O O W) O r 0 ti NP V L O O cn ti O N � O CD N N � I- 14t tl0 Ict q1t O co � O 00 N � O N � m It LO I-- LO O M M N Cl O � N 1 O N 0)P- CD CO M qr 04 M C 00 U5 M CD q O N � O � co 14, O qt r- O M I O Ch N O M tU V O E C m c E d E aNi N > d = > O C O tm � Y N C m oY tC U) 22 N () N > R N U d 0 Cr 0 J U «a U •- ea d _ CU U dmUU) LLv.r z d m 0 = v � w Wlfl Masi CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET IV30/98 FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH 3,287,416.09 6,505,729.36 (2,341.08) 9,790,804.37 LQRP INVESTMENT IN POOLED CASH 605,000.00 605,000.00 INVESTMENT T-BILL/NOTES & OTHER 18,000,000.00 18,000,000.00 LQRP CASH 42,285.06 42,285.06 BOND REDEMPTION CASH 39,065.35 496.90 39,562.25 BOND RESERVE CASH BOND PROJECT CASH 16,137,590.72 567,389.38 16,704,980.10 BOND ESCROW CASH PETTY CASH 1,000.00 1,000.00 CASH & INVESTMENT TOTAL 21,288,416.09 23,329,670.49 565,545.20 45,183,631.78 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 57,406.02 81,257.68 8,505,000.00 8,643,663.70 PREMIUM/DISCOUNT ON INVESTMENT (110,554.32) 11,590.23 (1,683.14) (100,647.23) LQRP-ACCOUNTS RECEIVABLE 29,304.37 29,304.37 INTEREST RECEIVABLE (9,765.62) 142,955.80 133,190.18 LOAN/NOTES RECEIVABLE 14,499.19 2,528,967.76 2,543,466.95 DUE FROM OTHER AGENCIES DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 9,071.50 551,038.04 560,109.54 DUE FROM RDA 6,890,277.20 6,890,277.20 INTEREST ADVANCE -DUE FROM RDA 2,391,051.68 2,391,051.68 NSF CHECKS RECEIVABLE 1,919.61 1,919.61 ACCRUED REVENUE 35,681.54 35,681.54 TRAVEL ADVANCES 3,660.00 3,660.00 EMPLOYEE ADVANCES PREPAID EXPENSES 3,750.25 3,750.25 RECEIVABLE TOTAL 9,251,315.51 3,380,795.42 8,503,316.86 21,135,427.79 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 1,098,865.00 15,008,708.00 11,438,745.05 27,546,318.05 ACCUMULATED DEPRECIATION (526,870.96) (526,870.96) AMOUNT AVAILABLE TO RETIRE L/T DEBT 3,395,117.03 3,395,117.03 AMOUNT TO BE PROVIDED FOR UT DEBT 1,944,070.34 97,952,929.96 8,505,000.00 108,402,000.30 TOTAL OTHER ASSETS 571,994.04 15,008,708.00 1,944,070.34 11,438,745.05 101,348,046.99 8,505,000.00 138,816,564.42 TOTAL ASSETS 31,151,537.64 15 008 708.00 1,944,070.34 26 710 465.91 11 438 745.05 101 348 046.99 9,068,862.06 8,505,000.00 205 175 435.99 LIABILITY ACCOUNTS PAYABLE (0.02) 22,139.53 22,139.51 DUE TO OTHER AGENCIES 56,616.04 56,616.04 DUE TO OTHER FUNDS 551,038.04 9,071.50 560,109.54 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES PAYROLL LIABILITIES 57,361.53 57,361.53 STRONG MOTION INSTRUMENTS 4,743.14 4,743.14 FRINGE TOED LIZARD FEES SUSPENSE DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 118,720.69 22,139.53 551,038.04 9,071.50 700,969.76 ENGINEERING TRUST DEPOSITS 58,224.09 58,224.09 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 356,002.15 356,002.15 LQRP DEPOSITS 15,399.00 15,399.00 DEVELOPER DEPOSITS 688,246.44 588,246.44 MISC. DEPOSITS 241,546.02 241,546.02 AGENCY FUND DEPOSITS 838,357.06 838,357.06 TOTAL DEPOSITS 2,082,375.76 15,399.00 2,097,774.76 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 1,608,311.00 9,281,330.09 10,889,641.09 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 1,921,930.81 101,348,046.99 8,505,000.00 111,774,977.80 TOTAL LIABILITY 2,215,326.24 1,944,070.34 566,437.04 101,348,046.99 8,514,071.50 8,505,000.00 123,092,952.11 EQUITY -FUND BALANCE 28,936,211.40 15,008,708.00 26,144,028.87 11,438,745.05 554,790.56 82,082,483.88 TOTAL LIABILITY & EQUITY 31,151,537.64 15,008,708.00 1,944,070.34 26 710 465.91 11 438 745.05 101,348,046.99 9,068,862.06 8,505,000.00 205,175 435.99 oz v s ��F ! y �x�rwa•m� OF TNtiO INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: January 13, 1999 ITEM TITLE: City of La Quinta Fiscal Year 1997-98 Audited Financial Statement BACKGROUND: Mr. Ken AI -Imam, Audit partner with Conrad & Associates will review the City Cash and Investments presented in the report and answer Board Members questions RECOMMENDATION: Information item only. n M. Falcone?, Finance Director V � CFI OF TNtiO INVESTMENT ADVISORY BOARD Correspondence & Written Material Item B Meeting Date: January 13, 1999 TITLE: Month End Cash Report - December 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. r1 hn M. Falconer, Finance Director 5 0 - — (/) CD 0) 'a --1 m0 c- D � o m CL D <ao=<C 00, mo 'r 0 rn3 DCD�Q oo CD cn .0r �'-'= F) m= »_� m — o00c ..3 m m- m� co 0 0 00 � m .� < �� CD CD m CD :3 in' c°w� cn sWco 0omacD �' 0 m 33C n �Q D cn c�, (D 0 cn v, � '� v� 0mQ Cn� cn OO `<CA0 CCD cCD CD�. mm m3cn � CD 3 m .-r � � o v 0-�'0 3; am 3mmcD (n g 3 cn9' o m rj Wm. oma- OFm m m`0 3vQ-�'-o O 0 n? cocn50c v cD 0 O O CD cD fl. 0 w0^r -' N �N O O Nmmm m � cn `n Cao'CD a�cD m 00 0%�00 3 .+ ::r m cn C CD m CD _? �ocD m _Sp cn =m3o m=rm::r m CD - o T!m � 0 O '� 6cr m � 0 c) cn O 0m 0::r cpm3 Q T! �cn o� x�0CD wfD cr 0 CDo m cn _0 �_ c_-mo m x.00 3 :3m co 0a �o �v Cr CD CD 0 -i o- NCD � n 3-6 am .4. : •o ' i O 3 n c d m m 00 f� O cOD_m cnCD O me =3 Er' :3 CD cn00CD 00 � O� T=r -0 CD-0wo 0CD c 3 mm „�� �m O+ W O CD N cn m CD m �G CD o 0- 3 0)-4 I+ ca CD cnm o `n cn m -� � W CD =r CDo \ �" (n' cn �� n n 0 O � -w0 CD CD � 00"< coO -0 c s — m m ;I CL cn n0 CD cnQo -, > 3 N� m m cn CD cn CD CD Omf�n cn Q 3 0w ac :3 m � p � m oc 0 >. mcv CD Q CD n w0 N w "o0) O O) M� 0)W00 � � (D o A O N c0 O A 0 0 W O v o W Dpz00>C- m D � D mxo<cncnp mo �moamcc cn �. a om=Og�,ry mm cn CD c 3 cn 3' � 0 M CD �' 0 1* 3 cn m r► w �° j x 0 -0 p 3. a m o C� c0 0 W m m ETm co cn rn 0 w O cn � °1 cn oo .. w m m 3 rn cn � v, m . 2 0) m cncn� � cwno CD w 2 � f�DO' n � O A = O W O O cn to CO N 0 cnm O r0 � aD cn CDX v (P W W NA IV CD O O O O N �_ W � Ut 00 �_ O v v 0 IV O— N O O -4 �. A 00 00 OD W W Cr n x W W W N W OD � A fV (� N O OOD OD O OD w � rn � m 0 m (A) CA) co w v' OD cCDD � W 0 W W 0 A Cil cyl 01 -4 = A (3) A 0) A 0)O O O W O (n c go O � O TI S. m O O O O U3 00 U1 U1 U1 U1 N N N N 11 A N 0) N A � N OD QO N -n �G 4,Ooo o 00 o O O rn O 4 A A A OD O N N N N N N -00 -00 A C0 -4 O O O) o -4 A c00— �iiD p N O O O O O O O N O N CA N c0 c0 c0 c0 O OD —1 O Ul A �4 O -1 N U1 rA O W W W CD O0O0OODDv-40 h W G) Qcc) W ) A. cOD co OD O O 0 3 m U1 �0)0)-400N A o .3b, co c0 W c0 W c0 W O cn O OD O 00 (D Aw _' U7 A -� 4 U7 A 0) 00 O N -4 A GJ W A -4 0) � N A� c0 OOO _O coO � O (J1 -Co W O y v0 W N cJ� CO A-4(DW00 A -& v (D0 V 6000 cn OAODO?O� CO A O CD A W W !u 0) O — y 00-4Oc0N O _' A N co -4 CO W W A c0 O CD CD O 0 O CD / ..T. � z v S OF INVESTMENT ADVISORY BOARD Meeting Date: TITLE: January 13, 1999 Pooled Money Investment Board Report for October 1998 BACKGROUND: Correspondence & Written Material Item C The Pooled Money Investment Board Report for October, 1998 is included in the agenda packet. RECOMMENDATION: Receive & File / ;" xx-lf�� John M. Falconer, Finance Director STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY EWESTMENT BOARD REPORT OCTOIBER 1998 Table of Contents suivEMARY............................................................................................................1 SELECTED INVESTMENT DATA....................................................................2 PORTFOLIOCOMPOSITION...........................................................................3 INVESTMENT TRANSACTIONS......................................................................4 TIMEDEPOSITS................................................................................................17 DEMANDBANK DEPOSITS............................................................................22 POOLED MONEY INVESTMENT BOARD DESIGNATION .....................23 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF OCTOBER 1998 WITH OCTOBER 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 October18 ',OcWber 1997 $31,218,919 $147,354 5.557 184 $19,270,925 431 $1,147,790 76 $972,320 $177,619 $130,565 $27,114,127 $131,386 5.705 215 $17,735,224 402 $648,800 44 $835,637 $171,352 $116,151 + $1,535,701 + 29 + $498,990 + 32 + $136,683 + $6,267 + $14,414 —1— MATTFONG STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY EWESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Change in October 31,1998 Percent From Type of Security_ Amount Percent Previous Month Governments Bills $29291,093 7.24 - .16 Bonds 0 0 0 Notes 41949,509 15.63 - 37 Strips 0 0 0 Total Governments $7440,602 22.87 - .53 Federal Agency Coupons 295749,684 9.13 - 1.03 Certificates of Deposit 49925,122 15.56 - 2.79 Bank Notes 1,730,980 5A7 + ZO Bankers Acceptances 399,628 .12 + .08 Repurchases 0 0 0 Federal Agency Discount Notes 2,0259,705 6.40 + 1.93 Time Deposits 1,877,390 5.93 + .02 GNMA's 2,140 .01 0 Commercial Paper 74019598 22.75 - .25 F 3 LMC 209341 .06 - .01 Corporate Bonds 19797458 5.68 + .06 Pooled Loans 19893405 5.98 - .14 GF Loans 774,700 2A5 + 2A5 Reversed Repurchases -445,904 -1.41 - .01 Total, All Types . $31,657,449 100 October 1998 September 1998 Number Amount Number Amount Pooled Money 431 $ 1992709925 431 $ 18,915,783 Other 55 $ 317,887 21 $ 24,827 Time Deposits 76 $ 1,147,790 58 S 689,600 TOTALS 562 $ 2097369602 510 $ 19,630410 PMIA Monthly Average Effective Yield 5557 5.639 Year to Date Yield for Last Day of Month 5.625 5.648 —2— Commercia Paper 22.75% Bar Accep 0.1 "„ Pooled Money Investment Account 10/31/98 Portfolio Composition $31.7 Billion Loans Reverses 8.43% -1.41 % CD's/BN's 21.03% curies 87% Time Deposits 5.93% Mortgages 0.07% icies G% * Treasuries © Time Deposits ■ Mortgages ®Agencies ■ CD's/BN's ■ Bank Acceptances ■ Repurchases Commercial Paper ® Corporate Bonds * Loans ® Reverses -3- 10/01/98 REDEMPTION CD CIBC 5.550% 10/01/98 5.530 $20,000 27 82,989.45 5.609 CD CIBC 5.580% 10/01/98 5.580 25,000 92 356,500.00 5.657 CD CIBC 5.580% 10/01/98 5.580 50,000 92 713,000.00 5.657 CD Deutsche 5.550% 10/01/98 5.550 50,000 92 709,166.67 5.627 CD Deutsche 5.550% 10/01/98 . 5.550 50,000 92 709,166.67 5.627 CD Nova Scot 5.570% 10/01/98 5.570 50,000 92 711,722.22 5.647 CD Nova Scot 5.570% 10/01/98 5.570 50,000 92 711,722.22 5.647 CID Enron 10/01/98 6.050 .6,000 1 1,008.33 . 6.135 CID Enron 10/01/98 6.050 50,000 1 8,402.78 6.135 CID Conagra 10/01/98 6.050 25,000 1 4,201.39 6.135 CID Conagra 10/01 /99 6.050 50,000 1 8,402.78 6.135 CID Country 10/01/98 5.870 50,000 1 8,152.78 5.952 CID Conagra 10/01/98 5.680 25,000 27 106,500.00 5.783 CID Assoc 10/01/98 5.500 25,000 27 103,125.00 5.599 CID Assoc 10/01/98 5.550 50,000 27 206,250.00 5.599 CID Conagra 10/01/98 5.670 50,000 29 228,375.00 5.775 CID Text Fin 10/01/98 5.680 10,000 83 130,955.56 5.835 CID Lehman 10/01/98 5.570 50,000 101 781,347.22 5.737 CID Lehman 10/01/98 5.570 50,000 101 781,347.22 5.737 CID Assoc 10/01/98 5.480 50,000 105 799,166.67 5.646 CID Assoc 10/01/98 5.480 50,000 105 799,166.67 5.646 CID Salomon 10/01/98 5.510 25,000 136 520,388.89 5.705 CID Salomon 10/01/98 5.510 50,000 136 1,040,777.78 5.705 CID Merrill 10/01/98 5.520 50,000 136 1,042,666.67 5.715 CID Merrill 10/01/98 5.520 50,000 136 1,042,066.67 5.715 CID GMAC 10/01/98 5.440 50,000 168 1,269,333:33 5.659 CID GMAC 10/01/98 5.440 50,000 168 1,269,333.33 5.659 MTN IBM 5.820% 10/01/98 5.850 25,000 365 1,458,250.00 5.850 MTN IBM 5.820% 10/01/98 5.850 50,000 365 1,916,500.00 5.850 PURCHASE - BN NationsBk 5.110% 02/26/99 5.110 50,000 BN NationsBk 5.110% 02/26/99 5.110 50,000 CD Barclays 5.200% 12/29/98 5.200 50,000 CD Barclays 5.200% 12/29/98 5.200 50,000 CD Deutsche 5.210% 12/29/98 5.210 50,000 CD Deutsche 5.210% 12/29/98 5.210 50,000 CD BkBoston 5.310% 02/25/99 5.160 50,000 Disc Note FNMA 06/30/99 4.780 50,000 Disc Note FNMA 06/30/99 4.780 50,000 FFCB 5.160% 04/01 /99 5.063 40,000 Disc Note FNMA 06/30/99 4.780 50,000 CID Text Inc 10/02/98 5.750 45,000 CID Lehman 10/02/98 5.650 50,000 CID Text Fin 10/02/98 5.750 20,000 CID Text Fin 10/02/98 5.750 50,000 CID GECC 10/02/98 5.590 50,000 CID GECC 10/02/98 5.590 50,000 —4— 10/01/98 PURCHASE CP GECC 10/02/98 5.590 50,000 CP GECC 10/02/98 5.590 50,000 CP GECC 10/02/98 5.590 50,000 CP GECC 10/02/98 5.590 50,000 10/02/98 REDEMPTION CP CP CP CP CP CP CP CP CP CP CP CP CP CP CP CP CP CID CP CP CP GECC GECC GECC GECC GECC GECC Text Fin Text Fin Text Inc Lehman Assoc Lehman Amer Exp Amer Exp Amer Exp Hertz Comnwealth Enron Enron Assoc Assoc FHLB FHLB PURCHASE 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 10/02/98 5.685% 10/02/98 5.685% 10/02/98 5.590 50,000 1 7,763.89 5.668 5.590 50,000 1 7,763.89 5.668 5.590 50,000 1 7,763.89 5.668 5:590 50,000 1 7,763.89 5.668 5.590 50,000 1 7,763.89 5.668 5.590 50,000 1 7,763.89 5.668 5.750 20,000 1 3,194.44 5.830 5.750 50,000 1 7,986.11 5.830 5.750 45,000 1 7,187.50 5.830 5.650 50,000 1 7,847.22 5.729 5.350 50,000 2 14,861.11 5.425 5.700 50,000 4 31,666.67 5.782 5.380 50,000 7 52,305.56 5.460 5.380 50,000 7 52,305.56 5.460 5.380 50,000 7 52,305.56 5.460 5.570 25,000 10 38,680.56 5.656 5.720 20,000 28 88,977.78 5.825 5.660 9,129 42 60,281.83 5.776 5.660 50,000 42 330,166.67 5.776 5.480 50,000 106 806,777.78 5.647 5.480 50,000 106 806,777.78 5.647 5.762 50,000 365 2,879,609.40 5.763 5.762 50,000 365 2,879,609.40 5.763 CP Text Inc 10/05/98 5.650 20,700 CP Text Fin 10/05/98 5.650 50,000 CP Text Fin 10/05/98 5.650 50,000 CP GMAC 10/05/98 5.400 50,000 CP GMAC 10/05/98 5.400 50,000 CP GMAC 10/05/98 5.400 50,000 CP GMAC 10/05/98 5.400 50,000 CP Conagra 10/07/98 5.620 26,000 CP Conagra 10/07/98 &620 50,000 CP GECC 10/08/98 5.270 50,000 CP GECC 10/08/98 5.270 50,000 CP GECC 10/08/98 5.270 50,000 CP GECC 10/08/98 5.270 50,000 CP Amer Exp 10/09/98 5.270 50,000 CP Amer Exp 10/09/98 5.270 50,000 CP Amer Exp 10/09/98 5.270 50,000 —5- 10/02/98 PURCHASE CID Amer Exp CID FMCC CID FMCC CID FMCC CID FMCC Disc Note FNMA Disc Note FNMA Disc Note FNMA Disc Note FNMA 10/05/98 REDEMPTION CD Rabo CD Rabo CD Rabo CID Text Inc CID Text Fin CID Text Fin CID GMAC CID -GMAC CID GMAC CID GMAC PURCHASE Disc Note FHLMC Disc Note FHLMC CID SRAC CID Heller CID - SRAC CID Heller CID GMAC CID GMAC CID CCC CID CCC CID Hertz Disc Note FNMA Disc Note FNMA Disc Note FNMA Disc Note FNMA 10/06/98 SALE g/ CID Morg Stan CID Morg Stan CID Morg Stan CID Morg Stan 10/09/98 5.270 50,000 10/14/98 5.260 50,000 10/14/98 5.260 50,000 10/14/98 5.260 50,000 10/14/98 5.260 50,000 07/06/99 4.600 32,000 07/06/99 4.600 50,000 06/07/99 ' 4.650 50,000 06/07/99 4.650 50,000 5.620% 10/05/98 5.580 31,000 126 608,016.14 5.681 5.620% 10/05/98 , 5.580 50,000 126 980,671.19 5.681 5.620% 10/05/98 5.580 50,000 126 980,671.19 5.681 10/05/98 5.650 20,700 3 9,746.25 5.731 10/05/98 5.650 50,000 3 23,541.67 5.731 10/05/98 5.650 50,000 3 23,541.67 5.731 10/05/98 5.400 50,000 3 22,500.00 5.477 10/05/98 5.400 50,000 3 22,500.00 5.477 10/05/98 5.400 50,000 3 22,500.00 5.477 10/05/98 5.400 50,000 3 22,500.00 5.477 10/01 /99 4.460 50,000 10/01 /99 4.460 50,000 10/14/98 5.330 50,000 10/14/98 5.450 50,000 10/15/98 5.330 50,000 10/15/98 5.450 50,000 10/15/98 5.310 50,000 10/15/98 5.310 50,000 10/15/98 5.350 50,000 10/15/98 5.350 50,000 10/15/98 5.310 50,000 07/06/99 4.600 5,000 07/06/99 4.600 50,000 07/07/99 4.600 5,000 07/07/99 4.600 50,000 10/06/98 5.510 50,000 32 244,888.89 5.614 10/06/98 5.510 50,000 32 244,888.89 5.614 10/06/98 5.510 50,000 32 244,888.89 5.614 10/06/98 5.510 50,000 32 244,888.89 5.614 10/06/98 REDEMPTION CD CIBC 5.790% 10/06/98 5.580 50,000 127 1,021,913.21 5.874 CD CIBC 5.790% 10/06/98 5.580 50,000 127 1,021,913.21 5.874 FHLB 5.716% 10/06/98 5.750 50,000 365 2,874,294.00 5.750 RRP Treas Bill 04/01/99 5.250 . 50,000 32 (226,333.33) -5.322 Treas Bill 04/01 /99 5.250 50,000 32 (46,333.33) -5.322 Treas Bill 04/01 /99 5.250 50,000 32 (226,333.33) -5.322 Treas Bill 04/01/99 5.250 50,000 32 (226,333.33) -5.322 PURCHASE MTN (FR) GMAC 5.813% 04/29/02 5.313 25,000 10/07/98 REDEMPTION CP Conagra 10/07/98 5.620 26,000 5 20,294.44 5.702 CP Conagra 10/07/98 5.620 50,000 5 39,027.78 5.702 CP Lehman 10/07/98 5.600 50,000 22 171,111.11 5.697 CP Lehman 10/07/98 5.600 50,000 CP Conagra 10/07/98 5.700 35,000 23 127,458.33 5 800 CP Conagra 10/07/98 5.700 50,000 23 182,083.33 5.800 CP Conagra 10/07/98 5.700 20,000 35 110,833.33 5.811 CP GECC 10/07/98 5.500 50,000 125 954,861.11 5.684 CP GECC 10/07/98 5.500 50,000 125 954,861.11 5.684 CP Merrill 10/07/98 5.520 37,000 141 799,940.00 5.720 PURCHASE CP Text Fin 10/28/98 5.550 50,000 CP Assoc 03/02/99 4.970 50,000 CP Assoc 03/02/99 4.970 25,000 CP Assoc 03/01 /99 4.970 50,000 CP Assoc 03/01 /99 4.970 25,000 CP Conagra 10/28/98 5.620 50,000 CP Conagra 10/28/98 5.620 50,000 CP Conagra 10/28/98 5.620 50,000 CP GECC 03/02/99 4.970 50,000 CP GECC 03/02/99 4.970 50,000 10/08/98 REDEMPTION CP GECC 10/08/98 5.270 50,000 6 43,916.67 5.347 CP GECC 10/08/98 5.270 50,000 6 43,916.67 5.347 CP GECC 10/08/98 5.270 50,000 6 43,916.67 5.347 CP GECC 10/08/98. 5.270 50,000 6 43,916.67 5.347 CP Lehman 10/08/98 5.700 50,000 10 79,166.67 5.788 —7— 10/08/98 REDEMPTION CD B/A CD B/A PURCHASE CID FMCC CID FMCC CID FMCC CID FMCC CID Merrill CID Merrill CID Enron CID Enron CID Country CID Country 10/09/98 REDEMPTION CID Amer Exp CID Amer Exp CID Amer Exp CID Amer Exp CID Heller CID Comnwealth MTN GMAC MTN GMAC CD Montreal PURCHASE MTN (FR) FMCC MTN (FR) FMCC CID Heller CID Heller CID Text Inc 10/13/98 REDEMPTION CID Merrill CID Heller CID Morg Stan CID Morg Stan CID Morg Stan CID Text Fin CD B/A CD B/A 5.580% 10/08/98 5.580 50,000 142 1,100,500.00 5.657 5.580% 10/08/98 5.580 50,000 142 1,100,500.00 5.657 10/15/98 5.250 50,000 10/15/98 5.250 50,000 10/14/98 ' 5.250 50,000 10/14/98 5.250 50,000 10/28/98 5.220 50,000 10/28/98 5.220 50,000 11 /06/98 5.540 50,000 11 /06/98 5.540 50,000 11 /10/98 5.400 50,000 11 /10/98 5.400 6,250 10/09/98 5.270 50,000 7 51,236.11 5.348 10/09/98 5.270 50,000 7 51,236.11 5.348 10/09/98 5.270 50,000 7 51,236.11 5.348 10/09/98 5.270 50,000 7 51,236.11 5.348 10/09/98 5.750 50,000 16 127,777.78 5.844 10/09/98 5.720 24,000 37 141,093.33 5.833 6.050% 10/09/98 5.970 10,000 693 1,135,700.00 5.973 6.050% 10/09/98 6.000 10,000 700 1,152,663.89 6.005 5.530% 10/09/98 5.530 50,000 21 161,291.67 5.606 5.691 % 10/09/01 5.691 5.691 % 10/09/01 5.691 11 /10/98 5.450 11 /10/98 5.450 11 /10/98 5.650 50,000 25,000 50,000 10,000 16,000 10/13/98 5.490 50,000 28 213,500.00 5.590 10/13/98 5.650 50,000 39 306,041.67 5.763 10/13/98 5.510 50,000 50 382,638.90 5.629 10/13/98 5.510 50,000 50 382,638.90 5.629 10/13/98 5.510 50,000 50 382,638.90 5.629 10/13/98- 5.670 25,000 89 350,437.50 5.830 5.580% 10/13/98 5.580 50,000 147 1,139,250.00 5.657 5.580% 10/13/98 5.580 50,000 147 1,139,250.00 5.657 —8— 10/13/98 PURCHASE CID Country 10/14/98 5.350 13,658 CID Text Fin 10/14/98 5.550 50,000 CID Amer Exp 10/14/98 5250. 40,000 CID Amer Exp 10/14/98 5.250 50,000 CID Amer Exp 10/14/98 5.250 50,000 CID Amer EXp 10/14/98 5.250 50,000 10/14/98 REDEMPTION CID Country 10/14/98 5.350 13,658 1 2,029.73 5.425 CI' Text Fin 10/14/98 5.550 50,000 1 7,708.33 5.627 CID Amer Exp 10/14/98 5.250 40,000 1 5,833.33 5.323 CID Amer Exp 10/14/98 5.250 50,000 1 7,291.67 5.323 CID Amer Exp 10/14/98 5.250 50,000 1 7,291.67 5.323 CI' Amer Exp 10/14/98 5.250 50,000 1 7,291.67 5.323 CID FMCC 10/14/98 5.250 50,000 6 43,750.00 5.327 CID FMCC 10/14/98 5.250 50,000 6 43,750.00 5.327 CID SRAC 10/14/98 5.330 50,000 9 66,625.00 5.411 CID Heller, 10/14/98 5.450 50,000 9 68,125.00 5.533 CID FMCC 10/14/98 5.260 50,000 12 87,666.67 5.342 CI' FMCC 10/14/98 5.260 50,000 12 .87,666.67 5.342 CI' FMCC 10/14/98 5.260 50,000 12 87,666.67 5.342 CI' FMCC 10/14/98 5.260 50,000 12 87,666.67 5.342 CID Enron 10/14/98 5.520 40,000 16 98,133.33 5.610 PURCHASE BA UB Calif 11/06/98 . 5.270 28,000 CD RB Canada 5.060% 04/09/99 5.060 50,000 - CI' Enron 10/15/98 5.650 20,000 CI' Text Inc 10/15/98 5.620 45,000 CID Heller 10/22/98 5.450 50,000 CID Conagra 10/28/98 5.550 25,000 CID Text Fin 11 /13/98 5.650 20,000 CID SRAC 11/13/98 5.290 50,000 CID GMAC 01/08/99 5.190 5,000 CID GMAC 01/08/99 5.190 50,000 10/15/98 REDEMPTION CI' Enron 10/15/98 5.650 20,000 1 3,138.89 5.729 CID Enron 10/15/98 5.620 45,000 1 7,025.00 5.698 CID FMCC 10/15/98 5.250 50,000 7 51,041.67 5.328 CI' FMCC 10/15/98 5.250 50,000 7 51,041.67 5.328 CID SRAC 10/15/98 5.330 50,000 10 74,027.78 5.412 CID Heller 10/15/98 5.450 50,000 10 75,694.44 5.534 CID GMAC 10/15/98 5.310 50,000 10 73,750.00 5.391 CID GMAC 10/15/98 5.310 50,000 10 73,750.00 5.391 10/15/98 REDEMPTION CP CCC CP CCC CP Hertz PURCHASE CP GMAC CP GMAC CP GMAC CP Text Fin CP Enron CP Hertz CP FMCC CP FMCC CP FMCC CP FMCC CP Heller CP Conagra 10/16/98 REDEMPTION CP GMAC CP GMAC CP GMAC CP Text Fin CP Enron CP Hertz CP FMCC CP FMCC CP FMCC CP FMCC CP Unocal PURCHASE CD Deutsche CP Text Inc CP Text Fin CP Conagra CP SRAC CP Assoc CP Assoc CP Assoc CP Assoc CP GMAC CP GMAC CP GMAC CP GMAC Disc Note FNMA 10/15/98 5.350 50,000 10 74,305.56 5.432 10/15/98 5.350 50,000 10 74,305.56 5.432 10/15/98 5.310 50,000 10 73,750.00 5.319 10/16/98 5.600 50,000 10/16/98 5.600 50,000 10/16/98 5.600 50,000 10/16/98 5.850 50,000 10/16/98 6.150 50,000 10/16/98 5.620 50,000 10/16/98 5.600 50,000 10/16/98 5.600 50,000 10/16/98 5.600 50,000 10/16/98 5.600 50,000 10/16/98 5.550 50,000 10/27/98 5.600 50,000 10/16/98 5.600 50,000 1 7,777.78 5.678 10/16/98 5.600 50,000 1 7,777.78 5.678 10/16/98 5.600 50,000 1 7,777.78 5.678 10/16/98 5.850 50,000 1 8,125.00 5.932 10/16/98 6.150 50,000 1 8,541.67 6.236 10/16/98 5.620 50,000 1 7,805.56 5.698 10/16/98 5.600 50,000 1 7,777.78 5.678 10/16/98 5.600 50,000 1 7,777.78 5.678 10/16/98 5.600 50,000 1 7,777.78 5.678 10/16/98 5.600 50,000 1 7,777.78 5.678 10/16/98 5.680 10,000 91 143,577.78 5.842 5.150% 11 /24/98 5.150 10/19/98 5.550 10/19/98 5.550 10/26/98 5.500 02/08/99 4.980 02/09/99 5.000 02/09/99 5.000 02/09/99 5.000 02/09/99 5.000 02/10/99 4.950 02/10/99 4.950 02/11 /99 4.950 02/11 /99 4.950 06/18/99 4.450 35,000 21,000 50,000 29,052 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 —10- 10/19/98 REDEMPTION CID Text Inc 10/19/98 5.550 21,000 3 9,71250 CID Text Fin 10/19/98 5.550 50,000 3 23,125.00 5.629 PURCHASE - CP Text Inc 10/20/98 5.550 25,000 -CP Text Fin 10/26/98 5.600 50,000 CID CCC 10/27/98 5.120 50,000 - CID GE Co. 10/28/98 5.090 50,000 CID GE Co. 10/28/98 5.090 50,000 CID FMCC 10/28/98 5.080 50,000 CID Household 11 /02/98 5.120 25,000 CID Hertz 11/10/98 5.180 50,000 10/20/98 REDEMPTION CID Text Inc 10/20/98 5.550 25,000 1 3,854.17 5.627 PURCHASE CID Enron 10/21/98 5.500 25,000 CI' Enron 10/21/98 5.500 50,000 CID Heller 10/28/98 5.300 30,000 CID Conagra 10/28/98 5.470 47,265 CID Text Inc. 10/28/98 5.550 48,975 CI' Text Inc 10/28/98 5.550 50,000 10/21/98 RRS Treas Bill 12/10/98 3.600 50,000 Treas Bill 12/10/98 3.600 50,000 Treas Bill 12/10/98 3.600 50,000 CID Enron 10/21/98 5.500 25,000 CID Enron 10/21/98 5.500 50,000 PURCHASE Q/ CID Morg Stan 12/10/98 5.020 50,000 CID Morg Stan 12/10/98 5.020 50,000 CID Morg Stan 12/10/98 5.020 50,000 PURCHASE CI' GECC 10/22/98 5.000 50,000 CID GECC 10/22/98 5.000 50,000 CID Assoc 10/22/98 5.000 50,000 CID Assoc 10/22/98 5.000 50,000 CID Conagra 10/28/98 5.520 20,000 —11— 10/21/98 PURCHASE CID FMCC 01 /06/98 5.100 50,000 CID FMCC 11 /06/98 5.100 50,000 CID GMAC 11 /09/98 5.100 50,000 CID GMAC 11/09/98 5.100 50,000 CID GECC 11/10/98 5.090 50,000 CID GECC 11/10/98 5.090 50,000 CID GECC 11/10/98 5.090 50,000 CID GECC 11/10/98 5.090 50,000 - CID Hertz 02/17/99 5.050 50,000 CP Merrill 02/26/99 4.920 37,000 CID Merrill 02/26/99 4.920 50,000 CID Salomon 03/02/99 4.850 50,000 Disc Note FNMA 10/15/99 4.190 50,000 10/22/98 REDEMPTION CID Assoc 10/22/98 5.000 50,000 1 6,944.44 5.070 CID Assoc 10/22/98 5.000 50,000 1 6,944.44 5.070 CID GECC 10/22/98 5.000 .50,000 1 6,944.44 5.070 CID GECC 10/22/98 5.000 50,000 1 6,944.44 5.070 CID Heller 10/22/98 5.450 50,000 8 60,556.56 5.532 PURCHASE CID Enron 11 /04/98 5.580 25,000 CID Enron 11/04/98 5.580 50,000 CID Heller 11 /12/98 5.300 50,000 CID Heller 11 /13/98 5.400 50,000 CID B/A 01121 /99 5.060 30,000 CID B/A 01 /21 /99 5.060 50,000. CID B/A 01 /21 /99 5.060 50,000 CID Hertz 02/10/99 4.950 50,000 CID B/A 03/25/99 4.840 50,000 CID B/A 03/25/99 4.840 50,000 10/23/98 REDEMPTION CID Heller 10/23/98 5.550 50,000 8 61,666.67 5.634 CID Unocal 10/23/98 5.680 24,000 73 276,426.67 5.825 FNMA 5.680% 10/23/98 5.800 50,000 365 50,000.00 5.801 PURCHASE CID JP Morgan 01/27/99 5.060 35,000 CID JP Morgan 01/27/99 5.060 50,000 —12— 10/26/98 REDEMPTION CP Text Fin CP Conagra PURCHASE CD B/A Cp GECC CP GECC Disc Note SLMA 10/27/98 RRS Treas Bill REDEMPTION CD Hong Kong CD Hong Kong CID CCC CP Conagra CP Assoc CP Assoc PURCHASE y/ CD Westpac Bk PURCHASE CB Assoc 10/28/98 REDEMPTION CD CIBC CD Montreal CD Montreal CD BN Paris CD UB Calif CD UB Calif CD U/B Calif CP Conagra CP Heller CP Conagra CID Text Inc CP Text Inc CP GE Co. CP GE Co. CP FMCC 10/26/98 5.600 50,000 10/26/98 5.500 29,052 4.700% 10/26/99 4.700 50,000 04/23/99 4.720 50,000 04/23/99 4.720 50,000 06/30/99 4.400 25,000 12/10/98 3.420 50,000 7 54,444.44 5.683 10 44,385.00 5.584 5.580% 10/27/98 5.580 50,000 63 488,250.00 5.657 5.580% 10/27/98 5.580 50,000 63 488,250.00 5.657 10/27/98 5.120 50,000 8 56,888.89 5.197 10/27/98 5.600 50,000 12 93,333.33 5.688 10/27/98 5.500 17,000 64 166,222.22 5.631 10/27/98 5.500 50,000 64 488,888.89 5.631 5.110% 12/10/98 5.090 50,000 5.850% 01 /15/01 5.210 50,000 5.600% 10/28/98 5.600 40,000 162 1,008,000.00 5.677- 5.610% 10/28/98 - 5.610 50,000 163 1,270,041.67 5.687 5.610% 10/28/98 5.610 50,000 163 1,270,041.67 5.687 5.680% 10/28/98 5.670 50,000 182 1,433,320.44 5.748 5.710% 10/28/98 5.710 50,000 182 1,443,361.11 5.789 5.650% 10/28/98 5.650 50,000 189 1,483,125.00 5.728 5.650% 10/28/98 5.650 50,000 189 1,483,125.00 5.728 10/28/98 5.520 20,000 7 21,466.67 5.602 10/28/98 5.300 30,000 8 35,333.33 5.379 10/28/98 5.470 47,265 8 57,453.23 5.552 10/28/98 5.550 48,975 8 60,402.50 5.634 10/28/98 5.550 50,000 8 61,666.67 - 5.634 10/28/98 5.090 50,000 9 63,625.00 5.167 10/28/98 5.090 50,000, 9 63,625.00 5.167 10/28/98 5.080 50,000 9 635,000.00 5.157 —13— 10/28/98 REDEMPTION CP Conagra 10/28/98 5.550 25,000 14 53,958.33 5.639 CP Merrill 10/28/98 5.220 50,000 20 145,000.00 5.307 CP Merrill 10/28/98 5.220 50,000 20 145,000.00 5.307 CP Conagra 10/28/98 5.620 50,000 21 163,916.67 5.716 CP Conagra 10/28/98 5.620 50,000 21 163,916.67 5.716 CP Conagra 10/28/98 5.620 30,790 21 100,939.88 5.716 CP Text Fin 10/28/98 5.550 50,000 21 161,875.00 .5.645 CP GMAC 10/28/98 5.551 50,000 104 795,888.89 5.676 - CP GMAC 10/28/98 5.460 50,000 132 1,001,000.00 5.648 CP GMAC 10/28/98 5.460 50,000 132 1,001,000.00 5.460 CP GMAC 10/28/98 5.460 50,000 132 1,001,000.00 5.460 CP GMAC 10/28/98 5.460 50,000 132 1,001,000.00 5.460. CP FMCC 10/28/98 5.480 50,000 132 1,004,666.67 5.670 CP FMCC 10/28/98 5.480 50,000 132 1,004,666.67 5.670 CP FMCC 10/28/98 5.480 50,000 132 1,004,666.67 5.670 CP FMCC 10/28/98 5.480 50,000 132 1,004,666.67 5.670 CP Enron 10/28/98 5.530 30,000 147 677,425.00 5.736 CP GECC 10/28/98 5.480 15,000 148 337,933.33 5.684 CP GECC 10/28/98 5.480 50,000 148 1,126,444.43 5.684 CP GECC 10/28/98 5.510 50,000 149 1,140,263.89 5.716 CP GECC 10/28/98 5.510 50,000 149 1,140,263.89 5.716 CP SRAC 10/28/98 5.460 50,000 159 1,205,750.00 5.672 CP FMCC 10/28/98 5.470 50,000 176 1,337,111.11 5.698 CP FMCC 10/28/98 5.470 50,000 17.6 1,337,111.11 5.698 CP FMCC 10/28/98 5.470 50,000 176 1,337,111.11 5.698 CP FMCC 10/28/98 5.470 50,000 176 1,337,111.11 5.698 PURCHASE CP Assoc 10/29/98 5.040 50,000 CP Assoc 10/29/98 5.040 50,000 CP Assoc 10/29/98 5.040 50,000 CP Assoc 10/29/98 5.040 50,000 CP Text Fin 10/29/98 5.450 50,000 CP Conagra 11 /04/98 5.620 50,000 CP Merrill 03/01 /99 4.940 50,000 CP SRAC 03/02/99 4.930 50,000 10/29198 REDEMPTION CP Assoc 10/29/98 5.040 50,000 1 7,000.00 5.110 CP Assoc 10/29/98 5.040 50,000 1 7,000.00 5.110 CP Assoc 10/29/98 5.040 50,000 1 7,000.00 5.110 CP Assoc 10/29/98 5.040 50,000 1. 7,000.00 5.110 CP Text Fin 10/29/98 5.450 50,000 1 7,569.44 5.526 CP SRAC 10/29/98 5.460 50,000 160 1,213,333.33 5.673 CP Merrill 10/29/98 5.510 20,000 161 492,838.89 5.727 CP Merrill 10/29/98 5.510 50,000 161 1,232,097.22 5.727 CP Merrill 10/29/98 5.510 50,000 161 1,232,097.22 5.727 —14— 10/29198 REDEMPTION PURCHASE SBA (FR) 5.625% 10/25/23 5.625 4,862 CD UB Calif 5.030% 03/26/99 5.030 30,000 Cp GECC 12/02/98 5.110 50,000 Cp GECC 12/02/98 5.110 50,000 CP GECC 12/02/98 5.110 , 50,000 CP GECC 12/02/98 5.110 50,000 Cp Enron 12/08/98 5.570 5,000 Cp Enron 12/08/98 5.570 50,000 CP GMAC 12/08/98 5.100 50,000 Cp GMAC 12/08/98 5.100 50,000 CID GMAC 12/08/98 5.100 50,000 10/30/98 REDEMPTION FHLB 5.775% 10/30/98 5.750 50,000 365 2,875,550.00 5.750 FHLB 5.750% 10/30/98 5.705 50,000 1124 8,548,110.78 5.792 PURCHASE Cp Conagra 11/02/98 6.020 35,000 CP GMAC 11/02/98 5.630 40,000 Cp GMAC 11 /02198 5.630 50,000 Cp GMAC 11/02/98 5.630 50,000 Cp GMAC 11/02/98 5.630 50,000 Cp FMCC 11/02/98 5.630 50,000 CP FMCC 01 /02/98 5.630 50,000 Cp FMCC 11/02/98 5.630 50,000 CP FMCC 11/02/98 5.630 50,000 —15- 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 (UMA), 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. —16— NAME ALHAMBRA East West Bank TIME DEPOSIT DEPOSIT DATE 08/11/98 YIELD PAR 5.090 AMOUNT (Sl MATURITY 38,000,000.00 DATE 11/12/98 East West Bank 09/16/98 4.790 12,000,000.00 01/19/99 East West Bank 10/07/98 4.170 35,000,000.00 01/06/99 East West Bank 10/15/98 4.170 15,000,000.00 01/14/99 • REVERLY HILLS City National Bank 02/18/98 5.270 20,000,000.00 ' 02/18/99 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 City National Bank 07/29/98 5.230 10,000,000.00 01/27/99 City National Bank 09/16/98 4.930 20,000,000.00 03/15/99 CHICO North State National Bank 08/24/98 5.190 1,000,000.00 08/24/99 North State National Bank 09/09/98 4.890 500,000.00 12/09/98 Tri Counties Bank 09/10/98 4.900 10,000,000.00 12/10/98 Tri Counties Bank 09/15/98 4.840 10,000,000.00 12/17/98 North State National Bank 10/06/98 4.260 1,000,000.00 01 /05/99 Tri Counties Bank 10/15/98 3.920 10,000,000.00 01/14/99 North State National Bank 10/06/98 4.380 1,000,000.00 04/05/99 FRESNO United Security Bank 08/11/98 5.100 20,000,000.00 11/10/98 United Security Bank 10/15/98 3.980 5,000,000.00 01/14/99 GLENDALE Glendale Federal Bank 09/28/98 4.640 3,000,000.00 12/29/98 Glendale Federal Bank 10/15/98 4.050 100,000,000.00 01/14/99 Glendale Federal Bank 10/07/98 4.360 5,000,000.00 04/06/99 INGLEWOOD Imperial Bank 07/08/98 5.230 25,000,000.00 01/04/99 Imperial Bank 08/05/98 5.110 15,000,000.00 11/04/98 Imperial Bank 08/06/98 5.130 25,000,000.00 11/05/98 Imperial Bank 08/07/98 5.160 20,000,000.00 11/06/98 Imperial Bank 08/06/98 .5.260 25,000,000.00 02/03/99 Imperial Bank 09/09/98 4.910 25,000,000.00 12/09/98 Imperial Bank 09/09/98 5.040 25,000,000.00 03/09/99 Imperial Bank 10/01/98 4.490 18,000,000.00 12/30/98 —17— NAME INGLEWOOD Imperial Bank TIME DEPOSIT DEPOSIT DATE YIELD PARAMOUNT 5.040 (S) MATURITY DATE 03/09/99 25,000,000.00 09/09/98 Imperial Bank 09/16/98 4.990 11,000,000.00 03/16/99 Imperial Bank 08/11/98 5.230 20,000,000.00 02/09/99 - Imperial Bank 10/07/98 4.200 25,000,000.00 01/06/99 Jmperial Bank 10/19/98 3.890 25,000,000.00 01 /20/99 Imperial Bank 10/01 /98 4.710 18,000,000.00 04/01 /99 L OS ANGELES General Bank 12/01 /97 5.480 28,000,000.00 11 /06/98 Community Bank 06/17/98 5.300 10,000,000.00 12/15/98 Community Bank 06/22/98 5.350 5,000,000-00 12/22/98 Community Bank 07/15/98 5.230 20,000,000.00 01/11/99 Preferred Bank 08/12/98 5.080 4,000,000.00 11/20/98 Preferred Bank 08/25/98 5.080 2,000,000.00 11 /24/98 Community Bank 08/11 /98 5.200 15,000,000.00 02/.08/99 Preferred Bank 09/17/98 4.820 9,000,000.00 12/16/98 Preferred Bank 09/23/98 4.820 9,000,000.00 12/23/98 Preferred Bank 09/28/98 4.620 3,000,000.00 12/29/98 General Bank 09/24/98 4.800 15,000,000.00 01/12/99 General Bank 10/01/98 4.460 15,000,000.00 01/07/99 Preferred Bank 10/15/98 3.980 3,000,000.00 01/14/99 General Bank 10/20/98 3.860 25,000,000.00 02/08/99 General Bank 10121 /98 3.880 10,000,000.00 02/18/99 POMONA Pomona First Federal S & L 05/27/98 5.550 8,000,000.00 11 /24/98 Pomona First Federal S & L 09/10/98 5.300 10,000,000.00 03/09/99 PET LUMA Bank of Petaluma 08/11 /98 5.160 1,000,000.00 02/09/99 Sanwa Bank of California 05/06/98 5.340 7,000,000.00 11/03/98 River City Bank 07/20/98 5.270 5,000,000.00 01/20/99 Sanwa Bank of California 07/29/98 5.230 5,000,000.00 01/27/99 Union Bank of California 08/05/98 5.100 100,000,000.00 11/03/98 Union Bank of California 08/18/98 5.030 50,000,000.00 11/17/98 River City Bank 08/18/98 5.140 5,000,000.00 02/17/99 Sanwa Bank of California 08/17/98 5.170 50,000,000.00 02/17/99 Sanwa Bank of California 08/24/98 5.110 10,000,000.00 02/22/99 Union Bank of California 09/28/98 4.520 100,000,000.00 12/28/98 River City Bank 10/14/98 3.920 5,000,000.00 01 /13/99 Sanwa Bank of California 10/16/98 4.000 10,000,000.00 01/15/99 -18- NAME DEPOSIT SACRAMENTO Union Bank of California TIME DEPOSIT DATE 10/29/98 1Y ELD PAR AMOUNT (S) MATURITY DATE 01 /27/99 50,000,000.00 4.310 SAN DIEGO San Diego First Bank 05/08/98 5.330 1,000,000.00 11 /05/98 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 12/22/98 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 02/11/98 5.300 5,000,000.00 02/11/99 Oceanic Bank 03/05/98 5.430 2,000,000.00 03/05/99 Bank of Canton Californiaal 06/04/98 5.320 5,000 ,000.00 12/04/98 Bank of Canton California 06/09/98 S�U 03/05/99 Bank of the West 06/08/98 5. 25,000,000.00 06/08 99 Bank of the West 07/31/98 5.220 25,000,000.00 01/28/99 Bank of the West 07/31/98 5.230 26,500,000.00 01/28/99 Bank of the West 07/13/98 5.350 25,000,000.00 07/13/99 Bank of the West 08/19/98 5.040 37,000,000.00 11 /18198 Bank of the West 08/25/98 5.500 25,000,000.00 11/24/98 Bank of Canton California 08/04/98 5.220 5,000,000.00 02/04/99 Bank of the West 08/26/98 5.110 27,000,000.00 02/24/99 Transpacific National Bank 09/16/98 5.100 800,000.00 - 03/15/99 Bank of the West 10/01 /98 4.460 14,000,000.00 01 /04/99 United Commercial Bank 10/02/98 4.400 20,000,000.00 01 /06/99 Bank of the West 10/20/98 3.740 25,000,000.00 01 /20/99 SAN LEANDRO Bay Bank of Commerce 10/07/98 4.180 1,000,000.00 01 /06/99 Bay Bank of Commerce 10/07/98 4.180 4,000,000.00 01 /06/99 SAN LUIS OBISPO First Bank of San Luis Obispo 08/12/98 5.040 2,000,000.00 11 /12/98 First Bank of San Luis Obispo 08/04/98 5.290 3,600,000.00 11 /20/98 First Bank of San Luis Obispo 08/25/98 5.010 2,500,000.00 11/24/98 First Bank of San Luis Obispo 10/06/98 4.270 1,000,000.00 10/05/99 First Bank of San Luis Obispo 10/28/98 4.090 1,000,000.00 01 /27/99 —19— NAME SAN RAFAEL West America Bank West America Bank West America Bank West America Bank West America Bank Boreal Bank and Trust Grand National Bank Grand National Bank Grand National Bank Grand National Bank Grand National Bank Santa Barbara Bank & Trust Santa Barbara Bank & Trust Santa Barbara Bank & Trust Santa Barbara Bank & Trust Santa Barbara Bank & Trust Coast Commercial Bank North Valley Bank Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank TORRANCE South Bay Bank China Trust Bank (USA) South Bay Bank China Trust Bank (USA) China Trust Bank (USA) 08/10/98 5.030 50,000,000.00 11 /09/98 10/14/98 3.910 25,000,000.00 01/13/99 10/21 /98 3.740 25,000,000.00 01 /20/99 10/22/98 3.740 25,000,000.00 01 /21 /99 10/29/98 4.180 25,000,000.00 -01 /27/99 10/01 /98 5.080 95,000.00 04/01 /99 06/30/98 5.300 95,000.00 01 /04/99 09/08/98 4.880 1,500,000.00 12/08/98 09/08/98 5.010 1,500,000.00 03/09/99 10/15/98 3.990 2,000,000.00 01/14/99 10/15/98 4.180 1,000,000.00 10/15/99 08/11 /98 5.040 5,000,000.00 11 /10/98 09/15/98 4.800 5,000,000.00 12/15/98 09/01 /98 4.920 5,000,000.00 12/01 /98 10/06/98 4.270 5,000,000.00 01 /05/99 10/08/98 4.270 10,000,000.00 01 /07/99 09/17/98 4.820 15,000,000.00 12/16/98 09/22/98. 4.750 3,000,000.00 03/23/99 08/07/98 5.110 500,000.00 11 /06/98 08/10/98 5.240 500,000.00 02/08/99 09/24/98 4.840 1,000,000.00 03/24/99 07/20/98 5.310 1,000,000.00 01 /20/99 09/09/98 4.860 10,000,000.00 12/09/98 09/15/98 4.850 2,000,000.00 12/15/98 09/15/98 4.800 10,000,000.00 12/15/98 10/01 /98 4.470 5,000,000.00 12/30/98 —20— TORRANCE_ (continued) China Trust Bank (USA) 10/28/98 4.190 Sunwest Bank 07/20/98 Sunwest Bank 10/01 /98 Sunwest Bank 10/07/98 VICTORVILLE Citizens Business Bank 06/09/98 Citizens Business Bank 07/09/98 Citizens Business Bank 08/06/98 Citizens Business Bank 09/23/98 Citizens Business Bank 10/06/98 Citizens Business Bank 10/08/98 WALNUT CREEK Bank of the West 05/15/98 Saratoga National Bank 09/28/98 Bank of the West 09/28/98 TOTAL TIME DEPOSITS AS OF OCTOBER 31,1991 5.260 4.460 4.170 5.390 5.330 5.290 4.810 4.180 4.360 15,000,000.00 01 /27/99 1,000,000.00 01 /19/99 500,000:00 01 /06/99 2,800,000.00 01 /06/99 10,000,000.00 12/16/98 10,000,000.00 02/08/99 5,000,000.00 03/09/99 10,000,000.00 03/23/99 5,000,000.00 01 /05/99 10,000,000.00 04/07/99 5.450 10,000,000.00 05/13/99 4.660 5,000,000.00 04/01 /99 4.600 20,000,000.00 04/01 /99 $19877,390,000.00 —21— DEMAND BANK DEPOSITS (000 omitted) DAILY BALANCES WARRANTS OCTOBER PER BANKS OUTSTANDING 1, $7569595 199989618 2, 493,107 - 19593,505 3, 493,107 19,368,101 4, 4939107 1,3689101 5, 1299649 1,368,101 6, 3269438 1,335,593 7, 505,061 191229123 8, 158,528 1,3289,427 9, 1679132 1,531,319 10. 1679,132 19531,319 11. 167,132 19531,319 12. 1679312 1,5319319 13. 4349924 19407,975 14. 3799832 19506,499 15. 1949148 1,379,070 16. 4039472 194329950 17. 403,472 194329,950 18. 4039472 194329,950 19. 340427 192389584 20. 416,052 14329,867 21. 2589267 1,1649,524 22. 136,364 191629863 23, 1989863 1492,327 24. 198,863 14929327 25. 1989863 192929,327 26. 2429758 14339400 27. 2499165 19,322,530 28. 368,348 929470 29. 397094 19180496 30. 261045 196279,050 31. 261,345 196311,542 a/ AVERAGE DOLLAR DAYS $315,203 a/ The prescribed bank balance for October was $308,184,000.00. This consisted of $158,349,000.00 in compensating balances for services, $140,200,000.00 uncollected funds and a deduction of $9,635,000.00 for September delayed deposit credit. —22— DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1592 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on October 21,1998, 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 Govemment Code, it is the in nt 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 ff ianagement 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 $168,347,000 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, Govemment Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From . To Transactions ( 1) 10/19/98 10/23/98 $ 412,800,000 (2) 10/26/98 10/30/98 $ (696,800,000) (3) 11 /02/98 11 /06/98 $ 1,066,400,000 (4) 11/09/98 11/13/98 $ (427,300,000) (5) 11/16/98 11/20/98 $ 924,300,000 (6) 11/23/98 11/27/98 . $ (54,700,000) (7) 11/30/98 12/04/98 $ (1,146,600,000) (8) 12/07/98 12/11/98 $ 102,300,000 (9) 12/14/98 12/18/98 $ 2,386,800,000 Time Deposits in various Financial Institutions In Securities (sections 16503a Estimated (section 16430)' and 16602)' Total $ 27,611,410,000 $ 1,886,390,000 $ 20,497,800,000 $ 26,914,610,000 . $ 1,886,390,000 $ 28,801,000,000 $ 27,981,010,000 $ 1,886,390,000 $ 29,867,400,000 $ 27,553,710,000 $ 1,886,390,000 $ 29,440,100,000 $ 28,478,010,000 $ 1,886,390,000 $ 30,364,400,000 $ 28,423,310,000 $ 1,886,390,000 $ 30,309,700,000 $ 27,276,710,000 $ 1,886,390,000 $ 29,163,100,000 $ 27,379,010,000 $ 1,886,390,000 $ 29,265,400,000 $ 29,765,810,000 $ 1,886,390,000 $ 31,652,200,000 From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in prime commercial paper under section 16430(e), Government Code. Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the amounts and for the same types of investments as specifically designated above. Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance of $168,347,000. Dated: October 21, 1998 *Government Code Member .11 -23- � oz V `y OF TNti INVESTMENT ADVISORY BOARD Correspondence & Written Material Item D Meeting Date: January 13, 1999 ITEM TITLE: Maturing Investments BACKGROUND: The City has a Five (5) Million Dollar Treasury Note maturing on February 15, 1999. The yield curve is slightly inverted at this time with short term interest rates slightly better than longer rates. Agency paper from 0 - 1 year is yielding 4.60% which is 20 basis points over Treasury paper. Based upon the City's projected cash needs, this amount could be invested up to one year. In order to diversify the portfolio, the options available are Treasury Bills/Notes or Agency paper other than FNMA and FHLB. In addition Commercial Paper and LAIF are alternatives. I would recommend investing in Federal Farm Credit Paper for one year subject to availability. RECOMMENDATION: Information item only. • l J hn M. Falconer, Finance Director