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2000 11 08 IABAOL p JAW 0 P.O. Box 1504 78-495 CALLE TAMPICO (760) 777-7000 LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 November 8, 2000 - 5:30 P.M. I CALL. TO ORDER a. Pledge of Allegiance b. Roll Call II PUBLIC COMMENT- (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR A. Approval of Minutes of Meeting on October 11, 2000 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for September 2000 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report and other selected Financial Data - October 2000 B. Pooled Money Investment Board Reports - August 2000 VII BOARD MEMBER ITEMS VIII ADJOURNMENT INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: November 8, 2000 ITEM TITLE: Transmittal of Treasury Report for September 30, 2000 BACKGROUND: Attached please find the Treasury Report for September 30, 2000. RECOMMENDATION: Review, Receive and File the Treasury Report for September 30, 2000. IY-64vt-�� J�hn M. Falconef, Finance Director TAhf 4 4 QUM r4u MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for September 30, 2000 DATE: October 25, 2000 Attached is the Treasurer's Report for the month ending September 30, 2000. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept. The following table summarizes the changes in investment types for the month: Beginning Purchased Sold/Matured Other Ending Change Investment Cash (1) LAIF US Treasuries (2) US Gov't Agencies (2) Commercial Paper (2) Mutual Funds $275 885 $4,845,922 $31,452,281 $19,030,363 $2,995,465 $6,214,614 1 $64 814 530 1,500,000 125,893 1,625,893 (200,000) (3,000,000) 3,281,744) 6 481 744 (168,056) 0 (5,453) 51,720 (2,463) (124,252) 107,829 4,645,922 31,446,828 19,082,083 1,493,002 3,058,763 59,834,427 (168,056) (200,000) (5,453) 51,720 (1,502,463) (3,155,851) 4 980 103 Total I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and ins 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 the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. Jo n M. Falcdnet F' ance Director/Treasurer // b ©o at Footnote (1) The amount reported in the other column represents the net increase (decrease) of deposits and withdrawals from the previous month. (2) The amount reported in the other column represents the amortization of premium/discount for the month on US Treasury, Commercial Paper and Agency investments. E E 9 E a) L_ O U a) U) O V! 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M r 00 N M O N CO I- M r tf? t( r N 00 bo 00 000 IN ON CD Ili d CO 00 � Nlj (0 00 (D O N 0 0 t` d Lr) � � tr) r (D 04 00 a)) N O N (O 0 LOCD� N N ' (D 00 ~1N7 N tNO rM (O N00(i) N 00 N O N ((DD 0 Lr) ' M W V p E V- O a 0) O a. E 0 w C N y C O C CA f0 C L t0 U UZ O Z y � d N r �V N X Ww C V 8 CITY OF La QUINTA CITY CITY RDA RDA FA BALANCE SHEET 09/30/00 FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (7,786,237.89) 11,510,733.56 (808.54) 3,723,687.13 LQRP INVESTMENT IN POOLED CASH 805,000.00 805,000.00 INVESTMENT T-BILLINOTES & OTHER 43,480,000.00 43,480,000.00 AUTO MALL CASH 2O2,851.75 202,851.75 LQRP CASH 21,221.26 21,221.26 BOND REDEMPTION CASH 51,591.99 28.73 51,620.72 BOND RESERVE CASH BOND PROJECT CASH 11,399,251.24 607,882.28 12,007,133.52 BOND ESCROW CASH PETTY CASH 1,000.00 1,000.00 CASH & INVESTMENT TOTAL 35,897,613.86 23,787,798.05 607,102.47 60,292,514.38 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 47,614.89 60,900.00 8,010,000.00 8,118,514.89 PREMIUM/DISCOUNT ON INVESTMENT (437,119.24) (17,833.07) (3,134.80) (458,087.11) LQRP-ACCOUNTS RECEIVABLE 68,406.88 68,406.88 INTEREST RECEIVABLE LOAN/NOTES RECEIVABLE 2,678,631.60 2,678,631.60 DUE FROM OTHER AGENCIES 6,913.19 DUE FROM OTHER AGENCIES - CVAG CVAG ALLOWANCE 651,913.19 (651,913.19) (65611,913.19) DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 898,196.60 651,629.04 64 DUE FROM RDA 8,497,550.20 8,497,550.20 INTEREST ADVANCE -DUE FROM RDA 2,109,833.10 2,109,833.10 2,109,833.10 ADVANCES TO OTHER FUNDS 86 2,833.40 NSF CHECKS RECEIVABLE 2,430.86 ACCRUED REVENUE 833.40 . TRAVEL ADVANCES 3,492.00 3,49292.00 EMPLOYEE ADVANCES (900.00) PREPAID EXPENSES (900.00) RECEIVABLE TOTAL 11,121,098.41 3,342,567.85 8,006,865.20 22,470,531.46 WORKER COMPENSATION DEPOSIT 37,637.00 37,637.00 RENT DEPOSITS UTILITY DEPOSITS 75.00 .00 2,100.00 MISC. DEPOSITS DEPOSITS TOTAL 2,100.00 39,812.00 39,812.00 GENERAL FIXED ASSETS 1,386,331.67 15,590,699.00 9,988,279.05 26,965,309.72 ACCUMULATED DEPRECIATION (812,743.27) (812,743.27) AMOUNT AVAILABLE TO RETIRE UT DEBT 3,395,117.03 3,395,117.03 AMOUNT TO BE PROVIDED FOR L/T DEBT 1,645,647.34 94 789,694.32 8,010,000.00 104,445,241.66 TOTAL OTHER ASSETS 573,588.40 15,590,699.00 1,645,647.34 9,988,279.05 98,184,711.35 8,010,000.00 133,992,925.14 TOTAL ASSETS 47 632 112.67 15 590 699.00 1 645 647.34 27 130 365.90 9,988,279.05 98 184 711.35 8,613,967.67 8,010,000.00 216,795 782.98 LIABILITIES: ACCOUNTS PAYABLE 7,660.84 7,660.84 DUE TO OTHER AGENCIES 122,853.72 1,327,250.23 122,853.72 9,305.00 1,449,825.64 DUE TO OTHER FUNDS 113,270.41 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES 60 34,528.96 PAYROLL LIABILITIES 39,472.60 STRONG MOTION INSTRUMENTS 4,528.96 2 9,661.50 .2 FRINGE TOED LIZARD FEES 29,661.50 3,30 SUSPENSE 3,308.52 ,8.5 DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 320,756.55 1,327,250.23 9,305.00 1,657,311.78 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS 374,,934..00 ARTS IN PUBLIC PLACES DEPOSITS 373,356.05 LQRP DEPOSITS 14,934.00 7217936 1,428,65.96 DEVELOPER DEPOSITS 1,072,179.36 MISC. DEPOSITS 428,165.96 ,1. 1,321,464.56 AGENCY FUND DEPOSITS 1,321,464.56 3,210,099.93 TOTAL DEPOSITS 3,195,165.93 14,934.00 DEFERRED REVENUE 8,270.67 8,010,000.00 8,018,270.67 OTHER LIABILITIES TOTAL 8,270.67 8,010,000.00 8,018,270.67 COMPENSATED ABSENCES PAYABLE 321,991.94 321,991.94 DUE TO THE CITY OF LA QUINTA 1,323,655.40 10,607,387.10 11,931,042.50 DUE TO COUNTY OF RIVERSIDE 12,249,102.00 12,249,102.00 DUE TO C.V. UNIFIED SCHOOL DIST. 9,418,222.25 9,418,222.25 DUE TO DESERT SANDS SCHOOL DIST. 65,910,000.00 8,010,000.00 73,920,000.00 BONDS PAYABLE TOTAL LONG TERM DEBT 1,645,647.34 98,184,711.35 8,010,000.00 107,840,358.69 TOTAL LIABILITIES 3,624,193.15 1,645,647.34 1,342,184.23 98,184,711.35 8,019,305.00 8,010,000.00 120,726,041.07 EQUITY -FUND BALANCE 44,107,919.52 15,590,699.00 25,788,181.67 9,988,279.05 594,662.67 96,069,741.91 TOTAL LIABILITY & EQUITY 47 632 112.67 15 590 699.00 1,645,647.34 27 130 365.90 9,988,279.05 98 184 711.35 8,613,967.67 8,010,000.00 216 795 782.98 CASH & INVESTMENT TOTAL 60,292,514.38 PREMIUM/DISCOUNT ON INVESTMENT (458.087.11) TOTAL 59,834,427.27 ti, cG9 1N r INVESTMENT ADVISORY BOARD Meeting Date: November 8, 2000 TITLE: Month End Cash Report - October 2000 and Other selected Financial Data BACKGROUND: Correspondence & Written Material Item A 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. This month the staff report includes financial data used in the forecast of revenues. Staff is completing the expenditure data, which will be in future agendas. RECOMMENDATION: Information item only. John M. Falconer,/Finance Director a) O C O O LL W a) 07 O a. a) C M N 5U a-3- J w M 0— 0 0 O U UFO ti 0000It 00P-0o (qU, cyi �� '"''� � N� 00000 ~ (OO � 00 o OO 0 M ti N (0C)00 (V (M Lf) C 4 — r- .- 0 00 0 O OWcr) N (r) 00 00 (l N�(N((D(OONO rl- C a) O O O 0 00 c1r) Mf) (`1~C50c)r- O E (0!C500NON� lli —N-00� ~ > ti ti O N — 0Cj N cq (M (0 w o C C 'IT (WO (O W p (LOO �U- M M co M O O �g� 4 4 cn cn cMLO M M (0 7 O O co CCi co Ci 00 00 M u- U 000 0 000 000 N I- g o M �� 0 �cn LO a) 0 2) M LO LO LO ti LL (� 0000 OC 0000 0000 O L LN LO C14 LN a (aN O 0 O O LL 00 ci O O 0 N j 0 O O O a p O 2) c (( (M c(i (M LL 'N N 00 00 O 06 OMj � 0 j 2 O i r-LN N 0) O e-- C? M !- C? LL 00 (moo (moo (V � N � N � N (V �N 0 0 W M .0 N LO N N. CN LL 00 90 ce)U N — N 0 O O O M� p CO 11� 0 00 'IT (0 Lr) LO 00 06 (O N N CY)M��chch0) cr) O O CD (Q 00 E W �'. rn o a) 0 M 6 r- M C N C M Cp11*k ` cl N 0 d)N a fQ U o (D E M s _ 'N (o w E cYi N o a�i N N E a) a) i i .5 �. a) a) c c `- Via— m a v E — a) °) o >. rn o_ t N CLM () �v aNi om a�i cc o��-a�w a a a :3 w an�acnoa O rn rn ;e O O O O O 11, O 00 N 0 11i 00 M O (3) (MO "I (D M� LQ M N Q a) C a) a) U ? w (CQ p 60 CL a, �- E 0 a. E c N L- W E o E CO ~NC Nco CA � M CD w N -0 a) C_ " E Q- O OO U 0 C M 0 Z, N N �c� a) Q C O -0to O w vo)c O acn U N N C E N W O a) i ((1 — r O C -a7 •X a) 2 > Q fA 'C QL +U� C O c— L C .- C 2 N a) V U C cna N ,O_, C N O w .0 O L C U C` C Q a) C O C N O i Ei a-LL 0 C a C N U a) +L'L 7 �N U L'O sa ~� M -a ° 0oF-� F- c rn >, a co" CL a O a c (n d �.+ a a) a- () U U O L d_ A 1°d) i w �- U -0 U i O O C C N M .. C U rn C co t U 0O Q U a) d) V d) O +' Cm (n a) a) T •V M O a o»r ate) 0-4) N a O0 — N i E N Nc=c u� a) m �c O C (n m� U C .- U rf a) >..E O L a C w E .C+ O a) a) C a) WN 0Ea� C C Eau) t c� (DN ^ 0) fa m n3 0. N� ter_ 0 U U 1 a-((aa�'� a— a) N = W R1 i C M O LL - H U EL r— O O O acico .a3 o c o(L.) cc 0ad)4)) E G +' O C Svc- O o, -1 =fn 4) N "=M'r 9> c a) O t a�i ❑. L X 0-a c- 1° o U a LL F- nQ " H a) U) � A FRB:Commercial Paper Rates and Outstandings http://www.federalreserve.gov/Releases/CP/ Federal Reserve Release ColonimeAmr(cial Release I About I Outstandings I Historical discount rates I Historical outstandings I Year End Data as of October 31, 2000 Volume Commercial Paper Rates and Outstandings 2attistic3 0 Derived from data supplied by The Depository Trust Company -Q Posted November 1, 2000 Discount rates Term AA financial AA nonfinancial A2/P2 nonfinancial , 6.63 6.62 �81 7 i 6.52 6.52 6.70 1-day 6.52 6.52 6.71 4day 6.49 6.51 6.74 6 day. 6.47 6.50 6.76 ,0=day (( 6.50 I 6.50 6.88 Yield curve Money market basis Percent 1 7 15 3D so 90 Days to Maturity Fina ne iv I — — — Nonf ina ncia I • •• • • A2/P2 Discount rate spread Thirty -day A2/P2 less AA nonfinancial commercial paper (daily) 01 MAY98 17 NOV98 05J U N 99 22 ❑ EC99 091 U L00 --- A2/P2 spread, 5—day mowing average Basis points 7.00 6.8 5 6A0 6.8 5 6.80 6.75 6.70 6.65 6.60 6.55 6.50 110 100 90 80 70 60 50 40 w 20 10 25JAN 01 OG3 1 of 3 11 /01 /2000 8:48 AM FRB:Commercial Paper Rates and Outstandings http://www.federalreserve.gov/Releases/CP/ Discount rate history Thirty -day commercial paper (daily) 01 MAAY98 17 NOV98 05J U N99 22 ❑ EC99 _ Financial — — — Nonfinencial ••••• A2%P2 Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars 13100 1200 1100 1COO 900 wo f-- 091 Li L00 Percent k 8 7 a 5 4 25JAN01 Billions of dollars 1 360 Ati 3r�0 340 330 320 310 300 290 280 270 2£0 250 240 230 220 210 01 MAAY98 17NCV98 05JU N99 22❑EC99 09JUL00 25JAN01 Financial — — — Nonfinancial The daily commercial paper release will usually be available before 11:00am EST. However, the Federal Reserve makes no guarantee regarding the timing of the daily commercial paper release. When the Federal Reserve is closed on a business day, yields for the previous business day will appear in the historical discount rates table. This policy is subject to change at any time without notice. OC4 2 of 3 11/01/2000 8:48 AM FRB: Commercial Paper Rates and Outstandings http://www.federalreserve.gov/Releases/CP/ Commercial paper outstanding Commercial pa -Der outstanding, miscellaneous categories Release I About I Outstanding I Historical discount rates I Historical outstandings I Year End Home I Statistical releases To comment on this site, please fill out our feedback form. Last update: November 1, 2000 1-1 005 3 of 3 11/01/2000 8:48 AM FRB: H.15--Selected Interested Rate ... nly Daily Update-- October 31, 2000 http://www.federalreserve.gov/Releases/H 15/update/ Federal Reserve Statistical Release H.15 Release Date: October 31, 2000 H.15: Release ( Release dates I About I ASCII I Historical data I Daily update H.15* Daily Update The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday through Friday on this site. H.15 DAILY UPDATE: WEB RELEASE ONLY For immediate release SELECTED INTEREST RATES October 31, 2000 Yields in percent per annum Instruments SELECTED INTEREST RATES Federal funds (effective) 1 2 3 Commercial paper 3 4 5 6 Nonfinancial 1-month 2-month 3-month Financial 1-month 2-month 3-month CDs (secondary market) 3 7 1-month 3-month 6-month Eurodollar deposits (London) 3 8 1-month 3-month 6-month Bank prime loan 2 3 9 Discount window borrowing 2 10 U.S. Government securities Treasury bills (secondary market) 3-month 6-month 1-year Treasury constant maturities 11 3-month Mon Oct 30 6.59 6.50 6.46 6.51 6.48 6.49 6.52 6.55 6.68 6.66 6.53 6.63 6.63 9.50 6.00 3 4 6.19 6.11 5.86 6.39 1 of 3 11/01/2000 8:48 AM FRB: H.15--Selected Interested Rate ... nly Daily Update-- October 31, 2000 http://www.federalreserve.gov/Releases/H 15/update/ 6-month 6.38 1-year 6.13 2-year 5.97 3-year 5.89 5-year 5.83 7-year 5.84 10-year 5.74 20-year 5.98 30-year 5.76 Interest rate swaps 12 1-year 6.71 2-year 6.67 3-year 6.68 4-year 6.72 5-year 6.76 7-year 6.81 10-year 6.86 30-year 6.87 Corporate bonds Moody's seasoned Aaa 7.46 Baa 8.30 State & local bonds 13 Conventional mortgages 14 FOOTNOTES 1. The daily effective federal funds rate is a weighted average of rates on trades through N.Y. brokers. 2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. On a discount basis. 5. Interest rates interpolated from data on certain commercial paper trades settled by The.Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See Board's Commercial Paper Web pages (http://www.federalreserve.gov/releases/cp) for more information. 6. The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and 90-day dates reported on the Board's Commercial Paper Web page. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. 9. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans. 10. Rate for the Federal Reserve Bank of New York. 11. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury. 12. International Swaps and Derivatives Association (ISDA) mid -market par swap rates. Rates are for a Fixed Rate Payer in return for receiving three month LIBOR, and are based on rates collected at 11:00 a.m. by Garban Intercapital plc and published on Reuters Page ISDAFIXI. Source: Reuters Limited. 13. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations. 14. Contract interest rates on commitments for fixed-rate first mortgages. 0G( 2of3 11/01/2000 8:48 AM FRB: H.15--Selected Interested Rate ... nly Daily Update-- October 31, 2000 http://www.federalreserve.gov/Releases/H15/update/ Source: FHLMC. DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES Yields on Treasury securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve at fixed maturities, currently 3 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. In estimating the 20-year constant maturity, the Treasury incorporates the prevailing market yield on an outstanding Treasury bond with approximately 20 years remaining to maturity. H.15: Release I Release dates About ASCII I Historical data Daily update Home I Statistical releases To comment, on this site, please fill out our feedback form. Last update: October 31, 2000 3 of 3 11/01/2000 8:48 AM LAIF Performance Report http://www.treasurer.ca.gov/Stolperf.htm Philip Angelides, State Treasurer Inside the StateTreasurer's office Local Agency Investment Fund LAIF Performance Report Reporting Date: Effective Date: Quarter Yield: Daily: Year: Life: Quarter Ending 09/30/00 Apportionment Rate: Earnings Ratio: Fair Value Factor: Monthly Average For September: 10/25/00 10/25/00 6.51 % 6.53% 6.49% 187 6.47% .00017726564634401 .999738182 6.502% OC9 1 of 2 11 /01 /2000 8:48 AM LAIF Performance Report http://www.treasurer.ca.gov/Stolperf htm Corpo Bon 5.86 Commercial Paper 19.37% Bankers AcceptanCE 0.08% Pooled Money Investment Account Portfolio Composition 42.7 Billion 09/30100 Reverses Loans -3.52% Treasuries 5.97% 14.21 % C D's/B N's 19.69% ie Deposits 9.45% Mortgages 0.03% ncies 86% ■ Treasuries ❑ Time Deposits ■ Mortgages El Agencies ■ C D's/B N's ❑ Bankers Acceptances ■ Repo ■ Commercial Paper ■ Corporate Bonds Loans ■ Reverses 2 of 2 11/01/2000 8:48 AM INVESTMENT ADVISORY BOARD Meeting Date: November 8, 2000 TITLE: Pooled Money Investment Board Report for August 2000 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for August 2000 is included in the agenda packet. RECOMMENDATION: Receive & File John M. Falconer, (Finance Director STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT AUGUST 2000 TABLE OF CONTENTS SUMMARY...........................................................................1 SELECTED INVESTMENT DATA.............................................2 PORTFOLIO COMPOSITION...................................................3 INVESTMENT TRANSACTIONS...............................................4 TIMEDEPOSITS...................................................................20 BANK DEMAND DEPOSITS...................................................32 POOLED MONEY INVESTMENT BOARD DESIGNATION .......... 33 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO -(000 OMITTED) AUGUST 31, 2000 PERCENTAGE CHANGE FROM TYPE OF SECURITY AMOUNT PERCENT PRIOR MONTH Government Bills $ 2,507,947 6.08 +.61 Bonds 0 0.00 0.00 Notes 2,976,145 7.22 +1.51 Strips 0 0.00 0.00 Total Government $ 5,484,092 13.30 +2.12 Federal Agency Coupons $ 3,320,601 8.06 -.49 Certificates of Deposit 7,9759077 19.35 +1.91 Bank Notes 1,425,005 3.46 +.42 Bankers' Acceptances $ 36,707 0.09 0.00 Repurchases 0 0.00 0.00 Federal Agency Discount Notes 8,059,082 19.55 +1.26 Time Deposits 3,868,"0 9.38 +.17 GNMAs 1,247 0.00 0.00 Commercial Paper 7,380,341 17.91 -6.71 FHLMC 12,160 0.03 0.00 Corporate Bonds 2,4639869 5.98 -.09 Pooled Loans 2,715,304 6.59 +1.69. GF Loans 0 0.00 0.00 Reversed Repurchases (195239924) -3.70 +.28 Total. (Ail Types) $ 41,218,001 100.00 INVESTMENT ACTIVITY AUGUST 2000 JULY 2000 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 479 $ 21,813,975 347 $ 16,255,529 Other 33 8489090 6 57,224 Time Deposits 129 1,371,700 138 19227,590 Totals 641 $ 24,033,765 491 $ 17,540,343 PMIA Monthly Average Effective Yield 6.505 6.443 Year to Date Yield Last Day of Month 6.474 6.443 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF AUGUST 2000 WITH AUGUST 1999 (DOLLARS IN THOUSANDS) Average Daily Portfolio Accrued Earnings Effective Yield I 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 $ 1 199 21,813,975 $ 479 1,3719700 $ 129 1,008,073 $ 175,858 $ 174,175 $ 209 21,6929158 471 1,219,700 75 1,041,448 217,406 1699200 +7,501,334 +789492 +1.28 .10 1 +121,817 +8 +152,000 +54 -33,375 -41,548 +4,975 Cc Commercial Paper 17.91 % Bankers Acceptance 0.09% Pooled Money Investment Account 8/31/00 Portfolio Composition $41.2 Billion Reverses Loans -3.70% Treasuries CD's/BN's 22.81 % 3 s Deposits 9.38% Mortgages 0.03% icies 11 % B Treasuries B Time Deposits ■ Mortgages ®Agencies ■ CD's/BN's El Bankers Acceptances ■ Repo El Commercial Paper ® Corporate Bonds 0 Loans 0 Reverses 08/01/00 REDEMPTIONS CD Fst Union 6.330% 08/01/00 6.330 $50,000 96 . $844,000.00 6.417 CP Assoc 08/01/00 6.520 50,000 55 498,055.56 6.677 CP Assoc 08/01/00 6.520 50,000 55 498,055.56 6.677 CP Heller 08/01/00 6.650 50,000 55 507,986.11 6.811 CP GECC. 08/01/00 6.240 50,000 96 832,000.00 6.433 CP GECC 08/01/00 6.240 50,000 96 832,000.00 6.433 CP GECC 08/01/00 6.240 50,000 96 832,000.00 6.433 CP GECC 08/01/00 6.240 50,000 96 832,000.00 6.433 CP Salomon 08/01/00 6.250 50,000 96 833,333.33 6.444 CP Salomon 08/01/00 6.250 50,000 96 833,333.33 6.444 CP GECC 08/01/00 6.140 25,000 99 422,125.00 6.332 CP GECC 08/01/00 6.140 50,000 99 844,250.00 6.332 CP SRAC 08/01/00 6.200 20,000 106 365,111.11 6.403 CP GMAC 08/01/00 6.100 10,000 137 232,138.89 6.331 CP GMAC 08/01/00 6.100 50,000 137 1,160,694.44 6.331 CP GMAC 08/01/00 6.100 50,000 137 1,160,694.44 6.331 NO PURCHASES 08/02/00 RRS Treas Bills 11 /09/00 6.200 50,000 Treas Bills 11 /09/00 6.200 50,000 Treas Notes 4.000% 10/31 /00 6.220 50,000 PURCHASES y/ CD Deutsche 6.645% 10/31/00 6.620 50,000 CP Country 08/16/00 6.560 45,000 CP Enron 08/16/00 6.650 5,000 CP Enron 08/16/00 6.650 50,000 PURCHASES CP Country 08/16/00 6.530 25,000 CP Heller 08/16/00 6.620 25,000 CP Country 08/16/00 6.530 50,000 CP SRAC 08/16/00 6.630 50,000 08/03/00 RRS Treas Bills 12/07/00 6.050 50,000 Treas Bills 12/07/00 6.050 50,000 4 08/03/00 REDEMPTIONS CP Assoc 08/03/00 6.480 50,000 10 90,000.00 6.581 CP Assoc 08/03/00 6.480 50,000 10 90,000.00 6.581 CP FMCC 08/03/00 6.480 15,000 14 37,800.00 6.586 CP FMCC 08/03/00 6.480 50,000 14 126,000.00 6.586 PURCHASES g/ CD Barclays 6.500% 08/23/00 6.500 50,000 CD Barclays 6.500% 08/23/00 6.500 50,000 PURCHASES CD U/B Calif 6.780% 01/09/01 6.780 10,000 CD U/B Calif 6.780% 01/09/01 6.780 50,000 CP NCAT 08/04/00 6.440 50,000 CP NCAT 08/04/00 6.440 50,000 CP GMAC 08/14/00 6.430 50,000 CP GMAC 08/14/00 6.430 50,000 CP Amer Exp 08/29/00 6.450 50,000 CP Amer Exp 08/29/00 6.450 50,000 CP ConAgra 09/11 /00 6.680 20,000 08/04/00 RRS Treas Bills 12/07/00 6.150 50,000 Treas Bills 12/07/00 6.150 50,000 Treas Bills 12/07/00 6.150 50,000 REDEMPTIONS CP NCAT 08/04/00 6.440 50,000 1 8,944.44 6.530 CP NCAT 08/04/00 6.440 50,000 1 8,944.44 6.530 CP Country 08/04/00 6.530 39,845 15 108,411.60 6.638 CP Hertz 08/04/00 6.490 50,000 15 135,208.33 6.597 CP Hertz 08/04/00 6.490 50,000 15 135,208.33 6.597 PURCHASES UI CD World 6.510% 08/25/00 6.510 50,000 CD World 6.510% 08/25/00 6.510 50,000 CD World 6.510% 08/25/00 6.510 50,000 PURCHASES CP Assoc 08/07/00 6.410 50,000 CP Rohm 08/07/00 6.500 50,000 5 08/04/00 PURCHASES (continued) CP U/B Calif 08/28/00 6.470 20,000 CP Household 08/29/00 6.450 50,000 CP Dow 08/29/00 6.470 50,000 CP Dow 08/29/00 6.470 50,000 CP Baxter 08/31 /00 6.500 30,000 08/07/00 REDEMPTIONS CP Assoc 08/07/00 6.410 50,000 3 26,708.33 6.502 CP Rohm 08/07/00 6.500 50,000 3 27,083.33 6.593 CP FMCC 08/07/00 6.540 50,000 82 744,833.33 6.731 CP FMCC 08/07/00 6.540 50,000 82 744,833.33 6.731 CP GECC 08/07/00 6.240 50,000 102 884,000.00 6.440 CP GECC 08/07/00 6.240 50,000 102 884,000.00 6.440 CP Merrill 08/07/00 6.180 38,000 111 724,090.00 6.387 CP B/A 08/07/00 6.170 50,000 112 949,777.78 6.378 PURCHASES CP GECC 08/08/00 6.440 25,000 CP GECC 08/08/00 6.440 50,000 CP GECC 08/08/00 6.440 50,000 CP GECC 08/08/00 6.440 50,000 CP GECC 08/08/00 6.440 50,000 CP Assoc 08/08/00 6.450 50,000 CP Assoc 08/08/00 6.450 50,000 CP Assoc 08/08/00 6.450 50,000 08/08/00 REDEMPTIONS CP GECC 08/08/00 6.440 25,000 1 4,472.22 6.530 CP GECC 08/08/00 6.440 50,000 1 8,944.44 6.530 CP GECC 08/08/00 6.440 50,000 1 8,944.44 6.530 CP GECC 08/08/00 6.440 50,000 1 8,944.44 6.530 CP GECC 08/08/00 6.440 50,000 1 8,944.44 6.530 CP Assoc 08/08/00 6.450 50,000 1 8,958.33 6.540 CP Assoc 08/08/00 6.450 50,000 1 8,958.33 6.540 CP Assoc 08/08/00 6.450 50,000 1 8,958.33 6.540 CP GMAC 08/08/00 6.480 40,000 15 108,000.00 6.587. CP GMAC 08/08/00 6.480 50,000 15 135,000.00 6.587 CP GMAC 08/08/00 6.480 50,000 15 135,000.00 6.587 CP Hertz 08/08/00 6.540 50,000 57 517,750.00 6.700 CP' B/A 08/08/00 6.350 50,000 99 873,125.00 6.552 CP B/A 08/08/00 6.350 50,000 99 873,125.00 6.552 CP GECC 08/08/00 6.150 50,000 112 956,666.67 6.357 CP GECC 08/08/00 6.150 50,000 112 956,666.67 6.357 6 08/08100 REDEMPTIONS (continued) CP SRAC PURCHASES CP Assoc CP Assoc CP Amer Exp CP Amer Exp CP Amer Exp CP Amer Exp 08/09/00 RRS Treas Bills Treas Bills Treas Notes PURCHASES gL CD Zions CD Zions CD Austria PURCHASES BN Banc One BN Banc One CP Assoc CP Assoc CP FMCC CP FMCC CP FMCC CP FMCC CP FMCC CP CAFCO CP CAFCO 08/10100 REDEMPTIONS CP Assoc CP Assoc CP SRAC CP Hertz CP ConAgra CP SRAC CP NCAT 08/08/00 6.250 40,000 132 08/15/00 6.440 50,000 08/15/00 6.440 50,000 08/16/00 6.440 25,000 08/16/00 6.440 50,000 08/16/00 6.440 50,000 08/16/00 6.440 50,000 05/31 /01 6.100 50,000 05/31 /01 6.100 50,000 4.000% 10/31 /00 6.160 50,000 6.500% 09/01 /00 6.490 50,000 6.500% 09/01 /00 6.490 50,000 6.580% 10/31 /00 6.560 50,000 916,666.67 6.485 6.730% 01 /16/01 6.730 50,000 6.730% 01 /16/01 6.730 50,000 08/10/00 6.450 50,000 08/10/00 6.450 50,000 10/02/00 6.460 25,000 10/02/00 6.460 50,000 10/06/00 6.460 50,000 10/06/00 6.460 50,000 10/06/00 6.460 50,000 10/06/00 6.480 25,000 10/06/00 6.480 50,000 08/10/00 6.450 50,000 1 8,958.33 6.540 08/10/00 6.450 50,000 1 8,958.33 6.540 08/10/00 6.600 50,000 13 119,166.67 6.707 08/10/00 6.490 50,000 17 153,236.11 6.600 08/10/00 6.650 20,000 21 77,583.33 6.768 08/10/00 6.650 20,000 87 321,416.67 6.852 08/10/00 6.390 4,000 101 71,710.00 6.597 7 08/10/00 REDEMPTIONS (continued) CP NCAT 08/10/00 6.390 CP GECC 08/10/00 6.150 CP GECC 08/10/00 6.150 CP B/A 08/10/00 6.170 PURCHASES BN B/A 6.730% 02/26/01 6.730 BN B/A 6.730% 02/26/01 6.730 CP GECC 08/11/00 6.470 Disc Notes FNMA. 08/03/01 6.290 Disc Notes FNMA 08/03/01 6.290 Disc Notes FNMA 08/03/01 6.290 Disc Notes FNMA 08/03/01 6.290 08/11/00 REDEMPTIONS CP GECC 08/11/00 6.470 CP Country 08/11/00 6.540 CP ConAgra 08/11/00 6.650 NO PURCHASES 08/14/00 REDEMPTIONS CP GMAC 08/14/00 6.430 CP GMAC O8/14/00 6.430 CP Country 08/14/00 6.520 CP Country 08/14/00 6.520 CP GECC 08/14/00 6.240 CP GECC 08/14/00 6.240 PURCHASES CD Bayer Lnds 6.610% 12/11/00 6.600 CD Bayer Lnds 6.610% 12/11/00 6.600 CP ConAgra 09/11/00 6.620 Disc Notes FNMA 08/09/01 6.320 Treas Bills 05/31/01 5.910 Treas Bills 05/31/01 5.910 08/15/00 REDEMPTIONS CD CommerzBk 6.230% 08/15/00 6.270 CP Assoc 08/15/00 6.440 CP Assoc 08/15/00 6.440 50,000 101 896,375.00 6.597 50,000 114 973,750.00 6.359 50,000 114 973,750.00 6.359 50,000 115 985,486.11 6.381 50,000 50,000 40,000 50,000 50,000 50,000 50,000 40,000 1 7,188.89 6.561 45,000 14 114,450.00 6.647 25,000 22 101,597.22 6.769 50,000 11 98,236.11 6.532 50,000 11 98,236.11 6.532 17,000 21 64,656.67 6.635 50,000 21 190,166.67 6.635 50,000 109 944,666.67 6.448 50,000 109 944,666.67 6.448 25,000 50,000 20,000 30,000 50,000 50,000 50,000 120 1,050,709.16 6.393 50,000 7 62,611.11 6.537 50,000 7 62,611.11 6.537 08/15100 REDEMPTIONS (continued) CP Heller 08/15/00 6.600 50,000 22 201,666.67 188,416.67 6.718 6.784 CID SRAC 08/15/00 6.650 30,000 50,000 34 28 248,500.00 6.511 Disc Notes FHLMC 08/15/00 08/15/00 6.390 6.390 50,000 28 248,500.00 6.511 Disc Notes FHLMC 08/15/00 6.390 50,000 28 248,500.00 6.511 Disc Notes FHLMC 08/15100 6.390 50,000 28 248,500.00 6.511 Disc Notes FHLMC RRP 03/01 /01 5.100 50,000 28 (191,292.50) -5.170 Treas Bills 03/01/01 5.100 50,000 28 ( 191,292.50) -5.170 Treas Bills 03/01 /01 5.100 50,000 28 191,292.50) (191,292.50) -5.170 Treas Bills 03/01 /01 5.100 50,000 -5.170 Treas Bills PURCHASES CD Soc Gen 6.730% 01/29/01 6.710 CD Soc Gen 6.730% 01 /29101 6.710 50,000 , 000 CD Bayer Ver 6.725% 02/14/01 6.700 CD Bayer Ver 6.725% 2/14/01 55,000 ,000 ,CP GE 08/16/00 6.700 50,000 CID GE 08/16/00 6.700 50,000 CID GE 08/16/00 6.700 50,000 CID GE 08/16/00 6.700 50,000 CID SRAC 10/02/00 6.670 50,000 Disc Notes FNMA 08/10/01 6.310 50,000 Disc Notes FNMA 08/10/01 6.310 50,000 Treas Notes 6.250% 07/31 /02 6.269 50,000 Treas Notes 6.250% 07/31 02 6 269 50,000 Treas Notes 6.250% 0713 50,000 08116/00 RRS Treas Bills 03/01 /01 5.160 50,000 Treas Bills 03/01/01 5.160 50,000 Treas Bills 03/01 /01 5.400 50,000 Treas Bills 03/01 /01 5.400 50,000 REDEMPTIONS CID GE 08/16/00 6.700 50,000 1 9,305.56 9,305.56 6.794 6.794 CID GE 08/16/00 6.700 50,000 1 1 g,305.56 6.794 CID GE 08/16/00 6.700 50,000 50,000 1 g,305.56 6.794 CID GE 08/16/00 08/16/00 6.700 6.440 8 35,777.78 6.538 CID Amer Exp 08/16/00 6.440 50,000 50,000 8 71,555.56 6.538 CID Amer Exp 9 WOVIViuu KEOEMPTIONS (continued) CP CP Amer Exp Amer Exp 08/16/00 6.440 50,000 8 71,555.56 6.538 CP Enron 08/16/00 08/16/00 6.440 6.650 50,000 71,555.56 6.538 CP Country 08/16/00 6.530 5,000 25,000 14 6.759 CP Heller 08/16/00 6.620 25,000 14 14 3,4 6.11 63,486.11 6.637 CP Country 08/16/00 6.560 45,000 14 64,.11 6.729 CP Country 08/16/00 6.530 50,000 14 114,800.00 6.668 CP Enron 08/16/00 6.650 50,000 14 69722 129,305.56 6.637 CP SRAC 08/16/00 6.630 50,000 14 129,305.56 6.759 CP Amer Exp 08/16/00 6.480 50,000 19 171, 6.739 CP Amer Exp 08/16/00 6.480 50,000 19 171,000.00 00.00 6.592 CP Amer Exp 08/16/00 6.480 50,000 19 171,000.00 6.592 CP Amer Exp 08/16/00 6.480 50,000 19 171,000.00 6.592 CP Heller 08/16/00 6.620 50,000 26 131,055.56 6.592 CP Heller 08/16/00 6.620 50,000 26 23,.56000.00 9,0. 6.744 CP CP W/F W/F 08/16/00 6.480 50,000 26 239,0 0. 0 234,00.0 6.744 6.600 CP Assoc 08/16/00 08/16/00 6.480 50,000 26 6.600 CP Assoc 08/16/00 6.580 6.580 50,000 50,000 90 822,500.00 822,500.00 6.782 90 822,500.00 6.782 RRP Treas Treas Bills Bills 11/09/00 6.200 50,000 14 (118,566.39) -6.286 11/09/00 6.200 50,000 14 (118, 566.39) -6.286 PURCHASES y/ CD CD Wachovia 6.510% 09/01/00 6.490 50,000 Disc Notes Wachovia FHLB 6.510% 09/01/00 6.490 50,000 Disc Notes FHLB 08/31/00 6.330 50,000 08/31/00 6.330 50,000 PURCHASES CD CD Cr Agric 6.710% 02/26/01 6.710 10,000 CD Cr Agric 6.710% 02/26/01 6.710 50,000 CD Deutsche 6.710% 02/26/01 6.710 50,000 CP Bayer Ver 6.730% 02/26/01 6.725 50,000 CP Heller Heller 10/16/00 6.600 25,000 CP Heller 10/16/00 6.600 50,000 CP Heller 10/27/00 6.600 25,000 CP SRAC 10/27/00 6.600 50,000 Disc Notes FHLMC 02/09/01 6.670 50,000 Disc Notes FNMA 08/16/01 6.320 50,000 08/08/01 6.320 50,000 10 08117/00 REDEMPTIONS FNMA 5.800% 08/17/00 PURCHASES CD Toronto 6.690% 01 /29/01 CD Toronto 6.690% 01 /29/01 CD Zions 6.690% 01 /29/01 CD Zions 6.690% 01 /29/01 CD Bayer Lnds 6.700% 01 /29/00 CD Bayer Lnds 6.700% 01 /29100 CD U/B Calif 6.730% 02/26/01 CD U/B Calif 6.730% 02/26/01 Disc Notes FHLMC 08/16/01 Disc Notes FHLMC 08/16/01 Disc Notes FHLMC 08/16/01 08/18/00 REDEMPTIONS 5.900 50,000 366 6.680 6.680 6.690 6.690 6.690 6.690 6.730 6.730 6.322 6.322 6.325 CP ConAgra 08/18/00 6.650 Cp CAFCO 08/18/00 6.640 CP CAFCO 08/18/00 6.640 Cp CAFCO 08/18/00 6.640 FNMA 5.490% 08/18/00 5.499 FNMA 5.490% 08/18/00 5.499 PURCHASES CD CIBC 6.720% 01/29/01 6.700 CD CIBC 6.720% 01 /29101 6.700 CP GECC 08/21/00 6.450 Cp GECC 08/21/00 6.450 CP SRAC 08/31 /00 6.580 CP SRAC 09/01 /00 6.580 LMC 08/16/01 6.330 Disc Notes FH 08121/00 REDEMPTIONS Cp GECC 08/21/00 6.450 Cp GECC 08/21/00 6.450 Cp FMCC 08/21/00 6.480 Cp FMCC 08/21/00 6.480 PURCHASES BN Banc One 6.730% 01 /29/01 6.730 BN Banc One 6.730% 01 /29/01 6.730 11 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 2,947,871.43 5.901 20,000 37 136,694.44 6.788 20,000 79 291,422.22 6.831 50,000 79 728,555.56 6.831 50,000 79 728,555.56 6.831 50,000 723 5,439,000.00 5.500 50,000 723 5,439,000.00 5.500 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 3 26,875.00 6.543 50,000 3 26,875.00 6.543 50,000 28 252,000.00 6.603 50,000 28 252,000.00 6.603 50,000 50,000 11vu rwKL,"A5L5 (continued) CP CP GMAC 09/01/00 6.440 5,000 CP GMAC GMAC 09/01/00 6.440 50,000 CP GMAC 09/01/00 6.440 50,000 CP GMAC 09/01/00 6.440 50,000 CP Assoc 09/01/00 6.440 50,000 CP Assoc 09/01/00 6.440 50,000 CP ConAgra 09/01/00 6.440 50,000 CP ConAgra 09/07/00 6.660 50,000 Disc Notes FHLMC 09/07/00 6.660 50,000 08/16/01 6.330 50,000 08/22/00 RRS Treas Treas Bills Bills 11/09/00 6.180 50,000 11/09/00 6.180 50,000 PURCHASES y/ CP CP Morg Stan 11/09/00 6.480 50,000 Morg Stan 11/09/00 6.480 50,000 PURCHASES CP CP GECC GMAC 08/23/00 6A30 50,000 CP Amer Exp 08/29/00 6.440 30,000 CP Amer Ex p 08/31/00 6.440 50,000 CP FMCC 08/31/00 6.440 50,000 CP FMCC 09/01/00 6.450 50,000 CP ConAgra 09/01/00 6.450 50,000 CP ConAgra 09/07/00 6.670 23,000 09/07/00 6.670 50,000 08/23/00 REDEMPTIONS CD CD Barclays 6.500% 08/23/00 6.500 50,000 CP Barclays GECC 6.500% 08/23/00 6.500 50,000 08/23/00 6.430 50,000 RRP Treas Treas Bills Bills 12/07/00 6.050 50,000 12/07/00 6.050 50,000 PURCHASES CP FMCC 08/28/00 6.400 50,000 12 20 180,555.56 6.590 20 180, 555.56 6.590 1 8,930.56 6.520 20 (164,526.39) -6.134 20 (164,526.39) -6.134 08/23100 PURCHASES (continued) 08/28/00 6.400 50,000 CID FMCC 08/28/00 6.400 50,000 CID FMCC 08/28/00 6.400 50,000 CID FMCC 08/29/00 6.810 24,315 Cp Xerox 08/29/00 6.810 50,000 CID Xerox 08/30/00 6.620 17,182 CID ConAgra 08/31/00 6.440 50,000 CID GMAC 08/31 /00 6.440 50,000 CID GMAC 08/31 /00 6.440 50,000 CID GMAC 08/31 /00 6.440 50,000 CID GMAC 08/24100 NO SALES PURCHASES CD BNParis 6.690°/, 02/08/01 6 685 50,000 CD BNParis 6.690% 02/08/01 02/28/01 6.690 50,000 CD CIBC CIBC 6.700% 6.700% 02/28/01 6•690 50,000 CD 08/25/00 6.600 40,000 CID Rohm 08/28/00 6.500 50,000 CP Country 08/28/00 6.500 50,000 CID Country 08/28/00 6.500 50,000 CID Country 08/28/00 6.500 50,000 CID Country 08/31 /00 6.430 50,000 CID Amer Exp 08/31 /00 6.430 50,000 CID Amer Exp 09/01 /00 6.460 25,000 CP Hertz 09/01 /00 6.430 50,000 CID Amer Exp 09/01 /00 6.430 50,000 CID Amer Exp 09/01 /00 6.430 50,000 CID GMAC 09/01 /00 6.430 50,000 CID GMAC 05/31 /01 5.865 50,000 Treas Bills 05/31 /01 5.865 50,000 Treas Bills 6.250% 07/31/02 6.207 Treas Notes 6.250% 07/31 /02 6.207 50�000 Treas Notes PURCHASES W Treas Notes 6.250% 08/31 /02 6.420 6.420 49,090 50,000 Treas Notes 6.250% 08/31 /02 08125100 REDEMPTIONS 189,875.00 6.600 World 6.5100% 08/25/00 510 50,000 21 21 189,875.00 6.600 CD CD World 6.510 /0 08/25/00 6510 . 50,000 50,000 21 189,875.00 6.600 CD World 6.510% 08/25/00 6.510 13 --- -•-.. ........� luu"Unued) CID Rohm Disc Notes FHLB 08/25/00 6.600 40,000 7,750.00 Disc Notes FHLB 08/25/00 08/25/00 6.390 50,000 50 443,50. 6.692 6.536 MTN Assoc 7.500% 08/25/00 6.390 5.390 50,000 5,000 50 443,750.00 6.536 640 482,841.67 5.392 SALES g/ Treas Notes Treas Notes 6.250% 08/31/02 6.420 49,090 1 6.250% 08/31/02 6.420 50,000 1 8,834.81 6.509 RRP 8,998.52 6.509 Treas Bills Treas Bills 12/07/00 12/07/00 6.150 50,000 21 (175,608.13) Treas Bills 12/07/00 6.150 50,000 21 (175,608.13) -6.235 Treas Bills 03/01/01 6.150 5050 50,000 21 (175,608.13) -6.235 -6.235 Treas Bills 03/01/01 . 5.050 50,000 50,000 50 (337,718.75) -5.120 50 (337,718.75) -5.120 PURCHASES Disc Notes FHLMC Treas Notes 08/16/01 6.295 30,000 Treas Notes 6.625% 03/31/02 6.275 50,000 Treas Notes 6.625% 03/31 /02 6.275 50,000 Treas Notes 6.250% 07/31/02 6.190 50,000 6.250% 07/31/02 6.190 50,000 08/28/00 REDEMPTIONS CID Country CID08/28/00 FMCC 6.500 50,000 4 36,111.11 CP FMCC 08/28/00 6.400 10,000 5 8,888.89 6.595 CID FMCC 08/28/00 08/28/00 6.400 6.400 50,000 5 44,444.44 6.494 6.494 CP FMCC CIDU/B 08/28/00 6.400 50,000 50,000 5 44,444.44 6.494 Calif 08/28/00 6.470 20,000 24 44,444.44 6.494 PURCHASES 86,266.67 6.588 Disc Notes FNMA Disc Notes FNMA 08/22/01 6.300 50,000 Disc Notes FNMA 08/23/01 6.300 50,000 Disc Notes FNMA 08/23/01 6.300 50,000 Disc Notes FNMA 08/23/01 6.300 50,000 08/23/01 6.300 50,000 08/29/00 REDEMPTIONS RN Banc One 6.270% 08/29/00 6.270 50,000 168 1,463 00 0.00 6.357 14 08129/00 REDEMPTIONS (continued) BN Banc One 6.270% 08/29/00 6.270 50,000 168 1, 463,000.00 1,508000.00 6.357 BN Banc One 6.240% 08/29/00 6.240 50,000 10,000 174 188 , 6.326 67 BN Banc One 6.280% 08/29/00 08/29/00 6.280 6.280 50,000 188 1 639777. 8 BN Banc One Den Danske 6.280% 6.770% 08/29/00 , 6.367 843 CD CD ABN Amro 6.480% 08/29/00 6.470 50,000 123 1,105,328.61 1,105,328.61 6.559 6.559 CD ABN Amro. 6.480% 08/29/00 6.470 50,000 50,000 123 123 1,110,416.67 6.590 CD Fst Union 6.500% 08/29/00 08/29/00 6.500 6.500 50,000 123 1,110,416.67 6.590 CD Fst Union CommerzBk 6.500% 6.270% 08/29/00 6.270 5, 393,333.33 6.357 CD CD Montreal 6.250% 08/29/00 6.250 50,000 161 1,397,569.44 552,500.00 6.336 6.296 CD Banc One 6.210% 08/29/00 • 6.210 50,000 180 1,552,500.00 6.296 CD Banc One 6.210% 08/29/00 08/29/00 6.210 6.215 , 25,000 185 8029093 301 CD BNParis 6.220% 08/29/00 6.500 50,000 , . 6. 596 Cp Country 08/29/00 6.500 50,000 5 45,138.89 6.596 Cp Country 08/29/00 6.500 50,000 5 45,138.89 6.596 Cp Country 08/29/00 6.810 24,315 6 27,597.52 6.912 CP Xerox 08/29/00 6.810 50,000 6 56,750.00 6.912 Cp Xerox GMAC 08/29/00 6.440 30,000 7 37,566.67 6.537 Cp CID Household 08/29/00 6.450 50,000 25 223,958.33 224,652.78 6.568 6.589 CIDoW 08/29/00 08/29/00 6.470 6.470 50,000 50,000 25 25 224,652.78 6.589 CID Cp posy Amer Exp 08/29/00 6.450 50,000 26 232,916.67 6.470 6.470 Cp Amer Exp 08/29/00 6.450 50,000 26 26 232,916.67 232,916.67 6.470 Cp Amer Exp 08/29/00 08/29/00 6.450 6.450 50,000 50,000 26 232,916.67 6.470 Cp Amer Exp 08/29/00 6.480 18,000 32 103,680.00 6.608 CID Merrill Merrill 08/29/00 6.480 50,000 32 288,000.00 6.608 Cp Cp Household 08/29/00 6.490 50,000 32 288,444.44 6.618 6.618 Cp Household 08/29/00 6.490 50,000 32 33 288,444.44 166,416.25 6.783 Cp ConAgra 08/29/00 08/29/00 6.650 6.490 27,300 50,000 33 297,458.33 6.619 Cp GMAC GMAC 08/29/00 6.490 50,000 33 297,458.33 6.619 Cp Cp GMAC 08/29/00 6.490 50,000 33 297,458.33 306,000.00 6.619 6.610 Cp GECC 08/29/00 08/29/00 6.480 6.480 50,000 50,000 34 34 306,000.00 6.610 Cp GECC FMCC 08/29/00 6.480 50,000 34 306,000.00 6.610 Cp CID FMCC 08/29/00 6.480 50,000 34 306,000.00 6.616 6.6 Cp Assoc 08/29/00 6.480 40,000 39 43 280,800.00 387,597.22 6.63311 CID Amer Exp 08/29/00 08/29/00 6.490 6.490 50,000 50,000 43 387,597.22 6.631 Cp Cp Amer Exp Amer Exp 08/29/00 6.490 50,000 43 387,597.22 6.631 CID SRAC 08/29/00 6.850 50,000 55 523,263.89 7.018 Cp JP Morgan 08/29/00 6.570 15,000 78 213,525.00 711,750.00 6.757 6.757 Cp JP Morgan 08/29/00 6.570 50,000 78 15 08/29/00 REDEMPTIONS (continued) CID CID GMAC GMAC 08/29/00 6.570 50,000 83 757,375.00 6.763 CP Heller 08/29/00 6.570 50,000 83 757,375.00 6.763 CID GECC 08/29/00 6.800 50,000 88 831,111.11 7.010 CID GECC 08/29/00 6.240 50,000 124 1,074,666.67 6.465 CID GECC 08/29/00 6.240 50,000 124 1,074,666.67 6.465 CP GECC 08/29/00 6.240 50,000 124 1,074,666.67 6.465 CI' NCAT 08/29/00 6.240 50,000 124 1,074,666.67 6.465 CP NCAT 08/29/00 6.270 50,000 125 1,088,541.67 6.498 CID NCAT 08/29/00 6.270 50,000 125 1,088,541.67 6.498 CID NCAT 08/29/00 6.270 50,000 125 1,088,541.67 6.498 CID GMAC 08/29/00 6.270 50,000 125 1,088,541.67 6.498 CID GMAC 08/29/00 6.220 50,000 126 1,088,500.00 6.446 CIF GECC 08/29/00 6.220 50,000 126 1,088,500.00 6.446 CID GECC 08/29/00 6.180 25,000 137 587,958.33 6.416 Disc Notes FHLMC 08/29/00 08/29/00 6.180 5.580 50,000 137 1,175,916.67 6.416 50,000 264 2,046,000.00 5.898 PURCHASES CID GECC 08/30/00 6.520 50,000 CID GECC 08/30/00 6.520 50,000 CID GECC 08/30/00 6.520 50,000 CID GECC 08/30/00 6.520 50,000 CID Household 08/31/00 6.420 45,000 CP ConAgra 09/12/00 6.680 35,000 Treas Notes 6.250% 07/31/02 6.268 50,000 Treas Notes 6.250% 07/31/02 6.268 50,000 Treas Notes 6.250% 07/31/02 6.268 50,000 Treas Notes 6.250% 07/31/02 6.268 50,000 08/30/00 REDMEPTIONS CP CID GECC GECC 08/30/00 6.520 50,000 1 9,055.56 6.611 CID GECC 08/30/00 6.520 50,000 1 9,055.56 6.611 CID GECC 08/30/00 6.520 50,000 1 9,055.56 6.611 CID ConAgra 08/30/00 08/30/00 6.520 6.620 50,000 17,182 1 9,055.56 6.611 7 22,117.05 6.720 PURCHASES BN Banc One 6.710% 01/29/01 6.710 50,000 BN Banc One 6.710% 01/29/01 6.710 50,000 CD Nova Scot 6.700% 01/29/01 6.700 50,000 CD Nova Scot 6.700% 01/29/01 6.700 50,000 CD U/B Calif 6.720% 01/29/01 6.720 50,000 CD U/B Calif 6.720% 01/29/01 6.720 50,000 16 08/30/00 PURCHASES (continued) CD U/S Calif 6.720% 01/29/01 6.720 50,000 CP Assoc 08/31/00 6.530 50,000 CP Assoc 08/31/00 6.530 50,000 CP Assoc 08/31/00 6.530 50,000 CP Assoc 08/31/00 6.530 50,000 CP Household 09/01 /00 6.530 50,000 CP Household 09/01/00 6.530 50,000 CP Household 09/01 /00 6.530 50,000 CP Household 09/01 /00 6.530 50,000 CP ConAgra 09/07/00 6.700 15,500 CP SRAC 01 /29/01 6.680 50,000 Disc Notes FHLLMC 08/16/01 6.320 20,000 Disc Notes FHLLMC 08/16/01 6.322 50,000 08/31/00 RRS FNMA 5.625% 03/15/01 6.250 30,000 REDEMPTIONS CD Stnrd Ch 6.750% 08/31/00 6.740 50,000 99 CD Stnrd Ch 6.750% 08/31/00 6.740 50,000 99 926,775.02 6.833 CD U/B Calif 6.290% 08/31/00 6.290 25,000 163 711,993.06 6.377 CD U/B Calif 6.290% 08/31/00 6.290 50,000 CD Banc One 6.250% 08/31/00 6.240 50,000 199 1,724,758.83 6.326 CD Banc One 6.250% 08/31/00 6.240 50,000 199 1,724,758.83 6.326 CP Assoc 08/31/00 6.530 50,000 1 9,069.44 6.621 CP Assoc 08/31/00 6.530 50,000 1 9,069.44 6.621 CP Assoc 08/31/00 6.530 50,000 1 9,069.44 6.621 CP Assoc 08/31/00 6.530 50,000 1 9,069.44 6.621 CP Household 08/31/00 6.420 45,000 2 16,050.00 6.511 CP Amer Exp 08/31/00 6.430 50,000 7 62,513.89 6.527 CP Amer Exp 08/31/00 6.430 50,000 7 62,513.89 6.527 CP GMAC 08/31/00 6.440 50,000 8 71,555.56 6.538 CP GMAC 08/31/00 6.440 50,000 8 71,555.56 6.538 CP GMAC 08/31/00 6.440 50,000 8 71,555.56 6.538 CP GMAC 08/31/00 6.440 50,000 8 71,555.56 6.538 CP Amer Exp 08/31/00 6.440 50,000 9 80,500.00 6.539 CP Amer Exp 08/31/00 6.440 50,000 9 80,500.00 6.539 CP SRAC 08/31/00 6.580 50,000 13 118,805.56 6.687 CP Baxter 08/31/00 6.500 30,000 27 146,250-00 22 CP Heller 08/31/00 6.800 50,000 90 850, 00 7.013 Disc Notes FHLB 08/31/00 6.330 50,000 15 131,875.00 6.434 Disc Notes FHLB 08/31/00 6.330 50,000 15 131,875.00 6.434 17 08/31/00 RRP Treas Bills Treas Bills PURCHASES g/ CP Amer Exp PURCHASES CD Montreal CD Montreal CID SRAC CID GMAC CP GMAC Treas Bills Treas Bills 03/01/01 5.400 50,000 15 03/01 /01 5.400 50,000 15 09/14/00 6.500 30,000 6.700% 01 /09/01 6.700% 01 /09/01 09/07/00 09/12/00 09/12/00 08/30/01 08/30/01 18 6.700 50,000 6.700 50,000 6.700 50,000 6.520 50,000 6.520 50,000 5.850 50,000 5.850 50,000 (108,787.50) -5.475 (108,787.50) -5.475 a/ The abbreviations indicate the type of security purchased or sold; i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes, and Participation Certificates: Federal National Mortgage Association (FNMA), Farmers Home Administration Notes (FHA), Student Loan Marketing Association (SLMA), Small Business Association (SBA), Negotiable Certificates of Deposit (CD), Negotiable Certificates of Deposit Floating Rate (CD FR), Export Import Notes (EXIM), Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA) Medium Term Notes (MTN). b/ Purchase or sale yield based on 360 day calculation for discount obligations and Repurchase Agreements. c/ Repurchase Agreement. d/ Par amount of securites purchased, sold, or redeemed. e/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 19 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE AGOURA HILLS Pacific Crest Bank 07/06/00 6.030 8,000,000.00 10/04/00 Pacific Crest Bank 10/12/99 5.390 5,000,000.00 10/16/00 Pacific Crest Bank 07/17/00 6.220 5,000,000.00 10/16/00 Pacific Crest Bank 11/30/99 5.740 5,000,000.00 12/01/00 Pacific Crest Bank 12/28/99 5.980 5,000,000.00 12/27/00 Pacific Crest Bank 08/31/00 6.430 5,000,000.00 02/27/01 ALHAMBRA Grand National Bank 03/06/00 6.060 3,000,000.00 09/06/00 Grand National Bank 07/20/00 6.360 3,095,000.00 01/16/01 Grand National Bank 08/07/00 6.330 3,000,000.00 02/16/01 Grand National Bank 06/23/00 6.170 1,000,000.00 06/25/01 Grand National Bank 07/14/00 6.120 2,000,000.00 07/13/01 Omni Bank 06/05/00 5.750 6,000,000.00 09/05/00 Omni Bank 07/31/00 6.230 300,000.00 10/30/00 Omni Bank 07/24/00 6.140 1,000,000.00 10/30/00 Omni Bank 08/30/00 6.340 2,000,000.00 11/28/00 ARROYO GRANDE Mid -State Bank 07/17/00 6.190 5,000,000.00 10/16/00 Mid -State Bank 07/17/00 6.270 5,000,000.00 01/12/01 BEVERLY HILLS City National Bank 09/15/99 5.280 20,000,000.00 09/15/00 City National Bank 03/31/00 6.200 50,000,000.00 09/29/00 City National Bank 10/12/99 5.360 25,000,000.00 10/16/00 City National Bank 05/03/00 6.170 25,000,000.00 10/31/00 City National Bank 02/28/00 6.220 20,000,000.00 02/28/01 CHICO North State National Bank 09/07/99 5.240 500,000.00 09/01/00 North State National Bank 08/30/99 5.160 1,000,000.00 09/01/00 North State National Bank 07/07/00 6.220 3,000,000.00 01/05/01 North State National Bank 08/24/99 6.380 1,000,000.00 02/23/01 North State National Bank 04/06/00 6.170 1,000,000.00 04/06/01 North State National Bank 04/07/00 6.170 1,000,000.00 04/06/01 Tri Counties Bank 06/07/00 6.050 10,000,000.00 09/06/00 Tri Counties Bank 06/13/00 5.930 10,000,000.00 09/12/00 461 NAME CHICO (continued) Tri Counties Bank Tri Counties Bank CITY OF INDUSTRY EverTrust Bank EverTrust Bank EverTrust Bank EverTrust Bank EverTrust Bank CONCORD CA State 9 Credit Union DU_ Operating Engineers FCU Operating Engineers FCU Operating Engineers FCU EL CENTRO Valley Independent Bank Valley Independent Bank Valley Independent Bank Valley Independent Bank EL SEGUNDO Xerox Federal Credit Union Xerox Federal Credit Union FR_ United Security Bank United Security Bank FULLERTON Fullerton Community Bank Fullerton Community Bank TIME DEPOSITS DEPOSIT PAR DATE YIELD AMOUNT ($) 06/20/00 5.850 10,000,000.00 07/10/00 6.050 10,000,000.00 MATURITY DATE 09/19/00 10/10/00 06/12/00 5.910 1,000,000.00 09/11 /00 06/19/00 5.790 3,000,000.00 09/11/00 06/26/00 .5.830 2,000,000.00 09/25/00 01/20/00 6.050 3,000,000.00 10/16/00 07/18/00 6.110 3,000,000.00 07/18/01 08/24/00 6.330 10,000,000.00 11/21/00 06/19/00 5.830 10,000,000.00 09/19/00 06/02/00 6.290 5,000,000.00 11/30/00 08/22/00 6.350 10,000,000.00 02/20/01 05/02/00 6.140 15,000,000.00 10/31 /00 07/31/00 6.330 5,000,000.00 01/29/01. 08/11/00 6.340 3,750,000.00 02/15/01 05/15/00 6.410 3,750,000.00 05/15/01 08/15/00 6.320 5,000,000.00 11/14/00 08/15/00 6.380 15,000,000.00 02/13/01 07/31 /00 6.240 15,000,000.00 11 /01 /00 08/15/00 6.310 10,000,000.00 11/15/00 08/21 /00 6.300 9,000,000.00 11 /21 /00 01/19/00 6.160 8,000,000.00 01/19/01 21 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE INGLEWOOD Imperial Bank 03/02/00 6.110 25,000,000.00 09/14/00 Imperial Bank 02/03/00 6.120 50,000,000.00 09/14/00 Imperial Bank 04/13/00 6.100 20,000,000.00 10/05/00 Imperial Bank 03/09/00 6.190 25,000,000.00 10/12/00 Imperial Bank 05/18/00 6.420 25,000,000.00 10/19/00 Imperial Bank 06/13/00 6.140 15,000,000.00 11/02/00 Imperial Bank 03/30/00 6.320 18,000,000.00 11/09/00 Imperial Bank 05/25/00 6.460 25,000,000.00 11/16/00 Imperial Bank 04/27/00 6.150 26,000,000.00 12/07/00 Imperial Bank 07/06/00 .6.260 25,000,000.00 02/01/01 Imperial Bank 06/22/00 6.010 20,000,000.00 03/01/01 Imperial Bank 08/10/00 6.210 18,000,000.00 03/08/01 Imperial Bank 08/17/00 6.240 25,000,000.00 03/08/01 LAGUNA HILLS ElDorado Bank 07/25/00 6.190 20,000,000.00 10/23/00 ElDorado Bank 08/22/00 6.320 20,000,000.00 11/20/00 LODI Bank of Lodi 06/22/00 5.850 3,000,000.00 09/21/00 Farmers & Merchant Bk Cen CA 07/06/00 6.000 10,000,000.00 10/04/00 LOS ANGELES Broadway Federal Bank 09/29/99 5.230 2,500,000.00 10/02/00 Broadway Federal Bank 06/30/00 6.250 1,250,000.00 01/08/01 Broadway Federal Bank 07/07/00 6.230 1,250,000.00 01 /08/01 California Chohung Bank 07/19/00 6.320 1,000,000.00 01/17/01 Cathay Bank 06/19/00 5.840 9,000,000.00 09/19/00 Cathay Bank 06/28/00 5.860 10,000,000.00 09/26/00 Eastern International Bank 05/09/00 6.380 900,000.00 11/06/00 General Bank 06/08/00 6.010 25,000,000.00 09/08/00 General Bank 07/24/00 6.210 7,000,000.00 10/23/00 General Bank 08/01/00 6.230 28,000,000.00 11/01/00 General Bank 08/08/00 6.270 15,000,000.00 11/06/00 General Bank 08/02/00 6.270 15,000,000.00 11/06/00 General Bank 08/30/00 6.330 10,000,000.00 11/28/00 Hanmi Bank 06/27/00 6.210 25,000,000.00 01/02/01 Manufacturers Bank 06/05/00 5.750 10,000,000.00 09/05/00 22 NAME OAKDALE (continued) TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE Oak Valley Community Bank 06/30/00 5.830 1,000,000.00 09/29/00 Oak Valley Community Bank 08/02/00 6.230 500,000.00 10/31 /00 Oak Valley Community Bank 07/31 /00 6.230 1,000,000.00 10131 /00 Oak Valley Community Bank 05/01 /00 6.090 1,000,000.00 10/31 /00 Oak Valley Community Bank 08/09/00 6.340 500,000.00 02/05/01 Oak Valley Community Bank 08/21/00 6.360 500,000.00 03/23/01 Oak Valley Community Bank 03/24/00 6.230 1,000,000.00 03/23/01 ONTARIO Citizens Business Bank 03/22/00 6.180 10,000,000.00 09/18/00 Citizens Business Bank 04/06/00 6.160 10,000,000.00 10/05/00 Citizens Business Bank 04/06/00 6.160 10,000,000.00 10/05/00 Citizens Business Bank 05/10/00 6.480 10,000,000.00 11/06/00 Citizens Business Bank 05/25/00 6.450 20,000,000.00 12/07/00 Citizens Business Bank 06/15/00 6.260 10,000,000.00 12/15/00 Citizens Business Bank 07/06/00 6.270 5,000,000.00 01/12/01 Citizens Business Bank 08/09/00 6.350 10,000,000.00 02/09/01 Citizens Business Bank 03/08/00 6.240 5,000,000.00 03/08/01 PALM SPRINGS Canyon National Bank 06/16/00 5.860 95,000.00 09/14/00 PALO ALTO Bay Area Bank 08/04/00 6.270 5,000,000.00 11/02/00 Bay Area Bank 07/26/00 6.300 5,000,000.00 01/22/01 Bay Bank of Commerce 08/04/00 6.270 5,000,000.00 11/02/00 Coast Commercial Bank 06/12/00 5.940 20,000,000.00 09/11/00 Coast Commercial Bank 07/20/00 6.240 5,000,000.00 10/18/00 Cupertino National Bank 06/05/00 5.750 20,000,000.00 09/01/00 Cupertino National Bank 03/22/00 6.180 10,000,000.00 09/18/00 Cupertino National Bank 08/02/00 6.270 10,000,000.00 11/02/00 Cupertino National Bank 08/04/00 6.270 25,000,000.00 11/02/00 Golden Gate Bank 06/05/00 5.750 9,000,000.00 09/01/00 Mid -Peninsula Bank 06/05/00 5.750 5,000,000.00 09/01/00 Mid -Peninsula Bank 03/24/00 6.150 10,000,000.00 09/20/00 Mid -Peninsula Bank 08/02/00 6.270 15,000,000.00 11/02/00 Mid -Peninsula Bank 08/04/00 6.270 20,000,000.00 11/02/00 Peninsula Bank of Commerce 03/13/00 6.110 15,000,000.00 09/11/00 24 NAME LOS ANGELES (continued) Manufacturers Bank Manufacturers Bank Manufacturers Bank Mercantile National Bank Preferred Bank Preferred Bank Preferred Bank Preferred Bank Preferred Bank Preferred Bank Sae Han Bank State Bank of India State Bank of India State Bank of India Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank MERCED County Bank County Bank County Bank County Bank IT, ft-Arl• ;q7 Trust Bank FSB Trust Bank FSB NORWALK Cerritos Valley Bank Cerritos Valley Bank Cerritos Valley Bank OAKDALE Oak Valley Community Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 03/13/00 6.110 10,000,000.00 09/11/00 06/26/00 5.860 10,000,000.00 09/25/00 08/07/00 6.250 10,000,000.00 11/06/00 08/17/00 6.400 2,000,000.00 02/13/01 06/12/00 5.920 9,000,000.00 09/11/00 06/20/00 5.830 9,000,000.00 09/18/00 07/03/00 5.860 3,000,000.00 10/02/00 07/17/00 6.180 3,000,000.00 10/16/00 08/14/00 6.280 4,000,000.00 11/14/00 08/30/00 6.320 7,000,000.00 11/28/00 04/20/00 6.040 3,000,000.00 10/17/00 11 /19/99 5.600 2, 000, 000.00 11 /30/00 01/20/00 6.110 2,000,000.00 01/19/01 06/12/00 6.230 2,000,000.00 06/12/01 01/12/00 6.090 4,000,000.00 01/12/01 03/17/00 6.230 4,000,000.00 03/19/01 04/18/00 6.090 5,000,000.00 04/18/01 05/17/00 6.370 2,000,000.00 05/17/01 06/07/00 6.290 2,000,000.00 06/07/01 08/31 /00 6.290 4,000,000.00 08/31 /01 03/15/00 6.180 5,000,000.00 09/11/00 04/20/00 6.050 5,000,000.00 10/17/00 07/19/00 6.340 5,000,000.00 01/18/01 03/09/00 6.200 5,000,000.00 03/09/01 03/27/00 6.180 4,000,000.00 10/02/00 06/26/00 6.220 2,000,000.00 01/02/01 07/06/00 6.020 1,000,000.00 10/05/00 08/30/00 6.350 1,000,000.00 11/28/00 08/30/00 6.410 1,000,000.00 02/26/01 09/27/99 5.190 500,000.00 09/29/00 23 TIME DEPOSITS NAME DEPOSIT DATE YIELD PAR MATURITY AMOUNT ($) DATE PALOS VERDES ESTATES Malaga Bank Malaga Bank 03/28/00 6.250 6,000,000.00 09/26/00 07/19/00 6.350 2,000,000.00 01 /19/01 PASADENA Community Bank Community Bank 10/25/99 5.490 5,000,000.00 10/27/00 Community Bank 12/07/99 12/13/99 5.700 5,000,000.00 12/08/00 Community Bank 01/10/00 5.650 6.040 10,000,000.00 12/15/00 Community Bank 06/22/00 6.110 20,000,000.00 01/12/01 Community Bank 08/11/00 6.190 5,000,000.00 15,000,000.00 06/22/01 08/13/01 PETALUMA Bank of Petaluma Bank of Petaluma 07/24/00 6.200 2,500,000.00 10/23/00 02/07/00 6.210 1,000,000.00 02/07/01 PICO RIVERA Pacific West National Bank 11/23/99 5.650 1,000,000.00 11 /30/00 PLACERVILLE ' El Dorado Savings Bank El Dorado Savings Bank g 02/08/00 6.230 5,000,000.00 02/08/01 El Dorado Savings Bank 03/22/00 04/13/00 6.250 5,000,000.00 03/22/01 El Dorado Savings Bank g 05/02/00 6.150 6.180 5,000,000.00 04/13/01 El Dorado Savings Bank 06/16/00 6.150 5,000,000.00 05/OZ/01 5, 000, 000.00 06/18/01 POMONA PFF Bank and Trust PFF Bank and Trust 11/30/99 5.900 8,000,000.00 12/01/00 03/10/00 6.450 10,000,000.00 03/09/01 PORTERVILLE Bank of the Sierra 07/28/00 6.300 10,000,000.00 p 1 /24/01 RANCHO SANTA FE La Jolla Bank 08/11/00 6.340 15,000,000.00 02/07/01 25 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE RED BLUFF Tehama Bank 06/08/00 5.980 4,000,000.00 09/08/00 Tehama Bank 06/28/00 6.260 5,000,000.00 01/05/01 REDDING North Valley Bank 03/22/00 6.190 3,000,000.00 09/18/00 RICHMOND Mechanics Bank 10/07/99 5.330 10,000,000.00 10/13/00 Mechanics Bank 03/07/00 6.230 10,000,000.00 03/07/01 Mechanics Bank 04/04/00 6.260 10,000,000.00 04/06/01 Mechanics Bank 04/25/00 6.080 10,000,000.00 04/25/01 Mechanics Bank 05/05/00 6.190 10,000,000.00 05/07/01 Mechanics Bank 06/12/00 6.230 10,000,000.00 06/12/01 Mechanics Bank 08/11/00 6.190 10,000,000.00 08/13/01 SACRAMENTO American River Bank 03/27/00 6.200 3,000,000.00 09/26/00 American River Bank 04/03/00 6.190 1,000,000.00 10/02/00 American River Bank 12/28/99 5.960 1,000,000.00 12/27/00 American River Bank 06/26/00 6.180 1,000,000.00 06/26/01 Bank of Sacramento 02/16/00 6.240 1,000,000.00 02/16/01 Bank of Sacramento 03/03/00 6.290 500,000.00 03/05/01 Golden One Credit Union 07/28/00 6.160 10,000,000.00 10/27/00 Golden One Credit Union 03/24/00 6.180 20,000,000.00 03/23/01 Golden One Credit Union 06/08/00 6.230 20,000,000.00 06/08/01 Merchants National Bank 07/24/00 6.120 2,000,000.00 10/24/00 Merchants National Bank 07/24/00 6.270 2,000,000.00 01/22/01 River City Bank 04/10/00 6.170 5,000,000.00 10/06/00 River City Bank 01/31/00 6.140 5,000,000.00 10/27/00 River City Bank 08/18/00 6.370 5,000,000.00 02/26/01 Sanwa Bank of California 07/14/00 6.280 10,000,000.00 01/10/01 Sanwa Bank of California 02/07/00 6.180 7,000,000.00 02/09/01 Sanwa Bank of California 08/22/00 6.350 10,000,000.00 02/23/01 Sanwa Bank of California 08/15/00 6.360 50,000,000.00 02/23/01 Sanwa Bank of California 07/26/00 6.290 5,000,000.00 07/26/01 Union Bank of California 03/28/00 6.220 100,000,000.00 09/25/00 Union Bank of California 04/25/00 6.000 50,000,000.00 10/24/00 Union Bank of California 05/02/00 6.130 100,000,000.00 10/31/00 26 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SACRAMENTO (continued) Union Bank of California 05/16/00 6.530 50,000,000.00 11/14/00 Union Bank of California 05/23/00 6.380 100,000,000.00 11/21/00 SALINAS Community Bk Central California 06/06/00 5.870 8,000,000.00 09/07/00 Community Bk Central California 07/26/00 6.160 12,000,000.00 10/24/00 Community Bk Central California 07/31/00 6.210 10,000,000.00 11/06/00 SAN BERNARDINO Business Bank of California 08/09/00 6.350 12,000,000.00 02/05/01 SAN DIEGO First United Bank 11 /30/99 5.700 1,500,000.00 12/01 /00 First United Bank 08/07/00 6.320 1,000,000.00 02/16/01 First United Bank 06/21/00 6.110 1,500,000.00 06/21/01 Mission Federal Credit Union 06/23/00 5.840 10,000,000.00 09/21/00 Mission Federal Credit Union 08/30/00 6.340 10,000,000.00 11/30/00 Neighborhood National Bank 02/02/00 6.240 1,000,000.00 02/09/01 Scripps Bank 06/19/00 5.840 5,000,000.00 09/18/00 Scripps Bank 06/27/00 5.880 5,000,000.00 10/02/00 Scripps Bank 06/21/00 6.100 10,000,000.00 11/02/00 Scripps Bank 06/15/00 6.260 5,000,000.00 12/12/00 SAN FRANCISCO Bank of Canton California 09/01/99 5.280 5,000,000.00 09/01/00 Bank of Canton California 11/10/99 5.430 15,000,000.00 09/01/00 Bank of Canton California 09/13/99 5.290 5,000,000.00 09/13/00 Bank of Canton California 05/12/00 6.400 5,000,000.00 11/02/00 Bank of Canton California 05/05/00 6.240 5,000,000.00 11 /03/00 Bank of Canton California 11/10/99 5.460 10,000,000.00 11/10/00 Bank of Canton California 07/21/00 6.310 5,000,000.00 01/12/01 Bank of Canton California 05/31/00 6.430 10,000,000.00 01/12/01 Bank of Canton California 08/09/00 6.320 10,000,000.00 02/05/01 Bank of Canton California 05/22/00 6.230 10,000,000.00 05/22/01 Bank of the West 03/02/00 6.070 50,000,000.00 09/01/00 Bank of the West 08/21/00 6.350 50,000,000.00 02/23/01 Bank of the West 04/14/00 6.170 50,000,000.00 04/16/01 27 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN FRANCISCO (continued) Bank of the West 05/01/00 6.140 25,000,000.00 04/27/01 Bank of the West 04/28/00 6.140 51,500,000.00 04/27/01 Bank of the West 05/05/00 6.190 25,000,000.00 05/04/01 Bank of the West 05/16/00 6.400 25,000,000.00 05/18/01 Bank of the West 05/25/00 6.230 142,000,000.00 05/25/01 Bank of the West 07/03/00 6.080 34,000,000.00 07/06/01 California Federal Bank 01/05/00 6.080 8,000,000.00 01/05/01 California Federal Bank 07/17/00 6.290 100,000,000.00 01/17/01 Millennium Bank 05/01/00 6.110 2,000,000.00 10/31/00 Millennium Bank 08/30/00 6.360 1,000,000.00 11/28/00 Millennium Bank 07/31/00 6.340 1,000,000.00 01/29/01 Millennium Bank 08/30/00 6.420 1,000,000.00 02/26/01 Oceanic Bank 03/07/00 6.230 2,000,000.00 03/15/01 Oceanic Bank 03/15/00 6.210 2,000,000.00 03/15/01 Trans Pacific National Bank 03/17/00 6.250 800,000.00 03/19/01 United Commercial Bank 09/03/99 5.310 20,000,000.00 09/01/00 United Commercial Bank 07/07/00 6.020 30,000,000.00 10/06/00 United Commercial Bank 10/07/99 5.360 10,000,000.00 10/13/00 United Commercial Bank 07/26/00 6.300 20,000,000.00 01/22/01 United Commercial. Bank 08/10/00 6.350 20,000,000.00 02/06/01 United Commercial Bank 03/20/00 6.240 25,000,000.00 03/20/01 SANJOSE Heritage Bank of Commerce 08/21/00 6.360 2,000,000.00 02/16/01 Meriwest Credit Union 07/26/00 6.310 14,000,000.00 01/22/01 Santa Clara Co. Fed. C.U. 08/10/00 6.340 15,000,000.00 02/06/01 SAN LUIS OBISPO First Bank of San Luis Obispo 06/19/00 5.850 5,000,000.00 09/18/00 First Bank of San Luis Obispo 07/12/00 6.130 1,000,000.00 10/10/00 First Bank of San Luis Obispo 07/24/00 6.140 1,000,000.00 10/23/00 First Bank of San Luis Obispo 08/03/00 6.280 3,600,000.00 11/01/00 First Bank of San Luis Obispo 08/08/00 6.270 2,000,000.00 11/06/00 First Bank of San Luis Obispo 08/21/00 6.290 2,500,000.00 11/20/00 Mission Community Bank 07/10/00 6.050 1,000,000.00 10/10/00 Mission Community Bank 01/10/00 6.060 500,000.00 01/12/01 San Luis Trust Bank 07/11/00 6.240 350,000.00 01/08/01 San Luis Trust Bank 08/04/00 6.380 1,000,000.00 01/31/01 28 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN MARINO East West Federal Bank 07/05/00 5.880 12,000,000.00 10/05/00 East West Federal Bank 08/03/00 6.270 35,000,000.00 11/02/00 East West Federal Bank 08/09/00 6.280 38,000,000.00 11/13/00 East West Federal Bank 05/04/00 6.200 35,000,000.00 05/04/01 SAN RAFAEL Westamerica Bank 06/19/00 5.830 25,000,000.00 09/19/00 Westamerica Bank 07/25/00 6.160 25,000,000.00 10/25/00 Westamerica Bank 08/07/00 6.330 25,000,000.00 01/30/01 Westamerica Bank 07/31/00 6.310 25,000,000.00 01/30/01 Westamerica Bank 04/18/00 6.080 25,000,000.00 04/18/01 Westamerica Bank 05/15/00 6.400 50,000,000.00 05/15/01 Westamerica Bank 07/14/00 6.080 25,000,000.00 07/13/01 SAN RAMON Ebtel Federal Credit Union 07/06/00 6.030 1,750,000.00 10/06/00 Ebtel Federal Credit Union 07/06/00 6.240 1,750,000.00 01/05/01 SANTA BARBARA FNB of Central California 06/07/00 6.050 10,000,000.00 09/07/00 FNB of Central California 04/21/00 6.040 10,000,000.00 10/18/00 FNB of Central California 07/10/00 6.230 10,000,000.00 01/08/01 FNB of Central California 08/07/00 6.350 10,000,000.00 05/01/01 Santa Barbara Bank & Trust 03/03/00 6.070 5,000,000.00 09/08/00 Santa Barbara Bank & Trust 03/17/00 6.170 5,000,000.00 09/08/00 Santa Barbara Bank & Trust 04/07/00 6.160 5,000,000.00 10/10/00 Santa Barbara Bank & Trust 04/17/00 6.100 5,000,000.00 10/10/00 Santa Barbara Bank & Trust 07/14/00 6.290 10,000,000.00 01/10/01 Santa Barbara Bank & Trust 07/21/00 6.250 10,000,000.00 01/22/01 Santa Barbara Bank & Trust 08/11/00 6.210 10,000,000.00 03/09/01 Santa Barbara Bank & Trust 06/09/00 6.260 10,000,000.00 06/08/01 Santa Barbara Bank & Trust 07/07/00 6.080 10,000,000.00 07/06/01 SANTA CLARA Bank of Santa Clara 03/17/00 6.170 2,000,000.00 09/13/00 Bank of Santa Clara 03/17/00 6.230 2,000,000.00 03/19/01 29 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SANTA CLARITA Valencia Bank & Trust 09/23/99 5.280 1,000,000.00 9/22/00 SANTA ROSA National Bank of the Redwoods 05/03/00 6.250 10,000,000.00 10/30/00 STOCKTON Pacific State Bank 07/18/00 6.200 1,000,000.00 10/16/00 Pacific State Bank 07/18/00 6.340 1,000,000.00 01/12/01 Union Safe Deposit Bank 08/11/00 6.300 10,000,000.00 11/09/00 Union Safe Deposit Bank 08/14/00 6.320 10,000,000.00 11/16/00 Union Safe Deposit Bank 08/07/00 6.360 10,000,000.00 02/05/01 Union Safe Deposit Bank 03/15/00 6.260 10,000,000.00 03/15/01 Union Safe Deposit Bank 04/13/00 6.200 10,000,000.00 04/13/01 Washington Mutual Bank 09/17/99 5.260 15,000,000.00 09/15/00 Washington Mutual Bank 03/21/00 6.160 15,000,000.00 09/15/00 Washington Mutual Bank 10/13/99 5.370 15,000,000.00 10/27/00 Washington Mutual Bank 04/21/00 6.030 15,000,000.00 10/27/00 Washington Mutual Bank 11/08/99 5.420 15,000,000.00 11/13/00 Washington Mutual Bank 06/01/00 6.330 15,000,000.00 11/13/00 Washington Mutual Bank 12/20/99 5.940 15,000,000.00 12/28/00 Washington Mutual Bank 07/14/00 6.120 15,000,000.00 01/23/01 Washington Mutual Bank 07/14/00 6.250 15,000,000.00 01/23/01 Washington Mutual Bank 08/10/00 6.330 15,000,000.00 02/22/01 Washington Mutual Bank 02/18/00 6.210 15,000,000.00 02/22/01 SUNNYVALE Asiana Bank 07/07/00 6.050 1,500,000.00 10/06/00 TORRANCE China Trust Bank (USA) 06/05/00 5.750 10,000,000.00 09/05/00 China Trust Bank (USA) 06/07/00 6.050 10,000,000.00 09/05/00 China Trust Bank (USA) 06/16/00 5.850 5,000,000.00 09/14/00 China Trust Bank (USA) 07/07/00 6.020 10,000,000.00 10/06/00 China Trust Bank (USA) 07/24/00 6.210 15,000,000.00 10/23/00 China Trust Bank (USA) 08/14/00 6.3 10,000,000.00 11/13/00 South Bay Bank 06/12/00 5.940 2,000,000.00 09/13/00 South Bay Bank 05/01/00 6.090 2,000,000.00 10/31/00 South Bay Bank 07/17/00 6.32 2,000,000.00 01/16/01 30 TIME DEPOSITS DEPOSIT NAME DATE YIELD TORRANCE (continued) South Bay Bank 07/31 /00 South Bay Bank 08/28/00 TUSTIN First Fidelity Investment & Loan 07/17/00 First Fidelity Investment & Loan 07/27/00 First Fidelity Investment & Loan 08/10/00 First Fidelity Investment & Loan 03/01/01 Sunwest Bank 03/08/00 Sunwest Bank 07/17/00 Sunwest Bank 07/19/00 Sunwest Bank 07/31 /00 Sunwest Bank 07/27/00 VISALIA Bank of Visalia 08/01 /00 Bank of Visalia 08/01 /00 WATSONVILLE Monterey Bay Bank 07/06/00 WHITTIER Quaker City Bank 06/06/00 Quaker City Bank 07/03/00 Quaker City Bank 07/12/00 Quaker City Bank 04/18/00 TOTAL TIME DEPOSITS AS OF 08/31/00 PAR MATURITY AMOUNT ($) DATE 6.330 1,000, 000.00 01 /29/01 6.390 3,000,000.00 03/02/01 6.180 10,000,000.00 10/17/00 6.290 4,000,000.00 01/25/01 6.340 6,000,000.00 02/06/01 6.210 15,000,000.00 03/01/01 6.100 1,000,000.00 09/08/00 6.040 3,500,000.00 10/12/00 6.180 2,500,000.00 10/20/00 6.310 2,500,000.00 01/25/01 6.290 3,300,000.00 01/25/01 6.220 2,000,000.00 10/30/00 6.340 1,000,000.00 01 /30/01 5.940 8,000,000.00 09/29/00 5.900 25,000,000.00 09/08/00 5.830 15,000,000.00 10/02/00 6.260 7,000,000.00 01 /08/01 6.090 8,000,000.00 04/18/01 3,868,440,000.00 31 BANK DEMAND DEPOSITS AUGUST 2000 ($ in thousands) DAILY BALANCES DAY OF BALANCES WARRANTS MONTH PER BANKS OUTSTANDING 1 $ 547,159 $ 4,748,411 2 474,290 4,364,968 3 393,606 4,552,777 4 439,187 4,811,382 5 439,187 4,811,382 6 439,187 4,811,382 7 338,569 4,759,727 8 697,606 4,496,009 9 3669763 4,462,944 10 153,514 4,590,784 11 2449062 4,4939650 12 244,062 4,493,650 13 2449062 4,493,650 14 331,319 4,393,791 15 235,400 4,307,103 16 519,267 4,437,321 17 293,155 4,392,364 18 480,262 4,565,440 19 480,262 4,565,440 20 480,262 4,565,440 21 403,385 4,396,766 22 316,059 4,427,007 23 247,350 753,068 24 343,874 954,910 25 237,026 1,132,420 26 237,026 1,132,420 27 237,026 1,132,420 28 324,287 992,677 29 405,173 853,930 30 200,162 800,857 31 258,641 1,755,389 AVERAGE DOLLAR DAYS $ 356,490 a/ a/ The prescribed bank balance for August was $350,033. This consisted of $175,858 in compensating balances for services, balances for uncollected funds of $179,760 and a deduction of $5,585 for May delayed deposit credit. 32 DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1614 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on August 16, 2000, 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- actions, 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 $ 178,457,000 The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: ( 1) (2) (3) (4) (5) (6) (7) (8) (9) (10) From 08/14/2000 08/21 /2000 08/28/2000 09/04/2000 09/11 /2000 09/18/2000 09/25/2000 10/02/2000 10/09/2000 10/16/2000 To Transactions 08/18/2000 08/25/2000 09/01 /2000 09/08/2000 09/15/2000 09/22/2000 09/29/2000 10/06/2000 10/13/2000 10/20/2000 262,800,000 1,459,600,000 (4,063,850,000) 82,950,000 1,558,200,000 3,400,300,000 (625,800,000) (1,651,600,000) (623,300,000) 631,600,000 Time Deposits in Various Financial Institutions In Securities (sections 16503a (section 16430)* and 16602)* $ 36,154,360,000 $ 3,828,440,000 $ 37,613,960,000 $ 3,828,440,000 $ 33,550,110,000 $ 3,828,440,000 $ 33,633,060,000 $ 3,828,440,000 $ 35,191,260,000 $ 3,828,440,000 $ 38,591,560,000 $ 3,828,440,000 $ 37,965,760,000 $ 3,828,440,000 $ 36,314,160,000 $ 3,828,440,000 $ 35,690,860,000 $ 3,828,440,000 $ 36,322,460,000 $ 3,828,440,000 Estimated Total $ $ 39,982,800,000 41,442,400,000 37,378,550,000 37,461,500,000 39,019,700,000 42,420,000,000 41,794,200,000 40,142,600,000 39,519,300,000 40,150,900,000 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 $ 178,457,000. Dated: August 16, 2000 * Government Code POOLED MONEY INVESTMENT BOARD: .eChaftWcn Member 33 Member Item VII Board Member Correspondence October 23, 2000 Two Mortgage Buyers Strike Deal To Permit Debt and Risk Reviews By PATRICK BARTA and JERRY GUIDERA Staff Reporters of TEE WALL STREET JOURNAL Fannie Mae and Freddie Mac scored some much -needed Brownie points with their critics in Congress last week, when they announced an unprecedented agreement to provide greater public disclosure about their financial operations. But the deal, which capped months of tense fighting in Washington about whether to curb the growth of the two government -sponsored companies, isn't likely to end the debates. It didn't appease their No. 1 agitator, Rep. Richard Baker, a Louisiana Republican, who vows to introduce new legislation next year to tighten regulation over the companies. And it hasn't silenced their other critics, who say the deal didn't provide enough reform. Temporary Reprieve If anything, the agreement gives the companies a temporary reprieve and allows all parties to leave Washington this year looking as though they made headway. Fannie Mae and Freddie Mac have been at war with Rep. Baker all year over legislation he introduced that would have stripped them of some federally approved advantages that make it possible for them to borrow more cheaply than private -sector banks. Fannie Mae and Freddie Mac Set to Provide Greater Disclosure (Oct. 19) Critics have complained that the companies, which buy mortgages from lenders to improve liquidity in the housing market, are growing too fast and could pose a risk to taxpayers. They are on a pace to have more debt outstanding than the U.S. Treasury by 2004, and a coalition of competitors known as FM Watch, which includes Wells Faro & Co. and Chase Manhattan Corp., believes Fannie Mae and Freddie Mac plan to use their government advantages to expand unfairly. The new agreement should put many of the safety and soundness 002 concerns to rest. The companies agreed to submit themselves to regular reviews by a debt -ratings concern such as Standard & Poor's Ratings Group or Moody's Investors Service Inc., and to show the results of internal risk -assessment processes to the public. Fannie Mae and Freddie Mac also agreed to implement a stress -test system and issue subordinated debt to boost the capital they hold in their portfolios, to ensure they are properly leveraged in case of a sudden market collapse or other abrupt change. Tracking the Economy The subordinated -debt plank of the plan is especially important, because it would enhance investors' understanding of the companies' credit quality. Right now, Fannie Mae and Freddie Mac debt is rated triple-A because of the implied backing of the federal government. But the new subordinated debt presumably would be rated without consideration of the implied backing, meaning it would more accurately reflect the status of the companies. 'Good Early -Warning System' "It's a very good early -warning system" if the companies' credit quality is deteriorating, said Edward Golding, a senior vice president of financial research at Freddie Mac. Wall Street was all but euphoric over the deal. The agreement is "enormous," said PaineWebber Group Inc. analyst Gary Gordon. "This agreement takes care of [concerns about] safety and soundness, and that is the great bulk of the arguments about Fannie and Freddie." The day that the agreement was announced, Fannie Mae's stock shot up $6.75 to $77.5625, while Freddie Mac's rose $4.94 to $56.4375. The rally continued for a while Friday, with both companies' stocks soaring to 52-week highs and several analysts upgrading the ratings on their stocks. But in 4 p.m. New York Stock Exchange composite trading Friday, Fannie Mae fell $2.50 to $75.06, and Freddie Mac slid $1.06 to $55.38. 003 Still, analysts concede that the nonbinding agreement came at little cost for the two companies, and some observers wondered whether the agreement would be enough to placate the companies' foes. "The measures announced [on Thursday] ... by Fannie Mae and Freddie Mac, if fully implemented, are useful ones that have the potential to promote market discipline and increase transparency," said Assistant Treasury Secretary Michelle Smith. But "there remains a range of issues with respect to [government -sponsored enterprises] that warrant continuing attention from financial authorities, the Congress and their regulators," she added. Jonathan Gray, an analyst at Sanford C. Bernstein in New York, said he believed the agreement would help cool some of the political pressure, but he noted that many of the provisions are mere extensions of what the companies already do. For example, one part of the agreement calls for them to maintain 5% of their current assets as "liquid assets." According to Mr. Gray, the companies currently hold 8% of their assets as liquid assets. "This is like telling someone who weights 180 pounds to go on a diet so he can keep his weight below 200 pounds," Mr. Gray said. Andy Laperriere, a managing director in the Washington office of ISI Group, an economic -research and brokerage firm based in New York, said he is advising clients that the safety and soundness concerns are gone for the moment, but will likely come to the fore again. He pointed to a recent Goldman Sachs research report showing the companies will have $8 trillion in debt by 2010 if current trends hold. Meanwhile, Rep. Baker said he intends to press ahead next year with legislation calling for a tougher regulator. Under current regulations, the Department of Housing and Urban Development ensures Fannie Mae and Freddie Mac keep to their congressional mission of improving housing, while an independent agency within HUD keeps an eye on the 004 firms' financial records to ensure safety and soundness. Among the issues that he said could be considered by a tougher regulator: whether the companies should continue the current pace at which they are buying back their own mortgage -backed securities to boost the size of their portfolios. The regulator could also look at whether the companies are adequately capitalized, and whether it's acceptable for the companies' debt instruments to replace U.S. Treasurys as benchmarks for the U.S. bond market. Of course, whether Rep. Baker can garner the votes for more reform next year will depend on a number of factors, including who wins congressional elections next month. Rep. Baker is gunning to be named chairman of the House Banking Committee that oversees GSEs, which would greatly increase his clout, but he isn't the front-runner. The deal, which could help Rep. Baker in his bid, came as a surprise to many observers. Just three weeks ago, Rep. Baker said his bill was dead for the year, and that negotiations with the companies had broken down. But Freddie Mac contacted him two weeks ago and said it was willing to reach a deal, based on some of the ideas that had been hashed out during the past several months. Fannie Mae joined only after it learned Freddie Mac would proceed without it. 005, Oct 26 20001:18PM ET Smooth Sailing for Fannie and Freddie By Daniel Dunaief Financial Reporter More on Stock Lab... Fannie Mae {FNM) and Freddie Mac (FRE), the giant government -sponsored mortgage businesses, helped remove a political cloud recently when they agreed to increase their capital base and disclose more information about their interest rate risk. Analysts say the agreement, which came last week, will allow investors to focus more on the company's earnings and growth prospects, while removing, at least for now, what is described as "headline risk." That risk concerned potential legislation to rein in the two companies. "It's pretty smooth sailing for the short term," says Mike Grondahl, an analyst at U.S. Bancorp Piper Jaffray, who recently initiated coverage of both companies with "buy" ratings. "Fannie Mae and Freddie Mac were the last groups in mortgage finance to bounce off trough valuations. The political risk is what held them down." "Specific political risks are pretty small," Grondahl says. The three issues that could have affected Fannie and Freddie were: the removal of an implicit line of credit from the Treasury, limiting the amount of mortgage -backed securities debt banks could buy from Fannie and Freddie; and restricting the ability of Fannie and Freddie to buy their own mortgage -backed securities. One often -mentioned political risk for Fannie and Freddie is that Congress could decide to remove it implied backing for the two companies. That, analysts say, isn't likely to happen in the next Congress. "That's part of the general dialog that goes back and forth," Grondahl says. Shares of both Fannie and Freddie have gained at least 36% since the end of August, as the political risk started to dissipate and as the prospects for stable, or even declining interest rates, increased. Fannie Mae, Freddie Mac Six -Month Stock -Performance comparison 006 Indeed, expectations of lower interest rates have helped thrifts and title insurers as well, boosting shares of companies like Washington Mutual Inc. PM), the country's largest thrift. Washington Mutual Six -Month Stock -Performance Chart Analysts say the political risks for Fannie and Freddie have been mitigated by the voluntary commitment the two companies made to issue publicly traded, externally rated subordinated debt; maintain more than three months worth of liquidity; publicly disclose the results of interest rate risk - sensitivity analysis and a host of other measures. Representative Richard Baker (R., La.) has been campaigning for closer scrutiny of the safety and soundness of the two companies. Baker "got what he was looking for," says Thomas O'Donnell, an analyst at Salomon Smith Barney. "It seems that he was concerned about safety and soundness. Now, it's becoming clear that these are, in fact, safe and sound companies." "We should hear relatively little from the government near term," says Gary Gordon, an analyst at PaineWebber Group Inc. The political landscape for next year looks promising, analysts say, regardless of whether Democrats or Republicans control the House. A Democratic Congress would "probably be more friendly towards Fannie Mae and Freddie Mac than a Republican would be," Grondahl says. "While Democrats would clearly be a solid positive, Republicans would probably be more of a neutral." In a Republican -controlled House, Baker wouldn't be the head of the GSE [Government Sponsored Entity] subcommittee because all of the committee chairs rotate after six years. He could become head of the House Banking Committee, though Margaret Roukema (R., N.J.) is likely to get that post, analysts say. "The wild card is that Baker becomes the chairman of the House Banking Committee," says David Graifman, an analyst at Keefe Bruyette & Woods. "That's unlikely because Marge Roukema is next in line. It'd be unlikely that they'd leapfrog her." Graifman says that much of the political concern should be "alleviated after the election." That will leave investors with a chance to focus more closely on earnings at the two firms, which analysts say will grow about 15% for the next two years. The average rating for both companies is 1.2, which is much closer to "strong buy" than "buy," according to First Call Corp. Fannie Mae and Freddie Mac both exceeded expectations in the third quarter. Fannie Mae, which 007 is the largest non -bank financial services company in the world and has provided mortgage financing for more than 35 million families, beat estimates by a penny. Freddie Mac, which purchases single-family and multi -family residential mortgages, also beat estimates by one cent. Analysts say an important investor question is whether the companies can sustain their profit gains. "These two entities touch about 60% of the mortgage market," Graifman says. "How can they grow faster than the 6% to 8% mortgage market growth rate?" Answering his own question, Graifman says that profits at Fannie and Freddie are driven by the companies' ability to increase the amount of mortgage -related businesses. "Even though they touch 60% of the market, combined, they have 8% of the mortgage market's revenue," Graifman says. That steady and sustained growth has become increasingly appealing to investors, especially those who may be having trouble following the bouncing Nasdaq market. Gordon says that an inverse correlation exists between the stocks of Fannie Mae and Freddie Mac. In other words, when technology stocks are hot, Fannie and Freddie are not, and vice versa. "Fannie and Freddie are a safe haven," Gordon says. "Whatever happens in the world, their earnings are growing 13% to 15%. That doesn't look good if you're in an Internet -happy, big -tech growth kind of world. When people start missing earnings, it gets interesting." fl,e;8