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2001 04 11 IABAGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 April 11, 2001 - 5:30 P.M. Board Member Felice will be attending via telecommunications. 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 March 21, 2001 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for February 2001 B. Consideration of Fiscal Year 2001 /02 Investment Policies VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report and other selected Financial Data - March 2001 B. Pooled Money Investment Board Reports - January 2001 VII BOARD MEMBER ITEMS VIII ADJOURNMENT INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: April 11, 2001 ITEM TITLE: Transmittal of Treasury Report for February 28, 2001 Attached please find the Treasury Report February 28, 2001 001 iI I ITI _4i_9;I I• .Review, Receive and File the Treasury Report for February 28, 2001 I n M. Falconer, Finance Director 4 MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for February 28, 2001 DATE: March 28, 2001 Attached is the Treasurer's Report for the month ending February 28, 2001. 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: Investment --- Be inning Purchased Sold/Matured Other Endin Change g Kash (1) $10,718,421 ($9,267,596) , i $1,450,825 ($9,267,596) LAIF $3,746,551 5,000,000 0 8,746,551 i 5,000,000 US Treasuries (2) $31,368,928 2,873 31,371,801 2,873 US Gov't Agencies (2) $177818,981 51,788 17,870,769 51,788 Commercial Paper (2) $4,984,778 4,970,000 (5,000,000) (6,112) 4,948,666 (36,112) M� utual Funds (1) $3,067,025 1,857,933 4,924,958 1,857,933_ L Total $71 704 684 $11 827 933 $14 267 596 $ 48 549 $69 313 570 2 391 114 $ _ 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. Joh M. Falconer D to FiF(ance Director/Treasurer 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. 001 E 7 E X m E a) L O U v 7 a a C a) E a a) c a) a) a) a) a a) N O a) Z Z Z Z Z Z j Z IZI W � c o ;-- n A v C69 69 0 O c c a a) `0�U U C)U a° Q c = Mu 0 v m `o 0 c Q ° > m a o c1 �. 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E O V d N c C ltS CI C X ~ C m 3 ca O C d x W N V = tQ µ O c d> 0/ u% W W co C t C y a c m y> C It( ° c`a m d C m CL co W. wtna�c�oE°- z i w z O g t0 g EOM tV O M p O p M � g QO N N M N N Og og N N M�(OD O O O O O co M 000 M p O NV v N V N t V t �01MA 00 O N QQQQ l co w M O �C4 n N �v v 0000 O tAM O I N 00000 NNE 000000 co M CD N O M mhl-®m O 0 w �Q� ill LL �CD a� O C C U R C L O U Z N O O Z y c ' C V c c •� d a wW 007 CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET 02/23MI FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (3,290.140.08) 12,432,093.22 (19.245.95) 9,122, 707,19 LORP INVESTMENT IN POOLED CASH 805,000.00 805,000.00 INVESTMENT T-BILL/NOTES 3 OTHER 46,950,000.00 46,950,000.00 AUTO MALL CASH 2O4,614.81 204.614.81 LQRP CASH 71,054.59 71,054.59 BOND REDEMPTION CASH 1,987,297.68 1,417.85 1,988,715.53 BOND RESERVE CASH BOND PROJECT CASH 9,721,113.31 619,128.18 10,340,241,49 BOND ESCROW CASH PETTY CASH 1,000.00 1,000.00 CASH i INVESTMENT TOTAL 43,865,474.73 25,016,558.80 601,300.08 69,483,333.61 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 45,123.90 60,900.00 8,010,000.00 8.116.023.90 PREMIUM/DISCOUNT ON INVESTMENT (167,631.64) (2,158.16) 26.51 (169,763.29) LQRP-ACCOUNTS RECEIVABLE 79,554.78 79,554.78 INTEREST RECEIVABLE LOAN/NOTES RECEIVABLE 2,678,631.60 2.678.631 60 DUE FROM OTHER AGENCIES 15,000.00 15,000.00 DUE FROM OTHER AGENCIES - CVAG 2,299,096.69 2,299,096.69 CVAG ALLOWANCE (2,299,096.69) (2,299,096.69) DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 881,511.48 551,038.04 1,432,549.52 DUE FROM RDA 8,497,550.20 8,497,550.20 INTEREST ADVANCE -DUE FROM RDA 2,541,027.70 2,541,027.70 ADVANCES TO OTHER FUNDS NSF CHECKS RECEIVABLE 2,659.86 2,6%86 ACCRUED REVENUE 833.40 833.40 TRAVEL ADVANCES 4,153.50 4,153.50 EMPLOYEE ADVANCES PREPAID EXPENSES RECEIVABLE TOTAL 11,819,395.00 3,368,799.66 8,010,026.51 23.198,221 17 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 75.00 MISC. DEPOSITS 2,100.00 2,100.00 DEPOSITS TOTAL 2,175.00 2.175.00 GENERAL FIXED ASSETS 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 L/T DEBT 3,395,117.03 3,395,117.03 AMOUNT TO BE PROVIDED FOR L/T DEBT 1,645,647.34 95,220,788.92 8,010,000.00 104,876,436.26 TOTAL OTHER ASSETS 573,588.40 15,590,699.00 1,645,647.34 9,988,279.05 98,615,905.95 8,010,000.00 134,424,119.74 TOTAL ASSETS 56,260,633.13 15,590,699.00 1,645,64 7.34- 28,385 358.46 9 888.2 99.05 98 615 905.95 8,611,326.59 8,010,000.00 227,107,849.52 LIABILITIES: ACCOUNTS PAYABLE 7,660.84 7,660.84 DUE TO OTHER AGENCIES 920,390.86 920.390.86 DUE TO OTHER FUNDS 114,341.55 1,318,207.97 1,432,549.52 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES 6,029.10 6.029.10 PAYROLL LIABILITIES (326.92) (326,92) STRONG MOTION INSTRUMENTS 4,804.95 4.804.95 FRINGE TOED LIZARD FEES 29,661.50 29,661.50 SUSPENSE 3,688.39 3,688.39 DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 1,086,250.27 1,318,207.97 2,404,458.24 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 431,363.19 431,363.19 LQRP DEPOSITS 15,171.00 15,171.00 DEVELOPER DEPOSITS 973,763.27 973.763.27 MISC. DEPOSITS 448,663.41 448,663.41 AGENCY FUND DEPOSITS 1,644,470.72 1,644,470.72 TOTAL DEPOSITS 3,498,260.59 15,171.00 3,513,431.59 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 11,038,581.70 12,362,237.10 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. BONDS PAYABLE 65,910,000.00 8,010,000.00 73,920,000.00 TOTAL LONG TERM DEBT 1,645,647.34 98,615,905.95 8,010,000.00 108,271,553.29 TOTAL LIABILITIES 4,592,781.53 1,645,647.34 1,333,378.97 98,615,905.95 8,010,000.00 8,010,000.00 122,207,713.79 EQUITY-FUNC BALANCE 51,667,851.60 15,590,699.00 27,051,979.49 9,988,279.05 601,326.59 104,900,135.73 TOTAL LIABILITY 3 EQUITY 56,260,633.13 _ 15,590,699.00 _ ..1 645.647.34 28,385,358.46 9 908 279.05 98 615,905.95 8,611,326.59 8,010,000.00 227,107,849.52 ��0) — -- -- b�0 70.00) _ _ (0.00) CASH 3 INVESTMENT TOTAL 69,483,333.61 PREMIUM/DISCOUNT ON INVESTMENT (168 763.29 TOTAL 69,313,570.32 ''III NO Ii 1 ` •• • i 1 11 l •_ • 1 A INVESTMENT ADVISORY BOARD Business Session No. B Meeting Date: April 1 1, 2001 TITLE: Consideration of Fiscal Year 2001 /02 Investment Policies Pursuant to State Legislation the City investment policies must be approved on an annual basis by the City Council. This approval is done in June of each year. At the previous IAB Meeting in March, Board Members were asked to discuss at the April meeting the following: Percentage and Dollar Limitations of Government Sponsored Enterprises (GSE's) Percentage of U.S. Treasury Issues Type of Money Market Sweep Account Attached to the Staff report are the Legislative changes discussed at the prior meeting in strike out form and the Sweep information from Wells Fargo on the various sweep options available. Continued review of the Investment policies for approval by City Council in June 2001. hn M. Falconef, Finance Director National Mortgage Association (GNMA) is such an agency. The City of La Quinta Investment Policy has a limitation of 75% of the portfolio with a single issuer limit of 25% of the portfolio. • U.S. Government instrumentalities and agencies issuing securities not backed as to principal and interest by the full faith and credit of the U.S. Government. The Federal Home Loan Bank (FHLB), Federal Farm Credit Bank (FFCB), Federal Land Bank (FLB) and Federal Intermediate Credit Bank (FICB) are such issuers. The City of La Quinta Investment Policy has a limitation of 75% of the portfolio with a single issuer limit of 25% of the portfolio. • Federal government sponsored enterprises (GSEs) issuing securities not backed as to principal and interest by the full faith and credit of the U.S. Government. These GSEs include Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHMC) and Student Loan Marketing Association (SLMA) which are publicly owned. The City of La Quinta Investment Policy has a limitation of 75% of the portfolio with a single issuer limit of 25% of the portfolio. Bankers' Acceptances - As authorized in Government Code Section 53601 (f), 40% of the portfolio may be invested in Bankers' Acceptances, although no more than 30% of the portfolio may be invested in Bankers' Acceptances with any one commercial bank. Additionally, the maturity period cannot exceed 2-79 180 days; howevei, Bankers' Aeceptances are seldom marketed with maturities . The City of La Quinta Investment Policy does not allow investment in Bankers' Acceptances. Commercial Paper - As authorized in Government Code Section 53601(g), 15% of the portfolio may be invested in commercial paper of the highest rating (A-1 or P-1) as rated by Moody's or Standard and Poor's, with maturities not to exceed +80 270 days. This percentage may be increased to 30% if the dollar weighted average maturity does not exceed 31 days. There are a number of other qualifications regarding investments in commercial paper based on the financial strength of the corporation and the size of the investment. The City of La Quinta's Investment Policy follows The Government Code with the following additional limitations: (1) maximum maturity per issue of 90 days and a (2) maximum of $2 million per issuer. Negotiable Certificates of_Qeposit - As authorized in Government Code Section 53601(h), 30% of the portfolio may be invested in negotiable certificates of deposit issued by commercial banks and savings and loan associations. The 10 001 auditor shall meet with the Investment Advisory Board and discuss the auditing procedures performed and the review of internal controls for cash and investment activities. XIV BENCHMARK The investment portfolio shall be designed with the objective of obtaining a rate of return throughout budgetary and economic cycles commensurate with the investment risk constraints and the cash flow needs of the City. Return on investment is of least importance compared to safety and liquidity objectives. The City of La Quinta Investment Policy will use the six month U.S. Treasury Bill as a benchmark when measuring the performance of the investment portfolio. XV REPORTING STANDARDS SB564 section 3 requires a quarterly report to the Legislative Body of Investment activities. The City of La Quinta Investment Advisory Board has elected to report the investment activities to the City Council on a monthly basis through the Treasurers Report. AB 943 requires that the December 31' and June 30`' Treasurers Reports be sent to the California Debt and Advisory Commission within sixty days of the end of the quarter. The City Treasurer shall submit a monthly Treasurers Report to the City Council and the Investment Advisory Board that includes all cash and investments under the authority of the Treasurer. The Treasurers Report shall summarize cash and investment activity and changes in balances and include the following: ► A certification by City Treasurer; ► A listing of Purchases and sales/maturities of investments; ► Cash and Investments categorized by authorized investments, except for LAIF which will be provided quarterly and show yield and maturity; ► Comparison of month end actual holdings to Investment Policy limitations; ► Current year and prior year monthly history of cash and investments for trend analysis; ► Balance Sheet; ► Distribution of cash and investment balances by fund; ► A comparison of actual and surplus funds; ► A year to date historical cash flow analysis and projection for the next six months. 002 16 CORPORATE CASH MANAGEMENT ACCOUNT (CCMA) Wells Fargo Institutional Brokerage & Sales offers customers several proprietary products and services, including our Corporate Cash Management Account (CCMA), an automatic overnight sweep investment account for institutions with a Wells Fargo business checking account. A sweep account is a convenient, efficient way to make the most of your available daily cash. At the end of each day, the excess collected balance in your Wells Fargo wholesale checking account is automatically "swept 'into one or more investments to maximize the return on those funds overnight. DEFINING THE INVESTMENT NEED CCMA is suitable for investors seeking: • Automatic overnight investment of excess cash balances • Pre -selected, high -quality investment options • Competitive, tiered pricing • Accurate funds transfers with detailed reporting • Direct ownership of securities WELLS FARGO PROVIDES INVESTMENT SOLUTIONS CCMA offers customized solutions —accommodating both single or multi -tiered structures through the use of our Zero Balance Accounting service —to meet the objectives of a company's cash flow and account requirements. CCMA also offers a variety of high -quality investment options. The foundation of the CCMA is built upon these powerful features: • Same -day sweep maximizes interest income • Daily interest available for immediate reinvestment • Automated investment eliminates time-consuming manual transfers • Accuracy of fund transfers prevents overdrafts • Flexible investment options offer higher yields than traditional money market accounts; CCMA investors may choose from several investment options in three categories: Commercial Paper, Mutual Funds and Government Agencies. • Detailed reporting of investment activity is mailed daily, and an activity summary is sent monthly. CCMA CASH FLOW The following figure illustrates how CCMA uses the consolidated funds position as a basis for automated daily investment sweep. s� m� rrawer o ar ........�: (rEs> AA-Wwarkat ........�; Furls AAded (ND), Colle�iad 7 � Baiaces? S •p a Aaxx" W4arirg �ir,a� a irreres< Returned ►tea D•r MA DM MA, Acomid Aan" A=uri Sam -coy Najd Bmirms Day.......... cnn®rVaban AmourY sw�ue (zam Mama Ao=rb) THE WELLS FARGO ADVANTAGE Our CCMA sweep account is unique in several ways. Funds transfer is fully automatic each night, eliminating the need to monitor daily account balances. And since money is automatically "swept" after all other account activity has been processed, all available funds are invested and accidental overdrafts are not a problem. Many providers of sweep accounts lack the resources or expertise to offer customized solutions based on a customer's specific needs. Others limit investment opportunities to low -yielding money market accounts. At Institutional Brokerage & Sales, we offer customization and flexibility —in addition to tiered pricing that makes CCMA right for your institution's overnight investment needs. Institutional Brokerage & Sales includes departments of Wells Fargo Brokerage Services, LLC (member NASDISIPC/Chicago Stock Exchange), and Wells Fargo Bank, N.A., the brokerage and bank affiliates of Wells Fargo & Company. Investments: • NOT FDIC insured • May lose value • No bank guarantee 5/00 004 Institutional Brokerage & Sales CORPORATE CASH MANAGEMENT ACCOUNT INVESTMENT OPTIONS Corporate Cash Management Account (CCMA) investors may choose from a variety of high quality investment options that provide competitive yields. Options can be chosen from three categories: COMMERCIAL PAPER • General Mills, Inc. • PacifiCorp • Weyerhaeuser Company • Weyerhaeuser Real Estate Company (WRECO) MUTUAL FUNDS • Wells Fargo Cash Investment Money Market Fund • Wells Fargo Treasury Plus Institutional Money Market Fund • Dreyfus Treasury Prime Cash Management GOVERNMENT SPONSORED ENTERPRISES & PEFCO * • Federal Home Loan Bank (FHLB) • Federal National Mortgage Association (Fannie Mae) • Student Loan Marketing Association (Sallie Mae) • Private Export Funding Corporation (PEFCO) *PEFCO is not a GSE and may not fall within certain regulatory investment guidelines. An investment in money market mutual funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Wells Fargo Bank, N.A. and certain of its affiliates provide investment advisory, sub -advisory and/or shareholder services for the Wells Fargo Funds. The Funds are sponsored and distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company, Wells Fargo Bank, N.A., and their affiliates are not affiliated with Stephens Inc. The Dreyfus Corporation and certain of its affiliates, which are not affiliated with Wells Fargo or Stephens Inc., provide investment advisory, sub -advisory and/or shareholder services to the Dreyfus Funds. The Dreyfus Funds are sponsored and distributed by the Dreyfus Corporation, Member NYSEISIPC. For more complete information about the Wells Fargo Money Market Funds or the Dreyfus Money Market Funds, including fees and expenses that apply to a continued investment in them, obtain a current prospectus by contacting your Institutional Brokerage & Sales representative. Please read the prospectus carefully before investing. Institutional Brokerage & Sales includes departments of Wells Fargo Brokerage Services, LLC (member NASD/SIPC/Chicago Stock Exchange), and Wells Fargo Bank, N.A., the brokerage and bank affiliates of Wells Fargo & Company. Investments: • NOT FDIC insured • May lose value • No bank guarantee 5/00 005 Institutional Brokerage & Sales CORPORATE CASH MANAGEMENT ACCOUNT INVESTMENT OPTIONS SUMMARY At Wells Fargo, Corporate Cash Management Account (CCMA) investors may choose from a variety of high quality investment Options that provide competitive yields. The following is a brief description of each of the options and issuers. COMMERCIAL PAPER Commercial paper is a short-term, unsecured promissory note with a fixed maturity. It is a promise by an issuer to pay an investor a fixed amount of money on a specific future date. Commercial paper is used as an alternate source of short-term funding for corporations. All CCMA commercial paper investments are issued as an overnight note, maturing the following business day. CCMA offers the following issues: General Mills, Inc., was incorporated in Delaware in 1928. The Company is engaged in the manufacture and marketing of consumer foods products. General Mills, Inc., is a leading producer of packaged consumer foods and markets its products primarily through its own sales organizations, supported by advertising and other promotional activities. Such products are primarily distributed directly to retail food chains, cooperatives, membership stores and wholesalers. Certain food products, such as yogurt and some foodservice and refrigerated products, are sold through distributors and brokers. Ratings: Moodys P-2: S&P A-2 PacifiCorp is a diversified electric utility headquartered in Portland, Oregon. Retail electric utility businesses are operated under Pacific Power & Light Company and Utah Power & Light Company. Through PacifiCorp Holdings, Inc., a subsidiary formed in 1984 to hold and facilitate businesses not regulated as electric utilities, PacifiCorp indirectly owns stock in Pacific Telecom, Inc. (87% owned telecommunications company) and PacifiCorp Financial Services. In addition, PacifiCorp Holdings owns Pacific Generation Company, which is engaged in independent power and cogeneration business. Ratings: Moody's P-1; S&P A-1. Weyerhaeuser Company was incorporated in Washington state in January 1900. Its principal businesses are the growing and harvesting of timber; the manufacture, distribution and sale of forest products including logs, wood chips, building products, pulp paper and packaging products: real estate construction and development; and financial services. Weyerhaeuser is the world's largest private owner of merchantable softwood timber and largest producer of softwood lumber and market pulp. It is also one of North America's largest producers of forest products and recyclers of office wastepaper, newspaper and corrugated boxes. Ratings: Moody's P-2; S&P A-1. Weyerhaeuser Real Estate Company (WRECO) was established in 1970 as a wholly -owned subsidiary of Weyerhaeuser Company and is principally engaged in the construction and sale of residential housing units in the United States. WRECO commercial paper is guaranteed by its parent, Weyerhaeuser Co. Ratings: Moody's P-2: S&P A-1. MUTUAL FUNDS Money market mutual funds (MMMFs) are short-term investment pools. Their basic function is to purchase large blocks of short-term financial instruments and sell investors shares in the f ind's portfolio. MMMFs seek to provide large and small investors with greater liquidity, diversification, and higher yields net of expenses, than can be obtained by direct investment in individual money market securities. Wells Fargo Cash Investment Money Market Fund invests in a broad spectrum of high -quality money market instruments. These include commercial paper, negotiable certificates of deposit, bank notes, bankers' (continu on Page 2) An investment in money market mutual funds is not insured or guaranteed by the Federal Deposit Insurance Corporation oar any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is passible to lose money by investing in money market mutual funds. Wells Fargo Bank, N.A. and certain of its affiliates provide investment advisory, sub -advisory and/or shareholder services for the Wells Fargo Funds. The Funds are sponsored and distributed by Stephens Inc., Member NYSE✓SIPC. Wells Fargo & Company, Wells Fargo Bank, N.A., and their affiliates are not affiliated with Stephens Inc. The Dreyfus Corporation and certain of its affiliates, which are not affiliated with Wells Fargo or Stephens Inc., provide investment advisory, sub -advisory and/or shareholder services to the Dreyfus Funds. The Dreyfus Funds are sponsored and distributed by the Dreyfus Corporation, Member NYSE/SIPC. For more complete information about the Wells Fargo Money Market Funds or the Dreyfus Money Market Funds, including fees and expenses that apply to a continued investment in them, obtain a current prospectus by contactingyour Institutional Brokerage & Sales representative. Please read the prospectus carefully before investing. Institutional Brokerage & Sales includes departments of Wells Fargo Brokerage Services, LLC (member NASD/SIPC/Chicago Stock Exchange) and Wells Fargo Bank, N.A., the brokerage and bank affiliates of Wells Fargo & Company. Investments: • NOT FDIC insured • May lose value • No bank guarantee 1 11-1*00 006 it $ to uo#ioa" Bxa4se ageL Qi. &aAe(rncluding savings banks and savings associations) , foreign branches of U.S. banks, foreign banks and their non-U.S. branches, U.S. branches and agencies of foreign banks, and wholly owned banking -related subsidiaries of foreign banks. The Fund limits its investments in obligations of financial institutions to institutions that at the time of investment had total assets in excess of $1 billion, or the equivalent in other currencies. The Fund seeks high current income, preservation of capital and liquidity. Wells Fargo Treasury Plus Institutional Money Market Fund actively manages a portfolio composed of obligations issued or guaranteed by the U.S. Treasury. The Fund also invests in repurchase agreements and other instruments collateralized or secured by U.S. Treasury obligations. The Fund's investment objective is to seek current income and stability of principal. Ratings: Moody's Aaa; S&P AAA. Dreyfus Treasury Prime Cash Management Fund invests exclusively in U. S. Treasury securities issued and guaranteed as to principal and interest by the U. S. Government. Its goal is to provide investors with as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. GOVERNMENT SPONSORED ENTERPRISES & PEFCO* Government sponsored enterprises are financial intermediaries established by the Federal Government to supply credit for specific economic purposes, e.g., housing, education, and export of U.S. goods and services. To carry out their functions the agencies sell debt obligations in the financial markets and channel the proceeds to lending institutions either through direct loans or through the purchase of loans originated by these institutions. All CCMA goverment sponsored enterprise investments are issued as an overnight note, maturing the following business day. The Federal Home Loan Bank (FHLB) was authorized by Congress in 1932 and is the largest single source of home mortgage credit in the United States and is currently the world's largest issuer of private debt. The System, comprised of 12 regional FHLBs and the FHLBs' Office of Finance, is supervised and regulated by the Federal Housing Finance Board, an independent agency in the executive branch of the U.S. government. The System's mission is to support residential lending and related community investment, which it fulfills by assuring a continuous flow of funds to residential lenders. federally chartered, stockholder -owned corporation organized and existing under the Federal National Mortgage Association Charter Act. It is the largest investor in home mortgage loans in the United States. The Corporation provides funds to the mortgage market by purchasing mortgage loans from lenders, thereby replenishing their funds for additional lending. Student Loan Marketing Association (Sallie Mae) is a stockholder -owned corporation established by an Act of Congress in 1972 to provide a secondary market for student loans guaranteed by the Federal Government. Sallie Mae is the largest source of financing for education loans in the United States. Its products and services include student loan purchases, commitments to purchase student loans and secured advances to originators of student loans. Private Export Funding Corporation (PEFCO) is a privately owned corporation organized in 1970 with the support of the U. S. Department of the Treasury and the Export -Import Bank for the purpose of assisting in financing exports of U.S. origin goods and services. It is jointly owned by 37 major commercial banks, six industrial companies involved in exporting U.S. products and services, and three financial services companies. PEFCO's principal business is to make U.S. dollar loans to foreign importers to finance the purchase of U.S. goods and services. PEFCO's loans are made with the approval of the Export -Import Bank, which in turn guarantees such loans. *PEFCO is not a GSE and may not fall within certain regulatory investment guidelines. 11 ,00 007 Institutional Brokerage & Sales Sample of CCMA Daily Confirmation WELLS FARGO CCMA is an "overnight" investment; the investment ABC COMPANY always matures in full on the CUSTOMER NUMBER: 123456 business day following the investment settlement date. SETTLEMENT DATE: 12/19/1999 MATURITY DATE: 12/20/1999 PRINCIPAL ACCOUNT: 123456789 INTEREST ACCOUNT: 123498765 As principal Wells Fargo Bank, N.A., has sold to you FEDERAL NATIONAL MORTGAGE ASSOCIATION notes: PAR 4,410,000.00 PRINCIPAL 4,409,400.72 CUSIP 313588YL3 RATE 4.9600 As principal Wells Fargo Bank, N.A., confirms the terms of your REPURCHASE AGREEMENT. Collateral: US Treasury Note, 7.875, due 11/15/00 PAR 5,000.00 PRINCIPAL 4,269.66 CUSIP 9128271384 RATE 4.9600 MARKET VALUE 5,823.40 INTEREST .58 Che investment principal is debited from the ;hecking account on the settlement date and s returned in full on the maturity date. nterest is paid daily. Total Amount Invested $4,413,670.38 Total Interest 599.86 Except for repurchase transactions, the investments described in this transaction confirmation are not obligations of Wells Fargo Bank, N.A... Investments, including repurchase agreements, are not deposits in any bank, are not guaranteed by any bank, and are not FDIC insured. Investments described herein involve risks, including possible loss of the principal amount invested (tear -off mailer envelope portion) WELLS FARGO ABC Company Attn: Louis Morris 3892 Lumber Blvd Houston, TX 76265 008 CORPORATE CASH MANAGEMENT ACCOUNT Average Monthly Yield for investments less than $100,000 Government Wells Fargo Wells Fargo Commercial Sponsored Treasury Money Cash Money Dreyfus Treasury Paper Enterprises Market Fund Market Fund Prime Cash Mgmt Mar-2000 4.065% 3.983% 3.713% 4.134% 3.641% Apr-2000 4.239% 4.142% 3.821% 4.286% 3.706% May-2000 4.424% 4.310% 4.022% 4.301 % 3.859% Jun-2000 4.707% 4.503% 4.288% 4.533% 4.014% Jul-2000 4.733% 4.560% 4.280% 4.640% 4.118% Aug-2000 4.725% 4.583% 4.414% 4.710% 4.264% Sep-2000 4.704% 4.540% 4.463% 4.716% 4.273% Oct-2000 4.727% 4.566% 4.448% 4.709% 4.273% Nov-2000 4.748% 4.585% 4.535% 4.718% 4.359% Dec-2000 4.588% 4.423% 4.424% 4.723% 4.253% Jan-2001 4.103% 3.923% 4.053% 4.483% 4.049% Feb-2001 3.691 % 3.477% 3.553% 3.960% 3.725% An investment in money market mutual funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at S 1.00 per share, it is possible to lose money by investing in money market mutual funds. Wells Fargo Bank, N.A. and certain of its affiliates provide investment advisory, sub -advisory and/or shareholder services for the Wells Fargo Funds. The Funds are sponsored and distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company, Wells Fargo Bank, N.A., and their affiliates are not affiliated with Stephens Inc. The Dreyfus Corporation and certain of its affiliates, which are not affiliated with Wells Fargo or Stephens Inc., provide investment advisory, sub -advisory and/or shareholder services to the Dreyfus Funds. The Dreyfus Funds are sponsored and distributed by the Dreyfus Corporation, Member NYSE/SIPC. For more complete information about the Wells Fargo Money Market Funds or the Dreyfus Money Market Funds, including fees and expenses that apply to a continued investment in them, obtain a current prospectus by contacting your Institutional Brokerage & Sales representative. Please read the prospectus carefully before investing. Institutional Brokerage & Sales includes departments of Wells Fargo Brokerage Services, LLC (member NASD/SIPC/Chicago Stock Exchange) and Wells Fargo Bank; N.A., the brokerage and bank affiliates of Wells Fargo & Company. IInvestments: • NOT FDIC insured • May lose value • No bank guarantee I Revised 5/15/00 009 Institutional Brokerage & Sales CORPORATE CASH MANAGEMENT ACCOUNT Average Monthly Yield for investments of $100,000 to $1,000,000 Government Wells Fargo Wells Fargo Commercial Sponsored Treasury Money Cash Money Dreyfus Treasury Paper Enterprises Market Fund Market Fund Prime Cash Mgmt Mar-2000 4.915% 4.833% 4.563% 4.984% 4.491% Apr-2000 5.089% 4.992% 4.671% 5.136% 4.556% May-2000 5.274% 5.160% 4.872% 5.151 % 4.709% Jun-2000 5.557% 5.353% 5.138% 5.383% 4.864% Jul-2000 5.583% 5.410% 5.130% 5.490% 4.968% Aug-2000 5.575% 5.433% 5.264% 5.560% 5.114% Sep-2000 5.554% 5.390% 5.313% 5.566% 5.123% Oct-2000 5.577% 5.416% 5.298% 5.559% 5.123% Nov-2000 5.598% 5.435% 5.385% 5.568% 5.209% Dec-2000 5.438% 5.273% 5.274% 5.573% 5.103% Jan-2001 4.953% 4.773% 4.903% 5.333% 4.899% Feb-2001 4.541% 4.327% 4.403% 4.810% 4.575% An investment in money market mutual funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Wells Fargo Bank, N.A. and certain of its affiliates provide investment advisory, sub -advisory and/or shareholder services for the Wells Fargo Funds. The Funds are sponsored and distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company, Wells Fargo Bank, N.A., and their affiliates are not affiliated with Stephens Inc. The Dreyfus Corporation and certain of its affiliates, which are not affiliated with Wells Fargo or Stephens Inc., provide investment advisory, sub -advisory and/or shareholder services to the Dreyfus Funds. The Dreyfus Funds are sponsored and distributed by the Dreyfus Corporation, Member NYSE/SIPC. For more complete information about the Wells Fargo Money Market Funds or the Dreyfus Money Market Funds, including fees and expenses that apply to a continued investment in them, obtain a current prospectus by contacting your Institutional Brokerage & Sales representative. Please read the prospectus carefully before investing. Institutional Brokerage & Sales includes departments of Wells Fargo Brokerage Services, LLC (member NASD/SIPC/Chicago Stock Exchange) and Wells Fargo Bank, N.A., the brokerage and bank affiliates of Wells Fargo & Company. Investments: - NOT FDIC insured - May lose value - No bank guarantee Revised 5/15/00 010 Q) co L. Oo �o O goo i� O •� O O _V 69 •L cu OZ 4a O •y a 2co Q � V V y Q y� U a 0 O N LL O O O N 0 a� O O O O N 0 Z O O O N O O O N o. U) O O O N Q a c Lu m ' 00 a0 co a aU) .. I U � �E E ` Q) �00 U C7 O O O N p c L j «. LL x E 0 ,,�°' N Inc@ �o 0 V �i o �. E a. O O O r 0 N t0 r W ,, N U 0! 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O N co 0 0 0 N L a Q 0 O N o O 0 O O 0 0 o 02 0 00 00 0 00 00 0 0 r 6 6 4 M N r O v y a! is V7 .d 0 x N •V_ 7 w H • a� 'O ❑ = � a�i w -O ►��+ � a y � O yUj 0 tes a� C C 67 > y CO b"D 3 cs ono = •> y •" E o y r, O CLU n O C n0 O= Uo m e 0 0 �a z o c a CA .c c uE >,;aov'w � E E > Q o CO 0a a� 0 0 U(7 E�' A❑.Nw�c •. 1r V y , cn z p "z v � rQ 0 u C G .� ¢ .., G 00 c " iLY rn >m .. o d00 �U°•a to 'b C5 V a co l 0 0 0= U >`oro V e O D1�o 0 Q LLl r� E ^ boo y b y LL LL N N y y U R a � co G y x ea o o > ZU •.r o ° ay i Zo� � Z • � En E-to 0 co r. O to z y 7 N � '� � ~ Ili y • � � y � 012 e �- TREASURY PLUS MONEY MARKET FUND CLASS A - FEBRUARY 28, 2001 OBJECTIVE FUND Seeks current income and stability of principal. FUND HIGHLIGHTS • Lower risk: Invests in U.S. Treasury obligations and in repurchase agreements collateralized by U.S. Treasury obligations. • Liquidity: Shares in the Fund can be redeemed without charge on any business day. • Competitive yields FUND INCEPTION DATE: 10/1/85 TOTAL ASSETS: $1.5 Billion FUND MANAGER: Dave Sylvester, Laurie White, Rob Leuty TICKER SYMBOL: PIVXX cuslP: 94975H320 EXPENSE RATIO: 0.65% CURRENTTDAY YIELD OVER TIME 7-day current yield as of 02/28/01. 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% 4.93% 10/95 04/97 10/98 04/00 02/01 SECURITY DESCRIPTION MATURITY %OF PORTFOLIO AVERAGE ANNUAL TOTAL RETURNS U.S. Treasury Bills 5.700/6 3/29/01 9.2% 1 YEAR (As of 02/28/01) 5.67% U.S. Treasury Notes 5.63% 9/30/01 6.8% 5 YEAR 4.96% U.S. Treasury Bills 5.60% 3/22/01 6.7% 10 YEAR 4.47% U.S. Treasury Notes 4.88% 3/31/01 5.4% INCEPTION 5.37% U.S. Treasury Bills 6.00% 4/19/01 5.00/0 TOTAL RETURNS U.S. Treasury Notes 6.25% 4/30/O1 4.4% 1994 1995 1996 1997 1998 1999 2000 U.S. Treasury Notes 5.88% 11/30/01 2.6% 3.63% 5.38% 4.92% 5.03% 4.81% 4.36% 5.62% U.S.Treasury Notes 5.881/o 10/31/01 2.6% 7-DAY 30-DAY U.S. Treasury Notes 6.50% 5/31/01 1.7% DIVIDEND CURRENT YIELD CURRENT YIELD U.S. Treasury Notes 6.63% 7/31/01 1.0% Mar 00 $0.0043 5.23% 5.13% Apr 00 $0.0043 5.09% 5.17% • • • CHARACTERISTICS' PORTFOLIO May 00 $0.0046 5.58% 5.38% Jun 00 Jul 00 $0.0046 $0.0047 5.55% 5.73% 5.62% 5.58% ASSET ALLOCATION Repurchase Agreements % OF PORTFOLIO 68% Aug 00 $0.0049 5.82% 5.76% U.S. Treasury Notes 26% . Sep 00 $0.0048 5.77% 5.80% U.S. Treasury Bills 6% Oct 00 $0.0049 5.89% 5.81% 100% Nov 00 $0.0048 5.91% 5.90% Dec 00 $0.0049 5.34% 5.74% Weighted Average Maturity 45 Days Jan 01 $0.0046 5.38% 5.39% Moody's Money Market Fund Rating2 Aaa Feb 01 $0.0038 4.93% 5.00% S&P Money Market Fund Rating2 AAAm There is no sales charge in connection with this Fund. However, other fees and expenses apply to the continued investment in the Fund. Please see the Fund's current prospectus for more information. Figures quoted represent past performance, which is no guarantee of future results. Yields will fluctuate. The Fund's yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund's manager has voluntarily waived all or a portion of its management fees or assumed responsibility for other expenses, which reduces operating expenses and increases total return to shareholders. Without these reductions, the Fund's returns would have been lower. These reductions may be discontinued at any time. Performance shown for the Class A shares of the Wells Fargo Treasury Plus Money Market Fund for the periods prior to November 8, 1999 reflects performance of the Class A shares of the Stagecoach® Treasury Plus Money Market Fund, its predecessor fund. Effective November 8, 1999 the Stagecoach Funds® were reorganized into the Wells Fargo Funds", Performance shown for the period October 1, 1995 through September 6,1996 reflects performance of the Investor shares of the Pacifica Treasury Money Market Fund, the predecessor portfolio. Performance shown for periods prior to October 1, 1995 reflects performance of the Service Class shares of the predecessor portfolio. Portfolio holdings are subject to change. 2The ratings indicated under this heading are from Standard & Poor's and/or Moody's Investors Services (together "rating agencies"). Standard & Poor's is a trademark of McGraw-Hill, Inc. and has been licensed. The Fund is not sponsored, endorsed, sold or promoted by these rating agencies, and these rating agencies make no representation regarding the advisability of investing in the Fund. O NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, It Is possible to lose money by investing in the Fund. Wells Fargo Funds Management, LLC, a wholly -owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for the Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide sub -advisory and other services for the Funds. The Funds are distributed by Stephens Inc., Member 01 NYSE/SIPC. Wells Fargo & Company and Its affiliates are not affiliated with Stephens Inc. This fact sheet must be accompanied or preceded by a current prospectus for the Treasury Plus Money Market Fund. Please read the prospectus carefully before investing. ® 2001 Wells Fargo Funds. All rights reserved. M 014 (03/01) INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: April 11, 2001 Month End Cash Report - March 2001 and Other selected Financial Data This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances, but would report in a timely fashion selected cash balances. Information item only. i John M. Falconer, Finance Director O C O O LL N v M N �ui N M N M M��NMO1O�7�G0 LO �vANppr(O 8 O (D M c a40O6Lc D �OO,�OLDNT cr��(��pCc( pti� (0S4 NN�N � Ln n N (D N Ln N Ln N C r M M M 0 M cq f� 1� Wn 00 0) y Ern yet O �f CD v CV) . p^OOOM04 MO`DDM (nl:1�1-�(DNhONti 52 C(�O O � ti (D 00 ONNN2M1-Lo ig 0)0�OpOM W co co to N 0 N oQ CY)0) v v 0)$g8LO co G �•- O r ppv O r �,N^L(ON Ln I r p p pp N _ N_ O O O g M N _N 0w Ln CO tD (D (D (p7 ti a) co N N co N N � y M CO N N O N 0 N I�f) � t� e- 1� �- Q 2 Co pp O O O C:)pO ci g N _ O O O O O O O M c (( i p (ri (i M N 7 _ O nj 00 Cl M M N N N N O N (D M N N N lU N (N N (MD (MD W co to ( D (rj 0 � (ND 4) N .- EnCO Npr00(IM0) O M (D OOO OD LL (Yj� to NIW Ln�(Or-(V NN 00OOp�(00 N coO M f 00 co MNmMMU)M � M M N co lII O � Y co N lV0 p G.~ N N U 00 Q la MCl o C l�7 Cp�(CV N V V. ` (n U fQ 0lCC N m w l_CQ m "r 011- L L C Q.0 •N+ R m V VOr) a) d L (Arn >' E c� -0 E rn o_$ > L- 3 am � aa.("i)i��w a Q a Q C Z Q r M w ��¢(n0za--)LL2Q W r- O) vg Ln M M Ln 0 M Go M M co ti co T- N cor--� co Ln O NOII N O a) a) C w m O �Na 3 m ) E a) r" m m m E °a--� O C N O E t m oQ L L N H 0= lC U a m a) mN M O_ CO �M rn -Q a) y ,� L to a C Q E a O M O C n N O U C 0 0 0 'O E ZNN N C� O Q O N (n ,o N� C � O 10 `M N C O O a) C C B E N •X (C v a) ON) C O` C d CL An O O =1 U O > N C p m a) w. - y L L 3 U lII N M 0 C M a) O w C O U L (- C U 0)C 7 .L. N Q).6 C E'EN 0.9 O.U. U. 7 CL yN +L' L ... +- in a fCQ a) U (p L 0 0. a a cv7 wa�0.iw n. > a)U gs (� y d a1 a) L t LL E U L N O O C C V O d) C L U ?+ C m L a) II E . m a) a R yU o 'p a) 0) U ca o n CO E E a4) .... n- (D a) aL 0. w N w N y N C- C m O (w0 C C C N :,_. O L U L U a) a �- m E G 0. 'O N C UEQD C E(D �' .0C �� n.M -M m� 3 U)C0)Q la .G a) c� O O E E v)°(D U 0 L w w+ U E O l�4 N U� tC ` m LL n O = p_ X W U O L O U N a) a) a) 0 t °) 2 •- w d m O a) O C O U U O a) W U �°�r-' O �N 4) 9 701c Aa V a) B O O U.c HM,Lo-°�' Haa) (n Em5D 001 FRB: H.15--Selected Interested Rate ... b-Only Daily Update-- April 3, 2001 http://www.fedcralreserve.gov/Releases/H 15/updat. Federal Reserve Statistical Release H.15 Selected Interest Rates Release Date: April 3, 2001 H.15: Release I 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 April 3, 2001 Yields in percent per annum Mon Apr 2 Instruments SELECTED INTEREST RATES Federal funds (effective) 1 2 3 5.30 Commercial paper 3 4 5 6 Nonfinancial 1-month 4.94 2-month 4.81 3-month 4.68 Financial 1-month 4.94 2-month 4.85 3-month 4.73 CDs (secondary market) 3 7 1-month 5.03 3-month 4.75 6-month 4.58 Eurodollar deposits (London) 3 8 1-month 5.00 3-month 4.75 6-month 4.57 Bank prime loan 2 3 9 8.00 Discount window borrowing 2 10 4.50 U.S. Government securities Treasury bills (secondary market) 3 4 3-month 4.12 6-month 4.02 1-year 3.93 Treasury constant maturities 11 002 3-month 4.22 1 of 3 04/04/2001 l 1:1 1 AN FRB: H.15--Selected Interested Rate ... b-Only Daily Update-- April 3, 2001 http://www.federalreserve.gov/Releases,"H 15,,updat,. 6-month 4.16 1-year 4.10 2-year 4.22 3-year 4.37 5-year 4.66 7-year 4.92 10-year 4.98 20-year 5.64 30-year 5.49 Interest rate swaps 12 1-year 4.64 2-year 4.86 3-year 5.13 4-year 5.32 5-year 5.47 7-year 5.70 10-year 5.91 30-year 6.31 Corporate bonds Moody's seasoned Aaa 7.08 Baa 7.98 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. 0 0 3 2 of 3 04/04/2001 11:11 AN FRB: H.15--Selected Interested Rate ... b-Only Daily Update-- April 3, 2001 http://www.federaireserve.gov/Releases. H 151 updat 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 I About I ASCII I Historical data I Daily update Home I Statistical releases To comment on this site, please fill out our feedback form. Last update: April 3, 2001 004 3 of 3 04/04/2001 1 1:1 1 A' FRB:Commercial Paper Rates and Outstandings http://www.federalreserve.gov/ReleasesiC'I Federal Reserve Release Commercial Paper Release I About I Outstandings I Historical discount rates ( Historical outstandings Data as of April 3, 2001. Commercial Paper Rates and Outstandings Derived from data supplied by The Depository Trust Company Posted April 4, 2001 Discount rates AA Term ' financial AA nonfinancial A2/P2 I I nonfinancial 1-day 5.25 5.25 j 5.61 7-day 5.07 512 5.48 15-day , 4.99 f 5.02 5.43 30-day 4.96 4.94 5.41 60-day 1 4.81 1 4.75 5.27 90-day 4.70 j 4.65 ? -.34 t Yield curve MnnPv mnrlrat hncic 1 7 15 30 Discount rate spread Thirtv-dav A2/P2 less AA nonfinancial commercial paper (daily) I Volume I statistics 2001:01 Percent 6o 60 nrareasl---MerMirab I ••-• A@JP2 Basis points 01JAN98 01 JUL98 01 JAN99 01JUL99 01 AN OD 01JULOD 01 AN 01 — -- A2%P2 spread, 5—day moving overage s7 a6 5 5.4 5L 3 512 ✓L 1 so 4.P 4.a 4.7 150 140 150 120 110 1 OD 90 80 70 60 5'0 40 30 20 10 01JUL01 005 1 of 3 04/04/2001 1 1:1 1 A" FRB:Commercial Paper Rates and Outstandings http://www.federalreserve.go,.,/Releascs, C' Discount rate history Thirtv-dav commercial paper (daily) r M r�{►� f� I 0"� hll� 01JAN98 01JUL98 01JAN9�J Q1,JULVJ UIJANW vIJULVV VILMAivVI _ Financial --- Nordinancial ••••• A2/P2 Outstandings Weekly (Wednesday), seasonally adjusted Percent 7 5 —4 4 01 JULQ1 Billions of dollars Billions of dollars 360 350 340 120 0 330 N 320 310 300 t 290 280 270 260 250 240 _ 220 210 01 JAN98 01 JUL98 01 JAN99 01 JU L99 01 JAN00 01 JULOO 01 L AN01 01 JU L01 Finand al — -- Ncrifinand al 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. 006 2of3 04/04/2001 11:11 A FRB:Commercial Paper Rates and Outstandings http://www.federalreserve.goviReleases/C Commercial paper outstanding Commercial paper outstanding, miscellaneous categories Release I About ( OutstandiM I Historical discount rates I Historical outstandinQs Home I Statistical releases To comment on this site, please fill out our feedback form. Last update: April 4, 2001 007 3 of 3 04/04/2001 11:11 A' LAIF Performance Report http://www.treasurer.ca.gov/1aif,/perfomiancc-hi Philip Angelides, State Treasurer Inside the State Treasurer's office Local Agency Investment Fund LAW Performance Report Reporting Date: Effective Date: Quarter Yield: Daily: Year: Life: Quarter Ending 12/31/00 Apportionment Rate: Earnings Ratio: Fair Value Factor: Monthly Average For February: 03/28/01 03/28/01 6.18% 5.89% 6.39% 186 6.52% .00017854626707555 1.012836187 6.169% Pooled Money Investment Account Portfolio Composition" $45.8 Billion 02128101 Loans Reverses 6.16% -0.96% Corporate Bonds 5.60% Commercial Paper 23.51 % C D's/B N's 11.58% Treasuries 14.87% me Deposits 10.11 % Mortgages 0.02% ies 29.11 % ■ Treasuries ❑ Time Deposits ■Mortgages ❑Agencies ■ C D's/B N's ❑ Bankers Acceptances ■ Repo ■Commercial Paper ❑ Corporate Bonds ❑ Loans ■Reverses 008 I of 2 04/04/2001 11:13 A I AIF Performance Report http://www.treasurer.ca.gov/laif/performance. h *The PMIA portfolio does not hold any securities of PG&E or Southern California Edison. u :a Please click here for an Adobe PDF version of this information. If you have any questions about Adobe Acrobat or are having trouble downloading please click here. Home Back 2 of 2 04/04/2001 1 1:13 A ca C c� a J O0 O 00 O L Q) ca =00 N UUoDN O M a) a) 'D a) �Cn2 N C U Ecu O a) � Rf z -cu�- ;, a) -v z a'Q0 C/cu �(NO r*-M � C MI`NO LO 0co O CU Cl �N C6NU)00Le co 0 UN00000 Cho > ~-NdO'CNOO pj OCA �tM M a M N N CC co (00�ti ",�ppti� tioorl_ LOLo co co cu p q•U-)T- NM O UN N M ti0O�ll;r�Oo W) Q d0'MT.. co o co � ao m _ to � N M N I` M M N LO 00MNC00� � M a)O MCOT-� O� tm � N r' O O co w 0CNF toN ' T-N dN O LO7 (fl� N Lf`Il:CIO tO u t Q 0 L t4 cu a) X r••� C L N C V >� C a .0 C X cu m Q) N CL X a) O Q y C C� Val U Q Q O N N c.moc �� aa) O•V d C C a) — �' � � > Cl) — w a .N ` L.+ .u, a� L U O N N (D X cQ N +L• 3 CO N 0 4) Q aF—co0w w(/) w000E— z s +r C O E L- a) n. 0 co14, co cu a) N rn Q N N :v W c H a) o a Z w -4-0 C-00000000000 O O p O � p 0 o- ti 0 N 00 0 0� 0 M CCy�NN0�MaoN a) _Q C Z CQ CW G W w 0- g U �-O c w > W w > Q Y 0so � Qwwz C�z� c WUJwZDU 2 WZUMUo2� a) zQ��.-:]-j2oo `wZ—OOmO- 010 INVESTMENT ADVISORY BOARD Meeting Date: April 11, 2001 Pooled Money Investment Board Report for January Correspondence & Written Material Item B The Pooled Money Investment Board Report for January 2001 is included in the agenda packet. Receive & File n M. Falcone Finance Director STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT JANUARY 2001 TABLE OF CONTENTS SUMMARY...........................................................................1 SELECTED INVESTMENT DATA.............................................2 PORTFOLIO COMPOSITION...................................................3 INVESTMENT TRANSACTIONS...............................................4 TIMEDEPOSITS..................................................................22 BANK DEMAND DEPOSITS...................................................36 POOLED MONEY INVESTMENT BOARD DESIGNATION .......... 37 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JANUARY 2001 WITH JANUARY 2000 (DOLLARS IN THOUSANDS) JANUARY 200ij 1 JANUARY 200011 CHANGE Average Daily Portfolio $ 46,355,104 $ 35,750,385 +10,604,719 Accrued Earnings $ 250,852 $ 174,413 +76,439 Effective Yield 6.372 5.760 +.612 Average Life -Month End (In Days) 190 193 -3 1 Total Security Transactions Amount $ 27,984,863 $ 15,348,246 +12,636,617 Number 601 341 +260 Total Time Deposit Transactions Amount $ 1,587,290 $ 1,420,990 +166,300 Number 164 112 +52 Average Workday Investment Activity $ 1,408,198 $ 838,462 +569,736 Prescribed Demand Account Balances For Services $ 161,287 $ 196,125 -34,838 For Uncollected Funds $ 241,225 $ 259,082 -17,857 1 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) JANUARY 31, 2001 PERCENTAGE CHANGEFROM TYPE OF SECURITY AMOUNT PERCENT PRIOR MONTH Government Bills 3,322,895 6.89 +.80 Bonds 0 0.00 0.00 Notes 2,751,399 5.70 -1.13 Strips 0 0.00 0.00 Total Government 6,074,294 12.59 -.33 Federal Agency Coupons 3,755,568 7.78 +.54 Certificates of Deposit 4,469,178 9.26 -2.12 Bank Notes 1,470,017 3.05 -.73 Bankers' Acceptances 0 0.00 0.00 Repurchases 0 0.00 0.00 Federal Agency Discount Notes 10,340,859 21.43 +.16 Time Deposits 4,433,345 9.19 -.78 GNMAs 1,131 0.00 0.00 Commercial Paper 12,312,331 25.51 +3.12 FHLMC 11,172 0.02 -0.01 Corporate Bonds 2,6-34,987 6.46 -.60 Pooled Loans 3,001,152 6.22 -.53 GF Loans 0 0.00 0.00 Reversed Repurchases (244,036) (0.51) -1.28 Total (All Types) 48,259,998 100.00 INVESTMENT ACTIVITY Pooled Money Other Time Deposits Totals PMIA Monthly Average Effective Yield Year to Date Yield Last Day of Month JANUARY 2001 NUMBER AMOUNT 601 $ 27,984,863 2 3,708 164 1,587,290 767 $ 29,575,861 6.372 6.485 DECEMBER 2000 NUMBER AMOUNT 541 $ 24,808,298 51 197,520 110 1,015,095 702 $ 26,020,913 6.535 6.506 2 Pooled Money Investment Account Portfolio Composition $48.2 Billion Loans Reverses Corporate 6.22% -0.51 % Treasuries 12.59 /o Bonds 5.46% ti�cti CD's/BN's 12.31 % Time Deposits 9.19% Mortgages 0.02% Agencies 29.21 % 01/31/01 2 Treasuries B Time Deposits E Mortgages © Agencies IN CD's/BN's Bankers Acceptances ■ Repo ❑ Commercial Paper © Corporate Bonds ❑ Loans ❑ Reverses 3 -a+a�-y--�--"�- - - - �'�,. ...�,q�ya +s ,.htw9S, ^M �.stwk ir. --.F .ti, ., ,,,ka• 1;'. ';:,w`,. POc a►IWON INVESTMENT;, CCOU rr A .W ys. x�.+;'�l:+�iE�g,.. <*�`• t:; ^.,,� y.�;,:- '! ,,- ,. '," _ �.�;.;n. ...,.�¢ L,,. .,4 •y ff �i "rr 'ww- •.;te.+r+ �afan`.,_-.a*- .�C, ;..:V; �ar AN .,rk'f' '>.-��r ^^•r ,•.:. °.".' • �a Y. y�,,-K''!�E'+5,3+`.. r: .:ls +aw�r.,aw.rv�.�,r .c r La :'«^. =#� "s!.v9`2�.Y ~�>F''E'''+i '^+>'^ ry. x :AMOUNT EFFECTIVE - QgjF. DCSCRIPTION Q �` NIEQ YlELQ 01/02/01 REDEMPTIONS CID FMCC 01/02/01 6.250 $50,000 5 $43,402.78 6.342 CID FMCC 01/02/01 6.250 50,000 5 43,402.78 6.342 CID FMCC 01/02/01 6.250 50,000 5 43,402.78 6.342 CID FMCC 01/02/01 6.250 50,000 5 43,402.78 6.342 CID FMCC 01/02/01 6.250 50,000 5 43,402.78 6.342 CID Amer Exp 01/02/01 6.380 50,000 5 44,305.56 6.474 CID Amer Exp 01/02/01 6.380 50,000 5 44,305.56 6.474 CID Amer Exp 01/02/01 6.380 50,000 5 44,305.56 6.474 CID Amer Exp 01/02/01 6.380 50,000 5 44,305.56 6.474 CID Amer Exp 01/02/01 6.380 50,000 5 44,305.56 6.474 CID Amer Exp 01/02/01 6.380 50,000 5 44,305.56 6.474 CID Amer Exp 01/02/01 6.380 50,000 5 44,305.56 6.474 CID Salomon 01/02/01 6.570 50,000 12 109,500.00 6.675 CID Salomon 01/02/01 6.570 50,000 12 109,500.00 6.675 Disc Notes FFCB 01/02/01 5.940 25,000 344 1,419,000.00 6.384 Disc Notes FFCB 01/02/01 5.910 49,000 357 2,871,767.50 6.365 Disc Notes FFCB 01/02/01 5.910 50,000 357 2,930,375.00 6.365 Disc Notes FFCB 01/02/01 5.900 48,000 361 2,839,866.67 6.358 PURCHASES CD CommerzBk 6.050% 06/01/01 6.050 50,000 CD CommerzBk 6.050% 06/01/01 6.050 50,000 CD Deutsche 6.050% 06/01/01 6.050 50,000 CD Deutsche 6.050% 06/01/01 6.050 50,000 CD U/B Calif 6.130% 06/01/01 6.130 50,000 CD U/B Calif 6.130% 06/01/01 6.130 50,000 CID GECC 01/18/01 6.400 50,000 CID GECC 01/18/01 6.400 50,000 CID GECC 01/18/01 6.400 50,000 01 /03/01 RRS Treas Notes 5.250% 01/31/01 5.510 50,000 Treas Notes 5.250% 01/31/01 5.510 50,000 PURCHASE U/ CD Nat W.Mstr 6.460% 01/31/01 6.450 2,187 CD Nat W.Mstr 6.460% 01/31/01 6.450 50,000 CD Nat WNW 6.460% 01/31/01 6.450 50,000 PURCHASES BN B/A 5.980% 06/08/01 5.980 50,000 BN B/A 5.980% 06/08/01 5.980 50,000 4 �t�3fi lhtNVESTMENTXA GlDU,KT ATUP 01/03/01 PURCHASES (Continued) BN B/A 5.920% 06/29/01 5.920 50,000 BN B/A 5.920% 06/29/01 5.920 50,000 CD Nova Scot 5.950% 06/01/01 5.950 50,000 CD Nova Scot 5.950% 06/01/01 5.950 50,000 CD Nova Scot 5.950% 06/01/01 5.950 50,000 CD CommerzBk 5.920% 06/29/01 5.920 50,000 CD CommerzBk 5.920% 06/29/01 5.920 50,000 01/04/01 NO SALES PURCHASES CP Bear 05/04/01 5.550 50,000 CP GECC 06/01/01 5.450 50,000 CP GECC 06/01/01 5.450 50,000 CP GECC 06/01/01 5.450 50,000 CP GMAC 06/28/01 5.200 50,000 CP GMAC 06/28/01 5.200 50,000 CP GMAC 06/29/01 5.200 50,000 CP GMAC 06/29/01 5.200 50,000 CP FMCC 06/29/01 5.350 50,000 CP FMCC 06/29/01 5.350 50,000 CP FMCC 06/29/01 5.350 50,000 CP FMCC 06/29/01 5.350 50,000 CP FMCC 06/29/01 5.350 50,000 CP Amer Exp 07/02/01 5.200 50,000 CP Amer Exp 07/02/01 5.200 50,000 Disc Notes FNMA 11/07/01 5.000 50,000 Disc Notes FNMA 11/07/01 5.000 50,000 Disc Notes FNMA 11/16/01 5.050 25,000 Disc Notes FNMA 12/28/01 4.970 35,986 Disc Notes FNMA 12/28/01 4.970 50,000 Disc Notes FNMA 12/28/01 4.970 50,000 01/05/01 REDEMPTIONS �a ��' �'"�" .� '41 �, ... of � ♦ �. 'AMOUNT : NED Disc Notes FFCB 01/05/01 5.860 50,000 365 2,970,694.44 6.31 Disc Notes FFCB 01/05/01 5.860 50,000 365 2,970,694.44 6.31 Disc Notes FHLB 01/05/01 5.900 50,000 360 2,950,000.00 6.35 Disc Notes FHLB 01/05/01 5.900 50,000 360 2,950,000.00 6.35 PURCHASES CP Text Fin 01/08/01 5.880 20,000 CP Amer Exp 01/08/01 5.700 50,000 CP Amer Exp 01/08/01 5.700 50,000 5 :POORMO MNVESTNIENT.ACCOUNT ' '7�}I�IfA,r ;44 S��yi.K .:.Yvr- �Y �t' AV MATURITY .,:TRANS DESCRtPT10N�.DATE _YIELD 01/05/01 PURCHASES (Continued) CP Heller 02/16/01 5.900 50,000 CP Heller 02/16/01 5.900 50,000 CP Amer Exp 07/03/01 5.000 50,000 CP Amer Exp 07/03/01 5.000 50,000 Disc Notes FHLMC 01 /03/02 4.900 50,000 Disc Notes FHLMC 01 /03/02 4.900 50,000 Disc Notes FHLMC 01 /03/02 4.900 50,000 Disc Notes FHLMC 01 /03/02 4.900 50,000 Disc Notes FHLMC 01 /03/02 4.900 50,000 Disc Notes FNMA 09/25/01 5.020 50,000 Disc Notes FNMA 09/25/01 5.020 50,000 Disc Notes FNMA 09/25/01 5.020 50,000 Disc Notes FNMA 12/28/01 4.920 25,000 Disc Notes FNMA 12/28/01 4.920 25,000 Disc Notes FNMA 12/28/01 4.880 50,000 Disc Notes FNMA 12/28/01 4.880 50,000 Disc Notes FNMA 12/28/01 4.920 50,000 Treas Notes 5.125% 12/31 /02 4.674 50,000 Treas Notes 5.125% 12/31 /02 4.674 50,000 01/08/01 REDEMPTIONS AMOUNT .� . ,EFFECTIVE CP Text Fin 01/08/01 5.880 20,000 3 9,800.00 5•964 CP Amer Exp 01/08/01 5.700 50,000 3 23,750.00 5.781 CP Amer Exp 01/08/01 5.700 50,000 3 23,750.00 5.781 PURCHASES CD Svenska 5.350% 06/08/01 5.330 50,000 CD Svenska 5.350% 06/08/01 5.330 50,000 CD Svenska 5.350% 06/11/01 5.330 50,000 CD Svenska 5.350% 06/11 /01 5.330 50,000 CP GECC 01/09/01 5.870 50,000 CP Bear 05/08/01 5.330 50,000 CP Bear 05/08/01 5.330 50,000 CP GMAC 06/01 /01 5.150 50,000 CP GMAC 06/01 /01 5.150 50,000 CP GMAC 06/04/01 5.150 50,000 CP GMAC 06/04/01 5.150 50,000 Disc Notes FHLMC 09/28/01 4.890 50,000 Disc Notes FHLMC 09/28/01 4.890 50,000 Disc Notes FHLMC 01/03/02 4.810 50,000 Disc Notes FNMA 09/25/01 4.880 50,000 Disc Notes FNMA 11/08/01 4.850 48,850 Disc Notes FNMA 12/28/01 4.800 25,000 Treas Bills 11/29/01 4.460 50,000 6 �iiNQNEY-INVESTMENT ACCOUNT•:. ` , aS�rY%Yk..:: ♦ ,y `i xl;' _rwt•1v4� .. -' :, � w�.!"x� Lw" � � �� t = ` �/ MATURITY TRAN PARx�, AYS 4 ° AMOUNT "EFFECTIVE' DESCRUPTION_. EARNED YIELD _ _ 01/08101 PURCHASES (Continued) Treas Bills 11 /29/01 4.460 50,000 01/09/01 REDEMPTIONS CD Deutsche 6.600% 01/09/01 6.600 50,000 83 760,833.33 6.691 CD Bayer Ver 6.640% 01/09/01 6.630 50,000 84 773,517.78 6.722 CD Bayer Ver 6.640% 01/09/01 6.630 50,000 84 773,517.78 6.722 CD Montreal 6.700% 01/09/01 6.700 50,000 131 1,219,027.78 6.793 CD Montreal 6.700% 01/09/01 6.700 50,000 131 1,219,027.78 6.793 CD U/B Calif 6.780% 01/09/01 6.780 10,000 159 299,450.00 6.874 CD U/B Calif 6.780% 01/09/01 6.780 50,000 159 1,497,250.00 6.874 CP GECC 01/09/01 5.870 50,000 1 8,152.78 5.952 CP Heller 01/09/01 7.400 50,000 25 256,944.44 7.541 CP SRAC 01/09/01 7.100 50,000 36 355,000.00 7.250 CP Heller 01/09/01 7.250 50,000 36 362,500.00 7.404 CP ConAgra 01/09/01 6.820 50,000 63 596,750.00 6.998 CP Heller 01/09/01 6.650 50,000 71 655,763.89 6.831 CP ConAgra 01/09/01 6.750 20,000 81 303,750.00 6.949 PURCHASES CD Toronto 5.370% 06/29/01 5.365 50,000 CD Toronto 5.370% 06/29/01 5.365 50,000 CD Toronto 5.370% 06/29/01 5.365 50,000 CP Country 01 /11 /01 5.950 50,000 CP Country 02/28/01 5.730 50,000 CP SRAC 05/17/01 5.250 50,000 CP GMAC 07/02/01 5.000 50,000 CP GMAC 07/02/01 5.000 50,000 CP GMAC 07/03/01 5.000 50,000 CP GMAC 07/03/01 5.000 50,000 CP Disney 07/06/01 5.100 25,000 Disc Notes FNMA 12/28/01 4.850 25,000 Disc Notes FNMA 12/28/01 4.850 35,000 01/10/01 REDEMPTIONS CD Montreal 6.660% 01/10/01 6.650 45,600 41 345,360.57 6.742 CD Montreal 6.660% 01/10/01 6.650 50,000 41 378,684.84 6.742 CD Montreal 6.640% 01/10/01 6.640 50,000 70 645,555.56 6.732 CD Nova Scot 6.640% 01/10/01 6.640 35,000 71 458,344.44 6.732 CD Nova Scot 6.640% 01/10/01 6.640 50,000 71 654,777.78 6.732 CP ConAgra 01/10/01 7.570 7,607 28 44,788.33 7.720 CP ConAgra 01/10/01 7.570 50,000 28 294,388.89 7.720 CP Morg Stan 01/10/01 6.600 46,172 41 347,059.53 6.742 CP Morg Stan 01/10/01 6.600 50,000 41 375,833.33 6.742 7 PMONEXINVESTMENT ACCOUNT. ; �k.� „ _ - i "�� i'w3-N':'t`• : 'd?.�"k�!�#;!i ^3Y''i9i' i'"A4.'w` !�q Fa— r 3.t B. Sgh,V6'%'q ,y `wti:n}-`� a.sf •iowi N6 '.�4R�i.� _ },.: t✓ li 'C'tt' 'f .. `.Lr+ 6��A .'k'^, .;`•w"G*_ v. f. •' Rrct 'i..,:+F '.$"T"' .'..,f 'S �� .6!.:W +M1'd. �Mi' f'} .ihY' 4' A►. '�' l+i'f'�1'4. L•x. "lb -« � ., -.. ♦AY:.'7` S_.r,:.- •. =, MATURITY,- ..., a TRAN /aAY3 EFFECTNE +w.'Sr DESCRIPTION DAME yr.. MEI.Q 4:f8sH A'4,y5^..v}'a ,:: 'Y?✓'.nin ^:a.,.'r"w. - ^HELD YIELD 01/10/01 REDEMPTIONS (Continued) CP ConAgra 01 /10/01 7.120 50,000 42 415,333.33 7.279 CP ConAgra 01 /10/01 6.790 50,000 77 726,152.78 6.985 RRP Treas Bills 08/30/01 6.330 50,000 41 (344,057.48) -6.417 Treas Bills 08/30/01 6.330 50,000 41 (344,057.48) -6.417 Treas Bills 08/30/01 6.330 50,000 41 (344,598.17) -6.417 Treas Bills 08/30/01 6.330 50,000 41 (344,598.17) -6.417 PURCHASES CP GECC 01 /11 /01 5.950 50,000 CP GECC 01/11/01 5.950 50,000 CP Bear 05/10/01 5.400 50,000 Disc Notes FNMA 08/30/01 5.000 10,000 Disc Notes FNMA 08/30/01 5.000 50,000 01 /11 /01 RRS Treas Bills 11/29/01 5.300 50,000 Treas Bills 11/29/01 5.300 50,000 REDEMPTIONS CP GECC 01 /11 /01 5.950 50,000 1 8,263.89 6.033 CP GECC 01 /11 /01 5.950 50,000 1 8,263.89 6.033 CP Country 01 /11 /01 5.950 50,000 2 16,527.78 6.034 CP Salomon 01 /11 /01 6.550 50,000 21 191,041.67 6.666 PURCHASES S/ CP Morg Stan 03/01 /01 5.660 46,493 CP Morg Stan 03/01 /01 5.660 50,000 PURCHASES CP Salomon 01 /12/01 5.980 50,000 CP Salomon 01/12/01 5.980 50,000 CP Bear 01 /16/01 5.900 10,000 CP Bear 01 /16/01 5.900 50,000 CP Bear 01 /16/01 5.900 50,000 Treas Bills 11/29/01 4.630 50,000 Treas Bills 11/29/01 4.630 50,000 N. yElf INVESTMENT ACCOUNT f �J MATURITY MA TRANS PAR DAYS eMovl�nr-EFFECTIVE Et'3 `(. +. T bra •,.. QFSCRIPTI DAM _ _ . YlE1.g i4l�41 HELD EARNED YIELD 01 /12101 RRS 9 Treas Notes 5.250% 01 /31 /01 5.600 50,000 5 Treas Notes 5.250% 01 /31 /01 5.600 50,000 REDEMPTIONS 7 CD Cr Suisse 6.590% 01/12/01 6.590 48,625 30 267,032.29 6.68 7 CP Salomon 01/12/01 5.980 50,000 1 8,305.56 6.06 7 CP Salomon 01 /12101 5.980 50,000 1 8,305.56 6.06 7 CP Morg Stan 01/12/01 6.650 50,000 15 138,541.65 6.76 CP Morg Stan 01/12/01 6.650 50,000 15 138,541.65 6.7E CP Morg Stan 01/12/01 6.650 50,000 15 138,541.65 6.76 CP Morg Stan 01/12/01 6.650 50,000 15 138,541.65 6.76 CP Morg Stan 01/12/01 6.650 50,000 15 138,541.65 6.76 CP Morg Stan 01/12/01 6.650 5.0,000 15 138,541.65 6.7E Disc Notes FHLB 01/12/01 5.940 33,000 359 1,954,755.00 6AC 6.4C Disc Notes FHLB 01/12/01 5.940 50,000 359 2,961,750.00 6.4- Disc Notes FHLB 01/12/01 5.950 50,000 360 2,975,000.00 Disc Notes FNMA 01/12/01 5.940 50,000 358 2,953,500.00 6.4( Disc Notes FNMA 01/12/01 5.940 50,000 358 2,953,500.00 6.4( RRP Treas Bills 05/31 /01 6.300 50,000 30 (255,281.25) -6.3t PURCHASES g/ 33 33 CD World 5.930% 01 /31 /01 5.930 2,250 34 CD World 5.930% 01 /31 /01 5.930 50,000 36 CD World 5.930% 01 /31 /01 5.930 50,000 01/15/01 REDEMPTIONS CB Assoc 5.850% 01/15/01 5.210 50,000 811 5,826,750.00 5.2 NO PURCHASES 01/16/01 REDEMPTIONS BN Banc One 6.730% 01/16/01 5.730 50,000 160 1,495,555.56 6.E BN Banc One 6.730% 01/16/01 5.730 50,000 160 1,495,555.56 61 BN FR B/A 6.226% 01/16/01 6.175 15,000 391 1,046,492.39 6•` CD Austria 6.650% 01/16/01 6.640 50,000 76 700,903.48 6. 1 CD Stnrd Ch 6.630% 01/16/01 6.630 50,000 90 828,750.00 6. , CD Stnrd Ch 6.630% 01/16/01 6.630 50,000 90 828,750.00 6•� CP Bear 01/16/01 5.900 10,000 5 8,194.44 5•` CP Bear 01/16/01 5.900 50,000 5 40,972.22 5•` 9 won ... PQOo:loNr IsTMErtT=AcouNr , �� MATURITY _.:±t`: , R'*?R'r�"+?�<'t��tr,�#;�,�,`w^s.�4�,�,,. tiee""y�'"� ,��' x'� , ` ; a �" �' � ^ �e � ' �� 'a'x', u,,,,.' ,±«,ri. ,�. � x,o wi•.,.e,.x,�;;, Y� �..'x,V^' (y� �c 's "a�l,,'.�'k 'ryq�+u'ry"wi;•,+i ram. .� - � ... s„=x '^,ett'�<'* �g.,r�•..q r,�rn. r .�.;*n�,� -.��.+ {��"• � c�. � � a�. .�,R,A • _ j: . , , e TRANS '; � ";P ��A� DIM „� A �E DESCRIPTION 54��'�EARNED YIELD Q9IE MM&"41 HELD 01/16/01 REDEMPTIONS (Continued) CP Bear 01/16/01 5.900 50,000 5 40,972.22 5.986 CP Amer Exp 01/16/01 6.300 35,000 18 110,250.00 6.407 CP Amer Exp 01/16/01 6.300 50,000 18 157,500.00 6.407 CP Amer Exp 01/16/01 6.300 50,000 18 157,500.00 6.407 CP Amer Exp 01/16/01 6.300 50,000 18 157,500.00 6.407 CP Amer Exp 01/16/01 6.300 50,000 18 157,500.00 6.407 CP Amer Exp 01/16/01 6.300 50,000 18 157,500.00 6.407 CP Amer Exp 01/16/01 6.300 50,000 18 157,500.00 6.407 CP Amer Exp 01/16/01 6.300 50,000 18 157,500.00 6.407 CP Amer Exp 01/16/01 6.300 50,000 18 157,500.00 6.407 CID Amer Exp 01/16/01 6.300 50,000 18 157,500.00 6.407 CID Salomon 01/16/01 6.570 48,242 36 316,949.94 6.705 CID Salomon. 01/16/01 6.570 50,000 36 328,500.00 6.705 CID Salomon 01/16/01 6.570 50,000 36 328,500.00 6.705 CID GMAC 01/16/01 6.580 50,000 48 438,666.67 6.730 CP GMAC 01/16/01 6.580 50,000 48 438,666.67 6.730 CP GMAC 01/16/01 6.580 50,000 48 438,666.67 6.730 CP GMAC 01/16/01 6.580 50,000 48 438,666.67 6.730 CP Heller 01/16/01 6.620 25,000 81 372,375.00 6.813 CP Heller 01/16/01 6.620 50,000 81 744,750.00 6.813 RRP Treas Bills 08/30/01 6.250 50,000 36 (299,531.25) -6.336 Treas Bills 11/29/01 6.300 50,000 36 (298,147.50) -6.387 Treas Bills 11 /29/01 6.300 50,000 36 (298,147.50) -6.387 Treas Bills 05/31/01 6.270 50,000 90 (754,359.37) -6.357 Treas Bills 05/31 /01 6.270 50,000 90 (754,359.37) -6.357 PURCHASES CB FMCC 6.550% 09/10/02 5.950 10,000 CB GMAC 5.950% 03/14/03 6.095 11,900 CP FMCC 01/17/01 6.130 35,000 CID FMCC 01/17/01 6.130 50,000 CP Household 01/17/01 6.150 50,000 CP Household 01/17/01 6.150 50,000 CP Household 01/17/01 6.150 50,000 CP Household 01/17/01 6.150 50,000 CP GECC 01/17/01 6.150 50,000 CP GECC 01/17/01 6.150 50,000 CP GECC 01/17/01 6.150 50,000 CID GECC 01/17/01 6.150 50,000 CID GECC 01/17/01 6.150 50,000 CP GECC 01/17/01 6.150 50,000 CP Rohm 01/17/01 6.400 50,000 10 �NEY�1y�1�tYE, StTMSEt� , �-F4 L �'N!�t iS� ✓.� .,.,t� in .. Ip _ �r .� Y�a�►Yokc yi risf 2.d.+C:°+c w" '� ", `��M L449 '�',,�-9't w44- � '"'�a�a"'"1 'S.�e ddk�+S nIh s` wry . wr t � E7 '� ' '# EM-•--E DESCRiPTt©N ' - ,,.... -.mow+.. ---- 01116101 PURCHASES (Continued) Treas Bills 11 /29/01 4.710 50,000 Treas Bills 11 /29/01 4.710 50,000 FHLB 6.875% 07/18/02 5.313 50,000 FHLB 6.875% 07/18/02 5.313 50,000 FNMA 6.625% 01 /15/02 5.316 50,000 FNMA 6.625% 01 /15/02 5.316 50,000 01117101 REDEMPTIONS CID FMCC 01/17/01 6.130 35,000 1 5,959.72 8,513.89 6.216 6.216 Cp FMCC 01/17/01 6.130 50,000 1 1 8,541.67 6.236 Cp Household 01/17/01 6.150 50,000 1 8,541.67 6.236 Cp Household 01/17/01 6.150 50,000 1 8,541.67 6.236 Cp Household 01/17/01 6.150 50,000 1 8,541.67 6.236 CID Household 01/17/01 6.150 50,000 1 8,541.67 6.236 Cp GECC 01/17/01 6.150 50,000 1 8,541.67 6.236 Cp GECC 01/17/01 01/17/01 6.150 6.150 50,000 50,000 1 8,541.67 6.236 Cp Cp GECC GECC 01/17/01 6.150 50,000 1 8,541.67 6.236 Cp GECC 01/17/01 6.150 50,000 1 8,541.67 6.236 6.236 Cp GECC 01/17/01 6.150 50,000 1 8,541.67 8,888.89 6.490 CID Rohm FNMA 01/17/01 5.550% 01/17/01 6.400 6.120 50,000 29,000 1 1,525 7,326,850.00 6.176 PURCHASES CD UBS 5.470% 06/29/01 5.465 50,000 CD UBS .5.470% 06/29/01 5.465 50,000 CD Montreal 5.470% 06/29/01 5.470 50,000 CD Montreal 5.470% 06/29/01 5.470 50,000 CD Bayer Ver 5.480% 06/29/01 5.475 50,000 CD Bayer Ver 5.480% 06/29/01 5.475 50,000 CD Cr Agric 5.480% 06/29/01 5.480 50,000 CD Cr Agric 5.480% 06/29/01 5.480 50,000 Cp NCAT 01/18/01 5.960 50,000 Cp NCAT 01/18/01 5.960 50,000 Cp NCAT 01/18/01 5.960 50,000 Cp NCAT 01/18/01 5.960 50,000 Cp GECC 01/18/01 5.960 50,000 Cp GECC 01/18/01 5.960 50,000 Cp GECC 01/18/01 5.960 50,000 Cp GECC 01/18/01 5.960 50,000 Cp GECC 01/18/01 5.960 50,000 CID GECC 01/18/01 5.960 50,000 Cp Amer Exp 05/29/01 5.400 50,000 Cp Amer Exp 06/01 /01 5.400 50,000 11 POOLED:MONEY"INVESTMENTACCOUNT � w L.�!'ir�'^�' may, w�• .._ sJ . >..., R1Ih 1 V �V5_ k _ ME YS AM . CT1YE DA �.E DESCRIPTION __..._�._ . �.._ j�gTE YIELD �� MELD' 01/17/01 PURCHASES (Continued) Disc Notes FHLMC 07/19/01 5.280 25,000 Disc Notes FNMA 09/07/01 5.090 38,000 Disc Notes FNMA 09/07/01 5.090 50,000 Disc Notes FNMA 10/15/01 5.070 50,000 Treas Bills 11/29/01 4.755 50,000 Treas Bills 11 /29/01 4.755 50,000 Treas Bills 11 /29/01 4.755 50,000 Treas Bills 11 /29/01 4.755 50,000 Treas Notes 5.750% 08/15/03 4.945 50,000 Treas Notes 5.750% 08/15/03 4.945 50,000 FHLB 7.250% 05/15/02 5.310 50,000 01/18/01 REDEMPTIONS CP NCAT 01/18/01 5.960 50,000 1 8,277.78 6.043 CP NCAT 01/18/01 5.960 50,000 1 8,277.78 6.043 CP NCAT 01/18/01 5.960 50,000 1 8,277.78 6.043 CP NCAT 01/18/01 5.960 50,000 1 8,277.78 6.043 CP GECC 01/18/01 5.960 50,000 1 8,277.78 6.043 CP GECC 01/18/01 5.960 50,000 1 8,277.78 6.043 CP GECC 01/18/01 5.960 50,000 1 8,277.78 6.043 CP GECC 01/18/01 5.960 50,000 1 8,277.78 6.043 CP GECC 01/18/01 5.960 50,000 1 8,277.78 6.043 CP GECC 01/18/01 5.960 50,000 1 8,277.78 6.043 CP GECC 01/18/01 6.400 50,000 16 142,222.22 6.507 CP GECC 01/18/01 6.400 50,000 16 142,222.22 6.507 CP GECC 01/18/01 6.400 50,000 16 142,222.22 6.507 PURCHASES BN Banc One 5.400% 06/29/01 5.400 40,000 CP GECC 01/19/01 5.900 50,000 CP GECC 01/19/01 5.900 50,000 CP GECC 01/19/01 5.900 50,000 CP GECC 01/19/01 5.900 50,000 CP GECC 01/19/01 5.900 50,000 CP GECC 01/19/01 5.900 50,000 CP Household 01/19/01 5.910 50,000 CP Household 01/19/01 5.910 50,000 CP Bear 01/23/01 5.900 50,000 CP Bear 01/23/01 5.900 50,000 CP Bear 01/24/01 5.900 50,000 CP Bear 01/24/01 5.900 50,000 CP Amer Exp 01/26/01 5.900 50,000 CP Amer Exp 01 /26/01 5.900 50,000 CP Amer Exp 01 /29/01 5.900 50,000 12 VESTMENT ACCOUNT � x 9 Z .. �hrM-1 -,�"'�k° 44 ..: �`� X ; Ay,'w*wf < x+r4✓s- "fir �,_,% "#>... a '.w� t � �' '�.�"L. y�»�,�.x"'�3� s -; n-r� a'" �h«ie ��"� ' t "� Y"'y� ri,k` irx��s{�"gra�' ,.+�. w at • t^ MATURITY `.�,- TRANS " � ,� PARS` DAYS,f AMOUNT EFFECTIVE w. - nFsCQiPTlON �AIE Y1F.LQ �IiELQYIELD 01/18/01 PURCHASES (Continued) CP Amer Exp 01 /29/01 5.900 50,000 CP ConAgra 02/06/01 6.270 10,000 Cp ConAgra 02/06/01 6.270 50,000 MTN FIR GMAC 6.458% 01 /20/04 6.458 50,000 FHLB 6.375% 11/15/02 5.270 50,000 FHLB 5.125% 01/13/03 5.360 25,000 FHLB 5.370% 01 /16/03 5.360 25,000 01/19101 REDEMPTIONS CP GECC 01/19/01 5.900 50,000 1 8,194.44 5.982 Cp GECC 01/19/01 5.900 50,000 1 8,194.44 5.982 CP GECC 01/19/01 -5.900 50,000 1 8,194.44 5.982 CP GECC 01/19/01 5.900 50,000 1 89194.44 5.982 CP GECC 01/19/01 5.900 50,000 1 8,194.44 5.982 CP GECC 01/19/01 5.900 50,000 1 8,194.44 5.982 CP Household 01/19/01 5.910 50,000 1 8,208.33 5.993 CP Household 01/19/01 5.910 50,000 1 8,208.33 5.993 Disc Notes FFCB 01/19/01 5.930 50,000 364 2,997,944.44 6.395 PURCHASES CP Amer Exp 01 /22/01 5.800 50,000 CP Amer Exp 01 /22/01 5.800 50,000 CP Amer Exp 01 /22/01 5.800 50,000 CP Amer Exp 01 /22/01 5.800 50,000 CP Household 01/22/01 5.860 50,000 CP Household 01 /22/01 5.860 50,000 CP ConAgra 02/13/01 6.250 25,000 Cp Salomon 02/13/01 5.740 50,000 CP Salomon 02/13/01 5.740 50,000 CP Salomon 02/13/01 5.740 50,000 CP Salomon 02/13/01 5.740 50,000 CP Bear 02/13/01 5.750 50,000 CP Bear 02/13/01 5.750 50,000 Cp ConAgra 02/13/01 6.250 50,000 CP Bear 02/14/01 5.750 50,000 CP Bear 02/14/01 5.750 50,000 Disc Notes FHLMC 09/24/01 4.950 50,000 Disc Notes FHLMC 09/24/01 4.950 50,000 Disc Notes FNMA 12/28/01 4.850 27,063 FHLB 6.750% 02/15/02 5.140 50,000 01122/01 REDEMPTIONS CP Amer Exp 01 /22/01 5.800 50,000 1 24,166.67 5.883 13 poop.�-MorilrrtvsTMr;AccovNr ----- /MMM - µ --.--- y �-- V.k.yyJ4le.,ul -- in `F Y 1� "Cvb :%�� yy. Y'f.t.!-sd. +[� '� s�s"`f y. �'Y�.,l '•6':: .�... t 4 .. ,p.,, +rf..�,n eY � �,..�` +'6ai�iC �'•tik��Ma�+-r 4`t"T .YAf 3.°�•'�iL''1��1i.� ' _ ,t �', `�✓ �"'Z � ,� .. b 3 � ;T�� m vZ,ywa,.�tii. � �� y Ais�o' "�'•. ^*t �l '?n`sMRms't9�f.�' 1! .Li` �RG •"i1."'i° �. eAWM','+. . a'°'.`„��"'` _ , �'�,'�'a s ,wMx*egg." O.r7' N' x�# v.�ki• 0�9p;.' r� a��!^�.-,,.. a/ MATURMY TRANSAMCiJNT iN EFFECTIVE DESCRIPTION DATE x= "ELD EARNED . i1ELL2 01/22/01 REDEMPTIONS (Continued) CP Amer Exp 01/22/01 5.800 50,000 1 24,166.67 5.883 CP Amer Exp 01/22/01 5.800 50,000 1 24,166.67 5.883 CP Amer Exp 01/22/01 5.800 50,000 1 24,166.67 5.883 CP Household 01/22/01 5.860 50,000 1 24,416.67 5.944 CP Household 01/22/01 5.860 50,000 1 24,416.67 5.944 PURCHASES CD Stnrd Ch 5.520% 04/26/01 5.520 50,000 CP SRAC 01/23/01 6.250 35,000 CP Assoc 01/23/01 5.940 50,000 CP Assoc 01/23/01 5.940 50,000 CP Heller 02/13/01 6.250 25,000 CP ConAgra 02/13/01 6.350 25,000 CP ConAgra 02/13/01 6.350 50,000 FHLB 7.250% 05/15/02 5.103 50,000 FHLB 7.250% 05/15/02 5.103 50,000 FHLB 7.250% 05/15/02 5.133 8,460 FHLB 7.250% 05/15/02 5.133 50,000 01/23/01 REDEMPTIONS CP SRAC 01/23/01 6.250 35,000 1 6,076.39 6.337 CP Assoc 01/23/01 5.940 50,000 1 8,250.00 6.023 CP Assoc 01/23/01 5.940 50,000 1 8,250.00 6.023 CP Bear 01/23/01 5.900 50,000 5 40,972.22 5.986 CP Bear 01/23/01 5.900 50,000 5 40,972.22 5.986 CP ConAgra 01/23/01 7.320 10,000 48 97,600.00 7.494 CP ConAgra 01/23/01 7.320 50,000 48 488,000.00 7.494 PURCHASES CD Rabo 5.270% 06/29/01 5.260 50,000 CD Rabo 5.270% 06/29/01 5.260 50,000 CD ABN Amro 5.270% 06/29/01 5.270 50,000 CD ABN Amro 5.270% 06/29/01 5.270 50,000 CD Austria 5.280% 07/27/01 5.275 50,000 CP Household 01/24/01 5.980 50,000 CP Household 01/24/01 5.980 50,000 CP Household 01/24/01 5.980 50,000 CP Household 01/24/01 5.980 50,000 CP GMAC 05/14/01 5.310 50,000 CP GMAC 05/17/01 5.310 50,000 14 �NyESTMENT�ACCOUNT 7 `. ..P. C 4 VtC .�-.pig ,• 4 h � POOLED, Y.. .t s al MATURt7Y TRANS P- .. - - a . YIELD MO �iELQ . Q 01124101 REDEMPTIONS CP Household 01/24/01 5.980 50,000 1 8,305.56 8,305.56 6.064 6.064 CP Household 01/24/01 5.980 50,000 1 1 8,305.56 6.064 CP Household 01/24/01 5.980 50,000 1 8,305.56 6.064 Cp Household 01/24/01 5.980 50,000 6 49,166.67 5.987 Cp Bear 01/24/01 5.900 50,000 6 49,166.67 5.987 Cp Bear 01 /24/01 5.900 6.500 50,000 35,000 27 170,625.00 6.622 Cp Country 01/24/01 01/24/01 6.500 50,000 27 243,750.00 6.622 CP Country PURCHASES CP GMAC 01/25/01 6.020 50,000 CP GMAC 01/25/01 6.020 50,000 CP GMAC 01/25/01 6.020 50,000 CP GMAC 01/25/01 6.020 50,000 CP Merrill 02/13/01 5.720 12,500 Cp Household 02/13/01 5.650 50,000. CP ASCC 02/13/01 5.670 50,000 CP ASCC 02/13/01 5.670 50,000 CP Merrill 02/13/01 5.720 50,000 CP Merrill 02/14/01 5.720 12,500 CP ASCC 02/14/01 5.670 25,000 CP Household 02/14/01 5.650 50,000 CP Merrill 02/14/01 5.720 50,000 CP ConAgra 02/14/01 6.500 50,000 Treas Bills 11 /29/01 4.630 50,000 Treas Bills 11 /29/01 4.630 50,000 01/25/01 REDEMPTIONS CP GMAC 01/25/01 6.020 50,000 1 8,361.11 8,361.11 6.104 6.104 CP GMAC 01/25/01 6.020 50,000 1 1 8,361.11 6.104 CP GMAC 01/25/01 6.020 50,000 1 8,361.11 6.104 CP GMAC 01/25/01 6.020 50,000 PURCHASES CD ABN Amro 5.360% 06/29/01 5.340 50,000 CD ABN Amro 5.360% 06/29/01 5.340 50,000 CD Nova Scot 5.400% 06/29/01 5.400 50,000 CD Nova Scot 5.400% 06/29/01 5.400 50,000 CP Household 01 /26/01 6.050 50,000 CP Household 01 /26/01 6.050 50,000 CP Household 01 /26/01 6.050 50,000 CP Household 01 /26101 6.050 50,000 CP GMAC 01/26/01 6.070 50,000 15 POOLE�+D,MONEYINYESTMENT COUNT.' '��m �, _NZ t' ryp +Y..i- Kk s'•°` t.;. _ -. E/ MATURITY TRANS ` PAR'' " DAYS; ' AMOUNT E �9I IYP� 'DESCRIPTION DATA ;.� , 01/25/01 PURCHASES (Continued) CP GMAC 01/26/01 6.070 50,000 CP GMAC 01/26/01 6.070 50,000 CP GMAC 01/26/01 6.070 50,000 CP GMAC 01/26/01 6.070 50,000 CP GMAC 01/26/01 6.070 50,000 CP ConAgra 02/13/01 6.500 10,000 CP ConAgra 02/13/01 6.500 50,000 CP Salomon 02/28/01 5.600 40,000 Treas Bills 11 /29/01 4.735 50,000 Treas Bills 11 /29/01 4.735 50,000 01/26/01 REDEMPTIONS CP Household 01/26/01 6.050 50,000 1 8,402.78 6.135 CP Household 01/26/01 6.050 50,000 1 8,402.78 6.135 CP Household 01/26/01 6.050 50,000 1 8,402.78 6.135 CP Household 01/26/01 6.050 50,000 1 8,402.78 6.135 CP GMAC 01/26/01 6.070 50,000 1 8,430.56 6.155 CP GMAC 01/26/01 6.070 50,000 1 8,430.56 6.155 CP GMAC 01/26/01 6.070 50,000 1 8,430.56 6.155 CP GMAC 01/26/01 6.070 50,000 1 8,430.56 6.155 CP GMAC 01/26/01 6.070 50,000 1 8,430.56 6.155 CP GMAC 01/26/01 6.070 50,000 1 8,430.56 6.155 CP Amer Exp 01/26/01 5.900 50,000 8 65,555.56 5.989 CP Amer Exp 01/26/01 5.900 50,000 8 65,555.56 5.989 CP Assoc 01/26/01 6.520 50,000 133 1,204,388.89 6.773 CP Assoc 01/26/01 6.520 50,000 133 1,204,388.89 6.773 Disc Notes FNMA 01/16/01 6.065 50,000 346 2,914,569.44 6.529 Disc Notes FNMA 01/26/01 6.085 13,000 350 769,076.39 6.557 Disc Notes FNMA 01/26/01 6.085 50,000 350 2,957,986.11 6.557 PURCHASES CP FMCC 02/01 /01 5.830 50,000 CP FMCC 02/01 /01 5.830 50,000 CP FMCC 02/01 /01 5.830 50,000 CP FMCC 02/01 /01 5.830 50,000 CP GMAC 04/02/01 5.490 50,000 CP GMAC 04/02/01 5.490 50,000 CP GMAC 04/02/01 5.490 50,000 CP GMAC 04/02/01 5.490 50,000 01/29/01 REDEMPTIONS BN B/A 6.620% 01/29/01 6.620 50,000 90 827,500.00 6.711 BN B/A 6.620% 01/29/01 6.620 50,000 90 827,500.00 6.711 16 WESTMENT A"CCOVNT �ESCRttnioN 2AIE �L33ELp 01/19101 REDEMPTIONS (Continued) BN B/A 6.660% 01/29/01 6.660 50,000 133 1,230,250.00 6.752 BN B/A 6.660% 01/29/01 6.660 50,000 133 1,230,250.00 6.752 BN B/A 6.650% 01/29/01 6.650 50,000 136 1,256,111.11 6.742 BN B/A 6.650% 01/29/01 6.650 50,000 136 1,256,111.11 6.742 BN Banc Onc 6.710% 01/29/01 6.710 50,000 152 1,416,555.56 6.803 BN Banc Onc 6.710% 01/29/01 6.710 50,000 152 1,416,555.56 6.803 BN Banc Onc 6.730% 01/29/01 6.730 50,000 161 1,504,902.78 .6.823 BN Banc Onc 6.730% 01/29/01 6.730 50,000 161 1,504,902.78 6.823 CD Deutsche 6.610% 01/29/01 6.610 50,000 88 807,888.89 6.701 CD Deutsche 6.610% 01/29/01 6.610 50,000 88 807,888.89 6.701 CD Bayer Ver 6.620% 01/29/01 6.615 50,000 88 808,509.72 6.706 CD Bayer Ver 6.630% 01/29/01 6.625 50,000 89 818,933.57 6.717 CD Bayer Ver 6.630% 01/29/01 6.625 50,000 89 818,933.57 6.717 CD Bayer Ver 6.630% 01/29/01 6.625 25,000 95 437,071.64 6.724 CD Bayer Ver 6.630% 01/29/01 6.625 50,000 95 875,143.28 6.724 CD U/B Calif 6.630% 01/29/01 6.630 50,000 103 948,458.33 6.722 CD U/B Calif 6.630% 01/29/01 6.630 50,000 103 948,458.33 6.722 CD Bayer Lnds 6.620% 01/29/01 6.620 5,000 105 96,541.67 6.711 CD Bayer Lnds 6.620% 01/29/01 6.620 50,000 105 965,416.67 6.711 CD BNParis 6.640% 01/29/01 6.640 50,000 133 1,226,555.56 6.732 CD BNParis 6.640% 01/29/01 6.640 50,000 133 1,226,555.56 6.732 CD Cr Agric 6.640% 01/29/01 6.640 50,000 133 1,226,555.56 6.732 CD Cr Agric 6.640% 01/29/01 6.640 50,000 133 1,226,555.56 6.732 CD Austria 6.650% 01/29/01 6.640 50,000 133 1,226, 599.79 ` 6.732 CD Austria 6.650% 01/29/01 6.640 50,000 133 1,226,599.79 6.732 CD Nova Scot 6.700% 01/29/01 6.700 50,000 152 1,414,444.44 6.793 CD Nova Scot 6.700% 01/29/01 6.700 50,000 152 1,414,444.44 6.793 CD U/B Calif 6.720% 01/29/01 6.720 15,000 152 425,600.00 6.813 CD U/B Calif 6.720% 01/29/01 6.720 50,000 152 1,418,666.67 6.813 CD U/B Calif 6.720% 01/29/01 6.720 50,000 152 1,418,666.67 6.813 CD CIBC 6.720% 01/29/01 6.700 50,000 164 1,526,246.04 6.793 CD CIBC 6.720% 01/29/01 6.700 50,000 164 1,526,246.04 6.793 CD Toronto 6.690% 01/29/01 6.680 50,000 165 1,530,901.41 6.772 CD Toronto 6.690% 01/29/01 6.680 50,000 165 1,530,901.41 6.772 CD Zions 6.690% 01/29/01 6.690 50,000 165 1,533,125.00 6.782 CD Zions 6.690% 01/29/01 6.690 50,000 165 1,533,125.00 6.782 CD Bayer Lnds 6.700% 01/29/01 6.690 50,000 165 1,533,193.18 6.782 CD Bayer Lnds 6.700% 01/29/01 6.690 50,000 165 1,533,193.18 6.782 CD Soc Gen 6.730% 01/29/01 6.710 50,000 167 1,556,487.26 6.803 CD Soc Gen 6.730% 01/29/01 6.710 50,000 167 1,556,487.26 6.803 CD UBS 6.800% 01/29/01 6.795 50,000 196 1,849,798.56 6.889 CD UBS 6.800% 01/29/01 6.795 50,000 196 1,849,798.56 6.889 CP Amer Exp 01/29/01 5.900 50,000 11 90,138.89 5.992 CID Amer Exp 01/29/01 5.900 50,000 11 90,138.89 5.992 CID Heller 01/29/01 7.250 35,000 54 380,625.00 7.431 CID SRAC 01/29/01 6.680 50,000 152 1,410,222.22 6.969 17 OL MQN H,STMENT ACCOUPtT F M (• Y.. ..� y f i�y MATURITY DESCRIPTION DATA 01/29/01 REDEMPTIONS (Continued) MTN FR FMCC 5.750% 01 /29/01 PURCHASES CD U/B Calif 5.310% 07/27/01 CD U/B Calif 5.310% 07/27/01 CP Amer Exp 02/06/01 CP Amer Exp 02/06/01 CP Hertz 02/13/01 CP Heller 02/13/01 CP Amer Exp 02/13/01 CP Amer Exp 02/13/01 CP GMAC 02/13/01 CP GMAC 02/13/01 CP Bear 02/13/01 CP Bear 02/13/01 CP Bear 02/15/01 CP Bear 02/15/01 CP S RAC 02/15/01 CP Salomon 02/28/01 CP Salomon 02/28/01 CP Salomon 02/28/01 MTN W/F 7.250% 07/14/03 01/30/01 REDEMPTIONS Disc Notes FFCB 01/30/01 Disc Notes FFCB 01 /30/01 PURCHASES BN B/A 5.230% 07/27/01 BN B/A 5.230% 07/27/01 BN B/A 5.230% 07/27/01 BN B/A 5.230% 07/27/01 CD Svenska 5.400% 05/08/01 CD Svenska 5.400% 05/08/01 CP Amer Exp 02/02/01 CP Amer Exp 02/02/01 CP Amer Exp 02/02/01 CP Merrill 02/14/01 CP Merrill 02/14/01 CP GECC 04/02/01 CP GECC 04/02/01 CP GECC 04/02/01 CP W/F 07/27/01 �y,'�;,..':i ��•; >°I'.JHyCk. �?. 33° .�.!;,' ""'r''�'F=�"` •�',�f'd*-,.•tw ,�_ �;ar �^t,. t y.. PAR fF] AYS C_= x` AU0UNT ,EFFECTWE 5.887 50,000 1,827 15,206,023.34 5.310 50,000 5.310 50,000 5.680 50,000 5.680 50,000 5.580 40,000 5.900 40,000 5.580 50,000 5.580 50,000 5.570 50,000 5.570 50,000 5.590 50,000 5.590 50,000 5.590 50,000 5.590 50,000 6.000 50,000 5.540 50,000 5.540 50,000 5.540 50,000 5.630 20,000 6.078 6.080 25,000 348 1,469,333.33 6.549 6.065 24,500 351 1,448,776.87 6.535 5.230 50,000 5.230 50,000 5.230 50,000 5.230 50,000 5.400 50,000 5.400 50,000 5.750 50,000 5.750 50,000 5.750 50,000 5.540 50,000 5.540 50,000 5.390 30,000 5.390 50,000 5.390 50,000 5.070 50,000 18 r^ CCC?IIpffi '� ; o- •n',-.'°.'cam* �`w � e k'a c ':, `+ r+' eY ': wq �.k•"o-s'"w''°i . c"'-.'� t. ',g x .' "" �..F " s'.�"d`'�`''u v ; t .�k _ EFFECTIVE` „ TRANS PAR oaYS AMOUNT.,.",,' :MATURITY R..,.,,1,� �sf*•�' py.. ;w 11 ATL`YIELD _ ,ram -� � r , ., �lia�.ti► a�cac�+� , _�. 4 01130101 PURCHASES (Continued) Disc Notes FHLB 10/19/01 4.900 28,104 Disc Notes FHLB 10/31 /01 4.900 23,045 Disc Notes FHLMC 08/24/01 4.920 30,000 Disc Notes FHLMC 08/24/01 4.910 50,000 Disc Notes FHLMC 08/24/01 4.910 50,000 Disc Notes FHLMC 08/24/01 4.920 50,000 Disc Notes FHLMC 09/24/01 4.900 50,000 Disc Notes FHLMC 09/24/01 4.900 50,000 REMIC FHLMC 7.500°% 11 /15/28 7 REMIC FHLMC 7.500 /0 11/15/28 316 50,000 REMIC FHLMC 7.500% 11 /15/28 7.316 50,000 01131/01 REDEMPTIONS CD World 5.930% 01/31/01 5.930 2,250 19 7,041.87 6.012 6.012 CD World 5.930% 01/31/01 5.930 509000 19 19 1569486.11 486.11 6.012 CD World 5.930% 01/31/01 5.930 50,000 2,187 28 109971.53 6.539 CD Nat W.Mstr 6.460% 01/31/01 6.450 6.450 50,000 28 250,835.27 6.539 CD Nat W.Mstr 6.460% 01/31/01 6.450 50,000 28 250,835.27 6.5396.651 CD Nat W.Mstr 6.460% 6.570% 01/31/01 01/31/01 6.560 1,610 58 CD CD ABN Amro ABN Amro 6.570% 01/31/01 6.560 50,000 5179016.18 528,452.87 6.651 6.651 CD ABN Amro 6.570% 01/31/01 6.560 50,0 0 58 78 716,098.63 6.701 CD Bayer Lnds 6.620% 01/31/01 6.610 50,000 5.0,000 1,807 139035,456.73 5.330 Treas Notes 5.250% 5.250% 01/31/01 01/31/01 5.274 5.282 509000 1,807 13,051,081.73 5.382 Treas Treas Notes Notes 5.250% 01/31/01 5.264 50,000 1,819 13,098,557.70 5.283 5.292 Treas Notes 5.250% 01/31/01 5.274 25,000. 1,820 6,564,603.37 13,1059769.23 5.280 Treas Notes 5.250% 01/31/01 5.264 509000 509000 1,820 1,820 13,121,394.23 5.288 Treas Notes 5.250% 5.250% 01/31/01 01/31/01 5.271 5.300 509000 1,821 139191,105.77 5.5.317 Treas Treas Notes Notes 5.250% 01/31/01 5.231 50,000 1,825 139071,514.42 232 5.241 Treas Notes 5.250% 01/31/01 5.239 50;000 19826 1390949350.96 RRP Treas Notes 5.250% 01/31/01 5.600 50,000 19 19 (151151102.78 -5.677 -5.677 Treas Notes 5.2500% 01/31/01 5. 50,000 28 ,102.78) (218,964.03) -5.585 Treas Notes 5.250 /° 01 /31 /01 5.510 0 50,000 50,000 28 (218�50) •5.585 Treas Notes 5.250% 01/31/01 5.510 58 (507,485.) -6.286 Treas Notes 5.250% 01/31/01 6.200 50,000 58 (507,485.50) -6.286 Treas Notes 5.250% 01/31/01 6.200 50,000 78 (695,418.75) -6.428 Treas Notes 5.250% 01/31/01 6.340 50,000 19 01/31/01 PURCHASES CID Household 02/01/01 5.760 50,000 CID Household 02/01/01 5.760 50,000 CP Household 02/01/01 5.760 50,000 CID Household 02/01/01 5.760 50,000 CID Amer Exp 02/21 /01 5.430 50,000 CP Amer Exp 02/21 /01 5.430 50,000 CID Amer Exp 02/21 /01 5.430 50,000 CID Amer Exp 02/21/01 5.430 50,000 CID Bear 02/28/01 5.520 41,000 CID Bear 02/28/01 5.520 50,000 CID JP Morgan 03/02/01 5.470 50,000 CID JP Morgan 03/02/01 5.470 50,000 CID JP Morgan 03/02/01 5.470 50,000 CID JP Morgan 03/02/01 5.470 50,000 20 al 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). 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. g/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. hl Security "SWAP" transactions. !/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 21 DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE AGOURA HILLS Pacific Crest Bank 08/31 /00 6.430 5,000,000.00 02/27/01 Pacific Crest Bank 10/04/00 6.330 8,000,000.00 04/02/01 Pacific Crest Bank ALHAMBRA 12/01/00 6.240 5,000,000.00 06/01/01 Grand National Bank 08/07/00 6.330 3,000,000.00 02/16/01 Grand National Bank 09/06/00 6.300 3,000,000.00 05/31/01 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 Grand National Bank 01 /16/01 5.240 3,095,000.00 07/13/01 Omni Bank 11/28/00 6.380 2,000,000.00 02/26/01 Omni Bank 12/04/00 6.260 6,000,000.00 03/05/01 Omni Bank ARROYO GRANDE 01/29/01 5.150 1,300,000.00 07/27/01 Mid -State Bank 09/19/00 6.230 5,000,000.00 03/19/01 Mid -State Bank 10/16/00 6.220 5,000,000.00 04/16/01 Mid -State Bank 01/10/01 5.210 5,000,000.00 05/24/01 Mid -State Bank 01 /10/01 5.150 5,000,000.00 06/21 /01 Mid -State Bank BEVERLY HILLS 01/12/01 5.110 5,000,000.00 07/13/01 City National Bank 02/28/00 6.220 20,000,000.00 02/28/01 City National Bank 09/15/00 6.200 20,000,000.00 03/16/01 City National Bank 10/16/00 6.250 25,000,000.00 04/16/01 City National Bank CAMARILLO 09/29/00 6.220 50,000,000.00 06/05/01 Camarillo Community Bank CHICO 11 /21 /00 6.370 3,000,000.00 02/21 /01 North State National Bank 08/24/99 6.380 1,000,000.00 02/23/01 North State National Bank 09/01/00 6.410 1,500,000.00 03/02/01 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 22 T IME DEPOSITS DEPOSIT WAMF DATE YIELD rHICO (Gontinuedl North State National Bank 01 /05/01 Tri Counties Bank 12/05/00 Tri Counties Bank 12/12/00 Tri Counties Bank 12/19/00 Tri Counties Bank 01 /08/01 C:HULA VISTA North Island Federal Credit Union 09/15/00 North Island Federal Credit Union 12/15/00 CITY OF INDUSTRY EverTrust Bank 10/16/00 EverTrust Bank 12/21 /00 EverTrust Bank 12/11/00 EverTrust Bank 07/18/00 CONCORD CA State 9 Credit Union 11 /21 /00 DUBLIN Operating Engineers FCU 08/22/00 Operating Engineers FCU 01 /19/01 Operating Engineers FCU 11 /30/00 EL CENTRO Valley Independent Bank 08/11 /00 Valley Independent Bank 01/29/01 Valley Independent Bank 10/31 /00 Valley Independent Bank 05/15/00 FI SEGUNDO Xerox Federal Credit Union 08/15/00 Xerox Federal Credit Union 11 /14/00 Xerox Federal Credit Union 12/05/00 PAR AMOUNT ($) 5.390 3,000,000.00 6.190 10,000,000.00 6.080 10,000,000.00 5.950 10,000,000.00 5.180 10,000,000.00 6.240 20,000,000.00 6.030 20,000,000.00 6.210 3,000,000.00 5.930 2,000,000.00 6.040 4,000,000.00 6.110 3,000,000.00 6.410 10,000,000.00 6.350 5.310 6.310 6.340 5.200 6.410 6.410 6.380 6.390 6.180 10,000,000.00 5,000,000.00 5,000,000.00 3,750,000.00 5,000,000.00 15,000,000.00 3,750,000.00 15,000,000.00 5,000,000.00 7,000,000.00 MATURITY DATE 04/06/01 03/06/01 03/14/01 03/21 /01 04/10/01 03/14/01 06/13/01 04/27/01 06/15/01 06/15/01 07/18/01 02/20/01 02/20/01 04/19/01 05/29/01 02/15/01 04/30/01 05/01 /01 05/15/01 02/13/01 05/14/01 06/04/01 23 FRESNO United Security Bank United Security Bank FULLERTON Fullerton Community Bank Fullerton Community Bank Verdugo Banking Company Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank Imperial Bank South Western FCU Borrego Springs Bank Borrego Springs Bank Silvergate Bank LAGUNA HILLS Antelope Valley Bank Eldorado Bank TIME DEPOSITS DEPOSIT PAR DATE YIELD AMOUNT (S) 11 /15/00 6.390 10,000,000.00 01 /30/01 5.050 15,000,000.00 11 /21 /00 6.390 9,000,000.00 01 /19/01 5.160 8,000,000.00 01 /05/01 5.240 5,000,000.00 11 /02/00 6.410 15,000,000.00 11 /09/00 6.440 18,000,000.00 07/06/00 6.260 25,000,000.00 01 /25/01 5.160 50,000,000.00 09/14/00 6.180 75,000,000.00 06/22/00 6.010 20,000,000.00 08/10/00 6.210 18,000,000.00 08/17/00 6.240 25,000,000.00 11 /16/00 6.360 25,000,000.00 12/07/00 6.130 26,000,000.00 01 /18/01 5.380 20,000,000.00 10/10/00 6.370 3,000,000.00 12/12/00 6.110 1,000,000.00 01 /29/01 5.330 1,000,000.00 11 /13/00 6.470 5,000,000.00 12/08/00 6.140 3,000,000.00 11 /20/00 6.400 20,000,000.00 24 MATURITY DATE 05/14/01 07/31 /01 05/21 /01 07/18/01 07/05/01 02/01 /01 02/01 /01 02/01 /01 02/22/01 02/22/01 03/01 /01 03/08/01 03/08/01 04/05/01 04/05/01 04/19/01 04/10/01 03/14/01 04/30/01 02/09/01 03/08/01 02/20/01 DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE LAGUNA HILLS (Continued) Eldorado Bank 12/14/00 6.110 25,000,000.00 03/14/01 Eldorado Bank 01 /22/01 5.280 20,000,000.00 04/25/01 Lake Community Bank 12/28/00 5.830 2,000,000.00 03/28/01 •s Farmers 8 Merchant Bk. Cen CA 01 /04/01 5.960 10,000,000.00 04/06/01 Broadway Federal Bank 10/02/00 6.310 2,500,000.00 04/09/01 Broadway Federal Bank 01 /08/01 5.060 2,500,000.00 07/09/01 California Center Bank 01 /04/01 5.660 10,000,000.00 07/03/01 California Chohung Bank 01 /05/01 5.210 1,500,000.00 07/03/01 California Chohung Bank 01 /17/01 5.240 1,000,000.00 07/18/01 Cathay Bank 12/05/00 6.190 30,000,000.00 03/05/01 Cathay Bank 12/18/00 6.070 9,000,000.00 03/21/01 Cathay Bank 12/27/00 5.690 10,000,000.00 03/30/01 Cathay Bank 10/13/00 6.280 19,000,000.00 04/13/01 Eastern International Bank 11 /06/00 6.420 900,000.00 05/07/01 Eastern International Bank 12/14/00 6.080 1,000,000.00 06/12/01 General Bank 11 /06/00 6.410 30,000,000.00 02/06/01 General Bank 11 /28/00 6.380 10,000,000.00 02/27/01 General Bank 12/08/00 6.150 25,000,000.00 03/08/01 General Bank 01 /19/01 5.140 7,000,000.00 07/20/01 General Bank 01 /25/01 5.170 8,000,000.00 07/20/01 General Bank 01 /25/01 5.170 20,000,000.00 07/30/01 Hanmi Bank 01 /02/01 5.790 25,000,000.00 04/02/01 Hanmi Bank 10/13/00 6.260 25,000,000.00 04/16/01 Manufacturers Bank 11 /06/00 6.430 10,000,000.00 02/05/01 Manufacturers Bank Manufacturers 12/04/00 6.260 10,000,000.00 03/05/01 Bank Manufacturers 09/11 /00 6.290 10,000,000.00 03/12/01 /01 Bank Manufacturers 12/21 /00 5.910 10,000,000.00 03/21 /01 Bank Mellon First 12/21 /00 5.910 10,000,000.00 03/21 Business Bank Mellon 12/27/00 5.760 25,000,000.00 03/27/01 First Business Bank Mercantile 01/19/01 5.130 25,000,000.00 07/18/01 National Bank 08/17/00 6.400 2,000,000.00 02/13/01 25 DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE LOS ANGELES (Continued) Preferred Bank 11 /14/00 6.390 4,000,000.00 02/13/01 Preferred Bank 11 /28/00 6.360 7,000,000.00 02/26/01 Preferred Bank 12/18/00 6.050 9,000,000.00 03/19/01 Preferred Bank 12/11/00 6.050 9,000,000.00 06/11/01 Preferred Bank 01 /16/01 5.250 6,000,000.00 07/16/01 Sae Han Bank 10/17/00 6.260 3,000,000.00 04/16/01 State Bank of India (Calif) 12/14/00 6.060 1,500,000.00 06/12/01 State Bank of India (Calif) 11/07/00 6.330 2,000,000.00 06/12/01 State Bank of India (Calif) 06/12/00 6.230 2,000,000.00 06/12/01 State Bank of India (Calif) 01/19/01 5.130 2,000,000.00 07/18/01 State Bank of India (Calif) 11 /30/00 6.150 2,000,000.00 08/27/01 Western Federal Credit Union 10/24/00 6.340 25,000,000.00 04/24/01 Wilshire State Bank 03/17/00 6.230 4,000,000.00 03/19/01 Wilshire State Bank 04/18/00 6.090 5,000,000.00 04/18/01 Wilshire State Bank 05/17/00 6.370 2,000,000.00 05/17/01 Wilshire State Bank 06/07/00 6.290 2,000,000.00 06/07/01 Wilshire State Bank 01 /12/01 5.130 4,000,000.00 07/13/01 Wilshire State Bank 08/31/00 6.290 4,000,000.00 08/31/01 MERCED .. County Bank 12/11/00 6.100 5,000,000.00 03/09/01 County Bank 03/09/00 6.200 5,000,000.00 03/09/01 County Bank 10/17/00 6.280 5,000,000.00 04/20/01 County Bank MONTEREY PARK 01 /18/01 5.280 5,000,000.00 07/20/01 Trust Bank FSB 10/02/00 6.330 4,000,000.00 04/02/01 Trust Bank FSB 01 /02/01 5.770 2,000,000.00 07/02/01 NORTH HIGHLANDS Safe Credit Union 09/06/00 6.330 20,000,000.00 02/02/01 Safe Credit Union 01/17/01 5.250 5,000,000.00 07/16/01 NORWALK Cerritos Valley Bank 08/30/00 6.410 1,000,000.00 02/26/01 Cerritos Valley Bank 10/05/00 6.340 1,000,000.00 04/03/01 26 PAR MATURITY DEPOSIT AMOU �$� DATE HAM �� Valley Community Bank 08/09/00 6.340 500,000.00 500,000.00 02/05/01 03/23101 Oak Oak Valley Community Bank p8/21 /00 6.360 6.230 1,000,000.00 03/23/01 Oak Valley Community Bank 03/24/00 6.240 1,500,000.00 06105101 Oak Valley Community Bank 000 /2/ 6.390 2,500,000.00 07/09/01 Oak Valley Community Bank 10/31 /00 MAW 08/09/00 6.350 10,000,000.00 02/09/01 03/08/01 Citizens Business Bank 03/08/00 3/08/00 6.240 5,000,000.00 03/08/01 Citizens Business Bank 6.110 20,000,000.00 03/26/01 Citizens Business Bank 12/15/00 6.110 10,000,000.00 03/26101 Citizens Business Bank pg/20/00 6.240 10,000,000.00 03/26/01 Citizens Business Bank 09/18/00 6.230 1,,000.00 0000 04/05/01 Citizens Business Bank p1 /12/01 5.340 5,000,000.00 04/05/01 Citizens Business Bank 10/05/00 6.330 20,000,000.00 05/07/01 Citizens Business Bank 11 /06/00 6.410 10,000,000.00 Citizens Business Bank pot n ALTO /17/00 6.230 2,000,000.00 03/19/01 06/04/01 Bank of Santa Clara 1 2/06/00 6.170 20,000,000.00 05/02/01 Bank of Santa Clara 11 /02/00 6.390 5,000,000.00 07/25/01 Bay Area Bank 01 /22/01 5.240 5,000,000.00 05/02/01 Bay Area Bank 11 /02/00 6.390 5,000,000.00 04/16/01 Bay Bank of Commerce Coast Commercial Bank 10/18/00 6.310 5,000,000.00 20000,000.00 06/11/01 Coast Commercial Bank 12/11/00 6.070 6.380 , 10,000,000.00 04/24/01 Cupertino National Bank 10/26/00 6.390 10,000,000.00 05/02/01 Cupertino National Bank 11 /02/00 6.390 25,000,000.00 05/02/01 Cupertino National Bank 11 /02/00 6.250 20,000,000.00 06/01 /01 Cupertino National Bank 12/01 /00 12/18/00 6.030 10,000,000.00 06/19101 06/01 /01 Cupertino National Bank 12/01 /00 6.250 9,000,000.00 03/19/01 Golden Gate Bank 09/20/00 6.230 10,000,000.00 05/02/01 Mid -Peninsula Bank 11 /02/00 6.390 15,000,000.00 05/02/01 Mid -Peninsula Bank 11 /02100 6.390 20,000,000.00 06/01101 Mid -Peninsula Bank 12/01 /00 6.250 5,000,000.00 06/11 /01 Mid -Peninsula Bank 12/11 /00 6.070 15,000,000.00 Peninsula Bank of Commerce 27 TIME DEPOSITS DEPOSIT PAR AME DATE YIELD AMOUNT (�) PALOS VERDES ESTATES Malaga Bank 09/26/00 Malaga Bank PASADENA 01 /19/01 Community Bank 10/27/00 Community Bank 12/08/00 Community Bank 06/22/00 Community Bank 12/15/00 Community Bank 01 /12/01 Community Bank 08/11 /00 Courts and Records FCU 12/13/00 Wescom Credit Union 11 /16/00 Wescom Credit Union 01 /29/01 PETALUMA Bank of Petaluma 02/07/00 Bank of Petaluma PICO RIVERA 02/07/00 Pacific Western National Bank 11/30/00 PLACERVILLE El Dorado Savings Bank 02/08/00 El Dorado Savings Bank 03/22/00 El Dorado Savings Bank 04/13/00 El Dorado Savings Bank 05/02/00 El Dorado Savings Bank POMONA 06/16/00 PFF Bank and Trust 03/10/00 PFF Bank and Trust 12/01/00 MATURITY DATE 6.270 2,000,000.00 06/04/01 5.160 2,000,000.00 07/25/01 6.350 5,000,000.00 04/25/01 6.080 5,000,000.00 06/22/01 6.110 5,000,000.00 06/22/01 6.000 10,000,000.00 06/22/01 5.160 20,000,000.00 07/11 /01 6.190 15,000,000.00 08/13/01 6.120 2,000,000.00 03/13/01 6.410 10,000,000.00 05/15/01 5.170 15,000,000.00 07/30/01 6.210 1,000,000.00 6.050 2,500,000.00 6.320 1,000,000.00 6.230 5,000,000.00 6.250 5,000,000.00 6.150 5,000,000.00 6.180 5,000,000.00 6.150 5,000,000.00 6.450 10,000,000.00 6.350 8,000,000.00 Bank of the Sierra 01 /24/01 5.100 10,000,000.00 28 02/07/01 06/05/01 05/29/01 02/08/01 03/22/01 04/13/01 05/02/01 06/18/01 03/09/01 08/28/01 07/25/01 TIME DEPOSITS DEPOSIT PAR MATURITY SASE YIELD AMOUNT ($) DATE NA au� 12/12/00 6.080 2,000,000.00 03/13/01 Plumas Bank 12/12100 6.060 2,000,000.00 06/12/01 Plumas Bank RANCHO SANTA FE La Jolla Bank, FSB 08/11 /00 6.340 15,000,000.00 10,000,000.00 02/07/01 03/26/01 La Jolla Bank, FSB 09/26/00 11 /28/00 6.310 6.380 15,000,000.00 05/25/01 La Jolla Bank, FSB RED BLUFF Tehama Bank 09/08/00 6.300 4,000,000.00 06/01 /01 07/03/01 Tehama Bank 01 /05/01 5.210 5,000,000.00 BEDDING North Valley Bank 09/18/00 6.230 3,000,000.00 03/19/01 REDWOOD CITY Provident Central Credit Union 11 /03/00 6.390 20,000,000.00 05/04/01 Mechanics Bank 03/07/00 6.230 10,000,000.00 03/07/01 04/06/01 Mechanics Bank 04/04/00 6.260 10,000,000.00 04/25/01 Mechanics Bank 04/25/00 6.080 10,000,000.00 0 5/07/01 Mechanics Bank 05/05/00 6.190 10,000,000.00 06112/p1 Mechanics Bank 06/12/00 6.230 10,000,000.00 08/13/01 Mechanics Bank 08/11/00 6.190 10,000,000.00 10/12/01 Mechanics Bank 10/13/00 5.980 10,000,000.00 SADRAMENTO American River Bank 09/26/00 6.300 3,000,000.00 03/26/01 04/06/01 American River Bank 12/27/00 5.680 1,000,000.00 04/16/ American River Bank 10/02/00 6.310 1,000,000.00 06/201 American River Bank 06/26/00 6.180 1,000,000.00 07110/01 American River Bank 01 /11 /01 5.190 1,500,000.00 10/12/01 American River Bank 01 /11 /01 5.100 1,500,000.00 29 DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE 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 Bank of Sacramento 12/28/00 5.770 1,000,000.00 06/26/01 Golden One Credit Union 03/24/00 6.180 20,000,000.00 03/23/01 Golden One Credit Union 10/27/00 6.360 10,000,000.00 04/25/01 Golden One Credit Union 06/08/00 6.230 20,000,000.00 06/08/01 Merchants National Bank 10/24/00 6.330 2,000,000.00 04/23/01 Merchants National Bank 01 /22/01 5.100 2,000,000.00 07/23/01 River City Bank 08/18/00 6.370 5,000,000.00 02/26/01 River City Bank 10/27/00 6.380 3,000,000.00 04/25/01 River City Bank 01 /04/01 5.510 2,000,000.00 07/03/01 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 Sanwa Bank of California 01 /10/01 5.120 10,000,000.00 07/26/01 Union Bank of California 09/25/00 6.240 100,000,000.00 03/26/01 Union Bank of California 10/24/00 6.330 50,000,000.00 04/23/01 Union Bank of California 10/31/00 6.390 100,000,000.00 04/30/01 Union Bank of California 11 /14/00 6.360 50,000,000.00 05/15/01 Union Bank of California 11/21/00 6.360 100,000,000.00 05/21/01 Business Bank of California 08/09/00 6.350 12,000,000.00 02/05/01 Business Bank of California 01/11/01 5.180 8,000,000.00 07/10/01 SAN DIEGO First United Bank 08/07/00 6.320 1,000,000.00 02/16/01 First United Bank 12/01 /00 6.200 1,500,000.00 06/01 /01 First United Bank 06/21/00 6.110 1,500,000.00 06/21/01 Mission Federal Credit Union 01/11/01 5.330 10,000,000.00 04/30/01 Mission Federal Credit Union 11 /30/33 6.330 10,000,000.00 05/25/01 Neighborhood National Bank 02/02/00 6.240 1,000,000.00 02/09/01 Neighborhood National Bank 11 /21 /00 6.380 1,000,000.00 05/22/01 Santel Federal Credit Union 12/05/00 6.170 5,000,000.00 03/05/01 Santel Federal Credit Union 12/05/00 6.150 5,000,000.00 06/04/01 Santel Federal Credit Union 12/21 /00 5.860 3,000,000.00 06/22/01 Scripps Bank 12/12/00 6.090 25,000,000.00 03/14/01 30 DEPOSIT PAR MATURITY bA110E DATE YIELD MOUNT($) CIE SAN FRANCISCO Bank of Canton California 08/09/00 6.320 10,000,000.00 5,000,000.00 02/05/01 05/22/01 Bank of Canton California 09/13/00 6.220 6.230 10,000,000.00 05/22/01 Bank of Canton California 05I22/00 11 /03/00 6.360 5,000,000.00 06/15/01 Bank of Canton California 11 /02/00 6.360 5,000,000.00 06/15/01 Bank of Canton California 11 /09/00 6.380 10,000,000.00 06/15/01 Bank of Canton California 01 /12/01 5.190 10,000,000.00 07/16/01 Bank of Canton California 01/12/01 5.190 15,000,000.00 07/16/01 Bank of Canton California 09/01l00 6.260 20,000,000.00 08/31101 Bank of Canton California 08/21 /00 6.350 50,000,000.00 02/23/p1 Bank of the West 04/14/00 6.170 50,000,000.00 04/16/01 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 Bank of the West 01 /08/01 5.040 50,000,000:0p00 7/09/01 02/21101 Bank of the West 11 /20/00 6.380 50,000,000 California Federal Bank 01 /17/01 5.360 100,000,000.00 04119/01 California Federal Bank 01105/01 5.210 8,000,000.00 07/06/01 California Federal Bank 09/20/00 6.220 1,000,000.00 03/19/01 California Pacific Bank 12/19/00 5920 . 1,000,000.00 06/18/01 California Pacific Bank 08/30/00 6.420 1,000,000.00 02/26/01 Millennium Bank 01 /29/01 5.230 1,000,000.00 04/30/01 Millennium Bank 11/28/00 6.400 1,000,000.00 05130/01 Millennium Bank 10/31 /00 6.410 2,000,000.00 07/02/01 Millennium 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 Oceanic Bank Trans Pacific National Bank 03/17/00 6.250 800,000.00 03/19/01 02/06/01 United Commercial Bank 08/10/00 6350 . 20,000,000.00 25,000,000.00 03/20/01 United Commercial Bank 03/20/00 6.240 6.320 30,000,000.00 p4104101 United Commercial Bank 10/06/00 12/07/00 6.050 10,000,000.00 06/05/01 United Commercial Bank 01 /22/01 5.140 20,000,000.00 007/7/31/01 United Commercial Bank 01/12/01 5.090 10,000,000.00 31 /01 United Commercial Bank 09/01 /00 6.320 20,000,000.00 08/3101 United Commercial Bank 31 DEPOSIT PAR MATURITY DATE YIELD AMOUNT (S) ,DATE Heritage Bank of Commerce 08/21 /00 6.360 2,000,000.00 02/16/01 Meriwest Credit Union 10/10/00 6.380 8,000,000.00 04/09/01 Meriwest Credit Union 01/22/01 5.270 14,000,000.00 04/23/01 Santa Clara Co. Fed. C.U. 08/10/00 6.340 15,000,000.00 02/06/01 First Bank of San Luis Obispo 11/06/00 6.430 2,000,000.00 02/09/01 First Bank of San Luis Obispo 11/20/00 6.380 2,500,000.00 02/20/01 First Bank of San Luis Obispo 12/18/00 6.070 5,000,000.00 03/19/01 First Bank of San Luis Obispo 10/23/00 6.330 1,000,000.00 04/20/01 First Bank of San Luis Obispo 01 /08/01 5.050 1,000,000.00 07/09/01 First Bank of San Luis Obispo 01/30/01 5.050 3,600,000.00 07/30/01 Mission Community Bank 09/12/00 6.280 1,000,000.00 03/12/01 Mission Community Bank 01 /12/01 5.280 500,000.00 04/12/01 Mission Community Bank 01 /10/01 5.280 1,000,000.00 04/12/01 Mission Community Bank 12/11/00 6.070 1,000,000.00 06/12/01 San Luis Trust Bank 01 /08/01 5.180 350,000.00 04/09/01 San Luis Trust Bank 01 /31 /01 5.060 1,000,000.00 05/01 /01 East West Federal Bank 11 /02/00 6.410 35,000,000.00 02/01 /01 East West Federal Bank 01 /05/01 5.390 12,000,000.00 04/05/01 East West Federal Bank 05/04/00 6.200 35,000,000.00 05/04/01 East West Federal Bank 11 /13/00 6.390 38,000,000.00 05/18/01 Westamerica Bank 09/19/00 6.220 25,000,000.00 03/22/01 Westamerica Bank 04/18/00 6.080 25,000,000.00 04/18/01 Westamerica Bank 01 /30/01 5.160 50,000,000.00 04/30/01 Westamerica Bank 05/15/00 6.400 50,000,000.00 05/15/01 Westamerica Bank 10/25/00 6.330 25,000,000.00 07/13/01 Westamerica Bank 07/14/00 6.080 25,000,000.00 07/13/01 SAN RAMON Ebtel Federal Credit Union 10/06/00 6.340 1,750,000.00 04/04/01 Ebtel Federal Credit Union 01 /05/01 5.280 1,000,000.00 05/18/01 32 j1 a DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT SAN RAMON (Continued) Ebtel Federal Credit Union 01 /05/01 5.230 750,000.00 06/22/01 SANTA BARBARA FNB of Central California 09/07/00 6.310 10,000,000.00 6/01 FNB of Central California 10/18/00 6.270 10,000,000.00 03/ /01 FNB of Central California 08/07/00 6.350 10,000,000.00 05/01 /01 FNB of Central California 01 /08/01 5.040 10,000,000.00 07/09/01 FNB of Central California 01 /18/01 5.270 5,000,000.00 07/23/01 Los Robles Bank 01 /31 /01 4.990 6,000,000.00 07/27/01 Santa Barbara Bank & Trust 08/11 /00 6.210 10,000,000.00 03/09/01 Santa Barbara Bank & Trust 09/08/00 6.330 10,000,000.00 Santa Barbara Bank & Trust 10/10/00 6.340 10,000,000.00 05/06/01 /01 Santa Barbara Bank & Trust 06/09/00 6.260 10,000,000.00 06/08/01 Santa Barbara Bank & Trust 01 /10/01 5.110 10,000,000.00 07/06/01 Santa Barbara Bank & Trust 01 /10/01 5.110 10,000,000.00 07/06/01 Santa Barbara Bank & Trust 07/07/00 6.080 10,000,000.00 07/06/01 Santa Barbara Bank & Trust 01 /22/01 5.120 10,000,000.00 07/27/01 SANTA CLARITA Valencia Bank & Trust 09/22/00 6.230 1,000,000.00 03/21 /01 Valencia Bank & Trust 09/22/00 6.230 3,000,000.00 03/21 /01 SANTA ROSA Community First Credit Union 01/04/01 5.990 2,000,000.00 04/04/01 National Bank of the Redwoods 10/31 /00 6.360 5,000,000.00 02/01 /01 National Bank of the Redwoods 10/30/00 6.390 10,000,000.00 04/30/01 Redwood Credit Union 09/06/00 6.350 17,000,000.00 03/05/01 STOCKTON Pacific State Bank 10/16/00 6.270 1,000,000.00 04/16/01 Pacific State Bank 01/12/01 5.190 1,000,000.00 07/11/01 Union Safe Deposit Bank 08/07/00 6.360 10,000,000.00 02/05/01 Union Safe Deposit Bank 11 /16/00 6.410 10,000,000.00 02/21 /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 Union Safe Deposit Bank 11/09/00 6.430 10,000,000.00 05/08/01 33 DEPOSIT PAR MATURITY NAME SATE YIELD AMOUNT CIE Union Safe Deposit Bank 01 /16/01 5.290 5,000,000.00 07/16/01 Union Safe Deposit Bank 01 /19/01 5.180 10,000,000.00 07/26/01 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 Washington Mutual Bank 09/15/00 6.180 30,000,000.00 03/14/01 Washington Mutual Bank 10/27/00 6.360 30,000,000.00 05/01/01 Washington Mutual Bank 11/13/00 6.380 30,000,000.00 06/01/01 Washington Mutual Bank 12/28/00 5.690 15,000,000.00 06/26/01 Washington Mutual Bank 01 /23/01 5.200 30,000,000.00 07/24/01 Asiana Bank 01 /04/01 .5.890 1,500,000.00 04/06/01 China Trust Bank (USA) 11 /13/00 6.420 10,000,000.00 02/13/01 China Trust Bank (USA) 12/04/00 6.260 20,000,000.00 03/05/01 China Trust Bank (USA) 12/13/00 6.100 5,000,000.00 03/13/01 China Trust Bank (USA) 01 /04/01 5.950 10,000,000.00 04/23/01 China Trust Bank (USA) 10/23/00 6.330 15,000,000.00 04/23/01 South Bay Bank 08/28/00 6.390 3,000,000.00 03/02/01 South Bay Bank 12/12/00 6.090 2,000,000.00 03/12/01 South Bay Bank 10/31 /00 6.410 2,000,000.00 05/04/01 South Bay Bank 12/21 /00 5.890 2,000,000.00 05/04/01 South Bay Bank 01 /16/01 5.260 2,000,000.00 05/25/01 South Bay Bank 01 /29/01 5.150 1,000,000.00 07/27/01 First Fidelity Investment & Loan 08/10/00 6.340 6,000,000.00 02/06/01 First Fidelity Investment & Loan 03/01 /01 6.210 15,000,000.00 03/01 /01 First Fidelity Investment & Loan 10/17/00 6.270 10,000,000.00 04/20/01 First Fidelity Investment & Loan 01 /25/01 5.300 4,000,000.00 04/30/01 Sunwest Bank 09/08/00 6.300 1,000,000.00 03/09/01 Sunwest Bank 10/12/00 6.320 39500,000.00 04/10/01 Sunwest Bank 10/20/00 6.310 2,500,000.00 04/20/01 Sunwest Bank 01/25/01 5.090 5,800,000.00 07/26/01 34 ►:u TI F DEPOSITS DEPOSIT DATE YIELD VAC _ILLE Travis Credit Union 09/06/00 VISAL Bank of Visalia 01/30/01 Monterey Bay Bank 12/18/00 Monterey Bay Bank WHITTIER 01 /05/01 Quaker City Bank 10/02/00 Quaker City Bank 04/18/00 Quaker City Bank 09/08/00 Quaker City Bank 12/27/00 Quaker City Bank 01 /08/01 TOTAL TIME DEPOSITS JANUARY 2001 PAR AMOUNT(S) 6.350 40,000,000.00 5.160 3,000,000.00 6.070 6,000,000.00 5.210 8,000,000.00 6.300 8,000,000.00 6.090 8,000,000.00 6.300 25,000,000.00 5.670 10,000,000.00 5.050 14,000,000.00 4,433,345,000.00 MATURITY DAZE 03/05/01 04/30/01 03/22/01 07/02/01 04/06/01 04/18/01 05/31 /01 06/27/01 -07/12/01 35 .; r BANK DEMAND DEPOSITS JANUARY 2001 ($ in thousands) DAY OF MONTH BALANCES PER BANKS WARRANTS OUTSTANDING 1 $ 471,657 $ 195149204 2 4229355 193559655 3 1,2379529 19469,177 4 1,3119952 1,4699177 5 19043,526 1,469,177 6 1,0439526 1,404,496 7 19043,526 193609025 8 5069138 1,1729633 9 3019966 192289246 10 196,284 19207,525 11 1639890 1,2079525 12 3749113 192079525 13 357,551 190009751 14 465,467 9369159 15 5989794 19241,579 16 2999284 193409831 17 497,897 1,309,981 18 4979897 193099981 19 497,897 193099981 20 5529387 193279306 21 4319410 19372,607 22 1429925 1,1059173 23 4609488 1,1339410 24 396,405 1,094,032 25 3969405 190949032 26 3969405 19094,032 27 6009046 19057,938 28 448,411 193989002 29 5319473 1,4919187 30 9619882 1,8519969 31 1,5139935 1,9679923 AVERAGE DOLLAR DAYS $ 494,691 6L 6< The prescribed bank balance for December was $ 384,062. This consisted of $185,267 in compensating balances for services, balances for uncollected funds of $ 198,800 and a deduction of $ 6,220 for October delayed deposit credit. 36 DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1619 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on January 17, 2001, 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 $ 174,833,000 The active noni nterest- bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From To Transactions (1) 01/15/2001 01/19/2001 (2) 01 /22/2001 01 /26/2001 (3) 01 /29/2001 02/02/2001 (4) 02/05/2001 02/09/2001 (5) 02/12/2001 02/16/2001 (6) 02/19/2001 02/23/2001 $ 1,490,800,000 $ 825,500,000 $ (574,800,000) $ 867,300,000 $ 300,500,000 $ 588,900,000 Time Deposits in Various Financial Institutions In Securities (sections 16503a (section 16430)' and 16602)' $ 41,072,455,000 $ 4,377,345,000 $ 41,897,955,000 $ 4,377,345,000 $ 41,323,155,000 $ 4,377,345,000 $ 42,190,455,000 $ 4,377,345,000 $ 42,490,955,000 $ 4,377,345,000 $ 43,079,855,000 $ 4,377,345,000 Estimated Total $ 45,449,800,000 $ 46,275,300,000 $ 45,700,500,000 $ 46,567,800,000 $ 46,868,300,000 $ 47,457,200,000 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 $ 174,833,000. POOLED MONEY INVESTMENT BOARD: Chairperson Member Dated: January 17, 2001 ' Government Code em r 37 BOARD MEMBER ITEMS Agency Debt - Comments From Treasury Dept. on Implicit Guarantee AN INFORMATIONAL STORY FROM FINANCIAL SERVICES GROUP Agency Anxiety Officials at the Treasury Department have made some comments regarding debt issued by Fannie Mae (FNMA), Freddie Mac (FHLMC) and Federal _Home Loan Bank (FHLB). The comments were directed'toward market assumptions that the'government implicitly guarantees the debt of housing Government Sponsored -nterprip.es (GSE), causing concern among investors. In this article, we will attempt to address some of the major questions regarding the current status of GSE debt. Q. There has been a lot of talk lately about the govern-ment eliminating its implicit guarantee of publicly traded agency debt. What is really happening? A. On March 22, 2000, U. S. Treasury Undersecretary Gary Gensler announced that the Clinton Administration would back a bill sponsored by Congressman Richard Baker, currently before a House subcommittee, that would eliminate the lines of credit that housing Government Sponsored Enterprises (GSE) have with the U. S. Treasury. In theory, this would do away with the implicit government guarantee housing GSE debt carries. However, a myriad of opinions by government and nongovernment entities needs to be untangled to determine the true obligations of the government. Q. Hasn't the Treasury talked about this before? A.The Treasury Department has talked about this in the past, but mostly in passing. This time, there seems to be a more serious effort to address the issues at hand, which are the absolute size of the GSEs and their market power. As the federal government reduces its debt, it does not want to be responsible for bailing out a housing GSE should it fail. By taking steps to eliminate the implicit government guarantee on housing GSE paper, the Treasury can distance itself from liability for GSE debt. Q. How much debt is affected? A. FHLB and FNMA each have more than $535 billion in outstanding debt. FHLMC has more than $375 billion outstanding. Total GSE debt exceeds $1.6 trillion. This compares to $3.3 trillion of marketable debt issued by the U.S. Treasury. Q. What is this implicit guarantee? A. The GS,Es>have an established line of credit with the Treasury. This line of credit ranges from $2.25 billion to $4 billion, depending on the specific agency. The market interpretation is that the government will guarantee GSE debt should there be a default. These lines, of credit have never been tapped. Given the current amount of outstanding debt issued by the GSEs, these lines of credit may be viewed as merely axpg93 - Printed: 4/11/01 3:13:20 PM Page 1 of 3 A.G. Edwards & Sons, Inc. http://age-net.agedwards.com/rsprd/bonds/gvbd/agncy_debt.htm symbolic. Q. What are the advantages of this implicit guarantee to FHLMC, FNMA and FHLB? A. -The advantage to these implicit guarantees is that it lowers the borrowing costs to the GSEs relative to their competition. This, in turn, lowers the borrowing costs for home buyers. Their competition is other banks and mortgage insurers who have formed a coalition called FM Watch. This coalition has been lobbying for the proposed legislation because the current conditions put them at a big disadvantage. Q. Are all of the GSEs affected by this? A. No. The"specific GSEs targeted are the housing GSEs: FNMA, FHLMC and FHLB. These are the main mortgage originators formed by Congress. Q. Why_is_Congress involved? A. These GSEs and their charters were formed by acts of Congress. Therefore, Congress must enact any changes to the charters, or in the status, structure or function of the GSEs. Q. What have the rating agencies had to say? A. Moody's and Standard & Poor's have each affirmed the triple-A ratings on GSE debt since the announcement was made. The rating agencies' stances are that they consider it too early to predict the outcome of the bill, the final contents or the timetable for enactment. Although there have been earlier efforts to enact changes to the framework of the GSEs, there have been no material changes made. Therefore, both rating agencies reserve the right to reassess their stance should there be a substantial change in the creditworthiness of the GSEs. Q. Has Fed Chairman Greenspan had anything to say on the subject? A. During his testimony to the House Banking Committee on July 25, Greenspan told Congress that the GSEs effectively have a "real subsidy" and that this could produce economic distortions. He was also critical of the debt load carried by the GSEs. The concern was not from the size of the debt so much as it was from the systemic imbalances that it could create. The other concern that he voiced was that FNMA and FHLMC hold effectively 30% of its own type of outstanding debt and that the benefits of this to the mortgage markets are debatable. On a more positive note, Greenspan did say that both companies "are rather well -run institutions." Q. What is the current effect on GSE bonds? A. There has been a rollercoaster effect on GSE bond prices. Immediately after the announcement, prices dropped slightly. After staging a short recovery, prices dipped again. The prices on agency debt were already under pressure prior to this news and consequently were not impacted as much as they could have been. Reactions were seen primarily in intermediate- and long-term paper, but all maturities felt some effect. Q. What comes next? A. The next step is to move the bill through Congress, which is a tedious process. Because this is an election year and not a popular topic with politicians, we believe the likelihood of any legislation being enacted in the immediate future is low. Also, the next administration will have its own agenda, which could cause the issue to be put off even longer. Q. What should bondholders do? A. For the short-term agency investor, we believe these developments will not cause an adverse effect. As this issue is played out in the coming months, longer -term investors can expect increased price volatility until a clearer picture emerges over what the eventual status of GSE debt will be. MIKE MAURER, MARKET ANALYSIS AND DEBT STRATEGY Keywords: Agency Debt, Treasury, Debt, Bonds, FNMA, FHLMC, FHLB, Fannie Mae, Freddie Mac, Home Loan axpg93 - Printed: 4/11/01 3:13:20 PM Page 2 of 3 A.G. Edwards& Sons, Inc. NOW w • Q v m zi U. W U. I I • W w n a a E 0 t� a 0 z r • Z g • C a 44 M N O O O O O O O O .0/8 M 41" 4/06/£ 4sm 4MIC MIM MIZ/S LO/SZ/Z MUM 061E =lz Flu W16En wRLn w/s/L DO/6ZRL W=/ZL Do1sLRE DOER L D0/LRL DOfY M D0/LL L DOl M L DOIC L DOILM DOWIM DOIWO& 001810E 00=16 00=16 001sL/6 001916 00ft16 WON OOBL/9 00/L LB OOfYf6 OOf9Z/L 00lLZ/L 001iN1 MIUL 00=19 001cm 0019L/9 9 N O 0 t v 4 4 0. ~ A A f0