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2002 09 18 IAB✓' q g -: t. x` P.O. Box 1504 78-495 CALLE TAMPICO (760) 7 7 7 - 7 0 0 0 LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 September 18, 2002 - 5:30 P.M. Board Member Felice (Video Conference Location) Cisco Systems 170 West Tasman Dr., Bldg. L, San Jose, California, 95134 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 Approval of Minutes of Meeting on July 10, 2002 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for June and July, 2002 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - August 200.2 B. Pooled Money Investment Board Reports — May and June 2002 VII BOARD MEMBER ITEMS VIII ADJOURNMENT INVESTMENT ADVISORY BOARD Meeting Date: September 18, 2002 ITFIVI TITI F- Transmittal of Treasury Report for June and July 2002 BACKGROUND: Business Session: A Attached please find the Treasury Report for June and July 2002. The June Treasurer's Report reports that the money market mutual funds actually invested exceeded the policy limitations as of June 301h. This exception was corrected on July 3d when $30 million in T-Bills was purchased from the recent RDA Bond issue proceeds. RECOMMENDATION: Review, Receive and File the Treasury Report for June and July 2002. John M. Falcondr, Finance Director MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for June 30, 2002 DATE: August 6, 2002 Attached is the Treasurer's Report for the month ending June 30, 2002. 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 Beginning Purchased Notes Sold/Matured Other Ending Change Cash $12,875,573 (1) ($15,250,662) ($22,38255,08890) ($15,2500,662) LAIF US Treasuries (2) $19,828,290 $26,045,928 4,957,487 3,975 31,007,390 4,961,462 US Gov't Agencies (2) $12,886,881 4,956,000 (5,000,000) 6,709 12,849,590 9 2,667 537,291) 667 Commercial Paper (2) Mutual Funds $0 $44,146,944 5,992,667 (1) (4,698,696) 39,448,248 (4,698,696 Total $115 783 616 $15 906 154 $24,949 358 $10 684 $106 751 096 $9 032,520) I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment Policy, as except as follows: the Mutual Funds surplus percentage was 37.05% at June 30, 2002, which exceeded the 20% limit as set by the Investment Policy. The Redevelopment Agency received bond proceeds of $38.3 million on June 19, 2002. On July 3, 2002, $30 million was invested in a U. S. Treasury Bill, to correct this exception. 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. ` 2— � Falconer Dat inance Director/Treasurer Footnote (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month. 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C w ILE N@ aF=cnOW > CL a L y X@ N @ N w(noU0� Om �+ @yO z U z O M Cl O N O r- l-:, O C6 Lo O Ln O T O � a0 O C0 C14M O M C) M r co Ln000 olto N O N n (o T rr CITY OF LA QUINTA CITY CITY RDA RDA FA BALANCE SHEET 06/30/02 FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (1,165,353.53) 17,866,488.48 9,875.62 16,711,010.57 LQRP INVESTMENT IN POOLED CASH 670,000.00 670,000.00 INVESTMENT T-BILUNOTES 8, OTHER 50,000,000.00 50,000,000.00 AUTO MALL CASH 71,477.08 71,477.08 LQRP CASH BOND REDEMPTION CASH 112,829.89 2.44 112,832.33 BOND RESERVE CASH BOND PROJECT CASH 39,335,002.82 412.70 39,335,415.52 BOND ESCROW CASH 1,000.00 PETTY CASH CASH & INVESTMENT TOTAL 1,000.00 48,835,646.47 58,055,798.27 10,290.76 106,901,735.50 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 666,793.01 117,831.05 784,624.06 PREMIUM/DISCOUNT ON INVESTMENT (150,639.28) (150,639.28) LQRP-ACCOUNTS RECEIVABLE 49,152.94 49,152.94 INTEREST RECEIVABLE 226,787.37 226,787.37 LOAN/NOTES RECEIVABLE 9,715,805.61 9,715,805.61 DUE FROM OTHER AGENCIES 2,699,528.69 693,209.63 3,392,738.32 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 1,349,455.10 1,349,455.10 2,492,647.66 DUE FROM OTHER FUNDS 159,406.31 2,333,241.35 8,497,550.20 DUE FROM RDA 8,497,550.20 4,024,336.38 INTEREST ADVANCE -DUE FROM RDA 4,024,336.38 1,249,728.09 ADVANCES TO OTHER FUNDS 1,249,728.09 2,936.86 NSF CHECKS RECEIVABLE 2,936.86 47,417.80 ACCRUED REVENUE 47,417.80 20,214,982.94 FIXED ASSETS 20,214,982.94 1,270,023.98 ACCUMULATED DEPRECIATION 1,270,023.98 2,294.00 TRAVEL ADVANCES 2,294.00 EMPLOYEE ADVANCES 228,053.20 PREPAID EXPENSES RECEIVABLE TOTAL 228,053.20 19,023,943.62 20,214,982.94 14,158,968.67 53,397,895.23 WORKER COMPENSATION DEPOSIT 148,445.00 148,445.00 RENT DEPOSITS UTILITY DEPOSITS 75.00 . 99821 MISC. DEPOSITS 998.21 149,518.21 DEPOSITS TOTAL 149,518.21 GENERAL FIXED ASSETS 9,812,279.05 9,812,279.05 ACCUMULATED DEPRECIATION AMOUNT AVAILABLE TO RETIRE L/T DEBT AMOUNT TO BE PROVIDED FOR L/T DEBT 1,694,231.51 160,998,172.00 7,475,000.00 170,167,403.51 TOTAL OTHER ASSETS 1,694,231.51 9,812,279.05 160,998,172.00 7,475,000.00 179,979,682.56 TOTAL ASSETS 68,009,108.30 20 214,982.94 1,694,231.51 72 214 766.94 9,812,279.05 160 998 172.00 10 290.76 7,475,000.00 340,428 831.50 LIABILITIES: ACCOUNTS PAYABLE 1,595,511.56 87,637.58 1,683,149.14 97,601.35 DUE TO OTHER AGENCIES 97,601.35 1,233,039.01 3,631,000.66 DUE TO OTHER FUNDS 2,397,961.65 11,383,537.00 12,633,265.09 INTEREST ADVANCE -DUE TO CITY 1,249,728.09 ACCRUED EXPENSES 95,538.44 5,8.80 INTEREST PAYABLE 365,31. PAYROLL LIABILITIES 365,318.80 1 .00 STRONG MOTION INSTRUMENTS 1.00 FRINGE TOED LIZARD FEES (1,065.00) SUSPENSE (1,065.00) DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 5,705,057.45 12,799,752.03 18,504,809,48 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS LQRP DEPOSITS 15,788.00 66,,542..34 DEVELOPER DEPOSITS 866,542.34 438868.66 , MISC. DEPOSITS 438,868.66 1,988,62525.11 AGENCY FUND DEPOSITS 1,988,625.11 3,309,824.11 TOTAL DEPOSITS 3,294,036.11 15,788.00 DEFERRED REVENUE 1,291,402.00 7,579,695.08 8,871,097.08 8,871,097.08 OTHER LIABILITIES TOTAL 1,291,402.00 7,579,695.08 COMPENSATED ABSENCES PAYABLE 422,197.92 422,197.92 743,722.59 DEVELOPER AGREEMENT 743,722.59 528.311.00 DUE TO THE CITY OF LA QUINTA 528,311.00 2,250,000.00 2,250,000.00 DUE TO COUNTY OF RIVERSIDE 8,063,172.00 8,063,172.00 DUE TO C.V. UNIFIED SCHOOL DIST. DUE TO DESERT SANDS SCHOOL DIST. 150,685,000.00 7,475,000.00 158,160,000.00 BONDS PAYABLE 1,694,231.51 160,998,172.00 7,475,000.00 170,167,403.51 TOTAL LONG TERM DEBT TOTAL LIABILITIES 10,290,495.56 1,694,231.51 20,395,235.11 160,998,172.00 7,475,000.00 200,853,134.18 EQUITY -FUND BALANCE 57,718,612.87 20,214,982.94 51,819,531.83 9,812,279.05 10,290.76 139,575,697.45 TOTAL LIABILITY & EQUITY 68,009,108.43 20 214,982.94 1,694,231.51 72 214 766.94 9,812,279,05 160 998 172.00 10 290,76 7 475 000.00 340,428 831.63 (0.13) 0.00 0.00 (0.13) CASH & INVESTMENT TOTAL 106,901,735.50 PREMIUM/DISCOUNT ON INVESTMENT (150,639.28) TOTAL 106,751,096.22 MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for July 31, 2002 DATE: August 27, 2002 Attached is the Treasurer's Report for the month ending July 31, 2002. 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 Beginning Purchased Notes Sold/Matured Other Ending Change Cash ($2,375,089) $19,828,290 $6,458,913 42,876 (1) (1,9111,569) $4,083,824 17,959,597 $6,458,913 (1,868,693) LAIF US Treasuries (2) $31,007,390 29,792,184 10,888 12,796 60,810,462 14,895,525 29,803,072 2,045,935 US Gov't Agencies (2) $12,849,590 2,033,139 (6,000,000) 7,333 0 (5,992,667) Commercial Paper (2) Mutual Funds $5,992,667 $39,448,248 1) 29, 711,348) 9,736,900 (29, 711,348) Total $106 751 096 $38 327 112 $37 622 917 $31 017 $107,486,308 $735,212 = I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. the City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. V Date in M. Falconer . ance Director/Treasurer Footnote (1) The amount reported 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. vL E 7 E m L O U a) W 7 N w c a) E a� c w O w a C '! o E — m o � m L Q' O .. 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O O \ O\ O O O O O O r` r` co I co Q LO M � - =�OOr-�rl 0) Q CO 0) 00 It �I�d UY'4t It CD N 3M-MNNd : CV - N - N t CM ' M It co CD co co co C C C C C C EE EE EE ti ti > > > > > > C C cn C C ,U) C C - L C a) -CC 0) @mE N C a)caa)E mrnE �a vQ ai � > O U C _�Mc O O U va > O N �a) co a- U- a.LL_aa' CL <i_^ u—�...w—^ 0 0 0= j m co w w 0— to O O - >% to U) tom co O O O m U)c N N G (o O to Co N O O O 'o c'c c 0 00) >,: E c c 0 0) 0) 0 �-0 c'c'c m C N v�i �_ Co N Co Co ` Y W N M j v3i N N CMo O op d C N WWW N m N N L N WWLLJ� N L N WWWF- N N N L N N N C O C Co Co f0 O N N N C O (0 Co Co fo O N N N C N co co 7 O O M N C) M: 3 7 7 C C c .X > aaa 23 3 3 3 x a) LL C C c- > cnag C c C N C C C X> aaavJag CITY OF LA QUINTA CITY CITY FIXED LONG TERM RDA RDA FA FIXED LONG TERM FINANCING LONG TERM GRAND BALANCE SHEET 07/31/02 CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH 1,305,728.62 19,1370,000.00 9,875.62 21,308,688.49 670,000.00 LQRP INVESTMENT IN POOLED CASH Ii70,000.00 46,000,000.00 INVESTMENT T-BILL/NOTES & OTHER 46,000,000.00 AUTO MALL CASH 63,733.14 63,733.14 LQRP CASH 118,618.34 2.44 118,620.78 BOND REDEMPTION CASH BOND RESERVE CASH 39,617,753.88 525.61 39,618,279.49 BOND PROJECT CASH BOND ESCROW CASH 1,000.00 PETTY CASH CASH & INVESTMENT TOTAL 1,000.00 47,306,728.62 60,463,189.61 10,403.67 107,780,321.90 INVESTMENT IN LAND HELD FOR RESALE ACCOUNTS RECEIVABLE 666,218.13 117,831.05 784,049.18 (294.013.77) PREMIUM/DISCOUNT ON INVESTMENT (86,197.28) (207,816.49) 94 45,287.37 LQRP-ACCOUNTS RECEIVABLE 48,855.94 215,742.17 INTEREST RECEIVABLE 245,287.37 13,693,209.63 12,691,376.32 LOAN/NOTES RECEIVABLE 693,209.63 2,299,096.69 DUE FROM OTHER AGENCIES 1,998,166.69 2,299,096.69 DUE FROM OTHER AGENCIES - CVAG 2,299,096.69 69) (1,349,455.10 CVAG ALLOWANCE (2,299,096.69) 1,470,689.80 DUE FROM OTHER GOVERNMENTS 1,349,455.10 737.00 DUE FROM OTHER FUNDS 2,898,645.79 571,307.01 8,497,550.20 DUE FROM RDA 8,497,550.20 4,128,685.62 4,249,918.09 INTEREST ADVANCE -DUE FROM RDA 4,128,685.62 1,243,026.86 ADVANCES TO OTHER FUNDS 1,249,918.09 NSF CHECKS RECEIVABLE 3,026.86 7,417.80 ACCRUED REVENUE 47,417.80 59,334.94 21,018,483.58 FIXED ASSETS 20,359,334.94 1,012,894.00 ACCUMULATED DEPRECIATION 1,018,483.58 2,894.00 TRAVEL ADVANCES 2,894.00 EMPLOYEE ADVANCES ,.6 PREPAID EXPENSES RECEIVABLE TOTAL 226,485.46 20,996,119.32 20,359,334.94 15,689,047.40 737.00 57,04545,23838.66 148.445.00 WORKER COMPENSATION DEPOSIT 148,445.00 RENT DEPOSITS 7 ..21 UTILITY DEPOSITS 75.00 6 MISC. DEPOSITS 673.21 149,1933.21 DEPOSITS TOTAL 149,193.21 52,290,306.05 52,290,306.05 GENERAL FIXED ASSETS ACCUMULATED DEPRECIATION AMOUNT AVAILABLE TO RETIRE L/T DEBT 1,694,231.51 160,998,172.00 7,475,000.00 170,167,403.51 AMOUNT TO BE PROVIDED FOR L/T DEBT 1,694,231.51 52,290,306.05 160,998,172.00 7,475,000.00 222,457,709.56 TOTAL OTHER ASSETS TOTAL ASSETS 68,452,041.15 20,359,334.94 1,694,231.51 76,152,237.01 52 290 306.05 160 998 172.00 11 140.67 7,475,000.00 387 432 463.33 LIABILITIES: ACCOUNTS PAYABLE 391,266.58 (294,774.04) 96,494.54 97,624.85 DUE TO OTHER AGENCIES 97,624.85 '1,490,274.25 737.00 3,888,972.90 DUE TO OTHER FUNDS INTEREST ADVANCE -DUE TO CITY 2,397,961.65 1,249,918.09 11,383,537.00 12,633,455.09 ACCRUED EXPENSES 95,538.44 5,275. INTEREST PAYABLE 365 ,. 31 PAYROLL LIABILITIES 365,275.31 788 788.01 STRONG MOTION INSTRUMENTS 788.01 FRINGE TOED LIZARD FEES SUSPENSE DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 4,502,836.49 12,674,575.65 737.00 17,178,149.14 ENGINEERING TRUST DEPOSITS SO. COAST AIR QUALITY DEPOSITS LQRP DEPOSITS 16,688.00 91,178.05 DEVELOPER DEPOSITS 891,178.05 44 ,118.66 MISC. DEPOSITS 440,118.66 984,572.98 1,984,572.98 AGENCY FUND DEPOSITS 1,984,572.98 3,332,557.69 TOTAL DEPOSITS 3,315,869.69 16,688.00 DEFERRED REVENUE 1,291,402.00 11,079,695.08 12,371,097.08 12,371,097.08 OTHER LIABILITIES TOTAL 1,291,402.00 11,079,695.08 COMPENSATED ABSENCES PAYABLE 422,197.92 422,197.92 743,722.59 DEVELOPER AGREEMENT 743,722.59 528.311.00 DUE TO THE CITY OF LA QUINTA 528,311.00 2,250,000.00 2,250,000.00 DUE TO COUNTY OF RIVERSIDE 8,063,172.00 8,063,172.00 DUE TO C.V. UNIFIED SCHOOL DIST. DUE TO DESERT SANDS SCHOOL DIST. 150,685,000.00 7,475,000.00 158,160,000.00 BONDS PAYABLE TOTAL LONG TERM DEBT 1,694,231.51 160,998,172.00 7,475,000.00 170,167,403.51 TOTAL LIABILITIES 9,110,108.18 1,694,231.51 23,770,958.73 160,998,172.00 737.00 7,475,000.00 203,049,207.42 EQUITY -FUND BALANCE 54,489,532.14 20,359,334.94 17,670,893.30 52,290,306.05 646,231.30 145,456,297.73 TOTAL LIABILITY & EQUITY 63,599,640.32 20 359 334.94 1,694,231.51 41,441,852.03 52,290,306.05 160,998,172.00 646 968.30 7,475 000.00 348 505,505.15 4,852,400.83 34,710,384.98 (635,827.63) 38,926,958.18 CASH & INVESTMENT TOTAL 107,780,321.90 PREMIUM/DISCOUNT ON INVESTMENT (294 013.77) TOTAL 107,486,308.13 INVESTMENT ADVISORY BOARD Meeting Date: September 18, 2002 TITLE: Month End Cash Report - August 2002 BACKGROUND: Correspondence & Written Material Item A This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances, ) but would report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. Ahn M. Fafcoryer, Finance Director c O M jN C1 Q C) 0O O N 4- LL N O L 0M (5 U m a a I � j v c I, U N 1 N a) L O .� 7 +r (0 (n � O a) O V) >+ :3 U O - a) a) i =3 0 Q -0 a) "O >, N O - -0 p. +. (is a) 07 CU0 O a)N a) cr OO a) O O O N N ` N Z m N a) O co E a) U (a Z U) -� LL_ i _ U 000 O , co I` 00 04 co- 00 CD O C: 00 000r- NCO M � Ln CO e- O r- 00 O CO 00 (a N� 0oI`tD U-)0o tie- N _- �t O Nd'�. �Mi iM7 I 0 titil 000O000 0Lin N N O O IT M 00 'CT M � P.. Iti UNIT 0� ONNI MCMI-� q r � N Mto 00 IN MN�� O RO to N M � +00 OCptiM � �000 m(D O N 00 O O N f� In N CO 00 M (A O 00 O O 0 td) (fl Cfl l!7 O O 00 U-) OOd Ni O m N o0 00 op 00 O O 1- 00 r- Cfl N N �iN M I� O o I� 0 II E O II ! L ~ 1' O CL cn N o O M .O N 06 i d ca c a) LsN cU o . �"rn a �c m rn� a) c4) 'C x .Qo U) i�'c� a)Q L a = LU to N a) Cu O C L a) -p U a) U =' d v) a) N -0 X a)N � 06 IZ L o Q a) > N L ACA, W c .O (a a) L a) ` �+ k w ^c^'' CD W O m �-• cn0��l d l X N N +r M wcn�OU --- --- a) DI—:- mI iz] x •- zwo --- � 0 0 0 0 O O O O O W O C)000 OOOp00 r- tn `- 00 I` O O Cfl N 00 0-) 0-)a) O� M M M CC � M O 00 c O O CM I` CO c- 00 r- 0-) � N CO M Co 00 N � N d• H � Z Z �- w w Z (n a- (n a U j Q}U rn Z > F" w -i w] a0a w w LLwwLu -j c OU)O °i C7 `-e 06 0 Z M:oD of J - wwz C�z�wUa •� �V-::)LLJ 2w `. LL,zc) 0��a-I-Z zQ0OI LUZ00Z)0LL --f-I C5 Li U U a. m U a. w- Q County of Riverside Treasurer's Pooled Investment Fund Compliance Analysis and Investment Report July 31, 2002 Paul McDonnell - Treasurer/Tax Collector Kenneth C. Kirin - Assistant Treasurer Donald R. Kent -Assistant Treasurer Jon Christensen - Chlet ueputy i reasurer Treasurer's Commentary "Safety and Security " The economy appears to be slowly recovering from last year's recession and corporate earnings are increasing, but, the wave of recent accounting scandals has most investors questioning the validity of earnings reports. A weakened stock market has increased fears of a renewed recession. Talk of a Gulf War II does not seem to help consumer confidence either, with most of the negatives being consumer related and not related to the economy in general. This means sluggish growth for the foreseeable future. Most of the money that normally would be invested into equities has been flowing into the safety of the bond and money markets. This flight to the security of bonds has raised prices of government bonds driving yields downward to historical lows. The yields on many corporate credits are relatively high further reflecting the flight to quality. However this strategy may come back to haunt those investors who are buying high priced bonds now that they may have to sell at lower prices when interest rates rise in the future. Therefore, we will continue to stay on the short side of the yield curve for now, occasionally purchasing longer -term securities when attractive opportunities arise. Below are reported and upcoming economic indicators of importance: Ranorted in Auril Upcoming Releases Durable Goods Orders — for July Factory Orders —for July -3.8% actual vs. +6.0% survey Due 8/2...1.2% actual vs..-2.0% survey Gross Domestic Product (GDP) — 2Q Actual Unemployment Rate —for July 1.1 % actual vs. +2.3% survey Due 7/5... 5.8% actual vs. 5.9% survey Consumer Confidence- Index - July FOMC Rate decision — July 13th 97.1 actual vs. 101.0 survey Due 8/13... 1.75% actual vs. 1.75% survey At month's end, the Fed funds rate was left unchanged at 1.75%, the 2-year T-Note was yielding 2% (down 58 bps.) while the 30-year T-Bond was yielding 5.30% (down 21 bps.). For July, the Pool yield remained essentially unchanged with a decrease of 7 bps. in the average monthly yield. At this juncture, we will stay the course and maintain a short-term outlook until the economic picture improves. -M C_ Paul McDonnell Treasurer -Tax Collector PORTFOLIO STATISTICS JULY JUNE MAY APRIL MARCH FEBRUARY Month -End Book Value $ 2,133,341,180 $ 2,161,802,291 $2,121,072,745 $2,454,853,854 $2,038,850,399 $1,975,270,299 Month -End Market Value' $ 2,138,786,340 $ 2,166,074,454 $2,123,766,072 $2,456,941,841 $2,039,158,900 $1,976,059,453 Paper Gain or (Loss) $ 5,445,161 $ 4,272,163 $ 2,693,327 $ 2,087,987 $ 308,501 $ 789,154 Percent of Paper Gain or Loss 0.25% 0.20% 0.13% 0.08% 0.02% 0.08% Yield Based Upon Book Value" 2.01 % 2.06% 2.00% 2.00% 2.01 % 2.03% Weighted Average Maturity (Years) 0.27 0.31 0.27 0.25 0.24 0.25 Effective Duration 0.22 0.26 0.24 0.20 0.18 0.14 Market value does not include accrued interest. " Beginning in April, the reported yield will be based upon the monthly average to more accurately reflect the portfolio's performance relative to the Benchmark. All figures have been re -stated to reflect this change in yield. THE RIVERSIDE COUNTY TREASURER'S POOLED INVESTMENT FUND IS CURRENTLY RATED: AAA/MR1 BY MOODY'S INVESTOR SERVICES AAA/V1+ BY FITCH IBCA County Administrative Center 4080 Lemon Street, 4th Floor - Capital Markets Riverside, CA 92502-2205 www.countytreasurer.org (909) 955 - 3908 J 3 Treasurer's Pooled Investment Fund - Portfolio Characteristics July 31, 2002 Maturity Market Value Maturity 30 Days or Less 1,107,144,590.85 51.77% 30 - 90 Days 288,594,495.56 600°9° 90 Days - 1 Year 644,561,934.57 4o.00% 1 - 2 Years 95,785,319.50 30.0,% 30.14% 2 - 3 Years 2,700,000.00 20 00x' 13.49% Over 3 Years - Total: $2,138,786,340.48 'o.00x a.aa% 0.13% 0.00% 0.00% 30 Days or Less 30 - 90 Days 90 Days -1 Year 1 - 2 Years 2 - 3 Years Over 3 Years Quality A-1 and/or P-1 Quality Market Value 39.51% N/R U.S. Treasury 124,945,500.00 AAA 0.42% Federal Agency 1 158,702,841.24 0.05% AAA 1,000,000.00 A-1 and/or P-1 845,117,165.57 NINIU.S5.8r4ea%sury N/R 9,020,833.67 Federal Agency Total: 2,138,786,340.48 54.18% Commercial Sector Bankers Certificates Local Agency Sector Market Value Paper Acceptances of Deposit Obligations U.S. Treasury 124,945 500.00 > 16.34% 1.35% 0.23% 0.19% Federal Agency 1,158,702,841.24 U.S. Cash Equiv. & MNIF's 467,800,000.00 Cash Equiv. & MMF's Treasury Commercial Paper 349,409,784.74 21.87% 5.84% Bankers Acceptances 28,907,380.83 Certificates of Deposit 5,000,000.00 Federal Local Agency Obligations 4,020,833.67 Agency 54.18% Total: 2,138,786,340.48 • t.,�laPRrnne ** r,linteralized Titne Deposits & Local Agency Obligations 6.50% 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00 % 2.50% 2.00% 1.50% U.S. Treas Yield Curve - July 2002 3M 6M IY 2Y 3Y 5Y 7Y l0Y 15Y 20Y 30Y ♦ 07/01/02--07/31/02 Yield Curve Data 07/01/02 07/31/02 Change 3 Month 1.69% 1.69% 0.00% 6 Month 1.73% 1.65% -0.08% 1 Year 1.90% 1.68% -0.22% 2 Year 2.76% 2.23% -0.53% 3 Year 3.36% 2.82% -0.54% 5 Year 4.09% 3.51% -0.58% 7 Year 4.52% 4.13% -0.39% 10 Year 4.79% 4.49% -0.30% 15Year 5.54% 5.36% -0.18% 20 Year 5.71 % 5.49% -0.22% 30 Year 5.56% 5.40% -0.16% U +� 4 Treasurer's Pooled Investment Fund - Portfolio Holdings Report July 31, 2002 Acquisition Current Current Market' CUSIP Par($) Issuer Coupon Maturity Cost Price Value w/o Accr Int. Gain/Loss Yld Mat 1 Eff. our. 2 Ave. Life 3 Government Agency 31331LUX 5.000.000.00 FEDERAL FARM CREDIT BANK 1.800 08/01/02 5,000,000.00 100.000 5,000,000.00 - 1.600 0.00 0.00 31331LUS 10,000,000.00 FEDERAL FARM CREDIT BANK 1.030 08/01/02 10,000,000.00 100.000 10,000,000.00 - 1.830 0.00 0.00 31331LUX 10,000,000.D0 FEDERAL FARM CREDIT BANK 1.600 08/01/02 10,000,000.00 100.000 10.000,000.00 - 1.800 0.00 0.00 31331LUX 25.000,000.00 FEDERAL FARM CREDIT BANK 1.800 08101/02 25,000,000.00 100.000 25,000,000.00 - 1.800 0.00 0.00 31331LUX 25,0D0,000.00 FEDERAL FARM CREDIT BANK 1.800 08/01/02 25,000,000.00 100.000 25,000,000o0 - 1.800 0.00 0.00 31331LUX 25,000,000.00 FEDERAL FARM CREDIT BANK 1.8D0 08/01/02 25.000.000.00 100.000 25,000,000.D0 - 1.800 0.00 0.00 31338587 50,000,000.00 FEDERAL HOME LOAN BANK 0.000 08/13/02 49,956,722.22 99.913 49,956.722.22 - 1.760 0.03 0.04 313385C5 50,000,000.00 FEDERAL HOME LOAN BANK 0.000 08/19/02 49,943,055.56 99.886 49,943.055.56 - 1,640 0.05 0.05 31331LVZ 5,000,000.00 FEDERAL FARM CREDIT BANK 1.760 09/03/02 5,000,000.D0 99.997 4,999,850.D0 (150.00) 1.760 0.09 0.09 31331LUU 10,D00,000.D0 FEDERAL FARM CREDIT BANK 1.880 09/03/02 10,000,000.D0 99.996 9,999,6D0.D0 (400.00) 1,880 0.09 0.09 31331LVZ 10,D00,000.00 FEDERAL FARM CREDIT BANK 1.760 09/03/02 10,000,000.00 99.997 9,999,7D0.00 (300.00) 1.760 0.09 0.09 31331 LVZ 25,000,000.00 FEDERAL FARM CREDIT BANK 1.760 09/03/02 25,000,000.D0 99.997 24,999.250.00 (750.00) 1.760 0.09 0.09 31331 LVZ 25,000,000.D0 FEDERAL FARM CREDIT BANK 1.760 09/03/02 25,000,000.00 99.997 24,999,250.00 (750.00) 1.760 0.09 0.09 31331 LVZ 25,000,000.D0 FEDERAL FARM CREDIT BANK 1.760 09/03/02 25,0D0,000.00 99.997 24,999,250.00 (750.00) 1,760 0.09 0.09 313397G3 26.000,000.00 FEDERAL HOME LOAN MORTGAGE C 0,000 09/15/02 24,774,743.06 99.099 24,774.743.06 2.000 0.13 0,13 31331 LUW 10,000,000.00 FEDERAL FARM CREDIT BANK 2.200 10/01/02 10,000,0D0.00 100.050 10,005.000.00 5,DD0.00 2.188 0.17 0.17 3133ILVB 10.000.000.00 FEDERAL FARM CREDIT BANK 1.730 10/01/02 10,000,000.00 100.DD0 10,000,000.00 - 1.730 0.17 0.17 3133ILVB 25,000,000.00 FEDERAL FARM CREDIT BANK 1.730 10/01/02 25.000,000.00 100.000 25.000.000.00 - 1.730 0.17 0.17 31331LVB 25,000.000.00 FEDERAL FARM CREDIT BANK 1.730 10/01/02 25,000,000.00 100.000 25.000,000.00 - 1.730 0.17 0.17 3133ILVB 25,D00,000.D0 FEDERAL FARM CREDIT BANK 1.730 10/01/02 25.000.000.00 100.000 25,000,000.00 - 1.730 0.17 0.17 31331LUY 10,000,DD0.00 FEDERAL FARM CREDIT BANK 2.000 11/01/02 10,000,000.00 100.D01 10,000,100.00 100.00 2.000 0.25 0.25 31331LUY 15,000.000.00 FEDERAL FARM CREDIT BANK 2.000 11/01/02 15,000,0D0.00 100.001 15,000,150.D0 150.00 2.000 0.25 0.25 31331 LVA 10,000,000.00 FEDERAL FARM CREDIT BANK 1.930 12/02/02 10,000,000.00 100.006 10,000,000.00 600.00 1.930 0.33 0.34 31331 LVA 15,000,000.00 FEDERAL FARM CREDIT BANK 1.930 12/02/02 15,000,000.00 100.006 16,000.900.00 900,00 1.930 0.33 0.34 313397RB 28,000,D00.00 FEDERAL HOME LOAN MORTGAGE C 0.000 12/04/02 27,557,880.00 99.400 27,832,000.D0 274.120.00 2.D02 0.34 0.35 313397139 25.441,000.00 FEDERAL HOME LOAN MORTGAGE C 0.000 12/05/02 25,038,014.56 99.490 25,311,250.90 273,236.34 1.747 0.35 0.35 313397R9 27,489,D00.00 FEDERAL HOME LOAN MORTGAGE C 0.000 12/05/02 27,055,223.58 99.490 27,348,806.10 293.582.52 1.747 0.35 0.35 313313S5 14,250,000.00 FEDERAL FARM CR BKS CONS SYS 0.000 12/09/02 14,007.750.00 99.378 14.161,365.00 153,615.00 1.745 0.36 0.36 31331 LVC 10,000,000.00 FEDERAL FARM CREDIT BANK 1.730 01102/03 10,000,D00.00 100.000 10,000,000.00 1.730 0.42 0.42 31331 LVC 10,000,000.00 FEDERAL FARM CREDIT BANK 1,730 01102/03 9,996,875.00 100.000 10,000,000.00 3.125.00 1.730 0.42 0.42 31331LVC 15,000.000.00 FEDERAL FARM CREDIT BANK 1.730 01102/03 15,000,000.00 100.000 15,000,000.00 - 1.730 0.42 0.42 3135BRAK 5.000,000.00 FEDERAL NATL MTG ASSN DISC N 0.0D0 01/10/03 4,905,000.00 99.235 4,961,750.00 56,750.D0 1.727 0,44 0.45 313588AK 25,000,0D0.00 FEDERAL NATL MTG ASSN DISC N 0.000 01110/03 24.525,000.00 99.235 24,808,750.00 283.750.00 1127 0.44 0.45 8638723L 20.000,000.00 STUDENT LOAN MKT ASSOC 0.000 02/04/03 19,562,600.00 99.117 19,823,400.00 260,8D0.00 1.730 0.51 0.52 863872BL 30,000,000.00 STUDENT LOAN MKT ASSOC 0,000 02/04/03 29,422,200.00 99.117 29,735,100.00 312,900.00 1.730 0.51 0.52 313588BP 32,000.000.00 FEDERAL NATL MTG ASSN DISC N 0.000 02/07/03 31,286,400.00 99,103 31,712,960.00 426,560.00 1.730 0.52 0.52 3135888W 50,D00,000.00 FEDERAL NATL MTG ASSN 0.000 02/14/03 48,864,500.00 99,082 49,541,000.00 676,500.00 1.708 0.54 0.54 313588CT 25,DD0,000.00 FEDERAL NATL MTG ASSN 0,000 03/07/03 24,444,250.00 98.978 24,744.500.00 300.250.00 1.720 0.60 0.60 3133MMWB 25.000.000.00 FEDERAL HOME LN BKS 2,900 04/22/03 25,000,000.00 100.781 25,195,250.00 195,250.00 1.810 0.71 0,73 313396ET 19.640,000.00 FEDERAL HM LN MTG CORP 0.000 0424103 19,184,352.00 98.732 19.390,964.80 206.612.80 1.750 0.73 0.73 313396EV 22,000,000.D0 FEDERAL HOME LOAN MORTGAGE C 0.000 0425/03 21,498,620.00 98.722 21,718,840.00 220,220.00 1.750 0.73 0.73 313588FB 25,000,000.D0 FEDERAL NATL MTG ASSN 0.000 05/02103 24.419,750.00 98.686 24,671,500.00 251.750.00 1.760 0.75 0.75 313588FB 30.000,000.00 FEDERAL NATL MTG ASSN 0.000 05/02/03 29.302.500.00 98.686 29.605,8D0.00 303,300.00 1.760 0.75 0.75 3133MNH3 10,000,000.00 FEDERAL HOME LN BKS 2.650 05/15/03 10,000,D00.00 100.031 10,003,1D0.00 3.1D0.00 2.607 0.0E 0.79 3133MNGL 10,D00,000.00 FEDERAL HOME LN BKS 2.600 0521/03 10,000,D00.00 100,625 10,062,500.00 62,5D0.00 1.813 0.79 0.81 3133MNGL 15,000,000.D0 FEDERAL HOME LN BKS 2,600 0521103 15,000.000.00 100.625 15,093,750.00 93.750.00 1.813 0.79 0.81 3133MNMB 14,5D0,000.00 FEDERAL HOME LN BKS 2.625 0528/03 14,500,0D0.00 100,063 14,509.135.00 9,135.00 2.545 0.13 0.82 3133MNRC 4.570,000.00 FEDERAL HOME LN BKS 2.640 06/05/03 4,570,000.00 100.063 4,572,879A0 2,879.10 2.562 0.19 0.85 3133MPAX 23,000,000.00 FEDERAL HOME LN BKS 2.480 07/07/03 23,000,D00.00 100.625 23,143,750.00 143,750.D0 1.801 0.92 0.93 3133MPAX 30,000,0D0.00 FEDERAL HOME LN BKS 2,480 07/07/03 30,000.000.00 100.625 30,187,500.00 187,500.00 1.801 0.92 0.93 3133MPH7 50,000,000.D0 FEDERAL HOME LN BKS 2.240 07/16/03 50,000,000.00 100.207 50.103,500.00 103,500.D0 2.019 0.94 0.96 3133MBWN 250,000.00 FEDERAL HOME LN BKS 7,050 08/14/03 250,000.00 100.188 250,470,00 - 470.00 6,855 0.04 1,04 3133MPHJ 15.000,000.D0 FEDERAL HOME LN BKS 2.500 08/15/03 15,000,000.00 100,031 15,004,650.00 4,650.00 2.470 0.11 1.04 3133MPU3 30,000,000.00 FEDERAL HOME LN BKS 2,430 10130/03 30,000,000.00 100.094 30,028,200.00 28,200.00 2.355 0.58 1.25 31364KZM 5,000,000.00 FEDERAL NATL MTG ASSN 6,550 1121/03 5,000,DD0.00 101.375 5.068,750.00 68,750.00 5.436 0,31 1.31 31364KZM 6,750,000.00 FEDERAL NATL MTG ASSN - 6.550 1121/03 6.750,000,00 101,375 6.842,812.50 92,812.50 5.436 0.31 1.31 3133MNSF 15,000.0D0.00 FEDERAL HOME LN BKS 3.150 12/05/03 15,0D0,000.00 100,094 15.014,100.00 14.100.00 3.076 0.16 1.35 312925NL 1,000,000.00 FEDERAL HOME LN MTG CORP 3.150 12/10/03 1,000,000.D0 100,122 1,001,220.D0 1.220.00 3.056 0.14 1.36 312925NL 14,000,000.00 FEDERAL HOME LN MTG CORP 3.150 12/10/03 14,0D0,000.00 100.122 14,017,080.00 17.080.00 3256 0.14 1.36 3133M07H 8.550.000.00 FEDERAL HOME LN BKS 2.540 01/30/04 8,550,000.00 100294 0,558,037.00 8.037.D0 2.476 Q,�9` 1, 0 Sub -Total 1,161,440.000.00 1.153,365,435.9E 1,158,702,841.24 5,337,405.26 1.911 0.38 0.47 Cash Equivalent & Money Market Funds 216,800,000.00 MERRILL LYNCH & CO INC I.800 08/01/02 216,800,000.00 100.000 216,800,DD0.D0 - 1.800 0.00 0.00 250,D00,000.00 MORGAN STANLEY DEAN 1.890 W01/02 250,000,000.00 100,000 250,000,D00.00 1.890 0.00 0.D0 B2825288 1,000,000.00 AIM GOV•r & AGENCY PORTFOLIO 0.000 08/30/02 1.D00.000.00 100.000 1.000.000.00 1.720 008 2-A Sub -Total 467,800.000.00 467,800,000.00 467,800,DD0.00 1.848 0.00 0.00 Collateralized Time Deposits 5,000,000.00 CITIZENS BUSINESS BANK Sub -Total 5,000,000.D0 Bankers Acceptance 8,500,000.00 BANK ONE NA 6,500,000.00 BANK ONE NA 5,500,000.00 BANK ONE NA 8.500,000.00 BANK ONE NA 0.000 10/15/02 5,000,000.00 100.000 5,000,000.00 2.E70 911 0u1 5,000,DD0.D0 5,000,DD0.D0 0.0D0 08/15/02 8,470.250.00 99.650 8,470,250.00 0.000 0813W02 6,483.945.00 99.753 6,483.945.00 0.000 09/03/02 5,475,392.08 99,553 5,475,392.08 0.000 09/03/02 6,477,793.75 99.739 8,477,793.75 2.810 0.21 0.21 1,757 0.D4 0.04 1.710 0.08 0.08 1.780 0.09 0.09 1.777 PLU 009 Sub•Total 29,000,DD0.00 28.907,380.83 28.907,380.83 1.757 0.07 0.08 Continued on reverse side.... Pape 1 r � j Treasurer's Pooled Investment Fund - Portfolio Holdings Report July 31, 2002 Acquisition Current Current Market' Cusip ParW issuer Coupon Maturity cost Pri Value wlo Accr Int. Gain/Loss YItl Mat 1 Eff. our. 2 Ave. Life 3 Commercial Paper 30228OH5 50.000,000.00 EXXON ASSET MANAGEMENT CO 0,000 08/05/02 49,971,166.67 99.942 49,971,166.67 - 1.730 0.01 0.01 36959JH7 25.000,000.00 GENERAL ELECTRIC CAPITAL CDR 0.000 08/07/02 24,991.493.06 99.966 24,991,493.06 - 1.750 0.02 0.02 36959JH7 25,000,D00.00 GENERAL ELECTRIC CAPITAL CDR 0.000 08/07/02 24,973,416.67 99.894 24,973.416.67 - 1.750 0.02 0.02 71708FHL 50,000.000.00 PFIZER INC 0,000 OWO/02 49,920,708.34 99.841 49,920,708.34 - 1,730 0.05 0.05 1667TIHM 50,000.000.00 CHEVRON USA INC 0.000 08121102 49,831,333.33 99.663 49.831,333, 33 - 1,767 0.06 0.06 37576MHS 50,000,000.00 GILLETTE CO 0.000 08/26/02 49.933.888.89 99.868 49,933.888.89 - 1.700 0.07 0.07 00137FHW 50,000,000.00 AIG FUNDING INC 0.000 08/30102 49.923,111. 11 99.846 49,923,111.11 - 1.730 0.08 0.08 90262DJ4 50,000,000.00 UBS FINANCE DELAWARE 0.000 09/04/02 49,864.666.67 99.729 49,864,666.67 1.740 0.09 0.10 Sub -Total 350,000.000.00 Average weighted days for commercial paper = 20.6 349,409,784.74 349.409,784.74 - 1.74 0.05 0.06 Local Agency Obligations' VAULT 1,320,939.35 EDA BAN 2.520 06/30/03 1,320,939.35 100.000 1,320,833.67 - 2.520 2.51 0.92 VAULT 2,700,000.00 MARCH JPRA GAN 2.520 06/01/05 2,700,000.00 100.000 2,700,000.00 2.520 7J51 2 84 Sub -Total 4,020,939.35 4,020.939.35 4,020,833.67 - 2.520 2.51 2.21 Treasuries 912795KV 50.000,000.00 UNITED STATES TREAS BILLS 0.D00 08108/02 49,934.472.22 99.963 49,981,5D0.00 47,027.78 1,690 0.02 0.02 912795KV 50,000,000.00 UNITED STATES TREAS BILLS 0.000 08/08/02 49,934,666.67 99.963 49,981,500.00 46,833.33 1.690 0.02 0.02 912795KW 25.000.000.00 UNITED STATES TREAS BILLS 0.000 08/15/02 24,968,500.00 99.930 24,962,500.00 14,DDO.00 1.705 0_04 0_04 Sub -Total 125,000.000.00 124,837,638.89 124,945,500.00 107,861.11 1.693 0.02 0.03 Grano -Totals 2,142.260,939.35 2,133.341,179.79 2,138,786,340.46 5,445,266.37 1.857 0.22 0.27 'The market value and yield of short-term money market securities are based on purchase price. a Effective Duration is a sophisticated calculation that measures price sensitivity, while taking into consideration the possibility of securities being called before maturity. Average Life is the number of years until principal is returned at maturity, weighted by market value. ' Local Agency Obligations have variable rate coupons, spread to the Pool �� Page 2 COMPLIANCE WITH STATE LAW AND TREASURER'S POLICY The Treasurer's Pooled Investment Fund is governed by both State Law and County Policy. The County Treasurer's Statement of Investment Policy is more restrictive than the California Government Code. This policy is reviewed annually by the County's Investment Oversight Committee and approved by the County Board of Supervisors. As of this month end, the County Treasure) Pooled Investment Fund was in compliance with this more restrictive policy. Although we have been diligent in the prepartion of this report, we have relied upon numerous pricing and analytical sources including Bloomberg Market Database and Capital Management Sciences, Inc. Bond Logistix LLC /1 BOND LOGISTIXr,c \�/ INSIGHT. INNOVATION. INTEGRATION. 213.612.2200 SUMMARY OF AUTHORIZED INVESTMENTS California Government Code County Investment PollcY Actual Cal. Govt. Investment Cateaory Maximum Authorized % Quality Maximum Authorized ualit Riverside Maturit Limit S&P/Moodv's Maturit Limit S&P/MoodVs/Fitch Portfolio % Code LIMIT5.84% 3 YEARS 15% / 53601 a LOCAL AGY BONDSNO 5 YEARS NO LIMIT5YEARS 3 YEARS 10CALIFORNIA 2. =150mm0.000% 0.19% 53601 b U. S. TREASURY LOCAL53601 d AGENCY DEBT 5YEARS 5 YEARS 270 DAYS 270 DAYS NO LIMIT NO LIMIT 40%180 40% A1/P1 5 YEARS DAYS 270 DAYS 105418%53601 3 40% A1/P1/F1 1.35% 16.34% 53601 e FEDERAL AGENCIES f BILLS OF EXCHANGE 53601 COMM. PAPER CERTIFICATE & TIME 1 YEAR 25% max A1/P1/F1 0.00% 53601 h DEPOSITS 5 YEARS 30% 45 DAYS 35%/25% term max A1/P1/F1 21.83% 53601 i REPOS 1 YEAR NO LIMIT 60 DAYS 10% max N/A 0.00% 53601 i REVERSE REPOS 92 DAYS 20% A 2 YEARS 20% max AA/Aa2/AA 0.00% 53601 ' MED. TERM NOTES 5 YEARS 30% AAA by 2 of 3 Rating 53601 k MUTUAL FUNDS 90 DAYS 20% AAA/Aaa3 IMMEDIATE 20% Agencies 0.05% SECURED DEPOSITS (BANK DEPOSITS 5 YEARS NO LIMIT 1 YEAR 2% max .23/o 0o 53601 m GE MORTGAGE PASS- AA A 0.00% 53601 n THROUGH SECURITY 5 20% ISSUER N/A N/A 16429 (1,2,3) LOCAL AGENCY INVESTMENT FUNDS �N/A, with any one O LIMIT commercial bank 3 YEARS 0% max 0.00% 100.00% No more than 30% of this category may be invested a Mutual Funds maturity may be interpreted as weighted average maturity not exceeding 90 days. Or must have an Investment Advisor with not less than 5 years experience and with assets under management of $500,000,000. 007 Treasurer's Pooled Investment Fund July 31, 2002 PROJECTION OF FUTURE CASH FLOW The Pooled Investment Fund cash flow requirements are based upon a 12 month historical cash flow model. The Treasurer states that based upon projected cash receipts and maturing investments there are sufficient funds to meet future cash flow disbursement requirements over the next 12 months. MONTH MONTHLY MONTHLY REQUIRED ACTUAL INV. AVAIL. TO RECEIPTS DISBMNTS DIFFERENCE MAT. INVEST BALANCE MATURITIES INVEST>1 YR. 08/02 59.3 08/2002 449.6 470.2 -20.6 0.0 38.7 1107.0 09/2002 440.5 413.4 27.1 0.0 65.8 188.6 10/2002 536.8 513.6 23.2 0.0 89.0 100.0 11 /2002 418.7 442.4 -23.7 0.0 65.3 25.0 12/2002 857.8 446.4 411.4 0.0 476.7 118.7 01 /2003 416.2 699.2 -283.0 0.0 193.7 64.4 02/2003 450.0 551.6 -101.6 0.0 92.1 129.1 03/2003 513.6 427.9 85.7 0.0 177.8 24.4 04/2003 878.4 554.2 324.2 0.0 502.0 65.7 05/2003 401.4 714.9 -313.5 0.0 188.5 103.2 06/2003 395.7 671.8 -276.1 87.6 0.0 5.8 07/2003 426.3 442.1 -15.8 15.8 0.0 103.0 Totals: 6,185.0 6347.7 -162.7 103.40 2034.9 2029.6 4.85% 95.40% 95.15% 24 Month Gross Yield Trends The yield history represents gross yields; administrative costs have not been deducted. Actual earnings on fund balances will be credited by the Auditor -Controller based upon County Treasurer calculations. Portfolio yield generally lags current trends in short-term interest rates. Yields fluctuate with changing markets and past performance is not an indication of future results. Gross Yield Trends 6.75 6.25 5.75 .25 4.75 4.25 3.75 3.25 2.75 2.25 1.75 Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- 00 00 00 00 00 01 01 01 01 01 01 01 01 01 01 01 01 02 02 02 02 02 02 02 ---PORTFOLIO YIELD --*-ALL TAXABLE AVERAGE 24 Month Yield Spread (Pool Yield vs. All Taxable Average) 0.30 0.20------------------------------------------------------------' 0.10 -------------------- 0.00 -0.10----------------------------------------------------- ------ Average Spread =0.00% -0.20-------------- -0.30----------------------------------------------------------------------1 -0.40-------------------------------------------------------------------------- - J -0.50 - --- -- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- 00 00 00 00 00 01 01 01 01 01 01 01 01 01 01 01 01 02 02 02 02 02 02 02 The Money Fund ReportTM/ All Taxable Average is compiled and reported by iMoneyNet, Inc. (formerly IBC Financial Data, Inc.) iMoneyNet, Inc. is a leading provider of independent analyses and information to the financial services industry, with a particular area of focus in money market mutual funds. The All -Taxable Index tracks the yield of over 500 taxable money market funds across several categories, i.e. Treasury, Government, and Prime, and reports the average yield of those funds on a monthly basis. For more information on the iMoneyNet, Inc. Index see wwwJbcdata.com/index.html Mai � it \i 2 c O LL a) Q) U) r O a m af N N O i^ r M (O r LO O Cl)O O O U) (O OR0D W NO co " CO OD N Cl) @ a0 r 0 C) M W r 0 CD (V M O O O 000 0000 O C)C) O O O O O CO Co 0 0 0 0 0 0 0 0 u) M r O M O C'! O O W CO O O r U.) c) QI C `- 00 a0 M v 0000 �� `rvn00 U') W) Ul) Lr) N M M (O M CO M Cn Lf) O N O 00 O O O O_ 00 0p CA O r M E c0 co O m W O CO c) M co 10 C`M r N� V 04 a N V r�'(O� > co C) O o O O N O) LO CO LO M r O r O r m O O r CA Q LL In I? I?(p ego O o () O O O CO n N r N r N O N LL r r 1-O W 00 _T U g M N n(0 o m m v m co co r N N O rn co n m.cyi cliM cco m o cc cq S 5 m 0) rn rn O d O r 00 (p CO l0 (O LL (D MO (O c0 CD N : 00 00 ))'D > O N N N 0) rn0 _ M r O o M r (O r Y 00 O W M n W O Cl) W W LL U co M W Cn (O O M m (D 00 L a0 00 C' r C. 0 C) C) N m N O N 2 U N N O ` a) OD N 0 U @ m (n N co O Q N C 00 coO LL) � U N C _@ " @ O '�' Cl7 M U C a) (a c m d 0 Lo .N.. c m C m g C O d r `O C Q Q C) a �' m o, (Yj m "O a N a .0-0 L. m N E a� E E Z@ 'O a? V C Q T L) N C C .O m 3 "O cn 7 E 7 0 0 0 m 2 U O T CT d ... > U L _ T C N 7 rn a) 0mU0 01 ._ N d U @ d L '� C) c W o a Qa `o Q C n >> a) U 0 () m a) @ n m o W-�Q�oZQ�LL�Q��Q 0 00 M CO o N O CM O m O c co Lo 00 CO o O N O Lo M co (D O v v N c (C) CA O W co � o � M N N N 2 a) E N @ In C L 7 0) .L-. p @ O U) N c E n" C L) En CD a) U y U CD .L... w N E a) m -Q :E w O @ > n d O C co@ L ~ > C U U n Q C" O vi Q. o fa d n O a) C C a) d (V CO W C 7 C a)C a'- 7 0 O N E L N O .-. U 0 L C H> CO t a) F O H O C C > O- C CC) C N 2,a 2Cc:,C C C m> a) a -r- `d r ._ N O a) C Q' O Q N O L.. U CL 0)0 a) C @ 3 a) C L a) a) a) n COL LLw E o E a) U L @ N Q a U "O N m O y m N 0 y> L LL QI @~ m a) @— cLi��QLvi� Uo �Cm L a)'O L'' U LL C 7L 4) 'C U> E m N� nm(np. 000 a) a)UEa)o 9 ai wOaac� cam U)(D a) O > E U O da) arCcc O E O- U� C 0 7 O N u 3 E w � X 2 CD Co c cc y C C m n O C @ a) E O o) Ca L O L N N N w a) C V 'ift m U O F- d >T N — j @ N d d (n N d Co U E rn @An a) U U to c 0 r a('i > o E C CL 2 O ,��m 0 a) U C 0 O O L > L U d 7 m a) c 0 Q h N c a a LAIF Performance Report Page I of 2 Philip Angelides, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund LAW Performance Report Reporting Date: 09/04/02 Effective Date: 09/04/02 Quarter Yield, 2.65% Daily: 2.59% Year. 2.65% Life: 200 Apportionment Rate'. 2.75% Earnings Ratio: 00007525855286315 Fair Value Factor: 1.002780144 Monthly Average For August: 2.594% http://www.treasurer.ca.gov/laif/performance.htm 9/5/2002 LAIF Performance Report Page 2 of 2 Pooled Money Investment Account Portfolio Composition $45.6 Billion 7/31/02 Reverses Loans -0.72% Treasuries 9.68% 15.60% * Treasuries )rtgages o Mortgages 0.02% * Agencies * CD'sA3N's 13 Time Deposits Agencies E3 Bankers Acceptances 22.15% 0 Repo * Commercial Paper * Corporate Bonds El Loans N Reverses Deposits CD's/BN's 11.32% 15.32% Adobe PD F ve r ion_of LAIF Performance. Help with Ad-obe-Acroba-t PDF. Smilm-rayim http://www.treasurer.ca.gov/laif/performance.htm 9/5/2002 FRB:Commercial Paper Rates and Outstandings Page 1 of 3 IA ederal Reserve Release Commercial Paper Release I About I Outga_ndings I Historical discount rates I Historical outstandings Data as of September 4, 2002 Commercial Paper Rates and Outstandings Derived from data supplied by The Depository Trust Company Posted September 5, 2002 Discount rates AA AA A2/P2 Term financial nonfinancial nonfinancial 1-day 1 1.77 I 1.93 7-day 1.73 1.75 2.01 15-day 1.74 1.74 1.98 30-day 1.74 1.71 2.00 60-day 1.74 1.73 2.06 90-day 1.73 1.72 2.02 Yield curve marKet Dasis 1 7 15 30 60 Days to Maturity Financial - - - Nonfinancial ••••• A2/P2 http://www.federalreserve.gov/Releases/CP/ n ercent 2.06 2.04 2.02 2.00 1.98 1.96 1.94 1.92 1.90 1.88 1.86 1.84 1.82 1.80 1.78 1.76 1.74 1,72 1.70 J i. 4- 9/5/2002 FRB:Commercial Paper Rates and Outstandings Page 2 of 3 Discount rate spread Thirtv-day A2/P2 less AA nonfinancial commercial paper (daily) 01 u,N98 01 JAN99 01 JAN00 01 AN01 01,1AN02 --- A2/P2 spread, 5—day moving areraga Discount rate history Thirty-dav commercial paper (daily) 01JAN98 01JAN99 01JAN00 01SdAN01 Financial — — — Nonfirbncial ••--- A2/P2 Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars http://www.federalreserve.gov/Releases/CP/ Basis points 150 140 130 120 110 100 90 80 70 BO ,50 40 30 20 10 01JAN03 Percent 8 7 6 5 4 3 2 1 01 JAN02. 01 AN03 Billions of dollars 013 9/5/2002 FRB:Commercial Paper Rates and Outstandings Page 3 of 3 1300 1200 1100 1000 900 800 01 JAN98 01 JAN99 01 JAN00 01 AN01 91 JAN02 — Financial --- Nonfinancial The daily commercial paper release will usually be available before 11:00am EST. However, the Federal Reserve makes no guarantee regarding the timing of the daily commercial paper release. When the Federal Reserve is closed on a business day, yields for the previous business day will appear in the historical _discount ,rates table. This policy is subject to change at any time without notice. Commercial pa�er_outstanding Commercial _paper outstandingmiscellaneous,cate��ories Volume Statistics 2002:Q2 Release I About I Outstandins I Historical_ discount rates I Historical outstandings Home I Statistical releases Accessibility To comment on this site, please fill out our feedback form. Last update: September 5, 2002 360 350 340 330 320 310 300 290 280 270 250 250 240 230 220 210 200 190 180 170 01 JAN03 014 http://www.federalreserve.gov/Releases/CP/ 9/5/2002 FRB: H.15--Selected Interested Rates, Web -Only Daily update-- September 5, 2002 Page 1 of 3 Federal Reserve Statistical Release I,'15 Selected Interest Rates ([wily) Release Date: September 5, 2002 Weekly release elates and announcements I Historical data, I About Daily update Other formats: Screen_redder I ASCII sk. n :« Content The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday throug H.15 DAILY UPDATE: WEB RELEASE ONLY SELECTED INTEREST RATES Yields in percent per annum Instruments Federal funds (effective) 1 2 3 Commercial paper 3 4 5 6 Nonfinancial 1-month 2-month 3-month Financial 1-month 2-month 3-month CDs (secondary market) 3 7 1-month 3-month 6-month Eurodollar deposits (London) 3 8 1-month 3-month 6-month Bank prime loan 2 3 9 Discount window borrowing 2 10 U.S. government securities Treasury bills (secondary market) 3 4 4-week 3-month 6-month Treasury constant maturities 11 1-month 3-month 6-month 1-year 2-year 3-year 5-year 7-year 10-year For immediate release September 5, 2002 2002 2002 2002 2002 Sep Sep Sep Sep 2 3 4 5 1.81 1.87 1.74 1.72 1.71 1.73 1.73 1.73 1.72 1.74 1.74 1.74 1.74 1.74 1.73 1.77 1.77 1.76 1.74 1.75 1.71 1.77 1.76 1.76 1.74 1.75 1.71 4.75 4.75 4.75 1.25 1.25 1.25 1.67 1.67 1.61 1.60 1.59 1.57 1.69 1.64 1.62 1.71 2.01 2.36 3.04 3. 63 3.98 1.69 1.63 1.60 1.69 2.02 2.35 3.02 3.58 3.96 http://www.federalreserve.gov/Releases/H 15/update/ 9/5/2002 FRB: H.15--Selected Interested Rates, Web -Only Daily Update-- September 5, 2002 Page 2 of 3 20-year 4.92 4.91 Treasury long-term average (25 years and above) 12 13 4.96 4.94 Interest rate swaps 14 1-year 1.82 1.81 2-year 2.34 2.31 3-year 2.82 2.81 4-year 3.22 3.20 5-year 3.56 3.53 7-year 4.06 4.04 10-year 4.51 4.49 30-year 5.25 5.23 Corporate bonds Moody's seasoned Aaa 15 6.20 6.17 Baa 7.37 7.36 State & local bonds 16 Conventional mortgages 17 See overleaf for footnotes * Markets closed FOOTNOTES 1. The daily effective federal funds rate is a weighted average of rates on brokered trades. 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. Based on the unweighted average of the bid yields for all Treasury fixed -coupon securities with remaining terms to maturity of 25 years and over. 13. A factor for adjusting the daily long-term average in order to estimate a 30-year rate can be found at http://www.treas.gov/offices/domestic-finance/debt-management/interest-rate/lt 14. 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 ,J dL http://www.federalreserve.gov/Releases/H15/update/ 9/5/2002 FRB: H. 15 --Selected Interested Rates, Web -Only Daily Update-- September 5, 2002 Page 3 of 3 11:00 a.m. by Garban Intercapital plc and published on Reuters Page ISDAFIXI. Source: Reuters Limited. 15. Moody's Aaa rates through December 6, 2001 are averages of Aaa utility and Aaa industrial bond rates. As of December 7, 2001, these rates are averages of Aaa industrial bonds only. 16. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations. 17. Contract interest rates on commitments for fixed-rate first mortgages. 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 1, 3 and 6 months and 1, 2, 3, 5, 7, 10 and 20 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. Weekl release dates and announcements I listorical. data I About Daily update Other formats Screen reader I ASCII Statistical releases i lome _dal a lcccssihilat-v I L_oaaiac,t_t_ S Last update: September 5, 2002 0` http://www.federalreserve.gov/Releases/H15/update/ 9/5/2002 INVESTMENT ADVISORY BOARD Meeting Date: September 18, 2002 TITLE: Pooled Money Investment Board Report for May and June 2002. BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for May and June 2002 is included in the agenda packet. r� fl RECOMMENDATION: Receive & File John M. Falconer/ Finance Director Philip Angelides May 2002 STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT MAY 2002 TABLE OF CONTENTS SUMMARY................................................................. 01 SELECTED INVESTMENT DATA .................................... 02 PORTFOLIO COMPOSITION ........................................ 03 INVESTMENT TRANSACTIONS ..................................... 04 TIME DEPOSITS........................................................ 17 BANK DEMAND DEPOSITS .......................................... 30 POOLED MONEY INVESTMENT BOARD DESIGNATION... 31 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF MAY 2002 WITH MAY 2001 (DOLLARS IN THOUSANDS) MAY 2002' MAY 2001 CHANGE Average Daily Portfolio $ 47,674,608 $ 49,112,843 -1,438,235 Accrued Earnings $ 110,963 $ 222,265 -111,302 Effective Yield 2.740 5.328 -2.588 I Average Life -Month End (In Days) 176 170 +6 I Total Security Transactions Amount $ 18,216,549 $ 22,507,059 -4,290,510 Number 421 477 -56 Total Time Deposit Transactions Amount $ 1,967,200 $ 2,612,800 -645,600 Number 103 149 -46 Average Workday Investment Activity $ 917,443 $ 1,141,812 -224,369 Prescribed Demand Account Balances For Services $ 584,868 $ 271,806 +313,062 For Uncollected Funds $ 68,741 $ 271,157 -202,416 1 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) TYPE OF SECURITY Government Bills Bonds Notes Strips Total Government Federal Agency Coupons Certificates of Deposit Bank Notes Bankers' Acceptances Repurchases Federal Agency Discount Notes Time Deposits GNMAs Commercial Paper FHLMC Corporate Bonds Pooled Loans GF Loans Reversed Repurchases Total (All Types) May 31, 2002 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM AMOUNT PORTFOLIO PRIOR MONTH $ 595,024 1.25 +.05 0 0.00 0.00 5,573,031 11.70 -.79 0 0.00 0.00 $ 6,168,055 12.95 -.74 $ 4,851,411 10.19 +.12 6,781,927 14.24 +.24 625,003 1.31 +.05 17,877 0.04 0.00 0 0.00 0.00 8,201,096 17.22 -1.88 5,193,195 10.91 +.48 795 0.00 0.00 9,643,649 20.25 -2.22 7,413 0.02 0.00 2,294,194 4.82 +.27 1,899,552 3.99 -1.29 2,580,300 5.42 +4.18 -648,187 -1.36 -.79 $ 47,616,280 100.00 fisravow"" INVESTMENT ACTIVITY MAY 2002 NUMBER AMOUNT Pooled Money 421 $ 18,216,549 Other 24 35,468 Time Deposits 103 1,967,200 Totals 548 $ 20,219,217 PMIA Monthly Average Effective Yield 2.740 Year to Date Yield Last Day of Month 3.512 PA APRIL 2002 NUMBER AMOUNT 715 $ 32,099,131 52 930,886 151 2,251,800 918 $ 35,281,817 2.845 3.586 Pooled Money Investment Account Portfolio Composition $47.6 Billion Co E 4 Commercial Paper 20.25% Bankers Acceptan 0.04% Tim 10.91 % Reverses Loans -1.36% Treasuries 0A10/ 19U.ri% CD's/BN's 15.55% 3 ies Agencies 27.41 % 5/31 /02 8 Treasuries ® Mortgages B Agencies 15 CD's/BN's ■Time Deposits El Bankers Acceptances ■ Repo Commercial Paper ® Corporate Bonds ❑ Loans Reverses 05/01/02 REDEMPTIONS CD CHASE 1.800% 05/01/02 1.800 $ 50,000 89 $ 222,500.00 1.825 CD CHASE 1.800% 05/01/02 1.800 50,000 89 222,500.00 1.825 CD HSBC 1.800% 05/01/02 1.800 50,000 89 222,500.00 1.825 CD HSBC 1.800% 05/01/02 1.800 50,000 89 222,500.00 1.825 CID KODAK 05/01/02 2.500 10,000 48 33,333.33 2.543 CID DISNEY 05/01/02 2.070 25,000 70 100,625.00 2.107 CID DISNEY 05/01/02 2.070 50,000 71 204,125.00 2.107 CID DISNEY 05/01/02 2.080 25,000 79 114,111.11 2.118 CID GECC 05/01/02 1.770 50,000 118 290,083.33 1.805 CID GECC 05/01/02 1.770 50,000 118 290,083.33 1.805 FHLB 6.750% 05/01/02 7.313 20,000 705 2,807,650.00 7.341 FHLB 6.750% 05/01/02 7.150 50,000 727 7,089,375.00 7.171 FHLB 6.750% 05/01/02 7.150 50,000 727 7,089,375.00 7.171 RRP TREAS NOTES 4.750% 02/15/04 1.320 50,000 89 (171,936.87) -1.338 TREAS NOTES 4.750% 02/15/04 1.320 50,000 89 (171,936.87) -1.338 TREAS NOTES 5.250% 05/15/04 1.350 50,000 89 (175,635.94) -1.368 TREAS NOTES 5.250% 05/15/04 1.350 50,000 89 (175,635.94) -1.368 05/02/02 RRS TREAS NOTES 7.500% 05/15/02 1.500 50,000 TREAS NOTES 7.500% 05/15/02 1.300 50,000 TREAS NOTES 7.500% 05/15/02 1.300 50,000 REDEMPTIONS CID SALOMON 05/02/02 1.820 50,000 2 5,055.56 1.845 CID SALOMON 05/02/02 1.820 50,000 2 5,055.56 1.845 CID SALOMON 05/02/02 1.820 50,000 2 5,055.56 1.845 CID SALOMON 05/02/02 1.820 50,000 2 5,055.56 1.845 CID DISNEY 05/02/02 2.070 50,000 72 207,000.00 2.107 CID DISNEY 05/02/02 2.080 25,000 80 115,555.56 2.118 CID DISNEY 05/02/02 2.080 50,000 80 231,111.11 2.118 PURCHASES c1' / CD DEN DANSKE 1.750% 05/15/02 1.750 1,845 CD MONTREAL 1.770% 05/15/02 1.770 3,625 CD DEN DANSKE 1.750% 05/15/02 1.750 50,000 CD MONTREAL 1.770% 05/15/02 1.770 50,000 CD MONTREAL 1.770% 05/15/02 1.770 50,000 PURCHASES MTN FMCC 7.250% 01/15/03 3.353 10,210 4 05/02/02 PURCHASES (continued) MTN GMAC 5.800% 03/12/03 3.196 26,300 MTN B/A 6.625% 06/15/04 3.750 15,000 MTN DISNEY 7.300% 02/08/05 4.690 20,000 05/03/02 RRS TREAS NOTES 7.500% 05/15/02 1.450 50,000 TREAS NOTES 5.250% 05/15/04 1.540 50,000 TREAS NOTES 5.250% 05/15/04 1.540 50,000 REDEMPTIONS DISC NOTES FHLMC 05/03/02 3.540 50,000 312 1,534,000.00 3.702 DISC NOTES FNMA 05/03/02 3.600 39,000 318 1,240,200.00 3.769 DISC NOTES FNMA 05/03/02 3.600 50,000 318 1,590,000.00 3.769 DISC NOTES FNMA 05/03/02 3.600 50,000 318 1,590,000.00 3.769 PURCHASESq/ CID MORG STAN 05/15/02 1.730 50,000 CID DFC 06/18/02 1.790 6,500 CP DFC 06/18/02 1.790 50,000 CID DFC 06/18/02 1.790 50,000 PURCHASES CID COUNTRY 05/09/02 1.810 20,000 CID COUNTRY 05/09/02 1.810 50,000 CID COUNTRY 05/09/02 1.810 50,000 CID COUNTRY 05/09/02 1.810 50,000 CID CONAGRA 05/14/02 1.820 25,000 05/06/02 REDEMPTIONS CID GE 05/06/02 1.770 50,000 20 49,166.67 1.796 CID GE 05/06/02 1.770 50,000 20 49,166.67 1.796 CID GECC 05/06/02 1.780 50,000 28 69,222.22 1.807 CID GECC 05/06/02 1.780 50,000 28 69,222.22 1.807 CID SAFEWAY 05/06/02 2.050 50,000 34 96,805.56 2.082 CID KODAK 05/06/02 2.500 50,000 47 163,194.44 2.543 CID MORG STAN 05/06/02 1.810 15,000 68 51,283.33 1.841 CID MORG STAN 05/06/02 1.810 50,000 68 170,944.45 1.841 CID MORG STAN 05/06/02 1.810 50,000 68 170,944.45 1.841 CID SRAC 05/06/02 2.210 50,000 91 279,319.44 2.253 CID GECC 05/06/02 1.810 50,000 123 309,208.33 1.846 CID GECC 05/06/02 1.810 50,000 123 309,208.33 1.846 5 05/06/02 NO PURCHASES 05/07/02 NO SALES PURCHASES CP LEHMAN CP LEHMAN CP SALOMON CP SALOMON CP GE CP GE CP CONAGRA CP DEERE CP COUNTRY CP COUNTRY CP COUNTRY CP COUNTRY CP FCAR 05/08/02 REDEMPTIONS CP LEHMAN CP LEHMAN CP JP MORGAN CP JP MORGAN NO PURCHASES 05/09/02 RRS TREAS NOTES TREAS NOTES REDEMPTIONS CP SALOMON CP SALOMON CP COUNTRY CP COUNTRY CP COUNTRY CP COUNTRY CP GECC CP GECC PURCHASESy/ CP MORG STAN CP MORG STAN CP MORG STAN 05/08/02 1.770 50,000 05/08/02 1.770 50,000 05/09/02 1.750 50,000 05/09/02 1.750 50,000 05/10/02 1.720 50,000 05/10/02 1.720 50,000 05/13/02 1.830 25,000 05/14/02 1.760 25,000 05/14/02 1.830 50,000 05/14/02 1.830 50,000 05/14/02 1.830 50,000 05/14/02 1.830 50,000 05/14/02 1.720 50,000 05/08/02 1.770 50,000 1 2,458.35 1.794 05/08/02 1.770 50,000 1 2,458.35 1.794 05/08/02 1.780 50,000 90 222,500.00 1.812 05/08/02 1.780 50,000 90 222,500.00 1.812 4.250% 05/31/03 1.490 50,000 4.250% 05/31/03 1.490 50,000 05/09/02 1.750 50,000 2 4,861.11 1.774 05/09/02 1.750 50,000 2 4,861.11 1.774 05/09/02 1.810 20,000 6 6,033.33 1.835 05/09/02 1.810 50,000 6 15,083.33 1.835 05/09/02 1.810 50,000 6 15,083.33 1.835 05/09/02 1.810 50,000 6 15,083.33 1.835 05/09/02 1.760 25,000 17 20,777.78 1.785 05/09/02 1.760 50,000 17 41,555.56 1.785 05/30/02 1.750 4,000 05/30/02 1.750 50,000 05/30/02 1.750 50,000 05/09/02 PURCHASES (continued) CP HEWLETT 05/30/02 1.900 17,450 CP COUNTRY 05/30/02 1.840 50,000 CP COUNTRY 05/30/02 1.840 50,000 CP COUNTRY 05/30/02 1.840 50,000 CP DFC 05/31/02 1.770 50,000 MTN FMCC 6.125% 04/28/03 3.720 27,460 05/10/02 REDEMPTIONS CP GE 05/10/02 1.720 50,000 3 7,166.67 1.744 CP GE 05/10/02 1.720 50,000 3 7,166.67 1.744 CP GECC 05/10/02 1.750 50,000 21 51,041.67 1.776 CP GECC 05/10/02 1.750 50,000 21 51,041.67 1.776 CP GECC 05/10/02 1.780 50,000 32 79,111.11 1.807 CP GECC 05/10/02 1.780 50,000 32 79,111.11 1.807 CP TEXT FIN 05/10/02 2.100 50,000 35 102,083.33 2.133 CP GEN MILLS 05/10/02 2.150 40,000 57 136,166.67 2.187 DISC NOTES FHLMC 05/10/02 3.540 32,000 319 1,003,786.67 3.705 DISC NOTES FNMA 05/10/02 3.570 50,000 326 1,616,416.67 3.740 PURCHASES CP SALOMON 05/13/02 1.730 50,000 CP SALOMON 05/13/02 1.730 50,000 CP SALOMON 05/13/02 1.730 50,000 CP SALOMON 05/13/02 1.730 50,000 CP SALOMON 05/13/02 1.730 50,000 05/13/02 REDEMPTIONS CP SALOMON 05/13/02 1.730 50,000 3 7,208.33 1.754 CP SALOMON 05/13/02 1.730 50,000 3 7,208.33 1.754 CP SALOMON 05/13/02 1.730 50,000 3 7,208.33 1.754 CP SALOMON 05/13/02 1.730 50,000 3 7,208.33 1.754 CP SALOMON 05/13/02 1.730 50,000 3 7,208.33 1.754 CP CONAGRA 05/13/02 1.830 25,000 6 7,625.00 1.855 CP BEAR 05/13/02 1.750 50,000 24 58,333.33 1.776 CP BEAR 05/13/02 1.750 50,000 24 58,333.33 1.776 CP BEAR 05/13/02 1.780 50,000 27 66,750.00 1.807 CP BEAR 05/13/02 1.780 50,000 27 66,750.00 1.807 CP BEAR 05/13/02 1.850 10,000 61 31,347.22 1.881 CP GEN MILLS 05/13/02 2.150 40,000 61 145,722.22 2.187 CP BEAR 05/13/02 1.850 50,000 61 156,736.11 1.881 CP GMAC 05/13/02 2.230 50,000 61 188,930.56 2.269 CP ASCC 05/13/02 1.790 30,000 77 114,858.33 1.821 CP ASCC 05/13/02 1.790 50,000 77 191,430.56 1.821 CP SRAC 05/13/02 2.100 50,000 119 347,083.33 2.144 CP GECC 05/13/02 1.810 50,000 130 326,805.56 1.847 7 05/13/02 REDEMPTIONS (continued) CID GECC DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA PURCHASES CID NCAT CID NCAT CID CONAGRA CID GE CID GE CID GE CID GE 05/14/02 REDEMPTIONS CID DEERE CID FCAR CID COUNTRY CID COUNTRY CID COUNTRY CID COUNTRY CID CONAGRA CID CONAGRA CID COUNTRY CID GECC CID GECC PURCHASES CID GECC CID CONAGRA CID COUNTRY MTN COUNTRY 05/15/02 RRS TREAS NOTES TREAS NOTES REDEMPTIONS CD DEN DANSKE CD MONTREAL CD DEN DANSKE CD MONTREAL CD MONTREAL 05/13/02 1.810 50,000 130 326,805.56 05/13/02 3.540 42,650 322 1,350,441.17 05/13/02 3.540 50,000 322 1,583,166.67 05/13/02 3.540 50,000 322 1,583,166.67 05/20/02 1.760 50,000 05/20/02 1.760 50,000 05/21/02 1.840 30,000 05/30/02 1.750 20,000 05/30/02 1.750 50,000 05/30/02 1.750 50,000 05/30/02 1.750 50,000 1.847 3.706 3.706 3.706 05/14/02 1.760 25,000 7 8,555.56 1.785 05/14/02 1.720 50,000 7 16,722.22 1.744 05/14/02 1.830 50,000 7 17,791.67 1.856 05/14/02 1.830 50,000 7 17,791.67 1.856 05/14/02 1.830 50,000 7 17,791.67 1.856 05/14/02 1.830 50,000 7 17,791.67 1.856 05/14/02 1.820 25,000 11 13,902.78 1.846 05/14/02 1.870 15,000 14 10,908.33 1.897 05/14/02 1.810 49,000 18 44,345.00 1.836 05/14/02 1.750 25,000 25 30,381.94 1.776 05/14/02 1.750 50,000 25 60,763.89 1.776 05/15/02 1.700 10,000 05/20/02 1.830 39,499 05/21/02 1.850 29,989 6.850% 06/15/04 4.125 19,864 5.250% 05/15/04 1.550 50,000 5.250% 05/15/04 1.550 50,000 1.750% 05/15/02 1.750 1,845 13 1,165.94 1.774 1.770% 05/15/02 1.770 3,625 13 2,316.98 1.794 1.750% 05/15/02 1.750 50,000 13 31,597.22 1.774 1.770% 05/15/02 1.770 50,000 13 31,958.33 1.794 1.770% 05/15/02 1.770 50,000 13 31,958.33 1.794 D. 05/15/02 REDEMPTIONS (continued) CD CHASE 1.800% 05/15/02 1.800 5,000 83 20,750.00 1.825 CD CHASE 1.800% 05/15/02 1.800 50,000 83 207,500.00 1.825 CD CHASE 1.800% 05/15/02 1.800 50,000 83 207,500.00 1.825 CID GECC 05/15/02 1.700 10,000 1 472.22 1.723 CID MORG STAN 05/15/02 1.730 50,000 12 28,833.33 1.755 CID JP MORGAN 05/15/02 1.800 5,000 68 17,000.00 1.831 CID JP MORGAN 05/15/02 1.800 50,000 68 170,000.00 1.831 CID JP MORGAN 05/15/02 1.800 50,000 68 170,000.00 1.831 TREAS NOTES 7.500% 05/15/02 2.301 50,000 223 728,770.38 2.301 TREAS NOTES 7.500% 05/15/02 2.301 50,000 223 728,770.38 2.301 TREAS NOTES 7.500% 05/15/02 2.320 50,000 223 734,629.78 2.320 TREAS NOTES 7.500% 05/15/02 2.320 50,000 223 734,629.78 2.320 FHLB 7.250% 05/15/02 5.133 8,460 478 582,022.15 5.117 FHLB 7.250% 05/15/02 5.133 50,000 478 3,439,847.22 5.117 FHLB 7.250% 05/15/02 5.103 50,000 478 3,420,597.22 5.087 FHLB 7.250% 05/15/02 5.112 50,000 478 3,426,347.22 5.096 FHLB 7.250% 05/15/02 5.310 50,000 483 3,590,694.44 5.297 FHLB 7.250% 05/15/02 6.050 45,000 520 3,932,815.00 6.037 FHLB 7.250% 05/15/02 6.050 50,000 520 4,369,794.44 6.037 FHLB 7.250% 05/15/02 7.321 15,000 719 2,162,020.84 7.326 RRP TREAS NOTES 7.500% 05/15/02 1.500 50,000 13 (28,082.71) -1.520 TREAS NOTES 7.500% 05/15/02 1.300 50,000 13 (24,323.09) -1.318 TREAS NOTES 7.500% 05/15/02 1.300 50,000 13 (24,323.09) -1.318 TREAS NOTES 7.500% 05/15/02 1.450 50,000 12 (24,982.29) -1.470 TREAS NOTES 5.250% 05/15/04 1.350 50,000 83 (164,767.97) -1.368 TREAS NOTES 5.250% 05/15/04 1.350 50,000 83 (164,767.97) -1.368 TREAS NOTES 5.250% 05/15/04 1.450 50,000 68 (144,476.39) -1.470 TREAS NOTES 5.250% 05/15/04 1.450 50,000 68 (144,476.39) -1.470 PURCHASES g/ CID DFC 06/17/02 1.790 50,000 CID DFC 06/17/02 1.790 50,000 PURCHASES CID DOW 05/29/02 1.880 34,135 CID BEAR 05/30/02 1.770 50,000 FHLB 4.125% 05/13/05 4.300 50,000 FHLB 4.125% 05/13/05 4.300 50,000 05/16/02 REDEMPTIONS CID GEN MILLS 05/16/02 2.020 30,000 36 60,600.00 2.052 05/16/02 REDEMPTIONS (continued) CID GECC 05/16/02 1.720 40,000 126 240,800.00 1.754 CID GECC 05/16/02 1.720 50,000 126 301,000.00 1.754 PURCHASES CID COUNTRY 05/17/02 1.850 35,222 CID CITICORP 05/29/02 1.760 50,000 CID GECC 05/29/02 1.760 50,000 CID GECC 05/29/02 1.760 50,000 CID MONSANTO 05/30/02 1.870 20,000 CID GECC 05/31/02 1.760 45,000 CID GECC 05/31/02 1.760 50,000 FHLB 4.125% 05/13/05 4.300 50,000 05/17/02 REDEMPTIONS CID COUNTRY 05/17/02 1.850 35,222 1 1,810.02 1.875 DISC NOTES FHLMC 05/17/02 2.180 40,000 224 542,577.78 2.240 DISC NOTES FNMA 05/17/02 3.558 50,000 326 1,610,756.94 3.726 DISC NOTES FNMA 05/17/02 3.558 50,000 326 1,610,756.94 3.726 DISC NOTES FNMA 05/17/02 3.558 50,000 326 1,610,756.94 3.726 DISC NOTES FNMA 05/17/02 3.558 50,000 326 1,610,756.94 3.726 DISC NOTES FNMA 05/17/02 3.580 50,000 329 1,635,861.11 3.752 DISC NOTES FNMA 05/17/02 3.580 50,000 329 1,635,861.11 3.752 MTN FR ASSOC 6.210% 05/17/02 6.241 10,000 785 1,067,530.67 4.963 MTN FR ASSOC 6.190% 05/17/02 6.101 25,000 907 3,203,743.36 5.158 PURCHASES CID WYETH 05/20/02 1.730 45,000 CID NCAT 05/20/02 1.690 50,000 CID NCAT 05/20/02 1.690 50,000 CID SALOMON 06/03/02 1.770 15,000 CID CITICORP 06/05/02 1.770 50,000 CID CITICORP 06/05/02 1.770 50,000 CID GEN MILLS 06/24/02 1.980 20,000 CID MONSANTO 07/01/02 1.900 15,000 CID TEXT FIN 07/01/02 2.000 25,000 CID MORG STAN 07/01/02 1.790 50,000 CID MORG STAN 07/01/02 1.790 50,000 CID DISNEY 08/12/02 2.020 32,595 05/20/02 REDEMPTIONS CID WYETH 05/20/02 1.730 45,000 3 6,487.50 1.754 CID NCAT 05/20/02 1.690 50,000 3 7,041.67 1.713 CID NCAT 05/20/02 1.690 50,000 3 7,041.67 1.713 CID CONAGRA 05/20/02 1.830 39,499 6 12,047.20 1.855 10 05/20/02 REDEMPTIONS (continued) CP NCAT 05/20/02 1.760 50,000 7 17,111.11 1.785 CP NCAT 05/20/02 1.760 50,000 7 17,111.11 1.785 CP COUNTRY 05/20/02 1.810 50,000 28 70,388.89 1.837 CP CAMPBELL 05/20/02 1.900 25,000 89 117,430.56 1.935 CP MORG STAN 05/20/02 1.690 50,000 122 286,361.10 1.723 CP MORG STAN 05/20/02 1.690 50,000 122 286,361.10 1.723 CP MORG STAN 05/20/02 1.690 50,000 122 286,361.10 1.723 CP MORG STAN 05/20/02 1.690 50,000 122 286,361.10 1.723 CP GECC 05/20/02 1.720 50,000 130 310,555.56 1.754 CP GECC 05/20/02 1.720 50,000 130 310,555.56 1.754 CP GECC 05/20/02 1.850 20,000 152 156,222.22 1.890 CP NCAT 05/20/02 1.850 50,000 154 395,694.44 1.890 CP NCAT 05/20/02 1.850 50,000 154 395,694.44 1.890 MTN FR FMCC 6.211 % 05/20/02 6.241 10,000 788 1,075,363.89 4.983 PURCHASES CP WYETH 05/21/02 1.770 5,000 CP WYETH 05/21/02 1.770 50,000 CP NCAT 05/21/02 1.750 50,000 CP GE 06/03/02 1.750 45,000 CP GE 06/03/02 1.750 50,000 CP MORG STAN 06/03/02 1.750 50,000 CP SALOMON 06/03/02 1.770 50,000 CP SALOMON 06/03/02 1.770 50,000 CP SALOMON 06/03/02 1.770 50,000 CP SALOMON 06/03/02 1.770 50,000 CP SALOMON 06/04/02 1.770 50,000 CP SALOMON 06/04/02 1.770 50,000 CP CITICORP 06/04/02 1.790 50,000 CP CITICORP 06/04/02 1.790 50,000 05/21/02 REDEMPTIONS CP WYETH 05/21/02 1.770 5,000 1 245.83 1.794 CP WYETH 05/21/02 1.770 50,000 1 2,458.33 1.794 CP NCAT 05/21/02 1.750 50,000 1 2,430.56 1.774 CP COUNTRY 05/21/02 1.850 29,989 7 10,787.71 1.876 CP CONAGRA 05/21/02 1.840 30,000 8 12,266.67 1.866 PURCHASES CP AMER EXP 05/29/02 1.710 50,000 CP AMER EXP 05/30/02 1.710 50,000 CP WYETH 07/15/02 1.880 15,000 CP WYETH 07/15/02 1.880 50,000 CP DOW 07/22/02 1.900 10,000 CP TEXT FIN 07/22/02 2.030 25,000 11 05/21/02 PURCHASES (continued) CP GMAC 09/03/02 2.120 50,000 05/22/02 NO SALES PURCHASES CP GEN MILLS 08/08/02 2.000 20,000 CP GEN MILLS 08/28/02 2.020 20,000 CP GEN MILLS 09/10/02 2.050 20,000 CP GECC 10/21/02 1.900 40,000 CP GECC 10/21/02 1.900 50,000 CP GECC 10/21/02 1.900 50,000 05/23/02 REDEMPTIONS MTN FR FMCC 6.298% 05/23/02 6.241 42,470 721 4,590,729.57 5.466 PURCHASES CD MONTREAL 1.890% 10/21/02 1.890 40,000 CD CR AGRIC 1.890% 10/21/02 1.890 50,000 CD CR AGRIC 1.890% 10/21/02 1.890 50,000 CP COUNTRY 06/07/02 1.820 45,000 CP DEERE 06/07/02 1.820 50,000 CP TEXT FIN 07/22/02 2.050 24,511 CP FCAR 10/21/02 1.920 43,000 CP FCAR 10/21/02 1.920 50,000 CP GECC 10/21/02 1.900 50,000 CP GECC 10/21/02 1.900 50,000 CP GECC 10/23/02 1.900 50,000 CP GECC 10/23/02 1.900 50,000 CP GECC 10/28/02 1.900 50,000 CP GECC 10/28/02 1.900 50,000 CP GECC 10/29/02 1.900 50,000 CP GECC 10/29/02 1.900 50,000 05/24/02 REDEMPTIONS DISC NOTES FNMA 05/24/02 3.540 10,000 333 327,450.00 3.710 DISC NOTES FNMA 05/24/02 3.540 50,000 333 1,637,250.00 3.710 PURCHASES CP TEXT FIN 06/03/02 1.900 25,000 CP SALOMON 06/03/02 1.730 25,000 CP SALOMON 06/03/02 1.730 50,000 CP SALOMON 06/03/02 1.730 50,000 CP SALOMON 06/03/02 1.730 50,000 12 05/24/02 PURCHASES (continued) CID SALOMON 06/03/02 1.730 50,000 CID SALOMON 06/03/02 1.730 50,000 05/28/02 NO SALES PURCHASES CD HSBC 1.920% 10/28/02 1.920 20,000 CD HSBC 1.920% 10/28/02 1.920 50,000 CD HYPO 1.920% 10/29/02 1.910 50,000 CD HYPO 1.920% 10/29/02 1.910 50,000 CD HSBC 1.920% 10/29/02 1.920 50,000 CD HSBC 1.920% 10/29/02 1.920 50,000 CID CITIGROUP 05/29/02 1.860 20,000 CID CITIGROUP 05/29/02 1.860 50,000 CID CONAGRA 05/30/02 1.850 30,745 CID DOW 07/02/02 1.900 10,000 CID CITICORP 07/02/02 1.790 50,000 CID CITICORP 07/02/02 1.790 50,000 CID SRAC 10/01/02 2.300 50,000 CID SRAC 10/02/02 2.300 50,000 FR SBA 2.050% 05/25/27 2.050 23,316 05/29/02 REDEMPTIONS CD WASHINGTON 2.080% 05/29/02 2.080 50,000 174 502,666.67 2.108 CD NOVA SCOTIA 2.050% 05/29/02 2.050 50,000 191 543,819.44 2.078 CD NOVA SCOTIA 2.050% 05/29/02 2.050 50,000 191 543,819.44 2.078 CID CITGROUP 05/29/02 1.860 20,000 1 1,033.33 1.885 CID CITGROUP 05/29/02 1.860 50,000 1 2,583.33 1.885 CID AMER EXP 05/29/02 1.710 50,000 8 19,000.00 1.734 CID CITICORP 05/29/02 1.760 50,000 13 31,777.78 1.785 CID GECC 05/29/02 1.760 50,000 13 31,777.78 1.785 CID GECC 05/29/02 1.760 50,000 13 31,777.78 1.785 CID DOW 05/29/02 1.880 34,135 14 24,956.48 1.907 CID GEN MILLS 05/29/02 1.950 10,000 29 15,708.33 1.980 CID MORG STAN 05/29/02 1.750 50,000 29 70,486.10 1.776 CID MORG STAN 05/29/02 1.750 50,000 29 70,486.10 1.776 CID MORG STAN 05/29/02 1.750 50,000 29 70,486.10 1.776 CID MORG STAN 05/29/02 1.750 50,000 29 70,486.10 1.776 CID W/F 05/29/02 1.760 50,000 29 70,888.89 1.786 CID W/F 05/29/02 1.760 50,000 29 70,888.89 1.786 CID W/F 05/29/02 1.760 50,000 29 70,888.89 1.786 CID W/F 05/29/02 1.760 50,000 29 70,888.89 1.786 CID GE 05/29/02 1.760 50,000 29 70,888.89 1.786 CID GE 05/29/02 1.760 50,000 29 70,888.89 1.786 CID GEN MILLS 05/29/02 1.950 50,000 29 78,541.67 1.980 CID COUNTRY 05/29/02 1.810 50,000 37 93,013.89 1.838 13 05/29/02 REDEMPTIONS (continued) CID NCAT 05/29/02 1.860 50,000 64 165,333.33 1.892 CID NCAT 05/29/02 1.860 50,000 64 165,333.33 1.892 CID GMAC 05/29/02 2.130 50,000 75 221,875.00 2.169 CID FMCC 05/29/02 2.280 45,000 89 253,650.00 2.324 DISC NOTES FHLMC 05/29/02 3.540 50,000 338 1,661,833.33 3.712 DISC NOTES FHLMC 05/29/02 3.540 50,000 338 1,661,833.33 3.712 DISC NOTES FHLMC 05/29/02 3.540 50,000 338 1,661,833.33 3.712 DISC NOTES FHLMC 05/29/02 3.540 50,000 338 1,661,833.33 3.712 RRP TREAS NOTES 4.250% 03/31/03 1.500 50,000 29 (61,733.75) -1.520 TREAS NOTES 4.250% 03/31/03 1.500 50,000 29 (61,733.75) -1.520 TREAS NOTES 4.250% 03/31/03 1.500 50,000 29 (61,733.75) -1.520 TREAS NOTES 4.250% 03/31/03 1.500 50,000 29 (61,733.75) -1.520 05/30/02 REDEMPTIONS CID CONAGRA 05/30/02 1.850 30,745 2 3,159.90 1.875 CID AMER EXP 05/30/02 1.710 50,000 9 21,375.00 1.734 CID MONSANTO 05/30/02 1.870 20,000 14 14,544.44 1.897 CID BEAR 05/30/02 1.770 50,000 15 36,875.00 1.795 CID GE 05/30/02 1.750 20,000 17 16,527.78 1.775 CID GE 05/30/02 1.750 50,000 17 41,319.44 1.775 CID GE 05/30/02 1.750 50,000 17 41,319.44 1.775 CID GE 05/30/02 1.750 50,000 17 41,319.44 1.775 CID MORG STAN 05/30/02 1.750 4,000 21 4,083.33 1.776 CID HEWLETT 05/30/02 1.900 17,450 21 19,430.42 1.928 CID COUNTRY 05/30/02 1.840 50,000 21 53,666.67 1.867 CID COUNTRY 05/30/02 1.840 50,000 21 53,666.67 1.867 CID COUNTRY 05/30/02 1.840 50,000 21 53,666.67 1.867 CID MORG STAN 05/30/02 1.750 50,000 21 51,041.65 1.776 CID MORG STAN 05/30/02 1.750 50,000 21 51,041.65 1.776 DISC NOTES FNMA 05/30/02 1.780 10,000 163 80,594.44 1.819 DISC NOTES FNMA 05/30/02 1.780 50,000 163 402,972.22 1.819 RRP TREAS NOTES 4.250% 05/31/03 1.490 50,000 21 (45,114.10) -1.510 TREAS NOTES 4.250% 05/31/03 1.490 50,000 21 (45,114.10) -1.510 PURCHASES CD US BANK 1.900% 10/29/02 1.900 40,000 CD US BANK 1.900% 10/29/02 1.900 50,000 CD US BANK 1.900% 10/29/02 1.900 50,000 REMIC FHLMC 6.500% 05/15/32 6.296 6,220 REMIC FHLMC 6.500% 05/15/32 6.296 50,000 14 05/30/02 PURCHASES (continued) REMIC FHLMC 6.500% 05/15/32 6.296 50,000 REMIC FHLMC 6.500% 05/15/32 6.296 50,000 05/31/02 REDEMPTIONS CD WASHINGTON 1.930% 05/31/02 1.930 50,000 168 450,333.33 1.956 CD WASHINGTON 1.930% 05/31/02 1.930 50,000 168 450,333.33 1.956 CD WASHINGTON 2.080% 05/31/02 2.080 50,000 176 508,444.44 2.108 CD WASHINGTON 2.080% 05/31/02 2.080 50,000 176 508,444.44 2.108 CD WASHINGTON 2.080% 05/31/02 2.080 50,000 176 508,444.44 2.108 CID GECC 05/31/02 1.760 45,000 15 33,000.00 1.785 CID GECC 05/31/02 1.760 50,000 15 36,666.67 1.785 CID DFC 05/31/02 1.770 50,000 22 54,083.33 1.796 CID DOW 05/31/02 1.920 40,000 31 66,133.33 1.949 CID GE 05/31/02 1.760 50,000 31 75,777.78 1.787 CID GE 05/31/02 1.760 50,000 31 75,777.78 1.787 CID W/F 05/31/02 1.760 50,000 31 75,777.78 1.787 CID W/F 05/31/02 1.760 50,000 31 75,777.78 1.787 CID W/F 05/31/02 1.760 50,000 31 75,777.78 1.787 CID W/F 05/31/02 1.760 50,000 31 75,777.78 1.787 CID SRAC 05/31/02 2.300 50,000 91 290,694.44 2.345 CID NCAT 05/31/02 1.850 26,000 163 217,786.11 1.891 CID NCAT 05/31/02 1.850 50,000 163 418,819.44 1.891 DISC NOTES FHLMC 05/31/02 3.570 50,000 340 1,685,833.33 3.745 DISC NOTES FNMA 05/31/02 1.700 50,000 143 337,638.89 1.735 DISC NOTES FNMA 05/31/02 1.700 50,000 143 337,638.89 1.735 DISC NOTES FNMA 05/31/02 3.580 30,000 343 1,023,283.33 3.757 DISC NOTES FNMA 05/31/02 3.580 50,000 343 1,705,472.22 3.757 TREAS NOTES 6.625% 05/31/02 2.332 50,000 239 785,412.40 2.334 TREAS NOTES 6.625% 05/31/02 2.332 50,000 239 785,412.40 2.334 TREAS NOTES 6.625% 05/31/02 2.332 50,000 239 785,412.40 2.334 TREAS NOTES 6.625% 05/31/02 2.332 50,000 239 785,412.40 2.334 TREAS NOTES 6.500% 05/31/02 2.345 50,000 239 789,350.69 2.347 TREAS NOTES 6.500% 05/31/02 2.345 50,000 239 789,350.69 2.347 TREAS NOTES 6.625% 05/31/02 6.465 50,000 709 6,294,313.52 6.462 TREAS NOTES 6.625% 05/31/02 6.465 50,000 709 6,294,313.52 6.462 PURCHASES CID SRAC 10/28/02 2.300 50,000 CID GMAC 10/29/02 2.180 50,000 CID GMAC 10/29/02 2.180 50,000 CID FMCC 10/29/02 2.200 50,000 CID FMCC 10/29/02 2.200 50,000 15 a/ The abbreviations indicate the type of security purchased or sold; Le., (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), US Ship Financing Bonds (TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA), Medium Term Notes (MTN), Real Estate Mortgage Investment Conduit (REMIC). b/ Purchase or sold yield based on 360 day calculation for discount obligations and Repurchase Agreements. c/ Repurchase Agreement. d/ Par amount of securities purchased, sold or redeemed. el Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. cl/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 16 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE ALHAMBRA Grand National Bank 07/13/01 3.520 3,095,000.00 07/12/02 Grand National Bank 01/07/02 1.840 1,000,000.00 08/13/02 Grand National Bank 01/09/02 1.840 2,000,000.00 08/13/02 Grand National Bank 05/17/02 1.960 6,000,000.00 11/13/02 Omni Bank 11/30/01 1.870 3,000,000.00 06/03/02 Omni Bank 02/27/02 1.920 3,000,000.00 08/27/02 Omni Bank 04/23/02 1.970 2,000,000.00 10/21/02 Omni Bank 05/20/02 1.950 2,000,000.00 11/20/02 ARROYO GRANDE Mid -State Bank 12/18/01 1.870 5,000,000.00 06/14/02 Mid -State Bank 01/16/02 1.660 5,000,000.00 07/16/02 Mid -State Bank 02/14/02 1.880 5,000,000.00 08/13/02 Mid -State Bank 03/13/02 2.050 5,000,000.00 09/11/02 Mid -State Bank 04/15/02 2.000 5,000,000.00 10/16/02 Mid -State Bank 05/17/02 1.960 5,000,000.00 11/13/02 BEVERLY HILLS City National Bank 12/03/01 1.840 25,000,000.00 06/03/02 City National Bank 02/15/02 1.900 25,000,000.00 08/16/02 City National Bank 03/07/02 1.940 40,000,000.00 09/09/02 City National Bank 04/16/02 1.970 25,000,000.00 10/17/02 BREA Jackson Federal Bank 01/22/02 1.740 10,000,000.00 07/22/02 Jackson Federal Bank 05/13/02 1.800 10,000,000.00 08/12/02 Pacific Western National Bank 05/20/02 1.800 1,000,000.00 07/19/02 CALABASAS First Bank of Beverly Hills FSB 05/06/02 1.820 10,000,000.00 08/07/02 First Bank of Beverly Hills FSB 02/27/02 1.940 10,000,000.00 08/28/02 First Bank of Beverly Hills FSB 03/20/02 2.120 10,000,000.00 09/18/02 CAMARILLO First California Bank 04/30/02 1.730 2,000,000.00 07/29/02 First California Bank 01/29/02 1.860 2,000,000.00 07/29/02 First California Bank 03/29/02 2.150 3,000,000.00 09/25/02 17 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE CAMERONPARK Western Sierra National Bank 01/16/02 1.680 3,000,000.00 07/16/02 Western Sierra National Bank 01/24/02 1.810 4,000,000.00 07/16/02 Western Sierra National Bank 02/06/02 1.890 6,000,000.00 08/15/02 CHICO North State National Bank 12/07/01 1.890 1,000,000.00 06/05/02 North State National Bank 01/25/02 1.830 5,000,000.00 07/26/02 North State National Bank 05/17/02 1.800 1,500,000.00 08/16/02 Tri Counties Bank 03/05/02 1.820 10,000,000.00 06/04/02 Tri Counties Bank 03/18/02 1.890 10,000,000.00 06/19/02 CHULA VISTA North Island Federal Credit Union 01/18/02 1.750 20,000,000.00 07/17/02 North Island Federal Credit Union 02/27/02 1.930 5,000,000.00 08/27/02 CITY OF INDUSTRY EverTrust Bank 12/12/01 1.770 6,000,000.00 06/11/02 EverTrust Bank 01/25/02 1.790 6,000,000.00 07/29/02 CONCORD CA State 9 Credit Union 02/19/02 1.900 10,000,000.00 08/20/02 DUBLIN Operating Engineers FCU 12/11/01 1.790 10,000,000.00 06/12/02 Operating Engineers FCU 02/04/02 1.910 5,000,000.00 08/13/02 Operating Engineers FCU 04/09/02 2.080 5,000,000.00 10/10/02 EL CENTRO Valley Independent Bank 04/30/02 1.900 20,000,000.00 10/28/02 Valley Independent Bank 05/15/02 1.920 7,500,000.00 11/20/02 Valley Independent Bank 05/28/02 1.950 25,000,000.00 11/20/02 ELSEGUNDO Hawthorne Savings FSB 01/04/02 1.870 30,000,000.00 07/09/02 Hawthorne Savings FSB 04/04/02 2.170 30,000,000.00 10/01/02 18 ►1a\iv, L EL SEGUNDO (continued Xerox Federal Credit Union Xerox Federal Credit Union FRESNO United Security Bank United Security Bank United Security Bank United Security Bank FULLERTON Fullerton Community Bank Fullerton Community Bank GLENDALE Verdugo Banking Company Verdugo Banking Company GRANADA HILLS First State Bank of California First State Bank of California HUNTINGTON BEACH First Bank and Trust First Bank and Trust First Bank and Trust IRVINE Commercial Capital Bank Commercial Capital Bank LA JOLLA Silvergate Bank Silvergate Bank Silvergate Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 02/14/02 1.890 20,000,000.00 08/16/02 03/04/02 1.910 7,000,000.00 09/06/02 02/06/02 1.880 15,000,000.00 08/05/02 04/10/02 2.030 5,000,000.00 10/11/02 05/10/02 1.930 10,000,000.00 11 /14/02 05/14/02 1.930 10, 000, 000.00 11 /14/02 01/25/02 1.860 8,000,000.00 07/26/02 05/17/02 1.960 9,000,000.00 11/13/02 01/08/02 1.840 5,000,000.00 07/02/02 04/02/02 2.150 5,000,000.00 10/01/02 03/18/02 2.110 2,000,000.00 09/18/02 04/23/02 1.970 3,000,000.00 10/21/02 02/26/02 1.910 2,000,000.00 08/26/02 03/11/02 2.030 12,000,000.00 09/09/02 04/26/02 1.960 3,000,000.00 10/24/02 01/07/02 1.880 6,000,000.00 07/01/02 02/26/02 1.950 14,000,000.00 08/26/02 02/04/02 1.900 5,000,000.00 08/02/02 03/14/02 2.070 1,500,000.00 09/11/02 03/13/02 2.090 3,500,000.00 09/11/02 19 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE LAKEPORT Lake Community Bank 12/28/01 1.870 2,000,000.00 06/26/02 LODI Farmers & Merchant Bk Cen CA 01/11/02 1.790 10,000,000.00 07/10/02 LOS ANGELES Broadway Federal Bank 01/08/02 1.850 2,500,000.00 07/08/02 Broadway Federal Bank 03/11/02 2.060 3,000,000.00 09/09/02 California Center Bank 04/03/02 2.150 10,000,000.00 10/01/02 California Chohung Bank 04/11/02 1.730 2,500,000.00 06/26/02 California Chohung Bank 04/15/02 1.730 1,000,000.00 07/17/02 California Chohung Bank 02/19/02 1.870 4,000,000.00 08/19/02 California Chohung Bank 04/02/02 2.130 1,500,000.00 10/02/02 California Chohung Bank 03/28/02 2.140 4,000,000.00 10/02/02 California Chohung Bank 04/11/02 2.000 800,000.00 10/16/02 Cathay Bank 03/04/02 1.810 30,000,000.00 06/06/02 Cathay Bank 03/25/02 2.170 19,000,000.00 09/25/02 Cathay Bank 04/08/02 2.100 19,000,000.00 10/09/02 Cedars Bank 12/21/01 1.840 2,000,000.00 06/19/02 Cedars Bank 01/08/02 1.850 2,500,000.00 07/11/02 Cedars Bank 05/15/02 1.840 2,000,000.00 08/19/02 Cedars Bank 03/06/02 1.980 2,000,000.00 09/06/02 Cedars Bank 03/06/02 1.980 2,500,000.00 09/06/02 Cedars Bank 04/25/02 1.990 4,000,000.00 10/24/02 Eastern International Bank 12/10/01 1.890 1,000,000.00 06/10/02 Eastern International Bank 05/07/02 1.890 900,000.00 11/07/02 General Bank 12/10/01 1.830 25,000,000.00 06/07/02 General Bank 05/24/02 1.740 15,000,000.00 06/21/02 General Bank 01/18/02 1.730 15,000,000.00 07/17/02 General Bank 01/28/02 1.860 20,000,000.00 08/01/02 General Bank 02/08/02 1.870 15,000,000.00 08/13/02 General Bank 02/20/02 1.870 15,000,000.00 08/22/02 General Bank 03/07/02 1.940 15,000,000.00 09/04/02 General Bank 03/18/02 2.100 20,000,000.00 09/18/02 Hanmi Bank 03/21/02 1.850 25,000,000.00 06/20/02 Hanmi Bank 04/16/02 1.720 25,000,000.00 07/18/02 Hanmi Bank 05/02/02 1.780 20,000,000.00 08/01/02 Hanmi Bank 05/28/02 1.770 25,000,000.00 08/29/02 Manufacturers Bank 05/01/02 1.770 10,000,000.00 07/31/02 Manufacturers Bank 03/11/02 2.050 30,000,000.00 09/09/02 20 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE LOS ANGELES (continued) Manufacturers Bank 03/21/02 2.110 20,000,000.00 09/20/02 Marathon National Bank 04/08/02 1.820 2,000,000.00 07/12/02 Marathon National Bank 02/04/02 1.930 2,000,000.00 08/05/02 Mellon First Business Bank 03/20/02 1.870 25,000,000.00 06/19/02 Mellon First Business Bank 04/04/02 1.820 25,000,000.00 07/10/02 Mellon First Business Bank 05/02/02 1.780 25,000,000.00 07/31/02 Mellon First Business Bank 03/20/02 2.080 25,000,000.00 09/18/02 Nara Bank, NA 12/19/01 1.830 5,000,000.00 06/17/02 Nara Bank, NA 04/18/02 2.000 10,000,000.00 10/21/02 Nara Bank, NA 04/22/02 2.000 5,000,000.00 10/21/02 Pacific Union Bank 01/03/02 1.860 10,000,000.00 07/02/02 Pacific Union Bank 03/05/02 1.920 20,000,000.00 09/04/02 Preferred Bank 03/08/02 1.840 9,000,000.00 06/10/02 Preferred Bank 07/16/01 3.550 6,000,000.00 07/16/02 Preferred Bank 05/09/02 1.810 4,000,000.00 08/08/02 Preferred Bank 05/28/02 1.800 7,000,000.00 08/29/02 Preferred Bank 03/18/02 2.120 9,000,000.00 09/18/02 Sae Han Bank 01/15/02 1.620 6,000,000.00 07/15/02 State Bank of India (Calif) 04/02/02 1.840 5,500,000.00 07/01/02 State Bank of India (Calif) 07/18/01 3.510 2,000,000.00 07/18/02 State Bank of India (Calif) 02/25/02 1.890 2,000,000.00 08/27/02 Western Federal Credit Union 04/22/02 2.000 5,000,000.00 10/21/02 Western Federal Credit Union 04/22/02 2.000 25,000,000.00 10/21/02 Wilshire State Bank 12/19/01 1.850 8,000,000.00 06/18/02 Wilshire State Bank 07/13/01 3.540 4,000,000.00 07/12/02 Wilshire State Bank 02/05/02 1.880 4,000,000.00 08/06/02 Wilshire State Bank 02/27/02 1.920 4,000,000.00 08/26/02 Wilshire State Bank 05/06/02 1.940 4,000,000.00 11/06/02 Wilshire State Bank 05/14/02 2.420 2,000,000.00 05/13/03 MANTECA Delta National Bank 04/04/02 1.850 1,000,000.00 07/10/02 Delta National Bank 04/10/02 2.040 2,000,000.00 10/11/02 MERCED County Bank 12/07/01 1.910 10,000,000.00 06/06/02 County Bank 01/16/02 1.680 5,000,000.00 07/16/02 County Bank 02/26/02 1.930 5,000,000.00 08/26/02 County Bank 04/15/02 2.020 5,000,000.00 10/16/02 21 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE MONTEREY PARK Trust Bank FSB 01/02/02 1.860 3,000,000.00 07/01/02 Trust Bank FSB 04/02/02 2.160 3,000,000.00 10/01/02 NORTH HIGHLANDS Safe Credit Union 01/14/02 1.750 5,000,000.00 07/15/02 Safe Credit Union 02/06/02 1.870 20,000,000.00 08/15/02 OAKDALE Oak Valley Community Bank 06/05/01 3.640 1,500,000.00 06/05/02 Oak Valley Community Bank 04/08/02 1.800 2,500,000.00 07/12/02 Oak Valley Community Bank 03/22/02 2.640 2,000,000.00 03/20/03 OAKLAND Metropolitian Bank 03/25/02 2.180 1,000,000.00 09/25/02 Metropolitian Bank 04/29/02 1.930 1,000,000.00 10/28/02 Metropolitian Bank 05/28/02 1.940 1,000,000.00 11/25/02 ONTARIO Citizens Business Bank 12/03/01 1.830 25,000,000.00 06/03/02 Citizens Business Bank 08/22/01 3.480 30,000,000.00 08/22/02 Citizens Business Bank 03/26/02 2.150 30,000,000.00 09/25/02 Citizens Business Bank 04/05/02 2.110 25,000,000.00 10/04/02 Citizens Business Bank 05/07/02 1.910 10,000,000.00 11/07/02 PALO ALTO Bank of Petaluma 02/25/02 1.910 3,500,000.00 08/23/02 Bank of Petaluma 03/13/02 2.070 12,000,000.00 09/11/02 Bank of Santa Clara 02/25/02 1.910 20,000,000.00 08/23/02 Bay Area Bank 01/14/02 1.760 5,000,000.00 07/15/02 Bay Area Bank 04/29/02 1.880 5,000,000.00 10/28/02 Bay Bank of Commerce 04/29/02 1.900 5,000,000.00 10/28/02 Coast Commercial Bank 01/14/02 1.780 5,000,000.00 07/15/02 Coast Commercial Bank 02/25/02 1.910 20,000,000.00 08/23/02 Cupertino National Bank 01/14/02 1.760 10,000,000.00 07/15/02 Cupertino National Bank 04/29/02 1.780 35,000,000.00 07/30/02 Cupertino National Bank 02/25/02 1.890 20,000,000.00 08/23/02 Cupertino National Bank 03/13/02 2.050 10,000,000.00 09/11/02 22 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE PALO ALTO (continued Golden Gate Bank 02/25/02 1.910 9,000,000.00 08/23/02 Mid -Peninsula Bank 02/25/02 1.900 5,000,000.00 08/23/02 Mid -Peninsula Bank 03/13/02 2.060 10,000,000.00 09/11/02 Mid -Peninsula Bank 04/29/02 1.890 35,000,000.00 10/28/02 Mt. Diablo National Bank 03/13/02 2.080 10,000,000.00 09/11/02 Peninsula Bank of Commerce 02/25/02 1.890 15,000,000.00 08/23/02 PALOS VERDES ESTATES Malaga Bank 02/22/02 1.910 2,000,000.00 08/22/02 Malaga Bank 03/15/02 2.060 2,000,000.00 09/12/02 Malaga Bank 04/26/02 1.900 4,000,000.00 10/24/02 PASADENA Community Bank 06/22/01 3.400 20,000,000.00 06/21/02 Community Bank 01/28/02 1.860 10,000,000.00 07/11/02 Community Bank 07/11/01 3.520 20,000,000.00 07/11/02 Community Bank 02/08/02 1.850 15,000,000.00 08/09/02 Community Bank 04/25/02 1.910 5,000,000.00 10/23/02 Wescom Credit Union 12/14/01 1.830 15,000,000.00 06/12/02 Wescom Credit Union 01/28/02 1.890 15,000,000.00 07/26/02 Wescom Credit Union 05/13/02 1.940 10,000,000.00 11/13/02 PLACERVILLE El Dorado Savings Bank 06/05/01 3.640 5,000,000.00 06/10/02 El Dorado Savings Bank 06/18/01 3.460 5,000,000.00 06/10/02 El Dorado Savings Bank 12/13/01 1.740 10,000,000.00 06/10/02 El Dorado Savings Bank 02/08/02 2.250 5,000,000.00 02/07/03 El Dorado Savings Bank 03/07/02 2.390 5,000,000.00 03/07/03 El Dorado Savings Bank 03/22/02 2.640 5,000,000.00 03/20/03 El Dorado Savings Bank 04/12/02 2.640 10,000,000.00 04/10/03 El Dorado Savings Bank 05/02/02 2.390 5,000,000.00 04/30/03 PLEASANTON Valley Community Bank 03/14/02 2.080 5,000,000.00 09/12/02 POMONA PFF Bank and Trust 12/04/01 1.820 10,000,000.00 06/03/02 23 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE POMONA (continued) PFF Bank and Trust 12/06/01 1.890 10,000,000.00 06/03/02 PFF Bank and Trust 02/28/02 1.890 8,000,000.00 08/30/02 PORTERVILLE Bank of the Sierra 04/22/02 2.020 10,000,000.00 10/21/02 RANCHO SANTA FE La Jolla Bank, FSB 02/01/02 1.880 10,000,000.00 08/06/02 La Jolla Bank, FSB 08/06/01 3.500 15,000,000.00 08/06/02 La Jolla Bank, FSB 03/01/02 1.910 10,000,000.00 09/04/02 La Jolla Bank, FSB 05/28/02 1.920 10,000,000.00 11/19/02 La Jolla Bank, FSB 05/23/02 1.960 15,000,000.00 11/19/02 RED BLUFF Tehama Bank 07/03/01 3.620 5,000,000.00 07/03/02 REDDING North Valley Bank 12/14/01 1.810 3,000,000.00 06/12/02 REDWOOD CITY Provident Central Credit Union 05/01/02 1.900 20,000,000.00 10/29/02 ROCKLIN Five Star Bank 04/04/02 2.150 2,000,000.00 10/01/02 RICHMOND Mechanics Bank 06/12/01 3.560 10,000,000.00 06/12/02 Mechanics Bank 07/11/01 3.520 10,000,000.00 07/11/02 Mechanics Bank 08/13/01 3.490 10,000,000.00 08/13/02 Mechanics Bank 03/15/02 2.040 10,000,000.00 09/12/02 Mechanics Bank 10/12/01 2.380 10,000,000.00 10/15/02 Mechanics Bank 05/07/02 1.890 10,000,000.00 11/07/02 Mechanics Bank 03/07/02 2.390 10,000,000.00 03/07/03 Mechanics Bank 04/05/02 2.710 10,000,000.00 04/01/03 Mechanics Bank 04/25/02 2.440 10,000,000.00 04/23/03 24 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SACRAMENTO American River Bank 06/26/01 3.380 1,000,000.00 06/26/02 American River Bank 01/11/02 1.780 1,000,000.00 07/10/02 American River Bank 03/29/02 2.140 2,000,000.00 08/29/02 American River Bank 03/29/02 2.140 2,000,000.00 09/25/02 American River Bank 04/10/02 2.010 1,500,000.00 10/11/02 American River Bank 01/14/02 2.200 1,500,000.00 01/14/03 Bank of Sacramento 05/14/02 1.820 1,500,000.00 08/12/02 Bank of Sacramento 03/21/02 2.130 2,000,000.00 09/20/02 Bank of Sacramento 05/28/02 1.970 2,000,000.00 11/25/02 Golden One Credit Union 06/08/01 3.600 10,000,000.00 06/07/02 Golden One Credit Union 03/22/02 1.920 10,000,000.00 07/19/02 Golden One Credit Union 03/22/02 2.160 10,000,000.00 09/20/02 Golden One Credit Union 04/25/02 1.910 10,000,000.00 10/23/02 Golden One Credit Union 05/23/02 1.950 10,000,000.00 11/19/02 Merchants National Bank 07/23/01 3.460 2,000,000.00 07/23/02 Merchants National Bank 04/17/02 1.960 2,000,000.00 10/17/02 River City Bank 01/07/02 1.860 2,000,000.00 07/01/02 River City Bank 01/28/02 1.870 3,000,000.00 07/29/02 River City Bank 02/26/02 1.930 2,000,000.00 08/27/02 River City Bank 04/02/02 2.150 4,000,000.00 10/01/02 U.S. Bank 02/04/02 1.930 25,000,000.00 08/02/02 U.S. Bank 02/19/02 1.890 25,000,000.00 08/23/02 U.S. Bank 05/06/02 1.940 50,000,000.00 11/06/02 Union Bank of California 12/19/01 1.830 100,000,000.00 06/18/02 Union Bank of California 04/17/02 1.960 150,000,000.00 10/17/02 Union Bank of California 05/08/02 1.890 150,000,000.00 11/05/02 United California Bank 03/06/02 1.960 82,000,000.00 09/06/02 SAN BERNARDINO Business Bank of California 04/09/02 1.800 8,000,000.00 07/12/02 Business Bank of California 05/06/02 1.810 12,000,000.00 08/07/02 SAN DIEGO First Future Credit Union 12/19/01 1.830 3,000,000.00 06/21/02 First Future Credit Union 03/01/02 1.890 5,000,000.00 08/30/02 First Future Credit Union 05/29/02 1.930 5,000,000.00 11/25/02 First United Bank 01/18/02 1.680 2,000,000.00 07/18/02 First United Bank 02/15/02 2.300 1,000,000.00 02/14/03 Neighborhood National Bank 02/22/02 1.910 2,000,000.00 08/22/02 25 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN FRANCISCO Bank of Canton California 12/12/01 1.770 20,000,000.00 06/11/02 Bank of Canton California 07/16/01 3.550 25,000,000.00 07/16/02 Bank of Canton California 08/31/01 3.470 20,000,000.00 08/30/02 Bank of Canton California 04/12/02 2.030 15,000,000.00 10/10/02 Bank of Canton California 05/22/02 1.930 25,000,000.00 12/03/02 Bank of Canton California 03/08/02 2.390 20,000,000.00 03/07/03 Bank of the West 04/15/02 1.740 50,000,000.00 07/01/02 Bank of the West 04/02/02 1.850 84,000,000.00 07/01/02 Bank of the West 01/24/02 1.780 76,500,000.00 07/23/02 Bank of the West 02/20/02 1.870 100,000,000.00 08/20/02 Bank of the West 05/20/02 1.790 142,000,000.00 08/21/02 California Federal Bank 12/14/01 1.800 50,000,000.00 06/07/02 California Federal Bank 01/04/02 1.860 50,000,000.00 07/03/02 California Federal Bank 02/22/02 1.900 50,000,000.00 08/22/02 California Federal Bank 04/15/02 2.010 100,000,000.00 10/16/02 California Pacific Bank 03/28/02 1.830 2,000,000.00 06/27/02 California Pacific Bank 04/10/02 1.770 1,000,000.00 07/17/02 California Pacific Bank 05/16/02 1.810 1,000,000.00 08/27/02 California Pacific Bank 05/29/02 1.770 1,000,000.00 08/27/02 Oceanic Bank 03/15/02 2.040 4,000,000.00 09/12/02 Trans Pacific National Bank 02/05/02 1.880 1,000,000.00 08/05/02 Trans Pacific National Bank 03/19/02 2.110 800,000.00 09/19/02 Trans Pacific National Bank 03/19/02 2.110 200,000.00 09/19/02 United Commercial Bank 06/05/01 3.660 10,000,000.00 06/05/02 United Commercial Bank 12/14/01 1.810 25,000,000.00 06/05/02 United Commercial Bank 12/21/01 1.840 25,000,000.00 07/02/02 United Commercial Bank 04/04/02 1.840 30,000,000.00 07/10/02 United Commercial Bank 07/31/01 3.480 40,000,000.00 07/31/02 United Commercial Bank 02/28/02 1.900 30,000,000.00 08/30/02 SAN JOSE Comerica Bank of California 03/04/02 1.820 63,000,000.00 06/06/02 Comerica Bank of California 04/09/02 1.800 71,000,000.00 07/12/02 Comerica Bank of California 05/07/02 1.800 183,000,000.00 08/07/02 Heritage Bank of Commerce 02/15/02 1.900 2,000,000.00 08/15/02 Meriwest Credit Union 12/20/01 1.860 5,000,000.00 06/18/02 Meriwest Credit Union 01/18/02 1.750 5,000,000.00 07/19/02 Meriwest Credit Union 02/28/02 1.920 5,000,000.00 08/28/02 Meriwest Credit Union 05/07/02 1.920 5,000,000.00 11/07/02 San Jose National Bank 04/30/02 1.780 20,000,000.00 07/30/02 San Jose National Bank 02/13/02 1.840 20,000,000.00 08/14/02 26 NAME SAN JOSE (continued) Santa Clara Co. Fed. C.U. SAN LUIS OBISPO First Bank Of San Luis Obispo First Bank Of San Luis Obispo Mission Community Bank Mission Community Bank Mission Community Bank San Luis Trust Bank San Luis Trust Bank SAN MARINO East West Federal Bank East West Federal Bank East West Federal Bank East West Federal Bank SAN RAFAEL Westamerica Bank Westamerica Bank Westamerica Bank SAN RAMON EBTEL Federal Credit Union EBTEL Federal Credit Union EBTEL Federal Credit Union SANTA BARBARA FNB of Central California FNB of Central California FNB of Central California FNB of Central California FNB of Central California Santa Barbara Bank & Trust Santa Barbara Bank & Trust Santa Barbara Bank & Trust Santa Barbara Bank & Trust TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 02/05/02 1.880 15,000,000.00 08/06/02 03/27/02 1.890 5,000,000.00 06/26/02 05/14/02 1.830 6,000,000.00 08/12/02 12/10/01 1.840 1,000,000.00 06/11/02 03/08/02 2.010 1,000,000.00 09/05/02 04/09/02 2.030 2,500,000.00 10/10/02 01/08/02 1.840 1,350,000.00 07/11/02 04/24/02 1.930 1,000,000.00 10/23/02 11/28/01 2.080 35,000,000.00 06/10/02 01/04/02 1.860 42,000,000.00 07/09/02 02/07/02 2.260 35,000,000.00 02/07/03 05/15/03 2.370 38,000,000.00 05/15/03 07/18/01 3.510 25,000,000.00 07/18/02 07/30/01 3.490 50,000,000.00 07/30/02 04/09/02 2.570 35,000,000.00 04/10/03 01 /02/02 1.840 1,000,000.00 07/01 /02 02/13/02 1.800 750,000.00 07/18/02 02/14/02 1.860 1,000,000.00 08/13/02 11/30/01 1.860 10,000,000.00 06/03/02 12/20/01 1.840 10,000,000.00 06/14/02 01/25/02 1.810 15,000,000.00 07/25/02 03/11/02 2.040 10,000,000.00 09/09/02 04/10/02 2.020 10,000,000.00 10/11/02 11/30/01 1.850 20,000,000.00 06/03/02 12/20/01 1.830 20,000,000.00 06/14/02 01/25/02 1.800 30,000,000.00 07/25/02 02/08/02 1.850 16,000,000.00 08/15/02 27 NAME SANTA BARBARA (continued) Santa Barbara Bank & Trust Santa Barbara Bank & Trust SANTA CLARITA Valencia Bank & Trust SANTA MARIA Hacienda Bank SANTA ROSA National Bank of the Redwoods National Bank of the Redwoods Redwood Credit Union Redwood Credit Union SONORA Central California Bank STOCKTON Pacific State Bank Pacific State Bank Service 1st Bank Union Safe Deposit Bank Union Safe Deposit Bank Union Safe Deposit Bank Union Safe Deposit Bank Union Safe Deposit Bank Union Safe Deposit Bank Union Safe Deposit Bank Union Safe Deposit Bank Washington Mutual Bank Washington Mutual Bank Washington Mutual Bank Washington Mutual Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 04/02/02 2.130 10,000,000.00 10/01/02 05/01 /02 1.900 10,000,000.00 10/29/02 03/19/02 2.110 4,000,000.00 09/19/02 03/11/02 2.030 1,000,000.00 09/09/02 01/28/02 1.860 5,000,000.00 07/26/02 04/26/02 1.970 10, 000, 000.00 10/24/02 12/28/01 1.840 8,000,000.00 06/24/02 02/28/02 1.950 17,000,000.00 08/28/02 03/04/02 1.920 1,000,000.00 09/05/02 01/08/02 1.850 1,000,000.00 07/02/02 04/10/02 2.040 1,000,000.00 10/11/02 02/05/02 1.900 2,000,000.00 08/05/02 12/11/01 1.830 10,000,000.00 06/12/02 01/23/02 1.820 15,000,000.00 07/25/02 02/14/02 1.930 5,000,000.00 08/15/02 02/14/02 1.930 10,000,000.00 08/15/02 03/01/02 1.930 5,000,000.00 09/04/02 03/01/02 1.930 10,000,000.00 09/04/02 04/11/02 2.070 10,000,000.00 10/10/02 05/07/02 1.930 10, 000,000.00 11 /07/02 12/21/01 1.830 15,000,000.00 06/17/02 12/10/01 1.820 30,000,000.00 06/17/02 01/24/02 1.770 60,000,000.00 07/23/02 02/19/02 1.870 60,000,000.00 08/19/02 28 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SUNNYVALE Asiana Bank 03/21/02 2.110 1,500,000.00 09/20/02 TORRANCE China Trust Bank (USA) 04/18/02 1.750 30,000,000.00 07/19/02 China Trust Bank (USA) 02/15/02 1.910 20,000,000.00 08/16/02 China Trust Bank (USA) 03/14/02 2.060 35,000,000.00 09/12/02 South Bay Bank 03/20/02 1.930 2,000,000.00 06/19/02 South Bay Bank 01/25/02 1.830 1,000,000.00 07/24/02 South Bay Bank 05/07/02 1.840 4,000,000.00 08/07/02 South Bay Bank 03/01/02 1.890 3,000,000.00 08/29/02 South Bay Bank 03/15/02 2.030 5,000,000.00 09/12/02 TUSTIN First Fidelity Investment & Loan 03/05/02 1.810 15,000,000.00 06/04/02 First Fidelity Investment & Loan 04/16/02 1.730 10,000,000.00 07/18/02 First Fidelity Investment & Loan 05/08/02 1.800 15,000,000.00 08/08/02 Sunwest Bank 03/08/02 1.810 1,000,000.00 06/10/02 Sunwest Bank 04/26/02 1.750 2,500,000.00 07/12/02 Sunwest Bank 04/09/02 1.770 3,500,000.00 07/12/02 Sunwest Bank 05/10/02 1.780 7,800,000.00 08/12/02 VACAVILLE Travis Credit Union 02/28/02 1.930 40,000,000.00 08/28/02 WATSONVILLE Monterey Bay Bank 12/17/01 1.840 3,000,000.00 06/17/02 Monterey Bay Bank 01/07/02 1.860 8,000,000.00 07/10/02 Monterey Bay Bank 03/20/02 2.100 8,000,000.00 09/19/02 Monterey Bay Bank 04/12/02 2.000 3,000,000.00 10/10/02 WHITTIER Quaker City Bank 12/28/01 1.830 10,000,000.00 07/12/02 Quaker City Bank 01/08/02 1.860 14,000,000.00 07/12/02 Quaker City Bank 04/05/02 2.110 16,000,000.00 10/04/02 Quaker City Bank 05/24/02 1.930 25,000,000.00 12/03/02 TOTAL TIME DEPOSITS MAY 2002 5,193,195,000.00 29 BANK DEMAND DEPOSITS MAY 2002 ($ in thousands) DAILY BALANCES DAY OF BALANCES WARRANTS MONTH PER BANKS OUTSTANDING 1 $ 774,517 $ 2,373,219 2 1,092,672 2,180,252 3 621,372 2,274,468 4 621,372 2,274,468 5 621,372 2,274,468 6 1,086,367 2,109,891 7 1,121, 237 2,115,943 8 1,041,529 2,064,143 9 1,072,459 2,727,689 10 709,647 2,604,156 11 709,647 2,604,156 12 709,647 2,604,156 13 951,126 2,167, 033 14 1,018,493 1,976,457 15 1,038,060 1,857,613 16 1,088,914 2,207,041 17 1,215, 217 2,324,716 18 1,215,217 2,324,716 19 1,215,217 2,324,716 20 1,128,944 2,031,753 21 1,113,721 2,038,682 22 1,224,922 2,173,731 23 992,283 2,322,417 24 1,189, 338 2,633,973 25 1,189,338 2,633,973 26 1,189,338 2,633,973 27 1,189,338 2,633,973 28 771,351 2,660,771 29 1,030,890 2,619,718 30 982,062 2,511,794 31 1,064,942 2,672,283 AVERAGE DOLLAR DAYS $ 999,695 a/ a� The prescribed bank balance for May was $653,608. This consisted of $584,868 in compensating balances for services, balances for uncollected funds of $82,968 and a deduction of $14,228 for May delayed deposit credit. DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1635 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on May 15, 2002, 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 $ 584,868,000 The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From To ( 1) 5/13/2002 5/17/2002 (2) 5/20/2002 5/24/2002 (3) 5/27/2002 5/31/2002 (4) 6/3/2002 6/7/2002 (5) 6/10/2002 6/14/2002 (6) 6/17/2002 6/21/2002 Transactions (150,600,000) Time Deposits in Various Financial Institutions In Securities (sections 16503a (section 16430)` and 16602)` $ 48,591,523,000 $ 5,158,995,000 1,464,411,000 $ 50,055,934,000 $ 5,158,995,000 (2,049,100,000) $ 48,006,834,000 $ 5,158,995,000 599,700,000 $ 48,606,534,000 $ 5,158,995,000 Estimated Total $ 53,750,518,000 $ 55,214,929,000 $ 53,165,829,000 $ 53,765,529,000 $ (8,500,000) $ 48,598,034,000 $ 5,158,995,000 $ 53,757,029,000 $ 2,697,400,000 $ 51,295,434,000 $ 5,158,995,000 $ 56,454,429,000 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 $ 584,868,000. POOLED MONEY INVESTMENT BOARD: Signature on file STO & SCO Chairperson Member Dated: May 15, 2002 Government Code Member Philip Angelides June 2002 STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT J U N E 2002 TABLE OF CONTENTS SUMMARY................................................................. 01 SELECTED INVESTMENT DATA .................................... 02 PORTFOLIO COMPOSITION ........................................ 03 INVESTMENT TRANSACTIONS ..................................... 04 TIME DEPOSITS........................................................ 23 BANK DEMAND DEPOSITS .......................................... 36 POOLED MONEY INVESTMENT BOARD DESIGNATION... 37 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF JUNE 2002 WITH JUNE 2001 (DOLLARS IN THOUSANDS) ........ ............ '-JUNE2002 ; ] ;JUNE2001;: Average Daily Portfolio $ 48,996,459 $ Accrued Earnings $ 108,215 $ Effective Yield Average Life -Month End (In Days) Total Security Transactions Amount $ Number Total Time Deposit Transactions Amount $ Number Average Workday Investment Activity $ Prescribed Demand Account Balances For Services $ For Uncollected Funds $ 1 2.687 223 32,388,219 $ 693 1,620,500 $ 109 1,700,436 $ 714,662 $ 161,681 $ 49,609,736 202,164 4.958 180 31,683,048 666 1,771,300 157 1,593,064 268,013 249,517 F7HANGE -613,277 -93,949 1 -2.271 1 +43 1 +705,171 +27 -150,800 -48 +107,372 +446,649 -87,836 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) TYPE OF SECURITY Government Bills Bonds Notes Strips Total Government Federal Agency Coupons Certificates of Deposit Bank Notes Bankers' Acceptances Repurchases Federal Agency Discount Notes Time Deposits GNMAs Commercial Paper FHLMC Corporate Bonds Pooled Loans GF Loans Reversed Repurchases Total (All Types) $ JUNE 30, 2002 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM AMOUNT PORTFOLIO PRIOR MONTH 1,388,216 2.91 +1.66 0 0.00 0.00 6,888,710 14.43 +2.73 0 0.00 0.00 8,276,926 17.34 +4.39 5,226,910 5,805,083 1,250,000 0 0 5,032,151 5,177, 695 761 12,164,704 7,195 2,487,882 2,290,245 0 0 47,719,552 INVESTMENT ACTIVITY JUNE 2002 NUMBER AMOUNT Pooled Money 693 $ 32,388,219 Other 63 640,074 Time Deposits 109 1,620,500 Totals 865 $ 34,648,793 PMIA Monthly Average Effective Yield 2.687 Year to Date Yield Last Day of Month 3.445 2 10.95 12.16 2.62 0.00 0.00 10.55 10.85 0.00 25.49 0.02 5.22 4.80 0.00 0.00 100.00 MAY 2002 +.76 -2.08 +1.31 -.04 0.00 -6.67 -.06 0.00 +5.24 0.00 +.40 +.81 -5.42 -1.36 NUMBER AMOUNT 421 $ 18,216,549 24 35,468 103 1,967,200 548 $ 20,219,217 2.740 3.512 Co E 4 Commercial Paper 20.25% Bankers Acceptan 0.04% Tim 10.91 % Pooled Money Investment Account Portfolio Composition $47.6 Billion Reverses Loans -1.36% Treasuries a n 10/ 19 ()Fi% C D's/B N's 15.55% Cl les Agencies 27.41 % 5/31 /02 B Treasuries 0 Mortgages El Agencies 111 CD's/BN's ■ Time Deposits El Bankers Acceptances ■ Repo Commercial Paper ® Corporate Bonds ❑ Loans Reverses 06/03/02 REDEMPTIONS CP SALOMON 06/03/02 1.730 $ 25,000 10 $ 12,013.89 1.754 CP TEXT FIN 06/03/02 1.900 25,000 10 13,194.44 1.927 CP SALOMON 06/03/02 1.730 50,000 10 24,027.78 1.754 CP SALOMON 06/03/02 1.730 50,000 10 24,027.78 1.754 CP SALOMON 06/03/02 1.730 50,000 10 24,027.78 1.754 CP SALOMON 06/03/02 1.730 50,000 10 24,027.78 1.754 CP SALOMON 06/03/02 1.730 50,000 10 24,027.78 1.754 CP GE 06/03/02 1.750 45,000 14 30,625.00 1.775 CP GE 06/03/02 1.750 50,000 14 34,027.78 1.775 CP MORG STAN 06/03/02 1.750 50,000 14 34,027.77 1.775 CP SALOMON 06/03/02 1.770 50,000 14 34,416.67 1.795 CP SALOMON 06/03/02 1.770 50,000 14 34,416.67 1.795 CP SALOMON 06/03/02 1.770 50,000 14 34,416.67 1.795 CP SALOMON 06/03/02 1.770 50,000 14 34,416.67 1.795 CP SALOMON 06/03/02 1.770 15,000 17 12,537.50 1.796 CP GEN MILLS 06/03/02 2.200 38,000 75 174,166.67 2.240 DISC NOTES FHLMC 06/03/02 1.800 24,000 206 247,200.00 1.843 DISC NOTES FHLMC 06/03/02 1.800 50,000 206 515,000.00 1.843 DISC NOTES FHLMC 06/03/02 3.560 43,870 343 1,488,021.66 3.736 DISC NOTES FHLMC 06/03/02 3.560 50,000 343 1,695,944.44 3.736 DISC NOTES FHLMC 06/03/02 3.560 50,000 343 1,695,944.44 3.736 DISC NOTES FNMA 06/03/02 1.780 50,000 207 511,750.00 1.823 PURCHASES CP MONSANTO 06/24/02 1.890 15,000 CP FMCC 09/03/02 2.080 10,000 CP SRAC 09/03/02 2.160 25,000 CP BARCLAYS 09/03/02 1.810 50,000 CP BARCLAYS 09/03/02 1.810 50,000 CP BARCLAYS 09/03/02 1.810 50,000 CP FMCC 09/03/02 2.080 50,000 06/04/02 REDEMPTIONS CP SALOMON 06/04/02 1.770 50,000 15 36,875.00 1.795 CP SALOMON 06/04/02 1.770 50,000 15 36,875.00 1.795 CP CITICORP 06/04/02 1.790 50,000 15 37,291.67 1.816 CP CITICORP 06/04/02 1.790 50,000 15 37,291.67 1.816 PURCHASES CP GECC 11/08/02 1.910 50,000 CP GECC 11/08/02 1.910 50,000 DISC NOTES FHLMC 10/28/02 1.790 50,000 DISC NOTES FHLMC 10/28/02 1.790 50,000 DISC NOTES FHLMC 04/28/03 2.180 50,000 DISC NOTES FHLMC 04/28/03 2.180 50,000 4 06/04/02 PURCHASES (continued) DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA 06/05/02 RRS TREAS NOTES REDEMPTIONS CID CITICORP CID CITICORP CID GEN MILLS PURCHASEc/ CID WYETH PURCHASES DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA 06/06/02 NO SALES PURCHASES CD UBS CD UBS CD UBS CD SOC GEN CD SOC GEN CD SOC GEN CID CONAGRA 08/28/02 1.740 50,000 08/28/02 1.740 50,000 08/28/02 1.740 50,000 08/28/02 1.740 50,000 08/28/02 1.740 50,000 10/01/02 1.740 50,000 10/01/02 1.740 50,000 10/01/02 1.750 50,000 10/01/02 1.750 50,000 10/01/02 1.750 50,000 10/01/02 1.750 50,000 10/29/02 1.790 50,000 10/31/02 1.800 50,000 10/31/02 1.800 50,000 2.750% 09/30/03 1.600 50,000 06/05/02 1.770 50,000 06/05/02 1.770 50,000 06/05/02 1.970 25,000 06/26/02 1.830 50,000 11/27/02 1.820 50,000 11/27/02 1.820 50,000 11/27/02 1.820 50,000 11/27/02 1.820 50,000 04/28/03 2.220 50,000 1.870% 10/29/02 1.865 30,000 1.870% 10/29/02 1.865 50,000 1.870% 10/29/02 1.865 50,000 1.840% 10/29/02 1.830 50,000 1.840% 10/29/02 1.830 50,000 1.840% 10/29/02 1.830 50,000 07/01 /02 1.820 10,000 61 19 46,708.33 1.796 19 46,708.33 1.796 44 60,194.44 2.002 06/06/02 PURCHASES (continued) CP CONAGRA 07/01/02 1.820 50,000 CP MONSANTO 07/29/02 1.890 20,000 CP SRAC 08/09/02 2.100 40,000 06/07/02 REDEMPTIONS CP COUNTRY 06/07/02 1.820 45,000 15 34,125.00 1.846 CP DEERE 06/07/02 1.820 50,000 15 37,916.67 1.846 NO PURCHASES 06/10/02 REDEMPTIONS CP COUNTRY 06/10/02 1.830 5,000 52 13,216.67 1.860 CP AMER EXP 06/10/02 1.750 50,000 52 126,388.89 1.778 CP AMER EXP 06/10/02 1.750 50,000 52 126,388.89 1.778 CP COUNTRY 06/10/02 1.830 50,000 52 132,166.67 1.860 CP GMAC 06/10/02 2.000 25,000 53 73,611.11 2.033 CP FMCC 06/10/02 2.020 50,000 53 148,694.44 2.054 CP GECC 06/10/02 1.750 50,000 53 128,819.44 1.778 CP GECC 06/10/02 1.750 50,000 53 128,819.44 1.778 CP GECC 06/10/02 1.750 50,000 53 128,819.44 1.778 CP GECC 06/10/02 1.750 50,000 53 128,819.44 1.778 CP GEN MILLS 06/10/02 2.000 50,000 53 147,222.22 2.033 CP GMAC 06/10/02 2.000 50,000 53 147,222.22 2.033 CP FMCC 06/10/02 2.050 50,000 69 196,458.33 2.086 CP GMAC 06/10/02 2.120 50,000 69 203,166.67 2.158 CP GMAC 06/10/02 2.120 50,000 69 203,166.67 2.158 CP HERTZ 06/10/02 2.290 50,000 69 219,458.33 2.332 CP SRAC 06/10/02 2.200 50,000 69 210,833.33 2.240 CP FCAR 06/10/02 1.820 50,000 125 315,972.22 1.857 CP FCAR 06/10/02 1.820 50,000 125 315,972.22 1.857 CP GECC 06/10/02 1.820 50,000 125 315,972.22 1.857 CP GECC 06/10/02 1.820 50,000 125 315,972.22 1.857 CP BEAR 06/10/02 1.840 50,000 126 322,000.00 1.877 CP BEAR 06/10/02 1.840 50,000 126 322,000.00 1.877 PURCHASES BN BANC ONE 1.890% 11/27/02 1.890 50,000 BN BANC ONE 1.890% 11/27/02 1.890 50,000 BN BANC ONE 1.890% 11/27/02 1.890 50,000 BN BANC ONE 1.890% 11/27/02 1.890 50,000 BN NOVA SCOT 1.880% 11/27/02 1.880 50,000 BN NOVA SCOT 1.880% 11/27/02 1.880 50,000 CP SRAC 10/02/02 2.170 50,000 CP FCAR 10/15/02 1.830 50,000 CP FCAR 10/15/02 1.830 50,000 A 06/10/02 PURCHASES (continued) DISC NOTES FHLMC DISC NOTES FHLMC DISC NOTES FHLMC DISC NOTES FHLMC DISC NOTES FNMA 06/11/02 REDEMPTIONS 11/27/02 1.810 50,000 11/27/02 1.810 50,000 11/27/02 1.810 50,000 11/27/02 1.810 50,000 11/27/02 1.810 44,000 CP NCAT 06/11/02 1.760 25,000 54 66,000.00 1.789 CP GECC 06/11/02 1.750 50,000 54 131,250.00 1.778 CP GECC 06/11/02 1.750 50,000 54 131,250.00 1.778 CP GECC 06/11/02 1.750 50,000 54 131,250.00 1.778 CP NCAT 06/11/02 1.760 50,000 54 132,000.00 1.789 NO PURCHASES 06/12/02 REDEMPTIONS CP RCAPC CP RCAPC CP RCAPC NO PURCHASES 06/13/02 REDEMPTIONS 06/12/02 1.780 49,727 06/12/02 1.780 50,000 06/12/02 1.780 50,000 55 135,229.81 1.809 55 135,972.22 1.809 55 135,972.22 1.809 DISC NOTES FNMA 06/13/02 1.840 45,086 169 389,442.84 1.881 DISC NOTES FNMA 06/13/02 1.840 50,000 169 431,888.88 1.881 TREAS BILLS 06/13/02 1.765 50,000 177 433,895.83 1.805 TREAS BILLS 06/13/02 1.765 50,000 177 433,895.83 1.805 TREAS BILLS 06/13/02 1.800 50,000 178 445,000.00 1.841 TREAS BILLS 06/13/02 1.800 50,000 178 445,000.00 1.841 TREAS BILLS 06/13/02 1.805 50,000 178 446,236.10 1.846 TREAS BILLS 06/13/02 1.805 50,000 178 446,236.10 1.846 PURCHASES BN BANC ONE 1.850% 11/27/02 1.850 50,000 BN BANC ONE 1.850% 11/27/02 1.850 50,000 BN BANC ONE 1.850% 11/27/02 1.850 50,000 CD SOC GEN 1.840% 11/27/02 1.840 50,000 CD SOC GEN 1.840% 11/27/02 1.840 50,000 CP HERTZ 10/15/02 2.230 25,000 CP SALOMON 11/01/02 1.790 50,000 CP SALOMON 11/01/02 1.790 50,000 CP SALOMON 11/01/02 1.790 50,000 CP SALOMON 11/01/02 1.790 50,000 CP AMER EXP 11/27/02 1.800 25,000 7 06/13/02 PURCHASES (continued) CID AMER EXP 06/14/02 REDEMPTIONS CID ASCC DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA RRP TREAS NOTES PURCHASES BN WORLD BN WORLD BN WORLD BN WORLD CD MONTREAL CD MONTREAL CD TORONTO CD TORONTO CD UBS 06/17/02 REDEMPTIONS CID DFC CID DFC DISC NOTES FNMA DISC NOTES FNMA RRP TREAS NOTES TREAS NOTES 11/27/02 1.800 50,000 06/14/02 1.800 50,000 60 150,000.00 1.830 06/14/02 2.160 35,414 238 505,711.92 2.221 06/14/02 2.150 50,000 238 710,694.44 2.211 06/14/02 2.150 50,000 238 710,694.44 2.211 06/14/02 3.560 45,970 354 1,609,256.47 3.740 06/14/02 3.560 50,000 354 1,750,333.33 3.740 06/14/02 3.580 12,000 357 426,020.00 3.763 06/14/02 3.580 22,525 357 799,675.04 3.763 06/14/02 3.580 50,000 357 1,775,083.33 3.763 06/14/02 3.580 50,000 357 1,775,083.33 3.763 06/14/02 3.580 50,000 357 1,775,083.33 3.763 06/14/02 3.580 50,000 357 1,775,083.33 3.763 06/14/02 3.580 50,000 357 1,775,083.33 3.763 2.750% 10/31/03 1.550 50,000 60 (129,166.67) -1.571 1.750% 09/03/02 1.750 50,000 1.750% 09/03/02 1.750 50,000 1.750% 09/03/02 1.750 50,000 1.750% 09/03/02 1.750 50,000 1.800% 11/27/02 1.800 50,000 1.800% 11/27/02 1.800 50,000 1.810% 11/27/02 1.805 50,000 1.810% 11/27/02 1.805 50,000 1.820% 11/27/02 1.815 50,000 06/17/02 1.790 50,000 33 82,041.67 06/17/02 1.790 50,000 33 82,041.67 06/17/02 2.300 50,000 269 859,305.56 06/17/02 2.300 50,000 269 859,305.56 5.250% 05/15/04 1.550 50,000 33 (73,705.73) 5.250% 05/15/04 1.550 50,000 33 (73,705.73) m 1.817 1.817 2.372 2.372 -1.571 -1.571 06/17/02 PURCHASES CB PROCTOR CD BAYER CD BAYER CD BNPARIS CD BNPARIS CD UBS CD UBS CP WYETH CP MORG STAN CP MORG STAN CP MORG STAN CP MORG STAN CP GEN MILLS CP FCAR CP FCAR CP FCAR CP FCAR DISC NOTES FHLMC DISC NOTES FHLMC DISC NOTES FHLMC DISC NOTES FHLMC 06/18/02 REDEMPTIONS BA U/B CALIF CP WYETH CP DFC CP DFC CP DFC tk-" TREAS NOTES TREAS NOTES PURCHASES CP FCAR CP FCAR 06/19/02 REDEMPTIONS DISC NOTES FHLB DISC NOTES FHLB MTN FR B/A 6.600% 12/15/04 3.457 20,000 1.820% 11/27/02 1.815 50,000 1.820% 11/27/02 1.815 50,000 1.830% 11/27/02 1.825 50,000 1.830% 11/27/02 1.825 50,000 1.840% 11/27/02 1.835 50,000 1.840% 11/27/02 1.835 50,000 06/18/02 1.900 50,000 07/10/02 1.780 50,000 07/10/02 1.780 50,000 07/10/02 1.780 50,000 07/10/02 1.780 50,000 08/06/02 1.990 25,000 11/25/02 1.800 50,000 11/25/02 1.800 50,000 11/27/02 1.800 50,000 11/27/02 1.800 50,000 11/27/02 1.740 50,000 11/27/02 1.740 50,000 11/27/02 1.740 50,000 11/27/02 1.740 50,000 06/18/02 1.900 18,042 173 164, 733.07 1.944 06/18/02 1.900 50,000 1 2,638.88 1.926 06/18/02 1.790 6,500 46 14,866.94 1.819 06/18/02 1.790 50,000 46 114,361.11 1.819 06/18/02 1.790 50,000 46 114,361.11 1.819 5.250% 05/15/04 1.540 50,000 5.250% 05/15/04 1.540 50,000 11/20/02 1.820 45,000 11/20/02 1.820 50,000 46 (104,538.19) 46 (104,538.19) 06/19/02 1.810 50,000 182 457,527.78 06/19/02 1.810 50,000 182 457,527.78 5.391% 06/19/02 4.966 30,000 1221 5,186,774.78 0 -1.561 -1.561 1.852 1.852 5.169 06/19/02 PURCHASES BN US BANK 1.830% 11/27/02 1.830 50,000 BN US BANK 1.830% 11/27/02 1.830 50,000 CP GEN MILLS 09/03/02 2.000 20,000 DISC NOTES FNMA 11/25/02 1.720 50,000 DISC NOTES FNMA 11/25/02 1.720 50,000 DISC NOTES FNMA 11/27/02 1.720 30,000 DISC NOTES FNMA 11/27/02 1.720 50,000 DISC NOTES FNMA 11/27/02 1.720 50,000 DISC NOTES FNMA 11/27/02 1.720 50,000 DISC NOTES FNMA 11/27/02 1.720 50,000 DISC NOTES FNMA 11/27/02 1.720 50,000 DISC NOTES FNMA 11/27/02 1.720 50,000 DISC NOTES FNMA 11/27/02 1.720 50,000 06/20/02 REDEMPTIONS DISC NOTES FHLMC 06/20/02 1.820 50,000 182 460,055.55 1.862 DISC NOTES FHLMC 06/20/02 1.820 50,000 182 460,055.55 1.862 DISC NOTES FHLMC 06/20/02 1.820 50,000 184 465,111.11 1.862 DISC NOTES FHLMC 06/20/02 1.820 50,000 184 465,111.11 1.862 DISC NOTES FHLMC 06/20/02 3.560 35,935 360 1,279,286.00 3.742 DISC NOTES FHLMC 06/20/02 3.580 34,130 363 1,232,036.11 3.765 DISC NOTES FHLMC 06/20/02 3.580 50,000 363 1,804,916.66 3.765 DISC NOTES FHLMC 06/20/02 3.580 50,000 363 1,804,916.66 3.765 DISC NOTES FHLMC 06/20/02 3.580 50,000 363 1,804,916.66 3.765 DISC NOTES FNMA 06/20/02 1.830 50,000 176 447,333.33 1.872 DISC NOTES FNMA 06/20/02 1.830 50,000 176 447,333.33 1.872 DISC NOTES FNMA 06/20/02 1.830 50,000 176 447,333.33 1.872 PURCHASES CB PROCTOR 6.600% 12/15/04 3.350 21,900 CD CR SUISSE 1.820% 11/27/02 1.810 50,000 CD CR SUISSE 1.820% 11/27/02 1.810 50,000 CD CR SUISSE 1.820% 11/27/02 1.810 50,000 CD CR SUISSE 1.820% 11/27/02 1.810 50,000 CD RB CANADA 1.810% 11/27/02 1.810 50,000 CD RB CANADA 1.810% 11/27/02 1.810 50,000 CD TORONTO 1.820% 11/27/02 1.815 50,000 CD TORONTO 1.820% 11/27/02 1.815 50,000 CD TORONTO 1.820% 11/27/02 1.815 50,000 CD TORONTO 1.820% 11/27/02 1.815 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CP GMAC 08/01/02 2.000 30,000 CP GMAC 08/01/02 2.000 50,000 10 06/20/02 PURCHASE c/ STRIP COUPONS 02/15/03 1.730 10,319 STRIP COUPONS 08/15/03 1.730 25,000 STRIP COUPONS 11/15/03 1.730 33,000 STRIP COUPONS 05/15/03 1.730 39,000 TREAS NOTES 4.625% 05/15/06 1.730 44,955 TREAS NOTES 4.625% 05/15/06 1.730 50,000 TREAS NOTES 4.625% 05/15/06 1.730 50,000 TREAS NOTES 4.625% 05/15/06 1.730 50,000 TREAS NOTES 4.625% 05/15/06 1.730 50,000 TREAS NOTES 4.625% 05/15/06 1.730 50,000 06/21/02 REDEMPTIONS DISC NOTES FNMA 06/21/02 2.210 50,000 247 758,152.78 2.275 DISC NOTES FNMA 06/21/02 2.360 50,000 270 885,000.00 2.435 DISC NOTES FNMA 06/21/02 2.300 50,000 274 875,277.78 2.373 DISC NOTES FNMA 06/21/02 2.300 50,000 274 875,277.78 2.373 SALES c/ STRIP COUPONS 02/15/03 1.730 10,319 1 479.79 1.754 STRIP COUPONS 08/15/03 1.730 25,000 1 1,150.59 1.754 STRIP COUPONS 11/15/03 1.730 33,000 1 1,511.06 1.754 STRIP COUPONS 05/15/05 1.730 39,000 1 1,664.12 1.754 TREAS NOTES 4.625% 05/15/06 1.730 44,955 1 2,197.34 1.754 TREAS NOTES 4.625% 05/15/06 1.730 50,000 1 2,443.87 1.754 TREAS NOTES 4.625% 05/15/06 1.730 50,000 1 2,443.87 1.754 TREAS NOTES 4.625% 05/15/06 1.730 50,000 1 2,443.87 1.754 TREAS NOTES 4.625% 05/15/06 1.730 50,000 1 2,443.87 1.754 TREAS NOTES 4.625% 05/15/06 1.730 50,000 1 2,443.87 1.754 PURCHASES CP GEN MILLS 10/01/02 2.020 20,000 CP FCAR 11/20/02 1.810 50,000 CP FCAR 11/20/02 1.810 50,000 DISC NOTES FNMA 11/27/02 1.730 50,000 DISC NOTES FNMA 11/27/02 1.750 20,000 DISC NOTES FNMA 11/27/02 1.750 50,000 DISC NOTES FNMA 11/27/02 1.750 50,000 06/24/02 REDEMPTIONS BN FR B/A 6.720% 06/24/02 6.660 25,000 637 1,788,381.95 4.095 CP MONSANTO 06/24/02 1.890 15,000 21 16,537.50 1.918 CP GEN MILLS 06/24/02 1.980 20,000 38 41,800.00 2.011 11 06/24/02 PURCHASES BN BANC ONE 1.810% 11/25/02 1.810 50,000 BN BANC ONE 1.810% 11/25/02 1.810 50,000 BN BANC ONE 1.810% 11/27/02 1.810 50,000 BN BANC ONE 1.810% 11/27/02 1.810 50,000 CD CIBC 1.800% 11/25/02 1.800 50,000 CD CIBC 1.800% 11/25/02 1.800 50,000 CD CIBC 1.800% 11/25/02 1.800 50,000 CD CIBC 1.800% 11/25/02 1.800 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CD CHASE 1.820% 11/27/02 1.820 50,000 CD BNPARIS 1.810% 11/27/02 1.810 50,000 CD BNPARIS 1.810% 11/27/02 1.810 50,000 CD BNPARIS 1.810% 11/27/02 1.810 50,000 CD BNPARIS 1.810% 11/27/02 1.810 50,000 CD RB CANADA 1.790% 11/27/02 1.780 50,000 CD RB CANADA 1.790% 11/27/02 1.780 50,000 CD RB CANADA 1.790% 11/27/02 1.780 50,000 CD RB CANADA 1.790% 11/27/02 1.780 50,000 CD RABO 1.810% 11/27/02 1.800 50,000 CD RABO 1.810% 11/27/02 1.800 50,000 CD RABO 1.810% 11/27/02 1.800 50,000 CD RABO 1.810% 11/27/02 1.800 50,000 CD RABO 1.810% 11/27/02 1.800 50,000 CD RABO 1.810% 11/27/02 1.800 50,000 CP GE 07/22/02 1.760 50,000 CP GE 07/22/02 1.760 50,000 CP GE 07/26/02 1.760 50,000 CP GE 07/26/02 1.760 50,000 CP GMAC 07/29/02 1.940 50,000 CP GMAC 07/29/02 1.940 50,000 CP MORG STAN 07/29/02 1.760 50,000 CP MORG STAN 07/29/02 1.760 50,000 CP MORG STAN 07/29/02 1.760 50,000 CP MORG STAN 07/29/02 1.760 50,000 CP MORG STAN 08/01/02 1.760 50,000 CP MORG STAN 08/01/02 1.760 50,000 CP MORG STAN 08/01/02 1.760 50,000 CP MORG STAN 08/01/02 1.760 50,000 CP MORG STAN 08/01/02 1.760 50,000 CP SAFEWAY 08/06/02 1.940 44,000 CP BEAR 08/08/02 1.770 50,000 CP BEAR 08/08/02 1.770 50,000 CP BEAR 08/09/02 1.770 50,000 CP BEAR 08/09/02 1.770 50,000 12 06/24/02 PURCHASES (continued) CP CITICORP 08/28/02 1.770 50,000 CP CITICORP 08/28/02 1.770 50,000 CP CITICORP 08/28/02 1.770 50,000 CP AMER EXP 08/28/02 1.750 50,000 CP AMER EXP 08/28/02 1.750 50,000 CP CITICORP 08/30/02 1.770 50,000 CP CITICORP 08/30/02 1.770 50,000 CP CITICORP 08/30/02 1.770 50,000 CP AMER EXP 08/30/02 1.750 50,000 CP AMER EXP 08/30/02 1.750 50,000 CP SALOMON 10/01/02 1.780 50,000 CP SALOMON 10/01/02 1.780 50,000 CP SALOMON 10/01/02 1.780 50,000 CP SALOMON 10/01/02 1.780 50,000 DISC NOTES FHLB 11/27/02 1.730 50,000 DISC NOTES FHLB 11/27/02 1.730 50,000 DISC NOTES FHLB 11/27/02 1.730 50,000 DISC NOTES FHLB 11/27/02 1.730 50,000 DISC NOTES FNMA 11/27/02 1.710 50,000 DISC NOTES FNMA 11/27/02 1.710 50,000 DISC NOTES FNMA 11/27/02 1.710 50,000 DISC NOTES FNMA 11/27/02 1.710 50,000 DISC NOTES FNMA 01/30/03 1.820 50,000 DISC NOTES FNMA 01/30/03 1.820 50,000 DISC NOTES FNMA 01/30/03 1.820 50,000 DISC NOTES FNMA 01/30/03 1.820 50,000 DISC NOTES FNMA 01/30/03 1.830 50,000 DISC NOTES FNMA 01/30/03 1.830 50,000 TREAS BILLS 12/19/02 1.730 50,000 TREAS BILLS 12/19/02 1.730 50,000 TREAS BILLS 12/19/02 1.730 50,000 TREAS BILLS 12/19/02 1.730 50,000 TREAS BILLS 12/19/02 1.735 50,000 TREAS BILLS 12/19/02 1.735 50,000 TREAS BILLS 12/19/02 1.735 50,000 TREAS BILLS 12/19/02 1.735 50,000 TREAS BILLS 12/19/02 1.740 50,000 TREAS BILLS 12/19/02 1.740 50,000 TREAS BILLS 12/19/02 1.740 50,000 TREAS BILLS 12/19/02 1.740 50,000 TREAS BILLS 12/19/02 1.740 50,000 TREAS BILLS 12/19/02 1.740 50,000 TREAS BILLS 12/19/02 1.745 50,000 TREAS BILLS 12/19/02 1.745 50,000 TREAS BILLS 12/19/02 1.745 50,000 TREAS BILLS 12/19/02 1.745 50,000 TREAS BILLS 12/19/02 1.745 50,000 TREAS BILLS 12/19/02 1.745 50,000 13 06/24/02 PURCHASES (continued) TREAS BILLS 12/19/02 1.745 50,000 TREAS BILLS 12/19/02 1.745 50,000 TREAS NOTES 3.250% 05/31/04 2.841 50,000 TREAS NOTES 3.250% 05/31/04 2.841 50,000 TREAS NOTES 3.250% 05/31/04 2.841 50,000 TREAS NOTES 3.250% 05/31/04 2.841 50,000 TREAS NOTES 3.250% 05/31/04 2.823 50,000 TREAS NOTES 3.250% 05/31/04 2.823 50,000 TREAS NOTES 3.250% 05/31/04 2.823 50,000 TREAS NOTES 3.250% 05/31/04 2.823 50,000 TREAS NOTES 3.250% 05/31/04 2.823 50,000 TREAS NOTES 3.250% 05/31/04 2.823 50,000 TREAS NOTES 3.250% 05/31/04 2.823 50,000 TREAS NOTES 3.250% 05/31/04 2.823 50,000 TREAS NOTES 5.875% 11/15/04 3.103 50,000 TREAS NOTES 5.875% 11/15/04 3.103 50,000 TREAS NOTES 5.875% 11/15/04 3.106 50,000 TREAS NOTES 5.875% 11/15/04 3.106 50,000 TREAS NOTES 5.875% 11/15/04 3.133 50,000 TREAS NOTES 6.750% 05/15/05 3.377 50,000 TREAS NOTES 6.750% 05/15/05 3.377 50,000 TREAS NOTES 6.750% 05/15/05 3.377 50,000 TREAS NOTES 6.750% 05/15/05 3.377 50,000 TREAS NOTES 6.500% 08/15/05 3.452 50,000 TREAS NOTES 6.500% 08/15/05 3.452 50,000 TREAS NOTES 6.500% 08/15/05 3.437 50,000 TREAS NOTES 6.500% 08/15/05 3.437 50,000 FHLB 4.625% 04/15/05 3.600 50,000 FHLB 4.625% 04/15/05 3.600 50,000 FHLB 4.125% 05/13/05 3.685 50,000 FHLB 4.125% 05/13/05 3.685 50,000 06/25/02 REDEMPTIONS CD MONTREAL 1.800% 06/25/02 1.800 1,875 74 6,937.50 1.825 CD MONTREAL 1.800% 06/25/02 1.800 50,000 74 185,000.00 1.825 CD MONTREAL 1.800% 06/25/02 1.800 50,000 74 185,000.00 1.825 CID GOLDMAN 06/25/02 1.810 50,000 75 188,541.67 1.842 CP GOLDMAN 06/25/02 1.810 50,000 75 188,541.67 1.842 MTN FR GMAC 5.438% 06/25/02 5.438 50,000 1096 7,718,770.84 5.141 RRP TREAS NOTES 3.625% 03/31/04 1.500 50,000 75 (156,835.94) -1.520 TREAS NOTES 3.625% 03/31/04 1.500 50,000 75 (156,835.94) -1.520 TREAS NOTES 4.250% 03/31/03 1.450 50,000 74 (151,822.05) -1.470 TREAS NOTES 4.250% 03/31/03 1.450 50,000 74 (151,822.05) -1.470 14 06/25/02 PURCHASES CP CITIGROUP 06/26/02 1.780 50,000 CP SALOMON 07/01/02 1.750 50,000 CP SALOMON 07/01/02 1.750 50,000 CP SALOMON 07/01/02 1.750 50,000 CP BEAR 07/02/02 1.760 50,000 CP BEAR 07/02/02 1.760 50,000 CP SALOMON 07/02/02 1.750 50,000 CP SALOMON 07/02/02 1.750 50,000 CP SALOMON 07/02/02 1.750 50,000 CP ASCC 07/09/02 1.800 25,000 CP ASCC 07/09/02 1.800 50,000 CP GEN MILLS 07/22/02 2.000 30,000 CP MORG STAN 07/26/02 1.770 50,000 CP MORG STAN 07/26/02 1.770 50,000 CP MORG STAN 07/26/02 1.770 50,000 CP MORG STAN 07/26/02 1.770 50,000 CP KODAK 07/31/02 2.200 50,000 FHLB 4.125% 01/14/05 3.450 50,000 FHLB 4.125% 01/14/05 3.450 50,000 FHLB 4.125% 05/13/05 3.644 40,000 FHLB 4.125% 05/13/05 3.644 50,000 PURCHASE c/ TREAS BILLS 09/19/02 1.750 2,075 TREAS BILLS 09/19/02 1.750 50,000 TREAS BILLS 09/19/02 1.750 50,000 TREAS BILLS 09/19/02 1.750 50,000 TREAS NOTES 4.250% 11/15/03 1.750 50,000 TREAS NOTES 4.250% 11/15/03 1.750 50,000 TREAS NOTES 4.250% 11/15/03 1.750 50,000 06/26/02 REDEMPTIONS CD DEUTSCHE 1.770% 06/26/02 1.760 25,000 58 70,890.03 1.784 CD DEUTSCHE 1.770% 06/26/02 1.760 50,000 58 141,780.05 1.784 CD DEUTSCHE 1.770% 06/26/02 1.760 50,000 58 141,780.05 1.784 CD DEUTSCHE 1.770% 06/26/02 1.760 50,000 58 141,780.05 1.784 CP CITIGROUP 06/26/02 1.780 50,000 1 2,472.22 1.804 CP WYETH 06/26/02 1.830 50,000 21 53,375.00 1.857 DISC NOTES FHLMC 06/26/02 2.320 50,000 273 879,666.67 2.394 DISC NOTES FHLMC 06/26/02 2.320 50,000 273 879,666.67 2.394 SALES c/ TREAS BILLS 09/19/02 1.750 2,075 1 98.44 1.774 TREAS BILLS 09/19/02 1.750 50,000 1 2,373.92 1.774 TREAS BILLS 09/19/02 1.750 50,000 1 2,373.92 1.774 15 06/26/02 SALES c/ (continued) TREAS BILLS 09/19/02 1.750 50,000 1 2,373.92 1.774 TREAS NOTES 4.250% 11/15/03 1.750 50,000 1 2,454.37 1.774 TREAS NOTES 4.250% 11/15/03 1.750 50,000 1 2,454.37 1.774 TREAS NOTES 4.250% 11/15/03 1.750 50,000 1 2,454.37 1.774 RRP TREAS NOTES 5.250% 05/15/04 1.500 25,000 58 (64,192.70) -1.520 TREAS NOTES 5.250% 05/15/04 1.500 50,000 58 (128,385.42) -1.520 TREAS NOTES 5.250% 05/15/04 1.500 50,000 58 (128,385.42) -1.520 TREAS NOTES 5.250% 05/15/04 1.500 50,000 58 (128,385.42) -1.520 TREAS NOTES 2.750% 09/30/03 1.600 50,000 21 (47,016.67) -1.622 PURCHASES CB DISNEY 4.875% 07/02/04 3.548 10,000 CB GMAC 6.380% 01/30/04 3.760 20,000 CID COUNTRY 06/28/02 1.850 50,000 CID COUNTRY 06/28/02 1.850 50,000 CID COUNTRY 06/28/02 1.850 50,000 CID COUNTRY 06/28/02 1.850 50,000 CID MORG STAN 07/01/02 1.780 50,000 CP MORG STAN 07/01/02 1.780 50,000 CP MORG STAN 07/01/02 1.780 50,000 CID MORG STAN 07/01/02 1.780 50,000 CID MORG STAN 07/01/02 1.780 50,000 CID MORG STAN 07/01/02 1.780 50,000 CID GOLDMAN 07/02/02 1.800 50,000 CID GOLDMAN 07/02/02 1.800 50,000 CID GOLDMAN 07/02/02 1.800 50,000 CP GOLDMAN 07/02/02 1.800 50,000 CP SALOMON 07/12/02 1.760 5,000 CP SALOMON 07/12/02 1.760 50,000 CID SALOMON 07/12/02 1.760 50,000 MTN FMCC 7.500% 01/15/03 2.910 9,210 MTN FMCC 7.250% 01/15/03 2.910 36,050 MTN W/F 6.625% 07/15/04 3.360 30,000 MTN W/F 6.625% 07/15/04 3.320 30,115 MTN FMCC 7.500% 06/15/03 3.480 15,700 06/27/02 REDEMPTIONS DISC NOTES FNMA 06/27/02 1.840 50,000 182 465,111.11 1.883 DISC NOTES FNMA 06/27/02 1.840 50,000 182 465,111.11 1.883 DISC NOTES FNMA 06/27/02 1.840 40,000 183 374,133.33 1.883 DISC NOTES FNMA 06/27/02 1.840 50,000 183 467,666.66 1.883 DISC NOTES FNMA 06/27/02 1.840 50,000 183 467,666.66 1.883 DISC NOTES FNMA 06/27/02 1.840 50,000 183 467,666.65 1.883 16 06/27/02 REDEMPTIONS (continued) DISC NOTES FNMA 06/27/02 1.840 50,000 183 467,666.65 1.883 DISC NOTES FNMA 06/27/02 1.840 50,000 183 467,666.67 1.883 DISC NOTES FNMA 06/27/02 1.840 50,000 183 467,666.67 1.883 DISC NOTES FNMA 06/27/02 1.840 50,000 183 467,666.67 1.883 DISC NOTES FNMA 06/27/02 1.840 50,000 183 467,666.67 1.883 06/27/02 PURCHASES CD NOVA SCOT 1.770% 08/01/02 1.770 50,000 CD NOVA SCOT 1.770% 08/01/02 1.770 50,000 CID W/F 07/10/02 1.710 50,000 CID W/F 07/10/02 1.710 50,000 CP NCAT 0715/02 1.800 40,000 CP NCAT 07/15/02 1.800 50,000 CID GECC 07/15/02 1.740 50,000 CP GECC 07/15/02 1.740 50,000 CP GECC 07/22/02 1.740 25,000 CP GECC 07/22/02 1.740 50,000 CP GECC 07/22/02 1.740 50,000 CID MORG STAN 07/29/02 1.780 50,000 CID MORG STAN 07/29/02 1.780 50,000 CID MORG STAN 07/29/02 1.780 50,000 CID MORG STAN 07/29/02 1.780 50,000 CP FCAR 07/31 /02 1.780 18,000 CID FCAR 07/31/02 1.780 50,000 CID AT&T 08/01/02 2.150 50,000 CID GEN MILLS 08/02/02 2.000 50,000 MTN GMAC 7.480% 02/28/03 2.810 9,100 MTN GMAC 8.875% 05/15/03 2.940 8,440 06/28/02 REDEMPTIONS BN US BANK 2.060% 06/28/02 2.060 50,000 204 583,666.67 2.088 BN US BANK 2.060% 06/28/02 2.060 50,000 204 583,666.67 2.088 BN US BANK 2.060% 06/28/02 2.060 50,000 204 583,666.67 2.088 BN US BANK 2.060% 06/28/02 2.060 50,000 204 583,666.67 2.088 CD HYPO 1.920% 06/28/02 1.920 50,000 99 264,000.00 1.946 CD HYPO 1.920% 06/28/02 1.920 50,000 99 264,000.00 1.946 CD BNPARIS 1.925% 06/28/02 1.920 50,000 99 264,003.61 1.946 CD HELABA 1.818% 06/28/02 1.820 50,000 126 318,497.23 1.845 CD HELABA 1.818% 06/28/02 1.820 50,000 126 318,497.23 1.845 CD HYPO 1.820% 06/28/02 1.820 50,000 137 346,305.56 1.845 CD HYPO 1.820% 06/28/02 1.820 50,000 137 346,305.56 1.845 CD U/B CALIF 1.750% 06/28/02 1.750 40,000 157 305,277.78 1.774 CD U/B CALIF 1.750% 06/28/02 1.750 50,000 157 381,597.22 1.774 CD BNPARIS 1.700% 06/28/02 1.700 50,000 162 382,500.00 1.723 CD BNPARIS 1.700% 06/28/02 1.700 50,000 162 382,500.00 1.723 CD CIBC 1.660% 06/28/02 1.660 50,000 163 375,805.56 1.683 17 06/28/02 REDEMPTIONS (continued) CD CIBC 1.660% 06/28/02 1.660 50,000 163 375,805.56 1.683 CD CIBC 1.730% 06/28/02 1.730 50,000 168 403,666.67 1.754 CD CIBC 1.730% 06/28/02 1.730 50,000 168 403,666.67 1.754 CD BAYER LNDS 1.750% 06/28/02 1.750 50,000 168 408,333.33 1.774 CD BAYER LNDS 1.750% 06/28/02 1.750 50,000 168 408,333.33 1.774 CD UBS 1.760% 06/28/02 1.750 50,000 168 408,352.24 1.774 CD UBS 1.760% 06/28/02 1.750 50,000 168 408,352.24 1.774 CD CR AGRIC 1.780% 06/28/02 1.780 50,000 168 415,333.33 1.804 CD CR AGRIC 1.780% 06/28/02 1.780 50,000 168 415,333.33 1.804 CD NOVA SCOT 1.810% 06/28/02 1.810 50,000 176 442,444.44 1.835 CD NOVA SCOT 1.810% 06/28/02 1.810 50,000 176 442,444.44 1.835 CD NOVA SCOT 1.810% 06/28/02 1.810 50,000 176 442,444.44 1.835 CD NOVA SCOT 1.810% 06/28/02 1.810 50,000 176 442,444.44 1.835 CD SVENSKA 1.820% 06/28/02 1.810 50,000 176 442,465.89 1.835 CD SVENSKA 1.820% 06/28/02 1.810 50,000 176 442,465.89 1.835 CD BAYER LNDS 1.830% 06/28/02 1.820 50,000 176 444,910.44 1.845 CD BAYER LNDS 1.830% 06/28/02 1.820 50,000 176 444,910.44 1.845 CD ANZ 1.840% 06/28/02 1.830 50,000 176 447,355.01 1.855 CD ANZ 1.840% 06/28/02 1.830 50,000 176 447,355.01 1.855 CD DEUTSCHE 1.840% 06/28/02 1.840 50,000 176 449,777.78 1.865 CD DEUTSCHE 1.840% 06/28/02 1.840 50,000 176 449,777.78 1.865 CD WESTPAC 1.860% 06/28/02 1.850 50,000 176 452,244.14 1.875 CD WESTPAC 1.860% 06/28/02 1.850 50,000 176 452,244.14 1.875 CD NOVA SCOT 1.850% 06/28/02 1.850 25,000 190 244,097.22 1.875 CD NOVA SCOT 1.850% 06/28/02 1.850 50,000 190 488,194.44 1.875 CD WASHINGTON 1.960% 06/28/02 1.960 50,000 196 533,555.56 1.987 CD WASHINGTON 1.960% 06/28/02 1.960 50,000 196 533,555.56 1.987 CD STNRD CH 1.810% 06/28/02 1.810 50,000 197 495,236.11 1.835 CD STNRD CH 1.810% 06/28/02 1.810 50,000 197 495,236.11 1.835 CD RABO 1.940% 06/28/02 1.940 50,000 204 549,666.67 1.966 CD RABO 1.940% 06/28/02 1.940 50,000 204 549,666.67 1.966 CD UBS 1.950% 06/28/02 1.945 40,000 205 443,040.26 1.972 CD WASHINGTON 2.200% 06/28/02 2.200 50,000 212 647,777.78 2.230 CD WASHINGTON 2.200% 06/28/02 2.200 50,000 212 647,777.78 2.230 CD WASHINGTON 2.240% 06/28/02 2.240 50,000 221 687,555.56 2.271 CD WASHINGTON 2.240% 06/28/02 2.240 50,000 221 687,555.56 2.271 CD UBS 2.010% 06/28/02 2.000 50,000 225 625,038.58 2.027 CD UBS 2.010% 06/28/02 2.000 50,000 225 625,038.58 2.027 CD WASHINGTON 2.140% 06/28/02 2.140 50,000 225 668,750.00 2.169 CD WASHINGTON 2.140% 06/28/02 2.140 50,000 225 668,750.00 2.169 CD WASHINGTON 2.020% 06/28/02 2.020 50,000 226 634,055.56 2.048 CD WASHINGTON 2.020% 06/28/02 2.020 50,000 226 634,056.56 2.048 CD HYPO 1.810% 06/28/02 1.810 50,000 232 583,222.22 1.835 CD HYPO 1.810% 06/28/02 1.810 50,000 232 583,222.22 1.835 CD DEXIA 2.320% 06/28/02 2.310 25,000 267 428,343.73 2.342 CD HELABA 2.270% 06/28/02 2.270 50,000 267 841,791.67 2.301 CD HELABA 2.270% 06/28/02 2.270 50,000 267 841,791.67 2.301 CD UBS 2.275% 06/28/02 2.270 50,000 267 841,822.36 2.301 18 06/28/02 REDEMPTIONS (continued) CD UBS 2.275% 06/28/02 2.270 50,000 267 841,822.36 2.301 CD ABN AMRO 2.300% 06/28/02 2.290 50,000 267 849,270.27 2.321 CD ABN AMRO 2.300% 06/28/02 2.290 50,000 267 849,270.27 2.321 CD ABN AMRO 2.300% 06/28/02 2.290 50,000 267 849,270.27 2.321 CD CIBC 2.300% 06/28/02 2.300 50,000 267 852,916.67 2.331 CD CIBC 2.300% 06/28/02 2.300 50,000 267 852,916.67 2.331 CD CR AGRIC 2.300% 06/28/02 2.300 50,000 267 852,916.67 2.331 CD CR AGRIC 2.300% 06/28/02 2.300 50,000 267 852,916.67 2.331 CD U/B CALIF 2.350% 06/28/02 2.350 50,000 267 871,458.33 2.382 CD U/B CALIF 2.350% 06/28/02 2.350 50,000 267 871,458.33 2.382 CD U/B CALIF 2.350% 06/28/02 2.350 50,000 267 871,458.33 2.382 CD U/B CALIF 2.350% 06/28/02 2.350 50,000 267 871,458.33 2.382 CD WASHINGTON 2.400% 06/28/02 2.400 50,000 267 890,000.00 2.433 CD WASHINGTON 2.400% 06/28/02 2.400 50,000 267 890,000.00 2.433 CD WASHINGTON 2.400% 06/28/02 2.400 50,000 267 890,000.00 2.433 CD WASHINGTON 2.400% 06/28/02 2.400 50,000 267 890,000.00 2.433 CID COUNTRY 06/28/02 1.850 50,000 2 5,138.89 1.875 CID COUNTRY 06/28/02 1.850 50,000 2 5,138.89 1.875 CID COUNTRY 06/28/02 1.850 50,000 2 5,138.89 1.875 CID COUNTRY 06/28/02 1.850 50,000 2 5,138.89 1.875 CP SAFEWAY 06/28/02 2.120 35,000 143 294,738.89 2.167 CP HOUSEHOLD 06/28/02 1.830 50,000 144 366,000.00 1.869 CID HOUSEHOLD 06/28/02 1.830 50,000 144 366,000.00 1.869 CID SAFEWAY 06/28/02 2.150 50,000 147 438,958.33 2.199 CID GECC 06/28/02 1.660 20,000 161 148,477.78 1.695 DISC NOTES FHLMC 06/28/02 1.800 3,398 231 39,246.90 1.846 DISC NOTES FHLMC 06/28/02 1.760 5,837 127 36,241.28 1.795 DISC NOTES FHLMC 06/28/02 1.680 12,478 157 91,422.15 1.715 DISC NOTES FHLMC 06/28/02 2.350 19,166 270 337,800.75 2.425 DISC NOTES FHLMC 06/28/02 1.660 23,560 161 174,906.82 1.695 DISC NOTES FHLMC 06/28/02 1.760 25,000 150 183,333.33 1.797 DISC NOTES FHLMC 06/28/02 1.630 25,746 162 188,846.91 1.664 DISC NOTES FHLMC 06/28/02 1.760 35,000 127 217,311.11 1.795 DISC NOTES FHLMC 06/28/02 1.760 50,000 127 310,444.44 1.795 DISC NOTES FHLMC 06/28/02 1.760 50,000 127 310,444.44 1.795 DISC NOTES FHLMC 06/28/02 1.760 50,000 127 310,444.44 1.795 DISC NOTES FHLMC 06/28/02 1.760 50,000 127 310,444.44 1.795 DISC NOTES FHLMC 06/28/02 1.750 50,000 128 311,111.11 1.785 DISC NOTES FHLMC 06/28/02 1.750 50,000 128 311,111.11 1.785 DISC NOTES FHLMC 06/28/02 1.760 50,000 133 325,111.11 1.796 DISC NOTES FHLMC 06/28/02 1.760 50,000 150 366,666.67 1.797 DISC NOTES FHLMC 06/28/02 1.680 50,000 157 366,333.33 1.715 DISC NOTES FHLMC 06/28/02 1.750 50,000 175 425,347.22 1.789 DISC NOTES FHLMC 06/28/02 1.750 50,000 175 425,347.22 1.789 DISC NOTES FHLMC 06/28/02 1.750 50,000 175 425,347.22 1.789 DISC NOTES FHLMC 06/28/02 1.750 50,000 175 425,347.22 1.789 DISC NOTES FHLMC 06/28/02 1.750 50,000 175 425,347.22 1.789 DISC NOTES FHLMC 06/28/02 1.750 50,000 175 425,347.22 1.789 19 06/28/02 REDEMPTIONS (continued) DISC NOTES FHLMC 06/28/02 1.780 50,000 182 449,944.47 1.821 DISC NOTES FHLMC 06/28/02 1.780 50,000 182 449,944.47 1.821 DISC NOTES FHLMC 06/28/02 1.780 50,000 182 449,944.47 1.821 DISC NOTES FHLMC 06/28/02 1.780 50,000 192 474,666.67 1.822 DISC NOTES FHLMC 06/28/02 1.780 50,000 192 474,666.67 1.822 DISC NOTES FHLMC 06/28/02 1.930 50,000 225 603,125.00 1.980 DISC NOTES FHLMC 06/28/02 1.930 50,000 225 603,125.00 1.980 DISC NOTES FHLMC 06/28/02 1.800 50,000 231 577,500.00 1.846 DISC NOTES FHLMC 06/28/02 2.160 50,000 252 756,000.00 2.223 DISC NOTES FHLMC 06/28/02 2.160 50,000 252 756,000.00 2.223 DISC NOTES FHLMC 06/28/02 2.170 50,000 252 759,500.00 2.234 DISC NOTES FHLMC 06/28/02 2.240 50,000 259 805,777.75 2.308 DISC NOTES FHLMC 06/28/02 2.190 50,000 267 812,125.00 2.257 DISC NOTES FHLMC 06/28/02 2.190 50,000 267 812,125.00 2.257 DISC NOTES FHLMC 06/28/02 2.350 50,000 270 881,250.00 2.425 DISC NOTES FHLMC 06/28/02 2.350 50,000 270 881,250.00 2.425 DISC NOTES FHLMC 06/28/02 2.350 50,000 270 881,250.00 2.425 DISC NOTES FNMA 06/28/02 2.200 20,000 266 325,111.11 2.267 DISC NOTES FNMA 06/28/02 1.760 32,746 141 225,729.09 1.796 DISC NOTES FNMA 06/28/02 2.230 35,040 259 562,168.13 2.297 DISC NOTES FNMA 06/28/02 1.770 50,000 134 329,416.67 1.806 DISC NOTES FNMA 06/28/02 1.770 50,000 134 329,416.67 1.806 DISC NOTES FNMA 06/28/02 1.750 50,000 137 332,986.11 1.786 DISC NOTES FNMA 06/28/02 1.750 50,000 137 332,986.11 1.786 DISC NOTES FNMA 06/28/02 1.760 50,000 141 344,666.67 1.796 DISC NOTES FNMA 06/28/02 1.780 50,000 144 356,000.00 1.817 DISC NOTES FNMA 06/28/02 1.670 50,000 157 364,152.78 1.705 DISC NOTES FNMA 06/28/02 1.670 50,000 157 364,152.78 1.705 DISC NOTES FNMA 06/28/02 1.670 50,000 157 364,152.78 1.705 DISC NOTES FNMA 06/28/02 1.670 50,000 157 364,152.78 1.705 DISC NOTES FNMA 06/28/02 1.670 50,000 157 364,152.78 1.705 DISC NOTES FNMA 06/28/02 1.670 50,000 157 364,152.78 1.705 DISC NOTES FNMA 06/28/02 1.640 50,000 161 366,722.22 1.675 DISC NOTES FNMA 06/28/02 1.640 50,000 161 366,722.22 1.675 DISC NOTES FNMA 06/28/02 1.640 50,000 161 366,722.22 1.675 DISC NOTES FNMA 06/28/02 1.640 50,000 161 366,722.22 1.675 DISC NOTES FNMA 06/28/02 1.640 50,000 161 366,722.22 1.675 DISC NOTES FNMA 06/28/02 1.640 50,000 161 366,722.22 1.675 DISC NOTES FNMA 06/28/02 2.200 50,000 266 812,777.78 2.267 DISC NOTES FNMA 06/28/02 2.210 50,000 267 819.541.67 2.278 DISC NOTES FNMA 06/28/02 2.210 50,000 267 819.541.67 2.278 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.35 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.35 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.35 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.35 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 20 06/28/02 REDEMPTIONS (continued) DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 DISC NOTES FNMA 06/28/02 2.320 50,000 267 860,333.33 2.393 DISC NOTES FNMA 06/28/02 2.310 50,000 275 882,291.67 2.384 DISC NOTES FNMA 06/28/02 2.360 50,000 277 907,944.44 2.437 PURCHASES CID AMER EXP 07/01/02 1.680 50,000 CID AMER EXP 07/01/02 1.680 50,000 CP AMER EXP 07/01/02 1.680 50,000 CID SAFEWAY 07/01/02 2.050 50,000 MTN JP MORGAN 3.430% 06/28/04 3.430 50,000 21 a/ The abbreviations indicate the type of security purchased or sold; Le., (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), US Ship Financing Bonds (TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA), Medium Term Notes (MTN), Real Estate Mortgage Investment Conduit (REMIC). b/ Purchase or sold yield based on 360 day calculation for discount obligations and Repurchase Agreements. c/ Repurchase Agreement. d/ Par amount of securities purchased, sold or redeemed. e/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. cl/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. 1 Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 22 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE ALHAMBRA Grand National Bank 07/13/01 3.520 3,095,000.00 07/12/02 Grand National Bank 01/07/02 1.840 1,000,000.00 08/13/02 Grand National Bank 01/09/02 1.840 2,000,000.00 08/13/02 Grand National Bank 05/17/02 1.960 6,000,000.00 11/13/02 Omni Bank 02/27/02 1.920 3,000,000.00 08/27/02 Omni Bank 06/03/02 1.780 3,000,000.00 09/05/02 Omni Bank 04/23/02 1.970 2,000,000.00 10/21/02 Omni Bank 05/20/02 1.950 2,000,000.00 11/20/02 ARROYO GRANDE Mid -State Bank 01/16/02 1.660 5,000,000.00 07/16/02 Mid -State Bank 02/14/02 1.880 5,000,000.00 08/13/02 Mid -State Bank 03/13/02 2.050 5,000,000.00 09/11/02 Mid -State Bank 04/15/02 2.000 5,000,000.00 10/16/02 Mid -State Bank 05/17/02 1.960 5,000,000.00 11/13/02 Mid -State Bank 06/14/02 1.870 5,000,000.00 12/11/02 BEVERLY HILLS City National Bank 02/15/02 1.900 25,000,000.00 08/16/02 City National Bank 03/07/02 1.940 40,000,000.00 09/09/02 City National Bank 04/16/02 1.970 25,000,000.00 10/17/02 City National Bank 06/03/02 1.930 10,000,000.00 12/09/02 City National Bank 06/03/02 1.930 25,000,000.00 12/09/02 BREA Jackson Federal Bank 01/22/02 1.740 10,000,000.00 07/22/02 Jackson Federal Bank 05/13/02 1.800 10,000,000.00 08/12/02 Pacific Western National Bank 05/20/02 1.800 1,000,000.00 07/19/02 CALABASAS First Bank of Beverly Hills FSB 05/06/02 1.820 10,000,000.00 08/07/02 First Bank of Beverly Hills FSB 02/27/02 1.940 10,000,000.00 08/28/02 First Bank of Beverly Hills FSB 03/20/02 2.120 10,000,000.00 09/18/02 CAMARILLO First California Bank 04/30/02 1.730 2,000,000.00 07/29/02 First California Bank 01/29/02 1.860 2,000,000.00 07/29/02 First California Bank 03/29/02 2.150 3,000,000.00 09/25/02 23 TIME DEPOSITS DEPOSIT PAR NAME DATE YIELD AMOUNT ($) CAMERONPARK Western Sierra National Bank 01/16/02 Western Sierra National Bank 01/24/02 Western Sierra National Bank 02/06/02 CHICO North State National Bank 01/25/02 North State National Bank 05/17/02 North State National Bank 06/05/02 Tri Counties Bank 06/04/02 Tri Counties Bank 06/19/02 CHULA VISTA North Island Federal Credit Union 01/18/02 North Island Federal Credit Union 02/27/02 CITY OF INDUSTRY EverTrust Bank 01/25/02 EverTrust Bank 06/11/02 CONCORD CA State 9 Credit Union 02/19/02 DUBLIN Operating Engineers FCU 02/04/02 Operating Engineers FCU 04/09/02 Operating Engineers FCU 06/12/02 EL CENTRO Valley Independent Bank 04/30/02 Valley Independent Bank 05/15/02 Valley Independent Bank 05/28/02 EL SEGUNDO Hawthorne Savings FSB 01/04/02 Hawthorne Savings FSB 04/04/02 24 1.680 3,000,000.00 1.810 4,000,000.00 1.890 6,000,000.00 1.830 5,000,000.00 1.800 1,500,000.00 1.770 1,000,000.00 1.800 10,000,000.00 1.770 10,000,000.00 1.750 20,000,000.00 1.930 5,000,000.00 1.790 6,000,000.00 1.890 6,000,000.00 1.900 10,000,000.00 MATURITY DATE 07/16/02 07/16/02 08/15/02 07/26/02 08/16/02 09/ 11 /02 09/10/02 09/17/02 07/17/02 08/27/02 07/29/02 12/ 10/02 08/20/02 1.910 5,000,000.00 08/13/02 2.080 5,000,000.00 10/10/02 1.900 10,000,000.00 12/11 /02 1.900 20,000,000.00 10/28/02 1.920 7,500,000.00 11/20/02 1.950 25,000,000.00 11/20/02 1.870 30,000,000.00 07/09/02 2.170 30,000,000.00 10/01/02 NAME EL SEGUNDO (continued) Xerox Federal Credit Union Xerox Federal Credit Union FRESNO United Security Bank United Security Bank United Security Bank United Security Bank FULLERTON Fullerton Community Bank Fullerton Community Bank GLENDALE Verdugo Banking Company Verdugo Banking Company GOLETA Pacific Capital Bank Pacific Capital Bank GRANADA HILLS First State Bank of California First State Bank of California HUNTINGTON BEACH First Bank and Trust First Bank and Trust First Bank and Trust IRVINE Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 02/14/02 1.890 20,000,000.00 08/16/02 03/04/02 1.910 7,000,000.00 09/06/02 02/06/02 1.880 15,000,000.00 08/05/02 04/10/02 2.030 5,000,000.00 10/11/02 05/10/02 1.930 10,000,000.00 11 /14/02 05/14/02 1.930 10,000,000.00 11 /14/02 01/25/02 1.860 8,000,000.00 07/26/02 05/17/02 1.960 9,000,000.00 11/13/02 01/08/02 1.840 5,000,000.00 07/02/02 04/02/02 2.150 5,000,000.00 10/01/02 06/03/02 1.920 30,000,000.00 12/09/02 06/14/02 1.870 30,000,000.00 12/11/02 03/18/02 2.110 2,000,000.00 09/18/02 04/23/02 1.970 3,000,000.00 10/21/02 02/26/02 1.910 2,000,000.00 08/26/02 03/11/02 2.030 12,000,000.00 09/09/02 04/26/02 1.960 3,000,000.00 10/24/02 01/07/02 1.880 6,000,000.00 07/01/02 02/26/02 1.950 14,000,000.00 08/26/02 06/ 19/02 1.880 10, 000, 000.00 12/ 16/02 25 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE LA JOLLA Silvergate Bank 02/04/02 1.900 5,000,000.00 08/02/02 Silvergate Bank 03/14/02 2.070 1,500,000.00 09/11/02 Silvergate Bank 03/13/02 2.090 3,500,000.00 09/11/02 LAKEPORT Lake Community Bank 06/26/02 1.900 2,000,000.00 01/15/03 LODI Farmers & Merchant Bk Cen CA 01/11/02 1.790 10,000,000.00 07/10/02 LOS ANGELES Broadway Federal Bank 01/08/02 1.850 2,500,000.00 07/08/02 Broadway Federal Bank 03/11/02 2.060 3,000,000.00 09/09/02 California Center Bank 04/03/02 2.150 10,000,000.00 10/01/02 California Chohung Bank 04/15/02 1.730 1,000,000.00 07/17/02 California Chohung Bank 02/19/02 1.870 4,000,000.00 08/19/02 California Chohung Bank 04/02/02 2.130 1,500,000.00 10/02/02 California Chohung Bank 03/28/02 2.140 4,000,000.00 10/02/02 California Chohung Bank 04/11/02 2.000 800,000.00 10/16/02 Cathay Bank 03/25/02 2.170 19,000,000.00 09/25/02 Cathay Bank 04/08/02 2.100 19,000,000.00 10/09/02 Cathay Bank 06/06/02 1.950 30,000,000.00 12/10/02 Cedars Bank 01/08/02 1.850 2,500,000.00 07/11/02 Cedars Bank 05/15/02 1.840 2,000,000.00 08/19/02 Cedars Bank 03/06/02 1.980 2,000,000.00 09/06/02 Cedars Bank 03/06/02 1.980 2,500,000.00 09/06/02 Cedars Bank 04/25/02 1.990 4,000,000.00 10/24/02 Eastern International Bank 05/07/02 1.890 900,000.00 11/07/02 Eastern International Bank 06/10/02 1.910 1,000,000.00 12/10/02 General Bank 06/07/02 1.770 25,000,000.00 07/03/02 General Bank 01/18/02 1.730 15,000,000.00 07/17/02 General Bank 01/28/02 1.860 20,000,000.00 08/01/02 General Bank 02/08/02 1.870 15,000,000.00 08/13/02 General Bank 02/20/02 1.870 15,000,000.00 08/22/02 General Bank 03/07/02 1.940 15,000,000.00 09/04/02 General Bank 03/18/02 2.100 20,000,000.00 09/18/02 Hanmi Bank 04/16/02 1.720 25,000,000.00 07/18/02 Hanmi Bank 05/02/02 1.780 20,000,000.00 08/01/02 Hanmi Bank 05/28/02 1.770 25,000,000.00 08/29/02 26 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE LOS ANGELES (continued) Hanmi Bank 06/20/02 1.750 25,000,000.00 09/19/02 Manufacturers Bank 05/01/02 1.770 10,000,000.00 07/31/02 Manufacturers Bank 03/11/02 2.050 30,000,000.00 09/09/02 Manufacturers Bank 03/21/02 2.110 20,000,000.00 09/20/02 Marathon National Bank 04/08/02 1.820 2,000,000.00 07/12/02 Marathon National Bank 02/04/02 1.930 2,000,000.00 08/05/02 Mellon First Business Bank 04/04/02 1.820 25,000,000.00 07/10/02 Mellon First Business Bank 05/02/02 1.780 25,000,000.00 07/31/02 Mellon First Business Bank 03/20/02 2.080 25,000,000.00 09/18/02 Mellon First Business Bank 06/19/02 1.750 25,000,000.00 09/26/02 Nara Bank, NA 04/22/02 2.000 5,000,000.00 10/21/02 Nara Bank, NA 04/18/02 2.000 10,000,000.00 10/21/02 Nara Bank, NA 06/17/02 1.870 5,000,000.00 12/16/02 Pacific Union Bank 01/03/02 1.860 10,000,000.00 07/02/02 Pacific Union Bank 03/05/02 1.920 20,000,000.00 09/04/02 Preferred Bank 07/16/01 3.550 6,000,000.00 07/16/02 Preferred Bank 05/09/02 1.810 4,000,000.00 08/08/02 Preferred Bank 05/28/02 1.800 7,000,000.00 08/29/02 Preferred Bank 06/10/02 1.800 9,000,000.00 09/10/02 Preferred Bank 03/18/02 2.120 9,000,000.00 09/18/02 Sae Han Bank 01/15/02 1.620 6,000,000.00 07/15/02 State Bank of India (Calif) 04/02/02 1.840 5,500,000.00 07/01/02 State Bank of India (Calif) 07/18/01 3.510 2,000,000.00 07/18/02 State Bank of India (Calif) 02/25/02 1.890 2,000,000.00 08/27/02 Western Federal Credit Union 04/22/02 2.000 5,000,000.00 10/21/02 Western Federal Credit Union 04/22/02 2.000 25,000,000.00 10/21/02 Wilshire State Bank 07/13/01 3.540 4,000,000.00 07/12/02 Wilshire State Bank 02/05/02 1.880 4,000,000.00 08/06/02 Wilshire State Bank 02/27/02 1.920 4,000,000.00 08/26/02 Wilshire State Bank 05/06/02 1.940 4,000,000.00 11/06/02 Wilshire State Bank 06/17/02 1.870 2,000,000.00 12/17/02 Wilshire State Bank 06/18/02 1.890 8,000,000.00 12/17/02 Wilshire State Bank 05/14/02 2.420 2,000,000.00 05/13/03 MANTECA Delta National Bank 04/04/02 1.850 1,000,000.00 07/10/02 Delta National Bank 04/10/02 2.040 2,000,000.00 10/11/02 MERCED County Bank 01/16/02 1.680 5,000,000.00 07/16/02 27 NAME MERCED (continued) County Bank County Bank County Bank MONTEREY PARK Trust Bank FSB Trust Bank FSB NORTH HIGHLANDS Safe Credit Union Safe Credit Union OAKDALE Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank OAKLAND Metropolitian Bank Metropolitian Bank Metropolitian Bank ONTARIO Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank Citizens Business Bank PALO ALTO Bank of Petaluma Bank of Petaluma Bank of Santa Clara Bay Area Bank Bay Area Bank Bay Bank of Commerce TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 02/26/02 1.930 5,000,000.00 08/26/02 04/15/02 2.020 5,000,000.00 10/16/02 06/06/02 1.930 10,000,000.00 12/ 10/02 01/02/02 1.860 3,000,000.00 07/01/02 04/02/02 2.160 3,000,000.00 10/01/02 01/14/02 1.750 5,000,000.00 07/15/02 02/06/02 1.870 20,000,000.00 08/15/02 04/08/02 1.800 2,500,000.00 07/12/02 06/05/02 1.770 1,500,000.00 09/10/02 03/22/02 2.640 2,000,000.00 03/20/03 03/25/02 2.180 1,000,000.00 09/25/02 04/29/02 1.930 1,000,000.00 10/28/02 05/28/02 1.940 1,000,000.00 11 /25/02 08/22/01 3.480 30,000,000.00 08/22/02 06/03/02 1.760 25,000,000.00 09/05/02 03/26/02 2.150 30,000,000.00 09/25/02 04/05/02 2.110 25,000,000.00 10/04/02 05/07/02 1.910 10,000,000.00 11 /07/02 02/25/02 1.910 3,500,000.00 08/23/02 03/13/02 2.070 12,000,000.00 09/11/02 02/25/02 1.910 20,000,000.00 08/23/02 01/14/02 1.760 5,000,000.00 07/15/02 04/29/02 1.880 5,000,000.00 10/28/02 04/29/02 1.900 5,000,000.00 10/28/02 28 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE PALO ALTO (continued) Coast Commercial Bank 01/14/02 1.780 5,000,000.00 07/15/02 Coast Commercial Bank 02/25/02 1.910 20,000,000.00 08/23/02 Cupertino National Bank 01/14/02 1.760 10,000,000.00 07/15/02 Cupertino National Bank 04/29/02 1.780 35,000,000.00 07/30/02 Cupertino National Bank 02/25/02 1.890 20,000,000.00 08/23/02 Cupertino National Bank 03/13/02 2.050 10,000,000.00 09/11/02 Golden Gate Bank 02/25/02 1.910 9,000,000.00 08/23/02 Mid -Peninsula Bank 02/25/02 1.900 5,000,000.00 08/23/02 Mid -Peninsula Bank 03/13/02 2.060 10,000,000.00 09/11/02 Mid -Peninsula Bank 04/29/02 1.890 35,000,000.00 10/28/02 Mt. Diablo National Bank 03/13/02 2.080 10,000,000.00 09/11/02 Peninsula Bank of Commerce 02/25/02 1.890 15,000,000.00 08/23/02 PALOS VERDES ESTATES Malaga Bank 02/22/02 1.910 2,000,000.00 08/22/02 Malaga Bank 03/15/02 2.060 2,000,000.00 09/12/02 Malaga Bank 04/26/02 1.900 4,000,000.00 10/24/02 Malaga Bank 06/25/02 1.840 4,000,000.00 12/23/02 PASADENA Community Bank 01/28/02 1.860 10,000,000.00 07/11/02 Community Bank 07/11/01 3.520 20,000,000.00 07/11/02 Community Bank 02/08/02 1.850 15,000,000.00 08/09/02 Community Bank 04/25/02 1.910 5,000,000.00 10/23/02 Community Bank 06/21/02 1.810 20,000,000.00 12/19/02 Wescom Credit Union 01/28/02 1.890 15,000,000.00 07/26/02 Wescom Credit Union 05/13/02 1.940 10,000,000.00 11/13/02 PLACERVILLE El Dorado Savings Bank 02/08/02 2.250 5,000,000.00 02/07/03 El Dorado Savings Bank 03/07/02 2.390 5,000,000.00 03/07/03 El Dorado Savings Bank 03/22/02 2.640 5,000,000.00 03/20/03 El Dorado Savings Bank 04/12/02 2.640 10,000,000.00 04/10/03 El Dorado Savings Bank 05/02/02 2.390 5,000,000.00 04/30/03 El Dorado Savings Bank 06/10/02 2.360 20,000,000.00 06/10/03 PLEASANTON Valley Community Bank 03/14/02 2.080 5,000,000.00 09/12/02 29 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE POMONA PFF Bank and Trust 02/28/02 1.890 8,000,000.00 08/30/02 PFF Bank and Trust 06/03/02 2.000 20,000,000.00 12/09/02 PORTERVILLE Bank of the Sierra 04/22/02 2.020 10,000,000.00 10/21/02 RANCHO SANTA FE La Jolla Bank, FSB 02/01/02 1.880 10,000,000.00 08/06/02 La Jolla Bank, FSB 08/06/01 3.500 15,000,000.00 08/06/02 La Jolla Bank, FSB 03/01/02 1.910 10,000,000.00 09/04/02 La Jolla Bank, FSB 05/28/02 1.920 10,000,000.00 11/19/02 La Jolla Bank, FSB 05/23/02 1.960 15,000,000.00 11/19/02 RED BLUFF Tehama Bank 07/03/01 3.620 5,000,000.00 07/03/02 REDDING North Valley Bank 06/12/02 1.920 3,000,000.00 12/11/02 REDWOOD CITY Provident Central Credit Union 05/01/02 1.900 20,000,000.00 10/29/02 ROCKLIN Five Star Bank 04/04/02 2.150 2,000,000.00 10/01/02 RICHMOND Mechanics Bank 07/11/01 3.520 10,000,000.00 07/11/02 Mechanics Bank 08/13/01 3.490 10,000,000.00 08/13/02 Mechanics Bank 03/15/02 2.040 10,000,000.00 09/12/02 Mechanics Bank 10/12/01 2.380 10,000,000.00 10/15/02 Mechanics Bank 05/07/02 1.890 10,000,000.00 11/07/02 Mechanics Bank 03/07/02 2.390 10,000,000.00 03/07/03 Mechanics Bank 04/05/02 2.710 10,000,000.00 04/01/03 Mechanics Bank 04/25/02 2.440 10,000,000.00 04/23/03 Mechanics Bank 06/12/02 2.340 10,000,000.00 06/12/03 30 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SACRAMENTO American River Bank 01/11/02 1.780 1,000,000.00 07/10/02 American River Bank 03/29/02 2.140 2,000,000.00 08/29/02 American River Bank 03/29/02 2.140 2,000,000.00 09/25/02 American River Bank 04/10/02 2.010 1,500,000.00 10/11/02 American River Bank 06/26/02 1.820 1,000,000.00 12/23/02 American River Bank 01/14/02 2.200 1,500,000.00 01/14/03 Bank of Sacramento 05/14/02 1.820 1,500,000.00 08/12/02 Bank of Sacramento 03/21/02 2.130 2,000,000.00 09/20/02 Bank of Sacramento 05/28/02 1.970 2,000,000.00 11/25/02 Golden One Credit Union 03/22/02 1.920 10,000,000.00 07/19/02 Golden One Credit Union 03/22/02 2.160 10,000,000.00 09/20/02 Golden One Credit Union 04/25/02 1.910 10,000,000.00 10/23/02 Golden One Credit Union 05/23/02 1.950 10,000,000.00 11/19/02 Golden One Credit Union 06/07/02 2.010 10,000,000.00 01/09/03 Merchants National Bank 07/23/01 3.460 2,000,000.00 07/23/02 Merchants National Bank 04/17/02 1.960 2,000,000.00 10/17/02 River City Bank 01/07/02 1.860 2,000,000.00 07/01/02 River City Bank 01/28/02 1.870 3,000,000.00 07/29/02 River City Bank 02/26/02 1.930 2,000,000.00 08/27/02 River City Bank 04/02/02 2.150 4,000,000.00 10/01/02 U.S. Bank 02/04/02 1.930 25,000,000.00 08/02/02 U.S. Bank 02/19/02 1.890 25,000,000.00 08/23/02 U.S. Bank 05/06/02 1.940 50,000,000.00 11/06/02 Union Bank of California 04/17/02 1.960 150,000,000.00 10/17/02 Union Bank of California 05/08/02 1.890 150,000,000.00 11/05/02 Union Bank of California 06/18/02 1.820 100,000,000.00 12/16/02 United California Bank 03/06/02 1.960 82,000,000.00 09/06/02 SAN BERNARDINO Business Bank of California 04/09/02 1.800 8,000,000.00 07/12/02 Business Bank of California 05/06/02 1.810 12,000,000.00 08/07/02 SAN DIEGO First Future Credit Union 03/01/02 1.890 5,000,000.00 08/30/02 First Future Credit Union 05/29/02 1.930 5,000,000.00 11/25/02 First Future Credit Union 06/21/02 1.810 3,000,000.00 12/18/02 First United Bank 01/18/02 1.680 2,000,000.00 07/18/02 First United Bank 02/15/02 2.300 1,000,000.00 02/14/03 Neighborhood National Bank 02/22/02 1.910 2,000,000.00 08/22/02 31 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN FRANCISCO Bank of Canton California 07/16/01 3.550 25,000,000.00 07/16/02 Bank of Canton California 08/31/01 3.470 20,000,000.00 08/30/02 Bank of Canton California 04/12/02 2.030 15,000,000.00 10/10/02 Bank of Canton California 05/22/02 1.930 25,000,000.00 12/03/02 Bank of Canton California 06/11/02 1.970 20,000,000.00 01/15/03 Bank of Canton California 03/08/02 2.390 20,000,000.00 03/07/03 Bank of the West 04/15/02 1.740 50,000,000.00 07/01/02 Bank of the West 04/02/02 1.850 84,000,000.00 07/01/02 Bank of the West 01/24/02 1.780 76,500,000.00 07/23/02 Bank of the West 02/20/02 1.870 100,000,000.00 08/20/02 Bank of the West 05/20/02 1.790 142,000,000.00 08/21/02 California Federal Bank 01/04/02 1.860 50,000,000.00 07/03/02 California Federal Bank 02/22/02 1.900 50,000,000.00 08/22/02 California Federal Bank 06/07/02 1.790 50,000,000.00 09/05/02 California Federal Bank 04/15/02 2.010 100,000,000.00 10/16/02 California Pacific Bank 03/28/02 1.830 1,000,000.00 06/27/02 California Pacific Bank 04/10/02 1.770 1,000,000.00 07/17/02 California Pacific Bank 05/16/02 1.810 1,000,000.00 08/27/02 California Pacific Bank 05/29/02 1.770 1,000,000.00 08/27/02 Oceanic Bank 03/15/02 2.040 4,000,000.00 09/12/02 Trans Pacific National Bank 02/05/02 1.880 1,000,000.00 08/05/02 Trans Pacific National Bank 03/19/02 2.110 200,000.00 09/19/02 Trans Pacific National Bank 03/19/02 2.110 800,000.00 09/19/02 United Commercial Bank 12/21/01 1.840 25,000,000.00 07/02/02 United Commercial Bank 04/04/02 1.840 30,000,000.00 07/10/02 United Commercial Bank 07/31/01 3.480 40,000,000.00 07/31/02 United Commercial Bank 02/28/02 1.900 30,000,000.00 08/30/02 United Commercial Bank 06/05/02 1.790 35,000,000.00 09/10/02 SANJOSE Comerica Bank of California 04/09/02 1.800 71,000,000.00 07/12/02 Comerica Bank of California 05/07/02 1.800 183,000,000.00 08/07/02 Comerica Bank of California 06/06/02 1.800 63,000,000.00 09/05/02 Heritage Bank of Commerce 02/15/02 1.900 2,000,000.00 08/15/02 Meriwest Credit Union 01/18/02 1.750 5,000,000.00 07/19/02 Meriwest Credit Union 02/28/02 1.920 5,000,000.00 08/28/02 Meriwest Credit Union 05/07/02 1.920 5,000,000.00 11/07/02 Meriwest Credit Union 06/18/02 1.900 5,000,000.00 12/17/02 San Jose National Bank 04/30/02 1.780 20,000,000.00 07/30/02 San Jose National Bank 02/13/02 1.840 20,000,000.00 08/14/02 Santa Clara Co. Fed. C.U. 02/05/02 1.880 15,000,000.00 08/06/02 32 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN LUIS OBISPO First Bank Of San Luis Obispo 05/14/02 1.830 6,000,000.00 08/12/02 First Bank Of San Luis Obispo 06/26/02 1.800 5,000,000.00 09/24/02 Mission Community Bank 03/08/02 2.010 1,000,000.00 09/05/02 Mission Community Bank 04/09/02 2.030 2,500,000.00 10/10/02 Mission Community Bank 06/11/02 1.920 1,000,000.00 12/10/02 San Luis Trust Bank 01/08/02 1.840 1,350,000.00 07/11/02 San Luis Trust Bank 04/24/02 1.930 1,000,000.00 10/23/02 SAN MARINO East West Federal Bank 01/04/02 1.860 42,000,000.00 07/09/02 East West Federal Bank 06/10/02 1.780 35,000,000.00 09/10/02 East West Federal Bank 02/07/02 2.260 35,000,000.00 02/07/03 East West Federal Bank 05/15/03 2.370 38,000,000.00 05/15/03 SAN RAFAEL Westamerica Bank 07/18/01 3.510 25,000,000.00 07/18/02 Westamerica Bank 07/30/01 3.490 50,000,000.00 07/30/02 Westamerica Bank 04/09/02 2.570 35,000,000.00 04/10/03 SAN RAMON EBTEL Federal Credit Union 01/02/02 1.840 1,000,000.00 07/01/02 EBTEL Federal Credit Union 02/13/02 1.800 750,000.00 07/18/02 EBTEL Federal Credit Union 02/14/02 1.860 1,000,000.00 08/13/02 SANTA BARBARA FNB of Central California 01/25/02 1.810 15,000,000.00 07/25/02 FNB of Central California 03/11/02 2.040 10,000,000.00 09/09/02 FNB of Central California 04/10/02 2.020 10,000,000.00 10/11/02 Santa Barbara Bank & Trust 01/25/02 1.800 30,000,000.00 07/25/02 Santa Barbara Bank & Trust 02/08/02 1.850 16,000,000.00 08/15/02 Santa Barbara Bank & Trust 04/02/02 2.130 10,000,000.00 10/01/02 Santa Barbara Bank & Trust 05/01/02 1.900 10,000,000.00 10/29/02 SANTA CLARITA Valencia Bank & Trust 03/19/02 2.110 4,000,000.00 09/19/02 33 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SANTA MARIA Hacienda Bank 03/11/02 2.030 1,000,000.00 09/09/02 SANTA ROSA National Bank of the Redwoods 01/28/02 1.860 5,000,000.00 07/26/02 National Bank of the Redwoods 04/26/02 1.970 10,000,000.00 10/24/02 Redwood Credit Union 02/28/02 1.950 17,000,000.00 08/28/02 Central California Bank 03/04/02 1.920 1,000,000.00 09/05/02 STOCKTON Pacific State Bank 01/08/02 1.850 1,000,000.00 07/02/02 Pacific State Bank 04/10/02 2.040 1,000,000.00 10/11/02 Union Safe Deposit Bank 01/23/02 1.820 15,000,000.00 07/25/02 Union Safe Deposit Bank 02/14/02 1.930 5,000,000.00 08/15/02 Union Safe Deposit Bank 02/14/02 1.930 10,000,000.00 08/15/02 Union Safe Deposit Bank 03/01/02 1.930 5,000,000.00 09/04/02 Union Safe Deposit Bank 03/01/02 1.930 10,000,000.00 09/04/02 Union Safe Deposit Bank 04/11/02 2.070 10,000,000.00 10/10/02 Union Safe Deposit Bank 05/07/02 1.930 10,000,000.00 11/07/02 Union Safe Deposit Bank 06/12/02 1.940 10,000,000.00 12/11/02 Washington Mutual Bank 01/24/02 1.770 60,000,000.00 07/23/02 Washington Mutual Bank 02/19/02 1.870 60,000,000.00 08/19/02 Washington Mutual Bank 06/17/02 1.870 45,000,000.00 12/16/02 SUNNYVALE Asiana Bank 03/21/02 2.110 1,500,000.00 09/20/02 TORRANCE China Trust Bank (USA) 04/18/02 1.750 30,000,000.00 07/19/02 China Trust Bank (USA) 02/15/02 1.910 20,000,000.00 08/16/02 China Trust Bank (USA) 03/14/02 2.060 35,000,000.00 09/12/02 South Bay Bank 01/25/02 1.830 1,000,000.00 07/24/02 South Bay Bank 05/07/02 1.840 4,000,000.00 08/07/02 South Bay Bank 03/01/02 1.890 3,000,000.00 08/29/02 South Bay Bank 06/19/02 1.800 2,000,000.00 09/12/02 34 TIME DEPOSITS DEPOSIT NAME DATE TORRANCE (continued) South Bay Bank 03/15/02 TRACY Service First Bank 02/05/02 Service First Bank 06/28/02 TUSTIN First Fidelity Investment & Loan 04/16/02 First Fidelity Investment & Loan 05/08/02 First Fidelity Investment & Loan 06/04/02 Sunwest Bank 04/26/02 Sunwest Bank 04/09/02 Sunwest Bank 05/10/02 Sunwest Bank 06/10/02 VACAVILLE Travis Credit Union 02/28/02 WATSONVILLE Monterey Bay Bank 01/07/02 Monterey Bay Bank 03/20/02 Monterey Bay Bank 04/12/02 Monterey Bay Bank 06/17/02 WHITTIER Quaker City Bank 12/28/01 Quaker City Bank 01/08/02 Quaker City Bank 04/05/02 Quaker City Bank 05/24/02 TOTAL TIME DEPOSITS JUNE 2002 35 YIELD 2.030 1.900 1.790 1.730 1.800 1.940 1.750 1.770 1.780 1.770 PAR MATURITY AMOUNT ($) DATE 5,000,000.00 09/12/02 2,000,000.00 08/05/02 2,000,000.00 09/17/02 10,000,000.00 07/18/02 15,000,000.00 08/08/02 15,000,000.00 09/10/02 2,500,000.00 07/12/02 3,500,000.00 07/12/02 7,800,000.00 08/12/02 1,000,000.00 09/10/02 1.930 40,000,000.00 08/28/02 1.860 8,000,000.00 07/10/02 2.100 8,000,000.00 09/19/02 2.000 3,000,000.00 10/10/02 1.890 3,000,000.00 12/16/02 1.830 10,000,000.00 07/12/02 1.860 14,000,000.00 07/12/02 2.110 16, 000, 000.00 10/04/02 1.930 25,000,000.00 12/03/02 5,177,695,000.00 BANK DEMAND DEPOSITS JUNE 2002 ($ in thousands) DAILY BALANCES DAY OF BALANCES WARRANTS MONTH PER BANKS OUTSTANDING 1 $ 1,064,942 $ 2,883,978 2 1,064,942 2,883,978 3 1,434,899 2,227,462 4 783,998 2,028,241 5 759,976 2,307,723 6 561,230 2,315,361 7 920,019 2,457,239 8 920,019 2,457,239 9 920,019 2,457,239 10 437,652 2,415,164 11 496,593 2,251,078 12 563,089 2,322,384 13 458,663 2,344,477 14 766,344 2,548,978 15 766,344 2,548,978 16 766,344 2,553,714 17 612,161 2,146,074 18 763,921 2,243,662 19 314,547 2,013,411 20 590,110 3,060,760 21 1,203, 656 2,807,970 22 1,203, 656 2,807, 970 23 1,203, 656 2,807, 970 24 3,599,322 2,347,415 25 2,683, 560 2,261,111 26 1,281,697 2,164,983 27 1,281,181 2,173,715 28 949,635 2,188, 550 29 949,635 3,772,550 30 949,635 3,774,175 AVERAGE DOLLAR DAYS $ 1,009,048 a/ a� The prescribed bank balance for June was $ 876,342. This consisted of $ 714,662 in compensating balances fot services, balances for uncollected funds of $ 171,935 and a deduction of $ 10,255 for June delayed deposit credit. DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on June 19, 2002, 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 No. 1636 $ 714,662,000 The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: Time Deposits in Various Financial Institutions In Securities (sections 16503a Estimated From To Transactions (section 16430)* and 16602)` Total ( 1) 6/17/2002 6/21/2002 $ 2,179,200,000 $ 43,684,005,000 $ 5,190,195,000 $ 48,874,200,000 (2) 6/24/2002 6/28/2002 $ 1,319,200,000 $ 45,003,205,000 $ 5,190,195,000 $ 50,193,400,000 (3) 7/1/2002 7/5/2002 $ (888,200,000) $ 44,115,005,000 $ 5,190,195,000 $ 49,305,200,000 (4) 7/8/2002 7/12/2002 $ (251,300,000) $ 43,863,705,000 $ 5,190,195,000 $ 49,053,900,000 (5) 7/15/2002 7/19/2002 $ 309,900,000 $ 44,173,605,000 $ 5,190,195,000 $ 49,363,800,000 (6) 7/22/2002 7/26/2002 $ (38,900,000) $ 44,134,705,000 $ 5,190,195,000 $ 49,324,900,000 (7) 7/29/2002 8/2/2002 $ (1,128,000,000) $ 43,006,705,000 $ 5,190,195,000 $ 48,196,900,000 (8) 8/5/2002 8/9/2002 $ 370,600,000 $ 43,377,305,000 $ 5,190,195,000 $ 48,567,500,000 (9) 8/12/2002 8/16/2002 $ 1,053,500,000 $ 44,430,805,000 $ 5,190,195,000 $ 49,621,000,000 (10) 8/19/2002 8/23/2002 $ 401,400,000 $ 44,832,205,000 $ 5,190,195,000 $ 50,022,400,000 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 $ 714,662,000. POOLED MONEY INVESTMENT BOARD: Signature on file at STO & SCO Chairperson Member Dated: June 19, 2002 Government Code Member BOARD MEMBER ITEMS WSJ.com - Major Business News Page 1 of 7 i}ther Journal Sites In Today's Paper Columnists Portfolio Setup Center Discussions As of Tuesday, August 6, 2002 Are Fannie Mae, Freddie Mac Running Out of Room to Grow? By PATRICK BARTA Staff Reporter of THE WALL STREET JOURNAL Site Mal) When it comes to increasing home Help ownership in America, the past five Contact Us years have been a golden age. Loci Out Richmond, Va., is an example of why. nsl R .tl, TIIF WPri Low interest rates easycredit and Editions Print Editions Cusco v,pr Service � strong job growth combined to push the homeownership rate in Richmond Today In: above 76%, from about 62% in 1997. BARRON'S Online The gains are helping revitalize some of the city's most troubled neighborhoods. @ Your Service Give a perfect gift But when asked whether the rate will go The Online Journal OPEN: The Small much higher, economic development Business NetworkSM. director John Woodward pauses. Many Go! who aren't homeowners prefer to rent, he says, and others aren't ready financially to own. "At some point, you reach saturation," he says. Markets such as Richmond raise a tough question for Fannie Mae and freddic Mac, the two financial giants that purchase home mortgages, thereby freeing lenders to make new home loans. With homeownership already so high, are Fannie and Freddie running out of room to grow? Rapid Growth They have more than tripled in size in a decade, with Fannie becoming America's second-largest company in Search Quotes & Resear( ldvanced Search (e Symbol(s) i NarT HITTING THE CEILING? • Freddie's Profit Increases 21 %, but Loan Expans Crimped 07/24/02 • Fannie's Growth Incentives Raise Concern Amor 07/17/02 • Fannie's Net Rises 4.40� Despite Withered Portfc 07/16/02 COMPANIES Dow Jo Fannie Mae (FNM) PRICE 71.51 CHANGE -1.50 U.S. dollars 4:00 p.m. Freddie Mac (FRE) PRICE 59.70 CHANGE -1.31 U.S. dollars 4:01 p.m. A, RELATED INDUSTRIES • Real Estate Personalized Home Page Setup Put headlines on your homepage about the coml industries and topics that interest you most. http://online.wsj.com/article/0„SB 102858052018332880-search,00.htm1?collection=wsjie/3(... 8/6/2002 WSJ.com - Major Business News Page 2 of 7 assets (after Citigroup) and Freddie the fifth largest. This huge size and rapid grove coupled with their concentration in a single industry, has brought concern about pc risk to the U.S. economy should one of them ever fail. Efforts in Congress to curb growth have, for the most part, gone nowhere. But now, a new possibility is emer€ that the natural forces of the marketplace could tame Fannie and Freddie. Fannie and Freddie have "already gotten all the low -hanging fruit," says James Bit president of Bianco Research in Chicago. Research firm Fulcrum Global Partners in a report earlier this year that Fannie and Freddie face "the mathematical inevital market saturation," in part because of the difficulty in finding new, untapped pock new homeowners nationwide. They face an eventual future of slower growth and decreasing profit margins, said the report, and "we believe the only quibble is over exact timing." Concerns about the finite size of the market come amid a new challenge to Fannie Freddie's share of it. Many of the dozen Federal Home Loan Banks -- which, like 1 and Freddie, operate under a government charter -- have begun aggressively prom program to provide some of the same mortgage services to lenders, often at lower The Federal Home Loan Banks have a low cost of borrowin as Fannie and Freddie do. They, too, benefit from a market perception that they would be bailed out by the federal gove in a crisis. They also share with Fannie and Freddie an exerr from some state and local taxes. However, unlike Fannie an, Freddie, they don't have public shareholders. That means the needn't aim for as high a return on equity and thus can char€ for services, says Alex Pollock, president of the Federal Hoi Bank of Chicago, who designed a mortgage -buying progran nine of the banks now use. IMMAN"M Other mature companies that begin to saturate their markets Alex Pollock about for new ones to enter. But Fannie and Freddie have government charters that bar them from doing business outside the mortgage indu; No one expects Fannie and Freddie to stop growing altogether, and any meaningft slowdown, analysts say, is still several years away. Donald Gher, chief investment of money manager Coldstream Capital Management in Bellevue, Wash., calls the possibility of slower growth "the critical issue for these companies" but believes it be five to 10 years before their growth slows. Fannie and Freddie don't deny the possibility that growth won't always be as strong as it has been in recent years -- h their loan portfolios grew 16% and 28%, respectively -- but they say there's still pl room to grow. Fannie and Freddie were created by the federal government decades ago to improi efficiency of the mortgage market. By purchasing mortgages that banks and other make, they quickly replenish the lenders' capital. The companies' importance was underscored after Sept. 11, when capital continued to flow to the homebuying mar despite the economic uncertainty. Fannie and Freddie earn the bulk of their money by pocketing the interest on the h http://online.wsj.comlarticle/0„SB 102858052018332880-search,00.html?collection=wsjiel3(... 8/6/2002 WSJ.com - Major Business News Page 3 of 7 they purchase and hang onto. In other cases, they package home loans into securiti sale on Wall Street, while issuing a guarantee that the loans will be repaid. THE GIANTS' TURF Fannie Mae and Freddie Mac's increasing size and reach have sparked speculation that the two companies will eventually face growth constraints, In addition, the Federal Home loan Banks' program may pose a challenge to Fannie and Freddie's hold on the mortgage market. But face a new competitor Value of loans In Federal dome Loan Banks' new competing mortgage program $30 billion 20 10 r$0.03 0_ I �$0"900a�� 1997 1998 1999 2000 2001 2002 After doubling their sizes roughly every six years recently, Fannie and Freddie ne own or guarantee 44% of home mortgag( according to the Mortgage Bankers Asso of America. The figures are more impres in view of the companies' limitations -- s ban on buying "jumbo" mortgages larger $300,700 and lenders' disinclination to sc adjustable -rate loans. In the prime-qualit: vanilla home mortgages that have histori, made up the bulk of Fannie and Freddie',, operations, the percentage they own or gi is more than 80%. Contrary to those seeing a slowdown, Fa Mae Chief Economist David Berson exp U.S. mortgage debt outstanding to grow i faster this decade than its 7%-a-year pac( 1990s. He sees the total such debt at betv $11.5 trillion and $14 trillion by 2010, cc with about $6 trillion now. His estimates based on various assumptions, such as th homeownership will continue to grow, particularly among low-income and min( families, and that home prices will keep t producing bigger mortgages. Some lende economists say his estimates are too bulli 'The current nm*et has 56 trillion in deto outstanding. In any case, Ken Posner, a mortgage -fins Soufm: Mortgage aantrers Association cr ARrerica; analyst at Morgan Stanley, says skeptics Federal Home Loan aank of chkago Fannie's and Freddie's potential are in soi missing the point. Whatever happens to mortgages' growth rate, he says, the companies can continue to use their cost adva to buy up existing pools of mortgages that currently are held by others, such as institutional investors. Fannie and Freddie make the same point. More Like Funds Such purchasing, however, makes Fannie and Freddie more and more like investrr funds and less like financiers of new lending, which some believe is a departure fr mission. Already, the companies generate much of their growth by buying mortga, backed securities they previously issued and then putting them in their portfolios, that boosts their profits considerably. But critics say that strategy doesn't do much promote homeownership, while adding even more risk to the economy, since the companies are taking on interest -rate risk in opting to own the securities. Mr. Posner figures Fannie and Freddie could own or guarantee $13.3 trillion in m( by 2020, reflecting a double-digit growth rate for the next 20 years or so, and that http://online.wsj.com/article/0„SB 102858052018332880-search,00.html?collection=wsjie/3(... 8/6/2002 WSJ.com - Major Business News Page 4 of 7 some point, they own the whole market." Even this sort of growth could face some risks, he says. For one thing, sustained p of more and more mortgages would require Fannie and Freddie to issue a staggeril amount of debt in order to have the funds to buy them. It would also require them to do a breathtaking volume of hedging. Every time Fai Freddie buy a mortgage loan, they take on risks, especially risk based on what inte rates will do. They hedge this risk by buying derivatives that shelter them from the harm interest -rate swings could cause. But with demand for derivatives swelling, i from Fannie and Freddie, "there just isn't enough hedging product" to fulfill the m market's needs, says Howard Shapiro, an analyst at Goldman Sachs. He nonethele; maintains a "strong buy" rating on the companies because he thinks they look bett, short-term basis than many other stocks. Fannie and Freddie also seek growth by trying to squeeze out more revenue from parts of the mortgage market, including subprime loans and home appraisals. But subprime loans -- to home -buyers with blemished credit -- carry much higher risk: a relatively small market. And expansion into businesses such as appraisals only ii criticism from banks and entrenched real-estate interests, which have long compla that Fannie and Freddie have an unfair advantage because their government spons, gives them cheaper capital. Partly to blunt the unfair -advantage argument, Fannie Freddie recently agreed to file financial statements with the Securities and Exchan Commission, a move they had long fought. Exacerbating these pressures is the Federal Home Loan Bank program shepherded Pollock. The Federal Home Loan Banks, known as "Flubs," borrow money on Wa on behalf of member lenders that don't have easy access to capital markets and the to those banks. Mr. Pollock has now added to this function a mortgage program la in the mid- 1990s: The Flubs buy mortgages directly from their member lenders, p] those loans in their portfolios just as Fannie and Freddie do. One difference is what happens to the mortgages' "credit risk," the risk that loans i paid back. When Fannie and Freddie buy a loan, they absorb the credit risk. They for doing so. But when the Federal Home Loan Banks purchase a loan, they let the retain much of the credit risk and pay it a fee to do so. Mr. Pollock says he came up with the idea while looking out his office whidow o-V downtown Chicago in 1994, "brooding" about Fannie's and Freddie's growing mai power. By his reckoning, the expansion of Fannie and Freddie was initially a goof introducing more efficiency and reducing risk in the mortgage market. But he cons the companies grew too big, along the way squeezing smaller banks and thrifts by too big a portion of the profits from each mortgage. Giving lenders another place t mortgages, Mr. Pollock says, will weaken Fannie's and Freddie's lock on the mark ultimately result in lower prices for consumers. He is picking up converts, such as Plantation Federal Bank, a community bank in Island, S.C., named after the rice plantations that once dotted the region. Over 18 1 Plantation Federal has shifted a big chunk of home -loan business to the Federal H1 Loan Bank system from Fannie and Freddie, selling the Flubs about $36 million o http://online.wsj.com/article/0„SB I02858052018332880-search,00.html?collection=wsjie/3(... 8/6/2002 WSJ.com - Major Business News Page 5 of 7 mortgage loans it made. Although "Freddie and Fannie do an excellent job from our standpoint," says Plan president, J. Edward Norris III, "we like it from the competitive standpoint that we have an alternative." He says Freddie has offered better prices for its services since started selling loans to the Federal Home Loan Banks. Mr. Pollock was so pleased with his invention that he got a patent on its software enshrined it in a plaque that hangs in his Chicago bank's headquarters. His prograr little more than a gnat to Fannie and Freddie -- it has just $31 billion in loans -- bu at a 47% annual clip in the first six months of this year, compared with less than 1 Fannie and Freddie. The Federal Home Loan Banks pay part of their profits to member lenders in the f dividends. So the more business lenders do with the program, the more they stand paid back in dividends. "On a basic economic model, [the Flub program] is better" Fannie and Freddie, says Bruce Morrison, a former chairman of Mr. Pollock's regi the Federal Housing Finance Board. "There is no conceptual reason why this prog couldn't be a major alternative." There remains some doubt as to how big a threat it will pose in the long run. The I haven't yet found a way to securitize their loans for sale in the secondary market. ( obstacle: The market likes simple and uniform securities, which is what Fannie an Freddie give them. Flub mortgages, with the credit risk divided up, are harder to g handle on. There's also considerable infighting among the 12 bank presidents. "I think everyone involved expected [the program] to be further along" by now, sa Angelo Mozilo, the chairman of Countrywide Credit Industries Inc. in Calabasas, Fannie Mae wasted little time reacting to the program when it first emerged in thf 1990s. In a confidential memo drafted for Chairman Franklin Raines in February Fannie Mae's head of investor relations warned that the program posed a threat ani need to focus on "minimizing" its success. The memo suggested a strategy of conN the Flubs that "our business is NOT a business in which they want to compete." 'Disturbing Similarities' In another company document, a Fannie Mae executive described possible macroeconomic risks of the program, saying it bore "some disturbing similarities t S&L crisis of the late 1980s." The document argued that Flubs, with little experier owning mortgages, were exposed to "catastrophic" credit risk, even though they st some of this risk with the lender that originated the loan. Fannie and Freddie say they don't oppose competition but think the Federal Home Bank program is unfair because Flubs have different standards on how much capit have to hold. The Flubs also don't have to follow the same congressionally manda affordable -housing goals as Fannie and Freddie. Fannie and Freddie have recently increasing their outreach to smaller lenders, which remain the most common users Flub program. http://online.wsj.com/article/0„SB 102858052018332880-search,00.html?collection=wsjie/3(... 8/6/2002 WSJ.com - Major Business News Page 6 of 7 In 2000, opponents considered seeking a cap on the volume of loans the Flubs cou purchase. Mr. Pollock and his backers barraged lawmakers with letters of support by numerous banks and trade associations. The efforts to impose a cap died. Many major mortgage lenders support the Flub program, seeing it as a way to exel competitive pressure on Fannie and Freddie. Smaller lenders see it simply as a cha get a better deal. At Community National Bank in Oregon, Wis., Chief Executive Behrend, though skeptical at first, now sends the majority of his loans through Mr Pollock's system at the Federal Home Loan Bank of Chicago. "We're small-time for" Fannie and Freddie, Mr. Behrend believes. Noting that stal the Chicago Federal Home Loan Bank return his calls quickly, he adds that there, treated like an MVP." Write to Patrick Barta at patrich.bartar~, sj.corn Updated August 6, 2002 ' E THI'' C. 0,44.I1- THIS 0 FORMAT FOR. PRINTING REPRINTS INFORMATION: To distribute multiple copies of this article, visit the Dow Jones Reprints site. Return To Top Corrections Contact Us Help About Dow Jones Mobile Devices E-mail Setup Account Information Privacy Policy Subscriber Agreement Copyright ©2002 Dow Jones & Company, Inc. All Rights Reserved Copyright and reprint information http://online.wsj.com/article/0„SB 102858052018332880-search,00.html?collection=wsjie/3(... 8/6/2002 T-itit 4 s4�4umrw MEMORANDUM TO: Members of the Investment Advisory Board FROM: John M. Falconer, Finance Director DATE: September 16, 2002 RE: Friday September 131h Meeting at LAIF Offices Chairman Mahfoud, Board Member Olander and myself toured the LAIF offices on Friday September 13'h. The LAIF office is located in the Capital Mall Building across the street from the State capitol and is within the State Treasurers office. The following information was obtained based upon our questions, questions others had and information generally provided by Dan Sherwood Director of Investments, Dan Dowell, Assistant Director of Investments and Eileen Parks, LAIF Administrator, who all work in the Treasurers Office. The meeting started at 9:00 AM and lasted until 11:00 AM and was held where purchases are made. Those visitors in attendance numbered 25 and LAIF staff. The total Pooled Money Investment Account (PMIA) staff is 15 employees. Of the fifteen employees three are credit analysts and five are traders. Trading generally lasts from 7:15 AM to 8:00 AM. LAIF is part of the PMIA, which generally purchases on average $800 million per day. LAIF's percentage of the pool is around 40% and includes over 3,000 city, county and special districts. The day we were there the amount invested was $500 million. The amount to be invested daily is determined by a cash flow forecast from the cash flow unit of the State Controllers Office. Mr. Dan Dowell directs the daily activities. On September 13th purchases were made in Commercial Paper and Yankee CD's. There were eight trades ranging from $20 million to $150 million with the largest number of trades at $50 million. The PMIA uses Citicorp in New York City as its third party custodian and holds all investments to maturity. All transactions conducted by the Treasurers Office are sent over to the State Controllers Office for approval and disbursement of funds. Mr. Sherwood made it clear that the Treasurers office does not have the authority to disburse funds. In response to Chairman Mahfoud, Mr. Sherwood stated that in his tenure with the Treasurers office (30 years) he was not aware of a loss on investments. Mr. Sherwood stressed that the PMIA is a cash flow fund that has a buy and hold policy. Chairman Mahfoud also asked if PMIA had any soft dollar agreements with its brokers and responded that they did not. Mr. Sherwood stated that PMIA has 82 broker/dealers on their approved list and generally talks to 15 on a normal day. The brokers call the PMIA and know what to show the traders. Mr. Sherwood stated that they utilize Bloomberg and Telerate for current market. Mr. Sherwood indicated that LAIF funds are considered "hot funds" within the PMIA which means that they can be withdrawn at any time by a LAIF participant. Other participants in the pool are the General Fund and other State Funds that are mandated to be part of the pool. Mr. Sherwood stated that based upon this arraignment the PMIA has to invest in shorter maturities to meet any unexpected withdrawals from LAIF participants, which results in lower yields to the General Fund. Mr. Falconer asked Mr. Sherwood if there had been consideration of allowing participants to pledge their funds for a longer term. Mr. Sherwood stated that there had been talk about this in the past; however, he believed that there are other investment vehicles available for this strategy. It was my sense from his answer that they are comfortable with the current system and that this change would require either a directive from the State Treasurer or the Legislature. Mr. Dan Dowell then went over the daily routines for investing. He mentioned that the PMIA has been aggressive in investing in asset backed Commercial Paper, which he believed generated greater yields than other Paper. The PMIA can invest in A2/P2 paper which is a lower grade then the City Al/P1 restriction. Mr. Falconer asked if they were having difficulty obtaining Commercial Paper. Mr. Sherwood answered that GE Capital, for instance, is not issuing as much Commercial Paper as in the past ($30 billion vs. $80 billion). I asked Mr. Sherwood if they have had to deal with the 10% per Commercial Paper issuer limitation and he said that part of the credit review process is to insure that this limitation is adhered with. The Department of Finance is responsible for this area of oversight. Also, the traders are notified if they are close to the limitation so those two traders do not purchase Paper from brokers that would exceed the limitation. Mr. Dowell also discussed the time deposit program that the State Treasurer has increased to get invested funds into banks throughout the State and introduced Mr. Bill Dowd who administered the program. I asked Mr. Dowd if he believed that the banks might become dependent on these funds if the economy slowed down and he responded that they monitor the bank's credit ranking and CRA reports before making an investment in the bank. He did not believe that the amounts invested in the banks by the PMIA would create any dependence. I also asked a follow up question about the apparent concentration in certain geographic areas — the Central Valley and South Central Los Angeles and the lack of investment in San Diego County banks. Mr. Dowd responded that the program is open to all eligible banks in the State. In response to another visitor's question, if the fund has any social restrictions on investments, Mr. Dowell stated that the Treasurer does have a list of tobacco companies that it will not invest in. In addition, the Treasurer is very concerned about institutions that engage in predatory lending practices to low and moderate income households. Mr. Dowell stated that they were instrumental in working with lending institutions in packaging FNMA insured Real Estate Investment Trusts (REIT's) for the PMIA to invest in. They have shown this to the Public Employees Retirement System (PERS) and they have begun investing in these instruments. The presentation ended and the visitor's had an opportunity to visit other staff members. I then had the opportunity to meet several of the people I have talked to on the phone when depositing or withdrawing funds in person. Chairman Mahfoud met with Mr. Bill Sherwood separately and Board Member Olander had an opportunity to speak with Mr. Dowell. TO: Members of the Investment Advisory Board FROM: John M. Falconer, Finance Director DATE: September 16, 2002 RE: Friday September 13"' Meeting at LAIF Offices Chairman Mahfoud, Board Member Olander and myself toured the LAIF offices on Friday September 131h. The LAIF office is located in the Capital Mall Building across the street from the State capitol and is within the State Treasurers office. The following information was obtained based upon our questions, questions others had and information generally provided by Dan Sherwood Director of Investments, Dan Dowell, Assistant Director of Investments and Eileen Parks, LAIF Administrator, who all work in the Treasurers Office. The meeting started at 9:00 AM and lasted until 11:00 AM and was held where purchases are made. Those visitors in attendance numbered 25 and LAIF staff. The total Pooled Money Investment Account (PMIA) staff is 15 employees. Of the fifteen employees three are credit analysts and five are traders. Trading generally lasts from 7:15 AM to 8:00 AM. LAIF is part of the PMIA, which generally purchases on average $800 million per day. LAIF's percentage of the pool is around 40% and includes over 3,000 city, county and special districts. The day we were there the amount invested was $500 million. The amount to be invested daily is determined by a cash flow forecast from the cash flow unit of the State Controllers Office. Mr. Dan Dowell directs the daily activities. On September 13th purchases were made in Commercial Paper and Yankee CD's. There were eight trades ranging from $20 million to $150 million with the largest number of trades at $50 million. The PMIA uses Citicorp in New York City as its third party custodian and holds all investments to maturity. All transactions conducted by the Treasurers Office are sent over to the State Controllers Office for approval and disbursement of funds. Mr. Sherwood made it clear that the Treasurers office does not have the authority to disburse funds. In response to Chairman Mahfoud, Mr. Sherwood stated that in his tenure with the Treasurers office (30 years) he was not aware of a loss on investments. Mr. Sherwood stressed that the PMIA is a cash flow fund that has a buy and hold policy. Chairman Mahfoud also asked if PMIA had any soft dollar agreements with its brokers and responded that they did not. Mr. Sherwood stated that PMIA has 82 broker/dealers on MEMORANDUM TO: The Honorable Mayor and Members of the La Quinta City Council and Members of the City Commissions FROM: M. Katherine Jenson, City Attorney DATE: September 10, 2002 RE: Campaign Contribution Issues With the election approaching, I thought it would be appropriate to provide a reminder regarding the solicitation of campaign contributions from City officials and City employees, and the use of City property for campaigning. 1. General Prohibition of Targeted Solicitations of City Officials/Employees: No City officials may solicit campaign contributions, directly or indirectly, from other City officers or from City employees. This restriction is imposed by Government Code Section 3205, which states: An officer or employee of a local agency shall not, directly or indirectly, solicit a political contribution from an officer or employee of that agency, or from a person on an employment list of that agency, with knowledge that the person from whom the contribution is solicited is an officer or employee of that agency. This bars City officials who are campaigning for office from soliciting contributions from other City officials or from City employees. It also bars other City officials or City employees from soliciting contributions from City officials or City employees on behalf of a candidate. 2. Incidental Solicitations As Part Of A Mass Solicitation Are Not Prohibited. The restriction outlined above does not prohibit incidental solicitations of City officers or City employees where the campaign materials are sent out to a large number of persons. Government Code Section 3205 states: [Section 3205] shall not prohibit an officer or employee of a local agency, or a candidate for elective office in a local agency, from requesting political contributions from officers or employees of that agency if the solicitation is part of a solicitation made to a significant segment of the public, which may include officers or employees of that local agency. 3. City Employees and City Officers May Make Campaign Contributions. While there are the above outlined restrictions on solicitations, City officers and employees are free to make contributions and candidates are free to accept them, subject to the normal reporting requirements. The State statutes and Constitution expressly protect the rights of government 119/015610-0002 318503.01 PM02 The Honorable Mayor and Members of the La Quinta City Council and Members of the City Commissions Page 2 officers and employees to independently contribute to, and participate in, political activities. The State Legislature has declared that "political activities of public employees are of significant statewide concern", that the provisions in the Government Code "supersede all provisions on this subject in the general law of ... any city" and that except as provided in the Government Code, "no restriction shall be placed on the political activities of any officer or employee of a state or local agency." (Gov. Code, §§ 3201, 3203.) The permitted activities can take the form of contributions or other campaign involvement, such as hosting events, walking precincts, or displaying yard signs. All reporting requirements must be complied with. 4. No Campaigning on City Property. In Resolution 98-109, the City prohibits Council Members or candidates from engaging in political activity during working hours in City offices or work areas, where such activity would disrupt the workplace. For purposes of the restriction, the City defines the area of prohibition to include the areas behind the counters, but excludes the City Council Chambers and the Council Member offices. Should you have any questions, please feel free to contact me at (714) 641-3413. 119/015610-0002 318503.01 PM02 2002 LO AL AGENCY INVESTMENT FUND CONFERENCE AGENDA a SEPTEMBER 12, 2002 8:30 a.m. Registration (Activity Building, 2"d Floor) 9:00 a.m. �'� Welcome and Introductions (Room 204) Eileen L. Park, LAIF Administrator California State Treasurer's Office, Investment Division Pledge of Allegiance Introduction of Local Investment Advisory Board Patricia Elliott Leslie Wells Byron Scordelis Robert Torrez Staff Introductions LIAB Executive Secretary Theodore H. Eliopoulos State Treasurer's Office staff 9:15 a.m. Economic Recovery — Are We There Yet? (Room 204) Maury Harris, Ph.D., Managing Director and Chief Economist for the Americas, UBS Warburg 10:00 a.m. Break 10:15 a.m. An Overview of LAIF Operations and PMIA Goals and Objectives (Room 204) William Sherwood, Director of Investments, California State Treasurer's Office Daniel Dowell, Asst. Director of Investments, California State Treasurer's Office 11:30 a.m. Local Government Legislation — Current Year Legislation and the Legislative Agenda for 2003 (Room 204) Mike Reynolds, Treasurer, City of Redlands (CMTA) Legislative Committee Chair 12:00 p.m. Lunch (Room 203) Luncheon Speaker., State Treasurer Philip Angelides 1:30 p.m. Issues for Local Agency's Radar Screen (Room 204) Christine Solich, Pension Investment Officer, State Treasurer's Office, Investment Division Mark Goldfus, Merrill Lynch & Co. James Moss, Fitch Ratings Ronald E. Salluzzo, KPMG Consulting 2:45 p.m. A Review of the FY 2002/03 Budget and its Impact to Local Agencies (Room 204) Marianne O'Malley, Legislative Analyst Office 3:30 p.m. Conference Adjournment and Evaluation 2002 LOCAL GOVERNMENT LEGISLATION LOCAL AGENCY INVESTMENT FUND ANNUAL CONFERENCE SEPTEMBER 12, 2002 MICHAEL REYNOLDS CMTA LEGISLATIVE CHAIR ITEMS OF INTEREST FROM THE CURRENT SESSION SB 68--Declares that local agency funds that have been deposited in L.A.I.F. are not "state funds", and are being held "in trust" for the depositing agency. AB 81--Shifts responsibility for assessing electric generation facilities with a generating capacity of 50 megawatts or more from local assessors to the state Board of Equalization. SB 905--Regulates the use of payroll deductions, limiting the use to those few items contained in the Government Code. AB 1243--Assembly's attempt at another bill to regulate allowable payroll deductions, trying to lessen the blow of some of SB 905's excesses. AB 1458—Authorizes the State Board of Equalization to approve offers in compromise of up to $10,000 and to abate interest under the Fee Collection Procedures Law. SB 1466—Restricts public agencies from entering into a labor contract for services unless it knows that the contract provides sufficient funds to allow the contractor to comply with all labor laws and regulations. SB 1661—Provides disability compensation for the sickness or injury of a family member, domestic partner or the birth or adoption of a new child. AB 1939—Requires the Legislative Analyst's Office to submit a report to the Legislature on or before January 1, 2004, that analyzes and evaluates the fiscal, housing, land use, and administrative impact on the state and local affairs of local jurisdictions, had the provisions of this bill been adopted as originally written. AB 1961—Provided the necessary revenue to the State Board of Equalization to be able to continue the tax sharing information program established by AB 63, which was effective January 1, 2002. AB 2065—Omnibus Revenue and Taxation Budget Trailer Bill, making the various changes in the tax law necessary to implement the 2002-03 Budget. AB 2122—Allows the City of Los Angeles to invest up to 40% of its temporarily idle funds in commercial paper, following the standards currently in effect for counties. AB 2182—Allows counties to invest their portfolio similar to a money market fund, reducing or eliminating some of the limitations on short- term portfolios. AB 2388—Extends the sunset date of the Franchise Tax Board's debt collection program, collecting court -ordered debt on behalf of 22 counties. AB 2792—Prohibits agencies contracting with PERS from amending a PERS contract without the consent of the employee's bargaining unit. AB 2833—Would mandate minimum industrial disability benefits that significantly exceed current law, adding a higher minimum base for industrial disability retirement. WATCH THESE SNEAK BACK NEXT SESSION! AB 680—Reallocation of sales taxes for communities in the Sacramento area ... for now. 513 910—Requires that specified transportation funding be reduced to any city that fails to have an approved housing element. AB 1105—Allows Department of Finance to determine when the VLF fees should "trigger", and allows this to pass by a majority vote rather than by two-thirds vote by declaring that this merely "clarifies existing law." AB 2242—Would tie minimun wage to the Consumer Price Index, to be adjusted for inflation every January beginning in 2003. WW\g,J,F_Gj�to.CA_Gc�Y Economic September 2002 Maury Harris +1-203-719 7301 mury.harris@ubsw.com James O'Sullivan +1-203-719 8688 Susan Hering +1-203-719-8985 Samuel Coffin +1-212-713 2473 Stacy Nemeroff +1-212-713 2961 Andrew Groat +1-203-719 1252 US Economic Outlook ■ Forecasts 2 ■ Forecast Rationale, Risks and Signposts 3 ■ Corporate Governance: Investor Trust and Public Policies 4 ■ Productiv,ty, Patents and Technological Change 5 ■ Leading Indicator of Inflation 6 ■ Household Debt Burdens and Savings Patterns 7 ■ Wealth and Income Distribution 8 ■ Home Prices 9 ■ Job Quality and Average Hourly Earnings 10 ■ Capital Spending 11 ■ Capital Flows, Balance of Payments and the Dollar 12 ■ Monitoring the Post-9/11 Environment 13 ■ Main Street 14 O�eUBS ti'�Tarl�t�r~ US Economic Outlook September 2002 Economic Outlook GDP Forecast ■ 2002 (Q4/Q4): +2.9% ■ 2003 (Q4/Q4): +3.8% Core CPI Forecast ■ 2002 (Dec/Dec): +2.0% ■ 2003 (Dec/Dec): +2.7% Unemployment Rate Forecast ■ 2002 (Q4): 6.2% ■ 2003 (Q4): 5.5% Federal funds rate Bond yields 20 12 forecast 15 10 8 10 6 4 4.0% 5 eoy 2 1.3% 0 0 2 -5 87 89 91 93 95 97 99 01 03 63 68 73 78 83 88 93 98 03 Nominal Fed funds rate Real Fed funds rate Average Nominal 10-year yield Real 10 year yield Average Real Fed funds rate = Fed funds rate — core CPI inflation Real 10-year Treasury yield = nominal yield — core CPI inflation Source: Federal Reserve Board. Bureau of Labor Statistics, UBSW Source: Federal Reserve Board, Bureau of Labor Statistics, UBSW Federal budget deficit heading into triple digits $bil 300 200 100 0 -100 -200 -300 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Source: Treasury Department, UBSW __6 � �V' C�rl 1'k V/' A/ 5.5% 2.8% eoy 2 UBS Warburg LLC US Economic Outlook September 2002 Forecast Rationale, Risks and Signposts Rationale ■ Projected growth recovery under the around 5% average pace in the first two years of past U.S. economic recoveries. This is mainly due to the absence of typical post -recession venting of pent-up (i.e., delayed) household demand, which did not seem to be delayed during the last recession. ■ However, the problems causing the last recession —a capital spending crash & the accompanying sharp inventory correction —are stabilizing with passage of time. ■ Related job losses in cyclical sectors have declined and are playing a much lesser role in preventing overall net job formation. It should start to moderately rise with further near -term job gains in noncyclical sectors no longer being offset by job losses in now stabilizing cyclical sectors. ■ Households probably are not dangerously leveraged yet & likely sustainable real estate wealth effects have limited potential negative stock market wealth effects. Major Risks ■ The balance of near -term risks is for less than expected growth. However, the balance of intennediate-tenmm risks is for more than expected growth. ■ Near -term downside risks reflect negative business spending effects because of a selective credit crunch and a weak stock market. ■ Upside intermediate -term risks are an eventual sharp venting of pent up business inventory and capital goods demands, which have been considerably delayed. Major Signposts ■ Weekly jobless claims ■ Capital goods orders ■ Credit crunch evidence ■ Equity & real estate asset prices 3 UBS Warburg LLC US Economic Outlook September 2002 Corporate Governance Investor Trust and Public Policies Poll: What individual investors see affecting the US investment Poll: Is the Enron situation a sign of broader problems with the way climate companies report their financial condition or an isolated incident? % of respondents indicating that the Hurting a Hurting a No effect Helping a little Percentage of respondents below situation is: lot little or a lot 90 Questionable accounting 68 practices in business 80 11 3 3 70 Corporate earnings 47 26 9 13 50 War on terrorism 40 31 10 15 25 Conflict between Israelis & 30 Palestinians 36 36 22 15 10 U.S. economic conditions 30 38 12 18 U.S. tax policy 25 28 26 18 -10 Economic situation in S. America 13 40 31 3 A sign of broader problems An isolated incident Source: UBS Index of Investor Optimism, July 2002 Source: ABC News/Washington Post Poll. Latest: Jan. 24-27, 2002 Poll: "Do you think that the current cases of wrongdoing among Poll: "Which is your view of government regulations: most are chief executives of major businesses represent a problem of a few necessary and protect consumers or the environment, or most are corrupt individuals in a system that is mostly honest and above unnecessary and harm the economy?" board. OR a widespread problem in which many business executives are taking advantage of a system that is failing?" Percentage of respondents % indicating that regulations are necessary or unnecessary 70 81 60 47 52 60 40 50 40 30 40 33 30 20 20 10 0 0 Jan-95 Jul-02 A widespread problem A few corrupt individuals ■ Most are necessary Most are unnecessary Source: NBC News/Wall Street Journal. Latest: July 19-21, 2002 Source: NBC News/Wall Street Journal. Latest: July 19.21, 2002 Criminologists report that the overall US crime rate has partly reflected probabilities of apprehension, as represented by police per capita. The recent apparent rise in white collar "business crimes " likely reflects, in part, lower perceived probabilities of apprehension, as symbolized by well-known lower odds of tax audits. Fewer corporate tax audits ...and fewer individual tax audits Percent of returns audited, Large corporations (assets > $250 mil) Percent of returns audited, high income taxpayers (Income > $100.000) 60- 55 50 48 3'3 2.9 2.5 40 34 2.5 31 2 1.8 1.5 1.7 1.5 30 1.5 1.1 20 1 0.8 10 0.5 0.5 0 0 1992-1994 1995-1997 1998-2000 2000 1992 1993 1994 1995 1996 1997 1998 1999 2000 Source: Transactional Records Access Clearinghouse, Syracuse University Source: Transactional Records Access Clearinghouse, Syracuse University 4 UBS Warburg LLC US Economic Outlook September 2002 Productivity, Patents and Technological Change Rising R&D and patents = Faster pace of technological change and innovation = Better productivity growth than normal for a given rate of overall economic growth Nonfarm business output and productivity* Productivity usually rises during business expansions and falls during recessions. Nonfarm business output and productivity, 8 1960-2001 7 5 2002* • X a 4 • ♦ • : Normal 2 2001 • • ♦ ♦� relationship 1 • ♦♦ ri c 0 0 1 • -2 -8 -3 2 7 12 Output, O41Q4 % ch. * 2002 is 02(02)/Q2(01) % change. Source: Bureau of Labor Statistics, UBSW Patent grants and productivity % ch, decade to decade avg annual % ch 70 3.5 60 Nonfarm business productivity growth (right) 3.0 50 , Patent grant growth rate (left) 2.5 40 2.0 30 1.5 20 1.0 10 0.5 0 0.0 60s 70s 80s 90s Nonfarm business productivity, %change 8 6 4 2 0 -2 -4 60 64 68 72 76 80 84 88 92 96 00 Source: Bureau of Labor Statistics Shaded areas mark recessions Rising R&D and related patent grant "payoffs" Annual patent grants, 000s Industry -funded R&D, % of GDP 200 00 2.0 150 J � V1 1.5 50 0.5 0 0.0 58 63 68 73 78 83 88 93 98 Patent grants (left) R&D (right) Source: Bureau of Labor Statistics, US Patent and Trademark Organization Source: US Patent and Trademark Organization, National Science Foundation, Bureau of Economic Analysis Patent applications usually grow except during periods of war, depression, and accelerating inflation. 300,000 2001 Patent applications, 3-year moving average 250,000 200,000 WW2 Inflationary 70s 150,000 100,000 I� 50,000 Great Depression 0 1860 1880 1900 1920 1940 1960 1980 2000 Source: US Patent and Trademark Organization 5 UBS Warburg LLC US Economic Outlook September 2002 Leading Indicator of Inflation In 24 of the past 30 years, the direction of change in "core" (nonfood, nonenergy) consumer price inflation has been the same as the direction of change in the UBSW Leading Indicator of Inflation in the previous year. Ingredients of the UBSW Leading Indicator of Inflation In 23 of the past 30 years, the direction of change of Core CPI inflation was the same as the direction of change of the UBSW Leading Indicator of Inflation in the previous year. ISM prices ISM vendor performance Trade -weighted dollar Industrial prices Oil prices Unemployment rate Agricultural prices 6 5 4 cam d 3 cc U f0 0 ¢` -2 -3 -4 10 -5 0 5 10 Leading Indicator, % change in previous year Source: Bureau of Labor Statistics, UBS Warburg Turning points in the UBS Warburg Leading Indicator of Inflation lead Fed funds rate easing and tightening cycles Fed easing cycles Fed tightening cycles Easing Leading Indicator Fed Funds Rate Leading Indicator Tightening Leading Indicator Fed Funds Rate Leading Indicator Cycle Peak Starts Falling Lead Time (months) Cycle Trough Starts Rising Lead Time (months) 89 Mar-89 Jul-89 4 94 Jan-93 Jan-94 12 94 Dec-94 Jun-95 6 97 Feb-96 Mar-97 13 97 Nov-97 Sep-98 10 99 Sep-98 Jun-99 9 00 Mar-00 Jan-01 9 01 Dec-01 Q103 est 13-15 est Average 7 Average 11 Source: Federal Reserve Board, UBS Warburg 6 UBS Warburg LLC US Economic Outlook September 2002 Household Debt Burdens and savings Patterns More leverage is not necessarily too much leverage. Rising real (inflation -adjusted) incomes in recent decades have ...as expenditures on necessities have accounted for a lesser enabled households to service a larger debt load... share of income. 95 85 75 65 55 Thousands of 2000$ 51 49 47 45 43 45 ITTTr—IT I I I . II. 41 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 Debt/income ratio, % (left) Real median family income (right) Source: Federal Reserve Board, Bureau of the Census. Bureau of Labor Statistics. Note: Debtlincome ratio is (mortgage debt + consumer credit)/(disposable income) The cyclical overall commercial bank consumer delinquency rate has not been in a higher long term trend despite more leverage. Nominal consumption of nondurables and energy services share of disposable income, % 4U ^^ 35 30 25 20 70s 80s 90s Source: Bureau of Economic Analysis Lower mortgage rates have enabled more household leverage via mortgage debt, also without a trend rise in delinquencies. 24 % 3 85 % % 4.5 1Q02 20 1 2 2.5 65 3.5 - --- ---- - R - - 45 2.5 16 Trend 2 Trend delinq. rate delinq. rate 25 1.5 12 1.5 70 75 80 85 90 95 00 70 75 80 85 90 95 00 Mortgage debUincome (left) Installment debtfiincome ratio (left) Delinquency rate (right) Conventional mortgage delinq. rate Source: Federal Reserve Board, American Bankers Association, Bureau of Economic Source: Source: Federal Reserve Board, Mortgage Bankers Association, Bureau of Analysis. Delinquency rate based on eight types of closed -end consumer bank Economic Analysis Delinquency rate based on conventional mortgages with loans with balances 30 or more days past due. payments 30 or more days past due. Many factors other than the stock market will continue to depress savings rates of the affluent. Savings rates among lower- and middle -income groups have The lower overall savings rate is due to higher -income earners. risen from their early-1990s lows. Saving rate by income percentile,4-quarter moving average, % 6 5 4 3 2 1 0 -1 -2 1992 1993 1994 1995 1996 1997 1998 1999 2000 1-20 %ile 21-40 %ile 41-60 %ile Source: Federal Reserve Board Saving rate by income percentile,4-quarter moving average, % 6 4 2 0 -2 -6 1992 1993 1994 1995 1996 1997 1998 1999 2000 - - — 61-80 %ile 6 1 -100 %ile Source: Federal Reserve Board 7 UBS Warburg LLC US Economic Outlook September 2002 Wealth and Income Distribution Around 85% of taxable capital gains are reported by only around 3'V2 % of all taxpayers Tax Data & Wealth Effects: Shares of all realized taxable capital gains in Adjusted Gross Income (AGI) categories (1999) Other (9.2% of taxpayers') 35% 51 % $100,000- $1 mil. AGI > $1 mil AGI (3.5% of taxpayers') (0.1 % of taxpayers') Source: Internal Revenue Service `Only 12.9% of taxpayers paid capital gains taxes in 1999. 7%2% of taxpayers report around 42% of income and pay around 61% of taxes Distribution of income and taxation, 1999 Adjusted Gross Income Number of taxpayers as a AGI as a share of total Tax payments as a share (AGI) Categories share of total taxpayers AGI of total tax payments $1 to $50,000 72.3% 33.1% 15.0% $50,000 to $75,000 13.2% 18.3% 13.0% $75,000 to $100,000 6.1 % 12.0% 10.5% $100,000 to $200,000 5.6% 16.7% 18.5% $200,000 to $500,000 1.5% 9.7% 14.7% $500,000 to $1,000,000 0.3% 4.2% 7.6% $1,000,000 or more 0.2% 11.7% 20.7% Six figures & above 7.5% 42.4% 61.5% Source: Internal Revenue Service Estimated Share of Real Estate Wealth by Household Income (1998) $1-$25,000 $100,000 or more 25.5% P22.11% $25,000-$50,000 37.0% $50,0004100,000 Source: Federal Reserve Board, Survey of Consumer Finance, 1998 8 UBS Warburg LLC US Economic Outlook September 2002 Existing home prices Home Prices Mortgage rates and tax policy % % Last time real house Liberalized capital 12 pdce gains were similar gains treatment 20 to recent experience enacted 15 8 10 i >� � 4 0 — r— -0 -5 71 76 81 86 91 96 01 71 76 81 86 91 96 01 30-year mortgage rate minus annual CPI inflation, % Real existing home price appreciation', 5-yr % change, a.r. 5-year % change, a.r. Year/year % change Source: National Association of Realtors Homeownership rates and housing price inflation 5-yr % change, annual rate 6 4 2 0 -2 70 68 A 66 • '"� 64 62 60 71 76 81 86 91 96 01 Real existing home price appreciation (left) Homeownership rate (right scale) Adjusted using CPI annual inflation Source: Federal Reserve Board, Bureau of Labor Statistics, National Association of Realtors Homeownership rates and real (wage -adjusted) mortgage rates 12 7 2a ..3 71 76 81 86 91 96 01 30-year conventional mortgage rate minus AHE inflation, % (left) Homeownership rate (right scale) Adjusted using CPI annual inflation Source: Federal Reserve Board, Bureau of Labor Statistics, Census Bureau Source: Bureau of Labor Statistics, National Association of Realtors, Census Bureau Rising role of largest home builders, who are less likely to "overbuild" in a given location Change in homes sales, 1990-2001 250% ""'"' 200% 150% 100% 50% 0% Big 10 builders Overall home sales Source: UBS Warburg 70 68 66 64 62 60 9 UBS Warburg LLC US Economic Outlook September 2002 Job Quality and Average Hourly Earnings Job growth: "high -wage" and "low -wage" industries Last year the composition of jobs shifted to high -wage jobs, but the opposite trend is emerging so far this year %y/y, payrolls, "high wage' and Sow wage' industries 8 -4 y -8 73 77 81 85 89 93 97 01 High wage Low wage %y/y, differential in job growth rates, "high wage' vs. 'low wage" industries 3 0 -3 -6 73 77 81 85 89 93 97 01 Note: Shaded areas denote recessions. Sample measured differently in 73-88 data Note: Shaded areas denote recessions. Sample measured differently in 73-88 data than 89-02 data. Source: UBS Warburg LLC than 89-02 data. Source: UBS Warburg LLC "High -wage" versus "low -wage" job growth in recessions Relatively low -paid "temps" playing larger cyclical role Recession 12-mo % chg, year ending last month of recession High- wage jobs Low- wage jobs Differential (peak to trough) (High -Low) 11173.3175 -4.8 -3.2 -1.7. 1180.7180 -2.1 -0.7 -1.4 7/81.11182 -5.1 -1.2 -3:9 7190-3191 -1.6 -1.3 -0.3 3/01-12101 -1.4 -1.6 , 0.3 Source: UBS Warburg LLC Payrolls, help supply workers, in millions 4 3.5 3 2.5 2 1.5 1 0.5 0 82 84 86 88 90 92 94 96 98 00 02 Note: Shaded areas denote recessions Source: Bureau of Labor Statistics 10 UBS Warburg LLC US Economic Outlook September 2002 Capital Spending Stabilization on road to recovery "Core" nondefense capital goods orders Nondefense capital goods ex aircraft, $ bil 75 70 65 60 Jul 55 50 �- 98 99 00 01 02 Orders 3-month m.a. Source: Bureau of the Census Domestic demand: Real capital expenditures Selected measures of resource utilization 188 �94 104 88 100 J �. � / 82 96 76 92 70 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 Real GDP as a % of Potential (left) Industrial capacity utilization (right) Source: Congressional Budget Office, Federal Reserve Board, Bureau of Economic Analysis, UBS Warburg 2001 Seasonally adjusted annualized percentage change Level, billions of 2001 2002 Q3 04 01 Q2 1996 dollars Equipment and software 988.2 -9.2 -2.5 -2.7 3.1 Information processing equipment and software 548.5 -11.4 -1.2 6.7 12.0 Computers an peripheral equipment 239.9 -22.1 37.8 34.8 17.7 Software 182.0 -2.6 0.3 -3.6 9.9 Other 163.9 -16.0 -17.5 7.8 11.9 Industrial equipment 153.8 -17.3 -11.5 10.4 -6.3 Transportation equipment 163.6 -3.9 14.3 -29.7 -19.2 Other 144.5 1.8 -11.7 -4.6 16.8 Source: Bureau of Economic Analysis Domestic supply: Industrial production, business equipment in percent 2D01 share 4014Q Annual rate Monthly rate Jul 01 To 2001 2002 2002 1999 2000 2001 3Q 4Q 1Q 2Q Apr May Jun Jul Jul02 Business equipment 13.06 4.4 5.8 -12.6 -16.2 -14.2 -4.4 -2.2 -0.4 0.3 0.2 -0.1 -7.1 Transit 2.93 -3.9 -7.5 -13.1 -13.5 -28.1 -10.0 -12.2 -0.2 -1.7 -1.2 2.0 -15.8 Information processing* 5.04 15.6 16.4 -11.5 -18.2 -5.1 1.3 -1.9 -0.9 0.0 0.6 -0.8 -3.3 Industrial and other 5.08 -1.4 1.7 -14.6 -17.9 -13.3 -9.8 2.1 -0.3 2.4 -0.3 0.0 -5.9 Memo: Selected high-tech industries' 6.62 34.0 39.5 -15.6 -21.8 1.3 23.7 18A 1.0 1.8 0.7 0.1 11.0 Computers & office equip. 1.55 33.0 33.4 -8.2 -14.7 3.6 36.1 4.9 -0.7 -1.1 -0.6 0.0 7.8 Communications equip. 1.53 21.1 25.4 -24.4 -28.1 -25.9 -19.1 -4.7 -0.9 -0.5 0.9 -2.8 -16.7 Semiconductors & related 3.54 41.1 48.6 -14.9 -22.2 14.4 39.0 33.9 2A 3.8 1.2 1.1 25.1 Source: Federal Reserve Board Output in the information processing component of business equipment differs from high-tech industry output. About 2/3 of computer and office equipment output is classified as business equipment, the rest being materials or consumer goods: almost all of the communications equipment category falls into the business equipment category, but a small part is classified as materials. and semiconductors are classified as materials. 11 UBS Warburg LLC US Economic Outlook September 2002 Capital Flows, Balance of Payments and the Dollar Current account deficit and the dollar Current account balance as a share of GDP 1% -1 A -1 % -3 % -5% 73 78 83 Current account balance (left) Source: Bureau of Economic Analysis, Federal Reserve Board Equity capital inflows: Net global investor flows (via UBSW) into US equities and the dollar S mil 8000 qIq % ch, a.r. 20 15 4000 10 5 0 — 0 02 -5 -4000 -10 -15 -8000 -Y0 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Equity flow (left) Major currencies dollar index (right) Index r 140 120 100 80 88 93 98 Nominal major currencies dollar index (right) Recent weekly flows via UBSW into US equities $ mil 500 - 250 0 -250 -500 -750 -1000 Jul 5 Jul 12 Jul 19 Jul 26 Aug 2 Aug 9 Aug 16 Aug 23 Aug 30 Source: UBS Warburg Source: UBS Warburg Fixed income capital inflows: European net purchases (via UBSW) dollar -denominated sovereign and corporate debt Quarterly flows from European investors into dollar -denominated sovereign and corporate bonds, $ mil 9.000 6,000 3,000 0 -3,000 -6,000 00 01 02 Source: UBS Warburg Note: July flows at a monthly rate Jul 12 UBS Warburg LLC US Economic Outlook September 2002 Monitoring Post 9111 Environment Terrorism focuses on intimidation and weakening civilian morale Total international terrorist attacks,1977.2001 After September 11, America is no longer one of the "safest havens" from foreign terrorism Total international terrorist attacks 700 600 500 400 300 200 100 0 77 79 81 83 85 87 89 91 93 95 97 99 01 International terrorism Total attacks, Total casualties, attacks by region 1996-2001 1996-2001 North America 19 3,322 Eurasia 149 170 Africa 184 5,924 Middle East 188 2,267 Asia 319 4,725 Western Europe 353 965 Latin America 831 259 Source: Pattems of Global Terrorism, 1995, 2000, and 2001, US Department of State Source: Patterns of Global Terrorism, 2001, US Department of State Poll: Confidence in the ability of the US government to prevent Poll: Likelihood of another terrorist attack on the US within the further terrorist attacks against Americans in this country next few months % of respondents reporting a 'good amount" or a 'great deal' of confidence 70 64 58 52 46 40 Early Nov End Nov Jan-02 Mar-02 May-02 Jun-02 Jul-02 Source: ABC News/Washington Post poll. Latest: July 11-15, 2002 % of respondents 100 75 50 25 0 Early -Oct Late -Oct Feb Apr May June July ■ Very likely Somewhat likely ❑ Somewhat or very likely Source: CBS News Poll, July 8-9, 2002 Versus a year ago, Americans have mainly reduced foreign and air travel plans while increasingly utilizing other forms of transportation and spending more on durable goods Percentages planning expenditures in next six months Vacation US Abroad By car By plane By other means Major appliances Autos Homes Apr-01 46.2 38.4 8.8 24.1 22.4 3.0 29.8 7.7 3.6 Apr-02 44.7 38.7 7.8 25.6 18.3 3.7 31.3 7.8 3.9 change -1.5 0.3 -1.0 1.5 -4.1 0.7 1.5 0.1 0.3 Source: The Conference Board 13 UBS Warburg LLC US Economic Outlook September 2002 Main Street Poll: "What percent of your total investment portfolio is currently in Poll: "A year from now, do you think the stock market will be higher each of the following four categories?" than it is now, lower, or about the same?" Real estate investments 10% Cash, CDs, or money market Stocks or stock funds mutual funds 23% 49% Bonds or bond mutual funds 18% Source:: UBS Index of Investor Optimism, June 2002 Poll: Attractiveness of investments versus 6 months ago % of individual investor respondents indicating the investment is more attractive now than 6 months ago 75 60 45 30 15 0 Gold Real estate Silver Bonds Stocks CDs Source: UBS Index of Investor Optimism, June 2002 % of respondents 60 45 30 15 0 Much Somewhat About the Somewhat Much lower Don't know higher higher same lower Source: UBS Index of Investor Optimism, August 2002 Poll: "Do the recent scandals involving large corporations make you less likely to invest in the stock market or not?" % of respondents 75 60 45 30 15 0 Less likely Not less likely No opinion Source: CNNIUSA Today/Gallup, June 28-30, 2002 14 UBS Warburg LLC UBS NATarb urg This report was produced by: UBS Warburg LLC Street address: Warburg Dillon Read Center 677 Washington Blvd Stamford CT 06901 USA +1-203-719 1000 UBS Warburg Head office: 1 Finsbury Avenue London EC2M2PP UK +44-20-7567 8000 Distributed by UBS Warburg LLC This report has been prepared by the group, subsidiary or affiliate of UBS AG ("UBS") identified herein. 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