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2002 11 13 IABP.O. Box 1504 78-495 CALLE TAMPICO LA QUINTA, CALIFORNIA 92253 (760) 777-7000 FAX (760) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 November 13, 2002 - 5:30 P.M. Board Member Felice(Video Conference Location) Cisco Systems 170 West Tasman Dr., Bldg. 17, San Jose, California, 95134 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 October 9, 2002 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for September, 2002 B. Discontinuation of Treasury Sweep Option VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report October, 2002 B. Pooled Money Investment Board Reports — August, 2002 VII BOARD MEMBER ITEMS VIII ADJOURNMENT INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: November 13, 2002 ITFM TITI F- Transmittal of Treasury Report for September 30, 2002 BACKGROUND: Attached please find the Treasury Report for September 30, 2002. RECOMMENDATION: Review, Receive and File the Treasury Report for September 30, 2002. T4ht 4 �WQ�"rw MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for September 30, 2002 DATE: October 30, 2002 Attached is the Treasurer's Report for the month ending September 30, 2002. The report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Department. The following table summarizes the changes in investment types for the month: Investment Beginning Purchased Notes Sold/Matured Other Ending Change Cash $866,921 (1) ($189,083) $677,838 ($189,083) LAIF $17,959,597 (800,000) 17,159,597 (800,000) US Treasuries (2) $57,860,891 48,002 57,908,893 48,002 US Gov't Agencies (2) $14,913,219 7,943 14,921,162 7,943 Commercial Paper (2) $0 0 0 Mutual Funds $14,941,912 1 4,811,921 10,129,991 4,811,921 Total 1 $106,542,540 1 $0 $5,801,004 $55,945 $100,797,481 $5,745,059 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. i ohn M. Falconer finance 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. /° 30°Z ate . 062_1 C O c c c c c C C C 0x O Z O Z O Z O Z O Z O Z O Z O Z W S c _o co Ayy O d N c N c p a C C1 r�- op r U U U ey Q 7 m U O v E p U LL LL m a o w c ( d > c C m c m m m E m o N o c 0 c o 0 M c o w m > V y A C O L C W W N; C C C C C O. 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DEPOSITS (951.79) 0.00 0.00 0.00 0.00 0.00 0,00 0.00 (951.79) DEPOSITS TOTAL 147,568,21 0.00 0,00 0,00 0.00 0.00 0.00 0.00 147.568.21 GENERAL FIXED ASSETS 0.00 0.00 0.00 0,00 52.290,306,05 0.00 0.00 0.00 52,290.306.05 ACCUMULATED DEPRECIATION 0.00 000 0.00 AMOUNT AVAILABLE TO RETIRE L/T DEBT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 AMOUNT TO BE PROVIDED FOR LTT DEBT 0,00 0.00 1,694.231.51 0,00 0,00 160.998.172. 00 0.00 7 475,000.00 170.167,403.51 TOTAL OTHER ASSETS 0,00 0.00 1,694,231,51 0,00 52.290,306,05 160.998,172. 00 0.00 7,475.000,00 222,457,709.56 TOTAL ASSETS 63.089,870,15 20,359,334.94 1,694.231.51 69,843.682.45 52.290.306.05 160.998,172.00 9400.22 7.475,000. 00 375,759.997. 32 LIABILITIES: ACCOUNTS PAYABLE 451.007,60 0.00 0,00 (294,063,25) 0.00 0.00 0.00 0.00 156,944.35 DUE TO OTHER AGENCIES 98.227.35 0.00 0.00 0.00 (1 00 0.00 0.00 0.00 98,227.35 DUE TO OTHER FUNDS 48.640.50 0.00 0.00 1,459.920.81 0.00 0.00 0.00 0.00 1.508.561.31 INTEREST ADVANCE -DUE TO CITY 1,730,590A8 0.00 0,00 12,483.537.00 0,00 0.00 0.00 0.00 14,214.127. 18 ACCRUED EXPENSES 0.00 0.00 0,00 0,00 0.00 0.00 0.00 0.00 000 INTEREST PAYABLE 95,538.44 95.538.44 PAYROLL LIABILITIES 159.425.60 0.00 0.00 0.00 0,00 0.00 0.00 0.00 159425.60 STRONG MOTION INSTRUMENTS 3,148.94 0.00 0,00 0.00 0.00 0.00 0.00 0.00 3.148.94 FRINGE TOED LIZARD FEES 24,000.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 24,000.00 SUSPENSE 350.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 350.00 DUE TO THE CITY OF LA QUINTA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 PAYABLES TOTAL 2,515.390. 17 0.00 0.00 13,744.933.00 0.00 0.00 0.00 0.00 16,260.323. 17 ENGINEERING TRUST DEPOSITS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 SO. COAST AIR QUALITY DEPOSITS 0,00 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0,00 LORP DEPOSITS 0.00 0.00 0.00 17.220.00 0.00 0,00 000 0.00 17.220.00 DEVELOPER DEPOSITS 912,593.84 0.00 0.00 25,000.00 0.00 0.00 0.00 0.00 937.893.84 MISC. DEPOSITS 440.537.85 0.00 0.00 25,000.00 0.00 0.00 0.00 0.00 465,537 85 AGENCY FUND DEPOSITS 1,076,204. 12 0.00 0.00 0.00 000 0.00 0.00 0.00 1,076,204. 12 TOTAL DEPOSITS 2.429.635. 81 0.00 0,00 67.220.00 0.00 0.00 0.00 0.00 2,496,855.81 DEFERRED REVENUE 1,291 402.00 0,00 0.00 11,079.695.08 0.00 0,00 0.00 0.00 12,371.097,08 OTHER LIABILITIES TOTAL 1,291.402.00 0,00 0.00 11,079,695.08 0.00 0,00 0.00 0.00 12,371,097,08 COMPENSATED ABSENCES PAYABLE 0.00 0,00 422.197,92 0,00 0.00 0.00 0.00 0.00 422.197,92 DEVELOPER AGREEMENT 743,722,59 743,722.59 DUE TO THE CITY OF LA QUINTA 0.00 0.00 528.311.00 0,00 0.00 0.00 0.00 0.00 528,311,00 DUE TO COUNTY OF RIVERSIDE 0.00 0.00 0.00 0.00 0.00 2,250,000,00 0.00 0,00 2.250.000.00 DUE TO C.V. UNIFIED SCHOOL DIST. 0.00 0.00 0.00 0.00 0,00 8,063,172. 00 0.00 0.00 8,063,172.00 DUE TO DESERT SANDS SCHOOL DIST. 0,00 0.00 0,00 0.00 0,00 0,00 0.00 0,00 0.00 BONDS PAYABLE 0.00 0.00 0,00 0.00 0.00 150,685,000,00 0,00 7.475,000.00 158.160.000. 00 TOTAL LONG TERM DEBT 0.00 0,00 1,694,231,51 0,00 0.00 160,998,172.00 0.00 7.475,000.00 170,167,403. 51 TOTAL LIABILITIES 6,236,427.98 0.00 1.694.231.51 24,891,848,08 0.00 160,998,172. 00 0.00 7475.000.00 201,295,679. 57 EQUITY -FUND BALANCE 56.853,442,17 20.359,334,94 0.00 44.951,834. 37 52,290,306.05 0.00 9.400.22 0.00 174,464.317 75 TOTAL LIABILITY & EQUITY 63,089.870,15 20,359,334.94 1,694.231.51 69,843,682.45 52,290,306. 05 160,998,172. 00 9400.22 7,475,000. 00 375,759,997 32 (0.00) 0.00 0.00 0.00 0,00 0.00 0.00 0.00 (0.00) CASH & INVESTMENT TOTAL 100,966,764.51 PREMIUM/DISCOUNT ON INVESTMENT 1169-284 021 TOTAL 100,797,480.49 INVESTMENT ADVISORY BOARD Business Session: B Meeting Date: November 13, 2002 TITLE: Discontinuation of Treasury Sweep Option BACKGROUND: Interest rates on the Sweep Account (Dreyfus Treasury Fund) have continued to decline (see attachment) and are currently at .2175% (less than '/4 of 1 %). With this decline, Staff is recommending contacting Wells Fargo and discontinuing this option until interest rates increase and propose using our cash balances instead to offset bank charges. Our bank charges are currently averaging $1,200 per month with an average balance on hand of $500,000. For November Wells Fargo compensating cash balances rate is 1 .61 % which if applied would generate more of a credit to our expenses than the interest income generated from the Dreyfus Sweep Account. RECOMMENDATION: Authorize discontinue the Treasury Sweep Account, Staff to contact Wells Fargo. John M. Falconer, Finance Director CORPORATE CASH MANAGEMENT ACCOUNT Average Monthly Yield for investments of $100,000 to $1,000,000 Wells Fargo Government Treasury Plus Wells Fargo Commercial Sponsored Money Market Cash Money Dreyfus Treasury Paper A2/P2 Enterprises Fund Market Fund Prime Cash Mgmt Oct-2001 1.367% 0.995% 1.459% 1.832% 1.631% Nov-2001 1.026% 0.628% 1.041% 1.368% 1.229% Dec-2001 0.792% 0.374% 0.672% 0.971% 0.774% Jan-2002 0.656% 0.277% 0.519% 0.858% 0.646% Feb-2002 0.668% 0.307% 0.482% 0.650% 0.475% Mar-2002 0.698% 0.351% 0.463% 0.579% 0.478% Apr-2002 0.687% 0.349% 0.427% 0.534% 0.457% May-2002 0.713% 0.359% 0.408% 0.496% 0.458% Jun-2002 0.667% 0.375% 0.413% 0.481% 0.443% Jul-2002 0.638% 0.349% 0.377% 0.466% 0.430% Aug-2002 0.652% 0.343% 0.342% 0.423% 0.389% Sep-2002 0.669% 0.347% 0.331% 0.390% 0.317% Dc+ le o v . L 17 ,5"7 An investment in money market mutual funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. Wells Fargo Funds Management, LLC, a wholly -owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for the Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide sub -advisory and other services for the Funds. The Funds are distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company and its affiliates are not affiliated with Stephens Inc. The Dreyfus Corporation and certain of its affiliates, which are not affiliated with Wells Fargo or Stephens Inc., provide investment advisory, sub -advisory and/or shareholder services to the Dreyfus Funds. The Dreyfus Funds are sponsored and distributed by the Dreyfus Corporation, Member NYSE/SIPC. For more complete information about the Wells Fargo Money Market Funds or the Dreyfus Money Market Funds, including fees and expenses that apply to a continued investment in them, obtain a current prospectus by contacting your Institutional Brokerage & Sales representative. Please read the prospectus carefully before investing. Institutional Brokerage & Sales includes Wells Fargo Brokerage Services, LLC, and Wells Fargo Institutional Securities, LLC, brokerage affiliates of Wells Fargo & Company and members of the NASD and SIPC. Investments: • NOT FDIC insured • May lose value • No bank guarantee Revised 5101 INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: November 13, 2002 TITLE: Month End Cash Report — October 2002 BACKGROUND: This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances), but would report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. nance Director m 0 0 LL N N U O rL N m t No C O � U N is M J Lu 0 L 0 c o w O U CJ :>: O LO p OO LO M N to n 00 M Co M O M m 0 0 M Mtn t` t` m m O r N 0 o O O C. N a O M O M O O CO 0 0 0 0 C) to 00 (ov M O (DO O O M n to a N coo) N M M CO C) C) C) m O N co V M'rj 0 0 0 0 CD tp to O C14 0)r (nD M O M v v O M O p M N r n M M M M C C) O r- rn M M O O O t r 00 O O (D CD Lj M O W UO u') OA M t0 W EM V Ov 00 O O OD m M vM Mr to M to > toO r W M co oci M (0W M M M C� M C O 0) N N N r r W N 1� co d. V r n h O r Q LL N MO 2�N N N N N p) M M t0 LO �O 0 � co M co M M M M M >` LL N � N N tf7 O ui M M U g LL7 t0 M M � A M M - M - M N (7 O m U� QMi _ M M M LL N M `° O CDp N O U') M c M j 2 v M OD M 00 co 00 00 O n O rn ;° (D (oE) M Cc LL a) O M 1 V 3 U) CN v o 0 o >0 Cl) M o7 0 O m p� M O oD � O aO mY�N_OntitAOV-N- ^ 00 O O_ Cli M N to tU 00N Ci M p I� `- O N j U M LOM M LO LO C N v OM) N to N m p V _ LO MY re @ @ N O M o cn M M C O U U Q m W U v E d 0) a 0) N N O C M m 0 'y N > E w N (6 C m C d O m y C N N (C6 C m m O a'c O) a) a U U N N C c 0 C a) > o= w C M Y t�6 U m a d N a) a) a Z is E a) m Ea .O D Q N' F- d O m N N E E m OL w 0 0 ao'i U 'm m@ a3i yy` mUD(naf-2ZS c LLJ a LL Qa v Q n >> aoi c"oi o 0fl W M Q(n o Z 0-) LL02Q a 0 O O O O V W o r m N Cl M r W r N CDo Ln r 47 r N tD O O LO M C O N (D E 7 N w Nm C O N N C 0 O N O N C F- a-w U w m @ N Uco n U w to E a) 0).0 N O a) C U > N tl O C ~ U a N p- _d O @ am d a)CD o E 'O (D E C C tl U (N N w U y L C m F- > m C N H C N C ._ O -0 @ C C @ T .O a)C 2 E N 'C N m If O O E @ o-m a > o«T. r �C d� -0 a) a'O U Q. OO N D N O w to m C m 3 N C L (Dv@ nay E00 of @ U .L- m d Q U -0` w N rn m o N cm C N> C L LL � 'T F U m C a En to O m O N � X- 4? U� j L E y f L n n U C O V C Q a) m O O C N O N .a N tv 0 L... U N N 0 O C L-� U) 'O N N N N "O �i N 0�wa>� �2 2(D n° o > C (� � 2 L o.0 a y v m E r n U a C C d 9 7 0 N E to NE7 ' � m(D a N a O C EO Nm 0 4) @ N 70 L y w a)3 -tfu dal C w d 0 L m m n N ,D a m m to xLr N U C O N iri 3 CO o 'o > m C o -o w Z a u N En N 0 N > FQ F mCL @ ca LL N 11) V 64 FRB:Commercial Paper Rates and Outstandings Page 1 of 3 1° eder,1l Deserve Release Commercial Paper -T,11,111, Release I About I Outstandings I Historical, discount rates I Historical outstanding I Year end Data as of October 30, 2002 Commercial Paper Rates and Outstandings Derived from data supplied by The Depository Trust Company Posted October 31, 2002 Discount rates A2/P2 nonfinancial 1-day 1.80 1.80 1.94 7-day 1.77 1.79 1.99 15-day 1.69 1.71 1.94 30-day 1.68 1.65 2.01 60-day 1.64 1.65 2.04 90-day 1.62 1.61 2.11 Yield curve Monev market basis 1 7 15 30 60 Days to Maturity Financial — — — Nonfinancial ••••• A2/F'2 http://www.federalreserve.gov/Releases/CP/ Percent 2.15 2.10 2.05 2.00 1.95 1.90 1.85 1.80 1,75 1.70 1.65 1.60 10/31 /2002 FRB:Commercial Paper Rates and Outstandings Page 2 of 3 Discount rate spread Thirty -day A2/P2 less AA nonfinancial commercial paper (daily) 01,.1AN98 01 JAN99 016AN00 01 aAN01 01 JAN02 --- A2/P2 spread, 5—day moving average Discount rate history Thirtv-dav commercial paper (daily) 01,lAN98 — Finanoial — -- Nonfinancial ..— A2/P2 Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars 01 ,AANOZ Basis points 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 01,AAN03 Percent 8 7 6 3 4 3 2 1 01,dAN03 Billions of dollars http://www.federaireserve.gov/Releases/CP/ 10/31/2002 FRB:Commercial Paper Rates and Outstandings Page 3 of 3 1 30C 120r 11 or IM 90{ 800 01 JAN98 V I JHrvd'd V I JHrvVV V IJMNV I V I UMINVL — Financial --- Nanfhandal 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 iat)er outstanding Commercial_Daper_outstanding-, miscellaneous categories Volume Statistics 2002:03 360 340 320 300 280 250 240 220 200 180 150 140 01 ANO3 Release I About I Outstandings I Historical I Historical outstandin s I Year end I Horn_ e I Statistical releases Accessibility To comment on this site, please fill out our feedback form. Last update: October 31, 2002 http://www.federalreserve.gov/Releases/CP/ 10/31/2002 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --October 30, 2002 Pagel of 3 Federal Deserve Statistical. Release 1115 Selected Interest Rates (Daily) Release Date: October 30, 2002 Weekh release dates and announcements I historical data I About. Daily update Other formats ScY e c n reader 1 S_QII s>kz;> t�, Cor7lera The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday throug H.15 DAILY UPDATE: WEB RELEASE ONLY For immediate release SELECTED INTEREST RATES October 30, 2002 Yields in percent per annum 2002 2002 2002 2002 Oct Oct Oct Oct Instruments 28 29 30 31 Federal funds (effective) 1 2 3 1.79 1.75 Commercial paper 3 4 5 6 Nonfinancial 1-month 1.73 1.74 2-month 1.68 1.70 3-month 1.68 1.68 Financial 1-month 1.76 1.74 2-month 1.73 1.70 3-month 1.73 1.67 CDs (secondary market) 3 7 1-month 1.77 1.76 3-month 1.73 1.69 6-month 1.66 1.62 Eurodollar deposits (London) 3 8 1-month 1.76 1.74 3-month 1.74 1.71 6-month 1.65 1.63 Bank prime loan 2 3 9 4.75 4.75 Discount window borrowing 2 10 1.25 1.25 U.S. government securities Treasury bills (secondary market) 3 4 4-week 1.57 1.56 3-month 1.56 1.48 6-month 1.52 1.43 Treasury constant maturities 11 1-month 1.59 1.58 3-month 1.59 1.51 6-month 1.55 1.46 1-year 1.60 1.53 2-year 1.88 1.79 3-year 2.26 2.15 5-year 3.03 2.89 7-year 3.65 3.51 10-year 4.10 3.97 http://www.federalreserve.gov/Releases/H15/update/ 10/31 /2002 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --October 30, 2002 Page 2 of 3 20-year 5.15 5.05 Treasury long-term average (25 years and above) 12 13 5.23 5.14 Interest rate swaps 14 1-year 1.74 1.65 2-year 2.28 2.13 3-year 2.81 2.65 4-year 3.22 3.05 5-year 3.57 3.38 7-year 4.12 3.93 10-year 4.64 4.46 30-year 5.48 5.35 Corporate bonds Moody's seasoned Aaa 15 6.47 6.39 Baa 7.91 7.82 State & local bonds 16 Conventional mortgages 17 See overleaf for footnotes 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 http://www.federalreserve.gov/Releases/H15/update/ 10/31 /2002 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --October 30, 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. Weekly release dates and annouricc.ia cnts 11-listorical data I About Daily update Other formats Screen_ reader I ASCII Statistical releases i Lorne_ I 1 onoxnic re, arch anci_daWl Acc.cssihriitV I Coritict Us Last update: October 30, 2002 http://,,vww.federalreserve.gov/Releases/H 15/update/ 10/31 /2002 LAID Performance Report Page I of 2 Phil Angelides, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund LAIF Performance Report Reporting Date: 10/30/02 Effective Date: 10/30/02 Quarter Yield: 2.49% Daily- 2.43% Year: 2.60% Life, 187 Apportionment Rate: 2.63% Earnings Ratio'. .00007199563637577 Fair Value Factor: 1.005020041 Monthly Average For September: 2.604% http://ww-w.treasurer.ca.gov/laif/performance.htm 10/31/2002 LAIF Performance Report Page 2 of 2 Corpon Bond 5.30 Commercia Paper 23.40% Pooled Money Investment Account Portfolio Composition $44.6 Billion 9/39/02 Reverses Loans -0.23% Treasuries 13.12% 15.47% Deposits 11.40% 71 Adobe P€ F. version of LXF Performance. L"I Help with_ A_d__obe-Acrobat PDF. (gages .01% Agencies 18.65% * Treasuries * Mortgages E3 Agencies E CD'sA3N's 13 Time Deposits E3 Bankers Acceptances * Repo * Commercial Paper * Corporate Bonds 11 Loans N Reverses http://www.treasurer.ca.gov/laif/performance.htm 10/31/2002 E 0) N L O C N O N N E EL O d y (D '0 N C C 0I Q O N CL N > 7 Q N d U) L C C O) C 0) O N U N -0 Y () 0) d c y C N m M (D 0)Im C > L a d d 6 >, d f6 N y 0) 7 C .0 L O) C_ o y m d N N E ? C N U @ U ¢ > a° Q CD o E C 7 N U U V 7 E U U O Z Q Q IL H Q Q Q O) U CN LOO MO O)On InN n n OO V 000M rN pn N 610 O� O N M Ln `n n CoO M co ;Ev P v v co M 76 O F' (0O oo 0,OI 0)M C M Ln L N iy 00 0 0 ��n 0D Ln 00 Ln M n m t0 NO co0 M N MOOD N co M nQ1 N M t0 a M M CD In O6 Q O) O O t6 ` z5 p pa? O 00Ci V In In Q coC6 M W co Q N M Nt CO Q1 co CO 7 p V c? LO In M 0) ui( O U)UO Q 00 o Nam Nco0M0M vn 0)U M d-It uS I': N r p co �0 rnMo Op co Ln OpoLn O 00OOM C,N N N llnn 0N 00 MOU7 M O Mn In dCo n c6 � C Y d Q J O N _ iy O M 00 UUt�o INVESTMENT ADVISORY BOARD Meeting Date: November 13, 2002 TITLE - Pooled Money Investment Board Report for August 2002. BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for August 2002 is included in the agenda packet. RECOMMENDATION: Receive & File Philip Angelides August 2002 STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT AUGUST 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 AUGUST 2002 WITH AUGUST 2001 (DOLLARS IN THOUSANDS) <AUGUST 2a02 ;: AUGU:$T 200j :: GHANGE: Average Daily Portfolio $ 45,650,742 $ 49,838,754 -4,188,012 Accrued Earnings $ 100,568 $ 190,575 -90,007 Effective Yield 2.594 4.502 -1.908 Average Life -Month End (In Days) 199 170 +29 1 Total Security Transactions Amount $ 18,333,588 $ 25,250,087 -6,916,499 Number 413 542 -129 Total Time Deposit Transactions Amount $ 2,579,695 $ 2,165,000 +414,695 Number 157 136 +21 Average Workday Investment Activity $ 950,604 $ 1,191,960 -241,356 Prescribed Demand Account Balances For Services $ 600,897 $ 277,342 +323,555 For Uncollected Funds $ 150,001 $ 139,553 +10,448 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) August 31, 2002 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM AMOUNT PORTFOLIO PRIOR MONTH $ 1,090,541 0 6,024,272 0 $ 7,114,813 $ 4,909,035 4,700,060 1,465,088 0 0 4,509,625 5,080,790 743 9,471,852 6,809 2,487,361 2,777,967 4,089,600 -105,625 $ 46,508,118 INVESTMENT ACTIVITY AUGUST 2002 NUMBER AMOUNT Pooled Money 413 $ 18,333,588 Other 41 808,860 Time Deposits 157 2,579,695 Totals 611 $ 21,722,143 PMIA Monthly Average Effective Yield 2.594 Year to Date Yield Last Day of Month 2.654 2 2.34 -.05 0.00 0.00 12.96 -.25 0.00 0.00 15.30 -.30 10.56 -.65 10.11 -2.47 3.15 +.41 0.00 0.00 0.00 0.00 9.70 -1.24 10.92 -.40 0.00 0.00 20.37 -.91 0.01 -0.01 5.35 0.00 5.97 +.49 8.79 +4.59 -.23 -.49 100.00 JULY 2002 NUMBER AMOUNT 310 $ 13,492,373 4 1,653 159 2,559,390 473 $ 16,053,416 2.714 2.714 Corpora Bond: 5.35% Commercia Paper 20.37% Pooled Money Investment Account Portfolio Composition $46.5 Billion Reverses -0.23% Loans Treasuries Time Deposits UU si0114 5 10.92% 13.26% 3 tgages '01% Agencies 20.26% 8/31 /02 8 Treasuries B Mortgages Agencies 0 C D's/B N's B Time Deposits 0 Bankers Acceptances ■ Repo 0 Commercial Paper © Corporate Bonds ❑ Loans 0 Reverses 08/01/02 REDEMPTIONS CD NOVA SCOT 1.770% 08/01/02 1.770 $ 50,000 35 $ 86,041.67 1.794 CD NOVA SCOT 1.770% 08/01/02 1.770 50,000 35 86,041.67 1.794 CD MONTREAL 2.000% 08/01/02 2.000 50,000 120 333,333.33 2.027 CD MONTREAL 2.000% 08/01/02 2.000 50,000 120 333,333.33 2.027 CD BNPARIS 1.980% 08/01/02 1.980 50,000 120 330,000.00 2.007 CD BNPARIS 1.980% 08/01/02 1.980 50,000 120 330,000.00 2.007 CP COUNTRY 08/01/02 1.820 50,000 15 37,916.66 1.846 CP COUNTRY 08/01/02 1.820 50,000 15 37,916.66 1.846 CP FMCC 08/01/02 1.950 50,000 31 83,958.33 1.980 CP AT&T 08/01/02 2.150 50,000 35 104,513.89 2.184 CP MORG STAN 08/01/02 1.760 50,000 38 92,888.90 1.787 CP MORG STAN 08/01/02 1.760 50,000 38 92,888.90 1.787 CP MORG STAN 08/01/02 1.760 50,000 38 92,888.90 1.787 CP MORG STAN 08/01/02 1.760 50,000 38 92,888.90 1.787 CP MORG STAN 08/01/02 1.760 50,000 38 92,888.90 1.787 CP GMAC 08/01/02 2.000 30,000 42 70,000.00 2.032 CP GMAC 08/01/02 2.000 50,000 42 116,666.67 2.032 CP CAMPBELL 08/01/02 1.920 25,000 93 124,000.00 1.956 PURCHASES CP GMAC 08/08/02 1.880 50,000 CP GMAC 08/08/02 1.880 50,000 CP GMAC 08/09/02 1.880 50,000 CP COUNTRY 09/03/02 1.810 47,500 CP COUNTRY 09/03/02 1.810 50,000 CP CAMPBELL 09/03/02 1.780 50,000 CP MORG STAN 09/10/02 1.760 50,000 CP MORG STAN 09/10/02 1.760 50,000 CP GECC 10/01/02 1.750 50,000 CP GECC 10/01/02 1.750 50,000 PURCHASES c/ DISC NOTES FHLB DISC NOTES FHLMC DISC NOTES FNMA 08/02/02 REDEMPTIONS CP GEN MILLS SALES c/ 10/25/02 1.780 2,200 09/03/02 1.780 50,000 09/03/02 1.780 50,000 08/02/02 2.000 50,000 36 100,000.00 2.031 DISC NOTES FHLB 10/25/02 1.780 2,200 1 106.01 1.804 DISC NOTES FHLMC 09/03/02 1.780 50,000 1 2,419.22 1.804 DISC NOTES FNMA 09/03/02 1.780 50,000 1 2,419.22 1.804 4 08/02/02 PURCHASES CP BEAR CP BEAR CP BEAR CP BEAR CP GECC CP GECC CP WYETI- PURCHASES c/ DISC NOTES FHLB DISC NOTES FHLB DISC NOTES FHLB FHLMC FHLMC FNMA 08/05/02 REDEMPTIONS CD HELABA CD HELABA SALES c/ DISC NOTES FHLB DISC NOTES FHLB DISC NOTES FHLB FHLMC FHLMC FNMA NO PURCHASES 08/06/02 REDEMPTIONS CP ASCC CP CONAGRA CP CONAGRA CP SAFEWAY CP GEN MILLS PURCHASES MTN PROCTOR MTN CITICORP 08/12/02 1.750 50,000 08/12/02 1.750 50,000 08/13/02 1.750 50,000 08/13/02 1.750 50,000 08/21/02 1.750 50,000 08/21/02 1.750 50,000 09/10/02 1.890 50,000 09/11/02 1.730 25,000 09/27/02 1.730 44,406 10/25/02 1.730 25,000 2.875% 11/12/03 1.730 30,000 2.875% 11/12/03 1.730 40,000 6.500% 08/15/04 1.730 35,000 1.975% 08/05/02 1.975 50,000 124 340,138.89 2.002 1.975% 08/05/02 1.975 50,000 124 340,138.89 2.002 09/11/02 1.730 25,000 3 3,522.42 1.754 09/27/02 1.730 44,406 3 6,248.90 1.754 10/25/02 1.730 25,000 3 3,513.63 1.754 2.875% 11/12/03 1.730 30,000 3 4,311.74 1.754 2.875% 11/12/03 1.730 40,000 3 5,748.93 1.754 6.500% 08/15/04 1.730 35,000 3 5,487.70 1.754 08/06/02 1.750 37,292 8 14,502.44 1.774 08/06/02 1.850 25,000 8 10,277.78 1.876 08/06/02 1.850 50,000 8 20,555.56 1.876 08/06/02 1.940 44,000 43 101,957.78 1.971 08/06/02 1.990 25,000 50 69,097.22 2.023 4.000% 04/30/05 2.844 9,000 7.125% 09/01/05 3.881 14,020 5 08/07/02 REDEMPTIONS CP CITICORP 08/07/02 1.780 10,000 23 11,372.22 1.806 CP CITICORP 08/07/02 1.780 50,000 23 56,861.11 1.806 CP SRAC 08/07/02 2.300 50,000 120 383,333.33 2.349 PURCHASES BN WORLD 1.730% 08/29/02 1.750 50,000 BN WORLD 1.730% 08/29/02 1.750 50,000 BN WORLD 1.730% 08/29/02 1.750 50,000 CP WYETH 09/10/02 1.870 50,000 CP SALOMON 10/04/02 1.700 41,512 CP SALOMON 10/04/02 1.700 50,000 CP SRAC 10/08/02 2.030 50,000 CP AMER EXP 10/09/02 1.700 50,000 MTN PROCTOR 4.000% 04/30/05 2.752 8,000 PURCHASE c/ TREAS NOTES 2.250% 07/31/04 1.750 3,617 TREAS NOTES 2.250% 07/31/04 1.750 50,000 TREAS NOTES 2.250% 07/31/04 1.750 50,000 TREAS NOTES 2.250% 07/31/04 1.750 50,000 TREAS NOTES 2.250% 07/31/04 1.750 50,000 08/08/02 REDEMPTIONS CD U/B CALIF 2.000% 08/08/02 2.000 50,000 127 382,777.78 2.027 CP GMAC 08/08/02 1.880 50,000 7 18,277.78 1.906 CP GMAC 08/08/02 1.880 50,000 7 18,277.78 1.906 CP CITICORP 08/08/02 1.780 50,000 24 59,333.33 1.806 CP CITICORP 08/08/02 1.780 50,000 24 59,333.33 1.806 CP BEAR 08/08/02 1.770 50,000 45 110,625.00 1.798 CP BEAR 08/08/02 1.770 50,000 45 110,625.00 1.798 CP GEN MILLS 08/08/02 2.000 20,000 78 86,666.67 2.036 CP DEERE 08/08/02 2.250 50,000 121 378,125.00 2.298 SALES c/ TREAS NOTES 2.250% 07/31/04 1.750 3,617 1 172.67 1.774 TREAS NOTES 2.250% 07/31/04 1.750 50,000 1 2,387.39 1.774 TREAS NOTES 2.250% 07/31/04 1.750 50,000 1 2,387.39 1.774 TREAS NOTES 2.250% 07/31/04 1.750 50,000 1 2,387.39 1.774 TREAS NOTES 2.250% 07/31/04 1.750 50,000 1 2,387.39 1.774 PURCHASES BN W/F 1.700% 08/27/02 1.700 50,000 BN W/F 1.700% 08/27/02 1.700 50,000 C. 08/08/02 PURCHASES (continued) CID CP CID CID CP CID CID CID CID CID CID CID 08/09/02 RRS TREAS TREAS TREAS TREAS REDEMPTIONS BEAR 08/28/02 1.730 50,000 BEAR 08/28/02 1.730 50,000 GECC 09/03/02 1.730 50,000 GECC 09/03/02 1.730 50,000 GECC 09/03/02 1.730 50,000 GECC 09/03/02 1.730 50,000 SALOMON 09/10/02 1.700 50,000 SALOMON 09/10/02 1.700 50,000 WYETH 09/26/02 1.870 50,000 WYETH 09/26/02 1.870 50,000 GMAC 10/01/02 2.000 50,000 GMAC 10/01/02 2.000 50,000 NOTES 6.500% 08/15/05 1.390 50,000 NOTES 6.500% 08/15/05 1.390 50,000 NOTES 6.500% 08/15/05 1.390 50,000 NOTES 6.500% 08/15/05 1.390 50,000 CD NOVA SCOT 1.770% 08/09/02 1.770 50,000 37 90,958.33 1.794 CD NOVA SCOT 1.770% 08/09/02 1.770 50,000 37 90,958.33 1.794 CID GMAC 08/09/02 1.880 50,000 8 20,888.89 1.906 CID BEAR 08/09/02 1.770 50,000 46 113,083.33 1.798 CP BEAR 08/09/02 1.770 50,000 46 113,083.33 1.798 CP SRAC 08/09/02 2.100 40,000 64 149,333.33 2.137 DISC NOTES FNMA 08/09/02 2.370 40,000 312 821,600.00 2.453 PURCHASES cam/ DISC NOTES FHLMC DISC NOTES FHLMC DISC NOTES FHLMC DISC NOTES FHLMC DISC NOTES FHLMC PURCHASES 08/22/02 1.640 28,280 08/22/02 1.640 50,000 08/22/02 1.640 50,000 08/22/02 1.640 50,000 08/22/02 1.640 50,000 CP SALOMON 10/01/02 1.700 20,000 CP WYETH 10/01/02 1.880 25,000 CID AT&T 10/01/02 2.090 50,000 CID SALOMON 10/01/02 1.700 50,000 CID SALOMON 10/01/02 1.700 50,000 CID SALOMON 10/01/02 1.700 50,000 CID WYETH 10/01/02 1.880 50,000 CID TEXT FIN 10/02/02 1.880 20,000 7 POOLED MONEY'INVESTMENT ACOU DATE TYPE DESCRIPTI 08/09/02 PURCHASES (continued) CP UNOCAL CP TRANSAM CP SRAC 08/12/02 REDEMPTIONS CP BEAR CP BEAR CP CITICORP CP CITICORP CP SAFEWAY CP GEN MILLS CP HERTZ CP DISNEY PURCHASES CP HERTZ CP CITICORP CP CITICORP CP CITICORP CP WYETH CP WYETH 08/13/02 REDEMPTIONS CP BEAR CP BEAR CP DOW NO PURCHASES 08/14/02 REDEMPTIONS CP GEN MILLS CP GMAC PURCHASES CP GMAC 08/15/02 REDEMPTIONS CD MONTREAL CD MONTREAL CD MONTREAL CP SAFEWAY CP DOW EFFECTIVE YIELD 10/02/02 2.000 34,167 11/08/02 1.700 25,000 11/27/02 2.030 50,000 08/12/02 1.750 50,000 10 24,305.56 1.775 08/12/02 1.750 50,000 10 24,305.56 1.775 08/12/02 1.740 50,000 25 60,416.67 1.766 08/12/02 1.740 50,000 25 60,416.67 1.766 08/12/02 1.890 45,240 28 66,502.80 1.919 08/12/02 1.980 20,000 40 44,000.00 2.011 08/12/02 2.050 25,000 40 56,944.44 2.083 08/12/02 2.020 32,595 87 159,117.93 2.058 10/15/02 2.050 50,000 10/21/02 1.700 25,000 10/21/02 1.700 50,000 10/21/02 1.700 50,000 11/04/02 1.900 25,000 11/04/02 1.900 50,000 08/13/02 1.750 50,000 11 26,736.11 1.775 08/13/02 1.750 50,000 11 26,736.11 1.775 08/13/02 1.830 50,000 29 73,708.33 1.858 08/14/02 1.970 20,000 30 32,833.33 2.000 08/14/02 1.980 50,000 42 115,500.00 2.012 09/10/02 2.000 50,000 1.760% 08/15/02 1.760 10,000 28 13,688.89 1.784 1.760% 08/15/02 1.760 50,000 28 68,444.44 1.784 1.760% 08/15/02 1.760 50,000 28 68,444.44 1.784 08/15/02 1.870 34,000 29 51,217.22 1.898 08/15/02 1.810 30,000 30 45,250.00 1.837 r;1 08/15/02 REDEMPTIONS (continued) CP GMAC CP GMAC CP AMER EXP CP AMER EXP FHLMC FHLMC FNMA FNMA RRP TREAS NOTES TREAS NOTES PURCHASES 08/15/02 2.000 25,000 45 62,500.00 2.032 08/15/02 2.000 50,000 45 125,000.00 2.032 08/15/02 1.900 20,000 127 134,055.56 1.939 08/15/02 1.900 50,000 127 335,138.89 1.939 6.625% 08/15/02 3.820 50,000 415 2,221,868.06 3.786 6.625% 08/15/02 3.820 50,000 415 2,221,868.06 3.786 6.750% 08/15/02 3.820 50,000 415 2,223,875.00 3.789 6.750% 08/15/02 3.820 50,000 415 2,223,875.00 3.789 6.000% 08/15/04 1.500 50,000 6.000% 08/15/04 1.500 50,000 CP COUNTRY 08/16/02 1.880 47,777 CP COUNTRY 08/16/02 1.880 50,000 CP GECC 08/23/02 1.740 50,000 CP GECC 08/23/02 1.740 50,000 CP GECC 08/29/02 1.720 13,000 CP GECC 08/29/02 1.720 50,000 CP GEN MILLS 10/01/02 1.900 31,000 CP GEN MILLS 10/01/02 1.900 50,000 CP GMAC 11/01/02 2.030 50,000 CP GMAC 11/01/02 2.030 50,000 CP CAFCO 11/12/02 1.700 50,000 CP CAFCO 11/12/02 1.700 50,000 CP CRC 11/13/02 1.700 50,000 CP CRC 11/13/02 1.700 50,000 08/16/02 REDEMPTIONS CP COUNTRY 08/16/02 1.880 47,777 CP COUNTRY 08/16/02 1.880 50,000 PURCHASES CP CONAGRA 08/21/02 1.790 25,000 CP CITICORP 10/01/02 1.730 50,000 CP CITICORP 10/01/02 1.730 50,000 CP AMER EXP 10/08/02 1.700 25,000 CP AMER EXP 10/08/02 1.700 50,000 CP MORG STAN 10/15/02 1.700 50,000 CP MORG STAN 10/15/02 1.700 50,000 CP MORG STAN 10/15/02 1.700 50,000 CP MORG STAN 10/15/02 1.700 50,000 CP MORG STAN 10/15/02 1.700 50,000 �i 28 (63,656.25) -1.520 28 (63,656.25) -1.520 1 2,495.02 1.906 1 2,611.11 1.906 08/16/02 PURCHASES (continued) CP GMAC 12/02/02 2.040 50,000 08/19/02 NO SALES PURCHASES CP CITICORP 10/21/02 1.730 50,000 CP CITICORP 10/21/02 1.730 50,000 CP CAFCO 11/20/02 1.700 50,000 CP CAFCO 11/20/02 1.700 50,000 CP CRC 11/20/02 1.700 50,000 CP CRC 11/20/02 1.700 50,000 08/20/02 REDEMPTIONS CP HERTZ 08/20/02 2.040 25,000 33 46,750.00 2.072 CP COUNTRY 08/20/02 1.820 50,000 33 83,416.66 1.848 CP COUNTRY 08/20/02 1.820 50,000 33 83,416.66 1.848 CP SRAC 08/20/02 2.000 20,000 34 37,777.78 2.031 CP FMCC 08/20/02 1.950 50,000 34 92,083.33 1.980 CP GEN MILLS 08/20/02 1.970 24,040 36 47,358.80 2.001 CP FCAR 08/20/02 2.050 50,000 148 421,388.89 2.096 CP FCAR 08/20/02 2.050 50,000 148 421,388.89 2.096 CP FCAR 08/20/02 2.050 50,000 148 421,388.89 2.096 CP FCAR 08/20/02 2.050 50,000 148 421,388.89 2.096 CP HOUSEHOLD 08/20/02 2.040 50,000 158 447,666.67 2.087 CP HOUSEHOLD 08/20/02 2.040 50,000 158 447,666.67 2.087 PURCHASES CP KODAK 10/01/02 2.050 30,000 CP CITICORP 11/29/02 1.720 50,000 CP CITICORP 11/29/02 1.720 50,000 CP CITICORP 11/29/02 1.720 50,000 CP CITICORP 11/29/02 1.720 50,000 CP SRAC 12/27/02 2.070 20,000 08/21/02 REDEMPTIONS CP CONAGRA 08/21/02 1.790 25,000 5 6,215.28 1.815 CP GECC 08/21/02 1.750 50,000 19 46,180.56 1.775 CP GECC 08/21/02 1.750 50,000 19 46,180.56 1.775 CP W/F 08/21/02 1.730 50,000 26 62,472.22 1.756 CP W/F 08/21/02 1.730 50,000 26 62,472.22 1.756 CP W/F 08/21/02 1.730 50,000 26 62,472.22 1.756 CP BEAR 08/21/02 1.730 50,000 26 62,472.22 1.756 CP GECC 08/21/02 1.740 50,000 26 62,833.33 1.766 CP GECC 08/21/02 1.740 50,000 26 62,833.33 1.766 10 08/21/02 REDEMPTIONS (continued) CID GECC 08/21/02 1.740 50,000 26 62,833.33 1.766 CID GECC 08/21/02 1.740 50,000 26 62,833.33 1.766 PURCHASES CID GOLDMAN 11/08/02 1.700 50,000 CID GOLDMAN 11/08/02 1.700 50,000 CID GOLDMAN 11/08/02 1.700 50,000 CID GOLDMAN 11/08/02 1.700 50,000 08/22/02 REDEMPTIONS DISC NOTES FHLMC 08/22/02 1.640 28,280 13 16,748.04 1.663 DISC NOTES FHLMC 08/22/02 1.640 50,000 13 29,611.11 1.663 DISC NOTES FHLMC 08/22/02 1.640 50,000 13 29,611.11 1.663 DISC NOTES FHLMC 08/22/02 1.640 50,000 13 29,611.11 1.663 DISC NOTES FHLMC 08/22/02 1.640 50,000 13 29,611.11 1.663 RRP TREAS NOTES 6.500% 08/15/05 1.390 50,000 13 (28,628.90) -1.409 TREAS NOTES 6.500% 08/15/05 1.390 50,000 13 (28,628.90) -1.409 TREAS NOTES 6.500% 08/15/05 1.390 50,000 13 (28,628.90) -1.409 TREAS NOTES 6.500% 08/15/05 1.390 50,000 13 (28,628.90) -1.409 PURCHASES BN BANC ONE 1.720% 11/27/02 1.720 50,000 BN BANC ONE 1.720% 11/27/02 1.720 50,000 CD STNRD CH 1.730% 11/27/02 1.730 50,000 CD STNRD CH 1.730% 11/27/02 1.730 50,000 CID MORG STAN 10/01/02 1.730 50,000 CID MORG STAN 10/01/02 1.730 50,000 CID CRC 10/23/02 1.730 25,000 CID CRC 10/23/02 1.730 50,000 CID BEAR 12/02/02 1.730 50,000 CID BEAR 12/02/02 1.730 50,000 CID BEAR 12/02/02 1.730 50,000 CID BEAR 12/02/02 1.730 50,000 08/23/02 REDEMPTIONS CID GECC 08/23/02 1.740 50,000 8 19,333.33 1.764 CID GECC 08/23/02 1.740 50,000 8 19,333.33 1.764 PURCHASES CD HYPO 1.730% 11/27/02 1.730 50,000 11 a/ DATE TYPE DESCRIPTI< 08/23/02 PURCHASES (continued) CD HYPO CD HYPO CD HYPO CID BEAR CID BEAR CID BEAR CID BEAR CID RCAPC CID FMCC CID JP MORGAN CID JP MORGAN CID JP MORGAN CID JP MORGAN CID W/F CID W/F 08/26/02 REDEMPTIONS CID DFC CID DFC CID DFC RRP TREAS NOTES TREAS NOTES PURCHASES CID COUNTRY CID COUNTRY CID COUNTRY DISC NOTES FHLB DISC NOTES FHLB DISC NOTES FHLB DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA 08/27/02 REDEMPTIONS BN W/F BN W/F CID COUNTRY CP COUNTRY CID BEAR CP BEAR CID BEAR PAR DAYS 000 HELD 1.730% 11/27/02 1.730 50,000 1.730% 11/27/02 1.730 50,000 1.730% 11/27/02 1.730 50,000 08/27/02 1.730 50,000 08/27/02 1.730 50,000 08/27/02 1.730 50,000 08/27/02 1.730 50,000 10/11 /02 1.750 16,249 10/29/02 2.040 50,000 11/25/02 1.740 50,000 11/25/02 1.740 50,000 11/25/02 1.740 50,000 11/25/02 1.740 50,000 11/27/02 1.720 20,000 11/27/02 1.720 50,000 T EFFECTIVE D YIELD 08/26/02 1.750 12,000 28 16,333.33 1.776 08/26/02 1.750 50,000 28 68,055.56 1.776 08/26/02 1.750 50,000 28 68,055.56 1.776 6.750% 05/15/05 1.550 50,000 28 (67.586.46) -1.571 6.750% 05/15/05 1.550 50,000 28 (67.586.46) -1.571 08/27/02 1.800 17,000 08/27/02 1.800 50,000 08/28/02 1.800 50,000 11/08/02 1.650 2,653 11/08/02 1.650 50,000 11/08/02 1.650 50,000 09/30/02 1.660 50,000 11/20/02 1.670 20,000 11/20/02 1.670 50,000 1.700% 08/27/02 1.700 50,000 19 44,861.11 1.723 1.700% 08/27/02 1.700 50,000 19 44,861.11 1.723 08/27/02 1.800 17,000 1 850.00 1.825 08/27/02 1.800 50,000 1 2,500.00 1.825 08/27/02 1.730 50,000 4 9,611.11 1.754 08/27/02 1.730 50,000 4 9,611.11 1.754 08/27/02 1.730 50,000 4 9,611.11 1.754 12 08/27/02 REDEMPTIONS (continued) CP BEAR 08/27/02 1.730 50,000 4 9,611.11 1.754 CP DEERE 08/27/02 1.910 1,000 42 2,228.33 1.940 CP DEERE 08/27/02 1.910 50,000 42 111,416.67 1.940 PURCHASES CP CONAGRA 08/28/02 1.850 42,122 CP COUNTRY 08/30/02 1.800 33,500 CP NCAT 10/09/02 1.740 25,000 CP NCAT 10/09/02 1.740 50,000 08/28/02 REDEMPTIONS CD ABN AMRO 1.900% 08/28/02 1.890 50,000 141 370,139.39 1.916 CD ABN AMRO 1.900% 08/28/02 1.890 50,000 141 370,139.39 1.916 CD HELABA 1.950% 08/28/02 1.950 50,000 141 381,875.00 1.977 CD HELABA 1.950% 08/28/02 1.950 50,000 141 381,875.00 1.977 CD HYPO 2.090% 08/28/02 2.090 50,000 147 426,708.33 2.119 CD HYPO 2.090% 08/28/02 2.090 50,000 147 426,708.33 2.119 CD RABO 2.130% 08/28/02 2.120 30,000 156 275,611.83 2.149 CD RABO 2.130% 08/28/02 2.120 50,000 156 459,353.06 2.149 CD CIBC 2.060% 08/28/02 2.060 50,000 167 477,805.56 2.088 CD CIBC 2.060% 08/28/02 2.060 50,000 167 477,805.56 2.088 CD HSBC 2.070% 08/28/02 2.070 50,000 167 480,125.00 2.098 CD HSBC 2.070% 08/28/02 2.070 50,000 167 480,125.00 2.098 CP CONAGRA 08/28/02 1.850 42,122 1 2,164.60 1.875 CP COUNTRY 08/28/02 1.800 50,000 2 5,000.00 1.825 CP BEAR 08/28/02 1.730 50,000 20 48,055.56 1.755 CP BEAR 08/28/02 1.730 50,000 20 48,055.56 1.755 CP GMAC 08/28/02 2.010 50,000 44 122,833.33 2.042 CP GMAC 08/28/02 2.010 50,000 44 122,833.33 2.042 CP CITICORP 08/28/02 1.770 50,000 65 159,791.67 1.800 CP CITICORP 08/28/02 1.770 50,000 65 159,791.67 1.800 CP CITICORP 08/28/02 1.770 50,000 65 159,791.67 1.800 CP AMER EXP 08/28/02 1.750 50,000 65 157,986.11 1.779 CP AMER EXP 08/28/02 1.750 50,000 65 157,986.11 1.779 CP GEN MILLS 08/28/02 2.020 20,000 98 109,977.78 2.059 CP GOLDMAN 08/28/02 1.910 50,000 135 358,125.00 1.950 CP GOLDMAN 08/28/02 1.910 50,000 135 358,125.00 1.950 CP GOLDMAN 08/28/02 1.910 50,000 135 358,125.00 1.950 CP GOLDMAN 08/28/02 1.910 50,000 135 358,125.00 1.950 CP GOLDMAN 08/28/02 1.910 50,000 135 358,125.00 1.950 CP GOLDMAN 08/28/02 1.910 50,000 135 358,125.00 1.950 CP AMER EXP 08/28/02 2.050 50,000 156 444,166.67 2.097 CP AMER EXP 08/28/02 2.050 50,000 156 444,166.67 2.097 CP NCAT 08/28/02 2.060 50,000 156 446,333.33 2.107 CP NCAT 08/28/02 2.060 50,000 156 446,333.33 2.107 CP NCAT 08/28/02 2.060 50,000 156 446,333.33 2.107 13 08/28/02 REDEMPTIONS (continued) CP NCAT 08/28/02 2.060 50,000 156 446,333.33 2.107 CP U/B CALIF 08/28/02 2.100 50,000 156 455,000.00 2.148 DISC NOTES FHLMC 08/28/02 2.230 38,000 327 769,721.67 2.307 DISC NOTES FNMA 08/28/02 1.740 50,000 85 205,416.67 1.771 DISC NOTES FNMA 08/28/02 1.740 50,000 85 205,416.67 1.771 DISC NOTES FNMA 08/28/02 1.740 50,000 85 205,416.67 1.771 DISC NOTES FNMA 08/28/02 1.740 50,000 85 205,416.67 1.771 DISC NOTES FNMA 08/28/02 1.740 50,000 85 205,416.67 1.771 DISC NOTES FNMA 08/28/02 1.860 50,000 134 346,166.67 1.898 DISC NOTES FNMA 08/28/02 1.860 50,000 134 346,166.67 1.898 DISC NOTES FNMA 08/28/02 1.860 50,000 134 346,166.67 1.898 DISC NOTES FNMA 08/28/02 1.860 50,000 134 346,166.67 1.898 PURCHASES BN WORLD 1.690% 11/08/02 1.750 15,000 BN WORLD 1.690% 11/08/02 1.750 50,000 BN WORLD 1.690% 11/08/02 1.750 50,000 CD NOVA SCOT 1.750% 12/02/02 1.750 50,000 CD NOVA SCOT 1.750% 12/02/02 1.750 50,000 CP SALOMON 09/03/02 1.770 35,000 CP AMER EXP 09/03/02 1.770 50,000 CP AMER EXP 09/03/02 1.770 50,000 CP SALOMON 09/03/02 1.770 50,000 CP SALOMON 09/03/02 1.770 50,000 CP W/F 09/09/02 1.750 50,000 CP W/F 09/09/02 1.750 50,000 08/29/02 REDEMPTIONS BN WORLD 1.730% 08/29/02 1.750 50,000 22 53,471.57 1.774 BN WORLD 1.730% 08/29/02 1.750 50,000 22 53,471.57 1.774 BN WORLD 1.730% 08/29/02 1.750 50,000 22 53,471.57 1.774 CP GECC 08/29/02 1.720 13,000 14 8,695.56 1.745 CP GECC 08/29/02 1.720 50,000 14 33,444.44 1.745 CP WYETH 08/29/02 1.900 10,000 31 16,361.11 1.929 CP WYETH 08/29/02 1.900 50,000 31 81,805.55 1.929 CP SRAC 08/29/02 2.020 50,000 31 86,972.22 2.051 CP GMAC 08/29/02 2.010 50,000 31 86,541.67 2.041 CP GMAC 08/29/02 2.010 50,000 31 86,541.67 2.041 CP AMER EXP 08/29/02 2.050 50,000 157 447,013.89 2.097 CP AMER EXP 08/29/02 2.050 50,000 157 447,013.89 2.097 DISC NOTES FNMA 08/29/02 2.000 31,550 148 259,411.11 2.044 DISC NOTES FNMA 08/29/02 2.000 50,000 148 411,111.11 2.044 PURCHASES FR SBA 2.050% 08/25/27 2.050 10,531 14 08/29/02 PURCHASES (continued) FR SBA 2.050% 08/25/27 2.050 15,384 08/30/02 REDEMPTIONS CD CIBC 1.750% 08/30/02 1.750 50,000 43 104,513.89 1.774 CD CIBC 1.750% 08/30/02 1.750 50,000 43 104,513.89 1.774 CD NOVA SCOT 1.750% 08/30/02 1.750 50,000 43 104,513.89 1.774 CD NOVA SCOT 1.750% 08/30/02 1.750 50,000 43 104,513.89 1.774 CP COUNTRY 08/30/02 1.800 33,500 3 5,025.00 1.825 CP GMAC 08/30/02 2.010 50,000 32 89,333.33 2.041 CP GMAC 08/30/02 2.010 50,000 45 125,625.00 2.043 CP GMAC 08/30/02 2.010 50,000 46 128,416.67 2.043 CP GMAC 08/30/02 2.010 50,000 46 128,416.67 2.043 CP AMER EXP 08/30/02 1.750 50,000 67 162,847.22 1.780 CP AMER EXP 08/30/02 1.750 50,000 67 162,847.22 1.780 CP CITICORP 08/30/02 1.770 50,000 67 164,708.33 1.800 CP CITICORP 08/30/02 1.770 50,000 67 164,708.33 1.800 CP CITICORP 08/30/02 1.770 50,000 67 164,708.33 1.800 CP GOLDMAN 08/30/02 2.030 50,000 149 420,097.22 2.075 CP GOLDMAN 08/30/02 2.030 50,000 149 420,097.22 2.075 CP GOLDMAN 08/30/02 2.030 50,000 149 420,097.22 2.075 CP GOLDMAN 08/30/02 2.030 50,000 149 420,097.22 2.075 CP GOLDMAN 08/30/02 2.030 50,000 149 420,097.22 2.075 CP GOLDMAN 08/30/02 2.030 50,000 149 420,097.22 2.075 CP AMER EXP 08/30/02 2.050 50,000 158 449,861.11 2.097 CP AMER EXP 08/30/02 2.050 50,000 158 449,861.11 2.097 DISC NOTES FNMA 08/30/02 1.860 50,000 136 351,333.33 1.899 DISC NOTES FNMA 08/30/02 1.860 50,000 136 351,333.33 1.899 PURCHASES CP GECC 09/03/02 1.900 35,000 CP GECC 09/03/02 1.900 50,000 CP GECC 09/03/02 1.900 50,000 CP GECC 09/03/02 1.900 50,000 CP GECC 09/03/02 1.900 50,000 CP SRAC 09/06/02 1.900 50,000 MTN W/F 7.250% 08/24/05 3.200 13,980 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. e/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. 1 Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. liV. TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE ALHAMBRA Bank of East Asia (USA) 08/13/02 1.610 3,000,000.00 02/13/03 Grand National Bank 05/17/02 1.960 6,000,000.00 11/13/02 Grand National Bank 07/12/02 1.770 3,095,000.00 01/14/03 Omni Bank 06/03/02 1.780 3,000,000.00 09/05/02 Omni Bank 04/23/02 1.970 2,000,000.00 10/21/02 Omni Bank 05/20/02 1.950 2,000,000.00 11/20/02 Omni Bank 08/27/02 1.720 3,000,000.00 02/25/03 ARROYO GRANDE Mid -State Bank 03/13/02 2.050 5,000,000.00 09/11/02 Mid -State Bank 04/15/02 2.000 5,000,000.00 10/16/02 Mid -State Bank 05/17/02 1.960 5,000,000.00 11/13/02 Mid -State Bank 06/14/02 1.870 5,000,000.00 12/11/02 Mid -State Bank 07/16/02 1.750 5,000,000.00 01/16/03 Mid -State Bank 08/13/02 1.610 5,000,000.00 02/13/03 BEVERLY HILLS City National Bank 03/07/02 1.940 40,000,000.00 09/09/02 City National Bank 04/16/02 1.970 25,000,000.00 10/17/02 City National Bank 06/03/02 1.930 10,000,000.00 12/09/02 City National Bank 06/03/02 1.930 25,000,000.00 12/09/02 BREA Jackson Federal Bank 07/22/02 1.780 10,000,000.00 01/22/03 Jackson Federal Bank 08/12/02 1.620 10,000,000.00 02/11/03 CALABASAS First Bank of Beverly Hills FSB 03/20/02 2.120 10,000,000.00 09/18/02 First Bank of Beverly Hills FSB 08/07/02 1.650 10,000,000.00 02/06/03 First Bank of Beverly Hills FSB 08/28/02 1.740 10,000,000.00 03/03/03 CAMARILLO First California Bank 03/29/02 2.150 3,000,000.00 09/25/02 First California Bank 07/29/02 1.730 4,000,000.00 10/29/02 17 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE CAMERON PARK Western Sierra National Bank 07/16/02 1.770 7,000,000.00 01/16/03 Western Sierra National Bank 08/15/02 1.650 6,000,000.00 02/14/03 CHICO North State National Bank 06/05/02 1.770 1,000,000.00 09/11/02 North State National Bank 07/26/02 1.680 5,000,000.00 01/24/03 North State National Bank 08/16/02 1.630 1,500,000.00 02/14/03 Tri Counties Bank 06/04/02 1.800 10,000,000.00 09/10/02 Tri Counties Bank 06/19/02 1.770 10,000,000.00 09/17/02 CHULA VISTA North Island Federal Credit Union 08/27/02 1.690 5,000,000.00 10/01/02 North Island Federal Credit Union 07/17/02 1.780 20,000,000.00 12/17/02 CITY OF INDUSTRY EverTrust Bank 06/11/02 1.890 6,000,000.00 12/10/02 EverTrust Bank 07/29/02 1.710 6,000,000.00 01/27/03 CONCORD CA State 9 Credit Union 08/20/02 1.670 10,000,000.00 11/18/02 DUBLIN Operating Engineers FCU 04/09/02 2.080 5,000,000.00 10/10/02 Operating Engineers FCU 06/12/02 1.900 10,000,000.00 12/11/02 Operating Engineers FCU 08/13/02 1.610 5,000,000.00 02/13/03 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 04/04/02 2.170 30,000,000.00 10/01/02 Hawthorne Savings FSB 07/09/02 1.770 30,000,000.00 01/09/03 Xerox Federal Credit Union 03/04/02 1.910 7,000,000.00 09/06/02 18 NAME EL SEGUNDO (continued) 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 Commercial Capital Bank LA JOLLA Silvergate Bank Silvergate Bank Silvergate Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 08/16/02 1.640 20,000,000.00 11/15/02 04/10/02 2.030 5,000,000.00 10/11/02 05/10/02 1.930 10,000,000.00 11 /14/02 05/14/02 1.930 10,000,000.00 11 /14/02 08/05/02 1.700 15,000,000.00 02/05/03 05/17/02 1.960 9,000,000.00 11/13/02 07/26/02 1.710 8,000,000.00 01/23/03 04/02/02 2.150 5,000,000.00 10/01/02 07/02/02 1.850 5,000,000.00 01/07/03 03/18/02 2.110 2,000,000.00 09/18/02 04/23/02 1.970 3,000,000.00 10/21/02 03/11/02 2.030 12,000,000.00 09/09/02 04/26/02 1.960 3,000,000.00 10/24/02 08/26/02 1.680 2,000,000.00 02/24/03 06/ 19/02 1.880 10, 000, 000.00 12/ 16/02 07/01/02 1.810 6,000,000.00 01/08/03 08/26/02 1.670 14,000,000.00 02/21/03 03/14/02 2.070 1,500,000.00 09/11/02 03/13/02 2.090 3,500,000.00 09/11/02 08/02/02 1.760 5,000,000.00 01/31/03 19 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE LAKEPORT Lake Community Bank 06/26/02 1.900 2,000,000.00 01/15/03 LODI Farmers & Merchant Bk Cen CA 07/10/02 1.790 10,000,000.00 01/10/03 LOS ANGELES Broadway Federal Bank 03/11/02 2.060 3,000,000.00 09/09/02 Broadway Federal Bank 07/08/02 1.800 2,500,000.00 01/09/03 California Center Bank 04/03/02 2.150 10,000,000.00 10/01/02 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 California Chohung Bank 07/17/02 1.750 1,000,000.00 01/16/03 California Chohung Bank 08/19/02 1.660 4,000,000.00 02/19/03 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 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 Cedars Bank 08/19/02 1.690 2,000,000.00 02/19/03 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 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 06/20/02 1.750 25,000,000.00 09/19/02 Hanmi Bank 08/01/02 1.730 20,000,000.00 10/31/02 Hanmi Bank 08/29/02 1.700 25,000,000.00 12/02/02 Hanmi Bank 07/18/02 1.760 25,000,000.00 01/17/03 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 Manufacturers Bank 07/31/02 1.760 10,000,000.00 01/27/03 Marathon National Bank 07/12/02 1.790 2,000,000.00 01/14/03 Marathon National Bank 08/05/02 1.700 2,000,000.00 02/05/03 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 Mellon First Business Bank 07/31/02 1.730 25,000,000.00 10/29/02 Mellon First Business Bank 07/10/02 1.780 25,000,000.00 01/10/03 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 20 NAME LOS ANGELES (continued) TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE Nara Bank, NA 06/17/02 1.870 5,000,000.00 12/16/02 Nara Bank, NA 08/08/02 1.640 10,000,000.00 02/07/03 Pacific Union Bank 03/05/02 1.920 20,000,000.00 09/04/02 Pacific Union Bank 07/02/02 1.830 10,000,000.00 01/07/03 Preferred Bank 06/10/02 1.800 9,000,000.00 09/10/02 Preferred Bank 03/18/02 2.120 9,000,000.00 09/18/02 Preferred Bank 07/16/02 1.780 6,000,000.00 01/16/03 Preferred Bank 08/08/02 1.670 4,000,000.00 02/07/03 Preferred Bank 08/29/02 1.750 7,000,000.00 02/26/03 Sae Han Bank 07/15/02 1.750 6,000,000.00 01/15/03 Western Federal Credit Union 04/22/02 2.000 5,000,000.00 10/21/02 Western Federal Credit Union 04/22/02 2.000 25,000,000.00 10/21/02 Wilshire State Bank 05/06/02 1.940 4,000,000.00 11/06/02 Wilshire State Bank 06/17/02 1.870 2,000,000.00 12/17/02 Wilshire State Bank 06/18/02 1.890 8,000,000.00 12/17/02 Wilshire State Bank 08/06/02 1.680 4,000,000.00 02/05/03 Wilshire State Bank 08/26/02 1.680 4,000,000.00 02/24/03 Wilshire State Bank 05/14/02 2.420 2,000,000.00 05/13/03 Wilshire State Bank 07/12/02 2.060 4,000,000.00 07/10/03 MANTECA Delta National Bank Delta National Bank MERCED 04/10/02 2.040 2,000,000.00 10/11/02 07/10/02 1.810 1,000,000.00 01/10/03 County Bank 04/15/02 2.020 5,000,000.00 10/16/02 County Bank 06/06/02 1.930 10,000,000.00 12/10/02 County Bank 07/16/02 1.770 5,000,000.00 01/16/03 County Bank 08/26/02 1.680 5,000,000.00 02/24/03 MONTEREY PARK Trust Bank FSB 04/02/02 2.160 3,000,000.00 10/01/02 Trust Bank FSB 07/01/02 1.800 3,000,000.00 01/02/03 NORTH HIGHLANDS Safe Credit Union 07/15/02 1.750 5,000,000.00 01/15/03 Safe Credit Union 08/15/02 1.630 20,000,000.00 02/14/03 21 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE OAKDALE Oak Valley Community Bank 06/05/02 1.770 1,500,000.00 09/10/02 Oak Valley Community Bank 07/12/02 1.770 2,500,000.00 01/14/03 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 People's Community Partnership FCU 08/21/02 1.680 95,000.00 11/20/02 ONTARIO Citizens Business Bank 06/03/02 1.760 25,000,000.00 09/05/02 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 Citizens Business Bank 08/22/02 1.690 30,000,000.00 11/20/02 PALO ALTO Bank of Petaluma 03/13/02 2.070 12,000,000.00 09/11/02 Bank of Petaluma 08/23/02 1.670 3,500,000.00 02/19/03 Bank of Santa Clara 08/23/02 1.670 20,000,000.00 02/19/03 Bay Area Bank 04/29/02 1.880 5,000,000.00 10/28/02 Bay Area Bank 07/15/02 1.750 5,000,000.00 01/15/03 Bay Bank of Commerce 04/29/02 1.900 5,000,000.00 10/28/02 Coast Commercial Bank 07/15/02 1.770 5,000,000.00 01/15/03 Coast Commercial Bank 08/23/02 1.680 20,000,000.00 02/19/03 Cupertino National Bank 03/13/02 2.050 10,000,000.00 09/11/02 Cupertino National Bank 07/15/02 1.780 10,000,000.00 01/15/03 Cupertino National Bank 07/30/02 1.730 35,000,000.00 01/28/03 Cupertino National Bank 08/23/02 1.680 20,000,000.00 02/19/03 Golden Gate Bank 08/23/02 1.680 9,000,000.00 02/19/03 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 Mid -Peninsula Bank 08/23/02 1.680 5,000,000.00 02/19/03 Mt. Diablo National Bank 03/13/02 2.080 10,000,000.00 09/11/02 Peninsula Bank of Commerce 08/23/02 1.680 15,000,000.00 02/19/03 22 NAME PALOS VERDES ESTATES Malaga Bank Malaga Bank Malaga Bank Malaga Bank PASADENA Community Bank Community Bank Community Bank Community Bank Community Bank Wescom Credit Union PLACERVILLE El Dorado Savings Bank El Dorado Savings Bank El Dorado Savings Bank El Dorado Savings Bank El Dorado Savings Bank El Dorado Savings Bank PLEASANTON Valley Community Bank POMONA PFF Bank and Trust PFF Bank and Trust PORTERVILLE Bank of the Sierra RANCHO SANTA FE La Jolla Bank, FSB La Jolla Bank, FSB La Jolla Bank, FSB La Jolla Bank, FSB TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 03/15/02 2.060 2,000,000.00 09/12/02 04/26/02 1.900 4,000,000.00 10/24/02 06/25/02 1.840 4,000,000.00 12/23/02 08/22/02 1.710 2,000,000.00 02/20/03 07/11 /02 1.750 10,000,000.00 10/15/02 04/25/02 1.910 5,000,000.00 10/23/02 08/09/02 1.610 15,000,000.00 11 /08/02 06/21/02 1.810 20,000,000.00 12/19/02 07/11/02 1.780 20,000,000.00 01/10/03 05/13/02 1.940 10,000,000.00 11 /13/02 02/08/02 2.250 5,000,000.00 02/07/03 03/07/02 2.390 5,000,000.00 03/07/03 03/22/02 2.640 5,000,000.00 03/20/03 04/12/02 2.640 10,000,000.00 04/10/03 05/02/02 2.390 5,000,000.00 04/30/03 06/10/02 2.360 20,000,000.00 06/10/03 03/14/02 2.080 5,000,000.00 09/12/02 06/03/02 2.000 20,000,000.00 12/09/02 08/30/02 1.720 8,000,000.00 02/27/03 04/22/02 2.020 10,000,000.00 10/21/02 03/01/02 1.910 10,000,000.00 09/04/02 05/28/02 1.920 10, 000, 000.00 11 / 19/02 05/23/02 1.960 15,000, 000.00 11 /19/02 08/06/02 1.670 25,000,000.00 02/05/03 23 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE 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 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 Mechanics Bank 07/11/02 2.110 10,000,000.00 07/09/03 Mechanics Bank 08/13/02 1.710 10,000,000.00 08/08/03 SACRAMENTO 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 07/10/02 1.780 1,000,000.00 01/10/03 American River Bank 01/14/02 2.200 1,500,000.00 01/14/03 American River Bank 08/29/02 1.720 2,000,000.00 02/26/03 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 Bank of Sacramento 08/12/02 1.610 1,500,000.00 02/11/03 Golden One Credit Union 03/22/02 2.160 10,000,000.00 09/20/02 Golden One Credit Union 07/19/02 1.740 10,000,000.00 10/18/02 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 04/17/02 1.960 2,000,000.00 10/17/02 Merchants National Bank 07/23/02 1.750 2,000,000.00 01/22/03 River City Bank 04/02/02 2.150 4,000,000.00 10/01/02 River City Bank 07/01/02 1.790 2,000,000.00 01/08/03 24 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SACRAMENTO (continued) River City Bank 07/29/02 1.740 3,000,000.00 01/27/03 River City Bank 08/27/02 1.720 2,000,000.00 02/25/03 U.S. Bank 05/06/02 1.940 50,000,000.00 11/06/02 U.S. Bank 07/03/02 1.810 100,000,000.00 01/08/03 U.S. Bank 08/02/02 1.750 25,000,000.00 01/31/03 U.S. Bank 08/23/02 1.670 25,000,000.00 02/19/03 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 08/07/02 1.730 12,000,000.00 09/16/02 Business Bank of California 07/12/02 1.800 8,000,000.00 01/14/03 SAN DIEGO 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 Future Credit Union 08/30/02 1.710 5,000,000.00 02/27/03 First United Bank 07/18/02 1.760 2,000,000.00 01/17/03 First United Bank 02/15/02 2.300 1,000,000.00 02/14/03 Neighborhood National Bank 08/22/02 1.730 2,000,000.00 02/21/03 SAN FRANCISCO Bank of Canton California 04/12/02 2.030 15,000,000.00 10/10/02 Bank of Canton California 07/16/02 1.740 25,000,000.00 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 Canton California 08/30/02 1.920 20,000,000.00 08/28/03 Bank of the West 08/20/02 1.650 100,000,000.00 11/18/02 Bank of the West 08/21/02 1.650 142,000,000.00 11/18/02 Bank of the West 07/01/02 1.750 134,000,000.00 12/30/02 Bank of the West 07/23/02 1.760 76,500,000.00 01/22/03 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 Federal Bank 08/22/02 1.700 50,000,000.00 11/21/02 California Federal Bank 07/03/02 1.780 50,000,000.00 12/30/02 California Pacific Bank 06/27/02 1.750 1,000,000.00 09/26/02 25 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN FRANCISCO (continued) Oceanic Bank 03/15/02 2.040 4,000,000.00 09/12/02 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 Trans Pacific National Bank 08/05/02 1.700 1,000,000.00 02/05/03 United Commercial Bank 06/05/02 1.790 35,000,000.00 09/10/02 United Commercial Bank 07/02/02 1.800 25,000,000.00 12/30/02 United Commercial Bank 07/10/02 1.800 30,000,000.00 01/10/03 United Commercial Bank 07/31/02 1.760 40,000,000.00 01/27/03 United Commercial Bank 08/30/02 1.750 30,000,000.00 02/28/03 SANJOSE Comerica Bank of California 06/06/02 1.800 63,000,000.00 09/05/02 Comerica Bank of California 07/12/02 1.770 71,000,000.00 10/15/02 Comerica Bank of California 08/07/02 1.680 183,000,000.00 11/05/02 Heritage Bank of Commerce 08/15/02 1.640 2,000,000.00 02/14/03 Meriwest Credit Union 07/19/02 1.770 5,000,000.00 10/18/02 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 Meriwest Credit Union 08/28/02 1.730 5,000,000.00 02/25/03 San Jose National Bank 07/30/02 1.730 20,000,000.00 01/28/03 San Jose National Bank 08/14/02 1.660 20,000,000.00 02/19/03 Santa Clara Co. Fed. C.U. 08/06/02 1.700 5,000,000.00 11/05/02 Santa Clara Co. Fed. C.U. 08/06/02 1.680 10,000,000.00 02/05/03 SAN LUIS OBISPO First Bank Of San Luis Obispo 06/26/02 1.800 5,000,000.00 09/24/02 First Bank Of San Luis Obispo 08/12/02 1.690 6,000,000.00 11/12/02 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 04/24/02 1.930 1,000,000.00 10/23/02 San Luis Trust Bank 07/11/02 1.800 1,350,000.00 01/10/03 SAN MARINO East West Federal Bank 06/10/02 1.780 35,000,000.00 09/10/02 East West Federal Bank 07/09/02 1.780 42,000,000.00 01/09/03 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 26 NAME 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 Pacific Capital Bank Pacific Capital Bank Pacific Capital Bank Pacific Capital Bank Santa Barbara Bank & Trust Santa Barbara Bank & Trust SANTA CLARITA Valencia Bank & Trust SANTA MARIA Hacienda Bank SANTA ROSA National Bank of the Redwoods SONORA Central California Bank STOCKTON Pacific State Bank Pacific State Bank Union Safe Deposit Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 07/ 18/02 1.740 15, 000, 000.00 10/ 18/02 07/30/02 1.700 10,000,000.00 01/28/03 04/09/02 2.570 35,000,000.00 04/10/03 07/01 /02 1.770 1, 000, 000.00 12/30/02 07/12/02 1.780 2,000,000.00 12/30/02 07/18/02 1.790 750,000.00 01/17/03 03/11/02 2.040 10,000,000.00 09/09/02 04/10/02 2.020 10,000,000.00 10/11/02 06/03/02 1.920 30,000,000.00 12/09/02 06/14/02 1.870 30,000,000.00 12/11/02 07/25/02 1.740 45,000,000.00 01/23/03 08/15/02 1.630 16,000,000.00 02/14/03 04/02/02 2.130 10,000,000.00 10/01/02 05/01 /02 1.900 10,000,000.00 10/29/02 03/19/02 2.110 4,000,000.00 09/19/02 03/11/02 2.030 1,000,000.00 09/09/02 04/26/02 1.970 10,000, 000.00 10/24/02 03/04/02 1.920 1,000,000.00 09/05/02 04/10/02 2.040 1,000,000.00 10/11/02 07/02/02 1.860 1,000,000.00 01/07/03 03/01/02 1.930 5,000,000.00 09/04/02 27 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE STOCKTON (continued) 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 Union Safe Deposit Bank 07/25/02 1.780 15,000,000.00 01/23/03 Union Safe Deposit Bank 08/15/02 1.670 15,000,000.00 02/14/03 Washington Mutual Bank 06/17/02 1.870 45,000,000.00 12/16/02 Washington Mutual Bank 07/26/02 1.700 15,000,000.00 01/22/03 Washington Mutual Bank 07/23/02 1.740 60,000,000.00 01/22/03 Washington Mutual Bank 08/19/02 1.660 60,000,000.00 02/19/03 SUNNYVALE Asiana Bank TORRANCE 03/21/02 2.110 1,500,000.00 09/20/02 China Trust Bank (USA) 03/14/02 2.060 35,000,000.00 09/12/02 China Trust Bank (USA) 08/16/02 1.650 20,000,000.00 11/15/02 China Trust Bank (USA) 07/19/02 1.790 30,000,000.00 01/22/03 South Bay Bank 06/19/02 1.800 2,000,000.00 09/12/02 South Bay Bank 03/15/02 2.030 5,000,000.00 09/12/02 South Bay Bank 08/07/02 1.750 4,000,000.00 09/16/02 South Bay Bank 08/26/02 1.750 1,000,000.00 10/01/02 South Bay Bank 08/29/02 1.750 3,000,000.00 10/01/02 TRACY Service 1st Bank Service 1st Bank TUSTIN 06/28/02 1.790 2,000,000.00 09/17/02 08/05/02 1.760 2,000,000.00 09/24/02 First Fidelity Investment & Loan 06/04/02 1.940 15,000,000.00 09/10/02 First Fidelity Investment & Loan 07/18/02 1.760 10,000,000.00 10/17/02 First Fidelity Investment & Loan 08/08/02 1.670 15,000,000.00 11/06/02 Sunwest Bank 06/10/02 1.770 1,000,000.00 09/10/02 Sunwest Bank 07/12/02 1.760 6,000,000.00 10/15/02 Sunwest Bank 08/12/02 1.640 7,800,000.00 11/08/02 28 TIME DEPOSITS DEPOSIT NAME DATE VACAVILLE Travis Credit Union 08/28/02 WATSONVILLE Monterey Bay Bank 03/20/02 Monterey Bay Bank 04/12/02 Monterey Bay Bank 06/17/02 Monterey Bay Bank 07//10/02 WHITTIER Quaker City Bank 04/05/02 Quaker City Bank 05/24/02 Quaker City Bank 07/12/02 TOTAL TIME DEPOSITS AUGUST 2002 29 PAR MATURITY YIELD AMOUNT ($) DATE 1.730 40,000,000.00 02/25/03 2.100 8,000,000.00 09/19/02 2.000 3,000,000.00 10/10/02 1.890 3,000,000.00 12/16/02 1.800 8,000,000.00 01/14/03 2.110 16, 000, 000.00 10/04/02 1.930 25,000,000.00 12/03/02 1.770 24,000,000.00 01/14/03 5,080,790,000.00 BANK DEMAND DEPOSITS AUGUST 2002 ($ in thousands) DAILY BALANCES DAY OF BALANCES WARRANTS MONTH PER BANKS OUTSTANDING 1 $ 1,100,275 $ 2,427,327 2 723,173 2,460, 916 3 723,173 2,460,916 4 723,173 2,460,916 5 533,697 1,627,683 6 933,662 1,586,469 7 907,814 1,517,683 8 1,091,139 1,623,173 9 674,107 1,673, 524 10 674,107 1,673,524 11 674,107 1,673, 524 12 479,643 1,479,444 13 630,270 1,333,417 14 639,833 1,231,489 15 943,501 1,366,975 16 809,864 1,385,405 17 809,864 1,385,405 18 809,864 1,385,405 19 751,628 1,366,001 20 769,646 1,498,505 21 891,302 1,548,294 22 670,499 1,689,316 23 721,735 1,582,503 24 721,735 1,582,503 25 721,735 1,582,503 26 756,176 1,425,212 27 689,318 1,488,169 28 386,558 1,318,026 29 529,612 1,698, 925 30 493,119 2,122, 939 31 493,119 2,127,692 AVERAGE DOLLAR DAYS $ 725,079 a/ a� The prescribed bank balance for August was $750,898. This consisted of $600,897 in compensating balances for services, balances for uncollected funds of $159,822 and a deduction of $9,821 for August delayed deposit credit. 30 DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1638 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on August 21, 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 $ 600,897,000 The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From To Transactions ( 1) 8/19/2002 8/23/2002 $ (479,300,000) (2) 8/26/2002 8/30/2002 $ (2,883,700,000) (3) 9/2/2002 9/6/2002 $ (289,900,000) (4) 9/9/2002 9/13/2002 $ 492,700,000 (5) 9/16/2002 9/20/2002 $ 2,693,200,000 (6) 9/23/2002 9/27/2002 $ 51,800,000 (7) 9/30/2002 10/4/2002 $ (2,026,200,000) (8) 10/7/2002 10/11/2002 $ (86,700,000) (9) 10/14/2002 10/18/2002 $ 527,600,000 Time Deposits in Various Financial Institutions In Securities (sections 16503a Estimated (section 16430)* and 16602)* Total $ 38,966,005,000 $ 5,116,695,000 $ 44,082,700,000 $ 36,082,305,000 $ 5,116,695,000 $ 41,199,000,000 $ 35,792,405,000 $ 5,116,695,000 $ 40,909,100,000 $ 36,285,105,000 $ 5,116,695,000 $ 41,401,800,000 $ 38,978,305,000 $ 5,116,695,000 $ 44,095,000,000 $ 39,030,105,000 $ 5,116,695,000 $ 44,146,800,000 $ 37,003,905,000 $ 5,116,695,000 $ 42,120,600,000 $ 36,917,205,000 $ 5,116,695,000 $ 42,033,900,000 $ 37,444,805,000 $ 5,116,695,000 $ 42,561,500,000 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 $ 600,897,000. POOLED MONEY INVESTMENT BOARD: Signature on file at STO & SCO Chairperson Member Dated: August 21, 2002 * Government Code Member BOARD MEMBER ITEMS Board Member Olander asked that this article be included in the November agenda. Calpers Wears a Party, or • /��/3/DZ 14o said James McRitchie, a By MARY WILLIAMS WALSH state auditor who has run unsuccessfully several THE California Public Employees' Re- times for a seat on the tirement System, perhaps the nation's Calpers board. "You're most prominent champion of share- going - to see a board holder rights, has never suffered from an ill that's increasingly tied to that plagues corporate America: a supine labor." board, unable to thwart managers' worst Driving the change is a instincts. new alignment in the In fact, Calpers, as it is known, is showing fund's boardroom. signs of the opposite problem, some critics Calpers trustees have far say: a board so activist, so eager to promote more power than direc- social change through investing, that its tors have over compa- effectiveness as a corporate watchdog and nies, and now, for the first its ability to provide for the 1.3 million , time in memory, all 13 public employees whose pensions it guaran- represent either labor or tees are in question. the Democratic Party. Calpers, at $136 billion the nation's largest This situation, in an public pension fund, is throwing its weight election year, has behind new. goals: creating jobs, rejuvenat. prompted some critics to ing inner cities, providing affordable hous- level accusations that the ing and putting pressure on developing fund has become politi- countries to give citizens basic freedoms. cized and is using its capi- Calpers officials say that the top priority tal to promote like-minded entrepreneurs continues to be seeking maximum returns, and to reward Democratic donors. Calpers that the fund has not abandoned its mission denies that. And San Francisco's mayor, of pressuring companies on behalf of invest- Willie Brown Jr., has caused consternation ors. But outsiders say these assertions mask in some circles by saying he is thinking an important shift. about running for board president. "The flavor of the board is changing," There are also concerns that the board's rlew� � riM�� Union, Label Associated Press California's treasurer, Phil Angelides, wants Calpers to invest in social change. new tilt may have prompt- ed at least some of a re- cent series of high-level resignations. Not everyone in the Calpers boardroom whole- heartedly favors investing to bring about social change. But with Gov. Gray Davis expected to win a second term, and with union advocates vy- ing for several seats on the board, the labor move- ment has a clear shot at a goal it has dreamed about for years: the ability to steer huge blocks of capi- tal toward investments fa- vorable to labor. "The labor folks want to control Calpers's board because that's where the money is," Mr. McRitchie said. "Unions are realizing that pension funds are a stronger tool than collective bargaining." The unions may well be right. 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