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2003 02 12 IABP.O. Box 1504 78-495 CALLE TAMPICO LA QUINTA, CALIFORNIA 92253 (760) 7 7 7 - 7 0 0 0 FAX (760) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 February 12, 2003 - 5:30 P.M. Board Member Felice(Video Conference Location) Cisco Systems 170 West Tasman Dr., Bldg. 17, 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 A. Approval of Minutes of Meeting on January 8, 2003 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for December, 2002 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - January 2003 B. Pooled Money Investment Board Reports - November, 2002 C. Investment Advisory Board Vacancy VII BOARD MEMBER ITEMS VIII ADJOURNMENT gr� INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: February 12, 2003 ITFM TITI F- Transmittal of Treasury Report for December 31, 2002 BACKGROUND: Attached please find the Treasury Report for December 31, 2002. RECOMMENDATION: Review, Receive and File the Treasury Report for December 31, 2002. r � r J hn M. Falcone , Finance Director T4ht 4 e4�aumrw MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for December 31, 2002 DATE: February 4, 2003 Attached is the Treasurer's Report for the month ending December 31, 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 ($846,332) $1,656,905 (1) $810,573 $1,656,905 LAIF $15,978,739 (1,500,000) 14,478,739 (1,500,000) US Treasuries (2) $58,067,570 34,784,760 (35,000,000) (40,714) 57,811,616 (255,954) US Gov't Agencies (2) $14,973,066 4,968,656 (5,000,000) 47,486 14,989,208 16,142 Commercial Paper (2) $0 0 0 Mutual Funds $9,515,654 1 1,688,357 7,827,297 1,688,357 Total 1 $41,410,321 $43,188,357 $6,772 1 $95,917,433 $1,771,264 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. d John 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. 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M C V r w C m N 1- c m U C N m m L C LC 44 m cc,, m ON Qd X w a)m mmaUa7 VV~mcCmm N U 0 c0 U Xa °Q) ai m dd m C cm C C m N y c, C > mCO m 0m ~n0 X fOUom 12 w(n z U w z t!) O 10 r C,.i O 110 co O a t0 O v C O O a a m d 0 0 d a) O O ZZ N to C C > d m w . Of1 7 y�y��S€`bAfaaS€ 2 a¢LdGd¢dG3dd¢d¢ h N LL� 6 N 4U� U '. U_ $ $ $NmNmNmN 7�; U E �TJNJNJNJa�a�a�aaparcarca�o ���`g888� uL8 CITY CITY RDA RDA FA CITY OF LA OUINTA FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND BALANCE SHEET 12/31/02 DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL CITY ASSETS ASSETS: 3,171,370.82 0.00 0.00 11,412,650 16 000 0 00 8.364 43 0 OC 14 592 185 -. POOLED CASH LORP INVESTMENT IN POOLED CASH 000 0.00 670,000.00 000 0.00 000 0 00 P'C. 02C `'' INVESTMENT T-BILLMOTES 8 OTHER 43,000.000 00 0.00 0.00 0.DO 000 000 000 0 N 4? OOC JJ,. ?� 0111, AUTO MALL CASH 0.00 0.00 0.DO 0.DO coo 26,126 00 0 DO 000 000 0 00 26 126 c. LORP CASH BOND REDEMPTION CASH 0.00 000 000 4S36 45 000 000 339 53 0 OC 4 P.'S y5 BOND RESERVE CASH 000 0.00 000 000 0 00 000 DO 0 00 0 00 0 00 coo c 3' 853.394 8, BOND PROJECT CASH 000 0.00 000 37.85] 394 86 000 0 000 0 00 c 0: BOND ESCROW CASH 0.00 0.DO 000 0.00 0.00 coo 0 OC__ 0 00 20c O0 PETTY CASH 1.200.00 000 000 000 000 0 DO _ 782 CASH & INVESTMENT TOTAL 46.172.570.8< 0 00 0 00 49.966.50' 45 0 00 0 00 8.'03 96 0 00 96 14' 23 INVESTMENT IN LAND HELD FOR RESALE 000 000 0.00 000 000 000 000 000 0 0, ACCOUNTS RECEIVABLE 139,540 76 000 0.00 60,900 00 000 ON 000 000 200 440'6 PREMIUM/DISCOUNT ON INVESTMENT (51,136 76) 0.00 000 (179.212 00) 000 000 000 O 00 00 1230 348'6. 53.304 34 LORP-ACCOUNTS RECEIVABLE 000 0.00 000 53.304 34 0.00 0 00 000 000 0 000 220.844 75 INTEREST RECEIVABLE 220,544.75 000 000 000 000 0.00 13.215.683 11 0 00 000 000 0 00 000 000 13215.624 05 LOAN'NOTES RECEIVABLE (59 06) 227,833 02 1.392S35 02 DUE FROM OTHER AGENCIES 1,164,702 00 000 0.00 0 00 000 0 00 2.299.096 69 DUE FROM OTHER AGENCIES - CVAG 2.299.096 69 0.00 G.299 096 09 CVAG ALLOWANCE (2,299,096.69) 0.00 0.00 0.D0 000 000 000 000 30,600 3' DUE FROM OTHER GOVERNMENTS 30 600.37 0.00 0.00 163,691.37 000 0.00 000 000 163.691 37 DUE FROM OTHER FUNDS 8,497550,20 0.00 0.00 0.00 0.00 000 000 000 8,497,550 20 DUE FROM RDA INTEREST ADVANCE -DUE FROM RDA 4.684.512 42 0.00 0.00 000 0.00 0.00 000 000 4,684.512 42 ADVANCES TO OTHER FUNDS 1,100,000 00 2,500,689 78 3600689 78 NSF CHECKS RECEIVABLE 3,483.86 0,00 0.DO 0.00 000 0.Go 000 000 3483 86 ACCRUED REVENUE 0.00 000 0.00 0.00 0,00 000 000 000 000 FIXED ASSETS 000 308.622.199.00 308.622. 199 00 ACCUMULATED DEPRECIATION 1,010 482.90 0.00 000 000 1,018.482 90 30000 TRAVEL ADVANCES 300.00 0.00 0.00 0.00 000 000 EMPLOYEE ADVANCES 0.00 0.00 0.00 0 DO 0.00 coo 0 00 000 000 PREPAID EXPENSES RECEIVABLE TOTAL 0.00 000 000 000 000 000 000 000 OOC 341.473.910 06 16.808.821.44 308,622.199.00 000 16 042,889 62 0 00 0 00 0 00 0 00 WORKER COMPENSATION DEPOSIT 148 445.00 0.00 000 0.DO 0.00 000 000 000 148445 00 RENT DEPOSITS 0.00 000 0.00 000 000 000 000 000 000 UTILITY DEPOSITS 7500 000 0.00 0.00 0.00 000 000 000 7500 MISC DEPOSITS (951 79) 0.00 0.00 000 000 000 000 000 (951 79) DEPOSITS TOTAL 147.568.21 0 00 0.00 000 000 000 0 00 000 147.568 21 GENERAL FIXED ASSETS 0.00 0.00 0.00 0.00 52,094.306.00 000 000 000 52.094.306 00 ACCUMULATED DEPRECIATION 0,00 000 0 00 AMOUNT AVAILABLE TO RETIRE L!T DEBT 0.00 0.00 000 000 000 000 0.00 000 000 AMOUNT TO BE PROVIDED FOR L/T DEBT 0.00 000 1,694,231.51 000 000 160,998.172 00 000 7.475 000.00 170. 167.403 51 TOTAL OTHER ASSETS 0.00 0.00 1,694.231.51 000 52.094,306 00 160, 998,172 00 0 00 7,475,000 00 222.26T 51 TOTAL ASSETS 63,128.960 47 308,622,199 00 1,694.231 51 66,009.397 07 52 094,306 00 160,998.172 00 8.703 96 7.475.000 00 660.030 970 01 LIABILITIES: ACCOUNTS PAYABLE 390,026.51 0.00 000 (345,504 00) 000 000 000 000 44,522 51 DUE.TO OTHER AGENCIES 132.946 81 000 000 0.00 0.00 0.00 000 000 132,946 81 DUE TO OTHER FUNDS 163,691 37 0.00 0.00 1,798.529.04 000 000 000 000 1.962.220 41 INTEREST ADVANCE -DUE TO CITY 2,500,689.78 000 0.00 12,483.537. 00 000 000 000 000 14,984,226 78 ACCRUED EXPENSES 0,00 0.00 0.00 0.00 0.00 000 0.00 000 a 00 INTEREST PAYABLE 95,538 44 95,538 44 PAYROLL LIABILITIES 49.636 64 0.00 0.00 0.00 0.00 0.00 000 0.00 49.636.64 STRONG MOTION INSTRUMENTS 4.654.89 0.00 000 000 0.00 0.00 000 0.00 4.65489 FRINGE TOED LIZARD FEES 48,000.00 0.DO 0.00 000 000 000 000 000 48.000 00 SUSPENSE (6.254.45) 0.00 0.00 000 0.00 0.00 000 000 (6,254 45) DUE TO THE CITY OF LA OUINTA 0.00 0.00 0.00 0.00 000 000 000 000 000 PAYABLES TOTAL 3.283.391,55 0.00 0.00 14,032.100 48 0.00 0 00 0 00 0 00 17,315.49203 ENGINEERING TRUST DEPOSITS 1,400.00 0.00 0.00 0.00 000 000 000 0.DO 1.40000 S0. COAST AIR QUALITY DEPOSITS 0.00 000 0.00 000 0.00 000 000 0.DO 000 LORP DEPOSITS 0.00 0.00 0.DO 17.801.00 000 0.00 000 0 00 17,801 00 DEVELOPER DEPOSITS 864,731.88 0.00 0.00 18,014 50 000 0.00 000 000 902, 746 38 MISC. DEPOSITS 439.568.66 0.00 0.00 25,000.00 000 000 0.00 000 464,568 66 AGENCY FUND DEPOSITS 1.067.377.08 0.00 0.00 000 000 000 0.00 0.00 1,067,377 08 TOTAL DEPOSITS 2.393,077.62 000 0.00 60.815 50 000 000 _ 000 000 2,453,893 12 DEFERRED REVENUE 1,164702.00 0.00 0.00 11.079,695.OB 000 000 000 000 12,244 397 08 OTHER LIABILITIES TOTAL 1.164.702.00 0.00 0.00 11 079.695 08 0 00 000 000 000 12,244,397 08 COMPENSATED ABSENCES PAYABLE 0.00 000 422.197.92 000 000 000 0.00 000 422.197 92 DEVELOPER AGREEMENT 743,722.59 743.722 59 DUE TO THE CITY OF LA QUINTA 0.00 0.00 528,311.00 coo 0.00 000 Coo 0.00 528,311 00 DUE TO COUNTY OF RIVERSIDE 0.00 0.00 0.00 0.00 0.00 2,250.000 00 0.00 000 2250.000 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 DO 8.063,172. DO DUE TO DESERT SANDS SCHOOL DIST. 0.00 0.00 0.00 000 0.00 0.00 0.00 000 000 BONDS PAYABLE 0.00 0.00 0.00 000 0.00 150.685 000 00 000 7475.000 00 158,160.ODO 00 TOTAL LONG TERM DEBT 0.00 0.00 1,694,231,51 000 0.00 160.998,172. 00 000 7.475 000 00 170,167 403.51 TOTAL LIABILITIES 6,841,171. 17 0.00 1,694.231.51 25,172611.06 000 160,998,17200 0.00 7,475,00000 202.181,18574 EQUITY -FUND BALANCE 56,287,789,32 308.622.199.00 0,00 40,836,786.01 52,094,306 00 000 8.703.96 0 00 457.849,784 29 TOTAL LIABILITY 3 EQUITY 63.128,960.49 308,622,199.00 1,694,231.51 66 009,397 07 52,094.306.00 160,998,172. 00 8,70396 7 475 ODO 00 660,030 970 03 (0.02) 0.00 0.00 (0.00) 0.00 000 0.00 000 (002) CASH d INVESTMENT TOTAL 96,147,782.23 PREMIUM/DISCOUNT ON INVESTMENT 1230.348,76) TOTAL 95,917,433.47 v�1� d o e e e o (De o 0 0 e � > cNOMn�rn 7�700�n tD n cmooe(m 70)N nM(D Of M N --- N I a M�e M ? o e e o, o a o o 0 O-m m Nm O (D n M N- N (fiCl) 'rM (O .'In m c(D ( cl o (ONO (D a M (D O Of n m OM-O m a m 47 1l� Q t L o 0 0 0 0 = o 0 0 0 0 CCOO D7m (Dm �D)N (D nom m (a 21 cm N (l'1 Q) � M m L N- N N m m m n N_Ol (D (D R (D oee0 e (oo0oe e (Do0 cn 2 mmm�� N (n D)aD (O D) a(h 90(q� N - -- N a1(D(nmv (D 0 0 C 0 0 0 0 C O n n n m M V C2 (D O m N 0 j M 0 0 0 Cl) C m (n m tCJ 0000(�0 ae000 0 E M o v m< m �0oee E m n m v Cl)o o n NcoN O a M Na) N-1- N m a Cl) W V N dN M a) 0 01 co n to In m (D � 0 N 0 0 0 0 0 N ONOOO -Eae o o e o E (D OOf ONM o 0 0 0 E mOO N M O O N M N -N N O n t a)m (O >0M 04 r' M CD I"' N O In >pmmmm Z Z O m(D c D� pv0n n01 O N (DO N n p(D OOtMp f N M M N 000 ((1 R V NMN co Ue to m(D(D N Q`7 000e 0 a �a7"C', ea N (`') M N NNNNV (D (D (D (D D o e - N e o o e o y o 0 0 0 N O to (OD > m N 007 (D (OD > M c)N -N- N Q pmmm V Qm a7 (D (D 0 0 0 0 o O o o 0 0 o p n n o co N oo0 D) Om0)mI M M NN nn n r�v(Dvv(D N - N � N ' y co V co V -pj (D m (D (D C C C . 0 C C C EE EE N a1 a EE > > N > > > C C W _ ca0E C c 2 C C C y c o,E U Q N U Q N U a N 6 > a,m > C d c o y m d LLa�r. p N m dLL O Mn _ m n. LLa� C y O > N N N m m 0 8,6 j, N N N m m C 6 0 6- y N y fn m O) ISMOl v O (V O €N of C7 O) C C C E E E �• ISMSm C C p E E E C C C m m m f0 o� www L-' www ��', wwwF m N N N la d m E E c m m m o � m m m o m > �° >>> p L LL i LL o >O. cmi C !� N c c c aLi LL c c c .�S > > > c c c a> c c c .� > c c c a)— C C C .� > vxo aaacnag aaacnag aaarnag INVESTMENT ADVISORY BOARD Meeting Date: February 12, 2003 TITLE: Month End Cash Report - January 2003 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. n M. Falconer, Finance Director N a) Cl) co M MO m�r d' V (D N O vrn i)oO oo (O O m { oD 0 (vj aD N m m n O o m m n O O p rrm r Cl) O O O N l N m M r� 0 0 0 (D N (p OD F� p m r V N O� M cl O m m O N M 0 0 0 c (D m O N v m O m N oo O m ON r oo 00 oo .2 �M m (D m O M m (D M (n 0 m N rr m(°�m o0 oo N u7E . Lo r M N � 4 N N M M N p N r N m m co �_ (a > C r r r _ m m m N r- a0 m 0 Lo (N (O Lo o Lo O Lo oD o m W ¢ LL O N N O W N m m g of oo M 0i cl of oo M o m rn f`') m O (D O 0 0 0 o � LLm Y¢ N N m N m p N It co>_ m U�co (O Lo OD LoN oo r 0 N N N 0 N � c4 N O 01 m C r N M o0 M W M oD co LL tq o Zo C) M O MO u O M O N c) O > > Loa)2O M� M O m C M NO to 0? m W Clr M O O OM U7 LL Y M _o O (rj m co � r p — Lo (p (D r N O p M p M M n cc m N c\lr M (L N N > m N c) m m O\ m m m N Y (LC) m p m O M O N O r r m N o U oO N I ID '0 C,N O a D_ a) ¢ y U M O O O- M a-0-0- 0 Y a 0 Lo N (n U a) a)X C 0 w C m a) c co m c m O N U U U (n U@ C m O m O n.E m a Q) (D N N m U m com -D w (D m N ?NaNcmm '� a) m `m 3 7 nEaEEmmL 7 d > U `U- — >' M 7 m 0mO2����2 ,>' T a) m m 3..> >> o c -Lou a v d ¢a a ¢ .� T O) �O .O w >> m o o n@ ID m n m w-�¢(nOZ0 LL ��¢ a U') oD o r- O (D O oD O 0) O m LO 00 Lo N c N m O oD c\l It r co O � M l0 m O O n � m r o r r N a0 m� V M oO (OD r m v ca U N C cn al m C N > c m a N O O a) o O w 3 ,w j 'C a) 0- Op_ O Co L N m 0" n -CO 73 N N N D T U m f a) mw L M aci F F L O O a)E @ N L 3 'O C a) N ¢ Q C a) (D 0_ > V-L.. n C.)Cm (D a) m (n U O_ U) a) C m a) . E a D_ a) `O Q N C 0_ O L U m W� N `O m m a) N (AX C c a m m -a C m 0 m o u U C m >> C L L m mU m N j (6 E 0 L O O(D a a) O W V N E L.. m m F mx E O a) A2 w gym" oa)U n 3 y �aa) o w m o CL r m L co 7 c m N a d m O O d O U N 0 .0 a)E L ... T a N :ET C a 0 E m V E O a)!E N af- d o-o E N C "O m E um) n j m m a)U U m m .O > am C O C E o O (0)C m o (D cn O a w a1 T U L I.) m Z O O y N O a> N a o N O O �c a 'C N Q m j O a m N N V U L x~ a) C y 0(D aa)¢ c ao C (D L E N M a, o n c T C N N > N '3 O O C ca ami 'O m C O C m e 2 O_ U a m C t a O> V N C N n � C U .� C O L N ~ � LL F L a) a n FRB: H.15--Selected Interested Rates, Web -Only Daily Update --January 31, 2003 Page 1 of 3 Federal Reserve Statistical Release 1°1,15 Selected Interest Rates ([wily) Release Date: January 31, 2003 Weekly -release dates and -announcements I Historical data I About Daily update Other formats: Screen reader I ASCII 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 January 31, 2003 Yields in percent per annum 2003 2003 2003 2003 Jan Jan Jan Jan Instruments 27 28 29 30 Federal funds (effective) 1 2 3 1.30 1.23 1.26 1.29 Commercial paper 3 4 5 6 Nonfinancial 1-month 1.23 1.25 1.24 1.23 2-month 1.23 1.27 1.23 1.25 3-month 1.24 1.23 1.24 Financial 1-month 1.25 1.23 1.25 1.25 2-month 1.25 1.25 1.24 1.23 3-month 1.25 1.25 1.25 1.25 CDs (secondary market) 3 7 1-month 1.26 1.26 1.26 1.27 3-month 1.26 1.26 1.26 1.27 6-month 1.26 1.26 1.26 1.29 Eurodollar deposits (London) 3 8 1-month 1.26 1.25 1.26 1.27 3-month 1.26 1.25 1.26 1.27 6-month 1.26 1.26 1.26 1.28 Bank prime loan 2 3 9 4.25 4.25 4.25 4.25 Discount window primary credit 2 10 2.25 2.25 2.25 2.25 U.S. government securities Treasury bills (secondary market) 3 4 4-week 1.13 1.17 1.16 1.15 3-month 1.15 1.16 1.16 1.16 6-month 1.17 1.18 1.18 1.17 Treasury constant maturities 11 1-month 1.15 1.19 1.18 1.17 3-month 1.17 1.18 1.18 1.18 6-month 1.19 1.20 1.20 1.19 1-year 1.31 1.34 1.36 1.30 2-year 1.70 1.70 1.77 1.70 3-year 2.13 2.13 2.21 2.15 5-year 2.97 2.99 3.07 3.02 http://www.federalreserve.gov/Releases/Hl 5/update/ 2/4/2003 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --January 31, 2003 Page 2 of 3 7-year 10-year 20-year Treasury long-term average (25 years and above) 12 13 Interest rate swaps 14 1-year 2-year 3-year 4-year 5-year 7-year 10-year 30-year Corporate bonds Moody's seasoned Aaa 15 Baa State & local bonds 16 Conventional mortgages 17 See overleaf for footnotes 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 11 3.53 3.54 3.61 3.56 3.98 4.00 4.06 4.00 4.96 4.96 5.01 4.96 5.00 5.00 5.05 5.00 1.43 1.45 1.43 1.47 1.98 2.02 1.99 2.04 2.54 2.59 2.56 2.62 2.98 3.04 3.02 3.08 3.35 3.41 3.39 3.43 3.88 3.95 3.92 3.96 4.40 4.46 4.43 4.46 5.25 5.28 5.25 5.26 6.12 6.12 6.09 6.06 7.25 7.23 7.24 7.19 4.90 FOOTNOTES The daily effective federal funds rate is a weighted average of rates on brokered trades. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month. Annualized using a 360-day year or bank interest. On a discount basis. 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. 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. An average of dealer offering rates on nationally traded certificates of deposit. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. 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. The rate charged for primary credit under an amendment to the Board's Regulation A, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/data.htm. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury. http://www.federalreserve.gov/Releases/H 15/update/ 2/4/2003 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --January 31, 2003 Page 3 of 3 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/It 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 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 announcements I Historical data I About Daily update Other formats: Screen reader I ASCII Statistical releases Home I Economic research and data Accessibility_ I Contact Us Last update: January 31, 2003 http://www.federalreserve.gov/Releases/Hl 5/update/ 2/4/2003 LAIF 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: Effective Date: Quarter Yield: Daily: Year: Life: Quarter Ending 12/31/02 Apportionment Rate: Earnings Ratio, 01/29/03 0 1 /2 91`0 3 2, 11 `% 2, 0" % 190 2 . 3- 11 (k .00006335889804137 Fair Value Factor: 1,004029581 Monthly Average For December: 2.201 %o http://www.treasurer.ca.gov/laif/performance.htm 2/4/2003 LAIF Performance Report Page 2 of 2 Pooled Money Investmew Accomit Portfolio Composition $56.2 Billion 123'1 V Loans Treasuries Corporate 10,72% 13,16% Deposits CVsA3"S 9A0% 1535% Adobe PDF version of LAIF Performance. Hey withAdobeAcrobat PDF. ages a Treasuries % 0 Mortgages 0 Agencies a CD's)SN's 0 Time Deposits Agencie 24191 M Bankers Arcs • Repo • Commercial Paper o Corporate Bonds 13Loans N Re%terses http://www.treasurer.ca.gov/laif/performance.htm 2/4/2003 FRB:Commercial Paper Rates and Outstandings of 3 Federal Reserve Release. Commercial Paper Release I About I Outstandin s I Historical discount rates I Historical outstanding Data as of February 3, 2003 Commercial Paper Rates and Outstandings Derived from data supplied by The Depository Trust Company Posted February 4, 2003 Discount rates A2/P2 nonfinancial 1-day 1.27 1.28 1.41 7-day 1.24 1.25 1.42 15-day 1.24 1.25 1.38 30-day 1.25 1.24 1.43 60-day 1.26 1.29 1.54 90-day 1.25 1.25 1.49 Yield curve Monev market basis Pagel 1 7 15 30 Days to Maturity Financial - - - Nmfinanaal ••••• A2/P2 http://www.federalreserve.gov/Releases/CP/ �- 1,34 Percent 1.54 1.52 1.50 1.48 1.46 1.44 1.42 1.40 1.38 1.36 1.32 1.30 1.28 1.26 1.24 2/4/2003 FRB:Commercial Paper Rates and Outstandings Page 2 of 3 Discount rate spread Thirty -day A2/P2 less AA nonfinancial commercial paper (daily) Basis points 150 140 130 120 110 100 90 w 70 40 30 20 10 01JUL99 01JAN00 01JUL00 01JAN01 01JUL01 01JA1102 01JUL02 01,6 NO3 01JUL03 --- A2/P2 spread, 5—day moving arerarfs Discount rate history Thirty -day commercial paper (daily) A Percent 8 7 6 5 4 3 2 r 01JUL99 01AN00 01JUL00 01JAN01 01JUL01 01,AN02 01JUL02 01JAN03 01JUL03 Finanoial — — — Nonfinanoial ••••• A2/P2 Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars Billions of dollars . Gi'J9 http://www.federalreserve.gov/Releases/CP/ 2/4/2003 FRB:Commercial Paper Rates and Outstandings Page 3 of 3 1 30D 1200 1100 1000 400 300 200 1 �L� 9DO� -- 41JUL99 01JANDD 01JULOO 41JAN01 01JULD1 OlJAN02 01JUL02 01JAN03 01JUL03 —._. Finandal — — — Ncnfinandal 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 Paper outstanding Commercial paper outstanding, _miscellaneous _catevories Volume Statistics 2002 Release I About I Outstandings I Historical discount -rates I Historical_outstandings f lome I Statistical releases Accessibility) Contact Us Last update: February 4, 2003 1. xa http://www.federalreserve.gov/Releases/CP/ 2/4/2003 E - N N T N m C — L C E m C e a N �o X N K 'C N U 4 N cm U Q L a — N C N a o c E W O C, 0'N p a) N d E Z 2 m a) U .+ ° z a in a ¢ u m a ' W C', m M N O O pOp m co 0) m� SR c �. (0 O O C, c0N Mr 00 OGGpo .0. ON PMf. N 90 a r ow NM 0)r Or1 m M� M .O. L6 �� LO' �� Ner+l C, �a M 7— ton cNCO M MCD N C (0 O y Vcm O 000 O 00 O O O N O yj 7cli Of ¢ Q O tD N f17 70 ro Cj e7 N MT H c OTr W r O �p IA � L U a O c0 � U, O N O' O N a V^ N pp O ¢ m 0 10 W Noo N OI O O co O o oOoa a000roi°r' va0iiry O O en C6 0 N N a aOa O N N N r — W r '0erg r m V 100 1n cD 00 M �N N L O .L H cc a N N � E xcc N c � E F U> Cc C C m d y N C a mcmMC, cm x H w � a « a dLLEyo c�im F- c x> m m « oa s x a .Z x m > 7 N y r N a)y d G C .0 > «0 W O N a c N y d> ¢ CL 22 in 0 � . in . O U a �°- Z c 0 0 0 0 o p o 0 0 0 0 � 0 0 0 0 ` O I� LL7 � O O O O� N C-aOD OMi N OOi a0 N O COry O m 0 7 a h Z H cc w w � z (n a rn i5 2 j H W U}U m z gy w> d v w twn QOY=OU C. a C07 Y� 0l}--OZmM L c U W Z w z U g w d 3 d wZUJdHZ m wZ~m 50E- OO5OmOLL= O C7�UUdmUa W z¢ INVESTMENT ADVISORY BOARD Correspondence & Written Material Item B Meeting Date: February 12, 2003 TITLE: Pooled Money Investment Board Report for November 2002 BACKGROUND: The Pooled Money Investment Board Report for November 2002 is included in the agenda packet. RECOMMENDATION: Receive & File John M. Falconer, Finance Director Philip Angelides November 2002 STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT NOVEMBER 2002 TABLE OF CONTENTS SUMMARY................................................................. 01 SELECTED INVESTMENT DATA .................................... 02 PORTFOLIO COMPOSITION ........................................ 03 INVESTMENT TRANSACTIONS ..................................... 04 TIMEDEPOSITS........................................................ 21 BANK DEMAND DEPOSITS .......................................... 34 POOLED MONEY INVESTMENT BOARD DESIGNATION... 35 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF A NOVEMBER 2002 WITH NOVEMBER 2001 (DOLLARS IN THOUSANDS) NOVEMBEPZ 2002: NOVElV4 15R_204k I.. �:j ;CHANGE Average Daily Portfolio $ 53,423,338 $ 50,881,980 $ +2,541,358 Accrued Earnings $ 101,048 $ 147,472 -46,424 Effective Yield 2.301 3.526 -1.225 1 Average Life -Month End (In Days) 211 185 +26 Total Security Transactions Amount $ 30,834,663 $ 20,093,305 +10,741,358 Number 661 426 +235 Total Time Deposit Transactions Amount $ 2,143,995 $ 1,727,000 +416,995 Number 79 107 -28 Average Workday Investment Activity $ 1,832,148 $ 1,148,437 +683,711 Prescribed Demand Account Balances For Services $ 629,371 $ 554,994 +74,377 For Uncollected Funds $ 144,402 $ 146,011 -1,609 1 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) November 30, 2002 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 991,399 1.96 -0.09 Bonds 0 0.00 0.00 Notes 6,893,330 13.62 +1.40 Strips 0 0.00 0.00 Total Government $ 7,884,729 15.58 +1.31 Federal Agency Coupons $ 4,469,324 8.83 -0.93 Certificates of Deposit 7,225,428 14.27 -0.06 Bank Notes 499,988 0.99 -1.83 Bankers' Acceptances 0 0.00 0.00 Repurchases 0 0.00 0.00 Federal Agency Discount Notes 8,718,673 17.23 +3.91 Time Deposits 5,171,695 10.22 -0.36 GNMAs 699 0.00 0.00 Commercial Paper 11,529,251 22.78 -1.15 FHLMC 6,279 0.01 0.00 Corporate Bonds 2,386,879 4.72 -0.24 Pooled Loans 2,718,359 5.37 -0.65 GF Loans 0.00 0.00 0.00 Reversed Repurchases 0.00 0.00 0.00 Total (All Types) $ 50,611,304 100.00 g w i s n ..... INVESTMENT ACTIVITY NOVEMBER 2002 OCTOBER 2002 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 661 $ 30,834,663 675 $ 31,458,198 Other 31 460,011 42 839,376 Time Deposits 79 2,143,995 135 1,864,600 Totals 771 $ 33,438,669 852 $ 34,162,174 PMIA Monthly Average Effective Yield 2.301 2.487 Year to Date Yield Last Day of Month 2.535 2.601 2 Pooled Money Investment Account Portfolio Composition $50.6 Billion Loans Corporate 5.37% Treasuries RnncJs 1 r, r,Aa/ Commercial Paper 22.78% Time 1 V.GG /O CD's/BN's 15.26% 3 lortgages 0.01 % Agencies 26.06% 11 /30/02 8 Treasuries ® Mortgages I] Agencies 0 CD's/BN's ® Time Deposits Bankers Acceptances ■ Repo Commercial Paper * Corporate Bonds ❑ Loans Reverses 11/01/02 REDEMPTIONS CP TEXT FIN 11/01/02 1.970 $ 20,000 1 $ 1,094.44 1.997 CP GECC 11/01/02 1.880 50,000 1 2,611.11 1.906 CP GECC 11/01/02 1.880 50,000 1 2,611.11 1.906 CP GECC 11/01/02 1.880 50,000 1 2,611.11 1.906 CP GECC 11/01/02 1.880 50,000 1 2,611.11 1.906 CP SAFEWAY 11/01/02 1.870 50,000 2 5,194.44 1.896 CP SRAC 11/01/02 2.000 50,000 30 83,333.33 2.031 CP TEXT FIN 11/01/02 1.900 25,000 49 64,652.78 1.931 CP GECC 11/01/02 1.750 50,000 58 140,972.22 1.779 CP GECC 11/01/02 1.750 50,000 58 140,972.22 1.779 CP GECC 11/01/02 1.750 50,000 58 140,972.22 1.779 CP GECC 11/01/02 1.750 50,000 58 140,972.22 1.779 CP SAFEWAY 11/01/02 1.830 50,000 59 149,958.33 1.860 CP GMAC 11/01/02 2.030 50,000 78 219,916.67 2.067 CP GMAC 11/01/02 2.030 50,000 78 219,916.67 2.067 CP SALOMON 11/01/02 1.790 50,000 141 350,541.67 1.827 CP SALOMON 11/01/02 1.790 50,000 141 350,541.67 1.827 CP SALOMON 11/01/02 1.790 50,000 141 350,541.67 1.827 CP SALOMON 11/01/02 1.790 50,000 141 350,541.67 1.827 MTN IBM 7.250% 11/01/02 7.030 19,000 921 3,376,104.72 7.007 PURCHASES CP CITICORP 11/08/02 1.700 35,000 CP AT & T 11/25/02 2.010 25,000 CP FMCC 01/02/03 2.250 30,000 CP WYETH 01/29/03 2.120 10,000 CP WYETH 01/29/03 2.120 50,000 CP HOUSEHOLD 02/28/03 2.180 50,000 CP HOUSEHOLD 02/28/03 2.180 50,000 CP SRAC 02/28/03 2.280 50,000 CP GMAC 03/28/03 2.220 50,000 CP GMAC 03/28/03 2.220 50,000 CP GMAC 03/28/03 2.220 50,000 11/04/02 REDEMPTIONS CD CR AGRIC 1.750% 11/04/02 1.750 30,000 52 75,833.33 1.774 CD CR AGRIC 1.750% 11/04/02 1.750 50,000 52 126,388.89 1.774 CP ASCC 11/04/02 1.770 43,000 18 38,055.00 1.796 CP ASCC 11/04/02 1.770 50,000 18 44,250.00 1.796 CP SALOMON 11/04/02 1.750 50,000 18 43,750.00 1.775 CP SALOMON 11/04/02 1.750 50,000 18 43,750.00 1.775 CP SALOMON 11/04/02 1.750 50,000 18 43,750.00 1.775 CP GEN MILLS 11/04/02 1.950 50,000 25 67,708.33 1.979 CP GEN MILLS 11/04/02 1.950 50,000 25 67,708.33 1.979 CP SAFEWAY 11/04/02 1.860 25,000 34 43,916.67 1.889 CP SALOMON 11/04/02 1.740 50,000 34 82,166.67 1.767 4 11/04/02 REDEMPTIONS (continued) CP WYETH 11/04/02 1.950 10,000 62 33,583.33 1.983 CP WYETH 11/04/02 1.950 50,000 62 167,916.65 1.983 CP WYETH 11/04/02 1.900 25,000 84 110,833.33 1.934 CP WYETH 11/04/02 1.900 50,000 84 221,666.67 1.934 PURCHASES CP TEXT FIN 11/12/02 1.850 38,000 CP TEXT FIN 11/19/02 1.830 15,000 CP AT & T 12/09/02 1.960 50,000 CP GEN MILLS 01/27/03 1.880 50,000 CP WYETH 01/27/03 2.100 50,000 CP KODAK 01/29/03 1.950 50,000 11/05/02 NO SALES PURCHASES CP HOUSEHOLD 12/26/02 2.070 20,000 CP FMCC 03/03/03 2.210 20,000 MTN FMCC 7.500% 06/15/03 4.300 10,000 MTN GMAC 5.750% 11/05/04 5.750 50,000 11/06/02 NO SALES PURCHASES BN WORLD 1.470% 02/03/03 1.490 50,000 BN WORLD 1.470% 02/03/03 1.490 50,000 BN WORLD 1.470% 02/03/03 1.490 50,000 BN WORLD 1.470% 02/03/03 1.490 50,000 CD DEXIA 1.510% 12/27/02 1.500 50,000 CD DEXIA 1.510% 12/27/02 1.500 50,000 CD DEXIA 1.510% 12/27/02 1.500 50,000 CD DEXIA 1.510% 12/27/02 1.500 50,000 CD HYPO 1.540% 06/27/03 1.530 50,000 CD HYPO 1.540% 06/27/03 1.530 50,000 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 CP HOUSEHOLD 11/25/02 1.950 50,000 CP HOUSEHOLD 11/25/02 1.950 50,000 CP HOUSEHOLD 12/02/02 1.950 50,000 CP HOUSEHOLD 12/02/02 1.950 50,000 CP GECC 12/09/02 1.540 50,000 5 11/06/02 PURCHASES (continued) CP GECC 12/09/02 1.540 50,000 CP GECC 12/10/02 1.540 50,000 CP GECC 12/10/02 1.540 50,000 CP WYETH 01/10/03 2.100 50,000 CP WYETH 01/10/03 2.100 50,000 CP GECC 02/03/03 1.510 50,000 CP GECC 02/03/03 1.510 50,000 CP GECC 02/10/03 1.500 50,000 CP GECC 02/10/03 1.500 50,000 CP AMER EXP 03/04/03 1.500 50,000 CP AMER EXP 03/04/03 1.500 50,000 CP AMER EXP 03/04/03 1.500 50,000 CP AMER EXP 03/04/03 1.500 50,000 DISC NOTES FHLMC 03/03/03 1.410 38,153 DISC NOTES FHLMC 03/03/03 1.410 50,000 DISC NOTES FHLMC 03/03/03 1.410 50,000 DISC NOTES FHLMC 03/03/03 1.410 50,000 DISC NOTES FHLMC 03/03/03 1.410 50,000 DISC NOTES FHLMC 03/07/03 1.420 50,000 DISC NOTES FHLMC 03/07/03 1.420 50,000 DISC NOTES FHLMC 03/07/03 1.420 50,000 DISC NOTES FHLMC 11/06/03 1.480 50,000 DISC NOTES FHLMC 11/06/03 1.480 50,000 DISC NOTES FHLMC 11/06/03 1.490 50,000 DISC NOTES FNMA 04/09/03 1.400 50,000 DISC NOTES FNMA 04/09/03 1.400 50,000 DISC NOTES FNMA 06/27/03 1.400 40,000 DISC NOTES FNMA 06/27/03 1.400 50,000 DISC NOTES FNMA 06/27/03 1.400 50,000 DISC NOTES FNMA 06/27/03 1.400 50,000 DISC NOTES FNMA 10/17/03 1.500 50,000 DISC NOTES FNMA 10/17/03 1.500 50,000 DISC NOTES FNMA 10/17/03 1.500 50,000 TREAS NOTES 2.125% 10/31/04 1.843 50,000 TREAS NOTES 2.125% 10/31/04 1.843 50,000 TREAS NOTES 2.125% 10/31/04 1.843 50,000 TREAS NOTES 2.125% 10/31/04 1.843 50,000 TREAS NOTES 2.125% 10/31/04 1.843 50,000 TREAS NOTES 2.125% 10/31/04 1.843 50,000 TREAS NOTES 2.125% 10/31/04 1.845 50,000 TREAS NOTES 2.125% 10/31/04 1.845 50,000 TREAS NOTES 5.750% 11/15/05 2.294 50,000 TREAS NOTES 5.750% 11/15/05 2.294 50,000 11/07/02 NO SALES 19 11/07/02 PURCHASES TREAS NOTES 2.125% 10/31/04 1.851 50,000 TREAS NOTES 2.125% 10/31/04 1.851 50,000 TREAS NOTES 6.750% 05/15/05 2.028 50,000 TREAS NOTES 6.750% 05/15/05 2.028 50,000 TREAS NOTES 6.750% 05/15/05 2.089 50,000 TREAS NOTES 6.750% 05/15/05 2.089 50,000 11/08/02 REDEMPTIONS BN WORLD 1.690% 11/08/02 1.750 15,000 72 52,540.35 1.775 BN WORLD 1.690% 11/08/02 1.750 50,000 72 175,134.50 1.775 BN WORLD 1.690% 11/08/02 1.750 50,000 72 175,134.50 1.775 CD UBS 1.730% 11/08/02 1.730 50,000 36 86,500.00 1.754 CD UBS 1.730% 11/08/02 1.730 50,000 36 86,500.00 1.754 CP CITICORP 11/08/02 1.700 35,000 7 11,569.44 1.724 CP HOUSEHOLD 11/08/02 1.950 30,000 8 13,000.00 1.977 CP MORG STAN 11/08/02 1.750 50,000 53 128,819.45 1.778 CP MORG STAN 11/08/02 1.750 50,000 53 128,819.45 1.778 CP MORG STAN 11/08/02 1.750 50,000 53 128,819.45 1.778 CP GOLDMAN 11/08/02 1.700 50,000 79 186,527.78 1.730 CP GOLDMAN 11/08/02 1.700 50,000 79 186,527.78 1.730 CP GOLDMAN 11/08/02 1.700 50,000 79 186,527.78 1.730 CP GOLDMAN 11/08/02 1.700 50,000 79 186,527.78 1.730 CP TRANSAM 11/08/02 1.700 25,000 91 107,430.56 1.731 CP GECC 11/08/02 1.910 50,000 157 416,486.11 1.952 CP GECC 11/08/02 1.910 50,000 157 416,486.11 1.952 DISC NOTES FHLB 11/08/02 1.650 2,653 74 8,998.09 1.678 DISC NOTES FHLB 11/08/02 1.650 50,000 74 169,583.33 1.678 DISC NOTES FHLB 11/08/02 1.650 50,000 74 169,583.33 1.678 PURCHASES CP SAFEWAY 11/12/02 1.300 50,000 CP SAFEWAY 11/12/02 1.300 50,000 CP SAFEWAY 11/12/02 1.300 50,000 CP SAFEWAY 11/12/02 1.300 50,000 11/12/02 REDEMPTIONS BN WORLD 1.750% 11/12/02 1.760 50,000 26 63,554.94 1.784 BN WORLD 1.750% 11/12/02 1.760 50,000 26 63,554.94 1.784 BN WORLD 1.750% 11/12/02 1.760 50,000 26 63,554.94 1.784 BN WORLD 1.750% 11/12/02 1.760 50,000 26 63,554.94 1.784 CP SAFEWAY 11/12/02 1.300 50,000 4 7,222.23 1.318 CP SAFEWAY 11/12/02 1.300 50,000 4 7,222.23 1.318 CP SAFEWAY 11/12/02 1.300 50,000 4 7,222.23 1.318 CP SAFEWAY 11/12/02 1.300 50,000 4 7,222.23 1.318 CP TEXT FIN 11/12/02 1.850 38,000 8 15,622.22 1.876 7 11/12/02 REDEMPTIONS (continued) CP TEXT FIN CP CAFCO CP CAFCO MTN IBM MTN IBM PURCHASES BN BN CP CP CP CP CP CP CP CP CP DISC NOTES DISC NOTES DISC NOTES DISC NOTES 11/13/02 REDEMPTIONS CP CP CP CP PURCHASES BANC ONE BANC ONE HOUSEHOLD HOUSEHOLD TEXT FIN SAFEWAY SAFEWAY CAMPBELL DISNEY WYETH GECC FNMA FNMA FNMA FNMA 11/12/02 1.930 11/12/02 1.700 11/12/02 1.700 6.450% 11/12/02 7.290 6.450% 11/12/02 6.658 1.310% 06/27/03 1.310% 06/27/03 12/27/02 12/27/02 01/10/03 01 /13/03 01 /13/03 01 /21 /03 01 /21 /03 01 /21 /03 04/01 /03 06/27/03 06/27/03 06/27/03 06/27/03 1.310 1.310 1.680 1.680 1.500 1.520 1.520 1.420 1.600 1.800 1.320 1.270 1.270 1.270 1.270 25,000 13 17,423.61 50,000 89 210,138.89 50,000 89 210,138.89 10,000 880 1,736,775.00 14,845 1064 2,869,192.12 50,000 50,000 50,000 50,000 25,000 50,000 50,000 25,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 1.958 1.730 1.730 7.338 6.666 AMER EXP 11/13/02 1.740 50,000 43 103,916.67 1.767 AMER EXP 11/13/02 1.740 50,000 43 103,916.67 1.767 CRC 11/13/02 1.700 50,000 90 212,500.00 1.730 CRC 11/13/02 1.700 50,000 90 212,500.00 1.730 CD WASHINGTON 1.440% 06/27/03 1.440 50,000 CD WASHINGTON 1.440% 06/27/03 1.440 50,000 CD WASHINGTON 1.440% 06/27/03 1.440 50,000 CP GECC 11/27/02 1.280 50,000 CP GECC 11/27/02 1.280 50,000 11/14/02 NO SALES PURCHASES BN WORLD 1.270% 11/27/02 1.270 50,000 BN WORLD 1.270% 11/27/02 1.270 50,000 BN WORLD 1.270% 11/27/02 1.270 50,000 BN WORLD 1.270% 11/27/02 1.270 50,000 CD DUETSCHE 1.250% 11/27/02 1.250 50,000 E. 11/14/02 PURCHASES (continued) CD DUETSCHE 1.250% 11/27/02 1.250 50,000 CD DUETSCHE 1.250% 11/27/02 1.250 50,000 CD DUETSCHE 1.250% 11/27/02 1.250 50,000 CD UBS 1.315% 06/20/03 1.315 50,000 CD UBS 1.315% 06/20/03 1.315 50,000 CD UBS 1.315% 06/20/03 1.315 50,000 CD UBS 1.315% 06/20/03 1.315 50,000 CD UBS 1.315% 06/20/03 1.315 50,000 CD UBS 1.315% 06/20/03 1.315 50,000 CD CR SUISSE 1.350% 06/20/03 1.340 50,000 CD CR SUISSE 1.350% 06/20/03 1.340 50,000 CD DEXIA 1.305% 06/27/03 1.300 50,000 CD DEXIA 1.305% 06/27/03 1.300 50,000 CD TORONTO 1.340% 06/27/03 1.335 50,000 CD TORONTO 1.340% 06/27/03 1.335 50,000 CD TORONTO 1.340% 06/27/03 1.335 50,000 CD SOC GEN 1.290% 06/27/03 1.290 50,000 CD SOC GEN 1.290% 06/27/03 1.290 50,000 CD UBS 1.300% 06/27/03 1.300 50,000 CD UBS 1.300% 06/27/03 1.300 50,000 CD STNRD CH 1.300% 06/27/03 1.300 50,000 CD BAYER 1.310% 06/27/03 1.310 50,000 CD BAYER 1.310% 06/27/03 1.310 50,000 CD CR SUISSE 1.300% 06/27/03 1.300 50,000 CD CR SUISSE 1.300% 06/27/03 1.300 50,000 CD RABO 1.310% 06/27/03 1.300 50,000 CD RABO 1.310% 06/27/03 1.300 50,000 CD BARCLAYS 1.310% 06/27/03 1.300 50,000 CD BARCLAYS 1.310% 06/27/03 1.300 50,000 CD W/F 1.310% 06/27/03 1.310 50,000 CD W/F 1.310% 06/27/03 1.310 50,000 CD CR SUISSE 1.350% 06/27/03 1.340 50,000 CD CR SUISSE 1.350% 06/27/03 1.340 50,000 CP GECC 11/25/02 1.280 50,000 CP GECC 11/25/02 1.280 50,000 CP GECC 11/25/02 1.280 50,000 CP GECC 11/25/02 1.280 50,000 CP GECC 11/25/02 1.280 50,000 CP GECC 11/25/02 1.280 50,000 CP W/F 11/27/02 1.270 25,000 CP NCAT 11/27/02 1.150 50,000 CP NCAT 11/27/02 1.150 50,000 CP NCAT 11/27/02 1.150 50,000 CP NCAT 11/27/02 1.150 50,000 CP W/F 11/27/02 1.270 50,000 CP BARTON 12/11/02 1.310 50,000 CP BARTON 12/11/02 1.310 50,000 CP BEAR 03/28/03 1.340 40,000 11/14/02 PURCHASES (continued) DISC NOTES FHLB 02/07/03 1.230 1,439 DISC NOTES FHLB 02/07/03 1.230 50,000 DISC NOTES FHLB 02/07/03 1.230 50,000 DISC NOTES FHLB 02/10/03 1.230 50,000 DISC NOTES FHLB 02/10/03 1.230 50,000 DISC NOTES FHLMC 03/28/03 1.230 50,000 DISC NOTES FHLMC 03/28/03 1.230 50,000 DISC NOTES FHLMC 03/28/03 1.230 50,000 DISC NOTES FHLMC 03/28/03 1.230 50,000 DISC NOTES FHLMC 05/28/03 1.230 50,000 DISC NOTES FHLMC 05/28/03 1.230 50,000 DISC NOTES FHLMC 05/28/03 1.230 50,000 DISC NOTES FHLMC 05/28/03 1.230 50,000 DISC NOTES FHLMC 11/25/03 1.210 50,000 DISC NOTES FHLMC 11/25/03 1.210 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.250 50,000 DISC NOTES FNMA 06/20/03 1.270 50,000 DISC NOTES FNMA 06/20/03 1.270 50,000 DISC NOTES FNMA 06/20/03 1.270 50,000 DISC NOTES FNMA 06/20/03 1.270 50,000 DISC NOTES FNMA 06/27/03 1.250 50,000 DISC NOTES FNMA 06/27/03 1.250 50,000 DISC NOTES FNMA 06/27/03 1.250 50,000 DISC NOTES FNMA 06/27/03 1.250 50,000 DISC NOTES FNMA 06/27/03 1.250 50,000 DISC NOTES FNMA 06/27/03 1.250 50,000 DISC NOTES FNMA 06/27/03 1.250 50,000 DISC NOTES FNMA 06/27/03 1.250 50,000 11/15/02 REDEMPTIONS CB FMCC 7.750% 11/15/02 3.207 15,280 365 506,467.95 3.173 CB FMCC 7.750% 11/15/02 5.930 6,095 1277 1,304,111.60 5.787 FHLB 6.375% 11/15/02 5.270 50,000 666 4,872,687.50 5.241 FHLB 6.375% 11/15/02 6.140 25,000 710 2,993,989.58 6.130 10 11/15/02 REDEMPTIONS (continued) FHLB 6.375% 11/15/02 6.392 15,000 737 1,936,193.75 6.394 FHLB 6.375% 11/15/02 6.392 15,000 737 1,936,193.75 6.394 FHLB 6.375% 11/15/02 6.450 35,000 737 4,555,549.37 6.455 FHLB 6.375% 11/15/02 6.392 50,000 737 6,453,979.17 6.394 PURCHASES CD CHASE 1.330% 06/20/03 1.330 50,000 CD CHASE 1.330% 06/20/03 1.330 50,000 CD CHASE 1.330% 06/20/03 1.330 50,000 CD CHASE 1.330% 06/20/03 1.330 50,000 CD CR AGRIC 1.340% 06/20/03 1.330 50,000 CD CR AGRIC 1.340% 06/20/03 1.330 50,000 CD CR AGRIC 1.340% 06/20/03 1.330 50,000 CD CR AGRIC 1.340% 06/20/03 1.330 50,000 CD RABO 1.340% 06/20/03 1.330 50,000 CD RABO 1.340% 06/20/03 1.330 50,000 CD SVENSKA 1.350% 06/20/03 1.350 50,000 CD SVENSKA 1.350% 06/20/03 1.350 50,000 CD NOVA SCOT 1.360% 06/20/03 1.360 50,000 CD NOVA SCOT 1.360% 06/20/03 1.360 50,000 CD NOVA SCOT 1.360% 06/20/03 1.360 50,000 CD NOVA SCOT 1.360% 06/20/03 1.360 50,000 CD WASHINGTON 1.490% 06/20/03 1.490 50,000 CD WASHINGTON 1.490% 06/20/03 1.490 50,000 CD WASHINGTON 1.490% 06/20/03 1.490 50,000 CD WASHINGTON 1.490% 06/20/03 1.490 50,000 CID CAFCO 01/09/03 1.320 50,000 CID CAFCO 01/09/03 1.320 50,000 CID TEXT FIN 01/27/03 1.530 25,000 CID CITICORP 01/27/03 1.340 50,000 CID CITICORP 01/27/03 1.340 50,000 CID CITICORP 02/10/03 1.330 50,000 CP CITICORP 02/10/03 1.330 50,000 CP CITICORP 02/10/03 1.330 50,000 CP CITICORP 02/10/03 1.330 50,000 CID MORG STAN 02/10/03 1.340 50,000 CID MORG STAN 02/10/03 1.340 50,000 CID MORG STAN 02/10/03 1.340 50,000 CID MORG STAN 02/10/03 1.340 50,000 CID GECC 02/10/03 1.330 50,000 CID GECC 02/10/03 1.330 50,000 CID GECC 02/10/03 1.330 50,000 CID GECC 02/10/03 1.330 50,000 CID NCAT 04/28/03 1.330 50,000 CID NCAT 04/28/03 1.330 50,000 DISC NOTES FHLB 04/01/03 1.260 25,000 DISC NOTES FHLB 04/01/03 1.260 50,000 11 11/15/02 PURCHASES (continued) DISC NOTES FHLB 05/16/03 1.280 50,000 DISC NOTES FHLMC 02/13/03 1.240 50,000 DISC NOTES FHLMC 02/13/03 1.240 50,000 DISC NOTES FNMA 05/07/03 1.270 2,550 DISC NOTES FNMA 05/07/03 1.270 50,000 DISC NOTES FNMA 05/07/03 1.270 50,000 DISC NOTES FNMA 05/07/03 1.270 50,000 DISC NOTES FNMA 06/20/03 1.300 50,000 DISC NOTES FNMA 06/20/03 1.300 50,000 DISC NOTES FNMA 06/20/03 1.300 50,000 DISC NOTES FNMA 06/20/03 1.300 50,000 DISC NOTES FNMA 06/20/03 1.300 50,000 DISC NOTES FNMA 06/20/03 1.300 50,000 DISC NOTES FNMA 06/27/03 1.300 50,000 DISC NOTES FNMA 06/27/03 1.300 50,000 DISC NOTES FNMA 06/27/03 1.300 50,000 DISC NOTES FNMA 06/27/03 1.300 50,000 11/18/02 REDEMPTIONS BN BANC ONE 1.710% 11/18/02 1.710 50,000 33 BN BANC ONE 1.710% 11/18/02 1.710 50,000 33 PURCHASES CD BNPARIS 1.360% 06/20/03 1.355 50,000 CD BNPARIS 1.360% 06/20/03 1.355 50,000 CD BNPARIS 1.360% 06/20/03 1.355 50,000 CD BNPARIS 1.360% 06/20/03 1.355 50,000 CID DISNEY 11/27/02 1.450 30,000 CID GEN MILLS 01/27/03 1.630 50,000 CP JP MORGAN 02/20/03 1.340 50,000 CID JP MORGAN 02/20/03 1.340 50,000 CID JP MORGAN 02/20/03 1.340 50,000 CID JP MORGAN 02/20/03 1.340 50,000 CID FCAR 02/27/03 1.350 50,000 CID FCAR 02/27/03 1.350 50,000 CP NCAT 02/28/03 1.340 50,000 CP GECC 04/11/03 1.340 50,000 CID GECC 04/11/03 1.340 50,000 CID GECC 04/11/03 1.340 50,000 CID GECC 04/11/03 1.340 50,000 DISC NOTES FHLMC 06/20/03 1.280 20,000 DISC NOTES FHLMC 06/20/03 1.280 50,000 DISC NOTES FNMA 06/20/03 1.280 50,000 DISC NOTES FNMA 06/20/03 1.280 50,000 12 78,375.00 1.733 78,375.00 1.733 11/19/02 REDEMPTIONS CP TEXT FIN PURCHASES CP GEN MILLS CP GECC CP GECC 11/20/02 REDEMPTIONS CD W/F CD W/F CP GEN MILLS CP GECC CP GECC CP WYETH CP GMAC CID GMAC CP GMAC CP CAFCO CP CAFCO CP CRC CP CRC CP FCAR CP FCAR CP FCAR CP FCAR DISC NOTES FNMA DISC NOTES FNMA NO PURCHASES 11 /21 /02 NO SALES PURCHASES CP TEXT FIN CP TEXT FIN CP GECC CP GECC CP GECC CP GECC CP TEXT FIN CP MORG STAN CP MORG STAN CP MORG STAN CP MORG STAN DISC NOTES FHLB 11 /19/02 1.830 15,000 15 11,437.50 1.856 11/20/02 1.350 17,400 11/20/02 1.190 33,000 11/20/02 1.190 50,000 1.750% 11/20/02 1.740 15,000 34 1.750% 11/20/02 1.740 50,000 34 11/20/02 1.350 17,400 1 11/20/02 1.190 33,000 1 11/20/02 1.190 50,000 1 11/20/02 1.970 50,000 34 11/20/02 2.030 50,000 40 11/20/02 2.000 25,000 50 11/20/02 2.000 50,000 50 11/20/02 1.700 50,000 93 11/20/02 1.700 50,000 93 11/20/02 1.700 50,000 93 11/20/02 1.700 50,000 93 11/20/02 1.810 50,000 152 11/20/02 1.810 50,000 152 11/20/02 1.820 45,000 155 11/20/02 1.820 50,000 155 11/20/02 1.670 20,000 86 11/20/02 1.670 50,000 86 11/22/02 1.370 13,480 11/22/02 1.370 50,000 11/22/02 1.260 50,000 11/22/02 1.260 50,000 11/22/02 1.260 50,000 11/22/02 1.260 50,000 11/25/02 1.300 27,918 11/27/02 1.260 50,000 11 /27/02 1.260 50,000 11 /27/02 1.260 50,000 11 /27/02 1.260 50,000 11 /27/02 1.190 10,000 13 24,650.24 82,167.44 652.50 1,090.83 1,652.78 93,027.78 112,777.78 69,444.44 138,888.89 219,583.33 219,583.33 219,583.33 219,583.33 382,111.11 382,111.11 352, 625.00 391,805.56 79,788.89 199,472.22 1.764 1.764 1.368 1.206 1.206 2.001 2.062 2.033 2.033 1.731 1.731 1.731 1.731 1.849 1.849 1.859 1.859 1.699 1.699 11/21/02 PURCHASES (continued) DISC NOTES FHLB DISC NOTES FHLB DISC NOTES FHLB 11/22/02 REDEMPTIONS 11/27/02 1.190 50,000 11/27/02 1.190 50,000 11/27/02 1.190 50,000 CID TEXT FIN 11/22/02 1.370 13,480 1 512.99 1.389 CP GECC 11/22/02 1.260 50,000 1 1,750.00 1.277 CID GECC 11/22/02 1.260 50,000 1 1,750.00 1.277 CID GECC 11/22/02 1.260 50,000 1 1,750.00 1.277 CID GECC 11/22/02 1.260 50,000 1 1,750.00 1.277 CID TEXT FIN 11/22/02 1.370 50,000 1 1,902.78 1.389 PURCHASES CID TEXT FIN 12/27/02 1.420 25,000 CID MORG STAN 02/11/03 1.350 5,000 CP MORG STAN 02/11/03 1.350 50,000 CID FMCC 02/20/03 1.970 50,000 CID FMCC 02/20/03 1.970 50,000 CID WYETH 03/10/03 1.900 50,000 CP WYETH 03/10/03 1.900 50,000 CP FCAR 04/11/03 1.360 23,000 CID FCAR 04/11/03 1.360 50,000 CID FCAR 04/11/03 1.360 50,000 DISC NOTES FNMA 02/19/03 1.240 50,000 DISC NOTES FNMA 02/19/03 1.240 50,000 DISC NOTES FNMA 03/20/03 1.240 25,000 DISC NOTES FNMA 03/20/03 1.240 50,000 DISC NOTES FNMA 03/20/03 1.240 50,000 TREAS NOTES 2.125% 10/31/04 2.030 50,000 TREAS NOTES 2.125% 10/31/04 2.030 50,000 11/25/02 REDEMPTIONS BN BANC ONE 1.810% 11/25/02 1.810 50,000 154 387,138.89 1.835 BN BANC ONE 1.810% 11/25/02 1.810 50,000 154 387,138.89 1.835 CD CIBC 1.800% 11/25/02 1.800 50,000 154 385,000.00 1.825 CD CIBC 1.800% 11/25/02 1.800 50,000 154 385,000.00 1.825 CD CIBC 1.800% 11/25/02 1.800 50,000 154 385,000.00 1.825 CD CIBC 1.800% 11/25/02 1.800 50,000 154 385,000.00 1.825 CID TEXT FIN 11/25/02 1.300 27,918 4 4,032.60 1.318 CID GECC 11/25/02 1.280 50,000 11 19,555.56 1.298 CP GECC 11/25/02 1.280 50,000 11 19,555.56 1.298 CP GECC 11/25/02 1.280 50,000 11 19,555.56 1.298 CP GECC 11/25/02 1.280 50,000 11 19,555.56 1.298 CP GECC 11/25/02 1.280 50,000 11 19,555.56 1.298 CID GECC 11/25/02 1.280 50,000 11 19,555.56 1.298 14 11/25/02 REDEMPTIONS (continued) CP HOUSEHOLD 11/25/02 1.950 50,000 19 51,458.33 1.979 CP HOUSEHOLD 11/25/02 1.950 50,000 19 51,458.33 1.979 CP AT & T 11/25/02 2.010 25,000 24 33,500.00 2.040 CP AT & T 11/25/02 2.140 25,000 33 49,041.67 2.173 CP GMAC 11/25/02 2.050 20,000 35 39,861.11 2.082 CP GMAC 11/25/02 2.050 50,000 35 99,652.78 2.082 CP CITICORP 11/25/02 1.760 50,000 39 95,333.33 1.787 CP CITICORP 11/25/02 1.760 50,000 39 95,333.33 1.787 CP JP MORGAN 11/25/02 1.740 50,000 94 227,166.67 1.772 CP JP MORGAN 11/25/02 1.740 50,000 94 227,166.67 1.772 CP JP MORGAN 11/25/02 1.740 50,000 94 227,166.67 1.772 CP JP MORGAN 11/25/02 1.740 50,000 94 227,166.67 1.772 CP FCAR 11/25/02 1.800 50,000 161 402,500.00 1.839 CP FCAR 11/25/02 1.800 50,000 161 402,500.00 1.839 DISC NOTES FHLMC 11/25/02 1,210 50,000 11 18,486.11 1.227 DISC NOTES FHLMC 11/25/02 1.210 50,000 11 18,486.11 1.227 DISC NOTES FNMA 11/25/02 1.720 50,000 159 379,833.33 1.757 DISC NOTES FNMA 11/25/02 1.720 50,000 159 379,833.33 1.757 PURCHASES CD CIBC 1.380% 06/20/03 1.370 50,000 CD CIBC 1.380% 06/20/03 1.370 50,000 CP TEXT FIN 01/27/03 1.570 25,000 CP CITICORP 01/29/03 1.340 25,000 CP CITICORP 01/29/03 1.340 50,000 CP FMCC 02/28/03 1.970 50,000 CP GMAC 03/10/03 1.950 50,000 CP GMAC 03/10/03 1.950 50,000 TREAS NOTES 2.125% 10/31/04 2.060 50,000 11/26/02 NO SALES PURCHASES CD WASHINGTON 1.530% 06/20/03 1.530 50,000 CD WASHINGTON 1.530% 06/20/03 1.530 50,000 CP HOUSEHOLD 04/01/03 1.580 50,000 CP HOUSEHOLD 04/01/03 1.580 50,000 CP GECC 04/28/03 1.360 42,000 DISC NOTES FHLMC 06/27/03 1.300 50,000 DISC NOTES FNMA 03/28/03 1.260 50,000 DISC NOTES FNMA 03/28/03 1.260 50,000 DISC NOTES FNMA 06/20/03 1.300 50,000 SBA FR 2.050% 11/25/27 2.050 8,712 15 11/27/02 REDEMPTIONS BN WORLD 1.270% 11/27/02 1.270 50,000 13 22,930.56 1.287 BN WORLD 1.270% 11/27/02 1.270 50,000 13 22,930.56 1.287 BN WORLD 1.270% 11/27/02 1.270 50,000 13 22,930.56 1.287 BN WORLD 1.270% 11/27/02 1.270 50,000 13 22,930.56 1.287 BN BANC ONE 1.720% 11/27/02 1.720 50,000 97 231,722.22 1.743 BN BANC ONE 1.720% 11/27/02 1.720 50,000 97 231,722.22 1.743 BN BANC ONE 1.810% 11/27/02 1.810 50,000 156 392,166.67 1.835 BN BANC ONE 1.810% 11/27/02 1.810 50,000 156 392,166.67 1.835 BN US BANK 1.830% 11/27/02 1.830 50,000 161 409,208.33 1.855 BN US BANK 1.830% 11/27/02 1.830 50,000 161 409,208.33 1.855 BN BANC ONE 1.850% 11/27/02 1.850 50,000 167 429,097.22 1.875 BN BANC ONE 1.850% 11/27/02 1.850 50,000 167 429,097.22 1.875 BN BANC ONE 1.850% 11/27/02 1.850 50,000 167 429,097.22 1.875 BN BANC ONE 1.890% 11/27/02 1.890 50,000 170 446,250.00 1.916 BN BANC ONE 1.890% 11/27/02 1.890 50,000 170 446,250.00 1.916 BN BANC ONE 1.890% 11/27/02 1.890 50,000 170 446,250.00 1.916 BN BANC ONE 1.890% 11/27/02 1.890 50,000 170 446,250.00 1.916 CD DUETSCHE 1.250% 11/27/02 1.250 50,000 13 22,569.44 1.267 CD DUETSCHE 1.250% 11/27/02 1.250 50,000 13 22,569.44 1.267 CD DUETSCHE 1.250% 11/27/02 1.250 50,000 13 22,569.44 1.267 CD DUETSCHE 1.250% 11/27/02 1.250 50,000 13 22,569.44 1.267 CD ABN AMRO 1.730% 11/27/02 1.720 50,000 42 100,334.50 1.743 CD ABN AMRO 1.730% 11/27/02 1.720 50,000 42 100,334.50 1.743 CD ABN AMRO 1.730% 11/27/02 1.720 50,000 42 100,334.50 1.743 CD ABN AMRO 1.730% 11/27/02 1.720 50,000 42 100,334.50 1.743 CD HYPO 1.760% 11/27/02 1.750 10,000 64 31,111.66 1.774 CD HYPO 1.760% 11/27/02 1.750 50,000 64 155,558.31 1.774 CD COMMERZ 1.780% 11/27/02 1.780 50,000 64 158,222.22 1.804 CD COMMERZ 1.780% 11/27/02 1.780 50,000 64 158,222.22 1.804 CD HYPO 1.760% 11/27/02 1.760 50,000 71 173,555.56 1.784 CD HYPO 1.730% 11/27/02 1.730 50,000 96 230,666.67 1.754 CD HYPO 1.730% 11/27/02 1.730 50,000 96 230,666.67 1.754 CD HYPO 1.730% 11/27/02 1.730 50,000 96 230,666.67 1.754 CD HYPO 1.730% 11/27/02 1.730 50,000 96 230,666.67 1.754 CD STNRD CH 1.730% 11/27/02 1.730 50,000 97 233,069.44 1.754 CD STNRD CH 1.730% 11/27/02 1.730 50,000 97 233,069.44 1.754 CD RB CANADA 1.790% 11/27/02 1.780 50,000 156 385,683.25 1.804 CD RB CANADA 1.790% 11/27/02 1.780 50,000 156 385,683.25 1.804 CD RB CANADA 1.790% 11/27/02 1.780 50,000 156 385,683.25 1.804 CD RB CANADA 1.790% 11/27/02 1.780 50,000 156 385,683.25 1.804 CD RABO 1.810% 11/27/02 1.800 50,000 156 390,016.77 1.825 CD RABO 1.810% 11/27/02 1.800 50,000 156 390,016.77 1.825 CD RABO 1.810% 11/27/02 1.800 50,000 156 390,016.77 1.825 CD RABO 1.810% 11/27/02 1.800 50,000 156 390,016.77 1.825 CD RABO 1.810% 11/27/02 1.800 50,000 156 390,016.77 1.825 CD RABO 1.810% 11/27/02 1.800 50,000 156 390,016.77 1.825 CD BNPARIS 1.810% 11/27/02 1.810 50,000 156 392,166.67 1.835 CD BNPARIS 1.810% 11/27/02 1.810 50,000 156 392,166.67 1.835 16 11/27/02 REDEMPTIONS (continued) CD BNPARIS 1.810% 11/27/02 1.810 50,000 156 392,166.67 1.835 CD BNPARIS 1.810% 11/27/02 1.810 50,000 156 392,166.67 1.835 CD CHASE 1.820% 11/27/02 1.820 50,000 156 394,333.33 1.845 CD CHASE 1.820% 11/27/02 1.820 50,000 156 394,333.33 1.845 CD CHASE 1.820% 11/27/02 1.820 50,000 156 394,333.33 1.845 CD CHASE 1.820% 11/27/02 1.820 50,000 156 394,333.33 1.845 CD CHASE 1.820% 11/27/02 1.820 50,000 156 394,333.33 1.845 CD CHASE 1.820% 11/27/02 1.820 50,000 156 394,333.33 1.845 CD CR SUISSE 1.820% 11/27/02 1.810 50,000 160 402,239.94 1.835 CD CR SUISSE 1.820% 11/27/02 1.810 50,000 160 402,239.94 1.835 CD CR SUISSE 1.820% 11/27/02 1.810 50,000 160 402,239.94 1.835 CD CR SUISSE 1.820% 11/27/02 1.810 50,000 160 402,239.94 1.835 CD RB CANADA 1.810% 11/27/02 1.810 50,000 160 402,222.22 1.835 CD RB CANADA 1.810% 11/27/02 1.810 50,000 160 402,222.22 1.835 CD TORONTO 1.820% 11/27/02 1.815 50,000 160 403,342.22 1.840 CD TORONTO 1.820% 11/27/02 1.815 50,000 160 403,342.22 1.840 CD TORONTO 1.820% 11/27/02 1.815 50,000 160 403,342.22 1.840 CD TORONTO 1.820% 11/27/02 1.815 50,000 160 403,342.22 1.840 CD CHASE 1.820% 11/27/02 1.820 50,000 160 404,444.44 1.845 CD CHASE 1.820% 11/27/02 1.820 50,000 160 404,444.44 1.845 CD CHASE 1.820% 11/27/02 1.820 50,000 160 404,444.44 1.845 CD CHASE 1.820% 11/27/02 1.820 50,000 160 404,444.44 1.845 CD BAYER 1.820% 11/27/02 1.815 50,000 163 410,905.06 1.840 CD BAYER 1.820% 11/27/02 1.815 50,000 163 410,905.06 1.840 CD BNPARIS 1.830% 11/27/02 1.825 50,000 163 413,169.00 1.850 CD BNPARIS 1.830% 11/27/02 1.825 50,000 163 413,169.00 1.850 CD UBS 1.840% 11/27/02 1.835 50,000 163 415,432.94 1.860 CD UBS 1.840% 11/27/02 1.835 50,000 163 415,432.94 1.860 CD MONTREAL 1.800% 11/27/02 1.800 50,000 166 415,000.00 1.825 CD MONTREAL 1.800% 11/27/02 1.800 50,000 166 415,000.00 1.825 CD TORONTO 1.810% 11/27/02 1.805 50,000 166 416,162.30 1.830 CD TORONTO 1.810% 11/27/02 1.805 50,000 166 416,162.30 1.830 CD UBS 1.820% 11/27/02 1.815 50,000 166 418,467.90 1.840 CD SOC GEN 1.840% 11/27/02 1.840 50,000 167 426,777.78 1.865 CD SOC GEN 1.840% 11/27/02 1.840 50,000 167 426,777.78 1.865 CD NOVA SCOT 1.880% 11/27/02 1.880 50,000 170 443,888.89 1.906 CD NOVA SCOT 1.880% 11/27/02 1.880 50,000 170 443,888.89 1.906 CID MORG STAN 11/27/02 1.260 50,000 6 10,500.00 1.277 CID MORG STAN 11/27/02 1.260 50,000 6 10,500.00 1.277 CID MORG STAN 11/27/02 1.260 50,000 6 10,500.00 1.277 CP MORG STAN 11/27/02 1.260 50,000 6 10,500.00 1.277 CP DISNEY 11/27/02 1.450 30,000 9 10,875.00 1.470 CID W/F 11/27/02 1.270 25,000 13 11,465.28 1.288 CID NCAT 11/27/02 1.150 50,000 13 20,763.89 1.166 CID NCAT 11/27/02 1.150 50,000 13 20,763.89 1.166 CID NCAT 11/27/02 1.150 50,000 13 20,763.89 1.166 CID NCAT 11/27/02 1.150 50,000 13 20,763.89 1.166 CID W/F 11/27/02 1.270 50,000 13 22,930.56 1.288 17 11/27/02 REDEMPTIONS (continued) CP GECC 11/27/02 1.280 50,000 14 24,888.89 1.298 CP GECC 11/27/02 1.280 50,000 14 24,888.89 1.298 CP CAFCO 11/27/02 1.740 50,000 42 101,500.00 1.767 CP CAFCO 11/27/02 1.740 50,000 42 101,500.00 1.767 CP CAFCO 11/27/02 1.740 50,000 42 101,500.00 1.767 CP CAMPBELL 11/27/02 1.800 25,000 71 88,750.00 1.831 CP WYETH 11/27/02 1.950 25,000 71 96,145.83 1.984 CP WYETH 11/27/02 1.950 50,000 71 192,291.67 1.984 CP BEAR 11/27/02 1.760 50,000 72 176,000.00 1.790 CP BEAR 11/27/02 1.760 50,000 72 176,000.00 1.790 CP BEAR 11/27/02 1.760 50,000 72 176,000.00 1.790 CP WYETH 11/27/02 1.950 50,000 75 203,125.00 1.985 CP W/F 11/27/02 1.720 50,000 84 200,666.67 1.750 CP W/F 11/27/02 1.720 50,000 84 200,666.67 1.750 CP W/F 11/27/02 1.720 20,000 96 91,733.33 1.751 CP W/F 11/27/02 1.720 50,000 96 229,333.33 1.751 CP CITICORP 11/27/02 1.720 50,000 99 236,500.00 1.752 CP CITICORP 11/27/02 1.720 50,000 99 236,500.00 1.752 CP CITICORP 11/27/02 1.720 50,000 99 236,500.00 1.752 CP CITICORP 11/27/02 1.720 50,000 99 236,500.00 1.752 CP SRAC 11/27/02 2.030 50,000 110 310,138.89 2.071 CP GMAC 11/27/02 2.050 50,000 128 364,444.44 2.093 CP GMAC 11/27/02 2.050 50,000 128 364,444.44 2.093 CP FCAR 11/27/02 1.800 50,000 163 407,500.00 1.839 CP FCAR 11/27/02 1.800 50,000 163 407,500.00 1.839 CP AMER EXP 11/27/02 1.800 25,000 167 208,750.00 1.840 CP AMER EXP 11/27/02 1.800 50,000 167 417,500.00 1.840 DISC NOTES FHLB 11/27/02 1.190 10,000 6 1,983.33 1.206 DISC NOTES FHLB 11/27/02 1.190 50,000 6 9,916.67 1.206 DISC NOTES FHLB 11/27/02 1.190 50,000 6 9,916.67 1.206 DISC NOTES FHLB 11/27/02 1.190 50,000 6 9,916.67 1.206 DISC NOTES FHLB 11/27/02 1.730 50,000 156 374,833.33 1.767 DISC NOTES FHLB 11/27/02 1.730 50,000 156 374,833.33 1.767 DISC NOTES FHLB 11/27/02 1.730 50,000 156 374,833.33 1.767 DISC NOTES FHLB 11/27/02 1.730 50,000 156 374,833.33 1.767 DISC NOTES FHLMC 11/27/02 1.670 22,000 42 42,863.33 1.696 DISC NOTES FHLMC 11/27/02 1.740 50,000 163 393,916.67 1.778 DISC NOTES FHLMC 11/27/02 1.740 50,000 163 393,916.67 1.778 DISC NOTES FHLMC 11/27/02 1.740 50,000 163 393,916.67 1.778 DISC NOTES FHLMC 11/27/02 1.740 50,000 163 393,916.67 1.778 DISC NOTES FHLMC 11/27/02 1.810 50,000 170 427,361.11 1.850 DISC NOTES FHLMC 11/27/02 1.810 50,000 170 427,361.11 1.850 DISC NOTES FHLMC 11/27/02 1.810 50,000 170 427,361.11 1.850 DISC NOTES FHLMC 11/27/02 1.810 50,000 170 427,361.11 1.850 DISC NOTES FNMA 11/27/02 1.750 20,000 159 154,583.33 1.788 DISC NOTES FNMA 11/27/02 1.700 22,805 72 77,537.00 1.729 DISC NOTES FNMA 11/27/02 1.720 30,000 161 230,766.67 1.757 DISC NOTES FNMA 11/27/02 1.810 44,000 170 376,077.78 1.850 18 11/27/02 REDEMPTIONS (continued) DISC NOTES FNMA 11/27/02 1.680 50,000 37 86,333.33 1.706 DISC NOTES FNMA 11/27/02 1.680 50,000 37 86,333.33 1.706 DISC NOTES FNMA 11/27/02 1.700 50,000 72 170,000.00 1.729 DISC NOTES FNMA 11/27/02 1.700 50,000 72 170,000.00 1.729 DISC NOTES FNMA 11/27/02 1.700 50,000 72 170,000.00 1.729 DISC NOTES FNMA 11/27/02 1.700 50,000 72 170,000.00 1.729 DISC NOTES FNMA 11/27/02 1.700 50,000 72 170,000.00 1.729 DISC NOTES FNMA 11/27/02 1.710 50,000 156 370,500.00 1.746 DISC NOTES FNMA 11/27/02 1.710 50,000 156 370,500.00 1.746 DISC NOTES FNMA 11/27/02 1.710 50,000 156 370,500.00 1.746 DISC NOTES FNMA 11/27/02 1.710 50,000 156 370,500.00 1.746 DISC NOTES FNMA 11/27/02 1.730 50,000 159 382,041.67 1.767 DISC NOTES FNMA 11/27/02 1.750 50,000 159 386,458.33 1.788 DISC NOTES FNMA 11/27/02 1.750 50,000 159 386,458.33 1.788 DISC NOTES FNMA 11/27/02 1.720 50,000 161 384,611.11 1.757 DISC NOTES FNMA 11/27/02 1.720 50,000 161 384,611.11 1.757 DISC NOTES FNMA 11/27/02 1.720 50,000 161 384,611.11 1.757 DISC NOTES FNMA 11/27/02 1.720 50,000 161 384,611.11 1.757 DISC NOTES FNMA 11/27/02 1.720 50,000 161 384,611.11 1.757 DISC NOTES FNMA 11/27/02 1.720 50,000 161 384,611.11 1.757 DISC NOTES FNMA 11/27/02 1.720 50,000 161 384,611.11 1.757 DISC NOTES FNMA 11/27/02 1.820 50,000 175 442,361.11 1.861 DISC NOTES FNMA 11/27/02 1.820 50,000 175 442,361.11 1.861 DISC NOTES FNMA 11/27/02 1.820 50,000 175 442,361.11 1.861 DISC NOTES FNMA 11/27/02 1.820 50,000 175 442,361.11 1.861 PURCHASES CD CIBC 1.370% 05/28/03 1.370 50,000 CD NOVA SCOT 1.340% 06/20/03 1.340 50,000 CD NOVA SCOT 1.340% 06/20/03 1.340 50,000 CD BARCLAYS 1.350% 06/20/03 1.330 50,000 CD BARCLAYS 1.350% 06/20/03 1.330 50,000 CP GMAC 03/26/03 1.930 50,000 CP GMAC 03/26/03 1.930 50,000 CP SRAC 04/28/03 1.980 50,000 19 a/ The abbreviations indicate the type of security purchased or sold; i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes and Participation Certificates: Federal National Mortgage Association (FNMA), Farmers Home Administration Notes (FHA), Student Loan Marketing Association (SLMA), Small Business Association (SBA), Negotiable Certificates of Deposit (CD), Negotiable Certificates of Deposit Floating Rate (CD FR), Export Import Notes (EXIM), Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB), 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). bl 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. _/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 20 NAME ALHAMBRA Bank of East Asia (USA) Bank of East Asia (USA) Grand National Bank Omni Bank Omni Bank Omni Bank Omni Bank ARROYO GRANDE Mid -State Bank Mid -State Bank Mid -State Bank Mid -State Bank Mid -State Bank Mid -State Bank BEVERLY HILLS City National Bank City National Bank City National Bank City National Bank BREA Jackson Federal Bank Jackson Federal Bank CALABASAS First Bank of Beverly Hills FSB First Bank of Beverly Hills FSB First Bank of Beverly Hills FSB CAMARILLO First California Bank First California Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 08/13/02 1.610 3,000,000.00 02/13/03 11/13/02 1.310 6,000,000.00 05/13/03 07/12/02 1.770 3,095,000.00 01/14/03 08/27/02 1.720 3,000,000.00 02/25/03 09/05/02 1.710 3,000,000.00 03/07/03 10/21/02 1.730 2,000,000.00 04/23/03 11/20/02 1.310 2,000,000.00 05/21/03 06/14/02 1.870 5,000,000.00 12/11/02 07/16/02 1.750 5,000,000.00 01/16/03 08/13/02 1.610 5,000,000.00 02/13/03 09/11/02 1.700 5,000,000.00 03/12/03 10/16/02 1.580 5,000,000.00 04/14/03 11/13/02 1.310 5,000,000.00 05/13/03 06/03/02 1.930 10 , 000, 000.00 12/09/02 06/03/02 1.930 25,000,000.00 12/09/02 09/09/02 1.640 10,000,000.00 03/10/03 10/17/02 1.620 25,000,000.00 04/15/03 07/22/02 1.780 10,000,000.00 01/22/03 08/12/02 1.620 10,000,000.00 02/11/03 08/07/02 1.650 10,000,000.00 02/06/03 08/28/02 1.740 10,000,000.00 03/03/03 09/18/02 1.750 10,000,000.00 03/19/03. 10/29/02 1.670 4,000,000.00 09/25/02 1.650 3,000,000.00 21 01 /30/03 03/24/03 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE CAMERONPARK 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 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 North State National Bank 09/11/02 1.710 1,000,000.00 03/12/03 Tri Counties Bank 09/10/02 1.700 10,000,000.00 12/09/02 Tri Counties Bank 09/17/02 1.700 10,000,000.00 12/16/02 CHULA VISTA North Island Federal Credit Union 07/17/02 1.780 20,000,000.00 12/17/02 North Island Federal Credit Union 10/01/02 1.690 5,000,000.00 12/23/02 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 11/18/02 1.290 10;000,000.00 02/20/03 DUBLIN 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 Operating Engineers FCU 10/10/02 1.580 5,000,000.00 04/08/03 EL CENTRO Valley Independent Bank 10/28/02 1.710 20,000,000.00 04/28/03 Valley Independent Bank 11/20/02 1.320 32,500,000.00 05/21/03 ELSEGUNDO Hawthorne Savings FSB 10/01/02 1.660 30,000,000.00 01/06/03 Hawthorne Savings FSB 07/09/02 1.770 30,000,000.00 01/09/03 Hawthorne Savings Bank 11/15/02 1.270 25,000,000.00 05/14/03 Xerox Federal Credit Union 09/06/02 1.640 7,000,000.00 03/06/03 22 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE EL SEGUNDO (continued) Xerox Federal Credit Union 11/15/02 1.290 20,000,000.00 05/16/03 FRESNO United Security Bank 08/05/02 1.700 15,000,000.00 02/05/03 United Security Bank 10/11/02 1.580 5,000,000.00 04/09/03 United Security Bank 11/14/02 1.310 20,000,000.00 05/13/03 FULLERTON Fullerton Community Bank 07/26/02 1.710 8,000,000.00 01/23/03 Fullerton Community Bank 11/13/02 1.320 9,000,000.00 05/13/03 GLENDALE The California Credit Union 11/25/02 1.290 5,000,000.00 02/27/03 Verdugo Banking Company 07/02/02 1.850 5,000,000.00 01/07/03 Verdugo Banking Company 10/01/02 1.630 5,000,000.00 04/02/03 GOLETA Pacific Capital Bank 06/03/02 1.920 30,000,000.00 12/09/02 Pacific Capital Bank 06/14/02 1.870 30,000,000.00 12/11/02 Pacific Capital Bank 07/25/02 1.740 45,000,000.00 01/23/03 Pacific Capital Bank 08/15/02 1.630 16,000,000.00 02/14/03 Pacific Capital Bank 09/09/02 1.630 10,000,000.00 03/14/03 Pacific Capital Bank 09/17/02 1.710 15,000,000.00 03/14/03 Pacific Capital Bank 10/01/02 1.610 10,000,000.00 04/02/03 Pacific Capital Bank 10/11/02 1.560 10,000,000.00 04/02/03 Pacific Capital Bank 10/29/02 1.710 10,000,000.00 04/29/03 GRANADA HILLS First State Bank of California 09/18/02 1.730 2,000,000.00 03/19/03 First State Bank of California 10/21/02 1.730 3,000,000.00 04/23/03 HUNTINGTON BEACH First Bank and Trust 08/26/02 1.680 2,000,000.00 02/24/03 First Bank and Trust 09/09/02 1.650 12,000,000.00 03/11/03 23 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE IRVINE Commercial Capital Bank 06/19/02 1.880 10,000,000.00 12/16/02 Commercial Capital Bank 07/01/02 1.810 6,000,000.00 01/08/03 Commercial Capital Bank 08/26/02 1.670 14,000,000.00 02/21/03 LA JOLLA Silvergate Bank 08/02/02 1.760 5,000,000.00 01/31/03 Silvergate Bank 09/11/02 1.730 5,000,000.00 03/12/03 LAKEPORT Lake Community Bank 06/26/02 1.900 2,000,000.00 01/15/03 Lake Community Bank 11/25/02 1.320 1,500,000.00 05/29/03 LODI Farmers & Merchant Bk Cen CA 07/10/02 1.790 10,000,000.00 01/10/03 LOS ANGELES Broadway Federal Bank 07/08/02 1.800 2,500,000.00 01/09/03 Broadway Federal Bank 09/09/02 1.660 3,000,000.00 03/11/03 California Center Bank 10/01/02 1.660 10,000,000.00 01/06/03 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 California Chohung Bank 09/06/02 1.630 5,000,000.00 03/07/03 California Chohung Bank 10/02/02 1.540 3,000,000.00 04/01/03 California Chohung Bank 10/16/02 1.580 800,000.00 04/14/03 California Chohung Bank 10/02/02 1.540 2,500,000.00 04/14/03 Cathay Bank 06/06/02 1.950 30,000,000.00 12/10/02 Cathay Bank 09/25/02 1.660 19,000,000.00 03/24/03 Cathay Bank 10/09/02 1.590 19,000,000.00 04/07/03 Cathay Bank 11/12/02 1.310 15,000,000.00 05/13/03 Cedars Bank 08/19/02 1.690 2,000,000.00 02/19/03 Cedars Bank 09/06/02 1.650 4,500,000.00 03/05/03 Cedars Bank 10/04/02 1.560 5,000,000.00 04/03/03 Cedars Bank 10/24/02 1.750 4,000,000.00 04/22/03 Eastern International Bank 06/10/02 1.910 1,000,000.00 12/10/02 Eastern International Bank 11/07/02 1.430 900,000.00 05/06/03 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 Hanmi Bank 10/31/02 1.610 20,000,000.00 01/31/03 24 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE LOS ANGELES (continued) Hanmi Bank 09/19/02 1.710 25,000,000.00 03/18/03 Manufacturers Bank 07/31/02 1.760 10,000,000.00 01/27/03 Manufacturers Bank 09/20/02 1.700 20,000,000.00 03/10/03 Manufacturers Bank 09/09/02 1.650 30,000,000.00 03/10/03 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 10/29/02 1.650 25,000,000.00 12/17/02 Mellon First Business Bank 09/18/02 1.730 25,000,000.00 12/17/02 Mellon First Business Bank 10/29/02 1.660 25,000,000.00 01/10/03 Mellon First Business Bank 07/10/02 1.780 25,000,000.00 01/10/03 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 Nara Bank, NA 10/11/02 1.560 5,000,000.00 04/23/03 Nara Bank, NA 10/21/02 1.710 15,000,000.00 04/23/03 Pacific Union Bank 07/02/02 1.830 10,000,000.00 01/07/03 Pacific Union Bank 09/04/02 1.650 20,000,000.00 03/06/03 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 Preferred Bank 09/10/02 1.730 9,000,000.00 03/05/03 Preferred Bank 09/18/02 1.740 9,000,000.00 03/21/03 Sae Han Bank 07/15/02 1.750 6,000,000.00 01/15/03 Western Federal Credit Union 10/21/02 1.710 30,000,000.00 04/23/03 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 10/11/02 1.590 3,000,000.00 04/09/03 Wilshire State Bank 11/06/02 1.470 4,000,000.00 05/06/03 Wilshire State Bank 05/14/02 2.420 2,000,000.00 05/13/03 Wilshire State Bank 11/22/02 1.320 5,000,000.00 05/29/03 Wilshire State Bank 07/12/02 2.060 4,000,000.00 07/10/03 MANTECA Delta National Bank 07/10/02 1.810 1,000,000.00 01/10/03 MERCED 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 25 NAME MERCED (continued) County Bank MODESTO Valley First Credit Union 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 Citizens Business Bank PALO ALTO Bank of Petaluma Bank of Petaluma Bank of Santa Clara TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 10/16/02 1.600 5,000,000.00 04/14/03 10/04/02 1.560 4,000,000.00 04/10/03 07/01/02 1.800 3,000,000.00 01/02/03 10/01/02 1.640 3,000,000.00 04/01/03 07/15/02 1.750 5,000,000.00 01/15/03 08/15/02 1.630 20,000,000.00 02/14/03 09/10/02 07/12/02 03/22/02 09/25/02 10/28/02 11 /25/02 1.680 1,500,000.00 12/09/02 1.770 2,500,000.00 01/14/03 2.640 2,000,000.00 03/20/03 1.650 1,000,000.00 03/24/03 1.700 1,000,000.00 04/28/03 1.300 1,000,000.00 05/28/03 09/05/02 1.660 25,000,000.00 12/06/02 11/07/02 1.440 10,000,000.00 02/06/03 11/12/02 1.260 20,000,000.00 02/11/03 09/25/02 1.640 30,000,000.00 03/24/03 10/04/02 1.550 25,000,000.00 04/03/03 11/20/02 1.310 30,000,000.00 05/21/03 08/23/02 1.670 3,500,000.00 02/19/03 09/11/02 1.720 12,000,000.00 03/10/03 08/23/02 1.670 20,000,000.00 02/19/03 26 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE PALO ALTO (continued) Bay Area Bank 07/15/02 1.750 5,000,000.00 01/15/03 Bay Area Bank 10/28/02 1.720 5,000,000.00 04/28/03 Bay Bank of Commerce 10/28/02 1.710 5,000,000.00 04/28/03 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 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 Cupertino National Bank 09/11/02 1.730 10,000,000.00 03/10/03 Golden Gate Bank 08/23/02 1.680 9,000,000.00 02/19/03 Mid -Peninsula Bank 08/23/02 1.680 5,000,000.00 02/19/03 Mid -Peninsula Bank 09/11/02 1.730 10,000,000.00 03/10/03 Mid -Peninsula Bank 10/28/02 1.720 35,000,000.00 04/28/03 Mt. Diablo National Bank 09/11/02 1.730 10,000,000.00 03/10/03 Peninsula Bank of Commerce 08/23/02 1.680 15,000,000.00 02/19/03 PALOS VERDES ESTATES Malaga Bank 06/25/02 1.840 4,000,000.00 12/23/02 Malaga Bank 08/22/02 1.710 2,000,000.00 02/20/03 Malaga Bank 09/12/02 1.710 2,000,000.00 03/13/03 Malaga Bank 10/30/02 1.580 4,000,000.00 05/13/03 Malaga Bank 10/24/02 1.720 4,000,000.00 05/13/03 PASADENA Community Bank 06/21/02 1.810 20,000,000.00 12/19/02 Community Bank 07/11/02 1.780 20,000,000.00 01/10/03 Community Bank 10/23/02 1.720 5,000,000.00 04/15/03 Community Bank 10/15/02 1.570 10,000,000.00 04/15/03 Community Bank 11/08/02 1.260 15,000,000.00 05/07/03 Wescom Credit Union 11/13/02 1.330 10,000,000.00 05/13/03 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 27 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 REDDING North Valley Bank REDWOOD CITY Provident Central Credit Union ROCKLIN Five Star Bank RICHMOND Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 09/12/02 1.750 5,000,000.00 03/13/03 06/03/02 2.000 20,000,000.00 12/09/02 08/30/02 1.720 8,000,000.00 02/27/03 10/21/02 1.730 10,000,000.00 04/23/03 08/06/02 1.670 25,000,000.00 02/05/03 09/04/02 1.660 10,000,000.00 03/06/03 11/19/02 1.310 25,000,000.00 05/21/03 06/12/02 1.920 3,000,000.00 12/11/02 10/29/02 1.710 20,000,000.00 04/29/03 10/01/02 1.610 2,000,000.00 04/01/03 03/07/02 2.390 10,000,000.00 03/07/03 04/05/02 2.710 10,000,000.00 04/01/03 04/25/02 2.440 10,000,000.00 04/23/03 06/12/02 2.340 10,000,000.00 06/12/03 07/11/02 2.110 10,000,000.00 07/09/03 08/13/02 1.710 10,000,000.00 08/08/03 09/12/02 1.800 10,000,000.00 09/12/03 10/ 15/02 1.580 10,000,000.00 10/ 15/03 11 /07/02 1.510 10,000,000.00 11 /07/03 28 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE RIVERSIDE Provident Savings Bank 09/27/02 1.630 25,000,000.00 03/27/03 SACRAMENTO American River Bank 06/26/02 1.820 1,000,000.00 12/23/02 American River Bank 07/10/02 1.780 1,000,000.00 01/10/03 American River Bank 01/14/02 2.200 1,500,000.00 01/14/03 American River Bank 08/29/02 1.720 2,000,000.00 02/26/03 American River Bank 09/25/02 1.680 2,000,000.00 03/27/03 American River Bank 10/11/02 1.560 1,500,000.00 04/09/03 Bank of Sacramento 08/12/02 1.610 1,500,000.00 02/11/03 Bank of Sacramento 09/20/02 1.720 2,000,000.00 03/19/03 Bank of Sacramento 11/25/02 1.330 2,000,000.00 05/29/03 Golden One Credit Union 06/07/02 2.010 10,000,000.00 01/09/03 Merchants National Bank 07/23/02 1.750 2,000,000.00 01/22/03 Merchants National Bank 10/17/02 1.660 2,000,000.00 04/15/03 River City Bank 07/01/02 1.790 2,000,000.00 01/08/03 River City Bank 07/29/02 1.740 3,000,000.00 01/27/03 River City Bank 08/27/02 1.720 2,000,000.00 02/25/03 River City Bank 10/01/02 1.630 4,000,000.00 04/02/03 U.S. Bank 07/03/02 1.810 100,000,000.00 01/08/03 U.S. Bank 08/02/02 1.750 25,000,000.00 01/31/03 U.S. Bank 11/06/02 1.480 50,000,000.00 02/06/03 U.S. Bank 08/23/02 1.670 25,000,000.00 02/19/03 Union Bank of California 06/18/02 1.820 100,000,000.00 12/16/02 Union Bank of California 10/17/02 1.640 150,000,000.00 01/17/03 Union Bank of California 11/05/02 1.450 150,000,000.00 02/06/03 SALINAS Community Bank of Central Cal 10/08/02 1.62 20,000,000.00 12/30/02 SAN BERNARDINO Business Bank of California 07/12/02 1.800 8,000,000.00 01/14/03 Business Bank of California 09/16/02 1.730 12,000,000.00 03/18/03 Business Bank of California 11/06/02 1.480 10,000,000.00 05/06/03 SAN DIEGO First Future Credit Union 06/21/02 1.810 3,000,000.00 12/18/02 First Future Credit Union 08/30/02 1.710 5,000,000.00 02/27/03 29 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN DIEGO (continued) First Future Credit Union 11/25/02 1.330 5,000,000.00 05/29/03 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 America California Bank 10/30/02 1.650 2,000,000.00 01/08/03 America California Bank 09/27/02 1.710 2,000,000.00 01/08/03 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 10/10/02 1.880 40,000,000.00 04/08/03 Bank of Canton California 08/30/02 1.920 20,000,000.00 08/28/03 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 Bank of the West 11/18/02 1.260 242,000,000.00 02/20/03 Bank of the West 09/20/02 1.690 82,000,000.00 03/19/03 California Federal Bank 07/03/02 1.780 50,000,000.00 12/30/02 California Federal Bank 10/16/02 1.590 100,000,000.00 04/14/03 Citibank (West) FSB 11/21/02 1.260 100,000,000.00 02/19/03 Oceanic Bank 09/12/02 1.800 4,000,000.00 09/12/03 Trans Pacific National Bank 08/05/02 1.700 1,000,000.00 02/05/03 Trans Pacific National Bank 09/19/02 1.730 1,000,000.00 03/25/03 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 United Commercial Bank 09/10/02 1.710 30,000,000.00 03/21/03 United Commercial Bank 09/10/02 1.710 35,000,000.00 03/21/03 SAN JOSE Comerica Bank of California 09/05/02 1.690 63,000,000.00 12/04/02 Comerica Bank of California 10/15/02 1.640 71,000,000.00 01/13/03 Comerica Bank of California 11/05/02 1.500 183,000,000.00 02/03/03 Heritage Bank of Commerce 08/15/02 1.640 2,000,000.00 02/14/03 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 Meriwest Credit Union 10/18/02 1.710 5,000,000.00 04/16/03 Meriwest Credit Union 11/07/02 1.460 5,000,000.00 05/06/03 San Jose National Bank 07/30/02 1.730 20,000,000.00 01/28/03 30 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN JOSE (continued) 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 1.680 10,000,000.00 02/05/03 Santa Clara Co. Fed. C.U. 11/05/02 1.470 5,000,000.00 05/07/03 SAN LUIS OBISPO First Bank Of San Luis Obispo 11/12/02 1.270 6,000,000.00 02/11/03 First Bank Of San Luis Obispo 09/10/02 1.750 7,000,000.00 03/11/03 First Bank Of San Luis Obispo 09/24/02 1.690 5,000,000.00 03/26/03 Mission Community Bank 06/11/02 1.920 1,000,000.00 12/10/02 Mission Community Bank 09/05/02 1.650 1,000,000.00 03/04/03 Mission Community Bank 10/10/02 1.600 2,500,000.00 04/08/03 San Luis Trust Bank 07/11/02 1.800 1,350,000.00 01/10/03 San Luis Trust Bank 10/23/02 1.740 1,000,000.00 01/21/03 SAN MARINO 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 09/10/02 1.700 35,000,000.00 03/11/03 East West Federal Bank 05/15/02 2.370 38,000,000.00 05/15/03 SAN RAFAEL Westamerica Bank 10/18/02 1.670 15,000,000.00 01/16/03 Westamerica Bank 10/18/02 1.670 10,000,000.00 01/16/03 Westamerica Bank 07/30/02 1.700 10,000,000.00 01/28/03 Westamerica Bank 04/09/02 2.570 35,000,000.00 04/10/03 SAN RAMON EBTEL Federal Credit Union 07/01/02 1.770 1,000,000.00 12/30/02 EBTEL Federal Credit Union 07/12/02 1.780 2,000,000.00 12/30/02 EBTEL Federal Credit Union 07/18/02 1.790 750,000.00 01/17/03 SANTA CLARITA Valencia Bank & Trust 09/19/02 1.740 4,000,000.00 12/18/02 SANTA MARIA Hacienda Bank 09/09/02 1.670 1,000,000.00 03/10/03 31 NAME SANTA ROSA National Bank of the Redwoods STOCKTON Pacific State Bank Pacific State 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 TORRANCE China Trust Bank (USA) China Trust Bank (USA) China Trust Bank (USA) South Bay Bank South Bay Bank South Bay Bank TRACY Service 1st Bank Service 1st Bank TUSTIN First Fidelity Investment & Loan Sunwest Bank Sunwest Bank Sunwest Bank VACAVILLE Travis Credit Union TIME DEPOSITS DEPOSIT DATE YIELD PAR AMOUNT ($) 10/24/02 1.710 10,000, 000.00 MATURITY DATE 01/22/03 07/02/02 1.860 1,000,000.00 01/07/03 10/11/02 1.590 1,000,000.00 04/09/03 06/12/02 1.940 10,000,000.00 12/11 /02 07/25/02 1.780 15,000,000.00 01/23/03 08/15/02 1.670 15,000,000.00 02/14/03 09/04/02 1.680 15,000,000.00 03/06/03 10/10/02 1.610 10,000,000.00 04/15/03 11/04/02 1.460 5,000,000.00 05/07/03 11/07/02 1.460 10,000,000.00 05/07/03 06/17/02 1.870 45,000,000.00 12/16/02 07/26/02 1.700 15,000,000.00 01/22/03 07/23/02 1.740 60,000,000.00 01/22/03 08/19/02 1.660 60,000,000.00 02/19/03 09/12/02 1.730 35,000,000.00 12/11/02 07/19/02 1.790 30,000,000.00 01/22/03 11/15/02 1.270 20,000,000.00 02/13/03 09/16/02 1.760 4,000,000.00 12/18/02 10/01/02 1.710 4,000,000.00 01/06/03 10/22/02 1.740 7,000,000.00 01/21/03 09/24/02 1.680 2,000,000.00 03/20/03 09/17/02 1.750 2,000,000.00 03/20/03 11/06/02 1.470 15,000,000.00 02/05/03 09/10/02 1.700 1,000,000.00 12/09/02 10/15/02 1.610 6,000,000.00 01/13/03 11/08/02 1.270 7,800,000.00 02/07/03 08/28/02 1.730 40,000,000.00 02/25/03 32 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE WATSONVILLE Monterey Bay Bank 06/17/02 1.890 3,000,000.00 12/16/02 Monterey Bay Bank 07//10/02 1.800 8,000,000.00 01/14/03 Monterey Bay Bank 09/06/02 1.650 6,000,000.00 03/04/03 Monterey Bay Bank 09/19/02 1.730 8,000,000.00 03/25/03 Monterey Bay Bank 10/10/02 1.600 3,000,000.00 04/10/03 WHITTIER Quaker City Bank 05/24/02 1.930 25,000,000.00 12/03/02 Quaker City Bank 07/12/02 1.770 24,000,000.00 01/14/03 Quaker City Bank 10/04/02 1.610 16,000,000.00 04/02/03 TOTAL TIME DEPOSITS OCTOBER 2002 33 5,171,695,000.00 BANK DEMAND DEPOSITS NOVEMBER 2002 ($ in thousands) DAILY BALANCES DAY OF BALANCES WARRANTS MONTH PER BANKS OUTSTANDING 1 $ 633,898 $ 4,245,328 2 633,898 4,245,328 3 633,898 4,245,328 4 1,129, 576 3,930,840 5 830,957 3,944,604 6 1,132, 576 3,861, 831 7 868,926 3,976,070 8 1,244, 543 3,992, 993 9 1,244, 543 3,992,993 10 1,244, 543 3,992,993 11 1,244, 543 3,992,993 12 612,003 3,886,160 13 310,329 3,642,738 14 3,064,854 3,515,500 15 1,195, 547 3,819,501 16 1,195, 547 3,824,037 17 1,195, 547 3,824, 037 18 522,721 3,824,641 19 487,089 3,835,551 20 555,618 4,036,079 21 386,564 4,132,066 22 398,128 4,196,470 23 398,128 4,196,470 24 398,128 4,196,470 25 251,999 3,816,945 26 587,777 3,774,719 27 256,493 3,527,351 28 256,493 3,527,351 29 602,869 3,527,351 30 602,869 3,527,351 AVERAGE DOLLAR DAYS $ 804,020 a/ a� The prescribed bank balance for November was $773,772. This consisted of $629,370 in compensating balances for services, balances for uncollected funds of $158,299 and a deduction of $13,897 for November delayed deposit credit. 34 DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1641 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on November 20, 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 $ 629,371,000 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) 11/18/2002 11/22/2002 $ 160,000,000 (2) 11/25/2002 11/29/2002 $ (5,493,600,000) (3) 12/2/2002 12/6/2002 $ 1,113,100,000 (4) 12/9/2002 12/13/2002 $ 114,200,000 (5) 12/16/2002 12/20/2002 $ 2,690,200,000 Time Deposits in Various Financial Institutions In Securities (sections 16503a (section 16430)' and 16602)` $ 53,181,305,000 $ 5,160,195,000 47,687,705,000 $ 5,160,195,000 48,800,805,000 $ 5,160,195,000 Estimated Total $ 58,341,500,000 $ 52,847,900,000 $ 53,961,000,000 48,915,005,000 $ 5,160,195,000 $ 54,075,200,000 51,605,205,000 $ 5,160,195,000 $ 56,765,400,000 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 $ 629,371,000. POOLED MONEY INVESTMENT BOARD: Signature on file at STO & SCO Chairperson Member Dated: November 20, 2002 Government Code Member INVESTMENT ADVISORY BOARD Meeting Date: February 12, 2003 TITLE: Investment Advisory Board Vacancy BACKGROUND: Correspondence & Written Material Item C Attached please find the minutes of the January 21, 2003 City Council meeting as it relates to the vacancy created by Board Member Osborne's appointment to the Council. The City Council decided to leave the current vacancy unfilled at this time. RECOMMENDATION: Information item only. Jdhn M. Falconer/ Finance Director City Council Minutes 11 January 21, 2003 Council Member Sniff voiced concern about Canada's consideration of limiting the length of time its citizens may stay out of the country. Council Member Henderson stated the Authority is also working with the Palm Springs International Airport Commission staff on a new sign at the airport that will identify the individual cities instead of reading, "East Valley Cities." The Authority has requested that the final design come back to them for approval. Riverside County Transportation Commission — Council Member Henderson reported the State budget effect on transportation issues was the main topic of discussion at their last meeting.. She stated CVAG's position is that the four major projects maintain their priority status for State and Federal funding through RCTC. She noted Jefferson Street is a Measure A project and should be online there if the other funding does not come through. She feels the City should push for Measure A funding because Federal funding requires environmental to be done, which will delay the project. Investment Advisory Board Minutes — Council Member Perkins stated he is more concerned than ever about the City's LAIF investments. Council Member Osborne stated out of $49 billion in LAIF funds, only $28-$29 billion represents amounts held for municipalities and none of that can be loaned to the State. He stated the Investment Advisory Board is pushing to get a breakdown on where the cities' portions are invested. All other reports were noted and filed. DEPARTMENT REPORTS 1-C. UPDATE REGARDING STATE BUDGET. City Manager Genovese advised the State has already taken some redevelopment money from the City and will probably take more next year. Staff will continue to monitor the State's financial condition and write correspondence in objection to the State's point of view. He stated the VLF will probably be a two or three-year issue. He noted the City is being forced to react once again to the mismanagement of funds by the State, who will be utilizing the City's good work to make them look better. City Council Minutes 12 January 21, 2003 In esponse to Council Member Sniff, Mr. Genovese stated City has lost $723,000 in redevelopment monies this year, with next y a s amount expected to be higher. He noted eight or nine years ago the ate took approximately $2.5 million in redevelopment monies, which is by the City could not move forward with the Cove street improvements that time. He stated the loss of VLF funds will affect the City's operati budget and be a direct hit on the General Fund. The loss of redevelo ent monies will affect the City's ability to do capital improvement proje because it will be difficult to advance funds for those projects. Mayor Adolph reques d staff bring the figures back in the form of a balance sheet to show a estimate of what monies will be taken away and what projects it wil ffect. Mr. ovese advised the affect on gartits will ha rlatarminarl during process. 3-B. REPORT ON INVESTMENT ADVISORY BOARD VACANCY. 1 Council Member Henderson suggested dealing with the vacancy in June when Commission/Board appointments are made, and noted that may be the appropriate time to consider making it a five -member board. Council Member Osborne concurred. Council Member Sniff suggested not changing the ordinance to a five -member Board but rather leaving the position(s) vacant. In response to Council Member Henderson, Building & Safety Dir r Hartung stated staff has provided Mrs. Blunt with the paperwork to request a lot line adjustment between her property and the adjoining property. The lot line adjustment will be recorded and go aloh an easement so that the people who had the property will continue --to be able to use it but the property will become part of Mrs. Blunt' roperty. 5-A. REVIEW -OF LANDSCAPING ENHANCEMENTS AT LA QUINTA COURT. After a brief discussion n ur er bz­cR-f5-C`&u_nGl --for BOARD MEMBER ITEMS