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2003 09 10 IABi P.O. Box 1504 78-495 CALLS TAMPICO LA QUINTA, CALIFORNIA 92253 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 September 10, 2003 - 5:30 P.M. I CALL TO ORDER a. Pledge of Allegiance b. Roll Call (760) 777-7000 FAX (760) 777-7101 II PUBLIC COMMENT- (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR Approval of Minutes of Meeting on July 9, 2003 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for June and July, 2003 B. FY 03/04 Investment Advisory Board Work Plan VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - August 2003 B. Pooled Money Investment Board Reports - May and June 2003 C. Increase in Board Compensation D. Request for Proposals for Banking Services Update VII BOARD MEMBER ITEMS Vill ADJOURNMENT INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: September 10, 2003 ITEM TITLE: Transmittal of Treasury Report for June and July 2003 BACKGROUND: Attached please find the Treasury Report for June and July 2003. RECOMMENDATION: Review, Receive and File the Treasury Report for June and July 2003. M. Falconer,/Finance Director Ti 4 MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for June 30, 2003 DATE: August 11, 2003 Attached is the Treasurer's Report for the month ending June 30, 2003. 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 $9,618,934 (1) ($3,905,407) $5,713,527 ($3,905,407) LAW $21,766,400 (500,000) 21,266,400 (500,000) US Treasuries (2) $61,953,600 51,025,943 (43,000,000) 35,540 70,015,083 8,061,483 US Gov't Agencies (2) $19,908,427 (5,000,000) 20,575 14,929,002 (4,979,425) Commercial Paper (2) $0 0 0 Mutual Funds $16,638 1,000,184 1 1,016,822 1,000,184 Total $113,263,999 $52,026,127 $52,405,407 $56115 $112,940,834 $323,165 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. '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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MA! � O � N N 00 � N Q I If fi f f m otiff 14 1 W l u � Q rQ(%1 4 ex j� � jNyjONjtllj4l j(/17 � �� C CITY OF LA QUINTA CRY FD® CITY LONG TERM RDA FD(ED RDA LONG TERM FINANCING FA LONG TERM GRAND BALANCE SHEET 06I30103 CRY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (8,750,158) 0 0 35,212,799 0 0 7,848 0 0 0 28,170,190 LORP INVESTMENT IN POOLED CASH 0 0 0 0 487,000 00 0 0 0 0 0 0 ,000 56,00000,000 INVESTMENT T-BILLINOTES & OTHER 56,000,000 0 AUTO MALL CASH 0 0 0 0 21,737 0 0 0 0 21.737 LORP CASH 0 0 0 2,282 0 0 58 0 2,320 BOND REDEMPTION CASH 0 0 0 0 0 0 0 0 0 BOND RESERVE CASH 0 0 0 30,133,502 0 0 0 0 30,133.502 BOND PROJECT CASH 0 0 0 0 0 0 0 0 0 BOND ESCROW CASH 1000 0 0 0 0 0 0 0 11000 PETTY CASH CASH & INVESTMENT TOTAL 4700,544 0 0 85,857,300 0 0 7,905 0 113,115.749 ,INVESTMENT IN LAND HELD FOR RESALE 0 0 0 0 0 0 0 0 0 ACCOUNTS RECEIVABLE 53.722 0 0 0 0 60,900 (116.552) 0 0 0 0 0 0 0 0 114,822 (174.916) PREMIUM/DISCOUNT ON INVESTMENT (58,384) 0 78,447 0 0 0 0 78,447 LORP-ACCOUNTS RECEIVABLE 0 0 0 0 0 0 0 0 0 357.934 INTEREST RECEIVABLE 357.934 (59) 0 0 13 215,683 0 0 0 0 24 5.678 11 LOAN/NOTES RECEIVABLE DUE FROM OTHER AGENCIES 1.186,398 120,283 0 0 0 3. . 97 2,299,097 299 DUE FROM OTHER AGENCIES - CVAG 2,299,097 0 0 0 (2,299,097) CVAG ALLOWANCE (2.299.097) 0 0 0 0 0 0 0 349.042 DUE FROM OTHER GOVERNMENTS 349,042 0 0 0 0 0 0 DUE FROM OTHER FUNDS 0 0 0 0 0 0 0 0 0 15,597,550 DUE FROM RDA 15,597,550 5.483,780 0 0 0 0 0 0 0 5,483,768 INTEREST ADVANCE -DUE FROM RDA 0 4,898,92 4,898,927 ADVANCES TO OTHER FUNDS 0 0 0 0 0 0 0 0 58 22 NSF CHECKS RECEIVABLE 58 222 0 0 0 0 0 0 0 0 ACCRUED REVENUE 0 0 0 �'6'199 30 FIXED ASSETS ACCUMULATED DEPRECIATION 1,049.634 0 0 0 0 34 ,049,834 1,49, 300 TRAVEL ADVANCES 300 0 0 0 0 0 0 0 0 0 0 0 0 EMPLOYEE ADVANCES 0 17,515 0 0 0 0 0 0 0 17,515 PREPAID EXPENSES RECEIVABLE TOTAL 24.093.880 308,622,199 0 18,257,688 0 0 0 0 550,973,547 WORKER COMPENSATION DEPOSIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RENT DEPOSITS 0 75 0 0 0 0 0 0 0 0 0 75 UTILITY DEPOSITS 998 0 0 185,000 •� 0 _0 0 0 185.998 MISC. DEPOSITS DEPOSITS TOTAL 1,073 0 0 185,000 0 0 0 0 185,073 0 0 0 0 52.094,306 0 0 0 52,094.306 GENERAL FIXED ASSETS 0 ACCUMULATED DEPRECIATION 0 0 0 0 0 0 0 0 AMOUNT AVAILABLE TO RETIRE LIT DEBT 0 0 0 1,694,252 0 0 160,998,172 0 7.475,000 170,167.404 AMOUNT TO BE PROVIDED FOR L/T DEBT 0 0 52,094,306 160 998172 0 7,475,000 22201.710 TOTAL OTHER ASSETS__ 0 0 1 894,232 TOTAL ASSETS 71,345277 308 822199 1 N4.232 8420,968 52 094 308 160,998,172 7,905 7,475.000 888,537,079 LIABILITIES: 1,274,478 0 0 2,388,890 0 0 2,500 0 3.645.655 ACCOUNTS PAYABLE 1,602,009 0 0 0 0 0 0 0 1,802,009 DUE TO OTHER AGENCIES 0 0 0 2,597.785 0 0 0 0 2,597,764 DUE TO OTHER FUNDS 4,898,927 0 0 18,463,537 0 0 0 0 Z3,31,894 INTEREST ADVANCE -DUE TO CITY 0 0 0 0 0 0 0 2 ,4 ACCRUED EXPENSES 21.694 0 0 . 95,538 30'5M INTEREST PAYABLE 0 0 0 0 0 0 0 00 130.3 0 PAYROLL LIABILITIES 130.335 0 0 0 0 0 0 STRONG MOTION INSTRUMENTS 0 0 0 0 0 0 0 104,430 FRINGE TOED LIZARD FEES 104,430 0 0 0 0 0 0 0 0 SUSPENSE 0 0 0 0 0 0 0 0 0 0 0 DUE TO THE CITY OF LA OUINTA PAYABLES TOTAL 8,031,871 0 0 23,545 550 0 0 2,500 0 31,579,9Q0 ENGINEERING TRUST DEPOSITS 1,400 0 0 0 0 0 0 0 0 0 0 0 1.400 SO. COAST AIR QUALITY DEPOSITS 0 0 0 0 0 0 19,309 0 0 0 0 19,309 LORP DEPOSITS 0 1,278.314 0 0 (3008) 0 0 0 0 1,247,648 DEVELOPER DEPOSITS 43905 0 0 25.000 0 0 0 0 464,855 MISC. DEPOSITS 1 717,262 0 0 0 0 0 0 0 1,717,282 AGENCY FUND DEPOSITS 0 0 13,641 0 0 0 0 3,450 472 TOTAL DEPOSITS 3,436.831 DEFERRED REVENUE 1188395 0 0 1107960 0 0 0 0 0 0 0 0 lZRI11,091 1Z,266.091 OTHER LIABILITIES TOTAL 1,186,396 0 0 111079.695 COMPENSATED ABSENCES PAYABLE 0 0 422,198 0 0 0 0 0 0 0 0 0 422,196 743,723 DEVELOPER AGREEMENT 0 0 743,723 0 0 0 0 0 0 528.311 DUE TO THE CITY OF LA OUINTA 0 0 0 528,311 0 0 0 2.250,000 0 0 00W 2,250.D DUE TO COUNTY OF RIVERSIDE 0 0 0 0 0 8.063.172 00 00 8,063,172 DUE TO C.V. UNIFIED SCHOOL DIST. 0 0 0 0 0 DUE TO DESERT SANDS SCHOOL DIST. 0 0 0 0 0 0 150,885,000 0 7,475 000 158/80 000 BONDS PAYABLE TOTAL LONG TERM DEBT 0 0 0 1,894.232 0 0 180,998,172 0 7.475.000 170.157,404 12,655,098 0 1.894.232 34,638,886 0 180,998.172 2,500 7,475,000 217,463,887 TOTAL LIABILITIES 56.890,179 306,622,199 0 49,861,103 52,094.305 0 5.405 0 469,073,192 EQUITY -FUND BALANCE 71 345277 306.622199 1694 232 84299 988 52 0941306 160.900.172 7.905_ 71475.000 686,537.079 TOTAL LIABILITY 3 EQUITY 0 0 0 0 0 lOj (0) 0 0 CASH 3 INVESTMENT TOTAL 113,115,749 PREMIUMIDISCOUNT ON INVESTMENT (174,916) TOTAL 112,9401834 MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for July 31, 2003 DATE: September 3, 2003 Attached is the Treasurer's Report for the month ending July 31, 2003. 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 $5,713,527 (1) ($5,918,370) ($204,843) ($5,918,370) LAW $21,266,400 3,388,484 24,654,884 3,388,484 US Treasuries (2) $70,015,083 (13,000,000) 24,505 57,039,588 (12,975,495) US Gov't Agencies (2) $14,929,002 17,419,654 (5,000,000) 15,759 27,364,415 12,435,413 Commercial Paper (2) $0 0 0 Mutual Funds $1,016,822 77 1 1,016,899 77 Total $112 940 834 $20 808 215 $23 918,370 $40,264 $109,870,943 $3 069,891 I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment Policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. the City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. 1/3/63 Date Footnote (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month. (2) The amount reported in the other column represents the amortization of premium/discount for the month on US Treasury, Commercial Paper and Agency investments. 10 0 4) C C N C C u Z Z Z Z Z Z Z Z PA 5. c 0 Co c E n La8-2 •� � � H 'E O c c � ng a �i L � i5 U U 08 Q' � O Imo 0LL. 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O o° o aE o 0 O pp 0 CC) F. v In w O o 0 0` 0 p o C` C` — CO N Cl 'r Cl N N '�pr p 'CV. -CVO CV c+i sf COtOCOCO t0 y y y y y y y CC r C C� C ++ N 'Ad r+ N N U Q y V QO� V Q y V Q H �i (D c�> > �$c��d 4) a�La�,^ m N aO m 0.11a0: m a.LL y m CT9 C y y y C C C �� CTC py� y p y� C C C �� y yp� y m C C C s y y p wp� C C C s 9 9m mmm mmm m mmm m E E E m mmco 0 M Wp Wp W-.a W W W W W W W W W CN J �p N CO�L� d .9 .� .N C Oro ���Z� N .y .Iy .y ME r9 ����� N N i .t C d �6 ���$� N .� N N C y TO w C C p M +-' , ltf f0 l9 C 7 7 T LL C C C 01 — m m fC C 7 7 7 m LL C C C G1 — N m m C CT m 7 7 LL C C C G1 — f0 Ifl !C C 7 7 7 LL C C C tU nab 0 aa`d na'g dda05 a`�a`�na'g a`a`a CITY CITY RDA RDA FA CITY OF LA QUINTA FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND BALANCE SHEET 07/31/03 CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (8,216,427.04) 0.00 0.00 32,139,225.21 0.00 0.00 470.97 0.00 0.00 23,923,28 .14 487,000.00 LQRP INVESTMENT IN POOLED CASH 0.00 0.00 0.00 487,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 55,500,000.00 INVESTMENT T-BILUNOTES & OTHER 55.500.000.00 0.00 0.00 0.00 AUTO MALL CASH 0.00 0.00 0.00 0.00 0.00 38,772.47 0.00 0.00 0.00 0.00 ' 38,772.47 LQRP CASH 0.00 0.00 0.00 2,263.30 0.00 0.00 57.64 0.00 2.320.94 BOND REDEMPTION CASH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BOND RESERVE CASH 0.00 0.00 0.00 30,133,578.02 0.00 0.00 0.00 0.00 30,133,578.02 BOND PROJECT CASH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BOND ESCROW CASH 1,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,000.00 PETTY CASH CASH & INVESTMENT TOTAL 47,284,572.96 0.00 0.00 62,800,839.00 0.00 0.00 528.61 0.00 110,085,940.57 INVESTMENT IN LAND HELD FOR RESALE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ACCOUNTS RECEIVABLE 306,625.48 0.00 0.00 0.00 60,900.00 (96,367.37) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 367,525.48 (214,998.24) PREMIUMIDISCOUNT ON INVESTMENT (118.630.87) 0.00 0.00 0.00 0.00 77,949.34 0.00 0.00 0.00 0.00 77,949.34 LQRP-ACCOUNTS RECEIVABLE 173,789.42 0.00 0.00 0.00 0.00 0.00 0.00 0.00 173,789.42 INTEREST RECEIVABLE 0.00 0.00 0.00 12,613,564.62 0.00 0.00 0.00 0.00 12.613,564.62 LOAN/NOTES RECEIVABLE DUE FROM OTHER AGENCIES 3,627,843.18 551,789.19 0.00 0.00 0.00 0.00 632.37 2,199,096.69 ,,0.9 DUE FROM OTHER AGENCIES - CVAG 2,299,096.69 0.00 0.00 (2299,098.69) CVAG ALLOWANCE DUE FROM OTHER GOVERNMENTS (2,299,096.69) 30,600.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 30,600.37 54,300.09 DUE FROM OTHER FUNDS 54,300.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,597,550.20 DUE FROM RDA INTEREST ADVANCE -DUE FROM RDA 15,597,550.20 5,644,183.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5644 4,,3. 4,992525,33993.22 7 ADVANCES TO OTHER FUNDS 0.00 3,565.61 0.00 0.00 4,925,393.27 0.00 0.00 0.00 0.00 0.00 3,565.61 NSF CHECKS RECEIVABLE 69,743.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 69,743.04 ACCRUED REVENUE 0.00 306,249,652.60 306,249,652.60 FIXED ASSETS ACCUMULATED DEPRECIATION 929,209.62 0.00 0.00 0.00 0.00 0.00 0.00 929,209.62 1,500.00 TRAVEL ADVANCES 1,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 EMPLOYEE ADVANCES 17,515.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,515.36 PREPAID EXPENSES RECEIVABLE TOTAL 26,337,794.51 306,249,652.80 0.00 18,133.229.05 0.00 0.00 0.00 0.00 350,720,876.16 WORKER COMPENSATION DEPOSIT 234,177.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 234,177.00 0.00 RENT DEPOSITS 0.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 75.00 UTILITY DEPOSITS 998.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 998.21 MISC. DEPOSITS DEPOSITS TOTAL 235,250.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 235,250.21 0.00 0.00 0.00 0.00 52,094,306.00 0.00 0.00 0.00 52,094,306.00 GENERAL FIXED ASSETS ACCUMULATED DEPRECIATION 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 AMOUNT AVAILABLE TO RETIRE UT DEBT 0.00 0.00 1,625,259.96 0.00 0.00 158,460254.00 0.00 7,190,000.00 167,275,513.96 AMOUNT TO BE PROVIDED FOR LIT DEBT TOTAL OTHER ASSETS 0.00 0.00 1,625,259.96 0.00 52,094,306.00 158,460,254.00 0.00 7,190,000.00 219,369,819.96 TOTAL ASSETS 73,857,617.68 306,249,652.60 1,625,259.96 80 934 068.05 52 094,306.00 158,460,254.00 528.61 7190,000.00 680,411,686.90 LIABILITIES: ACCOUNTS PAYABLE 1,813,859.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,813,859.8 10,168.06 DUE TO OTHER AGENCIES 10,168.06 54,300.09 0.00 0.00 0.00 0.00 2.758,199.63 0.00 0.00 0.00 0.00 72 DUE TO OTHER FUNDS INTEREST ADVANCE -DUE TO CITY 4,925,393.27 0.00 0.00 18,483,537.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,408.930.27 23,408,930.27 397,174 .27 ACCRUED EXPENSES 397,174.27 0.00 0.00 0.00 0.00 0.00 0.00 .00 INTEREST PAYABLE PAYROLL LIABILITIES 0.00 85,397.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.90 0.00 0.00 0.00 85,397.97 4,277.59 STRONG MOTION INSTRUMENTS 4,277.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 104,430.00 FRINGE TOED LIZARD FEES 104,430.00 60.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 60.39 SUSPENSE DUE TO THE CITY OF LA QUINTA 0.00 0.00 0.00 0.00 0.00 21,241,738.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 28,636,798.16 PAYABLES TOTAL 7.395,061.53 0.00 ENGINEERING TRUST DEPOSITS 1,400.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,400.00 0.00 S0. COAST AIR QUALITY DEPOSITS 0.00 0.00 0.00 0.00 0.00 19,009.00 0.00 0.00 0.00 0.00 19,009.00 LQRP DEPOSITS DEVELOPER DEPOSITS 0.00 1,280,100.03 0.00 0.00 2,835.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,282,935.03 82 MISC. DEPOSITS 439,354.82 0.00 0.00 0.00 25.000.00 0.00 0.00 0.00 0.00 0.00 0.00 772,721.07 1,772,721.07 AGENCY FUND DEPOSITS TOTAL DEPOSITS 1,772,721.07 3,493.575.92 0.00 0.00 46,844.00 0.00 0.00 0.00 0.00 3,540,419.92 DEFERRED REVENUE 2,496,080.55 0.00 0.00 10,495,978.56 0.00 10,495.978.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,992,059.11 12,992,059.11 OTHER LIABILITIES TOTAL 2,496,080.55 0.00 COMPENSATED ABSENCES PAYABLE 0.00 0.00 462,260.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 462,260.37 684,688.59 DEVELOPER AGREEMENT 0.00 0.00 0.00 0.00 684,688.59 478,311.00 0.00 0.00 0.00 0.00 0.00 478,311.00 DUE TO THE CITY OF LA QUINTA 0.00 0.00 0.00 0.00 0.00 2,150,000.00 0.00 0.00 2,150.000.00 DUE TO COUNTY OF RIVERSIDE 0.00 0.00 0.00 0.00 0.00 7,365,254.00 0.00 0.00 7,365.254.00 DUE TO C.V. UNIFIED SCHOOL DIST. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 DUE TO DESERT SANDS SCHOOL DIST. 0.00 0.00 0.00 0.00 0.00 148,945,000.00 0.00 7,190,000.00 158,135,000.00 BONDS PAYABLE TOTAL LONG TERM DEBT 0.00 0.00 1,625,259.98 0,00 0.00 158,460,254.00 0.00 7,190,000.00 167,275,513.95 13,384,718.00 0.00 1,625,259.96 31,784,559.19 0.00 158,460,254.00 0.00 7.190,000.00 212,444.791.15 . TOTAL LIABILITIES 60,472,899.68 306,249,652.60 0.00 49,149.508.86 52,094,306.00 0.00 528.61 0.00 467,986,895.75 EQUITY -FUND BALANCE 73,857,617.68 306,249,652.60 1,625,259.96 80 934,068.05 52,094 306 00 158,460,254.00 528.61 7190,000.00 680,411,686.90 TOTAL LIABILITY &EQUITY 0.00 0.00 0.00 0.00 0.00 u.uu 0.00 0.00 0 00 CASH & INVESTMENT TOTAL 110,085,940.57 PREMIUMIDISCOUNT ON INVESTMENT (214,998.24) TOTAL 109,870,943.33 INVESTMENT ADVISORY BOARD Business Session: B Meeting Date: September 10, 2003 ITEM TITLE: Fiscal Year 2003/04 Work Plan BACKGROUND: This item was discussed at the July Board Meeting and was continued to the September Board Meeting. Attached is the July staff report. In addition, please refer to the minutes of the July meeting in this packet. RECOMMENDATION: Review and approval of work plan items as deemed appropriate and forward to the City Council for approval. ohn M. FAIco'ner, Finance Director INVESTMENT ADVISORY BOARD Business Session: C Meeting Date: July 9, 2003 ITEM TITLE: Fiscal Year 2003/04 Work Plan BACKGROUND: Each year the Investment Advisory Board adopts a work plan, which is subsequently forwarded to the City Council for approval. In addition to the responsibilities listed in the ordinance, the Board may want to consider additional items to address during FY 03/04. Last year the work plan included a review of GSE's, LAIF and Commercial Paper. Staff has a request to include the Investment Advisory Board's, participation in the Request for Proposal selection of banking services. The four year contract with Wells Fargo expires on December 31, 2003. Historically the City has gone out for RFP for banking services every four years. RECOMMENDATION: Review and approval of work plan items as deemed appropriate. J hn M. FalconerJ Finance Director INVESTMENT ADVISORY BOARD Meeting Date: September 10, 2003 TITLE: Month End Cash Report - August 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. John M. Falconer, Finance Director m O 0 LL m m CO oa mM O 'C N N V N v y J W _a O oCL 4) U 2 cn tipp r v � rn °o o� co �^ OOf.ON�cOCOO O06 � �M ~0C*4 CO co LgP-OOOOdOLoC'4 OOOO titD O)N 6 NCOC6C60 � r- ti ti T- V- M f- O O O co ~O N W m 0 O O CA 0 �� 0) 0 CS 1 cO •- � 0000)j000C!q, 0coggGoCO v)� e- N OOOOO ti00))) ~en- >OOi' COi_ ODNCO CONdM'ccoCV _ co � � LO O CA O O O M —ti J � mccoo N LO LO cp N N CO I O O co co co co ?'LL V 00 M cp) v co O O co ch CO U J 0 0 o c M v CD c"i ch Cl j N CV) O O O V- O T- �)�oo 0 o co Q co . cc R co N_o�� m N 147 qtq Q) c 00 N 0)) M n o ti c ui � to m c M O L CV) O s�o U ti � O o . A m 2 M LO pip N O O M w co r 0�0 M o �O L co m c° � N N to , S to LO m C N t' CO N c s c /o C O O a co 5e co °o mco Um co m v m co y E m E E rn°>y m c m c ,v 'as .o4) rm� >r o�0co0 -)m� a+�. vmmo w w cnz►c�ot c E $ E 04 O O •p m C O m c ma 8 ccoo m m C a � N � o co N cO 0 O m � H E po C m s N CO O N '>> C Q 'oO -p m '0 c O a N m H O C O m M O C 0 0 m a N O> V- O CO N m o r O o a c O N C co 60 me O r N C m 7 we E oLL t �C m Q { m 'a U) H z m c o Q• co 04),0 a CL ayi c v a m � m M c o cn N� aaW.a N W. qi � m c0 m LL o O sCL O > �C m U c`oo o°c Ev a O c mm ac oo m �g v,v7 c o m c m a as _� cA £ o 't °a M m Q� o 'c� mm Eo m m to o c c N E O _O rn— .� O 'p to �m 3m mom >% cac`o mc�g 0-0ox C. m 8 omm c N m mE > c `gym a)m mN mm m vmC� coon m c a s 2 u. P O t> F- c a cn 5 m FRB:Commercial Paper Rates and Outstandings Pagel of 3 Federal Reserve Release Commercial Paper sam M ; aye , Release I About I Outstandings I Historical discount rates I Historical outstandings Data as of August 29, 2003 Commercial Paper Rates and Outstandings Derived from data supplied by The Depository Trust Company Posted September 2, 2003 Dicrnnnt ratec AA AA A2/P2 Term financial nonfmancial nonfmancial 1-day 1.08 F-1.06 11 1.14 7-day 1.03 1.04 1.15 15-day 1.03 1.04 1.14 30-day 1.03 1.04 1.24 60-day 1.05 1.04 1.19 90-day 1.08 1.05 1.19 Yield curve Monev market basis 1 7 15 30 60 Dadra to Maturity Finandal — -- Nonfinancial ••••• A2/P2 Percent 1.24 1.22 1.20 1.18 1.16 1.14 1.12 1.10 1.08 1.06 1.04 1.02 C 3 http://www.federalreserve.gov/Releases/CP/ 9/2/2003 FRB:Commercial Paper Rates and Outstandings Page 2 of 3 Discount rate spread Thirtv-dav A2/P2 less AA nonfinancial commercial paper (daily) 01JAN99 01JAN00 01JAN01 01JAN02 01JAN03 A2/P2 spread. 5—day moving averag9 Discount rate history Thirty -day commercial paper (daily) 01dAN99 01JAN00 41JANM _. Financial — Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars NonFinoncial ••••• A2/P2 01JAN03 Basis points 150 140 130 120 110 100 90 80 70 60 .50 40 30 20 10 01JAN04 Percent 7 6 5 4 3 2 1 0 01 dAN04 Billions of dollars 4 �• .' http://www.federalreserve.gov/Releases/CP/ 9/2/2003 FRB:Commercial Paper Rates and Outstandings 1300 1. 1 1 900 01JAN99 Financial — — — Nonfinancial The daily commercial paper release will usually be available before 11:00am EST. However, the Federal Reserve makes no guarantee regarding the timing of the daily commercial paper release. When the Federal Reserve is closed on a business day, yields for the previous business day will appear in the historical discount rates table. This policy is subject to change at any time without notice. Commercial paper outstanding Commercial paper outstanding, miscellaneous categories Volume Statistics 2003:Q2 Release I About I Outstandings I Historical discount rates I Historical outstandings Home I Statistical releases Accessibilityl Contact Us Last update: September 2, 2003 Page 3 of 3 01 9 91 100 0 1 JAN44 http://www.federalreserve.gov/Releases/CP/ 9/2/2003 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --August 29, 2003 Page 1 of 3 Federal Reserve Statistical Release H,15 Selected Interest Batas (Dauy) Skip to Content Release Date: August 29, 2003 Weekly__release...ct s.__and.announcement s_ ( 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 August 29, 2003 Yields in percent per annum 2003 2003 2003 2003 Aug Aug Aug Aug Instruments 25 26 27 28 Federal funds (effective) 1 2 3 1.04 1.00 0.98 1.04 Commercial paper 3 4 5 6 Nonfinancial 1-month 1.03 1.02 1.00 1.03 2-month 1.04 1.03 1.03 1.02 3-month 1.04 1.01 1.04 Financial 1-month 1.04 1.04 1.04 1.03 2-month 1.05 1.05 1.06 1.06 3-month 1.07 1.03 1.07 1.10 CDs (secondary market) 3 7 1-month 1.06 1.08 1.07 1.07 3-month 1.08 1.10 1.09 1.09 6-month 1.13 1.15 1.14 1.15 Eurodollar deposits (London) 3 8 1-month 1.05 1.06 1.05 1.06 3-month 1.07 1.08 1.07 1.08 6-month 1.12 1.14 1.14 1.14 Bank prime loan 2 3 9 4.00 4.00 4.00 4.00 Discount window primary credit 2 10 2.00 2.00 2.00 2.00 U.S. government securities Treasury bills (secondary market) 3 4 4-week 0.95 0.99 0.98 0.97 3-month 1.00 0.99 0.98 0.97 6-month 1.05 1.04 1.04 1.03 Treasury constant maturities 11 1-month 0.97 1.01 1.00 0.99 3-month 1.02 1.01 1.00 0.99 6-month 1.07 1.06 1.06 1.06 1-year 1.35 1.32 1.38 1.34 2-year 2.02 1.96 2.05 1.93 3-year 2.59 2.55 2.61 2.48 5-year 3.52 3.50 3.55 3.42 7-year 4.08 4.05 4.11 3.96 10-year 4.53 4.50 4.54 4.42 http://www.federalreserve.gov/Releases/H 15/update/ 9/2/2003 FRB: H. 15 --Selected Interested Rates, Web -Only Daily Update --August 29, 2003 Page 2 of 3 20-year 5.43 5.39 5.43 5.31 Treasury long-term average (25 years and above) 12 13 5.42 5.39 5.42 5.32 Interest rate swaps 14 1-year 1.48 1.48 1.48 1.44 2-year 2.30 2.29 2.28 2.24 3-year 2.98 3.01 3.00 2.95 4-year 3.51 3.55 3.55 3.50 5-year 3.95 3.98 3.99 3.92 7-year 4.52 4.57 4.55 4.48 10-year 5.02 5.06 5.03 4.96 30-year 5.71 5.73 5.72 5.64 Corporate bonds Moody's seasoned Aaa 15 5.91 5.88 5.91 5.82 Baa 7.03 6.99 7.01 6.91 State & local bonds 16 5.07 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. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, 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. 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 http://www.federalreserve.gov/Releases/H 15/update/ 9/2/2003 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --August 29, 2003 Page 3 of 3 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 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: August 29, 2003 http://www.federalreserve.gov/Releases/H 15/update/ 9/2/2003 Phil Angelides, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) PMIA Performance Report P8/14P1031.65 Fl.5 217 8/15103 1.60 1.65 219 8/16103 1.60 1.65 219 8/17/03 1.60 1.65 219 8118/03 1.60 1.65 215 8/19/03 1.60 1.65 214 8120/03 1.60 1.65 216 8121 /03 1.60 1.65 215 8/22/03 1.59 1.65 219 8/23/03 1.59 1.65 219 8/24103 1.59 1.65 219 8/25/03 1.58 1.64 213 8/26103 1.58 1.64 213 8/27/03 1.61 1.64 225 Corp Bc 4.2 Commercial Paper 18.76% Repo 0.33% LAIF Performance Report Quarter Ending 6/30/03 Apportionment Rate: 1.77% Earnings Ratio: .00004841891420682 Fair Value Factor: 1.002846280 PMIA Average Monthly Effective Yields May 2003 1.769% June 2003 1.697% July 2003 1.653% Pooled Money Investment Account Portfolio Composition $51.9 Billion 07/31/03 Reverses Loans -0.78% Treasuries 9.90 1 S_76% Deposits 11.03% CD's/BN's 12.29% Mortgages 0.01 % envies i.41 % ■ Treasuries 0 Mortgages ■ Agencies ■ CD's/BN's OTime Deposits ■ Bankers Acceptances ■ Repo ■ Commercial Paper 0 Corporate Bonds 0 Loans ■ Reverses 0 C G. OOM `v d A a c rn cm L L C w y L +' O L (0 2 C d N 2, 7 > ` w L w w w a a Aa�' Nz° C1M CO aaDM SOt- O CDap C)NN Go OD MN A O N N us O p O C Q < G ScOG�M� V- (p a0 c� O opf0 to (O N y O O pN lqt (V W g Of tO 2 N P- M((0 N aDti aa M M Q (d O $ O O N U 7 o O O o 0000 Sin M Q $ � V O T- O(0 oC 0Ra � �(0 R CD HQQ cc ((OM Np N NM 04LO ' �O�yyti LO M (0 N 1n Nf v co O Q (O �(Op'(9 ►� O00 Lo tn�O ("» O N (O � to 1-p CO N r-p("� Cl) co N NVZN to 0�pN'LOln M��N ti �a .N.'i L t F- N C mN G C V MR c a m a yLL E C x C 3 S dul Is Q1! m O CL (nGC m N N .� (0 01 L' Wito0 0H p Z R ONNr-coU-) jO 00NMLOONiCM 0) f" � Z Z W W w w o V U CL Lu w W LUW gog o �' Q���o c� «oZ=m UJ�wZ�U�Lua, WZUMUpMJa zQ 2J::�2m:)LL 0ma0a.m00-M— < 10 INVESTMENT ADVISORY BOARD Meeting Date: September 10, 2003 TITLE: Pooled Money Investment Board Report for May and June 2003. BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for May and June 2003 is included in the agenda packet. RECOMMENDATION: Receive & File Philip Angelides May 2003 STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT MAY 2003 TABLE OF CONTENTS SUMMARY................................................................. 01 SELECTED INVESTMENT DATA .................................... 02 PORTFOLIO COMPOSITION ........................................ 03 INVESTMENT TRANSACTIONS ..................................... 04 TIME DEPOSITS........................................................ 17 BANK DEMAND DEPOSITS .......................................... 29 POOLED MONEY INVESTMENT BOARD DESIGNATION... 30 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF MAY 2003 WITH MAY 2002 (DOLLARS IN THOUSANDS) MAY 2003 MAY 2042 CHANGE Average Daily Portfolio $ 59,998,342 $ 47,674,608 $ +12,323,734 Accrued Earnings $ 90,163 $ 110,963 -20,800 Effective Yield 1.769 2.740 -0.971 Average Life -Month End (In Days) 138 176 -38 1 Total Security Transactions Amount $ 21,669,501 $ 18,216,549 +3,452,952 Number 468 421 +47 Total Time Deposit Transactions Amount $ 1,914,400 $ 1,967,200 -52,800 Number 89 103 -14 Average Workday Investment Activity $ 1,123,043 $ 917,443 +205,600 Prescribed Demand Account Balances For Services $ 863,394 $ 584,868 +278,526 For Uncollected Funds $ 191,217 $ 68,741 +122,476 1 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) May 31, 2003 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 497,909 0.85 -0.81 Bonds 0 0.00 0.00 Notes 6,874,664 11.69 +2.16 Strips 0 0.00 0.00 Total Government $ 7,372,573 12.54 +1.35 Federal Agency Coupons $ 2,948,044 5.01 -0.36 Certificates of Deposit 11,405,157 19.40 +0.88 Bank Notes 500,000 0.85 +0.18 Bankers' Acceptances 0 0.00 0.00 Repurchases 0 0.00 0.00 Federal Agency Discount Notes 7,640,442 12.99 -1.38 Time Deposits 5,575,095 9.48 +0.28 GNMAs 579 0.00 0.00 Commercial Paper 12,177,828 20.71 -2.28 FHLMC 5,121 0.01 0.00 Corporate Bonds 1,974,131 3.36 -0.07 Pooled Loans 4,341,764 7.38 -0.57 GF Loans 4,860,600 8.27 +1.97 Reversed Repurchases 0 0.00 0.00 Total (All Types) $ 58,801,334 100.00 INVESTMENT ACTIVITY MAY 2003 APRIL 2003 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 468 $ 21,669,501 446 $ 20,754,969 Other 28 59,332 15 164,605 Time Deposits 89 1,914,400 147 2,729,600 Totals 585 $ 23,643,233 608 $ 23,649,174 PMIA Monthly Average Effective Yield Year to Date Yield Last Day of Month 1.769 2.199 2 1.858 2.250 Corporate Bonds 3.36% Commercia Paper 20.71 % Pooled Money Investment Account Portfolio Composition $58.8 Billion Loans Treasuries 1 9; FS% 12.54% Time Deposits 20.25% 9.48% 3 21s Agencies 18.00% 05/31 /03 8 Treasuries 8 Mortgages El Agencies CD's/BN's Time Deposits Bankers Acceptances ■ Repo Commercial Paper Corporate Bonds Loans Reverses 05/01/03 REDEMPTIONS CD SVENSKA 1.260% 05/01/03 1.240 $ 50,000 30 $ 51,667.53 1.257 CD SVENSKA 1.260% 05/01/03 1.240 50,000 30 51,667.53 1.257 CP SRAC 05/01/03 1.600 50,000 45 100,000.00 1.625 CP GMAC 05/01/03 1.510 50,000 48 100,666.67 1.534 CP GMAC 05/01/03 1.510 50,000 48 100,666.67 1.534 DISC NOTES FHLMC 05/01/03 1.190 41,000 92 124,685.56 1.210 DISC NOTES FHLMC 05/01/03 1.190 50,000 92 152,055.56 1.210 MTN W/F 7.200% 05/01/03 5.535 11,155 807 1,399,188.25 5.485 MTN W/F 7.200% 05/01/03 6.300 31,500 863 4,756,500.00 6.264 TREAS BILLS 05/01/03 1.195 50,000 133 220,743.06 1.216 TREAS BILLS 05/01/03 1.195 50,000 133 220,743.06 1.216 TREAS BILLS 05/01/03 1.195 50,000 133 220,743.06 1.216 TREAS BILLS 05/01/03 1.195 50,000 133 220,743.06 1.216 05/01/03 PURCHASES CD W/F 1.240% 07/01/03 1.230 50,000 CD W/F 1.240% 07/01/03 1.230 50,000 CD W/F 1.240% 07/01/03 1.230 50,000 CD BK SCOT 1.210% 07/11/03 1.210 50,000 CD BK SCOT 1.210% 07/11/03 1.210 50,000 CD U/B CALIF 1.220% 07/29/03 1.220 50,000 CD U/B CALIF 1.220% 07/29/03 1.220 50,000 CP CAFCO 07/25/03 1.220 50,000 CP CAFCO 07/25/03 1.220 50,000 CP CAFCO 07/25/03 1.220 50,000 CP JP MORGAN 07/29/03 1.200 50,000 CP JP MORGAN 07/29/03 1.200 50,000 CP JP MORGAN 07/29/03 1.200 50,000 CP JP MORGAN 07/29/03 1.200 50,000 CP JP MORGAN 07/29/03 1.200 50,000 CP JP MORGAN 07/29/03 1.200 50,000 CP SRAC 08/05/03 1.610 50,000 CP GMAC 08/05/03 1.540 50,000 CP GMAC 08/05/03 1.540 50,000 CP GECC 08/11/03 1.230 50,000 CP GECC 08/11/03 1.230 50,000 CP GECC 08/11/03 1.230 50,000 CP GECC 08/11/03 1.230 50,000 TREAS NOTE 1.625% 03/31/05 1.407 50,000 TREAS NOTE 1.625% 03/31/05 1.407 50,000 TREAS NOTE 1.625% 03/31/05 1.407 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 4 05/01/03 PURCHASES (continued) TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 TREAS NOTE 1.625% 04/30/05 1.449 50,000 05/02/03 REDEMPTIONS CD MONTREAL 1.250% 05/02/03 1.250 50,000 21 36,458.33 1.267 CD MONTREAL 1.250% 05/02/03 1.250 50,000 21 36,458.33 1.267 CD BARCLAYS 1.260% 05/02/03 1.250 50,000 92 159,726.29 1.267 CD BARCLAYS 1.260% 05/02/03 1.250 50,000 92 159,726.29 1.267 CP AMER EXP 05/02/03 1.240 50,000 18 31,000.00 1.258 CP AMER EXP 05/02/03 1.240 50,000 18 31,000.00 1.258 CP NCAT 05/02/03 1.240 50,000 25 43,055.56 1.258 CP NCAT 05/02/03 1.240 50,000 25 43,055.56 1.258 CP ENTFUN 05/02/03 1.250 13,046 28 12,683.61 1.268 CP COUNTRY 05/02/03 1.290 50,000 31 55,541.67 1.309 CP COUNTRY 05/02/03 1.290 50,000 31 55,541.67 1.309 CP SRAC 05/02/03 1.600 50,000 46 102,222.22 1.625 CP GMAC 05/02/03 1.510 50,000 49 102,763.89 1.534 CP GMAC 05/02/03 1.510 50,000 49 102,763.89 1.534 05/02/03 PURCHASES CP GMAC 09/02/03 1.540 50,000 CP SRAC 09/26/03 1.600 50,000 05/05/03 REDEMPTIONS CD BK SCOT 1.240% 05/05/03 1.240 50,000 28 48,222.22 1.257 CD BK SCOT 1.240% 05/05/03 1.240 50,000 28 48,222.22 1.257 CD W/F 1.240% 05/05/03 1.240 50,000 31 53,388.89 1.257 CD W/F 1.240% 05/05/03 1.240 50,000 31 53,388.89 1.257 CP ASCC 05/05/03 1.260 22,800 13 10,374.00 1.278 CP ASCC 05/05/03 1.260 50,000 13 22,750.00 1.278 CP ASCC 05/05/03 1.250 40,000 21 29,166.67 1.268 CP AMEX 05/05/03 1.240 50,000 21 36,166.67 1.258 CP AMEX 05/05/03 1.240 50,000 21 36,166.67 1.258 CP ASCC 05/05/03 1.250 50,000 21 36,458.33 1.268 CP GECC 05/05/03 1.240 50,000 28 48,222.22 1.258 CP GECC 05/05/03 1.240 50,000 28 48,222.22 1.258 CP CAFCO 05/05/03 1.250 50,000 95 164,930.55 1.271 CP CAFCO 05/05/03 1.250 50,000 95 164,930.55 1.271 CP CRC 05/05/03 1.250 50,000 95 164,930.55 1.271 CP CRC 05/05/03 1.250 50,000 95 164,930.55 1.271 5 05/05/03 PURCHASES CP BEAR CP BEAR CP GECC CID GECC CP GMAC CP GMAC 05/06/03 NO REDEMPTIONS 05/06/03 NO PURCHASES 05/07/03 REDEMPTIONS DISC NOTE FNMA DISC NOTE FNMA DISC NOTE FNMA DISC NOTE FNMA 05/07/03 PURCHASES CD STNRD CH CD STNRD CH CP W/F CP AMER EXP 05/08/03 REDEMPTIONS CP GECC CP GECC MTN FR ASSOC 05/08/03 NO PURCHASES 05/09/03 REDEMPTIONS CP KODAK CP KODAK CP FCAR CP FCAR CP BARTON CP BARTON CP BARTON CP GECC CP GECC CP GEN MILLS CP CRC CP CRC CP MORG STAN CP MORG STAN 06/20/03 1.230 50,000 06/20/03 1.230 50,000 06/20/03 1.240 50,000 06/20/03 1.240 50,000 07/29/03 1.540 50,000 07/29/03 1.540 50,000 05/07/03 1.270 2,550 173 05/07/03 1.270 50,000 173 05/07/03 1.270 50,000 173 05/07/03 1.270 50,000 173 1.200% 08/08/03 1.200 50,000 1.200% 08/08/03 1.200 50,000 06/05/03 1.200 50,000 07/01 /03 1.210 50,000 15,562.79 305,152.78 305,152.78 305,152.78 05/08/03 1.230 50,000 37 63,208.33 05/08/03 1.230 50,000 37 63,208.33 6.903% 05/08/03 6.810 10,000 1056 1,126,706.27 1.295 1.295 1.295 1.295 1.248 1.248 3.896 05/09/03 1.450 50,000 25 50,347.22 1.471 05/09/03 1.450 50,000 25 50,347.22 1.471 05/09/03 1.250 40,000 28 38,888.89 1.268 05/09/03 1.250 50,000 28 48,611.11 1.268 05/09/03 1.230 16,000 35 19,133.33 1.248 05/09/03 1.230 49,000 35 58,595.83 1.248 05/09/03 1.230 50,000 35 59,791.67 1.248 05/09/03 1.230 50,000 38 64,916.67 1.248 05/09/03 1.230 50,000 38 64,916.67 1.248 05/09/03 1.300 25,000 49 44,236.11 1.320 05/09/03 1.250 50,000 99 171,875.00 1.271 05/09/03 1.250 50,000 99 171,875.00 1.271 05/09/03 1.290 50,000 115 206,041.65 1.313 05/09/03 1.290 50,000 115 206,041.65 1.313 6 05/09/03 REDEMPTIONS (continued) CP MORG STAN 05/09/03 1.290 50,000 115 206,041.65 1.313 CP MORG STAN 05/09/03 1.290 50,000 115 206,041.65 1.313 05/09/03 NO PURCHASES 05/12/03 REDEMPTIONS CP GECC 05/12/03 1.250 50,000 12 20,833.33 1.267 CP GECC 05/12/03 1.250 50,000 12 20,833.33 1.267 CP WYETH 05/12/03 1.290 50,000 17 30,458.34 1.308 CP BEAR 05/12/03 1.240 50,000 31 53,388.89 1.258 CP BEAR 05/12/03 1.240 50,000 31 53,388.89 1.258 CP GECC 05/12/03 1.260 50,000 98 171,500.00 1.281 CP GECC 05/12/03 1.260 50,000 98 171,500.00 1.281 CP GOLDMAN 05/12/03 1.260 50,000 98 171,500.00 1.281 CP GOLDMAN 05/12/03 1.260 50,000 98 171,500.00 1.281 CP NCAT 05/12/03 1.330 40,000 146 215,755.56 1.355 CP GECC 05/12/03 1.330 50,000 146 269,694.44 1.355 CP GECC 05/12/03 1.330 50,000 146 269,694.44 1.355 CP GECC 05/12/03 1.330 50,000 146 269,694.44 1.355 CP GECC 05/12/03 1.330 50,000 146 269,694.44 1.355 CP BEAR 05/12/03 1.340 30,000 150 167,500.00 1.366 CP BEAR 05/12/03 1.340 50,000 150 279,166.67 1.366 05/12/03 PURCHASES CP GECC 06/10/03 1.240 30,000 CP GECC 06/10/03 1.240 50,000 CP CRC 07/01/03 1.240 45,000 CP CRC 07/01/03 1.240 50,000 CP BEAR 07/09/03 1.230 50,000 CP BEAR 07/09/03 1.230 50,000 CP BEAR 07/15/03 1.230 50,000 CP ASCC 07/22/03 1.220 25,000 05/13/03 REDEMPTIONS CP CITIGLOBAL 05/13/03 1.250 50,000 28 48,611.11 1.268 CP CITIGLOBAL 05/13/03 1.250 50,000 28 48,611.11 1.268 CP CRC 05/13/03 1.230 50,000 32 54,666.67 1.248 CP CRC 05/13/03 1.230 50,000 32 54,666.67 1.248 CP BEAR 05/13/03 1.240 50,000 36 62,000.00 1.258 CP BEAR 05/13/03 1.240 50,000 36 62,000.00 1.258 CP GMAC 05/13/03 1.510 50,000 36 75,500.00 1.533 CP SRAC 05/13/03 1.550 50,000 36 77,500.00 1.573 CP CAFCO 05/13/03 1.250 50,000 81 140,625.00 1.270 CP CAFCO 05/13/03 1.250 50,000 81 140,625.00 1.270 CP GECC 05/13/03 1.260 50,000 99 173,250.00 1.281 CP GECC 05/13/03 1.260 50,000 99 173,250.00 1.281 7 05/13/03 PURCHASES CP CITICORP 05/19/03 1.220 50,000 CP CITICORP 05/19/03 1.220 50,000 CP BEAR 05/19/03 1.230 50,000 CP BEAR 05/19/03 1.230 50,000 CP SRAC 05/20/03 1.310 50,000 CP GE CO 05/21/03 1.230 50,000 CP GE CO 05/21/03 1.230 50,000 CP GE CO 05/21/03 1.230 50,000 CP GE CO 05/21/03 1.230 50,000 05/14/03 NO REDEMPTIONS 05/14/03 PURCHASES CP HOUSEHOLD 05/20/03 1.240 50,000 CP HOUSEHOLD -05/20/03 1.240 50,000 CP CITIGLOBAL 05/21/03 1.250 50,000 CP CITIGLOBAL 05/21/03 1.250 50,000 05/15/03 REDEMPTIONS CP HOUSEHOLD 05/15/03 1.280 50,000 29 51,555.56 1.299 MTN GMAC 8.875% 05/15/03 2.940 8,440 322 228,530.41 2.919 MTN B/A 7.000% 05/15/03 6.800 17,050 953 3,041,017.44 6.799 FHLB 4.500% 05/15/03 4.560 50,000 708 4,426,750.00 4.569 FHLB 4.500% 05/15/03 4.678 50,000 721 4,612,250.00 4.685 FHLMC 7.375% 05/15/03 4.215 50,000 688 4,122,534.72 4.139 FHLMC 7.375% 05/15/03 4.215 50,000 688 4,122,534.72 4.139 FHLMC 7.375% 05/15/03 4.218 50,000 688 4,125,034.72 4.142 FHLMC 7.375% 05/15/03 4.218 50,000 688 4,125,034.72 4.142 FNMA 4.625% 05/15/03 4.664 50,000 720 4,596,263.89 4.663 05/15/03 PURCHASES CP SAFEWAY 05/16/03 1.400 20,000 CP HOUSEHOLD 05/16/03 1.340 50,000 CP HOUSEHOLD 05/16/03 1.340 50,000 CP HOUSEHOLD 05/16/03 1.340 50,000 CP HOUSEHOLD 05/16/03 1.340 50,000 CP ASCC 05/20/03 1.260 50,000 CP ASCC 05/20/03 1.260 50,000 CP GMAC 06/11/03 1.480 35,000 DISC NOTES FHLMC 05/16/03 1.280 29,612 DISC NOTES FHLMC 05/16/03 1.280 50,000 DISC NOTES FHLMC 05/16/03 1.280 50,000 DISC NOTES FHLMC 05/16/03 1.280 50,000 DISC NOTES FHLMC 05/16/03 1.280 50,000 8 05/15/03 PURCHASES (continued) DISC NOTES FHLMC 05/16/03 1.280 50,000 DISC NOTES FHLMC 05/16/03 1.280 50,000 DISC NOTES FNMA 05/16/03 1.280 16,428 DISC NOTES FNMA 05/16/03 1.280 50,000 DISC NOTES FNMA 05/16/03 1.280 50,000 DISC NOTES FNMA 05/16/03 1.280 50,000 DISC NOTES FNMA 05/16/03 1.280 50,000 05/16/03 REDEMPTIONS CP SAFEWAY 05/16/03 1.400 20,000 1 777.78 1.419 CP HOUSEHOLD 05/16/03 1.340 50,000 1 1,861.11 1.358 CP HOUSEHOLD 05/16/03 1.340 50,000 1 1,861.11 1.358 CP HOUSEHOLD 05/16/03 1.340 50,000 1 1,861.11 1.358 CP HOUSEHOLD 05/16/03 1.340 50,000 1 1,861.11 1.358 DISC NOTES FHLB 05/16/03 1.280 50,000 182 323,555.56 1.306 DISC NOTES FHLMC 05/16/03 1.280 29,612 1 1,052.88 1.297 DISC NOTES FHLMC 05/16/03 1.280 50,000 1 1,777.80 1.297 DISC NOTES FHLMC 05/16/03 1.280 50,000 1 1,777.80 1.297 DISC NOTES FHLMC 05/16/03 1.280 50,000 1 1,777.80 1.297 DISC NOTES FHLMC 05/16/03 1.280 50,000 1 1,777.80 1.297 DISC NOTES FHLMC 05/16/03 1.280 50,000 1 1,777.80 1.297 DISC NOTES FHLMC 05/16/03 1.280 50,000 1 1,777.80 1.297 DISC NOTES FNMA 05/16/03 1.280 16,428 1 , 548.11 1.297 DISC NOTES FNMA 05/16/03 1.280 50,000 1 1,777.80 1.297 DISC NOTES FNMA 05/16/03 1.280 50,000 1 1,777.80 1.297 DISC NOTES FNMA 05/16/03 1.280 50,000 1 1,777.80 1.297 DISC NOTES FNMA 05/16/03 1.280 50,000 1 1,777.80 1.297 05/16/03 PURCHASES CP SAFEWAY 05/19/03 1.280 20,000 CP CITICORP 05/19/03 1.240 50,000 CP CITICORP 05/19/03 1.240 50,000 CP CITICORP 05/19/03 1.240 50,000 CP CITICORP 05/19/03 1.240 50,000 CP CITICORP 05/19/03 1.240 50,000 CP CITICORP 05/19/03 1.240 50,000 CP HOUSEHOLD 05/20/03 1.240 50,000 CP HOUSEHOLD 05/20/03 1.240 50,000 CP GE CO 05/27/03 1.240 30,000 CP GE CO 05/27/03 1.240 50,000 CP GE CO 05/27/03 1.240 50,000 CP GE CO 05/27/03 1.240 50,000 CP CITIGLOBAL 06/02/03 1.250 50,000 CP CITIGLOBAL. 06/02/03 1.250 50,000 CP CITIGLOBAL 06/02/03 1.250 50,000 CP CITIGLOBAL 06/02/03 1.250 50,000 9 05/19/03 REDEMPTIONS CP SAFEWAY 05/19/03 1.280 20,000 3 2,133.33 1.297 CP CITICORP 05/19/03 1.240 50,000 3 5,166.67 1.257 CP CITICORP 05/19/03 1.240 50,000 3 5,166.67 1.257 CP CITICORP 05/19/03 1.240 50,000 3 5,166.67 1.257 CP CITICORP 05/19/03 1.240 50,000 3 5,166.67 1.257 CP CITICORP 05/19/03 1.240 50,000 3 5,166.67 1.257 CP CITICORP 05/19/03 1.240 50,000 3 5,166.67 1.257 CP BEAR 05/19/03 1.230 50,000 6 10,250.00 1.247 CP BEAR 05/19/03 1.230 50,000 6 10,250.00 1.247 CP CITICORP 05/19/03 1.220 50,000 6 10,166.67 1.237 CP CITICORP 05/19/03 1.220 50,000 6 10,166.67 1.237 CP GEN MILLS 05/19/03 1.320 30,000 27 29,700.00 1.339 CP DISNEY 05/19/03 1.400 35,000 105 142,916.66 1.425 05/19/03 PURCHASES CD SVENSKA 1.250% 06/06/03 1.230 50,000 CD SVENSKA 1.250% 06/06/03 1.230 50,000 CD MONTREAL 1.240% 06/20/03 1.230 50,000 CD MONTREAL 1.240% 06/20/03 1.230 50,000 CID N CAT 05/20/03 1.246 30,000 CP CITIGLOBAL 05/29/03 1.250 50,000 CP CITIGLOBAL 05/29/03 1.250 50,000 CP BARTON 06/03/03 1.250 21,971 CP BEAR 06/03/03 1.230 50,000 CP BEAR 06/03/03 1.230 50,000 CP W/F 06/05/03 1.190 50,000 CP W/F 06/05/03 1.190 50,000 CP CITIGLOBAL 06/05/03 1.250 50,000 CP CITIGLOBAL 06/05/03 1.250 50,000 CP G MAC 06/11 /03 1.200 50,000 CP HERTZ 06/13/03 1.510 20,000 CP SAFEWAY 06/13/03 1.290 50,000 CP GECC 06/20/03 1.240 50,000 CP GECC 06/20/03 1.240 50,000 05/20/03 REDEMPTIONS CP NCAT 05/20/03 1.240 30,000 1 1,033.33 1.257 CP HOUSEHOLD 05/20/03 1.240 50,000 4 6,888.89 1.257 CP HOUSEHOLD 05/20/03 1.240 50,000 4 6,888.89 1.257 CP ASCC 05/20/03 1.260 50,000 5 8,750.00 1.277 CP ASCC 05/20/03 1.260 50,000 5 8,750.00 1.277 CP HOUSEHOLD 05/20/03 1.240 50,000 6 10,333.33 1.257 CP HOUSEHOLD 05/20/03 1.240 50,000 6 10,333.33 1.257 CP SRAC 05/20/03 1.310 50,000 7 12,736.11 1.328 CP RCAPC 05/20/03 1.260 13,373 29 13,573.59 1.278 CP SAFEWAY 05/20/03 1.320 50,000 29 53,166.66 1.339 CP FCAR 05/20/03 1.250 50,000 36 62,500.00 1.268 10 05/20/03 REDEMPTIONS (continued) CP GOLDMAN 05/20/03 1.260 50,000 60 105,000.00 1.280 CP GOLDMAN 05/20/03 1.260 50,000 60 105,000.00 1.280 CP MORG STAN 05/20/03 1.260 50,000 89 155,750.00 1.281 CP MORG STAN 05/20/03 1.260 50,000 89 155,750.00 1.281 CP MORG STAN 05/20/03 1.260 50,000 89 155,750.00 1.281 CP MORG STAN 05/20/03 1.260 50,000 89 155,750.00 1.281 05/20/03 PURCHASES CD MONTREAL 1.260% 06/06/03 1.260 50,000 CD CIBC 1.240% 06/12/03 1.240 50,000 CD CIBC 1.240% 06/12/03 1.240 50,000 CD UBS 1.245% 06/27/03 1.240 50,000 CD UBS 1.245% 06/27/03 1.240 50,000 CD CR AGRIC 1.240% 06/27/03 1.240 50,000 CD CR AGRIC 1.240% 06/27/03 1.240 50,000 CP NCAT 05/21/03 1.220 43,000 CP SAFEWAY 05/21/03 1.280 50,000 CP GECC 05/29/03 1.240 10,000 CP GECC 05/29/03 1.240 50,000 CP BARTON 06/02/03 1.250 556 CP SRAC 06/02/03 1.310 50,000 CP BARTON 06/02/03 1.250 50,000 CP CAFCO 07/02/03 1.220 50,000 CP CITIGLOBAL 07/02/03 1.220 50,000 DISC NOTES FNMA 06/02/03 1.170 50,000 DISC NOTES FNMA 06/02/03 1.170 50,000 05/21/03 REDEMPTIONS CP NCAT 05/21/03 1.220 43,000 1 1,457.22 1.236 CP SAFEWAY 05/21/03 1.280 50,000 1 1,777.78 1.297 CP CITIGLOBAL 05/21/03 1.250 50,000 7 12,152.78 1.267 CP CITIGLOBAL 05/21/03 1.250 50,000 7 12,152.78 1.267 CP GE CO 05/21/03 1.230 50,000 8 13,666.67 1.247 CP GE CO 05/21/03 1.230 50,000 8 13,666.67 1.247 CP GE CO 05/21/03 1.230 50,000 8 13,666.67 1.247 CP GE CO 05/21/03 1.230 50,000 8 13,666.67 1.247 CP CITICORP 05/21/03 1.260 50,000 22 38,500.00 1.278 CP CITICORP 05/21/03 1.260 50,000 22 38,500.00 1.278 CP GECC 05/21/03 1.250 50,000 22 38,194.44 1.268 CP GECC 05/21/03 1.250 50,000 22 38,194.44 1.268 CP GECC 05/21/03 1.250 50,000 22 38,194.44 1.268 CP GECC 05/21/03 1.250 50,000 22 38,194.44 1.268 CP GECC 05/21/03 1.250 50,000 22 38,194.44 1.268 CP GECC 05/21/03 1.250 50,000 22 38,194.44 1.268 11 05/21/03 REDEMPTION (continued) CID FCAR 05/21/03 1.240 46,310 26 41,473.18 1.258 CID FCAR 05/21/03 1.240 50,000 26 44,777.78 1.258 CID FCAR 05/21/03 1.240 50,000 26 44,777.78 1.258 CID SAFEWAY 05/21/03 1.330 29,800 29 31,927.39 1.349 05/21/03 PURCHASES CD CR AGRIC 1.240% 07/02/03 1.240 20,000 CD CR AGRIC 1.240% 07/02/03 1.240 50,000 CP ASCC 07/08/03 1.220 1,450 CID ASCC 07/08/03 1.220 50,000 CID GECC 07/08/03 1.210 50,000 CID G MAC 10/29/03 1.480 30,000 TREAS NOTES 2.000% 05/15/06 1.639 50,000 TREAS NOTES 2.000% 05/15/06 1.639 50,000 TREAS NOTES 2.000% 05/15/06 1.639 50,000 TREAS NOTES 2.000% 05/15/06 1.639 50,000 05/22/03 REDEMPTIONS CID DISNEY 05/22/03 1.400 50,000 114 221,666.67 1.425 05/22/03 PURCHASES CD ABN AMRO 1.220% 06/27/03 1.210 50,000 CD ABN AMRO 1.220% 06/27/03 1.210 50,000 CD CS/FST BOSTON 1.250% 06/27/03 1.240 50,000 CD CS/FST BOSTON 1.250% 06/27/03 1.240 50,000 CID GECC 07/22/03 1.220 50,000 CID GECC 07/22/03 1.220 50,000 CID FMCC 08/01/03 1.490 50,000 05/23/03 NO REDEMPTIONS 05/23/03 PURCHASES BN BANC ONE 1.200% 06/23/03 1.200 50,000 BN BANC ONE 1.200% 06/23/03 1.200 50,000 CD RABO 1.215% 06/27/03 1.210 50,000 CD RABO 1.215% 06/27/03 1.210 50,000 CID BANC ONE 06/02/03 1.200 25,000 CID GECC 07/14/03 1.220 50,000 CID GECC 07/14/03 1.220 50,000 CID G MAC 08/20/03 1.490 50,000 05/27/03 REDEMPTIONS CID GE CO 05/27/03 1.240 50,000 11 18,944.44 1.257 CID GE CO 05/27/03 1.240 50,000 11 18,944.44 1.257 CID GE CO 05/27/03 1.240 50,000 11 18,944.44 1.257 12 05/27/03 REDEMPTIONS (continued) CP GE CO 05/27/03 1.240 30,000 11 11,366.67 1.257 CP TRANSAM 05/27/03 1.250 50,000 35 60,763.89 1.268 CP NCAT 05/27/03 1.330 50,000 162 299,250.00 1.356 CP NCAT 05/27/03 1.330 50,000 162 299,250.00 1.356 DISC NOTES FNMA 05/27/03 1.200 50,000 118 196,666.67 1.221 DISC NOTES FNMA 05/27/03 1.200 50,000 118 196,666.67 1.221 05/27/03 PURCHASES CP CITIGLOBAL 07/08/03 1.230 12,000 CP ASCC 07/08/03 1.230 39,000 CP ASCC 07/08/03 1.230 50,000 CP CITIGLOBAL 07/08/03 1.230 50,000 CP CITIGLOBAL 07/08/03 1.230 50,000 CP NCAT 07/14/03 1.220 50,000 CP NCAT 07/14/03 1.220 50,000 05/28/03 REDEMPTIONS CD RB SCOT 1.260% 05/28/03 1.260 50,000 37 64,750.00 1.277 CD RB SCOT 1.260% 05/28/03 1.260 50,000 37 64,750.00 1.277 CD W/F 1.240% 05/28/03 1.240 50,000 47 80,944.44 1.257 CD W/F 1.240% 05/28/03 1.240 50,000 47 80,944.44 1.257 CD W/F 1.220% 05/28/03 1.220 50,000 65 110,138.89 1.236 CD W/F 1.220% 05/28/03 1.220 50,000 65 110,138.89 1.236 CD W/F 1.220% 05/28/03 1.220 50,000 65 110,138.89 1.236 CD W/F 1.220% 05/28/03 1.220 50,000 65 110,138.89 1.236 CD BK SCOT 1.250% 05/28/03 1.245 50,000 114 197,128.11 1.262 CD BK SCOT 1.250% 05/28/03 1.245 50,000 114 197,128.11 1.262 CD CIBC 1.370% 05/28/03 1.370 50,000 182 346,305.56 1.389 CP GEN MILLS 05/28/03 1.320 30,000 37 40,700.00 1.340 CP ASCC 05/28/03 1.260 5,000 41 7,175.00 1.279 CP ASCC 05/28/03 1.260 25,000 41 35,875.00 1.279 CP W/F 05/28/03 1.230 50,000 41 70,041.67 1.248 CP W/F 05/28/03 1.230 50,000 41 70,041.67 1.248 CP ASCC 05/28/03 1.260 50,000 41 71,750.00 1.279 CP HERTZ 05/28/03 1.570 25,000 43 46,881.94 1.594 CP SRAC 05/28/03 1.620 50,000 54 121,500.00 1.646 CP GECC 05/28/03 1.330 50,000 167 ,308,486.11 1.356 CP GECC 05/28/03 1.330 50,000 167 308,486.11 1.356 CP GECC 05/28/03 1.340 50,000 169 314,527.78 1.367 CP GECC 05/28/03 1.340 50,000 169 314,527.78 1.367 DISC NOTES FNMA 05/28/03 1.225 50,000 91 154,826.39 1.245 DISC NOTES FNMA 05/28/03 1.225 50,000 91 154,826.39 1.245 DISC NOTES FNMA 05/28/03 1.225 50,000 91 154,826.39 1.245 DISC NOTES FNMA 05/28/03 1.225 50,000 91 154,826.39 1.245 DISC NOTES FNMA 05/28/03 1.200 50,000 119 198,333.33 1.221 DISC NOTES FNMA 05/28/03 1.200 50,000 119 198,333.33 1.221 DISC NOTES FNMA 05/28/03 1.200 50,000 119 198,333.33 1.221 13 05/28/03 REDEMPTIONS (continued) DISC NOTES FNMA 05/28/03 1.200 50,000 119 198,333.33 1.221 DISC NOTES FHLMC 05/28/03 1.230 50,000 195 333,125.00 1.255 DISC NOTES FHLMC 05/28I03 1.230 50,000 195 333,125.00 1.255 DISC NOTES FHLMC 05/28/03 1.230 509000 195 333,125.00 1.255 DISC NOTES FHLMC 05/28/03 1.230 50,000 195 333,125.00 1.255 05/28/03 PURCHASES CD S-E BANKEN 1.260% 06/27/03 1.250 30,000 CD S-E BANKEN 1.260% 06/27/03 1.250 50,000 CD DANSKE 1.250% 06/27/03 1.240 50,000 CD DANSKE 1.250% 06/27/03 1.240 50,000 CID SRAC 09/02/03 1.520 50,000 DISC NOTES FHLMC 10/22/03 1.125 50,000 DISC NOTES FHLMC 10/22/03 1.125 50,000 DISC NOTES FNMA 11/19/03 1.135 50,000 DISC NOTES FNMA 11/19/03 1.135 50,000 DISC NOTES FNMA 11/26/03 1.135 50,000 SBA FR 1.550% 05/25/28 1.550 4,012 SBA FR 1.550% 05/25/28 1.550 19,989 TREAS NOTES 2.000% 05/15/06 1.642 50,000 TREAS NOTES 2.000% 05/15/06 1.642 50,000 TREAS NOTES 2.000% 05/15/06 1.642 50,000 TREAS NOTES 2.000% 05/15/06 1.642 50,000 05/29/03 REDEMPTIONS CP GECC 05/29/03 1.240 10,000 9 3,100.00 1.257 CID GECC 05/29/03 1.240 50,000 9 15,500.00 1.257 CP CITIGLOBAL 05/29/03 1.250 50,000 10 17,361.11 1.267 CID CITIGLOBAL 05/29/03 1.250 50,000 10 17,361.11 1.267 C P DISNEY 05/29/03 1.400 7,190 115 32,155.28 1.425 CID DISNEY 05/29/03 1.400 50,000 115 223,611.11 1.425 DISC NOTES FNMA 05/29/03 1.260 50,000 156 273,000.00 1.284 TREAS BILLS 05/29/03 1.205 50,000 161 269,451.39 1.228 TREAS BILLS 05/29/03 1.205 50,000 161 269,451.39 1.228 TREAS BILLS 05/29/03 1.205 50,000 161 269,451.39 1.228 TREAS BILLS 05/29/03 1.205 50,000 161 269,451.39 1.228 TREAS BILLS 05/29/03 1.205 50,000 161 269,451.39 1.228 TREAS BILLS 05/29/03 1.205 50,000 161 269,451.39 1.228 05/29/03 PURCHASES CID GECC 06/02/03 1.200 5,000 CID GECC 06/02/03 1.200 50,000 CID ASCC 07/08/03 1.230 9,575 CID BEAR 07/08/03 1.230 25,000 CID ASCC 07/08/03 1.230 50,000 CID BEAR 07/08/03 1.230 50,000 14 05/29/03 PURCHASES (continued) FHLB 5.250% 08/15/06 1.900 13,000 FHLB 5.250% 08/15/06 1.900 37,000 FHLB 5.250% 08/15/06 1.900 50,000 05/30/03 REDEMPTIONS CD W/F 1.220% 05/30/03 1.220 50,000 67 113,527.78 1.236 CD W/F 1.220% 05/30/03 1.220 50,000 67 113,527.78 1.236 CD W/F 1.220% 05/30/03 1.220 50,000 67 113,527.78 1.236 CD W/F 1.220% 05/30/03 1.220 50,000 67 113,527.78 1.236 CP GECC 05/30/03 1.250 50,000 45 78,125.00 1.269 CID GECC 05/30/03 1.250 50,000 45 78,125.00 1.269 CID GE CO 05/30/03 1.240 50,000 49 84,388.89 1.259 CID GE CO 05/30/03 1.240 50,000 49 84,388.89 1.259 CID SRAC 05/30/03 1.620 25,000 56 63,000.00 1.646 CID FCAR 05/30/03 1.340 50,000 164 305,222.22 1.366 CID FCAR 05/30/03 1.340 50,000 164 305,222.22 1.366 CID FCAR 05/30/03 1.340 50,000 164 305,222.22 1.366 CP FCAR 05/30/03 1.340 50,000 164 305,222.22 1.366 CID GECC 05/30/03 1.330 50,000 169 312,180.56 1.359 CID GECC 05/30/03 1.330 50,000 169 312,180.56 1.359 CID GECC 05/30/03 1.340 50,000 171 318,250.00 1.367 CID GECC 05/30/03 1.340 50,000 171 318,250.00 1.367 DISC NOTES FNMA 05/30/03 1.180 50,000 45 73,750.00 1.198 DISC NOTES FNMA 05/30/03 1.180 50,000 45 73,750.00 1.198 DISC NOTES FNMA 05/30/03 1.200 50,000 121 201,666.67 1.221 DISC NOTES FNMA 05/30/03 1.200 50,000 121 201,666.67 1.221 DISC NOTES FNMA 05/30/03 1.285 43,921 158 247,702.24 1.310 DISC NOTES FNMA 05/30/03 1.285 50,000 158 281,986.11 1.310 05/30/03 PURCHASES CID NCAT 06/02/03 1.340 20,000 CID NCAT 06/02/03 1.340 50,000 CID GECC 06/02/03 1.350 50,000 CID GECC 06/02/03 1.350 50,000 CID GECC 06/02/03 1.350 50,000 CID GECC 06/02/03 1.350 50,000 CID AMER EXP 07/08/03 1.230 30,000 CP AMER EXP 07/08/03 1.230 50,000 CID AMER EXP 07/08/03 1.230 50,000 CID AMER EXP 07/08/03 1.230 50,000 CID SRAC 07/08/03 1.520 50,000 CID FCAR 07/08/03 1.240 50,000 CID FCAR 07/08/03 1.240 50,000 15 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). 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. fL/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 16 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE ALHAMBRA Bank of East Asia (USA) 01 /14/03 1.290 3,095,000.00 07/16/03 Bank of East Asia (USA) 02/13/03 1.230 3,000,000.00 08/14/03 Bank of East Asia (USA) 05/13/03 1.180 6,000,000.00 11/19/03 Omni Bank 02/25/03 1.230 3,000,000.00 08/28/03 Omni Bank 03/07/03 1.220 3,000,000.00 09/05/03 Omni Bank 03/21/03 1.210 2,000,000.00 09/19/03 Omni Bank 04/23/03 1.250 2,000,000.00 10/23/03 Omni Bank 05/21/03 1.080 2,000,000.00 11/20/03 ARROYO GRANDE Mid -State Bank 12/11/02 1.310 5,000,000.00 06/13/03 Mid -State Bank 01/16/03 1.290 5,000,000.00 07/17/03 Mid -State Bank 02/13/03 1.230 5,000,000.00 08/14/03 Mid -State Bank 03/12/03 1.100 5,000,000.00 09/12/03 Mid -State Bank 04/14/03 1.180 5,000,000.00 10/15/03 Mid -State Bank 05/13/03 1.180 5,000,000.00 11/19/03 BEVERLY HILLS City National Bank 03/13/03 1.210 10,000,000.00 09/10/03 City National Bank 03/10/03 1.210 10,000,000.00 09/10/03 BREA Jackson Federal Bank 05/14/03 1.150 10,000,000.00 08/20/03 Pacific Western National Bank 02/05/03 1.240 4,000,000.00 08/08/03 CALABASAS First Bank of Beverly Hills FSB 03/19/03 1.180 10,000,000.00 06/20/03 First Bank of Beverly Hills FSB 02/06/03 1.250 10,000,000.00 08/07/03 First Bank of Beverly Hills FSB 03/03/03 1.250 10,000,000.00 09/04/03 CAMARILLO First California Bank 01/30/03 1.240 4,000,000.00 07/30/03 First California Bank 03/24/03 1.210 3,000,000.00 09/24/03 First California Bank 03/28/03 1.230 3,000,000.00 09/24/03 17 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE CAMERON PARK Western Sierra National Bank 01/16/03 1.280 7,000,000.00 07/16/03 Western Sierra National Bank 02/14/03 1.220 6,000,000.00 08/15/03 CHICO North State National Bank 01/24/03 1.210 5,000,000.00 07/25/03 North State National Bank 02/14/03 1.220 1,500,000.00 08/15/03 North State National Bank 03/12/03 1.080 1,000,000.00 09/12/03 Tri Counties Bank 03/18/03 1.180 20,000,000.00 06/19/03 CHULA VISTA North Island Federal Credit Union 03/26/03 1.240 5,000,000.00 09/26/03 CITY OF INDUSTRY EverTrust Bank 12/10/02 1.290 6,000,000.00 06/12/03 EverTrust Bank 01/27/03 1.210 6,000,000.00 07/31/03 DUBLIN Operating Engineers FCU 12/11/02 1.290 1000,000.00 06/13/03 Operating Engineers FCU 02/13/03 1.210 5,000,000.00 08/14/03 Operating Engineers FCU 04/08/03 1.130 5,000,000.00 10/08/03 EL CENTRO Valley Independent Bank 04/28/03 1.230 20,000,000.00 06/25/03 Valley Independent Bank 12/19/02 1.330 20,000,000.00 07/08/03 Valley Independent Bank 05/21/03 1.110 32,500,000.00 07/17/03 EL SEGUNDO First Coastal Bank NA 04/25/03 1.230 2,000,000.00 07/24/03 First Coastal Bank NA 05/30/03 1.170 1,000,000.00 08/29/03 First Coastal Bank NA 02/26/03 1.260 1,000,000.00 08/29/03 Hawthorne Savings FSB 01/09/03 1.300 30,000,000.00 07/09/03 Hawthorne Savings FSB 01 /06/03 1.300 30,000,000.00 07/09/03 Hawthorne Savings FSB 02/05/03 1.240 15,000,000.00 08/07/03 Hawthorne Savings FSB 03/24/03 1.200 50,000,000.00 09/24/03 Hawthorne Savings FSB 04/16/03 1.250 35,000,000.00 10/16/03 Hawthorne Savings FSB 05/14/03 1.180 25,000,000.00 11/20/03 Xerox Federal Credit Union 03/06/03 1.240 7,000,000.00 09/08/03 Xerox Federal Credit Union 05/16/03 1.150 20,000,000.00 11/20/03 18 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT (a) DATE FAIRFIELD WestAmerica 05/06/03 1.130 15,000,000.00 08/01/03 FRESNO United Security Bank 04/09/03 1.220 5,000,000.00 06/16/03 United Security Bank 04/15/03 1.220 15,000,000.00 06/16/03 United Security Bank 05/13/03 1.120 20,000,000.00 06/16/03 FULLERTON Fullerton Community Bank 01/23/02 1.260 8,000,000.00 07/25/03 Fullerton Community Bank 05/13/03 1.190 9,000,000.00 11/19/03 GLENDALE The California Credit Union 02/27/03 1.270 5,000,000.00 08/29/03 Verdugo Banking Company 01/07/03 1.290 5,000,000.00 07/10/03 Verdugo Banking Company 04/02/03 1.190 5,000,000.00 10/01/03 GOLETA Pacific Capital Bank 12/05/02 1.330 25,000,000.00 06/09/03 Pacific Capital Bank 12/11/02 1.290 30,000,000.00 06/09/03 Pacific Capital Bank 12/09/02 1.310 30,000,000.00 06/09/03 Pacific Capital Bank 01 /23/03 1.230 45,000,000.00 07/25/03 Pacific Capital Bank 02/14/03 1.220 16,000,000.00 08/15/03 Pacific Capital Bank 03/14/03 1.080 25,000,000.00 09/17/03 Pacific Capital Bank 04/29/03 1.210 10,000,000.00 10/01/03 Pacific Capital Bank 04/02/03 1.170 20,000,000.00 10/01/03 GRANADA HILLS First State Bank of California 03/19/03 1.160 2,000,000.00 09/19/03 First State Bank of California 04/23/03 1.250 3,000,000.00 10/23/03 IRVINE Commercial Capital Bank 12/16/02 1.290 10,000,000.00 06/18/03 Commercial Capital Bank 01/08/03 1.290 6,000,000.00 07/10/03 Commercial Capital Bank 02/24/03 1.220 15,000,000.00 08/20/03 Commercial Capital Bank 02/21/03 1.220 14,000,000.00 08/28/03 Commercial Capital Bank 04/29/03 1.200 20,000,000.00 10/31/03 Commercial Capital Bank 05/20/03 1.100 20,000,000.00 11/20/03 19 TIME DEPOSITS DEPOSIT NAME DATE YIELD LA JOLLA Silvergate Bank Silvergate Bank LAKEPORT Lake Community Bank LODI Farmers & Merchant Bk Cen CA LOS ANGELES Broadway Federal Bank Broadway Federal Bank California Center Bank California Chohung Bank California Chohung Bank California Chohung Bank California Chohung Bank California Chohung Bank Cathay Bank Cathay Bank Cathay Bank Cathay Bank Cathay Bank Cedars Bank Cedars Bank Cedars Bank Cedars Bank Center Bank Eastern International Bank Eastern International Bank Family Savings Bank Family Savings Bank Hanmi Bank Hanmi Bank Hanmi Bank Hanmi Bank Manufacturers Bank Mellon First Business Bank Mellon First Business Bank Nara Bank, NA PAR MATURITY AMOUNT ($) DATE 01/31/03 1.240 5,000,000.00 08/06/03 03/12/03 1.120 5,000,000.00 09/12/03 01/15/03 1.290 2,000,000.00 07/16/03 04/11 /03 1.180 10,000,000.00 10/10/03 01/09/03 1.310 2,500,000.00 07/11/03 03/11/03 1.170 3,000,000.00 09/11/03 04/09/03 1.190 10,000,000.00 07/09/03 01 /16/03 1.270 1,000,000.00 07/17/03 02/19/03 1.210 4,000,000.00 08/21/03 03/07/03 1.200 5,000,000.00 09/05/03 04/01/03 1.190 3,000,000.00 09/29/03 04/14/03 1.160 3,300,000.00 10/15/03 12/10/02 1.290 30,000,000.00 06/12/03 05/29/03 1.130 17,000,000.00 08/27/03 03/24/03 1.200 19,000,000.00 09/24/03 04/07/03 1.140 19, 000, 000.00 10/08/03 05/13/03 1.180 15,000,000.00 11 /19/03 12/12/02 1.310 4,500,000.00 06/12/03 02/19/03 1.230 2,000,000.00 08/21/03 04/03/03 1.150 5,000,000.00 10/03/03 04/22/03 1.240 4,000,000.00 10/22/03 03/19/03 1.170 20,000,000.00 06/20/03 12/10/02 1.310 1,000,000.00 06/12/03 05/06/03 1.160 900,000.00 11 /05/03 12/05/02 1.350. 3,000,000.00 06/16/03 01/10/03 1.280 1,000,000.00 07/11/03 03/05/03 1.250 25,000,000.00 06/05/03 03/18/03 1.170 25,0001000.00 06/19/03 04/18/03 1.230 25,000,000.00 01/18/03 05/08/03 1.150 20,000,000.00 08/07/03 03/10/03 1.220 50,000,000.00 06/11/03 03/19/03 1.170 50,000,000.00 06/20/03 04/10/03 1.200 50,000,000.00 07/10/03 02/07/03 1.230 10,000,000.00 08/08/03 20 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT (a) DATE LOS ANGELES (continued) Nara Bank, NA 03/18/03 1.160 5,000,000.00 09/11/03 Nara Bank, NA 03/11/03 1.160 5,000,000.00 09/11/03 Nara Bank, NA 04/23/03 1.250 20,000,000.00 10/23/03 Pacific Union Bank 01/07/03 1.290 10,000,000.00 07/10/03 Pacific Union Bank 03/06/03 1.240 20,000,000.00 09/04/03 Preferred Bank 04/17/03 1.240 6,000,000.00 06/20/03 Preferred Bank 03/21/03 1.240 9,000,000.00 06/20/03 Preferred Bank 04/15/03 1.240 16,000,000.00 06/20/03 Preferred Bank 02/07/03 1.240 4,000,000.00 08/08/03 Sae Han Bank 05/22/03 1.090 6,000,000.00 08/22/03 Western Federal Credit Union 04/23/03 1.230 30,000,000.00 10/23/03 Wilshire State Bank 12/17/02 1.310 2,000,000.00 06/19/03 Wilshire State Bank 04/09/03 1.190 3,000,000.00 07/10/03 Wilshire State Bank 07/12/02 2.060 4,000,000.00 07/10/03 Wilshire State Bank 02/05/03 1.240 4,000,000.00 08/07/03 Wilshire State Bank 02/24/03 1.230 4,000,000.00 08/27/03 Wilshire State Bank 03/19/03 1.160 8,000,000.00 09/19/03 Wilshire State Bank 04/23/03 1.250 4,000,000.00 10/23/03 Wilshire State Bank 05/13/03 1.180 2,000,000.00 11/14/03 Wilshire State Bank 05/06/03 1.180 4,000,000.00 11/14/03 Wilshire State Bank 05/29/03 1.130 5,000,000.00 12/17/03 MERCED County Bank 12/10/02 1.330 10,000,000.00 06/11/03 County Bank 01/16/03 1.300 5,000,000.00 07/17/03 County Bank 02/24/03 1.240 5,000,000.00 08/27/03 County Bank 04/14/03 1.190 5,000,000.00 10/15/03 MODESTO Valley First Credit Union 04/10/03 1.200 4,000,000.00 10/10/03 MONTEREY PARK Trust Bank FSB 01 /02/03 1.270 3,000,000.00 07/09/03 Trust Bank FSB 04/01/03 1.210 3,000,000.00 10/01/03 NORTH HIGHLANDS Safe Credit Union 05/16/03 1.120 20,000,000.00 08/14/03 Safe Credit Union 04/16/03 1.250 5,000,000.00 10/16/03 21 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE OAKDALE Oak Valley Community Bank 03/11/03 1.160 1,500,000.00 09/18/03 Oak Valley Community Bank 03/20/03 1.160 2,000,000.00 09/18/03 Oak Valley Community Bank 04/16/03 1.230 2,500,000.00 10/16/03 1-0 ,ml I1Wc1611�: Metropolitian Bank 03/24/03 1.180 1,000,000.00 09/24/03 Metropolitian Bank 04/28/03 1.200 1,000,000.00 10/29/03 Metropolitian Bank 05/28/03 1.100 1,000,000.00 12/04/03 ONTARIO Citizens Business Bank 12/06/02 1.360 25,000,000.00 06/04/03 Citizens Business Bank 02/06/03 1.240 10,000,000.00 08/08/03 Citizens Business Bank 02/11/03 1.230 20,000,000.00 08/08/03 Citizens Business Bank 03/24/03 1.200 30,000,000.00 09/24/03 Citizens Business Bank 04/03/03 1.150 25,000,000.00 10/03/03 Citizens Business Bank 05/21/03 1.080 30,000,000.00 11/20/03 PALO ALTO Bank of Petaluma 02/19/03 1.230 3,500,000.00 08/20/03 Bank of Petaluma 03/10/03 1.210 12,000,000.00 09/10/03 Bank of Santa Clara 02/19/03 1.230 20,000,000.00 08/20/03 Bay Area Bank 01/15/03 1.300 5,000,000.00 07/16/03 Bay Area Bank 04/28/03 1.230 5,000,000.00 10/29/03 Bay Bank of Commerce 04/28/03 1.220 5,000,000.00 10/29/03 Coast Commercial Bank 01/15/03 1.290 5,000,000.00 07/16/03 Coast Commercial Bank 02/19/03 1.230 20,000,000.00 08/20/03 Cupertino National Bank 01/15/03 1.300 10,000,000.00 07/16/03 Cupertino National Bank 03/10/03 1.220 10,000,000.00 09/10/03 Cupertino National Bank 04/30/03 1.210 35,000,000.00 10/29/03 Cupertino National Bank 05/22/03 1.100 20,000,000.00 11/21/03 Golden Gate Bank 05/22/03 1.100 9,000,000.00 11/21/03 Mid -Peninsula Bank 02/19/03 1.230 5,000,000.00 08/20/03 Mid -Peninsula Bank 03/10/03 1.210 10,000,000.00 09/10/03 Mid -Peninsula Bank 04/28/03 1.220 35,000,000.00 10/29/03 Mt. Diablo National Bank 03/10/03 1.220 10,000,000.00 09/10/03 Peninsula Bank of Commerce 02/19/03 1.230 15,000,000.00 08/20/03 San Jose National Bank 05/22/03 1.090 20,000,000.00 11/21/03 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE PALOS VERDES ESTATES Malaga Bank 12/23/02 1.280 4,000,000.00 06/25/03 Malaga Bank 02/20/03 1.220 2,000,000.00 08/22/03 Malaga Bank 03/13/03 1.080 2,000,000.00 09/12/03 Malaga Bank 05/13/03 1.160 8,000,000.00 11 /19/03 PASADENA Community Bank 12/19/02 1.320 20,000,000.00 06/19/03 Community Bank 01/10/03 1.280 20,000,000.00 07/11/03 Community Bank 04/15/03 1.220 15,000,000.00 10/15/03 Community Bank 05/07/03 1.190 15,000,000.00 11 /06/03 Wescom Credit Union 05/13/03 1.190 10,000,000.00 11 /19/03 PLACERVILLE El Dorado Savings Bank 06/10/02 2.360 20,000,000.00 06/10/03 El Dorado Savings Bank 02/07/03 1.360 5,000,000.00 02/05/04 El Dorado Savings Bank 03/20/03 1.270 5,000,000.00 03/10/04 El Dorado Savings Bank 03/07/03 1.270 5,000,000.00 03/10/04 El Dorado Savings Bank 04/10/03 1.280 10,000,000.00 04/01/04 El Dorado Savings Bank 04/30/03 1.310 5,000,000.00 04/30/04 PLEASANTON Valley Community Bank 03/13/03 1.180 5,000,000.00 09/19/03 Valley Community Bank 03/19/03 1.180 1,000,000.00 09/19/03 POMONA PFF Bank and Trust 12/09/02 1.330 20,000,000.00 06/11/03 PFF Bank and Trust 02/27/03 1.240 8,000,000.00 08/29/03 PORTERVILLE Bank of the Sierra 04/23/03 1.260 10,000,000.00 10/23/03 RANCHO SANTA FE La Jolla Bank, FSB 12/05/02 1.350 10,000,000.00 06/04/03 La Jolla Bank, FSB 02/05/03 1.230 25,000,000.00 08/08/03 La Jolla Bank, FSB 03/06/03 1.230 10,000,000.00 09/04/03 La Jolla Bank, FSB 05/21/03 1.070 25,000,000.00 11/20/03 23 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE REDDING North Valley Bank 12/11/02 1.310 3,000,000.00 06/13/03 REDWOOD CITY Provident Central Credit Union 04/29/03 1.190 20,000,000.00 10/31/03 ROCKLIN Five Star Bank 04/01/03 1.190 2,000,000.00 10/01/03 RICHMOND 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 Mechanics Bank 09/12/02 1.800 10,000,000.00 09/12/03 Mechanics Bank 10/15/02 1.580 10,000,000.00 10/15/03 Mechanics Bank 04/29/03 1.210 10,000,000.00 10/31/03 Mechanics Bank 11/07/02 1.510 10,000,000.00 11/07/03 Mechanics Bank 03/07/03 1.290 10,000,000.00 03/03/04 Mechanics Bank 04/01/03 1.320 10,000,000.00 04/01/04 Mechanics Bank 04/23/03 1.390 10,000,000.00 04/21/04 RIVERSIDE Provident Savings Bank 03/27/03 1.220 25,000,000.00 09/25/03 SACRAMENTO American River Bank 12/23/02 1.280 1,000,000.00 06/25/03 American River Bank 01 /10/03 1.260 1,000,000.00 07/11 /03 American River Bank 01/14/03 1.270 1,500,000.00 07/31/03 American River Bank 02/26/03 1.220 2,000,000.00 08/29/03 American River Bank 03/27/03 1.200 2,000,000.00 09/25/03 American River Bank 04/09/03 1.180 1,500,000.00 10/09/03 Bank of Sacramento 02/11/03 1.240 1,500,000.00 08/13/03 Bank of Sacramento 03/19/03 1.170 2,000,000.00 09/19/03 Bank of Sacramento 05/29/03 1.140 2,000,000.00 12/03/03 Merchants National Bank 01/22/03 1.230 2,000,000.00 07/24/03 Merchants National Bank 04/15/03 1.200 2,000,000.00 10/15/03 River City Bank 01/08/03 1.320 2,000,000.00 07/10/03 River City Bank 01/27/03 1.240 3,000,000.00 07/31/03 River City Bank 02/25/03 1.230 2,000,000.00 08/28/03 24 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SACRAMENTO (continued U.S. Bank 01/08/03 1.310 100,000,000.00 07/10/03 U.S. Bank 01/31/03 1.230 25,000,000.00 08/06/03 U.S. Bank 02/06/03 1.230 50,000,000.00 08/13/03 U.S. Bank 02/19/03 1.230 25,000,000.00 08/21/03 U.S. Bank 02/19/03 1.230 25,000,000.00 08/21/03 Union Bank of California 03/20/03 1.180 150,000,000.00 06/19/03 Union Bank of California 04/18/03 1.230 150,000,000.00 07/18/03 Union Bank of California 05/07/03 1.170 150,000,000.00 08/07/03 SAN BERNARDINO Business Bank of California 01/14/03 1.300 8,000,000.00 07/16/03 Business Bank of California 05/06/03 1.160 10,000,000.00 08/06/03 Business Bank of California 03/18/03 1.170 12,000,000.00 09/18/03 SAN DIEGO First Future Credit Union 12/05/02 1.360 10,000,000.00 06/04/03 First Future Credit Union 12/18/02 1.320 3,000,000.00 06/16/03 First Future Credit Union 02/27/03 1.240 5,000,000.00 08/29/03 First Future Credit Union 05/29/03 1.130 5,000,000.00 12/03/03 First United Bank 01 /17/03 1.290 2,000,000.00 07/18/03 First United Bank 02/14/03 1.250 1,000,000.00 08/15/03 Neighborhood National Bank 02/21/03 1.240 2,000,000.00 08/22/03 SAN FRANCISCO American California Bank 04/08/03 1.170 2,000,000.00 07/08/03 American California Bank 01/08/03 1.330 2,000,000.00 07/08/03 Bank of Canton California 08/30/02 1.920 20,000,000.00 08/28/03 Bank of the West 03/19/03 1.170 82,000,000.00 06/20/03 Bank of the West 04/04/03 1.190 134,000,000.00 07/09/03 Bank of the West 01 /23/03 1.230 25,000,000.00 07/30/03 Bank of the West 01/16/03 1.290 75,000,000.00 07/30/03 Bank of the West 01/22/03 1.250 76,500,000.00 07/30/03 Bank of the West 02/20/03 1.240 242,000,000.00 08/22/03 Citibank (West) FSB 04/04/03 1.160 50,000,000.00 07/03/03 Citibank (West) FSB 04/14/03 1.190 100,000,000.00 07/03/03 Citibank (West) FSB 05/22/03 1.170 100,000,000.00 07/23/03 Oceanic Bank 09/12/02 1.800 4,000,000.00 09/12/03 Trans Pacific National Bank 12/23/02 1.300 1,000,000.00 06/25/03 Trans Pacific National Bank 02/05/03 1.240 1,000,000.00 08/07/03 Trans Pacific National Bank 03/25/03 1.230 1,000,000.00 09/25/03 United Commercial Bank 12/03/02 1.320 25,000,000.00 06/04/03 25 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN FRANCISCO (continued United Commercial Bank 12/30/02 1.310 25,000,000.00 07/01/03 United Commercial Bank 01/10/03 1.280 30,000,000.00 07/11/03 United Commercial Bank 01/15/03 1.280 20,000,000.00 07/16/03 United Commercial Bank 01/27/03 1.230 40,000,000.00 07/31/03 United Commercial Bank 03/07/03 1.240 20,000,000.00 09/04/03 United Commercial Bank 02/28/03 1.240 30,000,000.00 09/04/03 United Commercial Bank 03/21/03 1.210 65,000,000.00 09/19/03 United Commercial Bank 04/08/03 1.150 40,000,000.00 10/08/03 SAN JOSE Comerica Bank of California 03/04/03 1.280 63,000,000.00 06/05/03 Comerica Bank of California 04/16/03 1.190 71,000,000.00 07/18/03 Comerica Bank of California 05/08/03 1.180 183,000,000.00 08/07/03 Heritage Bank of Commerce 02/14/03 1.240 2,000,000.00 08/15/03 Meriwest Credit Union 12/17/02 1.330 5,000,000.00 06/19/03 Meriwest Credit Union 04/16/03 1.250 5,000,000.00 07/18/03 Meriwest Credit Union 05/06/03 1.180 5,000,000.00 08/06/03 Meriwest Credit Union 02/25/03 1.250 5,000,000.00 08/28/03 San Jose National Bank 04/30/03 1.220 20,000,000.00 10/29/03 Santa Clara Co. Fed. C.U. 02/05/03 1.240 10,000,000.00 08/08/03 Santa Clara Co. Fed. C.U. 05/07/03 1.200 5,000,000.00 11/06/03 SAN LUIS OBISPO First Bank Of San Luis Obispo 05/14/03 1.160 6,000,000.00 08/14/03 First Bank Of San Luis Obispo 03/11/03 1.170 7,000,000.00 09/11/03 First Bank Of San Luis Obispo 03/26/03 1.230 5,000,000.00 09/26/03 First Bank Of San Luis Obispo 05/30/03 1.130 4,500,000.00 12/05/03 Mission Community Bank 12/10/02 1.310 1,000,000.00 06/12/03 Mission Community Bank 03/04/03 1.240 1,000,000.00 09/04/03 Mission Community Bank 04/08/03 1.150 2,500,000.00 10/08/03 San Luis Trust Bank 01/21/03 1.260 1,000,000.00 07/23/03 SAN MARINO East West Federal Bank 01/09/03 1.300 42,000,000.00 07/11/03 East West Federal Bank 02/07/03 1.230 35,000,000.00 08/08/03 East West Federal Bank 03/11/08 1.160 35,000,000.00 09/12/03 East West Federal Bank 05/15/03 1.170 38,000,000.00 11/20/03 26 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE SAN RAFAEL Westamerica Bank 04/17/03 1.210 25,000,000.00 07/10/03 Westamerica Bank 04/10/03 1.180 35,000,000.00 07/10/03 Westamerica Bank 04/24/03 1.200 50,000,000.00 07/23/03 Westamerica Bank 04/30/03 1.180 10,000,000.00 08/01/03 Westamerica Bank 04/28/03 1.180 40,000,000.00 08/01/03 SANTA MARIA Hacienda Bank 03/10/03 1.230 1,000,000.00 09/10/03 SANTA ROSA National Bank of the Redwoods 01/22/03 1.230 10,000,000.00 07/24/03 National Bank of the Redwoods 02/11/03 1.210 5,000,000.00 08/13/03 National Bank of the Redwoods 04/29/03 1.190 5,000,000.00 10/31/03 North Coast Bank 03/21/03 1.220 1,250,000.00 06/19/03 North Coast Bank 03/21/03 1.220 1,250,000.00 09/19/03 SONORA Central California Bank 03/26/03 1.230 5,000,000.00 09/26/03 STOCKTON Pacific State Bank 01/07/03 1.300 1,000,000.00 07/10/03 Pacific State Bank 04/09/03 1.210 1,000,000.00 10/09/03 Union Safe Deposit Bank 05/07/03 1.200 15,000,000.00 11/06/03 Union Safe Deposit Bank 12/11/02 1.320 10,000,000.00 06/13/03 Union Safe Deposit Bank 01 /23/03 1.260 15,000,000.00 07/25/03 Union Safe Deposit Bank 02/14/03 1.250 15,000,000.00 08/15/03 Union Safe Deposit Bank 03/06/03 1.250 15,000,000.00 09/05/03 Union Safe Deposit Bank 04/15/03 1.230 10,000,000.00 10/15/03 Washington Mutual Bank 12/16/02 1.310 45,000,000.00 06/18/03 Washington Mutual Bank 01/22/03 1.250 75,000,000.00 07/24/03 Washington Mutual Bank 02/19/03 1.230 60,000,000.00 08/21/03 TORRANCE China Trust Bank (USA) 03/14/03 1.150 35,000,000.00 06/13/03 China Trust Bank (USA) 04/24/03 1.230 30,000,000.00 07/23/03 China Trust Bank (USA) 05/15/03 1.140 20,000,000.00 08/13/03 27 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE TRACY Service 1st Bank 03/20/03 1.210 4,000,000.00 09/18/03 TUSTIN Sunwest Bank 03/13/03 1.140 1,000,000.00 06/11/03 Sunwest Bank 04/16/03 1.230 6,000,000.00 07/18/03 Sunwest Bank 05/14/03 1.160 7,800,000.00 08/14/03 VACAVILLE Travis Credit Union 05/30/03 1.140 40,000,000.00 08/28/03 WATSONVILLE Monterey Bay Bank 12/16/02 1.310 3,000,000.00 06/18/03 Monterey Bay Bank 01/14/03 1.290 8,000,000.00 07/16/03 Monterey Bay Bank 03/04/03 1.240 6,000,000.00 09/04/03 Monterey Bay Bank 03/25/03 1.230 8,000,000.00 09/25/03 Monterey Bay Bank 04/10/03 1.190 3,000,000.00 10/10/03 WHITTIER Quaker City Bank 12/03/02 1.300 25,000,000.00 06/04/03 Quaker City Bank 01 /14/03 1.270 24,000,000.00 07/16/03 Quaker City Bank 04/02/03 1.170 16,000,000.00 10/01/03 TOTAL TIME DEPOSITS APRIL 2003 5,575,095,000.00 28 BANK DEMAND DEPOSITS MAY 2003 ($ in thousands) DAILY BALANCES DAY OF BALANCES WARRANTS MONTH PER BANKS OUTSTANDING 1 1,457,086 5,312,414 2 1,821,648 5,002,566 3 1,821,648 5,002,566 4 1,821,648 5,002,566 5 1,025,381 4,205,689 6 1,003,321 4,207,414 7 847,682 4,105,924 8 606,920 4,190,384 9 981,822 4,133,369 10 981,822 4,133,369 11 981,822 4,133,369 12 1,245,564 3916,793 13 1,348,084 4:033,634 14 1,172,298 3,912,129 15 1,122,853 4,095,539 16 1,271,657 4,181,173 17 1,271,657 4,181,173 18 1,271,657 4,181,173 19 1,306,011 4,277,278 20 1,027,146 4,154,898 21 1,128,663 4,264,720 22 1,030,171 4,595,674 23 1,100,274 4,622,272 24 1,100,274 4,622,272 25 1,100,274 4,622,272 26 1,100,274 4,702,320 27 1,081,858 4519,595 28 945,642 4:391,525 29 1,039,480 3,986,601 30 1,009,100 4,302,719 31 1,009,100 41307,417 AVERAGE DOLLAR DAYS a 1,162,359 a/ a/ The prescribed bank balance for April was $1,054,611. This consisted of $863,394 in compensating balances for services, balances for uncollected funds of $184,496 and a deduction of $-6,721 for May delayed deposit credit. 29 DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1647 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on May 21, 2003, 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 associm 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 $ 863,394,000 The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From To ( 1) 5/19/03 5/23/03 (2) 5/26/03 5/30/03 (3) 6/2/03 6/6/03 (4) 6/9/03 6/13/03 (5) 6/16/03 6/20/03 Time Deposits in Various Financial Institutions In Securities (sections 16503a Transactions (section 16430)* and 16602)* $ 524,200,000 $ 56,245,605,000 $ 5,555,095,000 $ (1,309,800,000) $ 54,935,805,000 $ 5,555,095,000 $ (996,400,000) $ 53,939,405,000 $ 5,555,095,000 $ (232,300,000) $ 53,707,105,000 $ 5,555,095,000 $ (7,032,100,000) $ 46,675,005,000 $ 5,555,095,000 Estimated Total $ 61,800,700,000 $ 60,490,900,000 $ 59,494,500,000 $ 59,262,200,000 $ 52,230,100,000 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 $ 863,394,000. Dated: May 21, 2003 * Government Code POOLED MONEY INVESTMENT BOARD: Signatures on file at STO and SCO Chairperson Member Member Philip Angelides June 2003 STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT JUNE 2003 TABLE OF CONTENTS SUMMARY................................................................. 01 SELECTED INVESTMENT DATA .................................... 02 PORTFOLIO COMPOSITION ........................................ 03 INVESTMENT TRANSACTIONS ..................................... 04 TIME DEPOSITS........................................................ 28 BANK DEMAND DEPOSITS .......................................... 40 POOLED MONEY INVESTMENT BOARD DESIGNATION... 41 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF A JUNE 2003 WITH JUNE 2002 (DOLLARS IN THOUSANDS) JUNE 2003 JUNE2002rrrr CHANGE Average Daily Portfolio $ 59,031,809 $ 48,996,459 $ +10,035,350 Accrued Earnings $ 82,327 $ 108,215-25,888 Effective Yield 1.697 2.687 -0.990 Average Life -Month End (In Days) 212 223 -11 Total Security Transactions Amount $ 49,976,054 $ 32,388,219 +17,587,835 Number 1,058 693 +365 Total Time Deposit Transactions . Amount $ 2,061,500 $ 1,620,500 +441,000 Number 95 109 -14 Average Workday Investment Activity $ 2,477,979 $ 1,700,436 +777,543 Prescribed Demand Account Balances For Services $ 1,018,519 $ 714,662 +303,857 For Uncollected Funds $ 171,470 $ 161,681 +9,789 1 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) June 30, 2003 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 1,593,303 2.87 +2.02 Bonds 0 0.00 0.00 Notes 8,311,148 15.00 +3.31 Strips 0 0.00 0.00 Total Government $ 9,904,451 17.87 +5.33 Federal Agency Coupons $ 4,665,606 8.42 +3.41 Certificates of Deposit 5,740,493 10.36 -9.04 Bank Notes 100,003 0.18 -0.67 Bankers' Acceptances 0 0.00 0.00 Repurchases 0 0.00 0.00 Federal Agency Discount Notes 8,440,754 15.23 +2.24 Time Deposits 5,575,095 10.06 +0.58 GNMAs 572 0.00 0.00 Commercial Paper 14,023,307 25.30 +4.59 FHLMC 4,910 0.01 0.00 Corporate Bonds 2,236,844 4.04 +0.68 Pooled Loans 4,730,471 8.53 +1.15 GF Loans 0 0.00 -8.27 Reversed Repurchases 0 0.00 0.00 Total (All Types) $ 55,422,506 100.00 INVESTMENT ACTIVITY JUNE 2003 MAY 2003 NUMBER AMOUNT NUMBER AMOUNT Pooled Money 1058 $ 49,976,054 468 $ 21,669,501 Other 33 654,269 28 59,332 Time Deposits 95 2,061,500 89 1,914,400 Totals 1186 $ 52,691,823 585 $ 23,643,233 PMIA Monthly Average Effective Yield 1.697 1.769 Year to Date Yield Last Day of Month 2.152 2.199 2 f'nrnnrntc E 4 Commercial Paper 25.30% T Pooled Money Investment Account 06/30/03 Portfolio Composition $55.4 Billion Loans 8.53% Treasuries 17.87% 10.06% CD's/BN's 10.54% 3 ortgages 0.01 % Agencies 23.65% 8 Treasuries ® Mortgages ® Agencies E3 CD's/BN's Time Deposits Bankers Acceptances ■ Repo Commercial Paper 51 Corporate Bonds Loans 91 Reverses 06/01/03 REDEMPTIONS MTN CITICORP 7.125% 06/01/03 3.350 $ 13,460 604 $ 776,888.77 3.289 MTN CITICORP 7.125% 06/01/03 5.770 6,965 820 932,462.81 5.794 06/01/03 NO PURCHASES 06/02/03 REDEMPTIONS BN BANC ONE 1.230% 06/02/03 1.230 50,000 123 210,125.00 1.247 BN BANC ONE 1.230% 06/02/03 1.230 50,000 123 210,125.00 1.247 CD MONTREAL 1.240% 06/02/03 1.240 50,000 102 175,666.67 1.257 CD MONTREAL 1.240% 06/02/03 1.240 50,000 102 175,666.67 1.257 CP NCAT 06/02/03 1.340 20,000 3 2,233.33 1.358 CP NCAT 06/02/03 1.340 50,000 3 5,583.33 1.358 CP GECC 06/02/03 1.350 50,000 3 5,625.00 1.368 CP GECC 06/02/03 1.350 50,000 3 5,625.00 1.368 CP GECC 06/02/03 1.350 50,000 3 5,625.00 1.368 CP GECC 06/02/03 1.350 50,000 3 5,625.00 1.368 CP GECC 06/02/03 1.200 5,000 4 666.67 1.216 CP GECC 06/02/03 1.200 50,000 4 6,666.67 1.216 CP BANC ONE 06/02/03 1.200 25,000 10 8,333.33 1.217 CP BARTON 06/02/03 1.250 556 13 250.97 1.267 CP BARTON 06/02/03 1.250 50,000 13 22,569.44 1.267 CP SRAC 06/02/03 1.310 50,000 13 23,652.78 1.328 CP CITIGLOBAL 06/02/03 1.250 50,000 17 29,513.89 1.268 CP CITIGLOBAL 06/02/03 1.250 50,000 17 29,513.89 1.268 CP CITIGLOBAL 06/02/03 1.250 50,000 17 29,513.89 1.268 CP CITIGLOBAL 06/02/03 1.250 50,000 17 29,513.89 1.268 CP TEXT FIN 06/02/03 1.400 25,000 38 36,944.44 1.422 CP DFC 06/02/03 1.250 30,189 41 42,977.40 1.269 CP DFC 06/02/03 1.250 50,000 41 71,180.56 1.269 CP W/F 06/02/03 1.230 5,000 42 7,175.00 1.248 CP W/F 06/02/03 1.230 50,000 42 71,750.00 1.248 CP GECC 06/02/03 1.250 50,000 48 83,333.00 1.269 CP GECC 06/02/03 1.250 50,000 48 83,333.33 1.269 CP CITICORP 06/02/03 1.240 50,000 52 89,555.56 1.259 CP CITICORP 06/02/03 1.240 50,000 52 89,555.56 1.259 CP GECC 06/02/03 1.230 50,000 53 90,541.67 1.249 CP GECC 06/02/03 1.230 50,000 53 90,541.67 1.249 CP GECC 06/02/03 1.230 50,000 53 90,541.67 1.249 CP W/F 06/02/03 1.230 50,000 56 95,666.67 1.249 CP W/F 06/02/03 1.230 50,000 56 95,666.67 1.249 CP FMCC 06/02/03 1.560 25,000 59 63,916.67 1.585 CP FMCC 06/02/03 1.560 50,000 59 127,833.33 1.585 CP BEAR 06/02/03 1.230 50,000 70 119,583.33 1.250 CP BEAR 06/02/03 1.230 50,000 70 119,583.33 1.250 CP BEAR 06/02/03 1.230 50,000 70 119,583.33 1.250 CP BEAR 06/02/03 1.230 50,000 70 119,583.33 1.250 CP SALOMON 06/02/03 1.250 50,000 102 177,083.33 1.271 CP SALOMON 06/02/03 1.250 50,000 102 177,083.33 1.271 CP SALOMON 06/02/03 1.250 50,000 102 177,083.33 1.271 CP SALOMON 06/02/03 1.250 50,000 102 177,083.33 1.271 CP GMAC 06/02/03 1.570 50,000 123 268,208.33 1.600 CP GEN MILLS 06/02/03 1.380 25,000 126 120,750.00 1.405 CP GECC 06/02/03 1.270 50,000 132 232,833.33 1.293 4 06/02/03 REDEMPTIONS (continued) CID GECC 06/02/03 1.270 50,000 132 232,833.33 1.293 CID GECC 06/02/03 1.270 50,000 132 232,833.33 1.293 CID GECC 06/02/03 1.270 50,000 132 232,833.33 1.293 DISC NOTES FNMA 06/02/03 1.170 50,000 13 21,125.00 1.186 DISC NOTES FNMA 06/02/03 1.170 50,000 13 21,125.00 1.186 DISC NOTES FNMA 06/02/03 1.220 50,000 103 174,527.78 1.241 DISC NOTES FNMA 06/02/03 1.220 50,000 103 174,527.78 1.241 06/02/03 PURCHASES CID FMCC 07/08/03 1.460 30,000 CID SPARC 07/23/03 1.240 40,000 CID CRC 07/29/03 1.240 35,000 CID CRC 07/29/03 1.240 50,000 CID CRC 07/29/03 1.240 50,000 CID CRC 07/29/03 1.240 50,000 CID BEAR 07/29/30 1.230 50,000 CID BEAR 07/29/30 1.230 50,000 CID BEAR 07/29/30 1.230 50,000 CID BEAR 07/29/30 1.230 50,000 CID SRAC 08/01/03 1.520 50,000 CID GECC 08/11/03 1.230 50,000 CID GECC 08/11/03 1.230 50,000 CID FCAR 08/20/03 1.230 50,000 CID FCAR 08/20/03 1.230 50,000 CID GECC 09/02/03 1.210 50,000 CID GECC 09/02/03 1.210 50,000 06/03/03 REDEMPTIONS CID BARTON 06/03/03 1.250 21,971 15 11,443.23 1.268 CID BEAR 06/03/03 1.230 50,000 15 25,625.00 1.247 CID BEAR 06/03/03 1.230 50,000 15 25,625.00 1.247 CID CITICORP 06/03/03 1.240 50,000 53 91,277.78 1.259 CID CITICORP 06/03/03 1.240 50,000 53 91,277.78 1.259 06/03/03 PURCHASES CD SVENSKA 1.220% 08/04/03 1.210 50,000 CD SVENSKA 1.220% 08/04/03 1.210 50,000 CID SPARC 07/08/03 1.270 25,000 CID SPARC 07/08/03 1.270 35,000 CID CITICORP 07/08/03 1.250 50,000 CID CITICORP 07/08/03 1.250 50,000 CID CITIGLOBAL 07/08/03 1.230 50,000 CID CITIGLOBAL 07/08/03 1.230 50,000 CP CITIGLOBAL 07/08/03 1.230 50,000 CID CITIGLOBAL 07/08/03 1.230 50,000 CID CITIGLOBAL 07/08/03 1.230 50,000 CID CITIGLOBAL 07/08/03 1.230 50,000 CID FCAR 09/02/03 1.210 33,625 CID GECC 09/08/03 1.210 50,000 CID GECC 09/08/03 1.210 50,000 CID GECC 09/08/03 1.210 50,000 E 06/03/03 PURCHASES (continued) CID GECC 09/08/03 1.210 50,000 CID GECC 09/10/03 1.210 50,000 CID GECC 09/10/03 1.210 50,000 CID GECC 09/10/03 1.210 50,000 CID GECC 09/10/03 1.210 50,000 CID BEAR 10/01/03 1.200 50,000 DISC NOTES FNMA 10/01/03 1.130 10,000 DISC NOTES FNMA 10/01/03 1.130 50,000 06/04/03 REDEMPTIONS DISC NOTES FNMA 06/04/03 1.210 27,487 121 111,788.10 06/04/03 PURCHASES CID CITICORP 06/27/03 1.230 50,000 CID CITICORP 06/27/03 1.230 50,000 CID NCAT 07/08/03 1.230 40,000 CID NCAT 07/08/03 1.230 50,000 CID NCAT 07/08/03 1.230 50,000 CID CAFCO 08/05/03 1.180 50,000 CID CAFCO 08/05/03 1.180 50,000 CID GECC 08/08/03 1.200 50,000 CID GECC 08/08/03 1.200 50,000 CID GECC 08/08/03 1.200 50,000 CID GECC 08/08/03 1.200 50,000 DISC NOTES FNMA 10/29/03 1.090 50,000 DISC NOTES FNMA 10/29/03 1.090 50,000 DISC NOTES FNMA 10/29/03 1.090 50,000 DISC NOTES FNMA 10/29/03 1.090 50,000 DISC NOTES FNMA 10/31/03 1.090 50,000 DISC NOTES FNMA 10/31/03 1.090 50,000 DISC NOTES FNMA 10/31/03 1.090 50,000 DISC NOTES FNMA 10/31/03 1.090 50,000 DISC NOTES FNMA 11/19/03 1.080 10,000 DISC NOTES FNMA 11/19/03 1.080 50,000 DISC NOTES FNMA 11/19/03 1.080 50,000 DISC NOTES FNMA 11/19/03 1.080 50,000 A 1.226 06/05/03 REDEMPTIONS CD CS/FST BOSTON 1.240% 06/05/03 1.230 50,000 55 93,959.76 1.247 CD CS/FST BOSTON 1.240% 06/05/03 1.230 50,000 55 93,959.76 1.247 CP W/F 06/05/03 1.190 50,000 17 28,097.22 1.207 CP W/F 06/05/03 1.190 50,000 17 28,097.22 1.207 CP CITIGLOBAL 06/05/03 1.250 50,000 17 29,513.89 1.268 CP CITIGLOBAL 06/05/03 1.250 50,000 17 29,513.89 1.268 CP W/F 06/05/03 1.200 50,000 29 48,333.33 1.217 MTN GECC 7.500% 06/05/03 4.376 10,000 708 879,966.67 4.290 06/05/03 PURCHASES BN WORLD 1.120% 09/30/03 1.120 50,000 BN WORLD 1.120% 09/30/03 1.120 50,000 CD CR AGRIC 1.070% 11/03/03 1.070 50,000 CD CR AGRIC 1.070% 11/03/03 1.070 50,000 CP HERTZ 10/29/03 1.520 20,000 CP BANC ONE 11/10/03 1.050 30,000 CP GECC 11/24/03 1.060 10,000 CP GECC 11/24/03 1.060 50,000 CP GECC 11/24/03 1.060 50,000 DISC NOTES FNMA 11 /04/03 1.040 50,000 DISC NOTES FNMA 11 /04/03 1.040 50,000 DISC NOTES FNMA 11/10/03 1.040 50,000 DISC NOTES FNMA 11/10/03 1.040 50,000 DISC NOTES FNMA 11/10/03 1.040 50,000 DISC NOTES FNMA 11/10/03 1.040 50,000 DISC NOTES FNMA 11/26/03 1.050 43,933 06/06/03 REDEMPTIONS CD MONTREAL 1.260% 06/06/03 1.260 50,000 17 29,750.00 1.277 CD SVENSKA 1.250% 06/06/03 1.230 50,000 18 30,768.45 1.247 CD SVENSKA 1.250% 06/06/03 1.230 50,000 18 30,768.45 1.247 06/06/03 PURCHASES CD LLOYDS 1.070% 12/29/03 1.065 50,000 DISC NOTES FHLMC 10/31/03 1.050 50,000 DISC NOTES FHLMC 11/12/03 1.045 50,000 DISC NOTES FHLMC 11/12/03 1.045 50,000 DISC NOTES FNMA 12/03/03 1.050 50,000 06/09/03 REDEMPTIONS CP CITICORP 06/09/03 1.240 50,000 59 101,611.11 1.259 CP CITICORP 06/09/03 1.240 50,000 59 101,611.11 1.259 CP GECC 06/09/03 1.240 50,000 59 101,611.11 1.259 CP GECC 06/09/03 1.240 50,000 59 101,611.11 1.259 CP CAFCO 06/09/03 1.220 50,000 80 135,555.55 1.240 CP CAFCO 06/09/03 1.220 50,000 80 135,555.55 1.240 CP FMCC 06/09/03 1.530 50,000 84 178,500.00 1.556 7 06/09/03 REDEMPTIONS(continued) CP FMCC 06/09/03 1.530 50,000 84 178,500.00 1.556 CP GMAC 06/09/03 1.530 50,000 84 178,500.00 1.556 CP GMAC 06/09/03 1.530 50,000 84 178,500.00 1.556 CP FCAR 06/09/03 1.290 30,000 144 154,800.00 1.314 CP FCAR 06/09/03 1.290 50,000 144 258,000.00 1.314 DISC NOTES FNMA 06/09/03 1.220 50,000 116 196,555.56 1.241 DISC NOTES FNMA 06/09/03 1.220 50,000 116 196,555.56 1.241 06/09/03 PURCHASES CP GMAC 10/01/03 1.440 30,000 MTN GECC 7.500% 05/15/05 1.430 39,500 MTN W/F 5.900% 05/21/06 1.860 10,000 MTN B/A 7.125% 09/15/06 1.940 13,502 06/10/03 REDEMPTIONS CP GECC 06/10/03 1.240 30,000 29 29,966.67 1.258 CP GECC 06/10/03 1.240 50,000 29 49,944.44 1.258 CP KODAK 06/10/03 1.450 30,000 50 60,416.67 1.473 CP NCAT 06/10/03 1.240 10,000 57 19,633.33 1.259 CP NCAT 06/10/03 1.240 50,000 57 98,166.67 1.259 CP GECC 06/10/03 1.240 50,000 60 103,333.33 1.259 CP GECC 06/10/03 1.240 50,000 60 103,333.33 1.259 CP CAFCO 06/10/03 1.220 50,000 81 137,250.00 1.240 CP CAFCO 06/10/03 1.220 50,000 81 137,250.00 1.240 CP MORG STAN 06/10/03 1.220 50,000 83 140,638.88 1.240 CP MORG STAN 06/10/03 1.220 50,000 83 140,638.88 1.240 CP FMCC 06/10/03 1.530 50,000 85 180,625.00 1.556 CP FMCC 06/10/03 1.530 50,000 85 180,625.00 1.556 CP GMAC 06/10/03 1.530 50,000 85 180,625.00 1.556 CP GMAC 06/10/03 1.530 50,000 85 180,625.00 1.556 06/10/03 PURCHASES CP FMCC 08/05/03 1.410 50,000 CP GMAC 10/29/03 1.440 50,000 CP GMAC 10/29/03 1.440 50,000 06/11/03 REDEMPTIONS CP GMAC 06/11/03 1.200 50,000 23 38,333.33 1.217 CP GMAC 06/11/03 1.480 35,000 27 38,850.00 1.502 DISC NOTES FNMA 06/11/03 1.280 25,000 170 151,111.11 1.305 DISC NOTES FNMA 06/11/03 1.280 50,000 170 302,222.22 1.305 DISC NOTES FNMA 06/11/03 1.280 50,000 170 302,222.22 1.305 06/11/03 PURCHASES CP NCAT 06/12/03 1.240 50,000 CP NCAT 06/13/03 1.220 48,000 CP CITICORP 06/13/03 1.220 50,000 8 06/11/03 PURCHASES (continued) CID CITICORP 06/13/03 1.220 50,000 CID CITICORP 06/14/03 1.220 50,000 06/12/03 REDEMPTIONS CD CIBC 1.240% 06/12/03 1.240 50,000 23 39,611.11 1.257 CD CIBC 1.240% 06/12/03 1.240 50,000 23 39,611.11 1.257 CID NCAT 06/12/03 1.240 50,000 1 1,722.22 1.257 06/12/03 PURCHASES CID FMCC 08/27/03 1.380 50,000 CID FMCC 08/27/03 1.380 50,000 CID FMCC 08/29/03 1.380 50,000 06/13/03 REDEMPTIONS CD CS/FST BOSTON 1.240% 06/13/03 1.230 35,000 63 75,338.82 1.247 CD CS/FST BOSTON 1.240% 06/13/03 1.230 50,000 63 107,626.88 1.247 CID COKE 06/13/03 1.220 48,000 2 3,253.33 1.237 CID CITICORP 06/13/03 1.220 50,000 2 3,388.89 1.237 CID CITICORP 06/13/03 1.220 50,000 2 3,388.89 1.237 CID CITICORP 06/13/03 1.220 50,000 2 3,388.89 1.237 CID HERTZ 06/13/03 1.510 20,000 25 20,972.22 1.532 CID SAFEWAY 06/13/03 1.290 50,000 25 44,791.66 1.309 06/13/03 PURCHASES CID SPARC CID SAFEWAY CID HERTZ CID FMCC CID GMAC CID GMAC 06/15/03 REDEMPTIONS MTN FMCC MTN FMCC 06/16/03 NO REDEMPTIONS 06/16/03 PURCHASES CD RB SCOT CD RB SCOT CD RB SCOT CD RB SCOT CD RB SCOT CD RB SCOT CID HOUSEHOLD CID HOUSEHOLD 08/20/03 09/26/03 10/06/03 10/14/03 10/27/03 10/27/03 1.040 30,000 1.100 50,000 1.360 20,000 1.320 20,000 1.330 30,000 1.330 30,000 7.500% 06/15/03 4.300 10,000 222 268,034.62 4.324 7.500% 06/15/03 3.480 15,700 354 545,364.04 3.450 1.240% 07/07/03 1.240% 07/07/03 1.240% 07/07/03 1.240% 07/07/03 1.240% 07/07/03 1.240% 07/07/03 06/17/03 06/17/03 1.070 50,000 1.070 50,000 1.070 50,000 1.070 50,000 1.070 50,000 1.070 50,000 1.340 50,000 1.340 50,000 06/16/03 PURCHASES (continued) CID HOUSEHOLD 06/17/03 1.340 50,000 CID HOUSEHOLD 06/17/03 1.340 50,000 CID BARTON 07/03/03 1.090 40,000 CID BARTON 07/03/03 1.090 50,000 CID CITIGLOBAL 07/03/03 1.050 50,000 CID CITIGLOBAL 07/03/03 1.050 50,000 CID COCA COLA 07/11/03 1.020 50,000 CID CRC 07/11/03 1.050 50,000 CID CRC 07/11/03 1.050 50,000 CID GECC 07/22/03 1.050 50,000 CID GECC 07/22/03 1.050 50,000 CID GECC 07/22/03 1.050 50,000 CID GECC 07/22/03 1.050 50,000 CID SPARC 07/28/03 1.050 25,000 CID KODAK 08/20/03 1.100 25,000 CID KODAK 08/20/03 1.100 50,000 CID FCAR 10/06/03 0.940 50,000 CID FCAR 10/06/03 0.940 50,000 CID FCAR 10/14/03 0.940 50,000 CID FCAR 10/14/03 0.940 50,000 DISC NOTES FHLMC 09/22/03 0.950 50,000 DISC NOTES FHLMC 09/22/03 0.950 50,000 06/17/03 REDEMPTIONS CID HOUSEHOLD 06/17/03 1.340 50,000 1 1,861.11 1.358 CID HOUSEHOLD 06/17/03 1.340 50,000 1 1,861.11 1.358 CID HOUSEHOLD 06/17/03 1.340 50,000 1 1,861.11 1.358 CID HOUSEHOLD 06/17/03 1.340 50,000 1 1,861.11 1.358 06/17/03 PURCHASES CID CITICORP 07/03/03 1.050 10,000 CID ASCC 07/03/03 1.080 25,000 CID ASCC 07/03/03 1.080 36,000 CID BARTON 07/03/03 1.080 39,743 CID CITIGLOBAL 07/03/03 1.050 50,000 CID CITIGLOBAL 07/03/03 1.050 50,000 CID CITIGLOBAL 07/03/03 1.050 50,000 CID CITIGLOBAL 07/03/03 1.050 50,000 CID BARTON 07/03/03 1.080 50,000 CID BARTON 07/03/03 1.080 50,000 CID ASCC 07/03/03 1.080 50,000 CID CITICORP 07/03/03 1.050 50,000 CID CITICORP 07/03/03 1.050 50,000 CID CITICORP 07/03/03 1.050 50,000 CID GOLDMAN 09/02/03 0.970 50,000 CID GOLDMAN 09/02/03 0.970 50,000 CID SPARC 09/10/03 1.000 50,000 DISC NOTES FHLMC 10/06/03 0.950 49,000 DISC NOTES FHLMC 10/06/03 0.950 49,000 DISC NOTES FNMA 08/27/03 0.940 50,000 DISC NOTES FNMA 08/27/03 0.940 50,000 MTN BANK ONE 7.625% 08/01/05 1.440 15,000 10 06/17/03 PURCHASES (continued) MTN BANK ONE 6.500% 02/01/06 1.659 20,000 FHLB 1.500% 05/13/05 1.300 50,000 06/18/03 REDEMPTIONS DISC NOTES FNMA 06/18/03 1.195 50,000 140 232,361.11 1.217 DISC NOTES FNMA 06/18/03 1.195 50,000 140 232,361.11 1.217 DISC NOTES FNMA 06/18/03 1.195 50,000 140 232,361.11 1.217 DISC NOTES FNMA 06/18/03 1.195 50,000 140 232,361.11 1.217 DISC NOTES FNMA 06/18/03 1.285 34,813 177 219,945.63 1.311 DISC NOTES FNMA 06/18/03 1.285 50,000 177 315,895.83 1.311 DISC NOTES FNMA 06/18/03 1.280 21,776 181 140,140.66 1.306 DISC NOTES FNMA 06/18/03 1.280 50,000 181 321,777.78 1.306 06/18/03 PURCHASES CD HYPO 1.010% 08/27/03 1.010 50,000 CD HYPO 1.010% 08/27/03 1.010 50,000 CD HYPO 1.010% 08/27/03 1.010 50,000 CD HYPO 1.010% 08/27/03 1.010 50,000 CD B/A 0.990% 09/26/03 0.990 50,000 CD B/A 0.990% 09/26/03 0.990 50,000 CD B/A 0.990% 09/26/03 0.990 50,000 CD B/A 0.990% 09/26/03 0.990 50,000 CD B/A 0.980% 10/27/03 0.980 50,000 CD B/A 0.980% 10/27/03 0.980 50,000 CD B/A 0.980% 10/29/03 0.980 50,000 CD B/A 0.980% 10/29/03 0.980 50,000 CD B/A 0.980% 10/29/03 0.980 50,000 CD B/A 0.980% 10/29/03 0.980 50,000 CP ASCC 07/03/03 1.080 50,000 CP NCAT 07/03/03 1.050 50,000 CP NCAT 07/03/03 1.050 50,000 CP NCAT 07/03/03 1.050 50,000 CP CITICORP 07/03/03 1.050 50,000 CP CITICORP 07/03/03 1.050 50,000 CP CITICORP 07/03/03 1.050 50,000 CP CITICORP 07/03/03 1.050 50,000 CP BARTON 07/03/03 1.080 50,000 CP BARTON 07/03/03 1.080 50,000 CP KODAK 08/20/03 1.100 25,000 CP CAFCO 08/20/03 1.005 50,000 CP CAFCO 08/20/03 1.005 50,000 CP CAFCO 08/20/03 1.005 50,000 CP CAFCO 08/20/03 1.005 50,000 CP MORG STAN 08/27/03 0.970 50,000 CP MORG STAN 08/27/03 0.970 50,000 CP GECC 08/29/03 0.990 50,000 CP GECC 08/29/03 0.990 50,000 CP GECC 08/29/03 0.990 50,000 CP GECC 08/29/03 0.990 50,000 CP MORG STAN 08/29/03 0.970 50,000 CP MORG STAN 08/29/03 0.970 50,000 DISC NOTES FHLB 07/09/03 0.960 5,785 11 06/18/03 PURCHASES (continued) DISC NOTES FHLB 07/09/03 0.960 50,000 DISC NOTES FHLMC 07/15/03 0.970 20,000 DISC NOTES FHLMC 07/15/03 0.970 50,000 DISC NOTES FHLMC 07/15/03 0.970 50,000 DISC NOTES FHLMC 07/15/03 0.970 50,000 DISC NOTES FHLMC 07/30/03 0.990 50,000 DISC NOTES FHLMC 07/30/03 0.990 50,000 DISC NOTES FHLMC 07/30/03 0.970 50,000 DISC NOTES FHLMC 07/30/03 0.970 50,000 DISC NOTES FHLMC 07/30/03 0.970 50,000 DISC NOTES FHLMC 07/30/03 0.970 50,000 DISC NOTES FNMA 08/01/03 0.940 50,000 DISC NOTES FNMA 08/01/03 0.940 50,000 DISC NOTES FNMA 08/01/03 0.940 50,000 DISC NOTES FNMA 08/01/03 0.940 50,000 DISC NOTES FHLMC 08/12/03 0.970 6,000 DISC NOTES FHLMC 08/12/03 0.970 50,000 DISC NOTES FHLMC 08/12/03 0.970 50,000 DISC NOTES FNMA 08/20/03 0.950 44,433 DISC NOTES FNMA 08/20/03 0.950 50,000 DISC NOTES FNMA 08/20/03 0.945 50,000 DISC NOTES FNMA 08/20/03 0.945 50,000 DISC NOTES FNMA 08/20/03 0.945 50,000 DISC NOTES FNMA 08/27/03 0.950 47,000 DISC NOTES FNMA 08/27/03 0.960 50,000 DISC NOTES FNMA 08/27/03 0.960 50,000 DISC NOTES FNMA 08/27/03 0.960 50,000 DISC NOTES FNMA 08/27/03 0.960 50,000 DISC NOTES FNMA 08/27/03 0.960 50,000 DISC NOTES FNMA 08/27/03 0.950 50,000 DISC NOTES FNMA 08/27/03 0.950 50,000 DISC NOTES FNMA 08/27/03 0.950 50,000 DISC NOTES FNMA 08/27/03 0.950 50,000 DISC NOTES FNMA 08/27/03 0.950 50,000 DISC NOTES FNMA 08/27/03 0.950 50,000 DISC NOTES FHLMC 08/29/03 0.955 50,000 DISC NOTES FHLMC 08/29/03 0.955 50,000 DISC NOTES FHLMC 08/29/03 0.955 50,000 DISC NOTES FNMA 09/03/03 0.940 25,810 DISC NOTES FNMA 09/03/03 0.940 33,849 DISC NOTES FNMA 09/03/03 0.940 50,000 DISC NOTES FNMA 09/03/03 0.940 50,000 DISC NOTES FNMA 09/03/03 0.940 50,000 DISC NOTES FNMA 09/03/03 0.940 50,000 DISC NOTES FHLMC 10/01/03 0.940 50,000 DISC NOTES FHLMC 10/01/03 0.940 50,000 DISC NOTES FHLMC 10/01/03 0.940 50,000 DISC NOTES FHLMC 10/01/03 0.940 50,000 DISC NOTES FNMA 10/31/03 0.930 50,000 DISC NOTES FNMA 12/10/03 0.945 5,000 DISC NOTES FNMA 12/10/03 0.945 50,000 DISC NOTES FNMA 12/10/03 0.945 50,000 DISC NOTES FNMA 05/28/04 0.980 50,000 DISC NOTES FNMA 06/11/04 0.930 50,000 12 06/18/03 PURCHASES (continued) DISC NOTES FNMA 06/11/04 0.930 50,000 DISC NOTES. FNMA 06/11/04 0.930 50,000 DISC NOTES FNMA 06/11/04 0.930 50,000 TREAS BILLS 12/11/03 0.860 50,000 TREAS BILLS 12/11/03 0.860 50,000 TREAS BILLS 12/11/03 0.860 50,000 TREAS BILLS 12/11/03 0.860 50,000 TREAS BILLS 12/11/03 0.860 50,000 TREAS BILLS 12/11/03 0.860 50,000 TREAS BILLS 12/11/03 0.860 50,000 TREAS BILLS 12/11/03 0.860 50,000 TREAS NOTES 3.250% 05/31/04 0.953 50,000 TREAS NOTES 3.250% 05/31/04 0.953 50,000 TREAS NOTES 3.250% 05/31/04 0.949 50,000 TREAS NOTES 3.250% 05/31/04 0.949 50,000 TREAS NOTES 3.250% 05/31/04 0.949 50,000 TREAS NOTES 3.250% 05/31/04 0.949 50,000 TREAS NOTES 3.250% 05/31/04 0.949 50,000 TREAS NOTES 3.250% 05/31/04 0.949 50,000 TREAS NOTES 1.250% 05/31/05 1.201 50,000 TREAS NOTES 1.250% 05/31/05 1.201 50,000 TREAS NOTES 1.250% 05/31/05 1.197 50,000 TREAS NOTES 1.250% 05/31/05 1.197 50,000 TREAS NOTES 1.250% 05/31/05 1.205 50,000 TREAS NOTES 1.250% 05/31/05 1.205 50,000 TREAS NOTES 1.250% 05/31/05 1.205 50,000 TREAS NOTES 1.250% 05/31/05 1.205 50,000 TREAS NOTES 1.250% 05/31/05 1.201 50,000 TREAS NOTES 1.250% 05/31/05 1.201 50,000 TREAS NOTES 1.250% 05/31/05 1.154 50,000 TREAS NOTES 1.250% 05/31/05 1.154 50,000 TREAS NOTES 1.250% 05/31/05 1.154 50,000 TREAS NOTES 1.250% 05/31/05 1.154 50,000 TREAS NOTES 1.250% 05/31/05 1.157 50,000 TREAS NOTES 1.250% 05/31/05 1.157 50,000 TREAS NOTES 1.250% 05/31/05 1.200 50,000 TREAS NOTES 1.250% 05/31/05 1.200 50,000 TREAS NOTES 1.250% 05/31/05 1.225 50,000 TREAS NOTES 1.250% 05/31/05 1.225 50,000 TREAS NOTES 2.000% 05/15/06 1.503 25,000 FNMA 2.875% 10/15/03 1.420 10,000 FNMA 2.875% 10/15/03 1.420 50,000 13 06/18/03 PURCHASES (continued) FHLB 1.500% 05/13/05 1.330 50,000 FHLB 1.500% 05/13/05 1.330 50,000 FHLB 1.500% 05/13/05 1.330 50,000 FHLB 1.500% 05/13/05 1.330 50,000 FHLB 1.500% 05/13/05 1.330 50,000 FHLB 3.000% 08/15/05 1.400 50,000 FHLB 3.000% 08/15/05 1.400 50,000 FFCB 2.125% 08/15/05 1.360 50,000 FFCB 2.125% 08/15/05 1.360 50,000 FNMA 2.875% 10/15/05 1.420 10,000. FNMA 2.875% 10/15/05 1.420 50,000 FHLB 3.625% 11 /15/05 1.490 50,000 FHLB 3.625% 11/15/05 1.490 50,000 FHLB 2.500% 12/15/05 1.500 50,000 FHLB 2.500% 12/15/05 1.500 50,000 FHLB 2.500% 12/15/05 1.500 50,000 FHLB 2.125% 05/15/06 1.680 50,000 FHLB 2.125% 05/15/06 1.680 50,000 FHLB 2.125% 05/15/06 1.680 50,000 FHLB 2.125% 05/15/06 1.680 50,000 FHLB 2.125% 05/15/06 1.680 50,000 FHLB 2.125% 05/15/06 1.680 50,000 FHLB 2.125% 05/15/06 1.680 50,000 FHLB 2.125% 05/15/06 1.691 50,000 FHLB 2.125% 05/15/06 1.695 50,000 FHLB 5.250% 08/15/06 1.750 29,320 FHLB 5.250% 08/15/06 1.760 33,350 FHLB 5.250% 08/15/06 1.760 50,000 06/19/03 REDEMPTIONS DISC NOTES FHLMC 06/19/03 1.270 50,000 178 313,972.22 1.295 DISC NOTES FHLMC 06/19/03 1.280 50,000 182 323,555.56 1.306 DISC NOTES FHLMC 06/19/03 1.280 50,000 182 323,555.56 1.306 06/19/03 PURCHASES CD BNPARIS 0.930% 07/21/03 0.930 50,000 CD BNPARIS 0.930% 07/21/03 0.930 50,000 CD BNPARIS 0.930% 07/21/03 0.930 50,000 CD BNPARIS 0.930% 07/21/03 0.930 50,000 CD BARCLAYS 0.890% 12/29/03 0.885 50,000 CD BARCLAYS 0.890% 12/29/03 0.885 50,000 CD BARCLAYS 0.890% 12/29/03 0.885 50,000 CD BARCLAYS 0.890% 12/29/03 0.885 50,000 CD CIBC 0.930% 06/16/04 0.930 50,000 CD CIBC 0.930% 06/16/04, 0.930 50,000 CID BARTON 06/20/03 1.230 33,719 CID FCAR 07/09/03 1.050 50,000 CID FCAR 07/09/03 1.050 50,000 CID FCAR 07/09/03 1.050 50,000 CID FCAR 07/09/03 1.050 50,000 CID BARTON 07/10/03 1.020 50,000 14 06/19/03 PURCHASES (continued) CID BARTON 07/10/03 1.020 50,000 CID GECC 07/16/03 0.990 50,000 CP GECC 07/16/03 0.990 50,000 CP GECC 07/16/03 0.990 50,000 CID GECC 07/16/03 0.990 50,000 CID FCAR 07/16/03 1.040 50,000 CID FCAR 07/16/03 1.040 50,000 CID FCAR 07/16/03 1.040 50,000 CID FCAR 07/16/03 1.040 50,000 CID NCAT 07/21/03 1.030 50,000 CID NCAT 07/21/03 1.030 50,000 CID GEN MILLS 08/04/03 1.030 50,000 CID BEAR 09/26/03 0.930 50,000 CID BEAR 09/26/03 0.930 50,000 CID BEAR 09/26/03 0.930 50,000 DISC NOTES FNMA 08/01/03 0.880 50,000 DISC NOTES FNMA 08/01/03 0.880 50,000 DISC NOTES FNMA 08/27/03 0.880 50,000 DISC NOTES FNMA 08/27/03 0.880 50,000 DISC NOTES FNMA 08/27/03 0.880 50,000 DISC NOTES FNMA 08/27/03 0.880 50,000 DISC NOTES FHLMC 08/29/03 0.890 50,000 DISC NOTES FNMA 09/10/03 0.880 28,501 DISC NOTES FNMA 09/10/03 0.880 50,000 DISC NOTES FNMA 09/10/03 0.880 50,000 DISC NOTES FHLMC 10/01/03 0.880 50,000 DISC NOTES FHLMC 10/01/03 0.880 50,000 DISC NOTES FNMA 10/15/03 0.880 50,000 DISC NOTES FNMA 10/15/03 0.880 50,000 DISC NOTES FNMA 11/03/03 0.920 50,000 DISC NOTES FNMA 11/03/03 0.920 50,000 DISC NOTES FNMA 11/10/03 0.920 50,000 DISC NOTES FNMA 11/10/03 0.920 50,000 DISC NOTES FNMA 11/10/03 0.880 50,000 DISC NOTES FNMA 11/10/03 0.880 50,000 DISC NOTES FNMA 11/10/03 0.880 50,000 DISC NOTES FNMA 11/10/03 0.880 50,000 DISC NOTES FNMA 11/19/03 0.920 50,000 DISC NOTES FNMA 11/19/03 0.920 50,000 DISC NOTES FNMA 11/24/03 0.920 50,000 DISC NOTES FNMA 11/24/03 0.920 50,000 DISC NOTES FNMA 11/24/03 0.880 50,000 DISC NOTES FNMA 11/24/03 0.880 50,000 DISC NOTES FHLMC 11/26/03 0.880 50,000 DISC NOTES FHLMC 11/26/03 0.880 50,000 DISC NOTES FNMA 12/17/03 0.890 17,500 DISC NOTES FNMA 12/17/03 0.890 50,000 DISC NOTES FNMA 12/17/03 0.890 50,000 MTN B/A 6.625% 06/15/04 0.974 33,700 MTN W/F 6.625% 07/15/04 0.992 34,260 MTN BANC ONE 6.875% 08/01/06 1.910 50,000 15 06/19/03 PURCHASES (continued) MTN W/F 5.125% 02/15/07 2.050 10,000 MTN PROCTOR 4.750% 06/15/07 2.010 14,725 TREAS BILLS 12/18/03 0.870 50,000 TREAS BILLS 12/18/03 0.870 50,000 TREAS BILLS 12/18/03 0.870 50,000 TREAS BILLS 12/18/03 0.870 50,000 TREAS BILLS 12/18/03 0.870 50,000 TREAS BILLS 12/18/03 0.805 50,000 TREAS BILLS 12/18/03 0.805 50,000 TREAS BILLS 12/18/03 0.805 50,000 TREAS BILLS 12/18/03 0.805 50,000 TREAS BILLS 12/18/03 0.800 50,000 TREAS BILLS 12/18/03 0.800 50,000 TREAS BILLS 12/18/03 0.800 50,000 TREAS BILLS 12/18/03 0.800 50,000 TREAS BILLS 12/18/03 0.800 50,000 06/19/03 PURCHASES c/ DISC NOTES FHLMC 09/04/03 1.220 50,000 DISC NOTES FHLMC 09/04/03 1.220 50,000 DISC NOTES FHLMC 09/04/03 1.220 50,000 DISC NOTES FNMA 09/17/03 1.220 936 DISC NOTES FNMA 09/17/03 1.220 50,000 DISC NOTES FHLMC 12/15/03 1.220 5,000 DISC NOTES FHLMC 12/15/03 1.220 50,000 TREAS BILLS 07/10/03 1.200 49,875 TREAS BILLS 09/18/03 1.200 11,300 TREAS BILLS 09/18/03 1.200 50,000 TREAS BILLS 09/18/03 1.200 50,000 TREAS BILLS 09/18/03 1.200 50,000 TREAS BILLS 09/18/03 1.200 50,000 TREAS BILLS 09/18/03 1.200 50,000 TREAS BILLS 09/18/03 1.200 50,000 TREAS BILLS 09/18/03 1.200 50,000 TREAS BILLS 09/18/03 1.200 50,000 TREAS BILLS 09/18/03 1.200 50,000 06/20/03 REDEMPTIONS BN BANC ONE 1.230% 06/20/03 1.230 50,000 141 240,875.00 1.247 BN BANC ONE 1.230% 06/20/03 1.230 50,000 141 240,875.00 1.247 CD MONTREAL 1.240% 06/20/03 1.230 50,000 32 54,667.15 1.247 CD MONTREAL 1.240% 06/20/03 1.230 50,000 32 54,667.15 1.247 CD W/F 1.240% 06/20/03 1.240 40,000 52 71,644.44 1.257 CD W/F 1.240% 06/20/03 1.240 50,000 52 89,555.56 1.257 CD W/F 1.240% 06/20/03 1.240 50,000 52 89,555.56 1.257 CD W/F 1.240% 06/20/03 1.240 50,000 52 89,555.56 1.257 CD CS/FST BOSTON 1.260% 06/20/03 1.260 50,000 64 112,000.00 1.277 CD CS/FST BOSTON 1.260% 06/20/03 1.260 50,000 64 112,000.00 1.277 CD BK SCOT 1.240% 06/20/03 1.235 50,000 116 198,975.42 1.252 16 06/20/03 REDEMPTIONS (continued) CD BK SCOT 1.240% 06/20/03 1.235 50,000 116 198,975.42 1.252 CD BK SCOT 1.240% 06/20/03 1.235 50,000 116 198,975.42 1.252 CD BK SCOT 1.240% 06/20/03 1.235 50,000 116 198,975.42 1.252 CD BK SCOT 1.230% 06/20/03 1.225 50,000 142 241,601.96 1.242 CD BK SCOT 1.230% 06/20/03 1.225 50,000 142 241,601.96 1.242 CD BNPARIS 1.230% 06/20/03 1.225 50,000 142 241,601.96 1.242 CD BNPARIS 1.230% 06/20/03 1.225 50,000 142 241,601.96 1.242 CD CIBC 1.230% 06/20/03 1.230 50,000 142 242,583.33 1.247 CD CIBC 1.230% 06/20/03 1.230 50,000 142 242,583.33 1.247 CD BK SCOT 1.260% 06/20/03 1.255 50,000 148 257,977.50 1.272 CD BK SCOT 1.260% 06/20/03 1.255 50,000 148 257,977.50 1.272 CD BARCLAYS 1.260% 06/20/03 1.260 50,000 150 262,500.00 1.277 CD BARCLAYS 1.260% 06/20/03 1.260 50,000 150 262,500.00 1.277 CD SVENSKA .1.280% 06/20/03 1.270 50,000 150 264,594.30 1.287 CD SVENSKA 1.280% 06/20/03 1.270 50,000 150 264,594.30 1.287 CD CHASE 1.280% 06/20/03 1.280 50,000 155 275,555.56 1.297 CD CHASE 1.280% 06/20/03 1.280 50,000 155 275,555.56 1.297 CD US BANK 1.280% 06/20/03 1.280 50,000 157 279,111.11 1.297 CD US BANK 1.280% 06/20/03 1.280 50,000 157 279,111.11 1.297 CD ABN AMRO 1.290% 06/20/03 1.280 50,000 158 280,901.14 1.297 CD ABN AMRO 1.290% 06/20/03 1.280 50,000 158 280,901.14 1.297 CD ABN AMRO 1.290% 06/20/03 1.280 50,000 158 280,901.14 1.297 CD ABN AMRO 1.290% 06/20/03 1.280 50,000 158 280,901.14 1.297 CD MONTREAL 1.290% 06/20/03 1.290 50,000 169 302,791.67 1.307 CD MONTREAL 1.290% 06/20/03 1.290 50,000 169 302,791.67 1.307 CD TORONTO 1.300% 06/20/03 1.295 50,000 169 303,972.37 1.312 CD TORONTO 1.300% 06/20/03 1.295 50,000 169 303,972.37 1.312 CD TORONTO 1.300% 06/20/03 1.295 50,000 169 303,972.37 1.312 CD TORONTO 1.300% 06/20/03 1.295 50,000 169 303,972.37 1.312 CD NOVA SCOT 1.300% 06/20/03 1.300 50,000 169 305,138.89 1.318 CD NOVA SCOT 1.300% 06/20/03 1.300 50,000 169 305,138.89 1.318 CD DEXIA 1.310% 06/20/03 1.300 50,000 169 305,153.13 1.318 CD DEXIA 1.310% 06/20/03 1.300 50,000 169 305,153.13 1.318 CD LLOYDS 1.300% 06/20/03 1.300 50,000 169 305,138.89 1.318 CD LLOYDS 1.300% 06/20/03 1.300 50,000 169 305,138.89 1.318 CD TORONTO 1.345% 06/20/03 1.335 50,000 179 331,912.22 1.335 CD TORONTO 1.345% 06/20/03 1.335 50,000 179 331,912.22 1.335 CD NOVA SCOT 1.310% 06/20/03 1.310 50,000 186 338,416.67 1.328 CD NOVA SCOT 1.310% 06/20/03 1.310 50,000 186 338,416.67 1.328 CD CIBC 1.350% 06/20/03 1.350 50,000 186 348,750.00 1.368 CD MONTREAL 1.320% 06/20/03 1.320 50,000 186 341,000.00 1.338 CD MONTREAL 1.320% 06/20/03 1.320 50,000 186 341,000.00 1.338 CD UBS 1.320% 06/20/03 1.320 35,000 189 242,550.00 1.338 CD UBS 1.320% 06/20/03 1.320 50,000 189 346,500.00 1.338 CD UBS 1.330% 06/20/03 1.330 50,000 190 350,972.22 1.348 CD UBS 1.330% 06/20/03 1.330 50,000 190 350,972.22 1.348 CD BARCLAYS 1.350% 06/20/03 1.330 50,000 205 378,723.36 1.348 CD BARCLAYS 1.350% 06/20/03 1.330 50,000 205 378,723.36 1.348 CD NOVA SCOT 1.340% 06/20/03 1.340 50,000 205 381,527.78 1.358 CD NOVA SCOT 1.340% 06/20/03 1.340 50,000 205 381,527.78 1.358 CD WASHINGTON 1.530% 06/20/03 1.530 50,000 206 437,750.00 1.551 CD WASHINGTON 1.530% 06/20/03 1.530 50,000 206 437,750.00 1.551 CD CIBC 1.380% 06/20/03 1.370 50,000 207 393,897.47 1.389 17 06/20/03 REDEMPTIONS (continued) CD CIBC 1.380% 06/20/03 1.370 50,000 207 393,897.47 1.389 CD BNPARIS 1.360% 06/20/03 1.355 50,000 214 402,747.98 1.373 CD BNPARIS 1.360% 06/20/03 1.355 50,000 214 402,747.98 1.373 CD BNPARIS 1.360% 06/20/03 1.355 50,000 214 402,747.98 1.373 CD BNPARIS 1.360% 06/20/03 1.355 50,000 214 402,747.98 1.373 CD CHASE 1.330% 06/20/03 1.330 50,000 217 400,847.22 1.348 CD CHASE 1.330% 06/20/03 1.330 50,000 217 400,847.22 1.348 CD CHASE 1.330% 06/20/03 1.330 50,000 217 400,847.22 1.348 CD CHASE 1.330% 06/20/03 1.330 50,000 217 400,847.22 1.348 CD CR AGRIC 1.340% 06/20/03 1.330 50,000 217 400,871.19 1.348 CD CR AGRIC 1.340% 06/20/03 1.330 50,000 217 400,871.19 1.348 CD CR AGRIC 1.340% 06/20/03 1.330 50,000 217 400,871.19 1.348 CD CR AGRIC 1.340% 06/20/03 1.330 50,000 217 400,871.19 1.348 CD SVENSKA 1.350% 06/20/03 1.350 50,000 217 406,875.00 1.368 CD SVENSKA 1.350% 06/20/03 1.350 50,000 217 406,875.00 1.368 CD NOVA SCOT 1.360% 06/20/03 1.360 50,000 217 409,888.89 1.378 CD NOVA SCOT 1.360% 06/20/03 1.360 50,000 217 409,888.89 1.378 CD NOVA SCOT 1.360% 06/20/03 1.360 50,000 217 409,888.89 1.378 CD NOVA SCOT 1.360% 06/20/03 1.360 50,000 217 409,888.89 1.378 CD WASHINGTON 1.490% 06/20/03 1.490 50,000 217 449,069.44 1.510 CD WASHINGTON 1.490% 06/20/03 1.490 50,000 217 449,069.44 1.510 CD WASHINGTON 1.490% 06/20/03 1.490 50,000 217 449,069.44 1.510 CD WASHINGTON 1.490% 06/20/03 1.490 50,000 217 449,069.44 1.510 CD RABO 1.340% 06/20/03 1.330 50,000 217 400,871.19 1.348 CD RABO 1.340% 06/20/03 1.330 50,000 217 400,871.19 1.348 CD CR SUISSE 1.350% 06/20/03 1.340 50,000 218 405,746.59 1.358 CD CR SUISSE 1.350% 06/20/03 1.340 50,000 218 405,746.59 1.358 CD UBS 1.315% 06/20/03 1.315 50,000 218 398,152.78 1.333 CD UBS 1.315% 06/20/03 1.315 50,000 218 398,152.78 1.333 CD UBS 1.315% 06/20/03 1.315 50,000 218 398,152.78 1.333 CD UBS 1.315% 06/20/03 1.315 50,000 218 398,152.78 1.333 CD UBS 1.315% 06/20/03 1.315 50,000 218 398,152.78 1.333 CD UBS 1.315% 06/20/03 1.315 50,000 218 398,152.78 1.333 CID BARTON 06/20/03 1.230 33,719 1 1,152.07 1.247 CID GECC 06/20/03 1.240 50,000 32 55,111.11 1.258 CID GECC 06/20/03 1.240 50,000 32 55,111.11 1.258 CID BEAR 06/20/03 1.230 50,000 46 78,583.33 1.249 CID BEAR 06/20/03 1.230 50,000 46 78,583.33 1.249 CID GECC 06/20/03 1.240 50,000 46 79,222.22 1.259 CID GECC 06/20/03 1.240 50,000 46 79,222.22 1.259 CID W/F 06/20/03 1.210 50,000 51 85,708.33 1.228 CID W/F 06/20/03 1.210 50,000 51 85,708.33 1.228 CID W/F 06/20/03 1.210 50,000 51 85,708.33 1.228 CID W/F 06/20/03 1.210 50,000 51 85,708.33 1.228 CID TRANSAM 06/20/03 1.250 50,000 59 102,430.56 1.269 CID FMCC 06/20/03 1.560 50,000 60 130,000.00 1.585 CID FCAR 06/20/03 1.220 20,000 64 43,377.78 1.239 CID FCAR 06/20/03 1.220 50,000 64 108,444.44 1.239 CID FCAR 06/20/03 1.220 50,000 64 108,444.44 1.239 CID CITIGLOBAL O6/20/03 1.240 50,000 65 111,944.44 1.260 CID CITIGLOBAL 06/20/03 1.240 50,000 65 111,944.44 1.260 CID GECC 06/20/03 1.240 50,000 67 115,388.89 1.260 CID GECC 06/20/03 1.240 50,000 67 115,388.89 1.260 18 06/20/03 REDEMPTIONS (continued) CID CITICORP 06/20/03 1.240 50,000 88 151,555.56 1.261 CID CITICORP 06/20/03 1.240 50,000 88 151,555.56 1.261 CID CITICORP 06/20/03 1.240 50,000 88 151,555.56 1.261 CID GEN MILLS 06/20/03 1.300 25,000 91 82,152.78 1.322 CID BEAR 06/20/03 1.270 50,000 133 234,597.22 1.293 CID BEAR 06/20/03 1.270 50,000 133 234,597.22 1.293 CID BEAR 06/20/03 1.270 50,000 133 234,597.22 1.293 CID JP MORGAN 06/20/03 1.240 50,000 142 244,555.56 1.263 CID JP MORGAN 06/20/03 1.240 50,000 142 244,555.56 1.263 CID GECC 06/20/03 1.250 50,000 142 246,527.78 1.273 CID GECC 06/20/03 1.250 50,000 142 246,527.78 1.273 CID GECC 06/20/03 1.250 50,000 142 246,527.78 1.273 CID GECC 06/20/03 1.250 50,000 142 246,527.78 1.273 CID FMCC 06/20/03 1.580 50,000 142 311,611.11 1.611 CID FMCC 06/20/03 1.580 50,000 142 311,611.11 1.611 CID FMCC 06/20/03 1.580 50,000 142 311,611.11 1.611 CID JP MORGAN 06/20/03 1.240 50,000 144 248,000.00 1.263 CID GECC 06/20/03 1.270 50,000 150 264,583.33 1.294 CID GECC 06/20/03 1.270 50,000 150 264,583.33 1.294 CID GECC 06/20/03 1.270 50,000 150 264,583.33 1.294 CID GECC 06/20/03 1.270 50,000 150 264,583.33 1.294 CID JP MORGAN 06/20/03 1.270 50,000 150 264,583.33 1.294 CID JP MORGAN 06/20/03 1.270 50,000 150 264,583.33 1.294 CID BEAR 06/20/03 1.280 50,000 150 266,666.67 1.304 CID BEAR 06/20/03 1.280 50,000 150 266,666.67 1.304 CID JP MORGAN 06/20/03 1.280 20,000 155 110,222.22 1.304 CID AMER EX 06/20/03 1.260 50,000 155 271,250.00 1.284 CID AMER EX 06/20/03 1.260 50,000 155 271,250.00 1.284 CID GMAC 06/20/03 1.540 50,000 80 171,111.11 1.566 CID GMAC 06/20/03 1.540 50,000 80 171,111.11 1.566 CID GMAC 06/20/03 1.540 50,000 80 171,111.11 1.566 CID GMAC 06/20/03 1.540 50,000 80 171,111.11 1.566 DISC NOTES FNMA 06/20/03 1.220 50,000 121 205,027.80 1.242 DISC NOTES FNMA 06/20/03 1.220 50,000 121 205,027.72 1.242 DISC NOTES FNMA 06/20/03 1.225 50,000 121 205,868.06 1.247 DISC NOTES FNMA 06/20/03 1.220 50,000 127 215,194.44 1.242 DISC NOTES FNMA 06/20/03 1.220 50,000 127 215,194.44 1.242 DISC NOTES FHLMC 06/20/03 1.225 50,000 130 221,180.56 1.247 DISC NOTES FHLMC 06/20/03 1.210 1,625 140 7,646.53 1.232 DISC NOTES FHLMC 06/20/03 1.210 50,000 140 235,277.78 1.232 DISC NOTES FHLMC 06/20/03 1.210 50,000 140 235,277.78 1.232 DISC NOTES FHLMC 06/20/03 1.210 50,000 140 235,277.78 1.232 DISC NOTES FHLMC 06/20/03 1.210 50,000 140 235,277.78 1.232 DISC NOTES FHLMC 06/20/03 1.190 50,000 142 234,694.44 1.212 DISC NOTES FHLMC 06/20/03 1.190 50,000 142 234,694.44 1.212 DISC NOTES FNMA 06/20/03 1.200 50,000 142 236,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 142 236,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 142 236,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 142 236,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 142 236,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 142 236,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 142 236,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 142 236,666.67 1.222 19 06/20/03 REDEMPTIONS (continued) DISC NOTES FNMA 06/20/03 1.200 50,000 148 246,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 148 246,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 148 246,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 148 246,666.67 1.222 DISC NOTES FNMA 06/20/03 1.200 50,000 148 246,666.67 1.222 DISC NOTES FHLMC 06/20/03 1.240 40,000 156 214,933.33 1.264 DISC NOTES FHLMC 06/20/03 1.240 50,000 156 268,666.67 1.264 DISC NOTES FHLMC 06/20/03 1.235 50,000 156 267,583.33 1.258 DISC NOTES FHLMC 06/20/03 1.235 50,000 156 267,583.33 1.258 DISC NOTES FHLMC 06/20/03 1.240 50,000 156 268,666.67 1.264 DISC NOTES FHLMC 06/20/03 1.240 50,000 156 268,666.67 1.264 DISC NOTES FHLMC 06/20/03 1.240 50,000 156 268,666.67 1.264 DISC NOTES FNMA 06/20/03 1.300 50,000 206 371,944.44 1.327 DISC NOTES FHLMC 06/20/03 1.280 20,000 214 152,177.78 1.307 DISC NOTES FHLMC 06/20/03 1.280 50,000 214 380,444.44 1.307 DISC NOTES FNMA 06/20/03 1.280 50,000 214 380,444.44 1.307 DISC NOTES FNMA 06/20/03 1.280 50,000 214 380,444.44 1.307 DISC NOTES FNMA 06/20/03 1.300 50,000 217 391,805.56 1.328 DISC NOTES FNMA 06/20/03 1:300 50,000 217 391,805.56 1.328 DISC NOTES FNMA 06/20/03 1.300 50,000 217 391,805.56 1.328 DISC NOTES FNMA 06/20/03 1.300 50,000 217 391,805.56 1.328 DISC NOTES FNMA 06/20/03 1.300 50,000 217 391,805.55 1.328 DISC NOTES FNMA 06/20/03 1.300 50,000 217 391,805.55 1.328 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/21/03 1.250 50,000 218 378,472.22 1.277 DISC NOTES FNMA 06/20/03 1.270 50,000 218 384,527.78 1.297 DISC NOTES FNMA 06/20/03 1.270 50,000 218 384,527.78 1.297 DISC NOTES FNMA 06/20/03 1.270 50,000 218 384,527.78 1.297 DISC NOTES FNMA 06/20/03 1.270 50,000 218 384,527.78 1.297 06/20/03 SALES c/ DISC NOTES FNMA 09/17/03 1.220 936 1 30.97 1.236 DISC NOTES FNMA 12/15/03 1.220 5,000 1 165.17 1.236 DISC NOTES FNMA 09/17/03 1.220 50,000 1 1,656.05 1.236 DISC NOTES FNMA 12/15/03 1.220 50,000 1 1,651.88 1.236 DISC NOTES FNMA 09/04/03 1.220 50,000 1 1,656.05 1.236 DISC NOTES FNMA 09/04/03 1.220 50,000 1 1,656.05 1.236 DISC NOTES FNMA 09/04/03 1.220 50,000 1 1,656.05 1.236 TREAS BILLS 09/18/03 1.200 11,300 1 368.33 1.216 TREAS BILLS 07/10/03 1.200 49,875 1 1,629.83 1.216 20 06/20/03 SALES c/ (continued) TREAS BILLS 09/18/03 1.200 50,000 1 1,629.83 1.216 TREAS BILLS 09/18/03 1.200 50,000 1 1,629.83 1.216 TREAS BILLS 09/18/03 1.200 50,000 1 1,629.83 1.216 TREAS BILLS 09/18/03 1.200 50,000 1 1,629.83 1.216 TREAS BILLS 09/18/03 1.200 50,000 1 1,629.83 1.216 TREAS BILLS 09/18/03 1.200 50,000 1 1,629.83 1.216 TREAS BILLS 09/18/03 1.200 50,000 1 1,629.83 1.216 TREAS BILLS 09/18/03 1.200 50,000 1 1,629.83 1.216 TREAS BILLS 09/18/03 1.200 50,000 1 1,629.83 1.216 06/20/03 PURCHASES CD BNPARIS 0.920% 07/16/03 0.920 50,000 CD BNPARIS 0.920% 07/16/03 0.920 50,000 CD BK SCOT 0.910% 09/02/03 0.910 50,000 CD BK SCOT 0.910% 09/02/03 0.910 50,000 CD UBS 0.945% 09/02/03 0.940 50,000 CD UBS 0.945% 09/02/03 0.940 50,000 CD UBS 0.945% 09/02/03 0.940 50,000 CD UBS 0.945% 09/02/03 0.940 50,000 CD TORONTO 0.925% 09/02/03 0.920 50,000 CD TORONTO 0.925% 09/02/03 0.920 50,000 CD CR AGRIC 0.920% 09/02/03 0.920 50,000 CD CR AGRIC 0.920% 09/02/03 0.920 50,000 CD WASHINGTON 0.950% 09/26/03 0.950 50,000 CD WASHINGTON 0.950% 09/26/03 0.950 50,000 CD WASHINGTON 0.950% 09/26/03 0.950 50,000 CID GECC 07/16/03 0.980 50,000 CP GECC 07/16/03 0.980 50,000 CID SPARC 07/24/03 1.000 50,000 CID ASCC 07/28/03 0.980 50,000 CID ASCC 07/28/03 0.980 50,000 CID FMCC 08/27/03 1.250 25,000 CID GMAC 08/27/03 1.250 50,000 CID GMAC 08/27/03 1.250 50,000 CID FMCC 08/27/03 1.250 50,000 CID FMCC 09/26/03 1.250 25,000 CID GMAC 09/26/03 1.250 50,000 CID GMAC 09/26/03 1.250 50,000 CID FMCC 09/26/03 1.250 50,000 CID GOLDMAN 10/01/03 0.930 50,000 CID GOLDMAN 10/01/03 0.930 50,000 CID GECC 10/01/03 0.900 50,000 CID GECC 10/01/03 0.900 50,000 CID GECC 10/01/03 0.900 50,000 CID GECC 10/01/03 0.900 50,000 CID GOLDMAN 11 /03/03 0.930 50,000 CID GOLDMAN 11/03/03 0.930 50,000 CID GOLDMAN 11 /26/03 0.930 50,000 CID GOLDMAN 11/26/03 0.930 50,000 MTN COUNTRYWIDE 6.850% 06/15/04 1.155 34,092 MTN GMAC 5.360% 07/27/04 2.057 12,000 21 06/23/03 REDEMPTIONS BN BANC ONE 1.200% 06/23/03 1.200 50,000 31 51,666.67 1.216 BN BANC ONE 1.200% 06/23/03 1.200 50,000 31 51,666.67 1.216 06/23/03 PURCHASES CD TORONTO 0.910% 09/26/03 0.905 50,000 CD TORONTO 0.910% 09/26/03 0.905 50,000 CD BNPARIS 0.900% 09/26/03 0.900 50,000 CD BNPARIS 0.900% 09/26/03 0.900 50,000 CD BK SCOT 0.910% 09/26/03 0.910 50,000 CD BK SCOT 0.910% 09/26/03 0.910 50,000 CD CR AGRIC 0.910% 09/26/03 0.910 50,000 CD CR AGRIC 0.910% 09/26/03 0.910 50,000 CD CR AGRIC 0.910% 09/30/03 0.910 25,000 CD CR AGRIC 0.910% 09/30/03 0.910 50,000 CP HOUSEHOLD 08/27/03 0.920 50,000 CP CITIGLOBAL 09/02/03 0.910 50,000 CP CITIGLOBAL 09/02/03 0.910 50,000 CP HOUSEHOLD 10/01/03 0.900 25,000 06/24/03 NO REDEMPTIONS 06/24/03 PURCHASES CP AMER EX 08/26/03 0.900 50,000 CP AMER EX 08/26/03 0.900 50,000 CP GECC 10/01/03 0.900 50,000 CP GECC 10/01/03 0.900 50,000 CP GECC 10/01/03 0.900 50,000 CP GECC 10/01/03 0.900 50,000 DISC NOTES FHLMC 06/16/04 0.905 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 DISC NOTES FNMA 06/16/04 0.900 50,000 06/25/03 REDEMPTIONS DISC NOTES FNMA 06/25/03 1.270 50,000 181 319,263.89 DISC NOTES FNMA 06/25/03 1.270 50,000 181 319,263.89 06/25/03 PURCHASES DISC NOTES FHLMC 06/16/04 0.910 50,000 DISC NOTES FHLMC 06/16/04 0.910 50,000 22 1.295 1.295 06/26/03 REDEMPTIONS CD LLOYDS 1.240% 06/26/03 1.240 50,000 65 111,944.44 1.257 CD LLOYDS 1.240% 06/26/03 1.240 50,000 65 111,944.44 1.257 CD TORONTO 1.270% 06/26/03 1.265 50,000 143 251,248.02 1.282 CD TORONTO 1.270% 06/26/03 1.265 50,000 143 251,248.02 1.282 CD TORONTO 1.270% 06/26/03 1.265 50,000 143 251,248.02 1.282 DISC NOTES FHLMC 06/26/03 1.225 50,000 126 214,375.00 1.247 DISC NOTES FHLMC 06/26/03 1.225 50,000 126 214,375.00 1.247 DISC NOTES FHLMC 06/26/03 1.225 50,000 126 214,375.00 1.247 DISC NOTES FHLMC 06/26/03 1.225 50,000 126 214,375.00 1.247 DISC NOTES FNMA 06/26/03 1.220 50,000 142 240,611.11 1.242 DISC NOTES FNMA 06/26/03 1.220 50,000 142 240,611.11 1.242 DISC NOTES FNMA 06/26/03 1.220 50,000 142 240,611.11 1.242 DISC NOTES FNMA 06/26/03 1.220 50,000 142 240,611.11 1.242 DISC NOTES FNMA 06/26/03 1.220 50,000 142 240,611.11 1.242 DISC NOTES FNMA 06/26/03 1.220 50,000 142 240,611.11 1.242 DISC NOTES FNMA 06/26/03 1.220 50,000 142 240,611.11 1.242 DISC NOTES FNMA 06/26/03 1.220 50,000 142 240,611.11 1.242 DISC NOTES FNMA 06/26/03 1.220 50,000 156 264,333.33 1.243 DISC NOTES FNMA 06/26/03 1.220 50,000 156 264,333.33 1.243 06/26/03 PURCHASES SBA FR 1.550% 06/25/28 1.550 18,192 06/27/03 REDEMPTIONS BN BANC ONE 1.310% 06/27/03 1.310 50,000 183 332,958.33 1.328 BN BANC ONE 1.310% 06/27/03 1.310 50,000 183 332,958.33 1.328 BN BANC ONE 1.310% 06/27/03 1.310 50,000 227 413,013.89 1.328 BN BANC ONE 1.310% 06/27/03 1.310 50,000 227 413,013.89 1.328 CD DANSKE 1.250% 06/27/03 1.240 50,000 30 51,667.09 1.257 CD DANSKE 1.250% 06/27/03 1.240 50,000 30 51,667.09 1.257 CD S-E BANK 1.260% 06/27/03 1.250 30,000 30 31,250.26 1.267 CD S-E BANK 1.260% 06/27/03 1.250 50,000 30 52,083.77 1.267 CD RABO 1.215% 06/27/03 1.210 50,000 35 58,819.73 1.226 CD RABO 1.215% 06/27/03 1.210 50,000 35 58,819.73 1.226 CD ABN AMRO 1.220% 06/27/03 1.210 50,000 36 60,500.60 1.226 CD ABN AMRO 1.220% 06/27/03 1.210 50,000 36 60,500.60 1.226 CD CS/FST BOSTON 1.250% 06/27/03 1.240 50,000 36 61,500.62 1.247 CD CS/FST BOSTON 1.250% 06/27/03 1.240 50,000 36 61,500.62 1.247 CD CR AGRIC 1.250% 06/27/03 1.240 50,000 38 65,444.44 1.257 CD CR AGRIC 1.250% 06/27/03 1.240 50,000 38 65,444.44 1.257 CD UBS 1.245% 06/27/03 1.240 50,000 38 65,444.79 1.257 CD UBS 1.245% 06/27/03 1.240 50,000 38 65,444.79 1.257 CD US BANK 1.280% 06/27/03 1.280 50,000 164 291,555.56 1.297 CD US BANK 1.280% 06/27/03 1.280 50,000 164 291,555.56 1.297 CD DEXIA 1.310% 06/27/03 1.300 50,000 176 317,793.22 1.318 CD DEXIA 1.310% 06/27/03 1.300 50,000 176 317,793.22 1.318 CD SOC GEN 1.290% 06/27/03 1.290 50,000 225 403,125.00 1.307 CD SOC GEN 1.290% 06/27/03 1.290 50,000 225 403,125.00 1.307 CD BARCLAYS 1.310% 06/27/03 1.300 50,000 225 406,275.19 1.318 CD BARCLAYS 1.310% 06/27/03 1.300 50,000 225 406,275.19 1.318 CD CR SUISSE 1.300% 06/27/03 1.300 50,000 225 406,250.00 1.318 CD CR SUISSE 1.300% 06/27/03 1.300 50,000 225 406,250.00 1.318 23 06/27/03 REDEMPTIONS (continued) CD DEXIA 1.305% 06/27/03 1.300 50,000 225 406,262.59 1.318 CD DEXIA 1.305% 06/27/03 1.300 50,000 225 406,262.59 1.318 CD RABO 1.310% 06/27/03 1.300 50,000 225 406,275.19 1.318 CD RABO 1.310% 06/27/03 1.300 50,000 225 406,275.19 1.318 CD UBS 1.300% 06/27/03 1.300 50,000 225 406,250.00 1.318 CD UBS 1.300% 06/27/03 1.300 50,000 225 406,250.00 1.318 CD STNRD CH 1.300% 06/27/03 1.300 50,000 225 406,250.00 1.318 CD BAYER LNDS 1.310% 06/27/03 1.310 50,000 225 409,375.00 1.328 CD BAYER LNDS 1.310% 06/27/03 1.310 50,000 225 409,375.00 1.328 CD W/F 1.310% 06/27/03 1.310 50,000 225 409,375.00 1.328 CD W/F 1.310% 06/27/03 1.310 50,000 225 409,375.00 1.328 CD TORONTO 1.340% 06/27/03 1.335 50,000 225 417,200.43 1.353 CD TORONTO 1.340% 06/27/03 1.335 50,000 225 417,200.43 1.353 CD TORONTO 1.340% 06/27/03 1.335 50,000 225 417,200.43 1.353 CD CR SUISSE 1.350% 06/27/03 1.340 50,000 225 418,775.95 1.358 CD CR SUISSE 1.350% 06/27/03 1.340 50,000 225 418,775.95 1.358 CD WASHINGTON 1.440% 06/27/03 1.440 50,000 226 452,000.00 1.460 CD WASHINGTON 1.440% 06/27/03 1.440 50,000 226 452,000.00 1.460 CD WASHINGTON 1.440% 06/27/03 1.440 50,000 226 452,000.00 1.460 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 233 469,236.11 1.470 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 233 469,236.11 1.470 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 233 469,236.11 1.470 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 233 469,236.11 1.470 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 233 469,236.11 1.470 CD JP MORGAN 1.450% 06/27/03 1.450 50,000 233 4699236.11 1.470 CD HYPO 1.540% 06/27/03 1.530 50,000 233 495,156.73 1.551 CD HYPO 1.540% 06/27/03 1.530 50,000 233 495,156.73 1.551 CID CITICORP 06/27/03 1.230 50,000 23 39,291.67 1.248 CID CITICORP 06/27/03 1.230 50,000 23 39,291.67 1.248 DISC NOTES FNMA 06/27/03 1.270 50,000 198 349,250.00 1.296 DISC NOTES FHLMC 06/27/03 1.300 50,000 213 384,583.33 1.328 DISC NOTES FNMA 06/27/03 1.300 50,000 224 404,444.44 1.328 DISC NOTES FNMA 06/27/03 1.300 50,000 224 404,444.44 1.328 DISC NOTES FNMA 06/27/03 1.300 50,000 224 404,444.44 1.328 DISC NOTES FNMA 06/27/03 1.300 50,000 224 404,444.44 1.328 DISC NOTES FNMA 06/27/03 1.250 50,000 225 390,625.00 1.277 DISC NOTES FNMA 06/27/03 1.250 50,000 225 390,625.00 1.277 DISC NOTES FNMA 06/27/03 1.250 50,000 225 390,625.00 1.277 DISC NOTES FNMA 06/27/03 1.250 50,000 225 390,625.00 1.277 DISC NOTES FNMA 06/27/03 1.250 50,000 225 390,625.00 1.277 DISC NOTES FNMA 06/27/03 1.250 50,000 225 390,625.00 1.277 DISC NOTES FNMA 06/27/03 1.250 50,000 225 390,625.00 1.277 DISC NOTES FNMA 06/27/03 1.250 50,000 225 390,625.00 1.277 DISC NOTES FNMA 06/27/03 1.270 50,000 227 400,402.78 1.298 DISC NOTES FNMA 06/27/03 1.270 50,000 227 400,402.78 1.298 DISC NOTES FNMA 06/27/03 1.270 50,000 227 400,402.78 1.298 DISC NOTES FNMA 06/27/03 1.270 50,000 227 400,402.78 1.298 DISC NOTES FNMA 06/27/03 1.400 40,000 233 362,444.44 1.432 DISC NOTES FNMA 06/27/03 1.400 50,000 233 453,055.56 1.432 DISC NOTES FNMA 06/27/03 1.400 50,000 233 453,055.56 1.432 DISC NOTES FNMA 06/27/03 1.400 50,000 233 453,055.56 1.432 24 06/27/03 PURCHASES CP AMER EX 08/26/03 1.020 50,000 CID AMER EX 08/27/03 1.020 50,000 CP GECC 09/30/03 1.020 50,000 DISC NOTES FHLMC 06/16/04 1.040 50,000 DISC NOTES FHLMC 06/16/04 1.040 50,000 DISC NOTES FHLMC 06/16/04 1.040 50,000 DISC NOTES FHLMC 06/16/04 1.040 50,000 DISC NOTES FNMA 06/16/04 1.040 50,000 DISC NOTES FNMA 06/16/04 1.040 50,000 DISC NOTES FNMA 06/16/04 1.040 50,000 DISC NOTES FNMA 06/16/04 1.040 50,000 DISC NOTES FNMA 06/16/04 1.040 50,000 DISC NOTES FNMA 06/16/04 1.040 50,000 06/30/03 REDEMPTIONS CD STNRD CD 1.270% 06/30/03 1.260 50,000 150 262,469.65 1.277 CD STNRD CD 1.270% 06/30/03 1.260 50,000 150 262,469.65 1.277 CD MONTREAL 1.250% 06/30/03 1.240 50,000 157 270,400.61 1.257 CD MONTREAL 1.250% 06/30/03 1.240 50,000 157 270,400.61 1.257 CD CHASE 1.240% 06/30/03 1.240 50,000 157 270,388.89 1.257 CD CHASE 1.240% 06/30/03 1.240 50,000 157 270,388.89 1.257 CD BARCLAYS 1.260% 06/30/03 1.260 50,000 160 280,000.00 1.277 CD BARCLAYS 1.260% 06/30/03 1.260 50,000 160 280,000.00 1.277 CD SVENSKA 1.280% 06/30/03 1.270 50,000 160 282,234.69 1.287 CD SVENSKA 1.280% 06/30/03 1.270 50,000 160 282,234.69 1.287 CD CIBC 1.280% 06/30/03 1.280 50,000 165 293,333.33 1.297 CD CIBC 1.280% 06/30/03 1.280 50,000 165 293,333.33 1.297 CD CHASE 1.280% 06/30/03 1.280 50000 165 293,333.33 1.297 CD CHASE 1.280% 06/30/03 1.280 50,000 165 293,333.33 1.297 CD SOC GEN 1.280% 06/30/03 1.280 50,000 165 293,333.33 1.297 CD SOC GEN 1.280% 06/30/03 1.280 50,000 165 293,333.33 1.297 CID JP MORGAN 06/30/03 1.240 50,000 152 261,777.78 1.263 CID JP MORGAN 06/30/03 1.240 50,000 152 261,777.78 1.263 CID JP MORGAN 06/30/03 1.260 50,000 158 276,500.00 1.284 CID JP MORGAN 06/30/03 1.260 50,000 158 276,500.00 1.284 CID JP MORGAN 06/30/03 1.270 50,000 160 282,222.22 1.294 CID JP MORGAN 06/30/03 1.270 50,000 160 282,222.22 1.294 CID AMER EX 06/30/03 1.260 50,000 165 288,750.00 1.284 CID AMER EX 06/30/03 1.260 50,000 165 288,750.00 1.284 CID JP MORGAN 06/30/03 1.280 50,000 166 295,111.11 1.305 CID JP MORGAN 06/30/03 1.280 50,000 166 295,111.11 1.305 CID JP MORGAN 06/30/03 1.280 50,000 166 295,111.11 1.305 CP JP MORGAN 06/30/03 1.280 50,000 166 295,111.11 1.305 DISC NOTES FNMA 06/30/03 1.220 17,500 132 78,283.33 1.242 DISC NOTES FNMA 06/30/03 1.230 35,000 132 157,850.00 1.252 DISC NOTES FNMA 06/30/03 1.230 50,000 132 225,500.00 1.252 DISC NOTES FNMA 06/30/03 1.230 50,000 132 225,500.00 1.252 DISC NOTES FNMA 06/30/03 1.230 50,000 132 225,500.00 1.252 DISC NOTES FNMA 06/30/03 1.230 50,000 132 225,500.00 1.252 DISC NOTES FHLMC 06/30/03 1.205 30,000 147 147,612.50 1.227 DISC NOTES FHLMC 06/30/03 1.205 50,000 147 246,020.83 1.227 DISC NOTES FHLMC 06/30/03 1.205 50,000 147 246,020.83 1.227 DISC NOTES FNMA 06/30/03 1.220 50,000 150 254,166.67 1.243 25 06/30/03 REDEMPTIONS (continued) DISC NOTES FNMA 06/30/03 1.220 50,000 150 254,166.67 1.243 DISC NOTES FNMA 06/30/03 1.220 50,000 151 255,861.11 1.243 DISC NOTES FNMA 06/30/03 1.205 22,456 152 114,836.23 1.227 DISC NOTES FHLMC 06/30/03 1.190 50,000 152 251,222.22 1.212 DISC NOTES FHLMC 06/30/03 1.190 50,000 152 251,222.22 1.212 DISC NOTES FNMA 06/30/03 1.200 50,000 152 253,333.33 1.222 DISC NOTES FNMA 06/30/03 1.200 50,000 152 253,333.33 1.222 DISC NOTES FNMA 06/30/03 1.205 50,000 152 254,388.89 1.227 06/30/03 PURCHASES CD W/F 1.030% 08/29/03 1.030 50,000 CD W/F 1.030% 08/29/03 1.030 50,000 CD W/F 1.030% 08/29/03 1.030 50,000 CD W/F 1.030% 08/29/03 1.030 50,000 CID CITICORP 08/05/03 1.040 50,000 CID CITICORP 08/05/03 1.040 50,000 CID HOUSEHOLD 08/05/03 1.030 50,000 CID HOUSEHOLD 08/05/03 1.030 50,000 CID PREFCO 08/05/03 1.070 50,000 CID CITIGLOBAL 08/29/03 1.020 50,000 CID CITIGLOBAL 08/29/03 1.020 50,000 CID CITIGLOBAL 08/29/03 1.020 50,000 CID CITIGLOBAL 08/29/03 1.020 50,000 CP FMCC 10/01/03 1.270 50,000 DISC NOTES FHLB 08/29/03 0.960 45,000 DISC NOTES FHLB 08/29/03 0.960 50,000 DISC NOTES FHLB 08/29/03 0.960 50,000 DISC NOTES FNMA 10/29/03 0.970 50,000 DISC NOTES FNMA 10/29/03 0.970 50,000 DISC NOTES FNMA 10/29/03 0.970 50,000 DISC NOTES FNMA 10/29/03 0.970 50,000 DISC NOTES FHLMC 11/26/03 0.970 25,000 DISC NOTES FHLMC 11/26/03 0.970 50,000 DISC NOTES FHLMC 11/26/03 0.970 50,000 DISC NOTES FNMA 12/10/03 0.970 40,790 DISC NOTES FNMA 12/10/03 0.970 50,000 DISC NOTES FNMA 12/10/03 0.970 50,000 REMIC FNMA 5.500% 03/25/32 4.314 13,586 REMIC FNMA 5.500% 03/25/32 4.314 50,000 REMIC FNMA 5.500% 03/25/32 4.314 50,000 REMIC FNMA 5.500% 03/25/32 4.314 50,000 REMIC FNMA 5.500% 03/25/32 4.314 50,000 REMIC FNMA 5.500% 03/25/32 4.314 50,000 26 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). 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. 9-/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 27 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT (a) DATE ALHAMBRA Bank of East Asia (USA) 01/14/03 1.290 3,095,000.00 07/16/03 Bank of East Asia (USA) 02/13/03 1.230 3,000,000.00 08/14/03 Bank of East Asia (USA) 05/13/03 1.180 6,000,000.00 11/19/03 Omni Bank 02/25/03 1.230 3,000,000.00 08/28/03 Omni Bank 03/07/03 1.220 3,000,000.00 09/05/03 Omni Bank 03/21/03 1.210 2,000,000.00 09/19/03 Omni Bank 04/23/03 1.250 2,000,000.00 10/23/03 Omni Bank 05/21/03 1.080 2,000,000.00 11/20/03 ARROYO GRANDE Mid -State Bank 01/16/03 1.290 5,000,000.00 07/17/03 Mid -State Bank 02/13/03 1.230 5,000,000.00 08/14/03 Mid -State Bank 03/12/03 1.100 5,000,000.00 09/12/03 Mid -State Bank 04/14/03 1.180 5,000,000.00 10/15/03 Mid -State Bank 05/13/03 1.180 5,000,000.00 11/19/03 Mid -State Bank 06/13/03 0.960 5,000,000.00 12/12/03 BEVERLY HILLS City National Bank 03/13/03 1.210 10,000,000.00 09/10/03 City National Bank 03/10/03 1.210 10,000,000.00 09/10/03 BREA Jackson Federal Bank 05/14/03 1.150 10,000,000.00 08/20/03 Pacific Western National Bank 02/05/03 1.240 4,000,000.00 08/08/03 CALABASAS First Bank of Beverly Hills FSB 02/06/03 1.250 10,000,000.00 08/07/03 First Bank of Beverly Hills FSB 03/03/03 1.250 10,000,000.00 09/04/03 First Bank of Beverly Hills FSB 06/20/03 0.950 10,000,000.00 12/17/03 CAMARILLO First California Bank 01/30/03 1.240 4,000,000.00 07/30/03 First California Bank 03/24/03 1.210 3,000,000.00 09/24/03 First California Bank 03/28/03 1.230 3,000,000.00 09/24/03 First California Bank 06/04/03 1.140 2,000,000.00 12/05/03 28 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT (a) DATE CAMERON PARK Western Sierra National Bank 01/16/03 1.280 7,000,000.00 07/16/03 Western Sierra National Bank 02/14/03 1.220 6,000,000.00 08/15/03 CHICO North State National Bank 01/24/03 1.210 5,000,000.00 07/25/03 North State National Bank 02/14/03 1.220 1,500,000.00 08/15/03 North State National Bank 03/12/03 1.080 1,000,000.00 09/12/03 Tri Counties Bank 06/19/03 0.940 20,000,000.00 09/17/03 CHULA VISTA North Island Federal Credit Union 03/26/03 1.240 5,000,000.00 09/26/03 CITY OF INDUSTRY EverTrust Bank 01/27/03 1.210 6,000,000.00 07/31/03 EverTrust Bank 06/12/03 0.980 6,000,000.00 12/11/03 DUBLIN Operating Engineers FCU 02/13/03 1.210 5,000,000.00 08/14/03 Operating Engineers FCU 04/08/03 1.130 5,000,000.00 10/08/03 Operating Engineers FCU 06/13/03 0.940 10,000,000.00 12/12/03 EL CENTRO Valley Independent Bank 12/19/02 1.330 20,000,000.00 07/08/03 Valley Independent Bank 05/21/03 1.110 32,500,000.00 07/17/03 Valley Independent Bank 06/25/03 0.890 20,000,000.00 09/17/03 EL SEGUNDO First Coastal Bank NA 04/25/03 1.230 2,000,000.00 07/24/03 First Coastal Bank NA 05/30/03 1.170 1,000,000.00 08/29/03 First Coastal Bank NA 02/26/03 1.260 1,000,000.00 08/29/03 Hawthorne Savings FSB 01/09/03 1.300 30,000,000.00 07/09/03 Hawthorne Savings FSB 01/06/03 1.300 30,000,000.00 07/09/03 Hawthorne Savings FSB 02/05/03 1.240 15,000,000.00 08/07/03 Hawthorne Savings FSB 03/24/03 1.200 50,000,000.00 09/24/03 Hawthorne Savings FSB 04/16/03 1.250 35,000,000.00 10/16/03 Hawthorne Savings FSB 05/14/03 1.180 25,000,000.00 11/20/03 Xerox Federal Credit Union 03/06/03 1.240 7,000,000.00 09/08/03 Xerox Federal Credit Union 05/16/03 1.150 20,000,000.00 11/20/03 29 NAME FAIRFIELD Westamerica .Bank FRESNO United Security Bank FULLERTON Fullerton Community Bank Fullerton Community Bank GLENDALE The California Credit Union Verdugo Banking Company Verdugo Banking Company GOLETA Pacific Capital Bank Pacific Capital Bank Pacific Capital Bank Pacific Capital Bank Pacific Capital Bank Pacific Capital Bank GRANADA HILLS First State Bank of California First State Bank of California IRVINE Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank LA JOLLA Silvergate Bank Silvergate Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT DATE 05/06/03 1.130 15,000,000.00 08/01/03 06/16/03 0.990 40,000,000.00 09/17/03 01/23/02 1.260 8,000,000.00 07/25/03 05/13/03 1.190 9,000,000.00 11/19/03 02/27/03 1.270 5,000,000.00 08/29/03 01/07/03 1.290 5,000,000.00 07/10/03 04/02/03 1.190 5,000,000.00 10/01/03 01/23/03 1.230 45,000,000.00 07/25/03 02/14/03 1.220 16,000,000.00 08/15/03 03/14/03 1.080 25,000,000.00 09/17/03 04/29/03 1.210 10,000,000.00 10/01 /03 04/02/03 1.170 20,000,000.00 10/01 /03 06/09/03 1.050 85,000,000.00 12/10/03 03/19/03 1.160 2,000,000.00 09/19/03 04/23/03 1.250 3,000,000.00 10/23/03 01/08/03 1.290 6,000,000.00 07/10/03 02/24/03 1.220 15,000,000.00 08/20/03 02/21/03 1.220 14,000,000.00 08/28/03 04/29/03 1.200 20,000,000.00 10/31/03 05/20/03 1.100 20,000,000.00 11/20/03 06/18/03 0.880 10,000,000.00 12/17/03 01 /31 /03 1.240 5,000, 000.00 08/06/03 03/12/03 1.120 5,000,000.00 09/12/03 30 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE LAKEPORT } Lake Community Bank 01/15/03 1.290 2,000,000.00 07/16/03 LODI Bank of Lodi 06/25/03 0.900 5,000,000.00 09/23/03 Farmers & Merchant Bk Cen CA 04/11 /03 1.180 10,000,000.00 10/10/03 LOS ANGELES Broadway Federal Bank 01/09/03 1.310 2,500,000.00 07/11/03 Broadway Federal Bank 03/11/03 1.170 3,000,000.00 09/11/03 California Center Bank 04/09/03 1.190 10,000,000.00 07/09/03 California Chohung Bank 01/16/03 1.270 1,000,000.00 07/17/03 California Chohung Bank 02/19/03 1.210 4,000,000.00 08/21/03 California Chohung Bank 03/07/03 1.200 5,000,000.00 09/05/03 California Chohung Bank 04/01/03 1.190 3,000,000.00 09/29/03 California Chohung Bank 04/14/03 1.160 3,300,000.00 10/15/03 Cathay Bank 05/29/03 1.130 17,000,000.00 08/27/03 Cathay Bank 06/12/03 1.020 30,000,000.00 09/11/03 Cathay Bank 03/24/03 1.200 19,000,000.00 09/24/03 Cathay Bank 04/07/03 1.140 19,000,000.00 10/08/03 Cathay Bank 05/13/03 1.180 15,000,000.00 11/19/03 Cedars Bank 02/19/03 1.230 2,000,000.00 08/21/03 Cedars Bank 06/12/03 1.020 4,500,000.00 09/11/03 Cedars Bank 04/03/03 1.150 5,000,000.00 10/03/03 Cedars Bank 04/22/03 1.240 4,000,000.00 10/22/03 Center Bank 06/20/03 0.930 20,000,000.00 09/18/03 Center Bank 06/25/03 0.870 20,000,000.00 09/18/03 Eastern International Bank 05/06/03 1.160 900,000.00 11/05/03 Eastern International Bank 06/12/03 0.980 1,000,000.00 12/11/03 Family Savings Bank 01/10/03 1.280 1,000,000.00 07/11/03 Hanmi Bank 04/18/03 1.230 25,000,000.00 07/18/03 Hanmi Bank 05/08/03 1.150 20,000,000.00 08/07/03 Hanmi Bank 06/05/03 1.160 25,000,000.00 09/05/03 Hanmi Bank 06/19/03 0.930 25,000,000.00 09/18/03 Manufacturers Bank 06/11/03 1.070 20,000,000.00 09/11/03 Mellon First Business Bank 04/10/03 1.200 50,000,000.00 07/10/03 Mellon First Business Bank 06/20/03 0.910 50,000,000.00 09/18/03 Nara Bank, NA 02/07/03 1.230 10,000,000.00 08/08/03 Nara Bank, NA 03/18/03 1.160 5,000,000.00 09/11/03 Nara Bank, NA 03/11/03 1.160 5,000,000.00 09/11/03 Nara Bank, NA 04/23/03 1.250 20,000,000.00 10/23/03 One United Bank 06/16/03 0.990 3,000,000.00 09/17/03 One United Bank 06/16/03 0.990 6,000,000.00 09/17/03 31 NAME LOS ANGELES (continued Pacific Union Bank Pacific Union Bank Preferred Bank Preferred Bank Sae Han Bank Western Federal Credit Union Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank Wilshire State Bank MERCED County Bank County Bank County Bank County Bank 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 TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT (a) DATE 01/07/03 1.290 10,000,000.00 07/10/03 03/06/03 1.240 20,000,000.00 09/04/03 02/07/03 1.240 4,000,000.00 08/08/03 06/20/03 0.940 31,000,000.00 09/19/03 05/22/03 1.090 6,000,000.00 08/22/03 04/23/03 1.230 30,000,000.00 10/23/03 04/09/03 1.190 3,000,000.00 07/10/03 07/12/02 2.060 4,000,000.00 07/10/03 02/05/03 1.240 4,000,000.00 08/07/03 02/24/03 1.230 4,000,000.00 08/27/03 03/19/03 1.160 8,000,000.00 09/19/03 04/23/03 1.250 4,000,000.00 10/23/03 05/13/03 1.180 2,000,000.00 11/14/03 05/06/03 1.180 4,000,000.00 11/14/03 06/19/03 0.940 2,000,000.00 12/17/03 05/29/03 1.130 5,000,000.00 12/17/03 01/16/03 1.300 5,000,000.00 07/17/03 02/24/03 1.240 5,000,000.00 08/27/03 04/14/03 1.190 5,000,000.00 10/15/03 06/11 /03 1.060 10,000,000.00 12/10/03 04/10/03 1.200 4,000,000.00 10/10/03 01/02/03 1.270 3,000,000.00 07/09/03 04/01/03 1.210 3,000,000.00 10/01/03 05/16/03 1.120 20,000,000.00 08/14/03 04/16/03 1.250 5,000,000.00 10/16/03 03/11/03 1.160 1,500,000.00 09/18/03 03/20/03 1.160 2,006,000.00 09/18/03 04/16/03 1.230 2,500,000.00 10/16/03 32 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE OAKLAND Metropolitian Bank 03/24/03 1.180 1,000,000.00 09/24/03 Metropolitian Bank 04/28/03 1.200 1,000,000.00 10/29/03 Metropolitian Bank 05/28/03 1.100 1,000,000.00 12/04/03 ONTARIO Citizens Business Bank 02/06/03 1.240 10,000,000.00 08/08/03 Citizens Business Bank 02/11/03 1.230 20,000,000.00 08/08/03 Citizens Business Bank 03/24/03 1.200 30,000,000.00 09/24/03 Citizens Business Bank 04/03/03 1.150 25,000,000.00 10/03/03 Citizens Business Bank 05/21/03 1.080 30,000,000.00 11/20/03 Citizens Business Bank 06/04/03 1.160 25,000,000.00 12/05/03 PALO ALTO Bank of Petaluma 02/19/03 1.230 3,600,000.00 08/20/03 Bank of Petaluma 03/10/03 1.210 12,000,000.00 09/10/03 Bank of Santa Clara 02/19/03 1.230 20,000,000.00 08/20/03 Bay Area Bank 01/15/03 1.300 5,000,000.00 07/16/03 Bay Area Bank 04/28/03 1.230 5,000,000.00 10/29/03 Bay Bank of Commerce 04/28/03 1.220 5,000,000.00 10/29/03 Coast Commercial Bank 01/15/03 1.290 5,000,000.00 07/16/03 Coast Commercial Bank 02/19/03 1.230 20,000,000.00 08/20/03 Cupertino National Bank 01/15/03 1.300 10,000,000.00 07/16/03 Cupertino National Bank 03/10/03 1.220 10,000,000.00 09/10/03 Cupertino National Bank 04/30/03 1.230 35,000,000.00 10/29/03 Cupertino National Bank 05/22/03 1.100 20,000,000.00 11/21/03 Golden Gate Bank 05/22/03 1.100 9,000,000.00 11/21/03 Mid -Peninsula Bank 02/19/03 1.230 5,000,000.00 08/20/03 Mid -Peninsula Bank 03/10/03 1.210 10,000,000.00 09/10/03 Mid -Peninsula Bank 04/28/03 1.220 35,000,000.00 10/29/03 Mt. Diablo National Bank 03/10/03 1.220 10,000,000.00 09/10/03 Peninsula Bank of Commerce 02/19/03 1.230 15,000,000.00 08/20/03 San Jose National Bank 05/22/03 1.090 20,000,000.00 11/21/03 PALOS VERDES ESTATES Malaga Bank 02/20/03 1.220 2,000,000.00 08/22/03 Malaga Bank 03/13/03 1.080 2,000,000.00 09/12/03 Malaga Bank 05/13/03 1.160 8,000,000.00 11/19/03 Malaga Bank 06/25/03 0.870 4,000,000.00 12/17/03 33 NAME 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 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 REDDING North Valley Bank REDWOOD CITY Provident Central Credit Union ROCKLIN Five Star Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT (S) DATE 01 /10/03 1.280 20,000,000.00 07/11 /03 06/19/03 0.930 10,000,000.00 09/17/03 04/15/03 1.220 15,000, 000.00 10/15/03 05/07/03 1.190 15,000,000.00 11 /06/03 06/19/03 0.940 10,000,000.00 12/17/03 05/13/03 1.190 10,000,000.00 11 /19/03 02/07/03 1.360 5,000,000.00 02/05/04 03/20/03 1.270 5,000,000.00 03/10/04 03/07/03 1.270 5,000,000.00 03/10/04 04/10/03 1.280 10,000,000.00 04/01/04 04/30/03 1.310 5,000,000.00 04/30/04 06/10/03 1.100 20,000,000.00 06/04/04 03/13/03 1.180 5,000,000.00 09/19/03 03/19/03 1.180 1,000,000.00 09/19/03 02/27/03 1.240 8,000,000.00 08/29/03 06/11/03 1.050 20,000,000.00 12/10/03 04/23/03 1.260 10, 000, 000.00 10/23/03 02/05/03 1.230 25,000,000.00 08/08/03 03/06/03 1.230 10,000,000.00 09/04/03 05/21 /03 1.070 25,000,000.00 11 /20/03 06/04/03 1.150 10, 000, 000.00 12/05/03 06/13/03 0.960 3,000,000.00 12/12/03 04/29/03 1.190 20,000,000.00 10/31/03 04/01/03 1.190 2,000,000.00 10/01/03 34 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT (a) DATE RICHMOND 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 Mechanics Bank 09/12/02 1.800 10,000,000.00 09/12/03 Mechanics Bank 10/15/02 1.580 10,000,000.00 10/15/03 Mechanics Bank 04/29/03 1.210 10,000,000.00 10/31/03 Mechanics Bank 11/07/02 1.510 10,000,000.00 11/07/03 Mechanics Bank 03/07/03 1.290 10,000,000.00 03/03/04 Mechanics Bank 04/01/03 1.320 10,000,000.00 04/01/04 Mechanics Bank 04/23/03 1.390 10,000,000.00 04/21/04 Mechanics Bank 06/12/03 1.090 10,000,000.00 06/09/04 RIVERSIDE Provident Savings Bank 03/27/03 1.220 25,000,000.00 09/25/03 SACRAMENTO American River Bank 01 /10/03 1.260 1,000,000.00 07/11 /03 American River Bank 01/14/03 1.270 1,500,000.00 07/31/03 American River Bank 02/26/03 1.220 2,000,000.00 08/29/03 American River Bank 03/27/03 1.200 2,000,000.00 09/25/03 American River Bank 04/09/03 1.186 1,500,000.00 10/09/03 American River Bank 06/25/03 0.870 1,000,000.00 12/19/03 Bank of Sacramento 02/11/03 1.240 1,500,000.00 08/13/03 Bank of Sacramento 03/19/03 1.170 2,000,000.00 09/19/03 Bank of Sacramento 05/29/03 1.140 2,000,000.00 12/03/03 Merchants National Bank 01/22/03 1.230 2,000,000.00 07/24/03 Merchants National Bank 04/15/03 1.200 2,000,000.00 10/15/03 River City Bank 01/08/03 1.320 2,000,000.00 07/10/03 River City Bank 01/27/03 1.240 3,000,000.00 07/31/03 River City Bank 02/25/03 1.230 2,000,000.00 08/28/03 U.S. Bank 01/08/03 1.310 100,000,000.00 07/10/03 U.S. Bank 01/31/03 1.230 25,000,000.00 08/06/03 U.S. Bank 02/06/03 1.230 50,000,000.00 08/13/03 U.S. Bank 02/19/03 1.230 25,000,000.00 08/21/03 U.S. Bank 02/19/03 1.230 25,000,000.00 08/21/03 Union Bank of California 04/18/03 1.230 150,000,000.00 07/18/03 Union Bank of California 05/07/03 1.170 150,000,000.00 08/07/03 Union Bank of California 06/19/03 0.930 150,000,000.00 09/17/03 35 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT (S) DATE SAN BERNARDINO Business Bank of California 01/14/03 1.300 8,000,000.00 07/16/03 Business Bank of California 05/06/03 1.160 10,000,000.00 08/06/03 Business Bank of California 03/18/03 1.170 12,000,000.00 09/18/03 SAN DIEGO First Future Credit Union 02/27/03 1.240 5,000,000.00 08/29/03 First Future Credit Union 05/29/03 1.130 5,000,000.00 12/03/03 First Future Credit Union 06/04/03 1.130 10,000,000.00 12/03/03 First Future Credit Union 06/16/03 0.940 3,000,000.00 12/17/03 First United Bank 01/17/03 1.290 2,000,000.00 07/18/03 First United Bank 02/14/03 1.250 1,000,000.00 08/15/03 Neighborhood National Bank 02/21/03 1.240 2,000,000.00 08/22/03 SAN FRANCISCO American California Bank 04/08/03 1.170 2,000,000.00 07/08/03 American California Bank 01/08/03 1.330 2,000,000.00 07/08/03 Bank of Canton California 08/30/02 1.920 20,000,000.00 08/28/03 Bank of the West 04/04/03 1.190 134,000,000.00 07/09/03 Bank of the West 01/23/03 1.230 25,000,000.00 07/30/03 Bank of the West 01/16/03 1.290 75,000,000.00 07/30/03 Bank of the West 01/22/03 1.250 76,500,000.00 07/30/03 Bank of the West 02/20/03 1.240 242,000,000.00 08/22/03 Bank of the West 06/20/03 0.930 82,000,000.00 12/17/03 Citibank (West) FSB 04/04/03 1.160 50,000,000.00 07/03/03 Citibank (West) FSB 04/14/03 1.190 100,000,000.00 07/03/03 Citibank (West) FSB 05/22/03 1.170 100,000,000.00 07/23/03 Oceanic Bank 09/12/02 1.800 4,000,000.00 09/12/03 Trans Pacific National Bank 02/05/03 1.240 1,000,000.00 08/07/03 Trans Pacific National Bank 03/25/03 1.230 1,000,000.00 09/25/03 Trans Pacific National Bank 06/25/03 0.900 1,000,000.00 12/23/03 United Commercial Bank 12/30/02 1.310 25,000,000.00 07/01/03 United Commercial Bank 01/10/03 1.280 30,000,000.00 07/11/03 United Commercial Bank 01/15/03 1.280 20,000,000.00 07/16/03 United Commercial Bank 01/27/03 1.230 40,000,000.00 07/31/03 United Commercial Bank 03/07/03 1.240 20,000,000.00 09/04/03 United Commercial Bank 02/28/03 1.240 30,000,000.00 09/04/03 United Commercial Bank 03/21/03 1.210 65,000,000.00 09/19/03 United Commercial Bank 04/08/03 1.150 40,000,000.00 10/08/03 United Commercial Bank 06/04/03 1.160 25,000,000.00 12/05/03 36 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT DATE SAN JOSE Comerica Bank of California 06/05/03 1.240 63,000,000.00 07/18/03 Comerica Bank of California 04/16/03 1.250 71,000,000.00 07/18/03 Comerica Bank of California 05/08/03 1.180 183,000,000.00 08/07/03 Heritage Bank of Commerce 02/14/03 1.240 2,000,000.00 08/15/03 Meriwest Credit Union 04/16/03 1.250 5,000,000.00 07/18/03 Meriwest Credit Union 05/06/03 1.180 5,000,000.00 08/06/03 Meriwest Credit Union 02/25/03 1.250 5,000,000.00 08/28/03 Meriwest Credit Union 06/19/03 0.960 5,000,000.00 09/18/03 San Jose National Bank 04/30/03 1.220 20,000,000.00 10/29/03 Santa Clara Co. Fed. C.U. 02/05/03 1.240 10,000,000.00 08/08/03 Santa Clara Co. Fed. C.U. 05/07/03 1.200 5,000,000.00 11/06/03 SAN LUIS OBISPO First Bank Of San Luis Obispo 05/14/03 1.160 6,000,000.00 08/14/03 First Bank Of San Luis Obispo 03/11/03 1.170 7,000,000.00 09/11/03 First Bank Of San Luis Obispo 03/26/03 1.230 5,000,000.00 09/26/03 First Bank Of San Luis Obispo 05/30/03 1.130 4,500,000.00 12/05/03 Mission Community Bank 03/04/03 1.240 1,000,000.00 09/04/03 Mission Community Bank 04/08/03 1.150 2,500,000.00 10/08/03 Mission Community Bank 06/12/03 1.070 1,000,000.00 12/11/03 San Luis Trust Bank 01/21/03 1.260 1,000,000.00 07/23/03 SAN MARINO East West Federal Bank 01/09/03 1.300 42,000,000.00 07/11/03 East West Federal Bank 02/07/03 1.230 35,000,000.00 08/08/03 East West Federal Bank 03/11/08 1.160 35,000,000.00 09/12/03 East West Federal Bank 05/15/03 1.170 38,000,000.00 11/20/03 SAN RAFAEL Westamerica Bank 04/17/03 1.210 25,000,000.00 07/10/03 Westamerica Bank 04/10/03 1.180 35,000,000.00 07/10/03 Westamerica Bank 04/24/03 1.200 50,000,000.00 07/23/03 Westamerica Bank 04/30/03 1.180 10,000,000.00 08/01/03 Westamerica Bank 04/28/03 1.180 40,000,000.00 08/01/03 SANTA MARIA Hacienda Bank 03/10/03 1.230 1,000,000.00 09/10/03 37 NAME SANTA ROSA National Bank of the Redwoods National Bank of the Redwoods National Bank of the Redwoods North Coast Bank North Coast Bank SONORA Central California Bank 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 Washington Mutual Bank Washington Mutual Bank Washington Mutual Bank TORRANCE China Trust Bank (USA) China Trust Bank (USA) China Trust Bank (USA) TRACY Service 1st Bank TUSTIN Sunwest Bank Sunwest Bank Sunwest Bank VACAVILLE Travis Credit Union TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT (S) DATE 01/22/03 1.230 10,000,000.00 07/24/03 02/11/03 1.210 5,000,000.00 08/13/03 04/29/03 1.190 5,000,000.00 10/31/03 03/21/03 1.220 1,250,000.00 09/19/03 06/19/03 0.950 1,250,000.00 12/16/03 03/26/03 1.230 5,000,000.00 09/26/03 01/07/03 1.300 1,000,000.00 07/10/03 04/09/03 1.210 1,000,000.00 10/09/03 01/23/03 1.260 15,000,000.00 07/25/03 02/14/03 1.250 15,000,000.00 08/15/03 03/06/03 1.250 15,000,000.00 09/05/03 04/15/03 1.230 10,000,000.00 10/15/03 05/07/03 1.200 15,000,000.00 11 /06/03 06/13/03 0.970 10,000,000.00 12/12/03 01/22/03 1.250 75,000,000.00 07/24/03 02/19/03 1.230 60,000,000.00 08/21/03 06/18/03 0.900 45,000,000.00 12/17/03 04/24/03 1.230 30,000,000.00 07/23/03 05/15/03 1.140 20,000,000.00 08/13/03 06/13/03 1.000 35,000,000.00 09/12/03 03/20/03 1.210 4,000,000.00 09/18/03 04/16/03 1.230 6,000,000.00 07/18/03 05/14/03 1.160 7,800,000.00 08/14/03 06/11 /03 1.080 1,000,000.00 09/11 /03 05/30/03 1.140 40,000,000.00 08/28/03 38 WATSONVILLE Monterey Bay Bank Monterey Bay Bank Monterey Bay Bank Monterey Bay Bank WHITTIER Quaker City Bank Quaker City Bank Quaker City Bank TOTAL TIME DEPOSITS APRIL 2003 TIME DEPOSITS DEPOSIT PAR DATE YIELD AMOUNT (a) MATURITY DATE 01/14/03 1.290 8,000,000.00 07/16/03 03/04/03 1.240 6,000,000.00 09/04/03 03/25/03 1.230 8,000,000.00 09/25/03 04/10/03 1.190 3,000,000.00 10/10/03 01/14/03 1.270 24,000,000.00 07/16/03 04/02/03 1.170 16,000,000.00 10/01 /03 06/04/03 1.140 25,000,000.00 12/05/03 5,575,095,000.00 39 BANK DEMAND DEPOSITS J U N E 2003 ($ in thousands) DAILY BALANCES DAY OF BALANCES WARRANTS MONTH PER BANKS OUTSTANDING 1 $ 1,009,100 2,673,494 2 2,216,688 2,094,193 3 1,293,600 1,885,040 4 761,974 2,415,254 5 839,912 2,609,784 6 936,014 2,789,538 7 936,014 2,789,538 8 936,014 2,789,538 9 693,485 2,170,663 10 791,491 1,948,126 11 677,085 1,621,009 12 943,714 1,821,427 13 944,832 1,858,439 14 944,832 1,858,439 15 944,832 1,858,439 16 1,447,130 1,730,972 17 805,482 1,803,936 18 4,659,552 2,228,896 19 1,358,721 3,086,983 20 1,481,077 3,362,614 21 1,481,077 3,362,614 22 1,481,077 3,362,614 23 1,195,528 2,621,683 24 1,138,125 2,151,739 25 926,876 1,803,883 26 1,853,403 1,886,423 27 2,221,865 2,032,717 28 2,221,865 2,032,717 29 2,221,865 2,032,717 30 1,577,067 1,432,111 AVERAGE DOLLAR DAYS $ 1,364,677 a/ The prescribed bank balance for June was $1,189,989. This consisted of $1,018,519 in compensating balances for services, balances for uncollected funds of $176,127 and a deduction of $4,657 for June delayed deposit credit. 40 DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on June 18, 2003, 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 associm actions, and for investment in securities and the type of such deposits and investments as follows: 1. In accordance with law, for deposit in demand bank accounts as Compensating Balance for Services No. 1648 $ 1,018,519,000 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) 6/16/03 6/20/03 $ 2,622,800,000 (2) 6/23/03 6/27/03 $ (2,344,300,000) (3) 6/30/03 7/4/03 $ (1,757,400,000) (4) 7/7/03 7/11/03 $ (114,300,000) (5) 7/14/03 7/18/03 $ (698,400,000) (6) 7/21/03 7/25/03 $ 94,200,000 (7) 7/28/03 8/1/03 $ (1,848,120,000) (8) 8/4/03 8/8/03 $ 1,344,820,000 (9) 8/11/03 8/15/03 $ 785,000,000 (10) 8/18/03 8/22/03 $ 460,800,000 Time Deposits in Various Financial Institutions In Securities (sections 16503a Estimated (section 16430)* and 16602)* Total $ 53,268,705,000 $ 5,550,095,000 $ 58,818,800,000 $ 50,924,405,000 $ 5,550,095,000 $ 56,474,500,000 $ 49,167,005,000 $ 5,550,095,000 $ 54,717,100,000 $ 49,052,705,000 $ 5,550,095,000 $ 54,602,800,000 $ 48,354,305,000 $ 5,550,095,000 $ 53,904,400,000 $ 48,448,505,000 $ 5,550,095,000 $ 53,998,600,000 $ 46,600,385,000 $ 5,550,095,000 $ 52,150,480,000 $ 47,945,205,000 $ 5,550,095,000 $ 53,495,300,000 $ 48,730,205,000 $ 5,550,095,000 $ 54,280,300,000 $ 49,191,005,000 $ 5,550,095,000 $ 54,741,100,000 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 $1,018,519,000. Dated: June 18, 2003 * Government Code POOLED MONEY INVESTMENT BOARD: Signatures on file at STO and SCO Chairperson Member Member INVESTMENT ADVISORY BOARD Correspondence & Written Material Item C: Meeting Date: September 10, 2003 ITEM TITLE: Increase in Board Compensation BACKGROUND: On August 19, 2003, the City Council appropriated funds to increase the Investment Policy Advisory Board monthly reimbursement from $50 to $75. The September reimbursement will reflect the increase. RECOMMENDATION: Informational item only. VdM.coner, F' ance Director INVESTMENT ADVISORY BOARD Meeting Date: September 10, 2003 ITEM TITLE: Request for Proposals for Banking Services Update BACKGROUND: Correspondence & Written Material Item D: Attached please find a Request for Proposal (RFP) for banking services and a mailing list. The City Council approved the Request for Proposal on August 5, 2003 and the RFP was distributed on September 2, 2003. During the last RFP process in 1999 the Board interviewed all of the banks that submitted RFP's, which totaled three (3). Staff anticipated bringing responses to the RFP to the Board at the November meeting and conduct interviews. At the meeting Staff is requesting that the Investment Advisory Board forward their recommendation to the City Council for their consideration at the first meeting in December. RECOMMENDATION: Informational item only. n M. Falconer inance Director City of La Quinta List of Contacts for Banking Services Request for Proposal FY 03/04 Janet.cook(a,pffb.com Jerry.rogers_(a-,uboc.com Mark.c.hewlettellsfar og_com Janice.l.coxabankofamerica.com mharner&acificwesternbank.com david.hu es(aefirstbank.com kb,joren@pdnb.com browna@vibank.com frank.martinez@wamu.net PFF Trust — La Quinta Union Bank — Government Services Wells Fargo Bank Government Services Bank of America Government Services Pacific Western Bank — La Quinta First Bank — La Quints Palm Desert National Bank — La Quinta Valley Independent Bank — La Quinta Washington Mutual — Indio Branch Mail to Jeannie Brander Branch Manager Downey Savings 78-435 Hwy 111 La Quinta, CA 92253 w, 0 September 2, 2003 REQUEST FOR PROPOSAL FOR BANKING SERVICES The City of La Quinta is seeking proposals for Banking Services for its bank accounts and the related cash management services. The enclosed Request for Proposal (RFP) outlines the scope of the engagement, information required, evaluation criteria, and other relevant information. If your Bank would like to be considered as a potential provider of Banking Services, please respond by no later than 12:00 p.m. (Noon) on October 31, 2003. Seven (7) copies of the proposal must be submitted. Any proposals received after the above date and time may be disqualified. All proposals must be sealed, marked "Banking Services Proposal," and submitted to the City at the following address: City of La Quinta, California 78-495 Calle Tampico P. O. Box 1504 La Quinta, CA 92253 Attention: John Falconer, Treasurer Phone: 760 777-7150 Fax: 760 777-7105 The Bank will be notified if they are required to meet with the City Treasurer and the Investment Advisory Board (IAB), a City Council appointed Board, to answer questions pertaining for the RFP. Questions relating to the RFP may be submitted in writing only (mailed or faxed to the attention of the Treasurer by 12:00 p.m. (Noon) before October 24, 2003. Sincerely, John M. Falconer Treasurer 1 _. �... 03 Table of Contents Description City of La Quinta Banking Services RFP Page No. INTRODUCTION................................................................. 3 RFP AND PROPOSAL SCHEDULE ...................................... 4 PROPOSAL PROCEDURES ............................................... 4 SELECTION CRITERIA ............................................... 4 BANKING SERVICES PROPOSAL CONTENT AND FORMAT 5 Tab A - Table of Contents 6 Tab B - Bank Profile 6 Tab C - References 6 Tab D - Demand Deposit Accounts 6 Tab E - Collateralization of Deposit 7 Tab F - Bank Compensation 7 Tab G - Deposit Activity 7 Tab H - Wire Transfers 8 Tab I - Account Reconcilement 8 Tab J - State Activity 9 Tab K - Overnight Sweep 9 Tab L - Payroll Tax Processing 10 Tab M - Direct Deposit of Payroll 10 Tab N - Credit Cards 10 Tab O - Balance Reporting 11 Tab P - Merchant Bankcard 11 Tab Q - Implementation Plan and Costs 11 Tab R - Service enhancements 12 Exhibits to Attach: Tab S - Banking Services Bid Form 13 Tab T - Standard Bank Fee Schedule for Government/Corporate Clients 13 Tab U - Sample Account Analysis Statement and users Guide 13 Tab V - Relevant Cash Management Agreements 13 Tab W - Bank Credit Ratings - Most Current Annual Report, Call Report 13 � I" ... C 4 City of La Quinta Banking Services RFP INTRODUCTION The City of La Quinta (City) is located in Riverside County with a population of approximately 30,000 residents. It was incorporated as a general law city under the provisions of the Government Code of the State of California and it became a Charter City in November 1996. The City operates under the Council -Manager form of city government. The City Currently has approximately 78 full-time and part-time employees. The City's primary banking relationship currently resides with Wells Fargo Bank and consists of general depository and cash management services. The City had previously banked with First Interstate Bank and converted to Wells Fargo through the acquisition of First Interstate Bank in 1996. The City utilizes PC Internet software for various on-line banking transactions. The City is in the process of reviewing its cash management and treasury operations and has determined that it is appropriate at this time to formally bid out its banking arrangements and seek proposals for various financial services based upon a mandatory 4 year bidding requirement. The City wishes to create efficiencies, make improvements where possible, and take advantage of new, applicable technologies. This RFP does not cover any other services, such as custody, investments, or bond trustee services. The intent of this RFP is to identify a financially secure federal or state chartered banking institution that can offer the highest quality of service at the lowest overall cost to the City of La Quinta with the establishment of a four (4) year contract estimated to commence January 1, 2004. The City requires fixed pricing for the four years of the contract. The City will make every effort to administer the proposal process in accordance with the terms and dates outlined in this RFP; however, the City reserves the right to modify the activities, timeline, or any other aspect of the process at any time and as deemed necessary by City staff. By requesting proposals, the City is in no way obligated to award a contract or pay the expenses of proposing banks in connection with the preparation or submission of a proposal. The awarding of a contract shall be contingent on the availability of funds and the requisite staff and Council approvals. The decision to award any contract to a particular financial institution will be based on many factors to include, but not limited to, products available, service levels, cost to the City, financial strength of bank, etc. No single factor will determine the final award decision. 3 City of La Quinta Banking Services RFP RFP AND PROPOSAL SCHEDULE The City intends to follow the schedule described below during the procurement process for Banking Services, but reserves the right to alter the schedule at any time. ACTIVITY Date of RFP Release of RFP Questions Due from Bank Proposal Due Date Bank Interviews Finalist Notified Commencement of Contract The City maintains the following bank accounts: General Account La. Quinta Housing Account PROPOSAL PROCEDURES DATE September 2, 2003 September 11, 2003 October 24, 2003 October 31, 2003 November 11, 2003 December 3, 2003 January 5, 2004 Proposal Format - A proposing bank must follow the instructions for preparing the proposal in the prescribed format. Section tabs (A through W) must be utilized in the proposal following the same order of the RFP. Each question should be repeated with the bank's response following. Any extraneous information or marketing materials should not be included. No Proposal - If a service requirement cannot be met by a proposer, then "No Proposal" should be indicated on the Bid Form and in the relevant section of the proposal. An alternative equivalent service may be offered. Right to Reject Proposals - The City reserves the right to reject any and all proposals, to waive any non -material irregularities or informalities in any proposal, and 'to accept or reject any item or combination of items. Execution of Agreement - If a banking institution is not able to execute an agreement within thirty (30) days after being notified of selection, the City reserves the right to select the next most qualified proposing bank or call for new proposals, whichever the City deems most appropriate. 4 City of La Quinta Banking Services RFP Incorporation of RFP / Proposal - The RFP and the bank's response, including all promises, warranties, commitments, and representations made in the successful proposal, will become binding contractual obligations and will be incorporated by reference in any agreement between the City and the bank. Authorized Signatories - Bank personnel signing the cover letter of the proposal or any other related forms submitted must be authorized signers with the requisite authority to represent their firm and to enter into binding contracts with clients. Validity of Proposals - Proposed services and related pricing and warranties contained in the proposal must be valid for a period of 120 days after the submission of the proposal. SELECTION CRITERIA The City will utilize the selection criteria listed below to evaluate proposals and to recommend the best -suited provider of banking services to City Staff and the City Council: • Location and convenience of bank offices. • Adherence to RFP instructions and content requirements. • Ability to meet required service levels. • Ability to offer product and service enhancements. • Credentials and strength of relationship management team. • Overall lowest cost to the City and ability to guarantee pricing for contract period. • Financial strength of Bank and ability to collateralize deposits. • Quality of references and experience with public agency clients. • Other factors in the City's best interest that are not delineated above. BANKING SERVICES PROPOSAL CONTENT AND FORMAT In order for the City to be able to adequately compare and evaluate proposals, all proposals must be submitted in accordance with the format detailed below. Cover Letter: (One page maximum) The letter should designate the proposing Bank, the business address of where the relationship will be housed, and be signed by authorized Bank officers. The letter should address the bank's willingness and commitment to provide the proposed services to the City and why the bank believes it should be selected. No pricing information should be included in this section. 5 C7 City of La Quinta Banking Services RFP Tab A - Table of Contents: (One page maximum.) Table of Contents should follow the RFP format. Tab B - Bank Profile: (Two page maximum.) Please respond to the following sections: Bank Overview - General overview of bank, identification of local branches or offices, and customer service philosophy. Experience Bank's direct experience in servicing public sector clients. Please include: the number of public agency clients, the dollar amount of public funds on deposit, the types of services offered, and . bank's knowledge of and adherence to the California Government Code. Relationship Management - Identify bank officers responsible for the City's accounts, what each person's role and responsibilities will be, and the relevant credentials and experience of each person on the relationship management team. Tab C -References: (Two pages maximum.) Please provide five (5) references that are of similar size and cope of service utilization as the City. Select both long-standing and recent customers, preferable public agencies. Contact Name: Title: Name of Customer: Address: Telephone Number: Fax Number: # of Yrs. As Customer: Services Utilized: Tab D - Demand Deposit Accounts: (One page maximum.) The City currently uses one demand deposit account, the General Account, for all deposit, check writing, and other activity. An ancillary account has been established for credit card activity to facilitate the payment of the related bills for the City Manager. Tab E - Collatera/ization of Deposits: (Three pages maximum including contract.) City of La Quinta Banking Services RFP Please detail the Bank's procedures for collateralizing public funds deposits. Tab F - Bank Compensation: (Two pages maximum.) The City may want to utilize an overnight Treasury Sweep. A peg balance of $50,000 would be maintained. The City is billed for any negative net difference between the Sweep earnings and the account service activity. 1. What is the bank's Earnings Credit Rate (ECR) based on, and how is it calculated each month? 2. List the bank's actual ECR for each of the past six months, from January through June 2003. 3. What account analysis settlement period will the bank offer the City? Please state monthly, quarterly, semi-annually, or annually. 4. For what period of time will the bank's pricing as indicated in this proposal and the Banking Services Bid Form be fixed? 5. Does the bank charge for FDIC or FICO premiums, and if so, how is the charge calculated? 6. Please detail which types of items and services can be applied against the City's account analysis in addition to standard bank services. Is there a mark- up? Tab G - Deposit Activity: (Two pages maximum.) The City currently uses an armored carrier service with daily (Monday through Friday) pick-ups at City Hall at 10:00 - 1 1:00 A.M. The deposits are delivered to the bank's Operations Center for same -day credit. Total monthly deposits consist of approximately 510 checks (unencoded) and $5,300 in currency. Deposited items should be automatically recleared once. Checks that are ultimately returned need to be forwarded to the City within three working days. The City requires the ability to make occasional branch deposits for emergencies. 1. Please provide a quote for armored carrier service. Can the cost of armored carrier be paid through account analysis? 2. Is a mark-up applied to the cost of the service if it is paid for through account analysis? If so, how much? A City of La Quinta Banking Services RFP 3. Please describe the bank's procedures for handling deposit adjustments. 4. Please describe the bank' s returned item handling and notification procedures in detail. 5. What is the cut-off time for deposits at the bank's local branch and at the bank's Operations Center to ensure same day credit? Tab H - Wire Transfers: (One page maximum.) The City currently transacts wire transfers the internet with backup or telephone, initiating approximately 10 wires and receiving 10 incoming wires a month. 1. Please describe the bank's wire transfer service capabilities and what specifically is recommended for the City's use and consideration. 2. What safeguards and security measures does the bank have in place to protect the City? Tab I - Account Reconcilement: (Two pages maximum.) The City currently issues approximately 500 Accounts Payable and Payroll checks from the General Account and is in the process of implementing an Account reconcilement service by January 2004. Checks are written and released weekly, with Accounts Payable and Payroll alternating every other week. The City would like to consider Full Account Reconcilement, Positive Pay, check truncation, on-line stop payments, and any other enhancements the bank recommends. 1. Please describe the bank's account reconcilement services and what is recommended for the City's consideration. 2. Does the bank offer Positive Pay for this size account? If so, please describe the service as it relates to the City's check volume and reconcilement needs. 3. Does the bank provide on-line check imaging so that the City could review its paid or exception items electronically? 4. Describe the bank's on-line stop payment service and how the City would access information about whether an item has been paid and how it would execute a stop payment. 8 10 City of La Quinta Banking Services RFP 5. Does the bank's check truncation service and how to receive copies of paid items. Tab J - State Activity: (One page maximum.) The City transacts State of California Local Agency Investment Fund (LAIF) transfers on a regular basis (approx. 5 total per month) and receives State warrants for deposit. 1. Is the bank an approved State of California depository? 2. What is the charge per transfer to LAIF? From LAIF? 3. What is the charge for the deposit of State Warrants in Sacramento? 4. Please describe the LAIF transfer process. Are the transfers done by telephone, terminal, fax, wire transfer, etc? 5. Does the bank have an office in Sacramento that maintains a direct DDA banking relationship with the State Treasurer's Office and the State Controller's Office? Tab K - Overnight Sweep: (Two pages maximum.) The City may want to consider using an automatic, overnight DDA Sweep with all collected funds in excess of a peg balance swept into an investment fund if interest rates increases. 1. Please describe the bank's DDA Sweep service. 2. Is the bank's Sweep an End -of -Day or Intra-Day Sweep? 3. What Sweep investments or funds are available for public funds clients? 4. Does the fund(s) meet the California Government Code for allowable investments? 5. What are the costs associated with Sweep (monthly maintenance, set-up charges, # of basis points spread, transaction fees)? 6. Is a peg balance required? If so, how much? What are the procedures for changing the peg? 9 City of La Quinta Banking Services RFP 7. How many of the bank's public agency clients use Sweep? Please cite three such clients. 8. Provide indicative rates on your Sweep product's fund(s) for the past six months. Tab L - Payroll Tax Processing: (One page maximum.) Please describe the bank's payroll tax withholding services and its related costs. The City requires the ability to report and pay state and federal tax withholdings automatically either by telephone or preferably by PC. Tab M - Direct Deposit of Payroll: (Two pages maximum.) Direct Deposit of Payroll is currently in place, with approximately 60 employees participating. The payroll files are sent to the bank by data transmission. 1 . Please describe the bank's ACH and Direct Deposit service as it relates to this specific application. 2. What are the different ACH file transmission options available to the City? What are the transmission deadlines for Direct Deposit ACH files? 3. Please detail the bank's back-up plans for data transmissions. The City requires immediate notification of any changes or problems and the ability to re - send a file. 4. Can payroll credits be sent to employees' savings accounts? 5. What special banking programs are available to employees who use Direct Deposit? Tab N - Credit Cards: (One page maximum.) The City currently has a credit card for the City Manager with a total credit limit of $15,000.00. 1. What fees are associated with credit cards? 2. How are any transactional and billing problems resolved, and what is the turnaround for problem resolution? 10 12 City of La Quinta Banking Services RFP 3. How can the billing process and the application of payments be facilitated to ensure that the card users do not encounter problems while traveling on City business? Tab O - Balance Reporting: (Four pages maximum including sample reports.) The City does currently accesses daily balance reporting information daily by PC through the internet. The City will require, at a minimum, prior day information for the General Account, to include summary fields of information as well as detail fields for checks paid and for each debit and credit transaction. 1 . Please describe the bank's on-line information reporting system. 2. How can reports be custom-tailored for the end -user? 3. Can the City obtain current day (intra day) information? If so, please describe the service. 4. What are the computer hardware and software specifications for the bank' s on- line system? 5. Please provide a sample of prior day and intra day reports that would be the best example of the system's capabilities. Include the reports in this section. Tab P - Merchant Bankcard: (Two pages maximum.) The City though not currently, but in the future may consider offering credit and debit card payment options for business licenses, permits, and Parks & Rec. 1. Please describe the bank's Merchant Bankcard and Point -of -Sale processing capabilities. 2. Please quote a discount rate (a general range is acceptable) and any other applicable charges for the credit card processing described above. 3. How frequently are the discount rate and other fees charged to the City? Can the discount rate and any fees be applied against account analysis? Tab Q - Implementation Plan and Costs: (Two pages maximum.) The City requires a smooth and low-cost transition to a new bank or to enhanced services with the existing bank. �- 13 City of La Quinta Banking Services RFP 1. Please describe the bank's plan to implement the proposed services and to ensure a smooth, error -free conversion. 2. Please detail all costs associated with the conversion of all of the new services. 3. What size conversion allowance will the bank provide the City? Please state a specific dollar amount. 4. Will the bank provide on -site training for City personnel for all of the services selected? 5. Describe in detail how the bank handles problems resolution, customer service, day-to-day contact, and ongoing maintenance for governmental clients. Please be specific about exactly whom the City will be calling and working with for the above described situations. Tab S - Service Enhancements: (Two pages maximum.) Based on the information provided in the RFP and the bank's knowledge of the public sector, please describe any services or technological enhancements, not previously mentioned, that should be considered for further improving the effectiveness of the City's treasury management operations. 12 14 City of La Quinta Banking Services RFP Exhibits for Banking Services Proposal Tab S - Banking Services Bid Form Tab T - Standard Bank Fee Schedule for Government/Corporate Clients Tab U - Sample Account Analysis Statement and User's Guide Tab V - Relevant Cash Management Agreements Tab W - Bank Credit Ratings Most current Annual Report Most recently available Call Report Most recently available Annual Call Report 13 15 Chyof.LaClulrftPro-Form;&Pdcing,Mawk. Service Est Monthly Volume Unit Cost Total Cost General Account Service Account Maintenance With Check Retum 2 Credits Posted 40 Armored Car Refer to RFP for Detail Depository Services Cash Deposited Night Dro $1- Monthly Total 1132 Vault Deposit Adjustment 1 Branch Checks Deposited On -Us 1 Branch Checks Deposited Local Clm s 2 Branch Checks Deposited Local Branch Checks Deposited Transit 1 Branch Checks Deposited All Other 1 Vault Checks Deposited On -Us 106 Vault Checks Deposited Local Clm s 237 Vault Checks Deposited Local 1 Vault Checks Deposited Transit 155 Vault Checks Deposited All Other 32 Foreign Item Deposited 1 Retumed Items 6 Retumed Items Spedal Instruction Maintenance Retumed Items Special Instruction Per Item Paper Disbursement Services Imaqe CD -Rom -Maintenance 1 Image CD -Rom -Per Item 44 Checks Paid Against Account 392 Paid Checks Retumed with Statement 392 Stop Payment -Phone 1 Online Stop Payment 1 Official Bank Check General ACH Services Electronic Credits Posted 8 Electronic Debits Posited 21 ACH Received Item 6 ACH Originated - Addenda Rec 4 Online ACH Base Fee 1 Online ACH Batch Release 4 Online ACH Same -Day Item 1 Online ACH One -Day Item 4 Online ACH Two -Day Item 190 Tax Payments Tax Payment Service-Mo. Maint 1 PC Tax Payment 2 Tax Payment Fax Receipt 2 Wires & Other Funds Tmsf Svcs Incoming Domestic Wire 5 Wire Template Storage 2 Online Outgoing Book Transfer 1 Online Outgoing Domestic Transfer 1 Manual Outgoing Wire - Domestic 1 Information Services Page 1of2 16 Service Est Month Volume Unit Cost Total Cost Previous Day Balance Report 2 Previous Day Detail Report 2 Previous Day Detail Per Item 450 Online Inquiry 1 Sweep Services Sweep Maintenance 1 Total Advity Charges Other Recommended Services Full Acct Recon-Maint 2 Full Acct Recon-In ut Per Item 392 Full Acct Recon-In ut Per Item Manual 1 Full Acct Recon-Per Transmission 20 Full Acct Recon-Opbonal Report 1 Full Acct Recon-Per Item Reconcilement 392 Positive Pa -Maint 2 Positive Pa -Excelion Report 2 Positive Pa -Excelion Item 1 Positive Pa -Excelion Retum Item 1 Positive Pay-Photocopy/image One Time Set Up Fees ACH Set -up -Per ID Full Acct Recon-Per Acct Imaae CD -Rom -Per Acct Tax Payment Service -Per Acct On-line Services Page 2of2 11 17 BOARD MEMBER ITEMS Iry MEMORANDUM TO: Chairman Lewis & Members of the Board FROM: John M. Falconer, Finance Director DATE: September 10, 2003 RE: Receipt of Second County Property Tax Settlement Based upon a review of the June Minutes and a review of my daily City cash report I can report the following: On Thursday May 29, 2003 we received of approximately $14million in check form from the County On Friday May 30, 2003 $4 million was wired to LAIF On Tuesday June 3, 2003 $9million in a 30 day T-Bill was purchased. On Thursday June 4,2003 $1,032,432.58 in warrants were released. Cc: Thomas P. Genovese, City Manager City of La Quinta Distribution of Cash & Investments & Balances May 31, 2003 & 2002 Distribution of Cash & Investments City Totals 2003 Change General Fund 30,368,550 28,120,219 2,248,331 Gas Tax Fund 366,357 375,062 (8,705) Quimby Fund 365,816 453,208 (87,392) Infrastructure Fund 4,064,132 2,769,055 1,295,077 Village Parking Fund 0 0 0 Special Revenue 11,222,414 8,586,582 2,635,832 Interest Fund 259,122 209,148 49,974 Capital Project Fund 124,870 (6,998) 131,868 AD 2000-1 Construction Fund 400,507 440,137 (39,630) AD 97-1 Construction Fund 0 0 0 Equipment Replacement Fund 2,336,832 2,460,499 (123,667) Information Technology Fund 719,925 539,106 180,819 Landscape & Lighting Fund 17,880 18,257 (377) Trust & Agency Funds 2,848,359 2,824 060 24,299 Subtotal $53,094,764 $46,788,335 $6,306,429 Redevelopment Agency Totals Project Area 1 Project Area 2 Capital Improvement Funds 38,922,060 1,434,353 40,356,413 39,211,383 1,145,030 Debt Service Funds 9,564,721 3,114,743 12,679,464 18,575,387 (5,895,923) Low & Moderate Income Funds 1 2,399,618 7,011,547 1 91411,165 8,680 989 730,176 Subtotal 50,886,399 1 11,560,643 1 $62,447,042 $66,467,759 ($4,020,717) ,Financing Authority Totals Project Funds 230,432 0 230,432 Debt Service Funds 11,378 7,905 3,473 Subtotal $241,810 $7,905 $233,905 Total $115,783,616 $113,263,999 $2,619,617