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2003 11 12 IABP.O. Box 1504 78-495 CALLE TAMPICO LA QUINTA, CALIFORNIA 92253 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 November 12, 2003 - 4:00 P.M. (Please note time change) 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 October 8. 2003 for the Investment Advisory Board. V BUSINESS SESSION A. RFP for Banking Services Interviews B. Transmittal of Treasury Report for September 2003 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - October 2003 B. Pooled Money Investment Board Reports - August 2003 VII BOARD MEMBER ITEMS A. Meeting with Financial Advisors B. LAIF Report - Board Member Deniel Vill ADJOURNMENT INVESTMENT ADVISORY BOARD Meeting Date: November 12, 2003 TITLE: RFP for Banking Services Interviews BACKGROUND: Business Session: A The following banks have submitted Request for Proposals: Union Bank 4:00 - 4:30 Wells Fargo 4:30 - 5:00 Valley Independent 5:00 - 5:30 Washington Mutual 5:30 - 6:00 PFF Bank and Trust 6:00 - 6:30 Bank of America 6:30 - 7:00 Times were selected based upon the order of submittal. Enclosed please find a binder from each bank containing their response to the Request for Proposal. RECOMMENDATION: Interview the banks submitting proposals and recommend a bank to the City Council for consideration at the December 2, 2003 City Council meeting. John M. Falconer, Finance Director INVESTMENT ADVISORY BOARD Business Session: B Meeting Date: November 12, 2003 ITEM TITLE: Transmittal of Treasury Report for September 30, 2003 BACKGROUND: Attached please find the Treasury Report for September 30, 2003. RECOMMENDATION: Review, Receive and File the Treasury Report for September 30, 2003. l� John M. Falconer, Finance Director 4 MEMORANDUM TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for September 30, 2003 DATE: October 28, 2003 Attached is the Treasurer's Report for the month ending September 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 Beoinning Purchased Notes Sold/Matured Other Ending Change Cash ($280,692) $164,927 (1) ($115,765) $164,927 LAIF $16,754,884 750,000 (400,000) 17,104,884 350,000 US Treasuries (2) $57,062,903 9,978,008 22,566 67,063,477 10,000,574 US Gov't Agencies (2) $27,390,175 24,929 27,415,104 24,929 Commercial Paper (2) $0 0 0 Mutual Funds $7,405,448 8,728,330 1 16,133,778 1 8,728,330 Total $108 332 718 $19 621 265 $400 000 $47,495 $127,601 478 $19 268 760 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. t o z9 Date Footnote (1) The amount reported represents the net increase (decrease) of deposits and withdrawals from the previous month. 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LDLL c C _ c C H 41 y7 7 0iS c• Q �p N m Xm a 'NZF W C t% �9 c Xt M as�p1� X co (L) c Z N f� U W I d w ti O IV I d' 000 P N ti o8tC '00 aLL J t� 0 0 N w N r N N 4 tG Lq M g � v co N O M � M r- V7 r- � m A E NCa 0 c c A cl co U > a0 cr J a co!/J U. dg�� @Q��QQp�+Qr NI"--- I is N M N N N N N N N N N N N N N nm yN�A ♦�� O�Of 0111�r��Ap `� N O 0 f f f N N ss va iilOiiiOE�iE058i �a �dl �(Il $7 EjOa�ggqq��4gggg)qqqq�(Q/l mtll�y� y gggg�tlai ap�gtlQ)pt�� a� aea�ppQ ae a` O�NOaOD� eaeaea�peoaE tM0 114: Ci MO t�O N M 000 M � •- O r' O r' N m C �C+ � c U � � m a. z 'a o o 6 W W W c c c U- aRORO IOR OD �thvth $� VIE cn V th Oo tc+)0) �- tp h a0 ti O M K) ag ae 0 oN0�No0 e,a�pRa �\�pp c $CO O O m Lo CD w a�p° a° e g M 03 O tp In t0 ui � a°v u7 CO LO a° a� tQi v �M, tc to m g,' 3*p CM �NMMtQj tC666 a�E}a'aea�pg� MNMNNj tG CD t0 to aRIcaAae�pN� cC tD tp tG 0 ae aE ae V7cON�� co tG to to C C C m ly0 U a. c 7ac� 0 6 o CO CO cc m W W ~ � m y y d 0 m C C i N u' CITY OF LA QUINTA CITY FIXED CITY LONG TERM RDA FIXED RDA LONG TERM FINANCING FA LONG TERM GRAND BALANCE SHEET 09/30/03 CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH 9715,372.11) 0.00 0.00 26,650,426.54 0.00 0.00 0.00 (493,411.35) 0.00 0.00 0.00 16,441,643.08 487,000.00 LQRP INVESTMENT IN POOLED CASH 0.00 0.00 0.00 0•00 487,000.00 0.00 0.00 0•00 0.00 0.00 -00 55,500 000.00 INVESTMENT T-BILL/NOTES & OTHER 55,500,000.00 0.00 0000 0.00 AUTO MALL CASH LQRP CASH 0.00 0.00 0.00 0.00 59,484.22 0.00 0.00 0.00 0.00 0.00 493,940.00 0.00 0.00 01,565.49 601,585.49 BOND REDEMPTION CASH 0.00 0.00 0.00 0.00 0.00 107,625.49 0.00 0.00 0.00 0.00 0.00 0.00 BOND RESERVE CASH 0.00 0.00 0.00 0.00 54,651.205.03 0.00 0.00 0.00 0.00 54,651,205.03 BOND PROJECT CASH BOND ESCROW CASH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,000.00 PETTY CASH CASH & INVESTMENT TOTAL 1 000.00 45,785,627.89 0.00 0.00 0.00 0.00 0.00 81,955,141.28 0.00 0.00 528.65 0.00 127,741,897.82 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 41,728.79 0.00 0.00 0.00 60,900.00 (78,639.97) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 102,628.79 (140,419.84) PREMIUM/DISCOUNT ON INVESTMENT PREMIUM/DISCOUNT (61.779.87) 0.00 0.00 0.00 56,983.34 0.00 0.00 0.00 0•00 56,983.34 LQRP ACCOUNTS RECEIVABLE 0.00 0.00 0.00 0•� 0 0.00 0.00 0•00 0.00 0.00 INTEREST RECEIVABLE 0.00 0.00 0.00 12,613,564.62 0.00 0.00 0.00 0.00 12,496,080.55 2,496,080.55 LOAN/NOTES RECEIVABLE DUE FROM OTHER AGENCIES 2,498,080.55 0.00 0.00 p pp p,pp 0.00 0.00 2,299,096.69 DUE FROM OTHER AGENCIES - CVAG 2,299,096.69 0.00 0.00 CVAG ALLOWANCE (2,299,096.69) 30,600.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 30,800.37 0.00 DUE FROM OTHER GOVERNMENTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 DUE FROM OTHER FUNDS 15,597,550.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,597,550.20 5.965.013.35 DUE FROM RDA INTEREST ADVANCE -DUE FROM RDA 5,985,013.35 0.00 0.00 0.00 0.00 0.00 0.00 4,868,135.48 ADVANCES TO OTHER FUNDS (126,374.00) 0.00 0.00 4,994,509.48 0.00 0.00 0.00 0.00 0.00 4,005.60 NSF CHECKS RECEIVABLE 4.005.60 21,55 5.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 21,555.79 306,249,652.60 ACCRUED REVENUE FIXED ASSETS 0.00 306,249,652.60 929.209.62 ACCUMULATED DEPRECIATION 929,209.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,925.00 TRAVEL ADVANCES 3,925.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17 515.36 EMPLOYEE ADVANCES PREPAID EXPENSES 17.515.36 0.00 0.00 0.00 17,647,311.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 348,816,000.83 RECEIVABLE TOTAL 24,919,030.76 306,249,652.60 0.00 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 0.00 75.00 998.21 UTILITY DEPOSITS UTILITY DEPOSITS 998.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 235 250.21 DEPOSITS TOTAL 235,250.21 0.00 0.00 0.00 0.00 0.00 0.00 52.094.306.00 0.00 U 0.00 52,094,306.00 GENERAL FIXED ASSETS 0000 ACCUMULATED DEPRECIATION 0•00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ILDEBT AMOUNT AVAILABLE TO RETIRE L/T 0.0 0 1,625,269.96 0.00 0.00 158.460,254.00 0.00 7,190,000.00 167.275,513.96 AMOUNT TO PROVIDED FOR L/T DEBT 0.00 0.00 1 625 59.98 0.00 52,094 305.00 158,460 .00 0.00 7190 000.00 219 369,819.96 TOTAL OTHER ASSETS 0.00 70,939,908 86 306,249 652 60 1 625.259 96 99 603 058.75 52,094, _158 480254 00 526.85 7.190.000.00, 696,162,968.82 TOTAL ASSETS LIABILITIES: ACCOUNTS PAYABLE 14.329.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,329.44 . 06 DUE TO OTHER AGENCIES 10,220.00 0.00 0.00 0.00 0.00 0.00 3,079,029.97 0.00 0.00 0.00 0.00 0.00 79,02 3.351,670.48 23,351,670.00 DUE TO OTHER FUNDS INTEREST ADVANCE -DUE TO CITY 4,994,507.48 0.00 0.00 18,357.163.00 0.00 0.00 0.00 0.00 0.00 0.00 0 00 0 ACCRUED EXPENSES INTEREST PAYABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 50 288.55 PAYROLL LIABILITIES 50,268.55 11,000.71 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,000 71 105,828.00 STRONG MOTION INSTRUMENTS FRINGE TOED LIZARD FEES 105,828.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 45.30 SUSPENSE DUE TO THE CITY OF LA QUINTA 45.30 0.00 0.00 0.00 0.00 0.00 0.00 21,436,192.97 0 00 0.00 0 00 0.00 0 00 0.00 0 00 0.00 0 00 26,622,399.51 PAYABLESTOTAL 5,188206.54 0.00 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 0.00 1,400.00 0.00 SO. COAST AIR QUALITY DEPOSITS 0.00 0.00 0.00 0.00 0.00 18,864.00 0.00 0.00 0.00 0.00 0.00 18,684.00 1,245,741.57 LQRP DEPOSITS DEVELOPER DEPOSITS 1,242,906.57 0.00 0.00 2,835.00 0.00 25,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 466,759.82 MISC. DEPOSITS 441,759.82 1,200,878.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,2878.12 00 2,933,443.51 AGENCY FUND DEPOSITS TOTAL DEPOSITS 2,886,944.51 0.00 0.00 46,499.00 0.00 0.00 DEFERRED REVENUE 2,496 080.55 0.00 0.00 10,495 978.58 0.00 10,495,978.56 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 0.00 684,668.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 46226080.37 684,688.59 DEVELOPER AGREEMENT 0.00 0.00 0.00 0.00 478,311.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 478,311.00 2,150,000.00 DUE TO THE CITY OF LA QUINTA DUE TO COUNTY OF RIVERSIDE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,150,000.00 7,365 254.00 0.00 0.00 7,385,250.00 DUE TO C.V. UNIFIED SCHOOL DIST. TO DESERT SANDS SCHOOL DIST. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 148 945,000.00 0 00 0.00 0 00 0 00 7190,000.00 158,135,000.00 DUE BONDS PAYABLE 0.00 0.00 0.00 0.00 0.00 1,625,259.98 0.00 0.00 158,460,254.00 0,00 7,190.000.00 96 TOTAL LONG TERM DEBT 0.00 10,569,231.60 0.00 1,625.259.96 31.978,670.53 0.00 158,460,254.00 0.00 7,190,000.00 209,823,418.09 209,823lufzf0,416.09 TOTAL LIABILITIES 60,370,677.26 306,249,652.60 0.00 67,624,388.22 52,094,306.00 0.00 528.65 0.00 486,339.552.73 EQUITY -FUND BALANCE 70 939 908.86 306,249,852.60 1 625 259.96 99 803 p58.75 52 094 308.00 158 480 254.00 528.65 7190 000.00 696162 968.82 0.CASH TOTAL LIABILITY &EQUITY 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 & INVESTMENT TOTAL 127,741,897.82 PREMIUMIDISCOUNT ON INVESTMENT TOTAL 127(140,419.84) all INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: November 12, 2003 TITLE: Month End Cash Report - October 2003 BACKGROUND: This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances), but would report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. M. Falconer, Finance Director w O w O O LL N CO O a :° L o to C O N �U d -Z M J LLl o w U2O O p N M Cj ^I- O �ONNti 1--0) . .�t M O O 04 O O 00 O~ O O f- (COLON �ON`� �t1. rn O� �tiN�MC6 O O 00 M O co ~ CO COO�c0000ovi1�O000(00ON LO} m 00 O V A't M u) co F- O) 0 O N O �N00��`�Cm O C4) N O O O (DtD(No N0000NM�� 00 00 O 00 0 OCA 00 00 M O 00 C) ((000000C) 00No�nN O ECA 06 CO 0CCAI�OCD000O L N O O O Cq 00 M p p ti 0 v M > OpD aOD 0 COO CN ti N 00 00 N CL N C COC c0 (O c0 M Ci M co Ci Q LL 0 p CA Mp M MO C) O 0 M co � cli ~ C N It � CC O CO CO M p O C? N Ci cmO M U g O O O {() CC o c o co coT N (c 1� O N O N N p U. N0 p MN D0 N 00 N tlJ Cep LO O co (O pf C ^ CD O (M N (^7 V) ^. ~ C) N N n r- 00 I- 0) M CA _ 4)M O ACDLLV00jDNCO CM CO O f- ((.C)2 Cl q (� 00 000 NO04(0V) C O N O CA O e- ..i _O O M C)vN M CO) C`) cc I- t0 M O N M 0) mD u CM Y co 0 N cc O CO) A e-Clf) C6 8 CO O C) t Cn Cn C) C)) C= R Q 0 toO N N =E(ia r-Z8 ;;o a�i 2 N Epp m N "O' N 0 N c .- N C m C m C= :r C[j a C� N N O N 0 0 � r. O E (0 ° C C C L C �>'y vo «. cc O h E E > M 2 5:E c N �mo� °U� �n �v �•� 4) aaaU=w v a ¢a v ¢ �+°rna° cS N > m 4) ° 0.2 ° w �¢coOzi'�¢) N 3 N o E O E wi 0 N Cl °p_ d CL C (C Op N C E N Z N N co co F— '2 O C N O H E O cm M m 'C N `L' O N ti C C O ai CO a -° a) CC 'O C Q04 O _O t) = CC N p N N N C C) LDL N N = w 7 L C_ Ln C;C QO ° N— Ct ti M O (D C V N O p C O N C .t. O CU cm 4)N CO C O 4) E O LL (D L C 7 N Q N d •O N O H CL O L O Cp EL <O r O N a� o t o N H+ O -E CL o a 0 N L Q C fA CM CM C1 0 y 0 O r- O M N �' y N w L C w N U �' L O m D N y0 d L m > H >, 0. Q C Cp U () _CD (a° tz O .. N c: N a ° C ar 42CL E CO C O N ca N .L > G 0. O D m O C N C 'C C E C3 ° E O M O O 0. O cm Cd 0 N 0 l6 M LL N 'O vi CL 0 a� a8 3 c'ycyUv 0) (� N C O N y 0 O x 4)C6 E C O p —'o C1N O _0 CD =L d "' °� 3 m o r4) t> `��°� ca LLI H cb P S to 5 � 2 FRB:Commercial Paper Rates and Outstandings Page 1 of 3 FederalReserve Release Commercial Paper Release I About I Outstandings I Historical discount rates I Historical outstandings ( Year End Data as of October 30, 2003 Commercial Paper Rates and Outstandings Derived from data supplied by The Depository Trust Company Posted October 31, 2003 Discount rates AA AA A2M Term financial nonfinancial nonfinancial 1-day 1.02 7-day 1.03 15-day 1.02 30-day 1.03 60-day 1.04 Fday =1-07 Yield curve Money market basis 1.00 1.02 1.00 1.02 1.02 1.05 1.09 1.09 1.10 1.19 1.25 1.25 Percent 1 7 15 30 60 00 Days to Maturity Finandal - - - Nonfinancial ••••• A2/P2 1.26 1.24 1.22 1.20 1.18 1.16 1.14 1.12 1.10 1.08 1.06 1.04 1.02 1.00 3 http://www.federalreserve.gov/Releases/CP/ 10/31 /2003 FRB:Commercial Paper Rates and Outstandings Page 2 of 3 Discount rate spread Thirty -day A2/P2 less AA nonfinancial commercial paper (daily) 01JAN99 01JAN00 01JAN01 01JAN02 01JAN03 = 2/ FI reoJ — -- A2/P2 spread. 5—day moving averacs Discount rate history Thirty -day commercial paper (daily) 01 JAN99 01 JANOD 01 JAN01 01 JAN02 01 JAN03 _ Financial — -- Nonfinoncial A2/P2 Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars Basis points 1150 140 130 120 110 1 OD 90 80 70 60 150 40 30 20 10 01JAN04 Percent 7 6 5 4 3 2 1 0 01JAN04 Billions of dollars http://www.federalreserve.gov/Releases/CP/ 10/31/2003 FRB:Commercial Paper Rates and Outstandings 1300 1. 1 1 900 41 JAN99 Financial — — — Nanfinandal Page 3 of 3 0 91 I 1 OD DIJAND4 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:Q3 Release I About I Outstandings I Historical discount rates I Historical outstandings Year End Home I Statistical releases Accessibilit l Contact Us Last update: October 31, 2003 5 hq://www.federalreserve.gov/Releases/CP/ 10/31 /2003 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --October 30, 2003 Pagel of 3 Federal Reserve Statistical Release H.15 Selected Interest Fates (Daily) Skim to Contetat Release Date: October 30, 2003 Weekly_ release dates and_ announcements I Historical._ data I About Daily update Other formats: Screen reader I ASCII The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday throug H.15 DAILY UPDATE: WEB RELEASE ONLY For immediate release SELECTED INTEREST RATES October 30, 2003 Yields in percent per annum 2003 2003 2003 2003 Oct Oct Oct Oct Instruments 27 28 29 30 Federal funds (effective) 1 2 3 1.03 0.98 0.97 Commercial paper 3 4 5 6 Nonfinancial 1-month 1.02 1.02 1.03 2-month 1.03 1.02 1.03 3-month 1.09 1.08 1.05 Financial 1-month 1.03 1.03 1.03 2-month 1.05 1.03 1.04 3-month 1.06 1.07 1.06 CDs (secondary market) 3 7 1-month 1.05 1.06 1.06 3-month 1.10 1.11 1.10 6-month 1.15 1.17 1.14 Eurodollar deposits (London) 3 8 1-month 1.05 1.05 1.04 3-month 1.09 1.10 1.10 6-month 1.14 1.15 1.13 Bank prime loan 2 3 9 4.00 4.00 4.00 Discount window primary credit 2 10 2.00 2.00 2.00 U.S. government securities Treasury bills (secondary market) 3 4 4-week 0.93 0.96 0.96 3-month 0.96 0.94 0.94 6-month 1.03 1.01 1.02 Treasury constant maturities 11 1-month 0.95 0.98 0.98 3-month 0.98 0.96 0.96 6-month 1.05 1.03 1.04 1-year 1.31 1.25 1.29 2-year 1.83 1.71 1.79 3-year 2.35 2.23 2.32 5-year 3.21 3.11 3.20 7-year 3.75 3.67 3.76 10-year 4.30 4.23 4.31 http://www.federalreserve.gov/Releases/H15/update/ 10/31 /2003 FRB: H. 1 5--Selected Interested Rates, Web -Only Daily Update --October 30, 2003 Page 2 of 3 20-year Treasury long-term average (25 years and above) 12 13 Interest rate swaps 14 1-year 2-year 3-year 4-year 5-year 7-year 10-year 30-year Corporate bonds Moody's seasoned Aaa 15 Baa State & local bonds 16 Conventional mortgages 17 See overleaf for footnotes FOOTNOTES 5.19 5.14 5.21 5.23 5.19 5.25 1.48 1.50 1.44 2.15 2.22 2.10 2.75 2.81 2.70 3.22 3.27 3.17 3.60 3.65 3.56 4.16 4.19 4.12 4.68 4.70 4.66 5.42 5.43 5.42 5.68 5.63 5.70 6.69 6.64 6.70 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/H15/update/ 10/31/2003 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --October 30, 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: October 30, 2003 kI I- nup://www.federalreserve.gov/Releases/H 15/update/ 10/31/2003 Phil Angelides, State Treasurer Inside the State Treasurers Office Local Agency Investment Fund (WAIF) PMIA Performance Report 10/16/2003 1.60 01.60 0212 10/17/2003 1.60 1.60 213 10/18/2003 1.60 1.60 213 10/19/2003 1.60 1.60 213 10/20/2003 1.60 1.60 212 10/21/2003 1.60 1.60 211 10/22/2003 1.60 1.60 211 10/23/2003 1.60 1.60 210 10/24/2003 1.60 1.60 210 10/25/2003 1.60 1.60 210 10/26/2003 1.60 1.60 210 10/27/2003 1.59 1.60 208 10/28/2003 1.58 1.60 205 10/29/2003 1.58 1.60 1 210 Corpoi Bono 4.11' Commensal Paper 18.97% 0- LAW Performance Report Quarter Ending 9/30/03 Apportionment Rate: 1.63% Earnings Ratio: .00004458093986476 Fair Value Factor: 1.001654256 PMIA Average Monthly Effective Yields July 2003 1.653% August 2003 1.632% September 2003 1.635% Pooled Money Investment Account Portfolio Composition $53.7 Billion 09/30/03 Loans Treasuries 12.63% 17.20% i ime Deposits CD's/BN's 10.60% 12.65% Aortgages 0.01 % Agencies 23.83% ■ Treasuries Mortgages M Agencies ■ CD's/BN's 0 Time Deposits ® Bankers Acceptances ■ Repo ■ Commercial Paper 0 Corporate Bonds E3Loans ■ Reverses 0 •c a w m r m m � MD � O m N r C N Z M cr M C N Nr- Iq OP, CIL � c cc** � � (D O CO 0 0 m foe pOL 0 m O o ~ �- M M {7 � C O m O O O O O O O O O 0) m M p N N ap M Lf)1!1 O a0 w �t¢¢ O N MM O v V-1 O N N O O r M ApQOf�A tA�� 44 O � m mfn pj O.OA pv �Na � M�ti L 9 U) E � r c F m a2 a�Q aka �� m a Md c CC01 itCM0 f C O E K C(0 1- Go �O0m0 00 j�p pipp cd Go'��tO00�ARj lA C w a Z Z LU 2 U O V V C z W> gig O HWO9 0 0-s�OZIw �(wj�DwZD02WCL 3 Q w UO��d ;Em w__ O OO=) d z 0 0 0(LM0a.w?� 10 INVESTMENT ADVISORY BOARD Meeting Date: November 12, 2003 TITLE: Pooled Money Investment Board Report for August 2003 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for August 2003 is included in the agenda packet. RECOMMENDATION: Receive & File inance Director Philip Angelides August 2003 STATE OF CALIFORNIA STATE TREASURER'S OFFICE AUGUST 2003 TABLE OF CONTENTS SUMMARY................................................................. 01 SELECTED INVESTMENT DATA .................................... 02 PORTFOLIO COMPOSITION ........................................ 03 INVESTMENT TRANSACTIONS ..................................... 04 TIME DEPOSITS........................................................ 16 =►12illr -ir- POOLED MONEY INVESTMENT BOARD DESIGNATION... 29 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF AUGUST 2003 WITH AUGUST 2002 (DOLLARS IN THOUSANDS) AUGUST 2003 AUGUST 2002 CHANGE Average Daily Portfolio $ 62,329,425 $ 46,660,742 $ +6,678,683 Accrued Earnings $ 72,327 $ 100,668-28,241 Effective Yield 1.632 2.594 -0.962 1 Average Life -Month End (In Days) 221 199 +22 Total Security Transactions Amount $ 17,732,213 $ 18,333,588 $ -601,375 Number 400 413 -13 Total Time Deposit Transactions Amount $ 2,750,100 $ 2,579,696 $ +170,405 Number 137 157 -20 Average Workday Investment Activity $ 975,348 $ 950,604 $ +24,744 Prescribed Demand Account Balances For Services $ 1,053,666 $ 600,897 $ +452,769 For Uncollected Funds $ 165,331 $ 150,001 $ +5,330 1 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) TYPE OF SECURITY Government Bills Bonds Notes Strips Total Government Federal Agency Coupons Certificates of Deposit Bank Notes Bankers' Acceptances Repurchases Federal Agency Discount Notes Time Deposits GNMAs Commercial Paper FHLMC Corporate Bonds Pooled Loans GF Loans Reversed Repurchases Total (All Types) INVESTMENT ACTIVITY Pooled Money Other Time Deposits Totals PMIA Monthly Average Effective Yield Year to Date Yield Last Day of Month August 31, 2003 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM AMOUNT PORTFOLIO PRIOR MONTH $ 1,393,854 0 8,091,514 0 $ 9,485,368 $ 4,652,580 6,230,032 299,990 0 0 7,425,669 5,728,595 551 8,527,533 4,555 2,183,278 5,485,109 1,798,600 -397,750 $ 51,424,110 AUGUST 2003 NUMBER AMOUNT 400 $ 17,732,213 15 99,815 137 2,750,100 552 $ 20,582,128 1.632 1.642 2 2.71 +0.02 0.00 0.00 15.73 -0.34 0.00 0.00 18.44 -0.32 9.05 12.11 0.58 0.00 0.00 14.44 11.14 0.00 16.58 0.01 4.25 10.67 3.50 -0.77 100.00 JULY 2003 -0.34 +0.01 +0.39 0.00 -0.33 -1.58 +0.11 0.00 -2.18 0.00 +0.01 +0.72 +3.50 -0.01 NUMBER AMOUNT 580 $ 25,739,019 16 904,341 139 3,722,190 735 $ 30,365,550 1.653 1.653 Corporat Bonds 4.25% Commercial Paper 16.58% Ti Pooled Money Investment Account Portfolio Composition $51.4 Billion Reverses Loans _0.77% Treasuries A 170/ 18.44% 11.14% CD's/BN's 12.69% 3 ortgages 0.01 % Agencies 23.49% 08/31 /03 Treasuries Mortgages Agencies El CD's/BN's ❑ Time Deposits o Bankers Acceptances ■ Repo Commercial Paper ■ Corporate Bonds ❑ Loans Reverses 08/01/03 REDEMPTIONS CP SRAC 08/01/03 1.520 $ 50,000 60 $ 126,666.67 1.545 CP FMCC 08/01/03 1.490 50,000 71 146,930.56 1.515 CP NCAT 08/01/03 1.230 35,000 95 113,604.17 1.251 CP NCAT 08/01/03 1.230 50,000 95 162,291.67 1.251 CP GECC 08/01/03 1.230 50,000 95 162,291.67 1.251 CP GECC 08/01/03 1.230 50,000 95 162,291.67 1.251 CP GECC 08/01/03 1.230 50,000 95 162,291.67 1.251 CP GECC 08/01/03 1.230 50,000 95 162,291.67 1.251 DISC NOTES FNMA 08/01/03 0.880 50,000 43 52,555.56 0.893 DISC NOTES FNMA 08/01/03 0.880 50,000 43 52,555.56 0.893 DISC NOTES FNMA 08/01/03 0.940 50,000 44 57,444.44 0.954 DISC NOTES FNMA 08/01/03 0.940 50,000 44 57,444.44 0.954 DISC NOTES FNMA 08/01/03 0.940 50,000 44 57,444.44 0.954 DISC NOTES FNMA 08/01/03 0.940 50,000 44 57,444.44 0.954 08/01/03 SALES c/ DISC NOTES FHLMC 12/05/03 1.070 23,972 1 695.47 1.084 DISC NOTES FNMA 10/06/03 1.070 50,000 1 1,452.44 1.084 FHLB 7.250% 05/13/05 1.070 45,000 1 1,456.09 1.084 FHLB 2.125% 05/15/06 1.070 50,000 1 1,448.78 1.084 08/01/03 PURCHASES CP FCAR 08/27/03 1.040 30,000 CP SRAC 10/14/03 1.290 50,000 CP SRAC 10/15/03 1.290 50,000 TREAS NOTES 2.000% 05/15/06 2.202 50,000 FNMA 5.250% 06/15/06 2.500 50,000 08/04/03 REDEMPTIONS CD SVENSKA 1.220% 08/04/03 1.210 50,000 62 104,196.24 1.226 CD SVENSKA 1.220% 08/04/03 1.210 50,000 62 104,196.24 1.226 CP GEN MILLS 08/04/03 1.030 50,000 46 65,805.56 1.045 08/04/03 PURCHASES BN WORLD 1.040% 11/26/03 1.060 50,000 BN WORLD 1.040% 11/26/03 1.060 50,000 BN WORLD 1.040% 11/26/03 1.060 50,000 BN WORLD 1.040% 11/26/03 1.060 50,000 CP FMCC 09/26/03 1.260 50,000 CP SPARC 11/03/03 1.080 25,000 CP GECC 11/03/03 1.090 50,000 CP GECC 11/03/03 1.090 50,000 CP HOUSEHOLD 12/02/03 1.080 50,000 CP HOUSEHOLD 12/02/03 1.080 50,000 CP HOUSEHOLD 12/08/03 1.080 25,000 CP HOUSEHOLD 12/08/03 1.080 50,000 4 08/04/03 PURCHASES (continued) FNMA 08/04/03 PURCHASES c/ DISC NOTES FHLMC FHLB FHLB FHLMC 08/06/03 REDEMPTIONS CP HOUSEHOLD CP HOUSEHOLD CP CITICORP CP CITICORP CP PREFCO CP FMCC CP GECC CP CAFCO CP CAFCO CP SRAC CP GMAC CP GMAC 08/06/03 SALES c/ DISC NOTES FHLMC FHLB FHLB FHLMC 08/05/03 PURCHASES CD WASHINGTON CD WASHINGTON CD WASHINGTON CP GMAC CP GMAC CP SRAC CP JP MORGAN CP JP MORGAN CP JP MORGAN 08/06/03 NO REDEMPTIONS 08/06/03 PURCHASES CD TORONTO CD TORONTO CD WASHINGTON 5.250% 06/15/06 2.705 50,000 12/05/03 1.040 31,876 7.250% 05/13/05 1.040 19,000 1.930% 04/10/06 1.040 26,000 6.750% 05/30/06 1.040 21,000 08/05/03 1.030 50,000 36 51,500.00 1.045 08/05/03 1.030 50,000 36 51,500.00 1.045 08/05/03 1.040 50,000 36 52,000.00 1.055 08/05/03 1.040 50,000 36 52,000.00 1.055 08/05/03 1.070 50,000 36 53,500.00 1.086 08/05/03 1.410 50,000 56 109,666.67 1.432 08/05/03 1.240 30,000 102 105,400.00 1.261 08/05/03 1.180 50,000 62 101,611.11 1.198 08/05/03 1.180 50,000 62 101,611.11 1.198 08/05/03 1.610 50,000 96 214,666.67 1.639 08/05/03 1.540 50,000 96 205,333.33 1.567 08/05/03 1.540 50,000 96 205,333.33 1.567 12/05/03 1.040 31,876 1 898.85 1.054 7.250% 05/13/05 1.040 19,000 1 596.27 1.054 1.930% 04/10/06 1.040 26,000 1 725.80 1.054 6.750% 05/30/06 1.040 21,000 1 667.97 1.054 1.090% 12/08/03 1.090 50,000 1.090% 12/08/03 1.090 50,000 1.090% 12/08/03 1.090 50,000 09/02/03 1.240 20,000 09/02/03 1.240 50,000 10/10/03 1.290 50,000 11/03/03 1.060 30,000 11/03/03 1.060 50,000 11/05/03 1.060 50,000 1.080% 12/29/03 1.080% 12/29/03 1.090% 12/29/03 5 1.075 50,000 1.075 50,000 1.100 50,000 08/06/03 PURCHASES (continued) CD WASHINGTON 1.090% 12/29/03 1.100 50,000 CD TORONTO 1.100% 01/09/04 1.100 50,000 CD TORONTO 1.100% 01/09/04 1.100 50,000 CID NCAT 08/07/03 0.920 10,000 CID NCAT 08/07/03 0.920 50,000 CID CITICORP 09/08/03 1.060 50,000 CID CITICORP 09/08/03 1.060 50,000 CID CITIGLOBAL 10/01/03 1.050 5,000 CID CITIGLOBAL 10/01/03 1.050 50,000 CID CITIGLOBAL 10/01/03 1.050 50,000 CID FCAR 01/09/04 1.100 36,000 08/07/03 REDEMPTIONS CID NCAT 08/07/03 0.920 10,000 1 255.56 0.932 CID NCAT 08/07/03 0.920 50,000 1 1,277.78 0.932 08/07/03 PURCHASES CID GECC 08/08/03 0.960 50,000 CID GECC 08/08/03 0.960 50,000 CID GECC 08/08/03 0.960 50,000 CID GECC 08/08/03 0.960 50,000 08/08/03 REDEMPTIONS CD STNRD CH 1.200% 08/08/03 1.200 50,000 93 155,000.00 1.216 CD STNRD CH 1.200% 08/08/03 1.200 50,000 93 155,000.00 1.216 CID GECC 08/08/03 0.960 50,000 1 1,333.33 0.973 CID GECC 08/08/03 0.960 50,000 1 1,333.33 0.973 CID GECC 08/08/03 0.960 50,000 1 1,333.33 0.973 CID GECC 08/08/03 0.960 50,000 1 1,333.33 0.973 CID GECC 08/08/03 1.200 50,000 65 108,333.33 1.219 CID GECC 08/08/03 1.200 50,000 65 108,333.33 1.219 CID GECC 08/08/03 1.200 50,000 65 108,333.33 1.219 CID GECC 08/08/03 1.200 50,000 65 108,333.33 1.219 08/08/03 PURCHASES CID GECC 01/09/04 1.080 50,000 CP GECC 01/09/04 1.080 50,000 CID GECC 01/09/04 1.080 50,000 CID GECC 01/09/04 1.080 50,000 CID FCAR 01/15/04 1.090 50,000 CID FCAR 01/15/04 1.090 50,000 DISC NOTES FNMA 01/09/04 1.070 50,000 DISC NOTES FNMA 01/09/04 1.070 50,000 08/11/03 REDEMPTIONS CP GECC 08/11/03 1.230 50,000 70 119,583.33 1.250 CP GECC 08/11/03 1.230 50,000 70 119,583.33 1.250 CP GECC 08/11/03 1.230 50,000 102 174,250.00 1.251 CP GECC 08/11/03 1.230 50,000 102 174,250.00 1.251 CP GECC 08/11/03 1.230 50,000 102 174,250.00 1.251 CP GECC 08/11/03 1.230 50,000 102 174,250.00 1.251 08/11/03 PURCHASES CD UBS 1.065% 01/09/04 1.060 50,000 CP COUNTRYWIDE 09/26/03 1.090 50,000 CP COUNTRYWIDE 09/26/03 1.090 50,000 CP COUNTRYWIDE 09/26/03 1.090 50,000 CP COUNTRYWIDE 09/26/03 1.090 50,000 CP COUNTRYWIDE 09/26/03 1.090 50,000 CP BEAR 11/24/03 1.050 50,000 CP BEAR 11/24/03 1.050 50,000 CP BEAR 11/24/03 1.050 50,000 CP BEAR 11/24/03 1.050 50,000 CP GECC 01/28/04 1.080 50,000 CP GECC 01/28/04 1.080 50,000 CP GECC 01/28/04 1.080 50,000 CP GECC 01/28/04 1.080 50,000 08/12/03 REDEMPTIONS DISC NOTES FHLMC 08/12/03 0.970 6,000 55 8,891.66 0.984 DISC NOTES FHLMC 08/12/03 0.970 50,000 55 74,097.20 0.984 DISC NOTES FHLMC 08/12/03 0.970 50,000 55 74,097.20 0.984 08/12/03 PURCHASES DISC NOTES FNMA 01/15/04 1.090 50,000 DISC NOTES FNMA 01/15/04 1.090 50,000 08/13/03 NO REDEMPTIONS 08/13/03 PURCHASES CP CITIGLOBAL 11/10/03 1.060 50,000 CP CITIGLOBAL 11/10/03 1.060 50,000 CP CITIGLOBAL 11/10/03 1.060 50,000 08/14/03 NO REDEMPTIONS 08/14/03 NO PURCHASES 08/15/03 RRS TREAS NOTES 2.000% 05/15/06 0.550 50,000 7 08/15/03 RRS (continued) TREAS NOTES 2.000% 05/15/06 0.550 50,000 TREAS NOTES 2.000% 05/15/06 0.550 50,000 TREAS NOTES 2.000% 05/15/06 0.550 50,000 08/15/03 REDEMPTIONS CD CS/FST BOSTON 1.045% 08/15/03 1.040 50,000 38 54,889.18 1.054 CD CS/FST BOSTON 1.045% 08/15/03 1.040 50,000 38 54,889.18 1.054 CD MONTREAL 1.030% 08/15/03 1.030 50,000 43 61,513.89 1.044 CD MONTREAL 1.030% 08/15/03 1.030 50,000 43 61,513.89 1.044 CD MONTREAL 1.030% 08/15/03 1.030 50,000 43 61,513.89 1.044 CD MONTREAL 1.030% 08/15/03 1.030 50,000 43 61,513.89 1.044 CP JP MORGAN 08/15/03 1.020 50,000 38 53,833.34 1.035 CP JP MORGAN 08/15/03 1.020 50,000 38 53,833.34 1.035 MTN W/F 4.250% 08/15/03 4.180 20,000 703 1,613,479.59 4.183 MTN W/F 4.250% 08/15/03 4.180 33,650 703 2,714,679.40 4.183 TREAS NOTES 5.750% 08/15/03 4.078 50,000 785 4,483,684.39 4.078 TREAS NOTES 5.750% 08/15/03 4.078 50,000 785 4,483,684.39 4.078 TREAS NOTES 5.750% 08/15/03 4.743 50,000 913 6,027,343.75 4.743 TREAS NOTES 5.750% 08/15/03 4.743 50,000 913 6,027,343.75 4.743 TREAS NOTES 5.750% 08/15/03 4.945 50,000 940 6,453,125.00 4.945 TREAS NOTES 5.750% 08/15/03 4.945 50,000 940 6,453,125.00 4.945 TREAS NOTES 5.750% 08/15/03 6.033 50,000 1058 8,710,937.50 6.033 TREAS NOTES 5.750% 08/15/03 6.033 50,000 1058 8,710,937.50 6.033 FHLB 4.125% 08/15/03 3.210 25,000 683 1,518,979.17 3.194 FHLB 4.125% 08/15/03 3.173 50,000 683 3,003,958.33 3.156 FHLB 4.125% 08/15/03 3.168 50,000 683 2,999,958.33 3.152 FHLB 4.125% 08/15/03 4.240 50,000 730 4,234,200.00 4.243 FHLB 4.125% 08/15/03 4.240 50,000 730 4,234,200.00 4.243 FHLB 4.125% 08/15/03 4.240 50,000 730 4,234,200.00 4.243 08/16/03 RRP TREAS NOTES 2.000% 05/15/06 0.250 50,000 43 (15,042.53) -0.253 TREAS NOTES 2.000% 05/15/06 0.250 50,000 43 (15,042.53) -0.253 TREAS NOTES 2.000% 05/15/06 0.250 50,000 43 (15,042.53) -0.253 TREAS NOTES 2.000% 05/15/06 0.250 50,000 43 (15,042.53) -0.253 TREAS NOTES 2.000% 05/15/06 0.250 50,000 38 (13,397.98) -0.253 TREAS NOTES 2.000% 05/15/06 0.250 50,000 38 (13,397.98) -0.253 TREAS NOTES 2.000% 05/15/06 0.250 50,000 38 (13,397.98) -0.253 TREAS NOTES 2.000% 05/15/06 0.250 50,000 38 (13,397.98) -0.253 08/16/03 PURCHASES CP HOUSEHOLD 08/18/03 1.280 50,000 CP HOUSEHOLD 08/18/03 1.280 50,000 CP GOLDMAN 08/28/03 1.150 10,000 CP GOLDMAN 08/28/03 1.150 50,000 CP GOLDMAN 08/28/03 1.150 50,000 CP GOLDMAN 08/28/03 1.150 50,000 8 08/16/03 PURCHASES (continued) CID GEN MILLS 10/15/03 1.120 36,440 CID GEN MILLS 10/15/03 1.120 50,000 TREAS NOTES 2.375% 08/15/06 2.500 50,000 08/16/03 PURCHASES Q/ DISC NOTES FNMA 09/15/03 1.020 50,000 DISC NOTES FNMA 09/15/03 1.020 50,000 DISC NOTES FNMA 09/15/03 1.020 50,000 DISC NOTES FNMA 09/15/03 1.020 50,000 08/18/03 REDEMPTIONS CID HOUSEHOLD 08/18/03 1.280 50,000 3 5,333.33 1.297 CID HOUSEHOLD 08/18/03 1.280 50,000 3 5,333.33 1.297 MTN FR GMAC 08/18/03 5.042 10,000 1543 1,815,668.39 4.325 08/18/03 PURCHASES CID MORG STAN 08/28/03 1.060 50,000 CID MORG STAN 08/28/03 1.060 50,000 CID MORG STAN 08/28/03 1.060 50,000 CID MORG STAN 08/28/03 1.060 50,000 CID FMCC 10/01/03 1.240 20,000 CID GMAC 11/24/03 1.300 30,000 CID GECC 12/02/03 1.080 10,000 CID GECC 12/02/03 1.080 50,000 DISC NOTES FHLMC 12/31/03 1.080 40,000 DISC NOTES FHLMC 12/31/03 1.080 50,000 08/19/03 RRS TREAS NOTES 2.000% 05/15/06 0.550 50,000 TREAS NOTES 2.000% 05/15/06 0.550 50,000 TREAS NOTES 2.000% 05/15/06 0.550 50,000 TREAS NOTES 2.000% 05/15/06 0.550 50,000 08/19/03 NO REDEMPTIONS CID GECC 02/09/04 1.130 50,000 CID GECC 02/09/04 1.130 50,000 CID GECC 02/10/04 1.130 50,000 CID GECC 02/10/03 1.130 50,000 08/19/03 PURCHASES g/ CD ANZ 1.050% 09/30/03 1.050 50,000 CD ANZ 1.050% 09/30/03 1.050 50,000 CD ANZ 1.050% 09/30/03 1.050 50,000 CD ANZ 1.050% 09/30/03 1.050 50,000 9 08/20/03 REDEMPTIONS CD DEXIA 1.240% 08/20/03 1.235 50,000 126 216,128.77 1.252 CD DEXIA 1.240% 08/20/03 1.235 50,000 126 216,128.77 1.252, CP BARTON 08/20/03 1.050 7,723 50 11,262.71 1.066 CP BARTON 08/20/03 1.050 50,000 50 72,916.67 1.066 CP KODAK 08/20/03 1.100 25,000 63 48,125.00 1.117 CP CAFCO 08/20/03 1.005 50,000 63 87,937.50 1.020 CP CAFCO 08/20/03 1.005 50,000 63 87,937.50 1.020 CP CAFCO 08/20/03 1.005 50,000 63 87,937.50 1.020 CP CAFCO 08/20/03 1.005 50,000 63 87,937.50 1.020 CP KODAK 08/20/03 1.100 50,000 65 99,305.56 1.117 CP KODAK 08/20/03 1.100 25,000 65 49,652.78 1.117 CP SPARC 08/20/03 1.040 30,000 68 58,933.33 1.056 CP FCAR 08/20/03 1.230 50,000 79 134,958.33 1.250 CP FCAR 08/20/03 1.230 50,000 79 134,958.33 1.250 CP GMAC 08/20/03 1.490 50,000 89 184,180.56 1.516 CP BRISTOL 08/20/03 1.240 25,000 120 103,333.33 1.262 CP BRISTOL 08/20/03 1.240 25,000 120 103,333,33 1.262 DISC NOTES FNMA 08/20/03 0.950 44,433 63 73,869.86 0.964 DISC NOTES FNMA 08/20/03 0.950 50,000 63 83,125.00 0.964 DISC NOTES FNMA 08/20/03 0.945 50,000 63 82,687.50 0.959 DISC NOTES FNMA 08/20/03 0.945 50,000 63 82,687.50 0.959 DISC NOTES FNMA 08/20/03 0.945 50,000 63 82,687.50 0.959 08/20/03 SALES TREAS 08/20/03 PURCHASES CD CD CP NOTES 2.375% 08/15/06 2.350 50,000 WASHINGTON 1.140% 01/20/04 1.140 50,000 WASHINGTON 1.140% 01/20/04 1.140 50,000 GMAC 01/28/04 1.330 50,000 08/21/03 NO REDEMPTIONS 08/21/03 PURCHASES CD TORONTO 1.110% 01/28/04 1.110 50,000 CD TORONTO 1.110% 01/28/04 1.110 50,000 CP GOLDMAN 08/27/03 1.000 50,000 CP GOLDMAN 08/27/03 1.000 50,000 CP GOLDMAN 08/27/03 1.000 50,000 CP GOLDMAN 08/27/03 1.000 50,000 CP JP MORGAN 01/28/04 1.100 10,000 CP JP MORGAN 01/28/04 1.100 50,000 CP JP MORGAN 01/28/04 1.100 50,000 DISC NOTES FHLMC 01/15/03 1.085 40,000 DISC NOTES FHLMC 01/15/03 1.085 50,000 08/22/03 NO REDEMPTIONS 10 5 230,978.26 33.937 08/22/03 PURCHASES TREAS NOTES 2.375% 08/15/06 2.450 50,000 TREAS NOTES 2.375% 08/15/06 2.550 50,000 08/26/03 NO REDEMPTIONS 08/25/03 PURCHASES CD WASHINGTON 1.110% 11/24/03 1.110 50,000 CD WASHINGTON 1.110% 11/24/03 1.110 50,000 CD WASHINGTON 1.110% 11/24/03 1.110 50,000 CID KODAK 09/04/03 1.550 50,000 CID KODAK 09/04/03 1.550 25,000 CID NCAT 01/28/04 1.100 50,000 CID NCAT 01/28/04 1.100 50,000 CID NCAT 01/28/04 1.100 50,000 CID NCAT 01/28/04 1.100 25,000 DISC NOTES FNMA 01/28/04 1.080 50,000 DISC NOTES FNMA 01/28/04 1.080 50,000 DISC NOTES FNMA 02/18/04 1.130 50,000 DISC NOTES FNMA 02/18/04 1.130 50,000 08/26/03 PURCHASES C/ FHLMC 5.500% 07/15/06 1.030 50,000 FHLMC 6.250% 07/15/04 1.030 25,000 FHLB 7.625% 05/15/07 1.030 17,000 FHLB 5.375% 02/15/06 1.030 17,000 FHLB 6.050% 05/27/08 1.030 15,020 FHLB 2.500% 11/15/05 1.030 14,000 FHLB 5.930% 08/19/08 1.030 10,000 FFCB 5.790% 06/23/08 1.030 10,000 FHLB 4.875% 05/14/04 1.030 10,000 FHLB 6.500% 11/15/05 1.030 8,000 FHLB 2.125% 05/15/06 1.030 8,000 FHLB 5.915% 08/25/08 1.030 5,450 08/26/03 REDEMPTIONS CID AMER EXP 08/26/03 1.020 50,000 60 85,000.00 1'035 CID AMER EXP 08/26/03 0.900 50,000 63 78,750.00 0.913 CID AMER EXP 08/26/03 0.900 50,000 63 78,750.00 0.913 DISC NOTES FHLB 08/26/03 0.940 50,000 49 63,972.22 0.954 DISC NOTES FHLB 08/26/03 0.940 50,000 49 63,972.22 0.954 08/26/03 PURCHASES CD NOVA SCOT 1.110% 02/27/04 1.110 50,000 CD NOVA SCOT 1.110% 02/27/04 1.110 50,000 CD SVENSKA 1.120% 02/27/04 1.120 50,000 CD SVENSKA 1.120% 02/27/04 1.120 50,000 11 08/26/03 PURCHASES (continued) CD FORTIS 1.130% 02/27/04 1.130 50,000 CD FORTIS 1.130% 02/27/04 1.130 50,000 DISC NOTES FHLB 01/28/04 1.090 46,700 DISC NOTES FNMA 01/28/04 1.080 30,000 DISC NOTES FNMA 01/28/04 1.080 50,000 MTN BANC ONE 6.500% 02/01/06 2.560 22,461 08/27/03 REDEMPTIONS CD S-E BANKEN 1.040% 08/27/03 1.030 50,000 36 51,500.51 1.044 CD S-E BANKEN 1.040% 08/27/03 1.030 50,000 36 51,500.51 1.044 CD BAYERHYPO 1.010% 08/27/03 1.010 50,000 70 98,194.44 1.024 CD BAYERHYPO 1.010% 08/27/03 1.010 50,000 70 98,194.44 1.024 CD BAYERHYPO 1.010% 08/27/03 1.010 50,000 70 98,194.44 1.024 CD BAYERHYPO 1.010% 08/27/03 1.010 50,000 70 98,194.44 1.024 CD BARCLAYS 1.240% 08/27/03 1.235 50,000 120 205,836.75 1.252 CD BARCLAYS 1.240% 08/27/03 1.235 50,000 120 205,836.75 1.252 CD WASHINGTON 1.240% 08/27/03 1.240 50,000 121 208,388.89 1.257 CD WASHINGTON 1.240% 08/27/03 1.240 50,000 121 208,388.89 1.257 CD NOVA SCOT 1.240% 08/27/03 1.240 50,000 128 220,444.44 1.257 CD NOVA SCOT 1.240% 08/27/03 1.240 50,000 128 220,444.44 1.257 CP GOLDMAN 08/27/03 1.000 50,000 6 8,333.33 1.014 CP GOLDMAN 08/27/03 1.000 50,000 6 8,333.33 1.014 CP GOLDMAN 08/27/03 1.000 50,000 6 8,333.33 1.014 CP GOLDMAN 08/27/03 1.000 50,000 6 8,333.33 1.014 CP FCAR 08/27/03 1.040 30,000 26 22,533.33 1.055 CP SPARC 08/27/03 1.070 25,000 28 20,805.56 1.085 CP ASCC 08/27/03 1.050 40,000 28 32,666.63 1.065 CP SPARC 08/27/03 1.070 50,000 28 41,611.11 1.085 CP ASCC 08/27/03 1.020 14,000 47 18,643.33 1.035 CP ASCC 08/27/03 1.020 50,000 47 66,583.33 1.035 CP ASCC 08/27/03 1.020 50,000 47 66,583.33 1.035 CP CITICORP 08/27/03 1.020 50,000 50 70,833.33 1.035 CP CITICORP 08/27/03 1.020 50,000 50 70,833.33 1.035 CP CITICORP 08/27/03 1.020 50,000 50 70,833.33 1.035 CP CITICORP 08/27/03 1.020 50,000 50 70,833.33 1.035 CP CITICORP 08/27/03 1.040 50,000 57 82,333.33 1.056 CP CITICORP 08/27/03 1.040 50,000 57 82,333.33 1.056 CP CITICORP 08/27/03 1.040 50,000 57 82,333.33 1.056 CP CITICORP 08/27/03 1.040 50,000 57 82,333.33 1.056 CP AMER EXP 08/27/03 1.020 50,000 61 86,416.67 1.035 CP HOUSEHOLD 08/27/03 0.920 50,000 65 83,055.56 0.934 CP FMCC 08/27/03 1.250 25,000 68 59,027.78 1.270 CP FMCC 08/27/03 1.250 50,000 68 118,055.56 1.270 CP GMAC 08/27/03 1.250 50,000 68 118,055.56 1.270 CP GMAC 08/27/03 1.250 50,000 68 118,055.56 1.270 CP MORG STAN 08/27/03 0.970 50,000 70 94,305.55 0.985 CP MORG STAN 08/27/03 0.970 50,000 70 94,305.55 0.985 CP FMCC 08/27/03 1.380 50,000 76 145,666.67 1.403 CP FMCC 08/27/03 1.380 50,000 76 145,666.67 1.403 12 08/27/03 REDEMPTIONS (continued) CP BRISTOL 08/27/03 1.240 25,000 127 109,361.11 1.262 DISC NOTES FNMA 08/27/03 0.880 50,000 69 84,333.33 0.893 DISC NOTES FNMA 08/27/03 0.880 50,000 69 84,333.33 0.893 DISC NOTES FNMA 08/27/03 0.880 50,000 69 84,333.33 0.893 DISC NOTES FNMA 08/27/03 0.880 50,000 69 84,333.33 0.893 DISC NOTES FNMA 08/27/03 0.950 47,000 70 86,819.44 0.964 DISC NOTES FNMA 08/27/03 0.950 50,000 70 92,361.11 0.964 DISC NOTES FNMA 08/27/03 0.950 50,000 70 92,361.11 0.964 DISC NOTES FNMA 08/27/03 0.950 50,000 70 92,361.11 0.964 DISC NOTES FNMA 08/27/03 0.955 50,000 70 92,847.22 0.970 DISC NOTES FNMA 08/27/03 0.955 50,000 70 92,847.22 0.970 DISC NOTES FNMA 08/27/03 0.960 50,000 70 93,333.33 0.975 DISC NOTES FNMA 08/27/03 0.960 50,000 70 93,333.33 0.975 DISC NOTES FNMA 08/27/03 0.960 50,000 70 93,333.33 0.975 DISC NOTES FNMA 08/27/03 0.960 50,000 70 93,333.33 0.975 DISC NOTES FNMA 08/27/03 0.960 50,000 70 93,333.33 0.975 DISC NOTES FNMA 08/27/03 0.940 50,000 71 92,694.44 0.954 DISC NOTES FNMA 08/27/03 0.940 50,000 71 92,694.44 0.954 08/27/03 SALES c/ FHLB 5.915% 08/25/08 1.030 5,450 2 333.55 1.044 FHLB 6.500% 11/15/05 1.030 8,000 2 496.75 1.044 FHLB 2.125% 05/15/06 1.030 8,000 2 444.04 1.044 FFCB 5.790% 06/23/08 1.030 10,000 2 613.88 1.044 FHLB 5.930% 08/19/08 1.030 10,000 2 613.19 1.044 FHLB 4.875% 05/14/04 1.030 10,000 2 582.35 1.044 FHLB 2.500% 11/15/05 1.030 14,000 2 792.76 1.044 FHLB 6.050% 05/27/08 1.030 15,020 2 936.61 1.044 FHLB 7.625% 05/15/07 1.030 17,000 2 1,117.49 1.044 FHLB 5.375% 02/15/06 1.030 17,000 2 1,019.81 1.044 FHLMC 6.250% 07/15/04 1.030 25,000 2 1,466.43 1.044 FHLMC 5.500% 07/15/06 1.030 50,000 2 3,027.57 1.044 08/27/03 PURCHASES SBA FR 1.300% 08/25/28 1.300 17,029 08/28/03 REDEMPTIONS CP MORG STAN 08/28/03 1.060 50,000 10 14,722.20 1.075 CP MORG STAN 08/28/03 1.060 50,000 10 14,722.20 1.075 CP MORG STAN 08/28/03 1.060 50,000 10 14,722.20 1.075 CP MORG STAN 08/28/03 1.060 50,000 10 14,722.20 1.075 CP GOLDMAN 08/28/03 1.150 10,000 13 4,152.78 1.166 CP GOLDMAN 08/28/03 1.150 50,000 13 20,763.89 1.166 CP GOLDMAN 08/28/03 1.150 50,000 13 20,763.89 1.166 CP GOLDMAN 08/28/03 1.150 50,000 13 20,763.89 1.166 13 08/28/03 PURCHASES CP GECC 08/29/03 1.050 50,000 CP GECC 08/29/03 1.050 50,000 CP GECC 08/29/03 1.050 30,000 MTN W/F 5.900% 05/21/06 2.790 20,285 08/29/03 REDEMPTIONS CD W/F 1.030% 08/29/03 1.030 50,000 60 85,833.33 1.044 CD W/F 1.030% 08/29/03 1.030 50,000 60 85,833.33 1.044 CD W/F 1.030% 08/29/03 1.030 50,000 60 85,833.33 1.044 CD W/F 1.030% 08/29/03 1.030 50,000 60 85,833.33 1.044 CP GECC 08/29/03 1.050 30,000 1 875.00 1.065 CP GECC 08/29/03 1.050 50,000 1 1,458.33 1.065 CP GECC 08/29/03 1.050 50,000 1 1,458.33 1.065 CP CITIGLOBAL 08/29/03 1.020 50,000 60 85,000.00 1.035 CP CITIGLOBAL 08/29/03 1.020 50,000 60 85,000.00 1.035 CP CITIGLOBAL 08/29/03 1.020 50,000 60 85,000.00 1.035 CP CITIGLOBAL 08/29/03 1.020 50,000 60 85,000.00 1.035 CP MORG STAN 08/29/03 0.970 50,000 72 97,000.00 0.985 CP MORG STAN 08/29/03 0.970 50,000 72 97,000.00 0.985 CP GECC 08/29/03 0.990 50,000 72 99,000.00 1.005 CP GECC 08/29/03 0.990 50,000 72 99,000.00 1.005 CP GECC 08/29/03 0.990 50,000 72 99,000.00 1.005 CP GECC 08/29/03 0.990 50,000 72 99,000.00 1.005 CP FMCC 08/29/03 1.380 50,000 78 149,500.00 1.403 CP CAMPBELL 08/29/03 1.280 25,000 121 107,555.56 1.303 DISC NOTES FHLB 08/29/03 0.960 45,000 60 72,000.00 0.974 DISC NOTES FHLB 08/29/03 0.960 50,000 60 80,000.00 0.974 DISC NOTES FHLB 08/29/03 0.960 50,000 60 80,000.00 0.974 DISC NOTES FHLMC 08/29/03 0.890 50,000 71 87,763.89 0.903 DISC NOTES FHLMC 08/29/03 0.955 50,000 72 95,500.00 0.970 DISC NOTES FHLMC 08/29/03 0.955 50,000. 72 95,500.00 0.970 DISC NOTES FHLMC 08/29/03 0.955 50,000 72 95,500.00 0.970 08/29/03 PURCHASES DISC NOTES FNMA 11/26/03 1.055 50,000 DISC NOTES FNMA 11/26/03 1.055 50,000 DISC NOTES FNMA 11/26/03 1.055 50,000 14 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. 91 Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. V Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 15 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE ALHAMBRA Bank of East Asia (USA) 05/13/03 1.180 6,000,000.00 11/19/03 Bank of East Asia (USA) 07/16/03 1.000 3,095,000.00 01/14/04 Bank of East Asia (USA) 08/14/03 1.090 3,000,000.00 02/11/04 Omni Bank 03/07/03 1.220 3,000,000.00 09/05/03 Omni Bank 03/21/03 1.210 2,000,000.00 09/19/03 Omni Bank 04/23/03 1.250 2,000,000.00 10/23/03 Omni Bank 05/21/03 1.080 2,000,000.00 11/20/03 Omni Bank 08/28/03 1.050 3,000,000.00 12/04/03 Omni Bank 08/20/03 1.090 2,000,000.00 02/19/04 ARROYO GRANDE Mid -State Bank 03/12/03 1.100 5,000,000.00 09/12/03 Mid -State Bank 04/14/03 1.180 5,000,000.00 10/15/03 Mid -State Bank 05/13/03 1.180 5,000,000.00 11/19/03 Mid -State Bank 06/13/03 0.960 5,000,000.00 12/12/03 Mid -State Bank 07/17/03 1.000 5,000,000.00 01/15/04 Mid -State Bank 08/14/03 1.090 5,000,000.00 02/11/04 BEVERLY HILLS City National Bank 03/13/03 1.210 10,000,000.00 09/10/03 City National Bank 03/10/03 1.210 10,000,000.00 09/10/03 BREA Jackson Federal Bank 08/20/03 1.000 10,000,000.00 11/20/03 Pacific Western National Bank 08/08/03 1.080 4,000,000.00 02/04/04 CALABASAS First Bank of Beverly Hills FSB 03/03/03 1.250 10,000,000.00 09/04/03 First Bank of Beverly Hills FSB 06/20/03 0.950 10,000,000.00 12/17/03 First Bank of Beverly Hills FSB 08/07/03 1.100 10,000,000.00 02/05/04 CAMARILLO First California Bank 03/24/03 1.210 3,000,000.00 09/24/03 First California Bank 03/28/03 1.230 3,000,000.00 09/24/03 First California Bank 06/04/03 1.140 2,000,000.00 12/05/03 First California Bank 07/30/03 1.060 4,000,000.00 01/28/04 16 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT {$) DATE CAMERON PARK Western Sierra National Bank 07/16/03 0.980 7,000,000.00 01 /14/04 Western Sierra National Bank 08/15/03 1.070 6,000,000.00 02/11/04 CHICO 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 06/12/03 0.980 6,000,000.00 12/11/03 EverTrust Bank 07/31/03 1.050 6,000,000.00 01/29/04 DUBLIN 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 Operating Engineers FCU 08/14/03 1.070 5,000,000.00 02/11/04 EL CENTRO Valley Independent Bank 06/25/03 0.890 20,000,000.00 09/17/03 Valley Independent Bank 07/17/03 0.970 32,500,000.00 09/19/03 Valley Independent Bank 07/08/03 0.960 20,000,000.00 09/23/03 EL SEGUNDO First Coastal Bank NA 07/24/03 0.970 2,000,000.00 10/22/03 First Coastal Bank NA 08/29/03 1.060 2,000,000.00 12/04/03 Hawthorne Savings FSB 03/24/03 1.200 50,000,000.00 09/24/03 Hawthorne Savings FSB 07/09/03 0.910 60,000,000.00 10/08/03 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 Hawthorne Savings FSB 08/07/03 1.090 15,000,000.00 02/05/04 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 17 NAME FAIRFIELD Westamerica Bank Westamerica Bank Westamerica Bank FRESNO , United Security Bank FULLERTON Fullerton Community Bank Fullerton Community Bank GLENDALE 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 Commercial Capital Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 07/10/03 0.930 60,000,000.00 10/10/03 07/23/03 0.930 50,000,000.00 10/22/03 08/01/03 0.980 65,000,000.00 10/30/03 06/16/03 0.990 40,000,000.00 09/17/03 05/13/03 1.190 9,000,000.00 11/19/03 07/25/03 1.020 8,000,000.00 01/23/04 07/10/03 0.920 5,000,000.00 10/01/03 04/02/03 1.190 5,000,000.00 10/01/03 03/14/03 1.080 25,000,000.00 09/17/03 04/29/03 1.210 10,000,000.00 10/01/03 04/02/03 1.170 20,000,000.00 10/01/03 06/09/03 1.050 85,000,000.00 12/10/03 08/15/03 1.070 16,000,000.00 02/13/04 07/25/03 0.990 45,000,000.00 02/13/04 03/19/03 1.160 2,000,000.00 09/19/03 04/23/03 1.250 3,000,000.00 10/23/03 04/29/03 1.200 20,000,000.00 10/31/03 05/20/03 1.100 20,000,000.00 11 /20/03 06/18/03 0.880 10,000,000.00 12/17/03 07/24/03 0.990 4,000,000.00 01 /08/04 07/10/03 0.990 6,000,000.00 01/08/04 08/20/03 1.070 15,000,000.00 02/19/04 08/28/03 1.090 14,000,000.00 02/26/04 18 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT {$) DATE LA JOLLA Silvergate Bank 03/12/03 1.120 5,000,000.00 09/12/03 LAKEPORT Lake Community Bank 07/16/04 1.000 2,000,000.00 01/14/04 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 03/11/03 1.170 3,000,000.00 09/11/03 Broadway Federal Bank 07/11/03 1.020 2,500,000.00 01/09/04 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 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 Cathay Bank 08/27/03 1.030 17,000,000.00 12/03/03 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 Cedars Bank 08/21/03 1.090 2,000,000.00 02/20/04 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 Center Bank 07/09/03 0.910 10,000,000.00 10/08/03 CHB America Bank 08/21/03 0.990 4,000,000.00 11/21/03 CHB America Bank 07/17/03 0.980 1,000,000.00 01/15/04 Eastern International Bank 05/06/03 1.160 900,000.00 11/05/03 Eastern International Bank 06/12/03 0.980 1,0001000.00 12/11/03 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 Hanmi Bank 07/18/03 0.950 25,000,000.00 10/17/03 Hanmi Bank 08/18/03 1.000 5,000,000.00 11/05/03 Hanmi Bank 08/07/03 1.000 20,000,000.00 11/05/03 Manufacturers Bank 06/11/03 1.070 20,000,000.00 09/11/03 19 NAME LOS ANGELES (continued TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE Mellon First Business Bank 06/20/03 0.910 50,000,000.00 09/18/03 Mellon First Business Bank 07/10/03 0.920 50,000,000.00 10/09/03 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 07/08/03 0.930 5,000,000.00 10/08/03 Nara Bank, NA 04/23/03 1.250 20,000,000.00 10/23/03 Nara Bank, NA 08/08/03 1.080 10,000,000.00 02/04/04 One United Bank 07/11/03 0.950 1,000,000.00 09/17/03 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 Pacific Union Bank 03/06/03 1.240 20,000,000.00 09/04/03 Pacific Union Bank 07/10/03 1.010 10,000,000.00 01/08/04 Preferred Bank 06/20/03 0.940 31,000,000.00 09/19/03 Preferred Bank 08/08/03 1.090 4,000,000.00 02/06/04 Sae Han Bank 08/22/03 1.000 6,000,000.00 11/21/03 State Bank of India (California) 07/11/03 0.970 3,000,000.00 10/01/03 Western Federal Credit Union 04/23/03 1.230 30,000,000.00 10/23/03 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 08/14/03 0.990 2,000,000.00 11/14/03 Wilshire State Bank 05/13/03 1.180 2,000,000.00 11/14/03 Wilshire State Bank 06/06/03 1.180 4,000,000.00 11/14/03 Wilshire State Bank 06/19/03 0.940 2,000,000.00 12/17/03 Wilshire State Bank 05/29/03 1.130 5,000,000.00 12/17/03 Wilshire State Bank 07/10/02 1.010 7,000,000.00 01/08/04 Wilshire State Bank 08/07/03 1.090 4,000,000.00 02/05/04 Wilshire State Bank 08/14/03 1.090 3,000,000.00 02/25/04 Wilshire State Bank 08/27/03 1.110 4,000,000.00 02/25/04 MERCED County Bank 04/14/03 1.190 5,000,000.00 10/15/03 County Bank 08/27/03 1.040 5,000,000.00 12/03/03 County Bank 06/11/03 1.060 10,000,000.00 12/10/03 County Bank 07/17/03 1.010 5,000,000.00 01/15/04 MODESTO Valley First Credit Union 04/10/03 1.200 4,000,000.00 10/10/03 MONTEREY PARK Trust Bank FSB 04/01/03 1.210 3,000,000.00 10/01/03 Trust Bank FSB 07/09/03 1.000 3,000,000.00 01/07/04 20 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE NORTH HIGHLANDS Safe Credit Union 04/16/03 1.250 5,000,000.00 10/16/03 Safe Credit Union 08/14/03 0.990 20,000,000.00 11/13/03 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 1.250 2,500,000.00 10/16/03 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 Metropolitian Bank 07/25/03 0.990 1,000,000.00 01/23/04 Metropolitian Bank 08/28/03 1.090 1,000,000.00 02/26/04 ONTARIO 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 Citizens Business Bank 08/08/03 1.080 30,000,000.00 02/06/04 PALO ALTO Bank of Petaluma 03/10/03 1.210 12,000,000.00 09/10/03 Bank of Petaluma 08/20/03 1.090 3,500,000.00 02/19/04 Bank of Santa Clara 08/20/03 1.100 20,000,000.00 02/19/04 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 07/16/03 1.010 5,000,000.00 01/14/04 Coast Commercial Bank 08/20/03 1.100 20,000,000.00 02/19/04 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 Cupertino National Bank 07/16/03 1.000 10,000,000.00 01 /14/04 Golden Gate Bank 05/22/03 1.100 9,000,000.00 11/21/03 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 Mid -Peninsula Bank 08/20/03 1.090 5,000,000.00 02/19/04 Mt. Diablo National Bank 03/10/03 1.220 10,000,000.00 09/10/03 21 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE PALO ALTO (continued) Peninsula Bank of Commerce 08/20/03 1.090 15,000,000.00 02/19/04 San Jose National Bank 05/22/03 1.090 20,000,000.00 11/21/03 PALOS VERDES ESTATES 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 Malaga Bank 08/22/03 1.060 2,000,000.00 02/20/04 PASADENA Community Bank 06/19/03 0.930 10,000,000.00 09/17/03 Community Bank 07/11/03 0.920 10,000,000.00 10/10/03 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 Community Bank 06/19/03 0.940 10,000,000.00 12/17/03 Community Bank 07/11/03 1.020 10,000,000.00 01/09/04 Wescom Credit Union 05/13/03 1.190 10,000,000.00 11/19/03 PLACERVILLE 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 El Dorado Savings Bank 06/10/03 1.100 20,000,000.00 06/04/04 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 06/11/03 1.050 20,000,000.00 12/10/03 PFF Bank and Trust 08/29/03 1.110 8,000,000.00 02/27/04 PORTERVILLE Bank of the Sierra 04/23/03 1.260 10,000,000.00 10/23/03 22 aT ;; 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 Five Star Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank RIVERSIDE Provident Savings Bank SACRAMENTO American River Bank American River Bank American River Bank American River Bank American River Bank American River Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 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 08/08/03 1.060 25,000,000.00 02/04/04 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 07/30/03 1.020 2,000,000.00 01/28/04 09/12/02 1.800 10,000,000.00 09/12/03 10/15/02 1.580 10,000,000.00 10/15/03 04/29/03 1.210 10,000,000.00 10/31 /03 11 /07/02 1.510 10,000,000.00 11 /07/03 03/07/03 1.290 10,000,000.00 03/03/04 04/01/03 1.320 10,000,000.00 04/01/04 04/23/03 1.390 10,000,000.00 04/21/04 06/12/03 1.090 10,000,000.00 06/09/04 07/09/03 1.110 10,000,000.00 07/08/04 08/08/03 1.370 10,000,000.00 08/04/04 03/27/03 1.220 25,000,000.00 09/25/03 03/27/03 1.200 2,000,000.00 09/25/03 04/09/03 1.180 1,500,000.00 10/09/03 06/25/03 0.870 1,000,000.00 12/19/03 07/11 /03 1.000 1,000,000.00 01 /09/04 07/31 /03 1.020 1,500,000.00 01 /29/04 08/29/03 1.090 2,000,000.00 02/27/04 23 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SACRAMENTO (continued 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 Bank of Sacramento 08/13/03 1.100 1,500,000.00 02/11 /04 Merchants National Bank 04/15/03 1.200 2,000,000.00 10/15/03 Merchants National Bank 07/24/03 0.990 2,000,000.00 01 /22/04 River City Bank 07/10/03 0.930 2,000,000.00 10/09/03 River City Bank 07/31/03 1.050 3,000,000.00 01/29/04 River City Bank 08/28/03 1.120 2,000,000.00 02/26/04 U.S. Bank 07/10/03 1.010 100,000,000.00 01/08/04 U.S. Bank 08/06/03 1.090 25,000,000.00 02/04/04 U.S. Bank 08/13/03 1.090 50,000,000.00 02/11/04 U.S. Bank 08/21/03 1.090 50,000,000.00 02/20/04 Union Bank of California 06/19/03 0.930 150,000,000.00 09/17/03 Union Bank of California 07/18/03 0.950 25,000,000.00 10/17/03 Union Bank of California 07/18/03 0.950 150,000,000.00 10/17/03 Union Bank of California 08/07/03 1.000 150,000,000.00 11/05/03 SAN BERNARDINO Business Bank of California 03/18/03 1.170 12,000,000.00 09/18/03 Business Bank of California 07/16/03 0.940 8,000,000.00 10/16/03 Business Bank of California 08/06/03 1.100 10,000,000.00 02/04/04 SAN DIEGO 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 Future Credit Union 08/29/03 1.110 5,000,000.00 02/27/04 First United Bank 07/18/03 0.960 2,000,000.00 10/17/03 First United Bank 08/15/03 1.100 1,000,000.00 02/13/04 Neighborhood National Bank 08/22/03 1.100 2,000,000.00 02/20/04 SAN FRANCISCO American California Bank 07/08/03 1.020 4,000,000.00 01/08/04 Bank of the West 07/09/03 0.910 134,000,000.00 10/08/03 Bank of the West 07/30/03 1.000 100,000,000.00 10/30/03 Bank of the West 08/22/03 1.000 242,000,000.00 11/21/03 Bank of the West 06/20/03 0.930 82,000,000.00 12/17/03 Bank of the West 07/30/03 1.040 76,500,000.00 01/28/04 Citibank (West) FSB 07/03/03 1.000 150,000,000.00 01/08/04 24 NAME SAN FRANCISCO (continued TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE Citibank (West) FSB 07/09/03 1.000 100,000,000.00 01/15/04 Citibank (West) FSB 07/23/03 1.020 100,000,000.00 01/22/04 Oceanic Bank 09/12/02 1.800 4,000,000.00 09/12/03 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 Trans Pacific National Bank 08/07/03 1.100 1,000,000.00 02/05/04 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 United Commercial Bank 07/01/03 1.000 25,000,000.00 01/08/04 United Commercial Bank 07/11/03 1.020 30,000,000.00 01/08/04 United Commercial Bank 07/16/03 1.000 20,000,000.00 01/14/04 United Commercial Bank 07/25/03 1.010 30,000,000.00 01/14/04 United Commercial Bank 07/31/03 1.010 40,000,000.00 01/28/04 United Commercial Bank 08/28/03 1.110 20,000,000.00 02/26/04 i~�--VjF1*w# Comerica Bank of California 08/07/03 0.950 183,000,000.00 09/18/03 Comerica Bank of California 07/18/03 0.960 134,000,000.00 09/23/03 Heritage Bank of Commerce 08/15/03 1.100 2,000,000.00 02/11/04 Meriwest Credit Union 06/19/03 0.960 5,000,000.00 09/18/03 Meriwest Credit Union 08/28/03 1.050 5,000,000.00 10/16/03 Meriwest Credit Union 07/18/03 0.980 5,000,000.00 10/17/03 Meriwest Credit Union 08/06/03 1.020 5,000,000.00 10/22/03 San Jose National Bank 04/30/03 1.220 20,000,000.00 10/29/03 Santa Clara Co. Fed. C.U. 05/07/03 1.200 5,000,000.00 11/06/03 Santa Clara Co. Fed. C.U. 08/08/03 1.100 10,000,000.00 02/06/04 SAN LUIS OBISPO 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 First Bank Of San Luis Obispo 08/14/03 1.100 6,000,000.00 02/11/04 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 07/23/03 0.930 1,000,000.00 10/22/03 41. TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT {$) DATE SAN MARINO 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 East West Federal Bank 07/11/03 1.020 42,000,000.00 01/09/04 East West Federal Bank 08/08/03 1.080 35,000,000.00 02/06/04 SANTA MARIA Hacienda Bank 03/10/03 1.230 1,000,000.00 09/10/03 SANTA ROSA National Bank of the Redwoods 08/13/03 1.090 5,000,000.00 02/11/04 National Bank of the Redwoods 04/29/03 1.190 5,000,000.00 10/31/03 National Bank of the Redwoods 07/24/03 1.010 10,000,000.00 01 /22/04 North Coast Bank 03/21/03 1.220 1,250,000.00 09/19/03 North Coast Bank 06/19/03 0.950 1,250,000.00 12/16/03 SONORA Central California Bank 03/26/03 1.230 5,000,000.00 09/26/03 STOCKTON Pacific State Bank 04/09/03 1.210 1,000,000.00 10/09/03 Pacific State Bank 07/10/03 1.010 1,000,000.00 01/08/04 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 Union Safe Deposit Bank 05/07/03 1.200 15,000,000.00 11/06/03 Union Safe Deposit Bank 06/13/03 0.970 10,000,000.00 12/12/03 Union Safe Deposit Bank 07/25/03 1.020 15,000,000.00 01/23/04 Union Safe Deposit Bank 08/15/03 1.100 15,000,000.00 02/13/04 Washington Mutual Bank 06/18/03 0.900 45,000,000.00 12/17/03 Washington Mutual Bank 07/24/03 1.020 75,000,000.00 01/22/04 Washington Mutual Bank 08/21/03 1.100 60,000,000.00 02/20/04 TORRANCE China Trust Bank (USA) 06/13/03 1.000 35,000,000.00 09/12/03 China Trust Bank (USA) 07/23/03 0.950 30,000,000.00 10/22/03 China Trust Bank (USA) 08/13/03 1.000 20,000,000.00 11/13/03 26 TIME DEPOSITS DEPOSIT NAME DATE TRACY Service 1st Bank 03/20/03 TUSTIN Sunwest Bank 06/11/03 Sunwest Bank 07/18/03 Sunwest Bank 08/14/03 VACAVILLE Travis Credit Union 08/28/03 WATSONVILLE Monterey Bay Bank 03/04/03 Monterey Bay Bank 03/25/03 Monterey Bay Bank 04/10/03 WHITTIER Quaker City Bank 04/02/03 Quaker City Bank 06/04/03 Quaker City Bank 07/16/03 TOTAL TIME DEPOSITS AUGUST 2003 27 PAR MATURITY YIELD AMOUNT ($) DATE 1.210 4,000,000.00 09/18/03 1.080 1,000,000.00 09/11/03 0.990 6,000,000.00 01/16/04 1.070 7,800,000.00 02/11/04 1.030 40,000,000.00 12/04/03 1.240 6,000,000.00 09/04/03 1.230 8,000,000.00 09/25/03 1.190 3,000,000.00 10/10/03 1.170 16, 000, 000.00 10/01 /03 1.140 25,000,000.00 12/05/03 0.980 24,000,000.00 01/14/04 5,728,595,000.00 BANK DEMAND DEPOSITS AUGUST 2003 ($ in thousands) DAILY BALANCES DAY OF BALANCES WARRANTS MONTH PER BANKS OUTSTANDING 1 $ 1,815,523 $2,112,171 2 1,815,523 $2,112,171 3 1,815,523 $2,112,171 4 1,205,975 $1,723,320 5 1,635,900 $2,063,830 6 621,619 $1,928,069 7 1,043,962 $1,887,224 8 1,214,297 $1,766,993 9 1,214,297 $1,766,993 10 1,214,297 $1,766,993 11 1,031,163 $1,843,565 12 1,070,232 $1,475,331 13 958,652 $1,374,579 14 1,115,149 $1,460,766 15 1,470,339 $2,011,658 16 1,470,339 $1,597,239 17 1,470,339 $1,597,239 18 1,170,597 $1,728,965 19 982,210 $1,772,936 20 1,299,731 $1,492,520 21 1,233,267 $1,652,024 22 1,180,832 $2,042,685 23 1,180,832 $2,042,685 24 1,180,832 $2,042,685 25 1,246,183 $1,933,236 26 1,127,587 $2,126,720 27 952,774 $2,080,961 28 1,271,865 $1,935,010 29 1,369,880 $2,279,552 30 1,369,880 $2,279,552 31 1,369,880 $2,284,229 aI AVERAGE DOLLAR DAYS $ 1,258,661 ai The prescribed bank balance for August was $1,208,997. This consisted of $1,053,666 in compensating balances for services, balances for uncollected funds of $176,170 and a deduction of $20,839 for August delayed deposit credit. 28 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 August 20, 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 associ- actions, and for investment in securities and the type of such deposits and investments as follows: 1. In accordance with law, for deposit in demand bank accounts as Compensating Balance for Services No. 1650 $ 1,053,666,000 The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From To Transactions ( 1) 8/18/2003 8/22/2003 $ 1,634,800,000 (2) 8/25/2003 8/29/2003 $ (2,201,800,000) (3) 9/1/2003 9/5/2003 $ (524,500,000) (4) 9/8/2003 9/12/2003 $ 931,200,000 (5) 9/15/2003 9/19/2003 $ 2,567,800,000 (6) 9/22/2003 9/26/2003 $ 430,800,000 (7) 9/29/2003 10/3/2003 $ 456,000,000 (8) 10/6/2003 10/10/2003 $ 402,300,000 (9) 10/13/2003 10/17/2003 $ 769,900,000 Time Deposits in Various Financial Institutions In Securities (sections 16503a Estimated (section 16430)* and 16602)* Total $ 47,217,205,000 $ 5,732,595,000 $ 52,949,800,000 $ 45,015,405,000 $ 5,732,595,000 $ 50,748,000,000 $ 44,490,905,000 $ 5,732,595,000 $ 50,223,500,000 $ 45,422,105,000 $ 5,732,595,000 $ 51,154,700,000 $ 47,989,905,000 $ 5,732,595,000 $ 53,722,500,000 $ 48,420,705,000 $ 5,732,595,000 $ 54,153,300,000 $ 48,876,705,000 $ 5,732,595,000 $ 54,609,300,000 $ 49,279,005,000 $ 5,732,595,000 $ 55,011,600,000 $ 50,048,905,000 $ 5,732,595,000 $ 55,781,500,000 From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in prime commercial paper under section 16430(e), Government Code. Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the amounts and for the same types of investments as specifically designated above. Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance of $ 1,053,666,000. Dated: August 20, 2003 * Government Code POOLED MONEY INVESTMENT BOARD: Signature on file at STO and SCO Chairperson Member Member BOARD MEMBER ITEMS A. Meeting with Financial Advisors At the October meeting, Staff was asked to bring this item back for discussion with the idea of interviewing advisors at the January and February Board meetings. B. LAW Report - Board Member Deniel Cristina Deniel 79-860 PECAN VALLEY, LA QUZNTA 92253 September 27, 2003 La Quinta, California To the members of the Financial Advisory Board Report on visit to Local Agency Investment Fund (LAIF) During the July City Council meeting, when I was interviewed for the position to the Investment Advisory Board, there was a concern expressed by some council members as to the prudence of investing city funds with LAIF, particularly, given the State of California present financial condition. When asked my opinion during the interview, my response was that while I did not believe the State could `confiscate' or `freeze' the funds; my concern was centered on the qualifications of the fund managers, the investment guidelines of the fund and what risk were they allowed to take with the assets in order to achieve the higher returns they were offering to investing agencies for short term investments. I would like to report that I am satisfied that the concerns I raised about the prudence of the investment in LAIF are not justified. A summary follows: • The investments are managed in a Pooled Money Investment Account [PMIA). • The Pooled Money Investment Account is made up of three component blocks: 1. Surplus Money (47%) — made up from the investments of over 1400 different state funds that are required by their by-laws to maintain their investments in the PMIA 2. The LAIF moneys, which are the investments by the local agencies, including the City of La Quinta. These funds constitute 38% of the PMIA. 3. General Fund moneys from the State's general fund account (15%). • The managers responsible for the PMIA are very aware of the liquidity requirements of each of the component blocks of the account. • LAIF deposits have increased from less than $10B in 1995 to more than $20B as of 6/30/03 thereby making the long term component of Surplus Money a smaller percentage of the total PMIA. • As the percentage of local authority moneys in the Pooled Money Account has increased, the average maturity of the investments has decreased from 560 days to 270 days. • As of June 30, 2003, 3008 agencies participated in the LAIF, including 471 cities and 54 counties. • The Pooled Money Investment Account is invested principally in Commercial Paper (25%) [this includes some A2P2 paper such as Sears or GMAC), U.S. Treasuries (18%), Discounted Notes (15%), Bank CD's (I I %), Time Deposits (10%) and other less liquid securities such as agency securities. • Of the investments in portfolio, 52% mature within 90 days or less, 83% within a year or less. Report on visit to Local Agency Investment Fund — cont. Reverse Repurchase Agreements represent less than 1 % of the assets. Since Repos and Reverse Repos represent leverage, I inquired what the maximum limit is, to which the PMIA could use this funding option. The limit is 10%; this is conservative. • Due to the decline in interest rates, the return of the PMIA has been declining steadily. For FY 2001/02 it was 3.45%; FY 2002/03 it was 2.15% and it is estimated that for FT 2003/04 it will be 1.6%. This is expected and further confirms that there is no undue risk being assume to increase returns. The return of the PMIA tracks the Fed Funds rate and the Money Market index almost perfectly, exceeding those indices do to the mix of credit quality by holding CD's and Commercial Paper and not arising from the use of derivatives to enhance yield. In my opinion, the overall performance and reliability of the PMIA has been consistent and reliable. The higher return is produced mainly by the ability to invest in lower quality securities such as short term corporate debt and CD's and is not due to the assumption of leverage. I do not find the investment strategy objectionable although there is some credit risk. Performance and reliability of the fund has remained constant through adverse conditions such as the 1987 stock market crash, the First Gulf War and the Orange County crisis. The fund has also maintained its performance when the legislature failed to deliver a timely state budget. Various legislation pronouncements have clearly designated that LAIF investments are non state moneys and can be withdrawn at any time by the investing agencies. The Treasurer has repeatedly asserted his obligation to protect all moneys on deposit in the fund and to safeguard all commingled funds in the PMIA as well as to act decisively on behalf of program participants. I am satisfied that the investment in LAIF as currently authorized by the City Council and managed by the Finance Director is prudent. Notwithstanding this, the Finance Director and this Board should remain vigilant and actively monitor and evaluate the program on an annual basis. Although the management of the PMIA appears experienced and competent, the Finance Director should also remain alert to retirements and other personnel changes. We did notice that several of the more experienced senior managers are approaching retirement. In addition, a major technology overhaul is needed in the back office. Their - manual ticket — voice confirmation — data entry — approach, although reliable, is paper and people intensive and prone to errors. But, given the State's current financial woes, I don't see a major technology improvement happening in the near future. I am available for any questions the Board may have. Cristina Deniel CPA CFA Aftk See the Disclosure Appendix for the Analyst citigroupi Certification and Other Disclosures US Interest Rate Product Focus October 29, 2003 US Fixed Income Strategy Charles Carre (212) 723-6031 charies.carre@dtigroup.com New York Michael Schumacher (212) 723.6031 michael.schumacher@citigoup.com New York Overview and Implications of the Current Legislative Initiatives Facing the US Agency Debt Market Summary points - Implementation of new a safety and soundness regulator for Fannie Mae and Freddie Mac will be on hold until well into 2004 at the earliest. - Any legislation would likely benefit senior debt holders and apply equally to Fannie Mae and Freddie Mac. Summary Given the size and importance of the GSEs in the debt markets, it is not surprising that investors become concerned when the fixed -income markets are buffeted by headlines regarding the GSEs. Over the past few months, the market has endured what might be broadly titled, "Agency Political Maelstrom, Part II." Investors know that part I occurred in 2000 when then -Treasury Undersecretary Gary Gensler testified in support of eliminating the housing GSEs' line of the credit at the Treasury. Part II has been similar in the duration and frequency of events impacting the market. However, an important difference between the two episodes has been the lack of broad -based cheapening of agency debt versus other asset classes in this second round. We attribute the resolute performance of agency debt to market participants' improved understanding of the political process, and an investor -friendly approach to legislation. Yet, in this round, the FHLB system, which had managed until recently to avoid the political spotlight, has generated its own attention -catching headlines. We review the events, timing, implications, and possible structure of legislation. Review of Agency Political Maelstrom, Part II If Undersecretary Gensler's testimony and the housing agencies' October 2000 agreement with Representative Richard Baker were the alpha and the omega of Part I, certainly the alpha of Part II was Freddie Mac's June 9, 2003, announcement of its change of management and further disclosure of the firm's early 2003 upward earnings restatement. Although most market participants are familiar with the major events leading to the "almost but not quite" legislation that moved rather swiftly in the House Financial Services Committee, we thought it would be useful to provide investors with a review of some Citigroup Global Markets events which motivated lawmakers. In 2002, Freddie Mac replaced its auditor Arthur Andersen with Price Waterhouse. The change of auditor and "new interpretation" of its financial statements prompted Freddie Mac to announce in January 2003 that it would restate its earnings for the years 2000 through 2002. It is noteworthy that Freddie Mac expects to report a significant increase in its 2000=2002 earnings. As a result of an investigation conducted by outside counsel, Freddie Mac's Board decided in June 2003 to remove its CEO and CFO, naming Greg Parseghian as the new CEO. However, after outside counsel's report was made public, Freddie Mac's board acceded to OFHEO's request to remove Mr. Parseghian as CEO.' The board also announced that its earnings restatement would be between $1.5 billion and $4.5 billion, and later announced that it would be $4.5 billion or higher. As of this writing, the timeline for Freddie Mac's financial restatement has been pushed to November 2003. Among the major differences between the events of 2000 and those of 2003 is that the FHLB provided its own headlines. Thus, the FHLB is now under the congressional microscope and has been lumped together with Fannie Mae and Freddie Mac in discussions over a new regulatory structure. First, the FHLB of New York's counterparty credit rating was downgraded to AA+ because of losses in its asset -backed securities portfolio. Separately, two other Home Loan banks (Atlanta and Pittsburgh) announced they would report losses in the third quarter of 2003 prompting a negative outlook for their AAA counterparty credit rating. Moreover, the Mortgage Partnership Finance program driven by the FHLB of Chicago, an operation that is similar to Fannie Mae and Freddie Mac's portfolio businesses, has drawn the attention of lawmakers. Credit Ratings Despite the recent travails of Freddie Mac and the FHLB, senior debt securities credit ratings have not changed. In fact, in the wake of the headlines from the GSEs, the credit rating agencies affirmed the senior debt ratings of all three housing agencies. FHLB debt securities are "consolidated obligations" and "the securities, issued pursuant to the (FHLB) Act, will be the joint and several unsecured obligations of the FHLB.s2 The phrase "joint and several" means that each of the 12 banks in the Home Loan system is responsible for every FHLB debt issue. The Office of Finance acts as agent, essentially a clearinghouse, for the 12 Federal Home Loan Banks. Even without the "joint and several" language, S&P states "The FHLB system has a public purpose, and even if all of the financials of the member banks deteriorated, Standard & Poor's probably wouldn't change the `AAA' rating of the debt issued by the Federal Home Loan Banks (the GSE)." Concerning Freddie Mac, both Moody's and Standard & Poor's have reaffirmed their triple-A senior debt, Aa2/AA- subordinated debt and Aa2/AA- "standalone" ratings for the company. However, Fitch, the smallest of the three rating agencies, downgraded Freddie Mac sub debt to AA- and put the rating on negative watch. The following comments highlight the rating agencies' evaluation of Freddie Mac: Moody's notes "Central to our ratings of Freddie Mac's securities are its US government charter and GSE status, as well as its firmly established leadership position in the vital US housing finance market, conservative credit and interest rate risk management practices and appetite, sound capital base, and liquid balance sheet." In addition, with respect to the non -accounting issues at Freddie Mac, "there have been no suggestions to date that Freddie Mac has mismanaged its interest rate or credit risk positions, or acted out - of -policy in those areas." Perhaps most important, Moody's states, "Our view is that Freddie Mac and the I As of this writing Freddie Mac plans to name a new CEO by the end of 2003. 2 Offering Circular, Federal Home Loan Bank System. 3 "Credit FAQ: Federal Home Loan Banks," Standard & Poor's, October 6, 2003. Citigroup Global Markets other large GSEs are too big and too important to fail. However, given Freddie Mac's many strengths, there is only the most remote chance of that happening." We believe that at the margin, the perceived strength of the housing agencies' debt will improve if Congress puts a stronger, well -funded safety and soundness regulator in place. Current Legislation Legislation had momentum, but has stalled. In the House of Representatives, Representative Richard Baker's H.R. 2575, was moving quickly through the legislative process but has yet to be put to a committee vote. It appears that legislation will not reach the floor until some time in 2004, at the soonest. Furthermore, although the permuta tions are endless, the only item that seems certain to be included in any bill is a provision to establish a stronger, better -funded safety and soundness regulator for Fannie Mae and Freddie Mac. Additionally, the regulator would be funded outside of the annual government appropriation process. At this point, it is still up in the air as to whether this new regulator will be housed within the Treasury Department, as several members of Congress are concerned about the political independence of such a regulator, particularly with respect to the implementation of capital standards. However, Treasury Secretary Snow has argued that making Treasury the housing GSE regulator but not giving it real power would not be productive. Therefore, many market participants expect that if the safety and soundness regulator is ultimately located within Treasury, it would be granted independence much like the Office of the Comptroller of the Currency (OCC). Although it is not a central issue to the debt markets per se, the issue of new product approval is the subject of much debate. Fannie Mae maintains, "If new legislation creates a bureaucratic process in which every new mortgage "product" or "activity" must be formally approved ... innovations to address tough housing problems will come to a screeching halt."' Assistant Treasury Secretary Wayne Abernathy created a stir when he suggested that the Treasury would be willing to consider eliminating the so-called credit lines if Congress wants to take on the issue. However, we think that there is virtually zero likelihood that Congress would even seriously debate this issue, much less include it in legislation. In Secretary Snow's September Testimony to the House Financial Services committee, he recommended placing the FHLB under the same safety and soundness regulator as Fannie Mae and Freddie Mac. However, including the FHLB in the new regulatory scheme appears to be much less important to the Administration than creating a new safety and soundness regulator for Fannie Mae and Freddie Mac. Our View If a new regulatory bill passes, we expect that it will not include provisions that weaken the credit ratings of senior debt securities. A strong regulator presumably would lead to improved information disclosure by Fannie Mae and Freddie Mac (although they already divulge far more information than most financial institutions), thereby increasing investor confidence in the strength and credit quality of their debt securities. The credit rating agencies consistently cite the housing agencies role in a key sector of the US economy when they discuss agency debt creditworthiness. Congress can ill afford to implement changes to the agencies' charter or regulatory structure if they would weaken the housing finance system. In addition, any meaningful change in regulation or capital requirements almost certainly would affect Freddie Mac and Fannie Mae equally. Therefore, once Freddie Mac's earnings restatement is complete, we see no structural reason to prefer either Fannie Mae or Freddie Mac's debt above the other. 4 Review ojFreddie Mac's Rating Rationale, Moody's Investors Service, June 2003. 5 Fannie Mae Chief Executive Franklin Raines at a Senate Banking Committee hearing U4D&J X=16,=. Citigroup Global Markets Disclosure Appendix ANALYST CERTIFICATION I, Charles Came, and I, Mike Schumacher hereby certify that all of the views expressed in this research report accurately reflect my personal views about any and all of the subject i;suer(s) or securities. I also certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or views in this report. 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