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2004 02 11 IABP.O. Box 1504 78-495 CALLE TAMPICO (760) 7 7 7 - 7 0 0 0 LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 February 11, 2004 - 4:00 P.M. I CALL TO ORDER A. Pledge of Allegiance B. Roll Call 11 PUBLIC COMMENT- (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR A. Approval of Minutes of Meeting on January 14, 2004 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for December, 2003 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Informational Investment Presentation B. Month End Cash Report - January 2003 C. Pooled Money Investment Board Reports - November, 2003 D. California Municipal Treasurers Association Conference VII BOARD MEMBER ITEMS Vill ADJOURNMENT INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: February 11, 2004 ITEM TITLE: Transmittal of Treasury Report for December 31, 2003 BACKGROUND: Attached please find the Treasury Report for December 31, 2003. RECOMMENDATION: Review, Receive and File the Treasury Report for December 31, 2003. hn M. Falconer, Finance Director � T UK T4&t 4 cFM OF T� TO: La Quinta City Council FROM: John M. Falconer, Finance Director/Treasurer SUBJECT: Treasurer's Report for December 31, 2003 DATE: February 2, 2004 Attached is the Treasurer's Report for the month ending December 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 Beqinning Purchased Notes Sold/Matured Other Ending Change Cash $171,712 221,551 (1) $393,263 $221,551 LAIF $25,620,608 2,050,000 (1,475,000) 26,195,608 575,000 US Treasuries (2) $72,128,268 41,895,140 (44,119,000) 26,566 69,930,974 (2,197,294) US Gov't Agencies (2) $27,513,320 4,861,003 (5,000,000) 17,686 27,392,009 (121,311) Commercial Paper (2) $0 0 0 Mutual Funds $372,987 2,124,721 1 2,497,708 2,124,721 Total $125,806 895 1 $51,152,415 $50,594 000 $44,252 1 $126,409,562 $602,667 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. ,n KA C�Innncr 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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Cp�p O1 NN MNM co �`�77 f� A � p O1 C�pp O1 t0NOO A A N lgy �•_ �����o Op��{ya00�OD� aD�cj N N C4 N A A' l7f CJMm V CON 0 g W � V C (A � 21 O F 2 (J W 0 i K1RA#a i ; R Z N t t t b« 1. ft P 49UNNs rr rrr uiadgaiioad Yaesas aaaaaa $ �tRr > Ww WN WN Ww Ww WN Ww Ww Ww Ww Ww Ww Ww Ww '� w N N YgYD tgil SM EN yy LL w o , r it ', MIA tl! b 6 M 6 M 6 W 6 0 6 <pS `pS ,yZy�zSBSYS����rrr• UU S SS �a 0 0 Z E E U C Q C N _ _ +r L � � H s C S E C.)Q V (L U- Q IX CL o 0 0 = cc cZ' c E E w w w N N N r-+ C13 O O 3 LL a C C C X aaa�ng M O N � d � � d C � � � N G 0000000000000000000 J � .� apticp�A�MN�O�o�I��O�A�MN.-O C O o 4UGDJad C� LL r C� CITY OF LA GUINTA CRY FD09D CRY LONG TERM RDA FOXED RDA LONGTERM FINANCING FA LONG TERM GRAND BALANCE SHEET 1201143 CRY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL ASSETS: POOLED CASH (13,189,180.18) 0.00 0.00 39,198,9M.08 0.00 0.00 5,702.97 0.00 28,013,486.57 LORD INVESTMENT IN POOLED CASH 0.00 0.00 0.00 537,000.00 0.00 0.00 0.00 0.00 537,000.00 INVESTMENT T-BILLMOTES 8 OTHER 80,370,000.00 0.00 0.00 MOD 0.00 0.00 0.00 0.00 80.370,OD0.00 AUTO MALL CASH 0.00 0.00 0.00 0.00 0.00 37,454.63 0.00 0.00 0.00 0.00 0.00 37.454.63 LORP CASH BOND REDEMPTION CASH 0.00 0.00 0.00 107.794.04 0.00 0.00 5.83 0.00 107.799.87 BOND RESERVE CASH 0.00 Moo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BOND PROJECT CASH 0.01) 0.00 0.00 39,=A0920 0.00 0.00 0.00 0.00 39,389,909.20 BOND ESCROW CASH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PETTY CASH 100000 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1000.00 CASH a DIVESTMENT TOTAL 47,181,819.52 0.00 0. 79269,101.95 0.00 0.00 5.706.80 0.00 126.456,OW.21 INVESTMENT IN LAND HELD FOR RESALE 0.00 0.00 0.00 0.00 oA0 0.00 0.00 0.00 0.00 ACCOUNTS RECEIVABLE 40,51728 0.00 0.00 50,900.00 0.00 0.00 0.00 0.00 101.417.28 PREMIUM/DISCOUNT ON INVESTMENT 24.93824 0.00 0.00 (70.004.00) 0.00 0.00 0.00 0.00 (47,067.76) LORP-ACCOUNTS RECEIVABLE 0.00 0.00 0.00 76,786.59 0.00 O.OD 0.00 0.00 70,766.59 INTEREST RECEIVABLE 48,358.93 0.00 0.00 o.00 0.00 0.00 0.00 0.00 48,358.93 LOANMOTES RECEIVABLE 0.00 0.00 0.00 12,813,564.62 0.00 0.00 0.00 0.00 12,613,%4.62 DUE FROM OTHER AGENCIES 2,496,000.55 0.00 2.495,000.55 DUE FROM OTHER AGENCIES • CVAG $299.098.89 0.00 0.00 0.00 0.00 O.OD 0.00 2299,096.89 CVAG ALLOWANCE DUE FROM OTHER GOVERNMENTS (2299,096.69) 30,0W.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (2299.096.89) 30.600.37 DUE FROM OTHER FUNDS . 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 DUE FROM RDA 15,59 AW20 0.00 0.00 0.00 0.00 0.00 0.00 0.W 15,597,550.20 INTEREST ADVANCE -DUE FROM RDA 6.446.258.86 0.00 0.00 MOD 0.00 0.00 0.00 0.00 6.445 258.86 ADVANCES TO OTHER FUNDS (128,374.W) 5,844,045.05 5,717,671.05 NSF CHECKS RECEIVABLE 23.865.80 0.00 0.00 0.00 0.00 0.00 MOD 0.00 23,865.W ACCRUED REVENUE 0.00 0.00 MIX) 0.00 0.00 0.00 0.00 0.00 0.00 FIXED ASSETS 0.00 306.249.652.80 305249.852.60 ACCUMULATED DEPRECIATION 929209.62 0.00 929209.62 TRAVELADVANCES 2,925.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,925.00 EMPLOYEE ADVANCES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PREPAID EXPENSES 17 15.36 0.00 0.00 10.00 0.00 0.00 0.00 0.00 17 515.38 RECEIVABLE TOTAL 25.595,444.01 308249,852.60 00 18.51927228 0.00 0.00 0.00 0.00 350,304.368.87 WORKER COMPENSATION DEPOSIT 234,177.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 234,177.00 RENT DEPOSITS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 UTILITY DEPOSITS 75.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 75.00 MISC. DEPOSITS 99821 0.00 0.00 0.00 0.00 0.00 0.00 0.00 998.21 DEPOSITS TOTAL 23525021 0.00 0.00 0.00 0.00 0.00 0.00 0.00 235250.21 GENERAL FIXED ASSETS 0.00 0.00 0.00 0.00 52,086,306.00 0.00 0.00 0.W 52,066,306.W ACCUMULATED DEPRECIATION 0.00 0.00 0.00 AMOUNT AVAILABLE TO RETIRE L/T DEBT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 AMOUNT TO BE PROVIDED FOR LIT DEBT 0.00 0.00 1,625259.96 0.00 0.00 150.480254.00 0.00 7,190,000.00 167275,513.95 TOTAL OTHER ASSETS 000 000 162325996 000 52056.308.00 1SB,480254.00 0.00 7,190.000.00 219,341,819.96 TOTAL ASSETS 72.952,513.71 306219,852.80 1,825259.98 97,788,374.21 52.088,308.00 158,180254.00 5.708.80 7,190,000.00 696,338,059.31 LIABILITIES: ACCOUNTS PAYABLE 14,329.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,329.44 DUE TO OTHER AGENCIES 1.853.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,053.30 DUE TO OTHER FUNDS 0.00 0.00 0.00 3AM.901.48 0.00 0.00 0.00 0.00 3.433.901.48 INTEREST ADVANCE -DUE TO CITY 5.844,044.05 0.00 0.00 18,483,537.00 0.00 0.00 0.00 0.W 24,327.581.05 ACCRUED EXPENSES 0.00 o.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INTEREST PAYABLE 0.00 0.00 0.00 0.00 0•00 PAYROLL LIABILITIES 58245.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 58245.27 STRONG MOTION INSTRUMENTS 12,803.70 0.00 0.00 0.00 0.00' 0.00 0.00 o.00 12.803.70 FRINGE TOED LIZARD FEES 106.420.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 106,428.00 SUSPENSE 10.00 0.00 0.00 O.OD 0.00 0.00 0.00 0.00 10.00 DUE TO THE CITY OF LA OUINTA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAYABLES TOTAL 8,037,513.76 0.00 _ 0.00 21,917,438.48 0.00 0.00 0.00 0.00 27,954.952.24 ENGINEERING TRUST DEPOSITS 1,400.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,400.OD SO. COAST AIR QUALITY DEPOSITS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 LORP DEPOSITS 0.00 0.00 0.00 18.664.00 0.00 0.00 0.00 0.00 18,884.00 DEVELOPER DEPOSITS 127Q106.57 0.00 0.00 2,835.W 0.00 0.00 0.00 0.W 1272.941.57 MISC. DEPOSITS 118,505.46 0.00 0.00 25,000.00 0.00 0.00 0.00 0.00 143AWAS AGENCY FUND DEPOSITS 121728822 0.00 0.00 O.OD 0.00 0.00 __ 0.00 0.00 1217 8.M22 TOTAL DEPOSITS 2, 27827 0.00 OAO 46,499.00 0.00 0.00 0.00 0.00 2,f ,777.27 DEFERRED REVENUE 2 496 O60 55 0.00 0.00 10 495 978.58 0.00 0.00 0.00 0.00 12 992 OS9.11 OTHER LIABILITIES TOTAL 2,495.060.55 0.00 O.OD 10,495,978.55 0.00 0.00 0.00 0.00 12.992.OS9.1 / COMPENSATED ABSENCES PAYABLE 0.00 0.00 462280.37 0.00 0.00 0.00 0.00 0.00 462260.37 DEVELOPER AGREEMENT 0.00 0.00 684,688.59 0.00 0.00 0.00 0.00 0.00 684,666.59 DUE TO THE CITY OF LA QUINTA 0.00 0.00 478,311.00 0.00 0.00 0.00 0.00 0.00 478.311.00 DUE TO COUNTY OF RIVERSIDE 0.00 0.00 0.00 0.00 0.00 2,150,000.00 0.00 - 0.00 2,150.000.00 DUE TO C.V. UNIFIED SCHOOL DIST. 0.00 0.00 0.00 0.00 0.00 7,365254.00 0.00 O.OD 7,385254.00 DUE TO DESERT SANDS SCHOOL DIST. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BONDS PAYABLE 0.00 0.00 0.00 0.00 0.00 118945000.00 0.00 7190000.00 15811000.00 TOTAL LONG TERM DEBT 0.00 0.00 1,625259.96 0.00 0.00 158,460 .00 0.00 7,190.000.00 157275,513.96 TOTAL LIABILITIES 11.140.872.58 0.00 1.625259.96 32,450,916.04 0.W 158.480254.00 0.00 7190,000.00 210.876,302.58 EOUITY-FUND BALANCE 81,811,64121 305.249.652.00 0.00 65.328.456.17 52,066.306.00 0.00 5.708.00 0.00 485.451.786.70 TOTAL LIABILITY & EQUITY 7 952 13.79 308 9 852.1 1825 9.96 97 7S8 ' 4.21 52 068 .00 158 480 .00 570890 7190 000.00 U8 338 069.36 (0. ) 0.. D.00 0. 0.00 0.o0 0.00 CASH i INVESTMENT TOTAL 126,458,63027 • PREMIUMIDISCOUNT ON INVESTMENT 47 057.76 TOTAL 1 409 . 1 INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: February 11, 2004 TITLE: Informational Investment Presentation BACKGROUND: Two investment firms will be making a presentation to the Board - Capital Guardian Trust Company, 4:30 p.m. and RNC Capital, 5:00 p.m. RECOMMENDATION: Information item only. r M. Falconer, Finance Director INVESTMENT ADVISORY BOARD Meeting Date: February 11, 2004 TITLE: Month End Cash Report - January 2004 BACKGROUND: Correspondence & Written Material Item B 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. At last months meeting Board Member Moulin inquired about the budget salary and fringe benefit budget to actual comparison variance. Staff has investigated this and found that the budget salary amount was based upon three periods instead of two. RECOMMENDATION: Information item only. John M. Falcone , Finance Director N �1.-pMpp 8Npp CM$ CD �'=�0 � pp 888 �pM�88888^ F-rZt0; ^ NM NW O N N OGG�^ W �OOOOOn Mr• CV g g C, st CN m88 $ m m m Q �88888 �MLOp ^ COD C4 8 8 a 8 oi oi LL CA �5 c m m m pm f0 8 m 8 8 g E N N N N ri N COD 8 6 CD 8 M 3=� C yQer OCN„ O O co 2 aO� § y LO pZ :7 Cy�y^y� CNaE�1 �r N W S a W FRB: H.15--Selected Interested Rates, Web -Only Daily Update --January 30, 2004 Page 1 of 4 Federal Reserve Statistical Release Hr15 Selected Interest Rates patty) Skip to Content Release Date: January 30, 2004 Weekly.__release._dates and announcements.I Historical._data 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 SELECTED INTEREST RATES Yields in percent per annum Instruments Federal funds (effective) 1 2 3 Commercial paper 3 4 5 Nonfinancial 1-month 2-month 3-month Financial 1-month 2-month 3-month CDs (secondary market) 3 6 1-month 3-month 6-month Eurodollar deposits (London) 3 7 1-month 3-month 6-month Bank prime loan 2 3 8 Discount window primary credit 2 9 U.S. government securities Treasury bills (secondary market) 3 4 4-week 3-month 6-month Treasury constant maturities Nominal 10 1-month 3-month 6-month 1-year 2-year 3-year 5-year 7-year 10-year For immediate release January 30, 2004 2004 2004 2004 2004 Jan Jan Jan Jan 26 27 28 29 1.08 1.02 0.99 1.00 0.98 1.00 1.06 0.99 1.00 0.98 1.00 1.00 1.00 1.00 1.01 1.00 1.00 1.02 1.01 1.01 1.03 1.02 1.03 1.03 1.04 1.04 1.04 1.03 1.03 1.03 1.03 1.03 1.05 1.05 1.05 1.06 1.10 1.10 1.10 1.13 1.02 1.02 1.02 1.02 1.04 1.04 1.04 1.05 1.09 1.09 1.09 1.12 4.00 4.00 4.00 4.00 2.00 2.00 2.00 2.00 0.79 0.87 0.87 0.85 0.89 0.89 0.92 0.92 0.97 0.96 0.98 1.00 0.82 0.89 0.89 0.87 0.90 0.91 0.94 0.94 0.99 0.98 1.00 1.02 1.23 1.21 1.26 1.29 1.75 1.70 1.87 1.88 2.27 2.21 2.39 2.39 3.13 3.07 3.22,, 3.22 3.66 3.60 3.72 3.74 4.16 4.11 4.22 j 4.22`' ` 3 http://www.federalreserve.gov/Releases/H15/update/ ``'''' 2/2/2004 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --January 30, 2004 Page 2 of 4 20-year Inflation -indexed 11 5-year 7-year 10-year Treasury long-term average Nominal 12 13 Inflation -indexed 14 Interest rate swaps 15 1-year 2-year 3-year 4-year 5-year 7-year 10-year 30-year Corporate bonds Moody's seasoned Aaa 16 Baa State & local bonds 17 Conventional mortgages 18 See overleaf for footnotes 5.01 4.96 5.06 5.05 1.07 0.98 1.09 1.07 1.46 1.41 1.50 1.49 1.89 1.84 1.92 1.91 5.06 5.01 5.09 5.08 2.27 2.23 2.27 2.25 1.39 1.39 1.37 1.52 2.04 2.02 1.97 2.24 2.63 2.60 2.56 2.85 3.09 3.06 3.02 3.31 3.47 3.44 3.39 3.66 3.99 3.97 3.92 4.16 4.49 4.47 4.43 4.63 5.28 5.26 5.23 5.37 5.56 5.51 5.59 5.58 6.44 6.37 6.45 6.41 4.71 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). 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 (www.federalreserve.gov/releases/cp). 6. An average of dealer offering rates on nationally traded certificates of depoE 7. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. 8. 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. 9. 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 .. k.. ,) E http://www.federalreserve.gov/Releases/HI5/update/ 2/2/2004 FRB: H.15--Selected Interested Rates, Web -Only Daily Update --January 30, 2004 Page 3 of 4 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. 10. Yields on actively traded non -inflation -index issues adjusted to constant maturities. Source: U.S. Treasury. 11. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional information on both nominal and inflation -indexed yields may be found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/index.htn 12. Based on the unweighted average of the bid yields for all non -inflation -index Treasury fixed -coupon securities with remaining terms to maturity of 25 years and over. 13. A factor for adjusting the daily long-term average in order to estimate a 30-year rate can be found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/ltcomposi 14. Based on the unweighted average bid yields for all Inflation Protected Securities with remaining terms to maturity of more than 10 years. 15. 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. 16. 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. 17. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations. 18. Contract interest rates on commitments for fixed-rate first mortgages. Source: FHLMC. DESCRIPTION OF THE TREASURY NOMINAL AND INFLATION -INDEXED . CONSTANT MATURITY SERIES Yields on Treasury nominal securities at "constant maturity" are interpolated by the U.S. Treasury from the daily yield curve for non -inflation -indexed Treasury securities. 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. Similarly, yields on inflation -indexed securities at "constant maturity" are interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counter market. The inflation -indexed constant maturity yields are read from this yield curve at fixed maturities, currently 5, 7, and 10 years. Weeks release dates and announcements I Historical data I About Daily update Other formats: Scregn. reader I ASCII Statistical releases http://www.federalreserve.gov/Releases/H 15/update/ 2/2/2004 FRB:Commercial Paper Rates and Outstandings Pagel of 3 Federal Reserve Release Commercial Paper �..C.- Release I About I Outstandings I Historical discount rates I Historical outstandings Data as of January 29, 2004 Commercial Paper Rates and Outstandings Derived from data supplied by The Depository Trust Company Posted January 30, 2004 viscount Term rates AA AA A2/P2 financial nonfmancial nonfinancial 1-day 0.99 0.98 1.03 7-day 0.97 1.00 1.05 15-day 1.00 0.98 1.07 30-day 1.01 0.99 1.13 60-day 1.03 1.00 1.16 90-day 1.03 1.00 1.13 Yield curve Money market basis r 1 7 15 30 60 Dora to Maturity Finandal - - - Nonfinandai ••••• A2/P2 http://www.federalreserve.gov/Releases/CP/ Percent 1.16 1.15 1.14 1.13 1.12 1.11 1.10 1.09 1.08 1.07 1.06 1.05 1.04 1.03 1.02 1.01 1.00 0.99 0.98 0.97 90 k, 6 2/2/2004 FRB:Commercial Paper Rates and Outstandings Page 2 of 3 Discount rate spread Thirtv-dav A2/P2 less AA nonfinancial commercial paper (daily) Basis points 110 104 90 80 74 64 50 40 30 24 10 4 01JUL01 01JAN02 01JUL02 01JAN03 01JUL03 01JAN04 01JUL04 A2./R42 apreod --- A2/P2 spread, 5—dap moving ave►acp Discount rate history Thirty -day commercial paper (daily) ii '1 01JUL01 01JAN02 01JUL02 01JAN03 01JUL03 _ Financial — — — Nonfinancial --- A2/122 Outstandings Weekly (Wednesday), seasonally adjusted Billions of dollars Percent 5 4 3 2 0 01JAN04 01JUL04 Billions of dollars 7 http://www.federalreserve.gov/Releases/CP/ 2/2/2004 FRB:Commercial Paper Rates and Outstandings Page 3 of 3 1240 1230 1220 1210 1200 1190 1180 1170 1160 1150 250 240 230 220 210 20D 190 180 170 160 150 140 130 120 110 10D 01JUL01 01JAN02 01JUL02 01JAN03 01JULD0.3 01JAN04 01JUL04 W Finanaal — — — Nc nandal 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 2003:04 Release I About I Outstandings I Historical discount rates I Historical outstandinas Home I Statistical releases Accessibilit l Contact Us Last update: January 30, 2004 http://www.&deralmserve.gov/Releases/CP/ 2/2/2004 Phil Angelides, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) PMIA Performance Report 1 /16/2004 1.53 1.53 183 1/17/2004 1.53 1.53 183 1 /18/2004 1.53 1.53 183 1 /19/2004 1.53 1.53 183 1 /20/2004 1.53 1.53 180 1121 /2004 1.53 1.53 179 1/22/2004 1.53 1.53 179 1 /23/2004 1.52 1.53 182 1 /24/2004 1.52 1.53 182 1/25/2004 1.52 1.53 182 1 /26/2004 1.52 1.53 178 1 /27/2004 1.52 1.53 178 1 /28/2004 1.53 1.53 181 1 /29/2004 1.53 1 1.53 1 181 Commercial Paper 18.14% LAIF Performance Report Quarter Ending 12/31/03 Apportionment Rate: 1.56% Earnings Ratio: .00004271146380458 Fair Value Factor: 1.000591479 PMIA Average Monthly Effective Yields October 2003 1.596% November 2003 1.572% December 2003 1.545% Pooled Money Investment. Account Portfolio Composition $53.6 Billion 12/31/03 Loans Treasuries 10.18% 10.71% CD's/BN's 14.11% Mortgages 0.01 % Agencies 27.63% ■ Treasuries * Mortgages M Agencies ■ CD's/BN's *Time Deposits ■ Bankers Acceptances ■ Repo ■ Commercial Paper *Corporate Bonds * Loans ■ Reverses 1.a 9 I 8 V 2.1 g N C 71 32 a`Ym 4�•�mjN� 8 a gs Z m� W It to a l � � N N M N o 000 o e Q m ? a �IR G to Cl f� r O a0 C7 Vp e �Opf N Of rw S A co N M 1n N' O r t m U. ek fig % Yg g ,1 g .Q 8a coo I E chi W a .. A. •. 10 INVESTMENT ADVISORY BOARD Correspondence & Written Material Item C Meeting Date: February 11, 2004 TITLE: Pooled Money Investment Board Report for November 2003 BACKGROUND: The Pooled Money Investment Board Report for November 2003 is included in the agenda packet. RECOMMENDATION: Receive & File ohn M. Falconer, Finance Director Philip Angelides iA November 2003 STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT NOVEMBER 2003 TABLE OF CONTENTS SUMMARY................................................................. 01 SELECTED INVESTMENT DATA .................................... 02 PORTFOLIO COMPOSITION ........................................ 03 INVESTMENT TRANSACTIONS ..................................... 04 TIMEDEPOSITS........................................................ 14 BANK DEMAND DEPOSITS .......................................... 26 POOLED MONEY INVESTMENT BOARD DESIGNATION... 27 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF NOVEMBER 2003 WITH NOVEMBER 2002 (DOLLARS IN THOUSANDS) NOVEMBER 2003 [NOVEMBER 2002 CHANGE Average Daily Portfolio $ 53,496,662 $ 53,423,338 $ +72,324 Accrued Earnings $ 68,912 $ 101,048-32,136 Effective Yield 1.572 2.301 -0.729 Average Life -Month End (In Days) 202 211 -9 Total Security Transactions Amount $ 14,997,081 $ 30,834,663 $ -16,837,682 Number 322 661 -339 Total Time Deposit Transactions Amount $ 1,616,800 $ 2,143,995 $ -527,196 Number 69 79 -10 Average Workday Investment Activity $ 977,287 $ 1,832,148 $ -854,861 Prescribed Demand Account Balances For Services $ 1,189,416 $ 629,371 $ +560,046 For Uncollected Funds $ 173,363 $ 144,402 +28,961 1 PHILIP ANGELIDES TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) November 30, 2003 DIFFERENCE IN PERCENT OF PERCENT OF PORTFOLIO FROM TYPE OF SECURITY AMOUNT PORTFOLIO PRIOR MONTH Government Bills $ 1,194,907 2.26 -0.14 Bonds 0 0.00 0.00 Notes 7,570,055 14.33 -0.26 Strips 0 0.00 0.00 Total Government $ 8,764,962 16.59 -0.40 Federal Agency Coupons $ 4,417,147 8.36 -0.32 Certificates of Deposit 7,389,691 13.99 +1.53 Bank Notes 560,000 1.04 +0.21 Bankers' Acceptances 0 0.00 0.00 Repurchases 0 0.00 0.00 Federal Agency Discount Notes 9,106,185 17.25 +0.57 Time Deposits 5,678,095 10.76 +0.28 GNMAs 527 0.00 0.00 Commercial Paper 9,313,299 17.63 +0.78 FHLMC 4,065 0.01 0.00 Corporate Bonds 2,007,036 3.80 -0.40 Pooled Loans 6,585,746 10.58 -2.25 GF Loans 0 0.00 0.00 Reversed Repurchases 0 0.00 0.00 Total (All Types) $ 62,816,753 100.00 INVESTMENT ACTIVITY NOVEMBER 2003 OCTOBER 2003 Pooled Money Other Time Deposits Totals PMIA Monthly Average Effective Yield Year to Date Yield Last Day of Month NUMBER AMOUNT 322 $ 14,997,081 24 184,648 69 1,616,800 415 $ 16,798,429 1.572 1.617 2 NUMBER AMOUNT 357 $ 16,525,662 22 292,933 141 3,065,600 620 $ 19,874,086 1.596 1.629 Corp Bo 3.8 Commercial Paper 17.63% Time 1 Pooled Money Investment Account 11/30/03 Portfolio Composition $52.8 Billion Loans Treasuries 10.58% 16.59% CD's/BN's 15.03% 3 ortgages 0.01 % ;ncies 1.61 % ■ Treasuries ® Mortgages El Agencies CD's/BN's ❑ Time Deposits Bankers Acceptances ■ Repo Commercial Paper ■ Corporate Bonds ❑ Loans Reverses 11/01/03 REDEMPTIONS MTN US BANK 5.875% 11/01/03 3.380 10,000 757 722,435.93 3.319 MTN W/F 6.125% 11/01/03 7.520 7,400 1236 1,837,635.83 7.647 11/03/03 REDEMPTIONS CD CR AGRIC 1.070% 11/03/03 1.070 50,000 151 224,402.78 1.084 CD CR AGRIC 1.070% 11/03/03 1.070 50,000 151 224,402.78 1.084 CP JP MORGAN 11/03/03 1.060 30,000 90 79,500.00 1.077 CP JP MORGAN 11/03/03 1.060 50,000 90 132,500.00 1.077 CP SPARC 11/03/03 1.080 25,000 91 68,250.00 1.097 CP GECC 11/03/03 1.090 50,000 91 137,763.89 1.108 CP GECC 11/03/03 1.090 50,000 91 137,763.89 1.108 CP JP MORGAN 11/03/03 1.050 25,000 96 70,000.00 1.067 CP JP MORGAN 11/03/03 1.050 50,000 96 140,000.00 1.067 CP JP MORGAN 11/03/03 1.050 50,000 96 140,000.00 1.067 CP JP MORGAN 11/03/03 1.050 50,000 96 140,000.00 1.067 CP FCAR 11/03/03 1.030 50,000 104 148,777.78 1.047 CP FCAR 11/03/03 1.030 50,000 104 148,777.78 1.047 CP FCAR 11/03/03 1.030 50,000 104 148,777.78 1.047 CP FCAR 11/03/03 1.030 50,000 104 148,777.78 1.047 CP GOLDMAN 11/03/03 1.030 20,000 124 70,955.56 1.048 CP GOLDMAN 11/03/03 1.030 50,000 124 177,388.89 1.048 CP GOLDMAN 11/03/03 1.030 50,000 124 177,388.89 1.048 CP GOLDMAN 11/03/03 1.030 50,000 124 177,388.89 1.048 CP GOLDMAN 11/03/03 1.030 50,000 124 177,388.89 1.048 CP GOLDMAN 11/03/03 0.930 50,000 136 175,666.67 0.946 CP GOLDMAN 11/03/03 0.930 50,000 136 175,666.67 0.946 DISC NOTES FHLMC 11/03/03 1.035 25,000 98 70,437.50 1.052 DISC NOTES FHLMC 11/03/03 1.035 50,000 98 140,875.00 1.052 DISC NOTES FNMA 11/03/03 0.920 50,000 137 175,055.56 0.936 DISC NOTES FNMA 11/03/03 0.920 50,000 137 175,055.56 0.936 MTN GECC 6.810% 11/03/03 5.440 50,000 983 7,477,583.33 5.371 11/03/03 PURCHASES CD WASHINGTON 1.230% 06/22/04 1.230 50,000 CD WASHINGTON 1.230% 06/22/04 1.230 50,000 CP TEXT FIN 01/27/04 1.170 25,000 CP CITICORP 02/09/04 1.080 50,000 CP CITICORP 02/09/04 1,080 50,000 CP CITICORP 02/10/04 1.080 50,000 CP CITICORP 02/10/04 1.080 50,000 CP GOLDMAN 04/28/04 1.150 30,000 CP GOLDMAN 04/28/04 1.150 50,000 CP GOLDMAN 04/28/04 1.150 50,000 DISC NOTES FHLMC 06/16/04 1.165 45,000 DISC NOTES FHLMC 06/16/04 1.165 50,000 DISC NOTES FHLMC 06/16/04 1.165 50,000 DISC NOTES FHLMC 06/16/04 1.165 50,000 DISC NOTES FHLMC 06/16/04 1.165 50,000 4 11/04/03 REDEMPTIONS DISC NOTES FNMA DISC NOTES FNMA 11/04/03 NO PURCHASES 11/05/03 REDEMPTIONS CP JP MORGAN 11/05/03 PURCHASES BN BANC ONE BN BANC ONE CD STNRD CH CD UBS CD UBS CP DISNEY CP GECC CP GECC CP GECC DISC NOTES FHLB DISC NOTES FHLB DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FHLMC 11/06/03 REDEMPTIONS DISC NOTES FHLMC DISC NOTES FHLMC DISC NOTES FHLMC 11/06/03 PURCHASES CD NOVA SCOT CD NOVA SCOT CD NOVA SCOT CD CR AGRIC CP GECC DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA DISC NOTES FNMA 11/07/03 REDEMPTIONS MTN FR GMAC 11/04/03 1.040 50,000 152 219,555.56 11/04/03 1.040 50,000 152 219,555.56 11/05/03 1.060 50,000 92 135,444.44 1.062 1.062 1.077 1.170% 06/16/04 1.170 50,000 1.170% 06/16/04 1.170 50,000 1.170% 06/22/04 1.170 50,000 1.180% 06/22/04 1.175 50,000 1.180% 06/22/04 1.175 50,000 01/12/04 1.110 20,000 03/09/04 1.100 10,000 03/09/04 1.100 50,000 03/09/04 1.100 50,000 04/28/04 1.120 23,680 04/28/04 1.120 50,000 06/22/04 1.160 50,000 06/22/04 1.160 50,000 06/30/04 1.160 50,000 11/06/03 1.490 50,000 365 755,347.22 1.533 11/06/03 1.480 50,000 365 750,277.78 1.523 11/06/03 1.480 50,000 365 750,277.78 1.523 1.170% 06/16/04 1.170 50,000 1.170% 06/16/04 1.170 50,000 1.170% 06/16/04 1.170 50,000 1.180% 06/16/04 1.180 50,000 04/09/04 1.130 50,000 04/01/04 1.100 50,000 04/01 /04 1.100 50,000 04/28/04 1.125 50,000 04/28/04 1.125 50,000 04/28/04 1.125 50,000 06/22/04 1.170 50,000 06/22/04 1.170 50,000 2.465% 11/07/03 3.347 5,000 688 284,493.57 3.083 5 11/07/03 REDEMPTIONS (continued) MTN FR GMAC 2.465% 11/07/03 3.347 50,000 688 2,844,935.76 3.083 MTN FR GMAC 4.599% 11/07/03 3.730 34,000 864 1,963,505.90 2.446 11/07/03 PURCHASES CID GECC 03/08/04 1.110 50,000 CID GECC 03/08/04 1.110 50,000 11/10/03 REDEMPTIONS CID GMAC 11/10/03 1.280 20,000 52 36,977.78 1.304 CID BEAR 11/10/03 1.050 40,000 56 65,333.33 1.069 CID CITI GLOBAL 11/10/03 1.060 50,000 89 131,027.78 1.080 CID CITI GLOBAL 11/10/03 1.060 50,000 89 131,027.78 1.080 CID CITI GLOBAL 11/10/03 1.060 50,000 89 131,027.78 1.080 CID GOLDMAN 11/10/03 1.030 50,000 111 158,791.67 1.050 CID GOLDMAN 11/10/03 1.030 50,000 111 158,791.67 1.050 CID FCAR 11/10/03 1.020 21,150 122 73,109.58 1.040 CID FCAR 11/10/03 1.020 50,000 122 172,833.33 1.040 CID FCAR 11/10/03 1.020 50,000 122 172,833.33 1.040 CID BANC ONE 11/10/03 1.050 30,000 158 138,250.00 1.072 DISC NOTES FNMA 11/10/03 0.880 50,000 144 176,000.00 0.898 DISC NOTES FNMA 11/10/03 0.880 50,000 144 176,000.00 0.898 DISC NOTES FNMA 11/10/03 0.920 50,000 144 184,000.00 0.939 DISC NOTES FNMA 11/10/03 0.920 50,000 144 184,000.00 0.939 DISC NOTES FNMA 11/10/03 0.880 50,000 144 176,000.00 0.898 DISC NOTES FNMA 11/10/03 0.880 50,000 144 176,000.00 0.898 DISC NOTES FNMA 11/10/03 1.040 50,000 158 228,222.22 1.062 DISC NOTES FNMA 11/10/03 1.040 50,000 158 228,222.22 1.062 DISC NOTES FNMA 11/10/03 1.040 50,000 158 228,222.22 1.062 DISC NOTES FNMA 11/10/03 1.040 50,000 158 228,222.22 1.062 MTN GMAC 5.750% 11/10/03 5.720 15,000 952 2,237,555.85 5.716 MTN GMAC 5.750% 11/10/03 5.720 14,300 955 2,137,720.83 5.710 11/10/03 PURCHASES FNMA 2.625% 11/15/06 2.800 50,000 DISC NOTES FNMA 06/22/04 1.200 50,000 11/11/03 NO REDEMPTIONS 11/11/03 NO PURCHASES 11/12/03 REDEMPTIONS DISC NOTES FNMA 11/12/03 1.045 50,000 159 230,770.83 DISC NOTES FNMA 11/12/03 1.045 50,000 159 230,770.83 9 1.064 1.064 11/12/03 NO PURCHASES 11/13/03 NO REDEMPTIONS 11/13/03 PURCHASES CD STNRD CH 1.180% 06/16/04 1.180 50,000 CD BNPARIS 1.170% 06/22/04 1.165 50,000 CD BNPARIS 1.170% 06/22/04 1.165 50,000 CD BNPARIS 1.170% 06/22/04 1.165 50,000 CD BNPARIS 1.170% 06/22/04 1.165 50,000 CP GECC 03/09/04 1.100 50,000 CP GECC 03/09/04 1.100 50,000 CP GECC 03/10/04 1.100 50,000 CP GECC 03/10/04 1.100 50,000 CP JP MORGAN 03/16/04 1.090 5,000 CP JP MORGAN 03/16/04 1.090 50,000 CP JP MORGAN 03/16/04 1.090 50,000 CP JP MORGAN 03/16/04 1.090 50,000 DISC NOTES FNMA 02/11/03 1.070 46,000 DISC NOTES FNMA 01/09/04 1.050 50,000 DISC NOTES FNMA 01/28/04 1.055 50,000 DISC NOTES FNMA 01/28/04 1.055 50,000 DISC NOTES FNMA 01/28/04 1.055 50,000 DISC NOTES FNMA 02/11/04 1.070 50,000 DISC NOTES FNMA 03/26/04 1.080 50,000 DISC NOTES FNMA 03/26/04 1.080 50,000 DISC NOTES FNMA 03/26/04 1.080 50,000 DISC NOTES FNMA 03/26/04 1.080 50,000 DISC NOTES FHLMC 06/09/04 1.180 50,000 DISC NOTES FHLMC 06/09/04 1.180 50,000 DISC NOTES FNMA 06/16/04 1.170 50,000 DISC NOTES FNMA 06/16/04 1.170 50,000 DISC NOTES FNMA 06/16/04 1.170 50,000 DISC NOTES FNMA 06/16/04 1.170 50,000 DISC NOTES FNMA 06/22/04 1.180 50,000 DISC NOTES FNMA 06/22/04 1.180 50,000 DISC NOTES FNMA 06/22/04 1.180 50,000 DISC NOTES FNMA 06/22/04 1.180 50,000 DISC NOTES FNMA 06/22/04 1.165 50,000 DISC NOTES FNMA 06/22/04 1.165 50,000 DISC NOTES FNMA 06/23/04 1.180 50,000 DISC NOTES FNMA 06/23/04 1.180 50,000 DISC NOTES FNMA 06/23/04 1.180 50,000 DISC NOTES FNMA 06/23/04 1.180 50,000 DISC NOTES FNMA 06/23/04 1.180 50,000 DISC NOTES FNMA 06/23/04 1.180 50,000 11/14/03 NO REDEMPTIONS 11/14/03 NO PURCHASES 7 11/15/03 REDEMPTIONS FNMA FNMA FHLMC 11/17/03 NO REDEMPTIONS 11/17/03 PURCHASES c/ DISC NOTES FHLB DISC NOTES FNMA DISC NOTES FHLB 11/17/03 PURCHASES CP GECC CP GECC CP GECC 11/18/03 SALES c/ DISC NOTES FHLB DISC NOTES FNMA DISC NOTES FHLB 11/18/03 SALES FNMA FNMA FNMA 11/18/03 REDEMPTIONS CP GECC CP GECC CP GECC 11/18/03 PURCHASES CP GECC CP GECC CP GECC CP GECC CP GECC CP GECC CP GECC 11/19/03 REDEMPTIONS CP SRAC CP FCAR 3.125% 11/15/03 3.139 50,000 719 3,090,306.95 3.125% 11/15/03 3.139 50,000 719 3,090,306.95 6.375% 11/15/03 4.821 50,000 899 2,458,953.90 12/05/03 1.080 35,000 02/11/04 1.080 17,359 03/17/04 1.080 50,000 11/18/03 1.090 50,000 11/18/03 1.090 50,000 11/18/03 1.090 50,000 12/05/03 1.080 35,000 02/11 /04 1.080 17,359 03/17/04 1.080 50,000 2.625% 11/15/06 2.668 50,000 2.625% 11/15/06 2.668 50,000 2.625% 11/15/06 2.668 50,000 11/18/03 11/18/03 11/18/03 11/20/03 11 /20/03 11 /20/03 11 /20/03 11 /20/03 11 /20/03 11 /20/03 11 /19/03 11 /19/03 8 1.090 50,000 1.090 50,000 1.090 50,000 1.000 50,000 1.000 50,000 1.000 50,000 1.000 50,000 1.000 50,000 1.000 50,000 1.000 50,000 3.151 3.151 4.749 1 1,027.50 1.098 1 508.32 1.098 1 1,464.18 1.098 8 218,666.67 19.980 18 181,279.17 7.361 18 181,279.17 7.361 1 1,513.89 1 1,513.89 1 1,513.89 1.260 50,000 36 63,000.00 1.030 50,000 126 180,250.00 1.108 1.108 1.108 1.279 1.051 11/19/03 REDEMPTIONS (continued) CID FCAR 11/19/03 1.030 50,000 126 180,250.00 1.051 CID GOLDMAN 11/19/03 1.030 50,000 120 171,666.67 1.047 CID GOLDMAN 11/19/03 1.030 50,000 120 171,666.67 1.047 DISC NOTES FNMA 11/19/03 0.920 50,000 153 195,500.00 0.936 DISC NOTES FNMA 11/19/03 0.920 50,000 153 195,500.00 0.936 DISC NOTES FNMA 11/19/03 1.080 10,000 168 50,400.00 1.100 DISC NOTES FNMA 11/19/03 1.080 50,000 168 252,000.00 1.100 DISC NOTES FNMA 11/19/03 1.080 50,000 168 252,000.00 1.100 DISC NOTES FNMA 11/19/03 1.080 50,000 168 252,000.00 1.100 DISC NOTES FNMA 11/19/03 1.135 50,000 175 275,868.06 1.157 DISC NOTES FNMA 11/19/03 1.135 50,000 175 275,868.06 1.157 11/19/03 NO PURCHASES 11/20/03 SALES TREAS NOTES 3.000% 11/30/03 1.023 50,000 709 2,939,077.35 3.024 TREAS NOTES 3.000% 11/30/03 1.023 50,000 709 2,939,077.35 3.024 TREAS NOTES 3.000% 11/30/03 1.279 50,000 109 2,935,171.10 3.021 TREAS NOTES 3.000% 11/30/03 1.279 50,000 709 2,935,171.10 3.021 TREAS NOTES 3.000% 11/30/03 1.279 50,000 709 2,935,171.10 3.021 TREAS NOTES 3.000% 11/30/03 1.279 50,000 709 2,935,171.10 3.021 11/20/03 REDEMPTIONS CID GECC 11/20/03 1.000 50,000 2 2,777.78 1.017 CID GECC 11/20/03 1.000 50,000 2 2,777.78 1.017 CID GECC 11/20/03 1.000 50,000 2 2,777.78 1.017 CID GECC 11/20/03 1.000 50,000 2 2,777.78 1.017 CID GECC 11/20/03 1.000 50,000 2 2,777.78 1.017 CID GECC 11/20/03 1.000 50,000 2 2,777.78 1.017 CID GECC 11/20/03 1.000 50,000 2 2,777.78 1.017 11/20/03 PURCHASES BN BANK ONE 1.130% 06/09/04 1.130 50,000 BN BANK ONE 1.130% 06/09/04 1.130 50,000 CD SVENSKA 1.150% 06/16/04 1.140 50,000 CD SVENSKA 1.150% 06/16/04 1.140 50,000 CID W/F 12/01/03 1.000 50,000 CID GE CO 12/08/03 1.040 50,000 CID GE CO 12/08/03 1.040 50,000 CID GE CO 12/08/03 1.040 50,000 CID GE CO 12/08/03 1.040 50,000 CID GECC 12/08/03 1.040 50,000 CP GECC 12/08/03 1.040 50,000 CID GECC 12/08/03 1.040 50,000 11/21/03 NO REDEMPTIONS E 11/21/03 PURCHASES CP PREFCO 11/26/03 1.010 35,960 CP GECC 11/26/03 1.000 50,000 CP GECC 11/26/03 1.000 50,000 CP GECC 11/26/03 1.000 50,000 CP GECC 11/26/03 1.000 50,000 CP GECC 11/26/03 1.000 50,000 CP GECC 11/26/03 1.000 50,000 CP ASCC 12/08/03 1.040 25,000 CP GMAC 12/19/03 1.230 50,000 CP SARA LEE 12/22/03 1.080 40,000 CP JP MORGAN 03/26/04 1.080 50,000 CP JP MORGAN 03/26/04 1.080 50,000 CP JP MORGAN 03/26/04 1.080 50,000 11/24/03 SALES c/ TREAS BILLS 03/25/04 0.890 50,000 55 92,569.44 1.238 TREAS BILLS 03/25/04 0.890 50,000 55 92,569.44 1.238 11/24/03 REDEMPTIONS CD WASHINGTON 1.110% 11/24/03 1.110 50,000 91 140,291.66 1.130 CD WASHINGTON 1.110% 11/24/03 1.110 50,000 91 140,291.66 1.130 CD WASHINGTON 1.110% 11/24/03 1.110 50,000 91 140,291.66 1.130 CP SRAC 11/24/03 1.260 50,000 41 71,750.00 1.279 CP CITI GLOBAL 11/24/03 1.060 50,000 68 100,111.11 1.080 CP CITI GLOBAL 11/24/03 1.060 50,000 68 100,111.11 1.080 CP GECC 11/24/03 1.060 50,000 70 103,055.56 1.080 CP GECC 11/24/03 1.060 50,000 70 103,055.56 1.080 CP GECC 11/24/03 1.060 50,000 70 103,055.56 1.080 CP GECC 11/24/03 1.060 50,000 70 103,055.56 1.080 CP FMCC 11/24/03 1.290 50,000 83 148,708.33 1.311 CP FMCC 11/24/03 1.290 50,000 83 148,708.33 1.311 CP GMAC 11/24/03 1.290 50,000 83 148,708.33 1.311 CP GMAC 11/24/03 1.290 50,000 83 148,708.33 1.311 CP GMAC 11/24/03 1.300 30,000 98 106,166.67 1.322 CP BEAR 11/24/03 1.050 50,000 105 153,125.00 1.067 CP BEAR 11/24/03 1.050 50,000 105 153,125.00 1.067 CP BEAR 11/24/03 1.050 50,000 105 153,125.00 1.067 CP BEAR 11/24/03 1.050 50,000 105 153,125.00 1.067 CP GECC 11/24/03 1.060 10,000 172 50,644.44 1.080 CP GECC 11/24/03 1.060 50,000 172 253,222.22 1.080 CP GECC 11/24/03 1.060 50,000 172 253,222.22 1.080 DISC NOTES FNMA 11/24/03 1.040 50,000 117 169,000.00 1.058 DISC NOTES FNMA 11/24/03 1.040 50,000 117 169,000.00 1.058 DISC NOTES FNMA 11/24/03 0.920 50,000 158 201,888.89 0.936 DISC NOTES FNMA 11/24/03 0.920 50,000 158 201,888.89 0.936 DISC NOTES FNMA 11/24/03 0.880 50,000 158 193,111.11 0.895 DISC NOTES FNMA 11/24/03 0.880 50,000 158 193,111.11 0.895 MTN FR FMCC 6.360% 11/24/03 6.809 25,000 1285 2,821,069.25 3.168 MTN FR FMCC 6.360% 11/24/03 6.809 50,000 1285 5,642,138.50 3.168 10 11/24/03 PURCHASES CP ASCC 12/09/03 1.040 25,000 CP CITI GLOBAL 12/09/03 1.030 50,000 CP CITI GLOBAL 12/09/03 1.030 50,000 CP BARTON 01/12/04 1.080 33,689 CP BARTON 01/12/04 1.080 50,000 CP GMAC 02/27/04 1.360 50,000 CP GMAC 02/27/04 1.360 50,000 CP GOLDMAN 05/26/04 1.140 45,000 DISC NOTES FHLMC 03/26/04 1.060 50,000 DISC NOTES FHLMC 03/26/04 1.060 50,000 11/25/03 NO REDEMPTIONS 11/25/03 PURCHASES BN BANK ONE 1.020% 12/26/03 1.020 50,000 BN BANK ONE 1.020% 12/26/03 1.020 50,000 CD W/F 1.040% 12/26/03 1.040 15,000 CD W/F 1.040% 12/26/03 1.040 50,000 CD W/F 1.040% 12/26/03 1.040 50,000 CP CITICORP 12/01/03 1.050 50,000 CP CITICORP 12/01/03 1.050 50,000 CP CITICORP 12/01/03 1.050 50,000 CP CITICORP 12/01/03 1.050 50,000 CP CITI GLOBAL 12/10/03 1.030 50,000 CP CITI GLOBAL 12/10/03 1.030 50,000 CP SARA LEE 12/22/03 1.080 15,000 CP SARA LEE 12/22/03 1.080 50,000 CP GECC 12/22/03 1.040 50,000 CP GECC 12/22/03 1.040 50,000 CP GECC 12/22/03 1.040 50,000 CP GECC 12/22/03 1.040 50,000 CP GECC 12/22/03 1.040 50,000 SBA FR 1.300% 11/25/28 1.300 23,144 11/26/03 REDEMPTIONS BN WORLD 1.040% 11/26/03 1.060 50,000 114 167,822.67 1.074 BN WORLD 1.040% 11/26/03 1.060 50,000 114 167,822.67 1.074 BN WORLD 1.040% 11/26/03 1.060 50,000 114 167,822.67 1.074 BN WORLD 1.040% 11/26/03 1.060 50,000 114 167,822.67 1.074 CP PREFCO 11/26/03 1.010 35,960 5 5,044.39 1.027 CP GECC 11/26/03 1.000 50,000 5 6,944.44 1.017 CP GECC 11/26/03 1.000 50,000 5 6,944.44 1.017 CP GECC 11/26/03 1.000 50,000 5 6,944.44 1.017 CP GECC 11/26/03 1.000 50,000 5 6,944.44 1.017 CP GECC 11/26/03 1.000 50,000 5 6,944.44 1.017 CP GECC 11/26/03 1.000 50,000 5 6,944.44 1.017 CP SEARS 11/26/03 1.280 50,000 61 108,444.44 1.304 CP FMCC 11/26/03 1.290 50,000 85 152,291.67, 1.311 11 CP FMCC 11/26/03 1.290 50,000 85 152,291.67 1.311 CP GMAC 11/26/03 1.290 50,000 85 152,291.67 1.311 CP GMAC 11/26/03 1.290 50,000 85 152,291.67 1.311 CP GOLDMAN 11/26/03 0.930 50,000 159 205,375.00 0.946 CP GOLDMAN 11/26/03 0.930 50,000 159 205,375.00 0.946 DISC NOTES FNMA 11/26/03 1.055 50,000 89 130,409.72 1.075 DISC NOTES FNMA 11/26/03 1.055 50,000 89 130,409.72 1.075 DISC NOTES FNMA 11/26/03 1.055 50,000 89 130,409.72 1.075 DISC NOTES FHLMC 11/26/03 0.970 25,000 149 100,368.06 0.988 DISC NOTES FHLMC 11/26/03 0.970 50,000 149 200,736.11 0.988 DISC NOTES FHLMC 11/26/03 0.970 50,000 149 200,736.11 0.988 DISC NOTES FHLMC 11/26/03 0.880 50,000 160 195,555.56 0.895 DISC NOTES FHLMC 11/26/03 0.880 50,000 160 195,555.56 0.895 DISC NOTES FNMA 11/26/03 1.050 43,933 174 222,959.97 1.070 DISC NOTES FNMA 11/26/03 1.135 50,000 182 286,902.78 1.157 11/26/03 PURCHASES CP GMAC 02/27/04 1.370 50,000 CP SRAC 02/27/04 1.100 50,000 CP GECC 04/09/04 1.130 50,000 CP GECC 04/09/04 1.130 50,000 CP GECC 04/09/04 1.130 50,000 CP GECC 04/09/04 1.130 50,000 CP GECC 04/12/04 1.130 50,000 CP GECC 04/12/04 1.130 50,000 CP GECC 04/12/04 1.130 50,000 CP GECC 04/12/04 1.130 50,000 iFA 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. Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. it Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. 13 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE ALHAMBRA 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 Bank of East Asia (USA) 11/19/03 1.070 6,000,000.00 05/19/04 Omni Bank 09/05/03 1.030 3,000,000.00 12/04/03 Omni Bank 08/28/03 1.050 3,000,000.00 12/04/03 Omni Bank 11/13/03 0.990 2,000,000.00 02/13/04 Omni Bank 08/20/03 1.090 2,000,000.00 02/19/04 Omni Bank 09/19/03 1.060 2,000,000.00 03/17/04 Omni Bank 10/23/03 1.080 2,000,000.00 04/22/04 Omni Bank 11/20/03 1.090 2,000,000.00 05/20/04 ARROYO GRANDE 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 Mid -State Bank 09/12/03 1.070 5,000,000.00 03/12/04 Mid -State Bank 10/15/03 1.050 5,000,000.00 04/14/04 Mid -State Bank 11/19/03 1.070 5,000,000.00 05/19/04 BREA Jackson Federal Bank 11/20/03 1.010 10,000,000.00 02/18/04 Pacific Western National Bank 08/08/03 1.080 4,000,000.00 02/04/04 CALABASAS 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 First Bank of Beverly Hills FSB 09/04/03 1.120 10,000,000.00 03/04/04 CAMARILLO 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 First California Bank 09/24/03 1.090 6,000,000.00 03/24/04 14 NAME CAMERON PARK Western Sierra National Bank Western Sierra National Bank CHICO Tri Counties Bank CITY OF INDUSTRY EverTrust Bank EverTrust Bank '�ITIDl;. Operating Engineers FCU Operating Engineers FCU Operating Engineers FCU EL CENTRO Valley Independent Bank Valley Independent Bank Valley Independent Bank EL SEGUNDO First Coastal Bank NA First Coastal Bank NA Hawthorne Savings FSB Hawthorne Savings FSB Hawthorne Savings FSB Hawthorne Savings FSB Hawthorne Savings FSB Xerox Federal Credit Union Xerox Federal Credit Union Xerox Federal Credit Union FAIRFIELD Westamerica Bank Westamerica Bank FRESNO United Security Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 07/16/03 0.980 7,000,000.00 01/14/04 08/15/03 1.070 6,000,000.00 02/11/04 09/17/03 1.020 20,000,000.00 12/18/03 06/12/03 0.980 6,000,000.00 12/11/03 07/31/03 1.050 6,000,000.00 01/29/04 06/13/03 0.940 10,000,000.00 12/12/03 08/14/03 1.070 5,000,000.00 02/11/04 10/08/03 1.050 5,000,000.00 04/07/04 09/23/03 1.030 20,000,000.00 01/07/04 10/17/03 1.000 20,000,000.00 01/16/04 10/17/03 1.000 32,500,000.00 01/23/04 08/29/03 1.060 2,000,000.00 12/04/03 10/22/03 0.980 2,000,000.00 01/22/04 09/24/03 0.990 50,000,000.00 01/07/04 10/08/03 0.980 60,000,000.00 01/07/04 08/07/03 1.090 15,000,000.00 02/05/04 10/16/03 1.070 35,000,000.00 04/14/04 11/20/03 1.090 25,000,000.00 05/20/04 09/04/03 1.110 20,000,000.00 03/04/04 09/08/03 1.090 7,000,000.00 03/10/04 11/20/03 1.100 20,000,000.00 05/20/04 10/10/03 0.960 60,000,000.00 01/09/04 10/22/03 0.970 50,000,000.00 01/22/04 09/17/03 1.030 40,000,000.00 12/18/03 15 NAME FULLERTON Fullerton Community Bank Fullerton Community Bank GOLETA Pacific Capital Bank Pacific Capital Bank Pacific Capital Bank Pacific Capital Bank Pacific Capital Bank GRANADA_ HILLS First State Bank of California First State Bank of California IRVINE Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank Commercial Capital Bank LA JOLLA Silvergate Bank TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 07/25/03 1.020 8,000,000.00 01/23/04 11/19/03 1.080 9,000,000.00 05/19/04 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 09/17/03 1.050 25,000,000.00 04/01/04 10/01/03 1.050 30,000,000.00 04/01/04 09/19/03 1.040 2,000,000.00 03/19/04 10/23/03 1.060 3,000,000.00 04/22/04 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 10/17/03 1.040 10,000,000.00 04/15/04 10/31/03 1.060 20,000,000.00 04/29/04 11/20/03 1.070 20,000,000.00 05/20/04 09/12/03 1.080 5,000,000.00 03/12/04 16 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE LAKEPORT Lake Community Bank 07/16/04 1.000 2,000,000.00 01/14/04 LODI Bank of Lodi 09/23/03 1.090 5,000,000.00 03/24/04 Farmers & Merchant Bk Cen CA 10/10/03 1.050 10,000,000.00 04/08/04 LOS ANGELES Broadway Federal Bank 07/11/03 1.020 2,500,000.00 01/09/04 Broadway Federal Bank 09/11/03 1.080 3,000,000.00 03/12/04 Cathay Bank 08/27/03 1.030 17,000,000.00 12/03/03 Cathay Bank 09/11/03 1.000 30,000,000.00 12/11/03 Cathay Bank 10/08/03 0.980 19,000,000.00 01/07/04 Cathay Bank 09/24/03 0.990 19,000,000.00 01/07/04 Cathay Bank 11/19/03 1.000 15,000,000.00 02/18/04 Cedars Bank 10/03/03 0.990 5,000,000.00 01/07/04 Cedars Bank 08/21/03 1.090 2,000,000.00 02/20/04 Cedars Bank 09/11/03 1.080 4,500,000.00 03/12/04 Cedars Bank 10/22/03 1.080 4,000,000.00 04/21/04 Center Bank 10/08/03 0.980 10,000,000.00 01/07/04 Center Bank 01/22/04 0.970 5,000,000.00 01/22/04 Center Bank 09/18/03 1.060 40,000,000.00 03/17/04 CHB America Bank 09/05/03 1.010 3,000,000.00 12/04/03 CHB America Bank 07/17/03 0.980 1,000,000.00 01/15/04 CHB America Bank 09/05/03 1.090 2,000,000.00 03/05/04 CHB America Bank 09/29/03 1.050 3,000,000.00 03/31/04 CHB America Bank 10/15/03 1.030 3,300,000.00 04/14/04 CHB America Bank 11/21/03 1.060 4,000,000.00 05/21/04 Eastern International Bank 06/12/03 0.980 1,000,000.00 12/11/03 Eastern International Bank 11/05/03 1.080 900,000.00 05/05/04 Hanmi Bank 11/05/03 1.010 25,000,000.00 02/04/04 Hanmi Bank 10/17/03 0.980 25,000,000.00 01/16/04 Hanmi Bank 09/05/03 1.110 25,000,000.00 03/05/04 Hanmi Bank 09/18/03 1.070 25,000,000.00 03/17/04 Mellon First Business Bank 09/18/03 1.000 50,000,000.00 12/18/03 Mellon First Business Bank 10/09/03 0.970 50,000,000.00 01/09/04 Nara Bank, NA 10/08/03 0.980 5,000,000.00 01/07/04 Nara Bank, NA 10/23/03 0.990 10,000,000.00 01/23/04 Nara Bank, NA 08/08/03 1.080 10,000,000.00 02/04/04 Nara Bank, NA 09/11/03 1.080 10,000,000.00 03/12/04 Nara Bank, NA 10/23/03 1.080 10,000,000.00 04/22/04 Nara Bank, NA 11/14/03 1.110 5,000,000.00 05/13/04 One United Bank 10/17/03 1.000 10,000,000.00 01/16/04 17 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE LOS ANGELES (continued Pacific Union Bank 07/10/03 1.010 10,000,000.00 01/08/04 Pacific Union Bank 09/04/03 1.110 20,000,000.00 03/04/04 Pacific Union Bank 10/31/03 1.080 10,000,000.00 04/29/04 Preferred Bank 08/08/03 1.090 4,000,000.00 02/06/04 Preferred Bank 09/19/03 1.070 31,000,000.00 03/19/04 Sae Han Bank 11/21/03 1.000 6,000,000.00 02/20/04 State Bank of India (California) 10/01/03 1.000 3,000,000.00 01/07/04 State Bank of India (California) 11/20/03 1.000 2,000,000.00 05/20/04 Western Federal Credit Union 10/23/03 1.080 30,000,000.00 04/22/04 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 10/23/03 0.990 4,000,000.00 02/05/04 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 Wilshire State Bank 09/19/03 1.060 8,000,000.00 03/19/04 Wilshire State Bank 11/14/03 1.110 2,000,000.00 05/13/04 Wilshire State Bank 11/14/03 1.110 6,000,000.00 05/13/04 MERCED 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 10/15/03 0.960 5,000,000.00 01/15/04 County Bank 07/17/03 1.010 5,000,000.00 01/15/04 MONTEREY PARK Trust Bank FSB 07/09/03 1.000 3,000,000.00 01/07/04 Trust Bank FSB 10/01/03 1.080 3,000,000:00 04/01/04 NORTH HIGHLANDS Safe Credit Union 10/16/03 0.960 5,000,000.00 01/16/04 Safe Credit Union 11/13/03 1.000 20,000,000.00 02/13/04 OAKDALE Oak Valley Community Bank 09/18/03 1.000 3,500,000.00 12/18/03 Oak Valley Community Bank 10/16/03 0.960 2,500,000.00 01/16/04 18 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE OAKLAND 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 Metropolitian Bank 09/24/03 1.080 1,000,000.00 03/24/04 Metropolitian Bank 09/24/03 1.080 1,000,000.00 03/24/04 Metropolitian Bank 10/29/03 1.080 1,000,000.00 04/28/04 ONTARIO 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 Citizens Business Bank 09/24/03 1.080 30,000,000.00 03/24/04 Citizens Business Bank 10/03/03 1.050 25,000,000.00 04/02/04 Citizens Business Bank 11/20/03 1.090 30,000,000.00 05/20/04 PALO ALTO Bank of Petaluma 08/20/03 1.090 3,500,000.00 02/19/04 Bank of Petaluma 09/10/03 1.090 12,000,000.00 03/11/04 Bank of Santa Clara 08/20/03 1.100 20,000,000.00 02/19/04 Bay Bank of Commerce 10/29/03 1.090 5,000,000.00 04/28/04 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 07/16/03 1.000 10,000,000.00 01/14/04 Cupertino National Bank 09/10/03 1.080 10,000,000.00 03/11/04 Cupertino National Bank 10/29/03 1.090 35,000,000.00 04/28/04 Cupertino National Bank 11/21/03 1.090 20,000,000.00 05/21/04 Golden Gate Bank 11/21/03 1.110 9,000,000.00 05/21/04 Mid -Peninsula Bank 08/20/03 1.090 5,000,000.00 02/19/04 Mid -Peninsula Bank 09/10/03 1.080 10,000,000.00 03/11/04 Mid -Peninsula Bank 10/29/03 1.080 35,000,000.00 04/28/04 Mt. Diablo National Bank 09/10/03 1.090 10,000,000.00 03/11/04 Peninsula Bank of Commerce 08/20/03 1.090 15,000,000.00 02/19/04 San Jose National Bank 10/29/03 1.100 20,000,000.00 04/28/04 San Jose National Bank 11/21/03 1.100 20,000,000.00 05/21/04 PALOS VERDES ESTATES 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 Malaga Bank 11/19/03 0.980 8,000,000.00 02/20/04 Malaga Bank 11/14/03 1.090 7,000,000.00 05/13/04 19 NAME PASADENA Community Bank Community Bank Community Bank Community Bank Community Bank Community Bank Wescom Credit Union PLACERVILLE El Dorado Savings Bank El Dorado Savings Bank El Dorado Savings Bank El Dorado Savings Bank El Dorado Savings Bank El Dorado Savings Bank PLEASANTON Valley Community Bank POMONA PFF Bank and Trust PFF Bank and Trust PORTERVILLE Bank of the Sierra RANCHO SANTA FE La Jolla Bank, FSB La Jolla Bank, FSB La Jolla Bank, FSB La Jolla Bank, FSB La Jolla Bank, FSB REDDING North Valley Bank REDWOOD CITY Provident Central Credit Union TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 06/19/03 0.940 10,000,000.00 12/17/03 07/11/03 1.020 10,000,000.00 01/09/04 09/17/03 1.070 10,000,000.00 03/17/04 10/10/03 1.050 10,000,000,00 04/08/04 10/15/03 1.050 15,000,000.00 04/14/04 11/06/03 1.090 15,000,000.00 05/06/04 11/19/03 1.090 10,000,000.00 05/19/04 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 09/19/03 1.030 6,000,000.00 12/19/03 06/11/03 1.050 20,000,000.00 12/10/03 08/29/03 1.110 8,000,000.00 02/27/04 10/23/03 1.090 10,000,000.00 04/22/04 06/04/03 1.150 10, 000, 000.00 12/05/03 08/08/03 1.060 25,000,000.00 02/04/04 11/14/03 0.980 15,000,000.00 02/13/04 09/04/03 1.090 10,000,000.00 03/04/04 11/20/03 1.070 25,000,000.00 05/20/04 06/13/03 0.960 3,000,000.00 12/12/03 10/31/03 1.060 20,000,000,00 04/29/04 20 NAME RICHMOND TIME DEPOSITS DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE Mechanics Bank 03/07/03 1.290 10,000,000.00 03/03/04 Mechanics Bank 04/01/03 1.320 10,000,000.00 04/01/04 Mechanics Bank 04/23/03 1.390 10,000,000.00 04/21/04 Mechanics Bank 06/12/03 1.090 10,000,000.00 06/09/04 Mechanics Bank 07/09/03 1.110 10,000,000.00 07/08/04 Mechanics Bank 08/08/03 1.370 10,000,000.00 08/04/04 Mechanics Bank 09/12/03 1.290 10,000,000.00 09/10/04 Mechanics Bank 10/15/03 1.260 10,000,000.00 10/15/04 Mechanics Bank 10/31/03 1.300 10,000,000.00 10/29/04 Mechanics Bank 11/07/03 1.380 10,000,000.00 11/05/04 ROCKLIN Five Star Bank 07/30/03 1.020 2,000,000.00 01/28/04 Five Star Bank 10/01/03 1.050 2,000,000.00 03/31/04 RIVERSIDE Provident Savings Bank 09/25/03 1.080 25,000,000.00 03/25/04 SACRAMENTO American River Bank 06/25/03 0.870 1,000,000.00 12/19/03 American River Bank 07/11/03 1.000 1,000,000.00 01/09/04 American River Bank 07/31/03 1.020 1,500,000.00 01/29/04 American River Bank 08/29/03 1.090 2,000,000.00 02/27/04 American River Bank 09/25/03 1.060 2,000,000.00 03/25/04 American River Bank 10/09/03 1.030 1,500,000.00 04/07/04 Bank of Sacramento 05/29/03 1.140 2,000,000.00 12/03/03 Bank of Sacramento 09/19/03 1.010 2,000,000.00 12/19/03 Bank of Sacramento 08/13/03 1.100 1,500,000.00 02/11/04 Merchants National Bank 07/24/03 0.990 2,000,000.00 01/22/04 Merchants National Bank 10/15/03 1.050 2,000,000.00 04/14/04 River City Bank 07/31/03 1.050 3,000,000.00 01/29/04 River City Bank 08/28/03 1.120 2,000,000.00 02/26/04 River City Bank 10/09/03 1.060 2,000,000.00 04/07/04 U.S. Bank 07/10/03 1.010 100,000,000.00 01/08/04 U.S. Bank 08/06/03 1.090 25,000,000.00 02/04/04 U.S. Bank 08/13/03 1.090 50,000,000.00 02/11/04 U.S. Bank 08/21/03 1.090 50,000,000.00 02/20/04 Union Bank of California 09/17/03 1.000 150,000,000.00 12/18/03 Union Bank of California 10/17/03 0.980 175,000,000.00 01/16/04 Union Bank of California 11/05/03 1.010 150,000,000.00 02/04/04 21 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN BERNARDINO Business Bank of California 09/18/03 1.000 12,000,000.00 12/18/03 Business Bank of California 10/16/03 0.960 8,000,000.00 01/16/04 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 08/15/03 1.100 1,000,000.00 02/13/04 First United Bank 10/17/03 1.070 2,000,000.00 04/15/04 Neighborhood National Bank 08/22/03 1.100 2,000,000.00 02/20/04 North Island Federal Credit Union 09/26/03 1.010 5,000,000.00 01/09/04 SAN FRANCISCO American California Bank 07/08/03 1.020 4,000,000.00 01/08/04 Bank of the West 06/20/03 0.930 82,000,000.00 12/17/03 Bank of the West 10/08/03 0.980 134,000,000.00 01/07/04 Bank of the West 07/30/03 1.040 76,500,000.00 01/28/04 Bank of the West 10/30/03 1.010 100,000,000.00 01/29/04 Bank of the West 11/21/03 1.000 242,000,000.00 02/20/04 Citibank (West) FSB 07/03/03 1.000 150,000,000.00 01/08/04 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 09/12/03 1.260 4,000,000.00 09/10/04 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 Trans Pacific National Bank 09/25/03 1.090 1,000,000.00 03/25/04 United Commercial Bank 09/04/03 1.020 50,000,000.00 12/04/03 United Commercial Bank 06/04/03 1.160 25,000,000.00 12/05/03 United Commercial Bank 10/08/03 0.990 40,000,000,00 01/07/04 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 United Commercial Bank 09/19/03 1.060 65,000,000.00 03/19/04 22 TIME DEPOSITS DEPOSIT PAR MATURITY NAME DATE YIELD AMOUNT ($) DATE SAN JOSE Comerica Bank of California 09/23/03 1.000 134,000,000.00 01/07/04 Comerica Bank of California 10/17/03 0.970 183,000,000.00 01/16/04 Heritage Bank of Commerce 08/15/03 1.100 2,000,000.00 02/11/04 Meriwest Credit Union 10/22/03 1.000 5,000,000.00 01/22/04 Meriwest Credit Union 09/18/03 1.090 5,000,000.00 03/17/04 Meriwest Credit Union 10/17/03 1.090 5,000,000.00 04/14/04 Meriwest Credit Union 10/16/03 1.070 5,000,000.00 04/14/04 Santa Clara Co. Fed. C.U. 11/06/03 1.030 5,000,000.00 02/06/04 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 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 First Bank Of San Luis Obispo 09/17/03 1.080 7,000,000.00 03/17/04 First Bank Of San Luis Obispo 09/26/03 1.080 5,000,000.00 03/26/04 Mission Community Bank 06/12/03 1.070 1,000,000.00 12/11/03 Mission Community Bank 09/04/03 1.120 1,000,000.00 03/04/04 Mission Community Bank 10/08/03 1.080 2,500,000.00 04/07/04 San Luis Trust Bank 09/10/03 1.060 1,500,000.00 03/11/04 San Luis Trust Bank 10/22/03 1.060 1,000,000.00 04/21/04 SAN MARINO 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 East West Federal Bank 09/12/03 1.070 35,000,000.00 03/12/04 East West Federal Bank 11/20/03 1.090 38,000,000.00 05/20/04 SANTA MARIA Hacienda Bank 09/10/03 1.010 1,000,000.00 12/10/03 23 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) 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 ($) DATE 07/24/03 1.010 10,000,000.00 01/22/04 08/13/03 1.090 5,000,000.00 02/11/04 10/31/03 1.080 5,000,000.00 04/29/04 06/19/03 0.950 1,250,000.00 12/16/03 09/19/03 1.070 1,250,000.00 03/19/04 09/26/03 1.070 5,000,000.00 03/26/04 07/10/03 1.010 1,000,000.00 01/08/04 10/09/03 1.050 1,000,000.00 04/07/04 06/13/03 0.970 10,000,000.00 12/12/03 10/15/03 0,950 10,000,000.00 01/15/04 07/25/03 1.020 15,000,000.00 01/23/04 11/06/03 1.010 15,000,000.00 02/05/04 08/15/03 1.100 15,000,000.00 02/13/04 09/05/03 1.120 15,000,000.00 03/05/04 06/18/03 0.900 45,000,000.00 12/17/03 07/24/03 1.020 75,000,000.00 01/22/04 08/21 /03 1.100 60, 000, 000.00 02/20/04 10/16/03 0.960 15,000,000.00 01/16/04 10/22/03 0.970 30, 000, 000.00 01/22/04 11/13/03 0.990 20,000,000.00 02/13/04 09/12/03 1.070 35,000,000.00 03/12/04 09/18/03 1.070 4,000,000.00 03/17/04 09/11/03 0.980 1,000,000.00 12/11/03 07/18/03 0.990 6,000,000.00 01/16/04 08/14/03 1.070 7,800,000.00 02/11/04 08/28/03 1.030 40,000,000.00 12/04/03 24 TIME DEPOSITS NAME WHITTIER Quaker City Bank Quaker City Bank Quaker City Bank TOTAL TIME DEPOSITS OCTOBER 2003 DEPOSIT PAR MATURITY DATE YIELD AMOUNT ($) DATE 06/04/03 1.140 25,000,000.00 12/05/03 07/16/03 0.980 24,000,000.00 01/14/04 10/01/03 1.070 16,000,000.00 03/31/04 25 5,678,095,000.00 BANK DEMAND DEPOSITS NOVEMBER 2003 ($ In thousands) DAILY BALANCES DAY OF BALANCES WARRANTS MONTH PER BANKS OUTSTANDING 1 $ 1,716,823 $ 2,746,527 2 1,716,823 2,746,527 3 1,598,146 2,263,645 4 1,572,621 2,126,748 5 1,030,916 2,165,070 6 674,853 2,064,368 7 963,927 2,109,032 8 963,927 2,109,032 9 963,927 2,109,032 10 1,127,332 1,946,953 11 1,127,332 1,946,953 12 1,048,462 1,845,641 13 1,302,051 1,790,981 14 1,057,607 2,033,202 15 1,057,607 2,033,202 16 1,057,607 2,033,202 17 1,377,738 2,038,247 18 1,010,341 2,005,872 19 852,780 2,034,861 20 1,256,907 2,078,8.56 21 896,480 2,046,312 22 895,480 2,046,312 23 895,480 2,046,312 24 1,383,375 2,043,879 25 1,280,231 2,307,295 26 767,444 2,310,299 27 767,444 2,310,299 28 998,888 2,313,508 29 998,888 2,313,508 30 998,888 2,318,486 AVERAGE DOLLAR DAYS $ 1,111,977 The prescribed bank balance for November was $1,362,769. This consisted of $1,189,416 in compensating balances for services, balances for uncollected funds of $176,405 and a deduction of $3,062 for November delayed deposit credit. 26 DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1652 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on November 19, 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 $ 1,189,416,000 The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: Time Deposits in Various Financial Institutions In Securities (sections 16503a From To Transactions (section 16430)* and 16602)* ( 1) 11/17/2003 11/21/2003 $ 1,031,900,000 $ 55,825,205,000 $ 5,676,095,000 Estimated Total 61,501,300,000 (2) 11/24/2003 11/28/2003 $ (2,239,000,000) $ 53,586,205,000 $ 5,676,095,000 $ 59,262,300,000 (3) 12/1/2003 12/5/2003 $ (595,700,000) $ 52,990,505,000 $ 5,676,095,000 $ 58,666,600,000 (4) 12/8/2003 12/12/2003 $ 601,200,000 $ 53,591,705,000 $ 5,676,095,000 $ 59,267,800,000 (5) 12/15/2003 12/19/2003 $ 2,637,700,000 $ 56,229,405,000 $ 5,676,095,000 $ 61,905,500,000 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 $1,189,416,000. Dated: November 19, 2003 * Government Code POOLED MONEY INVESTMENT BOARD: Signatures on file at STO and SCO Chairperson Member Member INVESTMENT ADVISORY BOARD Meeting Date: February 11, 2004 TITLE: Correspondence & Written Material Item D California Municipal Treasurers Association Conference BACKGROUND: The 2004 California Municipal Treasurers Association Conference will be held April 21 — 23, 2004 in South Lake Tahoe. While no specific registration materials are available at this time, Staff wanted to bring this conference to the Board's attention. The Fiscal Year 2003/04 budget includes the attendance of up to two board members at this conference. Staff will bring this item back as a business session item at the next meeting for further action. RECOMMENDATION: Information item only. John M. Falconer, Finance Director BOARD MEMBER ITEMS