2005 04 13 IAB4
r 3
P.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALIF, TAMPICO
LA QUINTA, CALIFORNIA 92253
AGENDA
INVESTMENT ADVISORY BOARD
Study Session Room
78-495 Calle Tampico- La Quinta, CA 92253
April 13, 2005 - 5:30 P.M.
I CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
(760) 7 7 7 - 7 0 0 0
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
A. Approval of Minutes of Meeting on March 9, 2005, for the Investment
Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for February 2005
B. Request for Proposal for Portfolio Manager
C. Consideration of Fiscal Year 2005/06 Investment Policies
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report and other selected Financial Data -
March 2005
B. Pooled Money Investment Board Reports - January 2005
VII BOARD MEMBER ITEMS
VIII ADJOURNMENT
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: April 13, 2005
ITEM TITLE:
Transmittal of Treasury Report
for February 28, 2005
BACKGROUND:
Attached please find the Treasury Report February 28, 2005
RECOMMENDATION:
Review, Receive and File the Treasury Report for February 28, 2005
John M. Falconer, Finance Director
T a jhf 4 Qumt4
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for February 28,2005
DATE: March 31, 2005
Attached is the Treasurer's Report for the month ending February 28, 2005. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Department.
The following table summarizes the changes in investment types for the month:
Investment
Beginning
Purchased
Notes
Sold/Matured
Other
Ending
Change
Cash (3)
$ 854,155
$ 5,416,907
(1)
$6,271,062
$5,416,907
LAIF
32,531,755
3,425,000
(9,600,000)
26,356,755
(6,175,000)
US Treasuries (2)
120,401,277
-
-
151,601
120,552,878
151,601
US Gov't Agencies (2)
26,953,437
5,000,000
(8,370,000)
100,150
23,683,587
(3,269,850)
Commercial Paper (2)
-
0
0
Corporate Notes
-
0
0
Mutual Funds
6,085,915
1
540,811
5,545,104
540,811
Total
$ 186,826,539 1
$ 13,841,907
1
$ 18,510,811
$ 251,751
$ 182.409,386
$ 4,417,153
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.
2-0 G .�
John M. Falconer Date
( / 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.
(3) The cash account may reflect a negative balance. This negative balance will be offset with transfers from other investments
before warrants are presented for payment by the payee at the bank.
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City of La Ouinta
Reconciliation of Actual and Surplus Funds
City, Redevelopment Agency and Financing Authority
February 28. 2005
Balance of Actual Funds 182.409,386
Less Petry cash Funds (1.000)
Less Non Surplus Funds 1,829,009
Balance of Surplus Funds $184.237,395
City Cash &Investments
Bank Accounts
Name - Availabili
Su us
T
Book
Wells Fargo - Demand
No
Checking
$ 6,270,989
Petry Cash - Demand
No
N/A
1,000
927
Wells Fa o/Housi - Demand
Yes
Checki
$ 6,271,062
Total - Bank Accounts
U. S. Treasury
Custodian - Availabili
Surplus
Issuer/Type
Amortized
Value
Bank of New York - Demand
Yes
U.S. Treasury Note
4,993,865
Bank of New York - Demand
Yes
U.S. Treasury Note
4,984,114
Bank of New York - Demand
Yes
U.S. Treasury Note
5,004,314
Bank of New York - Demand
Yes
Yes
U.S. Treasury Note
U.S. Treasury Note
3,989,990
5,007,453
Bank of New York - Demand
Bank of New York - Demand
Yes
U.S. Treasury Note
4,990,659
Bank of New York - Demand
Yes
U.S. Treasury Note
3,977,398
Bank of New York - Demand
Yes
U.S. Treasury Note
5,002,201
37,949,994
Total - U.S. Treasury
U.S. Government Securities
Sur lus
I Issuer/T
Amortized
Value
Custodian - Availabilily
Bank of New York - Demand
Yes
FNMA
5,110,787
Bank of New York - Demand
1 Yes
FHLB
1,993,820
Bank of New York - Demand
I Yes
FHLB
1,994,397
2,561,170
Bank of New York - Demand
Bank of New York -Demand
Yes
Yes
FHLB
FNMA -Discount
1,949,672
Bank of New York - Demand
Yes
FreddieMac
7,636,250
Bank of New York - Demand
Yes
1 FreddieMac - Discount
2,437,491
Total - U.S. Government Securities
23,683,587
Surplus
Surplus
Yes
Adi
Yes
$
S
I
9292
$
(7
927)(92$
Surplus
Surplus
Yes
Ad
Yes
4.993,865
4,993,865
4,984.114
4,984,114
5,004.314
5.004,314
3,989,990
3,989,990
5,007,453
5,007.453
4,990,659
4,990,659
3,977,398
3,977,398
5,002,201
5,002,201
37,949.994
37,949,994
Surplus
Yes
Adj
Surplus
Yes
5,110,787
5,110.787
,8
II 1,993,820
1,99437
1,994397
,
170
2,561,7
2,561,170
,
1,949,62
9,1
1,94672
7,636.250
7,636,250
2,437,491
2,437,491
23,683,5807
,82363587
Surplus Surplus All Funds Surplus
No Ad' No Actual
$ 6,270,989 $(8,099.998) $(1.829.009)
1,000 1,000
$ 6,271,989 $(8,099,998) $(1,828,009) 3.4379% -0.0005%
Surplus I Surplus
No Ad No
1
_I
-I
-i
All Funds Surplus
Actual % Yes
i
�i
�I
20.8048 % 20.5984%
Surplus Surplus All Funds ! 7Yes
No Adj _ No Actual °/
_1I _
-I
12 9838% I% 12.8549%
Surplus All Funds Surplus
Local Agency Investment Fund
Surplus
Ad
Surplus
Yes
Surplus
No Adj 1 No
Actual
Name - AvailabilitySur lus
Yes
Type
State Pool
Book
22,764,830
Yes
22,764,830 !
8,099,998
30,864,828
—
LAIF - City -Demand
LAIF - RDA - Demand
Yes
State Pool
1 3,591,925
3,591,925 !
8,099,998
3,591,925
34,456,753
+
14.4492% 18 7024%
Total - State Pool
26,356,755
26,356,755
,
48.2378% 52.1557%
87,990,336
87,990,3 16
8,099,998
96,090,334
Total City Investments
Total City Cash & Investments
94,261,398
6,271,989 1 (8,099,998) (1,828,009) 51.6757•/. 52.1552%
87,989,409 1
099,998
96,089,407
Fiscal Agent Investments
vestments
P7Custo;dian;�-;Availabili
I
Amortized
Sur lus
issuer/Type
Value
2002 RDA U.S. Bank-CIP
Yes
U.S.Treasury Bill
27,961,226
2004 Finance Authority -CIP
Yes
U.S.Treasury Bill
9,983,342
2004 Finance Authority -CIP
j, Yes
Yes
U.S.Treasury Bill
i 44,658,316
Total- U.S. Treasury
82,602.884
Portfolio - Mutual Funds
Trustee - Availabili
Sur lus
Money Market
Mutual Fund
Book
Value
Civic Center U.S.Bank - Project
YES
1st American
2�
Civic Center U.S.Bank - Debt Svc
YES
1st American
1994 RDA U.S. Bank -Debt Svc
YES
1 st American
1995 RDA U.S.Bank - CIP
YES
1st American
1995 RDA U.S.Bank - Special Fund
YES
1 st American
2004 Fin Auth - 1995 US Bank - Escrow
YES
1 st American
100
1998 RDA U.S.Bank - CIP
YES
1st American
1998 RDA U.S.Bank - Dbt Svc
YES
1st American
1998 RDA U.S.Bank - Special Fund
YES
1st American
1998 RDA U.S.Bank - CIP
YES
1st American
2001 RDA U.S. Bank - Dbt Svc
YES
1 st American
2001 RDA U.S. Bank - CIP
YES
1st American
2002 RDA U.S. Bank - Dbt Svc
YES
1 st American
-
2002 RDA U.S. Bank - CIP
YES
1st American
1,654,588
2003 Taxable RDA U.S. Bank - DS
YES
1st American
2003 Taxable RDA U. S. Bank -COI
YES
1 st American
2003 Taxable RDA U. S. Bank-CIP
YES
1st American
210,278
2004 Fin Auth US Bank - CIP
YES
1st American
3,675.056
2004 Fin Auth US Bank - COI
YES
i 1st American
5,061
Subtotal - Mutual Fund
5,545,104
Surplus Surplus Surplus Surplus All Funds Surplus
Yes Ad Yes No Adj __ _ No Actual % —Yes
27,961,226 27,961,226 ��
9,983,342 j 9,983,342
44,658,316 44,658.316 j
452843% 4 8350%
82,602,884 82,602,884
Surplus
Yes
Adl
Surplus
Yes
21 II
I
21
100 j
100
1,654,588
1,654,588
210,278
210,278
3,675,056
3,675,056
5,061
5,061
5.545.104
5,545,104
Surplus I Surplus
No Ad No
"I
I
Total Fiscal Agent Investments
88,147,988
88,147,988
88,147,988
48.3243%1 47.8448%
Grand Total
182,409,386
176,137,397
8,1199,998 184,237,395
1 6,271,989 (8,099,998) (1,828,009) 100.0000% 100.0000%
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11
CITY OF LA QUINTA
BALANCE SHEET 02128/05
ASSETS:
CITY CITY RDA RDA FA
FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND
CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL
POOLED CASH
(10,805,351.44)
0.00
0.00
42,769,532.95
0.00
0.00
1,562.85
0,00
31,965,744 36
LORP INVESTMENT IN POOLED CASH
0.00
0.00
0.00
662.000.00
0.00
0.00
0.00
&00
662.000,00
INVESTMENT T-BILL/NOTES & OTHER
61,461,000.00
0.00
0.00
83,000,000.00
0.00
0.00
0.00
0.00
144,461,000 00
LANDMARK CASH
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
LQRP CASH
0.00
0.00
0.00
(927.41)
0.00
0.00
0.00
0.00
(927 41)
BOND REDEMPTION CASH
0.00
0.00
0.00
100.55
0.00
0.00
21.48
0.00
122.03
BOND RESERVE CASH
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
BOND PROJECT CASH
0.00
0.00
0.00
5,539,922.35
0.00
0.00
5,061.47
0.00
5,544.983.82
BOND ESCROW CASH
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
PETTY CASH
1,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,000.00
CASH & INVESTMENT TOTAL 50,656,648.56
0.00
0.00
131,970,628.44
0.00
0.00
6.645.80
0.00
182,633,922.80
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
155,235.93
0.00
0.00
60,900.00
0.00
0.00
0,00
0.00
216,135,93
PREMIUM/DISCOUNT ON INVESTMENT
172,580.36
0.00
0.00
(397,11&89)
0.00
0.00
0.00
0.00
(224.536 53)
LQRP-ACCOUNTS RECEIVABLE
0.00
0.00
0.00
86,086.26
0.00
0.00
0.00
0.00
86,086.26
INTEREST RECEIVABLE
22.430.55
0.00
0.00
0.00
0.00
0.00
0.00
000
22,430,55
LOAN/NOTES RECEIVABLE
0.00
0.00
0.00
12,741,527.47
0.00
0.00
90,000.000.00
0.00
102.741,527,47
DUE FROM OTHER AGENCIES
3,519,458.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3,519,458.70
DUE FROM OTHER AGENCIES-CVAG
879,096.69
0.00
0.00
0.00
0.00
0.00
0.00
0.00
879,096,69
CVAG ALLOWANCE
(8.79,096.69)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(879.096.69)
DUE FROM OTHER GOVERNMENTS
14,033.81
0.00
0.00
0.00
0.00
0.00
0,00
0.00
14,033.81
DUE FROM OTHER FUNDS
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0,00
0.00
ADVANCES TO OTHER FUNDS - PRINCIPAL
21.397,550.21
0.00
0.00
0.00
0.00
000
0.00
0.00
21.397,550.21
ADVANCES TO OTHER FUNDS - INTEREST
0.00
0.00
0.00
5,359,150.72
0.00
0.00
0.00
0.00
5,359,150.72
ADVANCES TO OTHER FUNDS
8,792,906.42
0.00
0.00
0.00
0.00
0.00
0.00
0.00
8,792,906.42
SILVER ROCK - PRINCIPAL
293.310.52
0.00
0.00
0.00
0.00
0.00
0.00
0.00
293,310,52
NSF CHECKS RECEIVABLE
1,876.75
0.00
0.00
0.00
0.00
0.00
0,00
0.00
1.87675
ACCRUED REVENUE
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0,00
0,00
FIXED ASSETS
18,253,406.98
372,872,574.00
0.00
0,00
64,962,148.00
0.00
000
0.00
456.088.128 98
ACCUMULATED DEPRECIATION
(2,562,164.00)
(58,105,887.00)
0.00
0.00
(210,000.00)
0.00
0.00
0.00
(60,878,051.00)
TRAVEL ADVANCES
400.00
0.00
0.00
0.00
0.00
0.00
0.00
0,00
40000
EMPLOYEE ADVANCES
7,824.59
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7,82459
PREPAID EXPENSES
158,576.79
0.00
0.00
0.00
0.00
0.00
0.00
0,00
158,576.79
RECEIVABLE TOTAL
50.227,427.61
314.766,687.00
000
17,850,547.56
64,752,148.00
0,00
90,000,000 00
0.00
537,596,810,17
0.00
0.00
0.00
WORKER COMPENSATION DEPOSIT
117,729.37
0.00
0.00
0.00
0.00
0.00
0,00
0.00
117,729.37
RENT DEPOSITS
4,830.00
0.00
0.00
0.00
0.00
0.00
0.00
0,00
4.830.00
UTILITY DEPOSITS
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
MISC. DEPOSITS
251,073.21
0.00
0.00
319,460.00
0.00
0.00
0.00
000
570,53321
DEPOSITS TOTAL
373,632.58
0.00
0,00
319,460.00
0.00
0.00
0.00
0,00
693,092 58
GENERAL FIXED ASSETS
0.00
0.00
0.00
0.00
&00
0,00
000
000
0.00
ACCUMULATED DEPRECIATION
0.00
0.00
0.00
0.00
0.00
0.00
0.00
000
0.00
AMOUNT AVAILABLE TO RETIRE UT 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
U00
1,970.552.85
0.00
0.00 247,549,965.00
000
94,814,343,00
344,334,860 85
TOTAL OTHER ASSETS
000
0.00
1,970,552.85
000
0.00 247,549.965 00
0.00
94.814,343 00
344,334,860 85
TOTAL ASSETS 101,257,708 75 314,766 687.00 1,970,552.85 150,140,63&00 64,752,148.00 247,549.965.00 90.006.645 80 94,814,343 00 1,065,258.686 40
LIABILITIES:
ACCOUNTS PAYABLE
553,943.18
0.00
0.00
19,710,49
0.00
0.00
0.00
000
573,553 67
DUE TO OTHER AGENCIES
1,120,987.30
0.00
0.00
0.00
0.00
U00
000
000
1,120,987 30
DUE TO OTHER FUNDS
0.00
0.00
0.00
0.00
0.00
0.00
000
000
0.00
ADVANCES FROM OTHER FUNDS - PRINCIPAL
5,652.461.24
0.00
0.00
21,397,550.21
0.00
0,00
0.00
.0.00
27,050,011 45
ADVANCES FROM OTHER FUNDS - INTEREST
0.00
0.00
0.00
8,792,907.52
0.00
000
0.00
0.00
8.792.907 52
INTEREST PAYABLE
0.00
0.00
0.00
0.00
000
0-00
0.00
0.00
0.00
RETENTION PAYABLE
0.00
0,00
0.00
0.00
000
0.00
000
0.00
0.00
CAPITAL LEASES PAYABLE
622,714.67
0.00
0.00
0.00
0.00
0.00
&00
0,00
622,714.67
PAYROLL LIABILITIES
185,512.21
0.00
0.00
0.00
0.00
0.00
0.00
0.00
185.512 21
STRONG MOTION INSTRUMENTS
5,131.58
0.00
0.00
0.00
0,00
0.00
0.00
000
5.13158
FRINGE TOED LIZARD FEES
84.848.87
0.00
0.00
0.00
0.00
0.00
0.00
0,00
84,848 87
SUSPENSE
50.00
0.00
0.00
0,00
&DO
0,00
0.00
0,00
5000
DUE TO THE CITY OF LA QUINTA
0.00
0.00
0.00
000
0.00
000
000
0.00
0.00
PAYABLES TOTAL
8,225,549.05
0.00
0.00
30,210,168.22
0.00
0.00
0.00
0.00
38,435,717.27
ENGINEERING TRUST DEPOSITS
0.00
0.00
0,00
0,00
0.00
0.00
0.00
0.00
000
SO. COAST AIR QUALITY DEPOSITS
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
000
LQRP DEPOSITS
0.00
0.00
0.00
18,664.00
0.00
0,00
0.00
0.00
18,664.00
DEVELOPER DEPOSITS
1.461,001.42
0.00
0.00
2,835.00
0.00
0.00
0.00
0.00
1,463,836.42
MISC. DEPOSITS
736,042.56
0.00
0.00
25.000.00
0.00
0.00
0.00
0.00
761,042.56
AGENCY FUND DEPOSITS
1,089,860.11
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.089,860.11
TOTAL DEPOSITS
3,286,904.09
0.00
0.00
46,499.00
0.00
0.00
0.00
0.00
3,333,403.09
DEFERRED REVENUE
3,471,324.83
0.00
0.00
10,618,101.84
0.00
0.00
90.000.000.00
0,00
104,089,426.67
OTHER LIABILITIES TOTAL
3,471,324.83
0.00
0.00
10,618,101.84
0.00
0.00
90,000,000.00
0.00
104,089,426.67
COMPENSATED ABSENCES PAYABLE
0.00
0.00
531,553.26
0.00
0.00
0,00
0.00
0.00
000
0.00
0.00
531.553 26
1,010,688.59
DEVELOPER AGREEMENT
0.00
0.00
0.00
0.00
1,010,688 59
428,311.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
428.311.00
DUE TO THE CITY OF LA QUINTA
0.00
0.00
0.00
0.00
0.00
2,050.000.00
0.00
0.00
2,050,000 00
DUE TO COUNTY OF RIVERSIDE
DUE TO C.V. UNIFIED SCHOOL DIST.
0.00
0.00
0.00
0.00
0.00
6,667,336.00
0.00
0.00
6,667.336.00
DUE TO DESERT SANDS SCHOOL DIST.
0.00
0.00
0.00
0.00
0.00
0.00
0.00
000
90,000,000.00
0.00
0,00
0.00
0.00
0.00
90,000,000.00
LOANS PAYABLE
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
148,832,629.00
0.00
94,814,343.00
243.646,972.00
BONDS PAYABLE
TOTAL LONG TERM DEBT
0.00
0.00
1,970,552.85
0.00
0.00 247,549,965.00
0.00
94,814.343.00
344.334,560 85
TOTAL LIABILITIES
14,983.777.97
0.00
1,970,552.85
40,874,769,06
0.00
247,549,965.00
90,000.000.00
94.814.343 00
490.193,407,88
EQUITY -FUND BALANCE
86,273,930.78 314,766,687.00
0.00
109,265,866.94
64,752.148.00
0.00
6,645.80
000
575.065,278.52
TOTAL LIABILITY & EQUITY
101,257,708.75 314,766,687.00
1,970,552.85
150,140,636.00
64,752,148.00 247,549,965.00
90,006,645.80
94,814,343.00 1,065,258,686,40
0.00
0.00
0,00
0,00
0.00
0.00
0,00
0.00
000
CASH & INVESTMENT TOTAL
182,633,922.80
PREMIUM/DISCOUNT ON INVESTMENT
(224,536.53)
TOTAL
182,409,386.27
12
Request for Proposals
Investment Advisory Services
City of La Quinta, CA
The City of La Quinta, CA is soliciting Requests for Proposals (RFP) from
interested firms for the provision of a ' , < n^_ry investment management services for
Quinta, CA. The balance of the invested assets is estimated
City of La Qu
:.<..°. a.o�.,: >.. �.brw,°.'�.' p:°o'<.'v:<o.6g5Jc`�'a>...:
4Y�a:.::>.a ::'�,,.,, `4 0,'
6 von:
The investment of City of La Quinta, CA's funds is guided by the applicable State
statutes and the City of La Quinta, CA's investment policy. A copy of the investment
policy is attached for your information.
Questions regarding this RFP should be directed to:
Name:
John M. Falconer
Title:
Finance Director/Treasurer
City of:
La Quinta, CA
Address:
78-495 Calle Tampico
City, State Zip Code: La Quinta, CA 92253
o Phone Number: (760)777-7150
I. CRITERIA FOR EVALUATION AND SELECTION
II. SELECTION TIMETABLE
A. [Month Day, Year]
B. [Month Day, Year]
C. [Month Day, Year]
Proposals due by [Time] PST.
Proposals evaluated: to be determined
[City of La Quinta, CA] [Board/Council]
approves selection and awards contract.
III. FORMAT FOR PROPOSALS
Please format your response to this RFP in the following manner:
A. Organization
1. Describe your organization, date founded, ownership and other business
affiliations. Provide number and location of affiliated offices. Specify the
number of years your organization has provided investment management
service.
2. Describe your firm's revenue sources (e.g., investment management,
institutional research, etc.) and comment on your firm's financial condition.
3. Within the past three years, have there been any significant developments in
your organization (e.g., changes in ownership, new business ventures)? Do
you expect any changes in the near future?
4. Describe any U.S. Securities and Exchange Commission (SEC) censures or
litigation involving your organization, any officer, or employee at any time
in the last ten years.
5. Describe the firm's fiduciary liability and/or errors and omissions insurance
coverage. Include dollar amount of coverage.
B. Personnel
1. Identify the number of professionals employed by your firm by
classification.
2. Provide an organization chart showing function, positions, and titles of all
the professionals in your organization.
3. Provide biographical information on investment professionals that will be
involved in the decision -making process for our portfolio, including number
of years at your firm. Identify the person who will be the primary portfolio
manager assigned to the account.
2
4. Describe your firm's compensation policies for investment professionals
and address any incentive compensation programs.
C. Assets Under Management
1. Summarize your institutional investment management asset totals by
category for your latest reporting period in the following table:
Number of Operating Funds Number of Other Other
Clients Clients Restrictive Funds
fpm&fy)
Governmental
Governmental Pension
Non Governmental Pension
Corporate
High Net Worth Client
Endowmental/Foundation
2. Provide the number of separate accounts whose portfolios consist of
operating funds.
3. List in the following table the percentage by market value of aggregate
assets under all governmental accounts under management for your latest
reporting period:
Type of Asset Percent by Market
Value
U.S. Treasury securities
Federal Agency obligations
Corporate securities rated AAA -AA
Corporate securities rated A
Corporate securities rated BBB or lower
Other
(specify. )
3
4. Describe the procedures that your firm has in place to address the potential
or actual credit downgrade of an issuer and to disclose and advise a client of
the situation.
5. Provide data on account/asset growth over the past five years. Indicate the
number of government accounts gained and the number of government
accounts lost.
6. List your five governmental largest clients. Identify those that are
exclusively operating fund relationships and/or those that are other
relationships (e.g., bond fund, retirement fund).
7. Provide a copy of the firm's Form ADV, Parts I and II (including all
schedules).
8. Provide proof of State of California Registration, if your firm is not eligible
for SEC registration.
9. Provide a sample contract for services.
D. Philosophy/Approach
1. Describe your firm's investment philosophy for public clients, including
your firm's philosophy regarding average duration, maturity, investment
types, credit quality, and yield.
2. Describe in detail your investment process, as you would apply it to City of
La Quinta, CA's portfolio.
3. What are the primary strategies for adding value to portfolios?
4
4. Describe the process you would recommend for establishing the investment
objectives and constraints for this account.
5. Describe in detail your process of credit risk management, including how
you analyze credit quality, monitor credits on an ongoing basis, and report
credit to governmental accounts.
6. Describe your firm's trading methodology.
7. Describe your firm's decision -making process in terms of structure,
committees, membership, meeting frequency, responsibilities, integration of
research ideas, and portfolio management.
8. Describe your research capabilities as they would pertain to governmental
accounts. What types of analysis do you use?
9. Describe the firm's approach to managing relationships with the broker -
dealer community.
E. Portfolio Management
1. Are portfolios managed by teams or by one individual?
2. What is the average number of accounts handled per manager?
3. Which professional staff member will be the primary client contact for City
of La Quinta, CA?
4. How frequently are you willing to meet with us?
5. Describe procedures used to ensure that portfolios comply with client
investment objectives, policies, and bond resolutions.
5
F. Fees Charged
1. Please include a copy of your firm's fee schedule applicable to this RFP.
2. Identify any expenses that would not be covered through this fee structure
and would be required in order to implement the firm's program.
3. Is there a minimum annual fee?
G. Performance Reporting
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you willing to customize your reports to meet our specifications?
64. How will you notify us of investment transactions?
7-5. Are confirmation of investment transactions sent directly by the
broker/dealer to the client?
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8. Do your reports include rating information on investments which is required
by GASB 40?
H. References
Provide a list of at least five (5) client references in California. References
should be public agencies with portfolio size and investment objectives similar
to City of La Quinta, CA. Include length of time managing the assets, contact
name, and phone number.
I. Insurance Requirements
Exhibit A defines the insurance requirements that will need to be met prior to
the [Board/Council]'s approval of any agreement for services.
J. Submittal of proposals
1. Seven 7 o ies of the proposal shall be submitted in a sealed envelope
( ) �Q::« P � p p p
bearing the caption RFP for (City of La Quinta, CA) and addressed to:\
City of La Quinta, CA
78-495 Calle Tampico
La Quinta, CA 92253
Attention: John M. Falconer, Finance Director/Treasurer
2. Proposal must be received no later than [Time] PST on [Month, Day, Year].
3. Proposals should be verified before submission. The City of La Quinta, CA
shall not be responsible for errors or omissions on the part of the respondent
in preparation of a proposal. The City of La Quinta, CA reserves the right
to reject any and all proposals, to wave any irregularities, or informalities in
the proposals, and to negotiate modifications to any proposal.
Enclosures: Investment Policy
Treasurers Report
7
INVESTMENT ADVISORY BOARD Business Session: B
Meeting Date: April 13, 2005
ITEM TITLE:
Request for Proposal for Portfolio Manager
BACKGROUND:
Attached please find a draft proposal for Portfolio Manager services for the Board's
consideration. Shaded items require additional information before finalizing the
document.
Remaining possible item to be incorporated into the RFP include:
• Types of investments - limited to City Investment Policy or Government Code
Once this item is discussed the results can be incorporated into the RFP.
Staff has prepared a table of State authorized investments detailing whether or not
the City policy allows these investments and whether or not the City policy allows
the investments.
RECOMMENDATION:
Continue developing the Request for Proposal for Portfolio Manager Services.
John M. Falconer, Finance Director
Citv of Newport Beach
ASSET/INVESTMENT MANAGEMENT AGREEMENTS
The City may employ the services of asset/investment management companies. Such
companies must have a history of producing no losses and relatively high net returns.
They must also be well established and exceptionally reputable. Members of the staffs of
such companies who will have primary responsibility for managing the City's
investments must have a working familiarity with the special requirements and
constraints of investing municipal funds in general and this City's funds in particular.
They must contractually agree to conform to all provisions of governing law and the
collateralization and other requirements contained herein. At no time shall more than 30
percent of the City's total investment portfolio be placed in any one investment
management account. In order to implement this requirement, the City's portfolio assets
will be reallocated annually among its investment managers.
City of Laguna Niguel
USE OF PROFESSIONAL INVESTMENT MANAGERS
The City Council may employ the services of professional investment managers to assist
in the management of the City's investment portfolio. Such managers may be granted the
discretion to purchase and sell investment securities in accordance with this Investment
Policy. Such managers shall have: (1) an established professional reputation for asset or
investment management; (2) knowledge and working familiarity with State and Federal
laws governing and restricting the investment of public funds; (3) substantial experience
providing investment management services to local public agencies whose investment
policies and portfolio size are similar to those of the City; and (4) professional liability
(errors and omissions) insurance and fidelity bonding in such amounts as are required by
the City. Such managers shall be registered under the Investment Advisers Act of 1940.
Such managers shall only be retained by written agreement with the City, and approved
by the City Council. Professional service proposals shall be solicited from at least three
(3) qualified persons or firms in accordance with the City's purchasing policies and
procedures.
USE OF INDEPENDENT INVESTMENT ADVISORS
The City Council may retain the services of an independent investment advisor to review
the investment program from time to time. The adviser will review compliance with
policies and procedures, independently calculate the market value of the City's holdings,
report on overall portfolio risk exposure and investment results, and make
recommendations, if needed, regarding investment strategy or any aspect of the
investment program.
City of Camarillo
H. Responsibilities of Investment Advisors
Approved investment advisors shall provide the service within the following
parameters:
1. All investments made on behalf of the City shall be accomplished in
accordance with this Investment Policy.
2. All investment advisors must be explicitly authorized by the City Council.
3. All investment advisors must provide services within the scope of
responsibility consistent with their contract with the City.
CitV of Mission Vieio
Investments and practices permitted for use by external investment managers.
1. Professional investment managers that may be retained by the City may request
more latitude in their choice of investment vehicles and practices than is allowed
under this policy. As an integral part of their service to the City, such advisers
shall recommend additional investment vehicles and practices, limitations and
restrictions on their use. The City Council must approve the investment vehicles
and practices, upon the recommendation of the IAC, and adopt an appropriate
amendment to this policy prior to their implementation.
Kay Chandler Portfolio Manager
Delegation of Authority
1. Authority to manage the City's investment program is derived
from the California Government Code Sections 53600 et seq.,
Section of the City's Charter, and Section XX of the Municipal
Code.
2. The City may engage the services of one or more external
investment managers to assist in the management of the City's
investment portfolio in a manner consistent with the City's
objectives. Such external managers may be granted discretion to
purchase and sell investment securities in accordance with this
Investment Policy. Such managers must be registered under the
Investment Advisers Act of 1940."
INVESTMENT ADVISORY BOARD Business Session No. C
Meeting Date: April 13, 2005
TITLE:
Consideration of Fiscal Year 2005/06
Investment Policies
(Please bring your copy of the Investment Policy)
BACKGROUND:
Pursuant to State Legislation the City investment policies must be approved on an
annual basis by the City Council. This approval is done in June of each year.
At the previous IAB Meeting in March, Board Members discussed surveying other
cities Investment Policies as it regards the use of an investment adviser. The City
received responses from four cities and one vendor, which is attached for the
Board's review.
Staff is proposing that once the language for the investment advisor is determined
that staff would contact them for their ordinance language.
Staff has reviewed the Fiscal Year 2005/06 Investment Policy and do not have any
recommended changes for next year.
RECOMMENDATION:
Continued review of the Investment policies for approval by City Council in June
2005.
ohn M. Falconer, Finance Director
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CITY OF LA QUINTA
Investment Policy
Table of Contents
Section Topic
Page
Executive Summary
2
I
General Purpose
4
II
Investment Policy
4
III
Scope
4
IV
Objectives
4
► Safety
► Liquidity
► Yield
► Diversified Portfolio
V
Maximum Maturities
6
VI
Prudence
6
VII
Delegation of Authority
6
Vill
Conflict of Interest
7
IX
Authorized Financial Dealers and Institutions
7
► Broker/Dealers
► Financial Institutions
X
Authorized Investments and Limitations
8
XI
Investment Pools
12
XII
Payment and Custody
13
XIII
Interest Earning Distribution Policy
13
XIV
Internal Controls and Independent Auditors
13
XV
Benchmark
15
XVI
Reporting Standards
15
XVII
Financial Assets and Investment Activity Not Subject to this Policy
16
XVIII
Investment of Bond Proceeds
16
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NX
Investment Advisory Board - City of La Quinta
16
Investment Policy Adoption
17
Appendices:
A. Summary of Authorized Investments and Limitations
18
B. Municipal Code Ordinance 2.70 - Investment Advisory Board
19
C. Municipal Code Ordinance 3.08 - Investment of Moneys and Funds
20
D. Segregation of Major Investment Responsibilities
22
E. Listing of Approved Financial Institutions
23
F. Broker/Dealer Questionnaire and Certification
24
G. Investment Pool Questionnaire
29
H. Glossary
33
1
City of La Quinta
Investment Policy
Executive Summary
The general purpose of this Investment Policy is to provide the rules and standards
users must follow in investing funds of the City of La Quinta.
It is the policy of the City of La Quinta to invest all public funds in a manner which
will provide a diversified portfolio with maximum security while meeting daily cash
flow demands and the highest investment return in conformity to all state and local
statutes. This Policy applies to all cash and investments of the City of La Quinta, La
Quinta Redevelopment Agency and the La Quinta Financing Authority, hereafter
referred in this document as the "City".
The primary objectives, in order of priority, of the City of La Quinta's investment
activity shall be:
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that
seeks to ensure the preservation of capital in the overall portfolio
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated.
The investment portfolio shall be designed with the objective of attaining a
market rate of return or yield throughout budgetary and economic cycles,
taking into account the investment risk constraints and liquidity needs.
Within the constraints of safety, liquidity and yield, the City will endeavor to
maintain a diversified portfolio by allocating assets between different types of
investments within policy limitations.
Investments shall be made with judgment and care - under circumstances then
prevailing - which persons of prudence, discretion, and intelligence exercise in the
management of their own affairs, not for speculation, but for investment, considering
the probable safety of their capital as well as the probable income to be derived.
Authority to manage the City of La Quinta's investment portfolio is derived from the
City Ordinance. Management responsibility for the investment program is delegated
to the City Treasurer, who shall establish and implement written procedures for the
operation of the City's investment program consistent with the Investment Policy.
The Treasurer shall establish and implement a system of internal controls to maintain
the safety of the portfolio. In addition, the internal control system will also insure the
timely preparation and accurate reporting of the portfolio financial information. As
part of the annual audit of the City of La Quinta's financial statements the
independent auditor reviews the adequacy of those controls and comments if
weaknesses are found.
K
Investment responsibilities carry added duties of insuring that investments are made
without improper influence or the appearance to a reasonable person of questionable or
improper influence.
The City of La Quinta Investment Policy maintains a listing of financial institutions
which are approved for investment purposes. All Broker/Dealers and financial
institutions selected by the Treasurer to provide investment services will be approved
by the City Manager subject to City Council approval.
The Treasurer will be permitted to invest only in City approved investments up to the
maximum allowable percentages or dollar limitations and, where applicable, through
the bid process requirements. Authorized investment vehicles and related maximum
portfolio positions are listed in Appendix A - Summary of Authorized Investments and
Limitations At least two bids will be required of investments in the authorized
investment vehicles.
Collateralization will be required for Certificates of Deposits in excess of $100,000.
Collateral will always be held by an independent third party from the institution that
sells the Certificates of Deposit to the City. Evidence of compliance with State
Collateral ization policies must be supplied to the City and retained by the City
Treasurer.
The City of La Quinta Investment Policy shall require that each individual investment
have a maximum maturity of two years unless specific approval is authorized by the
City Council, except the projected annual dollar amount as detailed in Section V, may
be invested in U.S. Treasury bills, notes and bonds maturing between 2 and 5 years. In
addition, the City's investment in the State Local Agency Investment Fund (LAIF) is
allowable as long as the average maturity does not exceed two years, unless specific
approval is authorized by the City Council. The City's investment in Money Market
Mutual funds is allowable as long as the average maturity does not exceed 60 days.
The City of La Quinta Investment Policy will use the six-month U.S. Treasury Bill as a
benchmark when measuring the performance of the investment portfolio.
The Investment Policies shall be adopted by resolution of the La Quinta City Council on
an annual basis. The Investment Policies will be adopted before the end of June of
each year.
This Executive Summary is an overall review of the City of La Quinta Investment
Policies. Reading this summary does not constitute a complete review, which can only
be accomplished by reviewing all the pages.
3
City of La Quinta
Statement of Investment Policy
July 1, 2004 through June 30, 2005
Adopted by the City Council on June 17, 2004
GENERAL PURPOSE
The general purpose of this document is to provide the rules and standards users must follow
in administering the City of La Quinta cash investments.
II INVESTMENT POLICY
It is the policy of the City of La Quinta to invest public funds in a manner which will provide a
diversified portfolio with safety of principal as the primary objective while meeting daily cash
flow demands with the highest investment return. In addition, the Investment Policy will
conform to all State and local statutes governing the investment of public funds.
III SCOPE
This Investment Policy applies to all cash and investments, except as further detailed in
Section XVII of the City of La Quinta, City of La Quinta Redevelopment Agency and the City of
La Quinta Financing Authority, hereafter referred in this document as the "City". These funds
are reported in the City of La Quinta Comprehensive Annual financial Report (CAFR) and
include:
All funds within the following fund types:
► General
► Special Revenue
► Capital Projects
► Debt Service
► Enterprise
► Internal Service
► Trust and Agency
► Any new fund types and fund(s) that may be created.
IV OBJECTIVES
The primary objective, in ' order of priority, of the City of La Quinta's investment activity shall
be:
1. Safety
Safety of principal is the foremost objective of the investment program.
Investments of the City of La Quinta shall be undertaken in a manner that seeks
to ensure the preservation of capital in the overall portfolio in accordance with
4
the permitted investments. The objective will be to mitigate credit risk and
interest rate risk.
A. Credit Risk
Credit Risk - is the risk of loss due to the failure of the security issuer or
backer. Credit risk may be mitigated by:
► Limiting investments to the safest types of securities;
► Pre -qualifying the financial institutions, and broker/dealers, which
the City of La Quinta will do business with; and
► Diversifying the investment portfolio so that potential losses on
individual securities will be minimized.
B. Interest Rate Risk
Interest Rate risk is the risk that the market value of securities in the
portfolio will fall due to changes in general interest rates. Interest rate
risk may be mitigated by:
► Structuring the investment portfolio so that securities mature to
meet cash requirements for ongoing operations, thereby avoiding
the need to sell securities on the open market prior to maturity;
and
► By investing operating funds primarily in shorter -term securities.
2. Liquidity
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated. This is accomplished by
structuring the portfolio so that sufficient liquid funds are available to meet
anticipated demands. Furthermore since all possible cash demands cannot be
anticipated the portfolio should be diversified and consist of securities with
active secondary or resale markets. Securities shall not be sold prior to maturity
with the following exceptions:
► A declining credit quality security could be sold early to minimize loss of
principal;
► Liquidity needs of the portfolio require that the security be sold.
3. Yield
The investment portfolio shall be designed with the objective of attaining a
market rate of return throughout budgetary and economic cycles, taking into
account the investment risk constraints and liquidity needs. Return on
investment is of least importance compared to the safety and liquidity objectives
described above. The core of investments are limited to relatively low risk
securities in anticipation of earning a fair return relative to the risk being
assumed
0
4. Diversified Portfolio
Within the constraints of safety, liquidity and yield, the City will endeavor to
maintain a diversified portfolio by allocating assets between different types of
investments within policy limitations.
V MAXIMUM MATURITIES
It is the policy of the City of La Quinta to hold securities and other investments of
cash in financial instruments until maturity, thus avoiding the risk that the market
value on investments fluctuates with overall market interest rates. The hold until
maturity policy shall not prevent the sale of a security to minimize loss of principal
when the issuer or backer suffers declining credit worthiness. The hold until
maturity policy requires that the City of La Quinta's investment portfolio is
structured so that sufficient funds are available from maturing investments and
other sources to meet anticipated cash needs. To meet anticipated cash needs, it
is essential that the Treasurer have reasonably accurate, diligently prepared cash
flow projections.
Annually, the Treasurer shall project the amount of funds not expected to be
disbursed within five years. For FY 2004/05, the amount of such funds was $5
million. Funds up to that amount may be invested in U.S. Treasury bills, notes and
bonds maturing between 2 and 5 years. For all other funds, investments are
limited to two years maximum maturity.
VI PRUDENCE
The City shall follow the Uniform Prudent Investor Act as adopted by the State of
California in Probate Code Sections 16045 through 16054.
Section 16053 sets forth the terms of a prudent person which are as follows:
Investments shall be made with judgment and care - under circumstances then
prevailing - which persons of prudence, discretion, and intelligence exercise in the
professional management of their own affairs, not for speculation, but for investment,
considering the probable safety of their capital as well as the probable income to be
derived.
VII DELEGATION OF AUTHORITY
Authority to manage the City of La Quinta's investment portfolio is derived from the
City Ordinance. Management responsibility for the investment program is delegated to
the City Treasurer, who shall establish written procedures for the operation of the
investment program consistent with the Investment Policy. Procedures should include
reference to safekeeping, wire transfer agreements, banking service contracts, and
collateral/depository agreements. Such procedures shall include explicit delegation of
authority to persons responsible for investment transactions. No person may engage
in an investment transaction except as provided under the terms of this Investment
0
Policy and the procedures established by the City Treasurer. The City Treasurer shall
be responsible for all transactions undertaken and shall establish a system of controls
to regulate the activities of subordinate officials. The City Manager or Assistant City
Manager shall approve in writing all purchases and sales of investments prior to their
execution by the City Treasurer.
Vill CONFLICT OF INTEREST
Investment responsibilities carry added duties of insuring that investments are made
without improper influence or the appearance of improper influence.
Therefore, the City Manager, Assistant City Manager, and the City Treasurer shall
adhere to the State of California Code of Economic Interest and to the following:
► The City Manager, Assistant City Manager, and the City Treasurer shall not
personally or through a close relative maintain any accounts, interest, or private
dealings with any firm with which the City places investments, with the
exception of regular savings, checking and money market accounts, or other
similar transactions that are offered on a non-negotiable basis to the general
public. Such accounts shall be disclosed annually to the City Clerk in
conjunction with annual disclosure statements of economic interest.
► All persons authorized to place or approve investments shall report to the City
Clerk kinship relations with principal employees of firms with which the City
places investments.
IX AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS
The City of La Quinta Investment Policy maintains a listing of financial institutions
which are approved for direct investment purposes. In addition a list will also be
maintained of approved broker/dealers selected by credit worthiness, who maintain an
office in the State of California.
1. Broker/Dealers who desire to become bidders for direct investment transactions
must supply the City of La Quinta with the following:
► Current audited financial statements;
► Proof of National Association of Security Dealers Certification;
► Trading resolution;
► Proof of California registration;
► Resume of Financial broker; and
► Completion of the City of La Quinta Broker/Dealer questionnaire which
contains a certification of having read the City of La Quinta Investment
Policy.
The City Treasurer shall evaluate the documentation submitted by the
broker/dealer and independently verify existing reports on file for any firm and
individual conducting investment related business.
7
The City Treasurer will also contact the following agencies during the
verification process:
► National Association of Security Dealer's Public Disclosure Report File -
1-800-289-9999
► State of California Department of Corporations 1-916-445-3062
All Broker/Dealers selected by the City Treasurer to provide investment services
will be approved by the City Manager subject to City Council approval. The City
Attorney will perform a legal review of the trading resolution/investment
contract submitted by each Broker/Dealer.
Each securities dealer shall provide monthly and quarterly reports filed pursuant to U.S.
Treasury Department regulations. Each mutual fund shall provide a prospectus and
statement of additional information.
2. Financial Institutions will be required to meet the following criteria in order to
receive City funds for deposit or investment:
A. Insurance - Public Funds shall be deposited only in financial
institutions having accounts insured by the Federal Deposit
Insurance Corporation (FDIC)
B. Collateral - The amount of City of La Quinta deposits or
investments not insured by the FDIC -shall be 1 10% collateralized
by securities' or 150% mortgages' market values of that amount
of invested funds plus unpaid interest earnings.
C. Disclosure - Each financial institution maintaining invested funds in
excess of the FDIC insured amount shall furnish the City a copy of
the most recent Annual Call Report.
The City shall not invest in excess of the FDIC insured amount in
banking institutions which do not disclose to the city a current
listing of securities pledged for collateralization in public monies.
X AUTHORIZED INVESTMENTS AND LIMITATIONS
The City Treasurer will be permitted to invest in the investments summarized in the
Appendix A.
I. STATE OF CALIFORNIA AND CITY OF LA QUINTA LIMITATIONS
As provided in Sections 16429.1, 53601, 53601.1, and 53649 of the
Government Code, the State of California limits the investment vehicles
available to local agencies as summarized in the following paragraphs. Section
53601, as now amended, provides that unless Section 53601 specifies a
limitation on an investment's maturity, no investments . with maturities
exceeding five years shall be made. The City of La Quinta Investment Policy
has specified that no investment may exceed two years, except the projected
annual dollar amount, as detailed in Section V, may be invested in U.S. Treasury
bills, notes and bonds maturing between 2 and 5 years.
State Treasurer's Local Agency Investment Fund (LAIF) - As authorized in
Government Code Section 16429.1 and by LAIF procedures, local government
agencies are each authorized to invest a maximum of $40 million per account in
this investment program administered by the California State Treasurer. The
City's investment in the State Local Agency Investment Fund (LAIF) is allowable
as long as the average maturity of its investment portfolio does not exceed two
years, unless specific approval is authorized by the City Council. The City of La
Quinta has two accounts with LAIF. The City of La Quinta Investment Policy
has a limitation of 25% of the portfolio.
U.S. Government and Related Issues - As authorized in Government Code
Sections 53601 (a) through (n) as they pertain to surplus funds, this category
includes a wide variety of government securities which include the following:
• Local government bonds or other indebtedness and State bonds or other
indebtedness. The City of La Quinta Investment Policy does not allow
investments in local and state indebtedness
• U.S. Treasury bills, notes and bonds and Government National Mortgage
Association (GNMA) securities directly issued and backed by the full faith
and credit of the U.S. Government. The City of La Quinta Investment
Policy limits investments in U.S. Treasury issues and GNMA to 100% of
the portfolio.
• U.S. Government instrumentalities and agencies commonly referred to as
government sponsored enterprises (GSEs), issuing securities not backed
as to principal and interests by the full faith and credit of the U.S.
Government. Publicly owned GSEs include Federal National Mortgage
Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC)
and Student Loan Marketing Association (SLMA). Non -publicly owned
GSEs include the Federal Home Loan Bank (FHLB), Federal Farm Credit
Bank (FFCB), Federal Land Bank (FLB) and Federal Intermediate Credit
Bank (FICB). The City of La Quinta Investment Policy allows investment
only in securities of FNMA, FHLMC, FHLB and FFCB and has a limitation
of $10 million face amount for each issuer.
Bankers' Acceptances - As authorized in Government Code Section 53601 (f),
40% of the portfolio may be invested in Bankers' Acceptances, although no
more than 30% of the portfolio may be invested in Bankers' Acceptances with
any one commercial bank. Additionally, the maturity period cannot exceed 180
days. The City of La Quinta Investment Policy does not allow investment in
Bankers' Acceptances.
M
Commercial Paper - As authorized in Government Code Section 53601(g), 15%
of the portfolio may be invested in commercial paper of the highest rating (A-1
or P-1) as rated by Moody' s or Standard and Poor' s, with maturities not to
exceed 270 days. This percentage may be increased to 30% if the dollar
weighted average maturity does not exceed 31 days. There are a number of
other qualifications regarding investments in commercial paper based on the
financial strength of the corporation and the size of the investment. The City of
La Quinta' s Investment Policy follows The Government Code with the following
additional limitations: (1) maximum maturity per issue of 90 days and (2) a
maximum of $3 million per issuer.
Negotiable Certificates of Deposit -As authorized in Government Code Section
53601(h), 30% of the portfolio may be invested in negotiable certificates of
deposit issued by commercial banks and savings and loan associations. The
City of La Quinta Investment Policy does not allow investment in Negotiable
Certificates of Deposit.
Repurchase and Reverse Repurchase Agreements - As authorized in Government
Code Section 53601(i), these investment vehicles are agreements between the
local agency and seller for the purchase of government securities to be resold at
a specific date and for a specific amount. Repurchase agreements are generally
used for short term investments varying from one day to two weeks. There is
no legal limitation on the amount of the repurchase agreement. However, the
maturity period cannot exceed one year. The market value of securities
underlying a repurchase agreement shall be at least 102% of the
funds invested and shall be valued at least quarterly.
The City of La Quinta Investment Policy does not allow investment in
Repurchase Agreements.
The term " reverse repurchase agreement" means the sale of securities by the
local agency pursuant to an agreement by which the local agency will
repurchase such securities on or before a specific date and for a specific
amount. As provided in Government Code Section 53635, reverse repurchase
agreements require the prior approval of the City Council. The City of La Quinta
Investment Policy does not allow investment in Reverse Repurchase
Agreements.
Corporate Notes - As authorized in Government Code Section 53601 0), local
agencies may invest in corporate notes for a maximum period of five years in an
amount not to exceed 30% of the agency' s portfolio. The notes must be
issued by corporations organized and operating in the United States or by
depository institutions licensed by the United States or any other state and
operating in the United States. The City of La Quinta Investment Policy allows
investment in corporate notes authorized by the Government Code with the
following limitations:
► Maturities shall conform with Section V.
10
► Eligible notes shall be regularly quoted and traded in the marketplace.
► Eligible notes shall be rated "AV or "AAA" on the date of acquisition.
► Total investment shall not exceed 15 % of the portfolio, and
► The maximum aggregate investment shall not exceed $3 million face
amount for each issurer.
Diversified Management Companies - As authorized in Government Code
Section 53601(k), local agencies are authorized to invest in shares of beneficial
interest issued by diversified management companies (mutual funds) in an
amount not to exceed 20% of the agency's portfolio. There are a number of
other qualifications and restrictions regarding allowable investments in corporate
notes and shares of beneficial interest issued by mutual funds which include (1)
attaining the highest ranking or the highest letter and numerical rating provided
by not less than two of the three largest nationally recognized rating services, or
(2) having an investment advisor registered with the Securities and Exchange
Commission with not less than five years' experience investing in the securities
and obligations and with assets under management in excess of five hundred
million dollars ($500,000,000). The City of La Quinta Investment Policy only
allows investments in mutual funds that are money market funds maintaining a
par value of $1 per share that invests in direct issues of the U.S. Treasury
and/or US Agency Securities with an average maturity of their portfolio not
exceeding 90 days and the City limits such investments to 20% of the portfolio.
Mortgage -Backed Securities - As authorized in Government code Section
53601(n), local agencies may invest in mortgage -backed securities such as
mortgage pass -through securities and collateralized mortgage obligations for a
maximum period of five years in an amount not to exceed 20% of the agency' s
portfolio. Securities eligible for investment shall have a "A" or higher rating.
The City of La Quinta Investment Policy does not allow investment in Mortgage -
Backed Securities.
Financial Futures and Financial Option Contracts - As authorized in Government
Code Section 53601.1, local agencies may invest in financial futures or option
contracts in any of the above investment categories subject to the same overall
portfolio limitations.
The City of La Quinta Investment Policy does not allow investments in financial
futures and financial option contracts.
Certificates of Deposit - As authorized in Government Code Section 53649,
Certificates of Deposit are fixed term investments which are required to be
collateralized from 1 10% to 150% depending on the specific security pledged
as collateral in accordance with Government Code Section 53652. There are
no portfolio limits on the amount or maturity for this investment vehicle.
Collateral ization will be required for Certificates of Deposits in excess of the
FDIC insured amount. The type of collateral is limited to City authorized
investments. Collateral will always be held by an independent third party from
11
the institution that sells the Certificates of Deposit to the City. Evidence of
compliance with State Collateralization policies must be supplied to the City and
retained by the City Treasurer as follows:
1. Certificates of Deposits Insured by the FDIC.
The City Treasurer may waive collateral ization of a deposit that is
federally insured.
2. Certificates of Deposit in excess of FDIC Limits.
The amount not federally insured shall be 1 10% collateralized securities
or 150% mortgages market value of that amount of invested funds plus
unpaid interest earnings.
The City of La Quinta Investment Policy limits the percentage of Certificates of
Deposit to 60% of the portfolio.
Sweep Accounts - As authorized by the City Council, a U.S. Treasury and/or
U.S. Agency Securities Money Market Sweep Account with a $50,000 target
balance may be maintained in conjunction with the checking account.
Derivatives - The City of La Quinta Investment Policy does not allow investment
in derivatives.
XI INVESTMENT POOLS
There are three (3) types of investment pools: 1) state -run pools, 2) pools that are
operated by a political subdivision where allowed by law and the political subdivision is
the trustee i.e. County Pool; and 3) pools that are operated for profit by third parties.
The City of La Quinta Investment Policy has authorized investment with the State of
California's Treasurers Office Local Agency Investment Fund commonly referred to as
LAIF. LAIF was organized in 1977 through State Legislation Section 16429.1, 2 and
3. Each LAIF account is restricted to a maximum investable limit of $40 million. In
addition, LAIF will provide quarterly market value information to the City of La Quinta.
On an annual basis the City Treasurer will submit the Investment Pool Questionnaire to
LAIF.
Also, prior to opening any new Investment Pool account, which would require City
Council approval, the City Treasurer will require the completion of the Investment Pool
Questionnaire.
XII PAYMENT AND CUSTODY
The City shall engage qualified third party custodians to act in a fiduciary capacity to
maintain appropriate evidence of the City's ownership of securities and other eligible
investments. Such custodians shall disburse funds, received from the City for a
purchase, to the broker, dealer or seller only after receiving evidence that the City has
legal, record ownership of the securities. Even though ownership is evidenced in book-
12
entry form rather than by actual certificates, this procedure is commonly accepted as
the delivery versus payment (DVP) method for the transfer of securities.
XIII INTEREST EARNING DISTRIBUTION POLICY
Interest earnings are generated from pooled investments and specific investments.
1 . Pooled Investments - It is the general policy of the City to pool all available
operating cash of the City of La Quinta, La Quinta Redevelopment Agency and
La Quinta Financing Authority and allocate interest earnings, in the following
order, as follows:
A. Payment to the General Fund of an amount equal to the total annual bank
service charges as incurred by the general fund for all operating funds as
included in the annual operating budget.
B. Payment to the General Fund of a management fee equal to 5 % of the
annual pooled cash fund investment earnings.
C. Payment to each fund of an amount based on the average computerized
daily cash balance included in the common portfolio for the earning
period.
2. Specific Investments - Specific investments purchased by a fund shall incur all
earnings and expenses to that particular fund.
XIV INTERNAL CONTROLS AND INDEPENDENT AUDITOR
The City Treasurer shall establish a system of internal controls to accomplish the
following objectives:
► Safeguard assets;
► The orderly and efficient conduct of its business, including adherence to
management policies;
► Prevention or detection of errors and fraud;
► The accuracy and completeness of accounting records; and
► Timely preparation of reliable financial information.
While no internal control system, however elaborate, can guarantee absolute assurance
that the City's assets are safeguarded, it is the intent of the City's internal control to
provide a reasonable assurance that management of the investment function meets the
City's objectives.
The internal controls shall address the following:
a. Control of collusion. Collusion is a situation where two or more employees are
working in conjunction to. defraud their employer.
13
b. Separation of transaction authority from accounting and record keeping. By
separating the person who authorizes or performs the transaction from the
people who record or otherwise account for the transaction, a separation of
duties is achieved.
C. Custodial safekeeping. Securities purchased from any bank or dealer including
appropriate collateral (as defined by State Law) shall be placed with an
independent third party for custodial safekeeping.
d. Avoidance of physical delivery securities. Book entry securities are much easier
to transfer and account for since actual delivery of a document never takes
place. Delivered securities must be properly safeguarded against loss or
destruction. The potential for fraud and loss increases with physically delivered
securities.
e. Clear delegation of authority to subordinate staff members. Subordinate staff
members must have a clear understanding of their authority and responsibilities
to avoid improper actions. Clear delegation of authority also preserves the
internal control structure that is contingent on the various staff positions and
their respective responsibilities as outlined in the Segregation of Major
Investment Responsibilities appendices.
f. Written confirmation or telephone transactions for investments and wire
transfers. Due to the potential for error and improprieties arising from telephone
transactions, all telephone transactions shall be supported by written
communications and approved by the appropriate person. Written
communications may be via fax if on letterhead and the safekeeping institution
has a list of authorized signatures. Fax correspondence must be supported by
evidence of verbal or written follow-up.
g. Development of a wire transfer agreement with the City's bank and third party
custodian. This agreement should outline the various controls, security
provisions, and delineate responsibilities of each party making and receiving wire
transfers.
The System of Internal Controls developed by the City, shall be reviewed annually by
the independent auditor in connection with the annual audit of the City of La Quinta's
Financial Statements.
The independent auditor's management letter comments pertaining to cash and
investments, if any, shall be directed to the City Manager who will direct the City
Treasurer to provide a written response to the independent auditor's letter. The
management letter comments pertaining to cash and investment activities and the City
Treasurer's response shall be provided to the City's Investment Advisory Board for
their consideration. Following the completion of each annual audit, the independent
auditor shall meet with the Investment Advisory Board and discuss the auditing
procedures performed and the review of internal controls for cash and investment
activities.
14
XV BENCHMARK
The investment portfolio shall be designed with the objective of obtaining a rate of
return throughout budgetary and economic cycles commensurate with the investment
risk constraints and the cash flow needs of the City. Return on investment is of least
importance compared to safety and liquidity objectives.
The City of La Quinta Investment Policy will use the six-month U.S. Treasury Bill as a
benchmark when measuring the performance of the investment portfolio.
XVI REPORTING STANDARDS
SB564 section 3 requires a quarterly report to the Legislative Body of Investment
activities. The City of La Quinta Investment Advisory Board has elected to report the
investment activities to the City Council on a monthly basis through the Treasurers
Report. AB 943 requires that the December 31" and June 301h Treasurers Reports be
sent to the California Debt and Advisory Commission within sixty days of the end of
the quarter.
The City Treasurer shall submit a monthly Treasurers Report to the City Council and
the Investment Advisory Board that includes all cash and investments under the
authority of the Treasurer.
The Treasurers Report shall summarize cash and investment activity and changes in
balances and include the following:
► A certification by City Treasurer.
► A listing of Purchases and sales/maturities of investments.
► Cash and Investments categorized by authorized investments, except for
LAIF which will be provided quarterly and show yield and maturity.
► Comparison of month end actual holdings to Investment Policy
limitations.
► Current year and prior year monthly history of cash and investments for
trend analysis.
► Balance Sheet.
► Distribution of cash and investment balances by fund.
► A comparison of actual and surplus funds.
► A year to date historical cash flow analysis and projection for the next six
months.
► A two-year list of historical interest rates.
XVII FINANCIAL ASSETS AND INVESTMENT ACTIVITY NOT SUBJECT TO THIS
POLICY
The City' s Investment Policy does not apply to the following:
• Cash and Investments raised from Conduit Debt Financing;
15
• Funds held in trust in the City's name in pension or other post -retirement
benefit programs;
• Cash and Investments held in lieu of retention by banks or other financial
institutions for construction projects;
• Short or long term loans made to other entities by the City or Agency; and
Short term (Due to/from) or long term (Advances from/to) obligations made
either between the City and its funds or between the City and Agency.
XVIII INVESTMENT OF BOND PROCEEDS
The City's Investment Policy shall govern bond proceeds and bond reserve fund
investments. California Code Section 5922 (d) governs the investment of bond
proceeds and reserve funds in accordance with bond indenture provisions which shall
be structured in accordance with the City's Investment Policy.
Arbitrage Requirement
The US Tax Reform Act of 1986 requires the City to perform arbitrage calculations as
required and return excess earnings to the US Treasury from investments of proceeds
of bond issues sold after the effective date of this law. This arbitrage calculations may
be contracted with an outside source to provide the necessary technical assistance to
comply with this regulation. Investable funds subject to the 1986 Tax Reform Act will
be kept segregated from other funds and records will be kept in a fashion to facilitate
the calculations. The City's investment position relative to the new arbitrage
restrictions is to continue pursuing the maximum yield on applicable investments while
ensuring the safety of capital and liquidity. It is the City's position to continue
maximization of yield and to rebate excess earnings, if necessary.
i2 "':
INVESTMENT ADVISORY BOARD - CITY OF LA QUINTA
The Investment Advisory Board (IAB) consists of five members of the community that
have been appointed by and report to the City Council. The IAB usually meets on a
monthly basis, but at least quarterly to (1) review at least annually the City's
Investment Policy and recommend appropriate changes; (2) review monthly Treasury
Report and note compliance with the Investment Policy and adequacy of cash and
investments for anticipated obligations; (3) receive and consider other reports provided
by the City Treasurer; (4) meet with the independent auditor after completion of the
16
annual audit of the City's financial statements, and receive and consider the auditor' s
comments on auditing procedures, internal controls and findings for cash and
investment activities, and; (5) serve as a resource for the City Treasurer on matters
such as proposed investments, internal controls, use or change of financial institutions,
custodians, brokers and dealers.
The appendices include City of La Quinta Ordinance 2.70 entitled Investment Advisory
Board Provisions.
INVESTMENT POLICY ADOPTION
On an annual basis, the Investment policies will be initially reviewed by the Investment
Advisory Board and the City Treasurer. The Investment Advisory Board will forward
the Investment policies, with any revisions, to the City Manager and City Attorney for
their review and comment. A joint meeting will be held with the Investment Advisory
Board, City Manager, City Attorney, and City Treasurer to review the Investment
policies and comments, prior to submission to the City Council for their consideration.
The Investment Policies shall be adopted by resolution of the City of La Quinta City
Council on an annual basis. The Investment Policies will be adopted before the end of
June of each year.
AB 943 requires that the Investment Policies be sent to the California Debt and
Investment Advisory Commission within sixty days of a change to the Investment
Policy.
17
Appendix A
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30
Appendix B
Chapter 2.70
INVESTMENT ADVISORY BOARD PROVISIONS
Sections:
2.70.010 General Rules Regarding Appointment.
2.70.020 Board meetings.
2.70.030 Board functions.
2.70.010 General rules regarding appointment
A. Except as set out below, see Chapter 2.06 for General Provisions.
B. The Investment Advisory Board (the"board") is a standing board composed of five (5)
members from the public that are appointed by city council. La Quinta residency is required
except for Board Members currently serving on the Board as of June 30, 2003.
C. Background in the investment field and/or related experience is preferred. Background
information will be required and potential candidates must agree to a background check and
verification.
D. On an annual basis, in conjunction with the Political Reform Act disclosure statutes, or at
any time if a change in circumstances warrants, each board member will provide the City
Council with a disclosure statement which identifies any matters that have a bearing on the
appropriateness of that member's service on the board. Such matters may include, but are not
limited to, changes in employment, changes in residence, or changes in clients.
2.70.020 Board meetings.
The Board usually will meet monthly, but this schedule may be extended to quarterly
meetings upon the concurrence of the Board and the City Council. The specific meeting dates
will be determined by the Board Members and meetings may be called for on an as needed basis.
2.70.030 Board functions.
1. The principal functions of the Board are: (1) review at least annually the City's Investment
Policy and recommend appropriate changes; (2) review monthly Treasury Report and note
compliance with the Investment Policy and adequacy of cash and investments for anticipated
obligations; (3) receive and consider other reports provided by the City Treasurer; (4) meet
with the independent auditor after completion of the annual audit of the City's financial
statements, and receive and consider the auditor's comments on auditing procedures,
internal controls, and findings for cash and investment activities, and; (5) serve as a resource
for the City Treasurer on matters such as proposed investments, internal controls, use or
change of financial institutions, custodians, brokers and dealers.
2. The Board will report to the City Council after each meeting either in person or through
correspondence at a regular City Council meeting.
19
Appendix C
Chapter 3.08
INVESTMENT OF MONEYS AND FUNDS
Sections:
3.08.010 Investment of city moneys and deposit of securities.
3.08.020 Authorized investments.
3.08.030 Sales of securities.
3.08.040 City bonds.
3.08.050 Reports.
3.08.060 Deposits of securities.
3.08.070 Trust fund administration.
3.08.010 Investment of city moneys and deposit of securities.
Pursuant to, and in accordance with, and to the extent allowed by, Sections
53607 and 53608 of the Government Code, the authority to invest and reinvest
moneys of the city, to sell or exchange securities, and to deposit them and provide
for their safekeeping, is delegated to the city treasurer. (Ord. 2 § 1 (part), 1982)
3.08.020 Authorized investments.
Pursuant to the delegation of authority in Section 3.08.010, the city treasurer is
authorized to purchase, at their original sale or after they have been issued, securities
which are permissible investments under any provision of state law relating to the
investing of general city funds, including but not limited to Sections 53601 and 53635
of the Government Code, as said sections now read or may hereafter be amended,
from moneys in his custody which are not required for the immediate necessities of the
city and as he may deem wise and expedient, and to sell or exchange for other eligible
securities and reinvest the proceeds of the securities so purchased. (Ord. 2 § 1 (part),
1982)
3.08.030 Sales of Securities.
From time to time the city treasurer shall sell the securities in which city moneys
have been invested pursuant to this chapter, so that the proceeds may, as appropriate,
be applied to the purchase for which the original purchase money may have been
designated or placed in the city treasury. (Ord.2 § I (part),
3.08.040 City bonds.
Bonds issued by the city and purchased pursuant to this chapter may be canceled
either in satisfaction of sinking fund obligations or otherwise if proper and appropriate;
provided, however, that the bonds may be held uncancelled and while so held may be
resold. (Ord. 2 § 1 (part), 1982)
3.08.050 Reports.
The city treasurer shall make a monthly report to the city council of all investments
made pursuant to the authority delegated in this chapter. (Ord. 2 § 1 (part), 1982)
20
3.08.060 Deposits of securities.
Pursuant to the delegation of authority in Section 3.08.010, the city treasurer is
authorized to deposit for safekeeping, the securities in which city moneys have been
invested pursuant to this chapter, in any institution or depository authorized by the
terms of any state law, including but not limited to Section 53608 of the Government
Code as it now reads or may hereafter be amended. In accordance with said section,
the city treasurer shall take from the institution or depository a receipt for the
securities so deposited and shall not be responsible for the securities delivered to and
receipted for by the institution or depository until they are withdrawn therefrom by the
city treasurer. (Ord. 2 § 1 (part), 1982
3.08.070 Trust fund administration.
Any departmental trust fund established by the city council pursuant to Section
36523 of the Government Code shall be administered by the city treasurer in
accordance with Section 36523 and 26524 of the Government code and any other
applicable provisions of law. (Ord. 2 § 1 (part), 1982)
21
Appendix D
SEGREGATION OF MAJOR INVESTMENT RESPONSIBILITIES
Function Responsibilities
Develop formal Investment Policy City Treasurer
Recommend modifications to Investment Policy Investment Advisory Board
Review formal Investment Policy and recommend City Manager and
City Council action City Attorney
Adopt formal Investment Policy City Council
Review Financial Institutions & Select Investments City Treasurer
Approve investments City Manager or
Assistant City Manager
Execute investment transactions City Manager or Treasurer
Confirm wires, if applicable Accounting Manager or
Financial Services Assistant
Record investment transactions in City's Accounting Manager or
accounting records Financial Services Assistant
Investment verification - match broker confirmation City Treasurer and Financial
to City investment records Services Assistant
Reconcile investment records
- to accounting records and bank statements Financial Services Assistant
Reconcile investment records
- to Treasurers Report
of investments Accounting Manager
Security of investments at City Vault
Security of investments Outside City Third Party Custodian
Review internal control procedures External Auditor
22
Appendix E
LISTING OF APPROVED FINANCIAL INSTITUTIONS
1. Banking Services - Wells Fargo Bank, Government Services,
Los Angeles, California
2. Custodian Services - Bank of New York, Los Angeles,
California
3. Deferred Compensation - International City/County Management
Association Retirement Corporation
4. Broker/Dealer Services - Merrill Lynch, Los Angeles, CA
Morgan Stanley, Los Angeles, California
CitiGroup, Newpeft Beeeh, San
CA
5. Government Pool - State of California Local Agency
Investment Fund
City of La Quinta Account
La Quinta Redevelopment Agency
6. Bond Trustees - 1991 City Hall Revenue Bonds - US Bank
1991 RDA Project Area 1 - US Bank
1992 RDA Project Area 2 - US Bank
1994 RDA Project Area 1 - US Bank
.1998 RDA Project Area 1 &2 - US Bank
2001 RDA Project Area 1 - US Bank
2002 RDA Project Area 1 - US Bank
2003 RDA Project Area 1 - US Bank
Assessment Districts - US Bank
No Changes to this listing may be made without City Council approval
23
Appendix F
BROKER/DEALER QUESTIONNAIRE AND CERTIFICATION
1 . Name of Firm:
2. Address:
0
9
Telephone: ( )
Broker's Representative to the City (attach resume):
Name:
Title:
Telephone: ( )
5. Manager/Partner-in-charge (attach resume):
Name:
Title:
Telephone:
6. List all personnel who will be trading with or quoting securities to City employees
(attach resume)
Name:
Title:
Telephone: ( ) ( )
7. Which of the above personnel have read the City's Investment Policy?
8. Which instruments are offered regularly by your local office? (Must equal
100%)
% U.S. Treasuries
% BA's
% Commercial Paper
% C D's
% Mutual Funds
% Agencies (specify):
W
% Repos
% Reverse Repos
% CMO's
% Derivatives
% Stocks/Equities
% Other (specify):
9. References -- Please identify your most directly comparable public sector
clients in our geographical area.
Entity
Contact
Telephone
Client Since
Entity
Contact
Telephone
Client Since
10. Have any of your clients ever sustained a loss on a securities transaction arising
from a misunderstanding or misrepresentation of the risk characteristics of the
instrument? If so, explain.
11.
12.
Has your firm or your local office ever been subject to a regulatory or state/
federal agency investigation for alleged improper, fraudulent, disreputable or
unfair activities related to the sale of securities? Have any of your employees
been so investigated? If so,
explain.
Has a client ever claimed in writing that you were responsible for an
investment loss? Yes No If yes, please provide
action taken
Has a client ever claimed in writing that your firm was responsible for an
investment loss? Yes No If yes, please provide
action taken
25
Do y�gu have any current or pending complaints that are unreported to the
NASD?
Yes No If yes, please provide action taken
Does your firm have any current, or pending complaints that are unreported
to the NASD? Yes No If yes, please provide action
taken
13. Explain your clearing and safekeeping procedures, custody and delivery process.
Who audits these fiduciary responsibilities?
Latest Audit Report Date
14. How many and what percentage of your transactions failed.
Last month? % $
Last year? % $
15. Describe the method your firm would use to establish capital trading limits for the
City of La Quinta.
16.
Is your firm a member in the S.I.P.C. insurance program. Yes
If yes, explain primary and excess coverage and carriers.
17. What portfolio information, if any, do you require from your clients?
26
No
18. What reports and transaction confirmations or any other research publications will
the City receive?
19. Does your firm offer investment training to your clients? Yes No
20. Does your firm have professional liability insurance. Yes No
If yes, please provide the insurance carrier, limits and expiration date._
21. Please list your NASD Registration Number
22.
Do you have any relatives who work at the City of La Quinta?
Yes No If yes, Name and Department
23. Do you maintain an office in California. Yes No
24. Do you maintain an office in La Quinta or Riverside County? Yes No
25. Please enclose the following:
❑ Latest audited financial statements.
❑ Samples of reports, transaction confirmations and any other
research/publications the City will receive.
❑ Samples of research reports and/or publications that your firm regularly
provides to clients.
❑ Complete schedule of fees and charges for various transactions.
* *CERTIFICATION*
I hereby certify that I have personally read the Statement of Investment Policy of the City
of La Quinta, and have implemented reasonable procedures and a system of controls
designed to preclude imprudent investment activities arising out of transactions
conducted between our firm and the City of La Quinta. All sales personnel will be
routinely informed of the City's investment objectives, horizons, outlooks, strategies and
risk constraints whenever we are so advised by the City. We pledge to exercise due
diligence in informing the City of La Quinta of all foreseeable risks associated with
financial transactions conducted with our firm.
By signing this document the City of La Quinta is authorized to conduct any and all
background checks.
27
Under penalties of perjury, the responses to this questionnaire are true and accurate to
the best of my knowledge.
Broker
Date_
Sales
Date
Representative
Manager and/or
Title
Managing
Title
Partner*
Appendix G
INVESTMENT POOL QUESTIONNAIRE
Note: This Investment Pool Questionnaire was developed by the Government Finance
Officers Association (GFOA).
Prior to entering a pool, the following questions and issues should be considered.
SECURITIES
Government pools may invest in a broader range of securities than your entity invests in.
It is important that you are aware of, and are comfortable with, the securities the pool
buys.
1. Does the pool provide a written statement of Investment Policy and objectives?
2. Does the statement contain:
a. A description of eligible investment instruments?
b. The credit standards for investments?
c. The allowable maturity range of investments?
d. The maximum allowable dollar weighted average portfolio maturity?
e. The limits of portfolio concentration permitted for each type of security?
f. The policy on reverse repurchase agreements, options, short sales and futures?
3. Are changes in the policies communicated to the pool participants?
4. Does the pool contain only the types of securities that are permitted by your
Investment Policy?
INTEREST
Interest is not reported in a standard format, so it is important that you know how
interest is quoted, calculated and distributed so that you can make comparisons with
other investment alternatives.
Interest Calculations
1. Does the pool disclose the following about yield calculations:
a. The methodology used to calculate interest? (Simple maturity, yield to maturity,
etc.)
b. The frequency of interest payments?
c. How interest is paid? (Credited to principal at the end of the month, each quarter;
mailed?)
d. How are gains/losses reported? Factored monthly or only when realized?
29
REPORTING
1. Is the yield reported to participants of the pool monthly? (If not, how often?)
2. Are expenses of the pool deducted before quoting the yield?
3. Is the yield generally in line with the market yields for securities in which you usually
invest?
4. How often does the pool report, and does that report include the market value of
securities?
SECURITY
The following questions are designed to help you safeguard your funds from loss of
principal and loss of market value.
1. Does the pool disclose safekeeping practices?
2. Is the pool subject to audit by an independent auditor?
3. Is a copy of the audit report available to participants?
4. Who makes the portfolio decisions?
5. How does the manager monitor the credit risk of the securities in the pool?
6. Is the pool monitored by someone on the board of a separate neutral party external to
the investment function to ensure compliance with written policies?
7. Does the pool have specific policies with regards to the various investment vehicles?
a. What are the different investment alternatives?
b. What are the policies for each type of investment?
8. Does the pool mark the portfolio to its market value?
9. Does the pool disclose the following about how portfolio securities are valued:
a. The frequency with which the portfolio securities are valued?
b. The method used to value the portfolio (cost, current value, or some other
method)?
30
OPERA TIONS
The answers to these questions will help you determine whether this pool meets your
operational requirements:
1. Does the pool limit eligible participants?
2. What entities are permitted to invest in the pool?
3. Does the pool allow multiple accounts and sub -accounts?
4. Is there a minimum or maximum account size?
5. Does the pool limit the number of transactions each month? What is the number
of transactions permitted each month?
6. Is there a limit on transaction amounts for withdrawals and deposits?
a. What is the minimum and maximum withdrawal amount permitted?
b. What is the minimum and maximum deposit amount permitted?
7. How much notice is required for withdrawals/deposits?
8. What is the cutoff time for deposits and withdrawals?
9. Can withdrawals be denied?
10. Are the funds 100% withdrawable at anytime?
11. What are the procedures for making deposits and withdrawals?
a. What is the paperwork required, if any?
b. What is the wiring process?
12. Can an account remain open with a zero balance?
13. Are confirmations sent following each transaction?
STA TEMENTS
It is important for you and the agency's trustee (when applicable), to receive statements
monthly so the pool's records of your activity and holding are reconciled by you and
your trustee.
31
1. Are statements for each account sent to participants?
a. What are the fees?
b. How often are they passed?
c. How are they paid?
d. Are there additional fees for wiring funds (what is the fee)?
2. Are expenses deducted before quoting the yield?
QUESTIONS TO CONSIDER FOR BOND PROCEEDS
It is important to know (1) whether the pool accepts bond proceeds and (2) whether the
pool qualifies with the U.S. Department of the Treasury as an acceptable commingled
fund for arbitrage purposes.
1. Does the pool accept bond proceeds subject to arbitrage rebate?
2. Does the pool provide accounting and investment records suitable for proceeds of
bond issuance subject to arbitrage rebate?
3. Will the yield calculation reported by the pool be acceptable to the IRS or will it have
to be recalculated?
4. Will the pool accept transaction instructions from a trustee?
5. Are you allowed to have separate accounts for each bond issue so that you do not
commingle the interest earnings of funds subject to rebate with funds not subject to
regulations?
32
Appendix H
GLOSSARY
(Adopted from the Municipal Treasurers Association)
The purpose of this glossary is to provide the reader of the City of La Quinta investment
policies with a better understanding of financial terms used in municipal investing.
AGENCIES: Federal agency securities and/or
Government -sponsored enterprises.
ASKED: The price at which securities are offered.
BANKERS' ACCEPTANCE (BA): A draft or bill of
exchange accepted by a bank or trust company.
The accepting institution guarantees payment of
the bill, as well as the issuer.
BID: The price offered by a buyer of securities.
(When you are selling securities, you ask for a
bid.) See Offer.
BROKER: A broker brings buyers and sellers
together for a commission.
CERTIFICATE OF DEPOSIT (CD): A time deposit
with a specific maturity evidenced by a
certificate. Large -denomination CD's are
typically negotiable.
COLLATERAL: Securities, evidence of deposit or
other property which a borrower pledges to
secure repayment of a loan. Also refers to
securities pledged by a bank to secure deposits
of public monies.
COMMERCIAL PAPER: Short-term unsecured
promissory notes issued by a corporation to raise
working capital. These negotiable instruments
are purchased at a discount to par value or at par
value with interest bearing. Commercial paper is
issued by corporations such as General Motors
Acceptance Corporation, IBM, Bank America, etc.
COMPREHENSIVE ANNUAL FINANCIAL REPORT
(CAFR): The official annual report for the City of
La Quinta. It includes five combined statements
33
for each individual fund and account group
prepared in conformity with GAAP. It also
includes supporting schedules necessary to
demonstrate compliance with finance -related legal
and contractual provisions, extensive introductory
material, and a detailed Statistical Section.
CONDUIT FINANCING: A form of Financing in
which a government or a government agency
lends its name to a bond issue, although it is
acting only as a conduit between a specific project
and bond holders. The bond holders can look only
to the revenues from the project being financed
for repayment and not to the government or
agency whose name appears on the bond.
COUPON: (a) The annual rate of interest that a
bond's issuer promises to pay the bondholder on
the bond's face value. (b) A certificate attached
to a bond evidencing interest due on a payment
date.
DEALER: A dealer, as opposed to a broker, acts as
a principal in all transactions, buying and selling
for his own account.
DEBENTURE: A bond secured only by the general
credit of the issuer.
DELIVERY VERSUS PAYMENT: There are two
methods of delivery of securities: delivery versus
payment and delivery versus receipt. Delivery
versus payment is delivery of securities with an
exchange of money for the securities. Delivery
versus receipt is delivery of securities with an
exchange of a signed receipt for the securities.
DERIVATIVES: (1) Financial instruments whose
return profile is linked to, or derived from, the
movement of one or more underlying index or
security, and may include a leveraging factor, or
(2) financial contracts based upon notional
amounts whose value is derived from an
underlying index or security (interest rates,
foreign exchange rates, equities or commodities).
DISCOUNT: The difference between the cost
price of a security and its maturity when quoted
at lower than face value. A security selling
below original offering price shortly after sale also
is considered to be at a discount.
DISCOUNT SECURITIES: Non -interest bearing
money market instruments that are issued a
discount and redeemed at maturity for full face
value, e.g., U.S. Treasury Bills.
DIVERSIFICATION: Dividing investment funds
among a variety of securities offering
independent returns.
are issued with maturities of less than one
year and interest is paid at maturity.
3. FLBs (Federal Land Bank Bonds) -Long-term
mortgage credit provided to farmers by Federal
Land Banks. These bonds are issued at
irregular times for various maturities ranging
from a few months to ten years. The
minimum denomination is $1,000. They carry
semi-annual coupons. Interest is calculated on
a 360-day, 30 day month basis.
4
FEDERAL CREDIT AGENCIES: Agencies of the
Federal government set up to supply credit to
various classes of institutions and individuals, 5.
e.g., S&Ls, small business firms, students,
farmers, farm cooperatives, and exporters.
1. FNMAs (Federal National Mortgage
Association) - Used to assist the home
mortgage market by purchasing mortgages
insured by the Federal Housing
Administration and the Farmers Home
Administration, as well as those guaranteed by
the Veterans Administration. They are issued in
various maturities and in minimum denominations
of $10,000. Principal and Interest is paid
monthly.
2. FHLBs (Federal Home Loan Bank Notes and
Bonds) - Issued by the Federal Home Loan
Bank System to help finance the housing
industry. The notes and bonds provide
liquidity and home mortgage credit to savings
and loan associations, mutual savings banks,
cooperative banks, insurance companies, and
mortgage -lending institutions. They are
issued irregularly for various maturities. The
minimum denomination is $5,000. The notes
34
FFCBs (Federal Farm Credit Bank) - Debt
instruments used to finance the short and
intermediate term needs of farmers and the
national agricultural industry. They are issued
monthly with three- and six-month maturities.
The FFCB issues larger issues (one to ten
year) on a periodic basis. These issues are
highly liquid.
FICBs (Federal Intermediate Credit bank
Debentures) - Loans to lending institutions
used to finance the short-term and
intermediate needs of farmers, such as
seasonal production. They are usually issued
monthly in minimum denominations of $3,000
with a nine -month maturity. Interest is
payable at maturity and is calculated on a
360-day, 30-day month basis.
6. FHLMCs (Federal Home Loan Mortgage
Corporation) - a government sponsored entity
established in 1970 to provide a secondary
market for conventional home mortgages.
Morgages are purchased solely from the
Federal home Loan Bank System member
lending institutions whose deposits are insured
by agencies of the United States Government.
They are issued for various maturities and in
minimum denominations of $10,000. Principal
and Interest is paid monthly. Other federal
agency issues are Small Business
Administration notes (SBAs), Government
National Mortgage Association notes
(GNMAs), Tennessee Valley Authority notes
(TVAs), and Student Loan Association notes
(SALLIE-MAEs).
FEDERAL DEPOSITOR INSURANCE
CORPORATION (FDIC): A federal agency that
insures bank deposits, currently up to $100,000
per deposit.
FEDERAL FUNDS RATE: The rate of interest at
which Fed funds are traded. This rate is
currently pegged by the Federal Reserve through
open -market operations.
FEDERAL HOME LOAN BANKS (FHLB):
Government sponsored wholesale banks
(currently 12 regional banks) which lend funds
and provide correspondent banking services to
member commercial banks, thrift institutions,
credit unions and insurance companies. The
mission of the FHLBs is to liquefy the housing
related assets of its members who must purchase
stock in their district Bank.
FEDERAL OPEN MARKET COMMITTEE (FOMC):
Consists of seven members of the Federal
Reserve Board and five of the twelve Federal
Reserve Bank Presidents. The President of the
New York Federal Reserve Bank is a permanent
member, while the other Presidents serve on a
rotating basis. The Committee periodically meets
to set Federal Reserve guidelines regarding
purchases and sales of Government Securities in
the open market as a means of influencing the
volume of bank credit and money.
FEDERAL RESERVE SYSTEM: The central bank of
the United States created by Congress and
consisting of a seven member Board of
Governors in Washington, D.C., 12 regional
banks and about 5,700 commercial banks that
are members of the system.
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GNMA or Ginnie Mae): Securities
influencing the volume of bank credit guaranteed
by GNMA and issued by mortgage bankers,
commercial banks, savings and loan associations,
35
and other institutions. Security holder is protected
by full faith and credit of the U.S. Government.
Ginnie Mae securities are backed by the FHA, VA
or FMHM mortgages. The term "passthrough" is
often used to describe Ginnie Maes.
LAIF (Local Agency Investment Fund) - A special
fund in the State Treasury which local agencies
may use to deposit funds for investment. There is
no minimum investment period and the minimum
transaction is $5,000, in multiples of $1,000
above that, with a maximum balance of
$30,000,000 for any agency. The City is
restricted to a maximum of ten transactions per
month. It offers high liquidity because deposits
can be converted to cash in 24 hours and no
interest is lost. All interest is distributed to those
agencies participating on a proportionate share
basis determined by the amounts deposited and
the length of time they are deposited. Interest is
paid quarterly. The State retains an amount for
reasonable costs of making the investments, not
to exceed one -quarter of one percent of the
earnings.
LIQUIDITY: A liquid asset is one that can be
converted easily and rapidly into cash without a
substantial loss of value. In the money market, a
security is said to be liquid if the spread between
bid and asked prices is narrow and reasonable size
can be done at those quotes.
LOCAL GOVERNMENT INVESTMENT POOL
(LGIP): The aggregate of all funds from political
subdivisions that are placed in the custody of the
State Treasurer for investment and reinvestment
MARKET VALUE: The price at which a security is
trading and could presumably be purchased or
sold.
MASTER REPURCHASE AGREEMENT: A written
contract covering all future transactions between
the parties to repurchase --reverse repurchase
agreements that establishes each party' s rights in
the transactions. A master agreement will
often specify, among other things, the right of the
buyer -lender to liquidate the underlying securities
in the vent of default by the seller -borrower.
MATURITY: The date upon which the principal or
stated value of an investment becomes due and
payable
MONEY MARKET: The market in which short-
term debt instruments (bills, commercial paper,
bander' acceptances, etc.) are issued and
traded.
OFFER: The price asked by a seller of securities.
(When you are buying securities, you ask for an
offer.) See Asked and Bid.
OPEN MARKET OPERATIONS: Purchases and
sales of government and certain other securities
in the open market by the New York Federal
Reserve Bank as directed by the FOMC in order
to influence the volume of money and credit in
the economy. Purchases inject reserves into the
bank system and stimulate growth of money and
credit; sales have the opposite effect. Open
market operations are the Federal Reserve's
most important and most flexible monetary policy
tool.
PORTFOLIO: Collection of all cash and securities
under the direction of the City Treasurer,
including Bond Proceeds.
PRIMARY DEALER: A group of government
securities dealers who submit daily reports of
market activity and depositions and monthly
financial statements to the Federal Reserve Bank
of New York and are subject to its informal
oversight. Primary dealers include Securities and
Exchange Commission (SEC) -registered securities
broker -dealers, banks and a few unregulated
firms.
QUALIFIED PUBLIC DEPOSITORIES: A financial
institution which does not claim exemption from
the payment of any sales or compensating use or
ad valorem taxes under the laws of this state,
which has segregated for the benefit of the
36
commission eligible collateral having a value of not
less than its maximum liability and which has been
approved by the Public Deposit Protection
Commission to hold public deposits.
RATE OF RETURN: The yield obtainable on a
security based on its purchase price or its current
market price. This may be the amortized yield to
maturity on a bond the current income return.
REPURCHASE AGREEMENT (RP OR REPO): A
repurchase agreement is a short-term investment
transaction. Banks buy temporarily idle funds
from a customer by selling U.S. Government or
other securities with a contractual agreement to
repurchase the same securities on a future date.
Repurchase agreements are typically for one to
ten days in maturity. The customer receives
interest from the bank. The interest rate reflects
both the prevailing demand for Federal funds and
the maturity of the repo. Some banks will execute
repurchase agreements for a minimum of
$100,000 to $500,000, but most banks have a
minimum of $1,000,000.
REVERSE REPURCHASE AGREEMENTS (RRP or
RevRepo) - A holder of securities sells these
securities to an investor with an agreement to
repurchase them at a fixed price on a fixed date.
The security "buyer" in effect lends the "seller"
money for the period of the agreement, and the
terms of the agreement are structured to
compensate him for this. Dealers use RRP
extensively to finance their positions. Exception:
When the Fed is said to be doing RRP, it is lending
money that is increasing bank reserves.
SAFEKEEPING: A service to customers rendered
by banks for a fee whereby securities and
valuables of all types and descriptions are held in
the bank's vaults for protection.
SECONDARY MARKET: A market made for the
purchase and sale of outstanding issues following
the initial distribution.
SECURITIES & EXCHANGE COMMISSION:
Agency created by Congress to protect investors
in securities transactions by administering
securities legislation.
SEC RULE 15C3-1: See Uniform Net Capital Rule.
STRUCTURED NOTES: Notes issued by
Government Sponsored Enterprises (FHLB,
FNMAS, SLMA, etc.) And Corporations which
have imbedded options (e.g., call features, step-
up coupons, floating rate coupons, derivative -
based returns) into their debt structure. Their
market performance is impacted by the
fluctuation of interest rates, the volatility of the
imbedded options and shifts in the Shape of the
yield curve.
SURPLUS FUNDS: Section 53601 of the
California Government Code defines surplus
funds as any money not required for immediate
necessities of the local agency. The City has
defined immediate necessities to be payment due
within one week.
TREASURY BILLS: A non -interest bearing
discount security issued by the U.S. Treasury to
finance the national debt. Most bills are issued
to mature in three months, six months or one
year.
TREASURY BONDS: Long-term coupon -bearing
U.S. Treasury securities issued as direct
obligations of the U.S. Government and having
initial maturities of more than 10 years.
TREASURY NOTES: Medium -term coupon -bearing
U.S. Treasury securities issued as direct
obligations of the U.S. Government and having
initial maturities from two to 10 years.
UNIFORM NET CAPITAL RULE: Securities and
Exchange Commission requirement that member
firms as well as nonmember broker -dealers in
securities maintain a maximum ratio of
indebtedness to liquid capital of 15 to 1; also
called net capital rule and net capital ratio.
37
Indebtedness covers all money owed to a firm,
including margin loans and commitments to
purchase securities, one reason new public issues
are spread among members of underwriting
syndicates. Liquid capital includes cash and
assets easily converted into cash.
UNIFORM PRUDENT INVESTOR ACT: The State
of California has adopted this Act. The Act
contains the following sections: duty of care,
diversification, review of assets, costs,
compliance determinations, delegation of
investments, terms of prudent investor rule, and
application.
YIELD: The rate of annual income return on an
investment, expressed as a percentage. (a)
INCOME YIELD is obtained by dividing the current
dollar income by the current market price for the
security. (b) NET YIELD or YIELD TO MATURITY is
the current income yield minus any premium
above par of plus any discount from par in
purchase price, with the adjustment spread over
the period from the date of purchase to the date
of maturity of the bond.
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item A
Meeting Date: April 13, 2005
TITLE:
Month End Cash Report for March 31, 2005 and
Other selected Financial Data
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.
hn M. Falconer, Finance Director
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Phil Angelides, State Treasurer
Inside the State Treasurer's Office
Local Agency Investment Fund (LAIF)
PMIA Performance Report
Corporate
3.10°
Commercial Papei
11.47%
Time Deposit
13.07%
e- I
LAIF Performance Report
Quarter Ending 12/31/04
Apportionment Rate: 2.00%
Earnings Ratio: .00005477200490654
Fair Value Factor: .997950519
PMIA Average Monthly Effective Yields
February 2005 2.368%
January 2005 2.264%
December 2004 2.134%
Pooled Money Investment Account
Portfolio Composition
$50.6 Billion
2/28/05
Reverses
Loans -0 59% Treasuries
CDs/BNs
16.85%
,rtgages
.20%
agencies
28.14%
FRB: H.15--Selected Interest Rates, Web -Only Daily Update --April 1, 2005
Page 1 of 4
Federal Reserve Statistical Release
H1.5
Selected Interest fates paiiy)
Skip to Content
Release Date: April 1, 2005
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 through Friday
H.15 DAILY UPDATE: WEB RELEASE ONLY For immediate release
SELECTED INTEREST RATES April 1, 2005
Yields in percent per annum
2005
2005
2005
2005
Mar
Mar
Mar
Mar
Instruments
28
29
30
31
Federal funds (effective) 1 2 3
2.79
2.72
2.74
2.96
Commercial paper 3 4 5
Nonfinancial
1-month
2.75
2.75
2.73
2.74
2-month
2.85
2.85
3-month
Financial
1-month
2.77
2.79
2.78
2.79
2-month
2.88
2.90
2.86
2.90
3-month
2.92
2.98
2.99
2.99
CDs (secondary market) 3 6
1-month
2.81
2.81
2.82
2.83
3-month
3.03
3.04
3.06
3.06
6-month
3.33
3.33
3.33
3.34
Eurodollar deposits (London) 3 7
1-month
2.80
2.81
2.81
3-month
3.02
3.04
3.05
6-month
3.32
3.33
3.34
Bank prime loan 2 3 8
5.75
5.75
5.75
5.75
Discount window primary credit 2 9
3.75
3.75
3.75
3.75
U.S. government securities
Treasury bills (secondary market) 3 4
4-week
2.64
2.66
2.66
2.58
3-month
2.79
2.78
2.77
2.73
6-month
3.10
3.08
3.06
3.04
Treasury constant maturities
Nominal 10
1-month
2.69
2.70
2.71
2.63
3-month
2.84
2.84
2.83
2.79
6-month
3.19
3.17
3.15
3.13
1-year
3.43
3.41
3.39
3.35
2-year
3.90
3.87
3.86
3.80
3-year
4.09
4.05
4.03
3.96
5-year
4.33
4.30
4.26
4.18
7-year
4.48
4.44
4.40
4.33
10-year
4.64
4.60
4.56
4.50
http://www.federalreserve.gov/Releases/H 15/update/
4/4/2005
FRB: H. 1 5--Selected Interest Rates, Web -Only Daily Update --April 1, 2005
Page 2 of 4
20-year 11
Inflation -indexed 12
5-year
7-year
10-year
20-year
Inflation -indexed
long-term average 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
5.01 4.98
4.93 4.88
1.48
1.45
1.42
1.31
1.65
1.63
1.59
1.49
1.94
1.91
1.89
1.79
2.05
2.03
1.98
1.91
2.03
2.01
1.97
1.89
3.86
3.85
3.85
3.82
4.30
4.28
4.27
4.21
4.53
4.50
4.48
4.42
4.67
4.64
4.62
4.55
4.77
4.74
4.72
4.65
4.92
4.89
4.86
4.80
5.08
5.06
5.03
4.96
5.38
5.36
5.34
5.28
5.52
5.48
5.44
5.40
6.22
6.20
6.17
6.14
4.61
6.04
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 deposit.
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
http://www.federalreserve.gov/Releases/H 15/update/ 4/4/2005
FRB: H.15--Selected Interest Rates, Web -Only Daily Update --April 1, 2005 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. A factor for adjusting the daily nominal 20-year constant maturity in
order to estimate a 30-year rate can be found at
www.treas.gov/offices/domestic-finance/debt-management/interest-rate/ltcompositeindey
12. 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.html.
13. Based on the unweighted average bid yields for all Inflation
Protected Securities with remaining terms to maturity of more than
10 years.
14. International Swaps and Derivatives Association (ISDA(R)) 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. Eastern time by Garban Intercapital plc and published
on Reuters Page ISDAFIX(R)l. ISDAFIX is a registered service mark
of ISDA. 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 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, 10, and 20 years.
Weekly release I Historical About
Daily update Other formats: Screen reader I ASCII
Statistical releases
Home I Economic research and data
A"c.ss b l ty I ComctLs
http://www.federalreserve.gov/Releases/H15/Update/ 4/4/2005
FRB: H.15--Selected Interest Rates, Web -Only Daily Update --April 1, 2005 Page 4 of
Last update: April 1, 2005
http://www.federalreserve.gov/Releases/Hl 5/update/ 4/4/2005
Bureau of the Public Debt: Recent Treasury Bill Auction Results Page 1 of 2
Recent Treasury Bill Auction Results
Price
Term
Issue
Maturity
Discount
Investment
Per
CUSIP
Date
Date
Rate %
Rate %
$100
14-DAY
04-01-2005
04-15-2005
2.720
2.761
99.894222
912795TK7
28-DAY
03-31-2005
04-28-2005
2.650
2.692
99.793889
912795SL6
91-DAY
03-31-2005
06-30-2005
2.780
2.839
99.297278
912795SV4
182-DAY
03-31-2005
09-29-2005
3.090
3.183
98.437833
912795VT5
28-DAY
03-24-2005
04-21-2005
2.700
2.743
99.790000
912795SK8
91-DAY
03-24-2005
06-23-2005
2.800
2.859
99.292222
912795SU6
182-DAY
03-24-2005
09-22-2005
3.035
3.125
98.465639
912795VS7
28-DAY
03-17-2005
04-14-2005
2.645
2.687
99.794278
912795SJ1
91-DAY
03-17-2005
06-16-2005
2.735
2.792
99.308653
912795ST9
182-DAY
03-17-2005
09-15-2005
3.000
3.089
98.483333
912795VR9
28-DAY
03-10-2005
04-07-2005
2.565
2.606
99.800500
912795SH5
91-DAY
03-10-2005
06-09-2005
2.710
2.767
99.314972
912795SS1
182-DAY
03-10-2005
09-08-2005
2.935
3.021
98.516194
912795VQ1
7-DAY
03-08-2005
03-15-2005
2.465
2.500
99.952069
912795TJO
12-DAY
03-03-2005
03-15-2005
2.440
2.476
99.918667
912795TJO
28-DAY
03-03-2005
03-31-2005
2.510
2.550
99.804778
912795SG7
91-DAY
03-03-2005
06-02-2005
2.715
2.772
99.313708
912795SR3
182-DAY
03-03-2005
09-01-2005
2.925
3.010
98.521250
912795VP3
28-DAY
02-24-2005
03-24-2005
2.420
2.458
99.811778
912795SF9
91-DAY
02-24-2005
05-26-2005
2.615
2.669
99.338986
912795SQ5
182-DAY
02-24-2005
08-25-2005
2.850
2.932
98.559167
912795VN8
28-DAY
02-17-2005
03-17-2005
2.355
2.392
99.816833
912795SE2
91-DAY
02-17-2005
05-19-2005
2.540
2.592
99.357944
912795SP7
182-DAY
02-17-2005
08-18-2005
2.760
2.838
98.604667
912795VMO
3-DAY
02-11-2005
02-14-2005
2.380
2.413
99.980167
912795TH4
28-DAY
02-10-2005
03-10-2005
2.300
2.336
99.821111
912795SD4
91-DAY
02-10-2005
05-12-2005
2.480
2.530
99.373111
912795SN2
182-DAY
02-10-2005
08-11-2005
2.710
2.786
98.629944
912795VL2
28-DAY
02-03-2005
03-03-2005
2.195
2.229
99.829278
912795SC6
91-DAY
02-03-2005
05-05-2005
2.475
2.525
99.374375
912795SM4
182-DAY
02-03-2005
08-04-2005
2.710
2.786
98.629944
912795VK4
28-DAY
01-27-2005
02-24-2005
2.030
2.061
99.842111
912795SB8
91-DAY
01-27-2005
04-28-2005
2.320
2.366
99.413556
912795SL6
182-DAY
01-27-2005
07-28-2005
2.610
2.682
98.680500
912795VJ7
28-DAY
01-20-2005
02-17-2005
1.910
1.939
99.851444
912795SAO
91-DAY
01-20-2005
04-21-2005
2.360
2.407
99.403444
912795SK8
182-DAY
01-20-2005
07-21-2005
2.635
2.708
98.667861
912795VH1
5-DAY
01-13-2005
01-18-2005
2.040
2.069
99.971667
912795TG6
http://wwws.publicdebt.treas.gov/AI/OFBills 4/4/2005
Bureau of the Public Debt: Recent Treasury Bill Auction Results Page 2 of 2
28-DAY 01-13-2005 02-10-2005 1.980 2.011 99.846000 912795RZ6
91-DAY 01-13-2005 04-14-2005 2.330 2.376 99.411028 912795SJ1
Effective with the 11 /2/98 auction, all bills are auctioned using the single -priced method.
Return to Auction Information Page
Privacy & Security Notices I Terms & Conditions I Accessibility I Data Quality
Last Updated April 4, 2005 10:47:12 AM EDT
http://wwws.publicdebt.treas.gov/AI/OFBills 4/4/2005
FRB:Commercial Paper Rates and Outstandings
Pagel of 3
Commercial Paper
Release I About I Outstandings I Historical discount rates I Historical outstandings
Data as of April 1, 2005
Commercial Paper Rates and Outstandings
Derived from data supplied by The Depository Trust Company
Posted April 4, 2005
Discount rates
AA
AA
A2/P2
Term
financial
nonfinancial
nonfinancial
1-day 2.81 2.79 2.86
7-day 2.74 2.71 2.86
15-day 2.75 2.74 2.86
130-day 2.78 2.74 2.90
60-day 2.90 2.86 3.02
190-day 2.98 2.97 3.07
Yield curve
Money market basis
Percent
Financial
Nonfinancial
-------- A2lP2
........... .a.,.,..x........... ......
% ...
ke,
7 15 30
Days to Mattinity
Val
3.2
.0
2.8
2.6
http://www.federalreserve.gov/Releases/CP/ 4/4/2005
FRB:Commercial Paper Rates and Outstandings
Page 2 of 3
Discount rate spread
2001 2002 2003 2004
Discount rate history
hirty-dav commercial paper (daily)
Financial
........... A°
2001. 2002003 2004
Outstandings
Weekly (Wednesday), seasonally adjusted
Basis points
12U
100
80
60
40
20
0
Percent
http://www.federalreserve.gov/Releases/CP/
4/4/2005
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FRB:Commercial Paper Rates and Outstandings
Page 3 of 3
Billions of dollars
1.32+
1290
12 1 �
V t
1.23'
1200 _
1.1'0
1,1402001 202
Financial deft :ale)
Nonfinancial (right scale)
O
Billions of dollars
290
KM
250
210
170
130
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 2005 :Q 1
Release I About I Outstandinas Historical discount rates I Historical outstandings
Home I Statistical releases
Accessibilityl Contact Us
Last update: April 4, 2005
http://www.federalreserv'e.gov/Releases/CP/
4/4/2005
INVESTMENT ADVISORY BOARD
Meeting Date:
TITLE:
April 13, 2005
Pooled Money Investment Board Report
for January
BACKGROUND:
Correspondence
& Written Material Item B
The Pooled Money Investment Board Report for January 2005 is included in the
agenda packet.
RECOMMENDATION:
Receive & File
1
hn M. Falcon6r, Finance Director
Phil Angelides
January 2005
STATE OF CALIFORNIA
STATE TREASURER'S OFFICE
January 2005
TABLE OF CONTENTS
SUMMARY................................................................. 01
SELECTED INVESTMENT DATA .................................... 02
PORTFOLIO COMPOSITION ........................................ 03
INVESTMENT TRANSACTIONS ..................................... 04
TIMEDEPOSITS........................................................ 17
BANK DEMAND DEPOSITS .......................................... 28
POOLED MONEY INVESTMENT BOARD DESIGNATION... 29
POOLED MONEY INVESTMENT ACCOUNT
SUMMARY OF INVESTMENT DATA
A COMPARISON OF JANUARY 2005 WITH JANUARY 2004
(DOLLARS IN THOUSANDS)
JANUARY 2005 1 JANUARY 2004 CHANGE
Average Daily Portfolio
$ 64,363,641 $
53,485,127 $
+878,614
Accrued Earnings
$ 104,616
69,240
+35,276
Effective Yield
2.264
1.628
+0.736
Average Life -Month End (In Days) 202 179 +23
Total Security Transactions
Amount
$ 21,081,116
$
10,450,541
$
+10,630,574
Number
441
231
+210
Total Time Deposit Transactions
Amount
$ 4,634,500
$
4,721,190
$
-86,690
Number
154
166
-2
Average Workday Investment Activity
$ 1,285,781
$
758,587
$
+527,194
Prescribed Demand Account Balances
For Services
$ 636,710
$
1,369,136
$
-733,426
For Uncollected Funds
$ 182,877
$
277,353
$
-94,476
1
PHILANGELIDES
TREASURER
STATE OF CALIFORNIA
INVESTMENT DIVISION SELECTED INVESTMENT DATA
ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO
(000 OMITTED)
January 31, 2005
DIFFERENCE IN
PERCENT OF
PERCENT OF
PORTFOLIO FROM
TYPE OF SECURITY
AMOUNT
PORTFOLIO
PRIOR MONTH
Government
Bills
$
1,582,843
2.80
+0.24
Bonds
0
0.00
0.00
Notes
5,982,837
10.68
+1.24
Strips
0
0.00
0.00
Total Government
$
7,565,680
13.38
+1.48
Federal Agency Coupons
$
6,344,155
11.22
+0.17
Certificates of Deposit
10,742,035
19.00
-1.31
Bank Notes
1,069,320
1.89
+0.16
Bankers' Acceptances
0
0.00
0
Repurchases
0
0.00
0
Federal Agency Discount Notes
9,138,348
16.16
+1.15
Time Deposits
6,430,795
11.37
-0.69
GNMAs
344
0.00
0
Commercial Paper
7,882,275
13.94
-0.58
FHLMC/Remics
616,092
1.09
-0.10
Corporate Bonds
1,585,967
2.81
-0.27
AB 55 Loans
5,169,042
9.14
-0.01
GF Loans
0
0.00
0
Reversed Repurchases
0
0.00
Total (All Types)
$
56,544,053
100.00
INVESTMENT ACTIVITY
JANUARY
2005
DECEMBER 2004
NUMBER
AMOUNT
NUMBER
AMOUNT
Pooled Money
441
$ 21,081,115
519
$ 24,840,844
Other
13
264,149
23
31,327
Time Deposits
154
4,634,500
135
2,735,000
Totals
608
$ 25,979,764
677
$ 27,607,171
PMIA Monthly Average Effective Yield
2.264
2.134
Year to Date Yield Last Day of Month
1.909
1.845
2
Corpora
Commercial Pape
13.94%
Time Deposil
11.37%
Pooled Money Investment Account
Portfolio Composition
$56.6 Billion
1/31/05
Loans Treasuries
9.14% 4 `3 100oi
CDs/l3Ns
20.89%
gages
9%
Agencies
27.38%
01/03/05 REDEMPTIONS
BN
WORLD
2.010%
01/03/05
2.030
$50,000
63
$177,625.00
2.058
BN
WORLD
2.010%
01/03/05
2.030
50,000
63
177,625.00
2.058
BN
WORLD
2.010%
01/03/05
2.030
50,000
63
177,625.00
2.058
BN
WORLD
2.010%
01/03/05
2.030
50,000
63
177,625.00
2.058
BN
B/A
1.950%
01/03/05
1.950
50,000
89
241,041.67
1.977
BN
B/A
1.950%
01/03/05
1.950
50,000
89
241,041.67
1.977
BN
B/A
1.950%
01/03/05
1.950
50,000
89
241,041.67
1.977
BN
WORLD
1.930%
01/03/05
1.950
50,000
89
241,029.94
1.977
BN
WORLD
1.930%
01/03/05
1.950
50,000
89
241,029.94
1.977
BN
WORLD
1.930%
01/03/05
1.950
50,000
89
241,029.94
1.977
CD
W/F
2.270%
01/03/05
2.270
50,000
21
66,208.33
2.302
CD
W/F
2.270%
01/03/05
2.270
50,000
21
66,208.33
2.302
CD
CALYON
2.280%
01/03/05
2.280
50,000
24
76,000.00
2.312
CD
CALYON
2.280%
01/03/05
2.280
50,000
24
76,000.00
2.312
CD
US BANK
2.300%
01/03/05
2.300
50,000
24
76,666.67
2.332
CD
US BANK
2.300%
01/03/05
2.300
50,000
24
76,666.67
2.332
CD
W/F
2.230%
01/03/05
2.230
50,000
25
77,430.56
2.261
CD
W/F
2.230%
01/03/05
2.230
50,000
25
77,430.56
2.261
CD
TORONTO
2.300%
01/03/05
2.300
50,000
25
79,861.11
2.332
CD
TORONTO
2.300%
01/03/05
2.300
50,000
25
79,861.11
2.332
CD
TORONTO
2.300%
01/03/05
2.300
50,000
25
79,861.11
2.332
CD
TORONTO
2.300%
01/03/05
2.300
50,000
25
79,861.11
2.332
CD
STNRD CH
1.910%
01/03/05
1.910
50,000
89
236,097.22
1.937
CD
CS/FST BOSTON
1.950%
01/03/05
1.950
50,000
95
257,291.67
1.977
CD
CS/FST BOSTON
1.950%
01/03/05
1.950
50,000
95
257,291.67
1.977
CD
SOC GEN
1.780%
01/03/05
1.780
50,000
132
326,333.33
1.805
CD
SOC GEN
1.780%
01/03/05
1.780
50,000
132
326,333.33
1.805
CD
UBS
1.795%
01/03/05
1.790
50,000
132
328,172.64
1.815
CD
UBS
1.795%
01/03/05
1.790
50,000
132
328,172.64
1.815
CD
UBS
1.795%
01/03/05
1.790
50,000
132
328,172.64
1.815
CD
UBS
1.795%
01/03/05
1.790
50,000
132
328,172.64
1.815
CP
GECC
01/03/05
2.000
50,000
4
11,111.11
2.028
CP
GECC
01/03/05
2.000
50,000
4
11,111.11
2.028
CP
GOLDMAN
01/03/05
2.180
50,000
4
12,111.11
2.211
CP
GOLDMAN
01/03/05
2.180
50,000
4
12,111.11
2.211
CP
GOLDMAN
01/03/05
2.180
50,000
4
12,111.11
2.211
CP
GOLDMAN
01/03/05
2.180
50,000
4
12,111.11
2.211
CP
CITICORP
01/03/05
2.230
50,000
5
15,486.11
2.262
CP
CITICORP
01/03/05
2.230
50,000
5
15,486.11
2.262
CP
CITICORP
01/03/05
2.230
50,000
5
15,486.11
2.262
CP
CITICORP
01/03/05
2.230
50,000
5
15,486.11
2.262
CP
GECC
01/03/05
2.180
50,000
5
15,138.89
2.211
CP
GECC
01/03/05
2.180
50,000
5
15,138.89
2.211
CP
SRAC
01/03/05
2.490
50,000
24
83,000.00
2.529
CP
GECC
01/03/05
2.050
50,000
63
179,375.00
2.086
CP
GECC
01/03/05
2.050
50,000
63
179,375.00
2.086
CP
GECC
01/03/05
2.050
50,000
63
179,375.00
2.086
CP
GECC
01/03/05
2.050
50,000
63
179,375.00
2.086
CP
GECC
01/03/05
1.740
50,000
132
319,000.00
1.775
CP
GECC
01/03/05
1.740
50,000
132
319,000.00
1.775
4
01/03/06 REDEMPTIONS (continued)
CID
GECC
01/03/05
1.740
501000
CID
GECC
01/03/05
1.740
50,000
01/03/05
PURCHASES
CD
W/F
2.270%
01/19/05
2.270
50,000
CD
W/F
2.270%
01/19/05
2.270
50,000
CD
W/F
2.270%
01/19/05
2.270
50,000
CD
W/F
2.270%
01/19/05
2.270
50,000
CD
NOVA SCOT
2.260%
01/27/05
2.260
50,000
CD
NOVA SCOT
2.260%
01/27/05
2.260
50,000
CD
S-E BANK
2.270%
01/27/05
2.270
50,000
CD
S-E BANK
2.270%
01/27/05
2.270
50,000
CD
DANSKE
2.270%
01/27/05
2.270
50,000
CD
DANSKE
2.270%
01/27/05
2.270
50,000
CD
CS/FST BOSTON 2.270%
01/27/05
2.270
50,000
CD
CS/FST BOSTON 2.270%
01/27/05
2.270
50,000
CD
CS/FST BOSTON 2.270%
01/27/05
2.270
50,000
CD
CS/FST BOSTON 2.270%
01/27/05
2.270
50,000
CD
US BANK
2.290%
01/27/05
2.290
50,000
CD
US BANK
2.290%
01/27/05
2.290
50,000
CID
AMER EXP
01/27/05
2.260
50,000
CID
AMER EXP
01/27/05
2.260
50,000
CID
AMER EXP
01/27/05
2.260
50,000
CID
AMER EXP
01/27/05
2.260
50,000
01/04/06
NO REDEMPTIONS
01/04/05
PURCHASES
CD
BARCLAYS
2.260%
01/27/05
2.260
50,000
CD
BARCLAYS
2.260%
01/27/05
2.260
50,000
01/05/06
NO REDEMPTIONS
01/05/06
PURCHASES
CID
SARA LEE
02/16/05
2.360
50,000
CID
GECC
03/07/05
2.400
50,000
CID
GECC
03/07/05
2.400
50,000
CID
GECC
03/09/05
2.400
50,000
CID
GECC
03/09/05
2.400
50,000
01/06/05 NO REDEMPTIONS
01/06/05 PURCHASES
CD BARCLAYS 2.260% 01/19/05 2.260 50,000
CD BARCLAYS 2.260% 01/19/05 2.260 50,000
CID CITICORP 01/14/05 2.260 50,000
5
132 319,000.00 1.775
132 319,000.00 1.775
01/06/05 PURCHASES (continued)
CP CITICORP 01/14/05 2.260 50,000
01/07/06 NO REDEMPTIONS
01/07/05 PURCHASES
BN
WORLD
2.410%
03/14/05
2.430
50,000
BN
WORLD
2.410%
03/14/05
2.430
50,000
BN
WORLD
2.410%
03/18/05
2.430
50,000
BN
WORLD
2.410%
03/18/05
2.430
50,000
CD
W/F
2.270%
02/01/05
2.270
50,000
CD
W/F
2.270%
02/01/05
2.270
50,000
CD
W/F
2.270%
02/01/05
2.270
50,000
CD
W/F
2.270%
02/01/05
2.270
50,000
CP
W/F
01/12/05
2.210
50,000
CP
W/F
01/12/05
2.210
50,000
CP
W/F
01/12/05
2.210
50,000
CP
CITICORP
01/19/05
2.260
50,000
CP
CITICORP
01/19/05
2.260
50,000
CP
CITICORP
01/19/05
2.260
50,000
01/10/05 REDEMPTIONS
CD
W/F
2.350%
01/10/05
2.350
50,000
13
42,430.56
2.383
CD
W/F
2.350%
01/10/05
2.350
50,000
13
42,430.56
2.383
CD
W/F
2.350%
01/10/05
2.350
50,000
13
42,430.56
2.383
CD
W/F
2.350%
01/10/05
2.350
50,000
13
42,430.56
2.383
CP
CITI GLOBAL
01/10/05
1.850
50,000
118
303,194.45
1.887
CP
CITI GLOBAL
01/10/05
1.850
50,000
118
303,194.45
1.887
CP
CITI GLOBAL
01/10/05
1.850
50,000
118
303,194.45
1.887
CP
CITI GLOBAL
01/10/05
1.850
50,000
118
303,194.45
1.887
CP
GMAC
01/10/05
1.960
50,000
144
392,000.00
2.003
CP
GMAC
01/10/05
1.960
50,000
144
392,000.00
2.003
CP
GMAC
01/10/05
1.950
26,000
145
204,208.33
1.993
CP
GMAC
01/10/05
1.950
50,000
145
392,708.33
1.993
CP
HOUSEHOLD
01/10/05
1.800
50,000
147
367,500.00
1.839
CP
HOUSEHOLD
01/10/05
1.800
50,000
147
367,500.00
1.839
CP
FCAR
01/10/05
1.770
50,000
147
361,375.00
1.808
CP
FCAR
01/10/05
1.770
50,000
147
361,375.00
1.808
01/10/05 PURCHASES
CB FR
W/F
2.519% 03/03/06
2.550
18,565
CD
UBS
2.260% 01/31/05
2.260'
30,000
CD
UBS
2.260% 01/31/05
2.260
50,000
CP
SRAC
01/31/05
2.350
50,000
CP
CITI GLOBAL
01/31/05
2.230
50,000
CP
CITI GLOBAL
01/31/05
2.230
50,000
CP
CITI GLOBAL
01/31/05
2.230
50,000
CP
CITI GLOBAL
01/31/05
2.230
50,000
6
01/10/05 PURCHASES (continued)
CP CITI GLOBAL
01/31/05
2.230
50,000
CP CITI GLOBAL
01/31/05
2.230
50,000
FHLB
3.250% 07/21/06
3.250
50,000
FHLB
3.250% 07/21/06
3.270
50,000
FHLB
3.250% 07/21/06
3.274
50,000
01/11/06 REDEMPTIONS
CD
W/F
2.270%
01/11/05
2.270
32,000
12
24,213.33
2.302
CD
W/F
2.270%
01/11/05
2.270
50,000
12
37,833.33
2.302
CD
W/F
2.270%
01/11/05
2.270
50,000
12
37,833.33
2.302
CD
W/F
2.270%
01/11/05
2.270
50,000
12
37,833.33
2.302
01/11/05 PURCHASES
CD
U/B CALIF
2.720%
06/30/05
2.720
50,000
CD
U/B CALIF
2.720%
06/30/05
2.720
50,000
CD
U/B CALIF
2.720%
06/30/05
2.720
50,000
CD
U/B CALIF
2.720%
06/30/05
2.720
50,000
CD
SOC GEN
2.730%
06/30/05
2.730
50,000
CD
SOC GEN
2.730%
06/30/05
2.730
50,000
CP
BEAR
03/28/05
2.440
50,000
01/12/06 REDEMPTIONS
CD
W/F
2.320%
01/12/05
2.320
50,000
20
64,444.44
2.352
CD
W/F
2.320%
01/12/05
2.320
50,000
20
64,444.44
2.352
CP
W/F
01/12/05
2.210
50,000
5
15,347.22
2.241
CP
W/F
01/12/05
2.210
50,000
5
15,347.22
2.241
CP
W/F
01/12/05
2.210
50,000
5
15,347.22
2.241
01/12/05 PURCHASES
CD
LLOYDS
2.740%
06/27/05
2.740
50,000
CD
LLOYDS
2.740%
06/27/05
2.740
50,000
CD
BNP PARIBAS
2.760%
06/30/05
2.760
50,000
CD
BNP PARIBAS
2.760%
06/30/05
2.760
50,000
DISC NOTE
FHLMC
06/30/05
2.675
50,000
DISC NOTE
FHLMC
06/30/05
2.675
50,000
DISC NOTE
FHLMC
06/30/05
2.675
50,000
DISC NOTE
FHLMC
06/30/05
2.675
50,000
DISC NOTE
FHLMC
06/30/05
2.680
50,000
DISC NOTE
FHLMC
06/30/05
2.680
50,000
DISC NOTE
FHLMC
06/30/05
2.680
50,000
DISC NOTE
FHLMC
06/30/05
2.680
50,000
DISC NOTE
FHLMC
06/30/05
2.680
50,000
01/13/06 NO REDEMPTIONS
7
01/13/06 PURCHASES
CD TORONTO 2.735% 06/30/05 2.730 50,000
CD TORONTO 2.735% 06/30/05 2.730 50,000
01/14/05 REDEMPTIONS
CP
CITICORP
01/14/05
2.260
50,000
8
25,111.11
2.293
CP
CITICORP
01/14/05
2.260
50,000
8
25,111.11
2.293
CP
GECC
01/14/05
1.860
23,000
122
144,976.67
1.898
CP
GECC
01/14/05
1.860
50,000
122
315,166.67
1.898
FHLB
4.125% 01/14/05
3.450
50,000
934
4,539,770.84
3.430
FHLB
4.125% 01/14/05
3.450
50,000
934
4,539,770.84
3.430
01/14/05 PURCHASES
CP
GECC
01/24/05
2.250
50,000
CP
GECC
01/24/05
2.250
50,000
CP
GECC
01/24/05
2.250
50,000
CP
GECC
01/24/05
2.250
50,000
DISC NOTE
FHLMC
06/30/05
2.685
50,000
TREAS
BILL
06/30/05
2.550
50,000
TREAS
BILL
06/30/05
2.550
50,000
TREAS
BILL
06/30/05
2.550
50,000
TREAS
BILL
06/30/05
2.550
50,000
01118106 NO REDEMPTIONS
01/18/06 PURCHASES
CP
GECC
01/19/05
2.320
20,000
CP
NCAT
01/19/05
2.310
30,000
CP
NCAT
01/19/05
2.310
50,000
CP
NCAT
01/19/05
2.310
50,000
CP
NCAT
01/19/05
2.310
50,000
CP
NCAT
01/19/05
2.310
50,000
CP
GECC
01/19/05
2.320
50,000
CP
GECC
01/19/05
2.320
50,000
CP
GECC
01/19/05
2.320
50,000
CP
GECC
01/19/05
2.320
50,000
CP
GECC
01/19/05
2.320
50,000
CP
CITICORP
01/27/05
2.240
50,000
CP
CITICORP
01/27/05
2.240
50,000
CP
CITICORP
01/27/05
2.240
50,000
CP
CITICORP
01/27/05
2.240
50,000
CP
CITICORP
01/27/05
2.240
50,000
CP
CITICORP
01/27/05
2.240
50,000
TREAS
BILL
06/30/05
2.553
50,000
TREAS
BILL
06/30/05
2.553
50,000
TREAS
BILL
06/30/05
2.553
50,000
TREAS
BILL
06/30/05
2.553
50,000
N.
01/19/06 REDEMPTIONS
CD
BARCLAYS
2.260%
01/19/05
2.260
50,000
13
40,805.56
2.291
CD
BARCLAYS
2.260%
01/19/05
2.260
50,000
13
40,805.56
2.291
CD
W/F
2.270%
01/19/05
2.270
50,000
16
50,444.44
2.302
CD
W/F
2.270%
01/19/05
2.270
50,000
16
50,444.44
2.302
CD
W/F
2.270%
01/19/05
2.270
50,000
16
50,444.44
2.302
CD
W/F
2.270%
01/19/05
2.270
50,000
16
50,444.44
2.302
CP
GECC
01/19/05
2.320
20,000
1
1,288.89
2.352
CP
NCAT
01/19/05
2.310
30,000
1
1,925.00
2.342
CP
NCAT
01/19/05
2.310
50,000
1
3,208.33
2.342
CP
NCAT
01/19/05
2.310
50,000
1
3,208.33
2.342
CP
NCAT
01/19/05
2.310
50,000
1
3,208.33
2.342
CP
NCAT
01/19/05
2.310
50,000
1
3,208.33
2.342
CP
GECC
01/19/05
2.320
50,000
1
3,222.22
2.352
CP
GECC
01/19/05
2.320
50,000
1
3,222.22
2.352
CP
GECC
01/19/05
2.320
50,000
1
3,222.22
2.352
CP
GECC
01/19/05
2.320
50,000
1
3,222.22
2.352
CP
GECC
01/19/05
2.320
50,000
1
3,222.22
2.352
CP
CITICORP
01/19/05
2.260
50,000
12
37,666.67
2.293
CP
CITICORP
01/19/05
2.260
50,000
12
37,666.67
2.293
CP
CITICORP
01/19/05
2.260
50,000
12
37,666.67
2.293
01/19/05 PURCHASES
CD
CIBC
2.750%
06/27/05
2.750
50,000
CD
CIBC
2.750%
06/27/05
2.750
50,000
CD
CALYON
2.760%
06/30/05
2.760
50,000
CD
CALYON
2.760%
06/30/05
2.760
50,000
CD
TORONTO
2.770%
06/30/05
2.770
50,000
CD
TORONTO
2.770%
06/30/05
2.770
50,000
CP
GECC
06/30/05
2.730
50,000
CP
GECC
06/30/05
2.730
50,000
DISC NOTE
FHLMC
06/27/05
2.690
50,000
DISC NOTE
FHLMC
06/27/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
DISC NOTE
FHLMC
06/30/05
2.690
50,000
01/20/05 REDEMPTIONS
CD
W/F
2.320% 01/20/05
2.320
50,000
28
90,222.22
2.352
CD
W/F
2.320% 01/20/05
2.320
50,000
28
90,222.22
2.352
CP
CITI GLOBAL
01/20/05
1.930
50,000
112
300,222.22
1.969
CP
CITI GLOBAL
01/20/05
1.930
50,000
112
300,222.22
1.969
9
01/20/06 REDEMPTIONS (continued)
CP
FCAR
CP
FCAR
CP
FCAR
DISC NOTE
FNMA
DISC NOTE
FNMA
01/20/06 PURCHASES
01/20/05
1.860
17,000
128
112,426.67
1.898
01/20/05
1.860
50,000
128
330,666.67
1.898
01/20/05
1.860
50,000
128
330,666.67
1.898
01/20/05
1.760
50,000
149
364,222.22
1.798
01/20/05
1.760
50,000
149
364,222.22
1.798
CD
MONTREAL
2.740%
06/30/05
2.740
50,000
CD
MONTREAL
2.740%
06/30/05
2.740
50,000
CD
BARCLAYS
2.740%
06/30/05
2.760
50,000
CD
BARCLAYS
2.740%
06/30/05
2.760
50,000
CP
CHEVRON
02/07/05
2.230
50,000
CP
CHEVRON
02/07/05
2.230
50,000
CP
DEERE
03/30/05
2.590
25,000
DISC NOTE
FHLMC
06/30/05
2.680
50,000
DISC NOTE
FHLMC
06/30/05
2.680
50,000
DISC NOTE
FHLMC
06/30/05
2.680
50,000
DISC NOTE
FHLMC
06/30/05
2.680
50,000
MTN FR
COUNTRY
2.668%
03/29/06
2.760
2,700
MTN FR
COUNTRY
2.668%
03/29/06
2.760
25,740
01/21/05 NO REDEMPTIONS
01/21/06 PURCHASES
CP
CITICORP
01/24/05
2.180
50,000
CP
CITICORP
01/24/05
2.180
50,000
DISC NOTE
FHLMC
06/30/05
2.670
50,000
DISC NOTE
FHLMC
06/30/05
2.670
50,000
DISC NOTE
FHLMC
06/30/05
2.670
50,000
DISC NOTE
FHLMC
06/30/05
2.670
50,000
TREAS
NOTE
1.125%
06/30/05
2.526
50,000
TREAS
NOTE
1.125%
06/30/05
2.526
50,000
TREAS
NOTE
1.125%
06/30/05
2.526
50,000
TREAS
NOTE
1.125%
06/30/05
2.526
50,000
01/21/06 PURCHASES c/
DISC NOTE
FHLB
02/18/05
2.190
3,400
DISC NOTE
FHLB
02/18/05
2.190
50,000
DISC NOTE
FHLB
02/18/05
2.190
50,000
DISC NOTE
FHLB
02/18/05
2.190
50,000
01/24/06 REDEMPTIONS
CP
CITICORP
01/24/05
2.180
50,000
3
9,083.33
2.211
CP
CITICORP
01/24/05
2.180
50,000
3
9,083.33
2.211
CP
GECC
01/24/05
2.250
50,000
10
31,250.00
2.283
CP
GECC
01/24/05
2.250
50,000
10
31,250.00
2.283
10
01/24/05 REDEMPTIONS (continued)
CP
GECC
01/24/05
2.250
50,000
10
31,250.00
2.283
CP
GECC
01/24/05
2.250
50,000
10
31,250.00
2.283
01/24/05
SALES c/
DISC NOTE
FHLB
02/18/05
2.190
3,400
3
607.18
2.220
DISC NOTE
FHLB
02/18/05
2.190
50,000
3
8,922.61
2.220
DISC NOTE
FHLB
02/18/05
2.190
50,000
3
8,922.61
2.220
DISC NOTE
FHLB
02/18/05
2.190
50,000
3
8,922.61
2.220
01/24/05
PURCHASES
CD
W/F
2.280%
02/04/05
2.280
50,000
CD
W/F
2.280%
02/04/05
2.280
50,000
CD
W/F
2.280%
02/04/05
2.280
50,000
CD
W/F
2.280%
02/04/05
2.280
50,000
CD
W/F
2.280%
02/04/05
2.280
50,000
CD
W/F
2.280%
02/04/05
2.280
50,000
CP
GECC
01/25/05
2.230
50,000
CP
GECC
01/25/05
2.230
50,000
CP
GECC
01/25/05
2.230
50,000
CP
GECC
01/25/05
2.230
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
01/26/06
REDEMPTIONS
CP
GECC
01/25/05
2.230
50,000
1
3,097.22
2.261
CP
GECC
01/25/05
2.230
50,000
1
3,097.22
2.261
CP
GECC
01/25/05
2.230
50,000
1
3,097.22
2.261
CP
GECC
01/25/05
2.230
50,000
1
3,097.22
2.261
01/26/06
PURCHASES
CD
W/F
2.290%
02/04/05
2.290
50,000
CD
W/F
2.290%
02/04/05
2.290
50,000
CP
W/F
02/04/05
2.240
20,000
CP
W/F
02/04/05
2.240
50,000
CP
W/F
02/04/05
2.240
50,000
CP
W/F
02/04/05
2.240
50,000
DISC NOTE
FHLB
02/04/05
2.210
30,000
DISC NOTE
FHLB
02/04/05
2.210
50,000
DISC NOTE
FHLMC
06/30/05
2.705
50,000
DISC NOTE
FHLMC
06/30/05
2.705
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
11
01/26/05 PURCHASES (continued)
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
TREAS
NOTE
1.125%
06/30/05
2.553
50,000
01/26/05 NO REDEMPTIONS
01/26/05 PURCHASES
FHLB
3.500%
08/15/06
3.340
50,000
FHLB
3.500%
08/15/06
3.340
50,000
FHLB
3.500%
08/15/06
3.345
50,000
FHLB
3.125%
09/15/06
3.340
50,000
FHLB
3.125%
09/15/06
3.340
50,000
01/27/05 REDEMPTIONS
CD
BARCLAYS
2.260%
01/27/05
2.260
50,000
23
72,194.44
2.291
CD
BARCLAYS
2.260%
01/27/05
2.260
50,000
23
72,194.44
2.291
CD
NOVA SCOT
2.260%
01/27/05
2.260
50,000
24
75,333.33
2.291
CD
NOVA SCOT
2.260%
01/27/05
2.260
50,000
24
75,333.33
2.291
CD
CS/1 ST BOSTON
2.270%
01/27/05
2.270
50,000
24
75,666.67
2.302
CD
CS/1ST BOSTON
2.270%
01/27/05
2.270
50,000
24
75,666.67
2.302
CD
CS/1 ST BOSTON
2.270%
01/27/05
2.270
50,000
24
75,666.67
2.302
CD
CS/1ST BOSTON
2.270%
01/27/05
2.270
50,000
24
75,666.67
2.302
CD
DANSKE
2.270%
01/27/05
2.270
50,000
24
75,666.67
2.302
CD
DANSKE
2.270%
01/27/05
2.270
50,000
24
75,666.67
2.302
CD
S-E BANK
2.270%
01/27/05
2.270
50,000
24
75,666.67
2.302
CD
S-E BANK
2.270%
01/27/05
2.270
50,000
24
75,666.67
2.302
CD
US BANK
2.290%
01/27/05
2.290
50,000
24
76,333.33
2.322
CD
US BANK
2.290%
01/27/05
2.290
50,000
24
76,333.33
2.322
CD
LLOYDS
2.060%
01/27/05
2.060
50,000
91
260,361.11
2.089
CD
LLOYDS
2.060%
01/27/05
2.060
50,000
91
260,361.11
2.089
CD
RB SCOT
2.060%
01/27/05
2.060
50,000
91
260,362.11
2.089
CD
RB SCOT
2.060%
01/27/05
2.060
50,000
91
260,362.11
2.089
CD
CS/1ST BOSTON
1.895%
01/27/05
1.880
50,000
134
349,908.29
1.906
CD
CS/1 ST BOSTON
1.895%
01/27/05
1.880
50,000
134
349,908.29
1.906
CD
US BANK
1.900%
01/27/05
1.900
50,000
134
353,611.11
1.926
CD
US BANK
1.900%
01/27/05
1.900
50,000
134
353,611.11
1.926
CD
SVENSKA
1.833%
01/27/05
1.845
50,000
156
399,728.52
1.870
CD
SVENSKA
1.833%
01/27/05
1.845
50,000
156
399,728.52
1.870
CP
CITICORP
01/27/05
2.240
50,000
9
28,000.00
2.272
CP
CITICORP
01/27/05
2.240
50,000
9
28,000.00
2.272
CP
CITICORP
01/27/05
2.240
50,000
9
28,000.00
2.272
CP
CITICORP
01/27/05
2.240
50,000
9
28,000.00
2.272
CP
CITICORP
01/27/05
2.240
50,000
9
28,000.00
2.272
CP
CITICORP
01/27/05
2.240
50,000
9
28,000.00
2.272
CP
AMER EXP
01/27/05
2.260
50,000
24
75,333.33
2.295
CP
AMER EXP
01/27/05
2.260
50,000
24
75,333.33
2.295
12
01/27/05 REDEMPTIONS (continued)
CP
AMER EXP
01/27/05
2.260
50,000
24
75,333.33
2.295
CP
AMER EXP
01/27/05
2.260
50,000
24
75,333.33
2.295
CP
BEAR
01/27/05
2.070
50,000
91
261,625.00
2.110
CP
BEAR
01/27/05
2.070
50,000
91
261,625.00
2.110
CP
GECC
01/27/05
1.860
10,000
136
70,266.67
1.899
CP
GECC
01/27/05
1.860
50,000
136
351,333.33
1.899
CP
GECC
01/27/05
1.860
50,000
136
351,333.33
1.899
CP
GECC
01/27/05
1.810
26,000
157
205,233.89
1.850
CP
GECC
01/27/05
1.810
50,000
157
394,680.56
1.850
CP
GECC
01/27/05
1.810
50,000
157
394,680.56
1.850
TREAS
BILL
01/27/05
1.650
40,000
164
300,666.67
1.686
TREAS
BILL
01/27/05
1.650
40,000
164
300,666.67
1.686
TREAS
BILL
01/27/05
1.650
50,000
164
375,833.33
1.686
TREAS
BILL
01/27/05
1.650
50,000
164
375,833.33
1.686
TREAS
BILL
01/27/05
1.710
50,000
177
420,375.00
1.748
TREAS
BILL
01/27/05
1.710
50,000
177
420,375.00
1.748
TREAS
BILL
01/27/05
1.710
50,000
177
420,375.00
1.748
TREAS
BILL
01/27/05
1.710
50,000
177
420,375.00
1.748
01/27/05 PURCHASES
CD US BANK
2.800%
06/30/05
2.800
27,000
CD US BANK
2.800%
06/30/05
2.800
50,000
SBA FR
2.550%
10/25/29
2.550
21,079
FHLB
3.500%
08/15/06
3.347
50,000
FHLB
3.500%
08/15/06
3.347
50,000
01/28/05 REDEMPTIONS
CD
SVENSKA
1.880%
01/28/05
1.870
50,000
135
350,638.06
1.895
CD
SVENSKA
1.880%
01/28/05
1.870
50,000
135
350,638.06
1.895
MTN
GECC
4.250%
01/28/05
4.480
29,253
1022
3,589,399.69
4.498
MTN
GECC
4.250%
01/28/05
4.047
20,000
1099
2,376,650.00
4.050
MTN
GECC
4.250%
01/28/05
4.020
44,700
1101
5,438,214.42
4.018
01/28/05 PURCHASES
CD
BARCLAYS
2.520%
02/22/05
2.510
40,000
CD
ABN AMRO
2.460%
02/22/05
2.460
50,000
CD
ABN AMRO
2.460%
02/22/05
2.460
50,000
CD
BARCLAYS
2.520%
02/22/05
2.510
50,000
CD
BARCLAYS
2.520%
02/22/05
2.510
50,000
CP
MORG STAN
02/04/05
2.480
2,320
CP
MORG STAN
02/04/05
2.480
50,000
CP
MORG STAN
02/04/05
2.480
50,000
CP
MORG STAN
02/08/05
2.500
50,000
CP
MORG STAN
02/08/05
2.500
50,000
CP
MORG STAN
02/08/05
2.500
50,000
CP
MORG STAN
02/08/05
2.500
50,000
CP
MORG STAN
02/09/05
2.500
38,000
13
01/28/06 PURCHASES (continued)
CP
MORG STAN
02/09/05
2.500
50,000
CP
MORG STAN
02/09/05
2.500
50,000
CP
MORG STAN
02/09/05
2.500
50,000
CP
CHEVRON FDG
02/09/05
2.450
50,000
CP
CHEVRON FDG
02/09/05
2.450
50,000
CP
MORG STAN
02/10/05
2.500
35,000
CP
MORG STAN
02/10/05
2.500
50,000
CP
MORG STAN
02/10/05
2.500
50,000
CP
MORG STAN
02/11/05
2.500
22,550
CP
MORG STAN
02/11/05
2.500
50,000
CP
W/F
02/14/05
2.480
50,000
CP
W/F
02/14/05
2.480
50,000
CP
W/F
02/14/05
2.480
50,000
CP
W/F
02/14/05
2.480
50,000
CP
COUNTRY
02/16/05
2.520
40,000
CP
CITICORP
02/16/05
2.450
50,000
CP
CITICORP
02/16/05
2.450
50,000
CP
CITICORP
02/16/05
2.450
50,000
CP
CITICORP
02/16/05
2.450
50,000
SBA
F R
2.550% 01 /25/30
2.550
26,533
TREAS
BILL
06/30/05
2.545
50,000
TREAS
BILL
06/30/05
2.545
50,000
TREAS
BILL
06/30/05
2.545
50,000
TREAS
BILL
06/30/05
2.545
50,000
01/31/06 REDEMPTIONS
CD
UBS
2.260% 01/31/05
2.260
30,000
21
39,550.00
2.291
CD
UBS
2.260% 01/31/05
2.260
50,000
21
65,916.67
2.291
CP
CITI GLOBAL
01/31/05
2.230
50,000
21
65,041.67
2.264
CP
CITI GLOBAL
01/31/05
2.230
50,000
21
65,041.67
2.264
CP
CITI GLOBAL
01/31/05
2.230
50,000
21
65,041.67
2.264
CP
CITI GLOBAL
01/31/05
2.230
50,000
21
65,041.67
2.264
CP
CITI GLOBAL
01/31/05
2.230
50,000
21
65,041.67
2.264
CP
CITI GLOBAL
01/31/05
2.230
50,000
21
65,041.67
2.264
CP
SRAC
01/31/05
2.350
50,000
21
68,541.67
2.386
01/31/05 PURCHASES
CD
W/F
2.510% 02/16/05
2.510
50,000
CD
W/F
2.510% 02/16/05
2.510
50,000
CP
MORG STAN
02/04/05
2.510
46,611
CP
MORG STAN
02/04/05
2.510
50,000
CP
SRAC
02/16/05
2.550
25,000
CP
MORG STAN
02/16/05
2.530
29,000
CP
MORG STAN
02/16/05
2.530
50,000
CP
MORG STAN
02/16/05
2.530
50,000
CP
MORG STAN
02/16/05
2.530
50,000
CP
CITI GLOBAL
02/16/05
2.520
50,000
CP
CITI GLOBAL
02/16/05
2.520
50,000
14
01/31/06 PURCHASES (continued)
TREAS
NOTE
1.125%
06/30/05
2.609
50,000
TREAS
NOTE
1.125%
06/30/05
2.609
50,000
TREAS
NOTE
1.125%
06/30/05
2.609
50,000
TREAS
NOTE
1.125%
06/30/05
2.609
50,000
15
a/ The abbreviations indicate the type of security purchased or sold;
i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes
and Participation Certificates: Federal National Mortgage Association
(FNMA), Farmers Home Administration Notes (FHA), Student Loan
Marketing Association (SLMA), Small Business Association (SBA),
Negotiable Certificates of Deposit (CD), Negotiable Certificates of
Deposit Floating Rate (CD FR), Export Import Notes (EXIM),
Bankers Acceptances (BA), Commercial Paper (CP), Government
National Mortgage Association (GNMA), Federal Home Loan Bank
Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan
Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC),
Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount
Notes (FFC), Corporate Securities (CB), US Ship Financing Bonds
(TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee
Valley Authority (TVA), Medium Term Notes (MTN), Real Estate
Mortgage Investment Conduit (REMIC).
b/ Purchase or sold yield based on 360 day calculation for discount
obligations and Repurchase Agreements.
c/ Repurchase Agreement.
d/ Par amount of securities purchased, sold or redeemed.
e/ Securities were purchased and sold as of the same date.
f/ Repurchase Agreement against Reverse Repurchase Agreement.
// Outright purchase against Reverse Repurchase Agreement.
h/ Security "SWAP" transactions.
i( Buy back agreement.
RRS Reverse Repurchase Agreement.
RRP Termination of Reverse Repurchase Agreement.
16
NAME
ALAMO
Diablo Valley Bank
ALHAMBRA
Omni Bank, N.A.
Omni Bank, N.A.
Omni Bank, N.A.
Omni Bank, N.A.
Omni Bank, N.A.
Omni Bank, N.A.
Omni Bank, N.A.
The Bank of East Asia (USA), N.A.
The Bank of East Asia (USA), N.A.
The Bank of East Asia (USA), N.A.
ARROYO GRANDE
Mid State Bank and Trust
Mid State Bank and Trust
Mid State Bank and Trust
Mid State Bank and Trust
Mid State Bank and Trust
Mid State Bank and Trust
BREA
Pacific Western National Bank
CALABASAS
First Bank of Beverly Hills, FSB
First Bank of Beverly Hills, FSB
First Bank of Beverly Hills, FSB
First Bank of Beverly Hills, FSB
CAMARILLO
First California Bank
First California Bank
First California Bank
TIME DEPOSITS
DEPOSIT
DATE YIELD
01 /07/2005 2.410
11 /19/2004 2.170
12/10/2004 2.290
01 /07/2005 2.390
11 /23/2004 2.290
11 /12/2004 2.350
12/17/2004 2.480
12/01 /2004 2.450
08/11 /2004 1.750
08/18/2004 1.820
10/14/2004 2.050
08/11 /2004 1.730
09/09/2004 1.930
10/13/2004 2.050
11 /17/2004 2.350
12/10/2004 2.470
01 /13/2005 2.710
08/04/2004 1.800
09/02/2004 1.850
11 /04/2004 2.230
12/01 /2004 2.450
12/15/2004 2.510
09/22/2004 1.960
12/03/2004 2.470
01 /26/2005 2.720
17
PAR MATURITY
AMOUNT ($) DATE
4,500,000.00 04/08/2005
4,000,000.00
02/18/2005
6,000,000.00
03/11/2005
2,000,000.00
04/08/2005
2,000,000.00
04/08/2005
2,000,000.00
05/13/2005
2,000,000.00
06/01/2005
2, 000, 000.00
06/01/2005
3,000,000.00
02/09/2005
6,000,000,00
02/16/2005
3,095,000.00
04/14/2005
5,000,000.00
02/09/2005
5,000,000.00
03/10/2005
5,000,000.00
04/13/2005
5,000,000.00
05/18/2005
5,000,000.00
06/10/2005
5,000,000.00
07/14/2005
4,000,000.00 02/02/2005
10,000,000.00
03/03/2005
10,000,000.00
05/05/2005
10,000,000.00
06/01/2005
10,000,000.00
06/15/2005
6,000,000.00 03/23/2005
4,000,000.00 06/03/2005
6,000,000.00 07/27/2005
NAME
CAMERON PARK
Western Sierra National Bank
Western Sierra National Bank
CHATSWORTH
Premier America Credit Union
Premier America Credit Union
Premier America Credit Union
CHICO
Tri Counties Bank
CITY OF INDUSTRY
EverTrust Bank
EverTrust Bank
EverTrust Bank
DUBLIN
Operating Engineers Local # 3 FCU
Operating Engineers Local # 3 FCU
Operating Engineers Local # 3 FCU
EL CENTRO
Valley Independent Bank
Valley Independent Bank
Valley Independent Bank
Valley Independent Bank
EL SEGUNDO
First Coastal Bank, N.A.
First Coastal Bank, N.A.
First Coastal Bank, N.A.
Xerox Federal Credit Union
Xerox Federal Credit Union
Xerox Federal Credit Union
TIME DEPOSITS
DEPOSIT PAR MATURITY
DATE YIELD AMOUNT ($) DATE
10/06/2004 2.030 10,000,000.00 04/06/2005
01/12/2005 2.670 7,000,000.00 07/13/2005
11/10/2004 2.110 10,000,000.00 02/09/2005
01/06/2005 2.390 10,000,000.00 04/07/2005
01/19/2005 2.440 10,000,000.00 05/06/2005
12/16/2004 2.290 20,000,000.00 03/17/2005
11 /03/2004 1.950 5, 000, 000.00 02/02/2005
12/10/2004 2.270 6,000,000.00 03/11/2005
10/28/2004 2.120 6,000,000.00 04/28/2005
08/11/2004 1.710 5,000,000.00 02/09/2005
10/06/2004 2.030 5,000,000.00 04/06/2005
12/10/2004 2.450 10,000,000.00 06/10/2005
12/01/2004
2.280
25,000,000.00
03/02/2005
01/07/2005
2.410
20,000,000.00
04/08/2005
01/14/2005
2.420
47,500,000.00
04/15/2005
01 /21 /2005
2.460
32, 500,000.00
04/22/2005
12/17/2004
2.270
5,000,000.00
03/18/2005
01/20/2005
2.420
2,000,000.00
04/21/2005
12/01/2004
2.460
2,000,000.00
06/01/2005
09/09/2004
1.940
7,000,000,00
03/14/2005
11/17/2004
2.370
20,000,000.00
05/18/2005
12/02/2004
2.500
20,000,000.00
06/02/2005
18
NAME
FAIRFIELD
WestAmerica Bank
WestAmerica Bank
WestAmerica Bank
FRESNO
United Security Bank
FULLERTON
Fullerton Community Bank
Fullerton Community Bank
GOLETA
Pacific Capital Bank, N.A.
Pacific Capital Bank, N.A.
Pacific Capital Bank, N.A.
Pacific Capital Bank, N.A.
Pacific Capital Bank, N.A.
GRANADA HILLS
First State Bank of California
First State Bank of California
IRVINE
Commercial Capital Bank
Commercial Capital Bank
Commercial Capital Bank
Commercial Capital Bank
LA JOLLA
Silvergate Bank
lui
Bank of Lodi, N.A.
Farmers & Merchants Bk Cen CA
Farmers & Merchants Bk Cen CA
Farmers & Merchants Bk Cen CA
TIME DEPOSITS
DEPOSIT PAR MATURITY
DATE YIELD AMOUNT ($) DATE
11/17/2004 2.130 50,000,000.00 02/16/2005
01 /06/2005 2.380 60,000,000.00 04/07/2005
01/14/2005 2.400 65,000,000.00 04/15/2005
10/20/2004 2.070 40,000,000.00 04/20/2005
11/17/2004 2.360 9,000,000.00 05/18/2005
01/21/2005 2.760 8,000,000.00 07/22/2005
08/13/2004
1.750
11,000,000.00
02/11/2005
08/13/2004
1.750
61,000,000.00
02/11/2005
12/08/2004
2.270
20,000,000.00
03/09/2005
10/01/2004
2.040
78,000,000.00
04/01/2005
12/08/2004
2.440
85,000,000.00
06/08/2005
09/17/2004 1.930 2,000,000.00 03/18/2005
10/21/2004 2.100 3,000,000.00 04/21/2005
11/17/2004
2.130
90,000,000.00
02/16/2005
12/15/2004
2.280
39,000,000.00
03/17/2005
01/07/2005
2.390
60,000,000.00
04/08/2005
01 /14/2005
2.410
105,000,000.00
04/15/2005
12/10/2004 2.320 5, 000, 000.00 03/11 /2005
09/22/2004
1.960
5,000,000.00
03/23/2005
01/13/2005
2.380
10,000,000.00
04/14/2005
01/13/2005
2.380
25,000,000.00
04/14/2005
01/06/2005
2.660
25,000,000.00
07/07/2005
19
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
LOS ANGELES
Broadway Federal Bank, FSB
09/10/2004
1.940
3,000,000.00
03/11/2005
Broadway Federal Bank, FSB
01/07/2005
2.670
2,500,000.00
07/08/2005
Cathay Bank
10/07/2004
2.090
38,000,000.00
04/07/2005
Cathay Bank
11/10/2004
2.320
25,000,000,00
05/11/2005
Cathay Bank
11/18/2004
2.400
15,000,000.00
05/19/2005
Cathay Bank
12/01/2004
2.460
17,000,000.00
06/01/2005
Cathay Bank
12/09/2004
2.490
55,000,000.00
06/09/2005
Cedars Bank
11/03/2004
1.970
5,000,000.00
02/02/2005
Cedars Bank
09/22/2004
1.950
5,000,000.00
03/23/2005
Center Bank
09/15/2004
1.920
20,000,000.00
03/16/2005
Center Bank
12/22/2004
2.520
25,000,000.00
06/22/2005
Center Bank
01/20/2005
2.720
15,000,000.00
07/21/2005
CHB America Bank
08/20/2004
1.780
4,000,000.00
02/18/2005
CHB America Bank
09/01/2004
1.850
4,000,000.00
03/02/2005
CHB America Bank
10/14/2004
2.040
4,300,000.00
04/14/2005
Eastern International Bank
11/03/2004
2.210
900,000.00
05/04/2005
Eastern International Bank
12/09/2004
2.480
1,000,000,00
06/09/2005
Hanmi Bank
11/04/2004
1.970
40,000,000.00
02/03/2005
Hanmi Bank
09/02/2004
1.850
20,000,000.00
03/03/2005
Hanmi Bank
09/15/2004
1.920
20,000,000.00
03/16/2005
Hanmi Bank
01/14/2005
2.410
25,000,000.00
04/14/2005
Hanmi Bank
10/29/2004
2.140
10,000,000.00
04/29/2005
Hanmi Bank
11 /04/2004
2.210
25,000,000.00
05/05/2005
Hanmi Bank
12/02/2004
2.480
25,000,000.00
06/02/2005
Hanmi Bank
12/15/2004
2.500
25,000,000.00
06/15/2005
Hanmi Bank
01/13/2005
2.710
10,000,000.00
07/14/2005
Mellon First Business Bank, N.A.
12/16/2004
2.300
50,000,000.00
03/17/2005
Mellon First Business Bank, N.A.
01/14/2005
2.420
50,000,000.00
04/15/2005
Mirae Bank
09/23/2004
1.980
2,500,000.00
03/24/2005
Mirae Bank
10/15/2004
2.060
4,000,000.00
04/15/2005
Nara Bank, N.A.
08/04/2004
1.800
10,000,000.00
02/02/2005
Nara Bank, N.A.
08/12/2004
1.760
5,000,000.00
02/10/2005
Nara Bank, N.A.
09/10/2004
1.940
10,000,000.00
03/11/2005
Nara Bank, N.A.
01/13/2005
2.410
5,000,000.00
04/14/2005
Nara Bank, N.A.
01/20/2005
2.410
10,000,000.00
04/21/2005
Nara Bank, N.A.
01/21/2005
2.410
15,000,000.00
04/21/2005
Nara Bank, N.A.
11/18/2004
2.390
5,000,000.00
05/19/2005
Nara Bank, N.A.
11/18/2004
2.390
5,000,000.00
05/19/2005
One United Bank
01/12/2005
2.390
5,000,000.00
04/14/2005
One United Bank
12/08/2004
2.450
10,000,000.00
06/08/2005
Preferred Bank
11/05/2004
2.000
4,000,000.00
02/04/2005
Preferred Bank
12/17/2004
2.260
15,000,000.00
03/18/2005
Preferred Bank
09/17/2004
1.930
16,000,000.00
03/18/2005
20
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
LOS ANGELES (continued)
Saehan Bank
11/19/2004
2.150
2,000,000.00
02/18/2005
State Bank of India (California)
10/06/2004
2.060
3,000,000.00
04/06/2005
State Bank of India (California)
10/28/2004
2.150
3,000,000.00
04/28/2005
State Bank of India (California)
11/18/2004
2.400
2,000,000.00
05/19/2005
Western Federal Credit Union
01/21/2005
2.450
30,000,000.00
04/22/2005
Wilshire State Bank
11/10/2004
2.100
8,000,000.00
02/09/2005
Wilshire State Bank
12/03/2004
2.270
15,000,000.00
03/02/2005
Wilshire State Bank
11/30/2004
2.220
15,000,000.00
03/02/2005
Wilshire State Bank
12/17/2004
2.260
8,000,000.00
03/18/2005
Wilshire State Bank
01/14/2005
2.400
19,000,000.00
04/15/2005
Wilshire State Bank
12/01/2004
2.440
22,000,000.00
06/01/2005
MERCED
County Bank 12/03/2004 2.280 5,000,000.00 03/04/2005
County Bank 09/09/2004 1.940 10,000,000.00 03/10/2005
County Bank 01/14/2005 2.410 10,000,000.00 04/15/2005
NEWPORT BEACH
Orange County Business Bank, N.A.
09/22/2004
1.960
4,000,000.00
03/23/2005
Orange County Business Bank, N.A.
01/06/2005
2.390
4,000,000.00
04/07/2005
Orange County Business Bank, N.A.
01/27/2005
2.460
4,000,000.00
04/28/2005
NORTH HIGHLANDS
Safe Credit Union
11/12/2004
2.130
20,000,000.00
02/11/2005
Safe Credit Union
01/14/2005
2.380
5,000,000.00
04/15/2005
OAKDALE
Oak Valley Community Bank 12/16/2004 2.540 3,500,000.00 06/16/2005
Oak Valley Community Bank 01/14/2005 2.710 2,500,000.00 07/15/2005
OAKLAND
Metropolitian Bank
08/26/2004
1.860
1,000,000.00
02/24/2005
Metropolitian Bank
09/22/2004
1.950
2,000,000.00
03/23/2005
Metropolitian Bank
12/02/2004
2.480
1,500,000.00
06/02/2005
Metropolitian Bank
01/21/2005
2.750
1,000,000.00
07/22/2005
Metropolitian Bank
01/27/2005
2.750
1,500,000.00
07/28/2005
21
TIME DEPOSITS
DEPOSIT
PAR
MATURITY
NAME
DATE
YIELD
AMOUNT ($)
DATE
ONTARIO
Citizens Business Bank
09/03/2004
1.840
25,000,000.00
03/04/2005
Citizens Business Bank
09/22/2004
1.950
30,000,000.00
03/23/2005
Citizens Business Bank
10/01/2004
2.040
25,000,000.00
04/01/2005
Citizens Business Bank
11/05/2004
2.230
30,000,000,00
05/06/2005
Citizens Business Bank
11/18/2004
2.390
30,000,000.00
05/19/2005
PALO ALTO
Greater Bay Bank, NA
08/18/2004
1.790
30,000,000.00
02/16/2005
Greater Bay Bank, NA
08/19/2004
1.800
63,500,000.00
02/16/2005
Greater Bay Bank, NA
08/20/2004
1.780
49,000,000.00
02/18/2005
Greater Bay Bank, NA
09/09/2004
1.930
42,000,000.00
03/10/2005
Greater Bay Bank, NA
01/12/2005
2.690
15,000,000.00
07/13/2005
PALOS VERDES ESTATES
Malaga Bank, SSB
08/20/2004
1.780
10,000,000.00
02/18/2005
Malaga Bank, SSB
09/03/2004
1.840
4,000,000.00
03/04/2005
Malaga Bank, SSB
10/07/2004
2.080
5,000,000.00
04/07/2005
Malaga Bank, SSB
11/10/2004
2.350
7,000,000.00
05/11/2005
Malaga Bank, SSB
12/15/2004
2.500
9,000,000.00
06/15/2005
PASADENA
Community Bank
08/04/2004
1.800
25,000,000.00
02/02/2005
Community Bank
09/15/2004
1.920
10,000,000.00
03/16/2005
Community Bank
10/07/2004
2.080
10,000,000.00
04/07/2005
Community Bank
10/13/2004
2.050
15,000,000.00
04/13/2005
Community Bank
11/04/2004
2.230
15,000,000.00
05/05/2005
Community Bank
12/15/2004
2.500
10,000,000,00
06/15/2005
Community Bank
01/07/2005
2.670
10,000,000.00
07/08/2005
Wescom Credit Union
12/22/2004
2.270
50,000,000.00
03/23/2005
Wescom Credit Union
01/10/2005
2.370
15,000,000.00
04/13/2005
Wescom Credit Union
01/12/2005
2.400
25,000,000.00
04/13/2005
Wescom Credit Union
01/27/2005
2.470
25,000,000.00
04/28/2005
Wescom Credit Union
11 /18/2004
2.420
35,000,000.00
05/19/2005
PLACERVILLE
El Dorado Savings Bank 04/30/2004 1.560 5,000,000.00 04/29/2005
El Dorado Savings Bank 06/04/2004 1.920 20,000,000.00 06/03/2005
22
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
PLEASANTON
Valley Community Bank 09/17/2004 1.940 6,000,000.00 03/18/2005
POMONA
PFF Bank and Trust
08/27/2004
1.830
8,000,000.00
02/25/2005
PFF Bank and Trust
08/30/2004
1.830
12,000,000.00
02/25/2005
PFF Bank and Trust
11 /04/2004
2.230
20,000,000.00
05/05/2005
PFF Bank and Trust
12/08/2004
2.440
20,000,000.00
06/08/2005
PORTERVILLE
Bank of the Sierra 10/21/2004 2.100 10,000,000.00 04/21/2005
RANCHO SANTA FE
La Jolla
Bank, FSB
11/03/2004
1.950
25,000,000.00
02/02/2005
La Jolla
Bank, FSB
11/12/2004
2.110
15,000,000.00
02/11/2005
La Jolla
Bank, FSB
08/18/2004
1.770
25,000,000.00
02/16/2005
La Jolla
Bank, FSB
09/02/2004
1.830
10,000,000.00
03/03/2005
La Jolla
Bank, FSB
12/16/2004
2.270
10,000,000.00
03/17/2005
La Jolla
Bank, FSB
09/23/2004
1.960
5,000,000.00
03/24/2005
La Jolla
Bank, FSB
12/02/2004
2.460
10,000,000.00
06/02/2005
REDWOOD CITY
Provident Central Credit Union 10/28/2004 2.120 20,000,000.00 04/28/2005
Provident Central Credit Union 12/02/2004 2.460 20,000,000,00 06/02/2005
ROCKLIN
Five Star Bank 09/29/2004 2.010 2,000,000.00 03/30/2005
Five Star Bank 12/16/2004 2.520 3,000,000.00 06/16/2005
Five Star Bank 01/26/2005 2.690 2,000,000.00 07/27/2005
RICHMOND
The
Mechanics Bank
03/03/2004
1.260
10,000,000.00
03/03/2005
The
Mechanics Bank
04/01/2004
1.260
10,000,000.00
04/01/2005
The
Mechanics Bank
04/21/2004
1.450
10,000,000.00
04/21/2005
The
Mechanics Bank
06/09/2004
1.960
10,000,000.00
06/09/2005
The
Mechanics Bank
07/08/2004
2.070
10,000,000.00
07/08/2005
The
Mechanics Bank
01/26/2005
2.710
20,000,000.00
07/27/2005
The
Mechanics Bank
08/04/2004
2.180
10,000,000.00
08/04/2005
The
Mechanics Bank
09/10/2004
2.180
10,000,000.00
09/14/2005
23
NAME
RICHMOND (continued)
The Mechanics Bank
The Mechanics Bank
The Mechanics Bank
RIVERSIDE
Provident Savings Bank
Provident Savings Bank
SACRAMENTO
TIME DEPOSITS
DEPOSIT
DATE YIELD
10/15/2004 2.250
10/29/2004 2.320
11 /05/2004 2.380
09/23/2004 1.980
10/07/2004 2.080
PAR MATURITY
AMOUNT ($) DATE
10, 000, 000.00 10/14/2005
10, 000, 000.00 10/28/2005
10,000,000.00 11 /04/2005
25,000,000.00 03/24/2005
25,000,000.00 04/07/2005
American River Bank
08/27/2004
1.840
2,000,000.00
02/25/2005
American River Bank
12/16/2004
2.270
1,000,000.00
03/17/2005
American River Bank
09/17/2004
1.910
1,250,000.00
03/18/2005
American River Bank
09/23/2004
1.960
2,000,000.00
03/24/2005
American River Bank
10/06/2004
2.030
1,500,000.00
04/06/2005
American River Bank
12/16/2004
2.520
1,250,000.00
06/16/2005
American River Bank
01/07/2005
2.650
1,000,000.00
07/08/2005
American River Bank
01/27/2005
2.730
1,500,000.00
07/28/2005
Bank of Sacramento
11/10/2004
2.100
1,500,000.00
02/09/2005
Bank of Sacramento
12/17/2004
2.260
2,000,000.00
03/18/2005
Bank of Sacramento
12/01/2004
2.450
2,000,000.00
06/01/2005
Merchants National Bank of Sacramento
10/13/2004
2.050
2,000,000.00
04/13/2005
Merchants National Bank of Sacramento
01/20/2005
2.730
2,000,000.00
07/21/2005
River City Bank
08/25/2004
1.820
2,000,000.00
02/24/2005
River City Bank
10/06/2004
2.060
2,000,000.00
04/06/2005
River City Bank
01/28/2005
2.770
3,000,000.00
07/29/2005
U.S. Bank, N.A.
08/04/2004
1.800
25,000,000.00
02/02/2005
U.S. Bank, N.A.
12/08/2004
2.180
25,000,000.00
02/02/2005
U.S. Bank, N.A.
08/11/2004
1.740
50,000,000.00
02/09/2005
U.S. Bank, N.A.
08/11/2004
1.740
50,000,000.00
02/09/2005
U.S. Bank, N.A.
08/20/2004
1.800
50,000,000.00
02/18/2005
U.S. Bank, N.A.
08/20/2004
1.800
50,000,000.00
02/18/2005
U.S. Bank, N.A.
01/06/2005
2.450
100,000,000.00
04/07/2005
U.S. Bank, N.A.
01/18/2005
2.500
25,000,000.00
05/04/2005
Union Bank of California, N.A.
11 /04/2004
2.030
150,000,060.00
02/03/2005
Union Bank of California, N.A.
12/16/2004
2.540
150,000,000.00
06/16/2005
Union Bank of California, N.A.
01/14/2005
2.700
175,000,000.00
07/15/2005
SAN DIEGO
First Future Credit Union 08/27/2004 1.830 5,000,000.00 02/25/2005
First Future Credit Union 08/27/2004 1.830 10,000,000.00 02/25/2005
24
TIME DEPOSITS
DEPOSIT PAR MATURITY
NAME DATE YIELD AMOUNT ($) DATE
SAN DIEGO (continued)
First Future Credit Union
09/03/2004
1.840
15,000,000.00
03/04/2005
First Future Credit Union
09/15/2004
1.920
8,000,000,00
03/16/2005
First United Bank
08/13/2004
1.770
1,000,000.00
02/11/2005
First United Bank
10/14/2004
2.040
2,000,000.00
04/14/2005
Mission Federal Credit Union
09/01/2004
1.850
10,000,000.00
03/02/2005
Mission Federal Credit Union
01/13/2005
2.720
10,000,000.00
07/14/2005
Neighborhood National Bank
08/04/2004
1.820
2,000,000.00
02/02/2005
Neighborhood National Bank
01/21/2005
2.760
2,000,000.00
07/22/2005
SAN FRANCISCO
America California Bank
01/07/2005
2.380
2,000,000.00
04/07/2005
America California Bank
01/06/2005
2.380
4,000,000.00
04/07/2005
America California Bank
12/03/2004
2.460
2,000,000.00
06/03/2005
Citibank (West), FSB
01 /06/2005
2.380
150,000,000.00
04/07/2005
Citibank (West), FSB
01/13/2005
2.410
100,000,000.00
04/14/2005
Citibank (West), FSB
01/20/2005
2.410
100,000,000.00
04/21/2005
Citibank (West), FSB
01/26/2005
2.390
50,000,000.00
04/27/2005
Oceanic Bank
09/10/2004
2.160
4,000,000.00
09/13/2005
Trans Pacific National Bank
08/05/2004
1.830
1,000,000.00
02/03/2005
Trans Pacific National Bank
09/23/2004
1.980
1,000,000.00
03/24/2005
Trans Pacific National Bank
10/13/2004
2.050
1,000,000.00
04/13/2005
Trans Pacific National Bank
12/22/2004
2.530
1,000,000.00
06/22/2005
United Commercial Bank
11/24/2004
2.190
20,000,000.00
02/23/2005
United Commercial Bank
12/10/2004
2.290
25,000,000.00
03/11/2005
United Commercial Bank
12/17/2004
2.260
65,000,000.00
03/18/2005
United Commercial Bank
01/13/2005
2.410
40,000,000.00
04/14/2005
United Commercial Bank
01/14/2005
1410
50,000,000.00
04/14/2005
United Commercial Bank
10/27/2004
2.110
40,000,000.00
04/27/2005
United Commercial Bank
12/01/2004
2.450
50,000,000.00
06/01/2005
United Commercial Bank
12/03/2004
2.460
25,000,000.00
06/03/2005
United Commercial Bank
01/13/2005
2.710
55,000,000.00
07/14/2005
SAN JOSE
Comerica Bank
01 /07/2005
2.390
50,000,000.00
04/08/2005
Comerica Bank
01/26/2005
2.390
25,000,000.00
04/27/2005
Heritage Bank of Commerce
08/11/2004
1.740
4,000,000.00
02/09/2005
Meriwest Credit Union
09/15/2004
1.900
5,000,000.00
03/16/2005
Meriwest Credit Union
10/13/2004
2.050
10,000,000.00
04/13/2005
Meriwest Credit Union
01/20/2005
2.740
5,000,000.00
07/21/2005
Santa Clara Co. Federal Credit Union
11/05/2004
2.020
7,500,000.00
02/04/2005
Santa Clara Co. Federal Credit Union
11/05/2004
2.250
7,500,000.00
05/06/2005
25
NAME
SAN LUIS OBISPO
TIME DEPOSITS
DEPOSIT PAR MATURITY_
DATE YIELD AMOUNT ($) DATE
First Bank Of San Luis Obispo
08/11/2004
1.740
6,000,000.00
02/09/2005
First Bank Of San Luis Obispo
09/15/2004
1.930
7,000,000.00
03/16/2005
First Bank Of San Luis Obispo
09/24/2004
1.970
5,000,000.00
03/25/2005
First Bank Of San Luis Obispo
12/03/2004
2.460
4,500,000.00
06/03/2005
First Bank Of San Luis Obispo
01/06/2005
2.660
2,000,000.00
07/07/2005
Mission Community Bank
09/02/2004
1.850
1,000,000.00
03/03/2005
Mission Community Bank
10/06/2004
2.050
2,500,000.00
04/06/2005
Mission Community Bank
10/27/2004
2.110
2,500,000.00
04/27/2005
Mission Community Bank
12/09/2004
2.480
1,000,000.00
06/09/2005
San Luis Trust Bank
10/20/2004
2.000
1,700,000.00
04/20/2005
SAN MARINO
East West Bank
11/05/2004
2.000
35,000,000.00
02/04/2005
East West Bank
11/18/2004
2.180
38,000,000.00
02/17/2005
East West Bank
12/10/2004
2.290
85,000,000.00
.03/11/2005
East West Bank
12/10/2004
2.350
42,000,000.00
04/13/2005
East West Bank
01/07/2005
2.670
50,000,000.00
07/08/2005
SANTA ROSA
National Bank of the Redwoods
National Bank of the Redwoods
National Bank of the Redwoods
SONORA
Central California Bank
STOCKTON
08/11 /2004 1.730
01 /20/2005 2.390
10/28/2004 2.140
09/24/2004 1.970
5,000,000.00 02/09/2005
10,000,000.00 04/21/2005
5,000,000.00 04/28/2005
5,000,000.00 03/25/2005
Pacific State Bank
10/06/2004
2.030
1,000,000.00
04/06/2005
Pacific State Bank
01/06/2005
2.640
1,000,000.00
07/07/2005
Union Safe Deposit Bank
11/04/2004
2.040
15,000,000.00
02/03/2005
Union Safe Deposit Bank
11/12/2004
2.140
15,000,000.00
02/11/2005
Union Safe Deposit Bank
12/02/2004
2.290
15,000,000.00
03/03/2005
Union Safe Deposit Bank
12/10/2004
2.300
10,000,000.00
03/11/2005
Washington Mutual Bank, FA
08/20/2004
1.790
60,000,000.00
02/18/2005
Washington Mutual Bank, FA
12/15/2004
2.510
45,000,000.00
06/15/2005
Washington Mutual Bank, FA
01/20/2005
2.740
75,000,000.00
07/21i2005
TIME DEPOSITS
NAME
TORRANCE
China Trust Bank (USA)
China Trust Bank (USA)
China Trust Bank (USA)
China Trust Bank (USA)
TRACY
Service 1st Bank
TUSTIN
Sunwest Bank
VACAVILLE
Travis Credit Union
WALNUT CREEK
Bank of the West
Bank of the West
Bank of the West
Bank of the West
WHITTIER
Quaker City Bank
Quaker City Bank
Quaker City Bank
TOTAL TIME DEPOSITS JANUARY 2006
DEPOSIT
PAR
MATURITY
DATE
YIELD
AMOUNT ($)
DATE
11/12/2004
2.130
20,000,000.00
02/11/2005
12/10/2004
2.290
35,000,000.00
03/11/2005
01/14/2005
2.410
40,000,000.00
04/15/2005
10/22/2004
2.090
30,000,000.00
04/22/2005
12/16/2004 2.550 2,000,000.00 06/16/2005
11/10/2004 2.100 7,800,000.00 02/09/2005
12/01/2004 2.430 40,000,000.00 06/01/2005
11/19/2004
2.170
242,000,000.00
02/18/2005
12/16/2004
2.290
82,000,000.00
03/17/2005
01/28/2005
2.470
176,500,000.00
04/29/2005
01/14/2005
2.710
134,000,000.00
07/15/2005
12/03/2004 2.210 25,000,000.00 02/14/2005
01 /12/2005 2.390 24,000,000.00 04/14/2005
01/28/2005 2.770 16,000,000.00 07/29/2005
6,430,796,000.00
27
BANK DEMAND DEPOSITS
January 2005
($ in thousands)
DAILY BALANCES
DAY OF
BALANCES
WARRANTS
MONTH
PER BANKS
OUTSTANDING
1
$ 1,232,934
$ 3,778,749
2
1,232,934
3,778,749
3
967,056
3,274,060
4
662,830
2,510,468
5
768,971
2,030,749
6
1,020,478
2,136,702
7
777,920
2,130,540
8
777,920
2,130,540
9
777,920
2,130,540
10
856,914
2,044,981
11
739,968
1,896,850
12
496,602
1,799,854
13
695,041
1,823,417
14
906,064
2,127,208
15
905,064
2,127,208
16
905,064
2,130,646
17
905,064
2,130,546
18
1,069,478
2,300,264
19
677,871
2,231,410
20
1,154,284
2,417,889
21
1,066,493
2,512,173
22
1,056,493
2,512,173
23
1,056,493
2,512,173
24
1,381,313
2,442,426
25
750,711
2,204,996
26
526,667
2,084,940
27
611,701
2,696,366
28
363,446
3,278,218
29
363,446
3,278,218
30
363,446
3,278,218
31
891,546
3,253,761
a/
AVERAGE DOLLAR DAYS
$ 837,101 `
a/ The prescribed bank balance for January was $818,587. This consisted of
$635,710 in compensating balances for services, balances for uncollected
funds of $187,035 and a deduction of $4,158 for January 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 January 19, 2005, 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. 1667
$ 635,710,000
The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of
computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as
a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any
deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount
provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in
the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection
periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in
such a manner as to realize the maximum return consistent with safe and prudent treasury management.
2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest -
bearing deposits in banks and savings and loan associations as follows:
From
To
( 1)
01 /17/05
01 /21 /05
(2)
01 /24/05
01128/05
(3)
01 /31 /05
02/04105
(4)
02/07/05
02/11/05
(5)
02/14/05
02/18/05
Time Deposits in
Various Financial
Institutions
In Securities
(sections 16503a
Transactions
(section 16430)*
and 16602)*
$ 1,743,400,000
$
49,502,605,000
$ 6,491,795,000
$ (586,200,000)
$
48,916,405,000
$ 6,491,795,000
$ 1,166,200,000
$
50,082,605,000
$ 6,491,795,000
$ 1,095,600,000
$
51,178,205,000
$ 6,491,795,000
$ 1,476,700,000
$
52,654,905,000
$ 6,491,795,000
Estimated
Total
$ 55,994,400,000
$ 55,408,200,000
$ 56,574,400,000
$ 57,670,000,000
$ 59,146,700,000
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), Govemment 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 $ 635,710,000.
Dated: January 19, 2005
* Government Code
POOLED MONEY INVESTMENT BOARD:
Signatures on file STO and SCO
Chairperson
Member
Member
BOARD MEMBER ITEMS